Vanguard® High Dividend Yield Index Fund
Schedule of Investments (unaudited)
As of July 31, 2026
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 (99.7%)
Basic Materials (2.9%)
 
Linde plc
1,857,099
888,399
 
Newmont Corp.
4,297,389
402,708
 
Air Products and Chemicals Inc.
881,847
260,048
 
Nucor Corp.
887,883
228,443
 
Fastenal Co.
4,625,640
220,689
 
International Paper Co.
2,111,829
86,226
 
Reliance Inc.
205,068
83,278
 
International Flavors & Fragrances Inc.
1,029,561
81,562
 
CF Industries Holdings Inc.
616,971
77,239
 
Southern Copper Corp.
370,505
67,695
 
LyondellBasell Industries NV Class A
1,038,554
64,473
 
Albemarle Corp.
474,434
55,812
 
Avery Dennison Corp.
308,334
52,334
 
Timken Co.
259,273
35,663
 
Eastman Chemical Co.
457,123
31,976
 
Mosaic Co.
1,278,676
28,284
 
NewMarket Corp.
24,901
21,170
 
Sensient Technologies Corp.
169,286
20,936
 
UFP Industries Inc.
224,654
19,486
 
Cabot Corp.
204,938
18,039
 
Avient Corp.
367,883
13,361
 
Ashland Inc.
183,238
13,305
 
Scotts Miracle-Gro Co.
178,572
11,729
 
Kaiser Aluminum Corp.
64,810
10,349
 
Chemours Co.
602,289
10,004
 
Westlake Corp.
133,833
9,435
 
Aura Minerals Inc.
163,091
8,900
 
Quaker Chemical Corp.
54,504
8,749
 
Olin Corp.
460,875
8,531
 
Innospec Inc.
98,655
8,482
 
Huntsman Corp.
660,353
6,445
 
FMC Corp.
498,889
5,343
 
Sylvamo Corp.
132,548
4,959
 
Worthington Steel Inc.
130,541
4,701
 
 
 
 
 
2,868,753
Consumer Discretionary (7.7%)
 
Home Depot Inc.
4,017,002
1,333,484
 
McDonald's Corp.
2,860,133
774,066
 
Walt Disney Co.
7,144,310
687,211
 
Starbucks Corp.
4,594,751
483,598
 
Lowe's Cos. Inc.
2,257,225
469,074
 
Royal Caribbean Cruises Ltd.
1,012,642
322,324
 
Target Corp.
1,827,755
264,092
 
Ford Motor Co.
15,736,257
231,008
 
eBay Inc.
1,789,280
203,996
 
NIKE Inc. Class B
4,751,544
198,187
 
Garmin Ltd.
661,273
194,269
 
Yum! Brands Inc.
1,112,650
170,547
 
Carnival Corp. Ltd.
5,135,037
142,805
 
Tapestry Inc.
813,992
124,028
 
Dollar General Corp.
885,751
112,535
 
Williams-Sonoma Inc.
470,192
107,514
 
Darden Restaurants Inc.
460,817
93,813
 
Omnicom Group Inc.
1,139,609
89,687
 
Southwest Airlines Co.
1,853,646
83,358
 
Estee Lauder Cos. Inc. Class A
993,079
83,319
 
Lennar Corp. Class A
835,882
68,835
 
Genuine Parts Co.
552,672
68,736
 
Best Buy Co. Inc.
792,105
68,327
 
Tractor Supply Co.
2,115,545
65,095
 
Ralph Lauren Corp.
149,767
56,962
 
Texas Roadhouse Inc. Class A
264,561
54,351
 
 
 
 
 
Shares
Market
Value
($000)
 
