Vanguard® Consumer Discretionary Index Fund
Schedule of Investments (unaudited)
As of May 31, 2025
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value
($000)
Common Stocks (99.9%)
Automobile Components (1.8%)
* Aptiv plc   295,501    19,742
  Autoliv Inc.    96,599     9,932
  BorgWarner Inc. (XNYS)   293,436     9,710
  Lear Corp.    73,656     6,660
* Modine Manufacturing Co.    71,727     6,513
  Gentex Corp.   294,732     6,357
* Dorman Products Inc.    46,818     6,054
* Goodyear Tire & Rubber Co.   440,283     5,024
  Patrick Industries Inc.    57,026     4,896
  Dana Inc.   262,454     4,365
  Phinia Inc.    91,992     3,992
* Visteon Corp.    44,871     3,788
  LCI Industries    42,588     3,711
  Garrett Motion Inc.   280,371     2,972
*,1 Mobileye Global Inc. Class A   178,352     2,898
* QuantumScape Corp.   680,240     2,721
*,2 XPEL Inc.    74,123     2,666
* Adient plc   168,459     2,626
* Fox Factory Holding Corp.    97,566     2,503
  Standard Motor Products Inc.    78,590     2,381
* Gentherm Inc.    71,361     1,953
* American Axle & Manufacturing Holdings Inc.   368,040     1,616
*,1 Solid Power Inc.   597,842       933
* Stoneridge Inc.   114,885       577
*,1 Luminar Technologies Inc.   156,692       562
* Holley Inc.   237,401       461
                 115,613
Automobiles (18.2%)
* Tesla Inc. 3,007,819 1,042,089
  General Motors Co. 1,200,702    59,567
  Ford Motor Co. 4,283,613    44,464
* Rivian Automotive Inc. Class A   940,392    13,664
  Thor Industries Inc.    71,152     5,777
*,1 Lucid Group Inc. 2,073,811     4,624
  Harley-Davidson Inc.   186,776     4,522
  Winnebago Industries Inc.    61,119     2,074
               1,176,781
Broadline Retail (25.8%)
* Amazon.com Inc. 7,192,419 1,474,518
* MercadoLibre Inc.    48,608   124,596
  eBay Inc.   537,269    39,312
* Ollie's Bargain Outlet Holdings Inc.    87,440     9,745
* Etsy Inc.   152,306     8,430
  Macy's Inc.   379,875     4,517
* Groupon Inc.   106,966     3,116
  Dillard's Inc. Class A     7,801     3,089
1 Kohl's Corp.   236,011     1,919
* Savers Value Village Inc.   132,080     1,323
* QVC Group Inc.    31,124       128
               1,670,693
Commercial Services & Supplies (0.0%)
* Pursuit Attractions & Hospitality Inc.    54,651     1,524
Distributors (0.8%)
  Genuine Parts Co.   158,519    20,056
  Pool Corp.    45,161    13,575
  LKQ Corp.   320,497    12,970
*,1 GigaCloud Technology Inc. Class A    99,306     1,744
    Shares Market
Value
($000)
  A-Mark Precious Metals Inc.    70,600     1,393
                  49,738
Diversified Consumer Services (2.2%)
* Duolingo Inc.    42,528    22,098
  Service Corp. International   178,926    13,956
  H&R Block Inc.   181,434    10,333
* Stride Inc.    64,871     9,821
* Bright Horizons Family Solutions Inc.    72,349     9,347
* Grand Canyon Education Inc.    43,574     8,621
* Adtalem Global Education Inc.    64,106     8,464
* Frontdoor Inc.   130,570     7,183
* Laureate Education Inc.   249,135     5,606
  Graham Holdings Co. Class B     5,827     5,561
* Universal Technical Institute Inc.   142,972     5,080
  Perdoceo Education Corp.   146,606     4,990
  ADT Inc.   554,686     4,615
  OneSpaWorld Holdings Ltd.   210,078     3,962
  Strategic Education Inc.    38,314     3,495
* Coursera Inc.   352,934     3,123
* Mister Car Wash Inc.   351,343     2,488
  Carriage Services Inc.    53,321     2,319
* Udemy Inc.   266,623     1,952
* Lincoln Educational Services Corp.    72,165     1,718
  Matthews International Corp. Class A    75,827     1,626
* KinderCare Learning Cos. Inc.   109,265     1,341
* European Wax Center Inc. Class A   129,654       660
* Chegg Inc.   436,889       446
                 138,805
Hotels, Restaurants & Leisure (22.6%)
  McDonald's Corp.   751,752   235,937
