UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT COMPANY
Investment Company Act file number: | 811-2652 |
Name of Registrant: | Vanguard Index Funds |
Address of Registrant: | P.O. Box 2600 Valley Forge, PA 19482 |
Name and address of agent for service: | R. Gregory Barton, Esquire P.O. Box 876 Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: | December 31 |
Date of reporting period: | January 1, 2004 - December 31, 2004 |
Item 1: | Reports to Shareholders |
Vanguard®500 Index Fund | ||
---|---|---|
December 31, 2004 |
CONTENTS | |
1 | LETTER FROM THE CHAIRMAN |
6 | FUND PROFILE |
7 | GLOSSARY OF INVESTMENT TERMS |
8 | PERFORMANCE SUMMARY |
9 | YOUR FUND'S AFTER-TAX RETURNS |
10 | ABOUT YOUR FUND'S EXPENSES |
12 | FINANCIAL STATEMENTS |
27 | ADVANTAGES OF VANGUARD.COM |
SUMMARY
• | The Investor Shares of Vanguard 500 Index Fund returned 10.7% during the 2004 fiscal year, closely tracking the target benchmark's return. |
• | Despite some concerns about the economy--most notably the job market--the stock market produced solid gains. |
• | Every major stock sector advanced, helping the fund achieve a second consecutive year of gains. Global oil giants and energy-related companies were the star performers. |
VANGUARD’S PLEDGE TO CLIENTS | ||
We recognize that your relationship with Vanguard rests on the twin pillars of trust and excellence, each of which is built upon the character of our people. Our Pledge to Clients reflects our ongoing efforts to deserve your trust and to continually improve so that we can offer you excellence in all that we do. | ||
We will: | ||
• | Put your interests first at all times. | |
• | Continually seek to earn your trust by adhering to the highest standards of ethical behavior and fiduciary responsibility. | |
• | Strive to be the highest-value provider of investment services, which means outstanding investment performance and service, both at the lowest possible cost. | |
• | Communicate candidly not only about the rewards of investing but also about the risks and costs. | |
• | Maintain highly effective controls to safeguard your assets and protect your confidential information. | |
• | Invest a majority of our personal assets alongside yours. | |
| ||
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the cover of this report. Of course, the risks of investing in your fund are spelled out in the prospectus. | ||
| ||
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LETTER FROM THE CHAIRMAN |
Dear Shareholder,
Vanguard 500 Index Fund’s Investor Shares returned 10.7% in 2004, as U.S. stocks continued the rebound that began in 2003. Our lower-cost Admiral Shares returned 10.8%. Your fund’s return nearly matched the 10.9% return of its benchmark, the Standard & Poor’s 500 Index, while surpassing the 7.8% average return of large-cap core funds by almost 3 percentage points.
2004 Total Returns | Fiscal Year Ended December 31 |
---|---|
Vanguard 500 Index Fund | |
Investor Shares | 10.7% |
Admiral Shares | 10.8 |
S&P 500 Index | 10.9 |
Average Large-Cap Core Fund* | 7.8 |
*Derived from data provided by Lipper Inc. |
The table at left provides a snapshot of the total returns for your fund, as well as those of its comparative measures. You can find details about the fund's starting and ending net asset values, as well as its income distributions, in the table on page 5. Shareholders who own the fund in a taxable account may also wish to review the report on the fund's after-tax returns on page 9. It's worth noting that the fund distributed no capital gains to shareholders during the past 12 months, which enhanced its after-tax returns.
THE STOCK MARKET ENJOYED SOLID GAINS
The U.S. stock market rallied following the presidential election in November to post a second consecutive year of solid returns. The gains in the final two months of 2004 capped a year that began with solid advances in stock indexes but was marked in the middle months by investors' uncertainty about the sustainability of economic growth. The broad stock market, as measured by the Dow Jones Wilshire 5000 Composite Index, ended the 12 months with a return of 12.6%.
1
Admiral™ Shares | |
A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund. |
Gains came in many sectors of the market. The strongest performers were energy-related stocks, which were buoyed by higher prices and increased demand for oil. Generally, small-capitalization stocks outpaced large-caps, and value stocks--those with prices considered low relative to company earnings, book value, and other measures--outpaced their growth counterparts.
International stocks, particularly those in emerging markets, posted outstanding returns compared with U.S. stocks. The strong gains abroad were enhanced for investors in the United States by the weakening of the U.S. dollar against most other major currencies. (A weaker dollar means that returns in other currencies translate into more dollars for U.S.-based investors.)
YIELDS ROSE FOR SHORT-TERM BONDS, FELL FOR LONG-TERM ISSUES
At the beginning of 2004, bond investors expected the year to bring higher interest rates across the maturity spectrum. Their expectations were based on increasingly strong economic reports, rising corporate profits, and a belief that the Federal Reserve Board would soon raise the target for short-term interest rates to keep inflation at bay. The actual result, however, was quite different at the short and long ends of the maturity range.
Market Barometer | Average Annual Total Returns | |||
---|---|---|---|---|
Periods Ended December 31, 2004 | ||||
| One Year | Three Years | Five Years | |
Stocks | Russell 1000 Index (Large-caps) | 11.4% | 4.3% | -1.8% |
Russell 2000 Index (Small-caps) | 18.3 | 11.5 | 6.6 | |
Dow Jones Wilshire 5000 Index | 12.6 | 5.5 | -1.4 | |
(Entire market) | ||||
MSCI All Country World Index | ||||
ex USA (International) | 21.4 | 13.6 | 0.0 | |
Bonds | Lehman Aggregate Bond Index | 4.3% | 6.2% | 7.7% |
(Broad taxable market) | ||||
Lehman Municipal Bond Index | 4.5 | 6.4 | 7.2 | |
Citigroup 3-Month Treasury Bill Index | 1.2 | 1.3 | 2.8 | |
CPI | Consumer Price Index | 3.3% | 2.5% | 2.5% |
Yields of longer-maturity bonds closed the year slightly below their starting points. A series of disappointments in the labor market, record prices for crude oil, and continuing geopolitical turmoil kept bond market volatility high. At year-end, the 10-year U.S. Treasury note yielded 4.22%, 3 basis points (0.03 percentage point)
2
below its 4.25% yield at the start of the period. Overall, the taxable investment-grade bond market, as measured by the Lehman Brothers Aggregate Bond Index, returned 4.3%. Across the maturity spectrum, corporate bonds, particularly those from below-investment-grade issuers, generally did better than government securities. The Lehman High Yield Index returned 11.1%.
Yields of shorter-maturity securities, which are generally more closely tied to the Fed’s interest rate moves, rose significantly. As anticipated, the Fed began to exercise its monetary policy to avert any significant surge in inflation. Beginning in June, the Fed raised its target for the federal funds rate from 1.00%, a historical low, to 2.25% through five separate quarter-point increases. The yield of the 3-month Treasury bill, a proxy for money market yields, more than doubled during the 12 months, from 0.92% to 2.21%.
THE FUND SUCCESSFULLY MET ITS OBJECTIVE
As expected, Vanguard 500 Index Fund closely tracked the performance of its unmanaged target index throughout 2004, ultimately lagging the index by just 0.2 percentage point. (The gap was 0.1 percentage point for Admiral Shares.)The fund returned 3.4% in the first six months, as the stock market moved within a fairly narrow trading range. Early on investors seemed enthusiastic about stocks, but in March a more cautious atmosphere emerged as concern grew over rising energy prices and the economy. In the second half of 2004, the fund posted a 7.1% return as the economy showed mixed signs of strength. Much of this gain came in the fourth quarter, when the fund rose 9.2% amid a post-election stock market surge.
All 12 index sectors had positive returns for the year. The best-performing sectors were “other energy” (+37.5%)—home to companies involved in exploration, production, transportation, and marketing of energy-related products—and integrated oils (+28.6%), which includes global giants such as ExxonMobil, ChevronTexaco, and ConocoPhillips. Despite their relatively small weightings, these two sectors’ hefty gains added considerably to the index return. Consumer discretionary stocks (+14.1%) and financial services issues (+10.7%) also contributed prominently to the overall return. Consumer discretionary stocks benefited from the unwavering strength of consumer spending, and financial services stocks weathered rising interest rates to perform respectably as a group.
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As always, a few sectors underperformed the broad market. The lagging sectors were: Health care (+1.3%), beset by concerns over life-threatening pharmaceutical side effects, beginning with the withdrawal of arthritis drug Vioxx from the marketplace; consumer staples (+8.1%); and technology (+2.7%).
AN ENDURING RECORD OF INDEX-TRACKING CONSISTENCY
Over the long term, the strategy of tracking an unmanaged index has shown itself to be as powerful as it is simple. As you can see in the table below, over the past ten years your fund has produced an average return of 12.0% a year, 2.2 percentage points more than the average result for its large-cap core peers—most of which are actively managed. This performance advantage translates into a difference of more than $5,500 in the ending value of a hypothetical $10,000 initital investment.
Total Returns | | Ten Years Ended December 31, 2004 |
---|---|---|
| Average Annual Return | Final Value of a $10,000 Initial Investment |
500 Index Fund | ||
Investor Shares | 12.0% | $31,049 |
S&P 500 Index | 12.1 | 31,258 |
Average Large-Cap | ||
Core Fund | 9.8 | 25,527 |
The fund’s ability to capture almost all of the target market’s return is a credit to the skills of the advisor, Vanguard’s Quantitative Equity Group, as well as to low operating or transaction costs. The dedicated experts in the Quantitative Equity Group have developed proprietary portfolio construction and trading methodologies that have kept the fund’s return very close to that of the index. It’s an impressive feat, because the index is not burdened by real-world operating or transaction costs. Although the fund does incur these expenses, its ten-year annualized return is just one-tenth of a percentage point less than that of the S&P 500 Index.
KEEPING YOUR PORTFOLIO ON COURSE
Although the stock market has now enjoyed two consecutive years of gains after a brutal two-year bear market for stocks, nobody knows when the tough times may return again, or how long they’ll last. As I have counseled on a number of occasions in my reports to you, the best way to weather these storms and achieve long-term investment success is to stick with a carefully chosen portfolio of stocks, bonds, and short-term reserves appropriate for your situation. Avoiding the temptations of the latest “fad” or “hot” investments is also prudent.
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Because of its broad diversification and its goal of capturing market returns, we believe the 500 Index Fund to be one of the most practical ways for many investors to share in the progress of the largest stocks in the U.S. market. As a core component of a stock portfolio that may also include actively managed funds, the 500 Index Fund can serve you well as a low-cost, long-term holding.
If you are looking for guidance in selecting, establishing, and monitoring a long-term asset mix consistent with your needs, I urge you to visit Vanguard.com to explore some of the educational and informative tools and resources we offer.
Thank you for entrusting us with your assets.
Sincerely,
John J. Brennan
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
JANUARY 11, 2005
Your Fund's Performance at a Glance | December 31, 2003-December 31, 2004 | |||
---|---|---|---|---|
Distributions Per Share | ||||
| Starting Share Price | Ending Share Price | Income Dividends | Capital Gains |
500 Index Fund | ||||
Investor Shares | $102.67 | $111.64 | $1.95 | $0.00 |
Admiral Shares | 102.68 | 111.64 | 2.04 | 0.00 |
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| FUND PROFILE |
---|---|
As of 12/31/2004 | This Profile provides a snapshot of the fund's characteristics, compared where appropriate with its unmanaged target index. Key terms are defined on page 7. |
500 INDEX FUND | ||
---|---|---|
Portfolio Characteristics | ||
| Fund | Target Index* |
Number of Stocks | 506 | 500 |
Median Market Cap | $53.1B | $53.1B |
Price/Earnings Ratio | 19.6x | 19.6x |
Price/Book Ratio | 3.0x | 3.0x |
Yield | 1.7% | |
Investor Shares | 1.5% | |
Admiral Shares | 1.7% | |
Return on Equity | 20.1% | 20.1% |
Earnings Growth Rate | 9.5% | 9.5% |
Foreign Holdings | 0.0% | 0.0% |
Turnover Rate | 3%** | — |
Expense Ratio | — | |
Investor Shares | 0.18% | |
Admiral Shares | 0.09% | |
Short-Term Reserves | 0% | — |
Volatility Measures | ||
---|---|---|
| Fund | Target Index* |
R-Squared | 1.00 | 1.00 |
Beta | 1.00 | 1.00 |
Sector Diversification (% of portfolio) | ||
---|---|---|
| Fund | Target Index* |
Auto & Transportation | 3% | 3% |
Consumer Discretionary | 15 | 15 |
Consumer Staples | 7 | 7 |
Financial Services | 22 | 22 |
Health Care | 12 | 12 |
Integrated Oils | 5 | 5 |
Other Energy | 2 | 2 |
Materials & Processing | 4 | 4 |
Producer Durables | 4 | 4 |
Technology | 14 | 14 |
Utilities | 7 | 7 |
Other | 5 | 5 |
*S&P 500 Index | ||
**Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares |
Ten Largest Holdings (% of total net assets) | |
---|---|
General Electric Co. | 3.4% |
(conglomerate) | |
ExxonMobil Corp. | 2.9 |
(oil) | |
Microsoft Corp. | 2.6 |
(software) | |
Citigroup, Inc. | 2.2 |
(banking) | |
Wal-Mart Stores, Inc. | 2.0 |
(retail) | |
Pfizer Inc. | 1.8 |
(pharmaceuticals) | |
Bank of America Corp. | 1.7 |
(banking) | |
Johnson & Johnson | 1.7 |
(pharmaceuticals) | |
American International Group, Inc. | 1.5 |
(insurance) | |
International Business Machines Corp. | 1.4 |
(computer hardware) | |
Top Ten | 21.2% |
"Ten Largest Holdings" excludes any temporary cash investments and equity index products |
Investment Focus
Visit our website at Vanguard.com
for regularly updated fund information.
6
GLOSSARY OF INVESTMENT TERMS |
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. A fund’s beta should be reviewed in conjunction with its R-squared (see definition below). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Foreign Holdings. The percentage of a fund’s equity assets represented by stocks or depositary receipts of companies based outside the United States.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors).
Yield. A snapshot of a fund’s income from interest and dividends. The yield, expressed as a percentage of the fund’s net asset value, is based on income earned over the past 30 days and is annualized, or projected forward for the coming year. The index yield is based on the current annualized rate of income provided by securities in the index.
7
| PERFORMANCE SUMMARY |
---|---|
As of 12/31/2004 | All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (For performance data current to the most recent month-end, which may be higher or lower than that cited, visit our website at www.vanguard.com.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. |
500 INDEX FUND
Cumulative Performance December 31, 1994–December 31, 2004
| Average Annual Total Returns Periods Ended December 31, 2004 | | ||
---|---|---|---|---|
| One Year | Five Years | Ten Years | Final Value of a $10,000 Investment |
500 Index Fund Investor Shares* | 10.74% | -2.38% | 12.00% | $31,049 |
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 11.92 | 30,824 |
S&P 500 Index | 10.88 | -2.30 | 12.07 | 31,258 |
Average Large-Cap Core Fund** | 7.79 | -4.05 | 9.82 | 25,527 |
| One Year | Since Inception† | Final Value of a $250,000 Investment |
---|---|---|---|
500 Index Fund Admiral Shares | 10.82% | -1.07% | $239,174 |
Dow Jones Wilshire 5000 Index | 12.62 | 0.42 | 254,376 |
S&P 500 Index | 10.88 | -1.02 | 239,618 |
Fiscal-Year Total Returns (%) December 31, 1994–December 31, 2004
*Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000.
**Derived from data provided by Lipper Inc.
†November 13, 2000.
Note: See Financial Highlights tables on pages 21 and 22 for dividend and capital gains information.
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YOUR FUND’S AFTER-TAX RETURNS |
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect the reduced tax rates on ordinary income (including qualified dividend income) and short-term capital gains that became effective as of January 1, 2003, and on long-term capital gains realized on or after May 6, 2003. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss.
The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for Investor Shares only; returns for other shares classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns | Periods Ended December 31, 2004 | ||
---|---|---|---|
One Year | Five Years | Ten Years | |
500 Index Fund Investor Shares* | |||
Returns Before Taxes | 10.74% | -2.38% | 12.00% |
Returns After Taxes on Distributions | 10.44 | -2.77 | 11.34 |
Returns After Taxes on Distributions and Sale of Fund Shares | 7.35 | -2.20 | 10.36 |
*Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000 |
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ABOUT YOUR FUND’S EXPENSES |
We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund.
A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table below illustrates your fund's costs in two ways:
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.” |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund's costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case--because the return used is not the fund's actual return--the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended December 31, 2004 | |||
---|---|---|---|
500 Index Fund | Beginning Account Value June 30,2004 | Ending Account Value Dec. 31,2004 | Expenses Paid During Period* |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,071.26 | $0.94 |
Admiral Shares | 1,000.00 | 1,071.74 | 0.42 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,024.23 | $0.92 |
Admiral Shares | 1,000.00 | 1,024.73 | 0.41 |
*The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratios for that period are 0.18% for Investor Shares and 0.08% for Admiral Shares. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period. |
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Expense Ratios: | |||
---|---|---|---|
Your fund compared with its peer group | |||
| Investor Shares | Admiral Shares | Average Large-Cap Core Fund* |
500 Index Fund | 0.18% | 0.09% | 1.44% |
*Peer-group expense ratio is derived from data provided by Lipper Inc. and captures information through year-end 2003. |
Note that the expenses shown in the table on page 10 are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs or account maintenance fees. They do not include your fund’s low-balance fee, which is described in the prospectus. If this fee were applied to your account, your costs would be higher. Your fund does not charge transaction fees, such as purchase or redemption fees, nor does it carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate fund prospectus.
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| |
---|---|
As of 12/31/2004 | FINANCIAL STATEMENTS |
STATEMENT OF NET ASSETS
This Statement provides a detailed list of the fund’s holdings, including each security’s market value on the last day of the reporting period. Securities are grouped and subtotaled by asset type (common stocks, bonds, etc.) and by industry sector. Other assets are added to, and liabilities are subtracted from, the value of Total Investments to calculate the fund’s Net Assets. Finally, Net Assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) Per Share.
At the end of the Statement of Net Assets, you will find a table displaying the composition of the fund’s net assets. Because all income and any realized gains must be distributed to shareholders each year, the bulk of net assets consists of Paid-in Capital (money invested by shareholders). The amounts shown for Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the sums the fund had available to distribute to shareholders as income dividends or capital gains as of the statement date, but may differ because certain investments or transactions may be treated differently for financial statement and tax purposes. Any Accumulated Net Realized Losses, and any cumulative excess of distributions over net income or net realized gains, will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
500 Index Fund | Shares | Market Value^ (000) |
---|---|---|
COMMON STOCKS (99.7%)(1) | ||
Auto & Transportation (2.7%) | ||
United Parcel Service, Inc. | 10,550,588 | $ 901,653 |
FedEx Corp. | 2,829,427 | 278,670 |
Ford Motor Co. | 17,223,511 | 252,152 |
General Motors Corp. | 5,316,998 | 212,999 |
Harley-Davidson, Inc. | 2,765,711 | 168,017 |
Burlington Northern | ||
Santa Fe Corp. | 3,538,736 | 167,418 |
Union Pacific Corp. | 2,443,617 | 164,333 |
Norfolk Southern Corp. | 3,727,819 | 134,910 |
PACCAR, Inc. | 1,635,395 | 131,617 |
Southwest Airlines Co. | 7,338,593 | 119,472 |
CSX Corp. | 2,022,351 | 81,056 |
Genuine Parts Co. | 1,643,929 | 72,432 |
Delphi Corp. | 5,282,743 | 47,650 |
* Navistar International Corp. | 656,753 | 28,884 |
24,416 | ||
* The Goodyear Tire & | ||
Rubber Co. | 1,650,947 | 24,203 |
Cooper Tire & Rubber Co. | 703,454 | 15,160 |
Visteon Corp. | 1,217,231 | 11,892 |
* Delta Air Lines, Inc. | 1,215,983 | 9,096 |
2,846,030 | ||
Consumer Discretionary (14.4%) | ||
Wal-Mart Stores, Inc. | 39,864,585 | 2,105,647 |
Home Depot, Inc. | 20,671,459 | 883,498 |
* Time Warner, Inc. | 43,117,027 | 838,195 |
* eBay Inc. | 6,240,265 | 725,618 |
Viacom Inc. Class B | 15,906,858 | 578,851 |
The Walt Disney Co. | 19,234,363 | 534,715 |
* Yahoo! Inc. | 12,941,826 | 487,648 |
* The News Corp., Inc. | 24,162,416 | 450,871 |
Target Corp. | 8,429,100 | 437,723 |
Lowe's Cos., Inc. | 7,274,380 | 418,932 |
Gillette Co. | 9,345,755 | 418,503 |
McDonald's Corp. | 11,834,631 | 379,418 |
Carnival Corp. | 5,961,282 | 343,549 |
Kimberly-Clark Corp. | 4,591,200 | 302,147 |
* Starbucks Corp. | 3,765,209 | 234,798 |
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| Shares | Market Value^ (000) |
---|---|---|
Cendant Corp. | 9,910,867 | $ 231,716 |
NIKE, Inc. Class B | 2,470,844 | 224,081 |
Costco Wholesale Corp. | 4,415,634 | 213,761 |
Gannett Co., Inc. | 2,402,869 | 196,314 |
Best Buy Co., Inc. | 3,053,692 | 181,450 |
Clear Channel | ||
Communications, Inc. | 5,398,968 | 180,812 |
* Electronic Arts Inc. | 2,874,260 | 177,284 |
The Gap, Inc. | 8,253,170 | 174,307 |
Avon Products, Inc. | 4,452,142 | 172,298 |
The McGraw-Hill Cos., Inc. | 1,787,707 | 163,647 |
Waste Management, Inc. | 5,385,751 | 161,249 |
* Kohl's Corp. | 3,229,669 | 158,803 |
Staples, Inc. | 4,687,010 | 157,999 |
Omnicom Group Inc. | 1,754,012 | 147,898 |
* Apollo Group, Inc. Class A | 1,743,722 | 140,736 |
Marriott International, Inc. | ||
Class A | 2,104,984 | 132,572 |
Yum! Brands, Inc. | 2,757,554 | 130,101 |
Tribune Co. | 2,990,782 | 126,032 |
TJX Cos., Inc. | 4,536,146 | 113,993 |
Starwood Hotels & Resorts | ||
Worldwide, Inc. | 1,951,232 | 113,952 |
* Bed Bath & Beyond, Inc. | 2,832,862 | 112,833 |
International Game Technology | 3,244,231 | 111,537 |
J.C. Penney Co., Inc. | ||
(Holding Co.) | 2,688,537 | 111,305 |
* Coach, Inc. | 1,778,361 | 100,300 |
Sears, Roebuck & Co. | 1,946,836 | 99,347 |
Federated Department | ||
Stores, Inc. | 1,592,884 | 92,053 |
* Univision Communications Inc. | 3,042,492 | 89,054 |
Limited Brands, Inc. | 3,825,946 | 88,073 |
Eastman Kodak Co. | 2,698,637 | 87,031 |
Hilton Hotels Corp. | 3,633,885 | 82,635 |
May Department Stores Co. | 2,748,606 | 80,809 |
Mattel, Inc. | 3,906,286 | 76,134 |
R.R. Donnelley & Sons Co. | 2,067,235 | 72,953 |
Cintas Corp. | 1,615,858 | 70,872 |
Harrah's Entertainment, Inc. | 1,055,023 | 70,570 |
* Fisher Scientific | ||
International Inc. | 1,104,134 | 68,876 |
* AutoZone Inc. | 751,136 | 68,586 |
Black & Decker Corp. | 760,075 | 67,138 |
Dollar General Corp. | 3,084,539 | 64,066 |
Newell Rubbermaid, Inc. | 2,586,821 | 62,575 |
Nordstrom, Inc. | 1,318,607 | 61,619 |
VF Corp. | 1,045,622 | 57,907 |
New York Times Co. Class A | 1,366,417 | 55,750 |
* Interpublic Group of Cos., Inc. | 3,980,865 | 53,344 |
Leggett & Platt, Inc. | 1,797,057 | 51,090 |
* Office Depot, Inc. | 2,940,906 | 51,054 |
Family Dollar Stores, Inc. | 1,578,590 | 49,299 |
RadioShack Corp. | 1,491,100 | 49,027 |
Knight Ridder | 724,952 | 48,528 |
Robert Half International, Inc. | 1,632,189 | 48,035 |
* AutoNation, Inc. | 2,490,115 | 47,835 |
Tiffany & Co. | 1,369,739 | 43,791 |
Whirlpool Corp. | 625,383 | 43,283 |
Liz Claiborne, Inc. | 1,021,888 | 43,134 |
Wendy's International, Inc. | 1,072,987 | 42,125 |
Jones Apparel Group, Inc. | 1,150,588 | 42,077 |
Alberto-Culver Co. Class B | 856,793 | 41,614 |
* Toys R Us, Inc. | 2,024,435 | 41,440 |
Darden Restaurants Inc. | 1,480,018 | 41,056 |
International Flavors & | ||
Fragrances, Inc. | 887,174 | 38,007 |
The Stanley Works | 774,378 | 37,937 |
* Monster Worldwide Inc. | 1,121,046 | 37,712 |
Hasbro, Inc. | 1,664,913 | 32,266 |
Circuit City Stores, Inc. | 1,841,979 | 28,809 |
Sabre Holdings Corp. | 1,276,347 | 28,284 |
* Allied Waste Industries, Inc. | 2,995,862 | 27,802 |
OfficeMax, Inc. | 878,832 | 27,578 |
Meredith Corp. | 470,308 | 25,491 |
Reebok International Ltd. | 547,810 | 24,104 |
Dillard's Inc. | 774,166 | 20,802 |
* Convergys Corp. | 1,332,221 | 19,970 |
Snap-On Inc. | 541,203 | 18,596 |
Maytag Corp. | 744,389 | 15,707 |
* Big Lots Inc. | 1,064,551 | 12,913 |
Viacom Inc. Class A | 143,386 | 5,317 |
* News Corp., Inc., Class B | 9,800 | 188 |
15,429,356 | ||
Consumer Staples (7.3%) | ||
The Procter & Gamble Co. | 23,878,927 | 1,315,251 |
Altria Group, Inc. | 19,321,823 | 1,180,563 |
The Coca-Cola Co. | 22,775,172 | 948,130 |
PepsiCo, Inc. | 15,856,756 | 827,723 |
Anheuser-Busch Cos., Inc. | 7,437,260 | 377,292 |
Walgreen Co. | 9,620,375 | 369,134 |
Colgate-Palmolive Co. | 4,991,860 | 255,384 |
Sysco Corp. | 6,022,726 | 229,887 |
Sara Lee Corp. | 7,387,797 | 178,341 |
Kellogg Co. | 3,886,935 | 173,591 |
General Mills, Inc. | 3,429,916 | 170,501 |
VS Corp. | 3,766,037 | 169,735 |
Wm. Wrigley Jr. Co. | 2,112,806 | 146,185 |
ConAgra Foods, Inc. | 4,841,311 | 142,577 |
Hershey Foods Corp. | 2,316,521 | 128,660 |
H.J. Heinz Co. | 3,288,478 | 128,218 |
* The Kroger Co. | 6,957,546 | 122,035 |
Campbell Soup Co. | 3,873,350 | 115,774 |
Reynolds American Inc. | 1,389,044 | 109,179 |
13
500 Index Fund | Shares | Market Value^ (000) |
---|---|---|
Coca-Cola Enterprises, Inc. | 4,417,079 | $ 92,096 |
The Clorox Co. | 1,430,806 | 84,317 |
* Safeway, Inc. | 4,212,507 | 83,155 |
Albertson's, Inc. | 3,464,728 | 82,738 |
UST, Inc. | 1,555,460 | 74,833 |
The Pepsi Bottling Group, Inc. | 2,354,199 | 63,658 |
Brown-Forman Corp. Class B | 1,146,507 | 55,812 |
McCormick & Co., Inc. | 1,287,010 | 49,679 |
SuperValu Inc. | 1,263,776 | 43,626 |
Adolph Coors Co. Class B | 352,026 | 26,638 |
7,744,712 | ||
Financial Services (21.6%) | ||
Citigroup, Inc. | 48,853,394 | 2,353,757 |
Bank of America Corp. | 38,022,455 | 1,786,675 |
American International | ||
Group, Inc. | 24,517,995 | 1,610,097 |
JPMorgan Chase & Co. | 33,535,039 | 1,308,202 |
Wells Fargo & Co. | 15,926,322 | 989,821 |
Wachovia Corp. | 15,095,823 | 794,040 |
American Express Co. | 11,815,664 | 666,049 |
Fannie Mae | 9,111,350 | 648,819 |
Morgan Stanley | 10,303,752 | 572,064 |
U.S. Bancorp | 17,576,359 | 550,492 |
Merrill Lynch & Co., Inc. | 8,767,806 | 524,052 |
Freddie Mac | 6,491,002 | 478,387 |
The Goldman Sachs Group, Inc. | 4,557,939 | 474,208 |
Washington Mutual, Inc. | 8,218,692 | 347,486 |
MBNA Corp. | 12,027,299 | 339,050 |
Allstate Corp. | 6,459,673 | 334,094 |
First Data Corp. | 7,811,695 | 332,310 |
Metropolitan Life Insurance Co. | 7,006,828 | 283,847 |
Prudential Financial, Inc. | 4,829,135 | 265,409 |
SunTrust Banks, Inc. | 3,490,316 | 257,865 |
Fifth Third Bancorp | 5,283,782 | 249,817 |
The Bank of New York Co., Inc. | 7,313,367 | 244,413 |
Automatic Data Processing, Inc. | 5,483,699 | 243,202 |
National City Corp. | 6,378,047 | 239,496 |
St. Paul Travelers Cos., Inc. | 6,302,014 | 233,616 |
Lehman Brothers Holdings, Inc. | 2,536,211 | 221,868 |
BB&T Corp. | 5,199,701 | 218,647 |
SLM Corp. | 4,046,161 | 216,025 |
Countrywide Financial Corp. | 5,463,721 | 202,212 |
Capital One Financial Corp. | 2,284,850 | 192,407 |
The Hartford Financial | ||
Services Group Inc. | 2,764,824 | 191,630 |
AFLAC Inc. | 4,763,089 | 189,761 |
Golden West Financial Corp. | 2,882,529 | 177,045 |
Franklin Resources Corp. | 2,347,653 | 163,514 |
Marsh & McLennan Cos., Inc. | 4,960,264 | 163,193 |
Progressive Corp. of Ohio | 1,884,660 | 159,895 |
Regions Financial Corp. | 4,375,292 | 155,717 |
State Street Corp. | 3,138,540 | 154,165 |
PNC Financial Services Group | 2,660,663 | 152,828 |
Charles Schwab Corp. | 12,679,647 | 151,649 |
The Chubb Corp. | 1,803,259 | 138,671 |
Simon Property | ||
Group, Inc. REIT | 2,081,948 | 134,640 |
KeyCorp | 3,827,682 | 129,758 |
North Fork Bancorp, Inc. | 4,430,420 | 127,818 |
Mellon Financial Corp. | 3,987,114 | 124,039 |
Loews Corp. | 1,746,230 | 122,760 |
Paychex, Inc. | 3,560,162 | 121,330 |
Moody's Corp. | 1,392,339 | 120,925 |
The Principal Financial | ||
Group, Inc. | 2,889,616 | 118,301 |
M & T Bank Corp. | 1,093,311 | 117,903 |
ACE Ltd. | 2,675,285 | 114,368 |
Equity Office Properties | ||
Trust REIT | 3,795,877 | 110,536 |
CIGNA Corp. | 1,263,833 | 103,091 |
XL Capital Ltd. Class A | 1,305,274 | 101,355 |
Northern Trust Corp. | 2,063,599 | 100,250 |
Bear Stearns Co., Inc. | 971,929 | 99,438 |
Comerica, Inc. | 1,605,637 | 97,976 |
Equity Residential REIT | 2,661,884 | 96,307 |
Marshall & Ilsley Corp. | 2,103,283 | 92,965 |
CIT Group Inc. | 1,978,567 | 90,658 |
AmSouth Bancorp | 3,342,770 | 86,578 |
Ambac Financial Group, Inc. | 1,022,942 | 84,014 |
MBIA, Inc. | 1,324,737 | 83,829 |
Synovus Financial Corp. | 2,914,931 | 83,309 |
* SunGard Data Systems, Inc. | 2,719,323 | 77,038 |
Lincoln National Corp. | 1,643,624 | 76,724 |
H & R Block, Inc. | 1,550,631 | 75,981 |
T. Rowe Price Group Inc. | 1,206,344 | 75,035 |
ProLogis REIT | 1,731,140 | 75,010 |
* Fiserv, Inc. | 1,841,241 | 73,999 |
Sovereign Bancorp, Inc. | 3,249,575 | 73,278 |
Aon Corp. | 2,978,956 | 71,078 |
Cincinnati Financial Corp. | 1,582,003 | 70,019 |
Archstone-Smith Trust REIT | 1,817,627 | 69,615 |
Jefferson-Pilot Corp. | 1,285,153 | 66,777 |
Plum Creek Timber Co. Inc. | ||
REIT | 1,728,096 | 66,428 |
MGIC Investment Corp. | 911,049 | 62,780 |
SAFECO Corp. | 1,193,946 | 62,372 |
Torchmark Corp. | 1,017,657 | 58,149 |
Zions Bancorp | 844,096 | 57,424 |
Compass Bancshares Inc. | 1,154,582 | 56,194 |
Huntington Bancshares Inc. | 2,175,546 | 53,910 |
* E*TRADE Financial Corp. | 3,500,938 | 52,339 |
UnumProvident Corp. | 2,791,004 | 50,071 |
First Horizon National Corp. | 1,159,107 | 49,969 |
* Providian Financial Corp. | 2,759,207 | 45,444 |
14
| Shares | Market Value^ (000) |
---|---|---|
Janus Capital Group Inc. | 2,224,290 | $ 37,390 |
Equifax, Inc. | 1,270,530 | 35,702 |
Apartment Investment & | ||
Management Co. | ||
Class A REIT | 891,383 | 34,354 |
Dow Jones & Co., Inc. | 770,684 | 33,186 |
Federated Investors, Inc. | 1,011,442 | 30,748 |
Ryder System, Inc. | 605,296 | 28,915 |
23,058,572 | ||
Health Care (12.3%) | ||
Pfizer Inc. | 70,892,473 | 1,906,299 |
Johnson & Johnson | 27,936,445 | 1,771,729 |
* Amgen, Inc. | 11,956,361 | 767,001 |
Abbott Laboratories | 14,660,383 | 683,907 |
Merck & Co., Inc. | 20,875,144 | 670,927 |
Eli Lilly & Co. | 10,652,659 | 604,538 |
Medtronic, Inc. | 11,378,269 | 565,159 |
UnitedHealth Group Inc. | 6,152,933 | 541,643 |
Wyeth | 12,559,378 | 534,904 |
Bristol-Myers Squibb Co. | 18,314,839 | 469,226 |
* WellPoint Inc. | 2,778,568 | 319,535 |
Schering-Plough Corp. | 13,863,754 | 289,475 |
* Boston Scientific Corp. | 7,949,428 | 282,602 |
Cardinal Health, Inc. | 4,067,374 | 236,518 |
Guidant Corp. | 2,998,877 | 216,219 |
* Biogen Idec Inc. | 3,139,960 | 209,153 |
Baxter International, Inc. | 5,802,937 | 200,433 |
* Zimmer Holdings, Inc. | 2,309,196 | 185,013 |
Stryker Corp. | 3,784,489 | 182,602 |
Aetna Inc. | 1,389,914 | 173,392 |
* Caremark Rx, Inc. | 4,279,084 | 168,724 |
HCA Inc. | 3,965,133 | 158,447 |
* Forest Laboratories, Inc. | 3,467,989 | 155,574 |
* Gilead Sciences, Inc. | 4,075,317 | 142,595 |
* St. Jude Medical, Inc. | 3,365,772 | 141,127 |
* Genzyme Corp.- | ||
General Division | 2,333,317 | 135,496 |
Becton, Dickinson & Co. | 2,384,286 | 135,427 |
* Medco Health Solutions, Inc. | 2,565,180 | 106,711 |
Biomet, Inc. | 2,383,025 | 103,399 |
Allergan, Inc. | 1,235,892 | 100,194 |
Quest Diagnostics, Inc. | 952,736 | 91,034 |
McKesson Corp. | 2,766,768 | 87,043 |
* Laboratory Corp. of | ||
America Holdings | 1,302,219 | 64,877 |
* MedImmune Inc. | 2,341,340 | 63,474 |
C.R. Bard, Inc. | 985,190 | 63,032 |
* Chiron Corp. | 1,758,828 | 58,622 |
AmerisourceBergen Corp. | 989,522 | 58,065 |
* Express Scripts Inc. | 715,332 | 54,680 |
Health Management | ||
Associates Class A | 2,291,275 | 52,058 |
IMS Health, Inc. | 2,183,265 | 50,674 |
* Hospira, Inc. | 1,469,408 | 49,225 |
* Tenet Healthcare Corp. | 4,393,025 | 48,235 |
Mylan Laboratories, Inc. | 2,533,191 | 44,787 |
* Humana Inc. | 1,500,587 | 44,552 |
* Watson Pharmaceuticals, Inc. | 1,029,922 | 33,792 |
Bausch & Lomb, Inc. | 502,931 | 32,419 |
Manor Care, Inc. | 814,094 | 28,843 |
* King Pharmaceuticals, Inc. | 2,271,985 | 28,173 |
* Millipore Corp. | 468,190 | 23,321 |
13,134,875 | ||
Integrated Oils (4.9%) | ||
ExxonMobil Corp. | 60,728,798 | 3,112,958 |
ChevronTexaco Corp. | 19,943,409 | 1,047,228 |
ConocoPhillips Co. | 6,497,487 | 564,177 |
Occidental Petroleum Corp. | 3,715,694 | 216,848 |
Marathon Oil Corp. | 3,262,378 | 122,698 |
Unocal Corp. | 2,477,512 | 107,128 |
Amerada Hess Corp. | 862,800 | 71,077 |
5,242,114 | ||
Other Energy (2.1%) | ||
Schlumberger Ltd. | 5,542,094 | 371,043 |
Devon Energy Corp. | 4,575,216 | 178,067 |
Halliburton Co. | 4,160,544 | 163,260 |
Burlington Resources, Inc. | 3,685,379 | 160,314 |
Apache Corp. | 3,073,294 | 155,416 |
Anadarko Petroleum Corp. | 2,328,316 | 150,898 |
Baker Hughes, Inc. | 3,157,959 | 134,750 |
* Transocean Inc. | 3,027,068 | 128,317 |
Valero Energy Corp. | 2,415,931 | 109,683 |
Williams Cos., Inc. | 5,238,163 | 85,330 |
Kerr-McGee Corp. | 1,427,994 | 82,524 |
XTO Energy, Inc. | 2,332,002 | 82,506 |
EOG Resources, Inc. | 1,116,286 | 79,658 |
* Nabors Industries, Inc. | 1,407,453 | 72,188 |
BJ Services Co. | 1,520,387 | 70,759 |
* Noble Corp. | 1,274,305 | 63,384 |
El Paso Corp. | 6,055,053 | 62,973 |
Sunoco, Inc. | 688,401 | 56,249 |
* Rowan Cos., Inc. | 1,008,625 | 26,123 |
* Calpine Corp. | 5,029,743 | 19,817 |
* Dynegy, Inc. | 3,570,654 | 16,496 |
2,269,755 | ||
Materials & Processing (3.6%) | ||
E.I. du Pont de Nemours & Co. | 9,349,383 | 458,587 |
Dow Chemical Co. | 8,876,608 | 439,481 |
Alcoa Inc. | 8,194,207 | 257,462 |
International Paper Co. | 4,580,518 | 192,382 |
Newmont Mining Corp. | ||
(Holding Co.) | 4,178,708 | 185,576 |
Masco Corp. | 4,217,243 | 154,056 |
Weyerhaeuser Co. | 2,258,026 | 151,785 |
15
500 Index Fund | Shares | Market Value^ (000) |
---|---|---|
Monsanto Co. | 2,488,911 | $ 138,259 |
Archer-Daniels-Midland Co. | 6,161,286 | 137,458 |
Praxair, Inc. | 3,056,850 | 134,960 |
Air Products & Chemicals, Inc. | 2,139,829 | 124,046 |
PPG Industries, Inc. | 1,618,125 | 110,291 |
Rohm & Haas Co. | 2,116,627 | 93,618 |
Georgia Pacific Group | 2,429,357 | 91,052 |
Phelps Dodge Corp. | 898,757 | 88,905 |
Ecolab, Inc. | 2,425,970 | 85,224 |
* American Standard Cos., Inc. | 2,019,453 | 83,444 |
Nucor Corp. | 1,497,632 | 78,386 |
MeadWestvaco Corp. | 1,907,669 | 64,651 |
Freeport-McMoRan Copper & | ||
Gold, Inc. Class B | 1,680,620 | 64,250 |
Avery Dennison Corp. | 1,039,797 | 62,357 |
Sherwin-Williams Co. | 1,330,636 | 59,386 |
United States Steel Corp. | 1,070,234 | 54,849 |
Vulcan Materials Co. | 964,060 | 52,647 |
Ball Corp. | 1,060,051 | 46,621 |
Fluor Corp. | 788,836 | 42,999 |
Eastman Chemical Co. | 733,658 | 42,354 |
* Sealed Air Corp. | 786,159 | 41,879 |
Sigma-Aldrich Corp. | 649,435 | 39,265 |
Ashland, Inc. | 669,045 | 39,059 |
Temple-Inland Inc. | 526,671 | 36,024 |
* Pactiv Corp. | 1,398,184 | 35,360 |
Engelhard Corp. | 1,151,288 | 35,310 |
Bemis Co., Inc. | 1,006,744 | 29,286 |
Louisiana-Pacific Corp. | 1,035,048 | 27,677 |
Allegheny Technologies Inc. | 899,035 | 19,482 |
* Hercules, Inc. | 1,052,399 | 15,628 |
Great Lakes Chemical Corp. | 479,869 | 13,671 |
3,827,727 | ||
Producer Durables (4.2%) | ||
United Technologies Corp. | 4,810,685 | 497,184 |
The Boeing Co. | 7,903,489 | 409,164 |
Caterpillar, Inc. | 3,212,234 | 313,225 |
Emerson Electric Co. | 3,951,144 | 276,975 |
* Applied Materials, Inc. | 15,986,239 | 273,365 |
Illinois Tool Works, Inc. | 2,783,504 | 257,975 |
Lockheed Martin Corp. | 4,167,124 | 231,484 |
Northrop Grumman Corp. | 3,466,313 | 188,429 |
Deere & Co. | 2,335,985 | 173,797 |
Danaher Corp. | 2,905,153 | 166,785 |
* Xerox Corp. | 8,976,595 | 152,692 |
Ingersoll-Rand Co. | 1,621,218 | 130,184 |
* Agilent Technologies, Inc. | 4,571,285 | 110,168 |
* Lexmark International, Inc. | 1,215,205 | 103,292 |
Pitney Bowes, Inc. | 2,170,975 | 100,473 |
* KLA-Tencor Corp. | 1,839,955 | 85,705 |
Parker Hannifin Corp. | 1,124,739 | 85,188 |
Dover Corp. | 1,914,420 | 80,291 |
Pulte Homes, Inc. | 1,200,802 | 76,611 |
Centex Corp. | 1,170,034 | 69,711 |
Rockwell Collins, Inc. | 1,661,870 | 65,544 |
Cooper Industries, Inc. Class A | 863,987 | 58,656 |
W.W. Grainger, Inc. | 848,059 | 56,498 |
* Waters Corp. | 1,137,537 | 53,225 |
Molex, Inc. | 1,768,881 | 53,066 |
KB HOME | 435,716 | 45,489 |
* Thermo Electron Corp. | 1,505,681 | 45,457 |
American Power | ||
Conversion Corp. | 1,800,483 | 38,530 |
Novellus Systems, Inc. | 1,315,902 | 36,701 |
Goodrich Corp. | 1,119,558 | 36,542 |
Cummins Inc. | 428,135 | 35,873 |
Pall Corp. | 1,166,209 | 33,762 |
* Teradyne, Inc. | 1,826,371 | 31,176 |
Tektronix, Inc. | 847,876 | 25,614 |
* Andrew Corp. | 1,513,705 | 20,632 |
* Power-One, Inc. | 788,702 | 7,035 |
Molex, Inc. Class A | 4,051 | 108 |
4,426,606 | ||
Technology (14.3%) | ||
Microsoft Corp. | 102,338,828 | 2,733,470 |
International Business | ||
Machines Corp. | 15,670,493 | 1,544,797 |
Intel Corp. | 59,521,024 | 1,392,197 |
* Cisco Systems, Inc. | 61,984,951 | 1,196,310 |
* Dell Inc. | 23,385,836 | 985,479 |
* Oracle Corp. | 48,276,459 | 662,353 |
QUALCOMM Inc. | 15,429,385 | 654,206 |
Hewlett-Packard Co. | 28,427,615 | 596,127 |
Texas Instruments, Inc. | 16,265,729 | 400,462 |
Motorola, Inc. | 22,916,415 | 394,162 |
* EMC Corp. | 22,557,203 | 335,426 |
* Apple Computer, Inc. | 3,784,751 | 243,738 |
General Dynamics Corp. | 1,885,474 | 197,221 |
Computer Associates | ||
International, Inc. | 5,512,960 | 171,233 |
* Sun Microsystems, Inc. | 31,658,070 | 170,320 |
Raytheon Co. | 4,255,427 | 165,238 |
* Lucent Technologies, Inc. | 41,613,361 | 156,466 |
* Corning, Inc. | 13,199,868 | 155,362 |
* Symantec Corp. | 5,969,879 | 153,784 |
Adobe Systems, Inc. | 2,246,380 | 140,938 |
Analog Devices, Inc. | 3,538,013 | 130,623 |
Maxim Integrated | ||
Products, Inc. | 3,061,712 | 129,786 |
* Veritas Software Corp. | 3,973,777 | 113,451 |
* Network Appliance, Inc. | 3,377,466 | 112,199 |
Linear Technology Corp. | 2,890,315 | 112,029 |
Electronic Data Systems Corp. | 4,837,197 | 111,739 |
* Computer Sciences Corp. | 1,781,684 | 100,434 |
16
| Shares | Market Value^ (000) |
---|---|---|
* Broadcom Corp. | 3,097,790 | $ 99,997 |
Xilinx, Inc. | 3,278,827 | 97,217 |
Rockwell Automation, Inc. | 1,733,922 | 85,916 |
Autodesk, Inc. | 2,160,441 | 81,989 |
* Advanced Micro Devices, Inc. | 3,632,781 | 79,994 |
L-3 Communications | ||
Holdings, Inc. | 1,084,054 | 79,396 |
* Intuit, Inc. | 1,764,403 | 77,651 |
* Avaya Inc. | 4,309,489 | 74,123 |
* Affiliated Computer | ||
Services, Inc. Class A | 1,210,080 | 72,835 |
* Altera Corp. | 3,504,591 | 72,545 |
* Micron Technology, Inc. | 5,764,997 | 71,198 |
* NCR Corp. | 877,590 | 60,756 |
National Semiconductor Corp. | 3,371,305 | 60,515 |
* Freescale Semiconductor, Inc. | 2,950,614 | 54,173 |
* Siebel Systems, Inc. | 4,783,651 | 50,228 |
* Solectron Corp. | 9,139,218 | 48,712 |
* Jabil Circuit, Inc. | 1,896,869 | 48,522 |
Scientific-Atlanta, Inc. | 1,443,253 | 47,642 |
* Comverse Technology, Inc. | 1,860,647 | 45,493 |
* JDS Uniphase Corp. | 13,593,087 | 43,090 |
* Sanmina-SCI Corp. | 4,905,786 | 41,552 |
Symbol Technologies, Inc. | 2,263,287 | 39,155 |
* Citrix Systems, Inc. | 1,594,582 | 39,115 |
* BMC Software, Inc. | 2,087,745 | 38,832 |
Applera Corp.-Applied | ||
Biosystems Group | 1,847,307 | 38,627 |
* Tellabs, Inc. | 4,348,961 | 37,358 |
* NVIDIA Corp. | 1,564,648 | 36,863 |
* Mercury Interactive Corp. | 794,032 | 36,168 |
* Unisys Corp. | 3,159,475 | 32,163 |
* QLogic Corp. | 870,316 | 31,967 |
PerkinElmer, Inc. | 1,205,857 | 27,120 |
* Novell, Inc. | 3,533,942 | 23,854 |
* Compuware Corp. | 3,640,873 | 23,556 |
* Gateway, Inc. | 3,518,178 | 21,144 |
* ADC Telecommunications, Inc. | 7,614,254 | 20,406 |
* LSI Logic Corp. | 3,623,570 | 19,857 |
* PMC Sierra Inc. | 1,677,641 | 18,873 |
* CIENA Corp. | 5,382,291 | 17,977 |
* Parametric Technology Corp. | 2,528,921 | 14,895 |
* Freescale Semiconductor Inc. | 719,000 | 12,813 |
* Applied Micro Circuits Corp. | 2,903,986 | 12,226 |
* PeopleSoft, Inc. | 1,200 | 32 |
15,196,095 | ||
Utilities (6.9%) | ||
Verizon Communications Inc. | 26,065,391 | 1,055,909 |
SBC Communications Inc. | 31,209,440 | 804,267 |
* Comcast Corp. Class A | 19,082,547 | 635,067 |
BellSouth Corp. | 17,243,192 | 479,188 |
Sprint Corp. | 13,846,891 | 344,095 |
* Nextel Communications, Inc. | 10,461,102 | 313,833 |
Exelon Corp. | 6,236,891 | 274,860 |
Southern Co. | 6,963,063 | 233,402 |
Duke Energy Corp. | 9,005,423 | 228,107 |
Dominion Resources, Inc. | 3,120,026 | 211,351 |
ALLTEL Corp. | 2,859,483 | 168,023 |
TXU Corp. | 2,261,365 | 145,994 |
AT&T Corp. | 7,491,886 | 142,795 |
Entergy Corp. | 2,104,322 | 142,231 |
FPL Group, Inc. | 1,747,075 | 130,594 |
American Electric | ||
Power Co., Inc. | 3,725,035 | 127,918 |
* PG&E Corp. | 3,794,894 | 126,294 |
FirstEnergy Corp. | 3,104,887 | 122,674 |
Public Service Enterprise | ||
Group, Inc. | 2,237,766 | 115,849 |
Progress Energy, Inc. | 2,325,623 | 105,211 |
Consolidated Edison Inc. | 2,278,191 | 99,671 |
Edison International | 3,067,046 | 98,237 |
PPL Corp. | 1,779,591 | 94,817 |
Ameren Corp. | 1,833,793 | 91,946 |
Kinder Morgan, Inc. | 1,166,200 | 85,284 |
* AES Corp. | 6,107,482 | 83,489 |
Sempra Energy | 2,197,014 | 80,586 |
* Qwest Communications | ||
International Inc. | 17,093,925 | 75,897 |
Constellation Energy | ||
Group, Inc. | 1,655,385 | 72,357 |
Cinergy Corp. | 1,706,221 | 71,030 |
DTE Energy Co. | 1,637,541 | 70,627 |
Xcel Energy, Inc. | 3,768,630 | 68,589 |
KeySpan Corp. | 1,511,855 | 59,643 |
* Comcast Corp. Special | ||
Class A | 1,814,271 | 59,581 |
NiSource, Inc. | 2,545,362 | 57,983 |
CenturyTel, Inc. | 1,266,870 | 44,936 |
Citizens Communications Co. | 3,157,829 | 43,546 |
Pinnacle West Capital Corp. | 862,068 | 38,284 |
CenterPoint Energy Inc. | 2,895,160 | 32,715 |
TECO Energy, Inc. | 1,877,923 | 28,807 |
* Allegheny Energy, Inc. | 1,290,976 | 25,445 |
* CMS Energy Corp. | 1,833,062 | 19,155 |
Peoples Energy Corp. | 353,776 | 15,548 |
NICOR Inc. | 414,253 | 15,303 |
7,341,138 | ||
Other (5.4%) | ||
General Electric Co. | 99,519,923 | 3,632,477 |
Tyco International Ltd. | 18,936,093 | 676,776 |
3M Co. | 7,328,760 | 601,471 |
Honeywell International Inc. | 8,097,188 | 286,721 |
17
500 Index Fund | Shares | Market Value^ (000) |
---|---|---|
Johnson Controls, Inc. | 1,791,903 | $ 113,678 |
Fortune Brands, Inc. | 1,357,009 | 104,734 |
Eaton Corp. | 1,429,898 | 103,467 |
Textron, Inc. | 1,294,268 | 95,517 |
ITT Industries, Inc. | 869,087 | 73,394 |
Brunswick Corp. | 905,642 | 44,829 |
5,733,064 | ||
TOTAL COMMON STOCKS | ||
(Cost $77,134,738) | 106,250,044 | |
TEMPORARY CASH INVESTMENTS (0.8%)(1) | ||
Money Market Fund (0.8%) | ||
Vanguard Market Liquidity | ||
Fund, 2.26%** | 386,976,772 | 386,977 |
Vanguard Market Liquidity | ||
Fund, 2.26%**—Note E | 463,628,200 | 463,628 |
850,605 | ||
Face | ||
Amount | ||
(000) | ||
U.S. Government Obligation | ||
U.S. Treasury Bill | ||
(2) 1.73%, 1/27/2005 | $33,700 | 33,659 |
TOTAL TEMPORARY CASH INVESTMENTS | ||
(Cost $884,264) | 884,264 | |
TOTAL INVESTMENTS (100.5%) | ||
(Cost $78,019,002) | 107,134,308 | |
OTHER ASSETS AND LIABILITIES (-0.5%) | ||
Other Assets—Note B | 475,728 | |
Liabilities—Note E | (1,031,322) | |
(555,594) | ||
NET ASSETS (100%) | $106,578,714 | |
^See Note A in Notes to Financial Statements. | ||
*Non-income-producing security | ||
**Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. | ||
(1)The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and 0.5%, respectively, of net assets. See Note C in Notes to Financial Statements. | ||
(2)Security has been segregated as initial margin for open futures contracts. REIT--Real Estate Investment Trust. | ||
REIT—Real Estate Investment Trust. |
| Amount (000) |
---|---|
AT DECEMBER 31, 2004, NET ASSETS CONSISTED OF: | |
Paid-in Capital | $ 82,013,167 |
Overdistributed Net Investment Income | (113,247) |
Accumulated Net Realized Losses | (4,440,512) |
Unrealized Appreciation | |
Investment Securities | 29,115,306 |
Futures Contracts | 4,000 |
NET ASSETS | $106,578,714 |
Investor Shares—Net Assets | |
Applicable to 753,924,061 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $84,167,072 |
NET ASSET VALUE PER SHARE— | |
INVESTOR SHARES | $111.64 |
Admiral Shares—Net Assets | |
Applicable to 200,744,826 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $22,411,642 |
NET ASSET VALUE PER SHARE— | |
ADMIRAL SHARES | $111.64 |
See Note C in Notes to Financial Statements for the tax-basis components of net assets. |
18
STATEMENT OF OPERATIONS
This Statement shows the types of income earned by the fund during the reporting period, and details the operating expenses charged to each class of its shares. These expenses directly reduce the amount of investment income available to pay to shareholders as income dividends. This Statement also shows any Net Gain (Loss) realized on the sale of investments, and the increase or decrease in the Unrealized Appreciation (Depreciation) of investments during the period.
| 500 Index Fund Year Ended December 31, 2004 (000) |
---|---|
INVESTMENT INCOME | |
Income | |
Dividends | $ 1,995,842 |
Interest | 6,131 |
Security Lending | 868 |
Total Income | 2,002,841 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 78 |
Management and Administrative | |
Investor Shares | 125,719 |
Admiral Shares | 15,117 |
Marketing and Distribution | |
Investor Shares | 10,986 |
Admiral Shares | 2,610 |
Custodian Fees | 461 |
Auditing Fees | 18 |
Shareholders' Reports | |
Investor Shares | 1,345 |
Admiral Shares | 15 |
Trustees' Fees and Expenses | 103 |
Total Expenses | 156,452 |
NET INVESTMENT INCOME | 1,846,389 |
REALIZED NET GAIN (LOSS) | |
Investment Securities Sold | 249,908 |
Futures Contracts | 63,457 |
REALIZED NET GAIN (LOSS) | 313,365 |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | |
Investment Securities | 8,170,956 |
Futures Contracts | (24,228) |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | 8,146,728 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $10,306,482 |
19
STATEMENT OF CHANGES IN NET ASSETS
This Statement shows how the fund’s total net assets changed during the two most recent reporting periods. The Operations section summarizes information detailed in the Statement of Operations. The amounts shown as Distributions to shareholders from the fund’s net income and capital gains may not match the amounts shown in the Operations section, because distributions are determined on a tax basis and may be made in a period different from the one in which the income was earned or the gains were realized on the financial statements. The Capital Share Transactions section shows the net amount shareholders invested in or redeemed from the fund. Distributions and Capital Share Transactions are shown separately for each class of shares.
500 Index Fund | ||
---|---|---|
Year Ended December 31, | ||
| 2004 (000) | 2003 (000) |
INCREASE (DECREASE) IN NET ASSETS | ||
Operations | ||
Net Investment Income | $ 1,846,389 | $ 1,272,250 |
Realized Net Gain (Loss) | 313,365 | 426,090 |
Change in Unrealized Appreciation (Depreciation) | 8,146,728 | 18,562,298 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,306,482 | 20,260,638 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (1,460,061) | (1,029,145) |
Admiral Shares | (394,953) | (245,685) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Total Distributions | (1,855,014) | (1,274,830) |
Capital Share Transactions—Note F | ||
Investor Shares | 2,117,417 | 3,674,152 |
Admiral Shares | 2,569,616 | 2,634,755 |
Net Increase (Decrease) from Capital Share Transactions | 4,687,033 | 6,308,907 |
Total Increase (Decrease) | 13,138,501 | 25,294,715 |
Net Assets | ||
Beginning of Period | 93,440,213 | 68,145,498 |
End of Period | $106,578,714 | $93,440,213 |
20
FINANCIAL HIGHLIGHTS
This table summarizes the fund’s investment results and distributions to shareholders on a per-share basis for each class of shares. It also presents the Total Return and shows net investment income and expenses as percentages of average net assets. These data will help you assess: the variability of the fund’s net income and total returns from year to year; the relative contributions of net income and capital gains to the fund’s total return; how much it costs to operate the fund; and the extent to which the fund tends to distribute capital gains. The table also shows the Portfolio Turnover Rate, a measure of trading activity. A turnover rate of 100% means that the average security is held in the fund for one year.
500 Index Fund Investor Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $102.67 | $ 81.15 | $105.89 | $121.86 | $135.33 |
Investment Operations | |||||
Net Investment Income | 1.95* | 1.44 | 1.32 | 1.260 | 1.29 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 8.97 | 21.51 | (24.70) | (15.955) | (13.46) |
Total from Investment Operations | 10.92 | 22.95 | (23.38) | (14.695) | (12.17) |
Distributions | |||||
Dividends from Net Investment Income | (1.95) | (1.43) | (1.36) | (1.275) | (1.30) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.95) | (1.43) | (1.36) | (1.275) | (1.30) |
Net Asset Value, End of Period | $111.64 | $102.67 | $81.15 | $105.89 | $121.86 |
Total Return** | 10.74% | 28.50% | -22.15% | -12.02% | -9.06% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $84,167 | $75,342 | $56,224 | $73,151 | $88,240 |
Ratio of Total Expenses to Average Net Assets | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
Ratio of Net Investment Income to Average Net Assets | 1.86%* | 1.61% | 1.43% | 1.14% | 0.98% |
Portfolio Turnover Rate† | 3% | 1% | 6% | 3% | 7% |
*Net investment income per share and the ratio of net investment income to average net assets include $0.32 and 0.31%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004. | |||||
**Total returns do not reflect the $10 annual account maintenance fee applied on balances under $10,000. | |||||
†Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares. |
21
FINANCIAL HIGHLIGHTS (CONTINUED)
500 Index Fund Admiral Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | Nov.13* to Dec. 31, 2000 |
Net Asset Value, Beginning of Period | $102.68 | $ 81.15 | $105.89 | $121.87 | $124.88 |
Investment Operations | |||||
Net Investment Income | 2.03** | 1.507 | 1.374 | 1.313 | .179 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 8.97 | 21.510 | (24.700) | (15.955) | (2.808) |
Total from Investment Operations | 11.00 | 23.017 | (23.326) | (14.642) | (2.629) |
Distributions | |||||
Dividends from Net Investment Income | (2.04) | (1.487) | (1.414) | (1.338) | (.381) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.04) | (1.487) | (1.414) | (1.338) | (.381) |
Net Asset Value, End of Period | $111.64 | $102.68 | $81.15 | $105.89 | $121.87 |
Total Return | 10.82% | 28.59% | -22.10% | -11.98% | -2.10% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $22,412 | $18,098 | $11,922 | $13,863 | $8,237 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.09% | 0.12% | 0.12% | 0.12% | 0.12%† |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.96%** | 1.67% | 1.50% | 1.22% | 1.03%† |
Portfolio Turnover Rate†† | 3% | 1% | 6% | 3% | 7% |
*Inception | |||||
**Net investment income per share and the ratio of net investment income to average net assets include $0.32 and 0.31%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004. | |||||
†Annualized. | |||||
††Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares. |
SEE ACCOMPANYING NOTES, WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
22
NOTES TO FINANCIAL STATEMENTS
Vanguard 500 Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares, Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, servicing, tenure, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. | Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard(R)Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value. |
2. | Futures Contracts:The fund uses S&P 500 Index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. 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. |
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses). |
3. | Repurchase Agreements: The fund, along with other members of The Vanguard Group, may transfer uninvested cash balances to a pooled cash account, which is invested in repurchase agreements secured by U.S. government securities. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. |
4. | Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Accordingly, no provision for federal income taxes is required in the financial statements. |
5. | Distributions: Distributions to shareholders are recorded on the ex-dividend date. |
23
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
6. | Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents the income earned on investing cash collateral, less expenses associated with the loan. |
7. | Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. |
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets. |
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At December 31, 2004, the fund had contributed capital of $13,931,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 13.93% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2004, the fund realized $372,392,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchange fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized gains to paid-in capital.
For tax purposes, at December 31, 2004, the fund had $13,475,000 of ordinary income available for distribution. The fund had available realized losses of $4,432,900,000 to offset future net capital gains of $193,358,000 through December 31, 2008, $890,248,000 through December 31, 2009, $3,087,963,000 through December 31, 2010, $145,498,000 through December 31, 2011, $44,874,000 through December 31, 2012, and $70,959,000 through December 31, 2013.
At December 31, 2004, net unrealized appreciation of investment securities for tax purposes was $29,115,306,000, consisting of unrealized gains of $36,942,165,000 on securities that had risen in value since their purchase and $7,826,859,000 in unrealized losses on securities that had fallen in value since their purchase.
24
At December 31, 2004, the aggregate settlement value of open futures contracts expiring in March 2005 and the related unrealized appreciation (depreciation) were:
(000) | |||
---|---|---|---|
Futures Contracts | Number of Long Contracts | Aggregate Settlement Value | Unrealized Appreciation (Depreciation) |
S&P 500 Index | 1,134 | $344,083 | $3,990 |
E-mini S&P 500 Index | 100 | 6,069 | 10 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
D. During the year ended December 31, 2004, the fund purchased $8,515,693,000 of investment securities and sold $3,519,536,000 of investment securities other than temporary cash investments.
E. The market value of securities on loan to broker/dealers at December 31, 2004, was $439,378,000, for which the fund held cash collateral of $463,628,000.
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
---|---|---|---|---|
2004 | 2003 | |||
| Amount (000) | Shares (000) | Amount (000) | Shares (000) |
Investor Shares | ||||
Issued | $ 13,187,913 | 125,964 | $ 13,026,688 | 146,182 |
Issued in Lieu of Cash Distributions | 1,386,492 | 13,013 | 971,109 | 10,563 |
Redeemed | (12,456,988) | (118,858) | (10,323,645) | (115,745) |
Net Increase (Decrease)—Investor Shares | 2,117,417 | 20,119 | 3,674,152 | 41,000 |
Admiral Shares | ||||
Issued | 5,194,097 | 49,523 | 4,455,070 | 49,744 |
Issued in Lieu of Cash Distributions | 332,619 | 3,121 | 207,450 | 2,251 |
Redeemed | (2,957,100) | (28,162) | (2,027,765) | (22,633) |
Net Increase (Decrease)—Admiral Shares | 2,569,616 | 24,482 | 2,634,755 | 29,362 |
25
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Trustees of Vanguard 500 Index Fund:
In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard 500 Index Fund (the “Fund”) at December 31, 2004, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2004 by correspondence with the custodian and broker and by agreement to the underlying ownership records for Vanguard Market Liquidity Fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 8, 2005
SPECIAL 2004 TAX INFORMATION
(UNAUDITED) FOR VANGUARD 500 INDEX FUND
This information for the fiscal year ended December 31, 2004, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $1,855,014,000 of qualified dividend income to shareholders during the fiscal year.
For corporate shareholders, 100% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.
26
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27
THE PEOPLE WHO GOVERN YOUR FUND
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard's board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals.
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members' responsibilities are
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
John J. Brennan* (1954) May 1987 | Chairman of the Board, Chief Executive Officer, and Trustee (132) | Chairman of the Board,Chief Executive Officer, and Director/Trustee of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group. |
INDEPENDENT TRUSTEES | ||
Charles D. Ellis (1937) January 2001 | Trustee (132) | The Partners of `63 (pro bono ventures in education); Senior Advisor to Greenwich Associates (international business strategy consulting); Successor Trustee of Yale University; Overseer of the Stern School of Business at New York University; Trustee of the Whitehead Institute for Biomedical Research. |
Rajiv L. Gupta (1945) December 2001** | Trustee (132) | Chairman and Chief Executive Officer (since October 1999), Vice Chairman (January-September 1999), and Vice President (prior to September 1999) of Rohm and Haas Co. (chemicals); Director of Technitrol, Inc. (electronic components), and Agere Systems (commu- nications components); Board Member of the American Chemistry Council; Trustee of Drexel University. |
JoAnn Heffernan Heisen (1950) July 1998 | Trustee (132) | Vice President, Chief Information Officer, and Member of the Executive Committee of Johnson & Johnson (pharmaceuticals/ consumer products); Director of the University Medical Center at Princeton and Women's Research and Education Institute. |
Burton G. Malkiel (1932) May 1977 | Trustee (129) | Chemical Bank Chairman's Professor of Economics, Princeton University; Director of Vanguard Investment Series plc (Irish invest- ment fund) (since November 2001), Vanguard Group (Ireland) Limited (investment management) (since November 2001), Prudential Insurance Co. of America, BKF Capital (investment management), The Jeffrey Co. (holding company), and NeuVis, Inc. (software company). |
André F. Perold (1952) December 2004 | Trustee (132) | George Gund Professor of Finance and Banking, Harvard Business School (since 2000); Senior Associate Dean, Director of Faculty Recruiting, and Chair of Finance Faculty, Harvard Business School; Director and Chairman of Unx, Inc. (equities trading firm) (since 2003); Director of registered investment companies advised by Merrill Lynch Investment Managers and affiliates (1985–2004), Genbel Securities Limited (South African financial services firm) (1999–2003), Gensec Bank (1999–2003), Sanlam Investment Management (1999–2001), Sanlam, Ltd. (South African insurance company) (2001–2003), Stockback, Inc. (credit card firm) (2000–2002), and Bulldogresearch.com (investment research) (1999–2001); and Trustee of Commonfund (investment management) (1989–2001). |
selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers.
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482.
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
Alfred M. Rankin, Jr. (1941) January 1993 | Trustee (132) | Chairman, President, Chief Executive Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/lignite); Director of Goodrich Corporation (industrial products/aircraft systems and services); Director of Standard Products Company (supplier for the automotive industry) until 1998. |
J. Lawrence Wilson (1936) April 1985 | Trustee (132) | Retired Chairman and Chief Executive Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines), MeadWestvaco Corp. (paper products), and AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University. |
EXECUTIVE OFFICERS* | ||
R. Gregory Barton (1951) June 2001 | Secretary (132) | Managing Director and General Counsel of The Vanguard Group, Inc.; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group. |
Thomas J. Higgins (1957) July 1998 | Treasurer (132) | Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group. |
*Officers of the funds are “interested persons” as defined in the Investment Company Act of 1940. | ||
**December 2002 for Vanguard® Equity Income Fund, Vanguard® Growth Equity Fund, the Vanguard® Municipal Bond Funds, and the Vanguard® State Tax-Exempt Funds. |
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
VANGUARD SENIOR MANAGEMENT TEAM | |
Mortimer J. Buckley, Information Technology. James H. Gately, Investment Programs and Services. Kathleen C. Gubanich, Human Resources. F. William McNabb, III, Client Relationship Group. | Michael S. Miller, Planning and Development. Ralph K. Packard, Finance. George U. Sauter, Chief Investment Officer. |
John C. Bogle, Founder; Chairman and Chief Executive Officer, 1974-1996. | |
Post Office Box 2600 | |
Valley Forge, PA 19482-2600 |
Vanguard, The Vanguard Group, Vanguard.com, Admiral, PlainTalk ,and the ship logo are trademarks of The Vanguard Group, Inc. | World Wide Web www.vanguard.com |
S&P 500®, Standard & Poor's 500, and 500 are trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by The Vanguard Group, Inc. Vanguard mutual funds are not sponsored, endorsed, sold, or promoted by Standard & Poor's, and Standard & Poor's makes no representation regarding the advisability of investing in the funds. | Fund Information 1-800-662-7447 |
All other marks are the exclusive property of their respective owners. | Direct Investor Account Services 1-800-662-2739 |
All comparative mutual fund data are from Lipper Inc. or Morningstar, Inc., unless otherwise noted. | Institutional Investor Services 1-800-523-1036 |
For More Information This report is intended for the fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current fund prospectus. To receive a free copy of the prospectus or the Statement of Additional Information, or to request additional information about the fund or other Vanguard funds, please contact us at one of the adjacent telephone numbers or by e-mail through Vanguard.com. Prospectuses may also be viewed online. | Text Telephone 1-800-952-3335 |
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting our website, www.vanguard.com, and searching for “proxy voting guidelines,” or by calling Vanguard at 1- 800- 662-2739. They are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how the fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either www.vanguard.com or www.sec.gov. | |
You can review and copy information about your fund at the SEC’s Public Reference Room in Washington, D.C. To find out more about this public service, call the SEC at 1-202-942- 8090. Information about your fund is also available on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request in either of two ways: via e-mail addressed to publicinfo@sec.gov or via regular mail addressed to the Public Reference Section, Securities and Exchange Commission, Washington, DC 20549–0102. | |
© 2005 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. | |
Q400 022005 |
Vanguard® U.S. Stock Index Funds | |
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Small-Capitalization Portfolios | |
December 31, 2004 |
CONTENTS | |
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1 | LETTER FROM THE CHAIRMAN |
8 | FUND PROFILES |
11 | GLOSSARY OF INVESTMENT TERMS |
12 | PERFORMANCE SUMMARIES |
18 | YOUR FUND'S AFTER-TAX RETURNS |
19 | ABOUT YOUR FUND'S EXPENSES |
21 | FINANCIAL STATEMENTS |
51 | ADVANTAGES OF VANGUARD.COM |
SUMMARY | |
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• | The three Vanguard small-capitalization index funds' Investor Shares produced returns ranging from 16.1% to 23.6%. |
• | Small-capitalization value-oriented stocks outpaced small-cap growth stocks, though it was a good year for both segments. |
• | We launched VIPER Shares—exchange-traded shares—for each of the index funds in late January 2004. |
VANGUARD’S PLEDGE TO CLIENTS | |
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We recognize that your relationship with Vanguard rests on the twin pillars of trust and excellence, each of which is built upon the character of our people. Our Pledge to Clients reflects our ongoing efforts to deserve your trust and to continually improve so that we can offer you excellence in all that we do. We will: | |
• | Put your interests first at all times. |
• | Continually seek to earn your trust by adhering to the highest standards of ethical behavior and fiduciary responsibility. |
• | Strive to be the highest-value provider of investment services, which means outstanding investment performance and service, both at the lowest possible cost. |
• | Communicate candidly not only about the rewards of investing but also about the risks and costs. |
• | Maintain highly effective controls to safeguard your assets and protect your confidential information. |
• | Invest a majority of our personal assets alongside yours. |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the cover of this report. Of course, the risks of investing in your fund are spelled out in the prospectus. | |
Want less clutter in your mailbox? Just register with Vanguard.com® and opt to get fund reports online. | |
Small-Cap Index Fund Small-Cap Growth Index Fund Small-Cap Value Index Fund |
LETTER FROM THE CHAIRMAN
Dear Shareholder,
In a good year for the broad stock market, small-cap stocks delivered exceptional returns. During 2004, value-oriented small stocks (those that trade at relatively low multiples of price to earnings, book value, and other corporate measures) outperformed their growth-oriented counterparts.
Total Returns | Fiscal Year Ended December 31 | ||
---|---|---|---|
Vanguard Small-Cap Index Fund | |||
Investor Shares | 19.9 | % | |
Admiral Shares | 20.0 | ||
Institutional Shares | 20.1 | ||
VIPER Shares | |||
Market Price | 11.7 | * | |
Net Asset Value | 11.9 | * | |
MSCI US Small Cap 1750 Index | 20.0 | ||
Average Small-Cap Core Fund** | 18.4 | ||
Vanguard Small-Cap Growth Index Fund | |||
Investor Shares | 16.1 | % | |
Institutional Shares | 16.3 | ||
VIPER Shares | |||
Market Price | 6.3 | * | |
Net Asset Value | 6.4 | * | |
MSCI US Small Cap Growth Index | 16.1 | ||
Average Small-Cap Growth Fund** | 10.7 | ||
Vanguard Small-Cap Value Index Fund | |||
Investor Shares | 23.6 | % | |
Institutional Shares | 23.8 | ||
VIPER Shares | |||
Market Price | 17.1 | * | |
Net Asset Value | 17.3 | * | |
MSCI US Small Cap Value Index | 23.7 | ||
Average Small-Cap Value Fund** | 20.9 | ||
*Return since inception on January 26, 2004 | |||
**Derived from data provided by Lipper Inc. |
The three Vanguard small-cap index funds tracked their indexes with precision, providing returns within 0.2 percentage point of their index results. In addition, the returns of the index funds were superior to the average returns produced by their peer groups.
Each fund’s total return is based on the change in net asset value plus any income or capital gains distributions during the year. The table on page 6 provides details. The table also includes the returns of each fund’s VIPER shares—exchange-traded shares that were launched on January 26, 2004. Since their inception, the new shares have produced returns similar to those of their benchmarks. If you hold any of the funds in a taxable account, you may wish to refer to page 18 for after-tax returns.
1
Admiral™ Shares
A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund.
Institutional Shares
This class of shares carries even lower expenses and is available for a minimum investment of $10 million.
VIPER® Shares
Traded on the American Stock Exchange, VIPERs® are available only through brokers. The table on page 1 shows VIPER returns based on both the AMEX market price and the net asset value for a share.
Despite their impressive results, none of the index funds distributed capital gains during the past 12 months, enhancing their after-tax returns.
STOCK MARKET ENJOYED SOLID GAINS
The U.S. stock market rallied following the presidential election in November to post a second consecutive year of solid returns. The gains in the final two months of 2004 capped a year that began with solid advances in stock indexes but was marked in the middle months by investors’ uncertainty about the sustainability of economic growth.
Gains came in many sectors of the market. The strongest performers were energy-related stocks, which were buoyed by higher prices and increased demand for oil. Generally, small-capitalization stocks outpaced large-caps, and value stocks—those with prices considered low relative to company earnings, book value, and other measures—outpaced their growth counterparts. Inter-national stocks, particularly those in emerging markets, posted outstanding returns compared with U.S. stocks.
Market Barometer | Average Annual Total Returns Periods Ended December 31, 2004 | ||||||
---|---|---|---|---|---|---|---|
One Year | Three Years | Five Years | |||||
Stocks | |||||||
Russell 1000 Index (Large-caps) | 11.4 | % | 4.3 | % | -1.8 | % | |
Russell 2000 Index (Small-caps) | 18.3 | 11.5 | 6.6 | ||||
Dow Jones Wilshire 5000 Index | 12.6 | 5.5 | -1.4 | ||||
(Entire market) | |||||||
MSCI All Country World Index | |||||||
ex USA (International) | | 21.4 | | 13.6 | | 0.0 | |
Bonds | |||||||
Lehman Aggregate Bond Index | 4.3 | % | 6.2 | % | 7.7 | % | |
(Broad taxable market) | |||||||
Lehman Municipal Bond Index | 4.5 | 6.4 | 7.2 | ||||
Citigroup 3-Month Treasury Bill Index | | 1.2 | | 1.3 | | 2.8 | |
CPI | |||||||
Consumer Price Index | 3.3 | % | 2.5 | % | 2.5 | % | |
YIELDS ROSE FOR SHORT-TERM BONDS, BUT FELL FOR LONG-TERM ISSUES
At the beginning of 2004, bond investors expected higher interest rates across the maturity spectrum. The actual result, however, was quite different at the short and long ends of the maturity range.
2
Yields of longer-maturity bonds closed the year slightly below their starting points. At year-end, the 10-year U.S. Treasury note yielded 4.22%, 3 basis points (0.03 percentage point) below its 4.25% yield at the start of the period. Overall, the taxable investment-grade bond market, as measured by the Lehman Brothers Aggregate Bond Index, returned 4.3%.
Yields of shorter-maturity securities, which are generally more closely tied to the Fed’s interest rate moves, rose significantly. As the Fed tightened its monetary policy to avert any significant surge in inflation, the yield of the 3-month Treasury bill, a proxy for money market yields, rose to 2.21%, up from 0.92% at the start of the year.
FUNDS TRACKED AN EXCELLENT MARKET WITH PRECISION
During 2004, small-cap stocks delivered a rousing encore to their exceptional 2003 performance. The Vanguard Small-Cap Index Funds reflected this performance, producing returns ranging from Small-Cap Growth’s 16.1% to 23.6% for Vanguard Small-Cap Value Index Fund. Vanguard Small-Cap Index Fund—essentially, the Value and Growth Index Funds combined—returned 19.9%. (All returns are for Investor Shares.) These results were superior to the average returns produced by the funds’ peer groups, which consist mainly of actively managed funds.
As expected, Vanguard Quantitative Equity Group, the funds’ manager, succeeded in closely tracking the returns of each fund’s target index, producing returns that were within 0.2 percentage point of the index across all share classes. (In fact, the Institutional Shares in each fund edged past the index return.) These results are a tribute to the portfolio construction and trading methodologies developed and refined by Vanguard Quantitative Equity Group ever since we launched the first index mutual fund in 1976.
The tight tracking allowed investors to make the most of a strong small-cap market. The best-performing groups in the MSCI US Small Cap 1750 Index—the benchmark for Vanguard Small-Cap Index Fund—included energy-related and raw-materials stocks, which account for a relatively small percentage of the index’s value, and large sectors such as financial services, which produced lower, but still-impressive, returns. Weaker performers included technology stocks.
The performances of both the Small-Cap Value and Small-Cap Growth Index Funds reflected their respective weightings in these different
3
industry groups. For example, the Small-Cap Value Index Fund had a heavy weighting in financial services stocks (some 37% of assets, on average, during the period), which returned a market-beating 24.9%. The fund also held a relatively large weighting in the materials & processing sector, which produced high returns. Together, these sectors contributed more than 13 percentage points to the fund’s 23.6% return.
The Small-Cap Growth Index Fund had smaller commitments to these strong sectors, and a much larger weighting in the weak technology sector. These differences accounted for much of the gap between the Growth Index Fund’s impressive 16.1% return and the Value Index Fund’s remarkable 23.6% return.
LONG-TERM RETURNS REFLECT INDEX CHANGE
The funds’ longer-term results provide some perspective on the returns offered by small-cap investing during the past decade or, in the case of the small-cap Growth and Value Index Funds, since their 1998 inception. During the ten years ended December 31, 2004, the Small-Cap Index Fund Investor Shares produced an annualized return of 12.3%, transforming an initial investment of $10,000 into $31,837. Over shorter time periods—in which the 2000–2002 bear market figures more prominently—the Growth and Value Index Funds’ Investor Shares produced annualized returns of 7.5%, and, 9.5%, respectively.
Total Returns | Periods Ended December 31, 2004* | ||||
---|---|---|---|---|---|
Average Annual Return | Final Value of a $10,000 Initial Investment | ||||
Small-Cap Index Fund | |||||
Investor Shares | 12.3 | % | $31,837 | ||
Spliced Small Cap Index** | 11.6 | 29,850 | |||
Average Small-Cap | |||||
Core Fund | 14.5 | 38,766 | |||
Small-Cap Growth Index | |||||
Fund Investor Shares | 7.5 | % | $16,131 | ||
Spliced Small Cap | |||||
Growth Index† | 7.1 | 15,751 | |||
Average Small-Cap | |||||
Growth Fund | 6.2 | 14,870 | |||
Small-Cap Value Index | |||||
Fund Investor Shares | 9.5 | % | $18,231 | ||
Spliced Small Cap | |||||
Value Index†† | 8.8 | 17,520 | |||
Average Small-Cap | |||||
Value Fund | 10.3 | 19,167 | |||
* | Ten years for the Small-Cap Index Fund. For the Small-Cap Growth Index and Small-Cap Value Index Funds, the returns are annualized since May 21, 1998, the funds' inception date. |
** | Russell 2000 Index through May 16, 2003; MSCI US Small Cap 1750 Index thereafter. |
† | S&P SmallCap 600/Barra Growth Index through May 16, 2003; MSCI US Small Cap Growth Index thereafter. |
†† | S&P SmallCap 600/Barra Value Index through May 16, 2003; MSCI US Small Cap Value Index thereafter. |
The adjacent table also indicates that the Small-Cap and Small-Cap Value Index Funds trailed the average returns of their peer groups, while Small-Cap Growth outperformed. It would be a mistake
4
to make too much of these results. Until 2003, the funds tracked indexes that were inconsistent with the way active managers approach the small-cap market. Since May 2003, the funds have targeted indexes from MSCI that, in our estimation, have better investment properties (lower turnover, for example) and better represent active managers' perceptions of the small-cap market. We would expect that, in the future, differences between the returns of the index funds and those of active managers would depend more on costs than on varying definitions of small-cap, growth, or value, which have been an important factor in the past.
KEEPING OUR HEADS IN HEADY TIMES
In each of the past four years, small- and mid-cap stocks have dramatically outperformed large-cap stocks--although in two of those years, small-and mid-cap returns were simply less negative than large-cap losses. The recent environment followed a 1990s bull market for large-cap stocks, in which investors could find no fault with the market's very largest companies. What does this mean for your portfolio in 2005?
Simply that an investment portfolio balanced among asset classes and diversified within each class is the only way to go. The most devoted students of the stock market cannot reliably predict the turning of tides that bring first one and then another market segment into favor. By maintaining a diversified portfolio and attending to the costs you pay, you increase your ability to ride the market's ups and downs--and ultimately to thrive--despite the unpredictable nature of market leadership.
Thank you for investing your assets with Vanguard.
Sincerely,
John J. Brennan
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
JANUARY 14, 2005
5
A CHANGE IN THE WAY WE LIST FUND HOLDINGS | |
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As you will see when you turn to the Financial Statements, the lists of the funds' investments are shorter than they used to be. This is because the Securities and Exchange Commission now permits mutual fund companies to publish an abbreviated list of fund holdings in semiannual and annual reports. | |
• | The Statement of Net Assets now lists each fund's 50 largest holdings, along with any other holdings that represent 1% or more of the fund's assets. |
• | If you want to see a complete list of your fund's securities, you can find it on our website at www.vanguard.com and at the SEC's website (www.sec.gov). Or call us at1-800-662-7447 to request a copy of the list. |
We think the SEC decision is good news for shareholders because it allows us to highlight essential information while also helping us to save money for you. The list focuses on the securities that are most important to your fund and excludes details about smaller holdings that have a minimal impact on performance. And because the list is so much shorter, your fund will see substantial savings in printing and mailing costs and in the amount of paper we use. | |
Our reports continue to include the Fund Profiles, which provide an excellent overall snapshot of your fund and its top holdings. |
Your Fund's Performance at a Glance | December 31, 2003--December 31, 2004 | |||
---|---|---|---|---|
Distributions Per Share | ||||
Starting Share Price | Ending Share Price | Income Dividends | Capital Gains | |
Small-Cap Index Fund | ||||
Investor Shares | $22.60 | $26.83 | $0.265 | $0.000 |
Admiral Shares | 22.60 | 26.83 | 0.292 | 0.000 |
Institutional Shares | 22.61 | 26.84 | 0.304 | 0.000 |
VIPER Shares | 50.65* | 56.05 | 0.621 | 0.000 |
Small-Cap Growth Index Fund | ||||
Investor Shares | $13.08 | $15.16 | $0.020 | $0.000 |
Institutional Shares | 13.09 | 15.18 | 0.038 | 0.000 |
VIPER Shares | 50.77* | 53.95 | 0.088 | 0.000 |
Small-Cap Value Index Fund | ||||
Investor Shares | $11.49 | $13.97 | $0.225 | $0.000 |
Institutional Shares | 11.50 | 13.99 | 0.243 | 0.000 |
VIPER Shares | 50.53* | 58.31 | 0.968 | 0.000 |
*Share price at inception, January 26, 2004 |
6
Small-Cap Index Fund VIPER Shares Premium/Discount: January 26, 2004*—December 31, 2004 | |||||||||
---|---|---|---|---|---|---|---|---|---|
Closing Price Above or Equal to Closing Net Asset Value | Closing Price Below Closing Net Asset Value | ||||||||
Basis Point Differential** | Number of Days | Percentage of Total Days | Number of Days | Percentage of Total Days | |||||
0-24.9 | 72 | 30.38 | % | 153 | 64.56 | % | |||
25-49.9 | 1 | 0.42 | 8 | 3.38 | |||||
50-74.9 | 0 | 0.00 | 0 | 0.00 | |||||
75-100.0 | 0 | 0.00 | 1 | 0.42 | |||||
>100.0 | 1 | 0.42 | 1 | 0.42 | |||||
Total | 74 | 31.22 | % | 163 | 68.78 | % | |||
Small-Cap Growth Index Fund VIPER Shares Premium/Discount: January 26, 2004*—December 31, 2004 | |||||||||
---|---|---|---|---|---|---|---|---|---|
Closing Price Above or Equal to Closing Net Asset Value | Closing Price Below Closing Net Asset Value | ||||||||
Basis Point Differential** | Number of Days | Percentage of Total Days | Number of Days | Percentage of Total Days | |||||
0-24.9 | 69 | 29.11 | % | 146 | 61.10 | % | |||
25-49.9 | 0 | 0.00 | 9 | 3.80 | |||||
50-74.9 | 0 | 0.00 | 1 | 0.42 | |||||
75-100.0 | 0 | 0.00 | 2 | 0.84 | |||||
>100.0 | 2 | 0.84 | 8 | 3.38 | |||||
Total | 71 | 29.95 | % | 166 | 69.54 | % | |||
Small-Cap Value Index Fund VIPER Shares Premium/Discount: January 26, 2004*—December 31, 2004 | |||||||||
---|---|---|---|---|---|---|---|---|---|
Closing Price Above or Equal to Closing Net Asset Value | Closing Price Below Closing Net Asset Value | ||||||||
Basis Point Differential** | Number of Days | Percentage of Total Days | Number of Days | Percentage of Total Days | |||||
0-24.9 | 82 | 34.60 | % | 142 | 59.92 | % | |||
25-49.9 | 0 | 0.00 | 12 | 5.06 | |||||
50-74.9 | 0 | 0.00 | 1 | 0.42 | |||||
75-100.0 | 0 | 0.00 | 0 | 0.00 | |||||
>100.0 | 0 | 0.00 | 0 | 0.00 | |||||
Total | 82 | 34.60 | % | 155 | 65.40 | % | |||
*Inception | |||||||||
**One basis point equals 1/100th of 1% |
7
As of 12/31/2004 | FUND PROFILES These Profiles provide a snapshot of each fund's characteristics, compared where indicated with the fund's target index and a broad market index. Key terms are defined on page 11. |
SMALL-CAP INDEX FUND | |||
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Portfolio Characteristics | Fund | Target Index* | Broad Index** |
Number of Stocks | 1,755 | 1,750 | 4,978 |
Median Market Cap | $1.5B | $1.5B | $27.3B |
Price/Earnings Ratio | 25.2x | 25.2x | 22.4x |
Price/Book Ratio | 2.5x | 2.5x | 2.9x |
Yield | 1.1% | 1.5% | |
Investor Shares | 1.0% | ||
Admiral Shares | 1.1% | ||
Institutional Shares | 1.2% | ||
VIPER Shares | 1.1% | ||
Return on Equity | 11.3% | 11.3% | 15.7% |
Earnings Growth Rate | 8.5% | 8.5% | 7.5% |
Foreign Holdings | 0.2% | 0.2% | 1.0% |
Turnover Rate | 19%† | — | — |
Expense Ratio | — | — | |
Investor Shares | 0.23% | ||
Admiral Shares | 0.13% | ||
Institutional Shares | 0.08% | ||
VIPER Shares | 0.18%†† | ||
Short-Term Reserves | 0% | — | — |
Volatility Measures | Fund | Spliced Index‡ | Fund | Broad Index** |
---|---|---|---|---|
R-Squared | 1.00 | 1.00 | 0.79 | 1.00 |
Beta | 1.00 | 1.00 | 1.10 | 1.00 |
Sector Diversification (% of portfolio) | |||
---|---|---|---|
Fund | Target Index* | Broad Index** | |
Auto & Transportation | 5% | 5% | 3% |
Consumer Discretionary | 19 | 19 | 17 |
Consumer Staples | 1 | 2 | 6 |
Financial Services | 24 | 24 | 23 |
Health Care | 12 | 11 | 12 |
Integrated Oils | 0 | 0 | 4 |
Other Energy | 5 | 5 | 3 |
Materials & Processing | 8 | 8 | 4 |
Producer Durables | 8 | 8 | 5 |
Technology | 12 | 12 | 13 |
Utilities | 5 | 5 | 6 |
Other | 1 | 1 | 4 |
Ten Largest Holdings (% of total net assets) | |
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PacifiCare Health Systems, Inc. | 0.3% |
(health care services) | |
Reliant Energy, Inc. | 0.3 |
(electric utilities) | |
DaVita, Inc. | 0.2 |
(health care) | |
Toll Brothers, Inc. | 0.2 |
(construction) | |
AmeriCredit Corp. | 0.2 |
(financial services) | |
OSI Pharmaceuticals, Inc. | 0.2 |
(pharmaceuticals) | |
CONSOL Energy, Inc. | 0.2 |
(energy) | |
Monster Worldwide Inc. | 0.2 |
(business services) | |
Mills Corp. REIT | 0.2 |
(real estate) | |
Crown Castle International Corp. | 0.2 |
(data network operators) | |
Top Ten | 2.2% |
"Ten Largest Holdings" excludes any temporary cash investments and equity index products. |
Investment Focus
* | MSCI US Small Cap 1750 Index. |
** | Dow Jones Wilshire 5000 Index. |
† | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
†† | Annualized. |
‡ | Russell 2000 Index through May 16, 2003; MSCI US Small Cap 1750 Index thereafter. |
8
SMALL-CAP GROWTH INDEX FUND | |||
---|---|---|---|
Portfolio Characteristics | Fund | Target Index* | Broad Index** |
Number of Stocks | 1,004 | 1,003 | 4,978 |
Median Market Cap | $1.5B | $1.5B | $27.3B |
Price/Earnings Ratio | 33.1x | 33.1x | 22.4x |
Price/Book Ratio | 3.5x | 3.5x | 2.9x |
Yield | 0.3% | 1.5% | |
Investor Shares | 0.2% | ||
Institutional Shares | 0.3% | ||
VIPER Shares | 0.1% | ||
Return on Equity | 11.7% | 11.8% | 15.7% |
Earnings Growth Rate | 14.9% | 14.9% | 7.5% |
Foreign Holdings | 0.0% | 0.0% | 1.0% |
Turnover Rate | 41%† | — | — |
Expense Ratio | — | — | |
Investor Shares | 0.23% | ||
Institutional Shares | 0.08% | ||
VIPER Shares | 0.22%†† | ||
Short-Term Reserves | 0% | — | — |
Volatility Measures | Fund | Spliced Index‡ | Fund | Broad Index** |
---|---|---|---|---|
R-Squared | 1.00 | 1.00 | 0.72 | 1.00 |
Beta | 1.01 | 1.00 | 0.98 | 1.00 |
Sector Diversification (% of portfolio) | |||
---|---|---|---|
Fund | Target Index* | Broad Index** | |
Auto & Transportation | 5% | 5% | 3% |
Consumer Discretionary | 24 | 24 | 17 |
Consumer Staples | 1 | 1 | 6 |
Financial Services | 10 | 10 | 23 |
Health Care | 20 | 20 | 12 |
Integrated Oils | 0 | 0 | 4 |
Other Energy | 6 | 6 | 3 |
Materials & Processing | 4 | 4 | 4 |
Producer Durables | 9 | 9 | 5 |
Technology | 19 | 19 | 13 |
Utilities | 2 | 2 | 6 |
Other | 0 | 0 | 4 |
Ten Largest Holdings (% of total net assets) | |||
---|---|---|---|
DaVita, Inc. | 0.5 | % | |
(health care) | |||
Monster Worldwide Inc. | 0.4 | ||
(business services) | |||
Crown Castle International Corp. | 0.4 | ||
(data network operators) | |||
Getty Images, Inc. | 0.4 | ||
(business services) | |||
Catellus Development Corp. REIT | 0.4 | ||
(real estate) | |||
NII Holdings Inc. | 0.4 | ||
(telecommunications) | |||
Ryder System, Inc. | 0.4 | ||
(rent & lease services) | |||
Cytyc Corp. | 0.4 | ||
(pharmaceuticals) | |||
International Rectifier Corp. | 0.4 | ||
(electronics) | |||
Cree, Inc. | 0.4 | ||
(electronics) | |||
Top Ten | 4.1 | % | |
"Ten Largest Holdings" excludes any temporary cash investments and equity index products. |
Investment Focus
* | MSCI US Small Cap Growth Index. |
** | Dow Jones Wilshire 5000 Index. |
† | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
†† | Annualized. |
‡ | S&P SmallCap 600/Barra Growth Index through May 16, 2003; MSCI US Small Cap Growth Index thereafter. |
9
FUND PROFILES (CONTINUED)
SMALL-CAP VALUE INDEX FUND | |||
---|---|---|---|
Portfolio Characteristics/Financial Attributes | |||
Fund | Target Index* | Broad Index** | |
Number of Stocks | 957 | 955 | 4,978 |
Median Market Cap | $1.5B | $1.5B | $27.3B |
Price/Earnings Ratio | 20.3x | 20.3x | 22.4x |
Price/Book Ratio | 1.9x | 1.9x | 2.9x |
Yield | 2.0% | 1.5% | |
Investor Shares | 1.9% | ||
Institutional Shares | 2.0% | ||
VIPER Shares | 1.9% | ||
Return on Equity | 11.0% | 11.0% | 15.7% |
Earnings Growth Rate | 4.0% | 4.0% | 7.5% |
Foreign Holdings | 0.3% | 0.3% | 1.0% |
Turnover Rate | 30%† | — | — |
Expense Ratio | — | — | |
Investor Shares | 0.23% | ||
Institutional Shares | 0.08% | ||
VIPER Shares | 0.22%†† | ||
Short-Term Reserves | 0% | — | — |
Volatility Measures | ||||
---|---|---|---|---|
Fund | Spliced Index‡ | Fund | Broad Index** | |
R-Squared | 1.00 | 1.00 | 0.68 | 1.00 |
Beta | 1.01 | 1.00 | 0.97 | 1.00 |
Sector Diversification (% of portfolio) | |||||||
---|---|---|---|---|---|---|---|
Fund | Target Index* | Broad Index** | |||||
Auto & Transportation | 5 | % | 5 | % | 3 | % | |
Consumer Discretionary | 13 | 13 | 17 | ||||
Consumer Staples | 2 | 2 | 6 | ||||
Financial Services | 38 | 38 | 23 | ||||
Health Care | 3 | 3 | 12 | ||||
Integrated Oils | 0 | 0 | 4 | ||||
Other Energy | 4 | 4 | 3 | ||||
Materials & Processing | 12 | 12 | 4 | ||||
Producer Durables | 8 | 8 | 5 | ||||
Technology | 5 | 5 | 13 | ||||
Utilities | 9 | 9 | 6 | ||||
Other | 1 | 1 | 4 | ||||
Ten Largest Holdings (% of total net assets) | |||
---|---|---|---|
PacifiCare Health Systems, Inc. | 0.6 | % | |
(health care services) | |||
Reliant Energy, Inc. | 0.5 | ||
(electric utilities) | |||
AmeriCredit Corp. | 0.5 | ||
(financial services) | |||
Mills Corp. REIT | 0.4 | ||
(real estate) | |||
United Dominion Realty Trust REIT | 0.4 | ||
(real estate) | |||
Alliant Energy Corp. | 0.4 | ||
(energy) | |||
American Capital Strategies, Ltd. | 0.4 | ||
(financial services) | |||
The Neiman Marcus Group, Inc. Class A | 0.4 | ||
(retail) | |||
BorgWarner, Inc. | 0.4 | ||
(auto parts) | |||
Conseco, Inc. | 0.4 | ||
(insurance) | |||
Top Ten | 4.4 | % | |
"Ten Largest Holdings" excludes any temporary cash investments and equity index products |
Investment Focus
* | MSCI US Small Cap Value Index. | |
** | Dow Jones Wilshire 5000 Index. | |
† | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. | Visit our website at Vanguard.com for regularly updated fund information. |
†† | Annualized. | |
‡ | S&P SmallCap 600/Barra Value Index through May 16, 2003; MSCI US Small Cap Value Index thereafter. |
10
GLOSSARY OF INVESTMENT TERMS
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. A fund’s beta should be reviewed in conjunction with its R-squared (see definition below). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Foreign Holdings. The percentage of a fund’s equity assets represented by stocks or depositary receipts of companies based outside the United States.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors).
Yield. A snapshot of a fund’s income from interest and dividends. The yield, expressed as a percentage of the fund’s net asset value, is based on income earned over the past 30 days and is annualized, or projected forward for the coming year. The index yield is based on the current annualized rate of income provided by securities in the index.
11
As of 12/31/2004 | PERFORMANCE SUMMARIES All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the funds. (For performance data current to the most recent month-end, which may be higher or lower than that cited, visit our website at www.vanguard.com.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. |
SMALL-CAP INDEX FUND
Cumulative Performance December 31, 1994–December 31, 2004
Average Annual Total Returns Periods Ended December 31, 2004 | Final Value of | ||||||||
---|---|---|---|---|---|---|---|---|---|
One Year | Five Years | Ten Years | a $10,000 Investment | ||||||
Small-Cap Index Fund Investor Shares* | 19.90 | % | 6.98 | % | 12.28 | % | $31,837 | ||
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 11.92 | 30,824 | |||||
Spliced Small Cap Index** | 20.01 | 6.65 | 11.56 | 29,850 | |||||
Average Small-Cap Core Fund† | 18.38 | 9.57 | 14.51 | 38,766 | |||||
One Year | Since Inception†† | Final Value of a $250,000 Investment | |||||
---|---|---|---|---|---|---|---|
Small-Cap Index Fund Admiral Shares | 20.02 | % | 9.78 | % | $367,530 | ||
Dow Jones Wilshire 5000 Index | 12.62 | 0.42 | 254,376 | ||||
Spliced Small Cap Index** | 20.01 | 9.36 | 361,758 | ||||
One Year | Five Years | Since Inception†† | Final Value of a $10,000,000 Investment | ||||||
---|---|---|---|---|---|---|---|---|---|
Small-Cap Index Fund Institutional Shares | 20.06 | % | 7.14 | % | 8.89 | % | $18,917,777 | ||
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 5.98 | 15,441,925 | |||||
Spliced Small Cap Index** | 20.01 | 6.65 | 8.31 | 18,172,117 | |||||
Since Inception†† | Final Value of a $10,000 Investment | ||||
---|---|---|---|---|---|
Small-Cap Index Fund VIPER Shares | 11.90 | % | $11,190 | ||
Dow Jones Wilshire 5000 Index | 7.75 | 10,775 | |||
MSCI US Small Cap 1750 Index | 11.95 | 11,195 | |||
* | Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000. |
** | Russell 2000 Index through May 16, 2003; MSCI US Small Cap 1750 Index thereafter. |
† | Derived from data provided by Lipper Inc. |
†† | Inception dates are November 13, 2000, for Admiral Shares; July 7, 1997, for Institutional Shares; and January 26, 2004, for VIPER Shares. |
Note: See Financial Highlights tables on pages 34-37 for dividend and capital gains information. |
12
Cumulative Returns: VIPER Shares January 26, 2004*-December 31, 2004 | Cumulative Since Inception |
---|---|
Small-Cap Index Fund VIPER Shares Market Price | 11.67% |
Small-Cap Index Fund VIPER Shares Net Asset Value | 11.90 |
MSCI US Small Cap 1750 Index | 11.95 |
*Inception. |
Fiscal-Year Total Returns (%) December 31, 1994–December 31, 2004
*Russell 2000 Index through May 16, 2003; MSCI US Small Cap 1750 Index thereafter.
13
PERFORMANCE SUMMARIES (CONTINUED)
SMALL-CAP GROWTH INDEX FUND
Cumulative Performance May 21, 1998–December 31, 2004
Average Annual Total Returns Periods Ended December 31, 2004 | Final Value of | ||||||||
---|---|---|---|---|---|---|---|---|---|
One Year | Five Years | Since Inception* | a $10,000 Investment | ||||||
Small-Cap Growth Index Fund Investor Shares** | 16.06 | % | 7.17 | % | 7.50 | % | $16,131 | ||
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 3.37 | 12,449 | |||||
Spliced Small Cap Growth Index† | 16.13 | 6.75 | 7.11 | 15,751 | |||||
Average Small-Cap Growth Fund†† | 10.65 | -0.98 | 6.18 | 14,870 | |||||
One Year | Since Inception* | Final Value of a $10,000,000 Investment | |||||
---|---|---|---|---|---|---|---|
Small-Cap Growth Index Fund Institutional Shares | 16.26 | % | 8.71 | % | $14,691,101 | ||
Dow Jones Wilshire 5000 Index | 12.62 | -0.01 | 9,994,428 | ||||
Spliced Small Cap Growth Index† | 16.13 | 8.17 | 14,357,226 | ||||
Since Inception* | Final Value of a $10,000 Investment | ||||
---|---|---|---|---|---|
Small-Cap Growth Index Fund VIPER Shares | 6.44 | % | $10,644 | ||
Dow Jones Wilshire 5000 Index | 7.75 | 10,775 | |||
MSCI US Small Cap Growth Index | 6.45 | 10,645 | |||
Cumulative Returns: VIPER Shares January 26, 2004*-December 31, 2004 | Cumulative Since Inception | ||
---|---|---|---|
Small-Cap Growth Index Fund VIPER Shares Market Price | 6.25 | % | |
Small-Cap Growth Index Fund VIPER Shares Net Asset Value | 6.44 | ||
MSCI US Small Cap Growth Index | 6.45 | ||
* | Inception dates are May 21, 1998, for Investor Shares; May 24, 2000, for Institutional Shares; and January 26, 2004, for VIPER Shares. |
** | Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000. |
† | S&P SmallCap 600/Barra Growth Index through May 16, 2003; MSCI US Small Cap Growth Index thereafter. |
†† | Derived from data provided by Lipper Inc. |
Note: See Financial Highlights tables on pages 38-40 for dividend and capital gains information. |
14
Fiscal-Year Total Returns (%) May 21, 1998–December 31, 2004
*S&P SmallCap 600/Barra Growth Index through May 16, 2003; MSCI US Small Cap Growth Index thereafter.
15
PERFORMANCE SUMMARIES (CONTINUED)
SMALL-CAP VALUE INDEX FUND
Cumulative Performance May 21, 1998–December 31, 2004
Average Annual Total Returns Periods Ended December 31, 2004 | Final Value of | ||||||||
---|---|---|---|---|---|---|---|---|---|
One Year | Five Years | Since Inception* | a $10,000 Investment | ||||||
Small-Cap Value Index Fund Investor Shares** | 23.55 | % | 15.05 | % | 9.51 | % | $18,231 | ||
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 3.37 | 12,449 | |||||
Spliced Small Cap Value Index† | 23.72 | 14.41 | 8.85 | 17,520 | |||||
Average Small-Cap Value Fund†† | 20.86 | 16.25 | 10.34 | 19,167 | |||||
One Year | Five Years | Since Inception* | Final Value of a $10,000,000 Investment | ||||||
---|---|---|---|---|---|---|---|---|---|
Small-Cap Value Index Fund Institutional Shares | 23.77 | % | 15.22 | % | 15.64 | % | $20,879,603 | ||
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | -0.45 | 9,775,973 | |||||
Spliced Small Cap Value Index† | 23.72 | 14.41 | 14.82 | 20,135,132 | |||||
Since Inception* | Final Value of a $10,000 Investment | ||||
---|---|---|---|---|---|
Small-Cap Value Index Fund VIPER Shares | 17.34 | % | $11,734 | ||
Dow Jones Wilshire 5000 Index | 7.75 | 10,775 | |||
MSCI US Small Cap Value Index | 17.44 | 11,744 | |||
Cumulative Returns: VIPER Shares January 26, 2004*-December 31, 2004 | Cumulative Since Inception | ||
---|---|---|---|
Small-Cap Value Index Fund VIPER Shares Market Price | 17.08 | % | |
Small-Cap Value Index Fund VIPER Shares Net Asset Value | 17.34 | ||
MSCI US Small Cap Value Index | 17.44 | ||
* | Inception dates are May 21, 1998, for Investor Shares; December 7, 1999, for Institutional Shares; and January 26, 2004, for VIPER Shares. |
** | Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000. |
† | S&P SmallCap 600/Barra Value Index through May 16, 2003; MSCI US Small Cap Value Index thereafter. |
†† | Derived from data provided by Lipper Inc. |
Note: See Financial Highlights tables on pages 41-43 for dividend and capital gains information. |
16
Fiscal-Year Total Returns (%) May 21, 1998–December 31, 2004
*S&P SmallCap 600/Barra Value Index through May 16, 2003; MSCI US Small Cap Value Index thereafter.
17
YOUR FUND’S AFTER-TAX RETURNS
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect the reduced tax rates on ordinary income (including qualified dividend income) and short-term capital gains that became effective as of January 1, 2003, and on long-term capital gains realized on or after May 6, 2003. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for Investor Shares only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns | Periods Ended December 31, 2004 | ||||||
---|---|---|---|---|---|---|---|
One Year | Five Years | Ten Years* | |||||
Small-Cap Index Fund Investor Shares** | |||||||
Returns Before Taxes | 19.90 | % | 6.98 | % | 12.28 | % | |
Returns After Taxes on Distributions | 19.65 | 5.90 | 10.63 | ||||
Returns After Taxes on Distributions and Sale of Fund Shares | 13.10 | 5.43 | 9.99 | ||||
Small-Cap Growth Index Fund Investor Shares** | |||||||
Returns Before Taxes | 16.06 | % | 7.17 | % | 7.50 | % | |
Returns After Taxes on Distributions | 16.03 | 6.82 | 7.18 | ||||
Returns After Taxes on Distributions and Sale of Fund Shares | 10.47 | 6.00 | 6.35 | ||||
Small-Cap Value Index Fund Investor Shares** | |||||||
Returns Before Taxes | 23.55 | % | 15.05 | % | 9.51 | % | |
Returns After Taxes on Distributions | 23.11 | 13.51 | 7.96 | ||||
Returns After Taxes on Distributions and Sale of Fund Shares | 15.56 | 12.18 | 7.25 | ||||
* | For Vanguard Small-Cap Growth Index and Small-Cap Value Index Funds, returns are annualized since inception on May 21, 1998. |
** | Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000. |
18
ABOUT YOUR FUND’S EXPENSES
We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
Six Months Ended December 31, 2004 | |||
---|---|---|---|
Index Fund | Beginning Account Value June 30, 2004 | Ending Account Value Dec. 31, 2004 | Expenses Paid During Period* |
Based on Actual Fund Return | |||
Small-Cap | |||
Investor Shares | $1,000.00 | $1,113.71 | $1.12 |
Admiral Shares | 1,000.00 | 1,113.91 | 0.64 |
Institutional Shares | 1,000.00 | 1,114.36 | 0.37 |
VIPER Shares | 1,000.00 | 1,113.54 | 0.96 |
Small-Cap Growth | |||
Investor Shares | $1,000.00 | $1,082.76 | $1.05 |
Institutional Shares | 1,000.00 | 1,083.17 | 0.37 |
VIPER Shares | 1,000.00 | 1,082.73 | 1.15 |
Small-Cap Value | |||
Investor Shares | $1,000.00 | $1,143.01 | $1.13 |
Institutional Shares | 1,000.00 | 1,142.38 | 0.38 |
VIPER Shares | 1,000.00 | 1,142.39 | 1.18 |
Based on Hypothetical 5% Yearly Return | |||
Small-Cap | |||
Investor Shares | $1,000.00 | $1,024.08 | $1.07 |
Admiral Shares | 1,000.00 | 1,024.53 | 0.61 |
Institutional Shares | 1,000.00 | 1,024.78 | 0.36 |
VIPER Shares | 1,000.00 | 1,024.23 | 0.92 |
Small-Cap Growth | |||
Investor Shares | $1,000.00 | $1,024.13 | $1.02 |
Institutional Shares | 1,000.00 | 1,024.78 | 0.36 |
VIPER Shares | 1,000.00 | 1,024.03 | 1.12 |
Small-Cap Value | |||
Investor Shares | $1,000.00 | $1,024.08 | $1.07 |
Institutional Shares | 1,000.00 | 1,024.78 | 0.36 |
VIPER Shares | 1,000.00 | 1,024.03 | 1.12 |
* | The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratios for that period are: .21% for the Small-Cap Index Fund Investor Shares, .12% for Admiral Shares, .07% for Institutional Shares, and .18% for VIPER Shares; .20% for the Small-Cap Growth Index Fund Investor Shares, .07% for Institutional Shares, and .22% for VIPER Shares; .21% for the Small-Cap Value Index Fund Investor Shares, .07% for Institutional Shares, and .22% for VIPER Shares. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period. |
The table at left illustrates your fund’s costs in two ways:
•Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
19
Expense Ratios: Your fund compared with its peer group | |||||
---|---|---|---|---|---|
Index Fund | Fund Expense Ratio | Peer-Group Expense Ratio* | |||
Small-Cap | |||||
Investor Shares | 0.23 | % | 1.78 | % | |
Admiral Shares | 0.13 | — | |||
Institutional Shares | 0.08 | — | |||
VIPER Shares | 0.18 | ** | — | ||
Small-Cap Growth | |||||
Investor Shares | 0.23 | 1.78 | |||
Institutional Shares | 0.08 | — | |||
VIPER Shares | 0.22 | ** | — | ||
Small-Cap Value | |||||
Investor Shares | 0.23 | 1.57 | |||
Institutional Shares | 0.08 | — | |||
VIPER Shares | 0.22 | ** | — | ||
* | Peer groups are: for the Small-Cap Index Fund, the Average Small-Cap Core Fund; for the Small-Cap Growth Index Fund, the Average Small-Cap Growth Fund; for the Small-Cap Value Index Fund, the Average Small-Cap Value Fund. Peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2003. |
** | Annualized. |
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
•Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table on page 19 are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs or account maintenance fees. They do not include your fund’s low-balance fee, which is described in the prospectus. If this fee were applied to your account, your costs would be higher. Your fund does not charge transaction fees, such as purchase or redemption fees, nor does it carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios for the past five years, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate fund prospectus.
20
As of 12/31/2004 | FINANCIAL STATEMENTS |
STATEMENT OF NET ASSETS—INVESTMENTS SUMMARY
This Statement summarizes each fund’s holdings by asset type (common stocks, bonds, etc.) and by industry sector. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s Net Assets. The total value of smaller holdings is reported as a single amount within each category. Other assets are added to, and liabilities are subtracted from, the value of Total Investments to calculate the fund’s Net Assets. Finally, Net Assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) Per Share.
At the end of the Statement you will find a table displaying the composition of the fund’s net assets. Because all income and any realized gains must be distributed to shareholders each year, the bulk of net assets consists of Paid-in Capital (money invested by shareholders). The amounts shown for Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the sums the fund had available to distribute to shareholders as income dividends or capital gains as of the statement date, but may differ because certain investments or transactions may be treated differently for financial statement and tax purposes. Any Accumulated Net Realized Losses, and any cumulative excess of distributions over net income or net realized gains, will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.
Each fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on Vanguard.com or the Securities and Exchange Commission’s website (www.sec.gov), or you can have it mailed to you without charge by calling 1-800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website; Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Small-Cap Index Fund | Shares | Market Value^ (000) | Percentage of Net Assets |
---|---|---|---|
COMMON STOCKS | |||
Auto & Transportation | |||
BorgWarner, Inc. | 334,025 | $18,094 | 0.2% |
Polaris Industries, Inc. | 255,238 | 17,361 | 0.2% |
*Navistar International Corp. | 376,197 | 16,545 | 0.2% |
**Other—Auto & Transportation | 404,945 | 4.2% | |
456,945 | 4.8% | ||
Consumer Discretionary | |||
*Monster Worldwide Inc. | 647,307 | 21,775 | 0.2% |
*Getty Images, Inc. | 283,926 | 19,548 | 0.2% |
*Activision, Inc. | 828,267 | 16,714 | 0.2% |
*Tech Data Corp. | 347,790 | 15,790 | 0.2% |
OfficeMax, Inc. | 500,633 | 15,710 | 0.2% |
The Corporate Executive Board Co. | 233,523 | 15,632 | 0.2% |
American Eagle Outfitters, Inc. | 329,368 | 15,513 | 0.2% |
**Other—Consumer Discretionary | 1,658,238 | 17.3% | |
1,778,920 | 18.7% | ||
Consumer Staples | |||
**Other—Consumer Staples | 148,412 | 1.6% | |
Financial Services | |||
*AmeriCredit Corp. | 929,748 | 22,732 | 0.2% |
Mills Corp. REIT | 324,740 | 20,705 | 0.2% |
21
Small-Cap Index Fund | Shares | Market Value^ (000) | Percentage of Net Assets |
---|---|---|---|
United Dominion Realty Trust REIT | 786,441 | $ 19,504 | 0.2% |
Catellus Development Corp. REIT | 616,508 | 18,865 | 0.2% |
American Capital Strategies, Ltd. | 554,598 | 18,496 | 0.2% |
Ryder System, Inc. | 385,300 | 18,406 | 0.2% |
*Conseco, Inc. | 902,066 | 17,996 | 0.2% |
Mack-Cali Realty Corp. REIT | 362,760 | 16,698 | 0.2% |
New Century REIT, Inc. | 256,141 | 16,370 | 0.2% |
Sky Financial Group, Inc. | 568,826 | 16,308 | 0.2% |
Colonial BancGroup, Inc. | 764,925 | 16,239 | 0.2% |
Webster Financial Corp. | 317,525 | 16,079 | 0.2% |
Federal Realty Investment Trust REIT | 309,999 | 16,011 | 0.2% |
First American Corp. | 450,606 | 15,834 | 0.2% |
Reckson Associates Realty Corp. REIT | 482,034 | 15,816 | 0.2% |
**Other—Financial Services | 2,009,724 | 20.9% | |
2,275,783 | 23.9% | ||
Health Care | |||
*PacifiCare Health Systems, Inc. | 514,764 | 29,094 | 0.3% |
*DaVita, Inc. | 601,500 | 23,777 | 0.2% |
*OSI Pharmaceuticals, Inc. | 296,679 | 22,206 | 0.2% |
*Cytyc Corp. | 664,801 | 18,329 | 0.2% |
*Charles River Laboratories, Inc. | 367,539 | 16,910 | 0.2% |
**Other—Health Care | 999,011 | 10.5% | |
1,109,327 | 11.6% | ||
Integrated Oils | |||
**Other—Integrated Oils | 6,321 | 0.1% | |
Other Energy | |||
*Reliant Energy, Inc. | 1,785,466 | 24,372 | 0.3% |
CONSOL Energy, Inc. | 540,456 | 22,186 | 0.2% |
*Varco International, Inc. | 554,822 | 16,173 | 0.2% |
Massey Energy Co. | 454,149 | 15,873 | 0.2% |
Premcor, Inc. | 373,599 | 15,755 | 0.2% |
**Other—Other Energy | 396,146 | 4.0% | |
490,505 | 5.1% | ||
Materials & Processing | |||
Louisiana-Pacific Corp. | 621,204 | 16,611 | 0.2% |
Martin Marietta Materials, Inc. | 288,572 | 15,485 | 0.2% |
**Other—Materials & Processing | 755,512 | 7.9% | |
787,608 | 8.3% | ||
Producer Durables | |||
*Toll Brothers, Inc. | 335,305 | 23,005 | 0.2% |
*Crown Castle International Corp. | 1,213,933 | 20,200 | 0.2% |
Cummins Inc. | 214,073 | 17,937 | 0.2% |
Ryland Group, Inc. | 283,810 | 16,330 | 0.2% |
**Other—Producer Durables | 694,648 | 7.3% | |
772,120 | 8.1% | ||
Technology | |||
*International Rectifier Corp. | 398,408 | 17,757 | 0.2% |
*Cree, Inc. | 441,844 | 17,709 | 0.2% |
*SpectraSite, Inc. | 293,144 | 16,973 | 0.2% |
*Arrow Electronics, Inc. | 691,650 | 16,807 | 0.2% |
PerkinElmer, Inc. | 728,501 | 16,384 | 0.2% |
**Other—Technology | 1,032,595 | 10.7% | |
1,118,225 | 11.7% | ||
22
Shares | Market Value^ (000) | Percentage of Net Assets | ||
---|---|---|---|---|
Utilities | ||||
Alliant Energy Corp. | 677,596 | $ 19,379 | 0.2% | |
*NII Holdings Inc. | 396,220 | 18,801 | 0.2% | |
ONEOK, Inc. | 555,074 | 15,775 | 0.2% | |
*Western Wireless Corp. Class A | 529,566 | 15,516 | 0.2% | |
**Other—Utilities | 441,759 | 4.6% | ||
511,230 | 5.4% | |||
Other | ||||
**Other—Other Securities | 61,864 | 0.6% | ||
TOTAL COMMON STOCKS | ||||
(Cost $6,763,964) | 9,517,260 | 99.9%(1) | ||
TEMPORARY CASH INVESTMENTS | ||||
Money Market Fund | ||||
Vanguard Market Liquidity Fund, | ||||
2.26%† | 28,298,044 | 28,298 | 0.3% | |
Vanguard Market Liquidity Fund, | ||||
2.26%†—Note E | 483,494,950 | 483,495 | 5.0% | |
511,793 | 5.3% | |||
Face | ||||
Amount | ||||
(000) | ||||
U.S. Government Obligation | ||||
U.S. Treasury Bill | ||||
(2)1.73%, 1/27/2005 | $2,000 | 1,998 | 0.0% | |
TOTAL TEMPORARY CASH INVESTMENTS | ||||
(Cost $513,790) | 513,791 | 5.3%(1) | ||
TOTAL INVESTMENTS | ||||
(Cost $7,277,754) | 10,031,051 | 105.2% | ||
OTHER ASSETS AND LIABILITIES | ||||
Other Assets—Note B | 35,142 | 0.4% | ||
Security Lending Collateral | ||||
Payable to Brokers—Note E | (483,495) | (5.1%) | ||
Other Liabilities | (50,926) | (0.5%) | ||
(499,279) | (5.2%) | |||
NET ASSETS | $ 9,531,772 | 100.0% | ||
^ | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
** | Represents the aggregate value of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
† | Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
(1) | The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and |
(2) | Security segregated as initial margin for open futures contracts. |
REIT—Real Estate Investment Trust. |
23
Small-Cap Index Fund | Amount (000) |
---|---|
AT DECEMBER 31, 2004, NET ASSETS CONSISTED OF: | |
Paid-in Capital | $7,437,772 |
Overdistributed Net Investment Income | (7,724) |
Accumulated Net Realized Losses | (651,651) |
Unrealized Appreciation | |
Investment Securities | 2,753,297 |
Futures Contracts | 78 |
NET ASSETS | $9,531,772 |
Investor Shares—Net Assets | |
Applicable to 232,882,035 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $6,247,119 |
NET ASSET VALUE PER SHARE— | |
INVESTOR SHARES | $26.83 |
Admiral Shares—Net Assets | |
Applicable to 54,076,256 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,450,673 |
NET ASSET VALUE PER SHARE— | |
ADMIRAL SHARES | $26.83 |
Institutional Shares—Net Assets | |
Applicable to 61,415,469 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,648,454 |
NET ASSET VALUE PER SHARE— | |
INSTITUTIONAL SHARES | $26.84 |
VIPER Shares—Net Assets | |
Applicable to 3,309,995 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $185,526 |
NET ASSET VALUE PER SHARE— | |
VIPER SHARES | $56.05 |
See Note C in Notes to Financial Statements for the tax-basis components of net assets |
24
Small-Cap Growth Index Fund | Shares | Market Value^ (000) | Percentage of Net Assets |
---|---|---|---|
COMMON STOCKS | |||
Auto & Transportation | |||
Polaris Industries, Inc. | 81,958 | $ 5,575 | 0.4% |
J.B. Hunt Transport Services, Inc. | 108,559 | 4,869 | 0.3% |
OshkoshTruck Corp. | 66,102 | 4,520 | 0.3% |
*The Goodyear Tire & Rubber Co. | 303,235 | 4,445 | 0.3% |
*Landstar System, Inc. | 58,160 | 4,283 | 0.3% |
**Other—Auto & Transportation | 45,152 | 2.8% | |
68,844 | 4.4% | ||
Consumer Discretionary | |||
*Monster Worldwide Inc. | 207,814 | 6,991 | 0.4% |
*Getty Images, Inc. | 91,140 | 6,275 | 0.4% |
*Activision, Inc. | 265,931 | 5,366 | 0.3% |
The Corporate Executive Board Co. | 74,932 | 5,016 | 0.3% |
American Eagle Outfitters, Inc. | 105,760 | 4,981 | 0.3% |
Station Casinos, Inc. | 87,619 | 4,791 | 0.3% |
*The Cheesecake Factory | 141,843 | 4,606 | 0.3% |
*Urban Outfitters, Inc. | 101,037 | 4,486 | 0.3% |
*O'Reilly Automotive, Inc. | 95,251 | 4,291 | 0.3% |
*ITT Educational Services, Inc. | 87,807 | 4,175 | 0.3% |
Applebee's International, Inc. | 157,735 | 4,172 | 0.3% |
**Other—Consumer Discretionary | 311,595 | 20.0% | |
366,745 | 23.5% | ||
Consumer Staples | |||
**Other—Consumer Staples | 19,204 | 1.2% | |
Financial Services | |||
Catellus Development Corp. REIT | 197,925 | 6,057 | 0.4% |
Ryder System, Inc. | 123,665 | 5,907 | 0.4% |
Cullen/Frost Bankers, Inc. | 89,083 | 4,329 | 0.3% |
Certegy, Inc. | 121,740 | 4,325 | 0.3% |
**Other—Financial Services | 139,839 | 8.9% | |
160,457 | 10.3% | ||
Health Care | |||
*DaVita, Inc. | 193,159 | 7,636 | 0.5% |
*Cytyc Corp. | 213,385 | 5,883 | 0.4% |
*Charles River Laboratories, Inc. | 117,966 | 5,428 | 0.3% |
*Covance, Inc. | 120,333 | 4,663 | 0.3% |
*Renal Care Group, Inc. | 128,818 | 4,636 | 0.3% |
*OSI Pharmaceuticals, Inc. | 61,888 | 4,632 | 0.3% |
Cooper Cos., Inc. | 62,892 | 4,440 | 0.3% |
*INAMED Corp. | 68,325 | 4,322 | 0.3% |
*Gen-Probe Inc. | 95,326 | 4,310 | 0.3% |
*Affymetrix, Inc. | 116,588 | 4,261 | 0.3% |
**Other—Health Care | 259,311 | 16.5% | |
309,522 | 19.8% | ||
Integrated Oils | |||
**Other—Integrated Oils | 2,037 | 0.1% | |
Other Energy | |||
*Varco International, Inc. | 178,102 | 5,192 | 0.3% |
Massey Energy Co. | 145,772 | 5,095 | 0.3% |
Patina Oil & Gas Corp. | 128,827 | 4,831 | 0.3% |
25
Small-Cap Growth Index Fund | Shares | Market Value^ (000) | Percentage of Net Assets |
---|---|---|---|
*Grant Prideco, Inc. | 235,793 | $ 4,728 | 0.3% |
**Other—Other Energy | 75,970 | 4.9% | |
95,816 | 6.1% | ||
Materials & Processing | |||
*Crown Holdings, Inc. | 317,707 | 4,365 | 0.3% |
**Other—Materials & Processing | 60,109 | 3.8% | |
64,474 | 4.1% | ||
Producer Durables | |||
*Crown Castle International Corp. | 389,760 | 6,486 | 0.4% |
Roper Industries Inc. | 80,937 | 4,919 | 0.3% |
Donaldson Co., Inc. | 149,353 | 4,866 | 0.3% |
*United Defense Industries Inc. | 101,488 | 4,795 | 0.3% |
Graco, Inc. | 126,411 | 4,721 | 0.3% |
*Polycom, Inc. | 191,017 | 4,455 | 0.3% |
Joy Global Inc. | 98,777 | 4,290 | 0.3% |
**Other—Producer Durables | 98,323 | 6.3% | |
132,855 | 8.5% | ||
Technology | |||
*International Rectifier Corp. | 127,886 | 5,700 | 0.4% |
*Cree, Inc. | 141,828 | 5,684 | 0.4% |
*SpectraSite, Inc. | 94,138 | 5,451 | 0.3% |
PerkinElmer, Inc. | 233,912 | 5,261 | 0.3% |
*TIBCO Software Inc. | 362,956 | 4,842 | 0.3% |
*Western Digital Corp. | 393,528 | 4,266 | 0.3% |
**Other—Technology | 255,549 | 16.3% | |
286,753 | 18.3% | ||
Utilities | |||
*NII Holdings Inc. | 127,179 | 6,035 | 0.4% |
*Western Wireless Corp. Class A | 169,991 | 4,981 | 0.3% |
**Other—Utilities | 18,513 | 1.2% | |
29,529 | 1.9% | ||
Other | |||
**Other—Other Securities | 5,202 | 0.3% | |
TOTAL COMMON STOCKS | |||
(Cost $1,241,836) | 1,541,438 | 98.5% | |
TEMPORARY CASH INVESTMENTS | |||
Vanguard Market Liquidity Fund, | |||
2.26%† | 6,459,787 | 6,460 | 0.4% |
Vanguard Market Liquidity Fund, | |||
2.26%†—Note E | 60,644,520 | 60,645 | 3.9% |
TOTAL TEMPORARY CASH INVESTMENTS | |||
(COST $67,105) | 67,105 | 4.3% | |
TOTAL INVESTMENTS | |||
(Cost $1,308,941) | 1,608,543 | 102.8% | |
26
Market Value^ (000) | Percentage of Net Assets | |
---|---|---|
OTHER ASSETS AND LIABILITIES | ||
Other Assets—Note B | $ 26,274 | 1.7% |
Security Lending Collateral | ||
Payable to Brokers—Note E | (60,645) | (3.9%) |
Other Liabilities | (8,798) | (0.6%) |
(43,169) | (2.8%) | |
NET ASSETS | $ 1,565,374 | 100.0% |
^ | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
** | Represents the aggregate value of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
† | Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
REIT—Real Estate Investment Trust. |
AT DECEMBER 31, 2004, NET ASSETS CONSISTED OF: | |
---|---|
Amount (000) | |
Paid-in Capital | $1,314,670 |
Overdistributed Net Investment Income | (1,133) |
Accumulated Net Realized Losses | (47,765) |
Unrealized Appreciation | 299,602 |
NET ASSETS | $1,565,374 |
Investor Shares—Net Assets | |
Applicable to 94,655,788 outstanding $.00 | |
par value shares of beneficial interes | |
(unlimited authorization) | $1,434,967 |
NET ASSET VALUE PER SHARE— | |
INVESTOR SHARES | $15.16 |
Institutional Shares—Net Assets | |
Applicable to 2,501,163 outstanding $.001 | |
par value shares of beneficial interes | |
(unlimited authorization) | $37,975 |
NET ASSET VALUE PER SHARE— | |
INSTITUTIONAL SHARES | $15.18 |
VIPER Shares—Net Assets | |
Applicable to 1,713,332 outstanding $.001 | |
par value shares of beneficial interes | |
(unlimited authorization) | $92,432 |
NET ASSET VALUE PER SHARE— | |
VIPER SHARES | $53.95 |
See Note C in Notes to Financial Statements for the tax-basis components of net assets.
27
Small-Cap Value Index Fund | Shares | Market Value^ (000) | Percentage of Net Assets |
---|---|---|---|
COMMON STOCKS | |||
Auto & Transportation | |||
BorgWarner, Inc. | 222,808 | $ 12,070 | 0.4% |
*Navistar International Corp. | 250,783 | 11,029 | 0.3% |
CNF Inc. | 203,321 | 10,186 | 0.3% |
*Yellow Roadway Corp. | 172,827 | 9,628 | 0.3% |
**Other—Auto & Transportation | 118,842 | 3.8% | |
161,755 | 5.1% | ||
Consumer Discretionary | |||
The Neiman Marcus Group, Inc. Class A | 172,305 | 12,327 | 0.4% |
*Tech Data Corp. | 232,008 | 10,533 | 0.3% |
OfficeMax, Inc. | 333,848 | 10,476 | 0.3% |
*Service Corp. International | 1,348,032 | 10,043 | 0.3% |
**Other—Consumer Discretionary | 381,325 | 12.2% | |
424,704 | 13.5% | ||
Consumer Staples | |||
*Del Monte Foods Co. | 837,366 | 9,228 | 0.3% |
**Other—Consumer Staples | 49,798 | 1.6% | |
59,026 | 1.9% | ||
Financial Services | |||
*AmeriCredit Corp. | 619,940 | 15,158 | 0.5% |
Mills Corp. REIT | 216,581 | 13,809 | 0.4% |
United Dominion Realty Trust REIT | 524,395 | 13,005 | 0.4% |
American Capital Strategies, Ltd. | 369,730 | 12,330 | 0.4% |
*Conseco, Inc. | 601,442 | 11,999 | 0.4% |
Mack-Cali Realty Corp. REIT | 241,932 | 11,136 | 0.4% |
Sky Financial Group, Inc. | 378,843 | 10,861 | 0.3% |
Colonial BancGroup, Inc. | 510,106 | 10,830 | 0.3% |
Webster Financial Corp. | 211,688 | 10,720 | 0.3% |
Federal Realty Investment Trust REIT | 206,645 | 10,673 | 0.3% |
First American Corp. | 300,488 | 10,559 | 0.3% |
Reckson Associates Realty Corp. REIT | 320,425 | 10,513 | 0.3% |
Arden Realty Group, Inc. REIT | 261,500 | 9,864 | 0.3% |
Rayonier Inc. REIT | 198,195 | 9,694 | 0.3% |
SL Green Realty Corp. REIT | 158,814 | 9,616 | 0.3% |
Annaly Mortgage Management Inc. REIT | 480,475 | 9,427 | 0.3% |
StanCorp Financial Group, Inc. | 113,386 | 9,354 | 0.3% |
CenterPoint Properties Corp. REIT | 192,633 | 9,225 | 0.3% |
Ventas, Inc. REIT | 335,252 | 9,189 | 0.3% |
FirstMerit Corp. | 321,590 | 9,162 | 0.3% |
Thornburg Mortgage, Inc. REIT | 314,810 | 9,117 | 0.3% |
Pan Pacific Retail Properties, Inc. REIT | 145,394 | 9,116 | 0.3% |
HRPT Properties Trust REIT | 707,545 | 9,078 | 0.3% |
**Other—Financial Services | 940,171 | 30.0% | |
1,184,606 | 37.6% | ||
Health Care | |||
*PacifiCare Health Systems, Inc. | 343,295 | 19,403 | 0.6% |
**Other—Health Care | 77,653 | 2.5% | |
97,056 | 3.1% | ||
Other Energy | |||
*Reliant Energy, Inc. | 1,190,486 | 16,250 | 0.5% |
Premcor, Inc. | 249,132 | 10,506 | 0.3% |
**Other—Other Energy | 101,310 | 3.3% | |
128,066 | 4.1% | ||
28
Shares | Market Value^ (000) | Percentage of Net Assets | |
---|---|---|---|
Materials & Processing | |||
Louisiana-Pacific Corp. | 414,268 | $ 11,078 | 0.4% |
Martin Marietta Materials, Inc. | 192,452 | 10,327 | 0.3% |
Lubrizol Corp. | 260,359 | 9,597 | 0.3% |
Harsco Corp. | 164,276 | 9,157 | 0.3% |
RPM International, Inc. | 463,606 | 9,114 | 0.3% |
Cabot Corp. | 233,976 | 9,050 | 0.3% |
**Other—Materials & Processing | 333,123 | 10.5% | |
391,446 | 12.4% | ||
Producer Durables | |||
Cummins Inc. | 142,830 | 11,968 | 0.4% |
**Other—Producer Durables | 227,216 | 7.2% | |
239,184 | 7.6% | ||
Technology | |||
*Arrow Electronics, Inc. | 461,191 | 11,207 | 0.4% |
**Other—Technology | 139,537 | 4.4% | |
150,744 | 4.8% | ||
Utilities | |||
Alliant Energy Corp. | 451,566 | 12,915 | 0.4% |
ONEOK, Inc. | 370,123 | 10,519 | 0.3% |
*Allegheny Energy, Inc. | 507,343 | 10,000 | 0.3% |
AGL Resources Inc. | 283,356 | 9,419 | 0.3% |
Hawaiian Electric Industries Inc. | 321,330 | 9,367 | 0.3% |
Aqua America, Inc. | 379,007 | 9,320 | 0.3% |
OGE Energy Corp. | 349,774 | 9,273 | 0.3% |
**Other—Utilities | 208,813 | 6.7% | |
279,626 | 8.9% | ||
Other | |||
**Other—Other Securities | 30,434 | 1.0% | |
TOTAL COMMON STOCKS | |||
(Cost $2,486,981) | 3,146,647 | 100.0% | |
TEMPORARY CASH INVESTMENTS | |||
Money Market Fund | |||
Vanguard Market Liquidity Fund, | |||
2.26%† | 9,625,324 | 9,625 | 0.3% |
Vanguard Market Liquidity Fund, | |||
2.26%†—Note E | 94,734,400 | 94,734 | 3.0% |
104,359 | 3.3% | ||
Face | |||
Amount | |||
(000) | |||
U.S. Agency Obligation | |||
Federal Home Loan Bank Discount Note++ | |||
2.18%, 1/26/2005 | $ 3,000 | 2,996 | 0.1% |
TOTAL TEMPORARY CASH INVESTMENTS | |||
(Cost $107,354) | 107,355 | 3.4% | |
TOTAL INVESTMENTS | |||
(Cost $2,594,335) | 3,254,002 | 103.4% | |
29
Small-Cap Value Index Fund | Market Value^ (000) | Percentage of Net Assets |
---|---|---|
OTHER ASSETS AND LIABILITIES | ||
Other Assets—Note B | $ 35,350 | 1.1% |
Security Lending Collateral | ||
Payable to Brokers—Note E | (94,734) | (3.0%) |
Other Liabilities | (47,292) | (1.5%) |
(106,676) | (3.4%) | |
NET ASSETS | $ 3,147,326 | 100.0% |
^ | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
** | Represents the aggregate value of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
† | Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
†† | The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer's line-of-credit) would require congressional action. |
REIT—Real Estate Investment Trust. |
AT DECEMBER 31, 2004, NET ASSETS CONSISTED OF: | |
---|---|
Amount (000) | |
Paid-in Capital | $2,655,379 |
Overdistributed Net Investment Income | (910) |
Accumulated Net Realized Losses | (166,810) |
Unrealized Appreciation | 659,667 |
NET ASSETS | $3,147,326 |
Investor Shares—Net Assets | |
Applicable to 211,018,874 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $2,947,168 |
NET ASSET VALUE PER SHARE— | |
INVESTOR SHARES | $13.97 |
Institutional Shares—Net Assets | |
Applicable to 10,929,422 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $152,953 |
NET ASSET VALUE PER SHARE— | |
INSTITUTIONAL SHARES | $13.99 |
VIPER Shares—Net Assets | |
Applicable to 809,580 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $47,205 |
NET ASSET VALUE PER SHARE— | |
VIPER SHARES | $58.31 |
See Note C in Notes to Financial Statements for the tax-basis components of net assets |
30
STATEMENT OF OPERATIONS
This Statement shows the types of income earned by each fund during the reporting period, and details the operating expenses charged to each class of its shares. These expenses directly reduce the amount of investment income available to pay to shareholders as income dividends. This Statement also shows any Net Gain (Loss) realized on the sale of investments, and the increase or decrease in the Unrealized Appreciation (Depreciation) of investments during the period.
Small-Cap Index Fund | Small-Cap Growth Index Fund | Small-Cap Value Index Fund | |
---|---|---|---|
Year Ended December 31, 2004 | |||
(000) | (000) | (000) | |
INVESTMENT INCOME | |||
Income | |||
Dividends | $ 108,359 | $ 3,789 | $ 53,773 |
Interest | 344 | 59 | 82 |
Security Lending | 3,325 | 653 | 659 |
Total Income | 112,028 | 4,501 | 54,514 |
Expenses | |||
The Vanguard Group—Note B | |||
Investment Advisory Services | 125 | 125 | 125 |
Management and Administrative | |||
Investor Shares | 11,401 | 2,107 | 4,173 |
Admiral Shares | 1,273 | — | — |
Institutional Shares | 758 | 8 | 47 |
VIPER Shares | 121 | 75 | 44 |
Marketing and Distribution | |||
Investor Shares | 760 | 197 | 322 |
Admiral Shares | 201 | — | — |
Institutional Shares | 257 | 6 | 21 |
VIPER Shares | 9 | 6 | 4 |
Custodian Fees | 347 | 250 | 285 |
Auditing Fees | 19 | 17 | 17 |
Shareholders' Reports | |||
Investor Shares | 242 | 50 | 68 |
Admiral Shares | 1 | — | — |
Institutional Shares | — | — | — |
VIPER Shares | — | — | — |
Trustees' Fees and Expenses | 9 | 2 | 3 |
Total Expenses | 15,523 | 2,843 | 5,109 |
NET INVESTMENT INCOME | 96,505 | 1,658 | 49,405 |
REALIZED NET GAIN (LOSS) | |||
Investment Securities Sold | 450,683 | 64,361 | 166,184 |
Futures Contracts | 1,234 | 59 | 537 |
REALIZED NET GAIN (LOSS) | 451,917 | 64,420 | 166,721 |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | |||
Investment Securities | 993,611 | 118,840 | 310,066 |
Futures Contracts | (189) | — | — |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | 993,422 | 118,840 | 310,066 |
NET INCREASE (DECREASE) IN NET ASSETS | |||
RESULTING FROM OPERATIONS | $ 1,541,844 | $184,918 | $526,192 |
31
STATEMENT OF CHANGES IN NET ASSETS
This Statement shows how each fund’s total net assets changed during the two most recent reporting periods. The Operations section summarizes information detailed in the Statement of Operations. The amounts shown as Distributions to shareholders from the fund’s net income and capital gains may not match the amounts shown in the Operations section, because distributions are determined on a tax basis and may be made in a period different from the one in which the income was earned or the gains were realized on the financial statements. The Capital Share Transactions section shows the net amount shareholders invested in or redeemed from the fund. Distributions and Capital Share Transactions are shown separately for each class of shares.
Small-Cap Index Fund | Small-Cap Growth Index Fund | ||||
---|---|---|---|---|---|
Year Ended December 31, | |||||
2004 | 2003 | 2004 | 2003 | ||
(000) | (000) | (000) | (000) | ||
INCREASE (DECREASE) IN NET ASSETS | |||||
Operations | |||||
Net Investment Income | $ 96,505 | $ 62,761 | $ 1,658 | $ 1,369 | |
Realized Net Gain (Loss) | 451,917 | (841,217) | 64,420 | 46,692 | |
Change in Unrealized Appreciation (Depreciation) | 993,422 | 2,807,750 | 118,840 | 166,882 | |
Net Increase (Decrease) in Net Assets | |||||
Resulting from Operations | 1,541,844 | 2,029,294 | 184,918 | 214,943 | |
Distributions | |||||
Net Investment Income | |||||
Investor Shares | (61,070) | (43,573) | (1,858) | (1,547) | |
Admiral Shares | (15,545) | (10,499) | — | — | |
Institutional Shares | (18,487) | (10,910) | (95) | (68) | |
VIPER Shares | (2,056) | — | (106) | — | |
Realized Capital Gain | |||||
Investor Shares | — | — | — | — | |
Admiral Shares | — | — | — | — | |
Institutional Shares | — | — | — | — | |
VIPER Shares | — | — | — | — | |
Total Distributions | (97,158) | (64,982) | (2,059) | (1,615) | |
Capital Share Transactions—Note F | |||||
Investor Shares | 424,749 | 559,646 | 353,766 | 313,013 | |
Admiral Shares | 182,874 | 173,758 | — | — | |
Institutional Shares | 271,748 | 120,654 | 3,280 | (81,321) | |
VIPER Shares | 170,200 | — | 88,913 | — | |
Net Increase (Decrease) from | |||||
Capital Share Transactions | 1,049,571 | 854,058 | 445,959 | 231,692 | |
Total Increase (Decrease) | 2,494,257 | 2,818,370 | 628,818 | 445,020 | |
Net Assets | |||||
Beginning of Period | 7,037,515 | 4,219,145 | 936,556 | 491,536 | |
End of Period | $ 9,531,772 | $ 7,037,515 | $ 1,565,374 | $ 936,556 | |
32
Small-Cap Value Index Fund | ||
---|---|---|
Year Ended December 31, | ||
2004 (000) | 2003 (000) | |
INCREASE (DECREASE) IN NET ASSETS | ||
Operations | ||
Net Investment Income | $ 49,405 | $ 30,366 |
Realized Net Gain (Loss) | 166,721 | (159,971) |
Change in Unrealized Appreciation (Depreciation) | 310,066 | 583,355 |
Net Increase (Decrease) in Net Assets | ||
Resulting from Operations | 526,192 | 453,750 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (45,980) | (29,307) |
Institutional Shares | (2,627) | (1,838) |
VIPER Shares | (781) | — |
Realized Capital Gain | ||
Investor Shares | — | — |
Institutional Shares | — | — |
VIPER Shares | — | — |
Total Distributions | (49,388) | (31,145) |
Capital Share Transactions—Note F | ||
Investor Shares | 768,321 | 145,432 |
Institutional Shares | 23,106 | (246,367) |
VIPER Shares | 42,930 | — |
Net Increase (Decrease) from | ||
Capital Share Transactions | 834,357 | (100,935) |
Total Increase (Decrease) | 1,311,161 | 321,670 |
Net Assets | ||
Beginning of Period | 1,836,165 | 1,514,495 |
End of Period | $ 3,147,326 | $ 1,836,165 |
33
FINANCIAL HIGHLIGHTS
This table summarizes each fund’s investment results and distributions to shareholders on a per-share basis for each class of shares. It also presents the Total Return and shows net investment income and expenses as percentages of average net assets. These data will help you assess: the variability of the fund’s net income and total returns from year to year; the relative contributions of net income and capital gains to the fund’s total return; how much it costs to operate the fund; and the extent to which the fund tends to distribute capital gains. The table also shows the Portfolio Turnover Rate, a measure of trading activity. A turnover rate of 100% means that the average security is held in the fund for one year.