Las Vegas Sands Corp.
1,110,377
54,286
 
Hasbro Inc.
567,683
53,328
 
BorgWarner Inc.
823,771
52,507
 
Dick's Sporting Goods Inc.
254,729
49,904
 
Service Corp. International
539,225
46,476
 
Fox Corp. Class A
794,548
46,267
 
Rollins Inc.
1,196,497
45,431
 
Domino's Pizza Inc.
119,921
41,665
 
Autoliv Inc.
300,488
37,011
 
Fox Corp. Class B
557,982
28,982
 
Lear Corp.
202,759
26,488
 
Macy's Inc.
1,058,053
26,261
 
Pool Corp.
129,285
24,010
 
LKQ Corp.
1,022,619
22,958
 
H&R Block Inc.
505,827
22,272
 
Wyndham Hotels & Resorts Inc.
294,492
22,046
 
Nexstar Media Group Inc. Class A
114,742
21,862
 
Sirius XM Holdings Inc.
713,433
21,132
 
Vail Resorts Inc.
140,946
21,055
 
VF Corp.
1,413,708
20,244
 
Gentex Corp.
855,554
19,986
 
Cheesecake Factory Inc.
185,491
18,812
 
Kontoor Brands Inc.
220,190
18,439
 
Meritage Homes Corp.
260,830
18,310
 
Travel + Leisure Co.
240,589
18,290
 
Gap Inc.
892,286
17,926
 
Bath & Body Works Inc.
807,293
16,243
 
Penske Automotive Group Inc.
71,319
15,498
 
Thor Industries Inc.
202,561
15,186
 
Signet Jewelers Ltd.
158,232
14,700
 
Polaris Inc.
214,503
14,389
 
KB Home
244,823
13,458
 
Advance Auto Parts Inc.
241,725
13,425
 
Steven Madden Ltd.
287,601
13,253
 
HNI Corp.
283,608
12,765
 
Red Rock Resorts Inc. Class A
188,447
12,144
 
Dana Inc.
439,831
11,845
 
Visteon Corp.
106,715
11,156
 
American Eagle Outfitters Inc.
633,097
10,877
 
Marriott Vacations Worldwide Corp.
111,029
10,826
 
Phinia Inc.
145,164
10,683
 
Harley-Davidson Inc.
410,771
10,080
 
LCI Industries
94,400
9,663
 
Newell Brands Inc.
1,688,928
9,458
 
Interparfums Inc.
72,862
9,075
 
Super Group SGHC Ltd.
643,570
9,010
 
John Wiley & Sons Inc. Class A
159,324
8,317
 
Dillard's Inc. Class A
12,823
7,544
 
Worthington Enterprises Inc.
124,874
7,019
 
Strategic Education Inc.
85,129
6,981
 
Century Communities Inc.
101,395
6,810
 
La-Z-Boy Inc.
164,891
6,493
 
MillerKnoll Inc.
271,450
6,113
 
Buckle Inc.
126,738
5,547
 
Columbia Sportswear Co.
88,113
5,232
 
Leggett & Platt Inc.
531,076
5,205
1
Wendy's Co.
644,072
4,740
 
Papa John's International Inc.
130,747
3,909
 
Brightstar Lottery plc
376,677
3,782
 
Lennar Corp. Class B
21,935
1,770
 
 
 
 
 
7,670,365
Consumer Staples (8.4%)
 
Coca-Cola Co.
15,653,168
1,371,061
 
Procter & Gamble Co.
9,391,219
1,356,937
 
Philip Morris International Inc.
6,279,910
1,198,332
 
PepsiCo Inc.
5,496,663
767,114
 
CVS Health Corp.
5,168,367
539,733
 
Altria Group Inc.
6,730,102
459,868
 
Mondelez International Inc. Class A
5,169,781
322,129
 
 
 
 
 
Shares
Market
Value
($000)
 
Colgate-Palmolive Co.
3,202,692
292,406
 
Cardinal Health Inc.
943,015
216,922
 
Sysco Corp.
1,926,317
164,199
 
Keurig Dr Pepper Inc.
5,217,374
162,365
 
Archer-Daniels-Midland Co.
1,930,896
153,062
 
Kenvue Inc.
7,632,405
146,847
 
Kimberly-Clark Corp.
1,328,833
145,255
 
Kroger Co.
2,242,770
129,498
 
Hershey Co.
588,676
103,048
 
Kraft Heinz Co.
3,442,387
88,986
 
General Mills Inc.
2,148,175
76,797
 
Constellation Brands Inc. Class A
555,797
72,381
 
Tyson Foods Inc. Class A
1,108,250
64,234
 
Bunge Global SA
534,421
56,772
 
McCormick & Co. Inc. (Non-Voting)
1,025,318
52,189
 
J M Smucker Co.
421,268
50,240
 
Clorox Co.
483,956
46,232
 
Hormel Foods Corp.
1,166,818
29,182
 
Lamb Weston Holdings Inc.
530,879
27,898
 
Conagra Brands Inc.
1,917,408
27,822
 
Molson Coors Beverage Co. Class B
614,538
25,540
 
Ingredion Inc.
252,213
25,085
 
Primo Brands Corp. Class A
981,976
22,291
 
Campbell's Co.
801,157
17,609
 
Brown-Forman Corp. Class B
601,938
17,294
 
Albertsons Cos. Inc. Class A
1,333,230
15,439
 
Cal-Maine Foods Inc.
172,818
15,170
 
WD-40 Co.
54,439
12,365
 
Marzetti Co.
78,306
8,369
 
Spectrum Brands Holdings Inc.
90,129
8,001
 
Nomad Foods Ltd.
459,482
5,468
 
Reynolds Consumer Products Inc.
218,618
5,452
 
Flowers Foods Inc.
754,612
5,297
 
Energizer Holdings Inc.
248,641
5,214
 
Universal Corp.
98,206
5,174
 
J & J Snack Foods Corp.
59,840
4,578
 
Del Monte Corp.
131,202
3,898
 
Weis Markets Inc.
49,236
3,794
 
Brown-Forman Corp. Class A
112,848
3,297
 
 
 
