# EDGAR Filing Document

**Accession Number:** 0000826473
**File Stem:** 0001752724-23-050274
**Filing Date:** 2023-3
**Character Count:** 85753
**Document Hash:** 8d99ad0ffcbaab37edbb3533f55ed7cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-050274.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-050274

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD FENWAY FUNDS
- **CENTRAL INDEX KEY:** 0000826473
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05445
- **FILM NUMBER:** 23693854

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD EQUITY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard Equity Income Fund (Series ID: S000002579)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007083 | Investor Shares | VEIPX           |
| C000007084 | Admiral Shares  | VEIRX           |

## Nport-Ex

Vanguard<sup>®</sup> Equity Income Fund

#### Schedule of Investments (unaudited)
As of December 31, 2022

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<br> Value<br> ($000) |
| **Common Stocks (97.8%)** | **Common Stocks (97.8%)** | **Common Stocks (97.8%)** | **Common Stocks (97.8%)** |
| **Communication Services (2.1%)** | **Communication Services (2.1%)** | **Communication Services (2.1%)** | **Communication Services (2.1%)** |
|  | Comcast Corp. Class A | 23698340 | 828731 |
|  | Verizon Communications Inc. | 6676384 | 263050 |
|  | AT&T Inc. | 4062864 | 74797 |
|  |  |  | **1166578** |
| **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** |
|  | Home Depot Inc. | 3756672 | 1186582 |
|  | TJX Cos. Inc. | 6550925 | 521454 |
|  | Lennar Corp. Class A | 4177581 | 378071 |
|  | Lowe's Cos. Inc. | 1680966 | 334916 |
|  | McDonald's Corp. | 788310 | 207743 |
|  | Target Corp. | 668814 | 99680 |
|  | Advance Auto Parts Inc. | 652009 | 95865 |
|  | Best Buy Co. Inc. | 1130695 | 90693 |
|  | Williams-Sonoma Inc. | 602250 | 69211 |
|  | Whirlpool Corp. | 295892 | 41857 |
|  | Starbucks Corp. | 411491 | 40820 |
|  | Macy's Inc. | 1227805 | 25354 |
|  | H&R Block Inc. | 654515 | 23896 |
|  | Travel & Leisure Co. | 492342 | 17921 |
|  | Wendy's Co. | 590018 | 13352 |
|  |  |  | **3147415** |
| **Consumer Staples (12.2%)** | **Consumer Staples (12.2%)** | **Consumer Staples (12.2%)** | **Consumer Staples (12.2%)** |
|  | Procter & Gamble Co. | 6425086 | 973786 |
|  | Philip Morris International Inc. | 8301609 | 840206 |
|  | Mondelez International Inc. Class A | 11290126 | 752487 |
| <sup>1</sup> | Unilever plc ADR | 13511320 | 680295 |
|  | Archer-Daniels-Midland Co. | 6625616 | 615188 |
|  | Keurig Dr Pepper Inc. | 12094687 | 431296 |
|  | Kellogg Co. | 5403103 | 384917 |
|  | Walmart Inc. | 2566604 | 363919 |
|  | Kimberly-Clark Corp. | 2449162 | 332474 |
|  | PepsiCo Inc. | 1259480 | 227538 |
|  | Coca-Cola Co. | 3509382 | 223232 |
|  | Altria Group Inc. | 4453019 | 203547 |
|  | Hershey Co. | 635500 | 147163 |
|  | Kroger Co. | 3053359 | 136119 |
|  | Tyson Foods Inc. Class A | 1863837 | 116024 |
|  | Colgate-Palmolive Co. | 1257740 | 99097 |
|  | Coca-Cola Europacific Partners plc | 590332 | 32657 |
|  | Medifast Inc. | 194440 | 22429 |
|  | Ingredion Inc. | 200407 | 19626 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
|  | Nu Skin Enterprises Inc. Class A | 230221 | 9706 |
|  |  |  | **6611706** |
| **Energy (9.6%)** | **Energy (9.6%)** | **Energy (9.6%)** | **Energy (9.6%)** |
|  | ConocoPhillips | 11627239 | 1372014 |
|  | EOG Resources Inc. | 9779094 | 1266588 |
|  | Coterra Energy Inc. | 21071539 | 517728 |
|  | Exxon Mobil Corp. | 4534853 | 500194 |
|  | Chevron Corp. | 2096061 | 376222 |
|  | Phillips 66 | 3244293 | 337666 |
| <sup>1</sup> | TC Energy Corp. | 8191855 | 326585 |
|  | Marathon Petroleum Corp. | 1621776 | 188759 |
|  | Valero Energy Corp. | 1206336 | 153036 |