Small-Cap Index Fund Investor Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $22.60 | $15.66 | $19.82 | $19.44 | $23.60 |
Investment Operations | |||||
Net Investment Income | .267 | .200 | .192 | .217 | .270 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.228 | 6.944 | (4.160) | .388 | (1.145) |
Total from Investment Operations | 4.495 | 7.144 | (3.968) | .605 | (.875) |
Distributions | |||||
Dividends from Net Investment Income | (.265) | (.204) | (.192) | (.225) | (.260) |
Distributions from Realized Capital Gains | — | — | — | — | (3.025) |
Total Distributions | (.265) | (.204) | (.192) | (.225) | (3.285) |
Net Asset Value, End of Period | $26.83 | $22.60 | $15.66 | $19.82 | $19.44 |
Total Return* | 19.90% | 45.63% | -20.02% | 3.10% | -2.67% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $6,247 | $4,871 | $2,943 | $3,545 | $3,577 |
Ratio of Total Expenses to Average Net Assets | 0.23% | 0.27% | 0.27% | 0.27% | 0.27% |
Ratio of Net Investment Income to Average Net Assets | 1.13% | 1.17% | 1.11% | 1.16% | 1.17% |
Portfolio Turnover Rate** | 19% | 39%† | 32% | 39% | 49% |
* | Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2000, or the $10 annual account maintenance fee applied on balances under $10,000. |
** | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
† | Includes activity related to a change in the fund's target index. |
34
Small-Cap Index Fund Admiral Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | Nov. 13* to Dec. 31, | ||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $22.60 | $15.66 | $19.82 | $19.44 | $22.40 |
Investment Operations | |||||
Net Investment Income | .294 | .220 | .207 | .231 | .053 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.228 | 6.944 | (4.160) | .388 | .062 |
Total from Investment Operations | 4.522 | 7.164 | (3.953) | .619 | .115 |
Distributions | |||||
Dividends from Net Investment Income | (.292) | (.224) | (.207) | (.239) | (.265) |
Distributions from Realized Capital Gains | — | — | — | — | (2.810) |
Total Distributions | (.292) | (.224) | (.207) | (.239) | (3.075) |
Net Asset Value, End of Period | $26.83 | $22.60 | $15.66 | $19.82 | $19.44 |
Total Return | 20.02% | 45.76% | -19.95% | 3.17% | 1.75% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,451 | $1,056 | $591 | $547 | $252 |
Ratio of Total Expenses to Average Net Assets | 0.13% | 0.18% | 0.18% | 0.20% | 0.20%** |
Ratio of Net Investment Income to Average Net Assets | 1.25% | 1.26% | 1.22% | 1.24% | 1.79%** |
Portfolio Turnover Rate† | 19% | 39%†† | 32% | 39% | 49% |
* | Inception. |
** | Annualized. |
† | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
†† | Includes activity related to a change in the fund's target index. |
35
FINANCIAL HIGHLIGHTS (CONTINUED)
Small-Cap Index Fund Institutional Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $22.61 | $15.66 | $19.82 | $19.44 | $23.61 |
Investment Operations | |||||
Net Investment Income | .306 | .240 | .219 | .251 | .292 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.228 | 6.944 | (4.160) | .388 | (1.145) |
Total from Investment Operations | 4.534 | 7.184 | (3.941) | .639 | (.853) |
Distributions | |||||
Dividends from Net Investment Income | (.304) | (.234) | (.219) | (.259) | (.292) |
Distributions from Realized Capital Gains | — | — | — | — | (3.025) |
Total Distributions | (.304) | (.234) | (.219) | (.259) | (3.317) |
Net Asset Value, End of Period | $26.84 | $22.61 | $15.66 | $19.82 | $19.44 |
Total Return* | 20.06% | 45.88% | -19.89% | 3.27% | -2.56% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,648 | $1,111 | $686 | $584 | $490 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10% | 0.10% | 0.13% |
Ratio of Net Investment Income to Average Net Assets | 1.30% | 1.33% | 1.32% | 1.34% | 1.32% |
Portfolio Turnover Rate** | 19% | 39%† | 32% | 39% | 49% |
* | Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2000. |
** | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
† | Includes activity related to a change in the fund's target index. |
36
Small-Cap Index Fund VIPER Shares | |
---|---|
Jan. 26* | |
For a Share Outstanding Throughout the Period | December |
Net Asset Value, Beginning of Period | $50.65 |
Investment Operations | |
Net Investment Income | .585 |
Net Realized and Unrealized Gain (Loss) on Investments | 5.436 |
Total from Investment Operations | 6.021 |
Distributions | |
Dividends from Net Investment Income | (.621) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.621) |
Net Asset Value, End of Period | $56.05 |
Total Return | 11.90% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $186 |
Ratio of Total Expenses to Average Net Assets | 0.18%† |
Ratio of Net Investment Income to Average Net Assets | 1.19%† |
Portfolio Turnover Rate** | 19% |
* | Inception. |
** | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
† | Annualized. |
37
FINANCIAL HIGHLIGHTS (CONTINUED)
Small-Cap Index Fund Investor Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $13.08 | $9.17 | $10.87 | $10.97 | $11.38 |
Investment Operations | |||||
Net Investment Income | .02 | .021 | .027 | .009 | .009 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.08 | 3.911 | (1.702) | (.094) | .154 |
Total from Investment Operations | 2.10 | 3.932 | (1.675) | (.085) | .163 |
Distributions | |||||
Dividends from Net Investment Income | (.02) | (.022) | (.025) | (.015) | (.003) |
Distributions from Realized Capital Gains | — | — | — | — | (.570) |
Total Distributions | (.02) | (.022) | (.025) | (.015) | (.573) |
Net Asset Value, End of Period | $15.16 | $13.08 | $9.17 | $10.87 | $10.97 |
Total Return* | 16.06% | 42.88% | -15.41% | -0.78% | 1.59% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,435 | $907 | $388 | $357 | $356 |
Ratio of Total Expenses to Average Net Assets | 0.23% | 0.27% | 0.27% | 0.27% | 0.27% |
Ratio of Net Investment Income to Average Net Assets | 0.13% | 0.21% | 0.24% | 0.11% | 0.03% |
Portfolio Turnover Rate** | 41% | 91%+ | 61% | 74% | 136% |
* | Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2002 or the $10 annual account maintenance fee applied on balances under $10,000. |
** | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
† | Includes activity related to a change in the fund's target index. |
38
Small-Cap Growth Index Fund Institutional Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | May 24* to Dec. 31, | ||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $13.09 | $9.17 | $10.87 | $10.97 | $11.03 |
Investment Operations | |||||
Net Investment Income | .048 | .039 | .043 | .024 | .009 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.080 | 3.911 | (1.702) | (.094) | .513 |
Total from Investment Operations | 2.128 | 3.950 | (1.659) | (.070) | .522 |
Distributions | |||||
Dividends from Net Investment Income | (.038) | (.030) | (.041) | (.030) | (.012) |
Distributions from Realized Capital Gains | — | — | — | — | (.570) |
Total Distributions | (.038) | (.030) | (.041) | (.030) | (.582) |
Net Asset Value, End of Period | $15.18 | $13.09 | $9.17 | $10.87 | $10.97 |
Total Return** | 16.26% | 43.08% | -15.26% | -0.64% | 4.90% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $38 | $30 | $104 | $109 | $73 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10% | 0.10% | 0.13%† |
Ratio of Net Investment Income to Average Net Assets | 0.28% | 0.38% | 0.41% | 0.28% | 0.11%† |
Portfolio Turnover Rate†† | 41% | 91%‡ | 61 | 74% | 136% |
* | Inception. |
** | Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2002. |
† | Annualized. |
†† | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
‡ | Includes activity related to a change in the fund's target index. |
39
FINANCIAL HIGHLIGHTS (CONTINUED)
Small-Cap Growth Index Fund VIPER Shares | |
---|---|
Jan. 26* | |
For a Share Outstanding Throughout the Period | December |
Net Asset Value, Beginning of Period | $50.77 |
Investment Operations | |
Net Investment Income | .091 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.177 |
Total from Investment Operations | 3.268 |
Distributions | |
Dividends from Net Investment Income | (.088) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.088) |
Net Asset Value, End of Period | $53.95 |
Total Return | 6.44% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $92 |
Ratio of Total Expenses to Average Net Assets | 0.22%† |
Ratio of Net Investment Income to Average Net Assets | 0.15%† |
Portfolio Turnover Rate** | 41% |
* | Inception. |
** | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
† | Annualized. |
40
Small-Cap Value Index Fund Investor Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $11.49 | $8.52 | $10.29 | $9.65 | $8.45 |
Investment Operations | |||||
Net Investment Income | .227 | .192 | .090 | .074 | .084 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.478 | 2.976 | (1.494) | 1.176 | 1.698 |
Total from Investment Operations | 2.705 | 3.168 | (1.404) | 1.250 | 1.782 |
Distributions | |||||
Dividends from Net Investment Income | (.225) | (.198) | (.090) | (.065) | (.082) |
Distributions from Realized Capital Gains | — | — | (.276) | (.545) | (.500) |
Total Distributions | (.225) | (.198) | (.366) | (.610) | (.582) |
Net Asset Value, End of Period | $13.97 | $11.49 | $8.52 | $10.29 | $9.65 |
Total Return* | 23.55% | 37.19% | -14.20% | 13.70% | 21.88% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,947 | $1,730 | $1,176 | $802 | $317 |
Ratio of Total Expenses to Average Net Assets | 0.23% | 0.27% | 0.27% | 0.27% | 0.27% |
Ratio of Net Investment Income to Average Net Assets | 2.15% | 2.07% | 0.93% | 0.97% | 1.16% |
Portfolio Turnover Rate** | 30% | 100%† | 57% | 59% | 82% |
* | Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2002 or the $10 annual account maintenance fee applied on balances under $10,000. |
** | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
† | Includes activity related to a change in the fund's target index. |
41
FINANCIAL HIGHLIGHTS (CONTINUED)
Small-Cap Value Index Fund Institutional Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $11.50 | $8.53 | $10.29 | $9.65 | $8.45 |
Investment Operations | |||||
Net Investment Income | .255 | .198 | .114 | .089 | .097 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.478 | 2.976 | (1.494) | 1.176 | 1.698 |
Total from Investment Operations | 2.733 | 3.174 | (1.380) | 1.265 | 1.795 |
Distributions | |||||
Dividends from Net Investment Income | (.243) | (.204) | (.104) | (.080) | (.095) |
Distributions from Realized Capital Gains | — | — | (.276) | (.545) | (.500) |
Total Distributions | (.243) | (.204) | (.380) | (.625) | (.595) |
Net Asset Value, End of Period | $13.99 | $11.50 | $8.53 | $10.29 | $9.65 |
Total Return* | 23.77% | 37.22% | -13.96% | 13.86% | 22.04% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $153 | $106 | $338 | $325 | $86 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10% | 0.10% | 0.13% |
Ratio of Net Investment Income to Average Net Assets | 2.29% | 2.24% | 1.08% | 1.14% | 1.36% |
Portfolio Turnover Rate** | 30% | 100%† | 57% | 59% | 82% |
* | Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2002. |
** | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
† | Includes activity related to a change in the fund's target index. |
42
Small-Cap Value Index Fund VIPER Shares | |
---|---|
Jan.26*to | |
December31, | |
For a Share Outstanding Throughout the Period | 2004 |
Net Asset Value, Beginning of Period | $50.53 |
Investment Operations | |
Net Investment Income | .930 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.818 |
Total from Investment Operations | 8.748 |
Distributions | |
Dividends from Net Investment Income | (.968) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.968) |
Net Asset Value, End of Period | $58.31 |
Total Return | 17.34% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $47 |
Ratio of Total Expenses to Average Net Assets | 0.22%† |
Ratio of Net Investment Income to Average Net Assets | 2.16%† |
Portfolio Turnover Rate** | 30% |
* | Inception. |
** | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. |
† | Annualized. |
SEE ACCOMPANYING NOTES, WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
43
NOTES TO FINANCIAL STATEMENTS
Vanguard Small-Cap Index, Small-Cap Growth Index, and Small-Cap Value Index Funds are registered under the Investment Company Act of 1940 as open-end investment companies, or mutual funds. The Small-Cap Index Fund offers four classes of shares: Investor Shares, Admiral Shares, Institutional Shares, and VIPER Shares. The Small-Cap Growth Index and Small-Cap Value Index Funds each offer three classes of shares, Investor Shares, Institutional Shares, and VIPER Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, servicing, tenure, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and servicing criteria and invest a minimum of $10 million. VIPER Shares are listed for trading on the American Stock Exchange; they can be purchased and sold through a broker. The Small-Cap Index, Small-Cap Growth Index, and Small-Cap Value Index Funds VIPER Shares were first issued on January 26, 2004, and offered to the public on January 30, 2004.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The funds consistently follow such policies in preparing their financial statements.
1. | Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard® Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value. |
2. | Futures Contracts: The funds use Russell 2000 Index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. A fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. A fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. 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. |
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses). |
3. | Repurchase Agreements: Each fund, along with other members of The Vanguard Group, may transfer uninvested cash balances into a pooled cash account, which is invested in repurchase agreements secured by U.S. government securities. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; |
44
however, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. |
4. | Federal Income Taxes: Each fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Accordingly, no provision for federal income taxes is required in the financial statements. |
5. | Distributions: Distributions to shareholders are recorded on the ex-dividend date. |
6. | Security Lending: The funds may lend their securities to qualified institutional borrowers in order to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The funds invest cash collateral received in Vanguard Market Liquidity Fund, and record a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents the income earned on investing cash collateral, less expenses associated with the loan. |
7. | Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets. |
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to each fund under methods approved by the board of trustees. Each fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At December 31, 2004, the funds had contributed capital to Vanguard (included in Other Assets) of:
Index Fund | Capital Contribution to Vanguard (000) | Percentage of Fund Net Assets | Percentage of Vanguard's Capitalization |
---|---|---|---|
Small-Cap | $1,246 | 0.01% | 1.25% |
Small-Cap Growth | 195 | 0.01 | 0.20 |
Small-Cap Value | 396 | 0.01 | 0.40 |
The funds’ trustees and officers are also directors and officers of Vanguard.
C. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
45
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
During the year ended December 31, 2004, the Small-Cap Index, Small-Cap Growth Index, and Small-Cap Value Index Funds realized $93,982,000, $9,017,000, and $2,745,000, respectively, of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the funds, and are not distributed to shareholders, they have been reclassified from accumulated net realized gains to paid-in capital.
At December 31, 2004, the funds had the following tax-basis amounts available for distribution, and capital losses available to offset future net capital gains:
Amount Available for Distribution | Capital Losses | ||||
---|---|---|---|---|---|
Index Fund | Ordinary Income (000) | Long-Term Capital Gain (000) | Amount (000) | Expiration: Fiscal Years Ending December 31 | |
Small-Cap | $734 | — | $651,545 | 2011 | |
Small-Cap Growth | (21)* | — | 47,762 | 2009-2011 | |
Small-Cap Value | 405 | — | 165,158 | 2011 | |
*Amount of the fund's December 2004 dividend payable in January 2005 that will be used to reduce required 2005 ordinary income dividends. |
At December 31, 2004, net unrealized appreciation of investment securities for tax purposes was:
(000) | |||
---|---|---|---|
Index Fund | Net Unrealized Appreciated Securities | Depreciated Securities | Appreciation (Depreciation) |
Small-Cap | $3,065,206 | $(311,909) | $2,753,297 |
Small-Cap Growth | 357,548 | (57,946) | 299,602 |
Small-Cap Value | 687,452 | (27,785) | 659,667 |
At December 31, 2004, the aggregate settlement value of open futures contracts expiring in March 2005 and the related unrealized appreciation (depreciation) were:
(000) | |||
---|---|---|---|
Index Fund/Futures Contracts | Aggregate Number of Long Contracts | Unrealized Settlement Value | Appreciation (Depreciation) |
SmallCap/Russell 2000 Index | 40 | $13,079 | $76 |
E-mini Russell 2000 Index | 4 | 262 | 2 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
D. During the year ended December 31, 2004, purchases and sales of investment securities other than temporary cash investments were:
(000) | ||
---|---|---|
Index Fund | Purchases | Sales |
Small-Cap | $2,818,827 | $1,757,119 |
Small-Cap Growth | 965,613 | 542,055 |
Small-Cap Value | 1,539,939 | 701,759 |
46
E. The market value of securities on loan to broker/dealers at December 31, 2004, and collateral received with respect to such loans were:
(000) | ||
---|---|---|
Index Fund | Market Value of Loaned Securities | Cash Collateral Received |
Small-Cap | $452,599 | $483,495 |
Small-Cap Growth | 55,523 | 60,645 |
Small-Cap Value | 90,298 | 94,734 |
F. Capital share transactions for each class of shares were:
Year Ended December 31, 2004 | Year Ended December 31, 2003 | ||||
---|---|---|---|---|---|
Index Fund | Amount (000) | Shares (000) | Amount (000) | Shares (000) | |
Small-Cap | |||||
Investor Shares | |||||
Issued | $1,511,539 | 63,241 | $1,255,911 | 65,734 | |
Issued in Lieu of Cash Distributions | 57,115 | 2,142 | 40,382 | 1,799 | |
Redeemed | (1,143,905) | (48,020) | (736,647) | (39,926) | |
Net Increase (Decrease)—Investor Shares | 424,749 | 17,363 | 559,646 | 27,607 | |
Admiral Shares | |||||
Issued | 622,462 | 25,920 | 370,576 | 19,377 | |
Issued in Lieu of Cash Distributions | 13,273 | 498 | 8,958 | 399 | |
Redeemed | (452,861) | (19,073) | (205,776) | (10,747) | |
Net Increase (Decrease)—Admiral Shares | 182,874 | 7,345 | 173,758 | 9,029 | |
Institutional Shares | |||||
Issued | 748,322 | 31,703 | 301,591 | 15,201 | |
Issued in Lieu of Cash Distributions | 16,701 | 626 | 9,885 | 440 | |
Redeemed | (493,275) | (20,048) | (190,822) | (10,272) | |
Net Increase (Decrease)—Institutional Shares | 271,748 | 12,281 | 120,654 | 5,369 | |
VIPER Shares | |||||
Issued | 194,472 | 3,810 | — | — | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (24,272) | (500) | — | — | |
Net Increase (Decrease)—VIPER Shares | 170,200 | 3,310 | — | — | |
47
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Year Ended December 31, 2004 | Year Ended December 31, 2003 | ||||
---|---|---|---|---|---|
Index Fund | Amount (000) | Shares (000) | Amount (000) | Shares (000) | |
Small-Cap Growth | |||||
Investor Shares | |||||
Issued | $691,521 | 50,277 | $477,577 | 41,583 | |
Issued in Lieu of Cash Distributions | 1,584 | 106 | 1,307 | 101 | |
Redeemed | (339,339) | (25,072) | (165,871) | (14,657) | |
Net Increase (Decrease)—Investor Shares | 353,766 | 25,311 | 313,013 | 27,027 | |
Institutional Shares | |||||
Issued | 6,825 | 503 | 34,063 | 3,404 | |
Issued in Lieu of Cash Distributions | 95 | 6 | 68 | 5 | |
Redeemed | (3,640) | (279) | (115,452) | (12,427) | |
Net Increase (Decrease)—Institutional Shares | 3,280 | 230 | (81,321) | (9,018) | |
VIPER Shares | |||||
Issued | 117,274 | 2,313 | — | — | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (28,361) | (600) | — | — | |
Net Increase (Decrease)—VIPER Shares | 88,913 | 1,713 | — | — | |
Small-Cap Value | |||||
Investor Shares | |||||
Issued | $1,162,275 | 93,006 | $523,908 | 54,116 | |
Issued in Lieu of Cash Distributions | 42,184 | 3,035 | 26,862 | 2,345 | |
Redeemed | (436,138) | (35,689) | (405,338) | (43,803) | |
Net Increase (Decrease)—Investor Shares | 768,321 | 60,352 | 145,432 | 12,658 | |
Institutional Shares | |||||
Issued | 30,005 | 2,333 | 91,334 | 10,337 | |
Issued in Lieu of Cash Distributions 1,739 | 125 | 1,528 | 133 | ||
Redeemed | (8,638) | (717) | (339,229) | (40,928) | |
Net Increase (Decrease)—Institutional Shares | 23,106 | 1,741 | (246,367) | (30,458) | |
VIPER Shares | |||||
Issued | 52,994 | 1,010 | — | — | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (10,064) | (200) | — | — | |
Net Increase (Decrease)—VIPER Shares | 42,930 | 810 | — | — | |
48
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Trustees of Vanguard U.S. Stock Index Funds:
In our opinion, the accompanying statements of net assets—investments summary and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Small-Cap Index Fund, Small-Cap Growth Index Fund, and Small-Cap Value Index Fund (separate funds of Vanguard U.S. Stock Index Funds, hereafter referred to as the “Funds”) at December 31, 2004, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2004 by correspondence with the custodian and broker and by agreement to the underlying ownership records for Vanguard Market Liquidity Fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 8, 2005
49
SPECIAL 2004 TAX INFORMATION | |||
---|---|---|---|
(UNAUDITED) FOR U.S. STOCK INDEX FUNDS (SMALL-CAPITALIZATION PORTFOLIOS) | |||
This information for the fiscal year ended December 31, 2004, is included pursuant to provisions of the Internal Revenue Code. | |||
For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends-received deduction is as follows: | |||
Index Fund | Percentage | ||
Small-Cap Small-Cap Growth Small-Cap Value | 69.2% 100.0 61.5 | ||
The funds distributed the following amounts of qualified dividend income to shareholders during the fiscal year: | |||
Index Fund | Dividends Paid | ||
Small-Cap Small-Cap Growth Small-Cap Value | $68,098,000 2,059,000 31,529,000 | ||
50
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51
THE PEOPLE WHO GOVERN YOUR FUND
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard's board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals.
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members' responsibilities are
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
John J. Brennan* (1954) May 1987 | Chairman of the Board, Chief Executive Officer, and Trustee (132) | Chairman of the Board,Chief Executive Officer, and Director/Trustee of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group. |
INDEPENDENT TRUSTEES | ||
Charles D. Ellis (1937) January 2001 | Trustee (132) | The Partners of `63 (pro bono ventures in education); Senior Advisor to Greenwich Associates (international business strategy consulting); Successor Trustee of Yale University; Overseer of the Stern School of Business at New York University; Trustee of the Whitehead Institute for Biomedical Research. |
Rajiv L. Gupta (1945) December 2001** | Trustee (132) | Chairman and Chief Executive Officer (since October 1999), Vice Chairman (January-September 1999), and Vice President (prior to September 1999) of Rohm and Haas Co. (chemicals); Director of Technitrol, Inc. (electronic components), and Agere Systems (commu- nications components); Board Member of the American Chemistry Council; Trustee of Drexel University. |
JoAnn Heffernan Heisen (1950) July 1998 | Trustee (132) | Vice President, Chief Information Officer, and Member of the Executive Committee of Johnson & Johnson (pharmaceuticals/ consumer products); Director of the University Medical Center at Princeton and Women's Research and Education Institute. |
Burton G. Malkiel (1932) May 1977 | Trustee (129) | Chemical Bank Chairman's Professor of Economics, Princeton University; Director of Vanguard Investment Series plc (Irish invest- ment fund) (since November 2001), Vanguard Group (Ireland) Limited (investment management) (since November 2001), Prudential Insurance Co. of America, BKF Capital (investment management), The Jeffrey Co. (holding company), and NeuVis, Inc. (software company). |
André F. Perold (1952) December 2004 | Trustee (132) | George Gund Professor of Finance and Banking, Harvard Business School (since 2000); Senior Associate Dean, Director of Faculty Recruiting, and Chair of Finance Faculty, Harvard Business School; Director and Chairman of Unx, Inc. (equities trading firm) (since 2003); Director of registered investment companies advised by Merrill Lynch Investment Managers and affiliates (1985–2004), Genbel Securities Limited (South African financial services firm) (1999–2003), Gensec Bank (1999–2003), Sanlam Investment Management (1999–2001), Sanlam, Ltd. (South African insurance company) (2001–2003), Stockback, Inc. (credit card firm) (2000–2002), and Bulldogresearch.com (investment research) (1999–2001); and Trustee of Commonfund (investment management) (1989–2001). |
selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers.
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482.
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
Alfred M. Rankin, Jr. (1941) January 1993 | Trustee (132) | Chairman, President, Chief Executive Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/lignite); Director of Goodrich Corporation (industrial products/aircraft systems and services); Director of Standard Products Company (supplier for the automotive industry) until 1998. |
J. Lawrence Wilson (1936) April 1985 | Trustee (132) | Retired Chairman and Chief Executive Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines), MeadWestvaco Corp. (paper products), and AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University. |
EXECUTIVE OFFICERS* | ||
R. Gregory Barton (1951) June 2001 | Secretary (132) | Managing Director and General Counsel of The Vanguard Group, Inc.; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group. |
Thomas J. Higgins (1957) July 1998 | Treasurer (132) | Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group. |
*Officers of the funds are “interested persons” as defined in the Investment Company Act of 1940. | ||
**December 2002 for Vanguard® Equity Income Fund, Vanguard® Growth Equity Fund, the Vanguard® Municipal Bond Funds, and the Vanguard® State Tax-Exempt Funds. |
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
VANGUARD SENIOR MANAGEMENT TEAM | |
Mortimer J. Buckley, Information Technology. James H. Gately, Investment Programs and Services. Kathleen C. Gubanich, Human Resources. F. William McNabb, III, Client Relationship Group. | Michael S. Miller, Planning and Development. Ralph K. Packard, Finance. George U. Sauter, Chief Investment Officer. |
John C. Bogle, Founder; Chairman and Chief Executive Officer, 1974-1996. | |
Post Office Box 2600 Valley Forge, PA 19482-2600 |
Vanguard, The Vanguard Group, Vanguard.com, Vanguard IRA, Vanguard Brokerage Services, Admiral, PlainTalk, VanguardAdvantage, and the ship logo are trademarks of The Vanguard Group, Inc. S&P is a trademark of The McGraw-Hill Companies, Inc., and has been licensed for use by The Vanguard Group, Inc. Vanguard mutual funds are not sponsored, endorsed, sold, or promoted by Standard & Poor's, and Standard & Poor's makes no representation regarding the advisability of investing in the funds. The funds or securities referred to herein that are offered by The Vanguard Group and track an MSCI index are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. For such funds or securities, the prospectus or the Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with The Vanguard Group. Russell is a trademark of The Frank Russell Company. All other marks are the exclusive property of their respective owners. All comparative mutual fund data are from Lipper Inc. or Morningstar, Inc., unless otherwise noted. For More Information This report is intended for the funds' shareholders. It may not be distributed to prospec tive investors unless it is preceded or accompanied by the current fund prospectus. To receive a free copy of the prospectus or the Statement of Additional Information, or to request additional information about the funds or other Vanguard funds, please contact us at one of the adjacent telephone numbers or by e-mail through Vanguard.com. Prospectuses may also be viewed online. You can obtain a free copy of Vanguard's proxy voting guidelines by visiting our website, www.vanguard.com, and searching for "proxy voting guidelines," or by calling Vanguard at 1-800-662-2739. They are also available from the SEC's website, www.sec.gov. In addition, you may obtain a free report on how the fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either www.vanguard.com or www.sec.gov. You can review and copy information about your fund at the SEC's Public Reference Room in Washington, D.C. To find out more about this public service, call the SEC at 1-202-942-8090. Information about your fund is also available on the SEC's website, and you can receive copies of this information, for a fee, by sending a request in either of two ways: via e-mail addressed to publicinfo@sec.gov or via regular mail addressed to the Public Reference Section, Securities and Exchange Commission, Washington, DC 20549-0102. *Patent Pending. | World Wide Web www.vanguard.com Fund Information 1-800-662-7447 Direct Investor Account Services 1-800-662-2739 Institutional Investor Services 1-800-523-1036 Text Telephone 1-800-952-3335 © 2005 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. Q480 022005 |
Vanguard®U.S. Stock Index Funds Mid-Capitalization Portfolios | ||
---|---|---|
December 31, 2004 |
CONTENTS | |
1 | LETTER FROM THE CHAIRMAN |
8 | FUND PROFILES |
10 | GLOSSARY OF INVESTMENT TERMS |
11 | PERFORMANCE SUMMARIES |
15 | YOUR FUND'S AFTER-TAX RETURNS |
16 | ABOUT YOUR FUND'S EXPENSES |
18 | FINANCIAL STATEMENTS |
41 | ADVANTAGES OF VANGUARD.COM |
SUMMARY
• | In a continued strong market for smaller issues, the Investor Shares of Vanguard Extended Market Index Fund and Vanguard Mid-Cap Index Fund gained 18.7% and 20.4%, respectively. |
• | Financial services and consumer discretionary stocks performed very well, accounting for half of the Extended Market Fund's gain and just under half of the Mid-Cap Fund's return. |
VANGUARD’S PLEDGE TO CLIENTS | ||
We recognize that your relationship with Vanguard rests on the twin pillars of trust and excellence, each of which is built upon the character of our people. Our Pledge to Clients reflects our ongoing efforts to deserve your trust and to continually improve so that we can offer you excellence in all that we do. | ||
We will: | ||
• | Put your interests first at all times. | |
• | Continually seek to earn your trust by adhering to the highest standards of ethical behavior and fiduciary responsibility. | |
• | Strive to be the highest-value provider of investment services, which means outstanding investment performance and service, both at the lowest possible cost. | |
• | Communicate candidly not only about the rewards of investing but also about the risks and costs. | |
• | Maintain highly effective controls to safeguard your assets and protect your confidential information. | |
• | Invest a majority of our personal assets alongside yours. |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the cover of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Want less clutter in your mailbox? Just register with Vanguard.com ®and opt to get fund reports online. | Mid-Cap Index Fund |
LETTER FROM THE CHAIRMAN |
Dear Shareholder,
The U.S. stock market started and ended 2004 with a strong surge and retreated in between. The result was a 12.6% gain for the broad market, as measured by the Dow Jones Wilshire 5000 Composite Index. Mid- and small-capitalization stocks enjoyed significantly higher returns. The Investor Shares of Vanguard Extended Market Index Fund and Vanguard Mid-Cap Index Fund gained 18.7% and 20.4%, respectively.
As the adjacent table shows, both funds fulfilled their objectives of closely tracking their target indexes. Both funds also significantly outperformed the average mid-cap core mutual fund. Most funds in this category are actively managed and carry higher expenses than either of the Vanguard mid-cap portfolios. The VIPER Shares within the Mid-Cap Index Fund were launched on January 26, 2004, missing the year’s strong early weeks for stock returns. The new shares met their objective of capturing the index’s performance during the period under review.
2004 Total Returns | Fiscal Year Ended December 31 | ||
---|---|---|---|
Vanguard Extended Market Index Fund | |||
Investor Shares | 18.7% | ||
Admiral Shares | 18.8 | ||
Institutional Shares | 18.9 | ||
VIPER Shares | |||
Market Price | 18.4 | ||
Net Asset Value | 18.7 | ||
Dow Jones Wilshire 4500 Index | 18.6 | ||
Average Mid-Cap Core Fund* | 15.5 | ||
Vanguard Mid-Cap Index Fund | |||
Investor Shares | 20.4% | ||
Admiral Shares | 20.4 | ||
Institutional Shares | 20.5 | ||
VIPER Shares** | |||
Market Price | 15.1 | ||
Net Asset Value | 15.2 | ||
MSCI US Mid Cap 450 Index | 20.5 | ||
Average Mid-Cap Core Fund* | 15.5 | ||
*Derived from data provided by Lipper Inc. | |||
**Returns since inception on January 26, 2004. |
Each fund’s total return is based on the change in net asset value during the fiscal year plus any income
1
or capital gains distributions for the period. The table on page 6 provides more details. If you hold either fund in a taxable account, you may wish to refer to page 15 to view after-tax returns.
Admiral™ Shares A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund. | |
Institutional Shares This class of shares carries even lower expenses and is available for a minimum investment of $10 million. | |
VIPER® Shares Traded on the American Stock Exchange, VIPERs® are available only through brokers. The table on page 1 shows VIPER returns based on both the AMEX market price and the net asset value for a share. | |
STOCK MARKET ENJOYED SOLID GAINS
The U.S. stock market rallied following the presidential election in November to post a second consecutive year of solid returns. The gains in the final two months of 2004 capped a year that began with solid advances in stock indexes but was marked in the middle months by investors’ uncertainty about the sustainability of economic growth.
Gains came in many sectors of the market. The strongest performers were energy-related stocks, which were buoyed by higher prices and increased demand for oil. Generally, small-cap stocks outpaced large-caps, and value stocks—those with prices considered low relative to company earnings, book value, and other measures—outpaced their growth counterparts.
International stocks, particularly those in emerging markets, posted outstanding returns compared with U.S. stocks. The strong gains abroad were enhanced for investors in the United States by the weakening of the U.S. dollar against most other major currencies. (A weaker dollar means that returns in other currencies translate into more dollars for U.S.-based investors.)
YIELDS ROSE FOR SHORT-TERM BONDS, FELL FOR LONG-TERM ISSUES
At the beginning of 2004, bond investors expected the year to bring higher interest rates across the maturity spectrum. Their expectations were based on increasingly strong economic reports, rising corporate profits, and a belief that the Federal Reserve Board would soon raise the target for short-term interest rates to keep inflation at bay. The actual result, however, was quite different at the short and long ends of the maturity range.
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Yields of longer-maturity bonds closed the year slightly below their starting points. A series of disappointments in the labor market, record prices for crude oil, and continuing geopolitical turmoil kept bond market volatility high. At the year-end, the 10-year U.S. Treasury note yielded 4.22%, 3 basis points (0.03 percentage point) below its 4.25% yield at the start of the period. Overall, the taxable investment-grade bond market, as measured by the Lehman Brothers Aggregate Bond Index, returned 4.3%. Across the maturity spectrum, corporate bonds, particularly those from below-investment-grade issuers, generally did better than government securities. The Lehman High Yield Index returned 11.1%.
Yields of shorter-maturity securities, which are generally more closely tied to the Fed’s interest rate moves, rose significantly. As anticipated, the Fed began to tighten monetary policy to prevent any significant surge in inflation. Beginning in June, the Fed raised its target for the federal funds rate from 1.00%, a historical low, to 2.25% through five separate quarter-point increases. The yield of the 3-month Treasury bill, a proxy for money market yields, more than doubled during the 12 months, from 0.92% to 2.21%.
Market Barometer | Average Annual Total Returns Periods Ended December 31, 2004 | |||
---|---|---|---|---|
| One Year | Three Years | Five Years | |
Stocks | Russell 1000 Index (Large-caps) | 11.4% | 4.3% | -1.8% |
Russell 2000 Index (Small-caps) | 18.3 | 11.5 | 6.6 | |
Dow Jones Wilshire 5000 Index | 12.6 | 5.5 | -1.4 | |
(Entire Market) | ||||
MSCI All Country World Index | ||||
ex USA (International) | 21.4 | 13.6 | 0.0 | |
Bonds | Lehman Aggregate Bond Index | 4.3% | 6.2% | 7.7% |
(Broad taxable market) | ||||
Lehman Municipal Bond Index | 4.5 | 6.4 | 7.2 | |
Citigroup 3-Month Treasury Bill Index | 1.2 | 1.3 | 2.8 | |
CPI | Consumer Price Index | 3.3% | 2.5% | 2.5% |
REBOUND ENJOYED ACROSS MOST INDUSTRY GROUPINGS
The year-end rally spanned industry sectors, with the highest returns coming from sectors tied to the production of energy and commodities. These sectors, however, are not large weightings in the Vanguard mid-cap index funds.
For both the Extended Market and Mid-Cap Index Funds, financial services and consumer discretionary stocks make up the largest portions of the portfolios (approximately 50% at the year-end for
3
Extended Market and 40% for Mid-Cap). The strong performance of these two sectors accounted for half of the Extended Market Index Fund’s gain and just under half of the Mid-Cap Index Fund’s return. Among top performers within financial services were companies that own and operate commercial and residential real estate. Consumer discretionary stocks (including retailers, restaurants, and entertainment purveyors) typically do well when the economy picks up steam as pent-up demand for goods and services is released; these stocks thrived in 2004‘s improving climate.
The volatile technology sector served as a drag on both funds, although the sector’s underperformance was much more pronounced among smaller stocks. Tech stocks produced a negative return in the Extended Market Index Fund, reflecting the small-cap stocks represented in the Dow Jones Wilshire 4500 Index. This was the lone negative sector performance in either fund. Declines by bellwether tech stocks Intel and Cisco Systems caused a ripple effect, knocking down returns for the many smaller suppliers and niche competitors in the semiconductor and router businesses.
KEEPING UP WITH THE BENCHMARKS
The goal of any index fund is to keep within close sight of its benchmark. The Vanguard mid-cap index funds have gone one better by marginally outpacing their benchmarks over longer periods. This is a significant feat, given that indexes bear none of the operating or transaction costs that detract from a mutual fund’s return. The Vanguard funds’ achievement reflects two competitive advantages:
• | Very low expense ratios (see pages 16-17 for information on the funds' expenses, including a comparison with their peers). |
• | The experience and talents of Vanguard Quantitative Equity Group, the funds' investment advisor. |
Using Vanguard’s proprietary index-tracking methodologies and trading strategies, this expert group can sometimes more than offset fund expenses.
The table on page 5 shows both annualized returns and the final results of a hypothetical $10,000 initial investment over ten years for Investor Shares of the Extended Market Index Fund and comparative
4
measures. Similar figures are also shown for the Mid-Cap Index Fund Investor Shares and benchmarks since that fund’s inception in May 1998.
The Extended Market Index Fund Investor Shares lagged the average peer by 1.8 percentage points for the decade, while the Mid-Cap Index Fund Investor Shares outpaced the same peer by 2 percentage points over the shorter life of the Fund. The Extended Market Index Fund’s shortfall can be explained by the inclusion in its target index of a larger proportion of small-cap stocks than competing funds typically hold. Small-cap stocks lagged larger stocks during most of the 1990s.
Total Returns | | Ten Years Ended December 31, 2004* |
---|---|---|
| Average Annual Return | Final Value of a $10,000 Initial Investment |
Extended Market Index Fund | ||
Investor Shares | 12.2% | $31,510 |
Dow Jones | ||
Wilshire 4500 Index | 12.0 | 30,983 |
Average Mid-Cap Core Fund | 14.0 | 37,118 |
Mid-Cap Index Fund | ||
Investor Shares | 11.3% | $20,278 |
Spliced Mid Cap Index** | 11.0 | |
Average Mid-Cap Core Fund | 9.3 | 18,040 |
*For the Mid-Cap Index Fund and its comparative measures, returns are since the fund's inception on May 21, 1998. | ||
**S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index thereafter. |
The Mid-Cap Index Fund’s superior return can be partly explained by its lower expense ratio and its shorter life span, in which the bear market features prominently. By adhering to its benchmark, the fund avoided exposure to untested companies not in the index—companies that many active managers took a chance on, to their disadvantage.
KEEPING OUR HEADS IN HEADY TIMES
In each of the past four years, small- and mid-cap stocks have dramatically outperformed large-cap stocks—although in two of those years, returns were simply less negative for small- and mid-cap stocks than for bigger companies. The recent environment followed a 1990s bull market for large-cap stocks, in which investors could find no fault with the market’s largest companies. What does this mean for your portfolio in 2005?
Simply that a well-considered strategy, balanced among asset classes and diversified within each class, is the only way to go. The most devoted students of the stock market cannot reliably predict the turning of tides that bring first one and then another market segment
5
into favor. By maintaining a diversified portfolio and attending to the costs you pay, you increase your ability to ride the market’s ups and downs—and ultimately to thrive—despite the unpredictable nature of market leadership.
Thank you for investing your assets with Vanguard.
Sincerely,
John J. Brennan
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
JANUARY 14, 2005
Your Fund's Performance at a Glance | December 31, 2003—December 31, 2004 | |||
---|---|---|---|---|
Distributions Per Share | ||||
| Starting Share Price | Ending Share Price | Income Dividends | Capital Gains |
Extended Market Index Fund | ||||
Investor Shares | $26.66 | $31.36 | $0.285 | $0.000 |
Admiral Shares | 26.66 | 31.36 | 0.316 | 0.000 |
Institutional Shares | 26.67 | 31.38 | 0.334 | 0.000 |
VIPER Shares | 70.37 | 82.74 | 0.813 | 0.000 |
Mid-Cap Index Fund | ||||
Investor Shares | $13.13 | $15.64 | $0.161 | $0.000 |
Admiral Shares | 59.55 | 70.92 | 0.784 | 0.000 |
Institutional Shares | 13.16 | 15.67 | 0.180 | 0.000 |
VIPER Shares | 50.34* | 57.32 | 0.641 | 0.000 |
*Share price at inception, January 26, 2004. |
6
Extended Market Index Fund VIPER Shares | ||||
---|---|---|---|---|
Premium/Discount: December 27, 2001*-December 31, 2004 | ||||
| Closing Price Above or Equal to Closing Net Asset Value | Closing Price Below Closing Net Asset Value | ||
Basis Point Differential** | Number of Days | Percentage of Total Days | Number of Days | Percentage of Total Days |
0-24.9 | 398 | 52.43% | 282 | 37.15% |
25-49.9 | 50 | 6.59 | 20 | 2.64 |
50-74.9 | 3 | 0.40 | 4 | 0.53 |
75-100.0 | 1 | 0.13 | 1 | 0.13 |
>100.0 | 0 | 0.00 | 0 | 0.00 |
Total | 452 | 59.55% | 307 | 40.45% |
Mid-Cap Index Fund VIPER Shares | ||||
---|---|---|---|---|
Premium/Discount: January 26, 2004*-December 31, 2004 | ||||
| Closing Price Above or Equal to Closing Net Asset Value | Closing Price Below Closing Net Asset Value | ||
Basis Point Differential** | Number of Days | Percentage of Total Days | Number of Days | Percentage of Total Days |
0-24.9 | 122 | 51.48% | 114 | 48.10% |
25-49.9 | 0 | 0.00 | 1 | 0.42 |
50-74.9 | 0 | 0.00 | 0 | 0.00 |
75-100.0 | 0 | 0.00 | 0 | 0.00 |
>100.0 | 0 | 0.00 | 0 | 0.00 |
Total | 122 | 51.48% | 115 | 48.52% |
*Inception | ||||
**One basis point equals 1/100th of 1% |
7
| FUND PROFILES |
---|---|
As of 12/31/2004 | These Profiles provide snapshots of each fund's characteristics, compared where indicated with the fund's target index and a broad market index. Key terms are defined on page 10. |
EXTENDED MARKET INDEX FUND | |||
---|---|---|---|
Portfolio Characteristics | |||
| Fund | Target Index* | Broad Index** |
Number of Stocks | 3,396 | 4,482 | 4,978 |
Median Market Cap | $2.3B | $2.4B | $27.3B |
Price/Earnings Ratio | 32.1x | 32.0x | 22.4x |
Price/Book Ratio | 2.1x | 2.1x | 2.9x |
Yield | 1.0% | 1.5% | |
Investor Shares | 0.8% | ||
Admiral Shares | 0.9% | ||
Institutional Shares | 1.0% | ||
VIPER Shares | 0.9% | ||
Return on Equity | 8.2% | 8.2% | 15.7% |
Earnings Growth Rate | 9.8% | 9.8% | 7.5% |
Foreign Holdings | 1.3% | 1.3% | 1.0% |
Turnover Rate | 17%† | — | — |
Expense Ratio | — | — | |
Investor Shares | 0.25% | ||
Admiral Shares | 0.15% | ||
Institutional Shares | 0.08% | ||
VIPER Shares | 0.20% | ||
Short-Term Reserves | 0% | — | — |
Volatility Measures | ||||
---|---|---|---|---|
| Fund | Target Index* | Fund | Broad Index** |
R-Squared | 1.00 | 1.00 | 0.86 | 1.00 |
Beta | 1.01 | 1.00 | 1.00 | 1.00 |
Sector Diversification (% of portfolio)†† | |||
---|---|---|---|
| Fund | Target Index* | Broad Index** |
Auto & Transportation | 3% | 3% | 3% |
Consumer Discretionary | 23 | 23 | 17 |
Consumer Staples | 4 | 4 | 6 |
Financial Services | 27 | 27 | 23 |
Health Care | 11 | 11 | 12 |
Integrated Oils | 0 | 0 | 4 |
Other Energy | 5 | 5 | 3 |
Materials & Processing | 6 | 6 | 4 |
Producer Durables | 6 | 6 | 5 |
Technology | 10 | 10 | 13 |
Utilities | 4 | 4 | 6 |
Other | 1 | 1 | 4 |
Ten Largest Holdings (% of total net assets) | |
---|---|
Berkshire Hathaway Inc. | 3.7% |
(financial services) | |
Kraft Foods Inc. | 1.6 |
(food) | |
Genentech, Inc. | 1.5 |
(biotechnology) | |
Google Inc. | 1.4 |
(media) | |
Liberty Media Corp. | 0.9 |
(media) | |
DirecTV Group, Inc. | 0.6 |
(telecommunications) | |
IAC/InterActiveCorp | 0.5 |
(retail) | |
Amazon.com, Inc. | 0.5 |
(retail) | |
Las Vegas Sands Corp. | 0.4 |
(leisure) | |
Juniper Networks, Inc. | 0.4 |
(computer hardware) | |
Top Ten | 11.5% |
"Ten Largest Holdings" excludes any temporary cash investments and equity index products. |
Investment Focus
*Dow Jones Wilshire 4500 Index.
**Dow Jones Wilshire 5000 Index.
†Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
††Security classification based on Wilshire Associates methodology.
8
MID-CAP INDEX FUND | |||
---|---|---|---|
Portfolio Characteristics | |||
| Fund | Target Index* | Broad Index** |
Number of Stocks | 453 | 452 | 4,978 |
Median Market Cap | $5.5B | $5.5B | $27.3B |
Price/Earnings Ratio | 22.1x | 22.1x | 22.4x |
Price/Book Ratio | 2.7x | 2.7x | 2.9x |
Yield | 1.2% | 1.5% | |
Investor Shares | 1.1% | ||
Admiral Shares | 1.1% | ||
Institutional Shares | 1.2% | ||
VIPER Shares | 1.1% | ||
Return on Equity | 14.4% | 14.4% | 15.7% |
Earnings Growth Rate | 12.5% | 12.5% | 7.5% |
Foreign Holdings | 0.6% | 0.6% | 1.0% |
Turnover Rate | 16%† | — | — |
Expense Ratio | — | — | |
Investor Shares | 0.22% | ||
Admiral Shares | 0.13% | ||
Institutional Shares | 0.08% | ||
VIPER Shares | 0.18%†† | ||
Short-Term Reserves | 0% | — | — |
Volatility Measures | ||||
---|---|---|---|---|
| Fund | Spliced Index ‡ | Fund | Broad Index** |
R-Squared | 1.00 | 1.00 | 0.88 | 1.00 |
Beta | 1.01 | 1.00 | 0.97 | 1.00 |
Sector Diversification (% of portfolio) | |||
---|---|---|---|
| Fund | Target Index* | Broad Index** |
Auto & Transportation | 2% | 2% | 3% |
Consumer Discretionary | 18 | 19 | 17 |
Consumer Staples | 3 | 3 | 6 |
Financial Services | 22 | 22 | 23 |
Health Care | 8 | 8 | 12 |
Integrated Oils | 1 | 1 | 4 |
Other Energy | 8 | 8 | 3 |
Materials & Processing | 9 | 8 | 4 |
Producer Durables | 6 | 6 | 5 |
Technology | 13 | 13 | 13 |
Utilities | 8 | 8 | 6 |
Other | 2 | 2 | 4 |
Ten Largest Holdings (% of total net assets) | |
---|---|
Monsanto Co. | 0.7% |
(chemicals) | |
Starwood Hotels & Resorts | |
Worldwide, Inc. | 0.6 |
(leisure) | |
J.C. Penney Co., Inc. (Holding Co.) | 0.6 |
(retail) | |
Valero Energy Corp. | 0.6 |
(energy and utilities) | |
CIGNA Corp. | 0.6 |
(insurance) | |
Medco Health Solutions, Inc. | 0.6 |
(health care) | |
Network Appliance, Inc. | 0.6 |
(computer hardware) | |
Computer Sciences Corp. | 0.5 |
(conglomerate) | |
Coach, Inc. | 0.5 |
(retail) | |
Eaton Corp. | 0.5 |
(manufacturing) | |
Top Ten | 5.8% |
"Ten Largest Holdings" excludes any temporary cash investments and equity index products. |
Investment Focus
*MSCI US Mid Cap 450 Index.
**Dow Jones Wilshire 5000 Index.
†Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
††Annualized.
‡S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index thereafter.
9
GLOSSARY OF INVESTMENT TERMS |
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. A fund’s beta should be reviewed in conjunction with its R-squared (see definition below). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Foreign Holdings. The percentage of a fund’s equity assets represented by stocks or depositary receipts of companies based outside the United States.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors).
Yield. A snapshot of a fund’s income from interest and dividends. The yield, expressed as a percentage of the fund’s net asset value, is based on income earned over the past 30 days and is annualized, or projected forward for the coming year. The index yield is based on the current annualized rate of income provided by securities in the index.
10
| PERFORMANCE SUMMARY |
---|---|
As of 12/31/2004 | All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the funds. (For performance data current to the most recent month-end, which may be higher or lower than that cited, visit our website at www.vanguard.com.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. |
EXTENDED MARKET INDEX FUND
Cumulative Performance December 31, 1994–December 31, 2004
| Average Annual Total Returns Periods Ended December 31, 2004 | | ||
---|---|---|---|---|
| One Year | Five Years | Ten Years | Final Value of a $10,000 Investment |
Extended Market Index Fund Investor Shares* | 18.71% | 1.37% | 12.16% | $31,510 |
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 11.92 | 30,824 |
Dow Jones Wilshire 4500 Index | 18.57 | 1.38 | 11.97 | 30,983 |
Average Mid-Cap Core Fund** | 15.52 | 5.78 | 14.01 | 37,118 |
| One Year | | Inception † | Final Value of a $250,000 Investment |
---|---|---|---|---|
Extended Market Index Fund Admiral Shares | 18.82% | 4.85% | $304,057 | |
Dow Jones Wilshire 5000 Index | 12.62 | 0.42 | 254,376 | |
Dow Jones Wilshire 4500 Index | 18.57 | 4.83 | 303,844 | |
| One Year | Five Years | Since Inception † | Final Value of a $10,000,000 Investment |
---|---|---|---|---|
Extended Market Index Fund Institutional Shares | 18.92 | 1.53% | 8.05% | $17,851,952 |
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 5.98 | 15,441,925 |
Dow Jones Wilshire 4500 Index | 18.57 | 1.38 | 7.89 | 17,658,388 |
| One Year | | Since Inception † | Final Value of a $10,000 Investment |
---|---|---|---|---|
Extended Market Index Fund VIPER Shares | 18.75 | 11.78 | $13,983 | |
Dow Jones Wilshire 5000 Index | 12.62 | 5.24 | 11,661 | |
Dow Jones Wilshire 4500 Index | 18.57 | 11.93 | 14,039 | |
*Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000.
**Derived from data provided by Lipper Inc.
†Inception dates are: for Admiral Shares, November 13, 2000; for Institutional Shares, July 7, 1997; for VIPER Shares, December 27, 2001.
Note: See Financial Highlights tables on pages 27–30 for dividend and capital gains information.
11
PERFORMANCE SUMMARIES (CONTINUED)
Cumulative Returns: VIPER Shares December 27, 2001*-December 31, 2004 | ||
---|---|---|
| One Year | Cumulative Since Inception |
Extended Market Index Fund VIPER Shares Market Price | 18.35% | 39.69% |
Extended Market Index Fund VIPER Shares Net Asset Value | 18.75 | 39.83 |
Dow Jones Wilshire 4500 Index | 18.57 | 40.39 |
Fiscal-Year Total Returns (%) December 31, 1994–December 31, 2004
*Inception.
12
MID-CAP INDEX FUND
Cumulative Performance May 21, 1998–December 31, 2004
| Average Annual Total Returns Periods Ended December 31, 2004 | | ||
---|---|---|---|---|
| One Year | Five Years | Since Inception* | Final Value of a $10,000 Investment |
Mid-Cap Index Fund Investor Shares** | 20.35% | 10.13% | 11.28% | $20,278 |
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 3.37 | 12,449 |
Spliced Mid Cap Index† | 20.52 | 10.00 | 10.99 | 19,930 |
Average Mid-Cap Core Fund†† | 15.52 | 5.78 | 9.33 | 18,040 |
| One Year | | Since Inception* | Final Value of a $250,000 Investment |
---|---|---|---|---|
Mid-Cap Index Fund Admiral Shares | 20.42% | 13.63% | $373,183 | |
Dow Jones Wilshire 5000 Index | 12.62 | 6.65 | 305,869 | |
Spliced Mid Cap Index† | 20.52 | 13.57 | 372,554 | |
| One Year | Five Years | Since Inception* | Final Value of a $10,000,000 Investment |
---|---|---|---|---|
Mid-Cap Index Fund Institutional Shares | 20.45% | 10.30% | 11.44% | $20,465,813 |
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 3.37 | 12,448,934 |
Spliced Mid Cap Index† | 20.52 | 10.00 | 10.99 | 19,930,392 |
| | | Since Inception* | Final Value of a $10,000 Investment |
---|---|---|---|---|
Mid-Cap Index Fund VIPER Shares | 15.16% | $11,516 | ||
Dow Jones Wilshire 5000 Index | 7.75 | 10,775 | ||
MSCI US Mid Cap 450 Index | 15.29 | 11,529 | ||
*Inception dates are: for Investor and Institutional Shares, May 21, 1998; for Admiral Shares, November 12, 2001; for VIPER Shares, January 26, 2004.
**Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000.
†S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index thereafter.
††Derived from data provided by Lipper Inc.
Note: See Financial Highlights tables on pages 31–34 for dividend and capital gains information.
13
PERFORMANCE SUMMARIES (CONTINUED)
Cumulative Returns: VIPER Shares January 26, 2004*-December 31, 2004 | |
---|---|
| Cumulative Since Inception |
Mid-Cap Index Fund VIPER Shares Market Price | 15.15% |
Mid-Cap Index Fund VIPER Shares Net Asset Value | 15.16 |
MSCI US Mid Cap 450 Index | 15.29 |
Fiscal-Year Total Returns (%) May 21, 1998–December 31, 2004
*Inception.
**S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index thereafter.
14
YOUR FUND’S AFTER-TAX RETURNS |
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect the reduced tax rates on ordinary income (including qualified dividend income) and short-term capital gains that became effective as of January 1, 2003, and on long-term capital gains realized on or after May 6, 2003. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss.
The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for Investor Shares only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns | Periods Ended December 31, 2004 | ||
---|---|---|---|
One Year | Five Years | Ten Years | |
Extended Market Index Fund Investor Shares* | |||
Returns Before Taxes | 18.71% | 1.37% | 12.16% |
Returns After Taxes on Distributions | 18.50 | 0.21 | 10.40 |
Returns After Taxes on Distributions and Sale of Fund Shares | 12.32 | 0.58 | 9.89 |
| One Year | Five Years | Since Inception** |
---|---|---|---|
Mid-Cap Index Fund Investor Shares* | |||
Returns Before Taxes | 20.35% | 10.13% | 11.28% |
Returns After Taxes on Distributions | 20.14 | 9.12 | 9.86 |
Returns After Taxes on Distributions and Sale of Fund Shares | 13.44 | 8.20 | 8.98 |
*Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000. | |||
**May 21, 1998. |
15
ABOUT YOUR FUND’S EXPENSES |
Six Months Ended December 31, 2004 | |||
---|---|---|---|
| Beginning Account Value June 30, 2004 | Ending Account Value Dec. 31, 2004 | Expenses Paid During Period* |
Based on Actual Fund Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,119.47 | $1.28 |
Admiral Shares | 1,000.00 | 1,119.78 | 0.75 |
Institutional Shares | 1,000.00 | 1,120.34 | 0.43 |
VIPER Shares | 1,000.00 | 1,119.70 | 1.07 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,137.68 | $1.13 |
Admiral Shares | 1,000.00 | 1,138.26 | 0.70 |
Institutional Shares | 1,000.00 | 1,138.76 | 0.38 |
VIPER Shares | 1,000.00 | 1,138.00 | 0.97 |
Based on Hypothetical 5% Yearly Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,023.93 | $1.22 |
Admiral Shares | 1,000.00 | 1,024.43 | 0.71 |
Institutional Shares | 1,000.00 | 1,024.73 | 0.41 |
VIPER Shares | 1,000.00 | 1,024.13 | 1.02 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,024.08 | $1.07 |
Admiral Shares | 1,000.00 | 1,024.48 | 0.66 |
Institutional Shares | 1,000.00 | 1,024.78 | 0.36 |
VIPER Shares | 1,000.00 | 1,024.23 | 0.92 |
*The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: 0.24% for the Extended Market Index Fund Investor Shares, 0.14% for Admiral Shares, 0.08% for Institutional Shares, and 0.20% for VIPER Shares; 0.21% for the Mid-Cap Index Fund Investor Shares, 0.13% for Admiral Shares, 0.07% for Institutional Shares, and 0.18% for VIPER Shares. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period. |
We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund.
A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The adjacent examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table above illustrates your fund's costs in two ways:
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
16
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period." |
Expense Ratios: | ||
---|---|---|
Your fund compared with its peer group | ||
| Fund | Peer Group* |
Extended Market Index Fund | 1.53% | |
Investor Shares | 0.25% | |
Admiral Shares | 0.15 | |
Institutional Shares | 0.08 | |
VIPER Shares | 0.20 | |
Mid-Cap Index Fund | 1.53% | |
Investor Shares | 0.22% | |
Admiral Shares | 0.13 | |
Institutional Shares | 0.08 | |
VIPER Shares | 0.18** | |
*The peer group for both the Extended Market Index Fund and the Mid-Cap Index Fund is the Average Mid-Cap Core Fund. The peer-group expense ratio is derived from data provided by Lipper Inc. and captures information through year-end 2003. | ||
**Annualized. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund's costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case--because the return used is not the fund's actual return--the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Note that the expenses shown in the table on page 16 are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs or account maintenance fees. They do not include your fund’s low-balance fee, which is described in the prospectus. If this fee were applied to your account, your costs would be higher. Your fund does not charge transaction fees, such as purchase or redemption fees, nor does it carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate fund prospectus.
17
| |
---|---|
As of 12/31/2004 | FINANCIAL STATEMENTS |
The Statement of Net Assets—an integral part of the Financial Statements for the Vanguard Extended Market Index Fund— is included as an insert to this report. The Mid-Cap Index Fund’s Statement of Net Assets is provided below.
STATEMENT OF NET ASSETS
the last day of the reporting period. Securities are grouped and subtotaled by asset type (common stocks, bonds, etc.) and by industry sector according to Frank Russell Company. Other assets are added to, and liabilities are subtracted from, the value of Total Investments to calculate the fund’s Net Assets. Finally, Net Assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) Per Share.
At the end of the Statement of Net Assets, you will find a table displaying the composition of the fund’s net assets. Because all income and any realized gains must be distributed to shareholders each year, the bulk of net assets consists of Paid-in Capital (money invested by shareholders). The amounts shown for Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the sums the fund had available to distribute to shareholders as income dividends or capital gains as of the statement date, but may differ because certain investments or transactions may be treated differently for financial statement and tax purposes. Any Accumulated Net Realized Losses, and any cumulative excess of distributions over net income or net realized gains, will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Mid-Cap Index Fund | Shares | Market Value^ (000) |
---|---|---|
COMMON STOCKS (99.8%)(1) | ||
Auto & Transportation (2.1%) | ||
CSX Corp. | 915,080 | $ 36,676 |
Genuine Parts Co. | 745,458 | 32,845 |
Expeditors International of | ||
Washington, Inc. | 451,344 | 25,221 |
Delphi Corp. | 2,151,783 | 19,409 |
C.H. Robinson Worldwide, Inc. | 327,332 | 18,173 |
Lear Corp. | 292,242 | 17,830 |
Gentex Corp. | 313,214 | 11,595 |
Dana Corp. | 635,618 | 11,015 |
* JetBlue Airways Corp. | 307,509 | 7,140 |
* TRW Automotive Holdings Corp. | 125,511 | 2,598 |
182,502 | ||
Consumer Discretionary (18.6%) | ||
Starwood Hotels & Resorts | ||
Worldwide, Inc. | 886,789 | 51,788 |
J.C. Penney Co., Inc. (Holding Co.) | 1,227,777 | 50,830 |
* Coach, Inc. | 801,092 | 45,182 |
* Sirius Satellite Radio, Inc. | 5,106,769 | 39,067 |
* VeriSign, Inc. | 1,088,413 | 36,484 |
Hilton Hotels Corp. | 1,557,848 | 35,425 |
Harman International | ||
Industries, Inc. | 267,884 | 34,021 |
Harrah's Entertainment, Inc. | 476,824 | 31,895 |
R.R. Donnelley & Sons Co. | 886,734 | 31,293 |
Black & Decker Corp. | 341,385 | 30,155 |
* Fisher Scientific International Inc. | 482,945 | 30,126 |
* Liberty Media International Inc. | ||
Class A | 643,710 | 29,759 |
18
| Shares | Market Value^ (000) |
---|---|---|
* XM Satellite Radio Holdings, Inc. | 740,281 | $ 27,849 |
Dollar General Corp. | 1,189,147 | 24,699 |
New York Times Co. Class A | 590,719 | 24,101 |
* Interpublic Group of Cos., Inc. | 1,798,367 | 24,098 |
* Caesars Entertainment, Inc. | 1,187,553 | 23,917 |
* Office Depot, Inc. | 1,334,569 | 23,168 |
Knight Ridder | 329,843 | 22,080 |
Leggett & Platt, Inc. | 775,759 | 22,055 |
PETsMART, Inc. | 618,513 | 21,976 |
Republic Services, Inc. Class A | 646,807 | 21,694 |
* MGM Mirage, Inc. | 295,441 | 21,490 |
RadioShack Corp. | 646,145 | 21,245 |
Nordstrom, Inc. | 451,979 | 21,121 |
VF Corp. | 375,646 | 20,803 |
* Mohawk Industries, Inc. | 227,457 | 20,755 |
Robert Half International, Inc. | 697,363 | 20,523 |
Mandalay Resort Group | 287,565 | 20,253 |
Family Dollar Stores, Inc. | 645,192 | 20,149 |
Tiffany & Co. | 622,498 | 19,901 |
Whirlpool Corp. | 282,775 | 19,571 |
Jones Apparel Group, Inc. | 531,280 | 19,429 |
Liz Claiborne, Inc. | 458,919 | 19,371 |
Abercrombie & Fitch Co. | 402,797 | 18,911 |
CDW Corp. | 282,837 | 18,766 |
* Toys R Us, Inc. | 912,291 | 18,675 |
Manpower Inc. | 383,823 | 18,539 |
Ross Stores, Inc. | 628,316 | 18,139 |
Wendy's International, Inc. | 459,680 | 18,047 |
Foot Locker, Inc. | 663,229 | 17,861 |
Darden Restaurants Inc. | 638,567 | 17,714 |
* Career Education Corp. | 436,162 | 17,446 |
* ChoicePoint Inc. | 377,551 | 17,364 |
Michaels Stores, Inc. | 577,746 | 17,315 |
The Stanley Works | 348,923 | 17,094 |
ServiceMaster Co. | 1,239,139 | 17,088 |
* Kmart Holding Corp. | 171,722 | 16,992 |
Fastenal Co. | 274,524 | 16,900 |
* Chico's FAS, Inc. | 361,822 | 16,474 |
* Lamar Advertising Co. Class A | 358,548 | 15,339 |
* AutoNation, Inc. | 794,954 | 15,271 |
Alberto-Culver Co. Class B | 309,005 | 15,008 |
* Williams-Sonoma, Inc. | 422,084 | 14,790 |
International Flavors | ||
& Fragrances, Inc. | 341,169 | 14,616 |
* Wynn Resorts Ltd. | 208,582 | 13,958 |
* Advance Auto Parts, Inc. | 318,893 | 13,929 |
* CarMax, Inc. | 442,666 | 13,745 |
* Brinker International, Inc. | 382,607 | 13,418 |
Hasbro, Inc. | 678,106 | 13,142 |
* Dollar Tree Stores, Inc. | 457,509 | 13,121 |
GTECH Holdings Corp. | 505,048 | 13,106 |
Sabre Holdings Corp. | 584,669 | 12,956 |
Circuit City Stores, Inc. | 806,264 | 12,610 |
Aramark Corp. Class B | 472,066 | 12,515 |
Outback Steakhouse | 266,806 | 12,214 |
* Iron Mountain, Inc. | 385,282 | 11,747 |
Belo Corp. Class A | 420,756 | 11,041 |
Polo Ralph Lauren Corp. | 221,486 | 9,435 |
* Pixar, Inc. | 108,195 | 9,263 |
* Convergys Corp. | 606,663 | 9,094 |
Reebok International Ltd. | 201,423 | 8,863 |
Meredith Corp. | 163,453 | 8,859 |
* Westwood One, Inc. | 328,805 | 8,855 |
* Telewest Global, Inc. | 469,259 | 8,250 |
* Allied Waste Industries, Inc. | 811,229 | 7,528 |
* Weight Watchers | ||
International, Inc. | 178,630 | 7,336 |
* Rent-A-Center, Inc. | 269,323 | 7,137 |
International Speedway Corp. | 121,729 | 6,427 |
Dex Media, Inc. | 255,522 | 6,378 |
The McClatchy Co. Class A | 85,761 | 6,158 |
* Entercom Communications Corp. | 167,013 | 5,994 |
* Hewitt Associates, Inc. | 184,122 | 5,894 |
* DreamWorks Animation SKG, Inc. | 134,778 | 5,056 |
* Citadel Broadcasting Corp. | 223,523 | 3,617 |
* Columbia Sportswear Co. | 60,432 | 3,602 |
Regal Entertainment Group | ||
Class A | 151,369 | 3,141 |
Metro-Goldwyn-Mayer Inc. | 252,772 | 3,003 |
Hearst-Argyle Television Inc. | 109,795 | 2,896 |
* Cox Radio, Inc. | 168,538 | 2,778 |
1,591,688 | ||
Consumer Staples (2.8%) | ||
UST, Inc. | 703,799 | 33,860 |
Whole Foods Market, Inc. | 265,205 | 25,287 |
* Dean Foods Co. | 672,371 | 22,155 |
McCormick & Co., Inc. | 520,000 | 20,072 |
SuperValu Inc. | 579,223 | 19,995 |
The Pepsi Bottling Group, Inc. | 704,235 | 19,043 |
* Constellation Brands, Inc. Class A | 405,603 | 18,865 |
Tyson Foods, Inc. | 963,716 | 17,732 |
* Smithfield Foods, Inc. | 377,945 | 11,183 |
J.M. Smucker Co. | 235,867 | 11,102 |
Hormel Foods Corp. | 324,822 | 10,183 |
Carolina Group | 289,219 | 8,373 |
Adolph Coors Co. Class B | 107,473 | 8,132 |
Brown-Forman Corp. Class B | 165,654 | 8,064 |
PepsiAmericas, Inc. | 293,281 | 6,229 |
240,275 | ||
Financial Services (21.9%) | ||
CIGNA Corp. | 602,392 | 49,137 |
CIT Group Inc. | 898,058 | 41,149 |
Vornado Realty Trust REIT | 482,850 | 36,759 |
ProLogis REIT | 774,461 | 33,557 |
19
Mid-Cap Index Fund | Shares | Market Value^ (000) |
---|---|---|
The Chicago Mercantile Exchange | 144,654 | $ 33,082 |
Sovereign Bancorp, Inc. | 1,462,307 | 32,975 |
General Growth Properties | ||
Inc. REIT | 884,650 | 31,989 |
Archstone-Smith Trust REIT | 833,669 | 31,930 |
Legg Mason Inc. | 435,302 | 31,890 |
Popular, Inc. | 1,078,246 | 31,086 |
Fidelity National Financial, Inc. | 665,855 | 30,410 |
T. Rowe Price Group Inc. | 487,844 | 30,344 |
Jefferson-Pilot Corp. | 581,296 | 30,204 |
Synovus Financial Corp. | 1,054,487 | 30,137 |
Plum Creek Timber Co. Inc. REIT | 780,931 | 30,019 |
MGIC Investment Corp. | 419,654 | 28,918 |
Boston Properties, Inc. REIT | 438,085 | 28,331 |
SAFECO Corp. | 537,248 | 28,066 |
Cincinnati Financial Corp. | 609,450 | 26,974 |
Banknorth Group, Inc. | 736,488 | 26,956 |
Torchmark Corp. | 467,143 | 26,693 |
Compass Bancshares Inc. | 522,482 | 25,429 |
Kimco Realty Corp. REIT | 426,449 | 24,730 |
Zions Bancorp | 362,223 | 24,642 |
Host Marriott Corp. REIT | 1,405,283 | 24,311 |
Avalonbay Communities, Inc. | ||
REIT | 306,490 | 23,079 |
Huntington Bancshares Inc. | 929,561 | 23,035 |
* E*TRADE Financial Corp. | 1,510,719 | 22,585 |
White Mountains Insurance | ||
Group Inc. | 34,466 | 22,265 |
First Horizon National Corp. | 499,796 | 21,546 |
UnumProvident Corp. | 1,199,143 | 21,513 |
Everest Re Group, Ltd. | 238,851 | 21,392 |
Radian Group, Inc. | 395,057 | 21,033 |
New York Community | ||
Bancorp, Inc. | 1,015,035 | 20,879 |
Duke Realty Corp. REIT | 605,849 | 20,684 |
* Providian Financial Corp. | 1,246,927 | 20,537 |
Commerce Bancorp, Inc. | 317,962 | 20,477 |
Public Storage, Inc. REIT | 356,282 | 19,863 |
Developers Diversified | ||
Realty Corp. REIT | 436,271 | 19,357 |
Doral Financial Corp. | 390,652 | 19,240 |
Old Republic International Corp. | 737,025 | 18,647 |
Hibernia Corp. Class A | 628,702 | 18,553 |
iStar Financial Inc. REIT | 402,566 | 18,220 |
* The Dun & Bradstreet Corp. | 299,590 | 17,871 |
Mercantile Bankshares Corp. | 336,905 | 17,586 |
Associated Banc-Corp | 524,000 | 17,402 |
TCF Financial Corp. | 535,077 | 17,197 |
Janus Capital Group Inc. | 1,019,794 | 17,143 |
The PMI Group Inc. | 409,250 | 17,086 |
Equifax, Inc. | 580,259 | 16,305 |
The Macerich Co. REIT | 251,941 | 15,822 |
Liberty Property Trust REIT | 362,725 | 15,670 |
Health Care Properties | ||
Investors REIT | 565,261 | 15,652 |
Apartment Investment | ||
& Management Co. | ||
Class A REIT | 403,139 | 15,537 |
W.R. Berkley Corp. | 322,228 | 15,199 |
* DST Systems, Inc. | 286,098 | 14,911 |
Regency Centers Corp. REIT | 265,663 | 14,718 |
Leucadia National Corp. | 211,473 | 14,693 |
Allied Capital Corp. | 562,869 | 14,545 |
Weingarten Realty | ||
Investors REIT | 359,121 | 14,401 |
AMB Property Corp. REIT | 352,167 | 14,224 |
PartnerRe Ltd. | 228,904 | 14,178 |
A.G. Edwards & Sons, Inc. | 327,451 | 14,149 |
RenaissanceRe Holdings Ltd. | 271,308 | 14,130 |
Investors Financial Services Corp. | 282,325 | 14,111 |
SEI Corp. | 329,347 | 13,810 |
* Markel Corp. | 37,806 | 13,761 |
* Ameritrade Holding Corp. | 958,405 | 13,629 |
Independence Community | ||
Bank Corp. | 303,966 | 12,943 |
Arthur J. Gallagher & Co. | 391,360 | 12,719 |
Commerce Bancshares, Inc. | 252,652 | 12,683 |
Eaton Vance Corp. | 242,360 | 12,639 |
City National Corp. | 177,515 | 12,541 |
Hospitality Properties Trust REIT | 271,870 | 12,506 |
* CheckFree Corp. | 327,477 | 12,470 |
Fulton Financial Corp. | 518,173 | 12,079 |
Protective Life Corp. | 280,880 | 11,991 |
New Plan Excel Realty | ||
Trust REIT | 435,202 | 11,785 |
Astoria Financial Corp. | 292,996 | 11,711 |
Bank of Hawaii Corp. | 223,745 | 11,353 |
Assurant, Inc. | 363,572 | 11,107 |
Valley National Bancorp | 399,164 | 11,037 |
Fair, Isaac, Inc. | 299,259 | 10,977 |
Brown & Brown, Inc. | 249,226 | 10,854 |
Friedman, Billings, Ramsey | ||
Group, Inc. REIT | 546,813 | 10,603 |
Federated Investors, Inc. | 346,066 | 10,520 |
Hudson City Bancorp, Inc. | 278,667 | 10,261 |
Axis Capital Holdings Ltd. | 362,731 | 9,924 |
Unitrin, Inc. | 203,922 | 9,268 |
Wilmington Trust Corp. | 254,280 | 9,192 |
Nationwide Financial | ||
Services, Inc. | 240,233 | 9,184 |
Dow Jones & Co., Inc. | 208,499 | 8,978 |
Montpelier Re Holdings Ltd. | 210,654 | 8,100 |
Deluxe Corp. | 212,673 | 7,939 |
* WellChoice Inc. | 142,383 | 7,603 |
20
| Shares | Market Value^ (000) |
---|---|---|
* CapitalSource Inc. | 275,039 | $ 7,060 |
Mercury General Corp. | 115,839 | 6,941 |
Transatlantic Holdings, Inc. | 111,787 | 6,912 |
Erie Indemnity Co. Class A | 121,481 | 6,386 |
BlackRock, Inc. | 79,132 | 6,114 |
* BOK Financial Corp. | 88,211 | 4,301 |
Total System Services, Inc. | 167,384 | 4,067 |
Capitol Federal Financial | 94,445 | 3,400 |
Student Loan Corp. | 17,115 | 3,149 |
Nuveen Investments, Inc. Class A | 68,370 | 2,699 |
1,870,349 | ||
Health Care (8.5%) | ||
* Medco Health Solutions, Inc. | 1,159,178 | 48,222 |
Quest Diagnostics, Inc. | 356,632 | 34,076 |
* Laboratory Corp. of | ||
America Holdings | 594,911 | 29,638 |
C.R. Bard, Inc. | 446,550 | 28,570 |
AmerisourceBergen Corp. | 479,017 | 28,109 |
* Varian Medical Systems, Inc. | 578,629 | 25,020 |
Health Management | ||
Associates Class A | 1,036,914 | 23,559 |
IMS Health, Inc. | 996,272 | 23,123 |
* Sepracor Inc. | 373,088 | 22,150 |
* Tenet Healthcare Corp. | 1,985,779 | 21,804 |
* Hospira, Inc. | 631,572 | 21,158 |
* Coventry Health Care Inc. | 381,424 | 20,246 |
Mylan Laboratories, Inc. | 1,144,811 | 20,240 |
* Express Scripts Inc. | 264,400 | 20,211 |
* Humana Inc. | 645,028 | 19,151 |
* Patterson Cos | 438,376 | 19,021 |
* Celgene Corp. | 698,919 | 18,542 |
* Lincare Holdings, Inc. | 425,808 | 18,161 |
Beckman Coulter, Inc. | 260,617 | 17,459 |
DENTSPLY International Inc. | 308,612 | 17,344 |
* Barr Pharmaceuticals Inc. | 378,708 | 17,246 |
Omnicare, Inc. | 443,574 | 15,357 |
* Millennium Pharmaceuticals, Inc. | 1,234,798 | 14,966 |
* Watson Pharmaceuticals, Inc. | 442,984 | 14,534 |
Bausch & Lomb, Inc. | 225,239 | 14,519 |
* Invitrogen Corp. | 212,960 | 14,296 |
* Health Net Inc. | 476,996 | 13,771 |
Manor Care, Inc. | 372,538 | 13,199 |
* Kinetic Concepts, Inc. | 170,391 | 13,001 |
* IVAX Corp. | 819,098 | 12,958 |
* ImClone Systems, Inc. | 280,868 | 12,942 |
* King Pharmaceuticals, Inc. | 1,029,096 | 12,761 |
* Cephalon, Inc. | 241,518 | 12,288 |
* Henry Schein, Inc. | 176,256 | 12,274 |
* Triad Hospitals, Inc. | 327,148 | 12,173 |
* Millipore Corp. | 210,982 | 10,509 |
* Community Health Systems, Inc. | 370,863 | 10,340 |
Universal Health Services | ||
Class B | 231,927 | 10,321 |
* WebMD Corp. | 1,263,971 | 10,314 |
723,573 | ||
Integrated Oils (0.7%) | ||
Amerada Hess Corp. | 349,436 | 28,787 |
Murphy Oil Corp. | 352,685 | 28,374 |
57,161 | ||
Other Energy (7.7%) | ||
Valero Energy Corp. | 1,089,258 | 49,452 |
XTO Energy, Inc. | 1,047,922 | 37,075 |
Williams Cos., Inc. | 2,225,437 | 36,252 |
EOG Resources, Inc. | 502,007 | 35,823 |
Kerr-McGee Corp. | 578,840 | 33,451 |
* abors Industries, Inc. | 633,694 | 32,502 |
BJ Services Co. | 688,060 | 32,022 |
* Weatherford International Ltd. | 568,645 | 29,172 |
* Noble Corp. | 570,331 | 28,368 |
GlobalSantaFe Corp. | 849,901 | 28,140 |
El Paso Corp. | 2,666,178 | 27,728 |
Sunoco, Inc. | 320,815 | 26,214 |
* Smith International, Inc. | 446,455 | 24,292 |
Peabody Energy Corp. | 273,569 | 22,134 |
Pioneer Natural Resources Co. | 627,921 | 22,040 |
ENSCO International, Inc. | 643,424 | 20,422 |
Chesapeake Energy Corp. | 1,083,009 | 17,870 |
Equitable Resources, Inc. | 263,503 | 15,984 |
* Ultra Petroleum Corp. | 319,533 | 15,379 |
* Newfield Exploration Co. | 252,140 | 14,889 |
Noble Energy, Inc. | 236,213 | 14,565 |
Patterson-UTI Energy, Inc. | 674,843 | 13,126 |
* National-Oilwell, Inc. | 365,842 | 12,911 |
* Cooper Cameron Corp. | 234,069 | 12,595 |
Pogo Producing Co. | 258,624 | 12,541 |
* NRG Engergy | 340,787 | 12,285 |
* Rowan Cos., Inc. | 455,014 | 11,785 |
Diamond Offshore Drilling, Inc. | 275,161 | 11,020 |
* Pride International, Inc. | 520,924 | 10,700 |
660,737 | ||
Materials & Processing (8.6%) | ||
Monsanto Co. | 1,137,505 | 63,188 |
Phelps Dodge Corp. | 400,420 | 39,610 |
Georgia Pacific Group | 989,855 | 37,100 |
Nucor Corp. | 675,410 | 35,351 |
* American Standard Cos., Inc. | 774,593 | 32,006 |
MeadWestvaco Corp. | 859,732 | 29,136 |
Freeport-McMoRan | ||
Copper & Gold, Inc. Class B | 740,191 | 28,298 |
Bunge Ltd. | 468,678 | 26,719 |
Lyondell Chemical Co. | 865,891 | 25,042 |
United States Steel Corp. | 482,953 | 24,751 |
21
Mid-Cap Index Fund | Shares | Market Value^ (000) |
---|---|---|
Avery Dennison Corp. | 399,955 | $ 23,985 |
Sherwin-Williams Co. | 515,482 | 23,006 |
Vulcan Materials Co. | 413,800 | 22,598 |
Smurfit-Stone Container Corp. | 1,080,688 | 20,187 |
Ball Corp. | 456,219 | 20,065 |
The St. Joe Co. | 308,304 | 19,793 |
Fluor Corp. | 355,382 | 19,372 |
Eastman Chemical Co. | 330,961 | 19,106 |
* Sealed Air Corp. | 357,673 | 19,053 |
Precision Castparts Corp. | 276,574 | 18,165 |
Sigma-Aldrich Corp. | 279,630 | 16,906 |
Engelhard Corp. | 529,888 | 16,252 |
* Pactiv Corp. | 640,292 | 16,193 |
Ashland, Inc. | 272,248 | 15,894 |
* Energizer Holdings, Inc. | 298,932 | 14,854 |
Temple-Inland Inc. | 213,465 | 14,601 |
* Owens-Illinois, Inc. | 635,128 | 14,386 |
Bemis Co., Inc. | 432,784 | 12,590 |
Sonoco Products Co. | 396,565 | 11,758 |
* Jacobs Engineering Group Inc. | 227,695 | 10,882 |
Bowater Inc. | 236,808 | 10,412 |
Valspar Corp. | 207,765 | 10,390 |
* The Mosaic Co. | 559,624 | 9,133 |
Lafarge North America Inc. | 134,219 | 6,888 |
Packaging Corp. of America | 272,284 | 6,412 |
* International Steel Group, Inc. | 83,465 | 3,385 |
737,467 | ||
Producer Durables (6.3%) | ||
Parker Hannifin Corp. | 508,793 | 38,536 |
D. R. Horton, Inc. | 894,144 | 36,043 |
Centex Corp. | 526,461 | 31,367 |
Rockwell Collins, Inc. | 754,218 | 29,746 |
Pulte Homes, Inc. | 459,576 | 29,321 |
Cooper Industries, Inc. Class A | 390,477 | 26,510 |
Lennar Corp. Class A | 462,463 | 26,212 |
* Waters Corp. | 503,658 | 23,566 |
W.W. Grainger, Inc. | 329,538 | 21,954 |
* Thermo Electron Corp. | 695,567 | 20,999 |
Pentair, Inc. | 406,150 | 17,692 |
* American Tower Corp. Class A | 955,993 | 17,590 |
KB HOME | 167,602 | 17,498 |
Diebold, Inc. | 305,356 | 17,017 |
Novellus Systems, Inc. | 608,215 | 16,963 |
* NVR, Inc. | 21,752 | 16,736 |
* LAM Research Corp. | 577,279 | 16,689 |
Goodrich Corp. | 480,502 | 15,684 |
American Power | ||
Conversion Corp. | 725,537 | 15,527 |
Pall Corp. | 532,989 | 15,430 |
Garmin Ltd. | 253,295 | 15,411 |
* Teradyne, Inc. | 827,024 | 14,117 |
Molex, Inc. | 412,029 | 12,361 |
Tektronix, Inc. | 383,658 | 11,590 |
nbsp;Hubbell Inc. Class B | 218,900 | 11,448 |
* Alliant Techsystems, Inc. | 159,975 | 10,459 |
Molex, Inc. Class A | 203,357 | 5,419 |
Lennar Corp. Class B | 63,528 | 3,317 |
535,202 | ||
Technology (12.8%) | ||
* Network Appliance, Inc. | 1,447,545 | 48,087 |
* Computer Sciences Corp. | 803,881 | 45,315 |
Rockwell Automation, Inc. | 785,177 | 38,906 |
Autodesk, Inc. | 984,938 | 37,378 |
* Advanced Micro Devices, Inc. | 1,512,068 | 33,296 |
* Altera Corp. | 1,583,586 | 32,780 |
* Flextronics International Ltd. | 2,369,101 | 32,741 |
L-3 Communications | ||
Holdings, Inc. | 432,712 | 31,692 |
* Avaya Inc. | 1,831,987 | 31,510 |
* Marvell Technology Group Ltd. | 804,885 | 28,549 |
* NCR Corp. | 401,266 | 27,780 |
National Semiconductor Corp. | 1,519,708 | 27,279 |
* Cognizant Technology | ||
Solutions Corp. | 559,657 | 23,690 |
Microchip Technology, Inc. | 877,066 | 23,383 |
* Solectron Corp. | 4,096,931 | 21,837 |
Scientific-Atlanta, Inc. | 653,765 | 21,581 |
* Siebel Systems, Inc. | 2,045,888 | 21,482 |
* Comverse Technology, Inc. | 835,031 | 20,417 |
* Freescale Semiconductor Inc. | 1,110,381 | 19,787 |
* McAfee Inc. | 665,501 | 19,253 |
* Sanmina-SCI Corp. | 2,220,090 | 18,804 |
Seagate Technology | 1,088,787 | 18,803 |
* JDS Uniphase Corp. | 5,883,126 | 18,650 |
* Mercury Interactive Corp. | 396,705 | 18,070 |
* Citrix Systems, Inc. | 720,555 | 17,675 |
* BMC Software, Inc. | 950,248 | 17,675 |
Symbol Technologies, Inc. | 1,019,689 | 17,641 |
* Jabil Circuit, Inc. | 684,823 | 17,518 |
Harris Corp. | 282,505 | 17,456 |
Applera Corp.-Applied | ||
Biosystems Group | 833,768 | 17,434 |
* SanDisk Corp. | 689,903 | 17,227 |
* Tellabs, Inc. | 1,869,818 | 16,062 |
* NVIDIA Corp. | 674,012 | 15,880 |
* Cadence Design Systems, Inc. | 1,148,830 | 15,865 |
* Zebra Technologies Corp. | ||
Class A | 273,834 | 15,411 |
* Storage Technology Corp. | 473,075 | 14,954 |
* Unisys Corp. | 1,426,551 | 14,522 |
* BEA Systems, Inc. | 1,636,702 | 14,501 |
* QLogic Corp. | 393,105 | 14,439 |
* Amphenol Corp. | 374,465 | 13,758 |
* Synopsys, Inc. | 647,946 | 12,713 |
22
| Shares | Market Value^ (000) |
---|---|---|
* Ceridian Corp. | 633,012 | $ 11,571 |
* Freescale Semiconductor, Inc. | 593,473 | 10,896 |
* Novell, Inc. | 1,601,307 | 10,809 |
Intersil Corp. | 640,715 | 10,726 |
* Compuware Corp. | 1,643,059 | 10,631 |
* NAVTEQ Corp. | 223,806 | 10,376 |
* Ingram Micro, Inc. Class A | 496,522 | 10,328 |
* Vishay Intertechnology, Inc. | 644,534 | 9,681 |
* ADC Telecommunications, Inc. | 3,443,291 | 9,228 |
* UTStarcom, Inc. | 412,172 | 9,130 |
* LSI Logic Corp. | 1,638,496 | 8,979 |
* Red Hat, Inc. | 663,987 | 8,864 |
* PMC Sierra Inc. | 753,147 | 8,473 |
* Fairchild Semiconductor | ||
International, Inc. | 507,730 | 8,256 |
* Agere Systems Inc. Class A | 5,451,227 | 7,468 |
* 3Com Corp. | 1,654,182 | 6,898 |
National Instruments Corp. | 234,791 | 6,398 |
AVX Corp. | 258,643 | 3,259 |
* Agere Systems Inc. Class B | 1,874,857 | 2,531 |
1,096,303 | ||
Utilities (7.9%) | ||
PPL Corp. | 804,700 | 42,874 |
Edison International | 1,249,182 | 40,011 |
* AES Corp. | 2,616,084 | 35,762 |
Constellation Energy Group, Inc. | 747,491 | 32,673 |
Sempra Energy | 888,685 | 32,597 |
Cinergy Corp. | 758,225 | 31,565 |
Xcel Energy, Inc. | 1,703,292 | 31,000 |
Kinder Morgan, Inc. | 421,021 | 30,789 |
KeySpan Corp. | 682,400 | 26,921 |
NiSource, Inc. | 1,122,457 | 25,570 |
* NTL Inc. | 335,428 | 24,473 |
* Cablevision Systems NY Group | ||
Class A | 937,761 | 23,350 |
MCI Inc. | 1,012,822 | 20,418 |
CenturyTel, Inc. | 546,474 | 19,383 |
Questar Corp. | 357,800 | 18,233 |
SCANA Corp. | 451,679 | 17,796 |
Pinnacle West Capital Corp. | 388,904 | 17,271 |
Wisconsin Energy Corp. | 501,018 | 16,889 |
Citizens Communications Co. | 1,224,612 | 16,887 |
Pepco Holdings, Inc. | 790,938 | 16,863 |
Energy East Corp. | 624,952 | 16,674 |
Telephone & Data Systems, Inc. | 216,188 | 16,636 |
* UnitedGlobalCom Inc. Class A | 1,570,247 | 15,169 |
DPL Inc. | 538,426 | 13,520 |
CenterPoint Energy Inc. | 1,178,213 | 13,314 |
TECO Energy, Inc. | 846,823 | 12,990 |
NSTAR | 226,297 | 12,283 |
MDU Resources Group, Inc. | 450,473 | 12,019 |
Puget Energy, Inc. | 423,414 | 10,458 |
Northeast Utilities | 545,792 | 10,288 |
* Nextel Partners, Inc. | 509,119 | 9,948 |
* Level 3 Communications, Inc. | 1,883,293 | 6,384 |
* U.S. Cellular Corp. | 67,714 | 3,031 |
674,039 | ||
Other (1.9%) | ||
Eaton Corp. | 613,130 | 44,366 |
Textron, Inc. | 531,419 | 39,219 |
ITT Industries, Inc. | 353,735 | 29,873 |
Brunswick Corp. | 386,762 | 19,145 |
Hillenbrand Industries, Inc. | 237,309 | 13,180 |
SPX Corp. | 324,191 | 12,987 |
158,770 | ||
TOTAL COMMON STOCKS | ||
(Cost $6,353,723) | 8,528,066 | |
TEMPORARY CASH INVESTMENTS (2.5%)(1) | ||
Money Market Fund (2.5%) | ||
Vanguard Market Liquidity | ||
Fund, 2.26%† | 31,494,835 | 31,495 |
Vanguard Market Liquidity | ||
Fund, 2.26%†—Note E | 178,364,300 | 178,364 |
209,859 | ||
Face | ||
Amount | ||
(000) | ||
U.S. Government Obligation | ||
U.S. Treasury Bill | ||
(2) 1.74%, 1/27/2005 | $2,000 | 1,998 |
TOTAL TEMPORARY CASH INVESTMENTS | ||
(Cost $211,857) | 211,857 | |
TOTAL INVESTMENTS (102.3%) | ||
(Cost $6,565,580) | 8,739,923 | |
OTHER ASSETS AND LIABILITIES (-2.3%) | ||
Other Assets—Note B | 35,843 | |
Liabilities—Note E | (232,787) | |
(196,944) | ||
NET ASSETS (100%) | $8,542,979 | |
^See Note A in Notes to Financial Statements. | ||
*Non-income-producing security. | ||
†Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. | ||
(1)The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 2.3%, respectively, of net assets. See Note C in Notes to Financial Statements. | ||
(2)Security segregated as initial margin for open futures contracts. | ||
REIT—Real Estate Investment Trust. |
23
Mid-Cap Index Fund | Amount (000) |
---|---|
AT DECEMBER 31, 2004, NET ASSETS CONSISTED OF: | |
Paid-in Capital | $6,679,595 |
Overdistributed Net Investment Income | (5,474) |
Accumulated Net Realized Losses | (305,909) |
Unrealized Appreciation | |
Investment Securities | 2,174,343 |
Futures Contracts | 424 |
NET ASSETS | $8,542,979 |
Investor Shares—Net Assets | |
Applicable to 334,702,845 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $5,233,658 |
NET ASSET VALUE PER SHARE— | |
INVESTOR SHARES | $15.64 |
Admiral Shares—Net Assets | |
Applicable to 16,866,628 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,196,216 |
NET ASSET VALUE PER SHARE— | |
ADMIRAL SHARES | $70.92 |
Institutional Shares—Net Assets | |
Applicable to 131,150,935 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $2,055,501 |
NET ASSET VALUE PER SHARE— | |
INSTITUTIONAL SHARES | $15.67 |
VIPER Shares—Net Assets | |
Applicable to 1,004,978 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $57,604 |
NET ASSET VALUE PER SHARE— | |
VIPER SHARES | $57.32 |
See Note C in Notes to Financial Statements for the tax-basis components of net assets. |
24
STATEMENT OF OPERATIONS
This Statement shows the types of income earned by each fund during the reporting period, and details the operating expenses charged to each class of its shares. These expenses directly reduce the amount of investment income available to pay to shareholders as income dividends. This Statement also shows any Net Gain (Loss) realized on the sale of investments, and the increase or decrease in the Unrealized Appreciation (Depreciation) of investments during the period.
| Extended Market Index Fund | Mid-Cap Index Fund |
---|---|---|
Year Ended December 31, 2004 | ||
| (000) | (000) |
INVESTMENT INCOME | ||
Income | ||
Dividends | $ 96,785 | $ 97,778 |
Interest | 494 | 344 |
Security Lending | 4,285 | 1,024 |
Total Income | 101,564 | 99,146 |
Expenses | ||
The Vanguard Group—Note B | ||
Investment Advisory Services | 125 | 78 |
Management and Administrative | ||
Investor Shares | 10,518 | 8,120 |
Admiral Shares | 1,444 | 1,030 |
Institutional Shares | 970 | 793 |
VIPER Shares | 319 | 36 |
Marketing and Distribution | ||
Investor Shares | 674 | 672 |
Admiral Shares | 185 | 164 |
Institutional Shares | 314 | 250 |
VIPER Shares | 30 | 3 |
Custodian Fees | 395 | 233 |
Auditing Fees | 20 | 19 |
Shareholders' Reports | ||
Investor Shares | 155 | 138 |
Admiral Shares | 2 | 1 |
Institutional Shares | — | — |
VIPER Shares | — | — |
Trustees' Fees and Expenses | 8 | 7 |
Total Expenses | 15,159 | 11,544 |
NET INVESTMENT INCOME | 86,405 | 87,602 |
REALIZED NET GAIN (LOSS) | ||
Investment Securities Sold | 139,033 | 242,605 |
Futures Contracts | 4,351 | 1,499 |
REALIZED NET GAIN (LOSS) | 143,384 | 244,104 |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | ||
Investment Securities | 1,180,544 | 1,023,259 |
Futures Contracts | (449) | 248 |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | 1,180,095 | 1,023,507 |
NET INCREASE (DECREASE) IN NET ASSETS | ||
RESULTING FROM OPERATIONS | $1,409,884 | $1,355,213 |
25
STATEMENT OF CHANGES IN NET ASSETS
This Statement shows how each fund’s total net assets changed during the two most recent reporting periods. The Operations section summarizes information detailed in the Statement of Operations. The amounts shown as Distributions to shareholders from the fund’s net income and capital gains may not match the amounts shown in the Operations section, because distributions are determined on a tax basis and may be made in a period different from the one in which the income was earned or the gains were realized on the financial statements. The Capital Share Transactions section shows the net amount shareholders invested in or redeemed from the fund. Distributions and Capital Share Transactions are shown separately for each class of shares.
| Extended Market Index Fund | Mid-Cap Index Fund | ||
---|---|---|---|---|
Year Ended December 31, | ||||
| 2004 (000) | 2003 (000) | 2004 (000) | 2003 (000) |
INCREASE (DECREASE) IN NET ASSETS | ||||
Operations | ||||
Net Investment Income | $ 86,405 | $ 53,896 | $ 87,602 | $ 51,454 |
Realized Net Gain (Loss) | 143,384 | (309,646) | 244,104 | (548,964) |
Change in Unrealized Appreciation (Depreciation) | 1,180,095 | 2,151,664 | 1,023,507 | 1,778,647 |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 1,409,884 | 1,895,914 | 1,355,213 | 1,281,137 |
Distributions | ||||
Net Investment Income | ||||
Investor Shares | (49,559) | (33,593) | (52,972) | (33,257) |
Admiral Shares | (13,438) | (8,969) | (13,125) | (8,130) |
Institutional Shares | (22,559) | (12,612) | (23,152) | (10,818) |
VIPER Shares | (2,277) | (913) | (580) | — |
Realized Capital Gain | ||||
Investor Shares | — | — | — | — |
Admiral Shares | — | — | — | — |
Institutional Shares | — | — | — | — |
VIPER Shares | — | — | — | — |
Total Distributions | (87,833) | (56,087) | (89,829) | (52,205) |
Capital Share Transactions—Note F | ||||
Investor Shares | 430,844 | 466,197 | 839,395 | 530,455 |
Admiral Shares | 79,540 | 183,088 | 171,070 | 258,512 |
Institutional Shares | 313,290 | 504,125 | 691,179 | 174,943 |
VIPER Shares | 92,709 | 57,633 | 52,434 | — |
Net Increase (Decrease) from | ||||
Capital Share Transactions | 916,383 | 1,211,043 | 1,754,078 | 963,910 |
Total Increase (Decrease) | 2,238,434 | 3,050,870 | 3,019,462 | 2,192,842 |
Net Assets | ||||
Beginning of Period | 6,965,307 | 3,914,437 | 5,523,517 | 3,330,675 |
End of Period | $9,203,741 | $6,965,307 | $8,542,979 | $5,523,517 |
26
FINANCIAL HIGHLIGHTS
This table summarizes each fund’s investment results and distributions to shareholders on a per-share basis for each class of shares. It also presents the Total Return and shows net investment income and expenses as percentages of average net assets. These data will help you assess: the variability of the fund’s net income and total returns from year to year; the relative contributions of net income and capital gains to the fund’s total return; how much it costs to operate the fund; and the extent to which the fund tends to distribute capital gains. The table also shows the Portfolio Turnover Rate, a measure of trading activity. A turnover rate of 100% means that the average security is held in the fund for one year.
Extended Market Index Fund Investor Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $26.66 | $18.74 | $23.09 | $26.61 | $37.07 |
Investment Operations | |||||
Net Investment Income | .284 | .207 | .19 | .203 | .274 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.701 | 7.926 | (4.36) | (2.703) | (6.041) |
Total from Investment Operations | 4.985 | 8.133 | (4.17) | (2.500) | (5.767) |
Distributions | |||||
Dividends from Net Investment Income | (.285) | (.213) | (.18) | (.210) | (.263) |
Distributions from Realized Capital Gains | — | — | — | (.810) | (4.430) |
Total Distributions | (.285) | (.213) | (.18) | (1.020) | (4.693) |
Net Asset Value, End of Period | $31.36 | $26.66 | $18.74 | $23.09 | $26.61 |
Total Return* | 18.71% | 43.43% | -18.06% | -9.13% | -15.55% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,484 | $4,259 | $2,629 | $3,115 | $3,881 |
Ratio of Total Expenses to Average Net Assets | 0.25% | 0.26% | 0.26% | 0.25% | 0.25% |
Ratio of Net Investment Income to Average Net Assets | 1.05% | 1.01% | 0.88% | 0.88% | 0.81% |
Portfolio Turnover Rate** | 17% | 8% | 17% | 20% | 33% |
*Total returns do not reflect the 0.25% transaction fee on purchases through March 31, 2000, or the $10 annual account maintenance fee applied on balances under $10,000. | |||||
**Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units. |
27
FINANCIAL HIGHLIGHTS (CONTINUED)
Extended Market Index Fund Admiral Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | Nov.13* to Dec. 31, | ||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $26.66 | $18.74 | $23.09 | $26.61 | $31.89 |
Investment Operations | |||||
Net Investment Income | .315 | .221 | .201 | .213 | .050 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.701 | 7.926 | (4.360) | (2.703) | (1.736) |
Total from Investment Operations | 5.016 | 8.147 | (4.159) | (2.490) | (1.686) |
Distributions | |||||
Dividends from Net Investment Income | (.316) | (.227) | (.191) | (.220) | (.274) |
Distributions from Realized Capital Gains | — | — | — | (.810) | (3.320) |
Total Distributions | (.316) | (.227) | (.191) | (1.030) | (3.594) |
Net Asset Value, End of Period | $31.36 | $26.66 | $18.74 | $23.09 | $26.61 |
Total Return | 18.82% | 43.51% | -18.02% | -9.09% | -4.30% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,353 | $1,075 | $611 | $735 | $441 |
Ratio of Total Expenses to Average Net Assets | 0.15% | 0.20% | 0.20% | 0.20% | 0.20%** |
Ratio of Net Investment Income to Average Net Assets | 1.15% | 1.07% | 0.94% | 0.94% | 1.23%** |
Portfolio Turnover Rate† | 17% | 8% | 17% | 20% | 33% |
*Inception | |||||
**Annualized | |||||
†Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units. |
28
Extended Market Index Fund Institutional Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $26.67 | $18.74 | $23.09 | $26.62 | $37.09 |
Investment Operations | |||||
Net Investment Income | .343 | .247 | .22 | .228 | .313 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.701 | 7.926 | (4.36) | (2.703) | (6.041) |
Total from Investment Operations | 5.044 | 8.173 | (4.14) | (2.475) | (5.728) |
Distributions | |||||
Dividends from Net Investment Income | (.334) | (.243) | (.21) | (.245) | (.312) |
Distributions from Realized Capital Gains | — | — | — | (.810) | (4.430) |
Total Distributions | (.334) | (.243) | (.21) | (1.055) | (4.742) |
Net Asset Value, End of Period | $31.38 | $26.67 | $18.74 | $23.09 | $26.62 |
Total Return* | 18.92% | 43.66% | -17.93% | -9.03% | -15.41% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,136 | $1,524 | $644 | $746 | $954 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.22% | 1.17% | 1.05% | 1.02% | 0.96% |
Portfolio Turnover Rate** | 17% | 8% | 17% | 20% | 33% |
*Total returns do not reflect the 0.25% transaction fee on purchases through March 31, 2000. | |||||
**Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units. |
29
FINANCIAL HIGHLIGHTS (CONTINUED)
Extended Market Index Fund VIPER Shares | ||||
---|---|---|---|---|
| Year Ended December 31, | Dec. 27* to Dec . 31, | ||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 |
Net Asset Value, Beginning of Period | $70.37 | $49.46 | $60.99 | $60.94 |
Investment Operations | ||||
Net Investment Income | .796 | .608 | .566 | — |
Net Realized and Unrealized Gain (Loss) on Investments | 12.387 | 20.914 | (11.561) | .05 |
Total from Investment Operations | 13.183 | 21.522 | (10.995) | .05 |
Distributions | ||||
Dividends from Net Investment Income | (.813) | (.612) | (.535) | — |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.813) | (.612) | (.535) | — |
Net Asset Value, End of Period | $82.74 | $70.37 | $49.46 | $60.99 |
Total Return | 18.75% | 43.55% | -18.04% | 0.08% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $231 | $107 | $30 | $6 |
Ratio of Total Expenses to Average Net Assets | 0.20% | 0.20% | 0.20% | 0.20%** |
Ratio of Net Investment Income to Average Net Assets | 1.12% | 1.07% | 1.04% | 0.54%** |
Portfolio Turnover Rate† | 17% | 8% | 17% | 20% |
*Inception | ||||
**Annualized | ||||
†Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units. |
30
Mid-Cap Index Fund Investor Shares | ||||||
---|---|---|---|---|---|---|
Year Ended December 31, | ||||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 | |
Net Asset Value, Beginning of Period | $13.13 | $ 9.88 | $11.81 | $12.21 | $11.30 | |
Investment Operations | ||||||
Net Investment Income | .159 | .122 | .088 | .081 | .071 | |
Net Realized and Unrealized Gain (Loss) on Investments | 2.512 | 3.250 | (1.798) | (.166) | 1.897 | |
Total from Investment Operations | 2.671 | 3.372 | (1.710) | (.085) | 1.968 | |
Distributions | ||||||
Dividends from Net Investment Income | (.161) | (.122) | (.093) | (.070) | (.078) | |
Distributions from Realized Capital Gains | — | — | (.127) | (.245) | (.980) | |
Total Distributions | (.161) | (.122) | (.220) | (.315) | (1.058) | |
Net Asset Value, End of Period | $15.64 | $13.13 | $9.88 | $11.81 | $12.21 | |
Total Return* | 20.35% | 34.14% | -14.61% | -0.50% | 18.10% | |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,234 | $3,610 | $2,267 | $2,049 | $1,614 | |
Ratio of Total Expenses to Average Net Assets | 0.22% | 0.26% | 0.26% | 0.25% | 0.25% | |
Ratio of Net Investment Income to Average Net Assets | 1.26% | 1.20% | 0.85% | 0.83% | 0.90% | |
Portfolio Turnover Rate** | 16% | 73%† | 18% | 24% | 51% | |
*Total returns do not reflect the $10 annual account maintenance fee applied on balances under $10,000. | ||||||
**Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units. | ||||||
†Includes activity related to a change in the fund’s target index. |
31
FINANCIAL HIGHLIGHTS (CONTINUED)
Mid-Cap Index Fund Admiral Shares | ||||
---|---|---|---|---|
| Year Ended December 31, | Nov.12* to Dec. 31, | ||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 |
Net Asset Value, Beginning of Period | $59.55 | $44.81 | $53.56 | $50.00 |
Investment Operations | ||||
Net Investment Income | .771 | .593 | .431 | .056 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.383 | 14.742 | (8.154) | 3.982 |
Total from Investment Operations | 12.154 | 15.335 | (7.723) | 4.038 |
Distributions | ||||
Dividends from Net Investment Income | (.784) | (.595) | (.451) | (.320) |
Distributions from Realized Capital Gains | — | — | (.576) | (.158) |
Total Distributions | (.784) | (.595) | (1.027) | (.478) |
Net Asset Value, End of Period | $70.92 | $59.55 | $44.81 | $53.56 |
Total Return | 20.42% | 34.24% | -14.55% | 8.06% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $1,196 | $842 | $411 | $223 |
Ratio of Total Expenses to Average Net Assets | 0.13% | 0.18% | 0.18% | 0.20%** |
Ratio of Net Investment Income to Average Net Assets | 1.35% | 1.31% | 0.94% | 0.86%** |
Portfolio Turnover Rate† | 16% | 73%†† | 18% | 24% |
*Inception | ||||
**Annualized | ||||
†Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units. | ||||
†† Includes activity related to a change in the fund’s target index. |
32
Mid-Cap Index Fund Institutional Shares | |||||
---|---|---|---|---|---|
Year Ended December 31, | |||||
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $13.16 | $ 9.90 | $11.83 | $12.23 | $11.30 |
Investment Operations | |||||
Net Investment Income | .18 | .147 | .103 | .097 | .081 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.51 | 3.250 | (1.798) | (.166) | 1.918 |
Total from Investment Operations | 2.69 | 3.397 | (1.695) | (.069) | 1.999 |
Distributions | |||||
Dividends from Net Investment Income | (.18) | (.137) | (.108) | (.086) | (.089) |
Distributions from Realized Capital Gains | — | — | (.127) | (.245) | (.980) |
Total Distributions | (.18) | (.137) | (.235) | (.331) | (1.069) |
Net Asset Value, End of Period | $15.67 | $13.16 | $9.90 | $11.83 | $12.23 |
Total Return | 20.45% | 34.33% | -14.45% | -0.37% | 18.39% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,056 | $1,071 | $653 | $650 | $307 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10% | 0.10% | 0.12% |
Ratio of Net Investment Income to Average Net Assets | 1.40% | 1.36% | 1.01% | 1.00% | 1.03% |
Portfolio Turnover Rate* | 16% | 73%** | 18% | 24% | 51% |
*Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including VIPER Creation Units. | |||||
**Includes activity related to a change in the fund's target index. |
33
FINANCIAL HIGHLIGHTS (CONTINUED)
Mid-Cap Index Fund VIPER Shares | |
---|---|
For a Share Outstanding Throughout the Period | Jan. 26* to Dec. 31, 2004 |
Net Asset Value, Beginning of Period | $50.34 |
Investment Operations | |
Net Investment Income | .617 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.004 |
Total from Investment Operations | 7.621 |
Distributions | |
Dividends from Net Investment Income | (.641) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.641) |
Net Asset Value, End of Period | $57.32 |
Total Return | 15.16% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $58 |
Ratio of Total Expenses to Average Net Assets | 0.18%** |
Ratio of Net Investment Income to Average Net Assets | 1.30%** |
Portfolio Turnover Rate† | 16% |
*Inception | |
**Annualized | |
†Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units. |
SEE ACCOMPANYING NOTES, WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
34
NOTES TO FINANCIAL STATEMENTS
Vanguard Extended Market Index and Mid-Cap Index Funds are registered under the Investment Company Act of 1940 as open-end investment companies, or mutual funds. Both funds offer four classes of shares: Investor Shares, Admiral Shares, Institutional Shares, and VIPER Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, servicing, tenure, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and servicing criteria and invest a minimum of $10 million. VIPER Shares are listed for trading on the American Stock Exchange; they can be purchased and sold through a broker. The Mid-Cap Index Fund VIPER Shares were first issued on January 26, 2004, and were offered to the public on January 30, 2004.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The funds consistently follow such policies in preparing their financial statements.
1. | Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the funds' pricing time but after the close of the securities' primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value. |
2. | Futures Contracts:The funds use index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. Both funds use S&P 500 Index futures contracts and S&P MidCap 400 Index futures contacts; the Extended Market Index Fund also uses Russell 2000 Index futures contracts and Nasdaq 100 Index futures contracts. A fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. A fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. 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. |
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses). |
3. | Repurchase Agreements: The funds, along with other members of The Vanguard Group, may transfer uninvested cash balances into a pooled cash account, which is invested in repurchase agreements secured by U.S. government and agency securities. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. |
35
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. | Federal Income Taxes: Each fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Accordingly, no provision for federal income taxes is required in the financial statements. |
5. | Distributions: Distributions to shareholders are recorded on the ex-dividend date. |
6. | Security Lending: The funds may lend their securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The funds invest cash collateral received in Vanguard Market Liquidity Fund, and record a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents the income earned on investing cash collateral, less expenses associated with the loan. |
7. | Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. |
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets. |
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to each fund under methods approved by the board of trustees. Each fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At December 31, 2004, the funds had contributed capital to Vanguard (included in Other Assets) of:
Index Fund | Capital Contribution to Vanguard (000) | Percentage of Fund Net Assets | Percentage of Vanguard's Capitalization |
---|---|---|---|
Extended Market | $1,180 | 0.01% | 1.18% |
Mid-Cap | 1,073 | 0.01 | 1.07 |
The funds’ trustees and officers are also directors and officers of Vanguard.
C. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
36
At December 31, 2004, the funds had the following tax-basis amounts available for distribution, and capital losses available to offset future net capital gains:
| Amount Available for Distribution | Capital Losses | ||
---|---|---|---|---|
Index Fund | Ordinary Income (000) | Long-Term Capital Gain (000) | Amount (000) | Expiration: Fiscal Years Ending December 31 |
Extended Market | $40 | — | $430,594 | 2010-2011 |
Mid-Cap | (753)* | — | 301,560 | 2011 |
*Amount of the fund's December 2004 dividend payable in January 2005 that will be used to reduce required 2005 ordinary income dividends. |
At December 31, 2004, net unrealized appreciation of investment securities for tax purposes was:
(000) | |||
---|---|---|---|
Index Fund | Appreciated Securities | Depreciated Securities | Net Unrealized Appreciation (Depreciation) |
Extended Market | $3,163,634 | $(1,349,027) | $1,814,607 |
Mid-Cap | 2,290,650 | (116,307) | 2,174,343 |
At December 31, 2004, the aggregate settlement value of open futures contracts expiring in March 2005 and the related unrealized appreciation (depreciation) were:
(000) | |||
---|---|---|---|
Index Fund/Futures Contracts | Number of Long Contracts | Aggregate Settlement Value | Unrealized Appreciation (Depreciation) |
Extended Market/ | |||
E-mini S&P MidCap 400 Index | 144 | $9,581 | $207 |
Russell 2000 Index | 22 | 7,193 | 120 |
S&P MidCap 400 Index | 5 | 1,663 | 26 |
Mid-Cap/ | |||
S&P MidCap 400 Index | 39 | 12,974 | 372 |
E-mini S&P MidCap 400 Index | 30 | 1,996 | 52 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
37
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
D. During the year ended December 31, 2004, purchases and sales of investment securities other than temporary cash investments were:
(000) | ||
---|---|---|
Index Fund | Purchases | Sales |
Extended Market | $2,319,568 | $1,369,286 |
Mid-Cap | 2,834,900 | 1,099,445 |
E. The market value of securities on loan to broker/dealers at December 31, 2004, and collateral received with respect to such loans were:
(000) | ||
---|---|---|
Index Fund | Market Value of Loaned Securities | Cash Collateral Received |
Extended Market | $457,106 | $494,692 |
Mid-Cap | 171,057 | 178,364 |
38
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
---|---|---|---|---|
2004 | 2003 | |||
Index Fund | Amount (000) | Shares (000) | Amount (000) | Shares (000) |
Extended Market | ||||
Investor Shares | ||||
Issued | $1,157,031 | 41,328 | $1,043,071 | 45,478 |
Issued in Lieu of Cash Distributions | 47,183 | 1,517 | 31,753 | 1,220 |
Redeemed | (773,370) | (27,732) | (608,627) | (27,268) |
Net Increase (Decrease)—Investor Shares | 430,844 | 15,113 | 466,197 | 19,430 |
Admiral Shares | ||||
Issued | 397,926 | 14,167 | 400,805 | 17,637 |
Issued in Lieu of Cash Distributions | 11,402 | 366 | 7,595 | 293 |
Redeemed | (329,788) | (11,716) | (225,312) | (10,194) |
Net Increase (Decrease)—Admiral Shares | 79,540 | 2,817 | 183,088 | 7,736 |
Institutional Shares | ||||
Issued | 624,757 | 22,222 | 798,707 | 36,316 |
Issued in Lieu of Cash Distributions | 19,854 | 638 | 11,140 | 431 |
Redeemed | (331,321) | (11,923) | (305,722) | (13,978) |
Net Increase (Decrease)—Institutional Shares | 313,290 | 10,937 | 504,125 | 22,769 |
VIPER Shares | ||||
Issued | 92,709 | 1,282 | 57,619 | 904 |
Issued in Lieu of Cash Distributions | — | — | 14 | — |
Redeemed | — | — | — | — |
Net Increase (Decrease)—VIPER Shares | 92,709 | 1,282 | 57,633 | 904 |
Mid-Cap | ||||
Investor Shares | ||||
Issued | $1,570,736 | 113,471 | $1,136,824 | 100,873 |
Issued in Lieu of Cash Distributions | 47,948 | 3,091 | 29,801 | 2,292 |
Redeemed | (779,289) | (56,808) | (636,170) | (57,631) |
Net Increase (Decrease)—Investor Shares | 839,395 | 59,754 | 530,455 | 45,534 |
Admiral Shares | ||||
Issued | 464,132 | 7,371 | 416,475 | 7,996 |
Issued in Lieu of Cash Distributions | 10,857 | 154 | 6,645 | 113 |
Redeemed | (303,919) | (4,802) | (164,608) | (3,129) |
Net Increase (Decrease)—Admiral Shares | 171,070 | 2,723 | 258,512 | 4,980 |
Institutional Shares | ||||
Issued | 826,334 | 59,736 | 344,525 | 30,275 |
Issued in Lieu of Cash Distributions | 20,336 | 1,309 | 9,135 | 702 |
Redeemed | (155,491) | (11,298) | (178,717) | (15,554) |
Net Increase (Decrease)—Institutional Shares | 691,179 | 49,747 | 174,943 | 15,423 |
VIPER Shares | ||||
Issued | 52,434 | 1,005 | — | — |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | — | — | — | — |
Net Increase (Decrease)—VIPER Shares | 52,434 | 1,005 | — | — |
39
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Trustees of Vanguard U.S. Stock Index Funds:
In our opinion, the accompanying statement of net assets appearing herein and the statement of net assets—investments summary appearing in the insert to this annual report and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Mid-Cap Index Fund and Extended Market Index Fund (separate funds of Vanguard U.S. Stock Index Funds, hereafter referred to as the “Funds”) at December 31, 2004, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2004 by correspondence with the custodian and broker and by agreement to the underlying ownership records for Vanguard Market Liquidity Fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 8, 2005
SPECIAL 2004 TAX INFORMATION | |
---|---|
(UNAUDITED) FOR VANGUARD U.S. STOCK INDEX FUNDS (MID-CAPITALIZATION PORTFOLIOS) | |
This information for the fiscal year ended December 31, 2004, is included pursuant to provisions of the Internal Revenue Code. | |
The Extended Market Index and Mid-Cap Index Funds distributed $68,343,000 and $78,133,000, respectively, of qualified dividend income to shareholders during the fiscal year. | |
For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends-received deduction is as follows: | |
Index Fund | Percentage |
Extended Market | 76.1% |
Mid-Cap | 85.4 |
40
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41
INVEST WITH VANGUARD FOR YOUR RETIREMENT |
Vanguard offers low-cost, high-quality solutions that combine a variety of investment choices to help you achieve your
retirement goals.
A Vanguard traditional IRA enables you to make deductible or nondeductible contributions that can grow tax-deferred until
you take distributions in retirement, while a Vanguard Roth IRA allows you to make nondeductible contributions with tax-free
withdrawals when you take qualified distributions.
With either type of Vanguard IRA®, your investment options include:
• | Vanguard mutual funds |
---|---|
Select from our comprehensive lineup of more than 70 low-cost mutual funds suitable for retirement investing—all with no sales commissions—to help you reach your retirement goals. We offer a broad selection of stock, bond, balanced, and money market funds. |
• | Vanguard® Target Retirement Funds |
---|---|
Choose a single, all-in-one portfolio that is professionally managed and well diversified. It automatically shifts from a more aggressive to a more conservative asset allocation as your target retirement date approaches, so you can leave the time-consuming details of portfolio management to Vanguard. |
• | Other investment options |
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Consolidate and build your portfolio in a single account that provides access to the universe of stocks, bonds, options, certificates of deposit (CDs), exchange-traded funds (ETFs), and non-Vanguard mutual funds through Vanguard Brokerage Services®. |
ROLLOVER OPTIONS
When you change jobs or retire, you can take greater control of your investments by rolling over your assets in an employer-sponsored retirement plan to a Vanguard IRA. To initiate a rollover, visit Vanguard.com, where you can complete our easy online application. You can also print out the application and mail it to us—or call a Vanguard retirement specialist at 1-800-205-6189. |
MAXIMIZE YOUR RETIREMENT INVESTMENTS |
Are you taking full advantage of your IRA? You should be. With increased contribution limits, these tax-advantaged accounts
are powerful options for retirement savers. To take full advantage of your retirement account, consider these simple, but
important, steps:
• | Contribute the maximum amount each year. |
---|---|
If you invest as much in your IRA as the law allows—$3,000 for 2004 and $4,000 for 2005 if you are under the age of 50, and $3,500 and $4,500, respectively, if you are aged 50 or older—you will increase your chances of meeting your retirement goals. Provided you meet the eligibility requirements, max out your contribution every year you can. |
• | Make automatic contributions. |
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You can make regular contributions to your IRA by taking advantage of Vanguard’s Automatic Investment Plan, which deducts your contributions from your bank account on a schedule you select—making retirement investing a healthy habit. |
• | Keep your savings on course. |
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Unless you’ve invested in a Vanguard® Target Retirement Fund, you should rebalance your account periodically to ensure that your target asset allocations are aligned to meet your retirement objectives. |
• | Protect those you care about. |
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You determine who will receive your retirement assets after your death, so it’s important to keep your beneficiary designations up to date. They will generally override any other instructions—even those in your will. |
• | Adopt a long-term approach. |
---|---|
A successful investment strategy requires a long-term perspective and staying on course—even when the financial markets are declining. Market-timing and performance-chasing are losing strategies that can cause you to stray from the path to your retirement goals. |
If you have any questions about IRAs or would like to talk to a Vanguard retirement specialist, call 1-800-205-6189.
THE PEOPLE WHO GOVERN YOUR FUND
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard's board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals.
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members' responsibilities are
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
John J. Brennan* (1954) May 1987 | Chairman of the Board, Chief Executive Officer, and Trustee (132) | Chairman of the Board,Chief Executive Officer, and Director/Trustee of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group. |
INDEPENDENT TRUSTEES | ||
Charles D. Ellis (1937) January 2001 | Trustee (132) | The Partners of `63 (pro bono ventures in education); Senior Advisor to Greenwich Associates (international business strategy consulting); Successor Trustee of Yale University; Overseer of the Stern School of Business at New York University; Trustee of the Whitehead Institute for Biomedical Research. |
Rajiv L. Gupta (1945) December 2001** | Trustee (132) | Chairman and Chief Executive Officer (since October 1999), Vice Chairman (January-September 1999), and Vice President (prior to September 1999) of Rohm and Haas Co. (chemicals); Director of Technitrol, Inc. (electronic components), and Agere Systems (commu- nications components); Board Member of the American Chemistry Council; Trustee of Drexel University. |
JoAnn Heffernan Heisen (1950) July 1998 | Trustee (132) | Vice President, Chief Information Officer, and Member of the Executive Committee of Johnson & Johnson (pharmaceuticals/ consumer products); Director of the University Medical Center at Princeton and Women's Research and Education Institute. |
Burton G. Malkiel (1932) May 1977 | Trustee (129) | Chemical Bank Chairman's Professor of Economics, Princeton University; Director of Vanguard Investment Series plc (Irish invest- ment fund) (since November 2001), Vanguard Group (Ireland) Limited (investment management) (since November 2001), Prudential Insurance Co. of America, BKF Capital (investment management), The Jeffrey Co. (holding company), and NeuVis, Inc. (software company). |
André F. Perold (1952) December 2004 | Trustee (132) | George Gund Professor of Finance and Banking, Harvard Business School (since 2000); Senior Associate Dean, Director of Faculty Recruiting, and Chair of Finance Faculty, Harvard Business School; Director and Chairman of Unx, Inc. (equities trading firm) (since 2003); Director of registered investment companies advised by Merrill Lynch Investment Managers and affiliates (1985–2004), Genbel Securities Limited (South African financial services firm) (1999–2003), Gensec Bank (1999–2003), Sanlam Investment Management (1999–2001), Sanlam, Ltd. (South African insurance company) (2001–2003), Stockback, Inc. (credit card firm) (2000–2002), and Bulldogresearch.com (investment research) (1999–2001); and Trustee of Commonfund (investment management) (1989–2001). |
selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers.
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482.
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
Alfred M. Rankin, Jr. (1941) January 1993 | Trustee (132) | Chairman, President, Chief Executive Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/lignite); Director of Goodrich Corporation (industrial products/aircraft systems and services); Director of Standard Products Company (supplier for the automotive industry) until 1998. |
J. Lawrence Wilson (1936) April 1985 | Trustee (132) | Retired Chairman and Chief Executive Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines), MeadWestvaco Corp. (paper products), and AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University. |
EXECUTIVE OFFICERS* | ||
R. Gregory Barton (1951) June 2001 | Secretary (132) | Managing Director and General Counsel of The Vanguard Group, Inc.; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group. |
Thomas J. Higgins (1957) July 1998 | Treasurer (132) | Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group. |
*Officers of the funds are “interested persons” as defined in the Investment Company Act of 1940. | ||
**December 2002 for Vanguard® Equity Income Fund, Vanguard® Growth Equity Fund, the Vanguard® Municipal Bond Funds, and the Vanguard® State Tax-Exempt Funds. |
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
VANGUARD SENIOR MANAGEMENT TEAM | |
Mortimer J. Buckley, Information Technology. James H. Gately, Investment Programs and Services. Kathleen C. Gubanich, Human Resources. F. William McNabb, III, Client Relationship Group. | Michael S. Miller, Planning and Development. Ralph K. Packard, Finance. George U. Sauter, Chief Investment Officer. |
John C. Bogle, Founder; Chairman and Chief Executive Officer, 1974-1996. | |
Post Office Box 2600
Valley Forge, PA 19482-2600
Vanguard, The Vanguard Group, Vanguard.com, Vanguard IRA, Vanguard Brokerage Services, VIPER*, VIPERs*, Admiral, PlainTalk , and the ship logo are trademarks of The Vanguard Group, Inc. | World Wide Web www.vanguard.com |
The funds or securities referred to herein that are offered by The Vanguard Group and track an MSCI index are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. For such funds or securities, the prospectus or the Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with The Vanguard Group. | Fund Information 1-800-662-7447 |
All other marks are the exclusive property of their respective owners. | Direct Investor Account Services 1-800-662-2739 |
All comparative mutual fund data are from Lipper Inc. or Morningstar, Inc., unless otherwise noted. | Institutional Investor Services 1-800-523-1036 |
For More Information This report is intended for the fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current fund prospectus. To receive a free copy of the prospectus or the Statement of Additional Information, or to request additional information about the fund or other Vanguard funds, please contact us at one of the adjacent telephone numbers or by e-mail through Vanguard.com. Prospectuses may also be viewed online. | Text Telephone 1-800-952-3335 |
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting our website, www.vanguard.com, and searching for “proxy voting guidelines,” or by calling Vanguard at 1- 800- 662-2739. They are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how the fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either www.vanguard.com or www.sec.gov. | |
You can review and copy information about your fund at the SEC’s Public Reference Room in Washington, D.C. To find out more about this public service, call the SEC at 1-202-942- 8090. Information about your fund is also available on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request in either of two ways: via e-mail addressed to publicinfo@sec.gov or via regular mail addressed to the Public Reference Section, Securities and Exchange Commission, Washington, DC 20549–0102. | |
*Patent pending | © 2005 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. |
Q980 022005 |
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As of 12/31/2004 | VANGUARD(R)U.S. STOCK INDEX FUNDS EXTENDED MARKET INDEX FUND |
A CHANGE IN THE WAY WE LIST FUND HOLDINGS
As you will see below, the list of the fund’s investments is shorter than it used to be. This is because the Securities and Exchange Commission now permits mutual fund companies to publish an abbreviated list of fund holdings in semiannual and annual reports. We think the SEC decision is good news for shareholders because it allows us to highlight essential information while also helping us to save money for you. The list focuses on the securities that are most important to your fund and excludes details about smaller holdings that have a minimal impact on performance. And because the list is so much shorter, your fund will see substantial savings in printing and mailing costs and in the amount of paper we use.
The Statement of Net Assets—Investments Summary lists the fund’s 50 largest holdings, along with any other holdings that, in total for any issuer, represent 1% or more of the fund’s assets. If you want to see a complete list of your fund’s securities, please see the instructions in the last paragraph below.
This Statement should be read in conjunction with the Statement of Operations, Statement of Changes in Net Assets, Financial Highlights, Notes to Financial Statements, and Report of Independent Registered Public Accounting Firm, all of which appear in the accompanying report.
STATEMENT OF NET ASSETS—INVESTMENTS SUMMARY
This Statement summarizes the fund’s holdings by asset type (common stocks, bonds, etc.) and by industry sector according to Frank Russell Company. Other assets are added to, and liabilities are subtracted from, the value of Total Investments to calculate the fund’s Net Assets. Finally, Net Assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) Per Share.
At the end of the Statement, you will find a table displaying the composition of the fund’s net assets. Because all income and any realized gains must be distributed to shareholders each year, the bulk of net assets consists of Paid-in Capital (money invested by shareholders). The amounts shown for Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the sums the fund had available to distribute to shareholders as income dividends or capital gains as of the statement date, but may differ because certain investments or transactions may be treated differently for financial statement and tax purposes. Any Accumulated Net Realized Losses, and any cumulative excess of distributions over net income or net realized gains, will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on Vanguard.com and on the Securities and Exchange Commission’s website (www.sec.gov), or you can have it mailed to you without charge by calling 1-800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website; Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of the accompanying report for further information).
Extended Market Index Fund | Shares | Market Value^ (000) | Percentage of Net Assets |
---|---|---|---|
COMMON STOCKS | |||
Auto & Transportation | |||
**Other—Auto & Transportation | $ 276,299 | 3.0% | |
Consumer Discretionary | |||
*Google Inc. | 681,232 | 131,546 | 1.4% |
Liberty Media Corp. | 7,267,174 | 79,794 | 0.9% |
1
Extended Market Index Fund | Shares | Market Value^ (000) | Percentage of Net Assets |
---|---|---|---|
*DirecTV Group, Inc. | 3,451,184 | $ 57,773 | 0.6% |
*IAC/InterActiveCorp | 1,748,176 | 48,285 | 0.5% |
*Amazon.com, Inc. | 1,014,050 | 44,912 | 0.5% |
*Las Vegas Sands Corp. | 832,775 | 39,973 | 0.4% |
*Fox Entertainment Group, Inc. Class A | 1,064,120 | 33,264 | 0.4% |
Royal Caribbean Cruises, Ltd. | 479,122 | 26,083 | 0.3% |
*MGM Mirage, Inc. | 345,693 | 25,146 | 0.3% |
*Sirius Satellite Radio, Inc. | 3,141,324 | 24,031 | 0.3% |
Washington Post Co. Class B | 23,816 | 23,412 | 0.3% |
*Kmart Holding Corp. | 223,398 | 22,105 | 0.2% |
*VeriSign, Inc. | 636,792 | 21,345 | 0.2% |
Harman International Industries, Inc. | 164,222 | 20,856 | 0.2% |
E.W. Scripps Co. Class A | 406,530 | 19,627 | 0.2% |
*XM Satellite Radio Holdings, Inc. | 509,507 | 19,168 | 0.2% |
*Liberty Media International Inc. Class A | 391,087 | 18,080 | 0.2% |
EchoStar Communications Corp. Class A | 537,982 | 17,883 | 0.2% |
*Caesars Entertainment, Inc. | 772,044 | 15,549 | 0.2% |
**Other—Consumer Discretionary | 1,443,476 | 15.6% | |
2,132,308 | 23.1% | ||
Consumer Staples | |||
Kraft Foods Inc. | 4,262,400 | 151,784 | 1.6% |
Tyson Foods, Inc. | 878,738 | 16,169 | 0.2% |
**Other—Consumer Staples | 179,747 | 2.0% | |
347,700 | 3.8% | ||
Financial Services | |||
Genworth Financial Inc. | 1,220,369 | 32,950 | 0.4% |
Vornado Realty Trust REIT | 313,237 | 23,847 | 0.3% |
UnionBanCal Corp. | 368,722 | 23,775 | 0.3% |
Fidelity National Financial, Inc. | 432,854 | 19,768 | 0.2% |
General Growth Properties Inc. REIT | 545,122 | 19,712 | 0.2% |
Popular, Inc. | 664,157 | 19,148 | 0.2% |
The Chicago Mercantile Exchange | 82,291 | 18,820 | 0.2% |
Legg Mason Inc. | 251,128 | 18,398 | 0.2% |
Public Storage, Inc. REIT | 320,816 | 17,885 | 0.2% |
White Mountains Insurance Group Inc. | 27,069 | 17,486 | 0.2% |
Boston Properties, Inc. REIT | 269,750 | 17,445 | 0.2% |
Hudson City Bancorp, Inc. | 466,462 | 17,175 | 0.2% |
*CAN Financial Corp. | 639,005 | 17,068 | 0.2% |
Kimco Realty Corp. REIT | 277,210 | 16,075 | 0.2% |
Banknorth Group, Inc. | 428,718 | 15,691 | 0.2% |
**Other—Financial Services | 1,830,285 | 19.7% | |
2,125,528 | 23.1% | ||
Health Care | |||
*Genentech, Inc. | 2,612,652 | 142,233 | 1.5% |
**Other—Health Care | 886,311 | 9.7% | |
1,028,544 | 11.2% | ||
Integrated Oils | |||
Murphy Oil Corp. | 229,291 | 18,446 | 0.2% |
**Other—Integrated Oils | 9,222 | 0.1% | |
27,668 | 0.3% | ||
2
| Shares | Market Value^ (000) | Percentage of Net Assets |
---|---|---|---|
Other Energy | |||
GlobalSantaFe Corp. | 584,982 | $ 19,369 | 0.2% |
*Weatherford International Ltd. | 332,708 | 17,068 | 0.2% |
**Other—Other Energy | 409,516 | 4.4% | |
445,953 | 4.8% | ||
Materials & Processing | |||
Lyondell Chemical Co. | 604,828 | 17,492 | 0.2% |
Bunge Ltd. | 274,716 | 15,661 | 0.2% |
**Other—Materials& Processing | 572,877 | 6.2% | |
606,030 | 6.6% | ||
Producer Durables | |||
D. R. Horton, Inc. | 580,821 | 23,413 | 0.3% |
Lennar Corp. Class A | 361,552 | 20,493 | 0.2% |
**Other—Producer Durables | 470,373 | 5.1% | |
514,279 | 5.6% | ||
Technology | |||
*Juniper Networks, Inc. | 1,320,810 | 35,913 | 0.4% |
SeagateTechnology | 1,154,220 | 19,933 | 0.2% |
**Other—Technology | 836,825 | 9.1% | |
892,671 | 9.7% | ||
Utilities | |||
*Cablevision Systems NY Group Class A | 770,134 | 19,176 | 0.2% |
*NTL Inc. | 218,037 | 15,908 | 0.2% |
MCI Inc. | 784,760 | 15,821 | 0.2% |
**Other—Utilities | 345,547 | 3.7% | |
396,452 | 4.3% | ||
Other | |||
*Berkshire Hathaway Inc. Class A | 3,779 | 332,174 | 3.6% |
*Berkshire Hathaway Inc. Class B | 1,742 | 5,115 | 0.1% |
**Other—Other Securities | 55,296 | 0.6% | |
392,585 | 4.3% | ||
TOTAL COMMON STOCKS | |||
(Cost $7,371,410) | 9,186,017 | 99.8%(1) | |
TEMPORARY CASH INVESTMENTS | |||
Money Market Fund | |||
Vanguard Market Liquidity Fund, | |||
2.26%† | 17,343,407 | 17,343 | 0.2% |
Vanguard Market Liquidity Fund, | |||
2.26%†—Note E | 494,691,790 | 494,692 | 5.4% |
512,035 | 5.6% | ||
Face | |||
Amount | |||
(000) | |||
U.S. Government Obligation | |||
U.S. Treasury Bill | |||
(2) 1.72%, 1/27/2005 | $3,000 | 2,996 | 0.0% |
TOTAL TEMPORARY CASH INVESTMENTS | |||
(Cost $515,031) | 515,031 | 5.6%(1) | |
TOTAL INVESTMENTS | |||
(Cost $7,886,441) | 9,701,048 | 105.4% | |
3
Extended Market Index Fund (000) Assets | Market Value^ (000) | Percentage of Net Assets |
---|---|---|
OTHER ASSETS AND LIABILITIES | ||
Other Assets—Note B | $ 54,989 | 0.6% |
Security Lending Collateral Payable to | ||
Brokers—Note E | (494,692) | (5.4%) |
Other Liabilities | (57,604) | (0.6%) |
(497,307) | (5.4%) | |
NET ASSETS | $9,203,741 | 100.0% |
^See Note A in Notes to Financial Statements. | ||
*Non-income-producing security. | ||
**Represents the aggregate value of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. | ||
†Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. | ||
(1)The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 5.4%, respectively, of net assets. See Note C in Notes to Financial Statements. | ||
(2)Security segregated as initial margin for open futures contracts. | ||
REIT—Real Estate Investment Trust. |
AT DECEMBER 31, 2004, NET ASSETS CONSISTED OF: | |
---|---|
| Amount (000) |
Paid-in Capital | $7,828,176 |
Overdistributed Net Investment Income | (7,259) |
Accumulated Net Realized Losses | (432,136) |
Unrealized Appreciation | |
Investment Securities | 1,814,607 |
Futures Contracts | 353 |
NET ASSETS | $9,203,741 |
Investor Shares—Net Assets | |
Applicable to 174,870,207 outstanding $.001 | |
par value shares of beneficial interest (unlimited authorization) | $5,483,578 |
NET ASSET VALUE PER SHARE—INVESTOR SHARES | $31.36 |
Admiral Shares—Net Assets | |
Applicable to 43,138,604 outstanding $.001 | |
par value shares of beneficial interest (unlimited authorization) | $1,352,806 |
NET ASSET VALUE PER SHARE—ADMIRAL SHARES | $31.36 |
Institutional Shares—Net Assets | |
Applicable to 68,076,858 outstanding $.001 | |
par value shares of beneficial interest (unlimited authorization) | $2,135,946 |
NET ASSET VALUE PER SHARE—INSTITUTIONAL SHARES | $31.38 |
VIPER Shares—Net Assets | |
Applicable to 2,796,934 outstanding $.001 | |
par value shares of beneficial interest (unlimited authorization) | $231,411 |
NET ASSET VALUE PER SHARE—VIPER SHARES | $82.74 |
See Note C in Notes to Financial Statements for the tax-basis components of net assets. | |
(C)2005 The Vanguard Group, Inc. All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | F980 022005 |
Vanguard® U.S. Stock Index Funds
Large-Capitalization Portfolios
December 31, 2004
CONTENTS
1 LETTER FROM THE CHAIRMAN
10 FUND PROFILES
14 GLOSSARY OF INVESTMENT TERMS
15 PERFORMANCE SUMMARIES
22 YOUR FUND´S AFTER-TAX RETURNS
23 ABOUT YOUR FUND´S EXPENSES
26 FINANCIAL STATEMENTS
65 ADVANTAGES OF VANGUARD.COM
SUMMARY
• The four Vanguard large-capitalization index funds succeeded in closely tracking the returns of their benchmarks during 2004—a year in which stocks posted solid gains.
• Three of the four funds outperformed their peer-group averages for the year. The Growth Index Fund performed about the same as its average peer.
• For the second straight year, value stocks outdistanced growth stocks in a rising market. Energy-related companies did particularly well, while the technology and health care sectors underperformed.
VANGUARD’S PLEDGE TO CLIENTS
We recognize that your relationship with Vanguard rests on the twin pillars of trust and excellence, each of which is built upon the character of our people. Our Pledge to Clients reflects our ongoing efforts to deserve your trust and to continually improve so that we can offer you excellence in all that we do.
We will:
• Put your interests first at all times.
• Continually seek to earn your trust by adhering to the highest standards of ethical behavior and fiduciary responsibility.
• Strive to be the highest-value provider of investment services, which means outstanding investment performance and service, both at the lowest possible cost.
• Communicate candidly not only about the rewards of investing but also about the risks and costs.
• Maintain highly effective controls to safeguard your assets and protect your confidential information.
• Invest a majority of our personal assets alongside yours.
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the cover of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
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Vanguard.com ®and opt to get fund reports online.
Growth Index Fund
Value Index Fund
Large-Cap Index Fund
LETTER FROM THE CHAIRMAN
Dear Shareholder,
Robust returns in the fourth quarter enabled the U.S. stock market to finish 2004 with a second consecutive winning year. The Dow Jones Wilshire 5000 Composite Index, a measure of the broad market, returned 12.6%. While more modest than the 31.6% return of 2003, the market’s performance helped investors further recover from the long bear market of 2000–2002.
Like the market overall, our four large-capitalization index funds recorded positive returns. Consistent with their objective, all four tracked their target indexes very closely. As an added benefit, three outperformed their peer-group averages during the year and one essentially tied its competition.
The table on page 2 shows the total returns (capital change plus reinvested distributions) for all the funds’ share classes, as well as for their benchmarks. Further details of the funds’ returns, including dividend distributions and price changes, appear on page 8. If you hold your shares in a taxable account, you may wish to review the funds’ after-tax returns on page 22.
STOCK MARKET ENJOYED SOLID GAINS
The U.S. stock market rallied following the presidential election in November to finish the year with a solid gain. The positive returns in the final two months of 2004 capped a year that began with advances in stock indexes but was marked in the middle months by investors’ uncertainty about the sustainability of economic growth.
Gains came in many sectors of the market. The strongest performers were energy-related stocks, which were buoyed by higher prices and increased demand for oil. Generally, small-capitalization stocks
1
outpaced large-caps, and value stocks—those with prices considered low relative to company earnings, book value, and other measures—outpaced their growth counterparts.
2004 Total Returns | Year Ended December 31 |
---|---|
Vanguard Growth Index Fund | |
Investor Shares | 7.2% |
Admiral Shares | 7.3 |
Institutional Shares | 7.3 |
VIPER Shares | |
Market Price | 2.6* |
Net Asset Value | 2.6* |
MSCI US Prime Market Growth Index | 7.4 |
Average Large-Cap Growth Fund** | 7.2 |
Vanguard Value Index Fund | |
Investor Shares | 15.3% |
Admiral Shares | 15.4 |
Institutional Shares | 15.4 |
VIPER Shares | |
Market Price | 11.5* |
Net Asset Value | 11.4* |
MSCI US Prime Market Value Index | 15.4 |
Average Large-Cap Value Fund** | 11.9 |
Vanguard Large-Cap Index Fund | |
Investor Shares | 9.1%* |
Admiral Shares | 8.9* |
VIPER Shares | |
Market Price | 8.2* |
Net Asset Value | 8.0* |
MSCI US Prime Market 750 Index | 9.3+ |
Average Large-Cap Core Fund** | 6.1+ |
Vanguard Total Stock Market Index Fund | |
Investor Shares | 12.5% |
Admiral Shares | 12.6 |
Institutional Shares | 12.6 |
VIPER Shares | |
Market Price | 12.7 |
Net Asset Value | 12.6 |
Dow Jones Wilshire 5000 Index | 12.6 |
Average Multi-Cap Core Fund** | 11.1 |
*Return since inception. Inception dates are: for Growth and Value Index Fund VIPER Shares, January 26, 2004; for Large-Cap Index Fund Investor Shares, January 30, 2004; for Large-Cap Index Fund Admiral Shares, February 2, 2004; and for Large-Cap Index Fund VIPER Shares, January 27, 2004.
**Derived from data provided by Lipper Inc. † Return since January 30, 2004.
International stocks, particularly those in emerging markets, posted outstanding returns compared with U.S. stocks. The strong gains abroad were enhanced for investors in the United States by the weakening of the U.S. dollar against most other major currencies. (A weaker dollar means that returns in other currencies translate into more dollars for U.S.-based investors.)
YIELDS ROSE FOR SHORT-TERM BONDS, FELL FOR LONG-TERM ISSUES
At the beginning of 2004, bond investors expected the year to bring higher interest rates across the maturity spectrum. Their expectations were based on increasingly strong economic reports, rising corporate profits, and a belief that the Federal Reserve Board would soon raise the target for short-term interest rates to keep inflation at bay. The actual result, however, was quite different at the short and long ends of the maturity range.
2
Yields of longer-maturity bonds closed the year slightly below their starting points. A series of disappointments in the labor market, record prices for crude oil, and continuing geopolitical turmoil kept bond market volatility high. At year-end, the 10-year U.S. Treasury note yielded 4.22%, 3 basis points (0.03 percentage point) below its 4.25% yield at the start of the period. Overall, the taxable investment-grade bond market, as measured by the Lehman Brothers Aggregate Bond Index, returned 4.3%. Across the maturity spectrum, corporate bonds, particularly those from below-investment-grade issuers, generally did better than government securities. The Lehman High Yield Index returned 11.1%.
Admiral™ Shares
A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund.
Institutional Shares
This class of shares also carries low expenses and is available for a minimum investment of $10 million.
VIPER® Shares
Traded on the American Stock Exchange, VIPERs® are available only through brokers. The table on page 2 shows VIPER returns based on both the AMEX market price and the net asset value for a share
Yields of shorter-maturity securities, which are generally more closely tied to the Fed’s interest rate moves, rose significantly. As anticipated, the Fed began to tighten monetary policy to avert any significant surge in inflation. Beginning in June, the Fed raised its target for the federal funds rate from 1.00%, a historical low, to 2.25% through five separate quarter-point increases. The yield of the 3-month Treasury bill, a proxy for money market yields, more than doubled during the 12 months, from 0.92% to 2.21%.
Market Barometer | Average Annual Total Returns Periods Ended December 31, 2004 | ||
---|---|---|---|
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 11.4% | 4.3% | -1.8% |
Russell 2000 Index (Small-caps) | 18.3 | 11.5 | 6.6 |
Dow Jones Wilshire 5000 Index | 12.6 | 5.5 | -1.4 |
(Entire market) | |||
MSCI All Country World Index | |||
ex USA (International) | 21.4 | 13.6 | 0.0 |
Bonds | |||
Lehman Aggregate Bond Index | 4.3% | 6.2% | 7.7% |
(Broad taxable market) | |||
Lehman Municipal Bond Index | 4.5 | 6.4 | 7.2 |
Citigroup 3-Month Treasury Bill Index | 1.2 | 1.3 | 2.8 |
CPI | |||
Consumer Price Index | 3.3% | 2.5% | 2.5% |
VALUE STOCKS AGAIN LED GROWTH STOCKS
After the roller-coaster ride that stock investors experienced in prior years, 2004 proved to be a somewhat smoother trip as U.S. stocks
3
generally traded within a narrower range. A strong fourth quarter helped the four Vanguard large-capitalization index funds to finish 2004 with solid gains, even if they were more modest than those seen in 2003. The positive returns ranged from 7.2% for the Growth Index Fund to 15.3% for the Value Index Fund. Not surprisingly, the broader-based Large-Cap Index and Total Stock Market Index Funds, which hold both growth and value stocks, posted returns—9.1% and 12.5%, respectively—that were in-between. (All figures are for the funds’ Investor Shares.)
Total Returns | Ten Years Ended December 31, 2004 | |
---|---|---|
Average Annual Return | Final Value of a $10,000 Initial Investment | |
Growth Index Fund | ||
Investor Shares | 11.5% | $29,763 |
Spliced Growth Index* | 11.6 | 29,988 |
Average Large-Cap | ||
Growth Fund | 9.4 | 24,479 |
Value Index Fund | ||
Investor Shares | 12.2% | $31,504 |
Spliced Value Index** | 12.3 | 31,810 |
Average Large-Cap | ||
Value Fund | 11.5 | 29,768 |
Large-Cap Index Fund | ||
Investor Shares | 9.1%+ | $10,913+ |
MSCI US Prime Market | ||
750 Index | 9.3+ | 10,931+ |
Average Large-Cap | ||
Core Fund | 6.1+ | 10,613+ |
Total Stock Market Index | ||
Fund Investor Shares | 11.8% | $30,540 |
Dow Jones Wilshire | ||
5000 Index | 11.9 | 30,824 |
Average Multi-Cap | ||
Core Fund | 10.9 | 28,152 |
*S&P 500/Barra Growth Index through May 16, 2003; MSCI US Prime Market Growth Index thereafter.
**S&P 500/Barra Value Index through May 16, 2003; MSCI US Prime Market Value Index thereafter.
† Values since Investor Shares inception on January 30, 2004.
The Value Index Fund’s outsized return reflected the market’s continued preference for those stocks perceived to be available at discounted prices. Energy-related companies—which, as noted, did particularly well—tend to be categorized as value stocks. Meanwhile, the Growth Index Fund’s heavier weightings in the technology and health care sectors restrained its performance. These sectors, which together account for nearly half of the fund’s holdings, lagged the overall market by significant margins. The reasons: Slower-than-expected corporate capital spending hurt tech issues, while regulatory and clinical challenges facing big pharmaceutical companies acted as a brake on the health care sector.
The Value Index Fund has now outperformed the Growth Index Fund for five straight years. Of course, this trend doesn’t necessarily indicate whether one fund or the other will outperform in 2005 or beyond.
4
When growth and value stocks take turns outdoing each other, one group’s leadership can last for several years. Experienced investors will remember that the Growth Index Fund bested its value-oriented counterpart for six consecutive years ending in 1999. However, the cycle also can turn more quickly. And, as you can see in the ten-year performance table on page 4, the performance difference between the two narrows considerably over long periods.
The newest of these funds, the Large-Cap Index Fund, began operations in late January. The fund, which essentially combines the holdings of the Growth and Value Index Funds, seeks to track the MSCI US Prime Market 750 Index. Since its inception, the Large-Cap Index Fund has succeeded in nearly matching the index’s performance. The fund’s 9.1% gain (Investor Shares) would have been closer to the midpoint of the difference between the performance of the Growth and Value Index Funds if it had been open for the entire 12 months of 2004.
The Large-Cap Index Fund’s exchange-traded shares, or VIPERs, provided a lower return than that of the fund’s conventional shares because the VIPERs were introduced three days earlier. Those three days happened to be negative ones for the market. The fund’s Admiral Shares, launched just after the Investor Shares, likewise suffered by missing a day of positive returns. (The VIPERs for the Growth and Value Index Funds, launched in late January, also delivered lower returns than the funds’ conventional shares for the same reason.)
Benefiting from its exposure to the entire market, including the stronger relative performance of smaller-capitalization stocks in 2004, the Total Stock Market Index Fund produced a return of 12.5% that was above average when measured against its ten-year annualized mark of 11.8% (Investor Shares). A rising tide of good news lifted all industry sectors. The fund’s two largest sectors, financial services (+13.8%) and consumer discretionary (+15.2%), were the biggest contributors to the fund’s advance as the economy gained some momentum. As energy became more highly valued worldwide, energy-related companies and utilities posted the best absolute returns, but their impact on the fund’s showing was muted because they make up only about 13% of the market’s overall value. As mentioned earlier, tech (+1.9%) and health care (+3.8%) were laggards but still contributed positive results.
5
LONG-TERM RESULTS SHOW THE VALUE OF INDEXING
Index-tracking funds don’t seek to outperform the market or competing funds that invest in similar securities, and inevitably there will be years when our competitors—mostly actively managed funds—will do better by various measures. But it’s gratifying when index funds outperform the competition in the short run. Of the four funds covered in this report, only the Growth Index Fund, which tied its peers, failed to outdistance the average for competitors in 2004.
More importantly, indexing more consistently proves its value over the long run. As you can see in the table on page 4, the three funds with long track records have rewarded our long-term investors with superior performance. For example, during the ten years ended December 31, a hypothetical $10,000 investment in the Total Stock Market Index Fund’s Investor Shares would have grown to $30,540. The same investment in the average multi-cap core fund would have lagged by $2,388. The Growth and Value Index Funds also created more wealth than their peer-group averages. (The Large-Cap Index Fund, of course, doesn’t yet have a long-term record to examine.)
The reasons for the long-term success are no secret: First, Vanguard’s four large-cap index funds are broadly diversified, minimizing the risk that a few poorly performing stocks will significantly hurt your returns. Second, our index funds remain fully invested, so performance doesn’t suffer from the “drag” that uninvested cash can cause in a rising market. Third, Vanguard Quantitative Equity Group has proven to be among the best in the business at closely tracking fund benchmarks. And of course, our index funds maintain exceptionally low costs, a sustainable advantage that compounds to your advantage over time. (For a comparison of expense ratios, see page 25.) These attributes don’t translate into superior performance every year, but over longer periods, their cumulative effect has been impressive. For taxable investors, the benefits can be even greater, as our index funds’ low portfolio turnover generally results in fewer realized capital gains.
IT PAYS TO LOOK BEYOND SHORT-TERM SUCCESS
While it’s human nature to speculate about what 2005 will bring, no one knows for sure whether the market will continue to generate positive returns. That’s why we always encourage our shareholders to
6
evaluate investments from a long-term perspective. The march of time smoothes out short-term patterns and, based on history, rewards patience.
Investing in any of Vanguard’s large-cap index funds can be a smart way to capitalize on the stock market’s long-term potential. In fact, these funds’ diversification, low turnover, and low costs constitute a model for managing all your investments. The best plan for long-term success is to maintain a steady, diversified mix of low-cost stock, bond, and cash investments tailored to your situation.
We appreciate your confidence in Vanguard.
Sincerely,
John J. Brennan
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
JANUARY 14, 2005
NOTICE TO SHAREHOLDERS
THE FUND’S TARGET INDEX WILL CHANGE
The board of trustees of Vanguard Total Stock Market Index Fund recently approved Vanguard’s recommendation to adopt a new index as the fund’s benchmark target. By the end of 2005, the MSCI® US Broad Market Index will replace the Dow Jones Wilshire 5000 Index as the fund’s target. The change will not affect the fund’s objective or investment strategies.
We believe that the new index employs superior construction methodologies. By assigning weightings to stocks based on the shares that are publicly available rather than on the number of shares that have been issued, the new index better reflects the investable characteristics of the market. In addition, the new index includes companies whose trading markets, shareholder base, and operations are all predominantly in the United States—irrespective of where their headquarters are located. The new index also excludes limited partnerships, which produce income that can cause tax problems for mutual funds and their shareholders.
7
Your Fund's Performance at a Glance | December 31, 2003-December 31, 2004 | |||
---|---|---|---|---|
Distributions Per Share | ||||
Starting Share Price | Ending Share Price | Income Dividends | Capital Gains | |
Growth Index Fund | ||||
Investor Shares | $24.92 | $26.41 | $0.295 | $0.000 |
Admiral Shares | 24.92 | 26.41 | 0.320 | 0.000 |
Institutional Shares | 24.92 | 26.41 | 0.328 | 0.000 |
VIPER Shares* | 50.64 | 51.33 | 0.613 | 0.000 |
Value Index Fund | ||||
Investor Shares | $18.95 | $21.35 | $0.459 | $0.000 |
Admiral Shares | 18.95 | 21.35 | 0.478 | 0.000 |
Institutional Shares | 18.95 | 21.35 | 0.484 | 0.000 |
VIPER Shares* | 50.34 | 54.74 | 1.221 | 0.000 |
Large-Cap Index Fund | ||||
Investor Shares* | $20.00 | $21.41 | $0.390 | $0.000 |
Admiral Shares* | 25.08 | 26.77 | 0.503 | 0.000 |
VIPER Shares* | 50.01 | 52.99 | 0.961 | 0.000 |
Total Stock Market Fund | ||||
Investor Shares | $25.99 | $28.77 | $0.445 | $0.000 |
Admiral Shares | 25.99 | 28.77 | 0.468 | 0.000 |
Institutional Shares | 26.00 | 28.77 | 0.475 | 0.000 |
VIPER Shares | 106.81 | 118.21 | 1.902 | 0.000 |
*Share price at inception. Inception dates are: for Growth and Value Index Fund VIPER Shares, January 26, 2004; for Large-Cap Index Fund Investor Shares, January 30, 2004; for Large-Cap Index Fund Admiral Shares, February 2, 2004; and for Large-Cap Index Fund VIPER Shares, January 27, 2004.
