Vanguard Growth Index Fund
Schedule of Investments (unaudited)
As of September 30, 2020
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.
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.8%) | |||
Basic Materials (1.4%) | |||
Linde plc | 4,163,605 | 991,479 | |
Ecolab Inc. | 2,034,892 | 406,653 | |
Fastenal Co. | 4,544,612 | 204,916 | |
FMC Corp. | 1,026,493 | 108,716 | |
^ | International Flavors & Fragrances Inc. | 423,304 | 51,834 |
Albemarle Corp. | 421,327 | 37,616 | |
1,801,214 | |||
Consumer Discretionary (22.6%) | |||
* | Amazon.com Inc. | 3,373,070 | 10,620,887 |
* | Tesla Inc. | 5,905,867 | 2,533,676 |
Home Depot Inc. | 8,528,292 | 2,368,392 | |
* | Netflix Inc. | 3,393,980 | 1,697,092 |
McDonald's Corp. | 5,895,206 | 1,293,939 | |
Costco Wholesale Corp. | 3,498,006 | 1,241,792 | |
NIKE Inc. Class B | 9,862,614 | 1,238,153 | |
Lowe's Cos. Inc. | 5,987,381 | 993,067 | |
Starbucks Corp. | 9,261,460 | 795,745 | |
* | Booking Holdings Inc. | 324,422 | 554,982 |
Activision Blizzard Inc. | 6,115,163 | 495,022 | |
TJX Cos. Inc. | 8,541,226 | 475,319 | |
Dollar General Corp. | 1,972,990 | 413,578 | |
Estee Lauder Cos. Inc. Class A | 1,602,634 | 349,775 | |
* | Uber Technologies Inc. | 9,025,446 | 329,248 |
* | Lululemon Athletica Inc. | 939,414 | 309,415 |
* | Electronic Arts Inc. | 2,288,003 | 298,378 |
* | Chipotle Mexican Grill Inc. Class A | 221,575 | 275,575 |
* | O'Reilly Automotive Inc. | 586,777 | 270,551 |
Ross Stores Inc. | 2,819,805 | 263,144 | |
Yum! Brands Inc. | 2,387,865 | 218,012 | |
* | AutoZone Inc. | 185,068 | 217,944 |
Hilton Worldwide Holdings Inc. | 2,197,000 | 187,448 | |
* | Copart Inc. | 1,674,049 | 176,043 |
* | Trade Desk Inc. Class A | 330,745 | 171,584 |
^,* | Wayfair Inc. | 515,061 | 149,888 |
* | Take-Two Interactive Software Inc. | 905,830 | 149,661 |
Domino's Pizza Inc. | 311,725 | 132,570 | |
Tractor Supply Co. | 920,803 | 131,988 | |
* | Carvana Co. Class A | 550,112 | 122,708 |
* | NVR Inc. | 27,876 | 113,821 |
Expedia Group Inc. | 1,075,115 | 98,577 | |
* | Ulta Beauty Inc. | 423,899 | 94,945 |
* | Dollar Tree Inc. | 939,431 | 85,808 |
* | Peloton Interactive Inc. Class A | 775,965 | 77,007 |
Rollins Inc. | 1,168,527 | 63,323 | |
* | Live Nation Entertainment Inc. | 1,118,786 | 60,280 |
^,* | DraftKings Inc. Class A | 985,867 | 58,008 |
* | LKQ Corp. | 2,049,074 | 56,821 |
Tiffany & Co. | 480,767 | 55,697 | |
Wynn Resorts Ltd. | 768,964 | 55,219 | |
* | Burlington Stores Inc. | 262,107 | 54,018 |
* | Lyft Inc. Class A | 1,802,114 | 49,648 |
Sirius XM Holdings Inc. | 8,595,458 | 46,072 | |
Vail Resorts Inc. | 158,929 | 34,006 | |
* | Chewy Inc. Class A | 557,501 | 30,568 |
Warner Music Group Corp. Class A | 631,355 | 18,145 | |
Newell Brands Inc. | 369 | 6 | |
29,527,545 | |||
Consumer Staples (1.3%) | |||
Colgate-Palmolive Co. | 6,792,842 | 524,068 | |
* | Monster Beverage Corp. | 2,924,849 | 234,573 |
McCormick & Co. Inc. | 981,971 | 190,600 | |
Brown-Forman Corp. Class B | 2,450,582 | 184,578 | |
Church & Dwight Co. Inc. | 1,959,340 | 183,610 | |
Hershey Co. | 1,167,867 | 167,402 | |