  Booking Holdings Inc.    34,918   192,710
  Starbucks Corp. 1,208,993   101,495
* DoorDash Inc. Class A   375,147    78,274
* Chipotle Mexican Grill Inc. 1,469,032    73,569
  Royal Caribbean Cruises Ltd.   269,991    69,380
  Marriott International Inc. Class A   257,164    67,848
  Hilton Worldwide Holdings Inc.   265,593    65,984
* Airbnb Inc. Class A   472,770    60,987
* Flutter Entertainment plc   188,474    47,627
  Yum! Brands Inc.   308,194    44,361
  Darden Restaurants Inc.   134,889    28,895
* Carnival Corp. 1,172,663    27,229
  Expedia Group Inc.   145,095    24,195
  Domino's Pizza Inc.    40,231    19,062
  Las Vegas Sands Corp.   430,524    17,720
* DraftKings Inc. Class A   493,440    17,705
  Texas Roadhouse Inc.    80,908    15,794
  Aramark   316,026    12,799
  Wingstop Inc.    35,599    12,164
* Planet Fitness Inc. Class A   115,845    11,912
* Dutch Bros Inc. Class A   163,941    11,837
  Wynn Resorts Ltd.   124,408    11,264
* Brinker International Inc.    63,537    10,968
* Light & Wonder Inc.   112,740    10,160
* Norwegian Cruise Line Holdings Ltd.   551,881     9,741
* MGM Resorts International   306,811     9,711
  Wyndham Hotels & Resorts Inc.   110,066     9,111
* Cava Group Inc.   106,212     8,632
  Boyd Gaming Corp.   105,532     7,912
  Churchill Downs Inc.    82,838     7,909
  Hyatt Hotels Corp. Class A    59,312     7,831
  Vail Resorts Inc.    48,719     7,803
* Caesars Entertainment Inc.   277,118     7,449
* Shake Shack Inc. Class A    57,115     7,413
  Choice Hotels International Inc.    48,842     6,187
  Travel & Leisure Co.   113,773     5,526
  Cheesecake Factory Inc.    97,649     5,387
* Life Time Group Holdings Inc.   186,031     5,321
  Six Flags Entertainment Corp.   152,566     5,120
    Shares Market
Value
($000)
* Hilton Grand Vacations Inc.   118,666     4,530
  Red Rock Resorts Inc. Class A    87,190     4,191
* Playa Hotels & Resorts NV   281,976     3,795
* Everi Holdings Inc.   265,997     3,753
* Penn Entertainment Inc.   250,960     3,722
  Marriott Vacations Worldwide Corp.    53,601     3,530
  Monarch Casino & Resort Inc.    40,932     3,428
  Cracker Barrel Old Country Store Inc.    58,361     3,352
* United Parks & Resorts Inc.    73,737     3,303
  Wendy's Co.   281,780     3,212
* BJ's Restaurants Inc.    71,167     3,175
  Papa John's International Inc.    69,964     3,166
* Portillo's Inc. Class A   256,631     3,080
* First Watch Restaurant Group Inc.   160,983     2,486
* Sabre Corp.   961,215     2,422
* Sweetgreen Inc. Class A   175,245     2,352
* Accel Entertainment Inc.   205,493     2,306
* Rush Street Interactive Inc.   176,182     2,236
  Golden Entertainment Inc.    77,443     2,209
* Dave & Buster's Entertainment Inc.    88,774     1,950
* Lindblad Expeditions Holdings Inc.   157,046     1,649
* Kura Sushi USA Inc. Class A    23,886     1,578
  Dine Brands Global Inc.    63,053     1,517
  Bloomin' Brands Inc.   195,825     1,494
* PlayAGS Inc.   115,991     1,417
  RCI Hospitality Holdings Inc.    34,757     1,398
  Jack in the Box Inc.    62,297     1,181
* Target Hospitality Corp.   143,865     1,052
* Xponential Fitness Inc. Class A   114,319     1,030
  Krispy Kreme Inc.   353,569     1,022
* Denny's Corp.   211,544       808
* Soho House & Co. Inc.   120,993       763
1 Lucky Strike Entertainment Corp.    71,135       614
* Bally's Corp.    30,351       304
               1,458,954
Household Durables (4.3%)
  DR Horton Inc.   321,603    37,968
  Garmin Ltd.   173,386    35,192
  Lennar Corp. Class A   268,566    28,489
* NVR Inc.     3,551    25,269
  PulteGroup Inc.   240,610    23,587
  Somnigroup International Inc.   216,288    14,072
  Toll Brothers Inc.   124,362    12,965
* TopBuild Corp.    37,810    10,696
* Taylor Morrison Home Corp.   141,780     7,979
* Mohawk Industries Inc.    71,690     7,213
  Meritage Homes Corp.    95,788     6,093
  Whirlpool Corp.    76,921     6,007
* Cavco Industries Inc.    12,750     5,528
  KB Home   106,261     5,481
  Installed Building Products Inc.    33,675     5,371
* Champion Homes Inc.    80,367     5,256
* M/I Homes Inc.    42,983     4,582
* Tri Pointe Homes Inc.   146,154     4,309
  La-Z-Boy Inc.    93,719     3,926
* Green Brick Partners Inc.    64,057     3,744
  Newell Brands Inc.   650,196     3,446
  Leggett & Platt Inc.   291,407     2,640
  Century Communities Inc.    50,165     2,602
* Sonos Inc.   237,809     2,445
  Ethan Allen Interiors Inc.    84,353     2,204
* LGI Homes Inc.    39,725     1,990
* Dream Finders Homes Inc. Class A    94,175     1,965
* Beazer Homes USA Inc.    92,293     1,894
* Helen of Troy Ltd.    54,333     1,461
* Hovnanian Enterprises Inc. Class A    16,156     1,459
  Cricut Inc. Class A   198,826     1,205
* Legacy Housing Corp.    51,056     1,138
* Lovesac Co.    51,215       980
    Shares Market
Value
($000)
* iRobot Corp.   120,544       370
* GoPro Inc. Class A   526,426       349
* Traeger Inc.   245,758       339
                 280,214
Leisure Products (0.8%)
  Hasbro Inc.   167,398    11,167
* Mattel Inc.   468,136     8,867
* Peloton Interactive Inc. Class A   835,166     5,930
  Brunswick Corp.    93,163     4,716
  Acushnet Holdings Corp.    61,151     4,173
* YETI Holdings Inc.   135,081     4,128
  Polaris Inc.    85,237     3,343
* Malibu Boats Inc. Class A    72,076     2,172
  Sturm Ruger & Co. Inc.    59,288     2,146
* Topgolf Callaway Brands Corp.   333,007     2,111
  Smith & Wesson Brands Inc.   176,969     1,685
* Latham Group Inc.   167,323       945
* Outdoor Holding Co.   371,777       539
* Funko Inc. Class A   120,158       504
  Johnson Outdoors Inc. Class A    15,124       411
                  52,837
Specialty Retail (19.6%)
  Home Depot Inc. 1,037,878   382,240
  TJX Cos. Inc. 1,187,199   150,655
  Lowe's Cos. Inc.   556,994   125,730
* O'Reilly Automotive Inc.    61,814    84,531
* AutoZone Inc.    18,153    67,766
  Ross Stores Inc.   361,425    50,632
* Carvana Co.   128,181    41,936
  Tractor Supply Co.   602,297    29,151
* Ulta Beauty Inc.    55,458    26,146
  Williams-Sonoma Inc.   146,844    23,753
* Burlington Stores Inc.    76,118    17,375
  Best Buy Co. Inc.   228,388    15,138
* GameStop Corp. Class A   491,198    14,638
  Dick's Sporting Goods Inc.    71,383    12,802
* CarMax Inc.   190,210    12,261
* Chewy Inc. Class A   270,379    12,235
  Lithia Motors Inc.    35,631    11,292
  Murphy USA Inc.    24,833    10,598
* Floor & Decor Holdings Inc. Class A   125,160     8,973
  Group 1 Automotive Inc.    20,026     8,489
* Five Below Inc.    71,838     8,374
* Boot Barn Holdings Inc.    47,357     7,592
* Urban Outfitters Inc.   106,216     7,424
  Bath & Body Works Inc.   260,177     7,316
* AutoNation Inc.    38,872     7,147
  Gap Inc.   317,670     7,087
* Asbury Automotive Group Inc.    26,623     6,068
* Valvoline Inc.   172,034     5,951
  Penske Automotive Group Inc.    32,440     5,326
* Abercrombie & Fitch Co. Class A    67,824     5,323
* Wayfair Inc. Class A   126,682     5,224
  Signet Jewelers Ltd.    70,268     4,678
  Academy Sports & Outdoors Inc.   111,189     4,549
  Advance Auto Parts Inc.    93,385     4,476
* Warby Parker Inc. Class A   191,389     4,052
* RH    21,802     3,949
* National Vision Holdings Inc.   197,740     3,917
* Foot Locker Inc.   161,333     3,833
  Winmark Corp.     7,921     3,365
* Victoria's Secret & Co.   158,456     3,361
  Buckle Inc.    78,260     3,335
  Sonic Automotive Inc. Class A    46,691     3,265
  American Eagle Outfitters Inc.   285,454     3,129
