NPORT-EX 2 vg_valueindexfund.htm
Vanguard® Value Index Fund
Schedule of Investments (unaudited)
As of March 31, 2024
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 (1.9%)
  Freeport-McMoRan Inc. 11,915,146 560,250
  Air Products and Chemicals Inc. 1,846,763 447,415
  Nucor Corp. 2,040,879 403,890
  Newmont Corp. (XNYS) 9,563,289 342,748
  Dow Inc. 5,832,270 337,863
  LyondellBasell Industries NV Class A 2,159,873 220,912
  International Flavors & Fragrances Inc. 2,123,953 182,639
  Celanese Corp. 905,690 155,652
  Avery Dennison Corp. 670,009 149,579
  CF Industries Holdings Inc. 1,566,790 130,373
  International Paper Co. 2,881,598 112,440
  Steel Dynamics Inc. 639,493 94,792
  Mosaic Co. 1,338,222 43,439
  Westlake Corp. 133,750 20,437
      3,202,429
Consumer Discretionary (8.1%)
  Home Depot Inc. 8,268,420 3,171,766
  Walmart Inc. 36,910,105 2,220,881
  Lowe's Cos. Inc. 4,777,342 1,216,932
  Walt Disney Co. 7,618,285 932,173
  Target Corp. 3,835,140 679,625
  General Motors Co. 9,584,291 434,648
  Ford Motor Co. 32,403,556 430,319
  DR Horton Inc. 2,480,238 408,123
  Lennar Corp. Class A 2,109,957 362,871
  Electronic Arts Inc. 2,217,496 294,195
  Dollar General Corp. 1,820,823 284,158
  Delta Air Lines Inc. 5,351,622 256,182
* Dollar Tree Inc. 1,722,142 229,303
  eBay Inc. 4,317,740 227,890
  PulteGroup Inc. 1,765,270 212,927
* NVR Inc. 25,182 203,973
  Garmin Ltd. 1,276,734 190,067
  Genuine Parts Co. 1,160,356 179,774
  Darden Restaurants Inc. 993,406 166,048
* Warner Bros Discovery Inc. 18,260,715 159,416
  Omnicom Group Inc. 1,647,439 159,406
  Southwest Airlines Co. 4,964,282 144,907
* Carnival Corp. 8,381,813 136,959
  Best Buy Co. Inc. 1,612,896 132,306
* United Airlines Holdings Inc. 2,728,379 130,635
* Royal Caribbean Cruises Ltd. 907,469 126,147
    Shares Market
Value
($000)
  LKQ Corp. 2,218,846 118,509
  News Corp. Class A 4,119,535 107,850
* MGM Resorts International 2,037,583 96,194
  Pool Corp. 152,913 61,701
  Fox Corp. Class A 1,967,553 61,525
* CarMax Inc. 657,142 57,244
  Interpublic Group of Cos. Inc. 1,576,222 51,432
*,1 Rivian Automotive Inc. Class A 3,162,310 34,627
  Fox Corp. Class B 1,006,093 28,794
  Endeavor Group Holdings Inc. Class A 563,245 14,492
1 Sirius XM Holdings Inc. 1,941,351 7,533
* Liberty Media Corp. - Liberty SiriusXM Class A 235,891 7,006
* Liberty Media Corp. - Liberty SiriusXM Class C 107,096 3,182
  Lennar Corp. Class B 15,602 2,406
  News Corp. Class B 14,085 381
      13,744,507
Consumer Staples (9.4%)
  Procter & Gamble Co. 19,551,963 3,172,306
  PepsiCo Inc. 11,420,134 1,998,638
  Coca-Cola Co. 32,251,785 1,973,164
  Philip Morris International Inc. 12,897,637 1,181,681
  CVS Health Corp. 10,454,648 833,863
  Mondelez International Inc. Class A 11,188,320 783,182
  Altria Group Inc. 14,644,377 638,788
  McKesson Corp. 1,091,887 586,179
  Constellation Brands Inc. Class A 1,365,746 371,155
  Kimberly-Clark Corp. 2,796,105 361,676
  Cencora Inc. 1,407,263 341,951
  Corteva Inc. 5,849,330 337,331
  Sysco Corp. 4,134,832 335,666
  General Mills Inc. 4,712,865 329,759
  Colgate-Palmolive Co. 3,413,957 307,427
  Kenvue Inc. 14,294,840 306,767
  Archer-Daniels-Midland Co. 4,423,768 277,857
  Keurig Dr Pepper Inc. 8,411,964 257,995
  Kroger Co. 4,372,236 249,786
