NPORT-EX 2 vg_valueindexfund.htm
Vanguard® Value Index Fund
Schedule of Investments (unaudited)
As of March 31, 2023
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 (99.8%)
Basic Materials (2.3%)
  Air Products and Chemicals Inc. 1,986,777 570,622
  Freeport-McMoRan Inc. 12,799,760 523,638
  Nucor Corp. 2,295,062 354,518
  Newmont Corp. 7,101,951 348,138
  Dow Inc. 6,295,934 345,143
  LyondellBasell Industries NV Class A 2,332,875 219,034
  International Flavors & Fragrances Inc. 2,281,136 209,773
  Mosaic Co. 3,009,942 138,096
  FMC Corp. 1,126,863 137,624
  Avery Dennison Corp. 722,817 129,334
  CF Industries Holdings Inc. 1,751,059 126,934
  International Paper Co. 3,130,855 112,899
  Celanese Corp. Class A 872,654 95,023
  Eastman Chemical Co. 1,062,622 89,622
  Steel Dynamics Inc. 746,748 84,427
  Westlake Corp. 142,080 16,478
      3,501,303
Consumer Discretionary (5.2%)
  Walmart Inc. 12,062,394 1,778,600
  Target Corp. 4,117,848 682,039
  Ford Motor Co. 35,026,820 441,338
  General Motors Co. 11,852,441 434,748
* Warner Bros Discovery Inc. 19,565,463 295,438
  Activision Blizzard Inc. 3,158,192 270,310
  DR Horton Inc. 2,764,811 270,094
* Dollar Tree Inc. 1,879,701 269,831
  Lennar Corp. Class A 2,361,988 248,269
  eBay Inc. 4,803,353 213,125
  Genuine Parts Co. 1,259,874 210,790
* Delta Air Lines Inc. 5,736,403 200,315
  Southwest Airlines Co. 5,316,300 172,992
  Omnicom Group Inc. 1,813,338 171,070
  Darden Restaurants Inc. 1,088,905 168,955
* NVR Inc. 27,690 154,294
  Best Buy Co. Inc. 1,781,305 139,423
  Garmin Ltd. 1,369,500 138,210
  LKQ Corp. 2,389,627 135,635
* United Airlines Holdings Inc. 2,922,304 129,312
  PulteGroup Inc. 2,017,755 117,595
  BorgWarner Inc. (XNYS) 2,093,841 102,829
1 Paramount Global Class B 4,316,301 96,297
*,1 Carnival Corp. 8,959,287 90,937
    Shares Market
Value
($000)
* CarMax Inc. 1,413,174 90,839
  Fox Corp. Class A 2,658,386 90,518
  News Corp. Class A 4,435,893 76,608
  VF Corp. 3,127,297 71,646
  Advance Auto Parts Inc. 529,687 64,415
  Interpublic Group of Cos. Inc. 1,722,191 64,134
* Rivian Automotive Inc. Class A 3,067,331 47,482
*,1 Lucid Group Inc. 5,705,862 45,875
* American Airlines Group Inc. 2,919,939 43,069
* Liberty Media Corp.- Liberty SiriusXM Class C 1,336,268 37,402
  Lear Corp. 264,167 36,849
  Fox Corp. Class B 1,166,854 36,534
  Bath & Body Works Inc. 972,900 35,589
  Hasbro Inc. 586,852 31,508
* Liberty Media Corp.- Liberty SiriusXM Class A 691,543 19,425
*,1 Sirius XM Holdings Inc. 2,610,310 10,363
1 Paramount Global Class A 114,903 2,969
  Lennar Corp. Class B 15,603 1,394
  News Corp. Class B 27,910 486
      7,739,551
Consumer Staples (11.3%)
  Procter & Gamble Co. 21,105,070 3,138,113
  PepsiCo Inc. 12,321,003 2,246,119
  Coca-Cola Co. 34,836,749 2,160,923
  Philip Morris International Inc. 13,867,256 1,348,591
  CVS Health Corp. 11,487,176 853,612
  Mondelez International Inc. Class A 12,196,708 850,354
  Altria Group Inc. 15,971,189 712,634
  General Mills Inc. 5,274,089 450,724
  McKesson Corp. 1,224,851 436,108
  Kimberly-Clark Corp. 3,018,827 405,187
  Archer-Daniels-Midland Co. 4,902,244 390,513
  Corteva Inc. 6,382,192 384,910
  Sysco Corp. 4,539,504 350,586
  Constellation Brands Inc. Class A 1,402,935 316,909
  Colgate-Palmolive Co. 3,714,357 279,134