 
 
8,330,844
Energy (9.4%)
 
ExxonMobil Holdings Corp.
16,759,319
2,605,068
 
Chevron Corp.
7,471,491
1,470,614
 
ConocoPhillips
4,910,483
591,615
 
Marathon Petroleum Corp.
1,184,501
374,859
 
Valero Energy Corp.
1,191,179
372,720
 
Williams Cos. Inc.
4,909,443
351,222
 
Phillips 66
1,614,310
341,717
 
EOG Resources Inc.
2,157,086
320,737
 
SLB Ltd.
6,020,602
298,562
 
Kinder Morgan Inc.
7,830,825
251,996
 
Baker Hughes Co.
3,997,785
241,826
 
Targa Resources Corp.
855,056
231,181
 
ONEOK Inc.
2,538,475
230,519
 
Devon Energy Corp.
4,539,343
204,861
 
Occidental Petroleum Corp.
2,920,272
166,660
 
Diamondback Energy Inc.
771,059
156,486
 
EQT Corp.
2,429,343
129,460
 
Halliburton Co.
3,354,502
108,183
 
Expand Energy Corp.
916,175
86,148
 
Ovintiv Inc.
1,137,361
71,040
 
Permian Resources Corp. Class A
3,180,812
67,783
 
HF Sinclair Corp.
622,936
56,980
 
DT Midstream Inc.
409,411
56,499
 
APA Corp.
1,419,413
52,972
 
Range Resources Corp.
937,156
37,617
 
Viper Energy Inc. Class A
762,574
34,018
 
Chord Energy Corp.
227,281
31,906
 
SM Energy Co.
957,393
31,134
 
 
 
 
 
Shares
Market
Value
($000)
 
Antero Midstream Corp.
1,328,584
29,189
 
PBF Energy Inc. Class A
388,263
28,064
 
NOV Inc.
1,436,078
27,903
 
Weatherford International plc
284,000
24,932
 
Archrock Inc.
687,139
24,572
 
Magnolia Oil & Gas Corp. Class A
912,857
23,470
 
Matador Resources Co.
464,966
23,197
 
Murphy Oil Corp.
544,373
21,633
 
Noble Corp. plc
505,061
21,415
 
Golar LNG Ltd.
389,739
19,156
 
Delek US Holdings Inc.
239,608
16,262
 
California Resources Corp.
288,244
15,167
 
Patterson-UTI Energy Inc.
1,379,560
14,458
 
Helmerich & Payne Inc.
384,900
13,306
 
Liberty Energy Inc. Class A
634,454
11,871
 
Peabody Energy Corp.
489,485
10,436
 
Northern Oil & Gas Inc.
413,387
8,743
 
World Kinect Corp.
198,675
7,919
 
 
 
 
 
9,316,076
Financials (21.2%)
 
JPMorgan Chase & Co.
10,767,943
3,788,055
 
Bank of America Corp.
26,635,935
1,650,096
 
Goldman Sachs Group Inc.
1,102,825
1,123,095
 
Wells Fargo & Co.
12,336,445
1,066,486
 
Morgan Stanley
4,513,673
949,767
 
Citigroup Inc.
6,673,048
883,845
 
Blackrock Inc.
614,923
670,506
 
Progressive Corp.
2,352,253
497,313
 
Chubb Ltd.
1,416,979
496,906
 
Bank of New York Mellon Corp.
2,762,570
431,873
 
PNC Financial Services Group Inc.
1,617,054
404,053
 
US Bancorp
6,266,784
394,870
 
CME Group Inc.
1,454,986
389,631
 
Blackstone Inc.
2,997,959
382,989
 
Marsh & McLennan Cos. Inc.
1,942,043
368,386
 
Travelers Cos. Inc.
853,838
319,643
 
Allstate Corp.
1,032,953
272,782
 
Truist Financial Corp.
5,018,218
260,144
 
Aflac Inc.
1,833,318
233,711
 
Apollo Global Management Inc.
1,690,182
212,270
 
MetLife Inc.
2,175,544
209,135
 
Fifth Third Bancorp
3,640,783
205,704
 
Ameriprise Financial Inc.
365,279
199,384
 
State Street Corp.
1,077,328
198,401
 
Prudential Financial Inc.
1,400,690
170,996
 
Nasdaq Inc.
1,798,990
169,447
 
American International Group Inc.
2,145,373
168,583
 
MSCI Inc.
283,262
162,094
 
Hartford Insurance Group Inc.
1,101,990
156,383
 
M&T Bank Corp.
590,851
145,521
 
Huntington Bancshares Inc.
8,110,639
138,205
 
Northern Trust Corp.
739,120
134,660
 
Citizens Financial Group Inc.
1,700,091
121,812
 
Raymond James Financial Inc.
676,960
119,131
 
Credicorp Ltd.
273,371
109,507
 
Cincinnati Financial Corp.
612,664
108,858
 
Regions Financial Corp.
3,437,969
106,405
 
Ares Management Corp. Class A
792,274
101,482
 
Principal Financial Group Inc.
862,252
98,038
 
T. Rowe Price Group Inc.
847,826
94,745
 
KeyCorp
3,726,979
84,192
 
East West Bancorp Inc.
547,206
71,684
 
Broadridge Financial Solutions Inc.
463,460
71,350
 
W R Berkley Corp.
913,249
66,247
 
Pinnacle Financial Partners Inc.
600,792
63,221
 
Reinsurance Group of America Inc.
263,449
62,398
 
Everest Group Ltd.
159,335
59,615
 
Assurant Inc.
199,128
55,595
 
Unum Group
637,385
54,885
 
 
 
 
 
Shares
Market
Value
($000)
 
Equitable Holdings Inc.
1,125,247
53,618
 
Fidelity National Financial Inc.
1,022,542
52,753
 
Webster Financial Corp.
650,975
50,268
 
Stifel Financial Corp.
599,960
49,743
 
Carlyle Group Inc.
1,068,161
49,157
 
First Horizon Corp.
1,906,773
48,890
 
Ally Financial Inc.
1,111,403
48,157
 
Evercore Inc. Class A
147,603
47,316
 
Popular Inc.
256,307
44,908
 
Invesco Ltd.
1,447,350
42,842
 
Wintrust Financial Corp.
266,676
42,546
 
UMB Financial Corp.
289,830
42,237
 
SEI Investments Co.
409,322
42,152
 
SouthState Bank Corp.
390,222
41,008
 
Zions Bancorp NA
583,363
40,660
 
Primerica Inc.
125,867
40,272
 
Cullen/Frost Bankers Inc.
237,553
39,515
 
Old Republic International Corp.
906,590
39,174
 
FactSet Research Systems Inc.
146,541
38,570
 
American Financial Group Inc.
266,537
37,774
 
Voya Financial Inc.
373,244
37,112
 
Franklin Resources Inc.
1,080,856
36,598
 
Old National Bancorp
1,373,732
36,596
 
Columbia Banking System Inc.
1,160,822
36,299
 
Prosperity Bancshares Inc.
463,106
34,673
 
Western Alliance Bancorp
425,932
34,283
 
Jefferies Financial Group Inc.
610,039
33,308
 
FirstCash Holdings Inc.
161,672
32,983
 
Hanover Insurance Group Inc.
139,827
32,528
 
Commerce Bancshares Inc.
545,539
32,334
 
Jackson Financial Inc. Class A
259,310
31,708
 
Lincoln National Corp.
691,276
31,529
 
Axis Capital Holdings Ltd.
294,689
31,037
 
Corebridge Financial Inc.
988,885
30,843
 
First American Financial Corp.
392,222
29,413
 
OneMain Holdings Inc.
463,189
28,986
 
Valley National Bancorp
1,934,881
27,649
 
Houlihan Lokey Inc. Class A
219,423
27,535
 
Blue Owl Capital Inc. Class A
2,657,451
27,372
 
XP Inc. Class A
1,579,915
26,953
 
FNB Corp.
1,409,394
26,638
 
United Bankshares Inc.
548,355
26,568
 
Glacier Bancorp Inc.
521,939
25,726
 
TPG Inc. Class A
584,002
25,498
 
Hancock Whitney Corp.
326,016
25,103
 
MGIC Investment Corp.
833,897
25,050
 
Atlantic Union Bankshares Corp.
568,764
24,133
 
Essent Group Ltd.
357,668
23,592
 
Home BancShares Inc.
741,498
23,038
 
MarketAxess Holdings Inc.
140,410
22,789
 
Selective Insurance Group Inc.
240,253
22,774
 
Bank OZK
416,569
21,370
 
Piper Sandler Cos.
278,725
21,127
 
Radian Group Inc.
541,461
21,112
 
RLI Corp.
329,893
20,203
 
CNO Financial Group Inc.
366,682
20,201
 
Eastern Bankshares Inc.
868,788
19,947
 
Moelis & Co. Class A
296,869
19,914
 
Ryan Specialty Holdings Inc. Class A
448,216
19,793
 
SLM Corp.
757,848
19,700
 
Virtu Financial Inc. Class A
332,427
19,523
 
Fulton Financial Corp.
766,891
18,658
 
First Financial Bankshares Inc.
524,767
18,440
 
ServisFirst Bancshares Inc.
205,793
18,419
 
First Bancorp
622,015
17,995
 
Associated Banc-Corp
568,530
17,556
 
Bread Financial Holdings Inc.
162,008
17,508
 
Victory Capital Holdings Inc. Class A
171,676
17,001
 
United Community Banks Inc.
478,414
16,955
 
International Bancshares Corp.
218,015
16,687
 
 
 
 
 
Shares
Market
Value
($000)
 
Cathay General Bancorp
258,799
16,354
 
Renasant Corp.
374,928
16,336
 
Independent Bank Corp.
192,828
16,165
 
Lazard Inc.
375,075
15,896
 
WesBanco Inc.
376,991
15,600
 
CVB Financial Corp.
669,019
14,966
 
First Financial Bancorp
415,955
14,072
 
Hamilton Lane Inc. Class A
157,656
14,017
 
Assured Guaranty Ltd.
168,550
13,942
 
Park National Corp.
66,971
13,940
 
BankUnited Inc.
297,420
13,875
 
First Hawaiian Inc.
494,608
13,745
 
First Interstate BancSystem Inc. Class A
360,309
13,699
 
Community Financial System Inc.
210,455
13,640
 
Simmons First National Corp. Class A
573,256
13,523
 
Seacoast Banking Corp. of Florida
387,973
13,478
 
StepStone Group Inc. Class A
305,074
13,381
 
Towne Bank
345,343
13,092
 
Provident Financial Services Inc.
511,843
12,632
 
Bank of Hawaii Corp.
157,368
12,574
 
Mercury General Corp.
107,626
11,529
 
NBT Bancorp Inc.
203,207
10,699
 
BOK Financial Corp.
75,676
10,692
 
First Merchants Corp.
247,708
10,686
 
WaFd Inc.
290,406
10,678
 
Beacon Financial Corp.
332,453
10,476
 
Trustmark Corp.
218,993
10,391
 
Artisan Partners Asset Management Inc. Class A
252,655
9,914
 
Bank of NT Butterfield & Son Ltd.
159,132
9,753
 
BancFirst Corp.
84,599
9,544
 
Banner Corp.
133,542
9,403
 
Cohen & Steers Inc.
111,823
9,200
 
Northwest Bancshares Inc.
577,509
9,090
 
Stock Yards Bancorp Inc.
104,279
8,874
 
PennyMac Financial Services Inc.
117,464
8,858
 
First Commonwealth Financial Corp.
410,329
8,834
 
Horace Mann Educators Corp.
162,425
8,464
 
City Holding Co.
55,650
8,075
 
S&T Bancorp Inc.
148,251
7,731
 
Hope Bancorp Inc.
495,142
6,937
 
Intercorp Financial Services Inc.
118,883
6,932
 
Kemper Corp.
234,067
6,643
 
Walker & Dunlop Inc.
131,967
6,557
 
Hilltop Holdings Inc.
160,484
6,330
 
1st Source Corp.
69,436
6,231
 
Enact Holdings Inc.
109,321
5,173
 
CNA Financial Corp.
84,750
4,447
 
F&G Annuities & Life Inc.
147,457
4,213
 
TFS Financial Corp.
209,295
3,853
 
Navient Corp.
268,074
2,249
 
 
 
 
 
20,995,799
Health Care (12.4%)
 
Johnson & Johnson
9,703,711
2,487,546
 
AbbVie Inc.
7,129,856
1,789,166
 
UnitedHealth Group Inc.
3,636,227
1,506,852
 
Merck & Co. Inc.
9,962,744
1,297,149
 
Amgen Inc.
2,003,624
771,716
 
Abbott Laboratories
6,978,587
737,637
 
Gilead Sciences Inc.
5,002,813
651,416
 
Pfizer Inc.
22,927,340
573,413
 
Bristol-Myers Squibb Co.
8,224,205
537,123
 
Medtronic plc
5,165,168
441,054
 
Elevance Health Inc.
855,328
321,466
 
Cigna Group
1,051,263
293,355
 
Becton Dickinson & Co.
1,144,549
189,560
 
Humana Inc.
483,631
175,974
 
Zoetis Inc.
1,693,910
130,922
 
Quest Diagnostics Inc.
445,096
103,712
 
Royalty Pharma plc Class A
1,665,280
97,302
 
 
 
 
 
Shares
Market
Value
($000)
 
Viatris Inc.
4,680,383
82,188
 
Baxter International Inc.
2,067,649
54,090
 
Chemed Corp.
52,594
27,993
 
Organon & Co.
1,053,051
14,269
 
Perrigo Co. plc
551,105
5,572
 
 
 
 
 
12,289,475
Industrials (14.1%)
 