  Kraft Heinz Co. 6,560,070 242,067
  McCormick & Co. Inc. 2,092,468 160,722
  Clorox Co. 1,032,704 158,117
  Tyson Foods Inc. Class A 2,382,821 139,943
  Kellanova 2,268,751 129,977
  Walgreens Boots Alliance Inc. 5,739,965 124,500
  Conagra Brands Inc. 3,702,913 109,754
  J M Smucker Co. 839,069 105,614
  Hormel Foods Corp. 2,276,403 79,424
  Campbell Soup Co. 1,612,807 71,689
  Molson Coors Beverage Co. Class B 741,716 49,880
  Albertsons Cos. Inc. Class A 1,319,257 28,285
      16,045,143
Energy (7.2%)
  Exxon Mobil Corp. 32,994,822 3,835,318
  Chevron Corp. 14,900,868 2,350,463
  ConocoPhillips 9,775,614 1,244,240
  Marathon Petroleum Corp. 3,154,715 635,675
  EOG Resources Inc. 4,819,697 616,150
  Phillips 66 3,554,497 580,592
  Valero Energy Corp. 2,761,133 471,298
    Shares Market
Value
($000)
  Williams Cos. Inc. 10,109,074 393,951
  ONEOK Inc. 4,836,373 387,732
  Occidental Petroleum Corp. 5,108,284 331,987
  Schlumberger NV 5,943,846 325,782
  Kinder Morgan Inc. 15,694,938 287,845
  Devon Energy Corp. 5,313,391 266,626
  Baker Hughes Co. 4,163,249 139,469
  Marathon Oil Corp. 4,801,479 136,074
  Halliburton Co. 3,332,644 131,373
  Coterra Energy Inc. 2,974,073 82,917
      12,217,492
Financials (19.8%)
* Berkshire Hathaway Inc. Class B 15,105,210 6,352,043
  JPMorgan Chase & Co. 23,931,197 4,793,419
  Bank of America Corp. 55,593,293 2,108,098
  Wells Fargo & Co. 29,720,832 1,722,619
  Goldman Sachs Group Inc. 2,459,043 1,027,118
  Progressive Corp. 4,866,294 1,006,447
  BlackRock Inc. 1,174,201 978,931
  Morgan Stanley 10,188,952 959,392
  Citigroup Inc. 15,018,046 949,741
  Chubb Ltd. 3,366,734 872,422
  Charles Schwab Corp. 11,775,893 851,868
  Marsh & McLennan Cos. Inc. 4,084,926 841,413
  Intercontinental Exchange Inc. 4,757,795 653,864
  CME Group Inc. 2,991,196 643,975
  KKR & Co. Inc. 5,513,569 554,555
  US Bancorp 12,190,018 544,894
  PNC Financial Services Group Inc. 3,303,961 533,920
  Arthur J Gallagher & Co. 1,801,085 450,343
  American International Group Inc. 5,653,289 441,918
  Travelers Cos. Inc. 1,902,632 437,872
  Truist Financial Corp. 11,074,093 431,668
  Aflac Inc. 4,791,911 411,433
  MetLife Inc. 5,101,031 378,037
  Allstate Corp. 2,183,239 377,722
  Ameriprise Financial Inc. 832,390 364,953
  Bank of New York Mellon Corp. 6,306,921 363,405
  Prudential Financial Inc. 2,980,215 349,877
* Arch Capital Group Ltd. 2,941,185 271,883
  Discover Financial Services 2,073,629 271,832
  Hartford Financial Services Group Inc. 2,474,677 255,015
  Willis Towers Watson plc 852,561 234,454
  T Rowe Price Group Inc. 1,860,641 226,849
  Nasdaq Inc. 3,577,268 225,726
  Fifth Third Bancorp 5,667,531 210,889
  Raymond James Financial Inc. 1,565,316 201,018
  M&T Bank Corp. 1,380,775 200,820
  State Street Corp. 2,386,103 184,493
  Principal Financial Group Inc. 1,962,858 169,414
  Huntington Bancshares Inc. 12,053,830 168,151
  Regions Financial Corp. 7,739,623 162,842
  Cincinnati Financial Corp. 1,305,340 162,084
  Cboe Global Markets Inc. 878,246 161,360
* Markel Group Inc. 103,784 157,905
  Northern Trust Corp. 1,621,191 144,156
  Everest Group Ltd. 360,974 143,487
  W R Berkley Corp. 1,601,020 141,594
    Shares Market
Value
($000)
  Citizens Financial Group Inc. 3,626,576 131,608
  Loews Corp. 1,571,433 123,028
  KeyCorp. 7,770,197 122,847
  Fidelity National Financial Inc. 2,151,163 114,227
  Franklin Resources Inc. 2,628,378 73,884
  Corebridge Financial Inc. 2,068,514 59,428
  Interactive Brokers Group Inc. Class A 422,894 47,242
  Globe Life Inc. 391,537 45,563
* Berkshire Hathaway Inc. Class A 52 32,991
* Rocket Cos. Inc. Class A 1,052,550 15,315
      33,862,052
Health Care (16.8%)
  UnitedHealth Group Inc. 7,684,728 3,801,635
  Johnson & Johnson 20,013,117 3,165,875
  Merck & Co. Inc. 21,053,726 2,778,039
  AbbVie Inc. 14,676,837 2,672,652
  Abbott Laboratories 14,414,958 1,638,404
  Danaher Corp. 5,530,657 1,381,116
  Pfizer Inc. 46,912,753 1,301,829
  Amgen Inc. 4,452,440 1,265,918
  Elevance Health Inc. 1,933,136 1,002,408
  Medtronic plc 11,043,011 962,398
  Thermo Fisher Scientific Inc. 1,583,819 920,531
  Bristol-Myers Squibb Co. 16,798,955 911,007
  Cigna Group 2,430,135 882,601
* Regeneron Pharmaceuticals Inc. 852,015 820,056
  Gilead Sciences Inc. 10,352,194 758,298
  Becton Dickinson & Co. 2,399,399 593,731
  HCA Healthcare Inc. 1,647,922 549,631
* Centene Corp. 4,439,307 348,397
  Humana Inc. 1,001,331 347,181
  GE Healthcare Inc. 3,592,650 326,608
* Biogen Inc. 1,205,541 259,951
  Zimmer Biomet Holdings Inc. 1,738,599 229,460
  Cardinal Health Inc. 2,023,812 226,465
* Molina Healthcare Inc. 485,959 199,647
* IQVIA Holdings Inc. 755,050 190,945
  Baxter International Inc. 4,225,306 180,590
  Laboratory Corp. of America Holdings 698,151 152,518
* Hologic Inc. 1,952,859 152,245
* Avantor Inc. 5,642,936 144,290
  Quest Diagnostics Inc. 921,128 122,611
  Viatris Inc. 9,982,403 119,190
  Revvity Inc. 1,026,780 107,812
  Royalty Pharma plc Class A 3,159,952 95,968
  STERIS plc 411,229 92,452
      28,702,459
Industrials (15.2%)
  Caterpillar Inc. 4,149,056 1,520,339
  Union Pacific Corp. 5,065,914 1,245,860
  Honeywell International Inc. 5,417,879 1,112,020
  RTX Corp. 11,023,396 1,075,112
  Eaton Corp. plc 3,317,994 1,037,470
  American Express Co. 4,210,226 958,626
  Lockheed Martin Corp. 2,007,604 913,199
  Deere & Co. 2,210,015 907,742
  United Parcel Service Inc. Class B (XNYS) 6,037,232 897,314
    Shares Market
Value
($000)
  General Electric Co. 4,294,377 753,792
  Illinois Tool Works Inc. 2,358,868 632,955
  CSX Corp. 16,272,891 603,236
* PayPal Holdings Inc. 8,902,272 596,363
  Parker-Hannifin Corp. 1,066,889 592,966
  General Dynamics Corp. 2,048,543 578,693
  Trane Technologies plc 1,886,886 566,443
  FedEx Corp. 1,867,684 541,143
  PACCAR Inc. 4,352,624 539,247
  Emerson Electric Co. 4,748,513 538,576
  Northrop Grumman Corp. 1,121,760 536,942
  3M Co. 4,590,719 486,938
  Norfolk Southern Corp. 1,876,082 478,157
  Capital One Financial Corp. 3,001,277 446,860
  Carrier Global Corp. 7,086,408 411,933
  United Rentals Inc. 557,853 402,273
* Fiserv Inc. 2,450,463 391,633
  Fidelity National Information Services Inc. 4,915,233 364,612
  Johnson Controls International plc 5,493,561 358,839
  Ferguson plc 1,616,166 353,019
  AMETEK Inc. 1,917,341 350,682
  L3Harris Technologies Inc. 1,577,800 336,229
  Otis Worldwide Corp. 3,364,883 334,032
  Cummins Inc. 1,131,652 333,441
  Ingersoll Rand Inc. (XYNS) 3,347,133 317,810
  Global Payments Inc. 2,138,780 285,869
  PPG Industries Inc. 1,951,136 282,720
