NPORT-EX 2 vg_valueindex.htm
Vanguard® Value Index Fund
Schedule of Investments (unaudited)
As of March 31, 2025
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value
($000)
Common Stocks (99.7%)
Basic Materials (2.4%)
  Linde plc  4,151,679   1,933,188
  Air Products & Chemicals Inc.  1,951,235     575,458
  Freeport-McMoRan Inc. 12,603,509     477,169
  Newmont Corp. (XNYS)  9,883,145     477,158
  International Paper Co.  4,610,727     245,982
  Nucor Corp.  2,020,541     243,152
  International Flavors & Fragrances Inc.  2,249,396     174,576
  LyondellBasell Industries NV Class A  2,297,315     161,731
  Avery Dennison Corp.    695,156     123,717
  Steel Dynamics Inc.    636,100      79,563
  CF Industries Holdings Inc.    746,276      58,322
                  4,550,016
Consumer Discretionary (8.4%)
  Walmart Inc. 38,773,771   3,403,949
  Home Depot Inc.  8,716,292   3,194,434
  Walt Disney Co. 15,855,801   1,564,968
  Lowe's Cos. Inc.  4,952,064   1,154,970
  NIKE Inc. Class B 10,359,739     657,636
  Target Corp.  4,018,707     419,392
  General Motors Co.  8,727,362     410,448
  Ford Motor Co. 34,141,973     342,444
  Electronic Arts Inc.  2,285,912     330,360
  DR Horton Inc.  2,487,418     316,225
  Garmin Ltd.  1,349,817     293,086
  eBay Inc.  4,199,606     284,439
  Tractor Supply Co.  4,658,977     256,710
  Delta Air Lines Inc.  5,662,480     246,884
  Lennar Corp. Class A  1,993,874     228,857
  Royal Caribbean Cruises Ltd.  1,061,110     217,994
  Darden Restaurants Inc.  1,025,921     213,145
* Warner Bros Discovery Inc. 19,339,612     207,514
* United Airlines Holdings Inc.  2,880,293     198,884
  PulteGroup Inc.  1,772,720     182,236
* NVR Inc.     24,958     180,806
  Southwest Airlines Co.  5,213,599     175,073
  Dollar General Corp.  1,923,667     169,148
* Carnival Corp.  8,660,507     169,140
* Ulta Beauty Inc.    405,338     148,573
  Genuine Parts Co.  1,221,137     145,486
  Omnicom Group Inc.  1,728,915     143,344
* Dollar Tree Inc.  1,797,467     134,936
  Best Buy Co. Inc.  1,692,947     124,618
  Estee Lauder Cos. Inc. Class A  1,854,328     122,386
  News Corp. Class A  4,185,235     113,922
  Fox Corp. Class A  1,669,545      94,496
* Aptiv plc  1,009,079      60,040
  Fox Corp. Class B  1,098,091      57,880
  News Corp. Class B    193,454       5,875
  Lennar Corp. Class B     15,602       1,702
                 15,972,000
Consumer Staples (9.5%)
  Procter & Gamble Co. 20,581,996   3,507,584
  Philip Morris International Inc. 13,637,545   2,164,687
  Coca-Cola Co. 30,197,724   2,162,761
  PepsiCo Inc. 12,028,378   1,803,535
  Altria Group Inc. 14,830,387     890,120
  Mondelez International Inc. Class A 11,348,980     770,028
  CVS Health Corp. 11,058,326     749,202
  McKesson Corp.  1,099,385     739,875
Vanguard® Value Index Fund
    Shares Market
Value
($000)
  Colgate-Palmolive Co.  7,118,194     666,975
  Cencora Inc.  1,529,552     425,353
  Kimberly-Clark Corp.  2,909,989     413,859
  Kenvue Inc. 16,755,558     401,798
  Corteva Inc.  6,071,745     382,095
  Keurig Dr Pepper Inc. 10,710,699     366,520
  Sysco Corp.  4,291,040     322,000
  Kroger Co.  4,712,730     319,005
  General Mills Inc.  4,833,584     289,000
  Constellation Brands Inc. Class A  1,346,355     247,083
  Kraft Heinz Co.  7,326,736     222,952
  Hershey Co.  1,294,368     221,376
  Archer-Daniels-Midland Co.  4,200,384     201,660
  Kellanova  2,417,974     199,459
  McCormick & Co. Inc.  2,210,041     181,908
  Tyson Foods Inc. Class A  2,517,960     160,671
  Clorox Co.  1,077,092     158,602
  Brown-Forman Corp. Class B  2,575,063      87,398
  Hormel Foods Corp.  2,657,415      82,220
  Brown-Forman Corp. Class A    332,647      11,134
                 18,148,860
Energy (7.2%)
  Exxon Mobil Corp. 38,066,120   4,527,204
  Chevron Corp. 14,675,235   2,455,020
  ConocoPhillips 11,159,701   1,171,992
  Williams Cos. Inc. 10,695,560     639,167
  EOG Resources Inc.  4,933,450     632,666
  ONEOK Inc.  5,476,418     543,370
  Schlumberger NV 11,933,015     498,800
  Kinder Morgan Inc. 16,566,870     472,653
  Phillips 66  3,575,783     441,538
  Cheniere Energy Inc.  1,863,696     431,259
  Marathon Petroleum Corp.  2,741,463     399,404
  Valero Energy Corp.  2,762,624     364,860
  Occidental Petroleum Corp.  5,760,537     284,340
  Diamondback Energy Inc.  1,649,003     263,642
  Devon Energy Corp.  5,684,848     212,613
  Baker Hughes Co.  4,358,924     191,575
  Halliburton Co.  6,836,795     173,449
  Coterra Energy Inc.  3,194,232      92,313
                 13,795,865
Financials (22.4%)
* Berkshire Hathaway Inc. Class B 13,395,117   7,133,971
  JPMorgan Chase & Co. 24,530,161   6,017,249
  Bank of America Corp. 58,003,723   2,420,495
  Wells Fargo & Co. 28,856,073   2,071,578
  Progressive Corp.  5,138,062   1,454,123
  Goldman Sachs Group Inc.  2,625,583   1,434,330
* Berkshire Hathaway Inc. Class A      1,768   1,411,645
  Morgan Stanley 10,609,319   1,237,789
  Charles Schwab Corp. 15,110,611   1,182,859
  Blackrock Inc.  1,225,531   1,159,941
  Citigroup Inc. 15,242,027   1,082,032
  Marsh & McLennan Cos. Inc.  4,307,593   1,051,182
  Chubb Ltd.  3,358,930   1,014,363
  Intercontinental Exchange Inc.  5,039,518     869,317
  CME Group Inc.  3,160,758     838,518
  Arthur J Gallagher & Co.  2,234,060     771,287
  KKR & Co. Inc.  5,842,751     675,480
  PNC Financial Services Group Inc.  3,473,255     610,494
  US Bancorp 13,684,993     577,780
  Aflac Inc.  4,794,917     533,147
  Bank of New York Mellon Corp.  6,283,978     527,037
  Travelers Cos. Inc.  1,988,742     525,943
  Allstate Corp.  2,324,657     481,367
  Truist Financial Corp. 11,454,244     471,342
  American International Group Inc.  5,204,140     452,448
  Ameriprise Financial Inc.    843,145     408,175
  MetLife Inc.  5,078,914     407,786
Vanguard® Value Index Fund
    Shares Market
Value
($000)
  Discover Financial Services  2,207,483     376,817
  Aon plc Class A (XNYS)    899,889     359,137
  Prudential Financial Inc.  3,104,928     346,758
  Hartford Insurance Group Inc.  2,502,690     309,658
  Nasdaq Inc.  4,034,879     306,086
  Arch Capital Group Ltd.  3,134,460     301,472
  Willis Towers Watson plc    874,201     295,436
  M&T Bank Corp.  1,440,743     257,533
  Fifth Third Bancorp  5,833,424     228,670
  Raymond James Financial Inc.  1,615,610     224,424
  State Street Corp.  2,400,257     214,895
  Cboe Global Markets Inc.    916,679     207,435
  Cincinnati Financial Corp.  1,370,499     202,450
* Markel Group Inc.    106,688     199,465
  Huntington Bancshares Inc. 12,731,224     191,096
  T Rowe Price Group Inc.  1,958,565     179,933
  W R Berkley Corp.  2,502,229     178,059
  Regions Financial Corp.  7,926,342     172,239
  Principal Financial Group Inc.  1,973,361     166,493
  Northern Trust Corp.  1,635,456     161,338
  KeyCorp.  9,667,372     154,581
  Fidelity National Financial Inc.  2,287,651     148,880
  Citizens Financial Group Inc.  3,631,715     148,791
  Loews Corp.  1,498,046     137,685
  Everest Group Ltd.    378,348     137,465
  Interactive Brokers Group Inc. Class A    455,047      75,351
  Corebridge Financial Inc.  2,196,765      69,352
1 Rocket Cos. Inc. Class A  1,222,618      14,757