Growth Index Fund VIPER Shares Premium/Discount: January 26, 2004*-December 31, 2004 | ||||
---|---|---|---|---|
Closing Price Above or Equal to Closing Net Asset Value | Closing Price Below Closing Net Asset Value | |||
Basis Point Differential** | Number of Days | Percentage of Total Days | Number of Days | Percentage of Total Days |
0-24.9 | 141 | 59.49% | 92 | 38.82% |
25-49.9 | 1 | 0.42 | 0 | 0.00 |
50-74.9 | 2 | 0.84 | 0 | 0.00 |
75-100.0 | 1 | 0.42 | 0 | 0.00 |
>100.0 | 0 | 0.00 | 0 | 0.00 |
Total | 145 | 61.17% | 92 | 38.82% |
*Inception.
**One basis point equals 1/100th of 1%.
8
Value Index Fund VIPER Shares Premium/Discount: January 26, 2004*-December 31, 2004 | ||||
---|---|---|---|---|
Closing Price Above or Equal to Closing Net Asset Value | Closing Price Below Closing Net Asset Value | |||
Basis Point Differential** | Number of Days | Percentage of Total Days | Number of Days | Percentage of Total Days |
0-24.9 | 128 | 54.01% | 108 | 45.57% |
25-49.9 | 1 | 0.42 | 0 | 0.00 |
50-74.9 | 0 | 0.00 | 0 | 0.00 |
75-100.0 | 0 | 0.00 | 0 | 0.00 |
>100.0 | 0 | 0.00 | 0 | 0.00 |
Total | 129 | 54.43% | 108 | 45.57% |
*Inception.
**One basis point equals 1/100th of 1%.
Large-Cap Index Fund VIPER Shares Premium/Discount: January 27, 2004*-December 31, 2004 | ||||
---|---|---|---|---|
Closing Price Above or Equal to Closing Net Asset Value | Closing Price Below Closing Net Asset Value | |||
Basis Point Differential** | Number of Days | Percentage of Total Days | Number of Days | Percentage of Total Days |
0-24.9 | 112 | 47.46% | 123 | 52.12% |
25-49.9 | 1 | 0.42 | 0 | 0.00 |
50-74.9 | 0 | 0.00 | 0 | 0.00 |
75-100.0 | 0 | 0.00 | 0 | 0.00 |
>100.0 | 0 | 0.00 | 0 | 0.00 |
Total | 113 | 47.88% | 123 | 52.12% |
*Inception.
**One basis point equals 1/100th of 1%.
Total Stock Market Index Fund VIPER Shares Premium/Discount: May 24, 2001*-December 31, 2004 | ||||
---|---|---|---|---|
Closing Price Above or Equal to Closing Net Asset Value | Closing Price Below Closing Net Asset Value | |||
Basis Point Differential** | Number of Days | Percentage of Total Days | Number of Days | Percentage of Total Days |
0-24.9 | 481 | 53.15% | 409 | 45.20% |
25-49.9 | 10 | 1.10 | 3 | 0.33 |
50-74.9 | 0 | 0.00 | 2 | 0.22 |
75-100.0 | 0 | 0.00 | 0 | 0.00 |
>100.0 | 0 | 0.00 | 0 | 0.00 |
Total | 491 | 54.25% | 414 | 45.75% |
*Inception.
**One basis point equals 1/100th of 1%.
9
As of 12/31/2004
FUND PROFILES
These Profiles provide snapshots of each fund’s characteristics, compared where indicated with the fund’s target index and a broad market index. Key terms are defined on page 14.
GROWTH INDEX FUND
Portfolio Characteristics | Fund | Target Index* | Broad Index** |
---|---|---|---|
Number of Stocks | 431 | 430 | 4,978 |
Median Market Cap | $39.3B | $39.3B | $27.3B |
Price/Earnings Ratio | 25.3x | 25.3x | 22.4x |
Price/Book Ratio | 4.1x | 4.1x | 2.9x |
Yield | 0.9% | 1.5% | |
Investor Shares | 0.6% | ||
Admiral Shares | 0.8% | ||
Institutional Shares | 0.8% | ||
VIPER Shares | 0.7% | ||
Return on Equity | 20.6% | 20.6% | 15.7% |
Earnings Growth Rate | 12.6% | 12.6% | 7.5% |
Foreign Holdings | 0.1% | 0.1% | 1.0% |
Turnover Rate | 24%+ | -- | -- |
Expense Ratio | -- | -- | |
Investor Shares | 0.22% | ||
Admiral Shares | 0.11% | ||
Institutional Shares | 0.08% | ||
VIPER Shares | 0.15%++ | ||
Short-Term Reserves | 0% | -- | -- |
Volatility Measures | Fund | Spliced Index++ | Fund | Broad Index** |
---|---|---|---|---|
R-Squared | 1.00 | 1.00 | 0.93 | 1.00 |
Beta | 1.00 | 1.00 | 0.95 | 1.00 |
Sector Diversification (% of portfolio) | |||
---|---|---|---|
Fund | Target Index* | Broad Index** | |
Auto & Transportation | 2% | 2% | 3% |
Consumer Discretionary | 21 | 21 | 17 |
Consumer Staples | 9 | 9 | 6 |
Financial Services | 10 | 10 | 23 |
Health Care | 20 | 20 | 12 |
Integrated Oils | 0 | 0 | 4 |
Other Energy | 3 | 3 | 3 |
Materials & Processing | 2 | 2 | 4 |
Producer Durables | 5 | 5 | 5 |
Technology | 22 | 22 | 13 |
Utilities | 3 | 3 | 6 |
Other | 3 | 3 | 4 |
Ten Largest Holdings (% of total net assets) | |
---|---|
Pfizer Inc. | 3.5% |
(pharmaceuticals) | |
Johnson & Johnson | 3.2 |
(pharmaceuticals) | |
Microsoft Corp. | 2.9 |
(software) | |
International Business Machines Corp. | 2.8 |
(computer hardware) | |
Intel Corp. | 2.6 |
(electronics) | |
Wal-Mart Stores, Inc. | 2.3 |
(retail) | |
The Procter & Gamble Co. | 2.3 |
(consumer products) | |
Cisco Systems, Inc. | 2.2 |
(computer hardware) | |
Dell Inc. | 1.6 |
(computer hardware) | |
American International Group, Inc. | 1.6 |
(insurance) | |
Top Ten | 25.0% |
“Ten Largest Holdings” excludes any temporary cash investments and equity index products.
Investment Focus
*MSCI US Prime Market Growth Index.
**Dow Jones Wilshire 5000 Index.
†Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
†† Annualized.
‡ S&P 500/Barra Growth Index through May 16, 2003; MSCI US Prime Market Growth Index thereafter.
10
VALUE INDEX FUND
Portfolio Characteristics | |||
---|---|---|---|
Fund | Target Index* | Broad Index** | |
Number of Stocks | 392 | 392 | 4,978 |
Median Market Cap | $50.7B | $50.7B | $27.3B |
Price/Earnings Ratio | 16.4x | 16.4x | 22.4x |
Price/Book Ratio | 2.3x | 2.3x | 2.9x |
Yield | 2.5% | 1.5% | |
Investor Shares | 2.3% | ||
Admiral Shares | 2.4% | ||
Institutional Shares | 2.5% | ||
VIPER Shares | 2.4% | ||
Return on Equity | 18.7% | 18.7% | 15.7% |
Earnings Growth Rate | 7.6% | 7.6% | 7.5% |
Foreign Holdings | 0.2% | 0.2% | 1.0% |
Turnover Rate | 18%+ | -- | -- |
Expense Ratio | -- | -- | |
Investor Shares | 0.21% | ||
Admiral Shares | 0.11% | ||
Institutional Shares | 0.08% | ||
VIPER Shares | 0.15%++ | ||
Short-Term Reserves | 0% | -- | -- |
Volatility Measures | ||||
---|---|---|---|---|
Fund | Spliced Index++ | Fund | Broad Index** | |
R-Squared | 1.00 | 1.00 | 0.95 | 1.00 |
Beta | 1.00 | 1.00 | 1.09 | 1.00 |
Sector Diversification (% of portfolio) | |||
---|---|---|---|
Fund | Target Index* | Broad Index** | |
Auto & Transportation | 2% | 2% | 3% |
Consumer Discretionary | 9 | 9 | 17 |
Consumer Staples | 5 | 5 | 6 |
Financial Services | 35 | 35 | 23 |
Health Care | 5 | 5 | 12 |
Integrated Oils | 10 | 10 | 4 |
Other Energy | 2 | 2 | 3 |
Materials & Processing | 5 | 5 | 4 |
Producer Durables | 3 | 3 | 5 |
Technology | 5 | 5 | 13 |
Utilities | 11 | 11 | 6 |
Other | 8 | 8 | 4 |
Ten Largest Holdings (% of total net assets) | |
---|---|
General Electric Co. | 6.6% |
(conglomerate) | |
ExxonMobil Corp. | 5.7 |
(oil) | |
Citigroup, Inc. | 4.3 |
(banking) | |
Bank of America Corp. | 3.3 |
(banking) | |
JPMorgan Chase & Co. | 2.4 |
(banking) | |
Altria Group, Inc. | 2.1 |
(tobacco) | |
Verizon Communications Inc. | 1.9 |
(telecommunications) | |
ChevronTexaco Corp. | 1.9 |
(oil) | |
Wells Fargo & Co. | 1.8 |
(banking) | |
Microsoft Corp. | 1.6 |
(computer software) | |
Top Ten | 31.6% |
“Ten Largest Holdings” excludes any temporary cash investments and equity index products.
Investment Focus
*MSCI US Prime Market Value Index.
**Dow Jones Wilshire 5000 Index.
† Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
†† Annualized.
‡ S&P 500/Barra Value Index through May 16, 2003; MSCI US Prime Market Value Index thereafter.
Visit our website at Vanguard.com
for regularly updated fund information.
11
FUND PROFILES (CONTINUED)
LARGE-CAP INDEX FUND
Portfolio Characteristics | |||
---|---|---|---|
Fund | Target Index* | Broad Index** | |
Number of Stocks | 753 | 752 | 4,978 |
Median Market Cap | $44.9B | $44.9B | $27.3B |
Price/Earnings Ratio | 19.9x | 19.9x | 22.4x |
Price/Book Ratio | 3.0x | 3.0x | 2.9x |
Yield | 1.7% | 1.5% | |
Investor Shares | 1.5% | ||
Admiral Shares | 1.6% | ||
VIPER Shares | 1.6% | ||
Return on Equity | 19.6% | 19.6% | 15.7% |
Earnings Growth Rate | 10.0% | 10.0% | 7.5% |
Foreign Holdings | 0.2% | 0.2% | 1.0% |
Turnover Rate | 5%+ | -- | -- |
Expense Ratio | -- | -- | |
Investor Shares | 0.20%++ | ||
Admiral Shares | 0.12%++ | ||
VIPER Shares | 0.12%++ | ||
Short-Term Reserves | 1% | -- | -- |
Sector Diversification (% of portfolio) | |||
---|---|---|---|
Fund | Target Index* | Broad Index** | |
Auto & Transportation | 2% | 2% | 3% |
Consumer Discretionary | 14 | 15 | 17 |
Consumer Staples | 7 | 7 | 6 |
Financial Services | 22 | 22 | 23 |
Health Care | 12 | 12 | 12 |
Integrated Oils | 5 | 5 | 4 |
Other Energy | 3 | 3 | 3 |
Materials & Processing | 4 | 4 | 4 |
Producer Durables | 4 | 4 | 5 |
Technology | 14 | 14 | 13 |
Utilities | 7 | 7 | 6 |
Other | 5 | 5 | 4 |
Short-Term Reserves | 1% | -- | -- |
Ten Largest Holdings (% of total net assets) | |
---|---|
General Electric Co. | 3.3% |
(conglomerate) | |
ExxonMobil Corp. | 2.8 |
(oil) | |
Microsoft Corp. | 2.2 |
(computer software) | |
Citigroup, Inc. | 2.1 |
(banking) | |
Pfizer Inc. | 1.7 |
(pharmaceuticals) | |
Bank of America Corp. | 1.6 |
(banking) | |
Johnson & Johnson | 1.6 |
(pharmaceuticals) | |
International Business Machines Corp. | 1.4 |
(computer services) | |
Intel Corp. | 1.3 |
(electronics) | |
American International Group, Inc. | 1.2 |
(insurance) | |
Top Ten | 19.2% |
“Ten Largest Holdings” excludes any temporary cash investments and equity index products.
Investment Focus
*MSCI US Prime Market 750 Index.
**Dow Jones Wilshire 5000 Index.
† Turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units. †† Annualized.
12
TOTAL STOCK MARKET INDEX FUND
Portfolio Characteristics | ||
---|---|---|
Fund | Target Index* | |
Number of Stocks | 3,674 | 4,978 |
Median Market Cap | $27.3B | $27.3B |
Price/Earnings Ratio | 22.4x | 22.4x |
Price/Book Ratio | 2.9x | 2.9x |
Yield | 1.5% | |
Investor Shares | 1.4% | |
Admiral Shares | 1.5% | |
Institutional Shares | 1.5% | |
VIPER Shares | 1.5% | |
Return on Equity | 15.7% | 15.7% |
Earnings Growth Rate | 7.5% | 7.5% |
Foreign Holdings | 0.2% | 1.0% |
Turnover Rate | 4%** | -- |
Expense Ratio | -- | |
Investor Shares | 0.19% | |
Admiral Shares | 0.10% | |
Institutional Shares | 0.08% | |
VIPER Shares | 0.13% | |
Short-Term Reserves | 0% | -- |
Volatility Measures | ||
---|---|---|
Fund | Target Index* | |
R-Squared | 1.00 | 1.00 |
Beta | 1.00 | 1.00 |
Sector Diversification+ (% of portfolio) | ||
---|---|---|
Fund | Target Index* | |
Auto & Transportation | 3% | 3% |
Consumer Discretionary | 17 | 17 |
Consumer Staples | 6 | 6 |
Financial Services | 22 | 23 |
Health Care | 12 | 12 |
Integrated Oils | 4 | 4 |
Other Energy | 3 | 3 |
Materials & Processing | 4 | 4 |
Producer Durables | 5 | 5 |
Technology | 13 | 13 |
Utilities | 6 | 6 |
Other | 5 | 4 |
Ten Largest Holdings (% of total net assets) | |
---|---|
General Electric Co. | 2.6% |
(conglomerate) | |
ExxonMobil Corp. | 2.2 |
(oil) | |
Microsoft Corp. | 1.9 |
(computer software) | |
Citigroup, Inc. | 1.7 |
(banking) | |
Wal-Mart Stores, Inc. | 1.5 |
(retail) | |
Pfizer Inc. | 1.4 |
(pharmaceuticals) | |
Bank of America Corp. | 1.3 |
(banking) | |
Johnson & Johnson | 1.3 |
(pharmaceuticals) | |
American International Group, Inc. | 1.1 |
(insurance) | |
International Business Machines Corp. | 1.1 |
(computer services) | |
Top Ten | 16.1% |
“Ten Largest Holdings” excludes any temporary cash investments and equity index products.
Investment Focus
*Dow Jones Wilshire 5000 Index.
**Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
† Security classification based on Wilshire Associates Methodology.
Visit our website at Vanguard.com
for regularly updated fund information.
13
GLOSSARY OF INVESTMENT TERMS
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. A fund’s beta should be reviewed in conjunction with its R-squared (see definition below). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Foreign Holdings. The percentage of a fund’s equity assets represented by stocks or depositary receipts of companies based outside the United States.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio . The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors).
Yield. A snapshot of a fund’s income from interest and dividends. The yield, expressed as a percentage of the fund’s net asset value, is based on income earned over the past 30 days and is annualized, or projected forward for the coming year. The index yield is based on the current annualized rate of income provided by securities in the index.
14
As of 12/31/2004
PERFORMANCE SUMMARIES
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the funds. (For performance data current to the most recent month-end, which may be higher or lower than that cited, visit our website at www.vanguard.com.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
GROWTH INDEX FUND
Cumulative Performance December 31, 1994–December 31, 2004
Average Annual Total Returns Periods Ended December 31, 2004 | ||||
---|---|---|---|---|
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | |
Growth Index Fund Investor Shares* | 7.20% | -6.94% | 11.52% | $29,763 |
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 11.92 | 30,824 |
Spliced Growth Index** | 7.38 | -6.79 | 11.61 | 29,988 |
Average Large-Cap Growth Fund+ | 7.18 | -8.92 | 9.37 | 24,479 |
One Year | Since Inception++ | Final Value of a $250,000 Investment | |
---|---|---|---|
Growth Index Fund Admiral Shares | 7.31% | -4.37% | $207,894 |
Dow Jones Wilshire 5000 Index | 12.62 | 0.42 | 254,376 |
Spliced Growth Index** | 7.38 | -4.26 | 208,854 |
One Year | Five Years | Since Inception++ | Final Value of a $10,000,000 Investment | |
---|---|---|---|---|
Growth Index Fund Institutional Shares | 7.34% | -6.83% | 1.35% | $10,930,989 |
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 3.26 | 12,371,262 |
Spliced Growth Index** | 7.38 | -6.79 | 1.28 | 10,882,360 |
Since Inception++ | Final Value of a $10,000 Investment | |
---|---|---|
Growth Index Fund VIPER Shares | 2.62% | $10,262 |
Dow Jones Wilshire 5000 Index | 7.75 | 10,775 |
MSCI US Prime Market Growth Index | 2.70 | 10,270 |
*Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000.
**S&P 500/Barra Growth Index through May 16, 2003; MSCI US Prime Market Growth Index thereafter.
† Derived from data provided by Lipper Inc.
†† Inception dates are: for Admiral Shares, November 13, 2000; for Institutional Shares, May 14, 1998; for VIPER Shares, January 26, 2004.
Note: See Financial Highlights tables on pages 43–46 for dividend and capital gains information.
15
PERFORMANCE SUMMARIES (CONTINUED)
GROWTH INDEX FUND
Cumulative Returns: VIPER Shares January 26, 2004*-December 31, 2004
Cumulative Since Inception | |
---|---|
Growth Index Fund VIPER Shares Market Price | 2.62% |
Growth Index Fund VIPER Shares Net Asset Value | 2.62 |
MSCI US Prime Market Growth Index | 2.70 |
Fiscal-Year Total Returns (%) December 31, 1994–December 31, 2004
*Inception.
**S&P 500/Barra Growth Index through May 16, 2003; MSCI US Prime Market Growth Index thereafter.
16
VALUE INDEX FUND
Cumulative Performance December 31, 1994–December 31, 2004
Average Annual Total Returns Periods Ended December 31, 2004 | ||||
---|---|---|---|---|
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | |
Value Index Fund Investor Shares* | 15.29% | 2.43% | 12.16% | $31,504 |
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 11.92 | 30,824 |
Spliced Value Index** | 15.44 | 2.53 | 12.27 | 31,810 |
Average Large-Cap Value Fund+ | 11.94 | 1.68 | 11.53 | 29,768 |
One Year | Since Inception++ | Final Value of a $250,000 Investment | |
---|---|---|---|
Value Index Fund Admiral Shares | 15.40% | 2.32% | $274,809 |
Dow Jones Wilshire 5000 Index | 12.62 | 0.42 | 254,376 |
Spliced Value Index** | 15.44 | 2.35 | 275,183 |
One Year | Five Years | Since Inception++ | Final Value of a $10,000,000 Investment | |
---|---|---|---|---|
Value Index Fund Institutional Shares | 15.43% | 2.55% | 3.96% | $12,867,074 |
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 3.08 | 12,177,571 |
Spliced Value Index** | 15.44 | 2.53 | 3.93 | 12,848,949 |
Since Inception++ | Final Value of a $10,000 Investment | |
---|---|---|
Value Index Fund VIPER Shares | 11.37% | $11,137 |
Dow Jones Wilshire 5000 Index | 7.75 | 10,775 |
MSCI US Prime Market Value Index | 11.46 | 11,146 |
*Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000.
**S&P 500/Barra Value Index through May 16, 2003; MSCI US Prime Market Value Index thereafter. † Derived from data provided by Lipper Inc.
†† Inception dates are: for Admiral Shares, November 13, 2000; for Institutional Shares, July 2, 1998; for VIPER Shares, January 26, 2004.
Note: See Financial Highlights tables on pages 47–49 for dividend and capital gains information.
17
PERFORMANCE SUMMARIES (CONTINUED)
VALUE INDEX FUND
Cumulative Returns: VIPER Shares January 26, 2004*-December 31, 2004
Cumulative Since Inception | |
---|---|
Value Index Fund VIPER Shares Market Price | 11.53% |
Value Index Fund VIPER Shares Net Asset Value | 11.37 |
MSCI US Prime Market Value Index | 11.46 |
Fiscal-Year Total Returns (%) December 31, 1994–December 31, 2004
*Inception.
**S&P 500/Barra Growth Index through May 16, 2003; MSCI US Prime Market Growth Index thereafter.
18
LARGE-CAP INDEX FUND
Cumulative Performance January 30, 2004–December 31, 2004
Total Returns Period Ended December 31, 2004 | ||
---|---|---|
Since Inception* | Final Value of a $10,000 Investment | |
Large-Cap Index Fund Investor Shares** | 9.13% | $10,913 |
Dow Jones Wilshire 5000 Index | 10.17 | 11,017 |
MSCI US Prime Market 750 Index | 9.31 | 10,931 |
Average Large-Cap Core Fund+ | 6.13 | 10,613 |
Since Inception* | Final Value of a $250,000 Investment | |
---|---|---|
Large-Cap Index Fund Admiral Shares | 8.87% | $272,185 |
Dow Jones Wilshire 5000 Index | 9.85 | 274,625 |
MSCI US Prime Market 750 Index | 8.95 | 272,367 |
Since Inception* | Final Value of a $10,000 Investment | |
---|---|---|
Large-Cap Index Fund VIPER Shares | 8.00% | $10,800 |
Dow Jones Wilshire 5000 Index | 8.75 | 10,875 |
MSCI US Prime Market 750 Index | 8.11 | 10,811 |
Cumulative Returns VIPER Shares January 27, 2004-December 31, 2004 | Cumulative Since Inception |
---|---|
Large-Cap Index Fund VIPER Shares Market Price | 8.20% |
Large-Cap Index Fund VIPER Shares Net Asset Value | 8.00 |
MSCI US Prime Market 750 Index | 8.11 |
*Inception dates are: for Investor Shares, January 30, 2004; for Admiral Shares, February 2, 2004; for VIPER Shares, January 27, 2004.
**Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000.
† Derived from data provided by Lipper Inc.
Note: See Financial Highlights tables on pages 50-52 for dividend and capital gains information.
19
PERFORMANCE SUMMARIES (CONTINUED)
TOTAL STOCK MARKET INDEX FUND
Cumulative Performance December 31, 1994–December 31, 2004
Average Annual Total Returns Periods Ended December 31, 2004 | ||||
---|---|---|---|---|
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | |
Total Stock Market Index Fund Investor Shares* | 12.52% | -1.44% | 11.81% | $30,540 |
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 11.92 | 30,824 |
Average Multi-Cap Core Fund** | 11.05 | -0.48 | 10.91 | 28,152 |
On Year | Since Inception+ | Final Value of a $250,000 Investment | |
---|---|---|---|
Total Stock Market Index Fund Admiral Shares | 12.61% | 0.38% | $253,963 |
Dow Jones Wilshire 5000 Index | 12.62 | 0.42 | 254,376 |
One Year | Five Years | Since Inception+ | Final Value of a $10,000,000 Investment | |
---|---|---|---|---|
Total Stock Market Index Fund Institutional Shares | 12.60% | -1.33% | 6.06% | $15,528,941 |
Dow Jones Wilshire 5000 Index | 12.62 | -1.42 | 5.98 | 15,441,925 |
One Year | Since Inception+ | Final Value of a $10,000 Investment | |
---|---|---|---|
Total Stock Market Index Fund VIPER Shares | 12.57% | 1.49% | $10,549 |
Dow Jones Wilshire 5000 Index | 12.62 | 1.57 | 10,578 |
Cumulative Returns: VIPER Shares May 24, 2001-December 31, 2004 | ||
---|---|---|
One Year | Cumulative Since Inception | |
Total Stock Market Index Fund VIPER Shares Market Price | 12.74% | 5.49% |
Total Stock Market Index Fund VIPER Shares Net Asset Value | 12.57 | 5.44 |
Dow Jones Wilshire 5000 Index | 12.62 | 5.78 |
*Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000.
**Derived from data provided by Lipper Inc.
† Inception dates are: for Admiral Shares, November 13, 2000; for Institutional Shares, July 7, 1997; for VIPER Shares, May 24, 2001.
Note: See Financial Highlights tables on pages 53–56 for dividend and capital gains information.
20
Fiscal-Year Total Returns (%) December 31, 1994–December 31, 2004
21
YOUR FUND’S AFTER-TAX RETURNS
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect the reduced tax rates on ordinary income (including qualified dividend income) and short-term capital gains that became effective as of January 1, 2003, and on long-term capital gains realized on or after May 6, 2003. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.) The table shows returns for Investor Shares only; returns for other share classes will differ. The Large-Cap Index Fund is not shown because it has less than 12 months of history. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns | Periods Ended December 31, 2004 | ||
---|---|---|---|
One Year | Five Years | Ten Years | |
Growth Index Fund Investor Shares* | |||
Returns Before Taxes | 7.20% | -6.94% | 11.52% |
Returns After Taxes on Distributions | 7.02 | -7.15 | 11.00 |
Returns After Taxes on Distributions and Sale of Fund Shares | 4.91 | -5.86 | 10.04 |
Value Index Fund Investor Shares* | |||
Returns Before Taxes | 15.29% | 2.43% | 12.16% |
Returns After Taxes on Distributions | 14.89 | 1.37 | 10.52 |
Returns After Taxes on Distributions and Sale of Fund Shares | 10.41 | 1.53 | 9.91 |
Total Stock Market Index Fund Investor Shares* | |||
Returns Before Taxes | 12.52% | -1.44% | 11.81% |
Returns After Taxes on Distributions | 12.24 | -1.83 | 11.13 |
Returns After Taxes on Distributions and Sale of Fund Shares | 8.47 | -1.42 | 10.16 |
*Total return figures do not reflect the $10 annual account maintenance fee applied on balances under $10,000.
22
ABOUT YOUR FUND’S EXPENSES
We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
Six Months Ended December 31, 2004 | |||
---|---|---|---|
Beginning Account Value June 30, 2004 | Ending Account Value Dec. 31, 2004 | Expenses Paid During Period* | |
Based on Actual Fund Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,040.62 | $1.13 |
Admiral Shares | 1,000.00 | 1,041.20 | 0.51 |
Institutional Shares | 1,000.00 | 1,041.36 | 0.41 |
VIPER Shares | 1,000.00 | 1,041.12 | 0.77 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,111.57 | $1.06 |
Admiral Shares | 1,000.00 | 1,112.17 | 0.48 |
Institutional Shares | 1,000.00 | 1,112.27 | 0.37 |
VIPER Shares | 1,000.00 | 1,111.66 | 0.80 |
Based on Hypothetical 5% Yearly Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,024.03 | $1.12 |
Admiral Shares | 1,000.00 | 1,024.63 | 0.51 |
Institutional Shares | 1,000.00 | 1,024.73 | 0.41 |
VIPER Shares | 1,000.00 | 1,024.38 | 0.76 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,024.13 | $1.02 |
Admiral Shares | 1,000.00 | 1,024.68 | 0.46 |
Institutional Shares | 1,000.00 | 1,024.78 | 0.36 |
VIPER Shares | 1,000.00 | 1,024.38 | 0.76 |
*The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are: for the Growth Index Fund, 0.22% for Investor Shares, 0.10% for Admiral Shares, 0.08% for Institutional Shares, and 0.15% for VIPER Shares; for the Value Index Fund, 0.20% for Investor Shares, 0.09% for Admiral Shares, 0.07% for Institutional Shares, and 0.15% for VIPER Shares.The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The table above and on page 24 illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
23
• Based on hypothetical 5% yearly return.
This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypo-thetical example with the hypothetical examples that appear in shareholder reports of other funds.
Six Months Ended December 31, 2004 | |||
---|---|---|---|
Beginning Account Value June 30, 2004 | Ending Account Value Dec. 31, 2004 | Expenses Paid During Period* | |
Based on Actual Fund Return | |||
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,075.78 | $0.94 |
Admiral Shares | 1,000.00 | 1,076.62 | 0.57 |
VIPER Shares | 1,000.00 | 1,076.40 | 0.57 |
Total Stock Market Index Fund | |||
Investor Shares | $1,000.00 | $1,082.94 | $0.99 |
Admiral Shares | 1,000.00 | 1,083.45 | 0.47 |
Institutional Shares | 1,000.00 | 1,083.09 | 0.42 |
VIPER Shares | 1,000.00 | 1,083.30 | 0.58 |
Based on Hypothetical 5% Yearly Return | |||
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,024.23 | $0.92 |
Admiral Shares | 1,000.00 | 1,024.58 | 0.56 |
VIPER Shares | 1,000.00 | 1,024.58 | 0.56 |
Total Stock Market Index Fund | |||
Investor Shares | $1,000.00 | $1,024.18 | $0.97 |
Admiral Shares | 1,000.00 | 1,024.68 | 0.46 |
Institutional Shares | 1,000.00 | 1,024.73 | 0.41 |
VIPER Shares | 1,000.00 | 1,024.58 | 0.56 |
*The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are: for the Large-Cap Index Fund, 0.18% for Investor Shares, 0.11% for Admiral Shares, and 0.11% for VIPER Shares; for the Total Stock Market Index Fund, 0.19% for Investor Shares, 0.09% for Admiral Shares, 0.08% for Institutional Shares, and 0.11% for VIPER Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
Note that the expenses shown in the table above and the one on page 23 are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs or account maintenance fees. They do not include your fund’s low-balance fee, which is described in the prospectus. If this fee were applied to your account, your costs would be higher. Your fund does not charge transaction fees, such as purchase or redemption fees, nor does it carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate fund prospectus.
24
Expense Ratios: Your fund compared with its peer group | |||
---|---|---|---|
Fund | Peer Group* | ||
Growth Index Fund | 1.61% | ||
Investor Shares | |||
Admiral Shares | 0.11 | ||
Institutional Shares | 0.08 | ||
VIPER Shares | 0.15** | ||
Value Index Fund | 1.42% | ||
Investor Shares | 0.21 | ||
Admiral Shares | 0.11 | ||
Institutional Shares | 0.08 | ||
VIPER Shares | 0.15 | ||
Large-Cap Index Fund | 1.44% | ||
Investor Shares | 0.20 | ||
Admiral Shares | 0.12 | ||
VIPER Shares | 0.12 | ||
Total Stock Market Index Fund | 1.44% | ||
Investor Shares | 0.19 | ||
Admiral Shares | 0.10 | ||
Institutional Shares | 0.08 | ||
VIPER Shares | 0.13 | ||
*Peer groups are: for the Growth Index Fund, the Average Large-Cap Growth Fund; for the Value Index Fund, the Average Large-Cap Value Fund; for the Large-Cap Index Fund, the Average Large-Cap Core Fund; for the Total Stock Market Index Fund, the Average Multi-Cap Core Fund. Peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2003.
**Annualized.
25
As of 12/31/2004 FINANCIAL STATEMENTS
STATEMENT OF NET ASSETS
The Statements of Net Assets—an integral part of the Financial Statements for Vanguard Total Stock Market Index Fund and Large-Cap Index Fund—are included as inserts to this report. The Growth Index and Value Index Funds’ Statements of Net Assets are provided below.
This Statement provides a detailed list of each fund’s holdings, including each security’s market value on the last day of the reporting period. Securities are grouped and subtotaled by asset type (common stocks, bonds, etc.) and by industry sector. Other assets are added to, and liabilities are subtracted from, the value of Total Investments to calculate the fund’s Net Assets. Finally, Net Assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) Per Share.
At the end of the Statement of Net Assets, you will find a table displaying the composition of the fund’s net assets. Because all income and any realized gains must be distributed to shareholders each year, the bulk of net assets consists of Paid-in Capital (money invested by shareholders). The amounts shown for Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the sums the fund had available to distribute to shareholders as income dividends or capital gains as of the statement date, but may differ because certain investments or transactions may be treated differently for financial statement and tax purposes. Any Accumulated Net Realized Losses, and any cumulative excess of distributions over net income or net realized gains, will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.
Each fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Growth Index Fund | Shares | Market Value^ (000) |
---|---|---|
COMMON STOCKS (100.0%) | ||
Auto & Transportation (2.3%) | ||
United Parcel Service, Inc. | 1,020,742 | $87,233 |
FedEx Corp. | 495,899 | 48,841 |
Harley-Davidson, Inc. | 512,291 | 31,122 |
PACCAR, Inc. | 286,042 | 23,021 |
Southwest Airlines Co. | 1,234,731 | 20,101 |
Expeditors International of | ||
Washington, Inc. | 183,864 | 10,274 |
C.H. Robinson Worldwide, Inc. | 133,405 | 7,407 |
Gentex Corp. | 127,834 | 4,732 |
*JetBlue Airways Corp. | 125,753 | 2,920 |
235,651 | ||
Consumer Discretionary (20.6%) | ||
Wal-Mart Stores, Inc. | 4,420,354 | 233,483 |
Home Depot, Inc. | 3,812,416 | 162,943 |
*eBay Inc. | 860,984 | 100,115 |
*Yahoo! Inc. | 2,126,450 | 80,125 |
Target Corp. | 1,490,238 | 77,388 |
Gillette Co. | 1,652,783 | 74,012 |
Lowe's Cos., Inc. | 1,273,382 | 73,334 |
Liberty Media Corp. | 4,418,136 | 48,511 |
*The News Corp., Inc. | 2,481,202 | 46,299 |
*Starbucks Corp. | 690,250 | 43,044 |
Carnival Corp. | 714,595 | 41,182 |
Costco Wholesale Corp. | 800,862 | 38,770 |
*Electronic Arts Inc. | 527,245 | 32,520 |
Avon Products, Inc. | 820,993 | 31,772 |
The McGraw-Hill Cos., Inc. | 330,003 | 30,208 |
NIKE, Inc. Class B | 322,562 | 29,253 |
Staples, Inc. | 863,896 | 29,122 |
Best Buy Co., Inc. | 479,370 | 28,484 |
26
Shares | Market Value^ (000) | |
---|---|---|
Omnicom Group Inc. | 325,174 | $27,419 |
*Kohl's Corp. | 533,849 | 26,249 |
Yum! Brands, Inc. | 504,483 | 23,802 |
*Amazon.com, Inc. | 527,324 | 23,355 |
The Gap, Inc. | 1,098,385 | 23,198 |
*IAC/InterActiveCorp | 822,186 | 22,709 |
TJX Cos., Inc. | 859,279 | 21,594 |
*Apollo Group, Inc. Class A | 267,336 | 21,577 |
Marriott International, Inc. | ||
Class A | 337,909 | 21,282 |
*Bed Bath & Beyond, Inc. | 521,799 | 20,783 |
International Game Technology | 598,271 | 20,569 |
*DirecTV Group, Inc. | 1,202,390 | 20,128 |
*News Corp., Inc., Class B | 1,024,522 | 19,671 |
*Accenture Ltd. | 726,278 | 19,610 |
Clear Channel | ||
Communications, Inc. | 565,993 | 18,955 |
*Coach, Inc. | 326,500 | 18,415 |
*Sirius Satellite Radio, Inc. | 2,081,246 | 15,922 |
Waste Management, Inc. | 503,339 | 15,070 |
*VeriSign, Inc. | 443,529 | 14,867 |
Cendant Corp. | 618,400 | 14,458 |
Hilton Hotels Corp. | 634,865 | 14,437 |
*Google Inc. | 73,232 | 14,141 |
Mattel, Inc. | 718,924 | 14,012 |
Harman International | ||
Industries, Inc. | 109,154 | 13,863 |
Harrah's Entertainment, Inc. | 194,290 | 12,996 |
EchoStar Communications | ||
Corp. Class A | 374,706 | 12,455 |
Black & Decker Corp. | 139,129 | 12,289 |
*Fisher Scientific | ||
International Inc. | 196,838 | 12,279 |
*Liberty Media | ||
International Inc. Class A | 262,341 | 12,128 |
*Univision Communications Inc. | 397,093 | 11,623 |
*XM Satellite Radio Holdings, | 301,690 | 11,350 |
Inc | ||
*AutoZone Inc. | 115,592 | 10,555 |
Dollar General Corp. | 484,590 | 10,065 |
Estee Lauder Cos. Class A | 219,665 | 10,054 |
*Interpublic Group of Cos., Inc. | 732,883 | 9,821 |
Cintas Corp. | 223,291 | 9,794 |
Washington Post Co. Class B | 9,534 | 9,372 |
PETsMART, Inc. | 252,078 | 8,956 |
Republic Services, Inc. Class A | 263,577 | 8,840 |
*MGM Mirage, Inc. | 120,405 | 8,758 |
RadioShack Corp. | 263,708 | 8,671 |
*Mohawk Industries, Inc. | 92,698 | 8,459 |
Robert Half International, Inc. | 284,150 | 8,363 |
Mandalay Resort Group | 117,134 | 8,250 |
Family Dollar Stores, Inc. | 262,903 | 8,210 |
Tiffany & Co. | 253,607 | 8,108 |
Liz Claiborne, Inc. | 186,951 | 7,891 |
Abercrombie & Fitch Co. | 164,136 | 7,706 |
CDW Corp. | 115,391 | 7,656 |
Manpower Inc. | 156,415 | 7,555 |
Ross Stores, Inc. | 256,052 | 7,392 |
Darden Restaurants Inc. | 260,241 | 7,219 |
*Career Education Corp. | 177,681 | 7,107 |
*ChoicePoint Inc. | 153,872 | 7,077 |
Michaels Stores, Inc. | 235,468 | 7,057 |
E.W. Scripps Co. Class A | 142,664 | 6,888 |
Fastenal Co. | 111,881 | 6,887 |
*Chico's FAS, Inc. | 147,384 | 6,710 |
New York Times Co. Class A | 156,478 | 6,384 |
*Lamar Advertising Co. Class A | 146,074 | 6,249 |
Alberto-Culver Co. Class B | 125,914 | 6,116 |
*Williams-Sonoma, Inc. | 172,180 | 6,033 |
*Wynn Resorts Ltd. | 85,253 | 5,705 |
Tribune Co. | 135,339 | 5,703 |
*Advance Auto Parts, Inc. | 130,090 | 5,682 |
*CarMax, Inc. | 180,752 | 5,612 |
*Brinker International, Inc. | 156,078 | 5,474 |
*Dollar Tree Stores, Inc. | 186,561 | 5,351 |
GTECH Holdings Corp. | 206,180 | 5,350 |
Circuit City Stores, Inc. | 329,178 | 5,148 |
Aramark Corp. Class B | 192,835 | 5,112 |
Outback Steakhouse | 108,885 | 4,985 |
*Iron Mountain, Inc. | 157,186 | 4,793 |
Polo Ralph Lauren Corp. | 90,518 | 3,856 |
*Pixar, Inc. | 44,231 | 3,787 |
Meredith Corp. | 66,811 | 3,621 |
*Westwood One, Inc. | 134,448 | 3,621 |
*Telewest Global, Inc. | 191,707 | 3,370 |
*Weight Watchers | ||
International, Inc. | 73,129 | 3,003 |
International Speedway Corp. | 49,726 | 2,626 |
Dex Media, Inc. | 104,760 | 2,615 |
*Entercom Communications Corp. | 68,296 | 2,451 |
*Kmart Holding Corp. | 24,495 | 2,424 |
*Hewitt Associates, Inc. | 75,410 | 2,414 |
*DreamWorks Animation SKG, Inc. | 55,170 | 2,069 |
*Citadel Broadcasting Corp. | 91,520 | 1,481 |
*Columbia Sportswear Co. | 24,667 | 1,470 |
Metro-Goldwyn-Mayer Inc. | 103,374 | 1,228 |
*Cox Radio, Inc. | 69,278 | 1,142 |
*Rent-A-Center, Inc. | 38,525 | 1,021 |
The McClatchy Co. Class A | 12,231 | 878 |
Regal Entertainment | ||
Group Class A | 31,128 | 646 |
2,102,612 | ||
Consumer Staples (8.5%) | ||
The Procter & Gamble Co. | 4,193,948 | 231,003 |
PepsiCo, Inc. | 2,941,765 | 153,560 |
27
Growth Index Fund | Shares | Market Value^ (000) |
---|---|---|
The Coca-Cola Co. | 1,895,982 | $78,930 |
Anheuser-Busch Cos., Inc. | 1,391,030 | 70,567 |
Walgreen Co. | 1,779,189 | 68,267 |
Colgate-Palmolive Co. | 922,212 | 47,180 |
Sysco Corp. | 1,109,459 | 42,348 |
CVS Corp. | 693,430 | 31,253 |
*The Kroger Co. | 1,219,035 | 21,382 |
Kellogg Co. | 430,589 | 19,230 |
Wm. Wrigley Jr. Co. | 248,853 | 17,218 |
Hershey Foods Corp. | 308,763 | 17,149 |
The Clorox Co. | 263,245 | 15,513 |
Whole Foods Market, Inc. | 108,121 | 10,309 |
Coca-Cola Enterprises, Inc. | 447,777 | 9,336 |
*Dean Foods Co. | 273,962 | 9,027 |
McCormick & Co., Inc. | 211,901 | 8,179 |
The Pepsi Bottling Group, Inc. | 286,950 | 7,759 |
Campbell Soup Co. | 254,789 | 7,616 |
Brown-Forman Corp. Class B | 44,083 | 2,146 |
867,972 | ||
Financial Services (9.5%) | ||
American International | ||
Group, Inc. | 2,502,408 | 164,333 |
American Express Co. | 1,981,443 | 111,694 |
First Data Corp. | 1,489,080 | 63,345 |
Automatic Data | ||
Processing, Inc. | 1,011,596 | 44,864 |
SLM Corp. | 757,086 | 40,421 |
Fifth Third Bancorp | 827,665 | 39,132 |
Capital One Financial Corp. | 419,298 | 35,309 |
AFLAC Inc. | 880,491 | 35,079 |
Progressive Corp. of Ohio | 330,135 | 28,009 |
Charles Schwab Corp. | 1,779,378 | 21,281 |
MBNA Corp. | 737,530 | 20,791 |
Paychex, Inc. | 590,937 | 20,139 |
Moody's Corp. | 218,253 | 18,955 |
Franklin Resources Corp. | 259,919 | 18,103 |
Golden West Financial Corp. | 293,069 | 18,000 |
Northern Trust Corp. | 305,280 | 14,831 |
*SunGard Data Systems, Inc. | 500,662 | 14,184 |
*Fiserv, Inc. | 338,978 | 13,624 |
The Chicago | ||
Mercantile Exchange | 58,991 | 13,491 |
H & R Block, Inc. | 271,884 | 13,322 |
Legg Mason Inc. | 177,486 | 13,003 |
Countrywide Financial Corp. | 339,504 | 12,565 |
T. Rowe Price Group Inc. | 198,779 | 12,364 |
The Hartford Financial | ||
Services Group Inc. | 178,088 | 12,343 |
Synovus Financial Corp. | 429,682 | 12,280 |
Host Marriott Corp. REIT | 572,662 | 9,907 |
*E*TRADE Financial Corp. | 615,681 | 9,204 |
Commerce Bancorp, Inc. | 129,617 | 8,347 |
Ambac Financial Group, Inc. | 94,142 | 7,732 |
*The Dun & Bradstreet Corp. | 122,038 | 7,280 |
TCF Financial Corp. | 218,369 | 7,018 |
Janus Capital Group Inc. | 415,500 | 6,985 |
Equifax, Inc. | 236,750 | 6,653 |
*DST Systems, Inc. | 116,813 | 6,088 |
Investors Financial | ||
Services Corp. | 115,053 | 5,750 |
SEI Corp. | 134,336 | 5,633 |
*Markel Corp. | 15,386 | 5,601 |
*Ameritrade Holding Corp. | 390,916 | 5,559 |
Eaton Vance Corp. | 98,849 | 5,155 |
City National Corp. | 72,383 | 5,114 |
Doral Financial Corp. | 103,586 | 5,102 |
*CheckFree Corp. | 133,561 | 5,086 |
White Mountains | ||
Insurance Group Inc. | 7,029 | 4,541 |
Fair, Isaac, Inc. | 122,160 | 4,481 |
Brown & Brown, Inc. | 101,593 | 4,424 |
Federated Investors, Inc. | 141,196 | 4,292 |
Hudson City Bancorp, Inc. | 113,763 | 4,189 |
Dow Jones & Co., Inc. | 85,100 | 3,664 |
*WellChoice Inc. | 58,344 | 3,116 |
Everest Re Group, Ltd. | 34,096 | 3,054 |
*CapitalSource Inc. | 112,699 | 2,893 |
Erie Indemnity Co. Class A | 49,587 | 2,607 |
BlackRock, Inc. | 32,362 | 2,500 |
W.R. Berkley Corp. | 46,091 | 2,174 |
RenaissanceRe Holdings Ltd. | 38,750 | 2,018 |
First National Bankshares | ||
of Florida | 70,300 | 1,680 |
Total System Services, Inc. | 68,570 | 1,666 |
Nuveen Investments, Inc. | ||
Class A | 28,113 | 1,110 |
Student Loan Corp. | 3,459 | 636 |
972,721 | ||
Health Care (20.2%) | ||
Pfizer Inc. | 13,112,048 | 352,583 |
Johnson & Johnson | 5,154,230 | 326,881 |
*Amgen, Inc. | 2,240,190 | 143,708 |
Medtronic, Inc. | 2,101,732 | 104,393 |
UnitedHealth Group Inc. | 1,154,339 | 101,616 |
Eli Lilly & Co. | 1,766,962 | 100,275 |
Abbott Laboratories | 1,287,781 | 60,075 |
Schering-Plough Corp. | 2,556,876 | 53,388 |
*Genentech, Inc. | 823,730 | 44,844 |
Cardinal Health, Inc. | 747,481 | 43,466 |
Guidant Corp. | 546,310 | 39,389 |
*Biogen Idec Inc. | 587,521 | 39,135 |
*Boston Scientific Corp. | 1,096,607 | 38,984 |
*WellPoint Inc. | 334,870 | 38,510 |
*Zimmer Holdings, Inc. | 425,450 | 34,087 |
28
Shares | Market Value^ (000) | |
---|---|---|
*Caremark Rx, Inc. | 768,546 | $30,304 |
*Forest Laboratories, Inc. | 642,830 | 28,837 |
HCA Inc. | 658,185 | 26,301 |
*Gilead Sciences, Inc. | 747,522 | 26,156 |
*St. Jude Medical, Inc. | 614,585 | 25,770 |
*Genzyme Corp.- | ||
General Division | 430,485 | 24,998 |
Becton, Dickinson & Co. | 434,946 | 24,705 |
Stryker Corp. | 452,815 | 21,848 |
*Medco Health Solutions, Inc. | 472,366 | 19,650 |
Allergan, Inc. | 228,650 | 18,537 |
Biomet, Inc. | 418,907 | 18,176 |
Aetna Inc. | 133,366 | 16,637 |
Quest Diagnostics, Inc. | 145,343 | 13,888 |
*Laboratory Corp. of | ||
America Holdings | 242,415 | 12,077 |
*MedImmune Inc. | 432,705 | 11,731 |
C.R. Bard, Inc. | 181,939 | 11,640 |
*Varian Medical Systems, Inc. | 235,813 | 10,197 |
Health Management | ||
Associates Class A | 422,553 | 9,600 |
IMS Health, Inc. | 406,022 | 9,424 |
*Sepracor Inc. | 152,034 | 9,026 |
*Hospira, Inc. | 257,364 | 8,622 |
Mylan Laboratories, Inc. | 467,276 | 8,261 |
*Coventry Health Care Inc. | 155,421 | 8,250 |
*Express Scripts Inc. | 107,711 | 8,233 |
*Patterson Cos | 178,637 | 7,751 |
*Celgene Corp. | 285,280 | 7,568 |
*Lincare Holdings, Inc. | 173,766 | 7,411 |
Beckman Coulter, Inc. | 106,332 | 7,123 |
DENTSPLY International Inc. | 125,802 | 7,070 |
*Barr Pharmaceuticals Inc. | 154,341 | 7,029 |
*Chiron Corp. | 195,467 | 6,515 |
*Millennium Pharmaceuticals, Inc. | 503,733 | 6,105 |
Bausch & Lomb, Inc. | 91,918 | 5,925 |
*Watson Pharmaceuticals, Inc. | 180,440 | 5,920 |
*Invitrogen Corp. | 87,044 | 5,843 |
Manor Care, Inc. | 152,144 | 5,390 |
McKesson Corp. | 169,607 | 5,336 |
*Kinetic Concepts, Inc. | 69,599 | 5,310 |
*IVAX Corp. | 333,820 | 5,281 |
*ImClone Systems, Inc. | 114,603 | 5,281 |
*Cephalon, Inc. | 98,636 | 5,019 |
*Henry Schein, Inc. | 71,793 | 5,000 |
*Millipore Corp. | 86,277 | 4,297 |
*Community Health | ||
Systems, Inc. | 151,345 | 4,219 |
*WebMD Corp. | 516,329 | 4,213 |
Universal Health | ||
Services Class B | 94,608 | 4,210 |
AmerisourceBergen Corp. | 68,338 | 4,010 |
*Health Net Inc. | 126,699 | 3,658 |
Omnicare, Inc. | 63,442 | 2,196 |
2,061,882 | ||
Integrated Oils | ||
Murphy Oil Corp. | 50,425 | 4,057 |
Other Energy (3.4%) | ||
Schlumberger Ltd. | 1,025,470 | 68,655 |
Halliburton Co. | 766,530 | 30,079 |
Burlington Resources, Inc. | 685,393 | 29,815 |
Baker Hughes, Inc. | 579,393 | 24,723 |
*Transocean Inc. | 556,985 | 23,611 |
Apache Corp. | 367,874 | 18,603 |
XTO Energy, Inc. | 427,046 | 15,109 |
*Nabors Industries, Inc. | 258,256 | 13,246 |
BJ Services Co. | 280,332 | 13,047 |
*Weatherford International Ltd. | 231,708 | 11,887 |
*Noble Corp. | 232,444 | 11,562 |
GlobalSantaFe Corp. | 346,283 | 11,465 |
*Smith International, Inc. | 181,912 | 9,898 |
EOG Resources, Inc. | 133,000 | 9,491 |
Pioneer Natural Resources Co. | 255,929 | 8,983 |
ENSCO International, Inc. | 262,156 | 8,321 |
Equitable Resources, Inc. | 107,360 | 6,512 |
*Ultra Petroleum Corp. | 130,186 | 6,266 |
Patterson-UTI Energy, Inc. | 275,507 | 5,359 |
*National-Oilwell, Inc. | 149,241 | 5,267 |
*Cooper Cameron Corp. | 95,326 | 5,129 |
*Rowan Cos., Inc. | 185,759 | 4,811 |
Diamond Offshore Drilling, Inc. | 112,520 | 4,506 |
*Pride International, Inc. | 212,896 | 4,373 |
350,718 | ||
Materials & Processing (1.9%) | ||
Newmont Mining Corp. | ||
(Holding Co.) | 769,785 | 34,186 |
Praxair, Inc. | 564,099 | 24,905 |
Masco Corp. | 488,979 | 17,862 |
*American Standard Cos., Inc. | 315,600 | 13,041 |
Ecolab, Inc. | 336,910 | 11,836 |
Freeport-McMoRan Copper | ||
& Gold, Inc. Class B | 301,617 | 11,531 |
Sherwin-Williams Co. | 210,095 | 9,377 |
Ball Corp. | 185,919 | 8,177 |
The St. Joe Co. | 125,588 | 8,063 |
*Sealed Air Corp. | 145,976 | 7,776 |
Precision Castparts Corp. | 112,678 | 7,401 |
Sigma-Aldrich Corp. | 113,973 | 6,891 |
*Pactiv Corp. | 261,183 | 6,605 |
*Energizer Holdings, Inc. | 121,995 | 6,062 |
*Jacobs Engineering Group Inc. | 93,062 | 4,447 |
29
Growth Index Fund | Shares | Market Value^ (000) |
---|---|---|
Smurfit-Stone Container Corp. | 220,815 | $4,125 |
Fluor Corp. | 72,587 | 3,957 |
Avery Dennison Corp. | 57,186 | 3,429 |
189,671 | ||
Producer Durables (5.2%) | ||
United Technologies Corp. | 888,473 | 91,824 |
Caterpillar, Inc. | 595,167 | 58,035 |
*Applied Materials, Inc. | 2,949,034 | 50,428 |
The Boeing Co. | 811,740 | 42,024 |
Illinois Tool Works, Inc. | 446,244 | 41,358 |
Lockheed Martin Corp. | 656,713 | 36,480 |
Danaher Corp. | 428,153 | 24,580 |
*Lexmark International, Inc. | 224,840 | 19,111 |
*KLA-Tencor Corp. | 340,842 | 15,876 |
*Xerox Corp. | 728,440 | 12,391 |
Rockwell Collins, Inc. | 307,280 | 12,119 |
*Agilent Technologies, Inc. | 493,175 | 11,886 |
*Waters Corp. | 205,182 | 9,600 |
Parker Hannifin Corp. | 103,607 | 7,847 |
Pentair, Inc. | 165,462 | 7,208 |
*American Tower Corp. Class A | 389,547 | 7,168 |
Diebold, Inc. | 124,460 | 6,936 |
Novellus Systems, Inc. | 248,128 | 6,920 |
*NVR, Inc. | 8,870 | 6,825 |
*LAM Research Corp. | 235,268 | 6,802 |
Centex Corp. | 107,194 | 6,387 |
Garmin Ltd. | 103,156 | 6,276 |
Dover Corp. | 123,842 | 5,194 |
D. R. Horton, Inc. | 127,483 | 5,139 |
Molex, Inc. | 144,567 | 4,337 |
*Alliant Techsystems, Inc. | 65,334 | 4,272 |
Lennar Corp. Class A | 75,177 | 4,261 |
Pulte Homes, Inc. | 65,725 | 4,193 |
American Power | ||
Conversion Corp. | 148,052 | 3,168 |
Pall Corp. | 108,763 | 3,149 |
Tektronix, Inc. | 101,758 | 3,074 |
Molex, Inc. Class A | 106,138 | 2,829 |
527,697 | ||
Technology (22.5%) | ||
Microsoft Corp. | 11,053,186 | 295,231 |
International Business | ||
Machines Corp. | 2,909,066 | 286,776 |
Intel Corp. | 11,139,730 | 260,558 |
*Cisco Systems, Inc. | 11,541,128 | 222,744 |
*Dell Inc. | 3,901,852 | 164,424 |
QUALCOMM Inc. | 2,813,825 | 119,306 |
*Oracle Corp. | 6,679,257 | 91,639 |
Texas Instruments, Inc. | 3,006,112 | 74,010 |
*EMC Corp. | 4,175,782 | 62,094 |
*Apple Computer, Inc. | 673,636 | 43,382 |
*Corning, Inc. | 2,419,626 | 28,479 |
*Symantec Corp. | 1,094,314 | 28,190 |
Adobe Systems, Inc. | 416,263 | 26,116 |
Motorola, Inc. | 1,435,611 | 24,693 |
Analog Devices, Inc. | 656,944 | 24,254 |
Maxim Integrated | ||
Products, Inc. | 563,380 | 23,882 |
*Veritas Software Corp. | 751,469 | 21,454 |
*Juniper Networks, Inc. | 788,007 | 21,426 |
Linear Technology Corp. | 533,824 | 20,691 |
Electronic Data Systems Corp. | 883,724 | 20,414 |
*Network Appliance, Inc. | 589,887 | 19,596 |
*Lucent Technologies, Inc. | 4,863,422 | 18,286 |
Xilinx, Inc. | 602,517 | 17,865 |
Rockwell Automation, Inc. | 319,949 | 15,853 |
*Sun Microsystems, Inc. | 2,903,286 | 15,620 |
Autodesk, Inc. | 401,378 | 15,232 |
*Broadcom Corp. | 454,747 | 14,679 |
*Intuit, Inc. | 311,843 | 13,724 |
*Advanced Micro Devices, Inc. | 616,234 | 13,569 |
*Altera Corp. | 645,377 | 13,359 |
L-3 Communications | ||
Holdings, Inc. | 176,349 | 12,916 |
*Avaya Inc. | 746,512 | 12,840 |
*Affiliated Computer | ||
Services, Inc. Class A | 210,716 | 12,683 |
Computer Associates | ||
International, Inc. | 406,514 | 12,626 |
*Marvell Technology Group Ltd. | 328,030 | 11,635 |
*NCR Corp. | 163,665 | 11,331 |
*Cognizant Technology | ||
Solutions Corp. | 228,102 | 9,656 |
Microchip Technology, Inc. | 357,385 | 9,528 |
*Solectron Corp. | 1,669,623 | 8,899 |
*Siebel Systems, Inc. | 833,729 | 8,754 |
*Comverse Technology, Inc. | 340,261 | 8,319 |
*McAfee Inc. | 271,645 | 7,859 |
*JDS Uniphase Corp. | 2,397,788 | 7,601 |
*Mercury Interactive Corp. | 161,722 | 7,366 |
*Citrix Systems, Inc. | 293,647 | 7,203 |
Symbol Technologies, Inc. | 415,482 | 7,188 |
*Jabil Circuit, Inc. | 279,061 | 7,138 |
Harris Corp. | 115,134 | 7,114 |
*SanDisk Corp. | 281,137 | 7,020 |
*NVIDIA Corp. | 274,942 | 6,478 |
*Zebra Technologies Corp. | ||
Class A | 111,693 | 6,286 |
*BEA Systems, Inc. | 667,571 | 5,915 |
*Qlogic Corp. | 160,310 | 5,888 |
*Amphenol Corp. | 152,645 | 5,608 |
National Semiconductor Corp. | 309,935 | 5,563 |
30
Shares | Market Value^ (000) | ||
---|---|---|---|
*Sanmina-SCI Corp. | 589,155 | 4,990 | |
Seagate Technology | 288,824 | 4,988 | |
*Ceridian Corp. | 258,417 | 4,724 | |
*Flextronics International Ltd. | 338,489 | 4,678 | |
Scientific-Atlanta, Inc. | 133,551 | 4,409 | |
*NAVTEQ Corp. | 91,462 | 4,240 | |
*ADC Telecommunications, Inc. | 1,407,562 | 3,772 | |
*Red Hat, Inc. | 271,002 | 3,618 | |
*BMC Software, Inc. | 194,012 | 3,609 | |
Applera Corp.- | |||
Applied Biosystems Group | 170,194 | 3,559 | |
*PMC Sierra Inc. | 307,845 | 3,463 | |
*Cadence Design Systems, Inc. | 234,605 | 3,240 | |
*Storage Technology Corp. | 96,542 | 3,052 | |
*Novell, Inc. | 425,118 | 2,870 | |
*Agere Systems Inc. Class A | 2,039,566 | 2,794 | |
National Instruments Corp. | 95,902 | 2,613 | |
*Synopsys, Inc. | 132,447 | 2,599 | |
Intersil Corp. | 131,067 | 2,194 | |
*UTStarcom, Inc. | 58,944 | 1,306 | |
*Agere Systems Inc. Class B | 955,228 | 1,290 | |
2,298,968 | |||
Utilities (3.2%) | |||
*Comcast Corp. Special Class A | 2,122,635 | 69,707 | |
Sprint Corp. | 2,364,707 | 58,763 | |
*Comcast Corp. Class A | 1,623,839 | 54,041 | |
*Nextel Communications, Inc. | 1,778,272 | 53,348 | |
TXU Corp. | 489,721 | 31,616 | |
*AES Corp. | 1,066,126 | 14,574 | |
*NTL Inc. | 136,671 | 9,972 | |
*Cablevision Systems NY | |||
Group Class A | 382,105 | 9,514 | |
*Qwest Communications | |||
International Inc. | 1,741,119 | 7,731 | |
Telephone & Data Systems, Inc. | 88,355 | 6,799 | |
*UnitedGlobalCom Inc. Class A | 640,518 | 6,187 | |
*Nextel Partners, Inc. | 208,084 | 4,066 | |
*Level 3 Communications, Inc. | 772,141 | 2,618 | |
328,936 | |||
Other (2.7%) | |||
Tyco International Ltd. | 3,488,282 | 124,671 | |
3M Co. | 839,289 | 68,880 | |
*Berkshire Hathaw Inc. Class B | 13,848 | 40,658 | |
Fortune Brands, Inc. | 250,202 | 19,311 | |
ITT Industries, Inc. | 144,130 | 12,172 | |
Brunswick Corp. | 157,612 | 7,802 | |
273,494 | |||
TOTAL COMMON STOCKS | |||
(Cost $7,620,514) | 10,214,379 | ||
TEMPORARY CASH INVESTMENTS (0.9%) | |||
Vanguard Market Liquidity | |||
Fund, 2.26%** | 1,594,608 | 1,595 | |
Vanguard Market Liquidity | |||
Fund, 2.26%**--Note E | 87,930,100 | 87,930 | |
TOTAL TEMPORARY CASH INVESTMENTS | |||
(Cost $89,525) | 89,525 | ||
TOTAL INVESTMENTS (100.9%) | |||
(Cost $7,710,039) | 10,303,904 | ||
OTHER ASSETS AND LIABILITIES (-0.9%) | |||
Other Assets--Note B | 51,511 | ||
Liabilities--Note E | (140,843) | ||
(89,332) | |||
NET ASSETS (100%) | $10,214,572 | ||
•See Note A in Notes to Financial Statements.
*Non-income-producing security.
**Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
REIT—Real Estate Investment Trust.
31
Growth Index Fund | Amount (000) |
---|---|
AT DECEMBER 31, 2004, NET ASSETS CONSISTED OF: | |
Paid-in Capital | $11,252,334 |
Overdistributed Net Investment Income | (13,191) |
Accumulated Net Realized Losses | (3,618,436) |
Unrealized Appreciation | 2,593,865 |
NET ASSETS | $10,214,572 |
Investor Shares--Net Assets | |
Applicable to 291,947,736 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $7,710,857 |
NET ASSET VALUE PER SHARE-- | |
INVESTOR SHARES | $26.41 |
Admiral Shares--Net Assets | |
Applicable to 45,968,236 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,214,185 |
NET ASSET VALUE PER SHARE-- | |
ADMIRAL SHARES | $26.41 |
Institutional Shares--Net Assets | |
Applicable to 44,875,378 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,185,341 |
NET ASSET VALUE PER SHARE-- | |
INSTITUTIONAL SHARES | $26.41 |
VIPER Shares--Net Assets | |
Applicable to 2,029,729 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $104,189 |
NET ASSET VALUE PER SHARE-- | |
VIPER SHARES | $51.33 |
See Note C in Notes to Financial Statements for the tax-basis components of net assets.
32
Value Index Fund | Shares | Market Value^ (000) | ||
---|---|---|---|---|
COMMON STOCKS (100.0%) | ||||
Auto & Transportation (2.1%) | ||||
Ford Motor Co. | 1,763,390 | 25,816 | ||
General Motors Corp. | 509,511 | 20,411 | ||
Burlington Northern | ||||
Santa Fe Corp. | 373,257 | 17,659 | ||
Union Pacific Corp. | 246,824 | 16,599 | ||
Norfolk Southern Corp. | 394,660 | 14,283 | ||
CSX Corp. | 215,365 | 8,632 | ||
Genuine Parts Co. | 175,360 | 7,726 | ||
Delphi Corp. | 507,098 | 4,574 | ||
Lear Corp. | 68,705 | 4,192 | ||
Dana Corp. | 149,767 | 2,595 | ||
*TRW Automotive | ||||
Holdings Corp. | 29,870 | 618 | ||
123,105 | ||||
Consumer Discretionary (8.6%) | ||||
*Time Warner, Inc. | 4,412,478 | 85,779 | ||
The Walt Disney Co. | 2,059,789 | 57,262 | ||
Viacom Inc. Class B | 1,498,175 | 54,519 | ||
McDonald's Corp. | 1,259,395 | 40,376 | ||
Kimberly-Clark Corp. | 495,708 | 32,623 | ||
Gannett Co., Inc. | 266,780 | 21,796 | ||
Cendant Corp. | 663,120 | 15,504 | ||
Starwood Hotels & Resorts | ||||
Worldwide, Inc. | 208,604 | 12,182 | ||
J.C. Penney Co., Inc. | ||||
(Holding Co.) | 288,890 | 11,960 | ||
Federated Department | ||||
Stores, Inc. | 173,112 | 10,004 | ||
Sears, Roebuck&Co. | 191,272 | 9,761 | ||
Eastman Kodak Co. | 287,291 | 9,265 | ||
Waste Management, Inc. | 290,665 | 8,703 | ||
May Department Stores Co. | 277,496 | 8,158 | ||
Limited Brands, Inc. | 341,237 | 7,855 | ||
R.R. Donnelley & Sons Co. | 208,601 | 7,362 | ||
Newell Rubbermaid, Inc. | 275,486 | 6,664 | ||
Tribune Co. | 145,111 | 6,115 | ||
*Fox Entertainment | ||||
Group, Inc. Class A | 192,517 | 6,018 | ||
Clear Channel | ||||
Communications, Inc. | 176,172 | 5,900 | ||
*Caesars Entertainment, Inc. | 279,404 | 5,627 | ||
*Office Depot, Inc. | 313,950 | 5,450 | ||
Knight Ridder | 77,729 | 5,203 | ||
Leggett & Platt, Inc. | 182,450 | 5,187 | ||
Nordstrom, Inc. | 106,438 | 4,974 | ||
VF Corp. | 88,562 | 4,905 | ||
Whirlpool Corp. | 66,473 | 4,601 | ||
Jones Apparel Group, Inc. | 125,208 | 4,579 | ||
*Toys R Us, Inc. | 215,018 | 4,401 | ||
Wendy's International, Inc. | 108,146 | 4,246 | ||
Foot Locker, Inc. | 156,150 | 4,205 | ||
ServiceMaster Co. | 291,677 | 4,022 | ||
The Stanley Works | 82,023 | 4,018 | ||
*AutoNation, Inc. | 187,094 | 3,594 | ||
International Flavors & | ||||
Fragrances, Inc. | 80,232 | 3,437 | ||
Hasbro, Inc. | 159,546 | 3,092 | ||
Sabre Holdings Corp. | 137,672 | 3,051 | ||
Belo Corp. Class A | 99,014 | 2,598 | ||
*Kmart Holding Corp. | 26,232 | 2,596 | ||
*Convergys Corp. | 142,900 | 2,142 | ||
Reebok International Ltd. | 47,497 | 2,090 | ||
New York Times Co. Class A | 48,734 | 1,988 | ||
*Allied Waste Industries, Inc. | 191,451 | 1,777 | ||
*Rent-A-Center, Inc. | 41,360 | 1,096 | ||
The McClatchy Co. Class A | 13,148 | 944 | ||
Hearst-Argyle Television Inc. | 26,114 | 689 | ||
Regal Entertainment | ||||
Group Class A | 18,080 | 375 | ||
508,693 | ||||
Consumer Staples (5.2%) | ||||
Altria Group, Inc. | 2,056,961 | 125,680 | ||
The Coca-Cola Co. | 1,094,582 | 45,567 | ||
Sara Lee Corp. | 795,219 | 19,197 | ||
General Mills, Inc. | 328,705 | 16,340 | ||
ConAgra Foods, Inc. | 519,470 | 15,298 | ||
H.J. Heinz Co. | 350,270 | 13,657 | ||
Kraft Foods Inc. | 268,184 | 9,550 | ||
*Safeway, Inc. | 447,980 | 8,843 | ||
UST, Inc. | 165,587 | 7,966 | ||
Albertson's, Inc. | 313,540 | 7,487 | ||
Reynolds American Inc. | 90,181 | 7,088 | ||
SuperValu Inc. | 136,504 | 4,712 | ||
*Constellation Brands, Inc. | ||||
Class A | 95,517 | 4,443 | ||
Tyson Foods, Inc. | 226,894 | 4,175 | ||
*Smithfield Foods, Inc. | 89,257 | 2,641 | ||
J.M. Smucker Co. | 55,706 | 2,622 | ||
Hormel Foods Corp. | 76,533 | 2,399 | ||
Campbell Soup Co. | 79,234 | 2,368 | ||
Carolina Group | 68,365 | 1,979 | ||
Adolph Coors Co. Class B | 25,387 | 1,921 | ||
PepsiAmericas, Inc. | 69,448 | 1,475 | ||
Brown-Forman Corp. Class B | 13,762 | 670 | ||
306,078 | ||||
Financial Services (35.3%) | ||||
Citigroup, Inc. | 5,193,519 | 250,224 | ||
Bank of America Corp. | 4,087,982 | 192,094 | ||
JPMorgan Chase & Co. | 3,571,107 | 139,309 | ||
Wells Fargo & Co. | 1,692,920 | 105,215 | ||
33
Value Index Fund | Shares | Market Value^ (000) |
---|---|---|
Wachovia Corp. | 1,612,296 | 84,807 |
Fannie Mae | 970,362 | 69,100 |
U.S. Bancorp | 1,884,045 | 59,008 |
Morgan Stanley | 991,080 | 55,025 |
Merrill Lynch &Co., Inc. | 892,031 | 53,317 |
American International | ||
Group, Inc. | 777,910 | 51,085 |
Freddie Mac | 690,312 | 50,876 |
Washington Mutual, Inc. | 874,719 | 36,983 |
Allstate Corp. | 659,943 | 34,132 |
The Goldman Sachs Group, Inc. | 316,655 | 32,945 |
Metropolitan Life Insurance Co. | 752,020 | 30,464 |
Prudential Financial, Inc. | 520,263 | 28,594 |
The Bank of New York Co., Inc. | 780,279 | 26,077 |
SunTrust Banks, Inc. | 340,579 | 25,162 |
St. Paul Travelers Cos., Inc. | 670,444 | 24,853 |
National City Corp. | 631,135 | 23,699 |
BB&T Corp. | 555,832 | 23,373 |
MBNA Corp. | 790,912 | 22,296 |
Lehman Brothers Holdings, Inc. | 229,601 | 20,086 |
State Street Corp. | 337,117 | 16,559 |
Marsh & McLennan Cos., Inc. | 495,819 | 16,312 |
PNC Financial Services Group | 283,016 | 16,256 |
Regions Financial Corp. | 440,016 | 15,660 |
The Chubb Corp. | 191,432 | 14,721 |
Simon Property Group, Inc. REIT | 211,183 | 13,657 |
Countrywide Financial Corp. | 364,065 | 13,474 |
The Hartford Financial | ||
Services Group Inc. | 191,059 | 13,242 |
Mellon Financial Corp. | 425,036 | 13,223 |
KeyCorp | 387,368 | 13,132 |
The Principal Financial | ||
Group, Inc. | 314,125 | 12,860 |
ACE Ltd. | 284,739 | 12,173 |
North Fork Bancorp, Inc. | 419,277 | 12,096 |
Equity Office Properties | ||
Trust REIT | 403,898 | 11,762 |
CIGNA Corp. | 141,735 | 11,561 |
XL Capital Ltd. Class A | 138,733 | 10,773 |
Comerica, Inc. | 171,798 | 10,483 |
Equity Residential REIT | 281,393 | 10,181 |
Bear Stearns Co., Inc. | 98,067 | 10,033 |
CIT Group Inc. | 211,326 | 9,683 |
AmSouth Bancorp | 354,572 | 9,183 |
MBIA, Inc. | 143,543 | 9,083 |
Vornado Realty Trust REIT | 113,578 | 8,647 |
Marshall & Ilsley Corp. | 193,403 | 8,548 |
Loews Corp. | 120,842 | 8,495 |
Lincoln National Corp. | 176,396 | 8,234 |
ProLogis REIT | 182,226 | 7,896 |
Sovereign Bancorp, Inc. | 344,057 | 7,759 |
M & T Bank Corp. | 70,385 | 7,590 |
General Growth | ||
Properties Inc. REIT | 208,177 | 7,528 |
Archstone-Smith Trust REIT | 196,173 | 7,513 |
Popular, Inc. | 253,703 | 7,314 |
Fidelity National Financial, Inc. | 156,870 | 7,164 |
Jefferson-Pilot Corp. | 136,957 | 7,116 |
Plum Creek Timber Co. Inc. REIT | 183,743 | 7,063 |
MGIC Investment Corp. | 98,697 | 6,801 |
Boston Properties, Inc. REIT | 103,042 | 6,664 |
SAFECO Corp. | 126,423 | 6,604 |
Aon Corp. | 269,069 | 6,420 |
Cincinnati Financial Corp. | 143,561 | 6,354 |
Banknorth Group, Inc. | 173,533 | 6,351 |
Torchmark Corp. | 110,059 | 6,289 |
Compass Bancshares Inc. | 123,090 | 5,991 |
Kimco Realty Corp. REIT | 100,464 | 5,826 |
Zions Bancorp | 85,204 | 5,796 |
Golden West Financial Corp. | 91,252 | 5,605 |
Huntington Bancshares Inc. | 219,058 | 5,428 |
Avalonbay | ||
Communities, Inc. REIT | 72,058 | 5,426 |
First Horizon National Corp. | 117,725 | 5,075 |
UnumProvident Corp. | 282,604 | 5,070 |
Radian Group, Inc. | 93,126 | 4,958 |
New York Community | ||
Bancorp, Inc. | 239,046 | 4,917 |
Duke Realty Corp. REIT | 142,771 | 4,874 |
*Providian Financial Corp. | 293,878 | 4,840 |
Public Storage, Inc. REIT | 83,854 | 4,675 |
Developers Diversified | ||
Realty Corp. REIT | 102,815 | 4,562 |
Ambac Financial Group, Inc. | 54,428 | 4,470 |
Old Republic International Corp. | 173,723 | 4,395 |
Hibernia Corp. Class A | 148,063 | 4,369 |
iStar Financial Inc. REIT | 94,882 | 4,294 |
Mercantile Bankshares Corp. | 79,336 | 4,141 |
Associated Banc-Corp | 123,256 | 4,093 |
The PMI Group Inc. | 96,330 | 4,022 |
Genworth Financial Inc. | 146,967 | 3,968 |
UnionBanCal Corp. | 59,165 | 3,815 |
The Macerich Co. REIT | 59,262 | 3,722 |
Liberty Property Trust REIT | 85,272 | 3,684 |
Health Care Properties | ||
Investors REIT | 132,941 | 3,681 |
Apartment Investment & | ||
Management Co. | ||
Class A REIT | 94,953 | 3,660 |
Regency Centers Corp. REIT | 62,506 | 3,463 |
Leucadia National Corp. | 49,725 | 3,455 |
Allied Capital Corp. | 132,563 | 3,425 |
34
Shares | Market Value^ (000) | |||
---|---|---|---|---|
Weingarten Realty | ||||
Investors REIT | 84,560 | $3,391 | ||
AMB Property Corp. REIT | 82,928 | 3,349 | ||
PartnerRe Ltd. | 53,888 | 3,338 | ||
A.G. Edwards & Sons, Inc. | 77,146 | 3,334 | ||
Everest Re Group, Ltd. | 36,453 | 3,265 | ||
Independence Community | ||||
Bank Corp. | 71,556 | 3,047 | ||
Arthur J. Gallagher & Co. | 92,132 | 2,994 | ||
Commerce Bancshares, Inc. | 59,498 | 2,987 | ||
Hospitality Properties Trust REIT | 63,879 | 2,938 | ||
Fulton Financial Corp. | 122,292 | 2,851 | ||
Protective Life Corp. | 66,031 | 2,819 | ||
New Plan Excel Realty | ||||
Trust REIT | 102,699 | 2,781 | ||
Astoria Financial Corp. | 69,023 | 2,759 | ||
Bank of Hawaii Corp. | 52,871 | 2,683 | ||
White Mountains | ||||
Insurance Group Inc. | 4,061 | 2,623 | ||
Assurant, Inc. | 85,594 | 2,615 | ||
Valley National Bancorp | 94,305 | 2,608 | ||
Friedman, Billings, Ramsey | ||||
Group, Inc. REIT | 128,785 | 2,497 | ||
Axis Capital Holdings Ltd. | 85,436 | 2,338 | ||
W.R. Berkley Corp. | 49,324 | 2,327 | ||
Unitrin, Inc. | 48,022 | 2,183 | ||
Nationwide Financial | ||||
Services, Inc. | 56,805 | 2,172 | ||
RenaissanceRe Holdings Ltd. | 41,578 | 2,165 | ||
Wilmington Trust Corp. | 59,847 | 2,163 | ||
Montpelier Re Holdings Ltd. | 49,866 | 1,917 | ||
Deluxe Corp. | 50,220 | 1,875 | ||
Mercury General Corp. | 27,295 | 1,636 | ||
Transatlantic Holdings, Inc. | 26,440 | 1,635 | ||
Doral Financial Corp. | 32,260 | 1,589 | ||
*BOK Financial Corp. | 20,893 | 1,019 | ||
Capitol Federal Financial | 22,371 | 805 | ||
Student Loan Corp. | 1,970 | 363 | ||
2,073,947 | ||||
Health Care (4.8%) | ||||
Merck & Co., Inc. | 2,224,340 | 71,490 | ||
Wyeth | 1,337,182 | 56,951 | ||
Bristol-Myers Squibb Co. | 1,950,075 | 49,961 | ||
Abbott Laboratories | 743,362 | 34,678 | ||
Baxter International, Inc. | 616,331 | 21,288 | ||
*WellPoint Inc. | 104,064 | 11,967 | ||
Aetna Inc. | 76,971 | 9,602 | ||
McKesson Corp. | 181,981 | 5,725 | ||
*Tenet Healthcare Corp. | 468,017 | 5,139 | ||
*Humana Inc. | 151,912 | 4,510 | ||
AmerisourceBergen Corp. | 73,185 | 4,295 | ||
*King Pharmaceuticals, Inc. | 242,212 | 3,003 | ||
*Triad Hospitals, Inc. | 76,995 | 2,865 | ||
Omnicare, Inc. | 67,858 | 2,349 | ||
*Health Net Inc. | 39,435 | 1,139 | ||
284,962 | ||||
Integrated Oils (9.6%) | ||||
ExxonMobil Corp. | 6,522,127 | 334,324 | ||
ChevronTexaco Corp. | 2,135,536 | 112,137 | ||
ConocoPhillips Co. | 655,981 | 56,959 | ||
Occidental Petroleum Corp. | 392,641 | 22,915 | ||
Marathon Oil Corp. | 346,903 | 13,047 | ||
Unocal Corp. | 265,380 | 11,475 | ||
Amerada Hess Corp. | 82,184 | 6,770 | ||
Murphy Oil Corp. | 54,006 | 4,345 | ||
561,972 | ||||
Other Energy (1.8%) | ||||
Devon Energy Corp. | 460,452 | 17,921 | ||
Anadarko Petroleum Corp. | 250,833 | 16,257 | ||
Valero Energy Corp. | 256,282 | 11,635 | ||
Williams Cos., Inc. | 523,634 | 8,530 | ||
Kerr-McGee Corp. | 136,158 | 7,869 | ||
El Paso Corp. | 627,282 | 6,524 | ||
Sunoco, Inc. | 75,470 | 6,167 | ||
Apache Corp. | 114,515 | 5,791 | ||
Peabody Energy Corp. | 64,420 | 5,212 | ||
Chesapeake Energy Corp. | 255,190 | 4,211 | ||
*Newfield Exploration Co. | 59,364 | 3,505 | ||
Noble Energy, Inc. | 55,724 | 3,436 | ||
EOG Resources, Inc. | 41,453 | 2,958 | ||
Pogo Producing Co. | 60,784 | 2,947 | ||
*NRG Engergy | 80,199 | 2,891 | ||
105,854 | ||||
Materials & Processing (5.5%) | ||||
E.I. du Pont de Nemours & Co. | 1,000,414 | 49,070 | ||
Dow Chemical Co. | 941,770 | 46,627 | ||
Alcoa Inc. | 872,017 | 27,399 | ||
International Paper Co. | 463,090 | 19,450 | ||
Weyerhaeuser Co. | 240,029 | 16,135 | ||
Monsanto Co. | 267,670 | 14,869 | ||
Air Products &Chemicals, Inc. | 227,805 | 13,206 | ||
Archer-Daniels-Midland Co. | 554,682 | 12,375 | ||
PPG Industries, Inc. | 172,141 | 11,733 | ||
Phelps Dodge Corp. | 94,143 | 9,313 | ||
Georgia Pacific Group | 232,917 | 8,730 | ||
Nucor Corp. | 158,843 | 8,314 | ||
MeadWestvaco Corp. | 202,324 | 6,857 | ||
Rohm & Haas Co. | 146,323 | 6,472 | ||
Bunge Ltd. | 110,378 | 6,293 | ||
Lyondell Chemical Co. | 204,038 | 5,901 | ||
United States Steel Corp. | 113,774 | 5,831 | ||
Masco Corp. | 151,965 | 5,551 | ||
35
Value Index Fund | Shares | Market Value^ (000) | ||
---|---|---|---|---|
Vulcan Materials Co. | 97,333 | 5,315 | ||
Eastman Chemical Co. | 77,939 | 4,499 | ||
Engelhard Corp. | 124,671 | 3,824 | ||
Ashland, Inc. | 64,146 | 3,745 | ||
Avery Dennison Corp. | 61,231 | 3,672 | ||
Temple-Inland Inc. | 50,267 | 3,438 | ||
*Owens-Illinois, Inc. | 149,918 | 3,396 | ||
Bemis Co., Inc. | 101,904 | 2,964 | ||
Sonoco Products Co. | 93,341 | 2,768 | ||
Bowater Inc. | 55,723 | 2,450 | ||
Valspar Corp. | 48,933 | 2,447 | ||
Smurfit-Stone Container Corp. | 127,229 | 2,377 | ||
Fluor Corp. | 41,823 | 2,280 | ||
*The Mosaic Co. | 131,887 | 2,152 | ||
Lafarge North America Inc. | 31,773 | 1,631 | ||
Packaging Corp. of America | 64,420 | 1,517 | ||
*International Steel Group, Inc. | 19,765 | 802 | ||
323,403 | ||||
Producer Durables (3.0%) | ||||
Emerson Electric Co. | 421,173 | 29,524 | ||
Deere & Co. | 248,748 | 18,507 | ||
Northrop Grumman Corp. | 323,399 | 17,580 | ||
Ingersoll-Rand Co. | 173,691 | 13,947 | ||
The Boeing Co. | 252,271 | 13,060 | ||
Pitney Bowes, Inc. | 231,704 | 10,723 | ||
*Xerox Corp. | 420,541 | 7,153 | ||
Cooper Industries, Inc. Class A | 92,024 | 6,248 | ||
Dover Corp. | 132,628 | 5,562 | ||
D. R. Horton, Inc. | 136,956 | 5,521 | ||
W.W. Grainger, Inc. | 77,640 | 5,172 | ||
*Thermo Electron Corp. | 163,838 | 4,946 | ||
Lennar Corp. Class A | 80,546 | 4,565 | ||
Parker Hannifin Corp. | 59,952 | 4,541 | ||
Pulte Homes, Inc. | 70,208 | 4,479 | ||
KB HOME | 39,532 | 4,127 | ||
*Agilent Technologies, Inc. | 153,387 | 3,697 | ||
Centex Corp. | 61,998 | 3,694 | ||
Goodrich Corp. | 112,987 | 3,688 | ||
*Teradyne, Inc. | 194,676 | 3,323 | ||
Hubbell Inc. Class B | 51,621 | 2,700 | ||
American Power | ||||
Conversion Corp. | 85,400 | 1,828 | ||
Pall Corp. | 62,591 | 1,812 | ||
Tektronix, Inc. | 31,752 | 959 | ||
177,356 | ||||
Technology (5.2%) | ||||
Microsoft Corp. | 3,436,174 | 91,780 | ||
Hewlett-Packard Co. | 2,876,204 | 60,314 | ||
Motorola, Inc. | 1,539,573 | 26,481 | ||
General Dynamics Corp. | 170,357 | 17,819 | ||
Raytheon Co. | 452,163 | 17,558 | ||
*Computer Sciences Corp. | 189,187 | 10,664 | ||
*Sun Microsystems, Inc. | 1,676,431 | 9,019 | ||
Computer Associates | ||||
International, Inc. | 234,629 | 7,288 | ||
*Micron Technology, Inc. | 551,570 | 6,812 | ||
*Lucent Technologies, Inc. | 1,514,118 | 5,693 | ||
*Flextronics International Ltd. | 362,952 | 5,016 | ||
*Freescale Semiconductor, Inc. | 214,627 | 3,941 | ||
*Tellabs, Inc. | 439,933 | 3,779 | ||
*Unisys Corp. | 335,666 | 3,417 | ||
*Freescale Semiconductor Inc. | 186,356 | 3,321 | ||
National Semiconductor Corp. | 178,796 | 3,209 | ||
Scientific-Atlanta, Inc. | 76,941 | 2,540 | ||
*Compuware Corp. | 387,208 | 2,505 | ||
*Ingram Micro, Inc. Class A | 116,859 | 2,431 | ||
*Vishay Intertechnology, Inc. | 152,238 | 2,287 | ||
*LSI Logic Corp. | 385,816 | 2,114 | ||
*BMC Software, Inc. | 111,809 | 2,080 | ||
Applera Corp.- | ||||
Applied Biosystems Group | 98,096 | 2,051 | ||
*Fairchild Semiconductor | ||||
International, Inc. | 119,736 | 1,947 | ||
*Cadence Design Systems, Inc. | 135,173 | 1,867 | ||
*Storage Technology Corp. | 55,780 | 1,763 | ||
*3Com Corp. | 390,253 | 1,627 | ||
*Sanmina-SCI Corp. | 183,144 | 1,551 | ||
Seagate Technology | 89,660 | 1,548 | ||
*Synopsys, Inc. | 76,452 | 1,500 | ||
*UTStarcom, Inc. | 63,308 | 1,402 | ||
Intersil Corp. | 75,644 | 1,266 | ||
*Novell, Inc. | 132,278 | 893 | ||
AVX Corp. | 61,110 | 770 | ||
308,253 | ||||
Utilities (10.8%) | ||||
Verizon Communications Inc. | 2,775,564 | 112,438 | ||
SBC Communications Inc. | 3,322,124 | 85,611 | ||
BellSouth Corp. | 1,835,361 | 51,005 | ||
Exelon Corp. | 661,745 | 29,163 | ||
Southern Co. | 739,839 | 24,799 | ||
Duke Energy Corp. | 940,105 | 23,813 | ||
Dominion Resources, Inc. | 341,098 | 23,106 | ||
ALLTEL Corp. | 293,557 | 17,249 | ||
Entergy Corp. | 227,489 | 15,376 | ||
AT&T Corp. | 796,738 | 15,186 | ||
*PG&E Corp. | 425,805 | 14,171 | ||
American Electric Power Co., Inc. | 396,653 | 13,621 | ||
FPL Group, Inc. | 176,411 | 13,187 | ||
FirstEnergy Corp. | 330,644 | 13,064 | ||
Public Service Enterprise | ||||
Group, Inc. | 237,747 | 12,308 | ||
Progress Energy, Inc. | 234,983 | 10,631 | ||
36
Shares | Market Value^ (000) | |||
---|---|---|---|---|
Consolidated Edison Inc. | 241,972 | 10,586 | ||
PPL Corp. | 189,325 | 10,087 | ||
Ameren Corp. | 194,676 | 9,761 | ||
Edison International | 293,896 | 9,414 | ||
Constellation Energy | ||||
Group, Inc. | 175,817 | 7,685 | ||
Sempra Energy | 209,055 | 7,668 | ||
DTE Energy Co. | 174,140 | 7,511 | ||
Cinergy Corp. | 178,392 | 7,426 | ||
Xcel Energy, Inc. | 400,798 | 7,295 | ||
Kinder Morgan, Inc. | 99,023 | 7,242 | ||
KeySpan Corp. | 160,511 | 6,332 | ||
NiSource, Inc. | 264,062 | 6,015 | ||
MCI Inc. | 238,676 | 4,812 | ||
CenturyTel, Inc. | 128,737 | 4,566 | ||
Questar Corp. | 84,244 | 4,293 | ||
SCANA Corp. | 106,351 | 4,190 | ||
Pinnacle West Capital Corp. | 91,542 | 4,065 | ||
Citizens Communications Co. | 288,628 | 3,980 | ||
Wisconsin Energy Corp. | 118,055 | 3,980 | ||
Pepco Holdings, Inc. | 186,252 | 3,971 | ||
Energy East Corp. | 147,164 | 3,926 | ||
��DPL Inc. | 127,015 | 3,189 | ||
CenterPoint Energy Inc. | 277,854 | 3,140 | ||
TECO Energy, Inc. | 199,319 | 3,058 | ||
NSTAR | 53,275 | 2,892 | ||
MDU Resources Group, Inc. | 106,050 | 2,829 | ||
Puget Energy, Inc. | 99,733 | 2,463 | ||
Northeast Utilities | 128,416 | 2,421 | ||
*Qwest Communications | ||||
International Inc. | 541,445 | 2,404 | ||
*U.S. Cellular Corp. | 16,148 | 723 | ||
632,652 | ||||
Other (8.1%) | ||||
General Electric Co. | 10,585,252 | 386,362 | ||
Honeywell International Inc. | 818,639 | 28,988 | ||
3M Co. | 260,855 | 21,408 | ||
Johnson Controls, Inc. | 190,696 | 12,098 | ||
Eaton Corp. | 144,207 | 10,435 | ||
Textron, Inc. | 125,005 | 9,225 | ||
Hillenbrand Industries, Inc. | 55,864 | 3,103 | ||
SPX Corp. | 76,342 | 3,058 | ||
474,677 | ||||
TOTAL COMMON STOCKS | ||||
(Cost $4,913,693) | 5,880,952 | |||
TEMPORARY CASH INVESTMENT (0.1%) | ||||
Vanguard Market Liquidity | ||||
Fund, 2.26%**--Note E | ||||
(Cost $7,496) | 7,496,100 | 7,496 | ||
TOTAL INVESTMENTS (100.1%) | ||||
(Cost $4,921,189) | 5,888,448 | |||
OTHER ASSETS AND LIABILITIES (-0.1%) | ||||
Other Assets--Note B | 76,726 | |||
Liabilities--Note E | (85,486) | |||
(8,760) | ||||
NET ASSETS (100%) | $5,879,688 | |||
•See Note A in Notes to Financial Statements.
*Non-income-producing security.
**Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. REIT—Real Estate Investment Trust.
37
Value Index Fund | Amount (000) |
---|---|
AT DECEMBER 31, 2004, NET ASSETS CONSISTED OF: | |
Paid-in Capital | $5,706,145 |
Overdistributed Net Investment Income | (5,388) |
Accumulated Net Realized Losses | (788,328) |
Unrealized Appreciation | 967,259 |
NET ASSETS | $5,879,688 |
Investor Shares--Net Assets | |
Applicable to 168,262,405 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $3,591,652 |
NET ASSET VALUE PER SHARE-- | |
INVESTOR SHARES | $21.35 |
Admiral Shares--Net Assets | |
Applicable to 50,340,047 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $1,074,612 |
NET ASSET VALUE PER SHARE-- | |
ADMIRAL SHARES | $21.35 |
Institutional Shares--Net Assets | |
Applicable to 37,809,987 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $807,155 |
NET ASSET VALUE PER SHARE-- | |
INSTITUTIONAL SHARES | $21.35 |
VIPER Shares--Net Assets | |
Applicable to 7,422,058 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $406,269 |
NET ASSET VALUE PER SHARE-- | |
VIPER SHARES | $54.74 |
See Note C in Notes to Financial Statements for the tax-basis components of net assets.
39
STATEMENT OF OPERATIONS
This Statement shows the types of income earned by each fund during the reporting period, and details the operating expenses charged to each class of its shares. These expenses directly reduce the amount of investment income available to pay to shareholders as income dividends. This Statement also shows any Net Gain (Loss) realized on the sale of investments, and the increase or decrease in the Unrealized Appreciation (Depreciation) of investments during the period.
Growth Index Fund | Value Index Fund | |
---|---|---|
Year Ended December 31, 2004 | ||
(000) | (000) | |
INVESTMENT INCOME | ||
Income | ||
Dividends | $133,411 | $124,443 |
Interest | 134 | 38 |
Security Lending | 143 | 152 |
Total Income | 133,688 | 124,633 |
Expenses | ||
The Vanguard Group--Note B | ||
Investment Advisory Services | 78 | 78 |
Management and Administrative | ||
Investor Shares | 14,674 | 5,700 |
Admiral Shares | 1,076 | 767 |
Institutional Shares | 564 | 301 |
VIPER Shares | 105 | 168 |
Marketing and Distribution | ||
Investor Shares | 984 | 425 |
Admiral Shares | 169 | 131 |
Institutional Shares | 169 | 103 |
VIPER Shares | 11 | 13 |
Custodian Fees | 206 | 218 |
Auditing Fees | 19 | 19 |
Shareholders' Reports | ||
Investor Shares | 488 | 182 |
Admiral Shares | 3 | 2 |
Institutional Shares | -- | -- |
VIPER Shares | -- | -- |
Trustees' Fees and Expenses | 12 | 5 |
Total Expenses | 18,558 | 8,112 |
NET INVESTMENT INCOME | 115,130 | 116,521 |
REALIZED NET GAIN (LOSS) | ||
Investment Securities Sold | 79,781 | 138,177 |
Futures Contracts | -- | -- |
REALIZED NET GAIN (LOSS) | 79,781 | 138,177 |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | ||
Investment Securities | 493,260 | 473,641 |
Futures Contracts | -- | -- |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | 493,260 | 473,641 |
NET INCREASE (DECREASE) IN NET ASSETS | ||
RESULTING FROM OPERATIONS | $688,171 | $728,339 |
STATEMENT OF OPERATIONS (CONTINUED)
Large-Cap Index Fund | Total Stock Market Index Fund | |
---|---|---|
January 27* to December 31, 2004 (000) | Year Ended December 31, 2004 (000) | |
INVESTMENT INCOME | ||
Income | ||
Dividends | $1,674 | $916,279 |
Interest | 6 | 2,043 |
Security Lending | -- | 6,674 |
Total Income | 1,680 | 924,996 |
Expenses | ||
The Vanguard Group--Note B | ||
Investment Advisory Services | 10 | 125 |
Management and Administrative | ||
Investor Shares | 13 | 46,249 |
Admiral Shares | -- | 8,009 |
Institutional Shares | -- | 5,130 |
VIPER Shares | 2 | 3,432 |
Marketing and Distribution | ||
Investor Shares | 3 | 3,865 |
Admiral Shares | 1 | 1,145 |
Institutional Shares | -- | 1,520 |
VIPER Shares | 3 | 564 |
Custodian Fees | 56 | 766 |
Auditing Fees | 20 | 20 |
Shareholders' Reports | ||
Investor Shares | 2 | 839 |
Admiral Shares | -- | 17 |
Institutional Shares | -- | 7 |
VIPER Shares | -- | -- |
Trustees' Fees and Expenses | -- | 48 |
Total Expenses | 110 | 71,736 |
NET INVESTMENT INCOME | 1,570 | 853,260 |
REALIZED NET GAIN (LOSS) | ||
Investment Securities Sold | (871) | 191,963 |
Futures Contracts | -- | 9,713 |
REALIZED NET GAIN (LOSS) | (871) | 201,676 |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | ||
Investment Securities | 6,645 | 5,102,156 |
Futures Contracts | -- | 905 |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | 6,645 | 5,103,061 |
NET INCREASE (DECREASE) IN NET ASSETS | ||
RESULTING FROM OPERATIONS | $7,344 | $6,157,997 |
*Inception.
40
STATEMENT OF CHANGES IN NET ASSETS
This Statement shows how each fund’s total net assets changed during the two most recent reporting periods. The Operations section summarizes information detailed in the Statement of Operations. The amounts shown as Distributions to shareholders from the fund’s net income and capital gains may not match the amounts shown in the Operations section, because distributions are determined on a tax basis and may be made in a period different from the one in which the income was earned or the gains were realized on the financial statements. The Capital Share Transactions section shows the net amount shareholders invested in or redeemed from the fund. Distributions and Capital Share Transactions are shown separately for each class of shares.
Growth Index Fund | Value Index Fund | |||
---|---|---|---|---|
Year Ended December 31, | ||||
2004 (000) | 2003 (000) | 2004 (000) | 2003 (000) | |
INCREASE (DECREASE) IN NET ASSETS | ||||
Operations | ||||
Net Investment Income | $115,130 | $65,483 | $116,521 | $82,699 |
Realized Net Gain (Loss) | 79,781 | (437,090) | 138,177 | (327,602) |
Change in Unrealized Appreciation (Depreciation) | 493,260 | 2,312,375 | 473,641 | 1,243,304 |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 688,171 | 1,940,768 | 728,339 | 998,401 |
Distributions | ||||
Net Investment Income | ||||
Investor Shares | (87,192) | (53,318) | (74,905) | (55,864) |
Admiral Shares | (14,548) | (7,958) | (22,722) | (14,343) |
Institutional Shares | (13,817) | (6,561) | (15,284) | (11,117) |
VIPER Shares | (1,141) | -- | (4,454) | -- |
Realized Capital Gain | ||||
Investor Shares | -- | -- | -- | -- |
Admiral Shares | -- | -- | -- | -- |
Institutional Shares | -- | -- | -- | -- |
VIPER Shares | -- | -- | -- | -- |
Total Distributions | (116,698) | (67,837) | (117,365) | (81,324) |
Capital Share Transactions--Note F | ||||
Investor Shares | (309,612) | (21,541) | 278,765 | 81,496 |
Admiral Shares | 54,487 | 135,609 | 185,733 | 136,542 |
Institutional Shares | 339,615 | (46,173) | 197,069 | (77,454) |
VIPER Shares | 98,653 | -- | 379,201 | -- |
Net Increase (Decrease) from | ||||
Capital Share Transactions | 183,143 | 67,895 | 1,040,768 | 140,584 |
Total Increase (Decrease) | 754,616 | 1,940,826 | 1,651,742 | 1,057,661 |
Net Assets | ||||
Beginning of Period | 9,459,956 | 7,519,130 | 4,227,946 | 3,170,285 |
End of Period | $10,214,572 | $9,459,956 | $5,879,688 | $4,227,946 |
41
Large-Cap Index Fund | Total Stock Market Index Fund | |||
---|---|---|---|---|
January 27* to December 31, | Year Ended December 31, | |||
2004 (000) | 2004 (000) | 2003 (000) | ||
INCREASE (DECREASE) IN NET ASSETS | ||||
Operations | ||||
Net Investment Income | $1,570 | $853,260 | $483,665 | |
Realized Net Gain (Loss) | (871) | 201,676 | (307,759) | |
Change in Unrealized Appreciation (Depreciation) | 6,645 | 5,103,061 | 9,013,953 | |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 7,344 | 6,157,997 | 9,189,859 | |
Distributions | ||||
Net Investment Income | ||||
Investor Shares | (529) | (471,153) | (280,716) | |
Admiral Shares | (242) | (166,913) | (92,244) | |
Institutional Shares | -- | (161,408) | (91,521) | |
VIPER Shares | (808) | (60,846) | (28,586) | |
Realized Capital Gain | ||||
Investor Shares | -- | -- | -- | |
Admiral Shares | -- | -- | -- | |
Institutional Shares | -- | -- | -- | |
VIPER Shares | -- | -- | -- | |
Total Distributions | (1,579) | (860,320) | (493,067) | |
Capital Share Transactions--Note F | ||||
Investor Shares | 41,404 | 4,700,329 | 4,707,953 | |
Admiral Shares | 25,240 | 1,889,664 | 2,288,250 | |
Institutional Shares | -- | 1,203,468 | 2,034,942 | |
VIPER Shares | 46,420 | 1,378,001 | 739,232 | |
Net Increase (Decrease) from | ||||
Capital Share Transactions | 113,064 | 9,171,462 | 9,770,377 | |
Total Increase (Decrease) | 118,829 | 14,469,139 | 18,467,169 | |
Net Assets | ||||
Beginning of Period | -- | 42,544,995 | 24,077,826 | |
End of Period | $118,829 | $57,014,134 | $42,544,995 | |
*Inception |
42
FINANCIAL HIGHLIGHTS
This table summarizes each fund’s investment results and distributions to shareholders on a per-share basis for each class of shares. It also presents the Total Return and shows net investment income and expenses as percentages of average net assets. These data will help you assess: the variability of the fund’s net income and total returns from year to year; the relative contributions of net income and capital gains to the fund’s total return; how much it costs to operate the fund; and the extent to which the fund tends to distribute capital gains. The table also shows the Portfolio Turnover Rate, a measure of trading activity. A turnover rate of 100% means that the average security is held in the fund for one year.
Growth Index Fund Investor Shares
Year Ended December 31, | |||||
---|---|---|---|---|---|
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $24.92 | $19.95 | $26.42 | $30.57 | $39.43 |
Investment Operations | |||||
Net Investment Income | .291+ | .169 | .222 | .181 | .126 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.494 | 4.977 | (6.465) | (4.144) | (8.861) |
Total from Investment Operations | 1.785 | 5.146 | (6.243) | (3.963) | (8.735) |
Distributions | |||||
Dividends from Net Investment Income | (.295) | (.176) | (.227) | (.187) | (.125) |
Distributions from Realized Capital Gains | .-- | .-- | .-- | .-- | -- |
Total Distributions | (.295) | (.176) | (.227) | (.187) | (.125) |
Net Asset Value, End of Period | $26.41 | $24.92 | $19.95 | $26.42 | $30.57 |
Total Return* | 7.20% | 25.92% | -23.68% | -12.93% | -22.21% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $7,711 | $7,586 | $6,094 | $8,445 | $11,162 |
Ratio of Total Expenses to Average Net Assets | 0.22% | 0.23% | 0.23% | 0.22% | 0.22% |
Ratio of Net Investment Income to Average Net Assets | 1.14%+ | 0.77% | 0.97% | 0.67% | 0.33% |
Portfolio Turnover Rate++ | 24% | 42%** | 23% | 31% | 33% |
*Total returns do not reflect the $10 annual account maintenance fee applied on balances under $10,000.
**Includes activity related to a change in the fund’s target index.
† Net investment income per share and the ratio of net investment income to average net assets include $.139 and 0.55%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.
†† Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
43
FINANCIAL HIGHLIGHTS (CONTINUED)
Growth Index Fund Admiral Shares
Year Ended December 31, | |||||
---|---|---|---|---|---|
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | Nov.13* to Dec. 31, 2000 |
Net Asset Value, Beginning of Period | $24.92 | $19.95 | $26.42 | $30.57 | $33.12 |
Investment Operations | |||||
Net Investment Income | .32++ | .188 | .237 | .194 | .024 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.49 | 4.977 | (6.465) | (4.144) | (2.536) |
Total from Investment Operations | 1.81 | 5.165 | (6.228) | (3.950) | (2.512) |
Distributions | |||||
Dividends from Net Investment Income | (.32) | (.195) | (.242) | (.200) | (.038) |
Distributions from Realized Capital Gains | -- | -- | -- | -- | -- |
Total Distributions | (.32) | (.195) | (.242) | (.200) | (.038) |
Net Asset Value, End of Period | $26.41 | $24.92 | $19.95 | $26.42 | $30.57 |
Total Return | 7.31% | 26.03% | -23.62% | -12.88% | -7.59% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,214 | $1,092 | $751 | $906 | $709 |
Ratio of Total Expenses to Average Net Assets | 0.11% | 0.15% | 0.15% | 0.17% | 0.17%** |
Ratio of Net Investment Income to Average Net Assets | 1.27%++ | 0.84% | 1.05% | 0.74% | 0.56%** |
Portfolio Turnover Rate++ | 24% | 42%+ | 23% | 31% | 33% |
*Inception.
**Annualized.
† Includes activity related to a change in the fund’s target index.
†† Net investment income per share and the ratio of net investment income to average net assets include $.14 and 0.55%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.
‡ Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
44
Growth Index Fund Institutional Shares
Year Ended December 31, | |||||
---|---|---|---|---|---|
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $24.92 | $19.95 | $26.42 | $30.57 | $39.44 |
Investment Operations | |||||
Net Investment Income | .324** | .199 | .248 | .213 | .156 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.494 | 4.977 | (6.465) | (4.144) | (8.861) |
Total from Investment Operations | 1.818 | 5.176 | (6.217) | (3.931) | (8.705) |
Distributions | |||||
Dividends from Net Investment Income | (.328) | (.206) | (.253) | (.219) | (.165) |
Distributions from Realized Capital Gains | .-- | .-- | .-- | .-- | .-- |
Total Distributions | (.328) | (.206) | (.253) | (.219) | (.165) |
Net Asset Value, End of Period | $26.41 | $24.92 | $19.95 | $26.42 | $30.57 |
Total Return | 7.34% | 26.09% | -23.58% | -12.82% | -22.14% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,185 | $782 | $675 | $921 | $948 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10% | 0.10% | 0.12% |
Ratio of Net Investment Income to Average Net Assets | 1.29%** | 0.92% | 1.10% | 0.80% | 0.44% |
Portfolio Turnover Rate+ | 24% | 42%* | 23% | 31% | 33% |
*Includes activity related to a change in the fund’s target index.
**Net investment income per share and the ratio of net investment income to average net assets include $.139 and 0.55%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.
† Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
45
FINANCIAL HIGHLIGHTS (CONTINUED)
Growth Index Fund VIPER Shares
For a Share Outstanding Throughout the Period | Jan. 26* to Dec. 31, 2004 |
---|---|
Net Asset Value, Beginning of Period | $50.64 |
Investment Operations | |
Net Investment Income | .609+ |
Net Realized and Unrealized Gain (Loss) on Investments | .694 |
Total from Investment Operations | 1.303 |
Distributions | |
Dividends from Net Investment Income | (.613) |
Distributions from Realized Capital Gains | -- |
Total Distributions | (.613) |
Net Asset Value, End of Period | $51.33 |
Total Return | 2.62% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $104 |
Ratio of Total Expenses to Average Net Assets | 0.15%** |
Ratio of Net Investment Income to Average Net Assets | 1.22%** |
Portfolio Turnover Rate++ | 24% |
*Inception.
**Annualized.
† Net investment income per share and the ratio of net investment income to average net assets include $.269 and 0.55%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.
†† Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
46
Value Index Fund Investor Shares
Year Ended December 31, | |||||
---|---|---|---|---|---|
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $18.95 | $14.65 | $18.90 | $22.87 | $22.89 |
Investment Operations | |||||
Net Investment Income | .460 | .378 | .303 | .309 | .355 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.399 | 4.294 | (4.238) | (2.986) | .963 |
Total from Investment Operations | 2.859 | 4.672 | (3.935) | (2.677) | 1.318 |
Distributions | |||||
Dividends from Net Investment Income | (.459) | (.372) | (.315) | (.316) | (.358) |
Distributions from Realized Capital Gains | .-- | .-- | .-- | (.977) | (.980) |
Total Distributions | (.459) | (.372) | (.315) | (1.293) | (1.338) |
Net Asset Value, End of Period | $21.35 | $18.95 | $14.65 | $18.90 | $22.87 |
Total Return* | 15.29% | 32.25% | -20.91% | -11.88% | 6.08% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,592 | $2,921 | $2,197 | $3,018 | $3,450 |
Ratio of Total Expenses to Average Net Assets | 0.21% | 0.23% | 0.23% | 0.22% | 0.22% |
Ratio of Net Investment Income to Average Net Assets | 2.40% | 2.38% | 1.80% | 1.51% | 1.60% |
Portfolio Turnover Rate+ | 18% | 44%** | 26% | 38% | 37% |
*Total returns do not reflect the $10 annual account maintenance fee applied on balances under $10,000.
**Includes activity related to a change in the fund’s target index.
† Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
47
FINANCIAL HIGHLIGHTS (CONTINUED)
Value Index Fund Admiral Shares
Year Ended December 31, | |||||
---|---|---|---|---|---|
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | Nov.13* to Dec. 31, 2000 |
Net Asset Value, Beginning of Period | $18.95 | $14.65 | $18.90 | $22.87 | $22.86 |
Investment Operations | |||||
Net Investment Income | .479 | .392 | .315 | .318 | .045 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.399 | 4.294 | (4.238) | (2.986) | .635 |
Total from Investment Operations | 2.878 | 4.686 | (3.923) | (2.668) | .680 |
Distributions | |||||
Dividends from Net Investment Income | (.478) | (.386) | (.327) | (.325) | (.100) |
Distributions from Realized Capital Gains | .-- | .-- | .-- | (.977) | (.570) |
Total Distributions | (.478) | (.386) | (.327) | (1.302) | (.670) |
Net Asset Value, End of Period | $21.35 | $18.95 | $14.65 | $18.90 | $22.87 |
Total Return | 15.40% | 32.36% | -20.85% | -11.8 | 3.13% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,075 | $773 | $480 | $587 | $248 |
Ratio of Total Expenses to Average Net Assets | 0.11% | 0.15% | 0.15% | 0.17% | 0.17%** |
Ratio of Net Investment Income to Average Net Assets | 2.50% | 2.48% | 1.88% | 1.57% | 0.19%** |
Portfolio Turnover Rate++ | 18% | 44%+ | 26% | 38% | 37% |
*Inception.
**Annualized.
† Includes activity related to a change in the fund’s target index.
†† Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
48
Value Index Fund Institutional Shares
Year Ended December 31, | |||||
---|---|---|---|---|---|
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $18.95 | $14.65 | $18.90 | $22.87 | $22.89 |
Investment Operations | |||||
Net Investment Income | .485 | .400 | .322 | .333 | .377 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.399 | 4.294 | (4.238) | (2.986) | .963 |
Total from Investment Operations | 2.884 | 4.694 | (3.916) | (2.653) | 1.340 |
Distributions | |||||
Dividends from Net Investment Income | (.484) | (.394) | (.334) | (.340) | (.380) |
Distributions from Realized Capital Gains | .-- | .-- | .-- | (.977) | (.980) |
Total Distributions | (.484) | (.394) | (.334) | (1.317) | (1.360) |
Net Asset Value, End of Period | $21.35 | $18.95 | $14.65 | $18.90 | $22.87 |
Total Return | 15.43% | 32.42% | -20.81% | -11.77% | 6.19% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $807 | $534 | $494 | $865 | $1,082 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10% | 0.10% | 0.12% |
Ratio of Net Investment Income to Average Net Assets | 2.53% | 2.46% | 1.91% | 1.63% | 1.70% |
Portfolio Turnover Rate** | 18% | 44%* | 26% | 38% | 37% |
*Includes activity related to a change in the fund’s target index.
**Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
Value Index Fund VIPER Shares
For a Share Outstanding Throughout the Period | Jan. 26* to Dec. 31, 2004 |
---|---|
Net Asset Value, Beginning of Period | $50.34 |
Investment Operations | |
Net Investment Income | 1.184 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.437 |
Total from Investment Operations | 5.621 |
Distributions | |
Dividends from Net Investment Income | (1.221) |
Distributions from Realized Capital Gains | -- |
Total Distributions | (1.221) |
Net Asset Value, End of Period | $54.74 |
Total Return | 11.37% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $406 |
Ratio of Total Expenses to Average Net Assets | 0.15%** |
Ratio of Net Investment Income to Average Net Assets | 2.46%** |
Portfolio Turnover Rate+ | 18% |
*Inception.
**Annualized.
† Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
49
FINANCIAL HIGHLIGHTS (CONTINUED)
Large-Cap Index Fund Investor Shares
For a Share Outstanding Throughout the Period | Jan. 30* to Dec. 31, 2004 |
---|---|
Net Asset Value, Beginning of Period | $20.00 |
Investment Operations | |
Net Investment Income | .39++ |
Net Realized and Unrealized Gain (Loss) on Investments | 1.41 |
Total from Investment Operations | 1.80 |
Distributions | |
Dividends from Net Investment Income | (.39) |
Distributions from Realized Capital Gains | -- |
Total Distributions | (.39) |
Net Asset Value, End of Period | $21.41 |
Total Return** | 9.13% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $44 |
Ratio of Total Expenses to Average Net Assets | 0.20%+ |
Ratio of Net Investment Income to Average Net Assets | 1.92%+++ |
Portfolio Turnover Rate++++ | 5% |
*Inception.
**Total returns do not reflect the $10 account maintenance fee applied on balances under $10,000.
† Annualized. ‡ Net investment income per share and the ratio of net investment income to average net assets include $.05 and 0.30%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.
‡‡ Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
50
Large-Cap Index Fund Admiral Shares
For a Share Outstanding Throughout the Period | Feb. 2* to Dec. 31, 2004 |
---|---|
Net Asset Value, Beginning of Period | $25.08 |
Investment Operations | |
Net Investment Income | .501 + |
Net Realized and Unrealized Gain (Loss) on Investments | 1.692 |
Total from Investment Operations | 2.193 |
Distributions | |
Dividends from Net Investment Income | (.503) |
Distributions from Realized Capital Gains | -- |
Total Distributions | (.503) |
Net Asset Value, End of Period | $26.77 |
Total Return | 8.87% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $27 |
Ratio of Total Expenses to Average Net Assets | 0.12%** |
Ratio of Net Investment Income to Average Net Assets | 2.00%**+ |
Portfolio Turnover Rate++ | 5% |
*Inception.
**Annualized.
† Net investment income per share and the ratio of net investment income to average net assets include $.063 and 0.30%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.
†† Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
51
FINANCIAL HIGHLIGHTS (CONTINUED)
Large-Cap Index Fund VIPER Shares
For a Share Outstanding Throughout the Period | Jan. 27* to Dec. 31, 2004 |
---|---|
Net Asset Value, Beginning of Period | $50.01 |
Investment Operations | |
Net Investment Income | .958+ |
Net Realized and Unrealized Gain (Loss) on Investments | 2.983 |
Total from Investment Operations | 3.941 |
Distributions | |
Dividends from Net Investment Income | (.961) |
Distributions from Realized Capital Gains | -- |
Total Distributions | (.961) |
Net Asset Value, End of Period | $52.99 |
Total Return | 8.00% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $48 |
Ratio of Total Expenses to Average Net Assets | 0.12%** |
Ratio of Net Investment Income to Average Net Assets | 2.00%**+ |
Portfolio Turnover Rate++ | 5% |
*Inception.
**Annualized.
† Net investment income per share and the ratio of net investment income to average net assets include $.125 and 0.30%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.
†† Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
52
Total Stock Market Index Fund Investor Shares
Year Ended December 31, | |||||
---|---|---|---|---|---|
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $25.99 | $20.07 | $25.74 | $29.26 | $33.22 |
Investment Operations | |||||
Net Investment Income | .445** | .325 | .295 | .310 | .331 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.780 | 5.922 | (5.672) | (3.533) | (3.815) |
Total from Investment Operations | 3.225 | 6.247 | (5.377) | (3.223) | (3.484) |
Distributions | |||||
Dividends from Net Investment Income | (.445) | (.327) | (.293) | (.297) | (.336) |
Distributions from Realized Capital Gains | .-- | .-- | .-- | .-- | (.140) |
Total Distributions | (.445) | (.327) | (.293) | (.297) | (.476) |
Net Asset Value, End of Period | $28.77 | $25.99 | $20.07 | $25.74 | $29.26 |
Total Return* | 12.52% | 31.35% | -20.96% | -10.97% | -10.57% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $31,718 | $24,059 | $14,254 | $15,781 | $16,856 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.20% | 0.20% | 0.20% | 0.20% |
Ratio of Net Investment Income to Average Net Assets | 1.70%** | 1.49% | 1.32% | 1.11% | 1.04% |
Portfolio Turnover Rate+ | 4% | 2% | 2% | 3% | 7% |
*Total returns do not reflect the $10 annual account maintenance fee applied on balances under $10,000.
**Net investment income per share and the ratio of net investment income to average net assets include $.063 and 0.25%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004. † Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
53
FINANCIAL HIGHLIGHTS (CONTINUED)
Total Stock Market Index Fund Admiral Shares
Year Ended December 31, | |||||
---|---|---|---|---|---|
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | Nov.13* to Dec. 31, 2000 |
Net Asset Value, Beginning of Period | $25.99 | $20.07 | $25.75 | $29.26 | $30.22 |
Investment Operations | |||||
Net Investment Income | .468+ | .336 | .296 | .332 | .049 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.780 | 5.922 | (5.672) | (3.533) | (.830) |
Total from Investment Operations | 3.248 | 6.258 | (5.376) | (3.201) | (.781) |
Distributions | |||||
Dividends from Net Investment Income | (.468) | (.338) | (.304) | (.309) | (.099) |
Distributions from Realized Capital Gains | .-- | .-- | .-- | .-- | (.080) |
Total Distributions | (.468) | (.338) | (.304) | (.309) | (.179) |
Net Asset Value, End of Period | $28.77 | $25.99 | $20.07 | $25.75 | $29.26 |
Total Return | 12.61% | 31.42% | -20.95% - | 10.89% | -2.55% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $10,856 | $7,969 | $4,069 | $3,894 | $2,104 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.15% | 0.15% | 0.15% | 0.15%** |
Ratio of Net Investment Income to Average Net Assets | 1.79%+ | 1.54% | 1.39% | 1.17% | 1.23%** |
Portfolio Turnover Rate++ | 4% | 2% | 2% | 3% | 7% |
*Inception.
**Annualized.
† Net investment income per share and the ratio of net investment income to average net assets include $.063 and 0.25%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.
†† Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
54
Total Stock Market Index Fund Institutional Shares
Year Ended December 31, | |||||
---|---|---|---|---|---|
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | 2001 | 2000 |
Net Asset Value, Beginning of Period | $26.00 | $20.07 | $25.75 | $29.27 | $33.22 |
Investment Operations | |||||
Net Investment Income | .465* | .360 | .311 | .341 | .371 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.780 | 5.922 | (5.672) | (3.533) | (3.815) |
Total from Investment Operations | 3.245 | 6.282 | (5.361) | (3.192) | (3.444) |
Distributions | |||||
Dividends from Net Investment Income | (.475) | (.352) | (.319) | (.328) | (.366) |
Distributions from Realized Capital Gains | .-- | .-- | .-- | .-- | (.140) |
Total Distributions | (.475) | (.352) | (.319) | (.328) | (.506) |
Net Asset Value, End of Period | $28.77 | $26.00 | $20.07 | $25.75 | $29.27 |
Total Return | 12.60% | 31.55% | -20.90% | -10.85% | -10.46% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $10,181 | $8,000 | $4,466 | $4,217 | $4,272 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.82%* | 1.62% | 1.45% | 1.23% | 1.14% |
Portfolio Turnover Rate** | 4% | 2% | 2% | 3% | 7% |
*Net investment income per share and the ratio of net investment income to average net assets include $.063 and 0.25%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.
**Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
55
FINANCIAL HIGHLIGHTS (CONTINUED)
Total Stock Market Index Fund VIPER Shares
Year Ended December 31, | ||||
---|---|---|---|---|
For a Share Outstanding Throughout Each Period | 2004 | 2003 | 2002 | May 24* to Dec. 31, 2001 |
Net Asset Value, Beginning of Period | $106.81 | $82.47 | $105.80 | $118.46 |
Investment Operations | ||||
Net Investment Income | 1.893+ | 1.381 | 1.259 | .843 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.409 | 24.341 | (23.337) | (12.515) |
Total from Investment Operations | 13.302 | 25.722 | (22.078) | (11.672) |
Distributions | ||||
Dividends from Net Investment Income | (1.902) | (1.382) | (1.252) | (.988) |
Distributions from Realized Capital Gains | -- | -- | -- | -- |
Total Distributions | (1.902) | (1.382) | (1.252) | (.988) |
Net Asset Value, End of Period | $118.21 | $106.81 | $82.47 | $105.80 |
Total Return | 12.57% | 31.43% | -20.94% | -9.82% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $4,259 | $2,517 | $1,290 | $1,195 |
Ratio of Total Expenses to Average Net Assets | 0.13% | 0.15% | 0.15% | 0.15%** |
Ratio of Net Investment Income to Average Net Assets | 1.79%+ | 1.54% | 1.38% | 1.26%** |
Portfolio Turnover Rate++ | 4% | 2% | 2% | 3% |
*Inception.
**Annualized.
† Net investment income per share and the ratio of net investment income to average net assets include $.259 and 0.25%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.
†† Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including VIPER Creation Units.
SEE ACCOMPANYING NOTES, WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
56
NOTES TO FINANCIAL STATEMENTS
Vanguard Growth Index, Value Index, Large-Cap Index, and Total Stock Market Index Funds are registered under the Investment Company Act of 1940 as open-end investment companies, or mutual funds. The funds offer four classes of shares: Investor Shares, Admiral Shares, Institutional Shares, and VIPER Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, servicing, tenure, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and servicing criteria and invest a minimum of $10 million. VIPER Shares are listed for trading on the American Stock Exchange; they can be purchased and sold through a broker.
The Growth Index Fund and Value Index Fund VIPER Shares were first issued on January 26, 2004, and offered to the public on January 30, 2004. The Large-Cap Index Fund VIPER Shares were first issued on January 27, 2004, and offered to the public on January 30, 2004. The Large-Cap Index Fund Investor and Admiral Shares were first issued on January 30, 2004, and February 2, 2004, respectively. The Large-Cap Index Fund has not issued any Institutional Shares through December 31, 2004.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The funds consistently follow such policies in preparing their financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the funds’ pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity 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.Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Futures Contracts: The Total Stock Market Index Fund uses S&P 500 Index, S&P MidCap 400 Index, and Russell 2000 Index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures contracts in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. 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. Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
3. Repurchase Agreements: The funds, along with other members of The Vanguard Group, may transfer uninvested cash balances into a pooled cash account, which is invested in repurchase agreements secured by U.S. government and agency securities. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each
57
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.
4. Federal Income Taxes: Each fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Accordingly, no provision for federal income taxes is required in the financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Security Lending: The funds may lend their securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The funds invest cash collateral received in Vanguard Market Liquidity Fund, and record a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents the income earned on investing cash collateral, less expenses associated with the loan.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to each fund under methods approved by the board of trustees. Each fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At December 31, 2004, the funds had contributed capital to Vanguard (included in Other Assets) of:
Index Fund | Capital Contribution to Vanguard (000) | Percentage of Fund Net Assets | Percentage of Vanguard's Capitalization |
---|---|---|---|
Growth | $1,339 | 0.01% | 1.34% |
Value | 744 | 0.01 | 0.74 |
Large-Cap | 14 | 0.01 | 0.01 |
Total Stock Market | 7,381 | 0.01 | 7.38 |
The funds’ trustees and officers are also directors and officers of Vanguard.
C. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
58
During the year ended December 31, 2004, the Growth Index, Value Index, Large-Cap Index, and Total Stock Market Index Funds realized $23,159,000, $13,533,000, ($891,000), and $144,269,000, respectively, of net capital gains (losses) resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains (losses) are not taxable to the funds, and are not distributed to shareholders, they have been reclassified from accumulated net realized gains (losses) to paid-in capital. The Large-Cap Index Fund used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the fund has reclassified $20,000 from accumulated net realized gains to paid-in capital.
At December 31, 2004, the funds had the following tax-basis amounts available for distribution, and capital losses available to offset future net capital gains:
Amount Available for Distribution | Capital Losses | |||
---|---|---|---|---|
Index Fund | Ordinary Income (000) | Long-Term Capital Gain (000) | Amount (000) | Expiration: Fiscal Years Ending December 31 |
Growth | $(56)* | -- | $3,615,932 | 2008-2011 |
Value | 799 | -- | 788,442 | 2010-2011 |
Large-Cap | 13 | -- | -- | -- |
Total Stock Market | 6,063 | -- | 1,010,290 | 2009-2011 |
*Amount of the fund’s December 2004 dividend payable in January 2005 that will be used to reduce required 2005 ordinary income dividends.
At December 31, 2004, net unrealized appreciation (depreciation) of investment securities for tax purposes was:
(000) | |||
---|---|---|---|
Index Fund | Appreciated Securities | Depreciated Securities | Net Unrealized Appreciation (Depreciation) |
Growth | $2,844,947 | $(251,082) | $2,593,865 |
Value | 1,254,087 | (286,828) | 967,259 |
Large-Cap | 9,039 | (2,394) | 6,645 |
Total Stock Market | 12,676,035 | (3,981,491) | 8,694,544 |
At December 31, 2004, the aggregate settlement value of open futures contracts expiring in March 2005 and the related unrealized appreciation (depreciation) were:
(000) | |||
---|---|---|---|
Index Fund/Futures Contracts | Number of Long Contracts | Aggregate Settlement Value | Unrealized Appreciation (Depreciation) |
Total Stock Market/ | |||
E-mini S&P 500 Index | 650 | $39,445 | $44 |
S&P MidCap 400 Index | 79 | 26,281 | 749 |
S&P 500 Index | 64 | 19,419 | 213 |
Russell 2000 Index | 24 | 7,848 | 209 |
59
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
D. During the year ended December 31, 2004, purchases and sales of investment securities other than temporary cash investments were:
(000) | ||
---|---|---|
Index Fund | Purchases | Sales |
Growth | $2,579,061 | $2,390,626 |
Value | 1,966,093 | 920,955 |
Large-Cap | 196,038 | 82,824 |
Total Stock Market | 11,449,079 | 2,259,634 |
E. The market value of securities on loan to broker/dealers at December 31, 2004, and collateral received with respect to such loans were:
(000) | ||
---|---|---|
Index Fund | Market Value of Loaned Securities | Cash Collateral Received |
Growth | 84,408 | $87,930 |
Value | 7,217 | 7,496 |
Total Stock Market | 1,041,022 | 1,115,322 |
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
---|---|---|---|---|
2004 | 2003 | |||
Index Fund | Amount (000) | Shares (000) | Amount (000) | Shares (000) |
Growth | ||||
Investor Shares | ||||
Issued | $1,068,659 | 42,318 | $1,112,070 | 50,491 |
Issued in Lieu of Cash Distributions | 81,360 | 3,167 | 48,439 | 2,221 |
Redeemed | (1,459,631) | (57,988) | (1,182,050) | (53,735) |
Net Increase (Decrease)--Investor Shares | (309,612) | (12,503) | (21,541) | (1,023) |
Admiral Shares | ||||
Issued | 339,642 | 13,475 | 319,578 | 14,466 |
Issued in Lieu of Cash Distributions | 12,698 | 495 | 6,879 | 313 |
Redeemed | (297,853) | (11,810) | (190,848) | (8,613) |
Net Increase (Decrease)--Admiral Shares | 54,487 | 2,160 | 135,609 | 6,166 |
Institutional Shares | ||||
Issued | 534,027 | 21,240 | 358,863 | 16,602 |
Issued in Lieu of Cash Distributions | 12,357 | 481 | 5,769 | 265 |
Redeemed | (206,769) | (8,222) | (410,805) | (19,312) |
Net Increase (Decrease)--Institutional Shares | 339,615 | 13,499 | (46,173) | (2,445) |
60
Year Ended December 31, | ||||
---|---|---|---|---|
2004* | 2003 | |||
Index Fund | Amount (000) | Shares (000) | Amount (000) | Shares (000) |
Growth | ||||
VIPER Shares | ||||
Issued | $148,481 | 3,030 | -- | -- |
Issued in Lieu of Cash Distributions | -- | -- | -- | -- |
Redeemed | (49,828) | (1,000) | -- | -- |
Net Increase (Decrease)--VIPER Shares | 98,653 | 2,030 | -- | -- |
Value | ||||
Investor Shares | ||||
Issued | $772,440 | 39,439 | $607,551 | 37,231 |
Issued in Lieu of Cash Distributions | 69,188 | 3,475 | 51,413 | 3,062 |
Redeemed | (562,863) | (28,782) | (577,468) | (36,125) |
Net Increase (Decrease)--Investor Shares | 278,765 | 14,132 | 81,496 | 4,168 |
Admiral Shares | ||||
Issued | 359,324 | 18,348 | 304,350 | 18,620 |
Issued in Lieu of Cash Distributions | 19,025 | 955 | 12,109 | 719 |
Redeemed | (192,616) | (9,767) | (179,917) | (11,285) |
Net Increase (Decrease)--Admiral Shares | 185,733 | 9,536 | 136,542 | 8,054 |
Institutional Shares | ||||
Issued | 344,143 | 17,137 | 236,300 | 14,799 |
Issued in Lieu of Cash Distributions | 12,188 | 611 | 9,799 | 591 |
Redeemed | (159,262) | (8,098) | (323,553) | (20,938) |
Net Increase (Decrease)--Institutional Shares | 197,069 | 9,650 | (77,454) | (5,548) |
VIPER Shares | ||||
Issued | 414,041 | 8,122 | -- | -- |
Issued in Lieu of Cash Distributions | -- | -- | -- | -- |
Redeemed | (34,840) | (700) | -- | -- |
Net Increase (Decrease)--VIPER Shares | 379,201 | 7,422 | -- | -- |
Large-Cap | ||||
Investor Shares | ||||
Issued | $51,279 | 2,564 | -- | -- |
Issued in Lieu of Cash Distributions | 480 | 23 | -- | -- |
Redeemed | (10,355) | (516) | -- | -- |
Net Increase (Decrease)--Investor Shares | 41,404 | 2,071 | -- | -- |
Admiral Shares | ||||
Issued | 27,830 | 1,107 | -- | -- |
Issued in Lieu of Cash Distributions | 239 | 9 | -- | -- |
Redeemed | (2,829) | (115) | -- | -- |
Net Increase (Decrease)--Admiral Shares | 25,240 | 1,001 | -- | -- |
VIPER Shares | ||||
Issued | 124,896 | 2,500 | -- | -- |
Issued in Lieu of Cash Distributions | -- | -- | -- | -- |
Redeemed | (78,476) | (1,600) | -- | -- |
Net Increase (Decrease)--VIPER Shares | 46,420 | 900 | -- | -- |
*Large-Cap Index Fund results are for the period since inception, January 27, 2004.
61
Year Ended December 31, | ||||
---|---|---|---|---|
2004 | 2003 | |||
Index Fund | Amount (000) | Shares (000) | Amount (000) | Shares (000) |
Total Stock Market | ||||
Investor Shares | ||||
Issued | $8,192,514 | 308,437 | $7,122,285 | 324,147 |
Issued in Lieu of Cash Distributions | 451,435 | 16,552 | 267,229 | 11,591 |
Redeemed | (3,943,620) | (148,108) | (2,681,561) | (120,340) |
Net Increase (Decrease)--Investor Shares | 4,700,329 | 176,881 | 4,707,953 | 215,398 |
Admiral Shares | ||||
Issued | 3,063,178 | 114,860 | 3,028,715 | 136,668 |
Issued in Lieu of Cash Distributions | 142,737 | 5,234 | 78,377 | 3,392 |
Redeemed | (1,316,251) | (49,313) | (818,842) | (36,234) |
Net Increase (Decrease)--Admiral Shares | 1,889,664 | 70,781 | 2,288,250 | 103,826 |
Institutional Shares | ||||
Issued | 2,841,789 | 106,828 | 3,065,400 | 130,293 |
Issued in Lieu of Cash Distributions | 140,066 | 5,142 | 77,606 | 3,353 |
Redeemed | (1,778,387) | (65,903) | (1,108,064) | (48,413) |
Net Increase (Decrease)--Institutional Shares | 1,203,468 | 46,067 | 2,034,942 | 85,233 |
VIPER Shares | ||||
Issued | 1,444,442 | 13,064 | 782,045 | 8,467 |
Issued in Lieu of Cash Distributions | -- | -- | 969 | 11 |
Redeemed | (66,441) | (600) | (43,782) | (550) |
Net Increase (Decrease)--VIPER Shares | 1,378,001 | 12,464 | 739,232 | 7,928 |
62
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Trustees of Vanguard U.S. Stock Index Funds:
In our opinion, the accompanying statements of net assets appearing herein and the statement of net assets and the statement of net assets—investments summary appearing in the inserts to this annual report and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Growth Index Fund, Value Index Fund, Total Stock Market Index Fund, and Large-Cap Index Fund (separate funds of Vanguard U.S. Stock Index Funds, hereafter referred to as the “Funds”) at December 31, 2004, the results of each of their operations for the year then ended and for the Large-Cap Index Fund for the period January 27, 2004 (commencement of operations) through December 31, 2004, and the changes in each of their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2004 by correspondence with the custodian and broker and by agreement to the underlying ownership records for Vanguard Market Liquidity Fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 8, 2005
63
SPECIAL 2004 TAX INFORMATION
(UNAUDITED) FOR VANGUARD U.S. STOCK INDEX FUNDS (LARGE-CAPITALIZATION PORTFOLIOS)
This information for the fiscal year ended December 31, 2004, is included pursuant to provisions of the Internal Revenue Code.
For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends-received deduction is as follows:
Index Fund | Percentage |
---|---|
Growth | 100.0% |
Value | 100.0 |
Large-Cap | 99.7 |
Total Stock Market | 99.7 |
The funds distributed the following amounts of qualified dividend income to shareholders during the fiscal year:
Index Fund | Dividends Paid |
---|---|
Growth | $116,698 |
Value | 117,365 |
Large-Cap | 1,579 |
Total Stock Market | 860,320 |
64
INVESTING IS FAST, EASY, AND SECURE ON VANGUARD.COM
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RESEARCH AND PLAN YOUR INVESTMENTS WITH CONFIDENCE
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65
INVEST WITH VANGUARD FOR YOUR RETIREMENT
Vanguard offers low-cost, high-quality solutions that combine a variety of investment choices to help you achieve your retirement goals.
A Vanguard traditional IRA enables you to make deductible or nondeductible contributions that can grow tax-deferred until you take distributions in retirement, while a Vanguard Roth IRA allows you to make nondeductible contributions with tax-free withdrawals when you take qualified distributions.
With either type of Vanguard IRA®, your investment options include:
• Vanguard mutual funds
Select from our comprehensive lineup of more than 70 low-cost mutual funds suitable for retirement investing—all with no sales commissions—to help you reach your retirement goals. We offer a broad selection of stock, bond, balanced, and money market funds.
• Vanguard Target Retirement Funds
Choose a single, all-in-one portfolio that is professionally managed and well diversified. It automatically shifts from a more aggressive to a more conservative asset allocation as your target retirement date approaches, so you can leave the time-consuming details of portfolio management to Vanguard.
• Other investment options
Consolidate and build your portfolio in a single account that provides access to the universe of stocks, bonds, options, certificates of deposit (CDs), exchange-traded funds (ETFs), and non-Vanguard mutual funds through Vanguard Brokerage Services®.
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When you change jobs or retire, you can take greater control of your investments by rolling over your assets in an employer-sponsored retirement plan to a Vanguard IRA. To initiate a rollover, visit Vanguard.com, where you can complete our easy online application. You can also print out the application and mail it to us—or call a Vanguard retirement specialist at 1-800-205-6189.
MAXIMIZE YOUR RETIREMENT INVESTMENTS
Are you taking full advantage of your IRA? You should be. With increased contribution limits, these tax-advantaged accounts are powerful options for retirement savers. To take full advantage of your retirement account, consider these simple, but important, steps:
• Contribute the maximum amount each year.
If you invest as much in your IRA as the law allows—$3,000 for 2004 and $4,000 for 2005 if you are under the age of 50, and $3,500 and $4,500, respectively, if you are aged 50 or older—you will increase your chances of meeting your retirement goals. Provided you meet the eligibility requirements, max out your contribution every year you can.
• Make automatic contributions.
You can make regular contributions to your IRA by taking advantage of Vanguard’s Automatic Investment Plan, which deducts your contributions from your bank account on a schedule you select—making retirement investing a healthy habit.
• Keep your savings on course.
Unless you’ve invested in a Vanguard Target Retirement Fund, you should rebalance your account periodically to ensure that your target asset allocations are aligned to meet your retirement objectives.
• Protect those you care about.
You determine who will receive your retirement assets after your death, so it’s important to keep your beneficiary designations up to date. They will generally override any other instructions—even those in your will.
• Adopt a long-term approach.A successful investment strategy requires a long-term perspective and staying on course—even when the financial markets are declining. Market-timing and performance-chasing are losing strategies that can cause you to stray from the path to your retirement goals.
If you have any questions about IRAs or would like to talk to a Vanguard retirement specialist, call 1-800-205-6189.
THE PEOPLE WHO GOVERN YOUR FUND
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals.
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members’ responsibilities are
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
John J. Brennan* (1954) May 1987 | Chairman of the Board, Chief Executive Officer, and Trustee (131) | Chairman of the Board,Chief Executive Officer, and Director/Trustee of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group. |
INDEPENDENT TRUSTEES | ||
Charles D. Ellis (1937) January 2001 | Trustee (131) | The Partners of `63 (pro bono ventures in education); Senior Advisor to Greenwich Associates (international business strategy consulting); Successor Trustee of Yale University; Overseer of the Stern School of Business at New York University; Trustee of the Whitehead Institute for Biomedical Research. |
Rajiv L. Gupta (1945) December 2001† | Trustee (131) | Chairman and Chief Executive Officer (since October 1999), Vice Chairman (January-September 1999), and Vice President (prior to September 1999) of Rohm and Haas Co. (chemicals); Director of Technitrol, Inc. (electronic components), and Agere Systems (commu- nications components); Board Member of the American Chemistry Council; Trustee of Drexel University. |
JoAnn Heffernan Heisen (1950) July 1998 | Trustee (131) | Vice President, Chief Information Officer, and Member of the Executive Committee of Johnson & Johnson (pharmaceuticals/ consumer products); Director of the University Medical Center at Princeton and Women's Research and Education Institute. |
Burton G. Malkiel (1932) May 1977 | Trustee (129) | Chemical Bank Chairman's Professor of Economics, Princeton University; Director of Vanguard Investment Series plc (Irish invest- ment fund) (since November 2001), Vanguard Group (Ireland) Limited (investment management) (since November 2001), Prudential Insurance Co. of America, BKF Capital (investment management), The Jeffrey Co. (holding company), and NeuVis, Inc. (software company). |
† | December 2002 for Vanguard® Equity Income Fund, Vanguard® Growth Equity Fund, the Vanguard® Municipal Bond Funds, and the Vanguard® State Tax-Exempt Funds. |
selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers.
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482.
Name (Year of Birth) Trustee/Officer Since | Position(s) Held with Fund (Number of Vanguard Funds Overseen by Trustee/Officer) | Principal Occupation(s) During the Past Five Years |
---|---|---|
Alfred M. Rankin, Jr. (1941) January 1993 | Trustee (131) | Chairman, President, Chief Executive Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/lignite); Director of Goodrich Corporation (industrial products/aircraft systems and services); Director of Standard Products Company (supplier for the automotive industry) until 1998. |
J. Lawrence Wilson (1936) April 1985 | Trustee (131) | Retired Chairman and Chief Executive Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines), MeadWestvaco Corp. (paper products), and AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University. |
EXECUTIVE OFFICERS* | ||
R. Gregory Barton (1951) June 2001 | Secretary (131) | Managing Director and General Counsel of The Vanguard Group, Inc.; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group. |
Thomas J. Higgins (1957) July 1998 | Treasurer (131) | Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group. |
*Officers of the funds are “interested persons” as defined in the Investment Company Act of 1940.
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
VANGUARD SENIOR MANAGEMENT TEAM | |
Mortimer J. Buckley, Information Technology. James H. Gately, Investment Programs and Services. Kathleen C. Gubanich, Human Resources. F. William McNabb, III, Client Relationship Group. | Michael S. Miller, Planning and Development. Ralph K. Packard, Finance. George U. Sauter, Chief Investment Officer. |
John C. Bogle, Founder; Chairman and Chief Executive Officer, 1974-1996. | |
Post Office Box 2600
Valley Forge, PA 19482-2600
Vanguard, The Vanguard Group, Vanguard.com, Vanguard IRA, Vanguard Brokerage Services, Admiral, PlainTalk, VIPER *, VIPERs*, and the ship logo are trademarks of The Vanguard Group, Inc.
The funds or securities referred to herein that are offered by The Vanguard Group and track an MSCI index are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. For such funds or securities, the prospectus or the Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with The Vanguard Group.
All other marks are the exclusive property of their respective owners.
All comparative mutual fund data are from Lipper Inc. or Morningstar, Inc., unless otherwise noted.
For More Information
This report is intended for the funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the appropriate fund prospectus. To receive a free copy of the prospectus or the Statement of Additional Information, or to request additional information about the funds or other Vanguard funds, please contact us at one of the adjacent telephone numbers or by e-mail through Vanguard.com. Prospectuses may also be viewed online.
You can obtain a free copy of Vanguard's proxy voting guidelines by visiting our website, www.vanguard.com, and searching for "proxy voting guidelines," or by calling Vanguard at 1- 800- 662-2739. They are also available from the SEC's website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either www.vanguard.com or www.sec.gov.
You can review and copy information about your fund at the SEC's Public Reference Room in Washington, D.C. To find out more about this public service, call the SEC at 1-202-942- 8090. Information about your fund is also available on the SEC's website, and you can receive copies of this information, for a fee, by sending a request in either of two ways: via e-mail addressed to publicinfo@sec.gov or via regular mail addressed to the Public Reference Section, Securities and Exchange Commission, Washington, DC 20549-0102.
*Patent pending.
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(C)2005 The Vanguard Group, Inc.
All rights reserved.
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Q850 022005
As of 12/31/2004
VANGUARD(R)U.S. STOCK INDEX FUNDS LARGE-CAP INDEX FUND
STATEMENT OF NET ASSETS
The Statement of Net Assets should be read in conjunction with the Statement of Operations, Statement of Changes in Net Assets, Financial Highlights, Notes to Financial Statements, and Report of Independent Registered Public Accounting Firm, all of which appear in the accompanying report. This Statement provides a detailed list of the fund's holdings, including each security's market value on the last day of the reporting period. Securities are grouped and subtotaled by asset type (common stocks, bonds, etc.) and by industry sector according to Frank Russell Company. Other assets are added to, and liabilities are subtracted from, the value of Total Investments to calculate the fund's Net Assets. Finally, Net Assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) Per Share.
At the end of the Statement of Net Assets, you will find a table displaying the composition of the fund's net assets. Because all income and any realized gains must be distributed to shareholders each year, the bulk of net assets consists of Paid-in Capital (money invested by shareholders). The amounts shown for Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the sums the fund had available to distribute to shareholders as income dividends or capital gains as of the statement date, but may differ because certain investments or transactions may be treated differently for financial statement and tax purposes. Any Accumulated Net Realized Losses, and any cumulative excess of distributions over net income or net realized gains, will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund's investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values. The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund's semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund's Forms N-Q on the SEC's website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC's Public Reference Room (see the back cover of this report for further information).
Large-Cap Index Fund | Shares | Market Value^ (000) | ||
---|---|---|---|---|
COMMON STOCKS (100.1%) | ||||
Auto&Transportation (2.2%) | ||||
United Parcel Service, Inc. | 5,952 | $509 | ||
FedEx Corp. | 2,897 | 285 | ||
Ford Motor Co. | 17,888 | 262 | ||
General Motors Corp. | 5,153 | 206 | ||
Harley-Davidson, Inc. | 2,961 | 180 | ||
Burlington Northern Santa Fe Corp. | 3,756 | 178 | ||
Union Pacific Corp. | 2,519 | 169 | ||
Norfolk Southern Corp. | 3,932 | 142 | ||
PACCAR, Inc. | 1,703 | 137 | ||
Southwest Airlines Co. | 7,041 | 115 | ||
CSX Corp. | 2,193 | 88 | ||
Genuine Parts Co. | 1,741 | 77 | ||
Expeditors International | ||||
of Washington, Inc. | 1,041 | $58 | ||
Delphi Corp. | 5,114 | 46 | ||
C.H. Robinson Worldwide, Inc. | 795 | 44 | ||
Lear Corp. | 679 | 41 | ||
Gentex Corp. | 697 | 26 | ||
Dana Corp. | 1,413 | 25 | ||
*JetBlue Airways Corp. | 689 | 16 | ||
*TRW Automotive Holdings Corp. | 347 | 7 | ||
2,611 | ||||
Consumer Discretionary (14.6%) | ||||
Wal-Mart Stores, Inc. | 25,832 | 1,364 | ||
Home Depot, Inc. | 22,270 | 952 | ||
*Time Warner, Inc. | 44,662 | 868 | ||
1
Large-Cap Index Fund | Shares | Market Value^ (000) |
---|---|---|
*eBay Inc. | 5,081 | $591 |
The Walt Disney Co. | 20,882 | 581 |
Viacom Inc. Class B | 15,064 | 548 |
*Yahoo! Inc. | 12,421 | 468 |
Target Corp. | 8,731 | 453 |
Gillette Co. | 9,696 | 434 |
Lowe's Cos., Inc. | 7,403 | 426 |
McDonald's Corp. | 12,649 | 406 |
Kimberly-Clark Corp. | 5,038 | 332 |
Liberty Media Corp. | 25,562 | 281 |
*The News Corp., Inc. | 14,371 | 268 |
*Starbucks Corp. | 4,050 | 253 |
Carnival Corp. | 4,210 | 243 |
Cendant Corp. | 10,310 | 241 |
Costco Wholesale Corp. | 4,617 | 224 |
Gannett Co., Inc. | 2,714 | 222 |
*Electronic Arts Inc. | 3,047 | 188 |
Avon Products, Inc. | 4,770 | 185 |
The McGraw-Hill Cos., Inc. | 1,988 | 182 |
Waste Management, Inc. | 5,944 | 178 |
NIKE, Inc. Class B | 1,926 | 175 |
Clear Channel Communications, Inc. | 5,168 | 173 |
Staples, Inc. | 5,124 | 173 |
Best Buy Co., Inc. | 2,844 | 169 |
Omnicom Group Inc. | 1,898 | 160 |
*Kohl's Corp. | 3,085 | 152 |
Yum! Brands, Inc. | 2,923 | 138 |
*Amazon.com, Inc. | 3,027 | 134 |
The Gap, Inc. | 6,325 | 134 |
*IAC/InterActiveCorp | 4,785 | 132 |
Starwood Hotels & | ||
Resorts Worldwide, Inc. | 2,140 | 125 |
TJX Cos., Inc. | 4,930 | 124 |
*Apollo Group, Inc. Class A | 1,525 | 123 |
Marriott International, Inc. Class A | 1,939 | 122 |
*Bed Bath & Beyond, Inc. | 3,038 | 121 |
International Game Technology | 3,453 | 119 |
J.C. Penney Co., Inc. (Holding Co.) | 2,849 | 118 |
*Accenture Ltd. | 4,280 | 116 |
*DirecTV Group, Inc. | 6,895 | 115 |
*News Corp., Inc., Class B | 5,864 | 113 |
*Coach, Inc. | 1,940 | 109 |
Federated Department Stores, Inc. | 1,771 | 102 |
Sears, Roebuck & Co. | 1,962 | 100 |
*Google Inc. | 489 | 94 |
Eastman Kodak Co. | 2,904 | 94 |
Tribune Co. | 2,202 | 93 |
*Sirius Satellite Radio, Inc. | 11,790 | 90 |
*VeriSign, Inc. | 2,551 | 86 |
Hilton Hotels Corp. | 3,699 | 84 |
Harman International | ||
Industries, Inc. | 648 | 82 |
Mattel, Inc. | 4,179 | 81 |
May Department Stores Co. | 2,750 | 81 |
Limited Brands, Inc. | 3,481 | 80 |
Harrah's Entertainment, Inc. | 1,163 | 78 |
Black & Decker Corp. | 843 | 74 |
R.R. Donnelley & Sons Co. | 2,064 | 73 |
EchoStar Communications Corp. | ||
Class A | 2,187 | 73 |
*Liberty Media International Inc. | ||
Class A | 1,555 | 72 |
*Fisher Scientific International Inc. | 1,135 | 71 |
*Univision Communications Inc. | 2,354 | 69 |
Newell Rubbermaid, Inc. | 2,840 | 69 |
*XM Satellite Radio Holdings, Inc. | 1,767 | 66 |
*AutoZone Inc. | 699 | 64 |
*Fox Entertainment Group, Inc. | ||
Class A | 1,909 | 60 |
Dollar General Corp. | 2,872 | 60 |
Estee Lauder Cos. Class A | 1,291 | 59 |
New York Times Co. Class A | 1,430 | 58 |
*Caesars Entertainment, Inc. | 2,835 | 57 |
Washington Post Co. Class B | 58 | 57 |
*Interpublic Group of Cos., Inc. | 4,246 | 57 |
Cintas Corp. | 1,252 | 55 |
*Office Depot, Inc. | 3,091 | 54 |
Leggett & Platt, Inc. | 1,872 | 53 |
*MGM Mirage, Inc. | 717 | 52 |
Mandalay Resort Group | 723 | 51 |
Knight Ridder | 743 | 50 |
PETsMART, Inc. | 1,395 | 50 |
Republic Services, Inc. Class A | 1,472 | 49 |
Nordstrom, Inc. | 1,037 | 48 |
RadioShack Corp. | 1,464 | 48 |
VF Corp. | 865 | 48 |
CDW Corp. | 720 | 48 |
*Mohawk Industries, Inc. | 516 | 47 |
Robert Half International, Inc. | 1,576 | 46 |
Whirlpool Corp. | 668 | 46 |
*Kmart Holding Corp. | 462 | 46 |
Family Dollar Stores, Inc. | 1,448 | 45 |
Jones Apparel Group, Inc. | 1,232 | 45 |
Tiffany & Co. | 1,408 | 45 |
Liz Claiborne, Inc. | 1,059 | 45 |
Ross Stores, Inc. | 1,544 | 45 |
2
Shares | Market Value^ (000) | |||
---|---|---|---|---|
Michaels Stores, Inc. | 1,469 | $44 | ||
Foot Locker, Inc. | 1,603 | 43 | ||
*Toys R Us, Inc. | 2,101 | 43 | ||
Darden Restaurants Inc. | 1,540 | 43 | ||
Abercrombie & Fitch Co. | 902 | 42 | ||
Manpower Inc. | 873 | 42 | ||
E.W. Scripps Co. Class A | 860 | 42 | ||
Wendy's International, Inc. | 1,041 | 41 | ||
Fastenal Co. | 661 | 41 | ||
*Career Education Corp. | 1,009 | 40 | ||
*ChoicePoint Inc. | 859 | 40 | ||
ServiceMaster Co. | 2,815 | 39 | ||
*Chico's FAS, Inc. | 841 | 38 | ||
The Stanley Works | 773 | 38 | ||
*Wynn Resorts Ltd. | 553 | 37 | ||
International Flavors & | ||||
Fragrances, Inc. | 844 | 36 | ||
*Lamar Advertising Co. Class A | 842 | 36 | ||
*AutoNation, Inc. | 1,840 | 35 | ||
*Williams-Sonoma, Inc. | 1,005 | 35 | ||
Alberto-Culver Co. Class B | 682 | 33 | ||
*Dollar Tree Stores, Inc. | 1,144 | 33 | ||
*Advance Auto Parts, Inc. | 751 | 33 | ||
*CarMax, Inc. | 1,023 | 32 | ||
Hasbro, Inc. | 1,633 | 32 | ||
*Brinker International, Inc. | 897 | 31 | ||
Aramark Corp. Class B | 1,186 | 31 | ||
Outback Steakhouse | 660 | 30 | ||
GTECH Holdings Corp. | 1,121 | 29 | ||
Sabre Holdings Corp. | 1,300 | 29 | ||
Circuit City Stores, Inc. | 1,794 | 28 | ||
*Iron Mountain, Inc. | 877 | 27 | ||
Belo Corp. Class A | 975 | 26 | ||
*Pixar, Inc. | 289 | 25 | ||
*Westwood One, Inc. | 840 | 23 | ||
Polo Ralph Lauren Corp. | 527 | 22 | ||
Reebok International Ltd. | 507 | 22 | ||
*Convergys Corp. | 1,384 | 21 | ||
*Telewest Global, Inc. | 1,115 | 20 | ||
Meredith Corp. | 353 | 19 | ||
*Rent-A-Center, Inc. | 672 | 18 | ||
*Allied Waste Industries, Inc. | 1,918 | 18 | ||
International Speedway Corp. | 317 | 17 | ||
*Weight Watchers International, Inc. | 387 | 16 | ||
*Hewitt Associates, Inc. | 412 | 13 | ||
The McClatchy Co. Class A | 181 | 13 | ||
*Entercom Communications Corp. | 359 | 13 | ||
*DreamWorks Animation SKG, Inc. | 337 | 13 | ||
Dex Media, Inc. | 505 | 13 | ||
*Columbia Sportswear Co. | 154 | 9 | ||
Hearst-Argyle Television Inc. | 308 | 8 | ||
*Citadel Broadcasting Corp. | 456 | 7 | ||
Regal Entertainment Group Class A | 344 | 7 | ||
*Cox Radio, Inc. | 362 | 6 | ||
Metro-Goldwyn-Mayer Inc. | 443 | 5 | ||
17,410 | ||||
Consumer Staples (6.9%) | ||||
The Procter & Gamble Co. | 24,476 | 1,348 | ||
Altria Group, Inc. | 20,802 | 1,271 | ||
The Coca-Cola Co. | 22,189 | 924 | ||
PepsiCo, Inc. | 17,167 | 896 | ||
Anheuser-Busch Cos., Inc. | 8,107 | 411 | ||
Walgreen Co. | 10,398 | 399 | ||
Colgate-Palmolive Co. | 5,350 | 274 | ||
Sysco Corp. | 6,424 | 245 | ||
Sara Lee Corp. | 8,017 | 194 | ||
CVS Corp. | 4,069 | 183 | ||
General Mills, Inc. | 3,358 | 167 | ||
ConAgra Foods, Inc. | 5,334 | 157 | ||
H.J. Heinz Co. | 3,469 | 135 | ||
*The Kroger Co. | 7,206 | 126 | ||
Kellogg Co. | 2,531 | 113 | ||
Wm. Wrigley Jr. Co. | 1,414 | 98 | ||
Hershey Foods Corp. | 1,751 | 97 | ||
Kraft Foods Inc. | 2,702 | 96 | ||
The Clorox Co. | 1,499 | 88 | ||
*Safeway, Inc. | 4,452 | 88 | ||
UST, Inc. | 1,700 | 82 | ||
Reynolds American Inc. | 965 | 76 | ||
Albertson's, Inc. | 3,069 | 73 | ||
Campbell Soup Co. | 2,232 | 67 | ||
Whole Foods Market, Inc. | 642 | 61 | ||
Coca-Cola Enterprises, Inc. | 2,657 | 55 | ||
*Dean Foods Co. | 1,649 | 54 | ||
McCormick & Co., Inc. | 1,235 | 48 | ||
The Pepsi Bottling Group, Inc. | 1,746 | 47 | ||
SuperValu Inc. | 1,359 | 47 | ||
*Constellation Brands, Inc. Class A | 986 | 46 | ||
Tyson Foods, Inc. | 2,318 | 43 | ||
*Smithfield Foods, Inc. | 860 | 25 | ||
J.M. Smucker Co. | 521 | 25 | ||
Adolph Coors Co. Class B | 299 | 23 | ||
Hormel Foods Corp. | 713 | 22 | ||
Carolina Group | 719 | 21 | ||
Brown-Forman Corp. Class B | 361 | 18 | ||
PepsiAmericas, Inc. | 711 | 15 | ||
8,158 | ||||
3
Large-Cap Index Fund | Shares | Market Value^ (000) |
---|---|---|
Financial Services (22.4%) | ||
Citigroup, Inc. | 52,482 | $2,529 |
Bank of America Corp. | 41,298 | 1,941 |
American International Group, Inc. | 22,503 | 1,478 |
JPMorgan Chase & Co. | 36,144 | 1,410 |
Wells Fargo & Co. | 17,168 | 1,067 |
Wachovia Corp. | 16,359 | 860 |
Fannie Mae | 9,873 | 703 |
American Express Co. | 11,532 | 650 |
U.S. Bancorp | 19,105 | 598 |
Morgan Stanley | 10,044 | 558 |
Merrill Lynch & Co., Inc. | 9,054 | 541 |
Freddie Mac | 6,977 | 514 |
Washington Mutual, Inc. | 8,778 | 371 |
First Data Corp. | 8,674 | 369 |
MBNA Corp. | 12,388 | 349 |
Allstate Corp. | 6,696 | 346 |
The Goldman Sachs Group, Inc. | 3,184 | 331 |
Metropolitan Life Insurance Co. | 7,593 | 308 |
Prudential Financial, Inc. | 5,215 | 287 |
Automatic Data Processing, Inc. | 5,991 | 266 |
The Bank of New York Co., Inc. | 7,931 | 265 |
SunTrust Banks, Inc. | 3,442 | 254 |
St. Paul Travelers Cos., Inc. | 6,792 | 252 |
National City Corp. | 6,321 | 237 |
BB&T Corp. | 5,616 | 236 |
SLM Corp. | 4,373 | 233 |
Fifth Third Bancorp | 4,725 | 223 |
The Hartford Financial | ||
Services Group Inc. | 3,007 | 208 |
Lehman Brothers Holdings, Inc. | 2,375 | 208 |
Countrywide Financial Corp. | 5,601 | 207 |
Capital One Financial Corp. | 2,443 | 206 |
AFLAC Inc. | 5,152 | 205 |
PNC Financial Services Group | 2,897 | 166 |
State Street Corp. | 3,386 | 166 |
Progressive Corp. of Ohio | 1,956 | 166 |
Golden West Financial Corp. | 2,679 | 165 |
Marsh & McLennan Cos., Inc. | 4,923 | 162 |
Regions Financial Corp. | 4,463 | 159 |
The Chubb Corp. | 1,989 | 153 |
Simon Property Group, Inc. REIT | 2,126 | 137 |
KeyCorp | 3,883 | 132 |
Mellon Financial Corp. | 4,206 | 131 |
The Principal Financial Group, Inc. | 3,138 | 128 |
Charles Schwab Corp. | 10,470 | 125 |
North Fork Bancorp, Inc. | 4,244 | 122 |
ACE Ltd. | 2,861 | 122 |
CIGNA Corp. | 1,486 | 121 |
Equity Office Properties Trust REIT | 4,069 | 119 |
Paychex, Inc. | 3,420 | 117 |
Moody's Corp. | 1,336 | 116 |
Franklin Resources Corp. | 1,550 | 108 |
XL Capital Ltd. Class A | 1,378 | 107 |
Comerica, Inc. | 1,726 | 105 |
Equity Residential REIT | 2,843 | 103 |
Bear Stearns Co., Inc. | 1,003 | 103 |
CIT Group Inc. | 2,083 | 95 |
MBIA, Inc. | 1,505 | 95 |
AmSouth Bancorp | 3,655 | 95 |
Ambac Financial Group, Inc. | 1,151 | 95 |
Loews Corp. | 1,243 | 87 |
Northern Trust Corp. | 1,748 | 85 |
Vornado Realty Trust REIT | 1,114 | 85 |
Marshall & Ilsley Corp. | 1,901 | 84 |
*SunGard Data Systems, Inc. | 2,897 | 82 |
Lincoln National Corp. | 1,737 | 81 |
ProLogis REIT | 1,848 | 80 |
The Chicago Mercantile Exchange | 342 | 78 |
Sovereign Bancorp, Inc. | 3,457 | 78 |
H & R Block, Inc. | 1,590 | 78 |
*Fiserv, Inc. | 1,922 | 77 |
Legg Mason Inc. | 1,052 | 77 |
Archstone-Smith Trust REIT | 1,975 | 76 |
M & T Bank Corp. | 693 | 75 |
General Growth | ||
Properties Inc. REIT | 2,045 | 74 |
Popular, Inc. | 2,558 | 74 |
T. Rowe Price Group Inc. | 1,173 | 73 |
Fidelity National Financial, Inc. | 1,595 | 73 |
Jefferson-Pilot Corp. | 1,400 | 73 |
Plum Creek Timber Co. Inc. REIT | 1,877 | 72 |
MGIC Investment Corp. | 1,014 | 70 |
Synovus Financial Corp. | 2,440 | 70 |
Boston Properties, Inc. REIT | 1,049 | 68 |
SAFECO Corp. | 1,238 | 65 |
Banknorth Group, Inc. | 1,752 | 64 |
Aon Corp. | 2,625 | 63 |
Cincinnati Financial Corp. | 1,405 | 62 |
Torchmark Corp. | 1,074 | 61 |
Compass Bancshares Inc. | 1,225 | 60 |
Avalonbay Communities, Inc. REIT | 788 | 59 |
Kimco Realty Corp. REIT | 1,015 | 59 |
Zions Bancorp | 836 | 57 |
Host Marriott Corp. REIT | 3,283 | 57 |
Everest Re Group, Ltd. | 625 | 56 |
Huntington Bancshares Inc. | 2,199 | 55 |
*E*TRADE Financial Corp. | 3,511 | 53 |
4
Shares | Market Value^ (000) | |||
---|---|---|---|---|
First Horizon National Corp. | 1,217 | $52 | ||
Commerce Bancorp, Inc. | 798 | 51 | ||
White Mountains | ||||
Insurance Group Inc. | 78 | 50 | ||
UnumProvident Corp. | 2,787 | 50 | ||
*Providian Financial Corp. | 2,927 | 48 | ||
Radian Group, Inc. | 896 | 48 | ||
Developers Diversified | ||||
Realty Corp. REIT | 1,067 | 47 | ||
New York Community Bancorp, Inc. | 2,284 | 47 | ||
Duke Realty Corp. REIT | 1,370 | 47 | ||
Public Storage, Inc. REIT | 832 | 46 | ||
Old Republic International Corp. | 1,828 | 46 | ||
Mercantile Bankshares Corp. | 834 | 44 | ||
Doral Financial Corp. | 883 | 44 | ||
iStar Financial Inc. REIT | 944 | 43 | ||
*The Dun & Bradstreet Corp. | 712 | 42 | ||
TCF Financial Corp. | 1,318 | 42 | ||
Hibernia Corp. Class A | 1,432 | 42 | ||
UnionBanCal Corp. | 643 | 41 | ||
The Macerich Co. REIT | 647 | 41 | ||
Genworth Financial Inc. | 1,495 | 40 | ||
Health Care Properties | ||||
Investors REIT | 1,409 | 39 | ||
Janus Capital Group Inc. | 2,314 | 39 | ||
Associated Banc-Corp | 1,165 | 39 | ||
The PMI Group Inc. | 917 | 38 | ||
Allied Capital Corp. | 1,424 | 37 | ||
Liberty Property Trust REIT | 842 | 36 | ||
Equifax, Inc. | 1,281 | 36 | ||
Leucadia National Corp. | 518 | 36 | ||
*DST Systems, Inc. | 673 | 35 | ||
Weingarten Realty Investors REIT | 867 | 35 | ||
RenaissanceRe Holdings Ltd. | 661 | 34 | ||
Apartment Investment & | ||||
Management Co. Class A REIT | 892 | 34 | ||
City National Corp. | 481 | 34 | ||
Regency Centers Corp. REIT | 607 | 34 | ||
Investors Financial Services Corp. | 670 | 34 | ||
W.R. Berkley Corp. | 706 | 33 | ||
PartnerRe Ltd. | 536 | 33 | ||
AMB Property Corp. REIT | 813 | 33 | ||
Independence Community | ||||
Bank Corp. | 748 | 32 | ||
*Markel Corp. | 86 | 31 | ||
A.G. Edwards & Sons, Inc. | 723 | 31 | ||
*Ameritrade Holding Corp. | 2,168 | 31 | ||
Fulton Financial Corp. | 1,304 | 30 | ||
*CheckFree Corp. | 794 | 30 | ||
SEI Corp. | 720 | 30 | ||
Commerce Bancshares, Inc. | 570 | 29 | ||
Protective Life Corp. | 670 | 29 | ||
Hospitality Properties Trust REIT | 621 | 29 | ||
Bank of Hawaii Corp. | 557 | 28 | ||
Arthur J. Gallagher & Co. | 869 | 28 | ||
Astoria Financial Corp. | 697 | 28 | ||
New Plan Excel Realty Trust REIT | 1,015 | 28 | ||
Valley National Bancorp | 993 | 27 | ||
Eaton Vance Corp. | 524 | 27 | ||
Assurant, Inc. | 860 | 26 | ||
Axis Capital Holdings Ltd. | 949 | 26 | ||
Friedman, Billings, | ||||
Ramsey Group, Inc. REIT | 1,262 | 24 | ||
Fair, Isaac, Inc. | 648 | 24 | ||
Brown & Brown, Inc. | 544 | 24 | ||
Unitrin, Inc. | 497 | 23 | ||
Federated Investors, Inc. | 733 | 22 | ||
Hudson City Bancorp, Inc. | 589 | 22 | ||
Dow Jones & Co., Inc. | 498 | 21 | ||
Nationwide Financial Services, Inc. | 538 | 21 | ||
Deluxe Corp. | 527 | 20 | ||
Wilmington Trust Corp. | 533 | 19 | ||
Mercury General Corp. | 308 | 18 | ||
Montpelier Re Holdings Ltd. | 470 | 18 | ||
Erie Indemnity Co. Class A | 317 | 17 | ||
*WellChoice Inc. | 309 | 17 | ||
*CapitalSource Inc. | 621 | 16 | ||
BlackRock, Inc. | 192 | 15 | ||
Transatlantic Holdings, Inc. | 235 | 15 | ||
First National Bankshares of Florida | 600 | 14 | ||
Student Loan Corp. | 62 | 11 | ||
*BOK Financial Corp. | 184 | 9 | ||
Total System Services, Inc. | 362 | 9 | ||
Nuveen Investments, Inc. Class A | 178 | 7 | ||
Capitol Federal Financial | 190 | 7 | ||
26,627 | ||||
Health Care (12.5%) | ||||
Pfizer Inc. | 76,494 | 2,057 | ||
Johnson & Johnson | 30,137 | 1,911 | ||
*Amgen, Inc. | 13,026 | 836 | ||
Merck & Co., Inc. | 22,475 | 722 | ||
Abbott Laboratories | 15,022 | 701 | ||
Medtronic, Inc. | 12,212 | 607 | ||
UnitedHealth Group Inc. | 6,736 | 593 | ||
Eli Lilly & Co. | 10,322 | 586 | ||
Wyeth | 13,483 | 574 | ||
Bristol-Myers Squibb Co. | 19,741 | 506 | ||
*WellPoint Inc. | 3,027 | 348 |
5
Large-Cap Index Fund | Shares | Market Value^ (000) | ||
---|---|---|---|---|
Schering-Plough Corp. | 14,974 | $313 | ||
*Genentech, Inc. | 4,852 | 264 | ||
Cardinal Health, Inc. | 4,329 | 252 | ||
*Biogen Idec Inc. | 3,468 | 231 | ||
Guidant Corp. | 3,203 | 231 | ||
*Boston Scientific Corp. | 6,483 | 230 | ||
Baxter International, Inc. | 6,236 | 215 | ||
*Zimmer Holdings, Inc. | 2,510 | 201 | ||
Aetna Inc. | 1,541 | 192 | ||
*Caremark Rx, Inc. | 4,440 | 175 | ||
*Forest Laboratories, Inc. | 3,728 | 167 | ||
*Gilead Sciences, Inc. | 4,374 | 153 | ||
HCA Inc. | 3,786 | 151 | ||
*St. Jude Medical, Inc. | 3,549 | 149 | ||
*Genzyme Corp.-General Division | 2,538 | 147 | ||
Becton, Dickinson & Co. | 2,562 | 146 | ||
Stryker Corp. | 2,680 | 129 | ||
*Medco Health Solutions, Inc. | 2,746 | 114 | ||
Allergan, Inc. | 1,351 | 110 | ||
Biomet, Inc. | 2,416 | 105 | ||
McKesson Corp. | 2,759 | 87 | ||
Quest Diagnostics, Inc. | 834 | 80 | ||
*Laboratory Corp. | ||||
of America Holdings | 1,394 | 69 | ||
*MedImmune Inc. | 2,555 | 69 | ||
AmerisourceBergen Corp. | 1,169 | 69 | ||
C.R. Bard, Inc. | 1,043 | 67 | ||
*Varian Medical Systems, Inc. | 1,367 | 59 | ||
Health Management | ||||
Associates Class A | 2,520 | 57 | ||
*Sepracor Inc. | 930 | 55 | ||
IMS Health, Inc. | 2,303 | 53 | ||
*Express Scripts Inc. | 662 | 51 | ||
*Tenet Healthcare Corp. | 4,537 | 50 | ||
*Hospira, Inc. | 1,483 | 50 | ||
*Coventry Health Care Inc. | 922 | 49 | ||
Mylan Laboratories, Inc. | 2,729 | 48 | ||
*Humana Inc. | 1,524 | 45 | ||
*Patterson Cos | 1,024 | 44 | ||
Beckman Coulter, Inc. | 652 | 44 | ||
*Lincare Holdings, Inc. | 1,005 | 43 | ||
*Celgene Corp. | 1,576 | 42 | ||
DENTSPLY International Inc. | 707 | 40 | ||
*Barr Pharmaceuticals Inc. | 865 | 39 | ||
*Invitrogen Corp. | 559 | 38 | ||
*Millennium Pharmaceuticals, Inc. | 2,994 | 36 | ||
*Chiron Corp. | 1,059 | 35 | ||
Omnicare, Inc. | 1,003 | 35 | ||
*Kinetic Concepts, Inc. | 446 | 34 | ||
*Watson Pharmaceuticals, Inc. | 1,023 | 34 | ||
Bausch & Lomb, Inc. | 516 | 33 | ||
*Henry Schein, Inc. | 471 | 33 | ||
*Health Net Inc. | 1,088 | 31 | ||
*IVAX Corp. | 1,978 | 31 | ||
*ImClone Systems, Inc. | 676 | 31 | ||
Manor Care, Inc. | 863 | 31 | ||
*King Pharmaceuticals, Inc. | 2,447 | 30 | ||
*Triad Hospitals, Inc. | 797 | 30 | ||
*Cephalon, Inc. | 526 | 27 | ||
*Millipore Corp. | 498 | 25 | ||
Universal Health Services Class B | 525 | 23 | ||
*Community Health Systems, Inc. | 807 | 22 | ||
*WebMD Corp. | 2,701 | 22 | ||
14,907 | ||||
Integrated Oils (4.8%) | ||||
ExxonMobil Corp. | 65,936 | 3,380 | ||
ChevronTexaco Corp. | 21,661 | 1,137 | ||
ConocoPhillips Co. | 6,599 | 573 | ||
Occidental Petroleum Corp. | 3,997 | 233 | ||
Marathon Oil Corp. | 3,458 | 130 | ||
Unocal Corp. | 2,680 | 116 | ||
Amerada Hess Corp. | 842 | 69 | ||
Murphy Oil Corp. | 853 | 69 | ||
5,707 | ||||
Other Energy (2.6%) | ||||
Schlumberger Ltd. | 6,024 | 403 | ||
Devon Energy Corp. | 4,623 | 180 | ||
Burlington Resources, Inc. | 4,021 | 175 | ||
Halliburton Co. | 4,436 | 174 | ||
Anadarko Petroleum Corp. | 2,545 | 165 | ||
Apache Corp. | 3,253 | 165 | ||
Baker Hughes, Inc. | 3,403 | 145 | ||
*Transocean Inc. | 3,234 | 137 | ||
Valero Energy Corp. | 2,621 | 119 | ||
XTO Energy, Inc. | 2,492 | 88 | ||
EOG Resources, Inc. | 1,226 | 88 | ||
Williams Cos., Inc. | 5,368 | 87 | ||
Kerr-McGee Corp. | 1,399 | 81 | ||
*Nabors Industries, Inc. | 1,513 | 78 | ||
BJ Services Co. | 1,656 | 77 | ||
*Weatherford International Ltd. | 1,350 | 69 | ||
GlobalSantaFe Corp. | 2,036 | 67 | ||
El Paso Corp. | 6,415 | 67 | ||
*Noble Corp. | 1,335 | 66 | ||
Sunoco, Inc. | 796 | 65 | ||
Peabody Energy Corp. | 693 | 56 | ||
*Smith International, Inc. | 1,023 | 56 | ||
Pioneer Natural Resources Co. | 1,468 | 52 | ||
ENSCO International, Inc. | 1,492 | 47 | ||
Chesapeake Energy Corp. | 2,563 | 42 |
6
Shares | Market Value^ (000) | |||
---|---|---|---|---|
Equitable Resources, Inc. | 652 | $40 | ||
*Newfield Exploration Co. | 647 | 38 | ||
*Ultra Petroleum Corp. | 793 | 38 | ||
Noble Energy, Inc. | 530 | 33 | ||
Patterson-UTI Energy, Inc. | 1,603 | 31 | ||
Pogo Producing Co. | 623 | 30 | ||
*NRG Engergy | 830 | 30 | ||
*National-Oilwell, Inc. | 835 | 29 | ||
*Cooper Cameron Corp. | 527 | 28 | ||
*Rowan Cos., Inc. | 1,042 | 27 | ||
Diamond Offshore Drilling, Inc. | 671 | 27 | ||
*Pride International, Inc. | 1,287 | 26 | ||
3,126 | ||||
Materials & Processing (3.7%) | ||||
E.I. du Pont de Nemours & Co. | 10,084 | 495 | ||
Dow Chemical Co. | 9,540 | 472 | ||
Alcoa Inc. | 8,850 | 278 | ||
International Paper Co. | 4,699 | 197 | ||
Newmont Mining Corp. | ||||
(Holding Co.) | 4,430 | 197 | ||
Weyerhaeuser Co. | 2,482 | 167 | ||
Masco Corp. | 4,483 | 164 | ||
Monsanto Co. | 2,710 | 151 | ||
Praxair, Inc. | 3,268 | 144 | ||
Air Products & Chemicals, Inc. | 2,352 | 136 | ||
Archer-Daniels-Midland Co. | 5,503 | 123 | ||
PPG Industries, Inc. | 1,716 | 117 | ||
Phelps Dodge Corp. | 978 | 97 | ||
Georgia Pacific Group | 2,356 | 88 | ||
Nucor Corp. | 1,557 | 82 | ||
*American Standard Cos., Inc. | 1,864 | 77 | ||
MeadWestvaco Corp. | 2,045 | 69 | ||
Ecolab, Inc. | 1,926 | 68 | ||
Rohm & Haas Co. | 1,504 | 67 | ||
Bunge Ltd. | 1,160 | 66 | ||
Freeport-McMoRan Copper & | ||||
Gold, Inc. Class B | 1,708 | 65 | ||
Avery Dennison Corp. | 992 | 60 | ||
Lyondell Chemical Co. | 1,979 | 57 | ||
United States Steel Corp. | 1,102 | 56 | ||
Vulcan Materials Co. | 1,006 | 55 | ||
Sherwin-Williams Co. | 1,230 | 55 | ||
The St. Joe Co. | 765 | 49 | ||
Smurfit-Stone Container Corp. | 2,575 | 48 | ||
Eastman Chemical Co. | 825 | 48 | ||
Ball Corp. | 1,082 | 48 | ||
Precision Castparts Corp. | 700 | 46 | ||
Fluor Corp. | 841 | 46 | ||
*Sealed Air Corp. | 837 | 45 | ||
Sigma-Aldrich Corp. | 690 | 42 | ||
Engelhard Corp. | 1,314 | 40 | ||
Ashland, Inc. | 676 | 39 | ||
*Pactiv Corp. | 1,544 | 39 | ||
*Energizer Holdings, Inc. | 716 | 36 | ||
Temple-Inland Inc. | 502 | 34 | ||
*Owens-Illinois, Inc. | 1,483 | 34 | ||
Bemis Co., Inc. | 1,114 | 32 | ||
Sonoco Products Co. | 878 | 26 | ||
Valspar Corp. | 498 | 25 | ||
*Jacobs Engineering Group Inc. | 506 | 24 | ||
Bowater Inc. | 525 | 23 | ||
*The Mosaic Co. | 1,159 | 19 | ||
Lafarge North America Inc. | 326 | 17 | ||
Packaging Corp. of America | 661 | 16 | ||
*International Steel Group, Inc. | 181 | 7 | ||
4,386 | ||||
Producer Durables (4.1%) | ||||
United Technologies Corp. | 5,221 | 540 | ||
The Boeing Co. | 7,311 | 379 | ||
Caterpillar, Inc. | 3,443 | 336 | ||
Emerson Electric Co. | 4,276 | 300 | ||
*Applied Materials, Inc. | 17,296 | 296 | ||
Illinois Tool Works, Inc. | 2,639 | 245 | ||
Lockheed Martin Corp. | 3,805 | 211 | ||
Deere & Co. | 2,525 | 188 | ||
Northrop Grumman Corp. | 3,265 | 178 | ||
Ingersoll-Rand Co. | 1,791 | 144 | ||
Danaher Corp. | 2,479 | 142 | ||
*Xerox Corp. | 8,348 | 142 | ||
*Lexmark International, Inc. | 1,345 | 114 | ||
Pitney Bowes, Inc. | 2,290 | 106 | ||
*Agilent Technologies, Inc. | 4,314 | 104 | ||
*KLA-Tencor Corp. | 2,010 | 94 | ||
Parker Hannifin Corp. | 1,196 | 91 | ||
D. R. Horton, Inc. | 2,144 | 86 | ||
Dover Corp. | 2,058 | 86 | ||
Pulte Homes, Inc. | 1,146 | 73 | ||
Centex Corp. | 1,204 | 72 | ||
Lennar Corp. Class A | 1,243 | 70 | ||
Rockwell Collins, Inc. | 1,755 | 69 | ||
Cooper Industries, Inc. Class A | 983 | 67 | ||
*Waters Corp. | 1,225 | 57 | ||
W.W. Grainger, Inc. | 815 | 54 | ||
KB HOME | 462 | 48 | ||
*Thermo Electron Corp. | 1,574 | 48 | ||
Pentair, Inc. | 981 | 43 | ||
*American Tower Corp. Class A | 2,311 | 43 | ||
Novellus Systems, Inc. | 1,414 | 39 | ||
Diebold, Inc. | 696 | 39 | ||
*LAM Research Corp. | 1,310 | 38 | ||
7
Large-Cap Index Fund | Shares | Market Value^ (000) | ||
---|---|---|---|---|
*NVR, Inc. | 48 | $37 | ||
American Power | ||||
Conversion Corp. | 1,693 | 36 | ||
Garmin Ltd. | 593 | 36 | ||
Pall Corp. | 1,212 | 35 | ||
Goodrich Corp. | 1,058 | 35 | ||
*Teradyne, Inc. | 1,860 | 32 | ||
Hubbell Inc. Class B | 507 | 27 | ||
Tektronix, Inc. | 861 | 26 | ||
*Alliant Techsystems, Inc. | 357 | 23 | ||
Molex, Inc. Class A | 867 | 23 | ||
Molex, Inc. | 543 | 16 | ||
4,868 | ||||
Technology (13.9%) | ||||
Microsoft Corp. | 99,209 | 2,650 | ||
International Business | ||||
Machines Corp. | 16,973 | 1,673 | ||
Intel Corp. | 65,045 | 1,521 | ||
*Cisco Systems, Inc. | 67,358 | 1,300 | ||
*Dell Inc. | 22,801 | 961 | ||
QUALCOMM Inc. | 16,417 | 696 | ||
Hewlett-Packard Co. | 29,139 | 611 | ||
*Oracle Corp. | 39,033 | 536 | ||
Texas Instruments, Inc. | 17,557 | 432 | ||
Motorola, Inc. | 23,967 | 412 | ||
*EMC Corp. | 24,395 | 363 | ||
*Apple Computer, Inc. | 3,935 | 253 | ||
*Sun Microsystems, Inc. | 33,633 | 181 | ||
General Dynamics Corp. | 1,708 | 179 | ||
Raytheon Co. | 4,538 | 176 | ||
*Symantec Corp. | 6,458 | 166 | ||
*Corning, Inc. | 14,005 | 165 | ||
*Lucent Technologies, Inc. | 43,319 | 163 | ||
Adobe Systems, Inc. | 2,482 | 156 | ||
Computer Associates | ||||
International, Inc. | 4,651 | 144 | ||
Analog Devices, Inc. | 3,840 | 142 | ||
Maxim Integrated Products, Inc. | 3,218 | 136 | ||
*Juniper Networks, Inc. | 4,588 | 125 | ||
*Veritas Software Corp. | 4,289 | 122 | ||
Linear Technology Corp. | 3,123 | 121 | ||
Electronic Data Systems Corp. | 5,036 | 116 | ||
*Network Appliance, Inc. | 3,355 | 111 | ||
*Computer Sciences Corp. | 1,895 | 107 | ||
Xilinx, Inc. | 3,427 | 102 | ||
Rockwell Automation, Inc. | 1,875 | 93 | ||
*Broadcom Corp. | 2,724 | 88 | ||
Autodesk, Inc. | 2,302 | 87 | ||
*Intuit, Inc. | 1,831 | 81 | ||
*Advanced Micro Devices, Inc. | 3,649 | 80 | ||
*Altera Corp. | 3,720 | 77 | ||
*Flextronics International Ltd. | 5,530 | 76 | ||
*Affiliated Computer | ||||
Services, Inc. Class A | 1,248 | 75 | ||
L-3 Communications Holdings, Inc. | 1,009 | 74 | ||
*Avaya Inc. | 4,191 | 72 | ||
*NCR Corp. | 996 | 69 | ||
*Micron Technology, Inc. | 5,504 | 68 | ||
*Marvell Technology Group Ltd. | 1,891 | 67 | ||
National Semiconductor Corp. | 3,629 | 65 | ||
Microchip Technology, Inc. | 2,051 | 55 | ||
*Cognizant Technology | ||||
Solutions Corp. | 1,269 | 54 | ||
Scientific-Atlanta, Inc. | 1,611 | 53 | ||
*Solectron Corp. | 9,446 | 50 | ||
*Siebel Systems, Inc. | 4,674 | 49 | ||
*Comverse Technology, Inc. | 1,987 | 49 | ||
*Freescale Semiconductor, Inc. | 2,607 | 48 | ||
*McAfee Inc. | 1,641 | 47 | ||
*Sanmina-SCI Corp. | 5,232 | 44 | ||
*JDS Uniphase Corp. | 13,669 | 43 | ||
Seagate Technology | 2,484 | 43 | ||
*Mercury Interactive Corp. | 937 | 43 | ||
Jabil Circuit, Inc. | 1,665 | 43 | ||
Harris Corp. | 670 | 41 | ||
Citrix Systems, Inc. | 1,686 | 41 | ||
Applera Corp.- | ||||
Applied Biosystems Group | 1,950 | 41 | ||
Symbol Technologies, Inc. | 2,330 | 40 | ||
*BMC Software, Inc. | 2,153 | 40 | ||
*SanDisk Corp. | 1,557 | 39 | ||
*NVIDIA Corp. | 1,590 | 37 | ||
*Zebra Technologies Corp. Class A | 658 | 37 | ||
*Cadence Design Systems, Inc. | 2,678 | 37 | ||
*Tellabs, Inc. | 4,115 | 35 | ||
*Unisys Corp. | 3,384 | 34 | ||
*Storage Technology Corp. | 1,048 | 33 | ||
*BEA Systems, Inc. | 3,688 | 33 | ||
*QLogic Corp. | 883 | 32 | ||
*Amphenol Corp. | 880 | 32 | ||
*Synopsys, Inc. | 1,582 | 31 | ||
*Ceridian Corp. | 1,507 | 28 | ||
*Novell, Inc. | 3,723 | 25 | ||
*Ingram Micro, Inc. Class A | 1,162 | 24 | ||
*Freescale Semiconductor Inc. | 1,324 | 24 | ||
*Intersil Corp. | 1,372 | 23 | ||
*NAVTEQ Corp. | 489 | 23 | ||
*Compuware Corp. | 3,478 | 23 | ||
8
Shares | Market Value^ (000) | |||
---|---|---|---|---|
*Vishay Intertechnology, Inc. | 1,496 | $22 | ||
*ADC Telecommunications, Inc. | 8,026 | 22 | ||
*LSI Logic Corp. | 3,856 | 21 | ||
*Red Hat, Inc. | 1,518 | 20 | ||
*UTStarcom, Inc. | 901 | 20 | ||
*PMC Sierra Inc. | 1,630 | 18 | ||
*Fairchild Semiconductor | ||||
International, Inc. | 1,122 | 18 | ||
National Instruments Corp. | 635 | 17 | ||
*3Com Corp. | 3,483 | 15 | ||
*Agere Systems Inc. Class B | 7,946 | 11 | ||
*Agere Systems Inc. Class A | 6,921 | 9 | ||
AVX Corp. | 447 | 6 | ||
16,465 | ||||
Utilities (7.0%) | ||||
Verizon Communications Inc. | 28,117 | 1,139 | ||
SBC Communications Inc. | 33,616 | 866 | ||
BellSouth Corp. | 18,457 | 513 | ||
*Comcast Corp. Class A | 12,991 | 432 | ||
Sprint Corp. | 13,758 | 342 | ||
*Nextel Communications, Inc. | 10,373 | 311 | ||
Exelon Corp. | 6,714 | 296 | ||
*Comcast Corp. Special Class A | 8,709 | 286 | ||
Southern Co. | 7,538 | 253 | ||
Duke Energy Corp. | 9,498 | 241 | ||
Dominion Resources, Inc. | 3,456 | 234 | ||
TXU Corp. | 2,872 | 185 | ||
ALLTEL Corp. | 2,927 | 172 | ||
Entergy Corp. | 2,338 | 158 | ||
AT&T Corp. | 8,083 | 154 | ||
*PG&E Corp. | 4,313 | 144 | ||
American Electric Power Co., Inc. | 4,069 | 140 | ||
FPL Group, Inc. | 1,831 | 137 | ||
FirstEnergy Corp. | 3,345 | 132 | ||
Public Service | ||||
Enterprise Group, Inc. | 2,383 | 123 | ||
Progress Energy, Inc. | 2,373 | 107 | ||
Consolidated Edison Inc. | 2,413 | 106 | ||
PPL Corp. | 1,939 | 103 | ||
Ameren Corp. | 2,003 | 100 | ||
Edison International | 2,931 | 94 | ||
*AES Corp. | 6,228 | 85 | ||
Constellation Energy Group, Inc. | 1,809 | 79 | ||
Sempra Energy | 2,050 | 75 | ||
Cinergy Corp. | 1,805 | 75 | ||
Xcel Energy, Inc. | 4,067 | 74 | ||
DTE Energy Co. | 1,706 | 74 | ||
Kinder Morgan, Inc. | 985 | 72 | ||
*Qwest Communications | ||||
International Inc. | 15,266 | 68 | ||
KeySpan Corp. | 1,554 | 61 | ||
*NTL Inc. | 825 | 60 | ||
NiSource, Inc. | 2,606 | 59 | ||
*Cablevision Systems NY | ||||
Group Class A | 2,305 | 57 | ||
MCI Inc. | 2,455 | 50 | ||
CenturyTel, Inc. | 1,283 | 46 | ||
SCANA Corp. | 1,077 | 42 | ||
Questar Corp. | 832 | 42 | ||
Pepco Holdings, Inc. | 1,936 | 41 | ||
Citizens Communications Co. | 2,911 | 40 | ||
Wisconsin Energy Corp. | 1,181 | 40 | ||
Pinnacle West Capital Corp. | 889 | 39 | ||
Telephone & Data Systems, Inc. | 507 | 39 | ||
Energy East Corp. | 1,410 | 38 | ||
*UnitedGlobalCom Inc. Class A | 3,521 | 34 | ||
DPL Inc. | 1,323 | 33 | ||
TECO Energy, Inc. | 2,001 | 31 | ||
MDU Resources Group, Inc. | 1,121 | 30 | ||
CenterPoint Energy Inc. | 2,641 | 30 | ||
NSTAR | 516 | 28 | ||
Puget Energy, Inc. | 1,085 | 27 | ||
Northeast Utilities | 1,322 | 25 | ||
*Nextel Partners, Inc. | 1,132 | 22 | ||
*Level 3 Communications, Inc. | 3,795 | 13 | ||
*U.S. Cellular Corp. | 163 | 7 | ||
8,304 | ||||
Other (5.4%) | ||||
General Electric Co. | 107,024 | 3,906 | ||
Tyco International Ltd. | 20,378 | 728 | ||
3M Co. | 7,511 | 616 | ||
Honeywell International Inc. | 8,319 | 295 | ||
*Berkshire Hathaway Inc. Class B | 85 | 250 | ||
Johnson Controls, Inc. | 1,963 | 125 | ||
Fortune Brands, Inc. | 1,499 | 116 | ||
Eaton Corp. | 1,505 | 109 | ||
Textron, Inc. | 1,314 | 97 | ||
ITT Industries, Inc. | 850 | 72 | ||
Brunswick Corp. | 874 | 43 | ||
SPX Corp. | 716 | 29 | ||
Hillenbrand Industries, Inc. | 515 | 29 | ||
6,415 | ||||
TOTAL COMMON STOCKS | ||||
(Cost $112,339) | 118,984 | |||
9
Large-Cap Index Fund | Shares | Market Value^ (000) |
---|---|---|
TEMPORARY CASH INVESTMENT (1.5%) | ||
Vanguard Market | ||
Liquidity Fund, 2.26%** | ||
(Cost $1,743) | 1,743,199 | $1,743 |
TOTAL INVESTMENTS (101.6%) | ||
(Cost $114,082) | 120,727 | |
OTHER ASSETS AND LIABILITIES (-1.6%) | ||
Other Assets--Note B | 1,077 | |
Liabilities | (2,975) | |
(1,898) | ||
NET ASSETS (100%) | $118,829 | |
•See Note A in Notes to Financial Statements.
*Non-income-producing security.
**Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
REIT—Real Estate Investment Trust.
Amount (000) | |
---|---|
AT DECEMBER 31, 2004, NET ASSETS CONSISTED OF: | |
Paid-in Capital | $112,193 |
Overdistributed Net Investment Income | (9) |
Accumulated Net Realized Gains | -- |
Unrealized Appreciation | 6,645 |
NET ASSETS | $118,829 |
Investor Shares--Net Assets | |
Applicable to 2,071,063 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $44,347 |
NET ASSET VALUE PER SHARE-- | |
INVESTOR SHARES | $21.41 |
Admiral Shares--Net Assets | |
Applicable to 1,000,673 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $26,787 |
NET ASSET VALUE PER SHARE-- | |
ADMIRAL SHARES | $26.77 |
VIPER Shares--Net Assets | |
Applicable to 900,000 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $47,695 |
NET ASSET VALUE PER SHARE-- | |
VIPER SHARES | $52.99 |
See Note C in Notes to Financial Statements for the tax-basis components of net assets.
10
THIS PAGE INTENTIONALLY LEFT BLANK.
© 2005 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
F03070 022005
As of 12/31/2004
VANGUARD® U.S. STOCK INDEX FUNDS TOTAL
STOCK MARKET INDEX FUND
A CHANGE IN THE WAY WE LIST FUND HOLDINGS
As you will see below, the list of the fund’s investments is shorter than it used to be. This is because the Securities and Exchange Commission now permits mutual fund companies to publish an abbreviated list of fund holdings in semiannual and annual reports. We think the SEC decision is good news for shareholders because it allows us to highlight essential information while also helping us to save money for you. The list focuses on the securities that are most important to your fund and excludes details about smaller holdings that have a minimal impact on performance. And because the list is so much shorter, your fund will see substantial savings in printing and mailing costs and in the amount of paper we use.
The Statement of Net Assets—Investments Summary lists the fund’s 50 largest holdings, along with any other holdings that, in total for any issuer, represent 1% or more of the fund’s assets. If you want to see a complete list of your fund’s securities, please see the instructions in the last paragraph below.
This Statement should be read in conjunction with the Statement of Operations, Statement of Changes in Net Assets, Financial Highlights, Notes to Financial Statements, and Report of Independent Registered Public Accounting Firm, all of which appear in the accompanying report.
STATEMENT OF NET ASSETS—INVESTMENTS SUMMARY
This Statement summarizes the fund’s holdings by asset type (common stocks, bonds, etc.) and by industry sector according to Frank Russell Company. Other assets are added to, and liabilities are subtracted from, the value of Total Investments to calculate the fund’s Net Assets. Finally, Net Assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) Per Share.
At the end of the Statement, you will find a table displaying the composition of the fund’s net assets. Because all income and any realized gains must be distributed to shareholders each year, the bulk of net assets consists of Paid-in Capital (money invested by shareholders). The amounts shown for Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the sums the fund had available to distribute to shareholders as income dividends or capital gains as of the statement date, but may differ because certain investments or transactions may be treated differently for financial statement and tax purposes. Any Accumulated Net Realized Losses, and any cumulative excess of distributions over net income or net realized gains, will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on Vanguard.com and on the Securities and Exchange Commission’s website (www.sec.gov), or you can have it mailed to you without charge by calling 1-800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website; Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of the accompanying report for further information).
Total Stock Market Index Fund | Shares | Market Value^ (000) | Percentage of Net Assets | ||
---|---|---|---|---|---|
COMMON STOCKS(1) | |||||
Auto & Transportation | |||||
United Parcel Service, Inc. | 4,304,932 | $367,899 | 0.6% | ||
**Other--Auto & Transportation | 1,203,979 | 2.2% | |||
1,571,878 | 2.8% | ||||
1
Total Stock Market Index Fund | Shares | Market Value^ (000) | Percentage of Net Assets | ||
---|---|---|---|---|---|
Consumer Discretionary | |||||
Wal-Mart Stores, Inc. | 16,305,739 | $861,269 | 1.5% | ||
Home Depot, Inc. | 8,489,263 | 362,831 | 0.6% | ||
* Time Warner, Inc. | 16,809,282 | 326,772 | 0.6% | ||
* eBay Inc. | 2,524,627 | 293,564 | 0.5% | ||
Viacom Inc. Class B | 6,290,031 | 228,894 | 0.4% | ||
The Walt Disney Co. | 7,837,728 | 217,889 | 0.4% | ||
**Other--Consumer Discretionary | 7,260,983 | 12.8% | |||
9,552,202 | 16.8% | ||||
Consumer Staples | |||||
The Procter & Gamble Co. | 9,709,328 | 534,790 | 0.9% | ||
Altria Group, Inc. | 7,836,210 | 478,792 | 0.8% | ||
The Coca-Cola Co. | 9,338,930 | 388,780 | 0.7% | ||
PepsiCo, Inc. | 6,469,811 | 337,724 | 0.6% | ||
Kraft Foods Inc. | 6,530,693 | 232,558 | 0.4% | ||
**Other--Consumer Staples | 1,735,808 | 3.1% | |||
3,708,452 | 6.5% | ||||
Financial Services | |||||
Citigroup, Inc. | 19,750,906 | 951,599 | 1.7% | ||
Bank of America Corp. | 15,535,031 | 729,991 | 1.3% | ||
American International Group, Inc. | 9,950,549 | 653,453 | 1.1% | ||
JPMorgan Chase & Co. | 13,603,997 | 530,692 | 0.9% | ||
Wells Fargo & Co. | 6,445,070 | 400,561 | 0.7% | ||
Wachovia Corp. | 6,132,253 | 322,557 | 0.6% | ||
American Express Co. | 4,841,987 | 272,943 | 0.5% | ||
Fannie Mae | 3,696,698 | 263,242 | 0.5% | ||
Morgan Stanley | 4,195,111 | 232,913 | 0.4% | ||
U.S. Bancorp | 7,177,331 | 224,794 | 0.4% | ||
Merrill Lynch & Co., Inc. | 3,577,095 | 213,803 | 0.4% | ||
**Other--Financial Services | 7,760,593 | 13.5% | |||
12,557,141 | 22.0% | ||||
Health Care | |||||
Pfizer Inc. | 28,837,777 | 775,448 | 1.4% | ||
Johnson & Johnson | 11,335,814 | 718,917 | 1.3% | ||
*Amgen, Inc. | 4,835,165 | 310,176 | 0.5% | ||
Abbott Laboratories | 5,962,409 | 278,146 | 0.5% | ||
Merck & Co., Inc. | 8,473,711 | 272,345 | 0.5% | ||
Eli Lilly & Co. | 4,313,781 | 244,807 | 0.4% | ||
Medtronic, Inc. | 4,619,044 | 229,428 | 0.4% | ||
UnitedHealth Group Inc. | 2,538,607 | 223,474 | 0.4% | ||
*Genentech, Inc. | 4,008,761 | 218,237 | 0.4% | ||
Wyeth | 5,094,070 | 216,956 | 0.4% | ||
**Other--Health Care | 3,415,628 | 5.9% | |||
6,903,562 | 12.1% | ||||
Integrated Oils | |||||
ExxonMobil Corp. | 24,977,635 | 1,280,354 | 2.2% | ||
ChevronTexaco Corp. | 8,135,461 | 427,193 | 0.7% | ||
ConocoPhillips Co. | 2,619,332 | 227,437 | 0.4% | ||
**Other--Integrated Oils | 253,896 | 0.5% | |||
2,188,880 | 3.8% | ||||
Other Energy | |||||
**Other--Other Energy | 1,639,948 | 2.9% | |||
2
Total Stock Market Index Fund | Shares | Market Value^ (000) | Percentage of Net Assets | ||
---|---|---|---|---|---|
Materials & Processing | |||||
**Other--Materials & Processing | $2,480,579 | 4.3% | |||
Producer Durables | |||||
**Other--Producer Durables | 2,578,513 | 4.5% | |||
Technology | |||||
Microsoft Corp. | 41,520,638 | 1,109,016 | 1.9% | ||
International Business Machines Corp. | 6,570,627 | 647,732 | 1.1% | ||
Intel Corp. | 24,500,044 | 573,056 | 1.0% | ||
*Cisco Systems, Inc. | 25,823,417 | 498,392 | 0.9% | ||
*Dell Inc. | 9,635,755 | 406,051 | 0.7% | ||
*Oracle Corp. | 19,748,190 | 270,945 | 0.5% | ||
QUALCOMM Inc. | 6,216,781 | 263,592 | 0.5% | ||
Hewlett-Packard Co. | 11,646,083 | 244,218 | 0.4% | ||
**Other--Technology | 3,526,838 | 6.2% | |||
7,539,840 | 13.2% | ||||
Utilities | |||||
Verizon Communications Inc. | 10,573,293 | 428,324 | 0.8% | ||
SBC Communications Inc. | 12,648,701 | 325,957 | 0.6% | ||
*Comcast Corp. Class A | 7,945,296 | 264,419 | 0.5% | ||
**Other--Utilities | 2,567,289 | 4.4% | |||
3,585,989 | 6.3% | ||||
Other | |||||
General Electric Co. | 40,323,912 | 1,471,823 | 2.6% | ||
*Berkshire Hathaway Inc. Class A | 5,423 | 476,682 | 0.8% | ||
3M Co. | 2,992,884 | 245,626 | 0.4% | ||
**Other--Other Securities | 459,232 | 0.9% | |||
2,653,363 | 4.7% | ||||
TOTAL COMMON STOCKS | |||||
(Cost $48,265,803) | 56,960,347 | 99.9%(1) | |||
TEMPORARY CASH INVESTMENTS | |||||
Money Market Fund | |||||
Vanguard Market Liquidity Fund, 2.26%+ | 125,968,201 | 125,968 | 0.2% | ||
Vanguard Market Liquidity Fund, | |||||
2.26%+--Note E | 1,115,321,590 | 1,115,322 | 2.0% | ||
1,241,290 | 2.2% | ||||
Face | |||||
Amount | |||||
(000) | |||||
U.S. Government and Agency Obligations | |||||
Federal National Mortgage Assn.++ | |||||
(2)1.84%, 1/10/2005 | $5,000 | 4,998 | 0.0% | ||
U.S. Treasury Bill | |||||
(2)1.74%, 1/27/2005 | 11,000 | 10,986 | 0.0% | ||
15,984 | 0.0% | ||||
TOTAL TEMPORARY CASH INVESTMENTS | |||||
(Cost $1,257,274) | 1,257,274 | 2.2%(1) | |||
TOTAL INVESTMENTS | |||||
(Cost $49,523,077) | 58,217,621 | 102.1% | |||
3
Total Stock Market Index Fund | Market Value^ (000) | Percentage of Net Assets | ||
---|---|---|---|---|
OTHER ASSETS AND LIABILITIES | ||||
Other Assets--Note B | $190,837 | 0.3% | ||
Liabilities--Note E | (1,394,324) | (2.4%) | ||
(1,203,487) | (2.1%) | |||
NET ASSETS | $57,014,134 | 100.0% | ||
•See Note A in Notes to Financial Statements.
*Non-income-producing security.
**Represents the aggregate value of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
†Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. ††The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer’s line of credit) would require congressional action.
(1)The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.1% and 2.0%, respectively, of net assets. See Note C in Notes to Financial Statements.
(2)Securities with an aggregate value of $15,984,000 have been segregated as initial margin for open futures contracts.
AT DECEMBER 31, 2004, NET ASSETS CONSISTED OF: | |
---|---|
Amount (000) | |
Paid-in Capital | $49,367,917 |
Overdistributed Net Investment Income | (34,319) |
Accumulated Net Realized Losses | (1,015,223) |
Unrealized Appreciation | |
Investment Securities | 8,694,544 |
Futures Contracts | 1,215 |
NET ASSETS | $57,014,134 |
Investor Shares--Net Assets | |
Applicable to 1,102,512,546 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $31,718,112 |
NET ASSET VALUE PER SHARE--INVESTOR SHARES | $28.77 |
Admiral Shares--Net Assets | |
Applicable to 377,343,306 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $10,856,338 |
NET ASSET VALUE PER SHARE--ADMIRAL SHARES | $28.77 |
Institutional Shares--Net Assets | |
Applicable to 353,806,890 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $10,180,502 |
NET ASSET VALUE PER SHARE--INSTITUTIONAL SHARES | $28.77 |
VIPER Shares--Net Assets | |
Applicable to 36,031,436 outstanding $.001 | |
par value shares of beneficial interest | |
(unlimited authorization) | $4,259,182 |
NET ASSET VALUE PER SHARE--VIPER SHARES | $118.21 |
See Note C in Notes to Financial Statements for the tax-basis components of net assets.
© 2005 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
F850 022005
4
Item 2: Code of Ethics. The Board of Trustees has adopted a code of ethics that applies to the principal executive officer, principal financial officer, principal accounting officer or controller of the Registrant and The Vanguard Group, Inc., and to persons performing similar functions.
Item 3: Audit Committee Financial Expert. All of the members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts. The members of the Audit Committee are: Charles D. Ellis, Rajiv L. Gupta, JoAnn Heffernan Heisen, Burton G. Malkiel, Alfred M. Rankin, Jr., and J. Lawrence Wilson. All Audit Committee members are independent under applicable rules.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended December 31, 2004: $190,000
Fiscal Year Ended December 31, 2003: $153,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group
Fiscal Year Ended December 31, 2004: $1,685,500
Fiscal Year Ended December 31, 2003: $1,620,200
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2004: $257,800
Fiscal Year Ended December 31, 2003: $324,460
Includes fees billed in connection with assurance and related services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(c) Tax Fees.
Fiscal Year Ended December 31, 2004: $76,400
Fiscal Year Ended December 31, 2003: $409,900
Includes fees billed in connection with tax compliance, planning and advice services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group and related to income and excise taxes.
(d) All Other Fees.
Fiscal Year Ended December 31, 2004: $0
Fiscal Year Ended December 31, 2003: $31,000
Includes fees billed for services related to risk management and privacy matters. Services were provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; and (4) other registered investment companies in the Vanguard Group. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, members of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; or other registered investment companies in the Vanguard Group.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2004: $76,400
Fiscal Year Ended December 31, 2003: $440,900
Includes fees billed for non-audit services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants. The Registrant is a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's Audit Committee members are: Charles D. Ellis, Rajiv L. Gupta, JoAnn Heffernan Heisen, Burton G. Malkiel, Alfred M. Rankin, Jr., and J. Lawrence Wilson.
Item 6: SEE BELOW
Page 1
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
COMMON STOCKS (99.9%)(1) | ||
Auto &Transportation (4.8%) | ||
BorgWarner, Inc. | 334,025 | 18,094 |
Polaris Industries, Inc. | 255,238 | 17,361 |
*Navistar International Corp. | 376,197 | 16,545 |
CNF Inc. | 304,953 | 15,278 |
J.B. Hunt Transport Services, Inc. | 338,272 | 15,171 |
*Yellow Roadway Corp. | 259,061 | 14,432 |
Oshkosh Truck Corp. | 206,024 | 14,088 |
*The Goodyear Tire &Rubber Co. | 944,484 | 13,846 |
*Landstar System, Inc. | 181,176 | 13,342 |
*Laidlaw International Inc. | 621,354 | 13,297 |
Tidewater Inc. | 341,347 | 12,155 |
*AMR Corp. | 961,788 | 10,532 |
Alexander &Baldwin, Inc. | 229,445 | 9,733 |
OMI Corp. | 560,084 | 9,437 |
Cooper Tire &Rubber Co. | 402,924 | 8,683 |
Overseas Shipholding Group Inc. | 153,140 | 8,453 |
ArvinMeritor, Inc. | 373,692 | 8,359 |
Thor Industries, Inc. | 221,766 | 8,216 |
American Axle &Manufacturing Holdings, Inc. | 264,078 | 8,097 |
Visteon Corp. | 775,543 | 7,577 |
UTI Worldwide, Inc. | 110,879 | 7,542 |
Werner Enterprises, Inc. | 308,219 | 6,978 |
*Swift Transportation Co., Inc. | 310,991 | 6,680 |
Skywest, Inc. | 331,607 | 6,652 |
*Kansas City Southern | 375,081 | 6,650 |
Heartland Express, Inc. | 291,302 | 6,546 |
*EGL, Inc. | 213,642 | 6,386 |
Florida East Coast Industries, Inc. Class A | 140,687 | 6,345 |
USF Corp. | 166,191 | 6,307 |
Winnebago Industries, Inc. | 161,145 | 6,294 |
Modine Manufacturing Co. | 185,756 | 6,273 |
Overnite Corp. | 167,568 | 6,240 |
Arkansas Best Corp. | 134,078 | 6,019 |
*Forward Air Corp. | 122,207 | 5,463 |
Knight Transportation, Inc. | 218,607 | 5,421 |
*Continental Airlines, Inc. Class B | 397,775 | 5,386 |
*Alaska Air Group, Inc. | 160,665 | 5,381 |
Wabtec Corp. | 244,873 | 5,221 |
*Kirby Corp. | 117,595 | 5,219 |
*Delta Air Lines, Inc. | 676,668 | 5,061 |
*AirTran Holdings, Inc. | 460,821 | 4,931 |
*Wabash National Corp. | 181,391 | 4,885 |
*Pacer International, Inc. | 223,110 | 4,743 |
*General Maritime Corp. | 113,192 | 4,522 |
*Fleetwood Enterprises, Inc. | 331,595 | 4,463 |
*Tenneco Automotive, Inc. | 251,042 | 4,328 |
*Offshore Logistics, Inc. | 129,651 | 4,211 |
*Old Dominion Freight Line, Inc. | 118,891 | 4,137 |
*Genesee &Wyoming Inc. Class A | 144,754 | 4,072 |
Superior Industries International, Inc. | 127,436 | 3,702 |
*Northwest Airlines Corp. Class A | 336,272 | 3,675 |
*TBC Corp. | 126,257 | 3,510 |
*Aviall Inc. | 145,219 | 3,336 |
Monaco Coach Corp. | 158,243 | 3,255 |
Bandag, Inc. | 63,945 | 3,185 |
*RailAmerica, Inc. | 219,142 | 2,860 |
Page 2
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Sea Containers Ltd. Class A | 123,919 | 2,440 |
*Frontier Airlines, Inc. | 212,704 | 2,427 |
*ExpressJet Holdings, Inc. | 178,654 | 2,301 |
*Keystone Automotive Industries, Inc. | 93,012 | 2,163 |
Arctic Cat, Inc. | 79,543 | 2,109 |
*Gulfmark Offshore, Inc. | 90,135 | 2,007 |
*Hayes Lemmerz International, Inc. | 215,028 | 1,899 |
*Stoneridge, Inc. | 101,790 | 1,540 |
*Mesa Air Group Inc. | 189,179 | 1,502 |
Coachmen Industries, Inc. | 83,856 | 1,456 |
*Strattec Security Corp. | 23,053 | 1,444 |
Marine Products Corp. | 54,399 | 1,420 |
*America West Holdings Corp. Class B | 212,845 | 1,401 |
*Aftermarket Technology Corp. | 75,709 | 1,219 |
*Covenant Transport, Inc. | 51,597 | 1,074 |
*Collins &Aikman Corp. | 226,133 | 986 |
*P.A.M. Transportation Services, Inc. | 40,221 | 754 |
Bandag, Inc. Class A | 4,928 | 228 |
456,945 | ||
Consumer Discretionary (18.7%) | ||
*Monster Worldwide Inc. | 647,307 | 21,775 |
*Getty Images, Inc. | 283,926 | 19,548 |
*Activision, Inc. | 828,267 | 16,714 |
*Tech Data Corp. | 347,790 | 15,790 |
OfficeMax, Inc. | 500,633 | 15,710 |
The Corporate Executive Board Co. | 233,523 | 15,632 |
American Eagle Outfitters, Inc. | 329,368 | 15,513 |
*Service Corp. International | 2,021,535 | 15,060 |
Station Casinos, Inc. | 272,775 | 14,915 |
*The Cheesecake Factory | 441,876 | 14,348 |
The Neiman Marcus Group, Inc. Class A | 200,339 | 14,332 |
*Urban Outfitters, Inc. | 314,862 | 13,980 |
The Brink's Co. | 339,540 | 13,419 |
*O'Reilly Automotive, Inc. | 296,728 | 13,368 |
*ITT Educational Services, Inc. | 273,691 | 13,014 |
Applebee's International, Inc. | 491,177 | 12,992 |
*Education Management Corp. | 374,599 | 12,365 |
CBRL Group, Inc. | 291,679 | 12,207 |
*BJ's Wholesale Club, Inc. | 416,845 | 12,144 |
Snap-On Inc. | 351,888 | 12,091 |
*Penn National Gaming, Inc. | 193,767 | 11,733 |
Regis Corp. | 251,891 | 11,625 |
Borders Group, Inc. | 456,846 | 11,604 |
*PETCO Animal Supplies, Inc. | 292,776 | 11,559 |
*Barnes &Noble, Inc. | 356,468 | 11,503 |
*Copart, Inc. | 430,874 | 11,341 |
The Toro Co. | 136,433 | 11,099 |
*R.H. Donnelley Corp. | 187,262 | 11,058 |
Adesa, Inc. | 521,065 | 11,057 |
*Timberland Co. | 175,732 | 11,013 |
Dillard's Inc. | 407,135 | 10,940 |
*Valassis Communications, Inc. | 309,920 | 10,850 |
*Laureate Education Inc. | 245,882 | 10,841 |
*Sonic Corp. | 353,699 | 10,788 |
Claire's Stores, Inc. | 505,021 | 10,732 |
*Marvel Enterprises Inc. | 522,725 | 10,705 |
*Earthlink, Inc. | 925,107 | 10,657 |
Page 3
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Quiksilver, Inc. | 349,776 | 10,420 |
Pier 1 Imports Inc. | 523,121 | 10,305 |
Ruby Tuesday, Inc. | 392,903 | 10,247 |
*Corinthian Colleges, Inc. | 540,656 | 10,189 |
IKON Office Solutions, Inc. | 874,317 | 10,107 |
Lee Enterprises, Inc. | 219,261 | 10,104 |
SCP Pool Corp. | 316,144 | 10,085 |
MSC Industrial Direct Co., Inc. Class A | 277,854 | 9,997 |
Maytag Corp. | 472,335 | 9,966 |
*Pacific Sunwear of California, Inc. | 443,765 | 9,878 |
Saks Inc. | 679,274 | 9,856 |
*Waste Connections, Inc. | 287,162 | 9,835 |
Strayer Education, Inc. | 88,554 | 9,722 |
Boyd Gaming Corp. | 233,393 | 9,721 |
American Greetings Corp. Class A | 380,576 | 9,648 |
*The Yankee Candle Co., Inc. | 286,400 | 9,503 |
*Take-Two Interactive Software, Inc. | 270,002 | 9,393 |
*Gaylord Entertainment Co. | 225,737 | 9,375 |
Harte-Hanks, Inc. | 359,977 | 9,352 |
*Zale Corp. | 310,982 | 9,289 |
*AnnTaylor Stores Corp. | 427,255 | 9,199 |
*United Stationers, Inc. | 198,833 | 9,186 |
*CNET Networks, Inc. | 815,331 | 9,156 |
*CEC Entertainment Inc. | 219,296 | 8,765 |
*Scientific Games Corp. | 365,604 | 8,716 |
Catalina Marketing Corp. | 280,778 | 8,319 |
Reader's Digest Association, Inc. | 595,876 | 8,289 |
Ethan Allen Interiors, Inc. | 205,216 | 8,213 |
*P.F. Chang's China Bistro, Inc. | 145,555 | 8,202 |
*Big Lots Inc. | 672,669 | 8,159 |
*Jack in the Box Inc. | 220,246 | 8,120 |
*Corrections Corp. of America REIT | 200,055 | 8,092 |
Media General, Inc. Class A | 124,750 | 8,085 |
*Radio One, Inc. Class D | 493,680 | 7,958 |
*Guitar Center, Inc. | 150,368 | 7,923 |
John Wiley &Sons Class A | 225,464 | 7,855 |
Furniture Brands International Inc. | 311,075 | 7,792 |
*MPS Group, Inc. | 630,132 | 7,725 |
*Fossil, Inc. | 296,438 | 7,601 |
*Scholastic Corp. | 204,361 | 7,553 |
*Gemstar-TV Guide International, Inc. | 1,267,290 | 7,502 |
*Navigant Consulting, Inc. | 281,268 | 7,482 |
*Argosy Gaming Co. | 158,700 | 7,411 |
*Aeropostale, Inc. | 251,603 | 7,405 |
*Ask Jeeves, Inc. | 275,813 | 7,378 |
Wolverine World Wide, Inc. | 234,146 | 7,357 |
*Arbitron Inc. | 186,507 | 7,307 |
*InfoSpace, Inc. | 153,311 | 7,290 |
Grey Global Group Inc. | 6,581 | 7,239 |
*Aztar Corp. | 207,147 | 7,234 |
*Resources Connection, Inc. | 132,548 | 7,199 |
Matthews International Corp. | 193,084 | 7,105 |
*Panera Bread Co. | 171,444 | 6,913 |
*Tractor Supply Co. | 183,115 | 6,814 |
*Jarden Corp. | 154,548 | 6,714 |
*Linens 'n Things, Inc. | 270,106 | 6,699 |
*United Natural Foods, Inc. | 215,373 | 6,698 |
Banta Corp. | 149,069 | 6,672 |
*Charming Shoppes, Inc. | 706,745 | 6,622 |
Page 4
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Shuffle Master, Inc. | 138,744 | 6,535 |
Tupperware Corp. | 315,311 | 6,533 |
ADVO, Inc. | 182,534 | 6,507 |
*Rare Hospitality International Inc. | 202,404 | 6,449 |
Choice Hotel International, Inc. | 109,649 | 6,360 |
Nu Skin Enterprises, Inc. | 248,775 | 6,314 |
Blockbuster Inc. Class A | 652,934 | 6,229 |
*DeVry, Inc. | 357,786 | 6,211 |
*Tommy Hilfiger Corp. | 549,363 | 6,197 |
*Men's Wearhouse, Inc. | 192,590 | 6,155 |
*Dick's Sporting Goods, Inc. | 173,485 | 6,098 |
*ValueClick, Inc. | 455,334 | 6,070 |
Hollinger International, Inc. | 382,366 | 5,995 |
*Insight Enterprises, Inc. | 290,262 | 5,956 |
*The Warnaco Group, Inc. | 274,773 | 5,935 |
*Emmis Communications, Inc. | 306,422 | 5,880 |
*CMGI Inc. | 2,250,006 | 5,738 |
Kellwood Co. | 165,308 | 5,703 |
Jackson Hewitt Tax Service Inc. | 224,633 | 5,672 |
*Helen of Troy Ltd. | 167,541 | 5,631 |
*Tetra Tech, Inc. | 335,850 | 5,622 |
The Pep Boys (Manny, Moe &Jack) | 329,168 | 5,619 |
*DoubleClick Inc. | 720,690 | 5,607 |
*Tempur-Pedic International Inc. | 263,652 | 5,589 |
Aaron Rents, Inc. Class B | 222,126 | 5,553 |
Bob Evans Farms, Inc. | 210,829 | 5,511 |
Callaway Golf Co. | 405,209 | 5,470 |
*THQ Inc. | 234,319 | 5,375 |
*FTI Consulting, Inc. | 254,692 | 5,366 |
*Overstock.com, Inc. | 75,868 | 5,235 |
*School Specialty, Inc. | 135,374 | 5,220 |
Watson Wyatt &Co. Holdings | 193,185 | 5,206 |
*Global Imaging Systems, Inc. | 131,138 | 5,180 |
*Bright Horizons Family Solutions, Inc. | 79,502 | 5,149 |
*Sirva Inc. | 263,609 | 5,067 |
Blyth, Inc. | 171,127 | 5,059 |
*Too Inc. | 206,563 | 5,053 |
G &K Services, Inc. Class A | 116,109 | 5,041 |
*Payless ShoeSource, Inc. | 407,152 | 5,008 |
Chemed Corp. | 74,276 | 4,985 |
*Cumulus Media Inc. | 327,720 | 4,942 |
*Tuesday Morning Corp. | 159,461 | 4,884 |
ABM Industries Inc. | 246,353 | 4,858 |
*Korn/Ferry International | 233,297 | 4,841 |
IHOP Corp. | 114,726 | 4,806 |
La-Z-Boy Inc. | 310,813 | 4,777 |
*Hot Topic, Inc. | 277,570 | 4,771 |
*Pinnacle Entertainment, Inc. | 238,516 | 4,718 |
*West Corp. | 141,286 | 4,678 |
*Red Robin Gourmet Burgers | 86,182 | 4,608 |
K-Swiss, Inc. | 157,213 | 4,578 |
*Dollar Thrifty Automotive Group, Inc. | 150,530 | 4,546 |
*CoStar Group, Inc. | 98,152 | 4,533 |
*CSK Auto Corp. | 270,313 | 4,525 |
*Hollywood Entertainment Corp. | 344,893 | 4,515 |
*Wesco International, Inc. | 151,567 | 4,492 |
*Coldwater Creek Inc. | 144,344 | 4,456 |
Liberty Corp. | 101,039 | 4,442 |
Finish Line, Inc. | 241,519 | 4,420 |
Page 5
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Stage Stores, Inc. | 106,419 | 4,419 |
*Central Garden and Pet Co. | 105,341 | 4,397 |
*Journal Register Co. | 225,985 | 4,368 |
Sonic Automotive, Inc. | 175,124 | 4,343 |
*WMS Industries, Inc. | 127,148 | 4,265 |
The Nautilus Group, Inc. | 176,281 | 4,261 |
Phillips-Van Heusen Corp. | 157,315 | 4,248 |
*Cost Plus, Inc. | 130,567 | 4,195 |
*Krispy Kreme Doughnuts, Inc. | 332,713 | 4,192 |
*Cabela's Inc. | 183,963 | 4,183 |
*Stewart Enterprises, Inc. Class A | 593,088 | 4,146 |
Gray Television, Inc. | 264,909 | 4,106 |
*Genesco, Inc. | 131,693 | 4,101 |
Landry's Restaurants, Inc. | 140,140 | 4,072 |
*ProQuest Co. | 136,217 | 4,046 |
Talbots Inc. | 148,388 | 4,041 |
*99 Cents Only Stores | 249,557 | 4,033 |
*Labor Ready, Inc. | 238,169 | 4,030 |
Christopher &Banks Corp. | 218,019 | 4,022 |
*CKE Restaurants Inc. | 276,297 | 4,009 |
*K2 Inc. | 251,319 | 3,991 |
The Neiman Marcus Group, Inc. Class B | 58,704 | 3,921 |
*Heidrick &Struggles International, Inc. | 114,358 | 3,919 |
*Charter Communications, Inc. | 1,732,484 | 3,881 |
*The Children's Place Retail Stores, Inc. | 104,691 | 3,877 |
*Ryan's Restaurant Group, Inc. | 249,316 | 3,844 |
Blockbuster Inc. Class B | 431,030 | 3,797 |
*Alliance Gaming Corp. | 274,867 | 3,796 |
*The Sports Authority, Inc. | 146,521 | 3,773 |
Viad Corp. | 132,305 | 3,769 |
*Coinstar, Inc. | 139,723 | 3,749 |
*Select Comfort Corp. | 208,590 | 3,742 |
*Hibbett Sporting Goods, Inc. | 140,060 | 3,727 |
United Auto Group, Inc. | 124,446 | 3,682 |
*Group 1 Automotive, Inc. | 116,293 | 3,663 |
*MAXIMUS, Inc. | 116,825 | 3,636 |
*Elizabeth Arden, Inc. | 151,248 | 3,591 |
Speedway Motorsports, Inc. | 90,647 | 3,552 |
Cato Corp. Class A | 121,099 | 3,490 |
*Universal Technical Institute Inc. | 91,402 | 3,484 |
Fred's, Inc. | 199,925 | 3,479 |
*The Advisory Board Co. | 94,324 | 3,479 |
*United Online, Inc. | 300,656 | 3,467 |
*JAKKS Pacific, Inc. | 156,242 | 3,455 |
Kelly Services, Inc. Class A | 113,769 | 3,434 |
Oxford Industries, Inc. | 82,587 | 3,411 |
*GameStop Corp. Class B | 151,002 | 3,384 |
World Fuel Services Corp. | 67,834 | 3,378 |
*RC2 Corp. | 103,136 | 3,362 |
*Electronics Boutique Holdings Corp. | 78,244 | 3,360 |
Big 5 Sporting Goods Corp. | 115,261 | 3,359 |
*Consolidated Graphics, Inc. | 73,166 | 3,358 |
Lone Star Steakhouse &Saloon, Inc. | 118,165 | 3,309 |
*Priceline.com, Inc. | 139,304 | 3,286 |
*ShopKo Stores, Inc. | 175,649 | 3,281 |
Bowne &Co., Inc. | 200,591 | 3,262 |
*NetFlix.com, Inc. | 264,423 | 3,260 |
Rollins, Inc. | 122,721 | 3,230 |
*Jo-Ann Stores, Inc. | 114,864 | 3,163 |
Page 6
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Carter's, Inc. | 92,811 | 3,155 |
Ameristar Casinos, Inc. | 72,872 | 3,142 |
Gevity HR, Inc. | 152,767 | 3,141 |
*Steak n Shake Co. | 156,227 | 3,137 |
The Marcus Corp. | 123,364 | 3,101 |
Brown Shoe Co., Inc. | 103,058 | 3,074 |
*Lin TV Corp. | 160,528 | 3,066 |
*Spherion Corp. | 363,336 | 3,052 |
Russell Corp. | 155,939 | 3,038 |
*Six Flags, Inc. | 555,468 | 2,983 |
Handleman Co. | 137,820 | 2,960 |
Movie Gallery, Inc. | 154,182 | 2,940 |
*Amerco, Inc. | 63,456 | 2,918 |
*The Pantry, Inc. | 96,827 | 2,914 |
Journal Communications, Inc. | 161,001 | 2,909 |
*Midway Games Inc. | 276,433 | 2,903 |
*Entravision Communications Corp. | 337,495 | 2,818 |
*Stein Mart, Inc. | 164,726 | 2,810 |
American Woodmark Corp. | 63,870 | 2,790 |
*GameStop Corp. | 122,613 | 2,742 |
Burlington Coat Factory Warehouse Corp. | 119,957 | 2,723 |
*Multimedia Games Inc. | 172,655 | 2,721 |
Pulitzer, Inc. | 41,267 | 2,676 |
*Steiner Leisure Ltd. | 85,876 | 2,566 |
Orient-Express Hotel Ltd. | 123,397 | 2,538 |
*Insight Communications Co., Inc. | 273,339 | 2,534 |
*Wireless Facilities, Inc. | 268,018 | 2,530 |
Sinclair Broadcast Group, Inc. | 273,653 | 2,520 |
The Stride Rite Corp. | 225,297 | 2,517 |
*California Pizza Kitchen, Inc. | 108,744 | 2,501 |
*Spanish Broadcasting System, Inc. | 236,806 | 2,501 |
*O'Charley's Inc. | 127,469 | 2,492 |
*aQuantive, Inc. | 274,649 | 2,455 |
*Harris Interactive Inc. | 307,312 | 2,428 |
*Papa John's International, Inc. | 70,203 | 2,418 |
Lithia Motors, Inc. | 89,871 | 2,410 |
*Teletech Holdings Inc. | 244,985 | 2,374 |
*PRIMEDIA Inc. | 622,402 | 2,365 |
*The Gymboree Corp. | 183,670 | 2,355 |
*A.C. Moore Arts &Crafts, Inc. | 81,529 | 2,349 |
*The Dress Barn, Inc. | 132,770 | 2,337 |
*infoUSA Inc. | 207,448 | 2,321 |
Churchill Downs, Inc. | 51,671 | 2,310 |
*Martha Stewart Living Omnimedia, Inc. | 79,104 | 2,296 |
Triarc Cos., Inc. Class B | 183,622 | 2,251 |
*Cross Country Healthcare, Inc. | 124,414 | 2,249 |
Pre-Paid Legal Services, Inc. | 59,837 | 2,247 |
The Topps Co., Inc. | 230,364 | 2,246 |
*MarineMax, Inc. | 75,190 | 2,238 |
*Leapfrog Enterprises, Inc. | 163,368 | 2,222 |
*Vertrue Inc. | 58,226 | 2,199 |
*TiVo Inc. | 360,153 | 2,114 |
*Brightpoint, Inc. | 107,217 | 2,095 |
Oakley, Inc. | 163,378 | 2,083 |
*LKQ Corp. | 102,550 | 2,058 |
CSS Industries, Inc. | 64,341 | 2,043 |
*Isle of Capri Casinos, Inc. | 79,379 | 2,036 |
Kenneth Cole Productions, Inc. | 65,877 | 2,033 |
*Central European Distribution Corp. | 68,439 | 2,022 |
Page 7
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*West Marine, Inc. | 80,870 | 2,002 |
Movado Group, Inc. | 106,955 | 1,995 |
Lawson Products, Inc. | 39,384 | 1,986 |
Courier Corp. | 38,213 | 1,984 |
*Vail Resorts Inc. | 87,307 | 1,957 |
*USANA Health Sciences, Inc. | 56,779 | 1,942 |
Haverty Furniture Cos., Inc. | 103,687 | 1,918 |
bebe stores, inc. | 70,452 | 1,901 |
*ValueVision Media, Inc. | 131,908 | 1,835 |
*Salem Communications Corp. | 73,117 | 1,824 |
Central Parking Corp. | 120,338 | 1,823 |
*Life Time Fitness, Inc. | 70,309 | 1,820 |
*SOURCECORP, Inc. | 94,364 | 1,803 |
*J. Jill Group, Inc. | 120,206 | 1,790 |
*Alloy, Inc. | 219,054 | 1,768 |
*LECG Corp. | 93,959 | 1,752 |
Libbey, Inc. | 77,960 | 1,731 |
Startek, Inc. | 60,602 | 1,724 |
Stamps.com Inc. | 108,235 | 1,714 |
*Pegasus Solutions Inc. | 133,098 | 1,677 |
*Gartner, Inc. Class B | 135,089 | 1,660 |
Blair Corp. | 46,543 | 1,660 |
*Fisher Communications, Inc. | 33,594 | 1,642 |
*Skechers U.S.A., Inc. | 126,355 | 1,638 |
CDI Corp. | 76,332 | 1,632 |
*MTR Gaming Group Inc. | 153,860 | 1,625 |
*4Kids Entertainment Inc. | 76,948 | 1,617 |
*Playtex Products, Inc. | 201,635 | 1,611 |
*FindWhat.com | 90,148 | 1,598 |
*Hudson Highland Group, Inc. | 55,017 | 1,584 |
*Saga Communications, Inc. | 93,761 | 1,580 |
*Playboy Enterprises, Inc. Class B | 128,136 | 1,575 |
UniFirst Corp. | 55,545 | 1,571 |
Russ Berrie and Co., Inc. | 68,628 | 1,567 |
*Forrester Research, Inc. | 86,283 | 1,548 |
*Autobytel Inc. | 252,300 | 1,524 |
*Century Business Services, Inc. | 349,412 | 1,523 |
The Buckle, Inc. | 51,241 | 1,512 |
*Geo Group Inc. | 56,467 | 1,501 |
*Volt Information Sciences Inc. | 50,542 | 1,485 |
*AMN Healthcare Services, Inc. | 93,215 | 1,483 |
*Steven Madden, Ltd. | 75,931 | 1,432 |
*Sharper Image Corp. | 75,203 | 1,418 |
*Revlon, Inc. Class A | 613,930 | 1,412 |
*NetRatings, Inc. | 73,453 | 1,408 |
*1-800-FLOWERS.COM, Inc. | 157,380 | 1,324 |
*GSI Commerce, Inc. | 74,432 | 1,323 |
National Presto Industries, Inc. | 28,815 | 1,311 |
World Wrestling Entertainment, Inc. | 100,747 | 1,222 |
*Clark, Inc. | 78,726 | 1,222 |
*Bombay Co. | 216,231 | 1,196 |
Hancock Fabrics, Inc. | 114,261 | 1,185 |
Sturm, Ruger &Co., Inc. | 129,960 | 1,174 |
*Guess ?, Inc. | 93,219 | 1,170 |
*Regent Communications, Inc. | 217,790 | 1,154 |
*Marchex, Inc. | 54,739 | 1,150 |
*Young Broadcasting Inc. | 107,561 | 1,136 |
Oshkosh B' Gosh, Inc. Class A | 51,939 | 1,111 |
Triarc Cos., Inc. Class A | 84,820 | 1,103 |
Page 8
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Action Performance Cos., Inc. | 99,695 | 1,096 |
*Asbury Automotive Group, Inc. | 78,683 | 1,084 |
*Drugstore.com, Inc. | 313,259 | 1,065 |
Renaissance Learning, Inc. | 56,301 | 1,045 |
*Digital Theater Systems Inc. | 51,495 | 1,037 |
*Blue Nile Inc. | 37,324 | 1,031 |
*Del Laboratories, Inc. | 29,343 | 1,020 |
*Charlotte Russe Holding Inc. | 97,828 | 988 |
Advanced Marketing Services | 92,017 | 926 |
*Conn's, Inc. | 49,106 | 826 |
*1-800 CONTACTS, Inc. | 35,527 | 782 |
*Learning Tree International, Inc. | 56,386 | 756 |
Dover Downs Gaming &Entertainment, Inc. | 57,298 | 751 |
*Beasley Broadcast Group, Inc. | 40,987 | 719 |
*Atari, Inc. | 222,872 | 653 |
*Kirkland's, Inc. | 52,905 | 650 |
*Medical Staffing Network Holdings, Inc. | 73,734 | 604 |
*The Boyds Collection, Ltd. | 126,165 | 555 |
Deb Shops, Inc. | 12,470 | 312 |
*Radio One, Inc. | 380 | 6 |
Timco Aviation Services, Inc. | ||
8.00%, 1/2/2007 Cvt. | 13,186 | 1 |
1,778,920 | ||
Consumer Staples (1.6%) | ||
*Del Monte Foods Co. | 1,255,771 | 13,839 |
Church &Dwight, Inc. | 369,911 | 12,436 |
*Rite Aid Corp. | 3,095,964 | 11,331 |
*NBTY, Inc. | 319,441 | 7,670 |
*Performance Food Group Co. | 277,782 | 7,475 |
Ralcorp Holdings, Inc. | 175,081 | 7,341 |
Universal Corp. (VA) | 152,787 | 7,309 |
Flowers Foods, Inc. | 222,523 | 7,027 |
Sensient Technologies Corp. | 266,199 | 6,386 |
*7-Eleven, Inc. | 234,834 | 5,624 |
Chiquita Brands International, Inc. | 244,392 | 5,391 |
Casey's General Stores, Inc. | 269,085 | 4,884 |
Pilgrim's Pride Corp. | 159,093 | 4,881 |
Longs Drug Stores, Inc. | 167,967 | 4,631 |
Ruddick Corp. | 209,776 | 4,550 |
Tootsie Roll Industries, Inc. | 124,148 | 4,299 |
*Hain Celestial Group, Inc. | 185,125 | 3,827 |
Schweitzer-Mauduit International, Inc. | 89,042 | 3,023 |
American Italian Pasta Co. | 107,821 | 2,507 |
Sanderson Farms, Inc. | 53,648 | 2,322 |
Winn-Dixie Stores, Inc. | 509,101 | 2,316 |
Lance, Inc. | 114,932 | 2,187 |
Weis Markets, Inc. | 56,673 | 2,186 |
*Peet's Coffee &Tea Inc. | 76,251 | 2,018 |
J &J Snack Foods Corp. | 40,399 | 1,981 |
Dimon Inc. | 270,170 | 1,816 |
Vector Group Ltd. | 99,746 | 1,659 |
Coca-Cola Bottling Co. | 24,061 | 1,373 |
Standard Commercial Tobacco Co. | 61,871 | 1,204 |
*Wild Oats Markets Inc. | 135,344 | 1,192 |
*Boston Beer Co., Inc. Class A | 51,685 | 1,099 |
*The Great Atlantic &Pacific Tea Co., Inc. | 104,788 | 1,074 |
Page 9
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Ingles Markets, Inc. | 66,645 | 826 |
Arden Group Inc. Class A | 7,243 | 728 |
148,412 | ||
Financial Services (23.9%) | ||
*AmeriCredit Corp. | 929,748 | 22,732 |
Mills Corp. REIT | 324,740 | 20,705 |
United Dominion Realty Trust REIT | 786,441 | 19,504 |
Catellus Development Corp. REIT | 616,508 | 18,865 |
American Capital Strategies, Ltd. | 554,598 | 18,496 |
Ryder System, Inc. | 385,300 | 18,406 |
*Conseco, Inc. | 902,066 | 17,996 |
Mack-Cali Realty Corp. REIT | 362,760 | 16,698 |
New Century REIT, Inc. | 256,141 | 16,370 |
Sky Financial Group, Inc. | 568,826 | 16,308 |
Colonial BancGroup, Inc. | 764,925 | 16,239 |
Webster Financial Corp. | 317,525 | 16,079 |
Federal Realty Investment Trust REIT | 309,999 | 16,011 |
First American Corp. | 450,606 | 15,834 |
Reckson Associates Realty Corp. REIT | 482,034 | 15,816 |
Arden Realty Group, Inc. REIT | 392,009 | 14,787 |
Rayonier Inc. REIT | 297,075 | 14,530 |
SL Green Realty Corp. REIT | 238,141 | 14,419 |
Annaly Mortgage Management Inc. REIT | 720,433 | 14,135 |
StanCorp Financial Group, Inc. | 169,727 | 14,002 |
CenterPoint Properties Corp. REIT | 288,807 | 13,831 |
Ventas, Inc. REIT | 503,549 | 13,802 |
First BanCorp Puerto Rico | 216,525 | 13,752 |
FirstMerit Corp. | 482,135 | 13,736 |
Thornburg Mortgage, Inc. REIT | 472,002 | 13,669 |
Pan Pacific Retail Properties, Inc. REIT | 217,895 | 13,662 |
HRPT Properties Trust REIT | 1,061,017 | 13,613 |
Cullen/Frost Bankers, Inc. | 277,535 | 13,488 |
Certegy, Inc. | 379,297 | 13,476 |
HCC Insurance Holdings, Inc. | 405,862 | 13,442 |
CBL &Associates Properties, Inc. REIT | 175,391 | 13,391 |
The South Financial Group, Inc. | 401,738 | 13,069 |
East West Bancorp, Inc. | 301,224 | 12,639 |
IndyMac Bancorp, Inc. | 366,606 | 12,630 |
*Affiliated Managers Group, Inc. | 184,779 | 12,517 |
Washington Federal Inc. | 469,564 | 12,462 |
Camden Property Trust REIT | 238,767 | 12,177 |
BRE Properties Inc. Class A REIT | 300,339 | 12,107 |
Realty Income Corp. REIT | 237,172 | 11,996 |
*BISYS Group, Inc. | 721,216 | 11,864 |
Waddell &Reed Financial, Inc. | 493,708 | 11,795 |
Health Care Inc. REIT | 309,038 | 11,790 |
UCBH Holdings, Inc. | 257,281 | 11,789 |
Healthcare Realty Trust Inc. REIT | 285,196 | 11,607 |
Jefferies Group, Inc. | 287,995 | 11,600 |
*Alliance Data Systems Corp. | 241,870 | 11,484 |
MoneyGram International, Inc. | 529,917 | 11,202 |
Westamerica Bancorporation | 189,543 | 11,052 |
Shurgard Storage Centers, Inc. Class A REIT | 247,613 | 10,897 |
Global Payments Inc. | 183,873 | 10,764 |
CarrAmerica Realty Corp. REIT | 325,197 | 10,732 |
American Financial Realty Trust REIT | 660,240 | 10,683 |
AmerUs Group Co. | 233,983 | 10,599 |
Page 10
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Hudson United Bancorp | 268,952 | 10,591 |
*Allmerica Financial Corp. | 318,483 | 10,456 |
NewAlliance Bancshares, Inc. | 683,308 | 10,455 |
Whitney Holdings Corp. | 232,184 | 10,446 |
W Holding Co., Inc. | 454,981 | 10,437 |
First Industrial Realty Trust REIT | 254,229 | 10,355 |
Essex Property Trust, Inc. REIT | 123,269 | 10,330 |
Crescent Real Estate, Inc. REIT | 565,025 | 10,317 |
Trizec Properties, Inc. REIT | 545,008 | 10,312 |
Raymond James Financial, Inc. | 331,188 | 10,260 |
Old National Bancorp | 395,369 | 10,224 |
Impac Mortgage Holdings, Inc. REIT | 445,294 | 10,095 |
BancorpSouth, Inc. | 413,368 | 10,074 |
IPC Holdings Ltd. | 231,192 | 10,059 |
Reinsurance Group of America, Inc. | 205,077 | 9,936 |
Fremont General Corp. | 392,018 | 9,871 |
Prentiss Properties Trust REIT | 254,985 | 9,740 |
*The First Marblehead Corp. | 172,900 | 9,726 |
*Silicon Valley Bancshares | 213,263 | 9,558 |
*Kronos, Inc. | 186,382 | 9,530 |
Brandywine Realty Trust REIT | 322,258 | 9,471 |
Nationwide Health Properties, Inc. REIT | 397,868 | 9,449 |
Park National Corp. | 68,225 | 9,245 |
*La Quinta Corp. REIT | 1,014,961 | 9,226 |
*CB Richard Ellis Group, Inc. | 274,863 | 9,222 |
Trustmark Corp. | 294,040 | 9,136 |
Capital Automotive REIT | 256,657 | 9,118 |
First Midwest Bancorp, Inc. | 250,333 | 9,085 |
Cathay General Bancorp | 238,165 | 8,931 |
Pacific Capital Bancorp | 259,194 | 8,810 |
Pennsylvania REIT | 204,914 | 8,770 |
People's Bank | 224,331 | 8,724 |
Alexandria Real Estate Equities, Inc. REIT | 115,937 | 8,628 |
Jack Henry &Associates Inc. | 432,229 | 8,606 |
Taubman Co. REIT | 287,279 | 8,604 |
Home Properties, Inc. REIT | 199,129 | 8,563 |
Greater Bay Bancorp | 306,545 | 8,546 |
*Alleghany Corp. | 29,804 | 8,502 |
Washington REIT | 249,892 | 8,464 |
United Bankshares, Inc. | 220,558 | 8,414 |
Commerce Group, Inc. | 137,606 | 8,399 |
International Bancshares Corp. | 212,422 | 8,365 |
Southwest Bancorporation of Texas, Inc. | 351,808 | 8,194 |
MAF Bancorp, Inc. | 180,927 | 8,109 |
*Ohio Casualty Corp. | 349,358 | 8,109 |
Chittenden Corp. | 276,269 | 7,937 |
Post Properties, Inc. REIT | 226,921 | 7,920 |
American Financial Group, Inc. | 249,482 | 7,811 |
Wintrust Financial Corp. | 136,790 | 7,792 |
Texas Regional Bancshares, Inc. | 235,043 | 7,681 |
Platinum Underwriters Holdings, Ltd. | 245,693 | 7,641 |
Redwood Trust, Inc. REIT | 122,286 | 7,593 |
Novastar Financial, Inc. REIT | 153,382 | 7,592 |
Delphi Financial Group, Inc. | 163,921 | 7,565 |
Highwood Properties, Inc. REIT | 272,781 | 7,556 |
Citizens Banking Corp. | 219,966 | 7,556 |
*United Rentals, Inc. | 395,569 | 7,476 |
GATX Corp. | 250,845 | 7,415 |
American Home Mortgage Investment Corp. REIT | 216,201 | 7,405 |
Page 11
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Provident Financial Services Inc. | 376,358 | 7,290 |
*Jones Lang Lasalle Inc. | 194,753 | 7,286 |
Kilroy Realty Corp. REIT | 169,994 | 7,267 |
Newcastle Investment Corp. REIT | 226,323 | 7,193 |
Provident Bankshares Corp. | 197,488 | 7,183 |
Downey Financial Corp. | 125,529 | 7,155 |
Commercial Federal Corp. | 237,667 | 7,061 |
FactSet Research Systems Inc. | 120,800 | 7,060 |
*Philadelphia Consolidated Holding Corp. | 106,231 | 7,026 |
Maguire Properties, Inc. REIT | 255,682 | 7,021 |
Senior Housing Properties Trust REIT | 368,893 | 6,987 |
Susquehanna Bancshares, Inc. | 277,906 | 6,934 |
*eFunds Corp. | 288,344 | 6,923 |
Endurance Specialty Holdings Ltd. | 202,240 | 6,917 |
*Knight Trading Group, Inc. | 626,292 | 6,858 |
*Arch Capital Group Ltd. | 175,757 | 6,802 |
Saxon Inc. REIT | 281,945 | 6,764 |
The Phoenix Cos., Inc. | 538,432 | 6,730 |
Cousins Properties, Inc. REIT | 220,304 | 6,669 |
Selective Insurance Group | 149,563 | 6,617 |
UICI | 194,256 | 6,585 |
R &G Financial Corp. Class B | 167,919 | 6,529 |
Lexington Corporate Properties Trust REIT | 288,666 | 6,518 |
*ProAssurance Corp. | 165,872 | 6,487 |
Westcorp, Inc. | 139,660 | 6,415 |
Umpqua Holdings Corp. | 248,994 | 6,277 |
Gables Residential Trust REIT | 175,192 | 6,270 |
Assured Guaranty Ltd. | 318,093 | 6,257 |
Hilb, Rogal and Hamilton Co. | 171,464 | 6,214 |
Summit Properties, Inc. REIT | 188,238 | 6,129 |
Republic Bancorp, Inc. | 400,516 | 6,120 |
Commercial Net Lease Realty REIT | 294,761 | 6,072 |
Colonial Properties Trust REIT | 154,609 | 6,071 |
Inland Real Estate Corp. REIT | 379,484 | 6,053 |
F.N.B. Corp. | 295,987 | 6,026 |
Corporate Office Properties Trust, Inc. REIT | 205,164 | 6,022 |
John H. Harland Co. | 165,876 | 5,988 |
First Niagara Financial Group, Inc. | 424,699 | 5,925 |
Commercial Capital Bancorp, Inc. | 255,490 | 5,922 |
Glimcher Realty Trust REIT | 212,487 | 5,888 |
Entertainment Properties Trust REIT | 131,935 | 5,878 |
TrustCo Bank NY | 421,833 | 5,817 |
Brookline Bancorp, Inc. | 354,035 | 5,778 |
CVB Financial Corp. | 217,238 | 5,770 |
*Piper Jaffray Cos., Inc. | 118,761 | 5,695 |
LaSalle Hotel Properties REIT | 178,579 | 5,684 |
BankAtlantic Bancorp, Inc. Class A | 279,469 | 5,561 |
LandAmerica Financial Group, Inc. | 103,051 | 5,558 |
Bank Mutual Corp. | 448,049 | 5,453 |
First Commonwealth Financial Corp. | 353,308 | 5,437 |
MB Financial, Inc. | 128,662 | 5,423 |
*BankUnited Financial Corp. | 167,548 | 5,353 |
R.L.I. Corp. | 127,963 | 5,319 |
*Sterling Financial Corp. | 135,315 | 5,312 |
Alabama National BanCorporation | 80,438 | 5,188 |
Central Pacific Financial Co. | 142,379 | 5,150 |
Waypoint Financial Corp. | 179,590 | 5,091 |
S &T Bancorp, Inc. | 133,904 | 5,047 |
Equity One, Inc. REIT | 211,913 | 5,029 |
Page 12
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Sotheby's Holdings Class A | 271,386 | 4,928 |
Chemical Financial Corp. | 114,564 | 4,917 |
Horace Mann Educators Corp. | 255,433 | 4,874 |
*First Federal Financial Corp. | 93,111 | 4,830 |
National Penn Bancshares Inc. | 174,180 | 4,825 |
EastGroup Properties, Inc. REIT | 125,612 | 4,813 |
Corus Bankshares Inc. | 99,847 | 4,794 |
Cash America International Inc. | 160,692 | 4,777 |
Mid-America Apartment Communities, Inc. REIT | 115,766 | 4,772 |
*Investment Technology Group, Inc. | 237,731 | 4,755 |
Glacier Bancorp, Inc. | 139,065 | 4,734 |
Scottish Re Group Ltd. | 181,906 | 4,711 |
*Accredited Home Lenders Holding Co. | 94,303 | 4,685 |
First Charter Corp. | 177,828 | 4,654 |
First Citizens BancShares Class A | 31,355 | 4,648 |
First Republic Bank | 85,826 | 4,549 |
Hancock Holding Co. | 135,930 | 4,548 |
NBT Bancorp, Inc. | 175,576 | 4,516 |
Heritage Property Investment Trust REIT | 139,631 | 4,481 |
CRT Properties, Inc. REIT | 186,804 | 4,457 |
*NCO Group, Inc. | 171,485 | 4,433 |
*FelCor Lodging Trust, Inc. REIT | 302,142 | 4,426 |
*Metris Cos., Inc. | 346,994 | 4,424 |
PS Business Parks, Inc. REIT | 97,877 | 4,414 |
Community Bank System, Inc. | 155,265 | 4,386 |
United Community Banks, Inc. | 162,482 | 4,376 |
Boston Private Financial Holdings, Inc. | 155,257 | 4,374 |
AMLI Residential Properties Trust REIT | 136,445 | 4,366 |
*MeriStar Hospitality Corp. REIT | 522,405 | 4,362 |
Infinity Property &Casualty Corp. | 123,397 | 4,344 |
Sun Communities, Inc. REIT | 107,810 | 4,339 |
Glenborough Realty Trust, Inc. REIT | 203,911 | 4,339 |
Tanger Factory Outlet Centers, Inc. REIT | 163,524 | 4,327 |
National Financial Partners Corp. | 111,084 | 4,310 |
Amcore Financial, Inc. | 133,377 | 4,292 |
RAIT Investment Trust REIT | 152,524 | 4,266 |
*Interactive Data Corp. | 195,398 | 4,248 |
Stewart Information Services Corp. | 101,927 | 4,245 |
Harbor Florida Bancshares, Inc. | 121,028 | 4,189 |
Equity Lifestyle Properties, Inc. REIT | 115,881 | 4,143 |
Flagstar Bancorp, Inc. | 182,989 | 4,136 |
MFA Mortgage Investments, Inc. REIT | 468,258 | 4,130 |
National Health Investors REIT | 139,691 | 4,076 |
UMB Financial Corp. | 71,177 | 4,033 |
Zenith National Insurance Corp. | 80,514 | 4,013 |
NDCHealth Corp. | 215,387 | 4,004 |
PFF Bancorp, Inc. | 85,429 | 3,958 |
Westbanco Inc. | 123,358 | 3,944 |
*Financial Federal Corp. | 97,981 | 3,841 |
Sovran Self Storage, Inc. REIT | 90,722 | 3,823 |
Mid-State Bancshares | 132,810 | 3,805 |
Harleysville National Corp. | 140,693 | 3,742 |
Anthracite Capital Inc. REIT | 302,620 | 3,740 |
*Digital Insight Corp. | 201,478 | 3,707 |
*Euronet Worldwide, Inc. | 141,743 | 3,688 |
First Financial Bancorp | 209,683 | 3,669 |
Frontier Financial Corp. | 94,697 | 3,656 |
*S1 Corp. | 400,826 | 3,631 |
Sterling Bancshares, Inc. | 254,259 | 3,628 |
Page 13
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Fidelity Bankshares, Inc. | 83,831 | 3,585 |
Equity Inns, Inc. REIT | 303,566 | 3,564 |
Omega Healthcare Investors, Inc. REIT | 300,560 | 3,547 |
Oriental Financial Group Inc. | 123,525 | 3,497 |
Provident Bancorp, Inc. | 260,187 | 3,432 |
Hanmi Financial Corp. | 95,131 | 3,419 |
City Holding Co. | 94,320 | 3,418 |
Parkway Properties Inc. REIT | 67,315 | 3,416 |
Anchor Bancorp Wisconsin Inc. | 117,194 | 3,416 |
*Triad Guaranty, Inc. | 56,470 | 3,415 |
Getty Realty Holding Corp. REIT | 118,135 | 3,394 |
Main Street Banks, Inc. | 96,593 | 3,374 |
First Community Bancorp | 78,945 | 3,371 |
Gold Banc Corp., Inc. | 228,014 | 3,334 |
Sandy Spring Bancorp, Inc. | 86,892 | 3,331 |
MCG Capital Corp. | 193,292 | 3,311 |
Alfa Corp. | 215,485 | 3,272 |
Unizan Financial Corp. | 123,780 | 3,262 |
*Advent Software, Inc. | 159,103 | 3,258 |
Cornerstone Realty Income Trust, Inc. REIT | 325,886 | 3,252 |
Northwest Bancorp, Inc. | 129,196 | 3,242 |
Ramco-Gershenson Properties Trust REIT | 100,341 | 3,236 |
Hudson River Bancorp, Inc. | 163,354 | 3,233 |
Kramont Realty Trust REIT | 137,189 | 3,210 |
Max Re Capital Ltd. | 150,395 | 3,208 |
Dime Community Bancshares | 178,490 | 3,197 |
*iPayment Holdings, Inc. | 64,445 | 3,191 |
Partners Trust Financial Group, Inc. | 273,248 | 3,183 |
Independent Bank Corp. (MI) | 105,680 | 3,152 |
PrivateBancorp, Inc. | 96,905 | 3,123 |
First Financial Bankshares, Inc. | 69,523 | 3,115 |
United Fire &Casualty Co. | 90,216 | 3,041 |
Aspen Insurance Holdings Ltd. | 123,717 | 3,034 |
Innkeepers USA Trust REIT | 213,432 | 3,031 |
*Instinet Group Inc. | 498,473 | 3,006 |
Direct General Corp. | 93,268 | 2,994 |
Sterling Financial Corp. (PA) | 104,312 | 2,991 |
PXRE Group Ltd. | 117,793 | 2,970 |
KNBT Bancorp Inc. | 173,257 | 2,928 |
Anworth Mortgage Asset Corp. REIT | 273,015 | 2,924 |
Sterling Bancorp | 103,309 | 2,918 |
Net.Bank, Inc. | 279,842 | 2,913 |
Prosperity Bancshares, Inc. | 99,425 | 2,904 |
Irwin Financial Corp. | 101,568 | 2,884 |
*LaBranche &Co. Inc. | 321,459 | 2,880 |
*Nelnet, Inc. | 106,458 | 2,867 |
*Portfolio Recovery Associates, Inc. | 68,980 | 2,843 |
First Merchants Corp. | 99,564 | 2,818 |
*Quanta Capital Holdings Ltd. | 305,197 | 2,814 |
*Argonaut Group, Inc. | 132,114 | 2,792 |
Independent Bank Corp. (MA) | 82,182 | 2,774 |
Town &Country Trust REIT | 98,809 | 2,730 |
*USI Holdings Corp. | 233,753 | 2,705 |
Highland Hospitality Corp. REIT | 238,827 | 2,684 |
Luminent Mortgage Capital, Inc. REIT | 220,166 | 2,620 |
Riggs National Corp. | 122,374 | 2,602 |
Capitol Bancorp Ltd. | 73,630 | 2,593 |
Acadia Realty Trust REIT | 158,211 | 2,579 |
*Danielson Holdings Corp. | 304,365 | 2,572 |
Page 14
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Investors Real Estate Trust REIT | 240,296 | 2,521 |
WFS Financial, Inc. | 48,992 | 2,488 |
Bedford Property Investors, Inc. REIT | 87,123 | 2,475 |
IBERIABANK Corp. | 37,121 | 2,463 |
TierOne Corp. | 98,255 | 2,442 |
U.S. Restaurant Properties, Inc. REIT | 134,719 | 2,433 |
Community Trust Bancorp Inc. | 75,180 | 2,433 |
First Financial Holdings, Inc. | 73,894 | 2,419 |
Saul Centers, Inc. REIT | 63,149 | 2,415 |
McGrath RentCorp | 54,590 | 2,381 |
Washington Trust Bancorp, Inc. | 79,048 | 2,317 |
Old Second Bancorp, Inc. | 72,128 | 2,299 |
Arbor Realty Trust, Inc. REIT | 93,627 | 2,298 |
*Universal American Financial Corp. | 147,381 | 2,280 |
Affordable Residential Communities REIT | 158,843 | 2,279 |
Simmons First National Corp. | 78,552 | 2,274 |
West Coast Bancorp | 89,107 | 2,264 |
Suffolk Bancorp | 64,897 | 2,260 |
*CompuCredit Corp. | 82,306 | 2,250 |
*Signature Bank | 69,152 | 2,238 |
*Franklin Bank Corp. | 120,535 | 2,200 |
*National Western Life Insurance Co. Class A | 13,110 | 2,184 |
*ITLA Capital Corp. | 37,030 | 2,177 |
*Ocwen Financial Corp. | 226,949 | 2,170 |
Bank of the Ozarks, Inc. | 63,653 | 2,166 |
*HealthExtras, Inc. | 132,565 | 2,161 |
Integra Bank Corp. | 93,428 | 2,159 |
Universal Health Realty Income REIT | 66,758 | 2,145 |
Strategic Hotel Capital, Inc. REIT | 129,644 | 2,139 |
Advanta Corp. Class B | 87,323 | 2,119 |
First Financial Corp. (IN) | 60,448 | 2,117 |
*eSPEED, Inc. Class A | 170,823 | 2,113 |
FBL Financial Group, Inc. Class A | 73,914 | 2,110 |
Midland Co. | 67,409 | 2,108 |
Columbia Banking System, Inc. | 83,494 | 2,087 |
Presidential Life Corp. | 122,769 | 2,082 |
Global Signal, Inc. REIT | 75,542 | 2,080 |
First Community Bancshares, Inc. | 57,024 | 2,057 |
Omega Financial Corp. | 59,918 | 2,054 |
*Encore Capital Group, Inc. | 85,733 | 2,039 |
SWS Group, Inc. | 92,923 | 2,037 |
WSFS Financial Corp. | 33,540 | 2,023 |
Great Southern Bancorp, Inc. | 57,301 | 2,006 |
Capital City Bank Group, Inc. | 47,670 | 1,993 |
*HomeStore, Inc. | 656,924 | 1,990 |
Urstadt Biddle Properties Class A REIT | 115,905 | 1,976 |
American Equity Investment Life Holding Co. | 183,062 | 1,972 |
Flushing Financial Corp. | 97,967 | 1,965 |
Odyssey Re Holdings Corp. | 77,490 | 1,954 |
Tompkins Trustco, Inc. | 36,243 | 1,939 |
Harleysville Group, Inc. | 80,928 | 1,932 |
Gabelli Asset Management Inc. | 39,688 | 1,926 |
Bristol West Holdings, Inc. | 94,830 | 1,897 |
Union Bankshares Corp. | 49,240 | 1,892 |
Banner Corp. | 60,336 | 1,882 |
State Auto Financial Corp. | 71,697 | 1,853 |
Community Banks, Inc. | 65,594 | 1,847 |
First Bancorp (NC) | 67,585 | 1,836 |
U.S.B. Holding Co., Inc. | 72,970 | 1,817 |
Page 15
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Electro Rent Corp. | 126,566 | 1,801 |
First Busey Corp. | 85,911 | 1,793 |
United Community Financial Corp. | 158,444 | 1,775 |
Capital Lease Funding, Inc. REIT | 139,829 | 1,748 |
First Source Corp. | 67,913 | 1,732 |
CoBiz Inc. | 84,978 | 1,725 |
CityBank Lynnwood WA | 47,509 | 1,717 |
First Place Financial Corp. | 76,267 | 1,708 |
S.Y. Bancorp, Inc. | 70,172 | 1,691 |
Pennrock Financial Services Corp. | 43,402 | 1,689 |
*Asset Acceptance Capital Corp. | 78,003 | 1,661 |
Seacoast Banking Corp. of Florida | 74,062 | 1,648 |
SCBT Financial Corp. | 47,830 | 1,606 |
Arrow Financial Corp. | 51,403 | 1,593 |
*Navigators Group, Inc. | 52,749 | 1,588 |
Midwest Banc Holdings, Inc. | 70,199 | 1,535 |
Camden National Corp. | 38,757 | 1,527 |
Peoples Holding Co. | 45,943 | 1,521 |
Lakeland Bancorp, Inc. | 86,227 | 1,513 |
Bank of Granite Corp. | 72,375 | 1,513 |
Virginia Financial Group, Inc. | 40,996 | 1,503 |
*PMA Capital Corp. Class A | 142,339 | 1,473 |
*TNS Inc. | 66,753 | 1,459 |
Farmers Capital Bank Corp. | 34,548 | 1,423 |
First Indiana Corp. | 62,641 | 1,410 |
Peoples Bancorp, Inc. | 50,934 | 1,397 |
*Credit Acceptance Corp. | 54,840 | 1,396 |
*CNA Surety Corp. | 103,832 | 1,386 |
OceanFirst Financial Corp. | 55,975 | 1,380 |
Capital Southwest Corp. | 17,405 | 1,367 |
First Oak Brook Bancshares, Inc. | 41,186 | 1,335 |
Peapack Gladstone Financial Corp. | 41,966 | 1,324 |
*PRG-Schultz International, Inc. | 261,621 | 1,316 |
*United National Group Ltd. Class A | 70,025 | 1,304 |
BancFirst Corp. | 16,500 | 1,303 |
Federal Agricultural Mortgage Corp. Class C | 54,245 | 1,264 |
Republic Bancorp, Inc. Class A | 48,419 | 1,244 |
*Citizens, Inc. | 189,013 | 1,204 |
Financial Institutions, Inc. | 50,627 | 1,177 |
Mission West Properties Inc. REIT | 109,266 | 1,163 |
Baldwin &Lyons, Inc. Class B | 43,298 | 1,160 |
NBC Capital Corp. | 41,807 | 1,111 |
Pennfed Financial Services, Inc. | 66,708 | 1,073 |
Greenhill &Co., Inc. | 36,922 | 1,060 |
Charter Financial Corp. | 23,910 | 1,049 |
Advanta Corp. Class A | 44,858 | 1,015 |
Clifton Savings Bancorp, Inc. | 83,056 | 1,009 |
Citizens 1st Bancorp, Inc. | 41,035 | 992 |
German American Bancorp | 55,849 | 899 |
*Texas Capital Bancshares, Inc. | 37,715 | 815 |
Royal Bancshares of Pennsylvania, Inc. | 28,283 | 764 |
*CCC Information Services Group | 18,884 | 419 |
Crawford &Co. Class B | 53,408 | 401 |
Urstadt Biddle Properties REIT | 16,701 | 270 |
First National Bankshares of Florida | 9,689 | 232 |
CSF Holdings Inc. Contingent Litigation Rights | 29,125 | -- |
2,275,783 | ||
Page 16
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Health Care (11.6%) | ||
*PacifiCare Health Systems, Inc. | 514,764 | 29,094 |
*DaVita, Inc. | 601,500 | 23,777 |
*OSI Pharmaceuticals, Inc. | 296,679 | 22,206 |
*Cytyc Corp. | 664,801 | 18,329 |
*Charles River Laboratories, Inc. | 367,539 | 16,910 |
*Edwards Lifesciences Corp. | 357,290 | 14,742 |
*Covance, Inc. | 374,889 | 14,527 |
*Renal Care Group, Inc. | 401,354 | 14,445 |
Cooper Cos., Inc. | 195,846 | 13,825 |
*INAMED Corp. | 212,957 | 13,470 |
*Gen-Probe Inc. | 296,782 | 13,418 |
*Affymetrix, Inc. | 362,974 | 13,267 |
Valeant Pharmaceuticals International | 502,653 | 13,245 |
*Dade Behring Holdings Inc. | 231,642 | 12,972 |
*Pharmaceutical Product Development, Inc. | 304,017 | 12,553 |
Medicis Pharmaceutical Corp. | 340,769 | 11,964 |
*MGI Pharma, Inc. | 422,886 | 11,845 |
*Stericycle, Inc. | 256,787 | 11,799 |
*Respironics, Inc. | 210,376 | 11,436 |
*AMERIGROUP Corp. | 148,847 | 11,262 |
*IDEXX Laboratories Corp. | 204,938 | 11,188 |
*Amylin Pharmaceuticals, Inc. | 478,457 | 11,177 |
*Protein Design Labs, Inc. | 540,754 | 11,172 |
*Neurocrine Biosciences, Inc. | 217,877 | 10,741 |
*ResMed Inc. | 202,154 | 10,330 |
*First Health Group Corp. | 548,690 | 10,266 |
*ICOS Corp. | 360,884 | 10,206 |
*Nektar Therapeutics | 501,668 | 10,154 |
*Apria Healthcare Group Inc. | 299,117 | 9,856 |
*STERIS Corp. | 413,293 | 9,803 |
Select Medical Corp. | 545,974 | 9,609 |
*Andrx Group | 435,542 | 9,508 |
*Pediatrix Medical Group, Inc. | 143,497 | 9,191 |
*Cerner Corp. | 172,750 | 9,185 |
*VCA Antech, Inc. | 465,765 | 9,129 |
*Techne Corp. | 234,074 | 9,105 |
*Martek Biosciences Corp. | 175,421 | 8,982 |
*Advanced Medical Optics, Inc. | 213,305 | 8,775 |
Mentor Corp. | 253,511 | 8,553 |
*Human Genome Sciences, Inc. | 701,345 | 8,430 |
*PAR Pharmaceutical Cos. Inc. | 203,102 | 8,404 |
*Endo Pharmaceuticals Holdings, Inc. | 394,484 | 8,292 |
*Sybron Dental Specialties, Inc. | 232,869 | 8,239 |
*Accredo Health, Inc. | 291,038 | 8,068 |
*Sierra Health Services, Inc. | 144,281 | 7,951 |
Invacare Corp. | 170,865 | 7,904 |
*LifePoint Hospitals, Inc. | 219,978 | 7,660 |
*Intuitive Surgical, Inc. | 191,363 | 7,658 |
*VISX Inc. | 295,712 | 7,650 |
*American Medical Systems Holdings, Inc. | 181,162 | 7,574 |
*Alkermes, Inc. | 536,720 | 7,562 |
*The Medicines Co. | 257,679 | 7,421 |
Diagnostic Products Corp. | 130,461 | 7,182 |
*United Surgical Partners International, Inc. | 169,496 | 7,068 |
*Centene Corp. | 245,106 | 6,949 |
*Province Healthcare Co. | 297,439 | 6,648 |
Owens &Minor, Inc. Holding Co. | 235,063 | 6,622 |
*Kindred Healthcare, Inc. | 220,499 | 6,604 |
Page 17
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Perrigo Co. | 382,115 | 6,599 |
*Onyx Pharmaceuticals, Inc. | 198,475 | 6,429 |
*Immucor Inc. | 271,165 | 6,375 |
*American Healthways Inc. | 186,247 | 6,154 |
PolyMedica Corp. | 162,982 | 6,078 |
*NeighborCare Inc. | 196,800 | 6,046 |
*Applera Corp.-Celera Genomics Group | 437,193 | 6,011 |
*Vicuron Pharmaceuticals Inc. | 340,137 | 5,922 |
*Beverly Enterprises, Inc. | 647,179 | 5,922 |
*Ocular Sciences, Inc. | 120,331 | 5,897 |
*Pharmion Corp. | 137,508 | 5,804 |
*Bio-Rad Laboratories, Inc. Class A | 99,937 | 5,733 |
*Biosite Inc. | 90,222 | 5,552 |
*United Therapeutics Corp. | 121,833 | 5,501 |
*Magellan Health Services, Inc. | 160,808 | 5,493 |
*Haemonetics Corp. | 150,676 | 5,456 |
*AmSurg Corp. | 181,580 | 5,364 |
*Ventana Medical Systems, Inc. | 82,941 | 5,307 |
*Sola International Inc. | 192,648 | 5,306 |
*AtheroGenics, Inc. | 221,442 | 5,217 |
*Connetics Corp. | 212,585 | 5,164 |
*Ligand Pharmaceuticals Inc. Class B | 442,391 | 5,149 |
*Wright Medical Group, Inc. | 179,841 | 5,125 |
*Nabi Biopharmaceuticals | 348,578 | 5,107 |
*Vertex Pharmaceuticals, Inc. | 478,744 | 5,060 |
*Eyetech Pharmaceuticals Inc. | 110,410 | 5,024 |
*Telik, Inc. | 261,102 | 4,997 |
*Abgenix, Inc. | 478,011 | 4,943 |
*Medarex, Inc. | 450,735 | 4,859 |
*Eclipsys Corp. | 237,615 | 4,854 |
*PSS World Medical, Inc. | 387,673 | 4,852 |
*Sunrise Senior Living, Inc. | 104,492 | 4,844 |
*CONMED Corp. | 169,572 | 4,819 |
*Priority Healthcare Corp. Class B | 221,187 | 4,815 |
*Advanced Neuromodulation Systems, Inc. | 120,781 | 4,766 |
*American Pharmaceuticals Partners, Inc. | 126,143 | 4,719 |
*eResearch Technology, Inc. | 296,223 | 4,695 |
*Incyte Corp. | 444,686 | 4,442 |
West Pharmaceutical Services, Inc. | 177,388 | 4,440 |
*Laserscope | 121,270 | 4,355 |
*CV Therapeutics, Inc. | 189,139 | 4,350 |
*Eon Labs, Inc. | 159,030 | 4,294 |
*NPS Pharmaceuticals Inc. | 231,086 | 4,224 |
*Transkaryotic Therapies, Inc. | 166,299 | 4,222 |
*ArthroCare Corp. | 129,112 | 4,139 |
*Inspire Pharmaceuticals, Inc. | 246,324 | 4,131 |
*Wellcare Group Inc. | 127,009 | 4,128 |
*Myriad Genetics, Inc. | 183,065 | 4,121 |
Alpharma, Inc. Class A | 242,649 | 4,113 |
*K-V Pharmaceutical Co. Class A | 186,426 | 4,111 |
*IDX Systems Corp. | 118,158 | 4,072 |
*Alexion Pharmaceuticals, Inc. | 161,447 | 4,068 |
*Serologicals Corp. | 182,145 | 4,029 |
*Exelixis, Inc. | 410,430 | 3,899 |
*First Horizon Pharmaceutical Corp. | 170,074 | 3,893 |
*Integra LifeSciences Holdings | 103,249 | 3,813 |
*Kos Pharmaceuticals, Inc. | 101,111 | 3,806 |
*Molina Healthcare Inc. | 81,979 | 3,802 |
Arrow International, Inc. | 117,820 | 3,651 |
Page 18
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Enzon Pharmaceuticals, Inc. | 261,054 | 3,582 |
*Cubist Pharmaceuticals, Inc. | 297,494 | 3,519 |
*Viasys Healthcare Inc. | 184,616 | 3,508 |
*Salix Pharmaceuticals, Ltd. | 194,860 | 3,428 |
*Encysive Pharmaceuticals, Inc. | 341,484 | 3,391 |
*Hologic, Inc. | 122,701 | 3,371 |
*Genesis Healthcare Corp. | 95,458 | 3,344 |
*Impax Laboratories, Inc. | 209,226 | 3,323 |
*LabOne, Inc. | 102,206 | 3,275 |
*Dendreon Corp. | 296,154 | 3,193 |
*PAREXEL International Corp. | 155,040 | 3,147 |
*Zymogenetics, Inc. | 136,229 | 3,133 |
*Chattem, Inc. | 94,321 | 3,122 |
Analogic Corp. | 69,345 | 3,106 |
*Enzo Biochem, Inc. | 155,035 | 3,019 |
*SonoSite, Inc. | 88,642 | 3,009 |
Datascope Corp. | 74,951 | 2,975 |
*Cell Therapeutics, Inc. | 361,561 | 2,943 |
*SurModics, Inc. | 88,839 | 2,888 |
*Wilson Greatbatch Technologies, Inc. | 127,664 | 2,862 |
*Odyssey Healthcare, Inc. | 207,762 | 2,842 |
*Per-Se Technologies, Inc. | 179,286 | 2,838 |
*DJ Orthopedics Inc. | 130,752 | 2,801 |
*RehabCare Group, Inc. | 97,247 | 2,722 |
*Align Technology, Inc. | 252,247 | 2,712 |
*Cyberonics, Inc. | 121,030 | 2,508 |
*Thoratec Corp. | 239,603 | 2,497 |
*Kyphon Inc. | 96,689 | 2,491 |
*Digene Corp. | 95,059 | 2,486 |
*EPIX Pharmaceuticals, Inc. | 137,315 | 2,459 |
*BioMarin Pharmaceutical Inc. | 384,684 | 2,458 |
Landauer, Inc. | 53,264 | 2,434 |
*Tanox, Inc. | 157,543 | 2,395 |
*Noven Pharmaceuticals, Inc. | 139,835 | 2,386 |
*NitroMed, Inc. | 88,422 | 2,356 |
*Gentiva Health Services, Inc. | 139,159 | 2,327 |
*InterMune Inc. | 174,685 | 2,316 |
*Merit Medical Systems, Inc. | 149,559 | 2,285 |
*Discovery Laboratories, Inc. | 280,521 | 2,225 |
*CTI Molecular Imaging, Inc. | 155,081 | 2,201 |
*Adolor Corp. | 220,240 | 2,185 |
Hooper Holmes, Inc. | 368,833 | 2,183 |
*ImmunoGen, Inc. | 243,956 | 2,157 |
*Kensey Nash Corp. | 61,880 | 2,137 |
*ARIAD Pharmaceuticals, Inc. | 282,294 | 2,097 |
*Lexicon Genetics Inc. | 265,458 | 2,059 |
*Cell Genesys, Inc. | 253,753 | 2,055 |
*Regeneron Pharmaceuticals, Inc. | 223,104 | 2,055 |
*ICU Medical, Inc. | 73,867 | 2,020 |
*Inverness Medical Innovations, Inc. | 78,924 | 1,981 |
*Geron Corp. | 244,444 | 1,948 |
*Zoll Medical Corp. | 55,553 | 1,911 |
*CuraGen Corp. | 254,668 | 1,823 |
*Isis Pharmaceuticals, Inc. | 308,292 | 1,819 |
*OCA Inc. | 284,762 | 1,808 |
*Maxygen Inc. | 136,928 | 1,751 |
*Keryx Biopharmaceuticals, Inc. | 146,136 | 1,691 |
*Antigenics, Inc. | 162,254 | 1,642 |
*OraSure Technologies, Inc. | 239,912 | 1,612 |
Page 19
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*VistaCare, Inc. | 96,881 | 1,611 |
National Healthcare Corp. | 45,415 | 1,603 |
*Symbion, Inc. | 69,508 | 1,535 |
Vital Signs, Inc. | 38,075 | 1,482 |
*Possis Medical Inc. | 109,635 | 1,478 |
*NeoPharm, Inc. | 111,553 | 1,396 |
*Trimeris, Inc. | 97,956 | 1,388 |
*Albany Molecular Research, Inc. | 124,560 | 1,388 |
*Molecular Devices Corp. | 68,457 | 1,376 |
*Diversa Corp. | 156,155 | 1,365 |
*XOMA Ltd. | 508,902 | 1,318 |
*Barrier Therapeutics Inc. | 78,393 | 1,301 |
*Conceptus, Inc. | 154,383 | 1,253 |
*CardioDynamics International Corp. | 228,305 | 1,180 |
Young Innovations, Inc. | 32,693 | 1,103 |
*CorVel Corp. | 40,684 | 1,090 |
*K-V Pharmaceutical Co. Class B | 45,855 | 1,045 |
*Corixa Corp. | 286,683 | 1,044 |
*Bruker BioSciences Corp. | 243,983 | 983 |
*Alliance Imaging, Inc. | 86,039 | 968 |
*Closure Medical Corp. | 47,994 | 936 |
*Santarus Inc. | 98,387 | 891 |
*Pozen Inc. | 121,615 | 884 |
Computer Programs and Systems, Inc. | 38,190 | 884 |
*SciClone Pharmaceuticals, Inc. | 229,243 | 848 |
*Genta Inc. | 453,815 | 799 |
*Specialty Laboratories, Inc. | 48,692 | 538 |
*GTx, Inc. | 37,345 | 504 |
*Lannett Company, Inc. | 36,702 | 362 |
1,109,327 | ||
Integrated Oils (0.1%) | ||
*KCS Energy, Inc. | 278,178 | 4,111 |
*Delta Petroleum Corp. | 140,932 | 2,210 |
6,321 | ||
Other Energy (5.1%) | ||
*Reliant Energy, Inc. | 1,785,466 | 24,372 |
CONSOL Energy, Inc. | 540,456 | 22,186 |
*Varco International, Inc. | 554,822 | 16,173 |
Massey Energy Co. | 454,149 | 15,873 |
Premcor, Inc. | 373,599 | 15,755 |
Patina Oil &Gas Corp. | 401,517 | 15,057 |
*Grant Prideco, Inc. | 734,518 | 14,727 |
Arch Coal, Inc. | 368,054 | 13,081 |
*Tesoro Petroleum Corp. | 395,653 | 12,606 |
*FMC Technologies Inc. | 383,678 | 12,354 |
*Plains Exploration &Production Co. | 438,267 | 11,395 |
*Calpine Corp. | 2,663,918 | 10,496 |
Helmerich &Payne, Inc. | 301,717 | 10,270 |
*Forest Oil Corp. | 317,398 | 10,068 |
*Houston Exploration Co. | 168,902 | 9,511 |
*Cimarex Energy Co. | 247,642 | 9,386 |
*Key Energy Services, Inc. | 781,418 | 9,221 |
*Cheniere Energy, Inc. | 143,911 | 9,167 |
Range Resources Corp. | 446,133 | 9,128 |
*Unit Corp. | 232,625 | 8,889 |
Page 20
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Cal Dive International, Inc. | 217,645 | 8,869 |
Cabot Oil &Gas Corp. | 197,703 | 8,748 |
*Denbury Resources, Inc. | 296,440 | 8,137 |
*Dynegy, Inc. | 1,691,648 | 7,815 |
Vintage Petroleum, Inc. | 331,548 | 7,523 |
St. Mary Land &Exploration Co. | 177,528 | 7,410 |
*Magnum Hunter Resources Inc. | 519,351 | 6,700 |
*Stone Energy Corp. | 143,308 | 6,462 |
*Superior Energy Services, Inc. | 402,101 | 6,196 |
*Quicksilver Resources, Inc. | 163,653 | 6,019 |
*Hanover Compressor Co. | 410,740 | 5,804 |
*Encore Acquisition Co. | 165,334 | 5,772 |
*Spinnaker Exploration Co. | 162,276 | 5,691 |
*Oceaneering International, Inc. | 150,570 | 5,619 |
*Grey Wolf, Inc. | 1,059,657 | 5,584 |
*Todco | 288,736 | 5,319 |
*Seacor Holdings INC | 98,730 | 5,272 |
*Whiting Petroleum Corp. | 171,093 | 5,176 |
Berry Petroleum Class A | 106,919 | 5,100 |
CARBO Ceramics Inc. | 71,470 | 4,931 |
*Swift Energy Co. | 167,216 | 4,839 |
*Hydrill Co. | 98,406 | 4,478 |
*Veritas DGC Inc. | 199,653 | 4,474 |
Penn Virginia Corp. | 109,871 | 4,457 |
Frontier Oil Corp. | 160,828 | 4,288 |
*Atwood Oceanics, Inc. | 80,934 | 4,217 |
*KFX, Inc. | 287,038 | 4,168 |
*Global Industries Ltd. | 498,313 | 4,131 |
*Comstock Resources, Inc. | 187,019 | 4,124 |
*Input/Output, Inc. | 432,900 | 3,827 |
*Energy Partners, Ltd. | 188,071 | 3,812 |
*TETRA Technologies, Inc. | 133,273 | 3,772 |
*Harvest Natural Resources, Inc. | 215,889 | 3,728 |
*Core Laboratories NV | 159,186 | 3,717 |
*W-H Energy Services, Inc. | 164,344 | 3,675 |
*Universal Compression Holdings, Inc. | 103,211 | 3,603 |
*Remington Oil &Gas Corp. | 131,653 | 3,588 |
*Petroleum Development Corp. | 92,438 | 3,565 |
Holly Corp. | 113,061 | 3,151 |
*Oil States International, Inc. | 162,735 | 3,139 |
*The Meridian Resource Corp. | 472,803 | 2,860 |
*Enbridge Energy Management LLC | 54,306 | 2,675 |
*Newpark Resources, Inc. | 501,014 | 2,580 |
*FuelCell Energy, Inc. | 258,722 | 2,561 |
*Parker Drilling Co. | 564,101 | 2,217 |
*Global Power Equipment Group Inc. | 180,193 | 1,773 |
*Plug Power, Inc. | 284,469 | 1,738 |
RPC Inc. | 60,224 | 1,513 |
*Endeavor International Corp. | 335,038 | 1,404 |
Gulf Island Fabrication, Inc. | 51,227 | 1,118 |
*Hornbeck Offshore Services, Inc. | 56,541 | 1,091 |
*Dril-Quip, Inc. | 41,685 | 1,011 |
Crosstex Energy, Inc. | 18,351 | 769 |
*Atlas America, Inc. | 16,230 | 580 |
490,505 | ||
Page 21
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Materials &Processing (8.3%) | ||
Louisiana-Pacific Corp. | 621,204 | 16,611 |
Martin Marietta Materials, Inc. | 288,572 | 15,485 |
Lubrizol Corp. | 390,399 | 14,390 |
Harsco Corp. | 246,174 | 13,722 |
RPM International, Inc. | 695,277 | 13,669 |
*Crown Holdings, Inc. | 989,333 | 13,593 |
Cabot Corp. | 350,744 | 13,567 |
Hughes Supply, Inc. | 395,199 | 12,785 |
Florida Rock Industries, Inc. | 194,252 | 11,564 |
AptarGroup Inc. | 217,811 | 11,496 |
Cytec Industries, Inc. | 222,495 | 11,441 |
Corn Products International, Inc. | 209,614 | 11,227 |
Forest City Enterprise Class A | 186,810 | 10,751 |
Airgas, Inc. | 401,734 | 10,650 |
The Timken Co. | 404,111 | 10,515 |
Allegheny Technologies Inc. | 484,675 | 10,503 |
*Scotts Co. | 136,884 | 10,064 |
*FMC Corp. | 207,280 | 10,012 |
Steel Dynamics, Inc. | 252,381 | 9,560 |
Olin Corp. | 417,781 | 9,200 |
*AK Steel Corp. | 618,310 | 8,947 |
Georgia Gulf Corp. | 178,201 | 8,874 |
*Dycom Industries, Inc. | 290,432 | 8,864 |
*Armor Holdings, Inc. | 186,225 | 8,756 |
Great Lakes Chemical Corp. | 303,940 | 8,659 |
York International Corp. | 247,900 | 8,562 |
Potlatch Corp. | 167,546 | 8,474 |
*Hercules, Inc. | 568,681 | 8,445 |
Clarcor Inc. | 152,906 | 8,375 |
Minerals Technologies, Inc. | 123,005 | 8,204 |
Worthington Industries, Inc. | 418,040 | 8,185 |
Acuity Brands, Inc. | 254,835 | 8,104 |
Crompton Corp. | 685,911 | 8,094 |
Texas Industries, Inc. | 127,411 | 7,948 |
*USG Corp. | 193,069 | 7,775 |
*Maverick Tube Corp. | 254,462 | 7,710 |
Albemarle Corp. | 198,985 | 7,703 |
Commercial Metals Co. | 148,438 | 7,505 |
Carpenter Technology Corp. | 127,868 | 7,475 |
Brady Corp. Class A | 118,430 | 7,410 |
LNR Property Corp. | 113,699 | 7,153 |
*URS Corp. | 221,289 | 7,103 |
Simpson Manufacturing Co. | 199,572 | 6,965 |
*Shaw Group, Inc. | 381,676 | 6,813 |
Quanex Corp. | 98,688 | 6,767 |
Mueller Industries Inc. | 206,329 | 6,644 |
Cleveland-Cliffs Inc. | 63,869 | 6,633 |
Reliance Steel &Aluminum Co. | 165,465 | 6,447 |
Lennox International Inc. | 311,425 | 6,337 |
*WCI Communities, Inc. | 213,262 | 6,270 |
*Washington Group International, Inc. | 150,952 | 6,227 |
Delta &Pine Land Co. | 218,219 | 5,953 |
*Cabot Microelectronics Corp. | 148,322 | 5,940 |
MacDermid, Inc. | 163,141 | 5,889 |
Ferro Corp. | 250,779 | 5,816 |
*Coeur d'Alene Mines Corp. | 1,426,133 | 5,605 |
Kaydon Corp. | 168,760 | 5,572 |
*GrafTech International Ltd. | 583,005 | 5,515 |
Page 22
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*OM Group, Inc. | 169,672 | 5,501 |
*W.R. Grace &Co. | 392,742 | 5,345 |
Albany International Corp. | 151,829 | 5,338 |
Granite Construction Co. | 198,935 | 5,292 |
*Ceradyne, Inc. | 91,632 | 5,242 |
Spartech Corp. | 192,259 | 5,208 |
*Symyx Technologies, Inc. | 172,925 | 5,202 |
Longview Fibre Co. | 275,127 | 4,991 |
Eagle Materials, Inc. | 57,525 | 4,967 |
Wausau-Mosinee Paper Corp. | 277,885 | 4,963 |
H.B. Fuller Co. | 171,170 | 4,880 |
USEC Inc. | 503,342 | 4,877 |
*Quanta Services, Inc. | 591,160 | 4,729 |
*PolyOne Corp. | 521,134 | 4,721 |
*NCI Building Systems, Inc. | 121,245 | 4,547 |
Eagle Materials, Inc. B Shares | 53,232 | 4,487 |
Schnitzer Steel Industries, Inc. Class A | 128,991 | 4,377 |
Watsco, Inc. | 123,508 | 4,350 |
Silgan Holdings, Inc. | 71,239 | 4,343 |
*Rogers Corp. | 100,175 | 4,318 |
Compass Minerals International | 175,475 | 4,252 |
Universal Forest Products, Inc. | 96,273 | 4,178 |
*Hexcel Corp. | 287,918 | 4,175 |
*Oregon Steel Mills, Inc. | 204,761 | 4,155 |
*Apex Silver Mines Ltd. | 241,283 | 4,145 |
*Hecla Mining Co. | 708,086 | 4,128 |
*EMCOR Group, Inc. | 90,478 | 4,088 |
*Griffon Corp. | 148,980 | 4,022 |
Cambrex Corp. | 148,097 | 4,013 |
*Jacuzzi Brands, Inc. | 451,561 | 3,929 |
A. Schulman Inc. | 181,535 | 3,887 |
*Graphic Packaging Corp. | 534,947 | 3,852 |
Arch Chemicals, Inc. | 132,948 | 3,826 |
*Lone Star Technologies, Inc. | 112,621 | 3,768 |
*Century Aluminum Co. | 142,013 | 3,729 |
Greif Inc. Class A | 65,428 | 3,664 |
ElkCorp | 106,758 | 3,653 |
*Trammell Crow Co. | 201,427 | 3,648 |
*Insituform Technologies Inc. Class A | 160,020 | 3,628 |
Glatfelter | 223,136 | 3,410 |
Gibraltar Industries Inc. | 140,636 | 3,322 |
Chesapeake Corp. of Virginia | 116,662 | 3,169 |
Brookfield Homes Corp. | 92,678 | 3,142 |
Building Materials Holding Corp. | 80,330 | 3,076 |
*Neenah Paper Inc. | 88,173 | 2,874 |
*Caraustar Industries, Inc. | 170,532 | 2,868 |
Tredegar Corp. | 137,960 | 2,788 |
*DHB Industries, Inc. | 146,235 | 2,784 |
*Mobile Mini, Inc. | 82,836 | 2,737 |
*Stillwater Mining Co. | 242,532 | 2,731 |
WD-40 Co. | 95,651 | 2,717 |
*Interface, Inc. | 267,076 | 2,663 |
Deltic Timber Corp. | 61,621 | 2,616 |
*RTI International Metals, Inc. | 126,668 | 2,602 |
Rock-Tenn Co. | 170,217 | 2,580 |
Barnes Group, Inc. | 96,746 | 2,565 |
*Trex Co., Inc. | 48,452 | 2,541 |
Valmont Industries, Inc. | 99,873 | 2,508 |
*Buckeye Technology, Inc. | 189,394 | 2,464 |
Page 23
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
AMCOL International Corp. | 122,347 | 2,458 |
*Energy Conversion Devices, Inc. | 124,506 | 2,405 |
*Tejon Ranch Co. | 56,742 | 2,315 |
*Terra Industries, Inc. | 250,485 | 2,224 |
Wellman, Inc. | 191,369 | 2,046 |
CIRCOR International, Inc. | 87,165 | 2,019 |
Apogee Enterprises, Inc. | 147,320 | 1,976 |
Royal Gold, Inc. | 105,602 | 1,926 |
Myers Industries, Inc. | 149,094 | 1,908 |
Calgon Carbon Corp. | 210,023 | 1,907 |
*Exide Technologies | 136,918 | 1,887 |
Ennis, Inc. | 97,244 | 1,872 |
Ameron International Corp. | 47,774 | 1,811 |
*Avatar Holding, Inc. | 32,258 | 1,552 |
Pope &Talbot, Inc. | 90,031 | 1,540 |
Quaker Chemical Corp. | 55,365 | 1,375 |
Penn Engineering &Manufacturing Corp. | 73,591 | 1,332 |
*Encore Wire Corp. | 97,318 | 1,297 |
*Alico, Inc. | 22,060 | 1,291 |
*NL Industries, Inc. | 58,335 | 1,289 |
*Infrasource Services Inc. | 94,622 | 1,230 |
The Standard Register Co. | 77,941 | 1,101 |
*AAON, Inc. | 55,479 | 892 |
Stepan Co. | 35,179 | 857 |
787,608 | ||
Producer Durables (8.1%) | ||
*Toll Brothers, Inc. | 335,305 | 23,005 |
*Crown Castle International Corp. | 1,213,933 | 20,200 |
Cummins Inc. | 214,073 | 17,937 |
Ryland Group, Inc. | 283,810 | 16,330 |
Roper Industries Inc. | 252,120 | 15,321 |
Donaldson Co., Inc. | 465,144 | 15,154 |
*United Defense Industries Inc. | 316,240 | 14,942 |
Graco, Inc. | 393,852 | 14,710 |
Ametek, Inc. | 408,090 | 14,557 |
*Polycom, Inc. | 594,972 | 13,875 |
*Terex Corp. | 280,778 | 13,379 |
Joy Global Inc. | 307,731 | 13,365 |
HNI Corp. | 309,645 | 13,330 |
*Mettler-Toledo International Inc. | 252,605 | 12,961 |
Briggs &Stratton Corp. | 306,474 | 12,743 |
MDC Holdings, Inc. | 146,175 | 12,635 |
Standard Pacific Corp. | 190,991 | 12,250 |
Plantronics, Inc. | 286,819 | 11,894 |
*AGCO Corp. | 540,039 | 11,821 |
*Andrew Corp. | 866,120 | 11,805 |
Beazer Homes USA, Inc. | 80,702 | 11,799 |
Herman Miller, Inc. | 426,417 | 11,782 |
IDEX Corp. | 271,468 | 10,994 |
Kennametal, Inc. | 220,844 | 10,991 |
*Thomas &Betts Corp. | 352,877 | 10,851 |
*Taser International Inc. | 311,601 | 9,843 |
*Hovnanian Enterprises Inc. Class A | 194,080 | 9,611 |
Engineered Support Systems, Inc. | 159,063 | 9,420 |
*Flowserve Corp. | 330,783 | 9,110 |
*Actuant Corp. | 157,669 | 8,222 |
Crane Co. | 282,431 | 8,145 |
Page 24
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Varian Semiconductor Equipment Associates, Inc. | 217,775 | 8,025 |
Mine Safety Appliances Co. | 155,067 | 7,862 |
Nordson Corp. | 184,439 | 7,390 |
*Interdigital Communications Corp. | 332,239 | 7,342 |
Cognex Corp. | 247,346 | 6,901 |
Lincoln Electric Holdings, Inc. | 197,306 | 6,815 |
*Dionex Corp. | 117,395 | 6,653 |
*Meritage Corp. | 58,058 | 6,543 |
*Cymer, Inc. | 220,141 | 6,503 |
Belden CDT Inc. | 279,818 | 6,492 |
*Rayovac Corp. | 206,925 | 6,324 |
The Manitowoc Co., Inc. | 167,843 | 6,319 |
*Genlyte Group, Inc. | 73,463 | 6,294 |
*CUNO Inc. | 101,360 | 6,021 |
Curtiss-Wright Corp. | 104,603 | 6,005 |
*ESCO Technologies Inc. | 77,428 | 5,935 |
*Moog Inc. | 130,012 | 5,896 |
*Headwaters Inc. | 200,777 | 5,722 |
JLG Industries, Inc. | 260,967 | 5,123 |
Federal Signal Corp. | 288,044 | 5,087 |
*Champion Enterprises, Inc. | 426,005 | 5,035 |
*Powerwave Technologies, Inc. | 593,542 | 5,033 |
*Axcelis Technologies, Inc. | 598,353 | 4,865 |
*Teledyne Technologies, Inc. | 165,167 | 4,861 |
*Esterline Technologies Corp. | 146,431 | 4,781 |
*Paxar Corp. | 213,229 | 4,727 |
*Ionics, Inc. | 108,227 | 4,691 |
Baldor Electric Co. | 167,546 | 4,613 |
*Brooks Automation, Inc. | 266,654 | 4,592 |
*Littelfuse, Inc. | 133,257 | 4,552 |
Woodward Governor Co. | 60,730 | 4,349 |
*Gardner Denver Inc. | 118,304 | 4,293 |
*ATMI, Inc. | 187,344 | 4,221 |
Regal-Beloit Corp. | 146,151 | 4,180 |
*Technitrol, Inc. | 229,345 | 4,174 |
Tecumseh Products Co. Class A | 85,850 | 4,104 |
Applied Industrial Technology, Inc. | 149,409 | 4,094 |
MTS Systems Corp. | 116,051 | 3,924 |
*MKS Instruments, Inc. | 208,551 | 3,869 |
Watts Water Technologies, Inc. | 119,463 | 3,851 |
Thomas Industries, Inc. | 93,876 | 3,748 |
*Triumph Group, Inc. | 94,845 | 3,746 |
*Credence Systems Corp. | 408,472 | 3,738 |
Steelcase Inc. | 261,297 | 3,616 |
Franklin Electric, Inc. | 85,437 | 3,611 |
*Mykrolis Corp. | 249,471 | 3,535 |
*Orbital Sciences Corp. | 294,604 | 3,485 |
M/I Homes, Inc. | 63,109 | 3,478 |
A.O. Smith Corp. | 112,732 | 3,375 |
*Veeco Instruments, Inc. | 159,233 | 3,355 |
*Power-One, Inc. | 375,152 | 3,346 |
*Electro Scientific Industries, Inc. | 169,010 | 3,340 |
*Imagistics International Inc. | 99,023 | 3,333 |
*Arris Group Inc. | 468,570 | 3,299 |
Stewart &Stevenson Services, Inc. | 162,987 | 3,297 |
*General Cable Corp. | 235,254 | 3,258 |
*SBA Communications Corp. | 339,883 | 3,154 |
*FEI Co. | 148,809 | 3,125 |
NACCO Industries, Inc. Class A | 29,576 | 3,117 |
Page 25
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Photronics Inc. | 185,785 | 3,065 |
Levitt Corp. Class A | 99,812 | 3,051 |
*Itron, Inc. | 125,268 | 2,995 |
*Sonic Solutions, Inc. | 132,958 | 2,984 |
*Entegris Inc. | 284,203 | 2,828 |
*LTX Corp. | 364,210 | 2,801 |
CTS Corp. | 204,792 | 2,722 |
Helix Technology Corp. | 155,969 | 2,712 |
*Mattson Technology, Inc. | 238,513 | 2,686 |
*Kulicke &Soffa Industries, Inc. | 304,867 | 2,628 |
C &D Technologies, Inc. | 151,398 | 2,580 |
*Ultratech, Inc. | 134,948 | 2,544 |
*Photon Dynamics, Inc. | 100,422 | 2,438 |
*DuPont Photomasks, Inc. | 88,317 | 2,332 |
Cohu, Inc. | 122,121 | 2,267 |
United Industrial Corp. | 58,273 | 2,257 |
Kimball International, Inc. Class B | 138,977 | 2,058 |
*MTC Technologies, Inc. | 60,572 | 2,033 |
*Applied Films Corp. | 88,702 | 1,912 |
*Presstek, Inc. | 197,287 | 1,910 |
*William Lyon Homes, Inc. | 26,629 | 1,870 |
Tennant Co. | 45,787 | 1,815 |
Standex International Corp. | 62,501 | 1,781 |
*Audiovox Corp. | 111,945 | 1,766 |
Skyline Corp. | 42,642 | 1,740 |
Lindsay Manufacturing Co. | 66,881 | 1,731 |
Technical Olympic USA, Inc. | 67,088 | 1,703 |
HEICO Corp. | 75,024 | 1,695 |
Vicor Corp. | 126,703 | 1,661 |
Keithley Instruments Inc. | 84,160 | 1,658 |
Robbins &Myers, Inc. | 69,506 | 1,656 |
*Astec Industries, Inc. | 95,003 | 1,635 |
*Kadant Inc. | 79,557 | 1,631 |
*Mastec Inc. | 159,357 | 1,611 |
*Asyst Technologies, Inc. | 286,508 | 1,458 |
*Metrologic Instruments, Inc. | 65,076 | 1,383 |
Gorman-Rupp Co. | 57,955 | 1,333 |
*Rudolph Technologies, Inc. | 75,988 | 1,305 |
*Advanced Energy Industries, Inc. | 126,290 | 1,153 |
*ARGON ST, Inc. | 31,758 | 1,126 |
*Palm Harbor Homes, Inc. | 61,971 | 1,046 |
*Semitool, Inc. | 102,234 | 949 |
Curtiss-Wright Corp. Class B | 10,147 | 571 |
*Color Kinetics Inc. | 26,826 | 472 |
HEICO Corp. Class A | 18,647 | 322 |
Tecumseh Products Co. Class B | 5,407 | 246 |
*Optical Cable Corp. Warrants Exp. 10/24/2007 | 953 | 1 |
772,120 | ||
Technology (11.7%) | ||
*International Rectifier Corp. | 398,408 | 17,757 |
*Cree, Inc. | 441,844 | 17,709 |
*SpectraSite, Inc. | 293,144 | 16,973 |
*Arrow Electronics, Inc. | 691,650 | 16,807 |
PerkinElmer, Inc. | 728,501 | 16,384 |
*TIBCO Software Inc. | 1,130,509 | 15,081 |
*Western Digital Corp. | 1,225,538 | 13,285 |
*Avnet, Inc. | 721,133 | 13,153 |
Page 26
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Macromedia, Inc. | 415,317 | 12,925 |
*FLIR Systems, Inc. | 201,998 | 12,885 |
Acxiom Corp. | 489,056 | 12,862 |
*Rambus Inc. | 549,551 | 12,640 |
*Brocade Communications Systems, Inc. | 1,575,657 | 12,038 |
*Avid Technology, Inc. | 194,147 | 11,989 |
*Avocent Corp. | 294,836 | 11,947 |
*CACI International, Inc. | 174,480 | 11,887 |
*Sybase, Inc. | 568,759 | 11,347 |
*Hyperion Solutions Corp. | 236,344 | 11,018 |
Reynolds &Reynolds Class A | 386,655 | 10,250 |
*Trimble Navigation Ltd. | 306,159 | 10,115 |
*Atmel Corp. | 2,561,875 | 10,043 |
*CIENA Corp. | 2,895,522 | 9,671 |
*F5 Networks, Inc. | 196,486 | 9,573 |
*Parametric Technology Corp. | 1,610,757 | 9,487 |
*Semtech Corp. | 420,560 | 9,198 |
*Integrated Circuit Systems, Inc. | 435,521 | 9,111 |
*Foundry Networks, Inc. | 689,956 | 9,080 |
*Cypress Semiconductor Corp. | 749,969 | 8,797 |
*Skyworks Solutions, Inc. | 931,195 | 8,781 |
*MICROS Systems, Inc. | 109,873 | 8,577 |
*Varian, Inc. | 207,653 | 8,516 |
*Benchmark Electronics, Inc. | 245,956 | 8,387 |
*Akamai Technologies, Inc. | 639,399 | 8,331 |
*Emulex Corp. | 494,332 | 8,325 |
*Silicon Laboratories Inc. | 232,528 | 8,211 |
*The Titan Corp. | 504,862 | 8,179 |
*Anteon International Corp. | 192,754 | 8,069 |
*Gateway, Inc. | 1,338,425 | 8,044 |
*Applied Micro Circuits Corp. | 1,874,267 | 7,891 |
*Maxtor Corp. | 1,481,796 | 7,854 |
ADTRAN Inc. | 405,121 | 7,754 |
*PalmOne, Inc. | 245,046 | 7,731 |
*RSA Security Inc. | 380,937 | 7,642 |
*RF Micro Devices, Inc. | 1,117,001 | 7,640 |
*BearingPoint, Inc. | 942,722 | 7,570 |
*Perot Systems Corp. | 467,881 | 7,500 |
*UNOVA, Inc. | 291,525 | 7,373 |
*Integrated Device Technology Inc. | 635,234 | 7,343 |
*Digital River, Inc. | 174,625 | 7,266 |
*Websense, Inc. | 139,297 | 7,065 |
*Macrovision Corp. | 265,799 | 6,836 |
Imation Corp. | 212,516 | 6,764 |
*Silicon Image, Inc. | 405,359 | 6,672 |
*DRS Technologies, Inc. | 154,337 | 6,592 |
*MEMC Electronic Materials, Inc. | 497,473 | 6,592 |
*Mentor Graphics Corp. | 429,369 | 6,565 |
*Tekelec | 319,752 | 6,536 |
Anixter International Inc. | 177,136 | 6,375 |
*Tessera Technologies, Inc. | 169,089 | 6,292 |
*Openwave Systems Inc. | 401,086 | 6,201 |
*CommScope, Inc. | 323,586 | 6,116 |
*FileNET Corp. | 235,915 | 6,077 |
*SigmaTel Inc. | 169,222 | 6,012 |
*Wind River Systems Inc. | 443,126 | 6,004 |
*Ariba, Inc. | 358,638 | 5,953 |
*ANSYS, Inc. | 185,137 | 5,935 |
*Internet Security Systems, Inc. | 254,434 | 5,916 |
Page 27
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Microsemi Corp. | 339,124 | 5,887 |
*OmniVision Technologies, Inc. | 320,676 | 5,884 |
*CSG Systems International, Inc. | 310,894 | 5,814 |
*SRA International, Inc. | 90,390 | 5,803 |
*Ascential Software Corp. | 350,655 | 5,719 |
*Borland Software Corp. | 481,369 | 5,622 |
*Electronics for Imaging, Inc. | 320,535 | 5,581 |
*Coherent, Inc. | 181,166 | 5,515 |
*Aeroflex, Inc. | 445,347 | 5,398 |
*Hutchinson Technology, Inc. | 155,716 | 5,383 |
*SafeNet, Inc. | 142,601 | 5,239 |
*Progress Software Corp. | 217,154 | 5,071 |
Black Box Corp. | 104,973 | 5,041 |
*Conexant Systems, Inc. | 2,525,268 | 5,025 |
*Intergraph Corp. | 185,638 | 4,999 |
*Adaptec, Inc. | 658,242 | 4,996 |
*Digitas Inc. | 509,948 | 4,870 |
*ScanSource, Inc. | 75,190 | 4,674 |
*Sycamore Networks, Inc. | 1,145,020 | 4,649 |
*Vitesse Semiconductor Corp. | 1,314,257 | 4,639 |
*Dendrite International, Inc. | 236,311 | 4,584 |
*Micrel, Inc. | 410,969 | 4,529 |
*MicroStrategy Inc. | 74,671 | 4,499 |
*Extreme Networks, Inc. | 685,497 | 4,490 |
*Transaction Systems Architects, Inc. | 224,287 | 4,452 |
*KEMET Corp. | 491,925 | 4,403 |
*RealNetworks, Inc. | 659,461 | 4,366 |
*Synaptics Inc. | 142,628 | 4,362 |
*Keane, Inc. | 295,334 | 4,341 |
*Manhattan Associates, Inc. | 180,153 | 4,302 |
*Intermagnetics General Corp. | 167,201 | 4,249 |
*Amkor Technology, Inc. | 631,093 | 4,216 |
*WebEx Communications, Inc. | 172,398 | 4,100 |
*Quest Software, Inc. | 255,040 | 4,068 |
*Checkpoint Systems, Inc. | 224,468 | 4,052 |
*NetIQ Corp. | 331,170 | 4,044 |
*Informatica Corp. | 492,088 | 3,996 |
*FormFactor Inc. | 147,037 | 3,991 |
*Equinix, Inc. | 92,686 | 3,961 |
*Altiris, Inc. | 111,651 | 3,956 |
*Aspect Communications Corp. | 354,395 | 3,948 |
*Identix, Inc. | 529,417 | 3,907 |
*Lattice Semiconductor Corp. | 678,940 | 3,870 |
*j2 Global Communications, Inc. | 111,257 | 3,838 |
*Epicor Software Corp. | 272,352 | 3,837 |
*DSP Group Inc. | 170,416 | 3,805 |
*ON Semiconductor Corp. | 835,251 | 3,792 |
*Sapient Corp. | 478,320 | 3,784 |
*McDATA Corp. Class A | 620,008 | 3,695 |
*SERENA Software, Inc. | 169,438 | 3,667 |
*Power Integrations, Inc. | 185,146 | 3,662 |
*Advanced Digital Information Corp. | 360,149 | 3,609 |
*Harmonic, Inc. | 431,716 | 3,601 |
*Mercury Computer Systems, Inc. | 119,375 | 3,543 |
*Lexar Media, Inc. | 450,048 | 3,528 |
*Exar Corp. | 245,011 | 3,477 |
*TriQuint Semiconductor, Inc. | 778,083 | 3,462 |
*Newport Corp. | 242,654 | 3,421 |
*Plexus Corp. | 257,523 | 3,350 |
Page 28
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*ViaSat, Inc. | 136,009 | 3,301 |
*Genesis Microchip Inc. | 197,691 | 3,207 |
Inter-Tel, Inc. | 115,654 | 3,167 |
*II-VI, Inc. | 73,744 | 3,133 |
*Ciber, Inc. | 323,502 | 3,119 |
*Novatel Wireless, Inc. | 159,104 | 3,083 |
*Silicon Storage Technology, Inc. | 516,928 | 3,076 |
*Zoran Corp. | 255,545 | 2,959 |
*Verity, Inc. | 221,496 | 2,906 |
*Ditech Communications Corp. | 192,430 | 2,877 |
*Quantum Corp. | 1,085,892 | 2,845 |
*Packeteer, Inc. | 196,750 | 2,843 |
EDO Corp. | 89,527 | 2,842 |
Agilysys, Inc. | 163,484 | 2,802 |
*Cirrus Logic, Inc. | 505,390 | 2,785 |
Methode Electronics, Inc. Class A | 213,808 | 2,747 |
*Ixia | 163,105 | 2,742 |
*Silicon Graphics, Inc. | 1,565,554 | 2,708 |
*Verint Systems Inc. | 74,047 | 2,690 |
*Actel Corp. | 151,931 | 2,665 |
*Micromuse Inc. | 474,689 | 2,635 |
*TTM Technologies, Inc. | 219,702 | 2,592 |
*SeaChange International, Inc. | 148,145 | 2,584 |
*InterVoice, Inc. | 193,390 | 2,582 |
*Remec, Inc. | 351,186 | 2,532 |
*Pinnacle Systems, Inc. | 413,922 | 2,525 |
*Pixelworks, Inc. | 220,767 | 2,503 |
*Opsware, Inc. | 340,888 | 2,502 |
*Magma Design Automation, Inc. | 198,576 | 2,494 |
*Audible, Inc. | 95,742 | 2,494 |
*Gartner, Inc. Class A | 199,309 | 2,483 |
*ManTech International Corp. | 103,259 | 2,451 |
Park Electrochemical Corp. | 112,810 | 2,446 |
*Jupitermedia Corp. | 102,580 | 2,439 |
*Agile Software Corp. | 297,981 | 2,435 |
*Finisar Corp. | 1,058,934 | 2,414 |
Cubic Corp. | 95,818 | 2,412 |
*Interwoven Inc. | 218,171 | 2,374 |
*Broadwing Corp. | 260,081 | 2,369 |
*Komag, Inc. | 123,710 | 2,323 |
*ScanSoft, Inc. | 536,596 | 2,248 |
*JDA Software Group, Inc. | 164,999 | 2,247 |
*Open Solutions Inc. | 85,593 | 2,222 |
BEI Technologies, Inc. | 70,644 | 2,181 |
*Westell Technologies, Inc. | 320,572 | 2,180 |
*webMethods, Inc. | 301,422 | 2,173 |
*InFocus Corp. | 236,697 | 2,168 |
*Vignette Corp. | 1,553,976 | 2,160 |
*Enterasys Networks, Inc. | 1,195,611 | 2,152 |
*SonicWALL, Inc. | 340,300 | 2,151 |
SS&C Technologies, Inc. | 103,163 | 2,130 |
*Secure Computing Corp. | 213,428 | 2,130 |
*Daktronics, Inc. | 84,729 | 2,109 |
*OSI Systems Inc. | 92,225 | 2,094 |
*E.piphany Inc. | 432,015 | 2,087 |
*Retek Inc. | 334,338 | 2,056 |
*AMIS Holdings Inc. | 123,751 | 2,044 |
*ActivCard Corp. | 228,477 | 2,033 |
*Cray Inc. | 432,253 | 2,014 |
Page 29
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Lawson Software Inc. | 292,960 | 2,013 |
Talx Corp. | 77,958 | 2,011 |
*MatrixOne, Inc. | 305,348 | 2,000 |
*Dot Hill Systems Corp. | 246,989 | 1,936 |
Bel Fuse, Inc. Class B | 57,116 | 1,930 |
*OpenTV Corp. | 490,847 | 1,885 |
*The TriZetto Group, Inc. | 198,253 | 1,883 |
*Excel Technology, Inc. | 72,050 | 1,873 |
*Integrated Silicon Solution, Inc. | 216,044 | 1,772 |
*Standard Microsystem Corp. | 99,149 | 1,768 |
*MSC Software Corp. | 163,663 | 1,714 |
*Avanex Corp. | 516,575 | 1,710 |
*Lionbridge Technologies, Inc. | 251,232 | 1,688 |
*Mindspeed Technologies, Inc. | 600,407 | 1,669 |
*NETGEAR, Inc. | 91,727 | 1,669 |
*MRO Software Inc. | 127,061 | 1,654 |
*Transmeta Corp. | 1,010,297 | 1,647 |
*Kopin Corp. | 419,610 | 1,624 |
*Iomega Corp. | 293,102 | 1,624 |
*Herley Industries Inc. | 76,575 | 1,558 |
*Virage Logic Corp. | 83,643 | 1,553 |
*Tyler Technologies, Inc. | 185,440 | 1,550 |
*SupportSoft, Inc. | 229,187 | 1,526 |
*Anaren, Inc. | 117,599 | 1,524 |
*Safeguard Scientifics, Inc. | 716,649 | 1,519 |
*SPSS, Inc. | 94,736 | 1,482 |
*Keynote Systems Inc. | 105,984 | 1,475 |
*PDF Solutions, Inc. | 91,275 | 1,470 |
*Echelon Corp. | 172,577 | 1,457 |
*Entrust, Inc. | 378,726 | 1,435 |
*Concur Technologies, Inc. | 158,836 | 1,415 |
*Pericom Semiconductor Corp. | 149,975 | 1,414 |
*@ Road, Inc. | 194,541 | 1,344 |
*FalconStor Software, Inc. | 139,667 | 1,337 |
*ESS Technology, Inc. | 187,968 | 1,336 |
*EPIQ Systems, Inc. | 90,918 | 1,331 |
*Siliconix, Inc. | 35,534 | 1,297 |
*Universal Display Corp. | 141,132 | 1,270 |
*IXYS Corp. | 119,484 | 1,233 |
*PEC Solutions, Inc. | 82,934 | 1,176 |
*Embarcadero Technologies, Inc. | 124,638 | 1,173 |
*Motive, Inc. | 100,801 | 1,147 |
*Manugistics Group, Inc. | 396,642 | 1,138 |
*Blue Coat Systems, Inc. | 61,024 | 1,136 |
Integral Systems, Inc. | 57,065 | 1,110 |
*SiRF Technology Holdings, Inc. | 82,670 | 1,052 |
*PalmSource, Inc. | 82,462 | 1,051 |
*Ulticom, Inc. | 64,126 | 1,028 |
*SeeBeyond Technology Corp. | 279,196 | 1,000 |
*SYNNEX Corp. | 40,510 | 975 |
*Oplink Communications, Inc. | 490,517 | 966 |
*Bioveris Corp. | 127,111 | 929 |
*Digimarc Corp. | 99,120 | 924 |
*Net2Phone, Inc. | 268,003 | 911 |
*Multi-Fineline Electronix, Inc. | 49,212 | 898 |
*Atheros Communications | 85,213 | 873 |
Syntel, Inc. | 49,350 | 866 |
QAD Inc. | 72,947 | 651 |
*iGATE Corp. | 142,727 | 578 |
Page 30
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Blackboard Inc. | 38,744 | 574 |
*Pegasystems Inc. | 64,899 | 554 |
*McDATA Corp. | 31,440 | 177 |
Bel Fuse, Inc. Class A | 384 | 11 |
*Microstrategy Inc. Warrants Exp. 6/24/2007 | 11,775 | 1 |
*ProcureNet, Inc. | 136,100 | -- |
1,118,225 | ||
Utilities (5.4%) | ||
Alliant Energy Corp. | 677,596 | 19,379 |
*NII Holdings Inc. | 396,220 | 18,801 |
ONEOK, Inc. | 555,074 | 15,775 |
*Western Wireless Corp. Class A | 529,566 | 15,516 |
*Allegheny Energy, Inc. | 760,737 | 14,994 |
AGL Resources Inc. | 426,197 | 14,167 |
Hawaiian Electric Industries Inc. | 481,877 | 14,047 |
Aqua America, Inc. | 568,277 | 13,974 |
OGE Energy Corp. | 524,385 | 13,901 |
Great Plains Energy, Inc. | 444,416 | 13,457 |
National Fuel Gas Co. | 469,453 | 13,304 |
Atmos Energy Corp. | 458,880 | 12,550 |
UGI Corp. Holding Co. | 305,003 | 12,478 |
Vectren Corp. | 454,599 | 12,183 |
*CMS Energy Corp. | 1,139,439 | 11,907 |
Westar Energy, Inc. | 513,482 | 11,743 |
Energen Corp. | 195,896 | 11,548 |
*Southwestern Energy Co. | 216,412 | 10,970 |
Piedmont Natural Gas, Inc. | 458,747 | 10,661 |
WPS Resources Corp. | 211,761 | 10,580 |
*Southern Union Co. | 423,021 | 10,144 |
Peoples Energy Corp. | 225,130 | 9,894 |
NICOR Inc. | 263,647 | 9,739 |
PNM Resources Inc. | 361,525 | 9,143 |
Western Gas Resources, Inc. | 309,009 | 9,039 |
WGL Holdings Inc. | 291,096 | 8,977 |
*Kinder Morgan Management, LLC | 217,645 | 8,858 |
Duquesne Light Holdings, Inc. | 458,403 | 8,641 |
IDACORP, Inc. | 249,607 | 7,630 |
*Sierra Pacific Resources | 702,247 | 7,374 |
New Jersey Resources Corp. | 165,546 | 7,175 |
*Cincinnati Bell Inc. | 1,467,882 | 6,092 |
*Commonwealth Telephone Enterprises, Inc. | 119,651 | 5,942 |
Cleco Corp. | 292,406 | 5,924 |
ALLETE, Inc. | 159,125 | 5,848 |
Black Hills Corp. | 184,500 | 5,660 |
Northwest Natural Gas Co. | 163,623 | 5,521 |
*El Paso Electric Co. | 284,824 | 5,395 |
Southwest Gas Corp. | 210,893 | 5,357 |
*USA Mobility, Inc. | 147,893 | 5,222 |
*Aquila, Inc. | 1,410,797 | 5,206 |
UniSource Energy Corp. | 204,835 | 4,939 |
Avista Corp. | 275,287 | 4,864 |
*Price Communications Corp. | 252,858 | 4,701 |
CH Energy Group, Inc. | 94,281 | 4,530 |
*PTEK Holdings, Inc. | 405,038 | 4,338 |
South Jersey Industries, Inc. | 82,284 | 4,325 |
MGE Energy, Inc. | 119,300 | 4,298 |
UIL Holdings Corp. | 82,321 | 4,223 |
Page 31
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Otter Tail Corp. | 163,717 | 4,180 |
*IDT Corp. Class B | 268,056 | 4,150 |
California Water Service Group | 104,101 | 3,919 |
The Laclede Group, Inc. | 118,975 | 3,706 |
Empire District Electric Co. | 152,583 | 3,461 |
*UbiquiTel Inc. | 415,067 | 2,955 |
*General Communication, Inc. | 256,174 | 2,828 |
American States Water Co. | 99,547 | 2,588 |
*Mediacom Communications Corp. | 376,399 | 2,352 |
Surewest Communications | 78,448 | 2,224 |
North Pittsburgh Systems, Inc. | 80,655 | 1,995 |
*IDT Corp. | 122,616 | 1,800 |
Central Vermont Public Service Corp. | 72,622 | 1,689 |
Cascade Natural Gas Corp. | 67,313 | 1,427 |
SJW Corp. | 38,547 | 1,403 |
Connecticut Water Services, Inc. | 48,267 | 1,279 |
*Primus Telecommunications Group, Inc. | 400,744 | 1,274 |
CT Communications, Inc. | 102,541 | 1,261 |
*Centennial Communications Corp. Class A | 156,149 | 1,238 |
*Dobson Communications Corp. | 690,643 | 1,188 |
*Time Warner Telecom Inc. | 270,565 | 1,180 |
*Intrado Inc. | 82,473 | 998 |
*Triton PCS, Inc. | 224,306 | 767 |
Shenandoah Telecommunications Co. | 14,491 | 434 |
511,230 | ||
Other (0.6%) | ||
Carlisle Co., Inc. | 186,513 | 12,108 |
Teleflex Inc. | 216,640 | 11,252 |
Trinity Industries, Inc. | 270,318 | 9,212 |
Lancaster Colony Corp. | 168,953 | 7,243 |
Walter Industries, Inc. | 210,074 | 7,086 |
*McDermott International, Inc. | 359,697 | 6,604 |
GenCorp, Inc. | 269,206 | 4,999 |
*Sequa Corp. Class A | 27,637 | 1,690 |
Kaman Corp. Class A | 132,022 | 1,670 |
61,864 | ||
TOTAL COMMON STOCKS | ||
(Cost $6,763,964) | 9,517,260 | |
Page 32
Vanguard Small-Cap Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
TEMPORARY CASH INVESTMENTS (5.3%)(1) | ||
Money Market Fund (5.3%) | ||
Vanguard Market Liquidity Fund, 2.26%** | 28,298,044 | 28,298 |
Vanguard Market Liquidity Fund, 2.26%** | 483,494,950 | 483,495 |
511,793 | ||
Face | ||
Amount | ||
(000) | ||
U.S. Government Obligation | ||
U.S. Treasury Bill | ||
1.73%, 1/27/2005 | $ 2,000 | 1,998 |
TOTAL TEMPORARY CASH INVESTMENTS | ||
(Cost $513,790) | 513,791 | |
TOTAL INVESTMENTS (105.2%) | ||
(Cost $7,277,754) | 10,031,051 | |
OTHER ASSETS AND LIABILITIES--NET(-5.2%) | (499,279) | |
NET ASSETS (100%) | $ 9,531,772 | |
*Non-income-producing security.
**Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. (1)The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 5.2%, respectively, of net assets.
(2)Security segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
Page 1
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
COMMON STOCKS (98.5%) | ||
Auto &Transportation (4.4%) | ||
Polaris Industries, Inc. | 81,958 | 5,575 |
J.B. Hunt Transport Services, Inc. | 108,559 | 4,869 |
Oshkosh Truck Corp. | 66,102 | 4,520 |
*The Goodyear Tire &Rubber Co. | 303,235 | 4,445 |
*Landstar System, Inc. | 58,160 | 4,283 |
*AMR Corp. | 308,836 | 3,382 |
Thor Industries, Inc. | 71,291 | 2,641 |
UTI Worldwide, Inc. | 35,623 | 2,423 |
Werner Enterprises, Inc. | 98,915 | 2,239 |
*Swift Transportation Co., Inc. | 99,819 | 2,144 |
Heartland Express, Inc. | 93,693 | 2,105 |
*EGL, Inc. | 68,682 | 2,053 |
Florida East Coast Industries, Inc. Class A | 45,202 | 2,039 |
Winnebago Industries, Inc. | 51,736 | 2,021 |
*Forward Air Corp. | 39,245 | 1,754 |
Knight Transportation, Inc. | 70,595 | 1,751 |
*Kirby Corp. | 37,773 | 1,676 |
*AirTran Holdings, Inc. | 147,970 | 1,583 |
*Pacer International, Inc. | 71,553 | 1,521 |
*Tenneco Automotive, Inc. | 80,731 | 1,392 |
*Old Dominion Freight Line, Inc. | 38,165 | 1,328 |
*Genesee &Wyoming Inc. Class A | 46,733 | 1,315 |
*Northwest Airlines Corp. Class A | 108,298 | 1,184 |
Wabtec Corp. | 51,415 | 1,096 |
*Delta Air Lines, Inc. | 141,685 | 1,060 |
*Wabash National Corp. | 38,022 | 1,024 |
*Fleetwood Enterprises, Inc. | 69,555 | 936 |
Skywest, Inc. | 37,531 | 753 |
*ExpressJet Holdings, Inc. | 57,843 | 745 |
Arctic Cat, Inc. | 25,788 | 684 |
*Gulfmark Offshore, Inc. | 28,815 | 642 |
*Hayes Lemmerz International, Inc. | 69,582 | 614 |
*Continental Airlines, Inc. Class B | 44,531 | 603 |
*General Maritime Corp. | 12,762 | 510 |
*Frontier Airlines, Inc. | 44,308 | 506 |
Marine Products Corp. | 17,428 | 455 |
*Keystone Automotive Industries, Inc. | 19,318 | 449 |
*America West Holdings Corp. Class B | 33,844 | 223 |
*Mesa Air Group Inc. | 21,079 | 167 |
*Aftermarket Technology Corp. | 8,323 | 134 |
68,844 | ||
Consumer Discretionary (23.5%) | ||
*Monster Worldwide Inc. | 207,814 | 6,991 |
*Getty Images, Inc. | 91,140 | 6,275 |
*Activision, Inc. | 265,931 | 5,366 |
The Corporate Executive Board Co. | 74,932 | 5,016 |
American Eagle Outfitters, Inc. | 105,760 | 4,981 |
Station Casinos, Inc. | 87,619 | 4,791 |
*The Cheesecake Factory | 141,843 | 4,606 |
*Urban Outfitters, Inc. | 101,037 | 4,486 |
*O'Reilly Automotive, Inc. | 95,251 | 4,291 |
*ITT Educational Services, Inc. | 87,807 | 4,175 |
Applebee's International, Inc. | 157,735 | 4,172 |
*Education Management Corp. | 120,294 | 3,971 |
Page 2
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Penn National Gaming, Inc. | 62,167 | 3,764 |
Regis Corp. | 80,812 | 3,729 |
*PETCO Animal Supplies, Inc. | 93,929 | 3,708 |
*Copart, Inc. | 138,303 | 3,640 |
*R.H. Donnelley Corp. | 60,058 | 3,546 |
*Timberland Co. | 56,466 | 3,539 |
*Valassis Communications, Inc. | 99,444 | 3,482 |
*Laureate Education Inc. | 78,938 | 3,480 |
*Sonic Corp. | 113,509 | 3,462 |
Claire's Stores, Inc. | 162,179 | 3,446 |
*Marvel Enterprises Inc. | 167,849 | 3,438 |
*Earthlink, Inc. | 297,015 | 3,422 |
*Quiksilver, Inc. | 112,289 | 3,345 |
Ruby Tuesday, Inc. | 126,075 | 3,288 |
*Corinthian Colleges, Inc. | 173,566 | 3,271 |
SCP Pool Corp. | 101,439 | 3,236 |
MSC Industrial Direct Co., Inc. Class A | 89,150 | 3,208 |
*Pacific Sunwear of California, Inc. | 142,490 | 3,172 |
*Waste Connections, Inc. | 92,234 | 3,159 |
Strayer Education, Inc. | 28,499 | 3,129 |
Boyd Gaming Corp. | 74,876 | 3,119 |
*The Yankee Candle Co., Inc. | 91,910 | 3,050 |
*Take-Two Interactive Software, Inc. | 86,659 | 3,015 |
*Gaylord Entertainment Co. | 72,490 | 3,011 |
Harte-Hanks, Inc. | 115,574 | 3,003 |
*Zale Corp. | 99,782 | 2,980 |
*CNET Networks, Inc. | 261,784 | 2,940 |
*CEC Entertainment Inc. | 70,330 | 2,811 |
*Scientific Games Corp. | 117,341 | 2,797 |
*P.F. Chang's China Bistro, Inc. | 46,746 | 2,634 |
*Corrections Corp. of America REIT | 64,215 | 2,597 |
*Guitar Center, Inc. | 48,253 | 2,542 |
*Radio One, Inc. Class D | 157,716 | 2,542 |
John Wiley &Sons Class A | 72,417 | 2,523 |
*Fossil, Inc. | 95,196 | 2,441 |
*Gemstar-TV Guide International, Inc. | 406,922 | 2,409 |
*Navigant Consulting, Inc. | 90,257 | 2,401 |
*Aeropostale, Inc. | 80,895 | 2,381 |
*Ask Jeeves, Inc. | 88,534 | 2,368 |
*Arbitron Inc. | 59,855 | 2,345 |
*InfoSpace, Inc. | 49,234 | 2,341 |
Grey Global Group Inc. | 2,118 | 2,330 |
*Resources Connection, Inc. | 42,602 | 2,314 |
Matthews International Corp. | 61,935 | 2,279 |
*Panera Bread Co. | 55,052 | 2,220 |
*Tractor Supply Co. | 58,731 | 2,185 |
*Jarden Corp. | 49,631 | 2,156 |
The Brink's Co. | 54,443 | 2,152 |
*United Natural Foods, Inc. | 69,165 | 2,151 |
*Shuffle Master, Inc. | 44,520 | 2,097 |
ADVO, Inc. | 58,636 | 2,090 |
*Rare Hospitality International Inc. | 65,048 | 2,072 |
Choice Hotel International, Inc. | 35,258 | 2,045 |
Nu Skin Enterprises, Inc. | 79,989 | 2,030 |
*DeVry, Inc. | 114,849 | 1,994 |
*Men's Wearhouse, Inc. | 61,942 | 1,980 |
CBRL Group, Inc. | 46,815 | 1,959 |
*Dick's Sporting Goods, Inc. | 55,660 | 1,956 |
*ValueClick, Inc. | 146,180 | 1,949 |
Page 3
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Insight Enterprises, Inc. | 93,157 | 1,912 |
*The Warnaco Group, Inc. | 88,300 | 1,907 |
*Emmis Communications, Inc. | 98,170 | 1,884 |
*Barnes &Noble, Inc. | 57,182 | 1,845 |
*CMGI Inc. | 722,415 | 1,842 |
Jackson Hewitt Tax Service Inc. | 72,227 | 1,824 |
*DoubleClick Inc. | 231,322 | 1,800 |
*Tempur-Pedic International Inc. | 84,621 | 1,794 |
Aaron Rents, Inc. Class B | 71,242 | 1,781 |
*GameStop Corp. Class B | 77,206 | 1,730 |
*THQ Inc. | 75,140 | 1,724 |
Ethan Allen Interiors, Inc. | 42,781 | 1,712 |
*Overstock.com, Inc. | 24,323 | 1,678 |
Watson Wyatt &Co. Holdings | 62,059 | 1,672 |
*Global Imaging Systems, Inc. | 42,019 | 1,660 |
Pier 1 Imports Inc. | 83,969 | 1,654 |
*Bright Horizons Family Solutions, Inc. | 25,507 | 1,652 |
*Sirva Inc. | 84,622 | 1,626 |
*Too Inc. | 66,305 | 1,622 |
*Cumulus Media Inc. | 105,229 | 1,587 |
*Tuesday Morning Corp. | 51,168 | 1,567 |
*Argosy Gaming Co. | 33,133 | 1,547 |
*Hot Topic, Inc. | 89,132 | 1,532 |
*Pinnacle Entertainment, Inc. | 76,516 | 1,513 |
*West Corp. | 45,324 | 1,501 |
*Red Robin Gourmet Burgers | 27,720 | 1,482 |
K-Swiss, Inc. | 50,799 | 1,479 |
*CoStar Group, Inc. | 31,514 | 1,455 |
*Wesco International, Inc. | 48,662 | 1,442 |
*Coldwater Creek Inc. | 46,407 | 1,433 |
*WMS Industries, Inc. | 40,989 | 1,375 |
The Nautilus Group, Inc. | 56,473 | 1,365 |
*Cost Plus, Inc. | 42,117 | 1,353 |
*Cabela's Inc. | 59,345 | 1,350 |
*Krispy Kreme Doughnuts, Inc. | 106,731 | 1,345 |
*Genesco, Inc. | 42,276 | 1,316 |
*Big Lots Inc. | 108,335 | 1,314 |
Talbots Inc. | 47,899 | 1,304 |
Christopher &Banks Corp. | 70,381 | 1,299 |
*Labor Ready, Inc. | 76,738 | 1,298 |
*ProQuest Co. | 43,694 | 1,298 |
*99 Cents Only Stores | 80,134 | 1,295 |
*CKE Restaurants Inc. | 88,984 | 1,291 |
*Heidrick &Struggles International, Inc. | 36,653 | 1,256 |
*The Children's Place Retail Stores, Inc. | 33,722 | 1,249 |
*Charter Communications, Inc. | 556,173 | 1,246 |
*Coinstar, Inc. | 45,001 | 1,207 |
*Hibbett Sporting Goods, Inc. | 45,202 | 1,203 |
*Select Comfort Corp. | 66,854 | 1,199 |
*MAXIMUS, Inc. | 37,669 | 1,172 |
*The Advisory Board Co. | 30,531 | 1,126 |
*Universal Technical Institute Inc. | 29,495 | 1,124 |
Fred's, Inc. | 64,439 | 1,121 |
*United Online, Inc. | 96,518 | 1,113 |
Big 5 Sporting Goods Corp. | 37,165 | 1,083 |
World Fuel Services Corp. | 21,735 | 1,082 |
*Electronics Boutique Holdings Corp. | 25,155 | 1,080 |
*Priceline.com, Inc. | 44,662 | 1,054 |
*NetFlix.com, Inc. | 85,437 | 1,053 |
Page 4
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
G &K Services, Inc. Class A | 24,185 | 1,050 |
Rollins, Inc. | 39,392 | 1,037 |
*Carter's, Inc. | 30,040 | 1,021 |
Gevity HR, Inc. | 49,328 | 1,014 |
Ameristar Casinos, Inc. | 23,512 | 1,014 |
*Steak n Shake Co. | 50,378 | 1,012 |
Catalina Marketing Corp. | 31,564 | 935 |
*Journal Register Co. | 47,323 | 915 |
*Stein Mart, Inc. | 53,349 | 910 |
*Entravision Communications Corp. | 108,749 | 908 |
*Tetra Tech, Inc. | 53,879 | 902 |
*Multimedia Games Inc. | 55,671 | 877 |
*FTI Consulting, Inc. | 41,158 | 867 |
*Steiner Leisure Ltd. | 27,618 | 825 |
*Wireless Facilities, Inc. | 86,802 | 819 |
*Insight Communications Co., Inc. | 87,661 | 813 |
Sinclair Broadcast Group, Inc. | 88,113 | 812 |
*California Pizza Kitchen, Inc. | 35,236 | 810 |
*Spanish Broadcasting System, Inc. | 76,063 | 803 |
*aQuantive, Inc. | 88,420 | 790 |
*Harris Interactive Inc. | 99,546 | 786 |
*Korn/Ferry International | 37,653 | 781 |
*Papa John's International, Inc. | 22,468 | 774 |
*PRIMEDIA Inc. | 201,414 | 765 |
*Teletech Holdings Inc. | 78,840 | 764 |
*A.C. Moore Arts &Crafts, Inc. | 26,407 | 761 |
*The Dress Barn, Inc. | 42,719 | 752 |
*infoUSA Inc. | 66,670 | 746 |
*Martha Stewart Living Omnimedia, Inc. | 25,597 | 743 |
Pre-Paid Legal Services, Inc. | 19,302 | 725 |
*MarineMax, Inc. | 24,099 | 717 |
*Vertrue Inc. | 18,643 | 704 |
*RC2 Corp. | 21,558 | 703 |
*TiVo Inc. | 116,668 | 685 |
Hollinger International, Inc. | 43,291 | 679 |
Oakley, Inc. | 52,846 | 674 |
*LKQ Corp. | 33,043 | 663 |
*Isle of Capri Casinos, Inc. | 25,553 | 655 |
*Central European Distribution Corp. | 22,149 | 654 |
*West Marine, Inc. | 26,127 | 647 |
*USANA Health Sciences, Inc. | 18,141 | 620 |
*Alliance Gaming Corp. | 44,513 | 615 |
bebe stores, inc. | 22,778 | 615 |
*The Pantry, Inc. | 20,421 | 614 |
*Midway Games Inc. | 57,712 | 606 |
*ValueVision Media, Inc. | 42,503 | 591 |
*Salem Communications Corp. | 23,443 | 585 |
*Life Time Fitness, Inc. | 22,587 | 585 |
*J. Jill Group, Inc. | 38,965 | 580 |
Blyth, Inc. | 19,402 | 574 |
*Alloy, Inc. | 70,048 | 565 |
*LECG Corp. | 30,279 | 565 |
Stamps.com Inc. | 35,039 | 555 |
Oxford Industries, Inc. | 13,213 | 546 |
*Skechers U.S.A., Inc. | 40,954 | 531 |
*MTR Gaming Group Inc. | 49,781 | 526 |
*Playtex Products, Inc. | 65,356 | 522 |
*Hollywood Entertainment Corp. | 39,229 | 514 |
*FindWhat.com | 28,924 | 513 |
Page 5
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Playboy Enterprises, Inc. Class B | 41,570 | 511 |
*Saga Communications, Inc. | 30,035 | 506 |
*Stage Stores, Inc. | 11,931 | 495 |
*Forrester Research, Inc. | 27,584 | 495 |
Finish Line, Inc. | 27,013 | 494 |
*The Gymboree Corp. | 38,257 | 490 |
*Autobytel Inc. | 80,656 | 487 |
*Six Flags, Inc. | 90,458 | 486 |
*AMN Healthcare Services, Inc. | 30,251 | 481 |
*Gartner, Inc. Class B | 39,051 | 480 |
*Amerco, Inc. | 10,231 | 470 |
*Leapfrog Enterprises, Inc. | 34,558 | 470 |
Gray Television, Inc. | 30,095 | 466 |
*NetRatings, Inc. | 23,669 | 454 |
*Revlon, Inc. Class A | 194,543 | 447 |
*1-800-FLOWERS.COM, Inc. | 50,775 | 427 |
*GSI Commerce, Inc. | 23,698 | 421 |
*Elizabeth Arden, Inc. | 16,907 | 401 |
*Bombay Co. | 68,555 | 379 |
*Guess ?, Inc. | 29,533 | 371 |
*Marchex, Inc. | 17,495 | 367 |
*Young Broadcasting Inc. | 34,128 | 360 |
Oshkosh B' Gosh, Inc. Class A | 16,464 | 352 |
*Drugstore.com, Inc. | 99,725 | 339 |
Renaissance Learning, Inc. | 17,842 | 331 |
Movie Gallery, Inc. | 17,259 | 329 |
*Digital Theater Systems Inc. | 16,337 | 329 |
CSS Industries, Inc. | 10,349 | 329 |
*Blue Nile Inc. | 11,829 | 327 |
*Del Laboratories, Inc. | 9,319 | 324 |
*Charlotte Russe Holding Inc. | 31,023 | 313 |
*Sharper Image Corp. | 15,939 | 300 |
*Pegasus Solutions Inc. | 21,281 | 268 |
*Conn's, Inc. | 15,712 | 264 |
*Hudson Highland Group, Inc. | 8,754 | 252 |
*Cross Country Healthcare, Inc. | 13,930 | 252 |
*1-800 CONTACTS, Inc. | 11,405 | 251 |
*Learning Tree International, Inc. | 17,854 | 239 |
*Regent Communications, Inc. | 44,868 | 238 |
*GameStop Corp. | 10,614 | 237 |
*Beasley Broadcast Group, Inc. | 13,091 | 229 |
*Vail Resorts Inc. | 9,751 | 219 |
*Kirkland's, Inc. | 16,576 | 204 |
*Medical Staffing Network Holdings, Inc. | 23,133 | 189 |
Advanced Marketing Services | 10,188 | 102 |
*Radio One, Inc. | 858 | 14 |
366,745 | ||
Consumer Staples (1.2%) | ||
Church &Dwight, Inc. | 118,784 | 3,994 |
*Rite Aid Corp. | 994,177 | 3,639 |
*NBTY, Inc. | 102,520 | 2,462 |
*Performance Food Group Co. | 89,124 | 2,398 |
*7-Eleven, Inc. | 75,465 | 1,807 |
Casey's General Stores, Inc. | 86,545 | 1,571 |
*Peet's Coffee &Tea Inc. | 24,719 | 654 |
J &J Snack Foods Corp. | 12,917 | 633 |
Tootsie Roll Industries, Inc. | 13,876 | 481 |
Page 6
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Wild Oats Markets Inc. | 44,250 | 390 |
Winn-Dixie Stores, Inc. | 81,536 | 371 |
*Boston Beer Co., Inc. Class A | 16,395 | 349 |
Arden Group Inc. Class A | 2,303 | 231 |
Coca-Cola Bottling Co. | 3,922 | 224 |
19,204 | ||
Financial Services (10.3%) | ||
Catellus Development Corp. REIT | 197,925 | 6,057 |
Ryder System, Inc. | 123,665 | 5,907 |
Cullen/Frost Bankers, Inc. | 89,083 | 4,329 |
Certegy, Inc. | 121,740 | 4,325 |
East West Bancorp, Inc. | 96,710 | 4,058 |
*Affiliated Managers Group, Inc. | 59,349 | 4,020 |
*BISYS Group, Inc. | 231,525 | 3,809 |
Waddell &Reed Financial, Inc. | 158,494 | 3,786 |
UCBH Holdings, Inc. | 82,587 | 3,784 |
*Alliance Data Systems Corp. | 77,674 | 3,688 |
MoneyGram International, Inc. | 170,136 | 3,597 |
Global Payments Inc. | 58,979 | 3,453 |
NewAlliance Bancshares, Inc. | 219,361 | 3,356 |
Fremont General Corp. | 125,900 | 3,170 |
*The First Marblehead Corp. | 55,604 | 3,128 |
*Silicon Valley Bancshares | 68,479 | 3,069 |
*Kronos, Inc. | 59,799 | 3,058 |
Jack Henry &Associates Inc. | 138,770 | 2,763 |
International Bancshares Corp. | 68,134 | 2,683 |
Southwest Bancorporation of Texas, Inc. | 112,943 | 2,630 |
Wintrust Financial Corp. | 43,874 | 2,499 |
Jefferies Group, Inc. | 60,070 | 2,420 |
FactSet Research Systems Inc. | 38,789 | 2,267 |
*eFunds Corp. | 92,572 | 2,223 |
First BanCorp Puerto Rico | 34,756 | 2,207 |
Cousins Properties, Inc. REIT | 70,854 | 2,145 |
Umpqua Holdings Corp. | 79,917 | 2,015 |
Inland Real Estate Corp. REIT | 121,806 | 1,943 |
John H. Harland Co. | 53,258 | 1,923 |
*CB Richard Ellis Group, Inc. | 57,300 | 1,922 |
Commercial Capital Bancorp, Inc. | 81,941 | 1,899 |
CVB Financial Corp. | 69,707 | 1,851 |
New Century REIT, Inc. | 28,787 | 1,840 |
*Alleghany Corp. | 6,227 | 1,776 |
W Holding Co., Inc. | 71,819 | 1,648 |
*Sotheby's Holdings Class A | 86,984 | 1,580 |
Cash America International Inc. | 51,595 | 1,534 |
*Investment Technology Group, Inc. | 76,434 | 1,529 |
HCC Insurance Holdings, Inc. | 45,515 | 1,507 |
*Accredited Home Lenders Holding Co. | 30,265 | 1,504 |
Boston Private Financial Holdings, Inc. | 50,120 | 1,412 |
United Community Banks, Inc. | 52,159 | 1,405 |
National Financial Partners Corp. | 35,809 | 1,389 |
*Interactive Data Corp. | 62,897 | 1,367 |
Equity Lifestyle Properties, Inc. REIT | 37,225 | 1,331 |
NDCHealth Corp. | 69,398 | 1,290 |
*Financial Federal Corp. | 31,452 | 1,233 |
*Digital Insight Corp. | 64,869 | 1,194 |
*Euronet Worldwide, Inc. | 45,596 | 1,186 |
*S1 Corp. | 129,323 | 1,172 |
Page 7
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Sterling Financial Corp. | 28,369 | 1,114 |
Provident Bancorp, Inc. | 83,645 | 1,103 |
*Triad Guaranty, Inc. | 18,215 | 1,102 |
*Arch Capital Group Ltd. | 28,182 | 1,091 |
Main Street Banks, Inc. | 31,112 | 1,087 |
Gold Banc Corp., Inc. | 73,431 | 1,074 |
*Advent Software, Inc. | 51,314 | 1,051 |
*iPayment Holdings, Inc. | 20,707 | 1,025 |
PrivateBancorp, Inc. | 31,377 | 1,011 |
*Instinet Group Inc. | 161,118 | 972 |
Direct General Corp. | 30,180 | 969 |
Prosperity Bancshares, Inc. | 32,225 | 941 |
*Nelnet, Inc. | 34,383 | 926 |
*Portfolio Recovery Associates, Inc. | 22,179 | 914 |
Harleysville National Corp. | 29,364 | 781 |
Fidelity Bankshares, Inc. | 17,537 | 750 |
*Universal American Financial Corp. | 47,732 | 738 |
Hanmi Financial Corp. | 20,027 | 720 |
*Signature Bank | 22,217 | 719 |
Bank of the Ozarks, Inc. | 20,551 | 699 |
*HealthExtras, Inc. | 42,645 | 695 |
Hilb, Rogal and Hamilton Co. | 19,131 | 693 |
*eSPEED, Inc. Class A | 55,095 | 682 |
Global Signal, Inc. REIT | 24,291 | 669 |
*Encore Capital Group, Inc. | 27,552 | 655 |
*HomeStore, Inc. | 212,983 | 645 |
LaSalle Hotel Properties REIT | 20,016 | 637 |
*BankUnited Financial Corp. | 18,731 | 598 |
R.L.I. Corp. | 14,344 | 596 |
CoBiz Inc. | 27,470 | 558 |
S.Y. Bancorp, Inc. | 22,438 | 541 |
Scottish Re Group Ltd. | 20,675 | 535 |
*Asset Acceptance Capital Corp. | 25,114 | 535 |
*FelCor Lodging Trust, Inc. REIT | 33,778 | 495 |
Old Second Bancorp, Inc. | 15,180 | 484 |
*TNS Inc. | 21,358 | 467 |
*Credit Acceptance Corp. | 17,503 | 445 |
Peapack Gladstone Financial Corp. | 13,522 | 427 |
*PRG-Schultz International, Inc. | 82,955 | 417 |
Riggs National Corp. | 19,607 | 417 |
*Danielson Holdings Corp. | 48,854 | 413 |
Gabelli Asset Management Inc. | 8,253 | 400 |
*Citizens, Inc. | 61,084 | 389 |
*Ocwen Financial Corp. | 36,260 | 347 |
Greenhill &Co., Inc. | 11,913 | 342 |
Aspen Insurance Holdings Ltd. | 13,818 | 339 |
Clifton Savings Bancorp, Inc. | 26,339 | 320 |
American Equity Investment Life Holding Co. | 29,696 | 320 |
*Argonaut Group, Inc. | 15,027 | 318 |
WFS Financial, Inc. | 5,488 | 279 |
*Texas Capital Bancshares, Inc. | 11,956 | 258 |
*Navigators Group, Inc. | 8,441 | 254 |
Bristol West Holdings, Inc. | 10,685 | 214 |
Capital Southwest Corp. | 1,939 | 152 |
*CCC Information Services Group | 6,158 | 137 |
Charter Financial Corp. | 2,648 | 116 |
160,457 | ||
Page 8
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Health Care (19.8%) | ||
*DaVita, Inc. | 193,159 | 7,636 |
*Cytyc Corp. | 213,385 | 5,883 |
*Charles River Laboratories, Inc. | 117,966 | 5,428 |
*Covance, Inc. | 120,333 | 4,663 |
*Renal Care Group, Inc. | 128,818 | 4,636 |
*OSI Pharmaceuticals, Inc. | 61,888 | 4,632 |
Cooper Cos., Inc. | 62,892 | 4,440 |
*INAMED Corp. | 68,325 | 4,322 |
*Gen-Probe Inc. | 95,326 | 4,310 |
*Affymetrix, Inc. | 116,588 | 4,261 |
*Dade Behring Holdings Inc. | 74,359 | 4,164 |
*Pharmaceutical Product Development, Inc. | 97,597 | 4,030 |
Medicis Pharmaceutical Corp. | 109,387 | 3,841 |
*MGI Pharma, Inc. | 135,743 | 3,802 |
*Stericycle, Inc. | 82,430 | 3,788 |
*Respironics, Inc. | 67,555 | 3,672 |
*AMERIGROUP Corp. | 47,726 | 3,611 |
*IDEXX Laboratories Corp. | 65,784 | 3,591 |
*Amylin Pharmaceuticals, Inc. | 153,638 | 3,589 |
*Protein Design Labs, Inc. | 173,656 | 3,588 |
*Neurocrine Biosciences, Inc. | 69,975 | 3,450 |
*ResMed Inc. | 65,002 | 3,322 |
*First Health Group Corp. | 176,144 | 3,296 |
*ICOS Corp. | 115,871 | 3,277 |
*Nektar Therapeutics | 161,084 | 3,260 |
*Apria Healthcare Group Inc. | 95,961 | 3,162 |
*STERIS Corp. | 132,683 | 3,147 |
Select Medical Corp. | 175,270 | 3,085 |
*Edwards Lifesciences Corp. | 74,507 | 3,074 |
*Andrx Group | 139,839 | 3,053 |
*Pediatrix Medical Group, Inc. | 46,061 | 2,950 |
*Cerner Corp. | 55,438 | 2,948 |
*VCA Antech, Inc. | 149,488 | 2,930 |
*Techne Corp. | 75,114 | 2,922 |
*Martek Biosciences Corp. | 56,304 | 2,883 |
*Advanced Medical Optics, Inc. | 68,472 | 2,817 |
Mentor Corp. | 81,291 | 2,743 |
*PAR Pharmaceutical Cos. Inc. | 65,185 | 2,697 |
*Endo Pharmaceuticals Holdings, Inc. | 126,657 | 2,662 |
*Sybron Dental Specialties, Inc. | 74,786 | 2,646 |
*Accredo Health, Inc. | 93,456 | 2,591 |
*Sierra Health Services, Inc. | 46,344 | 2,554 |
Invacare Corp. | 54,861 | 2,538 |
*LifePoint Hospitals, Inc. | 70,665 | 2,461 |
*Intuitive Surgical, Inc. | 61,458 | 2,460 |
*VISX Inc. | 95,048 | 2,459 |
*American Medical Systems Holdings, Inc. | 58,128 | 2,430 |
*Alkermes, Inc. | 172,266 | 2,427 |
*The Medicines Co. | 82,684 | 2,381 |
Diagnostic Products Corp. | 41,912 | 2,307 |
*United Surgical Partners International, Inc. | 54,387 | 2,268 |
*Centene Corp. | 78,522 | 2,226 |
*Province Healthcare Co. | 95,443 | 2,133 |
*Immucor Inc. | 87,015 | 2,046 |
*American Healthways Inc. | 59,818 | 1,976 |
PolyMedica Corp. | 52,409 | 1,954 |
*NeighborCare Inc. | 63,208 | 1,942 |
*Applera Corp.-Celera Genomics Group | 140,314 | 1,929 |
Page 9
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Ocular Sciences, Inc. | 38,628 | 1,893 |
*Pharmion Corp. | 44,233 | 1,867 |
*Bio-Rad Laboratories, Inc. Class A | 32,134 | 1,844 |
*Biosite Inc. | 28,977 | 1,783 |
*United Therapeutics Corp. | 39,128 | 1,767 |
*Haemonetics Corp. | 48,438 | 1,754 |
*AmSurg Corp. | 58,241 | 1,720 |
*Ventana Medical Systems, Inc. | 26,566 | 1,700 |
*AtheroGenics, Inc. | 71,148 | 1,676 |
*Connetics Corp. | 68,199 | 1,657 |
*Ligand Pharmaceuticals Inc. Class B | 142,004 | 1,653 |
*Wright Medical Group, Inc. | 57,809 | 1,648 |
*Nabi Biopharmaceuticals | 112,091 | 1,642 |
*Eyetech Pharmaceuticals Inc. | 35,447 | 1,613 |
*Telik, Inc. | 83,886 | 1,606 |
*Eclipsys Corp. | 76,572 | 1,564 |
*PSS World Medical, Inc. | 124,416 | 1,557 |
*Sunrise Senior Living, Inc. | 33,523 | 1,554 |
*Priority Healthcare Corp. Class B | 71,052 | 1,547 |
*CONMED Corp. | 54,391 | 1,546 |
*Advanced Neuromodulation Systems, Inc. | 38,744 | 1,529 |
*American Pharmaceuticals Partners, Inc. | 40,714 | 1,523 |
*eResearch Technology, Inc. | 94,983 | 1,505 |
Valeant Pharmaceuticals International | 56,421 | 1,487 |
*Laserscope | 38,918 | 1,398 |
*CV Therapeutics, Inc. | 60,570 | 1,393 |
*Eon Labs, Inc. | 51,331 | 1,386 |
*Human Genome Sciences, Inc. | 112,995 | 1,358 |
*Transkaryotic Therapies, Inc. | 53,416 | 1,356 |
*Onyx Pharmaceuticals, Inc. | 41,422 | 1,342 |
*Inspire Pharmaceuticals, Inc. | 79,402 | 1,332 |
*Myriad Genetics, Inc. | 59,099 | 1,330 |
*ArthroCare Corp. | 41,449 | 1,329 |
*Wellcare Group Inc. | 40,732 | 1,324 |
*IDX Systems Corp. | 37,840 | 1,304 |
*Serologicals Corp. | 58,407 | 1,292 |
*First Horizon Pharmaceutical Corp. | 54,518 | 1,248 |
*Vicuron Pharmaceuticals Inc. | 71,299 | 1,241 |
*Molina Healthcare Inc. | 26,454 | 1,227 |
*Integra LifeSciences Holdings | 33,079 | 1,222 |
*Kos Pharmaceuticals, Inc. | 32,451 | 1,221 |
Arrow International, Inc. | 37,959 | 1,176 |
*K-V Pharmaceutical Co. Class A | 53,099 | 1,171 |
*Enzon Pharmaceuticals, Inc. | 84,342 | 1,157 |
*Cubist Pharmaceuticals, Inc. | 95,765 | 1,133 |
*Salix Pharmaceuticals, Ltd. | 62,784 | 1,104 |
*Hologic, Inc. | 39,596 | 1,088 |
*Encysive Pharmaceuticals, Inc. | 109,390 | 1,086 |
*Impax Laboratories, Inc. | 67,358 | 1,070 |
*Vertex Pharmaceuticals, Inc. | 100,275 | 1,060 |
*LabOne, Inc. | 32,751 | 1,049 |
*Abgenix, Inc. | 100,119 | 1,035 |
*Dendreon Corp. | 95,421 | 1,029 |
*Medarex, Inc. | 94,440 | 1,018 |
*Enzo Biochem, Inc. | 50,019 | 974 |
*SonoSite, Inc. | 28,648 | 973 |
*Cell Therapeutics, Inc. | 116,180 | 946 |
*SurModics, Inc. | 28,788 | 936 |
*Incyte Corp. | 93,165 | 931 |
Page 10
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Wilson Greatbatch Technologies, Inc. | 41,299 | 926 |
*Per-Se Technologies, Inc. | 57,754 | 914 |
*NPS Pharmaceuticals Inc. | 48,503 | 887 |
*Magellan Health Services, Inc. | 25,773 | 880 |
*RehabCare Group, Inc. | 31,411 | 879 |
*Align Technology, Inc. | 81,344 | 874 |
*Exelixis, Inc. | 86,024 | 817 |
*Cyberonics, Inc. | 39,159 | 811 |
*Thoratec Corp. | 77,572 | 808 |
*Kyphon Inc. | 31,240 | 805 |
*Digene Corp. | 30,736 | 804 |
*BioMarin Pharmaceutical Inc. | 123,790 | 791 |
*EPIX Pharmaceuticals, Inc. | 44,073 | 789 |
*Tanox, Inc. | 51,061 | 776 |
*Noven Pharmaceuticals, Inc. | 45,267 | 772 |
*NitroMed, Inc. | 28,408 | 757 |
*Gentiva Health Services, Inc. | 45,020 | 753 |
*InterMune Inc. | 56,541 | 750 |
Perrigo Co. | 43,250 | 747 |
*Kindred Healthcare, Inc. | 24,868 | 745 |
*Merit Medical Systems, Inc. | 48,235 | 737 |
*Discovery Laboratories, Inc. | 90,206 | 715 |
*Adolor Corp. | 71,470 | 709 |
*Kensey Nash Corp. | 19,823 | 684 |
*PAREXEL International Corp. | 32,585 | 661 |
*Lexicon Genetics Inc. | 85,146 | 660 |
*Zymogenetics, Inc. | 28,677 | 660 |
*Alexion Pharmaceuticals, Inc. | 26,165 | 659 |
*Chattem, Inc. | 19,855 | 657 |
*ICU Medical, Inc. | 23,924 | 654 |
*Inverness Medical Innovations, Inc. | 25,293 | 635 |
*Zoll Medical Corp. | 17,790 | 612 |
*Isis Pharmaceuticals, Inc. | 99,966 | 590 |
*Antigenics, Inc. | 52,946 | 536 |
*VistaCare, Inc. | 31,022 | 516 |
*OraSure Technologies, Inc. | 76,691 | 515 |
*Symbion, Inc. | 22,060 | 487 |
*K-V Pharmaceutical Co. Class B | 21,095 | 481 |
*Possis Medical Inc. | 34,738 | 468 |
*CTI Molecular Imaging, Inc. | 32,257 | 458 |
*DJ Orthopedics Inc. | 21,289 | 456 |
*ImmunoGen, Inc. | 50,741 | 449 |
*Molecular Devices Corp. | 21,939 | 441 |
*ARIAD Pharmaceuticals, Inc. | 58,906 | 438 |
*Diversa Corp. | 49,918 | 436 |
*XOMA Ltd. | 166,074 | 430 |
*Regeneron Pharmaceuticals, Inc. | 46,514 | 428 |
*Barrier Therapeutics Inc. | 25,094 | 417 |
*Geron Corp. | 50,922 | 406 |
*Conceptus, Inc. | 48,987 | 398 |
*CardioDynamics International Corp. | 73,466 | 380 |
*Genesis Healthcare Corp. | 10,689 | 374 |
*Maxygen Inc. | 28,750 | 368 |
*Keryx Biopharmaceuticals, Inc. | 30,633 | 354 |
*CorVel Corp. | 13,102 | 351 |
Young Innovations, Inc. | 10,360 | 349 |
*Corixa Corp. | 91,402 | 333 |
*Odyssey Healthcare, Inc. | 23,244 | 318 |
*Bruker BioSciences Corp. | 78,064 | 315 |
Page 11
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Alliance Imaging, Inc. | 27,621 | 311 |
*Closure Medical Corp. | 15,126 | 295 |
*Trimeris, Inc. | 20,250 | 287 |
*Santarus Inc. | 31,263 | 283 |
*Pozen Inc. | 38,513 | 280 |
Computer Programs and Systems, Inc. | 11,974 | 277 |
*SciClone Pharmaceuticals, Inc. | 72,916 | 270 |
*Genta Inc. | 146,363 | 258 |
*Cell Genesys, Inc. | 28,385 | 230 |
*NeoPharm, Inc. | 17,834 | 223 |
*CuraGen Corp. | 28,496 | 204 |
Vital Signs, Inc. | 4,390 | 171 |
*Specialty Laboratories, Inc. | 15,257 | 168 |
*GTx, Inc. | 11,876 | 160 |
*Lannett Company, Inc. | 11,942 | 118 |
309,522 | ||
Integrated Oils (0.1%) | ||
*KCS Energy, Inc. | 89,651 | 1,325 |
*Delta Petroleum Corp. | 45,432 | 712 |
2,037 | ||
Other Energy (6.1%) | ||
*Varco International, Inc. | 178,102 | 5,192 |
Massey Energy Co. | 145,772 | 5,095 |
Patina Oil &Gas Corp. | 128,827 | 4,831 |
*Grant Prideco, Inc. | 235,793 | 4,728 |
*FMC Technologies Inc. | 123,137 | 3,965 |
*Plains Exploration &Production Co. | 140,718 | 3,659 |
CONSOL Energy, Inc. | 86,769 | 3,562 |
*Calpine Corp. | 855,458 | 3,371 |
Helmerich &Payne, Inc. | 96,838 | 3,296 |
*Key Energy Services, Inc. | 250,863 | 2,960 |
Range Resources Corp. | 143,199 | 2,930 |
*Unit Corp. | 74,678 | 2,853 |
*Cal Dive International, Inc. | 69,849 | 2,846 |
*Denbury Resources, Inc. | 95,170 | 2,612 |
St. Mary Land &Exploration Co. | 56,926 | 2,376 |
*Superior Energy Services, Inc. | 129,096 | 1,989 |
*Quicksilver Resources, Inc. | 52,531 | 1,932 |
*Encore Acquisition Co. | 53,129 | 1,855 |
*Oceaneering International, Inc. | 48,331 | 1,804 |
*Grey Wolf, Inc. | 340,233 | 1,793 |
*Todco | 92,657 | 1,707 |
*Seacor Holdings INC | 31,683 | 1,692 |
Berry Petroleum Class A | 34,323 | 1,637 |
CARBO Ceramics Inc. | 22,959 | 1,584 |
*Cheniere Energy, Inc. | 23,110 | 1,472 |
*Hydrill Co. | 31,617 | 1,439 |
Penn Virginia Corp. | 35,269 | 1,431 |
*Atwood Oceanics, Inc. | 26,134 | 1,362 |
*KFX, Inc. | 92,488 | 1,343 |
*Global Industries Ltd. | 160,417 | 1,330 |
*Input/Output, Inc. | 138,970 | 1,228 |
*Energy Partners, Ltd. | 60,362 | 1,224 |
*TETRA Technologies, Inc. | 42,970 | 1,216 |
*W-H Energy Services, Inc. | 52,855 | 1,182 |
Page 12
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Remington Oil &Gas Corp. | 42,522 | 1,159 |
*Petroleum Development Corp. | 29,658 | 1,144 |
*Whiting Petroleum Corp. | 35,625 | 1,078 |
*Hanover Compressor Co. | 66,264 | 936 |
*Newpark Resources, Inc. | 161,990 | 834 |
*Harvest Natural Resources, Inc. | 45,294 | 782 |
*Core Laboratories NV | 33,162 | 774 |
*Spinnaker Exploration Co. | 18,299 | 642 |
*FuelCell Energy, Inc. | 54,602 | 541 |
*Oil States International, Inc. | 26,355 | 508 |
RPC Inc. | 19,278 | 484 |
*Parker Drilling Co. | 117,483 | 462 |
*Comstock Resources, Inc. | 20,914 | 461 |
*Endeavor International Corp. | 106,193 | 445 |
*Global Power Equipment Group Inc. | 37,373 | 368 |
*Plug Power, Inc. | 59,576 | 364 |
Gulf Island Fabrication, Inc. | 16,327 | 356 |
*Hornbeck Offshore Services, Inc. | 17,965 | 347 |
Crosstex Energy, Inc. | 5,839 | 245 |
*Dril-Quip, Inc. | 8,577 | 208 |
*Atlas America, Inc. | 5,085 | 182 |
95,816 | ||
Materials &Processing (4.1%) | ||
*Crown Holdings, Inc. | 317,707 | 4,365 |
Forest City Enterprise Class A | 59,952 | 3,450 |
*Scotts Co. | 43,959 | 3,232 |
*Armor Holdings, Inc. | 59,757 | 2,810 |
Crompton Corp. | 220,184 | 2,598 |
*Maverick Tube Corp. | 81,625 | 2,473 |
Florida Rock Industries, Inc. | 40,501 | 2,411 |
Simpson Manufacturing Co. | 64,083 | 2,236 |
Airgas, Inc. | 83,778 | 2,221 |
*Cabot Microelectronics Corp. | 47,576 | 1,905 |
*Coeur d'Alene Mines Corp. | 457,879 | 1,799 |
*W.R. Grace &Co. | 126,304 | 1,719 |
Allegheny Technologies Inc. | 77,762 | 1,685 |
*Ceradyne, Inc. | 29,422 | 1,683 |
*Symyx Technologies, Inc. | 55,502 | 1,670 |
*Quanta Services, Inc. | 189,789 | 1,518 |
*Dycom Industries, Inc. | 46,547 | 1,421 |
Schnitzer Steel Industries, Inc. Class A | 41,452 | 1,406 |
*Rogers Corp. | 32,289 | 1,392 |
*Hexcel Corp. | 92,552 | 1,342 |
*Hecla Mining Co. | 227,970 | 1,329 |
*Graphic Packaging Corp. | 171,686 | 1,236 |
ElkCorp | 34,193 | 1,170 |
*Insituform Technologies Inc. Class A | 51,297 | 1,163 |
Steel Dynamics, Inc. | 28,462 | 1,078 |
Brookfield Homes Corp. | 29,916 | 1,014 |
*Hercules, Inc. | 64,153 | 953 |
MacDermid, Inc. | 26,314 | 950 |
*NCI Building Systems, Inc. | 25,258 | 947 |
*Neenah Paper Inc. | 28,394 | 926 |
*DHB Industries, Inc. | 47,019 | 895 |
*Mobile Mini, Inc. | 26,554 | 877 |
*Apex Silver Mines Ltd. | 50,604 | 869 |
*Trex Co., Inc. | 15,493 | 812 |
Page 13
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
AMCOL International Corp. | 39,471 | 793 |
*Terra Industries, Inc. | 80,682 | 716 |
*GrafTech International Ltd. | 66,101 | 625 |
Royal Gold, Inc. | 33,925 | 619 |
*Exide Technologies | 43,851 | 604 |
Deltic Timber Corp. | 12,834 | 545 |
*Energy Conversion Devices, Inc. | 25,946 | 501 |
*Tejon Ranch Co. | 11,908 | 486 |
Silgan Holdings, Inc. | 7,966 | 486 |
*Interface, Inc. | 42,769 | 426 |
Apogee Enterprises, Inc. | 23,486 | 315 |
*AAON, Inc. | 18,094 | 291 |
*Encore Wire Corp. | 19,972 | 266 |
*Avatar Holding, Inc. | 5,116 | 246 |
64,474 | ||
Page 14
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Producer Durables (8.5%) | ||
*Crown Castle International Corp. | 389,760 | 6,486 |
Roper Industries Inc. | 80,937 | 4,919 |
Donaldson Co., Inc. | 149,353 | 4,866 |
*United Defense Industries Inc. | 101,488 | 4,795 |
Graco, Inc. | 126,411 | 4,721 |
*Polycom, Inc. | 191,017 | 4,455 |
Joy Global Inc. | 98,777 | 4,290 |
*Mettler-Toledo International Inc. | 81,060 | 4,159 |
Plantronics, Inc. | 92,041 | 3,817 |
*Andrew Corp. | 278,100 | 3,791 |
*Toll Brothers, Inc. | 53,803 | 3,691 |
*Taser International Inc. | 100,058 | 3,161 |
*Hovnanian Enterprises Inc. Class A | 62,381 | 3,089 |
Engineered Support Systems, Inc. | 51,148 | 3,029 |
*Actuant Corp. | 50,583 | 2,638 |
Ryland Group, Inc. | 45,532 | 2,620 |
*Varian Semiconductor Equipment Associates, Inc. | 69,866 | 2,575 |
Mine Safety Appliances Co. | 49,761 | 2,523 |
Herman Miller, Inc. | 88,989 | 2,459 |
*Interdigital Communications Corp. | 106,658 | 2,357 |
Ametek, Inc. | 65,539 | 2,338 |
Cognex Corp. | 79,474 | 2,217 |
*Dionex Corp. | 37,634 | 2,133 |
*Meritage Corp. | 18,606 | 2,097 |
*Cymer, Inc. | 70,626 | 2,086 |
*Rayovac Corp. | 66,416 | 2,030 |
MDC Holdings, Inc. | 23,480 | 2,030 |
The Manitowoc Co., Inc. | 53,836 | 2,027 |
*CUNO Inc. | 32,549 | 1,933 |
*ESCO Technologies Inc. | 24,903 | 1,909 |
*Headwaters Inc. | 64,496 | 1,838 |
*Thomas &Betts Corp. | 56,643 | 1,742 |
*Champion Enterprises, Inc. | 136,775 | 1,617 |
*Paxar Corp. | 68,564 | 1,520 |
HNI Corp. | 34,762 | 1,497 |
Steelcase Inc. | 84,195 | 1,165 |
*Orbital Sciences Corp. | 95,033 | 1,124 |
*Power-One, Inc. | 121,380 | 1,083 |
JLG Industries, Inc. | 54,740 | 1,075 |
*Imagistics International Inc. | 31,721 | 1,068 |
*Arris Group Inc. | 151,642 | 1,068 |
*SBA Communications Corp. | 110,050 | 1,021 |
*Teledyne Technologies, Inc. | 34,578 | 1,018 |
*FEI Co. | 48,143 | 1,011 |
*Photronics Inc. | 59,839 | 987 |
*Itron, Inc. | 40,155 | 960 |
*Sonic Solutions, Inc. | 42,651 | 957 |
*Entegris Inc. | 91,746 | 913 |
*ATMI, Inc. | 39,390 | 887 |
*Mattson Technology, Inc. | 77,167 | 869 |
*Ultratech, Inc. | 43,579 | 821 |
*Powerwave Technologies, Inc. | 95,727 | 812 |
*Photon Dynamics, Inc. | 32,515 | 789 |
Franklin Electric, Inc. | 17,909 | 757 |
United Industrial Corp. | 18,836 | 730 |
*Littelfuse, Inc. | 21,356 | 730 |
*MTC Technologies, Inc. | 19,389 | 651 |
Levitt Corp. Class A | 20,821 | 636 |
*Presstek, Inc. | 63,885 | 618 |
*Applied Films Corp. | 28,488 | 614 |
*William Lyon Homes, Inc. | 8,478 | 595 |
*Kulicke &Soffa Industries, Inc. | 64,407 | 555 |
Vicor Corp. | 40,606 | 532 |
*General Cable Corp. | 38,156 | 528 |
*LTX Corp. | 58,375 | 449 |
CTS Corp. | 33,345 | 443 |
*Metrologic Instruments, Inc. | 20,585 | 437 |
*Rudolph Technologies, Inc. | 24,323 | 418 |
*DuPont Photomasks, Inc. | 14,120 | 373 |
*Advanced Energy Industries, Inc. | 40,793 | 372 |
Curtiss-Wright Corp. Class B | 6,433 | 362 |
*ARGON ST, Inc. | 10,190 | 361 |
Lindsay Manufacturing Co. | 13,892 | 360 |
*Astec Industries, Inc. | 19,802 | 341 |
*Palm Harbor Homes, Inc. | 19,668 | 332 |
Keithley Instruments Inc. | 13,436 | 265 |
*Asyst Technologies, Inc. | 31,748 | 162 |
*Color Kinetics Inc. | 8,614 | 151 |
132,855 | ||
Technology (18.3%) | ||
*International Rectifier Corp. | 127,886 | 5,700 |
*Cree, Inc. | 141,828 | 5,684 |
*SpectraSite, Inc. | 94,138 | 5,451 |
PerkinElmer, Inc. | 233,912 | 5,261 |
*TIBCO Software Inc. | 362,956 | 4,842 |
*Western Digital Corp. | 393,528 | 4,266 |
*Macromedia, Inc. | 133,350 | 4,150 |
*FLIR Systems, Inc. | 64,798 | 4,133 |
Acxiom Corp. | 157,061 | 4,131 |
*Rambus Inc. | 176,419 | 4,058 |
*Brocade Communications Systems, Inc. | 505,919 | 3,865 |
*Avid Technology, Inc. | 62,363 | 3,851 |
*Avocent Corp. | 94,583 | 3,833 |
*CACI International, Inc. | 55,950 | 3,812 |
*Hyperion Solutions Corp. | 75,841 | 3,536 |
Reynolds &Reynolds Class A | 124,092 | 3,290 |
*Trimble Navigation Ltd. | 98,279 | 3,247 |
*Atmel Corp. | 822,636 | 3,225 |
Page 15
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*F5 Networks, Inc. | 63,081 | 3,073 |
*Semtech Corp. | 135,076 | 2,954 |
*Integrated Circuit Systems, Inc. | 139,794 | 2,924 |
*Foundry Networks, Inc. | 221,494 | 2,915 |
*Cypress Semiconductor Corp. | 240,789 | 2,824 |
*Skyworks Solutions, Inc. | 298,987 | 2,819 |
*Varian, Inc. | 66,637 | 2,733 |
*Akamai Technologies, Inc. | 205,286 | 2,675 |
*Silicon Laboratories Inc. | 74,631 | 2,635 |
*The Titan Corp. | 162,126 | 2,626 |
*Anteon International Corp. | 61,966 | 2,594 |
*Applied Micro Circuits Corp. | 601,762 | 2,533 |
ADTRAN Inc. | 130,096 | 2,490 |
*PalmOne, Inc. | 78,804 | 2,486 |
*RF Micro Devices, Inc. | 358,605 | 2,453 |
*RSA Security Inc. | 122,266 | 2,453 |
*UNOVA, Inc. | 93,570 | 2,366 |
*Digital River, Inc. | 56,035 | 2,332 |
*Websense, Inc. | 44,699 | 2,267 |
*Macrovision Corp. | 85,464 | 2,198 |
*Silicon Image, Inc. | 130,087 | 2,141 |
*MEMC Electronic Materials, Inc. | 159,686 | 2,116 |
*Mentor Graphics Corp. | 137,781 | 2,107 |
*Tekelec | 102,684 | 2,099 |
*Tessera Technologies, Inc. | 54,301 | 2,021 |
*Openwave Systems Inc. | 128,764 | 1,991 |
*Parametric Technology Corp. | 336,144 | 1,980 |
*FileNET Corp. | 75,712 | 1,950 |
*SigmaTel Inc. | 54,325 | 1,930 |
*Wind River Systems Inc. | 142,215 | 1,927 |
*Ariba, Inc. | 115,097 | 1,911 |
*ANSYS, Inc. | 59,433 | 1,905 |
*Internet Security Systems, Inc. | 81,660 | 1,899 |
*Microsemi Corp. | 108,862 | 1,890 |
*OmniVision Technologies, Inc. | 102,971 | 1,890 |
*SRA International, Inc. | 29,045 | 1,865 |
*MICROS Systems, Inc. | 22,941 | 1,791 |
*Coherent, Inc. | 58,240 | 1,773 |
*Aeroflex, Inc. | 142,984 | 1,733 |
*Maxtor Corp. | 309,255 | 1,639 |
*Progress Software Corp. | 69,946 | 1,633 |
*Intergraph Corp. | 59,646 | 1,606 |
*Digitas Inc. | 164,284 | 1,569 |
*ScanSource, Inc. | 24,188 | 1,504 |
*Vitesse Semiconductor Corp. | 421,962 | 1,490 |
*Dendrite International, Inc. | 75,975 | 1,474 |
*Micrel, Inc. | 131,913 | 1,454 |
*Extreme Networks, Inc. | 221,203 | 1,449 |
*MicroStrategy Inc. | 24,027 | 1,448 |
*Transaction Systems Architects, Inc. | 72,248 | 1,434 |
*RealNetworks, Inc. | 212,364 | 1,406 |
*Synaptics Inc. | 45,790 | 1,400 |
*Manhattan Associates, Inc. | 57,801 | 1,380 |
*Intermagnetics General Corp. | 53,914 | 1,370 |
*Amkor Technology, Inc. | 203,203 | 1,357 |
*WebEx Communications, Inc. | 55,344 | 1,316 |
*Quest Software, Inc. | 81,904 | 1,306 |
*NetIQ Corp. | 106,662 | 1,302 |
*Gateway, Inc. | 215,560 | 1,296 |
Page 16
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*FormFactor Inc. | 47,532 | 1,290 |
*Informatica Corp. | 158,498 | 1,287 |
*Equinix, Inc. | 29,733 | 1,271 |
*Altiris, Inc. | 35,765 | 1,267 |
*Aspect Communications Corp. | 113,739 | 1,267 |
*Identix, Inc. | 169,931 | 1,254 |
*Epicor Software Corp. | 87,417 | 1,232 |
*j2 Global Communications, Inc. | 35,636 | 1,229 |
*DSP Group Inc. | 54,904 | 1,226 |
*ON Semiconductor Corp. | 268,938 | 1,221 |
*Sapient Corp. | 153,511 | 1,214 |
*Perot Systems Corp. | 75,343 | 1,208 |
*SERENA Software, Inc. | 54,588 | 1,181 |
*Power Integrations, Inc. | 59,371 | 1,174 |
*Harmonic, Inc. | 139,380 | 1,162 |
*Advanced Digital Information Corp. | 115,938 | 1,162 |
*Mercury Computer Systems, Inc. | 38,502 | 1,143 |
*Lexar Media, Inc. | 144,472 | 1,133 |
*Exar Corp. | 78,930 | 1,120 |
*TriQuint Semiconductor, Inc. | 250,619 | 1,115 |
*SafeNet, Inc. | 29,970 | 1,101 |
*Plexus Corp. | 83,291 | 1,084 |
*ViaSat, Inc. | 43,890 | 1,065 |
*Genesis Microchip Inc. | 63,719 | 1,034 |
Inter-Tel, Inc. | 37,331 | 1,022 |
*II-VI, Inc. | 23,802 | 1,011 |
*Novatel Wireless, Inc. | 50,979 | 988 |
*CommScope, Inc. | 52,110 | 985 |
*Benchmark Electronics, Inc. | 27,765 | 947 |
*Verity, Inc. | 71,589 | 939 |
*Ditech Communications Corp. | 62,252 | 931 |
*Ascential Software Corp. | 56,621 | 923 |
*KEMET Corp. | 103,113 | 923 |
*Packeteer, Inc. | 63,757 | 921 |
*Quantum Corp. | 350,869 | 919 |
EDO Corp. | 28,929 | 918 |
*Borland Software Corp. | 77,640 | 907 |
*Cirrus Logic, Inc. | 163,562 | 901 |
*Ixia | 52,665 | 885 |
*Silicon Graphics, Inc. | 506,627 | 876 |
*Verint Systems Inc. | 23,919 | 869 |
*Micromuse Inc. | 152,709 | 849 |
*TTM Technologies, Inc. | 71,141 | 839 |
*SeaChange International, Inc. | 47,990 | 837 |
*InterVoice, Inc. | 62,631 | 836 |
*Pinnacle Systems, Inc. | 133,728 | 816 |
*Pixelworks, Inc. | 71,452 | 810 |
*Opsware, Inc. | 109,814 | 806 |
*Audible, Inc. | 30,936 | 806 |
*Magma Design Automation, Inc. | 64,009 | 804 |
*ManTech International Corp. | 33,412 | 793 |
*Agile Software Corp. | 96,523 | 789 |
*Jupitermedia Corp. | 32,918 | 783 |
Cubic Corp. | 30,661 | 772 |
*Interwoven Inc. | 70,702 | 769 |
*JDA Software Group, Inc. | 53,467 | 728 |
*Open Solutions Inc. | 27,575 | 716 |
*Westell Technologies, Inc. | 103,830 | 706 |
*Keane, Inc. | 47,858 | 704 |
Page 17
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
BEI Technologies, Inc. | 22,708 | 701 |
*webMethods, Inc. | 96,825 | 698 |
*Vignette Corp. | 500,127 | 695 |
*SonicWALL, Inc. | 109,629 | 693 |
*Secure Computing Corp. | 69,114 | 690 |
*Daktronics, Inc. | 27,436 | 683 |
SS&C Technologies, Inc. | 33,056 | 683 |
*OSI Systems Inc. | 29,895 | 679 |
*E.piphany Inc. | 139,176 | 672 |
*Retek Inc. | 107,538 | 661 |
*ActivCard Corp. | 73,897 | 658 |
*Cray Inc. | 139,929 | 652 |
Talx Corp. | 25,268 | 652 |
*MatrixOne, Inc. | 98,943 | 648 |
*OpenTV Corp. | 158,470 | 609 |
*Excel Technology, Inc. | 23,306 | 606 |
*The TriZetto Group, Inc. | 63,492 | 603 |
*Standard Microsystem Corp. | 31,917 | 569 |
*Avanex Corp. | 165,464 | 548 |
*Lionbridge Technologies, Inc. | 81,424 | 547 |
*Mindspeed Technologies, Inc. | 193,215 | 537 |
*NETGEAR, Inc. | 29,331 | 534 |
*Sycamore Networks, Inc. | 130,344 | 529 |
*Remec, Inc. | 73,318 | 529 |
*Transmeta Corp. | 323,238 | 527 |
*Kopin Corp. | 135,324 | 524 |
*Finisar Corp. | 223,900 | 510 |
*Virage Logic Corp. | 26,855 | 499 |
*Tyler Technologies, Inc. | 59,393 | 497 |
*Anaren, Inc. | 38,098 | 494 |
*SupportSoft, Inc. | 73,274 | 488 |
*ScanSoft, Inc. | 113,437 | 475 |
*PDF Solutions, Inc. | 29,372 | 473 |
*Keynote Systems Inc. | 33,822 | 471 |
*Echelon Corp. | 55,355 | 467 |
*Pericom Semiconductor Corp. | 48,700 | 459 |
*Entrust, Inc. | 120,148 | 455 |
*Concur Technologies, Inc. | 50,294 | 448 |
*McDATA Corp. | 79,267 | 446 |
*FalconStor Software, Inc. | 45,487 | 435 |
*@ Road, Inc. | 62,832 | 434 |
*Lattice Semiconductor Corp. | 75,936 | 433 |
*AMIS Holdings Inc. | 25,755 | 425 |
*EPIQ Systems, Inc. | 28,997 | 425 |
*Siliconix, Inc. | 11,615 | 424 |
*Universal Display Corp. | 44,717 | 402 |
*IXYS Corp. | 37,872 | 391 |
*Gartner, Inc. Class A | 31,264 | 390 |
*Newport Corp. | 27,159 | 383 |
*Embarcadero Technologies, Inc. | 39,769 | 374 |
*PEC Solutions, Inc. | 26,289 | 373 |
*Komag, Inc. | 19,770 | 371 |
*Blue Coat Systems, Inc. | 19,563 | 364 |
*Motive, Inc. | 31,944 | 364 |
Integral Systems, Inc. | 18,210 | 354 |
*Enterasys Networks, Inc. | 191,384 | 344 |
*SiRF Technology Holdings, Inc. | 26,207 | 333 |
*PalmSource, Inc. | 26,057 | 332 |
*Ulticom, Inc. | 20,282 | 325 |
Page 18
Vanguard Small-Cap Growth Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*SeeBeyond Technology Corp. | 90,207 | 323 |
*Lawson Software Inc. | 46,832 | 322 |
*Digimarc Corp. | 31,112 | 290 |
*Net2Phone, Inc. | 84,985 | 289 |
*Multi-Fineline Electronix, Inc. | 15,635 | 285 |
*Atheros Communications | 27,069 | 277 |
Syntel, Inc. | 15,485 | 272 |
*Broadwing Corp. | 29,066 | 265 |
*Iomega Corp. | 46,804 | 259 |
QAD Inc. | 22,898 | 204 |
*Oplink Communications, Inc. | 101,531 | 200 |
*Blackboard Inc. | 12,524 | 185 |
*iGATE Corp. | 44,618 | 181 |
*Pegasystems Inc. | 20,575 | 176 |
*Safeguard Scientifics, Inc. | 80,219 | 170 |
*SPSS, Inc. | 10,565 | 165 |
286,753 | ||
Utilities (1.9%) | ||
*NII Holdings Inc. | 127,179 | 6,035 |
*Western Wireless Corp. Class A | 169,991 | 4,981 |
Western Gas Resources, Inc. | 99,221 | 2,902 |
*Southwestern Energy Co. | 45,149 | 2,289 |
*Cincinnati Bell Inc. | 471,299 | 1,956 |
*Commonwealth Telephone Enterprises, Inc. | 38,366 | 1,905 |
*USA Mobility, Inc. | 47,446 | 1,675 |
*PTEK Holdings, Inc. | 130,030 | 1,393 |
*IDT Corp. Class B | 86,397 | 1,337 |
*UbiquiTel Inc. | 134,456 | 957 |
*Mediacom Communications Corp. | 121,210 | 758 |
*General Communication, Inc. | 53,488 | 591 |
*IDT Corp. | 39,257 | 576 |
*Primus Telecommunications Group, Inc. | 128,879 | 410 |
*Centennial Communications Corp. Class A | 49,857 | 395 |
*Dobson Communications Corp. | 218,880 | 376 |
*Time Warner Telecom Inc. | 85,719 | 374 |
*Intrado Inc. | 26,519 | 321 |
*Triton PCS, Inc. | 71,736 | 245 |
Shenandoah Telecommunications Co. | 1,757 | 53 |
29,529 | ||
Page 19
Vanguard Small-Cap Growth Index Fund | ||||
---|---|---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) | ||
Other (0.3%) | ||||
*McDermott International, Inc. | 115,461 | 2,120 | ||
GenCorp, Inc. | 86,419 | 1,605 | ||
Walter Industries, Inc. | 43,791 | 1,477 | ||
5,202 | ||||
TOTAL COMMON STOCKS | ||||
(Cost $1,241,836) | 1,541,438 | |||
TEMPORARY CASH INVESTMENTS (4.3%) | ||||
Vanguard Market Liquidity Fund, 2.26%** | 6,459,787 | 6,460 | ||
Vanguard Market Liquidity Fund, 2.26%** | 60,644,520 | 60,645 | ||
TOTAL TEMPORARY CASH INVESTMENTS | ||||
(Cost $67,105) | 67,105 | |||
TOTAL INVESTMENTS (102.8%) | ||||
(Cost $1,308,941) | 1,608,543 | |||
OTHER ASSETS AND LIABILITIES--NET (-2.8%) | (43,169) | |||
NET ASSETS (100%) | $ 1,565,374 | |||
* Non-income-producing security.
**Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
REIT—Real Estate Investment Trust.
Page 1
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
COMMON STOCKS (100.0%) | ||
Auto &Transportation (5.1%) | ||
BorgWarner, Inc. | 222,808 | 12,070 |
*Navistar International Corp. | 250,783 | 11,029 |
CNF Inc. | 203,321 | 10,186 |
*Yellow Roadway Corp. | 172,827 | 9,628 |
*Laidlaw International Inc. | 414,355 | 8,867 |
Tidewater Inc. | 227,702 | 8,108 |
Alexander &Baldwin, Inc. | 153,029 | 6,491 |
OMI Corp. | 373,568 | 6,295 |
Cooper Tire &Rubber Co. | 268,828 | 5,793 |
Overseas Shipholding Group Inc. | 102,220 | 5,643 |
ArvinMeritor, Inc. | 249,281 | 5,576 |
American Axle &Manufacturing Holdings, Inc. | 176,228 | 5,403 |
Visteon Corp. | 517,305 | 5,054 |
*Kansas City Southern | 250,272 | 4,437 |
USF Corp. | 110,956 | 4,211 |
Modine Manufacturing Co. | 124,016 | 4,188 |
Overnite Corp. | 111,881 | 4,166 |
Arkansas Best Corp. | 89,564 | 4,021 |
*Alaska Air Group, Inc. | 107,262 | 3,592 |
Skywest, Inc. | 143,870 | 2,886 |
*Offshore Logistics, Inc. | 86,761 | 2,817 |
Superior Industries International, Inc. | 85,194 | 2,475 |
*TBC Corp. | 84,425 | 2,347 |
*Continental Airlines, Inc. Class B | 172,621 | 2,337 |
*Aviall Inc. | 96,321 | 2,212 |
Bandag, Inc. | 43,424 | 2,163 |
Monaco Coach Corp. | 104,876 | 2,157 |
*General Maritime Corp. | 48,728 | 1,947 |
*RailAmerica, Inc. | 146,912 | 1,917 |
Sea Containers Ltd. Class A | 82,960 | 1,633 |
Wabtec Corp. | 57,414 | 1,224 |
*Delta Air Lines, Inc. | 156,244 | 1,169 |
*Wabash National Corp. | 41,923 | 1,129 |
*Fleetwood Enterprises, Inc. | 76,419 | 1,029 |
*Stoneridge, Inc. | 67,070 | 1,015 |
Coachmen Industries, Inc. | 55,701 | 967 |
*Strattec Security Corp. | 15,164 | 950 |
*Covenant Transport, Inc. | 33,498 | 697 |
*Collins &Aikman Corp. | 147,668 | 644 |
*Mesa Air Group Inc. | 80,957 | 643 |
*Frontier Airlines, Inc. | 49,280 | 562 |
*Aftermarket Technology Corp. | 31,754 | 511 |
*P.A.M. Transportation Services, Inc. | 26,481 | 497 |
*Keystone Automotive Industries, Inc. | 21,179 | 492 |
*America West Holdings Corp. Class B | 69,252 | 456 |
Bandag, Inc. Class A | 2,615 | 121 |
161,755 | ||
Consumer Discretionary (13.5%) | ||
The Neiman Marcus Group, Inc. Class A | 172,305 | 12,327 |
*Tech Data Corp. | 232,008 | 10,533 |
OfficeMax, Inc. | 333,848 | 10,476 |
*Service Corp. International | 1,348,032 | 10,043 |
*BJ's Wholesale Club, Inc. | 277,966 | 8,097 |
Snap-On Inc. | 234,712 | 8,065 |
Borders Group, Inc. | 304,726 | 7,740 |
The Toro Co. | 91,171 | 7,417 |
Adesa, Inc. | 347,587 | 7,376 |
Dillard's Inc. | 271,474 | 7,295 |
IKON Office Solutions, Inc. | 583,120 | 6,741 |
Lee Enterprises, Inc. | 146,261 | 6,740 |
Maytag Corp. | 315,022 | 6,647 |
Page 2
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Saks Inc. | 453,052 | 6,574 |
American Greetings Corp. Class A | 253,938 | 6,437 |
*AnnTaylor Stores Corp. | 284,887 | 6,134 |
*United Stationers, Inc. | 132,713 | 6,131 |
Reader's Digest Association, Inc. | 397,434 | 5,528 |
*Jack in the Box Inc. | 147,011 | 5,420 |
Media General, Inc. Class A | 83,329 | 5,401 |
Furniture Brands International Inc. | 207,576 | 5,200 |
*MPS Group, Inc. | 420,324 | 5,153 |
*Scholastic Corp. | 136,377 | 5,040 |
Wolverine World Wide, Inc. | 156,206 | 4,908 |
*Aztar Corp. | 138,205 | 4,826 |
The Brink's Co. | 113,329 | 4,479 |
*Linens 'n Things, Inc. | 180,266 | 4,471 |
Banta Corp. | 99,508 | 4,454 |
*Charming Shoppes, Inc. | 471,440 | 4,417 |
Tupperware Corp. | 210,450 | 4,361 |
Blockbuster Inc. Class A | 435,577 | 4,155 |
*Tommy Hilfiger Corp. | 366,398 | 4,133 |
CBRL Group, Inc. | 97,359 | 4,074 |
*Barnes &Noble, Inc. | 118,450 | 3,822 |
Kellwood Co. | 110,471 | 3,811 |
*Helen of Troy Ltd. | 112,008 | 3,765 |
The Pep Boys (Manny, Moe &Jack) | 220,010 | 3,756 |
Bob Evans Farms, Inc. | 140,981 | 3,685 |
Callaway Golf Co. | 270,313 | 3,649 |
Catalina Marketing Corp. | 121,883 | 3,611 |
*School Specialty, Inc. | 90,509 | 3,490 |
Pier 1 Imports Inc. | 173,805 | 3,424 |
*Payless ShoeSource, Inc. | 272,066 | 3,346 |
Chemed Corp. | 49,674 | 3,334 |
ABM Industries Inc. | 164,726 | 3,248 |
IHOP Corp. | 76,678 | 3,212 |
La-Z-Boy Inc. | 207,746 | 3,193 |
*Dollar Thrifty Automotive Group, Inc. | 100,610 | 3,038 |
*CSK Auto Corp. | 180,867 | 3,028 |
Liberty Corp. | 67,526 | 2,968 |
*Central Garden and Pet Co. | 70,391 | 2,938 |
Sonic Automotive, Inc. | 116,886 | 2,899 |
Phillips-Van Heusen Corp. | 105,214 | 2,841 |
*Stewart Enterprises, Inc. Class A | 395,740 | 2,766 |
Landry's Restaurants, Inc. | 93,763 | 2,725 |
*Big Lots Inc. | 224,442 | 2,722 |
*K2 Inc. | 167,791 | 2,665 |
Hollinger International, Inc. | 165,910 | 2,601 |
*Ryan's Restaurant Group, Inc. | 166,383 | 2,566 |
Blockbuster Inc. Class B | 287,610 | 2,534 |
*The Sports Authority, Inc. | 97,993 | 2,523 |
Viad Corp. | 88,451 | 2,520 |
United Auto Group, Inc. | 83,199 | 2,462 |
*Group 1 Automotive, Inc. | 77,714 | 2,448 |
Speedway Motorsports, Inc. | 60,693 | 2,378 |
Cato Corp. Class A | 80,912 | 2,332 |
Kelly Services, Inc. Class A | 76,087 | 2,296 |
*JAKKS Pacific, Inc. | 103,601 | 2,291 |
*Consolidated Graphics, Inc. | 48,969 | 2,248 |
Lone Star Steakhouse &Saloon, Inc. | 78,995 | 2,212 |
Blyth, Inc. | 74,394 | 2,199 |
*ShopKo Stores, Inc. | 117,657 | 2,198 |
Triarc Cos., Inc. Class B | 178,786 | 2,192 |
Bowne &Co., Inc. | 133,761 | 2,175 |
*Jo-Ann Stores, Inc. | 76,777 | 2,114 |
Brown Shoe Co., Inc. | 69,111 | 2,062 |
The Marcus Corp. | 81,663 | 2,053 |
*Lin TV Corp. | 107,203 | 2,048 |
*Spherion Corp. | 242,448 | 2,035 |
Page 3
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Russell Corp. | 103,571 | 2,018 |
Handleman Co. | 92,052 | 1,977 |
*Hollywood Entertainment Corp. | 149,944 | 1,963 |
Journal Communications, Inc. | 107,660 | 1,945 |
*Stage Stores, Inc. | 45,918 | 1,907 |
Finish Line, Inc. | 104,174 | 1,906 |
Ethan Allen Interiors, Inc. | 47,555 | 1,903 |
*Tetra Tech, Inc. | 112,394 | 1,881 |
American Woodmark Corp. | 42,358 | 1,850 |
Burlington Coat Factory Warehouse Corp. | 80,265 | 1,822 |
*FTI Consulting, Inc. | 85,222 | 1,796 |
Pulitzer, Inc. | 27,686 | 1,795 |
Gray Television, Inc. | 114,067 | 1,768 |
*Argosy Gaming Co. | 36,749 | 1,716 |
Orient-Express Hotel Ltd. | 81,754 | 1,682 |
The Stride Rite Corp. | 149,592 | 1,671 |
*O'Charley's Inc. | 84,576 | 1,653 |
Lithia Motors, Inc. | 60,233 | 1,615 |
*Korn/Ferry International | 77,380 | 1,606 |
*Elizabeth Arden, Inc. | 65,199 | 1,548 |
Churchill Downs, Inc. | 34,606 | 1,547 |
The Topps Co., Inc. | 153,687 | 1,498 |
*Brightpoint, Inc. | 71,119 | 1,390 |
Kenneth Cole Productions, Inc. | 43,756 | 1,350 |
Lawson Products, Inc. | 26,439 | 1,333 |
Courier Corp. | 25,578 | 1,328 |
Movado Group, Inc. | 70,780 | 1,320 |
Haverty Furniture Cos., Inc. | 69,381 | 1,284 |
Movie Gallery, Inc. | 66,872 | 1,275 |
*Alliance Gaming Corp. | 91,850 | 1,268 |
*SOURCECORP, Inc. | 63,108 | 1,206 |
Central Parking Corp. | 79,521 | 1,205 |
G &K Services, Inc. Class A | 26,829 | 1,165 |
Startek, Inc. | 40,176 | 1,143 |
Libbey, Inc. | 51,438 | 1,142 |
Oxford Industries, Inc. | 27,267 | 1,126 |
Blair Corp. | 30,660 | 1,093 |
*Fisher Communications, Inc. | 22,141 | 1,082 |
CDI Corp. | 50,597 | 1,081 |
*4Kids Entertainment Inc. | 50,814 | 1,068 |
UniFirst Corp. | 36,551 | 1,034 |
Russ Berrie and Co., Inc. | 45,205 | 1,032 |
*Journal Register Co. | 52,145 | 1,008 |
*Century Business Services, Inc. | 230,508 | 1,005 |
The Buckle, Inc. | 33,994 | 1,003 |
*Six Flags, Inc. | 183,647 | 986 |
*Geo Group Inc. | 36,952 | 982 |
*Volt Information Sciences Inc. | 33,229 | 977 |
*Amerco, Inc. | 21,102 | 970 |
*Cross Country Healthcare, Inc. | 53,389 | 965 |
*Steven Madden, Ltd. | 49,524 | 934 |
National Presto Industries, Inc. | 18,848 | 858 |
*Vail Resorts Inc. | 37,422 | 839 |
*Clark, Inc. | 51,727 | 803 |
World Wrestling Entertainment, Inc. | 65,872 | 799 |
*RC2 Corp. | 24,055 | 784 |
Hancock Fabrics, Inc. | 75,252 | 780 |
Sturm, Ruger &Co., Inc. | 85,541 | 772 |
Action Performance Cos., Inc. | 64,830 | 712 |
*Asbury Automotive Group, Inc. | 50,953 | 702 |
*The Pantry, Inc. | 22,559 | 679 |
CSS Industries, Inc. | 21,012 | 667 |
*Midway Games Inc. | 63,351 | 665 |
*Pegasus Solutions Inc. | 43,393 | 547 |
*The Gymboree Corp. | 42,480 | 545 |
*Hudson Highland Group, Inc. | 18,137 | 522 |
Page 4
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Leapfrog Enterprises, Inc. | 38,063 | 518 |
Dover Downs Gaming &Entertainment, Inc. | 36,824 | 482 |
*Atari, Inc. | 140,944 | 413 |
Advanced Marketing Services | 38,738 | 390 |
*The Boyds Collection, Ltd. | 80,432 | 354 |
*Sharper Image Corp. | 17,146 | 323 |
*Regent Communications, Inc. | 50,188 | 266 |
Deb Shops, Inc. | 8,221 | 206 |
The Neiman Marcus Group, Inc. Class B | 511 | 34 |
Triarc Cos., Inc. Class A | 354 | 5 |
*Gartner, Inc. Class B | 47 | 1 |
424,704 | ||
Consumer Staples (1.9%) | ||
*Del Monte Foods Co. | 837,366 | 9,228 |
Ralcorp Holdings, Inc. | 116,796 | 4,897 |
Universal Corp. (VA) | 101,945 | 4,877 |
Flowers Foods, Inc. | 148,682 | 4,695 |
Sensient Technologies Corp. | 177,880 | 4,267 |
Chiquita Brands International, Inc. | 163,127 | 3,599 |
Pilgrim's Pride Corp. | 106,399 | 3,264 |
Longs Drug Stores, Inc. | 112,150 | 3,092 |
Ruddick Corp. | 139,956 | 3,036 |
*Hain Celestial Group, Inc. | 123,639 | 2,556 |
Schweitzer-Mauduit International, Inc. | 59,504 | 2,020 |
Tootsie Roll Industries, Inc. | 53,574 | 1,855 |
American Italian Pasta Co. | 71,469 | 1,662 |
Sanderson Farms, Inc. | 35,515 | 1,537 |
Lance, Inc. | 76,331 | 1,453 |
Weis Markets, Inc. | 37,587 | 1,450 |
Dimon Inc. | 180,688 | 1,214 |
Vector Group Ltd. | 65,758 | 1,094 |
Standard Commercial Tobacco Co. | 40,346 | 785 |
Winn-Dixie Stores, Inc. | 167,881 | 764 |
*The Great Atlantic &Pacific Tea Co., Inc. | 68,385 | 701 |
Ingles Markets, Inc. | 43,254 | 536 |
Coca-Cola Bottling Co. | 7,787 | 444 |
59,026 | ||
Financial Services (37.6%) | ||
*AmeriCredit Corp. | 619,940 | 15,158 |
Mills Corp. REIT | 216,581 | 13,809 |
United Dominion Realty Trust REIT | 524,395 | 13,005 |
American Capital Strategies, Ltd. | 369,730 | 12,330 |
*Conseco, Inc. | 601,442 | 11,999 |
Mack-Cali Realty Corp. REIT | 241,932 | 11,136 |
Sky Financial Group, Inc. | 378,843 | 10,861 |
Colonial BancGroup, Inc. | 510,106 | 10,830 |
Webster Financial Corp. | 211,688 | 10,720 |
Federal Realty Investment Trust REIT | 206,645 | 10,673 |
First American Corp. | 300,488 | 10,559 |
Reckson Associates Realty Corp. REIT | 320,425 | 10,513 |
Arden Realty Group, Inc. REIT | 261,500 | 9,864 |
Rayonier Inc. REIT | 198,195 | 9,694 |
SL Green Realty Corp. REIT | 158,814 | 9,616 |
Annaly Mortgage Management Inc. REIT | 480,475 | 9,427 |
StanCorp Financial Group, Inc. | 113,386 | 9,354 |
CenterPoint Properties Corp. REIT | 192,633 | 9,225 |
Ventas, Inc. REIT | 335,252 | 9,189 |
FirstMerit Corp. | 321,590 | 9,162 |
Thornburg Mortgage, Inc. REIT | 314,810 | 9,117 |
Pan Pacific Retail Properties, Inc. REIT | 145,394 | 9,116 |
HRPT Properties Trust REIT | 707,545 | 9,078 |
CBL &Associates Properties, Inc. REIT | 117,029 | 8,935 |
Page 5
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
The South Financial Group, Inc. | 267,920 | 8,715 |
IndyMac Bancorp, Inc. | 244,478 | 8,422 |
Washington Federal Inc. | 313,116 | 8,310 |
Camden Property Trust REIT | 159,375 | 8,128 |
BRE Properties Inc. Class A REIT | 200,402 | 8,078 |
Realty Income Corp. REIT | 158,215 | 8,002 |
Health Care Inc. REIT | 206,190 | 7,866 |
Healthcare Realty Trust Inc. REIT | 190,252 | 7,742 |
Westamerica Bancorporation | 126,618 | 7,383 |
Shurgard Storage Centers, Inc. Class A REIT | 165,161 | 7,269 |
CarrAmerica Realty Corp. REIT | 216,976 | 7,160 |
American Financial Realty Trust REIT | 440,295 | 7,124 |
New Century REIT, Inc. | 111,146 | 7,103 |
AmerUs Group Co. | 156,119 | 7,072 |
Hudson United Bancorp | 179,453 | 7,067 |
*Allmerica Financial Corp. | 212,493 | 6,976 |
Whitney Holdings Corp. | 154,866 | 6,967 |
First Industrial Realty Trust REIT | 169,583 | 6,907 |
Crescent Real Estate, Inc. REIT | 376,893 | 6,882 |
Essex Property Trust, Inc. REIT | 82,107 | 6,881 |
Trizec Properties, Inc. REIT | 363,537 | 6,878 |
Raymond James Financial, Inc. | 220,831 | 6,841 |
Old National Bancorp | 263,719 | 6,820 |
Impac Mortgage Holdings, Inc. REIT | 296,972 | 6,732 |
BancorpSouth, Inc. | 275,777 | 6,721 |
IPC Holdings Ltd. | 154,265 | 6,712 |
Reinsurance Group of America, Inc. | 136,851 | 6,630 |
Prentiss Properties Trust REIT | 170,133 | 6,499 |
Brandywine Realty Trust REIT | 215,026 | 6,320 |
Nationwide Health Properties, Inc. REIT | 265,422 | 6,304 |
Park National Corp. | 45,696 | 6,192 |
*La Quinta Corp. REIT | 676,857 | 6,153 |
Capital Automotive REIT | 171,694 | 6,099 |
Trustmark Corp. | 196,173 | 6,095 |
First Midwest Bancorp, Inc. | 166,987 | 6,060 |
Cathay General Bancorp | 158,894 | 5,959 |
Pacific Capital Bancorp | 172,925 | 5,878 |
Pennsylvania REIT | 136,754 | 5,853 |
HCC Insurance Holdings, Inc. | 175,987 | 5,829 |
People's Bank | 149,684 | 5,821 |
Alexandria Real Estate Equities, Inc. REIT | 77,507 | 5,768 |
Taubman Co. REIT | 191,683 | 5,741 |
Home Properties, Inc. REIT | 132,865 | 5,713 |
Greater Bay Bancorp | 204,501 | 5,701 |
Washington REIT | 166,741 | 5,648 |
United Bankshares, Inc. | 147,182 | 5,615 |
Commerce Group, Inc. | 91,981 | 5,615 |
*Ohio Casualty Corp. | 233,040 | 5,409 |
MAF Bancorp, Inc. | 120,668 | 5,408 |
Chittenden Corp. | 184,311 | 5,295 |
Post Properties, Inc. REIT | 151,491 | 5,287 |
American Financial Group, Inc. | 166,409 | 5,210 |
Texas Regional Bancshares, Inc. | 156,856 | 5,126 |
Platinum Underwriters Holdings, Ltd. | 164,175 | 5,106 |
Novastar Financial, Inc. REIT | 102,431 | 5,070 |
Redwood Trust, Inc. REIT | 81,655 | 5,070 |
Delphi Financial Group, Inc. | 109,437 | 5,051 |
Citizens Banking Corp. | 146,868 | 5,045 |
Highwood Properties, Inc. REIT | 182,062 | 5,043 |
*United Rentals, Inc. | 263,904 | 4,988 |
American Home Mortgage Investment Corp. REIT | 144,216 | 4,939 |
GATX Corp. | 166,818 | 4,931 |
Provident Financial Services Inc. | 251,072 | 4,863 |
*Jones Lang Lasalle Inc. | 129,967 | 4,862 |
Kilroy Realty Corp. REIT | 113,518 | 4,853 |
Newcastle Investment Corp. REIT | 151,174 | 4,804 |
Page 6
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Provident Bankshares Corp. | 131,831 | 4,795 |
Downey Financial Corp. | 83,816 | 4,778 |
Commercial Federal Corp. | 158,634 | 4,713 |
*Philadelphia Consolidated Holding Corp. | 71,072 | 4,701 |
Maguire Properties, Inc. REIT | 170,810 | 4,690 |
Senior Housing Properties Trust REIT | 246,121 | 4,662 |
Susquehanna Bancshares, Inc. | 185,398 | 4,626 |
Endurance Specialty Holdings Ltd. | 134,937 | 4,615 |
First BanCorp Puerto Rico | 72,271 | 4,590 |
*Knight Trading Group, Inc. | 417,716 | 4,574 |
Saxon Inc. REIT | 188,124 | 4,513 |
The Phoenix Cos., Inc. | 359,271 | 4,491 |
Selective Insurance Group | 99,932 | 4,421 |
UICI | 129,684 | 4,396 |
R &G Financial Corp. Class B | 112,090 | 4,358 |
Lexington Corporate Properties Trust REIT | 192,929 | 4,356 |
*ProAssurance Corp. | 110,746 | 4,331 |
Westcorp, Inc. | 93,208 | 4,281 |
Gables Residential Trust REIT | 116,976 | 4,187 |
Assured Guaranty Ltd. | 212,240 | 4,175 |
Summit Properties, Inc. REIT | 125,701 | 4,093 |
Republic Bancorp, Inc. | 267,124 | 4,082 |
Colonial Properties Trust REIT | 103,249 | 4,055 |
Commercial Net Lease Realty REIT | 196,698 | 4,052 |
F.N.B. Corp. | 197,812 | 4,027 |
Corporate Office Properties Trust, Inc. REIT | 137,094 | 4,024 |
First Niagara Financial Group, Inc. | 283,793 | 3,959 |
Glimcher Realty Trust REIT | 142,080 | 3,937 |
Entertainment Properties Trust REIT | 88,255 | 3,932 |
TrustCo Bank NY | 281,929 | 3,888 |
Brookline Bancorp, Inc. | 235,428 | 3,842 |
*Piper Jaffray Cos., Inc. | 79,356 | 3,805 |
LandAmerica Financial Group, Inc. | 68,866 | 3,714 |
BankAtlantic Bancorp, Inc. Class A | 186,477 | 3,711 |
Bank Mutual Corp. | 298,864 | 3,637 |
First Commonwealth Financial Corp. | 235,763 | 3,628 |
MB Financial, Inc. | 85,974 | 3,624 |
Alabama National BanCorporation | 53,786 | 3,469 |
W Holding Co., Inc. | 150,120 | 3,444 |
Central Pacific Financial Co. | 95,134 | 3,441 |
Waypoint Financial Corp. | 120,079 | 3,404 |
S &T Bancorp, Inc. | 89,433 | 3,371 |
Equity One, Inc. REIT | 141,781 | 3,364 |
Chemical Financial Corp. | 76,561 | 3,286 |
Horace Mann Educators Corp. | 170,782 | 3,259 |
National Penn Bancshares Inc. | 116,245 | 3,220 |
EastGroup Properties, Inc. REIT | 83,994 | 3,219 |
*First Federal Financial Corp. | 61,905 | 3,211 |
Corus Bankshares Inc. | 66,803 | 3,207 |
Mid-America Apartment Communities, Inc. REIT | 77,462 | 3,193 |
Glacier Bancorp, Inc. | 92,865 | 3,161 |
First Citizens BancShares Class A | 21,075 | 3,124 |
First Charter Corp. | 118,954 | 3,113 |
First Republic Bank | 57,468 | 3,046 |
Hancock Holding Co. | 90,972 | 3,044 |
NBT Bancorp, Inc. | 117,178 | 3,014 |
Heritage Property Investment Trust REIT | 93,406 | 2,997 |
CRT Properties, Inc. REIT | 124,691 | 2,975 |
*NCO Group, Inc. | 114,567 | 2,962 |
*Metris Cos., Inc. | 231,525 | 2,952 |
PS Business Parks, Inc. REIT | 65,356 | 2,948 |
Community Bank System, Inc. | 103,842 | 2,934 |
AMLI Residential Properties Trust REIT | 91,181 | 2,918 |
*MeriStar Hospitality Corp. REIT | 348,571 | 2,911 |
Infinity Property &Casualty Corp. | 82,528 | 2,905 |
Glenborough Realty Trust, Inc. REIT | 136,438 | 2,903 |
Page 7
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Sun Communities, Inc. REIT | 72,101 | 2,902 |
Tanger Factory Outlet Centers, Inc. REIT | 109,402 | 2,895 |
Amcore Financial, Inc. | 89,190 | 2,870 |
RAIT Investment Trust REIT | 101,950 | 2,852 |
Stewart Information Services Corp. | 68,186 | 2,840 |
Harbor Florida Bancshares, Inc. | 80,850 | 2,798 |
Flagstar Bancorp, Inc. | 122,317 | 2,764 |
MFA Mortgage Investments, Inc. REIT | 312,503 | 2,756 |
National Health Investors REIT | 93,407 | 2,726 |
UMB Financial Corp. | 47,629 | 2,699 |
Hilb, Rogal and Hamilton Co. | 74,460 | 2,698 |
Jefferies Group, Inc. | 66,976 | 2,698 |
Zenith National Insurance Corp. | 53,953 | 2,688 |
PFF Bancorp, Inc. | 57,185 | 2,649 |
Westbanco Inc. | 82,398 | 2,634 |
Sovran Self Storage, Inc. REIT | 60,580 | 2,553 |
Mid-State Bancshares | 88,888 | 2,547 |
Anthracite Capital Inc. REIT | 200,468 | 2,478 |
LaSalle Hotel Properties REIT | 77,570 | 2,469 |
Frontier Financial Corp. | 63,275 | 2,443 |
First Financial Bancorp | 138,877 | 2,430 |
Sterling Bancshares, Inc. | 170,281 | 2,430 |
Equity Inns, Inc. REIT | 202,600 | 2,379 |
Omega Healthcare Investors, Inc. REIT | 200,979 | 2,372 |
Oriental Financial Group Inc. | 82,562 | 2,337 |
*BankUnited Financial Corp. | 72,631 | 2,321 |
R.L.I. Corp. | 55,628 | 2,312 |
Parkway Properties Inc. REIT | 45,079 | 2,288 |
City Holding Co. | 63,062 | 2,285 |
*Arch Capital Group Ltd. | 58,767 | 2,274 |
Anchor Bancorp Wisconsin Inc. | 77,703 | 2,265 |
First Community Bancorp | 52,778 | 2,254 |
Getty Realty Holding Corp. REIT | 78,251 | 2,248 |
Sandy Spring Bancorp, Inc. | 58,062 | 2,226 |
MCG Capital Corp. | 129,022 | 2,210 |
Alfa Corp. | 143,730 | 2,183 |
Unizan Financial Corp. | 82,744 | 2,180 |
Cornerstone Realty Income Trust, Inc. REIT | 218,377 | 2,179 |
Ramco-Gershenson Properties Trust REIT | 67,267 | 2,169 |
Northwest Bancorp, Inc. | 86,331 | 2,166 |
Max Re Capital Ltd. | 100,519 | 2,144 |
*CB Richard Ellis Group, Inc. | 63,721 | 2,138 |
Partners Trust Financial Group, Inc. | 183,033 | 2,132 |
Hudson River Bancorp, Inc. | 107,554 | 2,128 |
Kramont Realty Trust REIT | 90,878 | 2,127 |
Dime Community Bancshares | 118,287 | 2,119 |
Independent Bank Corp. (MI) | 70,008 | 2,088 |
First Financial Bankshares, Inc. | 46,053 | 2,064 |
Scottish Re Group Ltd. | 78,547 | 2,034 |
United Fire &Casualty Co. | 60,329 | 2,034 |
Innkeepers USA Trust REIT | 143,077 | 2,032 |
*Alleghany Corp. | 6,981 | 1,991 |
PXRE Group Ltd. | 78,738 | 1,985 |
Sterling Financial Corp. (PA) | 69,154 | 1,983 |
KNBT Bancorp Inc. | 116,127 | 1,963 |
Sterling Bancorp | 69,202 | 1,955 |
Net.Bank, Inc. | 187,376 | 1,951 |
Anworth Mortgage Asset Corp. REIT | 181,407 | 1,943 |
Irwin Financial Corp. | 67,902 | 1,928 |
*FelCor Lodging Trust, Inc. REIT | 131,194 | 1,922 |
*LaBranche &Co. Inc. | 213,550 | 1,913 |
First Merchants Corp. | 66,718 | 1,888 |
*Quanta Capital Holdings Ltd. | 204,343 | 1,884 |
Independent Bank Corp. (MA) | 55,051 | 1,858 |
Town &Country Trust REIT | 66,198 | 1,829 |
*USI Holdings Corp. | 156,492 | 1,811 |
Page 8
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Highland Hospitality Corp. REIT | 159,868 | 1,797 |
Luminent Mortgage Capital, Inc. REIT | 146,012 | 1,738 |
Acadia Realty Trust REIT | 105,921 | 1,727 |
Capitol Bancorp Ltd. | 48,831 | 1,720 |
Investors Real Estate Trust REIT | 159,752 | 1,676 |
Bedford Property Investors, Inc. REIT | 58,354 | 1,658 |
IBERIABANK Corp. | 24,854 | 1,649 |
TierOne Corp. | 65,853 | 1,636 |
Community Trust Bancorp Inc. | 50,282 | 1,627 |
Saul Centers, Inc. REIT | 42,354 | 1,620 |
U.S. Restaurant Properties, Inc. REIT | 89,560 | 1,617 |
First Financial Holdings, Inc. | 49,072 | 1,607 |
McGrath RentCorp | 36,506 | 1,592 |
Washington Trust Bancorp, Inc. | 52,953 | 1,552 |
Arbor Realty Trust, Inc. REIT | 62,700 | 1,539 |
Simmons First National Corp. | 52,636 | 1,524 |
Suffolk Bancorp | 43,490 | 1,515 |
Affordable Residential Communities REIT | 105,446 | 1,513 |
*CompuCredit Corp. | 55,156 | 1,508 |
West Coast Bancorp | 59,124 | 1,502 |
*National Western Life Insurance Co. Class A | 8,806 | 1,467 |
*Franklin Bank Corp. | 80,086 | 1,462 |
*ITLA Capital Corp. | 24,801 | 1,458 |
Integra Bank Corp. | 62,478 | 1,444 |
First Financial Corp. (IN) | 40,581 | 1,422 |
Strategic Hotel Capital, Inc. REIT | 85,949 | 1,418 |
Universal Health Realty Income REIT | 44,078 | 1,416 |
Columbia Banking System, Inc. | 55,983 | 1,399 |
FBL Financial Group, Inc. Class A | 48,937 | 1,397 |
Midland Co. | 44,678 | 1,397 |
Presidential Life Corp. | 82,261 | 1,395 |
First Community Bancshares, Inc. | 37,821 | 1,365 |
Omega Financial Corp. | 39,779 | 1,364 |
SWS Group, Inc. | 61,411 | 1,346 |
Great Southern Bancorp, Inc. | 38,375 | 1,343 |
Urstadt Biddle Properties Class A REIT | 78,475 | 1,338 |
WSFS Financial Corp. | 22,161 | 1,337 |
Aspen Insurance Holdings Ltd. | 53,954 | 1,323 |
Capital City Bank Group, Inc. | 31,466 | 1,315 |
Flushing Financial Corp. | 65,160 | 1,307 |
Tompkins Trustco, Inc. | 24,359 | 1,303 |
Odyssey Re Holdings Corp. | 51,383 | 1,295 |
Harleysville Group, Inc. | 53,700 | 1,282 |
Banner Corp. | 40,307 | 1,257 |
Union Bankshares Corp. | 32,640 | 1,254 |
First Bancorp (NC) | 45,294 | 1,231 |
*Sterling Financial Corp. | 31,273 | 1,228 |
State Auto Financial Corp. | 47,446 | 1,226 |
Community Banks, Inc. | 43,501 | 1,225 |
U.S.B. Holding Co., Inc. | 48,917 | 1,218 |
*Argonaut Group, Inc. | 56,709 | 1,198 |
Electro Rent Corp. | 83,564 | 1,188 |
United Community Financial Corp. | 105,973 | 1,187 |
First Busey Corp. | 56,584 | 1,181 |
Capital Lease Funding, Inc. REIT | 92,693 | 1,159 |
First Source Corp. | 44,711 | 1,141 |
CityBank Lynnwood WA | 31,527 | 1,140 |
First Place Financial Corp. | 50,223 | 1,124 |
Advanta Corp. Class B | 46,128 | 1,120 |
Pennrock Financial Services Corp. | 28,630 | 1,114 |
Seacoast Banking Corp. of Florida | 48,766 | 1,085 |
WFS Financial, Inc. | 21,060 | 1,069 |
SCBT Financial Corp. | 31,390 | 1,054 |
Arrow Financial Corp. | 33,978 | 1,053 |
Camden National Corp. | 25,727 | 1,014 |
Midwest Banc Holdings, Inc. | 46,068 | 1,008 |
Page 9
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Bank of Granite Corp. | 47,873 | 1,001 |
Virginia Financial Group, Inc. | 27,288 | 1,000 |
Peoples Holding Co. | 30,109 | 997 |
Lakeland Bancorp, Inc. | 56,775 | 996 |
*PMA Capital Corp. Class A | 93,701 | 970 |
Advanta Corp. Class A | 42,227 | 955 |
First Indiana Corp. | 41,533 | 935 |
Farmers Capital Bank Corp. | 22,632 | 932 |
Peoples Bancorp, Inc. | 33,555 | 920 |
*CNA Surety Corp. | 67,742 | 904 |
OceanFirst Financial Corp. | 36,655 | 904 |
First Oak Brook Bancshares, Inc. | 27,029 | 876 |
Harleysville National Corp. | 32,596 | 867 |
Riggs National Corp. | 40,556 | 862 |
BancFirst Corp. | 10,897 | 861 |
*United National Group Ltd. Class A | 46,162 | 860 |
*Danielson Holdings Corp. | 100,991 | 853 |
Fidelity Bankshares, Inc. | 19,492 | 833 |
Federal Agricultural Mortgage Corp. Class C | 35,458 | 826 |
Republic Bancorp, Inc. Class A | 31,505 | 810 |
Bristol West Holdings, Inc. | 40,397 | 808 |
Hanmi Financial Corp. | 22,001 | 791 |
Financial Institutions, Inc. | 33,115 | 770 |
Baldwin &Lyons, Inc. Class B | 28,115 | 753 |
Mission West Properties Inc. REIT | 70,788 | 753 |
NBC Capital Corp. | 27,435 | 729 |
*Ocwen Financial Corp. | 74,234 | 710 |
Pennfed Financial Services, Inc. | 43,940 | 707 |
American Equity Investment Life Holding Co. | 60,958 | 657 |
Citizens 1st Bancorp, Inc. | 26,652 | 644 |
German American Bancorp | 36,142 | 582 |
Capital Southwest Corp. | 7,376 | 579 |
Old Second Bancorp, Inc. | 16,473 | 525 |
*Navigators Group, Inc. | 17,366 | 523 |
Royal Bancshares of Pennsylvania, Inc. | 18,401 | 497 |
Gabelli Asset Management Inc. | 9,143 | 444 |
Charter Financial Corp. | 10,040 | 440 |
Crawford &Co. Class B | 33,994 | 255 |
First National Bankshares of Florida | 7,991 | 191 |
Urstadt Biddle Properties REIT | 9,381 | 152 |
1,184,606 | ||
Health Care (3.1%) | ||
*PacifiCare Health Systems, Inc. | 343,295 | 19,403 |
Valeant Pharmaceuticals International | 218,029 | 5,745 |
*OSI Pharmaceuticals, Inc. | 69,339 | 5,190 |
Owens &Minor, Inc. Holding Co. | 157,112 | 4,426 |
*Beverly Enterprises, Inc. | 431,659 | 3,950 |
*Sola International Inc. | 128,642 | 3,543 |
*Edwards Lifesciences Corp. | 83,527 | 3,446 |
West Pharmaceutical Services, Inc. | 118,462 | 2,965 |
*Kindred Healthcare, Inc. | 95,801 | 2,869 |
Perrigo Co. | 165,776 | 2,863 |
*Human Genome Sciences, Inc. | 234,062 | 2,813 |
Alpharma, Inc. Class A | 162,218 | 2,750 |
*Viasys Healthcare Inc. | 122,365 | 2,325 |
Analogic Corp. | 45,994 | 2,060 |
Datascope Corp. | 50,302 | 1,996 |
*Magellan Health Services, Inc. | 53,294 | 1,821 |
Landauer, Inc. | 35,239 | 1,610 |
*Onyx Pharmaceuticals, Inc. | 45,975 | 1,489 |
*Genesis Healthcare Corp. | 41,639 | 1,459 |
Hooper Holmes, Inc. | 245,220 | 1,452 |
*Vicuron Pharmaceuticals Inc. | 79,562 | 1,385 |
*Alexion Pharmaceuticals, Inc. | 54,065 | 1,362 |
Page 10
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Odyssey Healthcare, Inc. | 89,250 | 1,221 |
*OCA Inc. | 190,370 | 1,209 |
*Vertex Pharmaceuticals, Inc. | 112,028 | 1,184 |
*Abgenix, Inc. | 111,822 | 1,156 |
*Medarex, Inc. | 105,489 | 1,137 |
National Healthcare Corp. | 29,957 | 1,057 |
*Incyte Corp. | 102,565 | 1,025 |
*NPS Pharmaceuticals Inc. | 53,416 | 976 |
*DJ Orthopedics Inc. | 43,376 | 929 |
*Albany Molecular Research, Inc. | 81,978 | 913 |
*Exelixis, Inc. | 94,713 | 900 |
*Cell Genesys, Inc. | 108,838 | 882 |
*CuraGen Corp. | 109,759 | 786 |
*PAREXEL International Corp. | 35,816 | 727 |
*Zymogenetics, Inc. | 31,165 | 717 |
*Chattem, Inc. | 21,610 | 715 |
Vital Signs, Inc. | 16,205 | 631 |
*CTI Molecular Imaging, Inc. | 35,656 | 506 |
*ImmunoGen, Inc. | 56,784 | 502 |
*ARIAD Pharmaceuticals, Inc. | 64,963 | 483 |
*Regeneron Pharmaceuticals, Inc. | 51,332 | 473 |
*NeoPharm, Inc. | 36,310 | 454 |
*Geron Corp. | 55,896 | 445 |
*Maxygen Inc. | 31,228 | 399 |
*Keryx Biopharmaceuticals, Inc. | 33,431 | 387 |
*Trimeris, Inc. | 22,605 | 320 |
97,056 | ||
Other Energy (4.1%) | ||
*Reliant Energy, Inc. | 1,190,486 | 16,250 |
Premcor, Inc. | 249,132 | 10,506 |
Arch Coal, Inc. | 245,448 | 8,723 |
*Tesoro Petroleum Corp. | 263,905 | 8,408 |
CONSOL Energy, Inc. | 180,253 | 7,399 |
*Forest Oil Corp. | 211,735 | 6,716 |
*Houston Exploration Co. | 112,689 | 6,346 |
*Cimarex Energy Co. | 165,221 | 6,262 |
Cabot Oil &Gas Corp. | 131,989 | 5,841 |
*Dynegy, Inc. | 1,128,234 | 5,212 |
Vintage Petroleum, Inc. | 221,194 | 5,019 |
*Magnum Hunter Resources Inc. | 346,405 | 4,469 |
*Stone Energy Corp. | 95,746 | 4,317 |
*Swift Energy Co. | 111,662 | 3,231 |
*Cheniere Energy, Inc. | 47,757 | 3,042 |
*Veritas DGC Inc. | 133,458 | 2,991 |
Frontier Oil Corp. | 107,200 | 2,858 |
*Spinnaker Exploration Co. | 70,430 | 2,470 |
*Universal Compression Holdings, Inc. | 69,137 | 2,414 |
Holly Corp. | 75,540 | 2,105 |
*Hanover Compressor Co. | 137,193 | 1,939 |
*The Meridian Resource Corp. | 314,246 | 1,901 |
*Comstock Resources, Inc. | 80,669 | 1,779 |
*Enbridge Energy Management LLC | 36,008 | 1,774 |
*Whiting Petroleum Corp. | 40,046 | 1,211 |
*Oil States International, Inc. | 53,635 | 1,035 |
*Harvest Natural Resources, Inc. | 49,854 | 861 |
*Core Laboratories NV | 36,739 | 858 |
*FuelCell Energy, Inc. | 59,908 | 593 |
*Parker Drilling Co. | 129,296 | 508 |
*Global Power Equipment Group Inc. | 41,111 | 405 |
*Plug Power, Inc. | 65,106 | 398 |
*Dril-Quip, Inc. | 9,263 | 225 |
128,066 | ||
Page 11
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Materials &Processing (12.4%) | ||
Louisiana-Pacific Corp. | 414,268 | 11,078 |
Martin Marietta Materials, Inc. | 192,452 | 10,327 |
Lubrizol Corp. | 260,359 | 9,597 |
Harsco Corp. | 164,276 | 9,157 |
RPM International, Inc. | 463,606 | 9,114 |
Cabot Corp. | 233,976 | 9,050 |
Hughes Supply, Inc. | 263,524 | 8,525 |
AptarGroup Inc. | 145,306 | 7,669 |
Cytec Industries, Inc. | 148,476 | 7,635 |
Corn Products International, Inc. | 139,256 | 7,459 |
The Timken Co. | 269,581 | 7,014 |
*FMC Corp. | 138,295 | 6,680 |
Olin Corp. | 278,743 | 6,138 |
*AK Steel Corp. | 412,437 | 5,968 |
Georgia Gulf Corp. | 118,980 | 5,925 |
Great Lakes Chemical Corp. | 202,826 | 5,779 |
York International Corp. | 165,411 | 5,713 |
Potlatch Corp. | 111,999 | 5,665 |
Clarcor Inc. | 102,039 | 5,589 |
Minerals Technologies, Inc. | 82,245 | 5,486 |
Worthington Industries, Inc. | 278,901 | 5,461 |
Acuity Brands, Inc. | 170,012 | 5,406 |
Texas Industries, Inc. | 85,192 | 5,314 |
*USG Corp. | 128,795 | 5,187 |
Albemarle Corp. | 132,778 | 5,140 |
Commercial Metals Co. | 99,226 | 5,017 |
Carpenter Technology Corp. | 85,459 | 4,996 |
Brady Corp. Class A | 79,029 | 4,945 |
LNR Property Corp. | 76,008 | 4,782 |
*URS Corp. | 147,184 | 4,725 |
*Shaw Group, Inc. | 254,678 | 4,546 |
Quanex Corp. | 66,026 | 4,527 |
Cleveland-Cliffs Inc. | 42,771 | 4,442 |
Mueller Industries Inc. | 137,925 | 4,441 |
Reliance Steel &Aluminum Co. | 110,493 | 4,305 |
Lennox International Inc. | 208,095 | 4,235 |
*WCI Communities, Inc. | 142,301 | 4,184 |
*Washington Group International, Inc. | 100,909 | 4,162 |
Steel Dynamics, Inc. | 109,532 | 4,149 |
Delta &Pine Land Co. | 145,935 | 3,981 |
Ferro Corp. | 167,391 | 3,882 |
Kaydon Corp. | 112,645 | 3,720 |
*OM Group, Inc. | 113,286 | 3,673 |
*Hercules, Inc. | 246,573 | 3,662 |
Albany International Corp. | 100,941 | 3,549 |
Granite Construction Co. | 132,966 | 3,537 |
Allegheny Technologies Inc. | 161,770 | 3,506 |
Spartech Corp. | 128,337 | 3,477 |
Longview Fibre Co. | 183,620 | 3,331 |
Eagle Materials, Inc. | 38,524 | 3,327 |
Wausau-Mosinee Paper Corp. | 185,795 | 3,318 |
USEC Inc. | 336,627 | 3,262 |
H.B. Fuller Co. | 114,305 | 3,259 |
*PolyOne Corp. | 347,727 | 3,150 |
Eagle Materials, Inc. B Shares | 35,594 | 3,001 |
*Dycom Industries, Inc. | 97,008 | 2,961 |
Watsco, Inc. | 82,465 | 2,904 |
Compass Minerals International | 117,195 | 2,840 |
Universal Forest Products, Inc. | 64,320 | 2,791 |
*Oregon Steel Mills, Inc. | 136,622 | 2,772 |
*EMCOR Group, Inc. | 60,475 | 2,732 |
Florida Rock Industries, Inc. | 45,444 | 2,704 |
*Griffon Corp. | 99,697 | 2,692 |
Cambrex Corp. | 99,080 | 2,685 |
*Jacuzzi Brands, Inc. | 301,356 | 2,622 |
Page 12
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
A. Schulman Inc. | 121,209 | 2,595 |
Arch Chemicals, Inc. | 88,837 | 2,557 |
*Lone Star Technologies, Inc. | 75,252 | 2,518 |
*Century Aluminum Co. | 94,981 | 2,494 |
Airgas, Inc. | 93,859 | 2,488 |
Greif Inc. Class A | 43,770 | 2,451 |
*Trammell Crow Co. | 134,409 | 2,434 |
*GrafTech International Ltd. | 252,915 | 2,393 |
Glatfelter | 147,831 | 2,259 |
Gibraltar Industries Inc. | 94,173 | 2,224 |
Chesapeake Corp. of Virginia | 77,309 | 2,100 |
Building Materials Holding Corp. | 53,346 | 2,043 |
MacDermid, Inc. | 54,504 | 1,968 |
*Caraustar Industries, Inc. | 113,811 | 1,914 |
Silgan Holdings, Inc. | 31,069 | 1,894 |
Tredegar Corp. | 91,450 | 1,848 |
WD-40 Co. | 64,059 | 1,820 |
*Stillwater Mining Co. | 161,096 | 1,814 |
*RTI International Metals, Inc. | 84,863 | 1,743 |
Barnes Group, Inc. | 64,849 | 1,719 |
Rock-Tenn Co. | 113,086 | 1,714 |
Valmont Industries, Inc. | 66,111 | 1,660 |
*Buckeye Technology, Inc. | 126,826 | 1,650 |
Wellman, Inc. | 126,752 | 1,355 |
CIRCOR International, Inc. | 57,510 | 1,332 |
Myers Industries, Inc. | 99,757 | 1,277 |
Calgon Carbon Corp. | 138,741 | 1,260 |
Ennis, Inc. | 65,053 | 1,252 |
Ameron International Corp. | 31,697 | 1,201 |
*NCI Building Systems, Inc. | 28,148 | 1,056 |
Pope &Talbot, Inc. | 59,461 | 1,017 |
*Apex Silver Mines Ltd. | 55,646 | 956 |
Quaker Chemical Corp. | 36,376 | 904 |
*Interface, Inc. | 88,281 | 880 |
Penn Engineering &Manufacturing Corp. | 48,348 | 875 |
*NL Industries, Inc. | 38,607 | 853 |
*Alico, Inc. | 14,305 | 837 |
*Infrasource Services Inc. | 61,689 | 802 |
The Standard Register Co. | 51,588 | 728 |
Apogee Enterprises, Inc. | 48,537 | 651 |
Deltic Timber Corp. | 14,136 | 600 |
Stepan Co. | 22,770 | 555 |
*Energy Conversion Devices, Inc. | 28,407 | 549 |
*Tejon Ranch Co. | 13,009 | 531 |
*Avatar Holding, Inc. | 10,545 | 507 |
*Encore Wire Corp. | 22,344 | 298 |
391,446 | ||
Producer Durables (7.6%) | ||
Cummins Inc. | 142,830 | 11,968 |
*Terex Corp. | 187,327 | 8,926 |
Briggs &Stratton Corp. | 204,477 | 8,502 |
Standard Pacific Corp. | 127,393 | 8,171 |
Beazer Homes USA, Inc. | 53,962 | 7,890 |
*AGCO Corp. | 360,206 | 7,885 |
*Toll Brothers, Inc. | 111,874 | 7,676 |
IDEX Corp. | 181,146 | 7,336 |
Kennametal, Inc. | 147,345 | 7,333 |
*Flowserve Corp. | 220,682 | 6,078 |
HNI Corp. | 134,319 | 5,782 |
Ryland Group, Inc. | 94,696 | 5,449 |
Crane Co. | 188,486 | 5,436 |
Nordson Corp. | 123,176 | 4,936 |
Ametek, Inc. | 136,137 | 4,856 |
Lincoln Electric Holdings, Inc. | 131,726 | 4,550 |
Page 13
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Belden CDT Inc. | 186,754 | 4,333 |
MDC Holdings, Inc. | 48,796 | 4,218 |
*Genlyte Group, Inc. | 49,205 | 4,216 |
*Moog Inc. | 86,987 | 3,945 |
Curtiss-Wright Corp. | 63,340 | 3,636 |
*Thomas &Betts Corp. | 117,823 | 3,623 |
Federal Signal Corp. | 192,207 | 3,394 |
*Axcelis Technologies, Inc. | 399,125 | 3,245 |
*Esterline Technologies Corp. | 97,923 | 3,197 |
*Ionics, Inc. | 72,354 | 3,136 |
Baldor Electric Co. | 111,909 | 3,081 |
*Brooks Automation, Inc. | 177,959 | 3,064 |
Woodward Governor Co. | 40,638 | 2,910 |
*Gardner Denver Inc. | 79,131 | 2,872 |
Regal-Beloit Corp. | 97,681 | 2,794 |
*Technitrol, Inc. | 153,426 | 2,792 |
Tecumseh Products Co. Class A | 58,094 | 2,777 |
Herman Miller, Inc. | 99,697 | 2,755 |
Applied Industrial Technology, Inc. | 99,893 | 2,737 |
MTS Systems Corp. | 77,611 | 2,624 |
*MKS Instruments, Inc. | 139,070 | 2,580 |
Watts Water Technologies, Inc. | 79,781 | 2,572 |
Thomas Industries, Inc. | 62,845 | 2,509 |
*Triumph Group, Inc. | 63,450 | 2,506 |
*Credence Systems Corp. | 270,658 | 2,477 |
*Mykrolis Corp. | 166,566 | 2,360 |
M/I Homes, Inc. | 42,279 | 2,330 |
A.O. Smith Corp. | 75,360 | 2,256 |
*Veeco Instruments, Inc. | 106,730 | 2,249 |
*Electro Scientific Industries, Inc. | 112,882 | 2,231 |
Stewart &Stevenson Services, Inc. | 108,451 | 2,194 |
NACCO Industries, Inc. Class A | 19,850 | 2,092 |
Helix Technology Corp. | 104,410 | 1,816 |
C &D Technologies, Inc. | 100,641 | 1,715 |
*Powerwave Technologies, Inc. | 198,173 | 1,681 |
*Littelfuse, Inc. | 44,576 | 1,523 |
Cohu, Inc. | 81,047 | 1,504 |
Kimball International, Inc. Class B | 91,929 | 1,361 |
HEICO Corp. | 54,428 | 1,230 |
JLG Industries, Inc. | 61,169 | 1,201 |
Tennant Co. | 30,162 | 1,196 |
Standex International Corp. | 41,160 | 1,173 |
*Audiovox Corp. | 73,755 | 1,164 |
Skyline Corp. | 28,091 | 1,146 |
*Teledyne Technologies, Inc. | 38,252 | 1,126 |
Technical Olympic USA, Inc. | 44,257 | 1,123 |
Robbins &Myers, Inc. | 45,752 | 1,090 |
*Kadant Inc. | 52,763 | 1,082 |
*General Cable Corp. | 77,804 | 1,078 |
*Mastec Inc. | 104,949 | 1,061 |
*ATMI, Inc. | 43,555 | 981 |
*LTX Corp. | 120,845 | 929 |
CTS Corp. | 67,715 | 900 |
Gorman-Rupp Co. | 37,919 | 872 |
Franklin Electric, Inc. | 19,616 | 829 |
*DuPont Photomasks, Inc. | 29,383 | 776 |
Levitt Corp. Class A | 22,914 | 700 |
*Semitool, Inc. | 67,846 | 630 |
*Asyst Technologies, Inc. | 120,944 | 616 |
*Kulicke &Soffa Industries, Inc. | 70,557 | 608 |
Keithley Instruments Inc. | 27,533 | 542 |
Lindsay Manufacturing Co. | 15,235 | 394 |
*Astec Industries, Inc. | 21,695 | 373 |
HEICO Corp. Class A | 8,248 | 143 |
Page 14
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Tecumseh Products Co. Class B | 2,956 | 135 |
Curtiss-Wright Corp. Class B | 121 | 7 |
239,184 | ||
Technology (4.8%) | ||
*Arrow Electronics, Inc. | 461,191 | 11,207 |
*Avnet, Inc. | 480,857 | 8,771 |
*Sybase, Inc. | 379,355 | 7,568 |
*CIENA Corp. | 1,931,033 | 6,450 |
*Emulex Corp. | 329,699 | 5,552 |
*BearingPoint, Inc. | 628,812 | 5,048 |
*Integrated Device Technology Inc. | 423,629 | 4,897 |
Imation Corp. | 141,980 | 4,519 |
*DRS Technologies, Inc. | 103,168 | 4,406 |
Anixter International Inc. | 118,257 | 4,256 |
*CSG Systems International, Inc. | 207,786 | 3,886 |
*Electronics for Imaging, Inc. | 213,892 | 3,724 |
*Benchmark Electronics, Inc. | 106,680 | 3,638 |
*Hutchinson Technology, Inc. | 104,136 | 3,600 |
Black Box Corp. | 70,127 | 3,367 |
*Conexant Systems, Inc. | 1,684,626 | 3,352 |
*Adaptec, Inc. | 439,117 | 3,333 |
*Checkpoint Systems, Inc. | 150,113 | 2,710 |
*Gateway, Inc. | 446,629 | 2,684 |
*Perot Systems Corp. | 155,614 | 2,494 |
*Parametric Technology Corp. | 376,329 | 2,217 |
*Ciber, Inc. | 216,826 | 2,090 |
*Silicon Storage Technology, Inc. | 346,342 | 2,061 |
*CommScope, Inc. | 108,110 | 2,043 |
*MICROS Systems, Inc. | 25,738 | 2,009 |
*Sycamore Networks, Inc. | 494,317 | 2,007 |
*Zoran Corp. | 171,216 | 1,983 |
*Ascential Software Corp. | 117,267 | 1,913 |
*Borland Software Corp. | 160,728 | 1,877 |
Agilysys, Inc. | 109,440 | 1,876 |
*Maxtor Corp. | 346,313 | 1,835 |
Methode Electronics, Inc. Class A | 142,169 | 1,827 |
*Actel Corp. | 100,620 | 1,765 |
*McDATA Corp. Class A | 280,510 | 1,672 |
*Lattice Semiconductor Corp. | 292,531 | 1,667 |
Park Electrochemical Corp. | 75,580 | 1,639 |
*Newport Corp. | 105,362 | 1,486 |
*Keane, Inc. | 98,033 | 1,441 |
*InFocus Corp. | 157,241 | 1,440 |
*Dot Hill Systems Corp. | 165,196 | 1,295 |
Bel Fuse, Inc. Class B | 37,966 | 1,283 |
*SafeNet, Inc. | 33,140 | 1,217 |
*Integrated Silicon Solution, Inc. | 144,501 | 1,185 |
*MSC Software Corp. | 109,686 | 1,148 |
*MRO Software Inc. | 85,036 | 1,107 |
*Herley Industries Inc. | 50,467 | 1,026 |
*Broadwing Corp. | 111,636 | 1,017 |
*KEMET Corp. | 113,514 | 1,016 |
*Gartner, Inc. Class A | 77,183 | 962 |
*ESS Technology, Inc. | 124,787 | 887 |
*Komag, Inc. | 41,086 | 772 |
*Manugistics Group, Inc. | 258,838 | 743 |
*Enterasys Networks, Inc. | 397,697 | 716 |
*Lawson Software Inc. | 95,709 | 658 |
*Safeguard Scientifics, Inc. | 304,517 | 646 |
*SYNNEX Corp. | 26,655 | 641 |
*SPSS, Inc. | 40,647 | 636 |
*Bioveris Corp. | 84,424 | 617 |
*Remec, Inc. | 80,756 | 582 |
*Finisar Corp. | 242,776 | 554 |
Page 15
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Iomega Corp. | 95,883 | 531 |
*ScanSoft, Inc. | 122,971 | 515 |
*AMIS Holdings Inc. | 28,150 | 465 |
*Oplink Communications, Inc. | 108,651 | 214 |
*McDATA Corp. | 136 | 1 |
150,744 | ||
Utilities (8.9%) | ||
Alliant Energy Corp. | 451,566 | 12,915 |
ONEOK, Inc. | 370,123 | 10,519 |
*Allegheny Energy, Inc. | 507,343 | 10,000 |
AGL Resources Inc. | 283,356 | 9,419 |
Hawaiian Electric Industries Inc. | 321,330 | 9,367 |
Aqua America, Inc. | 379,007 | 9,320 |
OGE Energy Corp. | 349,774 | 9,273 |
Great Plains Energy, Inc. | 296,454 | 8,977 |
National Fuel Gas Co. | 313,158 | 8,875 |
Atmos Energy Corp. | 306,105 | 8,372 |
UGI Corp. Holding Co. | 203,402 | 8,321 |
Vectren Corp. | 303,276 | 8,128 |
*CMS Energy Corp. | 759,803 | 7,940 |
Westar Energy, Inc. | 342,443 | 7,832 |
Energen Corp. | 130,734 | 7,707 |
Piedmont Natural Gas, Inc. | 306,027 | 7,112 |
WPS Resources Corp. | 141,301 | 7,059 |
*Southern Union Co. | 282,216 | 6,768 |
Peoples Energy Corp. | 150,254 | 6,604 |
NICOR Inc. | 175,886 | 6,497 |
PNM Resources Inc. | 241,221 | 6,100 |
WGL Holdings Inc. | 194,256 | 5,991 |
*Kinder Morgan Management, LLC | 144,980 | 5,901 |
Duquesne Light Holdings, Inc. | 305,780 | 5,764 |
IDACORP, Inc. | 166,442 | 5,088 |
*Sierra Pacific Resources | 468,394 | 4,918 |
New Jersey Resources Corp. | 110,479 | 4,788 |
Cleco Corp. | 195,094 | 3,953 |
ALLETE, Inc. | 106,179 | 3,902 |
Black Hills Corp. | 123,158 | 3,778 |
Northwest Natural Gas Co. | 109,255 | 3,686 |
*El Paso Electric Co. | 190,029 | 3,599 |
Southwest Gas Corp. | 140,987 | 3,581 |
*Aquila, Inc. | 941,183 | 3,473 |
UniSource Energy Corp. | 136,863 | 3,300 |
Avista Corp. | 183,736 | 3,247 |
*Price Communications Corp. | 168,967 | 3,141 |
CH Energy Group, Inc. | 63,031 | 3,029 |
South Jersey Industries, Inc. | 55,167 | 2,900 |
MGE Energy, Inc. | 79,627 | 2,869 |
UIL Holdings Corp. | 55,118 | 2,828 |
Otter Tail Corp. | 109,345 | 2,792 |
California Water Service Group | 69,678 | 2,622 |
*Southwestern Energy Co. | 50,625 | 2,566 |
The Laclede Group, Inc. | 79,683 | 2,482 |
Empire District Electric Co. | 102,004 | 2,313 |
American States Water Co. | 66,066 | 1,718 |
Surewest Communications | 52,506 | 1,489 |
North Pittsburgh Systems, Inc. | 54,054 | 1,337 |
Central Vermont Public Service Corp. | 47,834 | 1,113 |
Cascade Natural Gas Corp. | 44,566 | 945 |
SJW Corp. | 25,412 | 925 |
Connecticut Water Services, Inc. | 31,646 | 838 |
CT Communications, Inc. | 67,270 | 827 |
Page 16
Vanguard Small-Cap Value Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*General Communication, Inc. | 58,707 | 648 |
Shenandoah Telecommunications Co. | 5,670 | 170 |
279,626 | ||
Other (1.0%) | ||
Carlisle Co., Inc. | 124,505 | 8,083 |
Teleflex Inc. | 144,542 | 7,508 |
Trinity Industries, Inc. | 180,400 | 6,148 |
Lancaster Colony Corp. | 112,758 | 4,834 |
Walter Industries, Inc. | 48,684 | 1,642 |
*Sequa Corp. Class A | 18,321 | 1,120 |
Kaman Corp. Class A | 86,838 | 1,099 |
30,434 | ||
TOTAL COMMON STOCKS | ||
(Cost $2,486,981) | 3,146,647 | |
TEMPORARY CASH INVESTMENTS (3.4%) | ||
Money Market Fund (3.3%) | ||
Vanguard Market Liquidity Fund, 2.26%** | 9,625,324 | 9,625 |
Vanguard Market Liquidity Fund, 2.26%** | 94,734,400 | 94,734 |
104,359 | ||
Face | ||
Amount | ||
(000) | ||
U.S. Agency Obligation (0.1%) | ||
Federal Home Loan Bank Discount Note + | ||
2.18%, 1/26/2005 | $ 3,000 | 2,996 |
TOTAL TEMPORARY CASH INVESTMENTS | ||
(Cost $107,354) | 107,355 | |
TOTAL INVESTMENTS (103.4%) | ||
(Cost $2,594,335) | 3,254,002 | |
OTHER ASSETS AND LIABILITIES--NET (-3.4%) | (106,676) | |
NET ASSETS (100%) | $ 3,147,326 | |
*Non-income-producing security.
**Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
†The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer’s line-of-credit) would require congressional action.
REIT—Real Estate Investment Trust.
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard Index Fund and the Shareholders of Vanguard Small-Cap Growth Index Fund, Vanguard Small-Cap Index Fund and Vanguard Small-Cap Value Index Fund
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements (not presented herein) of Vanguard Small-Cap Growth Index Fund, Vanguard Small-Cap Index Fund and Vanguard Small-Cap Value Index Fund (separate funds of Vanguard Index Fund), the “Funds” as of December 31, 2004, and for the year then ended and have issued our unqualified report thereon dated February 8, 2005. Our audits included audits of the Funds’ schedules of investments as of December 31, 2004. These schedules of investments are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these schedules of investments based on our audits.
In our opinion, the accompanying schedules of investments referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.
PricewaterhouseCoopers LLP
Philadelphia, PA
February 8, 2005
Page 1
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
COMMON STOCKS (99.8%)(1) | ||
Auto & Transportation (3.0%) | ||
Expeditors International of Washington, Inc. | 264,094 | 14,758 |
C.H. Robinson Worldwide, Inc. | 212,848 | 11,817 |
Lear Corp. | 170,994 | 10,432 |
J.B. Hunt Transport Services, Inc. | 201,275 | 9,027 |
BorgWarner, Inc. | 139,118 | 7,536 |
Polaris Industries, Inc. | 108,094 | 7,353 |
Gentex Corp. | 192,990 | 7,144 |
*Yellow Roadway Corp. | 119,891 | 6,679 |
CNF Inc. | 127,037 | 6,365 |
*JetBlue Airways Corp. | 257,583 | 5,981 |
Oshkosh Truck Corp. | 85,292 | 5,832 |
*Landstar System, Inc. | 75,381 | 5,551 |
*Laidlaw International Inc. | 258,765 | 5,538 |
Overseas Shipholding Group Inc. | 98,152 | 5,418 |
Thor Industries, Inc. | 142,440 | 5,277 |
*TRW Automotive Holdings Corp. | 248,500 | 5,144 |
Tidewater Inc. | 142,232 | 5,065 |
Alexander & Baldwin, Inc. | 106,351 | 4,511 |
Werner Enterprises, Inc. | 197,808 | 4,478 |
*AMR Corp. | 400,197 | 4,382 |
*Swift Transportation Co., Inc. | 199,605 | 4,288 |
Heartland Express, Inc. | 187,326 | 4,209 |
Florida East Coast Industries, Inc. Class A | 91,728 | 4,137 |
American Axle & Manufacturing Holdings, Inc. | 129,777 | 3,979 |
ArvinMeritor, Inc. | 173,301 | 3,877 |
OMI Corp. | 230,006 | 3,876 |
*General Maritime Corp. | 94,179 | 3,762 |
Knight Transportation, Inc. | 140,938 | 3,495 |
*EGL, Inc. | 111,602 | 3,336 |
Winnebago Industries, Inc. | 84,656 | 3,307 |
Skywest, Inc. | 145,800 | 2,925 |
Modine Manufacturing Co. | 86,012 | 2,905 |
Arkansas Best Corp. | 62,378 | 2,800 |
*Kansas City Southern | 156,689 | 2,778 |
*Kirby Corp. | 61,500 | 2,729 |
USF Corp. | 69,457 | 2,636 |
Overnite Corp. | 70,041 | 2,608 |
Sauer-Danfoss, Inc. | 118,828 | 2,592 |
*Alaska Air Group, Inc. | 73,936 | 2,476 |
Wabtec Corp. | 113,679 | 2,424 |
*Wabash National Corp. | 89,506 | 2,410 |
*Forward Air Corp. | 53,800 | 2,405 |
*Northwest Airlines Corp. Class A | 215,812 | 2,359 |
Bandag, Inc. | 47,314 | 2,357 |
*AirTran Holdings, Inc. | 213,673 | 2,286 |
*Continental Airlines, Inc. Class B | 166,731 | 2,258 |
*Tenneco Automotive, Inc. | 127,606 | 2,200 |
*Pacer International, Inc. | 102,896 | 2,188 |
*Old Dominion Freight Line, Inc. | 62,131 | 2,162 |
Marine Products Corp. | 78,358 | 2,046 |
*Fleetwood Enterprises, Inc. | 151,836 | 2,044 |
Superior Industries International, Inc. | 66,537 | 1,933 |
*Aviall Inc. | 82,333 | 1,891 |
*Offshore Logistics, Inc. | 57,563 | 1,869 |
*Genesee & Wyoming Inc. Class A | 65,296 | 1,837 |
*TBC Corp. | 65,007 | 1,807 |
Page 2
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*ExpressJet Holdings, Inc. | 139,394 | 1,795 |
*Hub Group, Inc. | 31,905 | 1,666 |
The Greenbrier Cos., Inc. | 45,631 | 1,545 |
Monaco Coach Corp. | 74,237 | 1,527 |
*AAR Corp. | 106,742 | 1,454 |
*Gulfmark Offshore, Inc. | 64,445 | 1,435 |
*RailAmerica, Inc. | 104,846 | 1,368 |
*SCS Transportation, Inc. | 53,886 | 1,259 |
*Aftermarket Technology Corp. | 72,790 | 1,172 |
*Keystone Automotive Industries, Inc. | 48,408 | 1,125 |
Arctic Cat, Inc. | 41,524 | 1,101 |
*Frontier Airlines, Inc. | 92,675 | 1,057 |
*Commercial Vehicle Group Inc. | 42,900 | 937 |
*Strattec Security Corp. | 14,442 | 904 |
Coachmen Industries, Inc. | 50,476 | 876 |
*Celadon Group Inc. | 39,345 | 875 |
*Collins & Aikman Corp. | 197,231 | 860 |
*Mesa Air Group Inc. | 103,348 | 821 |
*MAIR Holdings, Inc. | 87,995 | 810 |
*USA Truck, Inc. | 47,502 | 808 |
*Pinnacle Airlines Corp. | 56,200 | 783 |
*U.S. Xpress Enterprises, Inc. | 26,209 | 768 |
Maritrans Inc. | 40,913 | 743 |
*Republic Airways Holdings Inc. | 55,909 | 742 |
*P.A.M. Transportation Services, Inc. | 39,519 | 741 |
*Starcraft Corp. | 52,043 | 728 |
*Stoneridge, Inc. | 44,937 | 680 |
*Hayes Lemmerz International, Inc. | 72,902 | 644 |
Noble International, Ltd. | 31,481 | 642 |
Spartan Motors, Inc. | 52,705 | 629 |
Todd Shipyards Corp. | 34,442 | 623 |
*America West Holdings Corp. Class B | 93,549 | 615 |
*Covenant Transport, Inc. | 26,760 | 557 |
*R&B, Inc. | 20,547 | 513 |
*Impco Technologies Inc. | 66,663 | 503 |
*Marten Transport, Ltd. | 21,995 | 500 |
*National R. V. Holdings, Inc. | 50,970 | 491 |
Standard Motor Products, Inc. | 29,848 | 472 |
*Tower Automotive, Inc. | 170,237 | 407 |
*Quantum Fuel Systems Technologies Worldwide, Inc. | 64,593 | 389 |
*Seabulk International, Inc. | 30,533 | 370 |
Titan International, Inc. | 22,900 | 346 |
*Dura Automotive Systems, Inc. | 30,950 | 335 |
*Petroleum Helicopters, Inc. | 12,835 | 322 |
*Midwest Air Group Inc. | 96,688 | 281 |
Quixote Corp. | 13,436 | 273 |
*Quality Distribution Inc. | 30,750 | 260 |
*Sports Resorts International, Inc. | 75,618 | 218 |
*Hawaiian Holdings, Inc. | 28,500 | 195 |
*FLYI, Inc. | 96,885 | 171 |
*Raytech Corp. | 73,841 | 136 |
*Frozen Food Express Industries, Inc. | 9,200 | 119 |
*Allied Holdings, Inc. | 37,800 | 110 |
*Central Freight Lines, Inc. | 8,400 | 53 |
Providence and Worcester Railroad Co. | 2,700 | 36 |
Page 3
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Bandag, Inc. Class A | 600 | 28 |
*Oglebay Norton Co. | 14,000 | 2 |
276,299 | ||
Consumer Discretionary (23.1%) | ||
*Google Inc. | 681,232 | 131,546 |
Liberty Media Corp. | 7,267,174 | 79,794 |
*DirecTV Group, Inc. | 3,451,184 | 57,773 |
*IAC/InterActiveCorp | 1,748,176 | 48,285 |
*Amazon.com, Inc. | 1,014,050 | 44,912 |
*Las Vegas Sands Corp. | 832,775 | 39,973 |
*Fox Entertainment Group, Inc. Class A | 1,064,120 | 33,264 |
Royal Caribbean Cruises, Ltd. | 479,122 | 26,083 |
*MGM Mirage, Inc. | 345,693 | 25,146 |
*Sirius Satellite Radio, Inc. | 3,141,324 | 24,031 |
Washington Post Co. Class B | 23,816 | 23,412 |
*Kmart Holding Corp. | 223,398 | 22,105 |
*VeriSign, Inc. | 636,792 | 21,345 |
Harman International Industries, Inc. | 164,222 | 20,856 |
E.W. Scripps Co. Class A | 406,530 | 19,627 |
*XM Satellite Radio Holdings, Inc. | 509,507 | 19,168 |
*Liberty Media International Inc. Class A | 391,087 | 18,080 |
EchoStar Communications Corp. Class A | 537,982 | 17,883 |
*Caesars Entertainment, Inc. | 772,044 | 15,549 |
*Mohawk Industries, Inc. | 166,337 | 15,178 |
Estee Lauder Cos. Class A | 304,675 | 13,945 |
CDW Corp. | 207,224 | 13,749 |
*Wynn Resorts Ltd. | 205,232 | 13,734 |
PETsMART, Inc. | 360,089 | 12,794 |
Republic Services, Inc. Class A | 378,397 | 12,691 |
Aramark Corp. Class B | 465,349 | 12,336 |
*Pixar, Inc. | 139,914 | 11,978 |
Mandalay Resort Group | 168,238 | 11,849 |
Fastenal Co. | 189,103 | 11,641 |
Abercrombie & Fitch Co. | 236,528 | 11,105 |
*Lamar Advertising Co. Class A | 258,679 | 11,066 |
Ross Stores, Inc. | 376,896 | 10,881 |
Manpower Inc. | 224,571 | 10,847 |
*Weight Watchers International, Inc. | 263,921 | 10,839 |
Polo Ralph Lauren Corp. | 250,862 | 10,687 |
*Career Education Corp. | 255,175 | 10,207 |
*Getty Images, Inc. | 147,863 | 10,180 |
*ChoicePoint Inc. | 220,926 | 10,160 |
*Williams-Sonoma, Inc. | 289,760 | 10,153 |
Michaels Stores, Inc. | 338,070 | 10,132 |
*Chico's FAS, Inc. | 222,187 | 10,116 |
ServiceMaster Co. | 724,916 | 9,997 |
*DreamWorks Animation SKG, Inc. | 262,125 | 9,832 |
*Iron Mountain, Inc. | 322,183 | 9,823 |
Foot Locker, Inc. | 362,390 | 9,759 |
Dex Media, Inc. | 374,520 | 9,348 |
*Hewitt Associates, Inc. | 291,249 | 9,323 |
Boyd Gaming Corp. | 217,204 | 9,047 |
*Urban Outfitters, Inc. | 200,508 | 8,903 |
Station Casinos, Inc. | 162,182 | 8,868 |
The Neiman Marcus Group, Inc. Class A | 122,728 | 8,780 |
*Brinker International, Inc. | 240,228 | 8,425 |
American Eagle Outfitters, Inc. | 178,625 | 8,413 |
Page 4
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Outback Steakhouse | 183,642 | 8,407 |
The McClatchy Co. Class A | 115,390 | 8,286 |
*Dollar Tree Stores, Inc. | 287,269 | 8,239 |
*Advance Auto Parts, Inc. | 184,420 | 8,055 |
*CarMax, Inc. | 259,264 | 8,050 |
GTECH Holdings Corp. | 294,166 | 7,634 |
Belo Corp. Class A | 288,402 | 7,568 |
Regal Entertainment Group Class A | 357,808 | 7,425 |
Metro-Goldwyn-Mayer Inc. | 589,693 | 7,006 |
International Speedway Corp. | 132,516 | 6,997 |
*Activision, Inc. | 344,852 | 6,959 |
*Tech Data Corp. | 144,599 | 6,565 |
*Westwood One, Inc. | 242,375 | 6,527 |
The Corporate Executive Board Co. | 97,322 | 6,515 |
*Cogent Inc. | 194,420 | 6,416 |
*The Cheesecake Factory | 193,707 | 6,290 |
*Service Corp. International | 841,872 | 6,272 |
*Gemstar-TV Guide International, Inc. | 1,055,417 | 6,248 |
*O'Reilly Automotive, Inc. | 137,408 | 6,190 |
MSC Industrial Direct Co., Inc. Class A | 171,317 | 6,164 |
*Penn National Gaming, Inc. | 100,978 | 6,114 |
*Columbia Sportswear Co. | 101,121 | 6,028 |
*Education Management Corp. | 181,737 | 5,999 |
*Copart, Inc. | 224,256 | 5,902 |
*PETCO Animal Supplies, Inc. | 143,314 | 5,658 |
Harte-Hanks, Inc. | 217,568 | 5,652 |
*Barnes & Noble, Inc. | 174,619 | 5,635 |
The Brink's Co. | 141,510 | 5,592 |
*Marvel Enterprises Inc. | 272,197 | 5,575 |
*West Corp. | 168,260 | 5,571 |
*Timberland Co. | 86,866 | 5,444 |
Applebee's International, Inc. | 205,336 | 5,431 |
John Wiley & Sons Class A | 155,778 | 5,427 |
*ITT Educational Services, Inc. | 113,976 | 5,420 |
*Citadel Broadcasting Corp. | 328,273 | 5,311 |
*Scientific Games Corp. | 217,603 | 5,188 |
*Tempur-Pedic International Inc. | 243,952 | 5,172 |
Saks Inc. | 356,278 | 5,170 |
Lee Enterprises, Inc. | 112,025 | 5,162 |
Regis Corp. | 110,547 | 5,102 |
CBRL Group, Inc. | 121,693 | 5,093 |
*BJ's Wholesale Club, Inc. | 174,010 | 5,069 |
*Laureate Education Inc. | 114,030 | 5,028 |
*Rent-A-Center, Inc. | 189,641 | 5,025 |
Adesa, Inc. | 236,683 | 5,022 |
The Toro Co. | 60,823 | 4,948 |
Claire's Stores, Inc. | 232,054 | 4,931 |
Borders Group, Inc. | 193,743 | 4,921 |
Choice Hotel International, Inc. | 83,393 | 4,837 |
*R.H. Donnelley Corp. | 78,222 | 4,619 |
*Valassis Communications, Inc. | 129,189 | 4,523 |
*Earthlink, Inc. | 392,501 | 4,522 |
*Fossil, Inc. | 175,703 | 4,505 |
*Sonic Corp. | 147,601 | 4,502 |
*Entercom Communications Corp. | 122,788 | 4,407 |
Nu Skin Enterprises, Inc. | 173,248 | 4,397 |
*Quiksilver, Inc. | 145,854 | 4,345 |
American Greetings Corp. Class A | 170,256 | 4,316 |
Blockbuster Inc. Class A | 452,148 | 4,313 |
Page 5
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Pier 1 Imports Inc. | 218,445 | 4,303 |
IKON Office Solutions, Inc. | 369,651 | 4,273 |
Speedway Motorsports, Inc. | 108,831 | 4,264 |
*Pacific Sunwear of California, Inc. | 191,393 | 4,260 |
*Corinthian Colleges, Inc. | 225,104 | 4,242 |
SCP Pool Corp. | 131,465 | 4,194 |
*The Yankee Candle Co., Inc. | 123,999 | 4,114 |
*Waste Connections, Inc. | 119,811 | 4,104 |
*Aeropostale, Inc. | 139,252 | 4,098 |
*Gaylord Entertainment Co. | 98,659 | 4,097 |
Ruby Tuesday, Inc. | 156,614 | 4,084 |
*CNET Networks, Inc. | 358,097 | 4,021 |
bebe stores, inc. | 145,396 | 3,923 |
*Take-Two Interactive Software, Inc. | 112,122 | 3,901 |
*Zale Corp. | 129,650 | 3,873 |
Catalina Marketing Corp. | 130,319 | 3,861 |
*Travelzoo, Inc. | 40,448 | 3,860 |
Talbots Inc. | 141,283 | 3,847 |
*United Stationers, Inc. | 82,954 | 3,832 |
Strayer Education, Inc. | 34,777 | 3,818 |
Grey Global Group Inc. | 3,469 | 3,816 |
*InfoSpace, Inc. | 80,032 | 3,806 |
*Ask Jeeves, Inc. | 142,146 | 3,802 |
Media General, Inc. Class A | 58,095 | 3,765 |
Ethan Allen Interiors, Inc. | 93,204 | 3,730 |
Journal Communications, Inc. | 206,375 | 3,729 |
*AnnTaylor Stores Corp. | 172,488 | 3,714 |
*Cabela's Inc. | 161,650 | 3,676 |
*CEC Entertainment Inc. | 91,597 | 3,661 |
*Scholastic Corp. | 98,878 | 3,655 |
*Martha Stewart Living Omnimedia, Inc. | 124,897 | 3,625 |
*P.F. Chang's China Bistro, Inc. | 64,107 | 3,612 |
*Tractor Supply Co. | 95,619 | 3,558 |
*Corrections Corp. of America REIT | 87,835 | 3,553 |
United Auto Group, Inc. | 116,569 | 3,449 |
Reader's Digest Association, Inc. | 247,417 | 3,442 |
*Argosy Gaming Co. | 73,305 | 3,423 |
Furniture Brands International Inc. | 136,659 | 3,423 |
Hollinger International, Inc. | 216,595 | 3,396 |
Hearst-Argyle Television Inc. | 128,724 | 3,396 |
*Sirva Inc. | 176,042 | 3,384 |
*Wesco International, Inc. | 114,081 | 3,381 |
Blyth, Inc. | 114,233 | 3,377 |
*Jack in the Box Inc. | 91,156 | 3,361 |
*Overstock.com, Inc. | 48,464 | 3,344 |
*Guitar Center, Inc. | 62,538 | 3,295 |
*MPS Group, Inc. | 263,032 | 3,225 |
*GameStop Corp. | 142,635 | 3,189 |
*Resources Connection, Inc. | 58,159 | 3,159 |
*Tuesday Morning Corp. | 102,553 | 3,141 |
*Navigant Consulting, Inc. | 117,567 | 3,127 |
Wolverine World Wide, Inc. | 97,730 | 3,071 |
*Coldwater Creek Inc. | 99,320 | 3,066 |
Aaron Rents, Inc. Class B | 122,366 | 3,059 |
Domino's Pizza, Inc. | 171,400 | 3,051 |
*DeVry, Inc. | 175,506 | 3,047 |
*Panera Bread Co. | 75,497 | 3,044 |
*United Natural Foods, Inc. | 97,713 | 3,039 |
Tupperware Corp. | 146,146 | 3,028 |
Page 6
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Arbitron Inc. | 77,264 | 3,027 |
*Aztar Corp. | 86,160 | 3,009 |
Rollins, Inc. | 113,930 | 2,999 |
Matthews International Corp. | 80,392 | 2,958 |
*Jarden Corp. | 68,019 | 2,955 |
*Dick's Sporting Goods, Inc. | 83,748 | 2,944 |
*Shuffle Master, Inc. | 62,358 | 2,937 |
Ameristar Casinos, Inc. | 67,746 | 2,921 |
*Men's Wearhouse, Inc. | 90,226 | 2,884 |
*99 Cents Only Stores | 173,744 | 2,808 |
*Linens 'n Things, Inc. | 112,934 | 2,801 |
Banta Corp. | 62,291 | 2,788 |
*Charming Shoppes, Inc. | 293,962 | 2,754 |
ADVO, Inc. | 76,277 | 2,719 |
*Rare Hospitality International Inc. | 84,677 | 2,698 |
*Emmis Communications, Inc. | 139,152 | 2,670 |
*ValueClick, Inc. | 199,874 | 2,664 |
*Universal Technical Institute Inc. | 69,808 | 2,661 |
Kelly Services, Inc. Class A | 87,556 | 2,642 |
*Electronics Boutique Holdings Corp. | 59,757 | 2,566 |
*CMGI Inc. | 1,001,218 | 2,553 |
Callaway Golf Co. | 188,276 | 2,542 |
Burlington Coat Factory Warehouse Corp. | 111,652 | 2,535 |
*WMS Industries, Inc. | 75,296 | 2,525 |
*PRIMEDIA Inc. | 653,937 | 2,485 |
*Insight Enterprises, Inc. | 121,071 | 2,484 |
*The Warnaco Group, Inc. | 114,884 | 2,481 |
*The Children's Place Retail Stores, Inc. | 66,862 | 2,476 |
The Pep Boys (Manny, Moe & Jack) | 144,425 | 2,465 |
*Helen of Troy Ltd. | 73,290 | 2,463 |
*DoubleClick Inc. | 316,527 | 2,463 |
*Texas Roadhouse, Inc. | 82,800 | 2,447 |
*Carter's, Inc. | 70,807 | 2,407 |
ABM Industries Inc. | 121,922 | 2,404 |
*Amerco, Inc. | 51,885 | 2,386 |
Jackson Hewitt Tax Service Inc. | 93,900 | 2,371 |
Kellwood Co. | 68,686 | 2,370 |
*Tetra Tech, Inc. | 140,565 | 2,353 |
K-Swiss, Inc. | 79,958 | 2,328 |
Bob Evans Farms, Inc. | 88,202 | 2,306 |
*Central Garden and Pet Co. | 54,906 | 2,292 |
*Priceline.com, Inc. | 96,961 | 2,287 |
*Global Imaging Systems, Inc. | 57,660 | 2,278 |
G & K Services, Inc. Class A | 52,156 | 2,265 |
*Crown Media Holdings, Inc. | 262,462 | 2,257 |
*THQ Inc. | 97,845 | 2,245 |
*FTI Consulting, Inc. | 106,442 | 2,243 |
Watson Wyatt & Co. Holdings | 82,374 | 2,220 |
*Midway Games Inc. | 210,376 | 2,209 |
Finish Line, Inc. | 120,502 | 2,205 |
*Stage Stores, Inc. | 52,766 | 2,191 |
*Radio One, Inc. | 135,271 | 2,178 |
*Cumulus Media Inc. | 144,004 | 2,172 |
Oakley, Inc. | 170,301 | 2,171 |
*New York & Co., Inc. | 131,000 | 2,164 |
*Pinnacle Entertainment, Inc. | 109,327 | 2,162 |
*Bright Horizons Family Solutions, Inc. | 33,199 | 2,150 |
*Life Time Fitness, Inc. | 82,976 | 2,147 |
*Red Robin Gourmet Burgers | 40,005 | 2,139 |
Page 7
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Revlon, Inc. Class A | 928,337 | 2,135 |
*CKE Restaurants Inc. | 146,556 | 2,127 |
Liberty Corp. | 48,104 | 2,115 |
*ProQuest Co. | 71,167 | 2,114 |
*Too Inc. | 86,112 | 2,106 |
IHOP Corp. | 50,236 | 2,104 |
*CoStar Group, Inc. | 45,537 | 2,103 |
*Labor Ready, Inc. | 123,869 | 2,096 |
*Payless ShoeSource, Inc. | 169,789 | 2,088 |
*Genesco, Inc. | 66,734 | 2,078 |
Chemed Corp. | 30,961 | 2,078 |
Phillips-Van Heusen Corp. | 76,882 | 2,076 |
*Hot Topic, Inc. | 120,684 | 2,075 |
World Wrestling Entertainment, Inc. | 171,020 | 2,074 |
*Isle of Capri Casinos, Inc. | 80,128 | 2,055 |
*Radio One, Inc. Class D | 126,800 | 2,044 |
*Journal Register Co. | 104,812 | 2,026 |
*Leapfrog Enterprises, Inc. | 148,859 | 2,024 |
Landry's Restaurants, Inc. | 69,625 | 2,023 |
La-Z-Boy Inc. | 131,309 | 2,018 |
*Korn/Ferry International | 96,728 | 2,007 |
*Hollywood Entertainment Corp. | 152,877 | 2,001 |
Big 5 Sporting Goods Corp. | 68,581 | 1,998 |
Gray Television, Inc. | 128,220 | 1,987 |
*United Online, Inc. | 171,336 | 1,976 |
*Vail Resorts Inc. | 88,056 | 1,974 |
The Nautilus Group, Inc. | 81,476 | 1,969 |
*CSK Auto Corp. | 117,615 | 1,969 |
*Dollar Thrifty Automotive Group, Inc. | 65,106 | 1,966 |
*USANA Health Sciences, Inc. | 57,460 | 1,965 |
*RC2 Corp. | 60,252 | 1,964 |
*Hibbett Sporting Goods, Inc. | 72,674 | 1,934 |
*Group 1 Automotive, Inc. | 61,271 | 1,930 |
*Krispy Kreme Doughnuts, Inc. | 153,166 | 1,930 |
*MAXIMUS, Inc. | 61,022 | 1,899 |
*K2 Inc. | 117,424 | 1,865 |
*The Pantry, Inc. | 61,737 | 1,858 |
*Papa John's International, Inc. | 53,811 | 1,853 |
Sonic Automotive, Inc. | 74,438 | 1,846 |
*The Sports Authority, Inc. | 71,155 | 1,832 |
*Teletech Holdings Inc. | 188,733 | 1,829 |
*Stein Mart, Inc. | 106,944 | 1,824 |
World Fuel Services Corp. | 36,602 | 1,823 |
*Stewart Enterprises, Inc. Class A | 258,868 | 1,809 |
*Alliance Gaming Corp. | 128,876 | 1,780 |
*School Specialty, Inc. | 46,105 | 1,778 |
*Cox Radio, Inc. | 107,183 | 1,766 |
Christopher & Banks Corp. | 95,133 | 1,755 |
*Deckers Outdoor Corp. | 37,288 | 1,752 |
*Cost Plus, Inc. | 54,532 | 1,752 |
*The Advisory Board Co. | 46,999 | 1,733 |
*Consolidated Graphics, Inc. | 37,570 | 1,724 |
*Charter Communications, Inc. | 766,199 | 1,716 |
*Elizabeth Arden, Inc. | 72,105 | 1,712 |
Oxford Industries, Inc. | 41,422 | 1,711 |
*Build-A-Bear-Workshop, Inc. | 48,600 | 1,708 |
*Steak n Shake Co. | 84,859 | 1,704 |
Fred's, Inc. | 97,568 | 1,698 |
Viad Corp. | 59,133 | 1,685 |
Page 8
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Select Comfort Corp. | 91,721 | 1,645 |
Cato Corp. Class A | 56,585 | 1,631 |
*Ryan's Restaurant Group, Inc. | 104,842 | 1,617 |
Movie Gallery, Inc. | 84,012 | 1,602 |
Sinclair Broadcast Group, Inc. | 173,107 | 1,594 |
*NetFlix.com, Inc. | 129,264 | 1,594 |
Handleman Co. | 73,563 | 1,580 |
Bowne & Co., Inc. | 96,487 | 1,569 |
*Central European Distribution Corp. | 52,950 | 1,564 |
*Great Wolf Resorts, Inc. | 69,804 | 1,559 |
Russell Corp. | 79,860 | 1,556 |
Kenneth Cole Productions, Inc. | 50,269 | 1,551 |
*Coinstar, Inc. | 57,718 | 1,549 |
Lawson Products, Inc. | 30,638 | 1,545 |
*Wireless Facilities, Inc. | 163,173 | 1,540 |
*GSI Commerce, Inc. | 85,886 | 1,527 |
*Ventiv Health, Inc. | 74,984 | 1,524 |
Churchill Downs, Inc. | 34,029 | 1,521 |
*Charles River Associates Inc. | 32,453 | 1,518 |
The Marcus Corp. | 59,957 | 1,507 |
Lone Star Steakhouse & Saloon, Inc. | 53,570 | 1,500 |
*The Dress Barn, Inc. | 84,361 | 1,485 |
*MarineMax, Inc. | 49,600 | 1,476 |
*Entravision Communications Corp. | 176,157 | 1,471 |
*Navarre Corp. | 83,470 | 1,469 |
*JAKKS Pacific, Inc. | 66,310 | 1,466 |
*Trans World Entertainment Corp. | 117,415 | 1,464 |
Renaissance Learning, Inc. | 78,259 | 1,452 |
Pre-Paid Legal Services, Inc. | 38,663 | 1,452 |
*Jo-Ann Stores, Inc. | 52,377 | 1,442 |
Carmike Cinemas, Inc. | 38,774 | 1,415 |
*California Pizza Kitchen, Inc. | 61,520 | 1,415 |
American Woodmark Corp. | 32,240 | 1,408 |
Triarc Cos., Inc. Class B | 114,279 | 1,401 |
*Educate, Inc. | 105,606 | 1,398 |
Gevity HR, Inc. | 67,617 | 1,390 |
The Stride Rite Corp. | 123,990 | 1,385 |
Central Parking Corp. | 91,402 | 1,385 |
*Guess ?, Inc. | 109,719 | 1,377 |
*Spanish Broadcasting System, Inc. | 130,374 | 1,377 |
*aQuantive, Inc. | 153,726 | 1,374 |
*AMN Healthcare Services, Inc. | 85,499 | 1,360 |
*Vertrue Inc. | 35,999 | 1,360 |
Brown Shoe Co., Inc. | 45,558 | 1,359 |
*ValueVision Media, Inc. | 97,257 | 1,353 |
*Playtex Products, Inc. | 168,792 | 1,349 |
Pulitzer, Inc. | 20,544 | 1,332 |
*NetRatings, Inc. | 68,947 | 1,322 |
*infoUSA Inc. | 117,628 | 1,316 |
*O'Charley's Inc. | 67,120 | 1,312 |
*Cross Country Healthcare, Inc. | 72,298 | 1,307 |
*Heidrick & Struggles International, Inc. | 38,038 | 1,304 |
*ShopKo Stores, Inc. | 69,689 | 1,302 |
*Monarch Casino & Resort, Inc. | 32,094 | 1,301 |
*Salem Communications Corp. | 51,976 | 1,297 |
*Marchex, Inc. | 61,301 | 1,287 |
The Buckle, Inc. | 43,408 | 1,281 |
*Lin TV Corp. | 66,550 | 1,271 |
*AFC Enterprises, Inc. | 53,489 | 1,265 |
Page 9
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Ambassadors Group, Inc. | 35,483 | 1,263 |
*Six Flags, Inc. | 234,370 | 1,259 |
*Volt Information Sciences Inc. | 42,239 | 1,241 |
*West Marine, Inc. | 49,925 | 1,236 |
*MarketWatch Inc. | 68,354 | 1,230 |
*Lifeline Systems, Inc. | 47,349 | 1,220 |
*The Gymboree Corp. | 94,984 | 1,218 |
*Casella Waste Systems, Inc. | 82,931 | 1,214 |
*Del Laboratories, Inc. | 34,632 | 1,203 |
*Forrester Research, Inc. | 66,976 | 1,202 |
*Digital Theater Systems Inc. | 59,531 | 1,198 |
Russ Berrie and Co., Inc. | 52,161 | 1,191 |
Startek, Inc. | 41,615 | 1,184 |
The Topps Co., Inc. | 119,834 | 1,168 |
Cherokee Inc. | 32,871 | 1,160 |
*A.C. Moore Arts & Crafts, Inc. | 39,844 | 1,148 |
*Century Business Services, Inc. | 261,998 | 1,142 |
*TiVo Inc. | 193,906 | 1,138 |
*1-800 CONTACTS, Inc. | 51,356 | 1,130 |
*Midas Inc. | 55,852 | 1,117 |
*1-800-FLOWERS.COM, Inc. | 132,252 | 1,112 |
*Brightpoint, Inc. | 56,049 | 1,095 |
National Presto Industries, Inc. | 23,890 | 1,087 |
*Lakes Entertainment, Inc. | 66,692 | 1,086 |
*Saga Communications, Inc. | 64,471 | 1,086 |
*Multimedia Games Inc. | 68,623 | 1,081 |
*Clark, Inc. | 69,598 | 1,080 |
Blair Corp. | 30,093 | 1,073 |
*Cache, Inc. | 59,212 | 1,067 |
*FindWhat.com | 60,095 | 1,065 |
*Insight Communications Co., Inc. | 114,823 | 1,064 |
*SOURCECORP, Inc. | 55,290 | 1,057 |
CDI Corp. | 49,026 | 1,048 |
*Fisher Communications, Inc. | 21,350 | 1,044 |
*Dave & Busters, Inc. | 51,480 | 1,040 |
*PDI, Inc. | 46,610 | 1,038 |
*Asbury Automotive Group, Inc. | 75,132 | 1,035 |
*Source Interlink Cos., Inc. | 77,755 | 1,033 |
*Spherion Corp. | 122,480 | 1,029 |
*TRM Corp. | 43,364 | 1,025 |
*Buffalo Wild Wings Inc. | 29,333 | 1,021 |
*Blue Nile Inc. | 36,772 | 1,016 |
Deb Shops, Inc. | 40,550 | 1,015 |
*JAMDAT Mobile Inc. | 49,000 | 1,012 |
*America's Car-Mart, Inc. | 26,591 | 1,010 |
*Greenfield Online, Inc. | 45,597 | 1,003 |
*Insurance Auto Auctions, Inc. | 44,666 | 1,001 |
*Hudson Highland Group, Inc. | 34,494 | 993 |
*Skechers U.S.A., Inc. | 76,221 | 988 |
*4Kids Entertainment Inc. | 46,914 | 986 |
*DiamondCluster International, Inc. | 68,241 | 978 |
*Mikohn Gaming Corp. | 95,291 | 974 |
*J. Jill Group, Inc. | 65,169 | 970 |
*Meta Group, Inc. | 98,976 | 970 |
*Steven Madden, Ltd. | 51,284 | 967 |
*Pegasus Solutions Inc. | 76,013 | 958 |
Dover Motorsports, Inc. | 166,583 | 955 |
*Clean Harbors Inc. | 63,177 | 953 |
*PC Mall, Inc. | 42,020 | 940 |
Page 10
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Mannatech, Inc. | 49,348 | 940 |
*EZCORP, Inc. | 59,925 | 923 |
Lithia Motors, Inc. | 34,218 | 918 |
*Alderwoods Group, Inc. | 78,966 | 899 |
*Harris Interactive Inc. | 113,600 | 897 |
*Brookstone, Inc. | 45,464 | 889 |
*Water Pik Technologies, Inc. | 49,983 | 886 |
*Monro Muffler Brake, Inc. | 35,016 | 886 |
*MTR Gaming Group Inc. | 83,211 | 879 |
Goody's Family Clothing | 95,783 | 875 |
*Sharper Image Corp. | 46,262 | 872 |
Angelica Corp. | 32,119 | 869 |
*Geo Group Inc. | 32,588 | 866 |
*Steinway Musical Instruments Inc. | 29,872 | 864 |
*Retail Ventures, Inc. | 121,712 | 864 |
*Conn's, Inc. | 50,800 | 854 |
*Rush Enterprises, Inc. Class A | 52,100 | 846 |
Bassett Furniture Industries, Inc. | 42,669 | 837 |
*Administaff, Inc. | 65,961 | 832 |
*Jos. A. Bank Clothiers, Inc. | 28,790 | 815 |
*Competitive Technologies, Inc. | 73,264 | 812 |
*Oneida Ltd. | 264,590 | 810 |
Oshkosh B' Gosh, Inc. Class A | 37,736 | 808 |
*Gaming Partners International | 39,091 | 807 |
*LoJack Corp. | 66,369 | 805 |
Movado Group, Inc. | 42,978 | 802 |
*Rent-Way, Inc. | 99,771 | 799 |
*iPass Inc. | 107,806 | 798 |
Saucony Inc. | 29,239 | 795 |
*Famous Dave's of America, Inc. | 62,533 | 795 |
*Perry Ellis International Corp. | 38,352 | 780 |
*iVillage Inc. | 124,834 | 771 |
Haverty Furniture Cos., Inc. | 41,625 | 770 |
*Luby's, Inc. | 102,465 | 768 |
Ambassadors International, Inc. | 48,712 | 766 |
*Charles & Colvard Ltd. | 72,036 | 766 |
*Department 56 Inc. | 45,923 | 765 |
*Benihana Inc. Class A | 46,991 | 764 |
Books-a-Million Inc. | 78,973 | 760 |
*Kirkland's, Inc. | 61,536 | 756 |
Waste Industries USA, Inc. | 60,706 | 753 |
*Universal Electronics, Inc. | 42,547 | 749 |
*Kforce Inc. | 67,442 | 749 |
*Zones, Inc. | 112,485 | 746 |
*Checkers Drive-In Restaurants, Inc. | 54,474 | 730 |
*Perficient, Inc. | 111,026 | 728 |
*PC Connection, Inc. | 76,308 | 726 |
*BJ's Restaurants Inc. | 51,749 | 724 |
*Rocky Shoes & Boots, Inc. | 24,217 | 719 |
*LECG Corp. | 38,316 | 715 |
*Hollywood Media Corp. | 145,057 | 704 |
*Nexstar Broadcasting Group, Inc. | 76,148 | 702 |
*Learning Tree International, Inc. | 51,977 | 696 |
*Alloy, Inc. | 86,091 | 695 |
*E. Gottschalk & Co., Inc. | 78,000 | 693 |
*Charlotte Russe Holding Inc. | 68,546 | 692 |
*Atari, Inc. | 236,190 | 692 |
*Rentrak Corp. | 55,127 | 691 |
Stanley Furniture Co., Inc. | 15,333 | 689 |
Page 11
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
CSS Industries, Inc. | 21,629 | 687 |
Courier Corp. | 13,229 | 687 |
*LKQ Corp. | 34,210 | 687 |
Dover Downs Gaming & Entertainment, Inc. | 52,344 | 686 |
Libbey, Inc. | 30,720 | 682 |
*Navigant International, Inc. | 55,921 | 681 |
*Beasley Broadcast Group, Inc. | 38,390 | 673 |
*Evci Career Colleges Holding Corp. | 69,150 | 661 |
*LookSmart, Ltd. | 301,129 | 659 |
*Worldwide Restaurant Concepts Inc. | 161,945 | 659 |
Advanced Marketing Services | 64,858 | 652 |
*Hampshire Group, Ltd. | 20,446 | 644 |
Frisch's Restaurants, Inc. | 26,850 | 640 |
Escalade, Inc. | 47,582 | 636 |
*RedEnvelope Inc. | 51,885 | 634 |
Stamps.com Inc. | 39,935 | 633 |
*Buca, Inc. | 89,834 | 625 |
*Scope Industries | 8,400 | 625 |
*Regent Communications, Inc. | 117,796 | 624 |
*Rubio's Restaurants, Inc. | 51,080 | 620 |
*SM&A Corp. | 71,513 | 610 |
*Glacier Water Services, Inc. | 22,500 | 607 |
*Image Entertainment, Inc. | 102,124 | 607 |
Schawk, Inc. | 32,970 | 599 |
*Greg Manning Auctions, Inc. | 48,120 | 596 |
*The Boyds Collection, Ltd. | 135,108 | 594 |
*Party City Corp. | 45,935 | 594 |
Triarc Cos., Inc. Class A | 45,566 | 592 |
*Drugstore.com, Inc. | 173,174 | 589 |
*The Sportsman's Guide Inc. | 26,115 | 588 |
Hancock Fabrics, Inc. | 56,634 | 587 |
Inter Parfums, Inc. | 36,904 | 587 |
L.S. Starrett Co. Class A | 28,000 | 577 |
Delta Apparel, Inc. | 23,709 | 575 |
*NIC Inc. | 111,208 | 565 |
Thomas Nelson, Inc. | 24,942 | 564 |
*SITEL Corp. | 226,974 | 558 |
CPI Corp. | 40,635 | 552 |
Traffix, Inc. | 86,791 | 551 |
*Medical Staffing Network Holdings, Inc. | 66,969 | 548 |
*First Consulting Group, Inc. | 89,012 | 544 |
*Empire Resorts Inc. | 48,530 | 541 |
*Nashua Corp. | 47,021 | 534 |
Flexsteel Industry | 30,096 | 531 |
*Applica Inc. | 87,736 | 531 |
*Playboy Enterprises, Inc. Class B | 42,662 | 524 |
*Autobytel Inc. | 86,253 | 521 |
*ParkerVision, Inc. | 57,858 | 515 |
*Barrett Business Services, Inc. | 37,143 | 512 |
*Friendly Ice Cream Corp. | 60,915 | 512 |
*EasyLink Services Corp. | 347,159 | 500 |
*Young Broadcasting Inc. | 47,045 | 497 |
*Enesco Group, Inc. | 60,783 | 491 |
*LodgeNet Entertainment Corp. | 27,304 | 483 |
*Internap Network Services Corp. | 514,536 | 479 |
*Nobel Learning Communities, Inc. | 63,087 | 475 |
Knape & Vogt Manufacturing Co. | 36,138 | 474 |
*Foodarama Supermarkets, Inc. | 11,841 | 471 |
*Tweeter Home Entertainment Group, Inc. | 66,561 | 456 |
Page 12
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*The Smith & Wollensky Restaurant Group, Inc. | 84,770 | 455 |
*eMerge Interactive, Inc. | 284,568 | 452 |
*A.T. Cross Co. Class A | 91,096 | 451 |
*Design Within Reach Inc. | 30,935 | 450 |
*Bombay Co. | 80,593 | 446 |
*Systemax Inc. | 59,247 | 435 |
*Casual Male Retail Group, Inc. | 78,749 | 429 |
Boston Acoustics, Inc. | 30,887 | 428 |
*Pegasus Communications Corp. | 44,904 | 422 |
*Wilsons The Leather Experts Inc. | 108,107 | 422 |
ARK Restaurants Corp. | 10,503 | 412 |
*Obie Media Corp. | 59,052 | 411 |
*Verticalnet, Inc. | 254,922 | 410 |
Sturm, Ruger & Co., Inc. | 44,999 | 406 |
Action Performance Cos., Inc. | 36,814 | 404 |
Craftmade International, Inc. | 20,143 | 397 |
*Syms Corp. | 32,470 | 395 |
*ICT Group, Inc. | 40,561 | 394 |
*Franklin Electronic Publishers, Inc. | 89,861 | 392 |
Haggar Corp. | 16,639 | 391 |
*PriceSmart, Inc. | 51,392 | 389 |
*Strategic Distribution, Inc. | 29,030 | 388 |
*SPEEDUS Corp. | 135,500 | 385 |
*eCOST.com Inc. | 23,985 | 383 |
*Hartmarx Corp. | 49,161 | 382 |
*Register.com, Inc. | 59,051 | 375 |
*Shoe Carnival, Inc. | 28,581 | 372 |
*Total Entertainment Restaurant Corp. | 31,115 | 371 |
Rock of Ages Corp. | 50,500 | 369 |
*Restoration Hardware, Inc. | 64,162 | 368 |
*WPT Enterprises Inc. | 21,500 | 366 |
UniFirst Corp. | 12,764 | 361 |
*APAC Teleservices, Inc. | 206,761 | 360 |
*Exponent, Inc. | 12,963 | 356 |
*Mothers Work, Inc. | 25,925 | 353 |
*Wyndham International, Inc. Class A | 292,312 | 348 |
*Interstate Hotels&Resorts, Inc. | 64,439 | 345 |
*Lightbridge, Inc. | 56,862 | 343 |
*Neoforma, Inc. | 44,657 | 343 |
Outlook Group Corp. | 40,874 | 323 |
*E Com Ventures, Inc. | 26,437 | 321 |
*Management Network Group Inc. | 135,633 | 319 |
*Medialink Worldwide, Inc. | 90,336 | 316 |
*The Leather Factory, Inc. | 87,700 | 311 |
*NTN Communications, Inc. | 96,422 | 308 |
*Salton, Inc. | 53,911 | 305 |
*U.S. Home Systems, Inc. | 49,419 | 304 |
*Correctional Services Corp. | 99,919 | 290 |
*Cellstar Corp. | 64,956 | 289 |
Bowl America, Inc. Class A | 20,176 | 285 |
*Rainmaker Systems, Inc. | 229,860 | 285 |
*Metro One Telecommunications, Inc. | 178,327 | 284 |
*Bally Total Fitness Holding Corp. | 65,796 | 279 |
Bon-Ton Stores, Inc. | 17,575 | 277 |
*Spherix Inc. | 84,972 | 276 |
*Gander Mountain Co. | 21,493 | 276 |
*Concord Camera Corp. | 120,089 | 275 |
*Providence Service Corp. | 13,009 | 273 |
*Raindance Communications, Inc. | 116,619 | 271 |
Page 13
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*American Technology | 24,350 | 269 |
*On Assignment, Inc. | 51,591 | 268 |
*Playboy Enterprises Inc. Class A | 22,850 | 266 |
*Gaiam, Inc. | 41,627 | 256 |
*MPW Industrial Services Group, Inc. | 100,320 | 255 |
*Cenveo Inc. | 79,297 | 246 |
*PLATO Learning, Inc. | 32,652 | 243 |
*AMS Health Sciences, Inc. | 39,600 | 236 |
*The Princeton Review, Inc. | 37,070 | 228 |
*Digital Generation Systems | 175,091 | 219 |
*Digital Impact, Inc. | 152,805 | 217 |
Fedders Corp. | 58,700 | 212 |
*Emerson Radio Corp. | 56,237 | 211 |
*Cornell Companies, Inc. | 13,806 | 210 |
Lifetime Hoan Corp. | 12,731 | 202 |
*Onvia.com, Inc. | 31,966 | 202 |
*McCormick&Schmick's Seafood Restaurants, Inc. | 11,734 | 198 |
*ShoLodge, Inc. | 44,398 | 193 |
*Franklin Covey Co. | 77,906 | 190 |
CNS, Inc. | 14,663 | 184 |
*America Online Latin America, Inc. | 243,927 | 183 |
*Brillian Corp. | 52,709 | 182 |
Weyco Group, Inc. | 4,077 | 181 |
*Integrated Alarm Services Group, Inc. | 32,999 | 181 |
*24/7 Real Media, Inc. | 40,193 | 174 |
*Nitches Inc. | 33,141 | 172 |
*Paxson Communications Corp. | 120,302 | 166 |
*Gartner, Inc. Class B | 13,252 | 163 |
*Finlay Enterprises, Inc. | 7,846 | 155 |
*Standard Parking Corp | 9,602 | 147 |
*WebSideStory, Inc. | 11,600 | 144 |
*Cosi, Inc. | 23,091 | 140 |
*Youbet.com, Inc. | 27,500 | 139 |
*REX Stores Corp. | 9,091 | 138 |
*The Wet Seal, Inc. Class A | 59,584 | 135 |
*VCampus Corp. | 62,830 | 133 |
*Johnson Outdoors Inc. | 6,574 | 132 |
*MediaBay, Inc. | 83,112 | 129 |
*Acme Communications, Inc. | 17,352 | 122 |
*Max&Erma's Restaurant, Inc. | 9,001 | 117 |
*J. Alexander's Corp. | 15,100 | 112 |
*Whitehall Jewellers, Inc. | 12,886 | 103 |
*Gallery of History, Inc. | 26,300 | 101 |
*Bluefly, Inc. | 42,893 | 100 |
*Knology, Inc. | 25,400 | 99 |
*Gadzooks, Inc. | 97,160 | 92 |
*CoActive Marketing Group, Inc. | 22,500 | 90 |
*Innotrac Corp. | 10,307 | 88 |
*Mayor's Jeweler's, Inc. | 138,600 | 86 |
*Catalina Lighting, Inc. | 9,760 | 85 |
*Ultimate Electronics, Inc. | 68,423 | 84 |
*Parlux Fragrances, Inc. | 3,600 | 81 |
*PlanetOut, Inc. | 5,717 | 78 |
*Rush Enterprises, Inc. Class B | 4,423 | 77 |
*Innodata Isogen, Inc. | 7,200 | 71 |
*PeopleSupport Inc. | 6,725 | 68 |
*Shoe Pavilion, Inc. | 21,100 | 65 |
*Protection One, Inc. | 164,000 | 62 |
*PriceSmart, Inc. Rights Exp. 1/21/2005 | 51,392 | 52 |
Page 14
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Hanover Direct, Inc. | 37,873 | 52 |
Aaron Rents, Inc. | 2,025 | 46 |
*HyperFeed Technologies, Inc. | 13,778 | 37 |
*Candie's, Inc. | 6,622 | 36 |
*Winmark Corp. | 1,299 | 35 |
ILX Resorts Inc. | 3,200 | 33 |
Superior Uniform Group, Inc. | 1,899 | 28 |
Cadmus Communications | 2,000 | 26 |
*Interchange Corp. | 1,300 | 24 |
*Delta Woodside Industries, Inc | 27,175 | 17 |
*LQ Corp. Inc. | 8,638 | 15 |
Cutter&Buck Inc. | 800 | 12 |
*Calton, Inc. | 15,400 | 6 |
Escrow Bush Industries, Inc. | 55,432 | 3 |
*GameStop Corp. Class B | 99 | 2 |
*Panavision, Inc. | 174 | 1 |
*Travis Boats&Motors, Inc. | 700 | -- |
*Synergy Brands Inc. | 25 | -- |
2,132,308 | ||
Consumer Staples (3.8%) | ||
Kraft Foods Inc. | 4,262,400 | 151,784 |
Tyson Foods, Inc. | 878,738 | 16,169 |
Whole Foods Market, Inc. | 154,107 | 14,694 |
*Dean Foods Co. | 393,392 | 12,962 |
*Constellation Brands, Inc. Class A | 267,391 | 12,436 |
Hormel Foods Corp. | 345,577 | 10,834 |
*Smithfield Foods, Inc. | 275,957 | 8,166 |
PepsiAmericas, Inc. | 342,123 | 7,267 |
J.M. Smucker Co. | 145,153 | 6,832 |
*7-Eleven, Inc. | 279,834 | 6,702 |
*Del Monte Foods Co. | 522,275 | 5,755 |
Church&Dwight, Inc. | 154,092 | 5,181 |
Pilgrim's Pride Corp. | 166,296 | 5,102 |
*Rite Aid Corp. | 1,290,983 | 4,725 |
Tootsie Roll Industries, Inc. | 128,397 | 4,446 |
Fresh Del Monte Produce Inc. | 143,250 | 4,242 |
*NBTY, Inc. | 166,771 | 4,004 |
Flowers Foods, Inc. | 109,380 | 3,454 |
Seaboard Corp. | 3,157 | 3,151 |
*Performance Food Group Co. | 115,926 | 3,120 |
Ralcorp Holdings, Inc. | 73,081 | 3,064 |
Universal Corp. (VA) | 63,792 | 3,052 |
Sensient Technologies Corp. | 117,022 | 2,807 |
Weis Markets, Inc. | 67,337 | 2,597 |
Longs Drug Stores, Inc. | 93,502 | 2,578 |
Ruddick Corp. | 116,660 | 2,530 |
Casey's General Stores, Inc. | 124,975 | 2,268 |
Chiquita Brands International, Inc. | 101,981 | 2,250 |
*Hain Celestial Group, Inc. | 108,281 | 2,238 |
Sanderson Farms, Inc. | 50,034 | 2,165 |
Lance, Inc. | 91,427 | 1,740 |
Vector Group Ltd. | 104,269 | 1,734 |
Winn-Dixie Stores, Inc. | 353,400 | 1,608 |
J&J Snack Foods Corp. | 29,296 | 1,436 |
Schweitzer-Mauduit International, Inc. | 42,097 | 1,429 |
*Smart&Final Inc. | 93,380 | 1,344 |
*Peet's Coffee&Tea Inc. | 46,671 | 1,235 |
Page 15
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Farmer Brothers, Inc. | 48,510 | 1,176 |
Coca-Cola Bottling Co. | 20,391 | 1,164 |
Nature's Sunshine Inc. | 55,154 | 1,123 |
*The Great Atlantic&Pacific Tea Co., Inc. | 105,418 | 1,081 |
American Italian Pasta Co. | 45,509 | 1,058 |
*Provide Commerce Inc. | 27,000 | 1,003 |
*John B. Sanfilippo&Son, Inc. | 38,009 | 980 |
*M&F Worldwide Corp. | 69,801 | 951 |
*Boston Beer Co., Inc. Class A | 44,032 | 937 |
Dimon Inc. | 134,072 | 901 |
*Chalone Wine Group Ltd. | 61,821 | 875 |
Nash-Finch Co. | 21,590 | 815 |
*Star Scientific, Inc. | 147,292 | 749 |
*Hansen Natural Corp. | 19,181 | 698 |
National Beverage Corp. | 81,868 | 681 |
Ingles Markets, Inc. | 49,015 | 607 |
*Wild Oats Markets Inc. | 64,662 | 570 |
Standard Commercial Tobacco Co. | 28,390 | 552 |
*Lifeway Foods, Inc. | 59,921 | 548 |
Arden Group Inc. Class A | 5,280 | 531 |
*Green Mountain Coffee Roasters, Inc. | 19,353 | 486 |
*Monterey Pasta Co. | 130,711 | 442 |
*Omega Protein Corp. | 50,253 | 432 |
*Pathmark Stores, Inc. | 72,308 | 420 |
*Maui Land&Pineapple Co., Inc. | 9,977 | 392 |
Golden Enterprises Inc. | 116,593 | 322 |
*Nutraceutical International Corp. | 16,357 | 252 |
*Food Technology Service, Inc. | 181,836 | 231 |
Reliv International, Inc. | 25,485 | 228 |
*Seneca Foods Corp. | 7,107 | 130 |
*Medifast, Inc. | 30,309 | 107 |
*Weider Nutritional International, Inc. | 19,707 | 86 |
*Diedrich Coffee, Inc. | 11,950 | 71 |
347,700 | ||
Financial Services (23.1%) | ||
Genworth Financial Inc. | 1,220,369 | 32,950 |
Vornado Realty Trust REIT | 313,237 | 23,847 |
UnionBanCal Corp. | 368,722 | 23,775 |
Fidelity National Financial, Inc. | 432,854 | 19,768 |
General Growth Properties Inc. REIT | 545,122 | 19,712 |
Popular, Inc. | 664,157 | 19,148 |
The Chicago Mercantile Exchange | 82,291 | 18,820 |
Legg Mason Inc. | 251,128 | 18,398 |
Public Storage, Inc. REIT | 320,816 | 17,885 |
White Mountains Insurance Group Inc. | 27,069 | 17,486 |
Boston Properties, Inc. REIT | 269,750 | 17,445 |
Hudson City Bancorp, Inc. | 466,462 | 17,175 |
*CNA Financial Corp. | 639,005 | 17,068 |
Kimco Realty Corp. REIT | 277,210 | 16,075 |
Banknorth Group, Inc. | 428,718 | 15,691 |
Host Marriott Corp. REIT | 864,602 | 14,958 |
*Ameritrade Holding Corp. | 1,049,883 | 14,929 |
New York Community Bancorp, Inc. | 659,775 | 13,572 |
Avalonbay Communities, Inc. REIT | 179,266 | 13,499 |
Doral Financial Corp. | 268,937 | 13,245 |
Commerce Bancorp, Inc. | 195,788 | 12,609 |
iStar Financial Inc. REIT | 277,154 | 12,544 |
Page 16
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Radian Group, Inc. | 231,175 | 12,308 |
Leucadia National Corp. | 176,691 | 12,276 |
Duke Realty Corp. REIT | 354,389 | 12,099 |
Total System Services, Inc. | 491,083 | 11,933 |
Old Republic International Corp. | 454,014 | 11,487 |
Hibernia Corp. Class A | 387,216 | 11,427 |
Developers Diversified Realty Corp. REIT | 254,911 | 11,310 |
TCF Financial Corp. | 347,758 | 11,177 |
*WellChoice Inc. | 208,721 | 11,146 |
*DST Systems, Inc. | 209,413 | 10,915 |
Assurant, Inc. | 354,376 | 10,826 |
SEI Corp. | 256,918 | 10,773 |
Associated Banc-Corp. | 322,342 | 10,705 |
*The Dun&Bradstreet Corp. | 175,314 | 10,457 |
Mercantile Bankshares Corp. | 197,118 | 10,290 |
Transatlantic Holdings, Inc. | 165,170 | 10,212 |
The PMI Group Inc. | 239,450 | 9,997 |
W.R. Berkley Corp. | 209,561 | 9,885 |
*AmeriCredit Corp. | 391,563 | 9,574 |
*Alliance Data Systems Corp. | 201,554 | 9,570 |
The Macerich Co. REIT | 147,436 | 9,259 |
Student Loan Corp. | 50,276 | 9,251 |
Health Care Properties Investors REIT | 330,772 | 9,159 |
Liberty Property Trust REIT | 211,055 | 9,118 |
Nuveen Investments, Inc. Class A | 230,186 | 9,085 |
People's Bank | 233,553 | 9,083 |
*The First Marblehead Corp. | 160,704 | 9,040 |
*Markel Corp. | 24,546 | 8,935 |
Independence Community Bank Corp. | 209,313 | 8,913 |
Eaton Vance Corp. | 168,269 | 8,775 |
Commerce Bancshares, Inc. | 172,991 | 8,684 |
City National Corp. | 122,276 | 8,639 |
Weingarten Realty Investors REIT | 213,331 | 8,555 |
A.G. Edwards&Sons, Inc. | 197,456 | 8,532 |
Mills Corp. REIT | 133,678 | 8,523 |
*CheckFree Corp. | 223,350 | 8,505 |
Regency Centers Corp. REIT | 151,774 | 8,408 |
AMB Property Corp. REIT | 205,999 | 8,320 |
Erie Indemnity Co. Class A | 157,242 | 8,266 |
Investors Financial Services Corp. | 165,192 | 8,256 |
Mercury General Corp. | 135,841 | 8,140 |
United Dominion Realty Trust REIT | 321,911 | 7,983 |
Catellus Development Corp. REIT | 255,607 | 7,822 |
First American Corp. | 220,800 | 7,759 |
Unitrin, Inc. | 170,553 | 7,752 |
Hospitality Properties Trust REIT | 167,476 | 7,704 |
Astoria Financial Corp. | 190,654 | 7,620 |
New Century REIT, Inc. | 118,566 | 7,578 |
Sky Financial Group, Inc. | 263,259 | 7,548 |
Reinsurance Group of America, Inc. | 155,410 | 7,530 |
*CapitalSource Inc. | 293,067 | 7,523 |
*Conseco, Inc. | 375,663 | 7,494 |
Brown&Brown, Inc. | 171,772 | 7,481 |
Arthur J. Gallagher&Co. | 229,014 | 7,443 |
Protective Life Corp. | 172,901 | 7,381 |
*BOK Financial Corp. | 147,610 | 7,197 |
Trizec Properties, Inc. REIT | 378,604 | 7,163 |
Colonial BancGroup, Inc. | 332,855 | 7,067 |
Fulton Financial Corp. | 302,729 | 7,057 |
Page 17
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Mack-Cali Realty Corp. REIT | 150,952 | 6,948 |
New Plan Excel Realty Trust REIT | 254,825 | 6,901 |
Friedman, Billings, Ramsey Group, Inc. REIT | 355,777 | 6,899 |
Valley National Bancorp | 246,305 | 6,810 |
American National Insurance Co. | 65,016 | 6,772 |
Webster Financial Corp. | 133,571 | 6,764 |
Federal Realty Investment Trust REIT | 129,125 | 6,669 |
Bank of Hawaii Corp. | 131,127 | 6,653 |
Capitol Federal Financial | 183,051 | 6,590 |
Fair, Isaac, Inc. | 175,702 | 6,445 |
First BanCorp Puerto Rico | 100,233 | 6,366 |
Pan Pacific Retail Properties, Inc. REIT | 100,879 | 6,325 |
Cullen/Frost Bankers, Inc. | 128,449 | 6,243 |
W Holding Co., Inc. | 271,492 | 6,228 |
Arden Realty Group, Inc. REIT | 163,319 | 6,160 |
Rayonier Inc. REIT | 123,753 | 6,053 |
FirstMerit Corp. | 211,615 | 6,029 |
Thornburg Mortgage, Inc. REIT | 206,946 | 5,993 |
Wilmington Trust Corp. | 165,491 | 5,983 |
Westcorp, Inc. | 129,326 | 5,940 |
*CB Richard Ellis Group, Inc. | 175,956 | 5,903 |
Annaly Mortgage Management Inc. REIT | 300,051 | 5,887 |
CBL&Associates Properties, Inc. REIT | 76,919 | 5,873 |
SL Green Realty Corp. REIT | 96,589 | 5,848 |
StanCorp Financial Group, Inc. | 70,801 | 5,841 |
Reckson Associates Realty Corp. REIT | 175,748 | 5,766 |
CenterPoint Properties Corp. REIT | 120,306 | 5,761 |
Ventas, Inc. REIT | 209,663 | 5,747 |
American Financial Group, Inc. | 183,486 | 5,745 |
The South Financial Group, Inc. | 176,059 | 5,727 |
Raymond James Financial, Inc. | 183,794 | 5,694 |
Jefferies Group, Inc. | 141,229 | 5,689 |
HRPT Properties Trust REIT | 442,438 | 5,676 |
Certegy, Inc. | 158,272 | 5,623 |
Global Payments Inc. | 94,467 | 5,530 |
Nationwide Financial Services, Inc. | 141,029 | 5,392 |
*Alleghany Corp. | 18,884 | 5,387 |
HCC Insurance Holdings, Inc. | 161,057 | 5,334 |
East West Bancorp, Inc. | 125,658 | 5,273 |
IndyMac Bancorp, Inc. | 152,367 | 5,249 |
WFS Financial, Inc. | 103,132 | 5,237 |
Washington Federal Inc. | 195,042 | 5,176 |
UCBH Holdings, Inc. | 112,962 | 5,176 |
Camden Property Trust REIT | 99,631 | 5,081 |
*Interactive Data Corp. | 233,197 | 5,070 |
Shurgard Storage Centers, Inc. Class A REIT | 114,834 | 5,054 |
BRE Properties Inc. Class A REIT | 125,021 | 5,040 |
International Bancshares Corp. | 127,430 | 5,018 |
*Instinet Group Inc. | 830,794 | 5,010 |
*Affiliated Managers Group, Inc. | 73,913 | 5,007 |
Realty Income Corp. REIT | 98,816 | 4,998 |
Commerce Group, Inc. | 81,778 | 4,992 |
Waddell&Reed Financial, Inc. | 206,142 | 4,925 |
*BISYS Group, Inc. | 299,369 | 4,925 |
Health Care Inc. REIT | 128,896 | 4,917 |
Park National Corp. | 35,910 | 4,866 |
Fremont General Corp. | 192,564 | 4,849 |
Essex Property Trust, Inc. REIT | 57,383 | 4,809 |
Healthcare Realty Trust Inc. REIT | 117,460 | 4,781 |
Page 18
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Cathay General Bancorp | 124,924 | 4,685 |
MoneyGram International, Inc. | 221,234 | 4,677 |
Deluxe Corp. | 124,700 | 4,655 |
BancorpSouth, Inc. | 190,807 | 4,650 |
Westamerica Bancorporation | 79,288 | 4,623 |
Whitney Holdings Corp. | 102,040 | 4,591 |
FactSet Research Systems Inc. | 77,614 | 4,536 |
Crescent Real Estate, Inc. REIT | 248,316 | 4,534 |
Trustmark Corp. | 145,266 | 4,513 |
CarrAmerica Realty Corp. REIT | 135,771 | 4,480 |
Jack Henry&Associates Inc. | 224,256 | 4,465 |
American Financial Realty Trust REIT | 275,495 | 4,458 |
AmerUs Group Co. | 97,754 | 4,428 |
Hudson United Bancorp | 112,215 | 4,419 |
*Allmerica Financial Corp. | 132,852 | 4,361 |
NewAlliance Bancshares, Inc. | 285,035 | 4,361 |
Old National Bancorp | 165,822 | 4,288 |
Prentiss Properties Trust REIT | 112,026 | 4,279 |
First Midwest Bancorp, Inc. | 116,050 | 4,211 |
Equity One, Inc. REIT | 177,316 | 4,208 |
First Industrial Realty Trust REIT | 102,871 | 4,190 |
United Bankshares, Inc. | 108,267 | 4,130 |
Odyssey Re Holdings Corp. | 163,028 | 4,110 |
*La Quinta Corp. REIT | 445,505 | 4,050 |
Southwest Bancorporation of Texas, Inc. | 172,704 | 4,022 |
Texas Regional Bancshares, Inc. | 122,155 | 3,992 |
*Silicon Valley Bancshares | 88,959 | 3,987 |
Downey Financial Corp. | 69,874 | 3,983 |
*Kronos, Inc. | 77,247 | 3,950 |
Nationwide Health Properties, Inc. REIT | 165,903 | 3,940 |
UICI | 116,034 | 3,934 |
Brandywine Realty Trust REIT | 133,626 | 3,927 |
Pacific Capital Bancorp | 114,419 | 3,889 |
First Citizens BancShares Class A | 26,173 | 3,880 |
Provident Financial Services Inc. | 199,911 | 3,872 |
Pennsylvania REIT | 90,063 | 3,855 |
Heritage Property Investment Trust REIT | 116,667 | 3,744 |
Taubman Co. REIT | 124,772 | 3,737 |
Highwood Properties, Inc. REIT | 134,096 | 3,714 |
Citizens Banking Corp. | 107,970 | 3,709 |
Cousins Properties, Inc. REIT | 122,246 | 3,700 |
Impac Mortgage Holdings, Inc. REIT | 162,808 | 3,691 |
*Philadelphia Consolidated Holding Corp. | 55,626 | 3,679 |
*United Rentals, Inc. | 194,214 | 3,671 |
MAF Bancorp, Inc. | 81,519 | 3,654 |
Gabelli Asset Management Inc. | 75,297 | 3,653 |
GATX Corp. | 123,133 | 3,640 |
*Nelnet, Inc. | 135,000 | 3,636 |
Alexandria Real Estate Equities, Inc. REIT | 48,502 | 3,609 |
BlackRock, Inc. | 46,693 | 3,608 |
Delphi Financial Group, Inc. | 78,090 | 3,604 |
Home Properties, Inc. REIT | 83,120 | 3,574 |
Greater Bay Bancorp | 127,929 | 3,567 |
*Ohio Casualty Corp. | 153,546 | 3,564 |
Redwood Trust, Inc. REIT | 57,076 | 3,544 |
Washington REIT | 104,353 | 3,534 |
Santander BanCorp | 117,019 | 3,529 |
Global Signal, Inc. REIT | 126,100 | 3,473 |
Post Properties, Inc. REIT | 99,347 | 3,467 |
Page 19
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Flagstar Bancorp, Inc. | 153,086 | 3,460 |
American Home Mortgage Investment Corp. REIT | 100,262 | 3,434 |
Corus Bankshares Inc. | 69,588 | 3,341 |
Chittenden Corp. | 115,166 | 3,309 |
Novastar Financial, Inc. REIT | 66,750 | 3,304 |
Capital Automotive REIT | 92,014 | 3,269 |
Hilb, Rogal and Hamilton Co. | 89,508 | 3,244 |
*Arch Capital Group Ltd. | 83,657 | 3,237 |
National Financial Partners Corp. | 83,407 | 3,236 |
CVB Financial Corp. | 121,593 | 3,230 |
*Knight Trading Group, Inc. | 290,248 | 3,178 |
*CompuCredit Corp. | 115,516 | 3,158 |
Commercial Capital Bancorp, Inc. | 133,316 | 3,090 |
UMB Financial Corp. | 54,223 | 3,072 |
Selective Insurance Group | 69,402 | 3,070 |
Alfa Corp. | 201,135 | 3,054 |
*Jones Lang Lasalle Inc. | 81,370 | 3,044 |
Kilroy Realty Corp. REIT | 70,984 | 3,035 |
Senior Housing Properties Trust REIT | 159,839 | 3,027 |
Northwest Bancorp, Inc. | 120,472 | 3,023 |
MB Financial, Inc. | 71,332 | 3,007 |
Provident Bankshares Corp. | 82,469 | 2,999 |
Saxon Inc. REIT | 124,497 | 2,987 |
BankAtlantic Bancorp, Inc. Class A | 148,925 | 2,964 |
The Phoenix Cos., Inc. | 236,633 | 2,958 |
Commercial Federal Corp. | 99,095 | 2,944 |
Maguire Properties, Inc. REIT | 106,524 | 2,925 |
21st Century Insurance Group | 214,897 | 2,923 |
Wintrust Financial Corp. | 51,277 | 2,921 |
First Niagara Financial Group, Inc. | 208,788 | 2,913 |
Susquehanna Bancshares, Inc. | 116,053 | 2,896 |
*eFunds Corp. | 120,435 | 2,892 |
R&G Financial Corp. Class B | 73,822 | 2,870 |
*Sotheby's Holdings Class A | 157,762 | 2,865 |
*ProAssurance Corp. | 72,928 | 2,852 |
Newcastle Investment Corp. REIT | 88,619 | 2,816 |
Umpqua Holdings Corp. | 110,146 | 2,777 |
Hancock Holding Co. | 81,777 | 2,736 |
Entertainment Properties Trust REIT | 61,347 | 2,733 |
Lexington Corporate Properties Trust REIT | 120,618 | 2,724 |
First Commonwealth Financial Corp. | 174,704 | 2,689 |
Republic Bancorp, Inc. | 175,910 | 2,688 |
*Alexander's, Inc. REIT | 12,465 | 2,680 |
Colonial Properties Trust REIT | 68,075 | 2,673 |
Commercial Net Lease Realty REIT | 129,624 | 2,670 |
*Credit Acceptance Corp. | 104,754 | 2,666 |
Inland Real Estate Corp. REIT | 166,758 | 2,660 |
Alabama National BanCorporation | 40,954 | 2,641 |
Gables Residential Trust REIT | 73,226 | 2,621 |
R.L.I. Corp. | 62,888 | 2,614 |
Chemical Financial Corp. | 60,153 | 2,582 |
*Accredited Home Lenders Holding Co. | 51,948 | 2,581 |
Summit Properties, Inc. REIT | 78,728 | 2,563 |
State Auto Financial Corp. | 99,056 | 2,561 |
TrustCo Bank NY | 185,589 | 2,559 |
Corporate Office Properties Trust, Inc. REIT | 86,225 | 2,531 |
John H. Harland Co. | 69,793 | 2,520 |
Central Pacific Financial Co. | 69,643 | 2,519 |
LandAmerica Financial Group, Inc. | 46,560 | 2,511 |
Page 20
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
S&T Bancorp, Inc. | 65,975 | 2,487 |
PS Business Parks, Inc. REIT | 54,511 | 2,458 |
Glimcher Realty Trust REIT | 88,609 | 2,455 |
United Community Banks, Inc. | 89,397 | 2,407 |
Brookline Bancorp, Inc. | 147,367 | 2,405 |
Zenith National Insurance Corp. | 48,124 | 2,399 |
Bank Mutual Corp. | 196,963 | 2,397 |
*BankUnited Financial Corp. | 74,573 | 2,383 |
Waypoint Financial Corp. | 83,435 | 2,365 |
F.N.B. Corp. | 115,506 | 2,352 |
*Investment Technology Group, Inc. | 116,892 | 2,338 |
*Piper Jaffray Cos., Inc. | 48,434 | 2,322 |
*Universal American Financial Corp. | 148,640 | 2,299 |
PFF Bancorp, Inc. | 48,649 | 2,254 |
*FelCor Lodging Trust, Inc. REIT | 152,214 | 2,230 |
LaSalle Hotel Properties REIT | 70,034 | 2,229 |
*Metris Cos., Inc. | 174,629 | 2,227 |
*Sterling Financial Corp. | 56,479 | 2,217 |
Greenhill&Co., Inc. | 77,100 | 2,213 |
*Triad Guaranty, Inc. | 36,550 | 2,211 |
Hanmi Financial Corp. | 61,238 | 2,201 |
*Signature Bank | 67,914 | 2,198 |
Charter Financial Corp. | 49,371 | 2,166 |
Infinity Property&Casualty Corp. | 61,435 | 2,163 |
Tanger Factory Outlet Centers, Inc. REIT | 81,692 | 2,162 |
*First Federal Financial Corp. | 40,952 | 2,124 |
Frontier Financial Corp. | 54,829 | 2,117 |
National Penn Bancshares Inc. | 76,323 | 2,114 |
Horace Mann Educators Corp. | 110,215 | 2,103 |
Cash America International Inc. | 70,672 | 2,101 |
Mid-America Apartment Communities, Inc. REIT | 50,951 | 2,100 |
First Republic Bank | 39,607 | 2,099 |
NBT Bancorp, Inc. | 81,420 | 2,094 |
*Financial Federal Corp. | 53,218 | 2,086 |
Glacier Bancorp, Inc. | 61,231 | 2,084 |
Harbor Florida Bancshares, Inc. | 59,922 | 2,074 |
*Euronet Worldwide, Inc. | 79,606 | 2,071 |
Stewart Information Services Corp. | 49,593 | 2,066 |
*iPayment Holdings, Inc. | 41,581 | 2,059 |
*NCO Group, Inc. | 79,612 | 2,058 |
FBL Financial Group, Inc. Class A | 71,919 | 2,053 |
Main Street Banks, Inc. | 58,736 | 2,052 |
Equity Lifestyle Properties, Inc. REIT | 57,363 | 2,051 |
United Fire&Casualty Co. | 60,522 | 2,040 |
Community Bank System, Inc. | 71,936 | 2,032 |
Great American Financial Resources, Inc. | 116,858 | 2,030 |
AMLI Residential Properties Trust REIT | 63,335 | 2,027 |
Mid-State Bancshares | 70,669 | 2,025 |
Glenborough Realty Trust, Inc. REIT | 94,993 | 2,021 |
*Asset Acceptance Capital Corp. | 94,863 | 2,021 |
EastGroup Properties, Inc. REIT | 52,624 | 2,017 |
National Health Investors REIT | 69,024 | 2,014 |
Amcore Financial, Inc. | 62,423 | 2,009 |
Irwin Financial Corp. | 70,503 | 2,002 |
Getty Realty Holding Corp. REIT | 68,566 | 1,970 |
First Charter Corp. | 74,723 | 1,956 |
*Portfolio Recovery Associates, Inc. | 47,106 | 1,942 |
First Financial Bancorp | 109,831 | 1,922 |
Boston Private Financial Holdings, Inc. | 68,186 | 1,921 |
Page 21
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Anthracite Capital Inc. REIT | 155,203 | 1,918 |
Sun Communities, Inc. REIT | 47,631 | 1,917 |
Saul Centers, Inc. REIT | 49,947 | 1,910 |
RAIT Investment Trust REIT | 67,775 | 1,896 |
Sovran Self Storage, Inc. REIT | 44,866 | 1,891 |
First Financial Bankshares, Inc. | 41,722 | 1,870 |
Harleysville Group, Inc. | 78,204 | 1,867 |
Advanta Corp. Class A | 82,172 | 1,859 |
Sterling Bancshares, Inc. | 129,740 | 1,851 |
BancFirst Corp. | 23,282 | 1,839 |
Westbanco Inc. | 57,018 | 1,823 |
Hudson River Bancorp, Inc. | 91,806 | 1,817 |
*Argonaut Group, Inc. | 85,920 | 1,815 |
Strategic Hotel Capital, Inc. REIT | 108,600 | 1,792 |
MFA Mortgage Investments, Inc. REIT | 202,730 | 1,788 |
Harleysville National Corp. | 66,521 | 1,769 |
Parkway Properties Inc. REIT | 34,650 | 1,758 |
Dime Community Bancshares | 98,085 | 1,757 |
*National Western Life Insurance Co. Class A | 10,503 | 1,750 |
Kansas City Life Insurance Co. | 36,941 | 1,747 |
Independent Bank Corp. (MI) | 58,522 | 1,746 |
Bank of the Ozarks, Inc. | 50,614 | 1,722 |
Prosperity Bancshares, Inc. | 58,959 | 1,722 |
*USI Holdings Corp. | 146,672 | 1,697 |
NDCHealth Corp. | 91,111 | 1,694 |
Oriental Financial Group Inc. | 59,703 | 1,690 |
Innkeepers USA Trust REIT | 117,515 | 1,669 |
CRT Properties, Inc. REIT | 69,889 | 1,668 |
*Advent Software, Inc. | 81,383 | 1,667 |
Sterling Financial Corp. (PA) | 58,126 | 1,666 |
Cornerstone Realty Income Trust, Inc. REIT | 166,500 | 1,662 |
*HealthExtras, Inc. | 101,806 | 1,659 |
Anchor Bancorp Wisconsin Inc. | 56,835 | 1,657 |
*Encore Capital Group, Inc. | 69,385 | 1,650 |
*World Acceptance Corp. | 59,739 | 1,643 |
*Ocwen Financial Corp. | 171,757 | 1,642 |
*CNA Surety Corp. | 121,840 | 1,627 |
Sunstone Hotel Investors, Inc. | 78,169 | 1,624 |
*Digital Insight Corp. | 88,202 | 1,623 |
*S1 Corp. | 178,828 | 1,620 |
Sterling Bancorp | 56,617 | 1,599 |
Independent Bank Corp. (MA) | 47,287 | 1,596 |
KNBT Bancorp Inc. | 94,369 | 1,595 |
Affordable Residential Communities REIT | 109,754 | 1,575 |
Riggs National Corp. | 73,616 | 1,565 |
City Holding Co. | 42,201 | 1,529 |
First Merchants Corp. | 53,852 | 1,524 |
Great Southern Bancorp, Inc. | 43,470 | 1,521 |
Safety Insurance Group, Inc. | 48,789 | 1,520 |
Provident Bancorp, Inc. | 113,217 | 1,493 |
Gold Banc Corp., Inc. | 100,887 | 1,475 |
U.S.B. Holding Co., Inc. | 59,074 | 1,471 |
IBERIABANK Corp. | 21,985 | 1,459 |
WSFS Financial Corp. | 24,080 | 1,453 |
Town&Country Trust REIT | 52,553 | 1,452 |
Community Trust Bancorp Inc. | 44,802 | 1,450 |
*U-Store-It Trust | 83,518 | 1,449 |
Bedford Property Investors, Inc. REIT | 50,446 | 1,433 |
*MeriStar Hospitality Corp. REIT | 171,536 | 1,432 |
Page 22
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Partners Trust Financial Group, Inc. | 122,122 | 1,423 |
Bristol West Holdings, Inc. | 70,300 | 1,406 |
PrivateBancorp, Inc. | 43,266 | 1,394 |
First Community Bancorp | 32,300 | 1,379 |
*eSPEED, Inc. Class A | 110,581 | 1,368 |
Ramco-Gershenson Properties Trust REIT | 41,839 | 1,349 |
*Calamos Asset Management, Inc. | 49,900 | 1,347 |
*LaBranche&Co. Inc. | 149,819 | 1,342 |
Midland Co. | 42,820 | 1,339 |
First Financial Holdings, Inc. | 40,810 | 1,336 |
Simmons First National Corp. | 46,109 | 1,335 |
American Equity Investment Life Holding Co. | 123,800 | 1,333 |
Investors Real Estate Trust REIT | 126,892 | 1,331 |
*First Cash Financial Services, Inc. | 48,923 | 1,307 |
Placer Sierra Bancshares | 45,916 | 1,306 |
Baldwin&Lyons, Inc. Class B | 48,384 | 1,296 |
*ITLA Capital Corp. | 21,919 | 1,289 |
Flushing Financial Corp. | 64,061 | 1,285 |
Fidelity Bankshares, Inc. | 29,784 | 1,274 |
Universal Health Realty Income REIT | 39,633 | 1,273 |
*Navigators Group, Inc. | 42,137 | 1,269 |
*FPIC Insurance Group, Inc. | 35,791 | 1,266 |
Suffolk Bancorp | 36,278 | 1,264 |
Sandy Spring Bancorp, Inc. | 32,873 | 1,260 |
Omega Healthcare Investors, Inc. REIT | 106,434 | 1,256 |
TriCo Bancshares | 53,664 | 1,256 |
Integra Bank Corp. | 53,849 | 1,244 |
Anworth Mortgage Asset Corp. REIT | 116,011 | 1,242 |
Midwest Banc Holdings, Inc. | 56,342 | 1,232 |
Capital City Bank Group, Inc. | 29,269 | 1,223 |
Net.Bank, Inc. | 116,811 | 1,216 |
Columbia Banking System, Inc. | 48,649 | 1,216 |
First Financial Corp. (IN) | 34,544 | 1,210 |
First Busey Corp. | 57,591 | 1,202 |
*Ace Cash Express, Inc. | 40,479 | 1,201 |
Arbor Realty Trust, Inc. REIT | 48,800 | 1,198 |
Yardville National Bancorp | 34,680 | 1,188 |
*Eurobancshares, Inc. | 56,381 | 1,184 |
ASTA Funding, Inc. | 44,072 | 1,183 |
Unizan Financial Corp. | 44,717 | 1,178 |
Cascade Bancorp | 58,272 | 1,178 |
*Danielson Holdings Corp. | 139,150 | 1,176 |
*TNS Inc. | 53,800 | 1,176 |
United Community Financial Corp. | 104,642 | 1,172 |
*Sun Bancorp, Inc. (NJ) | 46,780 | 1,169 |
Washington Trust Bancorp, Inc. | 39,752 | 1,165 |
Banner Corp. | 37,304 | 1,164 |
First Place Financial Corp. | 51,098 | 1,144 |
Urstadt Biddle Properties Class A REIT | 66,994 | 1,142 |
Presidential Life Corp. | 67,263 | 1,141 |
*CCC Information Services Group | 51,307 | 1,140 |
SWS Group, Inc. | 51,978 | 1,139 |
*Franklin Bank Corp. | 62,129 | 1,134 |
Kramont Realty Trust REIT | 48,365 | 1,132 |
Correctional Properties Trust REIT | 38,984 | 1,126 |
Seacoast Banking Corp. of Florida | 50,581 | 1,125 |
*American Physicians Capital, Inc. | 31,215 | 1,124 |
BioMed Realty Trust, Inc. REIT | 50,600 | 1,124 |
OceanFirst Financial Corp. | 45,589 | 1,124 |
Page 23
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
MortgageIT Holdings Inc. | 62,129 | 1,115 |
First Source Corp. | 42,954 | 1,096 |
*United PanAm Financial Corp. | 57,044 | 1,087 |
Equity Inns, Inc. REIT | 92,286 | 1,083 |
S.Y. Bancorp, Inc. | 44,461 | 1,072 |
Acadia Realty Trust REIT | 64,467 | 1,051 |
Peoples Holding Co. | 31,534 | 1,044 |
Capitol Bancorp Ltd. | 29,403 | 1,036 |
U.S. Restaurant Properties, Inc. REIT | 56,522 | 1,021 |
Nara Bancorp, Inc. | 47,970 | 1,020 |
Kite Realty Group Trust REIT | 66,700 | 1,019 |
Winston Hotels, Inc. REIT | 85,797 | 1,013 |
GMH Communities Trust | 71,248 | 1,005 |
*Virginia Commerce Bancorp, Inc. | 34,989 | 991 |
*Texas Capital Bancshares, Inc. | 45,628 | 986 |
NYMAGIC, Inc. | 38,969 | 986 |
*PICO Holdings, Inc. | 47,383 | 984 |
Capital Corp. of the West | 20,897 | 982 |
Ashford Hospitality Trust REIT | 89,937 | 978 |
Cross Timbers Royalty Trust | 24,295 | 969 |
*Central Coast Bancorp | 41,689 | 963 |
*PMA Capital Corp. Class A | 92,916 | 962 |
Omega Financial Corp. | 28,011 | 960 |
McGrath RentCorp | 21,963 | 958 |
Gramercy Capital Corp. REIT | 46,300 | 954 |
Old Second Bancorp, Inc. | 29,648 | 945 |
*Criimi Mae, Inc. REIT | 58,667 | 945 |
*MarketAxess Holdings, Inc. | 55,100 | 937 |
Summit Bancshares, Inc. | 24,635 | 924 |
Luminent Mortgage Capital, Inc. REIT | 77,600 | 923 |
Sanders Morris Harris Group Inc. | 51,294 | 914 |
*Citizens, Inc. | 143,283 | 913 |
Value Line, Inc. | 23,074 | 905 |
*Capital Crossing Bank | 29,451 | 904 |
*Huron Consulting Group Inc. | 40,615 | 902 |
*Tradestation Group Inc. | 128,173 | 900 |
*E-LOAN, Inc. | 264,626 | 894 |
Bank of Granite Corp. | 42,680 | 892 |
Farmers Capital Bank Corp. | 21,567 | 889 |
*Marlin Business Services Inc. | 46,164 | 877 |
Columbia Bancorp | 25,387 | 868 |
Greater Delaware Valley Savings Bank | 21,632 | 855 |
*AmericanWest Bancorporation | 42,163 | 854 |
*HomeStore, Inc. | 280,904 | 851 |
Highland Hospitality Corp. REIT | 75,300 | 846 |
Mainsource Financial Group, Inc. | 35,289 | 843 |
Cohen&Steers, Inc. | 51,400 | 835 |
Pennfed Financial Services, Inc. | 51,660 | 831 |
BostonFed Bancorp, Inc. | 18,340 | 830 |
Crawford&Co. Class B | 110,293 | 827 |
Donegal Group Inc. | 37,054 | 824 |
Associated Estates Realty Corp. REIT | 80,372 | 821 |
Tompkins Trustco, Inc. | 15,033 | 804 |
*Heritage Commerce Corp. | 41,697 | 793 |
HMN Financial, Inc. | 24,358 | 793 |
Medallion Financial Corp. | 81,562 | 791 |
State Financial Services Corp. Class A | 26,148 | 787 |
Horizon Financial Corp. | 38,004 | 782 |
*Bancorp Inc. | 48,618 | 778 |
Page 24
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Sound Federal Bancorp Inc. | 47,767 | 776 |
American Land Lease, Inc. REIT | 34,414 | 776 |
Affirmative Insurance Holdings, Inc. | 46,062 | 776 |
CoBiz Inc. | 38,083 | 773 |
ABC Bancorp | 36,588 | 768 |
Capital Trust Class A REIT | 24,597 | 755 |
Mission West Properties Inc. REIT | 70,476 | 750 |
Sizeler Property Investors, Inc. REIT | 63,554 | 749 |
Cavalry Bancorp, Inc. | 33,010 | 747 |
*Cardinal Financial Corp. | 66,679 | 743 |
First of Long Island Corp. | 14,713 | 742 |
Interchange Financial Services Corp. | 28,364 | 735 |
*Ceres Group, Inc. | 142,134 | 733 |
*QC Holdings Inc. | 38,250 | 733 |
Redwood Empire Bancorp | 24,613 | 729 |
*Collegiate Funding Services, Inc. | 51,539 | 726 |
Merchants Bancshares, Inc. | 24,977 | 724 |
The Washington Savings Bank | 45,300 | 723 |
*Boykin Lodging Co. REIT | 78,289 | 717 |
Heritage Financial Corp. | 32,313 | 715 |
*Stifel Financial Corp. | 34,048 | 713 |
Republic Bancorp, Inc. Class A | 27,527 | 707 |
Century Bancorp, Inc. Class A | 23,950 | 707 |
Clifton Savings Bancorp, Inc. | 58,106 | 706 |
Onyx Acceptance Corp. | 25,118 | 702 |
*Newtek Business Services, Inc. | 158,909 | 696 |
Parkvale Financial Corp. | 23,931 | 689 |
Community Banks, Inc. | 24,423 | 688 |
*PRG-Schultz International, Inc. | 135,155 | 680 |
Ohio Valley Banc Corp. | 20,621 | 678 |
Newmil Bancorp, Inc. | 21,389 | 677 |
BNP Residential Properties, Inc. REIT | 42,000 | 676 |
BWC Financial Corp. | 29,869 | 675 |
FNB Financial Services Corp. | 29,526 | 673 |
Digital Realty Trust, Inc. | 49,700 | 669 |
CityBank Lynnwood WA | 18,509 | 669 |
LTC Properties, Inc. REIT | 33,579 | 669 |
North Valley Bancorp | 34,375 | 668 |
HomeBanc Corp. REIT | 68,700 | 665 |
Bimini Mortgage Management, Inc. | 41,388 | 665 |
First Bancorp (NC) | 24,435 | 664 |
First Albany Cos. Inc. | 68,126 | 661 |
*Rewards Network Inc. | 94,318 | 660 |
Willow Grove Bancorp, Inc. | 34,774 | 659 |
Penn-America Group, Inc. | 43,480 | 657 |
West Coast Bancorp | 25,692 | 653 |
*Republic First Bancorp, Inc. | 42,515 | 650 |
Extra Space Storage Inc. REIT | 48,600 | 648 |
Lakeland Financial Corp. | 16,307 | 647 |
BRT Realty Trust REIT | 26,563 | 647 |
New York Mortgage Trust, Inc. REIT | 57,200 | 641 |
Capital Title Group, Inc. | 111,398 | 632 |
CFS Bancorp, Inc. | 44,201 | 631 |
First Oak Brook Bancshares, Inc. | 19,406 | 629 |
Capstead Mortgage Corp. REIT | 58,244 | 614 |
California National Bancorp | 48,435 | 613 |
Government Properties Trust, Inc. REIT | 62,200 | 613 |
Vesta Insurance Group, Inc. | 166,128 | 611 |
MutualFirst Financial Inc. | 25,077 | 611 |
Page 25
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*American Independence Corp. | 41,652 | 609 |
Union Bankshares Corp. | 15,824 | 608 |
*SCPIE Holdings Inc. | 60,835 | 602 |
FLAG Financial Corp. | 39,479 | 597 |
*TheStreet.com, Inc. | 145,930 | 595 |
Financial Institutions, Inc. | 25,554 | 594 |
Pennrock Financial Services Corp. | 15,259 | 594 |
Urstadt Biddle Properties REIT | 36,600 | 591 |
Chester Valley Bancorp | 26,721 | 586 |
Commercial Bankshares, Inc. | 15,165 | 584 |
Independence Holding Co. | 31,629 | 584 |
Sunset Financial Resources, Inc. | 56,000 | 583 |
*Meadowbrook Insurance Group, Inc. | 115,631 | 577 |
PVF Capital Corp. | 41,300 | 570 |
Greater Community Bancorp | 34,660 | 569 |
TF Financial Corp. | 17,734 | 567 |
*Banc Corp. | 68,772 | 567 |
Home Federal Bancorp | 22,426 | 566 |
Oak Hill Financial, Inc. | 14,508 | 563 |
LSB Bancshares, Inc. | 33,577 | 562 |
Community Capital Corp. | 23,310 | 562 |
Capital Bank Corp. | 30,514 | 560 |
Coastal Financial Corp. | 29,111 | 558 |
NASB Financial Inc. | 13,935 | 557 |
Royal Bancshares of Pennsylvania, Inc. | 20,399 | 551 |
Arrow Financial Corp. | 17,772 | 551 |
First Indiana Corp. | 24,392 | 549 |
Guaranty Federal Bancshares, Inc. | 22,690 | 546 |
*Matrix Bancorp, Inc. | 43,596 | 545 |
Electro Rent Corp. | 37,988 | 541 |
FirstBank Corp. | 18,983 | 539 |
American Mortgage Acceptance Co. REIT | 31,328 | 539 |
Cooperative Bankshares, Inc. | 19,455 | 531 |
*Intersections Inc. | 30,679 | 529 |
Falcon Financial Investment Trust REIT | 75,491 | 528 |
*Hypercom Corp. | 89,101 | 527 |
First Financial Service Corp. | 20,245 | 524 |
Timberland Bancorp, Inc. | 22,769 | 520 |
Unity Bancorp, Inc. | 40,578 | 519 |
American Campus Communities, Inc. REIT | 22,900 | 515 |
Camden National Corp. | 13,003 | 512 |
One Liberty Properties, Inc. REIT | 24,700 | 512 |
Mystic Financial, Inc. | 12,277 | 511 |
German American Bancorp | 31,738 | 511 |
Rainier Pacific Financial Group Inc. | 28,504 | 510 |
Capital Lease Funding, Inc. REIT | 40,700 | 509 |
*CyberSource Corp. | 70,409 | 503 |
Hanover Capital Mortgage Holdings, Inc. REIT | 46,400 | 501 |
Landmark Bancorp Inc. | 17,381 | 500 |
Jefferson Bancshares, Inc. | 37,800 | 497 |
*Ameriserv Financial Inc. | 95,499 | 496 |
Foothill Independent Bancorp. | 20,963 | 492 |
*MicroFinancial Inc. | 131,155 | 492 |
Peoples Bancorp, Inc. | 17,911 | 491 |
Southwest Bancorp, Inc. | 19,987 | 489 |
Merrill Merchants Bancshares, Inc. | 22,520 | 486 |
Citizens South Banking Corp. | 33,813 | 482 |
Belmont Bancorp | 78,257 | 480 |
BancTrust Financial Group, Inc. | 19,289 | 475 |
Page 26
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Agree Realty Corp. REIT | 14,821 | 470 |
*Willis Lease Finance Corp. | 59,845 | 467 |
PMC Commercial Trust REIT | 30,704 | 466 |
First M&F Corp. | 13,703 | 464 |
K-Fed Bancorp | 30,956 | 463 |
Citizens First Financial Corp. | 14,081 | 459 |
First Potomac REIT | 19,989 | 456 |
ProCentury Corp. | 36,065 | 447 |
Peoples Bancorp of North Carolina | 23,179 | 447 |
Humphrey Hospitality Trust, Inc. REIT | 114,208 | 444 |
Peoples BancTrust Co., Inc. | 26,400 | 439 |
Monmouth Real Estate Investment Corp. REIT | 50,697 | 437 |
Maxcor Financial Group Inc. | 49,067 | 435 |
*Carreker Corp. | 50,032 | 430 |
Provident Financial Holdings, Inc. | 14,800 | 427 |
National Health Realty Inc. REIT | 21,161 | 423 |
*BNCCORP, Inc. | 25,005 | 415 |
Wainwright Bank&Trust Co. | 33,376 | 412 |
United Mobile Homes, Inc. REIT | 26,006 | 409 |
Merchants Group, Inc. | 17,050 | 409 |
First Mutual Bancshares, Inc. | 15,713 | 408 |
*Consumer Portfolio Services, Inc. | 83,028 | 404 |
Exchange National Bancshares, Inc. | 13,966 | 403 |
FFLC Bancorp, Inc. | 11,476 | 403 |
Peoples Community Bancorp | 17,032 | 403 |
Presidential Realty Corp. REIT | 40,700 | 399 |
*Standard Management Corp. | 121,328 | 397 |
*Corillian Corp. | 80,530 | 396 |
Union Community Bancorp | 20,398 | 385 |
MFB Corp. | 12,901 | 384 |
Shore Bancshares, Inc. | 10,471 | 380 |
First State Bancorporation | 10,262 | 377 |
FNB Corp. (VA) | 13,214 | 375 |
Central Bancorp, Inc. | 13,103 | 374 |
Westfield Financial, Inc. | 14,322 | 370 |
EMC Insurance Group, Inc. | 16,784 | 363 |
Cedar Shopping Centers, Inc. REIT | 25,200 | 360 |
PFS Bancorp, Inc. | 20,337 | 359 |
Summit Financial Corp. | 16,027 | 355 |
First United Corp. | 16,574 | 345 |
Northern States Financial Corp. | 11,057 | 343 |
*Bankrate, Inc. | 24,455 | 339 |
Bay View Capital Corp. | 21,764 | 333 |
First Federal Bancorp, Inc. | 24,817 | 329 |
Peapack Gladstone Financial Corp. | 10,419 | 329 |
Commercial National Financial Corp. | 14,835 | 326 |
Camco Financial Corp. | 20,803 | 320 |
First Midwest Financial, Inc. | 13,011 | 302 |
1st Independence Financial Group Inc. | 15,886 | 302 |
*Financial Industries Corp. | 37,626 | 295 |
ESB Financial Corp. | 19,993 | 289 |
FNB Corp. (NC) | 14,630 | 284 |
Eastern Virginia Bankshares, Inc. | 10,898 | 284 |
*Atlantic Coast Federal Corp. | 20,407 | 281 |
State Bancorp, Inc. | 10,129 | 279 |
Citizens 1st Bancorp, Inc. | 10,893 | 263 |
Center Bancorp, Inc. | 19,895 | 261 |
Berkshire Hills Bancorp, Inc. | 6,884 | 256 |
Massbank Corp. | 6,814 | 255 |
Page 27
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Portal Software, Inc. | 95,207 | 252 |
Community Bank of Northern Virginia | 13,725 | 247 |
Pamrapo Bancorp, Inc. | 9,980 | 247 |
Security Bank Corp. | 6,038 | 242 |
Westwood Holdings Group, Inc. | 11,926 | 235 |
Federal Agricultural Mortgage Corp. Class A | 13,288 | 229 |
*Advance America Cash Advance Centers Inc. | 9,500 | 217 |
*Prime Group Realty Trust REIT | 33,284 | 214 |
Berkshire Bancorp Inc. | 10,230 | 210 |
Bryn Mawr Bank Corp. | 8,975 | 197 |
Cotton States Life Insurance Co. | 9,747 | 197 |
American National Bankshares Inc. | 8,019 | 194 |
*Transcontinental Realty Investors, Inc. REIT | 12,803 | 182 |
*First Regional Bancorp | 3,300 | 178 |
Hersha Hospitality Trust REIT | 15,400 | 176 |
Origen Financial, Inc. REIT | 22,191 | 166 |
Tower Group, Inc. | 13,300 | 160 |
Delta Financial Corp. | 15,412 | 159 |
Assured Guaranty Ltd. | 7,900 | 155 |
*InsWeb Corp. | 55,315 | 152 |
First Defiance Financial Corp. | 5,212 | 148 |
AmeriVest Properties, Inc. REIT | 23,113 | 148 |
*Intelidata Technologies Corp. | 200,477 | 134 |
Cascade Financial Corp. | 7,047 | 132 |
First South Bancorp, Inc. | 4,719 | 121 |
Northeast Indiana Bancorp, Inc. | 5,832 | 120 |
*Macquarie Infrastructure Company Trust | 3,800 | 112 |
*KMG America Corporation | 9,500 | 105 |
*ZipRealty, Inc. | 5,500 | 98 |
*American Pacific Bank | 7,832 | 89 |
Northrim Bancorp Inc. | 3,642 | 86 |
First National Bankshares of Florida | 3,396 | 81 |
Fidelity Southern Corp. | 3,939 | 75 |
Woronoco Bancorp Inc. | 1,700 | 62 |
PAB Bankshares, Inc. | 4,397 | 58 |
Windrose Medical Properties Trust REIT | 3,800 | 55 |
*Eagle Hospitality Properties Trust Inc. | 3,700 | 38 |
Wilber Corp. | 2,800 | 34 |
BCSB Bankcorp, Inc. | 2,000 | 34 |
MetroCorp Bancshares, Inc. | 1,100 | 24 |
*Spirit Finance Corporation | 1,900 | 24 |
FMS Financial Corp. | 1,120 | 24 |
*Pacific Mercantile Bancorp | 1,300 | 23 |
*Pennsylvania Commerce Bancorp, Inc. | 300 | 19 |
*Horizon Group Properties, Inc. REIT | 3,415 | 19 |
*NorthStar Realty Finance Corp. REIT | 1,400 | 16 |
EFC Bancorp, Inc | 600 | 16 |
Gladstone Commercial Corp. REIT | 800 | 14 |
*Landenburg Thalmann Financial Services, Inc. | 18,943 | 11 |
*SI Financial Group, Inc. | 800 | 10 |
*Analytical Surveys, Inc. | 2,531 | 8 |
*Home Federal Bancorp, Inc. | 540 | 7 |
TIB Financial Corp. | 200 | 5 |
*Investors Capital Holdings, Ltd. | 1,000 | 4 |
*Diamond Hill Investment Group | 200 | 3 |
Aames Investment Corporation | 300 | 3 |
*Olympic Cascade Financial Corp. | 2,900 | 3 |
Page 28
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*SVB Financial Services | 105 | 2 |
*Pinnacle Holdings Inc. Warrants Exp. 11/13/2007 | 350 | -- |
2,125,528 | ||
Health Care (11.2%) | ||
*Genentech, Inc. | 2,612,652 | 142,233 |
*Patterson Cos. | 341,944 | 14,837 |
*Varian Medical Systems, Inc. | 340,920 | 14,741 |
*Sepracor Inc. | 218,327 | 12,962 |
*Kinetic Concepts, Inc. | 166,249 | 12,685 |
*PacifiCare Health Systems, Inc. | 214,394 | 12,118 |
*Coventry Health Care Inc. | 223,187 | 11,847 |
*Barr Pharmaceuticals Inc. | 260,075 | 11,844 |
DENTSPLY International Inc. | 200,616 | 11,275 |
*Celgene Corp. | 408,894 | 10,848 |
*Lincare Holdings, Inc. | 249,118 | 10,625 |
Beckman Coulter, Inc. | 152,807 | 10,237 |
*IVAX Corp. | 623,496 | 9,864 |
*DaVita, Inc. | 247,526 | 9,785 |
*ImClone Systems, Inc. | 205,473 | 9,468 |
*OSI Pharmaceuticals, Inc. | 123,645 | 9,255 |
*Millennium Pharmaceuticals, Inc. | 760,471 | 9,217 |
Omnicare, Inc. | 259,511 | 8,984 |
*Invitrogen Corp. | 131,304 | 8,814 |
*Health Net Inc. | 279,067 | 8,057 |
*Cytyc Corp. | 276,854 | 7,633 |
*Henry Schein, Inc. | 108,659 | 7,567 |
*Charles River Laboratories, Inc. | 160,887 | 7,402 |
*Cephalon, Inc. | 141,282 | 7,188 |
*Triad Hospitals, Inc. | 191,363 | 7,121 |
*Endo Pharmaceuticals Holdings, Inc. | 328,566 | 6,906 |
*American Pharmaceuticals Partners, Inc. | 175,292 | 6,558 |
Universal Health Services Class B | 145,059 | 6,455 |
*WebMD Corp. | 777,848 | 6,347 |
*Edwards Lifesciences Corp. | 148,861 | 6,142 |
*Community Health Systems, Inc. | 217,037 | 6,051 |
*Covance, Inc. | 156,113 | 6,049 |
*Dade Behring Holdings Inc. | 107,919 | 6,043 |
*Renal Care Group, Inc. | 167,191 | 6,017 |
*Eon Labs, Inc. | 221,128 | 5,970 |
*Pharmaceutical Product Development, Inc. | 140,770 | 5,812 |
Cooper Cos., Inc. | 81,446 | 5,749 |
*INAMED Corp. | 88,685 | 5,609 |
*Gen-Probe Inc. | 123,831 | 5,598 |
Valeant Pharmaceuticals International | 209,367 | 5,517 |
*Affymetrix, Inc. | 150,606 | 5,505 |
*Amylin Pharmaceuticals, Inc. | 234,147 | 5,470 |
*Stericycle, Inc. | 112,743 | 5,181 |
*MGI Pharma, Inc. | 176,475 | 4,943 |
Medicis Pharmaceutical Corp. | 139,696 | 4,905 |
*Protein Design Labs, Inc. | 235,094 | 4,857 |
*Respironics, Inc. | 88,052 | 4,787 |
*Cerner Corp. | 88,552 | 4,708 |
*AMERIGROUP Corp. | 62,117 | 4,700 |
*IDEXX Laboratories Corp. | 85,551 | 4,670 |
*Eyetech Pharmaceuticals Inc. | 100,802 | 4,586 |
*Neurocrine Biosciences, Inc. | 90,985 | 4,486 |
*ICOS Corp. | 158,516 | 4,483 |
Page 29
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Select Medical Corp. | 252,970 | 4,452 |
*ResMed Inc. | 84,588 | 4,322 |
*First Health Group Corp. | 228,910 | 4,283 |
*Nektar Therapeutics | 208,536 | 4,221 |
*Apria Healthcare Group Inc. | 124,914 | 4,116 |
*STERIS Corp. | 172,410 | 4,090 |
*VCA Antech, Inc. | 204,498 | 4,008 |
Diagnostic Products Corp. | 72,736 | 4,004 |
*Techne Corp. | 102,699 | 3,995 |
*Andrx Group | 181,762 | 3,968 |
*Human Genome Sciences, Inc. | 325,219 | 3,909 |
*Pediatrix Medical Group, Inc. | 59,977 | 3,842 |
*Martek Biosciences Corp. | 73,024 | 3,739 |
*Bio-Rad Laboratories, Inc. Class A | 64,161 | 3,681 |
*Advanced Medical Optics, Inc. | 89,103 | 3,666 |
*Sierra Health Services, Inc. | 66,065 | 3,641 |
Mentor Corp. | 105,815 | 3,570 |
*PAR Pharmaceutical Cos. Inc. | 84,878 | 3,512 |
*American Medical Systems Holdings, Inc. | 83,701 | 3,500 |
Invacare Corp. | 75,101 | 3,474 |
*Kos Pharmaceuticals, Inc. | 92,202 | 3,470 |
*Sybron Dental Specialties, Inc. | 97,238 | 3,440 |
*The Medicines Co. | 119,450 | 3,440 |
*Accredo Health, Inc. | 121,854 | 3,378 |
*NeighborCare Inc. | 109,811 | 3,373 |
*LifePoint Hospitals, Inc. | 96,745 | 3,369 |
*Intuitive Surgical, Inc. | 84,124 | 3,367 |
Arrow International, Inc. | 108,562 | 3,364 |
*Pharmion Corp. | 76,705 | 3,238 |
*VISX Inc. | 123,725 | 3,201 |
*Molina Healthcare Inc. | 68,993 | 3,200 |
*Alkermes, Inc. | 223,991 | 3,156 |
*Zymogenetics, Inc. | 134,247 | 3,088 |
*Ocular Sciences, Inc. | 62,977 | 3,087 |
Perrigo Co. | 177,214 | 3,060 |
*Magellan Health Services, Inc. | 88,343 | 3,018 |
*Wellcare Group Inc. | 92,600 | 3,010 |
*United Surgical Partners International, Inc. | 70,835 | 2,954 |
*Centene Corp. | 102,066 | 2,894 |
*Onyx Pharmaceuticals, Inc. | 87,130 | 2,822 |
*Province Healthcare Co. | 124,360 | 2,779 |
Owens&Minor, Inc. Holding Co. | 98,197 | 2,766 |
*Kindred Healthcare, Inc. | 92,106 | 2,759 |
*K-V Pharmaceutical Co. Class A | 122,840 | 2,709 |
*American Healthways Inc. | 81,664 | 2,698 |
*Integra LifeSciences Holdings | 71,957 | 2,657 |
*Ventana Medical Systems, Inc. | 41,073 | 2,628 |
*Immucor Inc. | 111,778 | 2,628 |
*IDX Systems Corp. | 75,862 | 2,614 |
*Kyphon Inc. | 101,108 | 2,605 |
PolyMedica Corp. | 68,123 | 2,540 |
*Applera Corp.-Celera Genomics Group | 182,138 | 2,504 |
*Vicuron Pharmaceuticals Inc. | 142,443 | 2,480 |
*Beverly Enterprises, Inc. | 269,979 | 2,470 |
*Biosite Inc. | 39,693 | 2,443 |
*Genencor International Inc. | 148,911 | 2,442 |
*Sunrise Senior Living, Inc. | 52,536 | 2,436 |
*United Therapeutics Corp. | 53,658 | 2,423 |
*Eclipsys Corp. | 116,720 | 2,385 |
Page 30
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Wright Medical Group, Inc. | 82,508 | 2,351 |
*Theravance, Inc. | 130,643 | 2,339 |
*Impax Laboratories, Inc. | 146,009 | 2,319 |
*Abgenix, Inc. | 221,973 | 2,295 |
*Haemonetics Corp. | 62,788 | 2,274 |
*Sola International Inc. | 82,114 | 2,261 |
*AmSurg Corp. | 75,819 | 2,240 |
Alpharma, Inc. Class A | 131,199 | 2,224 |
*Transkaryotic Therapies, Inc. | 86,897 | 2,206 |
*AtheroGenics, Inc. | 92,191 | 2,172 |
*Connetics Corp. | 88,363 | 2,146 |
*Ligand Pharmaceuticals Inc. Class B | 183,905 | 2,141 |
*Medarex, Inc. | 198,017 | 2,135 |
*Nabi Biopharmaceuticals | 145,631 | 2,133 |
*CONMED Corp. | 74,561 | 2,119 |
*Vertex Pharmaceuticals, Inc. | 199,735 | 2,111 |
*Genesis Healthcare Corp. | 59,743 | 2,093 |
*Telik, Inc. | 109,186 | 2,090 |
*ArthroCare Corp. | 64,343 | 2,063 |
*Incyte Corp. | 206,216 | 2,060 |
*eResearch Technology, Inc. | 129,734 | 2,056 |
*Idenix Pharmaceuticals Inc. | 119,222 | 2,045 |
*First Horizon Pharmaceutical Corp. | 89,209 | 2,042 |
*Priority Healthcare Corp. Class B | 93,210 | 2,029 |
West Pharmaceutical Services, Inc. | 80,972 | 2,027 |
*PSS World Medical, Inc. | 161,695 | 2,024 |
*Advanced Neuromodulation Systems, Inc. | 49,850 | 1,967 |
*Laserscope | 52,008 | 1,868 |
*CTI Molecular Imaging, Inc. | 128,734 | 1,827 |
*SFBC International, Inc. | 44,965 | 1,776 |
*NPS Pharmaceuticals Inc. | 96,709 | 1,768 |
*Exelixis, Inc. | 182,924 | 1,738 |
*Chattem, Inc. | 51,968 | 1,720 |
*CV Therapeutics, Inc. | 74,451 | 1,712 |
*Symmetry Medical Inc. | 79,600 | 1,676 |
*Tanox, Inc. | 109,550 | 1,665 |
*Serologicals Corp. | 75,242 | 1,664 |
*Inspire Pharmaceuticals, Inc. | 97,785 | 1,640 |
*Dendreon Corp. | 150,069 | 1,618 |
*SonoSite, Inc. | 47,542 | 1,614 |
*Align Technology, Inc. | 149,534 | 1,607 |
*Aspect Medical Systems, Inc. | 65,380 | 1,599 |
*Salix Pharmaceuticals, Ltd. | 90,357 | 1,589 |
Datascope Corp. | 39,542 | 1,569 |
*LabOne, Inc. | 48,539 | 1,555 |
Vital Signs, Inc. | 39,866 | 1,552 |
Analogic Corp. | 34,548 | 1,547 |
*Psychiatric Solutions, Inc. | 42,218 | 1,543 |
*Lexicon Genetics Inc. | 198,839 | 1,542 |
*Alexion Pharmaceuticals, Inc. | 61,017 | 1,538 |
*Per-Se Technologies, Inc. | 96,015 | 1,520 |
*Enzo Biochem, Inc. | 77,932 | 1,517 |
*Myriad Genetics, Inc. | 67,350 | 1,516 |
*PAREXEL International Corp. | 74,366 | 1,510 |
*SurModics, Inc. | 46,301 | 1,505 |
*IntraLase Corp. | 64,100 | 1,505 |
*Enzon Pharmaceuticals, Inc. | 109,094 | 1,497 |
*Hologic, Inc. | 53,996 | 1,483 |
*Thoratec Corp. | 141,370 | 1,473 |
Page 31
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Viasys Healthcare Inc. | 77,511 | 1,473 |
*RehabCare Group, Inc. | 52,242 | 1,462 |
*Wilson Greatbatch Technologies, Inc. | 64,554 | 1,447 |
*Encysive Pharmaceuticals, Inc. | 145,606 | 1,446 |
LCA-Vision Inc. | 60,354 | 1,412 |
*DJ Orthopedics Inc. | 65,811 | 1,410 |
*NitroMed, Inc. | 52,893 | 1,410 |
*VaxGen, Inc. | 81,259 | 1,379 |
*Foxhollow Technologies Inc. | 55,995 | 1,377 |
*Kensey Nash Corp. | 39,836 | 1,376 |
*Matria Healthcare, Inc. | 35,013 | 1,368 |
*PRA International | 54,600 | 1,353 |
*Able Laboratories, Inc. | 59,351 | 1,350 |
*MannKind Corp. | 83,979 | 1,323 |
*HealthTronics Surgical Services, Inc. | 123,113 | 1,309 |
*Quality Systems, Inc. | 21,875 | 1,308 |
*Digene Corp. | 49,665 | 1,299 |
*Cantel Medical Corp. | 34,183 | 1,279 |
*ImmunoGen, Inc. | 144,476 | 1,277 |
Healthcare Services Group, Inc. | 61,094 | 1,273 |
*Northfield Laboratories, Inc. | 55,985 | 1,262 |
*Noven Pharmaceuticals, Inc. | 73,698 | 1,257 |
*Odyssey Healthcare, Inc. | 91,135 | 1,247 |
*Res-Care, Inc. | 81,619 | 1,242 |
*Regeneron Pharmaceuticals, Inc. | 134,515 | 1,239 |
*Cyberonics, Inc. | 59,284 | 1,228 |
Landauer, Inc. | 26,541 | 1,213 |
*ICU Medical, Inc. | 43,333 | 1,185 |
*Cepheid, Inc. | 118,701 | 1,180 |
*BioMarin Pharmaceutical Inc. | 183,928 | 1,175 |
*Bone Care International, Inc. | 41,838 | 1,165 |
*Allscripts Healthcare Solutions, Inc. | 105,484 | 1,125 |
*Cubist Pharmaceuticals, Inc. | 95,092 | 1,125 |
*NeoPharm, Inc. | 89,896 | 1,125 |
*Adolor Corp. | 113,131 | 1,122 |
*Cell Genesys, Inc. | 136,744 | 1,108 |
*America Service Group Inc. | 40,143 | 1,075 |
*TriPath Imaging, Inc. | 118,069 | 1,059 |
*Albany Molecular Research, Inc. | 94,714 | 1,055 |
*Bradley Pharmaceuticals, Inc. | 54,119 | 1,050 |
*Merit Medical Systems, Inc. | 68,555 | 1,048 |
*Symbion, Inc. | 46,757 | 1,032 |
*InterMune Inc. | 77,133 | 1,023 |
*Alliance Imaging, Inc. | 88,671 | 997 |
*Diversa Corp. | 112,618 | 984 |
*Gentiva Health Services, Inc. | 58,842 | 984 |
*Molecular Devices Corp. | 48,545 | 976 |
*OraSure Technologies, Inc. | 145,107 | 975 |
*Rigel Pharmaceuticals, Inc. | 39,768 | 971 |
*Angiodynamics Inc. | 43,366 | 961 |
*LifeCell Corp. | 91,850 | 939 |
*Inverness Medical Innovations, Inc. | 36,632 | 919 |
*Antigenics, Inc. | 90,671 | 918 |
*CorVel Corp. | 34,180 | 915 |
*Abaxis, Inc. | 62,965 | 912 |
*ARIAD Pharmaceuticals, Inc. | 122,017 | 907 |
*ThermoGenesis Corp. | 142,257 | 902 |
*Candela Corp. | 79,392 | 902 |
*Amedisys Inc. | 27,617 | 894 |
Page 32
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Regeneration Technologies, Inc. | 84,858 | 889 |
*Trimeris, Inc. | 62,201 | 881 |
*Zoll Medical Corp. | 25,000 | 860 |
*Geron Corp. | 107,731 | 859 |
*Closure Medical Corp. | 43,837 | 855 |
*Nanogen, Inc. | 114,647 | 844 |
*Cell Therapeutics, Inc. | 103,427 | 842 |
*CardioDynamics International Corp. | 162,587 | 841 |
*VitalWorks Inc. | 188,758 | 840 |
*Caliper Life Sciences, Inc. | 110,130 | 829 |
*Cypress Bioscience, Inc. | 58,693 | 825 |
*EPIX Pharmaceuticals, Inc. | 45,655 | 818 |
*Indevus Pharmaceuticals, Inc. | 136,687 | 815 |
*CYTOGEN Corp. | 70,578 | 813 |
*Maxygen Inc. | 63,235 | 809 |
*Medical Action Industries Inc. | 41,045 | 809 |
*ABIOMED, Inc. | 52,315 | 808 |
*Q-Med, Inc. | 72,459 | 796 |
*US Physical Therapy, Inc. | 51,431 | 793 |
*MedCath Corp. | 31,479 | 776 |
*Orchid Biosciences, Inc. | 67,346 | 774 |
Young Innovations, Inc. | 22,804 | 769 |
*Illumina, Inc. | 81,079 | 769 |
*VistaCare, Inc. | 45,951 | 764 |
*Emeritus Corp. | 58,930 | 760 |
Hooper Holmes, Inc. | 127,143 | 753 |
*IMPAC Medical Systems, Inc. | 35,869 | 739 |
*Dyax Corp. | 100,442 | 725 |
*Omnicell, Inc. | 65,452 | 720 |
*Seattle Genetics, Inc. | 110,169 | 719 |
*Penwest Pharmaceuticals Co. | 60,072 | 718 |
*Nuvelo, Inc. | 72,544 | 715 |
*Array BioPharma Inc. | 73,724 | 702 |
*Conor Medsystems, Inc. | 50,432 | 698 |
*Bruker BioSciences Corp. | 172,408 | 695 |
*Somanetics Corp. | 44,985 | 693 |
*American Dental Partners, Inc. | 36,494 | 692 |
*Genaera Corp. | 202,255 | 692 |
*SuperGen, Inc. | 97,974 | 691 |
*Discovery Laboratories, Inc. | 86,650 | 687 |
*OCA Inc. | 108,138 | 687 |
*Luminex Corp. | 76,975 | 684 |
*CuraGen Corp. | 94,443 | 676 |
*Orthologic Corp. | 107,845 | 674 |
*Kendle International Inc. | 76,515 | 673 |
*Orthovita, Inc. | 159,613 | 669 |
*Natus Medical Inc. | 83,143 | 665 |
*I-Flow Corp. | 36,467 | 665 |
*Corgentech Inc. | 80,281 | 665 |
*STAAR Surgical Co. | 106,220 | 663 |
BioLase Technology, Inc. | 60,839 | 661 |
*Palomar Medical Technologies, Inc. | 25,336 | 661 |
*Collagenex Pharmaceuticals, Inc. | 89,863 | 660 |
*Guilford Pharmaceuticals, Inc. | 132,520 | 656 |
*Endologix, Inc. | 95,484 | 652 |
*Nastech Pharmaceutical Co., Inc. | 53,851 | 651 |
National Healthcare Corp. | 18,384 | 649 |
*Isis Pharmaceuticals, Inc. | 108,880 | 642 |
*Advanced Magnetics, Inc. | 39,607 | 623 |
Page 33
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Vivus, Inc. | 139,816 | 622 |
Meridian Bioscience Inc. | 35,658 | 620 |
E-Z-EM, Inc. | 42,229 | 617 |
*Genitope Corp. | 36,095 | 615 |
*DOV Pharmaceutical, Inc. | 34,068 | 615 |
*Neurobiological Technologies, Inc. | 138,603 | 613 |
*Carrington Labs Inc. | 99,743 | 611 |
*XOMA Ltd. | 232,276 | 601 |
*Rita Medical Systems, Inc. | 155,419 | 601 |
*National Medical Health Card Systems, Inc. | 25,910 | 599 |
*Third Wave Technologies | 69,584 | 598 |
*Repligen Corp. | 207,718 | 596 |
*ViroPharma Inc. | 182,587 | 593 |
*Neose Technologies, Inc. | 87,776 | 590 |
*Embrex, Inc. | 44,107 | 584 |
Option Care, Inc. | 33,785 | 581 |
*Progenics Pharmaceuticals, Inc. | 33,840 | 581 |
*Specialty Laboratories, Inc. | 52,508 | 580 |
*Emisphere Technologies, Inc. | 143,106 | 580 |
*Urologix, Inc. | 89,166 | 577 |
*Radiologix Inc. | 130,018 | 572 |
*Radiation Therapy Services, Inc. | 33,400 | 568 |
*Cholestech Corp. | 69,732 | 568 |
*Mediware Information Systems, Inc. | 44,662 | 567 |
*Matrixx Initiatives, Inc. | 48,723 | 565 |
*Chronimed Inc. | 86,427 | 564 |
*Allied Healthcare International Inc. | 101,909 | 561 |
*Barrier Therapeutics Inc. | 33,225 | 552 |
*Pharmacopeia Drug Discovery | 92,003 | 551 |
*InKine Pharmaceutical Co., Inc. | 100,584 | 546 |
*Santarus Inc. | 60,182 | 545 |
*BioSphere Medical Inc. | 139,540 | 543 |
*Allos Therapeutics Inc. | 225,384 | 541 |
*BioCryst Pharmaceuticals, Inc. | 93,351 | 540 |
*Oscient Pharmaceuticals | 147,686 | 539 |
*Orphan Medical, Inc. | 60,048 | 539 |
*Renovis, Inc. | 37,426 | 538 |
*Pharmacyclics, Inc. | 51,158 | 536 |
*Oxigene, Inc. | 96,316 | 530 |
*Insmed Inc. | 238,809 | 525 |
*Zila, Inc. | 122,598 | 525 |
Computer Programs and Systems, Inc. | 22,491 | 521 |
*Fonar Corp. | 331,626 | 521 |
*Pain Therapeutics, Inc. | 71,640 | 517 |
*Enpath Medical, Inc. | 47,816 | 516 |
*Synovis Life Technologies, Inc. | 47,460 | 513 |
*Digital Angel Corp. | 66,250 | 512 |
*Harvard Bioscience, Inc. | 110,460 | 511 |
*Biosource International Inc. | 73,933 | 510 |
*SONUS Pharmaceuticals, Inc. | 143,448 | 505 |
Psychemedics Corp. | 38,680 | 501 |
*Encore Medical Corp. | 73,163 | 497 |
*Possis Medical Inc. | 36,641 | 494 |
*Axonyx Inc. | 79,440 | 493 |
*VNUS Medical Technologies, Inc. | 35,700 | 483 |
*Accelrys Inc. | 61,465 | 479 |
*Hi-Tech Pharmacal Co., Inc. | 25,920 | 478 |
*Animas Corp. | 30,536 | 477 |
*Acusphere, Inc. | 77,567 | 475 |
Page 34
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*GTx, Inc. | 35,244 | 475 |
*The Immune Response Corp. | 294,066 | 473 |
*Anadys Pharmaceuticals Inc. | 63,761 | 472 |
*Cytokinetics, Inc. | 45,811 | 470 |
*Superior Consultant Holdings Corp. | 55,464 | 468 |
*Momenta Pharmaceuticals, Inc. | 66,223 | 468 |
*Columbia Laboratories Inc. | 175,964 | 466 |
*Vion Pharmaceuticals, Inc. | 98,414 | 462 |
*Natural Alternatives International, Inc. | 49,537 | 457 |
*Medtox Scientific, Inc. | 50,418 | 454 |
*Immtech International, Inc. | 37,763 | 453 |
*Epimmune Inc. | 272,403 | 452 |
*ChromaVision Medical Systems, Inc. | 209,272 | 452 |
*Osteotech, Inc. | 81,728 | 450 |
*Neurogen Corp. | 47,809 | 447 |
*EntreMed, Inc. | 137,473 | 445 |
*Theragenics Corp. | 108,598 | 441 |
*Avanir Pharmaceuticals Class A | 129,080 | 440 |
*Neogen Corp. | 19,323 | 438 |
D&K Healthcare Resources, Inc. | 54,047 | 437 |
*Virologic, Inc. | 156,265 | 436 |
*Lipid Sciences, Inc. | 119,084 | 436 |
*Exactech, Inc. | 23,618 | 432 |
*Sangamo BioSciences, Inc. | 71,283 | 428 |
*Cortex Pharmaceuticals, Inc. | 157,183 | 426 |
*SIGA Technologies, Inc. | 256,537 | 426 |
*Lynx Therapeutics, Inc. | 110,935 | 424 |
*aaiPharma Inc. | 128,241 | 417 |
*Netsmart Technologies, Inc. | 45,734 | 411 |
*DepoMed, Inc. | 75,763 | 409 |
*Covalent Group, Inc. | 159,391 | 406 |
*North American Scientific, Inc. | 74,649 | 402 |
*GTC Biotherapeutics, Inc. | 262,776 | 399 |
*Hanger Orthopedic Group, Inc. | 48,692 | 394 |
*Stereotaxis Inc. | 39,800 | 391 |
*Heska Corp. | 332,835 | 389 |
*Natrol, Inc. | 114,700 | 384 |
*Arena Pharmaceuticals, Inc. | 57,261 | 383 |
*Escalon Medical Corp. | 44,374 | 383 |
*Pozen Inc. | 52,192 | 379 |
*Savient Pharmaceuticals Inc. | 139,193 | 377 |
*Immunomedics Inc. | 124,079 | 377 |
*AVANT Immunotherapeutics, Inc. | 186,834 | 376 |
*Ciphergen Biosystems, Inc. | 86,994 | 374 |
*Phase Forward Inc. | 44,779 | 366 |
*SciClone Pharmaceuticals, Inc. | 98,666 | 365 |
*Novavax, Inc. | 111,283 | 362 |
*Kosan Biosciences, Inc. | 51,757 | 359 |
*Corixa Corp. | 98,258 | 358 |
*Spectranetics Corp. | 62,895 | 354 |
*CryoLife Inc. | 49,931 | 353 |
*Tercica, Inc. | 35,092 | 351 |
*Vasomedical, Inc. | 375,164 | 349 |
*Genta Inc. | 197,695 | 348 |
*Bentley Pharmaceuticals, Inc. | 31,726 | 341 |
*Five Star Quality Care, Inc. | 39,737 | 337 |
*Cardiac Science, Inc. | 156,709 | 335 |
*Conceptus, Inc. | 41,257 | 335 |
*Acadia Pharmaceuticals Inc. | 49,254 | 333 |
Page 35
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Quidel Corp. | 65,065 | 331 |
*Compex Technologies Inc. | 70,770 | 330 |
*CancerVax Corp. | 30,242 | 328 |
*Bioanalytical Systems, Inc. | 64,981 | 325 |
*Endocardial Solutions, Inc. | 27,644 | 323 |
*Cellegy Pharmaceuticals, Inc. | 112,646 | 323 |
*Alteon, Inc. | 245,672 | 322 |
*Curis, Inc. | 59,677 | 312 |
*Nuvasive, Inc. | 30,300 | 311 |
*Micro Therapeutics, Inc. | 82,376 | 309 |
*Durect Corp. | 93,433 | 306 |
*Titan Pharmaceuticals, Inc. | 94,544 | 304 |
*New River Pharmaceuticals Inc. | 20,086 | 300 |
*NeoRx Corp. | 142,193 | 297 |
*AP Pharma Inc. | 177,829 | 293 |
*Introgen Therapeutics, Inc. | 33,803 | 286 |
*Peregrine Pharmaceuticals, Inc. | 242,794 | 284 |
*Maxim Pharmaceuticals, Inc. | 93,817 | 283 |
*Novoste Corp. | 161,245 | 276 |
*Microvision, Inc. | 39,027 | 273 |
*MIM Corp. | 42,989 | 273 |
*Curon Medical Inc. | 154,972 | 271 |
*Interpharm Holdings, Inc. | 110,255 | 270 |
*Sonic Innovations, Inc. | 64,304 | 268 |
*Hollis-Eden Pharmaceuticals, Inc. | 28,362 | 267 |
*Ista Pharmaceuticals Inc. | 26,378 | 267 |
*Large Scale Biology Corp. | 205,949 | 259 |
*Sirna Therapeutics, Inc. | 81,105 | 256 |
*Aksys, Ltd. | 45,355 | 252 |
*DUSA Pharmaceuticals, Inc. | 17,500 | 250 |
*Immunicon Corp. | 35,638 | 249 |
*Genelabs Technologies, Inc. | 206,686 | 248 |
*AVI BioPharma, Inc. | 102,289 | 240 |
*Sequenom, Inc. | 166,291 | 239 |
*American Retirement Corp. | 20,300 | 239 |
*Gene Logic Inc. | 64,479 | 237 |
*Microtek Medical Holdings, Inc. | 57,853 | 235 |
*Myogen, Inc. | 28,800 | 232 |
*V.I. Technologies, Inc. | 342,176 | 222 |
*StemCells, Inc. | 52,275 | 221 |
*Avigen, Inc. | 67,509 | 220 |
*Iridex Corp. | 50,033 | 212 |
*BriteSmile, Inc. | 28,128 | 211 |
*Quinton Cardiology Systems, Inc. | 19,700 | 208 |
*Vical, Inc. | 44,186 | 208 |
*Pharmos Corp. | 145,373 | 206 |
*Hemispherx Biopharma, Inc. | 108,392 | 206 |
*Corcept Therapeutics Inc. | 31,568 | 197 |
*Zonagen, Inc. | 43,800 | 190 |
*The Med-Design Corp. | 145,326 | 189 |
*IntraBiotics Pharmaceuticals, Inc. | 45,422 | 185 |
*ArQule, Inc. | 31,802 | 184 |
*PRAECIS Pharmaceuticals Inc. | 96,485 | 183 |
*Cerus Corp. | 61,328 | 182 |
*Targeted Genetics Corp. | 116,919 | 181 |
*National Research Corp. | 10,840 | 175 |
*BioTime, Inc. | 107,987 | 163 |
*Alfacell Corp. | 37,370 | 162 |
Mesa Laboratories, Inc. | 12,503 | 159 |
Page 36
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*SRI/Surgical Express, Inc. | 31,820 | 158 |
*Palatin Technologies, Inc. | 58,074 | 154 |
*Exact Sciences Corp. | 40,236 | 154 |
*Aphton Corp. | 49,221 | 153 |
*Auxilium Pharmaceuticals, Inc. | 17,100 | 150 |
*Proxymed Pharmacy, Inc. | 14,445 | 142 |
*Curative Health Services, Inc. | 20,499 | 140 |
*Applied Imaging Corp. | 207,986 | 137 |
*CardioTech International, Inc. | 44,154 | 130 |
*IVAX Diagnostics, Inc. | 29,389 | 128 |
*Digirad Corp. | 13,818 | 122 |
*GlycoGenesys, Inc. | 55,176 | 121 |
*Discovery Partners International | 23,494 | 112 |
*La Jolla Pharmaceutical Co. | 61,061 | 102 |
*Physiometrix, Inc. | 88,415 | 99 |
*Continucare Corp. | 38,300 | 97 |
*Biopure Corp. | 162,188 | 96 |
*Capital Senior Living Corp. | 16,584 | 94 |
*Advancis Pharmaceuticals | 23,970 | 91 |
*Questcor Pharmaceuticals, Inc. | 171,500 | 91 |
*IGI, Inc. | 72,000 | 90 |
*Cutera, Inc. | 7,148 | 89 |
*Precision Optics Corp., Inc. | 68,804 | 85 |
*GenVec, Inc. | 51,433 | 84 |
*Critical Therapeutics, Inc. | 10,400 | 83 |
*ATS Medical, Inc. | 17,300 | 81 |
*Dynavax Technologies Corp. | 9,971 | 80 |
*HMS Holdings Corp. | 8,256 | 74 |
*Cotherix, Inc. | 6,200 | 74 |
*Anika Resh Inc. | 7,899 | 72 |
*Retractable Technologies, Inc. | 14,985 | 69 |
*BioSpecifics Technology | 40,800 | 61 |
*Almost Family Inc. | 3,842 | 55 |
*Dynacq Healthcare, Inc | 10,646 | 51 |
*Inhibitex Inc. | 6,000 | 49 |
*Memory Pharmaceuticals Corp. | 8,800 | 47 |
*Alnylam Pharmaceuticals Inc. | 5,600 | 41 |
*Integrated Biopharma, Inc. | 5,951 | 41 |
*Aradigm Corp. | 23,311 | 40 |
*Vision Sciences, Inc. | 11,600 | 37 |
*Stratagene Holding Corp. | 4,698 | 36 |
*Virologic, Inc. Rights | 117,215 | 28 |
*Sunlink Health Systems, Inc. | 3,600 | 20 |
*Adeza Biomedical Corp. | 1,055 | 18 |
*SCOLR Pharma Inc. | 2,600 | 13 |
*DiaSys Corp. | 15,600 | 8 |
*Valley Forge Scientific Corp. | 1,100 | 2 |
*Vista Medical Technologies, Inc. | 1,300 | 1 |
*Manhattan Pharmaceuticals, Inc. | 681 | 1 |
1,028,544 | ||
Integrated Oils (0.3%) | ||
Murphy Oil Corp. | 229,291 | 18,446 |
Hugoton Royalty Trust | 99,927 | 2,618 |
*KCS Energy, Inc. | 148,684 | 2,198 |
*Delta Petroleum Corp. | 104,851 | 1,644 |
*Giant Industries, Inc. | 42,860 | 1,136 |
*Mission Resources Corp. | 162,409 | 948 |
Page 37
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*GMX Resources Inc. | 70,839 | 494 |
*Tipperary Corp. | 36,969 | 184 |
27,668 | ||
Other Energy (4.8%) | ||
GlobalSantaFe Corp. | 584,982 | 19,369 |
*Weatherford International Ltd. | 332,708 | 17,068 |
*Smith International, Inc. | 261,199 | 14,212 |
Peabody Energy Corp. | 160,093 | 12,953 |
Diamond Offshore Drilling, Inc. | 322,400 | 12,912 |
Pioneer Natural Resources Co. | 361,908 | 12,703 |
ENSCO International, Inc. | 376,417 | 11,947 |
Chesapeake Energy Corp. | 666,891 | 11,004 |
*Reliant Energy, Inc. | 743,606 | 10,150 |
Premcor, Inc. | 222,349 | 9,376 |
Equitable Resources, Inc. | 154,210 | 9,354 |
CONSOL Energy, Inc. | 223,956 | 9,193 |
*Newfield Exploration Co. | 153,033 | 9,037 |
*Ultra Petroleum Corp. | 186,802 | 8,991 |
*NRG Engergy | 249,229 | 8,985 |
Noble Energy, Inc. | 144,739 | 8,925 |
Patterson-UTI Energy, Inc. | 414,608 | 8,064 |
Pogo Producing Co. | 158,842 | 7,702 |
*National-Oilwell, Inc. | 214,032 | 7,553 |
*Cooper Cameron Corp. | 136,696 | 7,356 |
*Varco International, Inc. | 243,250 | 7,091 |
*Pride International, Inc. | 338,852 | 6,960 |
Massey Energy Co. | 189,116 | 6,610 |
Patina Oil&Gas Corp. | 175,826 | 6,593 |
*Grant Prideco, Inc. | 306,066 | 6,137 |
Arch Coal, Inc. | 153,258 | 5,447 |
*FMC Technologies Inc. | 168,268 | 5,418 |
*Tesoro Petroleum Corp. | 165,182 | 5,263 |
*Plains Exploration&Production Co. | 192,153 | 4,996 |
*Forest Oil Corp. | 147,208 | 4,669 |
*Quicksilver Resources, Inc. | 124,298 | 4,572 |
*Unit Corp. | 114,240 | 4,365 |
Helmerich&Payne, Inc. | 125,769 | 4,281 |
*Houston Exploration Co. | 70,260 | 3,956 |
*Cimarex Energy Co. | 103,430 | 3,920 |
*Cal Dive International, Inc. | 95,578 | 3,895 |
*Key Energy Services, Inc. | 325,865 | 3,845 |
*Denbury Resources, Inc. | 135,955 | 3,732 |
Vintage Petroleum, Inc. | 162,839 | 3,695 |
Cabot Oil&Gas Corp. | 82,567 | 3,654 |
Range Resources Corp. | 168,935 | 3,456 |
*Bill Barrett Corp. | 103,382 | 3,307 |
*Hanover Compressor Co. | 214,282 | 3,028 |
St. Mary Land&Exploration Co. | 72,021 | 3,006 |
*Stone Energy Corp. | 66,559 | 3,001 |
*Spinnaker Exploration Co. | 84,726 | 2,971 |
*Superior Energy Services, Inc. | 187,395 | 2,888 |
*Encore Acquisition Co. | 81,342 | 2,840 |
*Magnum Hunter Resources Inc. | 216,818 | 2,797 |
*Todco | 150,700 | 2,776 |
CARBO Ceramics Inc. | 39,841 | 2,749 |
*Universal Compression Holdings, Inc. | 78,452 | 2,739 |
Berry Petroleum Class A | 54,852 | 2,616 |
Page 38
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Foundation Coal Holdings, Inc. | 110,600 | 2,550 |
*Seacor Holdings INC | 45,905 | 2,451 |
*Grey Wolf, Inc. | 452,547 | 2,385 |
*Oil States International, Inc. | 123,102 | 2,375 |
*Oceaneering International, Inc. | 63,030 | 2,352 |
*Global Industries Ltd. | 276,722 | 2,294 |
Holly Corp. | 79,466 | 2,215 |
*Remington Oil&Gas Corp. | 80,813 | 2,202 |
*Swift Energy Co. | 75,971 | 2,199 |
Penn Virginia Corp. | 54,082 | 2,194 |
*KFX, Inc. | 149,698 | 2,174 |
Frontier Oil Corp. | 78,368 | 2,089 |
*Energy Partners, Ltd. | 100,690 | 2,041 |
*Atwood Oceanics, Inc. | 38,383 | 2,000 |
*Whiting Petroleum Corp. | 65,863 | 1,992 |
*Comstock Resources, Inc. | 89,426 | 1,972 |
*Hydrill Co. | 42,414 | 1,930 |
*Petroleum Development Corp. | 49,957 | 1,927 |
*Harvest Natural Resources, Inc. | 109,425 | 1,890 |
*Veritas DGC Inc. | 83,770 | 1,877 |
RPC Inc. | 73,208 | 1,839 |
Resource America, Inc. | 55,072 | 1,790 |
*Enbridge Energy Management LLC | 34,253 | 1,687 |
*Input/Output, Inc. | 190,406 | 1,683 |
*Atlas America, Inc. | 44,062 | 1,575 |
*ATP Oil&Gas Corp. | 84,754 | 1,575 |
Crosstex Energy, Inc. | 37,063 | 1,553 |
*The Meridian Resource Corp. | 254,031 | 1,537 |
*McMoRan Exploration Co. | 79,378 | 1,484 |
*W-H Energy Services, Inc. | 60,726 | 1,358 |
*FX Energy, Inc. | 114,441 | 1,337 |
*Syntroleum Corp. | 166,388 | 1,336 |
*Brigham Exploration Co. | 144,103 | 1,297 |
*TETRA Technologies, Inc. | 45,408 | 1,285 |
*Plug Power, Inc. | 204,866 | 1,252 |
*Parker Drilling Co. | 315,816 | 1,241 |
*Goodrich Petroleum Corp. | 71,700 | 1,162 |
*FuelCell Energy, Inc. | 116,448 | 1,153 |
*Newpark Resources, Inc. | 223,166 | 1,149 |
*Dril-Quip, Inc. | 44,372 | 1,076 |
Lufkin Industries | 25,406 | 1,014 |
*TransMontaigne Inc. | 163,655 | 1,003 |
*Westmoreland Coal Co. | 32,897 | 1,002 |
*Callon Petroleum Co. | 68,419 | 989 |
*Toreador Resources Corp. | 42,023 | 932 |
*Carrizo Oil&Co Inc. | 80,364 | 908 |
*Clayton Williams Energy, Inc. | 39,332 | 901 |
*PetroQuest Energy, Inc. | 181,373 | 898 |
*The Exploration Co. of Delaware, Inc. | 132,197 | 834 |
*Edge Petroleum Corp. | 57,206 | 834 |
*Double Eagle Petroleum Co. | 40,282 | 778 |
*Copano Energy LLC | 27,108 | 773 |
*Global Power Equipment Group Inc. | 76,915 | 757 |
*Parallel Petroleum Corp. | 131,932 | 712 |
*Infinity, Inc. | 81,418 | 666 |
*Hornbeck Offshore Services, Inc. | 33,400 | 645 |
*Petrohawk Energy Corp. | 70,284 | 602 |
*NATCO Group Inc. | 65,919 | 580 |
*Evergreen Solar, Inc. | 126,135 | 551 |
Page 39
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Marketwest Energy Partners, LP | 10,476 | 509 |
*Royale Energy, Inc. | 63,989 | 460 |
Gulf Island Fabrication, Inc. | 20,461 | 447 |
*Mitcham Industries, Inc. | 65,091 | 436 |
*Wilshire Enterprises, Inc. | 61,600 | 400 |
*Millennium Cell Inc. | 310,833 | 398 |
APCO Argentina Inc. | 10,167 | 376 |
*Harken Energy Corp. | 697,941 | 363 |
*Capstone Turbine Corp. | 174,862 | 320 |
*Dawson Geophysical Co. | 12,304 | 269 |
*Torch Offshore, Inc. | 168,598 | 244 |
*Horizon Offshore, Inc. | 139,530 | 229 |
MarkWest Hydrocarbon, Inc. | 12,570 | 217 |
*Matrix Service Co. | 23,950 | 193 |
*OMNI Energy Services Corp. | 37,666 | 73 |
*Trico Marine Services, Inc. | 199,114 | 35 |
445,953 | ||
Materials&Processing (6.6%) | ||
Lyondell Chemical Co. | 604,828 | 17,492 |
Bunge Ltd. | 274,716 | 15,661 |
*The Mosaic Co. | 938,803 | 15,321 |
The St. Joe Co. | 189,908 | 12,192 |
Smurfit-Stone Container Corp. | 632,276 | 11,811 |
Precision Castparts Corp. | 161,867 | 10,631 |
*International Steel Group, Inc. | 244,300 | 9,909 |
*Energizer Holdings, Inc. | 194,361 | 9,658 |
Southern Peru Copper Corp. | 199,394 | 9,413 |
Lafarge North America Inc. | 174,782 | 8,970 |
*Owens-Illinois, Inc. | 371,903 | 8,424 |
Sonoco Products Co. | 244,195 | 7,240 |
Forest City Enterprise Class A | 124,179 | 7,147 |
*Nalco Holding Co. | 353,500 | 6,900 |
*Jacobs Engineering Group Inc. | 140,275 | 6,704 |
Martin Marietta Materials, Inc. | 120,214 | 6,451 |
Florida Rock Industries, Inc. | 107,446 | 6,396 |
Valspar Corp. | 127,893 | 6,396 |
Packaging Corp. of America | 266,210 | 6,269 |
Bowater Inc. | 138,576 | 6,093 |
Lubrizol Corp. | 162,978 | 6,007 |
Cabot Corp. | 153,907 | 5,953 |
*Scotts Co. | 80,732 | 5,935 |
The Timken Co. | 224,456 | 5,840 |
Harsco Corp. | 102,535 | 5,715 |
RPM International, Inc. | 289,449 | 5,691 |
*Crown Holdings, Inc. | 411,994 | 5,661 |
*Glamis Gold, Ltd. | 325,385 | 5,584 |
Westlake Chemical Corp. | 157,919 | 5,274 |
Cytec Industries, Inc. | 97,734 | 5,025 |
Hughes Supply, Inc. | 154,260 | 4,990 |
Airgas, Inc. | 186,188 | 4,936 |
Corn Products International, Inc. | 92,036 | 4,929 |
Valhi, Inc. | 299,774 | 4,823 |
AptarGroup Inc. | 91,008 | 4,803 |
*Meridian Gold Co. | 247,611 | 4,697 |
Steel Dynamics, Inc. | 123,865 | 4,692 |
*FMC Corp. | 91,132 | 4,402 |
*USG Corp. | 107,601 | 4,333 |
Page 40
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Worthington Industries, Inc. | 216,000 | 4,229 |
Simpson Manufacturing Co. | 118,932 | 4,151 |
Georgia Gulf Corp. | 82,706 | 4,119 |
Eagle Materials, Inc. | 46,928 | 4,052 |
Albemarle Corp. | 103,798 | 4,018 |
*AK Steel Corp. | 271,411 | 3,927 |
Kronos Worldwide, Inc. | 94,931 | 3,868 |
Olin Corp. | 174,453 | 3,841 |
*Armor Holdings, Inc. | 81,547 | 3,834 |
Potlatch Corp. | 73,820 | 3,734 |
Brady Corp. Class A | 59,577 | 3,728 |
*Dycom Industries, Inc. | 120,671 | 3,683 |
Commercial Metals Co. | 72,826 | 3,682 |
*Graphic Packaging Corp. | 498,432 | 3,589 |
York International Corp. | 103,483 | 3,574 |
Clarcor Inc. | 63,469 | 3,476 |
Minerals Technologies, Inc. | 51,473 | 3,433 |
Acuity Brands, Inc. | 106,457 | 3,385 |
*URS Corp. | 105,393 | 3,383 |
Crompton Corp. | 286,162 | 3,377 |
Carpenter Technology Corp. | 57,054 | 3,335 |
Texas Industries, Inc. | 53,357 | 3,328 |
*WCI Communities, Inc. | 111,451 | 3,277 |
*Maverick Tube Corp. | 106,162 | 3,217 |
Reliance Steel&Aluminum Co. | 81,316 | 3,168 |
LNR Property Corp. | 50,089 | 3,151 |
Greif Inc. Class A | 56,172 | 3,146 |
Lennox International Inc. | 147,100 | 2,993 |
Albany International Corp. | 82,333 | 2,895 |
*Shaw Group, Inc. | 159,318 | 2,844 |
Mueller Industries Inc. | 87,517 | 2,818 |
Quanex Corp. | 40,989 | 2,811 |
Silgan Holdings, Inc. | 45,940 | 2,801 |
Cleveland-Cliffs Inc. | 26,732 | 2,776 |
Granite Construction Co. | 104,026 | 2,767 |
MacDermid, Inc. | 75,768 | 2,735 |
*NL Industries, Inc. | 121,168 | 2,678 |
Delta&Pine Land Co. | 96,132 | 2,622 |
Brookfield Homes Corp. | 77,354 | 2,622 |
Schnitzer Steel Industries, Inc. Class A | 75,146 | 2,550 |
*Stillwater Mining Co. | 224,556 | 2,529 |
*Cabot Microelectronics Corp. | 62,043 | 2,485 |
Ferro Corp. | 104,749 | 2,429 |
*Lone Star Technologies, Inc. | 72,445 | 2,424 |
*Symyx Technologies, Inc. | 80,185 | 2,412 |
*Quanta Services, Inc. | 291,937 | 2,335 |
Kaydon Corp. | 70,506 | 2,328 |
Longview Fibre Co. | 127,734 | 2,317 |
Wausau-Mosinee Paper Corp. | 129,301 | 2,309 |
*GrafTech International Ltd. | 243,351 | 2,302 |
*OM Group, Inc. | 70,924 | 2,299 |
*Trex Co., Inc. | 43,526 | 2,283 |
*Ceradyne, Inc. | 39,849 | 2,280 |
*W.R. Grace&Co. | 164,319 | 2,236 |
*Coeur d'Alene Mines Corp. | 556,730 | 2,188 |
Spartech Corp. | 80,268 | 2,174 |
*UAP Holding Corp. | 125,500 | 2,167 |
*Griffon Corp. | 79,626 | 2,150 |
Compass Minerals International | 88,098 | 2,135 |
Page 41
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Century Aluminum Co. | 79,295 | 2,082 |
*PolyOne Corp. | 229,098 | 2,076 |
*Trammell Crow Co. | 113,616 | 2,058 |
USEC Inc. | 210,595 | 2,041 |
H.B. Fuller Co. | 71,344 | 2,034 |
Watsco, Inc. | 57,555 | 2,027 |
Gibraltar Industries Inc. | 85,211 | 2,013 |
*DHB Industries, Inc. | 102,203 | 1,946 |
*Aleris International Inc | 114,795 | 1,942 |
Tredegar Corp. | 94,519 | 1,910 |
*Oregon Steel Mills, Inc. | 92,363 | 1,874 |
*EMCOR Group, Inc. | 41,167 | 1,860 |
*NS Group Inc. | 66,619 | 1,852 |
ElkCorp | 53,457 | 1,829 |
*Tejon Ranch Co. | 44,810 | 1,828 |
Cambrex Corp. | 65,672 | 1,780 |
*NCI Building Systems, Inc. | 47,213 | 1,770 |
*EnerSys | 116,026 | 1,769 |
*Rogers Corp. | 40,401 | 1,741 |
*Insituform Technologies Inc. Class A | 76,747 | 1,740 |
*Hecla Mining Co. | 297,249 | 1,733 |
*Bluegreen Corp. | 85,979 | 1,705 |
*Wheeling-Pittsburgh Corp. | 44,176 | 1,703 |
Arch Chemicals, Inc. | 59,072 | 1,700 |
*Hexcel Corp. | 116,855 | 1,694 |
*Gold Kist Inc. | 124,004 | 1,689 |
AMCOL International Corp. | 82,674 | 1,661 |
*Terra Industries, Inc. | 185,126 | 1,644 |
*Jacuzzi Brands, Inc. | 187,341 | 1,630 |
*Mobile Mini, Inc. | 47,617 | 1,573 |
Universal Forest Products, Inc. | 36,111 | 1,567 |
Barnes Group, Inc. | 58,850 | 1,560 |
Glatfelter | 100,951 | 1,543 |
A. Schulman Inc. | 71,800 | 1,537 |
Valmont Industries, Inc. | 60,566 | 1,521 |
*Caraustar Industries, Inc. | 89,206 | 1,500 |
*Interface, Inc. | 148,835 | 1,484 |
*Beacon Roofing Supply, Inc. | 74,300 | 1,476 |
*Neenah Paper Inc. | 45,000 | 1,467 |
*RTI International Metals, Inc. | 69,045 | 1,418 |
WD-40 Co. | 49,395 | 1,403 |
*Titanium Metals Corp. | 55,245 | 1,334 |
*Avatar Holding, Inc. | 27,692 | 1,332 |
*Drew Industries, Inc. | 35,089 | 1,269 |
Deltic Timber Corp. | 28,874 | 1,226 |
Rock-Tenn Co. | 80,157 | 1,215 |
*Perini Corp. | 71,921 | 1,200 |
CIRCOR International, Inc. | 51,453 | 1,192 |
Steel Technologies, Inc. | 42,820 | 1,178 |
Apogee Enterprises, Inc. | 87,590 | 1,175 |
Royal Gold, Inc. | 63,768 | 1,163 |
*Brush Engineered Materials Inc. | 62,250 | 1,152 |
*NewMarket Corp. | 57,067 | 1,136 |
Aceto Corp. | 58,422 | 1,112 |
*Energy Conversion Devices, Inc. | 56,334 | 1,088 |
Myers Industries, Inc. | 84,920 | 1,087 |
Calgon Carbon Corp. | 118,627 | 1,077 |
Ameron International Corp. | 28,101 | 1,065 |
*Olympic Steel, Inc. | 39,852 | 1,056 |
Page 42
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Zoltek Cos., Inc. | 70,430 | 1,053 |
Wellman, Inc. | 96,163 | 1,028 |
Chesapeake Corp. of Virginia | 37,448 | 1,017 |
*First Acceptance Corp. | 112,854 | 1,011 |
*Tarragon Realty Investors Inc. REIT | 53,973 | 963 |
CompX International Inc. | 57,600 | 952 |
Pope&Talbot, Inc. | 54,463 | 932 |
*Infrasource Services Inc. | 69,700 | 906 |
*Buckeye Technology, Inc. | 68,780 | 895 |
*Ultralife Batteries, Inc. | 45,687 | 889 |
Building Materials Holding Corp. | 23,178 | 887 |
*Maxxam Inc. | 26,360 | 865 |
*Huttig Building Products, Inc. | 82,002 | 857 |
The Standard Register Co. | 60,349 | 852 |
*Medis Technology Ltd. | 45,683 | 838 |
*A.M. Castle&Co. | 68,191 | 814 |
*Encore Wire Corp. | 59,398 | 792 |
*Shiloh Industries, Inc. | 56,050 | 785 |
NN, Inc. | 59,307 | 783 |
American Vanguard Corp. | 21,296 | 783 |
*Comfort Systems USA, Inc. | 101,699 | 781 |
Ryerson Tull, Inc. | 49,586 | 781 |
*AAON, Inc. | 48,130 | 773 |
Penn Engineering&Manufacturing Corp. | 42,053 | 761 |
*Nonophase Technologies Corp. | 83,201 | 738 |
*Alico, Inc. | 11,841 | 693 |
Ampco-Pittsburgh Corp. | 46,922 | 685 |
Bairnco Corp. | 57,800 | 644 |
Packaging Dynamics Corp. | 43,915 | 632 |
*Unifi, Inc. | 162,867 | 624 |
Penford Corp. | 39,264 | 618 |
*Integrated Electrical Services, Inc. | 127,350 | 616 |
*Lesco, Inc. | 46,299 | 597 |
*Material Sciences Corp. | 33,151 | 596 |
Roanoke Electric Steel Corp. | 28,716 | 594 |
*Universal Stainless&Alloy Products, Inc. | 39,838 | 592 |
*Mod-Pac Corp. | 44,279 | 565 |
*Foamex International, Inc. | 149,820 | 563 |
*NuCo2, Inc. | 25,107 | 557 |
*Liquidmetal Technologies Inc. | 243,631 | 535 |
*Exide Technologies | 38,268 | 527 |
United Guardian, Inc. | 62,500 | 522 |
*Tor Minerals International, Inc. | 86,601 | 517 |
*Multi-Color Corp. | 28,573 | 513 |
Ennis, Inc. | 26,506 | 510 |
*U.S. Energy Corp. | 169,261 | 501 |
*Innovo Group Inc. | 192,501 | 487 |
*Industrial Distribution Group, Inc. | 57,400 | 476 |
*Lydall, Inc. | 38,457 | 456 |
MGP Ingredients, Inc. | 52,520 | 454 |
*Omnova Solutions Inc. | 80,645 | 453 |
Consolidated-Tomoka Land Co. | 10,478 | 451 |
Anchor Glass Container Corp. | 66,756 | 449 |
*Valence Technology Inc. | 142,233 | 442 |
*TransPro Inc. | 71,810 | 438 |
*Layne Christensen Co. | 23,874 | 433 |
*Reading International Inc. Class A | 51,795 | 433 |
*Continental Materials Corp. | 15,351 | 416 |
Vulcan International Corp. | 8,700 | 410 |
Page 43
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*WCA Waste Corp. | 39,000 | 408 |
*Modtech Holdings, Inc. | 50,974 | 401 |
*PW Eagle, Inc. | 99,555 | 396 |
*California Coastal Communities, Inc. | 15,482 | 372 |
Quaker Fabric Corp. | 64,095 | 359 |
*U.S. Concrete, Inc. | 45,963 | 353 |
Andersons, Inc. | 13,665 | 348 |
Quaker Chemical Corp. | 13,622 | 338 |
LSI Industries Inc. | 26,516 | 304 |
Stepan Co. | 12,307 | 300 |
*Astronics Corp. | 58,279 | 296 |
*Landec Corp. | 41,591 | 284 |
*Culp, Inc. | 41,528 | 282 |
Penn Engineering&Manufacturing Corp. Class A | 16,600 | 249 |
Hawkins, Inc. | 20,563 | 243 |
*Senomyx, Inc. | 29,200 | 242 |
*Wolverine Tube, Inc. | 18,300 | 236 |
*Hawk Corp. Class A | 25,243 | 218 |
Balchem Corp. | 5,958 | 207 |
*Malan Realty Investors, Inc. REIT | 49,200 | 206 |
*Eden Bioscience Corp. | 204,084 | 198 |
*Mestek, Inc. | 10,448 | 189 |
Nevada Chemicals, Inc. | 22,741 | 165 |
*Zapata Corp. | 2,359 | 141 |
*National Patent Development Corp. When Issued | 60,760 | 140 |
*American Realty Investors, Inc. | 14,335 | 139 |
*Virbac Corp. | 39,294 | 133 |
*Thomas Properties Group, Inc. | 9,000 | 115 |
*HouseValues, Inc. | 7,500 | 113 |
Noland Co. | 2,271 | 104 |
*The Dixie Group, Inc. | 6,031 | 102 |
*Baker (Michael) Corp. | 4,100 | 80 |
Calavo Growers, Inc. | 6,884 | 73 |
*Interline Brands, Inc. | 3,800 | 67 |
International Aluminum Corp. | 1,800 | 61 |
*Canyon Resources Corp. | 47,100 | 60 |
*EarthShell Corp. | 17,586 | 44 |
*Acmat Corp. Class A | 2,914 | 37 |
*WHX Corp. | 19,055 | 22 |
*Hallwood Group Inc. | 200 | 21 |
Capital Properties, Inc. Class A | 1,100 | 20 |
*Lamson&Sessions Co. | 1,000 | 9 |
AMREP Corp. | 300 | 7 |
*Bluelinx Holdings Inc. | 300 | 4 |
*Corrpro Cos., Inc. | 2,400 | 3 |
Capital Properties, Inc. Class B | 90 | 1 |
*Prolong International Corp. | 2,500 | 1 |
*FiberMark, Inc. | 19,600 | -- |
*BMC Industries, Inc. | 126,104 | -- |
606,030 | ||
Producer Durables (5.6%) | ||
D. R. Horton, Inc. | 580,821 | 23,413 |
Lennar Corp. Class A | 361,552 | 20,493 |
*Toll Brothers, Inc. | 185,255 | 12,710 |
*NVR, Inc. | 15,930 | 12,257 |
Pentair, Inc. | 249,978 | 10,889 |
*American Tower Corp. Class A | 559,306 | 10,291 |
Page 44
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Diebold, Inc. | 178,626 | 9,955 |
*LAM Research Corp. | 334,028 | 9,657 |
*Crown Castle International Corp. | 561,711 | 9,347 |
Hubbell Inc. Class B | 150,508 | 7,872 |
*Hovnanian Enterprises Inc. Class A | 152,356 | 7,545 |
Donaldson Co., Inc. | 215,757 | 7,029 |
MDC Holdings, Inc. | 81,050 | 7,006 |
Ryland Group, Inc. | 118,282 | 6,806 |
Graco, Inc. | 172,668 | 6,449 |
*United Defense Industries Inc. | 131,739 | 6,225 |
HNI Corp. | 143,361 | 6,172 |
*Alliant Techsystems, Inc. | 93,663 | 6,124 |
Ametek, Inc. | 170,062 | 6,066 |
*Terex Corp. | 123,110 | 5,866 |
*Polycom, Inc. | 247,749 | 5,778 |
Roper Industries Inc. | 92,554 | 5,625 |
Joy Global Inc. | 127,021 | 5,517 |
Standard Pacific Corp. | 83,889 | 5,381 |
Steelcase Inc. | 370,190 | 5,123 |
Mine Safety Appliances Co. | 99,754 | 5,058 |
IDEX Corp. | 123,376 | 4,997 |
Plantronics, Inc. | 119,751 | 4,966 |
Beazer Homes USA, Inc. | 33,757 | 4,936 |
*AGCO Corp. | 225,416 | 4,934 |
Herman Miller, Inc. | 177,981 | 4,918 |
Briggs&Stratton Corp. | 112,990 | 4,698 |
Kennametal, Inc. | 91,173 | 4,538 |
*Thomas&Betts Corp. | 147,371 | 4,532 |
*Taser International Inc. | 139,936 | 4,421 |
Crane Co. | 147,100 | 4,242 |
Engineered Support Systems, Inc. | 66,357 | 3,930 |
*Flowserve Corp. | 138,136 | 3,804 |
*Meritage Corp. | 32,304 | 3,641 |
Nordson Corp. | 89,102 | 3,570 |
Lincoln Electric Holdings, Inc. | 102,976 | 3,557 |
*Actuant Corp. | 64,830 | 3,381 |
*Varian Semiconductor Equipment Associates, Inc. | 90,833 | 3,347 |
Cognex Corp. | 114,882 | 3,205 |
*Interdigital Communications Corp. | 137,239 | 3,033 |
*Dionex Corp. | 52,445 | 2,972 |
*Moog Inc. | 65,304 | 2,962 |
*Genlyte Group, Inc. | 34,201 | 2,930 |
Technical Olympic USA, Inc. | 112,732 | 2,861 |
*Cymer, Inc. | 91,902 | 2,715 |
Belden CDT Inc. | 116,960 | 2,713 |
*Rayovac Corp. | 86,320 | 2,638 |
Watts Water Technologies, Inc. | 80,632 | 2,600 |
*CUNO Inc. | 42,372 | 2,517 |
The Manitowoc Co., Inc. | 66,756 | 2,513 |
*MKS Instruments, Inc. | 133,908 | 2,484 |
*ESCO Technologies Inc. | 32,291 | 2,475 |
*Ionics, Inc. | 56,696 | 2,457 |
Bucyrus International, Inc. | 59,243 | 2,408 |
*Headwaters Inc. | 83,884 | 2,391 |
*Teledyne Technologies, Inc. | 81,136 | 2,388 |
Franklin Electric, Inc. | 55,104 | 2,329 |
Baldor Electric Co. | 82,127 | 2,261 |
*Powerwave Technologies, Inc. | 260,380 | 2,208 |
A.O. Smith Corp. | 73,564 | 2,203 |
Page 45
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Credence Systems Corp. | 240,327 | 2,199 |
*Paxar Corp. | 98,865 | 2,192 |
JLG Industries, Inc. | 109,439 | 2,148 |
Curtiss-Wright Corp. | 37,359 | 2,145 |
M/I Homes, Inc. | 38,910 | 2,144 |
Federal Signal Corp. | 120,169 | 2,122 |
*ATMI, Inc. | 93,487 | 2,106 |
*Champion Enterprises, Inc. | 175,909 | 2,079 |
*William Lyon Homes, Inc. | 29,077 | 2,042 |
Woodward Governor Co. | 28,459 | 2,038 |
*Axcelis Technologies, Inc. | 249,029 | 2,025 |
Applied Industrial Technology, Inc. | 72,992 | 2,000 |
*Esterline Technologies Corp. | 61,246 | 2,000 |
NACCO Industries, Inc. Class A | 18,832 | 1,985 |
*Rofin-Sinar Technologies Inc. | 46,229 | 1,962 |
*Brooks Automation, Inc. | 111,683 | 1,923 |
*A.S.V., Inc. | 40,081 | 1,920 |
*Littelfuse, Inc. | 55,549 | 1,898 |
*Gardner Denver Inc. | 51,732 | 1,877 |
*Triumph Group, Inc. | 47,086 | 1,860 |
Thomas Industries, Inc. | 46,179 | 1,843 |
*Entegris Inc. | 183,600 | 1,827 |
*Blount International, Inc. | 104,303 | 1,817 |
*Technitrol, Inc. | 99,636 | 1,813 |
*FEI Co. | 82,833 | 1,739 |
*General Cable Corp. | 124,529 | 1,725 |
Regal-Beloit Corp. | 59,129 | 1,691 |
Levitt Corp. Class A | 54,872 | 1,677 |
*Orbital Sciences Corp. | 140,555 | 1,663 |
Tecumseh Products Co. Class A | 34,277 | 1,638 |
*Veeco Instruments, Inc. | 74,920 | 1,579 |
*Itron, Inc. | 65,541 | 1,567 |
*Arris Group Inc. | 220,561 | 1,553 |
*Mykrolis Corp. | 103,595 | 1,468 |
The Middleby Corp. | 28,912 | 1,466 |
*Imagistics International Inc. | 43,478 | 1,463 |
*Artesyn Technologies, Inc. | 129,170 | 1,460 |
MTS Systems Corp. | 42,301 | 1,430 |
Stewart&Stevenson Services, Inc. | 70,166 | 1,419 |
*Electro Scientific Industries, Inc. | 71,097 | 1,405 |
*MTC Technologies, Inc. | 41,736 | 1,401 |
*Knoll, Inc. | 78,023 | 1,365 |
Lennar Corp. Class B | 25,998 | 1,357 |
CTS Corp. | 100,290 | 1,333 |
*Mattson Technology, Inc. | 117,783 | 1,326 |
Cascade Corp. | 32,726 | 1,307 |
*Photronics Inc. | 79,228 | 1,307 |
*Metrologic Instruments, Inc. | 61,396 | 1,305 |
*DuPont Photomasks, Inc. | 48,906 | 1,292 |
Kimball International, Inc. Class B | 86,678 | 1,284 |
*Mastec Inc. | 126,854 | 1,282 |
Vicor Corp. | 95,230 | 1,248 |
*American Superconductor Corp. | 83,018 | 1,236 |
*BE Aerospace, Inc. | 102,819 | 1,197 |
*EnPro Industries, Inc. | 39,531 | 1,169 |
*LTX Corp. | 151,783 | 1,167 |
Helix Technology Corp. | 65,169 | 1,133 |
Standex International Corp. | 39,772 | 1,133 |
Cohu, Inc. | 60,865 | 1,130 |
Page 46
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Presstek, Inc. | 115,047 | 1,114 |
C&D Technologies, Inc. | 63,957 | 1,090 |
Lindsay Manufacturing Co. | 41,972 | 1,086 |
*Ultratech, Inc. | 57,607 | 1,086 |
*C-COR Inc. | 116,536 | 1,084 |
*Kulicke&Soffa Industries, Inc. | 124,703 | 1,075 |
*Symmetricom Inc. | 110,496 | 1,073 |
*Park-Ohio Holdings Corp. | 41,375 | 1,072 |
*Astec Industries, Inc. | 60,871 | 1,048 |
*Kadant Inc. | 50,014 | 1,025 |
*SBA Communications Corp. | 106,807 | 991 |
*Audiovox Corp. | 62,509 | 986 |
Keithley Instruments Inc. | 49,463 | 974 |
Skyline Corp. | 23,868 | 974 |
*Photon Dynamics, Inc. | 39,762 | 965 |
Tennant Co. | 23,948 | 950 |
*Sonic Solutions, Inc. | 41,739 | 937 |
*Palm Harbor Homes, Inc. | 54,799 | 925 |
United Industrial Corp. | 23,590 | 914 |
Badger Meter, Inc. | 29,272 | 877 |
*Rudolph Technologies, Inc. | 50,651 | 870 |
*FARO Technologies, Inc. | 27,781 | 866 |
Curtiss-Wright Corp. Class B | 15,116 | 850 |
*ADE Corp. | 45,230 | 847 |
*Milacron Inc. | 242,629 | 823 |
*Applied Films Corp. | 37,223 | 803 |
HEICO Corp. Class A | 46,051 | 796 |
HEICO Corp. | 34,705 | 784 |
*Duratek, Inc. | 31,394 | 782 |
*Viisage Technology, Inc. | 85,657 | 772 |
*Advanced Energy Industries, Inc. | 82,438 | 753 |
*Magnatek, Inc. | 109,000 | 752 |
*Flanders Corp. | 76,985 | 739 |
Applied Signal Technology, Inc. | 20,478 | 722 |
*General Binding Corp. | 54,921 | 722 |
*Nanometrics Inc. | 42,843 | 691 |
Communications Systems, Inc. | 56,941 | 684 |
*Color Kinetics Inc. | 38,500 | 677 |
Nobility Homes, Inc. | 27,030 | 630 |
*Team, Inc. | 40,434 | 629 |
*Orleans Homebuilders, Inc. | 31,606 | 627 |
*Columbus McKinnon Corp. | 71,793 | 622 |
*Electroglas, Inc. | 129,251 | 614 |
*Darling International, Inc. | 139,939 | 610 |
*Pemco Aviation Group, Inc. | 22,294 | 608 |
Met-Pro Corp. | 44,901 | 597 |
X-Rite Inc. | 36,253 | 580 |
*Tollgrade Communications, Inc. | 47,142 | 577 |
*Asyst Technologies, Inc. | 113,031 | 575 |
*Measurement Specialties, Inc. | 22,267 | 567 |
*EMCORE Corp. | 162,116 | 566 |
*Ducommun, Inc. | 26,741 | 558 |
MOCON, Inc. | 56,164 | 550 |
Robbins&Myers, Inc. | 22,808 | 544 |
Tecumseh Products Co. Class B | 11,900 | 542 |
*Terayon Communications Systems, Inc. | 197,372 | 535 |
*RF Monolithics, Inc. | 62,260 | 520 |
*Tut Systems, Inc. | 126,280 | 508 |
*Therma-Wave Inc. | 143,453 | 496 |
Page 47
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Zygo Corp. | 40,931 | 483 |
*Allied Motion Technologies, Inc. | 66,443 | 480 |
SpectraLink Corp. | 33,341 | 473 |
*CPI Aerostructures, Inc. | 41,115 | 471 |
*Virco Manufacturing Corp. | 62,201 | 467 |
*Semitool, Inc. | 49,446 | 459 |
*TransTechnology Corp. | 62,441 | 456 |
*Cavco Industries, Inc. | 10,099 | 454 |
*Intevac, Inc. | 59,639 | 451 |
*UQM Technologies, Inc. | 173,057 | 448 |
*Distributed Energy Systems Corp. | 178,293 | 446 |
*Insignia Systems, Inc. | 203,499 | 444 |
*August Technology Corp. | 41,736 | 439 |
*Active Power, Inc. | 94,552 | 435 |
Liberty Homes, Inc. Class A | 83,500 | 420 |
*FSI International, Inc. | 89,728 | 419 |
*Somera Communications, Inc. | 323,085 | 410 |
*Optical Cable Corp. | 71,699 | 408 |
*TRC Cos., Inc. | 23,351 | 397 |
*Global ePoint, Inc. | 74,225 | 382 |
*TransAct Technologies Inc. | 17,762 | 379 |
*Beacon Power Corp. | 402,535 | 370 |
Astro-Med, Inc. | 42,597 | 367 |
*Fairchild Corp. | 97,453 | 360 |
*Icad Inc. | 77,914 | 348 |
*Aetrium, Inc. | 85,682 | 336 |
*DDi Corp. | 103,679 | 330 |
*Ibis Technology Corp. | 88,494 | 327 |
Woodhead Industries, Inc. | 20,290 | 325 |
*Catalytica Energy Systems, Inc. | 143,467 | 324 |
*Arotech Corp. | 199,167 | 323 |
*Dominion Homes, Inc. | 12,423 | 313 |
Gorman-Rupp Co. | 13,332 | 307 |
*XETA Technologies Inc. | 80,907 | 291 |
*Katy Industries, Inc. | 49,522 | 257 |
*Powell Industries, Inc. | 13,779 | 255 |
*Copper Mountain Networks, Inc. | 90,068 | 245 |
*Peco II, Inc. | 190,741 | 225 |
Alamo Group, Inc. | 8,052 | 219 |
*Perma-Fix Environmental Services, Inc. | 112,032 | 203 |
American Ecology Corp. | 16,146 | 194 |
*The Allied Defense Group, Inc. | 8,203 | 182 |
*American Access Technologies Inc. | 80,800 | 178 |
*Calamp Corp. | 19,369 | 173 |
*Applied Innovation Inc. | 43,381 | 151 |
*Radyne Comstream Inc. | 19,805 | 148 |
*EFJ Inc. | 14,500 | 140 |
Preformed Line Products Co. | 3,337 | 97 |
Ecology and Environment, Inc. | 12,025 | 94 |
*Proxim Corp. Class A | 21,024 | 86 |
*Cognitronics Corp. | 17,700 | 72 |
*Genus, Inc. | 37,111 | 71 |
*Ault Inc. | 22,500 | 67 |
*Conolog Corp. | 13,046 | 58 |
*Kaiser Ventures LLC Class A | 36,800 | 55 |
*Evercel, Inc. | 47,164 | 37 |
*TurboChef Technologies, Inc. | 1,100 | 25 |
Hubbell Inc. Class A | 500 | 24 |
*LMI Aerospace, Inc. | 3,600 | 19 |
Page 48
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*General Bearing Corp. | 1,200 | 6 |
*Hudson Technology, Inc. | 6,000 | 5 |
*Andrea Radio Corp. | 85,700 | 5 |
*Ladish Co., Inc. | 202 | 2 |
*Optical Cable Corp. Warrants Exp. 10/24/2007 | 1,053 | 1 |
514,279 | ||
Technology (9.7%) | ||
*Juniper Networks, Inc. | 1,320,810 | 35,913 |
Seagate Technology | 1,154,220 | 19,933 |
*Cognizant Technology Solutions Corp. | 331,222 | 14,021 |
Microchip Technology, Inc. | 513,074 | 13,679 |
*McAfee Inc. | 389,375 | 11,265 |
Harris Corp. | 165,874 | 10,249 |
*NAVTEQ Corp. | 218,340 | 10,122 |
*SanDisk Corp. | 403,678 | 10,080 |
*Zebra Technologies Corp. Class A | 178,798 | 10,063 |
*Cadence Design Systems, Inc. | 681,249 | 9,408 |
*BEA Systems, Inc. | 1,022,346 | 9,058 |
*Storage Technology Corp. | 278,440 | 8,801 |
*Ingram Micro, Inc. Class A | 387,252 | 8,055 |
*Amphenol Corp. | 218,366 | 8,023 |
*Synopsys, Inc. | 388,781 | 7,628 |
*International Rectifier Corp. | 166,096 | 7,403 |
*Cree, Inc. | 182,613 | 7,319 |
*SpectraSite, Inc. | 122,094 | 7,069 |
*TIBCO Software Inc. | 523,101 | 6,978 |
*Arrow Electronics, Inc. | 286,805 | 6,969 |
*MEMC Electronic Materials, Inc. | 517,933 | 6,863 |
*Ceridian Corp. | 370,311 | 6,769 |
*UTStarcom, Inc. | 283,683 | 6,284 |
*Red Hat, Inc. | 456,361 | 6,092 |
*Vishay Intertechnology, Inc. | 400,063 | 6,009 |
*Rambus Inc. | 254,274 | 5,848 |
Intersil Corp. | 348,612 | 5,836 |
Acxiom Corp. | 214,386 | 5,638 |
*Western Digital Corp. | 510,584 | 5,535 |
*Avnet, Inc. | 300,313 | 5,478 |
AVX Corp. | 433,002 | 5,456 |
*Macromedia, Inc. | 173,670 | 5,405 |
*FLIR Systems, Inc. | 84,310 | 5,378 |
National Instruments Corp. | 196,427 | 5,353 |
Reynolds&Reynolds Class A | 196,366 | 5,206 |
*Brocade Communications Systems, Inc. | 653,969 | 4,996 |
*Avocent Corp. | 122,955 | 4,982 |
*CACI International, Inc. | 72,727 | 4,955 |
*Avid Technology, Inc. | 79,500 | 4,909 |
*Fairchild Semiconductor International, Inc. | 297,892 | 4,844 |
*Sybase, Inc. | 239,747 | 4,783 |
*Atmel Corp. | 1,187,955 | 4,657 |
*Perot Systems Corp. | 286,937 | 4,600 |
*Silicon Laboratories Inc. | 129,366 | 4,568 |
*Hyperion Solutions Corp. | 97,392 | 4,540 |
*Foundry Networks, Inc. | 338,841 | 4,459 |
*Salesforce.com, Inc. | 256,900 | 4,352 |
*Trimble Navigation Ltd. | 127,772 | 4,222 |
*F5 Networks, Inc. | 86,191 | 4,199 |
*SRA International, Inc. | 64,521 | 4,142 |
Page 49
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*3Com Corp. | 982,995 | 4,099 |
*Akamai Technologies, Inc. | 313,855 | 4,089 |
*Semtech Corp. | 185,635 | 4,060 |
*BearingPoint, Inc. | 491,381 | 3,946 |
*UNOVA, Inc. | 152,134 | 3,847 |
ADTRAN Inc. | 198,826 | 3,805 |
*Integrated Circuit Systems, Inc. | 181,236 | 3,791 |
*PalmOne, Inc. | 120,013 | 3,786 |
*Quest Software, Inc. | 236,607 | 3,774 |
*Anteon International Corp. | 89,302 | 3,738 |
*Cypress Semiconductor Corp. | 312,923 | 3,671 |
*Skyworks Solutions, Inc. | 388,569 | 3,664 |
*Tessera Technologies, Inc. | 98,131 | 3,651 |
*MICROS Systems, Inc. | 46,025 | 3,593 |
*Varian, Inc. | 87,023 | 3,569 |
*Sonus Networks, Inc. | 615,378 | 3,526 |
*Benchmark Electronics, Inc. | 102,616 | 3,499 |
*Emulex Corp. | 206,062 | 3,470 |
*Agere Systems Inc. Class A | 2,512,198 | 3,442 |
*AMIS Holdings Inc. | 207,838 | 3,433 |
*The Titan Corp. | 210,584 | 3,411 |
*Gartner, Inc. Class A | 271,214 | 3,379 |
*Digital River, Inc. | 80,974 | 3,369 |
*Maxtor Corp. | 617,568 | 3,273 |
Anixter International Inc. | 90,482 | 3,256 |
*Tekelec | 157,072 | 3,211 |
*RSA Security Inc. | 158,950 | 3,189 |
*RF Micro Devices, Inc. | 465,631 | 3,185 |
*Macrovision Corp. | 123,355 | 3,173 |
*SigmaTel Inc. | 87,684 | 3,115 |
*Silicon Image, Inc. | 187,897 | 3,093 |
*Integrated Device Technology Inc. | 265,023 | 3,064 |
*Websense, Inc. | 58,287 | 2,956 |
*Amkor Technology, Inc. | 438,907 | 2,932 |
*DRS Technologies, Inc. | 68,051 | 2,906 |
*ON Semiconductor Corp. | 633,475 | 2,876 |
*Mentor Graphics Corp. | 187,895 | 2,873 |
Imation Corp. | 88,827 | 2,827 |
*Internet Security Systems, Inc. | 120,783 | 2,808 |
*RealNetworks, Inc. | 423,339 | 2,803 |
*Wind River Systems Inc. | 205,143 | 2,780 |
*Sycamore Networks, Inc. | 683,423 | 2,775 |
*Siliconix, Inc. | 74,963 | 2,735 |
*Verint Systems Inc. | 74,920 | 2,722 |
*WebEx Communications, Inc. | 110,689 | 2,632 |
*Microsemi Corp. | 148,964 | 2,586 |
*OmniVision Technologies, Inc. | 140,904 | 2,586 |
*FormFactor Inc. | 94,699 | 2,570 |
*Ariba, Inc. | 154,747 | 2,569 |
*CommScope, Inc. | 135,039 | 2,552 |
*Ixia | 151,625 | 2,549 |
*FileNET Corp. | 98,467 | 2,537 |
*Kanbay International Inc. | 80,868 | 2,531 |
*Micrel, Inc. | 228,614 | 2,519 |
*Openwave Systems Inc. | 160,620 | 2,483 |
*ANSYS, Inc. | 77,152 | 2,473 |
*Intergraph Corp. | 91,402 | 2,461 |
*CSG Systems International, Inc. | 130,053 | 2,432 |
*Sapient Corp. | 306,667 | 2,426 |
Page 50
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*MicroStrategy Inc. | 40,052 | 2,413 |
*SERENA Software, Inc. | 110,975 | 2,401 |
*Ascential Software Corp. | 146,669 | 2,392 |
*Altiris, Inc. | 67,137 | 2,379 |
*Borland Software Corp. | 200,837 | 2,346 |
*Electronics for Imaging, Inc. | 133,816 | 2,330 |
*Conexant Systems, Inc. | 1,156,948 | 2,302 |
*Coherent, Inc. | 75,452 | 2,297 |
*Keane, Inc. | 154,366 | 2,269 |
*Hutchinson Technology, Inc. | 65,114 | 2,251 |
*Aeroflex, Inc. | 185,333 | 2,246 |
*Agere Systems Inc. Class B | 1,650,000 | 2,227 |
*InPhonic, Inc. | 80,500 | 2,212 |
*SafeNet, Inc. | 59,663 | 2,192 |
Black Box Corp. | 44,380 | 2,131 |
*Progress Software Corp. | 90,398 | 2,111 |
*Adaptec, Inc. | 274,822 | 2,086 |
*Manhattan Associates, Inc. | 85,260 | 2,036 |
*Dendrite International, Inc. | 103,802 | 2,014 |
*j2 Global Communications, Inc. | 58,160 | 2,007 |
*Extreme Networks, Inc. | 298,843 | 1,957 |
*ScanSource, Inc. | 31,324 | 1,947 |
*Vitesse Semiconductor Corp. | 549,613 | 1,940 |
*KEMET Corp. | 216,399 | 1,937 |
*Informatica Corp. | 236,649 | 1,922 |
*Digitas Inc. | 200,193 | 1,912 |
*Synaptics Inc. | 62,479 | 1,911 |
*Transaction Systems Architects, Inc. | 96,046 | 1,907 |
*Mercury Computer Systems, Inc. | 64,146 | 1,904 |
*II-VI, Inc. | 43,769 | 1,860 |
*Jupitermedia Corp. | 77,512 | 1,843 |
*Power Integrations, Inc. | 92,288 | 1,825 |
*Epicor Software Corp. | 126,896 | 1,788 |
Syntel, Inc. | 101,913 | 1,788 |
*Intermagnetics General Corp. | 70,232 | 1,785 |
Inter-Tel, Inc. | 64,684 | 1,771 |
*ManTech International Corp. | 74,251 | 1,763 |
*NetIQ Corp. | 142,431 | 1,739 |
*McDATA Corp. Class A | 291,445 | 1,737 |
Cubic Corp. | 68,513 | 1,724 |
*Lawson Software Inc. | 246,780 | 1,695 |
*Checkpoint Systems, Inc. | 93,711 | 1,691 |
*Ulticom, Inc. | 104,614 | 1,677 |
*Equinix, Inc. | 38,715 | 1,655 |
*Aspect Communications Corp. | 148,034 | 1,649 |
*DSP Group Inc. | 73,850 | 1,649 |
*Advanced Digital Information Corp. | 163,786 | 1,641 |
*Identix, Inc. | 220,194 | 1,625 |
*Lattice Semiconductor Corp. | 284,777 | 1,623 |
*ViaSat, Inc. | 66,696 | 1,619 |
*Ciber, Inc. | 165,133 | 1,592 |
EDO Corp. | 49,669 | 1,577 |
*Lexar Media, Inc. | 199,906 | 1,567 |
*Comtech Telecommunications Corp. | 41,565 | 1,563 |
*TriQuint Semiconductor, Inc. | 342,098 | 1,522 |
*Opsware, Inc. | 202,491 | 1,486 |
*Exar Corp. | 104,608 | 1,484 |
*TTM Technologies, Inc. | 125,254 | 1,478 |
*Harmonic, Inc. | 175,380 | 1,463 |
Page 51
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Newport Corp. | 103,638 | 1,461 |
*Daktronics, Inc. | 58,710 | 1,461 |
*InterVoice, Inc. | 109,262 | 1,459 |
*Infonet Services Corp. | 721,099 | 1,457 |
BEI Technologies, Inc. | 47,051 | 1,453 |
Agilysys, Inc. | 84,003 | 1,440 |
*SiRF Technology Holdings, Inc. | 112,060 | 1,425 |
*Plexus Corp. | 109,539 | 1,425 |
*Silicon Storage Technology, Inc. | 239,427 | 1,425 |
*MIPS Technologies, Inc. | 141,806 | 1,397 |
*Interwoven Inc. | 127,098 | 1,383 |
*PortalPlayer Inc. | 55,400 | 1,367 |
*Novatel Wireless, Inc. | 70,105 | 1,359 |
*Verity, Inc. | 101,393 | 1,330 |
Methode Electronics, Inc. Class A | 102,502 | 1,317 |
*Digi International, Inc. | 75,293 | 1,294 |
*Zoran Corp. | 109,821 | 1,272 |
*Pixelworks, Inc. | 111,787 | 1,268 |
*MRV Communications Inc. | 344,781 | 1,265 |
*Stratasys, Inc. | 37,465 | 1,257 |
*The TriZetto Group, Inc. | 132,184 | 1,256 |
*Packeteer, Inc. | 86,818 | 1,255 |
*ScanSoft, Inc. | 299,051 | 1,253 |
*Finisar Corp. | 548,968 | 1,252 |
*Pinnacle Systems, Inc. | 198,403 | 1,210 |
*SYNNEX Corp. | 50,200 | 1,208 |
*Ditech Communications Corp. | 80,487 | 1,203 |
*Cirrus Logic, Inc. | 215,631 | 1,188 |
*Quantum Corp. | 450,626 | 1,181 |
*Audible, Inc. | 45,231 | 1,178 |
*Blackbaud, Inc. | 80,162 | 1,174 |
*American Science&Engineering, Inc. | 27,474 | 1,132 |
*Genesis Microchip Inc. | 69,247 | 1,123 |
*Avanex Corp. | 339,036 | 1,122 |
*Diodes Inc. | 49,339 | 1,117 |
*Actel Corp. | 62,855 | 1,102 |
Bel Fuse, Inc. Class B | 32,500 | 1,098 |
*Micromuse Inc. | 197,007 | 1,093 |
*SI International Inc. | 35,489 | 1,092 |
*Catapult Communications Corp. | 45,095 | 1,089 |
*SonicWALL, Inc. | 171,527 | 1,084 |
*Broadwing Corp. | 117,612 | 1,071 |
*Magma Design Automation, Inc. | 84,871 | 1,066 |
*LeCroy Corp. | 45,261 | 1,056 |
*3D Systems Corp. | 52,617 | 1,055 |
*Standard Microsystem Corp. | 58,342 | 1,040 |
*Echelon Corp. | 122,846 | 1,037 |
*Ansoft Corp. | 51,014 | 1,030 |
*Herley Industries Inc. | 50,418 | 1,026 |
*Remec, Inc. | 142,001 | 1,024 |
*Niku Corp. | 50,736 | 1,023 |
*Pegasystems Inc. | 119,704 | 1,021 |
*Komag, Inc. | 53,542 | 1,006 |
*Sykes Enterprises, Inc. | 144,555 | 1,005 |
*Enterasys Networks, Inc. | 554,818 | 999 |
*Keynote Systems Inc. | 71,485 | 995 |
*Atheros Communications | 96,711 | 991 |
*Open Solutions Inc. | 38,047 | 988 |
*WorldGate Communications, Inc. | 196,927 | 983 |
Page 52
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*SeaChange International, Inc. | 56,338 | 983 |
*Volterra Semiconductor Corp. | 44,221 | 980 |
*Agile Software Corp. | 119,723 | 978 |
*NETGEAR, Inc. | 53,744 | 978 |
QAD Inc. | 108,076 | 964 |
*VASCO Data Security International, Inc. | 145,346 | 962 |
*IXYS Corp. | 92,409 | 954 |
*SeeBeyond Technology Corp. | 263,783 | 944 |
*@ Road, Inc. | 136,133 | 941 |
*Covansys Corp. | 61,450 | 940 |
*Westell Technologies, Inc. | 138,086 | 939 |
*Anaren, Inc. | 72,385 | 938 |
*CallWave, Inc. | 60,386 | 932 |
*webMethods, Inc. | 128,931 | 930 |
*Silicon Graphics, Inc. | 527,373 | 912 |
*Mapics Inc. | 85,912 | 906 |
*RadiSys Corp. | 46,150 | 902 |
*JDA Software Group, Inc. | 66,130 | 901 |
SS&C Technologies, Inc. | 43,312 | 894 |
*Network Equipment Technologies, Inc. | 89,907 | 883 |
*Vignette Corp. | 632,689 | 879 |
*Concurrent Computer Corp. | 302,370 | 865 |
*SBS Technologies, Inc. | 61,591 | 860 |
*MatrixOne, Inc. | 130,940 | 858 |
*PEC Solutions, Inc. | 60,477 | 857 |
*RightNow Technologies Inc. | 52,831 | 853 |
*Tyler Technologies, Inc. | 101,153 | 846 |
*Dot Hill Systems Corp. | 107,614 | 844 |
*Innovative Solutions and Support, Inc. | 25,108 | 838 |
Park Electrochemical Corp. | 38,542 | 836 |
*Fargo Electronics | 55,116 | 826 |
*Witness Systems, Inc. | 47,295 | 826 |
*Cray Inc. | 176,806 | 824 |
*Excel Technology, Inc. | 31,115 | 809 |
*FalconStor Software, Inc. | 83,469 | 799 |
*SPSS, Inc. | 50,300 | 787 |
*Aspen Technologies, Inc. | 126,137 | 783 |
*Click Commerce, Inc. | 48,607 | 781 |
*Moldflow Corp. | 47,990 | 763 |
*Secure Computing Corp. | 76,439 | 763 |
*Mechanical Technology Inc. | 123,409 | 759 |
*Stellent Inc. | 85,779 | 757 |
*ESS Technology, Inc. | 106,041 | 754 |
Lowrance Electronics, Inc. | 23,759 | 748 |
*Blackboard Inc. | 50,493 | 748 |
*Infocrossing, Inc. | 44,042 | 746 |
*Trident Microsystems, Inc. | 44,413 | 743 |
*ActivCard Corp. | 83,270 | 741 |
*Dynamics Research Corp. | 41,447 | 739 |
*EMS Technologies, Inc. | 44,429 | 738 |
Integral Systems, Inc. | 37,924 | 738 |
*Integrated Silicon Solution, Inc. | 88,989 | 730 |
*Carrier Access Corp. | 68,087 | 727 |
*Multi-Fineline Electronix, Inc. | 39,615 | 723 |
*Entrust, Inc. | 189,841 | 719 |
*E.piphany Inc. | 148,792 | 719 |
*Performance Technologies, Inc. | 77,096 | 717 |
*Rimage Corp. | 44,524 | 715 |
*InFocus Corp. | 77,700 | 712 |
Page 53
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Manugistics Group, Inc. | 247,554 | 710 |
*Transmeta Corp. | 435,825 | 710 |
*ZiLOG, Inc. | 88,500 | 708 |
*Concord Communications, Inc. | 63,239 | 701 |
*Gerber Scientific, Inc. | 91,654 | 697 |
*Merge Technologies, Inc. | 31,340 | 697 |
*Vyyo Inc. | 80,911 | 697 |
*Sigma Designs, Inc. | 69,399 | 689 |
*Mindspeed Technologies, Inc. | 247,792 | 689 |
*Zhone Technologies | 265,479 | 688 |
*Retek Inc. | 111,213 | 684 |
*Datastream Systems, Inc. | 97,429 | 675 |
*Altair Nanotechnology | 248,947 | 675 |
*Concur Technologies, Inc. | 74,916 | 668 |
*Kopin Corp. | 172,326 | 667 |
*Bottomline Technologies, Inc. | 45,736 | 663 |
*Sirenza Microdevices, Inc. | 99,588 | 653 |
*Iomega Corp. | 117,450 | 651 |
*OSI Systems Inc. | 28,498 | 647 |
*PDF Solutions, Inc. | 39,842 | 642 |
*Ultra Clean Holdings, Inc. | 105,857 | 641 |
*Captaris Inc. | 124,111 | 640 |
*Lasercard Corp. | 61,022 | 640 |
*EPIQ Systems, Inc. | 43,680 | 639 |
*Interlink Electronics Inc. | 67,234 | 636 |
*MSC Software Corp. | 60,664 | 635 |
*Bell Microproducts Inc. | 65,625 | 631 |
*Pericom Semiconductor Corp. | 66,735 | 629 |
*Monolithic Power Systems | 66,656 | 620 |
*Immersion Corp. | 84,517 | 616 |
*Visual Networks, Inc. | 176,694 | 615 |
*CyberOptics Corp. | 41,158 | 612 |
*SAFLINK Corp. | 220,874 | 612 |
*The Ultimate Software Group, Inc. | 48,190 | 611 |
*Aware, Inc. | 125,844 | 610 |
*Virage Logic Corp. | 32,728 | 608 |
*NMS Communications Corp. | 96,224 | 607 |
*Computer Network Technology Corp. | 84,625 | 601 |
*Loudeye Corp. | 292,554 | 600 |
*Oplink Communications, Inc. | 304,318 | 600 |
*Universal Display Corp. | 66,332 | 597 |
*Actuate Software Corp. | 234,033 | 597 |
*Segue Software, Inc. | 95,300 | 596 |
*Lionbridge Technologies, Inc. | 87,926 | 591 |
*Docucorp International, Inc. | 62,190 | 591 |
*LCC International, Inc. Class A | 101,289 | 591 |
*Applix, Inc. | 115,700 | 590 |
*White Electronic Designs Corp. | 92,893 | 588 |
*Stratex Networks, Inc. | 258,847 | 585 |
*NVE Corp. | 20,943 | 583 |
*Spectrum Control, Inc. | 80,231 | 582 |
Talx Corp. | 22,563 | 582 |
American Software, Inc. Class A | 96,451 | 582 |
*Ramtron International Corp. | 145,250 | 581 |
*Evans&Sutherland Computer Corp. | 82,924 | 578 |
*SupportSoft, Inc. | 86,749 | 578 |
*Maxwell Technologies, Inc. | 56,965 | 578 |
*Nu Horizons Electronics Corp. | 72,296 | 577 |
*Globecomm Systems, Inc. | 89,609 | 570 |
Page 54
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Radiant Systems, Inc. | 87,503 | 570 |
*Sumtotal Systems Inc. | 109,505 | 569 |
*ePlus Inc. | 47,935 | 566 |
*Fiberstars, Inc. | 56,337 | 566 |
*MRO Software Inc. | 43,377 | 565 |
*PLX Technology, Inc. | 54,233 | 564 |
*TechTeam Global, Inc. | 54,680 | 556 |
*COMARCO, Inc. | 64,231 | 552 |
*Telular Corp. | 64,680 | 550 |
*PC-Tel, Inc. | 68,793 | 546 |
*BroadVision, Inc. | 197,650 | 546 |
*Safeguard Scientifics, Inc. | 257,130 | 545 |
*Overland Storage, Inc. | 31,820 | 531 |
*Meade Instruments Corp. | 154,673 | 531 |
*Innovex, Inc. | 97,105 | 529 |
*MTI Technology Corp. | 194,654 | 526 |
*MapInfo Corp. | 43,738 | 524 |
*Applied Digital Solutions, Inc. | 76,965 | 520 |
*The SCO Group, Inc. | 121,631 | 516 |
*Hifn, Inc. | 55,913 | 516 |
*Computer Task Group, Inc. | 91,101 | 510 |
*Zix Corp. | 98,573 | 508 |
*NYFIX, Inc. | 81,653 | 505 |
*Mobius Management Systems, Inc. | 69,672 | 505 |
*AMX Corp. | 30,549 | 503 |
*Supertex, Inc. | 23,178 | 503 |
*Neoware Systems, Inc. | 53,997 | 503 |
*eCollege.com Inc. | 44,240 | 503 |
*TippingPoint Technologies Inc. | 10,565 | 493 |
*American Power Technology, Inc. | 63,733 | 493 |
*Inforte Corp. | 62,441 | 492 |
*Hauppage Digital, Inc. | 79,301 | 486 |
*Embarcadero Technologies, Inc. | 51,406 | 484 |
*Tumbleweed Communications Corp. | 144,776 | 484 |
*Internet Capital Group Inc | 53,724 | 484 |
*Art Technology Group, Inc. | 319,177 | 479 |
*Bio-logic Systems, Corp. | 52,416 | 477 |
*Redback Networks Inc. | 88,407 | 474 |
*Research Frontiers, Inc. | 74,228 | 474 |
*Zomax Inc. | 113,743 | 467 |
Video Display Corp. | 36,589 | 467 |
*Sipex Corp. | 98,438 | 461 |
*Leadis Technology Inc. | 42,700 | 455 |
*Brooktrout Technology, Inc. | 37,761 | 454 |
*Motive, Inc. | 39,684 | 452 |
*Vitria Technology, Inc. | 106,729 | 449 |
*Aether Systems, Inc. | 133,987 | 449 |
*Bioveris Corp. | 61,358 | 449 |
TSR, Inc. | 52,580 | 446 |
*Merix Corp. | 38,553 | 444 |
*Napster, Inc. | 47,204 | 444 |
Sypris Solutions, Inc. | 28,845 | 442 |
*OPNET Technologies, Inc. | 51,517 | 434 |
*Saba Software, Inc. | 108,299 | 433 |
*Answerthink Consulting Group, Inc. | 92,768 | 432 |
*Nuance Communications Inc. | 103,780 | 430 |
*Micronetics Inc. | 51,305 | 421 |
*AXS-One Inc. | 163,386 | 420 |
*Wave Systems Corp. | 368,227 | 420 |
Page 55
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Kana Software, Inc. | 220,888 | 417 |
*Monolithic System Technology, Inc. | 66,631 | 415 |
*BSQUARE Corp. | 274,236 | 409 |
*Blue Coat Systems, Inc. | 21,485 | 400 |
*NetManage, Inc. | 61,928 | 399 |
*Net2Phone, Inc. | 117,423 | 399 |
*iGATE Corp. | 98,549 | 399 |
*PalmSource, Inc. | 31,230 | 398 |
*Convera Corp. | 84,938 | 396 |
*Planar Systems, Inc. | 35,048 | 394 |
*Merisel, Inc. | 61,956 | 393 |
*SRS Labs, Inc | 62,153 | 389 |
*Plumtree Software, Inc. | 85,469 | 386 |
*Key Tronic Corp. | 114,840 | 385 |
*ONYX Software Corp. | 118,199 | 378 |
*IPIX Corp. | 63,965 | 371 |
*Critical Path, Inc. | 251,794 | 370 |
*AuthentiDate Holding Corp. | 58,771 | 364 |
*Manchester Technologies, Inc. | 36,376 | 363 |
*Staktek Holdings Inc. | 77,344 | 359 |
*SteelCloud Inc. | 187,520 | 358 |
*WJ Communications, Inc. | 102,394 | 352 |
*Glenayre Technologies, Inc. | 161,082 | 351 |
*Centra Software, Inc. | 147,962 | 346 |
*Mobility Electronics, Inc. | 40,090 | 344 |
*Network Engines, Inc. | 122,728 | 342 |
*Technology Solutions Co. | 307,491 | 341 |
*QuickLogic Corp. | 119,678 | 340 |
*SimpleTech, Inc. | 73,886 | 340 |
*WatchGuard Technologies, Inc. | 76,333 | 338 |
*Captiva Software Corp. | 32,417 | 331 |
*LogicVision, Inc. | 111,753 | 327 |
*Xybernaut Corp. | 260,539 | 320 |
*En Pointe Technologies, Inc. | 112,161 | 316 |
*Delphax Technologies, Inc. | 80,065 | 316 |
*Paradyne Networks, Inc. | 88,042 | 316 |
*Pomeroy IT Solutions, Inc. | 20,770 | 316 |
*Tier Technologies, Inc. | 32,983 | 305 |
Sunrise Telecom Inc. | 106,187 | 302 |
*Pemstar Inc. | 164,541 | 298 |
*Terremark Worldwide, Inc. | 464,802 | 297 |
*NetScout Systems, Inc. | 42,554 | 297 |
*BindView Development Corp. | 68,216 | 297 |
*Ciprico Inc. | 73,016 | 296 |
*California Micro Devices Corp. | 41,615 | 295 |
*Viewpoint Corp. | 94,234 | 292 |
*Alliance Semiconductor Corp. | 78,563 | 291 |
*Kintera Inc. | 31,902 | 287 |
*Avici Systems Inc. | 31,552 | 286 |
*Argonaut Technologies Inc. | 294,200 | 282 |
*Bitstream Inc. | 106,808 | 282 |
*InterVideo Inc. | 21,291 | 282 |
*MetaSolv, Inc. | 105,851 | 281 |
*FOCUS Enhancements, Inc. | 243,029 | 277 |
*Digimarc Corp. | 29,469 | 275 |
*Chordiant Software, Inc. | 119,307 | 272 |
*Peerless Systems Corp. | 205,307 | 267 |
*Sento Corp. | 52,662 | 258 |
*Extended Systems Inc. | 104,321 | 257 |
Page 56
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*VA Software Corp. | 102,301 | 256 |
*AXT, Inc. | 161,152 | 255 |
*Intellisync Corp. | 121,553 | 248 |
*Selectica, Inc. | 68,319 | 245 |
*Private Business Inc. | 99,947 | 244 |
*SCM Microsystems, Inc. | 48,668 | 238 |
*Crossroads Systems, Inc. | 160,082 | 234 |
*ACE | 96,832 | 232 |
*ANADIGICS, Inc. | 61,712 | 231 |
*TranSwitch Corp. | 149,443 | 230 |
*Evolving Systems, Inc. | 50,895 | 229 |
*Qualstar Corp. | 48,090 | 228 |
*Phoenix Technologies Ltd. | 27,287 | 225 |
*Superconductor Technologies Inc. | 161,712 | 225 |
*Verisity Ltd. | 27,273 | 224 |
*NASSDA Corp. | 31,248 | 216 |
*eLoyalty Corp. | 36,482 | 215 |
*KVH Industries, Inc. | 21,697 | 213 |
*ACT Teleconferencing, Inc. | 149,400 | 197 |
*Vastera, Inc. | 74,963 | 197 |
*Interland, Inc. | 57,486 | 188 |
*Netlogic Microsystems Inc. | 18,800 | 188 |
*Corio, Inc. | 97,301 | 188 |
Celeritek, Inc. | 120,081 | 184 |
*Quovadx, Inc. | 76,786 | 184 |
*Ceva, Inc. | 20,033 | 182 |
*Intraware, Inc. | 153,151 | 179 |
*SAVVIS Communications Corp. | 153,947 | 179 |
*Blue Martini Software, Inc. | 66,249 | 178 |
*Computer Horizons Corp. | 46,645 | 178 |
*Netopia, Inc. | 52,551 | 171 |
*Versant Corp. | 183,062 | 168 |
Bel Fuse, Inc. Class A | 5,719 | 168 |
*Pervasive Software Inc. | 34,466 | 167 |
*Online Resources Corp. | 21,692 | 165 |
*Tripath Technology Inc. | 131,358 | 164 |
*Synplicity, Inc. | 27,606 | 163 |
*I-many, Inc. | 108,714 | 163 |
*Verso Technologies, Inc. | 223,514 | 161 |
*GoRemote Internet Communications, Inc. | 75,722 | 158 |
*Centillium Communications, Inc. | 63,949 | 155 |
*Lantronix, Inc. | 150,331 | 152 |
*Intelli-Check Inc. | 32,798 | 148 |
*Digital Lightwave, Inc. | 111,667 | 146 |
*Catalyst Semiconductor, Inc. | 24,752 | 136 |
*On2 Technologies, Inc. | 210,930 | 133 |
*Telkonet, Inc. | 23,300 | 130 |
*LivePerson, Inc. | 41,074 | 129 |
*Telecommunication Systems, Inc. | 38,521 | 129 |
*Cascade Microtech, Inc. | 9,500 | 127 |
*Three-Five Systems, Inc. | 52,555 | 127 |
Richardson Electronics, Ltd. | 11,790 | 125 |
*Cherokee International Corp. | 12,235 | 118 |
*Firstwave Technologies, Inc. | 49,096 | 114 |
*Ampex Corp. Class A | 2,890 | 114 |
*Suntron Corp. | 35,245 | 111 |
*LA BARGE INC | 8,700 | 110 |
*8X8 Inc. | 26,186 | 107 |
*Data Systems&Software, Inc. | 105,750 | 106 |
Page 57
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Indus International, Inc. | 48,969 | 105 |
*Callidus Software Inc. | 17,243 | 102 |
*Eagle Broadband, Inc. | 152,800 | 101 |
*Arbinet Holdings, Inc. | 3,800 | 94 |
*Cosine Communications, Inc. | 32,012 | 89 |
*Stratos International Inc. | 19,813 | 87 |
*VIA NET.WORKS, Inc. | 86,888 | 74 |
*Endwave Corp. | 3,900 | 68 |
*NaviSite, Inc. | 25,077 | 66 |
*Zanett, Inc. | 11,800 | 62 |
*Intelligroup, Inc. | 51,800 | 60 |
*MakeMusic! Inc. | 7,540 | 37 |
*LightPath Technologies, Inc. Class A | 8,062 | 36 |
*Versata, Inc. | 13,031 | 36 |
*Airnet Communications Corp. | 9,929 | 30 |
*Artisoft, Inc. | 11,633 | 29 |
*DSL.Net, Inc. | 116,280 | 26 |
*Cogent Communications Group, Inc. | 23,479 | 25 |
*NeoMagic Corp. | 20,600 | 25 |
*Datalink Corp. | 7,635 | 22 |
Frequency Electronics, Inc. | 1,500 | 22 |
*Smith Micro Software, Inc. | 2,350 | 21 |
*Dynabazaar, Inc. | 50,100 | 18 |
*Information Resources, Inc. Rights | 11,200 | 11 |
*nStor Technologies, Inc. | 47,523 | 11 |
*eGain Communications Corp. | 10,788 | 11 |
*ePresence, Inc. - Escrow | 61,880 | 8 |
*ISCO International, Inc. | 18,000 | 6 |
*Covad Communications Group, Inc. | 2,548 | 5 |
*Lumera Corp. | 700 | 5 |
*NexPrise, Inc. | 4,740 | 4 |
*Radview Software Ltd. | 9,000 | 2 |
*Microstrategy Inc. Warrants Exp. 6/24/2007 | 16,080 | 1 |
*Media 100 Inc. | 162,889 | 1 |
*ProcureNet, Inc. | 21,000 | -- |
892,671 | ||
Utilities (4.3%) | ||
*Cablevision Systems NY Group Class A | 770,134 | 19,176 |
*NTL Inc. | 218,037 | 15,908 |
MCI Inc. | 784,760 | 15,821 |
SCANA Corp. | 278,205 | 10,961 |
Telephone&Data Systems, Inc. | 142,333 | 10,953 |
Questar Corp. | 209,363 | 10,669 |
Wisconsin Energy Corp. | 293,160 | 9,882 |
Energy East Corp. | 365,671 | 9,756 |
*U.S. Cellular Corp. | 214,975 | 9,622 |
*UnitedGlobalCom Inc. Class A | 967,109 | 9,342 |
Pepco Holdings, Inc. | 433,977 | 9,252 |
*Nextel Partners, Inc. | 460,385 | 8,996 |
Alliant Energy Corp. | 282,172 | 8,070 |
DPL Inc. | 315,345 | 7,918 |
MDU Resources Group, Inc. | 292,833 | 7,813 |
ONEOK, Inc. | 256,861 | 7,300 |
NSTAR | 132,178 | 7,175 |
*Western Wireless Corp. Class A | 232,130 | 6,801 |
AGL Resources Inc. | 186,506 | 6,199 |
Puget Energy, Inc. | 247,959 | 6,125 |
Page 58
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Northeast Utilities | 319,606 | 6,025 |
Hawaiian Electric Industries Inc. | 200,282 | 5,838 |
National Fuel Gas Co. | 205,788 | 5,832 |
OGE Energy Corp. | 218,340 | 5,788 |
*Level 3 Communications, Inc. | 1,699,635 | 5,762 |
Aqua America, Inc. | 232,152 | 5,709 |
Great Plains Energy, Inc. | 185,074 | 5,604 |
Western Gas Resources, Inc. | 183,808 | 5,376 |
Energen Corp. | 90,532 | 5,337 |
*Kinder Morgan Management, LLC | 128,225 | 5,219 |
UGI Corp. Holding Co. | 126,889 | 5,191 |
Vectren Corp. | 188,887 | 5,062 |
Westar Energy, Inc. | 213,681 | 4,887 |
WPS Resources Corp. | 93,825 | 4,687 |
*Southern Union Co. | 194,620 | 4,667 |
Atmos Energy Corp. | 168,726 | 4,615 |
*Southwestern Energy Co. | 90,417 | 4,583 |
Piedmont Natural Gas, Inc. | 191,024 | 4,439 |
PNM Resources Inc. | 150,822 | 3,814 |
WGL Holdings Inc. | 121,406 | 3,744 |
Duquesne Light Holdings, Inc. | 191,366 | 3,607 |
*IDT Corp. Class B | 228,000 | 3,529 |
*Sierra Pacific Resources | 292,825 | 3,075 |
New Jersey Resources Corp. | 69,150 | 2,997 |
*Alamosa Holdings, Inc. | 238,536 | 2,974 |
IDACORP, Inc. | 95,457 | 2,918 |
ALLETE, Inc. | 73,894 | 2,716 |
*Price Communications Corp. | 141,549 | 2,631 |
*Commonwealth Telephone Enterprises, Inc. | 52,693 | 2,617 |
*Cincinnati Bell Inc. | 612,490 | 2,542 |
Black Hills Corp. | 81,234 | 2,492 |
Cleco Corp. | 118,728 | 2,405 |
Northwest Natural Gas Co. | 68,182 | 2,300 |
Southwest Gas Corp. | 88,866 | 2,257 |
*El Paso Electric Co. | 118,833 | 2,251 |
*Aquila, Inc. | 588,637 | 2,172 |
South Jersey Industries, Inc. | 40,777 | 2,143 |
Avista Corp. | 120,979 | 2,138 |
UniSource Energy Corp. | 85,238 | 2,055 |
*Centennial Communications Corp. Class A | 258,472 | 2,050 |
UIL Holdings Corp. | 37,958 | 1,947 |
CH Energy Group, Inc. | 40,411 | 1,942 |
*Mediacom Communications Corp. | 296,587 | 1,854 |
The Laclede Group, Inc. | 59,376 | 1,850 |
*PTEK Holdings, Inc. | 165,410 | 1,772 |
Otter Tail Corp. | 66,022 | 1,686 |
Iowa Telecommunications Services Inc. | 77,200 | 1,665 |
Empire District Electric Co. | 71,432 | 1,620 |
*General Communication, Inc. | 138,873 | 1,533 |
MGE Energy, Inc. | 40,611 | 1,463 |
California Water Service Group | 37,883 | 1,426 |
*UbiquiTel Inc. | 177,374 | 1,263 |
American States Water Co. | 45,482 | 1,183 |
SJW Corp. | 30,053 | 1,094 |
Surewest Communications | 36,939 | 1,047 |
*Primus Telecommunications Group, Inc. | 327,387 | 1,041 |
*Time Warner Telecom Inc. | 230,010 | 1,003 |
*Global Crossing Ltd. | 54,281 | 985 |
Alaska Communications Systems Holdings, Inc. | 113,622 | 980 |
Page 59
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Cascade Natural Gas Corp. | 43,115 | 914 |
Central Vermont Public Service Corp. | 38,011 | 884 |
EnergySouth, Inc. | 31,273 | 877 |
*AirGate PCS, Inc. | 24,409 | 869 |
Southwest Water Co. | 63,761 | 858 |
*Talk America Holdings, Inc. | 121,924 | 807 |
CT Communications, Inc. | 59,728 | 735 |
Chesapeake Utilities Corp. | 27,111 | 724 |
UNITILI Corp. | 25,195 | 713 |
Green Mountain Power Corp. | 24,664 | 711 |
Semco Energy Inc. | 126,071 | 673 |
*Rural Cellular Corp. Class A | 98,935 | 616 |
*Intrado Inc. | 48,771 | 590 |
North Pittsburgh Systems, Inc. | 23,565 | 583 |
Hector Communications Corp. | 24,450 | 534 |
*Dobson Communications Corp. | 297,210 | 511 |
Connecticut Water Services, Inc. | 18,864 | 500 |
*Boston Communications Group, Inc. | 52,407 | 484 |
Middlesex Water Co. | 25,561 | 484 |
*US LEC Corp. Class A | 132,092 | 422 |
D&E Communications, Inc. | 33,679 | 406 |
*Triton PCS, Inc. | 114,884 | 393 |
Maine&Maritimes Corp. | 14,000 | 369 |
Hickory Tech Corp. | 32,761 | 350 |
Warwick Valley Telephone Co. | 15,419 | 347 |
*Hungarian Telephone and Cable Corp. | 20,638 | 297 |
*FiberNet Telecom Group, Inc. | 328,873 | 289 |
Shenandoah Telecommunications Co. | 8,660 | 259 |
*Penn Octane Corp. | 232,030 | 251 |
*Pac-West Telecom, Inc. | 165,965 | 219 |
*McLeod USA Inc. | 283,125 | 204 |
Atlantic Tele-Network, Inc. | 4,278 | 139 |
*IDT Corp. | 7,368 | 108 |
*Z-Tel Technologies, Inc. | 45,628 | 78 |
*BayCorp Holdings, Ltd. | 3,314 | 42 |
BIW Ltd. | 1,900 | 38 |
*GoAmerica, Inc. | 2,302 | 23 |
*Ormat Technologies Inc. | 400 | 7 |
*XO Communications, Inc. | 565 | 2 |
*Cap Rock Energy Corp. | 33 | 1 |
396,452 | ||
Other (4.3%) | ||
*Berkshire Hathaway Inc. Class A | 3,779 | 332,174 |
Hillenbrand Industries, Inc. | 154,246 | 8,567 |
SPX Corp. | 189,698 | 7,599 |
Wesco Financial Corp. | 17,768 | 6,983 |
Teleflex Inc. | 100,485 | 5,219 |
*Berkshire Hathaway Inc. Class B | 1,742 | 5,115 |
Carlisle Co., Inc. | 77,871 | 5,055 |
Trinity Industries, Inc. | 117,890 | 4,018 |
Lancaster Colony Corp. | 89,331 | 3,830 |
*McDermott International, Inc. | 166,829 | 3,063 |
Walter Industries, Inc. | 89,889 | 3,032 |
GenCorp, Inc. | 103,847 | 1,928 |
*Sequa Corp. Class A | 26,671 | 1,631 |
GenTek, Inc. | 25,222 | 1,129 |
Raven Industries, Inc. | 43,090 | 918 |
Page 60
Vanguard Extended Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Kaman Corp. Class A | 70,344 | 890 |
*GP Strategies Corp. | 60,760 | 453 |
*United Capital Corp. | 19,642 | 445 |
*Foster Wheeler Ltd. | 14,217 | 226 |
McRae Industries, Inc. | 13,700 | 150 |
*Foster Wheeler Ltd. Class B Warrants Exp. 9/24/2007 | 284,354 | 92 |
*Lynch Corp. | 4,600 | 67 |
*Sandston Corp. | 12,600 | 1 |
392,585 | ||
TOTAL COMMON STOCKS | ||
(Cost $7,371,410) | 9,186,017 | |
TEMPORARY CASH INVESTMENTS (5.6%)(1) | ||
Money Market Fund (5.6%) | ||
Vanguard Market Liquidity Fund, 2.26%** | 512,035,197 | 512,035 |
Face | ||
Amount | ||
(000) | ||
U.S. Government Obligation | ||
U.S. Treasury Bill | ||
(2)1.72%, 1/27/2005 | $ 3,000 | 2,996 |
TOTAL TEMPORARY CASH INVESTMENTS | ||
(Cost $515,031) | 515,031 | |
TOTAL INVESTMENTS (105.4%) | ||
(Cost $7,886,441) | 9,701,048 | |
OTHER ASSETS AND LIABILITIES--NET (-5.4%) | (497,307) | |
NET ASSETS (100%) | $ 9,203,741 | |
* Non-income-producing security.
**Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
(1) The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 5.4%, respectively, of net assets.
(2)Security segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard Index Fund and the Shareholders of Vanguard Extended Market Index Fund
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements (not presented herein) of Vanguard Extended Market Index Fund (a separate fund of Vanguard Index Fund), the “Fund” as of December 31, 2004, and for the year then ended and have issued our unqualified report thereon dated February 8, 2005. Our audit included an audit of the Fund’s schedule of investments as of December 31, 2004. This schedule of investments is the responsibility of the Fund’s management. Our responsibility is to express an opinion on this schedule of investments based on our audit.
In our opinion, the accompanying schedule of investments referred to above, when read in conjunction with the financial statements of the Fund referred to above, presents fairly, in all material respects, the information set forth therein.
PricewaterhouseCoopers LLP
Philadelphia, PA
February 8, 2005
Page 1
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
COMMON STOCKS (99.9%)(1) | | |
Auto & Transportation (2.8%) | ||
United Parcel Service, Inc. | 4,304,932 | $ 367,899 |
FedEx Corp. | 1,145,811 | 112,851 |
Ford Motor Co. | 6,717,756 | 98,348 |
General Motors Corp. | 2,156,892 | 86,405 |
Harley-Davidson, Inc. | 1,128,881 | 68,580 |
Burlington Northern Santa Fe Corp. | 1,424,706 | 67,403 |
Union Pacific Corp. | 991,636 | 66,688 |
Norfolk Southern Corp. | 1,512,656 | 54,743 |
PACCAR, Inc. | 663,998 | 53,439 |
Southwest Airlines Co. | 2,986,625 | 48,622 |
CSX Corp. | 820,776 | 32,897 |
Genuine Parts Co. | 668,411 | 29,450 |
Expeditors International of Washington, Inc. | 405,308 | 22,649 |
Delphi Corp. | 2,143,605 | 19,335 |
C.H. Robinson Worldwide, Inc. | 326,763 | 18,142 |
Lear Corp. | 262,465 | 16,013 |
J.B. Hunt Transport Services, Inc. | 309,038 | 13,860 |
*Navistar International Corp. | 267,115 | 11,748 |
BorgWarner, Inc. | 213,591 | 11,570 |
Polaris Industries, Inc. | 165,878 | 11,283 |
Gentex Corp. | 296,394 | 10,973 |
*Yellow Roadway Corp. | 184,103 | 10,256 |
Dana Corp. | 570,353 | 9,884 |
*The Goodyear Tire & Rubber Co. | 671,738 | 9,848 |
CNF Inc. | 195,005 | 9,770 |
*JetBlue Airways Corp. | 395,515 | 9,184 |
Oshkosh Truck Corp. | 130,988 | 8,957 |
*Landstar System, Inc. | 116,130 | 8,552 |
*Laidlaw International Inc. | 397,650 | 8,510 |
Overseas Shipholding Group Inc. | 150,910 | 8,330 |
Thor Industries, Inc. | 219,406 | 8,129 |
*TRW Automotive Holdings Corp. | 379,120 | 7,848 |
Tidewater Inc. | 218,292 | 7,773 |
Alexander & Baldwin, Inc. | 163,222 | 6,924 |
Werner Enterprises, Inc. | 304,318 | 6,890 |
*AMR Corp. | 614,881 | 6,733 |
*Swift Transportation Co., Inc. | 306,685 | 6,588 |
Heartland Express, Inc. | 287,418 | 6,458 |
Florida East Coast Industries, Inc. Class A | 141,773 | 6,394 |
Cooper Tire & Rubber Co. | 287,229 | 6,190 |
American Axle & Manufacturing Holdings, Inc. | 198,786 | 6,095 |
OMI Corp. | 360,101 | 6,068 |
ArvinMeritor, Inc. | 265,918 | 5,949 |
*General Maritime Corp. | 147,673 | 5,900 |
Knight Transportation, Inc. | 220,451 | 5,467 |
*EGL, Inc. | 171,668 | 5,131 |
Winnebago Industries, Inc. | 129,866 | 5,073 |
Arkansas Best Corp. | 112,934 | 5,070 |
USF Corp. | 129,935 | 4,931 |
Visteon Corp. | 496,225 | 4,848 |
Overnite Corp. | 129,836 | 4,835 |
*Old Dominion Freight Line, Inc. | 127,826 | 4,448 |
Modine Manufacturing Co. | 129,798 | 4,383 |
Wabtec Corp. | 201,724 | 4,301 |
Skywest, Inc. | 214,155 | 4,296 |
*Kirby Corp. | 88,669 | 3,935 |
Page 2
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Kansas City Southern | 220,356 | 3,907 |
*Forward Air Corp. | 81,844 | 3,658 |
*Alaska Air Group, Inc. | 106,145 | 3,555 |
*Northwest Airlines Corp. Class A | 324,704 | 3,549 |
*AirTran Holdings, Inc. | 328,687 | 3,517 |
Bandag, Inc. | 69,963 | 3,485 |
Sauer-Danfoss, Inc. | 159,350 | 3,475 |
*Fleetwood Enterprises, Inc. | 250,876 | 3,377 |
Superior Industries International, Inc. | 112,731 | 3,275 |
*Delta Air Lines, Inc. | 437,281 | 3,271 |
*Tenneco Automotive, Inc. | 183,242 | 3,159 |
*Continental Airlines, Inc. Class B | 227,649 | 3,082 |
*ExpressJet Holdings, Inc. | 237,072 | 3,053 |
*Pacer International, Inc. | 136,651 | 2,905 |
*Offshore Logistics, Inc. | 89,209 | 2,897 |
*Aviall Inc. | 125,121 | 2,874 |
*Wabash National Corp. | 106,391 | 2,865 |
*SCS Transportation, Inc. | 112,595 | 2,631 |
Marine Products Corp. | 92,614 | 2,418 |
Titan International, Inc. | 142,039 | 2,145 |
The Greenbrier Cos., Inc. | 62,227 | 2,106 |
*Keystone Automotive Industries, Inc. | 90,342 | 2,100 |
*RailAmerica, Inc. | 159,194 | 2,077 |
Monaco Coach Corp. | 98,448 | 2,025 |
*TBC Corp. | 72,272 | 2,009 |
*Genesee&Wyoming Inc. Class A | 68,056 | 1,914 |
*Strattec Security Corp. | 29,898 | 1,872 |
Maritrans Inc. | 100,752 | 1,831 |
*AAR Corp. | 126,028 | 1,716 |
*Gulfmark Offshore, Inc. | 75,965 | 1,692 |
*Pinnacle Airlines Corp. | 114,761 | 1,600 |
*America West Holdings Corp. Class B | 242,864 | 1,598 |
Arctic Cat, Inc. | 57,473 | 1,524 |
*Impco Technologies Inc. | 201,395 | 1,521 |
Spartan Motors, Inc. | 122,774 | 1,465 |
Todd Shipyards Corp. | 79,451 | 1,438 |
*Aftermarket Technology Corp. | 84,841 | 1,366 |
*Mesa Air Group Inc. | 165,333 | 1,313 |
*Covenant Transport, Inc. | 62,229 | 1,296 |
*Quantum Fuel Systems Technologies Worldwide, Inc. | 202,954 | 1,222 |
*Stoneridge, Inc. | 79,864 | 1,208 |
Coachmen Industries, Inc. | 69,463 | 1,206 |
*Marten Transport, Ltd. | 47,378 | 1,077 |
*Miller Industries, Inc. | 94,490 | 1,068 |
Standard Motor Products, Inc. | 66,341 | 1,048 |
*Republic Airways Holdings Inc. | 78,925 | 1,047 |
*MAIR Holdings, Inc. | 112,180 | 1,032 |
*Dura Automotive Systems, Inc. | 85,440 | 925 |
*Hayes Lemmerz International, Inc. | 100,500 | 887 |
*Hub Group, Inc. | 16,968 | 886 |
*Frontier Airlines, Inc. | 75,840 | 865 |
*Collins & Aikman Corp. | 196,931 | 859 |
Quixote Corp. | 37,711 | 767 |
*Midwest Air Group Inc. | 227,728 | 663 |
*P.A.M. Transportation Services, Inc. | 31,547 | 592 |
*Trailer Bridge, Inc. | 60,746 | 578 |
*Quality Distribution Inc. | 62,750 | 530 |
*International Shipholding Corp. | 30,961 | 461 |
*Tower Automotive, Inc. | 178,291 | 426 |
Page 3
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Seabulk International, Inc. | 30,971 | 375 |
*Petroleum Helicopters, Inc. | 11,915 | 299 |
*Allied Holdings, Inc. | 89,635 | 260 |
*FLYI, Inc. | 130,637 | 231 |
*Commercial Vehicle Group Inc. | 10,305 | 225 |
*Central Freight Lines, Inc. | 33,850 | 213 |
*Raytech Corp. | 85,164 | 157 |
*Sports Resorts International, Inc. | 44,544 | 128 |
*U.S. Xpress Enterprises, Inc. | 4,000 | 117 |
*Conrad Industries, Inc. | 35,745 | 83 |
Bandag, Inc. Class A | 538 | 25 |
*Accessity Corp. | 1,854 | 11 |
1,571,878 | ||
Consumer Discretionary (16.8%) | ||
Wal-Mart Stores, Inc. | 16,305,739 | 861,269 |
Home Depot, Inc. | 8,489,263 | 362,831 |
*Time Warner, Inc. | 16,809,282 | 326,772 |
*eBay Inc. | 2,524,627 | 293,564 |
Viacom Inc. Class B | 6,290,031 | 228,894 |
The Walt Disney Co. | 7,837,728 | 217,889 |
*The News Corp., Inc. | 11,156,854 | 208,187 |
*Google Inc. | 1,044,315 | 201,657 |
*Yahoo! Inc. | 5,196,370 | 195,799 |
Target Corp. | 3,488,705 | 181,168 |
Lowe's Cos., Inc. | 3,002,644 | 172,922 |
Gillette Co. | 3,830,123 | 171,513 |
McDonald's Corp. | 4,809,952 | 154,207 |
Carnival Corp. | 2,417,817 | 139,339 |
Kimberly-Clark Corp. | 1,869,476 | 123,030 |
Liberty Media Corp. | 11,150,084 | 122,428 |
*Starbucks Corp. | 1,518,037 | 94,665 |
NIKE, Inc. Class B | 1,005,863 | 91,222 |
Cendant Corp. | 3,886,850 | 90,875 |
*DirecTV Group, Inc. | 5,287,435 | 88,512 |
Costco Wholesale Corp. | 1,761,369 | 85,268 |
Gannett Co., Inc. | 1,040,767 | 85,031 |
Clear Channel Communications, Inc. | 2,253,511 | 75,470 |
*IAC/InterActiveCorp | 2,678,733 | 73,987 |
Best Buy Co., Inc. | 1,240,739 | 73,725 |
The Gap, Inc. | 3,438,178 | 72,614 |
*Electronic Arts Inc. | 1,143,497 | 70,531 |
Avon Products, Inc. | 1,806,022 | 69,893 |
*Amazon.com, Inc. | 1,556,595 | 68,942 |
The McGraw-Hill Cos., Inc. | 732,173 | 67,023 |
Waste Management, Inc. | 2,218,454 | 66,421 |
Staples, Inc. | 1,902,916 | 64,147 |
*Kohl's Corp. | 1,300,779 | 63,959 |
*Las Vegas Sands Corp. | 1,275,407 | 61,220 |
Omnicom Group Inc. | 716,312 | 60,399 |
*Apollo Group, Inc. Class A | 705,873 | 56,971 |
Marriott International, Inc. Class A | 874,307 | 55,064 |
Yum! Brands, Inc. | 1,118,852 | 52,787 |
Tribune Co. | 1,217,612 | 51,310 |
*Fox Entertainment Group, Inc. Class A | 1,633,900 | 51,076 |
TJX Cos., Inc. | 1,925,265 | 48,382 |
Starwood Hotels &Resorts Worldwide, Inc. | 796,381 | 46,509 |
International Game Technology | 1,334,938 | 45,895 |
Page 4
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
J.C. Penney Co., Inc. (Holding Co.) | 1,100,897 | 45,577 |
*Bed Bath & Beyond, Inc. | 1,141,569 | 45,469 |
Sears, Roebuck & Co. | 814,064 | 41,542 |
*Coach, Inc. | 719,940 | 40,605 |
Royal Caribbean Cruises, Ltd. | 742,937 | 40,445 |
Federated Department Stores, Inc. | 670,721 | 38,761 |
*MGM Mirage, Inc. | 530,868 | 38,615 |
*Sirius Satellite Radio, Inc. | 4,816,693 | 36,848 |
Limited Brands, Inc. | 1,580,462 | 36,382 |
*Univision Communications Inc. | 1,237,313 | 36,216 |
Washington Post Co. Class B | 36,601 | 35,980 |
Eastman Kodak Co. | 1,096,338 | 35,357 |
*Kmart Holding Corp. | 343,000 | 33,940 |
Hilton Hotels Corp. | 1,472,625 | 33,487 |
*VeriSign, Inc. | 977,390 | 32,762 |
May Department Stores Co. | 1,113,095 | 32,725 |
Harman International Industries, Inc. | 252,095 | 32,016 |
Mattel, Inc. | 1,584,374 | 30,879 |
E.W. Scripps Co. Class A | 622,949 | 30,076 |
R.R. Donnelley & Sons Co. | 838,161 | 29,579 |
*XM Satellite Radio Holdings, Inc. | 782,194 | 29,426 |
*AutoZone Inc. | 318,187 | 29,054 |
Cintas Corp. | 655,041 | 28,730 |
Harrah's Entertainment, Inc. | 428,291 | 28,648 |
EchoStar Communications Corp. Class A | 828,650 | 27,544 |
*Fisher Scientific International Inc. | 439,687 | 27,428 |
*Liberty Media International Inc. Class A | 591,897 | 27,363 |
Black&Decker Corp. | 306,667 | 27,088 |
Dollar General Corp. | 1,287,302 | 26,737 |
Newell Rubbermaid, Inc. | 1,051,728 | 25,441 |
Nordstrom, Inc. | 540,335 | 25,250 |
*Caesars Entertainment, Inc. | 1,184,932 | 23,865 |
VF Corp. | 421,244 | 23,328 |
*Mohawk Industries, Inc. | 255,264 | 23,293 |
New York Times Co. Class A | 561,679 | 22,916 |
*Interpublic Group of Cos., Inc. | 1,614,929 | 21,640 |
Estee Lauder Cos. Class A | 467,676 | 21,406 |
CDW Corp. | 318,137 | 21,108 |
*Wynn Resorts Ltd. | 315,286 | 21,099 |
Leggett & Platt, Inc. | 734,370 | 20,878 |
*Office Depot, Inc. | 1,196,780 | 20,776 |
RadioShack Corp. | 615,327 | 20,232 |
Family Dollar Stores, Inc. | 643,859 | 20,108 |
Knight Ridder | 298,862 | 20,006 |
*AutoNation, Inc. | 1,023,742 | 19,666 |
PETsMART, Inc. | 552,813 | 19,641 |
Republic Services, Inc. Class A | 580,924 | 19,484 |
Robert Half International, Inc. | 658,345 | 19,375 |
Aramark Corp. Class B | 714,333 | 18,937 |
*Pixar, Inc. | 215,249 | 18,427 |
Mandalay Resort Group | 258,265 | 18,190 |
Tiffany & Co. | 560,987 | 17,935 |
Fastenal Co. | 290,380 | 17,876 |
Jones Apparel Group, Inc. | 483,377 | 17,677 |
Whirlpool Corp. | 254,006 | 17,580 |
Liz Claiborne, Inc. | 412,183 | 17,398 |
Darden Restaurants Inc. | 615,928 | 17,086 |
Wendy's International, Inc. | 434,538 | 17,060 |
Abercrombie & Fitch Co. | 363,063 | 17,046 |
Page 5
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Lamar Advertising Co. Class A | 397,088 | 16,987 |
Alberto-Culver Co. Class B | 346,920 | 16,850 |
*Toys R Us, Inc. | 818,307 | 16,751 |
Ross Stores, Inc. | 578,585 | 16,704 |
Manpower Inc. | 344,713 | 16,650 |
*Weight Watchers International, Inc. | 405,306 | 16,646 |
Polo Ralph Lauren Corp. | 385,095 | 16,405 |
*Career Education Corp. | 391,743 | 15,670 |
Michaels Stores, Inc. | 522,306 | 15,654 |
*Getty Images, Inc. | 226,865 | 15,620 |
*ChoicePoint Inc. | 339,105 | 15,595 |
*Williams-Sonoma, Inc. | 444,772 | 15,585 |
*Chico's FAS, Inc. | 341,076 | 15,529 |
International Flavors & Fragrances, Inc. | 360,437 | 15,441 |
ServiceMaster Co. | 1,112,838 | 15,346 |
The Stanley Works | 312,451 | 15,307 |
*Iron Mountain, Inc. | 494,508 | 15,078 |
Foot Locker, Inc. | 556,343 | 14,982 |
*DreamWorks Animation SKG, Inc. | 398,538 | 14,949 |
*Hewitt Associates, Inc. | 460,890 | 14,753 |
*Monster Worldwide Inc. | 435,646 | 14,655 |
Dex Media, Inc. | 575,460 | 14,363 |
Boyd Gaming Corp. | 333,139 | 13,875 |
*Urban Outfitters, Inc. | 307,947 | 13,673 |
Station Casinos, Inc. | 248,947 | 13,612 |
Hasbro, Inc. | 674,790 | 13,077 |
Viacom Inc. Class A | 350,956 | 13,013 |
*Brinker International, Inc. | 368,710 | 12,931 |
American Eagle Outfitters, Inc. | 274,197 | 12,915 |
Outback Steakhouse | 281,906 | 12,906 |
The McClatchy Co. Class A | 177,678 | 12,759 |
*Dollar Tree Stores, Inc. | 440,915 | 12,645 |
Circuit City Stores, Inc. | 805,570 | 12,599 |
*Advance Auto Parts, Inc. | 283,167 | 12,369 |
*CarMax, Inc. | 397,966 | 12,357 |
GTECH Holdings Corp. | 451,516 | 11,717 |
Sabre Holdings Corp. | 525,185 | 11,638 |
Belo Corp. Class A | 442,530 | 11,612 |
The Neiman Marcus Group, Inc. Class A | 160,674 | 11,495 |
Regal Entertainment Group Class A | 549,791 | 11,408 |
*Allied Waste Industries, Inc. | 1,217,329 | 11,297 |
Metro-Goldwyn-Mayer Inc. | 910,029 | 10,811 |
International Speedway Corp. | 203,912 | 10,767 |
*Activision, Inc. | 529,474 | 10,685 |
OfficeMax, Inc. | 336,576 | 10,562 |
Meredith Corp. | 192,040 | 10,409 |
*Tech Data Corp. | 222,006 | 10,079 |
*Westwood One, Inc. | 372,118 | 10,021 |
The Corporate Executive Board Co. | 149,335 | 9,996 |
Reebok International Ltd. | 226,308 | 9,958 |
*Cogent Inc. | 298,848 | 9,862 |
*The Cheesecake Factory | 297,501 | 9,660 |
*Service Corp. International | 1,292,047 | 9,626 |
*Gemstar-TV Guide International, Inc. | 1,622,280 | 9,604 |
*O'Reilly Automotive, Inc. | 210,860 | 9,499 |
MSC Industrial Direct Co., Inc. Class A | 262,681 | 9,451 |
*Penn National Gaming, Inc. | 155,198 | 9,397 |
*Columbia Sportswear Co. | 155,245 | 9,254 |
*Education Management Corp. | 279,127 | 9,214 |
Page 6
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Copart, Inc. | 344,419 | 9,065 |
*PETCO Animal Supplies, Inc. | 220,294 | 8,697 |
Harte-Hanks, Inc. | 334,059 | 8,679 |
*Barnes & Noble, Inc. | 268,054 | 8,650 |
The Brink's Co. | 217,197 | 8,584 |
*West Corp. | 258,295 | 8,552 |
*Marvel Enterprises Inc. | 417,102 | 8,542 |
*Timberland Co. | 133,522 | 8,368 |
Applebee's International, Inc. | 315,627 | 8,348 |
*ITT Educational Services, Inc. | 174,951 | 8,319 |
John Wiley&Sons Class A | 237,504 | 8,275 |
Dillard's Inc. | 306,093 | 8,225 |
*Convergys Corp. | 545,697 | 8,180 |
*Citadel Broadcasting Corp. | 503,784 | 8,151 |
*Rent-A-Center, Inc. | 302,903 | 8,027 |
*Scientific Games Corp. | 334,498 | 7,974 |
*Tempur-Pedic International Inc. | 374,410 | 7,937 |
Saks Inc. | 546,807 | 7,934 |
Lee Enterprises, Inc. | 172,082 | 7,930 |
Regis Corp. | 169,532 | 7,824 |
CBRL Group, Inc. | 186,700 | 7,813 |
*BJ's Wholesale Club, Inc. | 267,053 | 7,779 |
*Laureate Education Inc. | 175,123 | 7,721 |
Adesa, Inc. | 363,476 | 7,713 |
Snap-On Inc. | 222,930 | 7,660 |
The Toro Co. | 93,288 | 7,589 |
Claire's Stores, Inc. | 355,732 | 7,559 |
Borders Group, Inc. | 297,233 | 7,550 |
Choice Hotel International, Inc. | 127,909 | 7,419 |
*R.H. Donnelley Corp. | 119,947 | 7,083 |
*Entercom Communications Corp. | 195,699 | 7,024 |
*Valassis Communications, Inc. | 198,601 | 6,953 |
*Earthlink, Inc. | 603,385 | 6,951 |
*Fossil, Inc. | 269,689 | 6,915 |
*Sonic Corp. | 226,511 | 6,909 |
Nu Skin Enterprises, Inc. | 266,240 | 6,757 |
*Quiksilver, Inc. | 223,608 | 6,661 |
American Greetings Corp. Class A | 261,255 | 6,623 |
Pier 1 Imports Inc. | 335,146 | 6,602 |
IKON Office Solutions, Inc. | 567,519 | 6,561 |
*Pacific Sunwear of California, Inc. | 293,965 | 6,544 |
SCP Pool Corp. | 204,641 | 6,528 |
*Corinthian Colleges, Inc. | 345,954 | 6,519 |
Speedway Motorsports, Inc. | 166,284 | 6,515 |
Maytag Corp. | 301,693 | 6,366 |
*The Yankee Candle Co., Inc. | 190,765 | 6,330 |
*Aeropostale, Inc. | 214,324 | 6,308 |
*Waste Connections, Inc. | 184,104 | 6,306 |
Ruby Tuesday, Inc. | 241,591 | 6,301 |
*Gaylord Entertainment Co. | 151,650 | 6,298 |
*CNET Networks, Inc. | 550,202 | 6,179 |
bebe stores, inc. | 224,394 | 6,054 |
*Take-Two Interactive Software, Inc. | 172,333 | 5,995 |
*Zale Corp. | 199,134 | 5,948 |
*Travelzoo, Inc. | 62,171 | 5,933 |
Catalina Marketing Corp. | 200,013 | 5,926 |
Talbots Inc. | 217,079 | 5,911 |
*United Stationers, Inc. | 127,404 | 5,886 |
Strayer Education, Inc. | 53,500 | 5,874 |
Page 7
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*InfoSpace, Inc. | 122,916 | 5,845 |
*Ask Jeeves, Inc. | 217,794 | 5,826 |
*Shuffle Master, Inc. | 123,603 | 5,822 |
Grey Global Group Inc. | 5,279 | 5,807 |
Media General, Inc. Class A | 88,856 | 5,759 |
Ethan Allen Interiors, Inc. | 143,170 | 5,730 |
Journal Communications, Inc. | 317,048 | 5,729 |
*AnnTaylor Stores Corp. | 264,338 | 5,691 |
*Cabela's Inc. | 248,496 | 5,651 |
*Scholastic Corp. | 152,278 | 5,628 |
*CEC Entertainment Inc. | 140,654 | 5,622 |
Blockbuster Inc. Class A | 589,024 | 5,619 |
*Martha Stewart Living Omnimedia, Inc. | 192,829 | 5,596 |
*P.F. Chang's China Bistro, Inc. | 99,285 | 5,595 |
Domino's Pizza, Inc. | 309,700 | 5,513 |
*Tractor Supply Co. | 146,938 | 5,468 |
*Corrections Corp. of America REIT | 134,819 | 5,453 |
*Argosy Gaming Co. | 116,303 | 5,431 |
*Wesco International, Inc. | 182,482 | 5,409 |
*Aztar Corp. | 153,538 | 5,362 |
*Big Lots Inc. | 441,282 | 5,353 |
*Electronics Boutique Holdings Corp. | 123,689 | 5,311 |
Furniture Brands International Inc. | 211,496 | 5,298 |
Reader's Digest Association, Inc. | 379,775 | 5,283 |
United Auto Group, Inc. | 177,706 | 5,258 |
Hearst-Argyle Television Inc. | 197,712 | 5,216 |
Hollinger International, Inc. | 332,398 | 5,212 |
*Sirva Inc. | 270,079 | 5,191 |
Blyth, Inc. | 175,264 | 5,181 |
*Jack in the Box Inc. | 140,172 | 5,168 |
*Overstock.com, Inc. | 74,702 | 5,154 |
*Guitar Center, Inc. | 96,366 | 5,078 |
*Coldwater Creek Inc. | 160,139 | 4,943 |
*MPS Group, Inc. | 402,930 | 4,940 |
*Texas Roadhouse, Inc. | 167,080 | 4,937 |
*Resources Connection, Inc. | 89,439 | 4,857 |
*Tuesday Morning Corp. | 157,683 | 4,830 |
*Linens 'n Things, Inc. | 194,085 | 4,813 |
ADVO, Inc. | 134,976 | 4,812 |
*Navigant Consulting, Inc. | 180,026 | 4,789 |
*United Natural Foods, Inc. | 151,380 | 4,708 |
Wolverine World Wide, Inc. | 149,756 | 4,705 |
*WMS Industries, Inc. | 140,265 | 4,704 |
Aaron Rents, Inc. Class B | 186,823 | 4,671 |
*Panera Bread Co. | 115,546 | 4,659 |
*Arbitron Inc. | 118,651 | 4,649 |
*GameStop Corp. | 206,256 | 4,612 |
*DeVry, Inc. | 265,228 | 4,604 |
Rollins, Inc. | 174,605 | 4,596 |
Tupperware Corp. | 220,987 | 4,579 |
*Men's Wearhouse, Inc. | 142,363 | 4,550 |
*Priceline.com, Inc. | 192,737 | 4,547 |
*Dick's Sporting Goods, Inc. | 128,242 | 4,508 |
Matthews International Corp. | 122,213 | 4,497 |
*Life Time Fitness, Inc. | 169,108 | 4,377 |
*Universal Technical Institute Inc. | 114,488 | 4,364 |
*Too Inc. | 178,095 | 4,356 |
*99 Cents Only Stores | 265,926 | 4,297 |
*The Children's Place Retail Stores, Inc. | 115,498 | 4,277 |
Page 8
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
K-Swiss, Inc. | 145,926 | 4,249 |
*Jarden Corp. | 97,400 | 4,231 |
The Nautilus Group, Inc. | 175,032 | 4,231 |
*Global Imaging Systems, Inc. | 106,911 | 4,223 |
Banta Corp. | 93,683 | 4,193 |
*DoubleClick Inc. | 533,994 | 4,154 |
*THQ Inc. | 180,885 | 4,149 |
Phillips-Van Heusen Corp. | 153,360 | 4,141 |
*Radio One, Inc. | 250,571 | 4,034 |
*Emmis Communications, Inc. | 208,272 | 3,997 |
*Red Robin Gourmet Burgers | 73,051 | 3,906 |
*Rare Hospitality International Inc. | 122,016 | 3,887 |
Ameristar Casinos, Inc. | 89,794 | 3,871 |
Kelly Services, Inc. Class A | 127,851 | 3,859 |
ABM Industries Inc. | 195,346 | 3,852 |
*Stein Mart, Inc. | 225,697 | 3,850 |
Callaway Golf Co. | 278,713 | 3,763 |
*School Specialty, Inc. | 96,203 | 3,710 |
The Pep Boys (Manny, Moe&Jack) | 216,489 | 3,695 |
*Heidrick&Struggles International, Inc. | 106,930 | 3,664 |
*Helen of Troy Ltd. | 108,309 | 3,640 |
World Fuel Services Corp. | 73,034 | 3,637 |
*USANA Health Sciences, Inc. | 106,102 | 3,629 |
*CMGI Inc. | 1,415,182 | 3,609 |
*Genesco, Inc. | 115,849 | 3,608 |
*The Sports Authority, Inc. | 138,485 | 3,566 |
*Stage Stores, Inc. | 85,443 | 3,548 |
Kellwood Co. | 101,602 | 3,505 |
*Papa John's International, Inc. | 101,465 | 3,494 |
*RC2 Corp. | 106,608 | 3,475 |
*Consolidated Graphics, Inc. | 75,227 | 3,453 |
Burlington Coat Factory Warehouse Corp. | 151,757 | 3,445 |
G&K Services, Inc. Class A | 78,797 | 3,421 |
*Charming Shoppes, Inc. | 362,847 | 3,400 |
Oakley, Inc. | 266,058 | 3,392 |
Mannatech, Inc. | 178,008 | 3,389 |
*New York&Co., Inc. | 204,400 | 3,377 |
Big 5 Sporting Goods Corp. | 115,712 | 3,372 |
IHOP Corp. | 80,196 | 3,359 |
Bob Evans Farms, Inc. | 127,606 | 3,336 |
*Journal Register Co. | 172,536 | 3,335 |
*Tetra Tech, Inc. | 198,621 | 3,325 |
*ShopKo Stores, Inc. | 177,024 | 3,307 |
Watson Wyatt&Co. Holdings | 121,760 | 3,281 |
*Central Garden and Pet Co. | 78,526 | 3,278 |
*Teletech Holdings Inc. | 337,435 | 3,270 |
*Select Comfort Corp. | 180,461 | 3,237 |
Finish Line, Inc. | 174,542 | 3,194 |
Oxford Industries, Inc. | 77,272 | 3,191 |
*Insight Enterprises, Inc. | 154,515 | 3,171 |
*PRIMEDIA Inc. | 833,727 | 3,168 |
*Payless ShoeSource, Inc. | 254,470 | 3,130 |
*Charles River Associates Inc. | 66,616 | 3,116 |
*Labor Ready, Inc. | 183,720 | 3,109 |
Viad Corp. | 107,235 | 3,055 |
*MAXIMUS, Inc. | 97,756 | 3,042 |
*Leapfrog Enterprises, Inc. | 222,799 | 3,030 |
*Blue Nile Inc. | 109,505 | 3,025 |
*Hot Topic, Inc. | 175,254 | 3,013 |
Page 9
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Cato Corp. Class A | 104,218 | 3,004 |
*Cost Plus, Inc. | 93,356 | 3,000 |
*ValueClick, Inc. | 223,934 | 2,985 |
La-Z-Boy Inc. | 193,105 | 2,968 |
*FTI Consulting, Inc. | 140,232 | 2,955 |
*Cumulus Media Inc. | 195,640 | 2,950 |
Fred's, Inc. | 169,098 | 2,942 |
*Playtex Products, Inc. | 367,447 | 2,936 |
Landry's Restaurants, Inc. | 100,904 | 2,932 |
*Navarre Corp. | 166,470 | 2,930 |
*The Advisory Board Co. | 77,794 | 2,869 |
Liberty Corp. | 65,257 | 2,869 |
*Krispy Kreme Doughnuts, Inc. | 226,121 | 2,849 |
*Coinstar, Inc. | 105,775 | 2,838 |
*Dollar Thrifty Automotive Group, Inc. | 93,381 | 2,820 |
*Ventiv Health, Inc. | 137,499 | 2,794 |
*Brightpoint, Inc. | 142,127 | 2,777 |
*ProQuest Co. | 93,403 | 2,774 |
Handleman Co. | 128,663 | 2,764 |
*California Pizza Kitchen, Inc. | 120,121 | 2,763 |
*The Warnaco Group, Inc. | 127,076 | 2,745 |
*Bright Horizons Family Solutions, Inc. | 42,013 | 2,721 |
*Vail Resorts Inc. | 120,619 | 2,704 |
*Lakes Entertainment, Inc. | 164,423 | 2,678 |
*Midway Games Inc. | 254,621 | 2,674 |
*CSK Auto Corp. | 159,610 | 2,672 |
*Ryan's Restaurant Group, Inc. | 172,543 | 2,661 |
*Wireless Facilities, Inc. | 281,318 | 2,656 |
*United Online, Inc. | 229,236 | 2,643 |
*Central European Distribution Corp. | 89,094 | 2,632 |
*Hollywood Entertainment Corp. | 199,548 | 2,612 |
*Carter's, Inc. | 76,800 | 2,610 |
*Build-A-Bear-Workshop, Inc. | 74,200 | 2,608 |
*NetFlix.com, Inc. | 210,562 | 2,596 |
*CKE Restaurants Inc. | 176,664 | 2,563 |
*Alliance Gaming Corp. | 184,897 | 2,553 |
*Charter Communications, Inc. | 1,139,384 | 2,552 |
*Vertrue Inc. | 67,111 | 2,535 |
*Group 1 Automotive, Inc. | 80,095 | 2,523 |
*Korn/Ferry International | 121,586 | 2,523 |
Cherokee Inc. | 70,599 | 2,491 |
*Amerco, Inc. | 54,135 | 2,489 |
Jackson Hewitt Tax Service Inc. | 98,500 | 2,487 |
Russell Corp. | 125,938 | 2,453 |
*Radio One, Inc. Class D | 152,170 | 2,453 |
*MarketWatch Inc. | 135,273 | 2,435 |
*Crown Media Holdings, Inc. | 280,284 | 2,410 |
*K2 Inc. | 151,196 | 2,401 |
*Great Wolf Resorts, Inc. | 107,299 | 2,397 |
Kenneth Cole Productions, Inc. | 77,437 | 2,390 |
*Jos. A. Bank Clothiers, Inc. | 84,335 | 2,387 |
*Del Laboratories, Inc. | 68,636 | 2,385 |
Chemed Corp. | 35,287 | 2,368 |
*EZCORP, Inc. | 152,209 | 2,346 |
Pulitzer, Inc. | 36,144 | 2,344 |
Christopher&Banks Corp. | 125,073 | 2,308 |
*Clark, Inc. | 148,184 | 2,300 |
*Cox Radio, Inc. | 139,505 | 2,299 |
*Geo Group Inc. | 86,350 | 2,295 |
Page 10
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Revlon, Inc. Class A | 994,675 | 2,288 |
*America's Car-Mart, Inc. | 59,718 | 2,269 |
Pre-Paid Legal Services, Inc. | 60,409 | 2,268 |
Stamps.com Inc. | 141,755 | 2,245 |
Lone Star Steakhouse&Saloon, Inc. | 80,107 | 2,243 |
Churchill Downs, Inc. | 50,042 | 2,237 |
Movie Gallery, Inc. | 116,521 | 2,222 |
Movado Group, Inc. | 118,812 | 2,216 |
*Dave&Busters, Inc. | 109,541 | 2,213 |
*ValueVision Media, Inc. | 159,030 | 2,212 |
Brown Shoe Co., Inc. | 73,952 | 2,206 |
*Clean Harbors Inc. | 146,004 | 2,202 |
*Hartmarx Corp. | 282,132 | 2,192 |
*LodgeNet Entertainment Corp. | 123,326 | 2,182 |
*Jo-Ann Stores, Inc. | 78,533 | 2,163 |
*CoStar Group, Inc. | 46,645 | 2,154 |
World Wrestling Entertainment, Inc. | 175,401 | 2,128 |
Gevity HR, Inc. | 103,233 | 2,122 |
*Multimedia Games Inc. | 134,644 | 2,122 |
*The Dress Barn, Inc. | 120,179 | 2,115 |
*Educate, Inc. | 159,398 | 2,110 |
*Lifeline Systems, Inc. | 81,885 | 2,109 |
*A.C. Moore Arts&Crafts, Inc. | 73,179 | 2,108 |
*Guess ?, Inc. | 166,939 | 2,095 |
Renaissance Learning, Inc. | 112,795 | 2,093 |
*Forrester Research, Inc. | 116,295 | 2,086 |
*Entravision Communications Corp. | 248,622 | 2,076 |
American Woodmark Corp. | 47,054 | 2,055 |
Sonic Automotive, Inc. | 82,256 | 2,040 |
*J. Jill Group, Inc. | 134,678 | 2,005 |
*Brookstone, Inc. | 102,568 | 2,005 |
*Six Flags, Inc. | 373,044 | 2,003 |
*Casella Waste Systems, Inc. | 136,592 | 2,000 |
*The Gymboree Corp. | 155,635 | 1,995 |
*Rubio's Restaurants, Inc. | 163,692 | 1,986 |
*infoUSA Inc. | 176,480 | 1,975 |
*Cross Country Healthcare, Inc. | 108,841 | 1,968 |
*Skechers U.S.A., Inc. | 149,772 | 1,941 |
*AFC Enterprises, Inc. | 81,688 | 1,932 |
Sinclair Broadcast Group, Inc. | 206,929 | 1,906 |
CDI Corp. | 88,608 | 1,894 |
*Marchex, Inc. | 89,737 | 1,884 |
*Pinnacle Entertainment, Inc. | 95,255 | 1,884 |
*Stewart Enterprises, Inc. Class A | 266,282 | 1,861 |
*1-800 CONTACTS, Inc. | 84,543 | 1,860 |
*Isle of Capri Casinos, Inc. | 72,507 | 1,860 |
The Neiman Marcus Group, Inc. Class B | 27,740 | 1,853 |
*Lin TV Corp. | 96,988 | 1,852 |
*Water Pik Technologies, Inc. | 103,872 | 1,842 |
Gray Television, Inc. | 118,174 | 1,832 |
*LookSmart, Ltd. | 823,501 | 1,803 |
*Young Broadcasting Inc. | 170,673 | 1,802 |
Thomas Nelson, Inc. | 79,590 | 1,799 |
Angelica Corp. | 65,253 | 1,765 |
*Insurance Auto Auctions, Inc. | 78,378 | 1,757 |
Stanley Furniture Co., Inc. | 39,067 | 1,756 |
Central Parking Corp. | 115,837 | 1,755 |
Blair Corp. | 49,134 | 1,752 |
*PDI, Inc. | 78,397 | 1,747 |
Page 11
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*24/7 Real Media, Inc. | 402,483 | 1,743 |
Triarc Cos., Inc. Class B | 141,030 | 1,729 |
The Buckle, Inc. | 58,260 | 1,719 |
*MarineMax, Inc. | 56,776 | 1,690 |
*Benihana Inc. Class A | 103,826 | 1,687 |
*Spanish Broadcasting System, Inc. | 158,797 | 1,677 |
Bowne&Co., Inc. | 103,098 | 1,676 |
*Insight Communications Co., Inc. | 180,416 | 1,672 |
Dover Motorsports, Inc. | 290,163 | 1,663 |
*AMN Healthcare Services, Inc. | 104,348 | 1,660 |
*Perry Ellis International Corp. | 80,879 | 1,646 |
*Fisher Communications, Inc. | 33,596 | 1,642 |
*Midas Inc. | 81,636 | 1,633 |
The Marcus Corp. | 64,800 | 1,629 |
*Beasley Broadcast Group, Inc. | 92,729 | 1,626 |
*Century Business Services, Inc. | 372,686 | 1,625 |
Bassett Furniture Industries, Inc. | 82,065 | 1,611 |
Russ Berrie and Co., Inc. | 69,035 | 1,577 |
*Nexstar Broadcasting Group, Inc. | 170,933 | 1,576 |
*Volt Information Sciences Inc. | 53,375 | 1,569 |
The Stride Rite Corp. | 140,328 | 1,567 |
*Spherion Corp. | 185,185 | 1,556 |
*Steak n Shake Co. | 76,851 | 1,543 |
*Syms Corp. | 126,348 | 1,535 |
*GSI Commerce, Inc. | 85,696 | 1,524 |
*JAMDAT Mobile Inc. | 73,500 | 1,518 |
*O'Charley's Inc. | 76,743 | 1,500 |
*Deckers Outdoor Corp. | 31,900 | 1,499 |
*Elizabeth Arden, Inc. | 62,958 | 1,495 |
Dover Downs Gaming&Entertainment, Inc. | 113,747 | 1,490 |
Action Performance Cos., Inc. | 133,843 | 1,471 |
*Salem Communications Corp. | 58,940 | 1,471 |
*1-800-FLOWERS.COM, Inc. | 174,835 | 1,470 |
*Pegasus Solutions Inc. | 116,584 | 1,469 |
*Sharper Image Corp. | 77,145 | 1,454 |
*Worldwide Restaurant Concepts Inc. | 353,461 | 1,439 |
National Presto Industries, Inc. | 31,468 | 1,432 |
*Saga Communications, Inc. | 84,551 | 1,425 |
*NetRatings, Inc. | 74,170 | 1,422 |
*TiVo Inc. | 240,755 | 1,413 |
Carmike Cinemas, Inc. | 38,644 | 1,411 |
*JAKKS Pacific, Inc. | 63,783 | 1,410 |
*Hibbett Sporting Goods, Inc. | 52,743 | 1,403 |
*aQuantive, Inc. | 154,707 | 1,383 |
*Navigant International, Inc. | 113,158 | 1,377 |
*West Marine, Inc. | 55,157 | 1,365 |
*SM&A Corp. | 159,459 | 1,360 |
*4Kids Entertainment Inc. | 64,105 | 1,347 |
*Learning Tree International, Inc. | 100,359 | 1,345 |
*Retail Ventures, Inc. | 189,031 | 1,342 |
*Kforce Inc. | 120,539 | 1,338 |
*iVillage Inc. | 213,125 | 1,317 |
Sturm, Ruger&Co., Inc. | 144,744 | 1,307 |
*FindWhat.com | 73,584 | 1,305 |
*MTR Gaming Group Inc. | 123,150 | 1,300 |
*Greenfield Online, Inc. | 58,803 | 1,293 |
*Casual Male Retail Group, Inc. | 236,142 | 1,287 |
Traffix, Inc. | 202,640 | 1,287 |
*Administaff, Inc. | 101,664 | 1,282 |
Page 12
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Steven Madden, Ltd. | 67,423 | 1,272 |
*Perficient, Inc. | 187,475 | 1,230 |
*Trans World Entertainment Corp. | 96,664 | 1,205 |
*Pfsweb Inc. | 419,675 | 1,191 |
*Checkers Drive-In Restaurants, Inc. | 88,828 | 1,190 |
*Cache, Inc. | 65,990 | 1,189 |
*The Pantry, Inc. | 38,974 | 1,173 |
*Charlotte Russe Holding Inc. | 116,007 | 1,172 |
*S&K Famous Brands Inc. | 71,658 | 1,169 |
Libbey, Inc. | 52,234 | 1,160 |
Courier Corp. | 22,176 | 1,151 |
*Universal Electronics, Inc. | 63,666 | 1,121 |
*Steinway Musical Instruments Inc. | 38,650 | 1,119 |
Allen Organ Co. | 15,974 | 1,100 |
*Hampshire Group, Ltd. | 34,729 | 1,094 |
The Topps Co., Inc. | 111,554 | 1,088 |
*SOURCECORP, Inc. | 56,000 | 1,070 |
Goody's Family Clothing | 117,010 | 1,069 |
Superior Uniform Group, Inc. | 71,397 | 1,067 |
Advanced Marketing Services | 105,223 | 1,059 |
*Playboy Enterprises, Inc. Class B | 86,037 | 1,057 |
*Alloy, Inc. | 130,383 | 1,052 |
*Medical Staffing Network Holdings, Inc. | 128,184 | 1,050 |
*Department 56 Inc. | 62,888 | 1,047 |
*Candie's, Inc. | 193,582 | 1,045 |
*Innotrac Corp. | 122,430 | 1,042 |
Startek, Inc. | 36,479 | 1,038 |
*Pegasus Communications Corp. | 109,544 | 1,029 |
Oshkosh B' Gosh, Inc. Class A | 47,732 | 1,021 |
UniFirst Corp. | 36,057 | 1,020 |
*SITEL Corp. | 407,891 | 1,003 |
*Greg Manning Auctions, Inc. | 80,550 | 997 |
*ParkerVision, Inc. | 111,567 | 993 |
*DiamondCluster International, Inc. | 69,255 | 992 |
*Harris Interactive Inc. | 124,339 | 982 |
*Asbury Automotive Group, Inc. | 70,665 | 974 |
*Alderwoods Group, Inc. | 85,558 | 974 |
*Kirkland's, Inc. | 77,873 | 957 |
*Paxson Communications Corp. | 684,988 | 945 |
*Bally Total Fitness Holding Corp. | 222,848 | 945 |
*iPass Inc. | 127,408 | 943 |
*Friendly Ice Cream Corp. | 112,143 | 942 |
*Century Casinos, Inc. | 102,732 | 938 |
*The Princeton Review, Inc. | 151,942 | 934 |
*Source Interlink Cos., Inc. | 69,769 | 927 |
Blockbuster Inc. Class B | 104,887 | 924 |
*Cornell Companies, Inc. | 60,116 | 913 |
*The Boyds Collection, Ltd. | 206,627 | 909 |
Lawson Products, Inc. | 18,012 | 908 |
*Shoe Carnival, Inc. | 69,700 | 906 |
Cadmus Communications | 70,686 | 905 |
Triarc Cos., Inc. Class A | 69,353 | 902 |
*Hudson Highland Group, Inc. | 31,113 | 896 |
*First Consulting Group, Inc. | 144,057 | 880 |
*Mothers Work, Inc. | 63,506 | 865 |
*Lazare Kaplan International, Inc. | 90,848 | 864 |
*PC Connection, Inc. | 90,435 | 861 |
*Lightbridge, Inc. | 141,777 | 856 |
*Rentrak Corp. | 67,069 | 840 |
Page 13
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*eMerge Interactive, Inc. | 527,533 | 839 |
*Verticalnet, Inc. | 515,437 | 830 |
L.S. Starrett Co. Class A | 40,264 | 829 |
*Bombay Co. | 147,577 | 816 |
*Enesco Group, Inc. | 100,183 | 809 |
*Carriage Services, Inc. | 163,114 | 806 |
*Monro Muffler Brake, Inc. | 31,583 | 799 |
Lithia Motors, Inc. | 29,616 | 794 |
*Nashua Corp. | 68,715 | 781 |
*Exponent, Inc. | 28,234 | 776 |
*Buca, Inc. | 110,676 | 770 |
Hancock Fabrics, Inc. | 74,026 | 768 |
*Digital Generation Systems | 612,915 | 766 |
Haverty Furniture Cos., Inc. | 40,999 | 758 |
*Luby's, Inc. | 99,746 | 748 |
*On Assignment, Inc. | 143,765 | 746 |
*Digital Theater Systems Inc. | 36,792 | 741 |
*Cenveo Inc. | 235,760 | 731 |
*LECG Corp. | 39,122 | 730 |
*Conn's, Inc. | 42,943 | 722 |
*Applica Inc. | 118,109 | 715 |
*Trump Hotels&Casino Resorts, Inc. | 348,413 | 704 |
*Total Entertainment Restaurant Corp. | 58,388 | 696 |
*Party City Corp. | 52,966 | 685 |
Fedders Corp. | 186,089 | 674 |
CPI Corp. | 48,991 | 666 |
*The Smith&Wollensky Restaurant Group, Inc. | 123,825 | 665 |
*SPEEDUS Corp. | 229,449 | 652 |
*Wyndham International, Inc. Class A | 545,030 | 649 |
*Atari, Inc. | 219,969 | 645 |
*Regent Communications, Inc. | 121,034 | 641 |
*Daily Journal Corp. | 17,275 | 641 |
Deb Shops, Inc. | 25,240 | 632 |
*Metro One Telecommunications, Inc. | 387,463 | 616 |
*Franklin Electronic Publishers, Inc. | 138,940 | 606 |
*Strategic Distribution, Inc. | 45,172 | 603 |
Saucony Inc. | 21,800 | 593 |
*Tweeter Home Entertainment Group, Inc. | 85,465 | 585 |
*BJ's Restaurants Inc. | 41,352 | 579 |
ARK Restaurants Corp. | 14,376 | 564 |
*Internap Network Services Corp. | 605,942 | 564 |
Inter Parfums, Inc. | 35,422 | 563 |
*Systemax Inc. | 76,352 | 560 |
*Empire Resorts Inc. | 49,700 | 554 |
*LKQ Corp. | 27,055 | 543 |
Haggar Corp. | 23,100 | 542 |
*PLATO Learning, Inc. | 72,683 | 541 |
CSS Industries, Inc. | 16,716 | 531 |
*Management Network Group Inc. | 219,990 | 517 |
*Correctional Services Corp. | 178,160 | 517 |
*Raindance Communications, Inc. | 220,818 | 512 |
*Oneida Ltd. | 165,390 | 506 |
*Autobytel Inc. | 81,924 | 495 |
Weyco Group, Inc. | 11,130 | 493 |
*Big Dog Holdings, Inc. | 74,820 | 492 |
*Drugstore.com, Inc. | 143,102 | 487 |
*NIC Inc. | 95,015 | 483 |
*ICT Group, Inc. | 45,209 | 439 |
*Gander Mountain Co. | 34,133 | 438 |
Page 14
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Main Street Restaurant Group Inc. | 269,429 | 431 |
*Emerson Radio Corp. | 113,213 | 425 |
*Neoforma, Inc. | 54,950 | 423 |
Schawk, Inc. | 22,689 | 412 |
ILX Resorts Inc. | 39,976 | 407 |
Rock of Ages Corp. | 53,900 | 393 |
*Interstate Hotels&Resorts, Inc. | 73,153 | 392 |
*Concord Camera Corp. | 169,405 | 388 |
*Monarch Casino&Resort, Inc. | 9,000 | 365 |
*Salton, Inc. | 64,300 | 364 |
*APAC Teleservices, Inc. | 202,268 | 352 |
*Onvia.com, Inc. | 54,357 | 344 |
*Restoration Hardware, Inc. | 58,833 | 338 |
*The Wet Seal, Inc. Class A | 147,554 | 335 |
*Register.com, Inc. | 52,578 | 334 |
*PriceSmart, Inc. | 42,940 | 325 |
Knape&Vogt Manufacturing Co. | 24,296 | 319 |
*Edgewater Technology, Inc. | 63,366 | 310 |
*Medialink Worldwide, Inc. | 85,915 | 301 |
Stephan Co. | 69,807 | 297 |
*Nobel Learning Communities, Inc. | 37,450 | 282 |
*Synagro Technologies Inc. | 91,290 | 278 |
*GameStop Corp. Class B | 12,367 | 277 |
*Gartner, Inc. Class B | 21,667 | 266 |
*Gadzooks, Inc. | 277,226 | 263 |
*COMFORCE Corp. | 95,492 | 263 |
*Brillian Corp. | 75,863 | 262 |
*Rainmaker Systems, Inc. | 198,962 | 247 |
*Spherix Inc. | 72,961 | 237 |
Aaron Rents, Inc. | 10,125 | 229 |
*Digital Impact, Inc. | 159,209 | 226 |
*Cellstar Corp. | 49,675 | 221 |
*Gallery of History, Inc. | 56,902 | 219 |
*eCOST.com Inc. | 13,500 | 216 |
*Whitehall Jewellers, Inc. | 26,872 | 215 |
Ambassadors Group, Inc. | 5,859 | 209 |
*Catalina Lighting, Inc. | 23,200 | 201 |
*VCampus Corp. | 88,198 | 186 |
*National Technical Systems, Inc. | 35,797 | 179 |
*Wilsons The Leather Experts Inc. | 45,798 | 179 |
*EasyLink Services Corp. | 123,311 | 178 |
*Vermont Teddy Bear Co., Inc. | 23,137 | 149 |
*Finlay Enterprises, Inc. | 7,467 | 148 |
*Benihana Inc. | 8,400 | 136 |
*REX Stores Corp. | 6,324 | 96 |
*America Online Latin America, Inc. | 125,763 | 94 |
*Mayor's Jeweler's, Inc. | 151,566 | 94 |
*News Corp., Inc., Class B | 4,600 | 88 |
*WPT Enterprises Inc. | 4,800 | 82 |
Star Buffet, Inc. | 12,736 | 75 |
*Interep National Radio Sales, Inc. | 98,600 | 74 |
*Ultimate Electronics, Inc. | 50,994 | 63 |
Escalade, Inc. | 4,400 | 59 |
*PriceSmart, Inc. Rights Exp. 1/21/2005 | 42,940 | 44 |
*Protection One, Inc. | 113,561 | 43 |
*Hanover Direct, Inc. | 22,898 | 31 |
*Rush Enterprises, Inc. Class B | 1,705 | 30 |
*LQ Corp. Inc. | 15,985 | 29 |
*Geerlings&Wade Inc. | 30,636 | 28 |
Page 15
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Fresh Choice, Inc. | 43,708 | 17 |
*Major Automotive Cos., Inc. | 17,395 | 15 |
*DGSE Companies, Inc. | 4,000 | 11 |
*Visual Data Corp. | 5,529 | 10 |
Bush Industries, Inc. Escrow | 135,417 | 7 |
*Provo International Inc. | 35,123 | 6 |
*CTI Industries Corp. | 2,904 | 4 |
*IAC Interactivecorp 1.99% Cvt. Pfd. | 76 | 4 |
*Headway Corporate Resources, Inc. | 152,392 | 1 |
*IAC InterActiveCorp Warrants Exp. 2/4/2009 | 38 | 1 |
9,552,202 | ||
Consumer Staples (6.5%) | ||
The Procter&Gamble Co. | 9,709,328 | 534,790 |
Altria Group, Inc. | 7,836,210 | 478,792 |
The Coca-Cola Co. | 9,338,930 | 388,780 |
PepsiCo, Inc. | 6,469,811 | 337,724 |
Kraft Foods Inc. | 6,530,693 | 232,558 |
Anheuser-Busch Cos., Inc. | 3,059,207 | 155,194 |
Walgreen Co. | 3,913,032 | 150,143 |
Colgate-Palmolive Co. | 2,028,229 | 103,764 |
Sysco Corp. | 2,442,139 | 93,216 |
Sara Lee Corp. | 3,018,484 | 72,866 |
General Mills, Inc. | 1,454,982 | 72,327 |
Kellogg Co. | 1,564,722 | 69,880 |
CVS Corp. | 1,519,839 | 68,499 |
ConAgra Foods, Inc. | 2,021,565 | 59,535 |
Wm. Wrigley Jr. Co. | 859,244 | 59,451 |
Hershey Foods Corp. | 985,509 | 54,735 |
H.J. Heinz Co. | 1,346,958 | 52,518 |
*The Kroger Co. | 2,850,135 | 49,991 |
The Clorox Co. | 811,646 | 47,830 |
Campbell Soup Co. | 1,570,692 | 46,948 |
Reynolds American Inc. | 567,122 | 44,576 |
Coca-Cola Enterprises, Inc. | 1,798,662 | 37,502 |
*Safeway, Inc. | 1,707,258 | 33,701 |
Albertson's, Inc. | 1,403,608 | 33,518 |
UST, Inc. | 634,552 | 30,528 |
The Pepsi Bottling Group, Inc. | 991,948 | 26,822 |
Tyson Foods, Inc. | 1,349,081 | 24,823 |
Brown-Forman Corp. Class B | 464,782 | 22,626 |
Whole Foods Market, Inc. | 236,534 | 22,554 |
McCormick&Co., Inc. | 526,143 | 20,309 |
*Dean Foods Co. | 603,807 | 19,895 |
*Constellation Brands, Inc. Class A | 410,453 | 19,090 |
SuperValu Inc. | 520,209 | 17,958 |
Hormel Foods Corp. | 530,649 | 16,636 |
*Smithfield Foods, Inc. | 423,605 | 12,534 |
PepsiAmericas, Inc. | 525,523 | 11,162 |
Adolph Coors Co. Class B | 143,165 | 10,833 |
J.M. Smucker Co. | 226,860 | 10,678 |
*7-Eleven, Inc. | 430,119 | 10,301 |
*Del Monte Foods Co. | 802,320 | 8,842 |
Church&Dwight, Inc. | 236,427 | 7,949 |
Pilgrim's Pride Corp. | 254,953 | 7,822 |
*Rite Aid Corp. | 1,979,317 | 7,244 |
Tootsie Roll Industries, Inc. | 195,924 | 6,785 |
Fresh Del Monte Produce Inc. | 219,977 | 6,514 |
Page 16
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*NBTY, Inc. | 255,849 | 6,143 |
Ralcorp Holdings, Inc. | 135,096 | 5,665 |
Flowers Foods, Inc. | 168,270 | 5,314 |
*Performance Food Group Co. | 177,864 | 4,786 |
Universal Corp. (VA) | 98,053 | 4,691 |
Sensient Technologies Corp. | 192,546 | 4,619 |
Seaboard Corp. | 4,254 | 4,245 |
Longs Drug Stores, Inc. | 150,484 | 4,149 |
Weis Markets, Inc. | 97,335 | 3,754 |
Vector Group Ltd. | 221,419 | 3,682 |
Ruddick Corp. | 166,302 | 3,607 |
Casey's General Stores, Inc. | 185,525 | 3,367 |
Chiquita Brands International, Inc. | 149,519 | 3,298 |
*Provide Commerce Inc. | 74,311 | 2,761 |
*Hain Celestial Group, Inc. | 132,624 | 2,741 |
Lance, Inc. | 142,872 | 2,719 |
Nash-Finch Co. | 68,010 | 2,568 |
Schweitzer-Mauduit International, Inc. | 75,409 | 2,560 |
*Smart&Final Inc. | 171,016 | 2,461 |
Coca-Cola Bottling Co. | 41,138 | 2,347 |
Winn-Dixie Stores, Inc. | 514,189 | 2,340 |
Sanderson Farms, Inc. | 53,657 | 2,322 |
Farmer Brothers, Inc. | 81,160 | 1,967 |
*M&F Worldwide Corp. | 126,168 | 1,718 |
*The Great Atlantic&Pacific Tea Co., Inc. | 165,123 | 1,693 |
Nature's Sunshine Inc. | 77,314 | 1,574 |
American Italian Pasta Co. | 61,896 | 1,439 |
Ingles Markets, Inc. | 115,688 | 1,433 |
*Boston Beer Co., Inc. Class A | 67,347 | 1,432 |
J&J Snack Foods Corp. | 28,087 | 1,377 |
*Chalone Wine Group Ltd. | 96,174 | 1,362 |
*Peet's Coffee&Tea Inc. | 51,125 | 1,353 |
Standard Commercial Tobacco Co. | 59,125 | 1,151 |
*Green Mountain Coffee Roasters, Inc. | 41,643 | 1,045 |
*John B. Sanfilippo&Son, Inc. | 38,295 | 987 |
*Wild Oats Markets Inc. | 110,791 | 976 |
Dimon Inc. | 141,238 | 949 |
*Pathmark Stores, Inc. | 151,991 | 883 |
*Todhunter International, Inc. | 66,686 | 879 |
*Lifeway Foods, Inc. | 95,066 | 869 |
*Nutraceutical International Corp. | 54,319 | 837 |
Arden Group Inc. Class A | 5,228 | 525 |
Rocky Mountain Chocolate Factory, Inc. | 28,250 | 414 |
National Beverage Corp. | 49,566 | 412 |
*Star Scientific, Inc. | 72,547 | 369 |
*Omega Protein Corp. | 41,400 | 356 |
*Redhook Ale Brewery, Inc. | 89,990 | 316 |
*Maui Land&Pineapple Co., Inc. | 7,344 | 288 |
*Hansen Natural Corp. | 7,700 | 280 |
*Nutrition 21 Inc. | 269,345 | 277 |
*Diedrich Coffee, Inc. | 45,509 | 269 |
*Seneca Foods Corp. | 7,400 | 135 |
*The Penn Traffic Co. | 65,411 | 5 |
3,708,452 | ||
Financial Services (22.0%) | ||
Citigroup, Inc. | 19,750,906 | 951,599 |
Bank of America Corp. | 15,535,031 | 729,991 |
Page 17
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
American International Group, Inc. | 9,950,549 | 653,453 |
JPMorgan Chase&Co. | 13,603,997 | 530,692 |
Wells Fargo&Co. | 6,445,070 | 400,561 |
Wachovia Corp. | 6,132,253 | 322,557 |
American Express Co. | 4,841,987 | 272,943 |
Fannie Mae | 3,696,698 | 263,242 |
Morgan Stanley | 4,195,111 | 232,913 |
U.S. Bancorp | 7,177,331 | 224,794 |
Merrill Lynch&Co., Inc. | 3,577,095 | 213,803 |
Freddie Mac | 2,629,789 | 193,815 |
The Goldman Sachs Group, Inc. | 1,843,055 | 191,751 |
Washington Mutual, Inc. | 3,332,453 | 140,896 |
First Data Corp. | 3,274,885 | 139,314 |
MBNA Corp. | 4,879,757 | 137,560 |
Allstate Corp. | 2,646,743 | 136,890 |
Metropolitan Life Insurance Co. | 2,864,953 | 116,059 |
Prudential Financial, Inc. | 1,982,234 | 108,944 |
Fifth Third Bancorp | 2,141,418 | 101,246 |
SunTrust Banks, Inc. | 1,368,231 | 101,085 |
Automatic Data Processing, Inc. | 2,255,168 | 100,017 |
The Bank of New York Co., Inc. | 2,963,079 | 99,026 |
National City Corp. | 2,531,193 | 95,046 |
St. Paul Travelers Cos., Inc. | 2,554,202 | 94,684 |
Lehman Brothers Holdings, Inc. | 1,036,374 | 90,662 |
BB&T Corp. | 2,117,499 | 89,041 |
SLM Corp. | 1,665,135 | 88,902 |
Countrywide Financial Corp. | 2,150,627 | 79,595 |
AFLAC Inc. | 1,936,971 | 77,169 |
The Hartford Financial Services Group Inc. | 1,112,788 | 77,127 |
Capital One Financial Corp. | 915,757 | 77,116 |
Golden West Financial Corp. | 1,167,047 | 71,680 |
Franklin Resources Corp. | 956,398 | 66,613 |
Marsh&McLennan Cos., Inc. | 1,991,736 | 65,528 |
Progressive Corp. of Ohio | 764,692 | 64,876 |
State Street Corp. | 1,286,397 | 63,188 |
Regions Financial Corp. | 1,767,769 | 62,915 |
Charles Schwab Corp. | 5,227,947 | 62,526 |
PNC Financial Services Group | 1,080,226 | 62,048 |
The Chubb Corp. | 730,653 | 56,187 |
Simon Property Group, Inc. REIT | 845,703 | 54,692 |
KeyCorp | 1,556,302 | 52,759 |
North Fork Bancorp, Inc. | 1,789,698 | 51,633 |
Genworth Financial Inc. | 1,873,392 | 50,582 |
Mellon Financial Corp. | 1,622,250 | 50,468 |
Loews Corp. | 709,454 | 49,875 |
Paychex, Inc. | 1,444,841 | 49,240 |
M&T Bank Corp. | 456,312 | 49,209 |
Moody's Corp. | 565,442 | 49,109 |
The Principal Financial Group, Inc. | 1,198,994 | 49,087 |
Equity Office Properties Trust REIT | 1,541,386 | 44,885 |
CIGNA Corp. | 526,132 | 42,917 |
Northern Trust Corp. | 843,032 | 40,954 |
Bear Stearns Co., Inc. | 394,365 | 40,347 |
Comerica, Inc. | 655,747 | 40,014 |
Equity Residential REIT | 1,071,921 | 38,782 |
Marshall&Ilsley Corp. | 852,510 | 37,681 |
CIT Group Inc. | 806,435 | 36,951 |
UnionBanCal Corp. | 571,046 | 36,821 |
Vornado Realty Trust REIT | 480,793 | 36,603 |
Page 18
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
AmSouth Bancorp | 1,353,313 | 35,051 |
MBIA, Inc. | 548,063 | 34,681 |
Ambac Financial Group, Inc. | 414,863 | 34,073 |
Synovus Financial Corp. | 1,183,694 | 33,830 |
H&R Block, Inc. | 646,154 | 31,662 |
Lincoln National Corp. | 673,270 | 31,428 |
*SunGard Data Systems, Inc. | 1,103,278 | 31,256 |
Fidelity National Financial, Inc. | 664,365 | 30,342 |
T. Rowe Price Group Inc. | 486,871 | 30,283 |
General Growth Properties Inc. REIT | 836,302 | 30,241 |
ProLogis REIT | 695,546 | 30,138 |
*Fiserv, Inc. | 745,849 | 29,976 |
Sovereign Bancorp, Inc. | 1,312,997 | 29,608 |
Popular, Inc. | 1,019,309 | 29,387 |
The Chicago Mercantile Exchange | 126,359 | 28,898 |
Aon Corp. | 1,208,320 | 28,831 |
Archstone-Smith Trust REIT | 748,598 | 28,671 |
Cincinnati Financial Corp. | 643,933 | 28,500 |
Legg Mason Inc. | 385,383 | 28,233 |
SAFECO Corp. | 532,337 | 27,809 |
Jefferson-Pilot Corp. | 529,274 | 27,501 |
Public Storage, Inc. REIT | 492,302 | 27,446 |
Plum Creek Timber Co. Inc. REIT | 700,380 | 26,923 |
Boston Properties, Inc. REIT | 414,017 | 26,774 |
White Mountains Insurance Group Inc. | 41,200 | 26,615 |
Hudson City Bancorp, Inc. | 716,155 | 26,369 |
*CNA Financial Corp. | 979,892 | 26,173 |
MGIC Investment Corp. | 377,003 | 25,979 |
Kimco Realty Corp. REIT | 425,528 | 24,676 |
Banknorth Group, Inc. | 657,966 | 24,082 |
Torchmark Corp. | 419,595 | 23,976 |
Zions Bancorp | 342,450 | 23,297 |
Host Marriott Corp. REIT | 1,326,958 | 22,956 |
*Ameritrade Holding Corp. | 1,611,861 | 22,921 |
Compass Bancshares Inc. | 469,288 | 22,840 |
Huntington Bancshares Inc. | 882,911 | 21,879 |
*E*TRADE Financial Corp. | 1,402,633 | 20,969 |
New York Community Bancorp, Inc. | 1,012,699 | 20,831 |
Avalonbay Communities, Inc. REIT | 275,195 | 20,722 |
First Horizon National Corp. | 472,506 | 20,370 |
UnumProvident Corp. | 1,133,954 | 20,343 |
Doral Financial Corp. | 412,936 | 20,337 |
Commerce Bancorp, Inc. | 300,607 | 19,359 |
iStar Financial Inc. REIT | 425,296 | 19,249 |
Radian Group, Inc. | 354,892 | 18,894 |
Leucadia National Corp. | 271,258 | 18,847 |
Duke Realty Corp. REIT | 544,026 | 18,573 |
*Providian Financial Corp. | 1,119,908 | 18,445 |
Total System Services, Inc. | 753,545 | 18,311 |
Old Republic International Corp. | 696,705 | 17,627 |
Hibernia Corp. Class A | 594,393 | 17,541 |
Developers Diversified Realty Corp. REIT | 391,235 | 17,359 |
TCF Financial Corp. | 534,057 | 17,165 |
*WellChoice Inc. | 320,673 | 17,124 |
*DST Systems, Inc. | 321,472 | 16,755 |
Assurant, Inc. | 544,159 | 16,624 |
SEI Corp. | 394,501 | 16,541 |
Associated Banc-Corp. | 496,884 | 16,502 |
*The Dun&Bradstreet Corp. | 269,103 | 16,052 |
Page 19
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Mercantile Bankshares Corp. | 302,609 | 15,796 |
Transatlantic Holdings, Inc. | 251,577 | 15,555 |
Janus Capital Group Inc. | 915,744 | 15,394 |
The PMI Group Inc. | 367,489 | 15,343 |
W.R. Berkley Corp. | 321,607 | 15,170 |
Equifax, Inc. | 532,166 | 14,954 |
*AmeriCredit Corp. | 601,026 | 14,695 |
*Alliance Data Systems Corp. | 309,430 | 14,692 |
The Macerich Co. REIT | 226,291 | 14,211 |
Student Loan Corp. | 76,540 | 14,083 |
Health Care Properties Investors REIT | 507,648 | 14,057 |
Liberty Property Trust REIT | 323,963 | 13,995 |
Apartment Investment&Management Co. Class A REIT | 362,126 | 13,956 |
Nuveen Investments, Inc. Class A | 353,583 | 13,956 |
People's Bank | 358,792 | 13,953 |
*The First Marblehead Corp. | 246,395 | 13,860 |
*Markel Corp. | 37,695 | 13,721 |
Independence Community Bank Corp. | 321,196 | 13,677 |
Dow Jones&Co., Inc. | 312,899 | 13,473 |
Eaton Vance Corp. | 258,348 | 13,473 |
Commerce Bancshares, Inc. | 266,998 | 13,403 |
City National Corp. | 187,689 | 13,260 |
Weingarten Realty Investors REIT | 327,527 | 13,134 |
A.G. Edwards&Sons, Inc. | 303,199 | 13,101 |
Mills Corp. REIT | 205,219 | 13,085 |
*CheckFree Corp. | 342,913 | 13,058 |
Regency Centers Corp. REIT | 232,919 | 12,904 |
AMB Property Corp. REIT | 316,276 | 12,774 |
Erie Indemnity Co. Class A | 242,850 | 12,767 |
Investors Financial Services Corp. | 253,652 | 12,678 |
Federated Investors, Inc. | 415,759 | 12,639 |
United Dominion Realty Trust REIT | 506,594 | 12,564 |
Mercury General Corp. | 208,566 | 12,497 |
Catellus Development Corp. REIT | 392,260 | 12,003 |
First American Corp. | 338,965 | 11,911 |
Unitrin, Inc. | 261,790 | 11,898 |
Hospitality Properties Trust REIT | 257,118 | 11,827 |
Ryder System, Inc. | 246,383 | 11,770 |
Astoria Financial Corp. | 292,769 | 11,702 |
New Century REIT, Inc. | 182,427 | 11,659 |
Sky Financial Group, Inc. | 404,114 | 11,586 |
Reinsurance Group of America, Inc. | 238,562 | 11,558 |
*CapitalSource Inc. | 450,014 | 11,552 |
*Conseco, Inc. | 576,456 | 11,500 |
Brown&Brown, Inc. | 263,672 | 11,483 |
Arthur J. Gallagher&Co. | 351,539 | 11,425 |
Protective Life Corp. | 265,578 | 11,338 |
*BOK Financial Corp. | 226,839 | 11,061 |
Trizec Properties, Inc. REIT | 581,422 | 11,001 |
Fulton Financial Corp. | 465,456 | 10,850 |
Colonial BancGroup, Inc. | 511,041 | 10,849 |
Mack-Cali Realty Corp. REIT | 231,741 | 10,667 |
New Plan Excel Realty Trust REIT | 391,240 | 10,595 |
Friedman, Billings, Ramsey Group, Inc. REIT | 546,176 | 10,590 |
American National Insurance Co. | 101,146 | 10,535 |
Valley National Bancorp | 377,553 | 10,439 |
Webster Financial Corp. | 204,790 | 10,371 |
Federal Realty Investment Trust REIT | 198,124 | 10,233 |
Bank of Hawaii Corp. | 201,132 | 10,205 |
Page 20
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Capitol Federal Financial | 281,248 | 10,125 |
Fair, Isaac, Inc. | 270,022 | 9,904 |
First BanCorp Puerto Rico | 154,143 | 9,790 |
Pan Pacific Retail Properties, Inc. REIT | 155,015 | 9,719 |
Cullen/Frost Bankers, Inc. | 197,166 | 9,582 |
W Holding Co., Inc. | 416,907 | 9,564 |
Arden Realty Group, Inc. REIT | 250,777 | 9,459 |
Rayonier Inc. REIT | 190,210 | 9,303 |
FirstMerit Corp. | 324,264 | 9,238 |
Thornburg Mortgage, Inc. REIT | 317,843 | 9,205 |
Wilmington Trust Corp. | 253,970 | 9,181 |
Westcorp, Inc. | 198,575 | 9,121 |
*CB Richard Ellis Group, Inc. | 270,338 | 9,070 |
Annaly Mortgage Management Inc. REIT | 460,455 | 9,034 |
CBL&Associates Properties, Inc. REIT | 118,194 | 9,024 |
SL Green Realty Corp. REIT | 148,317 | 8,981 |
StanCorp Financial Group, Inc. | 108,710 | 8,969 |
CenterPoint Properties Corp. REIT | 184,677 | 8,844 |
Reckson Associates Realty Corp. REIT | 269,504 | 8,842 |
American Financial Group, Inc. | 281,886 | 8,826 |
Ventas, Inc. REIT | 321,891 | 8,823 |
The South Financial Group, Inc. | 270,310 | 8,793 |
Raymond James Financial, Inc. | 282,607 | 8,755 |
Jefferies Group, Inc. | 216,639 | 8,726 |
HRPT Properties Trust REIT | 679,008 | 8,712 |
Certegy, Inc. | 242,751 | 8,625 |
Global Payments Inc. | 145,070 | 8,492 |
*Alleghany Corp. | 29,126 | 8,308 |
Nationwide Financial Services, Inc. | 216,063 | 8,260 |
HCC Insurance Holdings, Inc. | 247,625 | 8,201 |
East West Bancorp, Inc. | 192,950 | 8,096 |
IndyMac Bancorp, Inc. | 234,097 | 8,065 |
WFS Financial, Inc. | 157,259 | 7,986 |
Washington Federal Inc. | 300,370 | 7,972 |
UCBH Holdings, Inc. | 173,468 | 7,948 |
Camden Property Trust REIT | 152,792 | 7,792 |
Shurgard Storage Centers, Inc. Class A REIT | 175,925 | 7,742 |
BRE Properties Inc. Class A REIT | 191,878 | 7,735 |
*Interactive Data Corp. | 355,461 | 7,728 |
*Instinet Group Inc. | 1,279,943 | 7,718 |
International Bancshares Corp. | 195,659 | 7,705 |
Commerce Group, Inc. | 126,182 | 7,702 |
*Affiliated Managers Group, Inc. | 113,490 | 7,688 |
Realty Income Corp. REIT | 151,969 | 7,687 |
*BISYS Group, Inc. | 462,305 | 7,605 |
Health Care Inc. REIT | 197,861 | 7,548 |
Waddell&Reed Financial, Inc. | 315,687 | 7,542 |
Park National Corp. | 54,838 | 7,431 |
Fremont General Corp. | 294,995 | 7,428 |
Essex Property Trust, Inc. REIT | 88,098 | 7,383 |
Healthcare Realty Trust Inc. REIT | 180,547 | 7,348 |
Deluxe Corp. | 192,227 | 7,176 |
BancorpSouth, Inc. | 294,193 | 7,169 |
Cathay General Bancorp | 191,126 | 7,167 |
MoneyGram International, Inc. | 338,890 | 7,164 |
Westamerica Bancorporation | 121,547 | 7,087 |
FactSet Research Systems Inc. | 120,737 | 7,056 |
Whitney Holdings Corp. | 156,338 | 7,034 |
Crescent Real Estate, Inc. REIT | 380,877 | 6,955 |
Page 21
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Trustmark Corp. | 221,459 | 6,881 |
CarrAmerica Realty Corp. REIT | 208,231 | 6,872 |
Jack Henry&Associates Inc. | 343,954 | 6,848 |
American Financial Realty Trust REIT | 422,720 | 6,840 |
AmerUs Group Co. | 149,843 | 6,788 |
Hudson United Bancorp | 171,966 | 6,772 |
*Allmerica Financial Corp. | 203,708 | 6,688 |
NewAlliance Bancshares, Inc. | 437,092 | 6,688 |
Prentiss Properties Trust REIT | 172,088 | 6,574 |
Old National Bancorp | 253,696 | 6,561 |
First Midwest Bancorp, Inc. | 178,232 | 6,468 |
Equity One, Inc. REIT | 272,353 | 6,463 |
First Industrial Realty Trust REIT | 158,275 | 6,447 |
Impac Mortgage Holdings, Inc. REIT | 284,310 | 6,445 |
United Bankshares, Inc. | 166,464 | 6,351 |
Odyssey Re Holdings Corp. | 248,353 | 6,261 |
*La Quinta Corp. REIT | 684,661 | 6,224 |
Southwest Bancorporation of Texas, Inc. | 265,424 | 6,182 |
Texas Regional Bancshares, Inc. | 188,579 | 6,163 |
Downey Financial Corp. | 107,346 | 6,119 |
*Silicon Valley Bancshares | 136,517 | 6,119 |
*Kronos, Inc. | 118,779 | 6,073 |
Nationwide Health Properties, Inc. REIT | 255,053 | 6,058 |
Brandywine Realty Trust REIT | 205,756 | 6,047 |
UICI | 178,286 | 6,044 |
Provident Financial Services Inc. | 307,024 | 5,947 |
Pacific Capital Bancorp | 174,808 | 5,942 |
First Citizens BancShares Class A | 40,006 | 5,931 |
Pennsylvania REIT | 138,401 | 5,924 |
*Jones Lang Lasalle Inc. | 155,525 | 5,818 |
Heritage Property Investment Trust REIT | 179,228 | 5,751 |
Taubman Co. REIT | 191,426 | 5,733 |
Citizens Banking Corp. | 166,252 | 5,711 |
Highwood Properties, Inc. REIT | 205,861 | 5,702 |
Cousins Properties, Inc. REIT | 187,987 | 5,690 |
*CompuCredit Corp. | 207,337 | 5,669 |
Maguire Properties, Inc. REIT | 206,100 | 5,660 |
*United Rentals, Inc. | 298,668 | 5,645 |
*Philadelphia Consolidated Holding Corp. | 85,333 | 5,644 |
MAF Bancorp, Inc. | 125,252 | 5,614 |
GATX Corp. | 189,527 | 5,602 |
Gabelli Asset Management Inc. | 114,684 | 5,564 |
Alexandria Real Estate Equities, Inc. REIT | 74,444 | 5,540 |
*Nelnet, Inc. | 205,500 | 5,534 |
Delphi Financial Group, Inc. | 119,906 | 5,534 |
BlackRock, Inc. | 71,358 | 5,513 |
Home Properties, Inc. REIT | 127,839 | 5,497 |
Greater Bay Bancorp | 196,499 | 5,478 |
*Ohio Casualty Corp. | 235,796 | 5,473 |
Redwood Trust, Inc. REIT | 88,122 | 5,471 |
*ProAssurance Corp. | 139,828 | 5,469 |
American Home Mortgage Investment Corp. REIT | 158,895 | 5,442 |
Washington REIT | 160,541 | 5,438 |
Santander BanCorp | 178,673 | 5,389 |
The Phoenix Cos., Inc. | 430,400 | 5,380 |
Selective Insurance Group | 121,519 | 5,376 |
Global Signal, Inc. REIT | 193,973 | 5,342 |
Post Properties, Inc. REIT | 152,832 | 5,334 |
Kilroy Realty Corp. REIT | 124,218 | 5,310 |
Page 22
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Flagstar Bancorp, Inc. | 234,956 | 5,310 |
UMB Financial Corp. | 91,353 | 5,176 |
Corus Bankshares Inc. | 107,024 | 5,138 |
R.L.I. Corp. | 122,926 | 5,110 |
Novastar Financial, Inc. REIT | 103,108 | 5,104 |
LandAmerica Financial Group, Inc. | 94,156 | 5,078 |
Chittenden Corp. | 176,506 | 5,071 |
Central Pacific Financial Co. | 138,675 | 5,016 |
Capital Automotive REIT | 140,431 | 4,989 |
Hilb, Rogal and Hamilton Co. | 137,546 | 4,985 |
*Arch Capital Group Ltd. | 128,600 | 4,977 |
Zenith National Insurance Corp. | 99,456 | 4,957 |
Senior Housing Properties Trust REIT | 261,645 | 4,956 |
National Financial Partners Corp. | 127,548 | 4,949 |
Commercial Capital Bancorp, Inc. | 213,147 | 4,941 |
CVB Financial Corp. | 185,558 | 4,928 |
Susquehanna Bancshares, Inc. | 196,327 | 4,898 |
*Knight Trading Group, Inc. | 445,780 | 4,881 |
*Alexander's, Inc. REIT | 22,699 | 4,880 |
Alfa Corp. | 320,482 | 4,867 |
Colonial Properties Trust REIT | 123,383 | 4,845 |
Saxon Inc. REIT | 200,340 | 4,806 |
Provident Bankshares Corp. | 130,668 | 4,752 |
*BankUnited Financial Corp. | 147,816 | 4,723 |
Umpqua Holdings Corp. | 184,682 | 4,656 |
MB Financial, Inc. | 110,418 | 4,654 |
Northwest Bancorp, Inc. | 183,860 | 4,613 |
Commercial Federal Corp. | 154,392 | 4,587 |
S&T Bancorp, Inc. | 121,462 | 4,578 |
*Accredited Home Lenders Holding Co. | 91,868 | 4,564 |
*Triad Guaranty, Inc. | 74,846 | 4,527 |
Wintrust Financial Corp. | 78,874 | 4,493 |
21st Century Insurance Group | 330,117 | 4,490 |
BankAtlantic Bancorp, Inc. Class A | 225,130 | 4,480 |
First Niagara Financial Group, Inc. | 320,920 | 4,477 |
First Commonwealth Financial Corp. | 289,668 | 4,458 |
*Sterling Financial Corp. | 113,402 | 4,452 |
*First Federal Financial Corp. | 85,798 | 4,450 |
Gables Residential Trust REIT | 123,905 | 4,435 |
*Sotheby's Holdings Class A | 242,709 | 4,408 |
*iPayment Holdings, Inc. | 88,837 | 4,399 |
First National Bankshares of Florida | 183,839 | 4,394 |
R&G Financial Corp. Class B | 110,965 | 4,314 |
Horace Mann Educators Corp. | 225,621 | 4,305 |
*Universal American Financial Corp. | 276,416 | 4,276 |
TrustCo Bank NY | 305,245 | 4,209 |
EastGroup Properties, Inc. REIT | 109,143 | 4,182 |
Lexington Corporate Properties Trust REIT | 183,689 | 4,148 |
Newcastle Investment Corp. REIT | 130,234 | 4,139 |
Commercial Net Lease Realty REIT | 199,647 | 4,113 |
State Auto Financial Corp. | 157,887 | 4,081 |
John H. Harland Co. | 112,057 | 4,045 |
Waypoint Financial Corp. | 142,641 | 4,044 |
Summit Properties, Inc. REIT | 121,948 | 3,971 |
Infinity Property&Casualty Corp. | 112,561 | 3,962 |
*Financial Federal Corp. | 100,908 | 3,956 |
*eSPEED, Inc. Class A | 318,152 | 3,936 |
Inland Real Estate Corp. REIT | 245,566 | 3,917 |
Hancock Holding Co. | 117,016 | 3,915 |
Page 23
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Tanger Factory Outlet Centers, Inc. REIT | 147,422 | 3,901 |
Bank Mutual Corp. | 319,081 | 3,883 |
Republic Bancorp, Inc. | 253,214 | 3,869 |
F.N.B. Corp. | 189,451 | 3,857 |
*Signature Bank | 119,154 | 3,856 |
Chemical Financial Corp. | 88,792 | 3,811 |
Harleysville Group, Inc. | 158,535 | 3,784 |
*Danielson Holdings Corp. | 444,496 | 3,756 |
Stewart Information Services Corp. | 89,444 | 3,725 |
PFF Bancorp, Inc. | 78,984 | 3,659 |
Bristol West Holdings, Inc. | 182,300 | 3,646 |
Amcore Financial, Inc. | 112,866 | 3,632 |
PS Business Parks, Inc. REIT | 78,897 | 3,558 |
*eFunds Corp. | 147,419 | 3,540 |
United Fire&Casualty Co. | 104,894 | 3,536 |
First Republic Bank | 66,482 | 3,524 |
Community Bank System, Inc. | 123,892 | 3,500 |
*CNA Surety Corp. | 258,493 | 3,451 |
Harbor Florida Bancshares, Inc. | 99,607 | 3,447 |
Glimcher Realty Trust REIT | 123,873 | 3,433 |
*Argonaut Group, Inc. | 162,074 | 3,425 |
Sun Communities, Inc. REIT | 84,903 | 3,417 |
*NCO Group, Inc. | 130,289 | 3,368 |
First Financial Bancorp | 190,261 | 3,330 |
Kansas City Life Insurance Co. | 70,160 | 3,319 |
*Piper Jaffray Cos., Inc. | 68,745 | 3,296 |
Cash America International Inc. | 110,070 | 3,272 |
Safety Insurance Group, Inc. | 104,771 | 3,264 |
Alabama National BanCorporation | 50,594 | 3,263 |
CRT Properties, Inc. REIT | 136,246 | 3,251 |
Main Street Banks, Inc. | 92,668 | 3,237 |
Mid-State Bancshares | 112,933 | 3,236 |
Entertainment Properties Trust REIT | 72,518 | 3,231 |
*S1 Corp. | 354,750 | 3,214 |
Brookline Bancorp, Inc. | 196,738 | 3,211 |
*USI Holdings Corp. | 276,866 | 3,203 |
*National Western Life Insurance Co. Class A | 19,165 | 3,193 |
*Encore Capital Group, Inc. | 134,066 | 3,188 |
*Investment Technology Group, Inc. | 159,392 | 3,188 |
Ramco-Gershenson Properties Trust REIT | 98,831 | 3,187 |
Parkway Properties Inc. REIT | 62,651 | 3,180 |
Charter Financial Corp. | 71,869 | 3,153 |
Fidelity Bankshares, Inc. | 73,192 | 3,130 |
*Metris Cos., Inc. | 243,260 | 3,102 |
Independent Bank Corp. (MA) | 90,106 | 3,041 |
*World Acceptance Corp. | 109,935 | 3,024 |
NBT Bancorp, Inc. | 116,767 | 3,003 |
Nara Bancorp, Inc. | 138,580 | 2,948 |
Corporate Office Properties Trust, Inc. REIT | 100,047 | 2,936 |
Advanta Corp. Class A | 129,772 | 2,935 |
First Charter Corp. | 111,279 | 2,912 |
United Community Banks, Inc. | 108,099 | 2,911 |
Hudson River Bancorp, Inc. | 146,004 | 2,889 |
Equity Inns, Inc. REIT | 245,313 | 2,880 |
Irwin Financial Corp. | 100,602 | 2,856 |
Glacier Bancorp, Inc. | 83,892 | 2,856 |
McGrath RentCorp | 65,166 | 2,842 |
Getty Realty Holding Corp. REIT | 98,831 | 2,839 |
Luminent Mortgage Capital, Inc. REIT | 238,500 | 2,838 |
Page 24
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Boston Private Financial Holdings, Inc. | 100,195 | 2,822 |
*Ocwen Financial Corp. | 293,393 | 2,805 |
Harleysville National Corp. | 105,298 | 2,801 |
Prosperity Bancshares, Inc. | 95,526 | 2,790 |
First Financial Bankshares, Inc. | 62,131 | 2,784 |
Equity Lifestyle Properties, Inc. REIT | 77,757 | 2,780 |
*FPIC Insurance Group, Inc. | 78,327 | 2,771 |
National Health Investors REIT | 94,780 | 2,766 |
Westbanco Inc. | 85,985 | 2,749 |
Sovran Self Storage, Inc. REIT | 65,160 | 2,746 |
*MeriStar Hospitality Corp. REIT | 328,240 | 2,741 |
*PMA Capital Corp. Class A | 263,537 | 2,728 |
NDCHealth Corp. | 146,298 | 2,720 |
Highland Hospitality Corp. REIT | 241,400 | 2,713 |
*Advent Software, Inc. | 131,027 | 2,683 |
Anchor Bancorp Wisconsin Inc. | 91,582 | 2,670 |
Bedford Property Investors, Inc. REIT | 93,683 | 2,662 |
U.S. Restaurant Properties, Inc. REIT | 145,781 | 2,633 |
American Equity Investment Life Holding Co. | 242,000 | 2,606 |
*Ace Cash Express, Inc. | 87,322 | 2,590 |
*Eurobancshares, Inc. | 123,299 | 2,589 |
MortgageIT Holdings Inc. | 144,239 | 2,589 |
National Penn Bancshares Inc. | 93,412 | 2,588 |
Town&Country Trust REIT | 93,026 | 2,570 |
Sterling Bancshares, Inc. | 179,938 | 2,568 |
Omega Healthcare Investors, Inc. REIT | 216,848 | 2,559 |
*American Physicians Capital, Inc. | 70,767 | 2,549 |
Hanmi Financial Corp. | 70,677 | 2,540 |
Dime Community Bancshares | 141,557 | 2,535 |
*Euronet Worldwide, Inc. | 97,242 | 2,530 |
*Navigators Group, Inc. | 83,722 | 2,521 |
Glenborough Realty Trust, Inc. REIT | 117,594 | 2,502 |
Integra Bank Corp. | 108,126 | 2,499 |
*Portfolio Recovery Associates, Inc. | 60,551 | 2,496 |
First Financial Holdings, Inc. | 75,636 | 2,476 |
Sunstone Hotel Investors, Inc. | 119,036 | 2,474 |
FBL Financial Group, Inc. Class A | 86,369 | 2,466 |
City Holding Co. | 67,628 | 2,451 |
*Calamos Asset Management, Inc. | 90,100 | 2,433 |
WSFS Financial Corp. | 40,203 | 2,425 |
Presidential Life Corp. | 142,831 | 2,422 |
Gold Banc Corp., Inc. | 163,074 | 2,384 |
*Credit Acceptance Corp. | 92,977 | 2,366 |
Oriental Financial Group Inc. | 83,213 | 2,356 |
Anthracite Capital Inc. REIT | 190,536 | 2,355 |
*LaBranche&Co. Inc. | 259,535 | 2,325 |
LaSalle Hotel Properties REIT | 73,027 | 2,324 |
U.S.B. Holding Co., Inc. | 93,063 | 2,317 |
Bank of the Ozarks, Inc. | 67,688 | 2,303 |
Greenhill&Co., Inc. | 79,590 | 2,284 |
*FelCor Lodging Trust, Inc. REIT | 155,329 | 2,276 |
Cross Timbers Royalty Trust | 56,741 | 2,263 |
*Sun Bancorp, Inc. (NJ) | 90,523 | 2,261 |
Community Trust Bancorp Inc. | 69,717 | 2,256 |
*Virginia Commerce Bancorp, Inc. | 79,627 | 2,255 |
*U-Store-It Trust | 129,314 | 2,244 |
*Digital Insight Corp. | 121,703 | 2,239 |
Flushing Financial Corp. | 111,552 | 2,238 |
Ashford Hospitality Trust REIT | 205,100 | 2,229 |
Riggs National Corp. | 104,120 | 2,214 |
Correctional Properties Trust REIT | 76,622 | 2,213 |
Baldwin&Lyons, Inc. Class B | 82,121 | 2,200 |
Midland Co. | 69,034 | 2,159 |
Kite Realty Group Trust REIT | 141,110 | 2,156 |
*Capital Crossing Bank | 68,795 | 2,111 |
Mid-America Apartment Communities, Inc. REIT | 50,983 | 2,102 |
*PICO Holdings, Inc. | 100,365 | 2,085 |
AMLI Residential Properties Trust REIT | 65,083 | 2,083 |
Cascade Bancorp | 102,234 | 2,067 |
Partners Trust Financial Group, Inc. | 176,586 | 2,057 |
NYMAGIC, Inc. | 81,197 | 2,054 |
Southwest Bancorp, Inc. | 83,377 | 2,041 |
Banner Corp. | 65,055 | 2,029 |
Great Southern Bancorp, Inc. | 57,902 | 2,027 |
Independent Bank Corp. (MI) | 67,646 | 2,018 |
Great American Financial Resources, Inc. | 115,853 | 2,012 |
*Marlin Business Services Inc. | 105,354 | 2,002 |
Frontier Financial Corp. | 51,693 | 1,996 |
Midwest Banc Holdings, Inc. | 90,857 | 1,987 |
Capital Corp. of the West | 42,156 | 1,981 |
Medallion Financial Corp. | 202,771 | 1,967 |
Penn-America Group, Inc. | 128,833 | 1,945 |
*Cardinal Financial Corp. | 174,183 | 1,942 |
*ITLA Capital Corp. | 32,993 | 1,940 |
Government Properties Trust, Inc. REIT | 196,550 | 1,938 |
Kramont Realty Trust REIT | 82,797 | 1,937 |
Seacoast Banking Corp. of Florida | 86,925 | 1,934 |
Oak Hill Financial, Inc. | 49,633 | 1,925 |
PrivateBancorp, Inc. | 59,641 | 1,922 |
Net.Bank, Inc. | 182,954 | 1,905 |
*Asset Acceptance Capital Corp. | 88,960 | 1,895 |
Willow Grove Bancorp, Inc. | 99,555 | 1,887 |
*The Bancorp Inc. | 115,871 | 1,854 |
Old Second Bancorp, Inc. | 58,046 | 1,851 |
Yardville National Bancorp | 53,850 | 1,845 |
First Source Corp. | 71,921 | 1,835 |
Associated Estates Realty Corp. REIT | 178,512 | 1,824 |
GMH Communities Trust | 128,722 | 1,815 |
First Financial Corp. (IN) | 51,578 | 1,807 |
OceanFirst Financial Corp. | 72,845 | 1,796 |
*Newtek Business Services, Inc. | 406,133 | 1,779 |
Universal Health Realty Income REIT | 54,694 | 1,757 |
Columbia Bancorp | 51,343 | 1,755 |
*Boykin Lodging Co. REIT | 191,480 | 1,754 |
Strategic Hotel Capital, Inc. REIT | 105,500 | 1,741 |
Summit Bancshares, Inc. | 46,344 | 1,738 |
Simmons First National Corp. | 59,777 | 1,731 |
*Prime Group Realty Trust REIT | 268,218 | 1,725 |
SWS Group, Inc. | 78,553 | 1,722 |
Omega Financial Corp. | 50,153 | 1,719 |
KNBT Bancorp Inc. | 101,721 | 1,719 |
West Coast Bancorp | 66,795 | 1,697 |
Urstadt Biddle Properties Class A REIT | 98,464 | 1,679 |
LTC Properties, Inc. REIT | 83,892 | 1,670 |
*Banc Corp. | 202,275 | 1,667 |
First Place Financial Corp. | 74,390 | 1,666 |
American Land Lease, Inc. REIT | 73,838 | 1,664 |
*Franklin Bank Corp. | 91,078 | 1,662 |
Page 26
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Ceres Group, Inc. | 320,882 | 1,656 |
Investors Real Estate Trust REIT | 157,639 | 1,654 |
Interchange Financial Services Corp. | 63,509 | 1,646 |
RAIT Investment Trust REIT | 58,373 | 1,633 |
IBERIABANK Corp. | 24,592 | 1,632 |
*United PanAm Financial Corp. | 85,516 | 1,630 |
Winston Hotels, Inc. REIT | 137,257 | 1,621 |
First Community Bancorp | 37,865 | 1,617 |
*Tradestation Group Inc. | 229,887 | 1,614 |
Sizeler Property Investors, Inc. REIT | 136,690 | 1,610 |
Pennfed Financial Services, Inc. | 99,670 | 1,603 |
MFA Mortgage Investments, Inc. REIT | 181,701 | 1,603 |
Newmil Bancorp, Inc. | 50,600 | 1,602 |
North Valley Bancorp | 82,324 | 1,600 |
Capital Trust Class A REIT | 52,057 | 1,599 |
*E-LOAN, Inc. | 471,436 | 1,593 |
Value Line, Inc. | 40,418 | 1,586 |
Cornerstone Realty Income Trust, Inc. REIT | 157,903 | 1,576 |
Provident Financial Holdings, Inc. | 54,403 | 1,570 |
First Merchants Corp. | 55,240 | 1,563 |
BancFirst Corp. | 19,480 | 1,539 |
BioMed Realty Trust, Inc. REIT | 69,200 | 1,537 |
Sandy Spring Bancorp, Inc. | 40,023 | 1,534 |
Arrow Financial Corp. | 49,337 | 1,529 |
Suffolk Bancorp | 43,882 | 1,528 |
Investors Title Co. | 41,285 | 1,520 |
Capital City Bank Group, Inc. | 36,222 | 1,514 |
First Bancorp (NC) | 55,572 | 1,510 |
Unizan Financial Corp. | 56,406 | 1,486 |
*Huron Consulting Group Inc. | 66,887 | 1,485 |
Crawford&Co. Class B | 197,678 | 1,483 |
*Pacific Premier Bancorp, Inc. | 111,100 | 1,473 |
Saul Centers, Inc. REIT | 38,016 | 1,454 |
Innkeepers USA Trust REIT | 102,352 | 1,453 |
Vesta Insurance Group, Inc. | 391,236 | 1,440 |
Affordable Residential Communities REIT | 99,904 | 1,434 |
*First Mariner Bancorp, Inc. | 81,430 | 1,430 |
Merchants Bancshares, Inc. | 49,264 | 1,429 |
*MarketAxess Holdings, Inc. | 83,800 | 1,425 |
One Liberty Properties, Inc. REIT | 67,800 | 1,405 |
Placer Sierra Bancshares | 49,240 | 1,400 |
Capital Bank Corp. | 76,031 | 1,396 |
Bimini Mortgage Management, Inc. | 86,815 | 1,394 |
Union Bankshares Corp. | 36,258 | 1,393 |
Greater Delaware Valley Savings Bank | 35,216 | 1,392 |
*PRG-Schultz International, Inc. | 272,159 | 1,369 |
Horizon Financial Corp. | 66,436 | 1,367 |
Bryn Mawr Bank Corp. | 61,640 | 1,355 |
First South Bancorp, Inc. | 52,607 | 1,349 |
Peoples Holding Co. | 40,175 | 1,330 |
HF Financial Corp. | 72,602 | 1,325 |
LSB Corp. | 71,422 | 1,323 |
*AmericanWest Bancorporation | 65,225 | 1,321 |
First Potomac REIT | 57,207 | 1,304 |
Sterling Financial Corp. (PA) | 45,009 | 1,290 |
Capital Lease Funding, Inc. REIT | 102,500 | 1,281 |
Heritage Financial Corp. | 57,320 | 1,268 |
BNP Residential Properties, Inc. REIT | 78,106 | 1,258 |
*Texas Capital Bancshares, Inc. | 58,111 | 1,256 |
Page 27
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*TNS Inc. | 56,890 | 1,243 |
*Republic First Bancorp, Inc. | 81,143 | 1,241 |
Pulaski Financial Corp. | 59,613 | 1,222 |
HMN Financial, Inc. | 37,437 | 1,218 |
FNB Financial Services Corp. | 53,197 | 1,213 |
*HealthExtras, Inc. | 73,689 | 1,201 |
Sterling Bancorp | 41,966 | 1,186 |
Century Bancorp, Inc. Class A | 40,080 | 1,182 |
Provident Bancorp, Inc. | 89,197 | 1,177 |
*Stifel Financial Corp. | 55,606 | 1,165 |
Financial Institutions, Inc. | 49,841 | 1,159 |
Columbia Banking System, Inc. | 46,268 | 1,156 |
*CyberSource Corp. | 161,314 | 1,153 |
*Bankrate, Inc. | 82,761 | 1,146 |
*Ameriserv Financial Inc. | 220,076 | 1,142 |
Digital Realty Trust, Inc. | 84,600 | 1,140 |
First Federal Bancshares of Arkansas, Inc. | 51,050 | 1,133 |
*Intersections Inc. | 65,300 | 1,126 |
*Amnet Mortgage INC | 136,330 | 1,119 |
*CCC Information Services Group | 49,928 | 1,109 |
Community Banks, Inc. | 39,324 | 1,107 |
Falcon Financial Investment Trust REIT | 158,108 | 1,107 |
TF Financial Corp. | 33,884 | 1,084 |
Anworth Mortgage Asset Corp. REIT | 101,141 | 1,083 |
Capstead Mortgage Corp. REIT | 102,759 | 1,083 |
Sanders Morris Harris Group Inc. | 60,181 | 1,072 |
Massbank Corp. | 28,188 | 1,056 |
TriCo Bancshares | 44,684 | 1,046 |
Citizens South Banking Corp. | 73,251 | 1,045 |
Commercial Bankshares, Inc. | 26,841 | 1,033 |
EMC Insurance Group, Inc. | 47,699 | 1,032 |
MutualFirst Financial Inc. | 41,804 | 1,018 |
*HomeStore, Inc. | 325,495 | 986 |
*Criimi Mae, Inc. REIT | 60,988 | 982 |
Lakeland Financial Corp. | 24,406 | 969 |
Bank of Granite Corp. | 46,105 | 964 |
State Financial Services Corp. Class A | 31,879 | 960 |
Peoples Bancorp, Inc. | 34,481 | 946 |
United Community Financial Corp. | 83,069 | 930 |
Comm Bancorp, Inc. | 21,321 | 887 |
Tompkins Trustco, Inc. | 16,541 | 885 |
Peapack Gladstone Financial Corp. | 27,432 | 865 |
*Ampal-American Israel Corp. | 225,298 | 856 |
First Keystone Financial, Inc. | 35,803 | 845 |
*TheStreet.com, Inc. | 206,186 | 841 |
Capitol Bancorp Ltd. | 23,818 | 839 |
Greater Community Bancorp | 49,989 | 821 |
Acadia Realty Trust REIT | 50,205 | 818 |
FNB Corp. (VA) | 28,475 | 808 |
Royal Bancshares of Pennsylvania, Inc. | 29,770 | 804 |
FirstBank Corp. | 28,280 | 803 |
Maxcor Financial Group Inc. | 90,464 | 802 |
First State Bancorporation | 21,460 | 789 |
*Citizens, Inc. | 123,507 | 787 |
*Rewards Network Inc. | 111,764 | 782 |
Capital Title Group, Inc. | 137,733 | 781 |
Bay View Capital Corp. | 50,394 | 772 |
First Oak Brook Bancshares, Inc. | 23,717 | 769 |
Unity Bancorp, Inc. | 60,045 | 769 |
Page 28
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Foothill Independent Bancorp. | 32,686 | 767 |
*First Union Real Estate REIT | 202,364 | 763 |
Cohen&Steers, Inc. | 46,700 | 759 |
Citizens First Financial Corp. | 22,813 | 744 |
*Central Coast Bancorp | 32,030 | 740 |
First of Long Island Corp. | 14,538 | 733 |
Team Financial, Inc. | 56,914 | 725 |
Donegal Group Inc. | 32,546 | 724 |
Sound Federal Bancorp Inc. | 44,559 | 724 |
First Busey Corp. | 34,410 | 718 |
Parkvale Financial Corp. | 24,579 | 708 |
AmeriVest Properties, Inc. REIT | 108,000 | 691 |
BRT Realty Trust REIT | 28,177 | 686 |
Federal Agricultural Mortgage Corp. Class A | 39,706 | 683 |
Security Bank Corp. | 16,977 | 679 |
Rainier Pacific Financial Group Inc. | 37,717 | 675 |
First Indiana Corp. | 29,373 | 661 |
Farmers Capital Bank Corp. | 15,914 | 656 |
Home Federal Bancorp | 25,816 | 651 |
FFLC Bancorp, Inc. | 18,522 | 650 |
First M&F Corp. | 19,180 | 649 |
*Investors Capital Holdings, Ltd. | 154,995 | 645 |
*American Independence Corp. | 43,972 | 642 |
Codorus Valley Bancorp, Inc. | 33,284 | 637 |
CoBiz Inc. | 30,714 | 623 |
*Collegiate Funding Services, Inc. | 43,193 | 609 |
Urstadt Biddle Properties REIT | 37,652 | 608 |
Berkshire Hills Bancorp, Inc. | 16,251 | 604 |
HopFed Bancorp, Inc. | 34,880 | 603 |
*Carreker Corp. | 69,470 | 597 |
Arbor Realty Trust, Inc. REIT | 24,300 | 596 |
Washington Trust Bancorp, Inc. | 20,221 | 593 |
BCSB Bankcorp, Inc. | 35,103 | 588 |
HomeBanc Corp. REIT | 60,300 | 584 |
*First Cash Financial Services, Inc. | 21,450 | 573 |
Chester Valley Bancorp | 25,846 | 567 |
Camden National Corp. | 14,155 | 558 |
American National Bankshares Inc. | 22,837 | 553 |
Electro Rent Corp. | 37,608 | 535 |
FLAG Financial Corp. | 34,820 | 527 |
CFS Bancorp, Inc. | 36,464 | 520 |
United Mobile Homes, Inc. REIT | 32,354 | 509 |
Community Bank of Northern Virginia | 28,269 | 509 |
Humphrey Hospitality Trust, Inc. REIT | 129,278 | 503 |
S.Y. Bancorp, Inc. | 20,777 | 501 |
*Hypercom Corp. | 83,038 | 492 |
Center Bancorp, Inc. | 37,036 | 486 |
Wainwright Bank&Trust Co. | 39,276 | 485 |
Republic Bancorp, Inc. Class A | 18,813 | 483 |
Abigail Adams National Bancorp., Inc. | 24,563 | 474 |
Jefferson Bancshares, Inc. | 36,053 | 474 |
Community West Bancshares | 34,843 | 465 |
Extra Space Storage Inc. REIT | 34,500 | 460 |
Ameriana Bancorp | 28,685 | 459 |
ABC Bancorp | 21,647 | 455 |
CityBank Lynnwood (WA) | 12,515 | 452 |
Habersham Bancorp | 20,386 | 442 |
Monmouth Real Estate Investment Corp. REIT | 50,808 | 437 |
Independence Holding Co. | 23,636 | 436 |
Page 29
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Mission West Properties Inc. REIT | 40,509 | 431 |
California National Bancorp | 34,015 | 431 |
First United Corp. | 20,184 | 420 |
Pennrock Financial Services Corp. | 10,745 | 418 |
*Consumer Portfolio Services, Inc. | 83,980 | 409 |
*Portal Software, Inc. | 148,752 | 394 |
TIB Financial Corp. | 15,421 | 391 |
*QC Holdings Inc. | 20,300 | 389 |
Clifton Savings Bancorp, Inc. | 31,592 | 384 |
First Midwest Financial, Inc. | 16,410 | 381 |
Exchange National Bancshares, Inc. | 12,821 | 370 |
NASB Financial Inc. | 8,940 | 357 |
German American Bancorp | 22,087 | 356 |
Mainsource Financial Group, Inc. | 14,601 | 349 |
Citizens 1st Bancorp, Inc. | 14,343 | 347 |
Eastern Virginia Bankshares, Inc. | 13,247 | 345 |
Wayne Savings Bancshares, Inc. | 20,926 | 339 |
National Health Realty Inc. REIT | 16,588 | 332 |
Aames Investment Corp. | 30,700 | 326 |
Northern States Financial Corp. | 10,283 | 319 |
State Bancorp, Inc. | 11,396 | 313 |
*Advance America, Cash Advance Centers Inc. | 13,600 | 311 |
Westfield Financial, Inc. | 11,444 | 295 |
Track Data Corp. | 284,712 | 270 |
Camco Financial Corp. | 17,522 | 270 |
*Horizon Group Properties, Inc. REIT | 48,293 | 267 |
Belmont Bancorp | 43,173 | 265 |
United Financial Corp. | 10,903 | 264 |
ESB Financial Corp. | 16,808 | 243 |
BancTrust Financial Group, Inc. | 9,795 | 241 |
ASTA Funding, Inc. | 8,939 | 240 |
Pamrapo Bancorp, Inc. | 9,472 | 234 |
*FirstCity Financial Corp. | 23,204 | 234 |
Coastal Financial Corp. | 10,614 | 203 |
*Intelidata Technologies Corp. | 299,116 | 200 |
FNB Corp. (NC) | 10,241 | 199 |
LSB Bancshares, Inc. | 11,491 | 192 |
Shore Bancshares, Inc. | 5,289 | 192 |
Cavalry Bancorp, Inc. | 8,271 | 187 |
American Mortgage Acceptance Co. REIT | 9,842 | 169 |
*Willis Lease Finance Corp. | 20,960 | 163 |
*Macquarie Infrastructure Company Trust | 5,500 | 161 |
*KMG America Corp. | 13,600 | 150 |
*ZipRealty, Inc. | 8,300 | 148 |
*InsWeb Corp. | 53,556 | 147 |
*SVB Financial Services | 7,080 | 146 |
First Defiance Financial Corp. | 4,792 | 136 |
*Financial Industries Corp. | 15,049 | 118 |
Commercial National Financial Corp. | 3,300 | 73 |
Ziegler Cos., Inc. | 3,132 | 60 |
*Transcontinental Realty Investors, Inc. REIT | 2,700 | 38 |
*Corillian Corp. | 7,100 | 35 |
*Spirit Finance Corp. | 2,700 | 34 |
Pittsburgh&West Virginia Railroad REIT | 2,927 | 27 |
*Landenburg Thalmann Financial Services, Inc. | 21,199 | 12 |
Page30
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Burnham Pacific Properties, Inc. REIT | 102,335 | 11 |
*Pinnacle Holdings Inc. Warrants Exp. 11/2/2007 | 433 | -- |
12,557,141 | ||
Health Care (12.1%) | ||
Pfizer Inc. | 28,837,777 | 775,448 |
Johnson&Johnson | 11,335,814 | 718,917 |
*Amgen, Inc. | 4,835,165 | 310,176 |
Abbott Laboratories | 5,962,409 | 278,146 |
Merck&Co., Inc. | 8,473,711 | 272,345 |
Eli Lilly&Co. | 4,313,781 | 244,807 |
Medtronic, Inc. | 4,619,044 | 229,428 |
UnitedHealth Group Inc. | 2,538,607 | 223,474 |
*Genentech, Inc. | 4,008,761 | 218,237 |
Wyeth | 5,094,070 | 216,956 |
Bristol-Myers Squibb Co. | 7,429,053 | 190,332 |
*WellPoint Inc. | 1,133,132 | 130,310 |
Schering-Plough Corp. | 5,623,278 | 117,414 |
*Boston Scientific Corp. | 3,216,491 | 114,346 |
Cardinal Health, Inc. | 1,643,806 | 95,587 |
Guidant Corp. | 1,201,467 | 86,626 |
*Biogen Idec Inc. | 1,292,448 | 86,090 |
Baxter International, Inc. | 2,348,001 | 81,100 |
*Zimmer Holdings, Inc. | 932,030 | 74,674 |
Stryker Corp. | 1,528,461 | 73,748 |
Aetna Inc. | 586,611 | 73,180 |
*Caremark Rx, Inc. | 1,750,204 | 69,011 |
*Forest Laboratories, Inc. | 1,416,451 | 63,542 |
HCA Inc. | 1,528,594 | 61,083 |
*Gilead Sciences, Inc. | 1,647,184 | 57,635 |
*St. Jude Medical, Inc. | 1,365,585 | 57,259 |
Becton, Dickinson&Co. | 958,590 | 54,448 |
*Genzyme Corp.-General Division | 926,817 | 53,820 |
*Medco Health Solutions, Inc. | 1,034,125 | 43,020 |
Biomet, Inc. | 973,417 | 42,237 |
Allergan, Inc. | 505,932 | 41,016 |
Quest Diagnostics, Inc. | 391,018 | 37,362 |
McKesson Corp. | 1,113,400 | 35,028 |
*Laboratory Corp. of America Holdings | 535,944 | 26,701 |
*MedImmune Inc. | 951,698 | 25,801 |
C.R. Bard, Inc. | 396,886 | 25,393 |
AmerisourceBergen Corp. | 429,714 | 25,216 |
*Chiron Corp. | 718,382 | 23,944 |
*Patterson Cos. | 524,600 | 22,762 |
*Express Scripts Inc. | 296,757 | 22,684 |
*Varian Medical Systems, Inc. | 523,387 | 22,631 |
Health Management Associates Class A | 930,158 | 21,133 |
IMS Health, Inc. | 898,182 | 20,847 |
*Hospira, Inc. | 596,918 | 19,997 |
*Sepracor Inc. | 335,181 | 19,900 |
*Tenet Healthcare Corp. | 1,778,173 | 19,524 |
*Kinetic Concepts, Inc. | 255,302 | 19,480 |
*PacifiCare Health Systems, Inc. | 329,164 | 18,604 |
*Coventry Health Care Inc. | 342,619 | 18,186 |
*Barr Pharmaceuticals Inc. | 399,260 | 18,182 |
Mylan Laboratories, Inc. | 1,028,169 | 18,178 |
*Humana Inc. | 609,819 | 18,106 |
DENTSPLY International Inc. | 308,024 | 17,311 |
Page 31
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Celgene Corp. | 627,682 | 16,652 |
*Lincare Holdings, Inc. | 382,411 | 16,310 |
Beckman Coulter, Inc. | 234,534 | 15,711 |
*IVAX Corp. | 956,539 | 15,132 |
*DaVita, Inc. | 379,880 | 15,017 |
*ImClone Systems, Inc. | 315,360 | 14,532 |
*OSI Pharmaceuticals, Inc. | 189,784 | 14,205 |
*Millennium Pharmaceuticals, Inc. | 1,167,224 | 14,147 |
Omnicare, Inc. | 398,320 | 13,790 |
*Watson Pharmaceuticals, Inc. | 418,836 | 13,742 |
*Invitrogen Corp. | 201,615 | 13,534 |
Bausch&Lomb, Inc. | 202,208 | 13,034 |
*Health Net Inc. | 428,423 | 12,369 |
Manor Care, Inc. | 340,583 | 12,067 |
*Cytyc Corp. | 424,927 | 11,715 |
*Henry Schein, Inc. | 166,791 | 11,615 |
*King Pharmaceuticals, Inc. | 924,181 | 11,460 |
*Charles River Laboratories, Inc. | 246,847 | 11,357 |
*Cephalon, Inc. | 216,981 | 11,040 |
*Triad Hospitals, Inc. | 293,978 | 10,939 |
*Endo Pharmaceuticals Holdings, Inc. | 504,571 | 10,606 |
*American Pharmaceuticals Partners, Inc. | 269,371 | 10,077 |
Universal Health Services Class B | 222,747 | 9,912 |
*WebMD Corp. | 1,194,069 | 9,744 |
*Millipore Corp. | 189,771 | 9,452 |
*Edwards Lifesciences Corp. | 228,399 | 9,424 |
*Community Health Systems, Inc. | 336,698 | 9,387 |
*Dade Behring Holdings Inc. | 165,993 | 9,296 |
*Covance, Inc. | 239,645 | 9,286 |
*Renal Care Group, Inc. | 256,910 | 9,246 |
*Eon Labs, Inc. | 340,690 | 9,199 |
*Pharmaceutical Product Development, Inc. | 216,158 | 8,925 |
Cooper Cos., Inc. | 125,174 | 8,836 |
*INAMED Corp. | 136,405 | 8,628 |
*Gen-Probe Inc. | 189,817 | 8,582 |
Valeant Pharmaceuticals International | 322,097 | 8,487 |
*Affymetrix, Inc. | 231,632 | 8,466 |
*Amylin Pharmaceuticals, Inc. | 359,471 | 8,397 |
*Stericycle, Inc. | 173,067 | 7,952 |
*MGI Pharma, Inc. | 270,683 | 7,582 |
*Respironics, Inc. | 138,717 | 7,541 |
Medicis Pharmaceutical Corp. | 214,215 | 7,521 |
*Protein Design Labs, Inc. | 360,380 | 7,445 |
*Cerner Corp. | 135,797 | 7,220 |
*AMERIGROUP Corp. | 95,406 | 7,218 |
*IDEXX Laboratories Corp. | 131,219 | 7,163 |
*Eyetech Pharmaceuticals Inc. | 154,541 | 7,032 |
*ICOS Corp. | 243,485 | 6,886 |
*Neurocrine Biosciences, Inc. | 139,657 | 6,885 |
Select Medical Corp. | 388,526 | 6,838 |
*ResMed Inc. | 129,343 | 6,609 |
*First Health Group Corp. | 352,049 | 6,587 |
*Nektar Therapeutics | 319,768 | 6,472 |
*Apria Healthcare Group Inc. | 191,958 | 6,325 |
*STERIS Corp. | 264,641 | 6,277 |
Diagnostic Products Corp. | 111,788 | 6,154 |
*VCA Antech, Inc. | 313,792 | 6,150 |
*Techne Corp. | 157,554 | 6,129 |
*Andrx Group | 279,360 | 6,098 |
Page 32
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Human Genome Sciences, Inc. | 499,378 | 6,003 |
*Pediatrix Medical Group, Inc. | 92,037 | 5,895 |
*Sierra Health Services, Inc. | 104,412 | 5,754 |
*Martek Biosciences Corp. | 111,633 | 5,716 |
*Bio-Rad Laboratories, Inc. Class A | 98,454 | 5,648 |
*Advanced Medical Optics, Inc. | 136,929 | 5,633 |
Mentor Corp. | 162,327 | 5,477 |
*PAR Pharmaceutical Cos. Inc. | 130,344 | 5,394 |
*American Medical Systems Holdings, Inc. | 128,889 | 5,389 |
Invacare Corp. | 115,367 | 5,337 |
*Kos Pharmaceuticals, Inc. | 141,693 | 5,333 |
*The Medicines Co. | 183,427 | 5,283 |
*Sybron Dental Specialties, Inc. | 149,284 | 5,282 |
*Accredo Health, Inc. | 187,229 | 5,190 |
*LifePoint Hospitals, Inc. | 148,485 | 5,170 |
Arrow International, Inc. | 166,660 | 5,165 |
*NeighborCare Inc. | 167,625 | 5,149 |
*Intuitive Surgical, Inc. | 128,626 | 5,148 |
*Biosite Inc. | 81,222 | 4,998 |
*Pharmion Corp. | 117,827 | 4,973 |
*VISX Inc. | 190,075 | 4,917 |
*Alkermes, Inc. | 343,947 | 4,846 |
*Integra LifeSciences Holdings | 130,014 | 4,801 |
*Ocular Sciences, Inc. | 97,699 | 4,788 |
*Immucor Inc. | 202,009 | 4,749 |
Perrigo Co. | 272,144 | 4,700 |
*United Surgical Partners International, Inc. | 112,532 | 4,693 |
*Magellan Health Services, Inc. | 135,568 | 4,631 |
*Theravance, Inc. | 252,431 | 4,519 |
*Centene Corp. | 158,368 | 4,490 |
*CV Therapeutics, Inc. | 195,167 | 4,489 |
*Kindred Healthcare, Inc. | 147,434 | 4,416 |
*Beverly Enterprises, Inc. | 470,777 | 4,308 |
*Onyx Pharmaceuticals, Inc. | 132,004 | 4,276 |
*Molina Healthcare Inc. | 91,881 | 4,261 |
*Advanced Neuromodulation Systems, Inc. | 107,894 | 4,257 |
*Ventana Medical Systems, Inc. | 66,014 | 4,224 |
*IDX Systems Corp. | 120,903 | 4,166 |
*Haemonetics Corp. | 112,569 | 4,076 |
*PSS World Medical, Inc. | 324,645 | 4,063 |
*K-V Pharmaceutical Co. Class A | 181,032 | 3,992 |
*Myriad Genetics, Inc. | 175,617 | 3,953 |
*Kyphon Inc. | 147,962 | 3,811 |
*Genesis Healthcare Corp. | 107,343 | 3,760 |
*AtheroGenics, Inc. | 159,266 | 3,752 |
*SFBC International, Inc. | 94,417 | 3,729 |
*Applera Corp.-Celera Genomics Group | 265,404 | 3,649 |
*IntraLase Corp. | 155,300 | 3,646 |
*Abgenix, Inc. | 350,276 | 3,622 |
*Zymogenetics, Inc. | 155,997 | 3,588 |
*Hologic, Inc. | 129,260 | 3,551 |
Owens&Minor, Inc. Holding Co. | 125,286 | 3,529 |
*AmSurg Corp. | 119,415 | 3,528 |
*Wellcare Group Inc. | 107,000 | 3,477 |
*Transkaryotic Therapies, Inc. | 136,154 | 3,457 |
*Wright Medical Group, Inc. | 121,295 | 3,457 |
*First Horizon Pharmaceutical Corp. | 150,536 | 3,446 |
*United Therapeutics Corp. | 75,508 | 3,409 |
*Vicuron Pharmaceuticals Inc. | 194,298 | 3,383 |
Page 33
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Impax Laboratories, Inc. | 212,718 | 3,378 |
*Sunrise Senior Living, Inc. | 72,765 | 3,373 |
*Genencor International Inc. | 205,165 | 3,365 |
*ArthroCare Corp. | 104,287 | 3,343 |
*Telik, Inc. | 174,175 | 3,334 |
*American Healthways Inc. | 100,782 | 3,330 |
*Priority Healthcare Corp. Class B | 152,673 | 3,324 |
*eResearch Technology, Inc. | 208,002 | 3,297 |
*Aspect Medical Systems, Inc. | 134,419 | 3,288 |
*Alexion Pharmaceuticals, Inc. | 128,879 | 3,248 |
*Vertex Pharmaceuticals, Inc. | 307,106 | 3,246 |
*Bone Care International, Inc. | 115,842 | 3,226 |
Alpharma, Inc. Class A | 189,744 | 3,216 |
*Province Healthcare Co. | 142,125 | 3,176 |
*Ligand Pharmaceuticals Inc. Class B | 269,824 | 3,141 |
*SurModics, Inc. | 93,158 | 3,029 |
PolyMedica Corp. | 80,734 | 3,011 |
LCA-Vision Inc. | 127,998 | 2,994 |
*CONMED Corp. | 105,000 | 2,984 |
*Amedisys Inc. | 90,700 | 2,938 |
*NPS Pharmaceuticals Inc. | 159,589 | 2,917 |
*PAREXEL International Corp. | 143,568 | 2,914 |
*Connetics Corp. | 118,143 | 2,870 |
*VaxGen, Inc. | 167,583 | 2,845 |
*Kensey Nash Corp. | 81,725 | 2,822 |
*Medarex, Inc. | 257,136 | 2,772 |
West Pharmaceutical Services, Inc. | 110,424 | 2,764 |
*Tanox, Inc. | 179,430 | 2,727 |
*Sola International Inc. | 98,470 | 2,712 |
*Nanogen, Inc. | 367,949 | 2,708 |
*Symmetry Medical Inc. | 127,299 | 2,680 |
*Able Laboratories, Inc. | 117,083 | 2,664 |
*CuraGen Corp. | 371,491 | 2,660 |
*Enzon Pharmaceuticals, Inc. | 190,983 | 2,620 |
*Northfield Laboratories, Inc. | 115,582 | 2,606 |
*Eclipsys Corp. | 123,873 | 2,531 |
*CTI Molecular Imaging, Inc. | 178,025 | 2,526 |
*SonoSite, Inc. | 74,185 | 2,519 |
Landauer, Inc. | 54,935 | 2,511 |
*Incyte Corp. | 248,487 | 2,482 |
*Radiation Therapy Services, Inc. | 144,162 | 2,451 |
*Virologic, Inc. | 867,958 | 2,422 |
Analogic Corp. | 52,842 | 2,367 |
Option Care, Inc. | 136,568 | 2,348 |
*Align Technology, Inc. | 216,617 | 2,329 |
*Cyberonics, Inc. | 112,357 | 2,328 |
*Zoll Medical Corp. | 67,587 | 2,325 |
*Quality Systems, Inc. | 38,732 | 2,316 |
*Lifecore Biomedical Inc. | 204,128 | 2,298 |
*Enzo Biochem, Inc. | 116,716 | 2,272 |
*America Service Group Inc. | 83,306 | 2,230 |
*Dendreon Corp. | 205,736 | 2,218 |
*Nabi Biopharmaceuticals | 150,934 | 2,211 |
*Laserscope | 61,138 | 2,195 |
*Inspire Pharmaceuticals, Inc. | 130,732 | 2,192 |
*DJ Orthopedics Inc. | 101,819 | 2,181 |
*Regeneration Technologies, Inc. | 206,256 | 2,162 |
*ABIOMED, Inc. | 139,547 | 2,155 |
*Chattem, Inc. | 63,927 | 2,116 |
Page 34
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Datascope Corp. | 53,052 | 2,106 |
*Thoratec Corp. | 201,756 | 2,102 |
*LabOne, Inc. | 65,089 | 2,085 |
*PRA International | 83,500 | 2,069 |
*Foxhollow Technologies Inc. | 83,835 | 2,061 |
*ImmunoGen, Inc. | 232,671 | 2,057 |
*Salix Pharmaceuticals, Ltd. | 115,941 | 2,039 |
*RehabCare Group, Inc. | 70,961 | 1,986 |
*Per-Se Technologies, Inc. | 125,319 | 1,984 |
*Wilson Greatbatch Technologies, Inc. | 86,143 | 1,931 |
*Myogen, Inc. | 237,889 | 1,920 |
*Gentiva Health Services, Inc. | 113,079 | 1,891 |
Meridian Bioscience Inc. | 107,816 | 1,875 |
*NitroMed, Inc. | 70,300 | 1,873 |
*Medical Action Industries Inc. | 94,970 | 1,871 |
*Serologicals Corp. | 84,456 | 1,868 |
Vital Signs, Inc. | 47,997 | 1,868 |
*Candela Corp. | 161,697 | 1,837 |
*Immunomedics Inc. | 601,651 | 1,829 |
*Geron Corp. | 228,076 | 1,818 |
*Regeneron Pharmaceuticals, Inc. | 197,217 | 1,816 |
*ICU Medical, Inc. | 65,858 | 1,801 |
*Matria Healthcare, Inc. | 46,009 | 1,798 |
*VistaCare, Inc. | 107,041 | 1,780 |
*Adolor Corp. | 178,435 | 1,770 |
*Odyssey Healthcare, Inc. | 128,358 | 1,756 |
*Rigel Pharmaceuticals, Inc. | 71,429 | 1,744 |
*Inverness Medical Innovations, Inc. | 69,031 | 1,733 |
*Encysive Pharmaceuticals, Inc. | 173,169 | 1,720 |
*MedCath Corp. | 69,700 | 1,717 |
*Exelixis, Inc. | 178,918 | 1,700 |
*Bradley Pharmaceuticals, Inc. | 87,546 | 1,698 |
*BioMarin Pharmaceutical Inc. | 264,306 | 1,689 |
*Psychiatric Solutions, Inc. | 45,300 | 1,656 |
*Axonyx Inc. | 266,903 | 1,655 |
Computer Programs and Systems, Inc. | 71,321 | 1,651 |
*Pharmacyclics, Inc. | 157,592 | 1,650 |
*Neogen Corp. | 72,496 | 1,642 |
*Nuvelo, Inc. | 165,809 | 1,633 |
*Nastech Pharmaceutical Co., Inc. | 133,785 | 1,617 |
*HMS Holdings Corp. | 177,029 | 1,591 |
*TriPath Imaging, Inc. | 176,837 | 1,586 |
*Cepheid, Inc. | 159,111 | 1,582 |
*Lexicon Genetics Inc. | 203,273 | 1,576 |
*STAAR Surgical Co. | 251,801 | 1,571 |
*Digene Corp. | 59,294 | 1,551 |
*Molecular Devices Corp. | 77,047 | 1,549 |
*Viasys Healthcare Inc. | 81,159 | 1,542 |
*Closure Medical Corp. | 78,725 | 1,535 |
*OraSure Technologies, Inc. | 226,996 | 1,525 |
*InterMune Inc. | 114,053 | 1,512 |
*Curis, Inc. | 287,595 | 1,501 |
*Vivus, Inc. | 333,648 | 1,485 |
*Dyax Corp. | 201,631 | 1,456 |
*Hi-Tech Pharmacal Co., Inc. | 78,197 | 1,442 |
*National Dentex Corp. | 47,271 | 1,439 |
*Advanced Magnetics, Inc. | 91,510 | 1,439 |
*Idenix Pharmaceuticals Inc. | 82,655 | 1,418 |
*CryoLife Inc. | 199,242 | 1,409 |
Page 35
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Albany Molecular Research, Inc. | 126,047 | 1,404 |
*Array BioPharma Inc. | 145,959 | 1,390 |
*Microvision, Inc. | 198,140 | 1,387 |
*Noven Pharmaceuticals, Inc. | 81,059 | 1,383 |
*Isis Pharmaceuticals, Inc. | 233,823 | 1,380 |
BioLase Technology, Inc. | 125,844 | 1,368 |
*AVI BioPharma, Inc. | 581,849 | 1,367 |
*VitalWorks Inc. | 303,442 | 1,350 |
Hooper Holmes, Inc. | 227,902 | 1,349 |
*Diversa Corp. | 153,320 | 1,340 |
*Neurogen Corp. | 142,808 | 1,337 |
*Maxim Pharmaceuticals, Inc. | 437,781 | 1,322 |
*Indevus Pharmaceuticals, Inc. | 220,067 | 1,312 |
*SuperGen, Inc. | 184,414 | 1,300 |
*Discovery Laboratories, Inc. | 163,574 | 1,297 |
*Spectranetics Corp. | 229,916 | 1,292 |
*Orchid Biosciences, Inc. | 111,807 | 1,286 |
*CardioDynamics International Corp. | 248,481 | 1,285 |
*Alliance Imaging, Inc. | 113,793 | 1,280 |
*Penwest Pharmaceuticals Co. | 106,781 | 1,277 |
*Collagenex Pharmaceuticals, Inc. | 171,233 | 1,257 |
*Embrex, Inc. | 94,821 | 1,256 |
*Pharmacopeia Drug Discovery | 208,527 | 1,249 |
*MannKind Corp. | 79,180 | 1,247 |
*Maxygen Inc. | 97,460 | 1,247 |
*Aphton Corp. | 400,404 | 1,245 |
*Cubist Pharmaceuticals, Inc. | 103,465 | 1,224 |
*Guilford Pharmaceuticals, Inc. | 246,016 | 1,218 |
*CYTOGEN Corp. | 105,430 | 1,215 |
*EPIX Pharmaceuticals, Inc. | 66,616 | 1,193 |
*InKine Pharmaceutical Co., Inc. | 218,831 | 1,188 |
*CorVel Corp. | 44,010 | 1,179 |
*Enpath Medical, Inc. | 108,545 | 1,172 |
*Specialty Laboratories, Inc. | 106,047 | 1,171 |
*Cypress Bioscience, Inc. | 83,048 | 1,168 |
*Renovis, Inc. | 80,859 | 1,163 |
*HealthTronics Surgical Services, Inc. | 108,967 | 1,158 |
*Illumina, Inc. | 121,044 | 1,147 |
*Rochester Medical Corp. | 119,660 | 1,125 |
*Hollis-Eden Pharmaceuticals, Inc. | 118,164 | 1,113 |
*EntreMed, Inc. | 342,820 | 1,111 |
*Antigenics, Inc. | 109,340 | 1,107 |
*Vical, Inc. | 232,576�� | 1,093 |
*Cerus Corp. | 368,466 | 1,091 |
*Savient Pharmaceuticals Inc. | 400,098 | 1,084 |
*Oxigene, Inc. | 196,680 | 1,082 |
*Progenics Pharmaceuticals, Inc. | 62,945 | 1,080 |
*Accelrys Inc. | 137,815 | 1,075 |
*Conor Medsystems, Inc. | 77,065 | 1,067 |
*SONUS Pharmaceuticals, Inc. | 301,317 | 1,061 |
*Pozen Inc. | 144,858 | 1,053 |
*Cardiac Science, Inc. | 486,194 | 1,040 |
*Luminex Corp. | 117,086 | 1,040 |
*Titan Pharmaceuticals, Inc. | 315,590 | 1,016 |
*Trimeris, Inc. | 70,925 | 1,005 |
*Stereotaxis Inc. | 102,000 | 1,003 |
*Possis Medical Inc. | 74,026 | 998 |
*SciClone Pharmaceuticals, Inc. | 266,843 | 987 |
*Five Star Quality Care, Inc. | 116,158 | 984 |
Page 36
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Cell Genesys, Inc. | 117,939 | 955 |
*Bruker BioSciences Corp. | 231,728 | 934 |
*OCA Inc. | 145,318 | 923 |
*Exact Sciences Corp. | 240,303 | 918 |
*Durect Corp. | 278,756 | 914 |
*IntegraMed America, Inc. | 77,234 | 904 |
*Targeted Genetics Corp. | 580,703 | 900 |
*Introgen Therapeutics, Inc. | 105,834 | 895 |
*Neurobiological Technologies, Inc. | 201,482 | 891 |
*Merit Medical Systems, Inc. | 58,266 | 890 |
*Cytokinetics, Inc. | 86,837 | 890 |
*NeoPharm, Inc. | 70,053 | 876 |
*Aastrom Biosciences, Inc. | 614,000 | 872 |
*ARIAD Pharmaceuticals, Inc. | 117,271 | 871 |
*DOV Pharmaceutical, Inc. | 48,128 | 869 |
*SeraCare Life Sciences, Inc. | 58,374 | 861 |
*National Medical Health Card Systems, Inc. | 37,180 | 859 |
*Allscripts Healthcare Solutions, Inc. | 80,360 | 857 |
*Novoste Corp. | 498,203 | 852 |
*Oscient Pharmaceuticals | 232,957 | 850 |
*Third Wave Technologies | 97,858 | 842 |
*Palatin Technologies, Inc. | 314,610 | 837 |
*Synovis Life Technologies, Inc. | 76,887 | 831 |
*Caliper Life Sciences, Inc. | 109,593 | 825 |
*Novavax, Inc. | 253,470 | 824 |
*Omnicell, Inc. | 72,400 | 796 |
*Theragenics Corp. | 192,741 | 783 |
*Conceptus, Inc. | 94,777 | 769 |
*SIGA Technologies, Inc. | 457,049 | 759 |
*Sonic Innovations, Inc. | 178,466 | 744 |
*VNUS Medical Technologies, Inc. | 54,400 | 735 |
*Peregrine Pharmaceuticals, Inc. | 626,997 | 734 |
*Cell Therapeutics, Inc. | 89,982 | 732 |
*Quidel Corp. | 142,945 | 726 |
*Animas Corp. | 45,265 | 707 |
*Air Methods Corp. | 82,266 | 707 |
*Cholestech Corp. | 86,726 | 706 |
*La Jolla Pharmaceutical Co. | 405,097 | 677 |
*Repligen Corp. | 234,956 | 674 |
*Abaxis, Inc. | 46,500 | 674 |
*Vion Pharmaceuticals, Inc. | 142,700 | 669 |
*Genta Inc. | 379,736 | 668 |
*NMT Medical, Inc. | 131,486 | 651 |
*Ista Pharmaceuticals Inc. | 64,064 | 648 |
*Epimmune Inc. | 386,602 | 642 |
*IMPAC Medical Systems, Inc. | 31,058 | 639 |
*Orphan Medical, Inc. | 70,635 | 634 |
*Exactech, Inc. | 34,274 | 627 |
*Kendle International Inc. | 70,725 | 622 |
*Pain Therapeutics, Inc. | 86,317 | 622 |
*ViroPharma Inc. | 186,885 | 607 |
*Res-Care, Inc. | 39,732 | 605 |
Young Innovations, Inc. | 17,644 | 595 |
*Carrington Labs Inc. | 96,301 | 590 |
*Corixa Corp. | 160,581 | 585 |
*Lynx Therapeutics, Inc. | 150,718 | 576 |
Psychemedics Corp. | 44,437 | 575 |
*Ciphergen Biosystems, Inc. | 133,739 | 575 |
*Neose Technologies, Inc. | 85,268 | 573 |
Page 37
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Symbion, Inc. | 25,900 | 572 |
*Palomar Medical Technologies, Inc. | 21,127 | 551 |
*Allos Therapeutics Inc. | 228,200 | 548 |
*US Physical Therapy, Inc. | 35,242 | 543 |
*Chronimed Inc. | 80,256 | 524 |
*I-Flow Corp. | 28,533 | 520 |
*Hanger Orthopedic Group, Inc. | 63,956 | 518 |
*Valentis, Inc. | 206,636 | 517 |
*Sequenom, Inc. | 354,083 | 510 |
*Lipid Sciences, Inc. | 137,852 | 505 |
*Iridex Corp. | 118,547 | 503 |
*Emisphere Technologies, Inc. | 121,466 | 492 |
*GenVec, Inc. | 294,633 | 480 |
National Healthcare Corp. | 13,316 | 470 |
*Allied Healthcare International Inc. | 85,126 | 468 |
*GTx, Inc. | 34,571 | 466 |
*Sirna Therapeutics, Inc. | 145,470 | 460 |
*Cardima, Inc. | 894,185 | 456 |
*Seattle Genetics, Inc. | 69,323 | 453 |
*IntraBiotics Pharmaceuticals, Inc. | 110,711 | 452 |
*Curon Medical Inc. | 254,660 | 446 |
*Aradigm Corp. | 256,117 | 443 |
*Genaissance Pharmaceuticals, Inc. | 205,367 | 437 |
*XOMA Ltd. | 166,649 | 432 |
*Cortex Pharmaceuticals, Inc. | 159,200 | 431 |
*Insmed Inc. | 194,265 | 427 |
*AVANT Immunotherapeutics, Inc. | 212,322 | 427 |
*Arena Pharmaceuticals, Inc. | 63,096 | 422 |
*Tercica, Inc. | 41,486 | 415 |
*Corgentech Inc. | 49,600 | 411 |
*Gene Logic Inc. | 110,860 | 408 |
*Aksys, Ltd. | 72,898 | 405 |
*Harvard Bioscience, Inc. | 85,570 | 396 |
*Superior Consultant Holdings Corp. | 45,889 | 387 |
*Curative Health Services, Inc. | 55,851 | 383 |
*Zonagen, Inc. | 87,175 | 377 |
*Barrier Therapeutics Inc. | 22,374 | 371 |
*BioSphere Medical Inc. | 94,990 | 370 |
*Rita Medical Systems, Inc. | 95,139 | 368 |
*Genitope Corp. | 21,561 | 367 |
*Sangamo BioSciences, Inc. | 60,997 | 366 |
*Geopharma Inc. | 76,484 | 357 |
*Santarus Inc. | 38,700 | 351 |
*Radiologix Inc. | 79,100 | 348 |
*Encore Medical Corp. | 47,876 | 325 |
*AP Pharma Inc. | 196,959 | 325 |
*MIM Corp. | 49,434 | 314 |
*PRAECIS Pharmaceuticals Inc. | 164,114 | 312 |
*Kosan Biosciences, Inc. | 43,901 | 304 |
*Osteotech, Inc. | 55,315 | 304 |
*Bentley Pharmaceuticals, Inc. | 27,666 | 297 |
Healthcare Services Group, Inc. | 13,866 | 289 |
*Matritech Inc. | 258,993 | 275 |
*Interpharm Holdings, Inc. | 111,461 | 273 |
*SRI/Surgical Express, Inc. | 54,736 | 271 |
*Continucare Corp. | 105,519 | 266 |
*Proxymed Pharmacy, Inc. | 25,200 | 247 |
*Cantel Medical Corp. | 6,600 | 247 |
*Columbia Laboratories Inc. | 89,449 | 237 |
Page 38
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Bioject Medical Technologies Inc. | 147,376 | 236 |
*GTC Biotherapeutics, Inc. | 153,722 | 234 |
*The Immune Response Corp. | 144,959 | 233 |
*Pharmos Corp. | 154,400 | 219 |
*Bioanalytical Systems, Inc. | 42,969 | 215 |
*aaiPharma Inc. | 62,941 | 205 |
*Lanvision Systems, Inc. | 70,081 | 196 |
*Immtech International, Inc. | 16,200 | 194 |
*DepoMed, Inc. | 34,873 | 188 |
*Avigen, Inc. | 53,430 | 174 |
*A.D.A.M., Inc. | 43,455 | 173 |
*Avanir Pharmaceuticals Class A | 50,100 | 171 |
*Virologic, Inc. Rights | 700,738 | 168 |
*Tapestry Pharmaceuticals Inc. | 170,976 | 166 |
*Microtek Medical Holdings, Inc. | 40,240 | 163 |
*Large Scale Biology Corp. | 127,456 | 161 |
*Corcept Therapeutics Inc. | 24,961 | 156 |
*Biopure Corp. | 263,199 | 155 |
*Retractable Technologies, Inc. | 32,792 | 151 |
D&K Healthcare Resources, Inc. | 16,598 | 134 |
*Physiometrix, Inc. | 111,892 | 125 |
*Alteon, Inc. | 95,268 | 125 |
*V.I. Technologies, Inc. | 191,154 | 124 |
*Cytrx Corp. | 71,659 | 101 |
*PharmaNetics, Inc. | 131,664 | 100 |
*Orthologic Corp. | 15,200 | 95 |
*IVAX Diagnostics, Inc. | 20,734 | 90 |
*MacroChem Corp. | 115,200 | 84 |
*Micro Therapeutics, Inc. | 21,848 | 82 |
*Phase Forward Inc. | 9,700 | 79 |
*Precision Optics Corp., Inc. | 63,060 | 78 |
*Icoria Inc. | 109,833 | 71 |
*IGI, Inc. | 49,172 | 61 |
*Transgenomic, Inc. | 49,307 | 57 |
*Applied Imaging Corp. | 79,556 | 53 |
*LifeCell Corp. | 5,100 | 52 |
*Natrol, Inc. | 13,349 | 45 |
*Dynacq Healthcare, Inc | 8,412 | 40 |
*HealthAxis, Inc. | 9,014 | 20 |
*Stratagene Holding Corp. | 1,714 | 13 |
*Pure Bioscience | 6,829 | 6 |
*DiaSys Corp. | 5,071 | 3 |
*SpectRx, Inc. | 1,000 | 1 |
6,903,562 | ||
Integrated Oils (3.8%) | ||
ExxonMobil Corp. | 24,977,635 | 1,280,354 |
ChevronTexaco Corp. | 8,135,461 | 427,193 |
ConocoPhillips Co. | 2,619,332 | 227,437 |
Occidental Petroleum Corp. | 1,496,028 | 87,308 |
Marathon Oil Corp. | 1,323,836 | 49,789 |
Unocal Corp. | 1,012,843 | 43,795 |
Amerada Hess Corp. | 348,701 | 28,726 |
Murphy Oil Corp. | 351,949 | 28,314 |
Hugoton Royalty Trust | 192,530 | 5,044 |
*KCS Energy, Inc. | 270,111 | 3,992 |
*Delta Petroleum Corp. | 210,536 | 3,301 |
Page 39
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Giant Industries, Inc. | 91,808 | 2,434 |
*GMX Resources Inc. | 171,092 | 1,193 |
2,188,880 | ||
Other Energy (2.9%) | ||
Schlumberger Ltd. | 2,255,289 | 150,992 |
Devon Energy Corp. | 1,856,258 | 72,246 |
Halliburton Co. | 1,689,114 | 66,281 |
Burlington Resources, Inc. | 1,510,207 | 65,694 |
Apache Corp. | 1,247,192 | 63,070 |
Anadarko Petroleum Corp. | 957,285 | 62,042 |
Baker Hughes, Inc. | 1,276,817 | 54,482 |
*Transocean Inc. | 1,228,961 | 52,096 |
Valero Energy Corp. | 978,121 | 44,407 |
XTO Energy, Inc. | 994,349 | 35,180 |
Kerr-McGee Corp. | 577,616 | 33,380 |
Williams Cos., Inc. | 1,989,136 | 32,403 |
EOG Resources, Inc. | 450,847 | 32,172 |
GlobalSantaFe Corp. | 898,937 | 29,764 |
*Nabors Industries, Inc. | 569,110 | 29,190 |
BJ Services Co. | 615,480 | 28,644 |
*Weatherford International Ltd. | 511,396 | 26,235 |
*Noble Corp. | 512,921 | 25,513 |
El Paso Corp. | 2,360,384 | 24,548 |
Sunoco, Inc. | 290,071 | 23,702 |
*Smith International, Inc. | 400,887 | 21,812 |
Peabody Energy Corp. | 245,705 | 19,880 |
Diamond Offshore Drilling, Inc. | 494,883 | 19,820 |
Pioneer Natural Resources Co. | 555,403 | 19,495 |
ENSCO International, Inc. | 577,739 | 18,337 |
Chesapeake Energy Corp. | 1,023,504 | 16,888 |
*Reliant Energy, Inc. | 1,141,349 | 15,579 |
Premcor, Inc. | 341,116 | 14,385 |
Equitable Resources, Inc. | 236,708 | 14,359 |
CONSOL Energy, Inc. | 343,790 | 14,113 |
*Newfield Exploration Co. | 234,761 | 13,863 |
*Ultra Petroleum Corp. | 286,726 | 13,800 |
*NRG Engergy | 382,596 | 13,793 |
Noble Energy, Inc. | 222,079 | 13,693 |
Patterson-UTI Energy, Inc. | 636,396 | 12,378 |
Pogo Producing Co. | 244,556 | 11,859 |
*National-Oilwell, Inc. | 328,583 | 11,596 |
*Cooper Cameron Corp. | 210,121 | 11,307 |
*Varco International, Inc. | 373,376 | 10,884 |
*Pride International, Inc. | 520,265 | 10,686 |
*Rowan Cos., Inc. | 408,633 | 10,584 |
Massey Energy Co. | 290,431 | 10,151 |
Patina Oil&Gas Corp. | 269,939 | 10,123 |
*Grant Prideco, Inc. | 469,256 | 9,409 |
Arch Coal, Inc. | 235,211 | 8,359 |
*FMC Technologies Inc. | 258,311 | 8,318 |
*Tesoro Petroleum Corp. | 253,443 | 8,075 |
*Calpine Corp. | 2,048,530 | 8,071 |
*Plains Exploration&Production Co. | 295,153 | 7,674 |
*Forest Oil Corp. | 225,889 | 7,165 |
*Quicksilver Resources, Inc. | 190,522 | 7,007 |
*Unit Corp. | 175,554 | 6,708 |
*Dynegy, Inc. | 1,446,977 | 6,685 |
Page 40
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Helmerich&Payne, Inc. | 193,588 | 6,590 |
*Houston Exploration Co. | 107,903 | 6,076 |
*Cimarex Energy Co. | 158,628 | 6,012 |
*Cal Dive International, Inc. | 146,580 | 5,973 |
*Key Energy Services, Inc. | 500,559 | 5,907 |
St. Mary Land&Exploration Co. | 140,728 | 5,874 |
*Stone Energy Corp. | 127,077 | 5,730 |
*Denbury Resources, Inc. | 208,738 | 5,730 |
Vintage Petroleum, Inc. | 250,275 | 5,679 |
*Spinnaker Exploration Co. | 160,783 | 5,639 |
Cabot Oil&Gas Corp. | 126,633 | 5,604 |
*Encore Acquisition Co. | 158,189 | 5,522 |
Range Resources Corp. | 269,700 | 5,518 |
*Magnum Hunter Resources Inc. | 420,927 | 5,430 |
Berry Petroleum Class A | 113,739 | 5,425 |
*Bill Barrett Corp. | 159,277 | 5,095 |
*Todco | 274,100 | 5,049 |
*Oceaneering International, Inc. | 125,095 | 4,669 |
*Hanover Compressor Co. | 329,284 | 4,653 |
Holly Corp. | 166,716 | 4,646 |
*Swift Energy Co. | 157,748 | 4,565 |
*KFX, Inc. | 304,097 | 4,415 |
CARBO Ceramics Inc. | 60,992 | 4,208 |
*Universal Compression Holdings, Inc. | 120,412 | 4,204 |
*Comstock Resources, Inc. | 187,375 | 4,132 |
*Superior Energy Services, Inc. | 263,470 | 4,060 |
*Remington Oil&Gas Corp. | 148,133 | 4,037 |
Frontier Oil Corp. | 151,165 | 4,030 |
Penn Virginia Corp. | 98,590 | 4,000 |
*Seacor Holdings INC | 74,113 | 3,958 |
*Energy Partners, Ltd. | 194,764 | 3,948 |
*Foundation Coal Holdings, Inc. | 169,500 | 3,909 |
*Toreador Resources Corp. | 174,040 | 3,862 |
*Hydrill Co. | 81,698 | 3,718 |
*ATP Oil&Gas Corp. | 198,326 | 3,685 |
Resource America, Inc. | 111,606 | 3,627 |
*Harvest Natural Resources, Inc. | 209,313 | 3,615 |
*Petroleum Development Corp. | 93,640 | 3,612 |
*Whiting Petroleum Corp. | 116,928 | 3,537 |
*Atlas America, Inc. | 97,032 | 3,469 |
*Atwood Oceanics, Inc. | 63,080 | 3,286 |
*Global Industries Ltd. | 389,316 | 3,227 |
*Oil States International, Inc. | 165,389 | 3,190 |
*Enbridge Energy Management LLC | 64,664 | 3,185 |
*McMoRan Exploration Co. | 168,892 | 3,158 |
*Grey Wolf, Inc. | 569,825 | 3,003 |
*The Meridian Resource Corp. | 492,989 | 2,983 |
*Veritas DGC Inc. | 130,399 | 2,922 |
*FX Energy, Inc. | 244,862 | 2,860 |
*Goodrich Petroleum Corp. | 176,000 | 2,853 |
Marketwest Energy Partners, LP | 55,924 | 2,719 |
RPC Inc. | 107,858 | 2,709 |
*Syntroleum Corp. | 336,877 | 2,705 |
*Brigham Exploration Co. | 297,990 | 2,682 |
*FuelCell Energy, Inc. | 255,660 | 2,531 |
*W-H Energy Services, Inc. | 107,129 | 2,395 |
*Input/Output, Inc. | 261,362 | 2,310 |
*Westmoreland Coal Co. | 75,697 | 2,306 |
*Callon Petroleum Co. | 151,686 | 2,193 |
Page 41
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*The Exploration Co. of Delaware, Inc. | 343,356 | 2,167 |
Crosstex Energy, Inc. | 51,127 | 2,142 |
*PetroQuest Energy, Inc. | 425,316 | 2,105 |
*TETRA Technologies, Inc. | 73,665 | 2,085 |
*Clayton Williams Energy, Inc. | 91,032 | 2,085 |
*TransMontaigne Inc. | 338,316 | 2,074 |
*Plug Power, Inc. | 332,530 | 2,032 |
*Double Eagle Petroleum Co. | 100,865 | 1,948 |
*Horizon Offshore, Inc. | 1,020,647 | 1,674 |
*Parallel Petroleum Corp. | 308,428 | 1,666 |
*Newpark Resources, Inc. | 311,293 | 1,603 |
*Dril-Quip, Inc. | 63,722 | 1,546 |
*Abraxas Petroleum Corp. | 621,100 | 1,441 |
*Copano Energy LLC | 43,275 | 1,233 |
Gulf Island Fabrication, Inc. | 53,720 | 1,173 |
*Petrohawk Energy Corp. | 135,138 | 1,157 |
*Evergreen Solar, Inc. | 241,081 | 1,054 |
*Parker Drilling Co. | 260,965 | 1,026 |
*Royale Energy, Inc. | 113,455 | 816 |
Lufkin Industries | 20,229 | 807 |
*Capstone Turbine Corp. | 435,411 | 797 |
*Harken Energy Corp. | 1,449,447 | 754 |
*Infinity, Inc. | 78,293 | 640 |
*Magellan Petroleum Corp. | 478,131 | 636 |
*Matrix Service Co. | 76,951 | 620 |
*Global Power Equipment Group Inc. | 60,684 | 597 |
*Torch Offshore, Inc. | 375,245 | 544 |
*Prime Energy Corp. | 26,366 | 534 |
*Hornbeck Offshore Services, Inc. | 21,400 | 413 |
APCO Argentina Inc. | 11,106 | 410 |
*ICO, Inc. | 106,028 | 327 |
*Wilshire Enterprises, Inc. | 40,110 | 261 |
*U.S. Energy Systems, Inc. | 59,910 | 48 |
*T-3 Energy Services, Inc. | 977 | 7 |
1,639,948 | ||
Materials&Processing (4.3%) | ||
E.I. du Pont de Nemours&Co. | 3,811,179 | 186,938 |
Dow Chemical Co. | 3,587,934 | 177,639 |
Alcoa Inc. | 3,322,119 | 104,381 |
International Paper Co. | 1,857,228 | 78,004 |
Newmont Mining Corp. (Holding Co.) | 1,550,936 | 68,877 |
Masco Corp. | 1,698,987 | 62,064 |
Weyerhaeuser Co. | 852,047 | 57,275 |
Monsanto Co. | 1,019,849 | 56,653 |
Archer-Daniels-Midland Co. | 2,486,627 | 55,477 |
Praxair, Inc. | 1,244,047 | 54,925 |
Air Products&Chemicals, Inc. | 869,537�� | 50,407 |
PPG Industries, Inc. | 656,022 | 44,714 |
Rohm&Haas Co. | 851,868 | 37,678 |
Georgia Pacific Group | 987,658 | 37,017 |
Phelps Dodge Corp. | 359,640 | 35,576 |
Ecolab, Inc. | 985,804 | 34,631 |
*American Standard Cos., Inc. | 828,995 | 34,254 |
Nucor Corp. | 606,432 | 31,741 |
Lyondell Chemical Co. | 927,165 | 26,814 |
MeadWestvaco Corp. | 772,101 | 26,166 |
Freeport-McMoRan Copper&Gold, Inc. Class B | 664,905 | 25,419 |
Page 42
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Avery Dennison Corp. | 422,658 | 25,347 |
Sherwin-Williams Co. | 549,456 | 24,522 |
Bunge Ltd. | 421,297 | 24,018 |
*The Mosaic Co. | 1,442,781 | 23,546 |
United States Steel Corp. | 434,307 | 22,258 |
Vulcan Materials Co. | 390,634 | 21,333 |
Ball Corp. | 429,948 | 18,909 |
The St. Joe Co. | 291,572 | 18,719 |
Smurfit-Stone Container Corp. | 970,486 | 18,129 |
Fluor Corp. | 319,161 | 17,397 |
Eastman Chemical Co. | 297,548 | 17,177 |
*Sealed Air Corp. | 321,202 | 17,110 |
Precision Castparts Corp. | 248,445 | 16,318 |
Sigma-Aldrich Corp. | 264,442 | 15,988 |
Ashland, Inc. | 269,244 | 15,718 |
*International Steel Group, Inc. | 374,508 | 15,190 |
*Pactiv Corp. | 586,592 | 14,835 |
*Energizer Holdings, Inc. | 298,299 | 14,822 |
Engelhard Corp. | 475,874 | 14,595 |
Temple-Inland Inc. | 213,078 | 14,575 |
Southern Peru Copper Corp. | 306,437 | 14,467 |
Lafarge North America Inc. | 268,418 | 13,775 |
*Owens-Illinois, Inc. | 570,841 | 12,930 |
Bemis Co., Inc. | 409,181 | 11,903 |
Louisiana-Pacific Corp. | 418,209 | 11,183 |
Sonoco Products Co. | 374,968 | 11,118 |
Forest City Enterprise Class A | 191,514 | 11,022 |
*Nalco Holding Co. | 541,599 | 10,572 |
*Jacobs Engineering Group Inc. | 215,317 | 10,290 |
Martin Marietta Materials, Inc. | 184,550 | 9,903 |
Florida Rock Industries, Inc. | 165,090 | 9,828 |
Valspar Corp. | 196,345 | 9,819 |
Packaging Corp. of America | 408,682 | 9,624 |
Bowater Inc. | 212,702 | 9,353 |
Lubrizol Corp. | 250,058 | 9,217 |
Cabot Corp. | 236,285 | 9,139 |
*Scotts Co. | 123,985 | 9,115 |
The Timken Co. | 344,537 | 8,965 |
Harsco Corp. | 157,452 | 8,776 |
RPM International, Inc. | 444,423 | 8,737 |
*Crown Holdings, Inc. | 633,820 | 8,709 |
*Glamis Gold, Ltd. | 499,857 | 8,578 |
Westlake Chemical Corp. | 242,823 | 8,110 |
Allegheny Technologies Inc. | 358,453 | 7,768 |
Cytec Industries, Inc. | 150,266 | 7,727 |
Hughes Supply, Inc. | 236,808 | 7,661 |
Airgas, Inc. | 285,757 | 7,575 |
Corn Products International, Inc. | 141,327 | 7,569 |
AptarGroup Inc. | 139,736 | 7,375 |
Valhi, Inc. | 458,009 | 7,369 |
Steel Dynamics, Inc. | 190,339 | 7,210 |
*Meridian Gold Co. | 379,596 | 7,201 |
*FMC Corp. | 139,737 | 6,749 |
*USG Corp. | 164,821 | 6,637 |
Worthington Industries, Inc. | 331,136 | 6,484 |
Simpson Manufacturing Co. | 182,844 | 6,381 |
*Hercules, Inc. | 428,551 | 6,364 |
Georgia Gulf Corp. | 126,882 | 6,319 |
Kronos Worldwide, Inc. | 154,834 | 6,309 |
Page 43
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Albemarle Corp. | 159,567 | 6,177 |
*AK Steel Corp. | 420,092 | 6,079 |
Olin Corp. | 267,784 | 5,897 |
*Armor Holdings, Inc. | 125,290 | 5,891 |
Texas Industries, Inc. | 93,569 | 5,837 |
Cleveland-Cliffs Inc. | 56,035 | 5,820 |
Quanex Corp. | 83,600 | 5,732 |
Potlatch Corp. | 113,210 | 5,726 |
Brady Corp. Class A | 91,482 | 5,724 |
*Dycom Industries, Inc. | 185,379 | 5,658 |
Commercial Metals Co. | 111,682 | 5,647 |
Great Lakes Chemical Corp. | 194,020 | 5,528 |
York International Corp. | 159,016 | 5,492 |
*Graphic Packaging Corp. | 761,836 | 5,485 |
Clarcor Inc. | 97,663 | 5,349 |
Carpenter Technology Corp. | 90,748 | 5,305 |
Minerals Technologies, Inc. | 79,069 | 5,274 |
Acuity Brands, Inc. | 163,385 | 5,196 |
*URS Corp. | 161,809 | 5,194 |
Crompton Corp. | 439,484 | 5,186 |
Schnitzer Steel Industries, Inc. Class A | 148,358 | 5,034 |
*WCI Communities, Inc. | 170,679 | 5,018 |
*Maverick Tube Corp. | 163,286 | 4,948 |
Reliance Steel&Aluminum Co. | 125,148 | 4,876 |
LNR Property Corp. | 76,892 | 4,837 |
Silgan Holdings, Inc. | 79,322 | 4,835 |
Granite Construction Co. | 181,453 | 4,827 |
Lennox International Inc. | 230,437 | 4,689 |
*NL Industries, Inc. | 210,191 | 4,645 |
*W.R. Grace&Co. | 325,417 | 4,429 |
Watsco, Inc. | 125,639 | 4,425 |
Mueller Industries Inc. | 133,281 | 4,292 |
*Cabot Microelectronics Corp. | 106,705 | 4,274 |
Greif Inc. Class A | 75,568 | 4,232 |
Albany International Corp. | 118,795 | 4,177 |
USEC Inc. | 427,882 | 4,146 |
*Century Aluminum Co. | 157,417 | 4,134 |
*Coeur d'Alene Mines Corp. | 1,041,046 | 4,091 |
*Oregon Steel Mills, Inc. | 200,392 | 4,066 |
*OM Group, Inc. | 124,128 | 4,024 |
*GrafTech International Ltd. | 420,473 | 3,978 |
MacDermid, Inc. | 108,931 | 3,932 |
*Trammell Crow Co. | 215,316 | 3,899 |
*Griffon Corp. | 144,389 | 3,898 |
*Stillwater Mining Co. | 341,839 | 3,849 |
*Symyx Technologies, Inc. | 127,716 | 3,842 |
*Trex Co., Inc. | 73,194 | 3,838 |
Delta&Pine Land Co. | 139,034 | 3,793 |
Brookfield Homes Corp. | 109,677 | 3,718 |
*Lone Star Technologies, Inc. | 110,717 | 3,705 |
Longview Fibre Co. | 203,753 | 3,696 |
Kaydon Corp. | 110,917 | 3,662 |
*Hecla Mining Co. | 618,842 | 3,608 |
Ferro Corp. | 154,608 | 3,585 |
Eagle Materials, Inc. | 41,296 | 3,566 |
Gibraltar Industries Inc. | 146,638 | 3,464 |
*Tejon Ranch Co. | 84,836 | 3,461 |
*Shaw Group, Inc. | 193,847 | 3,460 |
Wausau-Mosinee Paper Corp. | 190,231 | 3,398 |
Page 44
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
AMCOL International Corp. | 168,689 | 3,389 |
*Ceradyne, Inc. | 58,346 | 3,338 |
*UAP Holding Corp. | 192,400 | 3,323 |
*Hexcel Corp. | 224,747 | 3,259 |
*EMCOR Group, Inc. | 70,897 | 3,203 |
*Energy Conversion Devices, Inc. | 165,661 | 3,201 |
*NS Group Inc. | 114,588 | 3,186 |
*Quanta Services, Inc. | 396,337 | 3,171 |
*PolyOne Corp. | 348,554 | 3,158 |
H.B. Fuller Co. | 109,405 | 3,119 |
Compass Minerals International | 128,200 | 3,106 |
*Caraustar Industries, Inc. | 174,460 | 2,934 |
*Insituform Technologies Inc. Class A | 128,960 | 2,924 |
Spartech Corp. | 106,783 | 2,893 |
*EnerSys | 187,167 | 2,854 |
A. Schulman Inc. | 132,285 | 2,832 |
ElkCorp | 80,388 | 2,751 |
*Gold Kist Inc. | 200,219 | 2,727 |
*RTI International Metals, Inc. | 132,362 | 2,719 |
Cambrex Corp. | 100,231 | 2,716 |
*Alico, Inc. | 46,305 | 2,710 |
*Titanium Metals Corp. | 111,235 | 2,685 |
*NCI Building Systems, Inc. | 71,289 | 2,673 |
*DHB Industries, Inc. | 139,338 | 2,653 |
*Neenah Paper Inc. | 81,076 | 2,643 |
Arch Chemicals, Inc. | 91,393 | 2,630 |
Royal Gold, Inc. | 144,066 | 2,628 |
*Rogers Corp. | 60,668 | 2,615 |
*Avatar Holding, Inc. | 54,344 | 2,614 |
Eagle Materials, Inc. B Shares | 31,002 | 2,613 |
Steel Technologies, Inc. | 91,568 | 2,519 |
Ryerson Tull, Inc. | 157,036 | 2,473 |
*Zoltek Cos., Inc. | 158,877 | 2,375 |
*Material Sciences Corp. | 131,428 | 2,364 |
Glatfelter | 152,433 | 2,329 |
*Beacon Roofing Supply, Inc. | 116,900 | 2,322 |
*Comfort Systems USA, Inc. | 293,294 | 2,252 |
Aceto Corp. | 114,630 | 2,183 |
*Wheeling-Pittsburgh Corp. | 55,271 | 2,130 |
*Northwest Pipe Co. | 85,027 | 2,121 |
*A.M. Castle&Co. | 176,586 | 2,108 |
Tredegar Corp. | 103,702 | 2,096 |
*Bluegreen Corp. | 105,200 | 2,086 |
The Standard Register Co. | 145,769 | 2,058 |
*Terra Industries, Inc. | 227,181 | 2,017 |
Apogee Enterprises, Inc. | 148,866 | 1,996 |
CompX International Inc. | 119,297 | 1,972 |
*Constar International Inc. | 255,142 | 1,970 |
Rock-Tenn Co. | 122,488 | 1,857 |
*Buckeye Technology, Inc. | 142,575 | 1,855 |
*Mobile Mini, Inc. | 55,582 | 1,836 |
*Interface, Inc. | 183,720 | 1,832 |
Universal Forest Products, Inc. | 42,192 | 1,831 |
*WCA Waste Corp. | 173,550 | 1,814 |
Chesapeake Corp. of Virginia | 66,180 | 1,797 |
*Lydall, Inc. | 146,705 | 1,740 |
Barnes Group, Inc. | 65,597 | 1,739 |
Juno Lighting, Inc. | 41,322 | 1,736 |
*Layne Christensen Co. | 92,182 | 1,673 |
Page 45
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Myers Industries, Inc. | 128,078 | 1,639 |
*Drew Industries, Inc. | 45,027 | 1,629 |
*Encore Wire Corp. | 120,585 | 1,607 |
*Jacuzzi Brands, Inc. | 183,114 | 1,593 |
CIRCOR International, Inc. | 65,117 | 1,508 |
Valmont Industries, Inc. | 60,056 | 1,508 |
Consolidated-Tomoka Land Co. | 33,267 | 1,430 |
Ameron International Corp. | 37,719 | 1,430 |
*Huttig Building Products, Inc. | 136,760 | 1,429 |
*Maxxam Inc. | 42,529 | 1,395 |
*Griffin Land&Nurseries, Inc. | 52,872 | 1,361 |
*AAON, Inc. | 83,816 | 1,347 |
Wellman, Inc. | 123,633 | 1,322 |
*TransPro Inc. | 213,136 | 1,300 |
WD-40 Co. | 45,244 | 1,285 |
Penford Corp. | 76,974 | 1,211 |
Quaker Chemical Corp. | 47,927 | 1,191 |
Deltic Timber Corp. | 27,838 | 1,182 |
*Stratus Properties Inc. | 73,920 | 1,172 |
*Foamex International, Inc. | 308,398 | 1,160 |
*Exide Technologies | 83,535 | 1,151 |
Oil-Dri Corp. of America | 63,015 | 1,147 |
*Brush Engineered Materials Inc. | 61,300 | 1,134 |
*Reading International Inc. Class A | 127,214 | 1,064 |
*Webco Industries, Inc. | 96,423 | 1,038 |
*Ultralife Batteries, Inc. | 52,500 | 1,021 |
LSI Industries Inc. | 88,790 | 1,017 |
*EarthShell Corp. | 402,304 | 1,006 |
*NewMarket Corp. | 49,804 | 991 |
NN, Inc. | 72,952 | 964 |
*Valence Technology Inc. | 304,251 | 946 |
Calgon Carbon Corp. | 99,539 | 904 |
Ampco-Pittsburgh Corp. | 60,218 | 879 |
*First Acceptance Corp. | 94,800 | 849 |
Building Materials Holding Corp. | 21,798 | 835 |
*Unifi, Inc. | 214,171 | 820 |
Stepan Co. | 33,370 | 813 |
*Infrasource Services Inc. | 62,500 | 812 |
Andersons, Inc. | 30,900 | 788 |
*U.S. Energy Corp. | 256,961 | 761 |
*Medis Technology Ltd. | 40,234 | 738 |
*Synalloy Corp. | 73,307 | 726 |
Ennis, Inc. | 37,418 | 720 |
Pope&Talbot, Inc. | 38,683 | 662 |
*U.S. Concrete, Inc. | 80,406 | 617 |
*Omnova Solutions Inc. | 107,167 | 602 |
American Vanguard Corp. | 15,650 | 576 |
Hawkins, Inc. | 45,795 | 542 |
*Integrated Electrical Services, Inc. | 98,626 | 477 |
*Perini Corp. | 28,205 | 471 |
*Lesco, Inc. | 35,200 | 454 |
*Liquidmetal Technologies Inc. | 191,249 | 420 |
*Tarragon Realty Investors Inc. REIT | 21,069 | 376 |
Penn Engineering&Manufacturing Corp. | 20,094 | 364 |
Anchor Glass Container Corp. | 44,163 | 297 |
*HouseValues, Inc. | 19,000 | 285 |
*Eden Bioscience Corp. | 283,660 | 275 |
*Wellsford Real Properties Inc. | 18,774 | 271 |
MGP Ingredients, Inc. | 26,000 | 225 |
Page 46
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Mestek, Inc. | 11,422 | 207 |
*Badger Paper Mills, Inc. | 45,643 | 199 |
Noland Co. | 2,810 | 129 |
*Interline Brands, Inc. | 5,500 | 97 |
*Impreso, Inc. | 32,000 | 80 |
*American Realty Investors, Inc. | 7,270 | 71 |
*Acmat Corp. Class A | 4,936 | 64 |
*WHX Corp. | 29,344 | 34 |
*Aleris International Inc | 1,700 | 29 |
*Shiloh Industries, Inc. | 1,700 | 24 |
*Bluelinx Holdings Inc. | 1,500 | 22 |
*Corrpro Cos., Inc. | 3,200 | 3 |
*General Chemical Group Inc. | 17,001 | -- |
*BMC Industries, Inc. | 211,416 | -- |
*Cone Mills Corp. | 104,013 | -- |
2,480,579 | ||
Producer Durables (4.5%) | ||
United Technologies Corp. | 1,954,106 | 201,957 |
The Boeing Co. | 3,051,502 | 157,976 |
Caterpillar, Inc. | 1,308,990 | 127,640 |
Emerson Electric Co. | 1,611,214 | 112,946 |
*Applied Materials, Inc. | 6,471,540 | 110,663 |
Illinois Tool Works, Inc. | 1,154,466 | 106,996 |
Lockheed Martin Corp. | 1,699,146 | 94,388 |
Northrop Grumman Corp. | 1,369,325 | 74,437 |
Deere&Co. | 952,297 | 70,851 |
Danaher Corp. | 1,178,213 | 67,641 |
*Xerox Corp. | 3,642,223 | 61,954 |
Ingersoll-Rand Co. | 671,818 | 53,947 |
*Agilent Technologies, Inc. | 1,855,025 | 44,706 |
*Lexmark International, Inc. | 494,860 | 42,063 |
Pitney Bowes, Inc. | 884,815 | 40,949 |
D. R. Horton, Inc. | 891,541 | 35,938 |
*KLA-Tencor Corp. | 752,056 | 35,031 |
Parker Hannifin Corp. | 457,358 | 34,640 |
Dover Corp. | 777,277 | 32,599 |
Lennar Corp. Class A | 560,290 | 31,757 |
Pulte Homes, Inc. | 485,554 | 30,978 |
Centex Corp. | 473,446 | 28,208 |
Rockwell Collins, Inc. | 677,346 | 26,715 |
Cooper Industries, Inc. Class A | 351,204 | 23,843 |
W.W. Grainger, Inc. | 348,182 | 23,196 |
Molex, Inc. | 725,542 | 21,766 |
*Waters Corp. | 464,524 | 21,735 |
*Toll Brothers, Inc. | 284,340 | 19,509 |
*Thermo Electron Corp. | 624,685 | 18,859 |
*NVR, Inc. | 24,450 | 18,812 |
KB HOME | 177,124 | 18,492 |
Pentair, Inc. | 383,738 | 16,716 |
American Power Conversion Corp. | 766,698 | 16,407 |
*American Tower Corp. Class A | 858,572 | 15,798 |
Novellus Systems, Inc. | 558,891 | 15,587 |
Diebold, Inc. | 274,258 | 15,284 |
*LAM Research Corp. | 512,755 | 14,824 |
Goodrich Corp. | 453,802 | 14,812 |
*Crown Castle International Corp. | 862,143 | 14,346 |
Cummins Inc. | 169,307 | 14,186 |
Page 47
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Pall Corp. | 478,557 | 13,854 |
*Teradyne, Inc. | 742,082 | 12,667 |
Hubbell Inc. Class B | 224,097 | 11,720 |
MDC Holdings, Inc. | 124,478 | 10,760 |
Donaldson Co., Inc. | 329,452 | 10,734 |
Tektronix, Inc. | 353,140 | 10,668 |
*Hovnanian Enterprises Inc. Class A | 214,607 | 10,627 |
Ryland Group, Inc. | 181,470 | 10,442 |
Graco, Inc. | 265,143 | 9,903 |
HNI Corp. | 222,871 | 9,595 |
*United Defense Industries Inc. | 202,190 | 9,553 |
*Alliant Techsystems, Inc. | 144,020 | 9,416 |
Ametek, Inc. | 261,306 | 9,321 |
*Terex Corp. | 189,566 | 9,033 |
*Polycom, Inc. | 380,791 | 8,880 |
Roper Industries Inc. | 141,430 | 8,595 |
Joy Global Inc. | 194,902 | 8,465 |
*Andrew Corp. | 615,221 | 8,385 |
Standard Pacific Corp. | 128,739 | 8,257 |
Briggs&Stratton Corp. | 196,904 | 8,187 |
Steelcase Inc. | 568,326 | 7,866 |
IDEX Corp. | 189,321 | 7,667 |
Mine Safety Appliances Co. | 150,392 | 7,625 |
Plantronics, Inc. | 183,673 | 7,617 |
Beazer Homes USA, Inc. | 51,744 | 7,565 |
*AGCO Corp. | 345,257 | 7,558 |
Herman Miller, Inc. | 273,126 | 7,546 |
Kennametal, Inc. | 139,859 | 6,961 |
*Thomas&Betts Corp. | 226,209 | 6,956 |
*Taser International Inc. | 214,632 | 6,780 |
Crane Co. | 227,411 | 6,559 |
Engineered Support Systems, Inc. | 102,005 | 6,041 |
*Flowserve Corp. | 212,107 | 5,841 |
*Meritage Corp. | 50,410 | 5,681 |
Nordson Corp. | 136,982 | 5,489 |
*Actuant Corp. | 104,895 | 5,470 |
Lincoln Electric Holdings, Inc. | 157,957 | 5,456 |
*Ionics, Inc. | 120,518 | 5,223 |
*Genlyte Group, Inc. | 60,537 | 5,187 |
*Varian Semiconductor Equipment Associates, Inc. | 139,717 | 5,149 |
*Teledyne Technologies, Inc. | 173,130 | 5,095 |
Cognex Corp. | 176,229 | 4,917 |
*ESCO Technologies Inc. | 63,390 | 4,859 |
*Dionex Corp. | 81,978 | 4,646 |
*Interdigital Communications Corp. | 208,361 | 4,605 |
*Headwaters Inc. | 159,472 | 4,545 |
*CUNO Inc. | 73,203 | 4,348 |
Bucyrus International, Inc. | 106,395 | 4,324 |
Technical Olympic USA, Inc. | 169,315 | 4,297 |
*Cymer, Inc. | 140,422 | 4,148 |
Federal Signal Corp. | 226,068 | 3,992 |
*Rayovac Corp. | 127,032 | 3,882 |
Watts Water Technologies, Inc. | 119,296 | 3,846 |
*Rofin-Sinar Technologies Inc. | 90,469 | 3,840 |
Curtiss-Wright Corp. | 63,886 | 3,668 |
*MKS Instruments, Inc. | 197,572 | 3,665 |
*Moog Inc. | 80,188 | 3,637 |
Franklin Electric, Inc. | 79,662 | 3,367 |
JLG Industries, Inc. | 171,110 | 3,359 |
Page 48
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Belden CDT Inc. | 144,753 | 3,358 |
*FEI Co. | 157,181 | 3,301 |
*A.S.V., Inc. | 68,812 | 3,296 |
The Manitowoc Co., Inc. | 85,253 | 3,210 |
Tecumseh Products Co. Class A | 65,909 | 3,150 |
*Esterline Technologies Corp. | 95,429 | 3,116 |
*Veeco Instruments, Inc. | 146,505 | 3,087 |
*Park-Ohio Holdings Corp. | 117,743 | 3,050 |
*Ultratech, Inc. | 160,027 | 3,017 |
A.O. Smith Corp. | 100,595 | 3,012 |
MTS Systems Corp. | 89,023 | 3,010 |
*Axcelis Technologies, Inc. | 368,345 | 2,995 |
*General Cable Corp. | 214,776 | 2,975 |
*Power-One, Inc. | 333,431 | 2,974 |
*Brooks Automation, Inc. | 169,241 | 2,914 |
Baldor Electric Co. | 105,836 | 2,914 |
*Littelfuse, Inc. | 84,723 | 2,894 |
Kimball International, Inc. Class B | 193,080 | 2,860 |
Regal-Beloit Corp. | 98,089 | 2,805 |
*ATMI, Inc. | 123,984 | 2,793 |
Woodward Governor Co. | 38,842 | 2,781 |
*Technitrol, Inc. | 151,483 | 2,757 |
*Triumph Group, Inc. | 69,471 | 2,744 |
M/I Homes, Inc. | 49,754 | 2,742 |
*Credence Systems Corp. | 299,259 | 2,738 |
*FARO Technologies, Inc. | 86,668 | 2,702 |
Applied Industrial Technology, Inc. | 96,797 | 2,652 |
*Entegris Inc. | 265,536 | 2,642 |
*MTC Technologies, Inc. | 78,218 | 2,626 |
*Paxar Corp. | 117,891 | 2,614 |
Levitt Corp. Class A | 85,485 | 2,613 |
United Industrial Corp. | 66,958 | 2,594 |
*Gardner Denver Inc. | 71,334 | 2,589 |
*Powerwave Technologies, Inc. | 304,159 | 2,579 |
The Middleby Corp. | 50,682 | 2,571 |
*SBA Communications Corp. | 273,972 | 2,542 |
*Artesyn Technologies, Inc. | 219,900 | 2,485 |
*William Lyon Homes, Inc. | 33,985 | 2,387 |
*Orbital Sciences Corp. | 197,678 | 2,339 |
*Imagistics International Inc. | 69,222 | 2,330 |
NACCO Industries, Inc. Class A | 21,814 | 2,299 |
*Champion Enterprises, Inc. | 193,626 | 2,289 |
Applied Signal Technology, Inc. | 60,195 | 2,122 |
*Knoll, Inc. | 118,279 | 2,070 |
*Kadant Inc. | 99,742 | 2,045 |
*Arris Group Inc. | 289,917 | 2,041 |
*Mykrolis Corp. | 142,028 | 2,013 |
X-Rite Inc. | 122,729 | 1,965 |
Stewart&Stevenson Services, Inc. | 96,934 | 1,961 |
*Blount International, Inc. | 111,025 | 1,934 |
*Kulicke&Soffa Industries, Inc. | 219,605 | 1,893 |
C&D Technologies, Inc. | 108,635 | 1,851 |
*Palm Harbor Homes, Inc. | 108,599 | 1,833 |
Lennar Corp. Class B | 34,676 | 1,810 |
*Itron, Inc. | 75,555 | 1,807 |
Lindsay Manufacturing Co. | 66,694 | 1,726 |
Thomas Industries, Inc. | 42,915 | 1,713 |
*Cavco Industries, Inc. | 38,028 | 1,709 |
*Axsys Technologies, Inc. | 96,711 | 1,700 |
Page 49
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Metrologic Instruments, Inc. | 79,873 | 1,697 |
*Mastec Inc. | 166,885 | 1,687 |
*Audiovox Corp. | 105,837 | 1,670 |
*DuPont Photomasks, Inc. | 62,850 | 1,660 |
*C-COR Inc. | 175,910 | 1,636 |
*Presstek, Inc. | 168,661 | 1,633 |
*LTX Corp. | 208,081 | 1,600 |
Helix Technology Corp. | 90,502 | 1,574 |
*Electro Scientific Industries, Inc. | 78,843 | 1,558 |
*Milacron Inc. | 458,786 | 1,555 |
*Applied Films Corp. | 71,790 | 1,548 |
*Mattson Technology, Inc. | 137,349 | 1,547 |
*Photon Dynamics, Inc. | 62,664 | 1,521 |
*Rudolph Technologies, Inc. | 88,237 | 1,515 |
*Photronics Inc. | 90,922 | 1,500 |
*BE Aerospace, Inc. | 127,759 | 1,487 |
Tennant Co. | 36,733 | 1,456 |
*Sonic Solutions, Inc. | 64,876 | 1,456 |
*Active Power, Inc. | 315,580 | 1,452 |
Vicor Corp. | 106,549 | 1,397 |
*EnPro Industries, Inc. | 46,460 | 1,374 |
*Calamp Corp. | 153,449 | 1,372 |
Woodhead Industries, Inc. | 84,375 | 1,353 |
*Team, Inc. | 85,315 | 1,327 |
CTS Corp. | 96,848 | 1,287 |
Alamo Group, Inc. | 46,761 | 1,270 |
*Symmetricom Inc. | 128,511 | 1,248 |
*Zygo Corp. | 104,141 | 1,228 |
HEICO Corp. | 52,314 | 1,182 |
Keithley Instruments Inc. | 58,570 | 1,154 |
*Tollgrade Communications, Inc. | 91,016 | 1,114 |
*AZZ Inc. | 68,398 | 1,111 |
*Advanced Energy Industries, Inc. | 120,897 | 1,104 |
Gorman-Rupp Co. | 46,252 | 1,064 |
Met-Pro Corp. | 78,169 | 1,040 |
*Measurement Specialties, Inc. | 40,200 | 1,023 |
*EMCORE Corp. | 291,821 | 1,018 |
*Magnatek, Inc. | 144,978 | 1,000 |
*RF Monolithics, Inc. | 116,129 | 970 |
*Aetrium, Inc. | 243,875 | 956 |
*Hovnanian Enterprises | 19,300 | 956 |
*Strategic Diagnostics Inc. | 272,436 | 954 |
*Darling International, Inc. | 217,991 | 950 |
Curtiss-Wright Corp. Class B | 16,860 | 949 |
Paul Mueller Co. | 31,481 | 948 |
*Baldwin Technology Class A | 310,219 | 931 |
*ADE Corp. | 48,299 | 904 |
*Cavalier Homes, Inc. | 152,727 | 900 |
*Virco Manufacturing Corp. | 114,415 | 859 |
Standex International Corp. | 29,697 | 846 |
Cohu, Inc. | 45,049 | 836 |
*DDi Corp. | 259,288 | 825 |
*Perceptron, Inc. | 112,506 | 821 |
*Allied Motion Technologies, Inc. | 112,878 | 815 |
*Asyst Technologies, Inc. | 154,409 | 786 |
*Pemco Aviation Group, Inc. | 27,802 | 758 |
*FSI International, Inc. | 153,266 | 716 |
*Genus, Inc. | 358,909 | 689 |
*Therma-Wave Inc. | 196,410 | 680 |
Page 50
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Tut Systems, Inc. | 163,031 | 655 |
*Fairchild Corp. | 177,244 | 654 |
*American Superconductor Corp. | 43,500 | 648 |
*Ducommun, Inc. | 30,595 | 638 |
*Viisage Technology, Inc. | 70,596 | 636 |
*Paragon Technologies, Inc. | 62,830 | 622 |
*Arotech Corp. | 377,129 | 611 |
Skyline Corp. | 14,328 | 585 |
Cascade Corp. | 14,629 | 584 |
Astro-Med, Inc. | 67,754 | 584 |
*Capital Pacific Holdings, Inc. | 139,064 | 556 |
*Global Payment Tech Inc. | 91,507 | 547 |
*Terayon Communications Systems, Inc. | 197,270 | 535 |
Robbins&Myers, Inc. | 22,077 | 526 |
*LMI Aerospace, Inc. | 89,603 | 485 |
*Optical Cable Corp. | 84,976 | 483 |
*Applied Innovation Inc. | 138,050 | 480 |
*Astec Industries, Inc. | 27,775 | 478 |
*August Technology Corp. | 44,040 | 464 |
Summa Industries | 46,740 | 464 |
HEICO Corp. Class A | 26,677 | 461 |
*Orleans Homebuilders, Inc. | 23,133 | 459 |
*TRC Cos., Inc. | 26,935 | 458 |
*BTU International, Inc. | 146,696 | 447 |
*TransAct Technologies Inc. | 20,144 | 430 |
*Peco II, Inc. | 364,564 | 430 |
*Distributed Energy Systems Corp. | 163,042 | 408 |
*Katy Industries, Inc. | 77,069 | 399 |
*Copper Mountain Networks, Inc. | 144,203 | 392 |
*General Binding Corp. | 28,771 | 378 |
Hubbell Inc. Class A | 7,600 | 368 |
SpectraLink Corp. | 25,773 | 365 |
*Electroglas, Inc. | 75,654 | 359 |
*Bell Industries, Inc. | 108,898 | 355 |
*Semitool, Inc. | 37,280 | 346 |
*SatCon Technology Corp. | 158,588 | 320 |
*Powell Industries, Inc. | 16,975 | 314 |
*Somera Communications, Inc. | 236,373 | 300 |
Tech/Ops Sevcon, Inc. | 46,681 | 297 |
*Aerosonic Corp. | 44,254 | 266 |
*Catalytica Energy Systems, Inc. | 114,014 | 258 |
*Beacon Power Corp. | 243,364 | 224 |
*Duratek, Inc. | 8,600 | 214 |
*Proxim Corp. Class A | 52,248 | 214 |
*General Bearing Corp. | 36,504 | 183 |
*Color Kinetics Inc. | 10,100 | 178 |
*Versar Inc. | 40,700 | 177 |
*The Allied Defense Group, Inc. | 7,500 | 167 |
*Dominion Homes, Inc. | 6,522 | 164 |
*American Access Technologies Inc. | 70,247 | 155 |
Collins Industries, Inc. | 15,800 | 96 |
*Flanders Corp. | 7,200 | 69 |
*ZEVEX International, Inc. | 15,407 | 66 |
*TurboChef Technologies, Inc. | 2,200 | 50 |
*Andrea Radio Corp. | 124,782 | 8 |
*Oakwood Homes Corp. | 81,969 | 4 |
Page 51
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*DT Industries, Inc. | 525,268 | 1 |
*Optical Cable Corp. Warrants Exp. 10/24/2007 | 796 | 1 |
2,578,513 | ||
Technology (13.2%) | ||
Microsoft Corp. | 41,520,638 | 1,109,016 |
International Business Machines Corp. | 6,570,627 | 647,732 |
Intel Corp. | 24,500,044 | 573,056 |
*Cisco Systems, Inc. | 25,823,417 | 498,392 |
*Dell Inc. | 9,635,755 | 406,051 |
*Oracle Corp. | 19,748,190 | 270,945 |
QUALCOMM Inc. | 6,216,781 | 263,592 |
Hewlett-Packard Co. | 11,646,083 | 244,218 |
Texas Instruments, Inc. | 6,611,337 | 162,771 |
Motorola, Inc. | 8,952,885 | 153,990 |
*EMC Corp. | 9,242,875 | 137,442 |
*Apple Computer, Inc. | 1,451,497 | 93,476 |
General Dynamics Corp. | 763,543 | 79,867 |
Computer Associates International, Inc. | 2,237,312 | 69,491 |
*Sun Microsystems, Inc. | 12,724,062 | 68,455 |
Raytheon Co. | 1,725,590 | 67,005 |
*Corning, Inc. | 5,331,221 | 62,748 |
*Symantec Corp. | 2,411,319 | 62,116 |
*Lucent Technologies, Inc. | 16,485,793 | 61,987 |
Adobe Systems, Inc. | 911,370 | 57,179 |
*Juniper Networks, Inc. | 2,027,290 | 55,122 |
Analog Devices, Inc. | 1,429,909 | 52,792 |
Maxim Integrated Products, Inc. | 1,245,371 | 52,791 |
*Veritas Software Corp. | 1,655,891 | 47,276 |
Linear Technology Corp. | 1,183,783 | 45,883 |
*Network Appliance, Inc. | 1,368,930 | 45,476 |
Electronic Data Systems Corp. | 1,947,135 | 44,979 |
*Computer Sciences Corp. | 717,521 | 40,447 |
*Broadcom Corp. | 1,232,173 | 39,775 |
Xilinx, Inc. | 1,327,784 | 39,369 |
Rockwell Automation, Inc. | 715,474 | 35,452 |
Autodesk, Inc. | 863,296 | 32,762 |
*Intuit, Inc. | 732,901 | 32,255 |
L-3 Communications Holdings, Inc. | 439,830 | 32,213 |
Seagate Technology | 1,771,371 | 30,592 |
*Advanced Micro Devices, Inc. | 1,357,873 | 29,900 |
*Affiliated Computer Services, Inc. Class A | 495,097 | 29,800 |
*Altera Corp. | 1,427,775 | 29,555 |
*Avaya Inc. | 1,697,518 | 29,197 |
*Micron Technology, Inc. | 2,338,935 | 28,886 |
*Freescale Semiconductor Inc. | 1,530,231 | 27,269 |
*NCR Corp. | 360,388 | 24,950 |
National Semiconductor Corp. | 1,372,542 | 24,637 |
*Cognizant Technology Solutions Corp. | 507,941 | 21,501 |
Microchip Technology, Inc. | 787,642 | 20,999 |
*Siebel Systems, Inc. | 1,933,799 | 20,305 |
*Jabil Circuit, Inc. | 767,713 | 19,638 |
*Solectron Corp. | 3,678,496 | 19,606 |
Scientific-Atlanta, Inc. | 583,497 | 19,261 |
*Comverse Technology, Inc. | 748,541 | 18,302�� |
*McAfee Inc. | 597,688 | 17,291 |
*Sanmina-SCI Corp. | 1,993,817 | 16,888 |
*JDS Uniphase Corp. | 5,271,703 | 16,711 |
Page 52
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Mercury Interactive Corp. | 356,369 | 16,233 |
Applera Corp.-Applied Biosystems Group | 772,231 | 16,147 |
*BMC Software, Inc. | 853,531 | 15,876 |
*Citrix Systems, Inc. | 647,104 | 15,873 |
Symbol Technologies, Inc. | 915,730 | 15,842 |
Harris Corp. | 254,641 | 15,734 |
*NAVTEQ Corp. | 335,394 | 15,549 |
*SanDisk Corp. | 619,629 | 15,472 |
*Zebra Technologies Corp. Class A | 274,247 | 15,435 |
*Tellabs, Inc. | 1,769,048 | 15,196 |
*NVIDIA Corp. | 634,843 | 14,957 |
*Cadence Design Systems, Inc. | 1,045,799 | 14,442 |
*BEA Systems, Inc. | 1,569,311 | 13,904 |
*Storage Technology Corp. | 427,423 | 13,511 |
*QLogic Corp. | 362,616 | 13,319 |
*Unisys Corp. | 1,269,418 | 12,923 |
*Ingram Micro, Inc. Class A | 594,534 | 12,366 |
*Amphenol Corp. | 336,343 | 12,357 |
*Synopsys, Inc. | 596,881 | 11,711 |
*International Rectifier Corp. | 254,626 | 11,349 |
*Cree, Inc. | 280,476 | 11,241 |
PerkinElmer, Inc. | 490,420 | 11,030 |
*SpectraSite, Inc. | 187,357 | 10,848 |
*TIBCO Software Inc. | 802,834 | 10,710 |
*Arrow Electronics, Inc. | 440,217 | 10,697 |
*MEMC Electronic Materials, Inc. | 795,799 | 10,544 |
*Ceridian Corp. | 568,645 | 10,395 |
*Novell, Inc. | 1,467,616 | 9,906 |
*UTStarcom, Inc. | 435,675 | 9,650 |
*Compuware Corp. | 1,477,547 | 9,560 |
*Red Hat, Inc. | 700,505 | 9,352 |
*Vishay Intertechnology, Inc. | 614,148 | 9,224 |
*Rambus Inc. | 390,443 | 8,980 |
Intersil Corp. | 535,816 | 8,970 |
Acxiom Corp. | 329,204 | 8,658 |
*Western Digital Corp. | 797,812 | 8,648 |
*Gateway, Inc. | 1,427,696 | 8,580 |
*Avnet, Inc. | 460,842 | 8,406 |
AVX Corp. | 664,845 | 8,377 |
*ADC Telecommunications, Inc. | 3,098,624 | 8,304 |
*Macromedia, Inc. | 266,692 | 8,299 |
*FLIR Systems, Inc. | 129,162 | 8,239 |
National Instruments Corp. | 301,876 | 8,226 |
*LSI Logic Corp. | 1,472,052 | 8,067 |
Reynolds&Reynolds Class A | 300,845 | 7,975 |
*Brocade Communications Systems, Inc. | 1,005,022 | 7,678 |
*Avocent Corp. | 188,709 | 7,646 |
*CACI International, Inc. | 111,801 | 7,617 |
*Avid Technology, Inc. | 121,953 | 7,531 |
*Fairchild Semiconductor International, Inc. | 456,678 | 7,426 |
*Sybase, Inc. | 367,948 | 7,341 |
*CIENA Corp. | 2,174,005 | 7,261 |
*Atmel Corp. | 1,822,740 | 7,145 |
*Perot Systems Corp. | 441,203 | 7,072 |
*Silicon Laboratories Inc. | 198,686 | 7,016 |
*Hyperion Solutions Corp. | 149,665 | 6,977 |
*Foundry Networks, Inc. | 518,917 | 6,829 |
*Salesforce.com, Inc. | 394,468 | 6,682 |
*Trimble Navigation Ltd. | 196,234 | 6,484 |
Page 53
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*F5 Networks, Inc. | 132,027 | 6,432 |
*SRA International, Inc. | 99,032 | 6,358 |
*3Com Corp. | 1,505,938 | 6,280 |
*Akamai Technologies, Inc. | 480,837 | 6,265 |
*Semtech Corp. | 284,871 | 6,230 |
*Agere Systems Inc. Class A | 4,495,685 | 6,159 |
*BearingPoint, Inc. | 754,904 | 6,062 |
*Parametric Technology Corp. | 1,028,592 | 6,058 |
*UNOVA, Inc. | 233,210 | 5,898 |
ADTRAN Inc. | 305,385 | 5,845 |
*Websense, Inc. | 115,094 | 5,838 |
*Integrated Circuit Systems, Inc. | 278,082 | 5,817 |
*PalmOne, Inc. | 184,096 | 5,808 |
*Quest Software, Inc. | 363,690 | 5,801 |
*Anteon International Corp. | 137,396 | 5,751 |
*Cypress Semiconductor Corp. | 480,232 | 5,633 |
*Skyworks Solutions, Inc. | 596,812 | 5,628 |
*Tessera Technologies, Inc. | 150,739 | 5,609 |
*MICROS Systems, Inc. | 70,499 | 5,503 |
*Varian, Inc. | 133,731 | 5,484 |
*Sonus Networks, Inc. | 944,079 | 5,410 |
*Benchmark Electronics, Inc. | 157,692 | 5,377 |
*Emulex Corp. | 316,774 | 5,334 |
*The Titan Corp. | 323,646 | 5,243 |
*AMIS Holdings Inc. | 317,000 | 5,237 |
*Digital River, Inc. | 124,371 | 5,175 |
*Gartner, Inc. Class A | 414,742 | 5,168 |
*Maxtor Corp. | 947,122 | 5,020 |
Anixter International Inc. | 139,005 | 5,003 |
*WebEx Communications, Inc. | 209,671 | 4,986 |
*Applied Micro Circuits Corp. | 1,183,664 | 4,983 |
*DRS Technologies, Inc. | 116,161 | 4,961 |
*ANSYS, Inc. | 154,184 | 4,943 |
*Tekelec | 241,046 | 4,927 |
*RSA Security Inc. | 244,328 | 4,901 |
*RF Micro Devices, Inc. | 715,361 | 4,893 |
*Macrovision Corp. | 189,467 | 4,873 |
*SigmaTel Inc. | 134,441 | 4,777 |
*Silicon Image, Inc. | 289,360 | 4,763 |
*Coherent, Inc. | 155,961 | 4,747 |
*Integrated Device Technology Inc. | 410,243 | 4,742 |
*MicroStrategy Inc. | 76,604 | 4,615 |
*Intergraph Corp. | 170,129 | 4,582 |
*Altiris, Inc. | 128,138 | 4,540 |
*RealNetworks, Inc. | 669,357 | 4,431 |
*CSG Systems International, Inc. | 232,992 | 4,357 |
Imation Corp. | 136,372 | 4,341 |
*Synaptics Inc. | 141,683 | 4,333 |
*Internet Security Systems, Inc. | 183,285 | 4,261 |
*Wind River Systems Inc. | 314,403 | 4,260 |
*Amkor Technology, Inc. | 637,182 | 4,256 |
*ON Semiconductor Corp. | 921,619 | 4,184 |
*Siliconix, Inc. | 114,362 | 4,173 |
*Sycamore Networks, Inc. | 1,025,955 | 4,165 |
*SafeNet, Inc. | 111,063 | 4,080 |
*Mentor Graphics Corp. | 257,581 | 3,938 |
*ScanSource, Inc. | 62,721 | 3,899 |
*CommScope, Inc. | 203,566 | 3,847 |
*Hutchinson Technology, Inc. | 111,136 | 3,842 |
Page 54
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Ariba, Inc. | 230,268 | 3,822 |
*Verint Systems Inc. | 103,446 | 3,758 |
*Micrel, Inc. | 337,744 | 3,722 |
*FileNET Corp. | 143,941 | 3,708 |
*OmniVision Technologies, Inc. | 200,368 | 3,677 |
*Keane, Inc. | 248,780 | 3,657 |
*Sapient Corp. | 457,843 | 3,622 |
*Dendrite International, Inc. | 185,615 | 3,601 |
*Ascential Software Corp. | 217,081 | 3,541 |
*Electronics for Imaging, Inc. | 202,262 | 3,521 |
*SERENA Software, Inc. | 161,602 | 3,497 |
*InPhonic, Inc. | 123,200 | 3,386 |
*Conexant Systems, Inc. | 1,692,210 | 3,367 |
*Jupitermedia Corp. | 141,547 | 3,366 |
*Opsware, Inc. | 457,739 | 3,360 |
*j2 Global Communications, Inc. | 97,279 | 3,356 |
Black Box Corp. | 68,751 | 3,301 |
*Aeroflex, Inc. | 270,910 | 3,283 |
*DSP Group Inc. | 143,234 | 3,198 |
*FormFactor Inc. | 114,300 | 3,102 |
*Borland Software Corp. | 263,138 | 3,073 |
*KEMET Corp. | 343,353 | 3,073 |
*PDF Solutions, Inc. | 190,084 | 3,062 |
*Vitesse Semiconductor Corp. | 858,821 | 3,032 |
*Intermagnetics General Corp. | 118,955 | 3,023 |
*Ixia | 179,782 | 3,022 |
*ManTech International Corp. | 126,044 | 2,992 |
*Progress Software Corp. | 128,077 | 2,991 |
*Adaptec, Inc. | 384,581 | 2,919 |
*Microsemi Corp. | 167,904 | 2,915 |
*Transaction Systems Architects, Inc. | 145,499 | 2,888 |
Cubic Corp. | 111,734 | 2,812 |
*Manhattan Associates, Inc. | 116,508 | 2,782 |
*McDATA Corp. Class A | 466,721 | 2,782 |
*Equinix, Inc. | 64,370 | 2,751 |
*Extreme Networks, Inc. | 416,422 | 2,728 |
*Kanbay International Inc. | 87,037 | 2,724 |
*Mercury Computer Systems, Inc. | 91,187 | 2,706 |
*II-VI, Inc. | 63,038 | 2,678 |
*Openwave Systems Inc. | 172,247 | 2,663 |
*MIPS Technologies, Inc. | 265,491 | 2,615 |
*Novatel Wireless, Inc. | 132,947 | 2,577 |
*Agere Systems Inc. Class B | 1,900,700 | 2,566 |
*Virage Logic Corp. | 137,876 | 2,560 |
Syntel, Inc. | 145,944 | 2,560 |
*Daktronics, Inc. | 102,561 | 2,553 |
*Aspect Communications Corp. | 229,102 | 2,552 |
*Informatica Corp. | 314,170 | 2,551 |
*NetIQ Corp. | 207,830 | 2,538 |
Inter-Tel, Inc. | 91,823 | 2,514 |
EDO Corp. | 78,935 | 2,506 |
*Comtech Telecommunications Corp. | 65,696 | 2,471 |
*Power Integrations, Inc. | 124,482 | 2,462 |
*Witness Systems, Inc. | 140,372 | 2,451 |
*Epicor Software Corp. | 171,090 | 2,411 |
*Zoran Corp. | 207,018 | 2,397 |
*Stratasys, Inc. | 71,350 | 2,395 |
*Ditech Communications Corp. | 156,805 | 2,344 |
*Lattice Semiconductor Corp. | 407,941 | 2,325 |
Page 55
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*InterVoice, Inc. | 171,973 | 2,296 |
*Identix, Inc. | 308,821 | 2,279 |
*Checkpoint Systems, Inc. | 126,250 | 2,279 |
*ViaSat, Inc. | 93,358 | 2,266 |
*Advanced Digital Information Corp. | 222,725 | 2,232 |
*Lexar Media, Inc. | 283,885 | 2,226 |
*Fargo Electronics | 143,390 | 2,149 |
*TriQuint Semiconductor, Inc. | 480,699 | 2,139 |
*Exar Corp. | 150,210 | 2,131 |
*Newport Corp. | 149,484 | 2,108 |
*Silicon Storage Technology, Inc. | 351,301 | 2,090 |
*Pixelworks, Inc. | 184,210 | 2,089 |
*PortalPlayer Inc. | 84,500 | 2,085 |
Agilysys, Inc. | 120,822 | 2,071 |
*Sigma Designs, Inc. | 205,274 | 2,039 |
*Harmonic, Inc. | 243,124 | 2,028 |
*I.D. Systems, Inc. | 108,577 | 2,026 |
*Digi International, Inc. | 117,712 | 2,023 |
*MRV Communications Inc. | 546,190 | 2,005 |
*Niku Corp. | 99,029 | 1,996 |
*Neoware Systems, Inc. | 213,202 | 1,985 |
*RadiSys Corp. | 100,490 | 1,965 |
*Verity, Inc. | 149,171 | 1,957 |
*Micromuse Inc. | 338,565 | 1,879 |
*Actel Corp. | 106,820 | 1,874 |
*Diodes Inc. | 82,763 | 1,873 |
*Magma Design Automation, Inc. | 148,236 | 1,862 |
*NETGEAR, Inc. | 102,202 | 1,859 |
*Telular Corp. | 217,822 | 1,854 |
*Remec, Inc. | 254,284 | 1,833 |
*3D Systems Corp. | 91,183 | 1,828 |
*Netlogic Microsystems Inc. | 180,718 | 1,805 |
*Vyyo Inc. | 209,084 | 1,800 |
*Ciber, Inc. | 185,141 | 1,785 |
*Interwoven Inc. | 163,949 | 1,784 |
*InFocus Corp. | 193,601 | 1,773 |
Lowrance Electronics, Inc. | 56,269 | 1,772 |
*Cirrus Logic, Inc. | 321,225 | 1,770 |
*Carrier Access Corp. | 165,023 | 1,762 |
*Tyler Technologies, Inc. | 209,047 | 1,748 |
*Pinnacle Systems, Inc. | 284,685 | 1,737 |
*webMethods, Inc. | 240,837 | 1,736 |
*Packeteer, Inc. | 120,115 | 1,736 |
*SeeBeyond Technology Corp. | 484,803 | 1,736 |
*Silicon Graphics, Inc. | 1,000,152 | 1,730 |
*Standard Microsystem Corp. | 96,412 | 1,719 |
*TTM Technologies, Inc. | 145,339 | 1,715 |
*Mechanical Technology Inc. | 276,363 | 1,699 |
*Digitas Inc. | 176,826 | 1,689 |
*Click Commerce, Inc. | 102,832 | 1,652 |
*Ulticom, Inc. | 100,677 | 1,614 |
*Plexus Corp. | 123,879 | 1,612 |
*Broadwing Corp. | 176,562 | 1,608 |
*Stellent Inc. | 181,366 | 1,600 |
*Datastream Systems, Inc. | 230,675 | 1,599 |
*Quantum Corp. | 606,730 | 1,590 |
*Lawson Software Inc. | 231,200 | 1,588 |
*Visual Networks, Inc. | 452,023 | 1,573 |
*SeaChange International, Inc. | 89,347 | 1,558 |
Page 56
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Keynote Systems Inc. | 111,929 | 1,558 |
*NetScout Systems, Inc. | 222,869 | 1,556 |
*Infonet Services Corp. | 747,697 | 1,510 |
*LCC International, Inc. Class A | 256,504 | 1,495 |
*Iomega Corp. | 269,440 | 1,493 |
*COMARCO, Inc. | 172,268 | 1,481 |
*Applix, Inc. | 288,929 | 1,474 |
*TechTeam Global, Inc. | 144,880 | 1,473 |
*Echelon Corp. | 171,736 | 1,449 |
*WorldGate Communications, Inc. | 289,342 | 1,444 |
Talx Corp. | 55,884 | 1,441 |
*MatrixOne, Inc. | 219,773 | 1,440 |
*Enterasys Networks, Inc. | 795,125 | 1,431 |
*Sipex Corp. | 305,092 | 1,428 |
*PEC Solutions, Inc. | 100,528 | 1,424 |
*NVE Corp. | 49,978 | 1,392 |
*American Power Technology, Inc. | 178,108 | 1,379 |
*Dynamics Research Corp. | 77,090 | 1,375 |
Bel Fuse, Inc. Class B | 40,350 | 1,363 |
*OPNET Technologies, Inc. | 161,849 | 1,363 |
*SonicWALL, Inc. | 215,299 | 1,361 |
*Hifn, Inc. | 145,271 | 1,339 |
*Docucorp International, Inc. | 138,019 | 1,311 |
*ESS Technology, Inc. | 181,147 | 1,288 |
*Audible, Inc. | 49,384 | 1,286 |
*Napster, Inc. | 136,820 | 1,286 |
*OSI Systems Inc. | 56,528 | 1,284 |
*EMS Technologies, Inc. | 77,079 | 1,281 |
*Answerthink Consulting Group, Inc. | 270,497 | 1,261 |
*The TriZetto Group, Inc. | 132,286 | 1,257 |
*Komag, Inc. | 66,800 | 1,254 |
*SYNNEX Corp. | 51,900 | 1,249 |
*Pericom Semiconductor Corp. | 132,007 | 1,245 |
*Captiva Software Corp. | 121,630 | 1,241 |
*Finisar Corp. | 540,317 | 1,232 |
*Merge Technologies, Inc. | 55,313 | 1,231 |
*Actuate Software Corp. | 479,638 | 1,223 |
*Interlink Electronics Inc. | 128,865 | 1,219 |
*IPIX Corp. | 207,275 | 1,202 |
*SiRF Technology Holdings, Inc. | 94,500 | 1,202 |
*Integrated Silicon Solution, Inc. | 146,049 | 1,198 |
*Mapics Inc. | 113,007 | 1,192 |
*Genesis Microchip Inc. | 73,182 | 1,187 |
*Avanex Corp. | 355,296 | 1,176 |
*FalconStor Software, Inc. | 122,784 | 1,175 |
*Concurrent Computer Corp. | 410,356 | 1,174 |
*Ansoft Corp. | 58,064 | 1,173 |
*PLX Technology, Inc. | 112,100 | 1,166 |
*Anaren, Inc. | 89,809 | 1,164 |
*Aspen Technologies, Inc. | 185,742 | 1,153 |
*Agile Software Corp. | 140,988 | 1,152 |
*Kopin Corp. | 294,354 | 1,139 |
*Zhone Technologies | 436,978 | 1,132 |
*TippingPoint Technologies Inc. | 24,198 | 1,130 |
*Secure Computing Corp. | 111,983 | 1,118 |
QAD Inc. | 125,168 | 1,116 |
*Sirenza Microdevices, Inc. | 169,712 | 1,113 |
*ScanSoft, Inc. | 265,262 | 1,111 |
*IXYS Corp. | 107,667 | 1,111 |
Page 57
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*MapInfo Corp. | 92,329 | 1,106 |
*@ Road, Inc. | 159,266 | 1,101 |
*SBS Technologies, Inc. | 78,740 | 1,099 |
*Zix Corp. | 209,774 | 1,080 |
*MRO Software Inc. | 82,178 | 1,070 |
*Safeguard Scientifics, Inc. | 500,912 | 1,062 |
*VA Software Corp. | 422,485 | 1,056 |
*Mindspeed Technologies, Inc. | 378,038 | 1,051 |
*Phoenix Technologies Ltd. | 126,528 | 1,045 |
*Verisity Ltd. | 127,425 | 1,045 |
*Cray Inc. | 223,548 | 1,042 |
Methode Electronics, Inc. Class A | 80,499 | 1,034 |
*Viewpoint Corp. | 331,762 | 1,028 |
*Vignette Corp. | 731,399 | 1,017 |
*eCollege.com Inc. | 87,238 | 991 |
Integral Systems, Inc. | 50,783 | 988 |
*Avici Systems Inc. | 108,799 | 985 |
*Kana Software, Inc. | 520,336 | 983 |
*Gerber Scientific, Inc. | 128,809 | 980 |
*Tier Technologies, Inc. | 105,609 | 977 |
*Computer Task Group, Inc. | 174,035 | 975 |
*Mobius Management Systems, Inc. | 134,036 | 972 |
*Blackbaud, Inc. | 66,210 | 969 |
*Pegasystems Inc. | 112,566 | 960 |
*Lionbridge Technologies, Inc. | 141,573 | 951 |
*Monolithic Power Systems | 101,862 | 947 |
*Bell Microproducts Inc. | 98,017 | 943 |
*Westell Technologies, Inc. | 138,180 | 940 |
*Lasercard Corp. | 89,493 | 939 |
*MSC Software Corp. | 89,124 | 933 |
*Volterra Semiconductor Corp. | 42,029 | 931 |
*ActivCard Corp. | 104,375 | 929 |
*Inforte Corp. | 117,354 | 925 |
*Net2Phone, Inc. | 271,795 | 924 |
*Sykes Enterprises, Inc. | 131,063 | 911 |
*Network Equipment Technologies, Inc. | 92,141 | 905 |
*Herley Industries Inc. | 44,214 | 899 |
*KVH Industries, Inc. | 91,757 | 899 |
*Bioveris Corp. | 122,850 | 898 |
*Dot Hill Systems Corp. | 114,357 | 897 |
*PalmSource, Inc. | 70,280 | 895 |
*NetManage, Inc. | 138,244 | 892 |
*Atheros Communications | 86,698 | 889 |
*Concord Communications, Inc. | 80,134 | 888 |
*Paradyne Networks, Inc. | 247,178 | 887 |
SS&C Technologies, Inc. | 42,933 | 887 |
*ePlus Inc. | 74,991 | 886 |
*Blue Coat Systems, Inc. | 46,683 | 869 |
*Ramtron International Corp. | 217,097 | 868 |
*AuthentiDate Holding Corp. | 139,144 | 861 |
*SupportSoft, Inc. | 127,357 | 848 |
*RightNow Technologies Inc. | 51,841 | 837 |
*Covansys Corp. | 54,641 | 836 |
*BindView Development Corp. | 190,851 | 830 |
*JDA Software Group, Inc. | 60,708 | 827 |
*Open Solutions Inc. | 31,700 | 823 |
*Merix Corp. | 70,580 | 813 |
*Excel Technology, Inc. | 30,920 | 804 |
*Embarcadero Technologies, Inc. | 83,917 | 790 |
Page 58
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Bottomline Technologies, Inc. | 53,500 | 775 |
*Online Resources Corp. | 101,711 | 775 |
*Aware, Inc. | 159,317 | 773 |
*All American Semiconductor, Inc. | 130,339 | 772 |
*Research Frontiers, Inc. | 120,735 | 770 |
Park Electrochemical Corp. | 35,354 | 766 |
*Transmeta Corp. | 467,231 | 762 |
*Blackboard Inc. | 50,980 | 755 |
*Wave Systems Corp. | 661,632 | 754 |
*NYFIX, Inc. | 121,529 | 752 |
*Retek Inc. | 121,754 | 749 |
*Forgent Networks, Inc. | 351,466 | 749 |
*QuickLogic Corp. | 260,620 | 740 |
*Captaris Inc. | 142,533 | 735 |
*SPSS, Inc. | 46,783 | 732 |
*iGATE Corp. | 180,610 | 731 |
*Tumbleweed Communications Corp. | 218,084 | 728 |
*Radiant Systems, Inc. | 111,822 | 728 |
*Universal Display Corp. | 80,861 | 728 |
*E.piphany Inc. | 144,402 | 697 |
*Apropos Technology, Inc. | 203,430 | 694 |
*BroadVision, Inc. | 250,715 | 692 |
*Ampex Corp. Class A | 17,507 | 692 |
*Zomax Inc. | 167,263 | 687 |
*Convera Corp. | 147,021 | 685 |
*Norstan, Inc. | 123,408 | 684 |
*Oplink Communications, Inc. | 346,899 | 683 |
BEI Technologies, Inc. | 21,912 | 677 |
*Supertex, Inc. | 31,069 | 674 |
*The Ultimate Software Group, Inc. | 53,147 | 674 |
*Art Technology Group, Inc. | 447,110 | 671 |
*Glenayre Technologies, Inc. | 303,564 | 662 |
*Alliance Semiconductor Corp. | 177,750 | 658 |
*Innovex, Inc. | 120,472 | 657 |
*Ebix, Inc. | 43,323 | 650 |
*EPIQ Systems, Inc. | 44,301 | 649 |
*Nu Horizons Electronics Corp. | 80,995 | 646 |
*Xybernaut Corp. | 521,119 | 641 |
*PC-Tel, Inc. | 79,880 | 633 |
Sunrise Telecom Inc. | 222,772 | 633 |
*Loudeye Corp. | 308,391 | 632 |
*White Electronic Designs Corp. | 99,852 | 632 |
*Redback Networks Inc. | 116,150 | 623 |
*Manugistics Group, Inc. | 215,081 | 617 |
*SAFLINK Corp. | 221,614 | 614 |
TSR, Inc. | 72,300 | 614 |
*Stratex Networks, Inc. | 270,268 | 611 |
*Ceva, Inc. | 66,113 | 602 |
*Overland Storage, Inc. | 35,746 | 597 |
*ImageWare Systems, Inc. | 194,600 | 592 |
*Intellisync Corp. | 285,846 | 583 |
*TranSwitch Corp. | 373,371 | 575 |
*Motive, Inc. | 50,000 | 569 |
*On2 Technologies, Inc. | 902,207 | 568 |
*Plumtree Software, Inc. | 125,200 | 566 |
*WatchGuard Technologies, Inc. | 125,731 | 557 |
*NMS Communications Corp. | 88,047 | 556 |
*Multi-Fineline Electronix, Inc. | 30,274 | 552 |
*Pomeroy IT Solutions, Inc. | 35,344 | 538 |
Page 59
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*Nuance Communications Inc. | 125,883 | 521 |
*Argonaut Technologies Inc. | 539,492 | 518 |
*Computer Horizons Corp. | 135,396 | 516 |
*Trident Microsystems, Inc. | 30,850 | 516 |
*Astea International, Inc. | 75,412 | 512 |
*ANADIGICS, Inc. | 135,190 | 507 |
*Applied Digital Solutions, Inc. | 74,070 | 500 |
*Entrust, Inc. | 131,457 | 498 |
*Vitria Technology, Inc. | 117,400 | 494 |
*Analysts International Corp. | 123,271 | 493 |
*SI International Inc. | 16,000 | 492 |
*Centra Software, Inc. | 208,790 | 489 |
*Numerex Corp. | 99,006 | 465 |
*Aether Systems, Inc. | 137,771 | 462 |
*Leadis Technology Inc. | 42,975 | 458 |
*Vastera, Inc. | 173,581 | 457 |
*Micro Linear Corp. | 92,293 | 455 |
*Interactive Intelligence Inc. | 100,965 | 454 |
*Saba Software, Inc. | 113,296 | 453 |
*Concur Technologies, Inc. | 50,623 | 451 |
*Network Engines, Inc. | 157,636 | 440 |
*Corio, Inc. | 223,863 | 432 |
*MetaSolv, Inc. | 159,023 | 421 |
*Monolithic System Technology, Inc. | 67,292 | 419 |
*Superconductor Technologies Inc. | 298,160 | 414 |
*Optical Communication Products, Inc. | 165,247 | 413 |
*WJ Communications, Inc. | 117,899 | 406 |
*Crossroads Systems, Inc. | 272,644 | 398 |
*Catapult Communications Corp. | 16,412 | 397 |
*Datawatch Corp. | 74,576 | 395 |
*ONYX Software Corp. | 123,492 | 395 |
*Insightful Corp. | 127,358 | 388 |
*Computer Network Technology Corp. | 53,048 | 377 |
*Chordiant Software, Inc. | 161,259 | 368 |
*The SCO Group, Inc. | 86,367 | 366 |
*Selectica, Inc. | 100,865 | 361 |
*Innovative Solutions and Support, Inc. | 10,800 | 360 |
*Planar Systems, Inc. | 30,571 | 343 |
*BSQUARE Corp. | 229,147 | 341 |
*Versant Corp. | 368,092 | 339 |
*Extended Systems Inc. | 136,718 | 336 |
*Sumtotal Systems Inc. | 63,417 | 330 |
*MTI Technology Corp. | 116,469 | 314 |
Bel Fuse, Inc. Class A | 10,580 | 310 |
*Cherokee International Corp. | 32,241 | 310 |
*Centillium Communications, Inc. | 125,678 | 305 |
*I-many, Inc. | 198,131 | 297 |
*SAVVIS Communications Corp. | 253,179 | 294 |
*NASSDA Corp. | 42,439 | 293 |
Celeritek, Inc. | 190,495 | 291 |
*Omtool, Ltd. | 33,644 | 284 |
*eLoyalty Corp. | 48,075 | 283 |
*Segue Software, Inc. | 42,334 | 265 |
*SimpleTech, Inc. | 57,163 | 263 |
*Intraware, Inc. | 223,826 | 262 |
*ACT Teleconferencing, Inc. | 189,778 | 251 |
*Merisel, Inc. | 37,984 | 241 |
Sypris Solutions, Inc. | 15,322 | 235 |
*Netopia, Inc. | 70,688 | 230 |
Page 60
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*InterVideo Inc. | 17,405 | 230 |
*HEI, Inc. | 105,250 | 229 |
*California Micro Devices Corp. | 32,200 | 228 |
*Digimarc Corp. | 23,942 | 223 |
*Internet Capital Group Inc | 24,231 | 218 |
*ACE | 90,366 | 217 |
*Digital Lightwave, Inc. | 163,936 | 215 |
*Interland, Inc. | 64,583 | 211 |
*SCM Microsystems, Inc. | 42,822 | 209 |
*Datalink Corp. | 70,300 | 206 |
*Cosine Communications, Inc. | 72,483 | 201 |
*Critical Path, Inc. | 135,388 | 199 |
*Staktek Holdings Inc. | 42,503 | 197 |
*Quovadx, Inc. | 81,356 | 194 |
*Verso Technologies, Inc. | 265,044 | 191 |
*VIA NET.WORKS, Inc. | 223,374 | 190 |
*SteelCloud Inc. | 93,984 | 180 |
*Verilink Corp. | 62,321 | 169 |
*Mobility Electronics, Inc. | 19,660 | 169 |
*Lantronix, Inc. | 156,839 | 158 |
*Stratos International Inc. | 35,611 | 156 |
*Blue Martini Software, Inc. | 56,042 | 151 |
*Evolving Systems, Inc. | 33,293 | 149 |
*Three-Five Systems, Inc. | 60,050 | 145 |
*Channell Commercial Corp. | 17,150 | 143 |
*CallWave, Inc. | 9,000 | 139 |
*Arbinet Holdings, Inc. | 5,500 | 137 |
*Technology Solutions Co. | 115,839 | 129 |
*Terremark Worldwide, Inc. | 192,100 | 123 |
*Alanco Technologies, Inc. | 115,487 | 113 |
*NaviSite, Inc. | 43,009 | 113 |
*Ezenia!, Inc. | 102,053 | 105 |
*Cogent Communications Group, Inc. | 97,270 | 105 |
*Infocrossing, Inc. | 5,919 | 100 |
*Tripath Technology Inc. | 64,676 | 81 |
*Amtech Systems, Inc. | 18,932 | 80 |
*Airnet Communications Corp. | 26,862 | 80 |
*Cascade Microtech, Inc. | 5,439 | 73 |
*American Science&Engineering, Inc. | 1,720 | 71 |
*GraphOn Corp. | 113,770 | 59 |
*LightPath Technologies, Inc. Class A | 11,807 | 53 |
*Direct Insite Corp. | 30,651 | 52 |
*AXT, Inc. | 32,652 | 52 |
*Kintera Inc. | 5,566 | 50 |
*Network-1 Security Solutions, Inc. | 39,125 | 48 |
*Pemstar Inc. | 25,578 | 46 |
*Callidus Software Inc. | 7,200 | 42 |
*Artisoft, Inc. | 16,051 | 39 |
*The A Consulting Team, Inc. | 4,635 | 32 |
*Freescale Semiconductor, Inc. | 1,576 | 29 |
*Navidec, Inc. | 7,254 | 28 |
*ePresence, Inc. - Escrow | 194,749 | 25 |
*Dynabazaar, Inc. | 65,665 | 23 |
*Versata, Inc. | 7,180 | 20 |
*DSL.Net, Inc. | 82,929 | 18 |
*Storage Computer Corp. | 78,329 | 18 |
*eGain Communications Corp. | 9,782 | 10 |
*M-WAVE, Inc. | 4,000 | 5 |
*Covad Communications Group, Inc. | 1,699 | 4 |
Page 61
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
*NexPrise, Inc. | 4,253 | 3 |
Auspex Systems, Inc. | 116,823 | 2 |
*Microstrategy Inc. Warrants Exp. 6/24/2007 | 16,344 | 1 |
*Media 100 Inc. | 93,278 | -- |
*ProcureNet, Inc. | 22,500 | -- |
7,539,840 | ||
Utilities (6.3%) | ||
Verizon Communications Inc. | 10,573,293 | 428,324 |
SBC Communications Inc. | 12,648,701 | 325,957 |
*Comcast Corp. Class A | 7,945,296 | 264,419 |
BellSouth Corp. | 6,991,959 | 194,307 |
Sprint Corp. | 5,441,893 | 135,231 |
*Nextel Communications, Inc. | 4,116,707 | 123,501 |
Exelon Corp. | 2,521,277 | 111,113 |
Southern Co. | 2,818,566 | 94,478 |
Duke Energy Corp. | 3,581,626 | 90,723 |
Dominion Resources, Inc. | 1,299,415 | 88,022 |
TXU Corp. | 1,133,611 | 73,186 |
ALLTEL Corp. | 1,179,241 | 69,292 |
Entergy Corp. | 868,014 | 58,669 |
AT&T Corp. | 3,021,766 | 57,595 |
FPL Group, Inc. | 708,680 | 52,974 |
*PG&E Corp. | 1,563,627 | 52,038 |
American Electric Power Co., Inc. | 1,513,622 | 51,978 |
FirstEnergy Corp. | 1,261,841 | 49,855 |
Public Service Enterprise Group, Inc. | 906,150 | 46,911 |
Progress Energy, Inc. | 944,183 | 42,715 |
Consolidated Edison Inc. | 923,634 | 40,409 |
Edison International | 1,246,532 | 39,926 |
PPL Corp. | 722,630 | 38,502 |
Ameren Corp. | 743,190 | 37,264 |
Kinder Morgan, Inc. | 472,059 | 34,522 |
*AES Corp. | 2,472,900 | 33,805 |
Sempra Energy | 886,755 | 32,526 |
*Qwest Communications International Inc. | 6,828,372 | 30,318 |
*Cablevision Systems NY Group Class A | 1,182,237 | 29,438 |
Constellation Energy Group, Inc. | 671,233 | 29,340 |
Cinergy Corp. | 690,811 | 28,758 |
DTE Energy Co. | 664,646 | 28,666 |
Xcel Energy, Inc. | 1,529,507 | 27,837 |
*NTL Inc. | 334,743 | 24,423 |
MCI Inc. | 1,206,028 | 24,314 |
KeySpan Corp. | 611,835 | 24,137 |
NiSource, Inc. | 1,006,471 | 22,927 |
*Comcast Corp. Special Class A | 654,930 | 21,508 |
CenturyTel, Inc. | 516,634 | 18,325 |
SCANA Corp. | 426,972 | 16,823 |
Telephone&Data Systems, Inc. | 218,387 | 16,805 |
Questar Corp. | 321,379 | 16,377 |
Pinnacle West Capital Corp. | 349,361 | 15,515 |
Citizens Communications Co. | 1,115,092 | 15,377 |
Wisconsin Energy Corp. | 449,961 | 15,168 |
Energy East Corp. | 561,246 | 14,974 |
*U.S. Cellular Corp. | 329,597 | 14,753 |
*UnitedGlobalCom Inc. Class A | 1,484,526 | 14,341 |
Pepco Holdings, Inc. | 672,517 | 14,338 |
*Nextel Partners, Inc. | 706,791 | 13,811 |
Page 62
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
CenterPoint Energy Inc. | 1,175,379 | 13,282 |
Alliant Energy Corp. | 433,117 | 12,387 |
DPL Inc. | 483,979 | 12,153 |
MDU Resources Group, Inc. | 449,508 | 11,993 |
ONEOK, Inc. | 394,255 | 11,205 |
TECO Energy, Inc. | 721,290 | 11,065 |
NSTAR | 202,923 | 11,015 |
*Western Wireless Corp. Class A | 356,421 | 10,443 |
*Allegheny Energy, Inc. | 486,001 | 9,579 |
Puget Energy, Inc. | 380,613 | 9,401 |
Northeast Utilities | 491,165 | 9,258 |
Hawaiian Electric Industries Inc. | 307,466 | 8,963 |
National Fuel Gas Co. | 315,913 | 8,953 |
Aqua America, Inc. | 362,706 | 8,919 |
OGE Energy Corp. | 335,208 | 8,886 |
*Level 3 Communications, Inc. | 2,608,929 | 8,844 |
Great Plains Energy, Inc. | 284,554 | 8,616 |
AGL Resources Inc. | 250,733 | 8,334 |
Western Gas Resources, Inc. | 282,421 | 8,261 |
Energen Corp. | 139,553 | 8,227 |
*Kinder Morgan Management, LLC | 199,184 | 8,107 |
UGI Corp. Holding Co. | 194,506 | 7,957 |
Vectren Corp. | 290,635 | 7,789 |
*CMS Energy Corp. | 730,491 | 7,634 |
*Southwestern Energy Co. | 147,910 | 7,498 |
Westar Energy, Inc. | 327,500 | 7,490 |
*Southern Union Co. | 298,931 | 7,168 |
WPS Resources Corp. | 142,776 | 7,133 |
Atmos Energy Corp. | 250,127 | 6,841 |
Piedmont Natural Gas, Inc. | 292,848 | 6,806 |
Peoples Energy Corp. | 144,217 | 6,338 |
NICOR Inc. | 169,017 | 6,243 |
PNM Resources Inc. | 231,799 | 5,862 |
WGL Holdings Inc. | 186,833 | 5,762 |
Duquesne Light Holdings, Inc. | 294,251 | 5,547 |
*Commonwealth Telephone Enterprises, Inc. | 104,372 | 5,183 |
*Sierra Pacific Resources | 490,509 | 5,150 |
*Price Communications Corp. | 266,921 | 4,962 |
*IDT Corp. Class B | 296,402 | 4,588 |
New Jersey Resources Corp. | 104,650 | 4,536 |
IDACORP, Inc. | 146,445 | 4,477 |
Northwest Natural Gas Co. | 129,490 | 4,369 |
Avista Corp. | 233,157 | 4,120 |
ALLETE, Inc. | 109,242 | 4,015 |
*Cincinnati Bell Inc. | 933,886 | 3,876 |
*El Paso Electric Co. | 192,503 | 3,646 |
*Alamosa Holdings, Inc. | 291,128 | 3,630 |
Black Hills Corp. | 113,786 | 3,491 |
Southwest Gas Corp. | 134,114 | 3,406 |
UniSource Energy Corp. | 138,178 | 3,331 |
CH Energy Group, Inc. | 67,184 | 3,228 |
Cleco Corp. | 156,511 | 3,171 |
UIL Holdings Corp. | 61,047 | 3,132 |
South Jersey Industries, Inc. | 57,241 | 3,009 |
The Laclede Group, Inc. | 95,115 | 2,963 |
*PTEK Holdings, Inc. | 259,009 | 2,774 |
Empire District Electric Co. | 115,103 | 2,611 |
Iowa Telecommunications Services Inc. | 117,900 | 2,543 |
*UbiquiTel Inc. | 336,242 | 2,394 |
Page 63
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Surewest Communications | 78,552 | 2,227 |
*Aquila, Inc. | 596,434 | 2,201 |
California Water Service Group | 57,320 | 2,158 |
Otter Tail Corp. | 83,583 | 2,134 |
MGE Energy, Inc. | 57,117 | 2,058 |
*Centennial Communications Corp. Class A | 258,326 | 2,049 |
American States Water Co. | 78,496 | 2,041 |
*Mediacom Communications Corp. | 324,473 | 2,028 |
*Global Crossing Ltd. | 98,800 | 1,792 |
Cascade Natural Gas Corp. | 83,655 | 1,773 |
*Talk America Holdings, Inc. | 243,059 | 1,609 |
*General Communication, Inc. | 136,149 | 1,503 |
Green Mountain Power Corp. | 49,663 | 1,432 |
Connecticut Water Services, Inc. | 53,910 | 1,428 |
SJW Corp. | 39,127 | 1,424 |
North Pittsburgh Systems, Inc. | 55,896 | 1,382 |
Hector Communications Corp. | 61,452 | 1,343 |
Atlantic Tele-Network, Inc. | 41,040 | 1,334 |
Middlesex Water Co. | 62,718 | 1,188 |
Central Vermont Public Service Corp. | 47,368 | 1,102 |
Chesapeake Utilities Corp. | 39,144 | 1,045 |
*Time Warner Telecom Inc. | 235,403 | 1,026 |
*Primus Telecommunications Group, Inc. | 313,681 | 998 |
*IDT Corp. | 64,834 | 952 |
EnergySouth, Inc. | 31,926 | 895 |
Shenandoah Telecommunications Co. | 26,747 | 801 |
*Triton PCS, Inc. | 230,621 | 789 |
*Dobson Communications Corp. | 383,088 | 659 |
*Boston Communications Group, Inc. | 70,272 | 649 |
Maine&Maritimes Corp. | 24,154 | 636 |
CT Communications, Inc. | 46,088 | 567 |
D&E Communications, Inc. | 41,340 | 498 |
*Intrado Inc. | 38,354 | 464 |
*AirGate PCS, Inc. | 12,846 | 457 |
*US LEC Corp. Class A | 126,711 | 405 |
Warwick Valley Telephone Co. | 17,958 | 405 |
Hickory Tech Corp. | 34,088 | 364 |
*Hungarian Telephone and Cable Corp. | 20,067 | 289 |
*Covista Communications, Inc. | 115,783 | 225 |
*McLeod USA Inc. | 256,695 | 185 |
*Penn Octane Corp. | 121,620 | 131 |
*Pac-West Telecom, Inc. | 90,353 | 119 |
*Z-Tel Technologies, Inc. | 37,384 | 64 |
*FiberNet Telecom Group, Inc. | 48,291 | 42 |
*Ormat Technologies Inc. | 2,200 | 36 |
*GoAmerica, Inc. | 252 | 2 |
*XO Communications, Inc. | 414 | 1 |
3,585,989 | ||
Other (4.7%) | ||
General Electric Co. | 40,323,912 | 1,471,823 |
*Berkshire Hathaway Inc. Class A | 5,423 | 476,682 |
3M Co. | 2,992,884 | 245,626 |
Honeywell International Inc. | 3,282,908 | 116,248 |
Johnson Controls, Inc. | 726,875 | 46,113 |
Fortune Brands, Inc. | 551,046 | 42,530 |
Eaton Corp. | 579,552 | 41,936 |
*Berkshire Hathaway Inc. Class B | 13,665 | 40,120 |
Page 64
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
Textron, Inc. | 529,325 | 39,064 |
ITT Industries, Inc. | 353,064 | 29,816 |
Brunswick Corp. | 365,623 | 18,098 |
Hillenbrand Industries, Inc. | 236,754 | 13,149 |
SPX Corp. | 291,197 | 11,665 |
Wesco Financial Corp. | 27,227 | 10,700 |
Teleflex Inc. | 154,047 | 8,001 |
Carlisle Co., Inc. | 119,357 | 7,749 |
Walter Industries, Inc. | 183,537 | 6,191 |
Trinity Industries, Inc. | 180,746 | 6,160 |
Lancaster Colony Corp. | 137,054 | 5,876 |
*McDermott International, Inc. | 212,572 | 3,903 |
GenCorp, Inc. | 155,536 | 2,888 |
Raven Industries, Inc. | 90,146 | 1,921 |
GenTek, Inc. | 38,531 | 1,724 |
*United Capital Corp. | 71,784 | 1,626 |
*Sequa Corp. Class A | 24,228 | 1,482 |
*Xanser Corp. | 466,634 | 1,307 |
Kaman Corp. Class A | 55,466 | 702 |
*Foster Wheeler Ltd. | 11,758 | 187 |
*Foster Wheeler Ltd. Class B Warrants Exp. 9/24/2007 | 235,171 | 76 |
2,653,363 | ||
TOTAL COMMON STOCKS | ||
(Cost $48,265,803) | 56,960,347 | |
TEMPORARY CASH INVESTMENTS (2.2%)(1) | ||
Money Market Fund (2.2%) | ||
Vanguard Market Liquidity Fund, 2.26%** | 1,241,289,791 | 1,241,290 |
Face | ||
Amount | ||
(000) | ||
U.S. Government and Agency Obligations | ||
(2)Federal National Mortgage Assn.+ | ||
1.84%, 1/10/2005 | $ 5,000 | 4,998 |
(2)U.S. Treasury Bill | ||
1.74%, 1/27/2005 | 11,000 | 10,986 |
15,984 | ||
Page 65
Vanguard Total Stock Market Index Fund | ||
---|---|---|
Schedule of Investments December 31, 2004 | Shares | Market Value ($ 000) |
TOTAL TEMPORARY CASH INVESTMENTS | ||
(Cost $1,257,274) | 1,257,274 | |
TOTAL INVESTMENTS (102.1%) | ||
(Cost $49,523,077) | 58,217,621 | |
OTHER ASSETS AND LIABILITIES--NET (-2.1%) | (1,203,487) | |
NET ASSETS (100%) | $ 57,014,134 | |
*Non-income-producing security.
**Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
†The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer’s line-of-credit) would require congressional action.
(1)The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.1% and 2.0%, respectively, of net assets.
(2)Securities with an aggregate value of $15,984,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard Index Fund and the Shareholders of Vanguard Total Stock MarketIndex Fund
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements (not presented herein) of Vanguard Total Stock Market Index Fund (a separate fund of Vanguard Index Fund), the “Fund” as of December 31, 2004, and for the year then ended and have issued our unqualified report thereon dated February 8, 2005. Our audit included an audit of the Fund’s schedule of investments as of December 31, 2004. This schedule of investments is the responsibility of the Fund’s management. Our responsibility is to express an opinion on this schedule of investments based on our audit.
In our opinion, the accompanying schedule of investments referred to above, when read in conjunction with the financial statements of the Fund referred to above, presents fairly, in all material respects, the information set forth therein.
PricewaterhouseCoopers LLP
Philadelphia, PA
February 8, 2005
Item 7: Not applicable.
Item 8: Not applicable.
Item 9: Not applicable.
Item 10: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s internal control over financial reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 11: Exhibits.
(a) Code of Ethics.
(b) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD INDEX FUNDS | |
BY: | (signature) |
(HEIDI STAM) JOHN J. BRENNAN* CHIEF EXECUTIVE OFFICER |
Date: | February 16, 2005 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD INDEX FUNDS | |
BY: | (signature) |
(HEIDI STAM) JOHN J. BRENNAN* CHIEF EXECUTIVE OFFICER |
Date: | February 16, 2005 |
VANGUARD INDEX FUNDS | |
BY: | (signature) |
(HEIDI STAM) THOMAS J. HIGGINS* TREASURER |
Date: | February 16, 2005 |
*By Power of Attorney. Filed on December 20, 2004, see File Number 002-14336. Incorporated by Reference.