  Xylem Inc. 1,999,398 258,402
  Fortive Corp. 2,917,989 251,005
  DuPont de Nemours Inc. 3,115,189 238,841
  Howmet Aerospace Inc. 3,413,650 233,596
* Keysight Technologies Inc. 1,449,648 226,696
  Westinghouse Air Brake Technologies Corp. 1,472,936 214,577
  Dover Corp. 1,164,104 206,268
  Ball Corp. 2,626,368 176,912
* Corpay Inc. 570,267 175,950
  Jacobs Solutions Inc. 1,045,504 160,725
  Martin Marietta Materials Inc. 256,909 157,727
  Textron Inc. 1,604,745 153,943
  Expeditors International of Washington Inc. 1,209,884 147,086
  Synchrony Financial 3,383,723 145,906
  Masco Corp. 1,828,686 144,247
  Packaging Corp. of America 745,720 141,523
* Trimble Inc. 2,070,025 133,227
  Snap-on Inc. 438,633 129,932
* Zebra Technologies Corp. Class A 427,527 128,874
  TransUnion 1,612,514 128,679
  Stanley Black & Decker Inc. 1,275,634 124,923
  Hubbell Inc. 223,086 92,592
  Veralto Corp. 973,904 86,346
* Teledyne Technologies Inc. 196,359 84,301
      26,025,363
Real Estate (3.0%)
  Prologis Inc. 7,684,520 1,000,678
  Simon Property Group Inc. 2,571,319 402,386
  Crown Castle Inc. 3,602,547 381,258
  Digital Realty Trust Inc. 2,586,453 372,553
  Extra Space Storage Inc. 1,751,850 257,522
    Shares Market
Value
($000)
  VICI Properties Inc. 8,589,591 255,884
* CBRE Group Inc. Class A 2,407,584 234,113
  AvalonBay Communities Inc. 1,176,981 218,401
  Weyerhaeuser Co. 6,046,204 217,119
  Iron Mountain Inc. 2,431,959 195,067
  Realty Income Corp. 3,580,738 193,718
  Public Storage 658,149 190,903
  Equity Residential 2,998,033 189,206
  Alexandria Real Estate Equities Inc. 1,455,850 187,674
  Invitation Homes Inc. 4,838,068 172,284
  Ventas Inc. 3,348,387 145,789
  Essex Property Trust Inc. 534,034 130,737
  Mid-America Apartment Communities Inc. 970,825 127,741
  WP Carey Inc. 1,819,569 102,696
  Host Hotels & Resorts Inc. 2,926,944 60,529
  Healthpeak Properties Inc. 2,946,621 55,249
  UDR Inc. 1,370,258 51,261
* Zillow Group Inc. Class C 325,647 15,885
* Zillow Group Inc. Class A 76,434 3,658
      5,162,311
Technology (9.8%)
  Broadcom Inc. 3,889,346 5,154,978
  Oracle Corp. 13,703,297 1,721,271
  QUALCOMM Inc. 9,271,024 1,569,584
  Intel Corp. 35,125,510 1,551,494
  International Business Machines Corp. 7,585,814 1,448,587
  Micron Technology Inc. 9,170,077 1,081,060
  Analog Devices Inc. 4,119,039 814,705
  TE Connectivity Ltd. 2,564,138 372,415
  Cognizant Technology Solutions Corp. Class A 4,130,319 302,711
  CDW Corp. 1,111,196 284,222
  HP Inc. 7,830,457 236,637
  Dell Technologies Inc. Class C 2,002,641 228,521
  Corning Inc. 6,391,327 210,658
  Microchip Technology Inc. 2,247,825 201,652
  Hewlett Packard Enterprise Co. 10,813,493 191,723
* Western Digital Corp. 2,710,886 184,991
  NetApp Inc. 1,714,005 179,919
  Skyworks Solutions Inc. 1,333,268 144,420
* Akamai Technologies Inc. 1,254,740 136,466
* ON Semiconductor Corp. 1,777,757 130,754
  SS&C Technologies Holdings Inc. 1,751,432 112,740
  Gen Digital Inc. (XNGS) 4,503,853 100,886
  Seagate Technology Holdings plc 871,448 81,088
  Leidos Holdings Inc. 564,996 74,065
* GoDaddy Inc. Class A 590,822 70,119
* Zoom Video Communications Inc. Class A 964,778 63,068
      16,648,734
Telecommunications (3.4%)
  Cisco Systems Inc. 30,273,086 1,510,930