                 42,587,934
Health Care (16.2%)
  UnitedHealth Group Inc.  8,074,578   4,229,060
  Johnson & Johnson 21,127,199   3,503,735
  AbbVie Inc. 15,489,351   3,245,329
  Abbott Laboratories 15,211,783   2,017,843
  Merck & Co. Inc. 22,153,906   1,988,535
  Thermo Fisher Scientific Inc.  3,308,636   1,646,377
  Amgen Inc.  4,711,601   1,467,899
  Pfizer Inc. 49,700,123   1,259,401
  Gilead Sciences Inc. 10,930,908   1,224,808
  Danaher Corp.  5,641,290   1,156,464
  Bristol-Myers Squibb Co. 17,797,713   1,085,482
  Medtronic plc 11,249,597   1,010,889
  Elevance Health Inc.  1,964,286     854,386
  Cigna Group  2,439,841     802,708
  Regeneron Pharmaceuticals Inc.    942,943     598,043
  Becton Dickinson & Co.  2,518,785     576,953
  HCA Healthcare Inc.  1,524,894     526,927
* Edwards Lifesciences Corp.  5,173,341     374,964
  GE HealthCare Technologies Inc.  3,810,215     307,522
  Agilent Technologies Inc.  2,501,819     292,663
  Cardinal Health Inc.  2,118,373     291,848
  Humana Inc.  1,057,895     279,919
* Centene Corp.  4,348,452     263,995
* IQVIA Holdings Inc.  1,466,608     258,563
  Zimmer Biomet Holdings Inc.  1,742,632     197,231
  STERIS plc    860,127     194,948
* Biogen Inc.  1,281,012     175,294
  Labcorp Holdings Inc.    732,364     170,450
  Quest Diagnostics Inc.    970,701     164,243
* Molina Healthcare Inc.    485,364     159,874
  Baxter International Inc.  4,472,262     153,086
* Cooper Cos. Inc.  1,758,625     148,340
  Royalty Pharma plc Class A  3,241,043     100,894
* Hologic Inc.    987,420      60,993
* Align Technology Inc.    312,189      49,594
  Viatris Inc.  5,255,336      45,774
* Moderna Inc.  1,529,401      43,358
* Illumina Inc.    348,413      27,643
                 30,956,035
Vanguard® Value Index Fund
    Shares Market
Value
($000)
Industrials (15.0%)
  RTX Corp. 11,684,092   1,547,675
  Caterpillar Inc.  4,198,484   1,384,660
  Union Pacific Corp.  5,299,590   1,251,975
  Honeywell International Inc.  5,700,019   1,206,979
  American Express Co.  4,314,111   1,160,712
  Deere & Co.  2,261,392   1,061,384
  Eaton Corp. plc  3,465,798     942,108
  Lockheed Martin Corp.  2,064,358     922,169
  General Electric Co.  4,471,334     894,938
  Accenture plc Class A  2,742,858     855,881
  United Parcel Service Inc. Class B (XNYS)  6,487,504     713,561
  3M Co.  4,761,617     699,291
  Parker-Hannifin Corp.  1,129,423     686,520
  Trane Technologies plc  1,966,935     662,700
  Northrop Grumman Corp.  1,269,576     650,036
  Illinois Tool Works Inc.  2,445,451     606,496
  Capital One Financial Corp.  3,178,331     569,875
* PayPal Holdings Inc.  8,677,825     566,228
  General Dynamics Corp.  2,015,400     549,358
* Fiserv Inc.  2,462,518     543,798
  Emerson Electric Co.  4,945,371     542,210
  CRH plc  5,932,049     521,842
  CSX Corp. 16,910,967     497,690
  Norfolk Southern Corp.  1,985,790     470,334
  Johnson Controls International plc  5,789,334     463,784
  FedEx Corp.  1,900,818     463,381
  Carrier Global Corp.  7,197,870     456,345
  PACCAR Inc.  4,603,010     448,195
  Cummins Inc.  1,205,905     377,979
  United Rentals Inc.    572,713     358,919
  Otis Worldwide Corp.  3,477,412     358,869
  AMETEK Inc.  2,022,880     348,219
  Fidelity National Information Services Inc.  4,644,386     346,843
  L3Harris Technologies Inc.  1,651,639     345,705
  Ingersoll Rand Inc. (XYNS)  3,534,768     282,887
  Ferguson Enterprises Inc.  1,753,372     280,943
  Westinghouse Air Brake Technologies Corp.  1,498,072     271,675
  Rockwell Automation Inc.    991,232     256,115
  Xylem Inc.  2,129,690     254,413
  DuPont de Nemours Inc.  3,297,630     246,267
* Keysight Technologies Inc.  1,515,213     226,933
  Fortive Corp.  2,981,285     218,170
  PPG Industries Inc.  1,988,239     217,414
1 Dow Inc.  6,132,565     214,149
  Global Payments Inc.  2,176,455     213,118
  Dover Corp.  1,202,066     211,179
* Teledyne Technologies Inc.    410,136     204,129
* Corpay Inc.    582,043     202,970
  Synchrony Financial  3,440,429     182,136
  Packaging Corp. of America    785,397     155,524
  Snap-on Inc.    460,942     155,342
  Expeditors International of Washington Inc.  1,214,523     146,046
  TransUnion  1,705,528     141,542
* Trimble Inc.  2,149,583     141,120
  Jacobs Solutions Inc.  1,078,213     130,345
  Masco Corp.  1,865,443     129,723
  Ball Corp.  2,488,448     129,573
  Martin Marietta Materials Inc.    268,176     128,223
* Zebra Technologies Corp. Class A    452,051     127,732
  Veralto Corp.  1,034,460     100,808
  Hubbell Inc.    236,110      78,131
  Textron Inc.    804,107      58,097
  JB Hunt Transport Services Inc.    351,988      52,077
                 28,633,440
Real Estate (3.1%)
  Prologis Inc.  8,124,264     908,211
  Simon Property Group Inc.  2,719,231     451,610
  Digital Realty Trust Inc.  2,953,106     423,151
Vanguard® Value Index Fund
    Shares Market
Value
($000)
  Public Storage  1,385,523     414,673
  Crown Castle Inc.  3,812,529     397,380
* CBRE Group Inc. Class A  2,632,002     344,213
  VICI Properties Inc.  9,146,455     298,357
  Extra Space Storage Inc.  1,858,374     275,950
  AvalonBay Communities Inc.  1,246,844     267,598
  Ventas Inc.  3,831,499     263,454
  Realty Income Corp.  3,947,626     229,002
  Equity Residential  3,160,218     226,208
  Iron Mountain Inc.  2,573,416     221,417
  Weyerhaeuser Co.  6,350,987     185,957
  Invitation Homes Inc.  5,092,305     177,467
  Essex Property Trust Inc.    562,848     172,552
  Mid-America Apartment Communities Inc.  1,022,659     171,377
  Alexandria Real Estate Equities Inc.  1,522,872     140,881
  Sun Communities Inc.    560,406      72,091
  UDR Inc.  1,457,374      65,830
  Healthpeak Properties Inc.  3,078,409      62,245
  WP Carey Inc.    962,862      60,766
  Lineage Inc.    125,604       7,364
                  5,837,754
Technology (6.0%)
  Oracle Corp. 14,718,205   2,057,752
  International Business Machines Corp.  8,132,496   2,022,226
  QUALCOMM Inc.  9,701,279   1,490,213
  Analog Devices Inc.  4,351,205     877,508
  Micron Technology Inc.  9,772,290     849,114
  Intel Corp. 34,179,148     776,208
  TE Connectivity plc  2,618,391     370,031
  Cognizant Technology Solutions Corp. Class A  4,338,255     331,877
  Corning Inc.  6,761,936     309,561
  Dell Technologies Inc. Class C  2,662,448     242,682
  HP Inc.  8,263,362     228,812
  Microchip Technology Inc.  4,713,376     228,175
  CDW Corp.  1,160,054     185,910
  Hewlett Packard Enterprise Co. 11,496,050     177,384
  NetApp Inc.  1,778,717     156,243
  SS&C Technologies Holdings Inc.  1,840,795     153,762
* Zoom Communications Inc.  2,062,991     152,187
* ON Semiconductor Corp.  3,686,561     150,006
  Gen Digital Inc. (XNGS)  4,879,409     129,500
* Western Digital Corp.  3,060,408     123,732
* GoDaddy Inc. Class A    622,175     112,079
  Seagate Technology Holdings plc    931,406      79,123
  Leidos Holdings Inc.    577,021      77,863
* Akamai Technologies Inc.    661,698      53,267
                 11,335,215
Telecommunications (3.7%)
  Cisco Systems Inc. 31,404,189   1,937,952
  AT&T Inc. 62,956,698   1,780,415
  Verizon Communications Inc. 33,227,523   1,507,200
  Comcast Corp. Class A 33,080,397   1,220,667