|  | Diamondback Energy Inc. | 438055 | 59917 |
|  | APA Corp. | 972830 | 45412 |
|  | Halliburton Co. | 691112 | 27195 |
|  |  |  | **5171316** |
| **Financials (18.0%)** | **Financials (18.0%)** | **Financials (18.0%)** | **Financials (18.0%)** |
|  | JPMorgan Chase & Co. | 14377944 | 1928082 |
|  | Morgan Stanley | 11162893 | 949069 |
|  | MetLife Inc. | 12260992 | 887328 |
|  | Chubb Ltd. | 3211871 | 708539 |
|  | Truist Financial Corp. | 11085895 | 477026 |
|  | M&T Bank Corp. | 3267444 | 473975 |
|  | Bank of America Corp. | 12259488 | 406034 |
|  | Blackstone Inc. | 5158874 | 382737 |
|  | American International Group Inc. | 5680990 | 359266 |
|  | Raymond James Financial Inc. | 3320357 | 354780 |
|  | Royal Bank of Canada | 3745256 | 352121 |
|  | Wells Fargo & Co. | 7255628 | 299585 |
|  | Citigroup Inc. | 4592548 | 207721 |
|  | Aflac Inc. | 2321185 | 166986 |
|  | Ameriprise Financial Inc. | 471536 | 146822 |
|  | Discover Financial Services | 1255244 | 122801 |
|  | Allstate Corp. | 892956 | 121085 |
|  | Zions Bancorp NA | 2215710 | 108924 |
|  | Synchrony Financial | 3255317 | 106970 |
|  | Hartford Financial Services Group Inc. | 1396066 | 105864 |
|  | Bank of New York Mellon Corp. | 2306795 | 105005 |
|  | Jefferies Financial Group Inc. | 2931818 | 100503 |
|  | Fidelity National Financial Inc. | 2319935 | 87276 |
|  | Goldman Sachs Group Inc. | 242876 | 83399 |
|  | Ally Financial Inc. | 3119116 | 76262 |
|  | MGIC Investment Corp. | 5530917 | 71902 |
|  | SLM Corp. | 3035861 | 50395 |
|  | Popular Inc. | 745322 | 49430 |
|  | Unum Group | 1077488 | 44209 |
|  | US Bancorp | 959065 | 41825 |
|  | Assurant Inc. | 311175 | 38916 |
|  | Radian Group Inc. | 1979616 | 37751 |
|  | Comerica Inc. | 559169 | 37380 |
|  | Fifth Third Bancorp | 1069776 | 35099 |
|  | BlackRock Inc. | 48327 | 34246 |
|  | Travelers Cos. Inc. | 164351 | 30814 |
|  | PNC Financial Services Group Inc. | 192681 | 30432 |
|  | Jackson Financial Inc. Class A | 844152 | 29368 |
|  | OneMain Holdings Inc. | 661462 | 22033 |
|  | East West Bancorp Inc. | 285840 | 18837 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
|  | Lincoln National Corp. | 428803 | 13173 |
|  | First American Financial Corp. | 216285 | 11320 |
|  | PacWest Bancorp | 397148 | 9115 |
|  |  |  | **9724405** |
| **Health Care (17.7%)** | **Health Care (17.7%)** | **Health Care (17.7%)** | **Health Care (17.7%)** |
|  | Pfizer Inc. | 32692625 | 1675170 |
|  | Johnson & Johnson | 9241296 | 1632475 |
|  | Merck & Co. Inc. | 13927859 | 1545296 |
|  | Eli Lilly & Co. | 3313138 | 1212078 |
| <sup>\*</sup> | AstraZeneca plc ADR | 7112465 | 482225 |
|  | Roche Holding AG | 1300465 | 408655 |
|  | AbbVie Inc. | 2353565 | 380360 |
|  | UnitedHealth Group Inc. | 698215 | 370180 |
|  | Becton Dickinson and Co. | 1283154 | 326306 |
|  | Elevance Health Inc. | 608510 | 312147 |
|  | Medtronic plc | 4004236 | 311209 |
|  | Amgen Inc. | 1048781 | 275452 |
|  | CVS Health Corp. | 2690437 | 250722 |
|  | Bristol-Myers Squibb Co. | 2198676 | 158195 |
|  | Gilead Sciences Inc. | 1660233 | 142531 |
|  | Viatris Inc. | 4733821 | 52687 |
|  | Organon & Co. | 671461 | 18754 |
|  |  |  | **9554442** |
| **Industrials (9.6%)** | **Industrials (9.6%)** | **Industrials (9.6%)** | **Industrials (9.6%)** |
|  | General Dynamics Corp. | 2680493 | 665057 |
|  | Johnson Controls International plc | 8186962 | 523966 |
|  | Emerson Electric Co. | 4763639 | 457595 |
|  | Siemens AG (Registered) | 3220217 | 443911 |
|  | L3Harris Technologies Inc. | 2121685 | 441756 |
|  | Raytheon Technologies Corp. | 4158579 | 419684 |
|  | Honeywell International Inc. | 1956882 | 419360 |
|  | Eaton Corp. plc | 2414683 | 378985 |
|  | Canadian National Railway Co. | 2725798 | 323794 |
|  | Lockheed Martin Corp. | 507236 | 246765 |
|  | Caterpillar Inc. | 655435 | 157016 |
|  | Waste Management Inc. | 942696 | 147890 |
|  | United Parcel Service Inc. Class B | 793153 | 137882 |
|  | Cummins Inc. | 440066 | 106624 |
|  | Triton International Ltd. | 1374136 | 94513 |
|  | ManpowerGroup Inc. | 1008628 | 83928 |
|  | CH Robinson Worldwide Inc. | 390321 | 35738 |
|  | 3M Co. | 286792 | 34392 |
|  | Snap-on Inc. | 100175 | 22889 |
|  | PACCAR Inc. | 207724 | 20558 |
|  | nVent Electric plc | 334111 | 12853 |
|  |  |  | **5175156** |
| **Information Technology (9.4%)** | **Information Technology (9.4%)** | **Information Technology (9.4%)** | **Information Technology (9.4%)** |
|  | Cisco Systems Inc. | 20790727 | 990470 |
|  | QUALCOMM Inc. | 7732392 | 850099 |
|  | Broadcom Inc. | 1068558 | 597463 |
|  | Analog Devices Inc. | 3239971 | 531452 |
|  | Corning Inc. | 11973741 | 382441 |
|  | NXP Semiconductors NV | 2352362 | 371744 |
|  | TE Connectivity Ltd. | 2915593 | 334710 |
|  | Fidelity National Information Services Inc. | 4856936 | 329543 |
|  | HP Inc. | 4872435 | 130922 |
|  | Texas Instruments Inc. | 649177 | 107257 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
|  | Automatic Data Processing Inc. | 447034 | 106779 |
|  | Western Union Co. | 6368225 | 87690 |
|  | NetApp Inc. | 1318310 | 79178 |
|  | International Business Machines Corp. | 471153 | 66381 |
|  | Intel Corp. | 1962871 | 51879 |
|  | KLA Corp. | 134535 | 50724 |
|  |  |  | **5068732** |
| **Materials (4.0%)** | **Materials (4.0%)** | **Materials (4.0%)** | **Materials (4.0%)** |
|  | LyondellBasell Industries NV Class A | 6260938 | 519846 |
| <sup>1</sup> | Rio Tinto plc ADR | 6323269 | 450217 |
|  | PPG Industries Inc. | 3461863 | 435295 |
|  | Celanese Corp. Class A | 2404072 | 245792 |
|  | Reliance Steel & Aluminum Co. | 625283 | 126582 |
|  | Steel Dynamics Inc. | 1193163 | 116572 |
|  | Linde plc | 322341 | 105141 |
|  | CF Industries Holdings Inc. | 1198966 | 102152 |
|  | Nucor Corp. | 273856 | 36097 |
|  | Chemours Co. | 563412 | 17252 |
|  | Huntsman Corp. | 343639 | 9443 |
|  |  |  | **2164389** |
| **Real Estate (1.4%)** | **Real Estate (1.4%)** | **Real Estate (1.4%)** | **Real Estate (1.4%)** |
|  | Crown Castle Inc. | 3139748 | 425876 |
|  | Welltower Inc. | 5051582 | 331131 |
|  |  |  | **757007** |
| **Utilities (8.0%)** | **Utilities (8.0%)** | **Utilities (8.0%)** | **Utilities (8.0%)** |
| <sup>1</sup> | Exelon Corp. | 18524447 | 800812 |
| <sup>1</sup> | American Electric Power Co. Inc. | 7978645 | 757572 |
|  | NextEra Energy Inc. | 8013766 | 669951 |
|  | Atmos Energy Corp. | 4953972 | 555192 |
|  | Sempra Energy (XNYS) | 3196153 | 493933 |
|  | WEC Energy Group Inc. | 1434246 | 134475 |
|  | PPL Corp. | 4486297 | 131090 |
|  | Duke Energy Corp. | 1183225 | 121860 |
|  | UGI Corp. | 2749178 | 101912 |
|  | NRG Energy Inc. | 3050455 | 97065 |
|  | Vistra Corp. | 3467598 | 80448 |
|  | Edison International | 1246483 | 79301 |
|  | National Fuel Gas Co. | 1074848 | 68038 |
|  | Portland General Electric Co. | 1288339 | 63129 |
|  | IDACORP Inc. | 453692 | 48931 |
|  | Eversource Energy | 424216 | 35566 |
|  | DTE Energy Co. | 236289 | 27771 |
|  | AES Corp. | 621246 | 17867 |
|  | Evergy Inc. | 257551 | 16208 |
|  | Southern Co. | 125443 | 8958 |
|  |  |  | **4310079** |
| **Total Common Stocks (Cost $41,121,466)** | **Total Common Stocks (Cost $41,121,466)** | **Total Common Stocks (Cost $41,121,466)** | **52851225** |
| **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** |
| **Money Market Fund (1.8%)** | **Money Market Fund (1.8%)** | **Money Market Fund (1.8%)** | **Money Market Fund (1.8%)** |
| <sup>2,3</sup> | Vanguard Market Liquidity Fund, 4.334% | 9831116 | 983013 |

