NPORT-EX 2 vg_midcapvalueindex.htm
Vanguard® Mid-Cap Value Index Fund
Schedule of Investments (unaudited)
As of September 30, 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 (99.7%)
Basic Materials (5.9%)
  Nucor Corp.  2,025,928    316,754
  LyondellBasell Industries NV Class A  2,112,554    200,059
  International Flavors & Fragrances Inc.  2,079,137    141,735
  CF Industries Holdings Inc.  1,571,630    134,751
  Avery Dennison Corp.    656,373    119,900
  Newmont Corp.  3,236,675    119,595
  Celanese Corp. Class A    842,313    105,727
  International Paper Co.  2,818,262     99,964
  Mosaic Co.  2,706,553     96,353
  Eastman Chemical Co.    965,688     74,088
  Steel Dynamics Inc.    640,881     68,715
  FMC Corp.    507,835     34,010
  Westlake Corp. 129,976 16,204
            1,527,855
Consumer Discretionary (12.8%)
  DR Horton Inc. 2,479,815 266,506
  Lennar Corp. Class A 2,023,600 227,109
  Delta Air Lines Inc. 5,240,871 193,912
  eBay Inc. 4,334,561 191,111
* Dollar Tree Inc. 1,702,429 181,224
* Warner Bros Discovery Inc. 16,328,190 177,324
  Genuine Parts Co. 1,143,900 165,156
  Darden Restaurants Inc. 984,547 141,007
* Rivian Automotive Inc. Class A 5,744,450 139,475
  Electronic Arts Inc. 1,103,328 132,841
  PulteGroup Inc. 1,787,258 132,346
  Southwest Airlines Co. 4,851,687 131,335
  Garmin Ltd. 1,247,437 131,230
  Omnicom Group Inc. 1,609,343 119,864
* United Airlines Holdings Inc. 2,661,327 112,574
* Carnival Corp. 8,181,332 112,248
  Best Buy Co. Inc. 1,599,636 111,127
  Dollar General Corp. 893,314 94,513
* CarMax Inc. 1,288,668 91,147
  MGM Resorts International 2,143,597 78,799
  News Corp. Class A 3,670,883 73,638
  Fox Corp. Class A 2,050,045 63,961
1 Paramount Global Class B 3,944,578 50,885
  Interpublic Group of Cos. Inc. 1,567,847 44,934
  BorgWarner Inc. 957,640 38,660
*,1 Lucid Group Inc. 6,505,590 36,366

          Shares Market
Value
($000)
  Fox Corp. Class B  1,073,324     30,998
  Endeavor Group Holdings Inc. Class A  1,236,867     24,614
1 Sirius XM Holdings Inc.  4,693,475     21,215
  Lennar Corp. Class B    122,627     12,536
  News Corp. Class B    378,120      7,891
1 Paramount Global Class A     93,029      1,469
            3,338,015
Consumer Staples (7.6%)
  Corteva Inc.  5,779,264    295,667
  Cencora Inc.  1,390,623    250,270
  Kroger Co.  5,261,629    235,458
  Archer-Daniels-Midland Co.  2,183,360    164,669
  Walgreens Boots Alliance Inc.  5,976,879    132,926
  Clorox Co.  1,008,600    132,187
  Kellogg Co. 2,091,383 124,458
  Tyson Foods Inc. Class A 2,325,905 117,435
  Conagra Brands Inc. 3,892,389 106,729
  J M Smucker Co. 789,649 97,056
  Hormel Foods Corp. 2,224,768 84,608
  McCormick & Co. Inc. (Non-Voting) 1,022,642 77,353
  Campbell Soup Co. 1,578,235 64,834
  Albertsons Cos. Inc. Class A 2,578,939 58,671
  Molson Coors Beverage Co. Class B 736,585 46,839
            1,989,160
Energy (3.4%)
  Baker Hughes Co. Class A 8,223,976 290,471
  ONEOK Inc. 3,646,468 231,295
  Williams Cos. Inc. 4,954,079 166,903
  Halliburton Co. 3,293,551 133,389
  Marathon Oil Corp. 2,466,789 65,987
            888,045
Financials (17.7%)
  Arthur J Gallagher & Co. 1,755,376 400,103
  Ameriprise Financial Inc. 835,926 275,588
  Allstate Corp. 2,130,626 237,373
* Arch Capital Group Ltd. 2,885,950 230,039
  T. Rowe Price Group Inc. 1,826,965 191,594
  Willis Towers Watson plc 853,825 178,415
  Hartford Financial Services Group Inc. 2,490,978 176,635
  Discover Financial Services 2,035,913 176,371
  American International Group Inc. 2,899,336 175,700
  M&T Bank Corp. 1,351,715 170,924
  State Street Corp. 2,465,670 165,101
  Nasdaq Inc. 3,201,557 155,564
  Raymond James Financial Inc. 1,530,979 153,756
  Principal Financial Group Inc. 1,968,872 141,897
  Fifth Third Bancorp 5,546,106 140,483
  Prudential Financial Inc. 1,478,399 140,285
  Cboe Global Markets Inc. 859,470 134,258
  Regions Financial Corp. 7,643,453 131,467
  Everest Group Ltd. 353,534 131,398
  Cincinnati Financial Corp. 1,277,658 130,692
  Huntington Bancshares Inc. 11,793,620 122,654
  Northern Trust Corp. 1,601,826 111,295
  W R Berkley Corp. 1,573,233 99,885
  Citizens Financial Group Inc. 3,654,700 97,946
  Loews Corp. 1,469,467 93,032