Caterpillar Inc.
1,829,325
1,490,552
 
RTX Corp.
5,431,834
1,169,039
 
Union Pacific Corp.
2,390,045
698,204
 
Eaton Corp. plc
1,564,823
649,715
 
Capital One Financial Corp.
2,510,262
524,670
 
Lockheed Martin Corp.
817,758
476,540
 
Automatic Data Processing Inc.
1,614,284
430,142
 
Accenture plc Class A
2,471,689
410,103
 
General Dynamics Corp.
1,030,694
395,189
 
3M Co.
2,102,286
370,591
 
Johnson Controls International plc
2,465,441
361,582
 
Cummins Inc.
556,179
352,729
 
Emerson Electric Co.
2,262,665
338,992
 
Illinois Tool Works Inc.
1,158,353
332,389
 
United Parcel Service Inc. Class B
3,007,277
313,418
 
Honeywell International Inc.
1,277,716
310,549
 
Norfolk Southern Corp.
905,679
303,837
 
Northrop Grumman Corp.
538,159
291,940
 
PACCAR Inc.
2,079,881
275,959
 
FedEx Corp.
881,348
270,926
*
Honeywell Aerospace Inc.
1,277,822
264,177
 
CRH plc
2,691,352
255,705
 
Rockwell Automation Inc.
452,404
217,190
 
L3Harris Technologies Inc.
749,510
207,659
 
Carrier Global Corp.
3,143,968
194,329
 
Ferguson Enterprises Inc.
770,381
180,523
 
Paychex Inc.
1,296,170
151,445
 
Xylem Inc.
955,163
111,725
 
Otis Worldwide Corp.
1,546,073
111,240
 
Synchrony Financial
1,351,085
102,399
 
Hubbell Inc. Class B
213,222
100,758
 
PPG Industries Inc.
897,973
99,244
 
Smurfit Westrock plc
2,102,494
96,652
 
Fidelity National Information Services Inc.
2,082,925
93,253
 
Dow Inc.
2,900,677
87,862
 
Packaging Corp. of America
349,568
85,938
 
Snap-on Inc.
204,061
83,749
 
Amcor plc
1,859,554
83,457
 
DuPont de Nemours Inc.
549,858
75,331
 
CH Robinson Worldwide Inc.
473,389
69,934
 
IDEX Corp.
297,945
68,661
*
Fedex Freight Holding Co. Inc.
440,738
61,937
 
Global Payments Inc.
726,141
61,054
 
Stanley Black & Decker Inc.
625,152
59,127
 
Masco Corp.
812,032
58,044
 
RPM International Inc.
508,070
54,399
 
Allegion plc
342,876
53,969
 
Huntington Ingalls Industries Inc.
157,817
51,519
 
Jack Henry & Associates Inc.
289,276
44,560
 
Owens Corning
320,340
44,495
 
Donaldson Co. Inc.
464,050
43,732
 
Watsco Inc.
140,692
43,516
 
Flowserve Corp.
512,230
38,924
 
Ryder System Inc.
151,562
38,864
 
CNH Industrial NV
3,504,788
35,924
 
Oshkosh Corp.
250,642
35,694
 
Toro Co.
384,421
35,317
 
AptarGroup Inc.
254,933
34,151
 
Booz Allen Hamilton Holding Corp.
482,152
33,616
 
Terex Corp.
454,083
28,535
 
Sensata Technologies Holding plc
584,119
27,039
 
A O Smith Corp.
449,293
27,016
 
 
 
 
 
Shares
Market
Value
($000)
 