---

------

---

| | | |
|:---|:---|:---|
|  | Face<br> Amount<br> ($000) | Market<br> Value<br> ($000) |
| **Repurchase Agreements (0.3%)** | **Repurchase Agreements (0.3%)** | **Repurchase Agreements (0.3%)** |
| Goldman Sachs & Co. 4.240%, 1/3/23<br> (Dated 12/30/22, Repurchase Value $43,120,000, collateralized by Freddie Mac 3.000%–6.000%, 10/1/42–12/1/52, and Ginnie Mae 3.500%–7.000%, 11/20/38–2/20/69, with a value of $43,962,000) | 43100 | 43100 |
| NatWest Markets plc 4.250%, 1/3/23<br> (Dated 12/30/22, Repurchase Value $72,634,000, collateralized by U.S. Treasury Note/Bond 0.375%–2.125%, 2/29/24–11/15/24, with a value of $74,052,000) | 72600 | 72600 |
| Nomura International plc 4.270%, 1/3/23<br> (Dated 12/30/22, Repurchase Value $48,123,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 3.875%, 4/15/29, and U.S. Treasury Note/Bond 1.750%–2.750%, 3/31/23–5/31/29, with a value of $49,062,000) | 48100 | 48100 |
|  |  | **163800** |
| **Total Temporary Cash Investments (Cost $1,146,694)** | **Total Temporary Cash Investments (Cost $1,146,694)** | **1146813** |
| **Total Investments (99.9%) (Cost $42,268,160)** | **Total Investments (99.9%) (Cost $42,268,160)** | **53998038** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **68410** |
| **Net Assets (100%)** | **Net Assets (100%)** | **54066448** |
| Cost is in $000. | Cost is in $000. | 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 $227,250,000. |
| 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 $238,975,000 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |

---

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#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-Mini S&P 500 Index | March 2023 | 4291 | 828378 | &nbsp;&nbsp;(4646) |

---

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. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. 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. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

C. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.

D. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. 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).

E. 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 December 31, 2022, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 51998659 | &nbsp;&nbsp;&nbsp;&nbsp;852566 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;52851225 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983013 | &nbsp;&nbsp;&nbsp;&nbsp;163800 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1146813 |
| Total | 52981672 | &nbsp;&nbsp;&nbsp;1016366 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;53998038 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646 |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD FENWAY FUNDS

- **b. Investment Company Act file number:** 811-05445

- **c. CIK number of Registrant:** 0000826473

- **d. LEI of Registrant:** 549300HR7W3XB5UOJ590

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD EQUITY INCOME FUND

- **b. EDGAR series identifier (if any):** S000002579

- **c. LEI of Series:** UO460D1MXHYWCLZ3CQ48

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $54117635472.91

**Total Liabilities:** $42243010.39

**Net Assets:** $54075392462.52

**Cash Not Reported:** $2627.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007083 | 10.81%               | 6.68%                | -3.63%               |
| Class ID C000007084 | 10.81%               | 6.68%                | -3.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $196240175.43            | $4852936402.13                             |
| Month 2  | $398371855.33            | $2927380414.37                             |
| Month 3  | $98690717.54             | $-2244662173.56                            |

### Schedule of Portfolio Investments

| Name                                              | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Rio Tinto PLC                                     | RIO TINTO-ADR                  | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | US        |   6323269 | NS      | $450216752.80  | 0.83%             |  |  |  | No            |                  1 | On Loan: —       |
| Nu Skin Enterprises Inc                           | NU SKIN ENTERP-A               | CUSIP: 67018T105<br>LEI: 54930050DETB6CP71D38 | Long             | EC               | CORP              | US        |    230221 | NS      | $9706117.36    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                  | DUKE ENERGY CORP               | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |   1183225 | NS      | $121860342.75  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                              | WASTE MANAGEMENT               | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |    942696 | NS      | $147890148.48  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                                      | AES CORP                       | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    621246 | NS      | $17867034.96   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RBS Securities, Inc.                              | RBS TRIPARTY TREASUR           | CUSIP: N/A<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34       | Long             | RA               | CORP              | US        |  72600000 | PA      | $72600000.00   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Holdings Inc                              | ONEMAIN HOLDINGS               | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |    661462 | NS      | $22033299.22   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                       | PHILLIPS 66                    | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |   3244293 | NS      | $337666015.44  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                     | MEDTRONIC PLC                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |   4004236 | NS      | $311209221.92  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co.                               | GOLD TRIPARTY MORTGAGE         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Long             | RA               | CORP              | US        |  43100000 | PA      | $43100000.00   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Unum Group                                        | UNUM GROUP                     | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |   1077488 | NS      | $44209332.64   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                           | PROCTER & GAMBLE               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |   6425086 | NS      | $973786034.16  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                          | AT&T INC                       | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |   4062864 | NS      | $74797326.24   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                         | AMGEN INC                      | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |   1048781 | NS      | $275451841.84  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                        | ABBVIE INC                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |   2353565 | NS      | $380359639.65  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                        | EVERGY INC                     | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    257551 | NS      | $16207684.43   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                                | ANALOG DEVICES                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |   3239971 | NS      | $531452443.13  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Securities International, Inc.             | NOMURA TREAS TRIPARTY          | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Long             | RA               | CORP              | US        |  48100000 | PA      | $48100000.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ManpowerGroup Inc                                 | MANPOWERGROUP IN               | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |   1008628 | NS      | $83927935.88   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc                         | CH ROBINSON                    | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |    390321 | NS      | $35737790.76   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                    | CONOCOPHILLIPS                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |  11627239 | NS      | $1372014202.00 | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                                   | SOUTHERN CO                    | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    125443 | NS      | $8957884.63    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                  | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |   5051582 | NS      | $331131200.10  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                                   | BEST BUY CO INC                | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |   1130695 | NS      | $90693045.95   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                 | EVERSOURCE ENERG               | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |    424216 | NS      | $35566269.44   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                           | BRISTOL-MYER SQB               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   2198676 | NS      | $158194738.20  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | S&P500 EMINI FUT  Mar23        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      4198 | NC      | $-5004060.36   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                                     | INGREDION INC                  | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |    200407 | NS      | $19625857.51   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                       | GOLDMAN SACHS GP               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |    242876 | NS      | $83398760.88   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                        | US BANCORP                     | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    959065 | NS      | $41824824.65   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                             | 3M CO                          | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |    266057 | NS      | $31905555.44   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                                | STEEL DYNAMICS                 | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |   1193163 | NS      | $116572025.10  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                               | KIMBERLY-CLARK                 | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |   2449162 | NS      | $332473741.50  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                         | AFLAC INC                      | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |   2321185 | NS      | $166986048.90  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                                | NEXTERA ENERGY                 | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8013766 | NS      | $669950837.60  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                                   | TYSON FOODS-A                  | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |   1863837 | NS      | $116023853.25  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                                     | H&R BLOCK INC                  | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |    654515 | NS      | $23896342.65   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                       | HONEYWELL INTL                 | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |   1956882 | NS      | $419359812.60  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The                  | BANK NY MELLON                 | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |   2306795 | NS      | $105005308.40  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                        | PACCAR INC                     | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |    207724 | NS      | $20558444.28   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                    | AMERICAN ELECTRI               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |   7978645 | NS      | $757572342.75  | 1.40%             |  |  |  | No            |                  1 | On Loan: —       |
| NXP Semiconductors NV                             | NXP SEMICONDUCTO               | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | US        |   2352362 | NS      | $371743766.86  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |   2538477 | NS      | $253822348.32  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                                      | COMERICA INC                   | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |    559169 | NS      | $37380447.65   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                         | CHUBB LTD                      | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |   3211871 | NS      | $708538742.60  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                                    | EATON CORP PLC                 | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |   2414683 | NS      | $378984496.85  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                             | GENERAL DYNAMICS               | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |   2680493 | NS      | $665057118.23  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Inc                                     | BLACKROCK INC                  | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |     48327 | NS      | $34245962.01   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                                     | HUNTSMAN CORP                  | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |    343639 | NS      | $9443199.72    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                                  | ZIONS BANCORP NA               | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |   2215710 | NS      | $108924303.60  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |  13927859 | NS      | $1545295956.05 | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co                      | RELIANCE STEEL                 | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |    625283 | NS      | $126582290.52  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                      | ORGANON & CO                   | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |    671461 | NS      | $18753905.73   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra Energy                                     | SEMPRA ENERGY                  | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |   3196153 | NS      | $493933484.62  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                    | LOWE'S COS INC                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |   1680966 | NS      | $334915665.84  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                     | AUTOMATIC DATA                 | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |    447034 | NS      | $106778541.24  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Triton International Ltd                          | TRITON INTERNATI               | CUSIP: G9078F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1374136 | NS      | $94513074.08   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                       | RAYMOND JAMES                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |   3320357 | NS      | $354780145.45  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                                        | INTEL CORP                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |   1962871 | NS      | $51878680.53   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                                | NVENT ELECTRIC                 | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    334111 | NS      | $12853250.17   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co                      | CAN NATL RAILWAY               | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |   2725798 | NS      | $323794202.60  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Group Inc/The         | HARTFORD FINL SV               | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |   1396066 | NS      | $105863684.78  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                | HOME DEPOT INC                 | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |   3756672 | NS      | $1186582417.92 | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                                    | HALLIBURTON CO                 | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    691112 | NS      | $27195257.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                                    | NRG ENERGY                     | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |   3050455 | NS      | $97065478.10   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                              | COLGATE-PALMOLIV               | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |   1257740 | NS      | $99097334.60   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                                       | POPULAR INC                    | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | US        |    745322 | NS      | $49429755.04   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                                    | STARBUCKS CORP                 | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    411491 | NS      | $40819907.20   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                                        | NUCOR CORP                     | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |    273856 | NS      | $36096959.36   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                   | TJX COS INC                    | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |   6550925 | NS      | $521453630.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                       | CUMMINS INC                    | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |    440066 | NS      | $106623591.14  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                               | EMERSON ELEC CO                | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |   4763639 | NS      | $457595162.34  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                       | METLIFE INC                    | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |  12260992 | NS      | $887327991.04  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                        | PFIZER INC                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |  32692625 | NS      | $1675170105.00 | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Macy's Inc                                        | MACY'S INC                     | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |   1227805 | NS      | $25354173.25   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd                               | TE CONNECTIVITY                | CUSIP: H84989104<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | US        |   2915593 | NS      | $334710076.40  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                       | TARGET CORP                    | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |    668814 | NS      | $99680038.56   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                                | PPG INDS INC                   | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |   3461863 | NS      | $435294653.62  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA-ADR                | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | US        |   7112465 | NS      | $482225127.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                               | ELEVANCE HEALTH                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    608510 | NS      | $312147374.70  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                       | WALMART INC                    | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |   2566604 | NS      | $363918781.16  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc                  | AMERICAN INTERNA               | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |   5680990 | NS      | $359265807.60  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                                          | SLM CORP                       | CUSIP: 78442P106<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | EC               | CORP              | US        |   3035861 | NS      | $50395292.60   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                                       | IDACORP INC                    | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |    453692 | NS      | $48930682.20   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                        | MONDELEZ INTER-A               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |  11290126 | NS      | $752486897.90  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                          | UGI CORP                       | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |   2749178 | NS      | $101912028.46  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                                     | M&T BANK CORP                  | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |   3267444 | NS      | $473975426.64  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                              | WESTERN UNION                  | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |   6368225 | NS      | $87690458.25   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                                   | CHEMOURS CO                    | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |    563412 | NS      | $17251675.44   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                                | VALERO ENERGY                  | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |   1206336 | NS      | $153035784.96  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc                     | JEFFERIES FINANC               | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |   2931818 | NS      | $100502721.04  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                                    | TC ENERGY CORP                 | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |   8191855 | NS      | $326585179.39  | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        | 764741291 | NS      | $764664817.23  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |   3313138 | NS      | $1212078405.92 | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc        | FIDELITY NATIONA               | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |   4856936 | NS      | $329543107.60  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                                  | COCA-COLA CO/THE               | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |   3509382 | NS      | $223231789.02  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                                  | RADIAN GROUP INC               | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |   1979616 | NS      | $37751277.12   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                              | ROYAL BANK OF CA               | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |   3745256 | NS      | $352120449.63  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                                    | HERSHEY CO/THE                 | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |    635500 | NS      | $147162735.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                               | SYNCHRONY FINANC               | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |   3255317 | NS      | $106969716.62  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                  | CROWN CASTLE INC               | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |   3139748 | NS      | $425875418.72  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                   | CATERPILLAR INC                | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |    655435 | NS      | $157016008.60  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Apache Corp                                       | APA CORP                       | CUSIP: 03743Q108<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | EC               | CORP              | US        |    972830 | NS      | $45411704.40   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                        | CF INDUSTRIES HO               | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |   1198966 | NS      | $102151903.20  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                              | NATL FUEL GAS CO               | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |   1074848 | NS      | $68037878.40   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                     | CITIGROUP INC                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |   4592548 | NS      | $207720946.04  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                      | LYONDELLBASELL-A               | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |   6260938 | NS      | $519845682.14  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp                                    | WHIRLPOOL CORP                 | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |    295892 | NS      | $41856882.32   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                      | QUALCOMM INC                   | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |   7732392 | NS      | $850099176.48  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                      | COMCAST CORP-A                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |  23698340 | NS      | $828730949.80  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                             | TEXAS INSTRUMENT               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    649177 | NS      | $107257023.94  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                           | MARATHON PETROLE               | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |   1621776 | NS      | $188758508.64  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                                     | KROGER CO                      | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |   3053359 | NS      | $136118744.22  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                       | SNAP-ON INC                    | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |    100175 | NS      | $22888985.75   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial Inc                   | FIDELITY NATIONA               | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |   2319935 | NS      | $87275954.70   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                            | DIAMONDBACK ENER               | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    438055 | NS      | $59917162.90   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                        | VERIZON COMMUNIC               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |   6676384 | NS      | $263049529.60  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc                   | PHILIP MORRIS IN               | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |   8301609 | NS      | $840205846.89  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co                      | PORTLAND GENERAL               | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |   1288339 | NS      | $63128611.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                              | MGIC INVT CORP                 | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |   5530917 | NS      | $71901921.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                              | LOCKHEED MARTIN                | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |    507236 | NS      | $246765241.64  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                             | JACKSON FI-A                   | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |    844152 | NS      | $29368048.08   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                | COTERRA ENERGY I               | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |  21071539 | NS      | $517727713.23  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                         | L3HARRIS TECHNOL               | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |   2109588 | NS      | $439237317.48  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                  | EXXON MOBIL CORP               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   4534853 | NS      | $500194285.90  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                                | ALLY FINANCIAL I               | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |   3119116 | NS      | $76262386.20   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                               | WILLIAMS-SONOMA                | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |    602250 | NS      | $69210570.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                                 | ALLSTATE CORP                  | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    892956 | NS      | $121084833.60  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc                            | ADVANCE AUTO PAR               | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |    652009 | NS      | $95864883.27   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                               | TRAVEL + LEISURE               | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |    492342 | NS      | $17921248.80   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                   | MCDONALDS CORP                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |    788310 | NS      | $207743334.30  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                             | TRUIST FINANCIAL               | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |  11085895 | NS      | $477026061.85  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                      | CHEVRON CORP                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2096061 | NS      | $376221988.89  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                          | KLA CORP                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |    134535 | NS      | $50723731.05   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                              | WEC ENERGY GROUP               | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |   1434246 | NS      | $134474904.96  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                    | BLACKSTONE INC                 | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |   5158874 | NS      | $382736862.06  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp                     | FIRST AMERICAN F               | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    216285 | NS      | $11320356.90   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Raytheon Technologies Corp                        | RAYTHEON TECHNOL               | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |   4158579 | NS      | $419683792.68  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                                 | ATMOS ENERGY                   | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |   4953972 | NS      | $555191642.04  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp                             | LINCOLN NATL CRP               | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |    428803 | NS      | $13172828.16   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc                         | UNITED PARCEL-B                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |    793153 | NS      | $137881717.52  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                              | KEURIG DR PEPPER               | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |  12094687 | NS      | $431296538.42  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                            | HP INC                         | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |   4872435 | NS      | $130922328.45  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co                           | BECTON DICKINSON               | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |   1283154 | NS      | $326306062.20  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                             | TRAVELERS COS IN               | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |    164351 | NS      | $30814168.99   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp              | IBM                            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |    471153 | NS      | $66380746.17   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                    | MORGAN STANLEY                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |  11162893 | NS      | $949069162.86  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                                       | CORNING INC                    | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |  11973741 | NS      | $382441287.54  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                 | EOG RESOURCES                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |   9779094 | NS      | $1266588254.88 | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                              | EDISON INTL                    | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |   1246483 | NS      | $79301248.46   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                                    | WENDY'S CO/THE                 | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |    590018 | NS      | $13352107.34   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                   | CVS HEALTH CORP                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |   2690437 | NS      | $250721824.03  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Discover Financial Services                       | DISCOVER FINANCI               | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |   1255244 | NS      | $122800520.52  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                                      | ASSURANT INC                   | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |    311175 | NS      | $38915545.50   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMORGAN CHASE                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |  14377944 | NS      | $1928082290.40 | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   7255628 | NS      | $299584880.12  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                                          | PPL CORP                       | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   4486297 | NS      | $131089598.34  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                       | VIATRIS INC                    | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |   4733821 | NS      | $52687427.73   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                              | BANK OF AMERICA                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |  12259488 | NS      | $406034242.56  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Medifast Inc                                      | MEDIFAST INC                   | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |    194440 | NS      | $22428654.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                                     | DTE ENERGY CO                  | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |    236289 | NS      | $27771046.17   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                         | ARCHER-DANIELS                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |   6625616 | NS      | $615188445.60  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                        | SIEMENS AG-REG                 | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |   3220217 | NS      | $443910963.94  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| PepsiCo Inc                                       | PEPSICO INC                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |   1259480 | NS      | $227537656.80  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                      | UNILEVER PLC-ADR               | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | US        |  13511320 | NS      | $680294962.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Lennar Corp                                       | LENNAR CORP-A                  | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |   4177581 | NS      | $378071080.50  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc                | JOHNSON CONTROLS               | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |   8186962 | NS      | $523965568.00  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                               | GILEAD SCIENCES                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |   1660233 | NS      | $142531003.05  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                        | NETAPP INC                     | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |   1318310 | NS      | $79177698.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                            | UNITEDHEALTH GRP               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    698215 | NS      | $370179628.70  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                       | EXELON CORP                    | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |  18524447 | NS      | $800811843.81  | 1.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Altria Group Inc                                  | ALTRIA GROUP INC               | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |   4453019 | NS      | $203547498.49  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                | COCA-COLA EUROPA               | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | US        |    590332 | NS      | $32657166.24   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |   1068558 | NS      | $597462834.54  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                               | FIFTH THIRD BANC               | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |   1069776 | NS      | $35099350.56   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                             | EAST WEST BNCRP                | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    285840 | NS      | $18836856.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                       | VISTRA CORP                    | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |   3467598 | NS      | $80448273.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PacWest Bancorp                                   | PACWEST BANCORP                | CUSIP: 695263103<br>LEI: 549300YI8VMFO7G36V04 | Long             | EC               | CORP              | US        |    397148 | NS      | $9114546.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                 | JOHNSON&JOHNSON                | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |   9241296 | NS      | $1632474938.40 | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                                 | CISCO SYSTEMS                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |  20719148 | NS      | $987060210.72  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                          | AMERIPRISE FINAN               | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |    471536 | NS      | $146822164.32  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS               | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |   1300465 | NS      | $408654943.05  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Celanese Corp                                     | CELANESE CORP                  | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |   2404072 | NS      | $245792321.28  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Co                                        | KELLOGG CO                     | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |   5403103 | NS      | $384917057.72  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                         | LINDE PLC                      | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | US        |    322341 | NS      | $105141187.38  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc/The              | PNC FINANCIAL SE               | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    192681 | NS      | $30432037.14   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** VANGUARD FENWAY FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer