# EDGAR Filing Document

**Accession Number:** 0000826473
**File Stem:** 0000826473-25-000023
**Filing Date:** 2025-8
**Character Count:** 101499
**Document Hash:** 794106a8bce726d498544b79db22b99a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000826473-25-000023.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000826473-25-000023

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD FENWAY FUNDS
- **CENTRAL INDEX KEY:** 0000826473

**ORGANIZATION NAME:**
- **EIN:** 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:** 251264994

**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 June 30, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (97.7%)** | **Common Stocks (97.7%)** | **Common Stocks (97.7%)** | **Common Stocks (97.7%)** |
| **Communication Services (1.8%)** | **Communication Services (1.8%)** | **Communication Services (1.8%)** | **Communication Services (1.8%)** |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | 1491649 | &nbsp;&nbsp;&nbsp;&nbsp; 355400 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 7147030 | &nbsp;&nbsp;&nbsp;&nbsp; 255078 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 5311644 | &nbsp;&nbsp;&nbsp;&nbsp; 229835 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 3272909 | &nbsp;&nbsp;&nbsp;&nbsp; 94718 |
|  | &nbsp;&nbsp;&nbsp;TEGNA Inc. | 5412248 | &nbsp;&nbsp;&nbsp;&nbsp; 90709 |
|  | &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95206 | &nbsp;&nbsp;&nbsp;&nbsp; 16466 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1042206** |
| **Consumer Discretionary (5.1%)** | **Consumer Discretionary (5.1%)** | **Consumer Discretionary (5.1%)** | **Consumer Discretionary (5.1%)** |
|  | &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | 9156158 | &nbsp;&nbsp;&nbsp;&nbsp; 477647 |
|  | &nbsp;&nbsp;&nbsp;Darden Restaurants Inc. | 1745793 | &nbsp;&nbsp;&nbsp;&nbsp; 380531 |
|  | &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 6607757 | &nbsp;&nbsp;&nbsp;&nbsp; 348691 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 4008499 | &nbsp;&nbsp;&nbsp;&nbsp; 284764 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;752012 | &nbsp;&nbsp;&nbsp;&nbsp; 275718 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;774419 | &nbsp;&nbsp;&nbsp;&nbsp; 171820 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | 4224282 | &nbsp;&nbsp;&nbsp;&nbsp; 126560 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 1642444 | &nbsp;&nbsp;&nbsp;&nbsp; 122296 |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | 2283917 | &nbsp;&nbsp;&nbsp;&nbsp; 117873 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;397246 | &nbsp;&nbsp;&nbsp;&nbsp; 116063 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | 1208626 | &nbsp;&nbsp;&nbsp;&nbsp; 114795 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | 2373417 | &nbsp;&nbsp;&nbsp;&nbsp; 79462 |
|  | &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 1745434 | &nbsp;&nbsp;&nbsp;&nbsp; 75944 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;241780 | &nbsp;&nbsp;&nbsp;&nbsp; 66315 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | 5537879 | &nbsp;&nbsp;&nbsp;&nbsp; 46906 |
|  | &nbsp;&nbsp;&nbsp;Wendy's Co. | 4026120 | &nbsp;&nbsp;&nbsp;&nbsp; 45978 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | 3037007 | &nbsp;&nbsp;&nbsp;&nbsp; 35412 |
|  | &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;411687 | &nbsp;&nbsp;&nbsp;&nbsp; 32750 |
|  | &nbsp;&nbsp;&nbsp;Harley-Davidson Inc. | 1135215 | &nbsp;&nbsp;&nbsp;&nbsp; 26791 |
|  | &nbsp;&nbsp;&nbsp;H&R Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp;477228 | &nbsp;&nbsp;&nbsp;&nbsp; 26195 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;368722 | &nbsp;&nbsp;&nbsp;&nbsp; 24752 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64099 | &nbsp;&nbsp;&nbsp;&nbsp; 10472 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21946 | &nbsp;&nbsp;&nbsp;&nbsp; 9170 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49614 | &nbsp;&nbsp;&nbsp;&nbsp; 4546 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3021451** |
| **Consumer Staples (10.2%)** | **Consumer Staples (10.2%)** | **Consumer Staples (10.2%)** | **Consumer Staples (10.2%)** |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 4379095 | &nbsp;&nbsp;&nbsp;&nbsp; 797565 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc ADR | 11590466 | &nbsp;&nbsp;&nbsp;&nbsp; 708989 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 13059359 | &nbsp;&nbsp;&nbsp;&nbsp; 689273 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 16922269 | &nbsp;&nbsp;&nbsp;&nbsp; 559450 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 5602368 | &nbsp;&nbsp;&nbsp;&nbsp; 547800 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. Class A | 2495948 | &nbsp;&nbsp;&nbsp;&nbsp; 406041 |
|  | &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 4007466 | &nbsp;&nbsp;&nbsp;&nbsp; 399750 |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | 16885489 | &nbsp;&nbsp;&nbsp;&nbsp; 353413 |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 2045796 | &nbsp;&nbsp;&nbsp;&nbsp; 325936 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 2206487 | &nbsp;&nbsp;&nbsp;&nbsp; 291345 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 3654618 | &nbsp;&nbsp;&nbsp;&nbsp; 214270 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2583958 | &nbsp;&nbsp;&nbsp;&nbsp; 182815 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 2007406 | &nbsp;&nbsp;&nbsp;&nbsp; 182473 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 2230186 | &nbsp;&nbsp;&nbsp;&nbsp; 159971 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | 2223341 | &nbsp;&nbsp;&nbsp;&nbsp; 115191 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;940294 | &nbsp;&nbsp;&nbsp;&nbsp; 71218 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255230 | &nbsp;&nbsp;&nbsp;&nbsp; 34614 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;566235 | &nbsp;&nbsp;&nbsp;&nbsp; 11591 |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;104329 | &nbsp;&nbsp;&nbsp;&nbsp; 10245 |
|  | &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93322 | &nbsp;&nbsp;&nbsp;&nbsp; 4839 |
|  | &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94231 | &nbsp;&nbsp;&nbsp;&nbsp; 4532 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6071321** |
| **Energy (8.8%)** | **Energy (8.8%)** | **Energy (8.8%)** | **Energy (8.8%)** |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 12874128 | &nbsp;&nbsp;&nbsp;&nbsp; 1155324 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | 10920108 | &nbsp;&nbsp;&nbsp;&nbsp; 636861 |

