UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
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: | Heidi Stam, 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, 2009 – December 31, 2009 | |
Item 1: Reports to Shareholders |
Vanguard 500 Index Fund |
Annual Report |
December 31, 2009 |
> After a dismal start to the year, stocks began a steady rise in March to finish
2009 with strong returns.
> For the fiscal year ended December 31, 2009, Vanguard 500 Index Fund returned
about 26% and closely tracked its benchmark index.
> Led by information technology stocks, all ten industry sectors posted gains.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
Results of Proxy Voting. | 8 |
Fund Profile. | 10 |
Performance Summary. | 11 |
Financial Statements. | 13 |
Your Fund’s After-Tax Returns. | 30 |
About Your Fund’s Expenses. | 31 |
Glossary. | 33 |
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 front of this report. Of course, the
risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
Cover photograph: Veronica Coia.
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2009 | |
Total | |
Returns | |
Vanguard 500 Index Fund | |
Investor Shares | 26.49% |
Admiral™ Shares | 26.62 |
Signal® Shares | 26.61 |
S&P 500 Index | 26.46 |
Large-Cap Core Funds Average | 27.46 |
Large-Cap Core Funds Average: Derived from data provided by Lipper Inc.
Admiral Shares are a lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund. Signal Shares also carry lower costs and are available to certain institutional shareholders who meet specific administrative, service, and account-size criteria.
Your Fund’s Performance at a Glance
December 31, 2008 , Through December 31, 2009
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard 500 Index Fund | ||||
Investor Shares | $83.09 | $102.67 | $2.104 | $0.000 |
Admiral Shares | 83.09 | 102.67 | 2.203 | 0.000 |
Signal Shares | 68.64 | 84.81 | 1.820 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
Vanguard 500 Index Fund returned about 26% for 2009 as many U.S. stocks rebounded off their March lows and advanced throughout the rest of the year. The fund met its objective of closely tracking its unmanaged benchmark. It slightly trailed the average return of its large-capitalization peers.
Despite its strong advance, the fund made no capital gains distributions, a benefit to shareholders in taxable accounts. You may wish to review the fund’s after-tax returns later in this report.
Impressive stock returns masked lingering uncertainties
For the 12 months ended December 31, 2009, the broad U.S. stock market returned more than 29%, its highest calendar-year return since 2003. The year began with the market searching for a bottom, and it finally hit a low point in early March. From there, stocks mounted one of their strongest rallies ever—in magnitude and duration—resulting in a check mark-shaped stock chart for 2009.
The market’s outsized result came against a backdrop of economic uncertainty. The economy, which struggled to regain its footing as the financial crisis abated, began to show signs of growth in the second half of the year, even as unemployment climbed to levels not seen since 1983.
2
Stock markets outside the United States fared even better during 2009, especially many emerging markets, which weathered the financial crisis in relatively better fiscal and economic shape than their developed-market counterparts.
Bond markets calmed down, money market funds endured
Compared with the last months of 2008, when credit markets seized up and investors fled to the safety of U.S. Treasuries, 2009 represented a return to normalcy for bonds. Investors’ appetite for risk returned, and the demand for corporate bonds increased, raising their prices and bringing down their yields. For the 12 months ended December 31, the
broad taxable bond market returned about 6%, while municipal bonds returned about 13%.
Meanwhile, money market funds and other short-term savings vehicles did poorly in 2009. Interest rates at the shortest end of the maturity spectrum remained at historic lows, a casualty of the Federal Reserve Board’s efforts to revive the economy. The Fed kept its target for the federal funds rate between 0% and 0.25% for the entire year.
Broad-based recovery lifted fund’s returns
For the Vanguard 500 Index Fund and the broader U.S. stock market, 2009 featured a momentous turnaround. Widespread
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2009 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 28.43% | -5.36% | 0.79% |
Russell 2000 Index (Small-caps) | 27.17 | -6.07 | 0.51 |
Dow Jones U.S. Total Stock Market Index | 29.35 | -5.01 | 1.09 |
MSCI All Country World Index ex USA (International) | 42.14 | -3.04 | 6.30 |
Bonds | |||
Barclays Capital U.S. Aggregate Bond Index (Broad | |||
taxable market) | 5.93% | 6.04% | 4.97% |
Barclays Capital Municipal Bond Index | 12.91 | 4.41 | 4.32 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.16 | 2.22 | 2.88 |
CPI | |||
Consumer Price Index | 2.72% | 2.28% | 2.56% |
3
pessimism stemming from the global financial crisis was followed by a historic rebound as government stimulus programs took hold and signs of recovery appeared on the distant horizon of the deepest economic downturn in a generation.
From the year’s start through early March, the benchmark Standard & Poor’s 500 Index declined nearly 25% before reversing course and gaining almost 68% through the rest of the year. The recovery was broad-based as all ten sectors posted gains for the year—in striking contrast to 2008, when all sectors recorded losses.
Information technology, the largest sector in the index and in the fund, returned more than 60% and contributed nearly 11 percentage points to the fund’s return. Having slashed their budgets during the financial crisis, many corporations resumed spending on communications equipment, computer hardware, and computer software. Consumers, too, gradually opened their wallets, and sales of home computers and electronic components helped lift the sector.
Although the downturn spurred an increase in the nationwide savings rate, certain consumer discretionary companies were well-positioned to benefit from cost-
Expense Ratios | ||||
Your Fund Compared With Its Peer Group | ||||
Investor | Admiral | Signal | Peer Group | |
Shares | Shares | Shares | Average | |
500 Index Fund | 0.18% | 0.09% | 0.09% | 1.26% |
The fund expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.18% for Investor Shares, 0.07% for Admiral Shares, and 0.07% for Signal Shares. The peer-group expense ratio is derived from data provided by Lipper Inc. and captures information through year-end 2008.
Peer group: Large-Cap Core Funds.
4
conscious customers. Internet retailers, media companies, home improvement retailers, and recreation-oriented companies were among the firms that bounced back and drove the sector’s return of nearly 42%.
Financial stocks, the index’s poorest-performing sector in 2008, were also instrumental in the recovery, with a gain of about 17%. Giant banks passed the Treasury Department’s stress tests and began to regain investors’ confidence. Companies in the broader sector, including investment firms, consumer-finance firms, and insurance companies, took advantage of record-low interest rates to improve
their balance sheets. Health care and industrials each returned about 20%. While the materials sector is one of the index’s smallest, its nearly 50% return provided a spark.
Fund has kept ahead of actively managed peers
Over the past ten years, Vanguard 500 Index Fund’s Investor Shares recorded an average annual return of –1.03%, more than 1 percentage point better than the average result for its large-cap core peers (most of which are actively managed). The fund also closely tracked the return of its unmanaged benchmark, which has no costs or operating expenses. Vanguard
Total Returns | |
Ten Years Ended December 31, 2009 | |
Average | |
Annual Return | |
500 Index Fund Investor Shares | -1.03% |
S&P 500 Index | -0.95 |
Large-Cap Core Funds Average | -2.21 |
Large-Cap Core Funds Average: Derived from data provided by Lipper Inc. |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
5
Quantitative Equity Group, which has more than 30 years of index-tracking experience, has developed sophisticated portfolio construction and trading methodologies to help Vanguard deliver sound index-fund management in a variety of different marketplaces and market environments. The group’s efforts are made easier, of course, by the funds’ low operating expenses.
While equity returns for the decade were undoubtedly disappointing, it’s worthwhile to consider the investing environment, which included the bursting of the technology stock bubble and three straight years of negative returns from 2000 through 2002, as well as the global financial crisis of 2008–2009. Looking beyond the past decade, the fund’s 10.49% average annual return since its inception in 1976 is more consistent with the financial market’s results over the past 100 years.
We believe the reasons for long-term equity investing remain sound. History indicates that both the U.S. economy and stock market have been resilient over the years and have overcome many crises, including the Great Depression and two World Wars. The inherent risk in equity investments is, paradoxically, both why they sometimes generate poor returns, and why we expect them to outperform less risky assets over time.
Staying the course counts in diverse market conditions
The unpredictability that underlies the stock market was abundantly clear in 2009. After returning about –37% for 2008, the worst calendar-year performance since 1931, the broad U.S. stock market continued its sharp decline during the first two months of 2009. In March, even as credit markets hit another rough patch and economic reports signaled the deepening of the recession, the stock market began a recovery that lasted through year-end. Investors who sat on the sidelines did not participate in the market’s remarkable recovery.
Of course, nobody knows what 2010 will bring. While we can’t control the markets or the economy, we can control how we react to the inevitable volatility and incessant “noise” that accompanies it. At Vanguard, we always advocate a balanced investment approach that includes stock, bond, and money market funds in proportion to your goals and unique financial circumstances. The 500 Index Fund can serve you well as a low-cost, long-term holding and as the core of an investment portfolio that may also include actively managed funds and other asset classes.
6
On another matter, I would like to inform you that on January 1, 2010, we completed a leadership transition that began in March 2008. I succeeded Jack Brennan as chairman of Vanguard and each of the funds. Jack has agreed to serve as chairman emeritus and senior advisor.
Under Jack’s leadership, Vanguard has grown to become a preeminent firm in the mutual fund industry. Jack’s energy, his relentless pursuit of perfection, and his unwavering focus on always doing the right thing for our clients are evident in every facet of Vanguard policy today.
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
January 13, 2010
7
Results of Proxy Voting
At a special meeting of shareholders on July 2, 2009, fund shareholders approved the following two proposals:
Proposal 1—Elect trustees for each fund.*
The individuals listed in the table below were elected as trustees for each fund. All trustees with the exception of Messrs. McNabb and Volanakis (both of whom already served as directors of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Percentage | |||
Trustee | For | Withheld | For |
John J. Brennan | 5,783,728,017 | 132,330,913 | 97.7% |
Charles D. Ellis | 5,728,724,219 | 187,334,711 | 96.8% |
Emerson U. Fullwood | 5,780,086,736 | 135,972,194 | 97.7% |
Rajiv L. Gupta | 5,775,585,512 | 140,473,418 | 97.6% |
Amy Gutmann | 5,783,328,789 | 132,730,141 | 97.7% |
JoAnn Heffernan Heisen | 5,774,973,685 | 141,085,245 | 97.6% |
F. William McNabb III | 5,787,447,014 | 128,611,916 | 97.8% |
André F. Perold | 5,773,103,389 | 142,955,541 | 97.5% |
Alfred M. Rankin, Jr. | 5,776,127,477 | 139,931,453 | 97.6% |
Peter F. Volanakis | 5,791,986,958 | 124,071,972 | 97.9% |
* Results are for all funds within the same trust. | |||
Proposal 2—Update and standardize the funds’ fundamental policies regarding: | |||
(a) Purchasing and selling real estate. | |||
(b) Issuing senior securities. | |||
(c) Borrowing money. | |||
(d) Making loans. | |||
(e) Purchasing and selling commodities. | |||
(f) Concentrating investments in a particular industry or group of industries. | |||
(g) Eliminating outdated fundamental investment policies not required by law. |
The revised fundamental policies are clearly stated and simple, yet comprehensive, making oversight and compliance more efficient than under the former policies. The revised fundamental policies will allow the funds to respond more quickly to regulatory and market changes, while avoiding the costs and delays associated with successive shareholder meetings.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
500 Index Fund | |||||
2a | 535,068,695 | 14,287,233 | 23,630,436 | 52,959,217 | 85.5% |
2b | 532,900,301 | 15,923,319 | 24,162,735 | 52,959,227 | 85.1% |
2c | 523,275,838 | 15,181,436 | 34,529,083 | 52,959,224 | 83.6% |
2d | 529,013,205 | 15,491,617 | 28,481,538 | 52,959,221 | 84.5% |
2e | 527,710,151 | 14,966,646 | 30,309,562 | 52,959,222 | 84.3% |
2f | 531,513,462 | 15,168,943 | 26,303,961 | 52,959,215 | 84.9% |
2g | 537,565,674 | 15,041,719 | 20,378,969 | 52,959,219 | 85.9% |
8
Fund shareholders did not approve this proposal:
Proposal 3—Institute procedures to prevent holding investments in companies that, in the judgment of the board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.
The trustees recommended a vote against the proposal because it called for procedures that duplicate existing practices and procedures of the Vanguard funds.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
500 Index Fund | 59,535,907 | 27,083,733 | 486,162,146 | 53,163,794 | 9.5% |
9
500 Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics | |||
Investor | Admiral | Signal | |
Shares | Shares | Shares | |
Ticker Symbol | VFINX | VFIAX | VIFSX |
Expense Ratio1 | 0.18% | 0.09% | 0.09% |
30-Day SEC Yield | 1.72% | 1.84% | 1.84% |
Portfolio Characteristics | |||
DJ | |||
U.S. Total | |||
S&P 500 | Market | ||
Fund | Index | Index | |
Number of Stocks | 503 | 500 | 4,201 |
Median Market Cap | $42.7B | $42.7B | $30.7B |
Price/Earnings Ratio | 30.3x | 30.3x | 35.7x |
Price/Book Ratio | 2.2x | 2.2x | 2.1x |
Return on Equity | 20.8% | 20.8% | 19.3% |
Earnings Growth Rate | 8.2% | 8.2% | 8.1% |
Dividend Yield | 1.9% | 1.9% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 12% | — | — |
Short-Term Reserves | 0.1% | — | — |
Sector Diversification (% of equity exposure) | |||
DJ | |||
U.S. Total | |||
S&P 500 | Market | ||
Fund | Index | Index | |
Consumer | |||
Discretionary | 9.6% | 9.6% | 10.3% |
Consumer Staples | 11.4 | 11.4 | 9.9 |
Energy | 11.5 | 11.5 | 10.6 |
Financials | 14.4 | 14.4 | 16.0 |
Health Care | 12.6 | 12.6 | 12.6 |
Industrials | 10.2 | 10.2 | 10.6 |
Information | |||
Technology | 19.8 | 19.8 | 19.3 |
Materials | 3.6 | 3.6 | 4.0 |
Telecommunication | |||
Services | 3.2 | 3.2 | 2.9 |
Utilities | 3.7 | 3.7 | 3.8 |
Volatility Measures | ||
DJ | ||
U.S. Total | ||
S&P 500 | Market | |
Index | Index | |
R-Squared | 1.00 | 0.99 |
Beta | 1.00 | 0.97 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Exxon Mobil Corp. | Integrated Oil & | |
Gas | 3.3% | |
Microsoft Corp. | Systems Software | 2.4 |
Apple Inc. | Computer | |
Hardware | 1.9 | |
Johnson & Johnson | Pharmaceuticals | 1.8 |
Procter & Gamble Co. | Household | |
Products | 1.8 | |
International Business | Computer | |
Machines Corp. | Hardware | 1.7 |
AT&T Inc. | Integrated | |
Telecommunication | ||
Services | 1.7 | |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.7 | |
General Electric Co. | Industrial | |
Conglomerates | 1.6 | |
Chevron Corp. | Integrated Oil & | |
Gas | 1.6 | |
Top Ten | 19.5% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based
on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.18% for
Investor Shares, 0.07% for Admiral Shares, and 0.07% for Signal Shares.
10
500 Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: December 31, 1999, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2009 | |||||
Final Value | |||||
One�� | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
500 Index Fund Investor Shares | 26.49% | 0.34% | -1.03% | $9,016 | |
•••••••• | Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 9,828 | |
– – – – | Large-Cap S&P 500 Index Core Funds Average | 27.46 26.46 | -0.15 0.42 | -2.21 -0.95 | 8,001 9,090 |
Large-Cap Core Funds Average: Derived from data provided by Lipper Inc.
Since | Final Value | |||
One | Five | Inception | of a $100,000 | |
Year | Years | (11/13/2000) | Investment | |
500 Index Fund Admiral Shares | 26.62% | 0.43% | -0.25% | $97,752 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | 0.79 | 107,434 |
S&P 500 Index | 26.46 | 0.42 | -0.24 | 97,869 |
Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
11
500 Index Fund
Since | Final Value | ||
One | Inception | of a $1,000,000 | |
Year | (9/29/2006) | Investment | |
500 Index Fund Signal Shares | 26.61% | -3.25% | $897,974 |
Dow Jones U.S. Total Stock Market | |||
Index | 29.35 | -2.54 | 919,731 |
S&P 500 Index | 26.46 | -3.29 | 896,827 |
Performance for the fund’s Signal Shares and comparative standards is calculated since the Signal Shares’ inception. |
Fiscal-Year Total Returns (%): December 31, 1999, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
12
500 Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2009
The fund reports a complete list of its holdings in regulatory filings 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).
Market | |||
Value• | |||
Shares | ($000) | ||
Common Stocks (100.0%) | |||
Consumer Discretionary (9.6%) | |||
McDonald’s Corp. | 10,139,235 | 633,094 | |
Walt Disney Co. | 18,055,915 | 582,303 | |
Home Depot Inc. | 15,975,802 | 462,180 | |
Comcast Corp. Class A | 25,515,769 | 430,196 | |
* | Amazon.com Inc. | 3,132,263 | 421,352 |
Target Corp. | 7,068,130 | 341,885 | |
Lowe’s Cos. Inc. | 13,829,990 | 323,484 | |
Time Warner Inc. | 10,969,602 | 319,654 | |
* | Ford Motor Co. | 31,070,836 | 310,708 |
* | DIRECTV Class A | 8,989,792 | 299,810 |
News Corp. Class A | 21,169,282 | 289,808 | |
NIKE Inc. Class B | 3,660,321 | 241,837 | |
Johnson Controls Inc. | 6,304,752 | 171,741 | |
* | Viacom Inc. Class B | 5,702,729 | 169,542 |
Staples Inc. | 6,800,975 | 167,236 | |
* | Starbucks Corp. | 6,979,486 | 160,947 |
* | Kohl’s Corp. | 2,880,443 | 155,342 |
Yum! Brands Inc. | 4,393,954 | 153,657 | |
TJX Cos. Inc. | 3,943,017 | 144,117 | |
Time Warner Cable Inc. | 3,310,974 | 137,041 | |
* | Carnival Corp. | 4,105,416 | 130,101 |
Best Buy Co. Inc. | 3,208,808 | 126,620 | |
Omnicom Group Inc. | 2,923,962 | 114,473 | |
Coach Inc. | 2,996,222 | 109,452 | |
McGraw-Hill Cos. Inc. | 2,958,286 | 99,132 | |
* | Bed Bath & Beyond Inc. | 2,467,780 | 95,330 |
Gap Inc. | 4,472,676 | 93,703 | |
* | priceline.com Inc. | 412,897 | 90,218 |
CBS Corp. Class B | 6,361,668 | 89,381 | |
* | Apollo Group Inc. Class A | 1,207,250 | 73,135 |
H&R Block Inc. | 3,151,519 | 71,287 | |
Mattel Inc. | 3,397,530 | 67,883 | |
Macy’s Inc. | 3,957,133 | 66,322 | |
Marriott International Inc. | |||
Class A | 2,384,108 | 64,967 | |
Starwood Hotels & | |||
Resorts Worldwide Inc. | 1,757,670 | 64,278 | |
VF Corp. | 834,471 | 61,117 |
Fortune Brands Inc. | 1,412,250 | 61,009 | |
JC Penney Co. Inc. | 2,216,852 | 58,990 | |
Nordstrom Inc. | 1,552,698 | 58,350 | |
Genuine Parts Co. | 1,499,530 | 56,922 | |
Whirlpool Corp. | 697,664 | 56,274 | |
Harley-Davidson Inc. | 2,202,311 | 55,498 | |
Sherwin-Williams Co. | 894,307 | 55,134 | |
International Game | |||
Technology | 2,789,878 | 52,366 | |
* | Expedia Inc. | 1,980,103 | 50,908 |
Tiffany & Co. | 1,169,027 | 50,268 | |
Ross Stores Inc. | 1,175,050 | 50,186 | |
* | O’Reilly Automotive Inc. | 1,288,644 | 49,123 |
Ltd Brands Inc. | 2,512,728 | 48,345 | |
Darden Restaurants Inc. | 1,311,462 | 45,993 | |
* | AutoZone Inc. | 280,992 | 44,416 |
Polo Ralph Lauren Corp. | |||
Class A | 539,582 | 43,695 | |
Newell Rubbermaid Inc. | 2,608,477 | 39,153 | |
*,^ | Sears Holdings Corp. | 456,473 | 38,093 |
Wynn Resorts Ltd. | 647,568 | 37,708 | |
Hasbro Inc. | 1,170,092 | 37,513 | |
Black & Decker Corp. | 565,711 | 36,675 | |
Family Dollar Stores Inc. | 1,303,649 | 36,281 | |
Scripps Networks | |||
Interactive Inc. Class A | 841,165 | 34,908 | |
* | GameStop Corp. Class A | 1,546,735 | 33,935 |
Wyndham Worldwide Corp. | 1,677,718 | 33,840 | |
* | Interpublic Group of | ||
Cos. Inc. | 4,572,370 | 33,744 | |
Gannett Co. Inc. | 2,221,996 | 32,997 | |
DeVry Inc. | 581,171 | 32,970 | |
* | Goodyear Tire | ||
& Rubber Co. | 2,277,596 | 32,114 | |
Pulte Homes Inc. | 2,969,508 | 29,695 | |
Leggett & Platt Inc. | 1,430,713 | 29,187 | |
Abercrombie & Fitch Co. | 827,514 | 28,839 | |
DR Horton Inc. | 2,599,510 | 28,257 | |
Washington Post Co. | |||
Class B | 58,346 | 25,649 |
13
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Harman International | |||
Industries Inc. | 652,394 | 23,017 | |
RadioShack Corp. | 1,177,475 | 22,961 | |
* | Big Lots Inc. | 777,123 | 22,521 |
Comcast Corp. | 1,304,720 | 20,889 | |
Lennar Corp. Class A | 1,517,474 | 19,378 | |
* | Office Depot Inc. | 2,583,961 | 16,667 |
* | AutoNation Inc. | 869,702 | 16,655 |
* | New York Times Co. | ||
Class A | 1,087,559 | 13,442 | |
* | Eastman Kodak Co. | 2,522,521 | 10,645 |
Meredith Corp. | 344,663 | 10,633 | |
8,949,176 | |||
Consumer Staples (11.4%) | |||
Procter & Gamble Co. | 27,450,865 | 1,664,346 | |
Coca-Cola Co. | 21,770,800 | 1,240,936 | |
Wal-Mart Stores Inc. | 20,046,834 | 1,071,503 | |
PepsiCo Inc. | 14,660,913 | 891,383 | |
Philip Morris | |||
International Inc. | 17,895,202 | 862,370 | |
CVS Caremark Corp. | 13,252,351 | 426,858 | |
Colgate-Palmolive Co. | 4,671,151 | 383,735 | |
Altria Group Inc. | 19,468,931 | 382,175 | |
Kraft Foods Inc. | 13,878,213 | 377,210 | |
Walgreen Co. | 9,290,223 | 341,137 | |
Kimberly-Clark Corp. | 3,902,534 | 248,630 | |
Costco Wholesale Corp. | 4,096,071 | 242,365 | |
General Mills Inc. | 3,068,269 | 217,264 | |
Archer-Daniels-Midland Co. | 6,034,829 | 188,950 | |
Sysco Corp. | 5,560,183 | 155,352 | |
Kellogg Co. | 2,388,191 | 127,052 | |
HJ Heinz Co. | 2,965,380 | 126,800 | |
Avon Products Inc. | 4,012,082 | 126,381 | |
Kroger Co. | 6,114,269 | 125,526 | |
Lorillard Inc. | 1,509,080 | 121,073 | |
ConAgra Foods Inc. | 4,161,070 | 95,913 | |
Reynolds American Inc. | 1,588,406 | 84,138 | |
Mead Johnson | |||
Nutrition Co. Class A | 1,922,096 | 83,996 | |
Safeway Inc. | 3,819,874 | 81,325 | |
Clorox Co. | 1,314,077 | 80,159 | |
Sara Lee Corp. | 6,554,158 | 79,830 | |
JM Smucker Co. | 1,118,718 | 69,081 | |
Dr Pepper Snapple | |||
Group Inc. | 2,387,982 | 67,580 | |
Molson Coors | |||
Brewing Co. Class B | 1,478,154 | 66,753 | |
Coca-Cola Enterprises Inc. | 2,986,977 | 63,324 | |
Campbell Soup Co. | 1,785,274 | 60,342 | |
Hershey Co. | 1,562,852 | 55,934 | |
Brown-Forman Corp. | |||
Class B | 1,032,029 | 55,286 | |
Estee Lauder Cos. Inc. | |||
Class A | 1,108,849 | 53,624 | |
Pepsi Bottling Group Inc. | 1,353,150 | 50,743 |
McCormick & Co. Inc. | 1,229,821 | 44,433 | |
* | Whole Foods Market Inc. | 1,321,021 | 36,262 |
Tyson Foods Inc. Class A | 2,865,769 | 35,163 | |
* | Dean Foods Co. | 1,697,684 | 30,626 |
* | Constellation Brands Inc. | ||
Class A | 1,875,724 | 29,880 | |
SUPERVALU Inc. | 1,994,021 | 25,344 | |
Hormel Foods Corp. | 656,345 | 25,236 | |
10,596,018 | |||
Energy (11.5%) | |||
Exxon Mobil Corp. | 44,602,785 | 3,041,464 | |
Chevron Corp. | 18,849,627 | 1,451,233 | |
Schlumberger Ltd. | 11,281,583 | 734,318 | |
ConocoPhillips | 13,939,798 | 711,905 | |
Occidental | |||
Petroleum Corp. | 7,625,867 | 620,364 | |
Apache Corp. | 3,158,420 | 325,854 | |
Devon Energy Corp. | 4,172,348 | 306,668 | |
Anadarko Petroleum Corp. | 4,617,807 | 288,244 | |
Halliburton Co. | 8,473,675 | 254,973 | |
XTO Energy Inc. | 5,452,302 | 253,696 | |
EOG Resources Inc. | 2,370,876 | 230,686 | |
Marathon Oil Corp. | 6,650,233 | 207,620 | |
National Oilwell Varco Inc. | 3,930,210 | 173,283 | |
Hess Corp. | 2,734,738 | 165,452 | |
Chesapeake Energy Corp. | 6,085,153 | 157,484 | |
* | Southwestern Energy Co. | 3,243,971 | 156,359 |
Spectra Energy Corp. | 6,076,103 | 124,621 | |
Baker Hughes Inc. | 2,911,290 | 117,849 | |
Noble Energy Inc. | 1,629,703 | 116,067 | |
Williams Cos. Inc. | 5,478,326 | 115,483 | |
Peabody Energy Corp. | 2,516,153 | 113,755 | |
Murphy Oil Corp. | 1,794,580 | 97,266 | |
* | Cameron | ||
International Corp. | 2,296,151 | 95,979 | |
Valero Energy Corp. | 5,301,753 | 88,804 | |
Consol Energy Inc. | 1,699,693 | 84,645 | |
Range Resources Corp. | 1,482,548 | 73,905 | |
* | FMC Technologies Inc. | 1,148,231 | 66,414 |
El Paso Corp. | 6,591,269 | 64,792 | |
Diamond Offshore | |||
Drilling Inc. | 652,874 | 64,256 | |
Smith International Inc. | 2,325,662 | 63,188 | |
* | Nabors Industries Ltd. | 2,662,590 | 58,284 |
Pioneer Natural | |||
Resources Co. | 1,083,248 | 52,180 | |
BJ Services Co. | 2,756,966 | 51,280 | |
Cabot Oil & Gas Corp. | 973,567 | 42,438 | |
* | Denbury Resources Inc. | 2,346,479 | 34,728 |
Massey Energy Co. | 804,536 | 33,799 | |
Sunoco Inc. | 1,099,555 | 28,698 | |
* | Rowan Cos. Inc. | 1,069,913 | 24,223 |
Tesoro Corp. | 1,318,754 | 17,869 | |
10,710,126 |
14
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Financials (14.4%) | |||
JPMorgan Chase & Co. | 37,024,071 | 1,542,793 | |
Bank of America Corp. | 93,359,934 | 1,406,001 | |
Wells Fargo & Co. | 48,020,508 | 1,296,073 | |
Goldman Sachs | |||
Group Inc. | 4,829,941 | 815,487 | |
Citigroup Inc. | 183,208,379 | 606,420 | |
American Express Co. | 11,172,514 | 452,710 | |
US Bancorp | 17,967,623 | 404,451 | |
Morgan Stanley | 12,772,183 | 378,057 | |
Bank of New York | |||
Mellon Corp. | 11,314,047 | 316,454 | |
MetLife Inc. | 7,692,575 | 271,933 | |
Travelers Cos. Inc. | 5,133,218 | 255,942 | |
PNC Financial Services | |||
Group Inc. | 4,334,852 | 228,837 | |
Prudential Financial Inc. | 4,359,256 | 216,917 | |
Simon Property Group Inc. | 2,678,609 | 213,753 | |
CME Group Inc. | 624,956 | 209,954 | |
Aflac Inc. | 4,395,916 | 203,311 | |
State Street Corp. | 4,647,368 | 202,346 | |
Charles Schwab Corp. | 8,952,874 | 168,493 | |
BB&T Corp. | 6,460,033 | 163,891 | |
Capital One | |||
Financial Corp. | 4,226,988 | 162,063 | |
Chubb Corp. | 3,209,019 | 157,820 | |
Allstate Corp. | 5,040,100 | 151,405 | |
Franklin Resources Inc. | 1,399,886 | 147,478 | |
T Rowe Price Group Inc. | 2,419,078 | 128,816 | |
Loews Corp. | 3,390,391 | 123,241 | |
Northern Trust Corp. | 2,268,871 | 118,889 | |
* | Progressive Corp. | 6,334,074 | 113,950 |
Marsh & McLennan | |||
Cos. Inc. | 4,955,810 | 109,424 | |
Public Storage | 1,274,136 | 103,778 | |
Vornado Realty Trust | 1,472,981 | 103,020 | |
AON Corp. | 2,573,379 | 98,663 | |
SunTrust Banks Inc. | 4,689,231 | 95,144 | |
Invesco Ltd. | 4,028,090 | 94,620 | |
Ameriprise Financial Inc. | 2,395,564 | 92,996 | |
Equity Residential | 2,594,169 | 87,631 | |
Boston Properties Inc. | 1,303,112 | 87,400 | |
HCP Inc. | 2,753,801 | 84,101 | |
Hartford Financial | |||
Services Group Inc. | 3,598,128 | 83,692 | |
* | Intercontinental- | ||
Exchange Inc. | 688,127 | 77,277 | |
Discover Financial | |||
Services | 5,101,986 | 75,050 | |
Fifth Third Bancorp | 7,475,321 | 72,884 | |
Principal Financial | |||
Group Inc. | 2,996,158 | 72,028 | |
Lincoln National Corp. | 2,839,282 | 70,641 | |
Host Hotels | |||
& Resorts Inc. | 5,931,779 | 69,224 | |
Ventas Inc. | 1,472,114 | 64,390 |
AvalonBay | |||
Communities Inc. | 765,491 | 62,854 | |
NYSE Euronext | 2,443,638 | 61,824 | |
Hudson City Bancorp Inc. | 4,444,212 | 61,019 | |
Unum Group | 3,118,152 | 60,866 | |
ProLogis | 4,445,256 | 60,856 | |
Regions Financial Corp. | 11,166,195 | 59,069 | |
XL Capital Ltd. Class A | 3,215,566 | 58,941 | |
Plum Creek Timber | |||
Co. Inc. | 1,529,465 | 57,753 | |
People’s United | |||
Financial Inc. | 3,271,364 | 54,632 | |
* | Genworth Financial Inc. | ||
Class A | 4,589,357 | 52,089 | |
^ | M&T Bank Corp. | 776,447 | 51,937 |
Health Care REIT Inc. | 1,156,093 | 51,238 | |
Kimco Realty Corp. | 3,773,646 | 51,057 | |
* | SLM Corp. | 4,458,131 | 50,243 |
Moody’s Corp. | 1,843,887 | 49,416 | |
Legg Mason Inc. | 1,526,075 | 46,026 | |
KeyCorp | 8,252,648 | 45,802 | |
* | Leucadia National Corp. | 1,781,329 | 42,378 |
Comerica Inc. | 1,419,499 | 41,975 | |
Cincinnati Financial Corp. | 1,528,256 | 40,101 | |
*,^ | American International | ||
Group Inc. | 1,264,389 | 37,906 | |
* | CB Richard Ellis | ||
Group Inc. Class A | 2,533,475 | 34,379 | |
Torchmark Corp. | 778,608 | 34,220 | |
Assurant Inc. | 1,098,579 | 32,386 | |
* | First Horizon | ||
National Corp. | 2,087,333 | 27,970 | |
* | NASDAQ OMX Group Inc. | 1,389,741 | 27,545 |
Marshall & Ilsley Corp. | 4,935,148 | 26,897 | |
* | E*Trade Financial Corp. | 14,563,826 | 25,487 |
Huntington | |||
Bancshares Inc. | 6,725,719 | 24,549 | |
Janus Capital Group Inc. | 1,712,059 | 23,027 | |
Federated Investors Inc. | |||
Class B | 828,637 | 22,788 | |
Apartment Investment | |||
& Management Co. | 1,100,436 | 17,519 | |
^ | Zions Bancorporation | 1,299,963 | 16,679 |
13,410,876 | |||
Health Care (12.6%) | |||
Johnson & Johnson | 25,922,822 | 1,669,689 | |
Pfizer Inc. | 75,816,588 | 1,379,104 | |
Merck & Co. Inc. | 28,697,985 | 1,048,624 | |
Abbott Laboratories | 14,532,118 | 784,589 | |
* | Amgen Inc. | 9,509,333 | 537,943 |
Medtronic Inc. | 10,398,698 | 457,335 | |
Bristol-Myers Squibb Co. | 16,081,721 | 406,063 | |
* | Gilead Sciences Inc. | 8,454,915 | 365,929 |
Eli Lilly & Co. | 9,499,800 | 339,238 | |
UnitedHealth Group Inc. | 10,917,312 | 332,760 | |
Baxter International Inc. | 5,663,980 | 332,362 |
15
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Medco Health | ||
Solutions Inc. | 4,479,249 | 286,269 | |
* | WellPoint Inc. | 4,306,205 | 251,009 |
* | Celgene Corp. | 4,317,969 | 240,424 |
* | Express Scripts Inc. | 2,581,011 | 223,128 |
* | Thermo Fisher | ||
Scientific Inc. | 3,836,036 | 182,940 | |
Allergan Inc. | 2,889,062 | 182,040 | |
Becton Dickinson and Co. | 2,227,699 | 175,676 | |
McKesson Corp. | 2,517,667 | 157,354 | |
* | Biogen Idec Inc. | 2,716,947 | 145,357 |
Stryker Corp. | 2,652,963 | 133,630 | |
Aetna Inc. | 4,072,624 | 129,102 | |
* | Boston Scientific Corp. | 14,190,091 | 127,711 |
* | Genzyme Corp. | 2,493,123 | 122,188 |
* | Zimmer Holdings Inc. | 2,000,821 | 118,268 |
* | St Jude Medical Inc. | 3,140,151 | 115,495 |
Cardinal Health Inc. | 3,407,330 | 109,852 | |
* | Intuitive Surgical Inc. | 358,795 | 108,830 |
* | Forest Laboratories Inc. | 2,834,875 | 91,028 |
CIGNA Corp. | 2,568,715 | 90,599 | |
Quest Diagnostics Inc. | 1,459,798 | 88,143 | |
* | Life Technologies Corp. | 1,676,189 | 87,547 |
* | Hospira Inc. | 1,524,159 | 77,732 |
* | Laboratory Corp. of | ||
America Holdings | 998,196 | 74,705 | |
CR Bard Inc. | 907,410 | 70,687 | |
AmerisourceBergen Corp. | |||
Class A | 2,707,696 | 70,590 | |
* | Humana Inc. | 1,596,485 | 70,070 |
* | DaVita Inc. | 960,037 | 56,393 |
* | Waters Corp. | 889,533 | 55,115 |
* | Varian Medical | ||
Systems Inc. | 1,169,000 | 54,768 | |
* | Mylan Inc. | 2,870,528 | 52,904 |
DENTSPLY | |||
International Inc. | 1,428,178 | 50,229 | |
* | Cephalon Inc. | 701,283 | 43,767 |
* | CareFusion Corp. | 1,663,620 | 41,607 |
* | Watson | ||
Pharmaceuticals Inc. | 996,913 | 39,488 | |
* | Millipore Corp. | 522,348 | 37,792 |
IMS Health Inc. | 1,713,650 | 36,089 | |
* | Coventry Health Care Inc. | 1,389,915 | 33,761 |
* | King Pharmaceuticals Inc. | 2,334,890 | 28,649 |
* | Patterson Cos. Inc. | 875,446 | 24,495 |
PerkinElmer Inc. | 1,098,207 | 22,612 | |
* | Tenet Healthcare Corp. | 4,072,930 | 21,953 |
11,783,632 | |||
Industrials (10.2%) | |||
General Electric Co. | 100,037,634 | 1,513,569 | |
United | |||
Technologies Corp. | 8,808,398 | 611,391 | |
3M Co. | 6,651,435 | 549,874 | |
United Parcel Service Inc. | |||
Class B | 9,327,681 | 535,129 |
Boeing Co. | 6,826,521 | 369,520 | |
Caterpillar Inc. | 5,850,653 | 333,429 | |
Union Pacific Corp. | 4,740,288 | 302,904 | |
Emerson Electric Co. | 7,066,530 | 301,034 | |
Honeywell | |||
International Inc. | 7,168,884 | 281,020 | |
General Dynamics Corp. | 3,624,607 | 247,089 | |
FedEx Corp. | 2,936,073 | 245,015 | |
Burlington Northern | |||
Santa Fe Corp. | 2,462,777 | 242,879 | |
Lockheed Martin Corp. | 3,005,054 | 226,431 | |
Deere & Co. | 3,973,609 | 214,933 | |
Danaher Corp. | 2,444,502 | 183,827 | |
Raytheon Co. | 3,539,687 | 182,365 | |
Norfolk Southern Corp. | 3,456,281 | 181,178 | |
CSX Corp. | 3,688,073 | 178,835 | |
Illinois Tool Works Inc. | 3,623,558 | 173,895 | |
Northrop Grumman Corp. | 2,947,672 | 164,627 | |
Waste Management Inc. | 4,600,237 | 155,534 | |
Precision Castparts Corp. | 1,322,032 | 145,886 | |
PACCAR Inc. | 3,415,024 | 123,863 | |
Eaton Corp. | 1,557,537 | 99,091 | |
L-3 Communications | |||
Holdings Inc. | 1,091,857 | 94,937 | |
CH Robinson | |||
Worldwide Inc. | 1,575,761 | 92,544 | |
Cummins Inc. | 1,896,644 | 86,980 | |
Republic Services Inc. | |||
Class A | 3,035,499 | 85,935 | |
ITT Corp. | 1,717,263 | 85,417 | |
Rockwell Collins Inc. | 1,477,877 | 81,815 | |
Parker Hannifin Corp. | 1,510,384 | 81,379 | |
Southwest Airlines Co. | 6,973,670 | 79,709 | |
Fluor Corp. | 1,682,322 | 75,772 | |
Goodrich Corp. | 1,168,791 | 75,095 | |
Dover Corp. | 1,749,896 | 72,813 | |
Expeditors International | |||
of Washington Inc. | 1,992,991 | 69,217 | |
Rockwell Automation Inc. | 1,336,953 | 62,810 | |
*,^ | First Solar Inc. | 455,635 | 61,693 |
WW Grainger Inc. | 593,687 | 57,487 | |
^ | Fastenal Co. | 1,240,118 | 51,639 |
Flowserve Corp. | 524,615 | 49,592 | |
Textron Inc. | 2,546,714 | 47,904 | |
Masco Corp. | 3,373,235 | 46,584 | |
Roper Industries Inc. | 856,025 | 44,830 | |
Pitney Bowes Inc. | 1,945,659 | 44,283 | |
* | Jacobs Engineering | ||
Group Inc. | 1,167,940 | 43,926 | |
* | Stericycle Inc. | 791,098 | 43,645 |
RR Donnelley & Sons Co. | 1,928,470 | 42,947 | |
Dun & Bradstreet Corp. | 488,123 | 41,183 | |
* | Quanta Services Inc. | 1,970,988 | 41,075 |
Pall Corp. | 1,097,941 | 39,745 | |
Stanley Works | 755,333 | 38,907 | |
* | Iron Mountain Inc. | 1,699,978 | 38,692 |
16
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Avery Dennison Corp. | 1,058,963 | 38,642 | |
Robert Half | |||
International Inc. | 1,418,019 | 37,904 | |
Equifax Inc. | 1,187,949 | 36,696 | |
Cintas Corp. | 1,236,479 | 32,210 | |
Snap-On Inc. | 542,975 | 22,946 | |
Ryder System Inc. | 527,174 | 21,704 | |
* | Monster Worldwide Inc. | 1,182,268 | 20,571 |
* | Raytheon Co. | ||
Warrants Exp. 6/16/11 | 60,569 | 878 | |
9,553,424 | |||
Information Technology (19.8%) | |||
Microsoft Corp. | 72,578,188 | 2,212,909 | |
* | Apple Inc. | 8,462,250 | 1,784,350 |
International Business | |||
Machines Corp. | 12,341,796 | 1,615,541 | |
* | Google Inc. Class A | 2,265,467 | 1,404,544 |
* | Cisco Systems Inc. | 54,047,833 | 1,293,905 |
Hewlett-Packard Co. | 22,277,039 | 1,147,490 | |
Intel Corp. | 51,881,358 | 1,058,380 | |
Oracle Corp. | 36,738,428 | 901,561 | |
QUALCOMM Inc. | 15,693,178 | 725,966 | |
Visa Inc. Class A | 4,208,402 | 368,067 | |
* | EMC Corp. | 19,164,530 | 334,804 |
Texas Instruments Inc. | 11,770,886 | 306,749 | |
Corning Inc. | 14,619,659 | 282,306 | |
* | eBay Inc. | 10,568,293 | 248,778 |
* | Dell Inc. | 16,176,953 | 232,301 |
Mastercard Inc. Class A | 902,086 | 230,916 | |
Automatic Data | |||
Processing Inc. | 4,740,954 | 203,008 | |
* | Yahoo! Inc. | 11,188,490 | 187,743 |
* | Adobe Systems Inc. | 4,920,713 | 180,984 |
Applied Materials Inc. | 12,530,129 | 174,670 | |
Motorola Inc. | 21,711,198 | 168,479 | |
* | Symantec Corp. | 7,615,055 | 136,233 |
* | Juniper Networks Inc. | 4,936,314 | 131,651 |
* | Broadcom Corp. Class A | 4,046,582 | 127,265 |
* | Cognizant Technology | ||
Solutions Corp. Class A | 2,768,670 | 125,421 | |
Western Union Co. | 6,502,166 | 122,566 | |
* | NetApp Inc. | 3,183,868 | 109,493 |
* | Agilent Technologies Inc. | 3,242,151 | 100,734 |
* | NVIDIA Corp. | 5,212,987 | 97,379 |
* | Western Digital Corp. | 2,117,279 | 93,478 |
Paychex Inc. | 3,021,489 | 92,578 | |
* | Intuit Inc. | 2,975,726 | 91,385 |
Analog Devices Inc. | 2,743,277 | 86,633 | |
* | Micron Technology Inc. | 7,983,834 | 84,309 |
CA Inc. | 3,724,918 | 83,662 | |
* | Computer Sciences Corp. | 1,432,600 | 82,417 |
* | Salesforce.com Inc. | 1,033,036 | 76,207 |
Amphenol Corp. Class A | 1,611,905 | 74,438 | |
Fidelity National | |||
Information Services Inc. | 3,081,163 | 72,222 | |
* | Citrix Systems Inc. | 1,719,760 | 71,559 |
* | Fiserv Inc. | 1,446,463 | 70,125 |
* | BMC Software Inc. | 1,723,691 | 69,120 |
Xerox Corp. | 8,165,854 | 69,083 | |
* | Sun Microsystems Inc. | 7,080,919 | 66,348 |
Xilinx Inc. | 2,602,168 | 65,210 | |
Linear Technology Corp. | 2,096,963 | 64,041 | |
Altera Corp. | 2,776,193 | 62,825 | |
* | SanDisk Corp. | 2,144,894 | 62,180 |
* | McAfee Inc. | 1,482,456 | 60,143 |
Harris Corp. | 1,237,998 | 58,867 | |
KLA-Tencor Corp. | 1,606,173 | 58,079 | |
* | Autodesk Inc. | 2,157,882 | 54,832 |
* | Affiliated Computer | ||
Services Inc. Class A | 917,171 | 54,746 | |
* | Red Hat Inc. | 1,763,850 | 54,503 |
* | SAIC Inc. | 2,876,189 | 54,475 |
* | Electronic Arts Inc. | 3,057,427 | 54,269 |
* | Advanced Micro | ||
Devices Inc. | 5,289,125 | 51,199 | |
* | Teradata Corp. | 1,608,142 | 50,544 |
Microchip Technology Inc. | 1,724,592 | 50,117 | |
* | FLIR Systems Inc. | 1,425,752 | 46,651 |
* | VeriSign Inc. | 1,806,755 | 43,796 |
* | Akamai Technologies Inc. | 1,608,811 | 40,751 |
* | LSI Corp. | 6,135,056 | 36,872 |
National | |||
Semiconductor Corp. | 2,222,378 | 34,136 | |
Total System Services Inc. | 1,854,701 | 32,031 | |
Jabil Circuit Inc. | 1,793,078 | 31,146 | |
* | MEMC Electronic | ||
Materials Inc. | 2,102,753 | 28,639 | |
Molex Inc. | 1,270,547 | 27,380 | |
* | Novellus Systems Inc. | 912,317 | 21,293 |
* | Tellabs Inc. | 3,632,370 | 20,632 |
* | QLogic Corp. | 1,077,938 | 20,341 |
* | Lexmark International Inc. | ||
Class A | 734,554 | 19,084 | |
* | Teradyne Inc. | 1,644,864 | 17,649 |
* | JDS Uniphase Corp. | 2,093,906 | 17,275 |
* | Compuware Corp. | 2,167,731 | 15,673 |
* | Novell Inc. | 3,261,884 | 13,537 |
Molex Inc. Class A | 4,051 | 77 | |
18,520,750 | |||
Materials (3.6%) | |||
Monsanto Co. | 5,120,839 | 418,629 | |
* | Freeport-McMoRan | ||
Copper & Gold Inc. | 4,038,730 | 324,270 | |
Dow Chemical Co. | 10,745,473 | 296,897 | |
EI du Pont de Nemours | |||
& Co. | 8,490,603 | 285,879 | |
Praxair Inc. | 2,882,444 | 231,489 | |
Newmont Mining Corp. | 4,605,103 | 217,867 | |
Air Products | |||
& Chemicals Inc. | 1,988,890 | 161,219 | |
Alcoa Inc. | 9,154,062 | 147,563 | |
Nucor Corp. | 2,957,531 | 137,969 |
17
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
International Paper Co. | 4,068,694 | 108,960 | |
Ecolab Inc. | 2,231,730 | 99,490 | |
PPG Industries Inc. | 1,568,743 | 91,834 | |
Weyerhaeuser Co. | 1,986,538 | 85,699 | |
United States Steel Corp. | 1,347,379 | 74,268 | |
Vulcan Materials Co. | 1,178,594 | 62,077 | |
Sigma-Aldrich Corp. | 1,143,950 | 57,804 | |
Cliffs Natural | |||
Resources Inc. | 1,231,049 | 56,739 | |
* | Owens-Illinois Inc. | 1,582,882 | 52,029 |
MeadWestvaco Corp. | 1,607,605 | 46,026 | |
Ball Corp. | 883,918 | 45,699 | |
CF Industries Holdings Inc. | 456,117 | 41,406 | |
Allegheny Technologies Inc. | 921,234 | 41,244 | |
Eastman Chemical Co. | 682,890 | 41,137 | |
FMC Corp. | 679,052 | 37,864 | |
Airgas Inc. | 771,181 | 36,708 | |
Sealed Air Corp. | 1,495,094 | 32,683 | |
International Flavors | |||
& Fragrances Inc. | 743,432 | 30,585 | |
Bemis Co. Inc. | 1,017,681 | 30,174 | |
* | Pactiv Corp. | 1,244,568 | 30,044 |
AK Steel Holding Corp. | 1,028,642 | 21,961 | |
* | Titanium Metals Corp. | 795,781 | 9,963 |
3,356,176 | |||
Telecommunication Services (3.2%) | |||
AT&T Inc. | 55,442,334 | 1,554,049 | |
Verizon | |||
Communications Inc. | 26,688,910 | 884,204 | |
* | American Tower Corp. | ||
Class A | 3,771,545 | 162,968 | |
* | Sprint Nextel Corp. | 27,892,355 | 102,086 |
CenturyTel Inc. | 2,795,101 | 101,211 | |
Qwest Communications | |||
International Inc. | 13,949,050 | 58,725 | |
Windstream Corp. | 4,102,519 | 45,087 | |
Frontier | |||
Communications Corp. | 2,937,665 | 22,943 | |
* | MetroPCS | ||
Communications Inc. | 2,452,818 | 18,715 | |
2,949,988 | |||
Utilities (3.7%) | |||
Exelon Corp. | 6,194,871 | 302,743 | |
Southern Co. | 7,518,063 | 250,502 | |
Dominion Resources Inc. | 5,611,109 | 218,384 | |
Duke Energy Corp. | 12,256,784 | 210,939 | |
FPL Group Inc. | 3,883,322 | 205,117 | |
Public Service Enterprise | |||
Group Inc. | 4,753,577 | 158,057 | |
American Electric | |||
Power Co. Inc. | 4,487,532 | 156,121 | |
PG&E Corp. | 3,485,065 | 155,608 | |
Entergy Corp. | 1,774,933 | 145,261 | |
FirstEnergy Corp. | 2,863,836 | 133,025 | |
Sempra Energy | 2,315,209 | 129,605 |
Consolidated Edison Inc. | 2,636,168 | 119,761 |
PPL Corp. | 3,542,425 | 114,456 |
Progress Energy Inc. | 2,626,899 | 107,729 |
Edison International | 3,060,804 | 106,455 |
Xcel Energy Inc. | 4,289,922 | 91,032 |
* AES Corp. | 6,274,855 | 83,518 |
Questar Corp. | 1,638,877 | 68,128 |
DTE Energy Co. | 1,550,153 | 67,571 |
Constellation Energy | ||
Group Inc. | 1,888,295 | 66,411 |
Ameren Corp. | 2,226,815 | 62,240 |
Wisconsin Energy Corp. | 1,098,198 | 54,723 |
EQT Corp. | 1,229,833 | 54,014 |
CenterPoint Energy Inc. | 3,667,055 | 53,209 |
Northeast Utilities | 1,648,201 | 42,507 |
NiSource Inc. | 2,590,234 | 39,838 |
SCANA Corp. | 1,040,868 | 39,220 |
Allegheny Energy Inc. | 1,592,706 | 37,397 |
Pepco Holdings Inc. | 2,081,404 | 35,072 |
Pinnacle West | ||
Capital Corp. | 951,299 | 34,799 |
CMS Energy Corp. | 2,156,668 | 33,774 |
TECO Energy Inc. | 2,010,657 | 32,613 |
Integrys Energy Group Inc. | 718,776 | 30,181 |
Nicor Inc. | 425,360 | 17,908 |
3,457,918 | ||
Total Common Stocks | ||
(Cost $75,665,804) | 93,288,084 | |
Temporary Cash Investments (0.3%)1 | ||
Money Market Fund (0.2%) | ||
2,3 Vanguard Market | ||
Liquidity Fund, | ||
0.187% | 191,912,595 | 191,913 |
Face | ||
Amount | ||
($000) | ||
U.S. Government and Agency Obligations (0.1%) | ||
4,5 Federal Home | ||
Loan Bank | ||
Discount Notes, | ||
0.275%, 2/19/10 | 43,000 | 42,996 |
Total Temporary Cash Investments | ||
(Cost $234,897) | 234,909 | |
Total Investments (100.3%) | ||
(Cost $75,900,701) | 93,522,993 | |
Other Assets and Liabilities (-0.3%) | ||
Other Assets | 583,819 | |
Liabilities3 | (823,953) | |
(240,134) | ||
Net Assets (100%) | 93,282,859 |
18
500 Index Fund
At December 31, 2009, net assets consisted of:
Amount | |
($000) | |
Paid-in Capital | 78,716,092 |
Overdistributed Net Investment Income | (203,790) |
Accumulated Net Realized Losses | (2,851,931) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 17,622,292 |
Futures Contracts | 196 |
Net Assets | 93,282,859 |
Investor Shares—Net Assets | |
Applicable to 470,570,841 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 48,312,768 |
Net Asset Value Per Share— | |
Investor Shares | $102.67 |
Admiral Shares—Net Assets | |
Applicable to 276,413,969 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 28,379,853 |
Net Asset Value Per Share— | |
Admiral Shares | $102.67 |
Signal Shares—Net Assets | |
Applicable to 195,612,630 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 16,590,238 |
Net Asset Value Per Share— | |
Signal Shares | $84.81 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $140,410,000.
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 0.3%, respectively, of
net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 Includes $146,453,000 of collateral received for securities on loan.
4 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
5 Securities with a value of $42,996,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
19
500 Index Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 2,017,204 |
Interest1 | 3,205 |
Security Lending | 56,765 |
Total Income | 2,077,174 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,844 |
Management and Administrati ve—Investor Shares | 59,129 |
Management and Administrati ve—Admiral Shares | 10,362 |
Management and Administrati ve—Signal Shares | 5,453 |
Marketing and Distribution& #151;Investor Shares | 9,731 |
Marketing and Distribution& #151;Admiral Shares | 4,876 |
Marketing and Distribution& #151;Signal Shares | 3,636 |
Custodian Fees | 601 |
Auditing Fees | 27 |
Shareholders’ Reports and Proxies—Investor Shares | 3,361 |
Shareholders’ Reports and Proxies—Admiral Shares | 273 |
Shareholders’ Reports and Proxies—Signal Shares | 121 |
Trustees’ Fees and Expenses | 160 |
Total Expenses | 100,574 |
Net Investment Income | 1,976,600 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 4,962,781 |
Futures Contracts | 142,445 |
Realized Net Gain (Loss) | 5,105,226 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 12,807,453 |
Futures Contracts | (14,180) |
Change in Unrealized Appreciation (Depreciation) | 12,793,273 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 19,875,099 |
1 Interest income from an affiliated company of the fund was $2,667,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
20
500 Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,976,600 | 2,238,198 |
Realized Net Gain (Loss) | 5,105,226 | (2,030,619) |
Change in Unrealized Appreciation (Depreciation) | 12,793,273 | (44,962,918) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 19,875,099 | (44,755,339) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (992,312) | (1,158,418) |
Admiral Shares | (603,880) | (714,034) |
Signal Shares | (359,090) | (420,262) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Total Distributions | (1,955,282) | (2,292,714) |
Capital Share Transactions | ||
Investor Shares | 204,042 | (445,693) |
Admiral Shares | 59,911 | 292,556 |
Signal Shares | 213,059 | 214,326 |
Net Increase (Decrease) from Capital Share Transactions | 477,012 | 61,189 |
Total Increase (Decrease) | 18,396,829 | (46,986,864) |
Net Assets | ||
Beginning of Period | 74,886,030 | 121,872,894 |
End of Period1 | 93,282,859 | 74,886,030 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($203,790,000) and ($225,108,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
21
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $83.09 | $135.15 | $130.59 | $114.92 | $111.64 |
Investment Operations | |||||
Net Investment Income | 2.131 | 2.443 | 2.470 | 2.110 | 1.950 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 19.553 | (51.998) | 4.580 | 15.700 | 3.310 |
Total from Investment Operations | 21.684 | (49.555) | 7.050 | 17.810 | 5.260 |
Distributions | |||||
Dividends from Net Investment Income | (2.104) | (2.505) | (2.490) | (2.140) | (1.980) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.104) | (2.505) | (2.490) | (2.140) | (1.980) |
Net Asset Value, End of Period | $102.67 | $83.09 | $135.15 | $130.59 | $114.92 |
Total Return1 | 26.49% | -37.02% | 5.39% | 15.64% | 4.77% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $48,313 | $38,778 | $63,327 | $72,013 | $69,375 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.18% | 0.16% | 0.15% | 0.18% | 0.18% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.42% | 2.16% | 1.81% | 1.74% | 1.75% |
Portfolio Turnover Rate2 | 12% | 6% | 5% | 5% | 6% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 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
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $83.09 | $135.15 | $130.59 | $114.92 | $111.64 |
Investment Operations | |||||
Net Investment Income | 2.227 | 2.534 | 2.583 | 2.222 | 2.052 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 19.556 | (52.000) | 4.576 | 15.700 | 3.310 |
Total from Investment Operations | 21.783 | (49.466) | 7.159 | 17.922 | 5.362 |
Distributions | |||||
Dividends from Net Investment Income | (2.203) | (2.594) | (2.599) | (2.252) | (2.082) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.203) | (2.594) | (2.599) | (2.252) | (2.082) |
Net Asset Value, End of Period | $102.67 | $83.09 | $135.15 | $130.59 | $114.92 |
Total Return | 26.62% | -36.97% | 5.47% | 15.75% | 4.87% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $28,380 | $23,009 | $37,113 | $46,467 | $38,028 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.07% | 0.08% | 0.07% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.53% | 2.24% | 1.89% | 1.83% | 1.84% |
Portfolio Turnover Rate1 | 12% | 6% | 5% | 5% | 6% |
1 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.
23
500 Index Fund
Financial Highlights
Signal Shares | ||||
Sept. 29, | ||||
20061 to | ||||
Year Ended December 31, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 | 2006 |
Net Asset Value, Beginning of Period | $68.64 | $111.64 | $107.86 | $101.61 |
Investment Operations | ||||
Net Investment Income | 1.839 | 2.092 | 2.119 | .502 |
Net Realized and Unrealized Gain (Loss) on Investments | 16.151 | (42.952) | 3.794 | 6.287 |
Total from Investment Operations | 17.990 | (40.860) | 5.913 | 6.789 |
Distributions | ||||
Dividends from Net Investment Income | (1.820) | (2.140) | (2.133) | (.539) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (1.820) | (2.140) | (2.133) | (.539) |
Net Asset Value, End of Period | $84.81 | $68.64 | $111.64 | $107.86 |
Total Return | 26.61% | -36.97% | 5.47% | 6.68% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $16,590 | $13,099 | $21,433 | $713 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.08% | 0.07% | 0.09%2 |
Ratio of Net Investment Income to Average Net Assets | 2.53% | 2.24% | 1.89% | 1.83%2 |
Portfolio Turnover Rate3 | 12% | 6% | 5% | 5% |
1 Inception.
2 Annualized.
3 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.
24
500 Index Fund
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 three classes of shares: Investor Shares, Admiral Shares, and Signal Shares. Investor Shares are available to any investor who mee ts the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria. Signal Shares are designed for institutional investors who meet certain administrative, service, 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 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 w hich 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 fund uses 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 Statement of Net Assets. 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. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
25
500 Index Fund
5. 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.
6. 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), share holder reporting, and proxies. Marketing and distribution expenses are allocated to each class of s hares 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 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, 2009, the fund had contributed capital of $18,497,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 7.40% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quo ted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 93,288,084 | — | — |
Temporary Cash Investments | 191,913 | 42,996 | — |
Futures Contracts—Liabilities1 | (453) | — | — |
Total | 93,479,544 | 42,996 | — |
1 Represents variation margin on the last day of the reporting period. |
26
500 Index Fund
D. At December 31, 2009, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Number of | Aggregate | Unrealized | ||
Long (Short) | Settlement | Appreciation | ||
Futures Contracts | Expiration | Contracts | Value | (Depreciation) |
S&P 500 Index | March 2010 | 44 | 12,218 | 149 |
E-mini S&P 500 Index | March 2010 | 70 | 3,887 | 47 |
Unrealized appreciation (depreciation) on open futures contracts is required t o be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment in come and realized capital gains f or financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital acc ounts 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 shor t-term gains as ordinary income for tax purposes.
During the year ended December 31, 2009, the fund realized $250,770,000 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2009, the fund had $11,425,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $2,848,108,000 to offset future net capital gains of $1,084,138,000 thro ugh December 31, 2014, and $1,763 ,970,000 through December 31, 2016.
At December 31, 2009, the cost of investment securities for tax purposes was $75,900,716,000. Net unrealized appreciation of investment securities for tax purposes was $17,622,277,000, consisting of unrealized gains of $29,920,249,000 on securities that had risen in value since their purchase and $12,297,972,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $10,708,920,000 of investment securities and sold $9,519,429,000 of investment securities, other than temporary cash investments.
27
500 Index Fund
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 6,999,037 | 82,421 | 8,623,602 | 79,879 |
Issued in Lieu of Cash Distributions | 961,778 | 10,704 | 1,121,903 | 10,825 |
Redeemed | (7,756,773) | (89,256) | (10,191,198) | (92,585) |
Net Increase (Decrease)—Investor Shares | 204,042 | 3,869 | (445,693) | (1,881) |
Admiral Shares | ||||
Issued | 3,155,584 | 36,520 | 4,245,265 | 40,714 |
Issued in Lieu of Cash Distributions | 527,723 | 5,866 | 627,499 | 6,044 |
Redeemed | (3,623,396) | (42,890) | (4,580,208) | (44,442) |
Net Increase (Decrease)—Admiral Shares | 59,911 | (504) | 292,556 | 2,316 |
Signal Shares | ||||
Issued | 3,948,201 | 56,496 | 5,268,980 | 58,305 |
Issued in Lieu of Cash Distributions | 323,718 | 4,362 | 386,239 | 4,497 |
Redeemed | (4,058,860) | (56,083) | (5,440,893) | (63,953) |
Net Increase (Decrease)—Signal Shares | 213,059 | 4,775 | 214,326 | (1,151) |
H. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 10, 2010, for potential recognition or disclosure in these financial statements.
28
Report of Independent Registered
Public Accounting Firm
To the Trustees of Vanguard Index Funds and the Shareholders 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 (constituting a separate portfolio of Vanguard Index Funds, hereafter referred to as the “Fund”) at December 31, 2009, 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 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 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, 2009 by correspondence with the custodian and broker and by agreement to the underlying ownership records of Vanguard Market Liquidity Fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 10, 2010
Special 2009 tax information (unaudited) for Vanguard 500 Index Fund
This information for the fiscal year ended December 31, 2009, is included pursuant to provisions of the
Internal Revenue Code.
The fund distributed $1,955,282,000 of q ualified dividend income to share holders 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.
29
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 any qualified dividend income . (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: 500 Index Fund Investor Shares | |||
Periods Ended December 31, 2009 | |||
One | Five | Ten | |
Year | Years | Years | |
Returns Before Taxes | 26.49% | 0.34% | -1.03% |
Returns After Taxes on Distributions | 26.04 | 0.04 | -1.38 |
Returns After Taxes on Distributions and Sale of Fund Shares | 17.69 | 0.30 | -0.96 |
Total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide information about current fees.
30
About Your Fund’s 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 accompanying table 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.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include the account service fee described in the prospectus. If such a 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 your fund’s current prospectus.
31
Six Months Ended December 31, 2009 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
500 Index Fund | 6/30/2009 | 12/31/2009 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,225.57 | $1.01 |
Admiral Shares | 1,000.00 | 1,226.19 | 0.28 |
Signal Shares | 1,000.00 | 1,226.22 | 0.28 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,024.30 | $0.92 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Signal Shares | 1,000.00 | 1,024.95 | 0.26 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for the period are 0.18% for Investor Shares, 0.05% for Admiral Shares, and 0.05% for Signal 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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Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (in the case of bonds) or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
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%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). 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.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
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 represented by stocks or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
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.
33
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. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
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). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
34
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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’s 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. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 163 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Informatio n, which can be obtained, wit hout charge, by contacting Vanguard at 800-662-7447, or online at www.vanguard.com.
Interested Trustee1 | Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 Principal | |
F. William McNabb III | Occupation(s) During the Past Five Years: Chairman |
Born 1957. Trustee Since July 2009. Chairman of the | and Chief Executive Officer (retired 2009) and President |
Board. Principal Occupation(s) During the Past Five | (2006–2008) of Rohm and Haas Co. (chemicals); Board |
Years: Chairman of the Board of The Vanguard Group, | Member of American Chemistry Council; Director of |
Inc., and of each of the investment companies served | Tyco International, Ltd. (diversified manufacturing and |
by The Vanguard Group, since January 2010; Director of | services) and Hewlett-Packard Co. (electronic computer |
The Vanguard Group since 2008; Chief Executive Officer | manufacturing); Trustee of The Conference Board. |
and President of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | Amy Gutmann |
since 2008; Director of Vanguard Marketing Corporation; | Born 1949. Trustee Since June 2006. Principal |
Managing Director of The Vanguard Group (1995–2008). | Occupation(s) During the Past Five Years: President of |
the University of Pennsylvania; Christopher H. Browne | |
Distinguished Professor of Political Science in the School | |
Independent Trustees | of Arts and Sciences with secondary appointments |
at the Annenberg School for Communication and the | |
Emerson U. Fullwood | Graduate School of Education of the University of |
Born 1948. Trustee Since January 2008. Principal | Pennsylvania; Director of Carnegie Corporation of |
Occupation(s) During the Past Five Years: Executive | New York, Schuylkill River Development Corporation, |
Chief Staff and Marketing Officer for North America | and Greater Philadelphia Chamber of Commerce; |
and Corporate Vice President (retired 2008) of Xerox | Trustee of the National Constitution Center. |
Corporation (photocopiers and printers); Director of | |
SPX Corporation (multi-industry manufacturing), the | |
United Way of Rochester, the Boy Scouts of America, | |
Amerigroup Corporation (direct health and medical | |
insurance carriers), and Monroe Community College | |
Foundation. |
JoAnn Heffernan Heisen | Executive Officers | |
Born 1950. Trustee Since July 1998. Principal | ||
Occupation(s) During the Past Five Years: Corporate | Thomas J. Higgins | |
Vice President and Chief Global Diversity Officer since | Born 1957. Chief Financial Officer Since September | |
2006 (retired 2008) and Member of the Executive | 2008. Principal Occupation(s) During the Past Five | |
Committee (retired 2008) of Johnson & Johnson | Years: Principal of The Vanguard Group, Inc.; Chief | |
(pharmaceuticals/consumer products); Vice President | Financial Officer of each of the investment companies | |
and Chief Information Officer of Johnson & Johnson | served by The Vanguard Group since 2008; Treasurer | |
(1997–2005); Director of the University Medical Center | of each of the investment companies served by The | |
at Princeton and Women’s Research and Education | Vanguard Group (1998–2008). | |
Institute; Member of the Advisory Board of the Maxwell | ||
School of Citizenship and Public Affairs at Syracuse | Kathryn J. Hyatt | |
University. | Born 1955. Treasurer Since November 2008. Principal | |
Occupation(s) During the Past Five Years: Principal of | ||
F. Joseph Loughrey | The Vanguard Group, Inc.; Treasurer of each of the | |
Born 1949. Trustee Since October 2009. Principal | investment companies served by The Vanguard | |
Occupation(s) During the Past Five Years: President and | Group since 2008; Assistant Treasurer of each of the | |
Chief Operating Officer since 2005 (retired 2009) and | investment companies served by The Vanguard Group | |
Vice Chairman of the Board (2008–2009) of Cummins | (1988–2008). | |
Inc. (industrial machinery); Director of SKF AB (industrial | ||
machinery), Hillenbrand, Inc. (specialized consumer | Heidi Stam | |
services), Sauer-Danfoss Inc. (machinery), the Lumina | Born 1956. Secretary Since July 2005. Principal | |
Foundation for Education, and the Columbus Community | Occupation(s) During the Past Five Years: Managing | |
Education Coalition; Chairman of the Advisory Council | Director of The Vanguard Group, Inc., since 2006; | |
for the College of Arts and Letters at the University of | General Counsel of The Vanguard Group since 2005; | |
Notre Dame. | Secretary of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | ||
André F. Perold | since 2005; Director and Senior Vice President of | |
Born 1952. Trustee Since December 2004. Principal | Vanguard Marketing Corporation since 2005; Principal | |
Occupation(s) During the Past Five Years: George Gund | of The Vanguard Group (1997–2006). | |
Professor of Finance and Banking, Harvard Business | ||
School; Chair of the Investment Committee of HighVista | ||
Strategies LLC (private investment firm). | Vanguard Senior Management Team | |
Alfred M. Rankin, Jr. | R. Gregory Barton | Michael S. Miller |
Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | James M. Norris |
Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Glenn W. Reed |
President, and Chief Executive Officer of NACCO | Paul A. Heller | George U. Sauter |
Industries, Inc. (forklift trucks/housewares/lignite); | ||
Director of Goodrich Corporation (industrial products/ | ||
aircraft systems and services); Deputy Chairman of | Chairman Emeritus and Senior Advisor | |
the Federal Reserve Bank of Cleveland; Trustee of | ||
University Hospitals of Cleveland, The Cleveland | John J. Brennan | |
Museum of Art, and Case Western Reserve University. | Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | ||
Peter F. Volanakis | ||
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years: President | ||
since 2007 and Chief Operating Officer since 2005 | Founder | |
of Corning Incorporated (communications equipment); | John C. Bogle | |
President of Corning Technologies (2001–2005); Director | Chairman and Chief Executive Officer, 1974–1996 | |
of Corning Incorporated and Dow Corning; Trustee of | ||
the Corning Incorporated Foundation and the Corning | ||
Museum of Glass; Overseer of the Amos Tuck School | ||
of Business Administration at Dartmouth College. |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the
Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard
State Tax-Exempt Funds.
P.O. Box 2600
Valley Forge, PA 19482-2600
Connect with Vanguard® > www.vanguard.com
Fund Information > 800-662-7447 | Standard & Poor’s 500 ®, S&P 500®, and 500 are |
Direct Investor Account Services > 800-662-2739 | trademarks of The McGraw-Hill Companies, Inc., and |
have been licensed for use by The Vanguard Group, Inc. | |
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Text Telephone for People | sold, or promoted by Standard & Poor’s, and Standard |
With Hearing Impairment > 800-749-7273 | & Poor’s makes no representation regarding the |
advisability of investing in the funds. | |
This material may be used in conjunction | |
with the offering of shares of any Vanguard | |
fund only if preceded or accompanied by | |
the fund’s current prospectus. | |
All comparative mutual fund data are from Lipper Inc. or | |
Morningstar, Inc., unless otherwise noted. | |
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 800-662-2739. The guidelines 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 | |
202-551-8090. 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 20549-1520. | |
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lover left corner of grid | Q400 022010 |
Vanguard U.S. Stock Index Funds |
Small-Capitalization Portfolios |
Annual Report |
December 31, 2009 |
Vanguard Small-Cap Index Fund Vanguard Small-Cap Growth Index Fund Vanguard Small-Cap Value Index Fund |
> Vanguard’s small-capitalization index funds registered strong double-digit
returns for 2009, in sharp contrast to the double-digit losses they posted
for 2008.
> The returns of small-company growth stocks outpaced those of small-company
value stocks.
> The upswing in the funds’ returns was led by information technology and
consumer discretionary stocks.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 4 |
Results of Proxy Voting. | 10 |
Small-Cap Index Fund. | 12 |
Small-Cap Growth Index Fund. | 32 |
Small-Cap Value Index Fund. | 48 |
Your Fund’s After-Tax Returns. | 66 |
About Your Fund’s Expenses. | 67 |
Glossary. | 69 |
Small-Cap Index Fund
Small-Cap Growth Index Fund
Small-Cap Value Index Fund
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 front of this report. Of course, the
risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
Cover photograph: Veronica Coia.
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2009 | |
Total | |
Returns | |
Vanguard Small-Cap Index Fund | |
Investor Shares | 36.12% |
Admiral™ Shares | 36.33 |
Signal® Shares | 36.34 |
Institutional Shares | 36.40 |
ETF Shares | |
Market Price | 36.76 |
Net Asset Value | 36.31 |
MSCI US Small Cap 1750 Index | 36.15 |
Small-Cap Core Funds Average | 31.41 |
Small-Cap Core Funds Average: Derived from data provided by Lipper Inc. | |
Vanguard Small-Cap Growth Index Fund | |
Investor Shares | 41.85% |
Institutional Shares | 42.13 |
ETF Shares | |
Market Price | 42.33 |
Net Asset Value | 42.02 |
MSCI US Small Cap Growth Index | 41.97 |
Small-Cap Growth Funds Average | 35.83 |
Small-Cap Growth Funds Average: Derived from data provided by Lipper Inc.
Admiral Shares are a lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund. Signal Shares also carry lower costs and are available to certain institutional shareholders who meet specific administrative, service, and account-size criteria. Institutional Shares are available for a minimum initial investment of $5 million. These Vanguard ETF Shares are traded on the NYSE Arca exchange and are available only through brokers. The table shows the ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138.
1
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2009 | |
Total | |
Returns | |
Vanguard Small-Cap Value Index Fund | |
Investor Shares | 30.34% |
Institutional Shares | 30.71 |
ETF Shares | |
Market Price | 31.10 |
Net Asset Value | 30.52 |
MSCI US Small Cap Value Index | 30.29 |
Small-Cap Value Funds Average | 31.80 |
Small-Cap Value Funds Average: Derived from data provided by Lipper Inc. |
Admiral Shares are a lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund. Signal Shares also carry lower costs and are available to certain institutional shareholders who meet specific administrative, service, and account-size criteria. Institutional Shares are available for a minimum initial investment of $5 million. These Vanguard ETF Shares are traded on the NYSE Arca exchange and are available only through brokers. The table shows the ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138.
Your Fund’s Performance at a Glance
December 31, 2008 , Through December 31, 2009 | ||||
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Small-Cap Index Fund | ||||
Investor Shares | $20.40 | $27.49 | $0.276 | $0.000 |
Admiral Shares | 20.40 | 27.50 | 0.308 | 0.000 |
Signal Shares | 18.39 | 24.79 | 0.279 | 0.000 |
Institutional Shares | 20.40 | 27.50 | 0.322 | 0.000 |
ETF Shares | 42.60 | 57.41 | 0.658 | 0.000 |
Vanguard Small-Cap Growth Index Fund | ||||
Investor Shares | $11.90 | $16.83 | $0.049 | $0.000 |
Institutional Shares | 11.91 | 16.85 | 0.076 | 0.000 |
ETF Shares | 42.32 | 59.86 | 0.240 | 0.000 |
Vanguard Small-Cap Value Index Fund | ||||
Investor Shares | $10.21 | $13.06 | $0.245 | $0.000 |
Institutional Shares | 10.22 | 13.09 | 0.266 | 0.000 |
ETF Shares | 42.58 | 54.49 | 1.084 | 0.000 |
3
Chairman’s Letter
Dear Shareholder,
The rebound from the deepest bear market in over 75 years started in March 2009 and continued through year-end. Small-capitalization stocks led the broad market higher, and the three Vanguard small-cap funds, as usual, closely tracked their respective target indexes.
The Small-Cap Growth Index Fund was the best performer, returning about 42%. The Small-Cap Value Index Fund was the laggard, returning “only” about 30%. Between these results was the performance of the broader-based Small-Cap Index Fund, which returned about 36%; this could be expected, since the fund covers both the growth and value segments of the small-cap market.
All three funds recorded their highest returns overall since 2003. The results set record highs for the funds’ ETF Shares, which began operations a year later.
The Small-Cap Index and Small-Cap Growth Index Funds bested their peer-group averages by about 5 and 6 percentage points, respectively, while the Small-Cap Value Index Fund fell a few steps behind.
4
Impressive stock returns masked lingering uncertainties
For the 12 months ended December 31, 2009, the broad U.S. stock market returned more than 29%, its highest calendar-year return since 2003. The year began with the market searching for a bottom, and it finally hit a low point in early March. From there, stocks mounted one of their strongest rallies ever—in magnitude and duration—resulting in a check mark-shaped stock chart for 2009.
The market’s outsized result came against a backdrop of economic uncertainty. The economy, which struggled to regain its footing as the financial crisis abated, began to show signs of growth in the
second half of the year, even as unemployment climbed to levels not seen since 1983.
Stock markets outside the United States fared even better during 2009, especially many emerging markets, which weathered the financial crisis in relatively better fiscal and economic shape than their developed-market counterparts.
Bond markets calmed down, money market funds endured
Compared with the final months of 2008, when credit markets seized up and investors fled to the safety of U.S. Treasuries, 2009 represented a return to normalcy for bonds. Investors’ appetite
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2009 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 28.43% | -5.36% | 0.79% |
Russell 2000 Index (Small-caps) | 27.17 | -6.07 | 0.51 |
Dow Jones U.S. Total Stock Market Index | 29.35 | -5.01 | 1.09 |
MSCI All Country World Index ex USA (International) | 42.14 | -3.04 | 6.30 |
Bonds | |||
Barclays Capital U.S. Aggregate Bond Index (Broad | |||
taxable market) | 5.93% | 6.04% | 4.97% |
Barclays Capital Municipal Bond Index | 12.91 | 4.41 | 4.32 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.16 | 2.22 | 2.88 |
CPI | |||
Consumer Price Index | 2.72% | 2.28% | 2.56% |
5
for risk returned, and the demand for corporate bonds increased, raising their prices and bringing down their yields. For the 12 months ended December 31, the broad taxable bond market returned about 6%, while municipal bonds returned about 13%.
Meanwhile, money market funds and other short-term savings vehicles did poorly in 2009. Interest rates at the shortest end of the maturity spectrum remained at historic lows, a casualty of the Federal Reserve Board’s efforts to revive the economy. The Fed kept its target for the federal funds rate between 0% and 0.25% for the entire year.
For stocks and small-cap funds, 2009 was a story in three parts
You can view the 2009 equity markets in terms of three distinct periods, each marked by a sharp and sudden swing in performance.
Stocks tumbled in the first quarter, as investors remained worried about possible company failures and the impact of federal government takeovers. Stocks then rallied furiously through the second and third quarters as the economic storm clouds began to part. Lower-quality stocks—those with shakier finances—did especially well. In the year’s final months, the rally moderated as investors seemed to become
Expense Ratios | ||||||
Your Fund Compared With Its Peer Group | ||||||
Peer | ||||||
Investor | Admiral | Signal | Institutional | ETF | Group | |
Shares | Shares | Shares | Shares | Shares | Average | |
Small-Cap Index Fund | 0.28% | 0.15% | 0.15% | 0.09% | 0.15% | 1.43% |
Small-Cap Growth Index Fund | 0.28 | — | — | 0.09 | 0.15 | 1.61 |
Small-Cap Value Index Fund | 0.28 | — | — | 0.09 | 0.15 | 1.52 |
The fund expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based on the funds’ net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the expense ratios were: for the Small-Cap Index Fund, 0.28% for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.08% for Institutional Shares, and 0.14% for ETF Shares; for the Small-Cap Growth Index Fund, 0.28% for Investor Shares, 0.08% for Institutional Shares, and 0.14% for ETF Shares; and for the Small-Cap Value Index Fund, 0.28% for Investor Shares, 0.08% for Institutional Shares, and 0.14% for ETF Shares. The peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2008.
Peer groups are: for the Small-Cap Index Fund, Small-Cap Core Funds; for the Small-Cap Growth Index Fund, Small-Cap Growth Funds; and for the Small-Cap Value Index Fund, Small-Cap Value Funds.
6
more discerning in their search for value by focusing on companies with seemingly reliable prospects for earnings growth and a healthy return on equity.
Returns for the funds reflected generally strong performance across the small-cap market. In sharp contrast to prior-year
results, in which every sector recorded a large negative return, every sector reported a positive outcome in 2009.
The most significant contributors to the growth and value funds’ returns were their holdings in the information technology and consumer discretionary sectors. These two sectors contributed about one-half
Total Returns | |
Ten Years Ended December 31, 2009 | |
Average | |
Annual Return | |
Small-Cap Index Fund Investor Shares | 4.35% |
Spliced Small-Cap Index | 4.20 |
Small-Cap Core Funds Average | 4.68 |
Spliced Small-Cap Index: Russell 2000 Index through May 16, 2003; MSCI US Small Cap 1750 Index thereafter. | |
Small-Cap Core Funds Average: Derived from data provided by Lipper Inc. |
Small-Cap Growth Index Fund Investor Shares | 4.84% |
Spliced Small-Cap Growth Index | 4.64 |
Small-Cap Growth Funds Average | -0.91 |
Spliced Small-Cap Growth Index: S&P SmallCap 600/Barra Growth Index through May 16, 2003; MSCI US Small Cap Growth Index thereafter. | |
Small-Cap Growth Funds Average: Derived from data provided by Lipper Inc. |
Small-Cap Value Index Fund Investor Shares | 7.69% |
Spliced Small-Cap Value Index | 7.44 |
Small-Cap Value Funds Average | 7.76 |
Spliced Small-Cap Value Index: S&P SmallCap 600/Barra Value Index through May 16, 2003; MSCI US Small Cap Value Index thereafter. | |
Small-Cap Value Funds Average: Derived from data provided by Lipper Inc. |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
7
the return of the Small-Cap Value Index Fund and almost two-thirds of the return of the Small-Cap Growth Index Fund. Driving their performance were the stocks of companies in industries such as semiconductor and semiconductor equipment manufacturing, software development, retailing, and media.
Less important, but still significant, contributors to return were energy and financial sector stocks for the Small-Cap Growth Index Fund, and materials and industrial sector stocks for the Small-Cap Value Index Fund. Health care stocks boosted returns for both funds, but to different degrees.
A step back can enhance perspective on performance
It’s important to step back from volatile years like 2008 and 2009 to see how a fund is performing over the long term. In our view, this is the best way to invest, because it allows you to filter out short-term noise and fleeting market trends.
For the ten years ended December 31, 2009, the return of each of the funds has been slightly ahead of its benchmark. The funds’ 10-year returns have either been competitive with the average return of peer-group funds or, in the case of the growth fund, far in excess of the average.
The funds’ longer-term results reflect the expertise of the funds’ advisor, Vanguard Quantitative Equity Group. The group’s
long-tenured professionals have developed portfolio construction and management strategies to help them keep the funds in line with their benchmarks through a variety of market environments. The advisor’s skills and proprietary systems have served shareholders well in capturing the return of the market, whether it’s the broad market or a slice of it.
Diversification can be a key tool to help control your portfolio
No one knows what 2010 will bring. The unpredictability of the stock market was abundantly clear in both the depths of 2008 and then the timing and pace of the spectacular bounceback in 2009.
While we can’t control the markets or the economy, we can control how we react to the market’s inevitable volatility and shifts in performance from one style or sector to another. We can do so by diversifying among asset classes, such as stocks, bonds, and money market investments. It is just as important, however, to diversify within these asset groups—for example, between growth and value stocks, and among large-, mid-, and small-capitalization stocks. Vanguard’s small-cap index funds can help you achieve this level of diversification.
On another matter, I would like to inform you that on January 1, 2010, we completed a leadership transition that began in March 2008. I succeeded Jack Brennan as
8
chairman of Vanguard and each of the funds. Jack has agreed to serve as chairman emeritus and senior advisor.
Under Jack’s leadership, Vanguard has grown to become a preeminent firm in the mutual fund industry. Jack’s energy, his relentless pursuit of perfection, and his unwavering focus on always doing the right thing for our clients are evident in every facet of Vanguard policy today.
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
January 14, 2010
Results of Proxy Voting
At a special meeting of shareholders on July 2, 2009, fund shareholders approved the following two proposals:
Proposal 1—Elect trustees for each fund.*
The individuals listed in the table below were elected as trustees for each fund. All trustees with the exception of Messrs. McNabb and Volanakis (both of whom already served as directors of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Small-Cap Index Fund, Small-Cap Growth Index Fund, Small-Cap Value Index Fund
Percentage | |||
Trustee | For | Withheld | For |
John J. Brennan | 5,783,728,017 | 132,330,913 | 97.7% |
Charles D. Ellis | 5,728,724,219 | 187,334,711 | 96.8% |
Emerson U. Fullwood | 5,780,086,736 | 135,972,194 | 97.7% |
Rajiv L. Gupta | 5,775,585,512 | 140,473,418 | 97.6% |
Amy Gutmann | 5,783,328,789 | 132,730,141 | 97.7% |
JoAnn Heffernan Heisen | 5,774,973,685 | 141,085,245 | 97.6% |
F. William McNabb III | 5,787,447,014 | 128,611,916 | 97.8% |
André F. Perold | 5,773,103,389 | 142,955,541 | 97.5% |
Alfred M. Rankin, Jr. | 5,776,127,477 | 139,931,453 | 97.6% |
Peter F. Volanakis | 5,791,986,958 | 124,071,972 | 97.9% |
* Results are for all funds within the same trust. |
Proposal 2—Update and standardize the funds’ fundamental policies regarding:
(a) Purchasing and selling real estate.
(b) Issuing senior securities.
(c) Borrowing money.
(d) Making loans.
(e) Purchasing and selling commodities.
(f) Concentrating investments in a particular industry or group of industries.
(g) Eliminating outdated fundamental investment policies not required by law.
The revised fundamental policies are clearly stated and simple, yet comprehensive, making oversight and compliance more efficient than under the former policies. The revised fundamental policies will allow the funds to respond more quickly to regulatory and market changes, while avoiding the costs and delays associated with successive shareholder meetings.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Small-Cap Index Fund | |||||
2a | 270,842,042 | 5,830,129 | 9,332,243 | 37,201,253 | 83.8% |
2b | 269,851,552 | 6,190,294 | 9,962,565 | 37,201,257 | 83.5% |
2c | 267,057,577 | 5,912,970 | 13,033,864 | 37,201,257 | 82.6% |
2d | 264,498,095 | 5,983,041 | 15,523,273 | 37,201,258 | 81.8% |
2e | 264,780,989 | 5,885,536 | 15,337,882 | 37,201,260 | 81.9% |
2f | 266,591,161 | 5,871,199 | 13,542,051 | 37,201,257 | 82.5% |
2g | 269,974,453 | 5,982,393 | 10,047,554 | 37,201,267 | 83.5% |
10
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Small-Cap Growth Index Fund | |||||
2a | 112,657,941 | 2,877,222 | 2,305,877 | 21,832,086 | 80.7% |
2b | 112,449,691 | 3,124,519 | 2,266,823 | 21,832,093 | 80.5% |
2c | 107,237,371 | 2,928,182 | 7,675,482 | 21,832,091 | 76.8% |
2d | 112,058,302 | 2,962,531 | 2,820,205 | 21,832,088 | 80.2% |
2e | 112,051,124 | 2,951,027 | 2,838,884 | 21,832,091 | 80.2% |
2f | 112,516,948 | 2,921,014 | 2,403,074 | 21,832,090 | 80.6% |
2g | 112,597,019 | 2,853,244 | 2,390,770 | 21,832,093 | 80.6% |
Small-Cap Value Index Fund | |||||
2a | 175,641,096 | 4,319,633 | 7,819,313 | 19,072,172 | 84.9% |
2b | 175,072,475 | 4,888,545 | 7,819,022 | 19,072,173 | 84.6% |
2c | 167,961,390 | 4,686,298 | 15,132,354 | 19,072,173 | 81.2% |
2d | 174,202,545 | 4,666,800 | 8,910,695 | 19,072,174 | 84.2% |
2e | 174,075,864 | 4,521,801 | 9,182,380 | 19,072,170 | 84.2% |
2f | 175,136,454 | 4,497,421 | 8,146,170 | 19,072,169 | 84.7% |
2g | 176,031,469 | 4,661,339 | 7,087,234 | 19,072,173 | 85.1% |
Fund shareholders did not approve this proposal:
Proposal 3—Institute procedures to prevent holding investments in companies that, in the judgment of the board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.
The trustees recommended a vote against the proposal because it called for procedures that duplicate existing practices and procedures of the Vanguard funds.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Small-Cap Growth Index Fund | 15,807,481 | 4,948,497 | 97,090,186 | 21,826,962 | 11.3% |
11
Small-Cap Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics | |||||
Investor | Admiral | Signal | Institutional | ETF | |
Shares | Shares | Shares | Shares | Shares | |
Ticker Symbol | NAESX | VSMAX | VSISX | VSCIX | VB |
Expense Ratio1 | 0.28% | 0.15% | 0.15% | 0.09% | 0.15% |
30-Day SEC Yield | 1.31% | 1.46% | 1.45% | 1.49% | 1.45% |
Portfolio Characteristics | |||
DJ | |||
MSCI US | U.S. Total | ||
Small Cap | Market | ||
Fund | 1750 Index | Index | |
Number of Stocks | 1,748 | 1,743 | 4,201 |
Median Market Cap | $1.3B | $1.3B | $30.7B |
Price/Book Ratio | 1.8x | 1.8x | 2.1x |
Return on Equity | 10.9% | 10.9% | 19.3% |
Earnings Growth Rate | 5.0% | 5.0% | 8.1% |
Dividend Yield | 1.3% | 1.3% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 14% | — | — |
Short-Term Reserves | 0.1% | — | — |
Volatility Measures | ||
DJ | ||
MSCI US | U.S. Total | |
Small Cap | Market | |
1750 Index | Index | |
R-Squared | 1.00 | 0.93 |
Beta | 1.00 | 1.23 |
These measures show the degree and timing of the fund’s
fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Human Genome Sciences Inc. | Biotechnology | 0.4% |
Whiting Petroleum Corp. | Oil & Gas Exploration & Production | 0.3 |
Rovi Corp. | Systems Software | 0.3 |
Oshkosh Corp. | Construction & Farm Machinery & Heavy Trucks | 0.3 |
MSCI Inc. Class A | Specialized Finance | 0.2 |
3Com Corp. | Communications Equipment | 0.2 |
Tupperware Brands Corp. | Housewares & Specialties | 0.2 |
Green Mountain Coffee Roasters Inc. | Packaged Foods & Meats | 0.2 |
Corrections Corp. of America | Security & Alarm Services | 0.2 |
AGL Resources Inc. | Gas Utilities | 0.2 |
Top Ten | 2.5% |
The holdings listed exclude any temporary cash investments and
equity index products.
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based
on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.28% for
Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.08% for Institutional Shares, and 0.14% for ETF Shares.
12
Small-Cap Index Fund
Sector Diversification (% of equity exposure)
DJ | |||
MSCI US | U.S. Total | ||
Small Cap | Market | ||
Fund | 1750 Index | Index | |
Consumer | |||
Discretionary | 14.6% | 14.6% | 10.3% |
Consumer Staples | 3.6 | 3.6 | 9.9 |
Energy | 6.1 | 6.1 | 10.6 |
Financials | 19.9 | 19.9 | 16.0 |
Health Care | 12.0 | 12.0 | 12.6 |
Industrials | 16.1 | 16.1 | 10.6 |
Information | |||
Technology | 17.6 | 17.6 | 19.3 |
Materials | 5.4 | 5.4 | 4.0 |
Telecommunication | |||
Services | 1.0 | 1.0 | 2.9 |
Utilities | 3.7 | 3.7 | 3.8 |
Investment Focus
13
Small-Cap Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: December 31, 1999, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2009 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Small-Cap Index Fund Investor Shares | 36.12% | 1.79% | 4.35% | $15,315 | |
•••••••• | Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 9,828 | |
Small-Cap Spliced Index | 31.41 | 0.12 | 4.68 | 15,797 | |
– – – – | Small-Cap Core Funds Average | 36.15 | 1.81 | 4.20 | 15,092 |
Spliced Small-Cap Index: Russell 2000 Index through May 16, 2003; MSCI US Small Cap 1750 Index thereafter.
Small-Cap Core Funds Average: Derived from data provided by Lipper Inc.
Since | Final Value | |||
One | Five | Inception | of a $100,000 | |
Year | Years | (11/13/2000) | Investment | |
Small-Cap Index Fund Admiral | ||||
Shares | 36.33% | 1.91% | 5.40% | $161,596 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | 0.79 | 107,434 |
Spliced Small-Cap Index | 36.15 | 1.81 | 5.16 | 158,280 |
Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
14
Small-Cap Index Fund
Since | Final Value | ||
One | Inception | of a $1,000,000 | |
Year | (12/15/2006) | Investment | |
Small-Cap Index Fund Signal Shares | 36.34% | -4.25% | $876,273 |
Dow Jones U.S. Total Stock Market | |||
Index | 29.35 | -5.14 | 851,725 |
MSCI US Small Cap 1750 Index | 36.15 | -4.40 | 871,958 |
Performance for the fund’s Signal Shares and comparative standards is calculated since the Signal Shares’ inception.
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Small-Cap Index Fund Institutional | ||||
Shares | 36.40% | 1.96% | 4.52% | $7,779,658 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 4,913,789 |
Spliced Small-Cap Index | 36.15 | 1.81 | 4.20 | 7,545,968 |
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (1/26/2004) | Investment | |
Small-Cap Index Fund | ||||
ETF Shares Net Asset Value | 36.31% | 1.93% | 3.57% | $12,312 |
Dow Jones U.S. Total Stock Market Index | 29.35 | 1.09 | 2.20 | 11,376 |
MSCI US Small Cap 1750 Index | 36.15 | 1.81 | 3.48 | 12,246 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
For more information about how the ETF Shares' market prices have compared with their net asset value, visit www.vanguard.com, select
your ETF, and then select the Performance tab. The Premium/Discount table there shows the percentages of days on which the ETF Shares'
market price was above or below the NAV.
Cumulative Returns of ETF Shares: January 26, 2004, Through December 31, 2009
One | Five | Since | |
Year | Years | Inception | |
Small-Cap Index Fund | |||
ETF Shares Market Price | 36.76% | 10.15% | 23.01% |
Small-Cap Index Fund | |||
ETF Shares Net Asset Value | 36.31 | 10.02 | 23.12 |
MSCI US Small Cap 1750 Index | 36.15 | 9.39 | 22.46 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
15
Small-Cap Index Fund
Fiscal-Year Total Returns (%): December 31, 1999, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
16
Small-Cap Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2009
This Statement summarizes the fund’s holdings by asset type. 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.
The fund reports a complete list of its holdings in regulatory filings 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 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).
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Common Stocks | |||
Consumer Discretionary | |||
Tupperware Brands Corp. | 849,585 | 39,565 | 0.2% |
Jarden Corp. | 1,193,752 | 36,899 | 0.2% |
* DreamWorks Animation SKG Inc. Class A | 914,241 | 36,524 | 0.2% |
* Chico’s FAS Inc. | 2,391,877 | 33,606 | 0.2% |
Gentex Corp. | 1,858,411 | 33,173 | 0.2% |
RadioShack Corp. | 1,688,840 | 32,932 | 0.2% |
Consumer Discretionary—Other † | 2,307,982 | 13.4% | |
2,520,681 | 14.6% | ||
Consumer Staples | |||
* Green Mountain Coffee Roasters Inc. | 469,354 | 38,238 | 0.2% |
Herbalife Ltd. | 832,161 | 33,761 | 0.2% |
Consumer Staples—Other † | 553,333 | 3.2% | |
625,332 | 3.6% | ||
Energy | |||
* Whiting Petroleum Corp. | 685,882 | 49,006 | 0.3% |
Core Laboratories NV | 294,329 | 34,766 | 0.2% |
Southern Union Co. | 1,506,356 | 34,194 | 0.2% |
* Encore Acquisition Co. | 711,926 | 34,187 | 0.2% |
Energy—Other † | 895,495 | 5.2% | |
1,047,648 | 6.1% | ||
Financials | |||
* MSCI Inc. Class A | 1,350,974 | 42,961 | 0.2% |
Alexandria Real Estate Equities Inc. | 585,944 | 37,670 | 0.2% |
Senior Housing Properties Trust | 1,712,870 | 37,461 | 0.2% |
Assured Guaranty Ltd. | 1,705,026 | 37,101 | 0.2% |
Camden Property Trust | 865,157 | 36,657 | 0.2% |
Mack-Cali Realty Corp. | 1,056,815 | 36,534 | 0.2% |
Waddell & Reed Financial Inc. | 1,158,647 | 35,385 | 0.2% |
First Niagara Financial Group Inc. | 2,470,506 | 34,365 | 0.2% |
* AmeriCredit Corp. | 1,798,262 | 34,239 | 0.2% |
17
Small-Cap Index Fund
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Jones Lang LaSalle Inc. | 563,597 | 34,041 | 0.2% | |
Chimera Investment Corp. | 8,590,495 | 33,331 | 0.2% | |
Financials—Other † | 3,045,306 | 17.7% | ||
3,445,051 | 19.9% | |||
Health Care | ||||
* | Human Genome Sciences Inc. | 2,435,566 | 74,528 | 0.4% |
* | Mednax Inc. | 625,639 | 37,607 | 0.2% |
* | Tenet Healthcare Corp. | 6,490,986 | 34,986 | 0.2% |
* | United Therapeutics Corp. | 645,536 | 33,987 | 0.2% |
* | Valeant Pharmaceuticals International | 1,041,170 | 33,099 | 0.2% |
Health Care—Other † | 1,848,264 | 10.7% | ||
2,062,471 | 11.9% | |||
Industrials | ||||
Oshkosh Corp. | 1,179,764 | 43,687 | 0.3% | |
* | Corrections Corp. of America | 1,553,982 | 38,150 | 0.2% |
* | Waste Connections Inc. | 1,080,622 | 36,028 | 0.2% |
IDEX Corp. | 1,089,012 | 33,923 | 0.2% | |
* | Continental Airlines Inc. Class B | 1,862,731 | 33,380 | 0.2% |
Hubbell Inc. Class B | 700,329 | 33,126 | 0.2% | |
Snap-On Inc. | 778,612 | 32,904 | 0.2% | |
Industrials—Other † | 2,518,098 | 14.5% | ||
2,769,296 | 16.0% | |||
Information Technology | ||||
* | Rovi Corp. | 1,371,918 | 43,723 | 0.2% |
* | 3Com Corp. | 5,276,175 | 39,571 | 0.2% |
* | Itron Inc. | 539,624 | 36,462 | 0.2% |
* | Varian Semiconductor Equipment Associates Inc. | 989,231 | 35,494 | 0.2% |
* | MICROS Systems Inc. | 1,084,720 | 33,659 | 0.2% |
* | CommScope Inc. | 1,262,879 | 33,504 | 0.2% |
*,^ | Rambus Inc. | 1,344,565 | 32,807 | 0.2% |
* | Skyworks Solutions Inc. | 2,309,352 | 32,770 | 0.2% |
Information Technology—Other † | 2,742,914 | 15.9% | ||
3,030,904 | 17.5% | |||
Materials | ||||
Ashland Inc. | 953,967 | 37,796 | 0.2% | |
RPM International Inc. | 1,741,799 | 35,411 | 0.2% | |
Materials—Other † | 856,181 | 5.0% | ||
929,388 | 5.4% | |||
Telecommunication Services | ||||
* | tw telecom inc Class A | 2,013,452 | 34,511 | 0.2% |
Telecommunication Services—Other † | 139,772 | 0.8% | ||
174,283 | 1.0% | |||
Utilities | ||||
AGL Resources Inc. | 1,042,476 | 38,019 | 0.2% | |
Atmos Energy Corp. | 1,244,917 | 36,601 | 0.2% | |
Great Plains Energy Inc. | 1,823,993 | 35,367 | 0.2% | |
ITC Holdings Corp. | 673,895 | 35,103 | 0.2% | |
Utilities—Other † | 489,579 | 2.9% | ||
634,669 | 3.7% | |||
Total Common Stocks (Cost $16,623,023) | 17,239,723 | 99.7%1 |
18
Small-Cap Index Fund
Market | Percentage | |||
Value• | of Net | |||
($000) | Assets | |||
Convertible Preferred Stocks | ||||
Consumer Discretionary † | 1,006 | 0.0% | ||
Total Convertible Preferred Stocks (Cost $1,214) | 1,006 | 0.0% | ||
Coupon | Shares | |||
Temporary Cash Investments | ||||
Money Market Fund | ||||
2,3 Vanguard Market Liquidity Fund | 0.187% | 362,130,342 | 362,130 | 2.1% |
4U.S. Government and Agency Obligations † | 6,497 | 0.0% | ||
Total Temporary Cash Investments (Cost $364,630) | 368,627 | 2.1%1 | ||
Total Investments (Cost $16,988,867) | 17,609,356 | 101.8% | ||
Other Assets and Liabilities | ||||
Other Assets | 209,951 | 1.2% | ||
Liabilities3 | (528,386) | (3.0%) | ||
(318,435) | (1.8%) | |||
Net Assets | 17,290,921 | 100.0% |
19
Small-Cap Index Fund
At December 31, 2009, net assets consisted of:
Amount | |
($000) | |
Paid-in Capital | 18,903,819 |
Overdistributed Net Investment Income | (22,852) |
Accumulated Net Realized Losses | (2,210,649) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 620,489 |
Futures Contracts | 114 |
Net Assets | 17,290,921 |
Investor Shares—Net Assets | |
Applicable to 215,099,667 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 5,913,304 |
Net Asset Value Per Share—Investor Shares | $27.49 |
Admiral Shares—Net Assets | |
Applicable to 72,458,133 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,992,414 |
Net Asset Value Per Share—Admiral Shares | $27.50 |
Signal Shares—Net Assets | |
Applicable to 71,147,377 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,763,450 |
Net Asset Value Per Share—Signal Shares | $24.79 |
Institutional Shares—Net Assets | |
Applicable to 151,314,440 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 4,161,666 |
Net Asset Value Per Share—Institutional Shares | $27.50 |
ETF Shares—Net Assets | |
Applicable to 60,271,946 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,460,087 |
Net Asset Value Per Share—ETF Shares | $57.41 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $265,570,000.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent
1% or less of net assets.
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 1.8%, respectively, of
net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 Includes $301,596,000 of collateral received for securities on loan.
4 Securities with a value of $6,497,000 have been segregated as initial margin for open futures contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
20
Small-Cap Index Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 178,849 |
Interest1 | 383 |
Security Lending | 21,202 |
Total Income | 200,434 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 473 |
Management and Administrati ve—Investor Shares | 10,851 |
Management and Administrati ve—Admiral Shares | 1,665 |
Management and Administrati ve—Signal Shares | 1,342 |
Management and Administrati ve—Institutional Shares | 1,332 |
Management and Administrati ve—ETF Shares | 1,601 |
Marketing and Distribution& #151;Investor Shares | 1,172 |
Marketing and Distribution& #151;Admiral Shares | 327 |
Marketing and Distribution& #151;Signal Shares | 388 |
Marketing and Distribution& #151;Institutional Shares | 853 |
Marketing and Distribution& #151;ETF Shares | 471 |
Custodian Fees | 753 |
Auditing Fees | 30 |
Shareholders’ Reports and Proxies—Investor Shares | 525 |
Shareholders’ Reports and Proxies—Admiral Shares | 24 |
Shareholders’ Reports and Proxies—Signal Shares | 41 |
Shareholders’ Reports and Proxies—Institutional Shares | 16 |
Shareholders’ Reports and Proxies—ETF Shares | 221 |
Trustees’ Fees and Expenses | 25 |
Total Expenses | 22,110 |
Net Investment Income | 178,324 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (448,930) |
Futures Contracts | 14,967 |
Realized Net Gain (Loss) | (433,963) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 4,483,721 |
Futures Contracts | (4,142) |
Change in Unrealized Appreciation (Depreciation) | 4,479,579 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,223,940 |
1 Interest income from an affiliated company of the fund was $317,000.
See accompanying Notes, which are an integral part of the Financial Statements.
21
Small-Cap Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 178,324 | 207,580 |
Realized Net Gain (Loss) | (433,963) | 530,712 |
Change in Unrealized Appreciation (Depreciation) | 4,479,579 | (6,344,995) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,223,940 | (5,606,703) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (58,993) | (78,250) |
Admiral Shares | (22,117) | (30,066) |
Signal Shares | (19,496) | (24,267) |
Institutional Shares | (48,371) | (53,803) |
ETF Shares | (36,024) | (25,370) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (185,001) | (211,756) |
Capital Share Transactions | ||
Investor Shares | 372,313 | 168,313 |
Admiral Shares | 40,938 | (11,036) |
Signal Shares | 128,306 | 199,826 |
Institutional Shares | 603,547 | 429,108 |
ETF Shares | 1,671,490 | 598,110 |
Net Increase (Decrease) from Capital Share Transactions | 2,816,594 | 1,384,321 |
Total Increase (Decrease) | 6,855,533 | (4,434,138) |
Net Assets | ||
Beginning of Period | 10,435,388 | 14,869,526 |
End of Period1 | 17,290,921 | 10,435,388 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($22,852,000) and ($16,175,000).
See accompanying Notes, which are an integral part of the Financial Statements.
22
Small-Cap Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $20.40 | $32.58 | $32.62 | $28.52 | $26.83 |
Investment Operations | |||||
Net Investment Income | .272 | .398 | .413 | .357 | .290 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 7.094 | (12.174) | (.041) | 4.101 | 1.690 |
Total from Investment Operations | 7.366 | (11.776) | .372 | 4.458 | 1.980 |
Distributions | |||||
Dividends from Net Investment Income | (.276) | (.404) | (.412) | (.358) | (.290) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.276) | (.404) | (.412) | (.358) | (.290) |
Net Asset Value, End of Period | $27.49 | $20.40 | $32.58 | $32.62 | $28.52 |
Total Return1 | 36.12% | -36.07% | 1.16% | 15.64% | 7.36% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,913 | $4,050 | $6,214 | $6,808 | $5,902 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.28% | 0.23% | 0.22% | 0.23% | 0.23% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.30% | 1.49% | 1.23% | 1.18% | 1.08% |
Portfolio Turnover Rate2 | 14% | 14% | 16% | 13% | 18% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
23
Small-Cap Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $20.40 | $32.59 | $32.64 | $28.53 | $26.83 |
Investment Operations | |||||
Net Investment Income | .303 | .426 | .440 | .395 | .325 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 7.105 | (12.185) | (.040) | 4.101 | 1.690 |
Total from Investment Operations | 7.408 | (11.759) | .400 | 4.496 | 2.015 |
Distributions | |||||
Dividends from Net Investment Income | (.308) | (.431) | (.450) | (.386) | (.315) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.308) | (.431) | (.450) | (.386) | (.315) |
Net Asset Value, End of Period | $27.50 | $20.40 | $32.59 | $32.64 | $28.53 |
Total Return | 36.33% | -36.00% | 1.24% | 15.77% | 7.49% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,992 | $1,444 | $2,325 | $3,078 | $2,382 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.14% | 0.12% | 0.11% | 0.13% | 0.13% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.44% | 1.60% | 1.34% | 1.28% | 1.18% |
Portfolio Turnover Rate1 | 14% | 14% | 16% | 13% | 18% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
24
Small-Cap Index Fund
Financial Highlights
Signal Shares | ||||
Dec. 15, | ||||
20061 to | ||||
Year Ended December 31, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 | 2006 |
Net Asset Value, Beginning of Period | $18.39 | $29.38 | $29.42 | $29.98 |
Investment Operations | ||||
Net Investment Income | .274 | .385 | .406 | .004 |
Net Realized and Unrealized Gain (Loss) on Investments | 6.405 | (10.985) | (.042) | (.251) |
Total from Investment Operations | 6.679 | (10.600) | .364 | (.247) |
Distributions | ||||
Dividends from Net Investment Income | (.279) | (.390) | (.404) | (.313) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.279) | (.390) | (.404) | (.313) |
Net Asset Value, End of Period | $24.79 | $18.39 | $29.38 | $29.42 |
Total Return | 36.34% | -36.00% | 1.25% | -0.82% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $1,763 | $1,172 | $1,625 | $157 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.12% | 0.11% | 0.13%2 |
Ratio of Net Investment Income to Average Net Assets | 1.44% | 1.60% | 1.34% | 1.28%2 |
Portfolio Turnover Rate3 | 14% | 14% | 16% | 13% |
1 Inception.
2 Annualized.
3 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
25
Small-Cap Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $20.40 | $32.60 | $32.65 | $28.54 | $26.84 |
Investment Operations | |||||
Net Investment Income | .316 | .441 | .457 | .411 | .343 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 7.106 | (12.196) | (.041) | 4.101 | 1.690 |
Total from Investment Operations | 7.422 | (11.755) | .416 | 4.512 | 2.033 |
Distributions | |||||
Dividends from Net Investment Income | (.322) | (.445) | (.466) | (.402) | (.333) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.322) | (.445) | (.466) | (.402) | (.333) |
Net Asset Value, End of Period | $27.50 | $20.40 | $32.60 | $32.65 | $28.54 |
Total Return | 36.40% | -35.98% | 1.29% | 15.82% | 7.56% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,162 | $2,545 | $3,585 | $3,107 | $2,089 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.07% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.50% | 1.65% | 1.38% | 1.33% | 1.23% |
Portfolio Turnover Rate1 | 14% | 14% | 16% | 13% | 18% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
26
Small-Cap Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $42.60 | $68.07 | $68.16 | $59.59 | $56.05 |
Investment Operations | |||||
Net Investment Income | .646 | .910 | .959 | .836 | .668 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 14.822 | (25.462) | (.093) | 8.569 | 3.555 |
Total from Investment Operations | 15.468 | (24.552) | .866 | 9.405 | 4.223 |
Distributions | |||||
Dividends from Net Investment Income | (.658) | (.918) | (.956) | (.835) | (.683) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.658) | (.918) | (.956) | (.835) | (.683) |
Net Asset Value, End of Period | $57.41 | $42.60 | $68.07 | $68.16 | $59.59 |
Total Return | 36.31% | -35.99% | 1.27% | 15.79% | 7.53% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,460 | $1,224 | $1,121 | $670 | $265 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.14% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.44% | 1.62% | 1.35% | 1.31% | 1.20% |
Portfolio Turnover Rate1 | 14% | 14% | 16% | 13% | 18% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
27
Small-Cap Index Fund
Notes to Financial Statements
Vanguard Small-Cap Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers five classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, and ETF Shares. Investor Shares are available to any investor w ho meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria. Signal Shares are designed for institutional investors who meet certain administrative, service, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum amount of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
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 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 w hich 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 fund uses 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 Statement of Net Assets. 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. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
28
Small-Cap Index Fund
5. 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.
6. 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), share holder reporting, and proxies. Marketing and distribution expenses are allocated to each class of s hares 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 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, 2009, the fund had contributed capital of $3,183,000 to Vanguard (included in Other Assets), representing 0.02% of the fund ’s net assets and 1.27% of
Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quo ted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 17,239,723 | — | — |
Convertible Preferred Stocks | 1,006 | — | — |
Temporary Cash Investments | 362,130 | 6,497 | — |
Futures Contracts—Liabilities1 | (595) | — | — |
Total | 17,602,264 | 6,497 | — |
1 Represents variation margin on the last day of the reporting period. |
29
Small-Cap Index Fund
D. At December 31, 2009, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Number of | Aggregate | Unrealized | ||
Long (Short) | Settlement | Appreciation | ||
Futures Contracts | Expiration | Contracts | Value | (Depreciation) |
E-mini Russell 2000 Index | March 2010 | 875 | 54,591 | 114 |
Unrealized appreciation (depreciation) on open futures contracts is required t o be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment in come and realized capital gains f or financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital acc ounts 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 shor t-term gains as ordinary income for tax purposes.
During the year ended December 31, 2009, the fund realized $465,769,000 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2009, the fund had $2,444,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $1,801,773,000 to offset future n et capital gains of $326,341,000 through December 31, 2011, $23,049,000 through December 31, 2015, $481,807,000 through December 31, 2016, and $970,576,000 through December 31, 2017. In addition, the fund realized losses of $405,904,000 during the period from November 1, 2009, through December 31, 2009, which are deferred and will be t reated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $16,991,697,000. Net unrealized appreciation of investment securities for tax purposes was $617,659,000, consisting of unreali zed gains of $2,792,656,000 on securities that had risen in value since their purchase and $2,174,997,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $5,748,317,000 of investment securities and sold $2,838,202,000 of investment securities, other than temporary cash investments.
30
Small-Cap Index Fund
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 1,292,322 | 58,916 | 1,369,493 | 50,519 |
Issued in Lieu of Cash Distributions | 56,593 | 2,071 | 74,366 | 3,864 |
Redeemed | (976,602) | (44,417) | (1,275,546) | (46,583) |
Net Increase (Decrease)—Investor Shares | 372,313 | 16,570 | 168,313 | 7,800 |
Admiral Shares | ||||
Issued | 290,764 | 13,073 | 313,670 | 11,694 |
Issued in Lieu of Cash Distributions | 19,054 | 699 | 26,178 | 1,359 |
Redeemed | (268,880) | (12,110) | (350,884) | (13,585) |
Net Increase (Decrease)—Admiral Shares | 40,938 | 1,662 | (11,036) | (532) |
Signal Shares | ||||
Issued | 550,957 | 27,652 | 565,494 | 23,032 |
Issued in Lieu of Cash Distributions | 16,939 | 691 | 21,794 | 1,257 |
Redeemed | (439,590) | (20,897) | (387,462) | (15,887) |
Net Increase (Decrease)—Signal Shares | 128,306 | 7,446 | 199,826 | 8,402 |
Institutional Shares | ||||
Issued | 1,294,155 | 57,320 | 1,225,972 | 44,213 |
Issued in Lieu of Cash Distributions | 45,986 | 1,686 | 50,865 | 2,644 |
Redeemed | (736,594) | (32,428) | (847,729) | (32,066) |
Net Increase (Decrease)—Institutional Shares | 603,547 | 26,578 | 429,108 | 14,791 |
ETF Shares | ||||
Issued | 2,815,775 | 56,037 | 3,053,322 | 53,168 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (1,144,285) | (24,500) | (2,455,212) | (40,900) |
Net Increase (Decrease)—ETF Shares | 1,671,490 | 31,537 | 598,110 | 12,268 |
H. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 16, 2010, for potential recognition or disclosure in these financial statements.
31
Small-Cap Growth Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics | |||
Investor | Institutional | ETF | |
Shares | Shares | Shares | |
Ticker Symbol | VISGX | VSGIX | VBK |
Expense Ratio1 | 0.28% | 0.09% | 0.15% |
30-Day SEC Yield | 0.38% | 0.56% | 0.52% |
Portfolio Characteristics | |||
DJ | |||
MSCI US | U.S. Total | ||
Small Cap | Market | ||
Fund | Growth | Index | |
Number of Stocks | 1,007 | 1,004 | 4,201 |
Median Market Cap | $1.3B | $1.3B | $30.7B |
Price/Book Ratio | 2.6x | 2.6x | 2.1x |
Return on Equity | 12.4% | 12.4% | 19.3% |
Earnings Growth Rate | 10.8% | 10.8% | 8.1% |
Dividend Yield | 0.3% | 0.3% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 38% | — | — |
Short-Term Reserves | 0.1% | — | — |
Sector Diversification (% of equity exposure) | |||
DJ | |||
MSCI US | U.S. Total | ||
Small Cap | Market | ||
Fund | Growth | Index | |
Consumer | |||
Discretionary | 17.0% | 17.0% | 10.3% |
Consumer Staples | 3.3 | 3.3 | 9.9 |
Energy | 7.9 | 7.9 | 10.6 |
Financials | 7.0 | 7.0 | 16.0 |
Health Care | 17.6 | 17.6 | 12.6 |
Industrials | 16.6 | 16.6 | 10.6 |
Information | |||
Technology | 26.1 | 26.1 | 19.3 |
Materials | 2.8 | 2.8 | 4.0 |
Telecommunication | |||
Services | 1.1 | 1.1 | 2.9 |
Utilities | 0.6 | 0.6 | 3.8 |
Volatility Measures | ||
DJ | ||
MSCI US | U.S. Total | |
Small Cap | Market | |
Growth | Index | |
R-Squared | 1.00 | 0.92 |
Beta | 1.00 | 1.23 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Rovi Corp. | Systems Software | 0.5% |
Oshkosh Corp. | Construction & Farm Machinery & Heavy Trucks | 0.5 |
MSCI Inc. Class A | Specialized Finance | 0.5 |
Green Mountain Coffee Roasters Inc. | Packaged Foods & Meats | 0.4 |
Human Genome Sciences Inc. | Biotechnology | 0.4 |
Itron Inc. | Electronic Equipment & Instruments | 0.4 |
Waste Connections Inc. | Environmental & Facilities Services | 0.4 |
Varian Semiconductor Equipment Associates Inc. | Semiconductor Equipment | 0.4 |
ITC Holdings Corp. | Electric Utilities | 0.4 |
Tenet Healthcare Corp. | Health Care Facilities | 0.4 |
Top Ten | 4.3% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based
on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.28% for
Investor Shares, 0.08% for Institutional Shares, and 0.14% for ETF Shares.
32
Small-Cap Growth Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: December 31, 1999, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2009 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Small-Cap Growth Index Fund Investor | |||||
Shares | 41.85% | 2.56% | 4.84% | $16,043 | |
•••••••• | Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 9,828 | |
Small-Cap Spliced Index | 35.83 | -0.12 | -0.91 | 15,746 | |
– – – – | Small-Cap Growth Growth Funds Average | 41.97 | 2.58 | 4.64 | 9,130 |
Spliced Small-Cap Growth Index: S&P SmallCap 600/Barra Growth Index through May 16, 2003; MSCI US Small Cap Growth Index thereafter.
Small-Cap Growth Funds Average: Derived from data provided by Lipper Inc.
Since | Final Value | |||
One | Five | Inception | of a $5,000,000 | |
Year | Years | (5/24/2000) | Investment | |
Small-Cap Growth Index Fund | ||||
Institutional Shares | 42.13% | 2.72% | 5.55% | $8,401,635 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | 0.56 | 5,276,343 |
Spliced Small-Cap Growth Index | 41.97 | 2.58 | 5.23 | 8,154,822 |
Performance for the fund’s Institutional Shares and comparative standards is calculated since the Institutional Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
33
Small-Cap Growth Index Fund
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (1/26/2004) | Investment | |
Small-Cap Growth Index Fund | ||||
ETF Shares Net Asset Value | 42.02% | 2.68% | 3.33% | $12,147 |
Dow Jones U.S. Total Stock Market Index | 29.35 | 1.09 | 2.20 | 11,376 |
MSCI US Small Cap Growth Index | 41.97 | 2.58 | 3.26 | 12,093 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
For more information about how the ETF Shares' market prices have compared with their net asset value, visit www.vanguard.com, select
your ETF, and then select the Performance tab. The Premium/Discount table there shows the percentages of days on which the ETF Shares'
market price was above or below the NAV.
Cumulative Returns of ETF Shares: January 26, 2004, Through December 31, 2009
One | Five | Since | |
Year | Years | Inception | |
Small-Cap Growth Index Fund | |||
ETF Shares Market Price | 42.33% | 14.21% | 21.35% |
Small-Cap Growth Index Fund | |||
ETF Shares Net Asset Value | 42.02 | 14.12 | 21.47 |
MSCI US Small Cap Growth Index | 41.97 | 13.60 | 20.93 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
Fiscal-Year Total Returns (%): December 31, 1999, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
34
Small-Cap Growth Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2009
This Statement summarizes the fund’s holdings by asset type. 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.
The fund reports a complete list of its holdings in regulatory filings 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 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).
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Common Stocks | |||
Consumer Discretionary | |||
* Chico’s FAS Inc. | 1,424,004 | 20,007 | 0.4% |
Gentex Corp. | 1,106,420 | 19,750 | 0.4% |
* Big Lots Inc. | 663,067 | 19,216 | 0.4% |
* Sirius XM Radio Inc. | 31,268,031 | 18,761 | 0.4% |
* Aeropostale Inc. | 541,984 | 18,455 | 0.4% |
* Hanesbrands Inc. | 761,000 | 18,348 | 0.4% |
* J Crew Group Inc. | 404,025 | 18,076 | 0.4% |
* Dick’s Sporting Goods Inc. | 702,389 | 17,468 | 0.3% |
* Bally Technologies Inc. | 416,721 | 17,206 | 0.3% |
Phillips-Van Heusen Corp. | 414,468 | 16,861 | 0.3% |
* WMS Industries Inc. | 405,535 | 16,221 | 0.3% |
* Panera Bread Co. Class A | 239,430 | 16,035 | 0.3% |
Consumer Discretionary—Other † | 655,239 | 12.7% | |
871,643 | 17.0% | ||
Consumer Staples | |||
* Green Mountain Coffee Roasters Inc. | 279,487 | 22,770 | 0.4% |
Herbalife Ltd. | 495,612 | 20,107 | 0.4% |
* NBTY Inc. | 447,333 | 19,477 | 0.4% |
Consumer Staples—Other † | 106,052 | 2.1% | |
168,406 | 3.3% | ||
Energy | |||
Core Laboratories NV | 175,316 | 20,708 | 0.4% |
* Encore Acquisition Co. | 423,884 | 20,355 | 0.4% |
* Atlas Energy Inc. | 596,147 | 17,986 | 0.4% |
St Mary Land & Exploration Co. | 502,050 | 17,190 | 0.3% |
* Atwood Oceanics Inc. | 464,131 | 16,639 | 0.3% |
Energy—Other † | 313,680 | 6.1% | |
406,558 | 7.9% |
35
Small-Cap Growth Index Fund
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Financials | |||
* MSCI Inc. Class A | 804,407 | 25,580 | 0.5% |
Jones Lang LaSalle Inc. | 335,563 | 20,268 | 0.4% |
Financials—Other † | 313,372 | 6.1% | |
359,220 | 7.0% | ||
Health Care | |||
* Human Genome Sciences Inc. | 725,018 | 22,186 | 0.4% |
* Tenet Healthcare Corp. | 3,864,242 | 20,828 | 0.4% |
* United Therapeutics Corp. | 384,355 | 20,236 | 0.4% |
* Valeant Pharmaceuticals International | 619,844 | 19,705 | 0.4% |
* VCA Antech Inc. | 682,172 | 17,000 | 0.3% |
Health Care—Other † | 800,560 | 15.6% | |
900,515 | 17.5% | ||
Industrials | |||
Oshkosh Corp. | 702,377 | 26,009 | 0.5% |
* Waste Connections Inc. | 643,487 | 21,454 | 0.4% |
IDEX Corp. | 648,331 | 20,195 | 0.4% |
Gardner Denver Inc. | 417,725 | 17,774 | 0.4% |
* UAL Corp. | 1,341,727 | 17,322 | 0.4% |
* Monster Worldwide Inc. | 960,810 | 16,718 | 0.3% |
Towers Watson & Co. Class A | 342,854 | 16,292 | 0.3% |
Landstar System Inc. | 412,224 | 15,982 | 0.3% |
Industrials—Other † | 700,037 | 13.6% | |
851,783 | 16.6% | ||
Information Technology | |||
* Rovi Corp. | 816,809 | 26,032 | 0.5% |
* Itron Inc. | 321,272 | 21,708 | 0.4% |
* Varian Semiconductor Equipment Associates Inc. | 588,973 | 21,132 | 0.4% |
* MICROS Systems Inc. | 645,849 | 20,041 | 0.4% |
* CommScope Inc. | 751,862 | 19,947 | 0.4% |
Solera Holdings Inc. | 530,651 | 19,109 | 0.4% |
* VistaPrint NV | 326,676 | 18,509 | 0.4% |
* Informatica Corp. | 709,782 | 18,355 | 0.4% |
* Atheros Communications Inc. | 535,022 | 18,319 | 0.4% |
* QLogic Corp. | 948,686 | 17,902 | 0.3% |
* Polycom Inc. | 675,265 | 16,861 | 0.3% |
* Silicon Laboratories Inc. | 342,306 | 16,547 | 0.3% |
* Atmel Corp. | 3,442,458 | 15,870 | 0.3% |
Information Technology—Other † | 1,094,141 | 21.3% | |
1,344,473 | 26.2% | ||
Materials † | 143,295 | 2.8% | |
Telecommunication Services | |||
* tw telecom inc Class A | 1,198,685 | 20,545 | 0.4% |
Telecommunication Services—Other † | 33,438 | 0.6% | |
53,983 | 1.0% | ||
Utilities | |||
ITC Holdings Corp. | 401,298 | 20,904 | 0.4% |
Utilities—Other † | 7,792 | 0.1% | |
28,696 | 0.5% | ||
Total Common Stocks (Cost $4,667,482) | 5,128,572 | 99.8%1 |
36
Small-Cap Growth Index Fund
Market | Percentage | |||
Value• | of Net | |||
Coupon | Shares | ($000) | Assets | |
Temporary Cash Investments | ||||
Money Market Fund | ||||
2,3 Vanguard Market Liquidity Fund | 0.187% | 134,424,678 | 134,425 | 2.6% |
4U.S. Government and Agency Obligations † | 999 | 0.0% | ||
Total Temporary Cash Investments (Cost $135,424) | 135,424 | 2.6%1 | ||
5Total Investments (Cost $4,802,906) | 5,263,996 | 102.4% | ||
Other Assets and Liabilities | ||||
Other Assets | 23,383 | 0.5% | ||
Liabilities3 | (147,654) | (2.9%) | ||
(124,271) | (2.4%) | |||
Net Assets | 5,139,725 | 100.0% |
37
Small-Cap Growth Index Fund
At December 31, 2009, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 6,065,401 |
Overdistributed Net Investment Income | (6,764) |
Accumulated Net Realized Losses | (1,379,957) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 461,090 |
Futures Contracts | (45) |
Net Assets | 5,139,725 |
Investor Shares—Net Assets | |
Applicable to 179,302,979 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,017,590 |
Net Asset Value Per Share—Investor Shares | $16.83 |
Institutional Shares—Net Assets | |
Applicable to 56,055,458 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 944,794 |
Net Asset Value Per Share—Institutional Shares | $16.85 |
ETF Shares—Net Assets | |
Applicable to 19,667,335 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,177,341 |
Net Asset Value Per Share—ETF Shares | $59.86 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent
1% or less of net assets.
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 99.9% and 2.5%, respectively, of
net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 Includes $122,632,000 of collateral received for securities on loan.
4 Securities with a value of $999,000 have been segregated as initial margin for open futures contracts.
5 The total value of securities on loan is $106,087,000.
See accompanying Notes, which are an integral part of the Financial Statements.
38
Small-Cap Growth Index Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 15,079 |
Interest1 | 79 |
Security Lending | 8,593 |
Total Income | 23,751 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 202 |
Management and Administrati ve—Investor Shares | 5,156 |
Management and Administrati ve—Institutional Shares | 240 |
Management and Administrati ve—ETF Shares | 700 |
Marketing and Distribution& #151;Investor Shares | 613 |
Marketing and Distribution& #151;Institutional Shares | 193 |
Marketing and Distribution& #151;ETF Shares | 274 |
Custodian Fees | 373 |
Auditing Fees | 29 |
Shareholders’ Reports and Proxies—Investor Shares | 226 |
Shareholders’ Reports and Proxies—Institutional Shares | 8 |
Shareholders’ Reports and Proxies—ETF Shares | 172 |
Trustees’ Fees and Expenses | 8 |
Total Expenses | 8,194 |
Net Investment Income | 15,557 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (143,441) |
Futures Contracts | 2,208 |
Realized Net Gain (Loss) | (141,233) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 1,570,259 |
Futures Contracts | (596) |
Change in Unrealized Appreciation (Depreciation) | 1,569,663 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,443,987 |
1 Interest income from an affiliated company of the fund was $55,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
39
Small-Cap Growth Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 15,557 | 25,768 |
Realized Net Gain (Loss) | (141,233) | (374,592) |
Change in Unrealized Appreciation (Depreciation) | 1,569,663 | (1,579,920) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,443,987 | (1,928,744) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (8,702) | (15,611) |
Institutional Shares | (4,179) | (5,087) |
ETF Shares | (4,659) | (6,779) |
Realized Capital Gain | ||
Investor Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (17,540) | (27,477) |
Capital Share Transactions | ||
Investor Shares | 322,971 | 269,325 |
Institutional Shares | 177,511 | 129,511 |
ETF Shares | 151,301 | 232,705 |
Net Increase (Decrease) from Capital Share Transactions | 651,783 | 631,541 |
Total Increase (Decrease) | 2,078,230 | (1,324,680) |
Net Assets | ||
Beginning of Period | 3,061,495 | 4,386,175 |
End of Period1 | 5,139,725 | 3,061,495 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($6,764,000) and ($4,781,000).
See accompanying Notes, which are an integral part of the Financial Statements.
40
Small-Cap Growth Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $11.90 | $20.01 | $18.34 | $16.43 | $15.16 |
Investment Operations | |||||
Net Investment Income | .046 | .096 | .095 | .051 | .040 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 4.933 | (8.105) | 1.669 | 1.911 | 1.270 |
Total from Investment Operations | 4.979 | (8.009) | 1.764 | 1.962 | 1.310 |
Distributions | |||||
Dividends from Net Investment Income | (.049) | (.101) | (.094) | (.052) | (.040) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.049) | (.101) | (.094) | (.052) | (.040) |
Net Asset Value, End of Period | $16.83 | $11.90 | $20.01 | $18.34 | $16.43 |
Total Return1 | 41.85% | -40.00% | 9.63% | 11.94% | 8.64% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,018 | $1,871 | $2,825 | $2,208 | $1,726 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.28% | 0.23% | 0.22% | 0.23% | 0.23% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 0.33% | 0.60% | 0.52% | 0.30% | 0.27% |
Portfolio Turnover Rate2 | 38% | 38% | 32% | 40% | 39% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
41
Small-Cap Growth Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $11.91 | $20.04 | $18.37 | $16.46 | $15.18 |
Investment Operations | |||||
Net Investment Income | .072 | .121 | .125 | .080 | .073 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 4.944 | (8.126) | 1.669 | 1.910 | 1.270 |
Total from Investment Operations | 5.016 | (8.005) | 1.794 | 1.990 | 1.343 |
Distributions | |||||
Dividends from Net Investment Income | (.076) | (.125) | (.124) | (.080) | (.063) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.076) | (.125) | (.124) | (.080) | (.063) |
Net Asset Value, End of Period | $16.85 | $11.91 | $20.04 | $18.37 | $16.46 |
Total Return | 42.13% | -39.91% | 9.78% | 12.09% | 8.84% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $945 | $511 | $703 | $257 | $73 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.07% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 0.53% | 0.76% | 0.67% | 0.45% | 0.42% |
Portfolio Turnover Rate1 | 38% | 38% | 32% | 40% | 39% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
42
Small-Cap Growth Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $42.32 | $71.18 | $65.24 | $58.47 | $53.95 |
Investment Operations | |||||
Net Investment Income | .225 | .411 | .415 | .262 | .200 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 17.555 | (28.846) | 5.940 | 6.773 | 4.534 |
Total from Investment Operations | 17.780 | (28.435) | 6.355 | 7.035 | 4.734 |
Distributions | |||||
Dividends from Net Investment Income | (.240) | (.425) | (.415) | (.265) | (.214) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.240) | (.425) | (.415) | (.265) | (.214) |
Net Asset Value, End of Period | $59.86 | $42.32 | $71.18 | $65.24 | $58.47 |
Total Return | 42.02% | -39.92% | 9.74% | 12.03% | 8.77% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,177 | $680 | $858 | $518 | $206 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.14% | 0.11% | 0.11% | 0.12% | 0.12% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 0.47% | 0.72% | 0.63% | 0.41% | 0.37% |
Portfolio Turnover Rate1 | 38% | 38% | 32% | 40% | 39% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
43
Small-Cap Growth Index Fund
Notes to Financial Statements
Vanguard Small-Cap Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: Investor Shares, Institutional Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase require ments. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum amount of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
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 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 w hich 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 fund uses 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 Statement of Net Assets. 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. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
44
Small-Cap Growth Index Fund
5. 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.
6. 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), share holder reporting, and proxies. Marketing and distribution expenses are allocated to each class of s hares 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 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, 2009, the fund had contributed capital of $937,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.37% of
Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quo ted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 5,128,572 | — | — |
Temporary Cash Investments | 134,425 | 999 | — |
Futures Contracts—Liabilities1 | (84) | — | — |
Total | 5,262,913 | 999 | — |
1 Represents variation margin on the last day of the reporting period. |
45
Small-Cap Growth Index Fund
D. At December 31, 2009, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Number of | Aggregate | Unrealized | ||
Long (Short) | Settlement | Appreciation | ||
Futures Contracts | Expiration | Contracts | Value | (Depreciation) |
E-mini Russell 2000 Index | March 2010 | 123 | 7,674 | (45) |
Unrealized appreciation (depreciation) on open futures contracts is required t o be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment in come and realized capital gains f or financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital acc ounts 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 shor t-term gains as ordinary income for tax purposes.
During the year ended December 31, 2009, the fund realized $249,431,000 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2009, the fund had $103,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $1,167,190,000 to offset future net capital gains of $13,814,000 through December 31, 2011, $15,893,000 through December 31, 2014, $12,561,000 through December 31, 2015, $302,440,000 through December 31, 2016, and $822,482,000 through December 31, 2017. In addition, the fund realized losses of $205,442,000 during the period from November 1, 2009, through December 31, 2009, which are deferred and will be treated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $4,810,273,000. Net unrealized appreciation of investment securities for tax purposes was $453,723,000, consisting of unrealized gains of $807,768,000 on securities that had risen in value since their purchase and $354,045,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $2,846,299,000 of investment securities and sold $2,185,217,000 of investment securities, other than temporary cash investments.
46
Small-Cap Growth Index Fund
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 817,190 | 59,537 | 948,611 | 58,907 |
Issued in Lieu of Cash Distributions | 8,181 | 494 | 14,677 | 1,296 |
Redeemed | (502,400) | (37,919) | (693,963) | (44,169) |
Net Increase (Decrease)—Investor Shares | 322,971 | 22,112 | 269,325 | 16,034 |
Institutional Shares | ||||
Issued | 357,212 | 27,809 | 283,248 | 17,034 |
Issued in Lieu of Cash Distributions | 3,909 | 235 | 4,709 | 416 |
Redeemed | (183,610) | (14,896) | (158,446) | (9,630) |
Net Increase (Decrease)—Institutional Shares | 177,511 | 13,148 | 129,511 | 7,820 |
ETF Shares | ||||
Issued | 839,418 | 17,004 | 1,346,817 | 21,705 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (688,117) | (13,400) | (1,114,112) | (17,700) |
Net Increase (Decrease)—ETF Shares | 151,301 | 3,604 | 232,705 | 4,005 |
H. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 16, 2010, for potential recognition or disclosure in these financial statements.
47
Small-Cap Value Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics | |||
Investor | Institutional | ETF | |
Shares | Shares | Shares | |
Ticker Symbol | VISVX | VSIIX | VBR |
Expense Ratio1 | 0.28% | 0.09% | 0.15% |
30-Day SEC Yield | 2.25% | 2.44% | 2.39% |
Portfolio Characteristics | |||
DJ | |||
MSCI US | U.S. Total | ||
Small Cap | Market | ||
Fund | Value | Index | |
Number of Stocks | 994 | 991 | 4,201 |
Median Market Cap | $1.3B | $1.3B | $30.7B |
Price/Book Ratio | 1.3x | 1.3x | 2.1x |
Return on Equity | 9.7% | 9.7% | 19.3% |
Earnings Growth Rate | 0.5% | 0.5% | 8.1% |
Dividend Yield | 2.3% | 2.3% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 33% | — | — |
Short-Term Reserves | -0.1% | — | — |
Sector Diversification (% of equity exposure) | |||
DJ | |||
MSCI US | U.S. Total | ||
Small Cap | Market | ||
Fund | Value | Index | |
Consumer | |||
Discretionary | 12.2% | 12.2% | 10.3% |
Consumer Staples | 4.0 | 4.0 | 9.9 |
Energy | 4.2 | 4.2 | 10.6 |
Financials | 32.9 | 32.9 | 16.0 |
Health Care | 6.4 | 6.4 | 12.6 |
Industrials | 15.5 | 15.5 | 10.6 |
Information | |||
Technology | 9.0 | 9.0 | 19.3 |
Materials | 8.0 | 8.0 | 4.0 |
Telecommunication | |||
Services | 1.0 | 1.0 | 2.9 |
Utilities | 6.8 | 6.8 | 3.8 |
Volatility Measures | ||
DJ | ||
MSCI US | U.S. Total | |
Small Cap | Market | |
Value | Index | |
R-Squared | 1.00 | 0.89 |
Beta | 1.00 | 1.24 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
3Com Corp. | Communications Equipment | 0.5% |
Tupperware Brands Corp. | Housewares & Specialties | 0.5 |
Corrections Corp. of America | Security & Alarm Services | 0.4 |
AGL Resources Inc. | Gas Utilities | 0.4 |
Ashland Inc. | Diversified Chemicals | 0.4 |
Alexandria Real Estate Equities Inc. | Office REITs | 0.4 |
Mednax Inc. | Health Care Services | 0.4 |
Senior Housing Properties Trust | Specialized REITs | 0.4 |
Human Genome Sciences Inc. | Biotechnology | 0.4 |
Assured Guaranty Ltd. | Property & Casualty Insurance | 0.4 |
Top Ten | 4.2% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based
on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.28% for
Investor Shares, 0.08% for Institutional Shares, and 0.14% for ETF Shares.
48
Small-Cap Value Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: December 31, 1999, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2009 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Small-Cap Value Index Fund Investor | |||||
Shares | 30.34% | 0.80% | 7.69% | $20,978 | |
•••••••• | Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 9,828 | |
Small-Cap Spliced Index | 31.80 | 0.26 | 7.76 | 21,106 | |
– – – – | Small-Cap Value Funds Value Average | 30.29 | 0.88 | 7.44 | 20,487 |
Spliced Small-Cap Value Index: S&P SmallCap 600/Barra Value Index through May 16, 2003; MSCI US Small Cap Value Index thereafter.
Small-Cap Value Funds Average: Derived from data provided by Lipper Inc.
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Small-Cap Value Index Fund | ||||
Institutional Shares | 30.71% | 0.99% | 7.87% | $10,663,941 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 4,913,789 |
Spliced Small-Cap Value Index | 30.29 | 0.88 | 7.44 | 10,243,638 |
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
49
Small-Cap Value Index Fund
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (1/26/2004) | Investment | |
Small-Cap Value Index Fund | ||||
ETF Shares Net Asset Value | 30.52% | 0.93% | 3.54% | $12,288 |
Dow Jones U.S. Total Stock Market Index | 29.35 | 1.09 | 2.20 | 11,376 |
MSCI US Small Cap Value Index | 30.29 | 0.88 | 3.51 | 12,272 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
For more information about how the ETF Shares' market prices have compared with their net asset value, visit www.vanguard.com, select
your ETF, and then select the Performance tab. The Premium/Discount table there shows the percentages of days on which the ETF Shares'
market price was above or below the NAV.
Cumulative Returns of ETF Shares: January 26, 2004, Through December 31, 2009
One | Five | Since | |
Year | Years | Inception | |
Small-Cap Value Index Fund | |||
ETF Shares Market Price | 31.10% | 4.91% | 22.83% |
Small-Cap Value Index Fund | |||
ETF Shares Net Asset Value | 30.52 | 4.72 | 22.88 |
MSCI US Small Cap Value Index | 30.29 | 4.50 | 22.72 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
Fiscal-Year Total Returns (%): December 31, 1999, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
50
Small-Cap Value Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2009
This Statement summarizes the fund’s holdings by asset type. 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.
The fund reports a complete list of its holdings in regulatory filings 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 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).
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Common Stocks | |||
Consumer Discretionary | |||
Tupperware Brands Corp. | 504,423 | 23,491 | 0.5% |
Jarden Corp. | 709,158 | 21,920 | 0.4% |
RadioShack Corp. | 1,002,745 | 19,554 | 0.4% |
Service Corp. International | 2,016,200 | 16,513 | 0.3% |
Consumer Discretionary—Other † | 545,947 | 10.6% | |
627,425 | 12.2% | ||
Consumer Staples | |||
Del Monte Foods Co. | 1,584,416 | 17,967 | 0.3% |
Consumer Staples—Other † | 185,371 | 3.6% | |
203,338 | 3.9% | ||
Energy | |||
Southern Union Co. | 896,620 | 20,353 | 0.4% |
* Whiting Petroleum Corp. | 264,714 | 18,914 | 0.4% |
Energy—Other † | 177,403 | 3.4% | |
216,670 | 4.2% | ||
Financials | |||
Alexandria Real Estate Equities Inc. | 347,873 | 22,365 | 0.4% |
Senior Housing Properties Trust | 1,018,452 | 22,274 | 0.4% |
Assured Guaranty Ltd. | 1,012,316 | 22,028 | 0.4% |
Camden Property Trust | 513,699 | 21,765 | 0.4% |
Mack-Cali Realty Corp. | 628,053 | 21,712 | 0.4% |
Waddell & Reed Financial Inc. | 687,961 | 21,010 | 0.4% |
First Niagara Financial Group Inc. | 1,467,745 | 20,416 | 0.4% |
Chimera Investment Corp. | 5,109,881 | 19,826 | 0.4% |
Highwoods Properties Inc. | 569,220 | 18,983 | 0.4% |
Essex Property Trust Inc. | 225,885 | 18,895 | 0.4% |
Arthur J Gallagher & Co. | 811,745 | 18,272 | 0.4% |
Hanover Insurance Group Inc. | 407,435 | 18,102 | 0.4% |
Bank of Hawaii Corp. | 383,840 | 18,064 | 0.4% |
Corporate Office Properties Trust SBI | 465,346 | 17,046 | 0.3% |
Aspen Insurance Holdings Ltd. | 667,134 | 16,979 | 0.3% |
51
Small-Cap Value Index Fund
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Washington Federal Inc. | 873,939 | 16,902 | 0.3% |
MFA Financial Inc. | 2,189,043 | 16,089 | 0.3% |
StanCorp Financial Group Inc. | 393,778 | 15,759 | 0.3% |
* E*Trade Financial Corp. | 8,947,189 | 15,658 | 0.3% |
Financials—Other † | 1,326,189 | 25.9% | |
1,688,334 | 32.9% | ||
Health Care | |||
* Mednax Inc. | 371,465 | 22,329 | 0.4% |
* Human Genome Sciences Inc. | 723,017 | 22,124 | 0.4% |
PerkinElmer Inc. | 936,114 | 19,275 | 0.4% |
Teleflex Inc. | 319,132 | 17,198 | 0.4% |
Health Care—Other † | 245,702 | 4.8% | |
326,628 | 6.4% | ||
Industrials | |||
* Corrections Corp. of America | 922,827 | 22,655 | 0.4% |
Hubbell Inc. Class B | 415,837 | 19,669 | 0.4% |
Snap-On Inc. | 462,334 | 19,538 | 0.4% |
Lincoln Electric Holdings Inc. | 340,641 | 18,211 | 0.4% |
Kennametal Inc. | 651,187 | 16,879 | 0.3% |
Carlisle Cos. Inc. | 490,610 | 16,808 | 0.3% |
Industrials—Other † | 681,350 | 13.3% | |
795,110 | 15.5% | ||
Information Technology | |||
* 3Com Corp. | 3,132,981 | 23,497 | 0.4% |
* Skyworks Solutions Inc. | 1,371,197 | 19,457 | 0.4% |
* Tech Data Corp. | 402,380 | 18,775 | 0.4% |
Information Technology—Other † | 397,031 | 7.7% | |
458,760 | 8.9% | ||
Materials | |||
Ashland Inc. | 566,438 | 22,442 | 0.4% |
RPM International Inc. | 1,034,204 | 21,025 | 0.4% |
Aptargroup Inc. | 542,267 | 19,381 | 0.4% |
Packaging Corp. of America | 825,709 | 19,000 | 0.4% |
* Domtar Corp. | 335,907 | 18,613 | 0.4% |
Compass Minerals International Inc. | 261,061 | 17,541 | 0.4% |
Temple-Inland Inc. | 814,256 | 17,189 | 0.3% |
Materials—Other † | 273,862 | 5.3% | |
409,053 | 8.0% | ||
Telecommunication Services † | 49,698 | 1.0% | |
Utilities | |||
AGL Resources Inc. | 619,092 | 22,578 | 0.4% |
Atmos Energy Corp. | 739,139 | 21,731 | 0.4% |
Great Plains Energy Inc. | 1,084,411 | 21,027 | 0.4% |
Westar Energy Inc. | 872,051 | 18,941 | 0.4% |
Utilities—Other † | 264,005 | 5.2% | |
348,282 | 6.8% | ||
Total Common Stocks (Cost $5,034,847) | 5,123,298 | 99.8%1 |
52
Small-Cap Value Index Fund
Market | Percentage | |||
Value• | of Net | |||
($000) | Assets | |||
Convertible Preferred Stocks | ||||
Consumer Discretionary † | 700 | 0.0% | ||
Total Convertible Preferred Stocks (Cost $515) | 700 | 0.0% | ||
Coupon | Shares | |||
Temporary Cash Investments | ||||
Money Market Fund | ||||
2,3 Vanguard Market Liquidity Fund | 0.187% | 42,020,647 | 42,021 | 0.8% |
4U.S. Government and Agency Obligations † | 1,999 | 0.1% | ||
Total Temporary Cash Investments (Cost $44,020) | 44,020 | 0.9%1 | ||
5Total Investments (Cost $5,079,382) | 5,168,018 | 100.7% | ||
Other Assets and Liabilities | ||||
Other Assets | 30,352 | 0.6% | ||
Liabilities3 | (65,697) | (1.3%) | ||
(35,345) | (0.7%) | |||
Net Assets | 5,132,673 | 100.0% |
53
Small-Cap Value Index Fund
At December 31, 2009, net assets consisted of:
Amount | |
($000) | |
Paid-in Capital | 6,574,510 |
Overdistributed Net Investment Income | (6,383) |
Accumulated Net Realized Losses | (1,523,968) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 88,636 |
Futures Contracts | (122) |
Net Assets | 5,132,673 |
Investor Shares—Net Assets | |
Applicable to 251,059,274 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,279,130 |
Net Asset Value Per Share—Investor Shares | $13.06 |
Institutional Shares—Net Assets | |
Applicable to 41,519,249 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 543,357 |
Net Asset Value Per Share—Institutional Shares | $13.09 |
ETF Shares—Net Assets | |
Applicable to 24,042,374 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,310,186 |
Net Asset Value Per Share—ETF Shares | $54.49 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent
1% or less of net assets.
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 0.7%, respectively, of
net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 Includes $36,115,000 of collateral received for securities on loan.
4 Securities with a value of $1,999,000 have been segregated as initial margin for open futures contracts.
5 The total value of securities on loan is $33,270,000.
See accompanying Notes, which are an integral part of the Financial Statements.
54
Small-Cap Value Index Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 100,253 |
Interest1 | 61 |
Security Lending | 4,089 |
Total Income | 104,403 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 214 |
Management and Administrati ve—Investor Shares | 5,967 |
Management and Administrati ve—Institutional Shares | 124 |
Management and Administrati ve—ETF Shares | 832 |
Marketing and Distribution& #151;Investor Shares | 666 |
Marketing and Distribution& #151;Institutional Shares | 128 |
Marketing and Distribution& #151;ETF Shares | 312 |
Custodian Fees | 335 |
Auditing Fees | 30 |
Shareholders’ Reports and Proxies—Investor Shares | 285 |
Shareholders’ Reports and Proxies—Institutional Shares | 13 |
Shareholders’ Reports and Proxies—ETF Shares | 165 |
Trustees’ Fees and Expenses | 9 |
Total Expenses | 9,080 |
Net Investment Income | 95,323 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (378,176) |
Futures Contracts | 610 |
Realized Net Gain (Loss) | (377,566) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 1,468,519 |
Futures Contracts | (122) |
Change in Unrealized Appreciation (Depreciation) | 1,468,397 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,186,154 |
1 Interest income from an affiliated company of the fund was $34,000.
See accompanying Notes, which are an integral part of the Financial Statements.
55
Small-Cap Value Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 95,323 | 105,315 |
Realized Net Gain (Loss) | (377,566) | (159,316) |
Change in Unrealized Appreciation (Depreciation) | 1,468,397 | (1,598,768) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,186,154 | (1,652,769) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (60,460) | (68,805) |
Institutional Shares | (10,732) | (11,527) |
ETF Shares | (25,772) | (26,694) |
Realized Capital Gain | ||
Investor Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (96,964) | (107,026) |
Capital Share Transactions | ||
Investor Shares | 154,755 | (2,691) |
Institutional Shares | 49,011 | 140,295 |
ETF Shares | 127,785 | 407,664 |
Net Increase (Decrease) from Capital Share Transactions | 331,551 | 545,268 |
Total Increase (Decrease) | 1,420,741 | (1,214,527) |
Net Assets | ||
Beginning of Period | 3,711,932 | 4,926,459 |
End of Period1 | 5,132,673 | 3,711,932 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($6,383,000) and ($4,742,000).
See accompanying Notes, which are an integral part of the Financial Statements.
56
Small-Cap Value Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $10.21 | $15.49 | $17.05 | $14.56 | $13.97 |
Investment Operations | |||||
Net Investment Income | .241 | .293 | .344 | .311 | .263 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.854 | (5.277) | (1.551) | 2.488 | .589 |
Total from Investment Operations | 3.095 | (4.984) | (1.207) | 2.799 | .852 |
Distributions | |||||
Dividends from Net Investment Income | (.245) | (.296) | (.353) | (.309) | (.262) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.245) | (.296) | (.353) | (.309) | (.262) |
Net Asset Value, End of Period | $13.06 | $10.21 | $15.49 | $17.05 | $14.56 |
Total Return1 | 30.34% | -32.05% | -7.07% | 19.24% | 6.07% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,279 | $2,435 | $3,678 | $4,314 | $3,446 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.28% | 0.23% | 0.22% | 0.23% | 0.23% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.26% | 2.33% | 1.95% | 2.06% | 1.96% |
Portfolio Turnover Rate2 | 33% | 30% | 34% | 25% | 28% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
57
Small-Cap Value Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $10.22 | $15.53 | $17.09 | $14.59 | $13.99 |
Investment Operations | |||||
Net Investment Income | .262 | .315 | .372 | .345 | .294 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.874 | (5.307) | (1.551) | 2.488 | .589 |
Total from Investment Operations | 3.136 | (4.992) | (1.179) | 2.833 | .883 |
Distributions | |||||
Dividends from Net Investment Income | (.266) | (.318) | (.381) | (.333) | (.283) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.266) | (.318) | (.381) | (.333) | (.283) |
Net Asset Value, End of Period | $13.09 | $10.22 | $15.53 | $17.09 | $14.59 |
Total Return | 30.71% | -32.02% | -6.89% | 19.44% | 6.28% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $543 | $383 | $430 | $310 | $247 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.07% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.46% | 2.49% | 2.10% | 2.21% | 2.11% |
Portfolio Turnover Rate1 | 33% | 30% | 34% | 25% | 28% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
58
Small-Cap Value Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $42.58 | $64.65 | $71.16 | $60.76 | $58.31 |
Investment Operations | |||||
Net Investment Income | 1.071 | 1.296 | 1.531 | 1.380 | 1.174 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 11.923 | (22.053) | (6.474) | 10.391 | 2.443 |
Total from Investment Operations | 12.994 | (20.757) | (4.943) | 11.771 | 3.617 |
Distributions | |||||
Dividends from Net Investment Income | (1.084) | (1.313) | (1.567) | (1.371) | (1.167) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.084) | (1.313) | (1.567) | (1.371) | (1.167) |
Net Asset Value, End of Period | $54.49 | $42.58 | $64.65 | $71.16 | $60.76 |
Total Return | 30.52% | -31.99% | -6.96% | 19.40% | 6.20% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,310 | $894 | $819 | $510 | $188 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.14% | 0.11% | 0.11% | 0.12% | 0.12% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.40% | 2.45% | 2.06% | 2.17% | 2.07% |
Portfolio Turnover Rate1 | 33% | 30% | 34% | 25% | 28% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
59
Small-Cap Value Index Fund
Notes to Financial Statements
Vanguard Small-Cap Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: Investor Shares, Institutional Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund ’s minimum purchase requirements. I nstitutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum amount of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
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 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 w hich 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 fund uses 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 Statement of Net Assets. 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. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
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Small-Cap Value Index Fund
5. 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.
6. 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), share holder reporting, and proxies. Marketing and distribution expenses are allocated to each class of s hares 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 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, 2009, the fund had contributed capital of $963,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.39% of
Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quo ted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 5,123,298 | — | — |
Convertible Preferred Stocks | 700 | — | — |
Temporary Cash Investments | 42,021 | 1,999 | — |
Futures Contracts—Liabilities1 | (116) | — | — |
Total | 5,165,903 | 1,999 | — |
1 Represents variation margin on the last day of the reporting period. |
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Small-Cap Value Index Fund
D. At December 31, 2009, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Number of | Aggregate | Unrealized | ||
Long (Short) | Settlement | Appreciation | ||
Futures Contracts | Expiration | Contracts | Value | (Depreciation) |
E-mini Russell 2000 Index | March 2010 | 170 | 10,606 | (122) |
Unrealized appreciation (depreciation) on open futures contracts is required t o be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment in come and realized capital gains f or financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital acc ounts 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 shor t-term gains as ordinary income for tax purposes.
During the year ended December 31, 2009, the fund realized $311,579,000 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2009, the fund had $2,311,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $1,250,195,000 to offset future net capi tal gains of $67,032,000 through December 31, 2011, $86,085,000 through December 31, 2015, $318,931,000 through December 31, 2016, and $778,147,000 through December 31, 2017. In addition, the fund realized losses of $268,813,000 during the period from November 1, 2009, through December 31, 2009, which are deferred and will be treated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $5,083,421,000. Net unrealized appreciation of investment securities for tax purposes was $84,597,000, consisting of unrealized gains of $664,790,000 on securities that had risen in value since their purchase and $580,193,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $2,398,863,000 of investment securities and sold $2,060,840,000 of investment securities, other than temporary cash investments.
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Small-Cap Value Index Fund
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 676,646 | 63,651 | 848,310 | 64,696 |
Issued in Lieu of Cash Distributions | 55,690 | 4,297 | 63,599 | 6,620 |
Redeemed | (577,581) | (55,367) | (914,600) | (70,180) |
Net Increase (Decrease)—Investor Shares | 154,755 | 12,581 | (2,691) | 1,136 |
Institutional Shares | ||||
Issued | 190,927 | 17,053 | 297,675 | 21,816 |
Issued in Lieu of Cash Distributions | 9,248 | 713 | 9,355 | 976 |
Redeemed | (151,164) | (13,695) | (166,735) | (13,010) |
Net Increase (Decrease)—Institutional Shares | 49,011 | 4,071 | 140,295 | 9,782 |
ETF Shares | ||||
Issued | 874,144 | 18,135 | 1,476,368 | 26,734 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (746,359) | (15,100) | (1,068,704) | (18,400) |
Net Increase (Decrease)—ETF Shares | 127,785 | 3,035 | 407,664 | 8,334 |
H. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 16, 2010, for potential recognition or disclosure in these financial statements.
63
Report of Independent Registered
Public Accounting Firm
To the Trustees of Vanguard Index Funds and the Shareholders of Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth Index Fund and Vanguard Small-Cap Value Index Fund:
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 Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth Index Fund and Vanguard Small-Cap Value Index Fund (constituting separate portfolios of Vanguard
Index Funds, hereafter referred to as the “Funds”) at December 31, 2009, 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 stateme nts based on our audits. We conducted ou r 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, 2009 by correspondence with the custodian and broker and by agreement to the underlying ownership records of Vanguard Market Liquidity Fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 16, 2010
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Special 2009 tax information (unaudited) for Vanguard U.S. Stock Index Funds
(Small-Capitalization Portfolios)
This information for the fiscal year ended December 31, 2009, is included pursuant to provisions of the Internal Revenue Code.
The funds distributed qualified dividend income to shareholders during the fiscal year as follows:
Qualified | |
Dividend | |
Income | |
Index Fund | ($000) |
Small-Cap | 133,498 |
Small-Cap Growth | 13,837 |
Small-Cap Value | 71,656 |
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 | 69.2% |
Small-Cap Growth | 76.0 |
Small-Cap Value | 70.9 |
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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 any qualified dividend income . (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: U.S. Stock Index Funds Small-Capitalization Portfolios
Periods Ended December 31, 2009
One | Five | Ten | |
Year | Years | Years | |
Small-Cap Index Fund Investor Shares | |||
Returns Before Taxes | 36.12% | 1.79% | 4.35% |
Returns After Taxes on Distributions | 35.84 | 1.52 | 3.69 |
Returns After Taxes on Distributions and Sale of Fund Shares | 23.67 | 1.45 | 3.44 |
One | Five | Ten | |
Year | Years | Years | |
Small-Cap Growth Index Fund Investor Shares | |||
Returns Before Taxes | 41.85% | 2.56% | 4.84% |
Returns After Taxes on Distributions | 41.77 | 2.47 | 4.62 |
Returns After Taxes on Distributions and Sale of Fund Shares | 27.27 | 2.17 | 4.11 |
One | Five | Ten | |
Year | Years | Years | |
Small-Cap Value Index Fund Investor Shares | |||
Returns Before Taxes | 30.34% | 0.80% | 7.69% |
Returns After Taxes on Distributions | 29.85 | 0.36 | 6.73 |
Returns After Taxes on Distributions and Sale of Fund Shares | 20.07 | 0.56 | 6.23 |
Total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide information about current fees.
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About Your Fund’s 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 accompanying table 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.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include the account service fee described in the prospectus. If such a 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 your fund’s current prospectus.
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Six Months Ended December 31, 2009
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2009 | 12/31/2009 | Period | |
Based on Actual Fund Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,268.00 | $1.60 |
Admiral Shares | 1,000.00 | 1,269.23 | 0.74 |
Signal Shares | 1,000.00 | 1,268.74 | 0.74 |
Institutional Shares | 1,000.00 | 1,269.24 | 0.40 |
ETF Shares | 1,000.00 | 1,268.86 | 0.74 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,249.19 | $1.59 |
Institutional Shares | 1,000.00 | 1,250.73 | 0.40 |
ETF Shares | 1,000.00 | 1,250.23 | 0.74 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,285.83 | $1.61 |
Institutional Shares | 1,000.00 | 1,288.17 | 0.40 |
ETF Shares | 1,000.00 | 1,287.06 | 0.75 |
Based on Hypothetical 5% Yearly Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,023.79 | $1.43 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.66 |
Signal Shares | 1,000.00 | 1,024.55 | 0.66 |
Institutional Shares | 1,000.00 | 1,024.85 | 0.36 |
ETF Shares | 1,000.00 | 1,024.55 | 0.66 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,023.79 | $1.43 |
Institutional Shares | 1,000.00 | 1,024.85 | 0.36 |
ETF Shares | 1,000.00 | 1,024.55 | 0.66 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,023.79 | $1.43 |
Institutional Shares | 1,000.00 | 1,024.85 | 0.36 |
ETF Shares | 1,000.00 | 1,024.55 | 0.66 |
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: for the Small-Cap Index Fund, 0.28% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.07% for
Institutional Shares, and 0.13% for ETF Shares; for the Small-Cap Growth Index Fund, 0.28% for Investor Shares, 0.07% for Institutional
Shares, and 0.13% for ETF Shares; and for the Small-Cap Value Index Fund, 0.28% for Investor Shares, 0.07% for Institutional Shares, and
0.13% for ETF 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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Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (in the case of bonds) or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
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%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). 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.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
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 represented by stocks or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
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.
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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. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
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). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
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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’s 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. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 163 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Informatio n, which can be obtained, wit hout charge, by contacting Vanguard at 800-662-7447, or online at www.vanguard.com.
Interested Trustee1 | Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 Principal | |
F. William McNabb III | Occupation(s) During the Past Five Years: Chairman |
Born 1957. Trustee Since July 2009. Chairman of the | and Chief Executive Officer (retired 2009) and President |
Board. Principal Occupation(s) During the Past Five | (2006–2008) of Rohm and Haas Co. (chemicals); Board |
Years: Chairman of the Board of The Vanguard Group, | Member of American Chemistry Council; Director of |
Inc., and of each of the investment companies served | Tyco International, Ltd. (diversified manufacturing and |
by The Vanguard Group, since January 2010; Director of | services) and Hewlett-Packard Co. (electronic computer |
The Vanguard Group since 2008; Chief Executive Officer | manufacturing); Trustee of The Conference Board. |
and President of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | Amy Gutmann |
since 2008; Director of Vanguard Marketing Corporation; | Born 1949. Trustee Since June 2006. Principal |
Managing Director of The Vanguard Group (1995–2008). | Occupation(s) During the Past Five Years: President of |
the University of Pennsylvania; Christopher H. Browne | |
Distinguished Professor of Political Science in the School | |
Independent Trustees | of Arts and Sciences with secondary appointments |
at the Annenberg School for Communication and the | |
Emerson U. Fullwood | Graduate School of Education of the University of |
Born 1948. Trustee Since January 2008. Principal | Pennsylvania; Director of Carnegie Corporation of |
Occupation(s) During the Past Five Years: Executive | New York, Schuylkill River Development Corporation, |
Chief Staff and Marketing Officer for North America | and Greater Philadelphia Chamber of Commerce; |
and Corporate Vice President (retired 2008) of Xerox | Trustee of the National Constitution Center. |
Corporation (photocopiers and printers); Director of | |
SPX Corporation (multi-industry manufacturing), the | |
United Way of Rochester, the Boy Scouts of America, | |
Amerigroup Corporation (direct health and medical | |
insurance carriers), and Monroe Community College | |
Foundation. |
JoAnn Heffernan Heisen | Executive Officers | |
Born 1950. Trustee Since July 1998. Principal | ||
Occupation(s) During the Past Five Years: Corporate | Thomas J. Higgins | |
Vice President and Chief Global Diversity Officer since | Born 1957. Chief Financial Officer Since September | |
2006 (retired 2008) and Member of the Executive | 2008. Principal Occupation(s) During the Past Five | |
Committee (retired 2008) of Johnson & Johnson | Years: Principal of The Vanguard Group, Inc.; Chief | |
(pharmaceuticals/consumer products); Vice President | Financial Officer of each of the investment companies | |
and Chief Information Officer of Johnson & Johnson | served by The Vanguard Group since 2008; Treasurer | |
(1997–2005); Director of the University Medical Center | of each of the investment companies served by The | |
at Princeton and Women’s Research and Education | Vanguard Group (1998–2008). | |
Institute; Member of the Advisory Board of the Maxwell | ||
School of Citizenship and Public Affairs at Syracuse | Kathryn J. Hyatt | |
University. | Born 1955. Treasurer Since November 2008. Principal | |
Occupation(s) During the Past Five Years: Principal of | ||
F. Joseph Loughrey | The Vanguard Group, Inc.; Treasurer of each of the | |
Born 1949. Trustee Since October 2009. Principal | investment companies served by The Vanguard | |
Occupation(s) During the Past Five Years: President and | Group since 2008; Assistant Treasurer of each of the | |
Chief Operating Officer since 2005 (retired 2009) and | investment companies served by The Vanguard Group | |
Vice Chairman of the Board (2008–2009) of Cummins | (1988–2008). | |
Inc. (industrial machinery); Director of SKF AB (industrial | ||
machinery), Hillenbrand, Inc. (specialized consumer | Heidi Stam | |
services), Sauer-Danfoss Inc. (machinery), the Lumina | Born 1956. Secretary Since July 2005. Principal | |
Foundation for Education, and the Columbus Community | Occupation(s) During the Past Five Years: Managing | |
Education Coalition; Chairman of the Advisory Council | Director of The Vanguard Group, Inc., since 2006; | |
for the College of Arts and Letters at the University of | General Counsel of The Vanguard Group since 2005; | |
Notre Dame. | Secretary of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | ||
André F. Perold | since 2005; Director and Senior Vice President of | |
Born 1952. Trustee Since December 2004. Principal | Vanguard Marketing Corporation since 2005; Principal | |
Occupation(s) During the Past Five Years: George Gund | of The Vanguard Group (1997–2006). | |
Professor of Finance and Banking, Harvard Business | ||
School; Chair of the Investment Committee of HighVista | ||
Strategies LLC (private investment firm). | Vanguard Senior Management Team | |
Alfred M. Rankin, Jr. | R. Gregory Barton | Michael S. Miller |
Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | James M. Norris |
Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Glenn W. Reed |
President, and Chief Executive Officer of NACCO | Paul A. Heller | George U. Sauter |
Industries, Inc. (forklift trucks/housewares/lignite); | ||
Director of Goodrich Corporation (industrial products/ | ||
aircraft systems and services); Deputy Chairman of | Chairman Emeritus and Senior Advisor | |
the Federal Reserve Bank of Cleveland; Trustee of | ||
University Hospitals of Cleveland, The Cleveland | John J. Brennan | |
Museum of Art, and Case Western Reserve University. | Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | ||
Peter F. Volanakis | ||
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years: President | Founder | |
since 2007 and Chief Operating Officer since 2005 | ||
of Corning Incorporated (communications equipment); | John C. Bogle | |
President of Corning Technologies (2001–2005); Director | Chairman and Chief Executive Officer, 1974–1996 | |
of Corning Incorporated and Dow Corning; Trustee of | ||
the Corning Incorporated Foundation and the Corning | ||
Museum of Glass; Overseer of the Amos Tuck School | ||
of Business Administration at Dartmouth College. |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the
Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard
State Tax-Exempt Funds.
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Q480 022010
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.7%)1 | |||
Consumer Discretionary (14.6%) | |||
Tupperware Brands Corp. | 849,585 | 39,565 | |
Jarden Corp. | 1,193,752 | 36,899 | |
* | DreamWorks Animation SKG Inc. Class A | 914,241 | 36,524 |
* | Chico's FAS Inc. | 2,391,877 | 33,606 |
Gentex Corp. | 1,858,411 | 33,173 | |
RadioShack Corp. | 1,688,840 | 32,932 | |
* | Big Lots Inc. | 1,113,717 | 32,276 |
* | Sirius XM Radio Inc. | 52,522,874 | 31,514 |
* | Aeropostale Inc. | 910,260 | 30,994 |
* | Hanesbrands Inc. | 1,278,200 | 30,817 |
* | J Crew Group Inc. | 678,595 | 30,360 |
* | Dick's Sporting Goods Inc. | 1,179,583 | 29,336 |
* | Liberty Media Corp. - Capital | 1,212,432 | 28,953 |
* | Bally Technologies Inc. | 699,946 | 28,901 |
Phillips-Van Heusen Corp. | 695,989 | 28,313 | |
Service Corp. International | 3,386,588 | 27,736 | |
* | WMS Industries Inc. | 681,040 | 27,242 |
* | Panera Bread Co. Class A | 402,152 | 26,932 |
* | Career Education Corp. | 1,148,981 | 26,783 |
* | Warnaco Group Inc. | 612,847 | 25,856 |
Williams-Sonoma Inc. | 1,212,518 | 25,196 | |
John Wiley & Sons Inc. Class A | 593,000 | 24,835 | |
* | Office Depot Inc. | 3,706,572 | 23,907 |
* | Tractor Supply Co. | 437,415 | 23,165 |
* | New York Times Co. Class A | 1,841,400 | 22,760 |
* | TRW Automotive Holdings Corp. | 934,625 | 22,319 |
* | Tempur-Pedic International Inc. | 909,500 | 21,491 |
* | Fossil Inc. | 629,539 | 21,127 |
Sotheby's | 902,495 | 20,288 | |
* | Brink's Home Security Holdings Inc. | 617,471 | 20,154 |
* | Carter's Inc. | 766,076 | 20,109 |
* | Collective Brands Inc. | 864,692 | 19,689 |
* | Dana Holding Corp. | 1,810,565 | 19,627 |
Jones Apparel Group Inc. | 1,152,164 | 18,504 | |
Polaris Industries Inc. | 418,281 | 18,250 | |
Wolverine World Wide Inc. | 664,927 | 18,099 | |
* | Deckers Outdoor Corp. | 177,106 | 18,015 |
* | Dress Barn Inc. | 776,569 | 17,939 |
* | Gymboree Corp. | 399,696 | 17,383 |
Aaron's Inc. | 626,403 | 17,370 | |
* | Cheesecake Factory Inc. | 770,968 | 16,645 |
Regal Entertainment Group Class A | 1,142,574 | 16,499 | |
* | Rent-A-Center Inc. | 890,948 | 15,788 |
MDC Holdings Inc. | 506,831 | 15,732 | |
Hillenbrand Inc. | 834,117 | 15,715 | |
* | Lululemon Athletica Inc. | 520,951 | 15,681 |
*,^ | Corinthian Colleges Inc. | 1,116,473 | 15,374 |
* | Eastman Kodak Co. | 3,618,497 | 15,270 |
Thor Industries Inc. | 486,175 | 15,266 | |
* | Jack in the Box Inc. | 772,037 | 15,186 |
Cooper Tire & Rubber Co. | 755,694 | 15,152 | |
Brunswick Corp. | 1,190,783 | 15,135 | |
Meredith Corp. | 482,912 | 14,898 | |
KB Home | 1,069,355 | 14,629 | |
Matthews International Corp. Class A | 409,297 | 14,501 | |
* | Capella Education Co. | 191,732 | 14,437 |
* | Tenneco Inc. | 800,860 | 14,199 |
Choice Hotels International Inc. | 445,766 | 14,113 | |
Men's Wearhouse Inc. | 667,732 | 14,062 | |
Dillard's Inc. Class A | 753,564 | 13,903 | |
* | Scientific Games Corp. Class A | 938,352 | 13,653 |
1
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Skechers U.S.A. Inc. Class A | 453,945 | 13,351 |
* | OfficeMax Inc. | 1,029,223 | 13,061 |
* | Vail Resorts Inc. | 343,980 | 13,002 |
* | Jo-Ann Stores Inc. | 356,765 | 12,929 |
Interactive Data Corp. | 506,700 | 12,819 | |
* | Morningstar Inc. | 261,103 | 12,622 |
Scholastic Corp. | 421,433 | 12,571 | |
Pool Corp. | 657,260 | 12,541 | |
* | Life Time Fitness Inc. | 501,602 | 12,505 |
*,^ | Under Armour Inc. Class A | 455,144 | 12,412 |
* | Blue Nile Inc. | 195,972 | 12,411 |
* | Gaylord Entertainment Co. | 620,282 | 12,251 |
* | Saks Inc. | 1,861,020 | 12,208 |
* | Iconix Brand Group Inc. | 962,972 | 12,182 |
Bob Evans Farms Inc. | 418,035 | 12,102 | |
Regis Corp. | 770,333 | 11,994 | |
* | Valassis Communications Inc. | 648,705 | 11,845 |
NutriSystem Inc. | 375,603 | 11,708 | |
Ryland Group Inc. | 591,044 | 11,644 | |
Cracker Barrel Old Country Store Inc. | 305,072 | 11,590 | |
* | HSN Inc. | 570,150 | 11,511 |
* | Coinstar Inc. | 411,444 | 11,430 |
* | PF Chang's China Bistro Inc. | 299,382 | 11,350 |
* | Childrens Place Retail Stores Inc. | 339,468 | 11,206 |
^ | Buckle Inc. | 374,548 | 10,967 |
* | AnnTaylor Stores Corp. | 792,156 | 10,805 |
International Speedway Corp. Class A | 377,749 | 10,747 | |
* | ArvinMeritor Inc. | 947,777 | 10,596 |
American Greetings Corp. Class A | 484,562 | 10,559 | |
* | Orient-Express Hotels Ltd. Class A | 1,036,515 | 10,510 |
* | JOS A Bank Clothiers Inc. | 246,717 | 10,409 |
^ | Barnes & Noble Inc. | 538,671 | 10,272 |
* | Timberland Co. Class A | 572,425 | 10,264 |
* | Charming Shoppes Inc. | 1,556,982 | 10,074 |
* | CEC Entertainment Inc. | 311,398 | 9,940 |
* | Helen of Troy Ltd. | 385,317 | 9,425 |
National CineMedia Inc. | 568,209 | 9,415 | |
Unifirst Corp. | 194,428 | 9,354 | |
* | Buffalo Wild Wings Inc. | 230,996 | 9,302 |
* | Group 1 Automotive Inc. | 325,964 | 9,241 |
*,^ | Lions Gate Entertainment Corp. | 1,580,868 | 9,185 |
* | CTC Media Inc. | 615,763 | 9,175 |
* | Steven Madden Ltd. | 219,496 | 9,052 |
Finish Line Inc. Class A | 693,263 | 8,700 | |
* | Hibbett Sports Inc. | 386,168 | 8,492 |
* | Sally Beauty Holdings Inc. | 1,105,468 | 8,457 |
* | 99 Cents Only Stores | 646,616 | 8,451 |
* | Penske Auto Group Inc. | 555,571 | 8,434 |
Arbitron Inc. | 357,622 | 8,375 | |
Monro Muffler Brake Inc. | 250,050 | 8,362 | |
* | Genesco Inc. | 300,422 | 8,250 |
* | Live Nation Inc. | 958,729 | 8,159 |
* | American Public Education Inc. | 233,084 | 8,009 |
* | Sonic Corp. | 782,219 | 7,877 |
* | Texas Roadhouse Inc. Class A | 700,252 | 7,864 |
* | Meritage Homes Corp. | 405,813 | 7,844 |
* | Fuel Systems Solutions Inc. | 189,701 | 7,823 |
*,^ | Cabela's Inc. | 542,703 | 7,739 |
Cato Corp. Class A | 374,676 | 7,516 | |
* | Steiner Leisure Ltd. | 186,771 | 7,426 |
* | Pinnacle Entertainment Inc. | 809,930 | 7,273 |
* | Exide Technologies | 1,018,306 | 7,240 |
* | Liz Claiborne Inc. | 1,282,169 | 7,219 |
* | Modine Manufacturing Co. | 606,718 | 7,184 |
2
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Columbia Sportswear Co. | 182,871 | 7,139 | |
* | Papa John's International Inc. | 302,695 | 7,071 |
National Presto Industries Inc. | 64,709 | 7,068 | |
* | Federal Mogul Corp. | 402,667 | 6,966 |
*,^ | American Axle & Manufacturing Holdings Inc. | 844,520 | 6,773 |
* | CROCS Inc. | 1,158,553 | 6,662 |
* | Interval Leisure Group Inc. | 531,796 | 6,631 |
* | La-Z-Boy Inc. | 693,965 | 6,613 |
* | Ticketmaster Entertainment Inc. | 540,916 | 6,610 |
Belo Corp. Class A | 1,212,209 | 6,594 | |
Callaway Golf Co. | 869,225 | 6,554 | |
* | Ulta Salon Cosmetics & Fragrance Inc. | 350,309 | 6,362 |
Cinemark Holdings Inc. | 441,963 | 6,351 | |
Stage Stores Inc. | 512,813 | 6,338 | |
* | Boyd Gaming Corp. | 754,270 | 6,313 |
* | Pier 1 Imports Inc. | 1,219,435 | 6,207 |
Harte-Hanks Inc. | 556,682 | 6,001 | |
* | True Religion Apparel Inc. | 324,369 | 5,998 |
PEP Boys-Manny Moe & Jack | 704,661 | 5,961 | |
* | Shuffle Master Inc. | 722,348 | 5,952 |
* | Ruby Tuesday Inc. | 824,329 | 5,935 |
* | Peet's Coffee & Tea Inc. | 175,561 | 5,851 |
Brown Shoe Co. Inc. | 577,884 | 5,704 | |
* | Drew Industries Inc. | 276,166 | 5,703 |
Stewart Enterprises Inc. Class A | 1,079,988 | 5,562 | |
* | hhgregg Inc. | 250,593 | 5,521 |
* | Citi Trends Inc. | 198,867 | 5,493 |
* | Universal Technical Institute Inc. | 271,364 | 5,482 |
Sonic Automotive Inc. Class A | 521,751 | 5,421 | |
^ | PetMed Express Inc. | 307,358 | 5,419 |
* | Steak N Shake Co. | 16,559 | 5,367 |
Ameristar Casinos Inc. | 351,176 | 5,348 | |
CKE Restaurants Inc. | 624,651 | 5,285 | |
* | RCN Corp. | 484,899 | 5,261 |
Fred's Inc. Class A | 514,917 | 5,252 | |
* | DSW Inc. Class A | 197,657 | 5,115 |
* | Standard Pacific Corp. | 1,363,897 | 5,101 |
* | Asbury Automotive Group Inc. | 436,661 | 5,035 |
* | Domino's Pizza Inc. | 584,900 | 4,901 |
* | Lumber Liquidators Inc. | 182,559 | 4,893 |
* | DineEquity Inc. | 201,254 | 4,888 |
Churchill Downs Inc. | 129,761 | 4,847 | |
* | Winnebago Industries | 391,461 | 4,776 |
* | BJ's Restaurants Inc. | 253,480 | 4,770 |
*,^ | K12 Inc. | 234,995 | 4,763 |
Big 5 Sporting Goods Corp. | 276,864 | 4,757 | |
Ethan Allen Interiors Inc. | 352,284 | 4,728 | |
World Wrestling Entertainment Inc. Class A | 306,890 | 4,705 | |
Superior Industries International Inc. | 306,865 | 4,695 | |
* | Ascent Media Corp. Class A | 181,625 | 4,637 |
* | Shutterfly Inc. | 257,430 | 4,585 |
* | Jakks Pacific Inc. | 378,090 | 4,582 |
* | Knology Inc. | 414,732 | 4,541 |
* | Maidenform Brands Inc. | 268,478 | 4,481 |
*,^ | iRobot Corp. | 253,885 | 4,468 |
* | Wet Seal Inc. Class A | 1,248,338 | 4,307 |
* | Universal Electronics Inc. | 185,102 | 4,298 |
* | California Pizza Kitchen Inc. | 310,547 | 4,177 |
* | Core-Mark Holding Co. Inc. | 126,608 | 4,173 |
* | RC2 Corp. | 281,973 | 4,159 |
* | Grand Canyon Education Inc. | 215,989 | 4,106 |
*,^ | Fuqi International Inc. | 223,848 | 4,018 |
* | Pre-Paid Legal Services Inc. | 96,428 | 3,961 |
* | Lincoln Educational Services Corp. | 181,988 | 3,944 |
3
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Volcom Inc. | 230,988 | 3,867 |
Oxford Industries Inc. | 184,700 | 3,820 | |
* | FGX International Holdings Ltd. | 194,713 | 3,814 |
* | HOT Topic Inc. | 596,894 | 3,796 |
* | Bridgepoint Education Inc. | 252,108 | 3,787 |
* | Red Robin Gourmet Burgers Inc. | 210,631 | 3,770 |
* | Orbitz Worldwide Inc. | 510,069 | 3,744 |
Christopher & Banks Corp. | 486,632 | 3,708 | |
* | Stein Mart Inc. | 347,501 | 3,704 |
Marcus Corp. | 284,352 | 3,645 | |
* | Zumiez Inc. | 285,828 | 3,636 |
K-Swiss Inc. Class A | 363,001 | 3,608 | |
* | Coldwater Creek Inc. | 804,613 | 3,589 |
Speedway Motorsports Inc. | 201,799 | 3,556 | |
* | Warner Music Group Corp. | 627,974 | 3,554 |
* | America's Car-Mart Inc. | 134,948 | 3,553 |
* | Pacific Sunwear Of California | 892,415 | 3,552 |
* | Retail Ventures Inc. | 395,887 | 3,519 |
* | Quiksilver Inc. | 1,736,926 | 3,509 |
* | Landry's Restaurants Inc. | 152,987 | 3,257 |
Haverty Furniture Cos. Inc. | 235,963 | 3,240 | |
* | Dolan Media Co. | 305,428 | 3,118 |
Ambassadors Group Inc. | 229,357 | 3,048 | |
*,^ | Talbots Inc. | 336,988 | 3,003 |
* | CKX Inc. | 566,787 | 2,987 |
* | Smith & Wesson Holding Corp. | 724,510 | 2,963 |
*,^ | Overstock.com Inc. | 216,342 | 2,934 |
* | Furniture Brands International Inc. | 528,069 | 2,883 |
* | Denny's Corp. | 1,307,276 | 2,863 |
Blyth Inc. | 84,348 | 2,844 | |
* | AFC Enterprises Inc. | 342,449 | 2,794 |
* | EW Scripps Co. Class A | 399,575 | 2,781 |
*,^ | Hovnanian Enterprises Inc. Class A | 720,719 | 2,768 |
* | Dorman Products Inc. | 167,051 | 2,616 |
Sinclair Broadcast Group Inc. Class A | 640,848 | 2,583 | |
Sturm Ruger & Co. Inc. | 258,645 | 2,509 | |
* | M/I Homes Inc. | 238,075 | 2,474 |
* | Unifi Inc. | 630,170 | 2,445 |
* | Beazer Homes USA Inc. | 504,853 | 2,443 |
* | Mediacom Communications Corp. Class A | 544,007 | 2,432 |
Spartan Motors Inc. | 421,202 | 2,371 | |
Weyco Group Inc. | 99,667 | 2,356 | |
Movado Group Inc. | 241,217 | 2,345 | |
* | Krispy Kreme Doughnuts Inc. | 776,971 | 2,292 |
Bebe Stores Inc. | 351,856 | 2,206 | |
Journal Communications Inc. Class A | 553,883 | 2,155 | |
CSS Industries Inc. | 103,915 | 2,020 | |
* | Sealy Corp. | 620,340 | 1,960 |
* | Wonder Auto Technology Inc. | 164,771 | 1,938 |
* | Leapfrog Enterprises Inc. | 469,071 | 1,834 |
* | Martha Stewart Living Omnimedia Class A | 362,558 | 1,791 |
* | Isle of Capri Casinos Inc. | 238,299 | 1,782 |
Jackson Hewitt Tax Service Inc. | 389,842 | 1,715 | |
* | LIN TV Corp. Class A | 379,370 | 1,692 |
* | Gaiam Inc. Class A | 215,909 | 1,660 |
* | Morgans Hotel Group Co. | 363,386 | 1,646 |
* | Stamps.com Inc. | 174,774 | 1,573 |
Systemax Inc. | 99,821 | 1,568 | |
* | New York & Co. Inc. | 363,153 | 1,558 |
* | Fisher Communications Inc. | 95,573 | 1,553 |
* | American Apparel Inc. | 435,768 | 1,351 |
* | Kenneth Cole Productions Inc. Class A | 129,268 | 1,247 |
*,^ | Zale Corp. | 433,098 | 1,178 |
*,^ | Brookfield Homes Corp. | 145,244 | 1,162 |
4
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Outdoor Channel Holdings Inc. | 191,848 | 1,113 |
* | Monarch Casino & Resort Inc. | 131,204 | 1,063 |
* | Build-A-Bear Workshop Inc. | 214,466 | 1,049 |
* | Borders Group Inc. | 819,654 | 967 |
* | 1-800-Flowers.com Inc. Class A | 364,971 | 967 |
*,^ | Blockbuster Inc. Class A | 1,425,391 | 955 |
*,^ | Raser Technologies Inc. | 658,554 | 817 |
*,^ | Conn's Inc. | 138,882 | 811 |
Dover Downs Gaming & Entertainment Inc. | 198,674 | 751 | |
Marine Products Corp. | 150,795 | 743 | |
* | Blockbuster Inc. Class B | 997,760 | 589 |
* | Krispy Kreme Doughnuts Inc. Warrants Exp. 3/2/12 | 7,748 | — |
2,520,681 | |||
Consumer Staples (3.6%) | |||
* | Green Mountain Coffee Roasters Inc. | 469,354 | 38,238 |
Herbalife Ltd. | 832,161 | 33,761 | |
* | NBTY Inc. | 751,278 | 32,711 |
Del Monte Foods Co. | 2,668,446 | 30,260 | |
Corn Products International Inc. | 1,007,055 | 29,436 | |
* | Central European Distribution Corp. | 877,588 | 24,932 |
* | BJ's Wholesale Club Inc. | 748,834 | 24,494 |
Casey's General Stores Inc. | 686,362 | 21,909 | |
*,^ | Chattem Inc. | 230,829 | 21,536 |
Nu Skin Enterprises Inc. Class A | 679,671 | 18,263 | |
* | TreeHouse Foods Inc. | 429,261 | 16,681 |
Universal Corp. | 334,783 | 15,269 | |
* | United Natural Foods Inc. | 551,038 | 14,735 |
Ruddick Corp. | 556,412 | 14,316 | |
* | Fresh Del Monte Produce Inc. | 600,712 | 13,276 |
Lancaster Colony Corp. | 265,358 | 13,188 | |
* | Rite Aid Corp. | 8,357,415 | 12,620 |
* | Chiquita Brands International Inc. | 600,849 | 10,839 |
* | Bare Escentuals Inc. | 868,715 | 10,624 |
* | American Italian Pasta Co. | 282,809 | 9,839 |
Sanderson Farms Inc. | 233,050 | 9,825 | |
* | Darling International Inc. | 1,109,255 | 9,296 |
Lance Inc. | 345,087 | 9,076 | |
* | Hain Celestial Group Inc. | 521,347 | 8,868 |
Vector Group Ltd. | 612,507 | 8,575 | |
Tootsie Roll Industries Inc. | 292,122 | 7,998 | |
J&J Snack Foods Corp. | 198,950 | 7,950 | |
Diamond Foods Inc. | 222,320 | 7,901 | |
* | Winn-Dixie Stores Inc. | 737,910 | 7,409 |
* | Heckmann Corp. | 1,390,482 | 6,938 |
WD-40 Co. | 211,268 | 6,837 | |
Nash Finch Co. | 172,935 | 6,414 | |
Andersons Inc. | 245,832 | 6,347 | |
* | Central Garden and Pet Co. Class A | 614,817 | 6,111 |
* | Boston Beer Co. Inc. Class A | 128,490 | 5,988 |
Weis Markets Inc. | 163,788 | 5,955 | |
Cal-Maine Foods Inc. | 172,844 | 5,891 | |
B&G Foods Inc. Class A | 617,704 | 5,670 | |
* | Zhongpin Inc. | 359,813 | 5,617 |
* | Alliance One International Inc. | 1,140,866 | 5,567 |
* | Great Atlantic & Pacific Tea Co. | 467,942 | 5,517 |
* | Smart Balance Inc. | 805,637 | 4,834 |
* | Elizabeth Arden Inc. | 332,241 | 4,798 |
Spartan Stores Inc. | 303,683 | 4,340 | |
* | Pantry Inc. | 304,531 | 4,139 |
Pricesmart Inc. | 200,731 | 4,103 | |
* | Prestige Brands Holdings Inc. | 507,097 | 3,986 |
*,^ | American Oriental Bioengineering Inc. | 848,163 | 3,944 |
Coca-Cola Bottling Co. Consolidated | 62,786 | 3,392 | |
*,^ | China Sky One Medical Inc. | 146,249 | 3,327 |
5
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Revlon Inc. Class A | 163,878 | 2,788 |
*,^ | American Dairy Inc. | 127,551 | 2,765 |
* | Central Garden and Pet Co. | 252,486 | 2,702 |
* | USANA Health Sciences Inc. | 84,273 | 2,688 |
Calavo Growers Inc. | 146,491 | 2,490 | |
Inter Parfums Inc. | 204,131 | 2,484 | |
Ingles Markets Inc. Class A | 156,723 | 2,371 | |
* | National Beverage Corp. | 154,541 | 2,142 |
*,^ | AgFeed Industries Inc. | 398,920 | 1,995 |
Village Super Market Inc. Class A | 71,003 | 1,940 | |
Farmer Bros Co. | 97,865 | 1,932 | |
Arden Group Inc. | 17,139 | 1,639 | |
* | China-Biotics Inc. | 92,348 | 1,429 |
Alico Inc. | 50,097 | 1,426 | |
* | Susser Holdings Corp. | 116,581 | 1,001 |
625,332 | |||
Energy (6.1%) | |||
* | Whiting Petroleum Corp. | 685,882 | 49,006 |
Core Laboratories NV | 294,329 | 34,766 | |
Southern Union Co. | 1,506,356 | 34,194 | |
* | Encore Acquisition Co. | 711,926 | 34,187 |
* | Atlas Energy Inc. | 1,001,270 | 30,208 |
St Mary Land & Exploration Co. | 843,189 | 28,871 | |
* | Atwood Oceanics Inc. | 779,462 | 27,944 |
* | Oil States International Inc. | 669,888 | 26,320 |
* | Unit Corp. | 609,004 | 25,883 |
* | Superior Energy Services Inc. | 1,054,894 | 25,623 |
* | Comstock Resources Inc. | 628,957 | 25,517 |
* | Dril-Quip Inc. | 421,276 | 23,794 |
* | Arena Resources Inc. | 517,431 | 22,312 |
World Fuel Services Corp. | 759,534 | 20,348 | |
* | SEACOR Holdings Inc. | 258,866 | 19,739 |
* | Brigham Exploration Co. | 1,335,907 | 18,102 |
CARBO Ceramics Inc. | 264,280 | 18,016 | |
*,^ | Patriot Coal Corp. | 1,157,593 | 17,896 |
* | Exterran Holdings Inc. | 800,876 | 17,179 |
* | Bill Barrett Corp. | 551,957 | 17,171 |
Frontier Oil Corp. | 1,413,233 | 17,015 | |
* | Mariner Energy Inc. | 1,374,007 | 15,952 |
* | Gran Tierra Energy Inc. | 2,778,828 | 15,923 |
* | Helix Energy Solutions Group Inc. | 1,325,526 | 15,575 |
Overseas Shipholding Group Inc. | 344,336 | 15,134 | |
Holly Corp. | 576,169 | 14,767 | |
* | Key Energy Services Inc. | 1,673,519 | 14,710 |
Lufkin Industries Inc. | 200,512 | 14,677 | |
* | Bristow Group Inc. | 376,263 | 14,467 |
Berry Petroleum Co. Class A | 491,100 | 14,316 | |
* | Rosetta Resources Inc. | 706,283 | 14,076 |
Penn Virginia Corp. | 612,305 | 13,036 | |
* | Swift Energy Co. | 493,527 | 11,825 |
* | Tetra Technologies Inc. | 1,016,318 | 11,261 |
*,^ | ATP Oil & Gas Corp. | 608,042 | 11,115 |
* | BPZ Resources Inc. | 1,148,385 | 10,910 |
* | Complete Production Services Inc. | 832,642 | 10,824 |
* | Enbridge Energy Management LLC | 188,715 | 10,025 |
* | Carrizo Oil & Gas Inc. | 376,991 | 9,986 |
* | Stone Energy Corp. | 550,772 | 9,941 |
* | Global Industries Ltd. | 1,382,642 | 9,858 |
* | Cal Dive International Inc. | 1,254,003 | 9,480 |
* | Willbros Group Inc. | 534,537 | 9,018 |
* | ION Geophysical Corp. | 1,516,701 | 8,979 |
* | McMoRan Exploration Co. | 1,044,471 | 8,377 |
* | Contango Oil & Gas Co. | 170,707 | 8,025 |
*,^ | Goodrich Petroleum Corp. | 327,848 | 7,983 |
6
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Gulfmark Offshore Inc. | 278,750 | 7,891 |
Energy XXI Bermuda Ltd. | 3,368,732 | 7,782 | |
* | Parker Drilling Co. | 1,564,971 | 7,747 |
* | Hornbeck Offshore Services Inc. | 316,555 | 7,369 |
* | Hercules Offshore Inc. | 1,528,483 | 7,306 |
* | James River Coal Co. | 371,361 | 6,881 |
* | International Coal Group Inc. | 1,766,525 | 6,819 |
*,^ | Clean Energy Fuels Corp. | 442,467 | 6,818 |
* | USEC Inc. | 1,516,931 | 5,840 |
* | Pioneer Drilling Co. | 729,140 | 5,760 |
* | Tesco Corp. | 430,360 | 5,556 |
*,^ | GMX Resources Inc. | 399,313 | 5,487 |
W&T Offshore Inc. | 462,793 | 5,415 | |
* | Newpark Resources Inc. | 1,203,487 | 5,091 |
General Maritime Corp. | 666,099 | 4,656 | |
* | Petroquest Energy Inc. | 757,018 | 4,641 |
* | Petroleum Development Corp. | 252,618 | 4,600 |
* | T-3 Energy Services Inc. | 175,391 | 4,472 |
* | Superior Well Services Inc. | 302,546 | 4,314 |
* | Gulfport Energy Corp. | 375,508 | 4,300 |
* | Oilsands Quest Inc. | 3,658,593 | 4,207 |
* | Venoco Inc. | 319,626 | 4,168 |
RPC Inc. | 399,730 | 4,157 | |
* | Rex Energy Corp. | 324,164 | 3,890 |
* | Northern Oil and Gas Inc. | 323,089 | 3,825 |
* | Matrix Service Co. | 354,650 | 3,777 |
* | Clayton Williams Energy Inc. | 106,776 | 3,741 |
Gulf Island Fabrication Inc. | 174,124 | 3,662 | |
Vaalco Energy Inc. | 786,924 | 3,581 | |
* | Seahawk Drilling Inc. | 157,032 | 3,540 |
* | PHI Inc. | 168,584 | 3,490 |
* | Western Refining Inc. | 720,783 | 3,395 |
Crosstex Energy Inc. | 534,986 | 3,237 | |
* | CVR Energy Inc. | 467,123 | 3,204 |
* | Allis-Chalmers Energy Inc. | 822,048 | 3,099 |
* | OYO Geospace Corp. | 64,128 | 2,750 |
* | Uranium Energy Corp. | 721,395 | 2,727 |
* | Gastar Exploration Ltd. | 566,307 | 2,713 |
* | Basic Energy Services Inc. | 301,516 | 2,683 |
*,^ | Delta Petroleum Corp. | 2,436,275 | 2,534 |
* | Dawson Geophysical Co. | 105,857 | 2,446 |
* | Harvest Natural Resources Inc. | 448,916 | 2,375 |
* | Warren Resources Inc. | 909,903 | 2,229 |
* | Cheniere Energy Inc. | 727,356 | 1,760 |
* | Bronco Drilling Co. Inc. | 346,791 | 1,758 |
* | Endeavour International Corp. | 1,486,841 | 1,606 |
* | Approach Resources Inc. | 169,193 | 1,306 |
Delek US Holdings Inc. | 182,364 | 1,242 | |
Alon USA Energy Inc. | 125,538 | 859 | |
*,^ | Sulphco Inc. | 912,330 | 611 |
1,047,648 | |||
Financials (19.9%) | |||
* | MSCI Inc. Class A | 1,350,974 | 42,961 |
Alexandria Real Estate Equities Inc. | 585,944 | 37,670 | |
Senior Housing Properties Trust | 1,712,870 | 37,461 | |
Assured Guaranty Ltd. | 1,705,026 | 37,101 | |
Camden Property Trust | 865,157 | 36,657 | |
Mack-Cali Realty Corp. | 1,056,815 | 36,534 | |
Waddell & Reed Financial Inc. | 1,158,647 | 35,385 | |
First Niagara Financial Group Inc. | 2,470,506 | 34,365 | |
* | AmeriCredit Corp. | 1,798,262 | 34,239 |
Jones Lang LaSalle Inc. | 563,597 | 34,041 | |
Chimera Investment Corp. | 8,590,495 | 33,331 | |
Highwoods Properties Inc. | 956,022 | 31,883 |
7
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Essex Property Trust Inc. | 380,354 | 31,817 | |
Arthur J Gallagher & Co. | 1,367,116 | 30,774 | |
Hanover Insurance Group Inc. | 686,136 | 30,485 | |
Bank of Hawaii Corp. | 645,988 | 30,400 | |
Corporate Office Properties Trust SBI | 782,677 | 28,670 | |
Aspen Insurance Holdings Ltd. | 1,120,363 | 28,513 | |
Washington Federal Inc. | 1,471,910 | 28,467 | |
MFA Financial Inc. | 3,680,186 | 27,049 | |
StanCorp Financial Group Inc. | 663,189 | 26,541 | |
* | E*Trade Financial Corp. | 15,068,455 | 26,370 |
Allied World Assurance Co. Holdings Ltd. | 568,322 | 26,183 | |
Valley National Bancorp | 1,833,003 | 25,900 | |
Taubman Centers Inc. | 716,699 | 25,737 | |
Platinum Underwriters Holdings Ltd. | 671,518 | 25,712 | |
Apartment Investment & Management Co. | 1,579,113 | 25,140 | |
Endurance Specialty Holdings Ltd. | 654,826 | 24,379 | |
BancorpSouth Inc. | 1,012,790 | 23,760 | |
BRE Properties Inc. | 712,587 | 23,572 | |
National Retail Properties Inc. | 1,088,936 | 23,107 | |
* | SVB Financial Group | 549,494 | 22,908 |
Prosperity Bancshares Inc. | 560,072 | 22,666 | |
Apollo Investment Corp. | 2,370,565 | 22,592 | |
* | ProAssurance Corp. | 419,068 | 22,508 |
FirstMerit Corp. | 1,113,720 | 22,430 | |
Omega Healthcare Investors Inc. | 1,123,412 | 21,850 | |
Westamerica Bancorporation | 394,114 | 21,822 | |
* | Alleghany Corp. | 79,044 | 21,816 |
Washington Real Estate Investment Trust | 785,871 | 21,651 | |
* | Stifel Financial Corp. | 364,887 | 21,616 |
Home Properties Inc. | 445,817 | 21,270 | |
Tanger Factory Outlet Centers | 537,121 | 20,942 | |
BioMed Realty Trust Inc. | 1,323,774 | 20,889 | |
Fulton Financial Corp. | 2,375,076 | 20,711 | |
Entertainment Properties Trust | 566,845 | 19,993 | |
American Campus Communities Inc. | 704,114 | 19,786 | |
Brandywine Realty Trust | 1,728,504 | 19,705 | |
Equity Lifestyle Properties Inc. | 388,515 | 19,608 | |
HRPT Properties Trust | 3,018,170 | 19,528 | |
Popular Inc. | 8,635,175 | 19,516 | |
Montpelier Re Holdings Ltd. | 1,107,164 | 19,176 | |
* | Forest City Enterprises Inc. Class A | 1,623,807 | 19,128 |
Protective Life Corp. | 1,154,623 | 19,109 | |
Douglas Emmett Inc. | 1,311,219 | 18,685 | |
* | Knight Capital Group Inc. Class A | 1,199,725 | 18,476 |
Mid-America Apartment Communities Inc. | 380,745 | 18,382 | |
LaSalle Hotel Properties | 857,424 | 18,203 | |
Ares Capital Corp. | 1,459,103 | 18,166 | |
Trustmark Corp. | 805,440 | 18,155 | |
Kilroy Realty Corp. | 582,069 | 17,852 | |
*,^ | Federal National Mortgage Assn. | 15,003,138 | 17,704 |
* | Signature Bank | 547,617 | 17,469 |
Healthcare Realty Trust Inc. | 800,788 | 17,185 | |
Developers Diversified Realty Corp. | 1,850,355 | 17,134 | |
CBL & Associates Properties Inc. | 1,768,367 | 17,100 | |
Hancock Holding Co. | 390,474 | 17,099 | |
Potlatch Corp. | 536,126 | 17,092 | |
Erie Indemnity Co. Class A | 414,879 | 16,189 | |
UMB Financial Corp. | 410,946 | 16,171 | |
* | Conseco Inc. | 3,156,663 | 15,783 |
East West Bancorp Inc. | 989,069 | 15,627 | |
NewAlliance Bancshares Inc. | 1,296,611 | 15,572 | |
Northwest Bancshares Inc. | 1,342,078 | 15,192 | |
Umpqua Holdings Corp. | 1,124,069 | 15,074 | |
Zenith National Insurance Corp. | 503,883 | 14,996 |
8
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Unitrin Inc. | 673,354 | 14,848 | |
Max Capital Group Ltd. | 648,827 | 14,469 | |
Delphi Financial Group Inc. | 643,461 | 14,394 | |
Redwood Trust Inc. | 995,195 | 14,391 | |
Iberiabank Corp. | 263,657 | 14,187 | |
Old National Bancorp | 1,139,607 | 14,165 | |
Franklin Street Properties Corp. | 952,863 | 13,921 | |
Cash America International Inc. | 397,397 | 13,893 | |
CapitalSource Inc. | 3,489,543 | 13,854 | |
DCT Industrial Trust Inc. | 2,756,653 | 13,838 | |
Astoria Financial Corp. | 1,112,808 | 13,832 | |
Hatteras Financial Corp. | 488,390 | 13,655 | |
* | Piper Jaffray Cos. | 265,378 | 13,431 |
EastGroup Properties Inc. | 349,639 | 13,384 | |
Tower Group Inc. | 570,477 | 13,355 | |
RLI Corp. | 247,815 | 13,196 | |
International Bancshares Corp. | 690,132 | 13,064 | |
Sovran Self Storage Inc. | 363,779 | 12,998 | |
American National Insurance Co. | 108,419 | 12,950 | |
PS Business Parks Inc. | 257,731 | 12,899 | |
*,^ | Federal Home Loan Mortgage Corp. | 8,733,751 | 12,839 |
Extra Space Storage Inc. | 1,107,805 | 12,795 | |
Post Properties Inc. | 645,940 | 12,660 | |
DiamondRock Hospitality Co. | 1,456,631 | 12,338 | |
MB Financial Inc. | 621,871 | 12,263 | |
First Financial Bankshares Inc. | 224,581 | 12,179 | |
* | Argo Group International Holdings Ltd. | 416,502 | 12,137 |
Capstead Mortgage Corp. | 877,834 | 11,982 | |
Synovus Financial Corp. | 5,832,643 | 11,957 | |
* | PHH Corp. | 735,554 | 11,850 |
Selective Insurance Group | 715,151 | 11,764 | |
National Health Investors Inc. | 316,291 | 11,700 | |
* | Investment Technology Group Inc. | 587,906 | 11,582 |
* | KBW Inc. | 422,961 | 11,572 |
Wilmington Trust Corp. | 925,072 | 11,415 | |
Sunstone Hotel Investors Inc. | 1,283,799 | 11,400 | |
Whitney Holding Corp. | 1,250,440 | 11,392 | |
Glacier Bancorp Inc. | 829,962 | 11,387 | |
^ | United Bankshares Inc. | 556,384 | 11,111 |
Medical Properties Trust Inc. | 1,081,525 | 10,815 | |
FNB Corp. | 1,537,427 | 10,439 | |
Webster Financial Corp. | 873,899 | 10,373 | |
^ | Prospect Capital Corp. | 862,866 | 10,190 |
Anworth Mortgage Asset Corp. | 1,451,685 | 10,162 | |
DuPont Fabros Technology Inc. | 562,803 | 10,125 | |
* | Forestar Group Inc. | 459,562 | 10,101 |
Wintrust Financial Corp. | 324,529 | 9,992 | |
CVB Financial Corp. | 1,143,804 | 9,883 | |
* | Interactive Brokers Group Inc. | 555,989 | 9,852 |
* | MGIC Investment Corp. | 1,687,661 | 9,755 |
Colonial Properties Trust | 829,370 | 9,729 | |
First Citizens BancShares Inc. Class A | 59,051 | 9,685 | |
* | MF Global Ltd. | 1,391,212 | 9,669 |
NBT Bancorp Inc. | 462,633 | 9,424 | |
^ | Equity One Inc. | 582,253 | 9,415 |
Employers Holdings Inc. | 611,274 | 9,377 | |
* | Portfolio Recovery Associates Inc. | 207,713 | 9,322 |
^ | American Capital Ltd. | 3,815,737 | 9,310 |
* | Ocwen Financial Corp. | 966,385 | 9,248 |
* | Navigators Group Inc. | 194,343 | 9,156 |
Financial Federal Corp. | 331,619 | 9,120 | |
First Financial Bancorp | 624,458 | 9,092 | |
National Penn Bancshares Inc. | 1,568,205 | 9,080 | |
optionsXpress Holdings Inc. | 584,092 | 9,024 |
9
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Park National Corp. | 152,706 | 8,991 | |
* | Pico Holdings Inc. | 274,309 | 8,978 |
* | MBIA Inc. | 2,244,775 | 8,934 |
* | Allied Capital Corp. | 2,414,878 | 8,718 |
Investors Real Estate Trust | 968,383 | 8,715 | |
Cousins Properties Inc. | 1,137,570 | 8,680 | |
Acadia Realty Trust | 508,506 | 8,579 | |
Community Bank System Inc. | 441,599 | 8,527 | |
* | Ezcorp Inc. Class A | 493,004 | 8,485 |
* | Alexander's Inc. | 27,526 | 8,380 |
Inland Real Estate Corp. | 1,023,452 | 8,341 | |
PacWest Bancorp | 410,529 | 8,272 | |
Radian Group Inc. | 1,114,378 | 8,146 | |
* | Enstar Group Ltd. | 109,961 | 8,029 |
Brookline Bancorp Inc. | 796,107 | 7,889 | |
U-Store-It Trust | 1,076,213 | 7,878 | |
American Capital Agency Corp. | 295,059 | 7,831 | |
Provident Financial Services Inc. | 726,494 | 7,737 | |
Lexington Realty Trust | 1,265,148 | 7,692 | |
* | Dollar Financial Corp. | 324,801 | 7,685 |
* | Investors Bancorp Inc. | 694,754 | 7,601 |
LTC Properties Inc. | 281,327 | 7,526 | |
Infinity Property & Casualty Corp. | 183,613 | 7,462 | |
First Midwest Bancorp Inc. | 663,028 | 7,220 | |
* | First Cash Financial Services Inc. | 321,359 | 7,131 |
* | Hilltop Holdings Inc. | 609,229 | 7,091 |
* | World Acceptance Corp. | 196,873 | 7,054 |
City Holding Co. | 215,137 | 6,955 | |
Susquehanna Bancshares Inc. | 1,163,814 | 6,855 | |
Chemical Financial Corp. | 289,793 | 6,833 | |
PrivateBancorp Inc. Class A | 749,180 | 6,720 | |
* | Greenlight Capital Re Ltd. Class A | 283,235 | 6,676 |
Nelnet Inc. Class A | 387,363 | 6,674 | |
* | Riskmetrics Group Inc. | 417,472 | 6,642 |
Horace Mann Educators Corp. | 528,124 | 6,602 | |
Trustco Bank Corp. | 1,031,630 | 6,499 | |
BlackRock Kelso Capital Corp. | 759,488 | 6,471 | |
* | Texas Capital Bancshares Inc. | 457,422 | 6,386 |
Safety Insurance Group Inc. | 175,651 | 6,364 | |
* | Credit Acceptance Corp. | 145,534 | 6,127 |
Parkway Properties Inc. | 291,295 | 6,065 | |
Home Bancshares Inc. | 251,312 | 6,049 | |
* | Pinnacle Financial Partners Inc. | 421,491 | 5,994 |
Saul Centers Inc. | 180,721 | 5,920 | |
Harleysville Group Inc. | 185,998 | 5,913 | |
Getty Realty Corp. | 250,147 | 5,886 | |
Cathay General Bancorp | 776,625 | 5,864 | |
Columbia Banking System Inc. | 360,959 | 5,840 | |
Evercore Partners Inc. Class A | 189,877 | 5,772 | |
Sterling Bancshares Inc. | 1,101,927 | 5,653 | |
MarketAxess Holdings Inc. | 406,116 | 5,645 | |
National Western Life Insurance Co. Class A | 32,418 | 5,628 | |
Flagstone Reinsurance Holdings Ltd. | 514,392 | 5,627 | |
United Fire & Casualty Co. | 304,276 | 5,547 | |
American Equity Investment Life Holding Co. | 733,228 | 5,455 | |
Meadowbrook Insurance Group Inc. | 734,818 | 5,438 | |
*,^ | GLG Partners Inc. | 1,685,462 | 5,427 |
S&T Bancorp Inc. | 316,533 | 5,384 | |
Bank of the Ozarks Inc. | 182,715 | 5,348 | |
Independent Bank Corp. | 254,854 | 5,324 | |
Simmons First National Corp. Class A | 191,075 | 5,312 | |
Nara Bancorp Inc. | 467,145 | 5,297 | |
Cohen & Steers Inc. | 228,371 | 5,216 | |
Maiden Holdings Ltd. | 711,848 | 5,211 |
10
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Fifth Street Finance Corp. | 477,233 | 5,126 | |
Boston Private Financial Holdings Inc. | 882,322 | 5,091 | |
* | Tejon Ranch Co. | 172,588 | 5,043 |
Compass Diversified Holdings | 394,370 | 5,032 | |
Hercules Technology Growth Capital Inc. | 479,977 | 4,987 | |
Duff & Phelps Corp. Class A | 268,914 | 4,910 | |
Universal Health Realty Income Trust | 153,081 | 4,903 | |
Walter Investment Management Corp. | 337,103 | 4,831 | |
First Potomac Realty Trust | 383,530 | 4,821 | |
First Commonwealth Financial Corp. | 1,036,600 | 4,820 | |
* | FBR Capital Markets Corp. | 775,935 | 4,795 |
SCBT Financial Corp. | 171,983 | 4,762 | |
Sun Communities Inc. | 239,314 | 4,727 | |
* | eHealth Inc. | 285,105 | 4,684 |
SWS Group Inc. | 384,830 | 4,656 | |
^ | Pennsylvania Real Estate Investment Trust | 548,132 | 4,637 |
* | National Financial Partners Corp. | 569,127 | 4,604 |
* | AMERISAFE Inc. | 255,395 | 4,589 |
GFI Group Inc. | 958,038 | 4,378 | |
* | Beneficial Mutual Bancorp Inc. | 443,612 | 4,365 |
Oppenheimer Holdings Inc. Class A | 131,376 | 4,364 | |
OneBeacon Insurance Group Ltd. Class A | 316,334 | 4,359 | |
Phoenix Cos. Inc. | 1,565,280 | 4,352 | |
Amtrust Financial Services Inc. | 361,567 | 4,274 | |
Community Trust Bancorp Inc. | 174,263 | 4,261 | |
American Physicians Capital Inc. | 137,135 | 4,158 | |
Cedar Shopping Centers Inc. | 610,088 | 4,149 | |
Bank Mutual Corp. | 599,177 | 4,146 | |
Flushing Financial Corp. | 366,920 | 4,132 | |
* | Altisource Portfolio Solutions SA | 194,402 | 4,081 |
Provident New York Bancorp | 482,836 | 4,075 | |
First Financial Corp. | 133,145 | 4,064 | |
State Auto Financial Corp. | 215,358 | 3,984 | |
First Industrial Realty Trust Inc. | 753,069 | 3,939 | |
Berkshire Hills Bancorp Inc. | 188,642 | 3,901 | |
Suffolk Bancorp | 130,008 | 3,861 | |
* | United Community Banks Inc. | 1,133,217 | 3,842 |
Dime Community Bancshares | 325,892 | 3,820 | |
Ramco-Gershenson Properties Trust | 395,484 | 3,773 | |
WesBanco Inc. | 305,718 | 3,773 | |
*,^ | Citizens Inc. | 572,487 | 3,738 |
Tompkins Financial Corp. | 92,180 | 3,733 | |
* | FPIC Insurance Group Inc. | 95,648 | 3,694 |
Renasant Corp. | 271,073 | 3,687 | |
Northfield Bancorp Inc. | 272,614 | 3,686 | |
FBL Financial Group Inc. Class A | 198,179 | 3,670 | |
Danvers Bancorp Inc. | 282,271 | 3,667 | |
Government Properties Income Trust | 159,314 | 3,661 | |
* | Ashford Hospitality Trust Inc. | 778,303 | 3,611 |
* | TradeStation Group Inc. | 453,057 | 3,575 |
Harleysville National Corp. | 554,244 | 3,569 | |
* | CNA Surety Corp. | 239,636 | 3,568 |
* | Broadpoint Gleacher Securities Inc. | 797,947 | 3,559 |
Lakeland Financial Corp. | 203,769 | 3,515 | |
* | United America Indemnity Ltd. Class A | 443,754 | 3,515 |
Arrow Financial Corp. | 140,350 | 3,509 | |
MVC Capital Inc. | 296,050 | 3,493 | |
Education Realty Trust Inc. | 718,005 | 3,475 | |
*,^ | iStar Financial Inc. | 1,349,366 | 3,454 |
Kite Realty Group Trust | 844,865 | 3,439 | |
Univest Corp. of Pennsylvania | 194,987 | 3,418 | |
GAMCO Investors Inc. | 70,530 | 3,406 | |
* | SeaBright Insurance Holdings Inc. | 293,388 | 3,371 |
Oriental Financial Group Inc. | 311,586 | 3,365 |
11
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Southside Bancshares Inc. | 171,325 | 3,361 | |
SY Bancorp Inc. | 156,301 | 3,337 | |
^ | TowneBank | 276,722 | 3,232 |
*,^ | Ambac Financial Group Inc. | 3,893,884 | 3,232 |
Cardinal Financial Corp. | 369,510 | 3,230 | |
Camden National Corp. | 98,297 | 3,214 | |
1st Source Corp. | 196,408 | 3,160 | |
* | FelCor Lodging Trust Inc. | 875,834 | 3,153 |
Cypress Sharpridge Investments Inc. | 232,686 | 3,144 | |
Westfield Financial Inc. | 376,690 | 3,108 | |
Bancfirst Corp. | 82,841 | 3,068 | |
Calamos Asset Management Inc. Class A | 265,670 | 3,063 | |
StellarOne Corp. | 307,426 | 3,062 | |
Washington Trust Bancorp Inc. | 195,194 | 3,041 | |
Trico Bancshares | 181,681 | 3,025 | |
NorthStar Realty Finance Corp. | 877,156 | 3,009 | |
* | Western Alliance Bancorp | 784,921 | 2,967 |
CapLease Inc. | 669,355 | 2,932 | |
Union Bankshares Corp. | 235,687 | 2,920 | |
Kearny Financial Corp. | 282,439 | 2,847 | |
First Bancorp | 203,084 | 2,837 | |
Republic Bancorp Inc. Class A | 136,505 | 2,812 | |
Westwood Holdings Group Inc. | 77,161 | 2,804 | |
Capital Southwest Corp. | 35,348 | 2,785 | |
Advance America Cash Advance Centers Inc. | 500,780 | 2,784 | |
First Financial Holdings Inc. | 213,782 | 2,777 | |
Presidential Life Corp. | 300,348 | 2,748 | |
* | International Assets Holding Corp. | 187,909 | 2,732 |
First Mercury Financial Corp. | 197,324 | 2,705 | |
Urstadt Biddle Properties Inc. Class A | 176,900 | 2,701 | |
BGC Partners Inc. Class A | 582,000 | 2,689 | |
Stewart Information Services Corp. | 232,671 | 2,625 | |
Baldwin & Lyons Inc. | 106,466 | 2,620 | |
BankFinancial Corp. | 261,001 | 2,584 | |
United Financial Bancorp Inc. | 197,093 | 2,584 | |
First Community Bancshares Inc. | 212,421 | 2,560 | |
Consolidated-Tomoka Land Co. | 73,010 | 2,551 | |
PMI Group Inc. | 1,006,054 | 2,535 | |
Student Loan Corp. | 54,087 | 2,519 | |
Great Southern Bancorp Inc. | 117,716 | 2,514 | |
Donegal Group Inc. Class A | 161,664 | 2,512 | |
First BanCorp | 1,059,968 | 2,438 | |
*,^ | Cardtronics Inc. | 218,477 | 2,419 |
First Busey Corp. | 619,353 | 2,409 | |
NGP Capital Resources Co. | 292,750 | 2,380 | |
Glimcher Realty Trust | 876,067 | 2,365 | |
Heartland Financial USA Inc. | 154,609 | 2,219 | |
ViewPoint Financial Group | 151,904 | 2,189 | |
WSFS Financial Corp. | 83,894 | 2,150 | |
ESSA Bancorp Inc. | 182,695 | 2,138 | |
^ | Life Partners Holdings Inc. | 100,480 | 2,129 |
Wilshire Bancorp Inc. | 258,892 | 2,120 | |
Hersha Hospitality Trust | 664,676 | 2,087 | |
Oritani Financial Corp. | 149,411 | 2,051 | |
Winthrop Realty Trust | 183,018 | 1,988 | |
Sandy Spring Bancorp Inc. | 222,995 | 1,982 | |
CoBiz Financial Inc. | 415,739 | 1,975 | |
^ | Capital City Bank Group Inc. | 138,966 | 1,923 |
* | Strategic Hotels & Resorts Inc. | 1,010,113 | 1,879 |
Kansas City Life Insurance Co. | 62,711 | 1,866 | |
* | First Marblehead Corp. | 872,428 | 1,858 |
* | LaBranche & Co. Inc. | 653,549 | 1,856 |
Lakeland Bancorp Inc. | 287,436 | 1,837 | |
Abington Bancorp Inc. | 264,558 | 1,823 |
12
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Avatar Holdings Inc. | 106,007 | 1,803 |
EMC Insurance Group Inc. | 80,551 | 1,733 | |
* | Penson Worldwide Inc. | 190,426 | 1,725 |
Sterling Bancorp | 233,172 | 1,665 | |
First Merchants Corp. | 272,608 | 1,619 | |
^ | Ames National Corp. | 76,675 | 1,619 |
National Interstate Corp. | 92,579 | 1,570 | |
* | NewStar Financial Inc. | 400,273 | 1,569 |
First Financial Northwest Inc. | 234,717 | 1,537 | |
Citizens & Northern Corp. | 158,540 | 1,513 | |
* | Gramercy Capital Corp. | 576,217 | 1,492 |
South Financial Group Inc. | 2,307,939 | 1,488 | |
* | Asset Acceptance Capital Corp. | 205,999 | 1,397 |
Universal Insurance Holdings Inc. | 234,630 | 1,377 | |
Southwest Bancorp Inc. | 188,907 | 1,311 | |
Roma Financial Corp. | 104,402 | 1,290 | |
MainSource Financial Group Inc. | 261,310 | 1,249 | |
Rockville Financial Inc. | 118,636 | 1,246 | |
Clifton Savings Bancorp Inc. | 127,200 | 1,192 | |
* | Meridian Interstate Bancorp Inc. | 136,091 | 1,183 |
*,^ | RAIT Financial Trust | 838,971 | 1,099 |
^ | NASB Financial Inc. | 42,555 | 991 |
Urstadt Biddle Properties Inc. | 57,942 | 869 | |
* | Sun Bancorp Inc. | 211,777 | 794 |
CompuCredit Holdings Corp. | 222,238 | 740 | |
* | Crawford & Co. Class B | 184,574 | 727 |
* | Grubb & Ellis Co. | 527,468 | 675 |
* | Crawford & Co. Class A | 197,221 | 659 |
Teton Advisors Inc. Class B | 910 | 2 | |
* | CSF Holdings Inc. Contingent Litigation Rights | 29,125 | — |
3,445,051 | |||
Health Care (11.9%) | |||
* | Human Genome Sciences Inc. | 2,435,566 | 74,528 |
* | Mednax Inc. | 625,639 | 37,607 |
* | Tenet Healthcare Corp. | 6,490,986 | 34,986 |
* | United Therapeutics Corp. | 645,536 | 33,987 |
* | Valeant Pharmaceuticals International | 1,041,170 | 33,099 |
PerkinElmer Inc. | 1,574,534 | 32,420 | |
Teleflex Inc. | 535,878 | 28,878 | |
* | VCA Antech Inc. | 1,145,725 | 28,551 |
* | BioMarin Pharmaceutical Inc. | 1,353,019 | 25,450 |
* | Bio-Rad Laboratories Inc. Class A | 255,521 | 24,648 |
* | OSI Pharmaceuticals Inc. | 782,795 | 24,290 |
Owens & Minor Inc. | 563,621 | 24,196 | |
* | Onyx Pharmaceuticals Inc. | 824,545 | 24,192 |
* | Health Management Associates Inc. Class A | 3,327,598 | 24,192 |
Cooper Cos. Inc. | 609,563 | 23,237 | |
* | LifePoint Hospitals Inc. | 702,211 | 22,829 |
* | Healthsouth Corp. | 1,191,302 | 22,361 |
STERIS Corp. | 790,576 | 22,112 | |
Medicis Pharmaceutical Corp. Class A | 801,502 | 21,681 | |
* | WellCare Health Plans Inc. | 571,220 | 20,998 |
* | Thoratec Corp. | 763,331 | 20,549 |
* | Emergency Medical Services Corp. Class A | 376,706 | 20,399 |
* | Regeneron Pharmaceuticals Inc. | 841,174 | 20,340 |
* | Varian Inc. | 389,959 | 20,098 |
* | Masimo Corp. | 660,691 | 20,098 |
* | Magellan Health Services Inc. | 475,765 | 19,378 |
* | American Medical Systems Holdings Inc. | 1,002,177 | 19,332 |
Hill-Rom Holdings Inc. | 802,684 | 19,256 | |
* | Immucor Inc. | 950,951 | 19,247 |
* | Haemonetics Corp. | 346,545 | 19,112 |
* | AMERIGROUP Corp. | 708,208 | 19,093 |
* | Salix Pharmaceuticals Ltd. | 740,582 | 18,811 |
13
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Auxilium Pharmaceuticals Inc. | 617,802 | 18,522 |
* | Catalyst Health Solutions Inc. | 504,172 | 18,387 |
*,^ | Amedisys Inc. | 374,759 | 18,198 |
* | PSS World Medical Inc. | 802,728 | 18,118 |
* | Allscripts-Misys Healthcare Solutions Inc. | 879,648 | 17,795 |
* | Dionex Corp. | 238,797 | 17,640 |
* | Brookdale Senior Living Inc. | 960,179 | 17,466 |
West Pharmaceutical Services Inc. | 443,689 | 17,393 | |
* | HMS Holdings Corp. | 353,303 | 17,202 |
* | NuVasive Inc. | 508,473 | 16,261 |
Quality Systems Inc. | 250,403 | 15,723 | |
* | Sirona Dental Systems Inc. | 481,980 | 15,298 |
* | Psychiatric Solutions Inc. | 720,917 | 15,240 |
* | Cubist Pharmaceuticals Inc. | 779,349 | 14,784 |
Chemed Corp. | 303,475 | 14,558 | |
* | Medivation Inc. | 383,756 | 14,448 |
* | Eclipsys Corp. | 762,222 | 14,116 |
* | Isis Pharmaceuticals Inc. | 1,260,245 | 13,989 |
* | Align Technology Inc. | 764,421 | 13,622 |
* | athenahealth Inc. | 294,477 | 13,322 |
* | Centene Corp. | 611,865 | 12,953 |
* | Acorda Therapeutics Inc. | 513,441 | 12,949 |
* | Incyte Corp. Ltd. | 1,405,870 | 12,807 |
* | Par Pharmaceutical Cos. Inc. | 469,036 | 12,692 |
* | Savient Pharmaceuticals Inc. | 889,846 | 12,111 |
* | ev3 Inc. | 907,394 | 12,105 |
* | Alkermes Inc. | 1,273,396 | 11,983 |
Meridian Bioscience Inc. | 546,671 | 11,781 | |
* | Nektar Therapeutics | 1,250,010 | 11,650 |
* | Healthspring Inc. | 660,226 | 11,627 |
* | Seattle Genetics Inc. | 1,122,434 | 11,404 |
PDL BioPharma Inc. | 1,612,190 | 11,060 | |
* | Parexel International Corp. | 779,452 | 10,990 |
* | Bruker Corp. | 885,724 | 10,682 |
* | Exelixis Inc. | 1,448,011 | 10,672 |
* | Integra LifeSciences Holdings Corp. | 287,664 | 10,580 |
* | Volcano Corp. | 587,919 | 10,218 |
* | Gentiva Health Services Inc. | 373,041 | 10,076 |
* | Wright Medical Group Inc. | 520,805 | 9,869 |
Invacare Corp. | 393,329 | 9,810 | |
* | RehabCare Group Inc. | 321,670 | 9,788 |
* | Cepheid Inc. | 784,189 | 9,787 |
* | Impax Laboratories Inc. | 706,059 | 9,602 |
*,^ | Vivus Inc. | 1,011,880 | 9,299 |
* | Amsurg Corp. Class A | 413,649 | 9,109 |
* | Phase Forward Inc. | 583,001 | 8,949 |
* | Conmed Corp. | 392,334 | 8,945 |
* | AMAG Pharmaceuticals Inc. | 230,884 | 8,781 |
* | Viropharma Inc. | 1,044,619 | 8,764 |
*,^ | Cell Therapeutics Inc. | 7,560,185 | 8,619 |
* | Theravance Inc. | 653,065 | 8,536 |
* | Martek Biosciences Corp. | 448,287 | 8,491 |
* | Alnylam Pharmaceuticals Inc. | 478,406 | 8,430 |
* | Healthways Inc. | 454,780 | 8,341 |
* | MedAssets Inc. | 377,722 | 8,011 |
* | Luminex Corp. | 531,603 | 7,937 |
*,^ | MannKind Corp. | 898,690 | 7,873 |
* | Kindred Healthcare Inc. | 421,111 | 7,774 |
Landauer Inc. | 126,135 | 7,745 | |
* | Conceptus Inc. | 412,336 | 7,735 |
* | Cyberonics Inc. | 374,204 | 7,649 |
* | Celera Corp. | 1,103,481 | 7,625 |
* | Zoll Medical Corp. | 284,468 | 7,601 |
* | Abaxis Inc. | 296,616 | 7,579 |
14
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | LHC Group Inc. | 223,841 | 7,523 |
* | inVentiv Health Inc. | 452,816 | 7,322 |
* | Universal American Corp. | 624,313 | 7,304 |
* | Odyssey HealthCare Inc. | 444,025 | 6,918 |
* | Merit Medical Systems Inc. | 358,033 | 6,906 |
* | InterMune Inc. | 528,382 | 6,890 |
*,^ | Geron Corp. | 1,230,806 | 6,831 |
* | XenoPort Inc. | 367,431 | 6,820 |
* | Halozyme Therapeutics Inc. | 1,149,261 | 6,746 |
* | Neogen Corp. | 284,221 | 6,710 |
* | Allos Therapeutics Inc. | 1,014,913 | 6,668 |
Analogic Corp. | 172,449 | 6,641 | |
* | PharMerica Corp. | 411,645 | 6,537 |
* | ICU Medical Inc. | 179,218 | 6,531 |
* | Orthofix International NV | 208,146 | 6,446 |
*,^ | Enzon Pharmaceuticals Inc. | 611,810 | 6,442 |
* | Rigel Pharmaceuticals Inc. | 671,156 | 6,383 |
* | Bio-Reference Labs Inc. | 158,082 | 6,195 |
* | Affymax Inc. | 250,014 | 6,185 |
* | IPC The Hospitalist Co. Inc. | 184,401 | 6,131 |
Computer Programs & Systems Inc. | 132,972 | 6,123 | |
* | Insulet Corp. | 421,174 | 6,014 |
* | Greatbatch Inc. | 312,280 | 6,005 |
* | Momenta Pharmaceuticals Inc. | 473,089 | 5,966 |
* | Medicines Co. | 710,639 | 5,927 |
* | Pharmasset Inc. | 284,591 | 5,891 |
* | Hanger Orthopedic Group Inc. | 424,062 | 5,865 |
* | MWI Veterinary Supply Inc. | 155,123 | 5,848 |
* | Facet Biotech Corp. | 330,801 | 5,815 |
* | Immunogen Inc. | 731,032 | 5,746 |
* | Natus Medical Inc. | 381,733 | 5,646 |
* | Affymetrix Inc. | 951,024 | 5,554 |
* | SonoSite Inc. | 233,968 | 5,529 |
*,^ | Emeritus Corp. | 292,043 | 5,476 |
* | Sun Healthcare Group Inc. | 588,776 | 5,399 |
* | Targacept Inc. | 256,306 | 5,362 |
* | Inspire Pharmaceuticals Inc. | 941,586 | 5,198 |
* | Quidel Corp. | 366,057 | 5,044 |
* | Angiodynamics Inc. | 313,479 | 5,041 |
* | Air Methods Corp. | 149,158 | 5,015 |
* | Genoptix Inc. | 138,384 | 4,917 |
* | Triple-S Management Corp. Class B | 275,638 | 4,851 |
* | Omnicell Inc. | 407,263 | 4,761 |
* | SurModics Inc. | 201,142 | 4,558 |
*,^ | Arena Pharmaceuticals Inc. | 1,254,227 | 4,453 |
* | DexCom Inc. | 528,356 | 4,269 |
* | Micromet Inc. | 604,614 | 4,027 |
* | AMN Healthcare Services Inc. | 441,770 | 4,002 |
* | Molina Healthcare Inc. | 172,788 | 3,952 |
* | Almost Family Inc. | 99,579 | 3,936 |
* | Clinical Data Inc. | 214,529 | 3,917 |
* | Symmetry Medical Inc. | 484,854 | 3,908 |
* | Cantel Medical Corp. | 191,005 | 3,854 |
* | Corvel Corp. | 113,433 | 3,805 |
* | Res-Care Inc. | 339,312 | 3,800 |
* | Genomic Health Inc. | 193,334 | 3,782 |
*,^ | Protalix BioTherapeutics Inc. | 569,031 | 3,767 |
* | ABIOMED Inc. | 427,126 | 3,733 |
* | Cross Country Healthcare Inc. | 375,421 | 3,720 |
* | Questcor Pharmaceuticals Inc. | 781,167 | 3,711 |
* | Kendle International Inc. | 191,234 | 3,501 |
* | Kensey Nash Corp. | 135,778 | 3,462 |
* | Assisted Living Concepts Inc. Class A | 130,217 | 3,434 |
* | Accuray Inc. | 610,693 | 3,426 |
15
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Nabi Biopharmaceuticals | 687,297 | 3,368 |
* | Medidata Solutions Inc. | 215,668 | 3,364 |
* | eResearchTechnology Inc. | 557,909 | 3,353 |
National Healthcare Corp. | 92,498 | 3,340 | |
Atrion Corp. | 21,390 | 3,331 | |
*,^ | Cadence Pharmaceuticals Inc. | 341,438 | 3,302 |
* | Zymogenetics Inc. | 514,139 | 3,285 |
* | Orthovita Inc. | 930,078 | 3,265 |
*,^ | Sequenom Inc. | 786,723 | 3,257 |
* | Sangamo Biosciences Inc. | 547,140 | 3,239 |
* | Dyax Corp. | 947,574 | 3,212 |
* | OraSure Technologies Inc. | 617,391 | 3,136 |
* | Ligand Pharmaceuticals Inc. Class B | 1,411,530 | 3,063 |
* | IRIS International Inc. | 243,252 | 3,007 |
* | Cypress Bioscience Inc. | 518,414 | 2,986 |
* | Somanetics Corp. | 162,891 | 2,859 |
* | RTI Biologics Inc. | 734,993 | 2,822 |
* | Orexigen Therapeutics Inc. | 377,275 | 2,807 |
* | Lexicon Pharmaceuticals Inc. | 1,618,013 | 2,751 |
* | Albany Molecular Research Inc. | 300,004 | 2,724 |
* | Pain Therapeutics Inc. | 485,519 | 2,602 |
*,^ | Electro-Optical Sciences Inc. | 244,166 | 2,530 |
* | Emergent Biosolutions Inc. | 184,085 | 2,502 |
* | Durect Corp. | 1,001,709 | 2,474 |
* | Enzo Biochem Inc. | 456,724 | 2,457 |
* | Chindex International Inc. | 171,167 | 2,419 |
*,^ | MAKO Surgical Corp. | 215,969 | 2,397 |
*,^ | SIGA Technologies Inc. | 406,886 | 2,360 |
Ensign Group Inc. | 153,412 | 2,358 | |
* | CryoLife Inc. | 365,115 | 2,344 |
* | Palomar Medical Technologies Inc. | 232,328 | 2,342 |
* | Vital Images Inc. | 183,090 | 2,323 |
* | NPS Pharmaceuticals Inc. | 643,904 | 2,189 |
* | Arqule Inc. | 574,638 | 2,120 |
* | Stereotaxis Inc. | 532,607 | 2,093 |
* | ATS Medical Inc. | 636,147 | 2,055 |
* | Skilled Healthcare Group Inc. | 272,956 | 2,034 |
* | Synovis Life Technologies Inc. | 156,164 | 2,016 |
* | Alliance HealthCare Services Inc. | 349,738 | 1,997 |
* | Sunrise Senior Living Inc. | 616,928 | 1,987 |
* | Exactech Inc. | 112,971 | 1,956 |
* | Pozen Inc. | 323,034 | 1,935 |
* | TomoTherapy Inc. | 489,234 | 1,908 |
* | Progenics Pharmaceuticals Inc. | 427,451 | 1,898 |
* | Opko Health Inc. | 1,026,424 | 1,878 |
*,^ | Maxygen Inc. | 306,786 | 1,868 |
*,^ | Cel-Sci Corp. | 2,067,039 | 1,860 |
* | Medcath Corp. | 224,333 | 1,774 |
* | MAP Pharmaceuticals Inc. | 182,142 | 1,736 |
* | Biospecifics Technologies Corp. | 57,518 | 1,688 |
* | Clarient Inc. | 625,646 | 1,658 |
* | Myriad Pharmaceuticals Inc. | 322,984 | 1,625 |
*,^ | Osiris Therapeutics Inc. | 222,322 | 1,587 |
* | OncoGenex Pharmaceutical Inc. | 69,639 | 1,552 |
* | Cynosure Inc. Class A | 132,739 | 1,525 |
* | KV Pharmaceutical Co. Class A | 402,495 | 1,477 |
*,^ | XOMA Ltd. | 2,090,380 | 1,461 |
* | Akorn Inc. | 793,208 | 1,420 |
* | Nighthawk Radiology Holdings Inc. | 305,181 | 1,382 |
*,^ | Virtual Radiologic Corp. | 96,077 | 1,226 |
* | Hansen Medical Inc. | 400,097 | 1,212 |
* | CardioNet Inc. | 195,232 | 1,160 |
* | Idenix Pharmaceuticals Inc. | 449,056 | 965 |
* | Caraco Pharmaceutical Laboratories Ltd. | 155,908 | 942 |
16
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | GTx Inc. | 221,176 | 929 |
* | Sucampo Pharmaceuticals Inc. Class A | 99,958 | 404 |
* | KV Pharmaceutical Co. Class B | 53,281 | 210 |
2,062,471 | |||
Industrials (16.0%) | |||
Oshkosh Corp. | 1,179,764 | 43,687 | |
* | Corrections Corp. of America | 1,553,982 | 38,150 |
* | Waste Connections Inc. | 1,080,622 | 36,028 |
IDEX Corp. | 1,089,012 | 33,923 | |
* | Continental Airlines Inc. Class B | 1,862,731 | 33,380 |
Hubbell Inc. Class B | 700,329 | 33,126 | |
Snap-On Inc. | 778,612 | 32,904 | |
Lincoln Electric Holdings Inc. | 573,753 | 30,673 | |
* | BE Aerospace Inc. | 1,296,458 | 30,467 |
Gardner Denver Inc. | 701,530 | 29,850 | |
* | UAL Corp. | 2,253,669 | 29,095 |
Kennametal Inc. | 1,096,795 | 28,429 | |
Carlisle Cos. Inc. | 826,351 | 28,311 | |
* | Monster Worldwide Inc. | 1,614,847 | 28,098 |
Towers Watson & Co. Class A | 575,779 | 27,361 | |
Landstar System Inc. | 692,253 | 26,839 | |
Timken Co. | 1,110,305 | 26,325 | |
* | Thomas & Betts Corp. | 713,025 | 25,519 |
* | GrafTech International Ltd. | 1,623,699 | 25,249 |
Regal-Beloit Corp. | 483,283 | 25,102 | |
Lennox International Inc. | 640,000 | 24,986 | |
Nordson Corp. | 407,920 | 24,957 | |
Wabtec Corp. | 609,543 | 24,894 | |
TransDigm Group Inc. | 523,167 | 24,845 | |
* | Kirby Corp. | 689,743 | 24,024 |
* | EMCOR Group Inc. | 888,862 | 23,910 |
*,^ | American Superconductor Corp. | 565,264 | 23,119 |
Graco Inc. | 808,428 | 23,097 | |
Con-way Inc. | 661,375 | 23,089 | |
CLARCOR Inc. | 687,198 | 22,293 | |
* | Tetra Tech Inc. | 817,090 | 22,200 |
Woodward Governor Co. | 824,732 | 21,253 | |
Acuity Brands Inc. | 581,224 | 20,715 | |
* | General Cable Corp. | 701,190 | 20,629 |
Toro Co. | 484,211 | 20,245 | |
Brady Corp. Class A | 657,905 | 19,744 | |
Valmont Industries Inc. | 248,005 | 19,456 | |
Crane Co. | 631,141 | 19,326 | |
Curtiss-Wright Corp. | 614,660 | 19,251 | |
* | Clean Harbors Inc. | 318,152 | 18,965 |
Alexander & Baldwin Inc. | 553,696 | 18,953 | |
Trinity Industries Inc. | 1,069,567 | 18,653 | |
UTi Worldwide Inc. | 1,283,434 | 18,379 | |
Watsco Inc. | 375,101 | 18,372 | |
* | United Stationers Inc. | 320,117 | 18,199 |
* | Avis Budget Group Inc. | 1,375,865 | 18,051 |
GATX Corp. | 620,926 | 17,852 | |
* | Teledyne Technologies Inc. | 461,564 | 17,706 |
* | JetBlue Airways Corp. | 3,239,269 | 17,654 |
Manitowoc Co. Inc. | 1,761,303 | 17,560 | |
* | MPS Group Inc. | 1,256,645 | 17,266 |
* | Hexcel Corp. | 1,303,897 | 16,925 |
* | Genesee & Wyoming Inc. Class A | 517,670 | 16,897 |
Baldor Electric Co. | 596,884 | 16,766 | |
Actuant Corp. Class A | 894,227 | 16,570 | |
* | Alaska Air Group Inc. | 473,760 | 16,373 |
* | Esterline Technologies Corp. | 400,820 | 16,341 |
Knight Transportation Inc. | 841,253 | 16,228 | |
* | Moog Inc. Class A | 552,968 | 16,163 |
17
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Kaydon Corp. | 448,180 | 16,027 | |
Granite Construction Inc. | 469,493 | 15,803 | |
* | Geo Group Inc. | 692,012 | 15,141 |
* | WESCO International Inc. | 541,367 | 14,622 |
HNI Corp. | 515,846 | 14,253 | |
Simpson Manufacturing Co. Inc. | 529,324 | 14,234 | |
Brink's Co. | 584,070 | 14,216 | |
Belden Inc. | 628,747 | 13,782 | |
AO Smith Corp. | 315,386 | 13,685 | |
* | EnerSys | 616,075 | 13,474 |
* | HUB Group Inc. Class A | 501,251 | 13,449 |
*,^ | USG Corp. | 936,952 | 13,164 |
ESCO Technologies Inc. | 354,771 | 12,719 | |
Skywest Inc. | 750,126 | 12,692 | |
Briggs & Stratton Corp. | 674,517 | 12,620 | |
Mueller Industries Inc. | 503,136 | 12,498 | |
Werner Enterprises Inc. | 629,028 | 12,448 | |
* | Resources Connection Inc. | 581,532 | 12,340 |
Watts Water Technologies Inc. Class A | 396,902 | 12,272 | |
Mine Safety Appliances Co. | 460,832 | 12,226 | |
ABM Industries Inc. | 588,718 | 12,163 | |
Heartland Express Inc. | 795,237 | 12,143 | |
* | SYKES Enterprises Inc. | 473,856 | 12,069 |
Herman Miller Inc. | 753,924 | 12,048 | |
* | AAR Corp. | 524,080 | 12,043 |
Healthcare Services Group Inc. | 557,010 | 11,953 | |
* | Insituform Technologies Inc. Class A | 523,761 | 11,900 |
* | Orbital Sciences Corp. | 761,921 | 11,627 |
Rollins Inc. | 601,959 | 11,606 | |
* | Old Dominion Freight Line Inc. | 377,267 | 11,582 |
Applied Industrial Technologies Inc. | 513,812 | 11,340 | |
Otter Tail Corp. | 456,348 | 11,317 | |
* | Middleby Corp. | 225,003 | 11,030 |
* | CoStar Group Inc. | 260,644 | 10,887 |
Triumph Group Inc. | 224,768 | 10,845 | |
* | II-VI Inc. | 338,751 | 10,772 |
Mueller Water Products Inc. Class A | 2,063,375 | 10,730 | |
* | Atlas Air Worldwide Holdings Inc. | 287,710 | 10,717 |
* | Armstrong World Industries Inc. | 270,917 | 10,547 |
Corporate Executive Board Co. | 460,354 | 10,505 | |
* | US Airways Group Inc. | 2,136,168 | 10,339 |
Barnes Group Inc. | 609,160 | 10,295 | |
Deluxe Corp. | 689,818 | 10,202 | |
* | MasTec Inc. | 812,962 | 10,162 |
* | Korn/Ferry International | 615,804 | 10,161 |
* | Navigant Consulting Inc. | 674,487 | 10,023 |
Forward Air Corp. | 390,759 | 9,789 | |
* | Beacon Roofing Supply Inc. | 608,785 | 9,741 |
Arkansas Best Corp. | 324,077 | 9,538 | |
American Science & Engineering Inc. | 119,449 | 9,059 | |
* | AirTran Holdings Inc. | 1,705,398 | 8,902 |
Robbins & Myers Inc. | 376,504 | 8,855 | |
* | Griffon Corp. | 722,593 | 8,830 |
* | TrueBlue Inc. | 590,375 | 8,743 |
Universal Forest Products Inc. | 234,427 | 8,629 | |
Quanex Building Products Corp. | 507,885 | 8,619 | |
*,^ | Genco Shipping & Trading Ltd. | 384,952 | 8,615 |
EnergySolutions Inc. | 1,012,737 | 8,598 | |
* | Dollar Thrifty Automotive Group Inc. | 335,675 | 8,597 |
Albany International Corp. | 371,659 | 8,347 | |
Cubic Corp. | 216,366 | 8,070 | |
Kaman Corp. | 346,235 | 7,995 | |
*,^ | Allegiant Travel Co. Class A | 161,550 | 7,620 |
Badger Meter Inc. | 190,675 | 7,593 |
18
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Interline Brands Inc. | 437,744 | 7,560 |
* | Layne Christensen Co. | 262,228 | 7,529 |
Ameron International Corp. | 118,001 | 7,488 | |
* | Orion Marine Group Inc. | 352,208 | 7,418 |
Administaff Inc. | 309,799 | 7,308 | |
* | EnerNOC Inc. | 238,409 | 7,245 |
Franklin Electric Co. Inc. | 249,006 | 7,241 | |
* | EnPro Industries Inc. | 272,087 | 7,186 |
Heidrick & Struggles International Inc. | 229,372 | 7,166 | |
* | United Rentals Inc. | 729,644 | 7,158 |
* | RBC Bearings Inc. | 293,149 | 7,132 |
HEICO Corp. | 159,846 | 7,086 | |
* | Macquarie Infrastructure Co. LLC | 575,891 | 7,072 |
* | DynCorp International Inc. Class A | 492,808 | 7,072 |
* | GeoEye Inc. | 250,754 | 6,991 |
* | Astec Industries Inc. | 258,055 | 6,952 |
Raven Industries Inc. | 218,582 | 6,944 | |
Aircastle Ltd. | 694,326 | 6,839 | |
McGrath Rentcorp | 304,020 | 6,798 | |
Seaboard Corp. | 5,006 | 6,753 | |
* | Mobile Mini Inc. | 478,124 | 6,737 |
Knoll Inc. | 633,665 | 6,546 | |
* | Cenveo Inc. | 747,886 | 6,544 |
* | DigitalGlobe Inc. | 269,681 | 6,526 |
*,^ | Energy Conversion Devices Inc. | 616,417 | 6,516 |
* | Tutor Perini Corp. | 359,684 | 6,503 |
* | Advisory Board Co. | 209,195 | 6,414 |
* | ATC Technology Corp. | 267,491 | 6,380 |
Comfort Systems USA Inc. | 516,770 | 6,377 | |
* | Chart Industries Inc. | 383,499 | 6,347 |
John Bean Technologies Corp. | 371,655 | 6,322 | |
* | Ceradyne Inc. | 328,926 | 6,319 |
Lindsay Corp. | 157,501 | 6,276 | |
G&K Services Inc. Class A | 249,320 | 6,265 | |
* | M&F Worldwide Corp. | 156,278 | 6,173 |
* | ICF International Inc. | 227,731 | 6,103 |
* | Huron Consulting Group Inc. | 260,934 | 6,012 |
* | School Specialty Inc. | 253,739 | 5,935 |
Tennant Co. | 226,429 | 5,930 | |
* | Aerovironment Inc. | 202,770 | 5,897 |
Ennis Inc. | 348,633 | 5,854 | |
CIRCOR International Inc. | 228,528 | 5,754 | |
Viad Corp. | 277,269 | 5,720 | |
Steelcase Inc. Class A | 887,390 | 5,644 | |
Gorman-Rupp Co. | 202,509 | 5,597 | |
* | Blount International Inc. | 545,955 | 5,514 |
* | Kforce Inc. | 438,953 | 5,487 |
Tredegar Corp. | 343,217 | 5,430 | |
* | AZZ Inc. | 164,773 | 5,388 |
Interface Inc. Class A | 645,870 | 5,367 | |
* | ACCO Brands Corp. | 734,697 | 5,349 |
* | Stanley Inc. | 193,871 | 5,314 |
Apogee Enterprises Inc. | 377,832 | 5,290 | |
Encore Wire Corp. | 247,713 | 5,219 | |
* | Exponent Inc. | 186,438 | 5,190 |
*,^ | Harbin Electric Inc. | 250,201 | 5,139 |
Gibraltar Industries Inc. | 324,557 | 5,105 | |
* | Force Protection Inc. | 946,558 | 4,932 |
* | Hawaiian Holdings Inc. | 698,947 | 4,893 |
* | CBIZ Inc. | 632,405 | 4,870 |
* | Consolidated Graphics Inc. | 135,975 | 4,762 |
* | Cornell Cos. Inc. | 207,974 | 4,721 |
Great Lakes Dredge & Dock Corp. | 712,973 | 4,620 | |
* | Amerco Inc. | 92,381 | 4,593 |
19
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | MYR Group Inc. | 253,955 | 4,592 |
* | Kelly Services Inc. Class A | 383,596 | 4,576 |
* | Team Inc. | 242,443 | 4,560 |
Sun Hydraulics Corp. | 171,375 | 4,499 | |
* | Michael Baker Corp. | 108,138 | 4,477 |
* | GenCorp Inc. | 633,628 | 4,435 |
* | Dycom Industries Inc. | 528,058 | 4,240 |
* | Colfax Corp. | 351,706 | 4,235 |
*,^ | Broadwind Energy Inc. | 521,755 | 4,221 |
*,^ | Eagle Bulk Shipping Inc. | 839,134 | 4,154 |
* | Argon ST Inc. | 190,981 | 4,148 |
* | LB Foster Co. Class A | 137,487 | 4,098 |
* | Rush Enterprises Inc. Class A | 343,824 | 4,088 |
*,^ | Evergreen Solar Inc. | 2,679,577 | 4,046 |
American Ecology Corp. | 235,376 | 4,011 | |
* | Marten Transport Ltd. | 222,304 | 3,990 |
*,^ | Ener1 Inc. | 626,722 | 3,973 |
* | CRA International Inc. | 147,617 | 3,934 |
* | Polypore International Inc. | 330,560 | 3,934 |
* | Spherion Corp. | 696,677 | 3,915 |
*,^ | Power-One Inc. | 894,797 | 3,892 |
HEICO Corp. Class A | 107,934 | 3,881 | |
* | Sterling Construction Co. Inc. | 201,728 | 3,869 |
* | SmartHeat Inc. | 264,855 | 3,846 |
Federal Signal Corp. | 627,095 | 3,775 | |
* | K-Tron International Inc. | 34,251 | 3,724 |
* | Waste Services Inc. | 407,114 | 3,709 |
Ampco-Pittsburgh Corp. | 117,315 | 3,699 | |
Titan International Inc. | 453,496 | 3,678 | |
* | Powell Industries Inc. | 116,357 | 3,669 |
NACCO Industries Inc. Class A | 72,418 | 3,606 | |
Dynamic Materials Corp. | 174,315 | 3,495 | |
* | Taser International Inc. | 796,570 | 3,489 |
* | FuelCell Energy Inc. | 926,204 | 3,483 |
Bowne & Co. Inc. | 518,328 | 3,462 | |
* | Republic Airways Holdings Inc. | 466,466 | 3,447 |
* | American Reprographics Co. | 488,059 | 3,421 |
AAON Inc. | 174,274 | 3,397 | |
* | Northwest Pipe Co. | 124,969 | 3,357 |
* | Columbus McKinnon Corp. | 245,398 | 3,352 |
*,^ | Capstone Turbine Corp. | 2,547,770 | 3,287 |
* | Ladish Co. Inc. | 215,323 | 3,247 |
Applied Signal Technology Inc. | 168,153 | 3,244 | |
Cascade Corp. | 117,473 | 3,229 | |
FreightCar America Inc. | 161,391 | 3,200 | |
Standex International Corp. | 158,997 | 3,194 | |
*,^ | Energy Recovery Inc. | 441,350 | 3,036 |
* | Standard Parking Corp. | 187,192 | 2,973 |
* | H&E Equipment Services Inc. | 282,098 | 2,959 |
* | 3D Systems Corp. | 259,095 | 2,928 |
Kimball International Inc. Class B | 341,504 | 2,910 | |
TAL International Group Inc. | 209,496 | 2,772 | |
Schawk Inc. Class A | 202,726 | 2,757 | |
* | Saia Inc. | 182,929 | 2,711 |
Houston Wire & Cable Co. | 226,991 | 2,701 | |
*,^ | GT Solar International Inc. | 485,425 | 2,699 |
* | Kadant Inc. | 166,048 | 2,650 |
Ducommun Inc. | 134,376 | 2,514 | |
* | RSC Holdings Inc. | 350,035 | 2,464 |
* | Vicor Corp. | 263,093 | 2,447 |
American Woodmark Corp. | 124,290 | 2,446 | |
* | American Commercial Lines Inc. | 129,041 | 2,365 |
CDI Corp. | 179,578 | 2,326 | |
* | Metalico Inc. | 471,306 | 2,319 |
20
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Pike Electric Corp. | 248,977 | 2,311 |
* | Tecumseh Products Co. Class A | 196,863 | 2,301 |
* | APAC Customer Services Inc. | 382,885 | 2,282 |
Greenbrier Cos. Inc. | 218,809 | 2,271 | |
* | Innerworkings Inc. | 367,221 | 2,167 |
Horizon Lines Inc. Class A | 388,749 | 2,165 | |
* | Patriot Transportation Holding Inc. | 22,721 | 2,146 |
*,^ | Titan Machinery Inc. | 180,948 | 2,088 |
* | Fushi Copperweld Inc. | 206,168 | 2,086 |
Sauer-Danfoss Inc. | 164,556 | 1,976 | |
* | Hill International Inc. | 314,823 | 1,964 |
Courier Corp. | 136,103 | 1,939 | |
* | Fuel Tech Inc. | 228,640 | 1,868 |
* | Volt Information Sciences Inc. | 181,913 | 1,819 |
* | Furmanite Corp. | 467,021 | 1,779 |
Aceto Corp. | 332,583 | 1,713 | |
Universal Truckload Services Inc. | 86,760 | 1,570 | |
Preformed Line Products Co. | 35,598 | 1,559 | |
*,^ | China Fire & Security Group Inc. | 111,796 | 1,513 |
Pacer International Inc. | 473,982 | 1,498 | |
American Railcar Industries Inc. | 130,769 | 1,441 | |
*,^ | TBS International Ltd. Class A | 178,054 | 1,309 |
* | Argan Inc. | 83,071 | 1,195 |
* | Rush Enterprises Inc. Class B | 112,120 | 1,177 |
* | Odyssey Marine Exploration Inc. | 741,446 | 1,045 |
Lawson Products Inc. | 58,227 | 1,028 | |
* | Plug Power Inc. | 1,143,098 | 812 |
*,^ | Valence Technology Inc. | 843,590 | 768 |
*,^ | YRC Worldwide Inc. | 805,082 | 676 |
Standard Register Co. | 130,664 | 666 | |
* | Tecumseh Products Co. Class B | 32,795 | 364 |
2,769,296 | |||
Information Technology (17.5%) | |||
* | Rovi Corp. | 1,371,918 | 43,723 |
* | 3Com Corp. | 5,276,175 | 39,571 |
* | Itron Inc. | 539,624 | 36,462 |
* | Varian Semiconductor Equipment Associates Inc. | 989,231 | 35,494 |
* | MICROS Systems Inc. | 1,084,720 | 33,659 |
* | CommScope Inc. | 1,262,879 | 33,504 |
*,^ | Rambus Inc. | 1,344,565 | 32,807 |
* | Skyworks Solutions Inc. | 2,309,352 | 32,770 |
Solera Holdings Inc. | 891,184 | 32,092 | |
* | Tech Data Corp. | 677,653 | 31,619 |
* | VistaPrint NV | 548,629 | 31,085 |
* | Informatica Corp. | 1,192,262 | 30,832 |
* | Atheros Communications Inc. | 898,527 | 30,766 |
* | QLogic Corp. | 1,593,431 | 30,068 |
* | Polycom Inc. | 1,134,173 | 28,320 |
* | Silicon Laboratories Inc. | 574,925 | 27,792 |
* | Atmel Corp. | 5,782,345 | 26,657 |
* | PMC - Sierra Inc. | 3,033,858 | 26,273 |
* | Parametric Technology Corp. | 1,567,543 | 25,614 |
Diebold Inc. | 893,901 | 25,431 | |
*,^ | WebMD Health Corp. | 659,192 | 25,372 |
* | Teradyne Inc. | 2,355,324 | 25,273 |
Jack Henry & Associates Inc. | 1,079,139 | 24,950 | |
* | Concur Technologies Inc. | 557,949 | 23,852 |
* | Sohu.com Inc. | 413,703 | 23,697 |
* | JDS Uniphase Corp. | 2,866,978 | 23,653 |
* | Compuware Corp. | 3,204,848 | 23,171 |
National Instruments Corp. | 785,414 | 23,130 | |
* | NeuStar Inc. Class A | 1,002,931 | 23,108 |
* | TIBCO Software Inc. | 2,356,120 | 22,689 |
* | Zebra Technologies Corp. | 797,224 | 22,609 |
21
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Cypress Semiconductor Corp. | 2,089,936 | 22,070 |
* | Unisys Corp. | 570,387 | 21,994 |
* | International Rectifier Corp. | 960,829 | 21,254 |
*,^ | Palm Inc. | 2,080,603 | 20,889 |
* | CACI International Inc. Class A | 404,969 | 19,783 |
* | Microsemi Corp. | 1,097,664 | 19,484 |
* | Vishay Intertechnology Inc. | 2,324,444 | 19,409 |
* | Novell Inc. | 4,657,269 | 19,328 |
* | Arris Group Inc. | 1,687,587 | 19,289 |
* | Anixter International Inc. | 404,853 | 19,069 |
* | Gartner Inc. | 1,034,100 | 18,655 |
* | Blackboard Inc. | 410,111 | 18,615 |
* | MercadoLibre Inc. | 357,192 | 18,528 |
* | Cybersource Corp. | 889,638 | 17,891 |
* | Convergys Corp. | 1,657,431 | 17,817 |
* | Riverbed Technology Inc. | 750,178 | 17,232 |
ADTRAN Inc. | 762,329 | 17,191 | |
Plantronics Inc. | 659,547 | 17,135 | |
* | Veeco Instruments Inc. | 509,661 | 16,839 |
* | VeriFone Holdings Inc. | 1,025,637 | 16,800 |
* | Fairchild Semiconductor International Inc. Class A | 1,671,685 | 16,700 |
* | Benchmark Electronics Inc. | 875,810 | 16,562 |
* | RF Micro Devices Inc. | 3,423,525 | 16,330 |
* | Progress Software Corp. | 540,844 | 15,798 |
* | Wright Express Corp. | 489,048 | 15,581 |
* | Tessera Technologies Inc. | 668,714 | 15,561 |
* | InterDigital Inc. | 581,767 | 15,440 |
* | Quest Software Inc. | 833,076 | 15,329 |
* | Blue Coat Systems Inc. | 536,079 | 15,300 |
* | Plexus Corp. | 532,552 | 15,178 |
* | Genpact Ltd. | 1,018,023 | 15,169 |
* | Ariba Inc. | 1,192,186 | 14,926 |
* | TiVo Inc. | 1,461,791 | 14,881 |
* | Cymer Inc. | 381,203 | 14,631 |
* | FormFactor Inc. | 667,351 | 14,522 |
* | Integrated Device Technology Inc. | 2,233,742 | 14,452 |
* | Mantech International Corp. Class A | 296,673 | 14,323 |
* | Digital River Inc. | 520,407 | 14,046 |
Fair Isaac Corp. | 659,083 | 14,045 | |
*,^ | Synaptics Inc. | 457,842 | 14,033 |
* | Semtech Corp. | 823,970 | 14,016 |
Blackbaud Inc. | 591,477 | 13,977 | |
* | Rackspace Hosting Inc. | 653,418 | 13,624 |
* | Acxiom Corp. | 1,011,118 | 13,569 |
* | GSI Commerce Inc. | 533,819 | 13,554 |
* | Euronet Worldwide Inc. | 615,025 | 13,500 |
*,^ | Ciena Corp. | 1,229,709 | 13,330 |
* | Comtech Telecommunications Corp. | 379,788 | 13,312 |
Power Integrations Inc. | 356,480 | 12,962 | |
Syntel Inc. | 336,176 | 12,785 | |
* | CommVault Systems Inc. | 535,395 | 12,683 |
* | Tekelec | 815,141 | 12,455 |
* | j2 Global Communications Inc. | 607,886 | 12,370 |
* | AsiaInfo Holdings Inc. | 400,556 | 12,205 |
* | Viasat Inc. | 383,806 | 12,197 |
* | TriQuint Semiconductor Inc. | 2,031,662 | 12,190 |
* | Sanmina-SCI Corp. | 1,098,174 | 12,113 |
* | Cavium Networks Inc. | 503,582 | 12,000 |
Earthlink Inc. | 1,432,189 | 11,901 | |
* | Emulex Corp. | 1,091,810 | 11,901 |
* | ValueClick Inc. | 1,175,753 | 11,899 |
* | FEI Co. | 506,822 | 11,839 |
MAXIMUS Inc. | 236,295 | 11,815 | |
* | Sapient Corp. | 1,425,869 | 11,792 |
22
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Netlogic Microsystems Inc. | 254,258 | 11,762 |
* | Lawson Software Inc. | 1,743,963 | 11,597 |
* | MicroStrategy Inc. Class A | 123,138 | 11,577 |
* | Amkor Technology Inc. | 1,605,150 | 11,493 |
* | Mentor Graphics Corp. | 1,296,086 | 11,444 |
* | SRA International Inc. Class A | 586,136 | 11,195 |
* | MKS Instruments Inc. | 633,784 | 11,034 |
* | Taleo Corp. Class A | 466,210 | 10,965 |
*,^ | Take-Two Interactive Software Inc. | 1,082,116 | 10,875 |
* | Hittite Microwave Corp. | 263,723 | 10,747 |
* | JDA Software Group Inc. | 409,409 | 10,428 |
* | Cabot Microelectronics Corp. | 316,003 | 10,415 |
* | Websense Inc. | 596,106 | 10,408 |
* | Infinera Corp. | 1,161,896 | 10,306 |
* | Verigy Ltd. | 792,230 | 10,196 |
* | Netgear Inc. | 464,793 | 10,081 |
* | TeleTech Holdings Inc. | 502,114 | 10,057 |
* | SuccessFactors Inc. | 605,692 | 10,042 |
* | Net 1 UEPS Technologies Inc. | 516,718 | 10,035 |
* | Omnivision Technologies Inc. | 683,736 | 9,935 |
* | Coherent Inc. | 329,851 | 9,806 |
* | EchoStar Corp. Class A | 486,083 | 9,790 |
* | DealerTrack Holdings Inc. | 516,463 | 9,704 |
* | Scansource Inc. | 358,400 | 9,569 |
* | Monolithic Power Systems Inc. | 394,073 | 9,446 |
* | Littelfuse Inc. | 293,196 | 9,426 |
* | Diodes Inc. | 458,485 | 9,376 |
* | Ultimate Software Group Inc. | 315,407 | 9,263 |
* | Rofin-Sinar Technologies Inc. | 389,967 | 9,207 |
* | Entegris Inc. | 1,726,325 | 9,115 |
*,^ | Advent Software Inc. | 223,473 | 9,102 |
* | SolarWinds Inc. | 394,981 | 9,089 |
* | CSG Systems International Inc. | 473,721 | 9,043 |
* | Tyler Technologies Inc. | 453,131 | 9,022 |
Cognex Corp. | 508,246 | 9,006 | |
* | TNS Inc. | 340,684 | 8,752 |
AVX Corp. | 689,284 | 8,733 | |
* | Aruba Networks Inc. | 819,105 | 8,732 |
* | L-1 Identity Solutions Inc. | 1,159,231 | 8,683 |
* | Intermec Inc. | 670,224 | 8,619 |
* | Quantum Corp. | 2,858,546 | 8,376 |
* | SYNNEX Corp. | 268,335 | 8,227 |
* | Harmonic Inc. | 1,296,385 | 8,206 |
*,^ | STEC Inc. | 500,882 | 8,184 |
United Online Inc. | 1,131,006 | 8,132 | |
* | ADC Telecommunications Inc. | 1,303,433 | 8,094 |
* | DTS Inc. | 235,688 | 8,063 |
* | Checkpoint Systems Inc. | 524,552 | 7,999 |
* | ATMI Inc. | 423,164 | 7,879 |
* | ACI Worldwide Inc. | 458,891 | 7,870 |
* | Sonus Networks Inc. | 3,692,022 | 7,790 |
* | Art Technology Group Inc. | 1,717,612 | 7,746 |
* | Electronics for Imaging Inc. | 594,606 | 7,736 |
* | Zoran Corp. | 696,960 | 7,701 |
* | DG FastChannel Inc. | 272,604 | 7,614 |
Pegasystems Inc. | 220,594 | 7,500 | |
* | Brooks Automation Inc. | 868,405 | 7,451 |
* | Manhattan Associates Inc. | 303,440 | 7,292 |
Park Electrochemical Corp. | 263,110 | 7,272 | |
* | SAVVIS Inc. | 512,518 | 7,201 |
* | Insight Enterprises Inc. | 618,357 | 7,062 |
* | Advanced Energy Industries Inc. | 452,981 | 6,831 |
* | TTM Technologies Inc. | 581,381 | 6,703 |
Black Box Corp. | 236,466 | 6,701 |
23
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Applied Micro Circuits Corp. | 892,953 | 6,670 |
* | Compellent Technologies Inc. | 292,907 | 6,643 |
* | Brightpoint Inc. | 884,261 | 6,499 |
* | Avid Technology Inc. | 503,874 | 6,429 |
* | Rogers Corp. | 211,321 | 6,405 |
* | Cogent Inc. | 603,798 | 6,273 |
* | Finisar Corp. | 694,494 | 6,195 |
* | Standard Microsystems Corp. | 296,689 | 6,165 |
* | Switch & Data Facilities Co. Inc. | 302,756 | 6,119 |
* | Volterra Semiconductor Corp. | 304,759 | 5,827 |
MTS Systems Corp. | 202,197 | 5,811 | |
* | EPIQ Systems Inc. | 413,999 | 5,792 |
* | ModusLink Global Solutions Inc. | 614,636 | 5,784 |
* | OSI Systems Inc. | 211,955 | 5,782 |
* | Sourcefire Inc. | 215,286 | 5,759 |
* | ArcSight Inc. | 223,223 | 5,710 |
* | Cirrus Logic Inc. | 835,067 | 5,695 |
* | Bottomline Technologies Inc. | 320,663 | 5,634 |
* | Maxwell Technologies Inc. | 314,884 | 5,618 |
* | Sycamore Networks Inc. | 267,672 | 5,597 |
* | Netscout Systems Inc. | 380,538 | 5,571 |
* | Forrester Research Inc. | 213,637 | 5,544 |
* | SonicWALL Inc. | 725,177 | 5,519 |
*,^ | Universal Display Corp. | 441,738 | 5,460 |
* | Harris Stratex Networks Inc. | 787,721 | 5,443 |
* | Adaptec Inc. | 1,615,960 | 5,413 |
* | TeleCommunication Systems Inc. Class A | 555,428 | 5,377 |
* | Epicor Software Corp. | 699,717 | 5,332 |
*,^ | China Security & Surveillance Technology Inc. | 687,244 | 5,251 |
* | Loral Space & Communications Inc. | 164,957 | 5,214 |
* | RightNow Technologies Inc. | 298,977 | 5,193 |
* | IPG Photonics Corp. | 308,171 | 5,159 |
* | Netezza Corp. | 527,611 | 5,118 |
NIC Inc. | 554,927 | 5,072 | |
* | Kulicke & Soffa Industries Inc. | 925,025 | 4,986 |
Micrel Inc. | 590,728 | 4,844 | |
* | Echelon Corp. | 413,365 | 4,778 |
*,^ | Ebix Inc. | 97,474 | 4,760 |
* | RealNetworks Inc. | 1,277,582 | 4,740 |
* | S1 Corp. | 716,717 | 4,673 |
* | comScore Inc. | 265,241 | 4,655 |
* | i2 Technologies Inc. | 242,718 | 4,641 |
* | THQ Inc. | 913,499 | 4,604 |
* | Constant Contact Inc. | 287,313 | 4,597 |
* | Oplink Communications Inc. | 277,171 | 4,543 |
* | Newport Corp. | 490,321 | 4,506 |
* | Stratasys Inc. | 260,176 | 4,496 |
Methode Electronics Inc. | 515,973 | 4,479 | |
* | Vocus Inc. | 248,217 | 4,468 |
* | FARO Technologies Inc. | 206,920 | 4,436 |
* | 3PAR Inc. | 373,649 | 4,428 |
* | Supertex Inc. | 148,440 | 4,423 |
CTS Corp. | 458,691 | 4,413 | |
* | Acme Packet Inc. | 393,311 | 4,326 |
Daktronics Inc. | 469,318 | 4,322 | |
* | Synchronoss Technologies Inc. | 272,863 | 4,314 |
* | Lattice Semiconductor Corp. | 1,561,388 | 4,216 |
* | Actel Corp. | 353,790 | 4,203 |
Cohu Inc. | 301,185 | 4,202 | |
* | Terremark Worldwide Inc. | 612,873 | 4,192 |
* | Ultratech Inc. | 280,647 | 4,170 |
* | Infospace Inc. | 477,974 | 4,096 |
* | Global Cash Access Holdings Inc. | 538,884 | 4,036 |
* | Electro Scientific Industries Inc. | 369,930 | 4,003 |
24
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Heartland Payment Systems Inc. | 304,261 | 3,995 | |
* | Pericom Semiconductor Corp. | 344,359 | 3,970 |
* | SMART Modular Technologies WWH Inc. | 628,386 | 3,953 |
* | Super Micro Computer Inc. | 352,308 | 3,918 |
* | Knot Inc. | 388,305 | 3,910 |
* | Sigma Designs Inc. | 360,219 | 3,854 |
* | Multi-Fineline Electronix Inc. | 135,741 | 3,851 |
* | Kopin Corp. | 896,567 | 3,748 |
* | infoGROUP Inc. | 466,678 | 3,743 |
* | LoopNet Inc. | 373,336 | 3,711 |
* | Radiant Systems Inc. | 356,751 | 3,710 |
* | Anadigics Inc. | 856,195 | 3,613 |
* | Smith Micro Software Inc. | 394,885 | 3,609 |
* | Kenexa Corp. | 274,610 | 3,584 |
* | Perficient Inc. | 424,741 | 3,581 |
* | Imation Corp. | 410,307 | 3,578 |
* | ExlService Holdings Inc. | 195,881 | 3,557 |
* | Exar Corp. | 498,910 | 3,547 |
* | Ixia | 465,357 | 3,462 |
* | ShoreTel Inc. | 598,620 | 3,460 |
* | Extreme Networks | 1,204,533 | 3,457 |
* | Hughes Communications Inc. | 131,570 | 3,425 |
* | Intevac Inc. | 296,166 | 3,397 |
* | NetSuite Inc. | 209,886 | 3,354 |
iGate Corp. | 331,633 | 3,316 | |
* | Internet Capital Group Inc. | 497,257 | 3,307 |
*,^ | Rubicon Technology Inc. | 162,778 | 3,306 |
* | Move Inc. | 1,987,001 | 3,298 |
* | Novatel Wireless Inc. | 412,063 | 3,284 |
* | UTStarcom Inc. | 1,478,511 | 3,238 |
* | Comverge Inc. | 284,517 | 3,198 |
* | Interactive Intelligence Inc. | 172,832 | 3,187 |
* | Symmetricom Inc. | 590,798 | 3,072 |
* | Ciber Inc. | 888,994 | 3,067 |
* | Internap Network Services Corp. | 652,462 | 3,067 |
* | DemandTec Inc. | 342,716 | 3,006 |
* | EMS Technologies Inc. | 204,975 | 2,972 |
* | Digi International Inc. | 317,197 | 2,893 |
* | Silicon Graphics International Corp. | 408,778 | 2,866 |
* | Silicon Storage Technology Inc. | 1,103,220 | 2,824 |
Agilysys Inc. | 309,906 | 2,820 | |
* | Anaren Inc. | 186,804 | 2,811 |
Electro Rent Corp. | 243,295 | 2,808 | |
* | Monotype Imaging Holdings Inc. | 304,380 | 2,749 |
*,^ | Rosetta Stone Inc. | 151,962 | 2,728 |
* | Rudolph Technologies Inc. | 397,915 | 2,674 |
Cass Information Systems Inc. | 87,416 | 2,657 | |
* | Silicon Image Inc. | 1,013,864 | 2,616 |
Bel Fuse Inc. Class B | 121,683 | 2,615 | |
* | Seachange International Inc. | 396,104 | 2,602 |
* | Airvana Inc. | 337,617 | 2,566 |
* | Symyx Technologies Inc. | 464,368 | 2,554 |
* | VASCO Data Security International Inc. | 406,104 | 2,546 |
* | Cogo Group Inc. | 342,564 | 2,525 |
* | PROS Holdings Inc. | 241,923 | 2,504 |
* | NCI Inc. Class A | 89,957 | 2,487 |
* | China Information Security Technology Inc. | 396,528 | 2,443 |
Technitrol Inc. | 557,016 | 2,440 | |
* | Internet Brands Inc. Class A | 311,450 | 2,439 |
* | Mattson Technology Inc. | 670,871 | 2,402 |
* | IXYS Corp. | 313,786 | 2,328 |
*,^ | OpenTable Inc. | 90,763 | 2,311 |
* | Ness Technologies Inc. | 468,619 | 2,296 |
* | Powerwave Technologies Inc. | 1,787,066 | 2,252 |
25
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Liquidity Services Inc. | 223,539 | 2,251 |
* | Double-Take Software Inc. | 223,936 | 2,237 |
Opnet Technologies Inc. | 181,321 | 2,210 | |
* | Advanced Analogic Technologies Inc. | 552,397 | 2,176 |
* | DivX Inc. | 377,342 | 2,128 |
* | Isilon Systems Inc. | 305,944 | 2,099 |
* | Limelight Networks Inc. | 515,187 | 2,025 |
* | Integral Systems Inc. | 232,666 | 2,015 |
* | FalconStor Software Inc. | 480,060 | 1,949 |
* | BigBand Networks Inc. | 541,152 | 1,862 |
* | Conexant Systems Inc. | 770,720 | 1,788 |
* | DSP Group Inc. | 310,524 | 1,748 |
* | Deltek Inc. | 215,364 | 1,676 |
* | Dice Holdings Inc. | 254,110 | 1,664 |
* | Trident Microsystems Inc. | 856,793 | 1,594 |
* | ICx Technologies Inc. | 165,008 | 1,571 |
Marchex Inc. Class B | 291,548 | 1,481 | |
*,^ | Magma Design Automation Inc. | 620,803 | 1,434 |
Renaissance Learning Inc. | 118,851 | 1,350 | |
* | CPI International Inc. | 99,872 | 1,322 |
* | China TransInfo Technology Corp. | 120,702 | 986 |
* | TechTarget Inc. | 169,724 | 956 |
* | Opnext Inc. | 305,779 | 581 |
Bel Fuse Inc. Class A | 15,480 | 301 | |
3,030,904 | |||
Materials (5.4%) | |||
Ashland Inc. | 953,967 | 37,796 | |
RPM International Inc. | 1,741,799 | 35,411 | |
Aptargroup Inc. | 913,279 | 32,641 | |
Packaging Corp. of America | 1,388,806 | 31,956 | |
* | Domtar Corp. | 566,077 | 31,366 |
Compass Minerals International Inc. | 439,728 | 29,545 | |
Temple-Inland Inc. | 1,365,142 | 28,818 | |
Huntsman Corp. | 2,241,572 | 25,307 | |
Rock-Tenn Co. Class A | 494,592 | 24,932 | |
* | WR Grace & Co. | 973,831 | 24,687 |
Royal Gold Inc. | 522,431 | 24,607 | |
Cytec Industries Inc. | 654,027 | 23,820 | |
Cabot Corp. | 882,127 | 23,138 | |
Silgan Holdings Inc. | 360,687 | 20,877 | |
* | Solutia Inc. | 1,605,866 | 20,395 |
* | Hecla Mining Co. | 3,191,863 | 19,726 |
NewMarket Corp. | 164,106 | 18,834 | |
Olin Corp. | 1,055,436 | 18,491 | |
* | Coeur d'Alene Mines Corp. | 1,017,238 | 18,371 |
* | Intrepid Potash Inc. | 607,319 | 17,715 |
Sensient Technologies Corp. | 657,974 | 17,305 | |
Schweitzer-Mauduit International Inc. | 235,000 | 16,532 | |
Carpenter Technology Corp. | 594,014 | 16,009 | |
HB Fuller Co. | 655,666 | 14,916 | |
Eagle Materials Inc. | 558,769 | 14,556 | |
Schnitzer Steel Industries Inc. | 296,344 | 14,136 | |
* | Rockwood Holdings Inc. | 599,808 | 14,131 |
Minerals Technologies Inc. | 252,646 | 13,762 | |
* | OM Group Inc. | 414,416 | 13,009 |
* | Allied Nevada Gold Corp. | 831,733 | 12,543 |
* | Louisiana-Pacific Corp. | 1,657,331 | 11,568 |
Worthington Industries Inc. | 853,566 | 11,156 | |
Texas Industries Inc. | 317,792 | 11,120 | |
* | Century Aluminum Co. | 650,224 | 10,527 |
Arch Chemicals Inc. | 337,788 | 10,431 | |
* | RTI International Metals Inc. | 392,771 | 9,886 |
* | Calgon Carbon Corp. | 701,609 | 9,752 |
Ferro Corp. | 1,088,402 | 8,968 |
26
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | PolyOne Corp. | 1,184,848 | 8,851 |
AMCOL International Corp. | 309,660 | 8,801 | |
Kaiser Aluminum Corp. | 205,145 | 8,538 | |
* | Clearwater Paper Corp. | 153,236 | 8,423 |
Koppers Holdings Inc. | 275,825 | 8,396 | |
Balchem Corp. | 250,330 | 8,389 | |
Glatfelter | 614,464 | 7,466 | |
Wausau Paper Corp. | 626,630 | 7,269 | |
* | Horsehead Holding Corp. | 570,012 | 7,268 |
Stepan Co. | 104,857 | 6,796 | |
Westlake Chemical Corp. | 266,597 | 6,646 | |
Deltic Timber Corp. | 142,415 | 6,577 | |
A Schulman Inc. | 316,146 | 6,380 | |
* | Stillwater Mining Co. | 636,503 | 6,034 |
Innophos Holdings Inc. | 243,597 | 5,600 | |
Haynes International Inc. | 163,691 | 5,397 | |
* | Buckeye Technologies Inc. | 521,325 | 5,088 |
Zep Inc. | 291,915 | 5,056 | |
* | Brush Engineered Materials Inc. | 271,920 | 5,041 |
* | Headwaters Inc. | 681,976 | 4,446 |
Spartech Corp. | 415,798 | 4,266 | |
* | Boise Inc. | 798,041 | 4,238 |
Olympic Steel Inc. | 125,201 | 4,079 | |
* | Graphic Packaging Holding Co. | 1,161,939 | 4,032 |
* | Zoltek Cos. Inc. | 395,840 | 3,760 |
Myers Industries Inc. | 406,018 | 3,695 | |
Innospec Inc. | 320,403 | 3,233 | |
AM Castle & Co. | 232,547 | 3,184 | |
* | LSB Industries Inc. | 218,595 | 3,082 |
* | Bway Holding Co. | 148,753 | 2,859 |
Neenah Paper Inc. | 198,390 | 2,768 | |
^ | Hawkins Inc. | 118,211 | 2,581 |
*,^ | China Green Agriculture Inc. | 168,527 | 2,477 |
*,^ | ShengdaTech Inc. | 402,609 | 2,468 |
American Vanguard Corp. | 273,619 | 2,271 | |
* | Landec Corp. | 336,230 | 2,098 |
* | General Moly Inc. | 838,165 | 1,743 |
* | United States Lime & Minerals Inc. | 39,163 | 1,352 |
929,388 | |||
Telecommunication Services (1.0%) | |||
* | tw telecom inc Class A | 2,013,452 | 34,511 |
* | Syniverse Holdings Inc. | 881,187 | 15,403 |
* | Leap Wireless International Inc. | 835,466 | 14,662 |
* | AboveNet Inc. | 171,138 | 11,131 |
* | Cincinnati Bell Inc. | 2,859,467 | 9,865 |
NTELOS Holdings Corp. | 428,506 | 7,636 | |
Iowa Telecommunications Services Inc. | 441,085 | 7,393 | |
Atlantic Tele-Network Inc. | 133,446 | 7,341 | |
* | PAETEC Holding Corp. | 1,759,572 | 7,302 |
* | Neutral Tandem Inc. | 315,963 | 7,188 |
* | Premiere Global Services Inc. | 777,692 | 6,416 |
Shenandoah Telecommunications Co. | 302,503 | 6,156 | |
* | Global Crossing Ltd. | 405,048 | 5,772 |
* | Cogent Communications Group Inc. | 569,467 | 5,615 |
Consolidated Communications Holdings Inc. | 319,238 | 5,587 | |
*,^ | Cbeyond Inc. | 312,827 | 4,927 |
Alaska Communications Systems Group Inc. | 600,025 | 4,788 | |
USA Mobility Inc. | 305,980 | 3,369 | |
* | General Communication Inc. Class A | 437,027 | 2,788 |
* | SureWest Communications | 182,206 | 1,815 |
* | ICO Global Communications Holdings Ltd. | 1,659,764 | 1,793 |
*,^ | Vonage Holdings Corp. | 957,467 | 1,340 |
*,^ | TerreStar Corp. | 942,405 | 886 |
27
Vanguard® Small-Cap Index Fund
Schedule of Investments
December 31, 2009
Market | |||||
Value | |||||
Shares | ($000) | ||||
* | FiberTower Corp. | 143,427 | 599 | ||
174,283 | |||||
Utilities (3.7%) | |||||
AGL Resources Inc. | 1,042,476 | 38,019 | |||
Atmos Energy Corp. | 1,244,917 | 36,601 | |||
Great Plains Energy Inc. | 1,823,993 | 35,367 | |||
ITC Holdings Corp. | 673,895 | 35,103 | |||
Westar Energy Inc. | 1,468,742 | 31,901 | |||
Piedmont Natural Gas Co. Inc. | 984,376 | 26,332 | |||
Hawaiian Electric Industries Inc. | 1,235,270 | 25,817 | |||
Nicor Inc. | 610,102 | 25,685 | |||
Vectren Corp. | 1,039,312 | 25,650 | |||
WGL Holdings Inc. | 676,507 | 22,690 | |||
Cleco Corp. | 815,892 | 22,298 | |||
New Jersey Resources Corp. | 566,828 | 21,199 | |||
Portland General Electric Co. | 1,014,366 | 20,703 | |||
IDACORP Inc. | 637,409 | 20,365 | |||
Southwest Gas Corp. | 604,643 | 17,250 | |||
Northwest Natural Gas Co. | 357,699 | 16,111 | |||
Avista Corp. | 737,805 | 15,929 | |||
Unisource Energy Corp. | 482,446 | 15,530 | |||
South Jersey Industries Inc. | 401,961 | 15,347 | |||
PNM Resources Inc. | 1,169,337 | 14,792 | |||
Black Hills Corp. | 523,999 | 13,954 | |||
Allete Inc. | 390,994 | 12,778 | |||
NorthWestern Corp. | 484,847 | 12,616 | |||
* | El Paso Electric Co. | 606,599 | 12,302 | ||
MGE Energy Inc. | 311,781 | 11,143 | |||
UIL Holdings Corp. | 383,588 | 10,771 | |||
Ormat Technologies Inc. | 275,608 | 10,429 | |||
California Water Service Group | 263,077 | 9,687 | |||
Laclede Group Inc. | 284,056 | 9,593 | |||
CH Energy Group Inc. | 212,983 | 9,056 | |||
American States Water Co. | 249,548 | 8,836 | |||
Empire District Electric Co. | 465,225 | 8,714 | |||
SJW Corp. | 187,673 | 4,236 | |||
Chesapeake Utilities Corp. | 120,287 | 3,855 | |||
Central Vermont Public Service Corp. | 158,021 | 3,287 | |||
Middlesex Water Co. | 182,105 | 3,211 | |||
Connecticut Water Service Inc. | 115,326 | 2,857 | |||
Consolidated Water Co. Ltd. | 186,933 | 2,671 | |||
* | China Natural Gas Inc. | 178,391 | 1,984 | ||
634,669 | |||||
Total Common Stocks (Cost $16,623,023) | 17,239,723 | ||||
Coupon | |||||
Convertible Preferred Stocks (0.0%) | |||||
Consumer Discretionary (0.0%) | |||||
2 | Sealy Corp. Pfd. (Cost $1,214) | 8.000% | 11,758 | 1,006 | |
Temporary Cash Investments (2.1%)1 | |||||
Money Market Fund (2.1%) | |||||
3,4 | Vanguard Market Liquidity Fund | 0.187% | 362,130,342 | 362,130 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.0%) | |||||
5,6 | Fannie Mae Discount Notes | 0.100% | 3/10/10 | 2,000 | 2,000 |
28
Vanguard® Small-Cap Index Fund | |||||
Schedule of Investments | |||||
December 31, 2009 | |||||
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
5,6 | Freddie Mac Discount Notes | 0.111% | 3/31/10 | 2,500 | 2,499 |
5,6 | Freddie Mac Discount Notes | 0.230% | 6/21/10 | 2,000 | 1,998 |
6,497 | |||||
Total Temporary Cash Investments (Cost $364,630) | 368,627 | ||||
Total Investments (101.8%) (Cost $16,988,867) | 17,609,356 | ||||
Other Assets and Liabilities—Net (-1.8%)4 | (318,435) | ||||
Net Assets (100%) | 17,290,921 |
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $265,570,000.
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 1.8%, respectively, of net
assets.
2 Non-income producing security - new issue that has not paid a dividend as of December 31, 2009.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
4 Includes $301,596,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
6 Securities with a value of $6,497,000 have been segregated as initial margin for open futures contracts.
29
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.8%)1 | |||
Consumer Discretionary (17.0%) | |||
* | Chico's FAS Inc. | 1,424,004 | 20,007 |
Gentex Corp. | 1,106,420 | 19,750 | |
* | Big Lots Inc. | 663,067 | 19,216 |
* | Sirius XM Radio Inc. | 31,268,031 | 18,761 |
* | Aeropostale Inc. | 541,984 | 18,455 |
* | Hanesbrands Inc. | 761,000 | 18,348 |
* | J Crew Group Inc. | 404,025 | 18,076 |
* | Dick's Sporting Goods Inc. | 702,389 | 17,468 |
* | Bally Technologies Inc. | 416,721 | 17,206 |
Phillips-Van Heusen Corp. | 414,468 | 16,861 | |
* | WMS Industries Inc. | 405,535 | 16,221 |
* | Panera Bread Co. Class A | 239,430 | 16,035 |
* | Warnaco Group Inc. | 364,927 | 15,396 |
John Wiley & Sons Inc. Class A | 353,185 | 14,791 | |
* | Tractor Supply Co. | 260,505 | 13,796 |
* | TRW Automotive Holdings Corp. | 556,515 | 13,290 |
* | Tempur-Pedic International Inc. | 541,505 | 12,796 |
* | Fossil Inc. | 374,913 | 12,582 |
Sotheby's | 537,357 | 12,080 | |
* | Brink's Home Security Holdings Inc. | 367,645 | 12,000 |
* | Liberty Media Corp. - Capital | 469,266 | 11,206 |
Polaris Industries Inc. | 249,149 | 10,870 | |
* | Deckers Outdoor Corp. | 105,589 | 10,741 |
* | Career Education Corp. | 444,696 | 10,366 |
* | Gymboree Corp. | 238,078 | 10,354 |
Aaron's Inc. | 372,994 | 10,343 | |
* | Cheesecake Factory Inc. | 459,079 | 9,912 |
* | Lululemon Athletica Inc. | 310,224 | 9,338 |
* | Office Depot Inc. | 1,434,403 | 9,252 |
* | Corinthian Colleges Inc. | 664,776 | 9,154 |
Thor Industries Inc. | 289,519 | 9,091 | |
* | New York Times Co. Class A | 712,616 | 8,808 |
Matthews International Corp. Class A | 243,709 | 8,635 | |
* | Capella Education Co. | 114,184 | 8,598 |
* | Tenneco Inc. | 476,866 | 8,455 |
* | Scientific Games Corp. Class A | 558,700 | 8,129 |
* | OfficeMax Inc. | 612,907 | 7,778 |
* | DreamWorks Animation SKG Inc. Class A | 190,574 | 7,613 |
* | Morningstar Inc. | 155,523 | 7,518 |
Pool Corp. | 391,453 | 7,469 | |
* | Life Time Fitness Inc. | 298,316 | 7,437 |
* | Blue Nile Inc. | 116,780 | 7,396 |
*,^ | Under Armour Inc. Class A | 271,048 | 7,391 |
NutriSystem Inc. | 223,664 | 6,972 | |
* | Coinstar Inc. | 245,016 | 6,807 |
* | PF Chang's China Bistro Inc. | 178,290 | 6,759 |
* | Childrens Place Retail Stores Inc. | 202,157 | 6,673 |
* | AnnTaylor Stores Corp. | 471,234 | 6,428 |
* | JOS A Bank Clothiers Inc. | 146,787 | 6,193 |
* | Carter's Inc. | 228,063 | 5,987 |
* | CEC Entertainment Inc. | 185,458 | 5,920 |
* | Eastman Kodak Co. | 1,400,313 | 5,909 |
Brunswick Corp. | 460,892 | 5,858 | |
National CineMedia Inc. | 338,385 | 5,607 | |
* | Buffalo Wild Wings Inc. | 137,560 | 5,540 |
* | CTC Media Inc. | 366,709 | 5,464 |
* | Steven Madden Ltd. | 130,737 | 5,392 |
* | Hibbett Sports Inc. | 229,977 | 5,057 |
* | Sally Beauty Holdings Inc. | 658,277 | 5,036 |
* | Vail Resorts Inc. | 133,204 | 5,035 |
* | Penske Auto Group Inc. | 330,911 | 5,023 |
30
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Arbitron Inc. | 213,003 | 4,989 | |
Monro Muffler Brake Inc. | 148,940 | 4,981 | |
* | American Public Education Inc. | 138,812 | 4,770 |
* | Sonic Corp. | 465,857 | 4,691 |
* | Texas Roadhouse Inc. Class A | 417,032 | 4,683 |
* | Fuel Systems Solutions Inc. | 112,871 | 4,655 |
* | Valassis Communications Inc. | 251,122 | 4,585 |
* | Steiner Leisure Ltd. | 111,294 | 4,425 |
* | Exide Technologies | 606,676 | 4,313 |
* | Papa John's International Inc. | 180,357 | 4,213 |
Choice Hotels International Inc. | 132,792 | 4,204 | |
* | American Axle & Manufacturing Holdings Inc. | 502,937 | 4,034 |
* | CROCS Inc. | 689,281 | 3,963 |
* | Interval Leisure Group Inc. | 316,960 | 3,953 |
* | Ticketmaster Entertainment Inc. | 322,436 | 3,940 |
* | Ulta Salon Cosmetics & Fragrance Inc. | 208,949 | 3,795 |
* | Dress Barn Inc. | 161,706 | 3,735 |
* | True Religion Apparel Inc. | 193,433 | 3,577 |
* | Shuffle Master Inc. | 430,744 | 3,549 |
* | Peet's Coffee & Tea Inc. | 104,253 | 3,475 |
Ryland Group Inc. | 175,958 | 3,466 | |
* | Drew Industries Inc. | 164,717 | 3,401 |
* | hhgregg Inc. | 149,492 | 3,293 |
* | Universal Technical Institute Inc. | 161,913 | 3,271 |
^ | Buckle Inc. | 111,535 | 3,266 |
* | Citi Trends Inc. | 118,084 | 3,261 |
PetMed Express Inc. | 183,442 | 3,234 | |
* | Live Nation Inc. | 371,109 | 3,158 |
* | RCN Corp. | 287,770 | 3,122 |
* | DineEquity Inc. | 120,233 | 2,920 |
* | Lumber Liquidators Inc. | 108,376 | 2,904 |
* | BJ's Restaurants Inc. | 150,419 | 2,831 |
* | K12 Inc. | 139,492 | 2,828 |
* | Skechers U.S.A. Inc. Class A | 94,657 | 2,784 |
National Presto Industries Inc. | 25,067 | 2,738 | |
* | Shutterfly Inc. | 153,421 | 2,732 |
* | Knology Inc. | 246,046 | 2,694 |
* | Maidenform Brands Inc. | 159,380 | 2,660 |
* | iRobot Corp. | 150,762 | 2,653 |
* | Wet Seal Inc. Class A | 740,653 | 2,555 |
* | Universal Electronics Inc. | 109,946 | 2,553 |
* | Saks Inc. | 387,859 | 2,544 |
* | California Pizza Kitchen Inc. | 184,302 | 2,479 |
* | Grand Canyon Education Inc. | 128,219 | 2,437 |
* | HSN Inc. | 118,493 | 2,392 |
*,^ | Fuqi International Inc. | 133,205 | 2,391 |
* | Pre-Paid Legal Services Inc. | 57,319 | 2,355 |
* | Lincoln Educational Services Corp. | 108,098 | 2,342 |
* | Volcom Inc. | 137,072 | 2,295 |
* | FGX International Holdings Ltd. | 115,587 | 2,264 |
* | HOT Topic Inc. | 354,151 | 2,252 |
* | Orbitz Worldwide Inc. | 301,698 | 2,214 |
* | ArvinMeritor Inc. | 197,615 | 2,209 |
* | Zumiez Inc. | 169,636 | 2,158 |
* | Liz Claiborne Inc. | 380,716 | 2,143 |
* | Modine Manufacturing Co. | 180,785 | 2,141 |
* | Coldwater Creek Inc. | 477,456 | 2,129 |
* | Charming Shoppes Inc. | 324,537 | 2,100 |
* | Retail Ventures Inc. | 235,962 | 2,098 |
Callaway Golf Co. | 258,247 | 1,947 | |
*,^ | Lions Gate Entertainment Corp. | 329,609 | 1,915 |
* | Pier 1 Imports Inc. | 363,544 | 1,850 |
* | Dolan Media Co. | 180,580 | 1,844 |
Ambassadors Group Inc. | 135,636 | 1,803 |
31
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | CKX Inc. | 335,069 | 1,766 |
* | 99 Cents Only Stores | 134,856 | 1,763 |
* | Smith & Wesson Holding Corp. | 428,192 | 1,751 |
*,^ | Overstock.com Inc. | 127,896 | 1,734 |
* | Denny's Corp. | 775,662 | 1,699 |
* | AFC Enterprises Inc. | 203,299 | 1,659 |
*,^ | Hovnanian Enterprises Inc. Class A | 426,075 | 1,636 |
* | Meritage Homes Corp. | 84,330 | 1,630 |
* | DSW Inc. Class A | 59,012 | 1,527 |
* | Pinnacle Entertainment Inc. | 168,241 | 1,511 |
* | Federal Mogul Corp. | 83,893 | 1,451 |
* | Mediacom Communications Corp. Class A | 323,919 | 1,448 |
* | Krispy Kreme Doughnuts Inc. | 460,110 | 1,357 |
* | Wonder Auto Technology Inc. | 97,569 | 1,147 |
K-Swiss Inc. Class A | 107,771 | 1,071 | |
* | Isle of Capri Casinos Inc. | 142,419 | 1,065 |
* | Martha Stewart Living Omnimedia Class A | 213,680 | 1,056 |
* | Pacific Sunwear Of California | 264,822 | 1,054 |
* | LIN TV Corp. Class A | 224,046 | 999 |
* | Gaiam Inc. Class A | 127,984 | 984 |
* | Morgans Hotel Group Co. | 214,450 | 971 |
* | Stamps.com Inc. | 103,841 | 935 |
Systemax Inc. | 59,144 | 929 | |
* | New York & Co. Inc. | 215,596 | 925 |
* | Fisher Communications Inc. | 55,852 | 908 |
*,^ | Talbots Inc. | 100,017 | 891 |
* | American Apparel Inc. | 256,976 | 797 |
* | M/I Homes Inc. | 70,810 | 736 |
*,^ | Blockbuster Inc. Class A | 876,513 | 587 |
* | 1-800-Flowers.com Inc. Class A | 212,239 | 562 |
Sturm Ruger & Co. Inc. | 53,083 | 515 | |
Spartan Motors Inc. | 86,842 | 489 | |
*,^ | Raser Technologies Inc. | 389,360 | 483 |
* | Monarch Casino & Resort Inc. | 50,126 | 406 |
* | Leapfrog Enterprises Inc. | 97,582 | 382 |
* | Outdoor Channel Holdings Inc. | 56,314 | 327 |
Marine Products Corp. | 57,401 | 283 | |
* | Zale Corp. | 89,286 | 243 |
* | Blockbuster Inc. Class B | 272,789 | 161 |
871,643 | |||
Consumer Staples (3.3%) | |||
* | Green Mountain Coffee Roasters Inc. | 279,487 | 22,770 |
Herbalife Ltd. | 495,612 | 20,107 | |
* | NBTY Inc. | 447,333 | 19,477 |
* | Chattem Inc. | 137,493 | 12,828 |
* | BJ's Wholesale Club Inc. | 289,831 | 9,480 |
* | United Natural Foods Inc. | 328,180 | 8,776 |
Corn Products International Inc. | 299,791 | 8,763 | |
* | Rite Aid Corp. | 4,975,652 | 7,513 |
* | Bare Escentuals Inc. | 517,293 | 6,326 |
* | American Italian Pasta Co. | 168,469 | 5,861 |
* | Darling International Inc. | 660,522 | 5,535 |
Diamond Foods Inc. | 132,403 | 4,706 | |
* | Boston Beer Co. Inc. Class A | 76,725 | 3,575 |
* | TreeHouse Foods Inc. | 89,472 | 3,477 |
* | Zhongpin Inc. | 213,666 | 3,335 |
* | Alliance One International Inc. | 680,451 | 3,321 |
Tootsie Roll Industries Inc. | 113,157 | 3,098 | |
* | Smart Balance Inc. | 478,038 | 2,868 |
*,^ | Great Atlantic & Pacific Tea Co. | 181,511 | 2,140 |
*,^ | China Sky One Medical Inc. | 87,006 | 1,979 |
Cal-Maine Foods Inc. | 51,637 | 1,760 | |
* | Revlon Inc. Class A | 96,924 | 1,649 |
*,^ | American Dairy Inc. | 75,753 | 1,642 |
32
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | USANA Health Sciences Inc. | 49,743 | 1,587 |
Calavo Growers Inc. | 86,593 | 1,472 | |
Coca-Cola Bottling Co. Consolidated | 24,188 | 1,307 | |
Arden Group Inc. | 10,156 | 971 | |
*,^ | American Oriental Bioengineering Inc. | 176,201 | 819 |
* | National Beverage Corp. | 45,857 | 636 |
* | China-Biotics Inc. | 27,348 | 423 |
* | Susser Holdings Corp. | 23,819 | 205 |
168,406 | |||
Energy (7.9%) | |||
Core Laboratories NV | 175,316 | 20,708 | |
* | Encore Acquisition Co. | 423,884 | 20,355 |
* | Atlas Energy Inc. | 596,147 | 17,986 |
St. Mary Land & Exploration Co. | 502,050 | 17,190 | |
* | Atwood Oceanics Inc. | 464,131 | 16,639 |
* | Superior Energy Services Inc. | 628,049 | 15,255 |
* | Comstock Resources Inc. | 374,567 | 15,196 |
* | Dril-Quip Inc. | 250,904 | 14,171 |
* | Arena Resources Inc. | 308,111 | 13,286 |
* | Brigham Exploration Co. | 795,402 | 10,778 |
CARBO Ceramics Inc. | 157,410 | 10,731 | |
* | Patriot Coal Corp. | 689,265 | 10,656 |
* | Exterran Holdings Inc. | 476,884 | 10,229 |
* | Bill Barrett Corp. | 328,707 | 10,226 |
* | Whiting Petroleum Corp. | 142,954 | 10,214 |
Frontier Oil Corp. | 840,732 | 10,122 | |
* | Gran Tierra Energy Inc. | 1,654,690 | 9,481 |
Holly Corp. | 343,133 | 8,794 | |
* | Key Energy Services Inc. | 996,439 | 8,759 |
* | Rosetta Resources Inc. | 420,214 | 8,375 |
* | Tetra Technologies Inc. | 605,152 | 6,705 |
*,^ | ATP Oil & Gas Corp. | 361,720 | 6,612 |
* | BPZ Resources Inc. | 683,157 | 6,490 |
* | Complete Production Services Inc. | 495,796 | 6,445 |
World Fuel Services Corp. | 226,185 | 6,059 | |
* | Helix Energy Solutions Group Inc. | 512,997 | 6,028 |
* | Carrizo Oil & Gas Inc. | 224,287 | 5,941 |
* | Oil States International Inc. | 139,452 | 5,479 |
* | Unit Corp. | 126,794 | 5,389 |
* | Willbros Group Inc. | 318,357 | 5,371 |
* | McMoRan Exploration Co. | 622,016 | 4,989 |
* | Contango Oil & Gas Co. | 101,756 | 4,784 |
*,^ | Goodrich Petroleum Corp. | 195,311 | 4,756 |
* | Hercules Offshore Inc. | 910,382 | 4,352 |
* | SEACOR Holdings Inc. | 53,971 | 4,115 |
* | Clean Energy Fuels Corp. | 263,718 | 4,064 |
* | Cal Dive International Inc. | 485,418 | 3,670 |
* | Pioneer Drilling Co. | 434,838 | 3,435 |
* | Tesco Corp. | 256,815 | 3,315 |
*,^ | GMX Resources Inc. | 238,225 | 3,273 |
Lufkin Industries Inc. | 41,803 | 3,060 | |
* | Superior Well Services Inc. | 179,642 | 2,562 |
* | Gulfport Energy Corp. | 222,859 | 2,552 |
* | Venoco Inc. | 189,673 | 2,473 |
RPC Inc. | 237,178 | 2,467 | |
* | Rex Energy Corp. | 192,394 | 2,309 |
* | Northern Oil and Gas Inc. | 191,676 | 2,269 |
* | Matrix Service Co. | 210,474 | 2,242 |
* | Clayton Williams Energy Inc. | 63,233 | 2,216 |
* | Seahawk Drilling Inc. | 92,925 | 2,095 |
* | OYO Geospace Corp. | 38,226 | 1,639 |
*,^ | Uranium Energy Corp. | 429,277 | 1,623 |
* | Basic Energy Services Inc. | 179,857 | 1,601 |
* | Hornbeck Offshore Services Inc. | 65,855 | 1,533 |
33
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Dawson Geophysical Co. | 62,946 | 1,455 |
* | International Coal Group Inc. | 367,165 | 1,417 |
* | Petroleum Development Corp. | 75,004 | 1,366 |
* | T-3 Energy Services Inc. | 52,056 | 1,327 |
* | Warren Resources Inc. | 537,993 | 1,318 |
Crosstex Energy Inc. | 206,439 | 1,249 | |
W&T Offshore Inc. | 96,510 | 1,129 | |
* | Bronco Drilling Co. Inc. | 207,834 | 1,054 |
* | Cheniere Energy Inc. | 431,498 | 1,044 |
* | Delta Petroleum Corp. | 937,881 | 975 |
* | Endeavour International Corp. | 891,703 | 963 |
* | Approach Resources Inc. | 99,321 | 767 |
Vaalco Energy Inc. | 162,381 | 739 | |
Alon USA Energy Inc. | 74,680 | 511 | |
*,^ | Sulphco Inc. | 268,775 | 180 |
406,558 | |||
Financials (7.0%) | |||
* | MSCI Inc. Class A | 804,407 | 25,580 |
Jones Lang LaSalle Inc. | 335,563 | 20,268 | |
Taubman Centers Inc. | 426,764 | 15,325 | |
* | SVB Financial Group | 327,238 | 13,643 |
* | AmeriCredit Corp. | 695,926 | 13,250 |
* | Stifel Financial Corp. | 217,322 | 12,874 |
Equity Lifestyle Properties Inc. | 231,386 | 11,678 | |
* | Knight Capital Group Inc. Class A | 714,388 | 11,002 |
*,^ | Federal National Mortgage Assn. | 8,932,340 | 10,540 |
* | Signature Bank/New York NY | 326,071 | 10,402 |
Cash America International Inc. | 236,760 | 8,277 | |
*,^ | Federal Home Loan Mortgage Corp. | 5,199,744 | 7,644 |
* | Investment Technology Group Inc. | 349,712 | 6,889 |
Sunstone Hotel Investors Inc. | 764,438 | 6,788 | |
* | Interactive Brokers Group Inc. | 331,071 | 5,867 |
First Citizens BancShares Inc. Class A | 35,258 | 5,783 | |
* | Forest City Enterprises Inc. Class A | 483,406 | 5,694 |
* | Portfolio Recovery Associates Inc. | 123,551 | 5,545 |
optionsXpress Holdings Inc. | 347,848 | 5,374 | |
* | Pico Holdings Inc. | 163,373 | 5,347 |
Apartment Investment & Management Co. | 329,048 | 5,238 | |
* | Ezcorp Inc. Class A | 293,626 | 5,053 |
* | Alexander's Inc. | 16,403 | 4,993 |
East West Bancorp Inc. | 294,488 | 4,653 | |
* | Dollar Financial Corp. | 193,537 | 4,579 |
* | Investors Bancorp Inc. | 413,848 | 4,527 |
* | KBW Inc. | 163,514 | 4,474 |
* | First Cash Financial Services Inc. | 191,672 | 4,253 |
PrivateBancorp Inc. Class A | 446,536 | 4,005 | |
* | Greenlight Capital Re Ltd. Class A | 168,810 | 3,979 |
* | Riskmetrics Group Inc. | 248,859 | 3,959 |
DuPont Fabros Technology Inc. | 217,895 | 3,920 | |
* | Texas Capital Bancshares Inc. | 272,408 | 3,803 |
* | Credit Acceptance Corp. | 86,806 | 3,654 |
Home Bancshares Inc. | 149,993 | 3,610 | |
MarketAxess Holdings Inc. | 242,304 | 3,368 | |
* | GLG Partners Inc. | 1,002,711 | 3,229 |
Nara Bancorp Inc. | 277,190 | 3,143 | |
Cohen & Steers Inc. | 135,607 | 3,097 | |
* | Forestar Group Inc. | 136,860 | 3,008 |
* | Tejon Ranch Co. | 102,478 | 2,994 |
Duff & Phelps Corp. Class A | 159,648 | 2,915 | |
Tower Group Inc. | 118,858 | 2,782 | |
* | eHealth Inc. | 169,201 | 2,780 |
PS Business Parks Inc. | 53,589 | 2,682 | |
* | Beneficial Mutual Bancorp Inc. | 263,268 | 2,591 |
First Financial Bankshares Inc. | 46,835 | 2,540 |
34
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Suffolk Bancorp | 76,956 | 2,286 | |
Evercore Partners Inc. Class A | 73,673 | 2,240 | |
* | Citizens Inc. | 339,712 | 2,218 |
Danvers Bancorp Inc. | 167,531 | 2,176 | |
* | Broadpoint Gleacher Securities Inc. | 473,497 | 2,112 |
Harleysville National Corp. | 327,817 | 2,111 | |
* | MGIC Investment Corp. | 351,833 | 2,034 |
*,^ | Ambac Financial Group Inc. | 2,310,272 | 1,917 |
Cardinal Financial Corp. | 219,072 | 1,915 | |
* | MBIA Inc. | 466,830 | 1,858 |
Calamos Asset Management Inc. Class A | 157,203 | 1,813 | |
* | Pinnacle Financial Partners Inc. | 125,214 | 1,781 |
Radian Group Inc. | 231,455 | 1,692 | |
Westwood Holdings Group Inc. | 45,667 | 1,659 | |
* | International Assets Holding Corp. | 111,114 | 1,616 |
* | Hilltop Holdings Inc. | 126,687 | 1,475 |
ViewPoint Financial Group | 89,914 | 1,296 | |
Saul Centers Inc. | 37,700 | 1,235 | |
Oritani Financial Corp. | 89,269 | 1,226 | |
* | United Community Banks Inc. | 336,267 | 1,140 |
Maiden Holdings Ltd. | 148,416 | 1,086 | |
GAMCO Investors Inc. | 20,861 | 1,007 | |
* | FBR Capital Markets Corp. | 160,779 | 994 |
* | Cardtronics Inc. | 84,219 | 932 |
* | NewStar Financial Inc. | 237,203 | 930 |
GFI Group Inc. | 197,525 | 903 | |
* | Gramercy Capital Corp./New York | 338,034 | 875 |
First Industrial Realty Trust Inc. | 155,258 | 812 | |
* | TradeStation Group Inc. | 94,251 | 744 |
* | Meridian Interstate Bancorp Inc. | 80,069 | 696 |
NorthStar Realty Finance Corp. | 181,357 | 622 | |
* | Western Alliance Bancorp | 161,799 | 612 |
* | Strategic Hotels & Resorts Inc. | 299,781 | 558 |
* | Asset Acceptance Capital Corp. | 79,259 | 537 |
Consolidated-Tomoka Land Co. | 15,174 | 530 | |
^ | Life Partners Holdings Inc. | 20,584 | 436 |
* | Crawford & Co. Class B | 108,347 | 427 |
* | Crawford & Co. Class A | 120,012 | 401 |
* | First Marblehead Corp. | 179,873 | 383 |
* | LaBranche & Co. Inc. | 134,736 | 383 |
Roma Financial Corp. | 30,798 | 381 | |
* | Avatar Holdings Inc. | 21,881 | 372 |
Rockville Financial Inc. | 35,019 | 368 | |
CompuCredit Holdings Corp. | 86,415 | 288 | |
Universal Insurance Holdings Inc. | 48,279 | 283 | |
* | Grubb & Ellis Co. | 202,836 | 260 |
Teton Advisors Inc. Class B | 264 | 1 | |
359,220 | |||
Health Care (17.5%) | |||
* | Human Genome Sciences Inc. | 725,018 | 22,186 |
* | Tenet Healthcare Corp. | 3,864,242 | 20,828 |
* | United Therapeutics Corp. | 384,355 | 20,236 |
* | Valeant Pharmaceuticals International | 619,844 | 19,705 |
* | VCA Antech Inc. | 682,172 | 17,000 |
* | BioMarin Pharmaceutical Inc. | 805,549 | 15,152 |
* | Bio-Rad Laboratories Inc. Class A | 152,164 | 14,678 |
* | OSI Pharmaceuticals Inc. | 466,150 | 14,465 |
* | Onyx Pharmaceuticals Inc. | 490,915 | 14,403 |
* | Healthsouth Corp. | 709,325 | 13,314 |
Medicis Pharmaceutical Corp. Class A | 477,288 | 12,911 | |
* | Thoratec Corp. | 454,497 | 12,235 |
* | Regeneron Pharmaceuticals Inc. | 500,844 | 12,110 |
* | Varian Inc. | 232,213 | 11,968 |
* | Masimo Corp. | 393,410 | 11,968 |
35
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | American Medical Systems Holdings Inc. | 596,780 | 11,512 |
* | Immucor Inc. | 566,250 | 11,461 |
* | Haemonetics Corp. | 206,371 | 11,381 |
* | Salix Pharmaceuticals Ltd. | 440,580 | 11,191 |
* | Auxilium Pharmaceuticals Inc. | 367,855 | 11,028 |
* | Catalyst Health Solutions Inc. | 300,286 | 10,951 |
*,^ | Amedisys Inc. | 223,199 | 10,839 |
* | PSS World Medical Inc. | 477,927 | 10,787 |
* | Allscripts-Misys Healthcare Solutions Inc. | 523,828 | 10,597 |
* | Dionex Corp. | 142,252 | 10,508 |
West Pharmaceutical Services Inc. | 264,270 | 10,359 | |
* | HMS Holdings Corp. | 210,403 | 10,245 |
* | NuVasive Inc. | 302,759 | 9,682 |
Quality Systems Inc. | 149,178 | 9,367 | |
* | Sirona Dental Systems Inc. | 287,057 | 9,111 |
* | Psychiatric Solutions Inc. | 429,313 | 9,076 |
* | Cubist Pharmaceuticals Inc. | 464,072 | 8,803 |
Chemed Corp. | 180,713 | 8,669 | |
* | Medivation Inc. | 228,618 | 8,607 |
* | Eclipsys Corp. | 453,923 | 8,407 |
* | Isis Pharmaceuticals Inc. | 750,332 | 8,329 |
* | WellCare Health Plans Inc. | 221,133 | 8,129 |
* | Align Technology Inc. | 455,165 | 8,111 |
* | athenahealth Inc. | 175,427 | 7,936 |
* | Acorda Therapeutics Inc. | 305,483 | 7,704 |
* | Incyte Corp. Ltd. | 837,095 | 7,626 |
* | Par Pharmaceutical Cos. Inc. | 279,315 | 7,558 |
* | ev3 Inc. | 540,238 | 7,207 |
* | Alkermes Inc. | 758,220 | 7,135 |
Meridian Bioscience Inc. | 325,506 | 7,015 | |
* | Nektar Therapeutics | 744,327 | 6,937 |
* | Seattle Genetics Inc. | 668,380 | 6,791 |
* | Brookdale Senior Living Inc. | 371,602 | 6,759 |
* | Parexel International Corp. | 464,135 | 6,544 |
* | Bruker Corp. | 527,485 | 6,361 |
* | Exelixis Inc. | 862,235 | 6,355 |
* | Integra LifeSciences Holdings Corp. | 171,330 | 6,302 |
* | Volcano Corp. | 350,082 | 6,084 |
* | Emergency Medical Services Corp. Class A | 112,032 | 6,067 |
* | Wright Medical Group Inc. | 310,192 | 5,878 |
* | Cepheid Inc. | 466,944 | 5,827 |
* | AMERIGROUP Corp. | 210,846 | 5,684 |
* | Vivus Inc. | 602,548 | 5,537 |
* | Phase Forward Inc. | 347,158 | 5,329 |
*,^ | Cell Therapeutics Inc. | 4,497,521 | 5,127 |
* | Theravance Inc. | 388,913 | 5,083 |
* | Martek Biosciences Corp. | 267,019 | 5,057 |
* | Alnylam Pharmaceuticals Inc. | 284,914 | 5,020 |
* | Healthways Inc. | 270,852 | 4,967 |
* | MedAssets Inc. | 225,019 | 4,773 |
* | Luminex Corp. | 316,605 | 4,727 |
*,^ | MannKind Corp. | 535,270 | 4,689 |
* | Savient Pharmaceuticals Inc. | 344,414 | 4,687 |
* | Conceptus Inc. | 245,617 | 4,608 |
* | Cyberonics Inc. | 222,908 | 4,556 |
* | Celera Corp. | 657,220 | 4,541 |
* | Zoll Medical Corp. | 169,544 | 4,530 |
* | Abaxis Inc. | 176,767 | 4,516 |
* | LHC Group Inc. | 133,408 | 4,484 |
* | Merit Medical Systems Inc. | 213,453 | 4,118 |
* | InterMune Inc. | 314,859 | 4,106 |
* | XenoPort Inc. | 218,831 | 4,062 |
* | Halozyme Therapeutics Inc. | 684,681 | 4,019 |
* | Neogen Corp. | 169,490 | 4,002 |
36
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Gentiva Health Services Inc. | 144,460 | 3,902 |
* | PharMerica Corp. | 245,312 | 3,896 |
* | ICU Medical Inc. | 106,860 | 3,894 |
* | Orthofix International NV | 124,162 | 3,845 |
*,^ | Enzon Pharmaceuticals Inc. | 364,712 | 3,840 |
* | Bio-Reference Labs Inc. | 94,148 | 3,690 |
* | Affymax Inc. | 149,093 | 3,689 |
* | IPC The Hospitalist Co. Inc. | 110,043 | 3,659 |
* | Insulet Corp. | 251,226 | 3,588 |
* | Medicines Co. | 423,718 | 3,534 |
* | Pharmasset Inc. | 169,752 | 3,514 |
* | Hanger Orthopedic Group Inc. | 252,916 | 3,498 |
* | MWI Veterinary Supply Inc. | 92,522 | 3,488 |
* | Facet Biotech Corp. | 197,345 | 3,469 |
* | Natus Medical Inc. | 227,831 | 3,370 |
* | Affymetrix Inc. | 567,298 | 3,313 |
PDL BioPharma Inc. | 480,002 | 3,293 | |
* | SonoSite Inc. | 138,923 | 3,283 |
*,^ | Emeritus Corp. | 173,360 | 3,251 |
* | Inspire Pharmaceuticals Inc. | 561,772 | 3,101 |
* | Air Methods Corp. | 89,101 | 2,996 |
* | Quidel Corp. | 217,197 | 2,993 |
* | Genoptix Inc. | 82,148 | 2,919 |
* | Omnicell Inc. | 241,599 | 2,824 |
* | SurModics Inc. | 119,373 | 2,705 |
* | Centene Corp. | 127,623 | 2,702 |
* | Arena Pharmaceuticals Inc. | 744,082 | 2,641 |
*,^ | Geron Corp. | 475,479 | 2,639 |
* | AMAG Pharmaceuticals Inc. | 68,842 | 2,618 |
* | Allos Therapeutics Inc. | 393,166 | 2,583 |
* | DexCom Inc. | 313,493 | 2,533 |
* | Rigel Pharmaceuticals Inc. | 260,152 | 2,474 |
* | Micromet Inc. | 358,668 | 2,389 |
* | Almost Family Inc. | 59,210 | 2,341 |
* | Symmetry Medical Inc. | 287,754 | 2,319 |
* | Momenta Pharmaceuticals Inc. | 183,417 | 2,313 |
* | Cantel Medical Corp. | 113,438 | 2,289 |
* | Corvel Corp. | 67,408 | 2,261 |
* | Genomic Health Inc. | 114,753 | 2,245 |
* | Protalix BioTherapeutics Inc. | 338,522 | 2,241 |
* | ABIOMED Inc. | 255,080 | 2,229 |
* | Immunogen Inc. | 283,059 | 2,225 |
* | Questcor Pharmaceuticals Inc. | 463,458 | 2,201 |
* | Kensey Nash Corp. | 80,406 | 2,050 |
* | Accuray Inc. | 364,034 | 2,042 |
* | Nabi Biopharmaceuticals | 407,843 | 1,998 |
Atrion Corp. | 12,814 | 1,995 | |
* | eResearchTechnology Inc. | 331,139 | 1,990 |
* | Zymogenetics Inc. | 305,112 | 1,950 |
* | Orthovita Inc. | 551,961 | 1,937 |
*,^ | Sequenom Inc. | 466,859 | 1,933 |
* | Sangamo Biosciences Inc. | 324,793 | 1,923 |
* | Dyax Corp. | 562,277 | 1,906 |
* | Ligand Pharmaceuticals Inc. Class B | 847,607 | 1,839 |
* | Viropharma Inc. | 217,013 | 1,821 |
* | IRIS International Inc. | 143,812 | 1,778 |
* | Cypress Bioscience Inc. | 306,474 | 1,765 |
* | Somanetics Corp. | 96,806 | 1,699 |
Landauer Inc. | 26,384 | 1,620 | |
* | Pain Therapeutics Inc. | 287,088 | 1,539 |
* | AMN Healthcare Services Inc. | 169,805 | 1,538 |
* | inVentiv Health Inc. | 94,086 | 1,521 |
*,^ | Clinical Data Inc. | 82,533 | 1,507 |
* | Emergent Biosolutions Inc. | 109,702 | 1,491 |
37
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Durect Corp. | 592,850 | 1,464 |
* | Enzo Biochem Inc. | 270,427 | 1,455 |
* | Chindex International Inc. | 102,443 | 1,448 |
*,^ | MAKO Surgical Corp. | 128,722 | 1,429 |
*,^ | SIGA Technologies Inc. | 240,717 | 1,396 |
* | CryoLife Inc. | 216,029 | 1,387 |
* | Palomar Medical Technologies Inc. | 137,585 | 1,387 |
* | Vital Images Inc. | 108,305 | 1,374 |
* | NPS Pharmaceuticals Inc. | 381,220 | 1,296 |
*,^ | Cadence Pharmaceuticals Inc. | 131,364 | 1,270 |
* | Greatbatch Inc. | 65,218 | 1,254 |
* | Stereotaxis Inc. | 315,525 | 1,240 |
* | ATS Medical Inc. | 374,960 | 1,211 |
* | Synovis Life Technologies Inc. | 92,432 | 1,193 |
* | Alliance HealthCare Services Inc. | 207,018 | 1,182 |
* | Exactech Inc. | 66,712 | 1,155 |
* | Pozen Inc. | 191,406 | 1,147 |
* | TomoTherapy Inc. | 292,643 | 1,141 |
* | Progenics Pharmaceuticals Inc. | 252,067 | 1,119 |
* | Maxygen Inc. | 181,186 | 1,103 |
* | Orexigen Therapeutics Inc. | 144,621 | 1,076 |
* | Lexicon Pharmaceuticals Inc. | 622,934 | 1,059 |
* | Albany Molecular Research Inc. | 115,841 | 1,052 |
* | Kendle International Inc. | 56,819 | 1,040 |
* | MAP Pharmaceuticals Inc. | 107,737 | 1,027 |
* | Clarient Inc. | 374,904 | 994 |
* | Myriad Pharmaceuticals Inc. | 192,526 | 968 |
* | OraSure Technologies Inc. | 184,366 | 937 |
*,^ | XOMA Ltd. | 1,317,375 | 921 |
* | OncoGenex Pharmaceutical Inc. | 40,916 | 912 |
* | Akorn Inc. | 468,738 | 839 |
*,^ | Virtual Radiologic Corp. | 57,089 | 728 |
* | Hansen Medical Inc. | 238,885 | 724 |
* | Opko Health Inc. | 392,668 | 719 |
* | CardioNet Inc. | 113,895 | 677 |
* | Arqule Inc. | 169,350 | 625 |
*,^ | Osiris Therapeutics Inc. | 84,758 | 605 |
* | Idenix Pharmaceuticals Inc. | 264,438 | 569 |
* | Caraco Pharmaceutical Laboratories Ltd. | 93,956 | 568 |
*,^ | GTx Inc. | 130,814 | 549 |
* | Sunrise Senior Living Inc. | 128,067 | 412 |
* | Sucampo Pharmaceuticals Inc. Class A | 62,392 | 252 |
* | KV Pharmaceutical Co. Class A | 67,673 | 248 |
* | KV Pharmaceutical Co. Class B | 26,991 | 107 |
900,515 | |||
Industrials (16.6%) | |||
Oshkosh Corp. | 702,377 | 26,009 | |
* | Waste Connections Inc. | 643,487 | 21,454 |
IDEX Corp. | 648,331 | 20,195 | |
Gardner Denver Inc. | 417,725 | 17,774 | |
* | UAL Corp. | 1,341,727 | 17,322 |
* | Monster Worldwide Inc. | 960,810 | 16,718 |
Towers Watson & Co. Class A | 342,854 | 16,292 | |
Landstar System Inc. | 412,224 | 15,982 | |
* | Thomas & Betts Corp. | 424,601 | 15,196 |
Wabtec Corp. | 362,918 | 14,822 | |
TransDigm Group Inc. | 311,560 | 14,796 | |
* | Kirby Corp. | 410,640 | 14,303 |
*,^ | American Superconductor Corp. | 336,525 | 13,764 |
CLARCOR Inc. | 409,199 | 13,274 | |
* | Tetra Tech Inc. | 486,586 | 13,220 |
* | Continental Airlines Inc. Class B | 720,891 | 12,918 |
Woodward Governor Co. | 491,118 | 12,656 | |
Acuity Brands Inc. | 346,174 | 12,338 |
38
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | General Cable Corp. | 417,557 | 12,284 |
Toro Co. | 288,331 | 12,055 | |
* | BE Aerospace Inc. | 501,813 | 11,793 |
Valmont Industries Inc. | 147,783 | 11,594 | |
* | Clean Harbors Inc. | 189,453 | 11,293 |
UTi Worldwide Inc. | 764,166 | 10,943 | |
* | Avis Budget Group Inc. | 819,194 | 10,748 |
* | MPS Group Inc. | 748,234 | 10,281 |
* | Hexcel Corp. | 776,424 | 10,078 |
* | Genesee & Wyoming Inc. Class A | 308,287 | 10,062 |
Actuant Corp. Class A | 532,454 | 9,866 | |
Knight Transportation Inc. | 500,922 | 9,663 | |
* | Geo Group Inc. | 412,036 | 9,015 |
* | HUB Group Inc. Class A | 298,524 | 8,009 |
ESCO Technologies Inc. | 211,258 | 7,574 | |
Mine Safety Appliances Co. | 274,188 | 7,274 | |
Heartland Express Inc. | 473,501 | 7,230 | |
* | SYKES Enterprises Inc. | 282,160 | 7,187 |
Herman Miller Inc. | 448,946 | 7,174 | |
Healthcare Services Group Inc. | 331,677 | 7,118 | |
* | EMCOR Group Inc. | 264,596 | 7,118 |
* | Orbital Sciences Corp. | 453,257 | 6,917 |
Rollins Inc. | 358,496 | 6,912 | |
* | Old Dominion Freight Line Inc. | 224,655 | 6,897 |
Manitowoc Co. Inc. | 681,636 | 6,796 | |
* | Middleby Corp. | 133,847 | 6,561 |
* | CoStar Group Inc. | 154,868 | 6,469 |
* | II-VI Inc. | 201,728 | 6,415 |
Corporate Executive Board Co. | 274,222 | 6,258 | |
* | US Airways Group Inc. | 1,271,883 | 6,156 |
* | Navigant Consulting Inc. | 401,647 | 5,968 |
Forward Air Corp. | 232,776 | 5,831 | |
* | Beacon Roofing Supply Inc. | 362,508 | 5,800 |
American Science & Engineering Inc. | 71,153 | 5,396 | |
* | AirTran Holdings Inc. | 1,015,520 | 5,301 |
Robbins & Myers Inc. | 224,239 | 5,274 | |
* | Teledyne Technologies Inc. | 137,438 | 5,272 |
* | GrafTech International Ltd. | 338,351 | 5,261 |
* | Dollar Thrifty Automotive Group Inc. | 199,750 | 5,116 |
Graco Inc. | 168,534 | 4,815 | |
Cubic Corp. | 128,853 | 4,806 | |
* | Resources Connection Inc. | 225,153 | 4,778 |
* | AAR Corp. | 202,937 | 4,663 |
HEICO Corp. | 104,727 | 4,643 | |
*,^ | Allegiant Travel Co. Class A | 96,300 | 4,542 |
Badger Meter Inc. | 113,635 | 4,525 | |
* | Orion Marine Group Inc. | 209,937 | 4,421 |
Administaff Inc. | 184,681 | 4,357 | |
* | EnerNOC Inc. | 142,141 | 4,320 |
Heidrick & Struggles International Inc. | 136,759 | 4,272 | |
* | United Rentals Inc. | 434,716 | 4,265 |
* | DynCorp International Inc. Class A | 293,704 | 4,215 |
* | GeoEye Inc. | 149,445 | 4,166 |
* | Astec Industries Inc. | 153,873 | 4,145 |
Raven Industries Inc. | 130,288 | 4,139 | |
* | Mobile Mini Inc. | 285,003 | 4,016 |
Knoll Inc. | 377,712 | 3,902 | |
* | Cenveo Inc. | 445,704 | 3,900 |
*,^ | Energy Conversion Devices Inc. | 367,512 | 3,885 |
* | Advisory Board Co. | 124,712 | 3,824 |
* | ATC Technology Corp./IL | 159,536 | 3,805 |
John Bean Technologies Corp. | 221,616 | 3,770 | |
Lindsay Corp. | 93,985 | 3,745 | |
Mueller Industries Inc. | 149,861 | 3,722 |
39
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | M&F Worldwide Corp. | 93,207 | 3,682 |
* | ICF International Inc. | 135,888 | 3,642 |
* | Huron Consulting Group Inc. | 155,577 | 3,584 |
* | Aerovironment Inc. | 121,034 | 3,520 |
Baldor Electric Co. | 124,422 | 3,495 | |
* | Esterline Technologies Corp. | 83,435 | 3,402 |
* | TrueBlue Inc. | 228,573 | 3,385 |
* | AZZ Inc. | 97,880 | 3,201 |
* | Stanley Inc. | 115,778 | 3,173 |
* | Exponent Inc. | 110,716 | 3,082 |
* | Harbin Electric Inc. | 148,535 | 3,051 |
* | Korn/Ferry International | 183,416 | 3,026 |
Simpson Manufacturing Co. Inc. | 110,360 | 2,968 | |
* | Force Protection Inc. | 561,591 | 2,926 |
* | Hawaiian Holdings Inc. | 414,755 | 2,903 |
* | CBIZ Inc. | 375,189 | 2,889 |
* | Cornell Cos. Inc. | 125,279 | 2,844 |
* | RBC Bearings Inc. | 113,061 | 2,751 |
* | USG Corp. | 195,299 | 2,744 |
Great Lakes Dredge & Dock Corp. | 422,982 | 2,741 | |
* | MYR Group Inc. | 150,742 | 2,725 |
* | Team Inc. | 143,953 | 2,708 |
* | Michael Baker Corp. | 64,244 | 2,660 |
* | GenCorp Inc. | 375,993 | 2,632 |
* | LB Foster Co. Class A | 81,677 | 2,435 |
*,^ | Ener1 Inc. | 375,480 | 2,380 |
* | Marten Transport Ltd. | 131,896 | 2,367 |
* | Polypore International Inc. | 196,172 | 2,334 |
* | Power-One Inc. | 530,855 | 2,309 |
* | K-Tron International Inc. | 20,508 | 2,230 |
* | Powell Industries Inc. | 69,141 | 2,180 |
* | FuelCell Energy Inc. | 558,517 | 2,100 |
Dynamic Materials Corp. | 103,451 | 2,074 | |
* | Taser International Inc. | 472,623 | 2,070 |
AAON Inc. | 103,065 | 2,009 | |
HEICO Corp. Class A | 54,806 | 1,971 | |
*,^ | Capstone Turbine Corp. | 1,511,570 | 1,950 |
Standex International Corp. | 94,024 | 1,889 | |
*,^ | Energy Recovery Inc. | 260,904 | 1,795 |
*,^ | Genco Shipping & Trading Ltd. | 79,993 | 1,790 |
* | Standard Parking Corp. | 110,711 | 1,758 |
Viad Corp. | 82,420 | 1,700 | |
Kaman Corp. | 71,891 | 1,660 | |
* | Blount International Inc. | 162,419 | 1,640 |
* | Kforce Inc. | 130,491 | 1,631 |
* | Saia Inc. | 108,161 | 1,603 |
Houston Wire & Cable Co. | 134,172 | 1,597 | |
*,^ | GT Solar International Inc. | 287,050 | 1,596 |
* | CRA International Inc. | 57,022 | 1,520 |
* | Sterling Construction Co. Inc. | 77,549 | 1,487 |
* | RSC Holdings Inc. | 207,046 | 1,458 |
* | Vicor Corp. | 155,640 | 1,447 |
* | Metalico Inc. | 279,706 | 1,376 |
* | APAC Customer Services Inc. | 228,281 | 1,361 |
* | Innerworkings Inc. | 219,086 | 1,293 |
* | Patriot Transportation Holding Inc. | 13,468 | 1,272 |
*,^ | Evergreen Solar Inc. | 792,529 | 1,197 |
* | Hill International Inc. | 186,407 | 1,163 |
* | ACCO Brands Corp. | 153,524 | 1,118 |
* | Fuel Tech Inc. | 135,457 | 1,107 |
* | Furmanite Corp. | 279,740 | 1,066 |
Applied Signal Technology Inc. | 49,822 | 961 | |
* | Amerco Inc. | 19,288 | 959 |
Sun Hydraulics Corp. | 35,529 | 933 |
40
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | China Fire & Security Group Inc. | 66,100 | 894 |
* | 3D Systems Corp. | 77,329 | 874 |
* | Fushi Copperweld Inc. | 79,552 | 805 |
Bowne & Co. Inc. | 106,867 | 714 | |
* | American Commercial Lines Inc. | 38,434 | 704 |
* | Argan Inc. | 48,308 | 695 |
* | Northwest Pipe Co. | 25,789 | 693 |
* | Pike Electric Corp. | 73,376 | 681 |
* | Titan Machinery Inc. | 53,515 | 618 |
*,^ | Valence Technology Inc. | 506,465 | 461 |
Pacer International Inc. | 139,218 | 440 | |
Sauer-Danfoss Inc. | 33,773 | 406 | |
*,^ | YRC Worldwide Inc. | 474,635 | 399 |
Universal Truckload Services Inc. | 17,843 | 323 | |
Standard Register Co. | 50,012 | 255 | |
* | Plug Power Inc. | 334,586 | 238 |
* | Odyssey Marine Exploration Inc. | 156,326 | 220 |
Lawson Products Inc. | 11,893 | 210 | |
851,783 | |||
Information Technology (25.9%) | |||
* | Rovi Corp. | 816,809 | 26,032 |
* | Itron Inc. | 321,272 | 21,708 |
* | Varian Semiconductor Equipment Associates Inc. | 588,973 | 21,132 |
* | MICROS Systems Inc. | 645,849 | 20,041 |
* | CommScope Inc. | 751,862 | 19,947 |
Solera Holdings Inc. | 530,651 | 19,109 | |
* | VistaPrint NV | 326,676 | 18,509 |
* | Informatica Corp. | 709,782 | 18,355 |
* | Atheros Communications Inc. | 535,022 | 18,319 |
* | QLogic Corp. | 948,686 | 17,902 |
* | Polycom Inc. | 675,265 | 16,861 |
* | Silicon Laboratories Inc. | 342,306 | 16,547 |
* | Atmel Corp. | 3,442,458 | 15,870 |
* | Parametric Technology Corp. | 933,267 | 15,250 |
*,^ | WebMD Health Corp. | 392,489 | 15,107 |
Jack Henry & Associates Inc. | 642,474 | 14,854 | |
* | Concur Technologies Inc. | 332,190 | 14,201 |
* | Sohu.com Inc. | 246,344 | 14,111 |
* | JDS Uniphase Corp. | 1,706,876 | 14,082 |
National Instruments Corp. | 467,676 | 13,773 | |
* | TIBCO Software Inc. | 1,402,779 | 13,509 |
* | Zebra Technologies Corp. | 474,659 | 13,461 |
* | Cypress Semiconductor Corp. | 1,244,295 | 13,140 |
* | Unisys Corp. | 339,592 | 13,095 |
* | Rambus Inc. | 520,379 | 12,697 |
*,^ | Palm Inc. | 1,238,801 | 12,438 |
* | Microsemi Corp. | 653,545 | 11,600 |
* | Anixter International Inc. | 241,086 | 11,355 |
* | Gartner Inc. | 615,775 | 11,109 |
* | Blackboard Inc. | 244,219 | 11,085 |
* | MercadoLibre Inc. | 212,567 | 11,026 |
* | Cybersource Corp. | 529,787 | 10,654 |
* | Riverbed Technology Inc. | 446,706 | 10,261 |
ADTRAN Inc. | 453,927 | 10,236 | |
Plantronics Inc. | 392,745 | 10,203 | |
* | VeriFone Holdings Inc. | 610,702 | 10,003 |
* | Teradyne Inc. | 911,530 | 9,781 |
* | Wright Express Corp. | 291,210 | 9,278 |
* | Tessera Technologies Inc. | 398,215 | 9,266 |
* | InterDigital Inc./PA | 346,469 | 9,195 |
* | Quest Software Inc. | 496,060 | 9,127 |
* | Blue Coat Systems Inc. | 319,256 | 9,112 |
* | Plexus Corp. | 317,146 | 9,039 |
* | Genpact Ltd. | 606,223 | 9,033 |
41
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | TiVo Inc. | 870,422 | 8,861 |
* | Cymer Inc. | 227,030 | 8,713 |
* | FormFactor Inc. | 397,451 | 8,648 |
* | Mantech International Corp. Class A | 176,698 | 8,531 |
* | Digital River Inc. | 309,596 | 8,356 |
*,^ | Synaptics Inc. | 272,621 | 8,356 |
Blackbaud Inc. | 352,176 | 8,322 | |
* | Rackspace Hosting Inc. | 389,158 | 8,114 |
* | GSI Commerce Inc. | 317,569 | 8,063 |
* | Euronet Worldwide Inc. | 366,188 | 8,038 |
* | Ciena Corp. | 732,146 | 7,936 |
* | Comtech Telecommunications Corp. | 226,166 | 7,927 |
* | PMC - Sierra Inc. | 903,061 | 7,820 |
Power Integrations Inc. | 213,838 | 7,775 | |
Syntel Inc. | 200,269 | 7,616 | |
* | CommVault Systems Inc. | 318,810 | 7,553 |
* | Vishay Intertechnology Inc. | 899,523 | 7,511 |
* | j2 Global Communications Inc. | 361,627 | 7,359 |
* | AsiaInfo Holdings Inc. | 238,511 | 7,267 |
* | Viasat Inc. | 228,572 | 7,264 |
* | TriQuint Semiconductor Inc. | 1,209,633 | 7,258 |
* | Cavium Networks Inc. | 299,909 | 7,147 |
* | ValueClick Inc. | 700,058 | 7,085 |
* | FEI Co. | 301,795 | 7,050 |
* | Sapient Corp. | 848,957 | 7,021 |
* | Netlogic Microsystems Inc. | 151,287 | 6,998 |
* | MicroStrategy Inc. Class A | 73,406 | 6,902 |
* | Amkor Technology Inc. | 955,761 | 6,843 |
* | SRA International Inc. Class A | 349,089 | 6,668 |
* | MKS Instruments Inc. | 377,390 | 6,570 |
* | Taleo Corp. Class A | 277,343 | 6,523 |
* | Veeco Instruments Inc. | 197,258 | 6,517 |
* | Hittite Microwave Corp. | 157,048 | 6,400 |
* | Cabot Microelectronics Corp. | 188,191 | 6,203 |
* | Infinera Corp. | 691,829 | 6,136 |
* | Verigy Ltd. | 471,714 | 6,071 |
* | Net 1 UEPS Technologies Inc. | 309,207 | 6,005 |
* | TeleTech Holdings Inc. | 298,972 | 5,988 |
* | SuccessFactors Inc. | 360,684 | 5,980 |
* | Coherent Inc. | 196,470 | 5,841 |
* | DealerTrack Holdings Inc. | 307,595 | 5,780 |
* | Arris Group Inc. | 502,434 | 5,743 |
* | Scansource Inc. | 213,434 | 5,699 |
* | Monolithic Power Systems Inc. | 234,663 | 5,625 |
* | Diodes Inc. | 273,047 | 5,584 |
* | Ultimate Software Group Inc. | 187,887 | 5,518 |
* | Rofin-Sinar Technologies Inc. | 232,318 | 5,485 |
* | Semtech Corp. | 318,953 | 5,425 |
*,^ | Advent Software Inc. | 132,949 | 5,415 |
* | CSG Systems International Inc. | 282,077 | 5,385 |
* | Tyler Technologies Inc. | 269,914 | 5,374 |
Cognex Corp. | 302,738 | 5,364 | |
* | Aruba Networks Inc. | 487,732 | 5,199 |
* | Intermec Inc. | 399,089 | 5,132 |
* | Quantum Corp. | 1,702,071 | 4,987 |
* | Harmonic Inc. | 771,968 | 4,887 |
*,^ | STEC Inc. | 298,297 | 4,874 |
* | Compuware Corp. | 667,882 | 4,829 |
* | DTS Inc./CA | 140,490 | 4,806 |
* | Progress Software Corp. | 161,111 | 4,706 |
* | Art Technology Group Inc. | 1,022,843 | 4,613 |
* | DG FastChannel Inc. | 162,397 | 4,536 |
Pegasystems Inc. | 131,462 | 4,470 | |
* | Ariba Inc. | 354,941 | 4,444 |
42
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Brooks Automation Inc. | 517,315 | 4,439 |
* | International Rectifier Corp. | 200,216 | 4,429 |
* | Manhattan Associates Inc. | 180,822 | 4,345 |
* | SAVVIS Inc. | 305,333 | 4,290 |
* | Advanced Energy Industries Inc. | 269,970 | 4,071 |
* | Websense Inc. | 230,755 | 4,029 |
* | TTM Technologies Inc. | 346,500 | 3,995 |
* | Applied Micro Circuits Corp. | 532,251 | 3,976 |
* | Compellent Technologies Inc. | 174,631 | 3,961 |
* | Netgear Inc. | 179,955 | 3,903 |
* | Omnivision Technologies Inc. | 264,631 | 3,845 |
* | Cogent Inc. | 360,115 | 3,742 |
* | Finisar Corp. | 413,609 | 3,689 |
* | Standard Microsystems Corp. | 176,988 | 3,678 |
* | Switch & Data Facilities Co. Inc. | 180,574 | 3,649 |
* | Entegris Inc. | 668,254 | 3,528 |
* | Fairchild Semiconductor International Inc. Class A | 348,441 | 3,481 |
* | Volterra Semiconductor Corp. | 181,777 | 3,476 |
* | EPIQ Systems Inc. | 246,873 | 3,454 |
* | OSI Systems Inc. | 126,477 | 3,450 |
* | Sourcefire Inc. | 128,316 | 3,432 |
* | ArcSight Inc. | 133,163 | 3,406 |
* | Cirrus Logic Inc. | 498,117 | 3,397 |
* | TNS Inc. | 131,978 | 3,390 |
* | Maxwell Technologies Inc. | 187,818 | 3,351 |
* | Netscout Systems Inc. | 226,957 | 3,323 |
* | Forrester Research Inc. | 127,452 | 3,307 |
* | SonicWALL Inc. | 432,618 | 3,292 |
* | Universal Display Corp. | 263,583 | 3,258 |
* | TeleCommunication Systems Inc. Class A | 331,329 | 3,207 |
* | RightNow Technologies Inc. | 178,400 | 3,099 |
* | IPG Photonics Corp. | 182,856 | 3,061 |
* | ATMI Inc. | 163,846 | 3,051 |
* | ACI Worldwide Inc. | 177,667 | 3,047 |
* | Netezza Corp. | 312,985 | 3,036 |
* | Integrated Device Technology Inc. | 465,525 | 3,012 |
NIC Inc. | 329,214 | 3,009 | |
*,^ | Ebix Inc. | 58,127 | 2,838 |
* | RealNetworks Inc. | 757,923 | 2,812 |
* | S1 Corp. | 425,198 | 2,772 |
* | comScore Inc. | 157,382 | 2,762 |
* | Constant Contact Inc. | 170,624 | 2,730 |
* | Oplink Communications Inc. | 164,473 | 2,696 |
* | Stratasys Inc. | 154,406 | 2,668 |
* | Vocus Inc. | 147,378 | 2,653 |
* | 3PAR Inc. | 222,756 | 2,640 |
* | FARO Technologies Inc. | 122,823 | 2,633 |
* | Supertex Inc. | 88,081 | 2,625 |
* | Tekelec | 169,913 | 2,596 |
* | L-1 Identity Solutions Inc. | 345,480 | 2,588 |
* | Acme Packet Inc. | 233,413 | 2,568 |
Daktronics Inc. | 278,453 | 2,565 | |
* | Synchronoss Technologies Inc. | 161,934 | 2,560 |
* | Sanmina-SCI Corp. | 228,944 | 2,525 |
* | Terremark Worldwide Inc. | 363,685 | 2,488 |
* | Ultratech Inc. | 166,540 | 2,475 |
* | Global Cash Access Holdings Inc. | 319,704 | 2,395 |
Heartland Payment Systems Inc. | 180,624 | 2,372 | |
* | Pericom Semiconductor Corp. | 204,315 | 2,356 |
* | Super Micro Computer Inc. | 209,080 | 2,325 |
* | Knot Inc. | 230,438 | 2,320 |
* | Sonus Networks Inc. | 1,099,432 | 2,320 |
* | Sigma Designs Inc. | 213,774 | 2,287 |
* | Multi-Fineline Electronix Inc. | 80,624 | 2,287 |
43
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Kopin Corp. | 531,975 | 2,224 |
* | LoopNet Inc. | 221,636 | 2,203 |
* | Radiant Systems Inc. | 211,734 | 2,202 |
* | Anadigics Inc. | 508,021 | 2,144 |
* | Smith Micro Software Inc. | 234,339 | 2,142 |
* | Kenexa Corp. | 163,011 | 2,127 |
* | ExlService Holdings Inc. | 115,846 | 2,104 |
* | ShoreTel Inc. | 355,169 | 2,053 |
* | Hughes Communications Inc. | 78,154 | 2,034 |
* | Intevac Inc. | 175,773 | 2,016 |
*,^ | NetSuite Inc. | 124,567 | 1,991 |
* | Novatel Wireless Inc. | 246,287 | 1,963 |
* | Internet Capital Group Inc. | 295,156 | 1,963 |
iGate Corp. | 196,147 | 1,961 | |
* | Move Inc. | 1,178,964 | 1,957 |
*,^ | Rubicon Technology Inc. | 96,286 | 1,956 |
* | Comverge Inc. | 168,863 | 1,898 |
* | Interactive Intelligence Inc. | 102,876 | 1,897 |
* | Echelon Corp. | 158,848 | 1,836 |
* | DemandTec Inc. | 204,052 | 1,789 |
* | i2 Technologies Inc. | 93,520 | 1,788 |
MTS Systems Corp. | 60,109 | 1,727 | |
* | Digi International Inc. | 188,284 | 1,717 |
* | Anaren Inc. | 110,470 | 1,663 |
* | Zoran Corp. | 144,795 | 1,600 |
Cass Information Systems Inc. | 51,756 | 1,573 | |
* | China Security & Surveillance Technology Inc. | 204,483 | 1,562 |
* | Seachange International Inc. | 235,014 | 1,544 |
* | Symyx Technologies Inc. | 275,710 | 1,516 |
* | Airvana Inc. | 199,339 | 1,515 |
* | VASCO Data Security International Inc. | 240,043 | 1,505 |
* | PROS Holdings Inc. | 144,085 | 1,491 |
* | NCI Inc. Class A | 52,976 | 1,465 |
* | Internet Brands Inc. Class A | 184,361 | 1,444 |
* | China Information Security Technology Inc. | 234,221 | 1,443 |
* | IXYS Corp. | 185,005 | 1,373 |
* | Powerwave Technologies Inc. | 1,057,893 | 1,333 |
* | Ixia | 179,133 | 1,333 |
* | Rogers Corp. | 43,959 | 1,332 |
* | Liquidity Services Inc. | 132,284 | 1,332 |
* | Double-Take Software Inc. | 132,566 | 1,324 |
* | DivX Inc. | 222,659 | 1,256 |
* | Isilon Systems Inc. | 180,574 | 1,239 |
* | Limelight Networks Inc. | 305,422 | 1,200 |
* | Internap Network Services Corp. | 251,741 | 1,183 |
* | Bottomline Technologies Inc. | 66,965 | 1,177 |
* | FalconStor Software Inc. | 286,864 | 1,165 |
* | BigBand Networks Inc. | 319,201 | 1,098 |
* | Perficient Inc. | 125,900 | 1,061 |
* | Conexant Systems Inc. | 457,435 | 1,061 |
* | Kulicke & Soffa Industries Inc. | 191,622 | 1,033 |
* | Rudolph Technologies Inc. | 153,549 | 1,032 |
Micrel Inc. | 122,548 | 1,005 | |
* | Deltek Inc. | 128,928 | 1,003 |
* | Dice Holdings Inc. | 150,649 | 987 |
* | ICx Technologies Inc. | 97,126 | 925 |
* | EMS Technologies Inc. | 61,349 | 890 |
* | Actel Corp. | 73,516 | 873 |
* | Lattice Semiconductor Corp. | 322,232 | 870 |
Opnet Technologies Inc. | 70,504 | 859 | |
* | Silicon Graphics International Corp. | 121,338 | 851 |
* | Infospace Inc. | 98,635 | 845 |
*,^ | Magma Design Automation Inc. | 365,672 | 845 |
* | Advanced Analogic Technologies Inc. | 211,693 | 834 |
44
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Electro Scientific Industries Inc. | 76,871 | 832 |
* | Silicon Storage Technology Inc. | 324,693 | 831 |
* | Monotype Imaging Holdings Inc. | 90,505 | 817 |
* | infoGROUP Inc. | 96,209 | 772 |
* | Imation Corp. | 85,003 | 741 |
* | Exar Corp. | 103,342 | 735 |
* | Mattson Technology Inc. | 198,889 | 712 |
* | Trident Microsystems Inc. | 325,586 | 606 |
Bel Fuse Inc. Class B | 25,806 | 555 | |
Technitrol Inc. | 114,849 | 503 | |
Renaissance Learning Inc. | 34,806 | 395 | |
* | Opnext Inc. | 176,797 | 336 |
Bel Fuse Inc. Class A | 2,740 | 53 | |
1,330,713 | |||
Materials (2.8%) | |||
* | WR Grace & Co. | 579,879 | 14,700 |
* | Solutia Inc. | 956,108 | 12,143 |
NewMarket Corp. | 97,741 | 11,218 | |
* | Intrepid Potash Inc. | 361,631 | 10,549 |
Royal Gold Inc. | 202,240 | 9,525 | |
Schnitzer Steel Industries Inc. | 176,522 | 8,420 | |
* | Allied Nevada Gold Corp. | 495,244 | 7,468 |
Silgan Holdings Inc. | 107,452 | 6,219 | |
* | RTI International Metals Inc. | 233,970 | 5,889 |
* | Hecla Mining Co. | 950,124 | 5,872 |
* | Calgon Carbon Corp. | 417,798 | 5,807 |
Balchem Corp. | 149,080 | 4,996 | |
Cabot Corp. | 183,828 | 4,822 | |
* | Horsehead Holding Corp. | 339,561 | 4,329 |
Stepan Co. | 62,275 | 4,036 | |
Haynes International Inc. | 97,258 | 3,207 | |
* | Brush Engineered Materials Inc. | 162,300 | 3,009 |
Zep Inc. | 173,244 | 3,001 | |
* | Headwaters Inc. | 406,948 | 2,653 |
Deltic Timber Corp. | 55,079 | 2,544 | |
* | Stillwater Mining Co. | 246,809 | 2,340 |
*,^ | Zoltek Cos. Inc. | 234,880 | 2,231 |
* | LSB Industries Inc. | 128,982 | 1,819 |
* | Bway Holding Co. | 88,332 | 1,698 |
* | Landec Corp. | 200,739 | 1,253 |
* | Graphic Packaging Holding Co. | 344,822 | 1,196 |
* | General Moly Inc. | 494,421 | 1,028 |
* | United States Lime & Minerals Inc. | 22,915 | 791 |
Hawkins Inc. | 24,386 | 532 | |
143,295 | |||
Telecommunication Services (1.3%) | |||
* | tw telecom inc Class A | 1,198,685 | 20,545 |
* | NeuStar Inc. Class A | 597,183 | 13,759 |
* | PAETEC Holding Corp. | 1,048,026 | 4,349 |
* | Neutral Tandem Inc. | 188,259 | 4,283 |
Shenandoah Telecommunications Co. | 180,440 | 3,672 | |
* | Global Crossing Ltd. | 241,611 | 3,443 |
* | Cogent Communications Group Inc. | 339,741 | 3,350 |
* | Cbeyond Inc. | 185,709 | 2,925 |
Alaska Communications Systems Group Inc. | 356,028 | 2,841 | |
* | Premiere Global Services Inc. | 301,320 | 2,486 |
USA Mobility Inc. | 181,712 | 2,001 | |
* | General Communication Inc. Class A | 259,881 | 1,658 |
* | ICO Global Communications Holdings Ltd. | 991,646 | 1,071 |
*,^ | Vonage Holdings Corp. | 564,083 | 790 |
* | TerreStar Corp. | 360,847 | 339 |
* | FiberTower Corp. | 55,146 | 231 |
67,743 |
45
Vanguard® Small-Cap Growth Index Fund | ||||
Schedule of Investments | ||||
December 31, 2009 | ||||
Market | ||||
Value | ||||
Shares | ($000) | |||
Utilities (0.5%) | ||||
ITC Holdings Corp. | 401,298 | 20,904 | ||
Ormat Technologies Inc. | 164,158 | 6,212 | ||
Consolidated Water Co. Ltd. | 110,607 | 1,580 | ||
28,696 | ||||
Total Common Stocks (Cost $4,667,482) | 5,128,572 | |||
Coupon | ||||
Temporary Cash Investments (2.6%)1 | ||||
Money Market Fund (2.6%) | ||||
2,3 Vanguard Market Liquidity Fund | 0.187% | 134,424,678 | 134,425 | |
Face | ||||
Maturity | Amount | |||
Date | ($000 ) | |||
U.S. Government and Agency Obligations (0.0%) | ||||
4,5 Freddie Mac Discount Notes | 0.230% | 6/21/10 | 1,000 | 999 |
Total Temporary Cash Investments (Cost $135,424) | 135,424 | |||
Total Investments (102.4%) (Cost $4,802,906) | 5,263,996 | |||
Other Assets and Liabilities—Net (-2.4%)3 | (124,271) | |||
Net Assets (100%) | 5,139,725 |
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $106,087,000.
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 99.9% and 2.5%, respectively, of net
assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
3 Includes $122,632,000 of collateral received for securities on loan.
4 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
5 Securities with a value of $999,000 have been segregated as initial margin for open futures contracts.
46
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.8%)1 | |||
Consumer Discretionary (12.2%) | |||
Tupperware Brands Corp. | 504,423 | 23,491 | |
Jarden Corp. | 709,158 | 21,920 | |
RadioShack Corp. | 1,002,745 | 19,554 | |
Service Corp. International/US | 2,016,200 | 16,513 | |
Williams-Sonoma Inc. | 721,360 | 14,990 | |
* | DreamWorks Animation SKG Inc. Class A | 352,851 | 14,096 |
* | Collective Brands Inc. | 513,421 | 11,691 |
* | Dana Holding Corp. | 1,075,000 | 11,653 |
Jones Apparel Group Inc. | 685,688 | 11,012 | |
Wolverine World Wide Inc. | 394,783 | 10,746 | |
Regal Entertainment Group Class A | 680,616 | 9,828 | |
* | Rent-A-Center Inc. | 528,967 | 9,373 |
MDC Holdings Inc. | 300,957 | 9,342 | |
Hillenbrand Inc. | 495,241 | 9,330 | |
* | Jack in the Box Inc. | 458,404 | 9,017 |
Cooper Tire & Rubber Co. | 448,691 | 8,996 | |
Meredith Corp. | 286,747 | 8,846 | |
KB Home | 635,340 | 8,691 | |
Men's Wearhouse Inc. | 396,508 | 8,350 | |
Dillard's Inc. Class A | 447,410 | 8,255 | |
* | Jo-Ann Stores Inc. | 211,879 | 7,678 |
Interactive Data Corp. | 301,650 | 7,632 | |
Scholastic Corp. | 250,204 | 7,464 | |
* | Gaylord Entertainment Co. | 368,316 | 7,274 |
* | Iconix Brand Group Inc. | 571,867 | 7,234 |
Bob Evans Farms Inc./DE | 248,235 | 7,186 | |
Regis Corp. | 457,405 | 7,122 | |
* | Dress Barn Inc. | 299,417 | 6,917 |
Cracker Barrel Old Country Store Inc. | 181,066 | 6,879 | |
International Speedway Corp. Class A | 224,332 | 6,382 | |
American Greetings Corp. Class A | 287,700 | 6,269 | |
* | Orient-Express Hotels Ltd. Class A | 615,482 | 6,241 |
^ | Barnes & Noble Inc. | 319,858 | 6,100 |
* | Timberland Co. Class A | 339,941 | 6,095 |
* | Liberty Media Corp. - Capital | 252,164 | 6,022 |
* | Carter's Inc. | 227,428 | 5,970 |
* | Helen of Troy Ltd. | 228,771 | 5,596 |
* | Career Education Corp. | 238,741 | 5,565 |
Unifirst Corp./MA | 115,372 | 5,551 | |
* | Group 1 Automotive Inc. | 193,547 | 5,487 |
Finish Line Inc. Class A | 411,883 | 5,169 | |
* | Skechers U.S.A. Inc. Class A | 175,214 | 5,153 |
* | Office Depot Inc. | 770,251 | 4,968 |
* | Genesco Inc. | 178,360 | 4,898 |
* | New York Times Co. Class A | 382,619 | 4,729 |
* | Saks Inc. | 718,283 | 4,712 |
*,^ | Cabela's Inc. | 322,299 | 4,596 |
Cato Corp. Class A | 222,631 | 4,466 | |
* | HSN Inc. | 220,001 | 4,442 |
Columbia Sportswear Co. | 108,679 | 4,243 | |
Choice Hotels International Inc. | 132,280 | 4,188 | |
* | ArvinMeritor Inc. | 365,770 | 4,089 |
* | La-Z-Boy Inc. | 412,330 | 3,930 |
Belo Corp. Class A | 720,225 | 3,918 | |
* | Charming Shoppes Inc. | 600,897 | 3,888 |
Cinemark Holdings Inc. | 262,676 | 3,775 | |
* | Boyd Gaming Corp. | 450,065 | 3,767 |
Stage Stores Inc. | 304,539 | 3,764 | |
Harte-Hanks Inc. | 332,275 | 3,582 | |
* | Lions Gate Entertainment Corp. | 610,098 | 3,545 |
PEP Boys-Manny Moe & Jack | 418,938 | 3,544 |
47
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Ruby Tuesday Inc. | 490,006 | 3,528 |
Ryland Group Inc. | 175,400 | 3,455 |
Brown Shoe Co. Inc. | 343,550 | 3,391 |
Stewart Enterprises Inc. Class A | 645,017 | 3,322 |
^ Buckle Inc. | 111,639 | 3,269 |
* 99 Cents Only Stores | 249,524 | 3,261 |
Sonic Automotive Inc. Class A | 310,311 | 3,224 |
* Steak N Shake Co. | 9,908 | 3,211 |
* Eastman Kodak Co. | 755,800 | 3,189 |
Ameristar Casinos Inc. | 208,155 | 3,170 |
CKE Restaurants Inc. | 373,529 | 3,160 |
Brunswick Corp. | 247,404 | 3,145 |
Fred's Inc. Class A | 304,551 | 3,106 |
* Standard Pacific Corp. | 811,498 | 3,035 |
* Meritage Homes Corp. | 156,573 | 3,027 |
* Asbury Automotive Group Inc. | 258,996 | 2,986 |
* Domino's Pizza Inc. | 346,314 | 2,902 |
Churchill Downs Inc. | 76,788 | 2,868 |
* Winnebago Industries | 233,084 | 2,844 |
Big 5 Sporting Goods Corp. | 163,712 | 2,813 |
* Pinnacle Entertainment Inc. | 312,647 | 2,808 |
Ethan Allen Interiors Inc. | 208,456 | 2,797 |
World Wrestling Entertainment Inc. Class A | 181,506 | 2,782 |
Superior Industries International Inc. | 181,501 | 2,777 |
* Ascent Media Corp. Class A | 107,489 | 2,744 |
* Jakks Pacific Inc. | 223,691 | 2,711 |
* Vail Resorts Inc. | 71,721 | 2,711 |
* Federal Mogul Corp. | 155,316 | 2,687 |
* Core-Mark Holding Co. Inc. | 75,343 | 2,483 |
* Valassis Communications Inc. | 135,263 | 2,470 |
* RC2 Corp. | 167,189 | 2,466 |
Oxford Industries Inc. | 109,249 | 2,259 |
* Bridgepoint Education Inc. | 149,452 | 2,245 |
* Red Robin Gourmet Burgers Inc. | 125,190 | 2,241 |
* Stein Mart Inc. | 206,044 | 2,196 |
Christopher & Banks Corp. | 287,864 | 2,194 |
Marcus Corp. | 168,093 | 2,155 |
* Liz Claiborne Inc. | 382,314 | 2,152 |
* Modine Manufacturing Co. | 180,167 | 2,133 |
* America's Car-Mart Inc. | 80,112 | 2,109 |
* Warner Music Group Corp. | 371,781 | 2,104 |
Speedway Motorsports Inc. | 119,357 | 2,103 |
* Quiksilver Inc. | 1,030,427 | 2,081 |
Callaway Golf Co. | 259,219 | 1,955 |
Haverty Furniture Cos. Inc. | 140,707 | 1,932 |
* Landry's Restaurants Inc. | 90,413 | 1,925 |
* Pier 1 Imports Inc. | 363,465 | 1,850 |
* Furniture Brands International Inc. | 313,072 | 1,709 |
* Live Nation Inc. | 200,212 | 1,704 |
Blyth Inc. | 50,008 | 1,686 |
* EW Scripps Co. Class A | 237,032 | 1,650 |
* Dorman Products Inc. | 99,120 | 1,552 |
Sinclair Broadcast Group Inc. Class A | 381,399 | 1,537 |
* DSW Inc. Class A | 59,013 | 1,527 |
National Presto Industries Inc. | 13,524 | 1,477 |
* Beazer Homes USA Inc. | 299,515 | 1,450 |
* Unifi Inc. | 372,648 | 1,446 |
Weyco Group Inc. | 58,961 | 1,394 |
Movado Group Inc. | 143,105 | 1,391 |
Bebe Stores Inc. | 207,892 | 1,303 |
Journal Communications Inc. Class A | 327,692 | 1,275 |
CSS Industries Inc. | 61,561 | 1,197 |
* Sealy Corp. | 369,245 | 1,167 |
K-Swiss Inc. Class A | 107,670 | 1,070 |
48
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Pacific Sunwear Of California | 264,711 | 1,054 |
Jackson Hewitt Tax Service Inc. | 230,916 | 1,016 | |
Sturm Ruger & Co. Inc. | 99,928 | 969 | |
Spartan Motors Inc. | 163,454 | 920 | |
* | Talbots Inc. | 99,958 | 891 |
* | Kenneth Cole Productions Inc. Class A | 77,376 | 747 |
* | M/I Homes Inc. | 70,420 | 732 |
* | Leapfrog Enterprises Inc. | 182,549 | 714 |
*,^ | Brookfield Homes Corp. | 85,375 | 683 |
* | Build-A-Bear Workshop Inc. | 132,431 | 648 |
* | Borders Group Inc. | 482,504 | 569 |
*,^ | Conn's Inc. | 82,549 | 482 |
* | Zale Corp. | 167,124 | 455 |
Dover Downs Gaming & Entertainment Inc. | 117,708 | 445 | |
* | Outdoor Channel Holdings Inc. | 56,370 | 327 |
* | Monarch Casino & Resort Inc. | 27,791 | 225 |
* | Blockbuster Inc. Class B | 270,747 | 160 |
Marine Products Corp. | 31,112 | 153 | |
627,425 | |||
Consumer Staples (3.9%) | |||
Del Monte Foods Co. | 1,584,416 | 17,967 | |
* | Central European Distribution Corp. | 521,012 | 14,802 |
Casey's General Stores Inc. | 407,502 | 13,007 | |
Nu Skin Enterprises Inc. Class A | 403,934 | 10,854 | |
Universal Corp./VA | 198,773 | 9,066 | |
Corn Products International Inc. | 298,940 | 8,738 | |
Ruddick Corp. | 330,390 | 8,501 | |
* | Fresh Del Monte Produce Inc. | 356,311 | 7,874 |
Lancaster Colony Corp. | 157,528 | 7,829 | |
* | TreeHouse Foods Inc. | 165,694 | 6,439 |
* | Chiquita Brands International Inc. | 356,834 | 6,437 |
Sanderson Farms Inc. | 138,351 | 5,833 | |
Lance Inc. | 204,900 | 5,389 | |
* | Hain Celestial Group Inc. | 309,585 | 5,266 |
Vector Group Ltd. | 363,645 | 5,091 | |
* | BJ's Wholesale Club Inc. | 155,527 | 5,087 |
J&J Snack Foods Corp. | 118,185 | 4,723 | |
* | Winn-Dixie Stores Inc. | 438,871 | 4,406 |
* | Heckmann Corp. | 825,991 | 4,122 |
WD-40 Co. | 125,466 | 4,060 | |
Nash Finch Co. | 102,817 | 3,814 | |
Andersons Inc. | 145,995 | 3,770 | |
* | Central Garden and Pet Co. Class A | 366,186 | 3,640 |
Weis Markets Inc. | 97,285 | 3,537 | |
B&G Foods Inc. Class A | 367,341 | 3,372 | |
* | Elizabeth Arden Inc. | 196,492 | 2,837 |
Spartan Stores Inc. | 180,526 | 2,580 | |
* | Pantry Inc. | 180,075 | 2,447 |
Pricesmart Inc. | 118,666 | 2,426 | |
* | Prestige Brands Holdings Inc. | 300,347 | 2,361 |
Cal-Maine Foods Inc. | 51,485 | 1,755 | |
Tootsie Roll Industries Inc. | 60,860 | 1,666 | |
* | Central Garden and Pet Co. | 149,707 | 1,602 |
*,^ | American Oriental Bioengineering Inc. | 327,000 | 1,521 |
Inter Parfums Inc. | 120,664 | 1,468 | |
Ingles Markets Inc. Class A | 93,334 | 1,412 | |
*,^ | AgFeed Industries Inc. | 236,671 | 1,183 |
* | Great Atlantic & Pacific Tea Co. | 97,865 | 1,154 |
Farmer Bros Co. | 57,969 | 1,144 | |
Village Super Market Inc. Class A | 41,784 | 1,142 | |
Alico Inc. | 29,492 | 839 | |
Coca-Cola Bottling Co. Consolidated | 13,329 | 720 | |
* | National Beverage Corp. | 46,875 | 650 |
* | China-Biotics Inc. | 27,433 | 424 |
49
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Susser Holdings Corp. | 44,589 | 383 |
203,338 | |||
Energy (4.2%) | |||
Southern Union Co. | 896,620 | 20,353 | |
* | Whiting Petroleum Corp. | 264,714 | 18,914 |
* | Oil States International Inc. | 258,517 | 10,157 |
* | Unit Corp. | 234,959 | 9,986 |
* | Mariner Energy Inc. | 817,865 | 9,495 |
Overseas Shipholding Group Inc. | 204,375 | 8,982 | |
* | Bristow Group Inc. | 223,434 | 8,591 |
Berry Petroleum Co. Class A | 291,549 | 8,499 | |
Penn Virginia Corp. | 363,577 | 7,741 | |
* | SEACOR Holdings Inc. | 100,137 | 7,636 |
* | Swift Energy Co. | 293,034 | 7,021 |
World Fuel Services Corp. | 225,442 | 6,040 | |
* | Enbridge Energy Management LLC | 111,981 | 5,948 |
* | Stone Energy Corp. | 327,415 | 5,910 |
* | Global Industries Ltd. | 820,941 | 5,853 |
Lufkin Industries Inc. | 77,299 | 5,658 | |
* | ION Geophysical Corp. | 900,624 | 5,332 |
* | Gulfmark Offshore Inc. | 165,535 | 4,686 |
Energy XXI Bermuda Ltd. | 2,004,120 | 4,630 | |
* | Parker Drilling Co. | 929,461 | 4,601 |
* | James River Coal Co. | 220,692 | 4,089 |
* | USEC Inc. | 903,698 | 3,479 |
* | Helix Energy Solutions Group Inc. | 275,422 | 3,236 |
* | Newpark Resources Inc. | 711,855 | 3,011 |
* | Hornbeck Offshore Services Inc. | 122,250 | 2,846 |
* | Petroquest Energy Inc. | 449,268 | 2,754 |
General Maritime Corp. | 393,944 | 2,754 | |
* | International Coal Group Inc. | 683,193 | 2,637 |
* | Oilsands Quest Inc. | 2,206,332 | 2,537 |
Gulf Island Fabrication Inc. | 103,149 | 2,169 | |
W&T Offshore Inc. | 179,426 | 2,099 | |
* | PHI Inc. | 99,938 | 2,069 |
* | Western Refining Inc. | 426,279 | 2,008 |
* | Cal Dive International Inc. | 261,866 | 1,980 |
* | CVR Energy Inc. | 277,130 | 1,901 |
* | Allis-Chalmers Energy Inc. | 487,385 | 1,837 |
* | Gastar Exploration Ltd. | 339,277 | 1,625 |
* | Harvest Natural Resources Inc. | 266,471 | 1,410 |
Vaalco Energy Inc. | 303,446 | 1,381 | |
* | Petroleum Development Corp. | 75,007 | 1,366 |
* | T-3 Energy Services Inc. | 52,146 | 1,330 |
Delek US Holdings Inc. | 107,810 | 734 | |
Crosstex Energy Inc. | 111,219 | 673 | |
*,^ | Delta Petroleum Corp. | 506,047 | 526 |
*,^ | Sulphco Inc. | 276,953 | 186 |
216,670 | |||
Financials (32.8%) | |||
Alexandria Real Estate Equities Inc. | 347,873 | 22,365 | |
Senior Housing Properties Trust | 1,018,452 | 22,274 | |
Assured Guaranty Ltd. | 1,012,316 | 22,028 | |
Camden Property Trust | 513,699 | 21,765 | |
Mack-Cali Realty Corp. | 628,053 | 21,712 | |
Waddell & Reed Financial Inc. | 687,961 | 21,010 | |
First Niagara Financial Group Inc. | 1,467,745 | 20,416 | |
Chimera Investment Corp. | 5,109,881 | 19,826 | |
Highwoods Properties Inc. | 569,220 | 18,983 | |
Essex Property Trust Inc. | 225,885 | 18,895 | |
Arthur J Gallagher & Co. | 811,745 | 18,272 | |
Hanover Insurance Group Inc. | 407,435 | 18,102 | |
Bank of Hawaii Corp. | 383,840 | 18,064 | |
Corporate Office Properties Trust SBI MD | 465,346 | 17,046 |
50
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Aspen Insurance Holdings Ltd. | 667,134 | 16,979 |
Washington Federal Inc. | 873,939 | 16,902 |
MFA Financial Inc. | 2,189,043 | 16,089 |
StanCorp Financial Group Inc. | 393,778 | 15,759 |
* E*Trade Financial Corp. | 8,947,189 | 15,658 |
Allied World Assurance Co. Holdings Ltd. | 337,478 | 15,548 |
Valley National Bancorp | 1,088,324 | 15,378 |
Platinum Underwriters Holdings Ltd. | 398,747 | 15,268 |
Endurance Specialty Holdings Ltd. | 389,662 | 14,507 |
BancorpSouth Inc. | 601,373 | 14,108 |
BRE Properties Inc. | 423,720 | 14,017 |
National Retail Properties Inc. | 647,089 | 13,731 |
Prosperity Bancshares Inc. | 332,571 | 13,459 |
Apollo Investment Corp. | 1,407,590 | 13,414 |
* ProAssurance Corp. | 248,800 | 13,363 |
FirstMerit Corp. | 661,258 | 13,318 |
Omega Healthcare Investors Inc. | 669,580 | 13,023 |
Westamerica Bancorporation | 234,469 | 12,983 |
* Alleghany Corp. | 46,937 | 12,955 |
Washington Real Estate Investment Trust | 467,177 | 12,871 |
Home Properties Inc. | 265,012 | 12,644 |
Tanger Factory Outlet Centers | 319,112 | 12,442 |
BioMed Realty Trust Inc. | 786,277 | 12,407 |
Fulton Financial Corp. | 1,414,115 | 12,331 |
Entertainment Properties Trust | 336,995 | 11,886 |
American Campus Communities Inc. | 418,515 | 11,760 |
Brandywine Realty Trust | 1,030,571 | 11,749 |
HRPT Properties Trust | 1,795,693 | 11,618 |
Popular Inc. | 5,130,101 | 11,594 |
Montpelier Re Holdings Ltd. | 659,009 | 11,414 |
Protective Life Corp. | 685,546 | 11,346 |
Douglas Emmett Inc. | 779,863 | 11,113 |
Mid-America Apartment Communities Inc. | 226,089 | 10,916 |
LaSalle Hotel Properties | 509,091 | 10,808 |
Ares Capital Corp. | 866,385 | 10,787 |
Trustmark Corp. | 477,628 | 10,766 |
Kilroy Realty Corp. | 345,611 | 10,600 |
Healthcare Realty Trust Inc. | 475,808 | 10,211 |
Developers Diversified Realty Corp. | 1,100,073 | 10,187 |
Potlatch Corp. | 318,796 | 10,163 |
Hancock Holding Co. | 232,065 | 10,162 |
CBL & Associates Properties Inc. | 1,049,384 | 10,148 |
Apartment Investment & Management Co. | 609,594 | 9,705 |
Erie Indemnity Co. Class A | 246,628 | 9,623 |
UMB Financial Corp. | 243,951 | 9,599 |
* Conseco Inc. | 1,875,121 | 9,376 |
NewAlliance Bancshares Inc. | 769,846 | 9,246 |
Northwest Bancshares Inc. | 797,276 | 9,025 |
Umpqua Holdings Corp. | 667,410 | 8,950 |
Zenith National Insurance Corp. | 299,550 | 8,915 |
Unitrin Inc. | 400,053 | 8,821 |
Max Capital Group Ltd. | 386,554 | 8,620 |
Redwood Trust Inc. | 591,213 | 8,549 |
Delphi Financial Group Inc. | 382,054 | 8,547 |
Iberiabank Corp. | 156,533 | 8,423 |
Old National Bancorp/IN | 676,678 | 8,411 |
Franklin Street Properties Corp. | 565,778 | 8,266 |
CapitalSource Inc. | 2,074,715 | 8,237 |
DCT Industrial Trust Inc. | 1,636,843 | 8,217 |
Astoria Financial Corp. | 660,765 | 8,213 |
Hatteras Financial Corp. | 289,965 | 8,107 |
* Piper Jaffray Cos. | 157,750 | 7,984 |
EastGroup Properties Inc. | 207,915 | 7,959 |
RLI Corp. | 147,302 | 7,844 |
51
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
International Bancshares Corp. | 409,757 | 7,757 |
Sovran Self Storage Inc. | 216,030 | 7,719 |
American National Insurance Co. | 64,436 | 7,696 |
Extra Space Storage Inc. | 657,952 | 7,599 |
Post Properties Inc. | 384,570 | 7,538 |
DiamondRock Hospitality Co. | 868,339 | 7,355 |
MB Financial Inc. | 369,188 | 7,280 |
* Argo Group International Holdings Ltd. | 247,301 | 7,206 |
* AmeriCredit Corp. | 373,998 | 7,121 |
Synovus Financial Corp. | 3,472,455 | 7,119 |
Capstead Mortgage Corp. | 521,244 | 7,115 |
* PHH Corp. | 436,763 | 7,036 |
Selective Insurance Group | 424,603 | 6,985 |
National Health Investors Inc. | 187,861 | 6,949 |
Wilmington Trust Corp. | 555,400 | 6,854 |
Whitney Holding Corp. | 745,195 | 6,789 |
Glacier Bancorp Inc. | 494,224 | 6,781 |
^ United Bankshares Inc. | 330,305 | 6,596 |
Medical Properties Trust Inc. | 643,963 | 6,440 |
FNB Corp./PA | 912,946 | 6,199 |
Webster Financial Corp. | 519,446 | 6,166 |
^ Prospect Capital Corp. | 512,311 | 6,050 |
Anworth Mortgage Asset Corp. | 862,130 | 6,035 |
Wintrust Financial Corp. | 192,715 | 5,934 |
CVB Financial Corp. | 679,205 | 5,868 |
Colonial Properties Trust | 493,710 | 5,791 |
* MF Global Ltd. | 828,128 | 5,755 |
* Forest City Enterprises Inc. Class A | 482,004 | 5,678 |
NBT Bancorp Inc. | 274,639 | 5,594 |
Equity One Inc. | 345,956 | 5,594 |
Employers Holdings Inc. | 362,965 | 5,568 |
American Capital Ltd. | 2,272,308 | 5,544 |
* Ocwen Financial Corp. | 573,749 | 5,491 |
* Navigators Group Inc. | 115,351 | 5,434 |
Financial Federal Corp. | 196,922 | 5,415 |
First Financial Bancorp | 371,736 | 5,412 |
National Penn Bancshares Inc. | 931,923 | 5,396 |
Park National Corp. | 90,685 | 5,340 |
Investors Real Estate Trust | 577,243 | 5,195 |
* Allied Capital Corp. | 1,433,970 | 5,177 |
Cousins Properties Inc. | 677,851 | 5,172 |
Tower Group Inc. | 220,035 | 5,151 |
Acadia Realty Trust | 302,171 | 5,098 |
Community Bank System Inc. | 262,413 | 5,067 |
PS Business Parks Inc. | 99,506 | 4,980 |
Inland Real Estate Corp. | 610,843 | 4,978 |
PacWest Bancorp | 243,756 | 4,912 |
* Enstar Group Ltd. | 65,103 | 4,754 |
First Financial Bankshares Inc. | 86,681 | 4,701 |
U-Store-It Trust | 641,016 | 4,692 |
Brookline Bancorp Inc. | 472,876 | 4,686 |
American Capital Agency Corp. | 175,302 | 4,653 |
East West Bancorp Inc. | 293,864 | 4,643 |
Provident Financial Services Inc. | 431,375 | 4,594 |
Lexington Realty Trust | 751,101 | 4,567 |
LTC Properties Inc. | 167,188 | 4,472 |
Infinity Property & Casualty Corp. | 109,226 | 4,439 |
First Midwest Bancorp Inc. | 395,198 | 4,304 |
* World Acceptance Corp. | 116,985 | 4,192 |
City Holding Co. | 127,772 | 4,131 |
Susquehanna Bancshares Inc. | 691,442 | 4,073 |
Chemical Financial Corp. | 172,411 | 4,065 |
Nelnet Inc. Class A | 230,563 | 3,973 |
Horace Mann Educators Corp. | 314,053 | 3,926 |
52
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
BlackRock Kelso Capital Corp. | 455,334 | 3,879 |
Trustco Bank Corp. NY | 613,015 | 3,862 |
Safety Insurance Group Inc. | 104,406 | 3,783 |
* MGIC Investment Corp. | 651,338 | 3,765 |
Parkway Properties Inc./Md | 173,158 | 3,605 |
Harleysville Group Inc. | 110,584 | 3,515 |
Getty Realty Corp. | 149,011 | 3,506 |
Cathay General Bancorp | 463,478 | 3,499 |
Columbia Banking System Inc. | 214,825 | 3,476 |
* MBIA Inc. | 866,362 | 3,448 |
Sterling Bancshares Inc. | 655,732 | 3,364 |
Flagstone Reinsurance Holdings Ltd. | 306,459 | 3,353 |
National Western Life Insurance Co. Class A | 19,223 | 3,338 |
United Fire & Casualty Co. | 181,010 | 3,300 |
American Equity Investment Life Holding Co. | 442,521 | 3,292 |
Meadowbrook Insurance Group Inc. | 438,125 | 3,242 |
S&T Bancorp Inc. | 188,800 | 3,211 |
Bank of the Ozarks Inc. | 108,098 | 3,164 |
Simmons First National Corp. Class A | 113,607 | 3,158 |
Independent Bank Corp./Rockland MA | 151,094 | 3,156 |
Radian Group Inc. | 430,086 | 3,144 |
Fifth Street Finance Corp. | 282,296 | 3,032 |
Boston Private Financial Holdings Inc. | 522,328 | 3,014 |
* Forestar Group Inc. | 136,967 | 3,011 |
Compass Diversified Holdings | 234,944 | 2,998 |
Hercules Technology Growth Capital Inc. | 283,971 | 2,950 |
Universal Health Realty Income Trust | 90,836 | 2,909 |
First Potomac Realty Trust | 229,808 | 2,889 |
First Commonwealth Financial Corp. | 617,012 | 2,869 |
Walter Investment Management Corp. | 199,297 | 2,856 |
SCBT Financial Corp. | 102,102 | 2,827 |
Sun Communities Inc. | 141,549 | 2,796 |
^ Pennsylvania Real Estate Investment Trust | 329,267 | 2,786 |
SWS Group Inc. | 228,536 | 2,765 |
* Hilltop Holdings Inc. | 235,740 | 2,744 |
* National Financial Partners Corp. | 338,101 | 2,735 |
* AMERISAFE Inc. | 151,117 | 2,716 |
Oppenheimer Holdings Inc. Class A | 77,863 | 2,587 |
OneBeacon Insurance Group Ltd. Class A | 187,480 | 2,583 |
Phoenix Cos. Inc. | 925,503 | 2,573 |
Amtrust Financial Services Inc. | 213,898 | 2,528 |
Community Trust Bancorp Inc. | 103,060 | 2,520 |
American Physicians Capital Inc. | 81,034 | 2,457 |
Cedar Shopping Centers Inc. | 360,877 | 2,454 |
Bank Mutual Corp. | 354,382 | 2,452 |
Flushing Financial Corp. | 217,004 | 2,443 |
* Altisource Portfolio Solutions SA | 116,150 | 2,438 |
Provident New York Bancorp | 285,607 | 2,411 |
* KBW Inc. | 87,842 | 2,403 |
First Financial Corp./IN | 78,745 | 2,403 |
State Auto Financial Corp. | 127,427 | 2,357 |
Berkshire Hills Bancorp Inc. | 111,513 | 2,306 |
Saul Centers Inc. | 69,875 | 2,289 |
Dime Community Bancshares | 192,729 | 2,259 |
Ramco-Gershenson Properties Trust | 233,910 | 2,232 |
WesBanco Inc. | 180,807 | 2,231 |
Tompkins Financial Corp. | 54,507 | 2,208 |
* FPIC Insurance Group Inc. | 56,542 | 2,184 |
Renasant Corp. | 160,291 | 2,180 |
Northfield Bancorp Inc. | 161,235 | 2,180 |
Government Properties Income Trust | 94,467 | 2,171 |
FBL Financial Group Inc. Class A | 117,163 | 2,170 |
* Ashford Hospitality Trust Inc. | 463,977 | 2,153 |
DuPont Fabros Technology Inc. | 117,657 | 2,117 |
53
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | CNA Surety Corp. | 141,786 | 2,111 |
* | United America Indemnity Ltd. Class A | 264,684 | 2,096 |
MVC Capital Inc. | 176,558 | 2,083 | |
Arrow Financial Corp. | 83,140 | 2,079 | |
Lakeland Financial Corp. | 120,462 | 2,078 | |
Education Realty Trust Inc. | 426,511 | 2,064 | |
*,^ | iStar Financial Inc. | 802,903 | 2,055 |
Kite Realty Group Trust | 504,910 | 2,055 | |
Univest Corp. of Pennsylvania | 115,505 | 2,025 | |
* | SeaBright Insurance Holdings Inc. | 175,194 | 2,013 |
Maiden Holdings Ltd. | 274,374 | 2,008 | |
Southside Bancshares Inc. | 101,606 | 1,994 | |
Oriental Financial Group Inc. | 184,359 | 1,991 | |
SY Bancorp Inc. | 92,795 | 1,981 | |
Camden National Corp. | 58,743 | 1,921 | |
^ | TowneBank | 163,631 | 1,911 |
Cypress Sharpridge Investments Inc. | 139,132 | 1,880 | |
1st Source Corp. | 116,564 | 1,876 | |
* | FelCor Lodging Trust Inc. | 518,050 | 1,865 |
* | FBR Capital Markets Corp. | 300,916 | 1,860 |
Westfield Financial Inc. | 222,730 | 1,838 | |
StellarOne Corp. | 182,401 | 1,817 | |
Bancfirst Corp. | 48,981 | 1,814 | |
Washington Trust Bancorp Inc. | 115,755 | 1,803 | |
* | Pinnacle Financial Partners Inc. | 125,907 | 1,790 |
Trico Bancshares | 107,450 | 1,789 | |
CapLease Inc. | 398,691 | 1,746 | |
Union Bankshares Corp. | 139,896 | 1,733 | |
GFI Group Inc. | 369,649 | 1,689 | |
Kearny Financial Corp. | 167,558 | 1,689 | |
First Bancorp/Troy NC | 120,477 | 1,683 | |
Republic Bancorp Inc./KY Class A | 81,225 | 1,673 | |
First Financial Holdings Inc. | 127,663 | 1,658 | |
Advance America Cash Advance Centers Inc. | 297,169 | 1,652 | |
Capital Southwest Corp. | 20,906 | 1,647 | |
Presidential Life Corp. | 178,167 | 1,630 | |
First Mercury Financial Corp. | 116,995 | 1,604 | |
Stewart Information Services Corp. | 138,107 | 1,558 | |
Baldwin & Lyons Inc. | 63,202 | 1,555 | |
First Community Bancshares Inc./VA | 128,495 | 1,548 | |
United Financial Bancorp Inc. | 116,989 | 1,534 | |
BankFinancial Corp. | 154,834 | 1,533 | |
First Industrial Realty Trust Inc. | 290,522 | 1,519 | |
PMI Group Inc. | 596,960 | 1,504 | |
Student Loan Corp. | 32,070 | 1,494 | |
Great Southern Bancorp Inc. | 69,867 | 1,492 | |
Donegal Group Inc. Class A | 95,863 | 1,490 | |
Urstadt Biddle Properties Inc. Class A | 97,168 | 1,484 | |
First BanCorp | 630,879 | 1,451 | |
First Busey Corp. | 370,487 | 1,441 | |
NGP Capital Resources Co. | 173,734 | 1,412 | |
Glimcher Realty Trust | 518,206 | 1,399 | |
* | TradeStation Group Inc. | 174,661 | 1,378 |
Heartland Financial USA Inc. | 91,709 | 1,316 | |
WSFS Financial Corp. | 49,715 | 1,274 | |
ESSA Bancorp Inc. | 108,396 | 1,268 | |
Wilshire Bancorp Inc. | 153,142 | 1,254 | |
Hersha Hospitality Trust | 395,614 | 1,242 | |
Evercore Partners Inc. Class A | 39,528 | 1,202 | |
Sandy Spring Bancorp Inc. | 131,961 | 1,173 | |
Winthrop Realty Trust | 108,011 | 1,173 | |
CoBiz Financial Inc. | 245,994 | 1,168 | |
NorthStar Realty Finance Corp. | 339,370 | 1,164 | |
* | Western Alliance Bancorp | 302,768 | 1,144 |
54
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* United Community Banks Inc. | 336,532 | 1,141 |
Capital City Bank Group Inc. | 81,815 | 1,132 |
Kansas City Life Insurance Co. | 36,957 | 1,099 |
Lakeland Bancorp Inc. | 171,835 | 1,098 |
Abington Bancorp Inc. | 156,409 | 1,078 |
EMC Insurance Group Inc. | 47,755 | 1,027 |
* Penson Worldwide Inc. | 111,958 | 1,014 |
GAMCO Investors Inc. | 20,991 | 1,014 |
Consolidated-Tomoka Land Co. | 28,337 | 990 |
Sterling Bancorp | 137,826 | 984 |
First Merchants Corp. | 161,175 | 957 |
Ames National Corp. | 45,348 | 957 |
National Interstate Corp. | 54,336 | 922 |
First Financial Northwest Inc. | 138,553 | 908 |
Citizens & Northern Corp. | 94,046 | 897 |
South Financial Group Inc. | 1,384,593 | 893 |
Life Partners Holdings Inc. | 38,868 | 824 |
Southwest Bancorp Inc. | 111,513 | 774 |
MainSource Financial Group Inc. | 153,302 | 733 |
* First Marblehead Corp. | 336,631 | 717 |
* LaBranche & Co. Inc. | 252,125 | 716 |
Clifton Savings Bancorp Inc. | 74,932 | 702 |
* Avatar Holdings Inc. | 40,898 | 696 |
* RAIT Financial Trust | 494,555 | 648 |
Urstadt Biddle Properties Inc. | 41,528 | 623 |
NASB Financial Inc. | 25,167 | 586 |
* Strategic Hotels & Resorts Inc. | 302,185 | 562 |
Universal Insurance Holdings Inc. | 90,561 | 532 |
* Cardtronics Inc. | 45,018 | 498 |
* Sun Bancorp Inc. | 129,359 | 485 |
Roma Financial Corp. | 30,715 | 380 |
Rockville Financial Inc. | 35,314 | 371 |
* Asset Acceptance Capital Corp. | 43,142 | 293 |
CompuCredit Holdings Corp. | 47,063 | 157 |
* Grubb & Ellis Co. | 110,217 | 141 |
Teton Advisors Inc. Class B | 324 | 1 |
1,686,738 | ||
Health Care (6.4%) | ||
* Mednax Inc. | 371,465 | 22,329 |
* Human Genome Sciences Inc. | 723,017 | 22,124 |
PerkinElmer Inc. | 936,114 | 19,275 |
Teleflex Inc. | 319,132 | 17,198 |
* Health Management Associates Inc. Class A | 1,979,905 | 14,394 |
Owens & Minor Inc. | 334,629 | 14,366 |
Cooper Cos. Inc. | 361,943 | 13,797 |
* LifePoint Hospitals Inc. | 416,894 | 13,553 |
STERIS Corp. | 470,055 | 13,147 |
* Magellan Health Services Inc. | 282,524 | 11,507 |
Hill-Rom Holdings Inc. | 476,603 | 11,434 |
* Healthspring Inc. | 392,048 | 6,904 |
* Emergency Medical Services Corp. Class A | 111,839 | 6,056 |
Invacare Corp. | 236,001 | 5,886 |
* RehabCare Group Inc. | 190,989 | 5,812 |
* Impax Laboratories Inc. | 418,749 | 5,695 |
* AMERIGROUP Corp. | 210,201 | 5,667 |
* Amsurg Corp. Class A | 245,573 | 5,407 |
* Conmed Corp. | 233,161 | 5,316 |
* Centene Corp. | 236,119 | 4,999 |
* Kindred Healthcare Inc. | 250,067 | 4,616 |
* WellCare Health Plans Inc. | 118,664 | 4,362 |
* Universal American Corp. | 371,166 | 4,343 |
* Odyssey HealthCare Inc. | 263,979 | 4,113 |
Analogic Corp. | 103,057 | 3,969 |
Computer Programs & Systems Inc. | 79,000 | 3,638 |
55
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Brookdale Senior Living Inc. | 199,785 | 3,634 |
* | Viropharma Inc. | 403,133 | 3,382 |
PDL BioPharma Inc. | 478,647 | 3,283 | |
* | Sun Healthcare Group Inc. | 350,217 | 3,211 |
* | Targacept Inc. | 152,186 | 3,184 |
* | Angiodynamics Inc. | 185,872 | 2,989 |
Landauer Inc. | 48,646 | 2,987 | |
* | Triple-S Management Corp. Class B | 163,083 | 2,870 |
* | inVentiv Health Inc. | 174,808 | 2,827 |
* | AMAG Pharmaceuticals Inc. | 68,516 | 2,606 |
* | Savient Pharmaceuticals Inc. | 184,841 | 2,516 |
* | Molina Healthcare Inc. | 102,678 | 2,348 |
* | Greatbatch Inc. | 120,609 | 2,319 |
* | Res-Care Inc. | 200,625 | 2,247 |
* | Cross Country Healthcare Inc. | 222,076 | 2,201 |
* | Gentiva Health Services Inc. | 77,746 | 2,100 |
* | Assisted Living Concepts Inc. Class A | 77,037 | 2,031 |
* | Medidata Solutions Inc. | 127,490 | 1,989 |
National Healthcare Corp. | 54,988 | 1,986 | |
* | RTI Biologics Inc. | 436,131 | 1,675 |
*,^ | Electro-Optical Sciences Inc. | 145,197 | 1,504 |
*,^ | Geron Corp. | 255,124 | 1,416 |
Ensign Group Inc. | 91,158 | 1,401 | |
* | Allos Therapeutics Inc. | 211,050 | 1,387 |
* | Rigel Pharmaceuticals Inc. | 139,607 | 1,328 |
* | Momenta Pharmaceuticals Inc. | 98,503 | 1,242 |
* | Skilled Healthcare Group Inc. | 162,842 | 1,213 |
* | Immunogen Inc. | 152,442 | 1,198 |
*,^ | Cel-Sci Corp. | 1,227,741 | 1,105 |
* | Medcath Corp. | 133,859 | 1,059 |
* | Kendle International Inc. | 56,741 | 1,039 |
*,^ | Biospecifics Technologies Corp. | 34,124 | 1,001 |
* | OraSure Technologies Inc. | 184,254 | 936 |
* | Cynosure Inc. Class A | 78,305 | 900 |
* | AMN Healthcare Services Inc. | 91,538 | 829 |
* | Nighthawk Radiology Holdings Inc. | 180,563 | 818 |
* | Clinical Data Inc. | 44,417 | 811 |
* | Sunrise Senior Living Inc. | 239,615 | 772 |
*,^ | Cadence Pharmaceuticals Inc. | 70,701 | 684 |
* | KV Pharmaceutical Co. Class A | 177,516 | 651 |
* | Arqule Inc. | 170,049 | 627 |
* | Orexigen Therapeutics Inc. | 79,206 | 589 |
* | Lexicon Pharmaceuticals Inc. | 335,221 | 570 |
* | Albany Molecular Research Inc. | 62,136 | 564 |
* | Opko Health Inc. | 198,197 | 363 |
*,^ | Osiris Therapeutics Inc. | 46,146 | 329 |
326,628 | |||
Industrials (15.5%) | |||
* | Corrections Corp. of America | 922,827 | 22,655 |
Hubbell Inc. Class B | 415,837 | 19,669 | |
Snap-On Inc. | 462,334 | 19,538 | |
Lincoln Electric Holdings Inc. | 340,641 | 18,211 | |
Kennametal Inc. | 651,187 | 16,879 | |
Carlisle Cos. Inc. | 490,610 | 16,808 | |
Timken Co. | 659,212 | 15,630 | |
Regal-Beloit Corp. | 286,943 | 14,904 | |
Lennox International Inc. | 380,008 | 14,836 | |
Nordson Corp. | 242,269 | 14,822 | |
Con-way Inc. | 392,707 | 13,709 | |
Brady Corp. Class A | 390,631 | 11,723 | |
Crane Co. | 374,697 | 11,473 | |
Curtiss-Wright Corp. | 364,941 | 11,430 | |
Alexander & Baldwin Inc. | 328,731 | 11,252 | |
Trinity Industries Inc. | 635,079 | 11,076 |
56
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Watsco Inc. | 222,743 | 10,910 | |
* | United Stationers Inc. | 190,015 | 10,802 |
GATX Corp. | 368,664 | 10,599 | |
* | JetBlue Airways Corp. | 1,927,234 | 10,503 |
* | GrafTech International Ltd. | 626,627 | 9,744 |
* | Alaska Air Group Inc. | 281,469 | 9,728 |
* | Moog Inc. Class A | 328,370 | 9,598 |
Kaydon Corp. | 266,156 | 9,518 | |
Granite Construction Inc. | 278,786 | 9,384 | |
Graco Inc. | 312,006 | 8,914 | |
* | WESCO International Inc. | 321,430 | 8,682 |
HNI Corp. | 306,328 | 8,464 | |
Brink's Co. | 346,790 | 8,441 | |
Belden Inc. | 373,334 | 8,184 | |
AO Smith Corp. | 187,073 | 8,117 | |
* | EnerSys | 366,174 | 8,008 |
Skywest Inc. | 445,354 | 7,535 | |
Briggs & Stratton Corp. | 400,535 | 7,494 | |
Werner Enterprises Inc. | 373,499 | 7,392 | |
Watts Water Technologies Inc. Class A | 235,679 | 7,287 | |
ABM Industries Inc. | 349,609 | 7,223 | |
* | EMCOR Group Inc. | 263,852 | 7,098 |
* | Insituform Technologies Inc. Class A | 311,374 | 7,074 |
* | Continental Airlines Inc. Class B | 387,514 | 6,944 |
Applied Industrial Technologies Inc. | 305,042 | 6,732 | |
Otter Tail Corp. | 270,985 | 6,720 | |
Baldor Electric Co. | 230,359 | 6,471 | |
Triumph Group Inc. | 133,622 | 6,447 | |
Mueller Water Products Inc. Class A | 1,227,243 | 6,382 | |
* | Atlas Air Worldwide Holdings Inc. | 170,837 | 6,364 |
* | BE Aerospace Inc. | 269,347 | 6,330 |
* | Esterline Technologies Corp. | 154,634 | 6,304 |
* | Armstrong World Industries Inc. | 160,867 | 6,263 |
Barnes Group Inc. | 361,634 | 6,112 | |
* | MasTec Inc. | 485,209 | 6,065 |
Deluxe Corp. | 409,644 | 6,059 | |
Arkansas Best Corp. | 192,375 | 5,662 | |
Simpson Manufacturing Co. Inc. | 204,336 | 5,495 | |
* | Teledyne Technologies Inc. | 136,980 | 5,255 |
* | Griffon Corp. | 429,075 | 5,243 |
Universal Forest Products Inc. | 139,318 | 5,128 | |
Quanex Building Products Corp. | 301,616 | 5,118 | |
EnergySolutions Inc. | 601,321 | 5,105 | |
*,^ | USG Corp. | 361,776 | 5,083 |
Albany International Corp. | 220,680 | 4,956 | |
* | Interline Brands Inc. | 260,012 | 4,490 |
* | Layne Christensen Co. | 156,197 | 4,484 |
Ameron International Corp. | 70,203 | 4,455 | |
Franklin Electric Co. Inc. | 147,928 | 4,302 | |
* | EnPro Industries Inc. | 161,621 | 4,268 |
* | Macquarie Infrastructure Co. LLC | 342,363 | 4,204 |
Aircastle Ltd. | 412,508 | 4,063 | |
McGrath Rentcorp | 180,688 | 4,040 | |
Seaboard Corp. | 2,984 | 4,025 | |
* | DigitalGlobe Inc. | 162,574 | 3,934 |
* | Tutor Perini Corp. | 213,702 | 3,864 |
Comfort Systems USA Inc. | 307,104 | 3,790 | |
* | Chart Industries Inc. | 227,848 | 3,771 |
* | Ceradyne Inc. | 195,444 | 3,754 |
Mueller Industries Inc. | 150,061 | 3,728 | |
G&K Services Inc. Class A | 148,180 | 3,724 | |
Manitowoc Co. Inc. | 366,328 | 3,652 | |
Tennant Co. | 134,956 | 3,535 | |
* | School Specialty Inc. | 150,840 | 3,528 |
57
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Ennis Inc. | 207,260 | 3,480 | |
CIRCOR International Inc. | 135,882 | 3,422 | |
Steelcase Inc. Class A | 527,626 | 3,356 | |
Gorman-Rupp Co. | 120,428 | 3,329 | |
* | Genco Shipping & Trading Ltd. | 148,503 | 3,324 |
Tredegar Corp. | 204,125 | 3,229 | |
Interface Inc. Class A | 384,420 | 3,195 | |
Apogee Enterprises Inc. | 223,578 | 3,130 | |
Encore Wire Corp. | 147,386 | 3,105 | |
Kaman Corp. | 133,638 | 3,086 | |
Gibraltar Industries Inc. | 193,456 | 3,043 | |
* | Korn/Ferry International | 182,817 | 3,017 |
* | Consolidated Graphics Inc. | 80,476 | 2,818 |
* | Kelly Services Inc. Class A | 226,883 | 2,707 |
* | Resources Connection Inc. | 121,439 | 2,577 |
* | Dycom Industries Inc. | 312,284 | 2,508 |
* | Colfax Corp. | 208,071 | 2,505 |
*,^ | Broadwind Energy Inc. | 309,516 | 2,504 |
* | AAR Corp. | 108,895 | 2,502 |
* | Argon ST Inc. | 113,739 | 2,470 |
* | Eagle Bulk Shipping Inc. | 497,361 | 2,462 |
American Ecology Corp. | 139,977 | 2,385 | |
* | Rush Enterprises Inc. Class A | 196,828 | 2,340 |
* | Spherion Corp. | 412,060 | 2,316 |
* | SmartHeat Inc. | 158,189 | 2,297 |
Federal Signal Corp. | 370,863 | 2,233 | |
* | Waste Services Inc. | 241,985 | 2,205 |
Ampco-Pittsburgh Corp. | 69,388 | 2,188 | |
Titan International Inc. | 268,273 | 2,176 | |
NACCO Industries Inc. Class A | 42,755 | 2,129 | |
* | ACCO Brands Corp. | 284,348 | 2,070 |
* | American Reprographics Co. | 291,687 | 2,045 |
* | Republic Airways Holdings Inc. | 275,825 | 2,038 |
* | Columbus McKinnon Corp. | 145,218 | 1,984 |
Cascade Corp. | 70,195 | 1,930 | |
* | Ladish Co. Inc. | 127,518 | 1,923 |
FreightCar America Inc. | 95,787 | 1,899 | |
* | TrueBlue Inc. | 123,299 | 1,826 |
* | Amerco Inc. | 35,840 | 1,782 |
* | H&E Equipment Services Inc. | 168,209 | 1,765 |
Sun Hydraulics Corp. | 66,143 | 1,736 | |
Kimball International Inc. Class B | 202,628 | 1,726 | |
Viad Corp. | 82,642 | 1,705 | |
* | Blount International Inc. | 162,875 | 1,645 |
TAL International Group Inc. | 124,266 | 1,644 | |
* | Kforce Inc. | 131,202 | 1,640 |
Schawk Inc. Class A | 120,232 | 1,635 | |
* | Kadant Inc. | 98,509 | 1,572 |
Ducommun Inc. | 79,668 | 1,491 | |
* | RBC Bearings Inc. | 60,959 | 1,483 |
American Woodmark Corp. | 74,111 | 1,459 | |
CDI Corp. | 107,477 | 1,392 | |
Greenbrier Cos. Inc. | 130,233 | 1,352 | |
* | Tecumseh Products Co. Class A | 115,521 | 1,350 |
Bowne & Co. Inc. | 199,943 | 1,336 | |
* | Northwest Pipe Co. | 48,072 | 1,291 |
Horizon Lines Inc. Class A | 229,929 | 1,281 | |
*,^ | Evergreen Solar Inc. | 796,364 | 1,203 |
Courier Corp. | 81,055 | 1,155 | |
* | Volt Information Sciences Inc. | 108,535 | 1,085 |
Aceto Corp. | 198,365 | 1,022 | |
Applied Signal Technology Inc. | 49,782 | 960 | |
Preformed Line Products Co. | 21,061 | 922 | |
* | 3D Systems Corp. | 76,869 | 869 |
58
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
American Railcar Industries Inc. | 76,802 | 846 | |
* | CRA International Inc. | 30,883 | 823 |
* | Sterling Construction Co. Inc. | 41,877 | 803 |
* | Rush Enterprises Inc. Class B | 74,336 | 781 |
*,^ | TBS International Ltd. Class A | 105,233 | 773 |
Sauer-Danfoss Inc. | 63,152 | 758 | |
* | American Commercial Lines Inc. | 38,376 | 703 |
* | Pike Electric Corp. | 73,358 | 681 |
* | Titan Machinery Inc. | 53,511 | 618 |
Universal Truckload Services Inc. | 33,388 | 604 | |
* | Fushi Copperweld Inc. | 44,661 | 452 |
Pacer International Inc. | 140,308 | 443 | |
* | Odyssey Marine Exploration Inc. | 289,632 | 408 |
Lawson Products Inc. | 22,225 | 392 | |
* | Plug Power Inc. | 337,633 | 240 |
* | Tecumseh Products Co. Class B | 20,740 | 230 |
Standard Register Co. | 27,117 | 138 | |
795,110 | |||
Information Technology (9.0%) | |||
* | 3Com Corp. | 3,132,981 | 23,497 |
* | Skyworks Solutions Inc. | 1,371,197 | 19,457 |
* | Tech Data Corp. | 402,380 | 18,775 |
Diebold Inc. | 530,935 | 15,105 | |
* | CACI International Inc. Class A | 240,753 | 11,761 |
* | Novell Inc. | 2,769,254 | 11,492 |
* | Convergys Corp. | 985,061 | 10,589 |
* | Benchmark Electronics Inc. | 520,135 | 9,836 |
* | RF Micro Devices Inc. | 2,032,805 | 9,697 |
* | Compuware Corp. | 1,236,851 | 8,942 |
Fair Isaac Corp. | 391,805 | 8,349 | |
* | International Rectifier Corp. | 371,163 | 8,210 |
* | Acxiom Corp. | 600,442 | 8,058 |
* | PMC - Sierra Inc. | 900,623 | 7,799 |
* | Emulex Corp. | 649,341 | 7,078 |
Earthlink Inc. | 850,388 | 7,067 | |
MAXIMUS Inc. | 140,305 | 7,015 | |
* | Lawson Software Inc. | 1,037,815 | 6,902 |
* | Rambus Inc. | 279,369 | 6,817 |
* | Mentor Graphics Corp. | 769,534 | 6,795 |
* | Fairchild Semiconductor International Inc. Class A | 647,155 | 6,465 |
* | Take-Two Interactive Software Inc. | 642,532 | 6,458 |
* | JDA Software Group Inc. | 243,236 | 6,195 |
* | EchoStar Corp. Class A | 288,640 | 5,813 |
* | Arris Group Inc. | 500,938 | 5,726 |
* | Littelfuse Inc. | 174,106 | 5,598 |
* | Integrated Device Technology Inc. | 862,095 | 5,578 |
* | SolarWinds Inc. | 234,515 | 5,396 |
* | Teradyne Inc. | 489,578 | 5,253 |
AVX Corp. | 409,968 | 5,194 | |
* | SYNNEX Corp. | 159,380 | 4,887 |
United Online Inc. | 671,556 | 4,829 | |
* | Tekelec | 314,606 | 4,807 |
* | ADC Telecommunications Inc. | 773,975 | 4,806 |
* | Checkpoint Systems Inc. | 312,168 | 4,761 |
* | Progress Software Corp. | 160,517 | 4,689 |
* | Sanmina-SCI Corp. | 423,828 | 4,675 |
* | Electronics for Imaging Inc. | 352,905 | 4,591 |
* | Ariba Inc. | 354,257 | 4,435 |
Park Electrochemical Corp. | 156,271 | 4,319 | |
* | Insight Enterprises Inc. | 367,360 | 4,195 |
* | Vishay Intertechnology Inc. | 487,951 | 4,074 |
Black Box Corp. | 140,802 | 3,990 | |
* | Brightpoint Inc. | 525,498 | 3,862 |
* | Avid Technology Inc. | 299,383 | 3,820 |
59
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Veeco Instruments Inc. | 106,419 | 3,516 |
* | ModusLink Global Solutions Inc. | 365,473 | 3,439 |
* | Sycamore Networks Inc. | 159,167 | 3,328 |
* | Harris Stratex Networks Inc. | 468,503 | 3,237 |
* | Adaptec Inc. | 961,084 | 3,220 |
* | Epicor Software Corp. | 415,762 | 3,168 |
* | Loral Space & Communications Inc. | 97,630 | 3,086 |
* | Zoran Corp. | 268,971 | 2,972 |
* | Semtech Corp. | 172,056 | 2,927 |
* | THQ Inc. | 543,338 | 2,738 |
* | Newport Corp. | 290,023 | 2,665 |
Methode Electronics Inc. | 306,461 | 2,660 | |
CTS Corp. | 271,244 | 2,609 | |
* | L-1 Identity Solutions Inc. | 344,396 | 2,580 |
Cohu Inc. | 178,359 | 2,488 | |
* | Rogers Corp. | 81,603 | 2,473 |
* | SMART Modular Technologies WWH Inc. | 373,738 | 2,351 |
* | Sonus Networks Inc. | 1,098,548 | 2,318 |
* | Bottomline Technologies Inc. | 123,927 | 2,177 |
* | Websense Inc. | 124,473 | 2,173 |
* | Netgear Inc. | 96,510 | 2,093 |
* | Omnivision Technologies Inc. | 142,496 | 2,071 |
* | Extreme Networks | 714,693 | 2,051 |
* | UTStarcom Inc. | 877,132 | 1,921 |
* | Kulicke & Soffa Industries Inc. | 355,982 | 1,919 |
* | Entegris Inc. | 359,977 | 1,901 |
Micrel Inc. | 227,784 | 1,868 | |
* | Ciber Inc. | 530,730 | 1,831 |
* | Symmetricom Inc. | 350,564 | 1,823 |
* | TNS Inc. | 70,779 | 1,818 |
MTS Systems Corp. | 60,236 | 1,731 | |
Agilysys Inc. | 184,446 | 1,679 | |
Electro Rent Corp. | 144,347 | 1,666 | |
* | ACI Worldwide Inc. | 95,835 | 1,644 |
* | ATMI Inc. | 88,199 | 1,642 |
* | Lattice Semiconductor Corp. | 602,115 | 1,626 |
* | Actel Corp. | 136,428 | 1,621 |
*,^ | Rosetta Stone Inc. | 90,049 | 1,616 |
BGC Partners Inc. Class A | 345,458 | 1,596 | |
* | Infospace Inc. | 183,680 | 1,574 |
*,^ | China Security & Surveillance Technology Inc. | 203,697 | 1,556 |
* | Silicon Image Inc. | 601,497 | 1,552 |
* | Electro Scientific Industries Inc. | 142,660 | 1,544 |
* | Cogo Group Inc. | 203,184 | 1,498 |
* | infoGROUP Inc. | 180,049 | 1,444 |
* | Imation Corp. | 159,060 | 1,387 |
* | Exar Corp. | 193,314 | 1,375 |
* | OpenTable Inc. | 53,809 | 1,370 |
* | Ness Technologies Inc. | 277,951 | 1,362 |
* | Integral Systems Inc. | 138,815 | 1,202 |
* | Perficient Inc. | 126,005 | 1,062 |
* | DSP Group Inc. | 183,578 | 1,034 |
* | Echelon Corp. | 85,605 | 990 |
* | i2 Technologies Inc. | 50,536 | 966 |
Technitrol Inc. | 214,881 | 941 | |
Bel Fuse Inc. Class B | 42,086 | 904 | |
* | EMS Technologies Inc. | 61,356 | 890 |
Marchex Inc. Class B | 172,767 | 878 | |
* | Silicon Graphics International Corp. | 121,423 | 851 |
* | Silicon Storage Technology Inc. | 327,292 | 838 |
* | Monotype Imaging Holdings Inc. | 90,057 | 813 |
* | CPI International Inc. | 60,070 | 795 |
* | Mattson Technology Inc. | 200,520 | 718 |
* | Ixia | 96,350 | 717 |
60
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Internap Network Services Corp. | 135,696 | 638 |
* | China TransInfo Technology Corp. | 71,616 | 585 |
* | TechTarget Inc. | 100,803 | 568 |
* | Rudolph Technologies Inc. | 82,386 | 554 |
Opnet Technologies Inc. | 38,014 | 463 | |
* | Advanced Analogic Technologies Inc. | 114,371 | 451 |
Renaissance Learning Inc. | 34,955 | 397 | |
* | Trident Microsystems Inc. | 177,266 | 330 |
Bel Fuse Inc. Class A | 10,825 | 210 | |
460,356 | |||
Materials (8.0%) | |||
Ashland Inc. | 566,438 | 22,442 | |
RPM International Inc. | 1,034,204 | 21,025 | |
Aptargroup Inc. | 542,267 | 19,381 | |
Packaging Corp. of America | 825,709 | 19,000 | |
* | Domtar Corp. | 335,907 | 18,613 |
Compass Minerals International Inc. | 261,061 | 17,541 | |
Temple-Inland Inc. | 814,256 | 17,189 | |
Huntsman Corp. | 1,330,964 | 15,027 | |
Rock-Tenn Co. Class A | 293,663 | 14,804 | |
Cytec Industries Inc. | 388,784 | 14,159 | |
Olin Corp. | 626,741 | 10,980 | |
* | Coeur d'Alene Mines Corp. | 604,037 | 10,909 |
Sensient Technologies Corp. | 390,674 | 10,275 | |
Schweitzer-Mauduit International Inc. | 139,642 | 9,824 | |
Carpenter Technology Corp. | 352,714 | 9,506 | |
Cabot Corp. | 340,433 | 8,930 | |
HB Fuller Co. | 389,316 | 8,857 | |
Eagle Materials Inc. | 331,787 | 8,643 | |
* | Rockwood Holdings Inc. | 356,142 | 8,391 |
Minerals Technologies Inc. | 149,993 | 8,170 | |
* | OM Group Inc. | 246,078 | 7,724 |
* | Louisiana-Pacific Corp. | 984,068 | 6,869 |
Worthington Industries Inc. | 507,316 | 6,631 | |
Texas Industries Inc. | 189,045 | 6,615 | |
* | Century Aluminum Co. | 386,123 | 6,251 |
Silgan Holdings Inc. | 107,078 | 6,198 | |
Arch Chemicals Inc. | 200,566 | 6,193 | |
* | Hecla Mining Co. | 951,019 | 5,877 |
Ferro Corp. | 646,212 | 5,325 | |
* | PolyOne Corp. | 704,122 | 5,260 |
AMCOL International Corp. | 183,875 | 5,226 | |
Royal Gold Inc. | 108,492 | 5,110 | |
Kaiser Aluminum Corp. | 121,737 | 5,067 | |
* | Clearwater Paper Corp. | 91,011 | 5,003 |
Koppers Holdings Inc. | 163,808 | 4,986 | |
Glatfelter | 364,961 | 4,434 | |
Wausau Paper Corp. | 372,176 | 4,317 | |
Westlake Chemical Corp. | 158,361 | 3,948 | |
A Schulman Inc. | 188,763 | 3,809 | |
Innophos Holdings Inc. | 144,866 | 3,330 | |
* | Buckeye Technologies Inc. | 310,219 | 3,028 |
Spartech Corp. | 246,571 | 2,530 | |
* | Boise Inc. | 473,351 | 2,513 |
Olympic Steel Inc. | 74,099 | 2,414 | |
Myers Industries Inc. | 240,357 | 2,187 | |
Innospec Inc. | 189,745 | 1,915 | |
AM Castle & Co. | 137,480 | 1,882 | |
Neenah Paper Inc. | 117,710 | 1,642 | |
*,^ | China Green Agriculture Inc. | 99,857 | 1,468 |
*,^ | ShengdaTech Inc. | 239,043 | 1,465 |
Deltic Timber Corp. | 29,656 | 1,369 | |
American Vanguard Corp. | 162,949 | 1,352 | |
* | Stillwater Mining Co. | 132,468 | 1,256 |
61
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Graphic Packaging Holding Co. | 345,057 | 1,197 |
^ | Hawkins Inc. | 45,625 | 996 |
409,053 | |||
Telecommunication Services (1.0%) | |||
* | Syniverse Holdings Inc. | 523,209 | 9,146 |
* | Leap Wireless International Inc. | 497,665 | 8,734 |
* | AboveNet Inc. | 101,466 | 6,599 |
* | Cincinnati Bell Inc. | 1,705,084 | 5,882 |
NTELOS Holdings Corp. | 254,705 | 4,539 | |
Iowa Telecommunications Services Inc. | 262,333 | 4,397 | |
Atlantic Tele-Network Inc. | 79,236 | 4,359 | |
Consolidated Communications Holdings Inc. | 189,933 | 3,324 | |
* | Premiere Global Services Inc. | 161,731 | 1,334 |
* | SureWest Communications | 107,809 | 1,074 |
*,^ | TerreStar Corp. | 195,983 | 184 |
* | FiberTower Corp. | 30,156 | 126 |
49,698 | |||
Utilities (6.8%) | |||
AGL Resources Inc. | 619,092 | 22,578 | |
Atmos Energy Corp. | 739,139 | 21,731 | |
Great Plains Energy Inc. | 1,084,411 | 21,027 | |
Westar Energy Inc. | 872,051 | 18,941 | |
Piedmont Natural Gas Co. Inc. | 584,405 | 15,633 | |
Hawaiian Electric Industries Inc. | 733,490 | 15,330 | |
Nicor Inc. | 362,257 | 15,251 | |
Vectren Corp. | 617,120 | 15,231 | |
WGL Holdings Inc. | 401,609 | 13,470 | |
Cleco Corp. | 485,412 | 13,266 | |
New Jersey Resources Corp. | 336,548 | 12,587 | |
Portland General Electric Co. | 602,309 | 12,293 | |
IDACORP Inc. | 378,447 | 12,091 | |
Southwest Gas Corp. | 359,044 | 10,244 | |
Northwest Natural Gas Co. | 212,329 | 9,563 | |
Avista Corp. | 438,092 | 9,458 | |
Unisource Energy Corp. | 286,434 | 9,220 | |
South Jersey Industries Inc. | 238,625 | 9,111 | |
PNM Resources Inc. | 694,337 | 8,783 | |
Black Hills Corp. | 311,087 | 8,284 | |
Allete Inc. | 232,100 | 7,585 | |
NorthWestern Corp. | 287,878 | 7,491 | |
* | El Paso Electric Co. | 360,195 | 7,305 |
MGE Energy Inc. | 185,066 | 6,614 | |
UIL Holdings Corp. | 227,764 | 6,396 | |
California Water Service Group | 157,854 | 5,812 | |
Laclede Group Inc. | 168,634 | 5,695 | |
CH Energy Group Inc. | 126,419 | 5,375 | |
American States Water Co. | 148,095 | 5,244 | |
Empire District Electric Co. | 276,222 | 5,174 | |
SJW Corp. | 111,006 | 2,505 | |
Chesapeake Utilities Corp. | 71,247 | 2,283 | |
Central Vermont Public Service Corp. | 93,482 | 1,944 | |
Middlesex Water Co. | 107,688 | 1,899 | |
Connecticut Water Service Inc. | 68,232 | 1,690 | |
* | China Natural Gas Inc. | 105,921 | 1,178 |
348,282 | |||
Total Common Stocks (Cost $5,034,847) | 5,123,298 |
62
Market | ||||
Value | ||||
Coupon | Shares | ($000) | ||
Convertible Preferred Stocks (0.0%) | ||||
Consumer Discretionary (0.0%) | ||||
2 Sealy Corp. Pfd. (Cost $515) | 8.000% | 8,183 | 700 | |
Temporary Cash Investments (0.9%)1 | ||||
Money Market Fund (0.8%) | ||||
3,4 Vanguard Market Liquidity Fund | 0.187% | 42,020,647 | 42,021 | |
Face | ||||
Maturity | Amount | |||
Date | ($000 ) | |||
U.S. Government and Agency Obligations (0.1%) | ||||
5,6 Federal Home Loan Bank Discount Notes | 0.220% | 3/26/10 | 2,000 | 1,999 |
Total Temporary Cash Investments (Cost $44,020) | 44,020 | |||
Total Investments (100.7%) (Cost $5,079,382) | 5,168,018 | |||
Other Assets and Liabilities—Net (-0.7%)4 | (35,345) | |||
Net Assets (100%) | 5,132,673 |
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $33,270,000.
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 0.7%, respectively, of net
assets.
2 Non-income producing security - new issue that has not paid a dividend as of December 31, 2009.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
4 Includes $36,115,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
6 Securities with a value of $1,999,000 have been segregated as initial margin for open futures contracts.
63
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
December 31, 2009
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard Index Funds and the Shareholders of Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth 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 Index Fund, Vanguard Small-Cap Growth Index Fund and Vanguard Small-Cap Value Index Fund (constituting separate portfolios of Vanguard Index Funds, hereafter referred to as the "Funds") as of December 31, 2009 and for the year then ended and have issued our unqualified report thereon dated February 16, 2010. Our audits included audits of the Funds' schedules of investments as of December 31, 2009. 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 16, 2010
64
© 2010 Vanguard Group. Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA480 022010
Vanguard U.S. Stock Index Funds |
Mid-Capitalization Portfolios |
Annual Report |
December 31, 2009 |
Vanguard Extended Market Index Fund |
Vanguard Mid-Cap Index Fund |
Vanguard Mid-Cap Growth Index Fund |
Vanguard Mid-Cap Value Index Fund |
> All four Vanguard U.S. mid-capitalization index funds closely tracked their target
benchmarks for fiscal-year 2009, with returns ranging from about 37% to
about 43%.
> After falling in early 2009, U.S. stocks rallied to post strong gains for the year.
Mid-size companies—especially growth stocks—did particularly well.
> All ten industry sectors contributed to the fund’s strong showing, led by
information technology and consumer discretionary stocks.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 4 |
Results of Proxy Voting. | 10 |
Extended Market Index Fund. | 13 |
Mid-Cap Index Fund. | 33 |
Mid-Cap Growth Index Fund. | 56 |
Mid-Cap Value Index Fund. | 70 |
Your Fund’s After-Tax Returns. | 86 |
About Your Fund’s Expenses. | 88 |
Glossary. | 91 |
Mid-Cap Index Fund
Mid-Cap Growth Index Fund
Mid-Cap Value Index Fund
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 front of this report. Of course, the
risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
Cover photograph: Veronica Coia.
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2009 | |
Total | |
Returns | |
Vanguard Extended Market Index Fund | |
Investor Shares | 37.43% |
Admiral™ Shares | 37.65 |
Signal® Shares | 37.62 |
Institutional Shares | 37.69 |
ETF Shares | |
Market Price | 38.10 |
Net Asset Value | 37.63 |
S&P Completion Index | 37.67 |
Mid-Cap Core Funds Average | 36.21 |
Mid-Cap Core Funds Average: Derived from data provided by Lipper Inc. | |
Vanguard Mid-Cap Index Fund | |
Investor Shares | 40.22% |
Admiral™ Shares | 40.48 |
Signal® Shares | 40.43 |
Institutional Shares | 40.51 |
ETF Shares | |
Market Price | 40.68 |
Net Asset Value | 40.49 |
MSCI US Mid Cap 450 Index | 40.49 |
Mid-Cap Core Funds Average | 36.21 |
Mid-Cap Core Funds Average: Derived from data provided by Lipper Inc. |
Admiral Shares are a lower-cost class of shares available to many longtime shareholders and to those with significant investments in the
fund. Signal Shares also carry lower costs and are available to certain institutional shareholders who meet specific administrative, service,
and account-size criteria. Institutional Shares are available for a minimum initial investment of $5 million. These Vanguard ETF Shares are
traded on the NYSE Arca exchange and are available only through brokers. The table shows the ETF returns based on both the NYSE Arca
market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138.
1
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2009 | |
Total | |
Returns | |
Vanguard Mid-Cap Growth Index Fund | |
Investor Shares | 42.54% |
ETF Shares | |
Market Price | 43.10 |
Net Asset Value | 42.85 |
MSCI US Mid Cap Growth Index | 43.01 |
Mid-Cap Growth Funds Average | 40.12 |
Mid-Cap Growth Funds Average: Derived from data provided by Lipper Inc. | |
Vanguard Mid-Cap Value Index Fund | |
Investor Shares | 37.61% |
ETF Shares | |
Market Price | 37.98 |
Net Asset Value | 37.75 |
MSCI US Mid Cap Value Index | 37.84 |
Mid-Cap Value Funds Average | 36.14 |
Mid-Cap Value Funds Average: Derived from data provided by Lipper Inc. |
Admiral Shares are a lower-cost class of shares available to many longtime shareholders and to those with significant investments in the
fund. Signal Shares also carry lower costs and are available to certain institutional shareholders who meet specific administrative, service,
and account-size criteria. Institutional Shares are available for a minimum initial investment of $5 million. These Vanguard ETF Shares are
traded on the NYSE Arca exchange and are available only through brokers. The table shows the ETF returns based on both the NYSE Arca
market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138.
2
Your Fund’s Performance at a Glance
December 31, 2008 , Through December 31, 2009 | ||||
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Extended Market Index Fund | ||||
Investor Shares | $24.01 | $32.67 | $0.326 | $0.000 |
Admiral Shares | 24.01 | 32.67 | 0.375 | 0.000 |
Signal Shares | 20.64 | 28.08 | 0.321 | 0.000 |
Institutional Shares | 24.02 | 32.68 | 0.388 | 0.000 |
ETF Shares | 31.67 | 43.09 | 0.494 | 0.000 |
Vanguard Mid-Cap Index Fund | ||||
Investor Shares | $11.80 | $16.36 | $0.182 | $0.000 |
Admiral Shares | 53.49 | 74.23 | 0.897 | 0.000 |
Signal Shares | 16.89 | 23.43 | 0.283 | 0.000 |
Institutional Shares | 11.82 | 16.40 | 0.205 | 0.000 |
ETF Shares | 43.21 | 59.97 | 0.730 | 0.000 |
Vanguard Mid-Cap Growth Index Fund | ||||
Investor Shares | $13.43 | $19.05 | $0.093 | $0.000 |
ETF Shares | 34.12 | 48.45 | 0.290 | 0.000 |
Vanguard Mid-Cap Value Index Fund | ||||
Investor Shares | $12.92 | $17.45 | $0.321 | $0.000 |
ETF Shares | 32.80 | 44.31 | 0.864 | 0.000 |
3
Chairman’s Letter
Dear Shareholder,
After a bearish start to the year, stock prices turned around dramatically in March and rose through the rest of 2009 as investors reacted positively to signs that the economy was finally on the mend. Throughout the market’s decline and subsequent rebound, Vanguard’s four U.S. mid-capitalization index funds met their primary objective of closely tracking their target indexes.
The returns of the funds’ various share classes ranged between about 37% and 43%—excellent results that reflected the fact that the mid-cap segment of the market performed particularly well in 2009. Although the Extended Market Index Fund invests across the mid-cap market, it also invests in small-cap stocks, so its returns were a bit lower than those of the three other funds, which focus entirely on mid-cap companies.
If you own shares of the fund in a taxable account, you may wish to review the discussion on the fund’s after-tax returns that appears later in this report.
Impressive stock returns masked lingering uncertainties
For the 12 months ended December 31, 2009, the broad U.S. stock market returned more than 29%, its highest calendar-year return since 2003. The year began with the market searching for a
4
bottom, and it finally hit a low point in early March. From there, stocks mounted one of their strongest rallies ever—in magnitude and duration—resulting in a check mark-shaped stock chart for 2009.
The market’s outsized result came against a backdrop of economic uncertainty. The economy, which struggled to regain its footing as the financial crisis abated, began to show signs of growth in the second half of the year, even as unemployment climbed to levels not seen since 1983.
Stock markets outside the United States fared even better during 2009, especially many emerging markets, which weathered
the financial crisis in relatively better fiscal and economic shape than their developed-market counterparts.
Bond markets calmed down, money market funds endured
Compared with the last months of 2008, when credit markets seized up and investors fled to the safety of U.S. Treasuries, 2009 represented a return to normalcy for bonds. Investors’ appetite for risk returned, and the demand for corporate bonds increased, raising their prices and bringing down their yields. For the 12 months ended December 31, the broad taxable bond market returned about 6%, while municipal bonds returned about 13%.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2009 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 28.43% | -5.36% | 0.79% |
Russell 2000 Index (Small-caps) | 27.17 | -6.07 | 0.51 |
Dow Jones U.S. Total Stock Market Index | 29.35 | -5.01 | 1.09 |
MSCI All Country World Index ex USA (International) | 42.14 | -3.04 | 6.30 |
Bonds | |||
Barclays Capital U.S. Aggregate Bond Index (Broad | |||
taxable market) | 5.93% | 6.04% | 4.97% |
Barclays Capital Municipal Bond Index | 12.91 | 4.41 | 4.32 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.16 | 2.22 | 2.88 |
CPI | |||
Consumer Price Index | 2.72% | 2.28% | 2.56% |
5
Meanwhile, money market funds and other short-term savings vehicles did poorly in 2009. Interest rates at the shortest end of the maturity spectrum remained at historic lows, a casualty of the Federal Reserve Board’s efforts to revive the economy. The Fed kept its target for the federal funds rate between 0% and 0.25% for the entire year.
Broad-based recovery lifted mid-cap funds’ returns
From the year’s start through early March, stock indexes across the market’s capitalization spectrum continued their decline from 2008; they then reversed course suddenly and gained steadily through the rest of the year. The market’s recovery was broad-based, with all ten industry sectors in our four mid-cap index
funds posting yearly gains, a direct contrast to 2008, when all ten sectors recorded substantial losses.
Information technology companies, which are among the largest weightings in three of our four mid-cap index funds, returned 64% or more in each of the four funds. The sector was powered by renewed IT spending by corporations, which had slashed their budgets during the financial crisis. Business purchases of communications equipment, computer hardware, and computer software were expected to continue to rise, as was consumer spending for home computers and electronic components. This performance by IT proved to be the leading contributor to the year’s gains in all the funds except Mid-Cap Value
Expense Ratios | ||||||
Your Fund Compared With Its Peer Group | ||||||
Peer | ||||||
Investor | Admiral | Signal | Institutional | ETF | Group | |
Shares | Shares | Shares | Shares | Shares | Average | |
Extended Market Index Fund | 0.30% | 0.15% | 0.15% | 0.09% | 0.15% | 1.30% |
Mid-Cap Index Fund | 0.27 | 0.15 | 0.15 | 0.09 | 0.15 | 1.30 |
Mid-Cap Growth Index Fund | 0.30 | — | — | — | 0.15 | 1.49 |
Mid-Cap Value Index Fund | 0.30 | — | — | — | 0.15 | 1.41 |
The fund expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year
based on the funds’ net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the expense ratios were: for the
Extended Market Index Fund, 0.30% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.08% for Institutional Shares,
and 0.13% for ETF Shares; for the Mid-Cap Index Fund, 0.27% for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.08%
for Institutional Shares, and 0.14% for ETF Shares; for the Mid-Cap Growth Index Fund, 0.30% for Investor Shares and 0.14% for ETF Shares;
and for the Mid-Cap Value Index Fund, 0.30% for Investor Shares and 0.14% for ETF Shares. The peer-group expense ratios are derived from
data provided by Lipper Inc. and capture information through year-end 2008.
Peer groups: for both the Extended Market Index Fund and the Mid-Cap Index Fund, Mid-Cap Core Funds; for the Mid-Cap Growth Index Fund,
Mid-Cap Growth Funds; and for the Mid-Cap Value Index Fund, Mid-Cap Value Funds.
6
Index, where tech stocks have a much smaller presence. Even in that fund, however, information technology was the second-best contributor to the fund’s performance.
The other most significant gains came from the consumer discretionary sector. These stocks—representing restaurants, specialty stores, media companies, and the like—suffered acutely in the bear
market as consumers cut back on nonessentials. As the recession eased, investors anticipated renewed discretionary spending. Returns in this sector in the mid-cap arena ranged from 42% in the Mid-Cap Growth Index Fund to 63% in its value counterpart.
Returns were not as robust among financial stocks, where the effects of the credit crisis lingered. Financials, including
Total Returns
Ten Years Ended December 31, 2009
Average | |
Annual Return | |
Extended Market Index Fund Investor Shares | 1.71% |
Spliced Extended Market Index | 1.72 |
Mid-Cap Core Funds Average | 3.72 |
Spliced Extended Market Index: Dow Jones Wilshire 4500 Index through June 17, 2005; S&P Transitional Completion Index through
September 16, 2005; S&P Completion Index thereafter.
Mid-Cap Core Funds Average: Derived from data provided by Lipper Inc.
Mid-Cap Index Fund Investor Shares | 6.13% |
Spliced Mid-Cap Index | 6.13 |
Mid-Cap Core Funds Average | 3.72 |
Spliced Mid-Cap Index: S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index thereafter.
Mid-Cap Core Funds Average: Derived from data provided by Lipper Inc.
Mid-Cap Growth Index Fund Investor Shares (Returns since inception: 8/24/2006) | -0.99% |
MSCI US Mid Cap Growth Index | -0.85 |
Mid-Cap Growth Funds Average | -0.12 |
Mid-Cap Growth Funds Average: Derived from data provided by Lipper Inc. |
Mid-Cap Value Index Fund Investor Shares (Returns since inception: 8/24/2006) | -1.92% |
MSCI US Mid Cap Value Index | -1.78 |
Mid-Cap Value Funds Average | -1.55 |
Mid-Cap Value Funds Average: Derived from data provided by Lipper Inc. |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
7
banks and real estate and insurance companies, represent the largest sector in the two funds with the broadest portfolios—the Extended Market Index and Mid-Cap Index Funds—but these stocks posted some of the least impressive returns. Nonetheless, with returns for financials ranging from 8% in the Extended Market Index Fund to 26% in the Mid-Cap Growth Index Fund, the turnaround in this sector was a welcome sign that the economy was healing.
Among other sectors, energy stocks did especially well as increased demand for oil, natural gas, and other energy sources helped prices rebound from their lows at the recession’s depth. Although they represent a relatively small slice of the market, energy stocks’ returns were so robust—ranging from 56% to 71% in the four funds—that they contributed outsized gains to the funds’ bottom lines.
A look at the long-term record of our mid-cap index funds
After volatile years like 2008 and 2009, it can be helpful to step back and take a longer view of any stock fund’s performance. As shown in the table on page 7, our four mid-cap index funds have done quite well in tracking their benchmarks—which is, after all, the primary objective of an index fund.
In fact, for the two funds that have been operating for more than ten years, the ten-year average annual return is nearly identical to that of their target indexes. This is a credit to the fund’s advisor, Vanguard Quantitative Equity Group, which has more than 30 years of index-tracking experience.
These long-tenured professionals have developed sophisticated portfolio construction and trading methodologies to help Vanguard deliver superior index-fund management in a variety of different marketplaces and all market environments. The group’s efforts are made easier, of course, by the funds’ low operating expenses.
You’ll note that the Mid-Cap Index Fund outperformed its peers over the past decade, a gratifying result for investors who believe in the inherent benefits of index investing. Meanwhile, the Extended Market Index Fund’s ten-year average annual return is lower than the peer-group average. As mentioned before, this fund includes a broad sampling of small-cap stocks as well as mid-caps, and small-caps didn’t perform as well over the past ten years. Of course, there’s no way of knowing whether mid- or small-cap stocks will outperform in the years ahead, and the Extended Market Index Fund can be a good choice for investors looking for broad exposure to both market segments.
The two newer funds, which cover the growth and value segments of the mid-cap universe, have been operating only since 2006, so their long-term record has not yet fully materialized.
Putting a tough decade for stocks in perspective
Equity returns for the past decade have served as a forceful reminder that the stock market sometimes fails to live up to its historical long-term averages and can
8
even underperform other asset classes, like fixed income securities, over longer periods, as it did in the past ten years.
However, we believe the case for long-term equity investing remains sound. History shows us that the U.S. economy and stock market have been resilient over the years and have overcome many crises, including the Great Depression and two World Wars. The inherent risks in the stock market are why we expect stocks to outperform less risky assets over most long-term periods. In other words, investors can reasonably expect higher long-term returns when taking on more risk.
Of course, nobody knows whether this faith in stocks will be rewarded in 2010 as it was in 2009, because the market’s twists and turns are impossible to predict with certainty. But while we can’t control the markets, we can control how we react to the market’s inevitable volatility and cyclical shifts. Besides diversifying among asset classes, it is valuable to diversify within each asset type—for example, between growth and value stocks, and among stocks of large-, mid-, and small-capitalizations. Vanguard’s mid-cap index
funds can help you stay invested in the mid-cap arena in a diversified, low-cost, and tax-efficient way.
On another matter, I would like to inform you that on January 1, 2010, we completed a leadership transition that began in March 2008. I succeeded Jack Brennan as chairman of Vanguard and each of the funds. Jack has agreed to serve as chairman emeritus and senior advisor.
Under Jack’s leadership, Vanguard has grown to become a preeminent firm in the mutual fund industry. Jack’s energy, his relentless pursuit of perfection, and his unwavering focus on always doing the right thing for our clients are evident in every facet of Vanguard policy today.
Thank you for your entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
January 14, 2010
Results of Proxy Voting
At a special meeting of shareholders on July 2, 2009, fund shareholders approved the following two proposals:
Proposal 1—Elect trustees for each fund.*
The individuals listed in the table below were elected as trustees for each fund. All trustees with the exception of Messrs. McNabb and Volanakis (both of whom already served as directors of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Extended Market Index Fund, Mid-Cap Index Fund, Mid-Cap Growth Index Fund, Mid-Cap Value Index Fund
Percentage | |||
Trustee | For | Withheld | For |
John J. Brennan | 5,783,728,017 | 132,330,913 | 97.7% |
Charles D. Ellis | 5,728,724,219 | 187,334,711 | 96.8% |
Emerson U. Fullwood | 5,780,086,736 | 135,972,194 | 97.7% |
Rajiv L. Gupta | 5,775,585,512 | 140,473,418 | 97.6% |
Amy Gutmann | 5,783,328,789 | 132,730,141 | 97.7% |
JoAnn Heffernan Heisen | 5,774,973,685 | 141,085,245 | 97.6% |
F. William McNabb III | 5,787,447,014 | 128,611,916 | 97.8% |
André F. Perold | 5,773,103,389 | 142,955,541 | 97.5% |
Alfred M. Rankin, Jr. | 5,776,127,477 | 139,931,453 | 97.6% |
Peter F. Volanakis | 5,791,986,958 | 124,071,972 | 97.9% |
* Results are for all funds within the same trust. |
Proposal 2—Update and standardize the funds’ fundamental policies regarding:
(a) Purchasing and selling real estate.
(b) Issuing senior securities.
(c) Borrowing money.
(d) Making loans.
(e) Purchasing and selling commodities.
(f) Concentrating investments in a particular industry or group of industries.
(g) Eliminating outdated fundamental investment policies not required by law.
The revised fundamental policies are clearly stated and simple, yet comprehensive, making oversight and compliance more efficient than under the former policies. The revised fundamental policies will allow the funds to respond more quickly to regulatory and market changes, while avoiding the costs and delays associated with successive shareholder meetings.
10
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Extended Market Index Fund | |||||
2a | 236,812,297 | 3,797,640 | 6,791,478 | 21,688,216 | 88.0% |
2b | 235,715,205 | 4,136,068 | 7,550,148 | 21,688,210 | 87.6% |
2c | 232,753,197 | 4,045,556 | 10,602,667 | 21,688,211 | 86.5% |
2d | 235,067,744 | 4,029,787 | 8,303,885 | 21,688,216 | 87.4% |
2e | 234,795,163 | 3,882,543 | 8,723,712 | 21,688,213 | 87.3% |
2f | 236,125,115 | 4,059,957 | 7,216,350 | 21,688,209 | 87.7% |
2g | 237,292,685 | 3,952,026 | 6,156,708 | 21,688,213 | 88.2% |
Mid-Cap Index Fund | |||||
2a | 460,157,871 | 6,868,376 | 12,483,281 | 68,941,261 | 83.9% |
2b | 456,878,689 | 7,605,277 | 15,025,557 | 68,941,267 | 83.3% |
2c | 445,102,379 | 7,466,066 | 26,941,078 | 68,941,267 | 81.2% |
2d | 450,141,589 | 7,460,332 | 21,907,604 | 68,941,265 | 82.1% |
2e | 450,050,641 | 7,085,303 | 22,373,581 | 68,941,265 | 82.1% |
2f | 452,589,913 | 7,205,935 | 19,713,674 | 68,941,267 | 82.5% |
2g | 454,421,266 | 7,060,161 | 18,028,094 | 68,941,269 | 82.9% |
Mid-Cap Growth Index Fund | |||||
2a | 19,458,937 | 461,377 | 323,474 | 2,773,339 | 84.5% |
2b | 19,427,889 | 490,520 | 325,378 | 2,773,340 | 84.4% |
2c | 19,314,643 | 471,732 | 457,412 | 2,773,339 | 83.9% |
2d | 19,312,858 | 496,905 | 434,026 | 2,773,338 | 83.9% |
2e | 19,228,998 | 476,864 | 537,928 | 2,773,337 | 83.5% |
2f | 19,432,867 | 460,397 | 350,522 | 2,773,340 | 84.4% |
2g | 19,433,832 | 479,684 | 330,270 | 2,773,341 | 84.4% |
Mid-Cap Value Index Fund | |||||
2a | 14,453,556 | 542,390 | 710,408 | 2,789,991 | 78.1% |
2b | 14,408,546 | 580,844 | 716,963 | 2,789,993 | 77.9% |
2c | 14,314,571 | 560,128 | 831,656 | 2,789,991 | 77.4% |
2d | 14,320,665 | 568,802 | 816,886 | 2,789,992 | 77.4% |
2e | 14,225,799 | 548,290 | 932,266 | 2,789,990 | 76.9% |
2f | 14,403,887 | 547,096 | 755,373 | 2,789,990 | 77.9% |
2g | 14,833,349 | 581,343 | 291,662 | 2,789,992 | 80.2% |
11
Fund shareholders did not approve this proposal:
Proposal 3—Institute procedures to prevent holding investments in companies that, in the judgment of the board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.
The trustees recommended a vote against the proposal because it called for procedures that duplicate existing practices and procedures of the Vanguard funds.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Extended Market Index Fund | 26,166,233 | 5,409,212 | 215,486,392 | 22,027,794 | 9.7% |
12
Extended Market Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics | |||||
Investor | Admiral | Signal | Institutional | ETF | |
Shares | Shares | Shares | Shares | Shares | |
Ticker Symbol | VEXMX | VEXAX | VEMSX | VIEIX | VXF |
Expense Ratio1 | 0.30% | 0.15% | 0.15% | 0.09% | 0.15% |
30-Day SEC Yield | 1.12% | 1.27% | 1.27% | 1.31% | 1.27% |
Portfolio Characteristics | |||
DJ | |||
S&P | U.S. Total | ||
Completion | Market | ||
Fund | Index | Index | |
Number of Stocks | 3,012 | 3,465 | 4,201 |
Median Market Cap | $2.0B | $2.0B | $30.7B |
Price/Earnings Ratio | 301.7x | 303.3x | 35.7x |
Price/Book Ratio | 1.9x | 1.9x | 2.1x |
Return on Equity | 11.7% | 11.7% | 19.3% |
Earnings Growth Rate | 6.2% | 6.2% | 8.1% |
Dividend Yield | 1.1% | 1.1% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 17% | — | — |
Short-Term Reserves | -0.1% | — | — |
Volatility Measures | ||
DJ | ||
S&P | U.S. Total | |
Completion | Market | |
Index | Index | |
R-Squared | 1.00 | 0.95 |
Beta | 1.00 | 1.18 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Crown Castle | Integrated | |
International Corp. | telecommunication | |
servies | 0.5% | |
Mosaic Co. | Fertilizers & | |
Agricultural | ||
Chemicals | 0.5 | |
Delta Air Lines Inc. | Airlines | 0.4 |
Bunge Ltd. | Agricultural | |
Products | 0.4 | |
Vertex Pharmaceuticals | Biotechnology | |
Inc. | 0.4 | |
Discovery | Broadcasting | |
Communications Inc. | 0.4 | |
BlackRock Inc. | Asset Management | |
& Custody Banks | 0.4 | |
Ultra Petroleum Corp. | Oil & Gas | |
Exploration & | ||
Production | 0.4 | |
Petrohawk Energy Corp. | Oil & Gas | |
Exploration & | ||
Production | 0.3 | |
Newfield Exploration Co. | Oil & Gas | |
Exploration & | ||
Production | 0.3 | |
Top Ten | 4.0% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based
on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.30% for
Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.08% for Institutional Shares, and 0.13% for ETF Shares.
13
Extended Market Index Fund
Sector Diversification (% of equity exposure)
DJ | |||
S&P | U.S. Total | ||
Completion | Market | ||
Fund | Index | Index | |
Consumer | |||
Discretionary | 13.8% | 13.7% | 10.3% |
Consumer Staples | 3.6 | 3.6 | 9.9 |
Energy | 7.2 | 7.2 | 10.6 |
Financials | 18.3 | 18.4 | 16.0 |
Health Care | 12.8 | 12.9 | 12.6 |
Industrials | 15.0 | 15.0 | 10.6 |
Information | |||
Technology | 16.0 | 15.9 | 19.3 |
Materials | 6.4 | 6.4 | 4.0 |
Telecommunication | |||
Services | 2.0 | 2.0 | 2.9 |
Utilities | 4.9 | 4.9 | 3.8 |
Investment Focus
14
Extended Market Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: December 31, 1999, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2009 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Extended Market Index Fund Investor | |||||
Shares | 37.43% | 2.06% | 1.71% | $11,853 | |
•••••••• | Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 9,828 | |
Spliced Extended Market Index | 36.21 | 1.71 | 3.72 | 14,406 | |
– – – – | Mid-Cap Core Funds Average | 37.67 | 2.07 | 1.72 | 11,861 |
Spliced Extended Market Index: Dow Jones Wilshire 4500 Index through June 17, 2005; S&P Transitional Completion Index through
September 16, 2005; S&P Completion Index thereafter.
Mid-Cap Core Funds Average: Derived from data provided by Lipper Inc.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
15
Extended Market Index Fund | ||||
Since | Final Value | |||
One | Five | Inception | of a $100,000 | |
Year | Years | (11/13/2000) | Investment | |
Extended Market Index Fund | ||||
Admiral Shares | 37.65% | 2.21% | 3.40% | $135,687 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | 0.79 | 107,434 |
Spliced Extended Market Index | 37.67 | 2.07 | 3.31 | 134,634 |
Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception. | ||||
Since | Final Value | |||
One | Inception | of a $1,000,000 | ||
Year | (9/1/2006) | Investment | ||
Extended Market Index Fund Signal | ||||
Shares | 37.62% | -1.07% | $964,870 | |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | -1.96 | 936,049 | |
S&P Completion Index | 37.67 | -1.21 | 960,147 | |
Performance for the fund’s Signal Shares and comparative standards is calculated since the Signal Shares’ inception. | ||||
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Extended Market Index Fund | ||||
Institutional Shares | 37.69% | 2.25% | 1.89% | $6,028,835 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 4,913,789 |
Spliced Extended Market Index | 37.67 | 2.07 | 1.72 | 5,930,607 |
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (12/27/2001) | Investment | |
Extended Market Index Fund | ||||
ETF Shares Net Asset Value | 37.63% | 2.23% | 5.72% | $15,613 |
Dow Jones U.S. Total Stock Market Index | 29.35 | 1.09 | 2.63 | 12,312 |
Spliced Extended Market Index | 37.67 | 2.07 | 5.67 | 15,551 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
For more information about how the ETF Shares' market prices have compared with their net asset value, visit www.vanguard.com, select your ETF, and then select the Performance tab. The Premium/Discount table there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide information about current fees.
16
Extended Market Index Fund
Cumulative Returns of ETF Shares: December 27, 2001, Through December 31, 2009
One | Five | Since | |
Year | Years | Inception | |
Extended Market Index Fund | |||
ETF Shares Market Price | 38.10% | 11.74% | 56.08% |
Extended Market Index Fund | |||
ETF Shares Net Asset Value | 37.63 | 11.66 | 56.13 |
Spliced Extended Market Index | 37.67 | 10.78 | 55.51 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
Fiscal-Year Total Returns (%): December 31, 1999, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
17
Extended Market Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2009
This Statement summarizes the fund’s holdings by asset type. 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.
The fund reports a complete list of its holdings in regulatory filings 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 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).
Market | Percentage | ||
Value • | of Net | ||
Shares | ($000) | Assets | |
Common Stocks | |||
Consumer Discretionary | |||
Cablevision Systems Corp. Class A | 1,487,434 | 38,406 | 0.3% |
* CarMax Inc. | 1,333,409 | 32,335 | 0.3% |
* Las Vegas Sands Corp. | 1,865,473 | 27,870 | 0.2% |
* Urban Outfitters Inc. | 779,008 | 27,258 | 0.2% |
DISH Network Corp. Class A | 1,262,449 | 26,221 | 0.2% |
* Liberty Global Inc. | 1,197,260 | 26,160 | 0.2% |
* Discovery Communications Inc. | 978,231 | 25,943 | 0.2% |
* Dollar Tree Inc. | 530,631 | 25,629 | 0.2% |
* NVR Inc. | 35,670 | 25,351 | 0.2% |
Consumer Discretionary—Other † | 1,454,601 | 11.6% | |
1,709,774 | 13.6% | ||
Consumer Staples | |||
Bunge Ltd. | 805,958 | 51,444 | 0.4% |
* Energizer Holdings Inc. | 419,359 | 25,698 | 0.2% |
Church & Dwight Co. Inc. | 422,860 | 25,562 | 0.2% |
Consumer Staples—Other † | 346,227 | 2.8% | |
448,931 | 3.6% | ||
Energy | |||
* Ultra Petroleum Corp. | 910,331 | 45,389 | 0.4% |
* Petrohawk Energy Corp. | 1,808,397 | 43,383 | 0.3% |
* Newfield Exploration Co. | 798,646 | 38,519 | 0.3% |
* Pride International Inc. | 1,049,072 | 33,476 | 0.3% |
* Alpha Natural Resources Inc. | 727,102 | 31,542 | 0.3% |
Cimarex Energy Co. | 501,990 | 26,590 | 0.2% |
Helmerich & Payne Inc. | 634,543 | 25,306 | 0.2% |
Energy—Other † | 646,125 | 5.1% | |
890,330 | 7.1% | ||
Financials | |||
BlackRock Inc. | 195,999 | 45,511 | 0.4% |
New York Community Bancorp Inc. | 2,499,504 | 36,268 | 0.3% |
Everest Re Group Ltd. | 358,613 | 30,726 | 0.2% |
18
Extended Market Index Fund
Market | Percentage | ||
Value • | of Net | ||
Shares | ($000) | Assets | |
* TD Ameritrade Holding Corp. | 1,518,651 | 29,431 | 0.2% |
Financials—Other † | 2,130,898 | 17.0% | |
2,272,834 | 18.1% | ||
Health Care | |||
* Vertex Pharmaceuticals Inc. | 1,158,210 | 49,629 | 0.4% |
* Cerner Corp. | 407,296 | 33,577 | 0.3% |
* Human Genome Sciences Inc. | 1,084,851 | 33,196 | 0.3% |
* Edwards Lifesciences Corp. | 340,094 | 29,537 | 0.2% |
* Henry Schein Inc. | 543,867 | 28,607 | 0.2% |
Beckman Coulter Inc. | 416,726 | 27,271 | 0.2% |
* Alexion Pharmaceuticals Inc. | 532,430 | 25,993 | 0.2% |
Health Care—Other † | 1,361,061 | 10.9% | |
1,588,871 | 12.7% | ||
Industrials | |||
* Delta Air Lines Inc. | 4,685,455 | 53,320 | 0.4% |
* McDermott International Inc. | 1,383,558 | 33,219 | 0.3% |
Joy Global Inc. | 615,060 | 31,731 | 0.3% |
Manpower Inc. | 471,650 | 25,743 | 0.2% |
Bucyrus International Inc. Class A | 451,682 | 25,461 | 0.2% |
Industrials—Other † | 1,695,618 | 13.5% | |
1,865,092 | 14.9% | ||
Information Technology | |||
* Activision Blizzard Inc. | 3,354,240 | 37,266 | 0.3% |
Maxim Integrated Products Inc. | 1,834,726 | 37,245 | 0.3% |
* Cree Inc. | 622,909 | 35,113 | 0.3% |
* Lam Research Corp. | 764,988 | 29,995 | 0.2% |
* Avnet Inc. | 909,333 | 27,426 | 0.2% |
Global Payments Inc. | 487,118 | 26,236 | 0.2% |
* F5 Networks Inc. | 476,497 | 25,245 | 0.2% |
Information Technology—Other † | 1,763,358 | 14.1% | |
1,981,884 | 15.8% | ||
Materials | |||
Mosaic Co. | 962,833 | 57,510 | 0.5% |
Lubrizol Corp. | 410,334 | 29,934 | 0.2% |
Celanese Corp. Class A | 863,215 | 27,709 | 0.2% |
Materials—Other † | 675,124 | 5.4% | |
790,277 | 6.3% | ||
Telecommunication Services | |||
* Crown Castle International Corp. | 1,505,286 | 58,766 | 0.5% |
* NII Holdings Inc. | 999,122 | 33,550 | 0.3% |
Telecommunication Services—Other † | 153,330 | 1.2% | |
245,646 | 2.0% | ||
Utilities | |||
* NRG Energy Inc. | 1,541,318 | 36,391 | 0.3% |
Oneok Inc. | 634,107 | 28,262 | 0.2% |
MDU Resources Group Inc. | 1,113,730 | 26,284 | 0.2% |
Utilities—Other † | 517,647 | 4.1% | |
608,584 | 4.8% | ||
Total Common Stocks (Cost $12,111,726) | 12,402,223 | 98.9%1 | |
Convertible Preferred Stocks | |||
Consumer Discretionary † | 492 | 0.0% | |
Total Convertible Preferred Stocks (Cost $633) | 492 | 0.0% |
19
Extended Market Index Fund
Market | Percentage | |||
Value • | of Net | |||
Coupon | Shares | ($000) | Assets | |
Temporary Cash Investments | ||||
Money Market Fund | ||||
2,3 Vanguard Market Liquidity Fund | 0.187% | 271,943,860 | 271,944 | 2.1% |
4U.S. Government and Agency Obligations † | 6,993 | 0.1% | ||
Total Temporary Cash Investments (Cost $278,936) | 278,937 | 2.2%1 | ||
5Total Investments (Cost $12,391,295) | 12,681,652 | 101.1% | ||
Other Assets and Liabilities | ||||
Other Assets | 88,360 | 0.7% | ||
Liabilities3 | (224,103) | (1.8%) | ||
(135,743) | (1.1%) | |||
Net Assets | 12,545,909 | 100.0% | ||
At December 31, 2009, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 13,952,506 | |||
Overdistributed Net Investment Income | (20,862) | |||
Accumulated Net Realized Losses | (1,677,778) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 290,357 | |||
Futures Contracts | 1,686 | |||
Net Assets | 12,545,909 |
20
Extended Market Index Fund
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 131,904,271 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 4,309,262 |
Net Asset Value Per Share—Investor Shares | $32.67 |
Admiral Shares—Net Assets | |
Applicable to 70,410,211 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 2,300,482 |
Net Asset Value Per Share—Admiral Shares | $32.67 |
Signal Shares—Net Assets | |
Applicable to 59,160,644 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,661,174 |
Net Asset Value Per Share—Signal Shares | $28.08 |
Institutional Shares—Net Assets | |
Applicable to 106,921,351 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,494,072 |
Net Asset Value Per Share—Institutional Shares | $32.68 |
ETF Shares—Net Assets | |
Applicable to 18,125,008 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 780,919 |
Net Asset Value Per Share—ETF Shares | $43.09 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent
1% or less of net assets.
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 99.8% and 1.3%, respectively, of
net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 Includes $178,285,000 of collateral received for securities on loan.
4 Securities with a value of $6,993,000 have been segregated as initial margin for open futures contracts.
5 The total value of securities on loan is $153,127,000.
See accompanying Notes, which are an integral part of the Financial Statements.
21
Extended Market Index Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 133,065 |
Interest1 | 275 |
Security Lending | 15,999 |
Total Income | 149,339 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 420 |
Management and Administrati ve—Investor Shares | 8,823 |
Management and Administrati ve—Admiral Shares | 1,781 |
Management and Administrati ve—Signal Shares | 1,196 |
Management and Administrati ve—Institutional Shares | 1,068 |
Management and Administrati ve—ETF Shares | 480 |
Marketing and Distribution& #151;Investor Shares | 818 |
Marketing and Distribution& #151;Admiral Shares | 367 |
Marketing and Distribution& #151;Signal Shares | 372 |
Marketing and Distribution& #151;Institutional Shares | 824 |
Marketing and Distribution& #151;ETF Shares | 184 |
Custodian Fees | 573 |
Auditing Fees | 30 |
Shareholders’ Reports and Proxies—Investor Shares | 339 |
Shareholders’ Reports and Proxies—Admiral Shares | 28 |
Shareholders’ Reports and Proxies—Signal Shares | 38 |
Shareholders’ Reports and Proxies—Institutional Shares | 46 |
Shareholders’ Reports and Proxies—ETF Shares | 75 |
Trustees’ Fees and Expenses | 20 |
Total Expenses | 17,482 |
Net Investment Income | 131,857 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 87,635 |
Futures Contracts | 9,728 |
Realized Net Gain (Loss) | 97,363 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 3,235,349 |
Futures Contracts | (1,823) |
Change in Unrealized Appreciation (Depreciation) | 3,233,526 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,462,746 |
1 Interest income from an affiliated company of the fund was $212,000.
See accompanying Notes, which are an integral part of the Financial Statements.
22
Extended Market Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 131,857 | 158,203 |
Realized Net Gain (Loss) | 97,363 | (257,426) |
Change in Unrealized Appreciation (Depreciation) | 3,233,526 | (5,332,324) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,462,746 | (5,431,547) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (42,559) | (52,024) |
Admiral Shares | (26,111) | (31,634) |
Signal Shares | (18,811) | (24,173) |
Institutional Shares | (40,612) | (46,301) |
ETF Shares | (8,825) | (9,379) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (136,918) | (163,511) |
Capital Share Transactions | ||
Investor Shares | 109,190 | (145,336) |
Admiral Shares | 9,913 | 17,030 |
Signal Shares | (12,766) | (27,503) |
Institutional Shares | 101,830 | 623,997 |
ETF Shares | 70,227 | 190,528 |
Net Increase (Decrease) from Capital Share Transactions | 278,394 | 658,716 |
Total Increase (Decrease) | 3,604,222 | (4,936,342) |
Net Assets | ||
Beginning of Period | 8,941,687 | 13,878,029 |
End of Period1 | 12,545,909 | 8,941,687 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($20,862,000) and ($15,801,000).
See accompanying Notes, which are an integral part of the Financial Statements.
23
Extended Market Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $24.01 | $39.89 | $38.68 | $34.26 | $31.36 |
Investment Operations | |||||
Net Investment Income | .316 | .392 | .453 | .447 | .350 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 8.670 | (15.862) | 1.214 | 4.440 | 2.880 |
Total from Investment Operations | 8.986 | (15.470) | 1.667 | 4.887 | 3.230 |
Distributions | |||||
Dividends from Net Investment Income | (.326) | (.410) | (.457) | (.467) | (.330) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.326) | (.410) | (.457) | (.467) | (.330) |
Net Asset Value, End of Period | $32.67 | $24.01 | $39.89 | $38.68 | $34.26 |
Total Return1 | 37.43% | -38.73% | 4.33% | 14.27% | 10.29% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,309 | $3,080 | $5,254 | $6,172 | $5,441 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.30% | 0.25% | 0.24% | 0.25% | 0.25% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.16% | 1.22% | 1.13% | 1.22% | 1.12% |
Portfolio Turnover Rate2 | 17% | 13% | 14% | 16% | 27%3 |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 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 ETF Creation Units.
3 Includes activity related to a change in the fund’s target index.
See accompanying Notes, which are an integral part of the Financial Statements.
24
Extended Market Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $24.01 | $39.90 | $38.70 | $34.28 | $31.36 |
Investment Operations | |||||
Net Investment Income | .362 | .443 | .510 | .503 | .409 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 8.673 | (15.881) | 1.214 | 4.440 | 2.880 |
Total from Investment Operations | 9.035 | (15.438) | 1.724 | 4.943 | 3.289 |
Distributions | |||||
Dividends from Net Investment Income | (.375) | (.452) | (.524) | (.523) | (.369) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.375) | (.452) | (.524) | (.523) | (.369) |
Net Asset Value, End of Period | $32.67 | $24.01 | $39.90 | $38.70 | $34.28 |
Total Return | 37.65% | -38.63% | 4.48% | 14.43% | 10.47% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,300 | $1,705 | $2,811 | $3,137 | $2,379 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.13% | 0.10% | 0.09% | 0.10% | 0.10% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.33% | 1.37% | 1.28% | 1.37% | 1.27% |
Portfolio Turnover Rate1 | 17% | 13% | 14% | 16% | 27%2 |
1 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 ETF Creation Units.
2 Includes activity related to a change in the fund’s target index.
See accompanying Notes, which are an integral part of the Financial Statements.
25
Extended Market Index Fund
Financial Highlights
Signal Shares | ||||
Sept. 1, | ||||
20061 to | ||||
Year Ended December 31, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 | 2006 |
Net Asset Value, Beginning of Period | $20.64 | $34.29 | $33.26 | $30.79 |
Investment Operations | ||||
Net Investment Income | .310 | .381 | .443 | .173 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.451 | (13.642) | 1.035 | 2.698 |
Total from Investment Operations | 7.761 | (13.261) | 1.478 | 2.871 |
Distributions | ||||
Dividends from Net Investment Income | (.321) | (.389) | (.448) | (.401) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.321) | (.389) | (.448) | (.401) |
Net Asset Value, End of Period | $28.08 | $20.64 | $34.29 | $33.26 |
Total Return | 37.62% | -38.61% | 4.46% | 9.33% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $1,661 | $1,230 | $2,079 | $408 |
Ratio of Total Expenses to Average Net Assets | 0.13% | 0.10% | 0.09% | 0.10%2 |
Ratio of Net Investment Income to Average Net Assets | 1.33% | 1.37% | 1.28% | 1.37%2 |
Portfolio Turnover Rate3 | 17% | 13% | 14% | 16% |
1 Inception.
2 Annualized.
3 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
26
Extended Market Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $24.02 | $39.91 | $38.71 | $34.29 | $31.38 |
Investment Operations | |||||
Net Investment Income | .374 | .458 | .523 | .513 | .419 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 8.674 | (15.882) | 1.214 | 4.440 | 2.880 |
Total from Investment Operations | 9.048 | (15.424) | 1.737 | 4.953 | 3.299 |
Distributions | |||||
Dividends from Net Investment Income | (.388) | (.466) | (.537) | (.533) | (.389) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.388) | (.466) | (.537) | (.533) | (.389) |
Net Asset Value, End of Period | $32.68 | $24.02 | $39.91 | $38.71 | $34.29 |
Total Return | 37.69% | -38.58% | 4.51% | 14.46% | 10.50% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,494 | $2,442 | $3,175 | $2,621 | $2,361 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.06% | 0.06% | 0.07% | 0.07% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.38% | 1.41% | 1.31% | 1.40% | 1.30% |
Portfolio Turnover Rate1 | 17% | 13% | 14% | 16% | 27%2 |
1 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 ETF Creation Units.
2 Includes activity related to a change in the fund’s target index.
See accompanying Notes, which are an integral part of the Financial Statements.
27
Extended Market Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 20081 | 20071 | 20061 | 20051 |
Net Asset Value, Beginning of Period | $31.67 | $52.62 | $51.03 | $45.20 | $41.37 |
Investment Operations | |||||
Net Investment Income | .476 | .595 | .695 | .669 | .532 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 11.438 | (20.935) | 1.592 | 5.858 | 3.806 |
Total from Investment Operations | 11.914 | (20.340) | 2.287 | 6.527 | 4.338 |
Distributions | |||||
Dividends from Net Investment Income | (.494) | (.610) | (.697) | (.697) | (.508) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.494) | (.610) | (.697) | (.697) | (.508) |
Net Asset Value, End of Period | $43.09 | $31.67 | $52.62 | $51.03 | $45.20 |
Total Return | 37.63% | -38.60% | 4.49% | 14.46% | 10.48% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $781 | $484 | $559 | $409 | $368 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.13% | 0.08% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.33% | 1.39% | 1.29% | 1.39% | 1.29% |
Portfolio Turnover Rate2 | 17% | 13% | 14% | 16% | 27%3 |
1 Adjusted to reflect a 2-for-1 share split as of the close of business on June 13, 2008.
2 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 ETF Creation Units.
3 Includes activity related to a change in the fund’s target index.
See accompanying Notes, which are an integral part of the Financial Statements.
28
Extended Market Index Fund
Notes to Financial Statements
Vanguard Extended Market Index Fund is registered under the Investment Com pany Act of 1940 as an open-end investment company, or mutual fund. The fund offers five classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, and ETF Shares. Investor Shares are available to an y investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria. Signal Shares are designed for institutional investors who meet certain administrative, service, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum amount of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
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 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 fund uses 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 Statement of Net Assets. 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. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
29
Extended Market Index Fund
5. 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.
6. 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), share holder reporting, and proxies. Marketing and distribution expenses are allocated to each class of s hares 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 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, 2009, the fund had contributed capital of $2,345,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.94% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quo ted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 12,402,212 | — | 11 |
Convertible Preferred Stocks | 492 | — | — |
Temporary Cash Investments | 271,944 | 6,993 | — |
Futures Contracts—Assets1 | 29 | — | — |
Futures Contracts—Liabilities1 | (966) | — | — |
Total | 12,673,711 | 6,993 | 11 |
1 Represents variation margin on the last day of the reporting period. |
30
Extended Market Index Fund
The following table summarizes changes in investments valued based on Level 3 inputs during the year ended December 31, 2009:
Investments in | |
Common Stocks | |
Amount Valued Based on Level 3 Inputs | ($000) |
Balance as of December 31, 2008 | — |
Transfers into Level 3 | 11 |
Balance as of December 31, 2009 | 11 |
D. At December 31, 2009, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Number of | Aggregate | Unrealized | ||
Long (Short) | Settlement | Appreciation | ||
Futures Contracts | Expiration | Contracts | Value | (Depreciation) |
E-mini Russell 2000 Index | March 2010 | 1,571 | 98,015 | 1,443 |
S&P MidCap 400 Index | March 2010 | 38 | 13,773 | 243 |
Unrealized appreciation (depreciation) on open futures contracts is required t o be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment in come and realized capital gains f or financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital acc ounts 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 shor t-term gains as ordinary income for tax purposes.
During the year ended December 31, 2009, the fund realized $419,698,000 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2009, the fund had $1,967,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $1,660,045,000 to offset future net capital gains of $100,407,000 through December 31, 2011, $60,375,000 through December 31, 2014, $168,517,000 through December 31, 2015, $708,199,000 through December 31, 2016, and $622,547,000 through December 31, 2017.
At December 31, 2009, the cost of investment securities for tax purposes was $12,408,498,000. Net unrealized appreciation of investment securities for tax purposes was $273,154,000, consisting of unrealized gains of $2,315,814,000 on securities that had risen in value since their purchase and $2,042,660,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $2,857,826,000 of investment securities and sold $2,614,523,000 of investment securities, other than temporary cash investments.
31
Extended Market Index Fund
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 761,674 | 28,907 | 816,164 | 25,353 |
Issued in Lieu of Cash Distributions | 41,348 | 1,267 | 50,355 | 2,207 |
Redeemed | (693,832) | (26,523) | (1,011,855) | (31,028) |
Net Increase (Decrease)—Investor Shares | 109,190 | 3,651 | (145,336) | (3,468) |
Admiral Shares | ||||
Issued | 273,049 | 10,067 | 405,123 | 13,178 |
Issued in Lieu of Cash Distributions | 22,579 | 699 | 27,416 | 1,202 |
Redeemed | (285,715) | (11,344) | (415,509) | (13,844) |
Net Increase (Decrease)—Admiral Shares | 9,913 | (578) | 17,030 | 536 |
Signal Shares | ||||
Issued | 402,911 | 17,572 | 497,458 | 18,247 |
Issued in Lieu of Cash Distributions | 17,903 | 645 | 23,189 | 1,184 |
Redeemed | (433,580) | (18,677) | (548,150) | (20,434) |
Net Increase (Decrease)—Signal Shares | (12,766) | (460) | (27,503) | (1,003) |
Institutional Shares | ||||
Issued | 1,058,868 | 41,224 | 1,258,019 | 41,148 |
Issued in Lieu of Cash Distributions | 38,283 | 1,185 | 43,456 | 1,909 |
Redeemed | (995,321) | (37,183) | (677,478) | (20,908) |
Net Increase (Decrease)—Institutional Shares | 101,830 | 5,226 | 623,997 | 22,149 |
ETF Shares | ||||
Issued | 936,493 | 31,036 | 1,742,565 | 40,4701 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (866,266) | (28,200) | (1,552,037) | (35,800)1 |
Net Increase (Decrease)—ETF Shares | 70,227 | 2,836 | 190,528 | 4,6701 |
1 Shares adjusted to reflect a 2-for-1 split as of the close of business on June 13, 2008. |
H. In preparing the financial statements as of December 31, 2009, management considered the
impact of subsequent events occurring th rough February 12, 2010, for potential recognition or
disclosure in these financial sta tements.
32
Mid-Cap Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics | |||||
Investor | Admiral | Signal | Institutional | ETF | |
Shares | Shares | Shares | Shares | Shares | |
Ticker Symbol | VIMSX | VIMAX | VMISX | VMCIX | VO |
Expense Ratio1 | 0.27% | 0.15% | 0.15% | 0.09% | 0.15% |
30-Day SEC Yield | 1.04% | 1.19% | 1.19% | 1.23% | 1.18% |
Portfolio Characteristics | |||
MSCI US | DJ | ||
Mid Cap | U.S. Total | ||
450 | Market | ||
Fund | Index | Index | |
Number of Stocks | 458 | 456 | 4,201 |
Median Market Cap | $4.7B | $4.7B | $30.7B |
Price/Earnings Ratio 130.1x | 129.3x | 35.7x | |
Price/Book Ratio | 2.0x | 2.0x | 2.1x |
Return on Equity | 15.2% | 15.2% | 19.3% |
Earnings Growth Rate | 9.6% | 9.6% | 8.1% |
Dividend Yield | 1.3% | 1.3% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 21% | — | — |
Short-Term Reserves | 0.2% | — | — |
Volatility Measures | ||
DJ | ||
MSCI US | U.S. Total | |
Mid Cap 450 | Market | |
Index | Index | |
R-Squared | 1.00 | 0.95 |
Beta | 1.00 | 1.16 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Intuitive Surgical Inc. | Health Care | |
Equipment | 0.6% | |
Marvell Technology | Semiconductors | |
Group Ltd. | 0.6 | |
Cameron International | Oil & Gas | |
Corp. | Equipment & | |
Services | 0.6 | |
Western Digital Corp. | Computer Storage | |
& Peripherals | 0.5 | |
Life Technologies Corp. | Biotechnology | 0.5 |
Seagate Technology | Computer Storage | |
& Peripherals | 0.5 | |
Consol Energy Inc. | Coal & Consumable | |
Fuels | 0.5 | |
Micron Technology Inc. | Semiconductors | 0.5 |
Hartford Financial | Multi-line Insurance | |
Services Group Inc. | 0.5 | |
Mead Johnson Nutrition | Personal Products | |
Co. Class A | 0.5 | |
Top Ten | 5.3% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based
on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.27% for
Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.08% for Institutional Shares, and 0.14% for ETF Shares.
33
Mid-Cap Index Fund
Sector Diversification (% of equity exposure)
MSCI US | DJ | ||
Mid Cap | U.S. Total | ||
450 | Market | ||
Fund | Index | Index | |
Consumer | |||
Discretionary | 14.6% | 14.8% | 10.3% |
Consumer Staples | 4.6 | 4.6 | 9.9 |
Energy | 8.1 | 8.1 | 10.6 |
Financials | 17.5 | 17.2 | 16.0 |
Health Care | 11.0 | 11.0 | 12.6 |
Industrials | 12.4 | 12.4 | 10.6 |
Information | |||
Technology | 16.9 | 16.9 | 19.3 |
Materials | 6.9 | 6.9 | 4.0 |
Telecommunication | |||
Services | 1.3 | 1.4 | 2.9 |
Utilities | 6.7 | 6.7 | 3.8 |
Investment Focus
34
Mid-Cap Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: December 31, 1999, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2009 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Mid-Cap Index Fund Investor Shares | 40.22% | 2.28% | 6.13% | $18,132 | |
•••••••• | Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 9,828 | |
------ | Spliced Mid-Cap Index | 36.21 | 1.71 | 3.72 | 14,406 |
Mid-Cap Core Funds Average | 40.49 | 2.39 | 6.13 | 18,123 |
Spliced Mid-Cap Index: S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index thereafter.
Mid-Cap Core Funds Average: Derived from data provided by Lipper Inc.
Since | Final Value | |||
One | Five | Inception | of a $100,000 | |
Year | Years | (11/12/2001) | Investment | |
Mid-Cap Index Fund Admiral Shares | 40.48% | 2.40% | 6.59% | $168,052 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | 3.20 | 129,182 |
Spliced Mid-Cap Index | 40.49 | 2.39 | 6.56 | 167,657 |
Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
35
Mid-Cap Index Fund
Since | Final Value | ||
One | Inception | of a $1,000,000 | |
Year | (3/30/2007) | Investment | |
Mid-Cap Index Fund Signal Shares | 40.43% | -6.54% | $829,880 |
Dow Jones U.S. Total Stock Market | |||
Index | 29.35 | -5.95 | 844,479 |
MSCI US Mid Cap 450 Index | 40.49 | -6.54 | 829,982 |
Performance for the fund’s Signal Shares and comparative standards is calculated since the Signal Shares’ inception.
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Mid-Cap Index Fund Institutional | ||||
Shares | 40.51% | 2.45% | 6.30% | $9,211,451 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 4,913,789 |
Spliced Mid-Cap Index | 40.49 | 2.39 | 6.13 | 9,061,572 |
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (1/26/2004) | Investment | |
Mid-Cap Index Fund | ||||
ETF Shares Net Asset Value | 40.49% | 2.39% | 4.47% | $12,959 |
Dow Jones U.S. Total Stock Market Index | 29.35 | 1.09 | 2.20 | 11,376 |
MSCI US Mid Cap 450 Index | 40.49 | 2.39 | 4.49 | 12,973 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
For more information about how the ETF Shares' market prices have compared with their net asset value, visit www.vanguard.com, select your ETF, and then select the Performance tab. The Premium/Discount table there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.
Cumulative Returns of ETF Shares: January 26, 2004, Through December 31, 2009
One | Five | Since | |
Year | Years | Inception | |
Mid-Cap Index Fund | |||
ETF Shares Market Price | 40.68% | 12.62% | 29.68% |
Mid-Cap Index Fund | |||
ETF Shares Net Asset Value | 40.49 | 12.53 | 29.59 |
MSCI US Mid Cap 450 Index | 40.49 | 12.53 | 29.73 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
36
Mid-Cap Index Fund
Fiscal-Year Total Returns (%): December 31, 1999, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
37
Mid-Cap Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2009
The fund reports a complete list of its holdings in regulatory filings 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).
Market | |||
Value • | |||
Shares | ($000) | ||
Common Stocks (99.9%)1 | |||
Consumer Discretionary (14.6%) | |||
* | priceline.com Inc. | 426,890 | 93,275 |
H&R Block Inc. | 3,562,436 | 80,582 | |
Mattel Inc. | 3,826,517 | 76,454 | |
Starwood Hotels & | |||
Resorts Worldwide Inc. | 1,986,023 | 72,629 | |
Cablevision Systems Corp. | |||
Class A | 2,619,665 | 67,640 | |
* | Liberty Media Corp. - | ||
Interactive | 6,022,661 | 65,286 | |
Nordstrom Inc. | 1,725,235 | 64,834 | |
Genuine Parts Co. | 1,695,327 | 64,355 | |
Whirlpool Corp. | 786,530 | 63,442 | |
Harley-Davidson Inc. | 2,493,511 | 62,837 | |
International | |||
Game Technology | 3,149,615 | 59,118 | |
Ross Stores Inc. | 1,345,619 | 57,471 | |
* | CarMax Inc. | 2,340,592 | 56,759 |
Tiffany & Co. | 1,318,914 | 56,713 | |
Ltd Brands Inc. | 2,905,505 | 55,902 | |
* | O’Reilly Automotive Inc. | 1,452,866 | 55,383 |
* | Expedia Inc. | 2,095,671 | 53,880 |
Virgin Media Inc. | 2,971,388 | 50,008 | |
Darden Restaurants Inc. | 1,408,918 | 49,411 | |
Polo Ralph Lauren Corp. | |||
Class A | 603,573 | 48,877 | |
* | Urban Outfitters Inc. | 1,340,273 | 46,896 |
* | Dollar Tree Inc. | 950,086 | 45,889 |
Wynn Resorts Ltd. | 784,760 | 45,697 | |
Newell Rubbermaid Inc. | 2,950,452 | 44,286 | |
* | Discovery | ||
Communications Inc. | |||
Class A | 1,430,577 | 43,876 | |
Hasbro Inc. | 1,337,673 | 42,886 | |
Black & Decker Corp. | 639,219 | 41,441 | |
BorgWarner Inc. | 1,239,343 | 41,171 | |
Advance Auto Parts Inc. | 1,014,124 | 41,052 | |
Scripps Networks | |||
Interactive Inc. Class A | 958,080 | 39,760 |
* | Discovery | ||
Communications Inc. | 1,495,261 | 39,654 | |
Family Dollar Stores Inc. | 1,410,307 | 39,249 | |
Autoliv Inc. | 904,030 | 39,199 | |
DeVry Inc. | 680,457 | 38,602 | |
* | ITT Educational | ||
Services Inc. | 400,611 | 38,443 | |
Wyndham Worldwide Corp. | 1,897,848 | 38,280 | |
* | Interpublic Group | ||
of Cos. Inc. | 5,167,377 | 38,135 | |
* | Royal Caribbean | ||
Cruises Ltd. | 1,476,618 | 37,329 | |
Gannett Co. Inc. | 2,494,101 | 37,037 | |
* | GameStop Corp. Class A | 1,661,929 | 36,463 |
Pulte Homes Inc. | 3,643,308 | 36,433 | |
PetSmart Inc. | 1,328,973 | 35,470 | |
* | NVR Inc. | 49,409 | 35,115 |
* | Goodyear Tire & | ||
Rubber Co. | 2,441,509 | 34,425 | |
American Eagle | |||
Outfitters Inc. | 1,977,351 | 33,575 | |
DR Horton Inc. | 3,033,693 | 32,976 | |
Abercrombie & Fitch Co. | 933,576 | 32,535 | |
Leggett & Platt Inc. | 1,575,896 | 32,148 | |
^ | Strayer Education In c. | 148,749 | 31,608 |
* | Chipotle Mexican Grill Inc. | ||
Class A | 336,506 | 29,666 | |
* | Mohawk Industries Inc. | 618,185 | 29,426 |
*,^ | NetFlix Inc. | 518,901 | 28,612 |
Washington Post Co. | |||
Class B | 64,655 | 28,422 | |
* | Toll Brothers Inc. | 1,455,694 | 27,382 |
* | LKQ Corp. | 1,345,906 | 26,366 |
* | MGM Mirage | 2,812,173 | 25,647 |
Guess? Inc. | 587,003 | 24,830 | |
Harman International | |||
Industries Inc. | 699,793 | 24,689 | |
* | Liberty Media Corp. - Starz | 525,835 | 24,267 |
* | Lamar Advertising Co. | ||
Class A | 773,396 | 24,045 | |
* | AutoNation Inc. | 1,230,312 | 23,560 |
38
Mid-Cap Index Fund
Market | |||
Value • | |||
Shares | ($000) | ||
Wendy’s/Arby’s Group Inc. | |||
Class A | 4,255,585 | 19,959 | |
* | Penn National Gaming Inc. | 710,468 | 19,311 |
Burger King Holdings Inc. | 1,003,162 | 18,880 | |
Lennar Corp. Class A | 1,468,310 | 18,750 | |
Foot Locker Inc. | 1,655,811 | 18,446 | |
WABCO Holdings Inc. | 680,749 | 17,557 | |
Brinker International Inc. | 1,085,636 | 16,198 | |
* | Hyatt Hotels Corp. Class A | 404,197 | 12,049 |
Weight Watchers | |||
International Inc. | 368,968 | 10,759 | |
* | Clear Channel Outdoor | ||
Holdings Inc. Class A | 434,723 | 4,517 | |
Lennar Corp. Class B | 63,528 | 625 | |
* | Marvel Entertainment Inc. | 334 | 18 |
* | Krispy Kreme | ||
Doughnuts Inc. Warrants | |||
Exp. 03/02/20 | 8,389 | 1 | |
2,848,468 | |||
Consumer Staples (4.6%) | |||
Mead Johnson Nutrition Co. | |||
Class A | 2,172,828 | 94,953 | |
Bunge Ltd. | 1,408,865 | 89,928 | |
JM Smucker Co. | 1,263,606 | 78,028 | |
Dr Pepper Snapple | |||
Group Inc. | 2,699,451 | 76,394 | |
Estee Lauder Cos. Inc. | |||
Class A | 1,197,963 | 57,933 | |
McCormick & Co. Inc. | 1,257,183 | 45,422 | |
Church & Dwight Co. Inc. | 746,920 | 45,151 | |
* | Energizer Holdings Inc. | 700,455 | 42,924 |
* | Whole Foods Market Inc. | 1,492,494 | 40,969 |
Tyson Foods Inc. Class A | 3,098,987 | 38,025 | |
* | Ralcorp Holdings Inc. | 601,725 | 35,929 |
* | Dean Foods Co. | 1,916,437 | 34,573 |
* | Constellation Brands Inc. | ||
Class A | 2,095,121 | 33,375 | |
* | Hansen Natural Corp. | 818,408 | 31,427 |
Hormel Foods Corp. | 784,566 | 30,167 | |
SUPERVALU Inc. | 2,252,219 | 28,626 | |
Alberto-Culver Co. Class B | 939,133 | 27,507 | |
* | Smithfield Foods Inc. | 1,580,939 | 24,014 |
Flowers Foods Inc. | 880,854 | 20,929 | |
PepsiAmericas Inc. | 662,448 | 19,383 | |
895,657 | |||
Energy (8.1%) | |||
* | Cameron | ||
International Corp. | 2,598,146 | 108,603 | |
Consol Energy Inc. | 1,919,885 | 95,610 | |
Range Resources Corp. | 1,670,839 | 83,291 | |
* | Petrohawk Energy Corp. | 3,196,817 | 76,692 |
* | FMC Technologies Inc. | 1,301,606 | 75,285 |
El Paso Corp. | 7,450,241 | 73,236 | |
* | Newfield Exploration Co. | 1,409,406 | 67,976 |
* | Nabors Industries Ltd. | 3,019,392 | 66,094 |
* | Pride International Inc. | 1,845,601 | 58,893 |
Pioneer Natural | |||
Resources Co. | 1,222,554 | 58,890 | |
BJ Services Co. | 3,105,332 | 57,759 | |
* | Alpha Natural | ||
Resources Inc. | 1,273,006 | 55,223 | |
Cabot Oil & Gas Corp. | 1,101,728 | 48,024 | |
Cimarex Energy Co. | 886,398 | 46,953 | |
Helmerich & Payne Inc. | 1,120,403 | 44,682 | |
* | Kinder Morgan | ||
Management LLC | 800,135 | 43,719 | |
EXCO Resources Inc. | 1,907,832 | 40,503 | |
* | Plains Exploration & | ||
Production Co. | 1,455,591 | 40,262 | |
* | Denbury Resources Inc. | 2,651,509 | 39,242 |
Arch Coal Inc. | 1,726,190 | 38,408 | |
Massey Energy Co. | 908,241 | 38,155 | |
* | Oceaneering | ||
International Inc. | 583,470 | 34,145 | |
Sunoco Inc. | 1,242,600 | 32,432 | |
* | Concho Resources Inc. | 681,470 | 30,598 |
* | Dresser-Rand Group Inc. | 875,729 | 27,682 |
* | Rowan Cos. Inc. | 1,208,515 | 27,361 |
Tidewater Inc. | 549,701 | 26,358 | |
* | Forest Oil Corp. | 1,133,657 | 25,224 |
Patterson-UTI Energy Inc. | 1,633,081 | 25,068 | |
Tesoro Corp. | 1,483,623 | 20,103 | |
* | Quicksilver Resources Inc. | 1,260,370 | 18,918 |
* | Continental Resources Inc. | 360,657 | 15,469 |
* | SandRidge Energy Inc. | 1,637,331 | 15,440 |
* | CNX Gas Corp. | 321,553 | 9,492 |
* | Cobalt International | ||
Energy Inc. | 576,234 | 7,975 | |
1,573,765 | |||
Financials (17.4%) | |||
Hartford Financial Services | |||
Group Inc. | 4,084,847 | 95,014 | |
HCP Inc. | 3,089,470 | 94,352 | |
Discover | |||
Financial Services | 5,709,842 | 83,992 | |
Lincoln National Corp. | 3,209,726 | 79,858 | |
Fifth Third Bancorp | 8,031,637 | 78,308 | |
Host Hotels & | |||
Resorts Inc. | 6,599,878 | 77,021 | |
* | IntercontinentalExchange | ||
Inc. | 660,731 | 74,200 | |
Ventas Inc. | 1,663,201 | 72,748 | |
AvalonBay | |||
Communities Inc. | 849,251 | 69,732 | |
Unum Group | 3,521,289 | 68,736 | |
Regions Financial Corp. | 12,628,389 | 66,804 | |
XL Capital Ltd. Class A | 3,635,594 | 66,640 | |
Plum Creek | |||
Timber Co. Inc. | 1,729,877 | 65,320 | |
ProLogis | 4,704,662 | 64,407 | |
New York Community | |||
Bancorp Inc. | 4,271,541 | 61,980 |
39
Mid-Cap Index Fund
Market | |||
Value • | |||
Shares | ($000) | ||
People’s United | |||
Financial Inc. | 3,703,243 | 61,844 | |
* | Genworth Financial Inc. | ||
Class A | 5,116,636 | 58,074 | |
Kimco Realty Corp. | 4,268,550 | 57,754 | |
Health Care REIT Inc. | 1,272,562 | 56,400 | |
* | SLM Corp. | 4,968,303 | 55,993 |
Everest Re Group Ltd. | 646,607 | 55,401 | |
PartnerRe Ltd. | 713,269 | 53,253 | |
KeyCorp | 9,334,472 | 51,806 | |
Comerica Inc. | 1,605,550 | 47,476 | |
Willis Group Holdings Ltd. | 1,786,123 | 47,118 | |
Legg Mason Inc. | 1,515,753 | 45,715 | |
Federal Realty | |||
Investment Trust | 647,136 | 43,824 | |
Cincinnati Financial Corp. | 1,641,575 | 43,075 | |
SL Green Realty Corp. | 816,341 | 41,013 | |
Axis Capital Holdings Ltd. | 1,436,994 | 40,825 | |
Nationwide Health | |||
Properties Inc. | 1,140,175 | 40,111 | |
AMB Property Corp. | 1,553,791 | 39,699 | |
Digital Realty Trust Inc. | 768,536 | 38,642 | |
Torchmark Corp. | 878,956 | 38,630 | |
*,^ | American International | ||
Group Inc. | 1,286,831 | 38,579 | |
Liberty Property Trust | 1,186,179 | 37,970 | |
WR Berkley Corp. | 1,530,971 | 37,723 | |
Assurant Inc. | 1,252,874 | 36,935 | |
Reinsurance Group of | |||
America Inc. Class A | 773,152 | 36,841 | |
Macerich Co. | 1,003,364 | 36,071 | |
Eaton Vance Corp. | 1,178,083 | 35,826 | |
Rayonier Inc. | 841,231 | 35,466 | |
RenaissanceRe | |||
Holdings Ltd. | 662,076 | 35,189 | |
* | CB Richard Ellis Group Inc. | ||
Class A | 2,582,105 | 35,039 | |
* | Markel Corp. | 99,062 | 33,681 |
HCC Insurance | |||
Holdings Inc. | 1,193,078 | 33,370 | |
Regency Centers Corp. | 938,295 | 32,897 | |
* | Arch Capital Group Ltd. | 454,082 | 32,490 |
First American Corp. | 961,851 | 31,847 | |
* | First Horizon National Corp. | 2,357,595 | 31,592 |
Fidelity National | |||
Financial Inc. Class A | 2,328,998 | 31,348 | |
Transatlantic Holdings Inc. | 599,619 | 31,246 | |
Hospitality Properties Trust | 1,297,555 | 30,765 | |
* | NASDAQ OMX Group Inc. | 1,508,552 | 29,900 |
* | Affiliated Managers | ||
Group Inc. | 443,249 | 29,853 | |
Commerce Bancshares Inc. | 749,115 | 29,006 | |
Duke Realty Corp. | 2,379,585 | 28,960 | |
^ | Realty Income Corp. | 1,107,881 | 28,705 |
Cullen/Frost Bankers Inc. | 570,962 | 28,548 | |
*,^ | St Joe Co. | 983,076 | 28,401 |
White Mountains Insurance | |||
Group Ltd. | 84,757 | 28,195 | |
Marshall & Ilsley Corp. | 5,090,103 | 27,741 | |
Federated Investors Inc. | |||
Class B | 983,597 | 27,049 | |
Validus Holdings Ltd. | 994,110 | 26,781 | |
UDR Inc. | 1,600,619 | 26,314 | |
Huntington Bancshares Inc. | 7,201,176 | 26,284 | |
* | Jefferies Group Inc. | 1,100,642 | 26,118 |
Janus Capital Group Inc. | 1,936,138 | 26,041 | |
Old Republic | |||
International Corp. | 2,557,629 | 25,679 | |
Raymond James | |||
Financial Inc. | 1,048,044 | 24,912 | |
SEI Investments Co. | 1,421,712 | 24,908 | |
Weingarten | |||
Realty Investors | 1,209,019 | 23,927 | |
Brown & Brown Inc. | 1,278,870 | 22,981 | |
City National Corp. | 464,790 | 21,194 | |
American Financial | |||
Group Inc. | 802,729 | 20,028 | |
Greenhill & Co. Inc. | 240,001 | 19,258 | |
TCF Financial Corp. | 1,228,709 | 16,735 | |
Zions Bancorporation | 1,277,436 | 16,390 | |
Associated Banc-Corp | 1,290,489 | 14,208 | |
BOK Financial Corp. | 288,224 | 13,696 | |
TFS Financial Corp. | 985,709 | 11,967 | |
Mercury General Corp. | 291,619 | 11,449 | |
Capitol Federal Financial | 236,297 | 7,434 | |
3,383,302 | |||
Health Care (11.0%) | |||
* | Intuitive Surgical Inc. | 403,432 | 122,369 |
* | Life Technologies Corp. | 1,873,530 | 97,854 |
* | Vertex | ||
Pharmaceuticals Inc. | 2,044,243 | 87,596 | |
* | Hospira Inc. | 1,712,387 | 87,332 |
AmerisourceBergen Corp. | |||
Class A | 3,158,317 | 82,337 | |
* | Humana Inc. | 1,802,612 | 79,117 |
* | DaVita Inc. | 1,104,914 | 64,903 |
* | Waters Corp. | 1,014,871 | 62,881 |
* | Varian Medical | ||
Systems Inc. | 1,334,004 | 62,498 | |
* | Cerner Corp. | 731,835 | 60,333 |
* | Mylan Inc. | 3,244,218 | 59,791 |
DENTSPLY | |||
International Inc. | 1,500,480 | 52,772 | |
* | Edwards Lifesciences Corp. | 599,361 | 52,055 |
* | Henry Schein Inc. | 958,713 | 50,428 |
* | Cephalon Inc. | 793,081 | 49,496 |
* | CareFusion Corp. | 1,915,710 | 47,912 |
Beckman Coulter Inc. | 728,288 | 47,659 | |
* | Alexion | ||
Pharmaceuticals Inc. | 934,412 | 45,618 | |
* | Millipore Corp. | 590,335 | 42,711 |
40
Mid-Cap Index Fund
Market | |||
Value • | |||
Shares | ($000) | ||
* | Watson | ||
Pharmaceuticals Inc. | 1,067,161 | 42,270 | |
* | ResMed Inc. | 802,964 | 41,971 |
IMS Health Inc. | 1,938,425 | 40,823 | |
* | Illumina Inc. | 1,318,946 | 40,426 |
* | Hologic Inc. | 2,726,599 | 39,536 |
* | Coventry Health Care Inc. | 1,589,192 | 38,601 |
* | Mettler-Toledo | ||
International Inc. | 358,107 | 37,598 | |
* | Covance Inc. | 679,700 | 37,091 |
* | Dendreon Corp. | 1,391,886 | 36,579 |
* | Community Health | ||
Systems Inc. | 985,217 | 35,074 | |
* | Warner Chilcott PLC | ||
Class A | 1,202,132 | 34,225 | |
* | Inverness Medical | ||
Innovations Inc. | 811,891 | 33,702 | |
* | IDEXX Laboratories Inc. | 622,921 | 33,289 |
Perrigo Co. | 833,188 | 33,194 | |
* | King Pharmaceuticals Inc. | 2,636,300 | 32,347 |
Omnicare Inc. | 1,268,090 | 30,662 | |
Universal Health | |||
Services Inc. Class B | 965,358 | 29,443 | |
* | Patterson Cos. Inc. | 975,309 | 27,289 |
* | Lincare Holdings Inc. | 721,495 | 26,782 |
* | Myriad Genetics Inc. | 1,019,020 | 26,596 |
Pharmaceutical Product | |||
Development Inc. | 1,129,747 | 26,481 | |
Techne Corp. | 376,179 | 25,791 | |
* | Health Net Inc. | 1,104,120 | 25,715 |
* | Endo Pharmaceuticals | ||
Holdings Inc. | 1,245,886 | 25,553 | |
* | Charles River Laboratories | ||
International Inc. | 700,843 | 23,611 | |
* | Gen-Probe Inc. | 534,753 | 22,941 |
* | Kinetic Concepts Inc. | 566,158 | 21,316 |
* | Amylin | ||
Pharmaceuticals Inc. | 1,499,826 | 21,283 | |
* | Abraxis Bioscience Inc. | 85,855 | 3,481 |
2,149,332 | |||
Industrials (12.4%) | |||
* | Delta Air Lines Inc. | 8,266,483 | 94,073 |
Rockwell Collins Inc. | 1,675,833 | 92,774 | |
Goodrich Corp. | 1,317,327 | 84,638 | |
Dover Corp. | 1,977,652 | 82,290 | |
Cooper Industries PLC | 1,771,535 | 75,538 | |
Rockwell Automation Inc. | 1,509,003 | 70,893 | |
WW Grainger Inc. | 664,899 | 64,382 | |
Fastenal Co. | 1,420,261 | 59,140 | |
* | McDermott | ||
International Inc. | 2,442,752 | 58,650 | |
Flowserve Corp. | 594,176 | 56,167 | |
Joy Global Inc. | 1,086,200 | 56,037 | |
Textron Inc. | 2,871,216 | 54,008 | |
Masco Corp. | 3,823,867 | 52,808 | |
Roper Industries Inc. | 965,474 | 50,562 |
Pitney Bowes Inc. | 2,200,853 | 50,091 | |
* | Jacobs Engineering | ||
Group Inc. | 1,316,528 | 49,515 | |
RR Donnelley & Sons Co. | 2,182,368 | 48,601 | |
* | Stericycle Inc. | 858,457 | 47,361 |
Dun & Bradstreet Corp. | 560,599 | 47,298 | |
Manpower Inc. | 832,760 | 45,452 | |
Pall Corp. | 1,253,278 | 45,369 | |
Bucyrus International Inc. | |||
Class A | 798,182 | 44,994 | |
* | Iron Mountain Inc. | 1,940,933 | 44,176 |
* | Quanta Services Inc. | 2,100,209 | 43,768 |
AMETEK Inc. | 1,142,678 | 43,696 | |
Equifax Inc. | 1,342,647 | 41,474 | |
Robert Half | |||
International Inc. | 1,532,880 | 40,974 | |
* | URS Corp. | 895,774 | 39,880 |
* | Foster Wheeler AG | 1,343,548 | 39,554 |
Avery Dennison Corp. | 1,078,092 | 39,340 | |
Stanley Works | 758,772 | 39,084 | |
Cintas Corp. | 1,460,938 | 38,057 | |
* | Kansas City Southern | 1,020,449 | 33,971 |
Donaldson Co. Inc. | 779,587 | 33,164 | |
KBR Inc. | 1,704,237 | 32,381 | |
Pentair Inc. | 992,286 | 32,051 | |
* | AGCO Corp. | 982,242 | 31,766 |
* | Alliant Techsystems Inc. | 350,057 | 30,900 |
JB Hunt Transport | |||
Services Inc. | 943,383 | 30,443 | |
* | IHS Inc. Class A | 537,007 | 29,433 |
* | Verisk Analytics Inc. | ||
Class A | 961,572 | 29,116 | |
SPX Corp. | 521,477 | 28,525 | |
* | Copart Inc. | 760,206 | 27,846 |
Harsco Corp. | 853,301 | 27,502 | |
* | AMR Corp. | 3,493,555 | 27,005 |
* | Navistar International Corp. | 672,818 | 26,004 |
* | FTI Consulting Inc. | 549,960 | 25,936 |
* | Aecom Technology Corp. | 938,268 | 25,802 |
* | Shaw Group Inc. | 888,461 | 25,543 |
Ryder System Inc. | 594,863 | 24,491 | |
* | Covanta Holding Corp. | 1,318,584 | 23,853 |
* | Hertz Global Holdings Inc. | 1,959,057 | 23,352 |
* | Terex Corp. | 1,147,432 | 22,731 |
* | Spirit Aerosystems | ||
Holdings Inc. Class A | 1,113,073 | 22,106 | |
MSC Industrial Direct Co. | |||
Class A | 469,638 | 22,073 | |
* | Owens Corning | 815,073 | 20,898 |
*,^ | SunPower Corp. Class A | 581,600 | 13,772 |
* | SunPower Corp. Class B | 447,593 | 9,377 |
2,420,685 | |||
Information Technology (16.9%) | |||
* | Marvell Technology | ||
Group Ltd. | 5,593,102 | 116,057 | |
* | Western Digital Corp. | 2,388,447 | 105,450 |
41
Mid-Cap Index Fund
Market | |||
Value • | |||
Shares | ($000) | ||
Seagate Technology | 5,264,304 | 95,758 | |
* | Micron Technology Inc. | 8,999,100 | 95,031 |
* | Computer Sciences Corp. | 1,612,563 | 92,771 |
* | Salesforce.com Inc. | 1,185,681 | 87,468 |
Amphenol Corp. Class A | 1,821,746 | 84,128 | |
* | Citrix Systems Inc. | 1,945,593 | 80,956 |
* | Fiserv Inc. | 1,641,082 | 79,560 |
* | BMC Software Inc. | 1,955,843 | 78,429 |
Xilinx Inc. | 2,934,078 | 73,528 | |
Linear Technology Corp. | 2,362,966 | 72,165 | |
Altera Corp. | 3,127,209 | 70,769 | |
* | SanDisk Corp. | 2,412,430 | 69,936 |
* | McAfee Inc. | 1,670,234 | 67,761 |
Harris Corp. | 1,406,734 | 66,890 | |
Maxim Integrated | |||
Products Inc. | 3,253,610 | 66,048 | |
KLA-Tencor Corp. | 1,813,329 | 65,570 | |
* | Flextronics | ||
International Ltd. | 8,621,406 | 63,023 | |
* | Autodesk Inc. | 2,440,867 | 62,022 |
* | Red Hat Inc. | 1,998,497 | 61,754 |
* | Advanced Micro | ||
Devices Inc. | 6,029,385 | 58,364 | |
* | Cree Inc. | 1,025,559 | 57,811 |
* | Affiliated Computer | ||
Services Inc. Class A | 967,406 | 57,744 | |
* | Teradata Corp. | 1,825,280 | 57,369 |
Microchip Technology Inc. | 1,944,812 | 56,516 | |
* | Lam Research Corp. | 1,345,449 | 52,755 |
* | FLIR Systems Inc. | 1,610,284 | 52,689 |
* | VeriSign Inc. | 2,049,209 | 49,673 |
* | Avnet Inc. | 1,605,197 | 48,413 |
* | Akamai Technologies Inc. | 1,832,595 | 46,420 |
Global Payments Inc. | 856,916 | 46,154 | |
* | F5 Networks Inc. | 836,432 | 44,314 |
* | Equinix Inc. | 410,211 | 43,544 |
* | LSI Corp. | 6,926,454 | 41,628 |
Lender Processing | |||
Services Inc. | 1,021,347 | 41,528 | |
* | SAIC Inc. | 2,166,075 | 41,025 |
* | ANSYS Inc. | 935,832 | 40,671 |
National | |||
Semiconductor Corp. | 2,512,559 | 38,593 | |
* | Arrow Electronics Inc. | 1,270,985 | 37,634 |
* | Hewitt Associates Inc. | ||
Class A | 890,067 | 37,614 | |
* | ON Semiconductor Corp. | 4,260,408 | 37,534 |
* | Sybase Inc. | 859,879 | 37,319 |
* | Alliance Data | ||
Systems Corp. | 564,826 | 36,482 | |
* | Synopsys Inc. | 1,533,817 | 34,173 |
Jabil Circuit Inc. | 1,929,709 | 33,519 | |
Broadridge Financial | |||
Solutions Inc. | 1,479,934 | 33,387 | |
* | Nuance | ||
Communications Inc. | 2,144,847 | 33,331 |
* | MEMC Electronic | ||
Materials Inc. | 2,375,126 | 32,349 | |
* | Brocade Communications | ||
Systems Inc. | 4,231,911 | 32,290 | |
* | Trimble Navigation Ltd. | 1,272,901 | 32,077 |
Factset Research | |||
Systems Inc. | 475,829 | 31,343 | |
Total System Services Inc. | 1,781,321 | 30,763 | |
* | Ingram Micro Inc. | 1,558,869 | 27,202 |
* | Dolby Laboratories Inc. | ||
Class A | 563,834 | 26,912 | |
* | AOL Inc. | 1,145,892 | 26,676 |
* | Novellus Systems Inc. | 1,037,219 | 24,209 |
* | Tellabs Inc. | 4,002,496 | 22,734 |
* | Lexmark International Inc. | ||
Class A | 829,574 | 21,552 | |
* | IAC/InterActiveCorp | 1,017,083 | 20,830 |
Intersil Corp. Class A | 1,301,621 | 19,967 | |
* | NCR Corp. | 1,689,314 | 18,802 |
* | DST Systems Inc. | 423,313 | 18,435 |
Molex Inc. | 800,680 | 17,255 | |
* | Cadence Design | ||
Systems Inc. | 2,831,467 | 16,961 | |
Molex Inc. Class A | 644,769 | 12,334 | |
* | Avago Technologies Ltd. | 500,124 | 9,147 |
3,293,116 | |||
Materials (6.9%) | |||
United States Steel Corp. | 1,523,597 | 83,981 | |
Vulcan Materials Co. | 1,328,012 | 69,946 | |
Sigma-Aldrich Corp. | 1,294,864 | 65,429 | |
Cliffs Natural | |||
Resources Inc. | 1,391,803 | 64,148 | |
* | Owens-Illinois Inc. | 1,789,011 | 58,805 |
Lubrizol Corp. | 718,545 | 52,418 | |
MeadWestvaco Corp. | 1,818,166 | 52,054 | |
Ball Corp. | 949,972 | 49,114 | |
Celanese Corp. Class A | 1,525,454 | 48,967 | |
Eastman Chemical Co. | 771,997 | 46,505 | |
CF Industries Holdings Inc. | 489,131 | 44,403 | |
* | Crown Holdings Inc. | 1,702,191 | 43,542 |
Walter Energy Inc. | 561,911 | 42,318 | |
Martin Marietta | |||
Materials Inc. | 473,259 | 42,314 | |
Allegheny Technologies Inc. | 937,746 | 41,983 | |
FMC Corp. | 731,638 | 40,796 | |
Nalco Holding Co. | 1,468,283 | 37,456 | |
Airgas Inc. | 782,685 | 37,256 | |
Sealed Air Corp. | 1,687,808 | 36,896 | |
Steel Dynamics Inc. | 2,058,488 | 36,476 | |
International Flavors | |||
& Fragrances Inc. | 839,722 | 34,546 | |
Terra Industries Inc. | 1,060,156 | 34,126 | |
Bemis Co. Inc. | 1,147,514 | 34,024 | |
* | Pactiv Corp. | 1,402,800 | 33,864 |
Sonoco Products Co. | 1,061,289 | 31,043 |
42
Mid-Cap Index Fund
Market | |||
Value • | |||
Shares | ($000) | ||
Reliance Steel & | |||
Aluminum Co. | 702,568 | 30,365 | |
Albemarle Corp. | 778,557 | 28,316 | |
Valspar Corp. | 1,015,195 | 27,552 | |
AK Steel Holding Corp. | 1,163,006 | 24,830 | |
Scotts Miracle-Gro Co. | |||
Class A | 489,776 | 19,253 | |
Commercial Metals Co. | 1,196,393 | 18,724 | |
* | Titanium Metals Corp. | 1,246,897 | 15,611 |
Greif Inc. Class A | 259,393 | 14,002 | |
1,341,063 | |||
Telecommunication Services (1.3%) | |||
* | NII Holdings Inc. | 1,765,027 | 59,270 |
Windstream Corp. | 4,641,562 | 51,011 | |
* | SBA | ||
Communications Corp. | |||
Class A | 1,115,541 | 38,107 | |
* | Level 3 | ||
Communications Inc. | 17,366,696 | 26,571 | |
Frontier | |||
Communications Corp. | 3,320,665 | 25,934 | |
* | MetroPCS | ||
Communications Inc. | 2,620,645 | 19,996 | |
Telephone & Data | |||
Systems Inc. | 516,548 | 17,521 | |
Telephone & Data | |||
Systems Inc. - Special | |||
Common Shares | 519,452 | 15,687 | |
* | United States Cellular Corp. | 200,686 | 8,511 |
262,608 | |||
Utilities (6.7%) | |||
Questar Corp. | 1,851,149 | 76,952 | |
DTE Energy Co. | 1,747,501 | 76,174 | |
* | NRG Energy Inc. | 2,819,944 | 66,579 |
Wisconsin Energy Corp. | 1,242,135 | 61,896 | |
EQT Corp. | 1,321,335 | 58,033 | |
CenterPoint Energy Inc. | 3,902,898 | 56,631 | |
Northeast Utilities | 1,863,301 | 48,054 | |
Oneok Inc. | 1,063,717 | 47,410 | |
SCANA Corp. | 1,237,240 | 46,619 | |
NiSource Inc. | 2,926,904 | 45,016 | |
MDU Resources | |||
Group Inc. | 1,857,945 | 43,847 | |
Allegheny Energy Inc. | 1,800,668 | 42,280 | |
NSTAR | 1,134,763 | 41,759 | |
American Water | |||
Works Co. Inc. | 1,856,007 | 41,593 | |
* | Calpine Corp. | 3,760,089 | 41,361 |
Pepco Holdings Inc. | 2,346,109 | 39,532 | |
Pinnacle West | |||
Capital Corp. | 1,075,553 | 39,344 | |
National Fuel Gas Co. | 767,267 | 38,363 | |
CMS Energy Corp. | 2,432,200 | 38,088 | |
OGE Energy Corp. | 1,025,999 | 37,849 | |
Alliant Energy Corp. | 1,175,344 | 35,566 |
TECO Energy Inc. | 2,158,490 | 35,011 | |
Integrys Energy Group Inc. | 811,977 | 34,095 | |
DPL Inc. | 1,232,888 | 34,028 | |
Energen Corp. | 723,866 | 33,877 | |
NV Energy Inc. | 2,493,973 | 30,875 | |
UGI Corp. | 1,152,460 | 27,878 | |
Aqua America Inc. | 1,444,935 | 25,301 | |
* | Mirant Corp. | 1,542,744 | 23,558 |
* | RRI Energy Inc. | 3,736,257 | 21,371 |
* | Dynegy Inc. Class A | 5,377,844 | 9,734 |
1,298,674 | |||
Total Common Stocks | |||
(Cost $18,689,706) | 19,466,670 | ||
Temporary Cash Investments (0.7%)1 | |||
Money Market Fund (0.7%) | |||
2,3 | Vanguard Market | ||
Liquidity Fund, 0.187% | 131,935,023 | 131,935 | |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (0.0%) | |||
4,5 | Freddie Mac | ||
Discount Notes, | |||
0.230%, 6/21/10 | 2,000 | 1,998 | |
Total Temporary Cash Investments | |||
(Cost $133,933) | 133,933 | ||
Total Investments (100.6%) | |||
(Cost $18,823,639) | 19,600,603 | ||
Other Assets and Liabilities (-0.6%) | |||
Other Assets | 115,422 | ||
Liabilities3 | (229,797) | ||
(114,375) | |||
Net Assets (100%) | 19,486,228 | ||
At December 31, 2009, net assets consisted of: | |||
Amount | |||
($000) | |||
Paid-in Capital | 22,115,283 | ||
Overdistributed Net Investment Income | (23,795) | ||
Accumulated Net Realized Losses | (3,382,606) | ||
Unrealized Appreciation (Depreciation) | |||
Investment Securities | 776,964 | ||
Futures Contracts | 382 | ||
Net Assets | 19,486,228 |
43
Mid-Cap Index Fund
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 414,847,351 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 6,788,771 |
Net Asset Value Per Share— | |
Investor Shares | $16.36 |
Admiral Shares—Net Assets | |
Applicable to 29,422,769 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 2,184,140 |
Net Asset Value Per Share— | |
Admiral Shares | $74.23 |
Signal Shares—Net Assets | |
Applicable to 100,123,638 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 2,346,297 |
Net Asset Value Per Share— | |
Signal Shares | $23.43 |
Amount | |
($000) | |
Institutional Shares—Net Assets | |
Applicable to 363,350,173 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 5,960,126 |
Net Asset Value Per Share— | |
Institutional Shares | $16.40 |
ETF Shares—Net Assets | |
Applicable to 36,800,877 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 2,206,894 |
Net Asset Value Per Share— | |
ETF Shares | $59.97 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $78,780,000.
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 0.6%, respectively, of
net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 Includes $82,929,000 of collateral received for securities on loan.
4 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
5 Securities with a value of $1,998,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
44
Mid-Cap Index Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 235,232 |
Interest1 | 121 |
Security Lending | 6,351 |
Total Income | 241,704 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 577 |
Management and Administrati ve—Investor Shares | 12,024 |
Management and Administrati ve—Admiral Shares | 1,879 |
Management and Administrati ve—Signal Shares | 1,864 |
Management and Administrati ve—Institutional Shares | 2,008 |
Management and Administrati ve—ETF Shares | 1,489 |
Marketing and Distribution& #151;Investor Shares | 1,404 |
Marketing and Distribution& #151;Admiral Shares | 385 |
Marketing and Distribution& #151;Signal Shares | 494 |
Marketing and Distribution& #151;Institutional Shares | 1,242 |
Marketing and Distribution& #151;ETF Shares | 428 |
Custodian Fees | 332 |
Auditing Fees | 27 |
Shareholders’ Reports and Proxies—Investor Shares | 607 |
Shareholders’ Reports and Proxies—Admiral Shares | 25 |
Shareholders’ Reports and Proxies—Signal Shares | 44 |
Shareholders’ Reports and Proxies—Institutional Shares | 127 |
Shareholders’ Reports and Proxies—ETF Shares | 160 |
Trustees’ Fees and Expenses | 29 |
Total Expenses | 25,145 |
Net Investment Income | 216,559 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (1,373,843) |
Futures Contracts | 6,382 |
Realized Net Gain (Loss) | (1,367,461) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 6,627,574 |
Futures Contracts | (320) |
Change in Unrealized Appreciation (Depreciation) | 6,627,254 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,476,352 |
1 Interest income from an affiliated company of the fund was $87,000.
See accompanying Notes, which are an integral part of the Financial Statements.
45
Mid-Cap Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 216,559 | 253,019 |
Realized Net Gain (Loss) | (1,367,461) | (378,774) |
Change in Unrealized Appreciation (Depreciation) | 6,627,254 | (8,785,676) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,476,352 | (8,911,431) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (74,555) | (88,881) |
Admiral Shares | (26,125) | (33,682) |
Signal Shares | (27,839) | (33,374) |
Institutional Shares | (73,930) | (81,431) |
ETF Shares | (26,425) | (23,651) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (228,874) | (261,019) |
Capital Share Transactions | ||
Investor Shares | 310,089 | 38,937 |
Admiral Shares | (15,864) | (92,327) |
Signal Shares | 100,492 | 294,541 |
Institutional Shares | 512,438 | 459,621 |
ETF Shares | 536,791 | 510,638 |
Net Increase (Decrease) from Capital Share Transactions | 1,443,946 | 1,211,410 |
Total Increase (Decrease) | 6,691,424 | (7,961,040) |
Net Assets | ||
Beginning of Period | 12,794,804 | 20,755,844 |
End of Period1 | 19,486,228 | 12,794,804 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($23,795,000) and ($11,480,000).
See accompanying Notes, which are an integral part of the Financial Statements.
46
Mid-Cap Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $11.80 | $20.70 | $19.78 | $17.63 | $15.64 |
Investment Operations | |||||
Net Investment Income | .171 | .224 | .269 | .253 | .198 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 4.571 | (8.894) | .918 | 2.144 | 1.983 |
Total from Investment Operations | 4.742 | (8.670) | 1.187 | 2.397 | 2.181 |
Distributions | |||||
Dividends from Net Investment Income | (.182) | (.230) | (.267) | (.247) | (.191) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.182) | (.230) | (.267) | (.247) | (.191) |
Net Asset Value, End of Period | $16.36 | $11.80 | $20.70 | $19.78 | $17.63 |
Total Return1 | 40.22% | -41.82% | 6.02% | 13.60% | 13.93% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $6,789 | $4,652 | $8,075 | $7,677 | $6,399 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.27% | 0.22% | 0.21% | 0.22% | 0.22% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.32% | 1.36% | 1.30% | 1.43% | 1.36% |
Portfolio Turnover Rate2 | 21% | 24% | 19% | 18% | 18% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
Mid-Cap Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $53.49 | $93.93 | $89.73 | $79.98 | $70.92 |
Investment Operations | |||||
Net Investment Income | .855 | 1.099 | 1.327 | 1.226 | .946 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 20.782 | (40.405) | 4.188 | 9.725 | 9.022 |
Total from Investment Operations | 21.637 | (39.306) | 5.515 | 10.951 | 9.968 |
Distributions | |||||
Dividends from Net Investment Income | (.897) | (1.134) | (1.315) | (1.201) | (.908) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.897) | (1.134) | (1.315) | (1.201) | (.908) |
Net Asset Value, End of Period | $74.23 | $53.49 | $93.93 | $89.73 | $79.98 |
Total Return | 40.48% | -41.78% | 6.17% | 13.69% | 14.04% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,184 | $1,601 | $2,975 | $4,075 | $2,852 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.14% | 0.11% | 0.10% | 0.13% | 0.13% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.45% | 1.47% | 1.41% | 1.52% | 1.45% |
Portfolio Turnover Rate1 | 21% | 24% | 19% | 18% | 18% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
48
Mid-Cap Index Fund
Financial Highlights
Signal Shares | |||
March 30, | |||
Year Ended | 20071 to | ||
December 31, | Dec. 31, | ||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 |
Net Asset Value, Beginning of Period | $16.89 | $29.66 | $29.63 |
Investment Operations | |||
Net Investment Income | .271 | .349 | .300 |
Net Realized and Unrealized Gain (Loss) on Investments | 6.552 | (12.759) | .138 |
Total from Investment Operations | 6.823 | (12.410) | .438 |
Distributions | |||
Dividends from Net Investment Income | (.283) | (.360) | (.408) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.283) | (.360) | (.408) |
Net Asset Value, End of Period | $23.43 | $16.89 | $29.66 |
Total Return | 40.43% | -41.78% | 1.50% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $2,346 | $1,609 | $2,458 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.11% | 0.10%2 |
Ratio of Net Investment Income to Average Net Assets | 1.45% | 1.47% | 1.41%2 |
Portfolio Turnover Rate3 | 21% | 24% | 19% |
1 Inception.
2 Annualized.
3 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
49
Mid-Cap Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $11.82 | $20.76 | $19.83 | $17.67 | $15.67 |
Investment Operations | |||||
Net Investment Income | .197 | .250 | .300 | .286 | .228 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 4.588 | (8.933) | .928 | 2.149 | 1.983 |
Total from Investment Operations | 4.785 | (8.683) | 1.228 | 2.435 | 2.211 |
Distributions | |||||
Dividends from Net Investment Income | (.205) | (.257) | (.298) | (.275) | (.211) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.205) | (.257) | (.298) | (.275) | (.211) |
Net Asset Value, End of Period | $16.40 | $11.82 | $20.76 | $19.83 | $17.67 |
Total Return | 40.51% | -41.76% | 6.22% | 13.78% | 14.09% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,960 | $3,820 | $6,162 | $4,633 | $2,905 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.07% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.51% | 1.51% | 1.44% | 1.57% | 1.50% |
Portfolio Turnover Rate1 | 21% | 24% | 19% | 18% | 18% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
50
Mid-Cap Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $43.21 | $75.90 | $72.48 | $64.61 | $57.32 |
Investment Operations | |||||
Net Investment Income | .696 | .895 | 1.042 | .992 | .785 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 16.794 | (32.656) | 3.403 | 7.851 | 7.258 |
Total from Investment Operations | 17.490 | (31.761) | 4.445 | 8.843 | 8.043 |
Distributions | |||||
Dividends from Net Investment Income | (.730) | (.929) | (1.025) | (.973) | (.753) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.730) | (.929) | (1.025) | (.973) | (.753) |
Net Asset Value, End of Period | $59.97 | $43.21 | $75.90 | $72.48 | $64.61 |
Total Return | 40.49% | -41.79% | 6.14% | 13.69% | 14.03% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,207 | $1,113 | $1,087 | $1,582 | $1,044 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.14% | 0.12% | 0.13% | 0.13% | 0.13% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.45% | 1.46% | 1.38% | 1.52% | 1.45% |
Portfolio Turnover Rate1 | 21% | 24% | 19% | 18% | 18% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
51
Mid-Cap Index Fund
Notes to Financial Statements
Vanguard Mid-Cap Index Fund is registered under the Investment Company Act of 1940 as an openend investment company, or mutual fund. The fund offers five classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, and ETF 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, service, tenure, and account-size criteria. Signal Shares are designed for institutional investors who meet certain administrative, service, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum amount of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
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 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 w hich 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 fund uses 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 Statement of Net Assets. 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. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
52
Mid-Cap Index Fund
5. 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.
6. 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), share holder reporting, and proxies. Marketing and distribution expenses are allocated to each class of s hares 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 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, 2009, the fund had contributed capital of $3,695,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 1.48% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the
fair value of investments).
The following table summarizes the fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 19,466,670 | — | — |
Temporary Cash Investments | 131,935 | 1,998 | — |
Futures Contracts—Liabilities1 | (258) | — | — |
Total | 19,598,347 | 1,998 | — |
1 Represents variation margin on the last day of the reporting period.
53
Mid-Cap Index Fund
D. At December 31, 2009, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Number of | Aggregate | Unrealized | ||
Long (Short) | Settlement | Appreciation | ||
Futures Contracts | Expiration | Contracts | Value | (Depreciation) |
S&P MidCap 400 Index | March 2010 | 56 | 20,297 | 382 |
Unrealized appreciation (depreciation) on open futures contracts is required t o be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment in come and realized capital gains f or financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital acc ounts 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 shor t-term gains as ordinary income for tax purposes.
During the year ended December 31, 2009, the fund realized $319,921,000 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2009, the fund had $2,442,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $3,065,346,000 to offset future net capi tal gains of $14,378,000 through December 31, 2011, $63,490,000 through December 31, 2014, $1,194,244,000 through December 31, 2016, and $1,793,234,000 through December 31, 2017. In addition, the fund realized losses of $251,861,000 during the period from November 1, 2009, through December 31, 2009, which are deferred and will be treated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $18,887,459,000. Net unrealized appreciation of investment securities for tax purposes was $713,144,000, consisting of unrealized gains of $2,977,427,000 on securities that had risen in value since their purchase and $2,264,283,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $5,660,002,000 of investment securities and sold $4,187,515,000 of investment securities, other than temporary cash investments.
54
Mid-Cap Index Fund
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 1,423,348 | 107,883 | 1,737,395 | 104,616 |
Issued in Lieu of Cash Distributions | 69,914 | 4,350 | 82,868 | 7,401 |
Redeemed | (1,183,173) | (91,741) | (1,781,326) | (107,716) |
Net Increase (Decrease)—Investor Shares | 310,089 | 20,492 | 38,937 | 4,301 |
Admiral Shares | ||||
Issued | 291,548 | 4,815 | 404,218 | 5,373 |
Issued in Lieu of Cash Distributions | 22,510 | 309 | 29,154 | 573 |
Redeemed | (329,922) | (5,626) | (525,699) | (7,688) |
Net Increase (Decrease)—Admiral Shares | (15,864) | (502) | (92,327) | (1,742) |
Signal Shares | ||||
Issued | 573,460 | 30,467 | 872,795 | 36,859 |
Issued in Lieu of Cash Distributions | 23,904 | 1,038 | 29,003 | 1,809 |
Redeemed | (496,872) | (26,673) | (607,257) | (26,247) |
Net Increase (Decrease)—Signal Shares | 100,492 | 4,832 | 294,541 | 12,421 |
Institutional Shares | ||||
Issued | 1,384,125 | 105,648 | 1,589,915 | 92,750 |
Issued in Lieu of Cash Distributions | 71,321 | 4,413 | 76,936 | 6,856 |
Redeemed | (943,008) | (69,913) | (1,207,230) | (73,261) |
Net Increase (Decrease)—Institutional Shares | 512,438 | 40,148 | 459,621 | 26,345 |
ETF Shares | ||||
Issued | 1,647,762 | 34,436 | 2,672,698 | 47,242 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (1,110,971) | (23,400) | (2,162,060) | (35,800) |
Net Increase (Decrease)—ETF Shares | 536,791 | 11,036 | 510,638 | 11,442 |
H. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 12, 2010, for potential recognition or disclosure in these financial statements.
55
Mid-Cap Growth Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics
Investor | ETF | |
Shares | Shares | |
Ticker Symbol | VMGIX | VOT |
Expense Ratio1 | 0.30% | 0.15% |
30-Day SEC Yield | 0.21% | 0.36% |
Portfolio Characteristics | |||
MSCI US | DJ | ||
Mid Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | Index | |
Number of Stocks | 245 | 246 | 4,201 |
Median Market Cap | $5.0B | $4.9B | $30.7B |
Price/Earnings Ratio | 76.5x | 76.3x | 35.7x |
Price/Book Ratio | 3.2x | 3.2x | 2.1x |
Return on Equity | 18.1% | 18.2% | 19.3% |
Earnings Growth Rate 17.7% | 17.7% | 8.1% | |
Dividend Yield | 0.5% | 0.5% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 43% | — | — |
Short-Term Reserves | 0.3% | — | — |
Sector Diversification (% of equity exposure) | |||
MSCI US | DJ | ||
Mid Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | Index | |
Consumer | |||
Discretionary | 16.2% | 16.4% | 10.3% |
Consumer Staples | 3.4 | 3.3 | 9.9 |
Energy | 9.8 | 9.8 | 10.6 |
Financials | 4.8 | 4.8 | 16.0 |
Health Care | 17.5 | 17.5 | 12.6 |
Industrials | 15.6 | 15.6 | 10.6 |
Information | |||
Technology | 24.8 | 24.7 | 19.3 |
Materials | 5.5 | 5.5 | 4.0 |
Telecommunication | |||
Services | 1.3 | 1.3 | 2.9 |
Utilities | 1.1 | 1.1 | 3.8 |
Volatility Measures | ||
DJ | ||
MSCI US | U.S. Total | |
Mid Cap | Market | |
Growth Index | Index | |
R-Squared | 1.00 | 0.88 |
Beta | 1.00 | 1.13 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Intuitive Surgical Inc. | Health Care | |
Equipment | 1.3% | |
Marvell Technology | Semiconductors | |
Group Ltd. | 1.2 | |
Cameron International | Oil & Gas | |
Corp. | Equipment & | |
Services | 1.1 | |
Western Digital Corp. | Computer Storage | |
& Peripherals | 1.1 | |
Life Technologies Corp. | Biotechnology | 1.0 |
Consol Energy Inc. | Coal & Consumable | |
Fuels | 1.0 | |
Delta Air Lines Inc. | Airlines | 1.0 |
priceline.com Inc. | Internet Retail | 1.0 |
Rockwell Collins Inc. | Aerospace & | |
Defense | 1.0 | |
Salesforce.com Inc. | Application | |
Software | 0.9 | |
Top Ten | 10.6% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based
on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.30% for
Investor Shares and 0.14% for ETF Shares.
56
Mid-Cap Growth Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: August 24, 2006, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | ||||
Periods Ended December 31, 2009 | ||||
Final Value | ||||
One | Since | of a $10,000 | ||
Year | Inception | Investment | ||
Mid-Cap Growth Index Fund Investor | ||||
Shares | 42.54% | -0.99% | $9,673 | |
•••••••• | Dow Jones U.S. Total Stock Market | |||
Index | 29.35 | -1.48 | 9,511 | |
Mid-Cap Growth Funds | 40.12 | -0.12 | 9,960 | |
– – – – | MSCI US Mid Cap Growth Average Index | 43.01 | -0.85 | 9,717 |
Mid-Cap Growth Funds Average: Derived from data provided by Lipper Inc.
Performance for the fund’s Investor Shares and comparative standards is calculated since the Investor Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
57
Mid-Cap Growth Index Fund
Since | Final Value | ||
One | Inception | of a $10,000 | |
Year | (8/17/2006) | Investment | |
Mid-Cap Growth Index Fund | |||
ETF Shares Net Asset Value | 42.85% | -1.27% | $9,580 |
Dow Jones U.S. Total Stock Market Index | 29.35 | -1.59 | 9,474 |
MSCI US Mid Cap Growth Index | 43.01 | -1.27 | 9,579 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
For more information about how the ETF Shares' market prices have compared with their net asset value, visit www.vanguard.com, select
your ETF, and then select the Performance tab. The Premium/Discount table there shows the percentages of days on which the ETF Shares'
market price was above or below the NAV.
Cumulative Returns of ETF Shares: August 17, 2006, Through December 31, 2009
One | Since | |
Year | Inception | |
Mid-Cap Growth Index Fund | ||
ETF Shares Market Price | 43.10% | -4.17% |
Mid-Cap Growth Index Fund | ||
ETF Shares Net Asset Value | 42.85 | -4.20 |
MSCI US Mid Cap Growth Index | 43.01 | -4.21 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
Fiscal-Year Total Returns (%): August 24, 2006, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
58
Mid-Cap Growth Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2009
The fund reports a complete list of its holdings in regulatory filings 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).
Market | |||
Value • | |||
Shares | ($000) | ||
Common Stocks (100.2%) | |||
Consumer Discretionary (16.2%) | |||
* | priceline.com Inc. | 52,556 | 11,483 |
Cablevision Systems Corp. | |||
Class A | 322,678 | 8,332 | |
Nordstrom Inc. | 212,497 | 7,986 | |
International | |||
Game Technology | 387,777 | 7,279 | |
Ross Stores Inc. | 165,796 | 7,081 | |
* | CarMax Inc. | 288,388 | 6,993 |
Tiffany & Co. | 162,454 | 6,985 | |
* | O'Reilly Automotive Inc. | 179,009 | 6,824 |
* | Expedia Inc. | 258,064 | 6,635 |
Polo Ralph Lauren Corp. | |||
Class A | 74,419 | 6,026 | |
* | Urban Outfitters Inc. | 165,125 | 5,778 |
* | Dollar Tree Inc. | 117,024 | 5,652 |
Wynn Resorts Ltd. | 96,716 | 5,632 | |
* | Discovery | ||
Communications Inc. | |||
Class A | 176,195 | 5,404 | |
BorgWarner Inc. | 152,711 | 5,073 | |
Advance Auto Parts Inc. | 124,980 | 5,059 | |
Scripps Networks | |||
Interactive Inc. Class A | 118,064 | 4,900 | |
* | Discovery | ||
Communications Inc. | 184,203 | 4,885 | |
Family Dollar Stores Inc. | 173,791 | 4,837 | |
DeVry Inc. | 83,851 | 4,757 | |
* | ITT Educational Services Inc. | 49,358 | 4,736 |
* | GameStop Corp. Class A | 204,760 | 4,492 |
PetSmart Inc. | 163,702 | 4,369 | |
* | NVR Inc. | 6,089 | 4,327 |
Virgin Media Inc. | 237,961 | 4,005 | |
Strayer Education In c. | 18,320 | 3,893 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 41,452 | 3,654 | |
* | NetFlix Inc. | 63,920 | 3,525 |
* | LKQ Corp. | 165,836 | 3,249 |
* | MGM Mirage | 346,571 | 3,161 |
Guess? Inc. | 72,311 | 3,059 | |
Harman International | |||
Industries Inc. | 86,277 | 3,044 | |
Pulte Homes Inc. | 291,647 | 2,916 | |
* | Goodyear Tire & Rubber Co. | 195,621 | 2,758 |
Burger King Holdings Inc. | 123,584 | 2,326 | |
WABCO Holdings Inc. | 83,082 | 2,143 | |
DR Horton Inc. | 186,342 | 2,026 | |
* | Lamar Advertising Co. | ||
Class A | 61,476 | 1,911 | |
* | Toll Brothers Inc. | 88,848 | 1,671 |
* | Interpublic Group | ||
of Cos. Inc. | 220,567 | 1,628 | |
* | Penn National Gaming Inc. | 43,271 | 1,176 |
Wendy's/Arby's Group Inc. | |||
Class A | 182,220 | 855 | |
* | Clear Channel Outdoor | ||
Holdings Inc. Class A | 52,254 | 543 | |
193,068 | |||
Consumer Staples (3.4%) | |||
Estee Lauder Cos. Inc. | |||
Class A | 147,497 | 7,133 | |
Mead Johnson Nutrition Co. | |||
Class A | 133,865 | 5,850 | |
* | Energizer Holdings Inc. | 86,390 | 5,294 |
* | Whole Foods Market Inc. | 183,892 | 5,048 |
Dr Pepper Snapple | |||
Group Inc. | 166,248 | 4,705 | |
* | Dean Foods Co. | 236,060 | 4,258 |
* | Hansen Natural Corp. | 100,888 | 3,874 |
Flowers Foods Inc. | 107,602 | 2,557 | |
Hormel Foods Corp. | 33,632 | 1,293 | |
40,012 | |||
Energy (9.8%) | |||
* | Cameron International Corp. | 319,913 | 13,372 |
Consol Energy Inc. | 236,499 | 11,778 | |
Range Resources Corp. | 205,881 | 10,263 | |
* | Petrohawk Energy Corp. | 393,688 | 9,445 |
* | FMC Technologies Inc. | 160,283 | 9,271 |
* | Alpha Natural Resources Inc. | 156,882 | 6,806 |
59
Mid-Cap Growth Index Fund
Market | |||
Value • | |||
Shares | ($000) | ||
Helmerich & Payne Inc. | 138,044 | 5,505 | |
EXCO Resources Inc. | 235,012 | 4,989 | |
* | Plains Exploration | ||
& Production Co. | 179,326 | 4,960 | |
* | Denbury Resources Inc. | 326,502 | 4,832 |
Massey Energy Co. | 111,960 | 4,703 | |
* | Oceaneering | ||
International Inc. | 71,827 | 4,203 | |
Cabot Oil & Gas Corp. | 88,263 | 3,847 | |
* | Concho Resources Inc. | 84,032 | 3,773 |
BJ Services Co. | 191,212 | 3,557 | |
* | Dresser-Rand Group Inc. | 107,970 | 3,413 |
* | Quicksilver Resources Inc. | 153,904 | 2,310 |
Patterson-UTI Energy Inc. | 129,558 | 1,989 | |
* | Continental Resources Inc. | 44,205 | 1,896 |
* | Rowan Cos. Inc. | 73,891 | 1,673 |
* | SandRidge Energy Inc. | 130,289 | 1,229 |
Tesoro Corp. | 90,472 | 1,226 | |
* | CNX Gas Corp. | 39,337 | 1,161 |
* | Cobalt International | ||
Energy Inc. | 70,285 | 973 | |
117,174 | |||
Financials (4.8%) | |||
Host Hotels & Resorts Inc. | 812,985 | 9,488 | |
* | IntercontinentalExchange Inc. | 81,398 | 9,141 |
Eaton Vance Corp. | 145,224 | 4,416 | |
* | CB Richard Ellis Group Inc. | ||
Class A | 318,122 | 4,317 | |
* | Affiliated Managers | ||
Group Inc. | 54,560 | 3,675 | |
* | St Joe Co. | 121,118 | 3,499 |
* | Jefferies Group Inc. | 135,618 | 3,218 |
Janus Capital Group Inc. | 238,454 | 3,207 | |
SEI Investments Co. | 175,140 | 3,068 | |
Regions Financial Corp. | 544,452 | 2,880 | |
Brown & Brown Inc. | 157,450 | 2,829 | |
Greenhill & Co. Inc. | 29,347 | 2,355 | |
Digital Realty Trust Inc. | 32,830 | 1,651 | |
* | American International | ||
Group Inc. | 54,979 | 1,648 | |
* | NASDAQ OMX Group Inc. | 64,554 | 1,280 |
TFS Financial Corp. | 60,220 | 731 | |
57,403 | |||
Health Care (17.6%) | |||
* | Intuitive Surgical Inc. | 49,644 | 15,058 |
* | Life Technologies Corp. | 230,817 | 12,056 |
* | Hospira Inc. | 210,606 | 10,741 |
* | DaVita Inc. | 136,168 | 7,999 |
* | Waters Corp. | 125,060 | 7,749 |
* | Varian Medical Systems Inc. | 164,302 | 7,698 |
* | Cerner Corp. | 90,211 | 7,437 |
* | Mylan Inc. | 399,639 | 7,365 |
* | Vertex Pharmaceuticals Inc. | 163,713 | 7,015 |
DENTSPLY International Inc. | 184,799 | 6,499 | |
* | Edwards Lifesciences Corp. | 73,886 | 6,417 |
* | Henry Schein Inc. | 118,110 | 6,213 |
* | Cephalon Inc. | 97,717 | 6,099 |
Beckman Coulter Inc. | 89,811 | 5,877 | |
* | Alexion Pharmaceuticals Inc. | 115,123 | 5,620 |
* | Millipore Corp. | 72,706 | 5,260 |
* | Watson Pharmaceuticals Inc. | 131,552 | 5,211 |
* | ResMed Inc. | 98,883 | 5,169 |
IMS Health Inc. | 238,737 | 5,028 | |
* | Illumina Inc. | 162,560 | 4,982 |
* | Hologic Inc. | 335,924 | 4,871 |
* | Mettler-Toledo | ||
International Inc. | 44,142 | 4,634 | |
* | Covance Inc. | 83,742 | 4,570 |
* | Community Health | ||
Systems Inc. | 121,444 | 4,323 | |
* | Warner Chilcott PLC | ||
Class A | 148,202 | 4,219 | |
* | IDEXX Laboratories Inc. | 76,768 | 4,103 |
Perrigo Co. | 102,662 | 4,090 | |
* | Patterson Cos. Inc. | 120,167 | 3,362 |
* | Lincare Holdings Inc. | 88,849 | 3,298 |
* | Myriad Genetics Inc. | 125,645 | 3,279 |
Techne Corp. | 46,373 | 3,179 | |
* | CareFusion Corp. | 117,990 | 2,951 |
* | Gen-Probe Inc. | 65,417 | 2,806 |
* | Kinetic Concepts Inc. | 69,292 | 2,609 |
* | Amylin Pharmaceuticals Inc. | 183,426 | 2,603 |
* | Dendreon Corp. | 85,157 | 2,238 |
Pharmaceutical Product | |||
Development Inc. | 90,585 | 2,123 | |
* | Inverness Medical | ||
Innovations Inc. | 49,750 | 2,065 | |
* | Endo Pharmaceuticals | ||
Holdings Inc. | 98,781 | 2,026 | |
* | Abraxis Bioscience Inc. | 10,399 | 422 |
209,264 | |||
Industrials (15.6%) | |||
* | Delta Air Lines Inc. | 1,017,687 | 11,581 |
Rockwell Collins Inc. | 206,366 | 11,424 | |
WW Grainger Inc. | 81,942 | 7,934 | |
Fastenal Co. | 175,006 | 7,287 | |
* | McDermott International Inc. | 300,979 | 7,227 |
Flowserve Corp. | 73,217 | 6,921 | |
Joy Global Inc. | 133,876 | 6,907 | |
Roper Industries Inc. | 118,914 | 6,228 | |
* | Jacobs Engineering | ||
Group Inc. | 162,217 | 6,101 | |
* | Stericycle Inc. | 105,755 | 5,835 |
Dun & Bradstreet Corp. | 69,132 | 5,833 | |
Bucyrus International Inc. | |||
Class A | 98,366 | 5,545 | |
* | Iron Mountain Inc. | 239,072 | 5,441 |
* | Quanta Services Inc. | 258,800 | 5,393 |
AMETEK Inc. | 140,737 | 5,382 | |
Robert Half International Inc. | 188,905 | 5,049 | |
* | Foster Wheeler AG | 165,546 | 4,874 |
* | Kansas City Southern | 125,695 | 4,184 |
60
Mid-Cap Growth Index Fund
Market | |||
Value • | |||
Shares | ($000) | ||
Donaldson Co. Inc. | 96,046 | 4,086 | |
* | AGCO Corp. | 121,072 | 3,916 |
* | Alliant Techsystems Inc. | 43,148 | 3,809 |
JB Hunt Transport | |||
Services Inc. | 116,313 | 3,753 | |
Goodrich Corp. | 56,887 | 3,655 | |
* | IHS Inc. Class A | 66,194 | 3,628 |
* | Verisk Analytics Inc. Class A | 118,459 | 3,587 |
* | Copart Inc. | 93,631 | 3,430 |
* | AMR Corp. | 430,268 | 3,326 |
* | Navistar International Corp. | 82,902 | 3,204 |
* | FTI Consulting Inc. | 67,746 | 3,195 |
* | Aecom Technology Corp. | 115,623 | 3,180 |
* | Shaw Group Inc. | 109,407 | 3,145 |
* | Covanta Holding Corp. | 162,392 | 2,938 |
Pall Corp. | 77,221 | 2,795 | |
Manpower Inc. | 50,968 | 2,782 | |
MSC Industrial Direct Co. | |||
Class A | 57,495 | 2,702 | |
* | Hertz Global Holdings Inc. | 155,210 | 1,850 |
* | Terex Corp. | 91,018 | 1,803 |
* | Spirit Aerosystems | ||
Holdings Inc. Class A | 88,195 | 1,752 | |
SPX Corp. | 31,972 | 1,749 | |
* | SunPower Corp. Class A | 70,919 | 1,679 |
* | SunPower Corp. Class B | 54,572 | 1,143 |
186,253 | |||
Information Technology (24.8%) | |||
* | Marvell Technology | ||
Group Ltd. | 688,724 | 14,291 | |
* | Western Digital Corp. | 294,128 | 12,986 |
* | Salesforce.com Inc. | 146,111 | 10,779 |
Amphenol Corp. Class A | 224,407 | 10,363 | |
* | Fiserv Inc. | 202,068 | 9,796 |
* | BMC Software Inc. | 240,809 | 9,656 |
Linear Technology Corp. | 290,956 | 8,886 | |
Altera Corp. | 385,038 | 8,713 | |
* | SanDisk Corp. | 297,196 | 8,616 |
* | McAfee Inc. | 205,798 | 8,349 |
Maxim Integrated | |||
Products Inc. | 400,614 | 8,132 | |
KLA-Tencor Corp. | 223,414 | 8,079 | |
* | Autodesk Inc. | 300,663 | 7,640 |
* | Micron Technology Inc. | 720,398 | 7,607 |
* | Red Hat Inc. | 246,100 | 7,605 |
* | Advanced Micro Devices Inc. | 742,706 | 7,189 |
* | Cree Inc. | 126,342 | 7,122 |
* | Teradata Corp. | 224,917 | 7,069 |
* | Lam Research Corp. | 165,812 | 6,502 |
* | FLIR Systems Inc. | 198,328 | 6,489 |
* | Citrix Systems Inc. | 155,727 | 6,480 |
* | VeriSign Inc. | 252,475 | 6,120 |
* | Akamai Technologies Inc. | 225,695 | 5,717 |
Global Payments Inc. | 105,618 | 5,689 | |
* | F5 Networks Inc. | 102,780 | 5,445 |
* | Equinix Inc. | 50,577 | 5,369 |
Harris Corp. | 112,687 | 5,358 | |
Lender Processing | |||
Services Inc. | 125,824 | 5,116 | |
* | ANSYS Inc. | 115,373 | 5,014 |
National | |||
Semiconductor Corp. | 309,418 | 4,753 | |
* | Hewitt Associates Inc. | ||
Class A | 109,728 | 4,637 | |
* | ON Semiconductor Corp. | 523,283 | 4,610 |
* | Sybase Inc. | 106,032 | 4,602 |
* | Alliance Data Systems Corp. | 69,649 | 4,499 |
* | Synopsys Inc. | 188,899 | 4,209 |
Broadridge Financial | |||
Solutions Inc. | 182,381 | 4,115 | |
* | Nuance | ||
Communications Inc. | 264,160 | 4,105 | |
* | MEMC Electronic | ||
Materials Inc. | 292,690 | 3,986 | |
* | Brocade Communications | ||
Systems Inc. | 521,373 | 3,978 | |
* | Trimble Navigation Ltd. | 156,891 | 3,954 |
Factset Research | |||
Systems Inc. | 58,666 | 3,864 | |
* | Dolby Laboratories Inc. | ||
Class A | 69,512 | 3,318 | |
* | Novellus Systems Inc. | 127,841 | 2,984 |
* | Flextronics International Ltd. | 371,606 | 2,716 |
* | DST Systems Inc. | 51,606 | 2,247 |
* | Cadence Design | ||
Systems Inc. | 346,116 | 2,073 | |
* | LSI Corp. | 295,784 | 1,778 |
* | NCR Corp. | 133,937 | 1,491 |
* | Avago Technologies Ltd. | 61,040 | 1,116 |
295,212 | |||
Materials (5.5%) | |||
United States Steel Corp. | 187,595 | 10,340 | |
Sigma-Aldrich Corp. | 159,458 | 8,057 | |
Celanese Corp. Class A | 187,959 | 6,034 | |
* | Crown Holdings Inc. | 209,633 | 5,362 |
Martin Marietta | |||
Materials Inc. | 58,386 | 5,220 | |
Walter Energy Inc. | 69,311 | 5,220 | |
Nalco Holding Co. | 180,899 | 4,615 | |
Terra Industries Inc. | 130,650 | 4,206 | |
* | Pactiv Corp. | 172,748 | 4,170 |
AK Steel Holding Corp. | 143,260 | 3,059 | |
Steel Dynamics Inc. | 164,863 | 2,921 | |
Scotts Miracle-Gro Co. | |||
Class A | 59,750 | 2,349 | |
FMC Corp. | 31,240 | 1,742 | |
Reliance Steel & | |||
Aluminum Co. | 30,198 | 1,305 | |
Commercial Metals Co. | 51,118 | 800 | |
* | Titanium Metals Corp. | 53,593 | 671 |
66,071 |
61
Mid-Cap Growth Index Fund
Market | |||
Value • | |||
Shares | ($000) | ||
Telecommunication Services (1.4%) | |||
* | NII Holdings Inc. | 217,427 | 7,301 |
* | SBA Communications Corp. | ||
Class A | 137,444 | 4,695 | |
* | MetroPCS | ||
Communications Inc. | 322,723 | 2,462 | |
* | Level 3 | ||
Communications Inc. | 1,059,110 | 1,621 | |
16,079 | |||
Utilities (1.1%) | |||
EQT Corp. | 162,834 | 7,151 | |
* | Calpine Corp. | 462,974 | 5,093 |
* | Dynegy Inc. Class A | 227,137 | 411 |
12,655 | |||
Total Common Stocks | |||
(Cost $1,108,335) | 1,193,191 | ||
Temporary Cash Investment (0.3%) | |||
Money Market Fund (0.3%) | |||
1 | Vanguard Market | ||
Liquidity Fund, 0.187% | |||
(Cost $3,765) | 3,765,382 | 3,765 | |
Total Investments (100.5%) | |||
(Cost $1,112,100) | 1,196,956 | ||
Other Assets and Liabilities (-0.5%) | |||
Other Assets | 12,003 | ||
Liabilities | (17,421) | ||
(5,418) | |||
Net Assets (100%) | 1,191,538 |
At December 31, 2009, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 1,462,463 |
Overdistributed Net Investment Income | (1,017) |
Accumulated Net Realized Losses | (354,764) |
Unrealized Appreciation (Depreciation) | 84,856 |
Net Assets | 1,191,538 |
Investor Shares—Net Assets | |
Applicable to 28,654,638 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 545,961 |
Net Asset Value Per Share— | |
Investor Shares | $19.05 |
ETF Shares—Net Assets | |
Applicable to 13,324,774 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 645,577 |
Net Asset Value Per Share— | |
ETF Shares | $48.45 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
See accompanying Notes, which are an integral part of the Financial Statements.
62
Mid-Cap Growth Index Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 7,317 |
Interest1 | 5 |
Security Lending | 319 |
Total Income | 7,641 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 102 |
Management and Administrati ve—Investor Shares | 842 |
Management and Administrati ve—ETF Shares | 297 |
Marketing and Distribution& #151;Investor Shares | 104 |
Marketing and Distribution& #151;ETF Shares | 154 |
Custodian Fees | 170 |
Auditing Fees | 23 |
Shareholders’ Reports and Proxies—Investor Shares | 50 |
Shareholders’ Reports and Proxies—ETF Shares | 83 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 1,827 |
Net Investment Income | 5,814 |
Realized Net Gain (Loss) on Investment Securities Sold | (86,447) |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 415,760 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 335,127 |
1 Interest income from an affiliated company of the fund was $5,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
63
Mid-Cap Growth Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 5,814 | 3,685 |
Realized Net Gain (Loss) | (86,447) | (141,355) |
Change in Unrealized Appreciation (Depreciation) | 415,760 | (357,531) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 335,127 | (495,201) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (2,593) | (1,267) |
ETF Shares | (3,860) | (2,723) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Total Distributions | (6,453) | (3,990) |
Capital Share Transactions | ||
Investor Shares | 132,234 | 117,345 |
ETF Shares | 42,626 | 304,432 |
Net Increase (Decrease) from Capital Share Transactions | 174,860 | 421,777 |
Total Increase (Decrease) | 503,534 | (77,414) |
Net Assets | ||
Beginning of Period | 688,004 | 765,418 |
End of Period1 | 1,191,538 | 688,004 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($1,017,000) and ($378,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
64
Mid-Cap Growth Index Fund
Financial Highlights
Investor Shares | ||||
Aug. 24, | ||||
20061 to | ||||
Year Ended December 31, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 | 2006 |
Net Asset Value, Beginning of Period | $13.43 | $25.50 | $21.78 | $20.00 |
Investment Operations | ||||
Net Investment Income | .084 | .059 | .0812 | .090 |
Net Realized and Unrealized Gain (Loss) on Investments | 5.629 | (12.065) | 3.686 | 1.770 |
Total from Investment Operations | 5.713 | (12.006) | 3.767 | 1.860 |
Distributions | ||||
Dividends from Net Investment Income | (.093) | (.064) | (.047) | (.080) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.093) | (.064) | (.047) | (.080) |
Net Asset Value, End of Period | $19.05 | $13.43 | $25.50 | $21.78 |
Total Return3 | 42.54% | -47.07% | 17.30% | 9.30% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $546 | $275 | $389 | $24 |
Ratio of Total Expenses to Average Net Assets | 0.30% | 0.25% | 0.24% | 0.26%4 |
Ratio of Net Investment Income to Average Net Assets | 0.55% | 0.37% | 0.33% | 1.00%4 |
Portfolio Turnover Rate5 | 43% | 54% | 56% | 20% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
4 Annualized.
5 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
65
Mid-Cap Growth Index Fund
Financial Highlights
ETF Shares | ||||
Aug. 17, | ||||
20061 to | ||||
Year Ended December 31, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 | 2006 |
Net Asset Value, Beginning of Period | $34.12 | $64.85 | $55.35 | $51.55 |
Investment Operations | ||||
Net Investment Income | .267 | .214 | .2752 | .228 |
Net Realized and Unrealized Gain (Loss) on Investments | 14.353 | (30.717) | 9.378 | 3.783 |
Total from Investment Operations | 14.620 | (30.503) | 9.653 | 4.011 |
Distributions | ||||
Dividends from Net Investment Income | (.290) | (.227) | (.153) | (.211) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.290) | (.227) | (.153) | (.211) |
Net Asset Value, End of Period | $48.45 | $34.12 | $64.85 | $55.35 |
Total Return | 42.85% | -47.02% | 17.44% | 7.78% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $646 | $413 | $377 | $22 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.12% | 0.13% | 0.13%3 |
Ratio of Net Investment Income to Average Net Assets | 0.71% | 0.50% | 0.44% | 1.13%3 |
Portfolio Turnover Rate4 | 43% | 54% | 56% | 20% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Annualized.
4 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
66
Mid-Cap Growth Index Fund
Notes to Financial Statements
Vanguard Mid-Cap Growth 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 ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for t rading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
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 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 w hich 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.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. 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.
5. 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), share holder reporting, and proxies. Marketing and distribution expenses are allocated to each class of s hares 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 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, 2009, the fund had contributed capital of
67
Mid-Cap Growth Index Fund
$219,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.09% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quo ted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At December 31, 2009, 100% of the fund’s investments were valued based on Level 1 inputs.
D. Distributions are determined on a tax basis and may differ from net investment in come and realized capital gains f or financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital acc ounts 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 shor t-term gains as ordinary income for tax purposes.
During the year ended December 31, 2009, the fund realized $47,305,000 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2009, the fund had $74,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $315,169,000 to offset future net capital gains of $35,000 through December 31, 2014, $480,000 through December 31, 2015, $48,884,000 through December 31, 2016, and $265,770,000 through December 31, 2017. In addition, the fund realized losses of $38,049,000 during the period from November 1, 2009, t hrough December 31, 2009, which are defe rred and will be treated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $1,113,647,000.
Net unrealized appreciation of investment securities for tax purposes was $83,309,000, consisting of unrealized gains of $156,520,000 on securities that had risen in value since their purchase and $73,211,000 in unrealized losses on sec urities that had fallen in value since their purchase.
E. During the year ended December 31, 2009, the fund purchased $824,380,000 of investment securities and sold $650,514,000 of investment securities, other than temporary cash investments.
68
Mid-Cap Growth Index Fund
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 239,949 | 15,221 | 294,655 | 14,349 |
Issued in Lieu of Cash Distributions | 2,408 | 126 | 1,177 | 92 |
Redeemed | (110,123) | (7,151) | (178,487) | (9,222) |
Net Increase (Decrease)—Investor Shares | 132,234 | 8,196 | 117,345 | 5,219 |
ETF Shares | ||||
Issued | 310,206 | 8,211 | 745,420 | 14,904 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (267,580) | (7,000) | (440,988) | (8,600) |
Net Increase (Decrease)—ETF Shares | 42,626 | 1,211 | 304,432 | 6,304 |
G. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 12, 2010, for potential recognition or disclosure in these financial statements.
69
Mid-Cap Value Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics | ||
Investor | ETF | |
Shares | Shares | |
Ticker Symbol | VMVIX | VOE |
Expense Ratio1 | 0.30% | 0.15% |
30-Day SEC Yield | 1.88% | 2.02% |
Portfolio Characteristics | |||
DJ | |||
MSCI US | U.S. Total | ||
Mid Cap | Market | ||
Fund Value Index | Index | ||
Number of Stocks | 259 | 259 | 4,201 |
Median Market Cap | $4.6B | $4.6B | $30.7B |
Price/Earnings Ratio 428.4x | 429.2x | 35.7x | |
Price/Book Ratio | 1.4x | 1.4x | 2.1x |
Return on Equity | 12.6% | 12.6% | 19.3% |
Earnings Growth Rate | 1.2% | 1.2% | 8.1% |
Dividend Yield | 2.1% | 2.1% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 47% | — | — |
Short-Term Reserves | 0.0% | — | — |
Sector Diversification (% of equity exposure) | |||
MSCI US | DJ | ||
Mid Cap | U.S. Total | ||
Value | Market | ||
Fund | Index | Index | |
Consumer | |||
Discretionary | 13.1% | 13.1% | 10.3% |
Consumer Staples | 5.8 | 5.8 | 9.9 |
Energy | 6.4 | 6.4 | 10.6 |
Financials | 29.8 | 29.8 | 16.0 |
Health Care | 4.6 | 4.6 | 12.6 |
Industrials | 9.3 | 9.3 | 10.6 |
Information | |||
Technology | 9.2 | 9.2 | 19.3 |
Materials | 8.2 | 8.2 | 4.0 |
Telecommunication | |||
Services | 1.4 | 1.4 | 2.9 |
Utilities | 12.2 | 12.2 | 3.8 |
Volatility Measures | ||
DJ | ||
MSCI US | U.S. Total | |
Mid Cap | Market | |
Value Index | Index | |
R-Squared | 1.00 | 0.94 |
Beta | 1.00 | 1.18 |
These measures show the degree and timing of the fund’s
fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Seagate Technology | Computer Storage | |
& Peripherals | 1.0% | |
Hartford Financial | Multi-line Insurance | |
Services Group Inc. | 1.0 | |
HCP Inc. | Specialized REITs | 1.0 |
Computer Sciences Corp. | Data Processing & | |
Outsourced | ||
Services | 0.9 | |
Bunge Ltd. | Agricultural | |
Products | 0.9 | |
Liberty Media Corp. | Catalog Retail | 0.9 |
Discover Financial | Consumer Finance | |
Services | 0.9 | |
AmerisourceBergen | Health Care | |
Corp. Class A | Distributors | 0.8 |
Dover Corp. | Industrial | |
Machinery | 0.8 | |
H&R Block Inc. | Specialized | |
Consumer Services | 0.8 | |
Top Ten | 9.0% |
The holdings listed exclude any temporary cash investments and
equity index products.
Investment Focus
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based
on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.30% for
Investor Shares and 0.14% for ETF Shares.
70
Mid-Cap Value Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: August 24, 2006, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | ||||
Periods Ended December 31, 2009 | ||||
Final Value | ||||
One | Since | of a $10,000 | ||
Year | Inception | Investment | ||
Mid-Cap Value Index Fund Investor | ||||
Shares | 37.61% | -1.92% | $9,372 | |
•••••••• | Dow Jones U.S. Total Stock Market | |||
Index | 29.35 | -1.48 | 9,511 | |
– – – – | Mid-Cap MSCI US Value Mid Cap Funds Value Average Index | 36.14 37.84 | -1.55 -1.78 | 9,490 9,414 |
Mid-Cap Value Funds Average: Derived from data provided by Lipper Inc.
Performance for the fund’s Investor Shares and comparative standards is calculated since the Investor Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
71
Mid-Cap Value Index Fund
Since | Final Value | ||
One | Inception | of a $10,000 | |
Year | (8/17/2006) | Investment | |
Mid-Cap Value Index Fund | |||
ETF Shares Net Asset Value | 37.75% | -1.94% | $9,361 |
Dow Jones U.S. Total Stock Market Index | 29.35 | -1.59 | 9,474 |
MSCI US Mid Cap Value Index | 37.84 | -1.93 | 9,362 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
For more information about how the ETF Shares' market prices have compared with their net asset value, visit www.vanguard.com, select
your ETF, and then select the Performance tab. The Premium/Discount table there shows the percentages of days on which the ETF Shares'
market price was above or below the NAV.
Cumulative Returns of ETF Shares: August 17, 2006, Through December 31, 2009
One | Since | |
Year | Inception | |
Mid-Cap Value Index Fund | ||
ETF Shares Market Price | 37.98% | -6.32% |
Mid-Cap Value Index Fund | ||
ETF Shares Net Asset Value | 37.75 | -6.39 |
MSCI US Mid Cap Value Index | 37.84 | -6.38 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
Fiscal-Year Total Returns (%): August 24, 2006, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide information about current fees.
72
Mid-Cap Value Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2009
The fund reports a complete list of its holdings in regulatory filings 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 repo rts 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 info rmation).
Market | |||
Value • | |||
Shares | ($000) | ||
Common Stocks (99.9%) | |||
Consumer Discretionary (13.1%) | |||
H&R Block Inc. | 379,593 | 8,586 | |
Mattel Inc. | 407,535 | 8,143 | |
Starwood Hotels & | |||
Resorts Worldwide Inc. | 211,521 | 7,735 | |
* | Liberty Media Corp. - | ||
Interactive | 641,604 | 6,955 | |
Genuine Parts Co. | 180,612 | 6,856 | |
Whirlpool Corp. | 83,812 | 6,760 | |
Harley-Davidson Inc. | 265,570 | 6,692 | |
Ltd Brands Inc. | 309,449 | 5,954 | |
Darden Restaurants Inc. | 150,055 | 5,263 | |
Newell Rubbermaid Inc. | 314,399 | 4,719 | |
Hasbro Inc. | 142,545 | 4,570 | |
Black & Decker Corp. | 68,119 | 4,416 | |
Autoliv Inc. | 96,332 | 4,177 | |
Wyndham Worldwide Corp. | 202,220 | 4,079 | |
* | Royal Caribbean Cruises Ltd. 157,346 | 3,978 | |
Gannett Co. Inc. | 265,775 | 3,947 | |
American Eagle | |||
Outfitters Inc. | 210,703 | 3,578 | |
Abercrombie & Fitch Co. | 99,491 | 3,467 | |
Leggett & Platt Inc. | 167,933 | 3,426 | |
* | Mohawk Industries Inc. | 65,873 | 3,136 |
Washington Post Co. | |||
Class B | 6,885 | 3,027 | |
* | Interpublic Group | ||
of Cos. Inc. | 357,736 | 2,640 | |
* | Liberty Media Corp. - Starz | 56,000 | 2,584 |
* | AutoNation Inc. | 131,011 | 2,509 |
Lennar Corp. Class A | 162,987 | 2,081 | |
Foot Locker Inc. | 176,280 | 1,964 | |
Virgin Media Inc. | 110,819 | 1,865 | |
DR Horton Inc. | 161,616 | 1,757 | |
Brinker International Inc. | 115,695 | 1,726 | |
* | Toll Brothers Inc. | 77,371 | 1,455 |
Wendy’s/Arby’s Group Inc. | |||
Class A | 293,859 | 1,378 | |
Pulte Homes Inc. | 135,477 | 1,355 |
* | Hyatt Hotels Corp. Class A | 43,063 | 1,284 |
* | Goodyear Tire & Rubber Co. | 90,836 | 1,281 |
Weight Watchers | |||
International Inc. | 39,452 | 1,150 | |
* | Penn National Gaming Inc. | 38,008 | 1,033 |
* | Lamar Advertising Co. | ||
Class A | 28,757 | 894 | |
136,420 | |||
Consumer Staples (5.8%) | |||
Bunge Ltd. | 150,050 | 9,578 | |
JM Smucker Co. | 134,646 | 8,314 | |
Mead Johnson Nutrition Co. | |||
Class A | 115,762 | 5,059 | |
McCormick & Co. Inc. | 133,897 | 4,838 | |
Church & Dwight Co. Inc. | 79,594 | 4,811 | |
Dr Pepper Snapple | |||
Group Inc. | 143,800 | 4,070 | |
Tyson Foods Inc. Class A | 330,101 | 4,050 | |
* | Ralcorp Holdings Inc. | 64,090 | 3,827 |
* | Constellation Brands Inc. | ||
Class A | 223,091 | 3,554 | |
SUPERVALU Inc. | 240,007 | 3,051 | |
Alberto-Culver Co. Class B | 100,010 | 2,929 | |
* | Smithfield Foods Inc. | 168,370 | 2,558 |
Hormel Foods Corp. | 54,343 | 2,089 | |
PepsiAmericas Inc. | 70,485 | 2,062 | |
60,790 | |||
Energy (6.4%) | |||
El Paso Corp. | 793,852 | 7,804 | |
* | Newfield Exploration Co. | 150,188 | 7,244 |
* | Nabors Industries Ltd. | 321,575 | 7,039 |
* | Pride International Inc. | 196,659 | 6,275 |
Pioneer Natural | |||
Resources Co. | 130,269 | 6,275 | |
Cimarex Energy Co. | 94,424 | 5,002 | |
* | Kinder Morgan | ||
Management LLC | 85,270 | 4,659 | |
Arch Coal Inc. | 183,943 | 4,093 | |
Sunoco Inc. | 132,350 | 3,454 | |
BJ Services Co. | 165,366 | 3,076 |
73
Mid-Cap Value Index Fund
Market | |||
Value • | |||
Shares | ($000) | ||
Tidewater Inc. | 58,537 | 2,807 | |
* | Forest Oil Corp. | 120,727 | 2,686 |
Cabot Oil & Gas Corp. | 41,084 | 1,791 | |
* | Rowan Cos. Inc. | 64,233 | 1,454 |
Tesoro Corp. | 78,802 | 1,068 | |
Patterson-UTI Energy Inc. | 60,720 | 932 | |
* | SandRidge Energy Inc. | 60,916 | 574 |
66,233 | |||
Financials (29.8%) | |||
Hartford Financial Services | |||
Group Inc. | 435,043 | 10,119 | |
HCP Inc. | 329,195 | 10,054 | |
Discover Financial Services | 608,111 | 8,945 | |
Lincoln National Corp. | 342,013 | 8,509 | |
Fifth Third Bancorp | 855,385 | 8,340 | |
Ventas Inc. | 177,225 | 7,752 | |
AvalonBay Communities Inc. | 90,498 | 7,431 | |
Unum Group | 375,208 | 7,324 | |
XL Capital Ltd. Class A | 387,389 | 7,101 | |
Plum Creek Timber Co. Inc. | 184,328 | 6,960 | |
ProLogis | 501,311 | 6,863 | |
New York Community | |||
Bancorp Inc. | 455,159 | 6,604 | |
People’s United | |||
Financial Inc. | 394,407 | 6,587 | |
* | Genworth Financial Inc. | ||
Class A | 544,939 | 6,185 | |
Kimco Realty Corp. | 454,840 | 6,154 | |
Health Care REIT Inc. | 135,608 | 6,010 | |
* | SLM Corp. | 529,400 | 5,966 |
Everest Re Group Ltd. | 68,896 | 5,903 | |
PartnerRe Ltd. | 75,993 | 5,674 | |
KeyCorp | 994,641 | 5,520 | |
Comerica Inc. | 171,084 | 5,059 | |
Willis Group Holdings Ltd. | 190,331 | 5,021 | |
Legg Mason Inc. | 161,518 | 4,871 | |
Federal Realty | |||
Investment Trust | 68,964 | 4,670 | |
Regions Financial Corp. | 874,388 | 4,626 | |
Cincinnati Financial Corp. | 174,921 | 4,590 | |
SL Green Realty Corp. | 86,988 | 4,370 | |
Axis Capital Holdings Ltd. | 153,126 | 4,350 | |
Nationwide Health | |||
Properties Inc. | 121,503 | 4,275 | |
AMB Property Corp. | 165,575 | 4,230 | |
Torchmark Corp. | 93,669 | 4,117 | |
Liberty Property Trust | 126,407 | 4,046 | |
WR Berkley Corp. | 163,111 | 4,019 | |
Assurant Inc. | 133,512 | 3,936 | |
Reinsurance Group of | |||
America Inc. Class A | 82,394 | 3,926 | |
Macerich Co. | 107,021 | 3,847 | |
Rayonier Inc. | 89,648 | 3,780 | |
RenaissanceRe Holdings Ltd. | 70,557 | 3,750 | |
* | Markel Corp. | 10,557 | 3,589 |
HCC Insurance Holdings Inc. 127,142 | 3,556 |
Regency Centers Corp. | 99,988 | 3,506 | |
* | Arch Capital Group Ltd. | 48,343 | 3,459 |
First American Corp. | 102,503 | 3,394 | |
* | First Horizon National Corp. | 251,231 | 3,367 |
Fidelity National | |||
Financial Inc. Class A | 248,050 | 3,339 | |
Transatlantic Holdings Inc. | 63,876 | 3,329 | |
Hospitality Properties Trust | 138,269 | 3,278 | |
Commerce Bancshares Inc. | 79,828 | 3,091 | |
Duke Realty Corp. | 253,570 | 3,086 | |
^ | Realty Income Corp. | 118,064 | 3,059 |
Cullen/Frost Bankers Inc. | 60,813 | 3,041 | |
White Mountains Insurance | |||
Group Ltd. | 9,026 | 3,003 | |
Marshall & Ilsley Corp. | 542,416 | 2,956 | |
Federated Investors Inc. | |||
Class B | 104,815 | 2,882 | |
Validus Holdings Ltd. | 105,869 | 2,852 | |
UDR Inc. | 170,456 | 2,802 | |
Huntington Bancshares Inc. | 767,253 | 2,800 | |
Old Republic | |||
International Corp. | 272,384 | 2,735 | |
Digital Realty Trust Inc. | 53,234 | 2,677 | |
*,^ | American International | ||
Group Inc. | 89,133 | 2,672 | |
Raymond James | |||
Financial Inc. | 111,617 | 2,653 | |
Weingarten Realty Investors | 128,840 | 2,550 | |
City National Corp. | 49,535 | 2,259 | |
American Financial | |||
Group Inc. | 85,410 | 2,131 | |
* | NASDAQ OMX Group Inc. | 104,441 | 2,070 |
TCF Financial Corp. | 131,001 | 1,784 | |
Zions Bancorporation | 136,049 | 1,746 | |
Associated Banc-Corp | 137,189 | 1,510 | |
BOK Financial Corp. | 30,571 | 1,453 | |
Mercury General Corp. | 30,928 | 1,214 | |
Capitol Federal Financial | 25,104 | 790 | |
TFS Financial Corp. | 52,261 | 634 | |
310,751 | |||
Health Care (4.6%) | |||
AmerisourceBergen Corp. | |||
Class A | 336,537 | 8,774 | |
* | Humana Inc. | 192,076 | 8,430 |
* | Coventry Health Care Inc. | 169,342 | 4,113 |
* | King Pharmaceuticals Inc. | 280,931 | 3,447 |
Omnicare Inc. | 135,132 | 3,268 | |
* | Vertex Pharmaceuticals Inc. | 76,239 | 3,267 |
Universal Health | |||
Services Inc. Class B | 102,819 | 3,136 | |
* | Health Net Inc. | 117,582 | 2,739 |
* | CareFusion Corp. | 102,007 | 2,551 |
* | Charles River Laboratories | ||
International Inc. | 74,603 | 2,513 | |
* | Dendreon Corp. | 74,166 | 1,949 |
74
Mid-Cap Value Index Fund
Market | |||
Value • | |||
Shares | ($000) | ||
* | Inverness Medical | ||
Innovations Inc. | 43,277 | 1,796 | |
Pharmaceutical Product | |||
Development Inc. | 42,031 | 985 | |
* | Endo Pharmaceuticals | ||
Holdings Inc. | 46,317 | 950 | |
47,918 | |||
Industrials (9.3%) | |||
Dover Corp. | 210,732 | 8,768 | |
Cooper Industries PLC | 188,772 | 8,049 | |
Rockwell Automation Inc. | 160,716 | 7,550 | |
Goodrich Corp. | 91,239 | 5,862 | |
Textron Inc. | 305,948 | 5,755 | |
Masco Corp. | 407,459 | 5,627 | |
Pitney Bowes Inc. | 234,415 | 5,335 | |
RR Donnelley & Sons Co. | 232,431 | 5,176 | |
Equifax Inc. | 143,075 | 4,420 | |
* | URS Corp. | 95,456 | 4,250 |
Avery Dennison Corp. | 114,881 | 4,192 | |
Stanley Works | 80,859 | 4,165 | |
Cintas Corp. | 155,684 | 4,055 | |
KBR Inc. | 181,609 | 3,451 | |
Pentair Inc. | 105,744 | 3,415 | |
Harsco Corp. | 90,930 | 2,931 | |
Ryder System Inc. | 63,348 | 2,608 | |
Manpower Inc. | 44,373 | 2,422 | |
Pall Corp. | 66,760 | 2,417 | |
* | Owens Corning | 86,854 | 2,227 |
SPX Corp. | 27,806 | 1,521 | |
* | Hertz Global Holdings Inc. | 72,813 | 868 |
* | Terex Corp. | 42,689 | 846 |
* | Spirit Aerosystems | ||
Holdings Inc. Class A | 41,369 | 822 | |
96,732 | |||
Information Technology (9.2%) | |||
Seagate Technology | 560,881 | 10,202 | |
* | Computer Sciences Corp. | 171,745 | 9,881 |
Xilinx Inc. | 312,487 | 7,831 | |
* | Affiliated Computer | ||
Services Inc. Class A | 103,073 | 6,152 | |
Microchip Technology Inc. | 207,127 | 6,019 | |
* | Avnet Inc. | 171,049 | 5,159 |
* | SAIC Inc. | 230,815 | 4,372 |
* | Flextronics International Ltd. | 596,838 | 4,363 |
* | Arrow Electronics Inc. | 135,441 | 4,010 |
Jabil Circuit Inc. | 205,592 | 3,571 | |
* | Micron Technology Inc. | 335,568 | 3,544 |
Total System Services Inc. | 189,721 | 3,276 | |
* | Citrix Systems Inc. | 72,533 | 3,018 |
* | Ingram Micro Inc. | 166,120 | 2,899 |
* | LSI Corp. | 479,750 | 2,883 |
* | AOL Inc. | 122,029 | 2,841 |
Harris Corp. | 52,465 | 2,495 | |
* | Tellabs Inc. | 426,112 | 2,420 |
* | Lexmark International Inc. | ||
Class A | 88,412 | 2,297 |
* | IAC/InterActiveCorp | 108,330 | 2,219 |
Intersil Corp. Class A | 138,489 | 2,124 | |
Molex Inc. Class A | 83,678 | 1,601 | |
Molex Inc. | 70,379 | 1,517 | |
* | NCR Corp. | 63,312 | 705 |
95,399 | |||
Materials (8.2%) | |||
Vulcan Materials Co. | 141,506 | 7,453 | |
Cliffs Natural Resources Inc. | 148,303 | 6,835 | |
* | Owens-Illinois Inc. | 190,633 | 6,266 |
Lubrizol Corp. | 76,568 | 5,586 | |
MeadWestvaco Corp. | 193,726 | 5,546 | |
Ball Corp. | 101,228 | 5,234 | |
Eastman Chemical Co. | 82,269 | 4,956 | |
CF Industries Holdings Inc. | 52,117 | 4,731 | |
Allegheny Technologies Inc. | 99,931 | 4,474 | |
Airgas Inc. | 83,376 | 3,969 | |
Sealed Air Corp. | 179,761 | 3,930 | |
International Flavors | |||
& Fragrances Inc. | 89,431 | 3,679 | |
Bemis Co. Inc. | 122,268 | 3,625 | |
Sonoco Products Co. | 113,096 | 3,308 | |
Albemarle Corp. | 82,919 | 3,016 | |
Valspar Corp. | 108,112 | 2,934 | |
FMC Corp. | 50,681 | 2,826 | |
Reliance Steel & | |||
Aluminum Co. | 48,665 | 2,103 | |
Greif Inc. Class A | 27,604 | 1,490 | |
Steel Dynamics Inc. | 76,544 | 1,356 | |
Commercial Metals Co. | 82,609 | 1,293 | |
* | Titanium Metals Corp. | 86,158 | 1,079 |
85,689 | |||
Telecommunication Services (1.3%) | |||
Windstream Corp. | 494,464 | 5,434 | |
Frontier | |||
Communications Corp. | 353,644 | 2,762 | |
Telephone & Data | |||
Systems Inc. | 58,483 | 1,984 | |
Telephone & Data | |||
Systems Inc. - Special | |||
Common Shares | 51,962 | 1,569 | |
* | Level 3 | ||
Communications Inc. | 922,942 | 1,412 | |
* | United States Cellular Corp. | 21,292 | 903 |
14,064 | |||
Utilities (12.2%) | |||
Questar Corp. | 197,251 | 8,200 | |
DTE Energy Co. | 186,207 | 8,117 | |
* | NRG Energy Inc. | 300,332 | 7,091 |
Wisconsin Energy Corp. | 132,361 | 6,596 | |
CenterPoint Energy Inc. | 415,876 | 6,034 | |
Northeast Utilities | 198,445 | 5,118 | |
Oneok Inc. | 113,355 | 5,052 | |
SCANA Corp. | 131,774 | 4,965 | |
NiSource Inc. | 311,725 | 4,794 |
75
Mid-Cap Value Index Fund
Market | ||||
Value • | ||||
Shares | ($000) | |||
MDU Resources Group Inc. | 197,979 | 4,672 | ||
Allegheny Energy Inc. | 191,881 | 4,505 | ||
NSTAR | 120,923 | 4,450 | ||
American Water | ||||
Works Co. Inc. | 197,674 | 4,430 | ||
Pepco Holdings Inc. | 250,004 | 4,213 | ||
Pinnacle West Capital Corp. | 114,575 | 4,191 | ||
National Fuel Gas Co. | 81,755 | 4,088 | ||
CMS Energy Corp. | 259,170 | 4,059 | ||
OGE Energy Corp. | 109,327 | 4,033 | ||
Alliant Energy Corp. | 125,244 | 3,790 | ||
TECO Energy Inc. | 229,894 | 3,729 | ||
Integrys Energy Group Inc. | 86,523 | 3,633 | ||
DPL Inc. | 131,301 | 3,624 | ||
Energen Corp. | 77,131 | 3,610 | ||
NV Energy Inc. | 265,626 | 3,288 | ||
UGI Corp. | 122,745 | 2,969 | ||
Aqua America Inc. | 153,883 | 2,694 | ||
* | Mirant Corp. | 164,281 | 2,509 | |
* | RRI Energy Inc. | 397,940 | 2,276 | |
* | Dynegy Inc. Class A | 375,666 | 680 | |
127,410 | ||||
Total Common Stocks | ||||
(Cost $965,184) | 1,041,406 | |||
Temporary Cash Investment (0.4%) | ||||
Money Market Fund (0.4%) | ||||
1,2 | Vanguard Market | |||
Liquidity Fund, 0.187% | ||||
(Cost $3,717) | 3,717,150 | 3,717 | ||
Total Investments (100.3%) | ||||
(Cost $968,901) | 1,045,123 | |||
Other Assets and Liabilities (-0.3%) | ||||
Other Assets | 11,201 | |||
Liabilities2 | (13,988) | |||
(2,787) | ||||
Net Assets (100%) | 1,042,336 |
At December 31, 2009, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 1,182,518 |
Overdistributed Net Investment Income | (677) |
Accumulated Net Realized Losses | (215,727) |
Unrealized Appreciation (Depreciation) | 76,222 |
Net Assets | 1,042,336 |
Investor Shares—Net Assets | |
Applicable to 26,328,106 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 459,421 |
Net Asset Value Per Share— | |
Investor Shares | $17.45 |
ETF Shares—Net Assets | |
Applicable to 13,154,282 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 582,915 |
Net Asset Value Per Share— | |
ETF Shares | $44.31 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $3,043,000.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
2 Includes $3,233,000 of collateral received for securities on loan.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
76
Mid-Cap Value Index Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 19,574 |
Interest1 | 3 |
Security Lending | 74 |
Total Income | 19,651 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 94 |
Management and Administrati ve—Investor Shares | 740 |
Management and Administrati ve—ETF Shares | 276 |
Marketing and Distribution& #151;Investor Shares | 88 |
Marketing and Distribution& #151;ETF Shares | 139 |
Custodian Fees | 156 |
Auditing Fees | 25 |
Shareholders’ Reports and Proxies—Investor Shares | 31 |
Shareholders’ Reports and Proxies—ETF Shares | 72 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,622 |
Net Investment Income | 18,029 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 714 |
Futures Contracts | 127 |
Realized Net Gain (Loss) | 841 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 285,591 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 304,461 |
1 Interest income from an affiliated company of the fund was $3,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
77
Mid-Cap Value Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 18,029 | 14,689 |
Realized Net Gain (Loss) | 841 | (66,664) |
Change in Unrealized Appreciation (Depreciation) | 285,591 | (173,111) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 304,461 | (225,086) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (8,157) | (5,334) |
ETF Shares | (10,955) | (9,346) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Total Distributions | (19,112) | (14,680) |
Capital Share Transactions | ||
Investor Shares | 127,845 | 116,809 |
ETF Shares | 53,303 | 288,413 |
Net Increase (Decrease) from Capital Share Transactions | 181,148 | 405,222 |
Total Increase (Decrease) | 466,497 | 165,456 |
Net Assets | ||
Beginning of Period | 575,839 | 410,383 |
End of Period1 | 1,042,336 | 575,839 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($677,000) and $406,000.
See accompanying Notes, which are an integral part of the Financial Statements.
78
Mid-Cap Value Index Fund
Financial Highlights
Investor Shares | ||||
Aug. 24, | ||||
20061 to | ||||
Year Ended December 31, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 | 2006 |
Net Asset Value, Beginning of Period | $12.92 | $20.95 | $22.34 | $20.00 |
Investment Operations | ||||
Net Investment Income | .300 | .4662 | .427 | .140 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.551 | (8.156) | (1.407) | 2.340 |
Total from Investment Operations | 4.851 | (7.690) | (.980) | 2.480 |
Distributions | ||||
Dividends from Net Investment Income | (.321) | (.340) | (.410) | (.140) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.321) | (.340) | (.410) | (.140) |
Net Asset Value, End of Period | $17.45 | $12.92 | $20.95 | $22.34 |
Total Return3 | 37.61% | -36.64% | -4.37% | 12.40% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $459 | $217 | $195 | $65 |
Ratio of Total Expenses to Average Net Assets | 0.30% | 0.25% | 0.24% | 0.26%4 |
Ratio of Net Investment Income to Average Net Assets | 2.14% | 2.73% | 2.48% | 2.50%4 |
Portfolio Turnover Rate5 | 47% | 45% | 46% | 16% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
4 Annualized.
5 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
79
Mid-Cap Value Index Fund
Financial Highlights
ETF Shares | ||||
Aug. 17, | ||||
20061 to | ||||
Year Ended December 31, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 | 2006 |
Net Asset Value, Beginning of Period | $32.80 | $53.16 | $56.67 | $51.00 |
Investment Operations | ||||
Net Investment Income | .812 | 1.2612 | 1.133 | .373 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.562 | (20.716) | (3.553) | 5.661 |
Total from Investment Operations | 12.374 | (19.455) | (2.420) | 6.034 |
Distributions | ||||
Dividends from Net Investment Income | (.864) | (.905) | (1.090) | (.364) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.864) | (.905) | (1.090) | (.364) |
Net Asset Value, End of Period | $44.31 | $32.80 | $53.16 | $56.67 |
Total Return | 37.75% | -36.53% | -4.27% | 11.84% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $583 | $359 | $215 | $46 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.12% | 0.13% | 0.13%3 |
Ratio of Net Investment Income to Average Net Assets | 2.30% | 2.86% | 2.59% | 2.63%3 |
Portfolio Turnover Rate4 | 47% | 45% | 46% | 16% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Annualized.
4 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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Mid-Cap Value Index Fund
Notes to Financial Statements
Vanguard Mid-Cap Value 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 ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requireme nts. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
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 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 w hich 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.
2. Futures Contracts: The fund uses 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 Statement of Net Assets. 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. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
5. 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.
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Mid-Cap Value Index Fund
6. 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), share holder reporting, and proxies. Marketing and distribution expenses are allocated to each class of s hares 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 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, 2009, the fund had contributed capital of $191,000 to Vanguard (included in Other Assets), representing 0.02% of the fund 146;s net assets and 0.08% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quo ted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At December 31, 2009, 100% of the fund’s investments were valued based on Level 1 inputs.
D. Distributions are determined on a tax basis and may differ from net investment in come and realized capital gains f or financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital acc ounts 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 shor t-term gains as ordinary income for tax purposes.
During the year ended December 31, 2009, the fund realized $109,806,000 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
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Mid-Cap Value Index Fund
For tax purposes, at December 31, 2009, the fund had $254,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $174,039,000 to offset future net capital gains of $11,000 through December 31, 2014, $390,000 through December 31, 2015, $47,840,000 through December 31, 2016, and $125,798,000 through December 31, 2017. In addition, the fund realized losses of $37,513,000 during the period from November 1, 2009, through December 31, 2009, which are deferred and will be treated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $973,076,000. Net unrealized appreciation of investment securities for tax purposes was $72,047,000, consisting of unrealized gains of $120,057,000 on securities that had risen in value since their purchase and $48,010,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2009, the fund purchased $909,221,000 of investment securities and sold $729,707,000 of investment securities, other than temporary cash investments.
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 232,424 | 16,895 | 195,334 | 11,939 |
Issued in Lieu of Cash Distributions | 7,299 | 424 | 4,764 | 386 |
Redeemed | (111,878) | (7,760) | (83,289) | (4,876) |
Net Increase (Decrease)—Investor Shares | 127,845 | 9,559 | 116,809 | 7,449 |
ETF Shares | ||||
Issued | 413,523 | 10,904 | 475,011 | 11,404 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (360,220) | (8,700) | (186,598) | (4,500) |
Net Increase (Decrease)—ETF Shares | 53,303 | 2,204 | 288,413 | 6,904 |
G. In preparing the financial statements as of December 31, 2009, management considered the
impact of subsequent events occurring th rough February 12, 2010, for potential recognition or
disclosure in these financial sta tements.
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Report of Independent Registered
Public Accounting Firm
To the Trustees of Vanguard Index Funds and the Shareholders of Vanguard Extended Market Index Fund, Vanguard Mid-Cap Index Fund, Vanguard Mid-C ap Growth Index Fund and Vanguard Mid-Cap Value Index Fund:
In our opinion, the accompanying statement of net assets—investments summary and statements 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 Extended Market Index Fund, Vanguard Mid-Cap Index Fund, Vanguard Mid-Cap Growth Index Fund and Vanguard Mid-Cap Value Index Fund (constituting separate portfolios of Vanguard Index Funds, hereafter referred to as the “Funds”) at December 31, 2009, 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 y ears in the period then ended and the financial highlights for each of the periods indicated, in co nformity with accounting principles generally accepted in the United States of America. These finan cial 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 req uire that we plan and perform the audit to obtain reasonable assurance ab out whether the financial statements are free of material misstate ment. 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, 2009 by correspondence with the custodian and broker and by agreement to the underlying ownership records of Vanguard Market Liquidity Fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 12, 2010
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Special 2009 tax information (unaudited) for Vanguard U.S. Stock Index Funds (Mid-Capitalization Portfolios)
This information for the fiscal year ended December 31, 2009, is included pursuant to provisions of the Internal Revenue Code.
The funds distributed qualified dividend income to shareholders during the fiscal year as follows:
Qualified Dividend Income | |
Index Fund | ($000) |
Extended Market | 112,725 |
Mid-Cap | 228,874 |
Mid-Cap Growth | 6,453 |
Mid-Cap Value | 16,990 |
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 | 81.0% |
Mid-Cap | 92.1 |
Mid-Cap Growth | 100.0 |
Mid-Cap Value | 84.4 |
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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 any qualified dividend income . (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: U.S. Stock Index Funds Mid-Capitalization Portfolios
Periods Ended December 31, 2009
One | Five | Ten | ||
Year | Years | Years | ||
Extended Market Index Fund Investor Shares | ||||
Returns Before Taxes | 37.43% | 2.06% | 1.71% | |
Returns After Taxes on Distributions | 37.18 | 1.81 | 1.01 | |
Returns After Taxes on Distributions and Sale of Fund Shares | 24.55 | 1.69 | 1.12 | |
One | Five | Ten | ||
Year | Years | Years | ||
Mid-Cap Index Fund Investor Shares | ||||
Returns Before Taxes | 40.22% | 2.28% | 6.13% | |
Returns After Taxes on Distributions | 39.98 | 2.04 | 5.52 | |
Returns After Taxes on Distributions and Sale of Fund Shares | 26.45 | 1.91 | 5.05 | |
Since | ||||
One | Inception | |||
Year | (8/24/2006) | |||
Mid-Cap Growth Index Fund Investor Shares | ||||
Returns Before Taxes | 42.54% | -0.99% | ||
Returns After Taxes on Distributions | 42.44 | -1.06 | ||
Returns After Taxes on Distributions and Sale of Fund Shares | 27.79 | -0.84 |
Total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide information about
current fees.
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Average Annual Total Returns: U.S. Stock Index Funds Mid-Capitalization Portfolios
Periods Ended December 31, 2009
Since | ||
One | Inception | |
Year | (8/24/2006) | |
Mid-Cap Value Index Fund Investor Shares | ||
Returns Before Taxes | 37.61% | -1.92% |
Returns After Taxes on Distributions | 37.17 | -2.31 |
Returns After Taxes on Distributions and Sale of Fund Shares | 24.88 | -1.73 |
Total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide information about
current fees.
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About Your Fund’s 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 accompanying table 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.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include the account service fee described in the prospectus. If such a 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 your fund’s current prospectus.
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Six Months Ended December 31, 2009 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2009 | 12/31/2009 | Period | |
Based on Actual Fund Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,259.04 | $1.65 |
Admiral Shares | 1,000.00 | 1,260.15 | 0.63 |
Signal Shares | 1,000.00 | 1,260.53 | 0.63 |
Institutional Shares | 1,000.00 | 1,260.50 | 0.40 |
ETF Shares | 1,000.00 | 1,260.39 | 0.63 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,294.54 | $1.56 |
Admiral Shares | 1,000.00 | 1,295.79 | 0.75 |
Signal Shares | 1,000.00 | 1,295.65 | 0.75 |
Institutional Shares | 1,000.00 | 1,296.42 | 0.41 |
ETF Shares | 1,000.00 | 1,295.79 | 0.75 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,265.88 | $1.66 |
ETF Shares | 1,000.00 | 1,266.97 | 0.74 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,322.82 | $1.70 |
ETF Shares | 1,000.00 | 1,324.32 | 0.76 |
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Six Months Ended December 31, 2009 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2009 | 12/31/2009 | Period | |
Based on Hypothetical 5% Yearly Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,023.74 | $1.48 |
Admiral Shares | 1,000.00 | 1,024.65 | 0.56 |
Signal Shares | 1,000.00 | 1,024.65 | 0.56 |
Institutional Shares | 1,000.00 | 1,024.85 | 0.36 |
ETF Shares | 1,000.00 | 1,024.65 | 0.56 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,023.84 | $1.38 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.66 |
Signal Shares | 1,000.00 | 1,024.55 | 0.66 |
Institutional Shares | 1,000.00 | 1,024.85 | 0.36 |
ETF Shares | 1,000.00 | 1,024.55 | 0.66 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,023.74 | $1.48 |
ETF Shares | 1,000.00 | 1,024.55 | 0.66 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,023.74 | $1.48 |
ETF Shares | 1,000.00 | 1,024.55 | 0.66 |
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: for the Extended Market Index Fund, 0.29% for Investor Shares, 0.11% for Admiral Shares, 0.11% for Signal Shares, 0.07% for Institutional Shares, and 0.11% for ETF Shares; for the Mid-Cap Index Fund, 0.27% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.07% for Institutional Shares, and 0.13% for ETF Shares; for the Mid-Cap Growth Index Fund, 0.29% for Investor Shares and 0.13% for ETF Shares; and for the Mid-Cap Value Index Fund, 0.29% for Investor Shares and 0.13% for ETF 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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Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (in the case of bonds) or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
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%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). 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.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
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 represented by stocks or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
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.
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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. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
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). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
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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’s 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. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 163 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at www.vanguard.com.
Interested Trustee1 | Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 Principal | |
F. William McNabb III | Occupation(s) During the Past Five Years: Chairman |
Born 1957. Trustee Since July 2009. Chairman of the | and Chief Executive Officer (retired 2009) and President |
Board. Principal Occupation(s) During the Past Five | (2006–2008) of Rohm and Haas Co. (chemicals); Board |
Years: Chairman of the Board of The Vanguard Group, | Member of American Chemistry Council; Director of |
Inc., and of each of the investment companies served | Tyco International, Ltd. (diversified manufacturing and |
by The Vanguard Group, since January 2010; Director of | services) and Hewlett-Packard Co. (electronic computer |
The Vanguard Group since 2008; Chief Executive Officer | manufacturing); Trustee of The Conference Board. |
and President of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | Amy Gutmann |
since 2008; Director of Vanguard Marketing Corporation; | Born 1949. Trustee Since June 2006. Principal |
Managing Director of The Vanguard Group (1995–2008). | Occupation(s) During the Past Five Years: President of |
the University of Pennsylvania; Christopher H. Browne | |
Distinguished Professor of Political Science in the School | |
Independent Trustees | of Arts and Sciences with secondary appointments |
at the Annenberg School for Communication and the | |
Emerson U. Fullwood | Graduate School of Education of the University of |
Born 1948. Trustee Since January 2008. Principal | Pennsylvania; Director of Carnegie Corporation of |
Occupation(s) During the Past Five Years: Executive | New York, Schuylkill River Development Corporation, |
Chief Staff and Marketing Officer for North America | and Greater Philadelphia Chamber of Commerce; |
and Corporate Vice President (retired 2008) of Xerox | Trustee of the National Constitution Center. |
Corporation (photocopiers and printers); Director of | |
SPX Corporation (multi-industry manufacturing), the | |
United Way of Rochester, the Boy Scouts of America, | |
Amerigroup Corporation (direct health and medical | |
insurance carriers), and Monroe Community College | |
Foundation. |
JoAnn Heffernan Heisen | Executive Officers | |
Born 1950. Trustee Since July 1998. Principal | ||
Occupation(s) During the Past Five Years: Corporate | Thomas J. Higgins | |
Vice President and Chief Global Diversity Officer since | Born 1957. Chief Financial Officer Since September | |
2006 (retired 2008) and Member of the Executive | 2008. Principal Occupation(s) During the Past Five | |
Committee (retired 2008) of Johnson & Johnson | Years: Principal of The Vanguard Group, Inc.; Chief | |
(pharmaceuticals/consumer products); Vice President | Financial Officer of each of the investment companies | |
and Chief Information Officer of Johnson & Johnson | served by The Vanguard Group since 2008; Treasurer | |
(1997–2005); Director of the University Medical Center | of each of the investment companies served by The | |
at Princeton and Women’s Research and Education | Vanguard Group (1998–2008). | |
Institute; Member of the Advisory Board of the Maxwell | ||
School of Citizenship and Public Affairs at Syracuse | Kathryn J. Hyatt | |
University. | Born 1955. Treasurer Since November 2008. Principal | |
Occupation(s) During the Past Five Years: Principal of | ||
F. Joseph Loughrey | The Vanguard Group, Inc.; Treasurer of each of the | |
Born 1949. Trustee Since October 2009. Principal | investment companies served by The Vanguard | |
Occupation(s) During the Past Five Years: President and | Group since 2008; Assistant Treasurer of each of the | |
Chief Operating Officer since 2005 (retired 2009) and | investment companies served by The Vanguard Group | |
Vice Chairman of the Board (2008–2009) of Cummins | (1988–2008). | |
Inc. (industrial machinery); Director of SKF AB (industrial | ||
machinery), Hillenbrand, Inc. (specialized consumer | Heidi Stam | |
services), Sauer-Danfoss Inc. (machinery), the Lumina | Born 1956. Secretary Since July 2005. Principal | |
Foundation for Education, and the Columbus Community | Occupation(s) During the Past Five Years: Managing | |
Education Coalition; Chairman of the Advisory Council | Director of The Vanguard Group, Inc., since 2006; | |
for the College of Arts and Letters at the University of | General Counsel of The Vanguard Group since 2005; | |
Notre Dame. | Secretary of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | ||
André F. Perold | since 2005; Director and Senior Vice President of | |
Born 1952. Trustee Since December 2004. Principal | Vanguard Marketing Corporation since 2005; Principal | |
Occupation(s) During the Past Five Years: George Gund | of The Vanguard Group (1997–2006). | |
Professor of Finance and Banking, Harvard Business | ||
School; Chair of the Investment Committee of HighVista | ||
Strategies LLC (private investment firm). | Vanguard Senior Management Team | |
Alfred M. Rankin, Jr. | R. Gregory Barton | Michael S. Miller |
Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | James M. Norris |
Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Glenn W. Reed |
President, and Chief Executive Officer of NACCO | Paul A. Heller | George U. Sauter |
Industries, Inc. (forklift trucks/housewares/lignite); | ||
Director of Goodrich Corporation (industrial products/ | ||
aircraft systems and services); Deputy Chairman of | Chairman Emeritus and Senior Advisor | |
the Federal Reserve Bank of Cleveland; Trustee of | ||
University Hospitals of Cleveland, The Cleveland | John J. Brennan | |
Museum of Art, and Case Western Reserve University. | Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | ||
Peter F. Volanakis | ||
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years: President | Founder | |
since 2007 and Chief Operating Officer since 2005 | ||
of Corning Incorporated (communications equipment); | John C. Bogle | |
President of Corning Technologies (2001–2005); Director | Chairman and Chief Executive Officer, 1974–1996 | |
of Corning Incorporated and Dow Corning; Trustee of | ||
the Corning Incorporated Foundation and the Corning | ||
Museum of Glass; Overseer of the Amos Tuck School | ||
of Business Administration at Dartmouth College. |
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Vanguard funds.
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State Tax-Exempt Funds.
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© 2010 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q980 022010
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (98.9%)1 | |||
Consumer Discretionary (13.6%) | |||
Cablevision Systems Corp. Class A | 1,487,434 | 38,406 | |
* | CarMax Inc. | 1,333,409 | 32,335 |
* | Las Vegas Sands Corp. | 1,865,473 | 27,870 |
* | Urban Outfitters Inc. | 779,008 | 27,258 |
DISH Network Corp. Class A | 1,262,449 | 26,221 | |
* | Liberty Global Inc. | 1,197,260 | 26,160 |
* | Discovery Communications Inc. | 978,231 | 25,943 |
* | Dollar Tree Inc. | 530,631 | 25,629 |
* | NVR Inc. | 35,670 | 25,351 |
BorgWarner Inc. | 701,691 | 23,310 | |
Advance Auto Parts Inc. | 568,863 | 23,028 | |
* | Discovery Communications Inc. Class A | 713,894 | 21,895 |
American Eagle Outfitters Inc. | 1,248,898 | 21,206 | |
PetSmart Inc. | 743,195 | 19,836 | |
* | DreamWorks Animation SKG Inc. Class A | 453,739 | 18,127 |
* | ITT Educational Services Inc. | 186,594 | 17,906 |
^ | Strayer Education Inc. | 84,217 | 17,895 |
Tupperware Brands Corp. | 382,096 | 17,794 | |
* | Chipotle Mexican Grill Inc. Class A | 188,651 | 16,631 |
* | LKQ Corp. | 847,391 | 16,600 |
Jarden Corp. | 536,546 | 16,585 | |
* | Mohawk Industries Inc. | 337,498 | 16,065 |
* | Toll Brothers Inc. | 824,213 | 15,503 |
* | J Crew Group Inc. | 336,389 | 15,050 |
* | Chico's FAS Inc. | 1,070,002 | 15,034 |
* | Royal Caribbean Cruises Ltd. | 591,494 | 14,953 |
Gentex Corp. | 828,598 | 14,790 | |
Guess? Inc. | 348,973 | 14,762 | |
*,^ | NetFlix Inc. | 259,524 | 14,310 |
* | Sirius XM Radio Inc. | 23,196,250 | 13,918 |
* | Hanesbrands Inc. | 572,078 | 13,793 |
* | Bally Technologies Inc. | 329,889 | 13,621 |
* | Aeropostale Inc. | 399,206 | 13,593 |
* | Dick's Sporting Goods Inc. | 537,315 | 13,363 |
Williams-Sonoma Inc. | 634,951 | 13,194 | |
* | WMS Industries Inc. | 317,626 | 12,705 |
* | Panera Bread Co. Class A | 189,532 | 12,693 |
Phillips-Van Heusen Corp. | 310,478 | 12,630 | |
Service Corp. International | 1,505,612 | 12,331 | |
* | Warnaco Group Inc. | 273,655 | 11,545 |
* | Tractor Supply Co. | 217,389 | 11,513 |
* | MGM Mirage | 1,220,251 | 11,129 |
* | Penn National Gaming Inc. | 406,628 | 11,052 |
John Wiley & Sons Inc. Class A | 257,214 | 10,772 | |
* | Tempur-Pedic International Inc. | 450,844 | 10,653 |
Foot Locker Inc. | 940,282 | 10,475 | |
Wendy's/Arby's Group Inc. Class A | 2,196,251 | 10,300 | |
* | Lamar Advertising Co. Class A | 320,338 | 9,959 |
* | Career Education Corp. | 421,280 | 9,820 |
* | Fossil Inc. | 288,872 | 9,695 |
* | TRW Automotive Holdings Corp. | 389,042 | 9,290 |
Brinker International Inc. | 616,045 | 9,191 | |
* | Dana Holding Corp. | 836,715 | 9,070 |
Sotheby's | 402,187 | 9,041 | |
Aaron's Inc. | 324,390 | 8,995 | |
* | Brink's Home Security Holdings Inc. | 275,372 | 8,988 |
* | Carter's Inc. | 341,390 | 8,961 |
Burger King Holdings Inc. | 471,014 | 8,864 | |
* | Collective Brands Inc. | 385,398 | 8,776 |
Polaris Industries Inc. | 196,650 | 8,580 | |
Jones Apparel Group Inc. | 513,396 | 8,245 |
1
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Liberty Global Inc. Class A | 371,324 | 8,136 |
Wolverine World Wide Inc. | 298,018 | 8,112 | |
* | Deckers Outdoor Corp. | 78,448 | 7,980 |
* | Cheesecake Factory Inc. | 362,188 | 7,820 |
* | Gymboree Corp. | 179,629 | 7,812 |
* | Dress Barn Inc. | 327,752 | 7,571 |
Cooper Tire & Rubber Co. | 363,788 | 7,294 | |
* | Corinthian Colleges Inc. | 526,566 | 7,251 |
* | Rent-A-Center Inc. | 397,378 | 7,042 |
MDC Holdings Inc. | 225,952 | 7,014 | |
Hillenbrand Inc. | 372,057 | 7,010 | |
Regal Entertainment Group Class A | 481,376 | 6,951 | |
* | Jack in the Box Inc. | 344,509 | 6,776 |
Brunswick Corp. | 530,987 | 6,749 | |
Thor Industries Inc. | 213,343 | 6,699 | |
* | Vail Resorts Inc. | 176,504 | 6,672 |
Men's Wearhouse Inc. | 313,627 | 6,605 | |
* | Capella Education Co. | 87,369 | 6,579 |
Matthews International Corp. Class A | 182,438 | 6,464 | |
* | Saks Inc. | 959,301 | 6,293 |
* | Life Time Fitness Inc. | 248,841 | 6,204 |
*,^ | Under Armour Inc. Class A | 226,291 | 6,171 |
KB Home | 448,911 | 6,141 | |
* | Tenneco Inc. | 344,873 | 6,115 |
Weight Watchers International Inc. | 203,825 | 5,944 | |
* | Skechers U.S.A. Inc. Class A | 201,060 | 5,913 |
* | Jo-Ann Stores Inc. | 161,250 | 5,844 |
* | OfficeMax Inc. | 458,815 | 5,822 |
NutriSystem Inc. | 186,113 | 5,801 | |
* | Morningstar Inc. | 119,755 | 5,789 |
* | Scientific Games Corp. Class A | 390,423 | 5,681 |
Dillard's Inc. Class A | 306,436 | 5,654 | |
Pool Corp. | 294,372 | 5,617 | |
Interactive Data Corp. | 221,137 | 5,595 | |
* | Gaylord Entertainment Co. | 282,499 | 5,579 |
* | Blue Nile Inc. | 87,799 | 5,560 |
Choice Hotels International Inc. | 172,796 | 5,471 | |
* | Childrens Place Retail Stores Inc. | 164,696 | 5,437 |
* | Iconix Brand Group Inc. | 429,320 | 5,431 |
Bob Evans Farms Inc. | 186,559 | 5,401 | |
Regis Corp. | 343,407 | 5,347 | |
* | PF Chang's China Bistro Inc. | 139,723 | 5,297 |
* | Valassis Communications Inc. | 289,591 | 5,288 |
International Speedway Corp. Class A | 184,488 | 5,249 | |
Cracker Barrel Old Country Store Inc. | 137,666 | 5,230 | |
Ryland Group Inc. | 263,470 | 5,190 | |
* | Coinstar Inc. | 186,773 | 5,189 |
American Greetings Corp. Class A | 237,371 | 5,172 | |
* | ArvinMeritor Inc. | 446,680 | 4,994 |
* | AnnTaylor Stores Corp. | 353,000 | 4,815 |
* | Timberland Co. Class A | 268,283 | 4,810 |
* | HSN Inc. | 237,570 | 4,797 |
* | JOS A Bank Clothiers Inc. | 110,079 | 4,644 |
Scholastic Corp. | 153,896 | 4,591 | |
^ | Barnes & Noble Inc. | 238,312 | 4,545 |
* | Charming Shoppes Inc. | 696,090 | 4,504 |
^ | Buckle Inc. | 153,387 | 4,491 |
* | Helen of Troy Ltd. | 181,417 | 4,437 |
* | CEC Entertainment Inc. | 138,105 | 4,408 |
* | Buffalo Wild Wings Inc. | 108,455 | 4,367 |
* | Live Nation Inc. | 504,618 | 4,294 |
National CineMedia Inc. | 253,886 | 4,207 | |
Finish Line Inc. Class A | 333,703 | 4,188 | |
Unifirst Corp. | 86,280 | 4,151 |
2
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Group 1 Automotive Inc. | 145,749 | 4,132 |
* | Steven Madden Ltd. | 97,066 | 4,003 |
Monro Muffler Brake Inc. | 118,529 | 3,964 | |
* | Sally Beauty Holdings Inc. | 504,497 | 3,859 |
* | Hibbett Sports Inc. | 173,379 | 3,813 |
* | American Public Education Inc. | 109,566 | 3,765 |
* | Genesco Inc. | 136,792 | 3,756 |
Arbitron Inc. | 159,724 | 3,741 | |
* | Sonic Corp. | 368,289 | 3,709 |
* | Meritage Homes Corp. | 191,190 | 3,696 |
* | K12 Inc. | 177,694 | 3,602 |
Cato Corp. Class A | 178,170 | 3,574 | |
* | 99 Cents Only Stores | 273,357 | 3,573 |
* | Penske Auto Group Inc. | 231,832 | 3,519 |
* | Texas Roadhouse Inc. Class A | 309,667 | 3,478 |
*,^ | Cabela's Inc. | 243,186 | 3,468 |
* | Fuel Systems Solutions Inc. | 83,603 | 3,448 |
* | Pinnacle Entertainment Inc. | 361,759 | 3,249 |
* | Liz Claiborne Inc. | 574,475 | 3,234 |
* | Exide Technologies | 454,813 | 3,234 |
* | Modine Manufacturing Co. | 272,825 | 3,230 |
National Presto Industries Inc. | 28,930 | 3,160 | |
* | Ulta Salon Cosmetics & Fragrance Inc. | 171,120 | 3,108 |
* | Federal Mogul Corp. | 179,295 | 3,102 |
* | Papa John's International Inc. | 132,486 | 3,095 |
* | CROCS Inc. | 517,801 | 2,977 |
* | La-Z-Boy Inc. | 312,115 | 2,974 |
* | Interval Leisure Group Inc. | 238,180 | 2,970 |
Belo Corp. Class A | 543,672 | 2,958 | |
* | Education Management Corp. | 134,096 | 2,951 |
Callaway Golf Co. | 389,157 | 2,934 | |
Stewart Enterprises Inc. Class A | 561,285 | 2,891 | |
* | Steak N Shake Co. | 8,851 | 2,869 |
Cinemark Holdings Inc. | 198,692 | 2,855 | |
Stage Stores Inc. | 230,299 | 2,846 | |
* | True Religion Apparel Inc. | 152,842 | 2,826 |
CKE Restaurants Inc. | 331,764 | 2,807 | |
* | Ruby Tuesday Inc. | 389,632 | 2,805 |
* | Ticketmaster Entertainment Inc. | 228,135 | 2,788 |
* | Boyd Gaming Corp. | 332,889 | 2,786 |
Columbia Sportswear Co. | 69,477 | 2,712 | |
* | American Axle & Manufacturing Holdings Inc. | 336,386 | 2,698 |
* | Shuffle Master Inc. | 324,047 | 2,670 |
* | Peet's Coffee & Tea Inc. | 78,308 | 2,610 |
* | Pier 1 Imports Inc. | 510,353 | 2,598 |
Brown Shoe Co. Inc. | 259,004 | 2,556 | |
* | RCN Corp. | 233,962 | 2,538 |
* | Clear Channel Outdoor Holdings Inc. Class A | 243,257 | 2,527 |
* | Lumber Liquidators Inc. | 93,235 | 2,499 |
Harte-Hanks Inc. | 230,531 | 2,485 | |
World Wrestling Entertainment Inc. Class A | 161,178 | 2,471 | |
* | Citi Trends Inc. | 88,913 | 2,456 |
Fred's Inc. Class A | 240,009 | 2,448 | |
* | Universal Technical Institute Inc. | 121,059 | 2,445 |
PetMed Express Inc. | 138,433 | 2,441 | |
Ameristar Casinos Inc. | 156,388 | 2,382 | |
PEP Boys-Manny Moe & Jack | 278,784 | 2,359 | |
* | Drew Industries Inc. | 112,063 | 2,314 |
* | Ascent Media Corp. Class A | 87,901 | 2,244 |
* | Asbury Automotive Group Inc. | 194,300 | 2,240 |
Churchill Downs Inc. | 59,957 | 2,239 | |
Superior Industries International Inc. | 145,397 | 2,225 | |
*,^ | DineEquity Inc. | 90,562 | 2,200 |
Sonic Automotive Inc. Class A | 210,507 | 2,187 |
3
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | hhgregg Inc. | 98,112 | 2,161 |
* | Standard Pacific Corp. | 572,767 | 2,142 |
Big 5 Sporting Goods Corp. | 124,436 | 2,138 | |
Ethan Allen Interiors Inc. | 155,845 | 2,091 | |
* | Winnebago Industries | 169,903 | 2,073 |
* | Wet Seal Inc. Class A | 599,093 | 2,067 |
* | Warner Music Group Corp. | 364,862 | 2,065 |
* | Stein Mart Inc. | 193,353 | 2,061 |
* | Domino's Pizza Inc. | 245,814 | 2,060 |
* | Jakks Pacific Inc. | 169,109 | 2,050 |
* | Pre-Paid Legal Services Inc. | 49,715 | 2,042 |
* | California Pizza Kitchen Inc. | 150,421 | 2,023 |
* | BJ's Restaurants Inc. | 107,197 | 2,017 |
* | Shutterfly Inc. | 111,775 | 1,991 |
* | Universal Electronics Inc. | 85,026 | 1,974 |
* | iRobot Corp. | 109,576 | 1,929 |
Ambassadors Group Inc. | 143,142 | 1,902 | |
Speedway Motorsports Inc. | 106,624 | 1,879 | |
Oxford Industries Inc. | 88,529 | 1,831 | |
*,^ | Talbots Inc. | 205,252 | 1,829 |
Haverty Furniture Cos. Inc. | 130,300 | 1,789 | |
* | Volcom Inc. | 106,630 | 1,785 |
* | DSW Inc. Class A | 68,677 | 1,777 |
* | RC2 Corp. | 119,919 | 1,769 |
Christopher & Banks Corp. | 231,242 | 1,762 | |
* | CKX Inc. | 330,989 | 1,744 |
* | HOT Topic Inc. | 273,389 | 1,739 |
* | Maidenform Brands Inc. | 103,809 | 1,733 |
* | Red Robin Gourmet Burgers Inc. | 95,073 | 1,702 |
* | Entravision Communications Corp. Class A | 493,153 | 1,677 |
* | Dolan Media Co. | 162,867 | 1,663 |
K-Swiss Inc. Class A | 165,760 | 1,648 | |
Marcus Corp. | 125,961 | 1,615 | |
* | EW Scripps Co. Class A | 230,026 | 1,601 |
* | Select Comfort Corp. | 244,663 | 1,595 |
* | Kirkland's Inc. | 91,424 | 1,588 |
* | Pacific Sunwear Of California | 396,271 | 1,577 |
* | Core-Mark Holding Co. Inc. | 47,160 | 1,554 |
* | Rentrak Corp. | 87,383 | 1,544 |
* | Coldwater Creek Inc. | 344,761 | 1,538 |
* | Knology Inc. | 139,061 | 1,523 |
* | Landry's Restaurants Inc. | 71,153 | 1,515 |
* | Mediacom Communications Corp. Class A | 328,651 | 1,469 |
* | Amerigon Inc. | 184,424 | 1,464 |
* | Smith & Wesson Holding Corp. | 357,683 | 1,463 |
* | Furniture Brands International Inc. | 264,838 | 1,446 |
* | Zumiez Inc. | 111,954 | 1,424 |
* | Quiksilver Inc. | 692,151 | 1,398 |
* | Krispy Kreme Doughnuts Inc. | 463,239 | 1,367 |
* | Grand Canyon Education Inc. | 71,627 | 1,362 |
* | Denny's Corp. | 619,969 | 1,358 |
* | America's Car-Mart Inc. | 49,436 | 1,302 |
* | Retail Ventures Inc. | 146,344 | 1,301 |
Blyth Inc. | 38,553 | 1,300 | |
^ | Sturm Ruger & Co. Inc. | 130,838 | 1,269 |
* | Drugstore.Com Inc. | 406,637 | 1,257 |
Bebe Stores Inc. | 199,447 | 1,251 | |
* | Cavco Industries Inc. | 34,750 | 1,248 |
*,^ | Overstock.com Inc. | 91,257 | 1,237 |
* | AFC Enterprises Inc. | 151,533 | 1,237 |
* | MarineMax Inc. | 133,041 | 1,223 |
* | Beazer Homes USA Inc. | 251,958 | 1,219 |
* | G-III Apparel Group Ltd. | 55,157 | 1,195 |
* | Orbitz Worldwide Inc. | 160,855 | 1,181 |
4
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Unifi Inc. | 304,096 | 1,180 |
* | Audiovox Corp. Class A | 166,390 | 1,180 |
Cherokee Inc. | 65,762 | 1,172 | |
Movado Group Inc. | 119,661 | 1,163 | |
Systemax Inc. | 73,832 | 1,160 | |
Spartan Motors Inc. | 201,840 | 1,136 | |
* | Gaiam Inc. Class A | 147,676 | 1,136 |
Sinclair Broadcast Group Inc. Class A | 280,685 | 1,131 | |
* | Vitamin Shoppe Inc. | 50,436 | 1,122 |
* | LIN TV Corp. Class A | 250,670 | 1,118 |
* | Stamps.com Inc. | 123,800 | 1,114 |
* | LodgeNet Interactive Corp. | 200,892 | 1,111 |
* | Shoe Carnival Inc. | 53,872 | 1,103 |
* | Destination Maternity Corp. | 58,020 | 1,102 |
* | Lincoln Educational Services Corp. | 50,372 | 1,092 |
* | Steinway Musical Instruments | 67,322 | 1,071 |
* | Martha Stewart Living Omnimedia Class A | 215,857 | 1,066 |
* | Dorman Products Inc. | 66,221 | 1,037 |
* | Midas Inc. | 120,724 | 1,020 |
* | Youbet.com Inc. | 354,035 | 1,016 |
* | Learning Tree International Inc. | 84,321 | 1,007 |
* | Hawk Corp. Class A | 56,343 | 992 |
* | Insignia Systems Inc. | 202,578 | 987 |
* | Lithia Motors Inc. Class A | 119,326 | 981 |
CSS Industries Inc. | 49,531 | 963 | |
*,^ | Bridgepoint Education Inc. | 61,862 | 929 |
^ | McClatchy Co. Class A | 255,124 | 903 |
* | AH Belo Corp. Class A | 155,625 | 896 |
*,^ | Hovnanian Enterprises Inc. Class A | 230,969 | 887 |
Weyco Group Inc. | 37,181 | 879 | |
Journal Communications Inc. Class A | 223,700 | 870 | |
Primedia Inc. | 235,778 | 851 | |
* | M/I Homes Inc. | 81,727 | 849 |
* | Sealy Corp. | 264,277 | 835 |
* | Morgans Hotel Group Co. | 183,211 | 830 |
* | Culp Inc. | 82,428 | 823 |
* | Rubio's Restaurants Inc. | 110,026 | 793 |
* | Isle of Capri Casinos Inc. | 106,043 | 793 |
*,^ | Blockbuster Inc. Class A | 1,175,598 | 788 |
* | Kenneth Cole Productions Inc. Class A | 80,937 | 781 |
*,^ | Brookfield Homes Corp. | 95,313 | 762 |
* | Multimedia Games Inc. | 126,670 | 761 |
* | Perry Ellis International Inc. | 50,145 | 755 |
Marine Products Corp. | 152,419 | 751 | |
* | Stanley Furniture Co. Inc. | 71,739 | 728 |
*,^ | Quantum Fuel Systems Technologies Worldwide Inc. | 610,340 | 677 |
Jackson Hewitt Tax Service Inc. | 153,955 | 677 | |
* | Media General Inc. Class A | 84,284 | 661 |
* | Rocky Brands Inc. | 87,684 | 658 |
Skyline Corp. | 34,905 | 642 | |
* | Standard Motor Products Inc. | 73,250 | 624 |
CPI Corp. | 49,957 | 613 | |
Frisch's Restaurants Inc. | 25,701 | 613 | |
* | Valuevision Media Inc. Class A | 126,908 | 609 |
* | Red Lion Hotels Corp. | 122,900 | 607 |
* | Caribou Coffee Co. Inc. | 78,042 | 602 |
* | Tuesday Morning Corp. | 229,823 | 593 |
Sport Supply Group Inc. | 46,238 | 582 | |
Books-A-Million Inc. | 86,393 | 581 | |
* | O'Charleys Inc. | 87,672 | 574 |
* | New York & Co. Inc. | 133,740 | 574 |
* | Princeton Review Inc. | 139,455 | 566 |
* | Saga Communications Inc. Class A | 45,024 | 565 |
* | 1-800-Flowers.com Inc. Class A | 209,383 | 555 |
5
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Leapfrog Enterprises Inc. | 139,771 | 546 |
* | Stoneridge Inc. | 60,029 | 541 |
* | Cumulus Media Inc. Class A | 237,203 | 541 |
* | Entercom Communications Corp. Class A | 75,635 | 535 |
* | Nexstar Broadcasting Group Inc. Class A | 130,775 | 530 |
* | Kid Brands Inc. | 120,801 | 529 |
* | Joe's Jeans Inc. | 389,951 | 526 |
* | AC Moore Arts & Crafts Inc. | 177,341 | 521 |
* | Zale Corp. | 189,286 | 515 |
* | Casual Male Retail Group Inc. | 219,326 | 511 |
Bon-Ton Stores Inc. | 51,406 | 504 | |
* | Fisher Communications Inc. | 30,955 | 503 |
* | West Marine Inc. | 62,153 | 501 |
* | Famous Dave's Of America Inc. | 82,595 | 500 |
* | Tandy Leather Factory Inc. | 125,605 | 491 |
* | Nobel Learning Communities Inc. | 64,443 | 489 |
* | American Apparel Inc. | 157,080 | 487 |
* | Luby's Inc. | 132,166 | 486 |
* | Nautilus Inc. | 237,420 | 482 |
* | Carrols Restaurant Group Inc. | 67,387 | 476 |
*,^ | Raser Technologies Inc. | 373,034 | 463 |
* | Arctic Cat Inc. | 50,072 | 459 |
* | Cache Inc. | 99,997 | 457 |
* | Vitacost.com Inc. | 43,824 | 457 |
Hooker Furniture Corp. | 36,700 | 454 | |
Dover Motorsports Inc. | 217,120 | 454 | |
RG Barry Corp. | 52,442 | 451 | |
* | Hollywood Media Corp. | 321,267 | 450 |
* | Delta Apparel Inc. | 41,746 | 445 |
* | Build-A-Bear Workshop Inc. | 90,789 | 444 |
* | Borders Group Inc. | 372,043 | 439 |
* | Playboy Enterprises Inc. Class B | 135,359 | 433 |
* | Monarch Casino & Resort Inc. | 51,748 | 419 |
* | Lifetime Brands Inc. | 58,274 | 417 |
* | Empire Resorts Inc. | 192,357 | 406 |
* | Forward Industries Inc. | 188,728 | 389 |
* | Mac-Gray Corp. | 37,698 | 388 |
Collectors Universe | 40,731 | 381 | |
* | Jamba Inc. | 222,210 | 373 |
* | Bassett Furniture Industries Inc. | 102,010 | 359 |
* | Crown Media Holdings Inc. Class A | 245,799 | 356 |
* | Outdoor Channel Holdings Inc. | 60,881 | 353 |
* | Lee Enterprises Inc. | 101,161 | 351 |
* | Emerson Radio Corp. | 146,755 | 346 |
Flexsteel Industries | 33,066 | 338 | |
* | Rex Stores Corp. | 23,108 | 325 |
* | Beasley Broadcasting Group Inc. Class A | 90,279 | 320 |
* | Bluegreen Corp. | 131,902 | 319 |
Dover Downs Gaming & Entertainment Inc. | 82,582 | 312 | |
* | Nathan's Famous Inc. | 19,811 | 302 |
* | Dixie Group Inc. | 109,360 | 296 |
* | Trans World Entertainment | 194,782 | 294 |
Nobility Homes Inc. | 28,012 | 293 | |
* | Strattec Security Corp. | 15,593 | 288 |
* | Radio One Inc. Class A | 93,623 | 288 |
* | 4Kids Entertainment Inc. | 181,285 | 288 |
* | McCormick & Schmick's Seafood Restaurants Inc. | 41,063 | 286 |
* | Shiloh Industries Inc. | 53,686 | 285 |
* | Perfumania Holdings Inc. | 39,291 | 283 |
Gaming Partners International Corp. | 49,597 | 278 | |
Heelys Inc. | 125,864 | 274 | |
* | Franklin Electronic Publishers Inc. | 109,761 | 271 |
* | VCG Holding Corp. | 129,258 | 269 |
* | Century Casinos Inc. | 96,100 | 259 |
6
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Navarre Corp. | 121,031 | 257 |
* | ante4 Inc. | 240,432 | 249 |
* | Carmike Cinemas Inc. | 32,658 | 247 |
*,^ | Conn's Inc. | 41,737 | 244 |
* | Alloy Inc. | 30,775 | 239 |
* | Benihana Inc. Class A | 63,045 | 239 |
* | Escalade Inc. | 98,010 | 235 |
* | Lakes Entertainment Inc. | 92,413 | 232 |
* | Bidz.com Inc. | 115,487 | 231 |
* | MTR Gaming Group Inc. | 176,697 | 230 |
* | Carriage Services Inc. Class A | 57,955 | 228 |
Ark Restaurants Corp. | 15,514 | 224 | |
* | Palm Harbor Homes Inc. | 106,050 | 220 |
* | Global Traffic Network Inc. | 52,639 | 218 |
* | Ruth's Hospitality Group Inc. | 103,082 | 215 |
* | Charles & Colvard Ltd. | 179,486 | 208 |
* | J Alexander's Corp. | 47,400 | 189 |
* | Great Wolf Resorts Inc. | 76,636 | 182 |
* | Harris Interactive Inc. | 149,054 | 177 |
* | Aldila Inc. | 47,699 | 166 |
* | Infosonics Corp. | 140,532 | 145 |
* | Rick's Cabaret International Inc. | 16,335 | 140 |
* | Town Sports International Holdings Inc. | 54,278 | 126 |
* | Premier Exhibitions Inc. | 86,968 | 126 |
* | Duckwall-ALCO Stores Inc. | 8,017 | 123 |
* | NTN Buzztime Inc. | 273,189 | 123 |
* | Lodgian Inc. | 80,960 | 121 |
* | Benihana Inc. Class A | 27,540 | 116 |
* | Emmis Communications Corp. Class A | 95,521 | 110 |
* | Bluefly Inc. | 44,063 | 109 |
* | Playboy Enterprises Inc. Class A | 22,850 | 109 |
* | Gander Mountain Co. | 21,095 | 108 |
* | Morton's Restaurant Group Inc. | 35,710 | 104 |
* | Golfsmith International Holdings Inc. | 43,979 | 99 |
* | Silverleaf Resorts Inc. | 107,300 | 89 |
* | Johnson Outdoors Inc. Class A | 7,174 | 70 |
* | Regent Communications Inc. | 275,690 | 69 |
* | Craftmade International Inc. | 35,683 | 67 |
* | Syms Corp. | 9,144 | 66 |
* | Gray Television Inc. | 43,597 | 66 |
*,^ | Orleans Homebuilders Inc. | 39,754 | 65 |
* | Williams Controls Inc. | 8,052 | 64 |
* | Blockbuster Inc. Class B | 107,624 | 63 |
Hallwood Group Inc. | 1,600 | 62 | |
* | Bakers Footwear Group Inc. | 69,383 | 51 |
Aaron's Inc. Class A | 2,025 | 46 | |
* | Ambassadors International Inc. | 77,088 | 46 |
* | Atrinsic Inc. | 66,436 | 44 |
* | MKTG Inc. | 93,399 | 37 |
* | Amerityre Corp. | 99,178 | 31 |
* | Cost Plus Inc. | 23,132 | 24 |
* | Spanish Broadcasting System Inc. | 18,477 | 14 |
* | Meade Instruments Corp. | 4,548 | 13 |
* | Marvel Entertainment Inc. | 205 | 11 |
* | Kona Grill Inc. | 3,435 | 10 |
* | SPAR Group Inc. | 7,650 | 6 |
* | Winmark Corp. | 200 | 4 |
* | Cosi Inc. | 4,400 | 3 |
* | US Auto Parts Network Inc. | 100 | 1 |
* | Here Media Inc. | 12,670 | — |
1,709,774 | |||
Consumer Staples (3.6%) | |||
Bunge Ltd. | 805,958 | 51,444 | |
* | Energizer Holdings Inc. | 419,359 | 25,698 |
7
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Church & Dwight Co. Inc. | 422,860 | 25,562 | |
* | Ralcorp Holdings Inc. | 340,930 | 20,357 |
* | Green Mountain Coffee Roasters Inc. | 210,017 | 17,110 |
* | Hansen Natural Corp. | 430,963 | 16,549 |
* | NBTY Inc. | 371,956 | 16,195 |
Alberto-Culver Co. Class B | 513,344 | 15,036 | |
Del Monte Foods Co. | 1,189,167 | 13,485 | |
Corn Products International Inc. | 450,038 | 13,155 | |
* | Smithfield Foods Inc. | 846,578 | 12,860 |
Flowers Foods Inc. | 464,726 | 11,042 | |
* | BJ's Wholesale Club Inc. | 334,812 | 10,952 |
* | Chattem Inc. | 114,563 | 10,689 |
PepsiAmericas Inc. | 336,849 | 9,856 | |
Casey's General Stores Inc. | 306,200 | 9,774 | |
Nu Skin Enterprises Inc. Class A | 294,177 | 7,905 | |
* | TreeHouse Foods Inc. | 191,971 | 7,460 |
* | United Natural Foods Inc. | 259,914 | 6,950 |
Universal Corp. | 148,693 | 6,782 | |
Ruddick Corp. | 245,331 | 6,312 | |
Lancaster Colony Corp. | 116,920 | 5,811 | |
* | Rite Aid Corp. | 3,843,552 | 5,804 |
* | Bare Escentuals Inc. | 442,551 | 5,412 |
Lance Inc. | 192,862 | 5,072 | |
* | Chiquita Brands International Inc. | 269,291 | 4,858 |
Sanderson Farms Inc. | 105,198 | 4,435 | |
* | American Italian Pasta Co. | 125,796 | 4,376 |
Tootsie Roll Industries Inc. | 157,770 | 4,320 | |
* | Hain Celestial Group Inc. | 245,216 | 4,171 |
* | Darling International Inc. | 496,174 | 4,158 |
* | Central Garden and Pet Co. Class A | 418,112 | 4,156 |
Vector Group Ltd. | 266,595 | 3,732 | |
Diamond Foods Inc. | 99,955 | 3,552 | |
J&J Snack Foods Corp. | 85,386 | 3,412 | |
* | Winn-Dixie Stores Inc. | 330,256 | 3,316 |
WD-40 Co. | 99,921 | 3,233 | |
Nash Finch Co. | 77,249 | 2,865 | |
Andersons Inc. | 110,574 | 2,855 | |
* | Boston Beer Co. Inc. Class A | 61,115 | 2,848 |
*,^ | Dole Food Co. Inc. | 216,600 | 2,688 |
Cal-Maine Foods Inc. | 78,771 | 2,685 | |
* | Alliance One International Inc. | 536,256 | 2,617 |
* | Medifast Inc. | 80,532 | 2,463 |
Weis Markets Inc. | 66,246 | 2,409 | |
B&G Foods Inc. Class A | 256,344 | 2,353 | |
* | Smart Balance Inc. | 391,417 | 2,349 |
* | Elizabeth Arden Inc. | 155,656 | 2,248 |
Spartan Stores Inc. | 154,884 | 2,213 | |
* | Great Atlantic & Pacific Tea Co. | 181,639 | 2,142 |
Pricesmart Inc. | 93,314 | 1,907 | |
* | Pantry Inc. | 140,326 | 1,907 |
* | Prestige Brands Holdings Inc. | 223,849 | 1,760 |
Imperial Sugar Co. | 89,209 | 1,556 | |
* | Revlon Inc. Class A | 88,668 | 1,508 |
Ingles Markets Inc. Class A | 93,979 | 1,422 | |
* | National Beverage Corp. | 102,253 | 1,417 |
Farmer Bros Co. | 58,455 | 1,154 | |
Coca-Cola Bottling Co. Consolidated | 20,523 | 1,109 | |
Village Super Market Inc. Class A | 40,097 | 1,095 | |
* | USANA Health Sciences Inc. | 32,750 | 1,045 |
* | John B. Sanfilippo & Son Inc. | 63,924 | 995 |
Inter Parfums Inc. | 80,125 | 975 | |
*,^ | Lifeway Foods Inc. | 81,849 | 972 |
Calavo Growers Inc. | 52,259 | 888 | |
Oil-Dri Corp. of America | 50,968 | 790 |
8
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Seneca Foods Corp. Class A | 31,982 | 763 |
* Nutraceutical International Corp. | 60,767 | 752 |
United-Guardian Inc. | 55,886 | 642 |
* Harbinger Group Inc. | 91,072 | 639 |
Rocky Mountain Chocolate Factory Inc. | 78,028 | 632 |
* Reddy Ice Holdings Inc. | 146,940 | 630 |
Alico Inc. | 21,915 | 624 |
Arden Group Inc. | 6,188 | 592 |
* Natural Alternatives International Inc. | 75,837 | 584 |
* Diedrich Coffee Inc. | 15,850 | 552 |
* Susser Holdings Corp. | 61,510 | 528 |
* MGP Ingredients Inc. | 68,459 | 524 |
Schiff Nutrition International Inc. | 66,327 | 519 |
* Orchids Paper Products Co. | 23,408 | 469 |
* Omega Protein Corp. | 100,986 | 440 |
* Female Health Co. | 82,429 | 390 |
* Star Scientific Inc. | 412,993 | 289 |
* Overhill Farms Inc. | 58,312 | 283 |
Mannatech Inc. | 60,320 | 188 |
* Parlux Fragrances Inc. | 89,346 | 184 |
* Physicians Formula Holdings Inc. | 64,715 | 175 |
Reliv International Inc. | 39,766 | 130 |
* HQ Sustainable Maritime Industries Inc. | 16,827 | 119 |
* IGI Laboratories Inc. | 72,500 | 57 |
* Vermont Pure Holdings Ltd. | 600 | — |
448,931 | ||
Energy (7.1%) | ||
* Ultra Petroleum Corp. | 910,331 | 45,389 |
* Petrohawk Energy Corp. | 1,808,397 | 43,383 |
* Newfield Exploration Co. | 798,646 | 38,519 |
* Pride International Inc. | 1,049,072 | 33,476 |
* Alpha Natural Resources Inc. | 727,102 | 31,542 |
Cimarex Energy Co. | 501,990 | 26,590 |
Helmerich & Payne Inc. | 634,543 | 25,306 |
* Plains Exploration & Production Co. | 837,351 | 23,161 |
* Whiting Petroleum Corp. | 305,686 | 21,841 |
Arch Coal Inc. | 976,395 | 21,725 |
* Concho Resources Inc. | 458,984 | 20,608 |
EXCO Resources Inc. | 916,180 | 19,451 |
* Oceaneering International Inc. | 329,894 | 19,305 |
Southern Union Co. | 745,852 | 16,931 |
* Encore Acquisition Co. | 333,937 | 16,036 |
* Dresser-Rand Group Inc. | 496,095 | 15,682 |
* Forest Oil Corp. | 674,896 | 15,016 |
Tidewater Inc. | 310,828 | 14,904 |
Patterson-UTI Energy Inc. | 923,328 | 14,173 |
* Atlas Energy Inc. | 469,706 | 14,171 |
St Mary Land & Exploration Co. | 376,037 | 12,876 |
* Atwood Oceanics Inc. | 340,023 | 12,190 |
* Oil States International Inc. | 299,242 | 11,757 |
* Superior Energy Services Inc. | 470,302 | 11,424 |
* Comstock Resources Inc. | 280,327 | 11,373 |
* Quicksilver Resources Inc. | 711,702 | 10,683 |
* Unit Corp. | 242,840 | 10,321 |
* Dril-Quip Inc. | 180,239 | 10,180 |
* Arena Resources Inc. | 230,996 | 9,961 |
World Fuel Services Corp. | 357,244 | 9,571 |
* SandRidge Energy Inc. | 988,091 | 9,318 |
* SEACOR Holdings Inc. | 121,759 | 9,284 |
* Bristow Group Inc. | 215,748 | 8,296 |
* Exterran Holdings Inc. | 375,028 | 8,044 |
* Continental Resources Inc. | 183,867 | 7,886 |
CARBO Ceramics Inc. | 115,099 | 7,846 |
Frontier Oil Corp. | 629,159 | 7,575 |
9
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Bill Barrett Corp. | 232,389 | 7,230 |
* | Mariner Energy Inc. | 611,887 | 7,104 |
* | Patriot Coal Corp. | 450,766 | 6,969 |
* | Brigham Exploration Co. | 500,112 | 6,777 |
Berry Petroleum Co. Class A | 225,583 | 6,576 | |
Lufkin Industries Inc. | 89,498 | 6,551 | |
* | Key Energy Services Inc. | 745,065 | 6,549 |
* | Helix Energy Solutions Group Inc. | 551,854 | 6,484 |
Holly Corp. | 247,718 | 6,349 | |
* | Rosetta Resources Inc. | 314,808 | 6,274 |
Overseas Shipholding Group Inc. | 140,591 | 6,179 | |
Penn Virginia Corp. | 272,872 | 5,809 | |
* | BPZ Resources Inc. | 588,153 | 5,587 |
* | Swift Energy Co. | 225,145 | 5,394 |
* | Tetra Technologies Inc. | 453,460 | 5,024 |
* | Stone Energy Corp. | 252,424 | 4,556 |
* | CNX Gas Corp. | 154,334 | 4,556 |
* | Carrizo Oil & Gas Inc. | 168,332 | 4,459 |
* | Complete Production Services Inc. | 342,130 | 4,448 |
* | ATP Oil & Gas Corp. | 243,305 | 4,448 |
* | Global Industries Ltd. | 603,281 | 4,301 |
* | ION Geophysical Corp. | 712,044 | 4,215 |
* | Gulfmark Offshore Inc. | 138,683 | 3,926 |
* | McMoRan Exploration Co. | 456,179 | 3,659 |
*,^ | Goodrich Petroleum Corp. | 146,690 | 3,572 |
* | Contango Oil & Gas Co. | 75,561 | 3,552 |
* | Parker Drilling Co. | 700,513 | 3,468 |
* | Clean Energy Fuels Corp. | 215,858 | 3,326 |
* | Hornbeck Offshore Services Inc. | 138,390 | 3,222 |
* | James River Coal Co. | 166,251 | 3,081 |
* | International Coal Group Inc. | 771,256 | 2,977 |
* | Hercules Offshore Inc. | 576,430 | 2,755 |
* | USEC Inc. | 681,853 | 2,625 |
*,^ | GMX Resources Inc. | 188,878 | 2,595 |
* | Pioneer Drilling Co. | 322,208 | 2,545 |
General Maritime Corp. | 350,289 | 2,449 | |
W&T Offshore Inc. | 206,614 | 2,417 | |
* | Newpark Resources Inc. | 552,545 | 2,337 |
* | Gulfport Energy Corp. | 189,791 | 2,173 |
RPC Inc. | 201,091 | 2,091 | |
* | Cal Dive International Inc. | 272,913 | 2,063 |
Crosstex Energy Inc. | 336,608 | 2,036 | |
* | Northern Oil And Gas Inc. | 171,868 | 2,035 |
* | Venoco Inc. | 153,050 | 1,996 |
Gulf Island Fabrication Inc. | 87,963 | 1,850 | |
* | T-3 Energy Services Inc. | 71,711 | 1,829 |
* | Petroquest Energy Inc. | 287,026 | 1,759 |
* | Petroleum Development Corp. | 91,986 | 1,675 |
Vaalco Energy Inc. | 361,802 | 1,646 | |
* | Superior Well Services Inc. | 112,391 | 1,603 |
* | Matrix Service Co. | 149,262 | 1,590 |
* | Seahawk Drilling Inc. | 70,331 | 1,585 |
* | Syntroleum Corp. | 591,939 | 1,575 |
* | PHI Inc. | 75,756 | 1,564 |
* | Harvest Natural Resources Inc. | 279,947 | 1,481 |
* | Rex Energy Corp. | 119,403 | 1,433 |
*,^ | Rentech Inc. | 1,115,568 | 1,372 |
* | American Oil & Gas Inc. | 320,130 | 1,345 |
* | Energy Partners Ltd. | 154,000 | 1,315 |
* | Clayton Williams Energy Inc. | 36,956 | 1,295 |
* | Natural Gas Services Group Inc. | 66,224 | 1,248 |
Toreador Resources Corp. | 115,426 | 1,143 | |
* | Basic Energy Services Inc. | 126,186 | 1,123 |
* | Warren Resources Inc. | 457,025 | 1,120 |
10
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Dawson Geophysical Co. | 48,056 | 1,111 |
* | Allis-Chalmers Energy Inc. | 288,079 | 1,086 |
Panhandle Oil and Gas Inc. Class A | 40,806 | 1,057 | |
* | Georesources Inc. | 77,096 | 1,053 |
* | OYO Geospace Corp. | 23,929 | 1,026 |
* | Delta Petroleum Corp. | 981,118 | 1,020 |
* | CVR Energy Inc. | 139,084 | 954 |
* | Green Plains Renewable Energy Inc. | 63,334 | 942 |
* | FX Energy Inc. | 320,728 | 914 |
* | Western Refining Inc. | 190,610 | 898 |
* | Endeavour International Corp. | 754,739 | 815 |
* | Abraxas Petroleum Corp. | 405,303 | 778 |
* | Mitcham Industries Inc. | 104,006 | 767 |
* | RAM Energy Resources Inc. | 367,188 | 753 |
* | Cheniere Energy Inc. | 308,893 | 748 |
* | Bronco Drilling Co. Inc. | 140,010 | 710 |
* | Bolt Technology Corp. | 63,799 | 703 |
* | Boots & Coots Inc. | 400,360 | 661 |
* | Westmoreland Coal Co. | 71,854 | 640 |
* | CREDO Petroleum Corp. | 66,075 | 614 |
Alon USA Energy Inc. | 83,946 | 574 | |
* | Uranium Energy Corp. | 148,540 | 561 |
Houston American Energy Corp. | 88,555 | 545 | |
Delek US Holdings Inc. | 78,966 | 538 | |
*,^ | Tri-Valley Corp. | 262,522 | 512 |
* | Union Drilling Inc. | 79,031 | 494 |
* | Geokinetics Inc. | 43,492 | 418 |
* | Trico Marine Services Inc. | 88,032 | 400 |
* | ENGlobal Corp. | 126,031 | 394 |
* | Callon Petroleum Co. | 245,308 | 368 |
* | Gasco Energy Inc. | 672,029 | 356 |
* | Cobalt International Energy Inc. | 25,300 | 350 |
*,^ | Isramco Inc. | 4,857 | 347 |
* | Uranium Resources Inc. | 449,100 | 346 |
*,^ | Sulphco Inc. | 504,279 | 338 |
* | Approach Resources Inc. | 42,800 | 330 |
* | Omni Energy Services Corp. | 261,158 | 326 |
*,^ | Hyperdynamics Corp. | 367,489 | 320 |
* | Double Eagle Petroleum Co. | 72,456 | 313 |
*,^ | NGAS Resources Inc. | 181,432 | 307 |
*,^ | Zion Oil & Gas Inc. | 40,492 | 290 |
* | PHI Inc. | 12,172 | 252 |
* | Cano Petroleum Inc. | 249,987 | 245 |
*,^ | Royale Energy Inc. | 87,841 | 231 |
* | National Coal Corp. | 261,228 | 217 |
*,^ | Verenium Corp. | 47,069 | 212 |
* | HKN Inc. | 57,045 | 209 |
* | Barnwell Industries Inc. | 40,366 | 182 |
* | GeoMet Inc. | 121,818 | 178 |
*,^ | Evergreen Energy Inc. | 507,016 | 174 |
* | Pacific Ethanol Inc. | 184,506 | 133 |
* | TGC Industries Inc. | 24,275 | 95 |
* | Cubic Energy Inc. | 61,177 | 91 |
* | Meridian Resource Corp. | 343,302 | 89 |
* | Tengasco Inc. | 178,356 | 82 |
* | Magnum Hunter Resources Corp. | 45,924 | 71 |
* | Quest Resource Corp. | 103,451 | 60 |
*,^ | New Generation Biofuels Holdings Inc. | 46,633 | 37 |
* | Dune Energy Inc. | 48,940 | 11 |
890,330 | |||
Financials (18.1%) | |||
BlackRock Inc. | 195,999 | 45,511 | |
New York Community Bancorp Inc. | 2,499,504 | 36,268 | |
Everest Re Group Ltd. | 358,613 | 30,726 |
11
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* TD Ameritrade Holding Corp. | 1,518,651 | 29,431 |
Federal Realty Investment Trust | 367,799 | 24,907 |
Nationwide Health Properties Inc. | 674,660 | 23,735 |
SL Green Realty Corp. | 464,198 | 23,321 |
Digital Realty Trust Inc. | 459,967 | 23,127 |
AMB Property Corp. | 879,549 | 22,472 |
Liberty Property Trust | 676,931 | 21,669 |
Eaton Vance Corp. | 706,107 | 21,473 |
Reinsurance Group of America Inc. Class A | 437,634 | 20,853 |
Macerich Co. | 579,402 | 20,830 |
Rayonier Inc. | 477,650 | 20,138 |
* Markel Corp. | 58,959 | 20,046 |
WR Berkley Corp. | 811,725 | 20,001 |
First American Corp. | 603,804 | 19,992 |
* MSCI Inc. Class A | 621,524 | 19,764 |
HCC Insurance Holdings Inc. | 676,224 | 18,914 |
Fidelity National Financial Inc. Class A | 1,384,952 | 18,641 |
Cullen/Frost Bankers Inc. | 360,317 | 18,016 |
Transatlantic Holdings Inc. | 343,192 | 17,884 |
Hospitality Properties Trust | 741,703 | 17,586 |
Alexandria Real Estate Equities Inc. | 265,544 | 17,072 |
* Jefferies Group Inc. | 717,877 | 17,035 |
* Affiliated Managers Group Inc. | 252,802 | 17,026 |
Commerce Bancshares Inc. | 438,454 | 16,977 |
Regency Centers Corp. | 482,856 | 16,929 |
Senior Housing Properties Trust | 765,711 | 16,746 |
Duke Realty Corp. | 1,346,672 | 16,389 |
Camden Property Trust | 385,807 | 16,347 |
Mack-Cali Realty Corp. | 472,748 | 16,343 |
^ Realty Income Corp. | 626,339 | 16,228 |
* St Joe Co. | 555,383 | 16,045 |
First Niagara Financial Group Inc. | 1,130,251 | 15,722 |
Waddell & Reed Financial Inc. | 513,082 | 15,670 |
White Mountains Insurance Group Ltd. | 47,052 | 15,652 |
Jones Lang LaSalle Inc. | 251,510 | 15,191 |
UDR Inc. | 918,665 | 15,103 |
Essex Property Trust Inc. | 175,026 | 14,641 |
Old Republic International Corp. | 1,446,623 | 14,524 |
Highwoods Properties Inc. | 427,359 | 14,252 |
Raymond James Financial Inc. | 593,664 | 14,111 |
Arthur J Gallagher & Co. | 610,162 | 13,735 |
SEI Investments Co. | 778,587 | 13,641 |
Bank of Hawaii Corp. | 288,267 | 13,566 |
Hanover Insurance Group Inc. | 302,323 | 13,432 |
Washington Federal Inc. | 674,820 | 13,051 |
Corporate Office Properties Trust SBI | 350,168 | 12,827 |
Brown & Brown Inc. | 708,656 | 12,735 |
Weingarten Realty Investors | 626,486 | 12,398 |
Valley National Bancorp | 862,054 | 12,181 |
City National Corp. | 260,073 | 11,859 |
American Financial Group Inc. | 475,061 | 11,853 |
StanCorp Financial Group Inc. | 295,538 | 11,827 |
Prosperity Bancshares Inc. | 278,889 | 11,287 |
* AmeriCredit Corp. | 577,474 | 10,995 |
BRE Properties Inc. | 326,707 | 10,807 |
* Stifel Financial Corp. | 182,231 | 10,795 |
National Retail Properties Inc. | 495,303 | 10,510 |
* ProAssurance Corp. | 194,939 | 10,470 |
Douglas Emmett Inc. | 730,710 | 10,413 |
FirstMerit Corp. | 516,091 | 10,394 |
BancorpSouth Inc. | 441,480 | 10,357 |
* SVB Financial Group | 246,531 | 10,278 |
Apollo Investment Corp. | 1,047,228 | 9,980 |
Omega Healthcare Investors Inc. | 511,652 | 9,952 |
12
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Greenhill & Co. Inc. | 123,346 | 9,897 | |
Washington Real Estate Investment Trust | 359,120 | 9,894 | |
Westamerica Bancorporation | 175,615 | 9,724 | |
Developers Diversified Realty Corp. | 1,039,483 | 9,626 | |
Home Properties Inc. | 201,747 | 9,625 | |
Tanger Factory Outlet Centers | 242,161 | 9,442 | |
* | Alleghany Corp. | 33,930 | 9,365 |
BioMed Realty Trust Inc. | 590,347 | 9,316 | |
Fulton Financial Corp. | 1,059,493 | 9,239 | |
Equity Lifestyle Properties Inc. | 182,636 | 9,218 | |
TCF Financial Corp. | 673,584 | 9,174 | |
Entertainment Properties Trust | 252,631 | 8,910 | |
American Campus Communities Inc. | 313,846 | 8,819 | |
Brandywine Realty Trust | 773,135 | 8,814 | |
East West Bancorp Inc. | 551,558 | 8,715 | |
HRPT Properties Trust | 1,345,575 | 8,706 | |
Popular Inc. | 3,844,515 | 8,689 | |
* | Knight Capital Group Inc. Class A | 560,026 | 8,624 |
Protective Life Corp. | 514,457 | 8,514 | |
Associated Banc-Corp | 768,673 | 8,463 | |
Mercury General Corp. | 214,047 | 8,403 | |
Mid-America Apartment Communities Inc. | 173,513 | 8,377 | |
Ares Capital Corp. | 658,905 | 8,203 | |
* | Forest City Enterprises Inc. Class A | 695,887 | 8,198 |
LaSalle Hotel Properties | 381,775 | 8,105 | |
CBL & Associates Properties Inc. | 828,763 | 8,014 | |
Kilroy Realty Corp. | 259,454 | 7,957 | |
*,^ | Federal National Mortgage Assn. | 6,689,097 | 7,893 |
* | Signature Bank | 244,051 | 7,785 |
NewAlliance Bancshares Inc. | 639,083 | 7,675 | |
Healthcare Realty Trust Inc. | 356,913 | 7,659 | |
Potlatch Corp. | 239,117 | 7,623 | |
Trustmark Corp. | 336,285 | 7,580 | |
Hancock Holding Co. | 170,314 | 7,458 | |
UMB Financial Corp. | 179,744 | 7,073 | |
Erie Indemnity Co. Class A | 178,829 | 6,978 | |
Umpqua Holdings Corp. | 513,014 | 6,880 | |
First Financial Bankshares Inc. | 125,369 | 6,799 | |
Zenith National Insurance Corp. | 224,700 | 6,687 | |
Iberiabank Corp. | 124,178 | 6,682 | |
Unitrin Inc. | 299,945 | 6,614 | |
Taubman Centers Inc. | 183,034 | 6,573 | |
CapitalSource Inc. | 1,651,009 | 6,555 | |
* | Conseco Inc. | 1,305,674 | 6,528 |
Tower Group Inc. | 270,249 | 6,327 | |
Old National Bancorp | 508,036 | 6,315 | |
Delphi Financial Group Inc. | 281,215 | 6,291 | |
DCT Industrial Trust Inc. | 1,246,216 | 6,256 | |
Cash America International Inc. | 176,355 | 6,165 | |
National Health Investors Inc. | 165,954 | 6,139 | |
Astoria Financial Corp. | 490,507 | 6,097 | |
TFS Financial Corp. | 500,574 | 6,077 | |
DiamondRock Hospitality Co. | 710,871 | 6,021 | |
EastGroup Properties Inc. | 157,118 | 6,014 | |
Extra Space Storage Inc. | 519,604 | 6,001 | |
BOK Financial Corp. | 126,267 | 6,000 | |
MB Financial Inc. | 304,178 | 5,998 | |
Franklin Street Properties Corp. | 407,198 | 5,949 | |
Synovus Financial Corp. | 2,888,060 | 5,921 | |
International Bancshares Corp. | 311,867 | 5,904 | |
Sovran Self Storage Inc. | 161,313 | 5,764 | |
*,^ | Federal Home Loan Mortgage Corp. | 3,901,323 | 5,735 |
Post Properties Inc. | 291,359 | 5,711 | |
RLI Corp. | 106,693 | 5,681 |
13
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
PS Business Parks Inc. | 108,483 | 5,430 |
* PHH Corp. | 329,132 | 5,302 |
Selective Insurance Group | 319,173 | 5,250 |
Sunstone Hotel Investors Inc. | 590,647 | 5,245 |
American National Insurance Co. | 43,646 | 5,213 |
* Investment Technology Group Inc. | 262,841 | 5,178 |
First Citizens BancShares Inc. Class A | 31,420 | 5,153 |
Wilmington Trust Corp. | 417,281 | 5,149 |
Whitney Holding Corp. | 561,923 | 5,119 |
Glacier Bancorp Inc. | 370,159 | 5,079 |
* Ezcorp Inc. Class A | 292,816 | 5,039 |
* KBW Inc. | 181,767 | 4,973 |
* Piper Jaffray Cos. | 97,441 | 4,931 |
Medical Properties Trust Inc. | 482,425 | 4,824 |
* Forestar Group Inc. | 215,996 | 4,748 |
Colonial Properties Trust | 399,989 | 4,692 |
FNB Corp. | 685,342 | 4,653 |
^ United Bankshares Inc. | 229,945 | 4,592 |
Webster Financial Corp. | 386,664 | 4,590 |
Cousins Properties Inc. | 599,895 | 4,577 |
DuPont Fabros Technology Inc. | 252,282 | 4,539 |
Wintrust Financial Corp. | 145,326 | 4,475 |
* Pico Holdings Inc. | 136,011 | 4,452 |
CVB Financial Corp. | 511,017 | 4,415 |
* Interactive Brokers Group Inc. | 248,228 | 4,399 |
National Penn Bancshares Inc. | 755,602 | 4,375 |
Financial Federal Corp. | 157,062 | 4,319 |
Capitol Federal Financial | 133,964 | 4,215 |
NBT Bancorp Inc. | 206,550 | 4,207 |
* Portfolio Recovery Associates Inc. | 93,251 | 4,185 |
Employers Holdings Inc. | 271,648 | 4,167 |
^ American Capital Ltd. | 1,692,415 | 4,130 |
Acadia Realty Trust | 239,134 | 4,034 |
^ Prospect Capital Corp. | 336,571 | 3,975 |
optionsXpress Holdings Inc. | 257,040 | 3,971 |
Investors Real Estate Trust | 436,763 | 3,931 |
* Allied Capital Corp. | 1,079,747 | 3,898 |
* CNA Financial Corp. | 162,178 | 3,892 |
First Financial Bancorp | 266,801 | 3,885 |
* MBIA Inc. | 959,164 | 3,817 |
Community Bank System Inc. | 197,140 | 3,807 |
* Navigators Group Inc. | 80,726 | 3,803 |
* Alexander's Inc. | 12,340 | 3,757 |
LTC Properties Inc. | 139,703 | 3,737 |
* MGIC Investment Corp. | 642,016 | 3,711 |
Radian Group Inc. | 497,969 | 3,640 |
Lexington Realty Trust | 595,010 | 3,618 |
PacWest Bancorp | 179,282 | 3,613 |
Park National Corp. | 61,318 | 3,610 |
First Midwest Bancorp Inc. | 329,203 | 3,585 |
* First Cash Financial Services Inc. | 159,812 | 3,546 |
Brookline Bancorp Inc. | 355,588 | 3,524 |
* World Acceptance Corp. | 97,747 | 3,502 |
Inland Real Estate Corp. | 426,406 | 3,475 |
* Ocwen Financial Corp. | 360,376 | 3,449 |
Provident Financial Services Inc. | 323,529 | 3,446 |
* Dollar Financial Corp. | 145,551 | 3,444 |
U-Store-It Trust | 469,714 | 3,438 |
Chemical Financial Corp. | 143,051 | 3,373 |
Infinity Property & Casualty Corp. | 82,325 | 3,346 |
Safety Insurance Group Inc. | 91,837 | 3,327 |
Equity One Inc. | 198,282 | 3,206 |
PrivateBancorp Inc. Class A | 353,317 | 3,169 |
* Investors Bancorp Inc. | 284,239 | 3,110 |
14
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
City Holding Co. | 95,629 | 3,092 |
Susquehanna Bancshares Inc. | 521,106 | 3,069 |
* Riskmetrics Group Inc. | 192,606 | 3,064 |
Horace Mann Educators Corp. | 236,785 | 2,960 |
Wesco Financial Corp. | 8,567 | 2,938 |
Trustco Bank Corp. | 462,692 | 2,915 |
MarketAxess Holdings Inc. | 207,998 | 2,891 |
* Pinnacle Financial Partners Inc. | 199,225 | 2,833 |
* Hilltop Holdings Inc. | 239,167 | 2,784 |
Northwest Bancshares Inc. | 244,001 | 2,762 |
Home Bancshares Inc. | 113,948 | 2,743 |
Columbia Banking System Inc. | 169,417 | 2,741 |
Parkway Properties Inc. | 130,178 | 2,710 |
Independent Bank Corp. | 126,625 | 2,645 |
Cathay General Bancorp | 349,386 | 2,638 |
American Equity Investment Life Holding Co. | 350,553 | 2,608 |
Harleysville Group Inc. | 81,761 | 2,599 |
Getty Realty Corp. | 109,003 | 2,565 |
Meadowbrook Insurance Group Inc. | 344,931 | 2,552 |
* eHealth Inc. | 154,965 | 2,546 |
Sterling Bancshares Inc. | 491,467 | 2,521 |
Simmons First National Corp. Class A | 90,258 | 2,509 |
Evercore Partners Inc. Class A | 82,439 | 2,506 |
First Potomac Realty Trust | 199,115 | 2,503 |
United Fire & Casualty Co. | 134,179 | 2,446 |
S&T Bancorp Inc. | 143,609 | 2,443 |
* Texas Capital Bancshares Inc. | 169,408 | 2,365 |
Cohen & Steers Inc. | 103,394 | 2,362 |
Saul Centers Inc. | 70,681 | 2,316 |
National Western Life Insurance Co. Class A | 13,307 | 2,310 |
Community Trust Bancorp Inc. | 94,033 | 2,299 |
Universal Health Realty Income Trust | 71,684 | 2,296 |
Bank of the Ozarks Inc. | 78,217 | 2,289 |
Hercules Technology Growth Capital Inc. | 219,536 | 2,281 |
First Financial Corp. | 74,014 | 2,259 |
Nara Bancorp Inc. | 198,227 | 2,248 |
Boston Private Financial Holdings Inc. | 389,023 | 2,245 |
Nelnet Inc. Class A | 129,125 | 2,225 |
* Beneficial Mutual Bancorp Inc. | 224,617 | 2,210 |
* MCG Capital Corp. | 509,208 | 2,200 |
Dime Community Bancshares | 183,979 | 2,156 |
* Tejon Ranch Co. | 73,208 | 2,139 |
SWS Group Inc. | 176,158 | 2,132 |
First Commonwealth Financial Corp. | 454,310 | 2,113 |
* AMERISAFE Inc. | 116,743 | 2,098 |
* Ashford Hospitality Trust Inc. | 438,871 | 2,036 |
Sun Communities Inc. | 102,853 | 2,031 |
* National Financial Partners Corp. | 248,252 | 2,008 |
OneBeacon Insurance Group Ltd. Class A | 145,051 | 1,999 |
Advance America Cash Advance Centers Inc. | 358,550 | 1,994 |
WesBanco Inc. | 159,836 | 1,972 |
FBL Financial Group Inc. Class A | 106,494 | 1,972 |
Harleysville National Corp. | 304,934 | 1,964 |
Bank Mutual Corp. | 283,646 | 1,963 |
GAMCO Investors Inc. | 40,324 | 1,947 |
Phoenix Cos. Inc. | 692,041 | 1,924 |
* SeaBright Insurance Holdings Inc. | 167,432 | 1,924 |
American Physicians Capital Inc. | 62,636 | 1,899 |
Pennsylvania Real Estate Investment Trust | 222,849 | 1,885 |
Fifth Street Finance Corp. | 175,455 | 1,884 |
SCBT Financial Corp. | 67,833 | 1,878 |
Oriental Financial Group Inc. | 173,823 | 1,877 |
Cedar Shopping Centers Inc. | 270,063 | 1,836 |
* FPIC Insurance Group Inc. | 47,154 | 1,821 |
15
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Encore Capital Group Inc. | 103,721 | 1,805 |
SY Bancorp Inc. | 84,188 | 1,797 | |
Provident New York Bancorp | 212,884 | 1,797 | |
Suffolk Bancorp | 60,211 | 1,788 | |
Cardinal Financial Corp. | 203,971 | 1,783 | |
GFI Group Inc. | 388,472 | 1,775 | |
Renasant Corp. | 130,424 | 1,774 | |
Great Southern Bancorp Inc. | 81,269 | 1,736 | |
Bancfirst Corp. | 46,533 | 1,724 | |
National Interstate Corp. | 100,751 | 1,709 | |
*,^ | iStar Financial Inc. | 658,424 | 1,686 |
Westfield Financial Inc. | 203,502 | 1,679 | |
* | TradeStation Group Inc. | 212,703 | 1,678 |
Tompkins Financial Corp. | 41,340 | 1,674 | |
Baldwin & Lyons Inc. | 67,304 | 1,656 | |
Arrow Financial Corp. | 65,592 | 1,640 | |
TowneBank | 138,896 | 1,622 | |
Flushing Financial Corp. | 143,024 | 1,610 | |
Kearny Financial Corp. | 159,561 | 1,608 | |
Danvers Bancorp Inc. | 123,544 | 1,605 | |
State Auto Financial Corp. | 86,009 | 1,591 | |
Student Loan Corp. | 34,133 | 1,590 | |
* | United Community Banks Inc. | 460,845 | 1,562 |
^ | German American Bancorp Inc. | 95,580 | 1,553 |
Berkshire Hills Bancorp Inc. | 74,489 | 1,540 | |
* | CNA Surety Corp. | 103,324 | 1,539 |
* | Citizens Inc. | 235,340 | 1,537 |
Calamos Asset Management Inc. Class A | 133,230 | 1,536 | |
Associated Estates Realty Corp. | 135,073 | 1,522 | |
Oppenheimer Holdings Inc. Class A | 44,927 | 1,492 | |
Kite Realty Group Trust | 365,060 | 1,486 | |
Urstadt Biddle Properties Inc. Class A | 97,223 | 1,485 | |
MVC Capital Inc. | 125,080 | 1,476 | |
Republic Bancorp Inc. Class A | 71,528 | 1,473 | |
* | Safeguard Scientifics Inc. | 141,142 | 1,455 |
Duff & Phelps Corp. Class A | 78,628 | 1,436 | |
*,^ | Ambac Financial Group Inc. | 1,728,941 | 1,435 |
1st Source Corp. | 88,570 | 1,425 | |
Northfield Bancorp Inc. | 103,461 | 1,399 | |
First Bancorp | 99,502 | 1,390 | |
StellarOne Corp. | 139,555 | 1,390 | |
Univest Corp. of Pennsylvania | 79,250 | 1,389 | |
* | Broadpoint Gleacher Securities Inc. | 310,307 | 1,384 |
* | International Assets Holding Corp. | 93,887 | 1,365 |
First Industrial Realty Trust Inc. | 260,373 | 1,362 | |
Washington Trust Bancorp Inc. | 84,578 | 1,318 | |
BankFinancial Corp. | 133,089 | 1,318 | |
Southside Bancshares Inc. | 66,423 | 1,303 | |
Home Federal Bancorp Inc. | 97,846 | 1,302 | |
BGC Partners Inc. Class A | 281,622 | 1,301 | |
Education Realty Trust Inc. | 265,469 | 1,285 | |
Ramco-Gershenson Properties Trust | 133,887 | 1,277 | |
Stewart Information Services Corp. | 112,194 | 1,266 | |
ESSA Bancorp Inc. | 106,926 | 1,251 | |
US Global Investors Inc. Class A | 100,845 | 1,241 | |
WSFS Financial Corp. | 48,363 | 1,240 | |
Westwood Holdings Group Inc. | 33,753 | 1,227 | |
Trico Bancshares | 73,519 | 1,224 | |
* | Citizens Republic Bancorp Inc. | 1,764,367 | 1,217 |
Capital Southwest Corp. | 15,447 | 1,217 | |
Presidential Life Corp. | 132,041 | 1,208 | |
Amtrust Financial Services Inc. | 101,859 | 1,204 | |
Heartland Financial USA Inc. | 81,636 | 1,171 | |
Camden National Corp. | 35,789 | 1,170 |
16
Vanguard® Extended Market Index Fund Schedule of Investments December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Mission West Properties Inc. | 158,919 | 1,143 |
BlackRock Kelso Capital Corp. | 132,358 | 1,128 |
* Bancorp Inc. | 164,235 | 1,127 |
Wilshire Bancorp Inc. | 137,491 | 1,126 |
American Physicians Service Group Inc. | 48,798 | 1,126 |
* Gramercy Capital Corp. | 434,236 | 1,125 |
Consolidated-Tomoka Land Co. | 32,111 | 1,122 |
OceanFirst Financial Corp. | 98,726 | 1,116 |
Northrim BanCorp Inc. | 65,629 | 1,108 |
First Financial Northwest Inc. | 167,124 | 1,095 |
* PMA Capital Corp. Class A | 173,720 | 1,094 |
PennantPark Investment Corp. | 122,185 | 1,090 |
United Financial Bancorp Inc. | 83,047 | 1,089 |
First Financial Holdings Inc. | 83,162 | 1,080 |
Financial Institutions Inc. | 91,598 | 1,079 |
First BanCorp | 466,939 | 1,074 |
* LaBranche & Co. Inc. | 376,789 | 1,070 |
* FelCor Lodging Trust Inc. | 295,033 | 1,062 |
Donegal Group Inc. Class B | 63,194 | 1,062 |
Lakeland Financial Corp. | 61,272 | 1,057 |
CapLease Inc. | 237,605 | 1,041 |
Capital City Bank Group Inc. | 74,850 | 1,036 |
Sterling Bancorp | 145,077 | 1,036 |
* Credit Acceptance Corp. | 24,587 | 1,035 |
Union Bankshares Corp. | 83,013 | 1,029 |
PMI Group Inc. | 403,557 | 1,017 |
* Taylor Capital Group Inc. | 88,875 | 1,012 |
TICC Capital Corp. | 164,147 | 993 |
^ National Bankshares Inc. | 34,688 | 981 |
Lakeland Bancorp Inc. | 152,866 | 977 |
* Virtus Investment Partners Inc. | 61,413 | 976 |
ViewPoint Financial Group | 67,761 | 976 |
^ Asta Funding Inc. | 136,294 | 966 |
NGP Capital Resources Co. | 117,877 | 958 |
* Western Alliance Bancorp | 251,912 | 952 |
Abington Bancorp Inc. | 137,677 | 949 |
Glimcher Realty Trust | 349,357 | 943 |
Agree Realty Corp. | 40,341 | 940 |
First Mercury Financial Corp. | 68,488 | 939 |
Gladstone Capital Corp. | 121,315 | 934 |
* Tree.com Inc. | 101,474 | 928 |
Diamond Hill Investment Group Inc. | 14,404 | 925 |
Century Bancorp Inc. Class A | 41,622 | 917 |
American National Bankshares Inc. | 41,223 | 903 |
Monmouth Real Estate Investment Corp. Class A | 121,158 | 901 |
Sanders Morris Harris Group Inc. | 163,797 | 901 |
Cogdell Spencer Inc. | 156,250 | 884 |
Center Bancorp Inc. | 98,841 | 882 |
Thomas Properties Group Inc. | 297,000 | 879 |
Sandy Spring Bancorp Inc. | 97,843 | 870 |
Hudson Valley Holding Corp. | 35,129 | 866 |
* Penson Worldwide Inc. | 95,541 | 866 |
Clifton Savings Bancorp Inc. | 92,302 | 865 |
One Liberty Properties Inc. | 98,470 | 865 |
First Merchants Corp. | 144,963 | 861 |
* Harris & Harris Group Inc. | 188,350 | 861 |
* FBR Capital Markets Corp. | 137,308 | 849 |
EMC Insurance Group Inc. | 39,256 | 844 |
* Guaranty Bancorp | 634,715 | 838 |
* Territorial Bancorp Inc. | 46,300 | 836 |
* Asset Acceptance Capital Corp. | 122,392 | 830 |
Oritani Financial Corp. | 60,058 | 825 |
* Strategic Hotels & Resorts Inc. | 440,121 | 819 |
West Bancorporation Inc. | 162,078 | 799 |
17
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Pacific Continental Corp. | 69,398 | 794 | |
Peoples Bancorp Inc. | 81,450 | 788 | |
Heritage Financial Corp. | 56,863 | 784 | |
MainSource Financial Group Inc. | 163,295 | 781 | |
^ | W Holding Co. Inc. | 33,815 | 774 |
^ | United Security Bancshares | 44,680 | 766 |
* | Avatar Holdings Inc. | 44,990 | 765 |
* | Crawford & Co. Class B | 193,655 | 763 |
Rewards Network Inc. | 60,034 | 759 | |
^ | Life Partners Holdings Inc. | 35,572 | 754 |
First Community Bancshares Inc. | 61,895 | 746 | |
* | HFF Inc. Class A | 118,064 | 738 |
Merchants Bancshares Inc. | 32,113 | 727 | |
* | Cardtronics Inc. | 65,655 | 727 |
Hersha Hospitality Trust | 229,339 | 720 | |
* | Pzena Investment Management Inc. Class A | 88,034 | 717 |
Kohlberg Capital Corp. | 156,231 | 712 | |
Federal Agricultural Mortgage Corp. | 101,520 | 712 | |
CoBiz Financial Inc. | 146,939 | 698 | |
First Bancorp Inc. | 44,231 | 682 | |
Centerstate Banks Inc. | 67,263 | 679 | |
Universal Insurance Holdings Inc. | 114,133 | 670 | |
* | Sun Bancorp Inc. | 176,157 | 661 |
^ | Orrstown Financial Services Inc. | 18,890 | 659 |
* | Metro Bancorp Inc. | 52,329 | 658 |
* | Eagle Bancorp Inc. | 62,784 | 657 |
Gladstone Investment Corp. | 143,147 | 653 | |
ESB Financial Corp. | 48,715 | 644 | |
* | Virginia Commerce Bancorp | 171,561 | 640 |
Southwest Bancorp Inc. | 90,718 | 630 | |
Kansas City Life Insurance Co. | 20,934 | 623 | |
Meta Financial Group Inc. | 29,670 | 620 | |
* | NewBridge Bancorp | 277,243 | 615 |
Bridge Bancorp Inc. | 25,536 | 614 | |
First Busey Corp. | 157,163 | 611 | |
^ | BankAtlantic Bancorp Inc. Class A | 465,664 | 605 |
Wainwright Bank & Trust Co. | 81,646 | 596 | |
*,^ | Superior Bancorp | 179,781 | 591 |
First of Long Island Corp. | 23,315 | 589 | |
Urstadt Biddle Properties Inc. | 38,700 | 581 | |
* | Meridian Interstate Bancorp Inc. | 65,785 | 572 |
CompuCredit Holdings Corp. | 166,986 | 556 | |
Winthrop Realty Trust | 50,834 | 552 | |
Shore Bancshares Inc. | 38,133 | 551 | |
Bank of Marin Bancorp | 16,894 | 550 | |
NYMAGIC Inc. | 32,639 | 541 | |
* | Bridge Capital Holdings | 77,162 | 540 |
* | Republic First Bancorp Inc. | 126,432 | 540 |
PMC Commercial Trust | 71,953 | 540 | |
*,^ | United Security Bancshares | 121,945 | 534 |
Bancorp Rhode Island Inc. | 20,784 | 534 | |
Penns Woods Bancorp Inc. | 16,442 | 533 | |
Pulaski Financial Corp. | 78,288 | 525 | |
Ameris Bancorp | 73,006 | 523 | |
Medallion Financial Corp. | 63,650 | 520 | |
* | NewStar Financial Inc. | 132,536 | 520 |
* | Thomas Weisel Partners Group Inc. | 136,483 | 516 |
Roma Financial Corp. | 41,702 | 515 | |
21st Century Holding Co. | 127,512 | 514 | |
Center Financial Corp. | 111,584 | 513 | |
Epoch Holding Corp. | 48,911 | 511 | |
* | Artio Global Investors Inc. | 20,000 | 510 |
* | Hanmi Financial Corp. | 423,961 | 509 |
Bryn Mawr Bank Corp. | 33,573 | 507 |
18
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | First Marblehead Corp. | 237,314 | 505 |
Gladstone Commercial Corp. | 37,062 | 497 | |
TF Financial Corp. | 25,939 | 492 | |
South Financial Group Inc. | 758,774 | 489 | |
^ | Pacific Capital Bancorp NA | 504,641 | 484 |
Mercer Insurance Group Inc. | 26,638 | 484 | |
Enterprise Financial Services Corp. | 62,233 | 480 | |
* | AmeriServ Financial Inc. | 285,515 | 477 |
K-Fed Bancorp | 53,932 | 474 | |
Brooklyn Federal Bancorp Inc. | 46,900 | 471 | |
MutualFirst Financial Inc. | 80,909 | 468 | |
First South Bancorp Inc. | 45,046 | 464 | |
Washington Banking Co. | 38,641 | 461 | |
State Bancorp Inc. | 64,447 | 458 | |
MicroFinancial Inc. | 147,515 | 456 | |
* | Home Bancorp Inc. | 36,969 | 451 |
* | Firstcity Financial Corp. | 60,198 | 450 |
^ | Old Second Bancorp Inc. | 65,295 | 450 |
Citizens & Northern Corp. | 46,982 | 448 | |
Peapack Gladstone Financial Corp. | 35,150 | 446 | |
* | 1st United Bancorp Inc. | 61,702 | 441 |
* | Pacific Mercantile Bancorp | 144,542 | 439 |
JMP Group Inc. | 45,009 | 437 | |
Ames National Corp. | 20,467 | 432 | |
Donegal Group Inc. Class A | 27,120 | 421 | |
* | Marlin Business Services Corp. | 52,933 | 420 |
Community Capital Corp. | 143,414 | 416 | |
*,^ | Doral Financial Corp. | 112,724 | 409 |
* | United Community Financial Corp. | 281,806 | 409 |
First United Corp. | 66,942 | 402 | |
Yadkin Valley Financial Corp. | 108,892 | 399 | |
NASB Financial Inc. | 17,087 | 398 | |
*,^ | Amcore Financial Inc. | 316,735 | 393 |
* | Cape Bancorp Inc. | 58,399 | 392 |
Smithtown Bancorp Inc. | 65,004 | 387 | |
Rockville Financial Inc. | 35,331 | 371 | |
*,^ | Central Pacific Financial Corp. | 282,734 | 370 |
Alliance Financial Corp. | 13,507 | 367 | |
* | Louisiana Bancorp Inc. | 24,568 | 359 |
Invesco Mortgage Capital Inc. | 15,635 | 356 | |
* | Fox Chase Bancorp Inc. | 37,110 | 353 |
* | Chicopee Bancorp Inc. | 28,133 | 351 |
Citizens South Banking Corp. | 76,315 | 350 | |
Sierra Bancorp | 45,032 | 344 | |
*,^ | Maguire Properties Inc. | 224,392 | 339 |
* | Reis Inc. | 54,774 | 337 |
Triangle Capital Corp. | 27,470 | 332 | |
Timberland Bancorp Inc. | 74,616 | 331 | |
* | Nicholas Financial Inc. | 47,960 | 330 |
Peoples Bancorp of North Carolina Inc. | 64,718 | 330 | |
Eastern Insurance Holdings Inc. | 38,260 | 330 | |
American River Bankshares | 41,956 | 330 | |
First Security Group Inc. | 137,838 | 328 | |
CNB Financial Corp. | 20,461 | 327 | |
Prudential Bancorp Inc. of Pennsylvania | 34,228 | 326 | |
Indiana Community Bancorp | 42,202 | 325 | |
Hawthorn Bancshares Inc. | 34,040 | 325 | |
Ocean Shore Holding Co. | 35,411 | 319 | |
First Place Financial Corp. | 114,212 | 316 | |
UMH Properties Inc. | 37,242 | 316 | |
Legacy Bancorp Inc. | 31,980 | 315 | |
MetroCorp Bancshares Inc. | 89,829 | 314 | |
*,^ | Macatawa Bank Corp. | 144,632 | 314 |
Farmers Capital Bank Corp. | 30,673 | 313 |
19
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
^ | Cascade Bancorp | 451,362 | 311 |
Heritage Commerce Corp. | 75,476 | 303 | |
Jefferson Bancshares Inc. | 67,279 | 302 | |
Main Street Capital Corp. | 18,619 | 300 | |
Middleburg Financial Corp. | 24,377 | 299 | |
* | Southcoast Financial Corp. | 91,720 | 296 |
First Defiance Financial Corp. | 26,006 | 294 | |
* | ZipRealty Inc. | 77,082 | 290 |
* | First Acceptance Corp. | 146,908 | 286 |
*,^ | Sterling Financial Corp. | 457,101 | 283 |
* | Waterstone Financial Inc. | 136,825 | 280 |
* | Intervest Bancshares Corp. Class A | 85,121 | 279 |
Citizens Holding Co. | 12,460 | 279 | |
Kayne Anderson Energy Development Co. | 18,971 | 276 | |
QC Holdings Inc. | 57,299 | 276 | |
^ | Green Bankshares Inc. | 77,176 | 274 |
* | Stratus Properties Inc. | 24,795 | 273 |
MBT Financial Corp. | 178,886 | 268 | |
* | Cowen Group Inc. Class A | 44,774 | 265 |
North Valley Bancorp | 126,638 | 265 | |
* | Arlington Asset Investment Corp. Class A | 17,105 | 261 |
Capital Bank Corp. | 67,607 | 260 | |
^ | Banner Corp. | 95,723 | 257 |
Firstbank Corp. | 30,238 | 256 | |
CFS Bancorp Inc. | 79,158 | 256 | |
West Coast Bancorp | 121,235 | 255 | |
Parkvale Financial Corp. | 36,069 | 251 | |
United Western Bancorp Inc. | 90,789 | 251 | |
Colony Bankcorp Inc. | 53,831 | 249 | |
^ | BancTrust Financial Group Inc. | 86,390 | 248 |
*,^ | Columbia Bancorp | 204,994 | 244 |
WSB Holdings Inc. | 100,139 | 243 | |
* | Flagstar Bancorp Inc. | 402,829 | 242 |
Southern Community Financial Corp. | 103,218 | 238 | |
Supertel Hospitality Inc. | 158,192 | 237 | |
Cypress Sharpridge Investments Inc. | 17,500 | 236 | |
Summit Financial Group Inc. | 61,208 | 236 | |
Pamrapo Bancorp Inc. | 29,889 | 235 | |
* | Fidelity Southern Corp. | 64,998 | 234 |
Premierwest Bancorp | 161,287 | 229 | |
Princeton National Bancorp Inc. | 20,180 | 218 | |
^ | City Bank | 124,682 | 217 |
Seacoast Banking Corp. of Florida | 130,362 | 212 | |
Cascade Financial Corp. | 93,296 | 207 | |
* | Ladenburg Thalmann Financial Services Inc. | 317,521 | 203 |
BRT Realty Trust | 39,682 | 202 | |
* | First State Bancorporation | 499,317 | 199 |
VIST Financial Corp. | 37,845 | 197 | |
Provident Financial Holdings Inc. | 69,499 | 192 | |
* | HMN Financial Inc. | 45,151 | 190 |
Independence Holding Co. | 32,415 | 188 | |
^ | Capitol Bancorp Ltd. | 90,982 | 178 |
Tortoise Capital Resources Corp. | 27,075 | 177 | |
*,^ | Frontier Financial Corp. | 49,926 | 175 |
Camco Financial Corp. | 86,951 | 165 | |
Community Bankers Trust Corp. | 50,010 | 163 | |
Integra Bank Corp. | 214,786 | 159 | |
* | Riverview Bancorp Inc. | 70,929 | 158 |
Bar Harbor Bankshares | 5,747 | 158 | |
^ | Hampton Roads Bankshares Inc. | 91,064 | 158 |
Tower Bancorp Inc. | 6,702 | 153 | |
Ohio Valley Banc Corp. | 6,899 | 152 | |
^ | Independent Bank Corp. | 208,241 | 150 |
* | Northern States Financial Corp. | 36,253 | 146 |
20
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Grubb & Ellis Co. | 113,800 | 146 |
Hampden Bancorp Inc. | 13,609 | 145 | |
* | Guaranty Federal Bancshares Inc. | 27,970 | 142 |
* | Central Jersey Bancorp | 47,319 | 141 |
*,^ | Bank of Florida Corp. | 165,199 | 135 |
* | Encore Bancshares Inc. | 16,598 | 132 |
Mercantile Bank Corp. | 42,927 | 129 | |
Centrue Financial Corp. | 44,199 | 118 | |
*,^ | EuroBancshares Inc. | 239,480 | 117 |
Old Point Financial Corp. | 7,519 | 117 | |
* | TierOne Corp. | 166,615 | 117 |
* | Rodman & Renshaw Capital Group Inc. | 28,062 | 115 |
*,^ | PAB Bankshares Inc. | 51,879 | 114 |
* | TIB Financial Corp. | 175,035 | 114 |
* | Bank of Granite Corp. | 222,350 | 113 |
Heritage Financial Group | 15,243 | 111 | |
Preferred Bank | 60,692 | 109 | |
* | Maui Land & Pineapple Co. Inc. | 19,474 | 108 |
Cadence Financial Corp. | 58,584 | 103 | |
* | Consumer Portfolio Services Inc. | 87,963 | 100 |
First Citizens Banc Corp. | 21,522 | 100 | |
MidWestOne Financial Group Inc. | 10,170 | 89 | |
^ | FNB United Corp. | 68,477 | 86 |
Federal Agricultural Mortgage Corp. Class A | 12,788 | 84 | |
* | Anchor Bancorp Wisconsin Inc. | 126,491 | 80 |
Atlantic Coast Federal Corp. | 51,557 | 78 | |
*,^ | Midwest Banc Holdings Inc. | 192,244 | 69 |
Midsouth Bancorp Inc. | 4,719 | 66 | |
First Financial Service Corp. | 6,376 | 58 | |
* | Dearborn Bancorp Inc. | 113,719 | 51 |
* | BofI Holding Inc. | 5,000 | 50 |
*,^ | Citizens First Bancorp Inc. | 126,696 | 49 |
* | Royal Bancshares of Pennsylvania Inc. | 37,019 | 48 |
*,^ | First Regional Bancorp | 136,790 | 48 |
Peoples Financial Corp. | 2,135 | 43 | |
* | Investors Capital Holdings Ltd. | 26,400 | 36 |
*,^ | Mercantile Bancorp | 11,050 | 33 |
* | Pacific Premier Bancorp Inc. | 9,200 | 31 |
*,^ | Triad Guaranty Inc. | 114,378 | 31 |
* | Presidential Realty Corp. Class B | 46,000 | 31 |
* | Affirmative Insurance Holdings Inc. | 7,091 | 29 |
Investors Title Co. | 700 | 22 | |
* | BCSB Bancorp Inc. | 2,600 | 21 |
Commonwealth Bankshares Inc. | 11,413 | 19 | |
First Savings Financial Group Inc. | 1,847 | 19 | |
Norwood Financial Corp. | 600 | 17 | |
* | Horizon Financial Corp. | 71,939 | 16 |
* | Southern National Bancorp of Virginia Inc. | 2,100 | 15 |
* | Neostem Inc. | 7,735 | 12 |
* | AMV Liquidating Trust | 94,702 | 11 |
Britton & Koontz Capital Corp. | 900 | 10 | |
BCB Bancorp Inc. | 1,124 | 10 | |
Rurban Financial Corp. | 1,400 | 10 | |
* | 1st Century Bancshares Inc. | 2,705 | 9 |
Enterprise Bancorp Inc. | 806 | 9 | |
* | Rainier Pacific Financial Group Inc. | 37,527 | 8 |
Beacon Federal Bancorp Inc. | 870 | 8 | |
* | First California Financial Group Inc. | 3,000 | 8 |
* | Magyar Bancorp Inc. | 2,000 | 8 |
* | Rand Capital Corp. | 1,900 | 8 |
* | Unity Bancorp Inc. | 1,864 | 8 |
* | Village Bank and Trust Financial Corp. | 2,400 | 5 |
Codorus Valley Bancorp Inc. | 900 | 5 | |
* | Citizens Community Bancorp Inc. | 1,253 | 4 |
21
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* First Keystone Financial Inc. | 300 | 4 |
* Mid Penn Bancorp Inc. | 200 | 2 |
* First Capital Bancorp Inc. | 429 | 2 |
New Hampshire Thrift Bancshares Inc. | 200 | 2 |
* Tennessee Commerce Bancorp Inc. | 300 | 1 |
Teton Advisors Inc. Class B | 564 | 1 |
* Community Financial Corp. | 300 | 1 |
* FedFirst Financial Corp. | 300 | 1 |
United Bancorp Inc. | 100 | 1 |
* Tower Financial Corp. | 100 | 1 |
* Atlantic Southern Financial Group Inc. | 100 | — |
2,272,834 | ||
Health Care (12.7%) | ||
* Vertex Pharmaceuticals Inc. | 1,158,210 | 49,629 |
* Cerner Corp. | 407,296 | 33,577 |
* Human Genome Sciences Inc. | 1,084,851 | 33,196 |
* Edwards Lifesciences Corp. | 340,094 | 29,537 |
* Henry Schein Inc. | 543,867 | 28,607 |
Beckman Coulter Inc. | 416,726 | 27,271 |
* Alexion Pharmaceuticals Inc. | 532,430 | 25,993 |
* ResMed Inc. | 450,645 | 23,555 |
* Illumina Inc. | 751,919 | 23,046 |
* Hologic Inc. | 1,550,660 | 22,485 |
* Mettler-Toledo International Inc. | 202,894 | 21,302 |
* Covance Inc. | 384,944 | 21,006 |
* Inverness Medical Innovations Inc. | 499,752 | 20,745 |
* Community Health Systems Inc. | 558,680 | 19,889 |
Perrigo Co. | 483,665 | 19,269 |
* IDEXX Laboratories Inc. | 352,251 | 18,824 |
* Dendreon Corp. | 696,968 | 18,316 |
Universal Health Services Inc. Class B | 591,489 | 18,040 |
Omnicare Inc. | 717,348 | 17,345 |
* Mednax Inc. | 279,480 | 16,800 |
Pharmaceutical Product Development Inc. | 710,364 | 16,651 |
Techne Corp. | 222,877 | 15,280 |
* Lincare Holdings Inc. | 409,533 | 15,202 |
* Myriad Genetics Inc. | 578,304 | 15,094 |
* United Therapeutics Corp. | 284,874 | 14,999 |
* Health Net Inc. | 624,766 | 14,551 |
* Endo Pharmaceuticals Holdings Inc. | 704,853 | 14,457 |
* Kinetic Concepts Inc. | 372,515 | 14,025 |
* Charles River Laboratories International Inc. | 396,238 | 13,349 |
* Valeant Pharmaceuticals International | 405,850 | 12,902 |
Teleflex Inc. | 238,409 | 12,848 |
* Gen-Probe Inc. | 299,210 | 12,836 |
* VCA Antech Inc. | 513,835 | 12,805 |
* BioMarin Pharmaceutical Inc. | 605,509 | 11,390 |
* Bio-Rad Laboratories Inc. Class A | 115,094 | 11,102 |
* Onyx Pharmaceuticals Inc. | 373,542 | 10,960 |
* Health Management Associates Inc. Class A | 1,493,288 | 10,856 |
* OSI Pharmaceuticals Inc. | 348,981 | 10,829 |
Owens & Minor Inc. | 251,722 | 10,806 |
* LifePoint Hospitals Inc. | 329,313 | 10,706 |
* Amylin Pharmaceuticals Inc. | 749,866 | 10,641 |
* Healthsouth Corp. | 560,851 | 10,527 |
Cooper Cos. Inc. | 271,679 | 10,356 |
STERIS Corp. | 353,136 | 9,877 |
Medicis Pharmaceutical Corp. Class A | 357,628 | 9,674 |
* Masimo Corp. | 312,258 | 9,499 |
* WellCare Health Plans Inc. | 254,427 | 9,353 |
* Regeneron Pharmaceuticals Inc. | 382,336 | 9,245 |
* Thoratec Corp. | 341,910 | 9,204 |
* athenahealth Inc. | 202,542 | 9,163 |
* Emergency Medical Services Corp. Class A | 167,235 | 9,056 |
22
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Hill-Rom Holdings Inc. | 376,758 | 9,038 | |
* | Varian Inc. | 173,838 | 8,960 |
* | American Medical Systems Holdings Inc. | 447,532 | 8,633 |
* | Magellan Health Services Inc. | 211,433 | 8,612 |
* | Immucor Inc. | 421,663 | 8,534 |
* | Haemonetics Corp. | 154,000 | 8,493 |
* | Salix Pharmaceuticals Ltd. | 333,705 | 8,476 |
* | AMERIGROUP Corp. | 314,109 | 8,468 |
* | Catalyst Health Solutions Inc. | 231,063 | 8,427 |
* | Auxilium Pharmaceuticals Inc. | 280,295 | 8,403 |
*,^ | Amedisys Inc. | 167,741 | 8,146 |
* | PSS World Medical Inc. | 358,950 | 8,101 |
* | Dionex Corp. | 106,558 | 7,871 |
West Pharmaceutical Services Inc. | 198,458 | 7,780 | |
* | HMS Holdings Corp. | 156,736 | 7,631 |
*,^ | NuVasive Inc. | 229,809 | 7,349 |
* | Allscripts-Misys Healthcare Solutions Inc. | 357,684 | 7,236 |
* | Align Technology Inc. | 402,099 | 7,165 |
* | Psychiatric Solutions Inc. | 338,196 | 7,149 |
Quality Systems Inc. | 113,663 | 7,137 | |
* | Medivation Inc. | 177,316 | 6,676 |
* | Cubist Pharmaceuticals Inc. | 348,407 | 6,609 |
* | Talecris Biotherapeutics Holdings Corp. | 295,412 | 6,579 |
* | Isis Pharmaceuticals Inc. | 591,433 | 6,565 |
Chemed Corp. | 135,615 | 6,505 | |
* | Incyte Corp. Ltd. | 712,694 | 6,493 |
* | Eclipsys Corp. | 342,483 | 6,343 |
* | ev3 Inc. | 451,560 | 6,024 |
* | Acorda Therapeutics Inc. | 229,234 | 5,781 |
* | Par Pharmaceutical Cos. Inc. | 209,371 | 5,666 |
* | Centene Corp. | 258,774 | 5,478 |
* | Savient Pharmaceuticals Inc. | 400,553 | 5,452 |
* | Alkermes Inc. | 570,159 | 5,365 |
Meridian Bioscience Inc. | 243,946 | 5,257 | |
* | Nektar Therapeutics | 560,321 | 5,222 |
* | Healthspring Inc. | 294,298 | 5,183 |
* | Seattle Genetics Inc. | 507,774 | 5,159 |
* | Volcano Corp. | 292,734 | 5,088 |
* | Brookdale Senior Living Inc. | 278,134 | 5,059 |
* | Sirona Dental Systems Inc. | 155,309 | 4,930 |
* | Parexel International Corp. | 349,585 | 4,929 |
Invacare Corp. | 194,247 | 4,845 | |
* | Exelixis Inc. | 645,797 | 4,760 |
* | Gentiva Health Services Inc. | 176,208 | 4,759 |
* | Impax Laboratories Inc. | 334,981 | 4,556 |
* | Integra LifeSciences Holdings Corp. | 123,314 | 4,535 |
* | RehabCare Group Inc. | 148,272 | 4,512 |
* | Vivus Inc. | 484,250 | 4,450 |
* | Wright Medical Group Inc. | 232,227 | 4,401 |
* | Cepheid Inc. | 352,422 | 4,398 |
* | Kindred Healthcare Inc. | 235,100 | 4,340 |
* | Theravance Inc. | 324,835 | 4,246 |
* | Amsurg Corp. Class A | 184,693 | 4,067 |
* | Conmed Corp. | 175,282 | 3,996 |
* | Phase Forward Inc. | 260,308 | 3,996 |
*,^ | Cell Therapeutics Inc. | 3,449,948 | 3,933 |
* | AMAG Pharmaceuticals Inc. | 103,285 | 3,928 |
* | Viropharma Inc. | 466,862 | 3,917 |
* | Alnylam Pharmaceuticals Inc. | 219,230 | 3,863 |
* | Martek Biosciences Corp. | 200,583 | 3,799 |
* | Luminex Corp. | 251,304 | 3,752 |
* | Healthways Inc. | 203,392 | 3,730 |
* | Genoptix Inc. | 103,241 | 3,668 |
* | Bruker Corp. | 297,167 | 3,584 |
23
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Conceptus Inc. | 184,866 | 3,468 |
Landauer Inc. | 56,274 | 3,455 | |
* | Zoll Medical Corp. | 127,557 | 3,408 |
* | Celera Corp. | 492,787 | 3,405 |
* | Abaxis Inc. | 132,952 | 3,397 |
* | XenoPort Inc. | 182,596 | 3,389 |
* | Universal American Corp. | 283,456 | 3,316 |
* | inVentiv Health Inc. | 202,647 | 3,277 |
* | Merit Medical Systems Inc. | 169,241 | 3,265 |
*,^ | MannKind Corp. | 366,408 | 3,210 |
* | Neogen Corp. | 134,733 | 3,181 |
* | Insulet Corp. | 222,173 | 3,173 |
* | Emeritus Corp. | 166,236 | 3,117 |
* | Odyssey HealthCare Inc. | 199,435 | 3,107 |
* | LHC Group Inc. | 91,150 | 3,064 |
*,^ | Geron Corp. | 550,891 | 3,057 |
* | InterMune Inc. | 232,712 | 3,035 |
* | MedAssets Inc. | 142,815 | 3,029 |
Analogic Corp. | 77,486 | 2,984 | |
* | Momenta Pharmaceuticals Inc. | 236,116 | 2,977 |
* | Rigel Pharmaceuticals Inc. | 311,588 | 2,963 |
* | Cyberonics Inc. | 143,549 | 2,934 |
* | PharMerica Corp. | 184,190 | 2,925 |
*,^ | Enzon Pharmaceuticals Inc. | 273,883 | 2,884 |
* | Bio-Reference Labs Inc. | 71,902 | 2,818 |
* | ICU Medical Inc. | 77,130 | 2,811 |
* | MWI Veterinary Supply Inc. | 73,509 | 2,771 |
* | Pharmasset Inc. | 133,065 | 2,754 |
* | IPC The Hospitalist Co. Inc. | 81,768 | 2,719 |
Computer Programs & Systems Inc. | 58,920 | 2,713 | |
* | Immunogen Inc. | 344,924 | 2,711 |
* | Greatbatch Inc. | 140,075 | 2,694 |
* | Medicines Co. | 318,673 | 2,658 |
* | Facet Biotech Corp. | 150,745 | 2,650 |
* | Hanger Orthopedic Group Inc. | 190,441 | 2,634 |
* | Allos Therapeutics Inc. | 387,035 | 2,543 |
* | Natus Medical Inc. | 171,782 | 2,541 |
* | Affymetrix Inc. | 427,796 | 2,498 |
* | Halozyme Therapeutics Inc. | 418,347 | 2,456 |
* | SonoSite Inc. | 103,890 | 2,455 |
* | Angiodynamics Inc. | 152,179 | 2,447 |
National Healthcare Corp. | 67,293 | 2,430 | |
* | Sun Healthcare Group Inc. | 262,407 | 2,406 |
* | SurModics Inc. | 105,282 | 2,386 |
* | Omnicell Inc. | 197,701 | 2,311 |
* | Optimer Pharmaceuticals Inc. | 199,065 | 2,245 |
* | Air Methods Corp. | 66,038 | 2,220 |
* | Inspire Pharmaceuticals Inc. | 399,402 | 2,205 |
* | Quidel Corp. | 156,477 | 2,156 |
* | BioScrip Inc. | 256,539 | 2,145 |
* | Hi-Tech Pharmacal Co. Inc. | 74,682 | 2,095 |
* | DexCom Inc. | 258,976 | 2,093 |
* | Kensey Nash Corp. | 79,036 | 2,015 |
* | Molina Healthcare Inc. | 86,452 | 1,977 |
* | Arena Pharmaceuticals Inc. | 552,157 | 1,960 |
* | Corvel Corp. | 58,305 | 1,956 |
* | Nabi Biopharmaceuticals | 391,645 | 1,919 |
* | Questcor Pharmaceuticals Inc. | 402,715 | 1,913 |
* | AMN Healthcare Services Inc. | 208,393 | 1,888 |
* | Vanda Pharmaceuticals Inc. | 166,556 | 1,872 |
* | Emdeon Inc. Class A | 121,484 | 1,853 |
* | OraSure Technologies Inc. | 361,640 | 1,837 |
* | Assisted Living Concepts Inc. Class A | 68,866 | 1,816 |
* | Curis Inc. | 555,554 | 1,806 |
24
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Medical Action Industries Inc. | 111,928 | 1,798 |
* | Symmetry Medical Inc. | 221,954 | 1,789 |
* | Res-Care Inc. | 159,539 | 1,787 |
* | Almost Family Inc. | 44,821 | 1,772 |
* | Cross Country Healthcare Inc. | 177,244 | 1,756 |
* | eResearchTechnology Inc. | 289,583 | 1,740 |
* | AMICAS Inc. | 319,444 | 1,738 |
* | Zymogenetics Inc. | 270,960 | 1,731 |
* | Affymax Inc. | 69,330 | 1,715 |
* | Genomic Health Inc. | 86,815 | 1,698 |
* | Abraxis Bioscience Inc. | 41,848 | 1,697 |
* | US Physical Therapy Inc. | 99,281 | 1,681 |
* | Spectranetics Corp. | 240,203 | 1,672 |
* | Micrus Endovascular Corp. | 109,790 | 1,648 |
* | Select Medical Holdings Corp. | 152,700 | 1,622 |
* | ABIOMED Inc. | 184,564 | 1,613 |
* | Providence Service Corp. | 100,308 | 1,585 |
*,^ | Sequenom Inc. | 382,433 | 1,583 |
* | Chindex International Inc. | 111,429 | 1,574 |
* | Orthovita Inc. | 444,876 | 1,562 |
* | Targacept Inc. | 74,315 | 1,555 |
* | Dyax Corp. | 457,748 | 1,552 |
* | Micromet Inc. | 231,415 | 1,541 |
* | Ligand Pharmaceuticals Inc. Class B | 705,195 | 1,530 |
* | Cantel Medical Corp. | 75,277 | 1,519 |
* | Kendle International Inc. | 81,845 | 1,499 |
* | IRIS International Inc. | 119,107 | 1,472 |
*,^ | SIGA Technologies Inc. | 250,498 | 1,453 |
* | Immunomedics Inc. | 449,793 | 1,444 |
* | Accuray Inc. | 256,289 | 1,438 |
* | Ariad Pharmaceuticals Inc. | 624,471 | 1,424 |
* | Albany Molecular Research Inc. | 155,812 | 1,415 |
* | Sangamo Biosciences Inc. | 237,396 | 1,405 |
* | Cypress Bioscience Inc. | 237,110 | 1,366 |
* | ATS Medical Inc. | 421,920 | 1,363 |
* | Accelrys Inc. | 236,904 | 1,357 |
* | Emergent Biosolutions Inc. | 98,321 | 1,336 |
*,^ | BioCryst Pharmaceuticals Inc. | 205,932 | 1,330 |
* | Durect Corp. | 535,482 | 1,323 |
* | Maxygen Inc. | 216,205 | 1,317 |
* | Rural/Metro Corp. | 214,406 | 1,286 |
* | Sunrise Senior Living Inc. | 398,099 | 1,282 |
*,^ | Cadence Pharmaceuticals Inc. | 132,087 | 1,277 |
* | CryoLife Inc. | 194,985 | 1,252 |
*,^ | Novavax Inc. | 468,773 | 1,247 |
* | Santarus Inc. | 269,313 | 1,244 |
* | American Dental Partners Inc. | 96,186 | 1,241 |
* | Palomar Medical Technologies Inc. | 122,958 | 1,239 |
* | Exact Sciences Corp. | 362,718 | 1,230 |
* | RTI Biologics Inc. | 313,352 | 1,203 |
* | Five Star Quality Care Inc. | 345,896 | 1,200 |
* | Pharmacyclics Inc. | 372,480 | 1,170 |
* | Stereotaxis Inc. | 297,361 | 1,169 |
* | Array Biopharma Inc. | 412,192 | 1,158 |
America Service Group Inc. | 72,752 | 1,155 | |
* | Lexicon Pharmaceuticals Inc. | 675,719 | 1,149 |
*,^ | StemCells Inc. | 905,970 | 1,142 |
* | TomoTherapy Inc. | 290,085 | 1,131 |
*,^ | CytRx Corp. | 1,009,313 | 1,130 |
* | Depomed Inc. | 335,415 | 1,124 |
* | Endologix Inc. | 207,586 | 1,096 |
* | NPS Pharmaceuticals Inc. | 317,810 | 1,081 |
* | AVANIR Pharmaceuticals Inc. | 566,183 | 1,076 |
* | Vital Images Inc. | 84,068 | 1,067 |
25
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Clinical Data Inc. | 58,244 | 1,064 |
* | Health Grades Inc. | 246,767 | 1,059 |
* | Spectrum Pharmaceuticals Inc. | 237,685 | 1,055 |
* | Metabolix Inc. | 94,943 | 1,051 |
* | Merge Healthcare Inc. | 312,267 | 1,049 |
* | Medidata Solutions Inc. | 65,656 | 1,024 |
* | Somanetics Corp. | 57,910 | 1,016 |
* | Vascular Solutions Inc. | 119,037 | 999 |
* | Pozen Inc. | 165,888 | 994 |
*,^ | Bovie Medical Corp. | 126,095 | 985 |
* | Repligen Corp. | 238,952 | 982 |
* | NxStage Medical Inc. | 116,347 | 971 |
*,^ | Jazz Pharmaceuticals Inc. | 123,120 | 970 |
Atrion Corp. | 6,228 | 970 | |
* | Ardea Biosciences Inc. | 68,200 | 955 |
*,^ | Electro-Optical Sciences Inc. | 89,223 | 924 |
* | Cambrex Corp. | 165,008 | 921 |
* | Enzo Biochem Inc. | 169,643 | 913 |
* | BioMimetic Therapeutics Inc. | 74,169 | 885 |
* | Sciclone Pharmaceuticals Inc. | 379,106 | 883 |
* | Allion Healthcare Inc. | 132,942 | 872 |
* | Harvard Bioscience Inc. | 243,053 | 868 |
* | Skilled Healthcare Group Inc. | 115,274 | 859 |
* | Pain Therapeutics Inc. | 157,862 | 846 |
* | Celldex Therapeutics Inc. | 180,671 | 846 |
* | HeartWare International Inc. | 23,788 | 844 |
*,^ | GenVec Inc. | 702,536 | 843 |
* | Opko Health Inc. | 457,114 | 837 |
* | Orexigen Therapeutics Inc. | 111,064 | 826 |
* | Alliance HealthCare Services Inc. | 144,621 | 826 |
* | Arqule Inc. | 219,990 | 812 |
* | Cytokinetics Inc. | 278,873 | 812 |
* | SenoRx Inc. | 97,050 | 801 |
* | Staar Surgical Co. | 256,210 | 797 |
* | Clarient Inc. | 300,232 | 796 |
* | Neurocrine Biosciences Inc. | 292,138 | 795 |
* | KV Pharmaceutical Co. Class A | 213,435 | 783 |
* | Transcend Services Inc. | 36,384 | 777 |
* | Peregrine Pharmaceuticals Inc. | 261,726 | 775 |
*,^ | Osiris Therapeutics Inc. | 107,552 | 768 |
*,^ | MAKO Surgical Corp. | 69,072 | 767 |
* | National Dentex Corp. | 75,636 | 764 |
* | Obagi Medical Products Inc. | 63,658 | 764 |
* | Akorn Inc. | 425,817 | 762 |
* | Idera Pharmaceuticals Inc. | 145,210 | 751 |
* | LeMaitre Vascular Inc. | 149,079 | 745 |
* | Synovis Life Technologies Inc. | 56,673 | 732 |
* | Capital Senior Living Corp. | 144,921 | 728 |
* | Insmed Inc. | 943,291 | 726 |
* | Penwest Pharmaceuticals Co. | 280,417 | 726 |
* | Myriad Pharmaceuticals Inc. | 141,491 | 712 |
* | Allied Healthcare International Inc. | 243,399 | 708 |
* | Medcath Corp. | 89,522 | 708 |
* | XOMA Ltd. | 1,005,954 | 703 |
* | AGA Medical Holdings Inc. | 47,500 | 702 |
*,^ | Cel-Sci Corp. | 777,686 | 700 |
* | Alphatec Holdings Inc. | 130,340 | 696 |
* | Cynosure Inc. Class A | 60,575 | 696 |
* | Icad Inc. | 456,882 | 694 |
Ensign Group Inc. | 44,615 | 686 | |
* | Caliper Life Sciences Inc. | 266,041 | 684 |
*,^ | NovaMed Inc. | 175,127 | 679 |
* | Corcept Therapeutics Inc. | 243,430 | 677 |
* | Anadys Pharmaceuticals Inc. | 318,889 | 673 |
26
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | MAP Pharmaceuticals Inc. | 70,394 | 671 |
* | Cerus Corp. | 331,236 | 659 |
* | Anika Therapeutics Inc. | 86,218 | 658 |
* | Osteotech Inc. | 203,539 | 651 |
* | Vical Inc. | 197,215 | 649 |
*,^ | AVI BioPharma Inc. | 439,473 | 642 |
* | ISTA Pharmaceuticals Inc. | 140,179 | 639 |
* | Infinity Pharmaceuticals Inc. | 103,074 | 637 |
* | Mediware Information Systems | 88,682 | 632 |
* | Adolor Corp. | 431,380 | 630 |
* | Digirad Corp. | 299,064 | 628 |
* | LCA-Vision Inc. | 122,142 | 625 |
* | Progenics Pharmaceuticals Inc. | 136,878 | 608 |
*,^ | Cytori Therapeutics Inc. | 99,393 | 606 |
* | SuperGen Inc. | 228,759 | 599 |
Psychemedics Corp. | 78,881 | 580 | |
*,^ | Discovery Laboratories Inc. | 915,417 | 575 |
* | Idenix Pharmaceuticals Inc. | 261,929 | 563 |
* | Nighthawk Radiology Holdings Inc. | 122,059 | 553 |
* | AtriCure Inc. | 90,142 | 544 |
Young Innovations Inc. | 21,951 | 544 | |
* | OncoGenex Pharmaceutical Inc. | 23,720 | 528 |
* | Columbia Laboratories Inc. | 481,762 | 520 |
* | CombiMatrix Corp. | 82,549 | 520 |
* | Javelin Pharmaceuticals Inc. | 398,609 | 518 |
* | Exactech Inc. | 28,814 | 499 |
* | Rochester Medical Corp. | 44,655 | 497 |
* | Cutera Inc. | 58,077 | 494 |
* | Caraco Pharmaceutical Laboratories Ltd. | 81,631 | 493 |
* | BioForm Medical Inc. | 143,500 | 488 |
* | Dialysis Corp. Of America | 66,702 | 479 |
*,^ | GTx Inc. | 113,195 | 475 |
* | Medtox Scientific Inc. | 60,813 | 471 |
* | Delcath Systems Inc. | 88,052 | 453 |
* | CardioNet Inc. | 75,569 | 449 |
*,^ | Hemispherx Biopharma Inc. | 798,191 | 447 |
* | Synta Pharmaceuticals Corp. | 87,407 | 442 |
* | Continucare Corp. | 95,248 | 416 |
* | PDI Inc. | 85,154 | 410 |
* | RadNet Inc. | 200,242 | 408 |
* | Dusa Pharmaceuticals Inc. | 263,343 | 406 |
*,^ | Oncothyreon Inc. | 74,478 | 401 |
* | Biolase Technology Inc. | 210,384 | 400 |
* | Urologix Inc. | 212,418 | 393 |
* | Alexza Pharmaceuticals Inc. | 160,135 | 384 |
*,^ | Inovio Biomedical Corp. | 336,955 | 384 |
*,^ | Keryx Biopharmaceuticals Inc. | 152,536 | 381 |
* | Acadia Pharmaceuticals Inc. | 278,983 | 368 |
* | BioSphere Medical Inc. | 131,795 | 361 |
* | Theragenics Corp. | 269,296 | 361 |
*,^ | Molecular Insight Pharmaceuticals Inc. | 159,986 | 360 |
* | Matrixx Initiatives Inc. | 85,255 | 360 |
*,^ | OXiGENE Inc. | 313,090 | 357 |
*,^ | Biosante Pharmaceuticals Inc. | 244,109 | 354 |
* | Hansen Medical Inc. | 114,000 | 345 |
* | HealthTronics Inc. | 128,264 | 339 |
* | Iridex Corp. | 106,938 | 328 |
*,^ | Poniard Pharmaceuticals Inc. | 178,217 | 326 |
* | Orchid Cellmark Inc. | 187,368 | 320 |
* | Chelsea Therapeutics International Inc. | 118,013 | 319 |
* | Nanosphere Inc. | 49,108 | 316 |
* | AspenBio Pharma Inc. | 179,837 | 313 |
* | Inhibitex Inc. | 332,488 | 306 |
27
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Metropolitan Health Networks Inc. | 147,590 | 294 |
* | ThermoGenesis Corp. | 496,552 | 284 |
National Research Corp. | 13,282 | 275 | |
* | Rockwell Medical Technologies Inc. | 35,680 | 274 |
* | Orthologic Corp. | 376,473 | 271 |
*,^ | Opexa Therapeutics Inc. | 140,852 | 268 |
* | Arcadia Resources Inc. | 531,527 | 266 |
* | NMT Medical Inc. | 106,649 | 263 |
* | Cyclacel Pharmaceuticals Inc. | 253,256 | 263 |
* | Synergetics USA Inc. | 194,204 | 258 |
* | Aastrom Biosciences Inc. | 838,008 | 258 |
* | Arrowhead Research Corp. | 464,894 | 246 |
* | Cardiac Science Corp. | 107,874 | 241 |
* | Candela Corp. | 78,168 | 237 |
* | Heska Corp. | 447,838 | 236 |
* | Biospecifics Technologies Corp. | 7,800 | 229 |
* | Home Diagnostics Inc. | 36,894 | 225 |
* | Animal Health International Inc. | 89,044 | 214 |
*,^ | MiddleBrook Pharmaceuticals Inc. | 413,094 | 211 |
* | Nexmed Inc. | 749,203 | 210 |
*,^ | Cleveland Biolabs Inc. | 60,932 | 202 |
* | Entremed Inc. | 252,022 | 202 |
* | Dynavax Technologies Corp. | 138,658 | 197 |
* | RXi Pharmaceuticals Corp. | 42,010 | 192 |
Trimeris Inc. | 71,963 | 189 | |
*,^ | EpiCept Corp. | 324,967 | 188 |
* | SRI/Surgical Express Inc. | 91,061 | 187 |
Utah Medical Products Inc. | 6,221 | 182 | |
* | Trubion Pharmaceuticals Inc. | 46,955 | 181 |
*,^ | Antigenics Inc. | 254,703 | 163 |
* | Sunesis Pharmaceuticals Inc. | 150,962 | 162 |
* | Pure Bioscience | 112,129 | 161 |
* | Biodel Inc. | 37,133 | 161 |
*,^ | Acura Pharmaceuticals Inc. | 29,677 | 158 |
* | OTIX Global Inc. | 189,087 | 157 |
* | TranS1 Inc. | 38,737 | 153 |
* | Metabasis Therapeutics Inc. | 395,811 | 152 |
* | Escalon Medical Corp. | 91,117 | 143 |
* | Neuralstem Inc. | 78,631 | 141 |
* | Cardiovascular Systems Inc. | 29,788 | 137 |
* | Lannett Co. Inc. | 21,303 | 126 |
* | Hythiam Inc. | 281,612 | 124 |
*,^ | Somaxon Pharmaceuticals Inc. | 111,696 | 121 |
* | Hollis-Eden Pharmaceuticals | 222,016 | 118 |
* | Neurometrix Inc. | 47,558 | 117 |
* | Sucampo Pharmaceuticals Inc. Class A | 28,768 | 116 |
* | SunLink Health Systems Inc. | 59,100 | 109 |
* | American Caresource Holdings Inc. | 45,139 | 108 |
* | ARCA Biopharma Inc. | 33,145 | 108 |
* | Quigley Corp. | 49,487 | 99 |
* | Repros Therapeutics Inc. | 121,899 | 97 |
*,^ | PhotoMedex Inc. | 95,458 | 91 |
* | Bioanalytical Systems Inc. | 86,496 | 90 |
* | Combinatorx Inc. | 107,111 | 89 |
* | Cornerstone Therapeutics Inc. | 13,447 | 82 |
*,^ | Encorium Group Inc. | 300,015 | 81 |
*,^ | Bionovo Inc. | 167,131 | 79 |
* | Retractable Technologies Inc. | 48,106 | 79 |
* | BioDelivery Sciences International Inc. | 19,682 | 77 |
* | CPEX Pharmaceuticals Inc. | 6,397 | 72 |
* | Cardica Inc. | 58,117 | 67 |
* | Rexahn Pharmaceuticals Inc. | 98,289 | 67 |
* | ARYx Therapeutics Inc. | 20,000 | 64 |
* | SCOLR Pharma Inc. | 127,266 | 60 |
28
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Icagen Inc. | 130,110 | 59 |
*,^ | Helicos BioSciences Corp. | 54,398 | 56 |
* | Targeted Genetics Corp. | 195,595 | 55 |
*,^ | Speedus Corp. | 19,899 | 52 |
* | GTC Biotherapeutics Inc. | 68,612 | 51 |
* | ZIOPHARM Oncology Inc. | 17,100 | 51 |
* | Interleukin Genetics Inc. | 56,801 | 48 |
* | Hooper Holmes Inc. | 42,988 | 45 |
* | Palatin Technologies Inc. | 118,190 | 41 |
* | MDRNA Inc. | 47,925 | 39 |
* | ReGeneRx Biopharmaceuticals Inc. | 68,837 | 37 |
* | Biotime Inc. | 8,100 | 34 |
* | Telik Inc. | 43,574 | 33 |
*,^ | Cardium Therapeutics Inc. | 48,632 | 33 |
* | La Jolla Pharmaceutical Co. | 196,408 | 33 |
* | United American Healthcare Corp. | 30,666 | 33 |
* | ADVENTRX Pharmaceuticals Inc. | 87,044 | 30 |
* | Virtual Radiologic Corp. | 2,300 | 29 |
* | EnteroMedics Inc. | 47,111 | 26 |
MedQuist Inc. | 3,900 | 26 | |
* | Solta Medical Inc. | 11,938 | 24 |
* | AdvanSource Biomaterials Corp. | 86,454 | 24 |
* | Integramed America Inc. | 2,921 | 23 |
American Medical Alert Corp. | 2,895 | 19 | |
* | Threshold Pharmaceuticals Inc. | 9,266 | 17 |
* | IVAX Diagnostics Inc. | 27,208 | 14 |
* | IsoRay Inc. | 14,520 | 13 |
* | PositiveID Corp. | 11,200 | 12 |
* | Oculus Innovative Sciences Inc. | 6,393 | 12 |
* | CAS Medical Systems Inc. | 5,100 | 11 |
* | pSivida Corp. | 2,800 | 10 |
* | Cytomedix Inc. | 21,700 | 9 |
* | Raptor Pharmaceutical Corp. | 4,644 | 8 |
* | BSD Medical Corp. | 5,000 | 8 |
* | PharmAthene Inc. | 3,200 | 6 |
* | ULURU Inc. | 28,716 | 6 |
* | Strategic Diagnostics Inc. | 4,323 | 6 |
* | Ore Pharmaceutical Holdings Inc. | 11,060 | 6 |
* | Antares Pharma Inc. | 4,200 | 5 |
* | MediciNova Inc. | 600 | 4 |
* | Transcept Pharmaceuticals Inc. | 500 | 3 |
* | Allied Healthcare Products | 184 | 1 |
* | Vision-Sciences Inc. | 500 | 1 |
1,588,871 | |||
Industrials (14.9%) | |||
* | Delta Air Lines Inc. | 4,685,455 | 53,320 |
* | McDermott International Inc. | 1,383,558 | 33,219 |
Joy Global Inc. | 615,060 | 31,731 | |
Manpower Inc. | 471,650 | 25,743 | |
Bucyrus International Inc. Class A | 451,682 | 25,461 | |
AMETEK Inc. | 648,214 | 24,788 | |
* | URS Corp. | 504,486 | 22,460 |
Oshkosh Corp. | 537,800 | 19,915 | |
Donaldson Co. Inc. | 464,536 | 19,761 | |
* | Kansas City Southern | 577,161 | 19,214 |
Pentair Inc. | 591,120 | 19,093 | |
* | Aecom Technology Corp. | 676,909 | 18,615 |
KBR Inc. | 964,011 | 18,316 | |
* | AGCO Corp. | 555,784 | 17,974 |
* | Alliant Techsystems Inc. | 197,958 | 17,474 |
* | Corrections Corp. of America | 694,273 | 17,044 |
JB Hunt Transport Services Inc. | 527,307 | 17,016 | |
Hubbell Inc. Class B | 354,614 | 16,773 | |
SPX Corp. | 296,308 | 16,208 |
29
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Waste Connections Inc. | 476,099 | 15,873 |
Harsco Corp. | 482,776 | 15,560 | |
* | AMR Corp. | 1,997,760 | 15,443 |
* | Owens Corning | 599,371 | 15,368 |
* | Verisk Analytics Inc. Class A | 496,961 | 15,048 |
IDEX Corp. | 482,719 | 15,037 | |
* | Continental Airlines Inc. Class B | 832,269 | 14,914 |
* | Copart Inc. | 404,382 | 14,813 |
* | FTI Consulting Inc. | 311,480 | 14,689 |
* | Navistar International Corp. | 377,968 | 14,608 |
* | Shaw Group Inc. | 503,101 | 14,464 |
* | BE Aerospace Inc. | 607,789 | 14,283 |
* | Covanta Holding Corp. | 772,933 | 13,982 |
Lincoln Electric Holdings Inc. | 255,674 | 13,668 | |
* | IHS Inc. Class A | 243,440 | 13,343 |
Gardner Denver Inc. | 313,044 | 13,320 | |
* | UAL Corp. | 1,004,213 | 12,964 |
* | Hertz Global Holdings Inc. | 1,083,706 | 12,918 |
* | Terex Corp. | 649,842 | 12,873 |
Kennametal Inc. | 489,384 | 12,685 | |
Carlisle Cos. Inc. | 368,344 | 12,619 | |
* | Spirit Aerosystems Holdings Inc. Class A | 629,255 | 12,497 |
MSC Industrial Direct Co. Class A | 264,357 | 12,425 | |
Nordson Corp. | 201,982 | 12,357 | |
Towers Watson & Co. Class A | 256,434 | 12,186 | |
Landstar System Inc. | 305,629 | 11,849 | |
Wabtec Corp. | 286,010 | 11,681 | |
Regal-Beloit Corp. | 221,472 | 11,503 | |
Lennox International Inc. | 292,827 | 11,432 | |
Timken Co. | 477,449 | 11,320 | |
* | Thomas & Betts Corp. | 314,900 | 11,270 |
* | Kirby Corp. | 323,541 | 11,269 |
* | GrafTech International Ltd. | 723,783 | 11,255 |
*,^ | American Superconductor Corp. | 266,058 | 10,882 |
TransDigm Group Inc. | 226,800 | 10,771 | |
* | EMCOR Group Inc. | 396,315 | 10,661 |
Con-way Inc. | 295,872 | 10,329 | |
Graco Inc. | 360,600 | 10,302 | |
* | Tetra Tech Inc. | 368,347 | 10,008 |
CLARCOR Inc. | 303,309 | 9,839 | |
Brady Corp. Class A | 314,785 | 9,447 | |
Watsco Inc. | 192,613 | 9,434 | |
Valmont Industries Inc. | 120,098 | 9,422 | |
Acuity Brands Inc. | 260,265 | 9,276 | |
* | General Cable Corp. | 312,551 | 9,195 |
*,^ | SunPower Corp. Class A | 374,708 | 8,873 |
Woodward Governor Co. | 341,123 | 8,791 | |
Crane Co. | 281,340 | 8,615 | |
Toro Co. | 205,874 | 8,608 | |
Curtiss-Wright Corp. | 274,259 | 8,590 | |
Alexander & Baldwin Inc. | 246,777 | 8,447 | |
* | Teledyne Technologies Inc. | 216,695 | 8,312 |
Trinity Industries Inc. | 476,582 | 8,312 | |
* | Clean Harbors Inc. | 137,162 | 8,176 |
* | United Stationers Inc. | 143,684 | 8,168 |
* | Genesee & Wyoming Inc. Class A | 246,451 | 8,044 |
* | Avis Budget Group Inc. | 613,070 | 8,043 |
GATX Corp. | 277,205 | 7,970 | |
* | Moog Inc. Class A | 272,648 | 7,969 |
Manitowoc Co. Inc. | 785,420 | 7,831 | |
* | MPS Group Inc. | 560,300 | 7,699 |
Actuant Corp. Class A | 407,850 | 7,557 | |
* | Hexcel Corp. | 581,075 | 7,542 |
HNI Corp. | 270,746 | 7,481 |
30
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Alaska Air Group Inc. | 212,032�� | 7,328 |
* | Esterline Technologies Corp. | 178,913 | 7,294 |
Kaydon Corp. | 199,827 | 7,146 | |
Baldor Electric Co. | 252,179 | 7,084 | |
Brink's Co. | 287,778 | 7,005 | |
* | JetBlue Airways Corp. | 1,280,025 | 6,976 |
*,^ | USG Corp. | 495,573 | 6,963 |
* | WESCO International Inc. | 254,142 | 6,864 |
Granite Construction Inc. | 202,256 | 6,808 | |
Knight Transportation Inc. | 350,379 | 6,759 | |
* | Geo Group Inc. | 308,841 | 6,757 |
Simpson Manufacturing Co. Inc. | 231,205 | 6,217 | |
Belden Inc. | 280,544 | 6,150 | |
* | HUB Group Inc. Class A | 227,824 | 6,113 |
AO Smith Corp. | 136,930 | 5,941 | |
* | Resources Connection Inc. | 273,141 | 5,796 |
ABM Industries Inc. | 279,158 | 5,767 | |
ESCO Technologies Inc. | 159,017 | 5,701 | |
Skywest Inc. | 334,368 | 5,658 | |
Briggs & Stratton Corp. | 300,574 | 5,624 | |
Mueller Industries Inc. | 226,171 | 5,618 | |
Healthcare Services Group Inc. | 261,392 | 5,609 | |
* | EnerSys | 252,288 | 5,518 |
* | Middleby Corp. | 111,560 | 5,469 |
Watts Water Technologies Inc. Class A | 176,514 | 5,458 | |
* | SYKES Enterprises Inc. | 211,496 | 5,387 |
* | AAR Corp. | 234,004 | 5,377 |
Herman Miller Inc. | 336,087 | 5,371 | |
Otter Tail Corp. | 214,584 | 5,322 | |
* | Insituform Technologies Inc. Class A | 233,748 | 5,311 |
* | Orbital Sciences Corp. | 341,702 | 5,214 |
Werner Enterprises Inc. | 263,290 | 5,211 | |
* | Old Dominion Freight Line Inc. | 168,360 | 5,169 |
* | CoStar Group Inc. | 123,738 | 5,169 |
HEICO Corp. | 115,418 | 5,116 | |
Rollins Inc. | 259,810 | 5,009 | |
Applied Industrial Technologies Inc. | 223,983 | 4,943 | |
Heartland Express Inc. | 316,950 | 4,840 | |
Triumph Group Inc. | 100,257 | 4,837 | |
* | Armstrong World Industries Inc. | 124,210 | 4,835 |
Mine Safety Appliances Co. | 181,722 | 4,821 | |
Mueller Water Products Inc. Class A | 925,052 | 4,810 | |
* | II-VI Inc. | 149,345 | 4,749 |
* | US Airways Group Inc. | 968,264 | 4,686 |
Corporate Executive Board Co. | 205,311 | 4,685 | |
Robbins & Myers Inc. | 197,670 | 4,649 | |
Deluxe Corp. | 307,990 | 4,555 | |
* | Korn/Ferry International | 275,070 | 4,539 |
Arkansas Best Corp. | 152,654 | 4,493 | |
* | Navigant Consulting Inc. | 299,397 | 4,449 |
Forward Air Corp. | 174,521 | 4,372 | |
* | SunPower Corp. Class B | 208,266 | 4,363 |
* | Beacon Roofing Supply Inc. | 272,145 | 4,354 |
*,^ | Allegiant Travel Co. Class A | 91,384 | 4,311 |
Barnes Group Inc. | 254,621 | 4,303 | |
* | Dollar Thrifty Automotive Group Inc. | 166,264 | 4,258 |
* | AirTran Holdings Inc. | 808,938 | 4,223 |
Universal Forest Products Inc. | 113,594 | 4,181 | |
American Science & Engineering Inc. | 53,504 | 4,058 | |
Franklin Electric Co. Inc. | 139,143 | 4,046 | |
* | MasTec Inc. | 319,277 | 3,991 |
* | TrueBlue Inc. | 263,707 | 3,905 |
Quanex Building Products Corp. | 226,685 | 3,847 | |
EnergySolutions Inc. | 446,530 | 3,791 |
31
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | A123 Systems Inc. | 166,418 | 3,734 |
*,^ | Genco Shipping & Trading Ltd. | 166,563 | 3,728 |
Albany International Corp. | 165,234 | 3,711 | |
Badger Meter Inc. | 89,954 | 3,582 | |
Kaman Corp. | 154,801 | 3,574 | |
* | United Rentals Inc. | 363,072 | 3,562 |
Ameron International Corp. | 55,641 | 3,531 | |
Cubic Corp. | 93,577 | 3,490 | |
* | Orion Marine Group Inc. | 161,025 | 3,391 |
* | Interline Brands Inc. | 195,839 | 3,382 |
* | Layne Christensen Co. | 117,082 | 3,361 |
* | Griffon Corp. | 266,001 | 3,251 |
* | Macquarie Infrastructure Co. LLC | 263,404 | 3,235 |
* | Astec Industries Inc. | 119,733 | 3,226 |
McGrath Rentcorp | 143,715 | 3,213 | |
Heidrick & Struggles International Inc. | 102,767 | 3,210 | |
* | EnPro Industries Inc. | 121,312 | 3,204 |
* | GeoEye Inc. | 114,751 | 3,199 |
* | RBC Bearings Inc. | 130,978 | 3,187 |
Administaff Inc. | 134,093 | 3,163 | |
* | Atlas Air Worldwide Holdings Inc. | 83,528 | 3,111 |
Raven Industries Inc. | 97,111 | 3,085 | |
* | M&F Worldwide Corp. | 77,420 | 3,058 |
* | Mobile Mini Inc. | 213,950 | 3,015 |
Lindsay Corp. | 74,706 | 2,977 | |
* | Ceradyne Inc. | 154,921 | 2,976 |
* | Huron Consulting Group Inc. | 129,147 | 2,976 |
Tennant Co. | 113,038 | 2,960 | |
* | Cenveo Inc. | 336,988 | 2,949 |
Knoll Inc. | 284,036 | 2,934 | |
*,^ | Energy Conversion Devices Inc. | 276,842 | 2,926 |
Steelcase Inc. Class A | 455,778 | 2,899 | |
* | Advisory Board Co. | 93,823 | 2,877 |
* | ATC Technology Corp. | 120,246 | 2,868 |
Gibraltar Industries Inc. | 181,697 | 2,858 | |
Comfort Systems USA Inc. | 230,036 | 2,839 | |
* | Chart Industries Inc. | 171,509 | 2,838 |
John Bean Technologies Corp. | 166,594 | 2,834 | |
Interface Inc. Class A | 339,995 | 2,825 | |
* | DigitalGlobe Inc. | 116,316 | 2,815 |
* | Tutor Perini Corp. | 155,586 | 2,813 |
G&K Services Inc. Class A | 111,892 | 2,812 | |
*,^ | Power-One Inc. | 627,916 | 2,731 |
Seaboard Corp. | 2,021 | 2,726 | |
* | Stanley Inc. | 97,072 | 2,661 |
* | Aerovironment Inc. | 89,701 | 2,608 |
Ennis Inc. | 155,269 | 2,607 | |
CIRCOR International Inc. | 102,443 | 2,580 | |
* | EnerNOC Inc. | 83,364 | 2,533 |
Viad Corp. | 122,367 | 2,524 | |
* | AZZ Inc. | 74,495 | 2,436 |
* | Kforce Inc. | 194,122 | 2,427 |
Gorman-Rupp Co. | 87,226 | 2,411 | |
Encore Wire Corp. | 114,264 | 2,408 | |
* | Exponent Inc. | 85,759 | 2,388 |
* | Blount International Inc. | 231,688 | 2,340 |
* | School Specialty Inc. | 99,792 | 2,334 |
Apogee Enterprises Inc. | 166,615 | 2,333 | |
* | Consolidated Graphics Inc. | 66,307 | 2,322 |
* | Rush Enterprises Inc. Class A | 192,684 | 2,291 |
* | GenCorp Inc. | 318,987 | 2,233 |
* | CBIZ Inc. | 288,908 | 2,225 |
* | Colfax Corp. | 180,962 | 2,179 |
* | Amerco Inc. | 43,747 | 2,175 |
32
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Force Protection Inc. | 416,695 | 2,171 |
* | MYR Group Inc. | 118,634 | 2,145 |
* | Team Inc. | 113,348 | 2,132 |
* | ACCO Brands Corp. | 287,860 | 2,096 |
* | DynCorp International Inc. Class A | 145,694 | 2,091 |
Sun Hydraulics Corp. | 77,992 | 2,047 | |
* | Kelly Services Inc. Class A | 171,165 | 2,042 |
* | Michael Baker Corp. | 48,348 | 2,002 |
* | Hawaiian Holdings Inc. | 284,901 | 1,994 |
Ampco-Pittsburgh Corp. | 62,555 | 1,972 | |
* | UQM Technologies Inc. | 277,918 | 1,904 |
* | LB Foster Co. Class A | 63,658 | 1,898 |
Tredegar Corp. | 119,520 | 1,891 | |
* | Dycom Industries Inc. | 234,640 | 1,884 |
* | Altra Holdings Inc. | 148,813 | 1,838 |
Federal Signal Corp. | 303,756 | 1,829 | |
* | Spherion Corp. | 323,801 | 1,820 |
* | Argon ST Inc. | 82,545 | 1,793 |
* | Taser International Inc. | 408,304 | 1,788 |
* | CRA International Inc. | 66,807 | 1,780 |
American Ecology Corp. | 104,378 | 1,779 | |
Titan International Inc. | 216,578 | 1,756 | |
* | Marten Transport Ltd. | 95,070 | 1,707 |
* | On Assignment Inc. | 234,696 | 1,678 |
Cascade Corp. | 60,904 | 1,674 | |
*,^ | Evergreen Solar Inc. | 1,104,363 | 1,668 |
Dynamic Materials Corp. | 83,081 | 1,666 | |
NACCO Industries Inc. Class A | 33,443 | 1,665 | |
AAON Inc. | 84,692 | 1,651 | |
* | Trex Co. Inc. | 83,580 | 1,638 |
Great Lakes Dredge & Dock Corp. | 251,286 | 1,628 | |
* | APAC Customer Services Inc. | 272,912 | 1,627 |
Kimball International Inc. Class B | 190,282 | 1,621 | |
* | Powell Industries Inc. | 51,417 | 1,621 |
* | Columbus McKinnon Corp. | 118,546 | 1,619 |
Applied Signal Technology Inc. | 83,494 | 1,611 | |
*,^ | Broadwind Energy Inc. | 198,152 | 1,603 |
* | American Reprographics Co. | 226,631 | 1,589 |
* | Vicor Corp. | 170,803 | 1,588 |
American Woodmark Corp. | 80,564 | 1,585 | |
FreightCar America Inc. | 79,927 | 1,585 | |
Standex International Corp. | 77,687 | 1,561 | |
* | Kadant Inc. | 97,393 | 1,554 |
* | Cornell Cos. Inc. | 68,163 | 1,547 |
* | Northwest Pipe Co. | 57,576 | 1,546 |
* | FuelCell Energy Inc. | 409,723 | 1,541 |
Diamond Management & Technology Consultants Inc. Class A | 208,260 | 1,535 | |
* | Republic Airways Holdings Inc. | 207,611 | 1,534 |
HEICO Corp. Class A | 41,440 | 1,490 | |
* | Ener1 Inc. | 231,810 | 1,470 |
*,^ | Microvision Inc. | 463,118 | 1,468 |
* | Satcon Technology Corp. | 509,611 | 1,437 |
* | Herley Industries Inc. | 103,233 | 1,434 |
*,^ | Eagle Bulk Shipping Inc. | 287,912 | 1,425 |
Houston Wire & Cable Co. | 118,693 | 1,412 | |
Bowne & Co. Inc. | 208,617 | 1,394 | |
Graham Corp. | 66,900 | 1,385 | |
* | Sterling Construction Co. Inc. | 72,094 | 1,383 |
* | American Commercial Lines Inc. | 75,209 | 1,379 |
* | H&E Equipment Services Inc. | 130,309 | 1,367 |
Insteel Industries Inc. | 102,678 | 1,335 | |
Horizon Lines Inc. Class A | 237,865 | 1,325 | |
* | 3D Systems Corp. | 116,628 | 1,318 |
* | Polypore International Inc. | 109,058 | 1,298 |
33
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | K-Tron International Inc. | 11,651 | 1,267 |
International Shipholding Corp. | 40,063 | 1,245 | |
*,^ | Capstone Turbine Corp. | 961,889 | 1,241 |
* | Ladish Co. Inc. | 81,811 | 1,234 |
* | Celadon Group Inc. | 113,233 | 1,229 |
* | RailAmerica Inc. | 100,200 | 1,222 |
* | Pinnacle Airlines Corp. | 176,047 | 1,211 |
CDI Corp. | 92,501 | 1,198 | |
* | Innerworkings Inc. | 201,648 | 1,190 |
* | PRG-Schultz International Inc. | 196,309 | 1,160 |
* | Volt Information Sciences Inc. | 111,279 | 1,113 |
* | ICF International Inc. | 41,209 | 1,104 |
* | Standard Parking Corp. | 68,624 | 1,090 |
* | PMFG Inc. | 65,684 | 1,065 |
*,^ | Advanced Battery Technologies Inc. | 266,123 | 1,064 |
* | Pike Electric Corp. | 111,921 | 1,039 |
* | Tecumseh Products Co. Class A | 88,667 | 1,037 |
Ducommun Inc. | 54,304 | 1,016 | |
* | Dynamex Inc. | 56,040 | 1,014 |
* | RSC Holdings Inc. | 142,349 | 1,002 |
TAL International Group Inc. | 75,301 | 996 | |
* | USA Truck Inc. | 78,542 | 983 |
*,^ | GT Solar International Inc. | 176,115 | 979 |
* | Willis Lease Finance Corp. | 64,420 | 966 |
Schawk Inc. Class A | 70,966 | 965 | |
*,^ | Energy Recovery Inc. | 139,186 | 958 |
Greenbrier Cos. Inc. | 92,209 | 957 | |
* | Furmanite Corp. | 247,435 | 943 |
Sauer-Danfoss Inc. | 78,192 | 939 | |
* | LMI Aerospace Inc. | 70,014 | 931 |
Met-Pro Corp. | 86,326 | 917 | |
* | Saia Inc. | 60,106 | 891 |
Aceto Corp. | 171,334 | 882 | |
* | Air Transport Services Group Inc. | 328,135 | 866 |
Universal Truckload Services Inc. | 47,823 | 866 | |
*,^ | Ocean Power Technologies Inc. | 93,376 | 841 |
LSI Industries Inc. | 104,169 | 821 | |
* | Flow International Corp. | 264,046 | 813 |
* | Miller Industries Inc. | 68,310 | 775 |
* | COMSYS IT Partners Inc. | 85,870 | 763 |
* | Fuel Tech Inc. | 92,971 | 760 |
* | United Capital Corp. | 31,463 | 749 |
* | Lydall Inc. | 140,977 | 734 |
Pacer International Inc. | 230,019 | 727 | |
* | PAM Transportation Services Inc. | 69,637 | 719 |
* | BTU International Inc. | 111,167 | 706 |
VSE Corp. | 15,468 | 697 | |
* | AT Cross Co. Class A | 132,813 | 695 |
Virco Manufacturing | 183,978 | 672 | |
* | Metalico Inc. | 136,183 | 670 |
Standard Register Co. | 130,545 | 666 | |
* | NN Inc. | 163,419 | 647 |
* | Franklin Covey Co. | 101,383 | 639 |
* | Commercial Vehicle Group Inc. | 106,409 | 637 |
* | Hill International Inc. | 100,615 | 628 |
* | Casella Waste Systems Inc. Class A | 153,640 | 618 |
* | Perma-Fix Environmental Services | 268,920 | 610 |
American Railcar Industries Inc. | 54,745 | 603 | |
* | ICT Group Inc. | 36,852 | 602 |
SIFCO Industries Inc. | 42,014 | 600 | |
* | GP Strategies Corp. | 78,560 | 592 |
Todd Shipyards Corp. | 34,898 | 585 | |
Preformed Line Products Co. | 13,333 | 584 | |
* | Patriot Transportation Holding Inc. | 6,178 | 584 |
34
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Hudson Highland Group Inc. | 122,933 | 583 |
Multi-Color Corp. | 47,296 | 577 | |
* | DXP Enterprises Inc. | 43,402 | 567 |
* | Park-Ohio Holdings Corp. | 99,625 | 563 |
* | Ceco Environmental Corp. | 142,337 | 562 |
* | Trimas Corp. | 82,214 | 557 |
* | Magnetek Inc. | 358,753 | 552 |
* | Flanders Corp. | 123,093 | 549 |
* | NCI Building Systems Inc. | 299,950 | 543 |
* | PowerSecure International Inc. | 74,700 | 539 |
Courier Corp. | 37,714 | 537 | |
* | Odyssey Marine Exploration Inc. | 380,758 | 537 |
* | Astronics Corp. | 62,613 | 535 |
* | Integrated Electrical Services Inc. | 91,324 | 534 |
* | Mistras Group Inc. | 35,441 | 534 |
* | LaBarge Inc. | 43,841 | 528 |
* | CPI Aerostructures Inc. | 86,865 | 522 |
* | Kratos Defense & Security Solutions Inc. | 47,248 | 498 |
* | Hurco Cos. Inc. | 32,771 | 485 |
* | Innovative Solutions & Support Inc. | 103,249 | 474 |
* | Allied Defense Group Inc. | 98,735 | 469 |
* | Argan Inc. | 31,473 | 453 |
* | Titan Machinery Inc. | 39,130 | 452 |
Barrett Business Services Inc. | 36,700 | 451 | |
Lawson Products Inc. | 25,541 | 451 | |
Twin Disc Inc. | 43,057 | 450 | |
*,^ | Valence Technology Inc. | 484,314 | 441 |
* | Key Technology Inc. | 37,386 | 436 |
* | CAI International Inc. | 48,250 | 436 |
*,^ | C&D Technologies Inc. | 270,745 | 420 |
Ecology and Environment Inc. | 27,806 | 417 | |
Alamo Group Inc. | 23,467 | 402 | |
* | LECG Corp. | 131,205 | 392 |
* | Plug Power Inc. | 532,509 | 378 |
Hardinge Inc. | 67,663 | 372 | |
* | Quixote Corp. | 57,911 | 369 |
* | Intersections Inc. | 73,428 | 360 |
*,^ | Coleman Cable Inc. | 107,172 | 353 |
*,^ | Beacon Power Corp. | 700,639 | 347 |
* | Wabash National Corp. | 182,235 | 344 |
*,^ | Builders FirstSource Inc. | 86,718 | 334 |
* | Spherix Inc. | 287,088 | 327 |
LS Starrett Co. Class A | 36,454 | 321 | |
* | Ultralife Corp. | 72,098 | 311 |
* | BlueLinx Holdings Inc. | 112,164 | 311 |
* | WCA Waste Corp. | 70,553 | 304 |
*,^ | YRC Worldwide Inc. | 357,212 | 300 |
* | Hudson Technologies Inc. | 204,150 | 298 |
Eastern Co. | 21,787 | 293 | |
* | Active Power Inc. | 265,045 | 292 |
Omega Flex Inc. | 20,708 | 290 | |
* | Gencor Industries Inc. | 36,591 | 272 |
* | Baldwin Technology Co. | 206,023 | 268 |
* | Mfri Inc. | 38,671 | 263 |
*,^ | Hoku Scientific Inc. | 95,249 | 259 |
*,^ | Spire Corp. | 48,102 | 258 |
* | Peco II Inc. | 50,920 | 247 |
*,^ | Akeena Solar Inc. | 194,869 | 244 |
* | Supreme Industries Inc. Class A | 120,885 | 239 |
* | US Home Systems Inc. | 88,763 | 225 |
* | Quality Distribution Inc. | 56,369 | 223 |
* | Orion Energy Systems Inc. | 50,141 | 220 |
Providence and Worcester Railroad Co. | 19,600 | 211 | |
* | Comforce Corp. | 171,123 | 205 |
35
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Allied Motion Technologies Inc. | 81,197 | 204 |
*,^ | Arotech Corp. | 113,758 | 191 |
* | TRC Cos. Inc. | 59,427 | 178 |
* | Amrep Corp. | 12,689 | 174 |
* | Competitive Technologies Inc. | 86,422 | 163 |
* | Xerium Technologies Inc. | 209,235 | 159 |
Superior Uniform Group Inc. | 15,754 | 154 | |
* | Thermadyne Holdings Corp. | 20,084 | 146 |
* | Tecumseh Products Co. Class B | 11,900 | 132 |
Chase Corp. | 11,148 | 132 | |
*,^ | Ascent Solar Technologies Inc. | 23,117 | 123 |
Frozen Food Express Industries | 36,816 | 121 | |
* | Innotrac Corp. | 74,579 | 121 |
* | Covenant Transportation Group Inc. Class A | 28,276 | 119 |
*,^ | Document Security Systems Inc. | 46,811 | 115 |
* | North American Galvanizing & Coating Inc. | 22,100 | 107 |
* | Protection One Inc. | 15,921 | 103 |
* | Applied Energetics Inc. | 302,745 | 100 |
* | Energy Focus Inc. | 152,346 | 98 |
* | American Electric Technologies Inc. | 36,928 | 83 |
*,^ | DayStar Technologies Inc. | 202,967 | 83 |
Sypris Solutions Inc. | 28,660 | 81 | |
* | UTEK Corp. | 18,697 | 79 |
* | Rush Enterprises Inc. Class B | 5,550 | 58 |
* | PGT Inc. | 25,701 | 54 |
* | LGL Group Inc. | 16,300 | 54 |
*,^ | Builders FirstSource Inc. Rights Exp. 1/14/10 | 139,715 | 34 |
Hubbell Inc. Class A | 500 | 23 | |
* | TeamStaff Inc. | 17,157 | 14 |
* | ExpressJet Holdings Inc. | 2,092 | 10 |
* | Mesa Air Group Inc. | 36,067 | 4 |
* | Heritage-Crystal Clean Inc. | 100 | 1 |
* | BMC Industries Inc. | 126,104 | — |
* | Kaiser Ventures LLC Class A | 36,800 | — |
1,865,092 | |||
Information Technology (15.8%) | |||
* | Activision Blizzard Inc. | 3,354,240 | 37,266 |
Maxim Integrated Products Inc. | 1,834,726 | 37,245 | |
* | Cree Inc. | 622,909 | 35,113 |
* | Lam Research Corp. | 764,988 | 29,995 |
* | Avnet Inc. | 909,333 | 27,426 |
Global Payments Inc. | 487,118 | 26,236 | |
* | F5 Networks Inc. | 476,497 | 25,245 |
* | Equinix Inc. | 234,203 | 24,861 |
Lender Processing Services Inc. | 576,008 | 23,421 | |
* | ANSYS Inc. | 533,202 | 23,173 |
* | ON Semiconductor Corp. | 2,555,812 | 22,517 |
* | Nuance Communications Inc. | 1,372,355 | 21,326 |
* | Arrow Electronics Inc. | 719,999 | 21,319 |
* | Sybase Inc. | 490,083 | 21,270 |
* | Hewitt Associates Inc. Class A | 500,214 | 21,139 |
* | Alliance Data Systems Corp. | 314,283 | 20,300 |
* | Rovi Corp. | 619,460 | 19,742 |
* | Synopsys Inc. | 876,066 | 19,519 |
* | Brocade Communications Systems Inc. | 2,517,322 | 19,207 |
Broadridge Financial Solutions Inc. | 828,016 | 18,680 | |
* | Trimble Navigation Ltd. | 723,638 | 18,236 |
* | 3Com Corp. | 2,357,371 | 17,680 |
* | Ingram Micro Inc. | 983,580 | 17,163 |
Factset Research Systems Inc. | 253,152 | 16,675 | |
* | VMware Inc. Class A | 386,275 | 16,370 |
* | Itron Inc. | 241,226 | 16,300 |
* | Varian Semiconductor Equipment Associates Inc. | 442,352 | 15,872 |
* | Rambus Inc. | 633,691 | 15,462 |
36
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | AOL Inc. | 647,859 | 15,082 |
Solera Holdings Inc. | 418,627 | 15,075 | |
* | Dolby Laboratories Inc. Class A | 315,266 | 15,048 |
* | CommScope Inc. | 563,826 | 14,958 |
* | Skyworks Solutions Inc. | 1,048,158 | 14,873 |
* | MICROS Systems Inc. | 479,050 | 14,865 |
* | Tech Data Corp. | 305,951 | 14,276 |
* | Informatica Corp. | 537,719 | 13,905 |
* | Atheros Communications Inc. | 400,350 | 13,708 |
* | Silicon Laboratories Inc. | 274,561 | 13,272 |
* | Polycom Inc. | 507,370 | 12,669 |
* | Atmel Corp. | 2,727,251 | 12,573 |
* | IAC/InterActiveCorp | 579,213 | 11,862 |
* | PMC - Sierra Inc. | 1,367,461 | 11,842 |
Jack Henry & Associates Inc. | 509,173 | 11,772 | |
* | Parametric Technology Corp. | 708,697 | 11,580 |
Diebold Inc. | 398,672 | 11,342 | |
Intersil Corp. Class A | 737,520 | 11,314 | |
*,^ | WebMD Health Corp. | 287,506 | 11,066 |
* | Concur Technologies Inc. | 256,484 | 10,965 |
* | NCR Corp. | 957,086 | 10,652 |
* | NeuStar Inc. Class A | 447,107 | 10,301 |
* | DST Systems Inc. | 236,147 | 10,284 |
* | TIBCO Software Inc. | 1,043,885 | 10,053 |
National Instruments Corp. | 341,093 | 10,045 | |
* | Zebra Technologies Corp. | 354,125 | 10,043 |
*,^ | Palm Inc. | 993,822 | 9,978 |
* | Cypress Semiconductor Corp. | 936,202 | 9,886 |
* | Unisys Corp. | 254,202 | 9,802 |
* | Cadence Design Systems Inc. | 1,615,668 | 9,678 |
* | International Rectifier Corp. | 428,472 | 9,478 |
* | Vishay Intertechnology Inc. | 1,121,481 | 9,364 |
* | Blackboard Inc. | 195,709 | 8,883 |
* | CACI International Inc. Class A | 180,897 | 8,837 |
* | Microsemi Corp. | 492,429 | 8,741 |
* | Arris Group Inc. | 753,694 | 8,615 |
* | Cybersource Corp. | 420,778 | 8,462 |
* | Rackspace Hosting Inc. | 405,078 | 8,446 |
* | Anixter International Inc. | 176,996 | 8,337 |
* | Convergys Corp. | 746,117 | 8,021 |
* | RF Micro Devices Inc. | 1,612,083 | 7,690 |
Plantronics Inc. | 295,394 | 7,674 | |
* | Veeco Instruments Inc. | 231,630 | 7,653 |
* | Riverbed Technology Inc. | 332,890 | 7,647 |
ADTRAN Inc. | 336,242 | 7,582 | |
* | Fairchild Semiconductor International Inc. Class A | 744,959 | 7,442 |
* | Benchmark Electronics Inc. | 388,538 | 7,347 |
* | Wright Express Corp. | 229,255 | 7,304 |
* | VeriFone Holdings Inc. | 436,872 | 7,156 |
* | Progress Software Corp. | 241,526 | 7,055 |
* | Tessera Technologies Inc. | 299,548 | 6,971 |
* | Blue Coat Systems Inc. | 244,014 | 6,964 |
* | Quest Software Inc. | 375,008 | 6,900 |
* | InterDigital Inc. | 258,856 | 6,870 |
* | Gartner Inc. | 379,230 | 6,841 |
* | Cymer Inc. | 177,672 | 6,819 |
* | Plexus Corp. | 237,842 | 6,779 |
* | Ariba Inc. | 539,319 | 6,752 |
* | Euronet Worldwide Inc. | 305,292 | 6,701 |
* | TiVo Inc. | 651,982 | 6,637 |
* | FormFactor Inc. | 299,212 | 6,511 |
* | Mantech International Corp. Class A | 133,812 | 6,460 |
* | Integrated Device Technology Inc. | 998,113 | 6,458 |
* | Netlogic Microsystems Inc. | 138,714 | 6,417 |
37
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Acxiom Corp. | 475,250 | 6,378 |
* | Semtech Corp. | 370,679 | 6,305 |
Blackbaud Inc. | 265,533 | 6,275 | |
* | Digital River Inc. | 232,301 | 6,270 |
*,^ | Synaptics Inc. | 204,504 | 6,268 |
Fair Isaac Corp. | 292,528 | 6,234 | |
* | Tekelec | 404,812 | 6,186 |
* | Ciena Corp. | 555,385 | 6,020 |
* | CommVault Systems Inc. | 253,269 | 6,000 |
* | Comtech Telecommunications Corp. | 169,837 | 5,953 |
Power Integrations Inc. | 162,517 | 5,909 | |
* | Sapient Corp. | 693,992 | 5,739 |
* | Amkor Technology Inc. | 781,692 | 5,597 |
* | j2 Global Communications Inc. | 271,555 | 5,526 |
* | TriQuint Semiconductor Inc. | 914,640 | 5,488 |
* | Taleo Corp. Class A | 230,675 | 5,425 |
* | Viasat Inc. | 168,781 | 5,364 |
Earthlink Inc. | 643,367 | 5,346 | |
MAXIMUS Inc. | 106,178 | 5,309 | |
* | Emulex Corp. | 486,672 | 5,305 |
* | FEI Co. | 226,624 | 5,294 |
* | ValueClick Inc. | 520,355 | 5,266 |
* | Cavium Networks Inc. | 220,511 | 5,255 |
* | Hittite Microwave Corp. | 128,615 | 5,241 |
* | Sanmina-SCI Corp. | 474,028 | 5,229 |
* | Mentor Graphics Corp. | 591,055 | 5,219 |
* | MicroStrategy Inc. Class A | 55,236 | 5,193 |
* | MKS Instruments Inc. | 297,624 | 5,182 |
* | Lawson Software Inc. | 768,068 | 5,108 |
* | Monolithic Power Systems Inc. | 209,913 | 5,032 |
* | SRA International Inc. Class A | 259,054 | 4,948 |
*,^ | Take-Two Interactive Software Inc. | 488,995 | 4,914 |
* | Cabot Microelectronics Corp. | 141,189 | 4,654 |
* | JDA Software Group Inc. | 182,618 | 4,651 |
* | GSI Commerce Inc. | 182,856 | 4,643 |
* | EchoStar Corp. Class A | 230,424 | 4,641 |
* | Websense Inc. | 264,779 | 4,623 |
* | SolarWinds Inc. | 199,607 | 4,593 |
* | DealerTrack Holdings Inc. | 243,016 | 4,566 |
* | Infinera Corp. | 511,201 | 4,534 |
* | Netgear Inc. | 208,209 | 4,516 |
* | Omnivision Technologies Inc. | 305,277 | 4,436 |
* | Ultimate Software Group Inc. | 148,577 | 4,364 |
* | Diodes Inc. | 209,416 | 4,283 |
* | Scansource Inc. | 160,142 | 4,276 |
Cognex Corp. | 238,585 | 4,228 | |
* | Littelfuse Inc. | 130,972 | 4,211 |
* | Entegris Inc. | 781,498 | 4,126 |
* | Rofin-Sinar Technologies Inc. | 174,448 | 4,119 |
* | CSG Systems International Inc. | 212,198 | 4,051 |
* | TNS Inc. | 154,662 | 3,973 |
* | Coherent Inc. | 131,444 | 3,908 |
* | TeleTech Holdings Inc. | 194,907 | 3,904 |
* | Aruba Networks Inc. | 361,588 | 3,855 |
* | Intermec Inc. | 299,454 | 3,851 |
*,^ | Advent Software Inc. | 94,234 | 3,838 |
* | SYNNEX Corp. | 124,064 | 3,804 |
* | SuccessFactors Inc. | 227,995 | 3,780 |
AVX Corp. | 297,063 | 3,764 | |
* | Harmonic Inc. | 579,361 | 3,667 |
United Online Inc. | 508,689 | 3,657 | |
* | ADC Telecommunications Inc. | 582,837 | 3,619 |
* | DTS Inc. | 105,455 | 3,608 |
* | Checkpoint Systems Inc. | 234,992 | 3,584 |
38
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Quantum Corp. | 1,212,782 | 3,553 |
* | ACI Worldwide Inc. | 205,623 | 3,526 |
* | ATMI Inc. | 189,052 | 3,520 |
* | DG FastChannel Inc. | 125,001 | 3,491 |
* | Sonus Networks Inc. | 1,651,729 | 3,485 |
* | Art Technology Group Inc. | 768,150 | 3,464 |
* | Zoran Corp. | 313,497 | 3,464 |
Park Electrochemical Corp. | 124,033 | 3,428 | |
* | L-1 Identity Solutions Inc. | 455,461 | 3,411 |
* | Brooks Automation Inc. | 388,964 | 3,337 |
* | Tyler Technologies Inc. | 167,393 | 3,333 |
* | Manhattan Associates Inc. | 135,982 | 3,268 |
*,^ | STEC Inc. | 193,444 | 3,161 |
* | Insight Enterprises Inc. | 276,396 | 3,156 |
Pegasystems Inc. | 92,654 | 3,150 | |
* | SAVVIS Inc. | 223,072 | 3,134 |
* | Compellent Technologies Inc. | 136,473 | 3,095 |
* | Brightpoint Inc. | 412,344 | 3,031 |
* | Advanced Energy Industries Inc. | 200,693 | 3,026 |
* | Netscout Systems Inc. | 205,845 | 3,014 |
* | TTM Technologies Inc. | 261,164 | 3,011 |
Black Box Corp. | 106,178 | 3,009 | |
* | Applied Micro Circuits Corp. | 400,644 | 2,993 |
*,^ | Ebix Inc. | 60,951 | 2,976 |
Heartland Payment Systems Inc. | 226,022 | 2,968 | |
Syntel Inc. | 77,640 | 2,953 | |
* | Finisar Corp. | 329,052 | 2,935 |
* | Cogent Inc. | 281,256 | 2,922 |
* | Volterra Semiconductor Corp. | 152,186 | 2,910 |
* | Netezza Corp. | 299,596 | 2,906 |
MTS Systems Corp. | 100,675 | 2,893 | |
* | Rogers Corp. | 94,856 | 2,875 |
NIC Inc. | 308,103 | 2,816 | |
* | Electronics for Imaging Inc. | 216,189 | 2,813 |
* | Standard Microsystems Corp. | 133,739 | 2,779 |
* | EPIQ Systems Inc. | 196,201 | 2,745 |
* | Sourcefire Inc. | 101,963 | 2,728 |
* | Switch & Data Facilities Co. Inc. | 133,293 | 2,694 |
* | Maxwell Technologies Inc. | 150,844 | 2,691 |
* | Cirrus Logic Inc. | 392,744 | 2,679 |
* | Bottomline Technologies Inc. | 151,638 | 2,664 |
* | OSI Systems Inc. | 96,225 | 2,625 |
* | ModusLink Global Solutions Inc. | 276,354 | 2,601 |
* | Terremark Worldwide Inc. | 376,920 | 2,578 |
* | comScore Inc. | 145,786 | 2,559 |
* | Epicor Software Corp. | 335,747 | 2,558 |
* | Ixia | 342,699 | 2,550 |
* | Stratasys Inc. | 147,032 | 2,541 |
* | SonicWALL Inc. | 326,365 | 2,484 |
* | Harris Stratex Networks Inc. | 357,687 | 2,472 |
* | RightNow Technologies Inc. | 140,389 | 2,439 |
* | Adaptec Inc. | 725,501 | 2,430 |
* | Sycamore Networks Inc. | 115,573 | 2,417 |
* | Echelon Corp. | 208,704 | 2,413 |
* | Supertex Inc. | 80,381 | 2,395 |
CTS Corp. | 247,296 | 2,379 | |
Micrel Inc. | 286,156 | 2,346 | |
* | TeleCommunication Systems Inc. Class A | 241,117 | 2,334 |
* | Forrester Research Inc. | 89,784 | 2,330 |
* | Universal Display Corp. | 186,232 | 2,302 |
* | Lattice Semiconductor Corp. | 833,472 | 2,250 |
* | Kulicke & Soffa Industries Inc. | 416,490 | 2,245 |
* | FARO Technologies Inc. | 103,821 | 2,226 |
* | Avid Technology Inc. | 171,483 | 2,188 |
39
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* Ultratech Inc. | 146,917 | 2,183 |
* Radiant Systems Inc. | 208,365 | 2,167 |
* Vocus Inc. | 119,528 | 2,152 |
Daktronics Inc. | 228,131 | 2,101 |
* Multi-Fineline Electronix Inc. | 73,206 | 2,077 |
* 3PAR Inc. | 172,881 | 2,049 |
* THQ Inc. | 403,804 | 2,035 |
* ExlService Holdings Inc. | 111,973 | 2,033 |
* Newport Corp. | 220,154 | 2,023 |
Methode Electronics Inc. | 232,215 | 2,016 |
* RealNetworks Inc. | 540,824 | 2,006 |
* Global Cash Access Holdings Inc. | 267,650 | 2,005 |
* Oplink Communications Inc. | 121,012 | 1,983 |
* Utstarcom Inc. | 904,020 | 1,980 |
* Electro Scientific Industries Inc. | 182,441 | 1,974 |
* Synchronoss Technologies Inc. | 124,371 | 1,966 |
Cohu Inc. | 140,441 | 1,959 |
* Actel Corp. | 159,210 | 1,891 |
* Exar Corp. | 265,770 | 1,890 |
* Constant Contact Inc. | 117,966 | 1,887 |
* i2 Technologies Inc. | 98,715 | 1,887 |
* Infospace Inc. | 218,616 | 1,874 |
* S1 Corp. | 285,051 | 1,859 |
iGate Corp. | 184,493 | 1,845 |
* IPG Photonics Corp. | 110,088 | 1,843 |
* Kenexa Corp. | 140,812 | 1,838 |
* LivePerson Inc. | 261,179 | 1,820 |
* Pericom Semiconductor Corp. | 157,182 | 1,812 |
* ArcSight Inc. | 70,524 | 1,804 |
* Knot Inc. | 176,986 | 1,782 |
* Sigma Designs Inc. | 166,436 | 1,781 |
* Intevac Inc. | 151,404 | 1,737 |
* Kopin Corp. | 412,991 | 1,726 |
* Mercury Computer Systems Inc. | 156,594 | 1,724 |
* Anaren Inc. | 114,135 | 1,718 |
* Extreme Networks | 588,578 | 1,689 |
* Sonic Solutions Inc. | 138,918 | 1,643 |
* Interactive Intelligence Inc. | 88,482 | 1,632 |
* Loral Space & Communications Inc. | 51,494 | 1,628 |
* Imation Corp. | 185,852 | 1,621 |
* Move Inc. | 933,274 | 1,549 |
* Hutchinson Technology Inc. | 150,777 | 1,547 |
* Perficient Inc. | 182,778 | 1,541 |
* Novatel Wireless Inc. | 192,931 | 1,538 |
* Silicon Storage Technology Inc. | 598,834 | 1,533 |
* Symyx Technologies Inc. | 276,392 | 1,520 |
Agilysys Inc. | 166,925 | 1,519 |
* LoopNet Inc. | 152,543 | 1,516 |
* Anadigics Inc. | 352,821 | 1,489 |
* infoGROUP Inc. | 183,485 | 1,472 |
* Mattson Technology Inc. | 410,136 | 1,468 |
Opnet Technologies Inc. | 118,172 | 1,441 |
* Acme Packet Inc. | 130,273 | 1,433 |
* Silicon Image Inc. | 553,745 | 1,429 |
* Super Micro Computer Inc. | 125,963 | 1,401 |
* Internet Capital Group Inc. | 210,450 | 1,400 |
* EMS Technologies Inc. | 94,850 | 1,375 |
* NVE Corp. | 32,988 | 1,363 |
* IXYS Corp. | 183,481 | 1,361 |
* KVH Industries Inc. | 92,040 | 1,358 |
* Smith Micro Software Inc. | 148,224 | 1,355 |
* Internap Network Services Corp. | 287,701 | 1,352 |
* Photronics Inc. | 301,607 | 1,342 |
* DivX Inc. | 237,378 | 1,339 |
40
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Comverge Inc. | 118,919 | 1,337 |
* | Ciber Inc. | 386,223 | 1,332 |
* | MIPS Technologies Inc. Class A | 295,881 | 1,293 |
Keynote Systems Inc. | 117,526 | 1,282 | |
* | SMART Modular Technologies WWH Inc. | 199,971 | 1,258 |
* | Integral Systems Inc. | 141,336 | 1,224 |
* | Digi International Inc. | 134,084 | 1,223 |
* | Seachange International Inc. | 185,744 | 1,220 |
* | Lionbridge Technologies Inc. | 524,885 | 1,207 |
Cass Information Systems Inc. | 39,545 | 1,202 | |
* | Rudolph Technologies Inc. | 177,834 | 1,195 |
* | Radisys Corp. | 124,230 | 1,186 |
* | Computer Task Group Inc. | 144,944 | 1,161 |
* | MoSys Inc. | 292,683 | 1,147 |
* | FalconStor Software Inc. | 277,910 | 1,128 |
* | Cray Inc. | 174,128 | 1,118 |
* | Symmetricom Inc. | 213,955 | 1,113 |
* | Oclaro Inc. | 754,673 | 1,109 |
* | Actuate Corp. | 258,284 | 1,105 |
* | Entropic Communications Inc. | 356,735 | 1,095 |
* | LTX-Credence Corp. | 614,849 | 1,094 |
* | Innodata Isogen Inc. | 196,497 | 1,089 |
Electro Rent Corp. | 94,277 | 1,088 | |
*,^ | Rubicon Technology Inc. | 53,175 | 1,080 |
* | Globecomm Systems Inc. | 137,838 | 1,078 |
* | AXT Inc. | 324,591 | 1,055 |
*,^ | NetSuite Inc. | 65,654 | 1,049 |
* | VASCO Data Security International Inc. | 165,936 | 1,040 |
Technitrol Inc. | 236,412 | 1,036 | |
* | Silicon Graphics International Corp. | 146,946 | 1,030 |
* | Internet Brands Inc. Class A | 130,204 | 1,020 |
* | support.com Inc. | 385,639 | 1,018 |
* | MoneyGram International Inc. | 353,257 | 1,017 |
Marchex Inc. Class B | 199,981 | 1,016 | |
* | Nanometrics Inc. | 89,230 | 1,011 |
* | Saba Software Inc. | 243,408 | 1,008 |
* | Limelight Networks Inc. | 254,633 | 1,001 |
* | DSP Group Inc. | 175,985 | 991 |
* | Integrated Silicon Solution Inc. | 174,838 | 988 |
* | Hughes Communications Inc. | 37,670 | 981 |
* | Local.com Corp. | 167,717 | 974 |
* | PROS Holdings Inc. | 92,968 | 962 |
Bel Fuse Inc. Class B | 44,557 | 958 | |
* | Transact Technologies Inc. | 133,901 | 929 |
Renaissance Learning Inc. | 81,456 | 925 | |
* | DemandTec Inc. | 104,319 | 915 |
* | Network Equipment Technologies Inc. | 224,220 | 908 |
* | NU Horizons Electronics Corp. | 218,895 | 902 |
* | Openwave Systems Inc. | 394,611 | 900 |
* | NCI Inc. Class A | 32,520 | 899 |
* | Bitstream Inc. Class A | 114,428 | 867 |
* | Ultra Clean Holdings | 123,697 | 865 |
* | Dynamics Research Corp. | 81,179 | 861 |
* | Amtech Systems Inc. | 77,721 | 857 |
* | Hypercom Corp. | 269,962 | 856 |
* | Telular Corp. | 227,439 | 853 |
* | Hackett Group Inc. | 302,746 | 842 |
QAD Inc. | 136,292 | 833 | |
* | Double-Take Software Inc. | 83,311 | 832 |
* | Rimage Corp. | 47,954 | 832 |
* | Spectrum Control Inc. | 87,445 | 828 |
*,^ | Zix Corp. | 483,117 | 826 |
American Software Inc. Class A | 137,441 | 825 | |
* | Pervasive Software Inc. | 170,783 | 823 |
41
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Mindspeed Technologies Inc. | 171,865 | 806 |
* | Trident Microsystems Inc. | 424,075 | 789 |
* | Orbcomm Inc. | 285,314 | 770 |
*,^ | Research Frontiers Inc. | 202,952 | 769 |
Communications Systems Inc. | 61,604 | 766 | |
* | StarTek Inc. | 102,098 | 764 |
* | GSE Systems Inc. | 139,311 | 763 |
* | LaserCard Corp. | 131,236 | 757 |
* | PLATO Learning Inc. | 171,271 | 747 |
* | Data I/O Corp. | 167,176 | 746 |
* | Measurement Specialties Inc. | 74,018 | 744 |
* | Techwell Inc. | 55,700 | 735 |
* | Peerless Systems Corp. | 277,414 | 732 |
* | Gerber Scientific Inc. | 144,311 | 729 |
* | ActivIdentity Corp. | 309,436 | 727 |
* | Microtune Inc. | 321,372 | 726 |
* | Zygo Corp. | 107,878 | 726 |
* | Conexant Systems Inc. | 311,348 | 722 |
* | Occam Networks Inc. | 133,187 | 719 |
* | Zilog Inc. | 202,394 | 716 |
* | Immersion Corp. | 156,088 | 713 |
* | DDi Corp. | 143,894 | 704 |
* | Powerwave Technologies Inc. | 555,713 | 700 |
* | Advanced Analogic Technologies Inc. | 177,182 | 698 |
* | Virage Logic Corp. | 126,239 | 694 |
* | Intellicheck Mobilisa Inc. | 184,780 | 693 |
* | Online Resources Corp. | 131,315 | 691 |
* | iGO Inc. | 558,045 | 686 |
* | TechTeam Global Inc. | 89,934 | 684 |
* | BigBand Networks Inc. | 198,676 | 683 |
* | Network Engines Inc. | 508,558 | 681 |
* | Onvia Inc. | 86,003 | 680 |
* | Datalink Corp. | 156,985 | 680 |
* | Information Services Group Inc. | 210,952 | 669 |
* | Monotype Imaging Holdings Inc. | 74,022 | 668 |
* | Presstek Inc. | 312,538 | 666 |
* | Tollgrade Communications Inc. | 108,104 | 661 |
* | Aware Inc. | 229,403 | 642 |
* | Deltek Inc. | 82,423 | 641 |
* | Callidus Software Inc. | 212,098 | 641 |
* | Evolving Systems Inc. | 102,263 | 639 |
* | Liquidity Services Inc. | 62,849 | 633 |
Keithley Instruments Inc. | 135,231 | 629 | |
* | Versant Corp. | 41,149 | 628 |
* | On2 Technologies Inc. | 1,026,995 | 626 |
* | Airvana Inc. | 82,168 | 624 |
* | Web.com Group Inc. | 94,976 | 620 |
* | PC Mall Inc. | 115,108 | 601 |
Mocon Inc. | 64,776 | 595 | |
* | Tier Technologies Inc. Class B | 73,319 | 587 |
* | LogMeIn Inc. | 29,300 | 585 |
* | ShoreTel Inc. | 100,327 | 580 |
* | Performance Technologies Inc. | 207,579 | 579 |
* | Isilon Systems Inc. | 83,941 | 576 |
* | Axcelis Technologies Inc. | 403,124 | 568 |
* | SRS Labs Inc. | 77,319 | 567 |
* | White Electronic Designs Corp. | 118,941 | 555 |
* | Magma Design Automation Inc. | 235,050 | 543 |
Ipass Inc. | 511,258 | 532 | |
* | Aetrium Inc. | 205,036 | 531 |
* | PDF Solutions Inc. | 136,887 | 527 |
* | KEY Tronic Corp. | 131,723 | 515 |
* | Dice Holdings Inc. | 76,344 | 500 |
* | Phoenix Technologies Ltd. | 180,940 | 498 |
42
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | NAPCO Security Technologies Inc. | 297,429 | 497 |
Astro-Med Inc. | 64,998 | 485 | |
*,^ | Rosetta Stone Inc. | 26,700 | 479 |
* | SCM Microsystems Inc. | 211,532 | 478 |
Mesa Laboratories Inc. | 18,022 | 475 | |
* | X-Rite Inc. | 213,449 | 465 |
* | Opnext Inc. | 243,990 | 464 |
* | PC-Tel Inc. | 76,762 | 454 |
* | Ramtron International Corp. | 255,996 | 453 |
* | PC Connection Inc. | 66,806 | 451 |
* | QuickLogic Corp. | 208,060 | 439 |
* | Dot Hill Systems Corp. | 226,620 | 431 |
Imergent Inc. | 69,800 | 424 | |
* | CPI International Inc. | 31,980 | 423 |
* | Travelzoo Inc. | 32,912 | 405 |
* | Unica Corp. | 51,671 | 400 |
* | American Technology Corp. | 269,044 | 398 |
* | PLX Technology Inc. | 123,127 | 398 |
* | Chordiant Software Inc. | 144,521 | 397 |
* | Bsquare Corp. | 160,181 | 397 |
*,^ | Superconductor Technologies Inc. | 166,026 | 394 |
* | LoJack Corp. | 96,443 | 390 |
* | Market Leader Inc. | 181,107 | 380 |
* | California Micro Devices Corp. | 79,885 | 376 |
* | Geeknet Inc. | 309,503 | 368 |
* | Emcore Corp. | 342,647 | 367 |
* | Virtusa Corp. | 39,776 | 360 |
TheStreet.com Inc. | 148,904 | 357 | |
* | CalAmp Corp. | 103,189 | 355 |
* | OpenTable Inc. | 13,900 | 354 |
* | Frequency Electronics Inc. | 67,949 | 349 |
* | ICx Technologies Inc. | 35,778 | 341 |
*,^ | Parkervision Inc. | 180,489 | 330 |
* | Optical Cable Corp. | 94,361 | 311 |
* | Comarco Inc. | 112,532 | 304 |
* | EndWave Corp. | 121,382 | 296 |
* | Autobytel Inc. | 291,920 | 292 |
* | Video Display Corp. | 63,554 | 290 |
* | Cyberoptics Corp. | 42,363 | 284 |
* | Micronetics Inc. | 86,414 | 281 |
* | Westell Technologies Inc. Class A | 228,483 | 274 |
* | ID Systems Inc. | 83,802 | 272 |
* | Digital Ally Inc. | 131,019 | 269 |
* | EF Johnson Technologies Inc. | 240,165 | 267 |
* | RAE Systems Inc. | 239,928 | 264 |
* | Transwitch Corp. | 120,275 | 253 |
* | Simulations Plus Inc. | 176,614 | 242 |
* | PAR Technology Corp. | 40,318 | 233 |
* | Majesco Entertainment Co. | 199,158 | 229 |
* | TechTarget Inc. | 40,067 | 226 |
* | Ditech Networks Inc. | 165,161 | 213 |
* | FSI International Inc. | 71,517 | 210 |
* | Zhone Technologies Inc. | 497,775 | 204 |
* | Insweb Corp. | 61,961 | 201 |
* | LeCroy Corp. | 53,309 | 195 |
* | Planar Systems Inc. | 65,214 | 186 |
* | Salary.com Inc. | 77,197 | 181 |
* | Lantronix Inc. | 51,134 | 166 |
* | RF Monolithics Inc. | 160,383 | 162 |
* | Pixelworks Inc. | 51,396 | 156 |
Richardson Electronics Ltd. | 26,210 | 154 | |
* | Cinedigm Digital Cinema Corp. Class A | 121,272 | 150 |
* | Digimarc Corp. | 9,958 | 149 |
* | Management Network Group Inc. | 347,479 | 146 |
43
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Cascade Microtech Inc. | 32,100 | 144 |
* | GSI Technology Inc. | 32,011 | 143 |
* | AuthenTec Inc. | 64,580 | 143 |
* | Looksmart Ltd. | 132,688 | 135 |
* | Hauppauge Digital Inc. | 153,081 | 132 |
* | Authentidate Holding Corp. | 124,549 | 131 |
* | Tii Network Technologies Inc. | 107,178 | 131 |
*,^ | VirnetX Holding Corp. | 42,700 | 126 |
TSR Inc. | 54,086 | 125 | |
* | Wave Systems Corp. Class A | 84,031 | 119 |
Selectica Inc. | 486,650 | 112 | |
Bel Fuse Inc. Class A | 5,719 | 111 | |
* | Convera Corp. Class A | 453,594 | 110 |
* | Merix Corp. | 40,537 | 99 |
*,^ | Lightpath Technologies Inc. Class A | 55,757 | 94 |
Newtek Business Services Inc. | 91,242 | 90 | |
* | EasyLink Services International Corp. Class A | 49,151 | 82 |
* | Sonic Foundry Inc. | 16,152 | 78 |
* | Ikanos Communications Inc. | 40,764 | 76 |
* | ePlus Inc. | 3,731 | 62 |
* | SteelCloud Inc. | 234,983 | 61 |
* | Mastech Holdings Inc. | 12,664 | 60 |
* | Scientific Learning Corp. | 11,148 | 56 |
* | MEMSIC Inc. | 11,452 | 38 |
* | Digital Angel Corp. | 45,625 | 35 |
* | Glu Mobile Inc. | 26,900 | 31 |
* | Entorian Technologies Inc. | 5,351 | 30 |
* | NetSol Technologies Inc. | 25,971 | 27 |
* | Soundbite Communications Inc. | 8,674 | 25 |
* | Procera Networks Inc. | 54,970 | 24 |
* | NetList Inc. | 4,200 | 22 |
* | Inuvo Inc. | 61,766 | 21 |
* | Adept Technology Inc. Class A | 5,392 | 18 |
* | Vertro Inc. | 42,625 | 18 |
* | MakeMusic Inc. | 3,956 | 16 |
* | Overland Storage Inc. | 7,040 | 16 |
* | Guidance Software Inc. | 2,929 | 15 |
* | ClearOne Communications Inc. | 4,410 | 14 |
* | Unify Corp. | 3,600 | 11 |
* | Numerex Corp. Class A | 2,200 | 9 |
* | Elixir Gaming Technologies Inc. | 35,584 | 9 |
* | EDGAR Online Inc. | 5,588 | 8 |
* | Acorn Energy Inc. | 800 | 6 |
* | eLoyalty Corp. | 700 | 5 |
* | Rainmaker Systems Inc. | 3,216 | 5 |
* | WebMediaBrands Inc. | 2,700 | 2 |
* | Relm Wireless Corp. | 712 | 2 |
* | Globalscape Inc. | 1,400 | 2 |
* | Interphase Corp. | 449 | 1 |
* | NaviSite Inc. | 400 | 1 |
* | Conolog Corp. | 25 | — |
* | US Dataworks Inc. | 100 | — |
1,981,884 | |||
Materials (6.3%) | |||
Mosaic Co. | 962,833 | 57,510 | |
Lubrizol Corp. | 410,334 | 29,934 | |
Celanese Corp. Class A | 863,215 | 27,709 | |
* | Crown Holdings Inc. | 965,726 | 24,703 |
Martin Marietta Materials Inc. | 268,383 | 23,996 | |
Walter Energy Inc. | 318,524 | 23,988 | |
Steel Dynamics Inc. | 1,296,129 | 22,967 | |
Nalco Holding Co. | 830,773 | 21,193 | |
Albemarle Corp. | 551,127 | 20,044 | |
Terra Industries Inc. | 600,093 | 19,317 |
44
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Ashland Inc. | 450,332 | 17,842 | |
Sonoco Products Co. | 598,588 | 17,509 | |
Reliance Steel & Aluminum Co. | 384,643 | 16,624 | |
Valspar Corp. | 606,145 | 16,451 | |
RPM International Inc. | 776,231 | 15,781 | |
Aptargroup Inc. | 404,459 | 14,455 | |
Packaging Corp. of America | 619,038 | 14,244 | |
* | Domtar Corp. | 252,262 | 13,978 |
Temple-Inland Inc. | 642,627 | 13,566 | |
Compass Minerals International Inc. | 196,001 | 13,169 | |
Rock-Tenn Co. Class A | 233,024 | 11,747 | |
Greif Inc. Class A | 206,130 | 11,127 | |
Huntsman Corp. | 984,376 | 11,114 | |
Royal Gold Inc. | 228,068 | 10,742 | |
Scotts Miracle-Gro Co. Class A | 270,959 | 10,651 | |
Cytec Industries Inc. | 292,340 | 10,647 | |
Commercial Metals Co. | 677,059 | 10,596 | |
Cabot Corp. | 392,758 | 10,302 | |
* | WR Grace & Co. | 369,174 | 9,359 |
Silgan Holdings Inc. | 160,913 | 9,314 | |
* | Solutia Inc. | 730,057 | 9,272 |
Olin Corp. | 472,127 | 8,272 | |
* | Coeur d'Alene Mines Corp. | 451,248 | 8,150 |
NewMarket Corp. | 70,451 | 8,086 | |
* | Hecla Mining Co. | 1,254,440 | 7,752 |
Sensient Technologies Corp. | 294,213 | 7,738 | |
Schweitzer-Mauduit International Inc. | 106,376 | 7,484 | |
* | Intrepid Potash Inc. | 248,101 | 7,237 |
* | Rockwood Holdings Inc. | 303,005 | 7,139 |
Carpenter Technology Corp. | 264,819 | 7,137 | |
Eagle Materials Inc. | 263,412 | 6,862 | |
HB Fuller Co. | 292,490 | 6,654 | |
Schnitzer Steel Industries Inc. | 129,997 | 6,201 | |
Minerals Technologies Inc. | 112,676 | 6,137 | |
Texas Industries Inc. | 166,804 | 5,836 | |
* | OM Group Inc. | 183,726 | 5,767 |
* | Century Aluminum Co. | 344,955 | 5,585 |
* | Allied Nevada Gold Corp. | 353,676 | 5,333 |
* | Louisiana-Pacific Corp. | 748,718 | 5,226 |
Worthington Industries Inc. | 366,434 | 4,789 | |
* | Calgon Carbon Corp. | 336,581 | 4,678 |
Arch Chemicals Inc. | 150,775 | 4,656 | |
* | RTI International Metals Inc. | 180,453 | 4,542 |
Ferro Corp. | 518,437 | 4,272 | |
AMCOL International Corp. | 148,641 | 4,224 | |
* | PolyOne Corp. | 558,232 | 4,170 |
Kaiser Aluminum Corp. | 92,822 | 3,863 | |
* | Clearwater Paper Corp. | 68,673 | 3,775 |
Koppers Holdings Inc. | 123,506 | 3,760 | |
Balchem Corp. | 112,171 | 3,759 | |
* | Georgia Gulf Corp. | 198,976 | 3,458 |
*,^ | Globe Specialty Metals Inc. | 367,563 | 3,455 |
Wausau Paper Corp. | 295,793 | 3,431 | |
Glatfelter | 274,879 | 3,340 | |
* | Horsehead Holding Corp. | 260,652 | 3,323 |
A Schulman Inc. | 157,625 | 3,181 | |
Deltic Timber Corp. | 64,571 | 2,982 | |
Westlake Chemical Corp. | 119,497 | 2,979 | |
Stepan Co. | 45,051 | 2,920 | |
* | Stillwater Mining Co. | 264,635 | 2,509 |
Zep Inc. | 131,780 | 2,282 | |
* | Buckeye Technologies Inc. | 232,259 | 2,267 |
* | Brush Engineered Materials Inc. | 121,105 | 2,245 |
Innophos Holdings Inc. | 97,553 | 2,243 |
45
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Olympic Steel Inc. | 68,375 | 2,228 | |
* | Omnova Solutions Inc. | 334,724 | 2,052 |
Haynes International Inc. | 61,541 | 2,029 | |
Spartech Corp. | 190,709 | 1,957 | |
Myers Industries Inc. | 212,705 | 1,936 | |
* | Headwaters Inc. | 273,991 | 1,786 |
* | KapStone Paper and Packaging Corp. | 178,612 | 1,759 |
* | Boise Inc. | 295,597 | 1,570 |
* | Graphic Packaging Holding Co. | 452,113 | 1,569 |
* | AEP Industries Inc. | 40,613 | 1,555 |
* | Zoltek Cos. Inc. | 156,435 | 1,486 |
* | LSB Industries Inc. | 96,030 | 1,354 |
AM Castle & Co. | 97,693 | 1,337 | |
* | US Gold Corp. | 525,256 | 1,303 |
* | Senomyx Inc. | 298,724 | 1,126 |
Hawkins Inc. | 50,406 | 1,100 | |
Quaker Chemical Corp. | 51,775 | 1,069 | |
Neenah Paper Inc. | 76,337 | 1,065 | |
American Vanguard Corp. | 126,698 | 1,052 | |
* | US Energy Corp. Wyoming | 175,794 | 1,042 |
* | General Moly Inc. | 498,316 | 1,036 |
ICO Inc. | 141,389 | 1,034 | |
* | Bway Holding Co. | 49,562 | 953 |
* | ADA-ES Inc. | 134,703 | 822 |
* | Universal Stainless & Alloy | 40,327 | 761 |
Penford Corp. | 79,053 | 687 | |
NL Industries Inc. | 97,320 | 675 | |
Great Northern Iron Ore Properties | 7,184 | 675 | |
* | Landec Corp. | 105,257 | 657 |
Synalloy Corp. | 49,964 | 437 | |
* | United States Lime & Minerals Inc. | 12,412 | 429 |
* | Mercer International Inc. | 130,666 | 402 |
* | American Pacific Corp. | 37,690 | 292 |
* | Rock of Ages Corp. | 91,696 | 270 |
* | US Concrete Inc. | 250,845 | 228 |
*,^ | Flotek Industries Inc. | 170,030 | 228 |
* | Mod-Pac Corp. | 49,498 | 214 |
* | Nanophase Technologies Corp. | 232,423 | 202 |
* | Solitario Exploration & Royalty Corp. | 49,600 | 115 |
KMG Chemicals Inc. | 6,700 | 100 | |
* | TOR Minerals International Inc. | 160,090 | 89 |
* | WHX Corp. | 13,022 | 31 |
* | Timberline Resources Corp. | 7,815 | 9 |
* | Clean Diesel Technologies Inc. | 4,027 | 6 |
790,277 | |||
Telecommunication Services (2.0%) | |||
* | Crown Castle International Corp. | 1,505,286 | 58,766 |
* | NII Holdings Inc. | 999,122 | 33,550 |
* | SBA Communications Corp. Class A | 702,683 | 24,004 |
* | tw telecom inc Class A | 897,735 | 15,387 |
* | Level 3 Communications Inc. | 9,856,108 | 15,080 |
Telephone & Data Systems Inc. | 416,775 | 14,137 | |
* | Syniverse Holdings Inc. | 417,323 | 7,295 |
* | AboveNet Inc. | 108,961 | 7,087 |
*,^ | Clearwire Corp. Class A | 1,002,858 | 6,779 |
* | Leap Wireless International Inc. | 358,220 | 6,287 |
* | Neutral Tandem Inc. | 201,732 | 4,589 |
Telephone & Data Systems Inc. - Special Common Shares | 147,351 | 4,450 | |
* | Cincinnati Bell Inc. | 1,270,107 | 4,382 |
* | United States Cellular Corp. | 99,273 | 4,210 |
Iowa Telecommunications Services Inc. | 197,315 | 3,307 | |
NTELOS Holdings Corp. | 183,992 | 3,279 | |
* | PAETEC Holding Corp. | 761,927 | 3,162 |
Atlantic Tele-Network Inc. | 57,041 | 3,138 |
46
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Premiere Global Services Inc. | 364,346 | 3,006 |
Shenandoah Telecommunications Co. | 142,741 | 2,905 | |
* | Cogent Communications Group Inc. | 269,169 | 2,654 |
Consolidated Communications Holdings Inc. | 145,344 | 2,543 | |
*,^ | Cbeyond Inc. | 154,991 | 2,441 |
Alaska Communications Systems Group Inc. | 267,421 | 2,134 | |
USA Mobility Inc. | 168,549 | 1,856 | |
* | General Communication Inc. Class A | 273,042 | 1,742 |
* | 8x8 Inc. | 703,165 | 1,062 |
HickoryTech Corp. | 98,365 | 869 | |
* | SureWest Communications | 82,340 | 820 |
*,^ | Vonage Holdings Corp. | 500,540 | 701 |
Warwick Valley Telephone Co. | 48,561 | 634 | |
* | IDT Corp. Class B | 126,262 | 612 |
* | ICO Global Communications Holdings Ltd. | 537,375 | 580 |
* | XETA Technologies Inc. | 174,192 | 524 |
*,^ | Clearwire Corp. Rights Exp. 6/21/10 | 1,002,120 | 401 |
* | TerreStar Corp. | 348,400 | 327 |
* | FiberTower Corp. | 67,713 | 283 |
* | inContact Inc. | 71,934 | 211 |
* | Arbinet Corp. | 76,460 | 190 |
* | Globalstar Inc. | 216,077 | 188 |
* | Multiband Corp. | 33,188 | 65 |
* | IDT Corp. | 2,456 | 9 |
245,646 | |||
Utilities (4.8%) | |||
* | NRG Energy Inc. | 1,541,318 | 36,391 |
Oneok Inc. | 634,107 | 28,262 | |
MDU Resources Group Inc. | 1,113,730 | 26,284 | |
National Fuel Gas Co. | 484,273 | 24,214 | |
NSTAR | 642,023 | 23,626 | |
* | Calpine Corp. | 2,074,125 | 22,815 |
OGE Energy Corp. | 581,866 | 21,465 | |
Energen Corp. | 431,374 | 20,188 | |
Alliant Energy Corp. | 665,011 | 20,123 | |
DPL Inc. | 708,390 | 19,552 | |
NV Energy Inc. | 1,410,766 | 17,465 | |
AGL Resources Inc. | 464,996 | 16,958 | |
Atmos Energy Corp. | 556,633 | 16,365 | |
ITC Holdings Corp. | 304,964 | 15,886 | |
UGI Corp. | 653,949 | 15,819 | |
Great Plains Energy Inc. | 813,552 | 15,775 | |
Aqua America Inc. | 819,115 | 14,343 | |
Westar Energy Inc. | 655,425 | 14,236 | |
* | Mirant Corp. | 872,423 | 13,322 |
* | RRI Energy Inc. | 2,120,672 | 12,130 |
Vectren Corp. | 487,885 | 12,041 | |
Piedmont Natural Gas Co. Inc. | 439,548 | 11,758 | |
Hawaiian Electric Industries Inc. | 553,454 | 11,567 | |
WGL Holdings Inc. | 301,482 | 10,112 | |
Cleco Corp. | 363,658 | 9,939 | |
American Water Works Co. Inc. | 419,885 | 9,410 | |
New Jersey Resources Corp. | 250,335 | 9,363 | |
Portland General Electric Co. | 452,067 | 9,227 | |
IDACORP Inc. | 285,517 | 9,122 | |
Southwest Gas Corp. | 270,320 | 7,712 | |
Northwest Natural Gas Co. | 159,472 | 7,183 | |
Avista Corp. | 329,365 | 7,111 | |
Unisource Energy Corp. | 215,074 | 6,923 | |
South Jersey Industries Inc. | 179,139 | 6,840 | |
PNM Resources Inc. | 521,159 | 6,593 | |
Black Hills Corp. | 233,707 | 6,224 | |
Allete Inc. | 174,807 | 5,713 | |
NorthWestern Corp. | 216,427 | 5,631 |
47
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||||
Value | |||||
Shares | ($000) | ||||
* | Dynegy Inc. Class A | 3,060,818 | 5,540 | ||
* | El Paso Electric Co. | 269,428 | 5,464 | ||
UIL Holdings Corp. | 180,040 | 5,056 | |||
MGE Energy Inc. | 139,058 | 4,970 | |||
California Water Service Group | 125,006 | 4,603 | |||
Ormat Technologies Inc. | 120,220 | 4,549 | |||
Laclede Group Inc. | 133,405 | 4,505 | |||
CH Energy Group Inc. | 95,072 | 4,042 | |||
Empire District Electric Co. | 213,053 | 3,990 | |||
American States Water Co. | 111,762 | 3,957 | |||
SJW Corp. | 80,643 | 1,820 | |||
Chesapeake Utilities Corp. | 54,162 | 1,736 | |||
Middlesex Water Co. | 92,628 | 1,633 | |||
Central Vermont Public Service Corp. | 67,759 | 1,409 | |||
Connecticut Water Service Inc. | 54,389 | 1,347 | |||
Unitil Corp. | 46,261 | 1,063 | |||
* | Cadiz Inc. | 85,487 | 1,023 | ||
Southwest Water Co. | 159,046 | 937 | |||
York Water Co. | 60,531 | 878 | |||
Maine & Maritimes Corp. | 20,903 | 727 | |||
Artesian Resources Corp. Class A | 30,621 | 561 | |||
Delta Natural Gas Co. Inc. | 17,964 | 514 | |||
Pennichuck Corp. | 16,987 | 359 | |||
* | Purecycle Corp. | 74,186 | 211 | ||
* | MMC Energy Inc. Escrow Shares | 18,535 | 2 | ||
608,584 | |||||
Total Common Stocks (Cost $12,111,726) | 12,402,223 | ||||
Coupon | |||||
Convertible Preferred Stocks (0.0%) | |||||
Consumer Discretionary (0.0%) | |||||
2 | Sealy Corp. Pfd. (Cost $633) | 8.000% | 5,754 | 492 | |
Temporary Cash Investments (2.2%)1 | |||||
Money Market Fund (2.1%) | |||||
3,4 | Vanguard Market Liquidity Fund | 0.187% | 271,943,860 | 271,944 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.1%) | |||||
5,6 | Freddie Mac Discount Notes | 0.230% | 6/21/10 | 7,000 | 6,993 |
Total Temporary Cash Investments (Cost $278,936) | 278,937 | ||||
Total Investments (101.1%) (Cost $12,391,295) | 12,681,652 | ||||
Other Assets and Liabilities—Net (-1.1%)4 | (135,743) | ||||
Net Assets (100%) | 12,545,909 |
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $153,127,000.
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 99.8% and 1.3%, respectively, of net
assets.
2 Non-income producing security - new issue that has not paid a dividend as of December 31, 2009.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
48
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2009
4 Includes $178,285,000 of collateral received for securities on loan.
5 Securities with a value of $6,993,000 have been segregated as initial margin for open futures contracts.
6 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
49
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard Index Funds 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 (constituting a separate portfolio of Vanguard Index Funds, hereafter referred to as the “Fund”) as of December 31, 2009 and for the year then ended and have issued our unqualified report thereon dated February 12, 2010. Our audit included an audit of the Fund’s schedule of investments as of December 31, 2009. 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 12, 2010
50
© 2010 Vanguard Group. Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA980 022010
Vanguard U.S. Stock Index Funds |
Large-Capitalization Portfolios |
Annual Report |
December 31, 2009 |
Vanguard Growth Index Fund |
Vanguard Value Index Fund |
Vanguard Large-Cap Index Fund |
Vanguard Total Stock Market Index Fund |
> For the fiscal year ended December 31, 2009, the broad U.S. stock market
returned about 29%, with all market sectors producing positive results.
> Returns for Vanguard’s large-capitalization index funds ranged from about 20%
for the Value Index Fund to about 36% for the Growth Index Fund.
> The Total Stock Market Index Fund, which invests in large-, mid-, and small-cap
stocks, returned about 29%.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 4 |
Results of Proxy Voting. | 10 |
Growth Index Fund. | 12 |
Value Index Fund. | 33 |
Large-Cap Index Fund. | 54 |
Total Stock Market Index Fund. | 70 |
Your Fund’s After-Tax Returns. | 89 |
About Your Fund’s Expenses. | 91 |
Glossary. | 94 |
Growth Index Fund
Value Index Fund
Large-Cap Index Fund
Total Stock Market Index Fund
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 front of this report. Of course, the
risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
Cover photograph: Veronica Coia.
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2009 | |
Total | |
Returns | |
Vanguard Growth Index Fund | |
Investor Shares | 36.29% |
Admiral™ Shares | 36.42 |
Signal® Shares | 36.42 |
Institutional Shares | 36.50 |
ETF Shares | |
Market Price | 36.28 |
Net Asset Value | 36.46 |
MSCI US Prime Market Growth Index | 36.50 |
Large-Cap Growth Funds Average | 35.40 |
Large-Cap Growth Funds Average: Derived from data provided by Lipper Inc. | |
Vanguard Value Index Fund | |
Investor Shares | 19.58% |
Admiral™ Shares | 19.72 |
Signal® Shares | 19.70 |
Institutional Shares | 19.79 |
ETF Shares | |
Market Price | 19.58 |
Net Asset Value | 19.72 |
MSCI US Prime Market Value Index | 19.54 |
Large-Cap Value Funds Average | 23.24 |
Large-Cap Value Funds Average: Derived from data provided by Lipper Inc. |
Admiral Shares are a lower-cost class of shares available to many longtime shareholders and to those with significant investments in the
fund. Signal Shares also carry lower costs and are available to certain institutional shareholders who meet specific administrative, service,
and account-size criteria. Institutional Shares are available for a minimum initial investment of $5 million. These Vanguard ETF Shares are
traded on the NYSE Arca exchange and are available only through brokers. The table shows the ETF returns based on both the NYSE Arca
market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138.
1
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2009 | |
Total | |
Returns | |
Vanguard Large-Cap Index Fund | |
Investor Shares | 27.60% |
Admiral™ Shares | 27.80 |
Signal® Shares | 27.81 |
Institutional Shares | 27.84 |
ETF Shares | |
Market Price | 27.70 |
Net Asset Value | 27.80 |
MSCI US Prime Market 750 Index | 27.80 |
Large-Cap Core Funds Average | 27.46 |
Large-Cap Core Funds Average: Derived from data provided by Lipper Inc. | |
Vanguard Total Stock Market Index Fund | |
Investor Shares | 28.70% |
Admiral™ Shares | 28.83 |
Signal® Shares | 28.85 |
Institutional Shares | 28.83 |
ETF Shares | |
Market Price | 28.73 |
Net Asset Value | 28.82 |
MSCI US Broad Market Index | 28.76 |
Multi-Cap Core Funds Average | 30.88 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper Inc. |
Admiral Shares are a lower-cost class of shares available to many longtime shareholders and to those with significant investments in the
fund. Signal Shares also carry lower costs and are available to certain institutional shareholders who meet specific administrative, service,
and account-size criteria. Institutional Shares are available for a minimum initial investment of $5 million. These Vanguard ETF Shares are
traded on the NYSE Arca exchange and are available only through brokers. The table shows the ETF returns based on both the NYSE Arca
market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138.
2
Your Fund’s Performance at a Glance
December 31, 2008 , Through December 31, 2009 | ||||
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Growth Index Fund | ||||
Investor Shares | $20.29 | $27.32 | $0.281 | $0.000 |
Admiral Shares | 20.30 | 27.32 | 0.315 | 0.000 |
Signal Shares | 18.80 | 25.30 | 0.293 | 0.000 |
Institutional Shares | 20.30 | 27.32 | 0.329 | 0.000 |
ETF Shares | 39.43 | 53.08 | 0.614 | 0.000 |
Vanguard Value Index Fund | ||||
Investor Shares | $16.08 | $18.63 | $0.509 | $0.000 |
Admiral Shares | 16.08 | 18.63 | 0.529 | 0.000 |
Signal Shares | 16.73 | 19.38 | 0.551 | 0.000 |
Institutional Shares | 16.08 | 18.63 | 0.539 | 0.000 |
ETF Shares | 41.21 | 47.75 | 1.357 | 0.000 |
Vanguard Large-Cap Index Fund | ||||
Investor Shares | $16.41 | $20.47 | $0.402 | $0.000 |
Admiral Shares | 20.51 | 25.59 | 0.533 | 0.000 |
Signal Shares | 17.89 | 22.32 | 0.467 | 0.000 |
Institutional Shares | 84.43 | 105.33 | 2.233 | 0.000 |
ETF Shares | 40.61 | 50.67 | 1.057 | 0.000 |
Vanguard Total Stock Market Index Fund | ||||
Investor Shares | $21.80 | $27.45 | $0.515 | $0.000 |
Admiral Shares | 21.80 | 27.45 | 0.539 | 0.000 |
Signal Shares | 21.04 | 26.50 | 0.519 | 0.000 |
Institutional Shares | 21.81 | 27.46 | 0.541 | 0.000 |
ETF Shares | 44.78 | 56.39 | 1.107 | 0.000 |
3
Chairman’s Letter
Dear Shareholder,
At the start of 2009, the United States was in the midst of the biggest economic crisis in decades and stock prices had fallen to historic lows. However, in mid-March, the market staged an impressive rally and stock prices began to soar. As of December 31, the broad U.S. stock market had rebounded dramatically. All sectors of the market posted positive returns for the year.
Growth stocks outperformed their value counterparts for the 12 months, putting Vanguard Growth Index Fund ahead of Vanguard Value Index Fund. The Growth Index Fund returned 36.29%, while Vanguard Value Index Fund returned 19.58%.
Vanguard Large-Cap Index Fund, which invests in both value and growth stocks, returned 27.60%. Vanguard Total Stock Market Index Fund—which includes growth and value stocks of all market capitalizations—returned 28.70% for the period. (All of these returns are for Investor Shares.)
All four funds closely tracked their target indexes for the 12-month period.
Impressive stock returns masked lingering uncertainties
In 2009 the broad U.S. stock market returned roughly 29%, its highest calendar-year return since 2003. The year began
4
with the market searching for a bottom, and it finally hit a low point in early March. From there, stocks mounted one of their strongest rallies ever—in magnitude and duration—resulting in a check mark-shaped stock chart for 2009.
The market’s outsized result came against a backdrop of economic uncertainty. The economy, which struggled to regain its footing as the financial crisis abated, began to show signs of growth in the second half of the year, even as unemployment climbed to levels not seen since 1983.
Stock markets outside the United States fared even better during 2009, especially many emerging markets, which weathered
the financial crisis in relatively better fiscal and economic shape than their developed-market counterparts.
Bond markets calmed down, money market funds endured
Compared with the last months of 2008, when credit markets seized up and investors fled to the safety of U.S. Treasuries, 2009 represented a return to normalcy for bonds. Investors’ appetite for risk returned, and the demand for corporate bonds increased, raising their prices and bringing down their yields. For the 12 months ended December 31, the broad taxable bond market returned about 6%, while municipal bonds returned about 13%.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2009 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 28.43% | -5.36% | 0.79% |
Russell 2000 Index (Small-caps) | 27.17 | -6.07 | 0.51 |
Dow Jones U.S. Total Stock Market Index | 29.35 | -5.01 | 1.09 |
MSCI All Country World Index ex USA (International) | 42.14 | -3.04 | 6.30 |
Bonds | |||
Barclays Capital U.S. Aggregate Bond Index (Broad | |||
taxable market) | 5.93% | 6.04% | 4.97% |
Barclays Capital Municipal Bond Index | 12.91 | 4.41 | 4.32 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.16 | 2.22 | 2.88 |
CPI | |||
Consumer Price Index | 2.72% | 2.28% | 2.56% |
5
Meanwhile, money market funds and other short-term savings vehicles did poorly in 2009. Interest rates at the shortest end of the maturity spectrum remained at historic lows, a casualty of the Federal Reserve Board’s efforts to revive the economy. The Fed kept its target for the federal funds rate between 0% and 0.25% for the entire year.
Growth in all sectors boosted the funds’ returns
Vanguard’s large-cap index funds, like the rest of the broad U.S. market, saw a huge turn of fortune in 2009, as the stock market experienced a historic comeback. After one of the worst global recessions in decades, the economy began to show
signs of recovery as government stimulus programs took hold and investors slowly regained confidence.
The recovery was broad-based, and all ten market sectors posted gains for the year—in stark contrast to 2008, when all ten recorded losses. The biggest gains came from the information technology, consumer discretionary, and financial sectors.
With an overall return close to 60%, the information technology sector boosted performance in all four funds. The sector contributed almost 20 percentage points to the return of the Growth Index Fund, about 11 percentage points to those of the Large-Cap Index Fund and Total Stock
Expense Ratios | ||||||
Your Fund Compared With Its Peer Group | ||||||
Peer | ||||||
Investor | Admiral | Signal | Institutional | ETF | Group | |
Shares | Shares | Shares | Shares | Shares | Average | |
Growth Index Fund | 0.28% | 0.15% | 0.15% | 0.09% | 0.15% | 1.34% |
Value Index Fund | 0.26 | 0.15 | 0.15 | 0.09 | 0.15 | 1.25 |
Large-Cap Index Fund | 0.26 | 0.15 | 0.15 | 0.09 | 0.13 | 1.26 |
Total Stock Market Index Fund | 0.18 | 0.09 | 0.09 | 0.06 | 0.09 | 1.18 |
The fund expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year
based on the funds’ net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the expense ratios were: for the
Growth Index Fund, 0.28% for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.08% for Institutional Shares, and 0.14%
for ETF Shares; for the Value Index Fund, 0.26% for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.08% for
Institutional Shares, and 0.14% for ETF Shares; for the Large-Cap Index Fund, 0.26% for Investor Shares, 0.12% for Admiral Shares, 0.12% for
Signal Shares, 0.08% for Institutional Shares, and 0.12% for ETF Shares; and for the Total Stock Market Index Fund, 0.18% for Investor
Shares, 0.07% for Admiral Shares, 0.07% for Signal Shares, 0.06% for Institutional Shares, and 0.07% for ETF Shares. The peer-group
expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2008.
Peer groups: for the Growth Index Fund, Large-Cap Growth Funds; for the Value Index Fund, Large-Cap Value Funds; for the Large-Cap Index
Fund, Large-Cap Core Funds; and for the Total Stock Market Index Fund, Multi-Cap Core Funds.
6
Market Index Fund, and about 2 percentage points to the return of the Value Index Fund. After being hit hard during the financial crisis, technology stocks spiked when corporations and consumers resumed spending on computer hardware, software, and electronics.
In the consumer discretionary sector, retailers, media companies, hotels, and restaurants started to bounce back as
consumers slowly began opening their wallets again. The sector made significant contributions to all four funds, in each case adding more than 4 percentage points to the overall return.
The financial sector—the area of the market that was hit hardest by the global credit crisis—also made significant contributions to all four funds, especially the Value Index Fund, where it added more
Total Returns | |
Ten Years Ended December 31, 2009 | |
Average | |
Annual Return | |
Growth Index Fund Investor Shares | -2.75% |
Spliced Growth Index | -2.60 |
Large-Cap Growth Funds Average | -4.43 |
Spliced Growth Index: S&P 500/Barra Growth Index through May 16, 2003; MSCI US Prime Market Growth Index thereafter. | |
Large-Cap Growth Funds Average: Derived from data provided by Lipper Inc. | |
Value Index Fund Investor Shares | 1.23% |
Spliced Value Index | 1.32 |
Large-Cap Value Funds Average | 0.42 |
Spliced Value Index: S&P 500/Barra Value Index through May 16, 2003; MSCI US Prime Market Value Index thereafter. | |
Large-Cap Value Funds Average: Derived from data provided by Lipper Inc. | |
Large-Cap Index Fund Investor Shares (Returns since inception: 1/30/2004) | 2.26% |
MSCI US Prime Market 750 Index | 2.39 |
Large-Cap Core Funds Average | 0.89 |
Large-Cap Core Funds Average: Derived from data provided by Lipper Inc. | |
Total Stock Market Index Fund Investor Shares | -0.27% |
Spliced Total Stock Market Index | -0.22 |
Multi-Cap Core Funds Average | -0.17 |
Spliced Total Stock Market Index: Dow Jones Wilshire 5000 Index through April 22, 2005; MSCI US Broad Market Index thereafter.
Multi-Cap Core Funds Average: Derived from data provided by Lipper Inc.
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be
lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our
website at www.vanguard.com/performance.) 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.
7
than 4 percentage points to the 12-month result. Financial companies, including big banks, investment firms, and insurance companies, began to win back investors’ confidence as their balance sheets showed signs of improvement.
Health care and energy stocks also contributed notably to the performance of the Growth Index Fund, Large-Cap Index Fund, and Total Stock Market Index Fund. Meanwhile, the Value Index Fund drew particular strength from the industrial sector.
Recent volatility has taken a toll on long-term results
Vanguard encourages investors to look at long-term performance when evaluating any fund. Taking a long-term view can help you put short-term swings in perspective. While time can moderate the effects of short-term extremes, however, it cannot eliminate them. A single year’s return can still have a big impact, for better or worse, on longer-term performance.
Vanguard’s large-cap index funds provide a good example of how this can happen. Although the funds delivered strong returns in 2009, their longer-term records are still suffering from the prior volatility. For example, at the end of 2007, the Investor Shares of Vanguard Total Stock Market Index Fund had returned 6.25% a year, on average, over the previous decade. Two years later, with 2008’s stock market collapse embedded in the record and the
1999 rally gone from the calculation, the fund’s 10-year average annual return stood at –0.27%, despite the powerful rebound we just saw. Similar dynamics are apparent in the records of the other large-cap index funds.
Despite the unsettled investment environment that we’ve faced over the past couple of years, the funds have done an exceptional job of meeting their shared objective of closely tracking their respective benchmarks. This is a credit to the funds’ advisor, Vanguard Quantitative Equity Group, which has more than 30 years of index-tracking experience. These long-tenured professionals have developed sophisticated portfolio construction and trading methodologies to help Vanguard deliver strong index fund management in a variety of marketplaces and market environments. The group’s efforts are made easier, of course, by the funds’ low operating expenses.
A balanced approach can help to mute the market’s ’noise’
Recent months have brought positive news for stocks; however, investors will not easily forget the hardships of the not-so-distant past. And, as I’ve mentioned above, those hardships have taken their toll on long-term investment results. Although things are looking up, no one can be sure about what 2010 will bring.
8
Although we can’t control the markets or the economy, we can control how we react to the inevitable volatility and incessant “noise” that accompanies investing. At Vanguard, we always advocate a balanced approach that includes holding stock, bond, and money market funds in proportions adapted to your goals and unique financial circumstances. Vanguard’s large-cap index funds can help you build such a well-balanced investment portfolio.
On another matter, I would like to inform you that as of January 1, 2010, we completed a leadership transition that began in March 2008. I succeeded Jack Brennan as chairman of Vanguard and each of the funds. Jack has agreed to serve as chairman emeritus and senior advisor.
Under Jack’s leadership, Vanguard has grown to become a preeminent firm in the mutual fund industry. Jack’s energy, his relentless pursuit of perfection, and his unwavering focus on always doing the right thing for our clients are evident in every facet of Vanguard policy today.
As always, thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
January 13, 2010
9
Results of Proxy Voting
At a special meeting of shareholders on July 2, 2009, fund shareholders approved the following two proposals:
Proposal 1—Elect trustees for each fund.*
The individuals listed in the table below were elected as trustees for each fund. All trustees with the exception of Messrs. McNabb and Volanakis (both of whom already served as directors of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Growth Index Fund, Value Index Fund, Large-Cap Index Fund, Total Stock Market Index Fund
Percentage | |||
Trustee | For | Withheld | For |
John J. Brennan | 5,783,728,017 | 132,330,913 | 97.7% |
Charles D. Ellis | 5,728,724,219 | 187,334,711 | 96.8% |
Emerson U. Fullwood | 5,780,086,736 | 135,972,194 | 97.7% |
Rajiv L. Gupta | 5,775,585,512 | 140,473,418 | 97.6% |
Amy Gutmann | 5,783,328,789 | 132,730,141 | 97.7% |
JoAnn Heffernan Heisen | 5,774,973,685 | 141,085,245 | 97.6% |
F. William McNabb III | 5,787,447,014 | 128,611,916 | 97.8% |
André F. Perold | 5,773,103,389 | 142,955,541 | 97.5% |
Alfred M. Rankin, Jr. | 5,776,127,477 | 139,931,453 | 97.6% |
Peter F. Volanakis | 5,791,986,958 | 124,071,972 | 97.9% |
* Results are for all funds within the same trust. |
Proposal 2—Update and standardize the funds’ fundamental policies regarding:
(a) Purchasing and selling real estate.
(b) Issuing senior securities.
(c) Borrowing money.
(d) Making loans.
(e) Purchasing and selling commodities.
(f) Concentrating investments in a particular industry or group of industries.
(g) Eliminating outdated fundamental investment policies not required by law.
The revised fundamental policies are clearly stated and simple, yet comprehensive, making oversight and compliance more efficient than under the former policies. The revised fundamental policies will allow the funds to respond more quickly to regulatory and market changes, while avoiding the costs and delays associated with successive shareholder meetings.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Growth Index Fund | |||||
2a | 264,248,164 | 11,659,969 | 11,945,358 | 37,410,465 | 81.2% |
2b | 262,180,869 | 12,184,854 | 13,487,771 | 37,410,462 | 80.6% |
2c | 258,900,378 | 12,105,511 | 16,847,602 | 37,410,465 | 79.6% |
2d | 260,108,940 | 12,038,220 | 15,706,327 | 37,410,469 | 80.0% |
2e | 259,191,143 | 11,847,483 | 16,814,859 | 37,410,470 | 79.7% |
10
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Growth Index Fund (continued) | |||||
2f | 262,653,969 | 11,952,586 | 13,246,937 | 37,410,464 | 80.8% |
2g | 264,785,652 | 11,901,936 | 11,165,908 | 37,410,460 | 81.4% |
Value Index Fund | |||||
2a | 281,657,331 | 5,182,739 | 10,718,002 | 28,773,427 | 86.3% |
2b | 280,534,584 | 5,685,790 | 11,337,698 | 28,773,427 | 86.0% |
2c | 258,391,842 | 5,422,300 | 33,743,932 | 28,773,425 | 79.2% |
2d | 261,215,527 | 5,396,644 | 30,945,897 | 28,773,430 | 80.0% |
2e | 279,173,779 | 5,294,845 | 13,089,449 | 28,773,426 | 85.5% |
2f | 280,977,925 | 5,443,411 | 11,136,740 | 28,773,423 | 86.1% |
2g | 284,985,380 | 5,316,949 | 7,255,739 | 28,773,431 | 87.3% |
Large-Cap Index Fund | |||||
2a | 51,661,844 | 884,201 | 1,263,043 | 11,521,195 | 79.1% |
2b | 51,503,657 | 936,064 | 1,369,369 | 11,521,193 | 78.8% |
2c | 51,032,744 | 926,437 | 1,849,907 | 11,521,195 | 78.1% |
2d | 51,057,793 | 967,182 | 1,784,115 | 11,521,194 | 78.2% |
2e | 51,333,187 | 922,351 | 1,553,552 | 11,521,193 | 78.6% |
2f | 51,381,714 | 910,049 | 1,517,331 | 11,521,190 | 78.6% |
2g | 51,542,337 | 884,682 | 1,382,073 | 11,521,191 | 78.9% |
Total Stock Market Index Fund | |||||
2a | 2,633,842,353 | 39,602,175 | 85,091,327 | 287,970,302 | 86.5% |
2b | 2,623,326,504 | 45,314,929 | 89,894,416 | 287,970,308 | 86.1% |
2c | 2,600,899,974 | 62,120,091 | 95,515,792 | 287,970,300 | 85.4% |
2d | 2,610,497,304 | 63,115,841 | 84,922,711 | 287,970,301 | 85.7% |
2e | 2,609,901,123 | 42,950,663 | 105,684,065 | 287,970,305 | 85.7% |
2f | 2,620,146,443 | 43,055,643 | 95,333,770 | 287,970,301 | 86.0% |
2g | 2,657,534,657 | 42,153,886 | 58,846,925 | 287,970,688 | 87.2% |
Fund shareholders did not approve this proposal:
Proposal 3—Institute procedures to prevent holding investments in companies that, in the judgment of the board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.
The trustees recommended a vote against the proposal because it called for procedures that duplicate existing practices and procedures of the Vanguard funds.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Value Index Fund | 27,278,938 | 12,641,112 | 257,635,788 | 28,775,661 | 8.4% |
Total Stock Market Index Fund | 258,259,697 | 93,229,953 | 2,406,541,531 | 288,474,976 | 8.5% |
11
Growth Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics | |||||
Investor | Admiral | Signal | Institutional | ETF | |
Shares | Shares | Shares | Shares | Shares | |
Ticker Symbol | VIGRX | VIGAX | VIGSX | VIGIX | VUG |
Expense Ratio1 | 0.28% | 0.15% | 0.15% | 0.09% | 0.15% |
30-Day SEC Yield | 0.87% | 1.02% | 1.02% | 1.06% | 1.02% |
Portfolio Characteristics | |||
MSCI US | |||
Prime | DJ | ||
Market | U.S. Total | ||
Growth | Market | ||
Fund | Index | Index | |
Number of Stocks | 423 | 422 | 4,201 |
Median Market Cap $34.3B | $34.3B | $30.7B | |
Price/Earnings Ratio | 33.0x | 33.0x | 35.7x |
Price/Book Ratio | 3.4x | 3.4x | 2.1x |
Return on Equity | 23.4% | 23.2% | 19.3% |
Earnings Growth Rate 16.6% | 16.6% | 8.1% | |
Dividend Yield | 1.1% | 1.1% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 29% | — | — |
Short-Term Reserves | 0.1% | — | — |
Volatility Measures | ||
MSCI US | DJ | |
Prime Market | U.S. Total | |
Growth | Market | |
Index | Index | |
R-Squared | 1.00 | 0.96 |
Beta | 1.00 | 0.95 |
These measures show the degree and timing of the fund’s
fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Microsoft Corp. | Systems Software | 4.5% |
Apple Inc. | Computer Hardware | 3.5 |
International Business Machines Corp. | Computer Hardware | 3.2 |
Google Inc. Class A | Internet Software & Services | 2.8 |
Cisco Systems Inc. | Communications Equipment | 2.6 |
Wal-Mart Stores Inc. | Hypermarkets & Super Centers | 2.3 |
Hewlett-Packard Co. | Computer Hardware | 2.3 |
Oracle Corp. | Systems Software | 1.8 |
PepsiCo Inc. | Soft Drinks | 1.8 |
Philip Morris International Inc. | Tobacco | 1.7 |
Top Ten | 26.5% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based
on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.28% for
Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.08% for Institutional Shares, and 0.14% for ETF Shares.
12
Growth Index Fund
Sector Diversification (% of equity exposure)
MSCI US | |||
Prime | DJ | ||
Market | U.S. Total | ||
Growth | Market | ||
Fund | Index | Index | |
Consumer | |||
Discretionary | 11.8% | 11.8% | 10.3% |
Consumer Staples | 11.3 | 11.3 | 9.9 |
Energy | 7.5 | 7.5 | 10.6 |
Financials | 5.9 | 5.9 | 16.0 |
Health Care | 13.8 | 13.8 | 12.6 |
Industrials | 8.0 | 8.0 | 10.6 |
Information | |||
Technology | 36.1 | 36.1 | 19.3 |
Materials | 4.5 | 4.5 | 4.0 |
Telecommunication | |||
Services | 0.8 | 0.8 | 2.9 |
Utilities | 0.3 | 0.3 | 3.8 |
Investment Focus
13
Growth Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: December 31, 1999, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2009 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Growth Index Fund Investor Shares | 36.29% | 1.63% | -2.75% | $7,565 | |
•••••••• | Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 9,828 | |
– – – – | Spliced Growth Index | 36.50 | 1.79 | -2.60 | 7,688 |
_____ | Large-Cap Growth Funds Average | 35.40 | 0.73 | -4.43 | 6,353 |
Spliced Growth Index: S&P 500/Barra Growth Index through May 16, 2003; MSCI US Prime Market Growth Index thereafter.
Large-Cap Growth Funds Average: Derived from data provided by Lipper Inc.
Since | Final Value | |||
One | Five | Inception | of a $100,000 | |
Year | Years | (11/13/2000) | Investment | |
Growth Index Fund Admiral Shares | 36.42% | 1.75% | -1.06% | $90,692 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | 0.79 | 107,434 |
Spliced Growth Index | 36.50 | 1.79 | -0.99 | 91,304 |
Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
14
Growth Index Fund
Since | Final Value | ||
One | Inception | of a $1,000,000 | |
Year | (6/4/2007) | Investment | |
Growth Index Fund Signal Shares | 36.42% | -5.54% | $863,469 |
Dow Jones U.S. Total Stock Market | |||
Index | 29.35 | -9.23 | 779,306 |
MSCI US Prime Market Growth | |||
Index | 36.50 | -5.52 | 864,071 |
Performance for the fund’s Signal Shares and comparative standards is calculated since the Signal Shares’ inception. |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Growth Index Fund Institutional | ||||
Shares | 36.50% | 1.79% | -2.62% | $3,835,403 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 4,913,789 |
Spliced Growth Index | 36.50 | 1.79 | -2.60 | 3,843,830 |
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (1/26/2004) | Investment | |
Growth Index Fund | ||||
ETF Shares Net Asset Value | 36.46% | 1.75% | 1.92% | $11,191 |
Dow Jones U.S. Total Stock Market Index | 29.35 | 1.09 | 2.20 | 11,376 |
MSCI US Prime Market Growth Index | 36.50 | 1.79 | 1.96 | 11,221 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
For more information about how the ETF Shares' market prices have compared with their net asset value, visit www.vanguard.com, select
your ETF, and then select the Performance tab. The Premium/Discount table there shows the percentages of days on which the ETF Shares'
market price was above or below the NAV.
Cumulative Returns of ETF Shares: January 26, 2004, Through December 31, 2009
One | Five | Since | |
Year | Years | Inception | |
Growth Index Fund | |||
ETF Shares Market Price | 36.28% | 9.06% | 11.92% |
Growth Index Fund | |||
ETF Shares Net Asset Value | 36.46 | 9.06 | 11.91 |
MSCI US Prime Market Growth Index | 36.50 | 9.26 | 12.21 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception. |
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
15
Growth Index Fund
Fiscal-Year Total Returns (%): December 31, 1999, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
16
Growth Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2009
The fund reports a complete list of its holdings in regulatory filings 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).
Market | |||
Value• | |||
Shares | ($000) | ||
Common Stocks (100.0%) | |||
Consumer Discretionary (11.8%) | |||
McDonald’s Corp. | 3,180,845 | 198,612 | |
* | Amazon.com Inc. | 1,007,015 | 135,464 |
Target Corp. | 2,081,868 | 100,700 | |
Lowe’s Cos. Inc. | 4,304,910 | 100,692 | |
* | DIRECTV Class A | 2,648,611 | 88,331 |
* | Ford Motor Co. | 8,264,160 | 82,642 |
NIKE Inc. Class B | 1,081,640 | 71,464 | |
Johnson Controls Inc. | 1,957,931 | 53,334 | |
Staples Inc. | 2,105,400 | 51,772 | |
* | Starbucks Corp. | 2,148,466 | 49,544 |
Yum! Brands Inc. | 1,359,960 | 47,558 | |
* | Kohl’s Corp. | 845,617 | 45,604 |
TJX Cos. Inc. | 1,235,496 | 45,157 | |
Best Buy Co. Inc. | 1,031,609 | 40,707 | |
Omnicom Group Inc. | 905,847 | 35,464 | |
Coach Inc. | 927,174 | 33,870 | |
McGraw-Hill Cos. Inc. | 917,577 | 30,748 | |
* | Bed Bath & Beyond Inc. | 763,362 | 29,489 |
* | priceline.com Inc. | 117,052 | 25,576 |
Marriott International Inc. | |||
Class A | 881,667 | 24,025 | |
* | Apollo Group Inc. Class A | 379,632 | 22,998 |
Cablevision Systems Corp. | |||
Class A | 718,684 | 18,556 | |
Nordstrom Inc. | 473,128 | 17,780 | |
Sherwin-Williams Co. | 288,147 | 17,764 | |
* | Viacom Inc. Class B | 560,884 | 16,675 |
International Game | |||
Technology | 863,720 | 16,212 | |
Ross Stores Inc. | 369,178 | 15,768 | |
* | CarMax Inc. | 641,706 | 15,561 |
Tiffany & Co. | 361,404 | 15,540 | |
* | O’Reilly Automotive Inc. | 398,671 | 15,197 |
Gap Inc. | 710,377 | 14,882 | |
* | AutoZone Inc. | 93,927 | 14,847 |
* | Expedia Inc. | 574,279 | 14,765 |
* | Las Vegas Sands Corp. | 961,700 | 14,368 |
Polo Ralph Lauren Corp. | |||
Class A | 165,520 | 13,404 | |
* | Urban Outfitters Inc. | 367,509 | 12,859 |
* | Dollar Tree Inc. | 260,649 | 12,589 |
Wynn Resorts Ltd. | 215,204 | 12,531 | |
* | Discovery | ||
Communications Inc. | |||
Class A | 392,120 | 12,026 | |
BorgWarner Inc. | 339,832 | 11,289 | |
Advance Auto Parts Inc. | 278,052 | 11,256 | |
Scripps Networks | |||
Interactive Inc. Class A | 262,880 | 10,910 | |
* | Discovery | ||
Communications Inc. | 409,898 | 10,870 | |
Family Dollar Stores Inc. | 386,992 | 10,770 | |
^ | Garmin Ltd. | 350,332 | 10,755 |
DeVry Inc. | 186,764 | 10,595 | |
* | ITT Educational | ||
Services Inc. | 109,950 | 10,551 | |
News Corp. Class B | 639,555 | 10,182 | |
* | GameStop Corp. Class A | 456,052 | 10,006 |
PetSmart Inc. | 364,246 | 9,722 | |
* | NVR Inc. | 13,558 | 9,636 |
* | Liberty Global Inc. | 433,398 | 9,470 |
Virgin Media Inc. | 529,282 | 8,908 | |
^ | Strayer Education In c. | 40,746 | 8,658 |
JC Penney Co. Inc. | 308,970 | 8,222 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 92,240 | 8,132 | |
*,^ | NetFlix Inc. | 142,064 | 7,833 |
* | LKQ Corp. | 368,919 | 7,227 |
* | MGM Mirage | 770,817 | 7,030 |
Guess? Inc. | 160,759 | 6,800 | |
Harman International | |||
Industries Inc. | 191,764 | 6,765 | |
* | Liberty Global Inc. Class A | 297,237 | 6,512 |
Pulte Homes Inc. | 649,500 | 6,495 | |
* | Goodyear Tire & | ||
Rubber Co. | 434,954 | 6,133 | |
Burger King Holdings Inc. | 275,119 | 5,178 | |
WABCO Holdings Inc. | 186,754 | 4,816 |
17
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
*,^ | Sears Holdings Corp. | 56,871 | 4,746 |
DR Horton Inc. | 415,465 | 4,516 | |
* | Lamar Advertising Co. | ||
Class A | 137,927 | 4,288 | |
* | Toll Brothers Inc. | 199,337 | 3,750 |
* | Interpublic Group | ||
of Cos. Inc. | 494,727 | 3,651 | |
* | Penn National Gaming Inc. | 97,464 | 2,649 |
Wendy’s/Arby’s Group Inc. | |||
Class A | 409,399 | 1,920 | |
* | Clear Channel Outdoor | ||
Holdings Inc. Class A | 118,725 | 1,234 | |
* | Marvel Entertainment Inc. | 250 | 14 |
* | Krispy Kreme | ||
Doughnuts Inc. | |||
Warrants Exp. 3/2/12 | 3,500 | — | |
1,846,564 | |||
Consumer Staples (11.3%) | |||
Wal-Mart Stores Inc. | 6,814,275 | 364,223 | |
PepsiCo Inc. | 4,540,954 | 276,090 | |
Philip Morris | |||
International Inc. | 5,638,190 | 271,704 | |
Coca-Cola Co. | 2,127,706 | 121,279 | |
Colgate-Palmolive Co. | 1,452,728 | 119,342 | |
Walgreen Co. | 2,892,432 | 106,210 | |
CVS Caremark Corp. | 2,734,226 | 88,069 | |
Costco Wholesale Corp. | 1,267,572 | 75,002 | |
General Mills Inc. | 616,745 | 43,672 | |
Kellogg Co. | 781,186 | 41,559 | |
Avon Products Inc. | 1,244,516 | 39,202 | |
Kimberly-Clark Corp. | 422,858 | 26,940 | |
Clorox Co. | 406,212 | 24,779 | |
HJ Heinz Co. | 459,417 | 19,645 | |
Lorillard Inc. | 240,738 | 19,314 | |
Coca-Cola Enterprises Inc. | 853,425 | 18,093 | |
Estee Lauder Cos. Inc. | |||
Class A | 328,293 | 15,876 | |
Campbell Soup Co. | 398,277 | 13,462 | |
Mead Johnson | |||
Nutrition Co. Class A | 297,883 | 13,018 | |
* | Energizer Holdings Inc. | 192,075 | 11,770 |
* | Whole Foods Market Inc. | 409,179 | 11,232 |
Hershey Co. | 299,319 | 10,713 | |
Dr Pepper Snapple | |||
Group Inc. | 370,313 | 10,480 | |
* | Dean Foods Co. | 525,598 | 9,482 |
* | Hansen Natural Corp. | 224,627 | 8,626 |
Flowers Foods Inc. | 240,989 | 5,726 | |
Hormel Foods Corp. | 75,188 | 2,891 | |
1,768,399 | |||
Energy (7.5%) | |||
Schlumberger Ltd. | 3,491,194 | 227,242 | |
Anadarko Petroleum Corp. | 1,429,708 | 89,242 | |
EOG Resources Inc. | 734,345 | 71,452 | |
Occidental Petroleum Corp. | 827,120 | 67,286 | |
National Oilwell Varco Inc. | 1,218,950 | 53,743 |
Market | |||
Value• | |||
Shares | ($000) | ||
Halliburton Co. | 1,708,331 | 51,404 | |
* | Southwestern Energy Co. | 1,004,088 | 48,397 |
* | Weatherford | ||
International Ltd. | 2,119,652 | 37,963 | |
Baker Hughes Inc. | 903,299 | 36,565 | |
Noble Energy Inc. | 505,399 | 35,994 | |
Peabody Energy Corp. | 780,208 | 35,273 | |
Hess Corp. | 557,708 | 33,741 | |
* | Cameron | ||
International Corp. | 712,409 | 29,779 | |
Consol Energy Inc. | 526,701 | 26,230 | |
XTO Energy Inc. | 562,354 | 26,166 | |
Range Resources Corp. | 458,431 | 22,853 | |
* | Ultra Petroleum Corp. | 441,461 | 22,011 |
* | Petrohawk Energy Corp. | 876,863 | 21,036 |
* | FMC Technologies Inc. | 356,998 | 20,649 |
Diamond Offshore | |||
Drilling Inc. | 202,600 | 19,940 | |
Smith International Inc. | 721,242 | 19,596 | |
Murphy Oil Corp. | 343,457 | 18,615 | |
Noble Corp. | 380,938 | 15,504 | |
* | Alpha Natural | ||
Resources Inc. | 349,313 | 15,153 | |
Helmerich & Payne Inc. | 307,222 | 12,252 | |
EXCO Resources Inc. | 522,843 | 11,100 | |
* | Plains Exploration & | ||
Production Co. | 399,104 | 11,039 | |
* | Denbury Resources Inc. | 727,199 | 10,763 |
Massey Energy Co. | 248,892 | 10,456 | |
* | Oceaneering | ||
International Inc. | 159,972 | 9,362 | |
Cabot Oil & Gas Corp. | 196,137 | 8,550 | |
* | Concho Resources Inc. | 186,986 | 8,396 |
BJ Services Co. | 425,312 | 7,911 | |
* | Dresser-Rand Group Inc. | 240,272 | 7,595 |
* | Quicksilver Resources Inc. | 344,891 | 5,177 |
Patterson-UTI Energy Inc. | 290,647 | 4,461 | |
* | Continental Resources Inc. 98,954 | 4,244 | |
* | Rowan Cos. Inc. | 165,470 | 3,746 |
Tesoro Corp. | 203,747 | 2,761 | |
* | SandRidge Energy Inc. | 292,339 | 2,757 |
* | CNX Gas Corp. | 88,103 | 2,601 |
* | Cobalt International | ||
Energy Inc. | 157,790 | 2,184 | |
1,171,189 | |||
Financials (5.9%) | |||
American Express Co. | 3,119,501 | 126,402 | |
* | Berkshire Hathaway Inc. | ||
Class B | 32,430 | 106,565 | |
US Bancorp | 3,622,307 | 81,538 | |
Citigroup Inc. | 21,624,623 | 71,578 | |
CME Group Inc. | 174,253 | 58,540 | |
Charles Schwab Corp. | 2,876,002 | 54,126 | |
Capital One | |||
Financial Corp. | 1,326,125 | 50,844 | |
Franklin Resources Inc. | 469,978 | 49,512 |
18
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
State Street Corp. | 936,851 | 40,791 | |
T Rowe Price Group Inc. | 746,524 | 39,752 | |
Northern Trust Corp. | 633,278 | 33,184 | |
Simon Property Group Inc. | 290,801 | 23,206 | |
Host Hotels & Resorts Inc. | 1,810,636 | 21,130 | |
* | Intercontinental- | ||
Exchange Inc. | 181,311 | 20,361 | |
Moody’s Corp. | 585,519 | 15,692 | |
BlackRock Inc. | 66,760 | 15,502 | |
* | TD Ameritrade | ||
Holding Corp. | 768,530 | 14,894 | |
Public Storage | 129,723 | 10,566 | |
SunTrust Banks Inc. | 508,513 | 10,318 | |
Eaton Vance Corp. | 323,273 | 9,831 | |
* | CB Richard Ellis Group Inc. | ||
Class A | 708,523 | 9,615 | |
* | Affiliated Managers | ||
Group Inc. | 121,512 | 8,184 | |
* | St Joe Co. | 269,438 | 7,784 |
* | Jefferies Group Inc. | 301,860 | 7,163 |
Janus Capital Group Inc. | 531,001 | 7,142 | |
SEI Investments Co. | 389,439 | 6,823 | |
Regions Financial Corp. | 1,211,056 | 6,406 | |
Brown & Brown Inc. | 350,027 | 6,290 | |
Greenhill & Co. Inc. | 65,882 | 5,286 | |
Digital Realty Trust Inc. | 73,691 | 3,705 | |
*,^ | American International | ||
Group Inc. | 123,385 | 3,699 | |
* | NASDAQ OMX Group Inc. | 145,013 | 2,874 |
TFS Financial Corp. | 134,525 | 1,633 | |
930,936 | |||
Health Care (13.8%) | |||
Johnson & Johnson | 4,016,073 | 258,675 | |
Abbott Laboratories | 4,505,732 | 243,265 | |
* | Amgen Inc. | 2,959,727 | 167,432 |
Medtronic Inc. | 3,234,683 | 142,261 | |
* | Gilead Sciences Inc. | 2,635,584 | 114,068 |
Baxter International Inc. | 1,756,713 | 103,084 | |
* | Medco Health | ||
Solutions Inc. | 1,380,786 | 88,246 | |
* | Celgene Corp. | 1,336,743 | 74,430 |
* | Express Scripts Inc. | 759,886 | 65,692 |
Allergan Inc. | 886,322 | 55,847 | |
Becton Dickinson and Co. | 697,768 | 55,026 | |
McKesson Corp. | 775,783 | 48,487 | |
* | Biogen Idec Inc. | 841,980 | 45,046 |
Stryker Corp. | 869,069 | 43,775 | |
* | Genzyme Corp. | 787,941 | 38,617 |
* | St. Jude Medical Inc. | 1,014,321 | 37,307 |
* | Zimmer Holdings Inc. | 624,686 | 36,925 |
* | Intuitive Surgical Inc. | 110,574 | 33,539 |
Quest Diagnostics Inc. | 460,257 | 27,790 | |
* | Life Technologies Corp. | 514,009 | 26,847 |
* | Hospira Inc. | 469,618 | 23,951 |
* | Laboratory Corp. of |
CR Bard Inc. | 284,585 | 22,169 | |
* | DaVita Inc. | 303,184 | 17,809 |
* | Waters Corp. | 278,451 | 17,253 |
* | Varian Medical | ||
Systems Inc. | 365,950 | 17,145 | |
* | Cerner Corp. | 200,815 | 16,555 |
* | Mylan Inc. | 890,086 | 16,404 |
* | Vertex | ||
Pharmaceuticals Inc. | 364,555 | 15,621 | |
DENTSPLY | |||
International Inc. | 411,199 | 14,462 | |
* | Edwards | ||
Lifesciences Corp. | 164,376 | 14,276 | |
* | Henry Schein Inc. | 262,944 | 13,831 |
* | Cephalon Inc. | 217,445 | 13,571 |
Beckman Coulter Inc. | 199,821 | 13,076 | |
* | Alexion | ||
Pharmaceuticals Inc. | 256,193 | 12,507 | |
* | Millipore Corp. | 161,806 | 11,707 |
* | Watson | ||
Pharmaceuticals Inc. | 292,612 | 11,590 | |
* | ResMed Inc. | 220,028 | 11,501 |
IMS Health Inc. | 531,272 | 11,189 | |
* | Illumina Inc. | 361,600 | 11,083 |
* | Hologic Inc. | 748,139 | 10,848 |
* | Mettler-Toledo | ||
International Inc. | 98,175 | 10,308 | |
* | Covance Inc. | 186,534 | 10,179 |
* | Community Health | ||
Systems Inc. | 270,400 | 9,626 | |
* | Warner Chilcott PLC | ||
Class A | 329,869 | 9,391 | |
* | IDEXX Laboratories Inc. | 170,903 | 9,133 |
Perrigo Co. | 228,616 | 9,108 | |
* | Patterson Cos. Inc. | 267,081 | 7,473 |
* | Lincare Holdings Inc. | 197,908 | 7,346 |
* | Myriad Genetics Inc. | 279,185 | 7,287 |
Techne Corp. | 102,995 | 7,061 | |
* | CareFusion Corp. | 262,390 | 6,562 |
* | Gen-Probe Inc. | 146,517 | 6,286 |
* | Kinetic Concepts Inc. | 155,193 | 5,843 |
* | Amylin | ||
Pharmaceuticals Inc. | 411,644 | 5,841 | |
* | Dendreon Corp. | 190,738 | 5,013 |
Pharmaceutical Product | |||
Development Inc. | 201,211 | 4,716 | |
* | Inverness Medical | ||
Innovations Inc. | 111,186 | 4,615 | |
* | Endo Pharmaceuticals | ||
Holdings Inc. | 221,639 | 4,546 | |
* | Abraxis Bioscience Inc. | 23,536 | 954 |
2,157,824 | |||
Industrials (8.0%) | |||
Boeing Co. | 2,011,441 | 108,879 | |
Caterpillar Inc. | 1,810,894 | 103,203 | |
Union Pacific Corp. | 1,469,943 | 93,929 |
19
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
United Parcel Service Inc. | |||
Class B | 1,330,512 | 76,331 | |
Danaher Corp. | 792,155 | 59,570 | |
FedEx Corp. | 562,291 | 46,923 | |
Precision Castparts Corp. | 408,725 | 45,103 | |
PACCAR Inc. | 1,006,079 | 36,491 | |
Deere & Co. | 616,437 | 33,343 | |
CH Robinson | |||
Worldwide Inc. | 490,457 | 28,805 | |
Honeywell | |||
International Inc. | 728,894 | 28,573 | |
* | Delta Air Lines Inc. | 2,266,721 | 25,795 |
Rockwell Collins Inc. | 459,502 | 25,438 | |
Parker Hannifin Corp. | 467,895 | 25,210 | |
ITT Corp. | 505,089 | 25,123 | |
Lockheed Martin Corp. | 333,300 | 25,114 | |
Southwest Airlines Co. | 2,161,145 | 24,702 | |
Fluor Corp. | 524,292 | 23,614 | |
Expeditors International | |||
of Washington Inc. | 618,411 | 21,477 | |
*,^ | First Solar Inc. | 135,717 | 18,376 |
WW Grainger Inc. | 182,430 | 17,665 | |
^ | Fastenal Co. | 389,664 | 16,226 |
* | McDermott | ||
International Inc. | 670,233 | 16,092 | |
Flowserve Corp. | 163,076 | 15,416 | |
Joy Global Inc. | 297,854 | 15,366 | |
Roper Industries Inc. | 264,548 | 13,854 | |
* | Jacobs Engineering | ||
Group Inc. | 360,908 | 13,574 | |
* | Stericycle Inc. | 235,388 | 12,986 |
Dun & Bradstreet Corp. | 153,874 | 12,982 | |
Cummins Inc. | 279,509 | 12,818 | |
Bucyrus International Inc. | |||
Class A | 218,806 | 12,334 | |
* | Iron Mountain Inc. | 531,920 | 12,107 |
* | Quanta Services Inc. | 575,768 | 11,999 |
AMETEK Inc. | 313,214 | 11,977 | |
Robert Half | |||
International Inc. | 420,208 | 11,232 | |
* | Foster Wheeler AG | 368,303 | 10,843 |
* | Kansas City Southern | 279,592 | 9,308 |
Donaldson Co. Inc. | 213,567 | 9,085 | |
* | AGCO Corp. | 269,249 | 8,708 |
* | Alliant Techsystems Inc. | 95,924 | 8,467 |
JB Hunt Transport | |||
Services Inc. | 258,857 | 8,353 | |
Goodrich Corp. | 126,426 | 8,123 | |
* | IHS Inc. Class A | 147,231 | 8,070 |
* | Verisk Analytics Inc. | ||
Class A | 263,766 | 7,987 | |
* | Copart Inc. | 208,515 | 7,638 |
* | AMR Corp. | 957,139 | 7,399 |
* | Navistar International Corp. | 184,515 | 7,132 |
* | FTI Consulting Inc. | 150,605 | 7,103 |
* | Aecom Technology Corp. | 256,937 | 7,066 |
* | Shaw Group Inc. | 243,318 | 6,995 |
* | Covanta Holding Corp. | 360,944 | 6,529 |
Manpower Inc. | 114,045 | 6,225 | |
Pall Corp. | 171,670 | 6,214 | |
MSC Industrial Direct Co. | |||
Class A | 128,679 | 6,048 | |
* | Hertz Global Holdings Inc. | 348,463 | 4,154 |
* | Terex Corp. | 204,290 | 4,047 |
* | Spirit Aerosystems | ||
Holdings Inc. Class A | 198,030 | 3,933 | |
SPX Corp. | 71,446 | 3,908 | |
*,^ | SunPower Corp. Class A | 159,041 | 3,766 |
* | SunPower Corp. Class B | 122,732 | 2,571 |
1,252,299 | |||
Information Technology (36.1%) | |||
Microsoft Corp. | 23,373,890 | 712,670 | |
* | Apple Inc. | 2,610,939 | 550,543 |
International Business | |||
Machines Corp. | 3,820,725 | 500,133 | |
* | Google Inc. Class A | 705,250 | 437,241 |
* | Cisco Systems Inc. | 16,811,085 | 402,457 |
Hewlett-Packard Co. | 6,954,992 | 358,252 | |
Oracle Corp. | 11,693,587 | 286,961 | |
QUALCOMM Inc. | 4,845,030 | 224,131 | |
Visa Inc. Class A | 1,341,183 | 117,300 | |
Intel Corp. | 5,710,633 | 116,497 | |
* | EMC Corp. | 5,893,593 | 102,961 |
* | eBay Inc. | 3,196,983 | 75,257 |
Accenture PLC Class A | 1,790,373 | 74,300 | |
Mastercard Inc. Class A | 287,719 | 73,650 | |
* | Dell Inc. | 5,125,646 | 73,604 |
* | Yahoo! Inc. | 3,885,957 | 65,206 |
Automatic Data | |||
Processing Inc. | 1,463,684 | 62,675 | |
Texas Instruments Inc. | 2,389,887 | 62,280 | |
* | Adobe Systems Inc. | 1,530,285 | 56,284 |
Applied Materials Inc. | 3,885,392 | 54,162 | |
Motorola Inc. | 6,690,237 | 51,916 | |
Corning Inc. | 2,265,607 | 43,749 | |
* | Symantec Corp. | 2,374,101 | 42,473 |
* | Juniper Networks Inc. | 1,527,960 | 40,751 |
* | Broadcom Corp. Class A | 1,270,520 | 39,958 |
* | Cognizant Technology | ||
Solutions Corp. Class A | 854,628 | 38,715 | |
Western Union Co. | 2,044,849 | 38,545 | |
* | NetApp Inc. | 980,009 | 33,702 |
Tyco Electronics Ltd. | 1,337,043 | 32,824 | |
* | Marvell Technology | ||
Group Ltd. | 1,533,936 | 31,829 | |
* | Agilent Technologies Inc. | 1,000,816 | 31,095 |
* | NVIDIA Corp. | 1,596,726 | 29,827 |
Paychex Inc. | 947,315 | 29,026 | |
* | Western Digital Corp. | 654,925 | 28,915 |
* | Intuit Inc. | 894,618 | 27,474 |
CA Inc. | 1,221,430 | 27,433 | |
* | Salesforce.com Inc. | 325,358 | 24,002 |
20
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Amphenol Corp. Class A | 499,696 | 23,076 | |
* | Fiserv Inc. | 450,036 | 21,818 |
* | BMC Software Inc. | 536,326 | 21,507 |
* | Sun Microsystems Inc. | 2,196,002 | 20,576 |
Linear Technology Corp. | 648,006 | 19,790 | |
Altera Corp. | 857,586 | 19,407 | |
* | SanDisk Corp. | 661,840 | 19,187 |
* | McAfee Inc. | 458,234 | 18,591 |
* | Activision Blizzard Inc. | 1,667,882 | 18,530 |
Maxim Integrated | |||
Products Inc. | 892,258 | 18,113 | |
KLA-Tencor Corp. | 497,559 | 17,992 | |
Analog Devices Inc. | 552,463 | 17,447 | |
* | Autodesk Inc. | 669,640 | 17,016 |
* | Micron Technology Inc. | 1,604,476 | 16,943 |
* | Red Hat Inc. | 547,675 | 16,923 |
* | Electronic Arts Inc. | 943,109 | 16,740 |
* | Advanced Micro | ||
Devices Inc. | 1,652,894 | 16,000 | |
* | Cree Inc. | 281,422 | 15,864 |
* | Teradata Corp. | 500,432 | 15,729 |
* | Lam Research Corp. | 368,870 | 14,463 |
* | FLIR Systems Inc. | 441,212 | 14,436 |
* | Citrix Systems Inc. | 346,579 | 14,421 |
* | VeriSign Inc. | 561,804 | 13,618 |
* | Akamai Technologies Inc. | 502,085 | 12,718 |
Global Payments Inc. | 234,968 | 12,655 | |
* | F5 Networks Inc. | 229,394 | 12,153 |
* | Equinix Inc. | 112,600 | 11,952 |
Harris Corp. | 250,904 | 11,930 | |
Lender Processing | |||
Services Inc. | 280,023 | 11,386 | |
* | ANSYS Inc. | 256,579 | 11,151 |
National | |||
Semiconductor Corp. | 689,076 | 10,584 | |
* | Hewitt Associates Inc. | ||
Class A | 244,244 | 10,322 | |
* | ON Semiconductor Corp. | 1,168,982 | 10,299 |
* | Sybase Inc. | 235,957 | 10,240 |
* | Alliance Data | ||
Systems Corp. | 154,800 | 9,998 | |
* | Synopsys Inc. | 420,728 | 9,374 |
Broadridge Financial | |||
Solutions Inc. | 406,100 | 9,162 | |
* | Nuance | ||
Communications Inc. | 587,626 | 9,132 | |
* | MEMC Electronic | ||
Materials Inc. | 651,073 | 8,868 | |
* | Brocade Communications | ||
Systems Inc. | 1,160,016 | 8,851 | |
* | Trimble Navigation Ltd. | 349,327 | 8,803 |
Factset Research | |||
Systems Inc. | 130,491 | 8,595 | |
* | Dolby Laboratories Inc. | ||
Class A | 154,699 | 7,384 |
* | Novellus Systems Inc. | 284,137 | 6,632 |
* | VMware Inc. Class A | 154,309 | 6,540 |
* | Flextronics | ||
International Ltd. | 826,592 | 6,042 | |
* | DST Systems Inc. | 115,755 | 5,041 |
* | Cadence Design | ||
Systems Inc. | 775,394 | 4,645 | |
* | LSI Corp. | 664,359 | 3,993 |
* | NCR Corp. | 301,337 | 3,354 |
* | Avago Technologies Ltd. | 136,994 | 2,506 |
5,651,295 | |||
Materials (4.5%) | |||
Monsanto Co. | 1,591,195 | 130,080 | |
* | Freeport-McMoRan | ||
Copper & Gold Inc. | 1,200,275 | 96,370 | |
Praxair Inc. | 894,303 | 71,822 | |
Newmont Mining Corp. | 1,398,219 | 66,150 | |
Dow Chemical Co. | 1,666,666 | 46,050 | |
Alcoa Inc. | 2,840,042 | 45,782 | |
Ecolab Inc. | 690,325 | 30,775 | |
Weyerhaeuser Co. | 616,140 | 26,580 | |
United States Steel Corp. | 417,793 | 23,029 | |
Sigma-Aldrich Corp. | 355,037 | 17,940 | |
Mosaic Co. | 294,811 | 17,609 | |
Air Products & | |||
Chemicals Inc. | 214,209 | 17,364 | |
International Paper Co. | 599,252 | 16,048 | |
Celanese Corp. Class A | 418,205 | 13,424 | |
* | Crown Holdings Inc. | 466,423 | 11,931 |
Walter Energy Inc. | 154,271 | 11,618 | |
Martin Marietta | |||
Materials Inc. | 129,765 | 11,602 | |
Nalco Holding Co. | 402,819 | 10,276 | |
Terra Industries Inc. | 290,652 | 9,356 | |
* | Pactiv Corp. | 384,769 | 9,288 |
AK Steel Holding Corp. | 318,993 | 6,811 | |
Steel Dynamics Inc. | 366,550 | 6,495 | |
Scotts Miracle-Gro Co. | |||
Class A | 133,965 | 5,266 | |
FMC Corp. | 70,158 | 3,912 | |
Reliance Steel & | |||
Aluminum Co. | 67,536 | 2,919 | |
Commercial Metals Co. | 115,010 | 1,800 | |
* | Titanium Metals Corp. | 119,956 | 1,502 |
711,799 | |||
Telecommunication Services (0.8%) | |||
* | American Tower Corp. | ||
Class A | 1,150,250 | 49,702 | |
* | Crown Castle | ||
International Corp. | 848,477 | 33,124 | |
* | NII Holdings Inc. | 484,130 | 16,257 |
* | SBA Communications Corp. | ||
Class A | 305,842 | 10,448 | |
* | MetroPCS | ||
Communications Inc. | 717,544 | 5,475 |
21
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Level 3 | ||
Communications Inc. | 2,376,231 | 3,636 | |
118,642 | |||
Utilities (0.3%) | |||
* | AES Corp. | 1,944,235 | 25,878 |
EQT Corp. | 362,303 | 15,912 | |
* | Calpine Corp. | 1,030,245 | 11,333 |
* | Dynegy Inc. Class A | 516,087 | 934 |
54,057 | |||
Total Common Stocks | |||
(Cost $13,488,153) | 15,663,004 | ||
Temporary Cash Investment (0.4%) | |||
Money Market Fund (0.4%) | |||
1,2 | Vanguard Market | ||
Liquidity Fund, 0.187% | |||
(Cost $64,983) | 64,982,874 | 64,983 | |
Total Investments (100.4%) | |||
(Cost $13,553,136) | 15,727,987 | ||
Other Assets and Liabilities (-0.4%) | |||
Other Assets | 50,906 | ||
Liabilities2 | (109,240) | ||
(58,334) | |||
Net Assets (100%) | 15,669,653 | ||
At December 31, 2009, net assets consisted of: | |||
Amount | |||
($000) | |||
Paid-in Capital | 16,010,828 | ||
Overdistributed Net Investment Income | (26,407) | ||
Accumulated Net Realized Losses | (2,489,619) | ||
Unrealized Appreciation (Depreciation) | 2,174,851 | ||
Net Assets | 15,669,653 | ||
Investor Shares—Net Assets | |||
Applicable to 211,209,044 outstanding | |||
$.001 par value shares of beneficial | |||
interest (unlimited authorization) | 5,770,454 | ||
Net Asset Value Per Share— | |||
Investor Shares | $27.32 |
Amount | |
($000) | |
Admiral Shares—Net Assets | |
Applicable to 60,070,869 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 1,641,281 |
Net Asset Value Per Share— | |
Admiral Shares | $27.32 |
Signal Shares—Net Assets | |
Applicable to 56,449,320 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 1,428,262 |
Net Asset Value Per Share— | |
Signal Shares | $25.30 |
Institutional Shares—Net Assets | |
Applicable to 106,614,633 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 2,913,076 |
Net Asset Value Per Share— | |
Institutional Shares | $27.32 |
ETF Shares—Net Assets | |
Applicable to 73,784,366 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 3,916,580 |
Net Asset Value Per Share— | |
ETF Shares | $53.08 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $44,731,000.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
2 Includes $46,788,000 of collateral received for securities on loan.
See accompanying Notes, which are an integral part of the Financial Statements.
22
Growth Index Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 189,925 |
Interest1 | 77 |
Security Lending | 1,444 |
Total Income | 191,446 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 514 |
Management and Administrative—Investor Shares | 11,280 |
Management and Administrative—Admiral Shares | 1,509 |
Management and Administrative—Signal Shares | 1,097 |
Management and Administrative—Institutional Shares | 957 |
Management and Administrative—ETF Shares | 2,894 |
Marketing and Distribution—Investor Shares | 1,148 |
Marketing and Distribution—Admiral Shares | 299 |
Marketing and Distribution—Signal Shares | 305 |
Marketing and Distribution—Institutional Shares | 680 |
Marketing and Distribution—ETF Shares | 949 |
Custodian Fees | 271 |
Auditing Fees | 25 |
Shareholders’ Reports and Proxies—Investor Shares | 660 |
Shareholders’ Reports and Proxies—Admiral Shares | 19 |
Shareholders’ Reports and Proxies—Signal Shares | 19 |
Shareholders’ Reports and Proxies—Institutional Shares | 54 |
Shareholders’ Reports and Proxies—ETF Shares | 320 |
Trustees’ Fees and Expenses | 26 |
Total Expenses | 23,026 |
Net Investment Income | 168,420 |
Realized Net Gain (Loss) on Investment Securities Sold | 199,009 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 3,794,205 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,161,634 |
1 Interest income from an affiliated company of the fund was $77,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
23
Growth Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 168,420 | 152,815 |
Realized Net Gain (Loss) | 199,009 | (511,130) |
Change in Unrealized Appreciation (Depreciation) | 3,794,205 | (6,513,214) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,161,634 | (6,871,529) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (59,216) | (55,275) |
Admiral Shares | (19,327) | (19,516) |
Signal Shares | (15,471) | (13,528) |
Institutional Shares | (34,330) | (30,079) |
ETF Shares | (44,628) | (36,000) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (172,972) | (154,398) |
Capital Share Transactions | ||
Investor Shares | 4,289 | 21,388 |
Admiral Shares | (86,171) | (40,052) |
Signal Shares | 150,783 | 113,345 |
Institutional Shares | 167,646 | 91,254 |
ETF Shares | 176,302 | 1,045,987 |
Net Increase (Decrease) from Capital Share Transactio ns | 412,849 | 1,231,922 |
Total Increase (Decrease) | 4,401,511 | (5,794,005) |
Net Assets | ||
Beginning of Period | 11,268,142 | 17,062,147 |
End of Period1 | 15,669,653 | 11,268,142 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($26,407,000) and ($21,855,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
24
Growth Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $20.29 | $33.23 | $29.77 | $27.54 | $26.41 |
Investment Operations | |||||
Net Investment Income | .276 | .261 | .270 | .241 | .196 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 7.035 | (12.939) | 3.460 | 2.228 | 1.139 |
Total from Investment Operations | 7.311 | (12.678) | 3.730 | 2.469 | 1.335 |
Distributions | |||||
Dividends from Net Investment Income | (.281) | (.262) | (.270) | (.239) | (.205) |
Distributions from R ealized Capital Gains | — | — | — | — | — |
Total Distributions | (.281) | (.262) | (.270) | (.239) | (.205) |
Net Asset Value, End of Period | $27.32 | $20.29 | $33.23 | $29.77 | $27.54 |
Total Return1 | 36.29% | -38.32% | 12.56% | 9.01% | 5.09% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,770 | $4,279 | $6,992 | $6,707 | $6,761 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.28% | 0.23% | 0.22% | 0.22% | 0.22% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.20% | 0.93% | 0.83% | 0.86% | 0.75% |
Portfolio Turnover Rate2 | 29% | 27% | 23% | 28% | 23% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
25
Growth Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $20.30 | $33.23 | $29.77 | $27.54 | $26.41 |
Investment Operations | |||||
Net Investment Income | .308 | .294 | .308 | .272 | .226 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 7.027 | (12.929) | 3.460 | 2.228 | 1.139 |
Total from Investment Operations | 7.335 | (12.635) | 3.768 | 2.500 | 1.365 |
Distributions | |||||
Dividends from Net Investment Income | (.315) | (.295) | (.308) | (.270) | (.235) |
Distributions from R ealized Capital Gains | — | — | — | — | — |
Total Distributions | (.315) | (.295) | (.308) | (.270) | (.235) |
Net Asset Value, End of Period | $27.32 | $20.30 | $33.23 | $29.77 | $27.54 |
Total Return | 36.42% | -38.22% | 12.70% | 9.13% | 5.21% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,641 | $1,296 | $2,203 | $2,505 | $2,076 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.14% | 0.11% | 0.10% | 0.11% | 0.11% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.34% | 1.05% | 0.95% | 0.97% | 0.86% |
Portfolio Turnover Rate1 | 29% | 27% | 23% | 28% | 23% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
26
Growth Index Fund
Financial Highlights
Signal Shares | |||
June 4, | |||
Year Ended | 20071 to | ||
December 31, | Dec. 31, | ||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 |
Net Asset Value, Beginning of Period | $18.80 | $30.77 | $30.26 |
Investment Operations | |||
Net Investment Income | .286 | .273 | .168 |
Net Realized and Unrealized Gain (Loss) on Investments | 6.507 | (11.970) | .563 |
Total from Investment Operations | 6.793 | (11.697) | .731 |
Distributions | |||
Dividends from Net Investment Income | (.293) | (.273) | (.221) |
Distributions from R ealized Capital Gains | — | — | — |
Total Distributions | (.293) | (.273) | (.221) |
Net Asset Value, End of Period | $25.30 | $18.80 | $30.77 |
Total Return | 36.42% | -38.21% | 2.43% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $1,428 | $941 | $1,425 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.11% | 0.10%2 |
Ratio of Net Investment Income to Average Net Assets | 1.34% | 1.05% | 0.95%2 |
Portfolio Turnover Rate3 | 29% | 27% | 23% |
1 Inception.
2 Annualized.
3 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
27
Growth Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $20.30 | $33.23 | $29.77 | $27.54 | $26.41 |
Investment Operations | |||||
Net Investment Income | .322 | .305 | .318 | .280 | .234 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 7.027 | (12.930) | 3.460 | 2.228 | 1.139 |
Total from Investment Operations | 7.349 | (12.625) | 3.778 | 2.508 | 1.373 |
Distributions | |||||
Dividends from Net Investment Income | (.329) | (.305) | (.318) | (.278) | (.243) |
Distributions from R ealized Capital Gains | — | — | — | — | — |
Total Distributions | (.329) | (.305) | (.318) | (.278) | (.243) |
Net Asset Value, End of Period | $27.32 | $20.30 | $33.23 | $29.77 | $27.54 |
Total Return | 36.50% | -38.19% | 12.73% | 9.16% | 5.24% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,913 | $2,016 | $3,210 | $2,132 | $1,448 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.07% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.40% | 1.09% | 0.98% | 1.00% | 0.89% |
Portfolio Turnover Rate1 | 29% | 27% | 23% | 28% | 23% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
28
Growth Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $39.43 | $64.56 | $57.85 | $53.52 | $51.33 |
Investment Operations | |||||
Net Investment Income | .598 | .579 | .600 | .535 | .444 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 13.666 | (25.132) | 6.710 | 4.323 | 2.206 |
Total from Investment Operations | 14.264 | (24.553) | 7.310 | 4.858 | 2.650 |
Distributions | |||||
Dividends from Net Investment Income | (.614) | (.577) | (.600) | (.528) | (.460) |
Distributions from R ealized Capital Gains | — | — | — | — | — |
Total Distributions | (.614) | (.577) | (.600) | (.528) | (.460) |
Net Asset Value, End of Period | $53.08 | $39.43 | $64.56 | $57.85 | $53.52 |
Total Return | 36.46% | -38.22% | 12.68% | 9.13% | 5.20% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,917 | $2,736 | $3,232 | $1,336 | $324 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.14% | 0.10% | 0.10% | 0.11% | 0.11% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.34% | 1.06% | 0.95% | 0.97% | 0.86% |
Portfolio Turnover Rate1 | 29% | 27% | 23% | 28% | 23% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
29
Growth Index Fund
Notes to Financial Statements
Vanguard Growth Index Fund is registered under the Investment Company Act of 1940 as an openend investment company, or mutual fund. The fund offers five classes of shares: Investor Shares, Admiral Shares, Signal Shares, In stitutional Shares, and ETF 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, service, tenure, and account-size criteria. Signal Shares are designed for institu tional investors who meet certain administrative, service, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum amount of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
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 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.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. Security Lending: The fund may lend its securities to qualified institu tional 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 secu rities 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.
5. 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), shareholder reporting, and proxies. 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 gai ns and losses on investments are allocated to each class of shares based o n its relative net assets.
30
Growth Index Fund
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 capita l contributions to Vanguard. At December 31, 2009, the fund had contributed capital of $3,046,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 1.22% of
Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, inte rest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At December 31, 2009, 100% of the fund’s investments were valued based on Level 1 inputs.
D. 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 cap ital 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, 2009, the fund realized $177,733,000 of ne t 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2009, the fund had $2,576,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $2,487,079,000 to offset future net capital gains of $747,930,000 through December 31, 2010, $742,396,000 through December 31, 2011, and $996,753,000 through December 31, 2017. Capital loss carryforwards of $1,193,638,000 expired on December 31, 2009; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in capital.
At December 31, 2009, the cost of investment securities for tax purposes was $13,553,171,000. Net unrealized appreciation of investment securities for tax purposes was $2,174,816,000, consisting of unrealized gains of $2,857,507,000 on securities that had risen in value since their purchase and $682,691,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2009, the fund purchased $4,666,196,000 of investment securities and sold $4,249,970,000 of investment securities, other than temporary cash investments.
31
Growth Index Fund
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 825,020 | 37,006 | 1,177,045 | 42,851 |
Issued in Lieu of Cash Distributions | 56,637 | 2,446 | 52,974 | 2,046 |
Redeemed | (877,368) | (39,063) | (1,208,631) | (44,523) |
Net Increase (Decrease)—Investor Shares | 4,289 | 389 | 21,388 | 374 |
Admiral Shares | ||||
Issued | 213,424 | 9,300 | 302,897 | 11,068 |
Issued in Lieu of Cash Distributions | 16,508 | 712 | 16,426 | 628 |
Redeemed | (316,103) | (13,793) | (359,375) | (14,153) |
Net Increase (Decrease)—Admiral Shares | (86,171) | (3,781) | (40,052) | (2,457) |
Signal Shares | ||||
Issued | 431,599 | 20,087 | 549,092 | 21,398 |
Issued in Lieu of Cash Distributions | 13,019 | 605 | 11,980 | 496 |
Redeemed | (293,835) | (14,327) | (447,727) | (18,106) |
Net Increase (Decrease)—Signal Shares | 150,783 | 6,365 | 113,345 | 3,788 |
Institutional Shares | ||||
Issued | 755,744 | 33,073 | 711,522 | 24,895 |
Issued in Lieu of Cash Distributions | 29,495 | 1,269 | 26,884 | 1,032 |
Redeemed | (617,593) | (27,050) | (647,152) | (23,207) |
Net Increase (Decrease)—Institutional Shares | 167,646 | 7,292 | 91,254 | 2,720 |
ETF Shares | ||||
Issued | 629,619 | 14,191 | 1,296,261 | 24,431 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (453,317) | (9,800) | (250,274) | (5,100) |
Net Increase (Decrease)—ETF Shares | 176,302 | 4,391 | 1,045,987 | 19,331 |
G. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 10, 2010, for potential recognition or disclosure in these financial statements.
32
Value Index Fund | |||||
Fund Profile | |||||
As of December 31, 2009 | |||||
Share-Class Characteristics | |||||
Investor | Admiral | Signal | Institutional | ETF | |
Shares | Shares | Shares | Shares | Shares | |
Ticker Symbol | VIVAX | VVIAX | VVISX | VIVIX | VTV |
Expense Ratio1 | 0.26% | 0.15% | 0.15% | 0.09% | 0.15% |
30-Day SEC Yield | 2.22% | 2.37% | 2.37% | 2.41% | 2.37% |
Portfolio Characteristics | |||
MSCI US | DJ | ||
Prime | U.S. Total | ||
Market | Market | ||
Fund Value Index | Index | ||
Number of Stocks | 425 | 424 | 4,201 |
Median Market Cap $40.0B | $40.0B | $30.7B | |
Price/Earnings Ratio | 30.8x | 30.8x | 35.7x |
Price/Book Ratio | 1.6x | 1.6x | 2.1x |
Return on Equity | 17.6% | 17.6% | 19.3% |
Earnings Growth Rate | 1.1% | 1.1% | 8.1% |
Dividend Yield | 2.6% | 2.6% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 31% | — | — |
Short-Term Reserves | 0.0% | — | — |
Volatility Measures | |||
DJ | |||
MSCI US | U.S. Total | ||
Prime Market | Market | ||
Value Index | Index | ||
R-Squared | 1.00 | 0.95 | |
Beta | 1.00 | 1.00 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets)
Exxon Mobil Corp. | Integrated Oil & | |
Gas | 5.9% | |
Procter & Gamble Co. | Household | |
Products | 3.2 | |
AT&T Inc. | Integrated | |
Telecommunication | ||
Services | 3.0 | |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 3.0 | |
General Electric Co. | Industrial | |
Conglomerates | 2.9 | |
Chevron Corp. | Integrated Oil & | |
Gas | 2.8 | |
Pfizer Inc. | Pharmaceuticals | 2.7 |
Wells Fargo & Co. | Diversified Banks | 2.4 |
Bank of America Corp. | Diversified Financial | |
Services | 2.4 | |
Merck & Co. Inc. | Pharmaceuticals | 2.0 |
Top Ten | 30.3% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.26% for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.08% for Institutional Shares, and 0.14% for ETF Shares.
33
Value Index Fund
Sector Diversification (% of equity exposure)
MSCI US | |||
Prime | DJ | ||
Market | U.S. Total | ||
Value | Market | ||
Fund | Index | Index | |
Consumer | |||
Discretionary | 7.6% | 7.6% | 10.3% |
Consumer Staples | 10.0 | 10.0 | 9.9 |
Energy | 15.7 | 15.7 | 10.6 |
Financials | 23.2 | 23.1 | 16.0 |
Health Care | 11.5 | 11.5 | 12.6 |
Industrials | 12.6 | 12.6 | 10.6 |
Information | |||
Technology | 3.7 | 3.7 | 19.3 |
Materials | 3.0 | 3.0 | 4.0 |
Telecommunication | |||
Services | 5.4 | 5.5 | 2.9 |
Utilities | 7.3 | 7.3 | 3.8 |
Investment Focus
34
Value Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: December 31, 1999, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2009 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Value Index Fund Investor Shares | 19.58% | 0.05% | 1.23% | $11,300 | |
•••••••• | Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 9,828 | |
Spliced Value Index | 19.54 | 0.13 | 1.32 | 11,400 | |
– – – – | Large-Cap Value Funds Average | 23.24 | -0.39 | 0.42 | 10,428 |
Spliced Value Index: S&P 500/Barra Value Index through May 16, 2003; MSCI US Prime Market Value Index thereafter.
Large-Cap Value Funds Average: Derived from data provided by Lipper Inc.
Since | Final Value | |||
One | Five | Inception | of a $100,000 | |
Year | Years | (11/13/2000) | Investment | |
Value Index Fund Admiral Shares | 19.72% | 0.15% | 1.13% | $110,763 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | 0.79 | 107,434 |
Spliced Value Index | 19.54 | 0.13 | 1.12 | 110,754 |
Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
35
Value Index Fund
Since | Final Value | ||
One | Inception | of a $1,000,000 | |
Year | (6/4/2007) | Investment | |
Value Index Fund Signal Shares | 19.70% | -12.89% | $700,947 |
Dow Jones U.S. Total Stock Market | |||
Index | 29.35 | -9.23 | 779,306 |
MSCI US Prime Market Value Index | 19.54 | -12.97 | 699,172 |
Performance for the fund’s Signal Shares and comparative standards is calculated since the Signal Shares’ inception. |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Value Index Fund Institutional | ||||
Shares | 19.79% | 0.19% | 1.36% | $5,724,714 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | -0.17 | 4,913,789 |
Spliced Value Index | 19.54 | 0.13 | 1.32 | 5,700,076 |
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (1/26/2004) | Investment | |
Value Index Fund | ||||
ETF Shares Net Asset Value | 19.72% | 0.15% | 1.96% | $11,222 |
Dow Jones U.S. Total Stock Market Index | 29.35 | 1.09 | 2.20 | 11,376 |
MSCI US Prime Market Value Index | 19.54 | 0.13 | 1.96 | 11,217 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
For more information about how the ETF Shares' market prices have compared with their net asset value, visit www.vanguard.com, select
your ETF, and then select the Performance tab. The Premium/Discount table there shows the percentages of days on which the ETF Shares'
market price was above or below the NAV.
Cumulative Returns of ETF Shares: January 26, 2004, Through December 31, 2009
One | Five | Since | |
Year | Years | Inception | |
Value Index Fund | |||
ETF Shares Market Price | 19.58% | 0.63% | 12.24% |
Value Index Fund | |||
ETF Shares Net Asset Value | 19.72 | 0.77 | 12.22 |
MSCI US Prime Market Value Index | 19.54 | 0.63 | 12.17 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
36
Value Index Fund
Fiscal-Year Total Returns (%): December 31, 1999, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
37
Value Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2009
The fund reports a complete list of its holdings in regulatory filings 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).
Market | |||
Value• | |||
Shares | ($000) | ||
Common Stocks (100.0%) | |||
Consumer Discretionary (7.6%) | |||
Walt Disney Co. | 3,863,374 | 124,594 | |
Home Depot Inc. | 3,604,859 | 104,288 | |
Time Warner Inc. | 2,509,136 | 73,116 | |
Comcast Corp. Class A | 3,579,549 | 60,351 | |
News Corp. Class A | 3,991,911 | 54,649 | |
Comcast Corp. | 2,255,788 | 36,115 | |
Time Warner Cable Inc. | 745,711 | 30,865 | |
* | Carnival Corp. | 927,265 | 29,385 |
* | Viacom Inc. Class B | 755,898 | 22,473 |
CBS Corp. Class B | 1,246,504 | 17,513 | |
H&R Block Inc. | 709,549 | 16,050 | |
Mattel Inc. | 761,762 | 15,220 | |
Macy’s Inc. | 889,818 | 14,913 | |
Starwood Hotels & | |||
Resorts Worldwide Inc. | 395,319 | 14,457 | |
VF Corp. | 188,661 | 13,817 | |
Fortune Brands Inc. | 317,888 | 13,733 | |
* | Liberty Media Corp.- | ||
Interactive | 1,199,321 | 13,001 | |
Genuine Parts Co. | 337,556 | 12,814 | |
Whirlpool Corp. | 156,616 | 12,633 | |
Harley-Davidson Inc. | 496,343 | 12,508 | |
Ltd Brands Inc. | 578,437 | 11,129 | |
Gap Inc. | 516,116 | 10,813 | |
Darden Restaurants Inc. | 280,399 | 9,834 | |
DISH Network Corp. | |||
Class A | 440,963 | 9,159 | |
Newell Rubbermaid Inc. | 587,613 | 8,820 | |
Hasbro Inc. | 266,377 | 8,540 | |
Black & Decker Corp. | 127,287 | 8,252 | |
Autoliv Inc. | 179,972 | 7,804 | |
Wyndham | |||
Worldwide Corp. | 377,991 | 7,624 | |
* | Royal Caribbean | ||
Cruises Ltd. | 294,051 | 7,434 | |
Gannett Co. Inc. | 496,808 | 7,378 | |
American Eagle | |||
Outfitters Inc. | 393,833 | 6,687 |
Abercrombie & Fitch Co. | 185,795 | 6,475 | |
Leggett & Platt Inc. | 313,759 | 6,401 | |
*,^ | Sears Holdings Corp. | 76,504 | 6,384 |
JC Penney Co. Inc. | 224,413 | 5,972 | |
* | Mohawk Industries Inc. | 123,315 | 5,870 |
Washington Post Co. | |||
Class B | 12,890 | 5,666 | |
News Corp. Class B | 323,897 | 5,156 | |
* | Interpublic Group | ||
of Cos. Inc. | 667,974 | 4,930 | |
* | Liberty Media Corp.- | ||
Starz | 104,605 | 4,827 | |
* | AutoNation Inc. | 244,600 | 4,684 |
Lennar Corp. Class A | 305,992 | 3,907 | |
Foot Locker Inc. | 330,913 | 3,686 | |
Virgin Media Inc. | 207,162 | 3,486 | |
DR Horton Inc. | 303,221 | 3,296 | |
Brinker International Inc. | 217,005 | 3,238 | |
* | Toll Brothers Inc. | 145,707 | 2,741 |
Wendy’s/Arby’s Group Inc. | |||
Class A | 552,990 | 2,593 | |
Pulte Homes Inc. | 254,880 | 2,549 | |
* | Goodyear Tire & | ||
Rubber Co. | 171,105 | 2,413 | |
* | Hyatt Hotels Corp. | ||
Class A | 80,775 | 2,408 | |
Weight Watchers | |||
International Inc. | 73,652 | 2,148 | |
* | Penn National Gaming Inc. | 70,944 | 1,928 |
* | Lamar Advertising Co. | ||
Class A | 54,190 | 1,685 | |
888,412 | |||
Consumer Staples (10.0%) | |||
Procter & Gamble Co. | 6,177,543 | 374,544 | |
Coca-Cola Co. | 2,869,059 | 163,536 | |
Altria Group Inc. | 4,383,597 | 86,050 | |
Kraft Foods Inc. | 3,121,500 | 84,842 | |
Archer-Daniels-Midland Co. | 1,222,886 | 38,289 | |
Kimberly-Clark Corp. | 570,110 | 36,322 | |
Sysco Corp. | 1,250,711 | 34,945 |
38
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
CVS Caremark Corp. | 1,069,003 | 34,433 | |
Kroger Co. | 1,309,667 | 26,887 | |
ConAgra Foods Inc. | 937,755 | 21,615 | |
Reynolds American Inc. | 369,908 | 19,594 | |
Safeway Inc. | 881,433 | 18,766 | |
Bunge Ltd. | 280,430 | 17,900 | |
General Mills Inc. | 241,091 | 17,072 | |
Sara Lee Corp. | 1,398,534 | 17,034 | |
JM Smucker Co. | 251,645 | 15,539 | |
Molson Coors Brewing Co. | |||
Class B | 321,450 | 14,517 | |
HJ Heinz Co. | 333,426 | 14,257 | |
Lorillard Inc. | 174,729 | 14,018 | |
Pepsi Bottling Group Inc. | 319,220 | 11,971 | |
Mead Johnson | |||
Nutrition Co. Class A | 216,307 | 9,453 | |
McCormick & Co. Inc. | 250,208 | 9,040 | |
Brown-Forman Corp. | |||
Class B | 168,259 | 9,014 | |
Church & Dwight Co. Inc. | 148,771 | 8,993 | |
Dr Pepper Snapple | |||
Group Inc. | 268,803 | 7,607 | |
Tyson Foods Inc. Class A | 617,053 | 7,571 | |
* | Ralcorp Holdings Inc. | 119,682 | 7,146 |
* | Constellation Brands Inc. | ||
Class A | 417,691 | 6,654 | |
SUPERVALU Inc. | 448,276 | 5,698 | |
Alberto-Culver Co. Class B | 186,832 | 5,472 | |
Campbell Soup Co. | 155,552 | 5,258 | |
* | Smithfield Foods Inc. | 314,692 | 4,780 |
Hershey Co. | 117,623 | 4,210 | |
Hormel Foods Corp. | 102,004 | 3,922 | |
PepsiAmericas Inc. | 132,295 | 3,871 | |
1,160,820 | |||
Energy (15.7%) | |||
Exxon Mobil Corp. | 10,170,576 | 693,532 | |
Chevron Corp. | 4,244,297 | 326,768 | |
ConocoPhillips | 2,981,348 | 152,257 | |
Occidental | |||
Petroleum Corp. | 1,115,229 | 90,724 | |
Apache Corp. | 710,542 | 73,307 | |
Devon Energy Corp. | 892,240 | 65,580 | |
* | Transocean Ltd. | 679,435 | 56,257 |
Marathon Oil Corp. | 1,497,731 | 46,759 | |
XTO Energy Inc. | 758,141 | 35,276 | |
Chesapeake Energy Corp. | 1,289,988 | 33,385 | |
Spectra Energy Corp. | 1,366,876 | 28,035 | |
Williams Cos. Inc. | 1,233,648 | 26,005 | |
Halliburton Co. | 667,822 | 20,095 | |
Valero Energy Corp. | 1,190,947 | 19,948 | |
El Paso Corp. | 1,483,873 | 14,586 | |
* | Newfield Exploration Co. | 280,744 | 13,540 |
Hess Corp. | 217,942 | 13,186 | |
* | Nabors Industries Ltd. | 601,059 | 13,157 |
Pioneer Natural | |||
Resources Co. | 243,504 | 11,730 |
* | Pride International Inc. | 367,575 | 11,729 |
Noble Corp. | 276,649 | 11,260 | |
Cimarex Energy Co. | 176,492 | 9,349 | |
* | Kinder Morgan | ||
Management LLC | 159,355 | 8,707 | |
Arch Coal Inc. | 343,797 | 7,650 | |
Murphy Oil Corp. | 134,197 | 7,274 | |
Sunoco Inc. | 247,365 | 6,456 | |
BJ Services Co. | 309,558 | 5,758 | |
Tidewater Inc. | 109,331 | 5,242 | |
* | Forest Oil Corp. | 225,397 | 5,015 |
Cabot Oil & Gas Corp. | 77,149 | 3,363 | |
* | Rowan Cos. Inc. | 120,979 | 2,739 |
Tesoro Corp. | 148,537 | 2,013 | |
Patterson-UTI Energy Inc. | 114,398 | 1,756 | |
* | SandRidge Energy Inc. | 114,894 | 1,083 |
1,823,521 | |||
Financials (23.2%) | |||
JPMorgan Chase & Co. | 8,322,538 | 346,800 | |
Wells Fargo & Co. | 10,279,356 | 277,440 | |
Bank of America Corp. | 18,306,700 | 275,699 | |
Goldman Sachs | |||
Group Inc. | 1,027,753 | 173,526 | |
Citigroup Inc. | 29,160,167 | 96,520 | |
Morgan Stanley | 2,588,787 | 76,628 | |
Bank of New York | |||
Mellon Corp. | 2,545,563 | 71,199 | |
MetLife Inc. | 1,732,502 | 61,244 | |
Travelers Cos. Inc. | 1,201,141 | 59,889 | |
PNC Financial Services | |||
Group Inc. | 975,935 | 51,520 | |
Prudential Financial Inc. | 975,541 | 48,543 | |
Aflac Inc. | 989,391 | 45,759 | |
BB&T Corp. | 1,442,388 | 36,593 | |
Chubb Corp. | 740,506 | 36,418 | |
ACE Ltd. | 711,336 | 35,851 | |
Allstate Corp. | 1,078,409 | 32,395 | |
US Bancorp | 1,416,160 | 31,878 | |
Simon Property Group Inc. | 391,947 | 31,277 | |
Loews Corp. | 733,061 | 26,647 | |
* | Progressive Corp. | 1,364,317 | 24,544 |
Marsh & | |||
McLennan Cos. Inc. | 1,108,581 | 24,477 | |
Vornado Realty Trust | 343,118 | 23,998 | |
Ameriprise Financial Inc. | 539,660 | 20,950 | |
Invesco Ltd. | 880,422 | 20,681 | |
AON Corp. | 522,743 | 20,042 | |
Annaly Capital | |||
Management Inc. | 1,152,036 | 19,988 | |
Boston Properties Inc. | 293,210 | 19,666 | |
Equity Residential | 579,770 | 19,585 | |
Hartford Financial | |||
Services Group Inc. | 813,181 | 18,915 | |
HCP Inc. | 615,327 | 18,792 | |
Discover Financial | |||
Services | 1,136,736 | 16,721 |
39
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Principal Financial | |||
Group Inc. | 674,905 | 16,225 | |
State Street Corp. | 366,253 | 15,947 | |
Lincoln National Corp. | 639,326 | 15,906 | |
Fifth Third Bancorp | 1,598,908 | 15,589 | |
Ventas Inc. | 331,233 | 14,488 | |
Public Storage | 174,804 | 14,238 | |
SunTrust Banks Inc. | 686,108 | 13,921 | |
NYSE Euronext | 550,182 | 13,920 | |
AvalonBay | |||
Communities Inc. | 169,095 | 13,884 | |
Hudson City Bancorp Inc. | 998,201 | 13,705 | |
Unum Group | 701,371 | 13,691 | |
XL Capital Ltd. Class A | 724,081 | 13,272 | |
Plum Creek | |||
Timber Co. Inc. | 344,492 | 13,008 | |
ProLogis | 937,067 | 12,828 | |
New York Community | |||
Bancorp Inc. | 850,801 | 12,345 | |
People’s United | |||
Financial Inc. | 737,181 | 12,311 | |
* | Genworth Financial Inc. | ||
Class A | 1,018,631 | 11,561 | |
Kimco Realty Corp. | 850,155 | 11,503 | |
Health Care REIT Inc. | 253,393 | 11,230 | |
* | SLM Corp. | 989,437 | 11,151 |
Everest Re Group Ltd. | 128,708 | 11,028 | |
^ | M&T Bank Corp. | 162,163 | 10,847 |
PartnerRe Ltd. | 141,976 | 10,600 | |
KeyCorp | 1,858,464 | 10,315 | |
* | Leucadia National Corp. | 412,525 | 9,814 |
Comerica Inc. | 319,559 | 9,449 | |
Willis Group Holdings Ltd. | 355,709 | 9,384 | |
Legg Mason Inc. | 301,923 | 9,106 | |
Federal Realty | |||
Investment Trust | 128,822 | 8,724 | |
Regions Financial Corp. | 1,634,463 | 8,646 | |
Cincinnati Financial Corp. | 326,971 | 8,580 | |
SL Green Realty Corp. | 162,590 | 8,169 | |
Axis Capital Holdings Ltd. | 286,169 | 8,130 | |
Nationwide Health | |||
Properties Inc. | 227,476 | 8,003 | |
AMB Property Corp. | 309,488 | 7,907 | |
Torchmark Corp. | 175,077 | 7,695 | |
Liberty Property Trust | 236,658 | 7,575 | |
WR Berkley Corp. | 304,719 | 7,508 | |
Assurant Inc. | 249,455 | 7,354 | |
Reinsurance Group of | |||
America Inc. Class A | 153,882 | 7,333 | |
Macerich Co. | 199,980 | 7,189 | |
Rayonier Inc. | 167,485 | 7,061 | |
RenaissanceRe | |||
Holdings Ltd. | 131,880 | 7,009 | |
* | Markel Corp. | 19,759 | 6,718 |
HCC Insurance | |||
Holdings Inc. | 238,073 | 6,659 |
Regency Centers Corp. | 187,164 | 6,562 | |
* | Arch Capital Group Ltd. | 90,232 | 6,456 |
First American Corp. | 191,850 | 6,352 | |
* | First Horizon | ||
National Corp. | 470,416 | 6,304 | |
Fidelity National | |||
Financial Inc. Class A | 464,456 | 6,252 | |
Transatlantic Holdings Inc. | 119,565 | 6,231 | |
Hospitality | |||
Properties Trust | 258,366 | 6,126 | |
Commerce | |||
Bancshares Inc. | 149,383 | 5,784 | |
Duke Realty Corp. | 473,908 | 5,767 | |
^ | Realty Income Corp. | 220,506 | 5,713 |
Cullen/Frost Bankers Inc. | 114,028 | 5,701 | |
White Mountains | |||
Insurance Group Ltd. | 16,863 | 5,610 | |
Marshall & Ilsley Corp. | 1,012,902 | 5,520 | |
Federated Investors Inc. | |||
Class B | 195,855 | 5,386 | |
Validus Holdings Ltd. | 197,721 | 5,327 | |
UDR Inc. | 318,608 | 5,238 | |
Huntington | |||
Bancshares Inc. | 1,432,854 | 5,230 | |
Old Republic | |||
International Corp. | 508,562 | 5,106 | |
Digital Realty Trust Inc. | 99,327 | 4,994 | |
*,^ | American International | ||
Group Inc. | 166,419 | 4,989 | |
Raymond James | |||
Financial Inc. | 208,605 | 4,959 | |
Weingarten Realty | |||
Investors | 240,521 | 4,760 | |
City National Corp. | 92,394 | 4,213 | |
American Financial | |||
Group Inc. | 160,312 | 4,000 | |
* | NASDAQ OMX Group Inc. | 195,979 | 3,884 |
TCF Financial Corp. | 245,809 | 3,348 | |
Zions Bancorporation | 255,322 | 3,276 | |
Associated Banc-Corp | 258,141 | 2,842 | |
BOK Financial Corp. | 57,084 | 2,713 | |
Mercury General Corp. | 58,126 | 2,282 | |
Capitol Federal Financial | 47,304 | 1,488 | |
TFS Financial Corp. | 98,355 | 1,194 | |
Host Hotels & Resorts Inc. | 13,211 | 154 | |
2,699,472 | |||
Health Care (11.5%) | |||
Pfizer Inc. | 17,066,397 | 310,438 | |
Merck & Co. Inc. | 6,464,270 | 236,204 | |
Johnson & Johnson | 2,916,033 | 187,822 | |
Bristol-Myers Squibb Co. | 3,622,542 | 91,469 | |
Eli Lilly & Co. | 2,188,488 | 78,151 | |
UnitedHealth Group Inc. | 2,459,981 | 74,980 | |
* | WellPoint Inc. | 1,005,325 | 58,600 |
Covidien PLC | 1,063,253 | 50,919 |
40
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Thermo Fisher | ||
Scientific Inc. | 863,777 | 41,194 | |
Aetna Inc. | 923,708 | 29,282 | |
* | Boston Scientific Corp. | 3,190,271 | 28,713 |
Cardinal Health Inc. | 761,996 | 24,567 | |
* | Forest Laboratories Inc. | 638,350 | 20,497 |
CIGNA Corp. | 577,052 | 20,353 | |
AmerisourceBergen Corp. | |||
Class A | 629,074 | 16,400 | |
* | Humana Inc. | 359,039 | 15,758 |
* | Coventry Health Care Inc. | 316,422 | 7,686 |
* | King Pharmaceuticals Inc. | 526,044 | 6,455 |
* | Vertex | ||
Pharmaceuticals Inc. | 142,762 | 6,117 | |
Omnicare Inc. | 252,988 | 6,117 | |
Universal Health | |||
Services Inc. Class B | 191,916 | 5,853 | |
* | Health Net Inc. | 219,619 | 5,115 |
* | CareFusion Corp. | 190,727 | 4,770 |
* | Charles River Laboratories | ||
International Inc. | 139,215 | 4,690 | |
* | Dendreon Corp. | 138,713 | 3,645 |
* | Inverness Medical | ||
Innovations Inc. | 81,192 | 3,370 | |
Pharmaceutical Product | |||
Development Inc. | 79,115 | 1,855 | |
* | Endo Pharmaceuticals | ||
Holdings Inc. | 87,125 | 1,787 | |
1,342,807 | |||
Industrials (12.6%) | |||
General Electric Co. | 22,489,781 | 340,270 | |
United Technologies Corp. | 1,892,399 | 131,351 | |
3M Co. | 1,403,855 | 116,057 | |
Burlington Northern | |||
Santa Fe Corp. | 719,510 | 70,958 | |
Emerson Electric Co. | 1,590,568 | 67,758 | |
General Dynamics Corp. | 692,725 | 47,223 | |
Illinois Tool Works Inc. | 899,663 | 43,175 | |
Raytheon Co. | 824,016 | 42,453 | |
Norfolk Southern Corp. | 778,029 | 40,784 | |
CSX Corp. | 829,997 | 40,247 | |
Honeywell | |||
International Inc. | 982,735 | 38,523 | |
Tyco International Ltd. | 1,003,291 | 35,797 | |
Northrop Grumman Corp. | 639,560 | 35,719 | |
Lockheed Martin Corp. | 449,327 | 33,857 | |
Waste Management Inc. | 990,547 | 33,490 | |
United Parcel Service Inc. | |||
Class B | 520,159 | 29,842 | |
Deere & Co. | 447,513 | 24,206 | |
Ingersoll-Rand PLC | 675,503 | 24,143 | |
Republic Services Inc. | |||
Class A | 802,442 | 22,717 | |
L-3 Communications | |||
Holdings Inc. | 246,645 | 21,446 | |
Eaton Corp. | 332,888 | 21,178 |
FedEx Corp. | 219,819 | 18,344 | |
Dover Corp. | 393,913 | 16,391 | |
Cooper Industries PLC | 352,806 | 15,044 | |
Rockwell Automation Inc. | 300,358 | 14,111 | |
Goodrich Corp. | 170,484 | 10,954 | |
Textron Inc. | 571,701 | 10,754 | |
Masco Corp. | 761,382 | 10,515 | |
Pitney Bowes Inc. | 438,150 | 9,972 | |
RR Donnelley & Sons Co. | 434,400 | 9,674 | |
Cummins Inc. | 202,749 | 9,298 | |
Equifax Inc. | 267,416 | 8,261 | |
* | URS Corp. | 178,408 | 7,943 |
Avery Dennison Corp. | 214,698 | 7,834 | |
Stanley Works | 151,065 | 7,781 | |
Cintas Corp. | 291,426 | 7,592 | |
KBR Inc. | 339,379 | 6,448 | |
Pentair Inc. | 197,626 | 6,383 | |
Harsco Corp. | 169,731 | 5,471 | |
Ryder System Inc. | 118,532 | 4,880 | |
Manpower Inc. | 82,996 | 4,530 | |
Pall Corp. | 124,616 | 4,511 | |
* | Owens Corning | 162,059 | 4,155 |
SPX Corp. | 52,198 | 2,855 | |
* | Hertz Global Holdings Inc. | 137,183 | 1,635 |
* | Terex Corp. | 80,514 | 1,595 |
* | Spirit Aerosystems | ||
Holdings Inc. Class A | 77,854 | 1,546 | |
1,469,671 | |||
Information Technology (3.7%) | |||
Intel Corp. | 7,700,662 | 157,094 | |
Corning Inc. | 1,644,943 | 31,764 | |
Texas Instruments Inc. | 934,311 | 24,348 | |
Seagate Technology | 1,048,455 | 19,071 | |
* | Computer Sciences Corp. | 320,987 | 18,466 |
Fidelity National | |||
Information Services Inc. | 666,934 | 15,633 | |
Xerox Corp. | 1,839,210 | 15,560 | |
Xilinx Inc. | 584,077 | 14,637 | |
* | Affiliated Computer | ||
Services Inc. Class A | 192,646 | 11,499 | |
Microchip Technology Inc. | 387,111 | 11,250 | |
* | Avnet Inc. | 319,691 | 9,642 |
* | SAIC Inc. | 431,370 | 8,170 |
* | Flextronics | ||
International Ltd. | 1,117,567 | 8,169 | |
* | Arrow Electronics Inc. | 253,592 | 7,509 |
Analog Devices Inc. | 215,915 | 6,819 | |
Jabil Circuit Inc. | 384,193 | 6,674 | |
* | Micron Technology Inc. | 628,338 | 6,635 |
Total System Services Inc. | 355,255 | 6,135 | |
* | Citrix Systems Inc. | 135,499 | 5,638 |
* | Ingram Micro Inc. | 310,275 | 5,414 |
* | LSI Corp. | 896,076 | 5,385 |
* | AOL Inc. | 228,330 | 5,316 |
Harris Corp. | 97,889 | 4,655 | |
* | Tellabs Inc. | 797,889 | 4,532 |
41
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Lexmark International Inc. | ||
Class A | 164,970 | 4,286 | |
* | IAC/InterActiveCorp | 202,108 | 4,139 |
Intersil Corp. Class A | 259,978 | 3,988 | |
Molex Inc. Class A | 156,999 | 3,003 | |
Molex Inc. | 131,973 | 2,844 | |
* | NCR Corp. | 118,314 | 1,317 |
429,592 | |||
Materials (3.0%) | |||
EI du Pont de | |||
Nemours & Co. | 1,912,261 | 64,386 | |
Dow Chemical Co. | 1,210,049 | 33,434 | |
Nucor Corp. | 665,936 | 31,066 | |
Air Products & | |||
Chemicals Inc. | 288,959 | 23,423 | |
PPG Industries Inc. | 348,982 | 20,429 | |
Vulcan Materials Co. | 264,465 | 13,929 | |
Cliffs Natural | |||
Resources Inc. | 277,220 | 12,777 | |
* | Owens-Illinois Inc. | 356,279 | 11,711 |
International Paper Co. | 435,034 | 11,650 | |
Lubrizol Corp. | 143,103 | 10,439 | |
MeadWestvaco Corp. | 362,110 | 10,367 | |
Ball Corp. | 189,143 | 9,779 | |
Eastman Chemical Co. | 153,771 | 9,263 | |
CF Industries | |||
Holdings Inc. | 97,339 | 8,836 | |
Allegheny | |||
Technologies Inc. | 186,687 | 8,358 | |
Airgas Inc. | 155,808 | 7,416 | |
Sealed Air Corp. | 335,970 | 7,344 | |
Mosaic Co. | 115,499 | 6,899 | |
International Flavors & | |||
Fragrances Inc. | 167,051 | 6,873 | |
Bemis Co. Inc. | 228,903 | 6,787 | |
Sonoco Products Co. | 211,236 | 6,179 | |
Albemarle Corp. | 154,852 | 5,632 | |
Valspar Corp. | 202,005 | 5,482 | |
FMC Corp. | 94,643 | 5,277 | |
Reliance Steel & | |||
Aluminum Co. | 91,361 | 3,949 | |
Greif Inc. Class A | 51,769 | 2,795 | |
Steel Dynamics Inc. | 143,292 | 2,539 | |
Commercial Metals Co. | 155,573 | 2,435 | |
* | Titanium Metals Corp. | 162,302 | 2,032 |
351,486 | |||
Telecommunication Services (5.4%) | |||
AT&T Inc. | 12,486,284 | 349,991 | |
Verizon | |||
Communications Inc. | 6,011,632 | 199,165 | |
CenturyTel Inc. | 629,065 | 22,778 | |
* | Sprint Nextel Corp. | 6,156,632 | 22,533 |
Qwest Communications | |||
International Inc. | 3,283,274 | 13,823 | |
Windstream Corp. | 924,232 | 10,157 |
Frontier | |||
Communications Corp. | 660,278 | 5,157 | |
Telephone & | |||
Data Systems Inc. | 109,400 | 3,711 | |
Telephone & | |||
Data Systems Inc.- | |||
Special Common Shares | 97,615 | 2,948 | |
* | Level 3 | ||
Communications Inc. | 1,736,619 | 2,657 | |
* | United States Cellular Corp. | 40,131 | 1,702 |
634,622 | |||
Utilities (7.3%) | |||
Exelon Corp. | 1,394,792 | 68,163 | |
Southern Co. | 1,684,607 | 56,131 | |
Dominion Resources Inc. | 1,259,717 | 49,028 | |
Duke Energy Corp. | 2,744,204 | 47,228 | |
FPL Group Inc. | 827,222 | 43,694 | |
Public Service Enterprise | |||
Group Inc. | 1,070,800 | 35,604 | |
American Electric | |||
Power Co. Inc. | 1,008,989 | 35,103 | |
PG&E Corp. | 784,426 | 35,025 | |
Entergy Corp. | 414,352 | 33,911 | |
FirstEnergy Corp. | 645,070 | 29,963 | |
Sempra Energy | 493,219 | 27,610 | |
Consolidated Edison Inc. | 581,937 | 26,437 | |
PPL Corp. | 796,871 | 25,747 | |
Progress Energy Inc. | 591,083 | 24,240 | |
Edison International | 654,988 | 22,780 | |
Xcel Energy Inc. | 964,415 | 20,465 | |
Questar Corp. | 368,626 | 15,324 | |
DTE Energy Co. | 348,053 | 15,172 | |
Ameren Corp. | 494,101 | 13,810 | |
Constellation Energy | |||
Group Inc. | 382,094 | 13,438 | |
* | NRG Energy Inc. | 561,382 | 13,254 |
Wisconsin Energy Corp. | 247,353 | 12,326 | |
CenterPoint Energy Inc. | 777,316 | 11,279 | |
Northeast Utilities | 370,892 | 9,565 | |
Oneok Inc. | 211,824 | 9,441 | |
SCANA Corp. | 246,289 | 9,280 | |
NiSource Inc. | 582,704 | 8,962 | |
MDU Resources | |||
Group Inc. | 370,073 | 8,734 | |
Allegheny Energy Inc. | 358,635 | 8,421 | |
NSTAR | 225,997 | 8,317 | |
American | |||
Water Works Co. Inc. | 369,505 | 8,281 | |
Pepco Holdings Inc. | 467,243 | 7,873 | |
Pinnacle West | |||
Capital Corp. | 214,106 | 7,832 | |
National Fuel Gas Co. | 152,778 | 7,639 | |
CMS Energy Corp. | 484,376 | 7,585 | |
OGE Energy Corp. | 204,267 | 7,535 | |
Alliant Energy Corp. | 233,899 | 7,078 | |
TECO Energy Inc. | 429,534 | 6,967 |
42
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Integrys Energy Group Inc. | 161,688 | 6,789 | |
DPL Inc. | 245,425 | 6,774 | |
Energen Corp. | 144,379 | 6,757 | |
NV Energy Inc. | 497,353 | 6,157 | |
UGI Corp. | 229,169 | 5,544 | |
Aqua America Inc. | 287,189 | 5,029 | |
* | Mirant Corp. | 306,766 | 4,684 |
* | RRI Energy Inc. | 742,581 | 4,247 |
* | Dynegy Inc. Class A | 698,125 | 1,264 |
846,487 | |||
Total Common Stocks | |||
(Cost $11,401,278) | 11,646,890 | ||
Temporary Cash Investment (0.2%) | |||
Money Market Fund (0.2%) | |||
1,2 | Vanguard Market | ||
Liquidity Fund, 0.187% | |||
(Cost $22,170) | 22,169,848 | 22,170 | |
Total Investments (100.2%) | |||
(Cost $11,423,448) | 11,669,060 | ||
Other Assets and Liabilities (-0.2%) | |||
Other Assets | 77,470 | ||
Liabilities2 | (105,097) | ||
(27,627) | |||
Net Assets (100%) | 11,641,433 |
At December 31, 2009, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 14,940,274 |
Overdistributed Net Investment Income | (15,787) |
Accumulated Net Realized Losses | (3,528,666) |
Unrealized Appreciation (Depreciation) | 245,612 |
Net Assets | 11,641,433 |
Investor Shares—Net Assets | |
Applicable to 180,224,198 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 3,356,942 |
Net Asset Value Per Share— | |
Investor Shares | $18.63 |
Admiral Shares—Net Assets | |
Applicable to 76,273,594 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 1,420,821 |
Net Asset Value Per Share— | |
Admiral Shares | $18.63 |
Signal Shares—Net Assets | |
Applicable to 46,766,527 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 906,531 |
Net Asset Value Per Share— | |
Signal Shares | $19.38 |
Institutional Shares—Net Assets | |
Applicable to 150,967,175 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 2,812,275 |
Net Asset Value Per Share— | |
Institutional Shares | $18.63 |
ETF Shares—Net Assets | |
Applicable to 65,858,042 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 3,144,864 |
Net Asset Value Per Share— | |
ETF Shares | $47.75 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $16,936,000.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
2 Includes $17,719,000 of collateral received for securities on loan.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
43
Value Index Fund
Statement of Operations
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 309,129 |
Interest1 | 22 |
Security Lending | 10,194 |
Total Income | 319,345 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 392 |
Management and Administrati ve—Investor Shares | 6,103 |
Management and Administrati ve—Admiral Shares | 1,322 |
Management and Administrati ve—Signal Shares | 700 |
Management and Administrati ve—Institutional Shares | 923 |
Management and Administrati ve—ETF Shares | 2,226 |
Marketing and Distribution& #151;Investor Shares | 751 |
Marketing and Distribution& #151;Admiral Shares | 266 |
Marketing and Distribution& #151;Signal Shares | 216 |
Marketing and Distribution& #151;Institutional Shares | 575 |
Marketing and Distribution& #151;ETF Shares | 728 |
Custodian Fees | 256 |
Auditing Fees | 25 |
Shareholders’ Reports and Proxies—Investor Shares | 354 |
Shareholders’ Reports and Proxies—Admiral Shares | 19 |
Shareholders’ Reports and Proxies—Signal Shares | 19 |
Shareholders’ Reports and Proxies—Institutional Shares | 75 |
Shareholders’ Reports and Proxies—ETF Shares | 231 |
Trustees’ Fees and Expenses | 18 |
Total Expenses | 15,199 |
Net Investment Income | 304,146 |
Realized Net Gain (Loss) on Investment Securities Sold | (1,182,895) |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 2,843,335 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,964,586 |
1 Interest income from an affiliated company of the fund was $22,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
44
Value Index Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 304,146 | 337,782 |
Realized Net Gain (Loss) | (1,182,895) | (675,445) |
Change in Unrealized Appreciation (Depreciation) | 2,843,335 | (4,128,281) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,964,586 | (4,465,944) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (89,175) | (108,368) |
Admiral Shares | (40,743) | (53,908) |
Signal Shares | (24,281) | (24,510) |
Institutional Shares | (75,494) | (75,111) |
ETF Shares | (83,082) | (75,028) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (312,775) | (336,925) |
Capital Share Transactions | ||
Investor Shares | 222,645 | (59,203) |
Admiral Shares | (34,694) | (13,571) |
Signal Shares | 137,348 | 125,768 |
Institutional Shares | 431,888 | 405,400 |
ETF Shares | 558,365 | 899,880 |
Net Increase (Decrease) from Capital Share Transactions | 1,315,552 | 1,358,274 |
Total Increase (Decrease) | 2,967,363 | (3,444,595) |
Net Assets | ||
Beginning of Period | 8,674,070 | 12,118,665 |
End of Period1 | 11,641,433 | 8,674,070 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($15,787,000) and ($7,158,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
45
Value Index Fund | |||||
Financial Highlights | |||||
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $16.08 | $25.94 | $26.58 | $22.29 | $21.35 |
Investment Operations | |||||
Net Investment Income | .498 | .660 | .687 | .586 | .559 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.561 | (9.863) | (.644) | 4.295 | .936 |
Total from Investment Operations | 3.059 | (9.203) | .043 | 4.881 | 1.495 |
Distributions | |||||
Dividends from Net Investment Income | (.509) | (.657) | (.683) | (.591) | (.555) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.509) | (.657) | (.683) | (.591) | (.555) |
Net Asset Value, End of Period | $18.63 | $16.08 | $25.94 | $26.58 | $22.29 |
Total Return1 | 19.58% | -35.97% | 0.09% | 22.15% | 7.09% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,357 | $2,618 | $4,310 | $4,417 | $3,376 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.26% | 0.21% | 0.20% | 0.21% | 0.21% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.09% | 3.14% | 2.49% | 2.48% | 2.63% |
Portfolio Turnover Rate2 | 31% | 27% | 20% | 20% | 21% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
46
Value Index Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $16.08 | $25.94 | $26.58 | $22.29 | $21.35 |
Investment Operations | |||||
Net Investment Income | .517 | .681 | .710 | .611 | .581 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.562 | (9.863) | (.640) | 4.295 | .936 |
Total from Investment Operations | 3.079 | (9.182) | .070 | 4.906 | 1.517 |
Distributions | |||||
Dividends from Net Investment Income | (.529) | (.678) | (.710) | (.616) | (.577) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.529) | (.678) | (.710) | (.616) | (.577) |
Net Asset Value, End of Period | $18.63 | $16.08 | $25.94 | $26.58 | $22.29 |
Total Return | 19.72% | -35.90% | 0.18% | 22.27% | 7.20% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,421 | $1,262 | $2,069 | $2,625 | $1,880 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.14% | 0.11% | 0.10% | 0.11% | 0.11% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.21% | 3.24% | 2.59% | 2.58% | 2.72% |
Portfolio Turnover Rate1 | 31% | 27% | 20% | 20% | 21% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
47
Value Index Fund | |||
Financial Highlights | |||
Signal Shares | |||
June 4, | |||
Year Ended | 20071 to | ||
December 31, | Dec. 31, | ||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 |
Net Asset Value, Beginning of Period | $16.73 | $27.00 | $30.14 |
Investment Operations | |||
Net Investment Income | .538 | .710 | .442 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.663 | (10.274) | (3.017) |
Total from Investment Operations | 3.201 | (9.564) | (2.575) |
Distributions | |||
Dividends from Net Investment Income | (.551) | (.706) | (.565) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.551) | (.706) | (.565) |
Net Asset Value, End of Period | $19.38 | $16.73 | $27.00 |
Total Return | 19.70% | -35.93% | -8.61% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $907 | $638 | $864 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.11% | 0.10%2 |
Ratio of Net Investment Income to Average Net Assets | 3.21% | 3.24% | 2.59%2 |
Portfolio Turnover Rate3 | 31% | 27% | 20% |
1 Inception.
2 Annualized.
3 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
48
Value Index Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $16.08 | $25.94 | $26.58 | $22.29 | $21.35 |
Investment Operations | |||||
Net Investment Income | .527 | .690 | .722 | .618 | .588 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.562 | (9.864) | (.644) | 4.295 | .936 |
Total from Investment Operations | 3.089 | (9.174) | .078 | 4.913 | 1.524 |
Distributions | |||||
Dividends from Net Investment Income | (.539) | (.686) | (.718) | (.623) | (.584) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.539) | (.686) | (.718) | (.623) | (.584) |
Net Asset Value, End of Period | $18.63 | $16.08 | $25.94 | $26.58 | $22.29 |
Total Return | 19.79% | -35.88% | 0.21% | 22.31% | 7.23% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,812 | $1,992 | $2,660 | $2,209 | $1,224 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.07% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.27% | 3.28% | 2.62% | 2.61% | 2.76% |
Portfolio Turnover Rate1 | 31% | 27% | 20% | 20% | 21% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
49
Value Index Fund | |||||
Financial Highlights | |||||
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $41.21 | $66.51 | $68.14 | $57.14 | $54.74 |
Investment Operations | |||||
Net Investment Income | 1.324 | 1.754 | 1.830 | 1.565 | 1.489 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 6.573 | (25.311) | (1.640) | 11.016 | 2.392 |
Total from Investment Operations | 7.897 | (23.557) | .190 | 12.581 | 3.881 |
Distributions | |||||
Dividends from Net Investment Income | (1.357) | (1.743) | (1.820) | (1.581) | (1.481) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.357) | (1.743) | (1.820) | (1.581) | (1.481) |
Net Asset Value, End of Period | $47.75 | $41.21 | $66.51 | $68.14 | $57.14 |
Total Return | 19.72% | -35.91% | 0.20% | 22.28% | 7.19% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,145 | $2,165 | $2,215 | $1,646 | $600 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.14% | 0.10% | 0.10% | 0.11% | 0.11% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.21% | 3.25% | 2.59% | 2.58% | 2.72% |
Portfolio Turnover Rate1 | 31% | 27% | 20% | 20% | 21% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
50
Value Index Fund
Notes to Financial Statements
Vanguard Value Index Fund is registered under the Investment Company Act of 1940 as an openend investment company, or mutual fund. The fund offers five classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, and ETF 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, service, tenure, and account-size criteria. Signal Shares are designed for institutional investors who meet certain administrative, service, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum amount of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
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 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 w hich 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.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. 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.
5. 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), share holder reporting, and proxies. Marketing and distribution expenses are allocated to each class of s hares 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.
51
Value Index Fund
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, 2009, the fund had contributed capital of $2,308,000 to Vanguard (included in Other Assets), representing 0.02% of the fund ’s net assets and 0.92% of
Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quo ted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At December 31, 2009, 100% of the fund’s investments were valued based on Level 1 inputs.
D. Distributions are determined on a tax basis and may differ from net investment in come and realized capital gains f or financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital acc ounts 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 are primarily attributed to tax deferral of losses on wash sales and 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, 2009, the fund realized $287,226,000 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2009, the fund had $3,170,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $2,951,160,000 to offset future net capital gains of $125,066,000 through December 31, 2010, $503,996,000 through December 31, 2011, $40,920,000 through December 31, 2014, $73,605,000 through December 31, 2015, $574,313,000 through December 31, 2016, and $1,633,260,000 t hrough December 31, 2017. In addition the fund realized losses of $300,775,000 during the period from November 1, 2009, through December 31, 2009, which are deferred and will be treated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $11,700,179,000. Net unrealized depreciation of investment securities for tax purposes was $31,119,000, consisting of unrealized gains of $1,330,016,000 on securities that had risen in value since their purchase and $1,361,135,000 in unrealized losses on securities that had fallen in value since their purchase.
52
Value Index Fund
E. During the year ended December 31, 2009, the fund purchased $5,187,275,000 of investment securities and sold $3,860,035,000 of investment securities, other than temporary cash investments.
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 818,659 | 54,892 | 958,875 | 46,972 |
Issued in Lieu of Cash Distributions | 84,147 | 5,211 | 101,818 | 5,036 |
Redeemed | (680,161) | (42,723) | (1,119,896) | (55,314) |
Net Increase (Decrease)—Investor Shares | 222,645 | 17,380 | (59,203) | (3,306) |
Admiral Shares | ||||
Issued | 199,402 | 12,749 | 354,896 | 17,158 |
Issued in Lieu of Cash Distributions | 34,372 | 2,141 | 45,976 | 2,274 |
Redeemed | (268,468) | (17,098) | (414,443) | (20,714) |
Net Increase (Decrease)—Admiral Shares | (34,694) | (2,208) | (13,571) | (1,282) |
Signal Shares | ||||
Issued | 319,685 | 19,549 | 354,914 | 16,824 |
Issued in Lieu of Cash Distributions | 21,844 | 1,301 | 22,513 | 1,082 |
Redeemed | (204,181) | (12,194) | (251,659) | (11,816) |
Net Increase (Decrease)—Signal Shares | 137,348 | 8,656 | 125,768 | 6,090 |
Institutional Shares | ||||
Issued | 736,050 | 45,857 | 742,481 | 37,106 |
Issued in Lieu of Cash Distributions | 68,821 | 4,239 | 66,917 | 3,359 |
Redeemed | (372,983) | (23,026) | (403,998) | (19,090) |
Net Increase (Decrease)—Institutional Shares | 431,888 | 27,070 | 405,400 | 21,375 |
ETF Shares | ||||
Issued | 1,503,873 | 34,815 | 2,099,670 | 44,145 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (945,508) | (21,500) | (1,199,790) | (24,900) |
Net Increase (Decrease)—ETF Shares | 558,365 | 13,315 | 899,880 | 19,245 |
G. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 10, 2010, for potential recognition or disclosure in these financial statements.
53
Large-Cap Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics | |||||
Investor | Admiral | Signal | Institutional | ETF | |
Shares | Shares | Shares | Shares | Shares | |
Ticker Symbol | VLACX | VLCAX | VLCSX | VLISX | VV |
Expense Ratio1 | 0.26% | 0.15% | 0.15% | 0.09% | 0.13% |
30-Day SEC Yield | 1.54% | 1.69% | 1.69% | 1.73% | 1.69% |
Portfolio Characteristics | |||
MSCI US | DJ | ||
Prime | U.S. Total | ||
Market | Market | ||
Fund | 750 Index | Index | |
Number of Stocks | 758 | 757 | 4,201 |
Median Market Cap $35.2B | $35.2B | $30.7B | |
Price/Earnings Ratio | 31.9x | 31.9x | 35.7x |
Price/Book Ratio | 2.2x | 2.2x | 2.1x |
Return on Equity | 20.4% | 20.3% | 19.3% |
Earnings Growth Rate | 8.7% | 8.7% | 8.1% |
Dividend Yield | 1.9% | 1.9% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 8% | — | — |
Short-Term Reserves | 0.0% | — | — |
Volatility Measures | ||
DJ | ||
MSCI US | U.S. Total | |
Prime Market | Market | |
750 Index | Index | |
R-Squared | 1.00 | 1.00 |
Beta | 1.00 | 0.97 |
These measures show the degree and timing of the fund’s
fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Exxon Mobil Corp. | Integrated Oil & | |
Gas | 3.0% | |
Microsoft Corp. | Systems Software | 2.2 |
Apple Inc. | Computer | |
Hardware | 1.7 | |
Johnson & Johnson | Pharmaceuticals | 1.6 |
Procter & Gamble Co. | Household | |
Products | 1.6 | |
International Business | Computer | |
Machines Corp. | Hardware | 1.6 |
AT&T Inc. | Integrated | |
Telecommunication | ||
Services | 1.5 | |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.5 | |
General Electric Co. | Industrial | |
Conglomerates | 1.5 | |
Chevron Corp. | Integrated Oil & | |
Gas | 1.4 | |
Top Ten | 17.6% |
The holdings listed exclude any temporary cash investments and
equity index products.
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based
on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.26% for
Investor Shares, 0.12% for Admiral Shares, 0.12% for Signal Shares, 0.08% for Institutional Shares, and 0.12% for ETF Shares.
54
Large-Cap Index Fund
Sector Diversification (% of equity exposure) | |||
MSCI US | DJ | ||
Prime | U.S. Total | ||
Market | Market | ||
Fund 750 Index | Index | ||
Consumer | |||
Discretionary | 9.7% | 9.7% | 10.3% |
Consumer Staples | 10.6 | 10.6 | 9.9 |
Energy | 11.6 | 11.6 | 10.6 |
Financials | 14.7 | 14.7 | 16.0 |
Health Care | 12.6 | 12.6 | 12.6 |
Industrials | 10.3 | 10.3 | 10.6 |
Information | |||
Technology | 19.8 | 19.8 | 19.3 |
Materials | 3.8 | 3.8 | 4.0 |
Telecommunication | |||
Services | 3.1 | 3.1 | 2.9 |
Utilities | 3.8 | 3.8 | 3.8 |
Investment Focus
55
Large-Cap Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: January 30, 2004, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2009 | |||||
Final Value | |||||
One | Five | Since | of a $10,000 | ||
Year | Years | Inception | Investment | ||
Large-Cap Index Fund Investor Shares | 27.60% | 0.90% | 2.26% | $11,412 | |
••••••• | Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | 2.59 | 11,632 | |
– – – – | MSCI US Prime Market Average 750 Index | 27.80 | 1.02 | 2.39 | 11,498 |
____ | Large-Cap Core Funds | 27.46 | -0.15 | 0.89 | 10,538 |
Large-Cap Core Funds Average: Derived from data provided by Lipper Inc.
Performance for the fund’s Investor Shares and comparative standards is calculated since the Investor Shares’ inception.
Since | Final Value | |||
One | Five | Inception | of a $100,000 | |
Year | Years | (2/2/2004) | Investment | |
Large-Cap Index Fund Admiral | ||||
Shares | 27.80% | 1.00% | 2.30% | $114,413 |
Dow Jones U.S. Total Stock Market | ||||
Index | 29.35 | 1.09 | 2.54 | 115,988 |
MSCI US Prime Market 750 Index | 27.80 | 1.02 | 2.33 | 114,594 |
Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
56
Large-Cap Index Fund
Since | Final Value | ||
One | Inception | of a $1,000,000 | |
Year | (8/30/2007) | Investment | |
Large-Cap Index Fund Signal Shares | 27.81% | -8.16% | $819,656 |
Dow Jones U.S. Total Stock Market | |||
Index | 29.35 | -7.98 | 823,388 |
MSCI US Prime Market 750 Index | 27.80 | -8.18 | 819,132 |
Performance for the fund’s Signal Shares and comparative standards is calculated since the Signal Shares’ inception.
Since | Final Value | ||
One | Inception | of a $5,000,000 | |
Year | (6/30/2005) | Investment | |
Large-Cap Index Fund Institutional | |||
Shares | 27.84% | 1.15% | $5,265,149 |
Dow Jones U.S. Total Stock Market | |||
Index | 29.35 | 1.21 | 5,278,100 |
MSCI US Prime Market 750 Index | 27.80 | 1.14 | 5,260,766 |
Performance for the fund’s Institutional Shares and comparative standards is calculated since the Institutional Shares’ inception.
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (1/27/2004) | Investment | |
Large-Cap Index Fund | ||||
ETF Shares Net Asset Value | 27.80% | 1.03% | 2.19% | $11,367 |
Dow Jones U.S. Total Stock Market Index | 29.35 | 1.09 | 2.36 | 11,483 |
MSCI US Prime Market 750 Index | 27.80 | 1.02 | 2.19 | 11,371 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
For more information about how the ETF Shares' market prices have compared with their net asset value, visit www.vanguard.com, select
your ETF, and then select the Performance tab. The Premium/Discount table there shows the percentages of days on which the ETF Shares'
market price was above or below the NAV.
Cumulative Returns of ETF Shares: January 27, 2004, Through December 31, 2009
One | Five | Since | |
Year | Years | Inception | |
Large-Cap Index Fund | |||
ETF Shares Market Price | 27.70% | 5.07% | 13.69% |
Large-Cap Index Fund | |||
ETF Shares Net Asset Value | 27.80 | 5.25 | 13.67 |
MSCI US Prime Market 750 Index | 27.80 | 5.18 | 13.71 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
57
Large-Cap Index Fund
Fiscal-Year Total Returns (%): January 30, 2004, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
58
Large-Cap Index Fund
Statement of Operations
The Statement of Net Assets—an integral part of the Financial Statements for Vanguard Large-Cap
Index Fund—is included as an insert to this report.
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 79,857 |
Interest1 | 25 |
Security Lending | 1,512 |
Total Income | 81,394 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 179 |
Management and Administrati ve—Investor Shares | 761 |
Management and Administrati ve—Admiral Shares | 222 |
Management and Administrati ve—Signal Shares | 143 |
Management and Administrati ve—Institutional Shares | 78 |
Management and Administrati ve—ETF Shares | 1,401 |
Marketing and Distribution& #151;Investor Shares | 116 |
Marketing and Distribution& #151;Admiral Shares | 54 |
Marketing and Distribution& #151;Signal Shares | 39 |
Marketing and Distribution& #151;Institutional Shares | 70 |
Marketing and Distribution& #151;ETF Shares | 649 |
Custodian Fees | 318 |
Auditing Fees | 27 |
Shareholders’ Reports and Proxies—Investor Shares | 58 |
Shareholders’ Reports and Proxies—Admiral Shares | 3 |
Shareholders’ Reports and Proxies—Signal Shares | 2 |
Shareholders’ Reports and Proxies—Institutional Shares | 4 |
Shareholders’ Reports and Proxies—ETF Shares | 170 |
Trustees’ Fees and Expenses | 5 |
Total Expenses | 4,299 |
Net Investment Income | 77,095 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (41,738) |
Futures Contracts | (10) |
Realized Net Gain (Loss) | (41,748) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 840,315 |
Futures Contracts | (278) |
Change in Unrealized Appreciation (Depreciation) | 840,037 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 875,384 |
1 Interest income from an affiliated company of the fund was $20,000.
See accompanying Notes, which are an integral part of the Financial Statements.
59
Large-Cap Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 77,095 | 50,039 |
Realized Net Gain (Loss) | (41,748) | 13,891 |
Change in Unrealized Appreciation (Depreciation) | 840,037 | (979,263) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 875,384 | (915,333) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (8,831) | (6,574) |
Admiral Shares | (6,580) | (4,453) |
Signal Shares | (4,595) | (1,150) |
Institutional Shares | (6,135) | (3,662) |
ETF Shares | (53,549) | (33,171) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (79,690) | (49,010) |
Capital Share Transactions | ||
Investor Shares | (17,470) | 180,832 |
Admiral Shares | 11,594 | 128,891 |
Signal Shares | 96,504 | 82,023 |
Institutional Shares | 37,805 | 167,696 |
ETF Shares | (3,836) | 1,431,967 |
Net Increase (Decrease) from Capital Share Transactions | 124,597 | 1,991,409 |
Total Increase (Decrease) | 920,291 | 1,027,066 |
Net Assets | ||
Beginning of Period | 2,897,003 | 1,869,937 |
End of Period1 | 3,817,294 | 2,897,003 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($1,986,000) and $609,000.
See accompanying Notes, which are an integral part of the Financial Statements.
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Large-Cap Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $16.41 | $26.59 | $25.42 | $22.38 | $21.41 |
Investment Operations | |||||
Net Investment Income | .387 | .416 | .426 | .393 | .328 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 4.075 | (10.191) | 1.171 | 3.044 | .970 |
Total from Investment Operations | 4.462 | (9.775) | 1.597 | 3.437 | 1.298 |
Distributions | |||||
Dividends from Net Investment Income | (.402) | (.405) | (.427) | (.397) | (.328) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.402) | (.405) | (.427) | (.397) | (.328) |
Net Asset Value, End of Period | $20.47 | $16.41 | $26.59 | $25.42 | $22.38 |
Total Return1 | 27.60% | -37.08% | 6.29% | 15.49% | 6.12% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $448 | $376 | $346 | $211 | $94 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.26% | 0.21% | 0.20% | 0.20% | 0.20% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.24% | 2.12% | 1.69% | 1.74% | 1.72% |
Portfolio Turnover Rate2 | 8% | 9% | 8% | 9% | 9% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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Large-Cap Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $20.51 | $33.25 | $31.78 | $27.98 | $26.77 |
Investment Operations | |||||
Net Investment Income | .516 | .547 | .570 | .514 | .431 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 5.097 | (12.750) | 1.470 | 3.806 | 1.209 |
Total from Investment Operations | 5.613 | (12.203) | 2.040 | 4.320 | 1.640 |
Distributions | |||||
Dividends from Net Investment Income | (.533) | (.537) | (.570) | (.520) | (.430) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.533) | (.537) | (.570) | (.520) | (.430) |
Net Asset Value, End of Period | $25.59 | $20.51 | $33.25 | $31.78 | $27.98 |
Total Return | 27.80% | -37.05% | 6.43% | 15.58% | 6.19% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $328 | $254 | $220 | $164 | $71 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.12% | 0.10% | 0.08% | 0.12% | 0.12% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.38% | 2.23% | 1.81% | 1.82% | 1.80% |
Portfolio Turnover Rate1 | 8% | 9% | 8% | 9% | 9% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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Large-Cap Index Fund
Financial Highlights
Signal Shares | |||
Aug. 30, | |||
Year Ended | 20071 to | ||
December 31, | Dec. 31, | ||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 |
Net Asset Value, Beginning of Period | $17.89 | $29.00 | $28.74 |
Investment Operations | |||
Net Investment Income | .451 | .481 | .173 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.446 | (11.121) | .361 |
Total from Investment Operations | 4.897 | (10.640) | .534 |
Distributions | |||
Dividends from Net Investment Income | (.467) | (.470) | (.274) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.467) | (.470) | (.274) |
Net Asset Value, End of Period | $22.32 | $17.89 | $29.00 |
Total Return | 27.81% | -37.03% | 1.85% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $247 | $102 | $39 |
Ratio of Total Expenses to Average Net Assets | 0.12% | 0.10% | 0.08%2 |
Ratio of Net Investment Income to Average Net Assets | 2.38% | 2.23% | 1.81%2 |
Portfolio Turnover Rate3 | 8% | 9% | 8% |
1 Inception.
2 Annualized.
3 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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Large-Cap Index Fund
Financial Highlights
Institutional Shares | |||||
June 30, | |||||
20051 to | |||||
Year Ended December 31, | |||||
For a Share Outstanding | Dec. 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $84.43 | $136.82 | $130.78 | $115.14 | $109.32 |
Investment Operations | |||||
Net Investment Income | 2.160 | 2.283 | 2.344 | 2.151 | .989 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 20.973 | (52.440) | 6.047 | 15.660 | 5.863 |
Total from Investment Operations | 23.133 | (50.157) | 8.391 | 17.811 | 6.852 |
Distributions | |||||
Dividends from Net Investment Income | (2.233) | (2.233) | (2.351) | (2.171) | (1.032) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.233) | (2.233) | (2.351) | (2.171) | (1.032) |
Net Asset Value, End of Period | $105.33 | $84.43 | $136.82 | $130.78 | $115.14 |
Total Return | 27.84% | -37.01% | 6.42% | 15.61% | 6.28% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $306 | $207 | $103 | $79 | $83 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.08% | 0.07% | 0.08% | 0.08% | 0.08%2 |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.42% | 2.26% | 1.81% | 1.86% | 1.83%2 |
Portfolio Turnover Rate3 | 8% | 9% | 8% | 9% | 9% |
1 Inception.
2 Annualized.
3 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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Large-Cap Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $40.61 | $65.83 | $62.92 | $55.40 | $52.99 |
Investment Operations | |||||
Net Investment Income | 1.022 | 1.098 | 1.136 | 1.044 | .873 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 10.095 | (25.243) | 2.912 | 7.529 | 2.410 |
Total from Investment Operations | 11.117 | (24.145) | 4.048 | 8.573 | 3.283 |
Distributions | |||||
Dividends from Net Investment Income | (1.057) | (1.075) | (1.138) | (1.053) | (.873) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.057) | (1.075) | (1.138) | (1.053) | (.873) |
Net Asset Value, End of Period | $50.67 | $40.61 | $65.83 | $62.92 | $55.40 |
Total Return | 27.80% | -37.02% | 6.44% | 15.61% | 6.26% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,489 | $1,957 | $1,162 | $587 | $178 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.12% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.38% | 2.26% | 1.82% | 1.87% | 1.84% |
Portfolio Turnover Rate1 | 8% | 9% | 8% | 9% | 9% |
1 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
65
Large-Cap Index Fund
Notes to Financial Statements
Vanguard Large-Cap Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers five classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, and ETF Shares. Investor Share s are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria. Signal Shares are designed for institutional investors who meet certain administrative, service, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum amount of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
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 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 w hich 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 fund uses 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 Statement of Net Assets. 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. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
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Large-Cap Index Fund
5. 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.
6. 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), share holder reporting, and proxies. Marketing and distribution expenses are allocated to each class of s hares 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 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, 2009, the fund had contributed capital of $752,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.30% of
Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quo ted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 3,809,005 | — | — |
Temporary Cash Investments | 10,899 | 1,999 | — |
Futures Contracts—Liabilities1 | (71) | — | — |
Total | 3,819,833 | 1,999 | — |
1 Represents variation margin on the last day of the reporting period.
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Large-Cap Index Fund
D. At December 31, 2009, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Number of | Aggregate | Unrealized | ||
Long (Short) | Settlement | Appreciation | ||
Futures Contracts | Expiration | Contracts | Value | (Depreciation) |
S&P 500 Index | March 2010 | 25 | 6,942 | 41 |
Unrealized appreciation (depreciation) on open futures contracts is required t o be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment in come and realized capital gains f or financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital acc ounts 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 shor t-term gains as ordinary income for tax purposes.
During the year ended December 31, 2009, the fund realized $89,220,000 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2009, the fund had $948,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $167,439,000 to offset future net capital gains of $11,000 through December 31, 2013, $463,000 through December 31, 2014, $1,570,000 through December 31, 2015, $48,005,000 through December 31, 2016, and $117,390,000 through December 31, 2017. In addition, the fund realized losses of $9,237,000 during the period from November 1, 2009, through December 31, 2009, which are deferred and will be treated as realized for tax purposes in fiscal 2010.
At December 31, 2009, the cost of investment securities for tax purposes was $3,880,318,000. Net unrealized depreciation of investment securities for tax purposes was $58,415,000, consisting of unrealized gains of $317,130,000 on securities that had risen in value since their purchase and $375,545,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $743,931,000 of investment securities and sold $618,377,000 of investment securities, other than temporary cash investments.
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Large-Cap Index Fund
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 212,151 | 12,664 | 319,575 | 16,587 |
Issued in Lieu of Cash Distributions | 7,884 | 446 | 5,905 | 289 |
Redeemed | (237,505) | (14,175) | (144,648) | (6,943) |
Net Increase (Decrease)—Investor Shares | (17,470) | (1,065) | 180,832 | 9,933 |
Admiral Shares | ||||
Issued | 132,003 | 6,333 | 243,749 | 10,451 |
Issued in Lieu of Cash Distributions | 5,459 | 246 | 3,746 | 146 |
Redeemed | (125,868) | (6,164) | (118,604) | (4,819) |
Net Increase (Decrease)—Admiral Shares | 11,594 | 415 | 128,891 | 5,778 |
Signal Shares | ||||
Issued | 166,455 | 8,851 | 92,524 | 4,858 |
Issued in Lieu of Cash Distributions | 3,330 | 169 | 960 | 47 |
Redeemed | (73,281) | (3,666) | (11,461) | (568) |
Net Increase (Decrease)—Signal Shares | 96,504 | 5,354 | 82,023 | 4,337 |
Institutional Shares | ||||
Issued | 87,330 | 999 | 237,128 | 2,272 |
Issued in Lieu of Cash Distributions | 5,678 | 62 | 3,618 | 35 |
Redeemed | (55,203) | (610) | (73,050) | (606) |
Net Increase (Decrease)—Institutional Shares | 37,805 | 451 | 167,696 | 1,701 |
ETF Shares | ||||
Issued | 345,480 | 8,726 | 1,905,328 | 42,648 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (349,316) | (7,800) | (473,361) | (12,100) |
Net Increase (Decrease)—ETF Shares | (3,836) | 926 | 1,431,967 | 30,548 |
H. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 10, 2010, for potential recognition or disclosure in these financial statements.
69
Total Stock Market Index Fund
Fund Profile
As of December 31, 2009
Share-Class Characteristics | |||||
Investor | Admiral | Signal | Institutional | ETF | |
Shares | Shares | Shares | Shares | Shares | |
Ticker Symbol | VTSMX | VTSAX | VTSSX | VITSX | VTI |
Expense Ratio1 | 0.18% | 0.09% | 0.09% | 0.06% | 0.09% |
30-Day SEC Yield | 1.61% | 1.73% | 1.73% | 1.72% | 1.73% |
Portfolio Characteristics | ||
MSCI US | ||
Broad Market | ||
Fund | Index | |
Number of Stocks | 3,410 | 3,560 |
Median Market Cap | $30.0B | $30.0B |
Price/Earnings Ratio | 35.3x | 35.4x |
Price/Book Ratio | 2.1x | 2.1x |
Return on Equity | 19.4% | 19.3% |
Earnings Growth Rate | 8.4% | 8.4% |
Dividend Yield | 1.8% | 1.8% |
Foreign Holdings | 0.0% | 0.0% |
Turnover Rate | 5% | — |
Short-Term Reserves | 0.0% | — |
Volatility Measures | |
MSCI US | |
Broad Market | |
Index | |
R-Squared | 1.00 |
Beta | 1.00 |
These measures show the degree and timing of the fund’s fluctuations compared with the index over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Exxon Mobil Corp. | Integrated Oil & | |
Gas | 2.7% | |
Microsoft Corp. | Systems Software | 2.0 |
Apple Inc. | Computer | |
Hardware | 1.5 | |
Johnson & Johnson | Pharmaceuticals | 1.4 |
Procter & Gamble Co. | Household | |
Products | 1.4 | |
International Business | Computer | |
Machines Corp. | Hardware | 1.4 |
AT&T Inc. | Integrated | |
Telecommunication | ||
Services | 1.3 | |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.3 | |
General Electric Co. | Industrial | |
Conglomerates | 1.3 | |
Chevron Corp. | Integrated Oil & | |
Gas | 1.3 | |
Top Ten | 15.6% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectuses dated April 29, 2009, and represent estimated costs for the current fiscal year based on the fund’s net assets as of the prospectus date. For the fiscal year ended December 31, 2009, the fund’s expense ratios were 0.18% for Investor Shares, 0.07% for Admiral Shares, 0.07% for Signal Shares, 0.06% for Institutional Shares, and 0.07% for ETF Shares.
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Total Stock Market Index Fund
Sector Diversification (% of equity exposure) | ||
MSCI US | ||
Broad Market | ||
Fund | Index | |
Consumer Discretionary | 10.2% | 10.2% |
Consumer Staples | 9.8 | 9.8 |
Energy | 11.0 | 11.0 |
Financials | 15.3 | 15.3 |
Health Care | 12.6 | 12.6 |
Industrials | 11.0 | 10.9 |
Information Technology | 19.5 | 19.6 |
Materials | 3.9 | 3.9 |
Telecommunication | ||
Services | 2.9 | 2.9 |
Utilities | 3.8 | 3.8 |
Investment Focus
71
Total Stock Market Index Fund
Performance Summary
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. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) 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.
Cumulative Performance: December 31, 1999, Through December 31, 2009
Initial Investment of $10,000
Average Annual Total Returns | ||||
Periods Ended December 31, 2009 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Total Stock Market Index Fund | ||||
Investor Shares | 28.70% | 0.91% | -0.27% | $9,733 |
– – – – Spliced Total Stock Market Index | 28.76 | 0.99 | -0.22 | 9,780 |
_____ Multi-Cap Core Funds Average | 30.88 | 0.49 | -0.17 | 9,835 |
Spliced Total Stock Market Index: Dow Jones Wilshire 5000 Index through April 22, 2005; MSCI US Broad Market Index thereafter.
Multi-Cap Core Funds Average: Derived from data provided by Lipper Inc.
Since | Final Value | |||
One | Five | Inception | of a $100,000 | |
Year | Years | (11/13/2000) | Investment | |
Total Stock Market Index Fund | ||||
Admiral Shares | 28.83% | 1.00% | 0.72% | $106,784 |
Spliced Total Stock Market Index | 28.76 | 0.99 | 0.73 | 106,913 |
Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
See Financial Highlights for dividend and capital gains information.
72
Total Stock Market Index Fund
Since | Final Value | ||
One | Inception | of a $1,000,000 | |
Year | (9/1/2006) | Investment | |
Total Stock Market Index Fund | |||
Signal Shares | 28.85% | -2.04% | $933,662 |
MSCI US Broad Market Index | 28.76 | -2.06 | 932,900 |
Performance for the fund’s Signal Shares and comparative standards is calculated since the Signal Shares’ inception.
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Total Stock Market Index Fund | ||||
Institutional Shares | 28.83% | 1.04% | -0.15% | $4,923,526 |
Spliced Total Stock Market Index | 28.76 | 0.99 | -0.22 | 4,889,989 |
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (5/24/2001) | Investment | |
Total Stock Market Index Fund | ||||
ETF Shares Net Asset Value | 28.82% | 1.01% | 1.21% | $11,095 |
Spliced Total Stock Market Index | 28.76 | 0.99 | 1.24 | 11,114 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
For more information about how the ETF Shares' market prices have compared with their net asset value, visit www.vanguard.com, select
your ETF, and then select the Performance tab. The Premium/Discount table there shows the percentages of days on which the ETF Shares'
market price was above or below the NAV.
Cumulative Returns of ETF Shares: May 24, 2001, Through December 31, 2009
One | Five | Since | |
Year | Years | Inception | |
Total Stock Market Index Fund | |||
ETF Shares Market Price | 28.73% | 5.26% | 10.99% |
Total Stock Market Index Fund | |||
ETF Shares Net Asset Value | 28.82 | 5.17 | 10.95 |
Spliced Total Stock Market Index | 28.76 | 5.07 | 11.14 |
Performance for the fund’s ETF Shares and comparative standards is calculated since the ETF Shares’ inception.
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
73
Total Stock Market Index Fund
Fiscal-Year Total Returns (%): December 31, 1999, Through December 31, 2009
Vanguard fund total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide
information about current fees.
74
Total Stock Market Index Fund
Statement of Operations
The Statement of Net Assets—Investments Summary—an integral part of the Financial Statements for
Vanguard Total Stock Market Index Fund—is included as an insert to this report.
Year Ended | |
December 31, 2009 | |
($000) | |
Investment Income | |
Income | |
Dividends | 2,213,612 |
Interest1 | 2,515 |
Security Lending | 74,566 |
Total Income | 2,290,693 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 3,101 |
Management and Administrati ve—Investor Shares | 66,997 |
Management and Administrati ve—Admiral Shares | 9,456 |
Management and Administrati ve—Signal Shares | 1,371 |
Management and Administrati ve—Institutional Shares | 3,276 |
Management and Administrati ve—ETF Shares | 3,118 |
Marketing and Distribution& #151;Investor Shares | 12,059 |
Marketing and Distribution& #151;Admiral Shares | 4,158 |
Marketing and Distribution& #151;Signal Shares | 1,139 |
Marketing and Distribution& #151;Institutional Shares | 3,416 |
Marketing and Distribution& #151;ETF Shares | 2,930 |
Custodian Fees | 1,286 |
Auditing Fees | 30 |
Shareholders’ Reports and Proxies—Investor Shares | 1,579 |
Shareholders’ Reports and Proxies—Admiral Shares | 218 |
Shareholders’ Reports and Proxies—Signal Shares | 30 |
Shareholders’ Reports and Proxies—Institutional Shares | 86 |
Shareholders’ Reports and Proxies—ETF Shares | 690 |
Trustees’ Fees and Expenses | 178 |
Total Expenses | 115,118 |
Net Investment Income | 2,175,575 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 2,200,904 |
Futures Contracts | 107,822 |
Realized Net Gain (Loss) | 2,308,726 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 21,898,023 |
Futures Contracts | (17,901) |
Change in Unrealized Appreciation (Depreciation) | 21,880,122 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 26,364,423 |
1 Interest income from an affiliated company of the fund was $2,122,000.
See accompanying Notes, which are an integral part of the Financial Statements.
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Total Stock Market Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2009 | 2008 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 2,175,575 | 2,044,784 |
Realized Net Gain (Loss) | 2,308,726 | (1,937,103) |
Change in Unrealized Appreciation (Depreciation) | 21,880,122 | (43,532,330) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 26,364,423 | (43,424,649) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (1,040,191) | (958,719) |
Admiral Shares | (513,860) | (512,715) |
Signal Shares | (92,000) | (86,202) |
Institutional Shares | (294,741) | (271,636) |
ETF Shares | (249,604) | (208,428) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (2,190,396) | (2,037,700) |
Capital Share Transactions | ||
Investor Shares | 6,625,263 | 11,074,199 |
Admiral Shares | 3,502,702 | 2,389,384 |
Signal Shares | 76,072 | 886,845 |
Institutional Shares | 2,143,723 | 3,369,728 |
ETF Shares | 1,572,390 | 3,276,950 |
Net Increase (Decrease) from Capital Share Transactions | 13,920,150 | 20,997,106 |
Total Increase (Decrease) | 38,094,177 | (24,465,243) |
Net Asset | ||
Beginning of Period | 81,919,172 | 106,384,415 |
End of Period1 | 120,013,349 | 81,919,172 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($79,430,000) and ($64,609,000).
See accompanying Notes, which are an integral part of the Financial Statements.
76
Total Stock Market Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $21.80 | $35.36 | $34.09 | $30.00 | $28.77 |
Investment Operations | |||||
Net Investment Income | .514 | .592 | .604 | .523 | .466 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 5.651 | (13.566) | 1.268 | 4.091 | 1.237 |
Total from Investment Operations | 6.165 | (12.974) | 1.872 | 4.614 | 1.703 |
Distributions | |||||
Dividends from Net Investment Income | (.515) | (.586) | (.602) | (.524) | (.473) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.515) | (.586) | (.602) | (.524) | (.473) |
Net Asset Value, End of Period | $27.45 | $21.80 | $35.36 | $34.09 | $30.00 |
Total Return1 | 28.70% | -37.04% | 5.49% | 15.51% | 5.98% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $58,004 | $39,440 | $50,183 | $39,095 | $29,785 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.18% | 0.16% | 0.15% | 0.19% | 0.19% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.22% | 2.04% | 1.71% | 1.66% | 1.62% |
Portfolio Turnover Rate2 | 5% | 5% | 4% | 4% | 12%3 |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 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 ETF Creation Units.
3 Includes activity related to a change in the fund’s target index.
See accompanying Notes, which are an integral part of the Financial Statements.
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Total Stock Market Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $21.80 | $35.36 | $34.09 | $30.00 | $28.77 |
Investment Operations | |||||
Net Investment Income | .539 | .615 | .631 | .555 | .495 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 5.650 | (13.566) | 1.268 | 4.091 | 1.237 |
Total from Investment Operations | 6.189 | (12.951) | 1.899 | 4.646 | 1.732 |
Distributions | |||||
Dividends from Net Investment Income | (.539) | (.609) | (.629) | (.556) | (.502) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.539) | (.609) | (.629) | (.556) | (.502) |
Net Asset Value, End of Period | $27.45 | $21.80 | $35.36 | $34.09 | $30.00 |
Total Return | 28.83% | -36.99% | 5.57% | 15.63% | 6.09% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $27,762 | $18,781 | $27,895 | $26,853 | $20,347 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.07% | 0.08% | 0.07% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.33% | 2.12% | 1.79% | 1.76% | 1.72% |
Portfolio Turnover Rate1 | 5% | 5% | 4% | 4% | 12%2 |
1 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 ETF Creation Units.
2 Includes activity related to a change in the fund’s target index.
See accompanying Notes, which are an integral part of the Financial Statements.
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Total Stock Market Index Fund
Financial Highlights
Signal Shares | ||||
Sept. 1, | ||||
20061 to | ||||
Year Ended December 31, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2009 | 2008 | 2007 | 2006 |
Net Asset Value, Beginning of Period | $21.04 | $34.13 | $32.91 | $30.47 |
Investment Operations | ||||
Net Investment Income | .520 | .595 | .607 | .181 |
Net Realized and Unrealized Gain (Loss) on Investments | 5.459 | (13.096) | 1.220 | 2.536 |
Total from Investment Operations | 5.979 | (12.501) | 1.827 | 2.717 |
Distributions | ||||
Dividends from Net Investment Income | (.519) | (.589) | (.607) | (.277) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.519) | (.589) | (.607) | (.277) |
Net Asset Value, End of Period | $26.50 | $21.04 | $34.13 | $32.91 |
Total Return | 28.85% | -36.99% | 5.55% | 8.95% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $4,757 | $3,717 | $4,655 | $381 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.08% | 0.07% | 0.09%2 |
Ratio of Net Investment Income to Average Net Assets | 2.33% | 2.12% | 1.79% | 1.76%2 |
Portfolio Turnover Rate3 | 5% | 5% | 4% | 4% |
1 Inception.
2 Annualized.
3 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 ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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Total Stock Market Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $21.81 | $35.36 | $34.10 | $30.00 | $28.77 |
Investment Operations | |||||
Net Investment Income | .541 | .624 | .638 | .573 | .504 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 5.650 | (13.557) | 1.260 | 4.091 | 1.237 |
Total from Investment Operations | 6.191 | (12.933) | 1.898 | 4.664 | 1.741 |
Distributions | |||||
Dividends from Net Investment Income | (.541) | (.617) | (.638) | (.564) | (.511) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.541) | (.617) | (.638) | (.564) | (.511) |
Net Asset Value, End of Period | $27.46 | $21.81 | $35.36 | $34.10 | $30.00 |
Total Return | 28.83% | -36.94% | 5.56% | 15.69% | 6.12% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $16,047 | $10,782 | $13,396 | $12,262 | $9,676 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.06% | 0.05% | 0.05% | 0.06% | 0.06% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.34% | 2.15% | 1.81% | 1.79% | 1.75% |
Portfolio Turnover Rate1 | 5% | 5% | 4% | 4% | 12%2 |
1 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 ETF Creation Units.
2 Includes activity related to a change in the fund’s target index.
See accompanying Notes, which are an integral part of the Financial Statements.
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Total Stock Market Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2009 | 20081 | 20071 | 20061 | 20051 |
Net Asset Value, Beginning of Period | $44.78 | $72.64 | $70.04 | $61.63 | $59.11 |
Investment Operations | |||||
Net Investment Income | 1.106 | 1.270 | 1.298 | 1.152 | 1.027 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 11.611 | (27.874) | 2.600 | 8.409 | 2.535 |
Total from Investment Operations | 12.717 | (26.604) | 3.898 | 9.561 | 3.562 |
Distributions | |||||
Dividends from Net Investment Income | (1.107) | (1.256) | (1.298) | (1.151) | (1.042) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.107) | (1.256) | (1.298) | (1.151) | (1.042) |
Net Asset Value, End of Period | $56.39 | $44.78 | $72.64 | $70.04 | $61.63 |
Total Return | 28.82% | -36.97% | 5.56% | 15.66% | 6.10% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $13,443 | $9,199 | $10,255 | $6,885 | $5,612 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.33% | 2.13% | 1.79% | 1.78% | 1.74% |
Portfolio Turnover Rate2 | 5% | 5% | 4% | 4% | 12%3 |
1 Adjusted to reflect a 2-for-1 share split as of the close of business on June 13, 2008.
2 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 ETF Creation Units.
3 Includes activity related to a change in the fund’s target index.
See accompanying Notes, which are an integral part of the Financial Statements.
81
Total Stock Market Index Fund
Notes to Financial Statements
Vanguard Total Stock Market Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers five classes of shares: Investor
Shares, Admiral Shares, Signal Shares, Institutional Shares, and ETF 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, service, tenure, and account-size criteria.
Signal Shares are designed for institutional investors who meet certain administrative, service, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum amount of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purc hased and sold through a broker.
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 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 w hich 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 fund uses 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 Statement of Net Assets. 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. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
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Total Stock Market Index Fund
5. 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.
6. 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), share holder reporting, and proxies. Marketing and distribution expenses are allocated to each class of s hares 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 the fund under method 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, 2009, the fund had contributed capital of $23,356,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 9.34% of
Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quo ted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the fund’s investments as of December 31, 2009, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 119,811,375 | 74 | 105 |
Convertible Preferred Stocks | 617 | — | — |
Temporary Cash Investments | 666,333 | 20,989 | — |
Futures Contracts—Assets1 | 245 | — | — |
Futures Contracts—Liabilities1 | (2,956) | — | — |
Total | 120,475,614 | 21,063 | 105 |
1 Represents variation margin on the last day of the reporting period. |
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Total Stock Market Index Fund
The following table summarizes changes in investments valued based on Level 3 inputs during the year ended December 31, 2009:
Investments in | |
Common Stocks | |
Amount Valued Based on Level 3 Inputs | ($000) |
Balance as of December 31, 2008 | — |
Transfers into Level 3 | 105 |
Balance as of December 31, 2009 | 105 |
D. At December 31, 2009, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Number of | Aggregate | Unrealized | ||
Long (Short) | Settlement | Appreciation | ||
Futures Contracts | Expiration | Contracts | Value | (Depreciation) |
E-mini S&P 500 Index | March 2010 | 1,830 | 101,629 | (648) |
E-mini Russell 2000 Index | March 2010 | 820 | 51,160 | 1,462 |
S&P 500 Index | March 2010 | 161 | 44,706 | 544 |
S&P MidCap 400 Index | March 2010 | 92 | 33,345 | 628 |
Unrealized appreciation (depreciation) on open futures contracts is required t o be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment in come and realized capital gains f or financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital acc ounts 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 shor t-term gains as ordinary income for tax purposes.
During the year ended December 31, 2009, the fund realized $512,933,000 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 fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
In December 2007, the fund issued 17,301,549 capital shares for a value of $583,408,000 in connection with a nontaxable in-kind transfer of investment securities from a common trust fund.
The securities received in the transfer had net unrealized appreciation, creating a difference between the cost of investments for financial statement and tax purpose that reverses when the securities are sold; $129,420,000 of this difference remained at December 31, 2008. Through December 31, 2009, the fund realized tax-based gains on the sale of these securities that were $69,672,000 greater than
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Total Stock Market Index Fund
realized gains for financial statement purposes; accordingly, such gains have been reclassified from paid-in-capital to accumulated net realized losses. The remaining difference of $59,748,000 between the securities’ cost for financial statement and tax purposes is reflected in unrealized appreciation.
For tax purposes, at December 31, 2009, the fund had $26,481,000 of ordinary income available for distribution. The fund had available capital loss carryforwards totaling $2,683,915,000 to offset future net cap ital gains of $400,913,000 through December 31, 2013, $19,516,000 through December 31, 2015, and $2,263,486,000 through December 31, 2016.
At December 31, 2009, the cost of investment securities for tax purposes was $121,806,790,000. Net unrealized depreciation of investment securities for tax purposes was $1,307,297,000, consisting of unrealized gains of $15,924,291,000 on securities that had risen in value since their purchase and $17,231,588,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2009, the fund purchased $20,595,382,000 of investment securities and sold $6,053,334,000 of investment securities, other than temporary cash investments.
G. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 13,704,175 | 613,438 | 18,977,196 | 674,286 |
Issued in Lieu of Cash Distributions | 1,027,960 | 43,501 | 946,239 | 34,441 |
Redeemed | (8,106,872) | (352,832) | (8,849,236) | (319,034) |
Net Increase (Decrease)—Investor Shares | 6,625,263 | 304,107 | 11,074,199 | 389,693 |
Admiral Shares | ||||
Issued | 6,218,375 | 270,647 | 6,249,442 | 220,660 |
Issued in Lieu of Cash Distributions | 443,938 | 18,729 | 448,085 | 16,133 |
Redeemed | (3,159,611) | (139,499) | (4,308,143) | (164,335) |
Net Increase (Decrease)—Admiral Shares | 3,502,702 | 149,877 | 2,389,384 | 72,458 |
Signal Shares | ||||
Issued | 1,437,692 | 66,128 | 2,028,953 | 83,738 |
Issued in Lieu of Cash Distributions | 84,769 | 3,719 | 78,091 | 2,944 |
Redeemed | (1,446,389) | (66,963) | (1,220,199) | (46,428) |
Net Increase (Decrease)—Signal Shares | 76,072 | 2,884 | 886,845 | 40,254 |
Institutional Shares | ||||
Issued | 4,339,078 | 187,044 | 5,833,727 | 205,199 |
Issued in Lieu of Cash Distributions | 262,034 | 11,047 | 228,684 | 8,376 |
Redeemed | (2,457,389) | (108,092) | (2,692,683) | (97,957) |
Net Increase (Decrease)—Institutional Shares | 2,143,723 | 89,999 | 3,369,728 | 115,618 |
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Total Stock Market Index Fund
Year Ended December 31, | ||||
2009 | 2008 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
ETF Shares | ||||
Issued | 2,229,514 | 47,357 | 5,060,470 | 94,5371 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (657,124) | (14,400) | (1,783,520) | (30,300)1 |
Net Increase (Decrease)—ETF Shares | 1,572,390 | 32,957 | 3,276,950 | 64,2371 |
1 Shares adjusted to reflect a 2-for-1 split as of close of business on June 13, 2008.
H. In preparing the financial statements as of December 31, 2009, management considered the impact of subsequent events occurring through February 10, 2010, for potential recognition or disclosure in these financial statements.
86
Report of Independent Registered
Public Accounting Firm
To the Trustees of Vanguard Index Funds and the Shareholders of Vanguard Growth Index Fund, Vanguard Value Index Fund, Vanguard Large-Cap Index Fund and Vanguard Total Stock Market Index Fund:
In our opinion, the accompanying statements of net assets appearing herein, 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 Vanguard Growth Index Fund, Vanguard Value Index Fund, Vanguard Large-Cap Index Fund and Vanguard Total Stock Market Index Fund (constituting separate portfolios of Vanguard Index Funds, hereafter r eferred to as the “Funds”) at December 31, 2009, 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 Oversi ght 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, 2009 by correspondence with the custodian and broker and by agreement to the underlying ownership records of Vanguard Market Liquidity Fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 10, 2010
87
Special 2009 tax information (unaudited) for Vanguard U.S. Stock Index Funds
(Large-Capitalization Portfolios)
This information for the fiscal year ended December 31, 2009, is included pursuant to provisions of the Internal Revenue Code.
The funds distributed qualified dividend income to shareholders during the fiscal year as follows:
Qualified Dividend Income | |
Index Fund | ($000) |
Growth | 172,972 |
Value | 312,775 |
Large-Cap | 79,690 |
Total Stock Market | 2,190,396 |
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 | 95.9 |
Large-Cap | 97.1 |
Total Stock Market | 96.7 |
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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 any qualified dividend income . (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: U.S. Stock Index Funds Large-Capitalization Portfolios
Periods Ended December 31, 2009
One | Five | Ten | |
Year | Years | Years | |
Growth Index Fund Investor Shares | |||
Returns Before Taxes | 36.29% | 1.63% | -2.75% |
Returns After Taxes on Distributions | 36.04 | 1.48 | -2.93 |
Returns After Taxes on Distributions and Sale of Fund Shares | 23.84 | 1.38 | -2.35 |
One | Five | Ten | |
Year | Years | Years | |
Value Index Fund Investor Shares | |||
Returns Before Taxes | 19.58% | 0.05% | 1.23% |
Returns After Taxes on Distributions | 19.01 | -0.37 | 0.50 |
Returns After Taxes on Distributions and Sale of Fund Shares | 13.31 | 0.07 | 0.80 |
Since | |||
One | Five | Inception | |
Year | Years | (1/30/2004) | |
Large-Cap Index Fund Investor Shares | |||
Returns Before Taxes | 27.60% | 0.90% | 2.26% |
Returns After Taxes on Distributions | 27.17 | 0.63 | 1.98 |
Returns After Taxes on Distributions and Sale of Fund Shares | 18.39 | 0.77 | 1.92 |
Total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide information about
current fees.
89
Average Annual Total Returns: U.S. Stock Index Funds Large-Capitalization Portfolios
Periods Ended December 31, 2009
One | Five | Ten | |
Year | Years | Years | |
Total Stock Market Index Fund Investor Shares | |||
Returns Before Taxes | 28.70% | 0.91% | -0.27% |
Returns After Taxes on Distributions | 28.28 | 0.63 | -0.61 |
Returns After Taxes on Distributions and Sale of Fund Shares | 19.09 | 0.78 | -0.33 |
Total returns do not include any transaction or account fees that applied in the periods shown. Fund prospectuses provide information about
current fees.
90
About Your Fund’s 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 accompanying table 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.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include the account service fee described in the prospectus. If such a 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 your fund’s current prospectus.
91
Six Months Ended December 31, 2009 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2009 | 12/31/2009 | Period | |
Based on Actual Fund Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,231.31 | $1.57 |
Admiral Shares | 1,000.00 | 1,232.24 | 0.73 |
Signal Shares | 1,000.00 | 1,232.33 | 0.73 |
Institutional Shares | 1,000.00 | 1,232.57 | 0.39 |
ETF Shares | 1,000.00 | 1,232.43 | 0.73 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,225.61 | $1.46 |
Admiral Shares | 1,000.00 | 1,226.40 | 0.73 |
Signal Shares | 1,000.00 | 1,226.51 | 0.73 |
Institutional Shares | 1,000.00 | 1,226.80 | 0.39 |
ETF Shares | 1,000.00 | 1,226.27 | 0.73 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,228.32 | $1.46 |
Admiral Shares | 1,000.00 | 1,228.95 | 0.56 |
Signal Shares | 1,000.00 | 1,228.79 | 0.56 |
Institutional Shares | 1,000.00 | 1,229.32 | 0.39 |
ETF Shares | 1,000.00 | 1,228.91 | 0.62 |
Total Stock Market Index Fund | |||
Investor Shares | $1,000.00 | $1,232.74 | $1.01 |
Admiral Shares | 1,000.00 | 1,233.42 | 0.28 |
Signal Shares | 1,000.00 | 1,233.51 | 0.28 |
Institutional Shares | 1,000.00 | 1,233.28 | 0.34 |
ETF Shares | 1,000.00 | 1,233.22 | 0.28 |
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Six Months Ended December 31, 2009 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2009 | 12/31/2009 | Period | |
Based on Hypothetical 5% Yearly Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,023.79 | $1.43 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.66 |
Signal Shares | 1,000.00 | 1,024.55 | 0.66 |
Institutional Shares | 1,000.00 | 1,024.85 | 0.36 |
ETF Shares | 1,000.00 | 1,024.55 | 0.66 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,023.89 | $1.33 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.66 |
Signal Shares | 1,000.00 | 1,024.55 | 0.66 |
Institutional Shares | 1,000.00 | 1,024.85 | 0.36 |
ETF Shares | 1,000.00 | 1,024.55 | 0.66 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,023.89 | $1.33 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
Signal Shares | 1,000.00 | 1,024.70 | 0.51 |
Institutional Shares | 1,000.00 | 1,024.85 | 0.36 |
ETF Shares | 1,000.00 | 1,024.65 | 0.56 |
Total Stock Market Index Fund | |||
Investor Shares | $1,000.00 | $1,024.30 | $0.92 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Signal Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
ETF Shares | 1,000.00 | 1,024.95 | 0.26 |
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: for the Growth Index Fund, 0.28% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.07% for Institutional
Shares, and 0.13% for ETF Shares; for the Value Index Fund, 0.26% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares,
0.07% for Institutional Shares, and 0.13% for ETF Shares; for the Large-Cap Index Fund, 0.26% for Investor Shares, 0.10% for Admiral Shares,
0.10% for Signal Shares, 0.07% for Institutional Shares, and 0.11% for ETF Shares; and for the Total Stock Market Index Fund, 0.18% for
Investor Shares, 0.05% for Admiral Shares, 0.05% for Signal Shares, 0.06% for Institutional Shares, and 0.05% for ETF 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.
93
Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (in the case of bonds) or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
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%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). 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.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
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 represented by stocks or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
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.
94
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. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
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). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
95
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’s 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. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 163 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Informatio n, which can be obtained, wit hout charge, by contacting Vanguard at 800-662-7447, or online at www.vanguard.com.
Interested Trustee1 | Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 Principal | |
F. William McNabb III | Occupation(s) During the Past Five Years: Chairman |
Born 1957. Trustee Since July 2009. Chairman of the | and Chief Executive Officer (retired 2009) and President |
Board. Principal Occupation(s) During the Past Five | (2006–2008) of Rohm and Haas Co. (chemicals); Board |
Years: Chairman of the Board of The Vanguard Group, | Member of American Chemistry Council; Director of |
Inc., and of each of the investment companies served | Tyco International, Ltd. (diversified manufacturing and |
by The Vanguard Group, since January 2010; Director of | services) and Hewlett-Packard Co. (electronic computer |
The Vanguard Group since 2008; Chief Executive Officer | manufacturing); Trustee of The Conference Board. |
and President of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | Amy Gutmann |
since 2008; Director of Vanguard Marketing Corporation; | Born 1949. Trustee Since June 2006. Principal |
Managing Director of The Vanguard Group (1995–2008). | Occupation(s) During the Past Five Years: President of |
the University of Pennsylvania; Christopher H. Browne | |
Distinguished Professor of Political Science in the School | |
Independent Trustees | of Arts and Sciences with secondary appointments |
at the Annenberg School for Communication and the | |
Emerson U. Fullwood | Graduate School of Education of the University of |
Born 1948. Trustee Since January 2008. Principal | Pennsylvania; Director of Carnegie Corporation of |
Occupation(s) During the Past Five Years: Executive | New York, Schuylkill River Development Corporation, |
Chief Staff and Marketing Officer for North America | and Greater Philadelphia Chamber of Commerce; |
and Corporate Vice President (retired 2008) of Xerox | Trustee of the National Constitution Center. |
Corporation (photocopiers and printers); Director of | |
SPX Corporation (multi-industry manufacturing), the | |
United Way of Rochester, the Boy Scouts of America, | |
Amerigroup Corporation (direct health and medical | |
insurance carriers), and Monroe Community College | |
Foundation. |
JoAnn Heffernan Heisen | Executive Officers | |
Born 1950. Trustee Since July 1998. Principal | ||
Occupation(s) During the Past Five Years: Corporate | Thomas J. Higgins | |
Vice President and Chief Global Diversity Officer since | Born 1957. Chief Financial Officer Since September | |
2006 (retired 2008) and Member of the Executive | 2008. Principal Occupation(s) During the Past Five | |
Committee (retired 2008) of Johnson & Johnson | Years: Principal of The Vanguard Group, Inc.; Chief | |
(pharmaceuticals/consumer products); Vice President | Financial Officer of each of the investment companies | |
and Chief Information Officer of Johnson & Johnson | served by The Vanguard Group since 2008; Treasurer | |
(1997–2005); Director of the University Medical Center | of each of the investment companies served by The | |
at Princeton and Women’s Research and Education | Vanguard Group (1998–2008). | |
Institute; Member of the Advisory Board of the Maxwell | ||
School of Citizenship and Public Affairs at Syracuse | Kathryn J. Hyatt | |
University. | Born 1955. Treasurer Since November 2008. Principal | |
Occupation(s) During the Past Five Years: Principal of | ||
F. Joseph Loughrey | The Vanguard Group, Inc.; Treasurer of each of the | |
Born 1949. Trustee Since October 2009. Principal | investment companies served by The Vanguard | |
Occupation(s) During the Past Five Years: President and | Group since 2008; Assistant Treasurer of each of the | |
Chief Operating Officer since 2005 (retired 2009) and | investment companies served by The Vanguard Group | |
Vice Chairman of the Board (2008–2009) of Cummins | (1988–2008). | |
Inc. (industrial machinery); Director of SKF AB (industrial | ||
machinery), Hillenbrand, Inc. (specialized consumer | Heidi Stam | |
services), Sauer-Danfoss Inc. (machinery), the Lumina | Born 1956. Secretary Since July 2005. Principal | |
Foundation for Education, and the Columbus Community | Occupation(s) During the Past Five Years: Managing | |
Education Coalition; Chairman of the Advisory Council | Director of The Vanguard Group, Inc., since 2006; | |
for the College of Arts and Letters at the University of | General Counsel of The Vanguard Group since 2005; | |
Notre Dame. | Secretary of The Vanguard Group and of each of the | |
investment companies served by The Vanguard Group | ||
André F. Perold | since 2005; Director and Senior Vice President of | |
Born 1952. Trustee Since December 2004. Principal | Vanguard Marketing Corporation since 2005; Principal | |
Occupation(s) During the Past Five Years: George Gund | of The Vanguard Group (1997–2006). | |
Professor of Finance and Banking, Harvard Business | ||
School; Chair of the Investment Committee of HighVista | ||
Strategies LLC (private investment firm). | Vanguard Senior Management Team | |
Alfred M. Rankin, Jr. | R. Gregory Barton | Michael S. Miller |
Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | James M. Norris |
Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Glenn W. Reed |
President, and Chief Executive Officer of NACCO | Paul A. Heller | George U. Sauter |
Industries, Inc. (forklift trucks/housewares/lignite); | ||
Director of Goodrich Corporation (industrial products/ | ||
aircraft systems and services); Deputy Chairman of | Chairman Emeritus and Senior Advisor | |
the Federal Reserve Bank of Cleveland; Trustee of | ||
University Hospitals of Cleveland, The Cleveland | John J. Brennan | |
Museum of Art, and Case Western Reserve University. | Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | ||
Peter F. Volanakis | ||
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years: President | Founder | |
since 2007 and Chief Operating Officer since 2005 | ||
of Corning Incorporated (communications equipment); | John C. Bogle | |
President of Corning Technologies (2001–2005); Director | Chairman and Chief Executive Officer, 1974–1996 | |
of Corning Incorporated and Dow Corning; Trustee of | ||
the Corning Incorporated Foundation and the Corning | ||
Museum of Glass; Overseer of the Amos Tuck School | ||
of Business Administration at Dartmouth College. |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the
Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard
State Tax-Exempt Funds.
The funds or securities referred to herein are not | |
sponsored, endorsed, or promoted by MSCI, and MSCI | |
bears no liability with respect to any such funds or | |
securities. For any 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 and | |
This material may be used in conjunction | any related funds. |
with the offering of shares of any Vanguard | |
fund only if preceded or accompanied by | |
the fund’s current prospectus. | |
All comparative mutual fund data are from Lipper Inc. or | |
Morningstar, Inc., unless otherwise noted. | |
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 800-662-2739. The guidelines 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 | |
202-551-8090. 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 20549-1520. |
© 2010 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q850 022010
Vanguard® U.S. Stock Index Funds
Total Stock Market Index Fund
Statement of Net Assets—Investments Summary
As of December 31, 2009
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.
This Statement summarizes the 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.
The fund reports a complete list of its holdings in regulatory filings 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 Commisssion’s website (www.sec.gov), or you can have it mailed to you without charge by calling 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 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).
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Common Stocks | |||
Consumer Discretionary | |||
McDonald's Corp. | 10,688,113 | 667,366 | 0.5% |
Walt Disney Co. | 17,515,931 | 564,889 | 0.5% |
Home Depot Inc. | 16,682,264 | 482,618 | 0.4% |
* Amazon.com Inc. | 3,383,170 | 455,104 | 0.4% |
Comcast Corp. Class A | 24,205,542 | 408,105 | 0.3% |
Consumer Discretionary—Other † | 9,688,752 | 8.1% | |
12,266,834 | 10.2% | ||
Consumer Staples | |||
Procter & Gamble Co. | 28,587,234 | 1,733,244 | 1.4% |
Wal-Mart Stores Inc. | 22,896,854 | 1,223,837 | 1.0% |
Coca-Cola Co. | 20,426,251 | 1,164,296 | 1.0% |
PepsiCo Inc. | 15,258,225 | 927,700 | 0.8% |
Philip Morris International Inc. | 18,945,106 | 912,965 | 0.8% |
CVS Caremark Corp. | 14,134,327 | 455,267 | 0.4% |
Colgate-Palmolive Co. | 4,881,426 | 401,009 | 0.3% |
Altria Group Inc. | 20,285,927 | 398,213 | 0.3% |
Kraft Foods Inc. | 14,445,019 | 392,616 | 0.3% |
Consumer Staples—Other † | 4,183,802 | 3.5% | |
11,792,949 | 9.8% | ||
Energy | |||
Exxon Mobil Corp. | 47,065,421 | 3,209,391 | 2.7% |
Chevron Corp. | 19,640,954 | 1,512,157 | 1.3% |
Schlumberger Ltd. | 11,730,954 | 763,568 | 0.6% |
ConocoPhillips | 13,796,735 | 704,599 | 0.6% |
Occidental Petroleum Corp. | 7,940,419 | 645,953 | 0.5% |
Energy—Other † | 6,331,325 | 5.3% | |
13,166,993 | 11.0% |
1
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Financials | |||
JPMorgan Chase & Co. | 38,513,625 | 1,604,863 | 1.3% |
Wells Fargo & Co. | 47,568,767 | 1,283,881 | 1.1% |
Bank of America Corp. | 84,729,207 | 1,276,022 | 1.1% |
Goldman Sachs Group Inc. | 4,756,446 | 803,078 | 0.7% |
Citigroup Inc. | 207,601,896 | 687,162 | 0.6% |
American Express Co. | 10,481,840 | 424,724 | 0.4% |
US Bancorp | 18,724,920 | 421,498 | 0.3% |
Financials—Other † | 11,784,884 | 9.8% | |
18,286,112 | 15.3% | ||
Health Care | |||
Johnson & Johnson | 26,989,002 | 1,738,362 | 1.4% |
Pfizer Inc. | 78,976,267 | 1,436,578 | 1.2% |
Merck & Co. Inc. | 29,914,021 | 1,093,058 | 0.9% |
Abbott Laboratories | 15,139,903 | 817,403 | 0.7% |
* Amgen Inc. | 9,945,120 | 562,595 | 0.5% |
Medtronic Inc. | 10,868,701 | 478,005 | 0.4% |
Bristol-Myers Squibb Co. | 16,768,944 | 423,416 | 0.4% |
Health Care—Other † | 8,559,565 | 7.1% | |
15,108,982 | 12.6% | ||
Industrials | |||
General Electric Co. | 104,073,701 | 1,574,635 | 1.3% |
United Technologies Corp. | 8,757,475 | 607,856 | 0.5% |
3M Co. | 6,496,617 | 537,075 | 0.5% |
United Parcel Service Inc. Class B | 6,877,930 | 394,587 | 0.3% |
Industrials—Other † | 10,003,088 | 8.3% | |
13,117,241 | 10.9% | ||
Information Technology | |||
Microsoft Corp. | 78,539,889 | 2,394,681 | 2.0% |
* Apple Inc. | 8,773,159 | 1,849,908 | 1.6% |
International Business Machines Corp. | 12,838,138 | 1,680,512 | 1.4% |
* Google Inc. Class A | 2,369,751 | 1,469,198 | 1.2% |
* Cisco Systems Inc. | 56,487,594 | 1,352,313 | 1.1% |
Hewlett-Packard Co. | 23,369,819 | 1,203,779 | 1.0% |
Intel Corp. | 54,823,865 | 1,118,407 | 0.9% |
Oracle Corp. | 39,292,271 | 964,232 | 0.8% |
QUALCOMM Inc. | 16,279,815 | 753,104 | 0.6% |
Visa Inc. Class A | 4,506,253 | 394,117 | 0.3% |
Information Technology—Other † | 10,132,112 | 8.5% | |
23,312,363 | 19.4% | ||
Materials | |||
Monsanto Co. | 5,346,489 | 437,075 | 0.3% |
Materials—Other † | 4,282,596 | 3.6% | |
4,719,671 | 3.9% | ||
Telecommunication Services | |||
AT&T Inc. | 57,781,566 | 1,619,617 | 1.3% |
Verizon Communications Inc. | 27,819,530 | 921,661 | 0.8% |
Telecommunication Services—Other † | 925,144 | 0.8% | |
3,466,422 | 2.9% | ||
Utilities † | 4,573,987 | 3.8% | |
Total Common Stocks (Cost $121,178,425) | 119,811,554 | 99.8%1 |
2
Market | Percentage | |||
Value• | of Net | |||
($000) | Assets | |||
Convertible Preferred Stocks | ||||
Consumer Discretionary † | 617 | 0.0% | ||
Total Convertible Preferred Stocks (Cost $789) | 617 | 0.0% | ||
Coupon | Shares | |||
Temporary Cash Investments | ||||
Money Market Fund | ||||
2,3 Vanguard Market Liquidity Fund | 0.187% | 666,333,103 | 666,333 | 0.6% |
4U.S. Government and Agency Obligations † | 20,989 | 0.0% | ||
Total Temporary Cash Investments (Cost $687,318) | 687,322 | 0.6%1 | ||
5Total Investments (Cost $121,866,532) | 120,499,493 | 100.4% | ||
Other Assets and Liabilities | ||||
Other Assets | 308,241 | 0.3% | ||
Liabilities3 | (794,385) | (0.7%) | ||
(486,144) | (0.4%) | |||
Net Assets | 120,013,349 | 100.0% | ||
At December 31, 2009, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 124,147,458 | |||
Overdistributed Net Investment Income | (79,430) | |||
Accumulated Net Realized Losses | (2,689,626) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | (1,367,039) | |||
Futures Contracts | 1,986 | |||
Net Assets | 120,013,349 |
3
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 2,113,205,103 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 58,004,042 |
Net Asset Value Per Share—Investor Shares | $27.45 |
Admiral Shares—Net Assets | |
Applicable to 1,011,255,022 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 27,762,276 |
Net Asset Value Per Share—Admiral Shares | $27.45 |
Signal Shares—Net Assets | |
Applicable to 179,543,029 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 4,757,409 |
Net Asset Value Per Share—Signal Shares | $26.50 |
Institutional Shares—Net Assets | |
Applicable to 584,428,905 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 16,047,027 |
Net Asset Value Per Share—Institutional Shares | $27.46 |
ETF Shares—Net Assets | |
Applicable to 238,374,239 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 13,442,595 |
Net Asset Value Per Share—ETF Shares | $56.39 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent
1% or less of net assets.
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 0.4%, respectively, of
net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 Includes $484,894,000 of collateral received for securities on loan.
4 Securities with a value of $20,989,000 have been segregated as initial margin for open futures contracts.
5 The total value of securities on loan is $435,174,000.
© 2010 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
F850 022010
Vanguard® U.S. Stock Index Funds
Large-Cap Index Fund
Statement of Net Assets
As of December 31, 2009
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.
The fund reports a complete list of its holdings in regulatory filings 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).
Market | |||
Value• | |||
Shares | ($000) | ||
Common Stocks (99.8%)1 | |||
Consumer Discretionary (9.7%) | |||
McDonald's Corp. | 382,205 | 23,865 | |
Walt Disney Co. | 626,367 | 20,200 | |
Home Depot Inc. | 596,238 | 17,249 | |
* | Amazon.com Inc. | 120,999 | 16,277 |
Target Corp. | 250,206 | 12,102 | |
Time Warner Inc. | 415,236 | 12,100 | |
Lowe's Cos. Inc. | 517,154 | 12,096 | |
Comcast Corp. Class A | 648,354 | 10,931 | |
* | DIRECTV Class A | 318,199 | 10,612 |
News Corp. Class A | 755,202 | 10,339 | |
* | Ford Motor Co. | 992,846 | 9,928 |
NIKE Inc. Class B | 129,982 | 8,588 | |
Johnson Controls Inc. | 235,205 | 6,407 | |
Staples Inc. | 252,968 | 6,221 | |
* | Starbucks Corp. | 258,089 | 5,952 |
* | Viacom Inc. Class B | 192,465 | 5,722 |
Yum! Brands Inc. | 163,382 | 5,713 | |
* | Kohl's Corp. | 101,489 | 5,473 |
TJX Cos. Inc. | 148,249 | 5,419 | |
Time Warner Cable Inc. | 123,296 | 5,103 | |
Comcast Corp. | 316,802 | 5,072 | |
Best Buy Co. Inc. | 123,846 | 4,887 | |
* | Carnival Corp. | 153,575 | 4,867 |
Omnicom Group Inc. | 108,794 | 4,259 | |
Coach Inc. | 111,457 | 4,072 | |
McGraw-Hill Cos. Inc. | 110,164 | 3,692 | |
Gap Inc. | 170,681 | 3,576 | |
* | Bed Bath & Beyond Inc. | 91,618 | 3,539 |
* | priceline.com Inc. | 14,051 | 3,070 |
CBS Corp. Class B | 206,210 | 2,897 | |
Marriott International Inc. | |||
Class A | 105,806 | 2,883 | |
* | Apollo Group Inc. Class A | 45,606 | 2,763 |
H&R Block Inc. | 117,414 | 2,656 | |
Mattel Inc. | 126,083 | 2,519 | |
Macy's Inc. | 147,187 | 2,467 | |
Starwood Hotels & Resorts | |||
Worldwide Inc. | 65,461 | 2,394 | |
VF Corp. | 31,138 | 2,281 | |
Fortune Brands Inc. | 52,652 | 2,275 | |
Cablevision Systems Corp. | |||
Class A | 86,379 | 2,230 | |
* | Liberty Media Corp.– | ||
Interactive | 198,659 | 2,153 | |
Nordstrom Inc. | 56,872 | 2,137 | |
Sherwin-Williams Co. | 34,621 | 2,134 | |
Genuine Parts Co. | 55,928 | 2,123 | |
Whirlpool Corp. | 25,980 | 2,096 | |
Harley-Davidson Inc. | 82,192 | 2,071 | |
JC Penney Co. Inc. | 74,130 | 1,973 | |
International Game | |||
Technology | 103,939 | 1,951 | |
Ross Stores Inc. | 44,380 | 1,895 | |
* | CarMax Inc. | 77,322 | 1,875 |
Tiffany & Co. | 43,495 | 1,870 | |
Ltd Brands Inc. | 95,842 | 1,844 | |
* | O'Reilly Automotive Inc. | 47,906 | 1,826 |
* | AutoZone Inc. | 11,261 | 1,780 |
* | Expedia Inc. | 69,159 | 1,778 |
* | Las Vegas Sands Corp. | 115,770 | 1,730 |
Virgin Media Inc. | 97,513 | 1,641 | |
*,^ | Sears Holdings Corp. | 19,549 | 1,631 |
Darden Restaurants Inc. | 46,224 | 1,621 | |
Polo Ralph Lauren Corp. | |||
Class A | 20,008 | 1,620 | |
* | Urban Outfitters Inc. | 44,197 | 1,546 |
DISH Network Corp. Class A | 73,083 | 1,518 | |
* | Dollar Tree Inc. | 31,319 | 1,513 |
1
Market | |||
Value• | |||
Shares | ($000) | ||
Wynn Resorts Ltd. | 25,879 | 1,507 | |
Newell Rubbermaid Inc. | 96,788 | 1,453 | |
* | Discovery Communications Inc. | ||
Class A | 47,226 | 1,448 | |
Hasbro Inc. | 44,006 | 1,411 | |
Black & Decker Corp. | 21,049 | 1,365 | |
BorgWarner Inc. | 40,878 | 1,358 | |
Advance Auto Parts Inc. | 33,506 | 1,356 | |
Scripps Networks | |||
Interactive Inc. Class A | 31,619 | 1,312 | |
* | Discovery | ||
Communications Inc. | 49,402 | 1,310 | |
Autoliv Inc. | 29,901 | 1,297 | |
^ | Garmin Ltd. | 42,192 | 1,295 |
Family Dollar Stores Inc. | 46,507 | 1,294 | |
* | ITT Educational Services Inc. | 13,323 | 1,278 |
DeVry Inc. | 22,427 | 1,272 | |
Wyndham Worldwide Corp. | 62,658 | 1,264 | |
* | Interpublic Group of Cos. Inc. | 169,436 | 1,250 |
* | Royal Caribbean Cruises Ltd. | 48,811 | 1,234 |
Gannett Co. Inc. | 82,003 | 1,218 | |
* | GameStop Corp. Class A | 54,957 | 1,206 |
Pulte Homes Inc. | 120,006 | 1,200 | |
PetSmart Inc. | 43,748 | 1,168 | |
* | NVR Inc. | 1,628 | 1,157 |
* | Goodyear Tire & Rubber Co. | 80,375 | 1,133 |
American Eagle Outfitters Inc. | 64,828 | 1,101 | |
DR Horton Inc. | 99,488 | 1,081 | |
Abercrombie & Fitch Co. | 30,644 | 1,068 | |
Leggett & Platt Inc. | 51,966 | 1,060 | |
Strayer Education Inc. | 4,876 | 1,036 | |
* | Liberty Global Inc. Class A | 45,994 | 1,008 |
Mohawk Industries Inc. | 20,415 | 972 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 11,013 | 971 | |
* | Marvel Entertainment Inc. | 17,942 | 970 |
* | NetFlix Inc. | 17,013 | 938 |
Washington Post Co. Class B | 2,123 | 933 | |
* | Liberty Global Inc. | 41,733 | 912 |
* | Toll Brothers Inc. | 47,762 | 898 |
* | LKQ Corp. | 44,492 | 872 |
* | MGM Mirage | 92,608 | 845 |
Harman International | |||
Industries Inc. | 23,046 | 813 | |
Guess? Inc. | 19,190 | 812 | |
* | Liberty Media Corp. - Starz | 17,389 | 803 |
* | Lamar Advertising Co. | ||
Class A | 25,390 | 789 | |
* | AutoNation Inc. | 40,662 | 779 |
Wendy's/Arby's Group Inc. | |||
Class A | 139,407 | 654 | |
Lennar Corp. Class A | 50,475 | 645 | |
* | Penn National Gaming Inc. | 23,284 | 633 |
WABCO Holdings Inc. | 22,332 | 576 | ||
News Corp. Class B | 35,845 | 571 | ||
Brinker International Inc. | 36,203 | 540 | ||
* | Hyatt Hotels Corp. Class A | 13,342 | 398 | |
Weight Watchers | ||||
International Inc. | 12,145 | 354 | ||
* | Clear Channel Outdoor | |||
Holdings Inc. Class A | 14,583 | 152 | ||
* | Krispy Kreme Doughnuts Inc. | |||
Warrants Exp. 3/2/12 | 20 | — | ||
369,233 | ||||
Consumer Staples (10.6%) | ||||
Procter & Gamble Co. | 1,022,167 | 61,974 | ||
Wal-Mart Stores Inc. | 818,668 | 43,758 | ||
Coca-Cola Co. | 730,337 | 41,629 | ||
PepsiCo Inc. | 545,542 | 33,169 | ||
Philip Morris | ||||
International Inc. | 677,400 | 32,644 | ||
CVS Caremark Corp. | 505,248 | 16,274 | ||
Colgate-Palmolive Co. | 174,593 | 14,343 | ||
Altria Group Inc. | 725,075 | 14,233 | ||
Kraft Foods Inc. | 516,366 | 14,035 | ||
Walgreen Co. | 347,575 | 12,763 | ||
Kimberly-Clark Corp. | 145,200 | 9,251 | ||
Costco Wholesale Corp. | 152,269 | 9,010 | ||
General Mills Inc. | 113,953 | 8,069 | ||
Archer-Daniels-Midland Co. | 202,295 | 6,334 | ||
Sysco Corp. | 206,939 | 5,782 | ||
Kellogg Co. | 93,901 | 4,996 | ||
HJ Heinz Co. | 110,322 | 4,717 | ||
Avon Products Inc. | 149,398 | 4,706 | ||
Lorillard Inc. | 57,774 | 4,635 | ||
Kroger Co. | 216,541 | 4,446 | ||
ConAgra Foods Inc. | 155,037 | 3,574 | ||
Reynolds American Inc. | 61,222 | 3,243 | ||
Mead Johnson Nutrition Co. | ||||
Class A | 71,504 | 3,125 | ||
Safeway Inc. | 145,724 | 3,102 | ||
Clorox Co. | 48,745 | 2,973 | ||
Bunge Ltd. | 46,391 | 2,961 | ||
Sara Lee Corp. | 231,403 | 2,819 | ||
JM Smucker Co. | 41,597 | 2,569 | ||
Dr Pepper Snapple Group Inc. | 88,906 | 2,516 | ||
Campbell Soup Co. | 73,576 | 2,487 | ||
Molson Coors Brewing Co. | ||||
Class B | 53,254 | 2,405 | ||
Coca-Cola Enterprises Inc. | 102,551 | 2,174 | ||
Pepsi Bottling Group Inc. | 52,915 | 1,984 | ||
Hershey Co. | 55,395 | 1,983 | ||
Estee Lauder Cos. Inc. | ||||
Class A | 39,368 | 1,904 | ||
McCormick & Co. Inc. | 41,400 | 1,496 | ||
Brown-Forman Corp. Class B | 27,908 | 1,495 | ||
Church & Dwight Co. Inc. | 24,655 | 1,490 | ||
* | Energizer Holdings Inc. | 23,130 | 1,417 |
2
Market | |||
Value• | |||
Shares | ($000) | ||
* | Whole Foods Market Inc. | 49,297 | 1,353 |
Tyson Foods Inc. Class A | 101,663 | 1,247 | |
* | Ralcorp Holdings Inc. | 19,849 | 1,185 |
* | Dean Foods Co. | 62,804 | 1,133 |
* | Constellation Brands Inc. | ||
Class A | 69,042 | 1,100 | |
* | Hansen Natural Corp. | 26,855 | 1,031 |
Hormel Foods Corp. | 25,786 | 991 | |
SUPERVALU Inc. | 74,429 | 946 | |
Alberto-Culver Co. Class B | 30,801 | 902 | |
* | Smithfield Foods Inc. | 51,938 | 789 |
Flowers Foods Inc. | 29,126 | 692 | |
PepsiAmericas Inc. | 21,677 | 634 | |
404,488 | |||
Energy (11.6%) | |||
Exxon Mobil Corp. | 1,682,764 | 114,748 | |
Chevron Corp. | 702,233 | 54,065 | |
Schlumberger Ltd. | 419,328 | 27,294 | |
ConocoPhillips | 493,322 | 25,194 | |
Occidental Petroleum Corp. | 283,869 | 23,093 | |
Apache Corp. | 117,541 | 12,127 | |
Devon Energy Corp. | 147,664 | 10,853 | |
Anadarko Petroleum Corp. | 171,661 | 10,715 | |
Halliburton Co. | 315,858 | 9,504 | |
* | Transocean Ltd. | 112,348 | 9,302 |
XTO Energy Inc. | 192,855 | 8,973 | |
EOG Resources Inc. | 88,198 | 8,582 | |
Marathon Oil Corp. | 247,780 | 7,736 | |
National Oilwell Varco Inc. | 146,391 | 6,454 | |
Hess Corp. | 103,035 | 6,234 | |
* | Southwestern Energy Co. | 120,674 | 5,816 |
Chesapeake Energy Corp. | 213,396 | 5,523 | |
Spectra Energy Corp. | 225,922 | 4,634 | |
* | Weatherford | ||
International Ltd. | 254,389 | 4,556 | |
Baker Hughes Inc. | 108,480 | 4,391 | |
Noble Energy Inc. | 60,682 | 4,322 | |
Williams Cos. Inc. | 203,972 | 4,300 | |
Peabody Energy Corp. | 93,638 | 4,233 | |
Noble Corp. | 91,521 | 3,725 | |
* | Cameron International Corp. | 85,468 | 3,573 |
Murphy Oil Corp. | 63,533 | 3,443 | |
Valero Energy Corp. | 196,843 | 3,297 | |
Consol Energy Inc. | 63,218 | 3,148 | |
Range Resources Corp. | 54,997 | 2,742 | |
* | Ultra Petroleum Corp. | 52,930 | 2,639 |
* | Petrohawk Energy Corp. | 105,355 | 2,527 |
* | FMC Technologies Inc. | 42,835 | 2,478 |
El Paso Corp. | 245,507 | 2,413 | |
Diamond Offshore | |||
Drilling Inc. | 24,281 | 2,390 | |
Smith International Inc. | 86,671 | 2,355 | |
* | Newfield Exploration Co. | 46,444 | 2,240 |
* | Nabors Industries Ltd. | 99,266 | 2,173 |
Pioneer Natural | ||||
Resources Co. | 40,401 | 1,946 | ||
* | Pride International Inc. | 60,909 | 1,944 | |
BJ Services Co. | 102,428 | 1,905 | ||
* | Alpha Natural Resources Inc. | 42,023 | 1,823 | |
Cabot Oil & Gas Corp. | 36,304 | 1,582 | ||
Cimarex Energy Co. | 29,271 | 1,550 | ||
Helmerich & Payne Inc. | 37,037 | 1,477 | ||
* | Kinder Morgan | |||
Management LLC | 26,415 | 1,443 | ||
EXCO Resources Inc. | 62,571 | 1,328 | ||
* | Plains Exploration & | |||
Production Co. | 47,933 | 1,326 | ||
* | Denbury Resources Inc. | 87,413 | 1,294 | |
Arch Coal Inc. | 56,928 | 1,267 | ||
Massey Energy Co. | 30,050 | 1,262 | ||
* | Oceaneering International Inc. | 19,244 | 1,126 | |
Sunoco Inc. | 41,027 | 1,071 | ||
* | Concho Resources Inc. | 22,406 | 1,006 | |
* | Dresser-Rand Group Inc. | 28,970 | 916 | |
* | Rowan Cos. Inc. | 39,742 | 900 | |
Tidewater Inc. | 18,220 | 874 | ||
* | Forest Oil Corp. | 37,340 | 831 | |
Patterson-UTI Energy Inc. | 53,850 | 827 | ||
Tesoro Corp. | 48,878 | 662 | ||
* | Quicksilver Resources Inc. | 41,707 | 626 | |
* | Continental Resources Inc. | 12,022 | 516 | |
* | SandRidge Energy Inc. | 54,077 | 510 | |
* | CNX Gas Corp. | 10,689 | 315 | |
* | Cobalt International | |||
Energy Inc. | 19,043 | 264 | ||
442,383 | ||||
Financials (14.6%) | ||||
JPMorgan Chase & Co. | 1,377,021 | 57,380 | ||
Wells Fargo & Co. | 1,700,744 | 45,903 | ||
Bank of America Corp. | 3,029,350 | 45,622 | ||
Goldman Sachs Group Inc. | 170,047 | 28,711 | ||
Citigroup Inc. | 7,422,672 | 24,569 | ||
American Express Co. | 374,724 | 15,184 | ||
US Bancorp | 669,294 | 15,066 | ||
* | Berkshire Hathaway Inc. | |||
Class B | 3,899 | 12,812 | ||
Morgan Stanley | 428,411 | 12,681 | ||
Bank of New York | ||||
Mellon Corp. | 421,183 | 11,780 | ||
MetLife Inc. | 286,735 | 10,136 | ||
Travelers Cos. Inc. | 198,868 | 9,916 | ||
PNC Financial Services | ||||
Group Inc. | 161,554 | 8,528 | ||
Prudential Financial Inc. | 161,404 | 8,031 | ||
Simon Property Group Inc. | 99,833 | 7,967 | ||
Aflac Inc. | 163,626 | 7,568 | ||
State Street Corp. | 173,184 | 7,540 | ||
CME Group Inc. | 20,930 | 7,031 | ||
Charles Schwab Corp. | 345,406 | 6,501 |
3
Market | |||
Value• | |||
Shares | ($000) | ||
Capital One Financial Corp. | 159,344 | 6,109 | |
BB&T Corp. | 238,637 | 6,054 | |
Chubb Corp. | 122,647 | 6,032 | |
Franklin Resources Inc. | 56,441 | 5,946 | |
ACE Ltd. | 117,673 | 5,931 | |
Allstate Corp. | 178,314 | 5,357 | |
T Rowe Price Group Inc. | 89,668 | 4,775 | |
Loews Corp. | 121,356 | 4,411 | |
* | Progressive Corp. | 225,526 | 4,057 |
Marsh & McLennan Cos. Inc. | 183,309 | 4,047 | |
Northern Trust Corp. | 76,062 | 3,986 | |
Vornado Realty Trust | 56,718 | 3,967 | |
Public Storage | 44,453 | 3,621 | |
SunTrust Banks Inc. | 174,498 | 3,541 | |
Ameriprise Financial Inc. | 89,171 | 3,462 | |
Invesco Ltd. | 145,587 | 3,420 | |
AON Corp. | 86,438 | 3,314 | |
Annaly Capital | |||
Management Inc. | 190,470 | 3,305 | |
Boston Properties Inc. | 48,512 | 3,254 | |
Equity Residential | 95,847 | 3,238 | |
Hartford Financial Services | |||
Group Inc. | 134,525 | 3,129 | |
HCP Inc. | 101,796 | 3,109 | |
Discover Financial Services | 187,958 | 2,765 | |
Principal Financial Group Inc. | 111,568 | 2,682 | |
Lincoln National Corp. | 105,821 | 2,633 | |
Fifth Third Bancorp | 264,581 | 2,580 | |
Host Hotels & Resorts Inc. | 217,597 | 2,539 | |
* | IntercontinentalExchange Inc. | 21,813 | 2,450 |
Ventas Inc. | 54,813 | 2,397 | |
NYSE Euronext | 91,000 | 2,302 | |
AvalonBay Communities Inc. | 27,985 | 2,298 | |
Hudson City Bancorp Inc. | 165,231 | 2,269 | |
Unum Group | 116,093 | 2,266 | |
Regions Financial Corp. | 416,170 | 2,202 | |
XL Capital Ltd. Class A | 119,787 | 2,196 | |
Plum Creek Timber Co. Inc. | 57,006 | 2,153 | |
ProLogis | 155,079 | 2,123 | |
New York Community | |||
Bancorp Inc. | 140,906 | 2,045 | |
People's United Financial Inc. | 122,072 | 2,039 | |
* | Genworth Financial Inc. | ||
Class A | 168,137 | 1,908 | |
Kimco Realty Corp. | 140,904 | 1,906 | |
Moody's Corp. | 70,247 | 1,883 | |
BlackRock Inc. | 8,031 | 1,865 | |
Health Care REIT Inc. | 42,060 | 1,864 | |
* | SLM Corp. | 163,891 | 1,847 |
Everest Re Group Ltd. | 21,240 | 1,820 | |
M&T Bank Corp. | 26,870 | 1,797 | |
* | TD Ameritrade Holding Corp. | 92,563 | 1,794 |
PartnerRe Ltd. | 23,442 | 1,750 | |
KeyCorp | 307,977 | 1,709 | |
* | Leucadia National Corp. | 68,449 | 1,628 |
Comerica Inc. | 52,991 | 1,567 | |
Willis Group Holdings Ltd. | 58,615 | 1,546 | |
Legg Mason Inc. | 50,095 | 1,511 | |
Federal Realty | |||
Investment Trust | 21,423 | 1,451 | |
Cincinnati Financial Corp. | 54,203 | 1,422 | |
SL Green Realty Corp. | 26,840 | 1,348 | |
Axis Capital Holdings Ltd. | 47,125 | 1,339 | |
Nationwide Health | |||
Properties Inc. | 37,634 | 1,324 | |
AMB Property Corp. | 51,176 | 1,308 | |
Digital Realty Trust Inc. | 25,417 | 1,278 | |
Torchmark Corp. | 29,065 | 1,277 | |
*,^ | American International | ||
Group Inc. | 42,308 | 1,268 | |
Liberty Property Trust | 39,284 | 1,257 | |
WR Berkley Corp. | 50,186 | 1,237 | |
Assurant Inc. | 41,373 | 1,220 | |
Reinsurance Group of | |||
America Inc. Class A | 25,535 | 1,217 | |
Macerich Co. | 33,106 | 1,190 | |
Eaton Vance Corp. | 38,778 | 1,179 | |
Rayonier Inc. | 27,665 | 1,166 | |
RenaissanceRe Holdings Ltd. | 21,848 | 1,161 | |
* | CB Richard Ellis Group Inc. | ||
Class A | 85,198 | 1,156 | |
* | Markel Corp. | 3,267 | 1,111 |
HCC Insurance Holdings Inc. | 39,126 | 1,094 | |
Regency Centers Corp. | 30,983 | 1,086 | |
* | Arch Capital Group Ltd. | 14,934 | 1,069 |
First American Corp. | 31,569 | 1,045 | |
* | First Horizon National Corp. | 77,621 | 1,040 |
Fidelity National Financial Inc. | |||
Class A | 76,810 | 1,034 | |
Transatlantic Holdings Inc. | 19,776 | 1,030 | |
Hospitality Properties Trust | 42,682 | 1,012 | |
* | NASDAQ OMX Group Inc. | 49,705 | 985 |
* | Affiliated Managers Group Inc. | 14,497 | 976 |
Duke Realty Corp. | 78,354 | 954 | |
Commerce Bancshares Inc. | 24,547 | 950 | |
Realty Income Corp. | 36,491 | 945 | |
Cullen/Frost Bankers Inc. | 18,752 | 938 | |
* | St Joe Co. | 32,215 | 931 |
White Mountains | |||
Insurance Group Ltd. | 2,787 | 927 | |
Marshall & Ilsley Corp. | 167,894 | 915 | |
Federated Investors Inc. | |||
Class B | 32,578 | 896 | |
Validus Holdings Ltd. | 32,796 | 883 | |
UDR Inc. | 52,791 | 868 | |
Huntington Bancshares Inc. | 236,765 | 864 | |
Janus Capital Group Inc. | 63,704 | 857 | |
* | Jefferies Group Inc. | 36,018 | 855 |
Old Republic | |||
International Corp. | 84,260 | 846 |
4
Market | ||||
Value• | ||||
Shares | ($000) | |||
Raymond James Financial Inc. | 34,536 | 821 | ||
SEI Investments Co. | 46,759 | 819 | ||
Weingarten Realty Investors | 39,821 | 788 | ||
Brown & Brown Inc. | 42,143 | 757 | ||
City National Corp. | 15,235 | 695 | ||
American Financial Group Inc. | 26,421 | 659 | ||
Greenhill & Co. Inc. | 7,975 | 640 | ||
TCF Financial Corp. | 40,870 | 557 | ||
Zions Bancorporation | 42,100 | 540 | ||
Associated Banc-Corp | 42,654 | 470 | ||
BOK Financial Corp. | 9,624 | 457 | ||
TFS Financial Corp. | 32,629 | 396 | ||
Mercury General Corp. | 9,524 | 374 | ||
Capitol Federal Financial | 7,660 | 241 | ||
558,448 | ||||
Health Care (12.6%) | ||||
Johnson & Johnson | 964,973 | 62,154 | ||
Pfizer Inc. | 2,823,655 | 51,362 | ||
Merck & Co. Inc. | 1,069,550 | 39,081 | ||
Abbott Laboratories | 541,357 | 29,228 | ||
* | Amgen Inc. | 355,492 | 20,110 | |
Medtronic Inc. | 388,493 | 17,086 | ||
Bristol-Myers Squibb Co. | 599,392 | 15,135 | ||
* | Gilead Sciences Inc. | 316,618 | 13,703 | |
Eli Lilly & Co. | 361,985 | 12,926 | ||
UnitedHealth Group Inc. | 407,001 | 12,405 | ||
Baxter International Inc. | 211,142 | 12,390 | ||
* | Medco Health Solutions Inc. | 165,952 | 10,606 | |
* | WellPoint Inc. | 166,316 | 9,695 | |
* | Celgene Corp. | 160,605 | 8,943 | |
Covidien PLC | 175,804 | 8,419 | ||
* | Express Scripts Inc. | 91,303 | 7,893 | |
* | Thermo Fisher Scientific Inc. | 142,940 | 6,817 | |
Allergan Inc. | 106,463 | 6,708 | ||
Becton Dickinson and Co. | 83,868 | 6,614 | ||
McKesson Corp. | 93,258 | 5,829 | ||
* | Biogen Idec Inc. | 101,131 | 5,411 | |
Stryker Corp. | 104,293 | 5,253 | ||
Aetna Inc. | 152,815 | 4,844 | ||
* | Boston Scientific Corp. | 527,325 | 4,746 | |
* | Genzyme Corp. | 94,566 | 4,635 | |
* | St. Jude Medical Inc. | 121,901 | 4,484 | |
* | Zimmer Holdings Inc. | 75,108 | 4,440 | |
Cardinal Health Inc. | 125,987 | 4,062 | ||
* | Intuitive Surgical Inc. | 13,271 | 4,025 | |
* | Forest Laboratories Inc. | 105,618 | 3,391 | |
CIGNA Corp. | 95,452 | 3,367 | ||
Quest Diagnostics Inc. | 55,254 | 3,336 | ||
* | Life Technologies Corp. | 61,773 | 3,226 | |
* | Vertex Pharmaceuticals Inc. | 67,315 | 2,884 | |
* | Hospira Inc. | 56,389 | 2,876 | |
* | Laboratory Corp. of | |||
America Holdings | 37,896 | 2,836 |
AmerisourceBergen Corp. | |||
Class A | 104,056 | 2,713 | |
CR Bard Inc. | 34,133 | 2,659 | |
* | Humana Inc. | 59,383 | 2,606 |
* | DaVita Inc. | 36,428 | 2,140 |
* | Waters Corp. | 33,398 | 2,069 |
* | Varian Medical Systems Inc. | 43,883 | 2,056 |
* | Cerner Corp. | 24,102 | 1,987 |
* | Mylan Inc. | 107,057 | 1,973 |
DENTSPLY International Inc. | 49,507 | 1,741 | |
* | Edwards Lifesciences Corp. | 19,848 | 1,724 |
* | Henry Schein Inc. | 31,576 | 1,661 |
* | Cephalon Inc. | 26,127 | 1,631 |
* | CareFusion Corp. | 63,012 | 1,576 |
Beckman Coulter Inc. | 23,941 | 1,567 | |
* | Alexion Pharmaceuticals Inc. | 30,885 | 1,508 |
* | Millipore Corp. | 19,430 | 1,406 |
* | Watson Pharmaceuticals Inc. | 35,085 | 1,390 |
* | ResMed Inc. | 26,502 | 1,385 |
IMS Health Inc. | 63,835 | 1,344 | |
* | Illumina Inc. | 43,510 | 1,334 |
* | Hologic Inc. | 89,950 | 1,304 |
* | Coventry Health Care Inc. | 52,240 | 1,269 |
* | Mettler-Toledo | ||
International Inc. | 11,746 | 1,233 | |
* | Covance Inc. | 22,462 | 1,226 |
* | Dendreon Corp. | 45,640 | 1,199 |
* | Community Health | ||
Systems Inc. | 32,503 | 1,157 | |
* | Warner Chilcott PLC Class A | 39,404 | 1,122 |
* | Inverness Medical | ||
Innovations Inc. | 26,885 | 1,116 | |
Perrigo Co. | 27,560 | 1,098 | |
* | IDEXX Laboratories Inc. | 20,518 | 1,096 |
* | King Pharmaceuticals Inc. | 87,033 | 1,068 |
Omnicare Inc. | 42,008 | 1,016 | |
Universal Health Services Inc. | |||
Class B | 31,726 | 968 | |
* | Patterson Cos. Inc. | 32,124 | 899 |
* | Lincare Holdings Inc. | 23,687 | 879 |
Pharmaceutical Product | |||
Development Inc. | 37,412 | 877 | |
* | Myriad Genetics Inc. | 33,581 | 876 |
Techne Corp. | 12,363 | 848 | |
* | Endo Pharmaceuticals | ||
Holdings Inc. | 41,206 | 845 | |
* | Health Net Inc. | 36,170 | 842 |
* | Charles River Laboratories | ||
International Inc. | 23,249 | 783 | |
* | Gen-Probe Inc. | 17,575 | 754 |
* | Amylin Pharmaceuticals Inc. | 49,350 | 700 |
* | Kinetic Concepts Inc. | 18,544 | 698 |
* | Abraxis Bioscience Inc. | 2,719 | 110 |
481,373 |
5
Market | ||||
Value• | ||||
Shares | ($000) | |||
Industrials (10.3%) | ||||
General Electric Co. | 3,721,052 | 56,300 | ||
United Technologies Corp. | 313,013 | 21,726 | ||
3M Co. | 232,257 | 19,201 | ||
United Parcel Service Inc. | ||||
Class B | 246,003 | 14,113 | ||
Boeing Co. | 241,595 | 13,078 | ||
Caterpillar Inc. | 217,638 | 12,403 | ||
Burlington Northern | ||||
Santa Fe Corp. | 119,180 | 11,754 | ||
Union Pacific Corp. | 176,668 | 11,289 | ||
Emerson Electric Co. | 263,237 | 11,214 | ||
Honeywell International Inc. | 250,263 | 9,810 | ||
FedEx Corp. | 103,920 | 8,672 | ||
Lockheed Martin Corp. | 114,399 | 8,620 | ||
Deere & Co. | 148,120 | 8,012 | ||
General Dynamics Corp. | 114,555 | 7,809 | ||
Danaher Corp. | 95,160 | 7,156 | ||
Illinois Tool Works Inc. | 148,894 | 7,145 | ||
Raytheon Co. | 136,333 | 7,024 | ||
Norfolk Southern Corp. | 128,614 | 6,742 | ||
CSX Corp. | 137,299 | 6,658 | ||
Tyco International Ltd. | 165,954 | 5,921 | ||
Northrop Grumman Corp. | 105,802 | 5,909 | ||
Waste Management Inc. | 163,753 | 5,537 | ||
Precision Castparts Corp. | 49,101 | 5,418 | ||
PACCAR Inc. | 120,759 | 4,380 | ||
Ingersoll-Rand PLC | 111,691 | 3,992 | ||
Republic Services Inc. | ||||
Class A | 132,657 | 3,756 | ||
L-3 Communications | ||||
Holdings Inc. | 40,854 | 3,552 | ||
Eaton Corp. | 55,064 | 3,503 | ||
CH Robinson Worldwide Inc. | 58,828 | 3,455 | ||
* | Delta Air Lines Inc. | 272,076 | 3,096 | |
Cummins Inc. | 67,120 | 3,078 | ||
Rockwell Collins Inc. | 55,149 | 3,053 | ||
Parker Hannifin Corp. | 56,186 | 3,027 | ||
ITT Corp. | 60,635 | 3,016 | ||
Southwest Airlines Co. | 259,442 | 2,965 | ||
Fluor Corp. | 62,954 | 2,835 | ||
Goodrich Corp. | 43,367 | 2,786 | ||
Dover Corp. | 65,218 | 2,714 | ||
Expeditors International of | ||||
Washington Inc. | 74,220 | 2,578 | ||
Cooper Industries PLC | 58,367 | 2,489 | ||
Rockwell Automation Inc. | 49,728 | 2,336 | ||
*,^ | First Solar Inc. | 16,354 | 2,214 | |
WW Grainger Inc. | 21,914 | 2,122 | ||
Fastenal Co. | 46,882 | 1,952 | ||
* | McDermott International Inc. | 80,392 | 1,930 | |
Flowserve Corp. | 19,681 | 1,860 | ||
Joy Global Inc. | 35,835 | 1,849 | ||
Textron Inc. | 94,765 | 1,783 | ||
Masco Corp. | 126,140 | 1,742 |
Roper Industries Inc. | 31,797 | 1,665 | ||
Pitney Bowes Inc. | 72,377 | 1,647 | ||
* | Jacobs Engineering | |||
Group Inc. | 43,306 | 1,629 | ||
RR Donnelley & Sons Co. | 72,032 | 1,604 | ||
* | Stericycle Inc. | 28,248 | 1,558 | |
Dun & Bradstreet Corp. | 18,448 | 1,557 | ||
Manpower Inc. | 27,500 | 1,501 | ||
Pall Corp. | 41,310 | 1,495 | ||
Bucyrus International Inc. | ||||
Class A | 26,390 | 1,488 | ||
* | Iron Mountain Inc. | 63,791 | 1,452 | |
* | Quanta Services Inc. | 69,384 | 1,446 | |
AMETEK Inc. | 37,709 | 1,442 | ||
Equifax Inc. | 44,408 | 1,372 | ||
Robert Half International Inc. | 50,464 | 1,349 | ||
* | URS Corp. | 29,597 | 1,318 | |
* | Foster Wheeler AG | 44,344 | 1,306 | |
Avery Dennison Corp. | 35,573 | 1,298 | ||
Stanley Works | 25,027 | 1,289 | ||
Cintas Corp. | 47,931 | 1,249 | ||
* | Kansas City Southern | 33,748 | 1,124 | |
Donaldson Co. Inc. | 25,586 | 1,088 | ||
KBR Inc. | 56,321 | 1,070 | ||
Pentair Inc. | 32,810 | 1,060 | ||
* | AGCO Corp. | 32,443 | 1,049 | |
* | Alliant Techsystems Inc. | 11,578 | 1,022 | |
JB Hunt Transport | ||||
Services Inc. | 30,956 | 999 | ||
* | IHS Inc. Class A | 17,736 | 972 | |
* | Verisk Analytics Inc. Class A | 31,732 | 961 | |
SPX Corp. | 17,130 | 937 | ||
* | Copart Inc. | 25,181 | 922 | |
Harsco Corp. | 28,223 | 910 | ||
* | AMR Corp. | 115,277 | 891 | |
* | Aecom Technology Corp. | 30,968 | 852 | |
* | Navistar International Corp. | 22,021 | 851 | |
* | FTI Consulting Inc. | 17,991 | 848 | |
* | Shaw Group Inc. | 29,093 | 836 | |
Ryder System Inc. | 19,520 | 804 | ||
* | Covanta Holding Corp. | 43,494 | 787 | |
* | Hertz Global Holdings Inc. | 64,502 | 769 | |
* | Terex Corp. | 37,967 | 752 | |
MSC Industrial Direct Co. | ||||
Class A | 15,487 | 728 | ||
* | Spirit Aerosystems | |||
Holdings Inc. Class A | 36,619 | 727 | ||
* | Owens Corning | 26,928 | 690 | |
* | SunPower Corp. Class A | 19,214 | 455 | |
* | SunPower Corp. Class B | 14,668 | 307 | |
393,650 | ||||
Information Technology (19.7%) | ||||
Microsoft Corp. | 2,808,092 | 85,619 | ||
* | Apple Inc. | 313,676 | 66,142 |
6
Market | |||
Value• | |||
Shares | ($000) | ||
International Business | |||
Machines Corp. | 459,068 | 60,092 | |
* | Google Inc. Class A | 84,729 | 52,530 |
* | Cisco Systems Inc. | 2,019,621 | 48,350 |
Hewlett-Packard Co. | 835,550 | 43,039 | |
Intel Corp. | 1,960,154 | 39,987 | |
Oracle Corp. | 1,404,915 | 34,477 | |
QUALCOMM Inc. | 582,170 | 26,931 | |
Visa Inc. Class A | 161,167 | 14,096 | |
* | EMC Corp. | 707,872 | 12,366 |
Texas Instruments Inc. | 441,589 | 11,508 | |
Corning Inc. | 544,371 | 10,512 | |
* | eBay Inc. | 384,167 | 9,043 |
Accenture PLC Class A | 215,039 | 8,924 | |
Mastercard Inc. Class A | 34,573 | 8,850 | |
* | Dell Inc. | 615,822 | 8,843 |
* | Yahoo! Inc. | 466,984 | 7,836 |
Automatic Data | |||
Processing Inc. | 175,779 | 7,527 | |
* | Adobe Systems Inc. | 183,690 | 6,756 |
Applied Materials Inc. | 466,703 | 6,506 | |
Motorola Inc. | 803,524 | 6,235 | |
* | Symantec Corp. | 284,947 | 5,098 |
* | Juniper Networks Inc. | 183,433 | 4,892 |
* | Broadcom Corp. Class A | 152,756 | 4,804 |
* | Cognizant Technology | ||
Solutions Corp. Class A | 102,525 | 4,644 | |
Western Union Co. | 245,451 | 4,627 | |
* | NetApp Inc. | 117,616 | 4,045 |
Tyco Electronics Ltd. | 160,535 | 3,941 | |
* | Marvell Technology | ||
Group Ltd. | 184,169 | 3,821 | |
* | Agilent Technologies Inc. | 120,143 | 3,733 |
* | NVIDIA Corp. | 191,699 | 3,581 |
Paychex Inc. | 113,710 | 3,484 | |
* | Western Digital Corp. | 78,639 | 3,472 |
* | Intuit Inc. | 107,426 | 3,299 |
CA Inc. | 146,574 | 3,292 | |
Analog Devices Inc. | 102,030 | 3,222 | |
Seagate Technology | 173,342 | 3,153 | |
* | Micron Technology Inc. | 296,394 | 3,130 |
* | Computer Sciences Corp. | 53,067 | 3,053 |
* | Salesforce.com Inc. | 39,101 | 2,884 |
Amphenol Corp. Class A | 60,046 | 2,773 | |
* | Citrix Systems Inc. | 64,087 | 2,667 |
* | Fiserv Inc. | 54,047 | 2,620 |
Fidelity National Information | |||
Services Inc. | 110,362 | 2,587 | |
* | BMC Software Inc. | 64,439 | 2,584 |
Xerox Corp. | 304,272 | 2,574 | |
* | Sun Microsystems Inc. | 263,326 | 2,467 |
Xilinx Inc. | 96,651 | 2,422 | |
Linear Technology Corp. | 77,921 | 2,380 | |
Altera Corp. | 103,083 | 2,333 |
* | SanDisk Corp. | 79,582 | 2,307 |
* | McAfee Inc. | 55,070 | 2,234 |
* | Activision Blizzard Inc. | 200,392 | 2,226 |
Harris Corp. | 46,377 | 2,205 | |
Maxim Integrated | |||
Products Inc. | 107,222 | 2,177 | |
KLA-Tencor Corp. | 59,862 | 2,165 | |
* | Flextronics International Ltd. | 284,241 | 2,078 |
* | Autodesk Inc. | 80,525 | 2,046 |
* | Red Hat Inc. | 65,852 | 2,035 |
* | Electronic Arts Inc. | 113,339 | 2,012 |
* | Advanced Micro Devices Inc. | 198,828 | 1,925 |
* | Cree Inc. | 33,756 | 1,903 |
* | Affiliated Computer | ||
Services Inc. Class A | 31,860 | 1,902 | |
* | Teradata Corp. | 60,210 | 1,892 |
Microchip Technology Inc. | 63,930 | 1,858 | |
* | Lam Research Corp. | 44,375 | 1,740 |
* | FLIR Systems Inc. | 52,950 | 1,733 |
* | VeriSign Inc. | 67,601 | 1,639 |
* | Avnet Inc. | 52,925 | 1,596 |
* | Akamai Technologies Inc. | 60,376 | 1,529 |
Global Payments Inc. | 28,226 | 1,520 | |
* | F5 Networks Inc. | 27,502 | 1,457 |
* | Equinix Inc. | 13,552 | 1,439 |
* | LSI Corp. | 227,275 | 1,366 |
Lender Processing | |||
Services Inc. | 33,527 | 1,363 | |
* | SAIC Inc. | 71,465 | 1,354 |
* | ANSYS Inc. | 30,766 | 1,337 |
National Semiconductor Corp. | 82,372 | 1,265 | |
* | Hewitt Associates Inc. | ||
Class A | 29,357 | 1,241 | |
* | ON Semiconductor Corp. | 140,748 | 1,240 |
* | Arrow Electronics Inc. | 41,680 | 1,234 |
* | Sybase Inc. | 28,349 | 1,230 |
* | Alliance Data Systems Corp. | 18,527 | 1,197 |
* | Synopsys Inc. | 50,455 | 1,124 |
Jabil Circuit Inc. | 63,508 | 1,103 | |
* | Nuance Communications Inc. | 70,949 | 1,103 |
Broadridge Financial | |||
Solutions Inc. | 48,770 | 1,100 | |
* | Brocade Communications | ||
Systems Inc. | 140,034 | 1,068 | |
* | MEMC Electronic | ||
Materials Inc. | 78,238 | 1,066 | |
* | Trimble Navigation Ltd. | 42,019 | 1,059 |
Factset Research | |||
Systems Inc. | 15,613 | 1,028 | |
Total System Services Inc. | 58,671 | 1,013 | |
* | Ingram Micro Inc. | 51,396 | 897 |
* | Dolby Laboratories Inc. | ||
Class A | 18,662 | 891 | |
* | AOL Inc. | 37,748 | 879 |
7
Market | |||
Value• | |||
Shares | ($000) | ||
* | Novellus Systems Inc. | 34,200 | 798 |
* | VMware Inc. Class A | 18,682 | 792 |
* | Tellabs Inc. | 131,212 | 745 |
* | Lexmark International Inc. | ||
Class A | 27,189 | 706 | |
* | IAC/InterActiveCorp | 33,495 | 686 |
Intersil Corp. Class A | 42,919 | 658 | |
* | NCR Corp. | 55,854 | 622 |
* | DST Systems Inc. | 13,967 | 608 |
* | Cadence Design | ||
Systems Inc. | 92,306 | 553 | |
Molex Inc. Class A | 26,021 | 498 | |
Molex Inc. | 22,043 | 475 | |
* | Avago Technologies Ltd. | 16,490 | 302 |
749,970 | |||
Materials (3.8%) | |||
Monsanto Co. | 191,203 | 15,631 | |
* | Freeport-McMoRan | ||
Copper & Gold Inc. | 144,118 | 11,571 | |
Dow Chemical Co. | 400,533 | 11,067 | |
EI du Pont de | |||
Nemours & Co. | 316,475 | 10,656 | |
Praxair Inc. | 107,383 | 8,624 | |
Newmont Mining Corp. | 167,865 | 7,942 | |
Air Products & | |||
Chemicals Inc. | 73,610 | 5,967 | |
Alcoa Inc. | 340,879 | 5,495 | |
Nucor Corp. | 110,153 | 5,139 | |
International Paper Co. | 143,834 | 3,852 | |
Ecolab Inc. | 82,819 | 3,692 | |
PPG Industries Inc. | 57,696 | 3,377 | |
Mosaic Co. | 54,558 | 3,259 | |
Weyerhaeuser Co. | 73,948 | 3,190 | |
United States Steel Corp. | 50,095 | 2,761 | |
Vulcan Materials Co. | 43,812 | 2,308 | |
Sigma-Aldrich Corp. | 42,664 | 2,156 | |
Cliffs Natural Resources Inc. | 45,985 | 2,119 | |
* | Owens-Illinois Inc. | 59,042 | 1,941 |
Lubrizol Corp. | 23,755 | 1,733 | |
MeadWestvaco Corp. | 59,860 | 1,714 | |
Ball Corp. | 31,325 | 1,619 | |
Celanese Corp. Class A | 50,364 | 1,617 | |
Eastman Chemical Co. | 25,440 | 1,532 | |
CF Industries Holdings Inc. | 16,209 | 1,471 | |
* | Crown Holdings Inc. | 55,818 | 1,428 |
Martin Marietta Materials Inc. | 15,683 | 1,402 | |
Walter Energy Inc. | 18,586 | 1,400 | |
Allegheny Technologies Inc. | 30,952 | 1,386 | |
FMC Corp. | 24,063 | 1,342 | |
Nalco Holding Co. | 48,399 | 1,235 | |
Airgas Inc. | 25,778 | 1,227 | |
Sealed Air Corp. | 55,605 | 1,215 | |
Steel Dynamics Inc. | 67,492 | 1,196 | |
International Flavors & | |||
Fragrances Inc. | 27,503 | 1,131 |
Market | |||
Value• | |||
Shares | ($000) | ||
Terra Industries Inc. | 34,921 | 1,124 | |
* | Pactiv Corp. | 46,264 | 1,117 |
Bemis Co. Inc. | 37,645 | 1,116 | |
Sonoco Products Co. | 35,129 | 1,027 | |
Reliance Steel & | |||
Aluminum Co. | 23,244 | 1,005 | |
Albemarle Corp. | 25,696 | 935 | |
Valspar Corp. | 33,531 | 910 | |
AK Steel Holding Corp. | 38,120 | 814 | |
Scotts Miracle-Gro Co. | |||
Class A | 16,020 | 630 | |
Commercial Metals Co. | 39,542 | 619 | |
* | Titanium Metals Corp. | 41,016 | 513 |
Greif Inc. Class A | 8,511 | 459 | |
143,664 | |||
Telecommunication Services (3.1%) | |||
AT&T Inc. | 2,065,958 | 57,909 | |
Verizon | |||
Communications Inc. | 994,654 | 32,953 | |
* | American Tower Corp. | ||
Class A | 138,193 | 5,971 | |
* | Crown Castle | ||
International Corp. | 101,913 | 3,979 | |
CenturyTel Inc. | 104,019 | 3,767 | |
* | Sprint Nextel Corp. | 1,017,561 | 3,724 |
Qwest Communications | |||
International Inc. | 543,464 | 2,288 | |
* | NII Holdings Inc. | 58,132 | 1,952 |
Windstream Corp. | 153,138 | 1,683 | |
* | SBA Communications | ||
Corp. Class A | 36,842 | 1,259 | |
* | Level 3 | ||
Communications Inc. | 569,132 | 871 | |
Frontier | |||
Communications Corp. | 109,726 | 857 | |
* | MetroPCS | ||
Communications Inc. | 85,730 | 654 | |
Telephone & Data | |||
Systems Inc. | 17,985 | 610 | |
Telephone & Data | |||
Systems Inc. - | |||
Special Common Shares | 15,976 | 482 | |
* | United States Cellular Corp. | 6,657 | 282 |
119,241 | |||
Utilities (3.8%) | |||
Exelon Corp. | 230,901 | 11,284 | |
Southern Co. | 278,748 | 9,288 | |
Dominion Resources Inc. | 208,388 | 8,110 | |
Duke Energy Corp. | 454,231 | 7,817 | |
FPL Group Inc. | 136,761 | 7,224 | |
Public Service Enterprise | |||
Group Inc. | 177,209 | 5,892 | |
American Electric Power | |||
Co. Inc. | 166,944 | 5,808 | |
PG&E Corp. | 129,832 | 5,797 |
8
Market | |||
Value• | |||
Shares | ($000) | ||
Entergy Corp. | 68,622 | 5,616 | |
FirstEnergy Corp. | 106,853 | 4,963 | |
Sempra Energy | 81,582 | 4,567 | |
Consolidated Edison Inc. | 96,207 | 4,371 | |
PPL Corp. | 131,758 | 4,257 | |
Progress Energy Inc. | 97,720 | 4,008 | |
Edison International | 108,467 | 3,772 | |
Xcel Energy Inc. | 159,479 | 3,384 | |
* | AES Corp. | 233,408 | 3,107 |
Questar Corp. | 61,019 | 2,537 | |
DTE Energy Co. | 57,645 | 2,513 | |
Ameren Corp. | 81,790 | 2,286 | |
Constellation Energy | |||
Group Inc. | 63,191 | 2,222 | |
* | NRG Energy Inc. | 92,990 | 2,196 |
Wisconsin Energy Corp. | 40,867 | 2,036 | |
EQT Corp. | 43,602 | 1,915 | |
CenterPoint Energy Inc. | 128,780 | 1,869 | |
Northeast Utilities | 61,341 | 1,582 | |
Oneok Inc. | 35,111 | 1,565 | |
SCANA Corp. | 40,582 | 1,529 | |
NiSource Inc. | 96,383 | 1,482 | |
MDU Resources Group Inc. | 61,369 | 1,448 | |
Allegheny Energy Inc. | 59,433 | 1,395 | |
NSTAR | 37,511 | 1,380 | |
American Water Works | |||
Co. Inc. | 60,884 | 1,364 | |
* | Calpine Corp. | 123,305 | 1,356 |
Pepco Holdings Inc. | 77,074 | 1,299 | |
Pinnacle West Capital Corp. | 35,417 | 1,296 | |
National Fuel Gas Co. | 25,266 | 1,263 | |
CMS Energy Corp. | 80,370 | 1,259 | |
OGE Energy Corp. | 33,638 | 1,241 | |
Alliant Energy Corp. | 38,825 | 1,175 | |
TECO Energy Inc. | 71,159 | 1,154 | |
Integrys Energy Group Inc. | 26,844 | 1,127 | |
DPL Inc. | 40,759 | 1,125 | |
Energen Corp. | 23,732 | 1,111 | |
NV Energy Inc. | 81,929 | 1,014 | |
UGI Corp. | 37,937 | 918 | |
Aqua America Inc. | 47,522 | 832 | |
* | Mirant Corp. | 50,498 | 771 |
* | RRI Energy Inc. | 123,175 | 705 |
* | Dynegy Inc. Class A | 179,338 | 325 |
146,555 | |||
Total Common Stocks | |||
(Cost $3,851,691) | 3,809,005 |
Market | ||
Value• | ||
Shares | ($000) | |
Temporary Cash Investments (0.3%)1 | ||
Money Market Fund (0.2%) | ||
2,3 Vanguard Market | ||
Liquidity Fund, | ||
0.187% | 10,899,018 | 10,899 |
Face | ||
Amount | ||
($000) | ||
U.S. Government and Agency Obligations (0.1%) | ||
4,5 Freddie Mac | ||
Discount Notes, | ||
0.175%, 3/31/10 | 2,000 | 1,999 |
Total Temporary Cash Investments | ||
(Cost $12,898) | 12,898 | |
Total Investments (100.1%) | ||
(Cost $3,864,589) | 3,821,903 | |
Other Assets and Liabilities (–0.1%) | ||
Other Assets | 8,363 | |
Liabilities3 | (12,972) | |
(4,609) | ||
Net Assets (100%) | 3,817,294 |
9
At December 31, 2009, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 4,054,372 |
Overdistributed Net Investment Income | (1,986) |
Accumulated Net Realized Losses | (192,447) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | (42,686) |
Futures Contracts | 41 |
Net Assets | 3,817,294 |
Investor Shares—Net Assets | |
Applicable to 21,880,120 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 447,844 |
Net Asset Value Per Share— | |
Investor Shares | $20.47 |
Admiral Shares—Net Assets | |
Applicable to 12,808,710 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 327,819 |
Net Asset Value Per Share— | |
Admiral Shares | $25.59 |
Amount | |
($000) | |
Signal Shares—Net Assets | |
Applicable to 11,044,918 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 246,546 |
Net Asset Value Per Share— | |
Signal Shares | $22.32 |
Institutional Shares—Net Assets | |
Applicable to 2,904,849 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 305,968 |
Net Asset Value Per Share— | |
Institutional Shares | $105.33 |
ETF Shares—Net Assets | |
Applicable to 49,120,444 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 2,489,117 |
Net Asset Value Per Share— | |
ETF Shares | $50.67 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $5,685,000.
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 0.1%, respectively,
of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 Includes $5,982,000 of collateral received for securities on loan.
4 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
5 Securities with a value of $1,999,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
10
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© 2010 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
F03070 022010
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.8%)1 | |||
Consumer Discretionary (10.2%) | |||
McDonald's Corp. | 10,688,113 | 667,366 | |
Walt Disney Co. | 17,515,931 | 564,889 | |
Home Depot Inc. | 16,682,264 | 482,618 | |
* | Amazon.com Inc. | 3,383,170 | 455,104 |
Comcast Corp. Class A | 24,205,542 | 408,105 | |
Target Corp. | 6,995,253 | 338,360 | |
Time Warner Inc. | 11,611,378 | 338,356 | |
Lowe's Cos. Inc. | 14,465,050 | 338,338 | |
News Corp. Class A | 21,911,322 | 299,966 | |
* | DIRECTV Class A | 8,899,571 | 296,801 |
* | Ford Motor Co. | 27,768,340 | 277,683 |
NIKE Inc. Class B | 3,634,363 | 240,122 | |
Johnson Controls Inc. | 6,578,779 | 179,206 | |
Staples Inc. | 7,074,280 | 173,957 | |
* | Starbucks Corp. | 7,218,777 | 166,465 |
* | Viacom Inc. Class B | 5,381,551 | 159,993 |
Yum! Brands Inc. | 4,569,267 | 159,787 | |
* | Kohl's Corp. | 2,841,353 | 153,234 |
TJX Cos. Inc. | 4,151,035 | 151,720 | |
Time Warner Cable Inc. | 3,450,915 | 142,833 | |
Best Buy Co. Inc. | 3,465,998 | 136,768 | |
* | Carnival Corp. | 4,296,377 | 136,152 |
Omnicom Group Inc. | 3,048,181 | 119,336 | |
Coach Inc. | 3,120,031 | 113,975 | |
McGraw-Hill Cos. Inc. | 3,088,162 | 103,484 | |
Gap Inc. | 4,785,178 | 100,249 | |
* | Bed Bath & Beyond Inc. | 2,567,303 | 99,175 |
* | priceline.com Inc. | 393,747 | 86,034 |
CBS Corp. Class B | 5,776,070 | 81,154 | |
Marriott International Inc. Class A | 2,965,807 | 80,818 | |
* | Apollo Group Inc. Class A | 1,276,954 | 77,358 |
H&R Block Inc. | 3,288,410 | 74,384 | |
Mattel Inc. | 3,530,574 | 70,541 | |
Macy's Inc. | 4,122,826 | 69,099 | |
Starwood Hotels & Resorts Worldwide Inc. | 1,833,816 | 67,063 | |
VF Corp. | 874,920 | 64,079 | |
Fortune Brands Inc. | 1,473,484 | 63,654 | |
Cablevision Systems Corp. Class A | 2,419,676 | 62,476 | |
* | Liberty Media Corp. - Interactive | 5,556,665 | 60,234 |
Nordstrom Inc. | 1,591,748 | 59,818 | |
Sherwin-Williams Co. | 969,662 | 59,780 | |
Genuine Parts Co. | 1,564,129 | 59,374 | |
Whirlpool Corp. | 726,413 | 58,592 | |
Harley-Davidson Inc. | 2,301,504 | 57,998 | |
JC Penney Co. Inc. | 2,083,262 | 55,436 | |
International Game Technology | 2,905,117 | 54,529 | |
Ross Stores Inc. | 1,242,650 | 53,074 | |
* | CarMax Inc. | 2,163,292 | 52,460 |
Tiffany & Co. | 1,217,265 | 52,342 | |
Ltd Brands Inc. | 2,682,697 | 51,615 | |
* | O'Reilly Automotive Inc. | 1,341,369 | 51,133 |
* | AutoZone Inc. | 316,548 | 50,037 |
* | Expedia Inc. | 1,934,352 | 49,732 |
*,^ | Las Vegas Sands Corp. | 3,239,730 | 48,402 |
Virgin Media Inc. | 2,745,144 | 46,201 | |
Darden Restaurants Inc. | 1,300,432 | 45,606 | |
*,^ | Sears Holdings Corp. | 545,789 | 45,546 |
Polo Ralph Lauren Corp. Class A | 557,284 | 45,129 | |
Comcast Corp. | 2,798,069 | 44,797 | |
* | Urban Outfitters Inc. | 1,237,619 | 43,304 |
DISH Network Corp. Class A | 2,043,439 | 42,442 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Dollar Tree Inc. | 876,708 | 42,345 |
Wynn Resorts Ltd. | 725,329 | 42,236 | |
Newell Rubbermaid Inc. | 2,723,991 | 40,887 | |
* | Discovery Communications Inc. Class A | 1,320,682 | 40,505 |
Hasbro Inc. | 1,235,429 | 39,608 | |
Black & Decker Corp. | 591,032 | 38,317 | |
BorgWarner Inc. | 1,145,575 | 38,056 | |
Advance Auto Parts Inc. | 937,257 | 37,940 | |
Scripps Networks Interactive Inc. Class A | 884,325 | 36,699 | |
* | Discovery Communications Inc. | 1,381,261 | 36,631 |
Family Dollar Stores Inc. | 1,303,162 | 36,267 | |
^ | Garmin Ltd. | 1,181,163 | 36,262 |
Autoliv Inc. | 835,164 | 36,213 | |
DeVry Inc. | 628,932 | 35,679 | |
* | ITT Educational Services Inc. | 370,277 | 35,532 |
Wyndham Worldwide Corp. | 1,753,745 | 35,373 | |
* | Interpublic Group of Cos. Inc. | 4,774,201 | 35,234 |
* | Royal Caribbean Cruises Ltd. | 1,364,493 | 34,494 |
Gannett Co. Inc. | 2,303,039 | 34,200 | |
* | GameStop Corp. Class A | 1,536,449 | 33,710 |
Pulte Homes Inc. | 3,367,732 | 33,677 | |
PetSmart Inc. | 1,227,965 | 32,774 | |
* | NVR Inc. | 45,655 | 32,447 |
* | Goodyear Tire & Rubber Co. | 2,257,302 | 31,828 |
American Eagle Outfitters Inc. | 1,824,864 | 30,986 | |
DR Horton Inc. | 2,797,992 | 30,414 | |
Abercrombie & Fitch Co. | 863,041 | 30,077 | |
Leggett & Platt Inc. | 1,455,026 | 29,683 | |
^ | Strayer Education Inc. | 137,317 | 29,178 |
Tupperware Brands Corp. | 617,921 | 28,777 | |
* | Liberty Global Inc. Class A | 1,289,557 | 28,254 |
* | Chipotle Mexican Grill Inc. Class A | 310,120 | 27,340 |
* | Mohawk Industries Inc. | 570,817 | 27,171 |
* | Marvel Entertainment Inc. | 501,359 | 27,113 |
Jarden Corp. | 869,849 | 26,887 | |
* | DreamWorks Animation SKG Inc. Class A | 665,397 | 26,583 |
*,^ | NetFlix Inc. | 478,692 | 26,395 |
Washington Post Co. Class B | 59,716 | 26,251 | |
* | Liberty Global Inc. | 1,170,667 | 25,579 |
* | Toll Brothers Inc. | 1,343,459 | 25,270 |
* | Chico's FAS Inc. | 1,739,953 | 24,446 |
* | LKQ Corp. | 1,244,655 | 24,383 |
Gentex Corp. | 1,351,822 | 24,130 | |
RadioShack Corp. | 1,229,769 | 23,980 | |
* | MGM Mirage | 2,595,688 | 23,673 |
* | Big Lots Inc. | 811,821 | 23,527 |
Guess? Inc. | 542,579 | 22,951 | |
* | Sirius XM Radio Inc. | 38,224,434 | 22,935 |
Harman International Industries Inc. | 646,457 | 22,807 | |
* | Aeropostale Inc. | 662,318 | 22,552 |
* | Hanesbrands Inc. | 931,024 | 22,447 |
* | Liberty Media Corp. - Starz | 486,292 | 22,442 |
* | Lamar Advertising Co. Class A | 715,269 | 22,238 |
* | J Crew Group Inc. | 494,228 | 22,112 |
* | AutoNation Inc. | 1,138,457 | 21,801 |
* | Dick's Sporting Goods Inc. | 857,512 | 21,326 |
* | Liberty Media Corp. - Capital | 884,396 | 21,119 |
* | Bally Technologies Inc. | 510,617 | 21,083 |
Phillips-Van Heusen Corp. | 506,734 | 20,614 | |
Service Corp. International | 2,470,364 | 20,232 | |
* | WMS Industries Inc. | 496,750 | 19,870 |
* | Panera Bread Co. Class A | 292,681 | 19,601 |
* | Career Education Corp. | 836,946 | 19,509 |
* | Warnaco Group Inc. | 447,109 | 18,864 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Wendy's/Arby's Group Inc. Class A | 3,935,395 | 18,457 | |
Williams-Sonoma Inc. | 884,642 | 18,383 | |
John Wiley & Sons Inc. Class A | 431,577 | 18,074 | |
* | Penn National Gaming Inc. | 657,244 | 17,864 |
Burger King Holdings Inc. | 928,634 | 17,477 | |
* | Office Depot Inc. | 2,703,347 | 17,437 |
Foot Locker Inc. | 1,533,342 | 17,081 | |
* | Tractor Supply Co. | 319,317 | 16,911 |
* | New York Times Co. Class A | 1,340,447 | 16,568 |
* | TRW Automotive Holdings Corp. | 682,142 | 16,290 |
WABCO Holdings Inc. | 627,689 | 16,188 | |
* | Tempur-Pedic International Inc. | 661,335 | 15,627 |
* | Fossil Inc. | 457,855 | 15,366 |
Brinker International Inc. | 1,005,322 | 14,999 | |
Sotheby's | 656,698 | 14,763 | |
* | Brink's Home Security Holdings Inc. | 449,035 | 14,656 |
* | Carter's Inc. | 557,552 | 14,636 |
Lennar Corp. Class A | 1,144,444 | 14,615 | |
* | Collective Brands Inc. | 631,041 | 14,369 |
* | Dana Holding Corp. | 1,324,998 | 14,363 |
Jones Apparel Group Inc. | 837,999 | 13,458 | |
Polaris Industries Inc. | 305,543 | 13,331 | |
Wolverine World Wide Inc. | 484,674 | 13,193 | |
* | Dress Barn Inc. | 570,871 | 13,187 |
* | Deckers Outdoor Corp. | 129,373 | 13,160 |
* | Gymboree Corp. | 292,360 | 12,715 |
Aaron's Inc. | 447,217 | 12,401 | |
* | Cheesecake Factory Inc. | 560,602 | 12,103 |
Regal Entertainment Group Class A | 831,392 | 12,005 | |
* | Rent-A-Center Inc. | 651,829 | 11,550 |
* | Charming Shoppes Inc. | 1,779,086 | 11,511 |
* | Lululemon Athletica Inc. | 380,987 | 11,468 |
Hillenbrand Inc. | 608,523 | 11,465 | |
MDC Holdings Inc. | 368,677 | 11,444 | |
* | Corinthian Colleges Inc. | 812,620 | 11,190 |
Thor Industries Inc. | 356,045 | 11,180 | |
* | Eastman Kodak Co. | 2,648,782 | 11,178 |
* | Jack in the Box Inc. | 565,848 | 11,130 |
Cooper Tire & Rubber Co. | 553,274 | 11,093 | |
Brunswick Corp. | 867,262 | 11,023 | |
Meredith Corp. | 352,080 | 10,862 | |
KB Home | 779,197 | 10,659 | |
* | Hyatt Hotels Corp. Class A | 356,679 | 10,633 |
Matthews International Corp. Class A | 297,777 | 10,550 | |
* | Capella Education Co. | 139,445 | 10,500 |
* | Tenneco Inc. | 584,532 | 10,364 |
Choice Hotels International Inc. | 324,956 | 10,288 | |
Men's Wearhouse Inc. | 485,694 | 10,229 | |
Dillard's Inc. Class A | 550,335 | 10,154 | |
* | Scientific Games Corp. Class A | 687,131 | 9,998 |
Weight Watchers International Inc. | 341,467 | 9,957 | |
* | Skechers U.S.A. Inc. Class A | 332,345 | 9,774 |
* | Vail Resorts Inc. | 251,937 | 9,523 |
* | OfficeMax Inc. | 750,255 | 9,521 |
NutriSystem Inc. | 303,152 | 9,449 | |
* | Jo-Ann Stores Inc. | 259,925 | 9,420 |
Interactive Data Corp. | 369,499 | 9,348 | |
Scholastic Corp. | 310,470 | 9,261 | |
* | Morningstar Inc. | 191,078 | 9,237 |
Pool Corp. | 480,781 | 9,173 | |
* | Life Time Fitness Inc. | 366,806 | 9,144 |
*,^ | Under Armour Inc. Class A | 333,903 | 9,106 |
* | Blue Nile Inc. | 143,354 | 9,079 |
* | Saks Inc. | 1,363,259 | 8,943 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Gaylord Entertainment Co. | 452,060 | 8,928 |
* | Iconix Brand Group Inc. | 705,430 | 8,924 |
Bob Evans Farms Inc. | 306,171 | 8,864 | |
Regis Corp. | 562,228 | 8,754 | |
* | Valassis Communications Inc. | 475,528 | 8,683 |
Monro Muffler Brake Inc. | 257,863 | 8,623 | |
Ryland Group Inc. | 432,229 | 8,515 | |
* | PF Chang's China Bistro Inc. | 222,690 | 8,442 |
Cracker Barrel Old Country Store Inc. | 222,211 | 8,442 | |
* | HSN Inc. | 416,783 | 8,415 |
* | Coinstar Inc. | 300,350 | 8,344 |
* | Childrens Place Retail Stores Inc. | 248,010 | 8,187 |
American Greetings Corp. Class A | 374,993 | 8,171 | |
* | Exide Technologies | 1,139,130 | 8,099 |
^ | Buckle Inc. | 272,750 | 7,986 |
* | AnnTaylor Stores Corp. | 581,152 | 7,927 |
* | Timberland Co. Class A | 436,068 | 7,819 |
International Speedway Corp. Class A | 266,588 | 7,584 | |
* | JOS A Bank Clothiers Inc. | 179,012 | 7,553 |
^ | Barnes & Noble Inc. | 393,395 | 7,502 |
* | ArvinMeritor Inc. | 670,632 | 7,498 |
* | Orient-Express Hotels Ltd. Class A | 738,538 | 7,489 |
* | CEC Entertainment Inc. | 231,032 | 7,375 |
National CineMedia Inc. | 437,712 | 7,253 | |
* | Helen of Troy Ltd. | 294,953 | 7,215 |
* | Liz Claiborne Inc. | 1,279,605 | 7,204 |
Cato Corp. Class A | 356,686 | 7,155 | |
* | DSW Inc. Class A | 274,181 | 7,096 |
* | Steak N Shake Co. | 21,358 | 6,923 |
Arbitron Inc. | 290,103 | 6,794 | |
* | Steven Madden Ltd. | 164,272 | 6,775 |
* | Hibbett Sports Inc. | 304,101 | 6,687 |
* | CTC Media Inc. | 446,637 | 6,655 |
Finish Line Inc. Class A | 514,554 | 6,458 | |
* | Live Nation Inc. | 752,721 | 6,406 |
* | Pinnacle Entertainment Inc. | 712,308 | 6,397 |
* | Lions Gate Entertainment Corp. | 1,100,299 | 6,393 |
* | 99 Cents Only Stores | 465,752 | 6,087 |
* | Modine Manufacturing Co. | 511,244 | 6,053 |
* | Penske Auto Group Inc. | 392,974 | 5,965 |
* | Buffalo Wild Wings Inc. | 146,916 | 5,916 |
* | Standard Pacific Corp. | 1,577,106 | 5,898 |
Unifirst Corp. | 118,094 | 5,681 | |
Columbia Sportswear Co. | 144,830 | 5,654 | |
* | American Public Education Inc. | 163,687 | 5,624 |
* | Group 1 Automotive Inc. | 195,920 | 5,554 |
* | Sally Beauty Holdings Inc. | 700,573 | 5,359 |
* | Papa John's International Inc. | 229,113 | 5,352 |
* | Sonic Corp. | 531,171 | 5,349 |
*,^ | Cabela's Inc. | 375,066 | 5,348 |
* | Domino's Pizza Inc. | 632,998 | 5,305 |
* | True Religion Apparel Inc. | 286,002 | 5,288 |
Ameristar Casinos Inc. | 345,301 | 5,259 | |
* | Meritage Homes Corp. | 270,255 | 5,224 |
* | Texas Roadhouse Inc. Class A | 463,932 | 5,210 |
* | Fuel Systems Solutions Inc. | 124,701 | 5,143 |
Callaway Golf Co. | 672,593 | 5,071 | |
* | Universal Technical Institute Inc. | 243,325 | 4,915 |
* | Genesco Inc. | 175,506 | 4,819 |
* | Interval Leisure Group Inc. | 382,361 | 4,768 |
* | Boyd Gaming Corp. | 562,496 | 4,708 |
Stage Stores Inc. | 369,882 | 4,572 | |
Harte-Hanks Inc. | 413,729 | 4,460 | |
* | Clear Channel Outdoor Holdings Inc. Class A | 422,556 | 4,390 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Pre-Paid Legal Services Inc. | 106,177 | 4,362 |
National Presto Industries Inc. | 39,728 | 4,339 | |
* | Steiner Leisure Ltd. | 108,806 | 4,326 |
PetMed Express Inc. | 242,157 | 4,269 | |
* | Ruby Tuesday Inc. | 584,939 | 4,212 |
* | Ticketmaster Entertainment Inc. | 337,613 | 4,126 |
Fred's Inc. Class A | 403,987 | 4,121 | |
CKE Restaurants Inc. | 477,137 | 4,037 | |
Stewart Enterprises Inc. Class A | 781,091 | 4,023 | |
* | Lumber Liquidators Inc. | 146,800 | 3,934 |
* | American Axle & Manufacturing Holdings Inc. | 484,790 | 3,888 |
Belo Corp. Class A | 710,979 | 3,868 | |
Brown Shoe Co. Inc. | 385,293 | 3,803 | |
* | Coldwater Creek Inc. | 852,132 | 3,800 |
* | CROCS Inc. | 651,596 | 3,747 |
* | La-Z-Boy Inc. | 391,902 | 3,735 |
* | Federal Mogul Corp. | 209,998 | 3,633 |
Superior Industries International Inc. | 233,983 | 3,580 | |
* | EW Scripps Co. Class A | 507,172 | 3,530 |
* | Wet Seal Inc. Class A | 1,019,439 | 3,517 |
^ | Sturm Ruger & Co. Inc. | 361,833 | 3,510 |
Ethan Allen Interiors Inc. | 259,903 | 3,488 | |
* | Landry's Restaurants Inc. | 161,465 | 3,438 |
Cinemark Holdings Inc. | 237,872 | 3,418 | |
PEP Boys-Manny Moe & Jack | 401,038 | 3,393 | |
* | Ulta Salon Cosmetics & Fragrance Inc. | 186,512 | 3,387 |
* | Pier 1 Imports Inc. | 661,484 | 3,367 |
* | RCN Corp. | 310,011 | 3,364 |
News Corp. Class B | 211,134 | 3,361 | |
* | DineEquity Inc. | 138,371 | 3,361 |
* | hhgregg Inc. | 151,498 | 3,337 |
* | Shuffle Master Inc. | 404,554 | 3,334 |
* | Shutterfly Inc. | 185,132 | 3,297 |
* | Peet's Coffee & Tea Inc. | 98,211 | 3,273 |
* | Drew Industries Inc. | 158,131 | 3,265 |
* | America's Car-Mart Inc. | 121,756 | 3,206 |
* | Winnebago Industries | 261,087 | 3,185 |
Systemax Inc. | 198,356 | 3,116 | |
* | California Pizza Kitchen Inc. | 230,255 | 3,097 |
Big 5 Sporting Goods Corp. | 177,707 | 3,053 | |
* | K12 Inc. | 147,053 | 2,981 |
* | Quiksilver Inc. | 1,474,234 | 2,978 |
* | Furniture Brands International Inc. | 544,538 | 2,973 |
* | Rentrak Corp. | 168,229 | 2,973 |
Sonic Automotive Inc. Class A | 284,359 | 2,954 | |
* | HOT Topic Inc. | 458,496 | 2,916 |
World Wrestling Entertainment Inc. Class A | 189,947 | 2,912 | |
* | Citi Trends Inc. | 105,303 | 2,908 |
* | Drugstore.Com Inc. | 940,106 | 2,905 |
* | Asbury Automotive Group Inc. | 249,236 | 2,874 |
Churchill Downs Inc. | 74,749 | 2,792 | |
* | CKX Inc. | 519,044 | 2,735 |
* | Knology Inc. | 249,369 | 2,731 |
* | Core-Mark Holding Co. Inc. | 82,567 | 2,721 |
* | Maidenform Brands Inc. | 162,202 | 2,707 |
Lennar Corp. Class B | 273,234 | 2,689 | |
* | Denny's Corp. | 1,225,734 | 2,684 |
* | Stein Mart Inc. | 242,096 | 2,581 |
* | Unifi Inc. | 664,777 | 2,579 |
K-Swiss Inc. Class A | 257,732 | 2,562 | |
* | Jakks Pacific Inc. | 208,135 | 2,523 |
* | G-III Apparel Group Ltd. | 115,531 | 2,504 |
*,^ | Fuqi International Inc. | 139,200 | 2,499 |
* | Mediacom Communications Corp. Class A | 551,412 | 2,465 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Kirkland's Inc. | 141,488 | 2,458 |
* | Carmike Cinemas Inc. | 322,803 | 2,440 |
* | BJ's Restaurants Inc. | 129,437 | 2,436 |
Christopher & Banks Corp. | 312,954 | 2,385 | |
* | Lincoln Educational Services Corp. | 108,623 | 2,354 |
* | Ascent Media Corp. Class A | 92,159 | 2,353 |
*,^ | Hovnanian Enterprises Inc. Class A | 608,874 | 2,338 |
* | FGX International Holdings Ltd. | 117,538 | 2,303 |
* | Standard Motor Products Inc. | 268,318 | 2,286 |
* | Beazer Homes USA Inc. | 468,529 | 2,268 |
CPI Corp. | 179,139 | 2,200 | |
* | Retail Ventures Inc. | 245,574 | 2,183 |
Oxford Industries Inc. | 105,094 | 2,173 | |
* | Pacific Sunwear Of California | 546,035 | 2,173 |
Blyth Inc. | 64,256 | 2,167 | |
* | Select Comfort Corp. | 330,928 | 2,158 |
* | Warner Music Group Corp. | 377,980 | 2,139 |
* | Alloy Inc. | 273,701 | 2,129 |
* | Red Robin Gourmet Burgers Inc. | 116,915 | 2,093 |
* | Universal Electronics Inc. | 89,157 | 2,070 |
Sinclair Broadcast Group Inc. Class A | 509,071 | 2,052 | |
Marcus Corp. | 158,407 | 2,031 | |
Journal Communications Inc. Class A | 516,521 | 2,009 | |
* | Perry Ellis International Inc. | 133,406 | 2,009 |
Speedway Motorsports Inc. | 113,802 | 2,005 | |
* | RC2 Corp. | 134,965 | 1,991 |
* | Cavco Industries Inc. | 55,249 | 1,985 |
* | Steinway Musical Instruments | 123,485 | 1,965 |
Movado Group Inc. | 199,207 | 1,936 | |
* | iRobot Corp. | 109,584 | 1,929 |
*,^ | Smith & Wesson Holding Corp. | 464,251 | 1,899 |
* | Volcom Inc. | 113,309 | 1,897 |
*,^ | Talbots Inc. | 209,215 | 1,864 |
* | Zumiez Inc. | 139,812 | 1,778 |
* | Grand Canyon Education Inc. | 93,315 | 1,774 |
Hooker Furniture Corp. | 136,848 | 1,693 | |
* | Bridgepoint Education Inc. | 112,267 | 1,686 |
* | Stanley Furniture Co. Inc. | 165,753 | 1,682 |
* | Amerigon Inc. | 207,529 | 1,648 |
* | American Apparel Inc. | 530,580 | 1,645 |
*,^ | Overstock.com Inc. | 119,661 | 1,623 |
* | AH Belo Corp. Class A | 277,542 | 1,599 |
* | ChinaCast Education Corp. | 211,254 | 1,597 |
* | Stoneridge Inc. | 175,974 | 1,586 |
Cherokee Inc. | 88,963 | 1,585 | |
* | Learning Tree International Inc. | 132,563 | 1,583 |
* | Dorman Products Inc. | 100,818 | 1,579 |
Ambassadors Group Inc. | 116,150 | 1,544 | |
* | Orbitz Worldwide Inc. | 210,010 | 1,541 |
* | LIN TV Corp. Class A | 340,625 | 1,519 |
* | Stamps.com Inc. | 166,619 | 1,500 |
* | Dolan Media Co. | 146,273 | 1,493 |
* | Midas Inc. | 175,520 | 1,483 |
Weyco Group Inc. | 62,203 | 1,470 | |
* | Rex Stores Corp. | 102,859 | 1,446 |
* | Arctic Cat Inc. | 156,375 | 1,432 |
* | Youbet.com Inc. | 494,681 | 1,420 |
* | Martha Stewart Living Omnimedia Class A | 281,087 | 1,389 |
* | Famous Dave's Of America Inc. | 228,486 | 1,382 |
Haverty Furniture Cos. Inc. | 100,210 | 1,376 | |
* | Hawk Corp. Class A | 77,622 | 1,367 |
* | Leapfrog Enterprises Inc. | 341,837 | 1,337 |
Bebe Stores Inc. | 212,738 | 1,334 | |
^ | Bon-Ton Stores Inc. | 135,855 | 1,333 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | O'Charleys Inc. | 203,105 | 1,330 |
* | Audiovox Corp. Class A | 183,839 | 1,303 |
* | AFC Enterprises Inc. | 159,071 | 1,298 |
Spartan Motors Inc. | 230,153 | 1,296 | |
* | Krispy Kreme Doughnuts Inc. | 437,188 | 1,290 |
* | Carriage Services Inc. Class A | 327,537 | 1,287 |
Jackson Hewitt Tax Service Inc. | 292,493 | 1,287 | |
* | Monarch Casino & Resort Inc. | 150,360 | 1,218 |
*,^ | Blockbuster Inc. Class A | 1,805,063 | 1,209 |
* | Radio One Inc. | 413,901 | 1,200 |
* | Isle of Capri Casinos Inc. | 159,746 | 1,195 |
*,^ | Quantum Fuel Systems Technologies Worldwide Inc. | 1,074,350 | 1,193 |
CSS Industries Inc. | 61,265 | 1,191 | |
* | Strattec Security Corp. | 63,845 | 1,181 |
* | Multimedia Games Inc. | 193,582 | 1,163 |
* | Kid Brands Inc. | 262,535 | 1,150 |
* | Gaiam Inc. Class A | 143,140 | 1,101 |
* | Shoe Carnival Inc. | 53,653 | 1,098 |
* | Zale Corp. | 398,010 | 1,083 |
* | Sealy Corp. | 337,861 | 1,068 |
* | Jamba Inc. | 631,292 | 1,061 |
* | M/I Homes Inc. | 101,098 | 1,050 |
* | Daily Journal Corp. | 17,529 | 1,039 |
^ | McClatchy Co. Class A | 293,281 | 1,038 |
* | Playboy Enterprises Inc. Class B | 323,841 | 1,036 |
*,^ | Brookfield Homes Corp. | 128,917 | 1,031 |
* | Mac-Gray Corp. | 98,737 | 1,017 |
* | Rubio's Restaurants Inc. | 137,023 | 988 |
* | New York & Co. Inc. | 229,181 | 983 |
* | MarineMax Inc. | 101,965 | 937 |
* | Destination Maternity Corp. | 49,107 | 933 |
* | Lithia Motors Inc. Class A | 111,514 | 917 |
* | Princeton Review Inc. | 222,028 | 901 |
* | Kenneth Cole Productions Inc. Class A | 92,292 | 891 |
* | Lee Enterprises Inc. | 248,140 | 861 |
* | Navarre Corp. | 393,529 | 834 |
* | Cache Inc. | 174,683 | 798 |
* | Morgans Hotel Group Co. | 176,057 | 798 |
Primedia Inc. | 219,286 | 792 | |
Dover Downs Gaming & Entertainment Inc. | 207,664 | 785 | |
* | Cumulus Media Inc. Class A | 338,403 | 772 |
* | West Marine Inc. | 91,940 | 741 |
* | Entercom Communications Corp. Class A | 102,829 | 727 |
Heelys Inc. | 318,703 | 695 | |
* | Red Lion Hotels Corp. | 139,613 | 690 |
*,^ | Raser Technologies Inc. | 556,080 | 690 |
Skyline Corp. | 36,907 | 679 | |
Marine Products Corp. | 136,760 | 674 | |
* | Fisher Communications Inc. | 41,340 | 672 |
* | Empire Resorts Inc. | 313,271 | 661 |
* | Media General Inc. Class A | 83,292 | 653 |
* | Outdoor Channel Holdings Inc. | 108,351 | 628 |
Books-A-Million Inc. | 90,159 | 606 | |
* | Great Wolf Resorts Inc. | 248,722 | 589 |
* | McCormick & Schmick's Seafood Restaurants Inc. | 83,802 | 583 |
* | 1-800-Flowers.com Inc. Class A | 210,760 | 559 |
* | Saga Communications Inc. Class A | 44,130 | 554 |
* | Carrols Restaurant Group Inc. | 77,058 | 545 |
* | Build-A-Bear Workshop Inc. | 110,728 | 541 |
* | dELiA*s Inc. | 276,488 | 517 |
* | Bassett Furniture Industries Inc. | 144,672 | 509 |
* | Hastings Entertainment Inc. | 110,957 | 495 |
* | Johnson Outdoors Inc. Class A | 48,063 | 470 |
* | Harris Interactive Inc. | 388,366 | 462 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Salem Communications Corp. Class A | 75,777 | 454 |
* | Entravision Communications Corp. Class A | 131,331 | 447 |
* | Luby's Inc. | 120,681 | 444 |
Dover Motorsports Inc. | 204,207 | 427 | |
* | MAXXAM Inc. | 162 | 422 |
Hallwood Group Inc. | 10,700 | 415 | |
* | Borders Group Inc. | 337,189 | 398 |
* | Lifetime Brands Inc. | 55,386 | 396 |
* | Morton's Restaurant Group Inc. | 133,881 | 390 |
* | Wonder Auto Technology Inc. | 32,879 | 387 |
* | Duckwall-ALCO Stores Inc. | 23,363 | 359 |
* | Gander Mountain Co. | 68,721 | 350 |
* | Benihana Inc. Class A | 92,072 | 349 |
* | Century Casinos Inc. | 129,286 | 348 |
* | Town Sports International Holdings Inc. | 146,010 | 340 |
*,^ | Conn's Inc. | 56,748 | 331 |
* | Emerson Radio Corp. | 135,771 | 320 |
* | Rick's Cabaret International Inc. | 36,817 | 315 |
* | Reading International Inc. Class A | 75,263 | 305 |
* | Premier Exhibitions Inc. | 209,740 | 304 |
* | Bluegreen Corp. | 125,143 | 303 |
* | Nautilus Inc. | 141,505 | 287 |
* | MTR Gaming Group Inc. | 208,151 | 271 |
* | Beasley Broadcasting Group Inc. Class A | 75,914 | 269 |
* | EDCI Holdings Inc. | 45,540 | 267 |
* | Tuesday Morning Corp. | 101,677 | 262 |
* | Spanish Broadcasting System Inc. | 320,397 | 250 |
* | Trans World Entertainment | 160,982 | 243 |
* | LodgeNet Interactive Corp. | 43,500 | 241 |
* | Private Media Group Inc. | 377,589 | 238 |
* | Hollywood Media Corp. | 166,237 | 233 |
* | Joe's Jeans Inc. | 171,820 | 232 |
Aaron's Inc. Class A | 10,125 | 231 | |
* | Lakes Entertainment Inc. | 90,056 | 226 |
* | Nexstar Broadcasting Group Inc. Class A | 55,775 | 226 |
* | Escalade Inc. | 92,811 | 223 |
* | Dixie Group Inc. | 80,217 | 217 |
* | China Automotive Systems Inc. | 10,628 | 199 |
* | Shiloh Industries Inc. | 36,486 | 193 |
* | Canterbury Park Holding Corp. | 24,400 | 176 |
* | Cost Plus Inc. | 170,645 | 174 |
* | Blockbuster Inc. Class B | 280,668 | 166 |
Frisch's Restaurants Inc. | 6,687 | 159 | |
* | Benihana Inc. Class A | 37,839 | 159 |
* | ante4 Inc. | 132,858 | 137 |
* | Palm Harbor Homes Inc. | 65,633 | 136 |
* | AC Moore Arts & Crafts Inc. | 46,071 | 135 |
* | Valuevision Media Inc. Class A | 26,226 | 126 |
* | Sport Chalet Inc. Class A | 61,400 | 110 |
* | SORL Auto Parts Inc. | 11,323 | 97 |
* | Atrinsic Inc. | 144,106 | 95 |
* | Lodgian Inc. | 62,056 | 92 |
* | Casual Male Retail Group Inc. | 37,355 | 87 |
Gaming Partners International Corp. | 13,554 | 76 | |
* | Hovnanian Enterprises Inc. Class B | 19,300 | 74 |
* | 4Kids Entertainment Inc. | 41,636 | 66 |
*,^ | Orleans Homebuilders Inc. | 37,570 | 61 |
* | Craftmade International Inc. | 30,460 | 58 |
* | Tandy Brands Accessories Inc. | 17,002 | 49 |
* | Gray Television Inc. | 32,600 | 49 |
* | Lazare Kaplan International Inc. | 15,258 | 38 |
* | VCG Holding Corp. | 17,600 | 37 |
* | Nobel Learning Communities Inc. | 3,308 | 25 |
* | Delta Apparel Inc. | 1,600 | 17 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | RHI Entertainment Inc. | 48,739 | 15 |
* | SPAR Group Inc. | 16,174 | 13 |
* | Emmis Communications Corp. Class A | 6,535 | 8 |
* | Crown Media Holdings Inc. Class A | 3,800 | 5 |
* | Sport Chalet Inc. Class B | 1,825 | 4 |
* | Global Traffic Network Inc. | 300 | 1 |
* | Krispy Kreme Doughnuts Inc. Warrants Exp. 3/2/12 | 9,739 | 1 |
Educational Development Corp. | 3 | — | |
12,266,834 | |||
Consumer Staples (9.8%) | |||
Procter & Gamble Co. | 28,587,234 | 1,733,244 | |
Wal-Mart Stores Inc. | 22,896,854 | 1,223,837 | |
Coca-Cola Co. | 20,426,251 | 1,164,296 | |
PepsiCo Inc. | 15,258,225 | 927,700 | |
Philip Morris International Inc. | 18,945,106 | 912,965 | |
CVS Caremark Corp. | 14,134,327 | 455,267 | |
Colgate-Palmolive Co. | 4,881,426 | 401,009 | |
Altria Group Inc. | 20,285,927 | 398,213 | |
Kraft Foods Inc. | 14,445,019 | 392,616 | |
Walgreen Co. | 9,718,885 | 356,877 | |
Kimberly-Clark Corp. | 4,059,399 | 258,624 | |
Costco Wholesale Corp. | 4,259,002 | 252,005 | |
General Mills Inc. | 3,188,187 | 225,756 | |
Archer-Daniels-Midland Co. | 5,659,076 | 177,186 | |
Sysco Corp. | 5,788,169 | 161,721 | |
Kellogg Co. | 2,624,625 | 139,630 | |
HJ Heinz Co. | 3,090,923 | 132,168 | |
Avon Products Inc. | 4,186,865 | 131,886 | |
Lorillard Inc. | 1,618,788 | 129,875 | |
Kroger Co. | 6,070,073 | 124,619 | |
ConAgra Foods Inc. | 4,348,138 | 100,225 | |
Reynolds American Inc. | 1,714,009 | 90,791 | |
Mead Johnson Nutrition Co. Class A | 2,006,514 | 87,685 | |
Safeway Inc. | 4,083,746 | 86,943 | |
Clorox Co. | 1,366,467 | 83,354 | |
Bunge Ltd. | 1,299,574 | 82,952 | |
Sara Lee Corp. | 6,480,876 | 78,937 | |
JM Smucker Co. | 1,166,227 | 72,015 | |
Dr Pepper Snapple Group Inc. | 2,491,879 | 70,520 | |
Campbell Soup Co. | 2,061,105 | 69,665 | |
Molson Coors Brewing Co. Class B | 1,489,620 | 67,271 | |
Coca-Cola Enterprises Inc. | 2,870,895 | 60,863 | |
Hershey Co. | 1,551,554 | 55,530 | |
Pepsi Bottling Group Inc. | 1,479,590 | 55,485 | |
Estee Lauder Cos. Inc. Class A | 1,105,851 | 53,479 | |
McCormick & Co. Inc. | 1,161,601 | 41,969 | |
Brown-Forman Corp. Class B | 780,176 | 41,794 | |
Church & Dwight Co. Inc. | 689,505 | 41,681 | |
* | Energizer Holdings Inc. | 647,210 | 39,661 |
* | Whole Foods Market Inc. | 1,379,465 | 37,866 |
Tyson Foods Inc. Class A | 2,862,952 | 35,128 | |
* | Ralcorp Holdings Inc. | 556,115 | 33,206 |
* | Dean Foods Co. | 1,767,636 | 31,888 |
* | Constellation Brands Inc. Class A | 1,935,535 | 30,833 |
* | Hansen Natural Corp. | 757,319 | 29,081 |
* | Green Mountain Coffee Roasters Inc. | 341,974 | 27,861 |
Hormel Foods Corp. | 724,348 | 27,851 | |
SUPERVALU Inc. | 2,078,464 | 26,417 | |
Alberto-Culver Co. Class B | 866,887 | 25,391 | |
Herbalife Ltd. | 606,234 | 24,595 | |
* | NBTY Inc. | 546,936 | 23,814 |
* | Smithfield Foods Inc. | 1,460,503 | 22,185 |
Del Monte Foods Co. | 1,943,734 | 22,042 | |
Corn Products International Inc. | 732,913 | 21,423 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Flowers Foods Inc. | 814,366 | 19,349 | |
* | Central European Distribution Corp. | 640,587 | 18,199 |
PepsiAmericas Inc. | 612,498 | 17,922 | |
* | BJ's Wholesale Club Inc. | 546,301 | 17,870 |
Casey's General Stores Inc. | 501,530 | 16,009 | |
* | Chattem Inc. | 168,169 | 15,690 |
Nu Skin Enterprises Inc. Class A | 494,443 | 13,286 | |
* | TreeHouse Foods Inc. | 311,977 | 12,123 |
Universal Corp. | 243,944 | 11,126 | |
* | United Natural Foods Inc. | 403,610 | 10,793 |
Ruddick Corp. | 407,754 | 10,492 | |
* | Fresh Del Monte Produce Inc. | 438,214 | 9,685 |
Lancaster Colony Corp. | 193,832 | 9,633 | |
* | Rite Aid Corp. | 6,122,836 | 9,245 |
Sanderson Farms Inc. | 197,531 | 8,328 | |
* | Chiquita Brands International Inc. | 439,681 | 7,932 |
* | Bare Escentuals Inc. | 630,709 | 7,714 |
* | Darling International Inc. | 920,244 | 7,712 |
Diamond Foods Inc. | 193,634 | 6,882 | |
* | Hain Celestial Group Inc. | 383,052 | 6,516 |
Lance Inc. | 247,319 | 6,504 | |
Vector Group Ltd. | 452,665 | 6,337 | |
Nash Finch Co. | 162,418 | 6,024 | |
* | American Italian Pasta Co. | 171,010 | 5,949 |
Tootsie Roll Industries Inc. | 202,428 | 5,542 | |
* | Winn-Dixie Stores Inc. | 525,936 | 5,280 |
J&J Snack Foods Corp. | 130,736 | 5,224 | |
Cal-Maine Foods Inc. | 152,051 | 5,182 | |
WD-40 Co. | 150,554 | 4,872 | |
* | Boston Beer Co. Inc. Class A | 101,619 | 4,735 |
* | Medifast Inc. | 146,148 | 4,469 |
*,^ | Great Atlantic & Pacific Tea Co. | 365,885 | 4,314 |
Andersons Inc. | 157,133 | 4,057 | |
Weis Markets Inc. | 110,374 | 4,013 | |
* | Heckmann Corp. | 803,700 | 4,010 |
* | Alliance One International Inc. | 781,949 | 3,816 |
*,^ | American Dairy Inc. | 169,282 | 3,670 |
* | Central Garden and Pet Co. Class A | 365,851 | 3,637 |
Coca-Cola Bottling Co. Consolidated | 62,081 | 3,354 | |
* | Smart Balance Inc. | 541,715 | 3,250 |
Spartan Stores Inc. | 222,053 | 3,173 | |
* | Revlon Inc. Class A | 185,262 | 3,151 |
* | Zhongpin Inc. | 191,700 | 2,992 |
Pricesmart Inc. | 144,762 | 2,959 | |
B&G Foods Inc. Class A | 320,643 | 2,943 | |
* | USANA Health Sciences Inc. | 91,127 | 2,907 |
* | Elizabeth Arden Inc. | 195,175 | 2,818 |
* | Pantry Inc. | 190,350 | 2,587 |
* | John B. Sanfilippo & Son Inc. | 164,300 | 2,557 |
* | Central Garden and Pet Co. | 230,992 | 2,472 |
Village Super Market Inc. Class A | 80,734 | 2,206 | |
Imperial Sugar Co. | 125,312 | 2,185 | |
*,^ | American Oriental Bioengineering Inc. | 468,045 | 2,176 |
* | Prestige Brands Holdings Inc. | 276,462 | 2,173 |
*,^ | China Sky One Medical Inc. | 78,791 | 1,792 |
* | Nutraceutical International Corp. | 123,859 | 1,532 |
Calavo Growers Inc. | 88,600 | 1,506 | |
Tasty Baking Co. | 220,008 | 1,481 | |
Oil-Dri Corp. of America | 95,475 | 1,480 | |
* | Physicians Formula Holdings Inc. | 545,642 | 1,479 |
Ingles Markets Inc. Class A | 91,382 | 1,383 | |
*,^ | Lifeway Foods Inc. | 110,761 | 1,316 |
* | Reddy Ice Holdings Inc. | 293,594 | 1,260 |
Schiff Nutrition International Inc. | 158,625 | 1,240 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | National Beverage Corp. | 85,259 | 1,182 |
Arden Group Inc. | 10,399 | 994 | |
Inter Parfums Inc. | 81,167 | 988 | |
Alico Inc. | 34,069 | 970 | |
Farmer Bros Co. | 38,062 | 751 | |
Mannatech Inc. | 212,372 | 663 | |
* | Seneca Foods Corp. Class A | 27,524 | 657 |
Griffin Land & Nurseries Inc. | 21,072 | 614 | |
* | Female Health Co. | 105,927 | 501 |
* | Omega Protein Corp. | 112,817 | 492 |
Reliv International Inc. | 146,063 | 479 | |
* | MGP Ingredients Inc. | 55,744 | 426 |
* | Inventure Group Inc. | 143,402 | 338 |
*,^ | Star Scientific Inc. | 423,326 | 296 |
* | Harbinger Group Inc. | 41,705 | 293 |
* | Susser Holdings Corp. | 33,174 | 285 |
* | Parlux Fragrances Inc. | 120,858 | 249 |
*,^ | AgFeed Industries Inc. | 49,527 | 248 |
* | HQ Sustainable Maritime Industries Inc. | 11,959 | 84 |
* | Vermont Pure Holdings Ltd. | 33,000 | 20 |
* | Jones Soda Co. | 25,244 | 11 |
11,792,949 | |||
Energy (11.0%) | |||
Exxon Mobil Corp. | 47,065,421 | 3,209,391 | |
Chevron Corp. | 19,640,954 | 1,512,157 | |
Schlumberger Ltd. | 11,730,954 | 763,568 | |
ConocoPhillips | 13,796,735 | 704,599 | |
Occidental Petroleum Corp. | 7,940,419 | 645,953 | |
Apache Corp. | 3,288,176 | 339,241 | |
Devon Energy Corp. | 4,129,076 | 303,487 | |
Anadarko Petroleum Corp. | 4,803,970 | 299,864 | |
Halliburton Co. | 8,830,936 | 265,723 | |
* | Transocean Ltd. | 3,144,267 | 260,345 |
XTO Energy Inc. | 5,398,071 | 251,172 | |
EOG Resources Inc. | 2,467,382 | 240,076 | |
Marathon Oil Corp. | 6,931,143 | 216,390 | |
National Oilwell Varco Inc. | 4,095,677 | 180,578 | |
Hess Corp. | 2,882,748 | 174,406 | |
* | Southwestern Energy Co. | 3,373,790 | 162,617 |
Chesapeake Energy Corp. | 5,969,852 | 154,500 | |
Spectra Energy Corp. | 6,334,412 | 129,919 | |
* | Weatherford International Ltd. | 7,125,592 | 127,619 |
Baker Hughes Inc. | 3,039,131 | 123,024 | |
Noble Energy Inc. | 1,700,819 | 121,132 | |
Williams Cos. Inc. | 5,717,965 | 120,535 | |
Peabody Energy Corp. | 2,621,243 | 118,506 | |
Noble Corp. | 2,563,708 | 104,343 | |
* | Cameron International Corp. | 2,398,265 | 100,247 |
Murphy Oil Corp. | 1,776,888 | 96,307 | |
Valero Energy Corp. | 5,521,772 | 92,490 | |
Consol Energy Inc. | 1,771,835 | 88,237 | |
Range Resources Corp. | 1,542,532 | 76,895 | |
* | Ultra Petroleum Corp. | 1,484,970 | 74,041 |
* | Petrohawk Energy Corp. | 2,950,697 | 70,787 |
* | FMC Technologies Inc. | 1,201,353 | 69,486 |
El Paso Corp. | 6,877,129 | 67,602 | |
Diamond Offshore Drilling Inc. | 681,731 | 67,096 | |
Smith International Inc. | 2,424,316 | 65,869 | |
* | Newfield Exploration Co. | 1,300,959 | 62,745 |
* | Nabors Industries Ltd. | 2,787,143 | 61,011 |
Pioneer Natural Resources Co. | 1,128,386 | 54,354 | |
* | Pride International Inc. | 1,701,556 | 54,297 |
BJ Services Co. | 2,865,468 | 53,298 | |
* | Alpha Natural Resources Inc. | 1,176,434 | 51,034 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Cabot Oil & Gas Corp. | 1,017,357 | 44,347 | |
Cimarex Energy Co. | 818,649 | 43,364 | |
Helmerich & Payne Inc. | 1,034,891 | 41,271 | |
* | Kinder Morgan Management LLC | 739,203 | 40,390 |
EXCO Resources Inc. | 1,761,842 | 37,404 | |
* | Plains Exploration & Production Co. | 1,345,463 | 37,216 |
* | Denbury Resources Inc. | 2,449,104 | 36,247 |
* | Whiting Petroleum Corp. | 499,354 | 35,679 |
Arch Coal Inc. | 1,595,514 | 35,500 | |
Massey Energy Co. | 839,769 | 35,279 | |
* | Oceaneering International Inc. | 538,333 | 31,503 |
Sunoco Inc. | 1,146,221 | 29,916 | |
* | Concho Resources Inc. | 630,182 | 28,295 |
* | Dresser-Rand Group Inc. | 808,804 | 25,566 |
Core Laboratories NV | 214,264 | 25,309 | |
* | Rowan Cos. Inc. | 1,117,758 | 25,306 |
Southern Union Co. | 1,095,889 | 24,877 | |
* | Encore Acquisition Co. | 518,021 | 24,875 |
Tidewater Inc. | 507,941 | 24,356 | |
* | Forest Oil Corp. | 1,048,767 | 23,335 |
Patterson-UTI Energy Inc. | 1,510,409 | 23,185 | |
* | Atlas Energy Inc. | 730,189 | 22,030 |
St Mary Land & Exploration Co. | 613,536 | 21,007 | |
* | Atwood Oceanics Inc. | 568,134 | 20,368 |
* | Oil States International Inc. | 488,205 | 19,182 |
* | Unit Corp. | 444,041 | 18,872 |
* | Superior Energy Services Inc. | 769,903 | 18,701 |
Tesoro Corp. | 1,369,537 | 18,557 | |
* | Comstock Resources Inc. | 457,045 | 18,542 |
* | Quicksilver Resources Inc. | 1,165,724 | 17,498 |
* | Dril-Quip Inc. | 307,352 | 17,359 |
* | Arena Resources Inc. | 377,626 | 16,283 |
^ | World Fuel Services Corp. | 554,430 | 14,853 |
* | SEACOR Holdings Inc. | 188,285 | 14,357 |
* | Continental Resources Inc. | 333,282 | 14,294 |
* | SandRidge Energy Inc. | 1,511,130 | 14,250 |
* | Brigham Exploration Co. | 973,747 | 13,194 |
CARBO Ceramics Inc. | 192,403 | 13,116 | |
* | Patriot Coal Corp. | 844,186 | 13,051 |
* | Exterran Holdings Inc. | 585,273 | 12,554 |
* | Bill Barrett Corp. | 401,900 | 12,503 |
Frontier Oil Corp. | 1,032,281 | 12,429 | |
* | Mariner Energy Inc. | 1,000,924 | 11,621 |
* | Gran Tierra Energy Inc. | 2,021,499 | 11,583 |
* | Helix Energy Solutions Group Inc. | 965,150 | 11,341 |
Overseas Shipholding Group Inc. | 250,669 | 11,017 | |
Holly Corp. | 420,880 | 10,787 | |
* | Key Energy Services Inc. | 1,224,629 | 10,765 |
Lufkin Industries Inc. | 146,703 | 10,739 | |
* | Bristow Group Inc. | 274,968 | 10,573 |
Berry Petroleum Co. Class A | 357,135 | 10,410 | |
* | Rosetta Resources Inc. | 515,993 | 10,284 |
Penn Virginia Corp. | 447,093 | 9,519 | |
* | Tetra Technologies Inc. | 828,081 | 9,175 |
* | ION Geophysical Corp. | 1,510,756 | 8,944 |
* | CNX Gas Corp. | 299,111 | 8,830 |
* | Swift Energy Co. | 359,154 | 8,605 |
*,^ | ATP Oil & Gas Corp. | 444,344 | 8,123 |
* | Willbros Group Inc. | 442,929 | 7,472 |
* | Cal Dive International Inc. | 980,770 | 7,415 |
* | Cobalt International Energy Inc. | 530,539 | 7,343 |
* | Global Industries Ltd. | 1,014,126 | 7,231 |
* | McMoRan Exploration Co. | 893,252 | 7,164 |
* | Stone Energy Corp. | 395,341 | 7,136 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Complete Production Services Inc. | 527,255 | 6,854 |
* | Hercules Offshore Inc. | 1,418,525 | 6,781 |
* | BPZ Resources Inc. | 710,839 | 6,753 |
* | Carrizo Oil & Gas Inc. | 247,086 | 6,545 |
* | Contango Oil & Gas Co. | 138,375 | 6,505 |
*,^ | Goodrich Petroleum Corp. | 246,618 | 6,005 |
* | Enbridge Energy Management LLC | 112,972 | 6,001 |
* | International Coal Group Inc. | 1,527,402 | 5,896 |
* | Hornbeck Offshore Services Inc. | 240,946 | 5,609 |
* | James River Coal Co. | 288,220 | 5,341 |
* | Gulfmark Offshore Inc. | 188,349 | 5,332 |
* | Parker Drilling Co. | 938,870 | 4,647 |
* | Clean Energy Fuels Corp. | 287,440 | 4,429 |
General Maritime Corp. | 628,496 | 4,393 | |
* | Petroquest Energy Inc. | 699,972 | 4,291 |
Energy XXI Bermuda Ltd. | 1,854,152 | 4,283 | |
* | Tesco Corp. | 329,729 | 4,257 |
* | USEC Inc. | 1,077,636 | 4,149 |
* | Pioneer Drilling Co. | 518,165 | 4,094 |
* | Venoco Inc. | 303,329 | 3,955 |
* | Oilsands Quest Inc. | 3,280,419 | 3,772 |
* | Rex Energy Corp. | 302,894 | 3,635 |
W&T Offshore Inc. | 300,052 | 3,511 | |
* | Newpark Resources Inc. | 810,607 | 3,429 |
* | Western Refining Inc. | 681,502 | 3,210 |
*,^ | GMX Resources Inc. | 213,629 | 2,935 |
Gulf Island Fabrication Inc. | 135,635 | 2,852 | |
* | Matrix Service Co. | 256,402 | 2,731 |
* | Syntroleum Corp. | 1,002,206 | 2,666 |
* | CVR Energy Inc. | 387,871 | 2,661 |
RPC Inc. | 249,492 | 2,595 | |
* | Delta Petroleum Corp. | 2,437,851 | 2,535 |
* | Seahawk Drilling Inc. | 109,047 | 2,458 |
* | Gulfport Energy Corp. | 196,120 | 2,246 |
* | Petroleum Development Corp. | 121,125 | 2,206 |
Vaalco Energy Inc. | 480,437 | 2,186 | |
*,^ | Rentech Inc. | 1,742,563 | 2,143 |
* | Kodiak Oil & Gas Corp. | 943,216 | 2,094 |
* | T-3 Energy Services Inc. | 81,918 | 2,089 |
* | Basic Energy Services Inc. | 227,391 | 2,024 |
* | Superior Well Services Inc. | 135,288 | 1,929 |
* | Harvest Natural Resources Inc. | 355,919 | 1,883 |
* | Warren Resources Inc. | 764,545 | 1,873 |
* | Boots & Coots Inc. | 1,104,050 | 1,822 |
* | Northern Oil And Gas Inc. | 149,861 | 1,774 |
* | Clayton Williams Energy Inc. | 49,351 | 1,729 |
* | Dawson Geophysical Co. | 73,070 | 1,689 |
* | Natural Gas Services Group Inc. | 88,753 | 1,673 |
* | Allis-Chalmers Energy Inc. | 442,100 | 1,667 |
* | Bolt Technology Corp. | 145,926 | 1,608 |
* | PHI Inc. | 73,329 | 1,518 |
* | Endeavour International Corp. | 1,343,433 | 1,451 |
* | Abraxas Petroleum Corp. | 699,109 | 1,342 |
Toreador Resources Corp. | 131,828 | 1,305 | |
*,^ | GeoGlobal Resources Inc. | 606,152 | 1,261 |
Panhandle Oil and Gas Inc. Class A | 48,390 | 1,253 | |
* | OYO Geospace Corp. | 29,119 | 1,249 |
Crosstex Energy Inc. | 205,008 | 1,240 | |
* | Double Eagle Petroleum Co. | 269,916 | 1,166 |
* | Gastar Exploration Ltd. | 225,822 | 1,082 |
*,^ | Uranium Energy Corp. | 278,949 | 1,054 |
* | Bronco Drilling Co. Inc. | 203,834 | 1,033 |
* | Vantage Drilling Co. | 578,613 | 932 |
* | CREDO Petroleum Corp. | 99,730 | 928 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Westmoreland Coal Co. | 100,888 | 899 |
Alon USA Energy Inc. | 126,318 | 864 | |
* | Callon Petroleum Co. | 562,840 | 844 |
* | Trico Marine Services Inc. | 176,598 | 802 |
* | Cheniere Energy Inc. | 330,347 | 799 |
* | FX Energy Inc. | 276,830 | 789 |
* | Union Drilling Inc. | 122,287 | 764 |
* | RAM Energy Resources Inc. | 346,770 | 711 |
Delek US Holdings Inc. | 103,300 | 703 | |
* | American Oil & Gas Inc. | 164,934 | 693 |
* | Pacific Ethanol Inc. | 907,372 | 653 |
* | ENGlobal Corp. | 208,115 | 651 |
*,^ | Verenium Corp. | 115,082 | 518 |
* | Gasco Energy Inc. | 943,505 | 500 |
*,^ | Sulphco Inc. | 705,765 | 473 |
Houston American Energy Corp. | 71,432 | 440 | |
*,^ | Isramco Inc. | 5,663 | 405 |
* | Mitcham Industries Inc. | 54,753 | 404 |
*,^ | Tri-Valley Corp. | 194,425 | 379 |
* | Georesources Inc. | 27,545 | 376 |
*,^ | NGAS Resources Inc. | 180,751 | 305 |
* | Approach Resources Inc. | 37,965 | 293 |
* | Barnwell Industries Inc. | 62,895 | 283 |
* | Cano Petroleum Inc. | 227,791 | 223 |
* | National Coal Corp. | 258,584 | 215 |
*,^ | BMB Munai Inc. | 186,214 | 214 |
*,^ | Evergreen Energy Inc. | 496,824 | 170 |
* | Meridian Resource Corp. | 633,127 | 165 |
* | GeoMet Inc. | 94,535 | 138 |
* | Hyperdynamics Corp. | 150,940 | 131 |
* | Geokinetics Inc. | 13,371 | 129 |
* | HKN Inc. | 34,414 | 126 |
* | Uranium Resources Inc. | 114,096 | 88 |
* | Cubic Energy Inc. | 16,688 | 25 |
* | TGC Industries Inc. | 3,940 | 15 |
* | Evolution Petroleum Corp. | 2,100 | 9 |
13,166,993 | |||
Financials (15.3%) | |||
JPMorgan Chase & Co. | 38,513,625 | 1,604,863 | |
Wells Fargo & Co. | 47,568,767 | 1,283,881 | |
Bank of America Corp. | 84,729,207 | 1,276,022 | |
Goldman Sachs Group Inc. | 4,756,446 | 803,078 | |
Citigroup Inc. | 207,601,896 | 687,162 | |
American Express Co. | 10,481,840 | 424,724 | |
US Bancorp | 18,724,920 | 421,498 | |
Morgan Stanley | 11,979,941 | 354,606 | |
Bank of New York Mellon Corp. | 11,779,929 | 329,485 | |
MetLife Inc. | 8,017,406 | 283,415 | |
Travelers Cos. Inc. | 5,558,479 | 277,146 | |
* | Berkshire Hathaway Inc. Class B | 83,525 | 274,463 |
PNC Financial Services Group Inc. | 4,518,788 | 238,547 | |
Prudential Financial Inc. | 4,514,909 | 224,662 | |
Simon Property Group Inc. | 2,790,896 | 222,713 | |
Aflac Inc. | 4,578,696 | 211,765 | |
State Street Corp. | 4,842,789 | 210,855 | |
CME Group Inc. | 585,476 | 196,691 | |
Charles Schwab Corp. | 9,663,555 | 181,868 | |
Capital One Financial Corp. | 4,455,766 | 170,834 | |
BB&T Corp. | 6,675,120 | 169,348 | |
Chubb Corp. | 3,426,791 | 168,530 | |
Franklin Resources Inc. | 1,579,028 | 166,351 | |
ACE Ltd. | 3,292,270 | 165,930 | |
Allstate Corp. | 4,990,545 | 149,916 | |
T Rowe Price Group Inc. | 2,508,359 | 133,570 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Loews Corp. | 3,396,650 | 123,468 | |
* | Progressive Corp. | 6,323,751 | 113,764 |
Marsh & McLennan Cos. Inc. | 5,138,051 | 113,448 | |
Northern Trust Corp. | 2,130,852 | 111,657 | |
Vornado Realty Trust | 1,589,957 | 111,202 | |
Public Storage | 1,246,189 | 101,502 | |
SunTrust Banks Inc. | 4,893,350 | 99,286 | |
Ameriprise Financial Inc. | 2,502,412 | 97,144 | |
Invesco Ltd. | 4,077,909 | 95,790 | |
AON Corp. | 2,422,015 | 92,860 | |
Annaly Capital Management Inc. | 5,340,598 | 92,659 | |
Boston Properties Inc. | 1,358,697 | 91,128 | |
Equity Residential | 2,685,908 | 90,730 | |
Hartford Financial Services Group Inc. | 3,767,230 | 87,626 | |
HCP Inc. | 2,850,927 | 87,067 | |
* | Berkshire Hathaway Inc. Class A | 848 | 84,122 |
Discover Financial Services | 5,266,586 | 77,471 | |
Principal Financial Group Inc. | 3,127,658 | 75,189 | |
Lincoln National Corp. | 2,962,494 | 73,707 | |
Fifth Third Bancorp | 7,409,526 | 72,243 | |
Host Hotels & Resorts Inc. | 6,084,934 | 71,011 | |
* | IntercontinentalExchange Inc. | 610,135 | 68,518 |
Ventas Inc. | 1,535,479 | 67,162 | |
NYSE Euronext | 2,550,840 | 64,536 | |
AvalonBay Communities Inc. | 783,827 | 64,360 | |
Hudson City Bancorp Inc. | 4,627,310 | 63,533 | |
Unum Group | 3,252,019 | 63,479 | |
Regions Financial Corp. | 11,652,848 | 61,644 | |
XL Capital Ltd. Class A | 3,358,589 | 61,563 | |
Plum Creek Timber Co. Inc. | 1,597,332 | 60,315 | |
ProLogis | 4,346,801 | 59,508 | |
New York Community Bancorp Inc. | 3,944,994 | 57,242 | |
People's United Financial Inc. | 3,415,880 | 57,045 | |
* | Genworth Financial Inc. Class A | 4,721,217 | 53,586 |
Kimco Realty Corp. | 3,943,015 | 53,349 | |
Moody's Corp. | 1,970,313 | 52,804 | |
BlackRock Inc. | 224,857 | 52,212 | |
Health Care REIT Inc. | 1,174,868 | 52,070 | |
* | SLM Corp. | 4,587,372 | 51,700 |
Everest Re Group Ltd. | 597,183 | 51,167 | |
^ | M&T Bank Corp. | 752,578 | 50,340 |
* | TD Ameritrade Holding Corp. | 2,586,845 | 50,133 |
PartnerRe Ltd. | 658,739 | 49,181 | |
KeyCorp | 8,615,879 | 47,818 | |
* | Leucadia National Corp. | 1,911,701 | 45,479 |
Comerica Inc. | 1,481,708 | 43,814 | |
Willis Group Holdings Ltd. | 1,650,125 | 43,530 | |
Legg Mason Inc. | 1,399,951 | 42,223 | |
Federal Realty Investment Trust | 598,052 | 40,500 | |
Cincinnati Financial Corp. | 1,516,104 | 39,783 | |
SL Green Realty Corp. | 754,220 | 37,892 | |
Axis Capital Holdings Ltd. | 1,327,504 | 37,714 | |
Nationwide Health Properties Inc. | 1,053,905 | 37,076 | |
AMB Property Corp. | 1,435,498 | 36,677 | |
Digital Realty Trust Inc. | 710,363 | 35,717 | |
Torchmark Corp. | 812,640 | 35,716 | |
*,^ | American International Group Inc. | 1,189,264 | 35,654 |
Liberty Property Trust | 1,094,959 | 35,050 | |
WR Berkley Corp. | 1,414,603 | 34,856 | |
Assurant Inc. | 1,157,861 | 34,134 | |
Reinsurance Group of America Inc. Class A | 714,635 | 34,052 | |
Macerich Co. | 926,167 | 33,296 | |
Eaton Vance Corp. | 1,089,224 | 33,123 | |
Rayonier Inc. | 777,922 | 32,797 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
RenaissanceRe Holdings Ltd. | 612,170 | 32,537 |
* CB Richard Ellis Group Inc. Class A | 2,382,917 | 32,336 |
* MSCI Inc. Class A | 983,712 | 31,282 |
* Markel Corp. | 91,599 | 31,144 |
HCC Insurance Holdings Inc. | 1,101,494 | 30,809 |
Regency Centers Corp. | 866,318 | 30,373 |
* Arch Capital Group Ltd. | 418,961 | 29,977 |
First American Corp. | 888,104 | 29,405 |
* First Horizon National Corp. | 2,180,427 | 29,218 |
Fidelity National Financial Inc. Class A | 2,148,536 | 28,919 |
Transatlantic Holdings Inc. | 554,006 | 28,869 |
Hospitality Properties Trust | 1,198,487 | 28,416 |
* NASDAQ OMX Group Inc. | 1,392,399 | 27,597 |
* Affiliated Managers Group Inc. | 409,106 | 27,553 |
Alexandria Real Estate Equities Inc. | 426,297 | 27,407 |
Senior Housing Properties Trust | 1,247,019 | 27,272 |
Assured Guaranty Ltd. | 1,241,346 | 27,012 |
Commerce Bancshares Inc. | 693,033 | 26,834 |
Duke Realty Corp. | 2,196,767 | 26,735 |
Camden Property Trust | 629,732 | 26,682 |
Mack-Cali Realty Corp. | 769,085 | 26,587 |
^ Realty Income Corp. | 1,022,860 | 26,502 |
Cullen/Frost Bankers Inc. | 527,054 | 26,353 |
* St Joe Co. | 907,863 | 26,228 |
White Mountains Insurance Group Ltd. | 78,249 | 26,030 |
Waddell & Reed Financial Inc. | 843,030 | 25,746 |
Marshall & Ilsley Corp. | 4,711,508 | 25,678 |
First Niagara Financial Group Inc. | 1,797,368 | 25,001 |
Federated Investors Inc. Class B | 908,952 | 24,996 |
* AmeriCredit Corp. | 1,309,083 | 24,925 |
Jones Lang LaSalle Inc. | 410,726 | 24,808 |
Validus Holdings Ltd. | 917,597 | 24,720 |
UDR Inc. | 1,478,237 | 24,302 |
Huntington Bancshares Inc. | 6,650,943 | 24,276 |
Chimera Investment Corp. | 6,250,686 | 24,253 |
* Jefferies Group Inc. | 1,017,617 | 24,148 |
Janus Capital Group Inc. | 1,788,820 | 24,060 |
Old Republic International Corp. | 2,360,607 | 23,700 |
Highwoods Properties Inc. | 696,476 | 23,227 |
Essex Property Trust Inc. | 277,291 | 23,195 |
Raymond James Financial Inc. | 969,427 | 23,043 |
SEI Investments Co. | 1,311,796 | 22,983 |
Arthur J Gallagher & Co. | 995,367 | 22,406 |
Hanover Insurance Group Inc. | 499,820 | 22,207 |
Bank of Hawaii Corp. | 469,965 | 22,117 |
Weingarten Realty Investors | 1,116,652 | 22,099 |
Brown & Brown Inc. | 1,182,264 | 21,245 |
Corporate Office Properties Trust SBI | 570,715 | 20,905 |
Washington Federal Inc. | 1,072,749 | 20,747 |
Aspen Insurance Holdings Ltd. | 814,853 | 20,738 |
MFA Financial Inc. | 2,681,482 | 19,709 |
City National Corp. | 430,282 | 19,621 |
StanCorp Financial Group Inc. | 482,741 | 19,319 |
* E*Trade Financial Corp. | 10,983,611 | 19,221 |
Allied World Assurance Co. Holdings Ltd. | 414,537 | 19,098 |
Valley National Bancorp | 1,335,241 | 18,867 |
Taubman Centers Inc. | 522,987 | 18,780 |
Platinum Underwriters Holdings Ltd. | 489,747 | 18,752 |
American Financial Group Inc. | 743,230 | 18,544 |
Apartment Investment & Management Co. | 1,152,633 | 18,350 |
Greenhill & Co. Inc. | 222,573 | 17,859 |
Endurance Specialty Holdings Ltd. | 477,707 | 17,785 |
BancorpSouth Inc. | 738,898 | 17,335 |
BRE Properties Inc. | 520,208 | 17,208 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
National Retail Properties Inc. | 793,075 | 16,829 | |
* | SVB Financial Group | 399,491 | 16,655 |
Prosperity Bancshares Inc. | 408,796 | 16,544 | |
Apollo Investment Corp. | 1,725,426 | 16,443 | |
* | ProAssurance Corp. | 305,987 | 16,435 |
FirstMerit Corp. | 812,672 | 16,367 | |
Omega Healthcare Investors Inc. | 819,899 | 15,947 | |
Westamerica Bancorporation | 286,586 | 15,868 | |
* | Alleghany Corp. | 57,449 | 15,856 |
Washington Real Estate Investment Trust | 573,965 | 15,813 | |
* | Stifel Financial Corp. | 266,505 | 15,788 |
Home Properties Inc. | 325,496 | 15,529 | |
TCF Financial Corp. | 1,139,166 | 15,515 | |
Tanger Factory Outlet Centers | 392,153 | 15,290 | |
BioMed Realty Trust Inc. | 962,945 | 15,195 | |
^ | Zions Bancorporation | 1,183,370 | 15,183 |
Fulton Financial Corp. | 1,734,945 | 15,129 | |
Entertainment Properties Trust | 412,329 | 14,543 | |
Brandywine Realty Trust | 1,266,857 | 14,442 | |
American Campus Communities Inc. | 511,884 | 14,384 | |
Equity Lifestyle Properties Inc. | 282,829 | 14,274 | |
Popular Inc. | 6,289,797 | 14,215 | |
HRPT Properties Trust | 2,193,726 | 14,193 | |
Montpelier Re Holdings Ltd. | 805,289 | 13,948 | |
* | Forest City Enterprises Inc. Class A | 1,181,179 | 13,914 |
Protective Life Corp. | 839,616 | 13,896 | |
Douglas Emmett Inc. | 958,851 | 13,664 | |
* | Knight Capital Group Inc. Class A | 874,962 | 13,474 |
Mid-America Apartment Communities Inc. | 278,455 | 13,444 | |
LaSalle Hotel Properties | 625,129 | 13,271 | |
Ares Capital Corp. | 1,061,589 | 13,217 | |
Trustmark Corp. | 585,823 | 13,204 | |
* | Pinnacle Financial Partners Inc. | 925,154 | 13,156 |
Associated Banc-Corp | 1,191,347 | 13,117 | |
Kilroy Realty Corp. | 423,781 | 12,997 | |
*,^ | Federal National Mortgage Assn. | 10,985,360 | 12,963 |
* | Signature Bank | 398,531 | 12,713 |
BOK Financial Corp. | 265,977 | 12,639 | |
Potlatch Corp. | 392,271 | 12,506 | |
Healthcare Realty Trust Inc. | 582,510 | 12,501 | |
Developers Diversified Realty Corp. | 1,348,826 | 12,490 | |
Hancock Holding Co. | 284,596 | 12,462 | |
CBL & Associates Properties Inc. | 1,286,620 | 12,442 | |
Erie Indemnity Co. Class A | 302,999 | 11,823 | |
UMB Financial Corp. | 299,071 | 11,768 | |
* | Conseco Inc. | 2,305,238 | 11,526 |
East West Bancorp Inc. | 723,323 | 11,428 | |
NewAlliance Bancshares Inc. | 949,532 | 11,404 | |
TFS Financial Corp. | 909,165 | 11,037 | |
Umpqua Holdings Corp. | 822,805 | 11,034 | |
Zenith National Insurance Corp. | 368,761 | 10,974 | |
Northwest Bancshares Inc. | 967,978 | 10,958 | |
*,^ | Federal Home Loan Mortgage Corp. | 7,428,957 | 10,921 |
Unitrin Inc. | 490,792 | 10,822 | |
Mercury General Corp. | 269,408 | 10,577 | |
Max Capital Group Ltd. | 473,514 | 10,559 | |
Redwood Trust Inc. | 725,557 | 10,492 | |
DuPont Fabros Technology Inc. | 582,796 | 10,484 | |
Delphi Financial Group Inc. | 468,514 | 10,481 | |
Old National Bancorp | 835,753 | 10,388 | |
Iberiabank Corp. | 192,243 | 10,345 | |
Franklin Street Properties Corp. | 697,575 | 10,192 | |
Cash America International Inc. | 291,253 | 10,182 | |
CapitalSource Inc. | 2,555,802 | 10,147 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
DCT Industrial Trust Inc. | 2,013,216 | 10,106 | |
Astoria Financial Corp. | 813,012 | 10,106 | |
Hatteras Financial Corp. | 356,488 | 9,967 | |
EastGroup Properties Inc. | 255,705 | 9,788 | |
* | Piper Jaffray Cos. | 192,985 | 9,767 |
Tower Group Inc. | 416,362 | 9,747 | |
RLI Corp. | 181,505 | 9,665 | |
^ | United Bankshares Inc. | 481,516 | 9,616 |
International Bancshares Corp. | 504,510 | 9,550 | |
Sovran Self Storage Inc. | 266,836 | 9,534 | |
American National Insurance Co. | 79,323 | 9,474 | |
PS Business Parks Inc. | 189,061 | 9,462 | |
Extra Space Storage Inc. | 812,751 | 9,387 | |
Post Properties Inc. | 471,954 | 9,250 | |
DiamondRock Hospitality Co. | 1,059,628 | 8,975 | |
MB Financial Inc. | 454,146 | 8,956 | |
First Financial Bankshares Inc. | 164,018 | 8,895 | |
* | Argo Group International Holdings Ltd. | 302,994 | 8,829 |
Synovus Financial Corp. | 4,279,827 | 8,774 | |
Capstead Mortgage Corp. | 639,894 | 8,735 | |
* | PHH Corp. | 538,438 | 8,674 |
Selective Insurance Group | 523,180 | 8,606 | |
National Health Investors Inc. | 232,596 | 8,604 | |
* | Investment Technology Group Inc. | 436,559 | 8,600 |
Wilmington Trust Corp. | 685,851 | 8,463 | |
* | KBW Inc. | 308,693 | 8,446 |
Glacier Bancorp Inc. | 613,629 | 8,419 | |
Whitney Holding Corp. | 915,078 | 8,336 | |
Medical Properties Trust Inc. | 804,560 | 8,046 | |
* | MGIC Investment Corp. | 1,377,595 | 7,962 |
Webster Financial Corp. | 640,609 | 7,604 | |
FNB Corp. | 1,117,097 | 7,585 | |
Nara Bancorp Inc. | 661,983 | 7,507 | |
Sunstone Hotel Investors Inc. | 839,856 | 7,458 | |
Financial Federal Corp. | 268,600 | 7,386 | |
* | Texas Capital Bancshares Inc. | 518,879 | 7,244 |
* | Allied Capital Corp. | 2,003,322 | 7,232 |
Employers Holdings Inc. | 466,088 | 7,150 | |
* | Interactive Brokers Group Inc. | 401,118 | 7,108 |
NBT Bancorp Inc. | 339,905 | 6,924 | |
^ | American Capital Ltd. | 2,803,629 | 6,841 |
* | MF Global Ltd. | 983,891 | 6,838 |
Anworth Mortgage Asset Corp. | 975,722 | 6,830 | |
PacWest Bancorp | 338,598 | 6,823 | |
* | Navigators Group Inc. | 144,463 | 6,806 |
optionsXpress Holdings Inc. | 439,622 | 6,792 | |
^ | Prospect Capital Corp. | 574,162 | 6,781 |
First Citizens BancShares Inc. Class A | 41,306 | 6,775 | |
American Capital Agency Corp. | 255,249 | 6,774 | |
* | Ocwen Financial Corp. | 706,654 | 6,763 |
Investors Real Estate Trust | 742,277 | 6,680 | |
Capitol Federal Financial | 211,526 | 6,655 | |
* | United Community Banks Inc. | 1,916,272 | 6,496 |
Cousins Properties Inc. | 848,152 | 6,471 | |
^ | Equity One Inc. | 399,654 | 6,462 |
* | MBIA Inc. | 1,609,800 | 6,407 |
*,^ | Portfolio Recovery Associates Inc. | 141,327 | 6,343 |
Community Bank System Inc. | 327,600 | 6,326 | |
* | Ashford Hospitality Trust Inc. | 1,351,341 | 6,270 |
LTC Properties Inc. | 233,306 | 6,241 | |
Park National Corp. | 105,602 | 6,218 | |
Wintrust Financial Corp. | 199,090 | 6,130 | |
* | Forestar Group Inc. | 277,809 | 6,106 |
Inland Real Estate Corp. | 745,776 | 6,078 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | First Cash Financial Services Inc. | 272,827 | 6,054 |
* | FBR Capital Markets Corp. | 975,788 | 6,030 |
CVB Financial Corp. | 688,659 | 5,950 | |
* | Dollar Financial Corp. | 250,527 | 5,927 |
First Financial Bancorp | 399,761 | 5,821 | |
Colonial Properties Trust | 492,505 | 5,777 | |
Getty Realty Corp. | 245,350 | 5,773 | |
Radian Group Inc. | 787,295 | 5,755 | |
* | Ezcorp Inc. Class A | 330,777 | 5,693 |
* | Greenlight Capital Re Ltd. Class A | 236,723 | 5,580 |
Infinity Property & Casualty Corp. | 135,029 | 5,488 | |
Brookline Bancorp Inc. | 546,871 | 5,419 | |
Provident Financial Services Inc. | 505,579 | 5,384 | |
*,^ | Ambac Financial Group Inc. | 6,485,489 | 5,383 |
National Penn Bancshares Inc. | 928,845 | 5,378 | |
Trustco Bank Corp. | 842,782 | 5,310 | |
* | Pico Holdings Inc. | 160,724 | 5,260 |
Acadia Realty Trust | 303,519 | 5,120 | |
* | Alexander's Inc. | 16,707 | 5,086 |
City Holding Co. | 155,737 | 5,035 | |
*,^ | World Acceptance Corp. | 139,448 | 4,996 |
First Midwest Bancorp Inc. | 454,435 | 4,949 | |
Horace Mann Educators Corp. | 387,045 | 4,838 | |
* | Hilltop Holdings Inc. | 415,238 | 4,833 |
* | Enstar Group Ltd. | 65,785 | 4,804 |
Hercules Technology Growth Capital Inc. | 459,815 | 4,777 | |
* | Investors Bancorp Inc. | 433,576 | 4,743 |
Safety Insurance Group Inc. | 130,611 | 4,732 | |
Susquehanna Bancshares Inc. | 797,677 | 4,698 | |
S&T Bancorp Inc. | 268,822 | 4,573 | |
U-Store-It Trust | 617,095 | 4,517 | |
Chemical Financial Corp. | 187,846 | 4,429 | |
Harleysville National Corp. | 677,071 | 4,360 | |
Sterling Bancshares Inc. | 842,986 | 4,325 | |
Harleysville Group Inc. | 135,950 | 4,322 | |
Lexington Realty Trust | 708,326 | 4,307 | |
Nelnet Inc. Class A | 249,216 | 4,294 | |
*,^ | iStar Financial Inc. | 1,646,574 | 4,215 |
* | AMERISAFE Inc. | 233,271 | 4,192 |
Cathay General Bancorp | 552,240 | 4,169 | |
BlackRock Kelso Capital Corp. | 486,610 | 4,146 | |
* | Western Alliance Bancorp | 1,093,063 | 4,132 |
* | Riskmetrics Group Inc. | 250,889 | 3,992 |
GAMCO Investors Inc. | 81,917 | 3,956 | |
Home Bancshares Inc. | 164,199 | 3,952 | |
Saul Centers Inc. | 120,308 | 3,941 | |
PrivateBancorp Inc. Class A | 434,500 | 3,897 | |
American Physicians Capital Inc. | 127,953 | 3,880 | |
MarketAxess Holdings Inc. | 278,459 | 3,871 | |
Dime Community Bancshares | 323,075 | 3,786 | |
Evercore Partners Inc. Class A | 123,023 | 3,740 | |
Duff & Phelps Corp. Class A | 204,155 | 3,728 | |
Bank Mutual Corp. | 528,713 | 3,659 | |
Meadowbrook Insurance Group Inc. | 494,015 | 3,656 | |
First Potomac Realty Trust | 280,102 | 3,521 | |
American Equity Investment Life Holding Co. | 472,953 | 3,519 | |
* | Beneficial Mutual Bancorp Inc. | 353,942 | 3,483 |
Parkway Properties Inc. | 167,028 | 3,478 | |
Simmons First National Corp. Class A | 125,023 | 3,476 | |
Provident New York Bancorp | 409,944 | 3,460 | |
Boston Private Financial Holdings Inc. | 590,124 | 3,405 | |
Bank of the Ozarks Inc. | 115,427 | 3,379 | |
* | eHealth Inc. | 205,405 | 3,375 |
Universal Health Realty Income Trust | 105,175 | 3,369 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
First Commonwealth Financial Corp. | 712,389 | 3,313 | |
Community Trust Bancorp Inc. | 134,470 | 3,288 | |
Sun Communities Inc. | 166,442 | 3,287 | |
* | Altisource Portfolio Solutions SA | 156,374 | 3,282 |
*,^ | Citizens Inc. | 502,497 | 3,281 |
National Western Life Insurance Co. Class A | 18,650 | 3,238 | |
United Fire & Casualty Co. | 175,260 | 3,195 | |
Suffolk Bancorp | 106,532 | 3,164 | |
* | Tejon Ranch Co. | 108,262 | 3,163 |
Columbia Banking System Inc. | 194,566 | 3,148 | |
* | CNA Surety Corp. | 210,128 | 3,129 |
Independent Bank Corp. | 148,805 | 3,109 | |
^ | Life Partners Holdings Inc. | 146,237 | 3,099 |
^ | Pennsylvania Real Estate Investment Trust | 364,910 | 3,087 |
* | Safeguard Scientifics Inc. | 293,803 | 3,029 |
* | Credit Acceptance Corp. | 71,482 | 3,009 |
Cedar Shopping Centers Inc. | 435,558 | 2,962 | |
* | GLG Partners Inc. | 913,912 | 2,943 |
Cohen & Steers Inc. | 128,719 | 2,940 | |
Flagstone Reinsurance Holdings Ltd. | 268,054 | 2,933 | |
First BanCorp | 1,274,840 | 2,932 | |
* | SeaBright Insurance Holdings Inc. | 253,819 | 2,916 |
* | Tree.com Inc. | 318,615 | 2,915 |
Arrow Financial Corp. | 115,622 | 2,891 | |
Compass Diversified Holdings | 225,482 | 2,877 | |
SWS Group Inc. | 237,752 | 2,877 | |
BGC Partners Inc. Class A | 620,073 | 2,865 | |
* | TradeStation Group Inc. | 358,280 | 2,827 |
Phoenix Cos. Inc. | 1,011,052 | 2,811 | |
SY Bancorp Inc. | 128,171 | 2,736 | |
State Auto Financial Corp. | 146,334 | 2,707 | |
Oritani Financial Corp. | 197,046 | 2,705 | |
1st Source Corp. | 168,036 | 2,704 | |
* | FPIC Insurance Group Inc. | 69,192 | 2,672 |
Oriental Financial Group Inc. | 247,177 | 2,670 | |
SCBT Financial Corp. | 96,074 | 2,660 | |
Maiden Holdings Ltd. | 363,332 | 2,660 | |
Great Southern Bancorp Inc. | 123,554 | 2,639 | |
Walter Investment Management Corp. | 182,631 | 2,617 | |
* | National Financial Partners Corp. | 322,399 | 2,608 |
OneBeacon Insurance Group Ltd. Class A | 187,692 | 2,586 | |
Consolidated-Tomoka Land Co. | 73,896 | 2,582 | |
First Financial Corp. | 83,532 | 2,549 | |
Camden National Corp. | 77,712 | 2,541 | |
Amtrust Financial Services Inc. | 214,579 | 2,536 | |
TICC Capital Corp. | 418,393 | 2,531 | |
Fifth Street Finance Corp. | 233,807 | 2,511 | |
Trico Bancshares | 148,320 | 2,470 | |
Cardinal Financial Corp. | 280,747 | 2,454 | |
Kearny Financial Corp. | 242,809 | 2,448 | |
WesBanco Inc. | 197,551 | 2,438 | |
GFI Group Inc. | 532,260 | 2,432 | |
MVC Capital Inc. | 203,681 | 2,403 | |
FBL Financial Group Inc. Class A | 128,596 | 2,382 | |
US Global Investors Inc. Class A | 190,733 | 2,348 | |
Mission West Properties Inc. | 325,464 | 2,340 | |
ESSA Bancorp Inc. | 199,282 | 2,332 | |
* | Broadpoint Gleacher Securities Inc. | 518,976 | 2,315 |
^ | TowneBank | 197,607 | 2,308 |
Agree Realty Corp. | 98,959 | 2,305 | |
CapLease Inc. | 523,635 | 2,294 | |
Renasant Corp. | 168,143 | 2,287 | |
Westfield Financial Inc. | 276,938 | 2,285 | |
Calamos Asset Management Inc. Class A | 189,869 | 2,189 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
NorthStar Realty Finance Corp. | 637,971 | 2,188 | |
Republic Bancorp Inc. Class A | 106,201 | 2,188 | |
Flushing Financial Corp. | 193,781 | 2,182 | |
* | LaBranche & Co. Inc. | 763,216 | 2,168 |
* | United America Indemnity Ltd. Class A | 272,808 | 2,161 |
* | Penson Worldwide Inc. | 237,760 | 2,154 |
Northfield Bancorp Inc. | 156,904 | 2,121 | |
First Mercury Financial Corp. | 153,481 | 2,104 | |
Urstadt Biddle Properties Inc. Class A | 136,940 | 2,091 | |
*,^ | Maguire Properties Inc. | 1,373,661 | 2,074 |
* | MCG Capital Corp. | 476,948 | 2,060 |
StellarOne Corp. | 206,723 | 2,059 | |
Donegal Group Inc. Class A | 131,987 | 2,051 | |
* | First Marblehead Corp. | 960,174 | 2,045 |
Southside Bancshares Inc. | 102,440 | 2,010 | |
First Industrial Realty Trust Inc. | 383,421 | 2,005 | |
Baldwin & Lyons Inc. | 81,094 | 1,996 | |
National Bankshares Inc. | 70,277 | 1,988 | |
Oppenheimer Holdings Inc. Class A | 59,648 | 1,982 | |
Bancfirst Corp. | 52,620 | 1,949 | |
Medallion Financial Corp. | 237,442 | 1,940 | |
Tompkins Financial Corp. | 47,715 | 1,932 | |
Danvers Bancorp Inc. | 146,870 | 1,908 | |
Washington Trust Bancorp Inc. | 122,342 | 1,906 | |
* | Metro Bancorp Inc. | 150,032 | 1,886 |
Resource Capital Corp. | 379,171 | 1,866 | |
First Bancorp | 131,963 | 1,844 | |
OceanFirst Financial Corp. | 162,502 | 1,836 | |
Rewards Network Inc. | 145,222 | 1,836 | |
Diamond Hill Investment Group Inc. | 28,105 | 1,805 | |
Student Loan Corp. | 37,627 | 1,752 | |
Ramco-Gershenson Properties Trust | 182,924 | 1,745 | |
Berkshire Hills Bancorp Inc. | 83,779 | 1,733 | |
Associated Estates Realty Corp. | 153,690 | 1,732 | |
Advance America Cash Advance Centers Inc. | 310,980 | 1,729 | |
* | Encore Capital Group Inc. | 99,361 | 1,729 |
BankFinancial Corp. | 174,024 | 1,723 | |
Presidential Life Corp. | 186,944 | 1,711 | |
Univest Corp. of Pennsylvania | 96,548 | 1,692 | |
* | Bancorp Inc. | 244,900 | 1,680 |
PMI Group Inc. | 661,155 | 1,666 | |
*,^ | Taylor Capital Group Inc. | 146,239 | 1,666 |
Capital Southwest Corp. | 21,088 | 1,662 | |
PennantPark Investment Corp. | 185,676 | 1,656 | |
^ | Capital City Bank Group Inc. | 118,735 | 1,643 |
* | Harris & Harris Group Inc. | 357,691 | 1,635 |
Abington Bancorp Inc. | 235,745 | 1,624 | |
Kite Realty Group Trust | 397,526 | 1,618 | |
Cypress Sharpridge Investments Inc. | 118,161 | 1,596 | |
^ | German American Bancorp Inc. | 97,783 | 1,589 |
Monmouth Real Estate Investment Corp. Class A | 212,825 | 1,583 | |
Lakeland Financial Corp. | 91,608 | 1,580 | |
First Financial Holdings Inc. | 121,480 | 1,578 | |
WSFS Financial Corp. | 61,278 | 1,571 | |
Stewart Information Services Corp. | 138,648 | 1,564 | |
Education Realty Trust Inc. | 322,662 | 1,562 | |
Clifton Savings Bancorp Inc. | 161,213 | 1,511 | |
Sterling Bancorp | 209,443 | 1,495 | |
First of Long Island Corp. | 58,903 | 1,487 | |
Union Bankshares Corp. | 119,274 | 1,478 | |
Ames National Corp. | 69,843 | 1,474 | |
Government Properties Income Trust | 64,129 | 1,474 | |
First Merchants Corp. | 246,420 | 1,464 | |
EMC Insurance Group Inc. | 66,523 | 1,431 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | PMA Capital Corp. Class A | 226,266 | 1,425 |
* | Citizens Republic Bancorp Inc. | 2,039,043 | 1,407 |
^ | W Holding Co. Inc. | 61,285 | 1,403 |
Sandy Spring Bancorp Inc. | 156,041 | 1,387 | |
American Physicians Service Group Inc. | 59,894 | 1,382 | |
Westwood Holdings Group Inc. | 37,928 | 1,378 | |
NYMAGIC Inc. | 82,308 | 1,365 | |
Lakeland Bancorp Inc. | 213,457 | 1,364 | |
NGP Capital Resources Co. | 165,938 | 1,349 | |
Heartland Financial USA Inc. | 92,782 | 1,331 | |
* | Guaranty Bancorp | 1,004,048 | 1,325 |
* | FelCor Lodging Trust Inc. | 367,909 | 1,324 |
* | Eagle Bancorp Inc. | 125,914 | 1,318 |
* | Virginia Commerce Bancorp | 350,953 | 1,309 |
National Interstate Corp. | 77,126 | 1,308 | |
Federal Agricultural Mortgage Corp. | 186,556 | 1,308 | |
Gladstone Capital Corp. | 168,591 | 1,298 | |
Wilshire Bancorp Inc. | 154,885 | 1,269 | |
Glimcher Realty Trust | 469,141 | 1,267 | |
Seacoast Banking Corp. of Florida | 769,580 | 1,254 | |
* | International Assets Holding Corp. | 86,273 | 1,254 |
Merchants Bancshares Inc. | 55,228 | 1,250 | |
First Bancorp Inc. | 80,666 | 1,244 | |
Sanders Morris Harris Group Inc. | 224,985 | 1,237 | |
Bancorp Rhode Island Inc. | 47,573 | 1,222 | |
First Community Bancshares Inc. | 100,278 | 1,208 | |
West Bancorporation Inc. | 240,498 | 1,186 | |
Cogdell Spencer Inc. | 207,932 | 1,177 | |
Kohlberg Capital Corp. | 257,191 | 1,173 | |
One Liberty Properties Inc. | 132,360 | 1,162 | |
^ | Old Second Bancorp Inc. | 166,567 | 1,148 |
^ | Center Bancorp Inc. | 127,818 | 1,140 |
Peoples Bancorp Inc. | 117,356 | 1,136 | |
* | Sun Bancorp Inc. | 300,283 | 1,126 |
*,^ | RAIT Financial Trust | 852,557 | 1,117 |
^ | BankAtlantic Bancorp Inc. Class A | 856,534 | 1,113 |
Bryn Mawr Bank Corp. | 72,548 | 1,095 | |
American National Bankshares Inc. | 49,584 | 1,086 | |
United Financial Bancorp Inc. | 80,445 | 1,055 | |
* | Virtus Investment Partners Inc. | 65,196 | 1,037 |
Gladstone Commercial Corp. | 77,116 | 1,034 | |
First Financial Northwest Inc. | 157,223 | 1,030 | |
Penns Woods Bancorp Inc. | 31,546 | 1,023 | |
ViewPoint Financial Group | 70,678 | 1,018 | |
South Financial Group Inc. | 1,560,823 | 1,006 | |
ESB Financial Corp. | 75,238 | 995 | |
* | Primus Guaranty Ltd. | 318,297 | 971 |
Hersha Hospitality Trust | 309,135 | 971 | |
MainSource Financial Group Inc. | 201,401 | 963 | |
LSB Corp. | 96,899 | 954 | |
* | Cardtronics Inc. | 85,023 | 941 |
CompuCredit Holdings Corp. | 280,713 | 935 | |
Thomas Properties Group Inc. | 313,390 | 928 | |
First South Bancorp Inc. | 89,864 | 926 | |
* | Republic First Bancorp Inc. | 212,839 | 909 |
Centerstate Banks Inc. | 90,038 | 908 | |
Center Financial Corp. | 196,768 | 905 | |
*,^ | Hanmi Financial Corp. | 752,195 | 903 |
* | Thomas Weisel Partners Group Inc. | 232,748 | 880 |
Ameris Bancorp | 122,707 | 879 | |
^ | Pacific Capital Bancorp NA | 904,022 | 868 |
Shore Bancshares Inc. | 59,998 | 868 | |
* | Asset Acceptance Capital Corp. | 127,683 | 866 |
^ | Asta Funding Inc. | 121,304 | 860 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Care Investment Trust Inc. | 109,745 | 854 | |
Peapack Gladstone Financial Corp. | 67,218 | 852 | |
Southwest Bancorp Inc. | 120,524 | 836 | |
Heritage Financial Corp. | 60,034 | 827 | |
First Busey Corp. | 204,502 | 796 | |
* | Meridian Interstate Bancorp Inc. | 91,221 | 793 |
* | Crawford & Co. Class B | 200,957 | 792 |
^ | United Security Bancshares | 45,692 | 783 |
*,^ | Sterling Financial Corp. | 1,238,606 | 768 |
Financial Institutions Inc. | 64,801 | 763 | |
BRT Realty Trust | 147,857 | 754 | |
Invesco Mortgage Capital Inc. | 32,900 | 749 | |
* | Newcastle Investment Corp. | 357,104 | 746 |
Eastern Insurance Holdings Inc. | 86,093 | 742 | |
TF Financial Corp. | 38,622 | 733 | |
Gladstone Investment Corp. | 160,567 | 732 | |
Smithtown Bancorp Inc. | 122,228 | 727 | |
Norwood Financial Corp. | 25,075 | 717 | |
* | First Acceptance Corp. | 367,252 | 716 |
* | NewStar Financial Inc. | 181,654 | 712 |
K-Fed Bancorp | 80,411 | 707 | |
Rome Bancorp Inc. | 87,175 | 694 | |
* | Reis Inc. | 111,582 | 686 |
Eastern Virginia Bankshares Inc. | 95,870 | 681 | |
UMH Properties Inc. | 79,752 | 676 | |
Pacific Continental Corp. | 59,102 | 676 | |
First United Corp. | 111,259 | 668 | |
Winthrop Realty Trust | 60,830 | 661 | |
PMC Commercial Trust | 87,483 | 656 | |
* | American Safety Insurance Holdings Ltd. | 44,940 | 649 |
* | Flagstar Bancorp Inc. | 1,076,387 | 646 |
* | Pacific Mercantile Bancorp | 212,191 | 645 |
* | Stratus Properties Inc. | 56,206 | 618 |
* | Cowen Group Inc. Class A | 104,198 | 617 |
United Western Bancorp Inc. | 219,919 | 607 | |
* | Marlin Business Services Corp. | 75,931 | 602 |
Meta Financial Group Inc. | 28,501 | 596 | |
* | First Keystone Financial Inc. | 50,444 | 592 |
Kansas City Life Insurance Co. | 19,744 | 587 | |
Alliance Bancorp Inc. of Pennsylvania | 69,673 | 585 | |
Century Bancorp Inc. Class A | 26,409 | 582 | |
Firstbank Corp. | 68,622 | 581 | |
*,^ | Arbor Realty Trust Inc. | 291,980 | 581 |
^ | BancTrust Financial Group Inc. | 201,005 | 577 |
* | Arlington Asset Investment Corp. Class A | 37,370 | 569 |
State Bancorp Inc. | 79,925 | 568 | |
Urstadt Biddle Properties Inc. | 37,652 | 565 | |
* | Ladenburg Thalmann Financial Services Inc. | 877,990 | 562 |
* | Gramercy Capital Corp. | 215,446 | 558 |
Bank of Marin Bancorp | 16,895 | 550 | |
Bridge Bancorp Inc. | 22,878 | 550 | |
* | Grubb & Ellis Co. | 425,301 | 544 |
Enterprise Financial Services Corp. | 70,392 | 543 | |
* | Intervest Bancshares Corp. Class A | 165,107 | 542 |
*,^ | Macatawa Bank Corp. | 232,734 | 505 |
Washington Banking Co. | 41,478 | 495 | |
CoBiz Financial Inc. | 102,539 | 487 | |
* | Superior Bancorp | 146,938 | 483 |
* | Avatar Holdings Inc. | 28,240 | 480 |
* | Cape Bancorp Inc. | 71,214 | 479 |
Citizens & Northern Corp. | 50,160 | 479 | |
Mercer Insurance Group Inc. | 26,266 | 477 | |
* | Strategic Hotels & Resorts Inc. | 246,605 | 459 |
* | AmeriServ Financial Inc. | 270,601 | 452 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Alliance Financial Corp. | 16,523 | 449 | |
Horizon Bancorp | 26,892 | 436 | |
Resource America Inc. Class A | 105,971 | 428 | |
^ | Cascade Bancorp | 615,629 | 425 |
Roma Financial Corp. | 33,899 | 419 | |
Cheviot Financial Corp. | 55,789 | 412 | |
First Defiance Financial Corp. | 36,223 | 409 | |
^ | Ohio Valley Banc Corp. | 18,290 | 403 |
Sierra Bancorp | 52,732 | 402 | |
Heritage Commerce Corp. | 98,860 | 397 | |
JMP Group Inc. | 40,775 | 396 | |
Farmers Capital Bank Corp. | 38,599 | 394 | |
Citizens South Banking Corp. | 84,382 | 387 | |
Commercial National Financial Corp. | 21,501 | 385 | |
First Place Financial Corp. | 135,084 | 374 | |
Yadkin Valley Financial Corp. | 102,061 | 374 | |
Comm Bancorp Inc. | 17,023 | 372 | |
Indiana Community Bancorp | 47,880 | 369 | |
Middleburg Financial Corp. | 30,001 | 368 | |
* | Maui Land & Pineapple Co. Inc. | 64,899 | 360 |
CFS Bancorp Inc. | 110,858 | 358 | |
Universal Insurance Holdings Inc. | 60,860 | 357 | |
* | Waterstone Financial Inc. | 168,185 | 345 |
Investors Title Co. | 11,024 | 343 | |
Wainwright Bank & Trust Co. | 46,834 | 342 | |
^ | Banner Corp. | 125,836 | 337 |
* | NewBridge Bancorp | 150,777 | 335 |
Pulaski Financial Corp. | 48,606 | 326 | |
Main Street Capital Corp. | 20,039 | 323 | |
Mercantile Bank Corp. | 106,988 | 321 | |
*,^ | Central Pacific Financial Corp. | 243,134 | 318 |
West Coast Bancorp | 151,355 | 318 | |
LNB Bancorp Inc. | 74,555 | 314 | |
Bar Harbor Bankshares | 11,375 | 312 | |
Epoch Holding Corp. | 29,208 | 305 | |
Pamrapo Bancorp Inc. | 38,416 | 302 | |
*,^ | Amcore Financial Inc. | 233,264 | 289 |
Capital Bank Corp. | 75,053 | 289 | |
* | United Community Financial Corp. | 198,347 | 288 |
Dynex Capital Inc. | 32,788 | 286 | |
HopFed Bancorp Inc. | 29,863 | 284 | |
*,^ | Frontier Financial Corp. | 80,179 | 281 |
^ | City Bank | 159,099 | 277 |
Codorus Valley Bancorp Inc. | 53,267 | 273 | |
ECB Bancorp Inc. | 24,295 | 272 | |
^ | Capitol Bancorp Ltd. | 138,217 | 271 |
Hingham Institution for Savings | 8,800 | 271 | |
^ | Green Bankshares Inc. | 76,085 | 270 |
Hawthorn Bancshares Inc. | 27,856 | 266 | |
Parkvale Financial Corp. | 37,310 | 259 | |
^ | Federal Agricultural Mortgage Corp. Class A | 38,986 | 257 |
MutualFirst Financial Inc. | 42,957 | 248 | |
Independence Holding Co. | 42,503 | 247 | |
*,^ | Cohen & Co. Inc. | 48,905 | 240 |
*,^ | Bank of Florida Corp. | 287,170 | 235 |
Jefferson Bancshares Inc. | 50,734 | 228 | |
Preferred Bank | 119,372 | 215 | |
Porter Bancorp Inc. | 13,753 | 207 | |
* | HMN Financial Inc. | 49,017 | 206 |
Peoples Financial Corp. | 10,088 | 205 | |
Provident Financial Holdings Inc. | 73,885 | 204 | |
^ | Independent Bank Corp. | 275,184 | 198 |
* | Unity Bancorp Inc. | 48,611 | 195 |
Premierwest Bancorp | 135,422 | 192 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Kayne Anderson Energy Development Co. | 13,003 | 189 | |
Ameriana Bancorp | 68,107 | 181 | |
Southern Community Financial Corp. | 76,881 | 178 | |
* | American Independence Corp. | 38,913 | 177 |
CNB Financial Corp. | 10,979 | 176 | |
* | Consumer Portfolio Services Inc. | 146,496 | 167 |
*,^ | United Security Bancshares | 37,908 | 166 |
VIST Financial Corp. | 31,839 | 166 | |
C&F Financial Corp. | 8,595 | 163 | |
* | Vestin Realty Mortgage II Inc. | 74,163 | 162 |
Cadence Financial Corp. | 91,911 | 161 | |
Rockville Financial Inc. | 15,308 | 161 | |
^ | Hampton Roads Bankshares Inc. | 91,000 | 157 |
MBT Financial Corp. | 103,204 | 155 | |
Camco Financial Corp. | 81,410 | 155 | |
First Pactrust Bancorp Inc. | 29,358 | 154 | |
Integra Bank Corp. | 207,677 | 154 | |
North Valley Bancorp | 73,241 | 153 | |
Colony Bankcorp Inc. | 31,934 | 148 | |
Legacy Bancorp Inc. | 14,990 | 148 | |
* | Home Bancorp Inc. | 12,105 | 148 |
Wayne Savings Bancshares Inc. | 23,970 | 139 | |
* | Hallmark Financial Services | 16,787 | 134 |
WSB Holdings Inc. | 54,300 | 132 | |
Citizens Holding Co. | 5,879 | 132 | |
* | Transcontinental Realty Investors Inc. | 10,500 | 125 |
* | BCSB Bancorp Inc. | 14,710 | 120 |
*,^ | Midwest Banc Holdings Inc. | 327,380 | 118 |
*,^ | Capital Trust Inc. Class A | 92,499 | 117 |
* | Crawford & Co. Class A | 34,961 | 117 |
* | First State Bancorporation | 288,977 | 115 |
*,^ | Anchor Bancorp Wisconsin Inc. | 172,170 | 108 |
First M&F Corp. | 48,652 | 108 | |
First Security Group Inc. | 44,571 | 106 | |
* | Encore Bancshares Inc. | 12,801 | 102 |
Midsouth Bancorp Inc. | 7,232 | 101 | |
^ | FNB United Corp. | 71,605 | 89 |
* | HFF Inc. Class A | 14,108 | 88 |
* | Royal Bancshares of Pennsylvania Inc. | 64,132 | 83 |
Cascade Financial Corp. | 37,178 | 83 | |
Old Point Financial Corp. | 4,984 | 77 | |
First Federal Bancshares of Arkansas Inc. | 31,337 | 72 | |
* | TierOne Corp. | 102,307 | 72 |
*,^ | TIB Financial Corp. | 103,293 | 67 |
* | Bank of Granite Corp. | 131,401 | 67 |
Atlantic Coast Federal Corp. | 35,784 | 54 | |
QC Holdings Inc. | 10,157 | 49 | |
* | Northern States Financial Corp. | 11,261 | 45 |
Community Bankers Trust Corp. | 11,500 | 37 | |
* | Fox Chase Bancorp Inc. | 3,465 | 33 |
* | AMV Liquidating Trust | 289,511 | 32 |
Community Capital Corp. | 10,365 | 30 | |
California First National Bancorp | 1,936 | 25 | |
* | PAB Bankshares Inc. | 10,495 | 23 |
* | Firstcity Financial Corp. | 2,502 | 19 |
* | Nicholas Financial Inc. | 2,550 | 18 |
* | Valley National Bancorp Warrants Exp. 6/30/15 | 6,511 | 15 |
Summit Financial Group Inc. | 2,751 | 11 | |
New Hampshire Thrift Bancshares Inc. | 600 | 6 | |
United Bancshares Inc. | 500 | 5 | |
* | SI Financial Group Inc. | 522 | 3 |
Teton Advisors Inc. Class B | 967 | 2 | |
* | GAINSCO Inc. | 220 | 2 |
* | Central Jersey Bancorp | 600 | 2 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
National Security Group Inc. | 100 | 1 |
18,286,112 | ||
Health Care (12.6%) | ||
Johnson & Johnson | 26,989,002 | 1,738,362 |
Pfizer Inc. | 78,976,267 | 1,436,578 |
Merck & Co. Inc. | 29,914,021 | 1,093,058 |
Abbott Laboratories | 15,139,903 | 817,403 |
* Amgen Inc. | 9,945,120 | 562,595 |
Medtronic Inc. | 10,868,701 | 478,005 |
Bristol-Myers Squibb Co. | 16,768,944 | 423,416 |
* Gilead Sciences Inc. | 8,855,926 | 383,284 |
Eli Lilly & Co. | 10,127,638 | 361,658 |
UnitedHealth Group Inc. | 11,384,229 | 346,991 |
Baxter International Inc. | 5,902,672 | 346,369 |
* Medco Health Solutions Inc. | 4,639,602 | 296,517 |
* WellPoint Inc. | 4,652,542 | 271,197 |
* Celgene Corp. | 4,491,550 | 250,089 |
Covidien PLC | 4,920,826 | 235,658 |
* Express Scripts Inc. | 2,553,194 | 220,724 |
* Thermo Fisher Scientific Inc. | 3,997,273 | 190,630 |
Allergan Inc. | 2,977,918 | 187,639 |
Becton Dickinson and Co. | 2,344,518 | 184,889 |
McKesson Corp. | 2,608,583 | 163,036 |
* Biogen Idec Inc. | 2,828,962 | 151,349 |
Stryker Corp. | 2,920,080 | 147,084 |
Aetna Inc. | 4,274,868 | 135,513 |
* Boston Scientific Corp. | 14,783,425 | 133,051 |
* Genzyme Corp. | 2,651,004 | 129,926 |
* St Jude Medical Inc. | 3,412,757 | 125,521 |
* Zimmer Holdings Inc. | 2,100,736 | 124,175 |
Cardinal Health Inc. | 3,531,854 | 113,867 |
* Intuitive Surgical Inc. | 372,132 | 112,875 |
* Forest Laboratories Inc. | 2,960,230 | 95,053 |
CIGNA Corp. | 2,675,821 | 94,376 |
Quest Diagnostics Inc. | 1,547,650 | 93,447 |
* Life Technologies Corp. | 1,728,551 | 90,282 |
* Vertex Pharmaceuticals Inc. | 1,886,560 | 80,839 |
* Hospira Inc. | 1,579,236 | 80,541 |
* Laboratory Corp. of America Holdings | 1,062,001 | 79,480 |
AmerisourceBergen Corp. Class A | 2,915,136 | 75,998 |
CR Bard Inc. | 956,995 | 74,550 |
* Humana Inc. | 1,663,888 | 73,028 |
* DaVita Inc. | 1,020,878 | 59,966 |
* Waters Corp. | 936,749 | 58,041 |
* Varian Medical Systems Inc. | 1,231,054 | 57,675 |
* Cerner Corp. | 675,881 | 55,720 |
* Mylan Inc. | 2,995,898 | 55,214 |
* Human Genome Sciences Inc. | 1,770,847 | 54,188 |
DENTSPLY International Inc. | 1,385,821 | 48,739 |
* Edwards Lifesciences Corp. | 553,306 | 48,055 |
* Henry Schein Inc. | 885,525 | 46,579 |
* Cephalon Inc. | 732,268 | 45,701 |
* CareFusion Corp. | 1,769,865 | 44,264 |
Beckman Coulter Inc. | 673,308 | 44,061 |
* Alexion Pharmaceuticals Inc. | 863,681 | 42,165 |
* Millipore Corp. | 545,337 | 39,455 |
* Watson Pharmaceuticals Inc. | 985,730 | 39,045 |
* ResMed Inc. | 741,462 | 38,756 |
IMS Health Inc. | 1,789,626 | 37,690 |
* Illumina Inc. | 1,218,839 | 37,357 |
* Hologic Inc. | 2,519,949 | 36,539 |
* Coventry Health Care Inc. | 1,466,711 | 35,626 |
* Mettler-Toledo International Inc. | 331,234 | 34,776 |
* Covance Inc. | 628,362 | 34,290 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Dendreon Corp. | 1,286,730 | 33,815 |
* | Community Health Systems Inc. | 909,375 | 32,374 |
* | Warner Chilcott PLC Class A | 1,109,445 | 31,586 |
* | Inverness Medical Innovations Inc. | 750,871 | 31,169 |
* | IDEXX Laboratories Inc. | 574,872 | 30,721 |
Perrigo Co. | 770,547 | 30,699 | |
* | King Pharmaceuticals Inc. | 2,437,405 | 29,907 |
Omnicare Inc. | 1,170,667 | 28,307 | |
* | Mednax Inc. | 455,360 | 27,372 |
Universal Health Services Inc. Class B | 891,680 | 27,196 | |
* | Tenet Healthcare Corp. | 4,731,005 | 25,500 |
* | Patterson Cos. Inc. | 901,603 | 25,227 |
* | Lincare Holdings Inc. | 667,020 | 24,760 |
* | United Therapeutics Corp. | 470,024 | 24,747 |
* | Myriad Genetics Inc. | 941,909 | 24,584 |
Pharmaceutical Product Development Inc. | 1,045,842 | 24,515 | |
* | Valeant Pharmaceuticals International | 757,950 | 24,095 |
Techne Corp. | 347,723�� | 23,840 | |
* | Health Net Inc. | 1,020,417 | 23,766 |
* | Endo Pharmaceuticals Holdings Inc. | 1,150,293 | 23,593 |
PerkinElmer Inc. | 1,145,445 | 23,585 | |
* | Charles River Laboratories International Inc. | 647,988 | 21,831 |
* | Gen-Probe Inc. | 494,964 | 21,234 |
Teleflex Inc. | 391,009 | 21,071 | |
* | VCA Antech Inc. | 832,495 | 20,746 |
* | Kinetic Concepts Inc. | 524,050 | 19,730 |
* | Amylin Pharmaceuticals Inc. | 1,388,636 | 19,705 |
* | BioMarin Pharmaceutical Inc. | 985,218 | 18,532 |
* | Bio-Rad Laboratories Inc. Class A | 186,297 | 17,970 |
* | OSI Pharmaceuticals Inc. | 570,462 | 17,701 |
Owens & Minor Inc. | 411,297 | 17,657 | |
* | Onyx Pharmaceuticals Inc. | 601,629 | 17,652 |
* | Health Management Associates Inc. Class A | 2,427,757 | 17,650 |
Cooper Cos. Inc. | 444,873 | 16,959 | |
* | LifePoint Hospitals Inc. | 511,290 | 16,622 |
* | Healthsouth Corp. | 869,346 | 16,318 |
STERIS Corp. | 576,985 | 16,138 | |
Medicis Pharmaceutical Corp. Class A | 583,484 | 15,783 | |
* | WellCare Health Plans Inc. | 415,761 | 15,283 |
* | Thoratec Corp. | 557,699 | 15,013 |
* | Regeneron Pharmaceuticals Inc. | 614,992 | 14,871 |
* | Emergency Medical Services Corp. Class A | 273,913 | 14,832 |
* | Varian Inc. | 285,088 | 14,693 |
* | Masimo Corp. | 480,595 | 14,620 |
* | American Medical Systems Holdings Inc. | 732,520 | 14,130 |
* | Magellan Health Services Inc. | 346,115 | 14,097 |
Hill-Rom Holdings Inc. | 583,798 | 14,005 | |
* | Immucor Inc. | 691,555 | 13,997 |
* | Haemonetics Corp. | 251,854 | 13,890 |
* | AMERIGROUP Corp. | 515,011 | 13,885 |
* | Salix Pharmaceuticals Ltd. | 537,208 | 13,645 |
* | Auxilium Pharmaceuticals Inc. | 451,219 | 13,528 |
* | Catalyst Health Solutions Inc. | 366,742 | 13,375 |
*,^ | Amedisys Inc. | 273,084 | 13,261 |
* | PSS World Medical Inc. | 585,792 | 13,221 |
* | Allscripts-Misys Healthcare Solutions Inc. | 641,740 | 12,982 |
* | Dionex Corp. | 174,759 | 12,909 |
* | Brookdale Senior Living Inc. | 699,357 | 12,721 |
West Pharmaceutical Services Inc. | 323,329 | 12,674 | |
* | HMS Holdings Corp. | 258,073 | 12,566 |
* | NuVasive Inc. | 369,878 | 11,829 |
Quality Systems Inc. | 182,621 | 11,467 | |
* | Sirona Dental Systems Inc. | 351,797 | 11,166 |
* | Psychiatric Solutions Inc. | 527,337 | 11,148 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Cubist Pharmaceuticals Inc. | 570,714 | 10,826 |
Chemed Corp. | 221,243 | 10,613 | |
* | Medivation Inc. | 280,671 | 10,567 |
* | Eclipsys Corp. | 556,453 | 10,306 |
* | Isis Pharmaceuticals Inc. | 922,567 | 10,240 |
* | Align Technology Inc. | 559,092 | 9,963 |
* | athenahealth Inc. | 215,841 | 9,765 |
* | Acorda Therapeutics Inc. | 376,651 | 9,499 |
* | Centene Corp. | 446,870 | 9,460 |
* | Incyte Corp. Ltd. | 1,032,669 | 9,408 |
* | Par Pharmaceutical Cos. Inc. | 342,638 | 9,272 |
*,^ | MannKind Corp. | 1,033,896 | 9,057 |
* | Savient Pharmaceuticals Inc. | 650,111 | 8,848 |
* | ev3 Inc. | 661,632 | 8,826 |
* | Alkermes Inc. | 926,743 | 8,721 |
Meridian Bioscience Inc. | 401,603 | 8,655 | |
* | Exelixis Inc. | 1,163,553 | 8,575 |
* | Healthspring Inc. | 484,794 | 8,537 |
* | Nektar Therapeutics | 914,663 | 8,525 |
* | Seattle Genetics Inc. | 823,248 | 8,364 |
PDL BioPharma Inc. | 1,178,430 | 8,084 | |
* | Parexel International Corp. | 558,502 | 7,875 |
Invacare Corp. | 311,063 | 7,758 | |
* | Wright Medical Group Inc. | 400,146 | 7,583 |
* | Integra LifeSciences Holdings Corp. | 203,615 | 7,489 |
* | Vivus Inc. | 807,576 | 7,422 |
* | Gentiva Health Services Inc. | 270,743 | 7,313 |
* | Cepheid Inc. | 569,543 | 7,108 |
* | Volcano Corp. | 402,643 | 6,998 |
Computer Programs & Systems Inc. | 151,033 | 6,955 | |
* | Healthways Inc. | 375,505 | 6,887 |
* | Amsurg Corp. Class A | 300,334 | 6,613 |
* | Bruker Corp. | 539,157 | 6,502 |
* | Momenta Pharmaceuticals Inc. | 513,988 | 6,481 |
*,^ | Emeritus Corp. | 343,043 | 6,432 |
* | Phase Forward Inc. | 411,634 | 6,319 |
* | Conmed Corp. | 273,883 | 6,245 |
* | RehabCare Group Inc. | 204,871 | 6,234 |
* | Viropharma Inc. | 739,222 | 6,202 |
* | AMAG Pharmaceuticals Inc. | 161,631 | 6,147 |
* | Theravance Inc. | 469,221 | 6,133 |
* | Martek Biosciences Corp. | 320,659 | 6,073 |
* | Celera Corp. | 877,217 | 6,062 |
* | Alnylam Pharmaceuticals Inc. | 337,730 | 5,951 |
*,^ | Cell Therapeutics Inc. | 5,219,540 | 5,950 |
Landauer Inc. | 94,090 | 5,777 | |
* | Impax Laboratories Inc. | 420,718 | 5,722 |
* | Luminex Corp. | 374,867 | 5,597 |
* | Conceptus Inc. | 296,190 | 5,557 |
* | Cyberonics Inc. | 267,176 | 5,461 |
* | Hi-Tech Pharmacal Co. Inc. | 188,657 | 5,292 |
* | inVentiv Health Inc. | 326,195 | 5,275 |
*,^ | Geron Corp. | 935,267 | 5,191 |
* | Halozyme Therapeutics Inc. | 872,916 | 5,124 |
*,^ | Enzon Pharmaceuticals Inc. | 485,796 | 5,115 |
* | Allos Therapeutics Inc. | 766,810 | 5,038 |
* | Affymetrix Inc. | 859,758 | 5,021 |
* | Merit Medical Systems Inc. | 259,237 | 5,001 |
* | Kindred Healthcare Inc. | 269,222 | 4,970 |
* | Facet Biotech Corp. | 282,536 | 4,967 |
* | PharMerica Corp. | 311,747 | 4,951 |
* | Abaxis Inc. | 192,190 | 4,910 |
* | Odyssey HealthCare Inc. | 308,503 | 4,806 |
* | SonoSite Inc. | 203,286 | 4,804 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | LHC Group Inc. | 141,440 | 4,754 |
* | Bio-Reference Labs Inc. | 119,587 | 4,687 |
* | MedAssets Inc. | 219,015 | 4,645 |
* | Zoll Medical Corp. | 172,528 | 4,610 |
* | InterMune Inc. | 353,343 | 4,608 |
* | Medicines Co. | 544,961 | 4,545 |
Analogic Corp. | 116,470 | 4,485 | |
* | Cantel Medical Corp. | 216,409 | 4,367 |
* | XenoPort Inc. | 234,858 | 4,359 |
* | ICU Medical Inc. | 118,251 | 4,309 |
* | Sun Healthcare Group Inc. | 465,971 | 4,273 |
* | Rigel Pharmaceuticals Inc. | 438,781 | 4,173 |
* | Quidel Corp. | 298,142 | 4,108 |
* | BioScrip Inc. | 491,070 | 4,105 |
* | Universal American Corp. | 349,351 | 4,087 |
* | DexCom Inc. | 501,903 | 4,055 |
* | Natus Medical Inc. | 270,886 | 4,006 |
* | Greatbatch Inc. | 207,830 | 3,997 |
* | Ariad Pharmaceuticals Inc. | 1,745,113 | 3,979 |
*,^ | Novavax Inc. | 1,485,119 | 3,950 |
* | Air Methods Corp. | 115,754 | 3,892 |
* | Neogen Corp. | 152,959 | 3,611 |
* | Hanger Orthopedic Group Inc. | 254,186 | 3,515 |
* | Orthofix International NV | 113,096 | 3,503 |
* | NxStage Medical Inc. | 411,450 | 3,436 |
* | Insulet Corp. | 240,357 | 3,432 |
* | Corvel Corp. | 102,286 | 3,431 |
* | IPC The Hospitalist Co. Inc. | 102,426 | 3,406 |
* | MWI Veterinary Supply Inc. | 87,252 | 3,289 |
* | Pharmasset Inc. | 158,590 | 3,283 |
* | Spectranetics Corp. | 464,808 | 3,235 |
* | Nabi Biopharmaceuticals | 657,566 | 3,222 |
* | Immunogen Inc. | 408,915 | 3,214 |
* | Affymax Inc. | 128,706 | 3,184 |
* | Ligand Pharmaceuticals Inc. Class B | 1,445,260 | 3,136 |
*,^ | Arena Pharmaceuticals Inc. | 883,105 | 3,135 |
* | Endologix Inc. | 591,638 | 3,124 |
* | AMN Healthcare Services Inc. | 342,879 | 3,106 |
* | Molina Healthcare Inc. | 135,615 | 3,102 |
* | Pain Therapeutics Inc. | 577,536 | 3,096 |
* | Chindex International Inc. | 217,412 | 3,072 |
* | Targacept Inc. | 145,927 | 3,053 |
* | Assisted Living Concepts Inc. Class A | 114,709 | 3,025 |
* | SurModics Inc. | 133,469 | 3,024 |
* | Accuray Inc. | 525,438 | 2,948 |
* | Obagi Medical Products Inc. | 242,723 | 2,913 |
* | Omnicell Inc. | 248,829 | 2,909 |
* | Albany Molecular Research Inc. | 320,330 | 2,909 |
* | Abraxis Bioscience Inc. | 71,339 | 2,893 |
* | Lexicon Pharmaceuticals Inc. | 1,692,855 | 2,878 |
* | Cross Country Healthcare Inc. | 288,776 | 2,862 |
* | TomoTherapy Inc. | 709,193 | 2,766 |
* | Genoptix Inc. | 77,188 | 2,742 |
* | US Physical Therapy Inc. | 161,107 | 2,728 |
* | Emergent Biosolutions Inc. | 198,004 | 2,691 |
* | Inspire Pharmaceuticals Inc. | 486,681 | 2,686 |
* | Orthovita Inc. | 763,516 | 2,680 |
America Service Group Inc. | 168,007 | 2,666 | |
* | Cytokinetics Inc. | 915,377 | 2,664 |
* | Almost Family Inc. | 67,225 | 2,657 |
* | Zymogenetics Inc. | 410,974 | 2,626 |
* | Somanetics Corp. | 148,774 | 2,611 |
* | Kendle International Inc. | 142,398 | 2,607 |
*,^ | Sequenom Inc. | 629,393 | 2,606 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Res-Care Inc. | 231,419 | 2,592 |
* | Vanda Pharmaceuticals Inc. | 227,761 | 2,560 |
* | eResearchTechnology Inc. | 425,384 | 2,557 |
* | Questcor Pharmaceuticals Inc. | 531,100 | 2,523 |
* | OraSure Technologies Inc. | 486,085 | 2,469 |
* | Immunomedics Inc. | 760,982 | 2,443 |
* | Medical Action Industries Inc. | 150,862 | 2,423 |
* | Sangamo Biosciences Inc. | 405,784 | 2,402 |
* | Angiodynamics Inc. | 147,489 | 2,372 |
* | Santarus Inc. | 506,995 | 2,342 |
* | Triple-S Management Corp. Class B | 131,869 | 2,321 |
* | IRIS International Inc. | 185,076 | 2,288 |
*,^ | Cel-Sci Corp. | 2,483,484 | 2,235 |
* | Symmetry Medical Inc. | 264,584 | 2,133 |
* | Cypress Bioscience Inc. | 369,982 | 2,131 |
* | Accelrys Inc. | 370,448 | 2,123 |
* | Optimer Pharmaceuticals Inc. | 185,519 | 2,093 |
* | Five Star Quality Care Inc. | 598,581 | 2,077 |
* | Kensey Nash Corp. | 80,498 | 2,053 |
* | ATS Medical Inc. | 624,817 | 2,018 |
* | ABIOMED Inc. | 227,931 | 1,992 |
* | Matrixx Initiatives Inc. | 462,067 | 1,950 |
*,^ | BioCryst Pharmaceuticals Inc. | 300,893 | 1,944 |
*,^ | Protalix BioTherapeutics Inc. | 293,115 | 1,940 |
* | Palomar Medical Technologies Inc. | 191,269 | 1,928 |
* | AMICAS Inc. | 348,333 | 1,895 |
* | Genomic Health Inc. | 96,629 | 1,890 |
* | Vital Images Inc. | 143,892 | 1,826 |
* | CryoLife Inc. | 280,169 | 1,799 |
* | Micromet Inc. | 267,007 | 1,778 |
* | American Dental Partners Inc. | 137,648 | 1,776 |
* | Pozen Inc. | 295,961 | 1,773 |
National Healthcare Corp. | 48,536 | 1,753 | |
* | Repligen Corp. | 425,553 | 1,749 |
* | Alliance HealthCare Services Inc. | 305,055 | 1,742 |
* | Stereotaxis Inc. | 436,451 | 1,715 |
* | Clinical Data Inc. | 93,159 | 1,701 |
* | Dyax Corp. | 499,665 | 1,694 |
* | Cambrex Corp. | 300,586 | 1,677 |
* | Cynosure Inc. Class A | 145,440 | 1,671 |
* | Durect Corp. | 673,089 | 1,663 |
* | NPS Pharmaceuticals Inc. | 483,030 | 1,642 |
* | Orexigen Therapeutics Inc. | 220,637 | 1,642 |
* | Metabolix Inc. | 145,389 | 1,609 |
* | BMP Sunstone Corp. | 282,785 | 1,609 |
* | RTI Biologics Inc. | 418,541 | 1,607 |
Young Innovations Inc. | 64,253 | 1,592 | |
* | Exactech Inc. | 91,589 | 1,585 |
*,^ | StemCells Inc. | 1,241,191 | 1,564 |
* | Curis Inc. | 480,127 | 1,560 |
* | Sciclone Pharmaceuticals Inc. | 669,642 | 1,560 |
* | Neurocrine Biosciences Inc. | 564,661 | 1,536 |
* | Vascular Solutions Inc. | 182,105 | 1,528 |
*,^ | Poniard Pharmaceuticals Inc. | 833,760 | 1,526 |
* | Maxygen Inc. | 248,801 | 1,515 |
* | Spectrum Pharmaceuticals Inc. | 340,030 | 1,510 |
* | Rochester Medical Corp. | 134,600 | 1,498 |
* | Depomed Inc. | 442,941 | 1,484 |
* | Skilled Healthcare Group Inc. | 197,035 | 1,468 |
* | Micrus Endovascular Corp. | 96,493 | 1,448 |
* | Allion Healthcare Inc. | 220,657 | 1,448 |
*,^ | Cadence Pharmaceuticals Inc. | 148,748 | 1,438 |
*,^ | Electro-Optical Sciences Inc. | 138,413 | 1,434 |
Atrion Corp. | 9,135 | 1,422 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Enzo Biochem Inc. | 262,367 | 1,412 |
* | Nighthawk Radiology Holdings Inc. | 309,350 | 1,401 |
* | SuperGen Inc. | 533,137 | 1,397 |
* | Capital Senior Living Corp. | 270,925 | 1,360 |
* | Progenics Pharmaceuticals Inc. | 305,281 | 1,355 |
* | Icad Inc. | 891,040 | 1,354 |
* | KV Pharmaceutical Co. Class A | 368,952 | 1,354 |
* | Clarient Inc. | 502,507 | 1,332 |
* | Penwest Pharmaceuticals Co. | 513,499 | 1,330 |
Ensign Group Inc. | 85,148 | 1,309 | |
* | Rural/Metro Corp. | 214,363 | 1,286 |
* | Allied Healthcare International Inc. | 440,427 | 1,282 |
* | Medidata Solutions Inc. | 81,012 | 1,264 |
* | Alphatec Holdings Inc. | 228,125 | 1,218 |
* | Synovis Life Technologies Inc. | 94,175 | 1,216 |
*,^ | AVI BioPharma Inc. | 824,411 | 1,204 |
* | Synta Pharmaceuticals Corp. | 231,181 | 1,170 |
* | Vical Inc. | 351,501 | 1,156 |
* | Hansen Medical Inc. | 377,907 | 1,145 |
* | Anika Therapeutics Inc. | 148,400 | 1,132 |
* | Cerus Corp. | 564,123 | 1,123 |
* | Myriad Pharmaceuticals Inc. | 217,996 | 1,097 |
* | AVANIR Pharmaceuticals Inc. | 572,639 | 1,088 |
* | Ardea Biosciences Inc. | 76,968 | 1,078 |
* | Medcath Corp. | 135,569 | 1,072 |
* | National Dentex Corp. | 105,876 | 1,069 |
Utah Medical Products Inc. | 35,949 | 1,054 | |
*,^ | XOMA Ltd. | 1,507,184 | 1,053 |
* | Sunrise Senior Living Inc. | 326,629 | 1,052 |
* | Peregrine Pharmaceuticals Inc. | 349,400 | 1,034 |
* | Staar Surgical Co. | 332,117 | 1,033 |
* | Chelsea Therapeutics International Inc. | 381,814 | 1,031 |
* | CardioNet Inc. | 172,660 | 1,026 |
*,^ | Osiris Therapeutics Inc. | 142,569 | 1,018 |
* | Insmed Inc. | 1,266,984 | 976 |
* | HealthTronics Inc. | 369,069 | 974 |
* | LCA-Vision Inc. | 186,654 | 956 |
* | Opko Health Inc. | 506,578 | 927 |
* | Celldex Therapeutics Inc. | 195,954 | 917 |
*,^ | SIGA Technologies Inc. | 156,625 | 908 |
* | Providence Service Corp. | 57,405 | 907 |
* | Harvard Bioscience Inc. | 251,628 | 898 |
Psychemedics Corp. | 118,981 | 875 | |
*,^ | GenVec Inc. | 711,245 | 853 |
* | Transcend Services Inc. | 39,497 | 844 |
* | Cutera Inc. | 98,035 | 834 |
* | Continucare Corp. | 190,148 | 831 |
* | Arqule Inc. | 224,047 | 827 |
* | ISTA Pharmaceuticals Inc. | 172,495 | 787 |
* | Adolor Corp. | 538,318 | 786 |
* | Akorn Inc. | 429,525 | 769 |
*,^ | Hemispherx Biopharma Inc. | 1,359,726 | 761 |
* | Idenix Pharmaceuticals Inc. | 336,756 | 724 |
*,^ | Discovery Laboratories Inc. | 1,150,142 | 723 |
* | Array Biopharma Inc. | 251,569 | 707 |
* | Quadramed Corp. | 83,184 | 698 |
Trimeris Inc. | 265,635 | 696 | |
* | Theragenics Corp. | 517,163 | 693 |
*,^ | Cytori Therapeutics Inc. | 113,465 | 692 |
*,^ | Alexza Pharmaceuticals Inc. | 285,876 | 686 |
* | BioMimetic Therapeutics Inc. | 55,707 | 665 |
* | Digirad Corp. | 314,165 | 660 |
* | Biolase Technology Inc. | 345,025 | 656 |
* | Pharmacyclics Inc. | 206,775 | 649 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Acadia Pharmaceuticals Inc. | 478,337 | 631 |
* | Osteotech Inc. | 189,150 | 605 |
* | Caraco Pharmaceutical Laboratories Ltd. | 99,411 | 600 |
* | Entremed Inc. | 745,509 | 596 |
* | PDI Inc. | 123,052 | 593 |
* | Delcath Systems Inc. | 111,944 | 575 |
* | BioForm Medical Inc. | 169,000 | 575 |
* | MAP Pharmaceuticals Inc. | 60,000 | 572 |
* | Corcept Therapeutics Inc. | 199,574 | 555 |
* | CPEX Pharmaceuticals Inc. | 48,951 | 553 |
* | Biodel Inc. | 125,832 | 546 |
* | Candela Corp. | 175,823 | 533 |
* | Columbia Laboratories Inc. | 482,490 | 521 |
* | Anadys Pharmaceuticals Inc. | 244,666 | 516 |
* | Idera Pharmaceuticals Inc. | 98,276 | 508 |
* | RadNet Inc. | 239,885 | 489 |
* | Strategic Diagnostics Inc. | 347,876 | 480 |
* | Metropolitan Health Networks Inc. | 227,003 | 452 |
* | Merge Healthcare Inc. | 133,828 | 450 |
*,^ | GTx Inc. | 106,070 | 445 |
* | Infinity Pharmaceuticals Inc. | 72,026 | 445 |
Daxor Corp. | 36,300 | 437 | |
* | BioSphere Medical Inc. | 152,870 | 419 |
*,^ | MAKO Surgical Corp. | 37,727 | 419 |
* | Caliper Life Sciences Inc. | 155,724 | 400 |
*,^ | Generex Biotechnology Corp. | 750,520 | 398 |
* | Amicus Therapeutics Inc. | 94,265 | 374 |
*,^ | MiddleBrook Pharmaceuticals Inc. | 729,455 | 372 |
* | NMT Medical Inc. | 146,218 | 361 |
* | Hooper Holmes Inc. | 334,611 | 351 |
* | Mediware Information Systems | 46,156 | 329 |
* | American Caresource Holdings Inc. | 136,036 | 326 |
* | AspenBio Pharma Inc. | 182,656 | 318 |
* | Health Grades Inc. | 73,599 | 316 |
* | Telik Inc. | 409,528 | 313 |
* | Javelin Pharmaceuticals Inc. | 229,173 | 298 |
* | OncoGenex Pharmaceutical Inc. | 13,300 | 296 |
* | Orchid Cellmark Inc. | 171,951 | 294 |
* | Lannett Co. Inc. | 49,470 | 292 |
* | Dusa Pharmaceuticals Inc. | 183,943 | 283 |
*,^ | Antigenics Inc. | 442,458 | 283 |
* | Dynavax Technologies Corp. | 192,320 | 273 |
*,^ | Biosante Pharmaceuticals Inc. | 180,965 | 262 |
* | CombiMatrix Corp. | 38,594 | 243 |
* | CytRx Corp. | 196,782 | 220 |
* | Inovio Biomedical Corp. | 177,183 | 202 |
* | Cardiac Science Corp. | 89,496 | 200 |
* | Arrowhead Research Corp. | 358,422 | 190 |
* | Bovie Medical Corp. | 23,200 | 181 |
* | Aastrom Biosciences Inc. | 546,506 | 168 |
* | Animal Health International Inc. | 69,406 | 167 |
* | Dialysis Corp. Of America | 22,577 | 162 |
* | TranS1 Inc. | 39,102 | 154 |
* | Hythiam Inc. | 348,637 | 153 |
* | OTIX Global Inc. | 180,737 | 150 |
*,^ | OXiGENE Inc. | 124,917 | 142 |
* | Orthologic Corp. | 195,946 | 141 |
* | Exact Sciences Corp. | 38,860 | 132 |
* | Heska Corp. | 244,014 | 129 |
* | Medtox Scientific Inc. | 16,177 | 125 |
*,^ | Repros Therapeutics Inc. | 150,333 | 120 |
* | RXi Pharmaceuticals Corp. | 25,117 | 115 |
* | ThermoGenesis Corp. | 196,394 | 112 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Retractable Technologies Inc. | 67,334 | 110 |
MedQuist Inc. | 16,400 | 110 | |
*,^ | Nexmed Inc. | 316,001 | 89 |
* | SenoRx Inc. | 9,137 | 75 |
* | Combinatorx Inc. | 74,800 | 62 |
* | Inhibitex Inc. | 67,080 | 62 |
National Research Corp. | 2,842 | 59 | |
* | Quigley Corp. | 29,374 | 59 |
* | Celsion Corp. | 18,263 | 56 |
* | Synergetics USA Inc. | 42,080 | 56 |
* | Vision-Sciences Inc. | 36,185 | 45 |
* | SCOLR Pharma Inc. | 82,225 | 39 |
* | Molecular Insight Pharmaceuticals Inc. | 15,112 | 34 |
* | IVAX Diagnostics Inc. | 61,215 | 31 |
* | Solta Medical Inc. | 13,799 | 28 |
* | Helicos BioSciences Corp. | 14,000 | 14 |
* | GTC Biotherapeutics Inc. | 19,356 | 14 |
* | Oncothyreon Inc. | 2,370 | 13 |
* | Sucampo Pharmaceuticals Inc. Class A | 2,500 | 10 |
* | ARYx Therapeutics Inc. | 3,100 | 10 |
* | NovaMed Inc. | 1,786 | 7 |
* | BSD Medical Corp. | 1,900 | 3 |
* | KV Pharmaceutical Co. Class B | 500 | 2 |
* | Nanosphere Inc. | 278 | 2 |
* | Trubion Pharmaceuticals Inc. | 104 | — |
* | Palatin Technologies Inc. | 6 | — |
15,108,982 | |||
Industrials (10.9%) | |||
General Electric Co. | 104,073,701 | 1,574,635 | |
United Technologies Corp. | 8,757,475 | 607,856 | |
3M Co. | 6,496,617 | 537,075 | |
United Parcel Service Inc. Class B | 6,877,930 | 394,587 | |
Boeing Co. | 6,758,639 | 365,845 | |
Caterpillar Inc. | 6,084,644 | 346,764 | |
Burlington Northern Santa Fe Corp. | 3,330,077 | 328,412 | |
Union Pacific Corp. | 4,938,983 | 315,601 | |
Emerson Electric Co. | 7,360,732 | 313,567 | |
Honeywell International Inc. | 6,996,964 | 274,281 | |
FedEx Corp. | 2,906,489 | 242,547 | |
Lockheed Martin Corp. | 3,199,628 | 241,092 | |
Deere & Co. | 4,142,228 | 224,053 | |
General Dynamics Corp. | 3,205,769 | 218,537 | |
Danaher Corp. | 2,661,736 | 200,163 | |
Illinois Tool Works Inc. | 4,163,448 | 199,804 | |
Raytheon Co. | 3,793,540 | 195,443 | |
Norfolk Southern Corp. | 3,600,501 | 188,738 | |
CSX Corp. | 3,840,947 | 186,248 | |
Tyco International Ltd. | 4,643,200 | 165,669 | |
Northrop Grumman Corp. | 2,959,704 | 165,299 | |
Waste Management Inc. | 4,583,974 | 154,984 | |
Precision Castparts Corp. | 1,373,252 | 151,538 | |
PACCAR Inc. | 3,385,462 | 122,791 | |
Ingersoll-Rand PLC | 3,130,956 | 111,900 | |
Republic Services Inc. Class A | 3,719,971 | 105,312 | |
L-3 Communications Holdings Inc. | 1,142,809 | 99,367 | |
Eaton Corp. | 1,543,561 | 98,201 | |
CH Robinson Worldwide Inc. | 1,650,944 | 96,960 | |
* | Delta Air Lines Inc. | 7,624,764 | 86,770 |
Cummins Inc. | 1,879,769 | 86,206 | |
Rockwell Collins Inc. | 1,545,607 | 85,565 | |
Parker Hannifin Corp. | 1,573,948 | 84,804 | |
ITT Corp. | 1,698,956 | 84,506 | |
Southwest Airlines Co. | 7,270,532 | 83,102 | |
Fluor Corp. | 1,763,770 | 79,440 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Goodrich Corp. | 1,215,506 | 78,096 | |
Dover Corp. | 1,824,973 | 75,937 | |
Expeditors International of Washington Inc. | 2,080,144 | 72,243 | |
Cooper Industries PLC | 1,635,226 | 69,726 | |
Rockwell Automation Inc. | 1,391,882 | 65,391 | |
*,^ | First Solar Inc. | 456,929 | 61,868 |
WW Grainger Inc. | 613,958 | 59,450 | |
Fastenal Co. | 1,311,644 | 54,617 | |
* | McDermott International Inc. | 2,255,316 | 54,150 |
Flowserve Corp. | 548,786 | 51,877 | |
Joy Global Inc. | 1,003,263 | 51,758 | |
Textron Inc. | 2,651,600 | 49,877 | |
Masco Corp. | 3,533,242 | 48,794 | |
Roper Industries Inc. | 890,742 | 46,648 | |
Pitney Bowes Inc. | 2,030,572 | 46,216 | |
* | Jacobs Engineering Group Inc. | 1,216,982 | 45,771 |
RR Donnelley & Sons Co. | 2,012,987 | 44,829 | |
* | Stericycle Inc. | 793,523 | 43,779 |
Dun & Bradstreet Corp. | 517,633 | 43,673 | |
Manpower Inc. | 769,224 | 41,984 | |
Pall Corp. | 1,156,402 | 41,862 | |
Bucyrus International Inc. Class A | 737,543 | 41,575 | |
* | Iron Mountain Inc. | 1,791,683 | 40,779 |
* | Quanta Services Inc. | 1,941,203 | 40,455 |
AMETEK Inc. | 1,055,110 | 40,347 | |
Equifax Inc. | 1,240,904 | 38,332 | |
Robert Half International Inc. | 1,416,652 | 37,867 | |
* | URS Corp. | 828,120 | 36,868 |
* | Foster Wheeler AG | 1,241,974 | 36,564 |
Avery Dennison Corp. | 995,949 | 36,342 | |
Stanley Works | 701,470 | 36,133 | |
Cintas Corp. | 1,349,350 | 35,151 | |
Oshkosh Corp. | 858,762 | 31,800 | |
* | Kansas City Southern | 941,664 | 31,348 |
Donaldson Co. Inc. | 720,808 | 30,663 | |
KBR Inc. | 1,575,056 | 29,926 | |
Pentair Inc. | 918,078 | 29,654 | |
* | AGCO Corp. | 906,706 | 29,323 |
* | Alliant Techsystems Inc. | 322,819 | 28,495 |
JB Hunt Transport Services Inc. | 872,048 | 28,141 | |
* | Corrections Corp. of America | 1,129,647 | 27,733 |
* | IHS Inc. Class A | 496,730 | 27,226 |
* | Verisk Analytics Inc. Class A | 887,988 | 26,888 |
SPX Corp. | 482,239 | 26,378 | |
* | Waste Connections Inc. | 785,533 | 26,190 |
* | Copart Inc. | 701,803 | 25,707 |
Harsco Corp. | 788,201 | 25,404 | |
* | AMR Corp. | 3,230,429 | 24,971 |
IDEX Corp. | 792,316 | 24,681 | |
* | Continental Airlines Inc. Class B | 1,356,942 | 24,316 |
* | Navistar International Corp. | 622,218 | 24,049 |
* | FTI Consulting Inc. | 508,693 | 23,990 |
Snap-On Inc. | 566,164 | 23,926 | |
* | Aecom Technology Corp. | 867,688 | 23,861 |
Hubbell Inc. Class B | 502,225 | 23,755 | |
* | Shaw Group Inc. | 820,820 | 23,599 |
Ryder System Inc. | 549,086 | 22,606 | |
Lincoln Electric Holdings Inc. | 418,281 | 22,361 | |
* | BE Aerospace Inc. | 944,838 | 22,204 |
* | Covanta Holding Corp. | 1,217,753 | 22,029 |
Gardner Denver Inc. | 511,234 | 21,753 | |
* | Hertz Global Holdings Inc. | 1,813,492 | 21,617 |
* | UAL Corp. | 1,640,270 | 21,176 |
* | Terex Corp. | 1,062,363 | 21,045 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Kennametal Inc. | 799,233 | 20,716 | |
Carlisle Cos. Inc. | 602,585 | 20,645 | |
* | Monster Worldwide Inc. | 1,176,185 | 20,466 |
* | Spirit Aerosystems Holdings Inc. Class A | 1,029,209 | 20,440 |
MSC Industrial Direct Co. Class A | 434,834 | 20,437 | |
Towers Watson & Co. Class A | 419,584 | 19,939 | |
Landstar System Inc. | 505,154 | 19,585 | |
* | Owens Corning | 755,082 | 19,360 |
Timken Co. | 809,366 | 19,190 | |
* | Thomas & Betts Corp. | 520,266 | 18,620 |
* | GrafTech International Ltd. | 1,184,373 | 18,417 |
Regal-Beloit Corp. | 351,327 | 18,248 | |
Lennox International Inc. | 466,887 | 18,227 | |
Wabtec Corp. | 445,041 | 18,175 | |
Nordson Corp. | 296,585 | 18,145 | |
TransDigm Group Inc. | 381,757 | 18,130 | |
* | Kirby Corp. | 503,594 | 17,540 |
* | EMCOR Group Inc. | 646,517 | 17,391 |
Graco Inc. | 590,470 | 16,870 | |
*,^ | American Superconductor Corp. | 411,272 | 16,821 |
Con-way Inc. | 480,770 | 16,784 | |
CLARCOR Inc. | 501,864 | 16,280 | |
* | Tetra Tech Inc. | 594,150 | 16,143 |
Woodward Governor Co. | 602,161 | 15,518 | |
* | General Cable Corp. | 512,359 | 15,074 |
Acuity Brands Inc. | 422,679 | 15,064 | |
Toro Co. | 352,541 | 14,740 | |
Brady Corp. Class A | 478,206 | 14,351 | |
Valmont Industries Inc. | 180,632 | 14,171 | |
Crane Co. | 459,400 | 14,067 | |
Curtiss-Wright Corp. | 447,975 | 14,031 | |
* | Clean Harbors Inc. | 231,956 | 13,827 |
Alexander & Baldwin Inc. | 403,924 | 13,826 | |
Trinity Industries Inc. | 777,870 | 13,566 | |
UTi Worldwide Inc. | 937,549 | 13,426 | |
Watsco Inc. | 272,629 | 13,353 | |
* | United Stationers Inc. | 234,081 | 13,308 |
* | Avis Budget Group Inc. | 1,005,785 | 13,196 |
GATX Corp. | 451,900 | 12,992 | |
* | Teledyne Technologies Inc. | 335,716 | 12,878 |
* | JetBlue Airways Corp. | 2,355,959 | 12,840 |
Manitowoc Co. Inc. | 1,281,444 | 12,776 | |
*,^ | SunPower Corp. Class A | 537,635 | 12,731 |
* | MPS Group Inc. | 914,388 | 12,564 |
* | Genesee & Wyoming Inc. Class A | 377,265 | 12,314 |
* | Hexcel Corp. | 948,180 | 12,307 |
Baldor Electric Co. | 436,226 | 12,254 | |
Actuant Corp. Class A | 654,552 | 12,129 | |
* | Esterline Technologies Corp. | 293,505 | 11,966 |
* | Alaska Air Group Inc. | 345,336 | 11,935 |
* | Moog Inc. Class A | 404,974 | 11,837 |
Knight Transportation Inc. | 612,231 | 11,810 | |
Kaydon Corp. | 326,576 | 11,678 | |
Granite Construction Inc. | 341,642 | 11,500 | |
* | Geo Group Inc. | 505,633 | 11,063 |
* | WESCO International Inc. | 393,522 | 10,629 |
HNI Corp. | 377,869 | 10,441 | |
Brink's Co. | 426,332 | 10,377 | |
Simpson Manufacturing Co. Inc. | 385,019 | 10,353 | |
Belden Inc. | 460,546 | 10,095 | |
AO Smith Corp. | 230,691 | 10,010 | |
* | EnerSys | 451,199 | 9,868 |
* | HUB Group Inc. Class A | 365,718 | 9,812 |
*,^ | USG Corp. | 681,988 | 9,582 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Skywest Inc. | 549,419 | 9,296 | |
ESCO Technologies Inc. | 258,760 | 9,277 | |
Briggs & Stratton Corp. | 494,743 | 9,257 | |
Mueller Industries Inc. | 367,510 | 9,129 | |
Werner Enterprises Inc. | 459,834 | 9,100 | |
* | Resources Connection Inc. | 422,703 | 8,970 |
Watts Water Technologies Inc. Class A | 290,034 | 8,968 | |
Mine Safety Appliances Co. | 336,690 | 8,932 | |
ABM Industries Inc. | 430,893 | 8,902 | |
Heartland Express Inc. | 581,662 | 8,882 | |
* | SYKES Enterprises Inc. | 347,669 | 8,855 |
* | AAR Corp. | 383,383 | 8,810 |
Herman Miller Inc. | 551,084 | 8,806 | |
Healthcare Services Group Inc. | 407,333 | 8,741 | |
* | Insituform Technologies Inc. Class A | 383,869 | 8,722 |
* | SunPower Corp. Class B | 412,994 | 8,652 |
* | Old Dominion Freight Line Inc. | 276,709 | 8,495 |
* | Orbital Sciences Corp. | 554,322 | 8,459 |
Rollins Inc. | 438,447 | 8,453 | |
Forward Air Corp. | 331,485 | 8,304 | |
Otter Tail Corp. | 333,914 | 8,281 | |
Applied Industrial Technologies Inc. | 374,836 | 8,273 | |
* | Middleby Corp. | 163,609 | 8,020 |
Triumph Group Inc. | 164,575 | 7,941 | |
* | CoStar Group Inc. | 188,065 | 7,855 |
Deluxe Corp. | 527,825 | 7,807 | |
American Science & Engineering Inc. | 102,831 | 7,799 | |
Mueller Water Products Inc. Class A | 1,489,154 | 7,744 | |
* | Armstrong World Industries Inc. | 198,648 | 7,733 |
* | MasTec Inc. | 610,910 | 7,636 |
Corporate Executive Board Co. | 333,983 | 7,621 | |
Barnes Group Inc. | 449,654 | 7,599 | |
Arkansas Best Corp. | 255,291 | 7,513 | |
*,^ | Allegiant Travel Co. Class A | 156,235 | 7,370 |
* | Korn/Ferry International | 441,911 | 7,292 |
Robbins & Myers Inc. | 307,905 | 7,242 | |
* | Beacon Roofing Supply Inc. | 442,906 | 7,086 |
* | TrueBlue Inc. | 475,146 | 7,037 |
* | US Airways Group Inc. | 1,430,974 | 6,926 |
* | EnerNOC Inc. | 227,271 | 6,907 |
* | Navigant Consulting Inc. | 461,662 | 6,860 |
Universal Forest Products Inc. | 183,307 | 6,748 | |
* | II-VI Inc. | 210,189 | 6,684 |
* | Atlas Air Worldwide Holdings Inc. | 176,502 | 6,575 |
* | Griffon Corp. | 534,602 | 6,533 |
* | M&F Worldwide Corp. | 164,979 | 6,517 |
Albany International Corp. | 287,997 | 6,468 | |
*,^ | Power-One Inc. | 1,430,008 | 6,221 |
EnergySolutions Inc. | 719,772 | 6,111 | |
*,^ | Genco Shipping & Trading Ltd. | 272,198 | 6,092 |
Cubic Corp. | 161,330 | 6,018 | |
* | Dollar Thrifty Automotive Group Inc. | 234,194 | 5,998 |
* | AirTran Holdings Inc. | 1,137,820 | 5,939 |
*,^ | Energy Conversion Devices Inc. | 553,958 | 5,855 |
Quanex Building Products Corp. | 339,833 | 5,767 | |
* | EnPro Industries Inc. | 217,802 | 5,752 |
Raven Industries Inc. | 178,048 | 5,657 | |
* | Cenveo Inc. | 635,398 | 5,560 |
Ameron International Corp. | 85,422 | 5,421 | |
* | GenCorp Inc. | 763,460 | 5,344 |
Heidrick & Struggles International Inc. | 170,726 | 5,333 | |
Kaman Corp. | 224,631 | 5,187 | |
Badger Meter Inc. | 129,970 | 5,175 | |
* | Huron Consulting Group Inc. | 222,777 | 5,133 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Comfort Systems USA Inc. | 415,076 | 5,122 | |
* | Interline Brands Inc. | 291,993 | 5,043 |
*,^ | Evergreen Solar Inc. | 3,306,290 | 4,992 |
Administaff Inc. | 211,119 | 4,980 | |
* | Layne Christensen Co. | 169,949 | 4,879 |
Knoll Inc. | 469,981 | 4,855 | |
Franklin Electric Co. Inc. | 165,359 | 4,809 | |
McGrath Rentcorp | 212,302 | 4,747 | |
* | School Specialty Inc. | 202,544 | 4,738 |
* | Mobile Mini Inc. | 331,331 | 4,668 |
* | Tutor Perini Corp. | 257,347 | 4,653 |
* | Force Protection Inc. | 889,030 | 4,632 |
Lindsay Corp. | 115,568 | 4,605 | |
* | United Rentals Inc. | 464,102 | 4,553 |
* | Chart Industries Inc. | 270,717 | 4,480 |
* | GeoEye Inc. | 159,857 | 4,457 |
* | Spherion Corp. | 789,150 | 4,435 |
* | DynCorp International Inc. Class A | 305,966 | 4,391 |
* | ATC Technology Corp. | 183,587 | 4,379 |
* | Ceradyne Inc. | 227,177 | 4,364 |
Encore Wire Corp. | 205,214 | 4,324 | |
* | RBC Bearings Inc. | 176,984 | 4,306 |
* | Orion Marine Group Inc. | 203,942 | 4,295 |
* | Advisory Board Co. | 136,785 | 4,194 |
* | Astec Industries Inc. | 155,361 | 4,185 |
* | Altra Holdings Inc. | 338,251 | 4,177 |
*,^ | Capstone Turbine Corp. | 3,224,645 | 4,160 |
* | Michael Baker Corp. | 100,039 | 4,142 |
G&K Services Inc. Class A | 159,193 | 4,001 | |
* | Consolidated Graphics Inc. | 112,675 | 3,946 |
HEICO Corp. Class A | 109,166 | 3,926 | |
* | Macquarie Infrastructure Co. LLC | 319,014 | 3,917 |
Aircastle Ltd. | 393,843 | 3,879 | |
* | Aerovironment Inc. | 133,064 | 3,870 |
Tredegar Corp. | 243,096 | 3,846 | |
Tennant Co. | 144,490 | 3,784 | |
Steelcase Inc. Class A | 593,717 | 3,776 | |
Seaboard Corp. | 2,776 | 3,745 | |
* | Kforce Inc. | 298,092 | 3,726 |
* | Colfax Corp. | 307,918 | 3,707 |
CIRCOR International Inc. | 146,873 | 3,698 | |
* | Waste Services Inc. | 404,691 | 3,687 |
John Bean Technologies Corp. | 215,023 | 3,658 | |
Gorman-Rupp Co. | 131,269 | 3,628 | |
* | Blount International Inc. | 357,935 | 3,615 |
* | Celadon Group Inc. | 332,161 | 3,604 |
Apogee Enterprises Inc. | 255,959 | 3,583 | |
* | DigitalGlobe Inc. | 147,984 | 3,581 |
* | CBIZ Inc. | 459,815 | 3,541 |
Ennis Inc. | 209,668 | 3,520 | |
Viad Corp. | 169,476 | 3,496 | |
* | Flow International Corp. | 1,125,909 | 3,468 |
Diamond Management & Technology Consultants Inc. Class A | 468,555 | 3,453 | |
* | Team Inc. | 182,262 | 3,428 |
Applied Signal Technology Inc. | 174,108 | 3,359 | |
Interface Inc. Class A | 396,649 | 3,296 | |
* | Dycom Industries Inc. | 408,422 | 3,280 |
* | On Assignment Inc. | 454,235 | 3,248 |
* | ICF International Inc. | 119,990 | 3,216 |
Sauer-Danfoss Inc. | 262,319 | 3,150 | |
* | Harbin Electric Inc. | 152,500 | 3,132 |
Gibraltar Industries Inc. | 198,936 | 3,129 | |
* | Kelly Services Inc. Class A | 259,553 | 3,096 |
Sun Hydraulics Corp. | 117,440 | 3,083 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Value | |||
Shares | ($000) | ||
* | AZZ Inc. | 92,859 | 3,036 |
* | Sterling Construction Co. Inc. | 156,832 | 3,008 |
* | Taser International Inc. | 686,063 | 3,005 |
* | LB Foster Co. Class A | 100,435 | 2,994 |
*,^ | China BAK Battery Inc. | 1,067,730 | 2,968 |
* | American Reprographics Co. | 418,374 | 2,933 |
* | Acacia Research - Acacia Technologies | 320,800 | 2,922 |
* | RSC Holdings Inc. | 413,492 | 2,911 |
* | Stanley Inc. | 105,259 | 2,885 |
* | MYR Group Inc. | 158,944 | 2,874 |
*,^ | FuelCell Energy Inc. | 759,720 | 2,857 |
FreightCar America Inc. | 143,182 | 2,839 | |
* | Hawaiian Holdings Inc. | 389,511 | 2,727 |
Great Lakes Dredge & Dock Corp. | 413,710 | 2,681 | |
AAON Inc. | 137,280 | 2,676 | |
* | ACCO Brands Corp. | 363,234 | 2,644 |
* | Amerco Inc. | 52,902 | 2,630 |
Houston Wire & Cable Co. | 220,451 | 2,623 | |
* | Exponent Inc. | 93,489 | 2,603 |
Cascade Corp. | 94,358 | 2,594 | |
* | Rush Enterprises Inc. Class A | 213,336 | 2,537 |
* | UQM Technologies Inc. | 368,662 | 2,525 |
American Ecology Corp. | 145,804 | 2,484 | |
* | Columbus McKinnon Corp. | 180,674 | 2,468 |
* | H&E Equipment Services Inc. | 229,274 | 2,405 |
* | Miller Industries Inc. | 211,310 | 2,398 |
Standex International Corp. | 118,526 | 2,381 | |
* | American Commercial Lines Inc. | 128,966 | 2,364 |
* | Metalico Inc. | 480,315 | 2,363 |
Insteel Industries Inc. | 180,358 | 2,345 | |
* | Cornell Cos. Inc. | 102,236 | 2,321 |
HEICO Corp. | 52,314 | 2,319 | |
Graham Corp. | 111,244 | 2,303 | |
* | Eagle Bulk Shipping Inc. | 462,389 | 2,289 |
* | Marten Transport Ltd. | 127,482 | 2,288 |
* | Republic Airways Holdings Inc. | 306,126 | 2,262 |
Dynamic Materials Corp. | 112,640 | 2,258 | |
Ampco-Pittsburgh Corp. | 71,452 | 2,253 | |
*,^ | Microvision Inc. | 704,277 | 2,233 |
* | Argon ST Inc. | 101,662 | 2,208 |
Federal Signal Corp. | 360,564 | 2,171 | |
* | Polypore International Inc. | 181,307 | 2,158 |
NACCO Industries Inc. Class A | 42,226 | 2,103 | |
Titan International Inc. | 257,543 | 2,089 | |
* | Innerworkings Inc. | 351,684 | 2,075 |
TAL International Group Inc. | 151,790 | 2,008 | |
CDI Corp. | 153,782 | 1,991 | |
* | Kadant Inc. | 122,213 | 1,951 |
* | Tecumseh Products Co. Class A | 163,969 | 1,917 |
* | Dynamex Inc. | 104,635 | 1,894 |
* | CRA International Inc. | 71,056 | 1,894 |
*,^ | Broadwind Energy Inc. | 233,703 | 1,891 |
LSI Industries Inc. | 238,957 | 1,883 | |
*,^ | Builders FirstSource Inc. | 488,957 | 1,882 |
*,^ | Ener1 Inc. | 294,980 | 1,870 |
Met-Pro Corp. | 174,873 | 1,857 | |
* | Powell Industries Inc. | 57,921 | 1,826 |
American Woodmark Corp. | 92,481 | 1,820 | |
Ducommun Inc. | 96,355 | 1,803 | |
Kimball International Inc. Class B | 211,226 | 1,800 | |
* | Northwest Pipe Co. | 66,496 | 1,786 |
* | Energy Recovery Inc. | 259,589 | 1,786 |
* | Pike Electric Corp. | 189,437 | 1,758 |
* | SmartHeat Inc. | 118,878 | 1,726 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Furmanite Corp. | 450,149 | 1,715 |
International Shipholding Corp. | 54,404 | 1,690 | |
Bowne & Co. Inc. | 248,727 | 1,661 | |
*,^ | Fuel Tech Inc. | 203,287 | 1,661 |
* | Titan Machinery Inc. | 143,079 | 1,651 |
* | Pinnacle Airlines Corp. | 231,106 | 1,590 |
*,^ | GT Solar International Inc. | 283,811 | 1,578 |
* | APAC Customer Services Inc. | 263,232 | 1,569 |
* | Willis Lease Finance Corp. | 103,668 | 1,555 |
* | Volt Information Sciences Inc. | 151,652 | 1,517 |
* | PRG-Schultz International Inc. | 256,115 | 1,514 |
* | K-Tron International Inc. | 13,841 | 1,505 |
* | Ladish Co. Inc. | 99,514 | 1,501 |
* | Saia Inc. | 99,711 | 1,478 |
* | Astronics Corp. | 171,815 | 1,469 |
Aceto Corp. | 282,551 | 1,455 | |
* | GP Strategies Corp. | 188,753 | 1,421 |
* | Trex Co. Inc. | 68,999 | 1,352 |
Greenbrier Cos. Inc. | 130,058 | 1,350 | |
* | WCA Waste Corp. | 310,093 | 1,336 |
* | 3D Systems Corp. | 115,764 | 1,308 |
Horizon Lines Inc. Class A | 231,424 | 1,289 | |
* | PMFG Inc. | 78,227 | 1,268 |
Courier Corp. | 88,862 | 1,266 | |
* | Herley Industries Inc. | 90,503 | 1,257 |
* | Quixote Corp. | 196,920 | 1,254 |
*,^ | Valence Technology Inc. | 1,351,511 | 1,230 |
*,^ | TBS International Ltd. Class A | 166,778 | 1,226 |
Todd Shipyards Corp. | 73,136 | 1,226 | |
* | COMSYS IT Partners Inc. | 137,426 | 1,222 |
Twin Disc Inc. | 115,521 | 1,206 | |
* | Standard Parking Corp. | 75,486 | 1,199 |
*,^ | Advanced Battery Technologies Inc. | 295,991 | 1,184 |
Alamo Group Inc. | 68,267 | 1,171 | |
* | Quality Distribution Inc. | 294,598 | 1,164 |
* | Hudson Highland Group Inc. | 245,099 | 1,162 |
* | Vicor Corp. | 122,246 | 1,137 |
* | ICT Group Inc. | 68,060 | 1,111 |
Schawk Inc. Class A | 81,178 | 1,104 | |
* | NN Inc. | 278,530 | 1,103 |
Barrett Business Services Inc. | 89,736 | 1,103 | |
Pacer International Inc. | 341,001 | 1,078 | |
* | LaBarge Inc. | 88,160 | 1,062 |
* | Orion Energy Systems Inc. | 238,065 | 1,045 |
* | Casella Waste Systems Inc. Class A | 258,552 | 1,039 |
Superior Uniform Group Inc. | 106,489 | 1,038 | |
* | Lydall Inc. | 197,157 | 1,027 |
* | Perma-Fix Environmental Services | 437,803 | 994 |
Lawson Products Inc. | 55,495 | 979 | |
* | Hurco Cos. Inc. | 66,089 | 978 |
* | Kratos Defense & Security Solutions Inc. | 89,088 | 940 |
* | Plug Power Inc. | 1,306,085 | 927 |
* | Rush Enterprises Inc. Class B | 88,165 | 926 |
* | Flanders Corp. | 207,422 | 925 |
* | Trimas Corp. | 134,435 | 910 |
* | USA Truck Inc. | 71,783 | 899 |
* | Innovative Solutions & Support Inc. | 194,628 | 893 |
* | LMI Aerospace Inc. | 66,699 | 887 |
* | Hill International Inc. | 135,478 | 845 |
VSE Corp. | 18,692 | 843 | |
* | PowerSecure International Inc. | 109,553 | 790 |
Multi-Color Corp. | 63,726 | 778 | |
* | Odyssey Marine Exploration Inc. | 547,645 | 772 |
* | Magnetek Inc. | 501,215 | 772 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Ultralife Corp. | 176,784 | 764 |
* | Air Transport Services Group Inc. | 282,686 | 746 |
* | Fushi Copperweld Inc. | 72,109 | 730 |
Chase Corp. | 61,581 | 727 | |
Standard Register Co. | 135,946 | 693 | |
* | Satcon Technology Corp. | 245,600 | 693 |
* | Commercial Vehicle Group Inc. | 114,134 | 684 |
* | DXP Enterprises Inc. | 52,200 | 682 |
* | Integrated Electrical Services Inc. | 111,572 | 653 |
American Railcar Industries Inc. | 58,551 | 645 | |
* | United Capital Corp. | 27,001 | 643 |
* | PAM Transportation Services Inc. | 61,408 | 634 |
* | SL Industries Inc. | 72,930 | 611 |
*,^ | YRC Worldwide Inc. | 721,091 | 606 |
Frozen Food Express Industries | 179,698 | 593 | |
Omega Flex Inc. | 41,175 | 576 | |
* | Park-Ohio Holdings Corp. | 100,993 | 571 |
* | Patriot Transportation Holding Inc. | 5,886 | 556 |
Virco Manufacturing | 151,948 | 555 | |
* | LECG Corp. | 183,446 | 549 |
* | BlueLinx Holdings Inc. | 196,332 | 544 |
* | CAI International Inc. | 56,691 | 512 |
LS Starrett Co. Class A | 57,983 | 511 | |
* | Xerium Technologies Inc. | 670,307 | 509 |
* | Intersections Inc. | 103,632 | 508 |
* | US Home Systems Inc. | 191,499 | 486 |
Universal Truckload Services Inc. | 26,634 | 482 | |
* | Allied Defense Group Inc. | 99,760 | 474 |
* | Active Power Inc. | 414,858 | 456 |
* | TRC Cos. Inc. | 151,355 | 453 |
Preformed Line Products Co. | 10,064 | 441 | |
*,^ | C&D Technologies Inc. | 264,606 | 410 |
Hardinge Inc. | 70,340 | 387 | |
* | Wabash National Corp. | 203,360 | 384 |
* | Protection One Inc. | 54,783 | 353 |
Hubbell Inc. Class A | 7,600 | 344 | |
* | Raytheon Co. Warrants Exp. 6/16/11 | 19,938 | 289 |
Sypris Solutions Inc. | 91,591 | 258 | |
* | NCI Building Systems Inc. | 140,247 | 254 |
*,^ | Akeena Solar Inc. | 201,393 | 252 |
* | Spire Corp. | 46,310 | 248 |
* | Ascent Solar Technologies Inc. | 41,015 | 217 |
*,^ | Builders FirstSource Inc. Rights Exp. 1/14/10 | 787,779 | 193 |
* | Document Security Systems Inc. | 72,991 | 179 |
* | Argan Inc. | 12,349 | 178 |
* | Ceco Environmental Corp. | 38,045 | 150 |
* | Amrep Corp. | 10,312 | 141 |
*,^ | China Architectural Engineering Inc. | 129,142 | 136 |
* | Innotrac Corp. | 73,881 | 120 |
* | Applied Energetics Inc. | 287,190 | 95 |
* | Covenant Transportation Group Inc. Class A | 19,665 | 83 |
*,^ | Ocean Power Technologies Inc. | 6,666 | 60 |
* | ExpressJet Holdings Inc. | 10,069 | 49 |
* | Tix Corp. | 24,352 | 42 |
* | Key Technology Inc. | 3,211 | 37 |
*,^ | Hoku Scientific Inc. | 11,584 | 32 |
* | Advanced Environmental Recycling Technologies Inc. Class A | 78,953 | 25 |
* | AT Cross Co. Class A | 3,800 | 20 |
*,^ | Arotech Corp. | 6,745 | 11 |
* | UTEK Corp. | 1,700 | 7 |
* | Thermadyne Holdings Corp. | 100 | 1 |
* | PGT Inc. | 200 | — |
* | BMC Industries Inc. | 211,416 | — |
13,117,241 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
Information Technology (19.4%) | ||
Microsoft Corp. | 78,539,889 | 2,394,681 |
* Apple Inc. | 8,773,159 | 1,849,908 |
International Business Machines Corp. | 12,838,138 | 1,680,512 |
* Google Inc. Class A | 2,369,751 | 1,469,198 |
* Cisco Systems Inc. | 56,487,594 | 1,352,313 |
Hewlett-Packard Co. | 23,369,819 | 1,203,779 |
Intel Corp. | 54,823,865 | 1,118,407 |
Oracle Corp. | 39,292,271 | 964,232 |
QUALCOMM Inc. | 16,279,815 | 753,104 |
Visa Inc. Class A | 4,506,253 | 394,117 |
* EMC Corp. | 19,803,015 | 345,959 |
Texas Instruments Inc. | 12,353,724 | 321,938 |
Corning Inc. | 15,224,808 | 293,991 |
* eBay Inc. | 10,742,007 | 252,867 |
Accenture PLC Class A | 6,015,865 | 249,658 |
Mastercard Inc. Class A | 966,764 | 247,472 |
* Dell Inc. | 17,222,793 | 247,319 |
* Yahoo! Inc. | 13,056,951 | 219,096 |
Automatic Data Processing Inc. | 4,917,877 | 210,583 |
* Adobe Systems Inc. | 5,141,658 | 189,110 |
Applied Materials Inc. | 13,055,147 | 181,989 |
Motorola Inc. | 22,479,714 | 174,443 |
* Symantec Corp. | 7,976,928 | 142,707 |
* Juniper Networks Inc. | 5,140,658 | 137,101 |
* Broadcom Corp. Class A | 4,274,800 | 134,442 |
* Cognizant Technology Solutions Corp. Class A | 2,871,607 | 130,084 |
Western Union Co. | 6,880,315 | 129,694 |
* NetApp Inc. | 3,298,058 | 113,420 |
Tyco Electronics Ltd. | 4,500,230 | 110,481 |
* Marvell Technology Group Ltd. | 5,161,884 | 107,109 |
* Agilent Technologies Inc. | 3,368,764 | 104,667 |
* NVIDIA Corp. | 5,370,079 | 100,313 |
Paychex Inc. | 3,188,513 | 97,696 |
* Western Digital Corp. | 2,202,343 | 97,233 |
* Intuit Inc. | 3,009,042 | 92,408 |
CA Inc. | 4,108,533 | 92,278 |
Analog Devices Inc. | 2,858,245 | 90,263 |
Seagate Technology | 4,858,106 | 88,369 |
* Micron Technology Inc. | 8,302,983 | 87,679 |
* Computer Sciences Corp. | 1,487,081 | 85,552 |
* Salesforce.com Inc. | 1,094,264 | 80,724 |
Amphenol Corp. Class A | 1,680,974 | 77,627 |
* Citrix Systems Inc. | 1,794,808 | 74,682 |
* Fiserv Inc. | 1,513,860 | 73,392 |
Fidelity National Information Services Inc. | 3,090,629 | 72,444 |
* BMC Software Inc. | 1,804,110 | 72,345 |
Xerox Corp. | 8,523,348 | 72,108 |
* Sun Microsystems Inc. | 7,393,269 | 69,275 |
Xilinx Inc. | 2,708,114 | 67,865 |
Linear Technology Corp. | 2,181,604 | 66,626 |
Altera Corp. | 2,887,145 | 65,336 |
* SanDisk Corp. | 2,228,033 | 64,591 |
* McAfee Inc. | 1,541,539 | 62,540 |
* Activision Blizzard Inc. | 5,614,303 | 62,375 |
Harris Corp. | 1,298,288 | 61,734 |
Maxim Integrated Products Inc. | 3,003,402 | 60,969 |
KLA-Tencor Corp. | 1,674,029 | 60,533 |
* Flextronics International Ltd. | 7,954,855 | 58,150 |
* Autodesk Inc. | 2,253,188 | 57,253 |
* Red Hat Inc. | 1,844,383 | 56,991 |
* Electronic Arts Inc. | 3,174,473 | 56,347 |
* Advanced Micro Devices Inc. | 5,571,993 | 53,937 |
* Cree Inc. | 947,503 | 53,411 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Affiliated Computer Services Inc. Class A | 893,261 | 53,319 |
* | Teradata Corp. | 1,685,379 | 52,971 |
Microchip Technology Inc. | 1,794,918 | 52,160 | |
* | Lam Research Corp. | 1,243,398 | 48,754 |
* | FLIR Systems Inc. | 1,485,194 | 48,596 |
* | VeriSign Inc. | 1,891,454 | 45,849 |
* | Avnet Inc. | 1,481,854 | 44,693 |
* | Akamai Technologies Inc. | 1,690,671 | 42,825 |
Global Payments Inc. | 792,013 | 42,658 | |
* | F5 Networks Inc. | 772,575 | 40,931 |
* | Equinix Inc. | 378,928 | 40,223 |
* | LSI Corp. | 6,404,226 | 38,489 |
Lender Processing Services Inc. | 943,983 | 38,382 | |
* | SAIC Inc. | 2,001,663 | 37,911 |
* | ANSYS Inc. | 864,878 | 37,588 |
National Semiconductor Corp. | 2,321,064 | 35,652 | |
* | Arrow Electronics Inc. | 1,175,192 | 34,797 |
* | Hewitt Associates Inc. Class A | 821,710 | 34,725 |
* | ON Semiconductor Corp. | 3,938,814 | 34,701 |
* | Sybase Inc. | 794,448 | 34,479 |
*,^ | Alliance Data Systems Corp. | 522,132 | 33,724 |
* | Rovi Corp. | 997,668 | 31,796 |
* | Synopsys Inc. | 1,417,984 | 31,593 |
Jabil Circuit Inc. | 1,782,453 | 30,961 | |
Broadridge Financial Solutions Inc. | 1,368,771 | 30,879 | |
* | Nuance Communications Inc. | 1,983,009 | 30,816 |
* | MEMC Electronic Materials Inc. | 2,196,758 | 29,920 |
* | Brocade Communications Systems Inc. | 3,905,554 | 29,799 |
* | Trimble Navigation Ltd. | 1,176,226 | 29,641 |
Factset Research Systems Inc. | 439,751 | 28,966 | |
* | 3Com Corp. | 3,839,236 | 28,794 |
Total System Services Inc. | 1,643,199 | 28,378 | |
* | Itron Inc. | 392,675 | 26,533 |
* | Varian Semiconductor Equipment Associates Inc. | 721,192 | 25,876 |
* | Ingram Micro Inc. | 1,440,979 | 25,145 |
* | Dolby Laboratories Inc. Class A | 521,261 | 24,880 |
* | AOL Inc. | 1,056,731 | 24,601 |
* | MICROS Systems Inc. | 789,655 | 24,503 |
* | CommScope Inc. | 918,892 | 24,378 |
* | Skyworks Solutions Inc. | 1,681,956 | 23,867 |
* | Rambus Inc. | 977,920 | 23,861 |
Solera Holdings Inc. | 648,730 | 23,361 | |
* | Tech Data Corp. | 493,733 | 23,038 |
* | VistaPrint NV | 399,666 | 22,645 |
* | Informatica Corp. | 870,030 | 22,499 |
* | Novellus Systems Inc. | 960,037 | 22,407 |
* | VMware Inc. Class A | 520,998 | 22,080 |
* | QLogic Corp. | 1,161,721 | 21,922 |
* | Atheros Communications Inc. | 621,188 | 21,269 |
* | Tellabs Inc. | 3,692,589 | 20,974 |
* | Polycom Inc. | 825,904 | 20,623 |
* | Silicon Laboratories Inc. | 418,157 | 20,214 |
* | Lexmark International Inc. Class A | 768,887 | 19,976 |
* | Atmel Corp. | 4,216,505 | 19,438 |
* | IAC/InterActiveCorp | 942,222 | 19,297 |
* | PMC - Sierra Inc. | 2,213,492 | 19,169 |
* | Parametric Technology Corp. | 1,141,862 | 18,658 |
Diebold Inc. | 652,168 | 18,554 | |
*,^ | WebMD Health Corp. | 480,901 | 18,510 |
Intersil Corp. Class A | 1,205,040 | 18,485 | |
* | Teradyne Inc. | 1,719,557 | 18,451 |
Jack Henry & Associates Inc. | 786,994 | 18,195 | |
* | NCR Corp. | 1,564,086 | 17,408 |
* | Concur Technologies Inc. | 407,206 | 17,408 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Sohu.com Inc. | 301,979 | 17,297 |
* | JDS Uniphase Corp. | 2,089,719 | 17,240 |
* | DST Systems Inc. | 391,737 | 17,060 |
* | Compuware Corp. | 2,340,296 | 16,920 |
National Instruments Corp. | 573,535 | 16,891 | |
* | NeuStar Inc. Class A | 731,549 | 16,855 |
* | TIBCO Software Inc. | 1,720,953 | 16,573 |
* | Zebra Technologies Corp. | 582,177 | 16,511 |
* | Cypress Semiconductor Corp. | 1,518,667 | 16,037 |
* | Unisys Corp. | 414,628 | 15,988 |
* | Cadence Design Systems Inc. | 2,615,619 | 15,668 |
* | International Rectifier Corp. | 698,541 | 15,452 |
Molex Inc. | 708,627 | 15,271 | |
*,^ | Palm Inc. | 1,517,926 | 15,240 |
* | CACI International Inc. Class A | 294,381 | 14,381 |
* | Microsemi Corp. | 800,394 | 14,207 |
* | Vishay Intertechnology Inc. | 1,696,674 | 14,167 |
* | Novell Inc. | 3,385,974 | 14,052 |
* | Arris Group Inc. | 1,228,166 | 14,038 |
* | Anixter International Inc. | 294,290 | 13,861 |
* | Blackboard Inc. | 300,059 | 13,620 |
* | Gartner Inc. | 754,639 | 13,614 |
* | MercadoLibre Inc. | 259,464 | 13,458 |
* | Cybersource Corp. | 649,189 | 13,055 |
* | Convergys Corp. | 1,205,836 | 12,963 |
ADTRAN Inc. | 557,522 | 12,572 | |
* | Riverbed Technology Inc. | 546,474 | 12,552 |
Plantronics Inc. | 480,296 | 12,478 | |
* | VeriFone Holdings Inc. | 750,131 | 12,287 |
* | Veeco Instruments Inc. | 371,198 | 12,264 |
* | Fairchild Semiconductor International Inc. Class A | 1,222,427 | 12,212 |
* | Benchmark Electronics Inc. | 637,985 | 12,064 |
Molex Inc. Class A | 624,075 | 11,939 | |
* | RF Micro Devices Inc. | 2,494,775 | 11,900 |
* | Progress Software Corp. | 393,672 | 11,499 |
* | Wright Express Corp. | 357,202 | 11,380 |
* | Tessera Technologies Inc. | 487,025 | 11,333 |
* | InterDigital Inc. | 424,837 | 11,275 |
* | Quest Software Inc. | 607,272 | 11,174 |
* | Blue Coat Systems Inc. | 389,974 | 11,130 |
* | Plexus Corp. | 389,768 | 11,108 |
* | Genpact Ltd. | 743,444 | 11,077 |
* | Ariba Inc. | 873,644 | 10,938 |
* | TiVo Inc. | 1,064,627 | 10,838 |
* | Cymer Inc. | 279,112 | 10,712 |
* | Integrated Device Technology Inc. | 1,635,206 | 10,580 |
* | FormFactor Inc. | 485,074 | 10,555 |
* | Mantech International Corp. Class A | 216,222 | 10,439 |
*,^ | Synaptics Inc. | 334,281 | 10,246 |
Fair Isaac Corp. | 479,830 | 10,225 | |
* | Digital River Inc. | 378,821 | 10,224 |
Blackbaud Inc. | 432,457 | 10,219 | |
* | Semtech Corp. | 600,209 | 10,210 |
* | Rackspace Hosting Inc. | 478,077 | 9,968 |
* | Acxiom Corp. | 740,798 | 9,942 |
* | Euronet Worldwide Inc. | 449,300 | 9,862 |
* | GSI Commerce Inc. | 388,339 | 9,860 |
* | Comtech Telecommunications Corp. | 278,098 | 9,747 |
* | Ciena Corp. | 895,955 | 9,712 |
Power Integrations Inc. | 262,029 | 9,527 | |
Syntel Inc. | 244,557 | 9,300 | |
* | CommVault Systems Inc. | 389,184 | 9,220 |
* | Tekelec | 593,585 | 9,070 |
* | j2 Global Communications Inc. | 443,789 | 9,031 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | TeleTech Holdings Inc. | 446,544 | 8,944 |
* | AsiaInfo Holdings Inc. | 292,643 | 8,917 |
* | TriQuint Semiconductor Inc. | 1,485,897 | 8,915 |
* | Viasat Inc. | 279,486 | 8,882 |
* | Cavium Networks Inc. | 368,464 | 8,780 |
Earthlink Inc. | 1,048,769 | 8,715 | |
* | Emulex Corp. | 798,097 | 8,699 |
MAXIMUS Inc. | 173,828 | 8,691 | |
* | FEI Co. | 371,130 | 8,670 |
* | ValueClick Inc. | 855,750 | 8,660 |
* | Netlogic Microsystems Inc. | 186,176 | 8,612 |
* | Sapient Corp. | 1,040,696 | 8,607 |
* | JDA Software Group Inc. | 333,479 | 8,494 |
* | MicroStrategy Inc. Class A | 90,250 | 8,485 |
* | Lawson Software Inc. | 1,274,373 | 8,475 |
* | Amkor Technology Inc. | 1,174,070 | 8,406 |
* | Mentor Graphics Corp. | 949,283 | 8,382 |
* | Avago Technologies Ltd. | 447,870 | 8,192 |
* | SRA International Inc. Class A | 428,775 | 8,190 |
* | Websense Inc. | 461,274 | 8,054 |
* | MKS Instruments Inc. | 460,316 | 8,014 |
* | EchoStar Corp. Class A | 392,306 | 7,901 |
*,^ | Take-Two Interactive Software Inc. | 784,502 | 7,884 |
* | Verigy Ltd. | 608,610 | 7,833 |
* | Sanmina-SCI Corp. | 708,741 | 7,817 |
* | Ultimate Software Group Inc. | 261,270 | 7,673 |
* | Hittite Microwave Corp. | 186,341 | 7,593 |
* | Cabot Microelectronics Corp. | 229,499 | 7,564 |
* | Infinera Corp. | 851,630 | 7,554 |
* | Coherent Inc. | 250,734 | 7,454 |
* | Monolithic Power Systems Inc. | 308,275 | 7,389 |
* | L-1 Identity Solutions Inc. | 972,940 | 7,287 |
*,^ | Advent Software Inc. | 177,396 | 7,225 |
* | Omnivision Technologies Inc. | 486,794 | 7,073 |
* | DealerTrack Holdings Inc. | 373,707 | 7,022 |
* | Intermec Inc. | 541,169 | 6,959 |
* | Scansource Inc. | 260,557 | 6,957 |
* | Taleo Corp. Class A | 291,667 | 6,860 |
* | Zoran Corp. | 618,476 | 6,834 |
* | Netgear Inc. | 311,177 | 6,749 |
Cognex Corp. | 377,263 | 6,685 | |
* | TTM Technologies Inc. | 577,780 | 6,662 |
*,^ | STEC Inc. | 392,182 | 6,408 |
* | Sonus Networks Inc. | 2,979,822 | 6,287 |
* | Tyler Technologies Inc. | 315,030 | 6,272 |
* | DTS Inc. | 180,996 | 6,192 |
* | Manhattan Associates Inc. | 255,487 | 6,139 |
* | Net 1 UEPS Technologies Inc. | 315,605 | 6,129 |
* | CSG Systems International Inc. | 320,244 | 6,113 |
* | Littelfuse Inc. | 188,593 | 6,063 |
* | Rofin-Sinar Technologies Inc. | 255,576 | 6,034 |
* | SuccessFactors Inc. | 363,676 | 6,030 |
* | THQ Inc. | 1,193,387 | 6,015 |
* | Brooks Automation Inc. | 695,428 | 5,967 |
* | ACI Worldwide Inc. | 341,629 | 5,859 |
* | Entegris Inc. | 1,083,965 | 5,723 |
* | ADC Telecommunications Inc. | 917,734 | 5,699 |
* | Checkpoint Systems Inc. | 373,509 | 5,696 |
* | Global Cash Access Holdings Inc. | 758,476 | 5,681 |
* | Rogers Corp. | 185,983 | 5,637 |
* | Diodes Inc. | 273,458 | 5,592 |
AVX Corp. | 437,082 | 5,538 | |
* | Aruba Networks Inc. | 518,867 | 5,531 |
* | Harmonic Inc. | 868,736 | 5,499 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | ATMI Inc. | 292,193 | 5,441 |
* | SolarWinds Inc. | 234,900 | 5,405 |
* | TNS Inc. | 206,895 | 5,315 |
* | Brightpoint Inc. | 722,866 | 5,313 |
Black Box Corp. | 187,368 | 5,310 | |
* | Volterra Semiconductor Corp. | 276,586 | 5,288 |
* | Maxwell Technologies Inc. | 294,314 | 5,251 |
* | 3PAR Inc. | 442,316 | 5,241 |
* | Electronics for Imaging Inc. | 402,214 | 5,233 |
United Online Inc. | 726,619 | 5,224 | |
* | Art Technology Group Inc. | 1,135,363 | 5,120 |
* | OSI Systems Inc. | 181,767 | 4,959 |
* | Cirrus Logic Inc. | 720,975 | 4,917 |
* | Loral Space & Communications Inc. | 155,321 | 4,910 |
* | RightNow Technologies Inc. | 281,095 | 4,883 |
* | Quantum Corp. | 1,647,802 | 4,828 |
* | Advanced Energy Industries Inc. | 320,156 | 4,828 |
* | Insight Enterprises Inc. | 414,210 | 4,730 |
* | SYNNEX Corp. | 154,007 | 4,722 |
* | SMART Modular Technologies WWH Inc. | 746,370 | 4,695 |
* | ModusLink Global Solutions Inc. | 492,342 | 4,633 |
Park Electrochemical Corp. | 164,571 | 4,549 | |
* | SAVVIS Inc. | 323,178 | 4,541 |
* | Bottomline Technologies Inc. | 253,532 | 4,455 |
Micrel Inc. | 536,418 | 4,399 | |
* | TeleCommunication Systems Inc. Class A | 453,623 | 4,391 |
* | DG FastChannel Inc. | 156,977 | 4,384 |
* | RealNetworks Inc. | 1,165,656 | 4,325 |
* | Avid Technology Inc. | 337,752 | 4,310 |
* | Cogent Inc. | 411,992 | 4,281 |
Pegasystems Inc. | 122,569 | 4,167 | |
*,^ | Finisar Corp. | 461,086 | 4,113 |
* | Epicor Software Corp. | 535,538 | 4,081 |
* | Echelon Corp. | 350,328 | 4,050 |
* | Applied Micro Circuits Corp. | 541,265 | 4,043 |
* | Harris Stratex Networks Inc. | 578,741 | 3,999 |
* | S1 Corp. | 610,216 | 3,979 |
* | Ultratech Inc. | 267,603 | 3,977 |
* | ExlService Holdings Inc. | 218,743 | 3,972 |
* | Sycamore Networks Inc. | 188,458 | 3,941 |
* | SonicWALL Inc. | 517,179 | 3,936 |
* | Constant Contact Inc. | 243,221 | 3,892 |
* | Standard Microsystems Corp. | 186,417 | 3,874 |
* | EPIQ Systems Inc. | 275,517 | 3,854 |
* | Synchronoss Technologies Inc. | 243,516 | 3,850 |
* | Compellent Technologies Inc. | 169,560 | 3,846 |
* | Forrester Research Inc. | 148,137 | 3,844 |
MTS Systems Corp. | 133,076 | 3,825 | |
* | Smith Micro Software Inc. | 413,252 | 3,777 |
* | KVH Industries Inc. | 253,051 | 3,732 |
NIC Inc. | 401,995 | 3,674 | |
* | Knot Inc. | 356,991 | 3,595 |
*,^ | Stratasys Inc. | 205,546 | 3,552 |
* | Lattice Semiconductor Corp. | 1,308,026 | 3,532 |
* | LTX-Credence Corp. | 1,981,802 | 3,528 |
* | Switch & Data Facilities Co. Inc. | 172,077 | 3,478 |
* | Netscout Systems Inc. | 237,422 | 3,476 |
* | Newport Corp. | 375,750 | 3,453 |
* | comScore Inc. | 196,440 | 3,448 |
* | Sigma Designs Inc. | 321,837 | 3,444 |
Heartland Payment Systems Inc. | 257,793 | 3,385 | |
* | Adaptec Inc. | 982,249 | 3,291 |
* | Terremark Worldwide Inc. | 477,472 | 3,266 |
iGate Corp. | 323,631 | 3,236 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Ixia | 434,643 | 3,234 |
* | Infospace Inc. | 371,849 | 3,187 |
* | Universal Display Corp. | 257,819 | 3,187 |
* | NVE Corp. | 76,665 | 3,167 |
* | Netezza Corp. | 323,903 | 3,142 |
* | Internet Capital Group Inc. | 470,978 | 3,132 |
* | FARO Technologies Inc. | 145,323 | 3,116 |
* | Sonic Solutions Inc. | 259,949 | 3,075 |
* | Kopin Corp. | 730,814 | 3,055 |
* | Utstarcom Inc. | 1,389,207 | 3,042 |
* | Supertex Inc. | 101,554 | 3,026 |
* | Kulicke & Soffa Industries Inc. | 559,940 | 3,018 |
* | Oplink Communications Inc. | 183,863 | 3,014 |
Agilysys Inc. | 329,171 | 2,995 | |
* | Imation Corp. | 343,317 | 2,994 |
* | Mercury Computer Systems Inc. | 267,550 | 2,946 |
* | Sourcefire Inc. | 108,559 | 2,904 |
* | Novatel Wireless Inc. | 361,238 | 2,879 |
* | ArcSight Inc. | 112,445 | 2,876 |
* | Electro Scientific Industries Inc. | 263,669 | 2,853 |
* | Silicon Image Inc. | 1,099,522 | 2,837 |
* | Move Inc. | 1,691,839 | 2,808 |
* | Symmetricom Inc. | 532,064 | 2,767 |
* | Kenexa Corp. | 210,656 | 2,749 |
* | Symyx Technologies Inc. | 491,607 | 2,704 |
* | Extreme Networks | 927,824 | 2,663 |
* | Silicon Storage Technology Inc. | 1,031,702 | 2,641 |
* | Online Resources Corp. | 501,455 | 2,638 |
* | LoopNet Inc. | 262,647 | 2,611 |
* | PROS Holdings Inc. | 250,908 | 2,597 |
* | Comverge Inc. | 229,617 | 2,581 |
*,^ | Ebix Inc. | 52,837 | 2,580 |
* | i2 Technologies Inc. | 134,500 | 2,572 |
* | IPG Photonics Corp. | 152,985 | 2,561 |
*,^ | China Security & Surveillance Technology Inc. | 328,730 | 2,511 |
Daktronics Inc. | 270,272 | 2,489 | |
* | Globecomm Systems Inc. | 318,060 | 2,487 |
* | LivePerson Inc. | 355,854 | 2,480 |
* | Actel Corp. | 206,908 | 2,458 |
CTS Corp. | 251,774 | 2,422 | |
* | Pericom Semiconductor Corp. | 205,170 | 2,366 |
* | Limelight Networks Inc. | 596,989 | 2,346 |
* | Hypercom Corp. | 726,295 | 2,302 |
* | Measurement Specialties Inc. | 226,519 | 2,277 |
* | Anadigics Inc. | 534,967 | 2,258 |
*,^ | Magma Design Automation Inc. | 976,995 | 2,257 |
* | Exar Corp. | 309,466 | 2,200 |
* | Intevac Inc. | 191,698 | 2,199 |
* | Openwave Systems Inc. | 954,272 | 2,176 |
* | Vocus Inc. | 119,812 | 2,157 |
* | infoGROUP Inc. | 268,695 | 2,155 |
* | Rimage Corp. | 123,580 | 2,143 |
* | Ceva Inc. | 162,897 | 2,095 |
* | Multi-Fineline Electronix Inc. | 73,827 | 2,094 |
* | Integrated Silicon Solution Inc. | 370,016 | 2,091 |
* | Internet Brands Inc. Class A | 266,184 | 2,084 |
* | IXYS Corp. | 280,174 | 2,079 |
Methode Electronics Inc. | 239,243 | 2,077 | |
* | Acme Packet Inc. | 188,283 | 2,071 |
* | Anaren Inc. | 136,822 | 2,059 |
Bel Fuse Inc. Class B | 94,672 | 2,034 | |
* | Cogo Group Inc. | 274,814 | 2,025 |
* | Oclaro Inc. | 1,369,079 | 2,013 |
* | Digi International Inc. | 217,878 | 1,987 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Hughes Communications Inc. | 76,279 | 1,986 |
* | Advanced Analogic Technologies Inc. | 501,910 | 1,978 |
* | GSE Systems Inc. | 360,142 | 1,974 |
* | Techwell Inc. | 148,011 | 1,954 |
* | Lionbridge Technologies Inc. | 830,970 | 1,911 |
* | EMS Technologies Inc. | 130,881 | 1,898 |
* | VASCO Data Security International Inc. | 300,390 | 1,883 |
* | Radisys Corp. | 196,676 | 1,878 |
* | Monotype Imaging Holdings Inc. | 204,850 | 1,850 |
Electro Rent Corp. | 159,479 | 1,840 | |
* | Interactive Intelligence Inc. | 98,897 | 1,824 |
*,^ | Rubicon Technology Inc. | 89,482 | 1,817 |
* | Radiant Systems Inc. | 172,710 | 1,796 |
* | Hutchinson Technology Inc. | 174,519 | 1,791 |
* | Seachange International Inc. | 272,145 | 1,788 |
Cohu Inc. | 127,851 | 1,784 | |
* | MIPS Technologies Inc. Class A | 404,721 | 1,769 |
Opnet Technologies Inc. | 143,661 | 1,751 | |
* | Silicon Graphics International Corp. | 248,333 | 1,741 |
* | Mattson Technology Inc. | 481,016 | 1,722 |
* | MoneyGram International Inc. | 590,206 | 1,700 |
* | support.com Inc. | 636,330 | 1,680 |
* | ShoreTel Inc. | 286,676 | 1,657 |
* | Web.com Group Inc. | 245,686 | 1,604 |
* | Integral Systems Inc. | 183,594 | 1,590 |
* | Conexant Systems Inc. | 684,354 | 1,588 |
* | Perficient Inc. | 188,293 | 1,587 |
* | Super Micro Computer Inc. | 141,561 | 1,574 |
Keynote Systems Inc. | 143,061 | 1,561 | |
* | Virage Logic Corp. | 282,121 | 1,552 |
* | Gerber Scientific Inc. | 305,370 | 1,542 |
* | Dynamics Research Corp. | 144,079 | 1,529 |
* | FalconStor Software Inc. | 376,484 | 1,529 |
* | NetSuite Inc. | 95,581 | 1,527 |
* | DivX Inc. | 270,673 | 1,527 |
* | Travelzoo Inc. | 123,120 | 1,513 |
* | Ciber Inc. | 433,814 | 1,497 |
* | Isilon Systems Inc. | 212,561 | 1,458 |
* | Mindspeed Technologies Inc. | 308,306 | 1,446 |
* | Photronics Inc. | 324,071 | 1,442 |
* | Double-Take Software Inc. | 144,035 | 1,439 |
Technitrol Inc. | 328,247 | 1,438 | |
* | Telular Corp. | 381,441 | 1,430 |
Renaissance Learning Inc. | 120,082 | 1,364 | |
* | DemandTec Inc. | 155,462 | 1,363 |
* | Rudolph Technologies Inc. | 202,447 | 1,360 |
* | Ultra Clean Holdings | 193,040 | 1,349 |
* | StarTek Inc. | 177,188 | 1,325 |
* | DSP Group Inc. | 234,691 | 1,321 |
* | Geeknet Inc. | 1,077,805 | 1,283 |
* | LeCroy Corp. | 350,863 | 1,281 |
* | California Micro Devices Corp. | 269,537 | 1,270 |
* | NCI Inc. Class A | 45,587 | 1,260 |
* | BigBand Networks Inc. | 365,672 | 1,258 |
*,^ | Zix Corp. | 706,486 | 1,208 |
Cass Information Systems Inc. | 39,699 | 1,207 | |
* | Cray Inc. | 187,483 | 1,204 |
American Software Inc. Class A | 200,486 | 1,203 | |
* | MoSys Inc. | 305,390 | 1,197 |
Imergent Inc. | 197,173 | 1,197 | |
* | Airvana Inc. | 157,061 | 1,194 |
Marchex Inc. Class B | 231,114 | 1,174 | |
* | SRS Labs Inc. | 158,866 | 1,164 |
* | Trident Microsystems Inc. | 616,190 | 1,146 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Ness Technologies Inc. | 233,859 | 1,146 |
* | NU Horizons Electronics Corp. | 277,427 | 1,143 |
* | Spectrum Control Inc. | 120,565 | 1,142 |
*,^ | Emcore Corp. | 1,044,387 | 1,117 |
* | Computer Task Group Inc. | 138,086 | 1,106 |
* | LaserCard Corp. | 187,966 | 1,085 |
* | Saba Software Inc. | 261,157 | 1,081 |
* | Internap Network Services Corp. | 228,335 | 1,073 |
* | Liquidity Services Inc. | 104,674 | 1,054 |
* | DDi Corp. | 215,477 | 1,054 |
* | PC-Tel Inc. | 174,581 | 1,034 |
* | Hackett Group Inc. | 370,798 | 1,031 |
* | Transact Technologies Inc. | 147,747 | 1,025 |
* | Actuate Corp. | 237,495 | 1,016 |
* | Orbcomm Inc. | 375,812 | 1,015 |
* | Pervasive Software Inc. | 207,614 | 1,001 |
* | Chordiant Software Inc. | 356,259 | 980 |
* | Zygo Corp. | 139,138 | 936 |
QAD Inc. | 151,091 | 923 | |
* | White Electronic Designs Corp. | 197,398 | 922 |
TheStreet.com Inc. | 384,051 | 922 | |
Richardson Electronics Ltd. | 156,536 | 919 | |
* | Tollgrade Communications Inc. | 140,898 | 861 |
* | Microtune Inc. | 378,848 | 856 |
* | LoJack Corp. | 210,416 | 850 |
* | Powerwave Technologies Inc. | 659,905 | 831 |
* | RAE Systems Inc. | 752,576 | 828 |
* | PC Mall Inc. | 155,036 | 809 |
* | Concurrent Computer Corp. | 202,052 | 808 |
*,^ | Rosetta Stone Inc. | 44,100 | 792 |
* | PC Connection Inc. | 116,682 | 788 |
* | PAR Technology Corp. | 136,040 | 786 |
* | PLX Technology Inc. | 236,468 | 764 |
* | Axcelis Technologies Inc. | 541,562 | 764 |
Keithley Instruments Inc. | 160,382 | 746 | |
* | OpenTable Inc. | 29,286 | 746 |
* | Network Equipment Technologies Inc. | 182,244 | 738 |
* | Datalink Corp. | 169,522 | 734 |
* | Immersion Corp. | 159,031 | 727 |
* | Nanometrics Inc. | 63,769 | 722 |
* | X-Rite Inc. | 319,815 | 697 |
* | Phoenix Technologies Ltd. | 253,105 | 696 |
* | TechTeam Global Inc. | 90,812 | 691 |
*,^ | On2 Technologies Inc. | 1,106,806 | 675 |
* | Entropic Communications Inc. | 219,186 | 673 |
* | China Information Security Technology Inc. | 109,063 | 672 |
*,^ | Wave Systems Corp. Class A | 469,391 | 667 |
Ipass Inc. | 625,326 | 650 | |
* | Cyberoptics Corp. | 95,662 | 642 |
* | Aware Inc. | 223,397 | 626 |
* | Ramtron International Corp. | 350,700 | 621 |
* | CalAmp Corp. | 178,061 | 613 |
* | QuickLogic Corp. | 289,381 | 611 |
* | Opnext Inc. | 321,034 | 610 |
* | Evolving Systems Inc. | 97,017 | 606 |
*,^ | Research Frontiers Inc. | 154,646 | 586 |
* | Edgewater Technology Inc. | 170,656 | 512 |
*,^ | Parkervision Inc. | 272,455 | 499 |
* | PLATO Learning Inc. | 112,028 | 488 |
* | PDF Solutions Inc. | 125,033 | 481 |
* | Callidus Software Inc. | 158,993 | 480 |
* | Rainmaker Systems Inc. | 318,962 | 475 |
* | Tier Technologies Inc. Class B | 59,360 | 475 |
* | Performance Technologies Inc. | 163,552 | 456 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Presstek Inc. | 209,732 | 447 |
* | Planar Systems Inc. | 148,136 | 422 |
* | Bsquare Corp. | 161,829 | 401 |
* | FSI International Inc. | 135,677 | 399 |
* | Market Leader Inc. | 187,002 | 393 |
* | Dice Holdings Inc. | 57,706 | 378 |
* | ID Systems Inc. | 105,365 | 341 |
* | Network Engines Inc. | 254,385 | 341 |
* | CPI International Inc. | 25,384 | 336 |
* | Pixelworks Inc. | 108,894 | 331 |
* | Frequency Electronics Inc. | 63,789 | 328 |
* | Transwitch Corp. | 155,455 | 326 |
* | Ditech Networks Inc. | 240,802 | 311 |
* | EF Johnson Technologies Inc. | 268,522 | 298 |
* | ActivIdentity Corp. | 114,845 | 270 |
* | American Technology Corp. | 179,597 | 266 |
* | Comarco Inc. | 95,910 | 259 |
* | iGO Inc. | 197,191 | 243 |
* | Intellicheck Mobilisa Inc. | 62,601 | 235 |
* | Virtusa Corp. | 25,031 | 227 |
* | Video Display Corp. | 48,565 | 221 |
* | Merix Corp. | 85,484 | 209 |
Bel Fuse Inc. Class A | 10,580 | 206 | |
* | AuthenTec Inc. | 91,417 | 202 |
Newtek Business Services Inc. | 201,851 | 200 | |
* | WebMediaBrands Inc. | 217,997 | 196 |
* | GTSI Corp. | 36,549 | 182 |
* | Looksmart Ltd. | 173,418 | 177 |
* | Cinedigm Digital Cinema Corp. Class A | 137,179 | 170 |
* | SCM Microsystems Inc. | 75,032 | 170 |
* | Ikanos Communications Inc. | 84,319 | 158 |
* | Autobytel Inc. | 150,687 | 151 |
* | Zhone Technologies Inc. | 364,247 | 149 |
* | Authentidate Holding Corp. | 130,657 | 137 |
*,^ | VirnetX Holding Corp. | 40,731 | 120 |
* | Guidance Software Inc. | 21,860 | 115 |
* | Deltek Inc. | 13,311 | 104 |
* | NaviSite Inc. | 51,597 | 103 |
* | Analysts International Corp. | 148,261 | 99 |
* | Lantronix Inc. | 30,440 | 99 |
* | EndWave Corp. | 40,221 | 98 |
Selectica Inc. | 335,788 | 78 | |
* | Convera Corp. Class A | 309,351 | 75 |
* | Wireless Telecom Group Inc. | 98,580 | 70 |
* | Westell Technologies Inc. Class A | 54,988 | 66 |
* | Dot Hill Systems Corp. | 33,936 | 64 |
* | Vertro Inc. | 139,637 | 59 |
* | Management Network Group Inc. | 126,767 | 53 |
* | Henry Bros Electronics Inc. | 9,700 | 42 |
* | Allen Organ Co. Escrow Shares | 11,462 | 34 |
* | AXT Inc. | 8,500 | 28 |
* | Digital Angel Corp. | 31,230 | 24 |
* | ICx Technologies Inc. | 2,289 | 22 |
* | Nextwave Wireless Inc. | 48,361 | 21 |
* | Unica Corp. | 2,700 | 21 |
* | TechTarget Inc. | 2,580 | 15 |
* | Superconductor Technologies Inc. | 4,351 | 10 |
* | Veraz Networks Inc. | 3,828 | 4 |
* | Information Services Group Inc. | 688 | 2 |
23,312,363 | |||
Materials (3.9%) | |||
Monsanto Co. | 5,346,489 | 437,075 | |
* | Freeport-McMoRan Copper & Gold Inc. | 4,032,964 | 323,807 |
Dow Chemical Co. | 11,200,061 | 309,458 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
EI du Pont de Nemours & Co. | 8,849,494 | 297,962 |
Praxair Inc. | 3,004,689 | 241,307 |
Newmont Mining Corp. | 4,698,158 | 222,270 |
Air Products & Chemicals Inc. | 2,059,149 | 166,915 |
Alcoa Inc. | 9,542,488 | 153,825 |
Nucor Corp. | 3,081,789 | 143,765 |
International Paper Co. | 4,030,035 | 107,924 |
Ecolab Inc. | 2,323,345 | 103,575 |
PPG Industries Inc. | 1,616,506 | 94,630 |
Mosaic Co. | 1,526,591 | 91,183 |
Weyerhaeuser Co. | 2,071,959 | 89,384 |
United States Steel Corp. | 1,406,178 | 77,509 |
Vulcan Materials Co. | 1,226,074 | 64,577 |
Sigma-Aldrich Corp. | 1,195,625 | 60,415 |
Cliffs Natural Resources Inc. | 1,285,115 | 59,231 |
* Owens-Illinois Inc. | 1,652,108 | 54,305 |
Lubrizol Corp. | 663,700 | 48,417 |
MeadWestvaco Corp. | 1,679,980 | 48,098 |
Ball Corp. | 876,983 | 45,340 |
Celanese Corp. Class A | 1,407,907 | 45,194 |
Eastman Chemical Co. | 712,864 | 42,943 |
CF Industries Holdings Inc. | 451,842 | 41,018 |
* Crown Holdings Inc. | 1,571,463 | 40,198 |
Walter Energy Inc. | 519,236 | 39,104 |
Martin Marietta Materials Inc. | 437,255 | 39,095 |
Allegheny Technologies Inc. | 866,668 | 38,801 |
FMC Corp. | 676,138 | 37,701 |
Nalco Holding Co. | 1,356,724 | 34,610 |
Airgas Inc. | 723,348 | 34,431 |
Sealed Air Corp. | 1,559,192 | 34,084 |
Steel Dynamics Inc. | 1,901,919 | 33,702 |
International Flavors & Fragrances Inc. | 775,616 | 31,909 |
Terra Industries Inc. | 979,085 | 31,517 |
Bemis Co. Inc. | 1,059,759 | 31,422 |
* Pactiv Corp. | 1,296,479 | 31,297 |
Sonoco Products Co. | 981,571 | 28,711 |
Reliance Steel & Aluminum Co. | 649,772 | 28,083 |
Ashland Inc. | 694,020 | 27,497 |
Albemarle Corp. | 718,127 | 26,118 |
RPM International Inc. | 1,268,911 | 25,797 |
Valspar Corp. | 938,415 | 25,469 |
Aptargroup Inc. | 664,905 | 23,764 |
Packaging Corp. of America | 1,012,444 | 23,296 |
AK Steel Holding Corp. | 1,075,742 | 22,967 |
* Domtar Corp. | 411,680 | 22,811 |
Compass Minerals International Inc. | 320,438 | 21,530 |
Temple-Inland Inc. | 994,818 | 21,001 |
Huntsman Corp. | 1,635,224 | 18,462 |
Rock-Tenn Co. Class A | 360,779 | 18,187 |
* WR Grace & Co. | 710,479 | 18,011 |
Royal Gold Inc. | 381,417 | 17,965 |
Scotts Miracle-Gro Co. Class A | 453,011 | 17,808 |
Cytec Industries Inc. | 477,083 | 17,375 |
Commercial Metals Co. | 1,107,511 | 17,333 |
Cabot Corp. | 641,290 | 16,821 |
Silgan Holdings Inc. | 262,169 | 15,174 |
* Solutia Inc. | 1,168,313 | 14,838 |
* Hecla Mining Co. | 2,331,797 | 14,411 |
* Titanium Metals Corp. | 1,150,923 | 14,410 |
NewMarket Corp. | 120,078 | 13,781 |
Olin Corp. | 769,373 | 13,479 |
* Coeur d'Alene Mines Corp. | 742,915 | 13,417 |
* Intrepid Potash Inc. | 443,680 | 12,942 |
Greif Inc. Class A | 238,879 | 12,895 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
Sensient Technologies Corp. | 478,810 | 12,593 | |
Schweitzer-Mauduit International Inc. | 171,597 | 12,072 | |
Carpenter Technology Corp. | 432,736 | 11,662 | |
HB Fuller Co. | 480,499 | 10,931 | |
Eagle Materials Inc. | 406,622 | 10,593 | |
Schnitzer Steel Industries Inc. | 216,682 | 10,336 | |
* | Rockwood Holdings Inc. | 438,315 | 10,327 |
Minerals Technologies Inc. | 185,292 | 10,093 | |
* | OM Group Inc. | 303,748 | 9,535 |
* | Allied Nevada Gold Corp. | 608,858 | 9,182 |
* | PolyOne Corp. | 1,164,766 | 8,701 |
* | Louisiana-Pacific Corp. | 1,213,023 | 8,467 |
* | Century Aluminum Co. | 508,463 | 8,232 |
Worthington Industries Inc. | 625,873 | 8,180 | |
Texas Industries Inc. | 232,471 | 8,134 | |
Arch Chemicals Inc. | 238,673 | 7,370 | |
* | Calgon Carbon Corp. | 509,857 | 7,087 |
AMCOL International Corp. | 242,685 | 6,897 | |
* | RTI International Metals Inc. | 264,599 | 6,660 |
Kaiser Aluminum Corp. | 149,646 | 6,228 | |
* | Stillwater Mining Co. | 646,103 | 6,125 |
Balchem Corp. | 177,982 | 5,964 | |
Deltic Timber Corp. | 122,752 | 5,669 | |
Wausau Paper Corp. | 477,307 | 5,537 | |
Glatfelter | 445,771 | 5,416 | |
* | Horsehead Holding Corp. | 414,695 | 5,287 |
Ferro Corp. | 638,017 | 5,257 | |
* | Omnova Solutions Inc. | 854,710 | 5,239 |
* | Clearwater Paper Corp. | 94,157 | 5,176 |
Koppers Holdings Inc. | 157,801 | 4,803 | |
Stepan Co. | 74,051 | 4,799 | |
A Schulman Inc. | 222,108 | 4,482 | |
Olympic Steel Inc. | 131,566 | 4,286 | |
* | Graphic Packaging Holding Co. | 1,152,513 | 3,999 |
* | Buckeye Technologies Inc. | 409,032 | 3,992 |
Westlake Chemical Corp. | 147,047 | 3,666 | |
Innophos Holdings Inc. | 156,946 | 3,608 | |
Zep Inc. | 207,353 | 3,591 | |
Haynes International Inc. | 108,364 | 3,573 | |
Spartech Corp. | 310,950 | 3,190 | |
* | Brush Engineered Materials Inc. | 167,585 | 3,107 |
* | AEP Industries Inc. | 78,834 | 3,018 |
* | Headwaters Inc. | 417,207 | 2,720 |
*,^ | Zoltek Cos. Inc. | 277,760 | 2,639 |
Neenah Paper Inc. | 169,545 | 2,365 | |
Quaker Chemical Corp. | 112,007 | 2,312 | |
Myers Industries Inc. | 248,516 | 2,262 | |
^ | Hawkins Inc. | 102,174 | 2,230 |
* | US Gold Corp. | 886,796 | 2,199 |
ICO Inc. | 259,338 | 1,896 | |
* | Boise Inc. | 351,814 | 1,868 |
Innospec Inc. | 184,081 | 1,857 | |
AM Castle & Co. | 133,714 | 1,831 | |
* | LSB Industries Inc. | 107,573 | 1,517 |
* | US Energy Corp. Wyoming | 243,408 | 1,443 |
American Vanguard Corp. | 170,533 | 1,415 | |
*,^ | China Green Agriculture Inc. | 95,254 | 1,400 |
* | Landec Corp. | 206,842 | 1,291 |
Penford Corp. | 107,302 | 932 | |
* | American Pacific Corp. | 118,638 | 919 |
* | Universal Stainless & Alloy | 48,644 | 917 |
*,^ | Altair Nanotechnologies Inc. | 1,024,234 | 901 |
Great Northern Iron Ore Properties | 9,328 | 877 | |
* | KapStone Paper and Packaging Corp. | 87,789 | 865 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||
Value | |||
Shares | ($000) | ||
* | Bway Holding Co. | 44,433 | 854 |
* | Mercer International Inc. | 266,983 | 822 |
* | Ampal American Israel Class A | 301,356 | 814 |
* | Senomyx Inc. | 198,113 | 747 |
* | General Moly Inc. | 353,567 | 735 |
* | United States Lime & Minerals Inc. | 20,053 | 692 |
*,^ | ShengdaTech Inc. | 111,738 | 685 |
* | US Concrete Inc. | 524,719 | 478 |
* | Georgia Gulf Corp. | 27,198 | 473 |
* | China Direct Industries Inc. | 347,442 | 403 |
* | Nanophase Technologies Corp. | 326,953 | 285 |
*,^ | General Steel Holdings Inc. | 56,400 | 249 |
*,^ | Flotek Industries Inc. | 145,589 | 195 |
* | China Precision Steel Inc. | 26,400 | 54 |
* | Rock of Ages Corp. | 17,900 | 53 |
* | Continental Materials Corp. | 3,500 | 39 |
* | Solitario Exploration & Royalty Corp. | 9,300 | 22 |
4,719,671 | |||
Telecommunication Services (2.9%) | |||
AT&T Inc. | 57,781,566 | 1,619,617 | |
Verizon Communications Inc. | 27,819,530 | 921,661 | |
* | American Tower Corp. Class A | 3,864,921 | 167,003 |
* | Crown Castle International Corp. | 2,855,666 | 111,485 |
CenturyTel Inc. | 2,913,837 | 105,510 | |
* | Sprint Nextel Corp. | 28,535,908 | 104,441 |
Qwest Communications International Inc. | 15,223,943 | 64,093 | |
* | NII Holdings Inc. | 1,629,234 | 54,710 |
Windstream Corp. | 4,289,656 | 47,143 | |
* | SBA Communications Corp. Class A | 1,029,618 | 35,172 |
* | tw telecom inc Class A | 1,464,994 | 25,110 |
* | Level 3 Communications Inc. | 16,069,432 | 24,586 |
Frontier Communications Corp. | 3,069,765 | 23,975 | |
Telephone & Data Systems Inc. | 682,402 | 23,147 | |
* | MetroPCS Communications Inc. | 2,426,200 | 18,512 |
* | Syniverse Holdings Inc. | 643,209 | 11,243 |
* | Leap Wireless International Inc. | 608,479 | 10,679 |
Telephone & Data Systems Inc. - Special Common Shares | 276,035 | 8,336 | |
* | Cincinnati Bell Inc. | 2,240,385 | 7,729 |
* | United States Cellular Corp. | 179,395 | 7,608 |
* | AboveNet Inc. | 111,998 | 7,284 |
Iowa Telecommunications Services Inc. | 381,438 | 6,393 | |
NTELOS Holdings Corp. | 339,417 | 6,048 | |
* | Neutral Tandem Inc. | 225,038 | 5,120 |
Shenandoah Telecommunications Co. | 227,764 | 4,635 | |
* | Premiere Global Services Inc. | 552,210 | 4,556 |
Atlantic Tele-Network Inc. | 75,719 | 4,165 | |
* | PAETEC Holding Corp. | 997,708 | 4,140 |
Consolidated Communications Holdings Inc. | 235,641 | 4,124 | |
* | Cogent Communications Group Inc. | 340,163 | 3,354 |
Alaska Communications Systems Group Inc. | 390,602 | 3,117 | |
* | Cbeyond Inc. | 192,259 | 3,028 |
* | Global Crossing Ltd. | 206,478 | 2,942 |
HickoryTech Corp. | 258,093 | 2,279 | |
* | General Communication Inc. Class A | 343,500 | 2,192 |
USA Mobility Inc. | 191,697 | 2,111 | |
*,^ | Vonage Holdings Corp. | 1,212,307 | 1,697 |
* | ICO Global Communications Holdings Ltd. | 1,190,602 | 1,286 |
* | SureWest Communications | 115,235 | 1,148 |
*,^ | 8x8 Inc. | 727,852 | 1,099 |
Warwick Valley Telephone Co. | 75,230 | 982 | |
*,^ | TerreStar Corp. | 889,716 | 836 |
* | Arbinet Corp. | 327,727 | 813 |
*,^ | FiberTower Corp. | 115,689 | 484 |
* | Globalstar Inc. | 438,871 | 382 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | ||
Value | ||
Shares | ($000) | |
* IDT Corp. Class B | 75,185 | 365 |
* IDT Corp. | 21,611 | 82 |
3,466,422 | ||
Utilities (3.8%) | ||
Exelon Corp. | 6,454,777 | 315,445 |
Southern Co. | 7,796,144 | 259,768 |
Dominion Resources Inc. | 5,829,602 | 226,888 |
Duke Energy Corp. | 12,699,473 | 218,558 |
FPL Group Inc. | 3,828,259 | 202,209 |
Public Service Enterprise Group Inc. | 4,955,390 | 164,767 |
American Electric Power Co. Inc. | 4,669,529 | 162,453 |
PG&E Corp. | 3,630,380 | 162,096 |
Entergy Corp. | 1,917,519 | 156,930 |
FirstEnergy Corp. | 2,985,418 | 138,673 |
Sempra Energy | 2,284,603 | 127,892 |
Consolidated Edison Inc. | 2,697,128 | 122,531 |
PPL Corp. | 3,693,447 | 119,335 |
Progress Energy Inc. | 2,739,728 | 112,356 |
Edison International | 3,036,297 | 105,602 |
Xcel Energy Inc. | 4,471,412 | 94,883 |
* AES Corp. | 6,538,393 | 87,026 |
Questar Corp. | 1,708,695 | 71,030 |
DTE Energy Co. | 1,612,727 | 70,299 |
Ameren Corp. | 2,291,375 | 64,044 |
Constellation Energy Group Inc. | 1,771,217 | 62,294 |
* NRG Energy Inc. | 2,602,537 | 61,446 |
Wisconsin Energy Corp. | 1,146,626 | 57,136 |
EQT Corp. | 1,220,139 | 53,589 |
CenterPoint Energy Inc. | 3,603,552 | 52,288 |
Northeast Utilities | 1,718,840 | 44,329 |
Oneok Inc. | 982,407 | 43,786 |
SCANA Corp. | 1,142,643 | 43,055 |
NiSource Inc. | 2,700,045 | 41,527 |
MDU Resources Group Inc. | 1,715,907 | 40,495 |
Allegheny Energy Inc. | 1,663,588 | 39,061 |
NSTAR | 1,048,401 | 38,581 |
American Water Works Co. Inc. | 1,713,604 | 38,402 |
* Calpine Corp. | 3,470,682 | 38,178 |
Pepco Holdings Inc. | 2,165,700 | 36,492 |
Pinnacle West Capital Corp. | 993,597 | 36,346 |
National Fuel Gas Co. | 709,527 | 35,476 |
CMS Energy Corp. | 2,248,454 | 35,211 |
OGE Energy Corp. | 947,392 | 34,949 |
Alliant Energy Corp. | 1,086,757 | 32,885 |
TECO Energy Inc. | 1,995,078 | 32,360 |
Integrys Energy Group Inc. | 750,963 | 31,533 |
DPL Inc. | 1,139,135 | 31,440 |
Energen Corp. | 669,304 | 31,323 |
NV Energy Inc. | 2,305,539 | 28,543 |
AGL Resources Inc. | 759,410 | 27,696 |
Atmos Energy Corp. | 906,151 | 26,641 |
UGI Corp. | 1,065,074 | 25,764 |
Great Plains Energy Inc. | 1,327,979 | 25,750 |
ITC Holdings Corp. | 490,878 | 25,570 |
Aqua America Inc. | 1,336,497 | 23,402 |
Westar Energy Inc. | 1,067,162 | 23,179 |
* Mirant Corp. | 1,425,031 | 21,760 |
* RRI Energy Inc. | 3,449,217 | 19,730 |
Piedmont Natural Gas Co. Inc. | 717,886 | 19,203 |
Hawaiian Electric Industries Inc. | 901,446 | 18,840 |
Nicor Inc. | 444,969 | 18,733 |
Vectren Corp. | 757,757 | 18,701 |
WGL Holdings Inc. | 493,991 | 16,568 |
Cleco Corp. | 595,481 | 16,275 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Market | |||||
Value | |||||
Shares | ($000) | ||||
New Jersey Resources Corp. | 414,052 | 15,486 | |||
Portland General Electric Co. | 738,052 | 15,064 | |||
IDACORP Inc. | 463,351 | 14,804 | |||
Southwest Gas Corp. | 441,424 | 12,594 | |||
Northwest Natural Gas Co. | 261,651 | 11,785 | |||
Avista Corp. | 537,131 | 11,597 | |||
Unisource Energy Corp. | 351,210 | 11,305 | |||
South Jersey Industries Inc. | 292,341 | 11,162 | |||
PNM Resources Inc. | 852,101 | 10,779 | |||
Black Hills Corp. | 382,360 | 10,182 | |||
Allete Inc. | 285,326 | 9,324 | |||
NorthWestern Corp. | 355,697 | 9,255 | |||
* | Dynegy Inc. Class A | 4,989,770 | 9,031 | ||
* | El Paso Electric Co. | 443,363 | 8,991 | ||
Laclede Group Inc. | 241,437 | 8,153 | |||
MGE Energy Inc. | 227,932 | 8,146 | |||
Ormat Technologies Inc. | 200,986 | 7,605 | |||
UIL Holdings Corp. | 260,079 | 7,303 | |||
California Water Service Group | 195,594 | 7,202 | |||
CH Energy Group Inc. | 150,293 | 6,390 | |||
American States Water Co. | 172,862 | 6,121 | |||
Empire District Electric Co. | 322,229 | 6,035 | |||
SJW Corp. | 154,897 | 3,496 | |||
Middlesex Water Co. | 191,984 | 3,385 | |||
Chesapeake Utilities Corp. | 102,352 | 3,280 | |||
Connecticut Water Service Inc. | 132,401 | 3,280 | |||
Central Vermont Public Service Corp. | 104,872 | 2,181 | |||
Consolidated Water Co. Ltd. | 141,391 | 2,020 | |||
Unitil Corp. | 63,747 | 1,465 | |||
York Water Co. | 89,559 | 1,300 | |||
Southwest Water Co. | 217,106 | 1,279 | |||
Maine & Maritimes Corp. | 29,984 | 1,043 | |||
* | Cadiz Inc. | 50,722 | 607 | ||
Artesian Resources Corp. Class A | 20,422 | 374 | |||
* | China Natural Gas Inc. | 23,614 | 263 | ||
Pennichuck Corp. | 11,596 | 245 | |||
* | Purecycle Corp. | 24,735 | 71 | ||
RGC Resources Inc. | 1,055 | 31 | |||
* | Synthesis Energy Systems Inc. | 33,393 | 31 | ||
4,573,987 | |||||
Total Common Stocks (Cost $121,178,425) | 119,811,554 | ||||
Market | |||||
Value | |||||
Coupon | Shares | ($000) | |||
Convertible Preferred Stocks (0.0%) | |||||
Consumer Discretionary (0.0%) | |||||
2 | Sealy Corp. Pfd. (Cost $789) | 8.000% | 7,216 | 617 | |
Temporary Cash Investments (0.6%)1 | |||||
Money Market Fund (0.6%) | |||||
3,4 | Vanguard Market Liquidity Fund | 0.187% | 666,333,103 | 666,333 | |
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
U.S. Government and Agency Obligations (0.0%) | |||||
5,6 | Freddie Mac Discount Notes | 0.260% | 2/22/10 | 10,000 | 9,999 |
5,6 | Freddie Mac Discount Notes | 0.205% | 6/2/10 | 4,000 | 3,997 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
December 31, 2009
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
5,6 Freddie Mac Discount Notes | 0.230% | 6/21/10 | 7,000 | 6,993 |
20,989 | ||||
Total Temporary Cash Investments (Cost $687,318) | 687,322 | |||
Total Investments (100.4%) (Cost $121,866,532) | 120,499,493 | |||
Other Assets and Liabilities—Net (-0.4%)4 | (486,144) | |||
Net Assets (100%) | 120,013,349 |
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $435,174,000.
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 0.4%, respectively, of net
assets.
2 Non-income producing security - new issue that has not paid a dividend as of December 31, 2009.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
4 Includes $484,894,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the U.S. government.
6 Securities with a value of $20,989,000 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 Funds and the Shareholders of Vanguard Total Stock 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 Total Stock Market Index Fund (constituting a separate portfolio of Vanguard Index Funds, hereafter referred to as the “Fund”) as of December 31, 2009 and for the year then ended and have issued our unqualified report thereon dated February 10, 2010. Our audit included an audit of the Fund’s schedule of investments as of December 31, 2009. 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 10, 2010
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© 2010 Vanguard Group. Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA850 022010
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Charles D. Ellis, Rajiv L. Gupta, JoAnn Heffernan Heisen, André F. Perold, and Alfred M. Rankin, Jr.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended December 31, 2009: $328,000
Fiscal Year Ended December 31, 2008: $324,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2009: $3,354,640
Fiscal Year Ended December 31, 2008: $3,055,590
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2009: $876,210
Fiscal Year Ended December 31, 2008: $626,240
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, 2009: $423,070
Fiscal Year Ended December 31, 2008: $230,400
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, 2009: $0
Fiscal Year Ended December 31, 2008: $0
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, the Chairman 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 (4) 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, 2009: $423,070
Fiscal Year Ended December 31, 2008: $230,400
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: Not Applicable.
Item 6: Not Applicable.
Item 7: Not Applicable.
Item 8: Not Applicable.
Item 9: Not Applicable.
Item 10: Not Applicable.
Item 11: 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 12: 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: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: February 22, 2010 |
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: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: February 22, 2010 | |
VANGUARD INDEX FUNDS | |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: February 22, 2010 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on July 24, 2009, see file Number
2-88373, and a Power of Attorney filed on October 16, 2009, see File Number 2-52698,
both Incorporated by Reference.