NPORT-EX 2 vg_realestateindex.htm
Vanguard® Real Estate Index Fund
Schedule of Investments (unaudited)
As of October 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)
Equity Real Estate Investment Trusts (REITs) (93.2%)
Data Center REITs (7.8%)
  Equinix Inc.   3,854,308  2,812,257
  Digital Realty Trust Inc.  11,382,010  1,415,467
            4,227,724
Diversified REITs (1.8%)
  WP Carey Inc.   8,815,706    472,963
  Essential Properties Realty Trust Inc.   6,135,597    134,676
  Broadstone Net Lease Inc.   7,717,944    109,209
1 Global Net Lease Inc.   7,907,271     62,784
  Alexander & Baldwin Inc.   2,992,280     47,278
  Empire State Realty Trust Inc. Class A   5,585,361     45,186
  American Assets Trust Inc.   2,127,581     37,764
  Armada Hoffler Properties Inc.   2,798,053     27,869
  Gladstone Commercial Corp. 1,647,139 19,683
  One Liberty Properties Inc. 704,840 12,969
1 NexPoint Diversified Real Estate Trust 1,315,616 10,367
            980,748
Health Care REITs (7.3%)
  Welltower Inc. 19,733,809 1,649,944
  Ventas Inc. 16,486,925 700,035
  Healthpeak Properties Inc. 22,540,483 350,504
  Omega Healthcare Investors Inc. 9,659,538 319,731
  Healthcare Realty Trust Inc. Class A 15,693,312 225,199
  Sabra Health Care REIT Inc. 9,531,022 130,003
1 Medical Properties Trust Inc. 24,662,621 117,887
  Physicians Realty Trust 9,828,864 106,741
  National Health Investors Inc. 1,788,802 89,512
  CareTrust REIT Inc. 4,101,106 88,256
  LTC Properties Inc. 1,706,190 53,933
  Community Healthcare Trust Inc. 1,029,513 29,516
  Global Medical REIT Inc. 2,565,451 22,217
  Universal Health Realty Income Trust 540,582 20,780
  Diversified Healthcare Trust 6,938,548 14,363
            3,918,621
Hotel & Resort REITs (2.4%)
  Host Hotels & Resorts Inc. 29,312,416 453,756
  Ryman Hospitality Properties Inc. 2,336,618 200,015
  Apple Hospitality REIT Inc. 8,969,282 140,638
  Park Hotels & Resorts Inc. 8,888,913 102,489
  Sunstone Hotel Investors Inc. 8,110,446 75,427
  DiamondRock Hospitality Co. 8,647,907 66,848

          Shares Market
Value
($000)
  RLJ Lodging Trust   6,557,906     61,644
  Pebblebrook Hotel Trust   5,074,254     60,536
  Xenia Hotels & Resorts Inc.   4,511,469     52,469
  Service Properties Trust   6,818,322     49,433
  Summit Hotel Properties Inc.   4,424,321     24,953
  Chatham Lodging Trust   2,007,045     18,565
            1,306,773
Industrial REITs (10.5%)
  Prologis Inc.  38,058,161  3,834,360
  Rexford Industrial Realty Inc.   8,281,059    358,073
  EastGroup Properties Inc.   1,830,051    298,756
  Americold Realty Trust Inc.  11,133,783    291,928
  STAG Industrial Inc.   7,391,436    245,543
  First Industrial Realty Trust Inc.   5,449,178    230,500
  Terreno Realty Corp. 3,432,192 182,867
  LXP Industrial Trust 12,062,431 95,414
  Innovative Industrial Properties Inc. 1,154,681 82,941
  Plymouth Industrial REIT Inc. 1,596,144 31,827
  Industrial Logistics Properties Trust 2,436,639 6,092
            5,658,301
Multi-Family Residential REITs (7.7%)
  AvalonBay Communities Inc. 5,852,116 969,930
  Equity Residential 14,834,776 820,808
  Mid-America Apartment Communities Inc. 4,807,849 568,047
  Essex Property Trust Inc. 2,645,029 565,825
  UDR Inc. 12,888,216 409,974
  Camden Property Trust 4,400,271 373,495
  Apartment Income REIT Corp. Class A 6,147,398 179,566
  Independence Realty Trust Inc. 9,257,742 114,703
  Elme Communities 3,615,266 46,131
  Veris Residential Inc. 3,023,313 40,482
* Apartment Investment & Management Co. Class A 5,515,381 32,320
  Centerspace 615,830 29,917
  NexPoint Residential Trust Inc. 951,479 25,680
            4,176,878
Office REITs (3.7%)
  Alexandria Real Estate Equities Inc. 6,773,644 630,829
  Boston Properties Inc. 6,139,544 328,895
  Kilroy Realty Corp. 4,585,853 131,064
1 Vornado Realty Trust 6,722,174 129,066
  Cousins Properties Inc. 6,252,056 111,724
  COPT Defense Properties 4,638,513 105,758
  Equity Commonwealth 4,523,085 85,667
  Douglas Emmett Inc. 6,999,777 78,468
  Highwoods Properties Inc. 4,347,189 77,771
1 SL Green Realty Corp. 2,653,721 77,728
1 JBG SMITH Properties 4,362,107 56,140
  Easterly Government Properties Inc. Class A 3,849,185 41,417
  Paramount Group Inc. 6,711,429 28,725
  Piedmont Office Realty Trust Inc. Class A 5,092,176 26,530
  Brandywine Realty Trust 7,081,542 26,485
  Hudson Pacific Properties Inc. 5,225,490 23,306
  Orion Office REIT Inc. 2,204,854 10,539
  Office Properties Income Trust 1,995,123 8,958
  City Office REIT Inc. 1,652,931 6,298

          Shares Market
Value
($000)
  Franklin Street Properties Corp.   3,398,479      5,913
*,2 New York REIT Liquidating LLC       1,208          9
            1,991,290
Other (13.0%)3
4,5 Vanguard Real Estate II Index Fund 399,825,875  7,004,949
Other Specialized REITs (5.3%)
  VICI Properties Inc. Class A  35,987,609  1,004,054
  Iron Mountain Inc.  12,018,444    709,930
  Gaming & Leisure Properties Inc.  10,812,539    490,781
  Lamar Advertising Co. Class A   3,604,996    296,583
  EPR Properties   3,101,129    132,418
  Four Corners Property Trust Inc.   3,586,723     76,397
  Outfront Media Inc.   6,119,739     59,729
  Uniti Group Inc.   9,834,301     45,238
  Safehold Inc. 1,904,094 30,980
  Gladstone Land Corp. 1,396,439 19,075
            2,865,185
Retail REITs (11.0%)
  Simon Property Group Inc. 13,076,026 1,436,925
  Realty Income Corp. 27,745,789 1,314,595
  Kimco Realty Corp. 25,549,744 458,362
  Regency Centers Corp. 6,849,138 412,729
  Federal Realty Investment Trust 3,023,145 275,681
  NNN REIT Inc. 7,503,773 272,612
  Brixmor Property Group Inc. 12,385,202 257,488
  Agree Realty Corp. 3,840,467 214,836
  Spirit Realty Capital Inc. 5,823,409 209,584
  Kite Realty Group Trust 9,036,079 192,649
1 Phillips Edison & Co. Inc. 4,835,567 170,744
1 Tanger Factory Outlet Centers Inc. 4,336,296 97,783
  SITE Centers Corp. 7,764,399 90,533
  Macerich Co. 8,867,441 86,192
  Urban Edge Properties 4,845,579 76,851
  InvenTrust Properties Corp. 2,781,888 69,825
  Retail Opportunity Investments Corp. 5,191,400 60,947
  Acadia Realty Trust 3,923,681 56,187
  Getty Realty Corp. 1,938,055 51,591
  RPT Realty 3,575,780 38,583
  NETSTREIT Corp. 2,508,997 35,753
  Saul Centers Inc. 542,274 18,855
  Alexander's Inc. 94,531 17,771
  CBL & Associates Properties Inc. 461,004 9,557
*,2 Spirit MTA REIT 2,071,263
            5,926,633
Self-Storage REITs (5.3%)
  Public Storage 6,521,122 1,556,657
  Extra Space Storage Inc. 8,704,117 901,659
  CubeSmart 9,260,509 315,691
  National Storage Affiliates Trust 3,458,370 98,633
            2,872,640
Single-Family Residential REITs (4.2%)
  Invitation Homes Inc. 25,218,498 748,737
  Sun Communities Inc. 5,127,098 570,338
  Equity LifeStyle Properties Inc. 7,290,465 479,713
  American Homes 4 Rent Class A 13,399,781 438,709

          Shares Market
Value
($000)
  UMH Properties Inc.   2,379,294     32,858
            2,270,355
Telecom Tower REITs (11.1%)
  American Tower Corp.  19,206,808  3,422,461
  Crown Castle Inc.  17,872,604  1,661,795
  SBA Communications Corp. Class A   4,464,892    931,510
            6,015,766
Timber REITs (2.1%)
  Weyerhaeuser Co.  30,179,581    865,852
  Rayonier Inc.   5,804,885    146,516
  PotlatchDeltic Corp.   3,294,541    141,171
            1,153,539
Total Equity Real Estate Investment Trusts (REITs) (Cost $58,060,805) 50,369,402
Real Estate Management & Development (6.2%)
Diversified Real Estate Activities (0.2%)
  St. Joe Co. 1,443,727 67,335
  RMR Group Inc. Class A 642,091 14,460
            81,795
Real Estate Development (0.2%)
* Howard Hughes Holdings Inc. 1,442,486 95,680
* Forestar Group Inc. 821,907 19,520
            115,200
Real Estate Operating Companies (0.3%)
  DigitalBridge Group Inc. 6,672,804 105,764
  Kennedy-Wilson Holdings Inc. 4,593,440 59,118
*,1 Seritage Growth Properties Class A 1,498,652 10,850
*,1 WeWork Inc. Class A 653,020 1,489
            177,221
Real Estate Services (5.5%)
* CoStar Group Inc. 16,836,824 1,235,991
* CBRE Group Inc. Class A 12,809,887 888,238
* Jones Lang LaSalle Inc. 1,967,890 251,733
* Zillow Group Inc. Class C 6,338,192 229,759
* Zillow Group Inc. Class A 2,347,280 83,399
* Cushman & Wakefield plc 6,549,985 48,273
1 eXp World Holdings Inc. 3,162,155 41,962
* Opendoor Technologies Inc. 21,394,001 40,649
  Newmark Group Inc. Class A 6,001,893 34,031
  Marcus & Millichap Inc. 1,030,325 29,570
* Compass Inc. Class A 13,311,568 26,357
*,1 Redfin Corp. 4,221,781 19,674
* Anywhere Real Estate Inc. 4,097,953 19,137
  RE/MAX Holdings Inc. Class A 750,547 8,076
  Douglas Elliman Inc. 3,108,864 5,503
*,1 Offerpad Solutions Inc. 393,238 3,126
*,1 Doma Holdings Inc. 215,358 889
            2,966,367
Total Real Estate Management & Development (Cost $4,991,581) 3,340,583

      Coupon   Shares Market
Value
($000)
Temporary Cash Investments (0.9%)
Money Market Fund (0.9%)
6,7 Vanguard Market Liquidity Fund
(Cost $494,586)
5.420%     4,947,043           494,655
Total Investments (100.3%) (Cost $63,546,972) 54,204,640
Other Assets and Liabilities—Net (-0.3%) (160,371)
Net Assets (100%) 54,044,269
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 $166,844,000.
2 Security value determined using significant unobservable inputs.
3 “Other” represents securities that are not classified by the fund’s benchmark index.
4 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
5 Represents a wholly owned subsidiary of the fund.
6 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
7 Collateral of $178,228,000 was received for securities on loan.
    
  REIT—Real Estate Investment Trust.

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)
Digital Realty Trust Inc. 1/31/24 GSI 30,930 (5.381) 95
Digital Realty Trust Inc. 8/30/24 BANA 45,383 (5.481) 1,052
Redfin Corp. 1/31/24 GSI 2,055 (5.331) (428)
Simon Property Group Inc. 1/31/24 GSI 43,332 (5.381) 534
VICI Properties Inc. Class A 8/30/24 BANA 157,140 (5.981) (4,996)
Welltower Inc. 8/30/24 BANA 61,440 (5.481) 996
          2,677 (5,424)
1 Based on USD 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.

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 affiliated Vanguard funds are valued at that fund's net asset value. Other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
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). The fund had no open futures contracts at October 31, 2023.
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 October 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 53,709,976 9 53,709,985
Temporary Cash Investments 494,655 494,655
Total 54,204,631 9 54,204,640
Derivative Financial Instruments        
Assets        
Swap Contracts 2,677 2,677
Liabilities        
Swap Contracts 5,424 5,424
E.  Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:
    Current Period Transactions  
  Jan. 31, 2023
Market Value
($000)
Purchases
at Cost
($000)
Proceeds
from
Securities
Sold1
($000)
Realized
Net Gain
(Loss)
($000)
Change in
Unrealized
App. (Dep.)
($000)
Income
($000)
Capital Gain
Distributions
Received
($000)
Oct. 31, 2023
Market Value
($000)
Vanguard Market Liquidity Fund 399,890 NA2 NA2 45 (9) 12,256 494,655
Vanguard Real Estate II Index Fund 8,471,187 230,507 (1,696,745) 230,507 7,004,949
Total 8,871,077 230,507 45 (1,696,754) 242,763 7,499,604
1 Does not include adjustments related to return of capital.
2 Not applicable—purchases and sales are for temporary cash investment purposes.