---

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---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 24496847 | &nbsp;&nbsp;&nbsp;&nbsp; 621730 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 3581198 | &nbsp;&nbsp;&nbsp;&nbsp; 594873 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 3257797 | &nbsp;&nbsp;&nbsp;&nbsp; 567117 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3581603 | &nbsp;&nbsp;&nbsp;&nbsp; 386097 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | 4867173 | &nbsp;&nbsp;&nbsp;&nbsp; 297495 |
| &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 1508726 | &nbsp;&nbsp;&nbsp;&nbsp; 180459 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;975974 | &nbsp;&nbsp;&nbsp;&nbsp; 139750 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 3847478 | &nbsp;&nbsp;&nbsp;&nbsp; 122388 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 5896271 | &nbsp;&nbsp;&nbsp;&nbsp; 120166 |
| &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | 2598294 | &nbsp;&nbsp;&nbsp;&nbsp; 98865 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | 2869924 | &nbsp;&nbsp;&nbsp;&nbsp; 97003 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers Inc. | 2178087 | &nbsp;&nbsp;&nbsp;&nbsp; 85228 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 1736086 | &nbsp;&nbsp;&nbsp;&nbsp; 82846 |
| &nbsp;&nbsp;&nbsp;Civitas Resources Inc. | 1334262 | &nbsp;&nbsp;&nbsp;&nbsp; 36719 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;189338 | &nbsp;&nbsp;&nbsp;&nbsp; 7954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5230875** |
| **Financials (20.7%)** | **Financials (20.7%)** | **Financials (20.7%)** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 7449859 | &nbsp;&nbsp;&nbsp;&nbsp; 2159789 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 34913150 | &nbsp;&nbsp;&nbsp;&nbsp; 1652090 |
| &nbsp;&nbsp;&nbsp;American International Group Inc. | 8363715 | &nbsp;&nbsp;&nbsp;&nbsp; 715850 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 3440015 | &nbsp;&nbsp;&nbsp;&nbsp; 667328 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 4295197 | &nbsp;&nbsp;&nbsp;&nbsp; 605021 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 23605643 | &nbsp;&nbsp;&nbsp;&nbsp; 555205 |
| &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 6002381 | &nbsp;&nbsp;&nbsp;&nbsp; 536733 |
| &nbsp;&nbsp;&nbsp;MetLife Inc. | 6236776 | &nbsp;&nbsp;&nbsp;&nbsp; 501561 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | 3121569 | &nbsp;&nbsp;&nbsp;&nbsp; 478755 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 2286217 | &nbsp;&nbsp;&nbsp;&nbsp; 419452 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4942220 | &nbsp;&nbsp;&nbsp;&nbsp; 395971 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | 2183681 | &nbsp;&nbsp;&nbsp;&nbsp; 378213 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 1714044 | &nbsp;&nbsp;&nbsp;&nbsp; 374759 |
| &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3449070 | &nbsp;&nbsp;&nbsp;&nbsp; 293585 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 1029996 | &nbsp;&nbsp;&nbsp;&nbsp; 192012 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 1540903 | &nbsp;&nbsp;&nbsp;&nbsp; 163860 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;302237 | &nbsp;&nbsp;&nbsp;&nbsp; 161313 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 2321132 | &nbsp;&nbsp;&nbsp;&nbsp; 154912 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | 1205766 | &nbsp;&nbsp;&nbsp;&nbsp; 152975 |
| &nbsp;&nbsp;&nbsp;Popular Inc. | 1223176 | &nbsp;&nbsp;&nbsp;&nbsp; 134806 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 4767103 | &nbsp;&nbsp;&nbsp;&nbsp; 132716 |
| &nbsp;&nbsp;&nbsp;Unum Group | 1634325 | &nbsp;&nbsp;&nbsp;&nbsp; 131988 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 3779402 | &nbsp;&nbsp;&nbsp;&nbsp; 123927 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 2276026 | &nbsp;&nbsp;&nbsp;&nbsp; 118217 |
| &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | 1313247 | &nbsp;&nbsp;&nbsp;&nbsp; 116603 |
| &nbsp;&nbsp;&nbsp;Voya Financial Inc. | 1590759 | &nbsp;&nbsp;&nbsp;&nbsp; 112944 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;293909 | &nbsp;&nbsp;&nbsp;&nbsp; 99885 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 1067865 | &nbsp;&nbsp;&nbsp;&nbsp; 97293 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 1055318 | &nbsp;&nbsp;&nbsp;&nbsp; 91918 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122342 | &nbsp;&nbsp;&nbsp;&nbsp; 86588 |
| &nbsp;&nbsp;&nbsp;Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346603 | &nbsp;&nbsp;&nbsp;&nbsp; 68451 |
| &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;557013 | &nbsp;&nbsp;&nbsp;&nbsp; 58743 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;925468 | &nbsp;&nbsp;&nbsp;&nbsp; 51919 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;190606 | &nbsp;&nbsp;&nbsp;&nbsp; 50865 |
| &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42943 | &nbsp;&nbsp;&nbsp;&nbsp; 45058 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;708279 | &nbsp;&nbsp;&nbsp;&nbsp; 43014 |
| &nbsp;&nbsp;&nbsp;American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230390 | &nbsp;&nbsp;&nbsp;&nbsp; 29077 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;275121 | &nbsp;&nbsp;&nbsp;&nbsp; 28552 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;482198 | &nbsp;&nbsp;&nbsp;&nbsp; 27678 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | 2956790 | &nbsp;&nbsp;&nbsp;&nbsp; 24896 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83331 | &nbsp;&nbsp;&nbsp;&nbsp; 24143 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;545312 | &nbsp;&nbsp;&nbsp;&nbsp; 20962 |
| &nbsp;&nbsp;&nbsp;Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107728 | &nbsp;&nbsp;&nbsp;&nbsp; 16114 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444158 | &nbsp;&nbsp;&nbsp;&nbsp; 15768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**12311509** |
| **Health Care (14.3%)** | **Health Care (14.3%)** | **Health Care (14.3%)** |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 10153501 | &nbsp;&nbsp;&nbsp;&nbsp; 1550947 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4562131 | &nbsp;&nbsp;&nbsp;&nbsp; 1423248 |
| &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 17024855 | &nbsp;&nbsp;&nbsp;&nbsp; 1347688 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 9220558 | &nbsp;&nbsp;&nbsp;&nbsp; 1022283 |
| &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 1856129 | &nbsp;&nbsp;&nbsp;&nbsp; 721960 |
| &nbsp;&nbsp;&nbsp;Pfizer Inc. | 24871747 | &nbsp;&nbsp;&nbsp;&nbsp; 602891 |