  Motorola Solutions Inc.    732,148     320,542
* Charter Communications Inc. Class A    809,269     298,240
                  7,065,016
Utilities (5.8%)
  NextEra Energy Inc. 17,041,720   1,208,088
  Southern Co.  9,603,316     883,025
  Duke Energy Corp.  6,764,414     825,056
  Waste Management Inc.  3,526,752     816,478
  Constellation Energy Corp.  2,763,785     557,262
  American Electric Power Co. Inc.  4,678,038     511,169
  Republic Services Inc.  1,780,753     431,227
  Dominion Energy Inc.  7,475,427     419,147
  Sempra  5,714,448     407,783
  Exelon Corp.  8,817,409     406,306
  Xcel Energy Inc.  5,223,156     369,747
  Public Service Enterprise Group Inc.  4,373,832     359,966
  Vistra Corp.  2,983,875     350,426
Vanguard® Value Index Fund
    Shares Market
Value
($000)
  Consolidated Edison Inc.  3,096,576     342,450
  Entergy Corp.  3,775,281     322,749
  PG&E Corp. 18,744,733     322,035
  WEC Energy Group Inc.  2,786,313     303,652
  American Water Works Co. Inc.  1,708,371     252,019
  Ameren Corp.  2,335,241     234,458
  PPL Corp.  6,144,212     221,868
  DTE Energy Co.  1,540,497     213,005
  CenterPoint Energy Inc.  5,707,505     206,783
  Edison International  3,389,747     199,724
  Eversource Energy  3,211,038     199,438
  CMS Energy Corp.  2,615,841     196,476
  FirstEnergy Corp.  4,837,030     195,513
  Alliant Energy Corp.  2,258,668     145,345
  NiSource Inc.  2,070,752      83,016
  Evergy Inc.    960,261      66,210
                 11,050,421
Total Common Stocks (Cost $139,763,362) 189,932,556
Temporary Cash Investments (0.2%)
Money Market Fund (0.2%)
2,3 Vanguard Market Liquidity Fund, 4.342% (Cost $492,182)  4,922,318            492,183
Total Investments (99.9%) (Cost $140,255,544) 190,424,739
Other Assets and Liabilities—Net (0.1%) 138,102
Net Assets (100%) 190,562,841
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 $9,749.
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 $11,173 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 June 2025 875 247,330 (1,610)
    
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)
Bank of America Corp. 1/30/26 CITNA 45,903 (5.187) 74 —
Bank of America Corp. 1/30/26 CITNA 39,188 (5.180) 697 —
Citigroup Inc. 8/31/26 BANA 47,563 (5.084) — (122)
Citigroup Inc. 8/31/26 BANA 23,072 (5.087) — (106)
Citigroup Inc. 8/31/26 BANA 10,649 (5.087) — (49)
Citigroup Inc. 8/31/26 BANA 6,531 (5.087) — (30)
Citigroup Inc. 8/31/26 BANA 3,550 (5.187) — (17)
Elevance Health Inc. 8/29/25 BANA 13,049 (5.033) — (24)
Goldman Sachs Group Inc. 8/29/25 BANA 25,129 (5.037) 22 —
Goldman Sachs Group Inc. 8/29/25 BANA 13,657 (5.037) 12 —
Goldman Sachs Group Inc. 8/30/25 BANA 24,583 (5.087) 20 —
Vanguard® Value Index Fund
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)
Kroger Co. 1/30/26 GSI 66,390 (4.333) 1,188 —
NextEra Energy Inc. 1/30/26 GSI 72,110 (4.333) — (1,341)
          2,013 (1,689)
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.
  CITNA—Citibank, N.A.
  GSI—Goldman Sachs International.
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.
Vanguard® Value Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of March 31, 2025, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Common Stocks 189,932,556 — — 189,932,556
Temporary Cash Investments 492,183 — — 492,183
Total 190,424,739 — — 190,424,739
Derivative Financial Instruments         
Assets        
Swap Contracts — 2,013 — 2,013
Liabilities        
Futures Contracts1 (1,610) — — (1,610)
Swap Contracts — (1,689) — (1,689)
Total (1,610) (1,689) — (3,299)
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.