  Comcast Corp. Class A 32,912,728 1,426,767
  Verizon Communications Inc. 31,434,009 1,318,971
  AT&T Inc. 59,397,283 1,045,392
  Motorola Solutions Inc. 691,144 245,342
* Charter Communications Inc. Class A 785,260 228,220
      5,775,622
    Shares Market
Value
($000)
Utilities (5.1%)
  NextEra Energy Inc. 16,814,821 1,074,635
  Waste Management Inc. 3,336,957 711,272
  Southern Co. 9,072,844 650,886
  Duke Energy Corp. 6,408,924 619,807
  Constellation Energy Corp. 2,652,376 490,292
  Sempra 5,223,361 375,194
  American Electric Power Co. Inc. 4,275,258 368,100
  PG&E Corp. 21,671,827 363,220
  Dominion Energy Inc. 6,944,374 341,594
  Republic Services Inc. 1,696,836 324,842
  Exelon Corp. 8,247,959 309,876
  Public Service Enterprise Group Inc. 4,139,264 276,420
  Consolidated Edison Inc. 2,865,657 260,230
  Xcel Energy Inc. 4,617,774 248,205
  Edison International 3,179,464 224,884
  WEC Energy Group Inc. 2,625,076 215,571
  American Water Works Co. Inc. 1,621,354 198,146
  Entergy Corp. 1,770,592 187,116
  FirstEnergy Corp. 4,540,584 175,357
  Eversource Energy 2,904,532 173,604
  PPL Corp. 6,132,604 168,831
  DTE Energy Co. 1,457,905 163,489
  Ameren Corp. 2,187,536 161,790
  CenterPoint Energy Inc. 5,237,983 149,230
  CMS Energy Corp. 2,426,801 146,433
  Alliant Energy Corp. 2,102,946 105,989
  Vistra Corp. 1,487,120 103,578
  AES Corp. 2,955,698 52,996
  NiSource Inc. 1,862,304 51,511
  Evergy Inc. 954,493 50,951
  Avangrid Inc. 646,345 23,553
      8,767,602
Total Common Stocks (Cost $124,131,845) 170,153,714
Temporary Cash Investments (0.1%)
Money Market Fund (0.1%)
2,3 Vanguard Market Liquidity Fund, 5.407% (Cost $121,522) 1,215,550 121,531
Total Investments (99.8%) (Cost $124,253,367) 170,275,245
Other Assets and Liabilities—Net (0.2%) 320,713
Net Assets (100%) 170,595,958
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 $16,425,000.
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 $17,735,000 was received for securities on loan, of which $17,713,000 is held in Vanguard Market Liquidity Fund and $22,000 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 2024 809 214,729 2,254
    
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)
Conagra Brands Inc. 8/30/24 BANA 8,151 (5.327) — (32)
Ferguson plc 8/30/24 BANA 14,853 (5.327) — (6)
Goldman Sachs Group Inc. 8/29/25 BANA 104,423 (6.027) 232 —
Johnson Controls International plc 8/30/24 BANA 10,647 (5.327) 20 —
Kroger Co. 1/31/25 GSI 56,060 (5.324) 979 —
US Bancorp 8/30/24 BANA 33,525 (5.327) 237 —
          1,468 (38)
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.
  GSI—Goldman Sachs International.
At March 31, 2024, the counterparties had deposited in segregated accounts securities with a value of $9,310,000 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 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 March 31, 2024, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 170,153,714 — — 170,153,714
Temporary Cash Investments 121,531 — — 121,531
Total 170,275,245 — — 170,275,245
Derivative Financial Instruments
Assets        
Futures Contracts1 2,254 — — 2,254
Swap Contracts — 1,468 — 1,468
Total 2,254 1,468 — 3,722
Liabilities        
Swap Contracts — 38 — 38
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.