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| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 6408241 | &nbsp;&nbsp;&nbsp;&nbsp; 447808 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 1255468 | &nbsp;&nbsp;&nbsp;&nbsp; 409809 |
| &nbsp;&nbsp;&nbsp;AbbVie Inc. | 1300328 | &nbsp;&nbsp;&nbsp;&nbsp; 241367 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;609940 | &nbsp;&nbsp;&nbsp;&nbsp; 201634 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 4144772 | &nbsp;&nbsp;&nbsp;&nbsp; 191861 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 2019075 | &nbsp;&nbsp;&nbsp;&nbsp; 139276 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 1001500 | &nbsp;&nbsp;&nbsp;&nbsp; 136214 |
| &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194035 | &nbsp;&nbsp;&nbsp;&nbsp; 54177 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;203941 | &nbsp;&nbsp;&nbsp;&nbsp; 17778 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | 1786061 | &nbsp;&nbsp;&nbsp;&nbsp; 17289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8526230** |
| **Industrials (12.2%)** | **Industrials (12.2%)** | **Industrials (12.2%)** |
| &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 3396790 | &nbsp;&nbsp;&nbsp;&nbsp; 791044 |
| &nbsp;&nbsp;&nbsp;PACCAR Inc. | 8267606 | &nbsp;&nbsp;&nbsp;&nbsp; 785919 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 4649810 | &nbsp;&nbsp;&nbsp;&nbsp; 619959 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 2360232 | &nbsp;&nbsp;&nbsp;&nbsp; 592041 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 5174023 | &nbsp;&nbsp;&nbsp;&nbsp; 539117 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;998961 | &nbsp;&nbsp;&nbsp;&nbsp; 499461 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 3941759 | &nbsp;&nbsp;&nbsp;&nbsp; 416329 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 2145740 | &nbsp;&nbsp;&nbsp;&nbsp; 376728 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc. | 1556208 | &nbsp;&nbsp;&nbsp;&nbsp; 338864 |
| &nbsp;&nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;844140 | &nbsp;&nbsp;&nbsp;&nbsp; 327704 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 1128164 | &nbsp;&nbsp;&nbsp;&nbsp; 259568 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;451220 | &nbsp;&nbsp;&nbsp;&nbsp; 208978 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;671440 | &nbsp;&nbsp;&nbsp;&nbsp; 207072 |
| &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;475125 | &nbsp;&nbsp;&nbsp;&nbsp; 155603 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;670989 | &nbsp;&nbsp;&nbsp;&nbsp; 152522 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 1468666 | &nbsp;&nbsp;&nbsp;&nbsp; 145427 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 1157929 | &nbsp;&nbsp;&nbsp;&nbsp; 131471 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 1845430 | &nbsp;&nbsp;&nbsp;&nbsp; 118772 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;403073 | &nbsp;&nbsp;&nbsp;&nbsp; 117560 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;840512 | &nbsp;&nbsp;&nbsp;&nbsp; 115587 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;609568 | &nbsp;&nbsp;&nbsp;&nbsp; 89009 |
| &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;544198 | &nbsp;&nbsp;&nbsp;&nbsp; 86527 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations Inc. | 1620298 | &nbsp;&nbsp;&nbsp;&nbsp; 83413 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup Inc. | 1503957 | &nbsp;&nbsp;&nbsp;&nbsp; 60760 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;307130 | &nbsp;&nbsp;&nbsp;&nbsp; 31981 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58754 | &nbsp;&nbsp;&nbsp;&nbsp; 20975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7272391** |
| **Information Technology (11.6%)** | **Information Technology (11.6%)** | **Information Technology (11.6%)** |
| &nbsp;&nbsp;&nbsp;Broadcom Inc. | 11396032 | &nbsp;&nbsp;&nbsp;&nbsp; 3141316 |
| &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 13903113 | &nbsp;&nbsp;&nbsp;&nbsp; 964598 |
| &nbsp;&nbsp;&nbsp;Accenture plc Class A | 2352265 | &nbsp;&nbsp;&nbsp;&nbsp; 703069 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 2769203 | &nbsp;&nbsp;&nbsp;&nbsp; 605043 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 3189535 | &nbsp;&nbsp;&nbsp;&nbsp; 537979 |
| &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 1902847 | &nbsp;&nbsp;&nbsp;&nbsp; 303047 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;535285 | &nbsp;&nbsp;&nbsp;&nbsp; 157791 |
| &nbsp;&nbsp;&nbsp;NetApp Inc. | 1250330 | &nbsp;&nbsp;&nbsp;&nbsp; 133223 |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 1320091 | &nbsp;&nbsp;&nbsp;&nbsp; 120445 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;132269 | &nbsp;&nbsp;&nbsp;&nbsp; 118479 |
| &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330582 | &nbsp;&nbsp;&nbsp;&nbsp; 68635 |
| &nbsp;&nbsp;&nbsp;HP Inc. | 1946701 | &nbsp;&nbsp;&nbsp;&nbsp; 47616 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116807 | &nbsp;&nbsp;&nbsp;&nbsp; 8705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6909946** |
| **Materials (3.7%)** | **Materials (3.7%)** | **Materials (3.7%)** |
| &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 5369212 | &nbsp;&nbsp;&nbsp;&nbsp; 610748 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 23707899 | &nbsp;&nbsp;&nbsp;&nbsp; 493598 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 2724286 | &nbsp;&nbsp;&nbsp;&nbsp; 478030 |
| &nbsp;&nbsp;&nbsp;Anglo American plc | 13138028 | &nbsp;&nbsp;&nbsp;&nbsp; 387281 |
| &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429590 | &nbsp;&nbsp;&nbsp;&nbsp; 134848 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 1258411 | &nbsp;&nbsp;&nbsp;&nbsp; 52539 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 1101950 | &nbsp;&nbsp;&nbsp;&nbsp; 34194 |
| &nbsp;&nbsp;&nbsp;RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157545 | &nbsp;&nbsp;&nbsp;&nbsp; 17305 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15180 | &nbsp;&nbsp;&nbsp;&nbsp; 10487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2219030** |
| **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 5534120 | &nbsp;&nbsp;&nbsp;&nbsp; 568520 |