Clorox Co. | 499,967 | 105,078 | |
Lamb Weston Holdings Inc. | 1,151,259 | 76,294 | |
1,666,203 | |||
Energy (0.3%) | |||
Pioneer Natural Resources Co. | 1,301,483 | 111,915 | |
* | Cheniere Energy Inc. | 1,798,626 | 83,222 |
EOG Resources Inc. | 2,304,945 | 82,840 | |
Concho Resources Inc. | 1,558,409 | 68,757 | |
Hess Corp. | 1,095,002 | 44,818 | |
Diamondback Energy Inc. | 311,958 | 9,396 | |
400,948 | |||
Financials (2.8%) | |||
S&P Global Inc. | 1,909,325 | 688,503 | |
Intercontinental Exchange Inc. | 4,302,008 | 430,416 | |
Aon plc Class A | 1,835,290 | 378,620 | |
Moody's Corp. | 1,264,029 | 366,379 | |
Marsh & McLennan Cos. Inc. | 2,005,207 | 229,997 | |
MSCI Inc. Class A | 629,468 | 224,582 | |
IHS Markit Ltd. | 2,829,364 | 222,133 | |
Arthur J Gallagher & Co. | 1,516,957 | 160,160 | |
First Republic Bank | 1,357,066 | 148,002 | |
Blackstone Group LP Class A | 2,656,564 | 138,673 | |
MarketAxess Holdings Inc. | 285,773 | 137,626 | |
Broadridge Financial Solutions Inc. | 912,373 | 120,433 | |
FactSet Research Systems Inc. | 301,016 | 100,804 | |
* | SVB Financial Group | 410,092 | 98,676 |
Cboe Global Markets Inc. | 861,337 | 75,574 | |
* | Markel Corp. | 51,861 | 50,497 |
Interactive Brokers Group Inc. | 587,464 | 28,392 | |
SEI Investments Co. | 522,011 | 26,476 | |
3,625,943 | |||
Health Care (8.6%) | |||
Thermo Fisher Scientific Inc. | 3,134,097 | 1,383,767 | |
* | Intuitive Surgical Inc. | 927,121 | 657,829 |
Zoetis Inc. | 3,764,362 | 622,513 | |
* | Vertex Pharmaceuticals Inc. | 2,063,586 | 561,543 |
Stryker Corp. | 2,678,191 | 558,055 |
Danaher Corp. | 2,529,151 | 544,602 |
Bristol-Myers Squibb Co. | 8,928,448 | 538,296 |
Becton Dickinson and Co. | 2,296,486 | 534,346 |
* Regeneron Pharmaceuticals Inc. | 786,864 | 440,471 |
* Boston Scientific Corp. | 11,334,626 | 433,096 |
* Edwards Lifesciences Corp. | 4,925,812 | 393,178 |
* Illumina Inc. | 1,156,675 | 357,505 |
* DexCom Inc. | 758,553 | 312,698 |
* Veeva Systems Inc. Class A | 1,069,435 | 300,714 |
* Centene Corp. | 4,590,870 | 267,785 |
* IDEXX Laboratories Inc. | 673,851 | 264,898 |
Agilent Technologies Inc. | 2,448,076 | 247,109 |
* IQVIA Holdings Inc. | 1,515,416 | 238,875 |
ResMed Inc. | 1,147,994 | 196,801 |
* Seattle Genetics Inc. | 964,959 | 188,833 |
* Alexion Pharmaceuticals Inc. | 1,649,589 | 188,762 |
* Align Technology Inc. | 561,761 | 183,898 |
* Moderna Inc. | 2,501,135 | 176,955 |
Cerner Corp. | 2,419,407 | 174,899 |
Baxter International Inc. | 2,005,325 | 161,268 |
West Pharmaceutical Services Inc. | 585,186 | 160,868 |
Cooper Cos. Inc. | 422,536 | 142,445 |
* Alnylam Pharmaceuticals Inc. | 918,781 | 133,775 |
* Incyte Corp. | 1,472,756 | 132,165 |
Teleflex Inc. | 368,527 | 125,454 |
* Varian Medical Systems Inc. | 720,460 | 123,919 |
* Exact Sciences Corp. | 1,189,707 | 121,291 |
* BioMarin Pharmaceutical Inc. | 1,436,747 | 109,308 |
* ABIOMED Inc. | 356,891 | 98,880 |
* Teladoc Health Inc. | 321,969 | 70,589 |
PPD Inc. | 1,098,022 | 40,616 |
* GoodRx Holdings Inc. Class A | 272,634 | 15,158 |
11,203,164 | ||
Industrials (13.2%) | ||
Visa Inc. Class A | 12,912,499 | 2,582,112 |
Mastercard Inc. Class A | 7,077,084 | 2,393,257 |
* PayPal Holdings Inc. | 9,295,515 | 1,831,495 |
Accenture plc Class A | 5,040,327 | 1,139,064 |
Union Pacific Corp. | 5,378,156 | 1,058,798 |
Fidelity National Information Services Inc. | 4,908,842 | 722,631 |
Lockheed Martin Corp. | 1,882,483 | 721,518 |
Boeing Co. | 4,248,287 | 702,072 |
* Square Inc. | 2,941,628 | 478,162 |
United Parcel Service Inc. Class B | 2,800,931 | 466,719 |
* Fiserv Inc. | 4,509,535 | 464,708 |
Sherwin-Williams Co. | 649,223 | 452,340 |
Automatic Data Processing Inc. | 3,236,084 | 451,401 |
Global Payments Inc. | 2,370,754 | 420,998 |
Verisk Analytics Inc. Class A | 1,286,531 | 238,407 |
Cintas Corp. | 696,982 | 231,977 |
Paychex Inc. | 2,558,132 | 204,062 |
Rockwell Automation Inc. | 918,777 | 202,756 |
* Mettler-Toledo International Inc. | 189,926 | 183,421 |
AMETEK Inc. | 1,819,265 | 180,835 |
* FleetCor Technologies Inc. | 665,920 | 158,556 |
Old Dominion Freight Line Inc. | 836,593 | 151,356 |
Equifax Inc. | 962,262 | 150,979 |
* Keysight Technologies Inc. | 1,485,485 | 146,736 |
Vulcan Materials Co. | 1,049,328 | 142,226 |
Kansas City Southern | 747,477 | 135,166 | |
TransUnion | 1,506,086 | 126,707 | |
Expeditors International of Washington Inc. | 1,328,301 | 120,238 | |
Ball Corp. | 1,293,624 | 107,526 | |
TransDigm Group Inc. | 203,867 | 96,861 | |
* | Trimble Inc. | 1,982,344 | 96,540 |
* | Waters Corp. | 490,611 | 96,003 |
Wabtec Corp. | 1,432,291 | 88,630 | |
JB Hunt Transport Services Inc. | 668,711 | 84,512 | |
Xylem Inc. | 712,437 | 59,930 | |
Martin Marietta Materials Inc. | 246,503 | 58,017 | |
Masco Corp. | 1,035,739 | 57,100 | |
HEICO Corp. Class A | 575,667 | 51,039 | |
Jack Henry & Associates Inc. | 303,606 | 49,363 | |
Cognex Corp. | 651,211 | 42,394 | |
HEICO Corp. | 322,099 | 33,711 | |
^,* | Nikola Corp. | 600,887 | 12,306 |
17,192,629 | |||
Other (0.0%) | |||
^,* | Snowflake Inc. Class A | 218,503 | 54,844 |
Real Estate (3.2%) | |||
American Tower Corp. | 3,514,197 | 849,487 | |
Crown Castle International Corp. | 3,324,874 | 553,591 | |
Equinix Inc. | 701,591 | 533,300 | |
Digital Realty Trust Inc. | 2,131,141 | 312,766 | |
Prologis Inc. | 2,923,854 | 294,198 | |
SBA Communications Corp. Class A | 886,834 | 282,439 | |
* | CoStar Group Inc. | 311,884 | 264,637 |
Public Storage | 1,177,165 | 262,178 | |
Realty Income Corp. | 2,733,570 | 166,064 | |
Alexandria Real Estate Equities Inc. | 999,131 | 159,861 | |
Invitation Homes Inc. | 4,440,823 | 124,299 | |
Sun Communities Inc. | 778,575 | 109,475 | |
* | CBRE Group Inc. Class A | 1,260,936 | 59,226 |
* | Zillow Group Inc. Class C | 573,861 | 58,299 |
Extra Space Storage Inc. | 510,967 | 54,668 | |
Mid-America Apartment Communities Inc. | 452,735 | 52,495 | |
UDR Inc. | 1,168,099 | 38,092 | |
Regency Centers Corp. | 671,664 | 25,537 | |
* | Zillow Group Inc. Class A | 166,141 | 16,870 |
4,217,482 | |||
Technology (45.0%) | |||
Apple Inc. | 121,945,153 | 14,122,468 | |
Microsoft Corp. | 59,955,061 | 12,610,348 | |