  Camping World Holdings Inc. Class A   175,644     2,856
* Revolve Group Inc.   123,725     2,549
  Build-A-Bear Workshop Inc.    48,895     2,496
* ThredUP Inc. Class A   336,178     2,420
    Shares Market
Value
($000)
* Sally Beauty Holdings Inc.   273,501     2,382
  Upbound Group Inc.   103,385     2,372
* EVgo Inc.   513,341     2,028
* ODP Corp.   108,067     1,778
* MarineMax Inc.    83,605     1,772
  Caleres Inc.   121,088     1,629
  Monro Inc.   104,020     1,595
* Stitch Fix Inc. Class A   346,101     1,530
* America's Car-Mart Inc.    30,553     1,520
* RealReal Inc.   266,809     1,507
* Arhaus Inc.   163,860     1,471
* Petco Health & Wellness Co. Inc.   394,534     1,448
  Shoe Carnival Inc.    72,957     1,402
  Guess? Inc.   127,362     1,335
* Beyond Inc.   200,279     1,284
  Haverty Furniture Cos. Inc.    56,411     1,182
  Arko Corp.   240,693     1,030
* Genesco Inc.    44,842       974
* Zumiez Inc.    62,776       784
* Sleep Number Corp.    72,579       781
* OneWater Marine Inc. Class A    45,820       677
* Leslie's Inc.   766,536       578
*,1 1-800-Flowers.com Inc. Class A    98,810       486
* Lands' End Inc.    51,205       431
  Designer Brands Inc. Class A   115,908       411
*,1 Children's Place Inc.    32,583       198
               1,267,988
Textiles, Apparel & Luxury Goods (3.8%)
  NIKE Inc. Class B 1,273,356    77,153
* Lululemon Athletica Inc.   125,627    39,782
  Tapestry Inc.   283,090    22,237
* Deckers Outdoor Corp.   174,736    18,438
  Ralph Lauren Corp.    51,558    14,272
* Skechers USA Inc. Class A   168,879    10,477
* Crocs Inc.    75,907     7,743
  PVH Corp.    76,083     6,373
  VF Corp.   486,337     6,060
  Kontoor Brands Inc.    76,770     5,266
  Wolverine World Wide Inc.   230,060     3,925
  Columbia Sportswear Co.    58,171     3,710
* Hanesbrands Inc.   720,126     3,565
* Capri Holdings Ltd.   187,686     3,401
* Under Armour Inc. Class A   461,665     3,098
* G-III Apparel Group Ltd.   106,454     3,093
  Levi Strauss & Co. Class A   177,886     3,086
  Steven Madden Ltd.   115,430     2,845
* Under Armour Inc. Class C   413,494     2,605
  Carter's Inc.    64,741     2,031
  Oxford Industries Inc.    35,189     1,889
* Figs Inc. Class A   385,850     1,678
  Movado Group Inc.    65,071     1,054
                 243,781
Total Common Stocks (Cost $5,326,556) 6,456,928
Temporary Cash Investments (0.2%)
Money Market Fund (0.2%)
3,4 Vanguard Market Liquidity Fund, 4.342% (Cost $16,270)   162,746          16,273
Total Investments (100.1%) (Cost $5,342,826) 6,473,201
Other Assets and Liabilities—Net (-0.1%) (7,063)
Net Assets (100.0%) 6,466,138
Cost is in $000.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,532.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2025, the aggregate value was $2,666, representing 0.0% of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Collateral of $9,559 was received for securities on loan, of which $9,550 is held in Vanguard Market Liquidity Fund and $9 is held in cash.
Derivative Financial Instruments Outstanding as of Period End
Over-the-Counter Total Return Swaps
Reference Entity Termination
Date 		Counterparty Notional
Amount
($000) 		Floating
Interest Rate
Received
(Paid)1
(%) 		Value and
Unrealized
Appreciation
($000) 		Value and
Unrealized
(Depreciation)
($000)
Lowe's Cos. Inc. 8/29/25 BANA 9,255 (4.337) 14 —
1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly.
  BANA—Bank of America, N.A.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of May 31, 2025, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Common Stocks 6,456,928 — — 6,456,928
Temporary Cash Investments 16,273 — — 16,273
Total 6,473,201 — — 6,473,201
Derivative Financial Instruments         
Assets        
Swap Contracts — 14 — 14