          Shares Market
Value
($000)
  Fidelity National Financial Inc.  2,106,131     86,983
  KeyCorp  7,623,539     82,029
* Markel Group Inc.     51,324     75,574
  Franklin Resources Inc.  2,438,637     59,942
  Equitable Holdings Inc.  1,414,734     40,164
  Globe Life Inc.    366,762     39,878
  Annaly Capital Management Inc.  2,010,802     37,823
  Corebridge Financial Inc.  1,294,616     25,569
*,1 Rocket Cos. Inc. Class A    940,765      7,695
            4,618,112
Health Care (8.0%)
* Centene Corp.  4,410,545    303,798
  GE HealthCare Technologies Inc.  3,149,095    214,264
  Zimmer Biomet Holdings Inc.  1,702,084    191,008
  Cardinal Health Inc. 2,041,892 177,277
  Baxter International Inc. 4,124,873 155,673
  Laboratory Corp. of America Holdings 721,677 145,093
* Hologic Inc. 1,995,133 138,462
* Avantor Inc. 5,505,622 116,059
  Revvity Inc. 1,011,128 111,932
  Quest Diagnostics Inc. 914,198 111,404
  Viatris Inc. 9,770,515 96,337
  STERIS plc 402,302 88,273
  Royalty Pharma plc Class A 3,108,162 84,356
* Henry Schein Inc. 1,063,665 78,977
  Teleflex Inc. 382,771 75,180
            2,088,093
Industrials (16.9%)
  Carrier Global Corp. 6,822,689 376,612
  PACCAR Inc. 4,258,418 362,051
  Ferguson plc 1,662,503 273,432
  Cummins Inc. 1,153,766 263,589
  United Rentals Inc. 556,186 247,264
  Global Payments Inc. 2,117,748 244,367
  Fortive Corp. 2,867,351 212,643
* Keysight Technologies Inc. 1,448,249 191,618
  Dover Corp. 1,139,323 158,947
  Westinghouse Air Brake Technologies Corp. 1,459,066 155,055
  Jacobs Solutions Inc. 1,025,644 140,000
  Expeditors International of Washington Inc. 1,204,657 138,090
  Otis Worldwide Corp. 1,676,882 134,670
  Rockwell Automation Inc. 467,790 133,727
  Fidelity National Information Services Inc. 2,412,973 133,365
  Textron Inc. 1,613,352 126,067
  DuPont de Nemours Inc. 1,682,636 125,508
  Packaging Corp. of America 732,387 112,458
  Snap-on Inc. 431,024 109,937
  Ingersoll Rand Inc. 1,646,993 104,946
  Stanley Black & Decker Inc. 1,248,129 104,319
  Synchrony Financial 3,406,215 104,128
  Masco Corp. 1,831,985 97,920
  Crown Holdings Inc. 982,726 86,951
  CH Robinson Worldwide Inc. 901,020 77,605
  Hubbell Inc. Class B 218,429 68,458
  Ball Corp. 1,283,141 63,875
* Zebra Technologies Corp. Class A 209,091 49,456
            4,397,058

          Shares Market
Value
($000)
Real Estate (9.6%)
  Digital Realty Trust Inc.  2,465,678    298,396
  VICI Properties Inc. Class A  8,254,680    240,211
  AvalonBay Communities Inc.  1,156,752    198,661
  Weyerhaeuser Co.  5,952,174    182,494
* CBRE Group Inc. Class A  2,397,529    177,081
  Equity Residential  2,932,961    172,194
  Iron Mountain Inc.  2,377,239    141,327
  Alexandria Real Estate Equities Inc.  1,409,384    141,079
  Ventas Inc.  3,277,483    138,080
  Simon Property Group Inc.  1,265,911    136,756
  Mid-America Apartment Communities Inc.    950,369    122,265
  Essex Property Trust Inc.    522,795    110,880
  UDR Inc.  2,683,734     95,729
  WP Carey Inc. 1,742,507 94,235
  Healthpeak Properties Inc. 4,455,982 81,812
  Host Hotels & Resorts Inc. 2,898,814 46,584
  Regency Centers Corp. 752,021 44,700
  Camden Property Trust 434,981 41,141
  Boston Properties Inc. 574,792 34,189
            2,497,814
Technology (5.3%)
  CDW Corp. 1,091,870 220,296
  Corning Inc. 6,253,071 190,531
  HP Inc. 7,227,854 185,756
  Hewlett Packard Enterprise Co. 10,519,866 182,730
  NetApp Inc. 1,717,162 130,298
* Western Digital Corp. 2,621,977 119,641
  SS&C Technologies Holdings Inc. 1,717,663 90,246
  Gen Digital Inc. 4,427,238 78,273
* Qorvo Inc. 797,509 76,138
  Seagate Technology Holdings plc 802,426 52,920
  Leidos Holdings Inc. 559,394 51,554
            1,378,383
Utilities (12.5%)
* PG&E Corp. 19,878,970 320,648
  Consolidated Edison Inc. 2,809,499 240,296
  Public Service Enterprise Group Inc. 4,065,358 231,359
  WEC Energy Group Inc. 2,569,345 206,961
  Edison International 3,122,036 197,594
  American Water Works Co. Inc. 1,585,645 196,350
  Eversource Energy 2,843,446 165,346
  Ameren Corp. 2,137,972 159,984
  Entergy Corp. 1,722,379 159,320
  FirstEnergy Corp. 4,436,719 151,647
  DTE Energy Co. 1,427,003 141,673
  PPL Corp. 6,003,697 141,447
  CenterPoint Energy Inc. 5,126,968 137,659
  Xcel Energy Inc. 2,246,201 128,528
  CMS Energy Corp. 2,376,267 126,204
  Constellation Energy Corp. 1,101,739 120,178
  Alliant Energy Corp. 2,058,509 99,735
  Evergy Inc. 1,870,055 94,812
  NiSource Inc. 3,366,165 83,077
  AES Corp. 5,454,496 82,908
  Vistra Corp. 1,496,984 49,670

          Shares Market
Value
($000)
  Avangrid Inc.    629,889     19,004
            3,254,400
Total Common Stocks (Cost $21,835,380) 25,976,935
      Coupon      
Temporary Cash Investments (0.4%)
Money Market Fund (0.4%)
2,3 Vanguard Market Liquidity Fund
(Cost $118,011)
5.391%    1,180,455    118,034
Total Investments (100.1%) (Cost $21,953,391)   26,094,969
Other Assets and Liabilities—Net (-0.1%)   (35,223)
Net Assets (100%)   26,059,746
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 $63,739,000.
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 $69,185,000 was received for securities on loan, of which $68,519,000 is held in Vanguard Market Liquidity Fund and $666,000 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 December 2023 62 13,409 (504)
E-mini S&P Mid-Cap 400 Index December 2023 132 33,269 (948)
        (1,452)
    
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)
Constellation Energy Corp. 1/31/24 CITNA 21,665 (5.331) 992
Warner Bros Discovery Inc. 1/31/24 CITNA 20,236 (5.331) (3,595)
          992 (3,595)
1 Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly.
  CITNA—Citibank, 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. 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 September 30, 2023, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 25,976,935 25,976,935
Temporary Cash Investments 118,034 118,034
Total 26,094,969 26,094,969
Derivative Financial Instruments        
Assets        
Swap Contracts 992 992
Liabilities        
Futures Contracts1 1,452 1,452
Swap Contracts 3,595 3,595
Total 1,452 3,595 5,047
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.