  Kraft Heinz Co. 7,122,908 275,443
  Keurig Dr Pepper Inc. 7,548,267 266,303
  AmerisourceBergen Corp. Class A 1,537,767 246,212
* Kroger Co. 4,762,239 235,112
  Walgreens Boots Alliance Inc. 6,558,381 226,789
  McCormick & Co. Inc. 2,241,937 186,551
  Clorox Co. 1,104,738 174,814
  Conagra Brands Inc. 4,262,482 160,099
  Kellogg Co. 2,292,691 153,519
  Tyson Foods Inc. Class A 2,554,855 151,554
  J M Smucker Co. 906,716 142,690
  Hormel Foods Corp. 2,441,934 97,384
  Campbell Soup Co. 1,740,213 95,677
  Molson Coors Beverage Co. Class B 805,136 41,609
  Albertsons Cos. Inc. Class A 1,194,959 24,831
      16,803,004
Energy (7.8%)
  Exxon Mobil Corp. 36,417,877 3,993,584
  Chevron Corp. 15,351,007 2,504,670
  ConocoPhillips 10,902,565 1,081,644
  EOG Resources Inc. 5,257,576 602,676
    Shares Market
Value
($000)
  Marathon Petroleum Corp. 3,985,336 537,343
  Valero Energy Corp. 3,319,956 463,466
  Phillips 66 4,149,727 420,699
  Occidental Petroleum Corp. 5,690,792 355,276
  Williams Cos. Inc. 10,898,535 325,430
  Schlumberger NV 6,385,777 313,542
  Kinder Morgan Inc. 17,093,850 299,313
  Devon Energy Corp. 5,849,930 296,065
  ONEOK Inc. 3,997,968 254,031
  Baker Hughes Co. Class A 4,523,452 130,547
  Halliburton Co. 3,639,729 115,161
      11,693,447
Financials (18.5%)
* Berkshire Hathaway Inc. Class B 16,087,133 4,967,224
  JPMorgan Chase & Co. 26,330,966 3,431,188
  Bank of America Corp. 60,862,922 1,740,680
  Wells Fargo & Co. 33,940,625 1,268,701
  Morgan Stanley 11,340,949 995,735
  Goldman Sachs Group Inc. 2,746,537 898,420
  BlackRock Inc. 1,209,388 809,226
  Citigroup Inc. 16,463,210 771,960
  Progressive Corp. 5,236,376 749,116
  Marsh & McLennan Cos. Inc. 4,425,015 736,986
  Charles Schwab Corp. 13,807,864 723,256
  Chubb Ltd. 3,713,824 721,150
  CME Group Inc. 3,218,414 616,391
  Intercontinental Exchange Inc. 5,000,519 521,504
  US Bancorp 13,697,138 493,782
  PNC Financial Services Group Inc. 3,575,518 454,448
  Truist Financial Corp. 11,869,541 404,751
  Arthur J Gallagher & Co. 1,897,649 363,039
  Travelers Cos. Inc. 2,076,683 355,964
  American International Group Inc. 6,595,935 332,171
  Aflac Inc. 4,954,631 319,673
  Bank of New York Mellon Corp. 6,873,134 312,315
  KKR & Co. Inc. 5,778,412 303,482
  MetLife Inc. 5,197,089 301,119
  Ameriprise Financial Inc. 941,965 288,712
  Prudential Financial Inc. 3,274,971 270,971
  Allstate Corp. 2,355,942 261,062
  Discover Financial Services 2,343,425 231,624
  T Rowe Price Group Inc. 2,007,719 226,671
  Willis Towers Watson plc 968,465 225,052
  State Street Corp. 2,927,919 221,614
* Arch Capital Group Ltd. 3,147,516 213,622
  Hartford Financial Services Group Inc. 2,819,178 196,469
  Nasdaq Inc. 3,500,654 191,381
  M&T Bank Corp. 1,500,899 179,463
  Fifth Third Bancorp 6,112,643 162,841
  Raymond James Financial Inc. 1,734,164 161,746
  Principal Financial Group Inc. 2,174,498 161,609
  Cincinnati Financial Corp. 1,406,718 157,665
  Northern Trust Corp. 1,775,672 156,490
  Regions Financial Corp. 8,356,933 155,105
* Markel Corp. 113,930 145,535
  Huntington Bancshares Inc. 12,905,998 144,547
  Citizens Financial Group Inc. 4,329,988 131,502
  Cboe Global Markets Inc. 946,083 127,002
    Shares Market
Value
($000)
  Everest Re Group Ltd. 350,228 125,389
  W R Berkley Corp. 1,774,902 110,505
  KeyCorp. 8,330,448 104,297