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| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 14539184 | &nbsp;&nbsp;&nbsp;&nbsp; 373512 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **942032** |
| **Utilities (7.7%)** | **Utilities (7.7%)** | **Utilities (7.7%)** | **Utilities (7.7%)** |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 6695352 | &nbsp;&nbsp;&nbsp;&nbsp; 694710 |
|  | &nbsp;&nbsp;&nbsp;Sempra | 8580898 | &nbsp;&nbsp;&nbsp;&nbsp; 650175 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 10946801 | &nbsp;&nbsp;&nbsp;&nbsp; 618713 |
|  | &nbsp;&nbsp;&nbsp;PPL Corp. | 16748791 | &nbsp;&nbsp;&nbsp;&nbsp; 567617 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 2998166 | &nbsp;&nbsp;&nbsp;&nbsp; 462047 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 3773302 | &nbsp;&nbsp;&nbsp;&nbsp; 393178 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 3582196 | &nbsp;&nbsp;&nbsp;&nbsp; 248676 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;964994 | &nbsp;&nbsp;&nbsp;&nbsp; 154959 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 3395116 | &nbsp;&nbsp;&nbsp;&nbsp; 147416 |
|  | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 1530782 | &nbsp;&nbsp;&nbsp;&nbsp; 129673 |
|  | &nbsp;&nbsp;&nbsp;Edison International | 2483135 | &nbsp;&nbsp;&nbsp;&nbsp; 128130 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | 1617466 | &nbsp;&nbsp;&nbsp;&nbsp; 111492 |
|  | &nbsp;&nbsp;&nbsp;UGI Corp. | 2821295 | &nbsp;&nbsp;&nbsp;&nbsp; 102752 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;709241 | &nbsp;&nbsp;&nbsp;&nbsp; 83690 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;310127 | &nbsp;&nbsp;&nbsp;&nbsp; 41079 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191344 | &nbsp;&nbsp;&nbsp;&nbsp; 16107 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71453 | &nbsp;&nbsp;&nbsp;&nbsp; 4950 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4555364** |
| **Total Common Stocks (Cost $44,117,082)** | **Total Common Stocks (Cost $44,117,082)** | **Total Common Stocks (Cost $44,117,082)** | &nbsp;&nbsp;&nbsp;&nbsp;**58102355** |
| **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** |
| **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.355% | 8280755 | &nbsp;&nbsp;&nbsp;&nbsp; 827993 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreements (0.7%)** | **Repurchase Agreements (0.7%)** | **Repurchase Agreements (0.7%)** | **Repurchase Agreements (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs & Co. 4.400%, 7/1/25<br> (Dated 6/30/25, Repurchase Value $147,718, collateralized by U.S. Government Agency Obligations 2.000%–6.500%, 11/1/36–12/15/63, with a value of $150,654) | &nbsp;&nbsp;&nbsp;&nbsp;147700 | &nbsp;&nbsp;&nbsp;&nbsp; 147700 |
|  | &nbsp;&nbsp;&nbsp;NatWest Markets plc 4.390%, 7/1/25<br> (Dated 6/30/25, Repurchase Value $213,426, collateralized by U.S. Treasury Obligations 0.875%–4.125%, 9/30/26–2/28/30, with a value of $217,668) | &nbsp;&nbsp;&nbsp;&nbsp;213400 | &nbsp;&nbsp;&nbsp;&nbsp; 213400 |
|  | &nbsp;&nbsp;&nbsp;Nomura International plc 4.390%, 7/1/25<br> (Dated 6/30/25, Repurchase Value $90,511, collateralized by U.S. Treasury Obligations 0.000%–4.625%, 12/26/25–2/15/54, with a value of $92,311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90500 | &nbsp;&nbsp;&nbsp;&nbsp; 90500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **451600** |
| **Total Temporary Cash Investments (Cost $1,279,532)** | **Total Temporary Cash Investments (Cost $1,279,532)** | **Total Temporary Cash Investments (Cost $1,279,532)** | &nbsp;&nbsp;&nbsp;&nbsp;**1279593** |
| **Total Investments (99.8%) (Cost $45,396,614)** | **Total Investments (99.8%) (Cost $45,396,614)** | **Total Investments (99.8%) (Cost $45,396,614)** | &nbsp;&nbsp;&nbsp;&nbsp;**59381948** |
| **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**118195** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**59500143** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,170. |
| 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 $1,187 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |

---

------

#### 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 | September 2025 | 2765 | 864581 | &nbsp;&nbsp;21076 |

---

**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 June 30, 2025, 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 | 56130373 | &nbsp;&nbsp;&nbsp;1971982 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;58102355 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827993 | &nbsp;&nbsp;&nbsp;&nbsp;451600 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1279593 |
| Total | 56958366 | &nbsp;&nbsp;&nbsp;2423582 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;59381948 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 21076 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21076 |

---

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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $59642413969.63

**Total Liabilities:** $87109792.86

**Net Assets:** $59555304176.77

**Cash Not Reported:** $79868128.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007083 | -2.86%               | 3.36%                | 3.81%                |
| Class ID C000007084 | -2.86%               | 3.36%                | 3.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $397933115.43            | $-2127484384.94                            |
| Month 2  | $170603585.17            | $1527965573.86                             |
| Month 3  | $369779026.31            | $1631929700.98                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| eBay Inc                                          | EBAY INC                       | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |   1642444 | NS      | $122296380.24  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                  | DUKE ENERGY CORP               | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    709241 | NS      | $83690438.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                                        | KENVUE INC                     | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |  16885489 | NS      | $353413284.77  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                                 | STATE ST CORP                  | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |   1540903 | NS      | $163859625.02  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                     | MEDTRONIC PLC                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |    203941 | NS      | $17777536.97   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                                         | TEGNA INC                      | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |   5412248 | NS      | $90709276.48   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                        | UNUM GROUP                     | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |   1634325 | NS      | $131988087.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                           | PROCTER & GAMBLE               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |   2045796 | NS      | $325936218.72  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                        | NASDAQ INC                     | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |   6002381 | NS      | $536732909.02  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc                    | FORTUNE BRANDS I               | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |   1808722 | NS      | $93113008.56   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                          | AT&T INC                       | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |   3272909 | NS      | $94717986.46   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                         | AMGEN INC                      | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    194035 | NS      | $54176512.35   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                        | ABBVIE INC                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |   1300328 | NS      | $241366883.36  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                                | CONAGRA BRANDS I               | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |    566235 | NS      | $11590830.45   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                        | EVERGY INC                     | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |   1617466 | NS      | $111491931.38  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                             | Bath & Body Works Inc          | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |   4224282 | NS      | $126559488.72  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                   | T-MOBILE US INC                | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |   1491649 | NS      | $355400290.74  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                          | CONSTELLATION-A                | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |   2495948 | NS      | $406040820.64  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corp                   | OLD REPUB INTL                 | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |    545312 | NS      | $20961793.28   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                              | ARES MANAGEM- A                | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |   2183681 | NS      | $378213549.20  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc                                 | MANPOWERGROUP IN               | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |   1503957 | NS      | $60759862.80   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                    | CONOCOPHILLIPS                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |  12874128 | NS      | $1155324246.72 | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                                      | OSHKOSH CORP                   | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |   1157929 | NS      | $131471258.66  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co.                               | GOLD TRIPARTY MORTGAGE         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Long             | RA               | CORP              | US        | 147700000 | PA      | $147700000.00  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Best Buy Co Inc                                   | BEST BUY CO INC                | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |    368722 | NS      | $24752307.86   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                              | PROGRESSIVE CORP               | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    190606 | NS      | $50865117.16   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                               | OTIS WORLDWI                   | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |   1468666 | NS      | $145427307.32  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                          | FERGUSON ENTERPR               | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |   1556208 | NS      | $338864292.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                           | BRISTOL-MYER SQB               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   4144772 | NS      | $191861495.88  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                                   | THE CIGNA GROUP                | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    609940 | NS      | $201633965.20  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                                     | INGREDION INC                  | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |    255230 | NS      | $34614292.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                          | EQT CORP                       | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |  10920108 | NS      | $636860698.56  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson Inc                               | HARLEY-DAVIDSON                | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |   1135215 | NS      | $26791074.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                       | GOLDMAN SACHS GP               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |    122342 | NS      | $86587550.50   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                         | AFLAC INC                      | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |    557013 | NS      | $58742590.98   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                         | IDEX CORP                      | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |   2064333 | NS      | $362434944.81  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                                | NEXTERA ENERGY                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |   3582196 | NS      | $248676046.32  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                                     | H&R BLOCK INC                  | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |    477228 | NS      | $26195044.92   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                       | HONEYWELL INTL                 | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |   3396790 | NS      | $791044455.20  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                            | EQUITABLE HOLDIN               | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    925468 | NS      | $51918754.80   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The                  | BANK NY MELLON                 | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |   1067865 | NS      | $97293180.15   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                        | PACCAR INC                     | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |   8267606 | NS      | $785918626.36  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                    | AMERICAN ELECTRI               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |   6695352 | NS      | $694709723.52  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                                   | SCHLUMBERGER LTD               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |   2869924 | NS      | $97003431.20   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                            | SKYWORKS SOLUTIO               | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    116807 | NS      | $8704457.