* | Facebook Inc. Class A | 19,048,055 | 4,988,686 |
* | Alphabet Inc. Class A | 2,380,463 | 3,488,807 |
* | Alphabet Inc. Class C | 2,246,768 | 3,301,850 |
NVIDIA Corp. | 4,643,820 | 2,513,328 | |
* | Adobe Inc. | 3,800,148 | 1,863,707 |
* | salesforce.com Inc. | 6,781,307 | 1,704,278 |
Broadcom Inc. | 3,186,456 | 1,160,890 | |
Texas Instruments Inc. | 7,256,631 | 1,036,174 | |
* | Advanced Micro Devices Inc. | 9,301,517 | 762,631 |
* | ServiceNow Inc. | 1,519,546 | 736,980 |
* | Zoom Video Communications Inc. Class A | 1,370,676 | 644,368 |
Intuit Inc. | 1,962,675 | 640,244 | |
Applied Materials Inc. | 7,235,508 | 430,151 |
* | Micron Technology Inc. | 8,801,932 | 413,339 |
* | Autodesk Inc. | 1,736,602 | 401,172 |
Lam Research Corp. | 1,153,733 | 382,751 | |
Analog Devices Inc. | 2,924,746 | 341,435 | |
Roper Technologies Inc. | 829,600 | 327,783 | |
* | DocuSign Inc. Class A | 1,392,540 | 299,730 |
* | Workday Inc. Class A | 1,378,530 | 296,563 |
* | Twilio Inc. Class A | 1,093,458 | 270,183 |
* | Twitter Inc. | 5,952,971 | 264,907 |
* | Synopsys Inc. | 1,202,317 | 257,272 |
Amphenol Corp. Class A | 2,363,943 | 255,944 | |
KLA Corp. | 1,231,644 | 238,619 | |
* | Splunk Inc. | 1,258,641 | 236,788 |
* | Cadence Design Systems Inc. | 2,208,722 | 235,516 |
* | ANSYS Inc. | 679,659 | 222,405 |
* | Match Group Inc. | 1,956,975 | 216,539 |
* | Snap Inc. | 8,155,664 | 212,944 |
Marvell Technology Group Ltd. | 5,272,541 | 209,320 | |
Microchip Technology Inc. | 2,000,107 | 205,531 | |
Xilinx Inc. | 1,935,571 | 201,764 | |
* | Okta Inc. | 920,098 | 196,763 |
Skyworks Solutions Inc. | 1,323,345 | 192,547 | |
* | Palo Alto Networks Inc. | 726,028 | 177,695 |
* | RingCentral Inc. Class A | 619,131 | 170,020 |
* | VeriSign Inc. | 773,409 | 158,433 |
* | Crowdstrike Holdings Inc. Class A | 1,128,569 | 154,975 |
* | Pinterest Inc. Class A | 3,665,835 | 152,169 |
Maxim Integrated Products Inc. | 2,112,892 | 142,853 | |
* | Akamai Technologies Inc. | 1,289,035 | 142,490 |
Citrix Systems Inc. | 978,676 | 134,773 | |
* | Datadog Inc. Class A | 1,278,214 | 130,582 |
* | Fortinet Inc. | 1,089,773 | 128,386 |
* | Paycom Software Inc. | 394,173 | 122,706 |
SS&C Technologies Holdings Inc. | 1,734,550 | 104,975 | |
* | Black Knight Inc. | 1,181,899 | 102,884 |
* | GoDaddy Inc. Class A | 1,321,663 | 100,407 |
^,* | VMware Inc. Class A | 628,062 | 90,234 |
* | Slack Technologies Inc. Class A | 3,255,940 | 87,455 |
* | Arista Networks Inc. | 421,635 | 87,249 |
* | Gartner Inc. | 671,611 | 83,918 |
* | IAC/InterActiveCorp | 631,871 | 75,685 |
* | Coupa Software Inc. | 265,844 | 72,905 |
* | EPAM Systems Inc. | 210,322 | 67,993 |
* | Tyler Technologies Inc. | 159,392 | 55,558 |
* | IPG Photonics Corp. | 274,252 | 46,615 |
* | Dropbox Inc. Class A | 2,374,813 | 45,739 |
* | Zscaler Inc. | 284,550 | 40,033 |
^,* | ZoomInfo Technologies Inc. Class A | 531,470 | 22,848 |
* | Palantir Technologies Inc. Class A | 30,918 | 294 |
* | Unity Software Inc. | 2,971 | 259 |
58,584,858 | |||
Telecommunications (1.2%) | |||
* | Charter Communications Inc. Class A | 1,136,320 | 709,450 |