  Loews Corp. 1,787,775 103,727
1 Annaly Capital Management Inc. 4,418,703 84,441
  Equitable Holdings Inc. 3,248,077 82,469
  Fidelity National Financial Inc. 2,311,131 80,728
  Franklin Resources Inc. 2,688,642 72,432
  Globe Life Inc. 388,490 42,742
  Interactive Brokers Group Inc. Class A 438,275 36,184
  Ally Financial Inc. 1,204,802 30,710
  First Republic Bank 1,662,929 23,264
  Corebridge Financial Inc. 588,491 9,428
1 Rocket Cos. Inc. Class A 1,033,747 9,366
      27,518,646
Health Care (18.6%)
  UnitedHealth Group Inc. 8,358,456 3,950,123
  Johnson & Johnson 23,297,369 3,611,092
  AbbVie Inc. 15,828,129 2,522,529
  Merck & Co. Inc. 22,680,795 2,413,010
  Pfizer Inc. 50,266,799 2,050,885
  Abbott Laboratories 15,547,443 1,574,334
  Bristol-Myers Squibb Co. 18,774,684 1,301,273
  Amgen Inc. 4,776,882 1,154,811
  Elevance Health Inc. 2,124,213 976,734
  Medtronic plc 11,901,367 959,488
  Gilead Sciences Inc. 11,156,077 925,620
  Danaher Corp. 2,933,314 739,312
  Cigna Group 2,657,304 679,021
  Becton Dickinson and Co. 2,540,025 628,758
  Humana Inc. 1,117,970 542,730
  HCA Healthcare Inc. 1,858,210 489,973
* Regeneron Pharmaceuticals Inc. 456,813 375,350
* Biogen Inc. 1,292,510 359,357
* Centene Corp. 4,931,298 311,707
* GE Healthcare Inc. 3,248,527 266,477
  Zimmer Biomet Holdings Inc. 1,879,250 242,799
  Baxter International Inc. 4,516,308 183,181
  Laboratory Corp. of America Holdings 792,560 181,829
* Hologic Inc. 2,205,399 177,976
  Cardinal Health Inc. 2,304,213 173,968
  PerkinElmer Inc. 1,130,590 150,662
  Quest Diagnostics Inc. 995,667 140,867
* Molina Healthcare Inc. 517,872 138,526
  Royalty Pharma plc Class A 3,369,055 121,387
  Teleflex Inc. 420,092 106,414
  Viatris Inc. 10,844,428 104,323
* Henry Schein Inc. 1,174,076 95,734
  STERIS plc 444,082 84,944
  Universal Health Services Inc. Class B 272,076 34,581
      27,769,775
Industrials (14.0%)
  Raytheon Technologies Corp. 13,105,785 1,283,450
  Honeywell International Inc. 5,977,106 1,142,345
  Lockheed Martin Corp. 2,283,854 1,079,646
  Caterpillar Inc. 4,619,130 1,057,042
  Deere & Co. 2,385,715 985,014
    Shares Market
Value
($000)
  General Electric Co. 9,744,617 931,585
  American Express Co. 4,993,459 823,671
  United Parcel Service Inc. Class B (XNYS) 3,242,072 628,930
  Eaton Corp. plc 3,560,546 610,064
  Illinois Tool Works Inc. 2,456,202 597,962
  Northrop Grumman Corp. 1,232,219 568,940
  CSX Corp. 18,450,953 552,422
  Union Pacific Corp. 2,736,865 550,822
  3M Co. 4,924,259 517,589
  General Dynamics Corp. 2,209,585 504,249
  FedEx Corp. 2,032,111 464,317
  Emerson Electric Co. 5,111,942 445,455
  Norfolk Southern Corp. 2,037,548 431,960
  Parker-Hannifin Corp. 1,147,451 385,670
  Trane Technologies plc 2,049,186 377,009
  Johnson Controls International plc 6,147,595 370,208
  PACCAR Inc. 4,674,350 342,162
  Carrier Global Corp. 7,462,106 341,391
  L3Harris Technologies Inc. 1,703,294 334,254
  Capital One Financial Corp. 3,411,558 328,055
  Otis Worldwide Corp. 3,711,074 313,215
  Cummins Inc. 1,264,515 302,067
  AMETEK Inc. 2,059,139 299,255
  Fidelity National Information Services Inc. 5,309,485 288,464
  PPG Industries Inc. 2,104,035 281,057
  DuPont de Nemours Inc. 3,690,489 264,866
  Ferguson plc 1,857,334 248,418
  United Rentals Inc. 620,403 245,531
  Fortive Corp. 3,156,814 215,200
  Ingersoll Rand Inc. (XYNS) 3,622,563 210,761
  Dover Corp. 1,249,690 189,878
  Xylem Inc. 1,612,601 168,839
  Expeditors International of Washington Inc. 1,423,317 156,736
  Ball Corp. 2,812,533 154,999
  Westinghouse Air Brake Technologies Corp. 1,532,524 154,877
  Jacobs Solutions Inc. 1,133,581 133,207
* FleetCor Technologies Inc. 626,860 132,173
  Textron Inc. 1,835,820 129,664
  Global Payments Inc. 1,178,326 124,007
  Snap-on Inc. 474,643 117,185
  Synchrony Financial 3,909,760 113,696
  Packaging Corp. of America 801,995 111,341
  TransUnion 1,726,552 107,288
  Stanley Black & Decker Inc. 1,323,477 106,646
  CH Robinson Worldwide Inc. 1,042,033 103,547
  Masco Corp. 2,016,050 100,238
  Martin Marietta Materials Inc. 277,770 98,625
  Crown Holdings Inc. 1,073,308 88,773
* Howmet Aerospace Inc. 1,661,225 70,386
  Westrock Co. 2,275,026 69,320
  Hubbell Inc. Class B 239,638 58,306
      20,812,777
Real Estate (3.0%)
  Prologis Inc. 8,257,993 1,030,350
  Simon Property Group Inc. 2,924,537 327,460
  VICI Properties Inc. Class A 8,978,379 292,875
  Digital Realty Trust Inc. 2,605,764 256,173
  AvalonBay Communities Inc. 1,251,492 210,326
    Shares Market
Value
($000)
  Weyerhaeuser Co. 6,550,933 197,380
* CBRE Group Inc. Class A 2,686,037 195,570
  Extra Space Storage Inc. 1,197,948 195,182
  Alexandria Real Estate Equities Inc. 1,548,541 194,481
  Equity Residential 3,217,597 193,056
  Realty Income Corp. 2,955,005 187,111
  Mid-America Apartment Communities Inc. 1,042,939 157,526
  Welltower Inc. 2,193,136 157,226
  Ventas Inc. 3,578,501 155,128
  WP Carey Inc. 1,883,483 145,876
  Iron Mountain Inc. 2,600,437 137,589
  Essex Property Trust Inc. 577,193 120,714
  Healthpeak Properties Inc. 4,891,006 107,455
  Boston Properties Inc. 1,261,597 68,278
  UDR Inc. 1,472,223 60,449
  Host Hotels & Resorts Inc. 3,185,283 52,525
  Camden Property Trust 477,914 50,104
  Regency Centers Corp. 765,714 46,846
      4,539,680
Technology (8.7%)
  Broadcom Inc. 3,729,808 2,392,821
* Meta Platforms Inc. Class A 9,955,593 2,109,988
  Oracle Corp. 13,266,553 1,232,728
  Intel Corp. 37,009,215 1,209,091
  International Business Machines Corp. 8,088,538 1,060,326
  Analog Devices Inc. 4,525,192 892,458
  QUALCOMM Inc. 4,987,190 636,266
  Micron Technology Inc. 9,761,694 589,021
  TE Connectivity Ltd. 2,830,856 371,267
  Cognizant Technology Solutions Corp. Class A 4,556,710 277,640
* VMware Inc. Class A 2,093,528 261,377
  Corning Inc. 6,814,943 240,431
  CDW Corp. 1,210,904 235,993
  HP Inc. 7,907,615 232,089
  Hewlett Packard Enterprise Co. 11,604,615 184,862
* ON Semiconductor Corp. 1,930,344 158,906
  NetApp Inc. 1,928,653 123,144
  Seagate Technology Holdings plc 1,753,635 115,950
* Akamai Technologies Inc. 1,406,080 110,096
  SS&C Technologies Holdings Inc. 1,915,216 108,152
* Western Digital Corp. 2,857,395 107,638
* Qorvo Inc. 893,419 90,745
  Gen Digital Inc. (XNGS) 4,860,304 83,403
  Dell Technologies Inc. Class C 2,058,484 82,772
  Leidos Holdings Inc. 613,436 56,473
* F5 Inc. 269,525 39,267
      13,002,904
Telecommunications (4.0%)
  Cisco Systems Inc. 32,976,518 1,723,848
  Comcast Corp. Class A 37,632,095 1,426,633
  Verizon Communications Inc. 33,813,249 1,314,997
  AT&T Inc. 61,783,854 1,189,339
  Motorola Solutions Inc. 748,184 214,078
  Juniper Networks Inc. 1,445,407 49,751
* DISH Network Corp. Class A 1,111,911 10,374
      5,929,020
    Shares Market
Value
($000)
Utilities (6.4%)
  NextEra Energy Inc. 18,079,361 1,393,557
  Southern Co. 9,740,040 677,712
  Duke Energy Corp. 6,889,567 664,637
  Waste Management Inc. 3,651,378 595,795
  Sempra Energy (XNYS) 2,812,192 425,091
  American Electric Power Co. Inc. 4,597,535 418,330
  Dominion Energy Inc. 7,472,048 417,762
  Exelon Corp. 8,892,386 372,502
  Xcel Energy Inc. 4,919,199 331,751
* PG&E Corp. 19,856,850 321,085
  Consolidated Edison Inc. 3,176,479 303,894
  Public Service Enterprise Group Inc. 4,462,518 278,684
  WEC Energy Group Inc. 2,821,425 267,443
  American Water Works Co. Inc. 1,724,473 252,618
  Republic Services Inc. Class A 1,837,752 248,501
  Eversource Energy 3,116,972 243,934
  Edison International 3,421,880 241,550
  Constellation Energy Corp. 2,922,218 229,394
  Entergy Corp. 1,889,112 203,533
  Ameren Corp. 2,311,272 199,671
  FirstEnergy Corp. 4,863,642 194,837
  PPL Corp. 6,591,498 183,178
  CenterPoint Energy Inc. 5,630,238 165,867
  DTE Energy Co. 1,473,298 161,385
  CMS Energy Corp. 2,604,367 159,856
  AES Corp. 5,977,488 143,938
  Evergy Inc. 2,051,914 125,413
  Alliant Energy Corp. 2,245,312 119,900
  NiSource Inc. 3,688,868 103,141
  Vistra Corp. 3,559,987 85,440
  Avangrid Inc. 691,334 27,570
      9,557,969
Total Common Stocks (Cost $123,096,742) 148,868,076
Temporary Cash Investments (0.2%)
Money Market Fund (0.2%)
2,3 Vanguard Market Liquidity Fund, 4.839% (Cost $224,462) 2,245,107 224,488
Total Investments (100.0%) (Cost $123,321,204) 149,092,564
Other Assets and Liabilities—Net (0.0%) 71,683
Net Assets (100%) 149,164,247
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 $146,413,000.
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 $151,703,000 was received for securities on loan, of which $151,698,000 is held in Vanguard Market Liquidity Fund and $5,000 is held in cash.
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 June 2023 595 123,098 2,212
    
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)
AT&T Inc. 8/31/23 BANA 38,500 (4.650) — (151)
Goldman Sachs Group Inc. 8/30/24 BANA 60,516 (5.250) 169 —
Goldman Sachs Group Inc. 8/30/24 BANA 21,262 (5.250) 59 —
Kroger Co. 1/31/24 GSI 48,290 (4.715) 979 —
          1,207 (151)
1 Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly.
  1M—1-month.
  BANA—Bank of America, N.A.
  GSI—Goldman Sachs International.
The notional amount represents the maximum potential amount the fund could be required to pay as a seller of credit protection if the reference entity was subject to a credit event.
At March 31, 2023, the counterparties had deposited in segregated accounts securities with a value of $300,000 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 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 March 31, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 148,868,076 — — 148,868,076
Temporary Cash Investments 224,488 — — 224,488
Total 149,092,564 — — 149,092,564
Derivative Financial Instruments
Assets        
Futures Contracts1 2,212 — — 2,212
Swap Contracts — 1,207 — 1,207
Total 2,212 1,207 — 3,419
Liabilities        
Swap Contracts — 151 — 151
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.