GATX Corp.
140,979
25,217
 
AGCO Corp.
240,607
24,580
 
Landstar System Inc.
135,582
23,696
 
Fortune Brands Innovations Inc.
466,529
22,981
 
MSC Industrial Direct Co. Inc. Class A
182,715
22,547
 
Sonoco Products Co.
396,759
22,361
 
Genpact Ltd.
622,825
21,905
 
Installed Building Products Inc.
93,513
20,848
 
Brunswick Corp.
259,128
20,471
 
Herc Holdings Inc.
131,581
19,756
 
Louisiana-Pacific Corp.
255,250
18,488
 
WillScot Holdings Corp.
717,768
17,427
 
ADT Inc.
2,257,026
17,244
 
Korn Ferry
208,872
17,184
 
Robert Half Inc.
398,593
15,067
 
Scorpio Tankers Inc.
182,715
14,226
 
Silgan Holdings Inc.
355,238
14,202
 
Otter Tail Corp.
153,982
13,615
 
Maximus Inc.
217,043
13,077
 
Exponent Inc.
191,921
12,830
 
Graphic Packaging Holding Co.
1,176,434
12,623
 
HB Fuller Co.
219,083
12,115
 
McGrath RentCorp
97,465
11,223
 
Hub Group Inc. Class A
239,162
11,128
 
ABM Industries Inc.
230,857
11,060
 
Boise Cascade Co.
142,067
10,851
 
Patrick Industries Inc.
129,839
10,718
 
Kennametal Inc.
304,929
10,358
 
Crane NXT Co.
197,415
10,256
 
Trinity Industries Inc.
319,274
9,974
 
Atkore Inc.
134,695
9,827
 
Star Bulk Carriers Corp.
339,384
9,757
 
ManpowerGroup Inc.
185,797
9,739
 
Werner Enterprises Inc.
241,507
9,037
 
Albany International Corp. Class A
114,423
8,526
 
Greif Inc. Class A
95,320
8,250
 
Western Union Co.
1,278,322
8,130
 
Schneider National Inc. Class B
206,120
7,367
 
Insperity Inc.
144,802
7,328
 
TriNet Group Inc.
109,506
7,209
 
Pagseguro Digital Ltd. Class A
653,868
6,303
 
Tennant Co.
72,064
6,056
 
Greenbrier Cos. Inc.
120,802
5,949
 
FLEX LNG Ltd.
124,197
3,876
 
Ardagh Metal Packaging SA
550,096
2,602
 
 
 
 
 
14,017,713
Real Estate (0.0%)
 
HA Sustainable Infrastructure Capital Inc.
510,898
19,348
 
Newmark Group Inc. Class A
634,525
9,515
 
AGNT Inc.
358,068
1,450
 
 
 
 
 
30,313
Technology (13.8%)
 
Broadcom Inc.
18,734,059
7,292,794
 
Texas Instruments Inc.
3,662,116
1,009,792
 
Oracle Corp.
6,901,653
896,318
 
International Business Machines Corp.
3,788,808
847,367
 
Analog Devices Inc.
1,965,837
722,268
 
QUALCOMM Inc.
4,248,571
627,132
 
Dell Technologies Inc. Class C
1,211,895
491,266
 
Hewlett Packard Enterprise Co.
5,333,647
255,482
 
TE Connectivity plc
1,175,894
241,870
 
NXP Semiconductors NV
1,017,698
233,216
 
Microchip Technology Inc.
2,138,450
158,865
 
NetApp Inc.
792,160
141,401
 
Cognizant Technology Solutions Corp. Class A
1,909,366
105,683
 
HP Inc.
3,680,481
100,367
 
VeriSign Inc.
328,218
95,190
 
CDW Corp.
514,445
76,040
 
SS&C Technologies Holdings Inc.
834,791
64,321
 
 
 
 
 
Shares
Market
Value
($000)
 
Gen Digital Inc.
2,168,493
59,525
1
Skyworks Solutions Inc.
604,882
37,672
 
Match Group Inc.
934,873
36,843
 
Avnet Inc.
326,467
29,003
 
Amkor Technology Inc.
501,407
25,005
 
Amdocs Ltd.
427,457
23,818
 
Clear Secure Inc. Class A
374,643
20,695
 
Science Applications International Corp.
172,340
20,186
 
Vishay Intertechnology Inc.
542,761
18,573
 
KBR Inc.
505,783
18,517
 
Kulicke & Soffa Industries Inc.
203,366
18,140
 
Dolby Laboratories Inc. Class A
240,068
14,118
 
Universal Display Corp.
172,907
13,860
 
Power Integrations Inc.
220,150
13,365
 
Benchmark Electronics Inc.
141,453
11,284
 
Concentrix Corp.
175,770
4,324
 
 
 
 
 
13,724,300
Telecommunications (4.0%)
 
Cisco Systems Inc.
15,910,434
1,845,451
 
Verizon Communications Inc.
16,868,421
789,611
 
AT&T Inc.
27,271,643
634,066
 
Comcast Corp. Class A
14,267,769
341,856
 
T-Mobile US Inc.
1,963,400
339,099
 
Millicom International Cellular SA
364,299
34,783
 
Iridium Communications Inc.
374,511
17,729
 
 
 
 
 
4,002,595
Utilities (5.8%)
 
NextEra Energy Inc.
8,407,570
730,786
 
Southern Co.
4,544,918
429,677
 
Duke Energy Corp.
3,137,915
393,589
 
Waste Management Inc.
1,498,756
339,543
 
American Electric Power Co. Inc.
2,193,549
280,445
 
Dominion Energy Inc.
3,543,146
245,079
 
Sempra
2,633,566
233,202
 
Entergy Corp.
1,842,870
198,330
 
Xcel Energy Inc.
2,513,825
196,581
 
Exelon Corp.
4,126,485
189,076
 
Consolidated Edison Inc.
1,484,513
161,589
 
Public Service Enterprise Group Inc.
2,009,864
154,116
 
WEC Energy Group Inc.
1,312,521
143,616
 
Ameren Corp.
1,112,324
121,922
 
DTE Energy Co.
835,727
118,565
 
Atmos Energy Corp.
664,339
114,784
 
Edison International
1,532,815
112,463
 
CenterPoint Energy Inc.
2,634,254
110,744
 
NRG Energy Inc.
818,898
109,970
 
Eversource Energy
1,513,621
108,360
 
FirstEnergy Corp.
2,214,355
106,975
 
PPL Corp.
3,030,238
106,695
 
American Water Works Co. Inc.
785,286
105,362
 
CMS Energy Corp.
1,237,385
89,079
 
NiSource Inc.
1,928,146
85,668
 
Evergy Inc.
927,356
76,980
 
Alliant Energy Corp.
1,041,061
73,686
 
Pinnacle West Capital Corp.
487,266
49,209
 
Essential Utilities Inc.
1,141,797
45,501
 
AES Corp.
2,858,788
41,967
 
OGE Energy Corp.
827,299
39,173
 
IDACORP Inc.
222,470
31,793
 
UGI Corp.
865,804
31,273
 
National Fuel Gas Co.
378,771
31,177
 
Southwest Gas Holdings Inc.
289,801
25,908
 
TXNM Energy Inc.
410,062
23,751
 
New Jersey Resources Corp.
403,589
23,364
 
Portland General Electric Co.
463,339
22,856
 
Black Hills Corp.
304,796
21,704
 
ONE Gas Inc.
250,030
19,415
 
Spire Inc.
232,745
18,587
 
Northwestern Energy Group Inc.
246,429
16,940
 
 
 
 
 
Shares
Market
Value
($000)
 
MDU Resources Group Inc.
819,075
16,341
 
Clearway Energy Inc. Class C
488,810
15,510
 
Avista Corp.
334,498
13,530
 
American States Water Co.
155,914
13,352
 
Chesapeake Utilities Corp.
96,975
12,876
 
California Water Service Group
237,683
11,910
 
MGE Energy Inc.
147,064
11,696
 
H2O America
140,918
8,642
 
Northwest Natural Holding Co.
166,579
8,149
 
 
 
 
 
5,691,506
Total Common Stocks (Cost $65,024,611)
98,937,739
 
 
 
Coupon
 
Temporary Cash Investments (0.2%)
Money Market Fund (0.2%)
2,3
Vanguard Market Liquidity Fund
(Cost $164,148)
3.718%
 
1,641,656
164,149
Total Investments (99.9%) (Cost $65,188,759)
99,101,888
Other Assets and Liabilities—Net (0.1%)
109,368
Net Assets (100%)
99,211,256
 
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 $11,006.
2
Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3
Collateral of $11,515 was received for securities on loan.
Derivative Financial Instruments Outstanding as of Period End
 
Futures Contracts
 
 
 
($000)
 
Expiration
Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini S&P 500 Index
September 2026
101
37,972
(99
)
E-mini S&P Mid-Cap 400 Index
September 2026
192
72,440
(439
)
 
(538
)
 
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)
Amgen Inc.
8/31/2026
BANA
63,964
(3.630
)
1,494
—
Citigroup Inc.
2/1/2027
GSI
14,992
(4.330
)
—
(298
)
Citigroup Inc.
8/31/2027
BANA
10,248
(4.375
)
—
(54
)
Elevance Health Inc.
2/1/2027
CITNA
7,202
(4.130
)
—
(129
)
Global Payments Inc.
8/31/2026
BANA
8,933
(4.280
)
—
(1
)
Global Payments Inc.
2/1/2027
CITNA
409
(4.230
)
8
—
Global Payments Inc.
8/31/2027
BANA
7,422
(4.380
)
—
(1
)
Over-the-Counter Total Return Swaps (continued)
Reference Entity
Termination
Date
Counterparty
Notional
Amount
($000)
Floating
Interest
Rate
Received
(Paid)1
(%)
Value and
Unrealized
Appreciation
($000)
Value and
Unrealized
(Depreciation)
($000)
Goldman Sachs Group Inc.
8/31/2027
BANA
61,243
(4.444
)
—
(1,767
)
Raymond James Financial Inc.
2/1/2027
CITNA
5,814
(4.184
)
271
—
 
 
1,773
(2,250
)
 
1Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly.
BANA—Bank of America, N.A.
CITNA—Citibank, N.A.
GSI—Goldman Sachs International.
At July 31, 2026, the counterparties had deposited in segregated accounts securities with a value of $1,327 in connection with open over-the-counter swap contracts.
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. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. 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.
D. 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 July 31, 2026, based on the inputs used to value them: 
 
Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments
 
 
 
 
Assets
Common Stocks
98,937,739
—
—
98,937,739
Temporary Cash Investments
164,149
—
—
164,149
Total
99,101,888
—
—
99,101,888
 
 
 
 
 
Derivative Financial Instruments
 
 
 
 
Assets
Swap Contracts
—
1,773
—
1,773
Liabilities
Futures Contracts1
(538)
—
—
(538)
Swap Contracts
—
(2,250)
—
(2,250)
Total
(538)
(2,250)
—
(2,788)
 
1
Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.