L3Harris Technologies Inc. | 1,712,829 | 290,907 | |
* | T-Mobile US Inc. | 2,204,706 | 252,130 |
* | Roku Inc. | 838,927 | 158,389 |
Motorola Solutions Inc. | 672,583 | 105,468 |
* Altice USA Inc. Class A | 2,650,808 | 68,921 | ||
1,585,265 | ||||
Utilities (0.2%) | ||||
Waste Connections Inc. | 2,082,827 | 216,198 | ||
Total Common Stocks (Cost $59,388,333) | 130,076,293 | |||
Coupon | ||||
Temporary Cash Investments (0.3%) | ||||
Money Market Fund (0.3%) | ||||
1,2 Vanguard Market Liquidity Fund | 0.117% | 3,707,581 | 370,758 | |
Face | ||||
Maturity | Amount | |||
Date | ($000) | |||
U.S. Government and Agency Obligations (0.0%) | ||||
United States Treasury Bill | 0.095% | 1/28/21 | 11,352 | 11,348 |
Total Temporary Cash Investments (Cost $382,027) | 382,106 | |||
Total Investments (100.1%) (Cost $59,770,360) | 130,458,399 | |||
Other Assets and Liabilities -Net (-0.1%) | (169,803) | |||
Net Assets (100%) | 130,288,596 | |||
Cost is in $000. |
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $134,733,000.
* Non-income-producing security.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
2 Collateral of $136,844,000 was received for securities on loan.
Derivative Financial Instruments Outstanding as of Period End | ||||||
Futures Contracts | ||||||
($000) | ||||||
Value and | ||||||
Number of | Unrealized | |||||
Long (Short) | Notional | Appreciation | ||||
Expiration | Contracts | Amount | (Depreciation) | |||
Long Futures Contracts | ||||||
E-mini S&P 500 Index | December 2020 | 516 | 86,482 | (506) | ||
Over-the-Counter Total Return Swaps | ||||||
Floating | ||||||
Interest | ||||||
Rate | Value and | Value and | ||||
Notional | Received | Unrealized | Unrealized | |||
Termination | Amount | (Paid)1 | Appreciation | (Depreciation) | ||
Reference Entity | Date | Counterparty | ($000) | (%) | ($000) | ($000) |
Visa Inc. Class A | 9/2/21 | BOANA | 94,336 | (0.057) | — | (5,353) |
Netflix Inc. | 9/2/21 | BOANA | 52,956 | (0.007) | — | (2,953) |
— | (8,306) |
1 Based on 1-month USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating
interest payment received/paid monthly.
BOANA —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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market
Liquidity Fund are valued at that fund's net asset value. 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).
C. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on
selected reference stocks 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, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
($000) | ($000) | ($000) | ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 130,076,293 | — | — | 130,076,293 |
Temporary Cash Investments | 370,758 | 11,348 | — | 382,106 |
Total | 130,447,051 | 11,348 | — | 130,458,399 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 766 | — | — | 766 |
Liabilities | ||||
Futures Contracts1 | 111 | — | — | 111 |
Swap Contracts | — | 8,306 | — | 8,306 |
Total | 111 | 8,306 | — | 8,417 |
1 Represents variation margin on the last day of the reporting period. |