NPORT-EX 2 vg_utilitiesindex.htm
Vanguard® Utilities Index Fund
Schedule of Investments (unaudited)
As of May 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 (99.6%)
Electric Utilities (61.2%)
  NextEra Energy Inc. 12,931,618   913,490
  Constellation Energy Corp.  1,968,153   602,550
  Southern Co.  6,602,875   594,259
  Duke Energy Corp.  4,881,079   574,601
  American Electric Power Co. Inc.  3,354,400   347,147
  Exelon Corp.  6,341,682   277,893
  Xcel Energy Inc.  3,618,372   253,648
  PG&E Corp. 13,805,479   233,036
  Entergy Corp.  2,720,010   226,522
  NRG Energy Inc.  1,279,400   199,458
  PPL Corp.  4,642,542   161,328
  Eversource Energy  2,305,956   149,449
  FirstEnergy Corp.  3,444,148   144,448
  Edison International  2,418,676   134,599
  Alliant Energy Corp.  1,613,617   100,415
  Evergy Inc.  1,444,886    95,955
  Pinnacle West Capital Corp.    748,886    68,321
  OGE Energy Corp.  1,264,694    56,241
  IDACORP Inc.    339,343    40,365
  TXNM Energy Inc.    582,073    32,998
  Portland General Electric Co.    687,919    29,168
  ALLETE Inc.    364,094    23,681
*,1 Oklo Inc.    393,632    20,752
  MGE Energy Inc.    229,541    20,732
  Otter Tail Corp.    236,735    18,271
* Hawaiian Electric Industries Inc.  1,083,650    11,573
  Genie Energy Ltd. Class B     87,945     1,859
                5,332,759
Gas Utilities (4.6%)
  Atmos Energy Corp.    926,079   143,246
  UGI Corp.  1,349,416    48,660
  National Fuel Gas Co.    540,378    44,603
  New Jersey Resources Corp.    630,008    28,911
  ONE Gas Inc.    376,472    28,145
  Spire Inc.    366,527    27,592
  Southwest Gas Holdings Inc.    361,083    25,937
  MDU Resources Group Inc.  1,219,451    20,962
  Chesapeake Utilities Corp.    144,566    17,664
  Northwest Natural Holding Co.    252,813    10,358
                  396,078
Independent Power and Renewable Electricity Producers (5.7%)
  Vistra Corp.  2,136,807   343,107
* Talen Energy Corp.    228,709    55,794
  AES Corp.  4,472,187    45,124
  Ormat Technologies Inc. (XNYS)    361,720    26,887
  Clearway Energy Inc. Class C    518,506    15,954
  Clearway Energy Inc. Class A    219,483     6,332
  XPLR Infrastructure LP    587,710     5,184
* Montauk Renewables Inc.    450,562       829
*,1 Sunnova Energy International Inc.    710,334       154
                  499,365
Multi-Utilities (24.7%)
  Sempra  4,095,222   321,843
  Dominion Energy Inc.  5,353,469   303,381
  Public Service Enterprise Group Inc.  3,131,875   253,776
  Consolidated Edison Inc.  2,262,711   236,431
  WEC Energy Group Inc.  2,004,430   215,356
  DTE Energy Co.  1,303,584   178,135
  Ameren Corp.  1,697,056   164,411
    Shares Market
Value
($000)
  CenterPoint Energy Inc.  4,094,027   152,462
  CMS Energy Corp.  1,878,977   131,960
  NiSource Inc.  2,956,233   116,889
  Black Hills Corp.    452,758    26,473
  Northwestern Energy Group Inc.    385,315    21,319
  Avista Corp.    504,409    19,425
  Unitil Corp.    102,041     5,595
                2,147,456
Water Utilities (3.4%)
  American Water Works Co. Inc.  1,225,037   175,143
  Essential Utilities Inc.  1,644,295    63,355
  American States Water Co.    241,931    19,081
  California Water Service Group    373,756    17,660
  H2O America    203,831    10,697
  Middlesex Water Co.    112,446     6,516
  York Water Co.     90,283     2,949
  Consolidated Water Co. Ltd.     94,778     2,562
  Artesian Resources Corp. Class A     58,854     2,030
                  299,993
Total Common Stocks (Cost $7,206,105) 8,675,651
Temporary Cash Investments (0.1%)
Money Market Fund (0.1%)
2,3 Vanguard Market Liquidity Fund, 4.342% (Cost $10,464)    104,648          10,464
Total Investments (99.7%) (Cost $7,216,569) 8,686,115
Other Assets and Liabilities—Net (0.3%) 28,120
Net Assets (100.0%) 8,714,235
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 $7,603.
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 $8,014 was received for securities on loan.
  
Derivative Financial Instruments Outstanding as of Period End
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)
Atmos Energy Corp. 8/29/25 BANA 10,982 (4.332) 50 —
Southern Co. 8/29/25 BANA 25,830 (4.332) — (28)
          50 (28)
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.
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. 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.
C. 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 May 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 8,675,651 — — 8,675,651
Temporary Cash Investments 10,464 — — 10,464
Total 8,686,115 — — 8,686,115
Derivative Financial Instruments         
Assets        
Swap Contracts — 50 — 50
Liabilities        
Swap Contracts — (28) — (28)