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp                             | STIFEL FINANCIAL               | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |    275121 | NS      | $28552057.38   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                             | NXP SEMICONDUCTO               | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | US        |   2769203 | NS      | $605043163.47  | 1.02%             |  |  |  | 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        |       165 | NS      | $16491.15      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                         | CHUBB LTD                      | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |     83331 | NS      | $24142657.32   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co                          | MOLSON COORS-B                 | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     94231 | NS      | $4531568.79    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                                    | EATON CORP PLC                 | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |     58754 | NS      | $20974590.46   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                             | GENERAL DYNAMICS               | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |    403073 | NS      | $117560271.18  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                                  | ZIONS BANCORP NA               | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |   2276026 | NS      | $118216790.44  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                                    | NEWMARKET CORP                 | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |     15180 | NS      | $10487254.80   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |  17024855 | NS      | $1347687521.80 | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                                      | RELIANCE INC                   | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |    429590 | NS      | $134848301.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                      | ORGANON & CO                   | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |   1786061 | NS      | $17289070.48   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                            | SEMPRA                         | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |   8478864 | NS      | $642443525.28  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                               | DOMINION ENERGY                | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |  10482801 | NS      | $592487912.52  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc                                 | GENERAL MILLS IN               | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |   2223341 | NS      | $115191297.21  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                    | LOWE'S COS INC                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    774419 | NS      | $171820343.53  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                     | AUTOMATIC DATA                 | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |    671440 | NS      | $207072096.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                                          | FMC CORP                       | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |   1258411 | NS      | $52538659.25   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                       | RAYMOND JAMES                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |   3121569 | NS      | $478755037.53  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                                  | PERNOD RICARD SA               | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               | CORP              | FR        |   4007466 | NS      | $399750299.08  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| J M Smucker Co/The                                | JM SMUCKER CO                  | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |    104329 | NS      | $10245107.80   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                | UNION PAC CORP                 | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |   1128164 | NS      | $259567973.12  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co                      | CAN NATL RAILWAY               | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |   5174023 | NS      | $539116668.60  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Group Inc/The         | HARTFORD INSURAN               | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |   1205766 | NS      | $152975532.42  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                               | AVERY DENNISON                 | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |   2724286 | NS      | $478030464.42  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                | HOME DEPOT INC                 | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    752012 | NS      | $275717679.68  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                                    | HALLIBURTON CO                 | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |   5896271 | NS      | $120166002.98  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                         | OCCIDENTAL PETE                | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    189338 | NS      | $7954089.38    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                                    | NRG ENERGY                     | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    964994 | NS      | $154958736.52  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                              | COLGATE-PALMOLIV               | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |   2007406 | NS      | $182473205.40  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                                       | POPULAR INC                    | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | US        |   1223176 | NS      | $134806226.96  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                                    | STARBUCKS CORP                 | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     49614 | NS      | $4546130.82    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                       | CUMMINS INC                    | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |    475125 | NS      | $155603437.50  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                               | EMERSON ELEC CO                | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |   4649810 | NS      | $619959167.30  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                                           | ADT INC                        | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5537879 | NS      | $46905835.13   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                          | MARSH & MCLENNAN               | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |   1714044 | NS      | $374758580.16  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                       | METLIFE INC                    | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |   6236776 | NS      | $501561525.92  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                              | MATADOR RESOURCE               | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |   1736086 | NS      | $82846023.92   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd                               | SIGNET JEWELERS                | CUSIP: G81276100<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | US        |    411687 | NS      | $32749700.85   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                        | PFIZER INC                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |  24871747 | NS      | $602891147.28  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                                   | WEYERHAEUSER CO                | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |  14539184 | NS      | $373511636.96  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Macy's Inc                                        | MACY'S INC                     | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |   3037007 | NS      | $35411501.62   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                                | PPG INDS INC                   | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |   5369212 | NS      | $610747865.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA-ADR                | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | US        |   6408241 | NS      | $447807881.08  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                               | ELEVANCE HEALTH                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |   1856129 | NS      | $721959935.84  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                       | WALMART INC                    | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |   5602368 | NS      | $547799543.04  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc                  | AMERICAN INTERNA               | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |   8363715 | NS      | $715850366.85  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                                          | SLM CORP                       | CUSIP: 78442P106<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | EC               | CORP              | US        |   3779402 | NS      | $123926591.58  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                                   | CMS ENERGY CORP                | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     71453 | NS      | $4950263.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                            | REGIONS FINANCIA               | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |  23605643 | NS      | $555204723.36  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                          | UGI CORP                       | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |   2821295 | NS      | $102751563.90  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers Inc                               | SCORPIO TANKERS                | CUSIP: Y7542C130<br>LEI: 549300NVJUH16NXG8K87 | Long             | EC               | CORP              | US        |   2178087 | NS      | $85228544.31   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                             | CIVITAS RESOURCE               | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |   1334262 | NS      | $36718890.24   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                                     | M&T BANK CORP                  | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |   3440015 | NS      | $667328509.85  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                          | NIKE INC -CL B                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |   4008499 | NS      | $284763768.96  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                              | WESTERN UNION                  | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |   2956790 | NS      | $24896171.80   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                                 | EVEREST GROUP LT               | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |    293909 | NS      | $99884973.65   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd                              | ASSURED GUARANTY               | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | US        |   1055318 | NS      | $91918197.80   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                           | NEXSTAR MEDIA                  | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     95206 | NS      | $16465877.70   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                              | HANCOCK WHITNEY                | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |    482198 | NS      | $27678165.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                                     | DILLARDS INC-A                 | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |     21946 | NS      | $9169697.18    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Lear Corp                                         | LEAR CORP                      | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |   1208626 | NS      | $114795297.48  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                  | TOTALENERGIES SE               | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |   5117934 | NS      | $312821818.17  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        | 791944626 | NS      | $791865432.02  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc                                  | RYDER SYSTEM INC               | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |    544198 | NS      | $86527482.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                                  | COCA-COLA CO/THE               | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |   2583958 | NS      | $182815028.50  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                               | ABBOTT LABS                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |   1001500 | NS      | $136214015.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                               | SYNCHRONY FINANC               | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |   2321132 | NS      | $154912349.68  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                  | CROWN CASTLE INC               | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |   5534120 | NS      | $568520147.60  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | S&P500 EMINI FUT  Sep25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      2908 | NC      | $22732297.34   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                   | CATERPILLAR INC                | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |    844140 | NS      | $327703589.40  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                              | NATL FUEL GAS CO               | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |   1530782 | NS      | $129672543.22  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                     | CITIGROUP INC                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |   3449070 | NS      | $293584838.40  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                     | INTERCONT EXCH I               | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |   2286217 | NS      | $419452232.99  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                      | QUALCOMM INC                   | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |   1902847 | NS      | $303047413.22  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                      | COMCAST CORP-A                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   7147030 | NS      | $255077500.70  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                             | TEXAS INSTRUMENT               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    330582 | NS      | $68635434.84   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                           | MARATHON PETROLE               | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |   3581198 | NS      | $594872799.78  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                                     | KROGER CO                      | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |   2230186 | NS      | $159971241.78  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                        | MASCO CORP                     | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |   1845430 | NS      | $118771874.80  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                        | VERIZON COMMUNIC               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |   5311644 | NS      | $229834835.88  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc                   | PHILIP MORRIS IN               | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |   4379095 | NS      | $797564572.35  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                              | MGIC INVT CORP                 | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |   4767103 | NS      | $132716147.52  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| RBS Securities, Inc.                              | RBS TRIPARTY TREASUR           | CUSIP: N/A<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34       | Long             | RA               | CORP              | US        | 213400000 | PA      | $213400000.00  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp                              | LOCKHEED MARTIN                | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |    451220 | NS      | $208978030.80  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                             | JACKSON FI-A                   | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |   1313247 | NS      | $116603201.13  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                | COTERRA ENERGY I               | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |  24496847 | NS      | $621729976.86  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                     | ACCENTURE PLC-A                | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | US        |   2352265 | NS      | $703068485.85  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                         | L3HARRIS TECHNOL               | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |   2360232 | NS      | $592040594.88  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                                  | ESSENT GROUP LTD               | CUSIP: G3198U102<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | US        |    708279 | NS      | $43013783.67   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                  | EXXON MOBIL CORP               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   3581603 | NS      | $386096803.40  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                               | WILLIAMS-SONOMA                | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     64099 | NS      | $10471853.63   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                       | OVINTIV INC                    | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |   2598294 | NS      | $98865086.70   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc                          | COREBRIDGE FINAN               | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |    444158 | NS      | $15767609.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                               | TRAVEL + LEISURE               | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |   2283917 | NS      | $117872956.37  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                   | MCDONALDS CORP                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |    397246 | NS      | $116063363.82  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                             | NORTHROP GRUMMAN               | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |    998961 | NS      | $499460520.78  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                                | VOYA FINANCIAL I               | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |   1590759 | NS      | $112943889.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                      | CHEVRON CORP                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    975974 | NS      | $139749717.06  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                          | KLA CORP                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |    132269 | NS      | $118478634.06  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp                  | BOOZ ALLEN HAMIL               | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |    307130 | NS      | $31981446.90   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                              | WEC ENERGY GROUP               | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |   3773302 | NS      | $393178068.40  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                    | BLACKSTONE INC                 | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    107728 | NS      | $16113954.24   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                                          | RTX CORP                       | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    609568 | NS      | $89009119.36   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Inc               | PUB SERV ENTERP                | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    191344 | NS      | $16107337.92   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil SA                     | INDUSTRIA DE DISENO TEXTIL     | CUSIP: E6282J125<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |   9156158 | NS      | $477647097.99  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                                 | ATMOS ENERGY                   | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |   2998166 | NS      | $462047362.26  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                              | KEURIG DR PEPPER               | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |  16922269 | NS      | $559450213.14  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                            | HP INC                         | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |   1946701 | NS      | $47616306.46   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp              | IBM                            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |    535285 | NS      | $157791312.30  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                    | MORGAN STANLEY                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |   4295197 | NS      | $605021449.42  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Securities International, Inc.             | NOMURA TREAS TRIPARTY          | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Long             | RA               | CORP              | US        |  90500000 | PA      | $90500000.00   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| EOG Resources Inc                                 | EOG RESOURCES                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |   1508726 | NS      | $180458716.86  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                        | FEDEX CORP                     | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |    670989 | NS      | $152522509.59  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                              | EDISON INTL                    | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |   2483135 | NS      | $128129766.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                                    | WENDY'S CO/THE                 | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |   4026120 | NS      | $45978290.40   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                                 | DEVON ENERGY CO                | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |   3847478 | NS      | $122388275.18  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                   | CVS HEALTH CORP                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |   2019075 | NS      | $139275793.50  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                              | TARGA RESOURCES                | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |   3257797 | NS      | $567117301.76  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                                     | OWENS CORNING                  | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |    840512 | NS      | $115587210.24  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                        | AMDOCS LTD                     | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |   1320091 | NS      | $120445102.84  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                                      | ASSURANT INC                   | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |    346603 | NS      | $68450626.47   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMORGAN CHASE                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |   7449859 | NS      | $2159788622.69 | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   4942220 | NS      | $395970666.40  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                        | SYSCO CORP                     | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    940294 | NS      | $71217867.56   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                                          | PPL CORP                       | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |  16748791 | NS      | $567616526.99  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp                                 | BARRICK MINING C               | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | US        |  23707899 | NS      | $493598457.18  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                              | BANK OF AMERICA                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |  34913150 | NS      | $1652090258.00 | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                                     | DTE ENERGY CO                  | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |    310127 | NS      | $41079422.42   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                         | ARCHER-DANIELS                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |  12756859 | NS      | $673307018.02  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                | ANGLO AMER PLC                 | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |  13138028 | NS      | $387281227.57  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| PepsiCo Inc                                       | PEPSICO INC                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |   2206487 | NS      | $291344543.48  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                      | UNILEVER PLC-ADR               | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | US        |  11590466 | NS      | $708988805.22  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc                | JOHNSON CONTROLS               | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |   3941759 | NS      | $416328585.58  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                               | GILEAD SCIENCES                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |   9220558 | NS      | $1022283265.46 | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                        | NETAPP INC                     | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |   1250330 | NS      | $133222661.50  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                            | UNITEDHEALTH GRP               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |   4562131 | NS      | $1423248008.07 | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                       | EXELON CORP                    | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |   3395116 | NS      | $147415936.72  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                             | RPM INTL INC                   | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |    157545 | NS      | $17304742.80   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc                            | DARDEN RESTAURAN               | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |   1745793 | NS      | $380530500.21  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                                  | ALTRIA GROUP INC               | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |   3654618 | NS      | $214270253.34  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |  11396032 | NS      | $3141316220.80 | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                 | JOHNSON&JOHNSON                | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |  10153501 | NS      | $1550947277.75 | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                                   | SEALED AIR CORP                | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |   1101950 | NS      | $34193508.50   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Funding Inc/DE                          | BLACKROCK INC                  | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     42943 | NS      | $45057942.75   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                          | LAMB WESTON                    | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     93322 | NS      | $4838745.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                                    | BORGWARNER INC                 | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |   2373417 | NS      | $79462001.16   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/OH                   | AMER FINL GROUP                | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |    230390 | NS      | $29077521.90   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                                 | TRACTOR SUPPLY                 | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |   6607757 | NS      | $348691336.89  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                                 | CISCO SYSTEMS                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |  13903113 | NS      | $964597979.94  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                               | TE CONNECTIVITY                | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | US        |   3189535 | NS      | $537978868.45  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                          | AMERIPRISE FINAN               | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |    302237 | NS      | $161312954.01  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS               | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |   1255468 | NS      | $409809437.34  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                              | LAS VEGAS SANDS                | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |   1745434 | NS      | $75943833.34   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc/The              | PNC FINANCIAL SE               | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |   1029996 | NS      | $192011854.32  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                                 | RALPH LAUREN COR               | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |    241780 | NS      | $66315418.40   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** VANGUARD FENWAY FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer