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: 811-02652 | ||
Name of Registrant: | Vanguard Index Funds | |
Address of Registrant: | P.O. Box 2600 | |
Valley Forge, PA 19482 | ||
Name and address of agent for service: | Anne E. Robinson, 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, 2017 – December 31, 2017 | ||
Item 1: Reports to Shareholders |
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/indexfundrevisedx1x1.jpg)
Annual Report | December 31, 2017
Vanguard 500 Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds.
Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 3 |
Results of Proxy Voting. | 7 |
Fund Profile. | 9 |
Performance Summary. | 11 |
Financial Statements. | 13 |
Your Fund’s After-Tax Returns. | 34 |
About Your Fund’s Expenses. | 35 |
Glossary. | 37 |
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.
About the cover: Nautical images have been part of Vanguard’s rich heritage since its start in 1975. For an
incoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to put
you first––and light the way––as you strive to meet your financial goals. Our client focus and low costs,
stemming from our unique ownership structure, assure that your interests are paramount.
Your Fund’s Performance at a Glance
• U.S. stocks hit record highs in 2017 as investors welcomed tax legislation, strong corporate profits, low unemployment, and solid economic growth.
• In this environment, Vanguard 500 Index Fund returned nearly 22% for the 12 months ended December 31, 2017, closely tracking its target index, the Standard & Poor’s 500 Index. The fund, which provides exposure to the stocks of the largest U.S. companies, outpaced the average return of peer funds.
• Among sectors, information technology, health care, and financial stocks were strong performers. Telecommunication services and energy stocks notched modestly negative returns.
• For the ten years ended December 31, the 500 Index Fund recorded an average annual return of 8.37% for Investor Shares, closely tracking its target index. The fund’s return was more than a percentage point better than the average annual return of peer funds.
Total Returns: Fiscal Year Ended December 31, 2017 | |
Total | |
Returns | |
Vanguard 500 Index Fund | |
Investor Shares | 21.67% |
ETF Shares | |
Market Price | 21.74 |
Net Asset Value | 21.78 |
Admiral™ Shares | 21.79 |
Institutional Select Shares | 21.83 |
S&P 500 Index | 21.83 |
Large-Cap Core Funds Average | 20.42 |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Select
Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard
ETF® Shares shown are traded on the NYSE Arca exchange and are available only through brokers. The table provides ETF returns based
on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573;
8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock
Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about
how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the
Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market
price was above or below the NAV.
1
Total Returns: Ten Years Ended December 31, 2017 | |
Average | |
Annual Return | |
500 Index Fund Investor Shares | 8.37% |
S&P 500 Index | 8.50 |
Large-Cap Core Funds Average | 7.03 |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
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 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.
Expense Ratios | |||||
Your Fund Compared With Its Peer Group | |||||
Investor | ETF | Admiral | Institutional | Peer Group | |
Shares | Shares | Shares | Select Shares | Average | |
500 Index Fund | 0.14% | 0.04% | 0.04% | 0.01% | 1.07% |
The fund expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the fund’s expense ratios were 0.14% for Investor Shares, 0.04% for ETF Shares, 0.04% for
Admiral Shares, and 0.01% for Institutional Select Shares. The peer-group expense ratio is derived from data provided by Lipper, a
Thomson Reuters Company, and captures information through year-end 2016.
Peer group: Large-Cap Core Funds.
2
Chairman’s Perspective
Bill McNabb
Chairman
Dear Shareholder,
Lately I’ve been asked a lot about my legacy. And candidly, that phrase bugs me—it isn’t my legacy. Vanguard’s success is a result of thousands of my colleagues committing to a clear mission: helping investors achieve their financial goals.
The reason the topic has come up is that on December 31, 2017, I officially stepped down as Vanguard’s CEO after almost a decade in that role. I’ll remain chairman for a period to be determined by the board of directors. Tim Buckley, who was previously Vanguard’s president and chief investment officer, was elected CEO. I can’t think of a better successor.
I’ve spent 32 years at Vanguard—almost my entire professional life—and during that time I’ve had the good fortune of working with smart, principled colleagues from across the world. I’ve learned from each of them.
In particular, I would like to thank Jack Bogle, our founder, who took a chance on me when I was a young business school graduate, and Jack Brennan, my predecessor as CEO, who constantly challenged me with new roles and responsibilities.
3
When you’re just starting out, there is nothing quite like getting votes of confidence from people you respect.
The short list
A milestone like this naturally brings about some reflection. With that in mind, here’s a tally—by no means exhaustive—of the accomplishments that we at Vanguard are proud of:
Low costs. Over the last decade, we cut our average asset-weighted expense ratio by about 50%.1 This isn’t a result of some contrived price war. Since its founding, Vanguard has emphasized the benefits of low-cost investing. As Jack Bogle once said: “The honest steward who charges least, wins most. But not for himself; for those investors who entrust their assets to his care. It is not all that complicated.”
Global diversification. Through our thought leadership and investment options, such as our target-date funds, Vanguard has encouraged clients to obtain exposure to international markets.
Global diversification isn’t just about helping to control risk—it can also be a way of expanding your set of opportunities and harnessing the potential of all markets.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2017 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 21.69% | 11.23% | 15.71% |
Russell 2000 Index (Small-caps) | 14.65 | 9.96 | 14.12 |
Russell 3000 Index (Broad U.S. market) | 21.13 | 11.12 | 15.58 |
FTSE All-World ex US Index (International) | 27.11 | 8.27 | 7.19 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 3.54% | 2.24% | 2.10% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 5.45 | 2.98 | 3.02 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.84 | 0.37 | 0.23 |
CPI | |||
Consumer Price Index | 2.11% | 1.64% | 1.43% |
1 Source: Vanguard calculation, based on data from Morningstar, Inc., as of December 31, 2016.
4
I’ve been glad to see more and more clients embracing global diversification. I believe this trend will continue as Vanguard’s way of investing takes hold in international markets.
Affordable advice. In the wake of the 2008–2009 Global Financial Crisis, we began working on a new advice model. In 2015, we launched Vanguard Personal Advisor Services®, a hybrid advice offering that delivers value through a combination of a professional advisor and powerful digital technology at a competitive price.
Across the industry, we’ve seen the cost of providing advice coming down. Traditional advisors are embracing low-cost investments, and that, in turn, helps them reduce costs for their own clients. This is a trend that all of us at Vanguard would like to see continue.
Great people. I’ve interacted with hundreds of companies of all sizes and in all industries, and the one quality that sets Vanguard apart from most of them is our emphasis on people. It’s a testament to our culture that colleagues spend 15, 20, or, as in my case, more than 30 years of their professional lives here. Investors benefit because we have consistent, experienced fund management teams and a deep bench of talent that ensures that things go smoothly when it’s time for a transition.
We’ve done a great job attracting new talent, too. We made some notable additions to senior management in the last two years, and we’re continuously grooming our next generation of leaders.
Ready for what comes next
When I was contemplating coming to work at Vanguard, I sat down with my rowing coach at his home in Philadelphia. Over cheesesteaks, he told me that the most important thing was to work for a company that had the same values I held deeply. He was like a second father to me, so I trusted his judgment at a time when I wasn’t so sure about my own. Back then, I never could have anticipated the success Vanguard would have in the coming decades.
I’m no better at predicting the future now. Vanguard has enjoyed significant growth in the last few years, and that presents its own unique set of challenges and opportunities, such as the role we’re playing in advocating for better corporate governance among companies our funds invest in. And the asset management industry is confronting significant changes brought on by technology, shifting demographics, and new regulations.
Although the future is uncertain, I’m confident that Vanguard is well-prepared to tackle whatever comes its way. And one thing I’m sure of: There are big parts of the world that would be well-served by our way of investing.
5
It’s humbling to think about the impact the work we do at Vanguard has on clients who are trying to raise a family, buy a first home, save for college, or prepare for retirement. I’ve always tried to make decisions with investors’ best interests in mind. It has been a privilege working with people who hold to that same ideal.
Thank you for entrusting us with your assets.
Sincerely,
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F. William McNabb III
Chairman
January 1, 2018
6
Results of Proxy Voting
At a special meeting of shareholders on November 15, 2017, fund shareholders approved the
following proposals:
Proposal 1—Elect trustees for the fund.*
The individuals listed in the table below were elected as trustees for the fund. All trustees with the exception of Ms. Mulligan, Ms. Raskin, and Mr. Buckley (each of whom already serves as a director of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Percentage | |||
Trustee | For | Withheld | For |
Mortimer J. Buckley | 10,555,505,764 | 302,858,072 | 97.2% |
Emerson U. Fullwood | 10,550,271,249 | 308,092,588 | 97.2% |
Amy Gutmann | 10,549,661,393 | 308,702,444 | 97.2% |
JoAnn Heffernan Heisen | 10,561,362,394 | 297,001,443 | 97.3% |
F. Joseph Loughrey | 10,550,135,548 | 308,228,289 | 97.2% |
Mark Loughridge | 10,554,054,699 | 304,309,138 | 97.2% |
Scott C. Malpass | 10,546,031,165 | 312,332,672 | 97.1% |
F. William McNabb III | 10,544,013,615 | 314,350,222 | 97.1% |
Deanna Mulligan | 10,560,536,084 | 297,827,753 | 97.3% |
André F. Perold | 10,509,222,915 | 349,140,922 | 96.8% |
Sarah Bloom Raskin | 10,554,241,538 | 304,122,299 | 97.2% |
Peter F. Volanakis | 10,551,315,296 | 307,048,541 | 97.2% |
* Results are for all funds within the same trust. |
Proposal 2—Approve a manager-of-managers arrangement with third-party investment advisors.
This arrangement enables the fund to enter into and materially amend investment advisory arrangements with third-party investment advisors, subject to the approval of the fund’s board of trustees and certain conditions imposed by the Securities and Exchange Commission, while avoiding the costs and delays associated with obtaining future shareholder approval.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
500 Index Fund | 896,264,163 | 41,278,171 | 41,515,030 | 154,428,376 | 79.1% |
7
Proposal 3—Approve a manager-of-managers arrangement with wholly owned subsidiaries of Vanguard.
This arrangement enables Vanguard or the fund to enter into and materially amend investment advisory arrangements with wholly owned subsidiaries of Vanguard, subject to the approval of the fund’s board of trustees and any conditions imposed by the Securities and Exchange Commission (SEC), while avoiding the costs and delays associated with obtaining future shareholder approval. The ability of the fund to operate in this manner is contingent upon the SEC’s approval of a pending application for an order of exemption.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
500 Index Fund | 905,109,429 | 39,620,007 | 34,327,928 | 154,428,376 | 79.9% |
Fund shareholders did not approve the following proposal:
Proposal 7—Institute transparent procedures to avoid holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. Such procedures may include time-limited engagement with problem companies if management believes that their behavior can be changed.
The trustees recommended a vote against the proposal for the following reasons: (1) Vanguard is fully compliant with all applicable U.S. laws and regulations that prohibit the investment in any company owned or controlled by the government of Sudan; (2) the addition of further investment constraints is not in fund shareholders’ best interests if those constraints are unrelated to a fund’s stated investment objective, policies, and strategies; and (3) divestment is an ineffective means to implement social change as it often puts the shares into the hands of another owner with no direct impact to the company’s capitalization.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
500 Index Fund | 172,217,294 | 49,780,031 | 757,060,039 | 154,428,376 | 15.2% |
8
500 Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | ||||
Investor | Admiral | Institutional | ||
Shares | ETF Shares | Shares | Select Shares | |
Ticker Symbol | VFINX | VOO | VFIAX | VFFSX |
Expense Ratio1 | 0.14% | 0.04% | 0.04% | 0.01% |
30-Day SEC Yield | 1.77% | 1.87% | 1.86% | 1.89%% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Market | |||
S&P 500 | FA | ||
Fund | Index | Index | |
Number of Stocks | 506 | 505 | 3,775 |
Median Market Cap | $94.4B | $94.4B | $66.8B |
Price/Earnings Ratio | 23.2x | 23.2x | 22.8x |
Price/Book Ratio | 3.2x | 3.2x | 3.0x |
Return on Equity | 16.0% | 16.0% | 15.1% |
Earnings Growth Rate | 9.6% | 9.6% | 9.9% |
Dividend Yield | 1.8% | 1.8% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 3% | — | — |
Short-Term Reserves | 0.0% | — | — |
Sector Diversification (% of equity exposure) | |||
DJ | |||
U.S. Total | |||
S&P 500 | Market | ||
Fund | Index | FA Index | |
Consumer | |||
Discretionary | 12.2% | 12.2% | 12.6% |
Consumer Staples | 8.2 | 8.2 | 7.3 |
Energy | 6.1 | 6.1 | 5.8 |
Financials | 14.8 | 14.8 | 15.1 |
Health Care | 13.8 | 13.8 | 13.3 |
Industrials | 10.2 | 10.2 | 10.9 |
Information | |||
Technology | 23.8 | 23.8 | 22.8 |
Materials | 3.0 | 3.0 | 3.4 |
Real Estate | 2.9 | 2.9 | 3.9 |
Telecommunication | |||
Services | 2.1 | 2.1 | 1.9 |
Utilities | 2.9 | 2.9 | 3.0 |
Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.
Volatility Measures | ||
DJ | ||
U.S. Total | ||
S&P 500 | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.99 |
Beta | 1.00 | 0.98 |
These measures show the degree and timing of the fund’s | ||
fluctuations compared with the indexes over 36 months. |
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.14% for Investor Shares, 0.04% for ETF Shares, 0.04% for Admiral
Shares, and 0.01% for Institutional Select Shares.
9
500 Index Fund
Ten Largest Holdings (% of total net assets) | ||
Apple Inc. | Technology | |
Hardware, Storage & | ||
Peripherals | 3.8% | |
Microsoft Corp. | Systems Software | 2.9 |
Alphabet Inc. | Internet Software & | |
Services | 2.7 | |
Amazon.com Inc. | Internet & Direct | |
Marketing Retail | 2.0 | |
Facebook Inc. | Internet Software & | |
Services | 1.8 | |
Berkshire Hathaway Inc. | Multi-Sector | |
Holdings | 1.7 | |
Johnson & Johnson | Pharmaceuticals | 1.6 |
JPMorgan Chase & Co. | Diversified Banks | 1.6 |
Exxon Mobil Corp. | Integrated Oil & Gas | 1.5 |
Bank of America Corp. | Diversified Banks | 1.3 |
Top Ten | 20.9% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/indexfundrevisedx12x1.jpg)
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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/indexfundrevisedx13x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
500 Index Fund*Investor Shares | 21.67% | 15.62% | 8.37% | $22,342 | |
• • • • • • • • | S&P 500 Index | 21.83 | 15.79 | 8.50 | 22,603 |
– – – – | Large-Cap Core Funds Average | 20.42 | 13.98 | 7.03 | 19,720 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 | |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (9/7/2010) | Investment | |
500 Index Fund | ||||
ETF Shares Net Asset Value | 21.78% | 15.75% | 15.40% | $28,508 |
S&P 500 Index | 21.83 | 15.79 | 15.44 | 28,578 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 15.33 | 28,389 |
"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards. |
See Financial Highlights for dividend and capital gains information.
11
500 Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
500 Index Fund Admiral Shares | 21.79% | 15.75% | 8.49% | $22,586 |
S&P 500 Index | 21.83 | 15.79 | 8.50 | 22,603 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
Since | Final Value | ||
One | Inception | of a $5,000,000,000 | |
Year | (6/24/2016) | Investment | |
500 Index Fund Institutional Select Shares | 21.83% | 22.07% | $6,769,029,782 |
S&P 500 Index | 21.83 | 22.06 | 6,768,592,454 |
Dow Jones U.S. Total Stock Market Float | |||
Adjusted Index | 21.16 | 22.23 | 6,782,952,894 |
"Since Inception" performance is calculated from the Institutional Select Shares’ inception date for both the fund and its comparative | |||
standards. |
Cumulative Returns of ETF Shares: September 7, 2010, Through December 31, 2017 | |||
Since | |||
One | Five | Inception | |
Year | Years | (9/7/2010) | |
500 Index Fund ETF Shares Market Price | 21.74% | 107.78% | 185.19% |
500 Index Fund ETF Shares Net Asset Value | 21.78 | 107.75 | 185.08 |
S&P 500 Index | 21.83 | 108.14 | 185.78 |
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/indexfundrevisedx14x1.jpg)
12
500 Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2017
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 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 (99.5%)1 | |||
Consumer Discretionary (12.2%) | |||
* | Amazon.com Inc. | 6,834,188 | 7,992,378 |
Home Depot Inc. | 19,953,673 | 3,781,820 | |
Comcast Corp. Class A | 79,701,872 | 3,192,060 | |
Walt Disney Co. | 25,806,456 | 2,774,452 | |
McDonald’s Corp. | 13,622,029 | 2,344,624 | |
* | Priceline Group Inc. | 833,321 | 1,448,095 |
* | Netflix Inc. | 7,394,298 | 1,419,409 |
NIKE Inc. Class B | 22,450,703 | 1,404,291 | |
Starbucks Corp. | 24,312,113 | 1,396,245 | |
Lowe’s Cos. Inc. | 14,230,150 | 1,322,550 | |
Time Warner Inc. | 13,304,244 | 1,216,939 | |
* | Charter | ||
Communications | |||
Inc. Class A | 3,313,546 | 1,113,219 | |
General Motors Co. | 21,840,682 | 895,250 | |
Ford Motor Co. | 66,657,073 | 832,547 | |
TJX Cos. Inc. | 10,871,102 | 831,204 | |
Marriott International | |||
Inc. Class A | 5,233,074 | 710,285 | |
Twenty-First Century | |||
Fox Inc. Class A | 18,017,487 | 622,144 | |
Target Corp. | 9,287,079 | 605,982 | |
Ross Stores Inc. | 6,588,547 | 528,731 | |
Yum! Brands Inc. | 5,758,743 | 469,971 | |
Carnival Corp. | 6,969,362 | 462,557 | |
* | Dollar Tree Inc. | 4,051,995 | 434,820 |
VF Corp. | 5,605,792 | 414,829 | |
Dollar General Corp. | 4,452,531 | 414,130 | |
* | Aptiv plc | 4,540,717 | 385,189 |
CBS Corp. Class B | 6,193,400 | 365,411 | |
* | O’Reilly Automotive Inc. | 1,452,408 | 349,362 |
Royal Caribbean | |||
Cruises Ltd. | 2,925,522 | 348,956 | |
* | AutoZone Inc. | 469,636 | 334,085 |
* | Mohawk Industries Inc. | 1,079,627 | 297,869 |
DR Horton Inc. | 5,831,300 | 297,805 |
Best Buy Co. Inc. | 4,345,199 | 297,516 | |
MGM Resorts | |||
International | 8,704,912 | 290,657 | |
Omnicom Group Inc. | 3,938,976 | 286,876 | |
Hilton Worldwide | |||
Holdings Inc. | 3,454,915 | 275,910 | |
Newell Brands Inc. | 8,374,700 | 258,778 | |
Twenty-First Century | |||
Fox Inc. | 7,497,428 | 255,812 | |
L Brands Inc. | 4,218,693 | 254,050 | |
Expedia Inc. | 2,100,605 | 251,589 | |
Genuine Parts Co. | 2,505,448 | 238,043 | |
Wynn Resorts Ltd. | 1,370,038 | 230,975 | |
* | Ulta Beauty Inc. | 997,210 | 223,036 |
Lennar Corp. Class A | 3,439,839 | 217,535 | |
Tapestry Inc. | 4,860,220 | 214,968 | |
* | LKQ Corp. | 5,280,721 | 214,767 |
Whirlpool Corp. | 1,228,342 | 207,148 | |
Darden Restaurants Inc. | 2,113,791 | 202,966 | |
Wyndham Worldwide | |||
Corp. | 1,731,875 | 200,672 | |
* | CarMax Inc. | 3,116,531 | 199,863 |
* | DISH Network Corp. | ||
Class A | 3,896,447 | 186,055 | |
Viacom Inc. Class B | 6,031,672 | 185,836 | |
PVH Corp. | 1,323,653 | 181,618 | |
Tiffany & Co. | 1,745,506 | 181,445 | |
Hasbro Inc. | 1,935,780 | 175,943 | |
BorgWarner Inc. | 3,387,785 | 173,082 | |
* | Michael Kors Holdings | ||
Ltd. | 2,597,147 | 163,490 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 3,043,464 | 162,064 | |
Tractor Supply Co. | 2,145,060 | 160,343 | |
Kohl’s Corp. | 2,879,631 | 156,162 | |
PulteGroup Inc. | 4,621,441 | 153,663 | |
^ | Harley-Davidson Inc. | 2,874,830 | 146,271 |
News Corp. Class A | 8,666,276 | 140,480 |
13
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Scripps Networks | |||
Interactive Inc. Class A | 1,641,428 | 140,145 | |
Goodyear Tire & Rubber | |||
Co. | 4,208,119 | 135,964 | |
Interpublic Group of | |||
Cos. Inc. | 6,638,983 | 133,842 | |
Macy’s Inc. | 5,204,497 | 131,101 | |
^ | Hanesbrands Inc. | 6,227,666 | 130,221 |
Gap Inc. | 3,720,863 | 126,733 | |
Advance Auto Parts Inc. | 1,262,764 | 125,885 | |
* | Chipotle Mexican Grill | ||
Inc. Class A | 424,465 | 122,683 | |
Garmin Ltd. | 1,896,673 | 112,985 | |
Leggett & Platt Inc. | 2,254,102 | 107,588 | |
Foot Locker Inc. | 2,120,308 | 99,400 | |
Ralph Lauren Corp. | |||
Class A | 947,167 | 98,212 | |
Nordstrom Inc. | 1,994,392 | 94,494 | |
H&R Block Inc. | 3,574,895 | 93,734 | |
^ | Mattel Inc. | 5,878,335 | 90,409 |
* | Discovery | ||
Communications Inc. | 3,483,634 | 73,749 | |
*,^ | TripAdvisor Inc. | 1,849,508 | 63,734 |
* | Discovery | ||
Communications Inc. | |||
Class A | 2,622,237 | 58,686 | |
^ | Signet Jewelers Ltd. | 1,034,502 | 58,501 |
*,^ | Under Armour Inc. | ||
Class A | 3,146,257 | 45,400 | |
*,^ | Under Armour Inc. | 3,174,712 | 42,287 |
Lennar Corp. Class B | 67,996 | 3,514 | |
47,584,089 | |||
Consumer Staples (8.2%) | |||
Procter & Gamble Co. | 43,534,177 | 3,999,920 | |
Coca-Cola Co. | 65,512,345 | 3,005,706 | |
PepsiCo Inc. | 24,294,669 | 2,913,417 | |
Philip Morris | |||
International Inc. | 26,531,183 | 2,803,020 | |
Wal-Mart Stores Inc. | 25,011,488 | 2,469,884 | |
Altria Group Inc. | 32,606,346 | 2,328,419 | |
Costco Wholesale | |||
Corp. | 7,466,573 | 1,389,679 | |
CVS Health Corp. | 17,308,759 | 1,254,885 | |
Colgate-Palmolive Co. | 15,003,843 | 1,132,040 | |
Mondelez International | |||
Inc. Class A | 25,532,798 | 1,092,804 | |
Walgreens Boots | |||
Alliance Inc. | 14,835,177 | 1,077,331 | |
Kraft Heinz Co. | 10,201,796 | 793,292 | |
Kimberly-Clark Corp. | 6,010,489 | 725,226 | |
Constellation Brands | |||
Inc. Class A | 2,943,594 | 672,817 | |
General Mills Inc. | 9,710,725 | 575,749 | |
Sysco Corp. | 8,189,288 | 497,335 |
Estee Lauder Cos. Inc. | |||
Class A | 3,825,371 | 486,740 | |
* | Monster Beverage | ||
Corp. | 7,035,777 | 445,294 | |
Kroger Co. | 15,203,013 | 417,323 | |
Tyson Foods Inc. | |||
Class A | 5,085,382 | 412,272 | |
Archer-Daniels- | |||
Midland Co. | 9,552,512 | 382,865 | |
Clorox Co. | 2,202,556 | 327,608 | |
Dr Pepper Snapple | |||
Group Inc. | 3,084,464 | 299,378 | |
Kellogg Co. | 4,249,704 | 288,895 | |
Hershey Co. | 2,409,956 | 273,554 | |
Conagra Brands Inc. | 6,980,036 | 262,938 | |
Molson Coors | |||
Brewing Co. Class B | 3,157,150 | 259,107 | |
JM Smucker Co. | 1,940,913 | 241,139 | |
Brown-Forman Corp. | |||
Class B | 3,345,828 | 229,758 | |
Church & Dwight Co. | |||
Inc. | 4,271,336 | 214,293 | |
McCormick & Co. Inc. | 2,046,620 | 208,571 | |
Hormel Foods Corp. | 4,598,935 | 167,355 | |
Coty Inc. Class A | 8,064,320 | 160,399 | |
Campbell Soup Co. | 3,288,458 | 158,208 | |
31,967,221 | |||
Energy (6.0%) | |||
Exxon Mobil Corp. | 72,405,266 | 6,055,976 | |
Chevron Corp. | 32,456,002 | 4,063,167 | |
Schlumberger Ltd. | 23,670,182 | 1,595,134 | |
ConocoPhillips | 20,429,077 | 1,121,352 | |
EOG Resources Inc. | 9,880,986 | 1,066,257 | |
Occidental Petroleum | |||
Corp. | 13,075,549 | 963,145 | |
Phillips 66 | 7,341,715 | 742,614 | |
Halliburton Co. | 14,908,554 | 728,581 | |
Valero Energy Corp. | 7,477,462 | 687,254 | |
Kinder Morgan Inc. | 32,819,060 | 593,040 | |
Marathon Petroleum | |||
Corp. | 8,346,057 | 550,673 | |
Pioneer Natural | |||
Resources Co. | 2,907,750 | 502,605 | |
Anadarko Petroleum | |||
Corp. | 9,349,899 | 501,529 | |
Williams Cos. Inc. | 14,129,925 | 430,821 | |
* | Concho Resources Inc. | 2,540,082 | 381,571 |
Devon Energy Corp. | 8,976,061 | 371,609 | |
ONEOK Inc. | 6,549,754 | 350,084 | |
Andeavor | 2,449,367 | 280,061 | |
Apache Corp. | 6,508,424 | 274,786 | |
Marathon Oil Corp. | 14,518,961 | 245,806 | |
Noble Energy Inc. | 8,315,327 | 242,309 | |
EQT Corp. | 4,183,882 | 238,147 |
14
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
TechnipFMC plc | 7,492,960 | 234,605 | |
National Oilwell Varco | |||
Inc. | 6,495,249 | 233,959 | |
Baker Hughes a GE Co. | 7,317,364 | 231,521 | |
Cabot Oil & Gas Corp. | 7,904,026 | 226,055 | |
Hess Corp. | 4,615,787 | 219,111 | |
Cimarex Energy Co. | 1,628,335 | 198,673 | |
^ | Helmerich & Payne Inc. | 1,856,594 | 120,010 |
* | Newfield Exploration Co. | 3,398,720 | 107,162 |
Range Resources Corp. | 3,849,697 | 65,676 | |
*,^ | Chesapeake Energy | ||
Corp. | 15,521,320 | 61,464 | |
23,684,757 | |||
Financials (14.7%) | |||
JPMorgan Chase & Co. | 59,277,552 | 6,339,141 | |
* | Berkshire Hathaway | ||
Inc. Class B | 31,357,399 | 6,215,664 | |
Bank of America Corp. | 165,758,289 | 4,893,185 | |
Wells Fargo & Co. | 75,729,454 | 4,594,506 | |
Citigroup Inc. | 45,172,432 | 3,361,281 | |
Goldman Sachs | |||
Group Inc. | 5,994,151 | 1,527,070 | |
US Bancorp | 26,934,236 | 1,443,136 | |
Morgan Stanley | 23,782,460 | 1,247,866 | |
American Express Co. | 12,308,983 | 1,222,405 | |
PNC Financial Services | |||
Group Inc. | 8,128,892 | 1,172,918 | |
Chubb Ltd. | 7,932,675 | 1,159,202 | |
BlackRock Inc. | 2,109,574 | 1,083,709 | |
Charles Schwab Corp. | 20,387,188 | 1,047,290 | |
Bank of New York | |||
Mellon Corp. | 17,497,589 | 942,420 | |
American International | |||
Group Inc. | 15,361,045 | 915,211 | |
MetLife Inc. | 17,981,261 | 909,133 | |
CME Group Inc. | 5,814,653 | 849,230 | |
Prudential Financial Inc. | 7,245,197 | 833,053 | |
Capital One Financial | |||
Corp. | 8,281,345 | 824,656 | |
S&P Global Inc. | 4,357,415 | 738,146 | |
Marsh & McLennan | |||
Cos. Inc. | 8,721,150 | 709,814 | |
Intercontinental | |||
Exchange Inc. | 9,996,533 | 705,355 | |
BB&T Corp. | 13,478,131 | 670,133 | |
Allstate Corp. | 6,130,022 | 641,875 | |
Travelers Cos. Inc. | 4,676,943 | 634,381 | |
State Street Corp. | 6,336,481 | 618,504 | |
Aflac Inc. | 6,718,429 | 589,744 | |
Aon plc | 4,270,341 | 572,226 | |
Progressive Corp. | 9,938,322 | 559,726 | |
SunTrust Banks Inc. | 8,134,048 | 525,378 | |
Synchrony Financial | 12,570,932 | 485,364 | |
Discover Financial | |||
Services | 6,209,835 | 477,660 |
M&T Bank Corp. | 2,572,359 | 439,848 | |||
T. Rowe Price Group Inc. | 4,141,257 | 434,542 | |||
Ameriprise Financial Inc. | 2,528,308 | 428,472 | |||
Moody’s Corp. | 2,841,620 | 419,452 | |||
KeyCorp | 18,368,809 | 370,499 | |||
Northern Trust Corp. | 3,668,671 | 366,464 | |||
Fifth Third Bancorp | 12,052,389 | 365,669 | |||
Citizens Financial | |||||
Group Inc. | 8,404,055 | 352,802 | |||
Hartford Financial | |||||
Services Group Inc. | 6,093,435 | 342,939 | |||
Regions Financial Corp. | 19,814,935 | 342,402 | |||
Willis Towers Watson | |||||
plc | 2,255,332 | 339,856 | |||
Principal Financial | |||||
Group Inc. | 4,587,308 | 323,680 | |||
* | Berkshire Hathaway | ||||
Inc. Class A | 1,014 | 301,766 | |||
Lincoln National Corp. | 3,738,757 | 287,398 | |||
Huntington Bancshares | |||||
Inc. | 18,469,791 | 268,920 | |||
Comerica Inc. | 2,971,701 | 257,973 | |||
Invesco Ltd. | 6,953,734 | 254,089 | |||
Franklin Resources Inc. | 5,584,755 | 241,987 | |||
Cboe Global Markets | |||||
Inc. | 1,938,835 | 241,559 | |||
Loews Corp. | 4,715,387 | 235,911 | |||
* | E*TRADE Financial | ||||
Corp. | 4,625,957 | 229,309 | |||
Unum Group | 3,835,103 | 210,509 | |||
Raymond James | |||||
Financial Inc. | 2,195,878 | 196,092 | |||
Arthur J Gallagher & Co. | 3,089,008 | 195,472 | |||
Affiliated Managers | |||||
Group Inc. | 950,163 | 195,021 | |||
Cincinnati Financial Corp. | 2,551,562 | 191,291 | |||
Zions Bancorporation | 3,413,296 | 173,498 | |||
Torchmark Corp. | 1,833,951 | 166,358 | |||
Everest Re Group Ltd. | 701,522 | 155,219 | |||
XL Group Ltd. | 4,372,761 | 153,746 | |||
Nasdaq Inc. | 1,987,654 | 152,711 | |||
Leucadia National Corp. | 5,357,121 | 141,910 | |||
People’s United | |||||
Financial Inc. | 5,918,855 | 110,683 | |||
* | Brighthouse Financial | ||||
Inc. | 1,635,643 | 95,914 | |||
Assurant Inc. | 920,479 | 92,821 | |||
Navient Corp. | 4,483,475 | 59,720 | |||
57,645,884 | |||||
Health Care (13.7%) | |||||
Johnson & Johnson | 45,896,961 | 6,412,723 | |||
Pfizer Inc. | 101,851,362 | 3,689,056 | |||
UnitedHealth Group | |||||
Inc. | 16,558,928 | 3,650,581 | |||
AbbVie Inc. | 27,238,724 | 2,634,257 |
15
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Merck & Co. Inc. | 46,729,139 | 2,629,449 | |
Amgen Inc. | 12,404,032 | 2,157,061 | |
Medtronic plc | 23,124,672 | 1,867,317 | |
Bristol-Myers Squibb | |||
Co. | 27,964,205 | 1,713,646 | |
Abbott Laboratories | 29,741,780 | 1,697,363 | |
Gilead Sciences Inc. | 22,320,849 | 1,599,066 | |
* | Celgene Corp. | 13,453,235 | 1,403,980 |
Eli Lilly & Co. | 16,555,389 | 1,398,268 | |
Thermo Fisher | |||
Scientific Inc. | 6,851,951 | 1,301,048 | |
* | Biogen Inc. | 3,612,802 | 1,150,930 |
Aetna Inc. | 5,571,827 | 1,005,102 | |
Anthem Inc. | 4,387,323 | 987,192 | |
Danaher Corp. | 10,458,519 | 970,760 | |
Becton Dickinson and | |||
Co. | 4,527,947 | 969,252 | |
Allergan plc | 5,682,897 | 929,608 | |
Cigna Corp. | 4,212,097 | 855,435 | |
Stryker Corp. | 5,499,062 | 851,475 | |
* | Express Scripts Holding | ||
Co. | 9,677,552 | 722,332 | |
* | Intuitive Surgical Inc. | 1,914,566 | 698,702 |
* | Vertex Pharmaceuticals | ||
Inc. | 4,321,468 | 647,615 | |
Humana Inc. | 2,441,062 | 605,554 | |
Zoetis Inc. | 8,326,463 | 599,838 | |
* | Boston Scientific Corp. | 23,462,993 | 581,648 |
McKesson Corp. | 3,562,156 | 555,518 | |
Baxter International Inc. | 8,564,483 | 553,608 | |
* | Illumina Inc. | 2,494,808 | 545,091 |
* | Regeneron | ||
Pharmaceuticals Inc. | 1,316,380 | 494,906 | |
* | Alexion Pharmaceuticals | ||
Inc. | 3,817,909 | 456,584 | |
* | HCA Healthcare Inc. | 4,840,946 | 425,229 |
Zimmer Biomet | |||
Holdings Inc. | 3,460,629 | 417,594 | |
* | Edwards Lifesciences | ||
Corp. | 3,617,077 | 407,681 | |
* | Mylan NV | 9,166,930 | 387,853 |
Agilent Technologies | |||
Inc. | 5,497,327 | 368,156 | |
* | Cerner Corp. | 5,394,050 | 363,505 |
Cardinal Health Inc. | 5,374,144 | 329,274 | |
* | Centene Corp. | 2,946,481 | 297,241 |
* | Incyte Corp. | 2,992,557 | 283,425 |
* | Laboratory Corp. of | ||
America Holdings | 1,739,334 | 277,441 | |
* | Align Technology Inc. | 1,232,786 | 273,913 |
* | Mettler-Toledo | ||
International Inc. | 437,046 | 270,759 | |
* | Waters Corp. | 1,358,944 | 262,534 |
Dentsply Sirona Inc. | 3,924,485 | 258,349 |
AmerisourceBergen | |||
Corp. Class A | 2,756,928 | 253,141 | |
* | IQVIA Holdings Inc. | 2,487,889 | 243,564 |
* | IDEXX Laboratories Inc. | 1,490,106 | 233,023 |
Quest Diagnostics Inc. | 2,329,146 | 229,398 | |
ResMed Inc. | 2,424,197 | 205,305 | |
* | Hologic Inc. | 4,711,832 | 201,431 |
Perrigo Co. plc | 2,238,831 | 195,137 | |
* | Henry Schein Inc. | 2,682,910 | 187,482 |
* | DaVita Inc. | 2,587,786 | 186,968 |
Cooper Cos. Inc. | 836,714 | 182,303 | |
* | Varian Medical | ||
Systems Inc. | 1,565,694 | 174,027 | |
Universal Health | |||
Services Inc. Class B | 1,496,606 | 169,640 | |
PerkinElmer Inc. | 1,883,234 | 137,702 | |
* | Envision Healthcare | ||
Corp. | 2,067,279 | 71,445 | |
Patterson Cos. Inc. | 1,404,084 | 50,730 | |
53,679,215 | |||
Industrials (10.1%) | |||
Boeing Co. | 9,565,531 | 2,820,971 | |
General Electric Co. | 148,180,271 | 2,585,746 | |
3M Co. | 10,197,174 | 2,400,109 | |
Honeywell | |||
International Inc. | 13,016,816 | 1,996,259 | |
Union Pacific Corp. | 13,450,839 | 1,803,758 | |
United Technologies | |||
Corp. | 12,690,132 | 1,618,880 | |
Caterpillar Inc. | 10,165,766 | 1,601,921 | |
United Parcel Service | |||
Inc. Class B | 11,740,036 | 1,398,825 | |
Lockheed Martin Corp. | 4,262,607 | 1,368,510 | |
FedEx Corp. | 4,215,369 | 1,051,903 | |
General Dynamics Corp. | 4,744,813 | 965,332 | |
Raytheon Co. | 4,939,647 | 927,913 | |
Northrop Grumman | |||
Corp. | 2,974,543 | 912,917 | |
Illinois Tool Works Inc. | 5,267,734 | 878,921 | |
Deere & Co. | 5,465,430 | 855,395 | |
CSX Corp. | 15,271,443 | 840,082 | |
Emerson Electric Co. | 10,966,108 | 764,228 | |
Norfolk Southern Corp. | 4,889,458 | 708,483 | |
Delta Air Lines Inc. | 11,208,614 | 627,682 | |
Southwest Airlines Co. | 9,328,583 | 610,556 | |
Johnson Controls | |||
International plc | 15,672,618 | 597,284 | |
Eaton Corp. plc | 7,528,251 | 594,807 | |
Waste Management | |||
Inc. | 6,824,903 | 588,989 | |
Cummins Inc. | 2,666,043 | 470,930 | |
Parker-Hannifin Corp. | 2,276,582 | 454,360 | |
Roper Technologies Inc. | 1,749,218 | 453,048 |
16
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Stanley Black & Decker | |||
Inc. | 2,620,862 | 444,734 | |
Rockwell Automation | |||
Inc. | 2,196,231 | 431,230 | |
PACCAR Inc. | 6,009,372 | 427,146 | |
Ingersoll-Rand plc | 4,267,902 | 380,654 | |
American Airlines | |||
Group Inc. | 7,274,115 | 378,472 | |
Fortive Corp. | 5,224,286 | 377,977 | |
Rockwell Collins Inc. | 2,780,679 | 377,116 | |
* | United Continental | ||
Holdings Inc. | 4,302,808 | 290,009 | |
AMETEK Inc. | 3,948,340 | 286,136 | |
* | IHS Markit Ltd. | 6,207,107 | 280,251 |
Dover Corp. | 2,661,930 | 268,828 | |
Fastenal Co. | 4,910,538 | 268,557 | |
L3 Technologies Inc. | 1,335,128 | 264,155 | |
Republic Services Inc. | |||
Class A | 3,884,084 | 262,603 | |
* | Verisk Analytics Inc. | ||
Class A | 2,655,991 | 254,975 | |
Textron Inc. | 4,501,272 | 254,727 | |
* | United Rentals Inc. | 1,444,181 | 248,269 |
Equifax Inc. | 2,051,984 | 241,970 | |
Masco Corp. | 5,375,565 | 236,202 | |
Cintas Corp. | 1,471,540 | 229,310 | |
TransDigm Group Inc. | 825,807 | 226,783 | |
CH Robinson Worldwide | |||
Inc. | 2,382,571 | 212,263 | |
WW Grainger Inc. | 886,324 | 209,394 | |
Xylem Inc. | 3,069,732 | 209,356 | |
Nielsen Holdings plc | 5,722,505 | 208,299 | |
Pentair plc | 2,822,230 | 199,306 | |
Arconic Inc. | 7,236,049 | 197,182 | |
Expeditors International | |||
of Washington Inc. | 3,037,431 | 196,491 | |
Kansas City Southern | 1,769,806 | 186,219 | |
Fortune Brands Home | |||
& Security Inc. | 2,628,702 | 179,908 | |
Snap-on Inc. | 974,697 | 169,890 | |
JB Hunt Transport | |||
Services Inc. | 1,462,038 | 168,105 | |
Alaska Air Group Inc. | 2,103,069 | 154,597 | |
AO Smith Corp. | 2,492,773 | 152,757 | |
Jacobs Engineering | |||
Group Inc. | 2,057,879 | 135,738 | |
Allegion plc | 1,622,860 | 129,115 | |
Acuity Brands Inc. | 720,415 | 126,793 | |
Fluor Corp. | 2,390,547 | 123,472 | |
Robert Half | |||
International Inc. | 2,142,290 | 118,983 | |
* | Quanta Services Inc. | 2,643,592 | 103,391 |
* | Stericycle Inc. | 1,459,829 | 99,254 |
Flowserve Corp. | 2,234,220 | 94,128 | |
39,702,554 |
Information Technology (23.7%) | |||
Apple Inc. | 87,732,310 | 14,846,939 | |
Microsoft Corp. | 131,822,935 | 11,276,134 | |
* | Facebook Inc. Class A | 40,750,338 | 7,190,805 |
* | Alphabet Inc. Class C | 5,157,961 | 5,397,290 |
* | Alphabet Inc. Class A | 5,092,941 | 5,364,904 |
Intel Corp. | 79,969,584 | 3,691,396 | |
Visa Inc. Class A | 30,987,529 | 3,533,198 | |
Cisco Systems Inc. | 84,473,576 | 3,235,338 | |
Oracle Corp. | 52,059,100 | 2,461,354 | |
Mastercard Inc. | |||
Class A | 15,870,930 | 2,402,224 | |
International Business | |||
Machines Corp. | 14,709,946 | 2,256,800 | |
NVIDIA Corp. | 10,355,113 | 2,003,714 | |
Broadcom Ltd. | 6,947,686 | 1,784,860 | |
Texas Instruments Inc. | 16,840,322 | 1,758,803 | |
Accenture plc Class A | 10,557,663 | 1,616,273 | |
QUALCOMM Inc. | 25,189,688 | 1,612,644 | |
* | Adobe Systems Inc. | 8,423,064 | 1,476,058 |
* | PayPal Holdings Inc. | 19,305,380 | 1,421,262 |
* | salesforce.com Inc. | 11,723,492 | 1,198,493 |
Applied Materials Inc. | 18,223,772 | 931,599 | |
Automatic Data | |||
Processing Inc. | 7,577,972 | 888,063 | |
Activision Blizzard Inc. | 12,919,541 | 818,065 | |
* | Micron Technology Inc. | 19,706,350 | 810,325 |
Cognizant Technology | |||
Solutions Corp. | |||
Class A | 10,075,173 | 715,539 | |
Intuit Inc. | 4,149,837 | 654,761 | |
* | eBay Inc. | 16,598,994 | 626,446 |
HP Inc. | 28,535,491 | 599,531 | |
TE Connectivity Ltd. | 6,007,799 | 570,981 | |
Analog Devices Inc. | 6,298,965 | 560,797 | |
* | Electronic Arts Inc. | 5,261,418 | 552,765 |
Fidelity National | |||
Information | |||
Services Inc. | 5,704,807 | 536,765 | |
Lam Research Corp. | 2,767,325 | 509,381 | |
Corning Inc. | 14,849,375 | 475,031 | |
* | Fiserv Inc. | 3,561,574 | 467,029 |
DXC Technology Co. | 4,874,929 | 462,631 | |
Amphenol Corp. | |||
Class A | 5,218,173 | 458,156 | |
Western Digital Corp. | 5,055,661 | 402,077 | |
* | Autodesk Inc. | 3,746,696 | 392,766 |
Hewlett Packard | |||
Enterprise Co. | 27,263,769 | 391,508 | |
Paychex Inc. | 5,462,554 | 371,891 | |
* | Red Hat Inc. | 3,022,248 | 362,972 |
Microchip Technology | |||
Inc. | 3,998,239 | 351,365 | |
Skyworks Solutions Inc. | 3,138,891 | 298,038 | |
Symantec Corp. | 10,591,777 | 297,205 |
17
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Xilinx Inc. | 4,287,195 | 289,043 | |
Harris Corp. | 2,036,385 | 288,454 | |
KLA-Tencor Corp. | 2,677,069 | 281,280 | |
Global Payments Inc. | 2,719,004 | 272,553 | |
NetApp Inc. | 4,609,301 | 254,986 | |
Motorola Solutions Inc. | 2,768,056 | 250,066 | |
Total System Services | |||
Inc. | 2,859,064 | 226,123 | |
* | Synopsys Inc. | 2,567,314 | 218,838 |
* | Citrix Systems Inc. | 2,446,272 | 215,272 |
* | ANSYS Inc. | 1,450,317 | 214,052 |
Alliance Data Systems | |||
Corp. | 821,517 | 208,238 | |
Seagate Technology plc | 4,944,819 | 206,891 | |
* | Cadence Design | ||
Systems Inc. | 4,825,002 | 201,782 | |
* | Gartner Inc. | 1,549,494 | 190,820 |
* | Akamai Technologies | ||
Inc. | 2,891,535 | 188,065 | |
Juniper Networks Inc. | 6,408,711 | 182,648 | |
CA Inc. | 5,366,709 | 178,604 | |
*,^ | VeriSign Inc. | 1,448,880 | 165,810 |
Western Union Co. | 7,845,057 | 149,135 | |
* | Qorvo Inc. | 2,174,008 | 144,789 |
*,^ | Advanced Micro | ||
Devices Inc. | 14,009,028 | 144,013 | |
* | F5 Networks Inc. | 1,069,396 | 140,326 |
FLIR Systems Inc. | 2,368,607 | 110,424 | |
Xerox Corp. | 3,649,193 | 106,374 | |
CSRA Inc. | 2,801,858 | 83,832 | |
* | Conduent Inc. | 4 | — |
92,946,594 | |||
Materials (3.0%) | |||
DowDuPont Inc. | 39,982,839 | 2,847,578 | |
Monsanto Co. | 7,507,047 | 876,673 | |
Praxair Inc. | 4,891,828 | 756,668 | |
Air Products & | |||
Chemicals Inc. | 3,724,105 | 611,051 | |
LyondellBasell | |||
Industries NV Class A | 5,526,961 | 609,734 | |
Ecolab Inc. | 4,443,001 | 596,162 | |
Sherwin-Williams Co. | 1,406,050 | 576,537 | |
PPG Industries Inc. | 4,348,386 | 507,978 | |
* | Freeport-McMoRan | ||
Inc. | 23,009,084 | 436,252 | |
International Paper Co. | 7,055,603 | 408,802 | |
Nucor Corp. | 5,430,541 | 345,274 | |
Newmont Mining Corp. | 9,110,434 | 341,823 | |
Vulcan Materials Co. | 2,259,878 | 290,101 | |
WestRock Co. | 4,350,100 | 274,970 | |
Albemarle Corp. | 1,887,777 | 241,428 | |
Martin Marietta | |||
Materials Inc. | 1,074,206 | 237,442 | |
Eastman Chemical Co. | 2,454,639 | 227,398 |
Ball Corp. | 5,982,087 | 226,422 | |
FMC Corp. | 2,294,568 | 217,204 | |
International Flavors & | |||
Fragrances Inc. | 1,349,416 | 205,934 | |
Packaging Corp. of | |||
America | 1,612,722 | 194,414 | |
Avery Dennison Corp. | 1,511,026 | 173,556 | |
CF Industries Holdings | |||
Inc. | 3,983,430 | 169,455 | |
Mosaic Co. | 5,995,581 | 153,847 | |
Sealed Air Corp. | 3,081,143 | 151,900 | |
11,678,603 | |||
Real Estate (2.9%) | |||
American Tower Corp. | 7,328,052 | 1,045,493 | |
Simon Property Group | |||
Inc. | 5,311,319 | 912,166 | |
Crown Castle | |||
International Corp. | 6,941,963 | 770,627 | |
Equinix Inc. | 1,336,829 | 605,878 | |
Prologis Inc. | 9,091,501 | 586,493 | |
Public Storage | 2,557,500 | 534,517 | |
Weyerhaeuser Co. | 12,899,440 | 454,834 | |
AvalonBay | |||
Communities Inc. | 2,360,041 | 421,055 | |
Welltower Inc. | 6,329,979 | 403,663 | |
Equity Residential | 6,281,137 | 400,548 | |
Digital Realty Trust Inc. | 3,511,556 | 399,966 | |
Ventas Inc. | 6,083,065 | 365,045 | |
Boston Properties Inc. | 2,635,974 | 342,756 | |
* | SBA Communications | ||
Corp. Class A | 2,007,928 | 328,015 | |
Realty Income Corp. | 4,814,018 | 274,495 | |
Essex Property Trust | |||
Inc. | 1,128,242 | 272,324 | |
Host Hotels & Resorts | |||
Inc. | 12,644,899 | 251,001 | |
GGP Inc. | 10,668,170 | 249,528 | |
Vornado Realty Trust | 2,946,260 | 230,339 | |
* | CBRE Group Inc. | ||
Class A | 5,161,652 | 223,551 | |
Alexandria Real Estate | |||
Equities Inc. | 1,635,685 | 213,604 | |
HCP Inc. | 8,017,392 | 209,094 | |
Mid-America | |||
Apartment | |||
Communities Inc. | 1,941,976 | 195,285 | |
Extra Space Storage Inc. | 2,152,143 | 188,205 | |
Iron Mountain Inc. | 4,810,885 | 181,515 | |
UDR Inc. | 4,573,337 | 176,165 | |
Regency Centers Corp. | 2,529,494 | 174,990 | |
SL Green Realty Corp. | 1,678,008 | 169,361 | |
Duke Realty Corp. | 6,081,791 | 165,486 | |
Federal Realty | |||
Investment Trust | 1,238,965 | 164,547 |
18
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Kimco Realty Corp. | 7,272,101 | 131,989 | |
Macerich Co. | 1,853,048 | 121,708 | |
Apartment Investment | |||
& Management Co. | 2,683,435 | 117,293 | |
11,281,536 | |||
Telecommunication Services (2.1%) | |||
AT&T Inc. | 104,917,384 | 4,079,188 | |
Verizon | |||
Communications Inc. | 69,690,557 | 3,688,721 | |
CenturyLink Inc. | 16,620,202 | 277,225 | |
8,045,134 | |||
Utilities (2.9%) | |||
NextEra Energy Inc. | 8,038,367 | 1,255,513 | |
Duke Energy Corp. | 11,960,209 | 1,005,973 | |
Dominion Energy Inc. | 10,993,182 | 891,107 | |
Southern Co. | 17,145,210 | 824,513 | |
Exelon Corp. | 16,405,858 | 646,555 | |
American Electric | |||
Power Co. Inc. | 8,402,993 | 618,208 | |
Sempra Energy | 4,289,985 | 458,685 | |
Consolidated Edison Inc. | 5,298,666 | 450,122 | |
Public Service | |||
Enterprise Group Inc. | 8,646,650 | 445,303 | |
Xcel Energy Inc. | 8,675,672 | 417,387 | |
PG&E Corp. | 8,765,719 | 392,967 | |
PPL Corp. | 11,669,186 | 361,161 | |
WEC Energy Group Inc. | 5,394,448 | 358,353 | |
Edison International | 5,565,160 | 351,941 | |
Eversource Energy | 5,412,855 | 341,984 | |
DTE Energy Co. | 3,064,131 | 335,400 | |
American Water | |||
Works Co. Inc. | 3,047,662 | 278,831 | |
Entergy Corp. | 3,078,942 | 250,595 | |
Ameren Corp. | 4,144,358 | 244,476 | |
FirstEnergy Corp. | 7,601,463 | 232,757 | |
CMS Energy Corp. | 4,818,527 | 227,916 | |
CenterPoint Energy Inc. | 7,364,826 | 208,866 | |
Alliant Energy Corp. | 3,948,061 | 168,227 | |
Pinnacle West Capital | |||
Corp. | 1,908,054 | 162,528 | |
NiSource Inc. | 5,752,709 | 147,672 | |
NRG Energy Inc. | 5,138,558 | 146,346 | |
AES Corp. | 11,284,428 | 122,210 | |
SCANA Corp. | 2,435,576 | 96,887 | |
11,442,483 | |||
Total Common Stocks | |||
(Cost $238,262,115) | 389,658,070 | ||
Temporary Cash Investments (0.4%)1 | |||
Money Market Fund (0.4%) | |||
2,3 Vanguard Market | |||
Liquidity Fund, | |||
1.458% | 14,507,441 | 1,450,889 |
U. S. Government and Agency Obligations (0.0%) | |||
United States Cash | |||
Management Bill, | |||
1.029%, 1/2/18 | 10,000 | 10,000 | |
4 | United States Treasury | ||
Bill, 1.084%–1.099%, | |||
2/1/18 | 25,000 | 24,974 | |
4 | United States Treasury | ||
Bill, 1.209%, 2/8/18 | 20,000 | 19,975 | |
4 | United States Treasury | ||
Bill, 1.087%, 3/1/18 | 15,000 | 14,968 | |
United States Treasury | |||
Bill, 1.370%, 5/17/18 | 15,400 | 15,318 | |
85,235 | |||
Total Temporary Cash Investments | |||
(Cost $1,536,013) | 1,536,124 | ||
Total Investments (99.9%) | |||
(Cost $239,798,128) | 391,194,194 |
Amount | |
($000) | |
Other Assets and Liabilities (0.1%) | |
Other Assets | |
Investment in Vanguard | 21,207 |
Receivables for Investment Securities | |
Sold | 414,785 |
Receivables for Accrued Income | 394,669 |
Receivables for Capital Shares Issued | 457,176 |
Other Assets | 43 |
Total Other Assets | 1,287,880 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (373,055) |
Collateral for Securities on Loan | (138,757) |
Payables for Capital Shares Redeemed | (377,446) |
Payables to Vanguard | (148,029) |
Variation Margin Payable-Futures | |
Contracts | (5,223) |
Other Liabilities | (4,958) |
Total Liabilities | (1,047,468) |
Net Assets (100%) | 391,434,606 |
19
500 Index Fund
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 241,297,532 |
Overdistributed Net Investment Income | (93,918) |
Accumulated Net Realized Losses | (1,175,236) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 151,396,066 |
Futures Contracts | 10,162 |
Net Assets | 391,434,606 |
Investor Shares—Net Assets | |
Applicable to 112,048,695 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 27,655,707 |
Net Asset Value Per Share— | |
Investor Shares | $246.82 |
ETF Shares—Net Assets | |
Applicable to 341,467,765 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 83,640,332 |
Net Asset Value Per Share— | |
ETF Shares | $244.94 |
Amount | |
($000) | |
Admiral Shares—Net Assets | |
Applicable to 953,049,544 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 235,231,622 |
Net Asset Value Per Share— | |
Admiral Shares | $246.82 |
Institutional Select Shares—Net Assets | |
Applicable to 343,360,333 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 44,906,945 |
Net Asset Value Per Share— | |
Institutional Select Shares | $130.79 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers.
The total value of securities on loan is $129,963,000.
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 0.0%, 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 $138,757,000 of collateral received for securities
on loan.
4 Securities with a value of $49,039,000 have been segregated
as initial margin for open futures contracts.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2018 | 11,141 | 1,490,666 | 10,162 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized
gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
20
500 Index Fund
Statement of Operations
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 6,675,777 |
Interest1 | 14,692 |
Securities Lending—Net | 4,231 |
Total Income | 6,694,700 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 11,985 |
Management and Administrative—Investor Shares | 31,508 |
Management and Administrative—ETF Shares | 16,219 |
Management and Administrative—Admiral Shares | 55,652 |
Management and Administrative—Institutional Select Shares | 1,673 |
Marketing and Distribution—Investor Shares | 4,260 |
Marketing and Distribution—ETF Shares | 4,074 |
Marketing and Distribution—Admiral Shares | 13,327 |
Marketing and Distribution—Institutional Select Shares | 3 |
Custodian Fees | 2,277 |
Auditing Fees | 50 |
Shareholders’ Reports and Proxy—Investor Shares | 1,598 |
Shareholders’ Reports and Proxy—ETF Shares | 4,170 |
Shareholders’ Reports and Proxy—Admiral Shares | 4,169 |
Shareholders’ Reports and Proxy—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 256 |
Total Expenses | 151,221 |
Net Investment Income | 6,543,479 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 6,055,271 |
Futures Contracts | 251,110 |
Realized Net Gain (Loss) | 6,306,381 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 52,938,334 |
Futures Contracts | 18,895 |
Change in Unrealized Appreciation (Depreciation) | 52,957,229 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 65,807,089 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund | |
were $14,079,000, $27,000, and $43,000, respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
21
500 Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 6,543,479 | 5,265,549 |
Realized Net Gain (Loss) | 6,306,381 | 6,689,644 |
Change in Unrealized Appreciation (Depreciation) | 52,957,229 | 16,565,774 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 65,807,089 | 28,520,967 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (502,714) | (530,428) |
ETF Shares | (1,392,614) | (1,047,723) |
Admiral Shares | (4,061,760) | (3,539,036) |
Institutional Select Shares | (593,341) | (141,449) |
Realized Capital Gain | ||
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Select Shares | — | — |
Investor Shares | — | — |
Total Distributions | (6,550,429) | (5,258,636) |
Capital Share Transactions | ||
Investor Shares | (3,875,867) | (1,863,704) |
ETF Shares | 14,595,756 | 11,566,096 |
Admiral Shares | 16,802,846 | 13,258,093 |
Institutional Select Shares | 22,089,206 | 17,071,485 |
Net Increase (Decrease) from Capital Share Transactions | 49,611,941 | 40,031,970 |
Total Increase (Decrease) | 108,868,601 | 63,294,301 |
Net Assets | ||
Beginning of Period | 282,566,005 | 219,271,704 |
End of Period1 | 391,434,606 | 282,566,005 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($93,918,000) and ($86,968,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
22
500 Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $206.57 | $188.48 | $189.89 | $170.36 | $131.37 |
Investment Operations | |||||
Net Investment Income | 4.2211 | 3.997 | 3.775 | 3.326 | 2.956 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 40.205 | 18.069 | (1.438) | 19.507 | 38.982 |
Total from Investment Operations | 44.426 | 22.066 | 2.337 | 22.833 | 41.938 |
Distributions | |||||
Dividends from Net Investment Income | (4.176) | (3.976) | (3.747) | (3.303) | (2.948) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.176) | (3.976) | (3.747) | (3.303) | (2.948) |
Net Asset Value, End of Period | $246.82 | $206.57 | $188.48 | $189.89 | $170.36 |
Total Return2 | 21.67% | 11.82% | 1.25% | 13.51% | 32.18% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $27,656 | $26,652 | $26,092 | $28,040 | $27,758 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14% | 0.16% | 0.17% | 0.17% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.87% | 2.05% | 2.00% | 1.88% | 1.95% |
Portfolio Turnover Rate 3 | 3% | 4% | 3% | 3% | 3% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
23
500 Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 20131 |
Net Asset Value, Beginning of Period | $205.00 | $187.05 | $188.45 | $169.07 | $130.38 |
Investment Operations | |||||
Net Investment Income | 4.434 2 | 4.155 | 3.958 | 3.518 | 3.117 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 39.874 | 17.933 | (1.427) | 19.352 | 38.681 |
Total from Investment Operations | 44.308 | 22.088 | 2.531 | 22.870 | 41.798 |
Distributions | |||||
Dividends from Net Investment Income | (4.368) | (4.138) | (3.931) | (3.490) | (3.108) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.368) | (4.138) | (3.931) | (3.490) | (3.108) |
Net Asset Value, End of Period | $244.94 | $205.00 | $187.05 | $188.45 | $169.07 |
Total Return | 21.78% | 11.93% | 1.35% | 13.63% | 32.33% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $83,640 | $56,648 | $40,440 | $27,630 | $15,037 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.97% | 2.15% | 2.11% | 2.00% | 2.07% |
Portfolio Turnover Rate 3 | 3% | 4% | 3% | 3% | 3% |
1 Adjusted to reflect a 1-for-2 reverse share split as of the close of business on October 24, 2013.
2 Calculated based on average shares outstanding.
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.
24
500 Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $206.57 | $188.48 | $189.89 | $170.36 | $131.37 |
Investment Operations | |||||
Net Investment Income | 4.4581 | 4.185 | 3.990 | 3.544 | 3.142 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 40.193 | 18.074 | (1.439) | 19.503 | 38.980 |
Total from Investment Operations | 44.651 | 22.259 | 2.551 | 23.047 | 42.122 |
Distributions | |||||
Dividends from Net Investment Income | (4.401) | (4.169) | (3.961) | (3.517) | (3.132) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.401) | (4.169) | (3.961) | (3.517) | (3.132) |
Net Asset Value, End of Period | $246.82 | $206.57 | $188.48 | $189.89 | $170.36 |
Total Return2 | 21.79% | 11.93% | 1.36% | 13.64% | 32.33% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $235,232 | $181,513 | $152,740 | $143,043 | $82,357 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.97% | 2.15% | 2.11% | 2.00% | 2.07% |
Portfolio Turnover Rate 3 | 3% | 4% | 3% | 3% | 3% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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
500 Index Fund
Financial Highlights
Institutional Select Shares | ||
Year | June 24, | |
Ended | 20161 to | |
Dec. 31, | Dec. 31, | |
For a Share Outstanding Throughout Each Period | 2017 | 2016 |
Net Asset Value, Beginning of Period | $109.45 | $99.57 |
Investment Operations | ||
Net Investment Income | 2.423 2 | 1.200 |
Net Realized and Unrealized Gain (Loss) on Investments | 21.283 | 9.859 |
Total from Investment Operations | 23.706 | 11.059 |
Distributions | ||
Dividends from Net Investment Income | (2.366) | (1.179) |
Distributions from Realized Capital Gains | — | — |
Total Distributions | (2.366) | (1.179) |
Net Asset Value, End of Period | $130.79 | $109.45 |
Total Return | 21.83% | 11.12% |
Ratios/Supplemental Data | ||
Net Assets, End of Period (Millions) | $44,907 | $17,753 |
Ratio of Total Expenses to Average Net Assets | 0.01% | 0.01%3 |
Ratio of Net Investment Income to Average Net Assets | 2.00% | 2.26%3 |
Portfolio Turnover Rate 4 | 3% | 4%5 |
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.
5 Reflects the fund’s portfolio turnover for the fiscal year ended December 31, 2016.
See accompanying Notes, which are an integral part of the Financial Statements.
26
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 four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Select Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares and Institutional Select Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
27
500 Index Fund
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
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, 2014–2017), 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. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
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500 Index Fund
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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 the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $21,206,582, representing 0.01% of the fund’s net assets and 8.48% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
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500 Index Fund
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 389,658,070 | — | — |
Temporary Cash Investments | 1,450,889 | 85,235 | — |
Futures Contracts—Liabilities1 | (5,223) | — | — |
Total | 391,103,736 | 85,235 | — |
1 Represents variation margin on the last day of the reporting period. |
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $6,646,264,000 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, 2017, the fund had $42,626,000 of ordinary income available for distribution. At December 31, 2017, the fund had available capital losses totaling $1,161,462,000 that may be carried forward indefinitely to offset future net capital gains.
At December 31, 2017, the cost of investment securities for tax purposes was $239,798,128,000. Net unrealized appreciation of investment securities for tax purposes was $151,396,066,000, consisting of unrealized gains of $156,408,365,000 on securities that had risen in value since their purchase and $5,012,299,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $69,295,386,000 of investment securities and sold $20,128,588,000 of investment securities, other than temporary cash investments. Purchases and sales include $43,244,268,000 and $9,714,949,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
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500 Index Fund
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 4,064,839 | 18,044 | 3,996,733 | 20,796 |
Issued in Lieu of Cash Distributions | 473,688 | 2,063 | 502,725 | 2,544 |
Redeemed | (8,414,394) | (37,077) | (6,363,162) | (32,754) |
Net Increase (Decrease)—Investor Shares | (3,875,867) | (16,970) | (1,863,704) | (9,414) |
ETF Shares | ||||
Issued | 23,401,120 | 104,080 | 20,791,085 | 108,961 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (8,805,364) | (38,950) | (9,224,989) | (48,825) |
Net Increase (Decrease) —ETF Shares | 14,595,756 | 65,130 | 11,566,096 | 60,136 |
Admiral Shares | ||||
Issued | 38,394,575 | 170,114 | 30,149,922 | 155,773 |
Issued in Lieu of Cash Distributions | 3,598,566 | 15,616 | 3,138,593 | 15,855 |
Redeemed | (25,190,295) | (111,384) | (20,030,422) | (103,296) |
Net Increase (Decrease) —Admiral Shares | 16,802,846 | 74,346 | 13,258,093 | 68,332 |
Institutional Select Shares1 | ||||
Issued | 22,971,601 | 188,566 | 17,224,925 | 163,684 |
Issued in Lieu of Cash Distributions | 593,340 | 4,807 | 141,449 | 1,293 |
Redeemed | (1,475,735) | (12,216) | (294,889) | (2,774) |
Net Increase (Decrease)— | ||||
Institutional Select Shares | 22,089,206 | 181,157 | 17,071,485 | 162,203 |
1 Inception was June 24, 2016, for Institutional Select Shares. |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Index Funds and Shareholders of Vanguard 500 Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets of Vanguard 500 Index Fund (one of the funds constituting Vanguard Index Funds, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, 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 ended December 31, 2017 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 14, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of
Funds since 1975.
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![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/indexfundrevisedx35x1.jpg)
Special 2017 tax information (unaudited) for Vanguard 500 Index Fund
This information for the fiscal year ended December 31, 2017, is included pursuant to provisions
of the Internal Revenue Code.
The fund distributed $6,550,429,000 of qualified dividend income to shareholders during the
fiscal year.
For corporate shareholders, 94.7% of investment income (dividend income plus short-term gains,
if any) qualifies for the dividends-received deduction.
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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: 500 Index Fund Investor Shares
Periods Ended December 31, 2017
One | Five | Ten | |
Year | Years | Years | |
Returns Before Taxes | 21.67% | 15.62% | 8.37% |
Returns After Taxes on Distributions | 21.15 | 15.10 | 7.95 |
Returns After Taxes on Distributions and Sale of Fund Shares | 12.64 | 12.51 | 6.75 |
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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 any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not 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, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
500 Index Fund | 6/30/2017 | 12/31/2017 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,113.53 | $0.75 |
ETF Shares | 1,000.00 | 1,114.08 | 0.16 |
Admiral Shares | 1,000.00 | 1,114.11 | 0.21 |
Institutional Select Shares | 1,000.00 | 1,114.29 | 0.05 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,024.50 | $0.71 |
ETF Shares | 1,000.00 | 1,025.05 | 0.15 |
Admiral Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Select Shares | 1,000.00 | 1,025.16 | 0.05 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.14% for Investor Shares, 0.03% for ETF Shares, 0.04% for Admiral Shares, and 0.01% for Institutional Select 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 (184/365).
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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 (for bonds), its actual income (for asset-backed securities), 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. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities 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 201 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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 vanguard.com.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Chief Executive Officer and Director of The Vanguard Group and President and Chief Executive Officer of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; President of The Vanguard Group (2008–2017); Managing Director of The Vanguard Group (1995–2008).
Independent Trustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services);
Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College; Trustee of the University of Rochester.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Arconic Inc. (diversified manufacturer), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne
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, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Member of the Executive Committee (1997–2008), Chief Global Diversity Officer (retired 2008), Vice President and Chief Information Officer (1997–2006), Controller (1995–1997), Treasurer (1991–1995), and Assistant Treasurer (1989–1991) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education; Director of the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and Chair of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, the Board of Catholic Investment Services, Inc. (investment advisor), and the Board of Superintendence of the Institute for the Works of Religion; Chairman of the Board of TIFF Advisory Services, Inc. (investment advisor).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Co-Managing Partner of HighVista Strategies LLC (private investment firm); Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Board of Hypertherm, Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born 1967. Investment Stewardship Officer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer (2015–2017), Controller (2010–2015), and Assistant Controller (2001–2010) of each of the investment companies served by The Vanguard Group.
Christine M. Buchanan
Born 1970. Treasurer Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Global Head of Vanguard Fund Administration at The Vanguard Group; Partner at KPMG LLP (2005–2017).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Michael Rollings
Born 1963. Finance Director Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Director of Vanguard Marketing Corporation; Treasurer of each of the investment companies served by The Vanguard Group (February 2017–November 2017); Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
Vanguard Senior Management Team | |
Mortimer J. Buckley | Chris D. McIsaac |
Gregory Davis | James M. Norris |
John James | Thomas M. Rampulla |
Martha G. King | Karin A. Risi |
John T. Marcante | |
Chairman Emeritus and Senior Advisor | |
John J. Brennan | |
Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | |
Founder | |
John C. Bogle | |
Chairman and Chief Executive Officer, 1974–1996 |
![]() | |
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 | |
Connect with Vanguard® > vanguard.com | |
Fund Information > 800-662-7447 | The index is a product of S&P Dow Jones Indices LLC |
Direct Investor Account Services > 800-662-2739 | (“SPDJI”), and has been licensed for use by Vanguard. |
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Q400 022018 |
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_smallcapx1x1.jpg)
Annual Report | December 31, 2017
Vanguard U.S. Stock Index Funds
Small-Capitalization Portfolios
Vanguard Small-Cap Index Fund
Vanguard Small-Cap Growth Index Fund
Vanguard Small-Cap Value Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds.
Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 4 |
Results of Proxy Voting. | 8 |
Small-Cap Index Fund. | 10 |
Small-Cap Growth Index Fund. | 33 |
Small-Cap Value Index Fund. | 54 |
Your Fund’s After-Tax Returns. | 78 |
About Your Fund’s Expenses. | 79 |
Glossary. | 82 |
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.
About the cover: Nautical images have been part of Vanguard’s rich heritage since its start in 1975. For an
incoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to put
you first––and light the way––as you strive to meet your financial goals. Our client focus and low costs,
stemming from our unique ownership structure, assure that your interests are paramount.
Your Fund’s Performance at a Glance
• For the 12 months ended December 31, 2017, returns for Vanguard’s three small-capitalization U.S. index funds ranged from almost 12% for Vanguard Small-Cap Value Index Fund to nearly 22% for Vanguard Small-Cap Growth Index Fund. Vanguard Small-Cap Index Fund, which contains both growth and value stocks, returned about 16%.
• All three funds closely tracked their target indexes. The Small-Cap Index Fund and Small-Cap Value Index Fund surpassed the average return of their peers; the Small-Cap Growth Index Fund lagged the average return of its peers.
• Small-cap stocks trailed their large-cap counterparts, while growth stocks outperformed value stocks.
• The industrial, technology, and health care sectors contributed strongly to all three funds. Returns in telecommunications and oil and gas were negative for all three funds.
• Over the ten years ended December 31, 2017, all three funds closely tracked their target indexes and exceeded the average return of their peers.
Total Returns: Fiscal Year Ended December 31, 2017 | |
Total | |
Returns | |
Vanguard Small-Cap Index Fund | |
Investor Shares | 16.10% |
ETF Shares | |
Market Price | 16.24 |
Net Asset Value | 16.24 |
Admiral™ Shares | 16.24 |
Institutional Shares | 16.25 |
Institutional Plus Shares | 16.27 |
CRSP US Small Cap Index | 16.24 |
Small-Cap Core Funds Average | 12.52 |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
1
Total | |
Returns | |
Vanguard Small-Cap Growth Index Fund | |
Investor Shares | 21.78% |
ETF Shares | |
Market Price | 21.93 |
Net Asset Value | 21.90 |
Admiral Shares | 21.92 |
Institutional Shares | 21.94 |
CRSP US Small Cap Growth Index | 21.90 |
Small-Cap Growth Funds Average | 22.61 |
Small-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Vanguard Small-Cap Value Index Fund | |
Investor Shares | 11.67% |
ETF Shares | |
Market Price | 11.84 |
Net Asset Value | 11.79 |
Admiral Shares | 11.80 |
Institutional Shares | 11.80 |
CRSP US Small Cap Value Index | 11.83 |
Small-Cap Value Funds Average | 8.73 |
Small-Cap Value Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares
and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size
criteria. The Vanguard ETF® Shares shown are traded on the NYSE Arca exchange and are available only through brokers. The table
provides ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138;
7,720,749; 7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock
Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about
how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the
Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market
price was above or below the NAV.
Total Returns: Ten Years Ended December 31, 2017 | |
Average | |
Annual Return | |
Small-Cap Index Fund Investor Shares | 9.54% |
Spliced Small-Cap Index | 9.61 |
Small-Cap Core Funds Average | 7.74 |
For a benchmark description, see the Glossary. | |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
2
Average | |
Annual Return | |
Small-Cap Growth Index Fund Investor Shares | 9.23% |
Spliced Small-Cap Growth Index | 9.26 |
Small-Cap Growth Funds Average | 7.62 |
For a benchmark description, see the Glossary. | |
Small-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Small-Cap Value Index Fund Investor Shares | 9.63% |
Spliced Small-Cap Value Index | 9.76 |
Small-Cap Value Funds Average | 8.16 |
For a benchmark description, see the Glossary. | |
Small-Cap Value Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
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 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.
Expense Ratios | ||||||
Your Fund Compared With Its Peer Group | ||||||
Investor | ETF | Admiral | Institutional | Institutional | Peer Group | |
Shares | Shares | Shares | Shares | Shares Plus | Average | |
Small-Cap Index Fund | 0.18% | 0.06% | 0.06% | 0.05% | 0.04% | 1.24% |
Small-Cap Growth Index Fund | 0.19 | 0.07 | 0.07 | 0.06 | — | 1.34 |
Small-Cap Value Index Fund | 0.19 | 0.07 | 0.07 | 0.06 | — | 1.32 |
he fund expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the funds’ expense ratios were: for the Small-Cap Index Fund, 0.17% for Investor Shares, 0.05%
for ETF Shares, 0.05% for Admiral Shares, 0.04% for Institutional Shares, and 0.03% for Institutional Plus Shares; for the Small-Cap
Growth Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for Admiral Shares, and 0.06% for Institutional Shares; and
for the Small-Cap Value Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for Admiral Shares, and 0.06% for
Institutional Shares. The peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture
information through year-end 2016.
Peer groups: 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.
3
Chairman’s Perspective
Bill McNabb
Chairman
Dear Shareholder,
Lately I’ve been asked a lot about my legacy. And candidly, that phrase bugs me—it isn’t my legacy. Vanguard’s success is a result of thousands of my colleagues committing to a clear mission: helping investors achieve their financial goals.
The reason the topic has come up is that on December 31, 2017, I officially stepped down as Vanguard’s CEO after almost a decade in that role. I’ll remain chairman for a period to be determined by the board of directors. Tim Buckley, who was previously Vanguard’s president and chief investment officer, was elected CEO. I can’t think of a better successor.
I’ve spent 32 years at Vanguard—almost my entire professional life—and during that time I’ve had the good fortune of working with smart, principled colleagues from across the world. I’ve learned from each of them.
In particular, I would like to thank Jack Bogle, our founder, who took a chance on me when I was a young business school graduate, and Jack Brennan, my predecessor as CEO, who constantly challenged me with new roles and responsibilities.
4
When you’re just starting out, there is nothing quite like getting votes of confidence from people you respect.
The short list
A milestone like this naturally brings about some reflection. With that in mind, here’s a tally—by no means exhaustive—of the accomplishments that we at Vanguard are proud of:
Low costs. Over the last decade, we cut our average asset-weighted expense ratio by about 50%.1 This isn’t a result of some contrived price war. Since its founding, Vanguard has emphasized the benefits of low-cost investing. As Jack Bogle once said: “The honest steward who charges least, wins most. But not for himself; for those investors who entrust their assets to his care. It is not all that complicated.”
Global diversification. Through our thought leadership and investment options, such as our target-date funds, Vanguard has encouraged clients to obtain exposure to international markets.
Global diversification isn’t just about helping to control risk—it can also be a way of expanding your set of opportunities and harnessing the potential of all markets.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2017 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 21.69% | 11.23% | 15.71% |
Russell 2000 Index (Small-caps) | 14.65 | 9.96 | 14.12 |
Russell 3000 Index (Broad U.S. market) | 21.13 | 11.12 | 15.58 |
FTSE All-World ex US Index (International) | 27.11 | 8.27 | 7.19 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 3.54% | 2.24% | 2.10% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 5.45 | 2.98 | 3.02 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.84 | 0.37 | 0.23 |
CPI | |||
Consumer Price Index | 2.11% | 1.64% | 1.43% |
1 Source: Vanguard calculation, based on data from Morningstar, Inc., as of December 31, 2016.
5
I’ve been glad to see more and more clients embracing global diversification. I believe this trend will continue as Vanguard’s way of investing takes hold in international markets.
Affordable advice. In the wake of the 2008–2009 Global Financial Crisis, we began working on a new advice model. In 2015, we launched Vanguard Personal Advisor Services®, a hybrid advice offering that delivers value through a combination of a professional advisor and powerful digital technology at a competitive price.
Across the industry, we’ve seen the cost of providing advice coming down. Traditional advisors are embracing low-cost investments, and that, in turn, helps them reduce costs for their own clients. This is a trend that all of us at Vanguard would like to see continue.
Great people. I’ve interacted with hundreds of companies of all sizes and in all industries, and the one quality that sets Vanguard apart from most of them is our emphasis on people. It’s a testament to our culture that colleagues spend 15, 20, or, as in my case, more than 30 years of their professional lives here. Investors benefit because we have consistent, experienced fund management teams and a deep bench of talent that ensures that things go smoothly when it’s time for a transition.
We’ve done a great job attracting new talent, too. We made some notable additions to senior management in the last two years, and we’re continuously grooming our next generation of leaders.
Ready for what comes next
When I was contemplating coming to work at Vanguard, I sat down with my rowing coach at his home in Philadelphia. Over cheesesteaks, he told me that the most important thing was to work for a company that had the same values I held deeply. He was like a second father to me, so I trusted his judgment at a time when I wasn’t so sure about my own. Back then, I never could have anticipated the success Vanguard would have in the coming decades.
I’m no better at predicting the future now. Vanguard has enjoyed significant growth in the last few years, and that presents its own unique set of challenges and opportunities, such as the role we’re playing in advocating for better corporate governance among companies our funds invest in. And the asset management industry is confronting significant changes brought on by technology, shifting demographics, and new regulations.
Although the future is uncertain, I’m confident that Vanguard is well-prepared to tackle whatever comes its way. And one thing I’m sure of: There are big parts of the world that would be well-served by our way of investing.
6
It’s humbling to think about the impact the work we do at Vanguard has on clients who are trying to raise a family, buy a first home, save for college, or prepare for retirement. I’ve always tried to make decisions with investors’ best interests in mind. It has been a privilege working with people who hold to that same ideal.
Thank you for entrusting us with your assets.
Sincerely,
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_smallcapx9x1.jpg)
F. William McNabb III
Chairman
January 1, 2018
7
Results of Proxy Voting
At a special meeting of shareholders on November 15, 2017, fund shareholders approved the following proposals:
Proposal 1—Elect trustees for the fund.*
The individuals listed in the table below were elected as trustees for the fund. All trustees with the exception of Ms. Mulligan, Ms. Raskin, and Mr. Buckley (each of whom already serves as a director of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Percentage | |||
Trustee | For | Withheld | For |
Mortimer J. Buckley | 10,555,505,764 | 302,858,072 | 97.2% |
Emerson U. Fullwood | 10,550,271,249 | 308,092,588 | 97.2% |
Amy Gutmann | 10,549,661,393 | 308,702,444 | 97.2% |
JoAnn Heffernan Heisen | 10,561,362,394 | 297,001,443 | 97.3% |
F. Joseph Loughrey | 10,550,135,548 | 308,228,289 | 97.2% |
Mark Loughridge | 10,554,054,699 | 304,309,138 | 97.2% |
Scott C. Malpass | 10,546,031,165 | 312,332,672 | 97.1% |
F. William McNabb III | 10,544,013,615 | 314,350,222 | 97.1% |
Deanna Mulligan | 10,560,536,084 | 297,827,753 | 97.3% |
André F. Perold | 10,509,222,915 | 349,140,922 | 96.8% |
Sarah Bloom Raskin | 10,554,241,538 | 304,122,299 | 97.2% |
Peter F. Volanakis | 10,551,315,296 | 307,048,541 | 97.2% |
* Results are for all funds within the same trust. |
Proposal 2—Approve a manager-of-managers arrangement with third-party investment advisors.
This arrangement enables the fund to enter into and materially amend investment advisory arrangements with third-party investment advisors, subject to the approval of the fund’s board of trustees and certain conditions imposed by the Securities and Exchange Commission, while avoiding the costs and delays associated with obtaining future shareholder approval.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Small-Cap Growth | |||||
Index Fund | 164,362,787 | 6,606,954 | 7,038,309 | 34,408,152 | 77.4% |
Small-Cap Index Fund | 448,437,808 | 18,207,513 | 16,637,019 | 89,582,470 | 78.3% |
Small-Cap Value Index Fund | 233,854,697 | 10,530,844 | 9,934,901 | 52,619,083 | 76.2% |
8
Proposal 3—Approve a manager-of-managers arrangement with wholly owned subsidiaries of Vanguard.
This arrangement enables Vanguard or the fund to enter into and materially amend investment advisory arrangements with wholly owned subsidiaries of Vanguard, subject to the approval of the fund’s board of trustees and any conditions imposed by the Securities and Exchange Commission (SEC), while avoiding the costs and delays associated with obtaining future shareholder approval. The ability of the fund to operate in this manner is contingent upon the SEC’s approval of a pending application for an order of exemption.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Small-Cap Growth | |||||
Index Fund | 165,816,644 | 6,376,930 | 5,814,476 | 34,408,152 | 78.1% |
Small-Cap Index Fund | 452,039,550 | 17,524,391 | 13,718,398 | 89,582,470 | 78.9% |
Small-Cap Value Index Fund | 236,499,857 | 9,568,247 | 8,252,338 | 52,619,083 | 77.1% |
Fund shareholders did not approve the following proposal: |
Proposal 7—Institute transparent procedures to avoid holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. Such procedures may include time-limited engagement with problem companies if management believes that their behavior can be changed.
The trustees recommended a vote against the proposal for the following reasons: (1) Vanguard is fully compliant with all applicable U.S. laws and regulations that prohibit the investment in any company owned or controlled by the government of Sudan; (2) the addition of further investment constraints is not in fund shareholders’ best interests if those constraints are unrelated to a fund’s stated investment objective, policies, and strategies; and (3) divestment is an ineffective means to implement social change as it often puts the shares into the hands of another owner with no direct impact to the company’s capitalization.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Small-Cap Growth | |||||
Index Fund | 33,984,457 | 15,140,240 | 128,883,353 | 34,408,152 | 16.0% |
Small-Cap Index Fund | 82,614,878 | 31,345,189 | 369,322,272 | 89,582,470 | 14.4% |
Small-Cap Value Index Fund | 46,455,628 | 19,247,107 | 188,617,707 | 52,619,083 | 15.1% |
9
Small-Cap Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | |||||
Investor | Admiral | Institutional | Institutional | ||
Shares | ETF Shares | Shares | Shares | Plus Shares | |
Ticker Symbol | NAESX | VB | VSMAX | VSCIX | VSCPX |
Expense Ratio1 | 0.18% | 0.06% | 0.06% | 0.05% | 0.04% |
30-Day SEC Yield | 1.29% | 1.40% | 1.40% | 1.41% | 1.42% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
CRSP US | Total | ||
Small Cap | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 1,429 | 1,402 | 3,775 |
Median Market Cap | $4.1B | $4.1B | $66.8B |
Price/Earnings Ratio | 21.4x | 21.3x | 22.8x |
Price/Book Ratio | 2.4x | 2.4x | 3.0x |
Return on Equity | 9.0% | 9.1% | 15.1% |
Earnings Growth | |||
Rate | 11.4% | 11.3% | 9.9% |
Dividend Yield | 1.4% | 1.4% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 15% | — | — |
Short-Term | |||
Reserves | 0.1% | — | — |
Volatility Measures | ||
DJ | ||
CRSP US | U.S. Total | |
Small Cap | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.84 |
Beta | 1.00 | 1.09 |
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) | ||
Diamondback Energy | Exploration & | |
Inc. | Production | 0.3% |
XPO Logistics Inc. | Transportation | |
Services | 0.3 | |
Broadridge Financial | Financial | |
Solutions Inc. | Administration | 0.3 |
CDW Corp. | Computer Services | 0.3 |
IDEX Corp. | Industrial Machinery | 0.3 |
Spirit AeroSystems | ||
Holdings Inc. | Aerospace | 0.3 |
Leidos Holdings Inc. | Computer Services | 0.3 |
Atmos Energy Corp. | Gas Distribution | 0.3 |
Steel Dynamics Inc. | Iron & Steel | 0.3 |
Nektar Therapeutics | Biotechnology | 0.3 |
Top Ten | 3.0% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for Admiral
Shares, 0.04% for Institutional Shares, and 0.03% for Institutional Plus Shares.
10
Small-Cap Index Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
CRSP US | U.S. Total | ||
Small Cap | Market | ||
Fund | Index | FA Index | |
Basic Materials | 4.6% | 4.6% | 2.7% |
Consumer Goods | 7.4 | 7.4 | 9.0 |
Consumer Services | 12.0 | 12.0 | 12.8 |
Financials | 24.6 | 24.7 | 20.5 |
Health Care | 10.3 | 10.3 | 12.5 |
Industrials | 20.8 | 20.8 | 13.2 |
Oil & Gas | 4.9 | 4.9 | 5.7 |
Technology | 11.2 | 11.2 | 18.7 |
Telecommunications | 0.4 | 0.4 | 1.9 |
Utilities | 3.8 | 3.7 | 3.0 |
Sector categories are based on the Industry Classification
Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB
classification as of the effective reporting period.
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_smallcapx13x1.jpg)
11
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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Small-Cap Index Fund*Investor Shares | 16.10% | 14.30% | 9.54% | $24,874 | |
• • • • • • • • | Spliced Small-Cap Index | 16.24 | 14.43 | 9.61 | 25,036 |
– – – – | Small-Cap Core Funds Average | 12.52 | 12.79 | 7.74 | 21,082 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 | |
For a benchmark description, see the Glossary. | |||||
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Small-Cap Index Fund | ||||
ETF Shares Net Asset Value | 16.24% | 14.44% | 9.68% | $25,204 |
Spliced Small-Cap Index | 16.24 | 14.43 | 9.61 | 25,036 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
See Financial Highlights for dividend and capital gains information.
12
Small-Cap Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Small-Cap Index Fund Admiral Shares | 16.24% | 14.44% | 9.68% | $25,202 |
Spliced Small-Cap Index | 16.24 | 14.43 | 9.61 | 25,036 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Small-Cap Index Fund Institutional Shares | 16.25% | 14.45% | 9.71% | $12,632,604 |
Spliced Small-Cap Index | 16.24 | 14.43 | 9.61 | 12,517,772 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 11,473,897 |
Since | Final Value | |||
One | Five | Inception | of a $100,000,000 | |
Year | Years | (12/17/2010) | Investment | |
Small-Cap Index Fund Institutional Plus Shares | 16.27% | 14.47% | 12.44% | $228,226,852 |
Spliced Small-Cap Index | 16.24 | 14.43 | 12.38 | 227,325,391 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 13.57 | 244,815,191 |
"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative | ||||
standards. |
Cumulative Returns of ETF Shares: December 31, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Small-Cap Index Fund ETF Shares Market Price | 16.24% | 96.26% | 152.03% |
Small-Cap Index Fund ETF Shares Net Asset Value | 16.24 | 96.31 | 152.04 |
Spliced Small-Cap Index | 16.24 | 96.16 | 150.36 |
13
Small-Cap Index Fund
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_smallcapx16x1.jpg)
For a benchmark description, see the Glossary.
14
Small-Cap Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2017
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 (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 | |||
Basic Materials | |||
Steel Dynamics Inc. | 5,281,686 | 227,799 | 0.3% |
Chemours Co. | 4,358,835 | 218,203 | 0.2% |
Basic Materials—Other † | 3,459,316 | 4.1% | |
3,905,318 | 4.6% | ||
Consumer Goods | |||
Thor Industries Inc. | 1,177,504 | 177,473 | 0.2% |
* Middleby Corp. | 1,310,592 | 176,864 | 0.2% |
Toll Brothers Inc. | 3,547,643 | 170,358 | 0.2% |
Consumer Goods—Other † | 5,666,658 | 6.7% | |
6,191,353 | 7.3% | ||
Consumer Services | |||
* Copart Inc. | 4,909,377 | 212,036 | 0.3% |
Vail Resorts Inc. | 959,212 | 203,804 | 0.2% |
* Burlington Stores Inc. | 1,600,783 | 196,944 | 0.2% |
* JetBlue Airways Corp. | 7,545,085 | 168,557 | 0.2% |
Consumer Services—Other † | 9,297,040 | 11.0% | |
10,078,381 | 11.9% | ||
Financials | |||
East West Bancorp Inc. | 3,426,655 | 208,443 | 0.3% |
American Financial Group Inc. | 1,685,665 | 182,962 | 0.2% |
WP Carey Inc. | 2,556,984 | 176,176 | 0.2% |
Kilroy Realty Corp. | 2,315,309 | 172,838 | 0.2% |
MarketAxess Holdings Inc. | 837,939 | 169,054 | 0.2% |
Equity LifeStyle Properties Inc. | 1,893,181 | 168,531 | 0.2% |
Financials—Other † | 19,605,615 | 23.2% | |
20,683,619 | 24.5% |
15
Small-Cap Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Health Care | ||||
* | Nektar Therapeutics Class A | 3,706,584 | 221,357 | 0.3% |
* | Exelixis Inc. | 6,955,380 | 211,444 | 0.3% |
* | WellCare Health Plans Inc. | 1,049,755 | 211,116 | 0.2% |
* | Bluebird Bio Inc. | 1,170,011 | 208,379 | 0.2% |
* | ABIOMED Inc. | 986,902 | 184,955 | 0.2% |
STERIS plc | 1,996,220 | 174,609 | 0.2% | |
West Pharmaceutical Services Inc. | 1,742,753 | 171,957 | 0.2% | |
Health Care—Other † | 7,275,245 | 8.6% | ||
8,659,062 | 10.2% | |||
Industrials | ||||
* | XPO Logistics Inc. | 2,825,373 | 258,776 | 0.3% |
Broadridge Financial Solutions Inc. | 2,767,906 | 250,717 | 0.3% | |
IDEX Corp. | 1,810,633 | 238,949 | 0.3% | |
Spirit AeroSystems Holdings Inc. Class A | 2,724,382 | 237,702 | 0.3% | |
Jack Henry & Associates Inc. | 1,840,266 | 215,238 | 0.3% | |
* | TransUnion | 3,889,674 | 213,777 | 0.3% |
AO Smith Corp. | 3,436,412 | 210,583 | 0.3% | |
Old Dominion Freight Line Inc. | 1,563,917 | 205,733 | 0.2% | |
Lennox International Inc. | 937,580 | 195,260 | 0.2% | |
PerkinElmer Inc. | 2,602,722 | 190,311 | 0.2% | |
* | Berry Global Group Inc. | 3,137,078 | 184,052 | 0.2% |
* | Keysight Technologies Inc. | 4,360,467 | 181,395 | 0.2% |
Orbital ATK Inc. | 1,367,705 | 179,853 | 0.2% | |
Graco Inc. | 3,960,778 | 179,106 | 0.2% | |
Allegion plc | 2,244,071 | 178,538 | 0.2% | |
Universal Display Corp. | 995,671 | 171,903 | 0.2% | |
Nordson Corp. | 1,154,430 | 169,009 | 0.2% | |
Industrials—Other † | 13,989,494 | 16.5% | ||
17,450,396 | 20.6% | |||
Oil & Gas | ||||
* | Diamondback Energy Inc. | 2,312,598 | 291,966 | 0.3% |
Oil & Gas—Other † | 3,869,950 | 4.6% | ||
4,161,916 | 4.9% | |||
1,2Other † | 8,550 | 0.0% | ||
Technology | ||||
CDW Corp. | 3,607,817 | 250,707 | 0.3% | |
Leidos Holdings Inc. | 3,568,078 | 230,391 | 0.3% | |
* | IAC/InterActiveCorp | 1,795,561 | 219,561 | 0.3% |
* | ON Semiconductor Corp. | 10,093,884 | 211,366 | 0.2% |
Teradyne Inc. | 4,636,329 | 194,123 | 0.2% | |
* | CommScope Holding Co. Inc. | 4,487,097 | 169,747 | 0.2% |
2 | Technology—Other † | 8,113,806 | 9.6% | |
9,389,701 | 11.1% | |||
Telecommunications † | 311,264 | 0.4% | ||
Utilities | ||||
Atmos Energy Corp. | 2,672,709 | 229,559 | 0.3% | |
NRG Energy Inc. | 7,065,049 | 201,212 | 0.3% |
16
Small-Cap Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
UGI Corp. | 4,102,728 | 192,623 | 0.2% | |
Westar Energy Inc. Class A | 3,379,978 | 178,463 | 0.2% | |
Utilities—Other † | 2,369,407 | 2.8% | ||
3,171,264 | 3.8% | |||
Total Common Stocks (Cost $61,771,703) | 84,010,824 | 99.3%3 | ||
Coupon | ||||
Temporary Cash Investments | ||||
Money Market Fund | ||||
4,5 Vanguard Market Liquidity Fund | 1.458% | 14,810,476 | 1,481,195 | 1.8% |
6U.S. Government and Agency Obligations † | 32,259 | 0.0% | ||
Total Temporary Cash Investments (Cost $1,513,368) | 1,513,454 | 1.8%3 | ||
7Total Investments (Cost $63,285,071) | 85,524,278 | 101.1% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 4,637 | |||
Receivables for Investment Securities Sold | 26,153 | |||
Receivables for Accrued Income | 137,681 | |||
Receivables for Capital Shares Issued | 112,840 | |||
Unrealized Appreciation—Swap Contracts | 773 | |||
Other Assets 8 | 1,143 | |||
Total Other Assets | 283,227 | 0.3% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (102,544) | |||
Collateral for Securities on Loan | (865,524) | |||
Payables for Capital Shares Redeemed | (164,247) | |||
Payables to Vanguard | (33,936) | |||
Variation Margin Payable—Futures Contracts | (4,222) | |||
Unrealized Depreciation—Swap Contracts | (1,134) | |||
Other Liabilities | (1,060) | |||
Total Liabilities | (1,172,667) | (1.4%) | ||
Net Assets | 84,634,838 | 100.0% | ||
At December 31, 2017, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 64,226,722 | |||
Overdistributed Net Investment Income | (17,215) | |||
Accumulated Net Realized Losses | (1,816,202) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 22,239,207 | |||
Futures Contracts | 2,687 | |||
Swap Contracts | (361) | |||
Net Assets | 84,634,838 |
17
Small-Cap Index Fund | |
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 61,409,882 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 4,345,458 |
Net Asset Value Per Share—Investor Shares | $70.76 |
ETF Shares—Net Assets | |
Applicable to 146,262,829 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 21,605,204 |
Net Asset Value Per Share—ETF Shares | $147.71 |
Admiral Shares—Net Assets | |
Applicable to 477,526,565 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 33,800,914 |
Net Asset Value Per Share—Admiral Shares | $70.78 |
Institutional Shares—Net Assets | |
Applicable to 216,898,984 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 15,352,401 |
Net Asset Value Per Share—Institutional Shares | $70.78 |
Institutional Plus Shares—Net Assets | |
Applicable to 46,650,359 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 9,530,861 |
Net Asset Value Per Share—Institutional Plus Shares | $204.30 |
• 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 “Other” represents securities that are not classified by the fund’s benchmark index.
2 Certain of the fund’s securities are valued using significant unobservable inputs.
3 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and swap contracts.
After giving effect to futures and swap investments, the fund’s effective common stock and temporary cash investment positions
represent 100.1% and 1.0%, respectively, of net assets.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown
is the 7-day yield.
5 Includes $865,524,000 of collateral received for securities on loan.
6 Securities with a value of $21,016,000 have been segregated as initial margin for open futures contracts.
7 The total value of securities on loan is $812,376,000.
8 Cash with a value of $880,000 has been segregated as collateral for open over-the-counter swap contracts.
18
Small-Cap Index Fund
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P Mid-Cap 400 Index | March 2018 | 1,700 | 323,408 | 1,177 |
E-mini Russell 2000 Index | March 2018 | 3,435 | 263,894 | 1,510 |
2,687 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
Total Return Swaps | |||||
Value and | |||||
Floating | Unrealized | ||||
Notional | Interest Rate | Appreciation | |||
Termination | Amount | Received | (Depreciation) | ||
Reference Entity | Date | Counterparty | ($000) | (Paid)1 | ($000) |
Ambac Financial Group Inc. | 1/10/18 | GSCM | 8,356 | (1.895%) | 668 |
Gaming and Leisure Properties Inc. | 3/21/18 | GSI | 17,461 | (2.051%) | 105 |
SLM Corp. | 2/26/18 | GSI | 41,019 | (1.964%) | (1,134) |
(361) | |||||
GSCM—Goldman Sachs Capital Management. | |||||
GSI—Goldman Sachs International. | |||||
1 Payment received/paid monthly. |
Unrealized appreciation (depreciation) on open swap contracts is required to be treated as ordinary
income (loss) for tax purposes.
At December 31, 2017, a counterparty had deposited in a segregated account cash of $570,000
in connection with open swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
19
Small-Cap Index Fund
Statement of Operations
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 1,129,913 |
Interest1 | 6,342 |
Securities Lending—Net | 40,717 |
Total Income | 1,176,972 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 4,514 |
Management and Administrative—Investor Shares | 6,114 |
Management and Administrative—ETF Shares | 2,524 |
Management and Administrative—Admiral Shares | 9,134 |
Management and Administrative—Institutional Shares | 3,659 |
Management and Administrative—Institutional Plus Shares | 1,500 |
Marketing and Distribution—Investor Shares | 728 |
Marketing and Distribution—ETF Shares | 999 |
Marketing and Distribution—Admiral Shares | 2,547 |
Marketing and Distribution—Institutional Shares | 353 |
Marketing and Distribution—Institutional Plus Shares | 94 |
Custodian Fees | 1,675 |
Auditing Fees | 44 |
Shareholders’ Reports and Proxy—Investor Shares | 316 |
Shareholders’ Reports and Proxy—ETF Shares | 4,431 |
Shareholders’ Reports and Proxy—Admiral Shares | 1,076 |
Shareholders’ Reports and Proxy—Institutional Shares | 484 |
Shareholders’ Reports and Proxy—Institutional Plus Shares | 291 |
Trustees’ Fees and Expenses | 59 |
Total Expenses | 40,542 |
Net Investment Income | 1,136,430 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 4,058,840 |
Futures Contracts | 61,190 |
Swap Contracts | (3,775) |
Realized Net Gain (Loss) | 4,116,255 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 6,437,816 |
Futures Contracts | 7,868 |
Swap Contracts | 160 |
Change in Unrealized Appreciation (Depreciation) | 6,445,844 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,698,529 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund | |
were $6,047,000, ($33,000), and $8,000, respectively. | |
See accompanying Notes, which are an integral part of the Financial Statements. |
20
Small-Cap Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,136,430 | 980,349 |
Realized Net Gain (Loss) | 4,116,255 | 1,377,249 |
Change in Unrealized Appreciation (Depreciation) | 6,445,844 | 7,968,527 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,698,529 | 10,326,125 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (57,529) | (62,250) |
ETF Shares | (280,715) | (227,380) |
Admiral Shares | (451,429) | (399,294) |
Institutional Shares | (208,650) | (189,498) |
Institutional Plus Shares | (129,060) | (120,494) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (1,127,383) | (998,916) |
Capital Share Transactions | ||
Investor Shares | (653,015) | (288,011) |
ETF Shares | 2,848,082 | 2,612,289 |
Admiral Shares | 1,795,522 | 2,568,322 |
Institutional Shares | 370,934 | 1,232,054 |
Institutional Plus Shares | 260,540 | 52,625 |
Net Increase (Decrease) from Capital Share Transactions | 4,622,063 | 6,177,279 |
Total Increase (Decrease) | 15,193,209 | 15,504,488 |
Net Assets | ||
Beginning of Period | 69,441,629 | 53,937,141 |
End of Period1 | 84,634,838 | 69,441,629 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($17,215,000) and ($23,248,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
21
Small-Cap Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $61.75 | $53.03 | $55.86 | $52.69 | $38.74 |
Investment Operations | |||||
Net Investment Income | . 8761 | .843 | .727 | .730 | .609 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 9.011 | 8.734 | (2.840) | 3.148 | 13.958 |
Total from Investment Operations | 9.887 | 9.577 | (2.113) | 3.878 | 14.567 |
Distributions | |||||
Dividends from Net Investment Income | (. 877) | (. 857) | (.717) | (.708) | (. 617) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 877) | (. 857) | (.717) | (.708) | (. 617) |
Net Asset Value, End of Period | $70.76 | $61.75 | $53.03 | $55.86 | $52.69 |
Total Return2 | 16.10% | 18.17% | -3.78% | 7.37% | 37.62% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,345 | $4,401 | $4,058 | $4,606 | $5,041 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.18% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.36% | 1.55% | 1.33% | 1.40% | 1.39% |
Portfolio Turnover Rate 3 | 15% | 14% | 11% | 10% | 29% |
1 Calculated based on average shares outstanding. | |||||
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information | |||||
about any applicable account service fees. | |||||
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.
22
Small-Cap Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $128.90 | $110.71 | $116.61 | $110.02 | $80.89 |
Investment Operations | |||||
Net Investment Income | 2.0371 | 1.899 | 1.668 | 1.707 | 1.424 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 18.768 | 18.221 | (5.931) | 6.556 | 29.145 |
Total from Investment Operations | 20.805 | 20.120 | (4.263) | 8.263 | 30.569 |
Distributions | |||||
Dividends from Net Investment Income | (1.995) | (1.930) | (1.637) | (1.673) | (1.439) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.995) | (1.930) | (1.637) | (1.673) | (1.439) |
Net Asset Value, End of Period | $147.71 | $128.90 | $110.71 | $116.61 | $110.02 |
Total Return | 16.24% | 18.31% | -3.65% | 7.51% | 37.80% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $21,605 | $16,153 | $11,478 | $9,833 | $8,217 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.48% | 1.67% | 1.45% | 1.54% | 1.54% |
Portfolio Turnover Rate 2 | 15% | 14% | 11% | 10% | 29% |
1 Calculated based on average shares outstanding. | |||||
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 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $61.77 | $53.05 | $55.87 | $52.72 | $38.76 |
Investment Operations | |||||
Net Investment Income | . 9701 | .910 | .797 | .817 | .681 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 8.997 | 8.733 | (2.833) | 3.133 | 13.968 |
Total from Investment Operations | 9.967 | 9.643 | (2.036) | 3.950 | 14.649 |
Distributions | |||||
Dividends from Net Investment Income | (. 957) | (. 923) | (.784) | (. 800) | (. 689) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 957) | (. 923) | (.784) | (. 800) | (. 689) |
Net Asset Value, End of Period | $70.78 | $61.77 | $53.05 | $55.87 | $52.72 |
Total Return2 | 16.24% | 18.30% | -3.64% | 7.50% | 37.81% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $33,801 | $27,778 | $21,441 | $20,034 | $10,126 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.48% | 1.67% | 1.45% | 1.54% | 1.54% |
Portfolio Turnover Rate 3 | 15% | 14% | 11% | 10% | 29% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
24
Small-Cap Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $61.77 | $53.05 | $55.87 | $52.71 | $38.76 |
Investment Operations | |||||
Net Investment Income | . 9751 | .915 | .803 | .821 | .686 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 8.998 | 8.734 | (2.834) | 3.144 | 13.957 |
Total from Investment Operations | 9.973 | 9.649 | (2.031) | 3.965 | 14.643 |
Distributions | |||||
Dividends from Net Investment Income | (. 963) | (. 929) | (.789) | (. 805) | (. 693) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 963) | (. 929) | (.789) | (. 805) | (. 693) |
Net Asset Value, End of Period | $70.78 | $61.77 | $53.05 | $55.87 | $52.71 |
Total Return | 16.25% | 18.32% | -3.63% | 7.53% | 37.80% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $15,352 | $13,030 | $10,036 | $9,975 | $9,185 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.05% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.49% | 1.68% | 1.46% | 1.55% | 1.55% |
Portfolio Turnover Rate2 | 15% | 14% | 11% | 10% | 29% |
1 Calculated based on average shares outstanding.
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
Small-Cap Index Fund
Financial Highlights
Institutional Plus Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $178.28 | $153.11 | $161.27 | $152.16 | $111.87 |
Investment Operations | |||||
Net Investment Income | 2.8351 | 2.660 | 2.353 | 2.405 | 2.007 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 25.980 | 25.213 | (8.203) | 9.062 | 40.311 |
Total from Investment Operations | 28.815 | 27.873 | (5.850) | 11.467 | 42.318 |
Distributions | |||||
Dividends from Net Investment Income | (2.795) | (2.703) | (2.310) | (2.357) | (2.028) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.795) | (2.703) | (2.310) | (2.357) | (2.028) |
Net Asset Value, End of Period | $204.30 | $178.28 | $153.11 | $161.27 | $152.16 |
Total Return | 16.27% | 18.33% | -3.62% | 7.55% | 37.85% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $9,531 | $8,080 | $6,925 | $6,024 | $4,323 |
Ratio of Total Expenses to Average Net Assets | 0.03% | 0.04% | 0.05% | 0.06% | 0.06% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.50% | 1.69% | 1.48% | 1.57% | 1.57% |
Portfolio Turnover Rate2 | 15% | 14% | 11% | 10% | 29% |
1 Calculated based on average shares outstanding.
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.
26
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, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares, Institutional Shares, and Institutional Plus Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
27
Small-Cap Index Fund
3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
The notional amounts of swap contracts are not recorded in the Statement of Net Assets. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until termination of the swap, at which time realized gain (loss) is recorded. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
During the year ended December 31, 2017, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
4. 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, 2014–2017), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
28
Small-Cap Index Fund
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
8. 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. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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 the proxy. Marketing and
29
Small-Cap Index Fund
distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $4,637,000, representing 0.01% of the fund’s net assets and 1.85% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 84,002,274 | — | 8,550 |
Temporary Cash Investments | 1,481,195 | 32,259 | — |
Futures Contracts—Liabilities1 | (4,222) | — | — |
Swap Contracts—Assets | — | 773 | — |
Swap Contracts—Liabilities | — | (1,134) | — |
Total | 85,479,247 | 31,898 | 8,550 |
1 Represents variation margin on the last day of the reporting period. |
30
Small-Cap Index Fund
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $3,828,095,000 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, 2017, the fund had $24,052,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $341,986,000 to offset taxable capital gains realized during the year ended December 31, 2017. At December 31, 2017, the fund had available capital losses totaling $1,770,542,000 to offset future net capital gains. Of this amount, $604,149,000 is subject to expiration on December 31, 2018. Capital losses of $1,166,393,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards. Capital loss carryforwards of $342,008,000 expired on December 31, 2017; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in capital.
At December 31, 2017, the cost of investment securities for tax purposes was $63,337,888,000. Net unrealized appreciation of investment securities for tax purposes was $22,186,390,000, consisting of unrealized gains of $26,245,128,000 on securities that had risen in value since their purchase and $4,058,738,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $22,438,481,000 of investment securities and sold $17,931,291,000 of investment securities, other than temporary cash investments. Purchases and sales include $8,090,443,000 and $6,823,566,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2017, such purchases and sales were $2,469,747,000 and $1,252,748,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
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Small-Cap Index Fund
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 691,920 | 10,613 | 654,942 | 11,797 |
Issued in Lieu of Cash Distributions | 54,687 | 821 | 59,371 | 1,025 |
Redeemed | (1,399,622) | (21,293) | (1,002,324) | (18,063) |
Net Increase (Decrease)—Investor Shares | (653,015) | (9,859) | (288,011) | (5,241) |
ETF Shares | ||||
Issued | 9,320,075 | 67,574 | 5,724,040 | 48,032 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (6,471,993) | (46,625) | (3,111,751) | (26,400) |
Net Increase (Decrease) —ETF Shares | 2,848,082 | 20,949 | 2,612,289 | 21,632 |
Admiral Shares | ||||
Issued | 6,792,440 | 103,995 | 5,993,757 | 107,648 |
Issued in Lieu of Cash Distributions | 406,244 | 6,084 | 360,518 | 6,212 |
Redeemed | (5,403,162) | (82,274) | (3,785,953) | (68,327) |
Net Increase (Decrease)—Admiral Shares | 1,795,522 | 27,805 | 2,568,322 | 45,533 |
Institutional Shares | ||||
Issued | 3,318,653 | 50,778 | 2,898,327 | 51,533 |
Issued in Lieu of Cash Distributions | 199,657 | 2,992 | 180,076 | 3,099 |
Redeemed | (3,147,376) | (47,830) | (1,846,349) | (32,869) |
Net Increase (Decrease)—Institutional Shares | 370,934 | 5,940 | 1,232,054 | 21,763 |
Institutional Plus Shares | ||||
Issued | 1,569,273 | 8,268 | 720,960 | 4,425 |
Issued in Lieu of Cash Distributions | 126,704 | 658 | 117,213 | 701 |
Redeemed | (1,435,437) | (7,598) | (785,548) | (5,029) |
Net Increase (Decrease)— | ||||
Institutional Plus Shares | 260,540 | 1,328 | 52,625 | 97 |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
32
Small-Cap Growth Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | ||||
Investor | Admiral | Institutional | ||
Shares | ETF Shares | Shares | Shares | |
Ticker Symbol | VISGX | VBK | VSGAX | VSGIX |
Expense Ratio1 | 0.19% | 0.07% | 0.07% | 0.06% |
30-Day SEC Yield | 0.66% | 0.78% | 0.78% | 0.79% |
Portfolio Characteristics | |||
DJ | |||
CRSP US | U.S. | ||
Small Cap | Total | ||
Growth | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 647 | 637 | 3,775 |
Median Market Cap | $4.6B | $4.7B | $66.8B |
Price/Earnings Ratio | 30.5x | 30.5x | 22.8x |
Price/Book Ratio | 3.5x | 3.5x | 3.0x |
Return on Equity | 8.5% | 8.5% | 15.1% |
Earnings Growth | |||
Rate | 16.2% | 16.2% | 9.9% |
Dividend Yield | 0.8% | 0.8% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 19% | — | — |
Short-Term | |||
Reserves | 0.0% | — | — |
Volatility Measures | ||
DJ | ||
CRSP US | U.S. Total | |
Small Cap | Market | |
Growth Index | FA Index | |
R-Squared | 1.00 | 0.82 |
Beta | 1.00 | 1.10 |
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) | ||
Diamondback Energy | Exploration & | |
Inc. | Production | 0.8% |
XPO Logistics Inc. | Transportation | |
Services | 0.7 | |
Nektar Therapeutics | Biotechnology | 0.6 |
IAC/InterActiveCorp | Internet | 0.6 |
Jack Henry & Associates | Financial | |
Inc. | Administration | 0.6 |
TransUnion | Business Support | |
Services | 0.6 | |
Exelixis Inc. | Biotechnology | 0.6 |
Copart Inc. | Specialized | |
Consumer Services | 0.6 | |
AO Smith Corp. | Building Materials & | |
Fixtures | 0.6 | |
Bluebird Bio Inc. | Biotechnology | 0.6 |
Top Ten | 6.3% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for Admiral
Shares, and 0.06% for Institutional Shares.
33
Small-Cap Growth Index Fund
Sector Diversification (% of equity exposure) | |||
CRSP US | DJ | ||
Small Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | FA Index | |
Basic Materials | 2.0% | 2.0% | 2.7% |
Consumer Goods | 7.6 | 7.6 | 9.0 |
Consumer Services | 12.5 | 12.6 | 12.8 |
Financials | 17.8 | 17.8 | 20.5 |
Health Care | 16.5 | 16.5 | 12.5 |
Industrials | 21.5 | 21.6 | 13.2 |
Oil & Gas | 5.5 | 5.4 | 5.7 |
Technology | 15.9 | 15.9 | 18.7 |
Telecommunications | 0.4 | 0.3 | 1.9 |
Utilities | 0.3 | 0.3 | 3.0 |
Sector categories are based on the Industry Classification
Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB
classification as of the effective reporting period.
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_smallcapx36x1.jpg)
34
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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_smallcapx37x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Small-Cap Growth Index Fund*Investor | |||||
Shares | 21.78% | 13.45% | 9.23% | $24,184 | |
• • • • • • • • | Spliced Small-Cap Growth Index | 21.90 | 13.50 | 9.26 | 24,236 |
– – – – | Small-Cap Growth Funds Average | 22.61 | 13.85 | 7.62 | 20,836 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 | |
For a benchmark description, see the Glossary. | |||||
Small-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Small-Cap Growth Index Fund | ||||
ETF Shares Net Asset Value | 21.90% | 13.60% | 9.38% | $24,503 |
Spliced Small-Cap Growth Index | 21.90 | 13.50 | 9.26 | 24,236 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
See Financial Highlights for dividend and capital gains information.
35
Small-Cap Growth Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (9/27/2011) | Investment | |
Small-Cap Growth Index Fund Admiral | ||||
Shares | 21.92% | 13.60% | 15.04% | $24,037 |
Spliced Small-Cap Growth Index | 21.90 | 13.50 | 14.94 | 23,903 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 16.32 | 25,768 |
"Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standards. |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Small-Cap Growth Index Fund Institutional | ||||
Shares | 21.94% | 13.61% | 9.40% | $12,281,177 |
Spliced Small-Cap Growth Index | 21.90 | 13.50 | 9.26 | 12,118,153 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 11,473,897 |
Cumulative Returns of ETF Shares: December 31, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Small-Cap Growth Index Fund ETF Shares Market | |||
Price | 21.93% | 89.19% | 145.02% |
Small-Cap Growth Index Fund ETF Shares Net | |||
Asset Value | 21.90 | 89.17 | 145.03 |
Spliced Small-Cap Growth Index | 21.90 | 88.35 | 142.36 |
36
Small-Cap Growth Index Fund
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_smallcapx39x1.jpg)
For a benchmark description, see the Glossary.
37
Small-Cap Growth Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2017
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 (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 | ||||
Basic Materials † | 431,376 | 2.0% | ||
Consumer Goods | ||||
* | Middleby Corp. | 742,738 | 100,233 | 0.5% |
Toll Brothers Inc. | 1,998,599 | 95,973 | 0.4% | |
* | Take-Two Interactive Software Inc. | 758,157 | 83,230 | 0.4% |
Consumer Goods—Other † | 1,328,836 | 6.3% | ||
1,608,272 | 7.6% | |||
Consumer Services | ||||
* | Copart Inc. | 2,766,252 | 119,474 | 0.6% |
Vail Resorts Inc. | 537,091 | 114,116 | 0.5% | |
* | Burlington Stores Inc. | 907,522 | 111,652 | 0.5% |
* | Liberty Media Corp-Liberty Formula One | 2,544,890 | 86,933 | 0.4% |
* | Caesars Entertainment Corp. | 6,774,405 | 85,696 | 0.4% |
*,^ | GrubHub Inc. | 1,152,880 | 82,777 | 0.4% |
Consumer Services—Other † | 2,048,361 | 9.7% | ||
2,649,009 | 12.5% | |||
Financials | ||||
Kilroy Realty Corp. | 1,307,412 | 97,598 | 0.5% | |
MarketAxess Holdings Inc. | 474,141 | 95,658 | 0.5% | |
* | Signature Bank | 689,015 | 94,574 | 0.4% |
Equity LifeStyle Properties Inc. | 1,051,513 | 93,606 | 0.4% | |
Sun Communities Inc. | 972,807 | 90,257 | 0.4% | |
Douglas Emmett Inc. | 2,142,675 | 87,978 | 0.4% | |
Lamar Advertising Co. Class A | 1,116,329 | 82,876 | 0.4% | |
Healthcare Trust of America Inc. Class A | 2,724,403 | 81,841 | 0.4% | |
Financials—Other † | 3,038,976 | 14.3% | ||
3,763,364 | 17.7% |
38
Small-Cap Growth Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Health Care | ||||
* | Nektar Therapeutics Class A | 2,093,798 | 125,042 | 0.6% |
* | Exelixis Inc. | 3,933,413 | 119,576 | 0.6% |
* | Bluebird Bio Inc. | 661,369 | 117,790 | 0.6% |
* | ABIOMED Inc. | 557,985 | 104,572 | 0.5% |
West Pharmaceutical Services Inc. | 986,165 | 97,305 | 0.5% | |
* | Neurocrine Biosciences Inc. | 1,175,445 | 91,203 | 0.4% |
* | Exact Sciences Corp. | 1,591,590 | 83,622 | 0.4% |
* | Ionis Pharmaceuticals Inc. | 1,659,104 | 83,453 | 0.4% |
Health Care—Other † | 2,662,889 | 12.4% | ||
3,485,452 | 16.4% | |||
Industrials | ||||
* | XPO Logistics Inc. | 1,593,924 | 145,988 | 0.7% |
Jack Henry & Associates Inc. | 1,025,552 | 119,949 | 0.6% | |
* | TransUnion | 2,178,701 | 119,741 | 0.6% |
AO Smith Corp. | 1,936,551 | 118,672 | 0.6% | |
Old Dominion Freight Line Inc. | 875,962 | 115,233 | 0.5% | |
Lennox International Inc. | 527,724 | 109,904 | 0.5% | |
* | Berry Global Group Inc. | 1,742,058 | 102,207 | 0.5% |
Graco Inc. | 2,236,485 | 101,134 | 0.5% | |
Universal Display Corp. | 562,882 | 97,182 | 0.5% | |
Nordson Corp. | 651,321 | 95,353 | 0.4% | |
* | HD Supply Holdings Inc. | 2,357,662 | 94,377 | 0.4% |
* | Coherent Inc. | 327,503 | 92,428 | 0.4% |
Toro Co. | 1,359,653 | 88,690 | 0.4% | |
* | WEX Inc. | 570,670 | 80,596 | 0.4% |
Industrials—Other † | 3,073,417 | 14.5% | ||
4,554,871 | 21.5% | |||
Oil & Gas | ||||
* | Diamondback Energy Inc. | 1,305,416 | 164,809 | 0.8% |
* | Parsley Energy Inc. Class A | 3,157,828 | 92,966 | 0.4% |
* | Newfield Exploration Co. | 2,654,754 | 83,704 | 0.4% |
Oil & Gas—Other † | 809,612 | 3.8% | ||
1,151,091 | 5.4% | |||
1,2Other † | 3,825 | 0.0% | ||
Technology | ||||
* | IAC/InterActiveCorp | 1,013,127 | 123,885 | 0.6% |
SS&C Technologies Holdings Inc. | 2,324,142 | 94,081 | 0.4% | |
* | PTC Inc. | 1,535,413 | 93,307 | 0.4% |
* | Fortinet Inc. | 1,965,785 | 85,885 | 0.4% |
* | Tyler Technologies Inc. | 474,050 | 83,931 | 0.4% |
* | Ultimate Software Group Inc. | 377,493 | 82,380 | 0.4% |
* | Veeva Systems Inc. Class A | 1,445,194 | 79,890 | 0.4% |
* | GoDaddy Inc. Class A | 1,574,988 | 79,190 | 0.4% |
Technology—Other † | 2,648,772 | 12.5% | ||
3,371,321 | 15.9% | |||
Telecommunications † | 71,933 | 0.4% | ||
Utilities † | 62,475 | 0.3% | ||
Total Common Stocks (Cost $15,328,780) | 21,152,989 | 99.7%3 |
39
Small-Cap Growth Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Coupon | Shares | ($000) | Assets | |
Temporary Cash Investments | ||||
Money Market Fund | ||||
4,5 Vanguard Market | ||||
Liquidity Fund | 1.458% | 2,731,098 | 273,137 | 1.3% |
6U.S. Government and Agency Obligations † | 10,008 | 0.0% | ||
Total Temporary Cash Investments (Cost $283,122) | 283,145 | 1.3%3 | ||
Total Investments (Cost $15,611,902) | 21,436,134 | 101.0% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 1,171 | |||
Receivables for Investment Securities Sold | 400 | |||
Receivables for Accrued Income | 30,663 | |||
Receivables for Capital Shares Issued | 14,480 | |||
Other Assets | 310 | |||
Total Other Assets | 47,024 | 0.2% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (301) | |||
Collateral for Securities on Loan | (225,880) | |||
Payables for Capital Shares Redeemed | (30,757) | |||
Payables to Vanguard | (10,213) | |||
Variation Margin Payable—Futures Contracts | (526) | |||
Other Liabilities | (42) | |||
Total Liabilities | (267,719) | (1.2%) | ||
Net Assets | 21,215,439 | 100.0% | ||
At December 31, 2017, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 16,837,804 | |||
Overdistributed Net Investment Income | (7,276) | |||
Accumulated Net Realized Losses | (1,439,834) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 5,824,232 | |||
Futures Contracts | 513 | |||
Net Assets | 21,215,439 |
40
Small-Cap Growth Index Fund | |
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 40,153,224 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,816,382 |
Net Asset Value Per Share—Investor Shares | $45.24 |
ETF Shares—Net Assets | |
Applicable to 43,409,010 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 6,980,645 |
Net Asset Value Per Share—ETF Shares | $160.81 |
Admiral Shares—Net Assets | |
Applicable to 154,361,959 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 8,728,860 |
Net Asset Value Per Share—Admiral Shares | $56.55 |
Institutional Shares—Net Assets | |
Applicable to 81,472,062 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,689,552 |
Net Asset Value Per Share—Institutional Shares | $45.29 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $212,229,000.
† 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 “Other” represents securities that are not classified by the fund’s benchmark index.
2 Certain of the fund’s securities are valued using significant unobservable inputs.
3 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 1.0%,
respectively, of net assets.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown
is the 7-day yield.
5 Includes $225,880,000 of collateral received for securities on loan.
6 Securities with a value of $2,461,000 have been segregated as initial margin for open futures contracts.
41
Small-Cap Growth Index Fund
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2018 | 790 | 60,692 | 530 |
E-mini S&P 500 Index | March 2018 | 17 | 2,275 | (17) |
513 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
42
Small-Cap Growth Index Fund
Statement of Operations
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 172,172 |
Interest1 | 564 |
Securities Lending—Net | 13,173 |
Total Income | 185,909 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,773 |
Management and Administrative—Investor Shares | 2,700 |
Management and Administrative—ETF Shares | 2,126 |
Management and Administrative—Admiral Shares | 3,206 |
Management and Administrative—Institutional Shares | 1,178 |
Marketing and Distribution—Investor Shares | 308 |
Marketing and Distribution—ETF Shares | 324 |
Marketing and Distribution—Admiral Shares | 594 |
Marketing and Distribution—Institutional Shares | 81 |
Custodian Fees | 365 |
Auditing Fees | 44 |
Shareholders’ Reports and Proxy—Investor Shares | 169 |
Shareholders’ Reports and Proxy—ETF Shares | 881 |
Shareholders’ Reports and Proxy—Admiral Shares | 302 |
Shareholders’ Reports and Proxy—Institutional Shares | 213 |
Trustees’ Fees and Expenses | 16 |
Total Expenses | 15,280 |
Net Investment Income | 170,629 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 1,103,280 |
Futures Contracts | 1,373 |
Realized Net Gain (Loss) | 1,104,653 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 2,518,511 |
Futures Contracts | 727 |
Change in Unrealized Appreciation (Depreciation) | 2,519,238 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,794,520 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund | |
were $482,000, ($13,000), and $3,000, respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
43
Small-Cap Growth Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 170,629 | 174,178 |
Realized Net Gain (Loss) | 1,104,653 | 233,693 |
Change in Unrealized Appreciation (Depreciation) | 2,519,238 | 1,141,822 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,794,520 | 1,549,693 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (13,772) | (18,600) |
ETF Shares | (56,419) | (54,924) |
Admiral Shares | (69,320) | (70,685) |
Institutional Shares | (30,608) | (33,048) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (170,119) | (177,257) |
Capital Share Transactions | ||
Investor Shares | (378,549) | (296,130) |
ETF Shares | 471,885 | 515,234 |
Admiral Shares | 625,740 | 153,535 |
Institutional Shares | 77,858 | (85,285) |
Net Increase (Decrease) from Capital Share Transactions | 796,934 | 287,354 |
Total Increase (Decrease) | 4,421,335 | 1,659,790 |
Net Assets | ||
Beginning of Period | 16,794,104 | 15,134,314 |
End of Period1 | 21,215,439 | 16,794,104 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($7,276,000) and ($7,786,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
44
Small-Cap Growth Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $37.43 | $34.18 | $35.40 | $34.37 | $25.03 |
Investment Operations | |||||
Net Investment Income | . 3151 | .355 | .292 | .303 | .168 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 7.814 | 3.257 | (1.225) | 1.029 | 9.336 |
Total from Investment Operations | 8.129 | 3.612 | (.933) | 1.332 | 9.504 |
Distributions | |||||
Dividends from Net Investment Income | (. 319) | (. 362) | (. 287) | (. 302) | (.164) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 319) | (. 362) | (. 287) | (. 302) | (.164) |
Net Asset Value, End of Period | $45.24 | $37.43 | $34.18 | $35.40 | $34.37 |
Total Return2 | 21.78% | 10.61% | -2.64% | 3.88% | 37.98% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,816 | $1,850 | $1,986 | $2,326 | $2,859 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.19% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 0.78% | 1.03% | 0.82% | 0.87% | 0.63% |
Portfolio Turnover Rate 3 | 19% | 27% | 23% | 26% | 50% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
45
Small-Cap Growth Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $133.07 | $121.53 | $125.88 | $122.23 | $89.03 |
Investment Operations | |||||
Net Investment Income | 1.3201 | 1.416 | 1.202 | 1.277 | .802 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 27.731 | 11.563 | (4.362) | 3.643 | 33.188 |
Total from Investment Operations | 29.051 | 12.979 | (3.160) | 4.920 | 33.990 |
Distributions | |||||
Dividends from Net Investment Income | (1.311) | (1.439) | (1.190) | (1.270) | (.790) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.311) | (1.439) | (1.190) | (1.270) | (.790) |
Net Asset Value, End of Period | $160.81 | $133.07 | $121.53 | $125.88 | $122.23 |
Total Return | 21.90% | 10.74% | -2.51% | 4.02% | 38.18% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $6,981 | $5,328 | $4,422 | $3,900 | $3,637 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 0.90% | 1.15% | 0.94% | 1.01% | 0.78% |
Portfolio Turnover Rate2 | 19% | 27% | 23% | 26% | 50% |
1 Calculated based on average shares outstanding.
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.
Small-Cap Growth Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $46.79 | $42.73 | $44.26 | $42.98 | $31.30 |
Investment Operations | |||||
Net Investment Income | . 4651 | .496 | .421 | .449 | . 284 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 9.755 | 4.069 | (1.534) | 1.277 | 11.676 |
Total from Investment Operations | 10.220 | 4.565 | (1.113) | 1.726 | 11.960 |
Distributions | |||||
Dividends from Net Investment Income | (. 460) | (. 505) | (. 417) | (. 446) | (. 280) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 460) | (. 505) | (. 417) | (. 446) | (. 280) |
Net Asset Value, End of Period | $56.55 | $46.79 | $42.73 | $44.26 | $42.98 |
Total Return2 | 21.92% | 10.73% | -2.52% | 4.02% | 38.22% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $8,729 | $6,648 | $5,933 | $5,434 | $4,881 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 0.90% | 1.15% | 0.94% | 1.01% | 0.78% |
Portfolio Turnover Rate 3 | 19% | 27% | 23% | 26% | 50% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
47
Small-Cap Growth Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $37.47 | $34.22 | $35.45 | $34.42 | $25.07 |
Investment Operations | |||||
Net Investment Income | . 3751 | .401 | .341 | .362 | .229 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 7.818 | 3.257 | (1.234) | 1.028 | 9.346 |
Total from Investment Operations | 8.193 | 3.658 | (.893) | 1.390 | 9.575 |
Distributions | |||||
Dividends from Net Investment Income | (. 373) | (. 408) | (. 337) | (. 360) | (. 225) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 373) | (. 408) | (. 337) | (. 360) | (. 225) |
Net Asset Value, End of Period | $45.29 | $37.47 | $34.22 | $35.45 | $34.42 |
Total Return | 21.94% | 10.74% | -2.52% | 4.04% | 38.20% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,690 | $2,969 | $2,793 | $3,685 | $3,823 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 0.91% | 1.16% | 0.95% | 1.02% | 0.79% |
Portfolio Turnover Rate2 | 19% | 27% | 23% | 26% | 50% |
1 Calculated based on average shares outstanding. | |||||
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.
48
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 four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares and Institutional Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
49
Small-Cap Growth Index Fund
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
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, 2014–2017), 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. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income
50
Small-Cap Growth Index Fund
over the lives of the respective securities. 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 the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $1,171,000, representing 0.01% of the fund’s net assets and 0.47% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable
inputs are noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 21,149,164 | — | 3,825 |
Temporary Cash Investments | 273,137 | 10,008 | — |
Futures Contracts—Liabilities1 | (526) | — | — |
Total | 21,421,775 | 10,008 | 3,825 |
1 Represents variation margin on the last day of the reporting period. |
51
Small-Cap Growth Index Fund
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $1,325,381,000 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, 2017, the fund had $2,110,000 of ordinary income available for distribution. At December 31, 2017, the fund had available capital losses totaling $1,439,318,000 to offset future net capital gains. Of this amount, $261,118,000 is subject to expiration on December 31, 2018. Capital losses of $1,178,200,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards. Capital loss carryforwards of $243,082,000 expired on December 31, 2017; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in capital.
At December 31, 2017, the cost of investment securities for tax purposes was $15,611,902,000. Net unrealized appreciation of investment securities for tax purposes was $5,824,232,000, consisting of unrealized gains of $6,679,033,000 on securities that had risen in value since their purchase and $854,801,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $7,056,960,000 of investment securities and sold $6,247,493,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,529,364,000 and $2,538,461,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2017, such purchases and sales were $558,641,000 and $1,410,580,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
52
Small-Cap Growth Index Fund
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 313,705 | 7,684 | 292,382 | 8,461 |
Issued in Lieu of Cash Distributions | 12,952 | 308 | 17,459 | 484 |
Redeemed | (705,206) | (17,256) | (605,971) | (17,626) |
Net Increase (Decrease)—Investor Shares | (378,549) | (9,264) | (296,130) | (8,681) |
ETF Shares | ||||
Issued | 3,009,564 | 20,447 | 1,959,994 | 15,347 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (2,537,679) | (17,075) | (1,444,760) | (11,700) |
Net Increase (Decrease)—ETF Shares | 471,885 | 3,372 | 515,234 | 3,647 |
Admiral Shares | ||||
Issued | 1,842,542 | 35,856 | 1,300,181 | 30,042 |
Issued in Lieu of Cash Distributions | 64,088 | 1,215 | 65,555 | 1,452 |
Redeemed | (1,280,890) | (24,789) | (1,212,201) | (28,261) |
Net Increase (Decrease)—Admiral Shares | 625,740 | 12,282 | 153,535 | 3,233 |
Institutional Shares | ||||
Issued | 741,019 | 17,987 | 679,966 | 19,542 |
Issued in Lieu of Cash Distributions | 29,031 | 688 | 31,452 | 871 |
Redeemed | (692,192) | (16,427) | (796,703) | (22,798) |
Net Increase (Decrease)—Institutional Shares | 77,858 | 2,248 | (85,285) | (2,385) |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
53
Small-Cap Value Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | ||||
Investor | Admiral | Institutional | ||
Shares | ETF Shares | Shares | Shares | |
Ticker Symbol | VISVX | VBR | VSIAX | VSIIX |
Expense Ratio1 | 0.19% | 0.07% | 0.07% | 0.06% |
30-Day SEC Yield | 1.74% | 1.85% | 1.85% | 1.86% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
CRSP US | Total | ||
Small Cap | Market | ||
Fund | Value Index | FA Index | |
Number of Stocks | 878 | 850 | 3,775 |
Median Market Cap | $3.8B | $3.8B | $66.8B |
Price/Earnings Ratio | 17.6x | 17.5x | 22.8x |
Price/Book Ratio | 1.9x | 1.9x | 3.0x |
Return on Equity | 9.4% | 9.4% | 15.1% |
Earnings Growth | |||
Rate | 8.6% | 8.5% | 9.9% |
Dividend Yield | 1.9% | 1.9% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 19% | — | — |
Short-Term | |||
Reserves | 0.1% | — | — |
Volatility Measures | ||
DJ | ||
CRSP US | U.S. Total | |
Small Cap | Market | |
Value Index | FA Index | |
R-Squared | 1.00 | 0.78 |
Beta | 1.00 | 1.08 |
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) | ||
CDW Corp. | Computer Services | 0.5% |
Spirit AeroSystems | ||
Holdings Inc. | Aerospace | 0.5 |
IDEX Corp. | Industrial Machinery | 0.5 |
Leidos Holdings Inc. | Computer Services | 0.5 |
Steel Dynamics Inc. | Iron & Steel | 0.5 |
Atmos Energy Corp. | Gas Distribution | 0.5 |
Chemours Co. | Commodity | |
Chemicals | 0.5 | |
WellCare Health Plans | Health Care | |
Inc. | Providers | 0.5 |
ON Semiconductor | ||
Corp. | Semiconductors | 0.4 |
East West Bancorp Inc. | Banks | 0.4 |
Top Ten | 4.8% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for Admiral
Shares, and 0.06% for Institutional Shares.
54
Small-Cap Value Index Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
CRSP US | U.S. Total | ||
Small Cap | Market | ||
Fund | Value Index | FA Index | |
Basic Materials | 6.8% | 6.8% | 2.7% |
Consumer Goods | 7.2 | 7.2 | 9.0 |
Consumer Services | 11.5 | 11.5 | 12.8 |
Financials | 30.2 | 30.2 | 20.5 |
Health Care | 5.3 | 5.3 | 12.5 |
Industrials | 20.1 | 20.1 | 13.2 |
Oil & Gas | 4.6 | 4.6 | 5.7 |
Technology | 7.3 | 7.3 | 18.7 |
Telecommunications | 0.4 | 0.4 | 1.9 |
Utilities | 6.6 | 6.6 | 3.0 |
Sector categories are based on the Industry Classification
Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB
classification as of the effective reporting period.
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_smallcapx57x1.jpg)
55
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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_smallcapx58x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Small-Cap Value Index Fund*Investor | |||||
Shares | 11.67% | 14.82% | 9.63% | $25,069 | |
• • • • • • • • | Spliced Small-Cap Value Index | 11.83 | 15.01 | 9.76 | 25,370 |
– – – – | Small-Cap Value Funds Average | 8.73 | 12.60 | 8.16 | 21,902 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 | |
For a benchmark description, see the Glossary. | |||||
Small-Cap Value Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Small-Cap Value Index Fund | ||||
ETF Shares Net Asset Value | 11.79% | 14.96% | 9.76% | $25,388 |
Spliced Small-Cap Value Index | 11.83 | 15.01 | 9.76 | 25,370 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
See Financial Highlights for dividend and capital gains information.
56
Small-Cap Value Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (9/27/2011) | Investment | |
Small-Cap Value Index Fund Admiral Shares | 11.80% | 14.96% | 16.67% | $26,249 |
Spliced Small-Cap Value Index | 11.83 | 15.01 | 16.71 | 26,314 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 16.32 | 25,768 |
"Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standards. |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Small-Cap Value Index Fund Institutional | ||||
Shares | 11.80% | 14.97% | 9.79% | $12,722,936 |
Spliced Small-Cap Value Index | 11.83 | 15.01 | 9.76 | 12,684,830 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 11,473,897 |
Cumulative Returns of ETF Shares: December 31, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Small-Cap Value Index Fund ETF Shares Market | |||
Price | 11.84% | 100.75% | 153.93% |
Small-Cap Value Index Fund ETF Shares Net Asset | |||
Value | 11.79 | 100.81 | 153.88 |
Spliced Small-Cap Value Index | 11.83 | 101.26 | 153.70 |
57
Small-Cap Value Index Fund
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_smallcapx60x1.jpg)
For a benchmark description, see the Glossary.
58
Small-Cap Value Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2017
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 (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 | |||
Basic Materials | |||
Steel Dynamics Inc. | 3,376,560 | 145,631 | 0.5% |
Chemours Co. | 2,777,261 | 139,030 | 0.5% |
RPM International Inc. | 2,001,147 | 104,900 | 0.4% |
Huntsman Corp. | 3,054,383 | 101,680 | 0.3% |
United States Steel Corp. | 2,624,944 | 92,372 | 0.3% |
Olin Corp. | 2,495,377 | 88,785 | 0.3% |
Basic Materials—Other † | 1,330,459 | 4.5% | |
2,002,857 | 6.8% | ||
Consumer Goods | |||
Thor Industries Inc. | 750,797 | 113,160 | 0.4% |
Pinnacle Foods Inc. | 1,784,873 | 106,146 | 0.4% |
* US Foods Holding Corp. | 3,218,313 | 102,761 | 0.3% |
Leggett & Platt Inc. | 1,977,075 | 94,366 | 0.3% |
Consumer Goods—Other † | 1,710,263 | 5.8% | |
2,126,696 | 7.2% | ||
Consumer Services | |||
* JetBlue Airways Corp. | 4,811,030 | 107,478 | 0.4% |
KAR Auction Services Inc. | 2,027,387 | 102,403 | 0.3% |
Service Corp. International | 2,670,358 | 99,658 | 0.3% |
Foot Locker Inc. | 1,860,075 | 87,200 | 0.3% |
Consumer Services—Other † | 3,015,002 | 10.2% | |
3,411,741 | 11.5% | ||
Financials | |||
East West Bancorp Inc. | 2,168,082 | 131,884 | 0.4% |
American Financial Group Inc. | 1,056,723 | 114,697 | 0.4% |
WP Carey Inc. | 1,602,116 | 110,386 | 0.4% |
Janus Henderson Group plc | 2,704,630 | 103,479 | 0.4% |
Apartment Investment & Management Co. | 2,355,239 | 102,947 | 0.4% |
National Retail Properties Inc. | 2,281,118 | 98,385 | 0.3% |
59
Small-Cap Value Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Liberty Property Trust | 2,210,693 | 95,082 | 0.3% | |
Eaton Vance Corp. | 1,683,243 | 94,918 | 0.3% | |
First American Financial Corp. | 1,660,726 | 93,067 | 0.3% | |
Brown & Brown Inc. | 1,775,913 | 91,388 | 0.3% | |
First Horizon National Corp. | 4,367,926 | 87,315 | 0.3% | |
Financials—Other † | 7,796,120 | 26.3% | ||
8,919,668 | 30.1% | |||
Health Care | ||||
* | WellCare Health Plans Inc. | 667,680 | 134,277 | 0.5% |
* | Sage Therapeutics Inc. | 592,403 | 97,575 | 0.3% |
* | United Therapeutics Corp. | 615,272 | 91,029 | 0.3% |
Health Care—Other † | 1,250,750 | 4.2% | ||
1,573,631 | 5.3% | |||
Industrials | ||||
Spirit AeroSystems Holdings Inc. Class A | 1,733,792 | 151,273 | 0.5% | |
IDEX Corp. | 1,145,206 | 151,133 | 0.5% | |
PerkinElmer Inc. | 1,651,101 | 120,729 | 0.4% | |
Orbital ATK Inc. | 864,653 | 113,702 | 0.4% | |
Allegion plc | 1,424,976 | 113,371 | 0.4% | |
Carlisle Cos. Inc. | 929,064 | 105,588 | 0.4% | |
Oshkosh Corp. | 1,127,426 | 102,472 | 0.3% | |
Donaldson Co. Inc. | 1,947,332 | 95,322 | 0.3% | |
* | Quanta Services Inc. | 2,321,052 | 90,776 | 0.3% |
* | AECOM | 2,364,185 | 87,830 | 0.3% |
Industrials—Other † | 4,821,320 | 16.3% | ||
5,953,516 | 20.1% | |||
Oil & Gas † | 1,350,242 | 4.5% | ||
1,2Other † | 1,430 | 0.0% | ||
Technology | ||||
CDW Corp. | 2,295,130 | 159,489 | 0.5% | |
Leidos Holdings Inc. | 2,268,191 | 146,457 | 0.5% | |
* | ON Semiconductor Corp. | 6,360,870 | 133,197 | 0.4% |
Teradyne Inc. | 2,941,557 | 123,163 | 0.4% | |
* | CommScope Holding Co. Inc. | 2,860,674 | 108,219 | 0.4% |
* | Microsemi Corp. | 1,763,521 | 91,086 | 0.3% |
Technology—Other † | 1,406,862 | 4.8% | ||
2,168,473 | 7.3% | |||
Telecommunications † | 116,702 | 0.4% | ||
Utilities | ||||
Atmos Energy Corp. | 1,669,076 | 143,357 | 0.5% | |
NRG Energy Inc. | 4,510,994 | 128,473 | 0.4% | |
UGI Corp. | 2,604,069 | 122,261 | 0.4% | |
Westar Energy Inc. Class A | 2,130,611 | 112,496 | 0.4% | |
Aqua America Inc. | 2,664,946 | 104,546 | 0.4% | |
Great Plains Energy Inc. | 3,234,075 | 104,267 | 0.3% | |
Utilities—Other † | 1,220,352 | 4.1% | ||
1,935,752 | 6.5% | |||
Total Common Stocks (Cost $23,210,915) | 29,560,708 | 99.7%3 |
60
Small-Cap Value Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Coupon | Shares | ($000) | Assets | |
Temporary Cash Investments | ||||
Money Market Fund | ||||
4,5 Vanguard Market | ||||
Liquidity Fund | 1.458% | 2,563,730 | 256,399 | 0.9% |
6U.S. Government and Agency Obligations † | 6,450 | 0.0% | ||
Total Temporary Cash Investments (Cost $262,833) | 262,849 | 0.9%3 | ||
7Total Investments (Cost $23,473,748) | 29,823,557 | 100.6% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 1,629 | |||
Receivables for Investment Securities Sold | 15,966 | |||
Receivables for Accrued Income | 52,837 | |||
Receivables for Capital Shares Issued | 25,386 | |||
Unrealized Appreciation—Swap Contracts | 434 | |||
Other Assets 8 | 945 | |||
Total Other Assets | 97,197 | 0.3% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (60,261) | |||
Collateral for Securities on Loan | (166,158) | |||
Payables for Capital Shares Redeemed | (44,574) | |||
Payables to Vanguard | (12,384) | |||
Variation Margin Payable—Futures Contracts | (474) | |||
Unrealized Depreciation—Swap Contracts | (655) | |||
Other Liabilities | (344) | |||
Total Liabilities | (284,850) | (0.9%) | ||
Net Assets | 29,635,904 | 100.0% | ||
At December 31, 2017, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 24,054,886 | |||
Overdistributed Net Investment Income | (4,355) | |||
Accumulated Net Realized Losses | (764,270) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 6,349,809 | |||
Futures Contracts | 55 | |||
Swap Contracts | (221) | |||
Net Assets | 29,635,904 |
61
Small-Cap Value Index Fund | |
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 64,731,361 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 2,059,701 |
Net Asset Value Per Share—Investor Shares | $31.82 |
ETF Shares—Net Assets | |
Applicable to 95,315,743 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 12,649,548 |
Net Asset Value Per Share—ETF Shares | $132.71 |
Admiral Shares—Net Assets | |
Applicable to 197,767,005 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 11,277,551 |
Net Asset Value Per Share—Admiral Shares | $57.02 |
Institutional Shares—Net Assets | |
Applicable to 114,484,207 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,649,104 |
Net Asset Value Per Share—Institutional Shares | $31.87 |
• 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 “Other” represents securities that are not classified by the fund’s benchmark index.
2 Certain of the fund’s securities are valued using significant unobservable inputs.
3 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and swap contracts.
After giving effect to futures and swap investments, the fund’s effective common stock and temporary cash investment positions
represent 100.0% and 0.6%, respectively, of net assets.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown
is the 7-day yield.
5 Includes $166,158,000 of collateral received for securities on loan.
6 Securities with a value of $2,251,000 have been segregated as initial margin for open futures contracts.
7 The total value of securities on loan is $153,040,000.
8 Cash with a value of $660,000 has been segregated as collateral for open over-the-counter swap contracts.
62
Small-Cap Value Index Fund
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2018 | 723 | 55,544 | 55 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
Total Return Swaps | |||||
Value and | |||||
Floating | Unrealized | ||||
Notional | Interest Rate | Appreciation | |||
Termination | Amount | Received | (Depreciation) | ||
Reference Entity | Date | Counterparty | ($000) | (Paid)1 | ($000) |
Ambac Financial Group Inc. | 1/10/18 | GSCM | 5,428 | (1.895%) | 434 |
SLM Corp. | 2/26/18 | GSCM | 23,682 | (1.964%) | (655) |
(221) | |||||
GSCM—Goldman Sachs Capital Management. | |||||
1 Payment received/paid monthly. |
Unrealized appreciation (depreciation) on open swap contracts is required to be treated as ordinary
income (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
63
Small-Cap Value Index Fund | |
Statement of Operations | |
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 534,576 |
Interest1 | 906 |
Securities Lending—Net | 10,157 |
Total Income | 545,639 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 3,025 |
Management and Administrative—Investor Shares | 3,147 |
Management and Administrative—ETF Shares | 4,323 |
Management and Administrative—Admiral Shares | 4,583 |
Management and Administrative—Institutional Shares | 1,196 |
Marketing and Distribution—Investor Shares | 410 |
Marketing and Distribution—ETF Shares | 675 |
Marketing and Distribution—Admiral Shares | 892 |
Marketing and Distribution—Institutional Shares | 87 |
Custodian Fees | 673 |
Auditing Fees | 45 |
Shareholders’ Reports and Proxy—Investor Shares | 196 |
Shareholders’ Reports and Proxy—ETF Shares | 1,473 |
Shareholders’ Reports and Proxy—Admiral Shares | 395 |
Shareholders’ Reports and Proxy—Institutional Shares | 219 |
Trustees’ Fees and Expenses | 22 |
Total Expenses | 21,361 |
Net Investment Income | 524,278 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 1,184,527 |
Futures Contracts | 5,209 |
Swap Contracts | (2,242) |
Realized Net Gain (Loss) | 1,187,494 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,376,045 |
Futures Contracts | 1,025 |
Swap Contracts | 10 |
Change in Unrealized Appreciation (Depreciation) | 1,377,080 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,088,852 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $865,000, $9,000, and $0, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
64
Small-Cap Value Index Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 524,278 | 399,440 |
Realized Net Gain (Loss) | 1,187,494 | 705,795 |
Change in Unrealized Appreciation (Depreciation) | 1,377,080 | 3,421,300 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,088,852 | 4,526,535 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (36,929) | (38,162) |
ETF Shares | (220,339) | (160,038) |
Admiral Shares | (198,391) | (156,336) |
Institutional Shares | (63,321) | (51,718) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (518,980) | (406,254) |
Capital Share Transactions | ||
Investor Shares | (489,544) | (26,492) |
ETF Shares | 1,519,428 | 2,792,764 |
Admiral Shares | 830,846 | 1,391,975 |
Institutional Shares | 454,986 | 19,318 |
Net Increase (Decrease) from Capital Share Transactions | 2,315,716 | 4,177,565 |
Total Increase (Decrease) | 4,885,588 | 8,297,846 |
Net Assets | ||
Beginning of Period | 24,750,316 | 16,452,470 |
End of Period1 | 29,635,904 | 24,750,316 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($4,355,000) and ($7,768,000).
See accompanying Notes, which are an integral part of the Financial Statements.
65
Small-Cap Value Index Fund | |||||
Financial Highlights | |||||
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $29.00 | $23.69 | $25.34 | $23.33 | $17.40 |
Investment Operations | |||||
Net Investment Income | . 5341 | .477 | .431 | .425 | . 394 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.820 | 5.315 | (1.643) | 1.995 | 5.936 |
Total from Investment Operations | 3.354 | 5.792 | (1.212) | 2.420 | 6.330 |
Distributions | |||||
Dividends from Net Investment Income | (. 534) | (. 482) | (. 438) | (. 410) | (. 400) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 534) | (. 482) | (. 438) | (. 410) | (. 400) |
Net Asset Value, End of Period | $31.82 | $29.00 | $23.69 | $25.34 | $23.33 |
Total Return2 | 11.67% | 24.65% | -4.78% | 10.39% | 36.41% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,060 | $2,357 | $1,972 | $2,293 | $2,375 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.19% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.82% | 1.96% | 1.78% | 1.84% | 2.03% |
Portfolio Turnover Rate 3 | 19% | 18% | 16% | 12% | 47% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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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Small-Cap Value Index Fund | |||||
Financial Highlights | |||||
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $120.95 | $98.81 | $105.71 | $97.32 | $72.60 |
Investment Operations | |||||
Net Investment Income | 2.4271 | 2.119 | 1.933 | 1.933 | 1.796 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 11.709 | 22.159 | (6.870) | 8.326 | 24.742 |
Total from Investment Operations | 14.136 | 24.278 | (4.937) | 10.259 | 26.538 |
Distributions | |||||
Dividends from Net Investment Income | (2.376) | (2.138) | (1.963) | (1.869) | (1.818) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.376) | (2.138) | (1.963) | (1.869) | (1.818) |
Net Asset Value, End of Period | $132.71 | $120.95 | $98.81 | $105.71 | $97.32 |
Total Return | 11.79% | 24.80% | -4.67% | 10.55% | 36.57% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $12,650 | $10,042 | $5,679 | $4,874 | $3,908 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.94% | 2.08% | 1.90% | 1.98% | 2.18% |
Portfolio Turnover Rate2 | 19% | 18% | 16% | 12% | 47% |
1 Calculated based on average shares outstanding.
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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Small-Cap Value Index Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $51.97 | $42.46 | $45.42 | $41.82 | $31.20 |
Investment Operations | |||||
Net Investment Income | 1.0391 | .911 | .830 | .831 | .773 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 5.032 | 9.518 | (2.947) | 3.573 | 10.629 |
Total from Investment Operations | 6.071 | 10.429 | (2.117) | 4.404 | 11.402 |
Distributions | |||||
Dividends from Net Investment Income | (1.021) | (.919) | (.843) | (.804) | (.782) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.021) | (.919) | (.843) | (.804) | (.782) |
Net Asset Value, End of Period | $57.02 | $51.97 | $42.46 | $45.42 | $41.82 |
Total Return2 | 11.80% | 24.78% | -4.65% | 10.55% | 36.58% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $11,278 | $9,469 | $6,467 | $5,775 | $4,371 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.94% | 2.08% | 1.90% | 1.98% | 2.18% |
Portfolio Turnover Rate 3 | 19% | 18% | 16% | 12% | 47% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
68
Small-Cap Value Index Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $29.05 | $23.73 | $25.39 | $23.37 | $17.44 |
Investment Operations | |||||
Net Investment Income | . 5871 | .510 | .465 | .467 | .434 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 2.808 | 5.324 | (1.652) | 2.004 | 5.935 |
Total from Investment Operations | 3.395 | 5.834 | (1.187) | 2.471 | 6.369 |
Distributions | |||||
Dividends from Net Investment Income | (. 575) | (. 514) | (. 473) | (. 451) | (. 439) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 575) | (. 514) | (. 473) | (. 451) | (. 439) |
Net Asset Value, End of Period | $31.87 | $29.05 | $23.73 | $25.39 | $23.37 |
Total Return | 11.80% | 24.80% | -4.67% | 10.59% | 36.55% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,649 | $2,882 | $2,334 | $1,927 | $1,699 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.95% | 2.09% | 1.91% | 1.99% | 2.19% |
Portfolio Turnover Rate2 | 19% | 18% | 16% | 12% | 47% |
1 Calculated based on average shares outstanding.
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.
69
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 four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares and Institutional Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
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Small-Cap Value Index Fund
3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
The notional amounts of swap contracts are not recorded in the Statement of Net Assets. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until termination of the swap, at which time realized gain (loss) is recorded. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
During the year ended December 31, 2017, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
4. 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, 2014–2017), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and
71
Small-Cap Value Index Fund
settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
8. 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. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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 the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period
72
Small-Cap Value Index Fund
for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $1,629,000, representing 0.01% of the fund’s net assets and 0.65% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 29,559,278 | — | 1,430 |
Temporary Cash Investments | 256,399 | 6,450 | — |
Futures Contracts—Liabilities1 | (474) | — | — |
Swap Contracts—Assets | — | 434 | — |
Swap Contracts—Liabilities | — | (655) | — |
Total | 29,815,203 | 6,229 | 1,430 |
1 Represents variation margin on the last day of the reporting period. |
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $1,112,805,000 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.
73
Small-Cap Value Index Fund
For tax purposes, at December 31, 2017, the fund had $11,652,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $77,600,000 to offset taxable capital gains realized during the year ended December 31, 2017. At December 31, 2017, the fund had available capital losses totaling $763,172,000 to offset future net capital gains. Of this amount, $388,774,000 is subject to expiration on December 31, 2018. Capital losses of $374,398,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards. Capital loss carryforwards of $487,808,000 expired on December 31, 2017; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in-capital.
At December 31, 2017, the cost of investment securities for tax purposes was $23,479,750,000. Net unrealized appreciation of investment securities for tax purposes was $6,343,807,000, consisting of unrealized gains of $7,625,133,000 on securities that had risen in value since their purchase and $1,281,326,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $9,965,325,000 of investment securities and sold $7,600,033,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,572,378,000 and $2,370,226,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2017, such purchases and sales were $2,396,737,000 and $961,562,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
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Small-Cap Value Index Fund
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 419,463 | 14,099 | 532,293 | 20,585 |
Issued in Lieu of Cash Distributions | 34,876 | 1,153 | 35,750 | 1,344 |
Redeemed | (943,883) | (31,805) | (594,535) | (23,881) |
Net Increase (Decrease)—Investor Shares | (489,544) | (16,553) | (26,492) | (1,952) |
ETF Shares | ||||
Issued | 3,904,605 | 31,333 | 4,897,606 | 44,777 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (2,385,177) | (19,050) | (2,104,842) | (19,225) |
Net Increase (Decrease)—ETF Shares | 1,519,428 | 12,283 | 2,792,764 | 25,552 |
Admiral Shares | ||||
Issued | 2,845,311 | 53,286 | 2,512,864 | 54,695 |
Issued in Lieu of Cash Distributions | 177,442 | 3,269 | 140,487 | 2,939 |
Redeemed | (2,191,907) | (40,993) | (1,261,376) | (27,751) |
Net Increase (Decrease)—Admiral Shares | 830,846 | 15,562 | 1,391,975 | 29,883 |
Institutional Shares | ||||
Issued | 1,059,655 | 35,577 | 800,851 | 31,696 |
Issued in Lieu of Cash Distributions | 58,204 | 1,917 | 47,233 | 1,780 |
Redeemed | (662,873) | (22,210) | (828,766) | (32,642) |
Net Increase (Decrease)—Institutional Shares | 454,986 | 15,284 | 19,318 | 834 |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
75
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Index Funds and Shareholders of Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth Index Fund and Vanguard Small-Cap Value Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of net assets—investments summary of Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth Index Fund and Vanguard Small-Cap Value Index Fund (three of the funds constituting Vanguard Index Funds, hereafter collectively referred to as the “Funds”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, 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 ended December 31, 2017 and each of the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 15, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group
of Funds since 1975.
76
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_smallcapx79x1.jpg)
Special 2017 tax information (unaudited) for Vanguard U.S. Stock Index Funds
(Small-Capitalization Portfolios)
This information for the fiscal year ended December 31, 2017, is included pursuant to provisions
of the Internal Revenue Code.
The funds distributed qualified dividend income to shareholders during the fiscal year as follows:
Fund | ($000) |
Small-Cap Index Fund | 740,916 |
Small-Cap Growth Index Fund | 90,129 |
Small-Cap Value Index Fund | 375,534 |
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:
Fund | Percentage |
Small-Cap Index Fund | 63.1% |
Small-Cap Growth Index Fund | 53.1 |
Small-Cap Value Index Fund | 68.7 |
77
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, 2017
One | Five | Ten | |
Year | Years | Years | |
Small-Cap Index Fund Investor Shares | |||
Returns Before Taxes | 16.10% | 14.30% | 9.54% |
Returns After Taxes on Distributions | 15.64 | 13.84 | 9.16 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 9.28 | 11.34 | 7.71 |
One | Five | Ten | |
Year | Years | Years | |
Small-Cap Growth Index Fund Investor Shares | |||
Returns Before Taxes | 21.78% | 13.45% | 9.23% |
Returns After Taxes on Distributions | 21.48 | 13.16 | 9.03 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 12.41 | 10.68 | 7.52 |
One | Five | Ten | |
Year | Years | Years | |
Small-Cap Value Index Fund Investor Shares | |||
Returns Before Taxes | 11.67% | 14.82% | 9.63% |
Returns After Taxes on Distributions | 11.10 | 14.24 | 9.10 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 6.85 | 11.75 | 7.73 |
78
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 any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not 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.
79
Six Months Ended December 31, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2017 | 12/31/2017 | Period | |
Based on Actual Fund Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,098.45 | $0.85 |
ETF Shares | 1,000.00 | 1,099.15 | 0.21 |
Admiral Shares | 1,000.00 | 1,099.07 | 0.21 |
Institutional Shares | 1,000.00 | 1,099.28 | 0.16 |
Institutional Plus Shares | 1,000.00 | 1,099.27 | 0.11 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,107.29 | $1.01 |
ETF Shares | 1,000.00 | 1,107.90 | 0.37 |
Admiral Shares | 1,000.00 | 1,107.90 | 0.37 |
Institutional Shares | 1,000.00 | 1,108.17 | 0.32 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,091.11 | $0.95 |
ETF Shares | 1,000.00 | 1,091.56 | 0.37 |
Admiral Shares | 1,000.00 | 1,091.45 | 0.37 |
Institutional Shares | 1,000.00 | 1,091.64 | 0.32 |
80
Six Months Ended December 31, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2017 | 12/31/2017 | Period | |
Based on Hypothetical 5% Yearly Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,024.40 | $0.82 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Shares | 1,000.00 | 1,025.05 | 0.15 |
Institutional Plus Shares | 1,000.00 | 1,025.10 | 0.10 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,024.30 | $0.92 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
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, 0.16% for Investor Shares, 0.04% for ETF Shares, 0.04% for Admiral Shares, 0.03% for
Institutional Shares, and 0.02% for Institutional Plus Shares; for the Small-Cap Growth Index Fund, 0.19% for Investor Shares, 0.07% for
ETF Shares, 0.07% for Admiral Shares, and 0.06% for Institutional Shares; and for the Small-Cap Value Index Fund, 0.18% for Investor
Shares, 0.07% for ETF Shares, 0.07% for Admiral Shares, and 0.06% for Institutional 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 (184/365).
81
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 (for bonds), its actual income (for asset-backed securities), 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. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities 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.
82
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.
Benchmark Information
Spliced Small-Cap Growth Index: S&P SmallCap 600 Growth Index (formerly known as the S&P SmallCap 600/Barra Growth Index) through May 16, 2003; MSCI US Small Cap Growth Index through April 16, 2013; CRSP US Small Cap Growth Index thereafter.
Spliced Small-Cap Index: Russell 2000 Index through May 16, 2003; MSCI US Small Cap 1750 Index through January 30, 2013; CRSP US Small Cap Index thereafter.
Spliced Small-Cap Value Index: S&P SmallCap 600 Value Index (formerly known as the S&P SmallCap 600/Barra Value Index) through May 16, 2003; MSCI US Small Cap Value Index through April 16, 2013; CRSP US Small Cap Value Index thereafter.
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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 201 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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 vanguard.com.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Chief Executive Officer and Director of The Vanguard Group and President and Chief Executive Officer of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; President of The Vanguard Group (2008–2017); Managing Director of The Vanguard Group (1995–2008).
Independent Trustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College; Trustee of the University of Rochester.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Arconic Inc. (diversified manufacturer), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne
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, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Member of the Executive Committee (1997–2008), Chief Global Diversity Officer (retired 2008), Vice President and Chief Information Officer (1997–2006), Controller (1995–1997), Treasurer (1991–1995), and Assistant Treasurer (1989–1991) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education; Director of the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and Chair of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, the Board of Catholic Investment Services, Inc. (investment advisor), and the Board of Superintendence of the Institute for the Works of Religion; Chairman of the Board of TIFF Advisory Services, Inc. (investment advisor).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Co-Managing Partner of HighVista Strategies LLC (private investment firm); Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Board of Hypertherm, Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born 1967. Investment Stewardship Officer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer (2015–2017), Controller (2010–2015), and Assistant Controller (2001–2010) of each of the investment companies served by The Vanguard Group.
Christine M. Buchanan
Born 1970. Treasurer Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Global Head of Vanguard Fund Administration at The Vanguard Group; Partner at KPMG LLP (2005–2017).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Michael Rollings
Born 1963. Finance Director Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Director of Vanguard Marketing Corporation; Treasurer of each of the investment companies served by The Vanguard Group (February 2017–November 2017); Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
Vanguard Senior Management Team | |
Mortimer J. Buckley | Chris D. McIsaac |
Gregory Davis | James M. Norris |
John James | Thomas M. Rampulla |
Martha G. King | Karin A. Risi |
John T. Marcante | |
Chairman Emeritus and Senior Advisor | |
John J. Brennan | |
Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | |
Founder | |
John C. Bogle | |
Chairman and Chief Executive Officer, 1974–1996 |
![]() | |
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 | |
Connect with Vanguard® > vanguard.com | |
Fund Information > 800-662-7447 | Source for Bloomberg Barclays indexes: Bloomberg |
Direct Investor Account Services > 800-662-2739 | Index Services Limited. Copyright 2017, Bloomberg. All |
rights reserved. | |
Institutional Investor Services > 800-523-1036 | |
Text Telephone for People | |
Who Are Deaf or Hard of Hearing > 800-749-7273 | |
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, a | |
Thomson Reuters Company, or Morningstar, Inc., unless | |
otherwise noted. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | |
calling Vanguard at 800-662-2739. The guidelines are | |
also available from the SEC’s website, 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 | |
vanguard.com/proxyreporting or 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 email addressed to | |
publicinfo@sec.gov or via regular mail addressed to the | |
Public Reference Section, Securities and Exchange | |
Commission, Washington, DC 20549-1520. | |
© 2018 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q480 022018 |
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_midcapx1x1.jpg)
Annual Report | December 31, 2017
Vanguard U.S. Stock Index Funds
Mid-Capitalization Portfolios
Vanguard Extended Market Index Fund
Vanguard Mid-Cap Index Fund
Vanguard Mid-Cap Growth Index Fund
Vanguard Mid-Cap Value Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds.
Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 5 |
Results of Proxy Voting. | 9 |
Extended Market Index Fund. | 11 |
Mid-Cap Index Fund. | 36 |
Mid-Cap Growth Index Fund. | 60 |
Mid-Cap Value Index Fund. | 78 |
Your Fund’s After-Tax Returns. | 99 |
About Your Fund’s Expenses. | 101 |
Glossary. | 104 |
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.
About the cover: Nautical images have been part of Vanguard’s rich heritage since its start in 1975. For an
incoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to put
you first––and light the way––as you strive to meet your financial goals. Our client focus and low costs,
stemming from our unique ownership structure, assure that your interests are paramount.
Your Fund’s Performance at a Glance
• Returns for the 12 months ended December 31, 2017, ranged from about 17% for Vanguard Mid-Cap Value Index Fund to close to 22% for Vanguard Mid-Cap Growth Index Fund. Vanguard Mid-Cap Index Fund, which contains both growth and value stocks, returned about 19%. Vanguard Extended Market Index Fund, which includes both small- and mid-capitalization holdings, finished with a return of about 18%.
• Each fund closely tracked its target index. The Mid-Cap Growth Index Fund was the only one that trailed the average return of its peers.
• Large-capitalization stocks outperformed their mid- and small-cap counterparts, and growth stocks outpaced value.
• Health care, financials, and information technology were among the top-performing sectors on a relative basis for all four funds. Other standouts included consumer goods and industrials. Energy detracted from each fund’s returns.
Total Returns: Fiscal Year Ended December 31, 2017 | |
Total | |
Returns | |
Vanguard Extended Market Index Fund | |
Investor Shares | 17.94% |
ETF Shares | |
Market Price | 18.00 |
Net Asset Value | 18.10 |
Admiral™ Shares | 18.11 |
Institutional Shares | 18.12 |
Institutional Plus Shares | 18.13 |
Institutional Select Shares | 18.17 |
S&P Completion Index | 18.11 |
Mid-Cap Core Funds Average | 15.68 |
Mid-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Total | |
Returns | |
Vanguard Mid-Cap Index Fund | |
Investor Shares | 19.12% |
ETF Shares | |
Market Price | 19.25 |
Net Asset Value | 19.25 |
Admiral Shares | 19.25 |
Institutional Shares | 19.29 |
Institutional Plus Shares | 19.28 |
CRSP US Mid Cap Index | 19.30 |
Mid-Cap Core Funds Average | 15.68 |
Mid-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Vanguard Mid-Cap Growth Index Fund | |
Investor Shares | 21.72% |
ETF Shares | |
Market Price | 21.82 |
Net Asset Value | 21.83 |
Admiral Shares | 21.83 |
CRSP US Mid Cap Growth Index | 21.92 |
Mid-Cap Growth Funds Average | 24.33 |
Mid-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Vanguard Mid-Cap Value Index Fund | |
Investor Shares | 16.91% |
ETF Shares | |
Market Price | 17.05 |
Net Asset Value | 17.05 |
Admiral Shares | 17.04 |
CRSP US Mid Cap Value Index | 17.12 |
Mid-Cap Value Funds Average | 12.41 |
Mid-Cap Value Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares,
Institutional Plus Shares, and Institutional Select Shares are available to certain institutional investors who meet specific administrative,
service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the NYSE Arca exchange and are available only
through brokers. The table provides ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat.
Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock
Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about
how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the
Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market
price was above or below the NAV.
2
Total Returns: Ten Years Ended December 31, 2017 | |
Average | |
Annual Return | |
Extended Market Index Fund Investor Shares | 9.13% |
S&P Completion Index | 9.17 |
Mid-Cap Core Funds Average | 7.83 |
Mid-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Mid-Cap Index Fund Investor Shares | 8.78% |
Spliced Mid-Cap Index | 8.96 |
Mid-Cap Core Funds Average | 7.83 |
For a benchmark description, see the Glossary. | |
Mid-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Mid-Cap Growth Index Fund Investor Shares | 7.60% |
Spliced Mid-Cap Growth Index | 7.79 |
Mid-Cap Growth Funds Average | 7.14 |
For a benchmark description, see the Glossary. | |
Mid-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Mid-Cap Value Index Fund Investor Shares | 9.71% |
Spliced Mid-Cap Value Index | 9.93 |
Mid-Cap Value Funds Average | 7.92 |
For a benchmark description, see the Glossary. | |
Mid-Cap Value Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
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 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.
3
Expense Ratios | |||||||
Your Fund Compared With Its Peer Group | |||||||
Investor | ETF | Admiral | Institutional | Institutional | Institutional | Peer Group | |
Shares | Shares | Shares | Shares | Plus Shares | Select Shares | Average | |
Extended Market Index | |||||||
Fund | 0.21% | 0.08% | 0.08% | 0.06% | 0.05% | 0.02% | 1.13% |
Mid-Cap Index Fund | 0.18 | 0.06 | 0.06 | 0.05 | 0.04 | — | 1.13 |
Mid-Cap Growth Index | |||||||
Fund | 0.19 | 0.07 | 0.07 | — | — | — | 1.28 |
Mid-Cap Value Index Fund | 0.19 | 0.07 | 0.07 | — | — | — | 1.20 |
The fund expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the funds’ expense ratios were: for the Extended Market Index Fund, 0.21% for Investor Shares,
0.08% for ETF Shares, 0.08% for Admiral Shares, 0.06% for Institutional Shares, 0.05% for Institutional Plus Shares, and 0.02% for
Institutional Select Shares; for the Mid-Cap Index Fund, 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for Admiral Shares,
0.04% for Institutional Shares, and 0.03% for Institutional Plus Shares; for the Mid-Cap Growth Index Fund, 0.19% for Investor Shares,
0.07% for ETF Shares, and 0.07% for Admiral Shares; and for the Mid-Cap Value Index Fund, 0.19% for Investor Shares, 0.07% for ETF
Shares, and 0.07% for Admiral Shares. The peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters
Company, and capture information through year-end 2016.
Peer groups: For the Extended Market and Mid-Cap Index Funds, Mid-Cap Core Funds; for the Mid-Cap Growth Index Fund, Mid-Cap
Growth Funds; for the Mid-Cap Value Index Fund, Mid-Cap Value Funds.
4
Chairman’s Perspective
Bill McNabb
Chairman
Dear Shareholder,
Lately I’ve been asked a lot about my legacy. And candidly, that phrase bugs me—it isn’t my legacy. Vanguard’s success is a result of thousands of my colleagues committing to a clear mission: helping investors achieve their financial goals.
The reason the topic has come up is that on December 31, 2017, I officially stepped down as Vanguard’s CEO after almost a decade in that role. I’ll remain chairman for a period to be determined by the board of directors. Tim Buckley, who was previously Vanguard’s president and chief investment officer, was elected CEO. I can’t think of a better successor.
I’ve spent 32 years at Vanguard—almost my entire professional life—and during that time I’ve had the good fortune of working with smart, principled colleagues from across the world. I’ve learned from each of them.
In particular, I would like to thank Jack Bogle, our founder, who took a chance on me when I was a young business school graduate, and Jack Brennan, my predecessor as CEO, who constantly challenged me with new roles and responsibilities.
5
When you’re just starting out, there is nothing quite like getting votes of confidence from people you respect.
The short list
A milestone like this naturally brings about some reflection. With that in mind, here’s a tally—by no means exhaustive—of the accomplishments that we at Vanguard are proud of:
Low costs. Over the last decade, we cut our average asset-weighted expense ratio by about 50%.1 This isn’t a result of some contrived price war. Since its founding, Vanguard has emphasized the benefits of low-cost investing. As Jack Bogle once said: “The honest steward who charges least, wins most. But not for himself; for those investors who entrust their assets to his care. It is not all that complicated.”
Global diversification. Through our thought leadership and investment options, such as our target-date funds, Vanguard has encouraged clients to obtain exposure to international markets.
Global diversification isn’t just about helping to control risk—it can also be a way of expanding your set of opportunities and harnessing the potential of all markets.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2017 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 21.69% | 11.23% | 15.71% |
Russell 2000 Index (Small-caps) | 14.65 | 9.96 | 14.12 |
Russell 3000 Index (Broad U.S. market) | 21.13 | 11.12 | 15.58 |
FTSE All-World ex US Index (International) | 27.11 | 8.27 | 7.19 |
Bonds | |||
Bloomberg Barclays U. S. Aggregate Bond Index | |||
(Broad taxable market) | 3.54% | 2.24% | 2.10% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 5.45 | 2.98 | 3.02 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.84 | 0.37 | 0.23 |
CPI | |||
Consumer Price Index | 2.11% | 1.64% | 1.43% |
1 Source: Vanguard calculation, based on data from Morningstar, Inc., as of December 31, 2016.
6
I’ve been glad to see more and more clients embracing global diversification. I believe this trend will continue as Vanguard’s way of investing takes hold in international markets.
Affordable advice. In the wake of the 2008–2009 Global Financial Crisis, we began working on a new advice model. In 2015, we launched Vanguard Personal Advisor Services®, a hybrid advice offering that delivers value through a combination of a professional advisor and powerful digital technology at a competitive price.
Across the industry, we’ve seen the cost of providing advice coming down. Traditional advisors are embracing low-cost investments, and that, in turn, helps them reduce costs for their own clients. This is a trend that all of us at Vanguard would like to see continue.
Great people. I’ve interacted with hundreds of companies of all sizes and in all industries, and the one quality that sets Vanguard apart from most of them is our emphasis on people. It’s a testament to our culture that colleagues spend 15, 20, or, as in my case, more than 30 years of their professional lives here. Investors benefit because we have consistent, experienced fund management teams and a deep bench of talent that ensures that things go smoothly when it’s time for a transition.
We’ve done a great job attracting new talent, too. We made some notable additions to senior management in the last two years, and we’re continuously grooming our next generation of leaders.
Ready for what comes next
When I was contemplating coming to work at Vanguard, I sat down with my rowing coach at his home in Philadelphia. Over cheesesteaks, he told me that the most important thing was to work for a company that had the same values I held deeply. He was like a second father to me, so I trusted his judgment at a time when I wasn’t so sure about my own. Back then, I never could have anticipated the success Vanguard would have in the coming decades.
I’m no better at predicting the future now. Vanguard has enjoyed significant growth in the last few years, and that presents its own unique set of challenges and opportunities, such as the role we’re playing in advocating for better corporate governance among companies our funds invest in. And the asset management industry is confronting significant changes brought on by technology, shifting demographics, and new regulations.
Although the future is uncertain, I’m confident that Vanguard is well-prepared to tackle whatever comes its way. And one thing I’m sure of: There are big parts of the world that would be well-served by our way of investing.
7
It’s humbling to think about the impact the work we do at Vanguard has on clients who are trying to raise a family, buy a first home, save for college, or prepare for retirement. I’ve always tried to make decisions with investors’ best interests in mind. It has been a privilege working with people who hold to that same ideal.
Thank you for entrusting us with your assets.
Sincerely,
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_midcapx10x1.jpg)
F. William McNabb III
Chairman
January 1, 2018
8
Results of Proxy Voting
At a special meeting of shareholders on November 15, 2017, fund shareholders approved
the following proposals:
Proposal 1—Elect trustees for the fund.*
The individuals listed in the table below were elected as trustees for the fund. All trustees with the
exception of Ms. Mulligan, Ms. Raskin, and Mr. Buckley (each of whom already serves as a director
of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting
Percentage | |||
Trustee | For | Withheld | For |
Mortimer J. Buckley | 10,555,505,764 | 302,858,072 | 97.2% |
Emerson U. Fullwood | 10,550,271,249 | 308,092,588 | 97.2% |
Amy Gutmann | 10,549,661,393 | 308,702,444 | 97.2% |
JoAnn Heffernan Heisen | 10,561,362,394 | 297,001,443 | 97.3% |
F. Joseph Loughrey | 10,550,135,548 | 308,228,289 | 97.2% |
Mark Loughridge | 10,554,054,699 | 304,309,138 | 97.2% |
Scott C. Malpass | 10,546,031,165 | 312,332,672 | 97.1% |
F. William McNabb III | 10,544,013,615 | 314,350,222 | 97.1% |
Deanna Mulligan | 10,560,536,084 | 297,827,753 | 97.3% |
André F. Perold | 10,509,222,915 | 349,140,922 | 96.8% |
Sarah Bloom Raskin | 10,554,241,538 | 304,122,299 | 97.2% |
Peter F. Volanakis | 10,551,315,296 | 307,048,541 | 97.2% |
* Results are for all funds within the same trust. |
Proposal 2—Approve a manager-of-managers arrangement with third-party investment advisors.
This arrangement enables the fund to enter into and materially amend investment advisory arrangements with third-party investment advisors, subject to the approval of the fund’s board of trustees and certain conditions imposed by the Securities and Exchange Commission, while avoiding the costs and delays associated with obtaining future shareholder approval.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Extended Market | |||||
Index Fund | 305,539,700 | 13,294,070 | 12,068,550 | 47,380,541 | 80.8% |
Mid-Cap Growth | |||||
Index Fund | 71,953,895 | 2,687,335 | 3,415,364 | 15,154,109 | 77.2% |
Mid-Cap Index Fund | 413,561,713 | 17,007,306 | 13,124,311 | 109,569,807 | 74.8% |
Mid-Cap Value Index Fund | 109,695,154 | 4,179,835 | 4,493,303 | 24,490,837 | 76.8% |
9
Proposal 3—Approve a manager-of-managers arrangement with wholly owned subsidiaries of Vanguard.
This arrangement enables Vanguard or the fund to enter into and materially amend investment advisory arrangements with wholly owned subsidiaries of Vanguard, subject to the approval of the fund’s board of trustees and any conditions imposed by the Securities and Exchange Commission (SEC), while avoiding the costs and delays associated with obtaining future shareholder approval. The ability of the fund to operate in this manner is contingent upon the SEC’s approval of a pending application for an order of exemption.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Extended Market | |||||
Index Fund | 307,974,839 | 12,854,838 | 10,072,642 | 47,380,541 | 81.4% |
Mid-Cap Growth | |||||
Index Fund | 72,547,920 | 2,515,990 | 2,992,683 | 15,154,109 | 77.8% |
Mid-Cap Index Fund | 415,676,304 | 16,434,958 | 11,582,069 | 109,569,807 | 75.1% |
Mid-Cap Value Index Fund | 111,106,958 | 3,455,519 | 3,805,816 | 24,490,837 | 77.8% |
Shareholders of Vanguard Extended Market Index Fund, Vanguard Mid-Cap Index Fund, and
Vanguard Mid-Cap Value Index Fund did not approve the following proposal:
Proposal 7—Institute transparent procedures to avoid holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. Such procedures may include time-limited engagement with problem companies if management believes that their behavior can be changed.
The trustees recommended a vote against the proposal for the following reasons: (1) Vanguard is fully compliant with all applicable U.S. laws and regulations that prohibit the investment in any company owned or controlled by the government of Sudan; (2) the addition of further investment constraints is not in fund shareholders’ best interests if those constraints are unrelated to a fund’s stated investment objective, policies, and strategies; and (3) divestment is an ineffective means to implement social change as it often puts the shares into the hands of another owner with no direct impact to the company’s capitalization.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Extended Market | |||||
Index Fund | 57,459,635 | 27,321,416 | 246,121,268 | 47,380,541 | 15.2% |
Mid-Cap Index Fund | 70,648,319 | 36,773,839 | 336,271,172 | 109,569,807 | 12.8% |
Mid-Cap Value Index Fund | 17,086,236 | 9,589,280 | 91,692,777 | 24,490,837 | 12.0% |
10
Extended Market Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | ||||||
Investor | Admiral | Institutional | Institutional | Institutional | ||
Shares | ETF Shares | Shares | Shares | Plus Shares | Select Shares | |
Ticker Symbol | VEXMX | VXF | VEXAX | VIEIX | VEMPX | VSEMX |
Expense Ratio1 | 0.21% | 0.08% | 0.08% | 0.06% | 0.05% | 0.02% |
30-Day SEC Yield | 1.14% | 1.27% | 1.27% | 1.29% | 1.30% | 1.33% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
S&P | Total | ||
Completion | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 3,151 | 3,266 | 3,775 |
Median Market Cap | $4.5B | $4.5B | $66.8B |
Price/Earnings Ratio | 21.0x | 20.9x | 22.8x |
Price/Book Ratio | 2.4x | 2.4x | 3.0x |
Return on Equity | 8.8% | 8.8% | 15.1% |
Earnings Growth Rate | 11.3% | 11.3% | 9.9% |
Dividend Yield | 1.3% | 1.3% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 11% | — | — |
Short-Term Reserves | 0.0% | — | — |
Volatility Measures | ||
DJ | ||
S&P | U.S. Total | |
Completion | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.85 |
Beta | 1.00 | 1.11 |
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) | ||
Tesla Inc. | Automobile | |
Manufacturers | 0.8% | |
Liberty Global plc | Cable & Satellite | 0.6 |
Las Vegas Sands Corp. | Casinos & Gaming | 0.5 |
ServiceNow Inc. | Systems Software | 0.5 |
T-Mobile US Inc. | Wireless | |
Telecommunication | ||
Services | 0.4 | |
FleetCor Technologies | Data Processing & | |
Inc. | Outsourced Services | 0.3 |
Dell Technologies Inc. | ||
Class V | Systems Software | 0.3 |
Markel Corp. | Property & Casualty | |
Insurance | 0.3 | |
BioMarin Pharmaceutical | ||
Inc. | Biotechnology | 0.3 |
Twitter Inc. | Internet Software & | |
Services | 0.3 | |
Top Ten | 4.3% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2017, the expense ratios were 0.21% for Investor Shares, 0.08% for ETF Shares, 0.08% for Admiral Shares, 0.06% for Institutional Shares, 0.05% for Institutional Plus Shares, and 0.02% for Institutional Select Shares.
11
Extended Market Index Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
S&P | U.S. Total | ||
Completion | Market | ||
Fund | Index | FA Index | |
Consumer | |||
Discretionary | 14.3% | 14.2% | 12.6% |
Consumer Staples | 3.1 | 3.1 | 7.3 |
Energy | 4.4 | 4.4 | 5.8 |
Financials | 16.8 | 16.9 | 15.1 |
Health Care | 11.0 | 11.1 | 13.3 |
Industrials | 14.1 | 14.0 | 10.9 |
Information | |||
Technology | 18.3 | 18.3 | 22.8 |
Materials | 5.5 | 5.5 | 3.4 |
Real Estate | 8.4 | 8.4 | 3.9 |
Telecommunication | |||
Services | 1.0 | 1.0 | 1.9 |
Utilities | 3.1 | 3.1 | 3.0 |
Sector categories are based on the Global Industry Classification
Standard (“GICS”), except for the “Other” category (if applicable),
which includes securities that have not been provided a GICS
classification as of the effective reporting period.
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_midcapx14x1.jpg)
12
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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_midcapx15x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Extended Market Index Fund*Investor | |||||
Shares | 17.94% | 14.43% | 9.13% | $23,964 | |
• • • • • • • • | S&P Completion Index | 18.11 | 14.49 | 9.17 | 24,037 |
– – – – | Mid-Cap Core Funds Average | 15.68 | 13.11 | 7.83 | 21,260 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 | |
Mid-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Extended Market Index Fund | ||||
ETF Shares Net Asset Value | 18.10% | 14.58% | 9.29% | $24,310 |
S&P Completion Index | 18.11 | 14.49 | 9.17 | 24,037 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
See Financial Highlights for dividend and capital gains information.
13
Extended Market Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Extended Market Index Fund Admiral Shares | 18.11% | 14.58% | 9.29% | $24,304 |
S&P Completion Index | 18.11 | 14.49 | 9.17 | 24,037 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Extended Market Index Fund Institutional | ||||
Shares | 18.12% | 14.60% | 9.32% | $12,184,544 |
S&P Completion Index | 18.11 | 14.49 | 9.17 | 12,018,463 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 11,473,897 |
Since | Final Value | |||
One | Five | Inception | of a $100,000,000 | |
Year | Years | (1/14/2011) | Investment | |
Extended Market Index Fund Institutional Plus | ||||
Shares | 18.13% | 14.62% | 11.93% | $219,113,100 |
S&P Completion Index | 18.11 | 14.49 | 11.80 | 217,347,586 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 13.06 | 235,037,895 |
"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative |
Since | Final Value | ||
One | Inception | of a $3,000,000,000 | |
Year | (6/27/2016) | Investment | |
Extended Market Index Fund Institutional | |||
Select Shares | 18.17% | 25.88% | $4,247,412,239 |
S&P Completion Index | 18.11 | 25.74 | 4,240,314,728 |
Dow Jones U.S. Total Stock Market Float | |||
Adjusted Index | 21.16 | 24.04 | 4,154,339,776 |
"Since Inception" performance is calculated from the Institutional Select Shares’ inception date for both the fund and its comparative standards. |
14
Extended Market Index Fund
Cumulative Returns of ETF Shares: December 31, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Extended Market Index Fund ETF Shares Market | |||
Price | 18.00% | 97.27% | 143.42% |
Extended Market Index Fund ETF Shares Net | |||
Asset Value | 18.10 | 97.49 | 143.10 |
S&P Completion Index | 18.11 | 96.71 | 140.37 |
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_midcapx17x1.jpg)
15
Extended Market Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2017
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 (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 | ||||
*,^ | Tesla Inc. | 1,704,760 | 530,777 | 0.8% |
Las Vegas Sands Corp. | 4,660,233 | 323,840 | 0.5% | |
* | Liberty Global plc | 8,443,256 | 285,720 | 0.5% |
* | Liberty Broadband Corp. | 1,870,668 | 159,306 | 0.3% |
* | NVR Inc. | 44,617 | 156,526 | 0.3% |
Lear Corp. | 860,125 | 151,950 | 0.2% | |
Autoliv Inc. | 1,111,755 | 141,282 | 0.2% | |
Aramark | 3,138,383 | 134,135 | 0.2% | |
* | Liberty Interactive Corp. QVC Group Class A | 5,416,449 | 132,270 | 0.2% |
1 | Consumer Discretionary—Other † | 6,941,300 | 11.0% | |
8,957,106 | 14.2% | |||
Consumer Staples | ||||
Ingredion Inc. | 913,735 | 127,740 | 0.2% | |
Consumer Staples—Other † | 1,793,910 | 2.8% | ||
1,921,650 | 3.0% | |||
Energy | ||||
* | Diamondback Energy Inc. | 1,254,544 | 158,386 | 0.2% |
* | Cheniere Energy Inc. | 2,585,100 | 139,182 | 0.2% |
Targa Resources Corp. | 2,750,238 | 133,167 | 0.2% | |
1 | Energy—Other † | 2,313,806 | 3.7% | |
2,744,541 | 4.3% | |||
Financials | ||||
* | Markel Corp. | 178,503 | 203,338 | 0.3% |
TD Ameritrade Holding Corp. | 3,478,785 | 177,870 | 0.3% | |
Annaly Capital Management Inc. | 14,662,584 | 174,338 | 0.3% | |
First Republic Bank | 2,003,105 | 173,549 | 0.3% | |
Ally Financial Inc. | 5,672,680 | 165,415 | 0.3% |
16
Extended Market Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
* | SVB Financial Group | 673,965 | 157,553 | 0.3% |
* | Arch Capital Group Ltd. | 1,664,145 | 151,054 | 0.2% |
MSCI Inc. Class A | 1,155,625 | 146,233 | 0.2% | |
FNF Group | 3,484,146 | 136,718 | 0.2% | |
Reinsurance Group of America Inc. Class A | 821,508 | 128,098 | 0.2% | |
Financials—Other † | 8,917,371 | 14.1% | ||
10,531,537 | 16.7% | |||
Health Care | ||||
* | BioMarin Pharmaceutical Inc. | 2,267,343 | 202,179 | 0.3% |
Teleflex Inc. | 575,136 | 143,105 | 0.2% | |
* | Alnylam Pharmaceuticals Inc. | 1,049,683 | 133,362 | 0.2% |
* | Nektar Therapeutics Class A | 2,022,579 | 120,788 | 0.2% |
Health Care—Other † | 6,304,443 | 10.0% | ||
6,903,877 | 10.9% | |||
Industrials | ||||
Huntington Ingalls Industries Inc. | 579,096 | 136,493 | 0.2% | |
Owens Corning | 1,412,653 | 129,879 | 0.2% | |
Spirit AeroSystems Holdings Inc. Class A | 1,482,246 | 129,326 | 0.2% | |
IDEX Corp. | 966,252 | 127,516 | 0.2% | |
1 | Industrials—Other † | 8,276,422 | 13.1% | |
8,799,636 | 13.9% | |||
Information Technology | ||||
* | ServiceNow Inc. | 2,213,141 | 288,571 | 0.5% |
* | FleetCor Technologies Inc. | 1,148,069 | 220,923 | 0.4% |
* | Dell Technologies Inc. Class V | 2,601,351 | 211,438 | 0.3% |
* | Twitter Inc. | 8,296,522 | 199,199 | 0.3% |
Maxim Integrated Products Inc. | 3,595,944 | 187,996 | 0.3% | |
* | Workday Inc. Class A | 1,717,887 | 174,778 | 0.3% |
* | Palo Alto Networks Inc. | 1,176,694 | 170,550 | 0.3% |
* | Take-Two Interactive Software Inc. | 1,464,306 | 160,752 | 0.3% |
* | Vantiv Inc. Class A | 2,084,940 | 153,347 | 0.2% |
* | Splunk Inc. | 1,791,785 | 148,431 | 0.2% |
* | Arista Networks Inc. | 599,938 | 141,333 | 0.2% |
* | CoStar Group Inc. | 462,797 | 137,428 | 0.2% |
CDW Corp. | 1,963,945 | 136,475 | 0.2% | |
Cognex Corp. | 2,218,938 | 135,710 | 0.2% | |
Broadridge Financial Solutions Inc. | 1,487,237 | 134,714 | 0.2% | |
* | Trimble Inc. | 3,245,530 | 131,898 | 0.2% |
1 | Information Technology—Other † | 8,703,080 | 13.8% | |
11,436,623 | 18.1% | |||
Materials | ||||
Celanese Corp. Class A | 1,738,578 | 186,167 | 0.3% | |
Steel Dynamics Inc. | 3,019,024 | 130,211 | 0.2% | |
Materials—Other † | 3,127,463 | 5.0% | ||
3,443,841 | 5.5% | |||
1,2Other † | 4,548 | 0.0% | ||
Real Estate † | 5,283,308 | 8.4% |
17
Extended Market Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Telecommunication Services | ||||
* T-Mobile US Inc. | 3,728,810 | 236,817 | 0.4% | |
Telecommunication Services—Other † | 383,075 | 0.6% | ||
619,892 | 1.0% | |||
Utilities † | 1,958,238 | 3.1% | ||
Total Common Stocks (Cost $45,401,908) | 62,604,797 | 99.1%3 | ||
Coupon | ||||
Temporary Cash Investments | ||||
Money Market Fund | ||||
4,5 Vanguard Market Liquidity Fund | 1.458% | 15,284,936 | 1,528,646 | 2.4% |
6U. S. Government and Agency Obligations † | 40,738 | 0.1% | ||
Total Temporary Cash Investments (Cost $1,569,329) | 1,569,384 | 2.5%3 | ||
Total Investments (Cost $46,971,237) | 64,174,181 | 101.6% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 3,466 | |||
Receivables for Investment Securities Sold | 9,733 | |||
Receivables for Accrued Income | 90,067 | |||
Receivables for Capital Shares Issued | 57,338 | |||
Unrealized Appreciation—Swap Contracts | 352 | |||
Other Assets | 5,501 | |||
Total Other Assets | 166,457 | 0.3% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (35,588) | |||
Collateral for Securities on Loan | (986,747) | |||
Payables for Capital Shares Redeemed | (140,582) | |||
Payables to Vanguard | (27,684) | |||
Variation Margin Payable—Futures Contracts | (4,481) | |||
Unrealized Depreciation—Swap Contracts | (4) | |||
Total Liabilities | (1,195,086) | (1.9%) | ||
Net Assets | 63,145,552 | 100.0% |
18
Extended Market Index Fund | |
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 47,123,876 |
Overdistributed Net Investment Income | (16,987) |
Accumulated Net Realized Losses | (1,167,963) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 17,202,944 |
Futures Contracts | 3,334 |
Swap Contracts | 348 |
Net Assets | 63,145,552 |
Investor Shares—Net Assets | |
Applicable to 18,257,893 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,548,335 |
Net Asset Value Per Share—Investor Shares | $84.80 |
ETF Shares—Net Assets | |
Applicable to 51,121,639 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 5,711,226 |
Net Asset Value Per Share—ETF Shares | $111.72 |
Admiral Shares—Net Assets | |
Applicable to 232,562,901 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 19,711,590 |
Net Asset Value Per Share—Admiral Shares | $84.76 |
Institutional Shares—Net Assets | |
Applicable to 157,623,308 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 13,359,289 |
Net Asset Value Per Share—Institutional Shares | $84.75 |
Institutional Plus Shares—Net Assets | |
Applicable to 50,511,195 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 10,564,901 |
Net Asset Value Per Share—Institutional Plus Shares | $209.16 |
19
Extended Market Index Fund
Amount | |
($000) | |
Institutional Select Shares—Net Assets | |
Applicable to 89,946,369 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 12,250,211 |
Net Asset Value Per Share—Institutional Select Shares | $136.19 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $909,396,000.
† 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 Certain of the fund’s securities are valued using significant unobservable inputs.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and swap contracts.
After giving effect to futures and swap investments, the fund’s effective common stock and temporary cash investment positions
represent 100.0% and 1.6%, respectively, of net assets.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown
is the 7-day yield.
5 Includes $986,747,000 of collateral received for securities on loan.
6 Securities with a value of $22,647,000 have been segregated as initial margin for open futures contracts.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2018 | 4,596 | 353,088 | 2,799 |
E-mini S&P Mid-Cap 400 Index | March 2018 | 843 | 160,372 | 704 |
E-mini S&P 500 Index | March 2018 | 363 | 48,569 | (169) |
3,334 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized
gain (loss) for tax purposes.
20
Extended Market Index Fund
Total Return Swaps | |||||
Value and | |||||
Floating | Unrealized | ||||
Notional | Interest Rate | Appreciation | |||
Termination | Amount | Received | (Depreciation) | ||
Reference Entity | Date | Counterparty | ($000) | (Paid)1 | ($000) |
Ambac Financial Group Inc. | 1/10/18 | GSCM | 4,407 | (1.895%) | 352 |
SLM Corp. | 3/19/18 | GSCM | 2,941 | (1.895%) | (4) |
348 | |||||
GSCM—Goldman Sachs Capital Management. | |||||
1 Payment received/paid monthly |
Unrealized appreciation (depreciation) on open swap contracts is required to be treated as ordinary income (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
21
Extended Market Index Fund
Statement of Operations
Year Ended | |
December 31, 2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 765,790 |
Interest1 | 5,167 |
Securities Lending—Net | 56,247 |
Total Income | 827,204 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 3,916 |
Management and Administrative—Investor Shares | 3,117 |
Management and Administrative—ETF Shares | 2,793 |
Management and Administrative—Admiral Shares | 10,876 |
Management and Administrative—Institutional Shares | 5,382 |
Management and Administrative—Institutional Plus Shares | 4,937 |
Management and Administrative—Institutional Select Shares | 841 |
Marketing and Distribution—Investor Shares | 293 |
Marketing and Distribution—ETF Shares | 315 |
Marketing and Distribution—Admiral Shares | 1,222 |
Marketing and Distribution—Institutional Shares | 304 |
Marketing and Distribution—Institutional Plus Shares | 154 |
Marketing and Distribution—Institutional Select Shares | — |
Custodian Fees | 1,333 |
Auditing Fees | 57 |
Shareholders’ Reports and Proxy—Investor Shares | 110 |
Shareholders’ Reports and Proxy—ETF Shares | 449 |
Shareholders’ Reports and Proxy—Admiral Shares | 466 |
Shareholders’ Reports and Proxy—Institutional Shares | 343 |
Shareholders’ Reports and Proxy—Institutional Plus Shares | 268 |
Shareholders’ Reports and Proxy—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 44 |
Total Expenses | 37,220 |
Net Investment Income | 789,984 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 1,886,850 |
Futures Contracts | 51,357 |
Swap Contracts | (3,064) |
Realized Net Gain (Loss) | 1,935,143 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 6,854,996 |
Futures Contracts | 6,238 |
Swap Contracts | 1,010 |
Change in Unrealized Appreciation (Depreciation) | 6,862,244 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,587,371 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund | |
were $4,913,000, ($14,000), and $8,000, respectively. | |
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, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 789,984 | 694,971 |
Realized Net Gain (Loss) | 1,935,143 | 2,939,639 |
Change in Unrealized Appreciation (Depreciation) | 6,862,244 | 3,428,240 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,587,371 | 7,062,850 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (20,133) | (27,910) |
ETF Shares | (68,707) | (61,739) |
Admiral Shares | (241,820) | (221,549) |
Institutional Shares | (165,181) | (148,548) |
Institutional Plus Shares | (172,181) | (222,007) |
Institutional Select Shares | (117,295) | (37,670) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Institutional Select Shares | — | — |
Total Distributions | (785,317) | (719,423) |
Capital Share Transactions | ||
Investor Shares | (743,389) | (280,966) |
ETF Shares | 538,053 | (446,181) |
Admiral Shares | 1,150,151 | 730,849 |
Institutional Shares | 979,352 | 629,816 |
Institutional Plus Shares | (4,994,531) | (2,875,724) |
Institutional Select Shares | 5,864,391 | 4,844,930 |
Net Increase (Decrease) from Capital Share Transactions | 2,794,027 | 2,602,724 |
Total Increase (Decrease) | 11,596,081 | 8,946,151 |
Net Assets | ||
Beginning of Period | 51,549,471 | 42,603,320 |
End of Period1 | 63,145,552 | 51,549,471 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($16,987,000) and ($18,874,000). |
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 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $72.76 | $63.61 | $66.63 | $62.76 | $45.86 |
Investment Operations | |||||
Net Investment Income | . 9161 | .919 | .795 | .795 | .602 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 12.074 | 9.182 | (3.050) | 3.857 | 16.903 |
Total from Investment Operations | 12.990 | 10.101 | (2.255) | 4.652 | 17.505 |
Distributions | |||||
Dividends from Net Investment Income | (.950) | (.951) | (.765) | (.782) | (.605) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.950) | (.951) | (.765) | (.782) | (.605) |
Net Asset Value, End of Period | $84.80 | $72.76 | $63.61 | $66.63 | $62.76 |
Total Return2 | 17.94% | 15.99% | -3.39% | 7.42% | 38.19% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,548 | $2,021 | $2,040 | $2,341 | $2,749 |
Ratio of Total Expenses to Average Net Assets | 0.21% | 0.21% | 0.22% | 0.23% | 0.24% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.24% | 1.48% | 1.20% | 1.27% | 1.19% |
Portfolio Turnover Rate 3 | 11% | 12% | 6% | 9% | 11% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
24
Extended Market Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $95.86 | $83.80 | $87.79 | $82.71 | $60.46 |
Investment Operations | |||||
Net Investment Income | 1.4201 | 1.324 | 1.171 | 1.178 | .934 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 15.835 | 12.107 | (4.033) | 5.061 | 22.256 |
Total from Investment Operations | 17.255 | 13.431 | (2.862) | 6.239 | 23.190 |
Distributions | |||||
Dividends from Net Investment Income | (1.395) | (1.371) | (1.128) | (1.159) | (.940) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.395) | (1.371) | (1.128) | (1.159) | (.940) |
Net Asset Value, End of Period | $111.72 | $95.86 | $83.80 | $87.79 | $82.71 |
Total Return | 18.10% | 16.16% | -3.26% | 7.55% | 38.37% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,711 | $4,387 | $4,272 | $3,659 | $3,105 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.09% | 0.10% | 0.10% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.37% | 1.61% | 1.33% | 1.40% | 1.33% |
Portfolio Turnover Rate2 | 11% | 12% | 6% | 9% | 11% |
1 Calculated based on average shares outstanding. | |||||
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
Extended Market Index Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $72.72 | $63.58 | $66.61 | $62.75 | $45.87 |
Investment Operations | |||||
Net Investment Income | 1.0711 | 1.005 | .887 | .895 | .706 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 12.026 | 9.175 | (3.061) | 3.845 | 16.884 |
Total from Investment Operations | 13.097 | 10.180 | (2.174) | 4.740 | 17.590 |
Distributions | |||||
Dividends from Net Investment Income | (1.057) | (1.040) | (.856) | (.880) | (.710) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.057) | (1.040) | (.856) | (.880) | (.710) |
Net Asset Value, End of Period | $84.76 | $72.72 | $63.58 | $66.61 | $62.75 |
Total Return2 | 18.11% | 16.13% | -3.27% | 7.56% | 38.37% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $19,712 | $15,830 | $13,143 | $12,852 | $8,864 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.09% | 0.10% | 0.10% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.37% | 1.61% | 1.33% | 1.40% | 1.33% |
Portfolio Turnover Rate 3 | 11% | 12% | 6% | 9% | 11% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $72.72 | $63.58 | $66.60 | $62.75 | $45.86 |
Investment Operations | |||||
Net Investment Income | 1.0851 | 1.018 | .899 | .908 | .715 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 12.018 | 9.175 | (3.050) | 3.833 | 16.895 |
Total from Investment Operations | 13.103 | 10.193 | (2.151) | 4.741 | 17.610 |
Distributions | |||||
Dividends from Net Investment Income | (1.073) | (1.053) | (.869) | (.891) | (.720) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.073) | (1.053) | (.869) | (.891) | (.720) |
Net Asset Value, End of Period | $84.75 | $72.72 | $63.58 | $66.60 | $62.75 |
Total Return | 18.12% | 16.15% | -3.24% | 7.56% | 38.42% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $13,359 | $10,554 | $8,621 | $8,567 | $7,812 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.39% | 1.63% | 1.35% | 1.42% | 1.35% |
Portfolio Turnover Rate2 | 11% | 12% | 6% | 9% | 11% |
1 Calculated based on average shares outstanding.
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.
27
Extended Market Index Fund | |||||
Financial Highlights | |||||
Institutional Plus Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $179.47 | $156.89 | $164.36 | $154.84 | $113.18 |
Investment Operations | |||||
Net Investment Income | 2.6111 | 2.525 | 2.254 | 2.273 | 1.797 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 29.741 | 22.668 | (7.549) | 9.481 | 41.671 |
Total from Investment Operations | 32.352 | 25.193 | (5.295) | 11.754 | 43.468 |
Distributions | |||||
Dividends from Net Investment Income | (2.662) | (2.613) | (2.175) | (2.234) | (1.808) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.662) | (2.613) | (2.175) | (2.234) | (1.808) |
Net Asset Value, End of Period | $209.16 | $179.47 | $156.89 | $164.36 | $154.84 |
Total Return | 18.13% | 16.18% | -3.23% | 7.60% | 38.43% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $10,565 | $13,530 | $14,526 | $13,634 | $11,347 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.05% | 0.06% | 0.06% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.40% | 1.64% | 1.37% | 1.44% | 1.37% |
Portfolio Turnover Rate2 | 11% | 12% | 6% | 9% | 11% |
1 Calculated based on average shares outstanding.
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.
28
Extended Market Index Fund | ||
Financial Highlights | ||
Institutional Select Shares | ||
Year | June 27, | |
Ended | 20161 to | |
Dec. 31, | Dec. 31, | |
For a Share Outstanding Throughout Each Period | 2017 | 2016 |
Net Asset Value, Beginning of Period | $116.85 | $98.43 |
Investment Operations | ||
Net Investment Income | 1.8912 | 1.050 |
Net Realized and Unrealized Gain (Loss) on Investments | 19.221 | 18.428 |
Total from Investment Operations | 21.112 | 19.478 |
Distributions | ||
Dividends from Net Investment Income | (1.772) | (1.058) |
Distributions from Realized Capital Gains | — | — |
Total Distributions | (1.772) | (1.058) |
Net Asset Value, End of Period | $136.19 | $116.85 |
Total Return | 18.17% | 19.81% |
Ratios/Supplemental Data | ||
Net Assets, End of Period (Millions) | $12,250 | $5,227 |
Ratio of Total Expenses to Average Net Assets | 0.02% | 0.02%3 |
Ratio of Net Investment Income to Average Net Assets | 1.43% | 1.88%3 |
Portfolio Turnover Rate 4 | 11% | 12%5 |
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.
5 Reflects the fund’s portfolio turnover for the fiscal year ended December 31, 2016.
See accompanying Notes, which are an integral part of the Financial Statements.
29
Extended Market Index Fund
Notes to Financial Statements
Vanguard Extended Market Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers six classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, Institutional Plus Shares, and Institutional Select Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares, Institutional Shares, Institutional Plus Shares, and Institutional Select Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
30
Extended Market Index Fund
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
The notional amounts of swap contracts are not recorded in the Statement of Net Assets. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until termination of the swap, at which time realized gain (loss) is recorded. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
During the year ended December 31, 2017, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
4. 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, 2014–2017), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
31
Extended Market Index Fund
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
8. 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. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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.
32
Extended Market Index Fund
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 the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $3,466,000, representing 0.01% of the fund’s net assets and 1.39% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 62,600,249 | 11 | 4,537 |
Temporary Cash Investments | 1,528,646 | 40,738 | — |
Futures Contracts—Liabilities1 | (4,481) | — | — |
Swap Contracts—Assets | — | 352 | — |
Swap Contracts—Liabilities | — | (4) | — |
Total | 64,124,414 | 41,097 | 4,537 |
1 Represents variation margin on the last day of the reporting period. |
33
Extended Market Index Fund
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $2,570,553,000 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, 2017, the fund had $13,850,000 of ordinary income available for distribution. At December 31, 2017, the fund had available capital losses totaling $1,163,440,000 to offset future net capital gains. Of this amount, $24,584,000 is subject to expiration on December 31, 2018. Capital loss carryforwards of $49,578,000 expired on December 31, 2017; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in capital. Capital losses of $1,138,856,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2017, the cost of investment securities for tax purposes was $46,977,167,000. Net unrealized appreciation of investment securities for tax purposes was $17,197,014,000, consisting of unrealized gains of $20,180,906,000 on securities that had risen in value since their purchase and $2,983,892,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $13,797,239,000 of investment securities and sold $11,247,337,000 of investment securities, other than temporary cash investments. Purchases and sales include $5,479,430,000 and $5,132,920,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
34
Extended Market Index Fund
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 266,370 | 3,456 | 240,445 | 3,671 |
Issued in Lieu of Cash Distributions | 19,488 | 246 | 27,214 | 400 |
Redeemed | (1,029,247) | (13,226) | (548,625) | (8,365) |
Net Increase (Decrease)—Investor Shares | (743,389) | (9,524) | (280,966) | (4,294) |
ETF Shares | ||||
Issued | 5,995,825 | 58,557 | 5,678,987 | 66,185 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (5,457,772) | (53,200) | (6,125,168) | (71,400) |
Net Increase (Decrease)—ETF Shares | 538,053 | 5,357 | (446,181) | (5,215) |
Admiral Shares | ||||
Issued | 3,704,285 | 47,499 | 2,497,284 | 38,224 |
Issued in Lieu of Cash Distributions | 210,320 | 2,638 | 193,387 | 2,835 |
Redeemed | (2,764,454) | (35,246) | (1,959,822) | (30,117) |
Net Increase (Decrease)—Admiral Shares | 1,150,151 | 14,891 | 730,849 | 10,942 |
Institutional Shares | ||||
Issued | 3,498,857 | 44,798 | 2,411,527 | 36,450 |
Issued in Lieu of Cash Distributions | 156,685 | 1,966 | 140,018 | 2,051 |
Redeemed | (2,676,190) | (34,267) | (1,921,729) | (28,981) |
Net Increase (Decrease)—Institutional Shares | 979,352 | 12,497 | 629,816 | 9,520 |
Institutional Plus Shares | ||||
Issued | 4,070,964 | 21,239 | 3,179,636 | 19,828 |
Issued in Lieu of Cash Distributions | 167,460 | 859 | 218,549 | 1,310 |
Redeemed | (9,232,955) | (46,977) | (6,273,909) | (38,337) |
Net Increase (Decrease)— | ||||
Institutional Plus Shares | (4,994,531) | (24,879) | (2,875,724) | (17,199) |
Institutional Select Shares1 | ||||
Issued | 6,309,970 | 48,778 | 4,912,755 | 45,367 |
Issued in Lieu of Cash Distributions | 117,295 | 904 | 37,670 | 325 |
Redeemed | (562,874) | (4,468) | (105,495) | (959) |
Net Increase (Decrease)— | ||||
Institutional Select Shares | 5,864,391 | 45,214 | 4,844,930 | 44,733 |
1 Inception was June 27, 2016, for Institutional Select Shares. |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
35
Mid-Cap Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | |||||
Investor | Admiral | Institutional | Institutional | ||
Shares | ETF Shares | Shares | Shares | Plus Shares | |
Ticker Symbol | VIMSX | VO | VIMAX | VMCIX | VMCPX |
Expense Ratio1 | 0.18% | 0.06% | 0.06% | 0.05% | 0.04% |
30-Day SEC Yield | 1.39% | 1.50% | 1.50% | 1.51% | 1.52% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
CRSP US | Total | ||
Mid Cap | Market | ||
Fund | Index FA Index | ||
Number of Stocks | 346 | 339 | 3,775 |
Median Market Cap | $14.0B | $14.0B | $66.8B |
Price/Earnings Ratio | 24.0x | 24.0x | 22.8x |
Price/Book Ratio | 2.7x | 2.7x | 3.0x |
Return on Equity | 12.5% | 12.5% | 15.1% |
Earnings Growth Rate | 10.7% | 10.7% | 9.9% |
Dividend Yield | 1.5% | 1.5% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 14% | — | — |
Short-Term Reserves | 0.0% | — | — |
Volatility Measures | ||
DJ | ||
CRSP US | U.S. Total | |
Mid Cap | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.94 |
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) | ||
Fiserv Inc. | Financial | |
Administration | 0.7% | |
Amphenol Corp. | Electrical | |
Components & | ||
Equipment | 0.7 | |
Roper Technologies Inc. | Electronic Equipment | 0.7 |
Freeport-McMoRan Inc. | Nonferrous Metals | 0.7 |
Dollar Tree Inc. | Specialty Retailers | 0.6 |
Moody's Corp. | Specialty Finance | 0.6 |
Edwards Lifesciences | ||
Corp. | Medical Supplies | 0.6 |
Western Digital Corp. | Computer Hardware | 0.6 |
Digital Realty Trust Inc. | Industrial & Office | |
REITs | 0.6 | |
M&T Bank Corp. | Banks | 0.6 |
Top Ten | 6.4% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for Admiral
Shares, 0.04% for Institutional Shares, and 0.03% for Institutional Plus Shares.
36
Mid-Cap Index Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
CRSP US | U.S. Total | ||
Mid Cap | Market | ||
Fund | Index | FA Index | |
Basic Materials | 4.6% | 4.5% | 2.7% |
Consumer Goods | 11.6 | 11.6 | 9.0 |
Consumer Services | 10.5 | 10.5 | 12.8 |
Financials | 23.4 | 23.4 | 20.5 |
Health Care | 7.6 | 7.6 | 12.5 |
Industrials | 17.4 | 17.5 | 13.2 |
Oil & Gas | 5.2 | 5.2 | 5.7 |
Technology | 13.9 | 13.9 | 18.7 |
Telecommunications | 0.6 | 0.6 | 1.9 |
Utilities | 5.2 | 5.2 | 3.0 |
Sector categories are based on the Industry Classification
Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB
classification as of the effective reporting period.
Investment Focus
37
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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Mid-Cap Index Fund*Investor Shares | 19.12% | 14.87% | 8.78% | $23,197 | |
• • • • • • • • | Spliced Mid-Cap Index | 19.30 | 15.06 | 8.96 | 23,586 |
– – – – | Mid-Cap Core Funds Average | 15.68 | 13.11 | 7.83 | 21,260 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 | |
For a benchmark description, see the Glossary. | |||||
Mid-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Mid-Cap Index Fund | ||||
ETF Shares Net Asset Value | 19.25% | 15.01% | 8.92% | $23,493 |
Spliced Mid-Cap Index | 19.30 | 15.06 | 8.96 | 23,586 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
See Financial Highlights for dividend and capital gains information.
38
Mid-Cap Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Mid-Cap Index Fund Admiral Shares | 19.25% | 15.01% | 8.92% | $23,500 |
Spliced Mid-Cap Index | 19.30 | 15.06 | 8.96 | 23,586 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Mid-Cap Index Fund Institutional Shares | 19.29% | 15.02% | 8.94% | $11,775,812 |
Spliced Mid-Cap Index | 19.30 | 15.06 | 8.96 | 11,793,208 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 11,473,897 |
Since | Final Value | |||
One | Five | Inception | of a $100,000,000 | |
Year | Years | (12/15/2010) | Investment | |
Mid-Cap Index Fund Institutional Plus Shares | 19.28% | 15.04% | 12.85% | $234,259,011 |
Spliced Mid-Cap Index | 19.30 | 15.06 | 12.86 | 234,501,405 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 13.69 | 246,919,428 |
"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative |
Cumulative Returns of ETF Shares: December 31, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Mid-Cap Index Fund ETF Shares Market Price | 19.25% | 101.19% | 135.14% |
Mid-Cap Index Fund ETF Shares Net Asset Value | 19.25 | 101.19 | 134.93 |
Spliced Mid-Cap Index | 19.30 | 101.63 | 135.86 |
39
Mid-Cap Index Fund
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_midcapx42x1.jpg)
For a benchmark description, see the Glossary.
40
Mid-Cap Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2017
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 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 (99.7%)1 | |||
Basic Materials (4.5%) | |||
* | Freeport-McMoRan | ||
Inc. | 33,658,627 | 638,168 | |
Newmont Mining Corp. | 13,054,975 | 489,823 | |
Celanese Corp. Class A | 3,320,885 | 355,600 | |
Albemarle Corp. | 2,705,783 | 346,043 | |
Arconic Inc. | 11,785,594 | 321,157 | |
FMC Corp. | 3,287,630 | 311,207 | |
International Flavors | |||
& Fragrances Inc. | 1,934,018 | 295,151 | |
Eastman Chemical Co. | 3,169,608 | 293,632 | |
Avery Dennison Corp. | 2,156,368 | 247,680 | |
CF Industries | |||
Holdings Inc. | 5,713,540 | 243,054 | |
Mosaic Co. | 8,600,161 | 220,680 | |
* | Axalta Coating | ||
Systems Ltd. | 5,363,214 | 173,554 | |
Reliance Steel & | |||
Aluminum Co. | 1,694,333 | 145,357 | |
* | Alcoa Corp. | 2,149,678 | 115,803 |
Westlake Chemical | |||
Corp. | 947,360 | 100,922 | |
WR Grace & Co. | 582 | 41 | |
4,297,872 | |||
Consumer Goods (11.6%) | |||
Clorox Co. | 3,156,181 | 469,450 | |
DR Horton Inc. | 8,723,787 | 445,524 | |
Dr Pepper Snapple | |||
Group Inc. | 4,419,715 | 428,977 | |
* | Mohawk Industries Inc. | 1,546,907 | 426,792 |
Conagra Brands Inc. | 10,001,013 | 376,738 | |
Newell Brands Inc. | 11,998,879 | 370,765 | |
Molson Coors | |||
Brewing Co. Class B | 4,302,370 | 353,095 | |
JM Smucker Co. | 2,642,522 | 328,307 | |
Lennar Corp. Class A | 5,142,953 | 325,240 | |
Genuine Parts Co. | 3,412,360 | 324,208 |
Tapestry Inc. | 6,967,465 | 308,171 | |
Church & Dwight Co. | |||
Inc. | 6,121,615 | 307,121 | |
* | NVR Inc. | 87,001 | 305,219 |
McCormick & Co. Inc. | 2,928,906 | 298,485 | |
Whirlpool Corp. | 1,759,973 | 296,802 | |
Tyson Foods Inc. | |||
Class A | 3,643,796 | 295,403 | |
* | LKQ Corp. | 7,195,397 | 292,637 |
Lear Corp. | 1,654,506 | 292,285 | |
* | Aptiv plc | 3,255,295 | 276,147 |
BorgWarner Inc. | 5,164,073 | 263,832 | |
PVH Corp. | 1,893,804 | 259,849 | |
Hasbro Inc. | 2,746,739 | 249,651 | |
Snap-on Inc. | 1,396,745 | 243,453 | |
Hormel Foods Corp. | 6,464,742 | 235,252 | |
Bunge Ltd. | 3,444,822 | 231,079 | |
* | Michael Kors Holdings | ||
Ltd. | 3,533,849 | 222,456 | |
Coty Inc. Class A | 11,016,590 | 219,120 | |
PulteGroup Inc. | 6,470,861 | 215,156 | |
Harley-Davidson Inc. | 4,116,473 | 209,446 | |
Leucadia National Corp. | 7,843,172 | 207,766 | |
Lamb Weston | |||
Holdings Inc. | 3,575,924 | 201,861 | |
* | WABCO Holdings Inc. | 1,312,219 | 188,303 |
Hanesbrands Inc. | 8,917,716 | 186,469 | |
* | Lululemon Athletica Inc. | 2,305,353 | 181,178 |
Polaris Industries Inc. | 1,453,276 | 180,192 | |
* | Take-Two Interactive | ||
Software Inc. | 1,398,135 | 153,487 | |
Ralph Lauren Corp. | |||
Class A | 1,354,963 | 140,496 | |
^ | Mattel Inc. | 8,411,842 | 129,374 |
Ingredion Inc. | 878,936 | 122,875 | |
Campbell Soup Co. | 2,395,398 | 115,243 | |
Goodyear Tire & | |||
Rubber Co. | 3,014,196 | 97,389 |
41
Mid-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
*,^ | Under Armour Inc. | ||
Class A | 4,503,404 | 64,984 | |
*,^ | Under Armour Inc. | 4,677,688 | 62,307 |
*,^ | Pilgrim’s Pride Corp. | 1,217,450 | 37,814 |
Lennar Corp. Class B | 188,254 | 9,729 | |
10,950,127 | |||
Consumer Services (10.5%) | |||
* | Dollar Tree Inc. | 5,515,129 | 591,828 |
Royal Caribbean | |||
Cruises Ltd. | 4,192,288 | 500,056 | |
Best Buy Co. Inc. | 6,225,670 | 426,272 | |
MGM Resorts | |||
International | 12,473,543 | 416,492 | |
Ross Stores Inc. | 4,727,349 | 379,370 | |
Expedia Inc. | 3,074,015 | 368,175 | |
L Brands Inc. | 5,908,370 | 355,802 | |
Wynn Resorts Ltd. | 2,014,089 | 339,555 | |
* | Ulta Beauty Inc. | 1,429,688 | 319,764 |
Nielsen Holdings plc | 8,722,115 | 317,485 | |
Tiffany & Co. | 2,896,716 | 301,114 | |
Darden Restaurants Inc. | 3,028,745 | 290,820 | |
* | CarMax Inc. | 4,465,123 | 286,348 |
Wyndham Worldwide | |||
Corp. | 2,354,497 | 272,816 | |
Viacom Inc. Class B | 8,647,934 | 266,443 | |
* | Liberty Interactive | ||
Corp. QVC Group | |||
Class A | 10,742,279 | 262,326 | |
Aramark | 5,996,397 | 256,286 | |
* | AutoZone Inc. | 336,232 | 239,185 |
* | Norwegian Cruise | ||
Line Holdings Ltd. | 4,477,093 | 238,405 | |
Tractor Supply Co. | 3,072,869 | 229,697 | |
Kohl’s Corp. | 4,123,433 | 223,614 | |
Alaska Air Group Inc. | 3,014,771 | 221,616 | |
* | United Continental | ||
Holdings Inc. | 3,162,638 | 213,162 | |
Gap Inc. | 6,182,494 | 210,576 | |
* | Chipotle Mexican | ||
Grill Inc. Class A | 690,576 | 199,597 | |
News Corp. Class A | 12,021,485 | 194,868 | |
Interpublic Group of | |||
Cos. Inc. | 9,505,736 | 191,636 | |
Macy’s Inc. | 7,450,435 | 187,676 | |
FactSet Research | |||
Systems Inc. | 956,615 | 184,397 | |
AmerisourceBergen | |||
Corp. Class A | 2,000,290 | 183,667 | |
Scripps Networks | |||
Interactive Inc. | |||
Class A | 2,116,034 | 180,667 | |
Advance Auto Parts Inc. | 1,717,152 | 171,183 |
* | Liberty Media | ||
Corp-Liberty SiriusXM | |||
Class C | 4,091,592 | 162,273 | |
Nordstrom Inc. | 2,852,498 | 135,151 | |
* | Discovery | ||
Communications Inc. | 5,093,107 | 107,821 | |
Domino’s Pizza Inc. | 534,864 | 101,068 | |
*,^ | Discovery | ||
Communications | |||
Inc. Class A | 3,757,252 | 84,087 | |
* | Liberty Media | ||
Corp-Liberty SiriusXM | |||
Class A | 2,033,281 | 80,640 | |
* | Hyatt Hotels Corp. | ||
Class A | 1,049,633 | 77,190 | |
H&R Block Inc. | 2,570,506 | 67,399 | |
* | TripAdvisor Inc. | 1,311,556 | 45,196 |
*,^ | Altice USA Inc. Class A | 1,359,124 | 28,854 |
^ | Viacom Inc. Class A | 237,966 | 8,305 |
News Corp. Class B | 356,118 | 5,912 | |
Foot Locker Inc. | 1,024 | 48 | |
Bed Bath & Beyond Inc. | 1,064 | 23 | |
9,924,865 | |||
Financials (23.3%) | |||
Moody’s Corp. | 3,975,398 | 586,808 | |
Digital Realty Trust Inc. | 5,028,893 | 572,791 | |
M&T Bank Corp. | 3,316,818 | 567,143 | |
KeyCorp | 26,329,097 | 531,058 | |
Citizens Financial | |||
Group Inc. | 12,058,801 | 506,228 | |
Principal Financial | |||
Group Inc. | 7,073,787 | 499,126 | |
Hartford Financial | |||
Services Group Inc. | 8,735,532 | 491,636 | |
Regions Financial | |||
Corp. | 28,399,363 | 490,741 | |
Willis Towers | |||
Watson plc | 3,234,490 | 487,405 | |
* | SBA Communications | ||
Corp. Class A | 2,878,416 | 470,218 | |
Lincoln National Corp. | 5,357,043 | 411,796 | |
Realty Income Corp. | 6,899,405 | 393,404 | |
Essex Property Trust | |||
Inc. | 1,616,571 | 390,192 | |
Huntington | |||
Bancshares Inc. | 26,477,315 | 385,510 | |
* | IHS Markit Ltd. | 8,304,369 | 374,942 |
Comerica Inc. | 4,259,067 | 369,730 | |
* | Markel Corp. | 323,238 | 368,210 |
Invesco Ltd. | 9,973,660 | 364,438 | |
Host Hotels & | |||
Resorts Inc. | 18,120,504 | 359,692 | |
Equifax Inc. | 2,940,179 | 346,706 |
42
Mid-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Cboe Global | |||
Markets Inc. | 2,779,302 | 346,273 | |
First Republic Bank | 3,933,272 | 340,779 | |
Annaly Capital | |||
Management Inc. | 28,388,998 | 337,545 | |
* | E*TRADE Financial | ||
Corp. | 6,607,526 | 327,535 | |
Vornado Realty Trust | 4,184,769 | 327,165 | |
* | CBRE Group Inc. | ||
Class A | 7,483,622 | 324,116 | |
Ally Financial Inc. | 10,830,707 | 315,823 | |
Alexandria Real Estate | |||
Equities Inc. | 2,340,938 | 305,703 | |
* | SVB Financial Group | 1,292,179 | 302,073 |
Unum Group | 5,490,980 | 301,400 | |
AvalonBay | |||
Communities Inc. | 1,688,576 | 301,259 | |
HCP Inc. | 11,486,926 | 299,579 | |
Cincinnati Financial | |||
Corp. | 3,816,122 | 286,095 | |
Raymond James | |||
Financial Inc. | 3,178,846 | 283,871 | |
Arthur J Gallagher | |||
& Co. | 4,422,232 | 279,839 | |
Mid-America | |||
Apartment | |||
Communities Inc. | 2,778,946 | 279,451 | |
MSCI Inc. Class A | 2,205,720 | 279,112 | |
Affiliated Managers | |||
Group Inc. | 1,359,527 | 279,043 | |
* | Arch Capital Group Ltd. | 3,048,116 | 276,677 |
Regency Centers Corp. | 3,749,494 | 259,390 | |
Extra Space Storage Inc. | 2,931,840 | 256,389 | |
UDR Inc. | 6,548,124 | 252,234 | |
SEI Investments Co. | 3,469,981 | 249,353 | |
Iron Mountain Inc. | 6,599,708 | 249,007 | |
FNF Group | 6,339,578 | 248,765 | |
Zions Bancorporation | 4,888,268 | 248,471 | |
Reinsurance Group of | |||
America Inc. Class A | 1,576,007 | 245,747 | |
Torchmark Corp. | 2,682,710 | 243,349 | |
SL Green Realty Corp. | 2,403,352 | 242,570 | |
Duke Realty Corp. | 8,709,907 | 236,997 | |
Federal Realty | |||
Investment Trust | 1,774,269 | 235,641 | |
Macerich Co. | 3,448,421 | 226,492 | |
* | Liberty Broadband | ||
Corp. | 2,626,608 | 223,682 | |
Everest Re Group Ltd. | 1,006,176 | 222,627 | |
XL Group Ltd. | 6,272,521 | 220,542 | |
Nasdaq Inc. | 2,847,631 | 218,783 | |
Voya Financial Inc. | 4,396,639 | 217,502 | |
Western Union Co. | 11,234,317 | 213,564 | |
* | Alleghany Corp. | 357,617 | 213,172 |
Camden Property Trust | 2,266,360 | 208,641 | |
AGNC Investment | |||
Corp. | 9,574,589 | 193,311 | |
VEREIT Inc. | 23,826,237 | 185,606 | |
Kimco Realty Corp. | 9,909,134 | 179,851 | |
Lazard Ltd. Class A | 3,174,028 | 166,636 | |
Jones Lang LaSalle Inc. | 1,109,620 | 165,256 | |
Invitation Homes Inc. | 6,974,484 | 164,389 | |
WR Berkley Corp. | 2,234,310 | 160,088 | |
People’s United | |||
Financial Inc. | 8,473,912 | 158,462 | |
^ | CIT Group Inc. | 3,210,590 | 158,057 |
New York Community | |||
Bancorp Inc. | 11,364,155 | 147,961 | |
* | Athene Holding Ltd. | ||
Class A | 2,797,644 | 144,666 | |
Brixmor Property | |||
Group Inc. | 7,457,873 | 139,164 | |
* | Brighthouse Financial | ||
Inc. | 2,345,892 | 137,563 | |
* | Black Knight Inc. | 2,778,670 | 122,678 |
Assurant Inc. | 662,240 | 66,780 | |
* | Liberty Broadband | ||
Corp. Class A | 612,525 | 52,095 | |
Axis Capital Holdings | |||
Ltd. | 1,017,218 | 51,125 | |
22,087,718 | |||
Health Care (7.6%) | |||
* | Edwards Lifesciences | ||
Corp. | 5,179,457 | 583,777 | |
* | Incyte Corp. | 4,393,045 | 416,065 |
* | Centene Corp. | 4,013,797 | 404,912 |
* | Laboratory Corp. of | ||
America Holdings | 2,492,635 | 397,600 | |
* | Align Technology Inc. | 1,767,292 | 392,675 |
* | BioMarin | ||
Pharmaceutical Inc. | 4,301,145 | 383,533 | |
* | IQVIA Holdings Inc. | 3,834,048 | 375,353 |
Dentsply Sirona Inc. | 5,627,108 | 370,433 | |
* | Waters Corp. | 1,850,087 | 357,418 |
* | IDEXX Laboratories Inc. | 2,136,608 | 334,123 |
Quest Diagnostics Inc. | 3,339,014 | 328,859 | |
ResMed Inc. | 3,475,075 | 294,304 | |
* | Hologic Inc. | 6,754,002 | 288,734 |
Perrigo Co. plc | 3,104,411 | 270,580 | |
* | Henry Schein Inc. | 3,845,468 | 268,721 |
Cooper Cos. Inc. | 1,197,287 | 260,865 | |
* | Varian Medical | ||
Systems Inc. | 2,245,446 | 249,581 | |
Universal Health | |||
Services Inc. Class B | 2,143,430 | 242,958 | |
* | DaVita Inc. | 3,362,653 | 242,952 |
* | Alkermes plc | 3,764,930 | 206,055 |
43
Mid-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Jazz Pharmaceuticals | ||
plc | 1,393,767 | 187,671 | |
* | Alnylam | ||
Pharmaceuticals Inc. | 1,094,332 | 139,035 | |
Teleflex Inc. | 552,325 | 137,429 | |
* | Seattle Genetics Inc. | 1,144,691 | 61,241 |
Becton Dickinson | |||
and Co. | 296 | 63 | |
* | Envision Healthcare | ||
Corp. | 928 | 32 | |
* | TESARO Inc. | 288 | 24 |
7,194,993 | |||
Industrials (17.4%) | |||
* | Fiserv Inc. | 5,103,982 | 669,285 |
Amphenol Corp. | |||
Class A | 7,474,193 | 656,234 | |
Roper Technologies Inc. | 2,505,973 | 649,047 | |
Rockwell Collins Inc. | 3,988,728 | 540,951 | |
Waste Connections Inc. | 6,454,542 | 457,885 | |
* | FleetCor Technologies | ||
Inc. | 2,192,466 | 421,896 | |
Vulcan Materials Co. | 3,238,486 | 415,724 | |
AMETEK Inc. | 5,659,568 | 410,149 | |
WestRock Co. | 6,236,034 | 394,180 | |
Global Payments Inc. | 3,895,951 | 390,530 | |
* | Mettler-Toledo | ||
International Inc. | 626,200 | 387,943 | |
Dover Corp. | 3,814,205 | 385,197 | |
Fastenal Co. | 7,038,948 | 384,960 | |
L3 Technologies Inc. | 1,913,660 | 378,618 | |
* | Verisk Analytics Inc. | ||
Class A | 3,832,771 | 367,946 | |
* | United Rentals Inc. | 2,070,818 | 355,994 |
Martin Marietta | |||
Materials Inc. | 1,539,213 | 340,228 | |
Masco Corp. | 7,694,008 | 338,075 | |
Textron Inc. | 5,806,868 | 328,611 | |
Cintas Corp. | 2,084,351 | 324,804 | |
Ball Corp. | 8,571,290 | 324,423 | |
Total System Services | |||
Inc. | 4,051,606 | 320,442 | |
TransDigm Group Inc. | 1,145,182 | 314,490 | |
WW Grainger Inc. | 1,325,767 | 313,212 | |
CH Robinson | |||
Worldwide Inc. | 3,415,188 | 304,259 | |
Xylem Inc. | 4,398,101 | 299,950 | |
* | Vantiv Inc. Class A | 3,979,688 | 292,706 |
Alliance Data Systems | |||
Corp. | 1,150,046 | 291,514 | |
Pentair plc | 3,997,733 | 282,320 | |
Expeditors International | |||
of Washington Inc. | 4,353,722 | 281,642 | |
Kansas City Southern | 2,532,715 | 266,492 |
Fortune Brands Home | |||
& Security Inc. | 3,712,969 | 254,116 | |
Owens Corning | 2,724,685 | 250,508 | |
* | Trimble Inc. | 6,161,196 | 250,391 |
JB Hunt Transport | |||
Services Inc. | 2,151,492 | 247,379 | |
Sealed Air Corp. | 4,412,472 | 217,535 | |
* | Sensata Technologies | ||
Holding NV | 4,196,681 | 214,492 | |
ManpowerGroup Inc. | 1,621,626 | 204,503 | |
Jacobs Engineering | |||
Group Inc. | 2,946,605 | 194,358 | |
* | First Data Corp. | ||
Class A | 11,162,875 | 186,532 | |
* | Crown Holdings Inc. | 3,284,367 | 184,746 |
Acuity Brands Inc. | 1,031,053 | 181,465 | |
Hubbell Inc. Class B | 1,338,122 | 181,101 | |
Fluor Corp. | 3,422,919 | 176,794 | |
* | Arrow Electronics Inc. | 2,151,837 | 173,029 |
Xerox Corp. | 5,915,695 | 172,443 | |
^ | Wabtec Corp. | 2,113,332 | 172,089 |
Robert Half | |||
International Inc. | 2,912,734 | 161,773 | |
* | Stericycle Inc. | 2,089,285 | 142,050 |
Allison Transmission | |||
Holdings Inc. | 3,294,106 | 141,877 | |
Packaging Corp. of | |||
America | 1,153,888 | 139,101 | |
* | CoStar Group Inc. | 443,230 | 131,617 |
Huntington Ingalls | |||
Industries Inc. | 553,533 | 130,468 | |
Macquarie | |||
Infrastructure Corp. | 1,964,148 | 126,098 | |
Cognex Corp. | 2,017,506 | 123,391 | |
* | IPG Photonics Corp. | 428,093 | 91,668 |
FLIR Systems Inc. | 1,694,970 | 79,020 | |
Flowserve Corp. | 1,598,022 | 67,325 | |
16,485,576 | |||
Oil & Gas (5.1%) | |||
* | Concho Resources Inc. | 3,640,627 | 546,895 |
Andeavor | 3,628,011 | 414,827 | |
EQT Corp. | 6,309,687 | 359,147 | |
Marathon Oil Corp. | 20,811,015 | 352,330 | |
Hess Corp. | 7,396,118 | 351,094 | |
Noble Energy Inc. | 11,917,415 | 347,273 | |
National Oilwell | |||
Varco Inc. | 9,305,605 | 335,188 | |
Baker Hughes a GE Co. | 10,485,079 | 331,748 | |
Cabot Oil & Gas Corp. | 11,325,209 | 323,901 | |
Cimarex Energy Co. | 2,330,062 | 284,291 | |
* | Cheniere Energy Inc. | 4,947,579 | 266,378 |
Devon Energy Corp. | 6,105,375 | 252,763 | |
OGE Energy Corp. | 4,884,655 | 160,754 |
44
Mid-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Targa Resources Corp. | 2,637,118 | 127,689 | |
* | Continental Resources | ||
Inc. | 2,294,346 | 121,531 | |
HollyFrontier Corp. | 2,168,011 | 111,046 | |
* | Antero Resources Corp. | 5,404,105 | 102,678 |
Helmerich & Payne Inc. | 1,195,397 | 77,270 | |
Range Resources Corp. | 1,920 | 33 | |
4,866,836 | |||
Technology (13.9%) | |||
Western Digital Corp. | 7,242,574 | 576,002 | |
* | Autodesk Inc. | 5,367,026 | 562,625 |
* | ServiceNow Inc. | 4,226,877 | 551,142 |
* | Cerner Corp. | 7,733,677 | 521,173 |
* | Red Hat Inc. | 4,331,095 | 520,165 |
Microchip Technology | |||
Inc. | 5,729,865 | 503,541 | |
Skyworks Solutions | |||
Inc. | 4,487,238 | 426,063 | |
Symantec Corp. | 15,183,011 | 426,035 | |
Xilinx Inc. | 6,146,530 | 414,399 | |
Harris Corp. | 2,918,513 | 413,407 | |
* | Dell Technologies Inc. | ||
Class V | 4,974,810 | 404,353 | |
KLA-Tencor Corp. | 3,838,736 | 403,336 | |
* | Twitter Inc. | 15,456,738 | 371,116 |
NetApp Inc. | 6,606,909 | 365,494 | |
Lam Research Corp. | 1,981,989 | 364,825 | |
Maxim Integrated | |||
Products Inc. | 6,894,605 | 360,450 | |
Motorola Solutions Inc. | 3,966,570 | 358,340 | |
* | Workday Inc. Class A | 3,355,656 | 341,404 |
* | Synopsys Inc. | 3,680,445 | 313,721 |
* | Palo Alto Networks Inc. | 2,137,573 | 309,820 |
* | Citrix Systems Inc. | 3,506,705 | 308,590 |
* | ANSYS Inc. | 2,076,751 | 306,508 |
Seagate Technology plc | 7,087,917 | 296,558 | |
* | Cadence Design | ||
Systems Inc. | 6,918,108 | 289,315 | |
* | Splunk Inc. | 3,425,866 | 283,799 |
* | Arista Networks Inc. | 1,162,204 | 273,792 |
Juniper Networks Inc. | 9,182,726 | 261,708 | |
* | Gartner Inc. | 2,109,449 | 259,779 |
CA Inc. | 7,692,115 | 255,994 | |
* | Akamai Technologies | ||
Inc. | 3,932,599 | 255,776 | |
CDK Global Inc. | 3,370,240 | 240,231 | |
*,^ | VeriSign Inc. | 2,050,373 | 234,645 |
*,^ | Advanced Micro | ||
Devices Inc. | 22,459,295 | 230,882 | |
* | Square Inc. | 6,255,586 | 216,881 |
* | Qorvo Inc. | 3,111,613 | 207,233 |
Marvell Technology | |||
Group Ltd. | 9,615,461 | 206,444 | |
* | F5 Networks Inc. | 1,531,856 | 201,010 |
LogMeIn Inc. | 1,288,159 | 147,494 | |
Garmin Ltd. | 2,294,164 | 136,663 | |
* | Premier Inc. Class A | 702,466 | 20,505 |
13,141,218 | |||
Telecommunications (0.6%) | |||
CenturyLink Inc. | 23,554,547 | 392,890 | |
* | Zayo Group Holdings | ||
Inc. | 4,849,741 | 178,470 | |
571,360 | |||
Utilities (5.2%) | |||
WEC Energy Group Inc. | 7,724,109 | 513,113 | |
ONEOK Inc. | 9,386,086 | 501,686 | |
Eversource Energy | 7,756,457 | 490,053 | |
DTE Energy Co. | 4,391,002 | 480,639 | |
American Water Works | |||
Co. Inc. | 4,366,870 | 399,525 | |
Entergy Corp. | 4,413,099 | 359,182 | |
Ameren Corp. | 5,940,671 | 350,440 | |
CMS Energy Corp. | 6,906,828 | 326,693 | |
CenterPoint Energy Inc. | 10,555,125 | 299,343 | |
Alliant Energy Corp. | 5,663,065 | 241,303 | |
Pinnacle West Capital | |||
Corp. | 2,736,836 | 233,124 | |
NiSource Inc. | 8,237,772 | 211,464 | |
AES Corp. | 16,185,160 | 175,285 | |
FirstEnergy Corp. | 5,440,267 | 166,581 | |
SCANA Corp. | 3,313,923 | 131,828 | |
Avangrid Inc. | 1,511,617 | 76,458 | |
4,956,717 | |||
Total Common Stocks | |||
(Cost $66,702,560) | 94,477,282 | ||
Temporary Cash Investments (0.5%)1 | |||
Money Market Fund (0.5%) | |||
2,3 | Vanguard Market | ||
Liquidity Fund, | |||
1.458% | 3,996,518 | 399,692 | |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (0.0%) | |||
United States Treasury | |||
Bill, 1.074%, 2/1/18 | 1,000 | 999 | |
4 | United States Treasury | ||
Bill, 1.093% – 1.116%, | |||
2/22/18 | 11,000 | 10,980 | |
11,979 | |||
Total Temporary Cash Investments | |||
(Cost $411,653) | 411,671 | ||
Total Investments (100.2%) | |||
(Cost $67,114,213) | 94,888,953 |
45
Mid-Cap Index Fund
Amount | |
($000) | |
Other Assets and Liabilities (-0.2%) | |
Other Assets | |
Investment in Vanguard | 5,190 |
Receivables for Investment | |
Securities Sold | 586,989 |
Receivables for Accrued Income | 110,319 |
Receivables for Capital Shares Issued | 119,271 |
Other Assets | 2,052 |
Total Other Assets | 823,821 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (673,093) |
Collateral for Securities on Loan | (122,416) |
Payables for Capital Shares Redeemed | (146,208) |
Payables to Vanguard | (36,791) |
Variation Margin Payable – | |
Futures Contracts | (1,600) |
Total Liabilities | (980,108) |
Net Assets (100%) | 94,732,666 |
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 70,513,766 |
Overdistributed Net Investment Income | (23,435) |
Accumulated Net Realized Losses | (3,533,751) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 27,774,740 |
Futures Contracts | 1,346 |
Net Assets | 94,732,666 |
Investor Shares—Net Assets | |
Applicable to 95,836,499 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 4,046,912 |
Net Asset Value Per Share— | |
Investor Shares | $42.23 |
ETF Shares—Net Assets | |
Applicable to 141,847,272 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 21,936,798 |
Net Asset Value Per Share— | |
ETF Shares | $154.65 |
Amount | |
($000) | |
Admiral Shares—Net Assets | |
Applicable to 197,220,604 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 37,778,201 |
Net Asset Value Per Share— | |
Admiral Shares | $191.55 |
Institutional Shares—Net Assets | |
Applicable to 430,615,955 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 18,221,550 |
Net Asset Value Per Share— | |
Institutional Shares | $42.32 |
Institutional Plus Shares—Net Assets | |
Applicable to 61,091,529 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 12,749,205 |
Net Asset Value Per Share— | |
Institutional Plus Shares | $208.69 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers.
The total value of securities on loan is $114,968,000.
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 0.2%, 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 $122,416,000 of collateral received for securities
on loan.
4 Securities with a value of $9,833,000 have been segregated
as initial margin for open futures contracts.
46
Mid-Cap Index Fund
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P Mid-Cap 400 Index | March 2018 | 1,000 | 190,240 | 836 |
E-mini S&P 500 Index | March 2018 | 476 | 63,689 | 510 |
1,346 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
47
Mid-Cap Index Fund
Statement of Operations
Year Ended | |
December 31, 2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 1,302,761 |
Interest1 | 2,839 |
Securities Lending—Net | 4,560 |
Total Income | 1,310,160 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 4,792 |
Management and Administrative—Investor Shares | 5,879 |
Management and Administrative—ETF Shares | 5,723 |
Management and Administrative—Admiral Shares | 10,933 |
Management and Administrative—Institutional Shares | 4,609 |
Management and Administrative—Institutional Plus Shares | 2,491 |
Marketing and Distribution—Investor Shares | 686 |
Marketing and Distribution—ETF Shares | 1,020 |
Marketing and Distribution—Admiral Shares | 2,738 |
Marketing and Distribution—Institutional Shares | 401 |
Marketing and Distribution—Institutional Plus Shares | 116 |
Custodian Fees | 646 |
Auditing Fees | 42 |
Shareholders’ Reports and Proxy—Investor Shares | 299 |
Shareholders’ Reports and Proxy—ETF Shares | 1,678 |
Shareholders’ Reports and Proxy—Admiral Shares | 1,053 |
Shareholders’ Reports and Proxy—Institutional Shares | 453 |
Shareholders’ Reports and Proxy—Institutional Plus Shares | 270 |
Trustees’ Fees and Expenses | 65 |
Total Expenses | 43,894 |
Net Investment Income | 1,266,266 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 2,233,875 |
Futures Contracts | 42,121 |
Realized Net Gain (Loss) | 2,275,996 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 11,578,732 |
Futures Contracts | 3,193 |
Change in Unrealized Appreciation (Depreciation) | 11,581,925 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 15,124,187 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from affiliated companies of the fund | |
were $2,686,000, ($22,000), and $12,000, respectively. | |
See accompanying Notes, which are an integral part of the Financial Statements. |
48
Mid-Cap Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,266,266 | 1,066,013 |
Realized Net Gain (Loss) | 2,275,996 | 1,581,507 |
Change in Unrealized Appreciation (Depreciation) | 11,581,925 | 4,855,058 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 15,124,187 | 7,502,578 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (54,622) | (56,675) |
ETF Shares | (288,923) | (229,269) |
Admiral Shares | (499,540) | (419,571) |
Institutional Shares | (242,458) | (205,760) |
Institutional Plus Shares | (178,715) | (172,852) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (1,264,258) | (1,084,127) |
Capital Share Transactions | ||
Investor Shares | (763,377) | (369,214) |
ETF Shares | 2,280,229 | 2,278,982 |
Admiral Shares | 2,452,659 | 2,264,130 |
Institutional Shares | 1,040,948 | 1,034,231 |
Institutional Plus Shares | (627,501) | (860,619) |
Net Increase (Decrease) from Capital Share Transactions | 4,382,958 | 4,347,510 |
Total Increase (Decrease) | 18,242,887 | 10,765,961 |
Net Assets | ||
Beginning of Period | 76,489,779 | 65,723,818 |
End of Period1 | 94,732,666 | 76,489,779 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($23,435,000) and ($25,443,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
49
Mid-Cap Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $35.92 | $32.79 | $33.72 | $30.02 | $22.47 |
Investment Operations | |||||
Net Investment Income | . 5201 | .472 | .444 | .387 | .299 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 6.313 | 3.138 | (.939) | 3.697 | 7.560 |
Total from Investment Operations | 6.833 | 3.610 | (.495) | 4.084 | 7.859 |
Distributions | |||||
Dividends from Net Investment Income | (.523) | (.480) | (.435) | (.384) | (.309) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.523) | (.480) | (.435) | (.384) | (.309) |
Net Asset Value, End of Period | $42.23 | $35.92 | $32.79 | $33.72 | $30.02 |
Total Return2 | 19.12% | 11.07% | -1.46% | 13.60% | 35.00% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,047 | $4,138 | $4,140 | $4,607 | $4,797 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.18% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.34% | 1.42% | 1.35% | 1.30% | 1.16% |
Portfolio Turnover Rate 3 | 14% | 15% | 15% | 11% | 32% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
50
Mid-Cap Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $131.55 | $120.07 | $123.50 | $109.96 | $82.33 |
Investment Operations | |||||
Net Investment Income | 2.1121 | 1.877 | 1.793 | 1.609 | 1.255 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 23.076 | 11.510 | (3.457) | 13.524 | 27.668 |
Total from Investment Operations | 25.188 | 13.387 | (1.664) | 15.133 | 28.923 |
Distributions | |||||
Dividends from Net Investment Income | (2.088) | (1.907) | (1.766) | (1.593) | (1.293) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.088) | (1.907) | (1.766) | (1.593) | (1.293) |
Net Asset Value, End of Period | $154.65 | $131.55 | $120.07 | $123.50 | $109.96 |
Total Return | 19.25% | 11.23% | -1.34% | 13.76% | 35.15% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $21,937 | $16,544 | $12,984 | $9,879 | $6,728 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.46% | 1.54% | 1.47% | 1.44% | 1.31% |
Portfolio Turnover Rate2 | 14% | 15% | 15% | 11% | 32% |
1 Calculated based on average shares outstanding.
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.
51
Mid-Cap Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $162.94 | $148.72 | $152.97 | $136.19 | $101.97 |
Investment Operations | |||||
Net Investment Income | 2.6061 | 2.325 | 2.214 | 1.987 | 1.550 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 28.591 | 14.257 | (4.284) | 16.759 | 34.269 |
Total from Investment Operations | 31.197 | 16.582 | (2.070) | 18.746 | 35.819 |
Distributions | |||||
Dividends from Net Investment Income | (2.587) | (2.362) | (2.180) | (1.966) | (1.599) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.587) | (2.362) | (2.180) | (1.966) | (1.599) |
Net Asset Value, End of Period | $191.55 | $162.94 | $148.72 | $152.97 | $136.19 |
Total Return2 | 19.25% | 11.22% | -1.34% | 13.76% | 35.15% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $37,778 | $29,854 | $25,061 | $22,125 | $10,251 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.46% | 1.54% | 1.47% | 1.44% | 1.31% |
Portfolio Turnover Rate 3 | 14% | 15% | 15% | 11% | 32% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
52
Mid-Cap Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $35.99 | $32.85 | $33.79 | $30.08 | $22.52 |
Investment Operations | |||||
Net Investment Income | . 5801 | .516 | .492 | .442 | .344 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 6.325 | 3.148 | (.947) | 3.704 | 7.571 |
Total from Investment Operations | 6.905 | 3.664 | (.455) | 4.146 | 7.915 |
Distributions | |||||
Dividends from Net Investment Income | (.575) | (.524) | (.485) | (.436) | (.355) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.575) | (.524) | (.485) | (.436) | (.355) |
Net Asset Value, End of Period | $42.32 | $35.99 | $32.85 | $33.79 | $30.08 |
Total Return | 19.29% | 11.23% | -1.33% | 13.78% | 35.17% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $18,222 | $14,540 | $12,278 | $11,172 | $9,368 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.05% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.47% | 1.55% | 1.48% | 1.45% | 1.32% |
Portfolio Turnover Rate2 | 14% | 15% | 15% | 11% | 32% |
1 Calculated based on average shares outstanding.
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.
53
Mid-Cap Index Fund
Financial Highlights
Institutional Plus Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $177.51 | $162.03 | $166.65 | $148.37 | $111.08 |
Investment Operations | |||||
Net Investment Income | 2.8561 | 2.564 | 2.461 | 2.210 | 1.726 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 31.179 | 15.524 | (4.657) | 18.256 | 37.343 |
Total from Investment Operations | 34.035 | 18.088 | (2.196) | 20.466 | 39.069 |
Distributions | |||||
Dividends from Net Investment Income | (2.855) | (2.608) | (2.424) | (2.186) | (1.779) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.855) | (2.608) | (2.424) | (2.186) | (1.779) |
Net Asset Value, End of Period | $208.69 | $177.51 | $162.03 | $166.65 | $148.37 |
Total Return | 19.28% | 11.24% | -1.30% | 13.79% | 35.20% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $12,749 | $11,415 | $11,260 | $11,144 | $8,468 |
Ratio of Total Expenses to Average Net Assets | 0.03% | 0.04% | 0.05% | 0.06% | 0.06% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.48% | 1.56% | 1.50% | 1.47% | 1.34% |
Portfolio Turnover Rate2 | 14% | 15% | 15% | 11% | 32% |
1 Calculated based on average shares outstanding. | |||||
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.
54
Mid-Cap Index Fund
Notes to Financial Statements
Vanguard Mid-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, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares, Institutional Shares, and Institutional Plus Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
55
Mid-Cap Index Fund
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
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, 2014–2017), 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. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
56
Mid-Cap Index Fund
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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 the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $5,190,000, representing 0.01% of the fund’s net assets and 2.08% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 94,477,282 | — | — |
Temporary Cash Investments | 399,692 | 11,979 | — |
Futures Contracts—Liabilities1 | (1,600) | — | — |
Total | 94,875,374 | 11,979 | — |
1 Represents variation margin on the last day of the reporting period. |
57
Mid-Cap Index Fund
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $2,770,245,000 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, 2017, the fund had $9,821,000 of ordinary income available for distribution. At December 31, 2017, the fund had available capital losses totaling $3,437,989,000 to offset future net capital gains. Of this amount, $294,968,000 is subject to expiration on December 31, 2018. Capital losses of $3,143,021,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2017, the cost of investment securities for tax purposes was $67,207,433,000. Net unrealized appreciation of investment securities for tax purposes was $27,681,520,000, consisting of unrealized gains of $29,407,673,000 on securities that had risen in value since their purchase and $1,726,153,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $21,643,915,000 of investment securities and sold $17,259,800,000 of investment securities, other than temporary cash investments. Purchases and sales include $6,558,728,000 and $5,213,929,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2017, such purchases and sales were $655,963,000 and $2,919,879,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
58
Mid-Cap Index Fund
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 591,922 | 15,227 | 616,167 | 18,330 |
Issued in Lieu of Cash Distributions | 52,012 | 1,309 | 54,065 | 1,566 |
Redeemed | (1,407,311) | (35,892) | (1,039,446) | (30,976) |
Net Increase (Decrease)—Investor Shares | (763,377) | (19,356) | (369,214) | (11,080) |
ETF Shares | ||||
Issued | 7,088,373 | 49,186 | 7,988,239 | 63,350 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (4,808,144) | (33,100) | (5,709,257) | (45,725) |
Net Increase (Decrease)—ETF Shares | 2,280,229 | 16,086 | 2,278,982 | 17,625 |
Admiral Shares | ||||
Issued | 7,466,229 | 42,217 | 6,296,858 | 41,232 |
Issued in Lieu of Cash Distributions | 445,641 | 2,467 | 374,691 | 2,389 |
Redeemed | (5,459,211) | (30,687) | (4,407,419) | (28,904) |
Net Increase (Decrease) —Admiral Shares | 2,452,659 | 13,997 | 2,264,130 | 14,717 |
Institutional Shares | ||||
Issued | 3,757,479 | 96,177 | 3,101,714 | 91,389 |
Issued in Lieu of Cash Distributions | 225,430 | 5,650 | 191,284 | 5,520 |
Redeemed | (2,941,961) | (75,169) | (2,258,767) | (66,693) |
Net Increase (Decrease)—Institutional Shares | 1,040,948 | 26,658 | 1,034,231 | 30,216 |
Institutional Plus Shares | ||||
Issued | 1,279,307 | 6,695 | 804,938 | 4,863 |
Issued in Lieu of Cash Distributions | 173,883 | 885 | 164,477 | 965 |
Redeemed | (2,080,691) | (10,791) | (1,830,034) | (11,020) |
Net Increase (Decrease)— | ||||
Institutional Plus Shares | (627,501) | (3,211) | (860,619) | (5,192) |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
59
Mid-Cap Growth Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | |||
Investor | ETF | Admiral | |
Shares | Shares | Shares | |
Ticker Symbol | VMGIX | VOT | VMGMX |
Expense Ratio1 | 0.19% | 0.07% | 0.07% |
30-Day SEC Yield | 0.69% | 0.81% | 0.81% |
Portfolio Characteristics | |||
CRSP US | DJ | ||
Mid Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 156 | 156 | 3,775 |
Median Market Cap | $14.6B | $14.6B | $66.8B |
Price/Earnings Ratio | 32.6x | 32.6x | 22.8x |
Price/Book Ratio | 4.3x | 4.3x | 3.0x |
Return on Equity | 15.0% | 15.0% | 15.1% |
Earnings Growth Rate | 13.7% | 13.7% | 9.9% |
Dividend Yield | 0.8% | 0.8% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 23% | — | — |
Short-Term Reserves | 0.0% | — | — |
Volatility Measures | ||
DJ | ||
CRSP US | U.S. Total | |
Mid Cap | Market | |
Growth Index | FA Index | |
R-Squared | 1.00 | 0.89 |
Beta | 1.00 | 1.02 |
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) | ||
Fiserv Inc. | Financial | |
Administration | 1.5% | |
Amphenol Corp. | Electrical | |
Components & | ||
Equipment | 1.5 | |
Roper Technologies Inc. | Electronic Equipment | 1.5 |
Dollar Tree Inc. | Specialty Retailers | 1.3 |
Moody's Corp. | Specialty Finance | 1.3 |
Edwards Lifesciences | ||
Corp. | Medical Supplies | 1.3 |
Digital Realty Trust Inc. | Industrial & Office | |
REITs | 1.3 | |
Autodesk Inc. | Software | 1.3 |
ServiceNow Inc. | Computer Services | 1.3 |
Concho Resources Inc. | Exploration & | |
Production | 1.2 | |
Top Ten | 13.5% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
Investment Focus
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.19% for Investor Shares, 0.07% for ETF Shares, and 0.07% for
Admiral Shares.
60
Mid-Cap Growth Index Fund
Sector Diversification (% of equity exposure) | |||
CRSP US | DJ | ||
Mid Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | FA Index | |
Basic Materials | 1.0% | 1.0% | 2.7% |
Consumer Goods | 7.3 | 7.3 | 9.0 |
Consumer Services | 10.2 | 10.2 | 12.8 |
Financials | 19.9 | 19.9 | 20.5 |
Health Care | 11.7 | 11.7 | 12.5 |
Industrials | 25.4 | 25.4 | 13.2 |
Oil & Gas | 4.6 | 4.6 | 5.7 |
Technology | 19.5 | 19.5 | 18.7 |
Telecommunications | 0.4 | 0.4 | 1.9 |
Utilities | 0.0 | 0.0 | 3.0 |
Sector categories are based on the Industry Classification
Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB
classification as of the effective reporting period.
61
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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_midcapx64x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Mid-Cap Growth Index Fund*Investor | |||||
Shares | 21.72% | 13.94% | 7.60% | $20,799 | |
• • • • • • • • | Spliced Mid-Cap Growth Index | 21.92 | 14.11 | 7.79 | 21,166 |
– – – – | Mid-Cap Growth Funds Average | 24.33 | 13.41 | 7.14 | 19,938 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 | |
For a benchmark description, see the Glossary. | |||||
Mid-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Mid-Cap Growth Index Fund | ||||
ETF Shares Net Asset Value | 21.83% | 14.08% | 7.74% | $21,079 |
Spliced Mid-Cap Growth Index | 21.92 | 14.11 | 7.79 | 21,166 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
See Financial Highlights for dividend and capital gains information.
62
Mid-Cap Growth Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (9/27/2011) | Investment | |
Mid-Cap Growth Index Fund Admiral Shares | 21.83% | 14.08% | 14.30% | $23,090 |
Spliced Mid-Cap Growth Index | 21.92 | 14.11 | 14.34 | 23,142 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 16.32 | 25,768 |
"Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standards. |
Cumulative Returns of ETF Shares: December 31, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Mid-Cap Growth Index Fund ETF Shares Market | |||
Price | 21.82% | 93.22% | 110.86% |
Mid-Cap Growth Index Fund ETF Shares Net Asset | |||
Value | 21.83 | 93.23 | 110.79 |
Spliced Mid-Cap Growth Index | 21.92 | 93.45 | 111.66 |
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_midcapx65x1.jpg)
For a benchmark description, see the Glossary.
63
Mid-Cap Growth Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2017
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 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 (99.7%)1 | |||
Basic Materials (1.0%) | |||
* | Axalta Coating Systems | ||
Ltd. | 1,377,402 | 44,572 | |
FMC Corp. | 421,665 | 39,915 | |
CF Industries Holdings | |||
Inc. | 732,623 | 31,166 | |
115,653 | |||
Consumer Goods (7.2%) | |||
* | Mohawk Industries Inc. | 396,689 | 109,447 |
Church & Dwight Co. | |||
Inc. | 1,569,124 | 78,723 | |
* | NVR Inc. | 22,308 | 78,261 |
McCormick & Co. Inc. | 751,853 | 76,621 | |
* | LKQ Corp. | 1,842,980 | 74,954 |
Snap-on Inc. | 357,970 | 62,394 | |
Hormel Foods Corp. | 1,656,759 | 60,289 | |
* | WABCO Holdings Inc. | 336,944 | 48,351 |
* | Lululemon Athletica Inc. | 591,895 | 46,517 |
Polaris Industries Inc. | 373,254 | 46,280 | |
Tapestry Inc. | 893,238 | 39,508 | |
* | Take-Two Interactive | ||
Software Inc. | 358,330 | 39,338 | |
Hanesbrands Inc. | 1,145,180 | 23,946 | |
*,^ | Under Armour Inc. | ||
Class A | 1,161,983 | 16,767 | |
*,^ | Under Armour Inc. | 1,186,676 | 15,807 |
817,203 | |||
Consumer Services (10.2%) | |||
* | Dollar Tree Inc. | 1,414,667 | 151,808 |
MGM Resorts | |||
International | 3,200,677 | 106,871 | |
Ross Stores Inc. | 1,210,873 | 97,172 | |
Expedia Inc. | 788,329 | 94,418 | |
* | Ulta Beauty Inc. | 366,590 | 81,991 |
* | CarMax Inc. | 1,145,177 | 73,440 |
Wyndham Worldwide | |||
Corp. | 604,528 | 70,047 |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 1,148,794 | 61,173 | |
Tractor Supply Co. | 788,851 | 58,967 | |
Alaska Air Group Inc. | 772,840 | 56,811 | |
* | Chipotle Mexican Grill | ||
Inc. Class A | 177,369 | 51,265 | |
FactSet Research | |||
Systems Inc. | 245,713 | 47,364 | |
Scripps Networks | |||
Interactive Inc. Class A | 543,121 | 46,372 | |
Wynn Resorts Ltd. | 258,339 | 43,553 | |
Tiffany & Co. | 371,552 | 38,623 | |
Domino’s Pizza Inc. | 137,367 | 25,957 | |
* | Hyatt Hotels Corp. | ||
Class A | 268,288 | 19,730 | |
* | TripAdvisor Inc. | 336,651 | 11,601 |
* | Altice USA Inc. Class A | 349,123 | 7,412 |
1,144,575 | |||
Financials (19.8%) | |||
Moody’s Corp. | 1,019,516 | 150,491 | |
Digital Realty Trust Inc. | 1,290,501 | 146,988 | |
* | SBA Communications | ||
Corp. Class A | 738,084 | 120,573 | |
Realty Income Corp. | 1,768,990 | 100,868 | |
Essex Property Trust Inc. | 414,730 | 100,103 | |
* | IHS Markit Ltd. | 2,127,917 | 96,075 |
Equifax Inc. | 754,189 | 88,934 | |
Cboe Global Markets Inc. | 712,709 | 88,796 | |
First Republic Bank | 1,008,576 | 87,383 | |
Vornado Realty Trust | 1,073,386 | 83,917 | |
* | E*TRADE Financial Corp. | 1,692,848 | 83,914 |
* | CBRE Group Inc. | ||
Class A | 1,917,653 | 83,054 | |
Alexandria Real Estate | |||
Equities Inc. | 601,169 | 78,507 | |
* | SVB Financial Group | 331,286 | 77,445 |
AvalonBay Communities | |||
Inc. | 433,581 | 77,355 |
64
Mid-Cap Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Arthur J Gallagher & Co. | 1,134,942 | 71,819 | |
Mid-America Apartment | |||
Communities Inc. | 713,063 | 71,706 | |
MSCI Inc. Class A | 565,327 | 71,536 | |
Regency Centers Corp. | 960,889 | 66,474 | |
Extra Space Storage Inc. | 751,727 | 65,739 | |
SEI Investments Co. | 889,466 | 63,917 | |
Iron Mountain Inc. | 1,681,508 | 63,443 | |
SL Green Realty Corp. | 617,197 | 62,294 | |
Federal Realty | |||
Investment Trust | 455,538 | 60,500 | |
* | Markel Corp. | 41,455 | 47,223 |
Invitation Homes Inc. | 1,790,661 | 42,206 | |
* | Black Knight Inc. | 712,700 | 31,466 |
* | Liberty Broadband Corp. | 335,966 | 28,611 |
Brixmor Property | |||
Group Inc. | 957,647 | 17,870 | |
* | Liberty Broadband | ||
Corp. Class A | 79,089 | 6,727 | |
2,235,934 | |||
Health Care (11.7%) | |||
* | Edwards Lifesciences | ||
Corp. | 1,328,330 | 149,716 | |
* | Incyte Corp. | 1,126,285 | 106,671 |
* | Centene Corp. | 1,029,227 | 103,828 |
* | Align Technology Inc. | 453,244 | 100,706 |
* | BioMarin | ||
Pharmaceutical Inc. | 1,102,745 | 98,332 | |
* | IQVIA Holdings Inc. | 983,568 | 96,291 |
Dentsply Sirona Inc. | 1,441,611 | 94,901 | |
* | Waters Corp. | 474,561 | 91,681 |
* | IDEXX Laboratories Inc. | 547,786 | 85,663 |
ResMed Inc. | 890,671 | 75,431 | |
Cooper Cos. Inc. | 307,152 | 66,922 | |
* | Varian Medical | ||
Systems Inc. | 576,275 | 64,053 | |
* | Alkermes plc | 965,421 | 52,838 |
* | Jazz Pharmaceuticals | ||
plc | 357,623 | 48,154 | |
* | Alnylam | ||
Pharmaceuticals Inc. | 280,293 | 35,611 | |
Teleflex Inc. | 141,451 | 35,196 | |
* | Seattle Genetics Inc. | 294,006 | 15,729 |
1,321,723 | |||
Industrials (25.4%) | |||
* | Fiserv Inc. | 1,308,200 | 171,544 |
Amphenol Corp. | |||
Class A | 1,916,340 | 168,255 | |
Roper Technologies Inc. | 642,419 | 166,387 | |
Rockwell Collins Inc. | 1,022,778 | 138,709 | |
Waste Connections Inc. | 1,654,217 | 117,350 | |
* | FleetCor Technologies | ||
Inc. | 562,514 | 108,245 | |
Vulcan Materials Co. | 830,490 | 106,610 |
AMETEK Inc. | 1,450,388 | 105,110 | |
Global Payments Inc. | 999,026 | 100,142 | |
* | Mettler-Toledo | ||
International Inc. | 160,567 | 99,474 | |
Fastenal Co. | 1,804,130 | 98,668 | |
* | Verisk Analytics Inc. | ||
Class A | 981,999 | 94,272 | |
Martin Marietta | |||
Materials Inc. | 394,792 | 87,265 | |
Masco Corp. | 1,974,880 | 86,776 | |
Cintas Corp. | 534,202 | 83,245 | |
Total System | |||
Services Inc. | 1,039,172 | 82,188 | |
TransDigm Group Inc. | 293,740 | 80,667 | |
* | Vantiv Inc. Class A | 1,020,763 | 75,077 |
Alliance Data Systems | |||
Corp. | 295,031 | 74,784 | |
Expeditors International | |||
of Washington Inc. | 1,115,510 | 72,162 | |
Kansas City Southern | 650,338 | 68,429 | |
Fortune Brands Home | |||
& Security Inc. | 952,727 | 65,205 | |
* | Trimble Inc. | 1,579,938 | 64,209 |
JB Hunt Transport | |||
Services Inc. | 551,443 | 63,405 | |
* | Sensata Technologies | ||
Holding NV | 1,075,665 | 54,977 | |
Acuity Brands Inc. | 264,722 | 46,591 | |
* | United Rentals Inc. | 265,660 | 45,670 |
^ | Wabtec Corp. | 542,588 | 44,183 |
Robert Half | |||
International Inc. | 747,920 | 41,540 | |
CH Robinson | |||
Worldwide Inc. | 437,887 | 39,011 | |
Xylem Inc. | 564,034 | 38,467 | |
Packaging Corp. | |||
of America | 296,353 | 35,725 | |
* | CoStar Group Inc. | 113,538 | 33,715 |
Macquarie | |||
Infrastructure Corp. | 504,648 | 32,398 | |
Cognex Corp. | 516,659 | 31,599 | |
* | IPG Photonics Corp. | 109,453 | 23,437 |
* | Stericycle Inc. | 268,172 | 18,233 |
2,863,724 | |||
Oil & Gas (4.6%) | |||
* | Concho Resources Inc. | 933,722 | 140,264 |
EQT Corp. | 1,618,655 | 92,134 | |
Cabot Oil & Gas Corp. | 2,903,859 | 83,050 | |
Cimarex Energy Co. | 597,943 | 72,955 | |
* | Cheniere Energy Inc. | 1,268,684 | 68,306 |
Targa Resources Corp. | 677,310 | 32,795 | |
* | Antero Resources Corp. | 1,387,979 | 26,372 |
515,876 |
65
Mid-Cap Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Technology (19.4%) | |||
* | Autodesk Inc. | 1,376,880 | 144,338 |
* | ServiceNow Inc. | 1,084,582 | 141,419 |
* | Cerner Corp. | 1,982,155 | 133,577 |
* | Red Hat Inc. | 1,111,094 | 133,442 |
Microchip Technology | |||
Inc. | 1,468,475 | 129,050 | |
Skyworks Solutions Inc. | 1,150,750 | 109,264 | |
Harris Corp. | 748,476 | 106,022 | |
* | Twitter Inc. | 3,966,427 | 95,234 |
Lam Research Corp. | 508,670 | 93,631 | |
* | Workday Inc. Class A | 860,662 | 87,564 |
* | Palo Alto Networks Inc. | 548,134 | 79,447 |
* | Citrix Systems Inc. | 898,888 | 79,102 |
* | ANSYS Inc. | 533,038 | 78,671 |
* | Cadence Design | ||
Systems Inc. | 1,773,097 | 74,151 | |
* | Splunk Inc. | 878,958 | 72,813 |
* | Arista Networks Inc. | 298,496 | 70,320 |
* | Gartner Inc. | 540,458 | 66,557 |
* | Akamai Technologies | ||
Inc. | 1,009,497 | 65,658 | |
CDK Global Inc. | 863,318 | 61,537 | |
* | VeriSign Inc. | 526,136 | 60,211 |
* | Square Inc. | 1,604,715 | 55,635 |
* | Qorvo Inc. | 798,775 | 53,198 |
Xilinx Inc. | 788,279 | 53,146 | |
KLA-Tencor Corp. | 492,271 | 51,723 | |
* | F5 Networks Inc. | 393,135 | 51,587 |
LogMeIn Inc. | 330,558 | 37,849 | |
* | Premier Inc. Class A | 179,768 | 5,247 |
2,190,393 | |||
Telecommunications (0.4%) | |||
* | Zayo Group Holdings Inc. | 1,243,026 | 45,743 |
Total Common Stocks | |||
(Cost $8,758,962) | 11,250,824 | ||
Temporary Cash Investments (0.4%)1 | |||
Money Market Fund (0.4%) | |||
2,3 | Vanguard Market | ||
Liquidity Fund, 1.458% | 399,039 | 39,908 |
Face | Market | |
Amount | Value • | |
($000) | ($000) | |
U.S. Government and Agency Obligations (0.0%) | ||
United States Cash | ||
Management Bill, | ||
1.048%, 1/2/18 | 2,000 | 2,000 |
United States Treasury Bill, | ||
1.398%, 5/3/18 | 100 | 99 |
4 United States Treasury Bill, | ||
1.446%, 5/31/18 | 1,550 | 1,541 |
3,640 | ||
Total Temporary Cash Investments | ||
(Cost $43,547) | 43,548 | |
Total Investments (100.1%) | ||
(Cost $8,802,509) | 11,294,372 | |
Amount | ||
($000) | ||
Other Assets and Liabilities (-0.1%) | ||
Other Assets | ||
Investment in Vanguard | 626 | |
Receivables for Investment | ||
Securities Sold | 149,591 | |
Receivables for Accrued Income | 7,917 | |
Receivables for Capital Shares Issued | 13,914 | |
Total Other Assets | 172,048 | |
Liabilities | ||
Payables for Investment Securities | ||
Purchased | (160,373) | |
Collateral for Securities on Loan | (7,312) | |
Payables for Capital Shares Redeemed | (10,881) | |
Payables to Vanguard | (3,413) | |
Variation Margin Payable – | ||
Futures Contracts | (162) | |
Other Liabilities | (207) | |
Total Liabilities | (182,348) | |
Net Assets (100%) | 11,284,072 |
66
Mid-Cap Growth Index Fund
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 9,427,467 |
Overdistributed Net Investment Income | (2,792) |
Accumulated Net Realized Losses | (632,635) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 2,491,863 |
Futures Contracts | 169 |
Net Assets | 11,284,072 |
Investor Shares—Net Assets | |
Applicable to 9,849,687 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 494,506 |
Net Asset Value Per Share— | |
Investor Shares | $50.21 |
ETF Shares—Net Assets | |
Applicable to 40,181,170 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 5,130,093 |
Net Asset Value Per Share— | |
ETF Shares | $127.67 |
Amount | |
($000) | |
Admiral Shares—Net Assets | |
Applicable to 102,973,945 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 5,659,473 |
Net Asset Value Per Share— | |
Admiral Shares | $54.96 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers.
The total value of securities on loan is $6,552,000.
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 $7,312,000 of collateral received for securities
on loan.
4 Securities with a value of $1,093,000 have been segregated
as initial margin for open futures contracts.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P Mid-Cap 400 Index | March 2018 | 98 | 18,644 | 82 |
E-mini S&P 500 Index | March 2018 | 100 | 13,380 | 87 |
169 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized
gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
67
Mid-Cap Growth Index Fund
Statement of Operations
Year Ended | |
December 31, 2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 83,280 |
Interest1 | 366 |
Securities Lending—Net | 764 |
Total Income | 84,410 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,369 |
Management and Administrative—Investor Shares | 654 |
Management and Administrative—ETF Shares | 1,267 |
Management and Administrative—Admiral Shares | 1,543 |
Marketing and Distribution—Investor Shares | 98 |
Marketing and Distribution—ETF Shares | 196 |
Marketing and Distribution—Admiral Shares | 424 |
Custodian Fees | 63 |
Auditing Fees | 38 |
Shareholders’ Reports and Proxy—Investor Shares | 62 |
Shareholders’ Reports and Proxy—ETF Shares | 541 |
Shareholders’ Reports and Proxy—Admiral Shares | 227 |
Trustees’ Fees and Expenses | 8 |
Total Expenses | 7,490 |
Net Investment Income | 76,920 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 193,599 |
Futures Contracts | 3,400 |
Realized Net Gain (Loss) | 196,999 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,618,003 |
Futures Contracts | 422 |
Change in Unrealized Appreciation (Depreciation) | 1,618,425 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,892,344 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund | |
were $349,000, $1,000, and $1,000, respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
68
Mid-Cap Growth Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 76,920 | 62,533 |
Realized Net Gain (Loss) | 196,999 | 162,893 |
Change in Unrealized Appreciation (Depreciation) | 1,618,425 | 259,154 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,892,344 | 484,580 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (3,236) | (3,384) |
ETF Shares | (35,438) | (28,444) |
Admiral Shares | (38,832) | (30,635) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Total Distributions | (77,506) | (62,463) |
Capital Share Transactions | ||
Investor Shares | (58,359) | (107,077) |
ETF Shares | 734,241 | 91,799 |
Admiral Shares | 833,930 | 389,750 |
Net Increase (Decrease) from Capital Share Transactions | 1,509,812 | 374,472 |
Total Increase (Decrease) | 3,324,650 | 796,589 |
Net Assets | ||
Beginning of Period | 7,959,422 | 7,162,833 |
End of Period1 | 11,284,072 | 7,959,422 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($2,792,000) and ($2,206,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
69
Mid-Cap Growth Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $41.52 | $39.22 | $39.94 | $35.46 | $26.99 |
Investment Operations | |||||
Net Investment Income | . 3041 | .290 | .268 | .258 | .169 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 8.692 | 2.299 | (.719) | 4.476 | 8.470 |
Total from Investment Operations | 8.996 | 2.589 | (.451) | 4.734 | 8.639 |
Distributions | |||||
Dividends from Net Investment Income | (.306) | (.289) | (.269) | (.254) | (.169) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.306) | (.289) | (.269) | (.254) | (.169) |
Net Asset Value, End of Period | $50.21 | $41.52 | $39.22 | $39.94 | $35.46 |
Total Return2 | 21.72% | 6.62% | -1.13% | 13.35% | 32.02% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $495 | $460 | $542 | $562 | $595 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.19% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 0.67% | 0.74% | 0.70% | 0.79% | 0.57% |
Portfolio Turnover Rate 3 | 23% | 21% | 23% | 17% | 64% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
70
Mid-Cap Growth Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $105.60 | $99.75 | $101.57 | $90.20 | $68.64 |
Investment Operations | |||||
Net Investment Income | . 9321 | .863 | .805 | .816 | .556 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 22.058 | 5.848 | (1.815) | 11.359 | 21.558 |
Total from Investment Operations | 22.990 | 6.711 | (1.010) | 12.175 | 22.114 |
Distributions | |||||
Dividends from Net Investment Income | (.920) | (.861) | (.810) | (.805) | (.554) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.920) | (.861) | (.810) | (.805) | (.554) |
Net Asset Value, End of Period | $127.67 | $105.60 | $99.75 | $101.57 | $90.20 |
Total Return | 21.83% | 6.75% | -1.00% | 13.49% | 32.23% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,130 | $3,576 | $3,302 | $2,716 | $1,896 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 0.79% | 0.86% | 0.82% | 0.93% | 0.72% |
Portfolio Turnover Rate2 | 23% | 21% | 23% | 17% | 64% |
1 Calculated based on average shares outstanding.
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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Mid-Cap Growth Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $45.46 | $42.94 | $43.72 | $38.83 | $29.55 |
Investment Operations | |||||
Net Investment Income | . 4001 | .370 | .349 | .350 | .239 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 9.496 | 2.519 | (.777) | 4.886 | 9.279 |
Total from Investment Operations | 9.896 | 2.889 | (.428) | 5.236 | 9.518 |
Distributions | |||||
Dividends from Net Investment Income | (.396) | (.369) | (.352) | (.346) | (.238) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.396) | (.369) | (.352) | (.346) | (.238) |
Net Asset Value, End of Period | $54.96 | $45.46 | $42.94 | $43.72 | $38.83 |
Total Return2 | 21.83% | 6.75% | -0.98% | 13.48% | 32.22% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,659 | $3,923 | $3,319 | $2,264 | $1,566 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 0.79% | 0.86% | 0.82% | 0.93% | 0.72% |
Portfolio Turnover Rate 3 | 23% | 21% | 23% | 17% | 64% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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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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 three classes of shares: Investor Shares, ETF Shares, and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
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Mid-Cap Growth Index Fund
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, 2014–2017), 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. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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.
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Mid-Cap Growth Index Fund
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 the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $626,000, representing 0.01% of the fund’s net assets and 0.25% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 11,250,824 | — | — |
Temporary Cash Investments | 39,908 | 3,640 | — |
Futures Contracts—Liabilities1 | (162) | — | — |
Total | 11,290,570 | 3,640 | — |
1 Represents variation margin on the last day of the reporting period. |
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Mid-Cap Growth Index Fund
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $345,993,000 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, 2017, the fund had $202,000 of ordinary income available for distribution. At December 31, 2017, the fund had available capital losses totaling $613,501,000 to offset future net capital gains. Of this amount, $73,214,000 is subject to expiration on December 31, 2018. Capital losses of $540,287,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2017, the cost of investment securities for tax purposes was $8,821,475,000. Net unrealized appreciation of investment securities for tax purposes was $2,472,897,000, consisting of unrealized gains of $2,673,340,000 on securities that had risen in value since their purchase and $200,443,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $4,552,216,000 of investment securities and sold $3,043,236,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,414,779,000 and $762,834,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2017, such purchases and sales were $402,205,000 and $768,494,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
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Mid-Cap Growth Index Fund
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 144,647 | 3,165 | 113,566 | 2,863 |
Issued in Lieu of Cash Distributions | 3,117 | 66 | 3,280 | 81 |
Redeemed | (206,123) | (4,466) | (223,923) | (5,676) |
Net Increase (Decrease)—Investor Shares | (58,359) | (1,235) | (107,077) | (2,732) |
ETF Shares | ||||
Issued | 1,524,417 | 12,818 | 861,826 | 8,286 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (790,176) | (6,500) | (770,027) | (7,525) |
Net Increase (Decrease)—ETF Shares | 734,241 | 6,318 | 91,799 | 761 |
Admiral Shares | ||||
Issued | 1,742,853 | 34,515 | 1,261,332 | 29,101 |
Issued in Lieu of Cash Distributions | 35,702 | 692 | 28,189 | 633 |
Redeemed | (944,625) | (18,543) | (899,771) | (20,724) |
Net Increase (Decrease)—Admiral Shares | 833,930 | 16,664 | 389,750 | 9,010 |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
77
Mid-Cap Value Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | |||
Investor | ETF | Admiral | |
Shares | Shares | Shares | |
Ticker Symbol | VMVIX | VOE | VMVAX |
Expense Ratio1 | 0.19% | 0.07% | 0.07% |
30-Day SEC Yield | 1.94% | 2.06% | 2.06% |
Portfolio Characteristics | |||
CRSP US | DJ | ||
Mid Cap | U.S. Total | ||
Value | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 206 | 199 | 3,775 |
Median Market Cap | $13.5B | $13.5B | $66.8B |
Price/Earnings Ratio | 19.5x | 19.5x | 22.8x |
Price/Book Ratio | 2.1x | 2.1x | 3.0x |
Return on Equity | 10.6% | 10.6% | 15.1% |
Earnings Growth Rate | 8.2% | 8.2% | 9.9% |
Dividend Yield | 2.1% | 2.1% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 17% | — | — |
Short-Term Reserves | 0.0% | — | — |
Volatility Measures | ||
CRSP US | DJ | |
Mid Cap | U.S. Total | |
Value | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.93 |
Beta | 1.00 | 0.99 |
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) | ||
Freeport-McMoRan Inc. | Nonferrous Metals | 1.3% |
Western Digital Corp. | Computer Hardware | 1.1 |
M&T Bank Corp. | Banks | 1.1 |
KeyCorp | Banks | 1.0 |
WEC Energy Group Inc. | Multiutilities | 1.0 |
Citizens Financial Group | ||
Inc. | Banks | 1.0 |
ONEOK Inc. | Gas Distribution | 1.0 |
Royal Caribbean Cruises | ||
Ltd. | Recreational Services | 1.0 |
Principal Financial Group | ||
Inc. | Life Insurance | 1.0 |
Hartford Financial | ||
Services Group Inc. | Full Line Insurance | 1.0 |
Top Ten | 10.5% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
Investment Focus
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.19% for Investor Shares, 0.07% for ETF Shares, and 0.07% for
Admiral Shares.
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Mid-Cap Value Index Fund
Sector Diversification (% of equity exposure) | |||
CRSP US | DJ | ||
Mid Cap | U.S. Total | ||
Value | Market | ||
Fund | Index | FA Index | |
Basic Materials | 7.6% | 7.6% | 2.7% |
Consumer Goods | 15.3 | 15.3 | 9.0 |
Consumer Services | 10.8 | 10.8 | 12.8 |
Financials | 26.4 | 26.4 | 20.5 |
Health Care | 4.0 | 4.0 | 12.5 |
Industrials | 10.5 | 10.5 | 13.2 |
Oil & Gas | 5.7 | 5.7 | 5.7 |
Technology | 9.1 | 9.1 | 18.7 |
Telecommunications | 0.8 | 0.8 | 1.9 |
Utilities | 9.8 | 9.8 | 3.0 |
Sector categories are based on the Industry Classification
Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB
classification as of the effective reporting period.
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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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_midcapx82x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Mid-Cap Value Index Fund*Investor | |||||
Shares | 16.91% | 15.61% | 9.71% | $25,273 | |
• • • • • • • • | Spliced Mid-Cap Value Index | 17.12 | 15.83 | 9.93 | 25,776 |
– – – – | Mid-Cap Value Funds Average | 12.41 | 13.47 | 7.92 | 21,429 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 | |
For a benchmark description, see the Glossary. | |||||
Mid-Cap Value Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Mid-Cap Value Index Fund | ||||
ETF Shares Net Asset Value | 17.05% | 15.76% | 9.86% | $25,609 |
Spliced Mid-Cap Value Index | 17.12 | 15.83 | 9.93 | 25,776 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
See Financial Highlights for dividend and capital gains information.
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Mid-Cap Value Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (9/27/2011) | Investment | |
Mid-Cap Value Index Fund Admiral Shares | 17.04% | 15.76% | 16.74% | $26,357 |
Spliced Mid-Cap Value Index | 17.12 | 15.83 | 16.81 | 26,455 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 16.32 | 25,768 |
"Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standards. |
Cumulative Returns of ETF Shares: December 31, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Mid-Cap Value Index Fund ETF Shares Market | |||
Price | 17.05% | 107.91% | 156.59% |
Mid-Cap Value Index Fund ETF Shares Net Asset | |||
Value | 17.05 | 107.87 | 156.09 |
Spliced Mid-Cap Value Index | 17.12 | 108.50 | 157.76 |
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_midcapx83x1.jpg)
For a benchmark description, see the Glossary.
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Mid-Cap Value Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2017
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 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 | |||
Basic Materials (7.6%) | |||
* | Freeport-McMoRan Inc. | 11,396,286 | 216,074 |
Newmont Mining Corp. | 4,421,255 | 165,886 | |
Celanese Corp. Class A | 1,124,519 | 120,414 | |
Albemarle Corp. | 916,001 | 117,147 | |
Arconic Inc. | 3,991,058 | 108,756 | |
International Flavors | |||
& Fragrances Inc. | 653,976 | 99,803 | |
Eastman Chemical Co. | 1,071,762 | 99,288 | |
Avery Dennison Corp. | 730,068 | 83,856 | |
Mosaic Co. | 2,906,910 | 74,591 | |
FMC Corp. | 556,743 | 52,701 | |
Reliance Steel & | |||
Aluminum Co. | 574,707 | 49,304 | |
CF Industries | |||
Holdings Inc. | 966,072 | 41,097 | |
* | Alcoa Corp. | 728,391 | 39,238 |
Westlake Chemical Corp. | 321,584 | 34,258 | |
WR Grace & Co. | 183 | 13 | |
1,302,426 | |||
Consumer Goods (15.3%) | |||
Clorox Co. | 1,068,699 | 158,958 | |
DR Horton Inc. | 2,952,499 | 150,784 | |
Dr Pepper Snapple | |||
Group Inc. | 1,496,155 | 145,217 | |
Conagra Brands Inc. | 3,385,083 | 127,516 | |
Newell Brands Inc. | 4,061,577 | 125,503 | |
Molson Coors | |||
Brewing Co. Class B | 1,456,147 | 119,506 | |
JM Smucker Co. | 893,701 | 111,033 | |
Genuine Parts Co. | 1,153,496 | 109,594 | |
Lennar Corp. Class A | 1,699,031 | 107,447 | |
Whirlpool Corp. | 595,370 | 100,403 | |
Tyson Foods Inc. | |||
Class A | 1,233,156 | 99,972 | |
Lear Corp. | 559,889 | 98,910 | |
* | Aptiv plc | 1,101,594 | 93,448 |
BorgWarner Inc. | 1,747,263 | 89,268 |
PVH Corp. | 641,786 | 88,059 | |
Hasbro Inc. | 929,215 | 84,456 | |
Bunge Ltd. | 1,166,537 | 78,251 | |
* | Michael Kors | ||
Holdings Ltd. | 1,196,254 | 75,304 | |
Coty Inc. Class A | 3,723,909 | 74,069 | |
PulteGroup Inc. | 2,191,594 | 72,870 | |
Harley-Davidson Inc. | 1,393,929 | 70,923 | |
Leucadia National Corp. | 2,656,044 | 70,359 | |
Lamb Weston | |||
Holdings Inc. | 1,211,125 | 68,368 | |
Tapestry Inc. | 1,179,996 | 52,191 | |
Ralph Lauren | |||
Corp. Class A | 459,801 | 47,677 | |
^ | Mattel Inc. | 2,850,634 | 43,843 |
Ingredion Inc. | 298,078 | 41,671 | |
Campbell Soup Co. | 807,965 | 38,871 | |
Goodyear Tire | |||
& Rubber Co. | 1,020,458 | 32,971 | |
Hanesbrands Inc. | 1,509,428 | 31,562 | |
* | Pilgrim’s Pride Corp. | 415,214 | 12,897 |
Lennar Corp. Class B | 114,136 | 5,899 | |
2,627,800 | |||
Consumer Services (10.8%) | |||
Royal Caribbean | |||
Cruises Ltd. | 1,419,617 | 169,332 | |
Best Buy Co. Inc. | 2,107,428 | 144,296 | |
L Brands Inc. | 1,999,376 | 120,402 | |
Nielsen Holdings plc | 2,953,666 | 107,513 | |
Darden Restaurants Inc. | 1,024,849 | 98,406 | |
Viacom Inc. Class B | 2,910,959 | 89,687 | |
* | Liberty Interactive | ||
Corp. QVC Group | |||
Class A | 3,635,404 | 88,777 | |
Aramark | 2,031,175 | 86,812 | |
* | AutoZone Inc. | 113,996 | 81,093 |
Kohl’s Corp. | 1,395,994 | 75,705 | |
* | United Continental | ||
Holdings Inc. | 1,070,899 | 72,179 | |
Gap Inc. | 2,093,459 | 71,303 |
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Mid-Cap Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Interpublic Group | |||
of Cos. Inc. | 3,219,135 | 64,898 | |
Macy’s Inc. | 2,524,179 | 63,584 | |
AmerisourceBergen | |||
Corp. Class A | 677,741 | 62,230 | |
News Corp. Class A | 3,799,451 | 61,589 | |
Advance Auto Parts Inc. | 581,913 | 58,011 | |
Wynn Resorts Ltd. | 340,773 | 57,451 | |
* | Liberty Media | ||
Corp-Liberty | |||
SiriusXM Class C | 1,385,497 | 54,949 | |
Tiffany & Co. | 490,577 | 50,995 | |
Nordstrom Inc. | 967,691 | 45,849 | |
* | Discovery | ||
Communications Inc. | 1,712,446 | 36,252 | |
* | Discovery | ||
Communications Inc. | |||
Class A | 1,289,365 | 28,856 | |
* | Liberty Media | ||
Corp-Liberty | |||
SiriusXM Class A | 685,957 | 27,205 | |
H&R Block Inc. | 868,077 | 22,761 | |
News Corp. Class B | 378,120 | 6,277 | |
^ | Viacom Inc. Class A | 93,027 | 3,247 |
Foot Locker Inc. | 357 | 17 | |
Bed Bath & Beyond Inc. | 377 | 8 | |
1,849,684 | |||
Financials (26.3%) | |||
M&T Bank Corp. | 1,122,460 | 191,929 | |
KeyCorp | 8,910,798 | 179,731 | |
Citizens Financial | |||
Group Inc. | 4,077,195 | 171,161 | |
Principal Financial | |||
Group Inc. | 2,393,036 | 168,853 | |
Hartford Financial | |||
Services Group Inc. | 2,956,933 | 166,416 | |
Regions Financial Corp. | 9,613,546 | 166,122 | |
Willis Towers | |||
Watson plc | 1,094,080 | 164,867 | |
Lincoln National Corp. | 1,813,048 | 139,369 | |
Huntington | |||
Bancshares Inc. | 8,955,564 | 130,393 | |
Comerica Inc. | 1,441,530 | 125,139 | |
Invesco Ltd. | 3,373,933 | 123,284 | |
Host Hotels & | |||
Resorts Inc. | 6,131,763 | 121,715 | |
Annaly Capital | |||
Management Inc. | 9,605,630 | 114,211 | |
Ally Financial Inc. | 3,662,342 | 106,794 | |
Unum Group | 1,858,859 | 102,033 | |
HCP Inc. | 3,886,185 | 101,352 | |
Cincinnati Financial | |||
Corp. | 1,292,495 | 96,898 | |
Raymond James | |||
Financial Inc. | 1,077,223 | 96,196 |
Affiliated Managers | |||
Group Inc. | 460,933 | 94,606 | |
* | Arch Capital Group Ltd. | 1,030,137 | 93,506 |
UDR Inc. | 2,219,761 | 85,505 | |
FNF Group | 2,146,992 | 84,248 | |
Zions Bancorporation | 1,656,081 | 84,179 | |
Reinsurance Group of | |||
America Inc. Class A | 533,972 | 83,262 | |
Torchmark Corp. | 909,420 | 82,493 | |
Duke Realty Corp. | 2,952,368 | 80,334 | |
Macerich Co. | 1,167,748 | 76,698 | |
Everest Re Group Ltd. | 340,688 | 75,381 | |
XL Group Ltd. | 2,120,332 | 74,551 | |
Nasdaq Inc. | 963,645 | 74,037 | |
Voya Financial Inc. | 1,488,584 | 73,640 | |
Western Union Co. | 3,803,330 | 72,301 | |
* | Alleghany Corp. | 121,087 | 72,179 |
Camden Property Trust | 768,429 | 70,742 | |
AGNC Investment Corp. | 3,241,856 | 65,453 | |
VEREIT Inc. | 8,070,548 | 62,870 | |
* | Markel Corp. | 54,710 | 62,322 |
Kimco Realty Corp. | 3,351,620 | 60,832 | |
Lazard Ltd. Class A | 1,075,781 | 56,478 | |
Jones Lang LaSalle Inc. | 376,065 | 56,007 | |
WR Berkley Corp. | 756,753 | 54,221 | |
People’s United | |||
Financial Inc. | 2,872,948 | 53,724 | |
CIT Group Inc. | 1,088,336 | 53,579 | |
New York Community | |||
Bancorp Inc. | 3,853,761 | 50,176 | |
* | Athene Holding Ltd. | ||
Class A | 945,772 | 48,906 | |
* | Brighthouse Financial Inc. | 795,111 | 46,625 |
* | Liberty Broadband Corp. | 444,178 | 37,826 |
Brixmor Property | |||
Group Inc. | 1,265,278 | 23,610 | |
Assurant Inc. | 223,491 | 22,537 | |
Axis Capital Holdings | |||
Ltd. | 345,942 | 17,387 | |
* | Liberty Broadband | ||
Corp. Class A | 104,387 | 8,878 | |
Iron Mountain Inc. | 414 | 16 | |
4,525,572 | |||
Health Care (4.0%) | |||
* | Laboratory Corp. of | ||
America Holdings | 843,704 | 134,579 | |
Quest Diagnostics Inc. | 1,130,104 | 111,304 | |
* | Hologic Inc. | 2,284,043 | 97,643 |
Perrigo Co. plc | 1,051,087 | 91,613 | |
* | Henry Schein Inc. | 1,300,740 | 90,895 |
Universal Health | |||
Services Inc. Class B | 725,627 | 82,250 | |
* | DaVita Inc. | 1,138,363 | 82,247 |
690,531 |
83
Mid-Cap Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Industrials (10.5%) | |||
WestRock Co. | 2,109,889 | 133,366 | |
Dover Corp. | 1,290,889 | 130,367 | |
L3 Technologies Inc. | 647,280 | 128,064 | |
Textron Inc. | 1,964,504 | 111,171 | |
Ball Corp. | 2,902,462 | 109,858 | |
WW Grainger Inc. | 448,414 | 105,938 | |
Pentair plc | 1,354,171 | 95,632 | |
Owens Corning | 922,385 | 84,804 | |
Sealed Air Corp. | 1,493,883 | 73,648 | |
ManpowerGroup Inc. | 548,934 | 69,226 | |
Jacobs Engineering | |||
Group Inc. | 998,072 | 65,833 | |
* | First Data Corp. Class A | 3,782,335 | 63,203 |
* | Crown Holdings Inc. | 1,113,043 | 62,609 |
Hubbell Inc. Class B | 453,322 | 61,353 | |
* | United Rentals Inc. | 350,453 | 60,246 |
Fluor Corp. | 1,159,190 | 59,872 | |
* | Arrow Electronics Inc. | 729,138 | 58,630 |
Xerox Corp. | 2,004,127 | 58,420 | |
CH Robinson | |||
Worldwide Inc. | 578,157 | 51,508 | |
Xylem Inc. | 743,160 | 50,684 | |
Allison Transmission | |||
Holdings Inc. | 1,117,615 | 48,136 | |
Huntington Ingalls | |||
Industries Inc. | 187,246 | 44,134 | |
FLIR Systems Inc. | 574,659 | 26,791 | |
* | Stericycle Inc. | 354,156 | 24,079 |
Flowserve Corp. | 542,308 | 22,847 | |
Rockwell Collins Inc. | 443 | 60 | |
1,800,479 | |||
Oil & Gas (5.6%) | |||
Andeavor | 1,227,989 | 140,408 | |
Marathon Oil Corp. | 7,044,551 | 119,264 | |
Hess Corp. | 2,500,961 | 118,720 | |
Noble Energy Inc. | 4,034,804 | 117,574 | |
National Oilwell | |||
Varco Inc. | 3,148,087 | 113,394 | |
Baker Hughes a GE Co. | 3,547,781 | 112,252 | |
Devon Energy Corp. | 2,066,466 | 85,552 | |
OGE Energy Corp. | 1,655,584 | 54,485 | |
* | Continental | ||
Resources Inc. | 778,151 | 41,219 | |
HollyFrontier Corp. | 736,094 | 37,703 | |
Helmerich & Payne Inc. | 405,783 | 26,230 | |
966,801 | |||
Other (0.0%)2 | |||
*,3 | Safeway Inc. CVR (Casa | ||
Ley) Exp. 01/30/2018 | 1,233 | — | |
*,3 | Safeway Inc. CVR | ||
(PDC) Exp. 01/30/2019 | 1,233 | — | |
— |
Technology (9.1%) | |||
Western Digital Corp. | 2,451,328 | 194,954 | |
Symantec Corp. | 5,138,170 | 144,177 | |
* | Dell Technologies Inc. | ||
Class V | 1,683,587 | 136,842 | |
NetApp Inc. | 2,235,523 | 123,669 | |
Maxim Integrated | |||
Products Inc. | 2,333,606 | 122,001 | |
Motorola Solutions Inc. | 1,342,954 | 121,322 | |
* | Synopsys Inc. | 1,244,253 | 106,060 |
Seagate Technology plc | 2,396,767 | 100,281 | |
Juniper Networks Inc. | 3,107,363 | 88,560 | |
CA Inc. | 2,599,686 | 86,518 | |
*,^ | Advanced Micro | ||
Devices Inc. | 7,600,340 | 78,132 | |
Xilinx Inc. | 1,040,408 | 70,144 | |
Marvell Technology | |||
Group Ltd. | 3,255,536 | 69,896 | |
KLA-Tencor Corp. | 648,987 | 68,189 | |
Garmin Ltd. | 778,197 | 46,357 | |
1,557,102 | |||
Telecommunications (0.8%) | |||
CenturyLink Inc. | 7,972,865 | 132,988 | |
Utilities (9.8%) | |||
WEC Energy Group Inc. | 2,615,790 | 173,767 | |
ONEOK Inc. | 3,177,518 | 169,838 | |
Eversource Energy | 2,626,781 | 165,960 | |
DTE Energy Co. | 1,486,914 | 162,758 | |
American Water | |||
Works Co. Inc. | 1,477,406 | 135,168 | |
Entergy Corp. | 1,494,116 | 121,606 | |
Ameren Corp. | 2,010,197 | 118,582 | |
CMS Energy Corp. | 2,339,408 | 110,654 | |
CenterPoint Energy Inc. | 3,570,569 | 101,261 | |
Alliant Energy Corp. | 1,917,306 | 81,696 | |
Pinnacle West | |||
Capital Corp. | 925,033 | 78,794 | |
NiSource Inc. | 2,789,031 | 71,595 | |
AES Corp. | 5,472,865 | 59,271 | |
FirstEnergy Corp. | 1,843,591 | 56,451 | |
SCANA Corp. | 1,124,325 | 44,726 | |
Avangrid Inc. | 513,287 | 25,962 | |
1,678,089 | |||
Total Common Stocks | |||
(Cost $13,667,269) | 17,131,472 | ||
Temporary Cash Investments (0.3%)1 | |||
Money Market Fund (0.2%) | |||
4,5 | Vanguard Market Liquidity | ||
Fund, 1.458% | 448,958 | 44,900 |
84
Mid-Cap Value Index Fund
Face | Market | |
Amount | Value • | |
($000) | ($000) | |
U.S. Government and Agency Obligations (0.1%) | ||
United States Cash | ||
Management Bill, | ||
1.028% – 1.048%, 1/2/18 | 7,000 | 7,000 |
United States Treasury | ||
Bill, 1.398%, 5/3/18 | 100 | 99 |
6 United States Treasury | ||
Bill, 1.446%, 5/31/18 | 1,675 | 1,665 |
8,764 | ||
Total Temporary Cash Investments | ||
(Cost $53,662) | 53,664 | |
Total Investments (100.1%) | ||
(Cost $13,720,931) | 17,185,136 | |
Amount | ||
($000) | ||
Other Assets and Liabilities (-0.1%) | ||
Other Assets | ||
Investment in Vanguard | 928 | |
Receivables for Accrued Income | 26,968 | |
Receivables for Capital Shares Issued | 23,382 | |
Total Other Assets | 51,278 | |
Liabilities | ||
Payables for Investment Securities | ||
Purchased | (26,562) | |
Collateral for Securities on Loan | (18,779) | |
Payables for Capital Shares Redeemed | (16,018) | |
Payables to Vanguard | (3,973) | |
Variation Margin Payable – | ||
Futures Contracts | (182) | |
Other Liabilities | (53) | |
Total Liabilities | (65,567) | |
Net Assets (100%) | 17,170,847 | |
At December 31, 2017, net assets consisted of: | ||
Amount | ||
($000) | ||
Paid-in Capital | 14,351,712 | |
Overdistributed Net Investment Income | (689) | |
Accumulated Net Realized Losses | (644,535) | |
Unrealized Appreciation (Depreciation) | ||
Investment Securities | 3,464,205 | |
Futures Contracts | 154 | |
Net Assets | 17,170,847 |
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 15,545,077 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 682,231 |
Net Asset Value Per Share— | |
Investor Shares | $43.89 |
ETF Shares—Net Assets | |
Applicable to 74,948,413 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 8,354,828 |
Net Asset Value Per Share— | |
ETF Shares | $111.47 |
Admiral Shares—Net Assets | |
Applicable to 140,859,002 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 8,133,788 |
Net Asset Value Per Share— | |
Admiral Shares | $57.74 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers.
The total value of securities on loan is $17,673,000.
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 “Other” represents securities that are not classified by the
fund’s benchmark index.
3 Security value determined using significant unobservable
inputs.
4 Affiliated money market fund available only to Vanguard funds
and certain trusts and accounts managed by Vanguard. Rate
shown is the 7-day yield.
5 Includes $18,779,000 of collateral received for securities on
loan.
6 Securities with a value of $1,168,000 have been segregated
as initial margin for open futures contracts.
CVR—Contingent Value Rights.
85
Mid-Cap Value Index Fund
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P Mid-Cap 400 Index | March 2018 | 115 | 21,878 | 96 |
E-mini S&P 500 Index | March 2018 | 100 | 13,380 | 58 |
154 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized
gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
86
Mid-Cap Value Index Fund
Statement of Operations
Year Ended | |
December 31, 2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 319,634 |
Interest1 | 376 |
Securities Lending—Net | 249 |
Total Income | 320,259 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,661 |
Management and Administrative—Investor Shares | 965 |
Management and Administrative—ETF Shares | 2,354 |
Management and Administrative—Admiral Shares | 2,698 |
Marketing and Distribution—Investor Shares | 147 |
Marketing and Distribution—ETF Shares | 422 |
Marketing and Distribution—Admiral Shares | 612 |
Custodian Fees | 122 |
Auditing Fees | 40 |
Shareholders’ Reports and Proxy—Investor Shares | 67 |
Shareholders’ Reports and Proxy—ETF Shares | 1,024 |
Shareholders’ Reports and Proxy—Admiral Shares | 299 |
Trustees’ Fees and Expenses | 12 |
Total Expenses | 11,423 |
Net Investment Income | 308,836 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 331,542 |
Futures Contracts | 5,381 |
Realized Net Gain (Loss) | 336,923 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,761,132 |
Futures Contracts | 403 |
Change in Unrealized Appreciation (Depreciation) | 1,761,535 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,407,294 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund | |
were $340,000, ($5,000), and 2,000, respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
87
Mid-Cap Value Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 308,836 | 223,403 |
Realized Net Gain (Loss) | 336,923 | 347,074 |
Change in Unrealized Appreciation (Depreciation) | 1,761,535 | 992,104 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,407,294 | 1,562,581 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (12,688) | (11,952) |
ETF Shares | (151,423) | (112,242) |
Admiral Shares | (143,932) | (103,729) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Total Distributions | (308,043) | (227,923) |
Capital Share Transactions | ||
Investor Shares | (76,973) | 3,843 |
ETF Shares | 944,390 | 1,395,028 |
Admiral Shares | 1,206,333 | 1,441,539 |
Net Increase (Decrease) from Capital Share Transactions | 2,073,750 | 2,840,410 |
Total Increase (Decrease) | 4,173,001 | 4,175,068 |
Net Assets | ||
Beginning of Period | 12,997,846 | 8,822,778 |
End of Period1 | 17,170,847 | 12,997,846 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($689,000) and ($1,482,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
88
Mid-Cap Value Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $38.24 | $33.86 | $35.19 | $31.38 | $23.16 |
Investment Operations | |||||
Net Investment Income | .7711 | .675 | .658 | .539 | .441 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 5.646 | 4.396 | (1.341) | 3.804 | 8.218 |
Total from Investment Operations | 6.417 | 5.071 | (.683) | 4.343 | 8.659 |
Distributions | |||||
Dividends from Net Investment Income | (.767) | (.691) | (.647) | (.533) | (.439) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.767) | (.691) | (.647) | (.533) | (.439) |
Net Asset Value, End of Period | $43.89 | $38.24 | $33.86 | $35.19 | $31.38 |
Total Return2 | 16.91% | 15.11% | -1.91% | 13.84% | 37.42% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $682 | $666 | $588 | $628 | $640 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.19% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.92% | 2.02% | 2.01% | 1.86% | 1.80% |
Portfolio Turnover Rate 3 | 17% | 20% | 20% | 14% | 46% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
89
Mid-Cap Value Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $97.12 | $85.99 | $89.39 | $79.73 | $58.82 |
Investment Operations | |||||
Net Investment Income | 2.1161 | 1.822 | 1.785 | 1.504 | 1.232 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 14.306 | 11.170 | (3.427) | 9.647 | 20.901 |
Total from Investment Operations | 16.422 | 12.992 | (1.642) | 11.151 | 22.133 |
Distributions | |||||
Dividends from Net Investment Income | (2.072) | (1.862) | (1.758) | (1.491) | (1.223) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.072) | (1.862) | (1.758) | (1.491) | (1.223) |
Net Asset Value, End of Period | $111.47 | $97.12 | $85.99 | $89.39 | $79.73 |
Total Return | 17.05% | 15.26% | -1.80% | 13.98% | 37.65% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $8,355 | $6,383 | $4,351 | $3,407 | $2,256 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.04% | 2.14% | 2.13% | 2.00% | 1.95% |
Portfolio Turnover Rate2 | 17% | 20% | 20% | 14% | 46% |
1 Calculated based on average shares outstanding.
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.
90
Mid-Cap Value Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $50.31 | $44.54 | $46.30 | $41.30 | $30.47 |
Investment Operations | |||||
Net Investment Income | 1.0961 | .942 | .924 | .780 | .638 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 7.407 | 5.791 | (1.775) | 4.994 | 10.826 |
Total from Investment Operations | 8.503 | 6.733 | (.851) | 5.774 | 11.464 |
Distributions | |||||
Dividends from Net Investment Income | (1.073) | (.963) | (.909) | (.774) | (.634) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.073) | (.963) | (.909) | (.774) | (.634) |
Net Asset Value, End of Period | $57.74 | $50.31 | $44.54 | $46.30 | $41.30 |
Total Return2 | 17.04% | 15.26% | -1.80% | 13.98% | 37.66% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $8,134 | $5,949 | $3,884 | $2,896 | $1,753 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.04% | 2.14% | 2.13% | 2.00% | 1.95% |
Portfolio Turnover Rate 3 | 17% | 20% | 20% | 14% | 46% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
91
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 three classes of shares: Investor Shares, ETF Shares, and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
92
Mid-Cap Value Index Fund
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, 2014–2017), 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. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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.
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Mid-Cap Value Index Fund
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 the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $928,000, representing 0.01% of the fund’s net assets and 0.37% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 17,131,472 | — | — |
Temporary Cash Investments | 44,900 | 8,764 | — |
Futures Contracts—Liabilities1 | (182) | — | — |
Total | 17,176,190 | 8,764 | — |
1 Represents variation margin on the last day of the reporting period. |
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Mid-Cap Value Index Fund
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $484,277,000 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, 2017, the fund had $2,737,000 of ordinary income available for distribution. At December 31, 2017, the fund had available capital losses totaling $634,867,000 to offset future net capital gains. Of this amount, $4,037,000 is subject to expiration on December 31, 2018. Capital losses of $630,830,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2017, the cost of investment securities for tax purposes was $13,730,445,000. Net unrealized appreciation of investment securities for tax purposes was $3,454,691,000, consisting of unrealized gains of $3,826,780,000 on securities that had risen in value since their purchase and $372,089,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $5,989,913,000 of investment securities and sold $3,914,903,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,079,235,000 and $1,290,889,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2017, such purchases and sales were $613,856,000 and $963,311,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
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Mid-Cap Value Index Fund
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 221,539 | 5,483 | 264,163 | 7,498 |
Issued in Lieu of Cash Distributions | 12,172 | 294 | 11,559 | 319 |
Redeemed | (310,684) | (7,643) | (271,879) | (7,784) |
Net Increase (Decrease)—Investor Shares | (76,973) | (1,866) | 3,843 | 33 |
ETF Shares | ||||
Issued | 2,246,697 | 21,601 | 2,771,953 | 30,304 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (1,302,307) | (12,375) | (1,376,925) | (15,175) |
Net Increase (Decrease)—ETF Shares | 944,390 | 9,226 | 1,395,028 | 15,129 |
Admiral Shares | ||||
Issued | 2,653,657 | 49,594 | 2,478,125 | 53,386 |
Issued in Lieu of Cash Distributions | 129,099 | 2,365 | 92,986 | 1,947 |
Redeemed | (1,576,423) | (29,360) | (1,129,572) | (24,259) |
Net Increase (Decrease)—Admiral Shares | 1,206,333 | 22,599 | 1,441,539 | 31,074 |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Index Funds and Shareholders of Vanguard Extended Market Index Fund, Vanguard Mid-Cap Index Fund, Vanguard Mid-Cap Growth Index Fund and Vanguard Mid-Cap Value Index Fund
Opinions on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Extended Market Index Fund and the statements of net assets of Vanguard Mid-Cap Index Fund, Vanguard Mid-Cap Growth Index Fund and Vanguard Mid-Cap Value Index Fund (four of the funds constituting Vanguard Index Funds, hereafter collectively referred to as the “Funds”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, 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 ended December 31, 2017 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 14, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group
of Funds since 1975.
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![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_midcapx100x1.jpg)
Special 2017 tax information (unaudited) for Vanguard U.S. Stock Index Funds
(Mid-Capitalization Portfolios)
This information for the fiscal year ended December 31, 2017, is included pursuant to provisions of the Internal Revenue Code.
The funds distributed qualified dividend income to shareholders during the fiscal year as follows:
Fund | ($000) |
Extended Market Index Fund | 520,195 |
Mid-Cap Index Fund | 1,102,180 |
Mid-Cap Growth Index Fund | 56,494 |
Mid-Cap Value Index Fund | 286,357 |
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:
Fund | Percentage |
Extended Market Index Fund | 63.4% |
Mid-Cap Index Fund | 80.1 |
Mid-Cap Growth Index Fund | 71.0 |
Mid-Cap Value Index Fund | 82.1 |
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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, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Extended Market Index Fund Investor Shares | |||
Returns Before Taxes | 17.94% | 14.43% | 9.13% |
Returns After Taxes on Distributions | 17.52 | 14.02 | 8.81 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 10.31 | 11.47 | 7.38 |
One | Five | Ten | |
Year | Years | Years | |
Mid-Cap Index Fund Investor Shares | |||
Returns Before Taxes | 19.12% | 14.87% | 8.78% |
Returns After Taxes on Distributions | 18.71 | 14.50 | 8.48 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 11.06 | 11.90 | 7.12 |
One | Five | Ten | |
Year | Years | Years | |
Mid-Cap Growth Index Fund Investor Shares | |||
Returns Before Taxes | 21.72% | 13.94% | 7.60% |
Returns After Taxes on Distributions | 21.49 | 13.74 | 7.47 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 12.39 | 11.15 | 6.15 |
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Average Annual Total Returns: U.S. Stock Index Funds Mid-Capitalization Portfolios
Periods Ended December 31, 2017
One | Five | Ten | |
Year | Years | Years | |
Mid-Cap Value Index Fund Investor Shares | |||
Returns Before Taxes | 16.91% | 15.61% | 9.71% |
Returns After Taxes on Distributions | 16.37 | 15.11 | 9.28 |
Returns After Taxes on Distributions and Sale | |||
of Fund Shares | 9.92 | 12.50 | 7.88 |
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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 any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not 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, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2017 | 12/31/2017 | Period | |
Based on Actual Fund Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,099.30 | $1.11 |
ETF Shares | 1,000.00 | 1,100.09 | 0.42 |
Admiral Shares | 1,000.00 | 1,100.22 | 0.42 |
Institutional Shares | 1,000.00 | 1,100.20 | 0.32 |
Institutional Plus Shares | 1,000.00 | 1,100.32 | 0.26 |
Institutional Select Shares | 1,000.00 | 1,100.44 | 0.11 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,092.19 | $0.84 |
ETF Shares | 1,000.00 | 1,092.68 | 0.21 |
Admiral Shares | 1,000.00 | 1,092.71 | 0.21 |
Institutional Shares | 1,000.00 | 1,092.68 | 0.16 |
Institutional Plus Shares | 1,000.00 | 1,092.80 | 0.11 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,089.18 | $1.00 |
ETF Shares | 1,000.00 | 1,089.78 | 0.37 |
Admiral Shares | 1,000.00 | 1,089.79 | 0.37 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,094.13 | $1.00 |
ETF Shares | 1,000.00 | 1,094.77 | 0.37 |
Admiral Shares | 1,000.00 | 1,094.71 | 0.37 |
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Six Months Ended December 31, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2017 | 12/31/2017 | Period | |
Based on Hypothetical 5% Yearly Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,024.15 | $1.07 |
ETF Shares | 1,000.00 | 1,024.80 | 0.41 |
Admiral Shares | 1,000.00 | 1,024.80 | 0.41 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Institutional Plus Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Select Shares | 1,000.00 | 1,025.10 | 0.10 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,024.40 | $0.82 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Shares | 1,000.00 | 1,025.05 | 0.15 |
Institutional Plus Shares | 1,000.00 | 1,025.10 | 0.10 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
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, 0.21% for Investor Shares, 0.08% for ETF Shares, 0.08% for Admiral Shares, 0.06%
for Institutional Shares, 0.05% for Institutional Plus Shares, and 0.02% for Institutional Select Shares; for the Mid-Cap Index Fund, 0.16%
for Investor Shares, 0.04% for ETF Shares, 0.04% for Admiral Shares, 0.03% for Institutional Shares, and 0.02% for Institutional Plus
Shares; for the Mid-Cap Growth Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, and 0.07% for Admiral Shares; and for the
Mid-Cap Value Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, and 0.07% for Admiral Shares. The dollar amounts shown as
“Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the
number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).
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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 (for bonds), its actual income (for asset-backed securities), 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. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities 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.
Benchmark Information
Spliced Mid-Cap Growth Index: MSCI US Mid Cap Growth Index through April 16, 2013; CRSP US Mid Cap Growth Index thereafter.
Spliced Mid-Cap Index: S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index through January 30, 2013; CRSP US Mid Cap Index thereafter.
Spliced Mid-Cap Value Index: MSCI US Mid Cap Value Index through April 16, 2013; CRSP US
Mid Cap Value Index thereafter.
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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 201 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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 vanguard.com.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Chief Executive Officer and Director of The Vanguard Group and President and Chief Executive Officer of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; President of The Vanguard Group (2008–2017); Managing Director of The Vanguard Group (1995–2008).
Independent Trustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College; Trustee of the University of Rochester.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Arconic Inc. (diversified manufacturer), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne
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, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Member of the Executive Committee (1997–2008), Chief Global Diversity Officer (retired 2008), Vice President and Chief Information Officer (1997–2006), Controller (1995–1997), Treasurer (1991–1995), and Assistant Treasurer (1989–1991) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education; Director of the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and Chair of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, the Board of Catholic Investment Services, Inc. (investment advisor), and the Board of Superintendence of the Institute for the Works of Religion; Chairman of the Board of TIFF Advisory Services, Inc. (investment advisor).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Co-Managing Partner of HighVista Strategies LLC (private investment firm); Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Board of Hypertherm, Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born 1967. Investment Stewardship Officer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer (2015–2017), Controller (2010–2015), and Assistant Controller (2001–2010) of each of the investment companies served by The Vanguard Group.
Christine M. Buchanan
Born 1970. Treasurer Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Global Head of Vanguard Fund Administration at The Vanguard Group; Partner at KPMG LLP (2005–2017).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Michael Rollings
Born 1963. Finance Director Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Director of Vanguard Marketing Corporation; Treasurer of each of the investment companies served by The Vanguard Group (February 2017–November 2017); Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
Vanguard Senior Management Team | |
Mortimer J. Buckley | Chris D. McIsaac |
Gregory Davis | James M. Norris |
John James | Thomas M. Rampulla |
Martha G. King | Karin A. Risi |
John T. Marcante | |
Chairman Emeritus and Senior Advisor | |
John J. Brennan | |
Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | |
Founder | |
John C. Bogle | |
Chairman and Chief Executive Officer, 1974–1996 |
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P.O. Box 2600 | |
Valley Forge, PA 19482-2600 | |
Connect with Vanguard® > vanguard.com | |
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the fund’s current prospectus. | respective affiliates and none of such parties make any |
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otherwise noted. | errors, omissions, or interruptions of the index. |
You can obtain a free copy of Vanguard’s proxy voting | Source for Bloomberg Barclays indexes: Bloomberg |
guidelines by visiting vanguard.com/proxyreporting or by | Index Services Limited. Copyright 2017, Bloomberg. All |
calling Vanguard at 800-662-2739. The guidelines are | rights reserved. |
also available from the SEC’s website, sec.gov. In | |
addition, you may obtain a free report on how your fund | |
voted the proxies for securities it owned during the 12 | |
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vanguard.com/proxyreporting or sec.gov. | |
You can review and copy information about your fund at | |
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publicinfo@sec.gov or via regular mail addressed to the | |
Public Reference Section, Securities and Exchange | |
Commission, Washington, DC 20549-1520. | |
© 2018 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q980 022018 |
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_largecapx1x1.jpg)
Annual Report | December 31, 2017
Vanguard U.S. Stock Index Funds
Large-Capitalization Portfolios
Vanguard Growth Index Fund
Vanguard Value Index Fund
Vanguard Large-Cap Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds.
Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 4 |
Results of Proxy Voting. | 8 |
Growth Index Fund. | 10 |
Value Index Fund. | 31 |
Large-Cap Index Fund. | 52 |
Your Fund’s After-Tax Returns. | 78 |
About Your Fund’s Expenses. | 79 |
Glossary. | 81 |
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.
About the cover: Nautical images have been part of Vanguard’s rich heritage since its start in 1975. For an
incoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to put
you first––and light the way––as you strive to meet your financial goals. Our client focus and low costs,
stemming from our unique ownership structure, assure that your interests are paramount.
Your Fund’s Performance at a Glance
• For the fiscal year ended December 31, 2017, returns ranged from about 17% for Vanguard Value Index Fund to about 28% for Vanguard Growth Index Fund. Vanguard Large-Cap Index Fund, which contains both growth and value stocks, returned approximately 22%.
• All three funds closely tracked their target indexes. The Value Index and Large-Cap Index Funds surpassed the average returns of their peers, while the Growth Index Fund slightly lagged its peer-group average.
• Large-capitalization stocks outperformed their mid- and small-cap counterparts, and growth stocks outpaced value.
• Technology was the top-performing sector for all three funds and contributed the most to returns of the Large-Cap Index and Growth Index Funds. Financial stocks added the most to the Value Index Fund’s result. The oil and gas sector produced negative results for the Growth Index and Large-Cap Index Funds.
Total Returns: Fiscal Year Ended December 31, 2017 | |
Total | |
Returns | |
Vanguard Growth Index Fund | |
Investor Shares | 27.65% |
ETF Shares | |
Market Price | 27.75 |
Net Asset Value | 27.80 |
Admiral™ Shares | 27.80 |
Institutional Shares | 27.81 |
CRSP US Large Cap Growth Index | 27.86 |
Large-Cap Growth Funds Average | 29.33 |
Large-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
1
Total | |
Returns | |
Vanguard Value Index Fund | |
Investor Shares | 16.99% |
ETF Shares | |
Market Price | 17.14 |
Net Asset Value | 17.12 |
Admiral Shares | 17.13 |
Institutional Shares | 17.14 |
CRSP US Large Cap Value Index | 17.16 |
Large-Cap Value Funds Average | 15.92 |
Large-Cap Value Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Vanguard Large-Cap Index Fund | |
Investor Shares | 21.89% |
ETF Shares | |
Market Price | 21.99 |
Net Asset Value | 22.03 |
Admiral Shares | 22.03 |
Institutional Shares | 22.03 |
CRSP US Large Cap Index | 22.07 |
Large-Cap Core Funds Average | 20.42 |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares
are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF®
Shares shown are traded on the NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on
both the NYSE Arca market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573;
8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock
Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about
how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the
Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market
price was above or below the NAV.
Total Returns: Ten Years Ended December 31, 2017 | |
Average | |
Annual Return | |
Growth Index Fund Investor Shares | 9.36% |
Spliced Growth Index | 9.58 |
Large-Cap Growth Funds Average | 7.92 |
For a benchmark description, see the Glossary. | |
Large-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
2
Average | |
Annual Return | |
Value Index Fund Investor Shares | 7.51% |
Spliced Value Index | 7.67 |
Large-Cap Value Funds Average | 6.30 |
For a benchmark description, see the Glossary. | |
Large-Cap Value Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Large-Cap Index Fund Investor Shares | 8.43% |
Spliced Large Cap Index | 8.63 |
Large-Cap Core Funds Average | 7.03 |
For a benchmark description, see the Glossary. | |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
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 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.
Expense Ratios | |||||
Your Fund Compared With Its Peer Group | |||||
Investor | ETF | Admiral | Institutional | Peer Group | |
Shares | Shares | Shares | Shares | Average | |
Growth Index Fund | 0.18% | 0.06% | 0.06% | 0.05% | 1.14% |
Value Index Fund | 0.18 | 0.06 | 0.06 | 0.05 | 1.09 |
Large-Cap Index Fund | 0.18 | 0.06 | 0.06 | 0.05 | 1.07 |
The fund expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the funds’ expense ratios were: for the Growth Index Fund, 0.17% for Investor Shares, 0.05% for
ETF Shares, 0.05% for Admiral Shares, and 0.04% for Institutional Shares; for the Value Index Fund, 0.17% for Investor Shares, 0.05% for
ETF Shares, 0.05% for Admiral Shares, and 0.04% for Institutional Shares; and for the Large-Cap Index Fund, 0.17% for Investor Shares,
0.05% for ETF Shares, 0.05% for Admiral Shares, and 0.04% for Institutional Shares. The peer-group expense ratios are derived from data
provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2016.
Peer groups: For the Growth Index Fund, Large-Cap Growth Funds; for the Value Index Fund, Large-Cap Value Funds; and for the Large-Cap
Index Fund, Large-Cap Core Funds.
3
Chairman’s Perspective
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_largecapx6x1.jpg)
Bill McNabb
Chairman
Dear Shareholder,
Lately I’ve been asked a lot about my legacy. And candidly, that phrase bugs me—it isn’t my legacy. Vanguard’s success is a result of thousands of my colleagues committing to a clear mission: helping investors achieve their financial goals.
The reason the topic has come up is that on December 31, 2017, I officially stepped down as Vanguard’s CEO after almost a decade in that role. I’ll remain chairman for a period to be determined by the board of directors. Tim Buckley, who was previously Vanguard’s president and chief investment officer, was elected CEO. I can’t think of a better successor.
I’ve spent 32 years at Vanguard—almost my entire professional life—and during that time I’ve had the good fortune of working with smart, principled colleagues from across the world. I’ve learned from each of them.
In particular, I would like to thank Jack Bogle, our founder, who took a chance on me when I was a young business school graduate, and Jack Brennan, my predecessor as CEO, who constantly challenged me with new roles and responsibilities.
4
When you’re just starting out, there is nothing quite like getting votes of confidence from people you respect.
The short list
A milestone like this naturally brings about some reflection. With that in mind, here’s a tally—by no means exhaustive—of the accomplishments that we at Vanguard are proud of:
Low costs. Over the last decade, we cut our average asset-weighted expense ratio by about 50%.1 This isn’t a result of some contrived price war. Since its founding, Vanguard has emphasized the benefits of low-cost investing. As Jack Bogle once said: “The honest steward who charges least, wins most. But not for himself; for those investors who entrust their assets to his care. It is not all that complicated.”
Global diversification. Through our thought leadership and investment options, such as our target-date funds, Vanguard has encouraged clients to obtain exposure to international markets.
Global diversification isn’t just about helping to control risk—it can also be a way of expanding your set of opportunities and harnessing the potential of all markets.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2017 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 21.69% | 11.23% | 15.71% |
Russell 2000 Index (Small-caps) | 14.65 | 9.96 | 14.12 |
Russell 3000 Index (Broad U.S. market) | 21.13 | 11.12 | 15.58 |
FTSE All-World ex US Index (International) | 27.11 | 8.27 | 7.19 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 3.54% | 2.24% | 2.10% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 5.45 | 2.98 | 3.02 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.84 | 0.37 | 0.23 |
CPI | |||
Consumer Price Index | 2.11% | 1.64% | 1.43% |
1 Source: Vanguard calculation, based on data from Morningstar, Inc., as of December 31, 2016.
5
I’ve been glad to see more and more clients embracing global diversification. I believe this trend will continue as Vanguard’s way of investing takes hold in international markets.
Affordable advice. In the wake of the 2008–2009 Global Financial Crisis, we began working on a new advice model. In 2015, we launched Vanguard Personal Advisor Services®, a hybrid advice offering that delivers value through a combination of a professional advisor and powerful digital technology at a competitive price.
Across the industry, we’ve seen the cost of providing advice coming down. Traditional advisors are embracing low-cost investments, and that, in turn, helps them reduce costs for their own clients. This is a trend that all of us at Vanguard would like to see continue.
Great people. I’ve interacted with hundreds of companies of all sizes and in all industries, and the one quality that sets Vanguard apart from most of them is our emphasis on people. It’s a testament to our culture that colleagues spend 15, 20, or, as in my case, more than 30 years of their professional lives here. Investors benefit because we have consistent, experienced fund management teams and a deep bench of talent that ensures that things go smoothly when it’s time for a transition.
We’ve done a great job attracting new talent, too. We made some notable additions to senior management in the last two years, and we’re continuously grooming our next generation of leaders.
Ready for what comes next
When I was contemplating coming to work at Vanguard, I sat down with my rowing coach at his home in Philadelphia. Over cheesesteaks, he told me that the most important thing was to work for a company that had the same values I held deeply. He was like a second father to me, so I trusted his judgment at a time when I wasn’t so sure about my own. Back then, I never could have anticipated the success Vanguard would have in the coming decades.
I’m no better at predicting the future now. Vanguard has enjoyed significant growth in the last few years, and that presents its own unique set of challenges and opportunities, such as the role we’re playing in advocating for better corporate governance among companies our funds invest in. And the asset management industry is confronting significant changes brought on by technology, shifting demographics, and new regulations.
Although the future is uncertain, I’m confident that Vanguard is well-prepared to tackle whatever comes its way. And one thing I’m sure of: There are big parts of the world that would be well-served by our way of investing.
6
It’s humbling to think about the impact the work we do at Vanguard has on clients who are trying to raise a family, buy a first home, save for college, or prepare for retirement. I’ve always tried to make decisions with investors’ best interests in mind. It has been a privilege working with people who hold to that same ideal.
Thank you for entrusting us with your assets.
Sincerely,
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_largecapx9x1.jpg)
F. William McNabb III
Chairman
January 1, 2018
7
Results of Proxy Voting
At a special meeting of shareholders on November 15, 2017, fund shareholders approved the following proposals:
Proposal 1—Elect trustees for the fund.*
The individuals listed in the table below were elected as trustees for the fund. All trustees with the exception of Ms. Mulligan, Ms. Raskin, and Mr. Buckley (each of whom already serves as a director of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Percentage | |||
Trustee | For | Withheld | For |
Mortimer J. Buckley | 10,555,505,764 | 302,858,072 | 97.2% |
Emerson U. Fullwood | 10,550,271,249 | 308,092,588 | 97.2% |
Amy Gutmann | 10,549,661,393 | 308,702,444 | 97.2% |
JoAnn Heffernan Heisen | 10,561,362,394 | 297,001,443 | 97.3% |
F. Joseph Loughrey | 10,550,135,548 | 308,228,289 | 97.2% |
Mark Loughridge | 10,554,054,699 | 304,309,138 | 97.2% |
Scott C. Malpass | 10,546,031,165 | 312,332,672 | 97.1% |
F. William McNabb III | 10,544,013,615 | 314,350,222 | 97.1% |
Deanna Mulligan | 10,560,536,084 | 297,827,753 | 97.3% |
André F. Perold | 10,509,222,915 | 349,140,922 | 96.8% |
Sarah Bloom Raskin | 10,554,241,538 | 304,122,299 | 97.2% |
Peter F. Volanakis | 10,551,315,296 | 307,048,541 | 97.2% |
* Results are for all funds within the same trust. |
Proposal 2—Approve a manager-of-managers arrangement with third-party investment advisors.
This arrangement enables the fund to enter into and materially amend investment advisory arrangements with third-party investment advisors, subject to the approval of the fund’s board of trustees and certain conditions imposed by the Securities and Exchange Commission, while avoiding the costs and delays associated with obtaining future shareholder approval.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Growth Index Fund | 436,490,474 | 14,397,608 | 16,982,075 | 78,604,725 | 79.9% |
Large-Cap Index Fund | 105,367,106 | 3,410,340 | 3,409,080 | 31,443,276 | 73.4% |
Value Index Fund | 584,171,143 | 17,654,888 | 14,572,460 | 107,835,982 | 80.7% |
8
Proposal 3—Approve a manager-of-managers arrangement with wholly owned subsidiaries of Vanguard.
This arrangement enables Vanguard or the fund to enter into and materially amend investment advisory arrangements with wholly owned subsidiaries of Vanguard, subject to the approval of the fund’s board of trustees and any conditions imposed by the Securities and Exchange Commission (SEC), while avoiding the costs and delays associated with obtaining future shareholder approval. The ability of the fund to operate in this manner is contingent upon the SEC’s approval of a pending application for an order of exemption.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Growth Index Fund | 439,170,233 | 13,569,346 | 15,130,579 | 78,604,725 | 80.4% |
Large-Cap Index Fund | 106,031,913 | 3,364,001 | 2,790,611 | 31,443,276 | 73.8% |
Value Index Fund | 587,325,882 | 17,020,893 | 12,051,716 | 107,835,982 | 81.1% |
Shareholders of Vanguard Growth Index Fund and Vanguard Value Index Fund did not approve the following proposal:
Proposal 7—Institute transparent procedures to avoid holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. Such procedures may include time-limited engagement with problem companies if management believes that their behavior can be changed.
The trustees recommended a vote against the proposal for the following reasons: (1) Vanguard is fully compliant with all applicable U.S. laws and regulations that prohibit the investment in any company owned or controlled by the government of Sudan; (2) the addition of further investment constraints is not in fund shareholders’ best interests if those constraints are unrelated to a fund’s stated investment objective, policies, and strategies; and (3) divestment is an ineffective means to implement social change, as it often puts the shares into the hands of another owner with no direct impact to the company’s capitalization.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Growth Index Fund | 69,009,812 | 36,189,726 | 362,670,621 | 78,604,725 | 12.6% |
Value Index Fund | 68,675,121 | 64,891,774 | 482,831,595 | 107,835,982 | 9.5% |
9
Growth Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | ||||
Investor | Admiral | Institutional | ||
Shares | ETF Shares | Shares | Shares | |
Ticker Symbol | VIGRX | VUG | VIGAX | VIGIX |
Expense Ratio1 | 0.18% | 0.06% | 0.06% | 0.05% |
30-Day SEC Yield | 1.10% | 1.22% | 1.21% | 1.22% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
CRSP US | Total | ||
Large Cap | Market | ||
Growth | FA | ||
Fund | Index | Index | |
Number of Stocks | 319 | 303 | 3,775 |
Median Market Cap | $84.7B | $84.7B | $66.8B |
Price/Earnings Ratio | 29.4x | 29.4x | 22.8x |
Price/Book Ratio | 5.4x | 5.4x | 3.0x |
Return on Equity | 18.4% | 18.4% | 15.1% |
Earnings Growth Rate | 14.4% | 14.4% | 9.9% |
Dividend Yield | 1.2% | 1.2% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 8% | — | — |
Short-Term Reserves | 0.0% | — | — |
Volatility Measures | ||
DJ | ||
CRSP US | U.S. Total | |
Large Cap | Market | |
Growth Index | FA Index | |
R-Squared | 1.00 | 0.89 |
Beta | 1.00 | 1.02 |
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) | ||
Apple Inc. | Computer Hardware | 7.2% |
Alphabet Inc. | Internet | 5.8 |
Amazon.com Inc. | Broadline Retailers | 4.4 |
Facebook Inc. | Internet | 3.9 |
Home Depot Inc. | Home Improvement | |
Retailers | 2.0 | |
Visa Inc. | Consumer Finance | 1.9 |
Comcast Corp. | Broadcasting & | |
Entertainment | 1.7 | |
Coca-Cola Co. | Soft Drinks | 1.6 |
Philip Morris | ||
International Inc. | Tobacco | 1.5 |
AbbVie Inc. | Pharmaceuticals | 1.4 |
Top Ten | 31.4% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for Admiral
Shares, and 0.04% for Institutional Shares.
10
Growth Index Fund
Sector Diversification (% of equity exposure) | |||
CRSP US | DJ | ||
Large Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | FA Index | |
Basic Materials | 1.3% | 1.3% | 2.7% |
Consumer Goods | 10.1 | 10.1 | 9.0 |
Consumer Services | 20.2 | 20.2 | 12.8 |
Financials | 13.2 | 13.2 | 20.5 |
Health Care | 11.7 | 11.6 | 12.5 |
Industrials | 12.7 | 12.7 | 13.2 |
Oil & Gas | 3.7 | 3.7 | 5.7 |
Technology | 26.9 | 27.0 | 18.7 |
Telecommunications | 0.2 | 0.2 | 1.9 |
Utilities | 0.0 | 0.0 | 3.0 |
Sector categories are based on the Industry Classification
Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB
classification as of the effective reporting period.
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_largecapx13x1.jpg)
11
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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Growth Index Fund*Investor Shares | 27.65% | 15.92% | 9.36% | $24,467 | |
• • • • • • • • | Spliced Growth Index | 27.86 | 16.14 | 9.58 | 24,953 |
– – – – | Large-Cap Growth Funds Average | 29.33 | 15.32 | 7.92 | 21,422 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 | |
For a benchmark description, see the Glossary. | |||||
Large-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Growth Index Fund | ||||
ETF Shares Net Asset Value | 27.80% | 16.08% | 9.51% | $24,808 |
Spliced Growth Index | 27.86 | 16.14 | 9.58 | 24,953 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
See Financial Highlights for dividend and capital gains information.
12
Growth Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Growth Index Fund Admiral Shares | 27.80% | 16.08% | 9.51% | $24,802 |
Spliced Growth Index | 27.86 | 16.14 | 9.58 | 24,953 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Growth Index Fund Institutional Shares | 27.81% | 16.09% | 9.53% | $12,429,603 |
Spliced Growth Index | 27.86 | 16.14 | 9.58 | 12,476,588 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 11,473,897 |
Cumulative Returns of ETF Shares: December 31, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Growth Index Fund ETF Shares Market Price | 27.75% | 110.79% | 148.19% |
Growth Index Fund ETF Shares Net Asset Value | 27.80 | 110.76 | 148.08 |
Spliced Growth Index | 27.86 | 111.33 | 149.53 |
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_largecapx15x1.jpg)
For a benchmark description, see the Glossary.
13
Growth Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2017
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 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 | |||
Basic Materials (1.3%) | |||
Praxair Inc. | 1,927,654 | 298,170 | |
Ecolab Inc. | 1,750,700 | 234,909 | |
Albemarle Corp. | 743,850 | 95,131 | |
FMC Corp. | 903,819 | 85,555 | |
International Flavors & | |||
Fragrances Inc. | 532,063 | 81,198 | |
* | Axalta Coating Systems | ||
Ltd. | 1,476,879 | 47,792 | |
Arconic Inc. | 1,622,830 | 44,222 | |
CF Industries Holdings | |||
Inc. | 786,890 | 33,474 | |
WR Grace & Co. | 185 | 13 | |
920,464 | |||
Consumer Goods (10.0%) | |||
Coca-Cola Co. | 25,820,198 | 1,184,631 | |
Philip Morris | |||
International Inc. | 10,458,466 | 1,104,937 | |
NIKE Inc. Class B | 8,768,728 | 548,484 | |
Altria Group Inc. | 6,424,462 | 458,771 | |
Colgate-Palmolive Co. | 5,912,380 | 446,089 | |
Monsanto Co. | 2,964,275 | 346,168 | |
Kraft Heinz Co. | 4,100,962 | 318,891 | |
Activision Blizzard Inc. | 4,836,881 | 306,271 | |
*,^ | Tesla Inc. | 905,629 | 281,968 |
Constellation Brands | |||
Inc. Class A | 1,101,968 | 251,877 | |
* | Electronic Arts Inc. | 2,073,963 | 217,891 |
Estee Lauder Cos. Inc. | |||
Class A | 1,514,289 | 192,678 | |
* | Monster Beverage | ||
Corp. | 2,849,445 | 180,341 | |
* | Mohawk Industries Inc. | 425,415 | 117,372 |
Hershey Co. | 959,533 | 108,917 |
Newell Brands Inc. | 3,300,144 | 101,974 | |
Stanley Black & Decker | |||
Inc. | 515,991 | 87,558 | |
Brown-Forman Corp. | |||
Class B | 1,231,601 | 84,574 | |
Church & Dwight Co. | |||
Inc. | 1,681,692 | 84,370 | |
* | NVR Inc. | 23,920 | 83,917 |
McCormick & Co. | |||
Inc./MD | 805,950 | 82,134 | |
* | LKQ Corp. | 1,978,142 | 80,451 |
Snap-on Inc. | 386,328 | 67,337 | |
Hormel Foods Corp. | 1,788,395 | 65,080 | |
Clorox Co. | 434,058 | 64,562 | |
DR Horton Inc. | 1,200,004 | 61,284 | |
Coty Inc. Class A | 3,028,520 | 60,237 | |
* | WABCO Holdings Inc. | 360,365 | 51,712 |
* | Lululemon Athletica Inc. | 634,617 | 49,875 |
Polaris Industries Inc. | 400,389 | 49,644 | |
Lennar Corp. Class A | 700,957 | 44,329 | |
Tapestry Inc. | 958,609 | 42,399 | |
* | Take-Two Interactive | ||
Software Inc. | 384,137 | 42,171 | |
^ | Hanesbrands Inc. | 1,225,402 | 25,623 |
*,^ | Under Armour Inc. | ||
Class A | 1,252,657 | 18,076 | |
*,^ | Under Armour Inc. | 1,260,354 | 16,788 |
Lennar Corp. Class B | 31,491 | 1,627 | |
7,331,008 | |||
Consumer Services (20.2%) | |||
* | Amazon.com Inc. | 2,758,027 | 3,225,430 |
Home Depot Inc. | 7,863,141 | 1,490,301 | |
Comcast Corp. Class A | 31,407,603 | 1,257,875 | |
Walt Disney Co. | 9,661,271 | 1,038,683 | |
McDonald’s Corp. | 5,367,988 | 923,938 | |
* | Priceline Group Inc. | 328,376 | 570,632 |
14
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Costco Wholesale Corp. | 2,942,309 | 547,623 | |
* | Netflix Inc. | 2,768,063 | 531,357 |
Starbucks Corp. | 9,101,540 | 522,702 | |
Lowe’s Cos. Inc. | 5,607,659 | 521,176 | |
* | Charter Communications | ||
Inc. Class A | 1,255,508 | 421,801 | |
Walgreens Boots | |||
Alliance Inc. | 5,777,812 | 419,585 | |
TJX Cos. Inc. | 4,070,931 | 311,263 | |
Marriott International | |||
Inc./MD Class A | 1,841,420 | 249,936 | |
Southwest Airlines Co. | 3,596,048 | 235,361 | |
Ross Stores Inc. | 2,596,410 | 208,362 | |
Yum! Brands Inc. | 2,269,995 | 185,254 | |
Dollar General Corp. | 1,839,444 | 171,087 | |
* | Dollar Tree Inc. | 1,517,809 | 162,876 |
* | O’Reilly Automotive Inc. | 572,476 | 137,703 |
Royal Caribbean | |||
Cruises Ltd. | 1,153,162 | 137,549 | |
CBS Corp. Class B | 2,253,900 | 132,980 | |
* | AutoZone Inc. | 185,091 | 131,668 |
MGM Resorts | |||
International | 3,430,536 | 114,546 | |
Expedia Inc. | 844,866 | 101,190 | |
Wynn Resorts Ltd. | 553,635 | 93,337 | |
Carnival Corp. | 1,347,196 | 89,413 | |
* | Ulta Beauty Inc. | 392,906 | 87,877 |
* | CarMax Inc. | 1,227,661 | 78,730 |
Wyndham Worldwide | |||
Corp. | 648,071 | 75,092 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 1,230,520 | 65,525 | |
Tractor Supply Co. | 846,109 | 63,247 | |
Alaska Air Group Inc. | 828,962 | 60,937 | |
Hilton Worldwide | |||
Holdings Inc. | 700,166 | 55,915 | |
* | Chipotle Mexican Grill | ||
Inc. Class A | 190,077 | 54,938 | |
FactSet Research | |||
Systems Inc. | 263,234 | 50,741 | |
^ | Sirius XM Holdings Inc. | 9,298,391 | 49,839 |
Scripps Networks | |||
Interactive Inc. Class A | 582,269 | 49,714 | |
Tiffany & Co. | 397,316 | 41,301 | |
* | DISH Network Corp. | ||
Class A | 727,439 | 34,735 | |
Domino’s Pizza Inc. | 146,770 | 27,734 | |
* | Hyatt Hotels Corp. | ||
Class A | 287,250 | 21,124 | |
* | TripAdvisor Inc. | 360,197 | 12,412 |
*,^ | Altice USA Inc. Class A | 369,737 | 7,850 |
Time Warner Inc. | 1,926 | 176 |
CBS Corp. Class A | 2,760 | 164 | |
Advance Auto Parts Inc. | 185 | 19 | |
Foot Locker Inc. | 164 | 8 | |
14,771,706 | |||
Financials (13.2%) | |||
Visa Inc. Class A | 12,211,129 | 1,392,313 | |
Mastercard Inc. Class A | 6,324,554 | 957,285 | |
Charles Schwab Corp. | 8,123,503 | 417,304 | |
American Tower Corp. | 2,887,605 | 411,975 | |
BlackRock Inc. | 755,609 | 388,164 | |
Simon Property Group | |||
Inc. | 2,092,977 | 359,448 | |
Crown Castle | |||
International Corp. | 2,736,115 | 303,736 | |
S&P Global Inc. | 1,717,535 | 290,950 | |
Marsh & McLennan | |||
Cos. Inc. | 3,435,325 | 279,601 | |
Intercontinental | |||
Exchange Inc. | 3,938,927 | 277,931 | |
Equinix Inc. | 526,514 | 238,627 | |
Prologis Inc. | 3,567,181 | 230,119 | |
Aon plc | 1,683,436 | 225,580 | |
Public Storage | 995,953 | 208,154 | |
Weyerhaeuser Co. | 5,086,836 | 179,362 | |
AvalonBay | |||
Communities Inc. | 930,436 | 165,999 | |
T. Rowe Price Group | |||
Inc. | 1,551,445 | 162,793 | |
Moody’s Corp. | 1,094,955 | 161,626 | |
Welltower Inc. | 2,496,444 | 159,198 | |
Digital Realty Trust Inc. | 1,383,096 | 157,535 | |
Ventas Inc. | 2,397,433 | 143,870 | |
Boston Properties Inc. | 1,041,140 | 135,379 | |
* | SBA Communications | ||
Corp. Class A | 791,411 | 129,285 | |
Realty Income Corp. | 1,895,869 | 108,102 | |
TD Ameritrade Holding | |||
Corp. | 2,099,018 | 107,323 | |
Essex Property Trust | |||
Inc. | 444,451 | 107,277 | |
* | IHS Markit Ltd. | 2,282,734 | 103,065 |
* | Markel Corp. | 88,873 | 101,238 |
Equifax Inc. | 808,470 | 95,335 | |
Cboe Global Markets | |||
Inc. | 763,899 | 95,174 | |
First Republic Bank/CA | 1,081,442 | 93,696 | |
* | E*TRADE Financial | ||
Corp. | 1,815,056 | 89,972 | |
Vornado Realty Trust | 1,149,909 | 89,900 | |
* | CBRE Group Inc. | ||
Class A | 2,056,301 | 89,058 |
15
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Alexandria Real Estate | |||
Equities Inc. | 643,933 | 84,091 | |
* | SVB Financial Group | 355,047 | 82,999 |
Arthur J Gallagher & Co. | 1,217,014 | 77,013 | |
Mid-America Apartment | |||
Communities Inc. | 764,856 | 76,914 | |
MSCI Inc. Class A | 605,893 | 76,670 | |
Regency Centers Corp. | 1,030,263 | 71,274 | |
Extra Space Storage Inc. | 805,464 | 70,438 | |
UDR Inc. | 1,803,654 | 69,477 | |
SEI Investments Co. | 953,816 | 68,541 | |
Iron Mountain Inc. | 1,800,424 | 67,930 | |
SL Green Realty Corp. | 661,370 | 66,752 | |
Federal Realty | |||
Investment Trust | 488,700 | 64,904 | |
Comerica Inc. | 584,997 | 50,784 | |
Jones Lang LaSalle Inc. | 305,908 | 45,559 | |
Invitation Homes Inc. | 1,918,792 | 45,226 | |
Raymond James | |||
Financial Inc. | 437,255 | 39,047 | |
* | Black Knight Inc. | 762,373 | 33,659 |
* | Liberty Broadband Corp. | 357,054 | 30,407 |
Camden Property Trust | 311,871 | 28,711 | |
Brixmor Property Group | |||
Inc. | 1,025,186 | 19,130 | |
* | Liberty Broadband Corp. | ||
Class A | 86,816 | 7,384 | |
Affiliated Managers | |||
Group Inc. | 143 | 29 | |
VEREIT Inc. | 2,565 | 20 | |
9,633,333 | |||
Health Care (11.6%) | |||
AbbVie Inc. | 10,749,270 | 1,039,562 | |
Medtronic plc | 9,114,299 | 735,980 | |
Bristol-Myers Squibb | |||
Co. | 11,019,985 | 675,305 | |
* | Celgene Corp. | 5,301,058 | 553,218 |
Thermo Fisher | |||
Scientific Inc. | 2,700,023 | 512,680 | |
* | Biogen Inc. | 1,423,809 | 453,583 |
Becton Dickinson | |||
and Co. | 1,793,871 | 383,996 | |
Gilead Sciences Inc. | 4,398,032 | 315,075 | |
Stryker Corp. | 2,015,740 | 312,117 | |
* | Intuitive Surgical Inc. | 754,266 | 275,262 |
* | Vertex Pharmaceuticals | ||
Inc. | 1,702,862 | 255,191 | |
Zoetis Inc. | 3,281,921 | 236,430 | |
* | Boston Scientific Corp. | 9,241,705 | 229,102 |
* | Illumina Inc. | 982,937 | 214,762 |
* | Regeneron | ||
Pharmaceuticals Inc. | 532,854 | 200,332 |
Allergan plc | 1,119,489 | 183,126 | |
* | Alexion Pharmaceuticals | ||
Inc. | 1,428,845 | 170,876 | |
* | Edwards Lifesciences | ||
Corp. | 1,426,351 | 160,764 | |
* | Incyte Corp. | 1,207,615 | 114,373 |
Baxter International Inc. | 1,742,152 | 112,613 | |
* | Centene Corp. | 1,103,754 | 111,347 |
* | Laboratory Corp. of | ||
America Holdings | 685,270 | 109,307 | |
* | Align Technology Inc. | 485,857 | 107,953 |
* | BioMarin | ||
Pharmaceutical Inc. | 1,182,039 | 105,402 | |
* | IQVIA Holdings Inc. | 1,054,392 | 103,225 |
Dentsply Sirona Inc. | 1,546,204 | 101,787 | |
* | Waters Corp. | 508,678 | 98,271 |
* | IDEXX Laboratories Inc. | 587,237 | 91,832 |
ResMed Inc. | 955,258 | 80,901 | |
* | Henry Schein Inc. | 1,056,503 | 73,828 |
Cooper Cos. Inc. | 329,744 | 71,845 | |
* | Varian Medical Systems | ||
Inc. | 617,985 | 68,689 | |
* | Alkermes plc | 1,036,523 | 56,729 |
* | Jazz Pharmaceuticals plc | 383,288 | 51,610 |
* | Alnylam | ||
Pharmaceuticals Inc. | 300,743 | 38,209 | |
Teleflex Inc. | 151,810 | 37,773 | |
Universal Health Services | |||
Inc. Class B | 295,668 | 33,514 | |
* | Seattle Genetics Inc. | 314,639 | 16,833 |
Amgen Inc. | 2,072 | 360 | |
* | Mylan NV | 1,333 | 56 |
* | DaVita Inc. | 412 | 30 |
* | Envision Healthcare Corp. | 307 | 11 |
* | TESARO Inc. | 103 | 8 |
8,493,867 | |||
Industrials (12.7%) | |||
3M Co. | 4,010,300 | 943,904 | |
Union Pacific Corp. | 5,300,287 | 710,768 | |
Accenture plc Class A | 4,139,242 | 633,677 | |
* | PayPal Holdings Inc. | 7,688,386 | 566,019 |
Boeing Co. | 1,904,698 | 561,714 | |
United Parcel Service | |||
Inc. Class B | 4,626,375 | 551,233 | |
Automatic Data | |||
Processing Inc. | 2,836,871 | 332,453 | |
Sherwin-Williams Co. | 566,473 | 232,277 | |
Fidelity National | |||
Information | |||
Services Inc. | 2,247,559 | 211,473 | |
FedEx Corp. | 812,099 | 202,651 | |
Danaher Corp. | 2,107,749 | 195,641 |
16
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Fiserv Inc. | 1,403,819 | 184,083 |
Amphenol Corp. | |||
Class A | 2,056,811 | 180,588 | |
Roper Technologies Inc. | 688,730 | 178,381 | |
Rockwell Automation | |||
Inc. | 866,300 | 170,098 | |
Illinois Tool Works Inc. | 979,768 | 163,474 | |
Fortive Corp. | 2,105,124 | 152,306 | |
Rockwell Collins Inc. | 1,098,166 | 148,933 | |
Paychex Inc. | 2,175,277 | 148,093 | |
Agilent Technologies Inc. | 2,167,831 | 145,180 | |
Waste Connections Inc. | 1,779,298 | 126,223 | |
* | FleetCor Technologies | ||
Inc. | 603,020 | 116,039 | |
Vulcan Materials Co. | 891,077 | 114,387 | |
AMETEK Inc. | 1,554,607 | 112,662 | |
Global Payments Inc. | 1,071,428 | 107,400 | |
* | Mettler-Toledo | ||
International Inc. | 172,226 | 106,697 | |
Fastenal Co. | 1,941,463 | 106,179 | |
* | Verisk Analytics Inc. | ||
Class A | 1,053,359 | 101,122 | |
Martin Marietta | |||
Materials Inc. | 422,988 | 93,497 | |
Masco Corp. | 2,115,863 | 92,971 | |
Cintas Corp. | 572,245 | 89,173 | |
Total System Services | |||
Inc. | 1,113,954 | 88,103 | |
TransDigm Group Inc. | 314,677 | 86,417 | |
CH Robinson Worldwide | |||
Inc. | 938,168 | 83,581 | |
Xylem Inc./NY | 1,208,416 | 82,414 | |
* | Vantiv Inc. Class A | 1,092,775 | 80,374 |
Alliance Data Systems | |||
Corp. | 316,320 | 80,181 | |
Expeditors International | |||
of Washington Inc. | 1,196,131 | 77,378 | |
Kansas City Southern | 697,042 | 73,343 | |
Fortune Brands Home & | |||
Security Inc. | 1,018,708 | 69,720 | |
* | Trimble Inc. | 1,694,279 | 68,855 |
JB Hunt Transport | |||
Services Inc. | 591,868 | 68,053 | |
* | Sensata Technologies | ||
Holding NV | 1,152,810 | 58,920 | |
Acuity Brands Inc. | 283,997 | 49,983 | |
Hubbell Inc. Class B | 368,437 | 49,864 | |
* | United Rentals Inc. | 284,088 | 48,838 |
^ | Wabtec Corp. /DE | 582,338 | 47,420 |
Robert Half International | |||
Inc. | 801,058 | 44,491 | |
Packaging Corp. of | |||
America | 317,044 | 38,220 | |
* | CoStar Group Inc. | 121,866 | 36,188 |
Huntington Ingalls | |||
Industries Inc. | 152,526 | 35,950 | |
Owens Corning | 379,495 | 34,891 | |
Macquarie Infrastructure | |||
Corp. | 541,889 | 34,789 | |
Cognex Corp. | 554,664 | 33,923 | |
Sealed Air Corp. | 605,967 | 29,874 | |
* | IPG Photonics Corp. | 116,792 | 25,009 |
FLIR Systems Inc. | 468,676 | 21,850 | |
* | Stericycle Inc. | 286,879 | 19,505 |
Textron Inc. | 614 | 35 | |
* | First Data Corp. Class A | 1,358 | 23 |
9,247,488 | |||
Oil & Gas (3.7%) | |||
Schlumberger Ltd. | 9,327,687 | 628,593 | |
EOG Resources Inc. | 3,893,017 | 420,095 | |
Occidental Petroleum | |||
Corp. | 5,152,486 | 379,532 | |
Pioneer Natural | |||
Resources Co. | 1,145,847 | 198,060 | |
Anadarko Petroleum | |||
Corp. | 3,684,704 | 197,648 | |
* | Concho Resources Inc. | 1,002,370 | 150,576 |
Halliburton Co. | 2,790,332 | 136,364 | |
EQT Corp. | 1,735,111 | 98,763 | |
Noble Energy Inc. | 3,276,782 | 95,485 | |
Cabot Oil & Gas Corp. | 3,114,102 | 89,063 | |
Williams Cos. Inc. | 2,786,076 | 84,947 | |
Cimarex Energy Co. | 641,004 | 78,209 | |
* | Cheniere Energy Inc. | 1,360,088 | 73,227 |
Targa Resources Corp. | 724,484 | 35,080 | |
* | Continental Resources | ||
Inc./OK | 631,259 | 33,438 | |
* | Antero Resources Corp. | 1,487,279 | 28,258 |
Range Resources Corp. | 656 | 11 | |
2,727,349 | |||
Technology (26.9%) | |||
Apple Inc. | 31,115,219 | 5,265,629 | |
* | Facebook Inc. Class A | 16,058,213 | 2,833,632 |
* | Alphabet Inc. Class A | 2,006,996 | 2,114,170 |
* | Alphabet Inc. Class C | 2,001,748 | 2,094,629 |
NVIDIA Corp. | 3,672,503 | 710,629 | |
Broadcom Ltd. | 2,747,133 | 705,738 | |
Texas Instruments Inc. | 6,636,262 | 693,091 | |
* | Adobe Systems Inc. | 3,318,973 | 581,617 |
* | salesforce.com Inc. | 4,619,461 | 472,248 |
Applied Materials Inc. | 7,181,111 | 367,098 | |
* | Micron Technology Inc. | 7,377,263 | 303,353 |
Cognizant Technology | |||
Solutions Corp. | |||
Class A | 3,970,279 | 281,969 | |
Intuit Inc. | 1,634,787 | 257,937 | |
Analog Devices Inc. | 2,481,922 | 220,966 | |
Lam Research Corp. | 1,090,872 | 200,797 |
17
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Autodesk Inc. | 1,477,081 | 154,842 |
* | ServiceNow Inc. | 1,164,425 | 151,829 |
* | Cerner Corp. | 2,129,423 | 143,502 |
* | Red Hat Inc. | 1,191,018 | 143,041 |
Microchip Technology | |||
Inc. | 1,574,809 | 138,394 | |
Skyworks Solutions Inc. | 1,233,368 | 117,108 | |
Xilinx Inc. | 1,689,605 | 113,913 | |
Harris Corp. | 802,259 | 113,640 | |
KLA-Tencor Corp. | 1,055,099 | 110,859 | |
* | Twitter Inc. | 4,251,069 | 102,068 |
Maxim Integrated | |||
Products Inc. | 1,895,106 | 99,076 | |
* | Workday Inc. Class A | 922,152 | 93,820 |
* | Palo Alto Networks Inc. | 587,949 | 85,217 |
* | Citrix Systems Inc. | 964,306 | 84,859 |
* | ANSYS Inc. | 571,306 | 84,319 |
* | Cadence Design | ||
Systems Inc. | 1,899,835 | 79,451 | |
* | Splunk Inc. | 942,197 | 78,052 |
* | Arista Networks Inc. | 319,888 | 75,359 |
* | Gartner Inc. | 579,751 | 71,396 |
* | Akamai Technologies | ||
Inc. | 1,081,674 | 70,352 | |
CDK Global Inc. | 925,648 | 65,980 | |
* | VeriSign Inc. | 564,169 | 64,564 |
*,^ | VMware Inc. Class A | 513,184 | 64,312 |
* | Square Inc. | 1,719,606 | 59,619 |
* | Qorvo Inc. | 856,644 | 57,053 |
* | F5 Networks Inc. | 421,532 | 55,313 |
*,^ | Snap Inc. | 2,908,559 | 42,494 |
LogMeIn Inc. | 354,322 | 40,570 | |
* | Premier Inc. Class A | 191,320 | 5,585 |
Oracle Corp. | 8,133 | 385 | |
Juniper Networks Inc. | 1,005 | 29 | |
19,670,504 | |||
Telecommunications (0.2%) | |||
* | T-Mobile US Inc. | 1,960,290 | 124,498 |
* | Zayo Group Holdings Inc. | 1,332,917 | 49,051 |
173,549 | |||
Total Common Stocks | |||
(Cost $43,122,176) | 72,969,268 | ||
Temporary Cash Investments (0.4%)1 | |||
Money Market Fund (0.4%) | |||
2,3 | Vanguard Market | ||
Liquidity Fund, | |||
1.458% | 2,890,138 | 289,043 |
Face | Market | ||
Amount | Value • | ||
($000) | ($000) | ||
U. S. Government and Agency Obligations (0.0%) | |||
United States Cash | |||
Management Bill, | |||
1.029%, 1/2/18 | 5,000 | 5,000 | |
United States Treasury | |||
Bill, 1.093%, 2/22/18 | 3,000 | 2,995 | |
4 | United States Treasury | ||
Bill, 1.169%, 3/22/18 | 3,000 | 2,991 | |
United States Treasury | |||
Bill, 1.398%, 5/3/18 | 300 | 299 | |
4 | United States Treasury | ||
Bill, 1.446%, 5/31/18 | 2,800 | 2,783 | |
14,068 | |||
Total Temporary Cash Investments | |||
(Cost $303,102) | 303,111 | ||
Total Investments (100.2%) | |||
(Cost $43,425,278) | 73,272,379 |
Amount | |
($000) | |
Other Assets and Liabilities (-0.2%) | |
Other Assets | |
Investment in Vanguard | 4,023 |
Receivables for Investment | |
Securities Sold | 162,885 |
Receivables for Accrued Income | 58,636 |
Receivables for Capital Shares Issued | 39,918 |
Total Other Assets | 265,462 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (171,085) |
Collateral for Securities on Loan | (165,118) |
Payables for Capital Shares Redeemed | (47,298) |
Payables to Vanguard | (31,310) |
Variation Margin Payable— | |
Futures Contracts | (547) |
Other Liabilities | (5,829) |
Total Liabilities | (421,187) |
Net Assets (100%) | 73,116,654 |
18
Growth Index Fund
At December 31, 2017, net assets consisted of:
Amount | |
($000) | |
Paid-in Capital | 44,432,321 |
Overdistributed Net Investment Income | (21,766) |
Accumulated Net Realized Losses | (1,141,823) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 29,847,101 |
Futures Contracts | 821 |
Net Assets | 73,116,654 |
Investor Shares—Net Assets | |
Applicable to 44,356,209 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 3,209,536 |
Net Asset Value Per Share— | |
Investor Shares | $72.36 |
ETF Shares—Net Assets | |
Applicable to 223,401,735 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 31,398,987 |
Net Asset Value Per Share— | |
ETF Shares | $140.55 |
Market | |
Value• | |
Shares | ($000) |
Admiral Shares—Net Assets | |
Applicable to 359,560,392 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 26,012,990 |
Net Asset Value Per Share— | |
Admiral Shares | $72.35 |
Institutional Shares—Net Assets | |
Applicable to 172,703,371 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 12,495,141 |
Net Asset Value Per Share— | |
Institutional Shares | $72.35 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers.
The total value of securities on loan is $154,421,000.
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 0.2%, 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 $165,118,000 of collateral received for securities
on loan.
4 Securities with a value of $5,421,000 have been segregated
as initial margin for open futures contracts.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2018 | 1,128 | 150,926 | 821 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized
gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
19
Growth Index Fund
Statement of Operations
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 844,568 |
Interest1 | 1,877 |
Securities Lending—Net | 5,761 |
Total Income | 852,206 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 4,101 |
Management and Administrative—Investor Shares | 4,466 |
Management and Administrative—ETF Shares | 8,236 |
Management and Administrative—Admiral Shares | 7,341 |
Management and Administrative—Institutional Shares | 3,237 |
Marketing and Distribution—Investor Shares | 498 |
Marketing and Distribution—ETF Shares | 1,187 |
Marketing and Distribution—Admiral Shares | 1,693 |
Marketing and Distribution—Institutional Shares | 253 |
Custodian Fees | 498 |
Auditing Fees | 38 |
Shareholders��� Reports and Proxy—Investor Shares | 282 |
Shareholders’ Reports and Proxy—ETF Shares | 2,096 |
Shareholders’ Reports and Proxy—Admiral Shares | 682 |
Shareholders’ Reports and Proxy—Institutional Shares | 279 |
Trustees’ Fees and Expenses | 49 |
Total Expenses | 34,936 |
Net Investment Income | 817,270 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 2,650,310 |
Futures Contracts | 28,229 |
Realized Net Gain (Loss) | 2,678,539 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 11,972,415 |
Futures Contracts | 2,081 |
Change in Unrealized Appreciation (Depreciation) | 11,974,496 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 15,470,305 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund | |
were $1,800,000, ($29,000), and $4,000, respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
Growth Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 817,270 | 723,999 |
Realized Net Gain (Loss) | 2,678,539 | 1,085,171 |
Change in Unrealized Appreciation (Depreciation) | 11,974,496 | 1,226,950 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 15,470,305 | 3,036,120 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (36,010) | (38,216) |
ETF Shares | (350,060) | (308,113) |
Admiral Shares | (286,472) | (251,588) |
Institutional Shares | (144,292) | (135,867) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (816,834) | (733,784) |
Capital Share Transactions | ||
Investor Shares | (467,007) | (232,244) |
ETF Shares | 2,142,821 | 1,406,111 |
Admiral Shares | 2,282,546 | 1,031,953 |
Institutional Shares | 176,388 | (80,462) |
Net Increase (Decrease) from Capital Share Transactions | 4,134,748 | 2,125,358 |
Total Increase (Decrease) | 18,788,219 | 4,427,694 |
Net Assets | ||
Beginning of Period | 54,328,435 | 49,900,741 |
End of Period1 | 73,116,654 | 54,328,435 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($21,766,000) and ($22,202,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
21
Growth Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $57.32 | $54.78 | $53.71 | $47.87 | $36.65 |
Investment Operations | |||||
Net Investment Income | .7501 | .720 | . 652 | .579 | .508 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 15.037 | 2.548 | 1.054 | 5.837 | 11.219 |
Total from Investment Operations | 15.787 | 3.268 | 1.706 | 6.416 | 11.727 |
Distributions | |||||
Dividends from Net Investment Income | (.747) | (.728) | (. 636) | (. 576) | (. 507) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.747) | (.728) | (. 636) | (. 576) | (. 507) |
Net Asset Value, End of Period | $72.36 | $57.32 | $54.78 | $53.71 | $47.87 |
Total Return2 | 27.65% | 5.99% | 3.17% | 13.47% | 32.16% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,210 | $2,938 | $3,038 | $3,270 | $3,630 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.18% | 0.22% | 0.23% | 0.24% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.15% | 1.31% | 1.20% | 1.17% | 1.22% |
Portfolio Turnover Rate 3 | 8% | 11% | 9% | 9% | 32% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
22
Growth Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $111.33 | $106.40 | $104.33 | $92.99 | $71.19 |
Investment Operations | |||||
Net Investment Income | 1.6261 | 1.528 | 1.420 | 1.268 | 1.112 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 29.200 | 4.949 | 2.038 | 11.332 | 21.798 |
Total from Investment Operations | 30.826 | 6.477 | 3.458 | 12.600 | 22.910 |
Distributions | |||||
Dividends from Net Investment Income | (1.606) | (1.547) | (1.388) | (1.260) | (1.110) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.606) | (1.547) | (1.388) | (1.260) | (1.110) |
Net Asset Value, End of Period | $140.55 | $111.33 | $106.40 | $104.33 | $92.99 |
Total Return | 27.80% | 6.13% | 3.32% | 13.62% | 32.38% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $31,399 | $23,040 | $20,706 | $17,340 | $13,265 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.27% | 1.43% | 1.34% | 1.31% | 1.37% |
Portfolio Turnover Rate2 | 8% | 11% | 9% | 9% | 32% |
1 Calculated based on average shares outstanding.
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
Growth Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $57.31 | $54.77 | $53.71 | $47.87 | $36.64 |
Investment Operations | |||||
Net Investment Income | . 8361 | .786 | .731 | .653 | .572 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 15.032 | 2.550 | 1.044 | 5.836 | 11.229 |
Total from Investment Operations | 15.868 | 3.336 | 1.775 | 6.489 | 11.801 |
Distributions | |||||
Dividends from Net Investment Income | (. 828) | (.796) | (.715) | (. 649) | (. 571) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 828) | (.796) | (.715) | (. 649) | (. 571) |
Net Asset Value, End of Period | $72.35 | $57.31 | $54.77 | $53.71 | $47.87 |
Total Return2 | 27.80% | 6.12% | 3.30% | 13.63% | 32.40% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $26,013 | $18,617 | $16,777 | $14,907 | $7,903 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.27% | 1.43% | 1.34% | 1.31% | 1.37% |
Portfolio Turnover Rate 3 | 8% | 11% | 9% | 9% | 32% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
24
Growth Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $57.31 | $54.77 | $53.70 | $47.87 | $36.64 |
Investment Operations | |||||
Net Investment Income | . 8411 | .792 | .737 | .657 | .576 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 15.032 | 2.549 | 1.053 | 5.826 | 11.229 |
Total from Investment Operations | 15.873 | 3.341 | 1.790 | 6.483 | 11.805 |
Distributions | |||||
Dividends from Net Investment Income | (. 833) | (. 801) | (.720) | (. 653) | (. 575) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 833) | (. 801) | (.720) | (. 653) | (. 575) |
Net Asset Value, End of Period | $72.35 | $57.31 | $54.77 | $53.70 | $47.87 |
Total Return | 27.81% | 6.13% | 3.33% | 13.62% | 32.41% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $12,495 | $9,733 | $9,380 | $9,545 | $8,015 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.05% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.28% | 1.44% | 1.35% | 1.32% | 1.38% |
Portfolio Turnover Rate2 | 8% | 11% | 9% | 9% | 32% |
1 Calculated based on average shares outstanding.
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
Notes to Financial Statements
Vanguard Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares and Institutional Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
26
Growth Index Fund
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, 2014–2017), 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. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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.
27
Growth Index Fund
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 the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $4,023,000, representing 0.01% of the fund’s net assets and 1.61% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 72,969,268 | — | — |
Temporary Cash Investments | 289,043 | 14,068 | — |
Futures Contracts—Liabilities1 | (547) | — | — |
Total | 73,257,764 | 14,068 | — |
1 Represents variation margin on the last day of the reporting period. |
28
Growth Index Fund
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $2,805,087,000 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, 2017, the fund had $5,268,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $130,485,000 to offset taxable capital gains realized during the year ended December 31, 2017. At December 31, 2017, the fund had available capital losses totaling $1,138,498,000 that may be carried forward indefinitely to offset future net capital gains. Capital loss carryforwards of $300,177,000 expired on December 31, 2017; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in capital.
At December 31, 2017, the cost of investment securities for tax purposes was $43,425,278,000. Net unrealized appreciation of investment securities for tax purposes was $29,847,101,000, consisting of unrealized gains of $30,401,014,000 on securities that had risen in value since their purchase and $533,913,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $14,679,629,000 of investment securities and sold $10,498,708,000 of investment securities, other than temporary cash investments. Purchases and sales include $6,677,020,000 and $5,154,222,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2017, such purchases and sales were $1,063,300,000 and $2,193,661,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
29
Growth Index Fund
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 574,900 | 8,773 | 382,462 | 6,951 |
Issued in Lieu of Cash Distributions | 33,555 | 500 | 35,730 | 634 |
Redeemed | (1,075,462) | (16,179) | (650,436) | (11,787) |
Net Increase (Decrease)—Investor Shares | (467,007) | (6,906) | (232,244) | (4,202) |
ETF Shares | ||||
Issued | 7,231,868 | 55,920 | 4,308,390 | 39,724 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (5,089,047) | (39,475) | (2,902,279) | (27,375) |
Net Increase (Decrease) —ETF Shares | 2,142,821 | 16,445 | 1,406,111 | 12,349 |
Admiral Shares | ||||
Issued | 5,551,319 | 84,396 | 3,639,459 | 65,786 |
Issued in Lieu of Cash Distributions | 254,602 | 3,779 | 223,747 | 3,972 |
Redeemed | (3,523,375) | (53,477) | (2,831,253) | (51,214) |
Net Increase (Decrease)—Admiral Shares | 2,282,546 | 34,698 | 1,031,953 | 18,544 |
Institutional Shares | ||||
Issued | 2,399,897 | 36,639 | 1,562,692 | 28,374 |
Issued in Lieu of Cash Distributions | 135,176 | 2,010 | 126,330 | 2,244 |
Redeemed | (2,358,685) | (35,775) | (1,769,484) | (32,055) |
Net Increase (Decrease)—Institutional Shares | 176,388 | 2,874 | (80,462) | (1,437) |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
30
Value Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | ||||
Investor | Admiral | Institutional | ||
Shares | ETF Shares | Shares | Shares | |
Ticker Symbol | VIVAX | VTV | VVIAX | VIVIX |
Expense Ratio1 | 0.18% | 0.06% | 0.06% | 0.05% |
30-Day SEC Yield | 2.21% | 2.33% | 2.32% | 2.33% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
CRSP US | Market | ||
Large Cap | FA | ||
Fund | Value Index | Index | |
Number of Stocks | 336 | 326 | 3,775 |
Median Market Cap | $95.1B | $95.1B | $66.8B |
Price/Earnings Ratio | 19.7x | 19.7x | 22.8x |
Price/Book Ratio | 2.4x | 2.4x | 3.0x |
Return on Equity | 15.0% | 15.0% | 15.1% |
Earnings Growth Rate | 5.9% | 6.0% | 9.9% |
Dividend Yield | 2.3% | 2.3% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 9% | — | — |
Short-Term Reserves | -0.1% | — | — |
Volatility Measures | ||
DJ | ||
CRSP US | U.S. Total | |
Large Cap | Market | |
Value Index | FA Index | |
R-Squared | 1.00 | 0.93 |
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. | Software | 5.2% |
Berkshire Hathaway Inc. | Reinsurance | 3.1 |
Johnson & Johnson | Pharmaceuticals | 3.0 |
JPMorgan Chase & Co. | Banks | 2.9 |
Exxon Mobil Corp. | Integrated Oil & Gas | 2.8 |
Bank of America Corp. | Banks | 2.3 |
Wells Fargo & Co. | Banks | 2.1 |
AT&T Inc. | Fixed Line | |
Telecommunications | 1.9 | |
Chevron Corp. | Diversified Industrials | 1.9 |
Procter & Gamble Co. | Nondurable | |
Household Products | 1.8 | |
Top Ten | 27.0% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for Admiral
Shares, and 0.04% for Institutional Shares.
31
Value Index Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
CRSP US | U.S. Total | ||
Large Cap | Market | ||
Fund | Value Index | FA Index | |
Basic Materials | 3.4% | 3.4% | 2.7% |
Consumer Goods | 8.6 | 8.6 | 9.0 |
Consumer Services | 6.8 | 6.7 | 12.8 |
Financials | 25.3 | 25.4 | 20.5 |
Health Care | 13.7 | 13.7 | 12.5 |
Industrials | 11.8 | 11.8 | 13.2 |
Oil & Gas | 7.6 | 7.6 | 5.7 |
Technology | 13.6 | 13.6 | 18.7 |
Telecommunications | 3.8 | 3.8 | 1.9 |
Utilities | 5.4 | 5.4 | 3.0 |
Sector categories are based on the Industry Classification
Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB
classification as of the effective reporting period.
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_largecapx34x1.jpg)
32
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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Value Index Fund*Investor Shares | 16.99% | 15.21% | 7.51% | $20,633 | |
• • • • • • • • | Spliced Value Index | 17.16 | 15.42 | 7.67 | 20,941 |
– – – – | Large-Cap Value Funds Average | 15.92 | 13.31 | 6.30 | 18,422 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 | |
For a benchmark description, see the Glossary. | |||||
Large-Cap Value Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Value Index Fund | ||||
ETF Shares Net Asset Value | 17.12% | 15.36% | 7.65% | $20,907 |
Spliced Value Index | 17.16 | 15.42 | 7.67 | 20,941 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
See Financial Highlights for dividend and capital gains information.
33
Value Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Value Index Fund Admiral Shares | 17.13% | 15.37% | 7.65% | $20,906 |
Spliced Value Index | 17.16 | 15.42 | 7.67 | 20,941 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Value Index Fund Institutional Shares | 17.14% | 15.38% | 7.68% | $10,477,420 |
Spliced Value Index | 17.16 | 15.42 | 7.67 | 10,470,699 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 11,473,897 |
Cumulative Returns of ETF Shares: December 31, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Value Index Fund ETF Shares Market Price | 17.14% | 104.49% | 109.16% |
Value Index Fund ETF Shares Net Asset Value | 17.12 | 104.30 | 109.07 |
Spliced Value Index | 17.16 | 104.86 | 109.41 |
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_largecapx36x1.jpg)
For a benchmark description, see the Glossary.
34
Value Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2017
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 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 (99.7%)1 | |||
Basic Materials (3.4%) | |||
DowDuPont Inc. | 12,045,791 | 857,901 | |
Air Products & | |||
Chemicals Inc. | 1,127,457 | 184,993 | |
LyondellBasell | |||
Industries NV Class A | 1,627,532 | 179,549 | |
PPG Industries Inc. | 1,313,552 | 153,449 | |
* | Freeport-McMoRan Inc. | 7,095,152 | 134,524 |
International Paper Co. | 2,131,322 | 123,489 | |
Nucor Corp. | 1,642,086 | 104,404 | |
Newmont Mining Corp. | 2,738,284 | 102,741 | |
Celanese Corp. Class A | 702,356 | 75,208 | |
Eastman Chemical Co. | 664,032 | 61,516 | |
Avery Dennison Corp. | 451,883 | 51,903 | |
Mosaic Co. | 1,802,915 | 46,263 | |
Arconic Inc. | 1,235,893 | 33,678 | |
Reliance Steel & | |||
Aluminum Co. | 355,829 | 30,527 | |
CF Industries Holdings | |||
Inc. | 599,751 | 25,513 | |
* | Alcoa Corp. | 451,375 | 24,316 |
Westlake Chemical Corp. | 198,726 | 21,170 | |
Albemarle Corp. | 326 | 42 | |
FMC Corp. | 358 | 34 | |
2,211,220 | |||
Consumer Goods (8.5%) | |||
Procter & Gamble Co. | 13,055,824 | 1,199,569 | |
PepsiCo Inc. | 7,330,709 | 879,099 | |
Altria Group Inc. | 4,911,637 | 350,740 | |
Mondelez International | |||
Inc. Class A | 7,310,749 | 312,900 | |
General Motors Co. | 6,221,858 | 255,034 | |
Ford Motor Co. | 20,114,953 | 251,236 | |
Kimberly-Clark Corp. | 1,813,855 | 218,860 | |
General Mills Inc. | 2,932,019 | 173,839 | |
Tyson Foods Inc. | |||
Class A | 1,530,010 | 124,038 |
VF Corp. | 1,625,587 | 120,293 | |
* | Aptiv plc | 1,366,917 | 115,956 |
Archer-Daniels-Midland | |||
Co. | 2,887,567 | 115,734 | |
Kellogg Co. | 1,428,656 | 97,120 | |
Dr Pepper Snapple | |||
Group Inc. | 927,119 | 89,986 | |
Conagra Brands Inc. | 2,098,560 | 79,053 | |
Molson Coors Brewing | |||
Co. Class B | 901,927 | 74,021 | |
JM Smucker Co. | 554,178 | 68,851 | |
Genuine Parts Co. | 715,215 | 67,953 | |
Stanley Black & Decker | |||
Inc. | 393,563 | 66,784 | |
Whirlpool Corp. | 369,040 | 62,235 | |
Lear Corp. | 346,853 | 61,275 | |
BorgWarner Inc. | 1,082,617 | 55,311 | |
PVH Corp. | 402,246 | 55,192 | |
Hasbro Inc. | 575,486 | 52,306 | |
Clorox Co. | 331,037 | 49,238 | |
Bunge Ltd. | 722,021 | 48,433 | |
Campbell Soup Co. | 1,003,111 | 48,260 | |
* | Michael Kors Holdings | ||
Ltd. | 741,876 | 46,701 | |
DR Horton Inc. | 913,833 | 46,669 | |
PulteGroup Inc. | 1,358,114 | 45,157 | |
^ | Harley-Davidson Inc. | 864,457 | 43,984 |
Leucadia National Corp. | 1,644,645 | 43,567 | |
Lamb Weston Holdings | |||
Inc. | 750,806 | 42,383 | |
Lennar Corp. Class A | 545,082 | 34,471 | |
Tapestry Inc. | 731,032 | 32,333 | |
Ralph Lauren Corp. | |||
Class A | 284,679 | 29,518 | |
Mattel Inc. | 1,765,695 | 27,156 | |
Ingredion Inc. | 184,577 | 25,804 | |
Goodyear Tire & | |||
Rubber Co. | 632,678 | 20,442 | |
Hanesbrands Inc. | 934,810 | 19,547 |
35
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
*,^ | Pilgrim’s Pride Corp. | 255,131 | 7,924 |
Lennar Corp. Class B | 12,367 | 639 | |
5,559,611 | |||
Consumer Services (6.7%) | |||
Wal-Mart Stores Inc. | 7,686,352 | 759,027 | |
CVS Health Corp. | 5,214,605 | 378,059 | |
Time Warner Inc. | 3,805,335 | 348,074 | |
* | eBay Inc. | 5,113,508 | 192,984 |
Twenty-First Century | |||
Fox Inc. Class A | 5,545,267 | 191,478 | |
Delta Air Lines Inc. | 3,298,028 | 184,690 | |
Target Corp. | 2,803,333 | 182,918 | |
McKesson Corp. | 1,074,315 | 167,539 | |
Sysco Corp. | 2,421,330 | 147,047 | |
Las Vegas Sands Corp. | 2,037,911 | 141,614 | |
Kroger Co. | 4,590,498 | 126,009 | |
American Airlines | |||
Group Inc. | 2,223,125 | 115,669 | |
Cardinal Health Inc. | 1,615,273 | 98,968 | |
Best Buy Co. Inc. | 1,315,119 | 90,046 | |
* | United Continental | ||
Holdings Inc. | 1,327,836 | 89,496 | |
Omnicom Group Inc. | 1,192,079 | 86,819 | |
AmerisourceBergen | |||
Corp. Class A | 839,789 | 77,109 | |
L Brands Inc. | 1,238,710 | 74,595 | |
Twenty-First Century | |||
Fox Inc. | 2,136,501 | 72,897 | |
Carnival Corp. | 1,026,514 | 68,130 | |
Nielsen Holdings plc | 1,828,637 | 66,562 | |
Darden Restaurants Inc. | 634,884 | 60,962 | |
Viacom Inc. Class B | 1,864,974 | 57,460 | |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 2,258,938 | 55,163 | |
Aramark | 1,257,400 | 53,741 | |
Kohl’s Corp. | 865,565 | 46,940 | |
Gap Inc. | 1,298,062 | 44,212 | |
Hilton Worldwide | |||
Holdings Inc. | 534,034 | 42,648 | |
News Corp. Class A | 2,572,971 | 41,708 | |
Interpublic Group of | |||
Cos. Inc. | 1,994,890 | 40,217 | |
Macy’s Inc. | 1,563,961 | 39,396 | |
Advance Auto Parts Inc. | 362,343 | 36,122 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM | 882,655 | 35,006 | |
Tiffany & Co. | 303,738 | 31,574 | |
Nordstrom Inc. | 598,772 | 28,370 | |
* | DISH Network Corp. | ||
Class A | 559,083 | 26,696 | |
* | Discovery | ||
Communications Inc. | 1,067,272 | 22,594 |
* | Discovery | ||
Communications Inc. | |||
Class A | 789,311 | 17,665 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM | 399,205 | 15,833 | |
H&R Block Inc. | 536,699 | 14,072 | |
*,^ | Altice USA Inc. Class A | 291,024 | 6,178 |
News Corp. Class B | 18,801 | 312 | |
Viacom Inc. Class A | 5,457 | 191 | |
Foot Locker Inc. | 205 | 10 | |
Bed Bath & Beyond Inc. | 399 | 9 | |
4,376,809 | |||
Financials (25.3%) | |||
* | Berkshire Hathaway | ||
Inc. Class B | 10,005,871 | 1,983,364 | |
JPMorgan Chase & Co. | 17,858,031 | 1,909,738 | |
Bank of America Corp. | 51,008,916 | 1,505,783 | |
Wells Fargo & Co. | 22,812,116 | 1,384,011 | |
Citigroup Inc. | 13,609,535 | 1,012,686 | |
Goldman Sachs Group | |||
Inc. | 1,746,329 | 444,895 | |
US Bancorp | 8,111,543 | 434,616 | |
Morgan Stanley | 6,977,704 | 366,120 | |
American Express Co. | 3,574,939 | 355,027 | |
PNC Financial Services | |||
Group Inc. | 2,448,498 | 353,294 | |
Chubb Ltd. | 2,268,923 | 331,558 | |
American International | |||
Group Inc. | 4,628,071 | 275,740 | |
Bank of New York | |||
Mellon Corp. | 5,012,143 | 269,954 | |
CME Group Inc. | 1,752,326 | 255,927 | |
Prudential Financial Inc. | 2,182,742 | 250,972 | |
Capital One Financial | |||
Corp. | 2,496,324 | 248,584 | |
MetLife Inc. | 4,355,155 | 220,197 | |
BB&T Corp. | 4,063,092 | 202,017 | |
Allstate Corp. | 1,855,296 | 194,268 | |
Travelers Cos. Inc. | 1,410,823 | 191,364 | |
Aflac Inc. | 2,019,600 | 177,281 | |
State Street Corp. | 1,815,504 | 177,211 | |
Progressive Corp. | 2,998,408 | 168,870 | |
SunTrust Banks Inc. | 2,454,044 | 158,507 | |
Synchrony Financial | 3,833,872 | 148,026 | |
Discover Financial | |||
Services | 1,873,990 | 144,147 | |
Ameriprise Financial Inc. | 763,146 | 129,330 | |
Equity Residential | 1,899,687 | 121,143 | |
M&T Bank Corp. | 699,316 | 119,576 | |
KeyCorp | 5,553,990 | 112,024 | |
Northern Trust Corp. | 1,115,805 | 111,458 | |
Fifth Third Bancorp | 3,644,474 | 110,573 | |
Citizens Financial | |||
Group Inc. | 2,541,838 | 106,706 |
36
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Principal Financial | |||
Group Inc. | 1,485,199 | 104,796 | |
Hartford Financial | |||
Services Group Inc. | 1,833,570 | 103,193 | |
Regions Financial Corp. | 5,957,469 | 102,945 | |
Willis Towers Watson plc | 678,009 | 102,169 | |
Lincoln National Corp. | 1,124,410 | 86,433 | |
Huntington Bancshares | |||
Inc./OH | 5,550,976 | 80,822 | |
Loews Corp. | 1,559,927 | 78,043 | |
Invesco Ltd. | 2,089,846 | 76,363 | |
Host Hotels & | |||
Resorts Inc. | 3,799,848 | 75,427 | |
Franklin Resources Inc. | 1,706,751 | 73,954 | |
GGP Inc. | 3,156,914 | 73,840 | |
Annaly Capital | |||
Management Inc. | 5,966,159 | 70,938 | |
Ally Financial Inc. | 2,269,721 | 66,185 | |
Unum Group | 1,153,952 | 63,340 | |
HCP Inc. | 2,409,317 | 62,835 | |
Cincinnati Financial | |||
Corp. | 801,843 | 60,114 | |
Affiliated Managers | |||
Group Inc. | 285,229 | 58,543 | |
* | Arch Capital Group Ltd. | 639,407 | 58,039 |
FNF Group | 1,331,567 | 52,251 | |
Zions Bancorporation | 1,026,309 | 52,167 | |
Reinsurance Group of | |||
America Inc. Class A | 331,179 | 51,641 | |
Torchmark Corp. | 566,057 | 51,347 | |
Duke Realty Corp. | 1,827,978 | 49,739 | |
Macerich Co. | 722,915 | 47,481 | |
Everest Re Group Ltd. | 211,012 | 46,689 | |
XL Group Ltd. | 1,315,835 | 46,265 | |
Nasdaq Inc. | 597,560 | 45,911 | |
Voya Financial Inc. | 922,702 | 45,646 | |
* | Alleghany Corp. | 75,276 | 44,871 |
Western Union Co. | 2,358,816 | 44,841 | |
AGNC Investment Corp. | 2,007,305 | 40,527 | |
VEREIT Inc. | 4,999,854 | 38,949 | |
Comerica Inc. | 446,962 | 38,801 | |
Kimco Realty Corp. | 2,076,803 | 37,694 | |
Lazard Ltd. Class A | 665,973 | 34,964 | |
WR Berkley Corp. | 470,913 | 33,741 | |
People’s United | |||
Financial Inc. | 1,783,651 | 33,354 | |
CIT Group Inc. | 674,660 | 33,214 | |
New York Community | |||
Bancorp Inc. | 2,386,253 | 31,069 | |
* | Athene Holding Ltd. | ||
Class A | 586,721 | 30,339 | |
Raymond James | |||
Financial Inc. | 333,553 | 29,786 | |
* | Brighthouse Financial Inc. | 496,181 | 29,096 |
* | Liberty Broadband Corp. | 279,387 | 23,793 | |
Camden Property Trust | 238,352 | 21,943 | ||
Brixmor Property Group | ||||
Inc. | 782,206 | 14,596 | ||
Assurant Inc. | 138,860 | 14,003 | ||
Axis Capital Holdings Ltd. | 215,293 | 10,821 | ||
* | Liberty Broadband Corp. | |||
Class A | 59,932 | 5,097 | ||
* | Berkshire Hathaway Inc. | |||
Class A | 14 | 4,166 | ||
16,457,748 | ||||
Health Care (13.7%) | ||||
Johnson & Johnson | 13,828,935 | 1,932,179 | ||
Pfizer Inc. | 30,681,584 | 1,111,287 | ||
UnitedHealth Group | ||||
Inc. | 4,988,474 | 1,099,759 | ||
Merck & Co. Inc. | 14,025,217 | 789,199 | ||
Amgen Inc. | 3,736,204 | 649,726 | ||
Abbott Laboratories | 8,962,185 | 511,472 | ||
Eli Lilly & Co. | 5,101,266 | 430,853 | ||
Aetna Inc. | 1,678,031 | 302,700 | ||
Anthem Inc. | 1,322,037 | 297,472 | ||
Cigna Corp. | 1,269,218 | 257,766 | ||
Gilead Sciences Inc. | 3,370,037 | 241,429 | ||
* | Express Scripts | |||
Holding Co. | 2,916,881 | 217,716 | ||
Humana Inc. | 736,068 | 182,596 | ||
Allergan plc | 858,075 | 140,364 | ||
* | HCA Healthcare Inc. | 1,461,452 | 128,374 | |
Zimmer Biomet | ||||
Holdings Inc. | 1,044,819 | 126,078 | ||
* | Mylan NV | 2,624,386 | 111,038 | |
Baxter International Inc. | 1,328,379 | 85,866 | ||
Quest Diagnostics Inc. | 699,900 | 68,933 | ||
* | Hologic Inc. | 1,415,211 | 60,500 | |
Perrigo Co. plc | 651,069 | 56,747 | ||
* | DaVita Inc. | 708,417 | 51,183 | |
Universal Health | ||||
Services Inc. Class B | 225,095 | 25,515 | ||
* | Molecular Templates Inc. | 1 | — | |
8,878,752 | ||||
Industrials (11.7%) | ||||
General Electric Co. | 44,647,302 | 779,095 | ||
Honeywell | ||||
International Inc. | 3,922,371 | 601,535 | ||
United Technologies | ||||
Corp. | 3,906,140 | 498,306 | ||
Caterpillar Inc. | 3,062,597 | 482,604 | ||
Boeing Co. | 1,456,225 | 429,455 | ||
Lockheed Martin Corp. | 1,253,748 | 402,516 | ||
Raytheon Co. | 1,487,468 | 279,421 | ||
Northrop Grumman | ||||
Corp. | 895,834 | 274,940 | ||
General Dynamics Corp. | 1,306,934 | 265,896 |
37
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Deere & Co. | 1,654,810 | 258,994 | |
CSX Corp. | 4,373,938 | 240,610 | |
Emerson Electric Co. | 3,307,282 | 230,485 | |
Norfolk Southern Corp. | 1,474,743 | 213,690 | |
Waste Management Inc. | 2,242,438 | 193,522 | |
Johnson Controls | |||
International plc | 4,767,697 | 181,697 | |
Eaton Corp. plc | 2,264,243 | 178,898 | |
TE Connectivity Ltd. | 1,812,104 | 172,222 | |
FedEx Corp. | 621,899 | 155,189 | |
Danaher Corp. | 1,613,824 | 149,795 | |
Cummins Inc. | 813,125 | 143,630 | |
Parker-Hannifin Corp. | 684,982 | 136,709 | |
PACCAR Inc. | 1,814,383 | 128,966 | |
Illinois Tool Works Inc. | 748,962 | 124,964 | |
Ingersoll-Rand plc | 1,290,164 | 115,070 | |
WestRock Co. | 1,307,021 | 82,617 | |
Dover Corp. | 806,450 | 81,443 | |
L3 Technologies Inc. | 401,450 | 79,427 | |
Republic Services Inc. | |||
Class A | 1,115,299 | 75,405 | |
Textron Inc. | 1,217,108 | 68,876 | |
Ball Corp. | 1,797,784 | 68,046 | |
WW Grainger Inc. | 278,022 | 65,683 | |
Pentair plc | 839,662 | 59,297 | |
ManpowerGroup Inc. | 340,354 | 42,922 | |
Jacobs Engineering | |||
Group Inc. | 618,871 | 40,821 | |
* | First Data Corp. | ||
Class A | 2,340,599 | 39,111 | |
* | Crown Holdings Inc. | 689,419 | 38,780 |
* | United Rentals Inc. | 217,091 | 37,320 |
Fluor Corp. | 718,659 | 37,119 | |
* | Arrow Electronics Inc. | 452,095 | 36,353 |
Xerox Corp. | 1,241,844 | 36,200 | |
Allison Transmission | |||
Holdings Inc. | 691,654 | 29,790 | |
Owens Corning | 285,443 | 26,244 | |
Sealed Air Corp. | 463,703 | 22,861 | |
* | Stericycle Inc. | 219,449 | 14,920 |
Flowserve Corp. | 336,804 | 14,190 | |
Rockwell Collins Inc. | 471 | 64 | |
Xylem Inc./NY | 491 | 34 | |
7,635,732 | |||
Oil & Gas (7.6%) | |||
Exxon Mobil Corp. | 21,813,259 | 1,824,461 | |
Chevron Corp. | 9,779,341 | 1,224,276 | |
ConocoPhillips | 6,162,365 | 338,252 | |
Phillips 66 | 2,219,543 | 224,507 | |
Valero Energy Corp. | 2,255,508 | 207,304 | |
�� | Kinder Morgan Inc./DE | 9,788,867 | 176,885 |
Marathon Petroleum | |||
Corp. | 2,510,235 | 165,625 | |
Devon Energy Corp. | 2,580,963 | 106,852 |
Halliburton Co. | 2,128,617 | 104,026 | |
Andeavor | 760,680 | 86,976 | |
Apache Corp. | 1,956,245 | 82,593 | |
Marathon Oil Corp. | 4,364,295 | 73,888 | |
Hess Corp. | 1,550,686 | 73,611 | |
National Oilwell Varco | |||
Inc. | 1,952,591 | 70,332 | |
Baker Hughes a GE Co. | 2,198,362 | 69,556 | |
Williams Cos. Inc. | 2,121,496 | 64,684 | |
OGE Energy Corp. | 1,026,966 | 33,797 | |
HollyFrontier Corp. | 455,104 | 23,310 | |
Helmerich & Payne Inc. | 251,412 | 16,251 | |
Occidental Petroleum | |||
Corp. | 2,200 | 162 | |
4,967,348 | |||
Other (0.0%)2 | |||
*,3 | Safeway Inc. CVR | ||
(Casa Ley) Exp. | |||
01/30/2018 | 376 | — | |
*,3 | Safeway Inc. CVR (PDC) | ||
Exp. 01/30/2019 | 376 | — | |
— | |||
Technology (13.6%) | |||
Microsoft Corp. | 39,716,375 | 3,397,339 | |
Intel Corp. | 24,094,293 | 1,112,193 | |
Cisco Systems Inc. | 25,453,272 | 974,860 | |
Oracle Corp. | 16,109,648 | 761,664 | |
International Business | |||
Machines Corp. | 4,527,682 | 694,637 | |
QUALCOMM Inc. | 7,590,680 | 485,955 | |
HP Inc. | 8,609,994 | 180,896 | |
Corning Inc. | 4,481,675 | 143,369 | |
DXC Technology Co. | 1,471,034 | 139,601 | |
Western Digital Corp. | 1,526,488 | 121,402 | |
Hewlett Packard | |||
Enterprise Co. | 8,190,637 | 117,618 | |
Symantec Corp. | 3,183,352 | 89,325 | |
* | Dell Technologies Inc. | ||
Class V | 1,042,995 | 84,775 | |
NetApp Inc. | 1,384,889 | 76,612 | |
Motorola Solutions Inc. | 831,918 | 75,155 | |
* | Synopsys Inc. | 778,703 | 66,377 |
Seagate Technology plc | 1,485,329 | 62,146 | |
Juniper Networks Inc. | 1,931,177 | 55,038 | |
CA Inc. | 1,611,426 | 53,628 | |
*,^ | Advanced Micro | ||
Devices Inc. | 4,705,043 | 48,368 | |
Marvell Technology | |||
Group Ltd. | 2,016,983 | 43,305 | |
Garmin Ltd. | 481,456 | 28,680 | |
8,812,943 |
38
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Telecommunications (3.8%) | |||
AT&T Inc. | 31,608,125 | 1,228,924 | |
Verizon | |||
Communications Inc. | 21,002,491 | 1,111,662 | |
CenturyLink Inc. | 4,939,380 | 82,389 | |
* | Sprint Corp. | 3,081,154 | 18,148 |
2,441,123 | |||
Utilities (5.4%) | |||
NextEra Energy Inc. | 2,420,237 | 378,017 | |
Duke Energy Corp. | 3,601,681 | 302,937 | |
Dominion Energy Inc. | 3,313,193 | 268,567 | |
Southern Co. | 5,147,729 | 247,554 | |
Exelon Corp. | 4,949,829 | 195,073 | |
American Electric | |||
Power Co. Inc. | 2,536,025 | 186,575 | |
Sempra Energy | 1,294,907 | 138,451 | |
Consolidated Edison Inc. | 1,599,260 | 135,857 | |
Public Service | |||
Enterprise Group Inc. | 2,611,043 | 134,469 | |
Xcel Energy Inc. | 2,619,596 | 126,029 | |
PG&E Corp. | 2,655,633 | 119,052 | |
PPL Corp. | 3,554,308 | 110,006 | |
WEC Energy Group Inc. | 1,621,513 | 107,717 | |
Edison International | 1,683,124 | 106,441 | |
ONEOK Inc. | 1,971,730 | 105,389 | |
Eversource Energy | 1,627,083 | 102,799 | |
DTE Energy Co. | 920,899 | 100,801 | |
American Water Works | |||
Co. Inc. | 916,599 | 83,860 | |
Entergy Corp. | 925,978 | 75,365 | |
Ameren Corp. | 1,245,750 | 73,487 | |
FirstEnergy Corp. | 2,285,597 | 69,985 | |
CMS Energy Corp. | 1,449,422 | 68,558 | |
CenterPoint Energy Inc. | 2,213,708 | 62,781 | |
Alliant Energy Corp. | 1,189,185 | 50,671 | |
Pinnacle West Capital | |||
Corp. | 576,534 | 49,109 | |
NiSource Inc. | 1,731,665 | 44,452 | |
AES Corp. /VA | 3,393,241 | 36,749 | |
SCANA Corp. | 695,893 | 27,683 | |
Avangrid Inc. | 321,554 | 16,264 | |
3,524,698 | |||
Total Common Stocks | |||
(Cost $48,486,224) | 64,865,984 | ||
Temporary Cash Investments (0.3%)1 | |||
Money Market Fund (0.2%) | |||
4,5 | Vanguard Market | ||
Liquidity Fund, | |||
1.458% | 1,451,475 | 145,162 |
U. S. Government and Agency Obligations (0.1%) | ||
United States Cash | ||
Management Bill, | ||
1.048%, 1/2/18 | 10,000 | 10,000 |
United States Treasury | ||
Bill, 1.398%, 5/3/18 | 1,000 | 995 |
6 United States Treasury | ||
Bill, 1.446%, 5/31/18 | 9,850 | 9,791 |
20,786 | ||
Total Temporary Cash Investments | ||
(Cost $165,944) | 165,948 | |
Total Investments (100.0%) | ||
(Cost $48,652,168) | 65,031,932 | |
Amount | ||
($000) | ||
Other Assets and Liabilities (0.0%) | ||
Other Assets | ||
Investment in Vanguard | 3,524 | |
Receivables for Accrued Income | 77,474 | |
Receivables for Capital Shares Issued | 29,483 | |
Other Assets | 3,657 | |
Total Other Assets | 114,138 | |
Liabilities | ||
Payables for Investment Securities | ||
Purchased | (5,302) | |
Collateral for Securities on Loan | (20,921) | |
Payables for Capital Shares Redeemed | (47,746) | |
Payables to Vanguard | (22,682) | |
Variation Margin Payable— | ||
Futures Contracts | (672) | |
Total Liabilities | (97,323) | |
Net Assets (100%) | 65,048,747 | |
At December 31, 2017, net assets consisted of: | ||
Amount | ||
($000) | ||
Paid-in Capital | 49,267,594 | |
Overdistributed Net Investment Income | (10,517) | |
Accumulated Net Realized Losses | (588,967) | |
Unrealized Appreciation (Depreciation) | ||
Investment Securities | 16,379,764 | |
Futures Contracts | 873 | |
Net Assets | 65,048,747 |
39
Value Index Fund
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 39,264,513 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 1,626,146 |
Net Asset Value Per Share— | |
Investor Shares | $41.42 |
ETF Shares—Net Assets | |
Applicable to 344,434,847 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 36,559,620 |
Net Asset Value Per Share— | |
ETF Shares | $106.14 |
Admiral Shares—Net Assets | |
Applicable to 405,208,011 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 16,778,227 |
Net Asset Value Per Share— | |
Admiral Shares | $41.41 |
Market | |
Value• | |
Shares | ($000) |
Institutional Shares—Net Assets | |
Applicable to 243,562,345 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 10,084,754 |
Net Asset Value Per Share— | |
Institutional Shares | $41.41 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers.
The total value of securities on loan is $19,910,000.
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 0.0%, respectively, of net assets.
2 “Other” represents securities that are not classified by the
fund’s benchmark index.
3 Certain of the fund’s securities are valued using significant
unobservable inputs.
4 Affiliated money market fund available only to Vanguard funds
and certain trusts and accounts managed by Vanguard. Rate
shown is the 7-day yield.
5 Includes $20,921,000 of collateral received for securities
on loan.
6 Securities with a value of $6,312,000 have been segregated
as initial margin for open futures contracts.
CVR—Contingent Value Rights.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2018 | 1,386 | 185,447 | 873 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized
gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
40
Value Index Fund
Statement of Operations
Year Ended | |
December 31, 2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 1,481,711 |
Interest1 | 1,050 |
Securities Lending—Net | 244 |
Total Income | 1,483,005 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 3,927 |
Management and Administrative—Investor Shares | 2,201 |
Management and Administrative—ETF Shares | 9,431 |
Management and Administrative—Admiral Shares | 4,551 |
Management and Administrative—Institutional Shares | 2,496 |
Marketing and Distribution—Investor Shares | 263 |
Marketing and Distribution—ETF Shares | 1,674 |
Marketing and Distribution—Admiral Shares | 1,215 |
Marketing and Distribution—Institutional Shares | 216 |
Custodian Fees | 567 |
Auditing Fees | 40 |
Shareholders’ Reports and Proxy—Investor Shares | 126 |
Shareholders’ Reports and Proxy—ETF Shares | 2,238 |
Shareholders’ Reports and Proxy—Admiral Shares | 448 |
Shareholders’ Reports and Proxy—Institutional Shares | 268 |
Trustees’ Fees and Expenses | 42 |
Total Expenses | 29,703 |
Net Investment Income | 1,453,302 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 1,568,876 |
Futures Contracts | 24,725 |
Realized Net Gain (Loss) | 1,593,601 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 6,242,641 |
Futures Contracts | 2,060 |
Change in Unrealized Appreciation (Depreciation) | 6,244,701 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,291,604 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund | |
were $969,000, ($11,000), and ($3,000), respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
41
Value Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,453,302 | 1,162,619 |
Realized Net Gain (Loss) | 1,593,601 | 1,023,424 |
Change in Unrealized Appreciation (Depreciation) | 6,244,701 | 4,805,371 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,291,604 | 6,991,414 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (37,322) | (36,182) |
ETF Shares | (810,631) | (607,079) |
Admiral Shares | (373,158) | (309,973) |
Institutional Shares | (233,385) | (206,990) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (1,454,496) | (1,160,224) |
Capital Share Transactions | ||
Investor Shares | (173,183) | (872) |
ETF Shares | 5,105,313 | 5,425,058 |
Admiral Shares | 1,318,632 | 1,461,682 |
Institutional Shares | 139,503 | 475,356 |
Net Increase (Decrease) from Capital Share Transactions | 6,390,265 | 7,361,224 |
Total Increase (Decrease) | 14,227,373 | 13,192,414 |
Net Assets | ||
Beginning of Period | 50,821,374 | 37,628,960 |
End of Period1 | 65,048,747 | 50,821,374 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($10,517,000) and ($9,323,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
42
Value Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $36.24 | $31.82 | $32.95 | $29.78 | $22.93 |
Investment Operations | |||||
Net Investment Income | . 9181 | . 850 | .782 | .691 | .621 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 5.166 | 4.415 | (1.130) | 3.164 | 6.847 |
Total from Investment Operations | 6.084 | 5.265 | (.348) | 3.855 | 7.468 |
Distributions | |||||
Dividends from Net Investment Income | (. 904) | (. 845) | (.782) | (. 685) | (. 618) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 904) | (. 845) | (.782) | (. 685) | (. 618) |
Net Asset Value, End of Period | $41.42 | $36.24 | $31.82 | $32.95 | $29.78 |
Total Return2 | 16.99% | 16.75% | -1.03% | 13.05% | 32.85% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,626 | $1,587 | $1,397 | $1,593 | $1,731 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.18% | 0.22% | 0.23% | 0.24% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.40% | 2.64% | 2.44% | 2.25% | 2.35% |
Portfolio Turnover Rate 3 | 9% | 7% | 8% | 6% | 25% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
43
Value Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $92.87 | $81.56 | $84.45 | $76.34 | $58.79 |
Investment Operations | |||||
Net Investment Income | 2.4731 | 2.282 | 2.123 | 1.888 | 1.700 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 13.234 | 11.301 | (2.890) | 8.095 | 17.538 |
Total from Investment Operations | 15.707 | 13.583 | (.767) | 9.983 | 19.238 |
Distributions | |||||
Dividends from Net Investment Income | (2.437) | (2.273) | (2.123) | (1.873) | (1.688) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.437) | (2.273) | (2.123) | (1.873) | (1.688) |
Net Asset Value, End of Period | $106.14 | $92.87 | $81.56 | $84.45 | $76.34 |
Total Return | 17.12% | 16.88% | -0.89% | 13.19% | 33.03% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $36,560 | $27,126 | $18,648 | $17,277 | $12,461 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.52% | 2.76% | 2.58% | 2.39% | 2.50% |
Portfolio Turnover Rate2 | 9% | 7% | 8% | 6% | 25% |
1 Calculated based on average shares outstanding.
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.
Value Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $36.23 | $31.82 | $32.94 | $29.78 | $22.93 |
Investment Operations | |||||
Net Investment Income | . 9651 | .890 | .829 | .737 | .663 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 5.165 | 4.407 | (1.121) | 3.154 | 6.845 |
Total from Investment Operations | 6.130 | 5.297 | (.292) | 3.891 | 7.508 |
Distributions | |||||
Dividends from Net Investment Income | (. 950) | (. 887) | (. 828) | (.731) | (. 658) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 950) | (. 887) | (. 828) | (.731) | (. 658) |
Net Asset Value, End of Period | $41.41 | $36.23 | $31.82 | $32.94 | $29.78 |
Total Return2 | 17.13% | 16.86% | -0.86% | 13.18% | 33.05% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $16,778 | $13,424 | $10,408 | $9,701 | $5,054 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.52% | 2.76% | 2.58% | 2.39% | 2.50% |
Portfolio Turnover Rate 3 | 9% | 7% | 8% | 6% | 25% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
45
Value Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $36.23 | $31.82 | $32.94 | $29.78 | $22.93 |
Investment Operations | |||||
Net Investment Income | . 9691 | .893 | .831 | .739 | .666 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 5.165 | 4.407 | (1.120) | 3.154 | 6.846 |
Total from Investment Operations | 6.134 | 5.300 | (.289) | 3.893 | 7.512 |
Distributions | |||||
Dividends from Net Investment Income | (. 954) | (. 890) | (. 831) | (.733) | (. 662) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 954) | (. 890) | (. 831) | (.733) | (. 662) |
Net Asset Value, End of Period | $41.41 | $36.23 | $31.82 | $32.94 | $29.78 |
Total Return | 17.14% | 16.87% | -0.85% | 13.19% | 33.07% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $10,085 | $8,684 | $7,176 | $7,860 | $6,431 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.05% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.53% | 2.77% | 2.59% | 2.40% | 2.51% |
Portfolio Turnover Rate2 | 9% | 7% | 8% | 6% | 25% |
1 Calculated based on average shares outstanding.
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
Notes to Financial Statements
Vanguard Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares and Institutional Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
47
Value Index Fund
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
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, 2014–2017), 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. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
48
Value Index Fund
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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 the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $3,524,000, representing 0.01% of the fund’s net assets and 1.41% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 64,865,984 | — | — |
Temporary Cash Investments | 145,162 | 20,786 | — |
Futures Contracts—Liabilities1 | (672) | — | — |
Total | 65,010,474 | 20,786 | — |
1 Represents variation margin on the last day of the reporting period. |
49
Value Index Fund
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $1,789,646,000 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, 2017, the fund had $10,700,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $194,036,000 to offset taxable capital gains realized during the year ended December 31, 2017. At December 31, 2017, the fund had available capital losses totaling $558,094,000 that may be carried forward indefinitely to offset future net capital gains. Capital loss carryforwards of $333,377,000 expired on December 31, 2017; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in capital.
At December 31, 2017, the cost of investment securities for tax purposes was $48,652,168,000. Net unrealized appreciation of investment securities for tax purposes was $16,379,764,000, consisting of unrealized gains of $17,615,648,000 on securities that had risen in value since their purchase and $1,235,884,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $15,700,572,000 of investment securities and sold $9,347,867,000 of investment securities, other than temporary cash investments. Purchases and sales include $8,671,185,000 and $4,399,380,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2017, such purchases and sales were $1,987,844,000 and $1,497,383,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
50
Value Index Fund
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 293,387 | 7,695 | 330,274 | 9,960 |
Issued in Lieu of Cash Distributions | 33,999 | 880 | 32,849 | 966 |
Redeemed | (500,569) | (13,111) | (363,995) | (11,030) |
Net Increase (Decrease)—Investor Shares | (173,183) | (4,536) | (872) | (104) |
ETF Shares | ||||
Issued | 9,523,235 | 97,047 | 8,556,798 | 100,574 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (4,417,922) | (44,700) | (3,131,740) | (37,125) |
Net Increase (Decrease) —ETF Shares | 5,105,313 | 52,347 | 5,425,058 | 63,449 |
Admiral Shares | ||||
Issued | 3,563,736 | 93,479 | 3,065,991 | 92,197 |
Issued in Lieu of Cash Distributions | 322,751 | 8,337 | 267,386 | 7,859 |
Redeemed | (2,567,855) | (67,145) | (1,871,695) | (56,627) |
Net Increase (Decrease)—Admiral Shares | 1,318,632 | 34,671 | 1,461,682 | 43,429 |
Institutional Shares | ||||
Issued | 1,608,868 | 42,223 | 1,607,419 | 48,764 |
Issued in Lieu of Cash Distributions | 220,275 | 5,697 | 195,936 | 5,764 |
Redeemed | (1,689,640) | (44,068) | (1,327,999) | (40,362) |
Net Increase (Decrease)—Institutional Shares | 139,503 | 3,852 | 475,356 | 14,166 |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
51
Large-Cap Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | ||||
Investor | Admiral | Institutional | ||
Shares | ETF Shares | Shares | Shares | |
Ticker Symbol | VLACX | VV | VLCAX | VLISX |
Expense Ratio1 | 0.18% | 0.06% | 0.06% | 0.05% |
30-Day SEC Yield | 1.71% | 1.81% | 1.81% | 1.82% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
CRSP US | Market | ||
Large Cap | FA | ||
Fund | Index | Index | |
Number of Stocks | 594 | 594 | 3,775 |
Median Market Cap | $93.4B | $93.4B | $66.9B |
Price/Earnings Ratio | 23.2x | 23.2x | 22.8x |
Price/Book Ratio | 3.2x | 3.2x | 3.0x |
Return on Equity | 16.0% | 16.0% | 15.1% |
Earnings Growth Rate | 9.6% | 9.7% | 9.9% |
Dividend Yield | 1.8% | 1.8% | 1.7% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 3% | — | — |
Short-Term Reserves | -0.1% | — | — |
Volatility Measures | ||
DJ | ||
CRSP US | U.S. Total | |
Large Cap | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.99 |
Beta | 1.00 | 0.98 |
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) | ||
Apple Inc. | Computer Hardware | 3.3% |
Microsoft Corp. | Internet | 2.8 |
Alphabet Inc. | Software | 2.7 |
Amazon.com Inc. | Broadline Retailers | 2.0 |
Facebook Inc. | Internet | 1.8 |
Berkshire Hathaway Inc. | Reinsurance | 1.6 |
Johnson & Johnson | Pharmaceuticals | 1.6 |
JPMorgan Chase & Co. | Banks | 1.6 |
Exxon Mobil Corp. | Integrated Oil & Gas | 1.5 |
Bank of America Corp. | Banks | 1.2 |
Top Ten | 20.1% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for Admiral
Shares, and 0.04% for Institutional Shares.
52
Large-Cap Index Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
CRSP US | U.S. Total | ||
Large Cap | Market | ||
Fund | Index | FA Index | |
Basic Materials | 2.4% | 2.4% | 2.7% |
Consumer Goods | 9.3 | 9.3 | 9.0 |
Consumer Services | 13.0 | 13.0 | 12.8 |
Financials | 19.8 | 19.8 | 20.5 |
Health Care | 12.7 | 12.7 | 12.5 |
Industrials | 12.2 | 12.2 | 13.2 |
Oil & Gas | 5.8 | 5.8 | 5.7 |
Technology | 19.8 | 19.8 | 18.7 |
Telecommunications | 2.1 | 2.1 | 1.9 |
Utilities | 2.9 | 2.9 | 3.0 |
Sector categories are based on the Industry Classification
Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB
classification as of the effective reporting period.
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_largecapx55x1.jpg)
53
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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Large-Cap Index Fund*Investor Shares | 21.89% | 15.52% | 8.43% | $22,461 | |
• • • • • • • • | Spliced Large Cap Index | 22.07 | 15.74 | 8.63 | 22,874 |
– – – – | Large-Cap Core Funds Average | 20.42 | 13.98 | 7.03 | 19,720 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 | |
For a benchmark description, see the Glossary. | |||||
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Large-Cap Index Fund | ||||
ETF Shares Net Asset Value | 22.03% | 15.68% | 8.58% | $22,769 |
Spliced Large Cap Index | 22.07 | 15.74 | 8.63 | 22,874 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
See Financial Highlights for dividend and capital gains information.
54
Large-Cap Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Large-Cap Index Fund Admiral Shares | 22.03% | 15.67% | 8.57% | $22,756 |
Spliced Large Cap Index | 22.07 | 15.74 | 8.63 | 22,874 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 22,948 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Large-Cap Index Fund Institutional Shares | 22.03% | 15.68% | 8.59% | $11,401,621 |
Spliced Large Cap Index | 22.07 | 15.74 | 8.63 | 11,436,989 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 11,473,897 |
Cumulative Returns of ETF Shares: December 31, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Large-Cap Index Fund ETF Shares Market Price | 21.99% | 107.26% | 128.26% |
Large-Cap Index Fund ETF Shares Net Asset Value | 22.03 | 107.13 | 127.69 |
Spliced Large Cap Index | 22.07 | 107.73 | 128.74 |
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_largecapx57x1.jpg)
For a benchmark description, see the Glossary.
55
Large-Cap Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2017
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 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 | |||
Basic Materials (2.4%) | |||
DowDuPont Inc. | 1,855,027 | 132,115 | |
Praxair Inc. | 228,060 | 35,276 | |
Air Products & | |||
Chemicals Inc. | 172,789 | 28,351 | |
Ecolab Inc. | 207,619 | 27,858 | |
LyondellBasell Industries | |||
NV Class A | 249,515 | 27,527 | |
PPG Industries Inc. | 201,119 | 23,495 | |
* | Freeport-McMoRan Inc. | 1,086,300 | 20,596 |
International Paper Co. | 326,624 | 18,925 | |
Nucor Corp. | 250,662 | 15,937 | |
Newmont Mining Corp. | 422,670 | 15,859 | |
Celanese Corp. Class A | 106,957 | 11,453 | |
Albemarle Corp. | 87,654 | 11,210 | |
Arconic Inc. | 380,094 | 10,358 | |
FMC Corp. | 106,061 | 10,040 | |
International Flavors & | |||
Fragrances Inc. | 62,548 | 9,545 | |
Eastman Chemical Co. | 101,879 | 9,438 | |
Avery Dennison Corp. | 70,185 | 8,061 | |
CF Industries Holdings Inc. | 184,837 | 7,863 | |
Mosaic Co. | 278,677 | 7,151 | |
* | Axalta Coating Systems | ||
Ltd. | 173,488 | 5,614 | |
Reliance Steel & | |||
Aluminum Co. | 55,409 | 4,754 | |
* | Alcoa Corp. | 69,136 | 3,724 |
Westlake Chemical Corp. | 31,155 | 3,319 | |
448,469 | |||
Consumer Goods (9.3%) | |||
Procter & Gamble Co. | 2,009,858 | 184,666 | |
Coca-Cola Co. | 3,036,304 | 139,306 | |
PepsiCo Inc. | 1,127,148 | 135,168 | |
Philip Morris | |||
International Inc. | 1,230,950 | 130,050 | |
Altria Group Inc. | 1,512,754 | 108,026 |
NIKE Inc. Class B | 1,033,922 | 64,672 | |
Colgate-Palmolive Co. | 694,694 | 52,415 | |
Mondelez International | |||
Inc. Class A | 1,129,362 | 48,337 | |
Monsanto Co. | 348,334 | 40,678 | |
General Motors Co. | 955,159 | 39,152 | |
Ford Motor Co. | 3,085,806 | 38,542 | |
Kraft Heinz Co. | 482,240 | 37,499 | |
Activision Blizzard Inc. | 568,317 | 35,986 | |
Kimberly-Clark Corp. | 278,194 | 33,567 | |
*,^ | Tesla Inc. | 106,395 | 33,126 |
Constellation Brands Inc. | |||
Class A | 129,495 | 29,599 | |
General Mills Inc. | 449,299 | 26,639 | |
* | Electronic Arts Inc. | 243,620 | 25,595 |
Estee Lauder Cos. Inc. | |||
Class A | 177,962 | 22,644 | |
* | Monster Beverage Corp. | 334,582 | 21,176 |
Stanley Black & Decker | |||
Inc. | 121,274 | 20,579 | |
Tyson Foods Inc. Class A | 235,193 | 19,067 | |
VF Corp. | 253,410 | 18,752 | |
* | Aptiv plc | 210,167 | 17,828 |
Archer-Daniels-Midland | |||
Co. | 441,787 | 17,707 | |
Clorox Co. | 102,035 | 15,177 | |
Kellogg Co. | 219,071 | 14,892 | |
DR Horton Inc. | 281,573 | 14,380 | |
Dr Pepper Snapple | |||
Group Inc. | 142,456 | 13,827 | |
* | Mohawk Industries Inc. | 49,940 | 13,778 |
Hershey Co. | 112,642 | 12,786 | |
Conagra Brands Inc. | 322,314 | 12,141 | |
Newell Brands Inc. | 387,728 | 11,981 | |
Molson Coors Brewing | |||
Co. Class B | 138,598 | 11,375 | |
JM Smucker Co. | 85,112 | 10,574 | |
Genuine Parts Co. | 110,416 | 10,491 | |
Lennar Corp. Class A | 164,277 | 10,389 |
56
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Tapestry Inc. | 224,404 | 9,925 | |
Brown-Forman Corp. | |||
Class B | 144,524 | 9,924 | |
Church & Dwight Co. Inc. | 197,110 | 9,889 | |
* | NVR Inc. | 2,810 | 9,858 |
McCormick & Co. Inc. | 94,722 | 9,653 | |
Whirlpool Corp. | 56,742 | 9,569 | |
* | LKQ Corp. | 231,863 | 9,430 |
Lear Corp. | 53,360 | 9,427 | |
BorgWarner Inc. | 166,902 | 8,527 | |
PVH Corp. | 61,047 | 8,376 | |
Hasbro Inc. | 89,243 | 8,111 | |
Snap-on Inc. | 44,962 | 7,837 | |
Hormel Foods Corp. | 209,511 | 7,624 | |
Bunge Ltd. | 111,217 | 7,460 | |
Campbell Soup Co. | 154,154 | 7,416 | |
* | Michael Kors Holdings | ||
Ltd. | 114,058 | 7,180 | |
Coty Inc. Class A | 355,809 | 7,077 | |
PulteGroup Inc. | 208,999 | 6,949 | |
Harley-Davidson Inc. | 132,807 | 6,757 | |
Leucadia National Corp. | 252,361 | 6,685 | |
Lamb Weston Holdings | |||
Inc. | 115,873 | 6,541 | |
* | WABCO Holdings Inc. | 42,647 | 6,120 |
Hanesbrands Inc. | 288,509 | 6,033 | |
* | Lululemon Athletica Inc. | 74,311 | 5,840 |
Polaris Industries Inc. | 46,873 | 5,812 | |
* | Take-Two Interactive | ||
Software Inc. | 45,075 | 4,948 | |
Ralph Lauren Corp. | |||
Class A | 43,628 | 4,524 | |
Mattel Inc. | 272,361 | 4,189 | |
Ingredion Inc. | 28,886 | 4,038 | |
Goodyear Tire & | |||
Rubber Co. | 97,026 | 3,135 | |
* | Under Armour Inc. | ||
Class A | 146,579 | 2,115 | |
*,^ | Under Armour Inc. | 156,559 | 2,085 |
* | Pilgrim’s Pride Corp. | 39,204 | 1,218 |
Lennar Corp. Class B | 8,020 | 414 | |
1,717,253 | |||
Consumer Services (13.0%) | |||
* | Amazon.com Inc. | 324,532 | 379,530 |
Home Depot Inc. | 926,419 | 175,584 | |
Comcast Corp. Class A | 3,696,249 | 148,035 | |
Walt Disney Co. | 1,137,133 | 122,253 | |
Wal-Mart Stores Inc. | 1,184,760 | 116,995 | |
McDonald’s Corp. | 632,298 | 108,831 | |
* | Priceline Group Inc. | 38,782 | 67,393 |
Costco Wholesale Corp. | 345,789 | 64,358 | |
* | Netflix Inc. | 325,302 | 62,445 |
Starbucks Corp. | 1,069,660 | 61,431 | |
Lowe’s Cos. Inc. | 659,030 | 61,250 |
CVS Health Corp. | 801,560 | 58,113 | |
Time Warner Inc. | 584,841 | 53,495 | |
* | Charter Communications | ||
Inc. Class A | 147,461 | 49,541 | |
Walgreens Boots | |||
Alliance Inc. | 678,968 | 49,307 | |
TJX Cos. Inc. | 478,313 | 36,572 | |
Twenty-First Century | |||
Fox Inc. Class A | 867,778 | 29,964 | |
* | eBay Inc. | 785,042 | 29,627 |
Marriott International Inc. | 216,411 | 29,373 | |
Delta Air Lines Inc. | 507,510 | 28,421 | |
Target Corp. | 429,998 | 28,057 | |
Southwest Airlines Co. | 422,554 | 27,656 | |
McKesson Corp. | 164,920 | 25,719 | |
Ross Stores Inc. | 305,040 | 24,479 | |
Sysco Corp. | 370,986 | 22,530 | |
Las Vegas Sands Corp. | 313,006 | 21,751 | |
Yum! Brands Inc. | 266,483 | 21,748 | |
Carnival Corp. | 316,609 | 21,013 | |
Dollar General Corp. | 215,976 | 20,088 | |
Kroger Co. | 702,835 | 19,293 | |
* | Dollar Tree Inc. | 178,138 | 19,116 |
American Airlines Group | |||
Inc. | 340,275 | 17,705 | |
* | O’Reilly Automotive Inc. | 67,190 | 16,162 |
Royal Caribbean Cruises | |||
Ltd. | 135,361 | 16,146 | |
* | AutoZone Inc. | 21,725 | 15,455 |
CBS Corp. Class B | 261,723 | 15,442 | |
Cardinal Health Inc. | 248,490 | 15,225 | |
* | United Continental | ||
Holdings Inc. | 204,636 | 13,792 | |
Best Buy Co. Inc. | 200,985 | 13,761 | |
MGM Resorts | |||
International | 402,580 | 13,442 | |
Omnicom Group Inc. | 181,745 | 13,236 | |
Hilton Worldwide | |||
Holdings Inc. | 164,349 | 13,125 | |
Expedia Inc. | 99,099 | 11,869 | |
AmerisourceBergen | |||
Corp. Class A | 129,168 | 11,860 | |
L Brands Inc. | 190,604 | 11,478 | |
Wynn Resorts Ltd. | 65,082 | 10,972 | |
Twenty-First Century | |||
Fox Inc. | 317,504 | 10,833 | |
* | Ulta Beauty Inc. | 46,114 | 10,314 |
Nielsen Holdings plc | 282,100 | 10,268 | |
Tiffany & Co. | 93,672 | 9,737 | |
Darden Restaurants Inc. | 97,662 | 9,378 | |
* | CarMax Inc. | 144,076 | 9,240 |
Viacom Inc. Class B | 286,199 | 8,818 | |
Wyndham Worldwide | |||
Corp. | 76,031 | 8,810 |
57
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Liberty Interactive Corp. | ||
QVC Group Class A | 347,623 | 8,489 | |
Aramark | 193,671 | 8,278 | |
* | DISH Network Corp. | ||
Class A | 170,909 | 8,161 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 144,613 | 7,701 | |
Tractor Supply Co. | 99,128 | 7,410 | |
Kohl’s Corp. | 132,973 | 7,211 | |
Alaska Air Group Inc. | 97,715 | 7,183 | |
Gap Inc. | 199,561 | 6,797 | |
* | Chipotle Mexican Grill | ||
Inc. Class A | 22,298 | 6,445 | |
News Corp. Class A | 380,601 | 6,170 | |
Interpublic Group of Cos. | |||
Inc. | 305,591 | 6,161 | |
Macy’s Inc. | 241,378 | 6,080 | |
FactSet Research | |||
Systems Inc. | 30,870 | 5,951 | |
Scripps Networks | |||
Interactive Inc. Class A | 68,312 | 5,832 | |
^ | Sirius XM Holdings Inc. | 1,081,063 | 5,795 |
Advance Auto Parts Inc. | 55,756 | 5,558 | |
* | Liberty Media | ||
Corp-Liberty | |||
SiriusXM Class C | 132,717 | 5,264 | |
Nordstrom Inc. | 92,103 | 4,364 | |
* | Discovery | ||
Communications Inc. | 175,444 | 3,714 | |
Domino’s Pizza Inc. | 17,242 | 3,258 | |
* | Discovery | ||
Communications Inc. | |||
Class A | 119,875 | 2,683 | |
* | Liberty Media | ||
Corp-Liberty | |||
SiriusXM Class A | 67,547 | 2,679 | |
* | Hyatt Hotels Corp. | ||
Class A | 33,669 | 2,476 | |
H&R Block Inc. | 84,181 | 2,207 | |
*,^ | Altice USA Inc. Class A | 88,000 | 1,868 |
* | TripAdvisor Inc. | 42,076 | 1,450 |
News Corp. Class B | 26,393 | 438 | |
CBS Corp. Class A | 3,470 | 206 | |
Viacom Inc. Class A | 3,023 | 106 | |
2,410,971 | |||
Financials (19.7%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 1,533,796 | 304,029 | |
JPMorgan Chase & Co. | 2,747,859 | 293,856 | |
Bank of America Corp. | 7,850,962 | 231,760 | |
Wells Fargo & Co. | 3,510,404 | 212,976 | |
Visa Inc. Class A | 1,437,247 | 163,875 | |
Citigroup Inc. | 2,095,025 | 155,891 | |
Mastercard Inc. Class A | 744,516 | 112,690 |
Goldman Sachs Group | ||
Inc. | 269,677 | 68,703 |
US Bancorp | 1,251,381 | 67,049 |
Morgan Stanley | 1,078,020 | 56,564 |
American Express Co. | 549,732 | 54,594 |
PNC Financial Services | ||
Group Inc. | 376,634 | 54,344 |
Chubb Ltd. | 348,818 | 50,973 |
Charles Schwab Corp. | 954,700 | 49,043 |
American Tower Corp. | 339,549 | 48,443 |
BlackRock Inc. | 88,818 | 45,627 |
Simon Property Group Inc. 247,034 | 42,426 | |
American International | ||
Group Inc. | 711,044 | 42,364 |
Bank of New York Mellon | ||
Corp. | 769,618 | 41,452 |
CME Group Inc. | 269,260 | 39,325 |
Capital One Financial | ||
Corp. | 387,428 | 38,580 |
Prudential Financial Inc. | 335,260 | 38,548 |
Crown Castle | ||
International Corp. | 321,659 | 35,707 |
S&P Global Inc. | 201,836 | 34,191 |
MetLife Inc. | 672,318 | 33,992 |
Marsh & McLennan | ||
Cos. Inc. | 403,687 | 32,856 |
Intercontinental | ||
Exchange Inc. | 462,896 | 32,662 |
BB&T Corp. | 624,288 | 31,040 |
Allstate Corp. | 284,739 | 29,815 |
Travelers Cos. Inc. | 216,380 | 29,350 |
Equinix Inc. | 61,900 | 28,054 |
Aflac Inc. | 310,904 | 27,291 |
State Street Corp. | 278,672 | 27,201 |
Prologis Inc. | 418,871 | 27,021 |
Aon plc | 197,677 | 26,489 |
Progressive Corp. | 460,265 | 25,922 |
Public Storage | 117,180 | 24,491 |
SunTrust Banks Inc. | 376,577 | 24,323 |
Synchrony Financial | 587,884 | 22,698 |
Discover Financial | ||
Services | 287,192 | 22,091 |
Weyerhaeuser Co. | 597,043 | 21,052 |
Ameriprise Financial Inc. | 118,278 | 20,045 |
AvalonBay Communities | ||
Inc. | 109,152 | 19,474 |
T. Rowe Price Group Inc. | 181,949 | 19,092 |
Moody’s Corp. | 128,547 | 18,975 |
Welltower Inc. | 296,670 | 18,919 |
Digital Realty Trust Inc. | 164,016 | 18,681 |
M&T Bank Corp. | 108,610 | 18,571 |
Equity Residential | 290,378 | 18,517 |
Northern Trust Corp. | 173,308 | 17,312 |
Fifth Third Bancorp | 567,841 | 17,228 |
58
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
KeyCorp | 849,427 | 17,133 | |
Ventas Inc. | 281,581 | 16,898 | |
Citizens Financial | |||
Group Inc. | 388,528 | 16,310 | |
Principal Financial | |||
Group Inc. | 228,611 | 16,131 | |
Boston Properties Inc. | 122,019 | 15,866 | |
Hartford Financial | |||
Services Group Inc. | 281,502 | 15,843 | |
Regions Financial Corp. | 916,241 | 15,833 | |
Willis Towers Watson plc | 104,289 | 15,715 | |
* | SBA Communications | ||
Corp. Class A | 92,910 | 15,178 | |
Lincoln National Corp. | 172,552 | 13,264 | |
Realty Income Corp. | 228,700 | 13,040 | |
Essex Property Trust Inc. | 52,249 | 12,611 | |
TD Ameritrade Holding | |||
Corp. | 246,331 | 12,595 | |
Huntington Bancshares | |||
Inc. | 852,902 | 12,418 | |
* | IHS Markit Ltd. | 268,393 | 12,118 |
Loews Corp. | 238,233 | 11,919 | |
Comerica Inc. | 137,289 | 11,918 | |
* | Markel Corp. | 10,448 | 11,902 |
Invesco Ltd. | 321,853 | 11,760 | |
Host Hotels & Resorts | |||
Inc. | 585,216 | 11,616 | |
Franklin Resources Inc. | 262,346 | 11,367 | |
GGP Inc. | 485,636 | 11,359 | |
Cboe Global Markets Inc. | 89,758 | 11,183 | |
Equifax Inc. | 94,816 | 11,181 | |
First Republic Bank | 126,905 | 10,995 | |
Annaly Capital | |||
Management Inc. | 915,081 | 10,880 | |
* | E*TRADE Financial Corp. | 212,978 | 10,557 |
Vornado Realty Trust | 134,813 | 10,540 | |
* | CBRE Group Inc. Class A | 241,024 | 10,439 |
Ally Financial Inc. | 349,025 | 10,178 | |
Alexandria Real Estate | |||
Equities Inc. | 75,579 | 9,870 | |
* | SVB Financial Group | 41,665 | 9,740 |
Unum Group | 176,687 | 9,698 | |
HCP Inc. | 371,775 | 9,696 | |
Cincinnati Financial Corp. | 123,214 | 9,237 | |
Raymond James | |||
Financial Inc. | 102,476 | 9,151 | |
Mid-America Apartment | |||
Communities Inc. | 89,894 | 9,040 | |
MSCI Inc. Class A | 71,400 | 9,035 | |
Arthur J Gallagher & Co. | 142,751 | 9,033 | |
Affiliated Managers | |||
Group Inc. | 43,861 | 9,002 | |
* | Arch Capital Group Ltd. | 98,974 | 8,984 |
Regency Centers Corp. | 120,759 | 8,354 |
Extra Space Storage Inc. | 94,662 | 8,278 | |
Torchmark Corp. | 90,337 | 8,194 | |
UDR Inc. | 212,052 | 8,168 | |
FNF Group | 204,898 | 8,040 | |
SEI Investments Co. | 111,878 | 8,040 | |
Zions Bancorporation | 157,532 | 8,007 | |
Iron Mountain Inc. | 211,207 | 7,969 | |
Reinsurance Group of | |||
America Inc. Class A | 51,053 | 7,961 | |
SL Green Realty Corp. | 77,479 | 7,820 | |
Duke Realty Corp. | 280,871 | 7,642 | |
Federal Realty | |||
Investment Trust | 57,259 | 7,605 | |
Macerich Co. | 111,124 | 7,299 | |
* | Liberty Broadband Corp. | 85,499 | 7,281 |
Everest Re Group Ltd. | 32,393 | 7,167 | |
XL Group Ltd. | 201,837 | 7,097 | |
Nasdaq Inc. | 91,825 | 7,055 | |
Voya Financial Inc. | 141,541 | 7,002 | |
* | Alleghany Corp. | 11,576 | 6,900 |
Western Union Co. | 361,758 | 6,877 | |
Camden Property Trust | 73,159 | 6,735 | |
AGNC Investment Corp. | 308,310 | 6,225 | |
VEREIT Inc. | 771,341 | 6,009 | |
Kimco Realty Corp. | 320,745 | 5,821 | |
Lazard Ltd. Class A | 103,688 | 5,444 | |
WR Berkley Corp. | 75,334 | 5,398 | |
Jones Lang LaSalle Inc. | 36,161 | 5,385 | |
Invitation Homes Inc. | 226,116 | 5,330 | |
CIT Group Inc. | 103,512 | 5,096 | |
People’s United | |||
Financial Inc. | 272,452 | 5,095 | |
New York Community | |||
Bancorp Inc. | 370,973 | 4,830 | |
* | Athene Holding Ltd. | ||
Class A | 90,038 | 4,656 | |
Brixmor Property Group | |||
Inc. | 241,994 | 4,516 | |
* | Brighthouse Financial Inc. | 75,454 | 4,425 |
* | Black Knight Inc. | 89,436 | 3,949 |
Assurant Inc. | 21,531 | 2,171 | |
* | Berkshire Hathaway Inc. | ||
Class A | 6 | 1,786 | |
* | Liberty Broadband Corp. | ||
Class A | 19,200 | 1,633 | |
Axis Capital Holdings Ltd. | 32,306 | 1,624 | |
3,666,289 | |||
Health Care (12.7%) | |||
Johnson & Johnson | 2,128,581 | 297,405 | |
Pfizer Inc. | 4,725,968 | 171,175 | |
UnitedHealth Group Inc. | 768,515 | 169,427 | |
AbbVie Inc. | 1,265,589 | 122,395 | |
Merck & Co. Inc. | 2,156,979 | 121,373 | |
Amgen Inc. | 575,977 | 100,162 |
59
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Medtronic plc | 1,074,136 | 86,736 | |
Bristol-Myers Squibb | |||
Co. | 1,298,943 | 79,599 | |
Abbott Laboratories | 1,382,960 | 78,926 | |
Gilead Sciences Inc. | 1,033,563 | 74,044 | |
Eli Lilly & Co. | 784,008 | 66,217 | |
* | Celgene Corp. | 622,940 | 65,010 |
Thermo Fisher | |||
Scientific Inc. | 317,278 | 60,245 | |
* | Biogen Inc. | 167,310 | 53,300 |
Aetna Inc. | 258,035 | 46,547 | |
Anthem Inc. | 203,171 | 45,716 | |
Becton Dickinson and Co. | 210,788 | 45,121 | |
Allergan plc | 263,094 | 43,037 | |
Cigna Corp. | 195,081 | 39,619 | |
Stryker Corp. | 236,784 | 36,664 | |
* | Express Scripts Holding | ||
Co. | 448,001 | 33,439 | |
* | Intuitive Surgical Inc. | 88,653 | 32,353 |
* | Vertex Pharmaceuticals | ||
Inc. | 200,082 | 29,984 | |
Humana Inc. | 113,029 | 28,039 | |
Zoetis Inc. | 385,437 | 27,767 | |
* | Boston Scientific Corp. | 1,086,100 | 26,924 |
Baxter International Inc. | 409,277 | 26,456 | |
* | Illumina Inc. | 115,643 | 25,267 |
* | Regeneron | ||
Pharmaceuticals Inc. | 62,606 | 23,537 | |
* | Alexion | ||
Pharmaceuticals Inc. | 167,747 | 20,061 | |
* | HCA Healthcare Inc. | 223,922 | 19,669 |
Zimmer Biomet | |||
Holdings Inc. | 159,930 | 19,299 | |
* | Edwards Lifesciences | ||
Corp. | 167,178 | 18,843 | |
* | Mylan NV | 404,321 | 17,107 |
* | Incyte Corp. | 141,736 | 13,424 |
* | Centene Corp. | 129,532 | 13,067 |
* | Laboratory Corp. of | ||
America Holdings | 80,501 | 12,841 | |
* | Align Technology Inc. | 57,287 | 12,729 |
* | BioMarin | ||
Pharmaceutical Inc. | 138,642 | 12,363 | |
* | IQVIA Holdings Inc. | 124,137 | 12,153 |
Dentsply Sirona Inc. | 181,836 | 11,970 | |
* | Waters Corp. | 59,684 | 11,530 |
* | IDEXX Laboratories Inc. | 69,165 | 10,816 |
Quest Diagnostics Inc. | 107,883 | 10,625 | |
ResMed Inc. | 112,720 | 9,546 | |
* | Hologic Inc. | 217,528 | 9,299 |
* | Henry Schein Inc. | 127,748 | 8,927 |
Perrigo Co. plc | 100,086 | 8,724 | |
Cooper Cos. Inc. | 38,744 | 8,442 |
* | Varian Medical Systems | |||
Inc. | 73,138 | 8,129 | ||
* | DaVita Inc. | 108,483 | 7,838 | |
Universal Health Services | ||||
Inc. Class B | 69,129 | 7,836 | ||
* | Alkermes plc | 122,050 | 6,680 | |
* | Jazz Pharmaceuticals plc | 45,356 | 6,107 | |
* | Alnylam Pharmaceuticals | |||
Inc. | 35,265 | 4,480 | ||
Teleflex Inc. | 17,750 | 4,417 | ||
* | Seattle Genetics Inc. | 37,803 | 2,022 | |
2,365,428 | ||||
Industrials (12.2%) | ||||
Boeing Co. | 448,429 | 132,246 | ||
General Electric Co. | 6,873,834 | 119,948 | ||
3M Co. | 472,161 | 111,133 | ||
Honeywell International | ||||
Inc. | 604,178 | 92,657 | ||
Union Pacific Corp. | 623,002 | 83,545 | ||
United Technologies | ||||
Corp. | 602,092 | 76,809 | ||
Accenture plc Class A | 487,609 | 74,648 | ||
Caterpillar Inc. | 470,782 | 74,186 | ||
* | PayPal Holdings Inc. | 903,515 | 66,517 | |
United Parcel Service Inc. | ||||
Class B | 545,920 | 65,046 | ||
Lockheed Martin Corp. | 192,910 | 61,934 | ||
FedEx Corp. | 190,997 | 47,661 | ||
Danaher Corp. | 495,213 | 45,966 | ||
Raytheon Co. | 228,728 | 42,967 | ||
Northrop Grumman Corp. | 137,735 | 42,272 | ||
General Dynamics Corp. | 200,736 | 40,840 | ||
Deere & Co. | 254,197 | 39,784 | ||
Automatic Data | ||||
Processing Inc. | 333,986 | 39,140 | ||
Illinois Tool Works Inc. | 232,021 | 38,713 | ||
CSX Corp. | 671,863 | 36,959 | ||
Emerson Electric Co. | 507,639 | 35,377 | ||
Norfolk Southern Corp. | 226,430 | 32,810 | ||
Waste Management Inc. | 343,310 | 29,628 | ||
Johnson Controls | ||||
International plc | 732,318 | 27,909 | ||
Eaton Corp. plc | 348,441 | 27,530 | ||
Sherwin-Williams Co. | 66,560 | 27,292 | ||
TE Connectivity Ltd. | 277,855 | 26,407 | ||
Fidelity National | ||||
Information Services Inc. | 263,994 | 24,839 | ||
Cummins Inc. | 124,722 | 22,031 | ||
* | Fiserv Inc. | 164,684 | 21,595 | |
Amphenol Corp. Class A | 241,669 | 21,219 | ||
Parker-Hannifin Corp. | 105,364 | 21,029 | ||
Roper Technologies Inc. | 80,907 | 20,955 | ||
Rockwell Automation Inc. | 102,887 | 20,202 | ||
PACCAR Inc. | 277,820 | 19,747 |
60
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Fortive Corp. | 250,562 | 18,128 | |
Ingersoll-Rand plc | 197,341 | 17,601 | |
Rockwell Collins Inc. | 128,748 | 17,461 | |
Paychex Inc. | 256,363 | 17,453 | |
Agilent Technologies Inc. | 254,611 | 17,051 | |
Waste Connections Inc. | 209,224 | 14,842 | |
* | FleetCor Technologies Inc. | 70,764 | 13,617 |
Vulcan Materials Co. | 104,612 | 13,429 | |
AMETEK Inc. | 182,741 | 13,243 | |
WestRock Co. | 201,808 | 12,756 | |
Global Payments Inc. | 125,649 | 12,595 | |
* | Mettler-Toledo | ||
International Inc. | 20,211 | 12,521 | |
Fastenal Co. | 227,729 | 12,454 | |
Dover Corp. | 123,114 | 12,433 | |
L3 Technologies Inc. | 61,981 | 12,263 | |
* | Verisk Analytics Inc. | ||
Class A | 123,854 | 11,890 | |
Republic Services Inc. | |||
Class A | 170,993 | 11,561 | |
* | United Rentals Inc. | 66,893 | 11,500 |
Masco Corp. | 259,055 | 11,383 | |
Martin Marietta | |||
Materials Inc. | 49,795 | 11,007 | |
Textron Inc. | 186,992 | 10,582 | |
Ball Corp. | 277,955 | 10,521 | |
Cintas Corp. | 67,042 | 10,447 | |
Total System Services Inc. | 131,186 | 10,376 | |
TransDigm Group Inc. | 37,150 | 10,202 | |
WW Grainger Inc. | 42,729 | 10,095 | |
CH Robinson Worldwide | |||
Inc. | 110,120 | 9,811 | |
Xylem Inc. | 142,093 | 9,691 | |
Alliance Data Systems | |||
Corp. | 37,395 | 9,479 | |
* | Vantiv Inc. Class A | 128,611 | 9,459 |
Pentair plc | 129,294 | 9,131 | |
Expeditors International | |||
of Washington Inc. | 140,344 | 9,079 | |
Kansas City Southern | 81,854 | 8,613 | |
Fortune Brands Home & | |||
Security Inc. | 119,601 | 8,185 | |
* | Trimble Inc. | 200,457 | 8,147 |
Owens Corning | 88,484 | 8,135 | |
JB Hunt Transport | |||
Services Inc. | 69,344 | 7,973 | |
Sealed Air Corp. | 141,652 | 6,983 | |
* | Sensata Technologies | ||
Holding NV | 135,124 | 6,906 | |
ManpowerGroup Inc. | 52,122 | 6,573 | |
Jacobs Engineering | |||
Group Inc. | 96,067 | 6,337 | |
* | Crown Holdings Inc. | 107,188 | 6,029 |
* | First Data Corp. Class A | 359,898 | 6,014 |
Hubbell Inc. Class B | 43,718 | 5,917 | |
Acuity Brands Inc. | 33,338 | 5,867 | |
Fluor Corp. | 110,450 | 5,705 | |
Wabtec Corp. | 68,767 | 5,600 | |
Xerox Corp. | 190,709 | 5,559 | |
* | Arrow Electronics Inc. | 69,070 | 5,554 |
Robert Half International | |||
Inc. | 93,760 | 5,207 | |
* | Stericycle Inc. | 67,546 | 4,592 |
Allison Transmission | |||
Holdings Inc. | 106,177 | 4,573 | |
Packaging Corp. of | |||
America | 37,284 | 4,495 | |
* | CoStar Group Inc. | 14,245 | 4,230 |
Huntington Ingalls | |||
Industries Inc. | 17,820 | 4,200 | |
Macquarie Infrastructure | |||
Corp. | 63,304 | 4,064 | |
Cognex Corp. | 64,913 | 3,970 | |
* | IPG Photonics Corp. | 13,744 | 2,943 |
FLIR Systems Inc. | 55,158 | 2,571 | |
Flowserve Corp. | 51,169 | 2,156 | |
2,262,700 | |||
Oil & Gas (5.8%) | |||
Exxon Mobil Corp. | 3,355,461 | 280,651 | |
Chevron Corp. | 1,504,582 | 188,359 | |
Schlumberger Ltd. | 1,099,220 | 74,076 | |
ConocoPhillips | 950,270 | 52,160 | |
EOG Resources Inc. | 457,094 | 49,325 | |
Occidental Petroleum | |||
Corp. | 605,223 | 44,581 | |
Phillips 66 | 340,679 | 34,460 | |
Halliburton Co. | 655,544 | 32,036 | |
Valero Energy Corp. | 346,135 | 31,813 | |
Kinder Morgan Inc. | 1,502,584 | 27,152 | |
Marathon Petroleum | |||
Corp. | 386,282 | 25,487 | |
Pioneer Natural | |||
Resources Co. | 134,552 | 23,257 | |
Anadarko Petroleum | |||
Corp. | 432,345 | 23,191 | |
Williams Cos. Inc. | 653,316 | 19,920 | |
* | Concho Resources Inc. | 117,784 | 17,693 |
Devon Energy Corp. | 401,024 | 16,602 | |
Andeavor | 117,063 | 13,385 | |
Apache Corp. | 302,858 | 12,787 | |
EQT Corp. | 203,537 | 11,585 | |
Marathon Oil Corp. | 672,874 | 11,392 | |
Hess Corp. | 238,624 | 11,327 | |
Noble Energy Inc. | 385,509 | 11,234 | |
National Oilwell Varco Inc. | 300,363 | 10,819 | |
Baker Hughes a GE Co. | 339,307 | 10,736 | |
Cabot Oil & Gas Corp. | 366,329 | 10,477 | |
Cimarex Energy Co. | 75,352 | 9,194 |
61
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Cheniere Energy Inc. | 160,505 | 8,642 |
OGE Energy Corp. | 158,661 | 5,221 | |
Targa Resources Corp. | 85,592 | 4,144 | |
* | Continental Resources | ||
Inc. | 75,364 | 3,992 | |
HollyFrontier Corp. | 69,887 | 3,580 | |
* | Antero Resources Corp. | 176,767 | 3,358 |
Helmerich & Payne Inc. | 38,345 | 2,479 | |
1,085,115 | |||
Technology (19.8%) | |||
Apple Inc. | 3,660,812 | 619,519 | |
Microsoft Corp. | 6,111,229 | 522,755 | |
* | Facebook Inc. Class A | 1,889,620 | 333,442 |
* | Alphabet Inc. Class A | 236,258 | 248,874 |
* | Alphabet Inc. Class C | 235,397 | 246,319 |
Intel Corp. | 3,708,644 | 171,191 | |
Cisco Systems Inc. | 3,920,368 | 150,150 | |
Oracle Corp. | 2,480,857 | 117,295 | |
International Business | |||
Machines Corp. | 697,170 | 106,960 | |
NVIDIA Corp. | 431,599 | 83,514 | |
Broadcom Ltd. | 323,691 | 83,156 | |
Texas Instruments Inc. | 783,021 | 81,779 | |
QUALCOMM Inc. | 1,167,303 | 74,731 | |
* | Adobe Systems Inc. | 390,160 | 68,372 |
* | salesforce.com Inc. | 546,905 | 55,910 |
Applied Materials Inc. | 843,781 | 43,134 | |
* | Micron Technology Inc. | 866,925 | 35,648 |
Cognizant Technology | |||
Solutions Corp. Class A | 467,391 | 33,194 | |
Intuit Inc. | 192,184 | 30,323 | |
HP Inc. | 1,321,471 | 27,764 | |
Analog Devices Inc. | 291,484 | 25,951 | |
Lam Research Corp. | 128,077 | 23,575 | |
Corning Inc. | 687,083 | 21,980 | |
DXC Technology Co. | 225,668 | 21,416 | |
Western Digital Corp. | 233,776 | 18,592 | |
* | Autodesk Inc. | 173,190 | 18,156 |
Hewlett Packard | |||
Enterprise Co. | 1,260,130 | 18,095 | |
* | ServiceNow Inc. | 136,393 | 17,784 |
* | Red Hat Inc. | 140,272 | 16,847 |
* | Cerner Corp. | 249,518 | 16,815 |
Microchip Technology | |||
Inc. | 184,622 | 16,225 | |
Skyworks Solutions Inc. | 145,362 | 13,802 | |
Symantec Corp. | 489,700 | 13,741 | |
Xilinx Inc. | 198,138 | 13,358 | |
Harris Corp. | 94,071 | 13,325 | |
KLA-Tencor Corp. | 124,217 | 13,051 | |
* | Dell Technologies Inc. | ||
Class V | 160,430 | 13,040 | |
* | Twitter Inc. | 498,908 | 11,979 |
NetApp Inc. | 213,091 | 11,788 |
Maxim Integrated | |||
Products Inc. | 222,971 | 11,657 | |
Motorola Solutions Inc. | 128,419 | 11,601 | |
* | Workday Inc. Class A | 108,199 | 11,008 |
* | Synopsys Inc. | 118,609 | 10,110 |
* | Palo Alto Networks Inc. | 69,001 | 10,001 |
* | Citrix Systems Inc. | 112,990 | 9,943 |
* | ANSYS Inc. | 67,206 | 9,919 |
Seagate Technology plc | 228,535 | 9,562 | |
* | Cadence Design | ||
Systems Inc. | 223,048 | 9,328 | |
* | Splunk Inc. | 110,528 | 9,156 |
* | Arista Networks Inc. | 37,544 | 8,845 |
Juniper Networks Inc. | 295,787 | 8,430 | |
* | Gartner Inc. | 67,909 | 8,363 |
CA Inc. | 249,467 | 8,302 | |
* | Akamai Technologies Inc. | 126,747 | 8,244 |
CDK Global Inc. | 108,545 | 7,737 | |
* | VeriSign Inc. | 65,972 | 7,550 |
* | VMware Inc. Class A | 60,237 | 7,549 |
*,^ | Advanced Micro | ||
Devices Inc. | 724,218 | 7,445 | |
* | Square Inc. | 201,867 | 6,999 |
* | Qorvo Inc. | 100,658 | 6,704 |
Marvell Technology | |||
Group Ltd. | 310,243 | 6,661 | |
* | F5 Networks Inc. | 49,351 | 6,476 |
*,^ | Snap Inc. | 340,924 | 4,981 |
LogMeIn Inc. | 42,131 | 4,824 | |
Garmin Ltd. | 73,987 | 4,407 | |
* | Premier Inc. Class A | 22,082 | 645 |
3,669,997 | |||
Telecommunications (2.1%) | |||
AT&T Inc. | 4,864,400 | 189,128 | |
Verizon | |||
Communications Inc. | 3,231,509 | 171,044 | |
* | T-Mobile US Inc. | 230,714 | 14,653 |
CenturyLink Inc. | 759,532 | 12,669 | |
* | Zayo Group Holdings Inc. | 155,958 | 5,739 |
* | Sprint Corp. | 478,998 | 2,821 |
396,054 | |||
Utilities (2.9%) | |||
NextEra Energy Inc. | 373,469 | 58,332 | |
Duke Energy Corp. | 554,348 | 46,626 | |
Dominion Energy Inc. | 509,216 | 41,277 | |
Southern Co. | 794,369 | 38,201 | |
Exelon Corp. | 759,397 | 29,928 | |
American Electric | |||
Power Co. Inc. | 389,542 | 28,659 | |
Sempra Energy | 198,631 | 21,238 | |
Consolidated Edison Inc. | 245,242 | 20,833 | |
Public Service | |||
Enterprise Group Inc. | 400,668 | 20,634 | |
Xcel Energy Inc. | 402,431 | 19,361 | |
PG&E Corp. | 406,711 | 18,233 |
62
Large-Cap Index Fund
Market | ||
Value• | ||
Shares | ($000) | |
PPL Corp. | 548,856 | 16,987 |
WEC Energy Group Inc. | 249,088 | 16,547 |
ONEOK Inc. | 306,269 | 16,370 |
Edison International | 257,624 | 16,292 |
Eversource Energy | 250,816 | 15,847 |
DTE Energy Co. | 141,763 | 15,517 |
American Water Works | ||
Co. Inc. | 141,210 | 12,919 |
Entergy Corp. | 145,235 | 11,821 |
Ameren Corp. | 191,987 | 11,325 |
FirstEnergy Corp. | 353,794 | 10,833 |
CMS Energy Corp. | 223,069 | 10,551 |
CenterPoint Energy Inc. | 340,566 | 9,659 |
Alliant Energy Corp. | 181,603 | 7,738 |
Pinnacle West Capital | ||
Corp. | 88,254 | 7,518 |
NiSource Inc. | 265,416 | 6,813 |
AES Corp. | 523,998 | 5,675 |
SCANA Corp. | 108,049 | 4,298 |
Avangrid Inc. | 49,923 | 2,525 |
542,557 | ||
Total Common Stocks | ||
(Cost $11,653,790) | 18,564,833 | |
Temporary Cash Investments (0.1%)1 | ||
Money Market Fund (0.1%) | ||
2,3 Vanguard Market | ||
Liquidity Fund, | ||
1.458% | 181,759 | 18,178 |
Face | ||
Amount | ||
($000) | ||
U. S. Government and Agency Obligations (0.0%) | ||
United States Cash | ||
Management Bill, | ||
1.048%, 1/2/18 | 3,000 | 3,000 |
4 United States Treasury | ||
Bill, 1.446%, 5/31/18 | 1,100 | 1,093 |
4,093 | ||
Total Temporary Cash Investments | ||
(Cost $22,271) | 22,271 | |
Total Investments (100.0%) | ||
(Cost $11,676,061) | 18,587,104 |
Amount | |
($000) | |
Other Assets and Liabilities (0.0%) | |
Other Assets | |
Investment in Vanguard | 1,019 |
Receivables for Investment Securities Sold 19,185 | |
Receivables for Accrued Income | 18,763 |
Receivables for Capital Shares Issued | 18,738 |
Total Other Assets | 57,705 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (29,216) |
Collateral for Securities on Loan | (18,119) |
Payables for Capital Shares Redeemed | (3,734) |
Payables for Distributions | (114) |
Payables to Vanguard | (6,061) |
Variation Margin Payable— | |
Future Contracts | (58) |
Other Liabilities | (815) |
Total Liabilities | (58,117) |
Net Assets (100%) | 18,586,692 |
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 11,797,297 |
Overdistributed Net Investment Income | (3,011) |
Accumulated Net Realized Losses | (118,765) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 6,911,043 |
Futures Contracts | 128 |
Net Assets | 18,586,692 |
63
Large-Cap Index Fund
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 7,820,918 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 386,968 |
Net Asset Value Per Share— | |
Investor Shares | $49.48 |
ETF Shares—Net Assets | |
Applicable to 94,809,985 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 11,612,841 |
Net Asset Value Per Share— | |
ETF Shares | $122.49 |
Admiral Shares—Net Assets | |
Applicable to 86,895,370 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 5,375,346 |
Net Asset Value Per Share— | |
Admiral Shares | $61.86 |
Amount | |
($000) | |
Institutional Shares—Net Assets | |
Applicable to 4,758,502 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 1,211,537 |
Net Asset Value Per Share— | |
Institutional Shares | $254.60 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers.
The total value of securities on loan is $17,069,000.
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 0.0%, 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 $18,119,000 of collateral received for securities
on loan.
4 Securities with a value of $596,000 have been segregated as
initial margin for open futures contracts.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2018 | 120 | 16,056 | 128 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized
gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
64
Large-Cap Index Fund
Statement of Operations
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 315,903 |
Interest1 | 611 |
Securities Lending—Net | 624 |
Total Income | 317,138 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,675 |
Management and Administrative—Investor Shares | 509 |
Management and Administrative—ETF Shares | 2,052 |
Management and Administrative—Admiral Shares | 1,029 |
Management and Administrative—Institutional Shares | 204 |
Marketing and Distribution—Investor Shares | 77 |
Marketing and Distribution—ETF Shares | 436 |
Marketing and Distribution—Admiral Shares | 359 |
Marketing and Distribution—Institutional Shares | 23 |
Custodian Fees | 250 |
Auditing Fees | 40 |
Shareholders’ Reports and Proxy—Investor Shares | 38 |
Shareholders’ Reports and Proxy—ETF Shares | 641 |
Shareholders’ Reports and Proxy—Admiral Shares | 119 |
Shareholders’ Reports and Proxy—Institutional Shares | 2 |
Trustees’ Fees and Expenses | 11 |
Total Expenses | 8,465 |
Net Investment Income | 308,673 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 206,574 |
Futures Contracts | 11,399 |
Realized Net Gain (Loss) | 217,973 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 2,670,515 |
Futures Contracts | 311 |
Change in Unrealized Appreciation (Depreciation) | 2,670,826 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,197,472 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund | |
were $583,000, ($8,000), and $0, respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
65
Large-Cap Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 308,673 | 261,672 |
Realized Net Gain (Loss) | 217,973 | 134,455 |
Change in Unrealized Appreciation (Depreciation) | 2,670,826 | 1,016,841 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,197,472 | 1,412,968 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (7,172) | (7,448) |
ETF Shares | (190,180) | (158,127) |
Admiral Shares | (91,116) | (79,259) |
Institutional Shares | (20,083) | (17,725) |
Realized Capital Gain | ||
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Investor Shares | — | — |
Total Distributions | (308,551) | (262,559) |
Capital Share Transactions | ||
Investor Shares | (86,883) | (7,876) |
ETF Shares | 1,372,048 | 1,302,695 |
Admiral Shares | 392,051 | 257,948 |
Institutional Shares | 89,869 | 63,094 |
Net Increase (Decrease) from Capital Share Transactions | 1,767,085 | 1,615,861 |
Total Increase (Decrease) | 4,656,006 | 2,766,270 |
Net Assets | ||
Beginning of Period | 13,930,686 | 11,164,416 |
End of Period1 | 18,586,692 | 13,930,686 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($3,011,000) and ($3,133,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
66
Large-Cap Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $41.31 | $37.78 | $38.12 | $34.24 | $26.32 |
Investment Operations | |||||
Net Investment Income | . 8191 | .768 | .702 | .624 | .556 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 8.161 | 3.533 | (.348) | 3.879 | 7.921 |
Total from Investment Operations | 8.980 | 4.301 | .354 | 4.503 | 8.477 |
Distributions | |||||
Dividends from Net Investment Income | (. 810) | (.771) | (. 694) | (. 623) | (. 557) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 810) | (.771) | (. 694) | (. 623) | (. 557) |
Net Asset Value, End of Period | $49.48 | $41.31 | $37.78 | $38.12 | $34.24 |
Total Return2 | 21.89% | 11.50% | 0.93% | 13.24% | 32.45% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $387 | $400 | $375 | $399 | $391 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.18% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.81% | 2.02% | 1.86% | 1.76% | 1.82% |
Portfolio Turnover Rate 3 | 3% | 5% | 4% | 3% | 9% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
67
Large-Cap Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $102.27 | $93.52 | $94.36 | $84.76 | $65.15 |
Investment Operations | |||||
Net Investment Income | 2.1681 | 2.018 | 1.850 | 1.672 | 1.488 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 20.196 | 8.754 | (.859) | 9.599 | 19.610 |
Total from Investment Operations | 22.364 | 10.772 | . 991 | 11.271 | 21.098 |
Distributions | |||||
Dividends from Net Investment Income | (2.144) | (2.022) | (1.831) | (1.671) | (1.488) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.144) | (2.022) | (1.831) | (1.671) | (1.488) |
Net Asset Value, End of Period | $122.49 | $102.27 | $93.52 | $94.36 | $84.76 |
Total Return | 22.03% | 11.65% | 1.07% | 13.39% | 32.65% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $11,613 | $8,468 | $6,469 | $5,619 | $4,707 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.93% | 2.14% | 1.98% | 1.90% | 1.97% |
Portfolio Turnover Rate2 | 3% | 5% | 4% | 3% | 9% |
1 Calculated based on average shares outstanding. | |||||
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.
68
Large-Cap Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $51.65 | $47.23 | $47.65 | $42.81 | $32.90 |
Investment Operations | |||||
Net Investment Income | 1.0941 | 1.019 | .936 | .846 | .752 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 10.197 | 4.422 | (.430) | 4.839 | 9.909 |
Total from Investment Operations | 11.291 | 5.441 | .506 | 5.685 | 10.661 |
Distributions | |||||
Dividends from Net Investment Income | (1.081) | (1.021) | (.926) | (.845) | (.751) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.081) | (1.021) | (.926) | (.845) | (.751) |
Net Asset Value, End of Period | $61.86 | $51.65 | $47.23 | $47.65 | $42.81 |
Total Return2 | 22.03% | 11.65% | 1.07% | 13.38% | 32.66% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,375 | $4,130 | $3,527 | $3,085 | $1,438 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.93% | 2.14% | 1.98% | 1.90% | 1.97% |
Portfolio Turnover Rate 3 | 3% | 5% | 4% | 3% | 9% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
69
Large-Cap Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $212.59 | $194.40 | $196.14 | $176.18 | $135.42 |
Investment Operations | |||||
Net Investment Income | 4.5291 | 4.215 | 3.865 | 3.492 | 3.105 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 41.958 | 18.199 | (1.781) | 19.957 | 40.761 |
Total from Investment Operations | 46.487 | 22.414 | 2.084 | 23.449 | 43.866 |
Distributions | |||||
Dividends from Net Investment Income | (4.477) | (4.224) | (3.824) | (3.489) | (3.106) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.477) | (4.224) | (3.824) | (3.489) | (3.106) |
Net Asset Value, End of Period | $254.60 | $212.59 | $194.40 | $196.14 | $176.18 |
Total Return | 22.03% | 11.66% | 1.07% | 13.41% | 32.65% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,212 | $932 | $794 | $857 | $750 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.05% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.94% | 2.15% | 1.99% | 1.91% | 1.98% |
Portfolio Turnover Rate2 | 3% | 5% | 4% | 3% | 9% |
1 Calculated based on average shares outstanding.
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.
70
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 four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares and Institutional Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
71
Large-Cap Index Fund
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
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, 2014–2017), 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. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
72
Large-Cap Index Fund
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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 the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $1,019,000, representing 0.01% of the fund’s net assets and 0.41% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 18,564,833 | — | — |
Temporary Cash Investments | 18,178 | 4,093 | — |
Futures Contracts—Liabilities1 | (58) | — | — |
Total | 18,582,953 | 4,093 | — |
1 Represents variation margin on the last day of the reporting period. |
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Large-Cap Index Fund
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $193,166,000 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, 2017, the fund had $2,578,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $25,118,000 to offset taxable capital gains realized during the year ended December 31, 2017. At December 31, 2017, the fund had available capital losses totaling $118,637,000 to offset future net capital gains. Of this amount, $24,177,000 is subject to expiration on December 31, 2018. Capital losses of $94,460,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2017, the cost of investment securities for tax purposes was $11,676,061,000. Net unrealized appreciation of investment securities for tax purposes was $6,911,043,000, consisting of unrealized gains of $7,138,365,000 on securities that had risen in value since their purchase and $227,322,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $2,637,502,000 of investment securities and sold $840,557,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,581,444,000 and $318,266,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2017, such purchases and sales were $75,450,000 and $93,360,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
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Large-Cap Index Fund
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 118,135 | 2,621 | 101,335 | 2,631 |
Issued in Lieu of Cash Distributions | 6,912 | 150 | 7,219 | 184 |
Redeemed | (211,930) | (4,643) | (116,430) | (3,038) |
Net Increase (Decrease)—Investor Shares | (86,883) | (1,872) | (7,876) | (223) |
ETF Shares | ||||
Issued | 1,614,290 | 14,185 | 1,676,305 | 17,626 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (242,242) | (2,175) | (373,610) | (4,000) |
Net Increase (Decrease)—ETF Shares | 1,372,048 | 12,010 | 1,302,695 | 13,626 |
Admiral Shares | ||||
Issued | 1,077,132 | 19,032 | 926,021 | 19,289 |
Issued in Lieu of Cash Distributions | 74,998 | 1,299 | 65,902 | 1,340 |
Redeemed | (760,079) | (13,403) | (733,975) | (15,332) |
Net Increase (Decrease)—Admiral Shares | 392,051 | 6,928 | 257,948 | 5,297 |
Institutional Shares | ||||
Issued | 316,743 | 1,353 | 182,420 | 894 |
Issued in Lieu of Cash Distributions | 16,062 | 67 | 13,214 | 65 |
Redeemed | (242,936) | (1,043) | (132,540) | (660) |
Net Increase (Decrease)—Institutional Shares | 89,869 | 377 | 63,094 | 299 |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Index Funds and Shareholders of Vanguard Growth Index Fund, Vanguard Value Index Fund and Vanguard Large-Cap Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of net assets of Vanguard Growth Index Fund, Vanguard Value Index Fund and Vanguard Large-Cap Index Fund (three of the funds constituting Vanguard Index Funds, hereafter collectively referred to as the “Funds”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, 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 ended December 31, 2017 and each of the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 14, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of
Funds since 1975.
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![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/usstockindex_largecapx79x1.jpg)
Special 2017 tax information (unaudited) for Vanguard U.S Stock Index Funds (Large-Capitalization Portfolios)
This information for the fiscal year ended December 31, 2017, is included pursuant to provisions of the Internal Revenue Code.
The funds distributed qualified dividend income to shareholders during the fiscal year as follows:
Fund | ($000) |
Growth Index Fund | 774,359 |
Value Index Fund | 1,454,496 |
Large-Cap Index Fund | 308,551 |
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:
Fund | Percentage |
Growth Index Fund | 86.7% |
Value Index Fund | 97.6 |
Large-Cap Index Fund | 94.1 |
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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, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Growth Index Fund Investor Shares | |||
Returns Before Taxes | 27.65% | 15.92% | 9.36% |
Returns After Taxes on Distributions | 27.30 | 15.59 | 9.11 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 15.88 | 12.80 | 7.64 |
One | Five | Ten | |
Year | Years | Years | |
Value Index Fund Investor Shares | |||
Returns Before Taxes | 16.99% | 15.21% | 7.51% |
Returns After Taxes on Distributions | 16.34 | 14.58 | 6.99 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 10.08 | 12.15 | 5.99 |
One | Five | Ten | |
Year | Years | Years | |
Large-Cap Index Fund Investor Shares | |||
Returns Before Taxes | 21.89% | 15.52% | 8.43% |
Returns After Taxes on Distributions | 21.39 | 15.03 | 8.04 |
Returns After Taxes on Distributions and Sale of | |||
Fund Shares | 12.76 | 12.44 | 6.81 |
78
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 any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not 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, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2017 | 12/31/2017 | Period | |
Based on Actual Fund Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,113.12 | $0.85 |
ETF Shares | 1,000.00 | 1,113.70 | 0.21 |
Admiral Shares | 1,000.00 | 1,113.79 | 0.21 |
Institutional Shares | 1,000.00 | 1,113.85 | 0.16 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,113.41 | $0.85 |
ETF Shares | 1,000.00 | 1,113.89 | 0.21 |
Admiral Shares | 1,000.00 | 1,114.10 | 0.21 |
Institutional Shares | 1,000.00 | 1,114.16 | 0.16 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,113.25 | $0.85 |
ETF Shares | 1,000.00 | 1,113.93 | 0.21 |
Admiral Shares | 1,000.00 | 1,113.79 | 0.21 |
Institutional Shares | 1,000.00 | 1,113.90 | 0.21 |
Based on Hypothetical 5% Yearly Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,024.40 | $0.82 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Shares | 1,000.00 | 1,025.05 | 0.15 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,024.40 | $0.82 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Shares | 1,000.00 | 1,025.05 | 0.15 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,024.40 | $0.82 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
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, 0.16% for Investor Shares, 0.04% for ETF Shares, 0.04% for Admiral Shares, and 0.03% for
Institutional Shares; for the Value Index Fund, 0.16% for Investor Shares, 0.04% for ETF Shares, 0.04% for Admiral Shares, and 0.03% for
Institutional Shares; and for the Large-Cap Index Fund, 0.16% for Investor Shares, 0.04% for ETF Shares, 0.04% for Admiral Shares, and
0.04% for Institutional 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 (184/365).
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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 (for bonds), its actual income (for asset-backed securities), 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. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities 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.
Benchmark Information
Spliced Growth Index: S&P 500 Growth Index (formerly known as the S&P 500/Barra Growth Index) through May 16, 2003; MSCI US Prime Market Growth Index through April 16, 2013; CRSP US Large Cap Growth Index thereafter.
Spliced Large Cap Index: MSCI US Prime Market 750 Index through January 30, 2013; CRSP US Large Cap Index thereafter.
Spliced Value Index: S&P 500 Value Index (formerly known as the S&P 500/Barra Value Index) through May 16, 2003; MSCI US Prime Market Value Index through April 16, 2013; CRSP US
Large Cap Value Index thereafter.
82
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 201 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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 vanguard.com.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Chief Executive Officer and Director of The Vanguard Group and President and Chief Executive Officer of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; President of The Vanguard Group (2008–2017); Managing Director of The Vanguard Group (1995–2008).
Independent Trustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College; Trustee of the University of Rochester.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Arconic Inc. (diversified manufacturer), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne
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, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Member of the Executive Committee (1997–2008), Chief Global Diversity Officer (retired 2008), Vice President and Chief Information Officer (1997–2006), Controller (1995–1997), Treasurer (1991–1995), and Assistant Treasurer (1989–1991) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education; Director of the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and Chair of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, the Board of Catholic Investment Services, Inc. (investment advisor), and the Board of Superintendence of the Institute for the Works of Religion; Chairman of the Board of TIFF Advisory Services, Inc. (investment advisor).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Co-Managing Partner of HighVista Strategies LLC (private investment firm); Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Board of Hypertherm, Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born 1967. Investment Stewardship Officer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer (2015–2017), Controller (2010–2015), and Assistant Controller (2001–2010) of each of the investment companies served by The Vanguard Group.
Christine M. Buchanan
Born 1970. Treasurer Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Global Head of Vanguard Fund Administration at The Vanguard Group; Partner at KPMG LLP (2005–2017).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Michael Rollings
Born 1963. Finance Director Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Director of Vanguard Marketing Corporation; Treasurer of each of the investment companies served by The Vanguard Group (February 2017–November 2017); Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
Vanguard Senior Management Team | |
Mortimer J. Buckley | Chris D. McIsaac |
Gregory Davis | James M. Norris |
John James | Thomas M. Rampulla |
Martha G. King | Karin A. Risi |
John T. Marcante | |
Chairman Emeritus and Senior Advisor | |
John J. Brennan | |
Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | |
Founder | |
John C. Bogle | |
Chairman and Chief Executive Officer, 1974–1996 |
![]() | |
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 | |
Connect with Vanguard® > vanguard.com | |
Fund Information > 800-662-7447 | Source for Bloomberg Barclays indexes: Bloomberg |
Direct Investor Account Services > 800-662-2739 | Index Services Limited. Copyright 2017, Bloomberg. All |
rights reserved. | |
Institutional Investor Services > 800-523-1036 | |
Text Telephone for People | |
Who Are Deaf or Hard of Hearing > 800-749-7273 | |
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, a | |
Thomson Reuters Company, or Morningstar, Inc., unless | |
otherwise noted. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | |
calling Vanguard at 800-662-2739. The guidelines are | |
also available from the SEC’s website, 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 | |
vanguard.com/proxyreporting or 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 email addressed to | |
publicinfo@sec.gov or via regular mail addressed to the | |
Public Reference Section, Securities and Exchange | |
Commission, Washington, DC 20549-1520. | |
© 2018 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q03070 022018 |
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/totalstockmrktindexx1x1.jpg)
Annual Report | December 31, 2017
Vanguard Total Stock Market Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds.
Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 3 |
Results of Proxy Voting. | 7 |
Fund Profile. | 9 |
Performance Summary. | 11 |
Financial Statements. | 14 |
Your Fund’s After-Tax Returns. | 36 |
About Your Fund’s Expenses. | 37 |
Glossary. | 39 |
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.
About the cover: Nautical images have been part of Vanguard’s rich heritage since its start in 1975. For an
incoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to put
you first––and light the way––as you strive to meet your financial goals. Our client focus and low costs,
stemming from our unique ownership structure, assure that your interests are paramount.
Your Fund’s Performance at a Glance
• Vanguard Total Stock Market Index Fund returned about 21% for the 12 months ended December 31, 2017. The fund closely tracked its target index, the CRSP US Total Market Index, and exceeded the average return of its multicapitalization core fund peers.
• The fund offers investors exposure to every segment, size, and style of the U.S. equity market.
• For the 12 months, large-cap stocks outperformed their small- and mid-cap counterparts. Growth stocks outpaced value.
• Nine of the fund’s ten market sectors recorded positive returns, with technology, financials, and industrials contributing most to overall performance. Eight sectors had double-digit returns.
• Oil and gas and telecommunications were the only detractors.
• For the ten years ended December 31, 2017, the fund posted an average annual return of well over 8%, in line with its benchmark and about 2 percentage points higher than its peer average.
Total Returns: Fiscal Year Ended December 31, 2017 | |
Total | |
Returns | |
Vanguard Total Stock Market Index Fund | |
Investor Shares | 21.05% |
ETF Shares | |
Market Price | 21.17 |
Net Asset Value | 21.16 |
Admiral™ Shares | 21.17 |
Institutional Shares | 21.17 |
Institutional Plus Shares | 21.19 |
Institutional Select Shares | 21.20 |
CRSP US Total Market Index | 21.19 |
Multi-Cap Core Funds Average | 19.15 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares,
Institutional Plus Shares, and Institutional Select Shares are available to certain institutional investors who meet specific administrative,
service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the NYSE Arca exchange and are available only
through brokers. The table provides ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat.
Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock
Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about
how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the
Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market
price was above or below the NAV.
1
Total Returns: Ten Years Ended December 31, 2017 | |
Average | |
Annual Return | |
Total Stock Market Index Fund Investor Shares | 8.60% |
Spliced Total Stock Market Index | 8.71 |
Multi-Cap Core Funds Average | 6.74 |
For a benchmark description, see the Glossary. | |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
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 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.
Expense Ratios | ||||||
Your Fund Compared With Its Peer Group | ||||||
Institutional | ||||||
Investor | ETF | Admiral | Institutional | Institutional | Select | Peer Group |
Shares | Shares | Shares | Shares | Plus Shares | Shares | Average |
Total Stock Market Index Fund 0.15% | 0.04% | 0.04% | 0.035% | 0.02% | 0.01% | 1.12% |
The fund expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the fund’s expense ratios were: 0.14% for Investor Shares, 0.04% for ETF Shares, 0.04% for
Admiral Shares, 0.035% for Institutional Shares, 0.02% for Institutional Plus Shares, and 0.01% for Institutional Select Shares. The
peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end
2016.
Peer group: Multi-Cap Core Funds.
2
Chairman’s Perspective
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/totalstockmrktindexx5x1.jpg)
Bill McNabb
Chairman
Dear Shareholder,
Lately I’ve been asked a lot about my legacy. And candidly, that phrase bugs me—it isn’t my legacy. Vanguard’s success is a result of thousands of my colleagues committing to a clear mission: helping investors achieve their financial goals.
The reason the topic has come up is that on December 31, 2017, I officially stepped down as Vanguard’s CEO after almost a decade in that role. I’ll remain chairman for a period to be determined by the board of directors. Tim Buckley, who was previously Vanguard’s president and chief investment officer, was elected CEO. I can’t think of a better successor.
I’ve spent 32 years at Vanguard—almost my entire professional life—and during that time I’ve had the good fortune of working with smart, principled colleagues from across the world. I’ve learned from each of them.
In particular, I would like to thank Jack Bogle, our founder, who took a chance on me when I was a young business school graduate, and Jack Brennan, my predecessor as CEO, who constantly challenged me with new roles and responsibilities.
3
When you’re just starting out, there is nothing quite like getting votes of confidence from people you respect.
The short list
A milestone like this naturally brings about some reflection. With that in mind, here’s a tally—by no means exhaustive—of the accomplishments that we at Vanguard are proud of:
Low costs. Over the last decade, we cut our average asset-weighted expense ratio by about 50%.1 This isn’t a result of some contrived price war. Since its founding, Vanguard has emphasized the benefits of low-cost investing. As Jack Bogle once said: “The honest steward who charges least, wins most. But not for himself; for those investors who entrust their assets to his care. It is not all that complicated.”
Global diversification. Through our thought leadership and investment options, such as our target-date funds, Vanguard has encouraged clients to obtain exposure to international markets.
Global diversification isn’t just about helping to control risk—it can also be a way of expanding your set of opportunities and harnessing the potential of all markets.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2017 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 21.69% | 11.23% | 15.71% |
Russell 2000 Index (Small-caps) | 14.65 | 9.96 | 14.12 |
Russell 3000 Index (Broad U.S. market) | 21.13 | 11.12 | 15.58 |
FTSE All-World ex US Index (International) | 27.11 | 8.27 | 7.19 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 3.54% | 2.24% | 2.10% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 5.45 | 2.98 | 3.02 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.84 | 0.37 | 0.23 |
CPI | |||
Consumer Price Index | 2.11% | 1.64% | 1.43% |
1 Source: Vanguard calculation, based on data from Morningstar, Inc., as of December 31, 2016.
4
I’ve been glad to see more and more clients embracing global diversification. I believe this trend will continue as Vanguard’s way of investing takes hold in international markets.
Affordable advice. In the wake of the 2008–2009 Global Financial Crisis, we began working on a new advice model. In 2015, we launched Vanguard Personal Advisor Services®, a hybrid advice offering that delivers value through a combination of a professional advisor and powerful digital technology at a competitive price.
Across the industry, we’ve seen the cost of providing advice coming down. Traditional advisors are embracing low-cost investments, and that, in turn, helps them reduce costs for their own clients. This is a trend that all of us at Vanguard would like to see continue.
Great people. I’ve interacted with hundreds of companies of all sizes and in all industries, and the one quality that sets Vanguard apart from most of them is our emphasis on people. It’s a testament to our culture that colleagues spend 15, 20, or, as in my case, more than 30 years of their professional lives here. Investors benefit because we have consistent, experienced fund management teams and a deep bench of talent that ensures that things go smoothly when it’s time for a transition.
We’ve done a great job attracting new talent, too. We made some notable additions to senior management in the last two years, and we’re continuously grooming our next generation of leaders.
Ready for what comes next
When I was contemplating coming to work at Vanguard, I sat down with my rowing coach at his home in Philadelphia. Over cheesesteaks, he told me that the most important thing was to work for a company that had the same values I held deeply. He was like a second father to me, so I trusted his judgment at a time when I wasn’t so sure about my own. Back then, I never could have anticipated the success Vanguard would have in the coming decades.
I’m no better at predicting the future now. Vanguard has enjoyed significant growth in the last few years, and that presents its own unique set of challenges and opportunities, such as the role we’re playing in advocating for better corporate governance among companies our funds invest in. And the asset management industry is confronting significant changes brought on by technology, shifting demographics, and new regulations.
Although the future is uncertain, I’m confident that Vanguard is well-prepared to tackle whatever comes its way. And one thing I’m sure of: There are big parts of the world that would be well-served by our way of investing.
5
It’s humbling to think about the impact the work we do at Vanguard has on clients who are trying to raise a family, buy a first home, save for college, or prepare for retirement. I’ve always tried to make decisions with investors’ best interests in mind. It has been a privilege working with people who hold to that same ideal.
Thank you for entrusting us with your assets.
Sincerely,
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/totalstockmrktindexx8x1.jpg)
F. William McNabb III
Chairman
January 1, 2018
6
Results of Proxy Voting
At a special meeting of shareholders on November 15, 2017, fund shareholders approved the following proposals:
Proposal 1—Elect trustees for the fund.*
The individuals listed in the table below were elected as trustees for the fund. All trustees with the exception of Ms. Mulligan, Ms. Raskin, and Mr. Buckley (each of whom already serves as a director of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Percentage | |||
Trustee | For | Withheld | For |
Mortimer J. Buckley | 10,555,505,764 | 302,858,072 | 97.2% |
Emerson U. Fullwood | 10,550,271,249 | 308,092,588 | 97.2% |
Amy Gutmann | 10,549,661,393 | 308,702,444 | 97.2% |
JoAnn Heffernan Heisen | 10,561,362,394 | 297,001,443 | 97.3% |
F. Joseph Loughrey | 10,550,135,548 | 308,228,289 | 97.2% |
Mark Loughridge | 10,554,054,699 | 304,309,138 | 97.2% |
Scott C. Malpass | 10,546,031,165 | 312,332,672 | 97.1% |
F. William McNabb III | 10,544,013,615 | 314,350,222 | 97.1% |
Deanna Mulligan | 10,560,536,084 | 297,827,753 | 97.3% |
André F. Perold | 10,509,222,915 | 349,140,922 | 96.8% |
Sarah Bloom Raskin | 10,554,241,538 | 304,122,299 | 97.2% |
Peter F. Volanakis | 10,551,315,296 | 307,048,541 | 97.2% |
*Results are for all funds within the same trust. |
Proposal 2—Approve a manager-of-managers arrangement with third-party investment advisors.
This arrangement enables the fund to enter into and materially amend investment advisory arrangements with third-party investment advisors, subject to the approval of the fund’s board of trustees and certain conditions imposed by the Securities and Exchange Commission, while avoiding the costs and delays associated with obtaining future shareholder approval.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Total Stock Market | |||||
Index Fund | 5,008,370,537 | 257,964,032 | 206,420,919 | 577,947,085 | 82.8% |
7
Proposal 3—Approve a manager-of-managers arrangement with wholly owned subsidiaries of Vanguard.
This arrangement enables Vanguard or the fund to enter into and materially amend investment advisory arrangements with wholly owned subsidiaries of Vanguard, subject to the approval of the fund’s board of trustees and any conditions imposed by the Securities and Exchange Commission (SEC), while avoiding the costs and delays associated with obtaining future shareholder approval. The ability of the fund to operate in this manner is contingent upon the SEC’s approval of a pending application for an order of exemption.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Total Stock Market | |||||
Index Fund | 5,066,058,308 | 243,641,238 | 163,055,942 | 577,947,085 | 83.7% |
Fund shareholders did not approve the following proposal:
Proposal 7—Institute transparent procedures to avoid holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. Such procedures may include time-limited engagement with problem companies if management believes that their behavior can be changed.
The trustees recommended a vote against the proposal for the following reasons: (1) Vanguard is fully compliant with all applicable U.S. laws and regulations that prohibit the investment in any company owned or controlled by the government of Sudan; (2) the addition of further investment constraints is not in fund shareholders’ best interests if those constraints are unrelated to a fund’s stated investment objective, policies, and strategies; and (3) divestment is an ineffective means to implement social change as it often puts the shares into the hands of another owner with no direct impact to the company’s capitalization.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Total Stock Market | |||||
Index Fund | 1,158,533,020 | 369,601,654 | 3,944,620,814 | 577,947,085 | 19.1% |
8
Total Stock Market Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | ||||||
Institutional | ||||||
Investor | Admiral | Institutional | Institutional | Select | ||
Shares | ETF Shares | Shares | Shares | Plus Shares | Shares | |
Ticker Symbol | VTSMX | VTI | VTSAX | VITSX | VSMPX | VSTSX |
Expense Ratio1 | 0.15% | 0.04% | 0.04% | 0.035% | 0.02% | 0.01% |
30-Day SEC Yield | 1.65% | 1.75% | 1.75% | 1.76% | 1.77% | 1.78% |
Portfolio Characteristics | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Number of Stocks | 3,638 | 3,581 |
Median Market Cap | $66.8B | $66.8B |
Price/Earnings Ratio | 22.9x | 22.9x |
Price/Book Ratio | 3.0x | 3.0x |
Return on Equity | 15.1% | 15.1% |
Earnings Growth Rate | 9.9% | 9.9% |
Dividend Yield | 1.7% | 1.7% |
Foreign Holdings | 0.1% | 0.0% |
Turnover Rate | 3% | — |
Short-Term Reserves | 0.2% | — |
Sector Diversification (% of equity exposure) | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Basic Materials | 2.7% | 2.7% |
Consumer Goods | 9.0 | 9.0 |
Consumer Services | 12.8 | 12.8 |
Financials | 20.5 | 20.5 |
Health Care | 12.6 | 12.6 |
Industrials | 13.3 | 13.3 |
Oil & Gas | 5.7 | 5.7 |
Technology | 18.5 | 18.5 |
Telecommunications | 1.9 | 1.9 |
Utilities | 3.0 | 3.0 |
Sector categories are based on the Industry Classification
Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB
classification as of the effective reporting period.
Volatility Measures | |
CRSP US | |
Total 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) | ||
Apple Inc. | Computer Hardware | 2.8% |
Microsoft Corp. | Software | 2.4 |
Alphabet Inc. | Internet | 2.3 |
Amazon.com Inc. | Broadline Retailers | 1.7 |
Facebook Inc. | Internet | 1.5 |
Berkshire Hathaway Inc. | Reinsurance | 1.4 |
Johnson & Johnson | Pharmaceuticals | 1.4 |
JPMorgan Chase & Co. | Banks | 1.3 |
Exxon Mobil Corp. | Integrated Oil & Gas | 1.3 |
Bank of America Corp. | Banks | 1.1 |
Top Ten | 17.2% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
1 The expense ratios shown are from the prospectus dated April 27, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended December 31, 2017, the expense ratios were 0.14% for Investor Shares, 0.04% for ETF Shares, 0.04% for Admiral
Shares, 0.035% for Institutional Shares, 0.02% for Institutional Plus Shares, and 0.01% for Institutional Select Shares.
9
Total Stock Market Index Fund
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/totalstockmrktindexx12x1.jpg)
10
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 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, 2007, Through December 31, 2017
Initial Investment of $10,000
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/totalstockmrktindexx13x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
Total Stock Market Index Fund | |||||
Investor Shares | 21.05% | 15.42% | 8.60% | $22,811 | |
• • • • • • • • | Spliced Total Stock Market Index | 21.19 | 15.56 | 8.71 | 23,061 |
– – – – | Multi-Cap Core Funds Average | 19.15 | 13.18 | 6.74 | 19,192 |
For a benchmark description, see the Glossary. | |||||
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Total Stock Market Index Fund | ||||
ETF Shares Net Asset Value | 21.16% | 15.55% | 8.72% | $23,069 |
Spliced Total Stock Market Index | 21.19 | 15.56 | 8.71 | 23,061 |
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Total Stock Market Index Fund Admiral Shares | 21.17% | 15.55% | 8.72% | $23,063 |
Spliced Total Stock Market Index | 21.19 | 15.56 | 8.71 | 23,061 |
See Financial Highlights for dividend and capital gains information. |
11
Total Stock Market Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Total Stock Market Index Fund Institutional | ||||
Shares | 21.17% | 15.55% | 8.73% | $11,544,247 |
Spliced Total Stock Market Index | 21.19 | 15.56 | 8.71 | 11,530,358 |
Since | Final Value | ||
One | Inception | of a $100,000,000 | |
Year | (4/28/2015) | Investment | |
Total Stock Market Index Fund Institutional | |||
Plus Shares | 21.19% | 10.96% | $132,101,063 |
CRSP US Total Market Index | 21.19 | 10.95 | 123,548,657 |
Dow Jones U.S. Total Stock Market Float | |||
Adjusted Index | 21.16 | 10.92 | 131,983,262 |
"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative | |||
standards. |
Since | Final Value | ||
One | Inception | of a $5,000,000,000 | |
Year | (6/27/2016) | Investment | |
Total Stock Market Index Fund Institutional | |||
Select Shares | 21.20% | 24.04% | $6,923,387,718 |
CRSP US Total Market Index | 21.19 | 24.02 | 6,921,548,883 |
Dow Jones U.S. Total Stock Market Float | |||
Adjusted Index | 21.16 | 24.04 | 6,923,899,626 |
"Since Inception" performance is calculated from the Institutional Select Shares’ inception date for both the fund and its comparative | |||
standards. |
Cumulative Returns of ETF Shares: December 31, 2007, Through December 31, 2017 | |||
One | Five | Ten | |
Year | Years | Years | |
Total Stock Market Index Fund ETF Shares Market | |||
Price | 21.17% | 106.03% | 131.18% |
Total Stock Market Index Fund ETF Shares Net | |||
Asset Value | 21.16 | 105.97 | 130.69 |
Spliced Total Stock Market Index | 21.19 | 106.08 | 130.61 |
12
Total Stock Market Index Fund
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/totalstockmrktindexx15x1.jpg)
For a benchmark description, see the Glossary.
13
Total Stock Market Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 2017
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 (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 | |||
Basic Materials | |||
DowDuPont Inc. | 56,375,123 | 4,015,036 | 0.6% |
Basic Materials—Other † | 13,903,259 | 2.1% | |
17,918,295 | 2.7% | ||
Consumer Goods | |||
Procter & Gamble Co. | 61,125,747 | 5,616,234 | 0.9% |
Coca-Cola Co. | 92,395,438 | 4,239,103 | 0.6% |
PepsiCo Inc. | 34,268,128 | 4,109,434 | 0.6% |
Philip Morris International Inc. | 37,427,463 | 3,954,211 | 0.6% |
Altria Group Inc. | 46,001,334 | 3,284,955 | 0.5% |
Consumer Goods—Other † | 38,211,898 | 5.8% | |
59,415,835 | 9.0% | ||
Consumer Services | |||
* Amazon.com Inc. | 9,872,842 | 11,545,993 | 1.7% |
Home Depot Inc. | 28,149,308 | 5,335,138 | 0.8% |
Comcast Corp. Class A | 112,431,166 | 4,502,868 | 0.7% |
Walt Disney Co. | 34,585,185 | 3,718,253 | 0.6% |
Wal-Mart Stores Inc. | 36,002,550 | 3,555,252 | 0.5% |
McDonald’s Corp. | 19,210,798 | 3,306,563 | 0.5% |
1 Consumer Services—Other † | 52,540,855 | 7.9% | |
84,504,922 | 12.7% | ||
Financials | |||
* Berkshire Hathaway Inc. Class B | 45,474,304 | 9,013,917 | 1.4% |
JPMorgan Chase & Co. | 83,637,226 | 8,944,165 | 1.3% |
Bank of America Corp. | 238,841,012 | 7,050,587 | 1.1% |
Wells Fargo & Co. | 106,828,251 | 6,481,270 | 1.0% |
Visa Inc. Class A | 43,714,213 | 4,984,295 | 0.8% |
Citigroup Inc. | 63,729,446 | 4,742,108 | 0.7% |
Mastercard Inc. Class A | 22,636,557 | 3,426,269 | 0.5% |
14
Total Stock Market Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
* | Berkshire Hathaway Inc. Class A | 984 | 292,838 | 0.0% |
1 | Financials—Other † | 90,860,439 | 13.7% | |
135,795,888 | 20.5% | |||
Health Care | ||||
Johnson & Johnson | 64,720,544 | 9,042,754 | 1.4% | |
Pfizer Inc. | 143,596,574 | 5,201,068 | 0.8% | |
UnitedHealth Group Inc. | 23,347,645 | 5,147,222 | 0.8% | |
AbbVie Inc. | 38,462,505 | 3,719,709 | 0.6% | |
Merck & Co. Inc. | 65,669,237 | 3,695,208 | 0.5% | |
Amgen Inc. | 17,490,589 | 3,041,613 | 0.4% | |
Medtronic plc | 32,616,588 | 2,633,789 | 0.4% | |
Bristol-Myers Squibb Co. | 39,434,795 | 2,416,564 | 0.4% | |
Abbott Laboratories | 41,934,913 | 2,393,225 | 0.3% | |
Health Care—Other † | 45,758,574 | 6.9% | ||
83,049,726 | 12.5% | |||
Industrials | ||||
Boeing Co. | 13,638,101 | 4,022,012 | 0.6% | |
General Electric Co. | 209,030,693 | 3,647,586 | 0.5% | |
3M Co. | 14,352,804 | 3,378,219 | 0.5% | |
Honeywell International Inc. | 18,353,252 | 2,814,655 | 0.4% | |
Union Pacific Corp. | 18,973,969 | 2,544,409 | 0.4% | |
United Technologies Corp. | 18,279,165 | 2,331,873 | 0.4% | |
1 | Industrials—Other † | 69,557,318 | 10.5% | |
88,296,072 | 13.3% | |||
Oil & Gas | ||||
Exxon Mobil Corp. | 102,086,256 | 8,538,494 | 1.3% | |
Chevron Corp. | 45,755,089 | 5,728,080 | 0.9% | |
1 | Oil & Gas—Other † | 23,491,801 | 3.5% | |
37,758,375 | 5.7% | |||
1,2Other † | 9,473 | 0.0% | ||
Technology | ||||
Apple Inc. | 111,385,671 | 18,849,797 | 2.9% | |
Microsoft Corp. | 185,889,867 | 15,901,019 | 2.4% | |
* | Facebook Inc. Class A | 57,482,974 | 10,143,446 | 1.5% |
* | Alphabet Inc. Class A | 7,176,778 | 7,560,018 | 1.1% |
* | Alphabet Inc. Class C | 7,172,896 | 7,505,718 | 1.1% |
Intel Corp. | 112,809,258 | 5,207,275 | 0.8% | |
Cisco Systems Inc. | 119,127,654 | 4,562,589 | 0.7% | |
Oracle Corp. | 75,440,549 | 3,566,829 | 0.5% | |
International Business Machines Corp. | 21,200,610 | 3,252,598 | 0.5% | |
NVIDIA Corp. | 13,146,656 | 2,543,878 | 0.4% | |
Broadcom Ltd. | 9,833,581 | 2,526,247 | 0.4% | |
Texas Instruments Inc. | 23,756,919 | 2,481,173 | 0.4% | |
1 | Technology—Other † | 38,235,717 | 5.8% | |
122,336,304 | 18.5% |
15
Total Stock Market Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Telecommunications | ||||
AT&T Inc. | 147,965,786 | 5,752,910 | 0.9% | |
Verizon Communications Inc. | 98,328,595 | 5,204,532 | 0.8% | |
Telecommunications—Other † | 1,552,714 | 0.2% | ||
12,510,156 | 1.9% | |||
Utilities † | 19,870,434 | 3.0% | ||
Total Common Stocks (Cost $409,537,038) | 661,465,480 | 99.8%3 | ||
Coupon | ||||
Temporary Cash Investments | ||||
Money Market Fund | ||||
4,5 Vanguard Market Liquidity Fund | 1.458% | 45,238,970 | 4,524,349 | 0.7% |
6U.S. Government and Agency Obligations † | 169,422 | 0.0% | ||
Total Temporary Cash Investments (Cost $4,693,602) | 4,693,771 | 0.7%3 | ||
7Total Investments (Cost $414,230,640) | 666,159,251 | 100.5% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 36,381 | |||
Receivables for Investment Securities Sold | 597,670 | |||
Receivables for Accrued Income | 720,762 | |||
Receivables for Capital Shares Issued | 555,772 | |||
Unrealized Appreciation - Swap Contracts | 755 | |||
Other Assets | 13,495 | |||
Total Other Assets | 1,924,835 | 0.3% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (847,582) | |||
Collateral for Securities on Loan | (2,211,757) | |||
Payables for Capital Shares Redeemed | (2,213,298) | |||
Payables to Vanguard | (218,756) | |||
Variation Margin Payable—Futures Contracts | (14,444) | |||
Unrealized Depreciation—Swap Contracts | (1,078) | |||
Total Liabilities | (5,506,915) | (0.8%) | ||
Net Assets | 662,577,171 | 100.0% |
16
Total Stock Market Index Fund | |
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 412,411,988 |
Overdistributed Net Investment Income | (98,960) |
Accumulated Net Realized Losses | (1,663,394) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 251,928,611 |
Futures Contracts | (751) |
Swap Contracts | (323) |
Net Assets | 662,577,171 |
Investor Shares—Net Assets | |
Applicable to 1,900,547,682 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 126,766,010 |
Net Asset Value Per Share—Investor Shares | $66.70 |
ETF Shares—Net Assets | |
Applicable to 670,211,061 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 91,862,048 |
Net Asset Value Per Share—ETF Shares | $137.06 |
Admiral Shares—Net Assets | |
Applicable to 2,849,166,062 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 190,099,458 |
Net Asset Value Per Share—Admiral Shares | $66.72 |
Institutional Shares—Net Assets | |
Applicable to 1,701,675,121 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 113,556,787 |
Net Asset Value Per Share—Institutional Shares | $66.73 |
Institutional Plus Shares—Net Assets | |
Applicable to 1,007,876,158 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 126,130,339 |
Net Asset Value Per Share—Institutional Plus Shares | $125.14 |
17
Total Stock Market Index Fund
Amount | |
($000) | |
Institutional Select Shares—Net Assets | |
Applicable to 107,853,635 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 14,162,529 |
Net Asset Value Per Share—Institutional Select Shares | $131.31 |
• 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 Certain of the fund’s securities are valued using significant unobservable inputs.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and swap contracts.
After giving effect to futures and swap investments, the fund’s effective common stock and temporary cash investment positions
represent 100.0% and 0.5%, respectively, of net assets.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown
is the 7-day yield.
5 Includes $2,211,757,000 of collateral received for securities on loan.
6 Securities with a value of $91,669,000 have been segregated as initial margin for open futures contracts.
7 The total value of securities on loan is $2,033,653,000.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2018 | 6,603 | 883,481 | (2,111) |
E-mini Russell 2000 Index | March 2018 | 1,914 | 147,043 | 1,159 |
E-mini S&P Mid-Cap 400 Index | March 2018 | 240 | 45,658 | 201 |
(751) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized
gain (loss) for tax purposes.
18
Total Stock Market Index Fund
Total Return Swaps | |||||
Value and | |||||
Fixed/Floating | Unrealized | ||||
Notional | Net Rate | Appreciation | |||
Termination | Amount | Received | (Depreciation) | ||
Reference Entity | Date | Counterparty | ($000) | (Paid)1 | ($000) |
Ambac Financial Group | 1/10/18 | GSCM | 8,120 | (1.895%) | 649 |
Gaming and Leisure Properties Inc. | 3/21/18 | GSCM | 17,645 | (2.051%) | 106 |
SLM Corp. | 2/26/18 | GSI | 38,985 | (1.964%) | (1,078) |
(323) | |||||
GSCM—Goldman Sachs Capital Management. | |||||
GSI—Goldman Sachs International. | |||||
1 Payment received/paid monthly. |
Unrealized appreciation (depreciation) on open swap contracts is required to be treated as ordinary
income (loss) for tax purposes.
At December 31, 2017, the counterparties had deposited in segregated accounts cash of
$3,960,000 in connection with open swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
19
Total Stock Market Index Fund
Statement of Operations
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 11,052,585 |
Interest1 | 32,311 |
Securities Lending—Net | 109,770 |
Total Income | 11,194,666 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 19,506 |
Management and Administrative—Investor Shares | 138,370 |
Management and Administrative—ETF Shares | 21,717 |
Management and Administrative—Admiral Shares | 48,094 |
Management and Administrative—Institutional Shares | 25,275 |
Management and Administrative—Institutional Plus Shares | 15,652 |
Management and Administrative—Institutional Select Shares | 653 |
Marketing and Distribution—Investor Shares | 16,089 |
Marketing and Distribution—ETF Shares | 3,508 |
Marketing and Distribution—Admiral Shares | 9,942 |
Marketing and Distribution—Institutional Shares | 2,645 |
Marketing and Distribution—Institutional Plus Shares | 1,389 |
Marketing and Distribution—Institutional Select Shares | 1 |
Custodian Fees | 4,951 |
Auditing Fees | 439 |
Shareholders’ Reports and Proxy—Investor Shares | 4,146 |
Shareholders’ Reports and Proxy—ETF Shares | 3,311 |
Shareholders’ Reports and Proxy—Admiral Shares | 2,531 |
Shareholders’ Reports and Proxy—Institutional Shares | 1,883 |
Shareholders’ Reports and Proxy—Institutional Plus Shares | 63 |
Shareholders’ Reports and Proxy—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 424 |
Total Expenses | 320,589 |
Net Investment Income | 10,874,077 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 4,038,675 |
Futures Contracts | 513,428 |
Swap Contracts | (3,817) |
Realized Net Gain (Loss) | 4,548,286 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 97,109,096 |
Futures Contracts | 19,407 |
Swap Contracts | 176 |
Change in Unrealized Appreciation (Depreciation) | 97,128,679 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 112,551,042 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund | |
were $30,754,000, $64,000, and $95,000, respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
20
Total Stock Market Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 10,874,077 | 9,073,422 |
Realized Net Gain (Loss) | 4,548,286 | 4,014,156 |
Change in Unrealized Appreciation (Depreciation) | 97,128,679 | 42,114,142 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 112,551,042 | 55,201,720 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (2,050,561) | (1,930,782) |
ETF Shares | (1,517,300) | (1,282,510) |
Admiral Shares | (3,194,026) | (2,820,690) |
Institutional Shares | (1,832,069) | (1,428,815) |
Institutional Plus Shares | (2,069,350) | (1,567,690) |
Institutional Select Shares | (220,025) | (66,263) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Institutional Select Shares | — | — |
Total Distributions | (10,883,331) | (9,096,750) |
Capital Share Transactions | ||
Investor Shares | 2,531,635 | (2,633,123) |
ETF Shares | 7,977,735 | 6,156,065 |
Admiral Shares | 8,806,511 | 11,172,716 |
Institutional Shares | 17,246,738 | 14,683,001 |
Institutional Plus Shares | 22,241,001 | 13,965,811 |
Institutional Select Shares | 3,653,908 | 8,351,435 |
Net Increase (Decrease) from Capital Share Transactions | 62,457,528 | 51,695,905 |
Total Increase (Decrease) | 164,125,239 | 97,800,875 |
Net Assets | ||
Beginning of Period | 498,451,932 | 400,651,057 |
End of Period1 | 662,577,171 | 498,451,932 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($98,960,000) and ($85,889,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
21
Total Stock Market Index Fund
Financial Highlights
Investor Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $56.06 | $50.78 | $51.58 | $46.67 | $35.64 |
Investment Operations | |||||
Net Investment Income | 1.0861 | 1.022 | .954 | .854 | .757 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 10.630 | 5.282 | (.807) | 4.907 | 11.038 |
Total from Investment Operations | 11.716 | 6.304 | .147 | 5.761 | 11.795 |
Distributions | |||||
Dividends from Net Investment Income | (1.076) | (1.024) | (.947) | (.851) | (.765) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.076) | (1.024) | (.947) | (.851) | (.765) |
Net Asset Value, End of Period | $66.70 | $56.06 | $50.78 | $51.58 | $46.67 |
Total Return2 | 21.05% | 12.53% | 0.29% | 12.43% | 33.35% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $126,766 | $103,932 | $96,323 | $117,966 | $105,008 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.15% | 0.16% | 0.17% | 0.17% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.77% | 1.98% | 1.85% | 1.77% | 1.84% |
Portfolio Turnover Rate 3 | 3% | 4% | 3% | 3% | 4% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
22
Total Stock Market Index Fund
Financial Highlights
ETF Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $115.21 | $104.34 | $106.00 | $95.91 | $73.24 |
Investment Operations | |||||
Net Investment Income | 2.3611 | 2.214 | 2.082 | 1.874 | 1.657 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 21.832 | 10.871 | (1.675) | 10.085 | 22.686 |
Total from Investment Operations | 24.193 | 13.085 | . 407 | 11.959 | 24.343 |
Distributions | |||||
Dividends from Net Investment Income | (2.343) | (2.215) | (2.067) | (1.869) | (1.673) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.343) | (2.215) | (2.067) | (1.869) | (1.673) |
Net Asset Value, End of Period | $137.06 | $115.21 | $104.34 | $106.00 | $95.91 |
Total Return | 21.16% | 12.68% | 0.40% | 12.56% | 33.51% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $91,862 | $69,889 | $57,434 | $50,886 | $39,165 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.87% | 2.09% | 1.96% | 1.89% | 1.96% |
Portfolio Turnover Rate2 | 3% | 4% | 3% | 3% | 4% |
1 Calculated based on average shares outstanding. | |||||
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
Total Stock Market Index Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $56.08 | $50.79 | $51.60 | $46.69 | $35.65 |
Investment Operations | |||||
Net Investment Income | 1.1481 | 1.077 | 1.013 | .912 | .807 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 10.633 | 5.291 | (.818) | 4.908 | 11.047 |
Total from Investment Operations | 11.781 | 6.368 | .195 | 5.820 | 11.854 |
Distributions | |||||
Dividends from Net Investment Income | (1.141) | (1.078) | (1.005) | (.910) | (.814) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.141) | (1.078) | (1.005) | (.910) | (.814) |
Net Asset Value, End of Period | $66.72 | $56.08 | $50.79 | $51.60 | $46.69 |
Total Return2 | 21.17% | 12.66% | 0.39% | 12.56% | 33.52% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $190,099 | $151,612 | $126,363 | $117,476 | $86,541 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.87% | 2.09% | 1.96% | 1.89% | 1.96% |
Portfolio Turnover Rate 3 | 3% | 4% | 3% | 3% | 4% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
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.
24
Total Stock Market Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $56.09 | $50.80 | $51.60 | $46.69 | $35.66 |
Investment Operations | |||||
Net Investment Income | 1.1531 | 1.082 | 1.017 | .915 | .808 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 10.630 | 5.291 | (.808) | 4.908 | 11.038 |
Total from Investment Operations | 11.783 | 6.373 | .209 | 5.823 | 11.846 |
Distributions | |||||
Dividends from Net Investment Income | (1.143) | (1.083) | (1.009) | (.913) | (.816) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.143) | (1.083) | (1.009) | (.913) | (.816) |
Net Asset Value, End of Period | $66.73 | $56.09 | $50.80 | $51.60 | $46.69 |
Total Return | 21.17% | 12.67% | 0.42% | 12.56% | 33.49% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $113,557 | $79,443 | $57,438 | $96,674 | $65,738 |
Ratio of Total Expenses to Average Net Assets | 0.035% | 0.03% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.87% | 2.10% | 1.97% | 1.90% | 1.97% |
Portfolio Turnover Rate2 | 3% | 4% | 3% | 3% | 4% |
1 Calculated based on average shares outstanding. | |||||
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
Total Stock Market Index Fund
Financial Highlights
Institutional Plus Shares | |||
April 28, | |||
Year Ended | 20151 to | ||
Dec. 31, | Dec. 31, | ||
For a Share Outstanding Throughout Each Period | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $105.18 | $95.26 | $100.00 |
Investment Operations | |||
Net Investment Income | 2.182 2 | 2.042 | 1.335 |
Net Realized and Unrealized Gain (Loss) | |||
on Investments | 19.938 | 9.924 | (4.631) |
Total from Investment Operations | 22.120 | 11.966 | (3.296) |
Distributions | |||
Dividends from Net Investment Income | (2.160) | (2.046) | (1.444) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (2.160) | (2.046) | (1.444) |
Net Asset Value, End of Period | $125.14 | $105.18 | $95.26 |
Total Return | 21.19% | 12.69% | -3.28% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $126,130 | $85,031 | $63,093 |
Ratio of Total Expenses to Average Net Assets | 0.02% | 0.02% | 0.02%3 |
Ratio of Net Investment Income to | |||
Average Net Assets | 1.89% | 2.11% | 1.99%3 |
Portfolio Turnover Rate 4 | 3% | 4% | 3%5 |
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.
5 Reflects the fund’s portfolio turnover for the fiscal year ended December 31, 2015.
See accompanying Notes, which are an integral part of the Financial Statements.
26
Total Stock Market Index Fund
Financial Highlights
Institutional Select Shares | ||
Year | June 27, | |
Ended | 20161 to | |
Dec. 31, | Dec. 31, | |
For a Share Outstanding Throughout Each Period | 2017 | 2016 |
Net Asset Value, Beginning of Period | $110.37 | $97.70 |
Investment Operations | ||
Net Investment Income | 2.3112 | 1.181 |
Net Realized and Unrealized Gain (Loss) on Investments | 20.908 | 12.718 |
Total from Investment Operations | 23.219 | 13.899 |
Distributions | ||
Dividends from Net Investment Income | (2.279) | (1.229) |
Distributions from Realized Capital Gains | — | — |
Total Distributions | (2.279) | (1.229) |
Net Asset Value, End of Period | $131.31 | $110.37 |
Total Return | 21.20% | 14.24% |
Ratios/Supplemental Data | ||
Net Assets, End of Period (Millions) | $14,163 | $8,545 |
Ratio of Total Expenses to Average Net Assets | 0.01% | 0.01%3 |
Ratio of Net Investment Income to Average Net Assets | 1.90% | 2.15%3 |
Portfolio Turnover Rate 4 | 3% | 4%5 |
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.
5 Reflects the fund’s portfolio turnover for the fiscal year ended December 31, 2016.
See accompanying Notes, which are an integral part of the Financial Statements.
27
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 six classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, Institutional Plus Shares, and Institutional Select Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares, Institutional Shares, Institutional Plus Shares, and Institutional Select Shares are designed for 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. investment companies. 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 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.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional 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).
During the year ended December 31, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
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Total Stock Market Index Fund
3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
The notional amounts of swap contracts are not recorded in the Statement of Net Assets. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until termination of the swap, at which time realized gain (loss) is recorded. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
During the year ended December 31, 2017, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
4. 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, 2014–2017), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending
29
Total Stock Market Index Fund
transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2017, or at any time during the period then ended.
8. 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. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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 the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
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Total Stock Market Index Fund
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $36,381,000, representing 0.01% of the fund’s net assets and 14.55% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 661,452,119 | 87 | 13,274 |
Temporary Cash Investments | 4,524,349 | 169,422 | — |
Futures Contracts—Liabilities1 | (14,444) | — | — |
Swap Contracts—Assets | — | 755 | — |
Swap Contracts—Liabilities | — | (1,078) | — |
Total | 665,962,024 | 169,186 | 13,274 |
1 Represents variation margin on the last day of the reporting period. |
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 capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended December 31, 2017, the fund realized $5,768,376,000 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, 2017, the fund had $110,357,000 of ordinary income available for distribution. The fund had available capital losses of $1,660,426,000 that maybe carried forward indefinitely to offset future net capital gains.
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Total Stock Market Index Fund
At December 31, 2017, the cost of investment securities for tax purposes was $414,242,793,000. Net unrealized appreciation of investment securities for tax purposes was $251,916,458,000, consisting of unrealized gains of $264,454,492,000 on securities that had risen in value since their purchase and $12,538,034,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $91,249,809,000 of investment securities and sold $26,635,458,000 of investment securities, other than temporary cash investments. Purchases and sales include $18,352,925,000 and $8,363,542,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 12,556,777 | 208,299 | 11,360,219 | 224,105 |
Issued in Lieu of Cash Distributions | 2,038,790 | 32,768 | 1,919,404 | 36,018 |
Redeemed | (12,063,932) | (194,415) | (15,912,746) | (303,219) |
Net Increase (Decrease)—Investor Shares | 2,531,635 | 46,652 | (2,633,123) | (43,096) |
ETF Shares | ||||
Issued | 16,459,854 | 130,270 | 12,651,306 | 117,794 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (8,482,119) | (66,700) | (6,495,241) | (61,600) |
Net Increase (Decrease)—ETF Shares | 7,977,735 | 63,570 | 6,156,065 | 56,194 |
Admiral Shares | ||||
Issued | 27,046,065 | 443,009 | 23,021,975 | 443,481 |
Issued in Lieu of Cash Distributions | 2,736,033 | 43,962 | 2,437,517 | 45,667 |
Redeemed | (20,975,587) | (341,277) | (14,286,776) | (273,567) |
Net Increase (Decrease)—Admiral Shares | 8,806,511 | 145,694 | 11,172,716 | 215,581 |
Institutional Shares | ||||
Issued | 26,728,536 | 439,870 | 23,023,849 | 445,440 |
Issued in Lieu of Cash Distributions | 1,703,342 | 27,314 | 1,314,828 | 24,590 |
Redeemed | (11,185,140) | (181,865) | (9,655,676) | (184,350) |
Net Increase (Decrease)—Institutional Shares | 17,246,738 | 285,319 | 14,683,001 | 285,680 |
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Total Stock Market Index Fund
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Plus Shares | ||||
Issued | 27,613,297 | 245,814 | 17,424,884 | 181,141 |
Issued in Lieu of Cash Distributions | 2,052,478 | 17,549 | 1,561,503 | 15,576 |
Redeemed | (7,424,774) | (63,880) | (5,020,576) | (50,622) |
Net Increase (Decrease)— | ||||
Institutional Plus Shares | 22,241,001 | 199,483 | 13,965,811 | 146,095 |
Institutional Select Shares1 | ||||
Issued | 4,173,338 | 34,645 | 8,412,782 | 78,011 |
Issued in Lieu of Cash Distributions | 220,024 | 1,788 | 66,262 | 600 |
Redeemed | (739,454) | (6,005) | (127,609) | (1,185) |
Net Increase (Decrease)— | ||||
Institutional Select Shares | 3,653,908 | 30,428 | 8,351,435 | 77,426 |
1 Inception was June 27, 2016, for Institutional Select Shares. |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Index Funds and Shareholders of Vanguard Total Stock Market Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Total Stock Market Index Fund (one of the funds constituting Vanguard Index Funds, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, 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 ended December 31, 2017 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 14, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of
Funds since 1975.
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![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/totalstockmrktindexx37x1.jpg)
Special 2017 tax information (unaudited) for Vanguard Total Stock Market Index Fund
This information for the fiscal year ended December 31, 2017, is included pursuant to provisions of
the Internal Revenue Code.
The fund distributed $10,315,220,000 of qualified dividend income to shareholders during the
fiscal year.
For corporate shareholders, 90.3% of investment income (dividend income plus short-term gains,
if any) qualifies for the dividends-received deduction.
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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: Total Stock Market Index Fund Investor Shares
Periods Ended December 31, 2017
One | Five | Ten | |
Year | Years | Years | |
Returns Before Taxes | 21.05% | 15.42% | 8.60% |
Returns After Taxes on Distributions | 20.53 | 14.91 | 8.19 |
Returns After Taxes on Distributions and Sale of Fund Shares | 12.25 | 12.33 | 6.94 |
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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 any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not 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, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Total Stock Market Index Fund | 6/30/2017 | 12/31/2017 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,111.17 | $0.75 |
ETF Shares | 1,000.00 | 1,111.66 | 0.21 |
Admiral Shares | 1,000.00 | 1,111.71 | 0.21 |
Institutional Shares | 1,000.00 | 1,111.70 | 0.21 |
Institutional Plus Shares | 1,000.00 | 1,111.66 | 0.11 |
Institutional Select Shares | 1,000.00 | 1,111.81 | 0.05 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,024.50 | $0.71 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.00 | 0.10 |
Institutional Select Shares | 1,000.00 | 1,024.70 | 0.05 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for
that period are 0.14% for Investor Shares, 0.04% for ETF Shares, 0.04% for Admiral Shares, 0.035% for Institutional Shares, 0.02% for
Institutional Plus Shares, and 0.01% for Institutional Select 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 (184/365).
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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 (for bonds), its actual income (for asset-backed securities), 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. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities 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.
Benchmark Information
Spliced Total Stock Market Index: Dow Jones U.S. Total Stock Market Index (formerly known as
the Dow Jones Wilshire 5000 Index) through April 22, 2005; MSCI US Broad Market Index
through June 2, 2013; and CRSP US Total Market Index thereafter.
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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 201 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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 vanguard.com.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Chief Executive Officer and Director of The Vanguard Group and President and Chief Executive Officer of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; President of The Vanguard Group (2008–2017); Managing Director of The Vanguard Group (1995–2008).
Independent Trustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College; Trustee of the University of Rochester.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Arconic Inc. (diversified manufacturer), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne
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, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Member of the Executive Committee (1997–2008), Chief Global Diversity Officer (retired 2008), Vice President and Chief Information Officer (1997–2006), Controller (1995–1997), Treasurer (1991–1995), and Assistant Treasurer (1989–1991) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education; Director of the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and Chair of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, the Board of Catholic Investment Services, Inc. (investment advisor), and the Board of Superintendence of the Institute for the Works of Religion; Chairman of the Board of TIFF Advisory Services, Inc. (investment advisor).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Co-Managing Partner of HighVista Strategies LLC (private investment firm); Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Board of Hypertherm, Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born 1967. Investment Stewardship Officer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer (2015–2017), Controller (2010–2015), and Assistant Controller (2001–2010) of each of the investment companies served by The Vanguard Group.
Christine M. Buchanan
Born 1970. Treasurer Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Global Head of Vanguard Fund Administration at The Vanguard Group; Partner at KPMG LLP (2005–2017).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Michael Rollings
Born 1963. Finance Director Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Director of Vanguard Marketing Corporation; Treasurer of each of the investment companies served by The Vanguard Group (February 2017–November 2017); Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
Vanguard Senior Management Team | |
Mortimer J. Buckley | Chris D. McIsaac |
Gregory Davis | James M. Norris |
John James | Thomas M. Rampulla |
Martha G. King | Karin A. Risi |
John T. Marcante | |
Chairman Emeritus and Senior Advisor | |
John J. Brennan | |
Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | |
Founder | |
John C. Bogle | |
Chairman and Chief Executive Officer, 1974–1996 |
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P.O. Box 2600 | |
Valley Forge, PA 19482-2600 | |
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This material may be used in conjunction | |
with the offering of shares of any Vanguard | |
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the fund’s current prospectus. | |
All comparative mutual fund data are from Lipper, a | |
Thomson Reuters Company, or Morningstar, Inc., unless | |
otherwise noted. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | |
calling Vanguard at 800-662-2739. The guidelines are | |
also available from the SEC’s website, sec.gov. In | |
addition, you may obtain a free report on how your fund | |
voted the proxies for securities it owned during the 12 | |
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© 2018 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q850 022018 |
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. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: Rajiv L. Gupta, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended December 31, 2017: $917,000
Fiscal Year Ended December 31, 2016: $505,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2017: $8,424,459
Fiscal Year Ended December 31, 2016: $9,629,849
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2017: $3,194,093
Fiscal Year Ended December 31, 2016: $2,717,627
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended December 31, 2017: $274,313
Fiscal Year Ended December 31, 2016: $254,050
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended December 31, 2017: $0
Fiscal Year Ended December 31, 2016: $214,225
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(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: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. 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: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(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, 2017: $274,313
Fiscal Year Ended December 31, 2016: $468,275
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of
1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit
committee members are: Rajiv L. Gupta, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark
Loughridge, and Peter F. Volanakis.
Item 6: Investments.
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.3%)1 | |||
Basic Materials (4.6%) | |||
Steel Dynamics Inc. | 5,281,686 | 227,799 | |
Chemours Co. | 4,358,835 | 218,203 | |
RPM International Inc. | 3,143,989 | 164,808 | |
Huntsman Corp. | 4,793,906 | 159,589 | |
United States Steel Corp. | 4,099,930 | 144,277 | |
Olin Corp. | 3,903,248 | 138,878 | |
Royal Gold Inc. | 1,542,090 | 126,636 | |
WR Grace & Co. | 1,598,011 | 112,069 | |
Scotts Miracle-Gro Co. | 1,036,397 | 110,884 | |
* | Alcoa Corp. | 2,056,423 | 110,779 |
Ashland Global Holdings Inc. | 1,462,436 | 104,125 | |
Versum Materials Inc. | 2,534,202 | 95,920 | |
NewMarket Corp. | 222,703 | 88,500 | |
* | Peabody Energy Corp. | 2,194,179 | 86,385 |
* | Univar Inc. | 2,674,647 | 82,807 |
PolyOne Corp. | 1,892,986 | 82,345 | |
Cabot Corp. | 1,225,158 | 75,457 | |
Sensient Technologies Corp. | 1,013,781 | 74,158 | |
* | Allegheny Technologies Inc. | 3,028,538 | 73,109 |
Domtar Corp. | 1,445,364 | 71,574 | |
* | Ingevity Corp. | 985,014 | 69,414 |
HB Fuller Co. | 1,168,502 | 62,947 | |
^ | US Silica Holdings Inc. | 1,896,502 | 61,750 |
Compass Minerals International Inc. | 816,915 | 59,022 | |
Balchem Corp. | 730,916 | 58,912 | |
Minerals Technologies Inc. | 800,765 | 55,133 | |
Carpenter Technology Corp. | 1,065,499 | 54,330 | |
Commercial Metals Co. | 2,509,929 | 53,512 | |
* | GCP Applied Technologies Inc. | 1,644,171 | 52,449 |
*,^ | Cleveland-Cliffs Inc. | 7,202,748 | 51,932 |
* | Ferro Corp. | 2,026,425 | 47,803 |
Quaker Chemical Corp. | 306,476 | 46,214 | |
* | Platform Specialty Products Corp. | 4,619,139 | 45,822 |
KapStone Paper and Packaging Corp. | 2,002,858 | 45,445 | |
Worthington Industries Inc. | 1,004,338 | 44,251 | |
Arch Coal Inc. Class A | 460,942 | 42,941 | |
Tronox Ltd. Class A | 2,051,046 | 42,067 | |
*,^ | AK Steel Holding Corp. | 7,297,474 | 41,304 |
Kaiser Aluminum Corp. | 364,233 | 38,918 | |
Stepan Co. | 492,466 | 38,890 | |
Hecla Mining Co. | 9,743,264 | 38,681 | |
* | Cambrex Corp. | 795,320 | 38,175 |
Innospec Inc. | 540,723 | 38,175 | |
* | Kraton Corp. | 759,612 | 36,590 |
* | Coeur Mining Inc. | 4,438,896 | 33,292 |
Calgon Carbon Corp. | 1,244,818 | 26,515 | |
* | Koppers Holdings Inc. | 486,228 | 24,749 |
Deltic Timber Corp. | 269,986 | 24,717 | |
Rayonier Advanced Materials Inc. | 1,189,214 | 24,319 | |
A Schulman Inc. | 652,425 | 24,303 | |
* | Century Aluminum Co. | 1,196,717 | 23,504 |
PH Glatfelter Co. | 1,075,420 | 23,057 | |
*,^ | Fairmount Santrol Holdings Inc. | 3,892,681 | 20,359 |
Innophos Holdings Inc. | 423,002 | 19,767 | |
* | CONSOL Energy Inc. | 435,612 | 17,211 |
* | Clearwater Paper Corp. | 346,080 | 15,712 |
* | Resolute Forest Products Inc. | 1,417,768 | 15,666 |
Warrior Met Coal Inc. | 608,786 | 15,311 | |
Tredegar Corp. | 782,468 | 15,023 | |
Kronos Worldwide Inc. | 582,067 | 15,000 | |
American Vanguard Corp. | 678,978 | 13,342 |
1
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | PQ Group Holdings Inc. | 809,219 | 13,312 |
* | SunCoke Energy Inc. | 840,640 | 10,079 |
FutureFuel Corp. | 674,451 | 9,503 | |
Haynes International Inc. | 237,052 | 7,598 | |
3,905,318 | |||
Consumer Goods (7.3%) | |||
Thor Industries Inc. | 1,177,504 | 177,473 | |
* | Middleby Corp. | 1,310,592 | 176,864 |
Toll Brothers Inc. | 3,547,643 | 170,358 | |
Pinnacle Foods Inc. | 2,806,799 | 166,920 | |
* | US Foods Holding Corp. | 5,061,550 | 161,615 |
* | Take-Two Interactive Software Inc. | 1,348,679 | 148,058 |
Leggett & Platt Inc. | 3,089,788 | 147,476 | |
Gentex Corp. | 6,670,854 | 139,754 | |
Carter's Inc. | 1,111,790 | 130,624 | |
Ingredion Inc. | 863,060 | 120,656 | |
Valvoline Inc. | 4,771,822 | 119,582 | |
* | Skechers U.S.A. Inc. Class A | 3,136,777 | 118,696 |
*,^ | Post Holdings Inc. | 1,484,907 | 117,649 |
Pool Corp. | 898,331 | 116,469 | |
Brunswick Corp. | 2,052,162 | 113,320 | |
Dana Inc. | 3,465,560 | 110,933 | |
CalAtlantic Group Inc. | 1,943,643 | 109,602 | |
* | Delphi Technologies plc | 2,085,968 | 109,451 |
*,^ | Wayfair Inc. | 1,258,569 | 101,025 |
* | Hain Celestial Group Inc. | 2,307,316 | 97,807 |
*,^ | Herbalife Ltd. | 1,442,298 | 97,672 |
Goodyear Tire & Rubber Co. | 2,910,560 | 94,040 | |
* | Visteon Corp. | 733,842 | 91,833 |
Snyder's-Lance Inc. | 1,821,166 | 91,204 | |
Flowers Foods Inc. | 4,165,369 | 80,433 | |
Nu Skin Enterprises Inc. Class A | 1,177,148 | 80,317 | |
* | Edgewell Personal Care Co. | 1,317,649 | 78,255 |
* | Welbilt Inc. | 3,228,264 | 75,897 |
* | Zynga Inc. Class A | 18,725,237 | 74,901 |
LCI Industries | 552,590 | 71,837 | |
Tenneco Inc. | 1,187,273 | 69,503 | |
* | Tempur Sealy International Inc. | 1,108,077 | 69,465 |
* | Darling Ingredients Inc. | 3,830,844 | 69,453 |
*,^ | Blue Buffalo Pet Products Inc. | 2,066,787 | 67,770 |
Energizer Holdings Inc. | 1,408,942 | 67,601 | |
Wolverine World Wide Inc. | 2,105,513 | 67,124 | |
KB Home | 2,065,127 | 65,981 | |
* | TreeHouse Foods Inc. | 1,325,561 | 65,562 |
Tupperware Brands Corp. | 1,010,479 | 63,357 | |
* | Helen of Troy Ltd. | 656,932 | 63,295 |
Sanderson Farms Inc. | 453,536 | 62,942 | |
* | TRI Pointe Group Inc. | 3,495,903 | 62,647 |
Spectrum Brands Holdings Inc. | 541,769 | 60,895 | |
* | Deckers Outdoor Corp. | 743,092 | 59,633 |
Herman Miller Inc. | 1,448,511 | 58,013 | |
* | Steven Madden Ltd. | 1,230,198 | 57,450 |
^ | B&G Foods Inc. | 1,610,100 | 56,595 |
Vector Group Ltd. | 2,449,925 | 54,829 | |
Lancaster Colony Corp. | 413,027 | 53,367 | |
J&J Snack Foods Corp. | 343,983 | 52,227 | |
* | Cooper-Standard Holdings Inc. | 403,765 | 49,461 |
*,^ | iRobot Corp. | 639,909 | 49,081 |
Columbia Sportswear Co. | 640,830 | 46,063 | |
* | Taylor Morrison Home Corp. Class A | 1,872,705 | 45,825 |
* | Dorman Products Inc. | 737,682 | 45,102 |
* | Meritage Homes Corp. | 869,129 | 44,499 |
Cooper Tire & Rubber Co. | 1,186,021 | 41,926 | |
* | American Axle & Manufacturing Holdings Inc. | 2,311,121 | 39,358 |
2
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Fresh Del Monte Produce Inc. | 791,645 | 37,738 | |
HNI Corp. | 952,005 | 36,719 | |
La-Z-Boy Inc. | 1,176,794 | 36,716 | |
*,^ | Boston Beer Co. Inc. Class A | 188,094 | 35,945 |
WD-40 Co. | 303,792 | 35,848 | |
* | G-III Apparel Group Ltd. | 950,414 | 35,061 |
MDC Holdings Inc. | 1,094,233 | 34,884 | |
Interface Inc. Class A | 1,360,078 | 34,206 | |
Schweitzer-Mauduit International Inc. | 750,179 | 34,028 | |
* | Sleep Number Corp. | 871,262 | 32,751 |
* | Hostess Brands Inc. Class A | 2,200,997 | 32,597 |
* | Central Garden & Pet Co. Class A | 859,971 | 32,430 |
Universal Corp. | 617,409 | 32,414 | |
* | Cal-Maine Foods Inc. | 698,069 | 31,029 |
Seaboard Corp. | 6,973 | 30,751 | |
* | ACCO Brands Corp. | 2,392,351 | 29,187 |
* | Gentherm Inc. | 900,996 | 28,607 |
Oxford Industries Inc. | 371,093 | 27,903 | |
National Beverage Corp. | 285,851 | 27,853 | |
Steelcase Inc. Class A | 1,794,162 | 27,271 | |
Knoll Inc. | 1,152,277 | 26,549 | |
Dean Foods Co. | 2,234,435 | 25,830 | |
Briggs & Stratton Corp. | 997,796 | 25,314 | |
* | Fitbit Inc. Class A | 4,317,474 | 24,653 |
Coca-Cola Bottling Co. Consolidated | 113,989 | 24,537 | |
* | Modine Manufacturing Co. | 1,171,900 | 23,672 |
* | USANA Health Sciences Inc. | 302,341 | 22,388 |
* | Avon Products Inc. | 9,928,928 | 21,347 |
* | Vista Outdoor Inc. | 1,414,311 | 20,607 |
* | Crocs Inc. | 1,488,136 | 18,810 |
*,^ | GoPro Inc. Class A | 2,462,116 | 18,638 |
Andersons Inc. | 571,098 | 17,790 | |
Ethan Allen Interiors Inc. | 616,899 | 17,643 | |
Inter Parfums Inc. | 377,801 | 16,415 | |
Acushnet Holdings Corp. | 757,760 | 15,974 | |
Phibro Animal Health Corp. Class A | 469,263 | 15,720 | |
^ | Tootsie Roll Industries Inc. | 389,284 | 14,170 |
Movado Group Inc. | 394,920 | 12,716 | |
National Presto Industries Inc. | 123,064 | 12,239 | |
*,^ | elf Beauty Inc. | 532,226 | 11,874 |
*,^ | Amplify Snack Brands Inc. | 844,243 | 10,139 |
*,^ | Central Garden & Pet Co. | 247,417 | 9,630 |
Superior Industries International Inc. | 609,700 | 9,054 | |
Titan International Inc. | 675,371 | 8,699 | |
*,^ | Fossil Group Inc. | 1,069,130 | 8,307 |
*,^ | Revlon Inc. Class A | 222,543 | 4,851 |
* | Iconix Brand Group Inc. | 56,942 | 73 |
* | Eastman Kodak Co. | 8,872 | 28 |
* | Vera Bradley Inc. | 272 | 3 |
6,191,353 | |||
Consumer Services (11.9%) | |||
* | Copart Inc. | 4,909,377 | 212,036 |
Vail Resorts Inc. | 959,212 | 203,804 | |
* | Burlington Stores Inc. | 1,600,783 | 196,944 |
* | JetBlue Airways Corp. | 7,545,085 | 168,557 |
* | ServiceMaster Global Holdings Inc. | 3,195,484 | 163,832 |
KAR Auction Services Inc. | 3,177,097 | 160,475 | |
Service Corp. International | 4,223,975 | 157,639 | |
* | Caesars Entertainment Corp. | 12,422,678 | 157,147 |
* | Liberty Media Corp-Liberty Formula One | 4,523,102 | 154,509 |
*,^ | GrubHub Inc. | 2,042,508 | 146,652 |
Dunkin' Brands Group Inc. | 2,128,385 | 137,217 | |
Foot Locker Inc. | 2,901,193 | 136,008 | |
* | Live Nation Entertainment Inc. | 3,166,444 | 134,796 |
3
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Bright Horizons Family Solutions Inc. | 1,269,781 | 119,359 |
Rollins Inc. | 2,316,489 | 107,786 | |
Six Flags Entertainment Corp. | 1,567,222 | 104,330 | |
Dun & Bradstreet Corp. | 864,495 | 102,365 | |
* | Beacon Roofing Supply Inc. | 1,603,597 | 102,245 |
* | Grand Canyon Education Inc. | 1,128,081 | 100,997 |
Casey's General Stores Inc. | 888,930 | 99,507 | |
Domino's Pizza Inc. | 514,538 | 97,227 | |
Sabre Corp. | 4,483,887 | 91,920 | |
^ | Williams-Sonoma Inc. | 1,774,810 | 91,758 |
Chemed Corp. | 373,368 | 90,736 | |
^ | Cracker Barrel Old Country Store Inc. | 567,852 | 90,226 |
* | Five Below Inc. | 1,293,181 | 85,764 |
Extended Stay America Inc. | 4,491,994 | 85,348 | |
Cinemark Holdings Inc. | 2,438,406 | 84,905 | |
* | Madison Square Garden Co. Class A | 401,312 | 84,617 |
Dolby Laboratories Inc. Class A | 1,326,833 | 82,264 | |
Tribune Media Co. Class A | 1,891,807 | 80,345 | |
Signet Jewelers Ltd. | 1,413,874 | 79,955 | |
Nexstar Media Group Inc. Class A | 1,015,159 | 79,385 | |
Texas Roadhouse Inc. Class A | 1,498,034 | 78,916 | |
AMERCO | 207,480 | 78,409 | |
* | Yelp Inc. Class A | 1,868,319 | 78,395 |
* | Performance Food Group Co. | 2,316,016 | 76,660 |
Cable One Inc. | 107,226 | 75,417 | |
* | Avis Budget Group Inc. | 1,714,604 | 75,237 |
* | Hilton Grand Vacations Inc. | 1,745,253 | 73,213 |
*,^ | Stamps.com Inc. | 389,086 | 73,148 |
* | Spirit Airlines Inc. | 1,626,397 | 72,944 |
* | Lions Gate Entertainment Corp. Class B | 2,276,997 | 72,272 |
John Wiley & Sons Inc. Class A | 1,096,961 | 72,125 | |
* | Sprouts Farmers Market Inc. | 2,953,735 | 71,923 |
* | Planet Fitness Inc. Class A | 2,068,254 | 71,624 |
* | SiteOne Landscape Supply Inc. | 931,895 | 71,476 |
*,^ | AutoNation Inc. | 1,383,435 | 71,012 |
ILG Inc. | 2,486,493 | 70,815 | |
TEGNA Inc. | 4,974,350 | 70,039 | |
Jack in the Box Inc. | 708,901 | 69,550 | |
American Eagle Outfitters Inc. | 3,692,174 | 69,413 | |
Wendy's Co. | 4,217,271 | 69,248 | |
Churchill Downs Inc. | 297,066 | 69,127 | |
Bed Bath & Beyond Inc. | 3,143,334 | 69,122 | |
Marriott Vacations Worldwide Corp. | 499,336 | 67,515 | |
Sinclair Broadcast Group Inc. Class A | 1,774,958 | 67,182 | |
Choice Hotels International Inc. | 863,145 | 66,980 | |
* | Scientific Games Corp. Class A | 1,294,700 | 66,418 |
Aaron's Inc. | 1,649,236 | 65,722 | |
Boyd Gaming Corp. | 1,841,317 | 64,538 | |
H&R Block Inc. | 2,446,787 | 64,155 | |
* | AMC Networks Inc. Class A | 1,170,552 | 63,303 |
Lithia Motors Inc. Class A | 555,473 | 63,096 | |
SkyWest Inc. | 1,187,337 | 63,048 | |
* | Ollie's Bargain Outlet Holdings Inc. | 1,181,527 | 62,916 |
* | Murphy USA Inc. | 769,574 | 61,843 |
Hillenbrand Inc. | 1,366,666 | 61,090 | |
Meredith Corp. | 921,116 | 60,840 | |
* | Michaels Cos. Inc. | 2,513,432 | 60,800 |
Regal Entertainment Group Class A | 2,635,361 | 60,640 | |
* | United Natural Foods Inc. | 1,223,420 | 60,278 |
* | Penn National Gaming Inc. | 1,923,837 | 60,274 |
Children's Place Inc. | 404,970 | 58,862 | |
* | Liberty Expedia Holdings Inc. Class A | 1,312,524 | 58,184 |
New York Times Co. Class A | 3,113,002 | 57,591 | |
* | Urban Outfitters Inc. | 1,625,958 | 57,006 |
4
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Graham Holdings Co. Class B | 101,181 | 56,494 | |
Red Rock Resorts Inc. Class A | 1,650,494 | 55,688 | |
* | Sally Beauty Holdings Inc. | 2,951,776 | 55,375 |
Big Lots Inc. | 971,197 | 54,533 | |
PriceSmart Inc. | 624,230 | 53,746 | |
Adtalem Global Education Inc. | 1,272,638 | 53,514 | |
* | Sotheby's | 1,036,232 | 53,470 |
* | Buffalo Wild Wings Inc. | 338,046 | 52,853 |
* | Dave & Buster's Entertainment Inc. | 954,908 | 52,682 |
Dick's Sporting Goods Inc. | 1,814,036 | 52,135 | |
*,^ | Rite Aid Corp. | 25,551,958 | 50,337 |
* | Etsy Inc. | 2,432,870 | 49,752 |
* | Groupon Inc. Class A | 9,747,858 | 49,714 |
Hawaiian Holdings Inc. | 1,225,622 | 48,841 | |
* | Acxiom Corp. | 1,711,873 | 47,179 |
Allegiant Travel Co. Class A | 298,781 | 46,236 | |
^ | Cheesecake Factory Inc. | 955,189 | 46,021 |
Time Inc. | 2,420,898 | 44,666 | |
GameStop Corp. Class A | 2,459,610 | 44,150 | |
*,^ | Lions Gate Entertainment Corp. Class A | 1,285,838 | 43,474 |
* | Cars.com Inc. | 1,497,350 | 43,184 |
Monro Inc. | 757,685 | 43,150 | |
* | TripAdvisor Inc. | 1,231,862 | 42,450 |
Office Depot Inc. | 11,861,557 | 41,990 | |
*,^ | Eldorado Resorts Inc. | 1,257,684 | 41,692 |
Brinker International Inc. | 1,063,262 | 41,297 | |
* | Pinnacle Entertainment Inc. | 1,258,646 | 41,195 |
Bloomin' Brands Inc. | 1,910,961 | 40,780 | |
Penske Automotive Group Inc. | 838,553 | 40,125 | |
Morningstar Inc. | 413,538 | 40,101 | |
*,^ | RH | 461,119 | 39,753 |
Matthews International Corp. Class A | 743,119 | 39,237 | |
* | Shutterfly Inc. | 771,735 | 38,394 |
Bob Evans Farms Inc. | 485,165 | 38,241 | |
* | Rush Enterprises Inc. Class A | 747,673 | 37,989 |
* | Herc Holdings Inc. | 586,405 | 36,715 |
DSW Inc. Class A | 1,677,866 | 35,923 | |
* | La Quinta Holdings Inc. | 1,876,034 | 34,632 |
Caleres Inc. | 1,000,349 | 33,492 | |
Entercom Communications Corp. Class A | 2,975,468 | 32,135 | |
*,^ | Trade Desk Inc. Class A | 702,164 | 32,110 |
Group 1 Automotive Inc. | 449,924 | 31,931 | |
Papa John's International Inc. | 563,685 | 31,628 | |
Core-Mark Holding Co. Inc. | 994,183 | 31,396 | |
*,^ | Weight Watchers International Inc. | 705,938 | 31,259 |
Gannett Co. Inc. | 2,542,633 | 29,469 | |
* | Asbury Automotive Group Inc. | 460,278 | 29,458 |
*,^ | Hertz Global Holdings Inc. | 1,331,517 | 29,427 |
Abercrombie & Fitch Co. | 1,662,689 | 28,981 | |
Wingstop Inc. | 710,722 | 27,704 | |
*,^ | Pandora Media Inc. | 5,647,209 | 27,220 |
Chico's FAS Inc. | 3,029,330 | 26,719 | |
* | MSG Networks Inc. | 1,316,175 | 26,653 |
Tailored Brands Inc. | 1,211,450 | 26,446 | |
World Wrestling Entertainment Inc. Class A | 864,674 | 26,442 | |
Scholastic Corp. | 617,149 | 24,754 | |
* | Belmond Ltd. Class A | 2,006,790 | 24,583 |
Guess? Inc. | 1,433,684 | 24,201 | |
* | Houghton Mifflin Harcourt Co. | 2,582,358 | 24,016 |
* | Diplomat Pharmacy Inc. | 1,184,066 | 23,764 |
Sonic Corp. | 853,898 | 23,465 | |
Strayer Education Inc. | 261,922 | 23,463 | |
International Speedway Corp. Class A | 584,176 | 23,279 | |
*,^ | JC Penney Co. Inc. | 7,251,317 | 22,914 |
5
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Lumber Liquidators Holdings Inc. | 703,209 | 22,074 |
* | EW Scripps Co. Class A | 1,391,332 | 21,747 |
*,^ | Roku Inc. | 419,967 | 21,746 |
DineEquity Inc. | 423,934 | 21,506 | |
* | Quotient Technology Inc. | 1,829,671 | 21,499 |
New Media Investment Group Inc. | 1,245,764 | 20,904 | |
* | Liberty Media Corp-Liberty Formula One Class A | 636,571 | 20,829 |
* | TrueCar Inc. | 1,711,594 | 19,170 |
^ | Dillard's Inc. Class A | 313,717 | 18,839 |
Capella Education Co. | 242,039 | 18,734 | |
SUPERVALU Inc. | 859,925 | 18,574 | |
*,^ | Shake Shack Inc. Class A | 419,938 | 18,141 |
* | Laureate Education Inc. Class A | 1,285,908 | 17,437 |
^ | Buckle Inc. | 732,165 | 17,389 |
* | Express Inc. | 1,683,421 | 17,087 |
* | Liberty TripAdvisor Holdings Inc. Class A | 1,799,047 | 16,956 |
*,^ | SeaWorld Entertainment Inc. | 1,205,831 | 16,363 |
^ | AMC Entertainment Holdings Inc. Class A | 1,080,008 | 16,308 |
BJ's Restaurants Inc. | 435,711 | 15,860 | |
* | Genesco Inc. | 469,074 | 15,245 |
* | National Vision Holdings Inc. | 368,585 | 14,968 |
*,^ | Party City Holdco Inc. | 1,044,148 | 14,566 |
* | ANGI Homeservices Inc. Class A | 1,333,852 | 13,952 |
* | K12 Inc. | 871,663 | 13,859 |
* | Regis Corp. | 876,028 | 13,456 |
^ | Rent-A-Center Inc. | 1,091,090 | 12,111 |
Finish Line Inc. Class A | 787,833 | 11,447 | |
National CineMedia Inc. | 1,610,095 | 11,045 | |
* | Ascena Retail Group Inc. | 4,632,939 | 10,887 |
* | Fiesta Restaurant Group Inc. | 556,026 | 10,565 |
* | Biglari Holdings Inc. | 25,009 | 10,364 |
* | Zumiez Inc. | 491,677 | 10,239 |
Weis Markets Inc. | 242,932 | 10,055 | |
Barnes & Noble Inc. | 1,414,538 | 9,477 | |
Cato Corp. Class A | 592,669 | 9,435 | |
Sonic Automotive Inc. Class A | 474,505 | 8,755 | |
Tile Shop Holdings Inc. | 889,434 | 8,539 | |
Emerald Expositions Events Inc. | 357,089 | 7,263 | |
* | Rush Enterprises Inc. Class B | 148,946 | 7,181 |
*,^ | Cargurus Inc. | 233,781 | 7,009 |
Pier 1 Imports Inc. | 1,609,446 | 6,663 | |
*,^ | GNC Holdings Inc. Class A | 1,699,744 | 6,272 |
HSN Inc. | 154,217 | 6,223 | |
Speedway Motorsports Inc. | 329,510 | 6,218 | |
*,^ | Lands' End Inc. | 315,176 | 6,162 |
* | Hibbett Sports Inc. | 291,640 | 5,949 |
*,^ | Stitch Fix Inc. Class A | 223,692 | 5,778 |
* | El Pollo Loco Holdings Inc. | 578,208 | 5,724 |
* | American Public Education Inc. | 221,959 | 5,560 |
* | Bojangles' Inc. | 455,931 | 5,380 |
Clear Channel Outdoor Holdings Inc. Class A | 1,029,950 | 4,738 | |
* | Smart & Final Stores Inc. | 483,027 | 4,130 |
*,^ | Blue Apron Holdings Inc. Class A | 922,144 | 3,716 |
*,^ | Sears Holdings Corp. | 701,778 | 2,512 |
* | Clean Energy Fuels Corp. | 1,093,560 | 2,220 |
* | Habit Restaurants Inc. Class A | 129,887 | 1,240 |
* | FTD Cos. Inc. | 53,571 | 385 |
* | Bridgepoint Education Inc. Class A | 34,027 | 282 |
* | Barnes & Noble Education Inc. | 496 | 4 |
* | Francesca's Holdings Corp. | 521 | 4 |
Fred's Inc. Class A | 514 | 2 | |
10,078,381 | |||
Financials (24.5%) | |||
East West Bancorp Inc. | 3,426,655 | 208,443 |
6
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
American Financial Group Inc. | 1,685,665 | 182,962 | |
WP Carey Inc. | 2,556,984 | 176,176 | |
Kilroy Realty Corp. | 2,315,309 | 172,838 | |
MarketAxess Holdings Inc. | 837,939 | 169,054 | |
Equity LifeStyle Properties Inc. | 1,893,181 | 168,531 | |
* | Signature Bank | 1,227,250 | 168,452 |
Apartment Investment & Management Co. | 3,723,194 | 162,741 | |
Janus Henderson Group plc | 4,244,611 | 162,399 | |
Sun Communities Inc. | 1,728,950 | 160,412 | |
Gaming and Leisure Properties Inc. | 4,313,896 | 159,614 | |
Douglas Emmett Inc. | 3,816,589 | 156,709 | |
National Retail Properties Inc. | 3,576,008 | 154,233 | |
PacWest Bancorp | 3,031,835 | 152,805 | |
Liberty Property Trust | 3,503,814 | 150,699 | |
Eaton Vance Corp. | 2,653,751 | 149,645 | |
First American Financial Corp. | 2,651,350 | 148,582 | |
Lamar Advertising Co. Class A | 1,976,907 | 146,766 | |
Brown & Brown Inc. | 2,828,219 | 145,540 | |
Healthcare Trust of America Inc. Class A | 4,837,519 | 145,319 | |
Forest City Realty Trust Inc. Class A | 5,961,901 | 143,682 | |
Colony NorthStar Inc. Class A | 12,241,919 | 139,680 | |
Bank of the Ozarks | 2,852,993 | 138,228 | |
First Horizon National Corp. | 6,905,497 | 138,041 | |
Starwood Property Trust Inc. | 6,401,265 | 136,667 | |
Synovus Financial Corp. | 2,786,280 | 133,574 | |
American Homes 4 Rent Class A | 6,091,413 | 133,036 | |
American Campus Communities Inc. | 3,184,715 | 130,669 | |
New Residential Investment Corp. | 7,267,896 | 129,950 | |
DCT Industrial Trust Inc. | 2,191,806 | 128,834 | |
Commerce Bancshares Inc. | 2,302,765 | 128,586 | |
Old Republic International Corp. | 6,009,409 | 128,481 | |
^ | Omega Healthcare Investors Inc. | 4,647,601 | 127,995 |
* | Western Alliance Bancorp | 2,250,652 | 127,432 |
Cullen/Frost Bankers Inc. | 1,342,436 | 127,062 | |
Hudson Pacific Properties Inc. | 3,681,399 | 126,088 | |
Sterling Bancorp | 5,060,638 | 124,492 | |
Highwoods Properties Inc. | 2,443,791 | 124,413 | |
* | MGIC Investment Corp. | 8,755,404 | 123,539 |
CubeSmart | 4,245,380 | 122,776 | |
Webster Financial Corp. | 2,149,882 | 120,737 | |
CyrusOne Inc. | 2,022,403 | 120,394 | |
RenaissanceRe Holdings Ltd. | 944,091 | 118,568 | |
Medical Properties Trust Inc. | 8,578,879 | 118,217 | |
Pinnacle Financial Partners Inc. | 1,743,077 | 115,566 | |
* | Howard Hughes Corp. | 879,310 | 115,427 |
LPL Financial Holdings Inc. | 2,013,715 | 115,064 | |
EPR Properties | 1,720,638 | 112,633 | |
Park Hotels & Resorts Inc. | 3,796,939 | 109,162 | |
Hanover Insurance Group Inc. | 1,002,359 | 108,335 | |
Umpqua Holdings Corp. | 5,206,781 | 108,301 | |
Wintrust Financial Corp. | 1,313,301 | 108,177 | |
Hospitality Properties Trust | 3,621,479 | 108,101 | |
Prosperity Bancshares Inc. | 1,539,438 | 107,868 | |
Senior Housing Properties Trust | 5,538,694 | 106,066 | |
Primerica Inc. | 1,042,889 | 105,905 | |
FNB Corp. | 7,634,353 | 105,507 | |
Radian Group Inc. | 5,078,629 | 104,671 | |
STORE Capital Corp. | 3,998,871 | 104,131 | |
* | Liberty Ventures Class A | 1,909,814 | 103,588 |
* | Texas Capital Bancshares Inc. | 1,159,965 | 103,121 |
*,^ | Zillow Group Inc. | 2,507,886 | 102,623 |
BankUnited Inc. | 2,518,799 | 102,566 | |
Gramercy Property Trust | 3,739,973 | 99,708 | |
Hancock Holding Co. | 1,994,979 | 98,752 |
7
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
IBERIABANK Corp. | 1,270,637 | 98,474 | |
CNO Financial Group Inc. | 3,954,907 | 97,647 | |
Apple Hospitality REIT Inc. | 4,974,661 | 97,553 | |
Life Storage Inc. | 1,088,774 | 96,977 | |
Interactive Brokers Group Inc. | 1,630,991 | 96,571 | |
*,^ | Credit Acceptance Corp. | 295,581 | 95,615 |
Healthcare Realty Trust Inc. | 2,973,454 | 95,507 | |
Rayonier Inc. | 3,004,048 | 95,018 | |
Assured Guaranty Ltd. | 2,771,052 | 93,856 | |
Weingarten Realty Investors | 2,809,973 | 92,364 | |
Cousins Properties Inc. | 9,878,683 | 91,378 | |
CoreSite Realty Corp. | 800,781 | 91,209 | |
Spirit Realty Capital Inc. | 10,608,620 | 91,022 | |
Associated Banc-Corp | 3,526,845 | 89,582 | |
Stifel Financial Corp. | 1,504,023 | 89,580 | |
RLJ Lodging Trust | 4,061,386 | 89,229 | |
Chemical Financial Corp. | 1,662,196 | 88,878 | |
* | Equity Commonwealth | 2,887,421 | 88,095 |
Taubman Centers Inc. | 1,345,682 | 88,048 | |
First Industrial Realty Trust Inc. | 2,780,077 | 87,489 | |
Investors Bancorp Inc. | 6,294,354 | 87,366 | |
Home BancShares Inc. | 3,715,489 | 86,385 | |
Sunstone Hotel Investors Inc. | 5,207,707 | 86,083 | |
Bank of Hawaii Corp. | 1,002,399 | 85,906 | |
JBG SMITH Properties | 2,468,424 | 85,728 | |
Legg Mason Inc. | 2,040,328 | 85,653 | |
* | Essent Group Ltd. | 1,971,385 | 85,598 |
Popular Inc. | 2,400,748 | 85,203 | |
Realogy Holdings Corp. | 3,176,159 | 84,168 | |
Validus Holdings Ltd. | 1,767,171 | 82,916 | |
MB Financial Inc. | 1,845,328 | 82,154 | |
BGC Partners Inc. Class A | 5,435,127 | 82,125 | |
Navient Corp. | 6,118,402 | 81,497 | |
Selective Insurance Group Inc. | 1,364,499 | 80,096 | |
United Bankshares Inc. | 2,302,864 | 80,025 | |
Sabra Health Care REIT Inc. | 4,234,351 | 79,479 | |
^ | Blackstone Mortgage Trust Inc. Class A | 2,451,605 | 78,893 |
Empire State Realty Trust Inc. | 3,796,994 | 77,952 | |
Chimera Investment Corp. | 4,212,619 | 77,849 | |
Paramount Group Inc. | 4,899,321 | 77,654 | |
Federated Investors Inc. Class B | 2,119,652 | 76,477 | |
Physicians Realty Trust | 4,163,820 | 74,907 | |
UMB Financial Corp. | 1,040,046 | 74,800 | |
Cathay General Bancorp | 1,771,433 | 74,701 | |
Outfront Media Inc. | 3,215,749 | 74,605 | |
TCF Financial Corp. | 3,639,284 | 74,605 | |
Brandywine Realty Trust | 4,090,450 | 74,405 | |
Corporate Office Properties Trust | 2,542,709 | 74,247 | |
MFA Financial Inc. | 9,329,782 | 73,892 | |
LaSalle Hotel Properties | 2,625,156 | 73,688 | |
Columbia Banking System Inc. | 1,678,630 | 72,920 | |
Ryman Hospitality Properties Inc. | 1,047,394 | 72,291 | |
Fulton Financial Corp. | 4,025,251 | 72,052 | |
FirstCash Inc. | 1,065,276 | 71,853 | |
South State Corp. | 823,836 | 71,797 | |
Erie Indemnity Co. Class A | 583,289 | 71,068 | |
National Health Investors Inc. | 937,966 | 70,704 | |
ProAssurance Corp. | 1,233,833 | 70,514 | |
Glacier Bancorp Inc. | 1,780,132 | 70,119 | |
Retail Properties of America Inc. | 5,194,925 | 69,820 | |
EastGroup Properties Inc. | 785,428 | 69,416 | |
White Mountains Insurance Group Ltd. | 81,093 | 69,033 | |
^ | Uniti Group Inc. | 3,865,585 | 68,769 |
Washington Federal Inc. | 1,989,468 | 68,139 |
8
Vanguard® Small-Cap Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
DDR Corp. | 7,566,224 | 67,793 |
GEO Group Inc. | 2,866,563 | 67,651 |
Two Harbors Investment Corp. | 4,100,072 | 66,667 |
* Green Dot Corp. Class A | 1,098,791 | 66,213 |
Assurant Inc. | 650,900 | 65,637 |
Community Bank System Inc. | 1,219,614 | 65,554 |
Valley National Bancorp | 5,834,815 | 65,467 |
* SLM Corp. | 5,776,989 | 65,280 |
Evercore Inc. Class A | 723,068 | 65,076 |
Piedmont Office Realty Trust Inc. Class A | 3,303,128 | 64,774 |
CoreCivic Inc. | 2,851,327 | 64,155 |
Columbia Property Trust Inc. | 2,787,512 | 63,973 |
First Financial Bankshares Inc. | 1,419,291 | 63,939 |
American National Insurance Co. | 485,630 | 62,282 |
Kemper Corp. | 901,280 | 62,098 |
^ Pebblebrook Hotel Trust | 1,663,585 | 61,835 |
Education Realty Trust Inc. | 1,766,157 | 61,674 |
RLI Corp. | 1,010,563 | 61,301 |
STAG Industrial Inc. | 2,227,762 | 60,885 |
American Equity Investment Life Holding Co. | 1,975,749 | 60,715 |
Urban Edge Properties | 2,340,627 | 59,663 |
CVB Financial Corp. | 2,528,987 | 59,583 |
* LendingTree Inc. | 174,104 | 59,274 |
First Citizens BancShares Inc. Class A | 145,884 | 58,791 |
BancorpSouth Bank | 1,849,371 | 58,163 |
Washington REIT | 1,855,270 | 57,736 |
^ Tanger Factory Outlet Centers Inc. | 2,160,002 | 57,262 |
Hope Bancorp Inc. | 3,106,429 | 56,692 |
Great Western Bancorp Inc. | 1,420,175 | 56,523 |
First Midwest Bancorp Inc. | 2,343,103 | 56,258 |
Aspen Insurance Holdings Ltd. | 1,381,778 | 56,100 |
Xenia Hotels & Resorts Inc. | 2,579,785 | 55,698 |
* HealthEquity Inc. | 1,192,696 | 55,651 |
Acadia Realty Trust | 2,022,146 | 55,326 |
DiamondRock Hospitality Co. | 4,853,148 | 54,792 |
Simmons First National Corp. Class A | 958,097 | 54,707 |
Old National Bancorp | 3,128,043 | 54,584 |
PS Business Parks Inc. | 436,329 | 54,580 |
QTS Realty Trust Inc. Class A | 1,001,363 | 54,234 |
Retail Opportunity Investments Corp. | 2,660,533 | 53,078 |
* Zillow Group Inc. Class A | 1,291,827 | 52,629 |
Kennedy-Wilson Holdings Inc. | 2,977,971 | 51,668 |
Rexford Industrial Realty Inc. | 1,757,286 | 51,242 |
BOK Financial Corp. | 554,223 | 51,166 |
* FCB Financial Holdings Inc. Class A | 997,498 | 50,673 |
Lexington Realty Trust | 5,226,702 | 50,438 |
Trustmark Corp. | 1,557,345 | 49,617 |
International Bancshares Corp. | 1,249,091 | 49,589 |
* HRG Group Inc. | 2,917,726 | 49,455 |
Potlatch Corp. | 982,341 | 49,019 |
* Blackhawk Network Holdings Inc. | 1,370,375 | 48,854 |
Axis Capital Holdings Ltd. | 968,869 | 48,695 |
Invesco Mortgage Capital Inc. | 2,703,333 | 48,200 |
United Community Banks Inc. | 1,695,355 | 47,707 |
Apollo Commercial Real Estate Finance Inc. | 2,583,288 | 47,662 |
First Merchants Corp. | 1,124,558 | 47,299 |
Santander Consumer USA Holdings Inc. | 2,527,120 | 47,055 |
Independent Bank Corp. | 664,759 | 46,433 |
Financial Engines Inc. | 1,531,196 | 46,395 |
ServisFirst Bancshares Inc. | 1,091,568 | 45,300 |
Artisan Partners Asset Management Inc. Class A | 1,145,496 | 45,247 |
Hilltop Holdings Inc. | 1,757,561 | 44,519 |
LegacyTexas Financial Group Inc. | 1,048,276 | 44,248 |
* Eagle Bancorp Inc. | 760,165 | 44,014 |
9
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Renasant Corp. | 1,063,284 | 43,478 | |
Government Properties Income Trust | 2,334,744 | 43,286 | |
HFF Inc. Class A | 887,883 | 43,187 | |
Waddell & Reed Financial Inc. Class A | 1,933,057 | 43,185 | |
Terreno Realty Corp. | 1,228,675 | 43,077 | |
Mack-Cali Realty Corp. | 1,966,518 | 42,398 | |
LTC Properties Inc. | 960,301 | 41,821 | |
* | OneMain Holdings Inc. | 1,608,960 | 41,817 |
*,^ | BofI Holding Inc. | 1,396,643 | 41,760 |
Towne Bank | 1,356,000 | 41,697 | |
Horace Mann Educators Corp. | 935,513 | 41,256 | |
WesBanco Inc. | 1,013,725 | 41,208 | |
Banner Corp. | 740,440 | 40,813 | |
Capitol Federal Financial Inc. | 3,026,675 | 40,588 | |
* | Enstar Group Ltd. | 199,382 | 40,026 |
Argo Group International Holdings Ltd. | 643,838 | 39,693 | |
First Hawaiian Inc. | 1,359,119 | 39,659 | |
Provident Financial Services Inc. | 1,465,934 | 39,536 | |
Kite Realty Group Trust | 1,985,201 | 38,910 | |
First Financial Bancorp | 1,436,246 | 37,845 | |
* | Genworth Financial Inc. Class A | 12,111,655 | 37,667 |
Chesapeake Lodging Trust | 1,388,159 | 37,605 | |
*,^ | LendingClub Corp. | 9,077,809 | 37,491 |
Moelis & Co. Class A | 765,873 | 37,145 | |
NBT Bancorp Inc. | 1,003,295 | 36,921 | |
Westamerica Bancorporation | 609,000 | 36,266 | |
WisdomTree Investments Inc. | 2,845,277 | 35,708 | |
*,^ | PRA Group Inc. | 1,049,077 | 34,829 |
Select Income REIT | 1,376,121 | 34,582 | |
Northwest Bancshares Inc. | 2,024,618 | 33,872 | |
Mercury General Corp. | 629,140 | 33,621 | |
Global Net Lease Inc. | 1,630,232 | 33,550 | |
Employers Holdings Inc. | 748,960 | 33,254 | |
American Assets Trust Inc. | 854,552 | 32,678 | |
* | Walker & Dunlop Inc. | 684,945 | 32,535 |
Washington Prime Group Inc. | 4,554,285 | 32,427 | |
S&T Bancorp Inc. | 809,682 | 32,233 | |
* | Quality Care Properties Inc. | 2,289,849 | 31,623 |
Alexander & Baldwin Inc. | 1,139,815 | 31,619 | |
Berkshire Hills Bancorp Inc. | 860,269 | 31,486 | |
CareTrust REIT Inc. | 1,845,670 | 30,933 | |
First Commonwealth Financial Corp. | 2,111,944 | 30,243 | |
Boston Private Financial Holdings Inc. | 1,955,038 | 30,205 | |
CYS Investments Inc. | 3,702,760 | 29,733 | |
Houlihan Lokey Inc. Class A | 647,008 | 29,394 | |
* | Third Point Reinsurance Ltd. | 1,991,007 | 29,168 |
Piper Jaffray Cos. | 336,751 | 29,045 | |
Tompkins Financial Corp. | 352,427 | 28,670 | |
Park National Corp. | 272,386 | 28,328 | |
National General Holdings Corp. | 1,434,972 | 28,183 | |
Brookline Bancorp Inc. | 1,784,917 | 28,023 | |
Redwood Trust Inc. | 1,889,493 | 28,002 | |
NRG Yield Inc. | 1,473,183 | 27,843 | |
Beneficial Bancorp Inc. | 1,670,774 | 27,484 | |
Infinity Property & Casualty Corp. | 257,766 | 27,323 | |
Navigators Group Inc. | 558,736 | 27,210 | |
State Bank Financial Corp. | 906,625 | 27,054 | |
Franklin Street Properties Corp. | 2,501,905 | 26,870 | |
First Interstate BancSystem Inc. Class A | 650,510 | 26,053 | |
* | Cannae Holdings Inc. | 1,523,092 | 25,938 |
Safety Insurance Group Inc. | 317,341 | 25,514 | |
^ | Seritage Growth Properties Class A | 620,057 | 25,088 |
Ramco-Gershenson Properties Trust | 1,692,346 | 24,928 | |
* | Encore Capital Group Inc. | 577,778 | 24,324 |
10
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | ARMOUR Residential REIT Inc. | 943,200 | 24,259 |
^ | AmTrust Financial Services Inc. | 2,405,203 | 24,220 |
^ | CBL & Associates Properties Inc. | 4,223,856 | 23,907 |
* | First BanCorp | 4,684,834 | 23,893 |
Kearny Financial Corp. | 1,646,228 | 23,788 | |
Universal Health Realty Income Trust | 303,413 | 22,789 | |
United Fire Group Inc. | 492,633 | 22,454 | |
Cohen & Steers Inc. | 473,835 | 22,408 | |
PennyMac Mortgage Investment Trust | 1,382,984 | 22,225 | |
BancFirst Corp. | 430,973 | 22,044 | |
Ladder Capital Corp. Class A | 1,571,836 | 21,424 | |
Central Pacific Financial Corp. | 712,947 | 21,267 | |
Getty Realty Corp. | 779,436 | 21,170 | |
Ameris Bancorp | 438,354 | 21,129 | |
MTGE Investment Corp. | 1,130,158 | 20,908 | |
Virtu Financial Inc. Class A | 1,116,065 | 20,424 | |
City Holding Co. | 301,323 | 20,330 | |
Summit Hotel Properties Inc. | 1,298,496 | 19,776 | |
^ | Pennsylvania REIT | 1,653,248 | 19,657 |
Virtus Investment Partners Inc. | 169,782 | 19,533 | |
* | Flagstar Bancorp Inc. | 498,819 | 18,666 |
Saul Centers Inc. | 298,428 | 18,428 | |
InfraREIT Inc. | 974,571 | 18,108 | |
National Bank Holdings Corp. Class A | 548,729 | 17,795 | |
Northfield Bancorp Inc. | 1,030,427 | 17,600 | |
Granite Point Mortgage Trust Inc. | 978,598 | 17,360 | |
TFS Financial Corp. | 1,160,373 | 17,336 | |
FBL Financial Group Inc. Class A | 247,932 | 17,269 | |
Capstead Mortgage Corp. | 1,979,236 | 17,120 | |
Investors Real Estate Trust | 3,004,861 | 17,068 | |
Nelnet Inc. Class A | 302,332 | 16,562 | |
New York REIT Inc. | 4,163,342 | 16,362 | |
National Western Life Group Inc. Class A | 49,413 | 16,357 | |
Alexander's Inc. | 41,018 | 16,237 | |
NRG Yield Inc. Class A | 853,615 | 16,091 | |
Oritani Financial Corp. | 977,652 | 16,034 | |
* | iStar Inc. | 1,412,595 | 15,962 |
* | St. Joe Co. | 881,576 | 15,912 |
Dime Community Bancshares Inc. | 749,879 | 15,710 | |
Urstadt Biddle Properties Inc. Class A | 703,803 | 15,301 | |
Investment Technology Group Inc. | 792,348 | 15,253 | |
* | Greenlight Capital Re Ltd. Class A | 738,395 | 14,842 |
*,^ | MBIA Inc. | 1,964,471 | 14,380 |
* | Marcus & Millichap Inc. | 433,259 | 14,129 |
* | Nationstar Mortgage Holdings Inc. | 745,791 | 13,797 |
Altisource Residential Corp. | 1,153,637 | 13,682 | |
Hersha Hospitality Trust Class A | 781,573 | 13,599 | |
Anworth Mortgage Asset Corp. | 2,452,875 | 13,344 | |
AG Mortgage Investment Trust Inc. | 700,023 | 13,307 | |
Maiden Holdings Ltd. | 1,864,184 | 12,304 | |
* | PennyMac Financial Services Inc. Class A | 539,972 | 12,068 |
State Auto Financial Corp. | 409,544 | 11,926 | |
Ashford Hospitality Trust Inc. | 1,762,181 | 11,860 | |
* | Cadence BanCorp Class A | 427,303 | 11,588 |
New Senior Investment Group Inc. | 1,439,805 | 10,885 | |
OFG Bancorp | 1,128,630 | 10,609 | |
RMR Group Inc. Class A | 174,794 | 10,365 | |
KKR Real Estate Finance Trust Inc. | 479,865 | 9,602 | |
* | World Acceptance Corp. | 117,197 | 9,460 |
* | Tejon Ranch Co. | 454,356 | 9,432 |
* | MoneyGram International Inc. | 708,627 | 9,340 |
* | Ambac Financial Group Inc. | 562,722 | 8,992 |
* | EZCORP Inc. Class A | 667,302 | 8,141 |
*,^ | Redfin Corp. | 257,600 | 8,068 |
11
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Altisource Portfolio Solutions SA | 286,048 | 8,009 |
^ | Greenhill & Co. Inc. | 402,866 | 7,856 |
* | Ocwen Financial Corp. | 2,425,610 | 7,592 |
* | Newmark Group Inc. Class A | 442,166 | 7,030 |
Hamilton Lane Inc. Class A | 185,732 | 6,573 | |
*,^ | Forestar Group Inc. | 292,911 | 6,444 |
TPG RE Finance Trust Inc. | 330,398 | 6,294 | |
Associated Capital Group Inc. Class A | 129,607 | 4,420 | |
* | On Deck Capital Inc. | 705,765 | 4,051 |
Urstadt Biddle Properties Inc. | 106,150 | 1,799 | |
GAMCO Investors Inc. Class A | 21,173 | 628 | |
Cboe Global Markets Inc. | 1,602 | 200 | |
* | SVB Financial Group | 754 | 176 |
Fairfax Financial Holdings Ltd. | 34 | 18 | |
20,683,619 | |||
Health Care (10.2%) | |||
* | Nektar Therapeutics Class A | 3,706,584 | 221,357 |
* | Exelixis Inc. | 6,955,380 | 211,444 |
* | WellCare Health Plans Inc. | 1,049,755 | 211,116 |
* | Bluebird Bio Inc. | 1,170,011 | 208,379 |
* | ABIOMED Inc. | 986,902 | 184,955 |
STERIS plc | 1,996,220 | 174,609 | |
West Pharmaceutical Services Inc. | 1,742,753 | 171,957 | |
* | Neurocrine Biosciences Inc. | 2,073,350 | 160,871 |
* | Sage Therapeutics Inc. | 932,597 | 153,608 |
* | Exact Sciences Corp. | 2,807,489 | 147,505 |
* | Ionis Pharmaceuticals Inc. | 2,921,216 | 146,937 |
* | United Therapeutics Corp. | 959,797 | 142,002 |
* | Bioverativ Inc. | 2,534,407 | 136,655 |
* | Alnylam Pharmaceuticals Inc. | 1,046,653 | 132,977 |
Teleflex Inc. | 528,260 | 131,442 | |
Hill-Rom Holdings Inc. | 1,532,608 | 129,184 | |
* | Catalent Inc. | 3,089,613 | 126,921 |
* | Charles River Laboratories International Inc. | 1,112,877 | 121,804 |
* | Bio-Rad Laboratories Inc. Class A | 491,220 | 117,239 |
* | MEDNAX Inc. | 2,191,357 | 117,106 |
* | DexCom Inc. | 2,034,602 | 116,766 |
Bio-Techne Corp. | 879,121 | 113,890 | |
* | PRA Health Sciences Inc. | 1,202,238 | 109,488 |
HealthSouth Corp. | 2,193,583 | 108,385 | |
* | Envision Healthcare Corp. | 2,831,891 | 97,870 |
* | Insulet Corp. | 1,355,390 | 93,522 |
* | Juno Therapeutics Inc. | 2,026,563 | 92,634 |
* | Masimo Corp. | 1,085,765 | 92,073 |
Cantel Medical Corp. | 850,584 | 87,500 | |
* | Molina Healthcare Inc. | 1,139,989 | 87,414 |
Healthcare Services Group Inc. | 1,614,330 | 85,107 | |
* | Sarepta Therapeutics Inc. | 1,472,093 | 81,907 |
* | INC Research Holdings Inc. Class A | 1,871,255 | 81,587 |
Bruker Corp. | 2,361,164 | 81,035 | |
* | FibroGen Inc. | 1,614,671 | 76,535 |
* | ICU Medical Inc. | 349,355 | 75,461 |
* | Puma Biotechnology Inc. | 760,422 | 75,168 |
* | Portola Pharmaceuticals Inc. | 1,541,956 | 75,062 |
* | Clovis Oncology Inc. | 1,084,839 | 73,769 |
* | Haemonetics Corp. | 1,268,469 | 73,673 |
* | TESARO Inc. | 885,645 | 73,393 |
* | Integra LifeSciences Holdings Corp. | 1,504,961 | 72,027 |
* | Neogen Corp. | 873,189 | 71,785 |
* | NuVasive Inc. | 1,222,326 | 71,494 |
*,^ | ACADIA Pharmaceuticals Inc. | 2,356,312 | 70,949 |
* | Blueprint Medicines Corp. | 909,148 | 68,559 |
Patterson Cos. Inc. | 1,884,452 | 68,085 |
12
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Akorn Inc. | 2,101,946 | 67,746 |
* | Penumbra Inc. | 709,841 | 66,796 |
* | Globus Medical Inc. | 1,605,479 | 65,985 |
* | Acadia Healthcare Co. Inc. | 1,930,658 | 62,997 |
* | Ligand Pharmaceuticals Inc. | 456,606 | 62,523 |
* | Seattle Genetics Inc. | 1,123,435 | 60,104 |
* | Halozyme Therapeutics Inc. | 2,910,609 | 58,969 |
* | Array BioPharma Inc. | 4,575,069 | 58,561 |
* | Horizon Pharma plc | 3,937,027 | 57,481 |
* | Avexis Inc. | 517,331 | 57,253 |
* | Myriad Genetics Inc. | 1,656,260 | 56,884 |
* | Wright Medical Group NV | 2,534,706 | 56,270 |
* | Magellan Health Inc. | 573,827 | 55,403 |
* | Amicus Therapeutics Inc. | 3,847,257 | 55,362 |
* | Insmed Inc. | 1,763,660 | 54,991 |
* | Agios Pharmaceuticals Inc. | 954,208 | 54,552 |
* | Prestige Brands Holdings Inc. | 1,209,042 | 53,694 |
* | Halyard Health Inc. | 1,130,111 | 52,189 |
* | Aerie Pharmaceuticals Inc. | 848,214 | 50,681 |
* | Merit Medical Systems Inc. | 1,155,109 | 49,901 |
* | Mallinckrodt plc | 2,203,481 | 49,711 |
* | Ironwood Pharmaceuticals Inc. Class A | 3,276,878 | 49,120 |
* | Inogen Inc. | 401,021 | 47,754 |
* | Loxo Oncology Inc. | 555,863 | 46,793 |
* | LifePoint Health Inc. | 899,034 | 44,772 |
* | Supernus Pharmaceuticals Inc. | 1,119,294 | 44,604 |
* | Brookdale Senior Living Inc. | 4,522,496 | 43,868 |
* | Medicines Co. | 1,590,641 | 43,488 |
* | Pacira Pharmaceuticals Inc. | 932,063 | 42,549 |
* | Nevro Corp. | 608,768 | 42,029 |
* | Select Medical Holdings Corp. | 2,297,006 | 40,542 |
* | Ultragenyx Pharmaceutical Inc. | 871,449 | 40,418 |
*,^ | OPKO Health Inc. | 8,158,023 | 39,974 |
*,^ | Teladoc Inc. | 1,106,671 | 38,568 |
*,^ | Spark Therapeutics Inc. | 740,222 | 38,062 |
* | Endo International plc | 4,884,110 | 37,852 |
* | Spectrum Pharmaceuticals Inc. | 1,980,099 | 37,523 |
* | Global Blood Therapeutics Inc. | 953,468 | 37,519 |
*,^ | Tenet Healthcare Corp. | 2,457,187 | 37,251 |
* | Amedisys Inc. | 702,129 | 37,009 |
* | Varex Imaging Corp. | 917,741 | 36,866 |
* | NxStage Medical Inc. | 1,503,294 | 36,425 |
* | Emergent BioSolutions Inc. | 745,502 | 34,643 |
* | Tivity Health Inc. | 916,680 | 33,505 |
* | Novocure Ltd. | 1,631,775 | 32,962 |
* | HMS Holdings Corp. | 1,890,047 | 32,036 |
*,^ | Radius Health Inc. | 957,826 | 30,430 |
* | Arena Pharmaceuticals Inc. | 891,722 | 30,292 |
* | Impax Laboratories Inc. | 1,815,996 | 30,236 |
* | Quidel Corp. | 694,700 | 30,115 |
Owens & Minor Inc. | 1,498,540 | 28,292 | |
* | Aimmune Therapeutics Inc. | 743,416 | 28,116 |
CONMED Corp. | 542,296 | 27,641 | |
*,^ | Theravance Biopharma Inc. | 988,927 | 27,581 |
*,^ | Editas Medicine Inc. | 874,993 | 26,889 |
* | Innoviva Inc. | 1,879,031 | 26,663 |
Abaxis Inc. | 528,541 | 26,173 | |
Analogic Corp. | 306,641 | 25,681 | |
* | Momenta Pharmaceuticals Inc. | 1,795,491 | 25,047 |
* | LHC Group Inc. | 406,122 | 24,875 |
* | Acorda Therapeutics Inc. | 1,146,381 | 24,590 |
Ensign Group Inc. | 1,082,191 | 24,025 | |
* | Orthofix International NV | 425,871 | 23,295 |
* | Intercept Pharmaceuticals Inc. | 396,581 | 23,168 |
13
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Corcept Therapeutics Inc. | 1,114,014 | 20,119 |
Kindred Healthcare Inc. | 2,057,480 | 19,958 | |
* | Acceleron Pharma Inc. | 465,769 | 19,767 |
Luminex Corp. | 983,606 | 19,377 | |
* | Omnicell Inc. | 398,713 | 19,338 |
* | Alder Biopharmaceuticals Inc. | 1,603,106 | 18,356 |
*,^ | Lannett Co. Inc. | 780,927 | 18,118 |
*,^ | Intrexon Corp. | 1,495,922 | 17,233 |
*,^ | Glaukos Corp. | 665,716 | 17,076 |
* | Genomic Health Inc. | 482,062 | 16,487 |
*,^ | Epizyme Inc. | 1,275,157 | 16,003 |
* | Intra-Cellular Therapies Inc. | 1,099,471 | 15,920 |
* | AnaptysBio Inc. | 152,548 | 15,365 |
* | Repligen Corp. | 419,101 | 15,205 |
* | HealthStream Inc. | 641,606 | 14,860 |
Meridian Bioscience Inc. | 1,056,532 | 14,791 | |
Invacare Corp. | 830,129 | 13,988 | |
*,^ | MiMedx Group Inc. | 1,108,433 | 13,977 |
*,^ | TherapeuticsMD Inc. | 2,182,175 | 13,180 |
*,^ | Synergy Pharmaceuticals Inc. | 5,525,896 | 12,323 |
* | Natus Medical Inc. | 314,534 | 12,015 |
*,^ | AMAG Pharmaceuticals Inc. | 894,643 | 11,854 |
*,^ | Community Health Systems Inc. | 2,777,483 | 11,832 |
*,^ | Endologix Inc. | 2,024,078 | 10,829 |
*,^ | Keryx Biopharmaceuticals Inc. | 2,295,485 | 10,674 |
* | Intellia Therapeutics Inc. | 543,390 | 10,444 |
* | CorVel Corp. | 195,409 | 10,337 |
* | PDL BioPharma Inc. | 3,743,530 | 10,257 |
National HealthCare Corp. | 164,700 | 10,037 | |
* | Achillion Pharmaceuticals Inc. | 3,379,998 | 9,734 |
* | PTC Therapeutics Inc. | 515,580 | 8,600 |
* | Medpace Holdings Inc. | 225,945 | 8,193 |
*,^ | Lexicon Pharmaceuticals Inc. | 812,407 | 8,027 |
* | Five Prime Therapeutics Inc. | 362,085 | 7,937 |
*,^ | Insys Therapeutics Inc. | 820,410 | 7,892 |
* | Natera Inc. | 842,803 | 7,577 |
* | Aduro Biotech Inc. | 944,294 | 7,082 |
*,^ | ZIOPHARM Oncology Inc. | 1,698,440 | 7,032 |
* | Accuray Inc. | 1,588,652 | 6,831 |
*,^ | Surgery Partners Inc. | 545,787 | 6,604 |
*,^ | Akcea Therapeutics Inc. | 355,915 | 6,179 |
* | Depomed Inc. | 766,326 | 6,169 |
* | American Renal Associates Holdings Inc. | 345,919 | 6,019 |
*,^ | Denali Therapeutics Inc. | 332,106 | 5,194 |
*,^ | Celldex Therapeutics Inc. | 1,635,496 | 4,645 |
*,^ | Seres Therapeutics Inc. | 312,783 | 3,172 |
*,^ | NantKwest Inc. | 435,479 | 1,955 |
8,659,062 | |||
Industrials (20.6%) | |||
* | XPO Logistics Inc. | 2,825,373 | 258,776 |
Broadridge Financial Solutions Inc. | 2,767,906 | 250,717 | |
IDEX Corp. | 1,810,633 | 238,949 | |
Spirit AeroSystems Holdings Inc. Class A | 2,724,382 | 237,702 | |
Jack Henry & Associates Inc. | 1,840,266 | 215,238 | |
* | TransUnion | 3,889,674 | 213,777 |
AO Smith Corp. | 3,436,412 | 210,583 | |
Old Dominion Freight Line Inc. | 1,563,917 | 205,733 | |
Lennox International Inc. | 937,580 | 195,260 | |
PerkinElmer Inc. | 2,602,722 | 190,311 | |
* | Berry Global Group Inc. | 3,137,078 | 184,052 |
* | Keysight Technologies Inc. | 4,360,467 | 181,395 |
Orbital ATK Inc. | 1,367,705 | 179,853 | |
Graco Inc. | 3,960,778 | 179,106 | |
Allegion plc | 2,244,071 | 178,538 |
14
Vanguard® Small-Cap Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Universal Display Corp. | 995,671 | 171,903 |
Nordson Corp. | 1,154,430 | 169,009 |
* HD Supply Holdings Inc. | 4,159,998 | 166,525 |
Carlisle Cos. Inc. | 1,458,760 | 165,788 |
* Coherent Inc. | 578,744 | 163,333 |
Oshkosh Corp. | 1,764,016 | 160,331 |
Toro Co. | 2,412,482 | 157,366 |
Donaldson Co. Inc. | 3,054,651 | 149,525 |
BWX Technologies Inc. | 2,356,406 | 142,539 |
* WEX Inc. | 1,009,088 | 142,514 |
* Quanta Services Inc. | 3,634,403 | 142,142 |
Knight-Swift Transportation Holdings Inc. | 3,143,165 | 137,419 |
* AECOM | 3,688,712 | 137,036 |
Packaging Corp. of America | 1,120,335 | 135,056 |
* Teledyne Technologies Inc. | 744,479 | 134,862 |
Trinity Industries Inc. | 3,562,571 | 133,454 |
Hexcel Corp. | 2,103,166 | 130,081 |
* Zebra Technologies Corp. | 1,243,941 | 129,121 |
AptarGroup Inc. | 1,485,078 | 128,133 |
* CoStar Group Inc. | 427,731 | 127,015 |
Lincoln Electric Holdings Inc. | 1,385,692 | 126,902 |
Huntington Ingalls Industries Inc. | 533,721 | 125,798 |
Sonoco Products Co. | 2,347,921 | 124,769 |
Booz Allen Hamilton Holding Corp. Class A | 3,262,824 | 124,412 |
Watsco Inc. | 729,291 | 124,009 |
MDU Resources Group Inc. | 4,586,364 | 123,281 |
Eagle Materials Inc. | 1,075,077 | 121,806 |
Cognex Corp. | 1,938,456 | 118,556 |
Genpact Ltd. | 3,698,591 | 117,393 |
National Instruments Corp. | 2,748,476 | 114,419 |
* Genesee & Wyoming Inc. Class A | 1,448,832 | 114,067 |
Graphic Packaging Holding Co. | 7,319,158 | 113,081 |
EMCOR Group Inc. | 1,380,961 | 112,894 |
Curtiss-Wright Corp. | 926,212 | 112,859 |
AGCO Corp. | 1,576,471 | 112,607 |
Avnet Inc. | 2,814,217 | 111,499 |
Air Lease Corp. Class A | 2,294,937 | 110,364 |
MAXIMUS Inc. | 1,531,436 | 109,620 |
ITT Inc. | 2,041,446 | 108,952 |
Ryder System Inc. | 1,246,210 | 104,894 |
Littelfuse Inc. | 529,645 | 104,774 |
Crane Co. | 1,172,969 | 104,652 |
Jabil Inc. | 3,922,936 | 102,977 |
Landstar System Inc. | 987,411 | 102,790 |
Bemis Co. Inc. | 2,125,141 | 101,561 |
MSC Industrial Direct Co. Inc. Class A | 1,037,731 | 100,307 |
* Euronet Worldwide Inc. | 1,179,079 | 99,361 |
Woodward Inc. | 1,286,340 | 98,456 |
Kennametal Inc. | 1,879,221 | 90,973 |
* CoreLogic Inc. | 1,933,039 | 89,326 |
Terex Corp. | 1,846,182 | 89,023 |
* Louisiana-Pacific Corp. | 3,383,900 | 88,861 |
Brink's Co. | 1,124,205 | 88,475 |
* IPG Photonics Corp. | 411,784 | 88,175 |
Valmont Industries Inc. | 530,683 | 88,014 |
Deluxe Corp. | 1,115,897 | 85,746 |
* Owens-Illinois Inc. | 3,828,391 | 84,875 |
* Kirby Corp. | 1,253,956 | 83,764 |
John Bean Technologies Corp. | 737,673 | 81,734 |
* Summit Materials Inc. Class A | 2,596,337 | 81,629 |
* KLX Inc. | 1,193,351 | 81,446 |
Maxar Technologies Ltd. | 1,264,904 | 81,359 |
Timken Co. | 1,609,083 | 79,086 |
Regal Beloit Corp. | 1,029,537 | 78,863 |
15
Vanguard® Small-Cap Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
* MasTec Inc. | 1,591,175 | 77,888 |
* Conduent Inc. | 4,803,363 | 77,622 |
FLIR Systems Inc. | 1,649,969 | 76,922 |
* USG Corp. | 1,967,625 | 75,872 |
Belden Inc. | 969,901 | 74,847 |
Barnes Group Inc. | 1,177,330 | 74,490 |
* On Assignment Inc. | 1,153,157 | 74,113 |
* Trex Co. Inc. | 682,844 | 74,013 |
* WESCO International Inc. | 1,082,939 | 73,802 |
* Colfax Corp. | 1,839,146 | 72,867 |
HEICO Corp. | 771,246 | 72,767 |
* Generac Holdings Inc. | 1,449,331 | 71,771 |
* Rogers Corp. | 437,529 | 70,845 |
HEICO Corp. Class A | 886,059 | 70,043 |
* Cimpress NV | 578,103 | 69,303 |
EnerSys | 976,436 | 67,989 |
* Moog Inc. Class A | 778,101 | 67,578 |
* RBC Bearings Inc. | 527,442 | 66,669 |
* Rexnord Corp. | 2,507,041 | 65,233 |
* TopBuild Corp. | 859,786 | 65,120 |
KBR Inc. | 3,259,877 | 64,643 |
Flowserve Corp. | 1,507,390 | 63,506 |
Vishay Intertechnology Inc. | 3,039,367 | 63,067 |
* Clean Harbors Inc. | 1,157,606 | 62,742 |
* JELD-WEN Holding Inc. | 1,588,691 | 62,547 |
Tetra Tech Inc. | 1,278,577 | 61,564 |
* II-VI Inc. | 1,310,352 | 61,521 |
UniFirst Corp. | 372,235 | 61,382 |
MSA Safety Inc. | 782,466 | 60,657 |
Applied Industrial Technologies Inc. | 879,961 | 59,925 |
* Proto Labs Inc. | 578,560 | 59,592 |
* Armstrong World Industries Inc. | 981,808 | 59,449 |
Granite Construction Inc. | 919,158 | 58,302 |
* WageWorks Inc. | 919,852 | 57,031 |
* Builders FirstSource Inc. | 2,607,119 | 56,809 |
ABM Industries Inc. | 1,499,578 | 56,564 |
* Gardner Denver Holdings Inc. | 1,661,098 | 56,361 |
Silgan Holdings Inc. | 1,865,862 | 54,838 |
* AMN Healthcare Services Inc. | 1,106,727 | 54,506 |
GATX Corp. | 875,356 | 54,412 |
* Esterline Technologies Corp. | 725,799 | 54,217 |
Simpson Manufacturing Co. Inc. | 923,605 | 53,024 |
* Anixter International Inc. | 685,727 | 52,115 |
* Itron Inc. | 759,329 | 51,786 |
* Sanmina Corp. | 1,565,141 | 51,650 |
Watts Water Technologies Inc. Class A | 673,628 | 51,162 |
* Navistar International Corp. | 1,189,658 | 51,013 |
Convergys Corp. | 2,141,930 | 50,335 |
* Meritor Inc. | 2,141,576 | 50,241 |
Insperity Inc. | 875,863 | 50,231 |
Universal Forest Products Inc. | 1,324,199 | 49,816 |
* Plexus Corp. | 814,531 | 49,458 |
Schneider National Inc. Class B | 1,707,568 | 48,768 |
EnPro Industries Inc. | 517,873 | 48,426 |
* Masonite International Corp. | 653,076 | 48,426 |
Korn/Ferry | 1,169,598 | 48,398 |
Covanta Holding Corp. | 2,858,806 | 48,314 |
* Aerojet Rocketdyne Holdings Inc. | 1,545,873 | 48,231 |
Mueller Industries Inc. | 1,321,687 | 46,827 |
* SPX FLOW Inc. | 974,335 | 46,330 |
Triton International Ltd. | 1,214,700 | 45,491 |
* ExlService Holdings Inc. | 752,036 | 45,385 |
* TriNet Group Inc. | 1,010,198 | 44,792 |
Mueller Water Products Inc. Class A | 3,574,599 | 44,790 |
16
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Exponent Inc. | 625,569 | 44,478 | |
Franklin Electric Co. Inc. | 959,335 | 44,034 | |
Albany International Corp. | 698,342 | 42,913 | |
*,^ | Ambarella Inc. | 730,294 | 42,905 |
World Fuel Services Corp. | 1,488,022 | 41,873 | |
Brady Corp. Class A | 1,100,510 | 41,709 | |
Kaman Corp. | 678,350 | 39,914 | |
^ | Chicago Bridge & Iron Co. NV | 2,459,497 | 39,696 |
Comfort Systems USA Inc. | 907,556 | 39,615 | |
Forward Air Corp. | 685,884 | 39,397 | |
Werner Enterprises Inc. | 991,386 | 38,317 | |
Otter Tail Corp. | 860,321 | 38,241 | |
* | FTI Consulting Inc. | 876,086 | 37,637 |
* | Floor & Decor Holdings Inc. Class A | 772,272 | 37,594 |
* | Hub Group Inc. Class A | 775,149 | 37,130 |
Greif Inc. Class A | 611,507 | 37,045 | |
Mobile Mini Inc. | 1,073,361 | 37,031 | |
* | Harsco Corp. | 1,958,181 | 36,520 |
Sun Hydraulics Corp. | 561,797 | 36,343 | |
ESCO Technologies Inc. | 597,064 | 35,973 | |
*,^ | MACOM Technology Solutions Holdings Inc. | 1,095,697 | 35,654 |
* | Benchmark Electronics Inc. | 1,214,001 | 35,327 |
Greenbrier Cos. Inc. | 662,034 | 35,286 | |
AAON Inc. | 960,293 | 35,243 | |
* | TTM Technologies Inc. | 2,232,125 | 34,977 |
Actuant Corp. Class A | 1,382,016 | 34,965 | |
* | Integer Holdings Corp. | 767,905 | 34,786 |
Boise Cascade Co. | 870,642 | 34,739 | |
Altra Industrial Motion Corp. | 678,081 | 34,175 | |
Methode Electronics Inc. | 851,939 | 34,163 | |
General Cable Corp. | 1,150,087 | 34,043 | |
* | Atlas Air Worldwide Holdings Inc. | 573,791 | 33,653 |
* | Milacron Holdings Corp. | 1,698,186 | 32,503 |
AZZ Inc. | 635,933 | 32,496 | |
Cubic Corp. | 548,085 | 32,310 | |
Badger Meter Inc. | 674,720 | 32,252 | |
Apogee Enterprises Inc. | 702,979 | 32,147 | |
H&E Equipment Services Inc. | 783,104 | 31,833 | |
Tennant Co. | 437,363 | 31,774 | |
* | Air Transport Services Group Inc. | 1,370,566 | 31,715 |
Standex International Corp. | 310,026 | 31,576 | |
Aircastle Ltd. | 1,347,579 | 31,520 | |
Matson Inc. | 1,055,221 | 31,488 | |
Triumph Group Inc. | 1,155,791 | 31,438 | |
AAR Corp. | 796,034 | 31,276 | |
* | Paylocity Holding Corp. | 658,827 | 31,070 |
* | SPX Corp. | 988,651 | 31,034 |
Manitowoc Co. Inc. | 774,039 | 30,451 | |
Raven Industries Inc. | 882,300 | 30,307 | |
* | TriMas Corp. | 1,117,308 | 29,888 |
* | Sykes Enterprises Inc. | 946,897 | 29,780 |
Wabash National Corp. | 1,372,036 | 29,773 | |
Astec Industries Inc. | 508,923 | 29,772 | |
* | Aerovironment Inc. | 526,209 | 29,552 |
* | Imperva Inc. | 742,865 | 29,492 |
* | GMS Inc. | 782,741 | 29,462 |
* | Knowles Corp. | 1,985,558 | 29,108 |
* | Cotiviti Holdings Inc. | 900,988 | 29,021 |
ManTech International Corp. Class A | 576,103 | 28,915 | |
* | OSI Systems Inc. | 434,668 | 27,984 |
* | Continental Building Products Inc. | 941,730 | 26,510 |
Heartland Express Inc. | 1,126,510 | 26,293 | |
McGrath RentCorp | 558,971 | 26,260 | |
* | Advanced Disposal Services Inc. | 1,089,071 | 26,072 |
17
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Primoris Services Corp. | 947,240 | 25,755 | |
* | TrueBlue Inc. | 905,884 | 24,912 |
* | Tutor Perini Corp. | 977,274 | 24,774 |
Materion Corp. | 493,309 | 23,975 | |
Encore Wire Corp. | 487,462 | 23,715 | |
REV Group Inc. | 714,984 | 23,258 | |
^ | Sturm Ruger & Co. Inc. | 415,207 | 23,189 |
MTS Systems Corp. | 417,008 | 22,393 | |
*,^ | Inovalon Holdings Inc. Class A | 1,484,302 | 22,265 |
AVX Corp. | 1,248,752 | 21,603 | |
ArcBest Corp. | 601,928 | 21,519 | |
Schnitzer Steel Industries Inc. | 635,465 | 21,288 | |
CIRCOR International Inc. | 410,962 | 20,006 | |
Quanex Building Products Corp. | 853,499 | 19,972 | |
* | Aegion Corp. Class A | 776,387 | 19,744 |
Advanced Drainage Systems Inc. | 824,686 | 19,669 | |
EVERTEC Inc. | 1,437,522 | 19,622 | |
* | Huron Consulting Group Inc. | 481,875 | 19,492 |
* | FARO Technologies Inc. | 412,339 | 19,380 |
* | Navigant Consulting Inc. | 989,175 | 19,200 |
Lindsay Corp. | 216,769 | 19,119 | |
* | Thermon Group Holdings Inc. | 805,262 | 19,061 |
* | Cardtronics plc Class A | 1,023,600 | 18,957 |
*,^ | Evolent Health Inc. Class A | 1,481,938 | 18,228 |
Kelly Services Inc. Class A | 664,908 | 18,132 | |
* | Veeco Instruments Inc. | 1,215,913 | 18,056 |
Griffon Corp. | 879,121 | 17,890 | |
* | Installed Building Products Inc. | 230,678 | 17,520 |
Hyster-Yale Materials Handling Inc. | 203,632 | 17,341 | |
*,^ | American Outdoor Brands Corp. | 1,343,731 | 17,254 |
* | Atkore International Group Inc. | 801,028 | 17,182 |
Quad/Graphics Inc. | 758,540 | 17,143 | |
*,^ | Axon Enterprise Inc. | 630,351 | 16,704 |
* | Donnelley Financial Solutions Inc. | 842,535 | 16,421 |
RR Donnelley & Sons Co. | 1,754,866 | 16,320 | |
RPX Corp. | 1,175,506 | 15,799 | |
TeleTech Holdings Inc. | 345,776 | 13,918 | |
* | TimkenSteel Corp. | 852,366 | 12,947 |
Kforce Inc. | 505,541 | 12,765 | |
LSC Communications Inc. | 835,786 | 12,662 | |
* | InnerWorkings Inc. | 1,176,107 | 11,796 |
Resources Connection Inc. | 725,722 | 11,212 | |
* | Team Inc. | 732,313 | 10,911 |
* | Bazaarvoice Inc. | 1,956,380 | 10,662 |
* | Wesco Aircraft Holdings Inc. | 1,416,154 | 10,480 |
Greif Inc. Class B | 149,205 | 10,347 | |
* | Mistras Group Inc. | 436,484 | 10,244 |
Gorman-Rupp Co. | 321,569 | 10,036 | |
* | Ply Gem Holdings Inc. | 534,469 | 9,888 |
* | Armstrong Flooring Inc. | 566,380 | 9,583 |
* | Astronics Corp. | 216,373 | 8,973 |
* | PHH Corp. | 844,618 | 8,700 |
American Railcar Industries Inc. | 200,193 | 8,336 | |
Park Electrochemical Corp. | 327,389 | 6,433 | |
* | International Seaways Inc. | 304,572 | 5,622 |
*,^ | Forterra Inc. | 312,117 | 3,465 |
* | Astronics Corp. Class B | 56,563 | 2,356 |
Essendant Inc. | 181,073 | 1,679 | |
* | Dorian LPG Ltd. | 14,887 | 122 |
* | Babcock & Wilcox Enterprises Inc. | 698 | 4 |
17,450,396 | |||
Oil & Gas (4.9%) | |||
* | Diamondback Energy Inc. | 2,312,598 | 291,966 |
* | Parsley Energy Inc. Class A | 5,566,120 | 163,867 |
18
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Newfield Exploration Co. | 4,661,922 | 146,990 |
* | WPX Energy Inc. | 9,289,799 | 130,708 |
* | Energen Corp. | 2,266,986 | 130,510 |
* | First Solar Inc. | 1,843,424 | 124,468 |
Targa Resources Corp. | 2,517,921 | 121,918 | |
* | RSP Permian Inc. | 2,971,126 | 120,865 |
Patterson-UTI Energy Inc. | 5,171,387 | 118,994 | |
Murphy Oil Corp. | 3,816,191 | 118,493 | |
Core Laboratories NV | 1,036,673 | 113,568 | |
HollyFrontier Corp. | 2,082,771 | 106,680 | |
Range Resources Corp. | 5,791,934 | 98,810 | |
*,^ | Transocean Ltd. | 9,160,084 | 97,830 |
*,^ | Weatherford International plc | 23,170,514 | 96,621 |
PBF Energy Inc. Class A | 2,451,626 | 86,910 | |
*,^ | Chesapeake Energy Corp. | 19,968,485 | 79,075 |
* | PDC Energy Inc. | 1,527,075 | 78,705 |
* | Matador Resources Co. | 2,351,326 | 73,197 |
Helmerich & Payne Inc. | 1,132,314 | 73,193 | |
*,^ | Centennial Resource Development Inc. Class A | 3,628,755 | 71,849 |
* | Southwestern Energy Co. | 12,282,939 | 68,539 |
Ensco plc Class A | 10,150,280 | 59,988 | |
Delek US Holdings Inc. | 1,702,038 | 59,469 | |
* | Callon Petroleum Co. | 4,884,231 | 59,343 |
SemGroup Corp. Class A | 1,905,496 | 57,546 | |
SM Energy Co. | 2,589,987 | 57,187 | |
*,^ | Whiting Petroleum Corp. | 2,109,990 | 55,873 |
* | QEP Resources Inc. | 5,824,260 | 55,738 |
* | Oasis Petroleum Inc. | 6,421,987 | 54,009 |
CNX Resources Corp. | 3,464,046 | 50,679 | |
Oceaneering International Inc. | 2,386,343 | 50,447 | |
* | Gulfport Energy Corp. | 3,769,562 | 48,100 |
* | Rowan Cos. plc Class A | 3,069,750 | 48,072 |
Nabors Industries Ltd. | 6,799,492 | 46,441 | |
* | C&J Energy Services Inc. | 1,384,958 | 46,355 |
* | McDermott International Inc. | 6,566,005 | 43,204 |
Pattern Energy Group Inc. Class A | 1,998,546 | 42,949 | |
* | Ultra Petroleum Corp. | 4,557,527 | 41,291 |
* | Dril-Quip Inc. | 861,570 | 41,097 |
* | Laredo Petroleum Inc. | 3,827,787 | 40,613 |
* | Carrizo Oil & Gas Inc. | 1,887,318 | 40,162 |
^ | RPC Inc. | 1,477,682 | 37,725 |
* | MRC Global Inc. | 2,186,934 | 37,003 |
* | Superior Energy Services Inc. | 3,743,858 | 36,053 |
* | Extraction Oil & Gas Inc. | 2,504,424 | 35,838 |
* | Oil States International Inc. | 1,251,580 | 35,420 |
* | Chart Industries Inc. | 682,748 | 31,994 |
* | NOW Inc. | 2,651,499 | 29,246 |
* | ProPetro Holding Corp. | 1,425,831 | 28,745 |
* | Unit Corp. | 1,299,036 | 28,579 |
* | Forum Energy Technologies Inc. | 1,818,613 | 28,279 |
* | Exterran Corp. | 836,291 | 26,293 |
* | Helix Energy Solutions Group Inc. | 3,454,417 | 26,046 |
*,^ | Diamond Offshore Drilling Inc. | 1,390,621 | 25,852 |
* | Noble Corp. plc | 5,555,572 | 25,111 |
* | SRC Energy Inc. | 2,591,929 | 22,109 |
* | Denbury Resources Inc. | 9,935,762 | 21,958 |
*,^ | Tellurian Inc. | 1,941,584 | 18,911 |
* | SEACOR Holdings Inc. | 396,799 | 18,340 |
* | Newpark Resources Inc. | 2,028,504 | 17,445 |
^ | CVR Energy Inc. | 435,967 | 16,235 |
*,^ | Keane Group Inc. | 849,720 | 16,153 |
Archrock Inc. | 1,521,792 | 15,979 | |
* | Jagged Peak Energy Inc. | 814,341 | 12,850 |
*,^ | SunPower Corp. Class A | 1,407,239 | 11,863 |
19
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | WildHorse Resource Development Corp. | 641,993 | 11,819 |
Green Plains Inc. | 518,625 | 8,739 | |
* | TETRA Technologies Inc. | 1,502,426 | 6,415 |
*,^ | Sanchez Energy Corp. | 993,551 | 5,276 |
*,^ | NCS Multistage Holdings Inc. | 256,465 | 3,780 |
*,^ | NextDecade Corp. | 447,682 | 3,725 |
* | Eclipse Resources Corp. | 1,266,328 | 3,039 |
*,^ | EP Energy Corp. Class A | 1,173,918 | 2,770 |
* | Flotek Industries Inc. | 768 | 4 |
* | SEACOR Marine Holdings Inc. | 249 | 3 |
4,161,916 | |||
Other (0.0%)2 | |||
*,3 | Dyax Corp. CVR Exp. 12/31/2019 | 2,940,655 | 5,881 |
*,3 | Herbalife Ltd. CVR | 228,911 | 2,221 |
*,3 | NewStar Financial Inc. CVR | 651,238 | 352 |
*,3 | Media General Inc. CVR | 2,475,062 | 96 |
*,3 | Clinical Data CVR | 297,875 | — |
8,550 | |||
Technology (11.1%) | |||
CDW Corp. | 3,607,817 | 250,707 | |
Leidos Holdings Inc. | 3,568,078 | 230,391 | |
* | IAC/InterActiveCorp | 1,795,561 | 219,561 |
* | ON Semiconductor Corp. | 10,093,884 | 211,366 |
Teradyne Inc. | 4,636,329 | 194,123 | |
* | CommScope Holding Co. Inc. | 4,487,097 | 169,747 |
SS&C Technologies Holdings Inc. | 4,141,439 | 167,645 | |
* | PTC Inc. | 2,720,673 | 165,335 |
* | Fortinet Inc. | 3,472,630 | 151,719 |
* | Tyler Technologies Inc. | 846,912 | 149,946 |
* | Ultimate Software Group Inc. | 666,412 | 145,431 |
* | Microsemi Corp. | 2,767,370 | 142,935 |
* | Veeva Systems Inc. Class A | 2,553,075 | 141,134 |
* | GoDaddy Inc. Class A | 2,781,785 | 139,868 |
* | Guidewire Software Inc. | 1,780,565 | 132,225 |
* | Cavium Inc. | 1,563,736 | 131,088 |
* | EPAM Systems Inc. | 1,194,153 | 128,288 |
* | athenahealth Inc. | 939,132 | 124,942 |
MKS Instruments Inc. | 1,273,614 | 120,357 | |
CSRA Inc. | 3,851,241 | 115,229 | |
Cypress Semiconductor Corp. | 7,400,103 | 112,778 | |
* | Aspen Technology Inc. | 1,698,322 | 112,429 |
* | Nuance Communications Inc. | 6,737,420 | 110,157 |
* | Teradata Corp. | 2,835,757 | 109,063 |
Fair Isaac Corp. | 702,967 | 107,695 | |
* | ARRIS International plc | 4,159,718 | 106,863 |
Blackbaud Inc. | 1,128,425 | 106,625 | |
* | Tableau Software Inc. Class A | 1,506,967 | 104,282 |
Monolithic Power Systems Inc. | 924,666 | 103,895 | |
Entegris Inc. | 3,297,202 | 100,400 | |
*,^ | ViaSat Inc. | 1,323,395 | 99,056 |
* | NCR Corp. | 2,836,638 | 96,417 |
SYNNEX Corp. | 699,656 | 95,118 | |
* | Proofpoint Inc. | 1,015,270 | 90,166 |
*,^ | Paycom Software Inc. | 1,111,614 | 89,296 |
* | Integrated Device Technology Inc. | 2,951,905 | 87,760 |
DST Systems Inc. | 1,412,238 | 87,658 | |
* | Silicon Laboratories Inc. | 991,217 | 87,524 |
* | Cree Inc. | 2,346,279 | 87,141 |
* | Tech Data Corp. | 886,811 | 86,881 |
* | Medidata Solutions Inc. | 1,296,917 | 82,186 |
* | Nutanix Inc. | 2,268,860 | 80,045 |
j2 Global Inc. | 1,066,833 | 80,044 | |
* | Manhattan Associates Inc. | 1,609,228 | 79,721 |
* | CACI International Inc. Class A | 588,834 | 77,932 |
20
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Zendesk Inc. | 2,296,727 | 77,721 |
* | Cirrus Logic Inc. | 1,493,281 | 77,442 |
Science Applications International Corp. | 1,007,216 | 77,123 | |
* | Dycom Industries Inc. | 689,926 | 76,878 |
*,^ | 2U Inc. | 1,176,184 | 75,876 |
* | HubSpot Inc. | 802,371 | 70,930 |
* | Ellie Mae Inc. | 784,924 | 70,172 |
* | Ciena Corp. | 3,330,878 | 69,715 |
* | RingCentral Inc. Class A | 1,437,769 | 69,588 |
*,^ | Lumentum Holdings Inc. | 1,400,595 | 68,489 |
* | ACI Worldwide Inc. | 2,845,857 | 64,516 |
* | RealPage Inc. | 1,444,547 | 63,993 |
* | Verint Systems Inc. | 1,510,599 | 63,219 |
* | Advanced Energy Industries Inc. | 922,971 | 62,282 |
InterDigital Inc. | 803,689 | 61,201 | |
* | Allscripts Healthcare Solutions Inc. | 4,186,817 | 60,918 |
* | NetScout Systems Inc. | 1,906,890 | 58,065 |
* | FireEye Inc. | 4,087,544 | 58,043 |
Cabot Microelectronics Corp. | 609,989 | 57,388 | |
* | Finisar Corp. | 2,756,134 | 56,087 |
* | New Relic Inc. | 954,983 | 55,169 |
* | Mercury Systems Inc. | 1,061,442 | 54,505 |
* | Semtech Corp. | 1,527,422 | 52,238 |
* | EchoStar Corp. Class A | 871,093 | 52,178 |
* | CommVault Systems Inc. | 989,045 | 51,925 |
Pitney Bowes Inc. | 4,529,082 | 50,635 | |
* | Envestnet Inc. | 1,010,421 | 50,369 |
Power Integrations Inc. | 682,686 | 50,212 | |
* | Box Inc. | 2,309,736 | 48,782 |
* | Viavi Solutions Inc. | 5,494,432 | 48,021 |
* | VeriFone Systems Inc. | 2,706,024 | 47,924 |
* | Cornerstone OnDemand Inc. | 1,254,715 | 44,329 |
Pegasystems Inc. | 939,941 | 44,318 | |
Progress Software Corp. | 1,036,030 | 44,104 | |
TiVo Corp. | 2,802,994 | 43,727 | |
Cogent Communications Holdings Inc. | 948,052 | 42,947 | |
Ebix Inc. | 533,671 | 42,293 | |
* | BroadSoft Inc. | 754,575 | 41,426 |
* | NETGEAR Inc. | 688,659 | 40,459 |
*,^ | Ubiquiti Networks Inc. | 545,886 | 38,769 |
* | MaxLinear Inc. | 1,455,962 | 38,467 |
Brooks Automation Inc. | 1,608,657 | 38,366 | |
* | Rambus Inc. | 2,651,717 | 37,707 |
*,^ | Cloudera Inc. | 2,245,778 | 37,100 |
*,^ | Match Group Inc. | 1,178,538 | 36,900 |
Plantronics Inc. | 731,200 | 36,838 | |
CSG Systems International Inc. | 815,729 | 35,745 | |
* | Twilio Inc. Class A | 1,503,368 | 35,479 |
* | Pure Storage Inc. Class A | 2,131,829 | 33,811 |
* | Electronics For Imaging Inc. | 1,132,867 | 33,454 |
* | Insight Enterprises Inc. | 872,600 | 33,412 |
* | Synaptics Inc. | 823,093 | 32,874 |
* | Bottomline Technologies de Inc. | 939,390 | 32,578 |
*,^ | Inphi Corp. | 878,341 | 32,147 |
* | MicroStrategy Inc. Class A | 229,676 | 30,156 |
* | MuleSoft Inc. Class A | 1,295,560 | 30,135 |
* | Coupa Software Inc. | 909,693 | 28,401 |
* | FormFactor Inc. | 1,783,551 | 27,913 |
Xperi Corp. | 1,133,541 | 27,658 | |
^ | Diebold Nixdorf Inc. | 1,658,741 | 27,120 |
* | Diodes Inc. | 903,362 | 25,899 |
* | Barracuda Networks Inc. | 915,241 | 25,169 |
* | CEVA Inc. | 540,417 | 24,940 |
* | Alarm.com Holdings Inc. | 650,587 | 24,560 |
21
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Cray Inc. | 993,913 | 24,053 |
NIC Inc. | 1,425,157 | 23,658 | |
* | Blucora Inc. | 1,052,037 | 23,250 |
*,^ | 3D Systems Corp. | 2,656,728 | 22,954 |
ADTRAN Inc. | 1,172,692 | 22,692 | |
* | Web.com Group Inc. | 1,030,076 | 22,456 |
* | Callidus Software Inc. | 761,118 | 21,806 |
* | Hortonworks Inc. | 1,075,183 | 21,622 |
Monotype Imaging Holdings Inc. | 881,493 | 21,244 | |
* | Qualys Inc. | 341,053 | 20,241 |
* | Super Micro Computer Inc. | 962,749 | 20,146 |
* | Infinera Corp. | 3,163,274 | 20,024 |
*,^ | Acacia Communications Inc. | 532,634 | 19,297 |
* | ScanSource Inc. | 539,030 | 19,297 |
* | Syntel Inc. | 826,785 | 19,008 |
* | Amkor Technology Inc. | 1,862,565 | 18,719 |
*,^ | Shutterstock Inc. | 431,147 | 18,552 |
* | Premier Inc. Class A | 633,144 | 18,481 |
* | Quality Systems Inc. | 1,338,414 | 18,176 |
* | Blackline Inc. | 527,425 | 17,300 |
*,^ | Gogo Inc. | 1,413,129 | 15,940 |
* | Presidio Inc. | 812,473 | 15,575 |
* | LivePerson Inc. | 1,331,528 | 15,313 |
^ | Switch Inc. | 823,722 | 14,984 |
* | Lattice Semiconductor Corp. | 2,528,171 | 14,613 |
* | Virtusa Corp. | 329,828 | 14,539 |
* | Loral Space & Communications Inc. | 323,618 | 14,255 |
* | Endurance International Group Holdings Inc. | 1,619,940 | 13,607 |
* | CommerceHub Inc. | 651,371 | 13,412 |
* | Alteryx Inc. Class A | 517,245 | 13,071 |
*,^ | Benefitfocus Inc. | 472,500 | 12,758 |
* | Actua Corp. | 752,031 | 11,732 |
Forrester Research Inc. | 248,910 | 11,002 | |
* | Okta Inc. | 424,540 | 10,872 |
*,^ | Unisys Corp. | 1,301,886 | 10,610 |
Computer Programs & Systems Inc. | 336,926 | 10,125 | |
* | Rapid7 Inc. | 510,777 | 9,531 |
*,^ | Cision Ltd. | 784,626 | 9,314 |
* | Synchronoss Technologies Inc. | 912,546 | 8,158 |
*,^ | Yext Inc. | 660,656 | 7,948 |
* | Altair Engineering Inc. Class A | 313,537 | 7,500 |
* | CommerceHub Inc. Class A | 325,343 | 7,154 |
* | SailPoint Technologies Holding Inc. | 480,870 | 6,973 |
Systemax Inc. | 202,655 | 6,742 | |
*,^ | Appian Corp. Class A | 209,440 | 6,593 |
* | WideOpenWest Inc. | 623,571 | 6,591 |
* | MongoDB Inc. | 220,693 | 6,550 |
*,^ | Castlight Health Inc. Class B | 1,412,727 | 5,298 |
* | Ribbon Communications Inc. | 467,310 | 3,612 |
* | MobileIron Inc. | 876,767 | 3,419 |
* | SecureWorks Corp. Class A | 285,988 | 2,537 |
* | Casa Systems Inc. | 104,787 | 1,861 |
* | Calix Inc. | 46,791 | 278 |
* | Cadence Design Systems Inc. | 3,974 | 166 |
* | Square Inc. | 3,400 | 118 |
*,3 | Piksel Inc. | 241 | — |
9,389,701 | |||
Telecommunications (0.4%) | |||
Telephone & Data Systems Inc. | 2,368,545 | 65,845 | |
* | Vonage Holdings Corp. | 4,965,058 | 50,495 |
Shenandoah Telecommunications Co. | 1,056,520 | 35,710 | |
* | Straight Path Communications Inc. Class B | 174,951 | 31,804 |
*,^ | Iridium Communications Inc. | 1,893,624 | 22,345 |
* | Cincinnati Bell Inc. | 1,042,965 | 21,746 |
22
Vanguard® Small-Cap Index Fund | |||||
Schedule of Investments | |||||
December 31, 2017 | |||||
Market | |||||
Value | |||||
Shares | ($000) | ||||
Consolidated Communications Holdings Inc. | 1,551,420 | 18,912 | |||
*,^ | Globalstar Inc. | 13,642,477 | 17,872 | ||
^ | Frontier Communications Corp. | 1,956,966 | 13,229 | ||
* | United States Cellular Corp. | 331,748 | 12,484 | ||
ATN International Inc. | 213,515 | 11,799 | |||
^ | Windstream Holdings Inc. | 3,844,579 | 7,112 | ||
* | Intelsat SA | 563,733 | 1,911 | ||
311,264 | |||||
Utilities (3.8%) | |||||
Atmos Energy Corp. | 2,672,709 | 229,559 | |||
NRG Energy Inc. | 7,065,049 | 201,212 | |||
UGI Corp. | 4,102,728 | 192,623 | |||
Westar Energy Inc. Class A | 3,379,978 | 178,463 | |||
Aqua America Inc. | 4,247,743 | 166,639 | |||
Great Plains Energy Inc. | 5,161,022 | 166,391 | |||
* | Calpine Corp. | 8,561,727 | 129,539 | ||
Vectren Corp. | 1,987,119 | 129,202 | |||
*,^ | Vistra Energy Corp. | 6,052,940 | 110,890 | ||
IDACORP Inc. | 1,190,596 | 108,773 | |||
WGL Holdings Inc. | 1,252,408 | 107,507 | |||
National Fuel Gas Co. | 1,862,828 | 102,288 | |||
Portland General Electric Co. | 2,096,860 | 95,575 | |||
Hawaiian Electric Industries Inc. | 2,611,385 | 94,401 | |||
ONE Gas Inc. | 1,221,960 | 89,521 | |||
ALLETE Inc. | 1,196,029 | 88,937 | |||
New Jersey Resources Corp. | 2,084,548 | 83,799 | |||
Spire Inc. | 1,102,819 | 82,877 | |||
Avista Corp. | 1,550,342 | 79,827 | |||
Southwest Gas Holdings Inc. | 987,779 | 79,496 | |||
PNM Resources Inc. | 1,865,389 | 75,455 | |||
Black Hills Corp. | 1,253,936 | 75,374 | |||
NorthWestern Corp. | 1,166,985 | 69,669 | |||
Ormat Technologies Inc. | 901,737 | 57,675 | |||
South Jersey Industries Inc. | 1,793,377 | 56,007 | |||
El Paso Electric Co. | 981,331 | 54,317 | |||
MGE Energy Inc. | 836,147 | 52,761 | |||
California Water Service Group | 1,160,985 | 52,651 | |||
American States Water Co. | 817,994 | 47,370 | |||
Northwest Natural Gas Co. | 696,917 | 41,571 | |||
* | Dynegy Inc. | 2,726,719 | 32,312 | ||
* | Evoqua Water Technologies Corp. | 712,034 | 16,882 | ||
* | Sunrun Inc. | 1,898,297 | 11,200 | ||
*,^ | TerraForm Power Inc. Class A | 575,839 | 6,887 | ||
*,^ | Vivint Solar Inc. | 892,330 | 3,614 | ||
3,171,264 | |||||
Total Common Stocks (Cost $61,771,703) | 84,010,824 | ||||
Coupon | |||||
Temporary Cash Investments (1.8%)1 | |||||
Money Market Fund (1.8%) | |||||
4,5 | Vanguard Market Liquidity Fund | 1.458% | 14,810,476 | 1,481,195 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.0%) | |||||
United States Cash Management Bill | 1.035%—1.048% | 1/2/18 | 7,000 | 7,000 | |
6 | United States Treasury Bill | 1.105% | 2/15/18 | 16,000 | 15,976 |
23
Vanguard® Small-Cap Index Fund | ||||
Schedule of Investments | ||||
December 31, 2017 | ||||
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
6 United States Treasury Bill | 1.101% | 2/22/18 | 9,300 | 9,283 |
32,259 | ||||
Total Temporary Cash Investments (Cost $1,513,368) | 1,513,454 | |||
Total Investments (101.1%) (Cost $63,285,071) | 85,524,278 | |||
Other Assets and Liabilities—Net (-1.1%)5,7 | (889,440) | |||
Net Assets (100%) | 84,634,838 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $812,376,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and swap contracts. After giving
effect to futures and swap investments, the fund's effective common stock and temporary cash investment positions represent 100.1% and
1.0%, respectively, of net assets.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 Security value determined using significant unobservable inputs.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
5 Includes $865,524,000 of collateral received for securities on loan.
6 Securities with a value of $21,016,000 have been segregated as initial margin for open futures contracts.
7 Cash with a value of $880,000 has been segregated as collateral for open over-the-counter swap contracts.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
24
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.7%)1 | |||
Basic Materials (2.0%) | |||
Royal Gold Inc. | 870,249 | 71,465 | |
NewMarket Corp. | 126,000 | 50,071 | |
* | Ingevity Corp. | 559,676 | 39,440 |
US Silica Holdings Inc. | 1,081,139 | 35,202 | |
Balchem Corp. | 425,090 | 34,262 | |
Versum Materials Inc. | 722,818 | 27,359 | |
* | Platform Specialty Products Corp. | 2,666,764 | 26,454 |
KapStone Paper and Packaging Corp. | 1,158,773 | 26,293 | |
* | Univar Inc. | 756,572 | 23,424 |
* | Cambrex Corp. | 434,968 | 20,878 |
Calgon Carbon Corp. | 674,149 | 14,359 | |
Deltic Timber Corp. | 145,581 | 13,328 | |
* | Ferro Corp. | 555,876 | 13,113 |
*,^ | Fairmount Santrol Holdings Inc. | 2,080,915 | 10,883 |
Hecla Mining Co. | 2,647,268 | 10,510 | |
* | PQ Group Holdings Inc. | 448,885 | 7,384 |
American Vanguard Corp. | 353,740 | 6,951 | |
431,376 | |||
Consumer Goods (7.6%) | |||
* | Middleby Corp. | 742,738 | 100,233 |
Toll Brothers Inc. | 1,998,599 | 95,973 | |
* | Take-Two Interactive Software Inc. | 758,157 | 83,230 |
Gentex Corp. | 3,776,115 | 79,110 | |
Carter's Inc. | 629,214 | 73,926 | |
* | Skechers U.S.A. Inc. Class A | 1,780,760 | 67,384 |
* | Post Holdings Inc. | 834,595 | 66,125 |
Pool Corp. | 506,802 | 65,707 | |
Brunswick Corp. | 1,166,088 | 64,391 | |
CalAtlantic Group Inc. | 1,100,104 | 62,035 | |
*,^ | Wayfair Inc. | 714,256 | 57,333 |
* | Hain Celestial Group Inc. | 1,311,292 | 55,586 |
* | Welbilt Inc. | 1,851,697 | 43,533 |
* | Zynga Inc. Class A | 10,400,261 | 41,601 |
LCI Industries | 314,693 | 40,910 | |
* | Tempur Sealy International Inc. | 612,709 | 38,411 |
*,^ | Blue Buffalo Pet Products Inc. | 1,169,209 | 38,338 |
* | TRI Pointe Group Inc. | 1,998,461 | 35,812 |
* | Steven Madden Ltd. | 707,115 | 33,022 |
^ | B&G Foods Inc. | 885,032 | 31,109 |
* | Delphi Technologies plc | 588,032 | 30,854 |
Vector Group Ltd. | 1,350,370 | 30,221 | |
J&J Snack Foods Corp. | 198,261 | 30,102 | |
*,^ | iRobot Corp. | 352,349 | 27,025 |
* | Meritage Homes Corp. | 508,390 | 26,030 |
* | Dorman Products Inc. | 425,699 | 26,027 |
* | Boston Beer Co. Inc. Class A | 109,240 | 20,876 |
WD-40 Co. | 176,230 | 20,795 | |
Interface Inc. Class A | 799,683 | 20,112 | |
* | Sleep Number Corp. | 502,011 | 18,871 |
*,^ | TreeHouse Foods Inc. | 379,550 | 18,773 |
* | Hostess Brands Inc. Class A | 1,255,846 | 18,599 |
* | Cal-Maine Foods Inc. | 377,626 | 16,785 |
* | Gentherm Inc. | 486,615 | 15,450 |
Lancaster Colony Corp. | 118,359 | 15,293 | |
National Beverage Corp. | 154,587 | 15,063 | |
* | Fitbit Inc. Class A | 2,453,410 | 14,009 |
Columbia Sportswear Co. | 185,409 | 13,327 | |
Coca-Cola Bottling Co. Consolidated | 61,607 | 13,262 | |
* | USANA Health Sciences Inc. | 159,233 | 11,791 |
Oxford Industries Inc. | 106,048 | 7,974 | |
*,^ | elf Beauty Inc. | 276,455 | 6,168 |
25
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | GoPro Inc. Class A | 725,032 | 5,489 |
*,^ | Amplify Snack Brands Inc. | 413,105 | 4,961 |
Phibro Animal Health Corp. Class A | 130,147 | 4,360 | |
*,^ | Revlon Inc. Class A | 104,852 | 2,286 |
1,608,272 | |||
Consumer Services (12.5%) | |||
* | Copart Inc. | 2,766,252 | 119,474 |
Vail Resorts Inc. | 537,091 | 114,116 | |
* | Burlington Stores Inc. | 907,522 | 111,652 |
* | Liberty Media Corp-Liberty Formula One | 2,544,890 | 86,933 |
* | Caesars Entertainment Corp. | 6,774,405 | 85,696 |
*,^ | GrubHub Inc. | 1,152,880 | 82,777 |
Dunkin' Brands Group Inc. | 1,201,172 | 77,440 | |
* | Live Nation Entertainment Inc. | 1,787,574 | 76,097 |
* | Bright Horizons Family Solutions Inc. | 708,990 | 66,645 |
Rollins Inc. | 1,302,852 | 60,622 | |
Six Flags Entertainment Corp. | 891,407 | 59,341 | |
* | Grand Canyon Education Inc. | 638,867 | 57,198 |
Casey's General Stores Inc. | 503,988 | 56,416 | |
Domino's Pizza Inc. | 290,818 | 54,953 | |
* | Five Below Inc. | 734,154 | 48,689 |
* | Madison Square Garden Co. Class A | 227,582 | 47,986 |
* | ServiceMaster Global Holdings Inc. | 896,657 | 45,972 |
Nexstar Media Group Inc. Class A | 575,884 | 45,034 | |
Texas Roadhouse Inc. Class A | 851,189 | 44,841 | |
* | Yelp Inc. Class A | 1,047,436 | 43,950 |
* | Stamps.com Inc. | 220,909 | 41,531 |
* | Hilton Grand Vacations Inc. | 987,641 | 41,432 |
* | Sprouts Farmers Market Inc. | 1,681,772 | 40,951 |
* | Lions Gate Entertainment Corp. Class B | 1,277,776 | 40,557 |
* | SiteOne Landscape Supply Inc. | 528,505 | 40,536 |
* | Planet Fitness Inc. Class A | 1,141,414 | 39,527 |
Jack in the Box Inc. | 391,559 | 38,416 | |
Churchill Downs Inc. | 163,960 | 38,153 | |
Marriott Vacations Worldwide Corp. | 282,057 | 38,137 | |
Choice Hotels International Inc. | 489,628 | 37,995 | |
* | Scientific Games Corp. Class A | 715,830 | 36,722 |
* | Ollie's Bargain Outlet Holdings Inc. | 652,970 | 34,771 |
* | Liberty Expedia Holdings Inc. Class A | 722,810 | 32,042 |
Red Rock Resorts Inc. Class A | 913,323 | 30,816 | |
* | Sotheby's | 592,855 | 30,591 |
* | Dave & Buster's Entertainment Inc. | 547,234 | 30,191 |
PriceSmart Inc. | 343,118 | 29,542 | |
* | Buffalo Wild Wings Inc. | 185,907 | 29,067 |
* | Groupon Inc. Class A | 5,577,257 | 28,444 |
* | Etsy Inc. | 1,377,665 | 28,173 |
Allegiant Travel Co. Class A | 170,980 | 26,459 | |
Sabre Corp. | 1,280,953 | 26,260 | |
* | Pinnacle Entertainment Inc. | 724,540 | 23,714 |
*,^ | Lions Gate Entertainment Corp. Class A | 699,421 | 23,647 |
* | Eldorado Resorts Inc. | 713,241 | 23,644 |
Monro Inc. | 413,742 | 23,563 | |
Morningstar Inc. | 226,028 | 21,918 | |
*,^ | RH | 252,655 | 21,781 |
* | Shutterfly Inc. | 435,654 | 21,674 |
Cable One Inc. | 30,424 | 21,399 | |
ILG Inc. | 699,740 | 19,929 | |
Boyd Gaming Corp. | 522,479 | 18,313 | |
^ | Papa John's International Inc. | 325,519 | 18,265 |
* | AMC Networks Inc. Class A | 334,203 | 18,074 |
*,^ | Trade Desk Inc. Class A | 392,000 | 17,926 |
* | Michaels Cos. Inc. | 720,439 | 17,427 |
* | Pandora Media Inc. | 3,136,356 | 15,117 |
Wingstop Inc. | 386,132 | 15,051 |
26
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
World Wrestling Entertainment Inc. Class A | 467,862 | 14,307 | |
Sonic Corp. | 507,326 | 13,941 | |
* | Belmond Ltd. Class A | 1,086,502 | 13,310 |
Cheesecake Factory Inc. | 273,326 | 13,169 | |
* | Diplomat Pharmacy Inc. | 640,911 | 12,863 |
* | Quotient Technology Inc. | 1,046,543 | 12,297 |
* | Lumber Liquidators Holdings Inc. | 377,554 | 11,851 |
* | Liberty Media Corp-Liberty Formula One Class A | 320,518 | 10,487 |
* | TrueCar Inc. | 929,825 | 10,414 |
*,^ | Shake Shack Inc. Class A | 226,494 | 9,785 |
BJ's Restaurants Inc. | 260,125 | 9,469 | |
* | ANGI Homeservices Inc. Class A | 781,059 | 8,170 |
* | National Vision Holdings Inc. | 198,223 | 8,050 |
* | EW Scripps Co. Class A | 370,723 | 5,794 |
New Media Investment Group Inc. | 334,284 | 5,609 | |
^ | AMC Entertainment Holdings Inc. Class A | 317,326 | 4,792 |
Tile Shop Holdings Inc. | 484,341 | 4,650 | |
* | Fiesta Restaurant Group Inc. | 143,685 | 2,730 |
*,^ | Cargurus Inc. | 77,483 | 2,323 |
* | Clean Energy Fuels Corp. | 902,036 | 1,831 |
*,^ | Blue Apron Holdings Inc. Class A | 373,644 | 1,506 |
* | El Pollo Loco Holdings Inc. | 140,826 | 1,394 |
*,^ | Stitch Fix Inc. Class A | 53,900 | 1,392 |
*,^ | Habit Restaurants Inc. Class A | 134,893 | 1,288 |
2,649,009 | |||
Financials (17.7%) | |||
Kilroy Realty Corp. | 1,307,412 | 97,598 | |
MarketAxess Holdings Inc. | 474,141 | 95,658 | |
* | Signature Bank | 689,015 | 94,574 |
Equity LifeStyle Properties Inc. | 1,051,513 | 93,606 | |
Sun Communities Inc. | 972,807 | 90,257 | |
Douglas Emmett Inc. | 2,142,675 | 87,978 | |
Lamar Advertising Co. Class A | 1,116,329 | 82,876 | |
Healthcare Trust of America Inc. Class A | 2,724,403 | 81,841 | |
Colony NorthStar Inc. Class A | 6,894,411 | 78,665 | |
Bank of the Ozarks | 1,619,301 | 78,455 | |
American Homes 4 Rent Class A | 3,423,977 | 74,780 | |
American Campus Communities Inc. | 1,815,792 | 74,502 | |
DCT Industrial Trust Inc. | 1,240,041 | 72,890 | |
* | Western Alliance Bancorp | 1,261,252 | 71,412 |
Hudson Pacific Properties Inc. | 2,074,443 | 71,050 | |
CubeSmart | 2,406,529 | 69,597 | |
CyrusOne Inc. | 1,153,800 | 68,686 | |
Medical Properties Trust Inc. | 4,837,332 | 66,658 | |
Pinnacle Financial Partners Inc. | 980,924 | 65,035 | |
* | Howard Hughes Corp. | 488,031 | 64,064 |
STORE Capital Corp. | 2,275,476 | 59,253 | |
* | Liberty Ventures Class A | 1,081,644 | 58,668 |
* | Texas Capital Bancshares Inc. | 659,219 | 58,605 |
* | Zillow Group Inc. | 1,421,473 | 58,167 |
Gramercy Property Trust | 2,136,689 | 56,964 | |
Life Storage Inc. | 618,549 | 55,094 | |
*,^ | Credit Acceptance Corp. | 166,898 | 53,988 |
Healthcare Realty Trust Inc. | 1,662,693 | 53,406 | |
Spirit Realty Capital Inc. | 6,065,339 | 52,041 | |
CoreSite Realty Corp. | 455,138 | 51,840 | |
Gaming and Leisure Properties Inc. | 1,343,851 | 49,723 | |
Home BancShares Inc. | 2,077,393 | 48,299 | |
* | Essent Group Ltd. | 1,110,465 | 48,216 |
PacWest Bancorp | 857,398 | 43,213 | |
Paramount Group Inc. | 2,714,577 | 43,026 | |
Physicians Realty Trust | 2,387,607 | 42,953 | |
Corporate Office Properties Trust | 1,447,485 | 42,267 | |
Forest City Realty Trust Inc. Class A | 1,685,617 | 40,623 |
27
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
FirstCash Inc. | 595,563 | 40,171 | |
Ryman Hospitality Properties Inc. | 578,432 | 39,923 | |
^ | Uniti Group Inc. | 2,217,962 | 39,458 |
Evercore Inc. Class A | 410,023 | 36,902 | |
^ | Omega Healthcare Investors Inc. | 1,318,836 | 36,321 |
Education Realty Trust Inc. | 1,009,596 | 35,255 | |
Sterling Bancorp | 1,417,133 | 34,861 | |
Urban Edge Properties | 1,360,994 | 34,692 | |
STAG Industrial Inc. | 1,252,652 | 34,235 | |
Pebblebrook Hotel Trust | 915,644 | 34,035 | |
* | LendingTree Inc. | 95,320 | 32,452 |
* | HealthEquity Inc. | 683,784 | 31,905 |
PS Business Parks Inc. | 254,004 | 31,773 | |
Simmons First National Corp. Class A | 549,739 | 31,390 | |
QTS Realty Trust Inc. Class A | 568,540 | 30,792 | |
Rexford Industrial Realty Inc. | 1,036,618 | 30,228 | |
Kennedy-Wilson Holdings Inc. | 1,706,702 | 29,611 | |
Retail Opportunity Investments Corp. | 1,460,186 | 29,131 | |
* | Zillow Group Inc. Class A | 714,826 | 29,122 |
* | FCB Financial Holdings Inc. Class A | 552,556 | 28,070 |
* | Blackhawk Network Holdings Inc. | 756,892 | 26,983 |
LegacyTexas Financial Group Inc. | 605,620 | 25,563 | |
Financial Engines Inc. | 840,147 | 25,456 | |
Terreno Realty Corp. | 725,793 | 25,446 | |
* | Eagle Bancorp Inc. | 431,106 | 24,961 |
ServisFirst Bancshares Inc. | 597,863 | 24,811 | |
JBG SMITH Properties | 706,875 | 24,550 | |
Hilltop Holdings Inc. | 954,362 | 24,174 | |
HFF Inc. Class A | 486,395 | 23,658 | |
Towne Bank | 747,117 | 22,974 | |
*,^ | BofI Holding Inc. | 760,260 | 22,732 |
Sabra Health Care REIT Inc. | 1,183,404 | 22,213 | |
Kite Realty Group Trust | 1,122,986 | 22,011 | |
Moelis & Co. Class A | 441,837 | 21,429 | |
* | LendingClub Corp. | 4,955,645 | 20,467 |
WisdomTree Investments Inc. | 1,544,334 | 19,381 | |
* | Green Dot Corp. Class A | 303,677 | 18,300 |
CareTrust REIT Inc. | 1,010,054 | 16,929 | |
* | Third Point Reinsurance Ltd. | 1,140,228 | 16,704 |
Kearny Financial Corp. | 967,974 | 13,987 | |
Cohen & Steers Inc. | 276,755 | 13,088 | |
Ameris Bancorp | 233,932 | 11,276 | |
TFS Financial Corp. | 745,379 | 11,136 | |
National Bank Holdings Corp. Class A | 337,092 | 10,932 | |
Alexander's Inc. | 27,377 | 10,837 | |
American Assets Trust Inc. | 268,139 | 10,254 | |
* | St. Joe Co. | 528,550 | 9,540 |
Alexander & Baldwin Inc. | 310,835 | 8,623 | |
Houlihan Lokey Inc. Class A | 177,382 | 8,058 | |
New Senior Investment Group Inc. | 1,037,856 | 7,846 | |
* | Marcus & Millichap Inc. | 226,895 | 7,399 |
Altisource Residential Corp. | 606,953 | 7,198 | |
* | PennyMac Financial Services Inc. Class A | 277,939 | 6,212 |
RMR Group Inc. Class A | 90,914 | 5,391 | |
*,^ | Redfin Corp. | 160,658 | 5,032 |
InfraREIT Inc. | 262,183 | 4,871 | |
Northfield Bancorp Inc. | 276,818 | 4,728 | |
Investment Technology Group Inc. | 210,281 | 4,048 | |
Hamilton Lane Inc. Class A | 89,868 | 3,180 | |
* | Newmark Group Inc. Class A | 147,209 | 2,341 |
* | On Deck Capital Inc. | 311,844 | 1,790 |
Invitation Homes Inc. | 1 | — | |
3,763,364 |
28
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Health Care (16.4%) | |||
* | Nektar Therapeutics Class A | 2,093,798 | 125,042 |
* | Exelixis Inc. | 3,933,413 | 119,576 |
* | Bluebird Bio Inc. | 661,369 | 117,790 |
* | ABIOMED Inc. | 557,985 | 104,572 |
West Pharmaceutical Services Inc. | 986,165 | 97,305 | |
* | Neurocrine Biosciences Inc. | 1,175,445 | 91,203 |
* | Exact Sciences Corp. | 1,591,590 | 83,622 |
* | Ionis Pharmaceuticals Inc. | 1,659,104 | 83,453 |
* | Bioverativ Inc. | 1,438,071 | 77,541 |
* | Alnylam Pharmaceuticals Inc. | 593,240 | 75,371 |
* | Catalent Inc. | 1,764,824 | 72,499 |
* | Bio-Rad Laboratories Inc. Class A | 278,534 | 66,478 |
* | DexCom Inc. | 1,155,595 | 66,320 |
Bio-Techne Corp. | 497,571 | 64,460 | |
* | PRA Health Sciences Inc. | 674,022 | 61,383 |
* | Insulet Corp. | 772,807 | 53,324 |
* | Masimo Corp. | 618,420 | 52,442 |
STERIS plc | 565,240 | 49,441 | |
Healthcare Services Group Inc. | 925,821 | 48,809 | |
Cantel Medical Corp. | 473,604 | 48,720 | |
Bruker Corp. | 1,343,236 | 46,100 | |
* | Sarepta Therapeutics Inc. | 816,696 | 45,441 |
* | INC Research Holdings Inc. Class A | 1,040,680 | 45,374 |
* | FibroGen Inc. | 925,199 | 43,854 |
* | ICU Medical Inc. | 200,523 | 43,313 |
* | Portola Pharmaceuticals Inc. | 867,901 | 42,249 |
* | TESARO Inc. | 506,485 | 41,972 |
* | Puma Biotechnology Inc. | 423,793 | 41,892 |
* | Integra LifeSciences Holdings Corp. | 835,330 | 39,979 |
* | ACADIA Pharmaceuticals Inc. | 1,318,758 | 39,708 |
* | Neogen Corp. | 482,810 | 39,692 |
* | NuVasive Inc. | 678,163 | 39,666 |
* | Penumbra Inc. | 405,955 | 38,200 |
* | Globus Medical Inc. | 916,590 | 37,672 |
* | Akorn Inc. | 1,162,262 | 37,460 |
* | Acadia Healthcare Co. Inc. | 1,110,656 | 36,241 |
* | Ligand Pharmaceuticals Inc. | 252,159 | 34,528 |
* | Array BioPharma Inc. | 2,615,031 | 33,472 |
* | Seattle Genetics Inc. | 620,858 | 33,216 |
* | Avexis Inc. | 297,093 | 32,879 |
* | Halozyme Therapeutics Inc. | 1,605,959 | 32,537 |
* | Horizon Pharma plc | 2,178,448 | 31,805 |
* | Amicus Therapeutics Inc. | 2,206,784 | 31,756 |
* | Insmed Inc. | 1,016,575 | 31,697 |
* | Agios Pharmaceuticals Inc. | 551,052 | 31,504 |
* | Wright Medical Group NV | 1,395,544 | 30,981 |
* | Merit Medical Systems Inc. | 632,938 | 27,343 |
* | Ironwood Pharmaceuticals Inc. Class A | 1,797,017 | 26,937 |
* | Inogen Inc. | 221,521 | 26,379 |
* | Juno Therapeutics Inc. | 568,231 | 25,974 |
* | Supernus Pharmaceuticals Inc. | 646,491 | 25,763 |
* | Molina Healthcare Inc. | 322,114 | 24,700 |
* | Medicines Co. | 870,862 | 23,809 |
* | Ultragenyx Pharmaceutical Inc. | 508,688 | 23,593 |
* | Pacira Pharmaceuticals Inc. | 512,657 | 23,403 |
* | Nevro Corp. | 333,557 | 23,029 |
*,^ | OPKO Health Inc. | 4,454,520 | 21,827 |
* | Spectrum Pharmaceuticals Inc. | 1,135,622 | 21,520 |
*,^ | Spark Therapeutics Inc. | 417,479 | 21,467 |
* | NxStage Medical Inc. | 879,178 | 21,302 |
* | Clovis Oncology Inc. | 309,010 | 21,013 |
*,^ | Teladoc Inc. | 601,369 | 20,958 |
*,^ | Global Blood Therapeutics Inc. | 522,021 | 20,541 |
29
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Haemonetics Corp. | 351,750 | 20,430 |
* | Emergent BioSolutions Inc. | 438,932 | 20,397 |
* | Amedisys Inc. | 382,934 | 20,184 |
* | Varex Imaging Corp. | 499,645 | 20,071 |
* | Tivity Health Inc. | 525,855 | 19,220 |
* | HMS Holdings Corp. | 1,115,820 | 18,913 |
* | Novocure Ltd. | 889,836 | 17,975 |
* | Arena Pharmaceuticals Inc. | 521,092 | 17,701 |
*,^ | Radius Health Inc. | 532,659 | 16,923 |
* | Quidel Corp. | 383,570 | 16,628 |
*,^ | Theravance Biopharma Inc. | 537,520 | 14,991 |
* | Editas Medicine Inc. | 468,081 | 14,384 |
* | Innoviva Inc. | 1,003,638 | 14,242 |
Abaxis Inc. | 286,290 | 14,177 | |
* | Intercept Pharmaceuticals Inc. | 233,190 | 13,623 |
* | Momenta Pharmaceuticals Inc. | 963,162 | 13,436 |
* | Acorda Therapeutics Inc. | 618,907 | 13,276 |
* | Orthofix International NV | 229,707 | 12,565 |
* | Omnicell Inc. | 239,927 | 11,636 |
* | Corcept Therapeutics Inc. | 643,871 | 11,628 |
* | Acceleron Pharma Inc. | 254,693 | 10,809 |
Luminex Corp. | 526,316 | 10,368 | |
*,^ | Glaukos Corp. | 388,659 | 9,969 |
* | Alder Biopharmaceuticals Inc. | 851,596 | 9,751 |
* | Repligen Corp. | 259,446 | 9,413 |
*,^ | Intrexon Corp. | 798,867 | 9,203 |
* | Genomic Health Inc. | 254,859 | 8,716 |
*,^ | Epizyme Inc. | 689,670 | 8,655 |
*,^ | MiMedx Group Inc. | 663,212 | 8,363 |
* | Aimmune Therapeutics Inc. | 219,493 | 8,301 |
Meridian Bioscience Inc. | 559,699 | 7,836 | |
* | HealthStream Inc. | 337,227 | 7,810 |
* | Natus Medical Inc. | 196,455 | 7,505 |
Ensign Group Inc. | 323,267 | 7,176 | |
*,^ | TherapeuticsMD Inc. | 1,143,159 | 6,905 |
Analogic Corp. | 82,391 | 6,900 | |
* | CorVel Corp. | 124,907 | 6,608 |
* | AMAG Pharmaceuticals Inc. | 469,400 | 6,219 |
* | Intellia Therapeutics Inc. | 308,975 | 5,938 |
*,^ | Endologix Inc. | 1,048,409 | 5,609 |
*,^ | Lexicon Pharmaceuticals Inc. | 564,462 | 5,577 |
*,^ | Keryx Biopharmaceuticals Inc. | 1,189,376 | 5,531 |
* | Achillion Pharmaceuticals Inc. | 1,739,478 | 5,010 |
* | Aduro Biotech Inc. | 615,476 | 4,616 |
* | Accuray Inc. | 1,059,337 | 4,555 |
* | Medpace Holdings Inc. | 118,797 | 4,308 |
* | Five Prime Therapeutics Inc. | 180,805 | 3,963 |
* | Natera Inc. | 425,910 | 3,829 |
*,^ | Insys Therapeutics Inc. | 387,889 | 3,731 |
*,^ | ZIOPHARM Oncology Inc. | 854,461 | 3,537 |
*,^ | Surgery Partners Inc. | 263,057 | 3,183 |
*,^ | Seres Therapeutics Inc. | 270,810 | 2,746 |
* | PTC Therapeutics Inc. | 130,858 | 2,183 |
* | Denali Therapeutics Inc. | 99,261 | 1,552 |
*,^ | Akcea Therapeutics Inc. | 88,361 | 1,534 |
* | Depomed Inc. | 188,187 | 1,515 |
* | Celldex Therapeutics Inc. | 451,167 | 1,281 |
* | Wright Medical Group Inc. CVR | 165,303 | 250 |
3,485,452 | |||
Industrials (21.5%) | |||
* | XPO Logistics Inc. | 1,593,924 | 145,988 |
Jack Henry & Associates Inc. | 1,025,552 | 119,949 | |
* | TransUnion | 2,178,701 | 119,741 |
AO Smith Corp. | 1,936,551 | 118,672 |
30
Vanguard® Small-Cap Growth Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Old Dominion Freight Line Inc. | 875,962 | 115,233 |
Lennox International Inc. | 527,724 | 109,904 |
* Berry Global Group Inc. | 1,742,058 | 102,207 |
Graco Inc. | 2,236,485 | 101,134 |
Universal Display Corp. | 562,882 | 97,182 |
Nordson Corp. | 651,321 | 95,353 |
* HD Supply Holdings Inc. | 2,357,662 | 94,377 |
* Coherent Inc. | 327,503 | 92,428 |
Toro Co. | 1,359,653 | 88,690 |
* WEX Inc. | 570,670 | 80,596 |
Knight-Swift Transportation Holdings Inc. | 1,774,167 | 77,567 |
* Teledyne Technologies Inc. | 424,031 | 76,813 |
Hexcel Corp. | 1,192,973 | 73,785 |
* Zebra Technologies Corp. | 706,633 | 73,349 |
* CoStar Group Inc. | 240,358 | 71,374 |
Broadridge Financial Solutions Inc. | 774,333 | 70,139 |
Eagle Materials Inc. | 613,922 | 69,557 |
Watsco Inc. | 405,293 | 68,916 |
Cognex Corp. | 1,093,453 | 66,876 |
Genpact Ltd. | 2,051,511 | 65,115 |
National Instruments Corp. | 1,562,820 | 65,060 |
Air Lease Corp. Class A | 1,303,689 | 62,694 |
MAXIMUS Inc. | 865,403 | 61,946 |
Littelfuse Inc. | 301,752 | 59,693 |
Landstar System Inc. | 557,418 | 58,027 |
* Euronet Worldwide Inc. | 665,636 | 56,093 |
Woodward Inc. | 732,166 | 56,040 |
* Keysight Technologies Inc. | 1,235,177 | 51,383 |
* IPG Photonics Corp. | 231,743 | 49,623 |
HEICO Corp. Class A | 619,322 | 48,957 |
John Bean Technologies Corp. | 419,147 | 46,441 |
* Summit Materials Inc. Class A | 1,463,023 | 45,997 |
* USG Corp. | 1,129,134 | 43,539 |
FLIR Systems Inc. | 921,495 | 42,960 |
* Trex Co. Inc. | 390,971 | 42,377 |
* On Assignment Inc. | 656,633 | 42,202 |
BWX Technologies Inc. | 660,609 | 39,960 |
* Cimpress NV | 329,884 | 39,546 |
* Rogers Corp. | 242,765 | 39,309 |
* RBC Bearings Inc. | 305,768 | 38,649 |
Packaging Corp. of America | 313,955 | 37,847 |
* Clean Harbors Inc. | 680,554 | 36,886 |
* TopBuild Corp. | 472,729 | 35,804 |
* II-VI Inc. | 747,046 | 35,074 |
* Proto Labs Inc. | 318,767 | 32,833 |
* WageWorks Inc. | 526,834 | 32,664 |
* Builders FirstSource Inc. | 1,498,763 | 32,658 |
* AMN Healthcare Services Inc. | 634,052 | 31,227 |
* Gardner Denver Holdings Inc. | 910,357 | 30,888 |
HEICO Corp. | 325,040 | 30,668 |
Simpson Manufacturing Co. Inc. | 534,174 | 30,667 |
* Itron Inc. | 438,321 | 29,893 |
* Masonite International Corp. | 378,509 | 28,066 |
* Aerojet Rocketdyne Holdings Inc. | 897,008 | 27,987 |
Insperity Inc. | 473,138 | 27,134 |
Schneider National Inc. Class B | 937,401 | 26,772 |
Covanta Holding Corp. | 1,566,759 | 26,478 |
EnPro Industries Inc. | 283,095 | 26,472 |
Mueller Water Products Inc. Class A | 2,100,203 | 26,316 |
* ExlService Holdings Inc. | 428,069 | 25,834 |
* Louisiana-Pacific Corp. | 961,334 | 25,245 |
* Ambarella Inc. | 418,662 | 24,596 |
* TriNet Group Inc. | 553,302 | 24,533 |
Exponent Inc. | 342,537 | 24,354 |
31
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Franklin Electric Co. Inc. | 525,582 | 24,124 | |
Maxar Technologies Ltd. | 372,281 | 23,945 | |
Albany International Corp. | 384,812 | 23,647 | |
Forward Air Corp. | 395,566 | 22,721 | |
* | Floor & Decor Holdings Inc. Class A | 443,690 | 21,599 |
Sun Hydraulics Corp. | 323,432 | 20,923 | |
*,^ | MACOM Technology Solutions Holdings Inc. | 596,925 | 19,424 |
AAON Inc. | 522,254 | 19,167 | |
Cubic Corp. | 324,900 | 19,153 | |
Methode Electronics Inc. | 463,958 | 18,605 | |
* | Paylocity Holding Corp. | 383,370 | 18,080 |
* | JELD-WEN Holding Inc. | 454,717 | 17,902 |
AZZ Inc. | 344,371 | 17,597 | |
Badger Meter Inc. | 366,933 | 17,539 | |
Apogee Enterprises Inc. | 380,043 | 17,379 | |
* | Air Transport Services Group Inc. | 745,359 | 17,248 |
Tennant Co. | 236,911 | 17,212 | |
* | Imperva Inc. | 428,835 | 17,025 |
* | Armstrong World Industries Inc. | 280,266 | 16,970 |
Granite Construction Inc. | 264,418 | 16,772 | |
Raven Industries Inc. | 474,391 | 16,295 | |
* | Aerovironment Inc. | 284,710 | 15,989 |
* | Advanced Disposal Services Inc. | 646,026 | 15,466 |
Heartland Express Inc. | 607,879 | 14,188 | |
* | Continental Building Products Inc. | 500,453 | 14,088 |
REV Group Inc. | 384,998 | 12,524 | |
*,^ | Inovalon Holdings Inc. Class A | 815,148 | 12,227 |
Lindsay Corp. | 134,831 | 11,892 | |
Quanex Building Products Corp. | 461,354 | 10,796 | |
Comfort Systems USA Inc. | 246,449 | 10,758 | |
Advanced Drainage Systems Inc. | 444,176 | 10,594 | |
* | FARO Technologies Inc. | 221,718 | 10,421 |
* | Installed Building Products Inc. | 137,007 | 10,406 |
* | Thermon Group Holdings Inc. | 429,865 | 10,175 |
*,^ | Evolent Health Inc. Class A | 792,187 | 9,744 |
* | Veeco Instruments Inc. | 640,568 | 9,512 |
* | American Outdoor Brands Corp. | 720,417 | 9,250 |
*,^ | Axon Enterprise Inc. | 334,431 | 8,862 |
* | OSI Systems Inc. | 119,537 | 7,696 |
Primoris Services Corp. | 273,005 | 7,423 | |
Gorman-Rupp Co. | 224,064 | 6,993 | |
* | InnerWorkings Inc. | 619,198 | 6,211 |
* | Bazaarvoice Inc. | 1,032,791 | 5,629 |
* | Cardtronics plc Class A | 302,947 | 5,611 |
* | Mistras Group Inc. | 226,497 | 5,316 |
* | Ply Gem Holdings Inc. | 273,874 | 5,067 |
* | Astronics Corp. | 111,184 | 4,611 |
* | Armstrong Flooring Inc. | 136,288 | 2,306 |
* | Astronics Corp. Class B | 33,227 | 1,384 |
* | Dorian LPG Ltd. | 8,257 | 68 |
4,554,871 | |||
Oil & Gas (5.4%) | |||
* | Diamondback Energy Inc. | 1,305,416 | 164,809 |
* | Parsley Energy Inc. Class A | 3,157,828 | 92,966 |
* | Newfield Exploration Co. | 2,654,754 | 83,704 |
* | Energen Corp. | 1,291,368 | 74,344 |
* | RSP Permian Inc. | 1,687,499 | 68,647 |
Patterson-UTI Energy Inc. | 2,958,439 | 68,074 | |
Core Laboratories NV | 587,236 | 64,332 | |
* | PDC Energy Inc. | 876,215 | 45,160 |
* | Centennial Resource Development Inc. Class A | 2,075,117 | 41,087 |
* | Matador Resources Co. | 1,298,689 | 40,428 |
* | Southwestern Energy Co. | 6,819,412 | 38,052 |
* | WPX Energy Inc. | 2,649,622 | 37,280 |
32
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
SM Energy Co. | 1,485,904 | 32,809 | |
* | Callon Petroleum Co. | 2,686,981 | 32,647 |
* | Gulfport Energy Corp. | 2,065,399 | 26,355 |
Pattern Energy Group Inc. Class A | 1,169,951 | 25,142 | |
* | Ultra Petroleum Corp. | 2,605,870 | 23,609 |
* | Laredo Petroleum Inc. | 2,091,911 | 22,195 |
^ | RPC Inc. | 862,785 | 22,027 |
* | Carrizo Oil & Gas Inc. | 1,026,931 | 21,853 |
* | Extraction Oil & Gas Inc. | 1,370,217 | 19,608 |
* | QEP Resources Inc. | 1,598,497 | 15,298 |
* | SRC Energy Inc. | 1,521,655 | 12,980 |
* | SEACOR Holdings Inc. | 213,383 | 9,863 |
* | Chart Industries Inc. | 204,048 | 9,562 |
* | Newpark Resources Inc. | 1,080,670 | 9,294 |
*,^ | Keane Group Inc. | 444,422 | 8,448 |
* | Forum Energy Technologies Inc. | 538,068 | 8,367 |
* | ProPetro Holding Corp. | 413,750 | 8,341 |
*,^ | Jagged Peak Energy Inc. | 427,311 | 6,743 |
* | WildHorse Resource Development Corp. | 335,675 | 6,180 |
*,^ | Tellurian Inc. | 516,262 | 5,028 |
*,^ | Sanchez Energy Corp. | 467,577 | 2,483 |
* | Eclipse Resources Corp. | 527,066 | 1,265 |
*,^ | NextDecade Corp. | 150,271 | 1,250 |
* | NCS Multistage Holdings Inc. | 58,395 | 861 |
1,151,091 | |||
Other (0.0%)2 | |||
*,3 | Dyax Corp. CVR Exp. 12/31/2019 | 1,798,309 | 3,597 |
*,3 | NewStar Financial Inc. CVR | 323,987 | 175 |
*,3 | Media General Inc. CVR | 1,362,047 | 53 |
*,3 | Clinical Data CVR | 132,154 | — |
3,825 | |||
Technology (15.9%) | |||
* | IAC/InterActiveCorp | 1,013,127 | 123,885 |
SS&C Technologies Holdings Inc. | 2,324,142 | 94,081 | |
* | PTC Inc. | 1,535,413 | 93,307 |
* | Fortinet Inc. | 1,965,785 | 85,885 |
* | Tyler Technologies Inc. | 474,050 | 83,931 |
* | Ultimate Software Group Inc. | 377,493 | 82,380 |
* | Veeva Systems Inc. Class A | 1,445,194 | 79,890 |
* | GoDaddy Inc. Class A | 1,574,988 | 79,190 |
* | Guidewire Software Inc. | 1,000,875 | 74,325 |
* | Cavium Inc. | 873,442 | 73,221 |
* | EPAM Systems Inc. | 666,337 | 71,585 |
* | athenahealth Inc. | 532,180 | 70,801 |
MKS Instruments Inc. | 721,234 | 68,157 | |
* | Aspen Technology Inc. | 963,095 | 63,757 |
Fair Isaac Corp. | 398,342 | 61,026 | |
Blackbaud Inc. | 638,715 | 60,352 | |
* | Tableau Software Inc. Class A | 852,979 | 59,026 |
Monolithic Power Systems Inc. | 524,027 | 58,880 | |
Entegris Inc. | 1,878,298 | 57,194 | |
*,^ | ViaSat Inc. | 734,554 | 54,981 |
*,^ | Paycom Software Inc. | 629,783 | 50,590 |
* | Proofpoint Inc. | 565,981 | 50,265 |
* | Silicon Laboratories Inc. | 565,097 | 49,898 |
* | Integrated Device Technology Inc. | 1,676,377 | 49,839 |
* | Medidata Solutions Inc. | 737,613 | 46,743 |
j2 Global Inc. | 610,811 | 45,829 | |
* | Nutanix Inc. | 1,291,407 | 45,561 |
* | Manhattan Associates Inc. | 916,922 | 45,424 |
* | Cirrus Logic Inc. | 846,838 | 43,917 |
* | Dycom Industries Inc. | 390,945 | 43,563 |
* | Zendesk Inc. | 1,279,554 | 43,300 |
* | 2U Inc. | 659,205 | 42,525 |
33
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Ciena Corp. | 1,897,751 | 39,720 |
* | RingCentral Inc. Class A | 819,705 | 39,674 |
* | HubSpot Inc. | 446,633 | 39,482 |
* | Ellie Mae Inc. | 436,507 | 39,024 |
* | Lumentum Holdings Inc. | 783,564 | 38,316 |
* | RealPage Inc. | 825,786 | 36,582 |
* | ACI Worldwide Inc. | 1,574,287 | 35,689 |
* | Advanced Energy Industries Inc. | 527,639 | 35,605 |
InterDigital Inc. | 460,890 | 35,097 | |
* | Allscripts Healthcare Solutions Inc. | 2,404,849 | 34,991 |
* | NetScout Systems Inc. | 1,100,097 | 33,498 |
* | FireEye Inc. | 2,334,440 | 33,149 |
* | New Relic Inc. | 548,111 | 31,664 |
* | Mercury Systems Inc. | 608,708 | 31,257 |
* | CommVault Systems Inc. | 552,629 | 29,013 |
* | Box Inc. | 1,334,943 | 28,194 |
* | Envestnet Inc. | 559,136 | 27,873 |
Power Integrations Inc. | 374,888 | 27,573 | |
Cogent Communications Holdings Inc. | 551,168 | 24,968 | |
* | Cornerstone OnDemand Inc. | 694,338 | 24,531 |
Pegasystems Inc. | 516,697 | 24,362 | |
* | BroadSoft Inc. | 420,012 | 23,059 |
*,^ | Ubiquiti Networks Inc. | 309,962 | 22,013 |
* | MaxLinear Inc. | 801,099 | 21,165 |
Brooks Automation Inc. | 887,313 | 21,162 | |
*,^ | Match Group Inc. | 670,931 | 21,007 |
* | Rambus Inc. | 1,459,144 | 20,749 |
*,^ | Twilio Inc. Class A | 867,581 | 20,475 |
* | Pure Storage Inc. Class A | 1,223,563 | 19,406 |
* | Inphi Corp. | 509,150 | 18,635 |
* | Bottomline Technologies de Inc. | 510,439 | 17,702 |
* | MicroStrategy Inc. Class A | 124,938 | 16,404 |
Xperi Corp. | 654,281 | 15,964 | |
* | Coupa Software Inc. | 498,033 | 15,549 |
* | Finisar Corp. | 755,531 | 15,375 |
* | Diodes Inc. | 524,027 | 15,024 |
* | Barracuda Networks Inc. | 530,308 | 14,583 |
* | Alarm.com Holdings Inc. | 375,472 | 14,174 |
NIC Inc. | 835,305 | 13,866 | |
* | CEVA Inc. | 291,591 | 13,457 |
* | Cray Inc. | 536,212 | 12,976 |
* | Callidus Software Inc. | 452,030 | 12,951 |
Monotype Imaging Holdings Inc. | 526,136 | 12,680 | |
*,^ | 3D Systems Corp. | 1,435,446 | 12,402 |
* | Hortonworks Inc. | 607,249 | 12,212 |
* | Qualys Inc. | 201,325 | 11,949 |
* | Infinera Corp. | 1,882,261 | 11,915 |
^ | Ebix Inc. | 146,118 | 11,580 |
Plantronics Inc. | 219,363 | 11,052 | |
* | Super Micro Computer Inc. | 516,734 | 10,813 |
*,^ | Acacia Communications Inc. | 287,879 | 10,430 |
* | Blackline Inc. | 315,706 | 10,355 |
* | Shutterstock Inc. | 229,729 | 9,885 |
* | Electronics For Imaging Inc. | 307,610 | 9,084 |
* | Lattice Semiconductor Corp. | 1,549,038 | 8,953 |
Switch Inc. | 477,135 | 8,679 | |
*,^ | Gogo Inc. | 745,995 | 8,415 |
* | LivePerson Inc. | 710,108 | 8,166 |
* | Virtusa Corp. | 175,840 | 7,751 |
* | FormFactor Inc. | 486,996 | 7,621 |
* | Loral Space & Communications Inc. | 171,361 | 7,548 |
* | CommerceHub Inc. | 364,294 | 7,501 |
* | Endurance International Group Holdings Inc. | 861,517 | 7,237 |
*,^ | Benefitfocus Inc. | 250,210 | 6,756 |
34
Vanguard® Small-Cap Growth Index Fund | |||||
Schedule of Investments | |||||
December 31, 2017 | |||||
Market | |||||
Value | |||||
Shares | ($000) | ||||
* | Actua Corp. | 394,098 | 6,148 | ||
Forrester Research Inc. | 130,557 | 5,771 | |||
* | Rapid7 Inc. | 291,359 | 5,437 | ||
*,^ | Cision Ltd. | 407,526 | 4,837 | ||
* | Altair Engineering Inc. Class A | 184,744 | 4,419 | ||
* | CommerceHub Inc. Class A | 180,538 | 3,970 | ||
*,^ | Alteryx Inc. Class A | 150,841 | 3,812 | ||
* | WideOpenWest Inc. | 353,343 | 3,735 | ||
* | Castlight Health Inc. Class B | 843,689 | 3,164 | ||
* | Synchronoss Technologies Inc. | 232,278 | 2,077 | ||
* | SailPoint Technologies Holding Inc. | 141,934 | 2,058 | ||
* | MobileIron Inc. | 379,499 | 1,480 | ||
* | Casa Systems Inc. | 59,130 | 1,050 | ||
* | SecureWorks Corp. Class A | 107,688 | 955 | ||
* | Calix Inc. | 26,483 | 158 | ||
3,371,321 | |||||
Telecommunications (0.4%) | |||||
Shenandoah Telecommunications Co. | 621,093 | 20,993 | |||
* | Straight Path Communications Inc. Class B | 95,174 | 17,302 | ||
* | Cincinnati Bell Inc. | 559,462 | 11,665 | ||
*,^ | Globalstar Inc. | 7,521,418 | 9,853 | ||
ATN International Inc. | 138,118 | 7,632 | |||
^ | Windstream Holdings Inc. | 2,425,693 | 4,488 | ||
71,933 | |||||
Utilities (0.3%) | |||||
Ormat Technologies Inc. | 504,569 | 32,272 | |||
* | Evoqua Water Technologies Corp. | 376,427 | 8,925 | ||
* | Dynegy Inc. | 738,956 | 8,757 | ||
* | Sunrun Inc. | 1,062,527 | 6,269 | ||
* | TerraForm Power Inc. Class A | 393,839 | 4,710 | ||
*,^ | Vivint Solar Inc. | 380,797 | 1,542 | ||
62,475 | |||||
Total Common Stocks (Cost $15,328,780) | 21,152,989 | ||||
Coupon | |||||
Temporary Cash Investments (1.3%)1 | |||||
Money Market Fund (1.3%) | |||||
4,5 | Vanguard Market Liquidity Fund | 1.458% | 2,731,098 | 273,137 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.0%) | |||||
United States Cash Management Bill | 1.048% | 1/2/18 | 7,000 | 7,000 | |
United States Treasury Bill | 1.398% | 5/3/18 | 250 | 249 | |
6 | United States Treasury Bill | 1.446% | 5/31/18 | 2,776 | 2,759 |
10,008 | |||||
Total Temporary Cash Investments (Cost $283,122) | 283,145 | ||||
Total Investments (101.0%) (Cost $15,611,902) | 21,436,134 | ||||
Other Assets and Liabilities—Net (-1.0%)5 | (220,695) | ||||
Net Assets (100%) | 21,215,439 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $212,229,000.
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 1.0%, respectively, of net
assets.
35
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
December 31, 2017
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 Certain of the fund’s securities are valued using significant unobservable inputs.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
5 Includes $225,880,000 of collateral received for securities on loan.
6 Securities with a value of $2,461,000 have been segregated as initial margin for open futures contracts.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
36
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.7%)1 | |||
Basic Materials (6.8%) | |||
Steel Dynamics Inc. | 3,376,560 | 145,631 | |
Chemours Co. | 2,777,261 | 139,030 | |
RPM International Inc. | 2,001,147 | 104,900 | |
Huntsman Corp. | 3,054,383 | 101,680 | |
United States Steel Corp. | 2,624,944 | 92,372 | |
Olin Corp. | 2,495,377 | 88,785 | |
WR Grace & Co. | 1,016,073 | 71,257 | |
* | Alcoa Corp. | 1,318,228 | 71,013 |
Scotts Miracle-Gro Co. | 656,874 | 70,279 | |
Ashland Global Holdings Inc. | 931,667 | 66,335 | |
* | Peabody Energy Corp. | 1,409,987 | 55,511 |
PolyOne Corp. | 1,211,026 | 52,680 | |
Cabot Corp. | 789,655 | 48,635 | |
Sensient Technologies Corp. | 651,332 | 47,645 | |
Domtar Corp. | 940,417 | 46,569 | |
* | Allegheny Technologies Inc. | 1,888,274 | 45,583 |
HB Fuller Co. | 754,405 | 40,640 | |
Compass Minerals International Inc. | 507,497 | 36,667 | |
Minerals Technologies Inc. | 530,391 | 36,517 | |
Carpenter Technology Corp. | 702,499 | 35,820 | |
Commercial Metals Co. | 1,651,403 | 35,208 | |
* | GCP Applied Technologies Inc. | 1,020,806 | 32,564 |
* | Cleveland-Cliffs Inc. | 4,449,074 | 32,078 |
Versum Materials Inc. | 816,599 | 30,908 | |
Worthington Industries Inc. | 661,415 | 29,142 | |
Quaker Chemical Corp. | 189,499 | 28,575 | |
Arch Coal Inc. Class A | 295,273 | 27,508 | |
Tronox Ltd. Class A | 1,297,043 | 26,602 | |
* | Univar Inc. | 853,420 | 26,422 |
Kaiser Aluminum Corp. | 240,848 | 25,735 | |
Innospec Inc. | 362,034 | 25,560 | |
*,^ | AK Steel Holding Corp. | 4,490,174 | 25,414 |
Stepan Co. | 304,036 | 24,010 | |
* | Kraton Corp. | 469,327 | 22,607 |
* | Coeur Mining Inc. | 2,785,062 | 20,888 |
Rayonier Advanced Materials Inc. | 773,493 | 15,818 | |
* | Koppers Holdings Inc. | 310,758 | 15,818 |
A Schulman Inc. | 397,693 | 14,814 | |
* | Ferro Corp. | 626,985 | 14,791 |
* | Century Aluminum Co. | 718,961 | 14,120 |
PH Glatfelter Co. | 653,885 | 14,019 | |
Innophos Holdings Inc. | 292,193 | 13,654 | |
Hecla Mining Co. | 2,984,782 | 11,850 | |
* | Clearwater Paper Corp. | 246,350 | 11,184 |
* | CONSOL Energy Inc. | 279,586 | 11,046 |
Warrior Met Coal Inc. | 399,416 | 10,045 | |
* | Resolute Forest Products Inc. | 874,212 | 9,660 |
Tredegar Corp. | 470,635 | 9,036 | |
Kronos Worldwide Inc. | 347,256 | 8,949 | |
Haynes International Inc. | 187,625 | 6,013 | |
* | SunCoke Energy Inc. | 480,080 | 5,756 |
FutureFuel Corp. | 391,238 | 5,513 | |
* | PQ Group Holdings Inc. | 51 | 1 |
2,002,857 | |||
Consumer Goods (7.2%) | |||
Thor Industries Inc. | 750,797 | 113,160 | |
Pinnacle Foods Inc. | 1,784,873 | 106,146 | |
* | US Foods Holding Corp. | 3,218,313 | 102,761 |
Leggett & Platt Inc. | 1,977,075 | 94,366 | |
Valvoline Inc. | 3,037,067 | 76,109 | |
Ingredion Inc. | 538,977 | 75,349 |
37
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Dana Inc. | 2,172,726 | 69,549 | |
*,^ | Herbalife Ltd. | 915,553 | 62,001 |
Goodyear Tire & Rubber Co. | 1,846,993 | 59,676 | |
Snyder's-Lance Inc. | 1,169,518 | 58,569 | |
* | Visteon Corp. | 466,167 | 58,336 |
Flowers Foods Inc. | 2,672,857 | 51,613 | |
Nu Skin Enterprises Inc. Class A | 750,148 | 51,183 | |
* | Edgewell Personal Care Co. | 840,279 | 49,904 |
Tenneco Inc. | 773,815 | 45,299 | |
* | Darling Ingredients Inc. | 2,470,209 | 44,785 |
Energizer Holdings Inc. | 910,789 | 43,700 | |
Wolverine World Wide Inc. | 1,363,500 | 43,468 | |
KB Home | 1,296,099 | 41,410 | |
Tupperware Brands Corp. | 648,976 | 40,691 | |
Sanderson Farms Inc. | 289,926 | 40,236 | |
* | Helen of Troy Ltd. | 408,937 | 39,401 |
Spectrum Brands Holdings Inc. | 345,588 | 38,844 | |
* | Deckers Outdoor Corp. | 479,416 | 38,473 |
Herman Miller Inc. | 896,405 | 35,901 | |
* | Delphi Technologies plc | 664,357 | 34,859 |
* | Cooper-Standard Holdings Inc. | 262,888 | 32,204 |
* | Taylor Morrison Home Corp. Class A | 1,235,289 | 30,228 |
^ | Cooper Tire & Rubber Co. | 769,381 | 27,198 |
* | American Axle & Manufacturing Holdings Inc. | 1,503,812 | 25,610 |
HNI Corp. | 651,592 | 25,132 | |
Fresh Del Monte Produce Inc. | 485,178 | 23,128 | |
La-Z-Boy Inc. | 724,248 | 22,597 | |
* | G-III Apparel Group Ltd. | 585,931 | 21,615 |
MDC Holdings Inc. | 671,103 | 21,395 | |
* | TreeHouse Foods Inc. | 429,522 | 21,244 |
Schweitzer-Mauduit International Inc. | 461,482 | 20,933 | |
* | Central Garden & Pet Co. Class A | 548,428 | 20,681 |
Universal Corp. | 377,048 | 19,795 | |
* | ACCO Brands Corp. | 1,597,780 | 19,493 |
Seaboard Corp. | 4,385 | 19,338 | |
Steelcase Inc. Class A | 1,221,213 | 18,562 | |
Lancaster Colony Corp. | 134,222 | 17,343 | |
Knoll Inc. | 703,485 | 16,208 | |
Dean Foods Co. | 1,369,958 | 15,837 | |
Briggs & Stratton Corp. | 609,812 | 15,471 | |
Columbia Sportswear Co. | 209,953 | 15,091 | |
* | Modine Manufacturing Co. | 715,560 | 14,454 |
* | Avon Products Inc. | 6,587,136 | 14,162 |
* | Crocs Inc. | 990,940 | 12,526 |
* | Vista Outdoor Inc. | 857,354 | 12,492 |
Andersons Inc. | 383,161 | 11,936 | |
Inter Parfums Inc. | 256,740 | 11,155 | |
Ethan Allen Interiors Inc. | 369,905 | 10,579 | |
Acushnet Holdings Corp. | 501,008 | 10,561 | |
Oxford Industries Inc. | 119,913 | 9,016 | |
^ | Tootsie Roll Industries Inc. | 228,014 | 8,300 |
Movado Group Inc. | 232,439 | 7,485 | |
^ | National Presto Industries Inc. | 72,814 | 7,241 |
*,^ | GoPro Inc. Class A | 817,520 | 6,189 |
* | Central Garden & Pet Co. | 147,450 | 5,739 |
Superior Industries International Inc. | 354,173 | 5,260 | |
Phibro Animal Health Corp. Class A | 146,451 | 4,906 | |
Titan International Inc. | 380,811 | 4,905 | |
*,^ | Fossil Group Inc. | 621,920 | 4,832 |
* | Iconix Brand Group Inc. | 36,713 | 47 |
* | Eastman Kodak Co. | 5,452 | 17 |
* | Cal-Maine Foods Inc. | 45 | 2 |
* | Vera Bradley Inc. | 33 | — |
2,126,696 |
38
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Consumer Services (11.5%) | |||
* | JetBlue Airways Corp. | 4,811,030 | 107,478 |
KAR Auction Services Inc. | 2,027,387 | 102,403 | |
Service Corp. International | 2,670,358 | 99,658 | |
Foot Locker Inc. | 1,860,075 | 87,200 | |
Dun & Bradstreet Corp. | 554,173 | 65,620 | |
* | Beacon Roofing Supply Inc. | 1,015,337 | 64,738 |
^ | Williams-Sonoma Inc. | 1,140,599 | 58,969 |
Chemed Corp. | 239,400 | 58,179 | |
^ | Cracker Barrel Old Country Store Inc. | 361,382 | 57,420 |
Extended Stay America Inc. | 2,883,208 | 54,781 | |
Cinemark Holdings Inc. | 1,572,227 | 54,745 | |
Dolby Laboratories Inc. Class A | 846,763 | 52,499 | |
* | ServiceMaster Global Holdings Inc. | 1,012,424 | 51,907 |
Signet Jewelers Ltd. | 906,021 | 51,236 | |
AMERCO | 132,338 | 50,012 | |
Tribune Media Co. Class A | 1,177,504 | 50,009 | |
* | Performance Food Group Co. | 1,490,203 | 49,326 |
* | Avis Budget Group Inc. | 1,099,185 | 48,232 |
* | Spirit Airlines Inc. | 1,041,083 | 46,693 |
* | AutoNation Inc. | 889,655 | 45,666 |
TEGNA Inc. | 3,228,388 | 45,456 | |
American Eagle Outfitters Inc. | 2,390,702 | 44,945 | |
Bed Bath & Beyond Inc. | 2,041,845 | 44,900 | |
John Wiley & Sons Inc. Class A | 682,698 | 44,887 | |
Wendy's Co. | 2,724,255 | 44,732 | |
Sinclair Broadcast Group Inc. Class A | 1,141,069 | 43,189 | |
Aaron's Inc. | 1,061,397 | 42,297 | |
H&R Block Inc. | 1,567,555 | 41,101 | |
Lithia Motors Inc. Class A | 359,334 | 40,817 | |
* | Murphy USA Inc. | 495,854 | 39,847 |
SkyWest Inc. | 738,945 | 39,238 | |
Meredith Corp. | 593,274 | 39,186 | |
Regal Entertainment Group Class A | 1,699,406 | 39,103 | |
* | Penn National Gaming Inc. | 1,228,622 | 38,493 |
Hillenbrand Inc. | 850,646 | 38,024 | |
Children's Place Inc. | 260,930 | 37,926 | |
* | United Natural Foods Inc. | 762,054 | 37,546 |
* | Urban Outfitters Inc. | 1,055,670 | 37,012 |
Graham Holdings Co. Class B | 65,084 | 36,340 | |
* | Sally Beauty Holdings Inc. | 1,926,824 | 36,147 |
New York Times Co. Class A | 1,935,780 | 35,812 | |
Big Lots Inc. | 636,661 | 35,749 | |
Adtalem Global Education Inc. | 818,867 | 34,433 | |
Dick's Sporting Goods Inc. | 1,178,763 | 33,878 | |
*,^ | Rite Aid Corp. | 15,961,898 | 31,445 |
Hawaiian Holdings Inc. | 787,459 | 31,380 | |
* | Acxiom Corp. | 1,128,620 | 31,105 |
Sabre Corp. | 1,443,436 | 29,590 | |
* | Cars.com Inc. | 967,020 | 27,889 |
* | TripAdvisor Inc. | 803,205 | 27,678 |
Time Inc. | 1,495,195 | 27,586 | |
Office Depot Inc. | 7,748,850 | 27,431 | |
GameStop Corp. Class A | 1,520,348 | 27,290 | |
Brinker International Inc. | 694,480 | 26,974 | |
Bloomin' Brands Inc. | 1,232,954 | 26,311 | |
Penske Automotive Group Inc. | 515,343 | 24,659 | |
Cable One Inc. | 34,390 | 24,188 | |
Matthews International Corp. Class A | 458,024 | 24,184 | |
* | Rush Enterprises Inc. Class A | 468,937 | 23,827 |
Bob Evans Farms Inc. | 300,838 | 23,712 | |
* | La Quinta Holdings Inc. | 1,233,837 | 22,777 |
* | Herc Holdings Inc. | 362,212 | 22,678 |
ILG Inc. | 790,650 | 22,518 |
39
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
DSW Inc. Class A | 1,031,401 | 22,082 | |
Group 1 Automotive Inc. | 297,664 | 21,125 | |
Core-Mark Holding Co. Inc. | 658,571 | 20,798 | |
Boyd Gaming Corp. | 590,600 | 20,701 | |
Caleres Inc. | 613,129 | 20,528 | |
* | AMC Networks Inc. Class A | 378,565 | 20,473 |
Entercom Communications Corp. Class A | 1,866,225 | 20,155 | |
* | Michaels Cos. Inc. | 815,578 | 19,729 |
Gannett Co. Inc. | 1,679,835 | 19,469 | |
* | Weight Watchers International Inc. | 436,027 | 19,307 |
*,^ | Hertz Global Holdings Inc. | 817,733 | 18,072 |
* | Asbury Automotive Group Inc. | 280,726 | 17,966 |
Abercrombie & Fitch Co. | 1,023,317 | 17,836 | |
* | MSG Networks Inc. | 879,597 | 17,812 |
Chico's FAS Inc. | 1,826,592 | 16,111 | |
Tailored Brands Inc. | 736,581 | 16,080 | |
Scholastic Corp. | 375,651 | 15,067 | |
Cheesecake Factory Inc. | 309,699 | 14,921 | |
Guess? Inc. | 872,874 | 14,734 | |
* | Houghton Mifflin Harcourt Co. | 1,572,649 | 14,626 |
Strayer Education Inc. | 159,584 | 14,296 | |
*,^ | Roku Inc. | 270,873 | 14,026 |
*,^ | JC Penney Co. Inc. | 4,423,313 | 13,978 |
International Speedway Corp. Class A | 347,697 | 13,856 | |
DineEquity Inc. | 255,483 | 12,961 | |
Capella Education Co. | 166,206 | 12,864 | |
SUPERVALU Inc. | 575,017 | 12,420 | |
* | Express Inc. | 1,121,322 | 11,381 |
^ | Dillard's Inc. Class A | 187,312 | 11,248 |
*,^ | SeaWorld Entertainment Inc. | 812,214 | 11,022 |
* | Laureate Education Inc. Class A | 779,125 | 10,565 |
Buckle Inc. | 439,308 | 10,434 | |
* | Liberty TripAdvisor Holdings Inc. Class A | 1,078,707 | 10,167 |
* | K12 Inc. | 587,552 | 9,342 |
* | Genesco Inc. | 284,053 | 9,232 |
*,^ | Party City Holdco Inc. | 614,543 | 8,573 |
* | Regis Corp. | 522,912 | 8,032 |
Finish Line Inc. Class A | 545,363 | 7,924 | |
National CineMedia Inc. | 1,116,807 | 7,661 | |
* | Biglari Holdings Inc. | 17,407 | 7,213 |
^ | Rent-A-Center Inc. | 638,061 | 7,082 |
* | Ascena Retail Group Inc. | 2,790,944 | 6,559 |
* | EW Scripps Co. Class A | 419,428 | 6,556 |
Sonic Automotive Inc. Class A | 350,811 | 6,472 | |
New Media Investment Group Inc. | 377,540 | 6,335 | |
* | Zumiez Inc. | 283,686 | 5,908 |
Weis Markets Inc. | 140,799 | 5,828 | |
Emerald Expositions Events Inc. | 270,294 | 5,498 | |
Barnes & Noble Inc. | 816,464 | 5,470 | |
^ | AMC Entertainment Holdings Inc. Class A | 358,571 | 5,414 |
Cato Corp. Class A | 331,879 | 5,284 | |
Pier 1 Imports Inc. | 1,193,712 | 4,942 | |
* | Rush Enterprises Inc. Class B | 96,204 | 4,638 |
HSN Inc. | 94,577 | 3,816 | |
* | GNC Holdings Inc. Class A | 979,126 | 3,613 |
Speedway Motorsports Inc. | 183,199 | 3,457 | |
* | Smart & Final Stores Inc. | 384,400 | 3,287 |
* | Hibbett Sports Inc. | 155,213 | 3,166 |
* | Fiesta Restaurant Group Inc. | 162,281 | 3,083 |
* | Bojangles' Inc. | 250,250 | 2,953 |
* | American Public Education Inc. | 116,216 | 2,911 |
*,^ | Lands' End Inc. | 143,934 | 2,814 |
*,^ | Cargurus Inc. | 87,413 | 2,621 |
Clear Channel Outdoor Holdings Inc. Class A | 558,784 | 2,570 |
40
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | El Pollo Loco Holdings Inc. | 158,728 | 1,571 |
*,^ | Stitch Fix Inc. Class A | 59,670 | 1,541 |
*,^ | Sears Holdings Corp. | 402,929 | 1,442 |
* | FTD Cos. Inc. | 123,208 | 886 |
* | Bridgepoint Education Inc. Class A | 21,707 | 180 |
* | Caesars Entertainment Corp. | 378 | 5 |
* | National Vision Holdings Inc. | 24 | 1 |
* | Barnes & Noble Education Inc. | 54 | — |
Fred's Inc. Class A | 54 | — | |
3,411,741 | |||
Financials (30.1%) | |||
East West Bancorp Inc. | 2,168,082 | 131,884 | |
American Financial Group Inc. | 1,056,723 | 114,697 | |
WP Carey Inc. | 1,602,116 | 110,386 | |
Janus Henderson Group plc | 2,704,630 | 103,479 | |
Apartment Investment & Management Co. | 2,355,239 | 102,947 | |
National Retail Properties Inc. | 2,281,118 | 98,385 | |
Liberty Property Trust | 2,210,693 | 95,082 | |
Eaton Vance Corp. | 1,683,243 | 94,918 | |
First American Financial Corp. | 1,660,726 | 93,067 | |
Brown & Brown Inc. | 1,775,913 | 91,388 | |
First Horizon National Corp. | 4,367,926 | 87,315 | |
Starwood Property Trust Inc. | 3,910,556 | 83,490 | |
New Residential Investment Corp. | 4,608,943 | 82,408 | |
Synovus Financial Corp. | 1,702,194 | 81,603 | |
Cullen/Frost Bankers Inc. | 852,728 | 80,711 | |
Commerce Bancshares Inc. | 1,441,025 | 80,467 | |
Old Republic International Corp. | 3,757,640 | 80,338 | |
Highwoods Properties Inc. | 1,548,009 | 78,809 | |
* | MGIC Investment Corp. | 5,558,072 | 78,424 |
Webster Financial Corp. | 1,381,782 | 77,601 | |
RenaissanceRe Holdings Ltd. | 600,268 | 75,388 | |
LPL Financial Holdings Inc. | 1,285,126 | 73,432 | |
EPR Properties | 1,105,310 | 72,354 | |
Hospitality Properties Trust | 2,341,226 | 69,886 | |
Park Hotels & Resorts Inc. | 2,418,465 | 69,531 | |
Prosperity Bancshares Inc. | 990,802 | 69,425 | |
Wintrust Financial Corp. | 838,885 | 69,099 | |
Hanover Insurance Group Inc. | 636,593 | 68,803 | |
Umpqua Holdings Corp. | 3,301,740 | 68,676 | |
Senior Housing Properties Trust | 3,563,127 | 68,234 | |
Primerica Inc. | 663,421 | 67,370 | |
FNB Corp. | 4,848,519 | 67,007 | |
Radian Group Inc. | 3,233,485 | 66,642 | |
BankUnited Inc. | 1,602,161 | 65,240 | |
Hancock Holding Co. | 1,277,806 | 63,251 | |
IBERIABANK Corp. | 807,754 | 62,601 | |
Apple Hospitality REIT Inc. | 3,177,573 | 62,312 | |
CNO Financial Group Inc. | 2,515,777 | 62,115 | |
Rayonier Inc. | 1,933,283 | 61,150 | |
Interactive Brokers Group Inc. | 1,017,929 | 60,272 | |
Weingarten Realty Investors | 1,830,864 | 60,180 | |
Assured Guaranty Ltd. | 1,761,428 | 59,660 | |
Cousins Properties Inc. | 6,299,949 | 58,274 | |
Stifel Financial Corp. | 976,062 | 58,134 | |
RLJ Lodging Trust | 2,624,337 | 57,657 | |
Associated Banc-Corp | 2,267,787 | 57,602 | |
Chemical Financial Corp. | 1,067,234 | 57,065 | |
Taubman Centers Inc. | 865,578 | 56,635 | |
First Industrial Realty Trust Inc. | 1,796,896 | 56,548 | |
Gaming and Leisure Properties Inc. | 1,513,272 | 55,991 | |
Sunstone Hotel Investors Inc. | 3,380,814 | 55,885 | |
Legg Mason Inc. | 1,309,952 | 54,992 | |
Bank of Hawaii Corp. | 637,189 | 54,607 |
41
Vanguard® Small-Cap Value Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Popular Inc. | 1,530,786 | 54,328 |
Realogy Holdings Corp. | 2,043,356 | 54,149 |
Investors Bancorp Inc. | 3,899,166 | 54,120 |
* Equity Commonwealth | 1,767,497 | 53,926 |
MB Financial Inc. | 1,195,352 | 53,217 |
Validus Holdings Ltd. | 1,132,172 | 53,121 |
Navient Corp. | 3,959,456 | 52,740 |
United Bankshares Inc. | 1,496,590 | 52,006 |
BGC Partners Inc. Class A | 3,427,685 | 51,792 |
Selective Insurance Group Inc. | 875,052 | 51,366 |
Chimera Investment Corp. | 2,675,011 | 49,434 |
Federated Investors Inc. Class B | 1,362,648 | 49,164 |
Empire State Realty Trust Inc. | 2,377,492 | 48,810 |
PacWest Bancorp | 966,898 | 48,732 |
Cathay General Bancorp | 1,152,219 | 48,589 |
UMB Financial Corp. | 673,350 | 48,427 |
Blackstone Mortgage Trust Inc. Class A | 1,501,390 | 48,315 |
Outfront Media Inc. | 2,079,895 | 48,254 |
Brandywine Realty Trust | 2,631,311 | 47,864 |
LaSalle Hotel Properties | 1,698,814 | 47,686 |
TCF Financial Corp. | 2,321,514 | 47,591 |
Columbia Banking System Inc. | 1,094,933 | 47,564 |
MFA Financial Inc. | 5,951,098 | 47,133 |
Fulton Financial Corp. | 2,628,472 | 47,050 |
Erie Indemnity Co. Class A | 381,281 | 46,455 |
Glacier Bancorp Inc. | 1,170,554 | 46,108 |
* SLM Corp. | 4,076,684 | 46,066 |
Forest City Realty Trust Inc. Class A | 1,901,182 | 45,818 |
Retail Properties of America Inc. | 3,407,284 | 45,794 |
ProAssurance Corp. | 800,796 | 45,765 |
South State Corp. | 523,280 | 45,604 |
Washington Federal Inc. | 1,305,087 | 44,699 |
National Health Investors Inc. | 591,218 | 44,566 |
GEO Group Inc. | 1,861,592 | 43,934 |
EastGroup Properties Inc. | 490,392 | 43,341 |
White Mountains Insurance Group Ltd. | 50,631 | 43,101 |
First Financial Bankshares Inc. | 944,414 | 42,546 |
Two Harbors Investment Corp. | 2,616,474 | 42,544 |
Piedmont Office Realty Trust Inc. Class A | 2,165,733 | 42,470 |
Valley National Bancorp | 3,765,948 | 42,254 |
DDR Corp. | 4,698,811 | 42,101 |
Columbia Property Trust Inc. | 1,797,502 | 41,253 |
^ Omega Healthcare Investors Inc. | 1,485,318 | 40,906 |
Community Bank System Inc. | 759,384 | 40,817 |
Assurant Inc. | 403,498 | 40,689 |
CoreCivic Inc. | 1,773,774 | 39,910 |
Kemper Corp. | 578,759 | 39,876 |
Sterling Bancorp | 1,598,667 | 39,327 |
American Equity Investment Life Holding Co. | 1,269,764 | 39,020 |
American National Insurance Co. | 302,717 | 38,823 |
BancorpSouth Bank | 1,220,169 | 38,374 |
RLI Corp. | 627,772 | 38,081 |
Tanger Factory Outlet Centers Inc. | 1,418,420 | 37,602 |
CVB Financial Corp. | 1,571,953 | 37,035 |
First Midwest Bancorp Inc. | 1,540,561 | 36,989 |
First Citizens BancShares Inc. Class A | 90,890 | 36,629 |
Washington REIT | 1,175,828 | 36,592 |
Aspen Insurance Holdings Ltd. | 891,169 | 36,181 |
Old National Bancorp | 2,031,682 | 35,453 |
Hope Bancorp Inc. | 1,931,415 | 35,248 |
Great Western Bancorp Inc. | 882,943 | 35,141 |
Xenia Hotels & Resorts Inc. | 1,601,009 | 34,566 |
Acadia Realty Trust | 1,256,075 | 34,366 |
DiamondRock Hospitality Co. | 3,006,102 | 33,939 |
42
Vanguard® Small-Cap Value Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
International Bancshares Corp. | 843,408 | 33,483 |
BOK Financial Corp. | 344,313 | 31,787 |
Lexington Realty Trust | 3,249,136 | 31,354 |
Axis Capital Holdings Ltd. | 623,675 | 31,346 |
First Merchants Corp. | 734,280 | 30,884 |
Trustmark Corp. | 966,288 | 30,786 |
* HRG Group Inc. | 1,804,969 | 30,594 |
Potlatch Corp. | 609,908 | 30,434 |
Santander Consumer USA Holdings Inc. | 1,633,570 | 30,417 |
Invesco Mortgage Capital Inc. | 1,674,079 | 29,849 |
Apollo Commercial Real Estate Finance Inc. | 1,602,336 | 29,563 |
United Community Banks Inc. | 1,046,739 | 29,455 |
Independent Bank Corp. | 411,550 | 28,747 |
Renasant Corp. | 701,968 | 28,703 |
Artisan Partners Asset Management Inc. Class A | 713,458 | 28,182 |
JBG SMITH Properties | 796,635 | 27,667 |
Government Properties Income Trust | 1,488,115 | 27,590 |
Banner Corp. | 491,349 | 27,083 |
Horace Mann Educators Corp. | 609,828 | 26,893 |
* OneMain Holdings Inc. | 1,028,420 | 26,729 |
Waddell & Reed Financial Inc. Class A | 1,189,326 | 26,570 |
Mack-Cali Realty Corp. | 1,214,740 | 26,190 |
Argo Group International Holdings Ltd. | 422,730 | 26,061 |
LTC Properties Inc. | 593,751 | 25,858 |
WesBanco Inc. | 627,424 | 25,505 |
Sabra Health Care REIT Inc. | 1,338,139 | 25,117 |
Capitol Federal Financial Inc. | 1,865,982 | 25,023 |
* Enstar Group Ltd. | 123,312 | 24,755 |
First Hawaiian Inc. | 839,943 | 24,510 |
Provident Financial Services Inc. | 902,729 | 24,347 |
Select Income REIT | 939,271 | 23,604 |
First Financial Bancorp | 885,189 | 23,325 |
* Genworth Financial Inc. Class A | 7,496,056 | 23,313 |
Chesapeake Lodging Trust | 857,345 | 23,225 |
Northwest Bancshares Inc. | 1,387,313 | 23,210 |
NBT Bancorp Inc. | 620,945 | 22,851 |
Westamerica Bancorporation | 375,966 | 22,389 |
Mercury General Corp. | 414,983 | 22,177 |
* PRA Group Inc. | 647,314 | 21,491 |
Berkshire Hills Bancorp Inc. | 576,569 | 21,102 |
First Commonwealth Financial Corp. | 1,460,355 | 20,912 |
* Green Dot Corp. Class A | 346,087 | 20,855 |
Global Net Lease Inc. | 1,003,977 | 20,662 |
Employers Holdings Inc. | 461,796 | 20,504 |
Park National Corp. | 195,115 | 20,292 |
Washington Prime Group Inc. | 2,794,366 | 19,896 |
* Walker & Dunlop Inc. | 418,486 | 19,878 |
S&T Bancorp Inc. | 497,735 | 19,815 |
* Quality Care Properties Inc. | 1,408,974 | 19,458 |
CYS Investments Inc. | 2,320,865 | 18,637 |
Piper Jaffray Cos. | 215,522 | 18,589 |
Boston Private Financial Holdings Inc. | 1,199,808 | 18,537 |
Navigators Group Inc. | 376,176 | 18,320 |
First Interstate BancSystem Inc. Class A | 450,317 | 18,035 |
NRG Yield Inc. | 936,488 | 17,700 |
Tompkins Financial Corp. | 216,573 | 17,618 |
Ramco-Gershenson Properties Trust | 1,189,039 | 17,515 |
Safety Insurance Group Inc. | 216,741 | 17,426 |
National General Holdings Corp. | 880,449 | 17,292 |
Brookline Bancorp Inc. | 1,091,712 | 17,140 |
Redwood Trust Inc. | 1,155,387 | 17,123 |
Beneficial Bancorp Inc. | 1,022,224 | 16,816 |
State Bank Financial Corp. | 553,694 | 16,522 |
Infinity Property & Casualty Corp. | 155,294 | 16,461 |
43
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Franklin Street Properties Corp. | 1,527,329 | 16,403 | |
ARMOUR Residential REIT Inc. | 625,604 | 16,091 | |
* | Cannae Holdings Inc. | 926,158 | 15,772 |
* | First BanCorp | 3,075,653 | 15,686 |
^ | Seritage Growth Properties Class A | 387,052 | 15,660 |
City Holding Co. | 222,249 | 14,995 | |
PennyMac Mortgage Investment Trust | 931,854 | 14,975 | |
^ | AmTrust Financial Services Inc. | 1,467,833 | 14,781 |
*,^ | Encore Capital Group Inc. | 351,091 | 14,781 |
^ | CBL & Associates Properties Inc. | 2,563,425 | 14,509 |
Ladder Capital Corp. Class A | 1,064,401 | 14,508 | |
Universal Health Realty Income Trust | 185,408 | 13,926 | |
United Fire Group Inc. | 297,958 | 13,581 | |
BancFirst Corp. | 263,072 | 13,456 | |
^ | Virtu Financial Inc. Class A | 735,081 | 13,452 |
Getty Realty Corp. | 474,150 | 12,878 | |
Central Pacific Financial Corp. | 429,333 | 12,807 | |
MTGE Investment Corp. | 684,169 | 12,657 | |
Capstead Mortgage Corp. | 1,438,985 | 12,447 | |
Summit Hotel Properties Inc. | 780,645 | 11,889 | |
^ | Pennsylvania REIT | 995,431 | 11,836 |
Virtus Investment Partners Inc. | 101,932 | 11,727 | |
American Assets Trust Inc. | 299,592 | 11,456 | |
Nelnet Inc. Class A | 208,489 | 11,421 | |
* | Flagstar Bancorp Inc. | 300,168 | 11,232 |
Saul Centers Inc. | 181,611 | 11,214 | |
National Western Life Group Inc. Class A | 33,437 | 11,068 | |
*,^ | iStar Inc. | 967,595 | 10,934 |
Granite Point Mortgage Trust Inc. | 610,505 | 10,830 | |
FBL Financial Group Inc. Class A | 149,603 | 10,420 | |
NRG Yield Inc. Class A | 551,612 | 10,398 | |
Hersha Hospitality Trust Class A | 592,502 | 10,310 | |
Investors Real Estate Trust | 1,810,273 | 10,282 | |
New York REIT Inc. | 2,499,155 | 9,822 | |
Urstadt Biddle Properties Inc. Class A | 449,893 | 9,781 | |
Alexander & Baldwin Inc. | 349,701 | 9,701 | |
Oritani Financial Corp. | 589,691 | 9,671 | |
*,^ | MBIA Inc. | 1,304,807 | 9,551 |
Dime Community Bancshares Inc. | 449,086 | 9,408 | |
Houlihan Lokey Inc. Class A | 198,860 | 9,034 | |
* | Greenlight Capital Re Ltd. Class A | 442,058 | 8,885 |
Ashford Hospitality Trust Inc. | 1,314,085 | 8,844 | |
* | Nationstar Mortgage Holdings Inc. | 439,909 | 8,138 |
AG Mortgage Investment Trust Inc. | 422,595 | 8,034 | |
Anworth Mortgage Asset Corp. | 1,466,801 | 7,979 | |
* | Cadence BanCorp Class A | 291,853 | 7,915 |
State Auto Financial Corp. | 253,887 | 7,393 | |
KKR Real Estate Finance Trust Inc. | 360,975 | 7,223 | |
Maiden Holdings Ltd. | 1,078,414 | 7,118 | |
OFG Bancorp | 658,466 | 6,190 | |
Greenhill & Co. Inc. | 294,962 | 5,752 | |
* | Tejon Ranch Co. | 271,071 | 5,627 |
InfraREIT Inc. | 295,400 | 5,489 | |
* | World Acceptance Corp. | 67,229 | 5,427 |
Northfield Bancorp Inc. | 312,698 | 5,341 | |
* | MoneyGram International Inc. | 404,908 | 5,337 |
* | Ambac Financial Group Inc. | 310,759 | 4,966 |
Investment Technology Group Inc. | 234,500 | 4,514 | |
* | EZCORP Inc. Class A | 354,953 | 4,330 |
* | Ocwen Financial Corp. | 1,362,430 | 4,264 |
*,^ | Altisource Portfolio Solutions SA | 147,657 | 4,134 |
*,^ | Forestar Group Inc. | 164,264 | 3,614 |
TPG RE Finance Trust Inc. | 180,064 | 3,430 | |
* | Newmark Group Inc. Class A | 165,716 | 2,635 |
44
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Associated Capital Group Inc. Class A | 66,972 | 2,284 | |
GAMCO Investors Inc. Class A | 66,655 | 1,976 | |
Urstadt Biddle Properties Inc. | 31,237 | 529 | |
8,919,668 | |||
Health Care (5.3%) | |||
* | WellCare Health Plans Inc. | 667,680 | 134,277 |
* | Sage Therapeutics Inc. | 592,403 | 97,575 |
* | United Therapeutics Corp. | 615,272 | 91,029 |
Teleflex Inc. | 337,593 | 84,000 | |
Hill-Rom Holdings Inc. | 986,281 | 83,134 | |
* | Charles River Laboratories International Inc. | 709,524 | 77,657 |
* | MEDNAX Inc. | 1,404,759 | 75,070 |
HealthSouth Corp. | 1,400,664 | 69,207 | |
* | Envision Healthcare Corp. | 1,814,450 | 62,707 |
STERIS plc | 636,647 | 55,688 | |
Patterson Cos. Inc. | 1,220,106 | 44,082 | |
* | Blueprint Medicines Corp. | 579,719 | 43,717 |
* | Myriad Genetics Inc. | 1,036,792 | 35,609 |
* | Prestige Brands Holdings Inc. | 794,311 | 35,275 |
* | Magellan Health Inc. | 360,616 | 34,817 |
* | Aerie Pharmaceuticals Inc. | 550,205 | 32,875 |
* | Halyard Health Inc. | 702,025 | 32,420 |
* | Mallinckrodt plc | 1,424,301 | 32,132 |
* | Loxo Oncology Inc. | 358,878 | 30,210 |
* | LifePoint Health Inc. | 591,277 | 29,446 |
* | Juno Therapeutics Inc. | 641,802 | 29,337 |
* | Molina Healthcare Inc. | 363,897 | 27,904 |
* | Brookdale Senior Living Inc. | 2,796,571 | 27,127 |
* | Select Medical Holdings Corp. | 1,493,981 | 26,369 |
* | Clovis Oncology Inc. | 348,818 | 23,720 |
* | Endo International plc | 3,014,796 | 23,365 |
* | Haemonetics Corp. | 395,880 | 22,993 |
*,^ | Tenet Healthcare Corp. | 1,515,415 | 22,974 |
CONMED Corp. | 376,302 | 19,180 | |
* | Impax Laboratories Inc. | 1,112,424 | 18,522 |
Owens & Minor Inc. | 920,349 | 17,376 | |
* | LHC Group Inc. | 247,138 | 15,137 |
Kindred Healthcare Inc. | 1,236,543 | 11,994 | |
*,^ | Lannett Co. Inc. | 478,542 | 11,102 |
* | AnaptysBio Inc. | 102,582 | 10,332 |
* | Intra-Cellular Therapies Inc. | 652,955 | 9,455 |
* | Aimmune Therapeutics Inc. | 246,968 | 9,340 |
National HealthCare Corp. | 136,515 | 8,319 | |
Invacare Corp. | 490,797 | 8,270 | |
Ensign Group Inc. | 363,655 | 8,073 | |
*,^ | Synergy Pharmaceuticals Inc. | 3,516,796 | 7,842 |
Analogic Corp. | 93,639 | 7,842 | |
*,^ | Community Health Systems Inc. | 1,631,878 | 6,952 |
* | PDL BioPharma Inc. | 2,175,507 | 5,961 |
*,^ | American Renal Associates Holdings Inc. | 189,016 | 3,289 |
* | PTC Therapeutics Inc. | 148,136 | 2,471 |
*,^ | Denali Therapeutics Inc. | 111,901 | 1,750 |
*,^ | Akcea Therapeutics Inc. | 98,791 | 1,715 |
* | Depomed Inc. | 209,929 | 1,690 |
*,^ | Celldex Therapeutics Inc. | 497,133 | 1,412 |
*,^ | NantKwest Inc. | 172,906 | 776 |
* | Wright Medical Group Inc. CVR | 71,097 | 107 |
* | Portola Pharmaceuticals Inc. | 99 | 5 |
* | Global Blood Therapeutics Inc. | 63 | 2 |
* | AMAG Pharmaceuticals Inc. | 54 | 1 |
1,573,631 | |||
Industrials (20.1%) | |||
Spirit AeroSystems Holdings Inc. Class A | 1,733,792 | 151,273 | |
IDEX Corp. | 1,145,206 | 151,133 |
45
Vanguard® Small-Cap Value Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
PerkinElmer Inc. | 1,651,101 | 120,729 |
Orbital ATK Inc. | 864,653 | 113,702 |
Allegion plc | 1,424,976 | 113,371 |
Carlisle Cos. Inc. | 929,064 | 105,588 |
Oshkosh Corp. | 1,127,426 | 102,472 |
Donaldson Co. Inc. | 1,947,332 | 95,322 |
* Quanta Services Inc. | 2,321,052 | 90,776 |
* AECOM | 2,364,185 | 87,830 |
Trinity Industries Inc. | 2,276,307 | 85,270 |
Lincoln Electric Holdings Inc. | 887,830 | 81,307 |
AptarGroup Inc. | 934,680 | 80,644 |
Huntington Ingalls Industries Inc. | 339,353 | 79,986 |
Sonoco Products Co. | 1,490,986 | 79,231 |
Booz Allen Hamilton Holding Corp. Class A | 2,077,502 | 79,215 |
Broadridge Financial Solutions Inc. | 873,850 | 79,153 |
MDU Resources Group Inc. | 2,929,989 | 78,758 |
* Genesee & Wyoming Inc. Class A | 924,739 | 72,805 |
Curtiss-Wright Corp. | 595,341 | 72,542 |
AGCO Corp. | 1,014,259 | 72,449 |
EMCOR Group Inc. | 882,279 | 72,126 |
Avnet Inc. | 1,814,172 | 71,878 |
Graphic Packaging Holding Co. | 4,646,655 | 71,791 |
ITT Inc. | 1,319,811 | 70,438 |
Crane Co. | 756,550 | 67,499 |
Ryder System Inc. | 793,986 | 66,830 |
Jabil Inc. | 2,516,334 | 66,054 |
Bemis Co. Inc. | 1,362,738 | 65,125 |
MSC Industrial Direct Co. Inc. Class A | 667,866 | 64,556 |
Kennametal Inc. | 1,215,709 | 58,853 |
* Keysight Technologies Inc. | 1,394,929 | 58,029 |
Terex Corp. | 1,198,317 | 57,783 |
* CoreLogic Inc. | 1,235,020 | 57,070 |
Brink's Co. | 719,043 | 56,589 |
Valmont Industries Inc. | 338,954 | 56,216 |
Deluxe Corp. | 721,565 | 55,445 |
* Owens-Illinois Inc. | 2,446,753 | 54,245 |
* Kirby Corp. | 806,258 | 53,858 |
* KLX Inc. | 771,288 | 52,640 |
Timken Co. | 1,047,771 | 51,498 |
Regal Beloit Corp. | 664,412 | 50,894 |
Belden Inc. | 632,489 | 48,809 |
* MasTec Inc. | 993,331 | 48,624 |
* Conduent Inc. | 2,997,294 | 48,436 |
Barnes Group Inc. | 763,360 | 48,298 |
* WESCO International Inc. | 704,758 | 48,029 |
* Colfax Corp. | 1,200,510 | 47,564 |
* Generac Holdings Inc. | 932,392 | 46,172 |
BWX Technologies Inc. | 745,544 | 45,098 |
EnerSys | 632,191 | 44,019 |
Packaging Corp. of America | 354,142 | 42,692 |
* Moog Inc. Class A | 485,034 | 42,125 |
KBR Inc. | 2,101,428 | 41,671 |
Flowserve Corp. | 980,004 | 41,288 |
Vishay Intertechnology Inc. | 1,976,915 | 41,021 |
* Rexnord Corp. | 1,558,332 | 40,548 |
Tetra Tech Inc. | 835,607 | 40,235 |
MSA Safety Inc. | 513,304 | 39,791 |
Applied Industrial Technologies Inc. | 581,920 | 39,629 |
UniFirst Corp. | 231,751 | 38,216 |
ABM Industries Inc. | 976,463 | 36,832 |
GATX Corp. | 574,229 | 35,694 |
Silgan Holdings Inc. | 1,160,111 | 34,096 |
* Sanmina Corp. | 1,026,267 | 33,867 |
* Esterline Technologies Corp. | 449,673 | 33,591 |
46
Vanguard® Small-Cap Value Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Universal Forest Products Inc. | 870,622 | 32,753 |
Convergys Corp. | 1,385,817 | 32,567 |
* Anixter International Inc. | 424,491 | 32,261 |
Watts Water Technologies Inc. Class A | 416,205 | 31,611 |
* Navistar International Corp. | 736,452 | 31,579 |
Korn/Ferry International | 762,578 | 31,556 |
* Meritor Inc. | 1,328,482 | 31,166 |
* Plexus Corp. | 503,247 | 30,557 |
Triton International Ltd. | 787,032 | 29,474 |
Mueller Industries Inc. | 823,663 | 29,182 |
* SPX FLOW Inc. | 604,862 | 28,761 |
* Louisiana-Pacific Corp. | 1,087,596 | 28,560 |
World Fuel Services Corp. | 963,791 | 27,121 |
Maxar Technologies Ltd. | 420,413 | 27,041 |
Otter Tail Corp. | 594,317 | 26,417 |
Brady Corp. Class A | 683,497 | 25,905 |
Greif Inc. Class A | 421,128 | 25,512 |
Werner Enterprises Inc. | 651,414 | 25,177 |
Chicago Bridge & Iron Co. NV | 1,522,557 | 24,574 |
Kaman Corp. | 416,233 | 24,491 |
* FTI Consulting Inc. | 569,495 | 24,466 |
Boise Cascade Co. | 577,555 | 23,044 |
Greenbrier Cos. Inc. | 430,848 | 22,964 |
Mobile Mini Inc. | 664,873 | 22,938 |
* Hub Group Inc. Class A | 477,133 | 22,855 |
* Harsco Corp. | 1,207,557 | 22,521 |
* Atlas Air Worldwide Holdings Inc. | 379,771 | 22,274 |
ESCO Technologies Inc. | 368,119 | 22,179 |
* Benchmark Electronics Inc. | 745,796 | 21,703 |
Actuant Corp. Class A | 853,642 | 21,597 |
* TTM Technologies Inc. | 1,375,769 | 21,558 |
* Integer Holdings Corp. | 474,400 | 21,490 |
General Cable Corp. | 712,616 | 21,093 |
Altra Industrial Motion Corp. | 417,172 | 21,025 |
* JELD-WEN Holding Inc. | 513,417 | 20,213 |
* Milacron Holdings Corp. | 1,042,156 | 19,947 |
* Knowles Corp. | 1,343,939 | 19,702 |
H&E Equipment Services Inc. | 480,418 | 19,529 |
Standex International Corp. | 191,469 | 19,501 |
ManTech International Corp. Class A | 387,444 | 19,446 |
AAR Corp. | 493,340 | 19,383 |
Aircastle Ltd. | 825,647 | 19,312 |
Triumph Group Inc. | 708,585 | 19,274 |
* Armstrong World Industries Inc. | 316,909 | 19,189 |
* SPX Corp. | 607,551 | 19,071 |
Matson Inc. | 638,019 | 19,039 |
Granite Construction Inc. | 299,497 | 18,997 |
* GMS Inc. | 502,891 | 18,929 |
Manitowoc Co. Inc. | 475,884 | 18,721 |
* TriMas Corp. | 685,547 | 18,338 |
Wabash National Corp. | 842,050 | 18,273 |
Astec Industries Inc. | 312,084 | 18,257 |
* Sykes Enterprises Inc. | 579,012 | 18,210 |
* Cotiviti Holdings Inc. | 554,097 | 17,847 |
* TrueBlue Inc. | 619,423 | 17,034 |
McGrath RentCorp | 342,425 | 16,087 |
* Tutor Perini Corp. | 596,798 | 15,129 |
Materion Corp. | 300,661 | 14,612 |
Encore Wire Corp. | 296,277 | 14,414 |
^ Sturm Ruger & Co. Inc. | 247,677 | 13,833 |
MTS Systems Corp. | 253,729 | 13,625 |
* Huron Consulting Group Inc. | 331,235 | 13,398 |
* Navigant Consulting Inc. | 688,017 | 13,354 |
AVX Corp. | 756,958 | 13,095 |
47
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
ArcBest Corp. | 364,769 | 13,041 | |
Schnitzer Steel Industries Inc. | 382,094 | 12,800 | |
Kelly Services Inc. Class A | 444,872 | 12,132 | |
Comfort Systems USA Inc. | 277,775 | 12,125 | |
CIRCOR International Inc. | 247,243 | 12,036 | |
EVERTEC Inc. | 867,923 | 11,847 | |
* | Aegion Corp. Class A | 462,567 | 11,763 |
Hyster-Yale Materials Handling Inc. | 131,755 | 11,220 | |
Griffon Corp. | 530,700 | 10,800 | |
* | Atkore International Group Inc. | 479,827 | 10,292 |
Quad/Graphics Inc. | 453,760 | 10,255 | |
* | Donnelley Financial Solutions Inc. | 504,810 | 9,839 |
RR Donnelley & Sons Co. | 1,049,593 | 9,761 | |
RPX Corp. | 703,379 | 9,453 | |
Kforce Inc. | 357,053 | 9,016 | |
* | OSI Systems Inc. | 134,650 | 8,669 |
Primoris Services Corp. | 307,997 | 8,374 | |
TeleTech Holdings Inc. | 205,910 | 8,288 | |
* | TimkenSteel Corp. | 499,666 | 7,590 |
LSC Communications Inc. | 495,941 | 7,514 | |
Resources Connection Inc. | 432,067 | 6,675 | |
*,^ | Team Inc. | 425,958 | 6,347 |
* | Cardtronics plc Class A | 341,667 | 6,328 |
* | Wesco Aircraft Holdings Inc. | 819,710 | 6,066 |
Park Electrochemical Corp. | 292,636 | 5,750 | |
American Railcar Industries Inc. | 114,925 | 4,786 | |
* | PHH Corp. | 460,706 | 4,745 |
Greif Inc. Class B | 46,587 | 3,231 | |
* | International Seaways Inc. | 162,537 | 3,000 |
* | Armstrong Flooring Inc. | 153,232 | 2,593 |
Essendant Inc. | 268,180 | 2,486 | |
*,^ | Forterra Inc. | 146,123 | 1,622 |
Insperity Inc. | 397 | 23 | |
* | Babcock & Wilcox Enterprises Inc. | 78 | — |
5,953,516 | |||
Oil & Gas (4.5%) | |||
* | First Solar Inc. | 1,174,722 | 79,317 |
Targa Resources Corp. | 1,616,526 | 78,272 | |
Murphy Oil Corp. | 2,458,332 | 76,331 | |
HollyFrontier Corp. | 1,329,100 | 68,077 | |
Range Resources Corp. | 3,720,989 | 63,480 | |
*,^ | Transocean Ltd. | 5,866,816 | 62,658 |
*,^ | Weatherford International plc | 14,885,567 | 62,073 |
PBF Energy Inc. Class A | 1,567,431 | 55,566 | |
*,^ | Chesapeake Energy Corp. | 12,946,522 | 51,268 |
Helmerich & Payne Inc. | 732,981 | 47,380 | |
* | WPX Energy Inc. | 2,985,382 | 42,004 |
Ensco plc Class A | 6,539,821 | 38,650 | |
Delek US Holdings Inc. | 1,099,261 | 38,408 | |
* | Whiting Petroleum Corp. | 1,360,411 | 36,024 |
SemGroup Corp. Class A | 1,180,155 | 35,641 | |
* | Oasis Petroleum Inc. | 4,125,373 | 34,694 |
CNX Resources Corp. | 2,243,482 | 32,822 | |
Oceaneering International Inc. | 1,474,390 | 31,169 | |
Nabors Industries Ltd. | 4,346,734 | 29,688 | |
* | Rowan Cos. plc Class A | 1,894,739 | 29,672 |
* | C&J Energy Services Inc. | 853,997 | 28,583 |
* | McDermott International Inc. | 4,252,395 | 27,981 |
* | Dril-Quip Inc. | 566,547 | 27,024 |
* | MRC Global Inc. | 1,348,840 | 22,822 |
* | Superior Energy Services Inc. | 2,291,902 | 22,071 |
* | Oil States International Inc. | 765,095 | 21,652 |
* | NOW Inc. | 1,620,779 | 17,877 |
* | Unit Corp. | 791,895 | 17,422 |
48
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | QEP Resources Inc. | 1,804,009 | 17,264 |
*,^ | Diamond Offshore Drilling Inc. | 924,801 | 17,192 |
* | Noble Corp. plc | 3,667,056 | 16,575 |
* | Exterran Corp. | 508,909 | 16,000 |
* | Helix Energy Solutions Group Inc. | 2,100,520 | 15,838 |
* | Denbury Resources Inc. | 6,021,404 | 13,307 |
Archrock Inc. | 1,063,567 | 11,168 | |
* | Chart Industries Inc. | 230,659 | 10,809 |
^ | CVR Energy Inc. | 260,043 | 9,684 |
* | Forum Energy Technologies Inc. | 607,573 | 9,448 |
* | ProPetro Holding Corp. | 464,874 | 9,372 |
*,^ | SunPower Corp. Class A | 836,151 | 7,049 |
*,^ | Tellurian Inc. | 583,172 | 5,680 |
Green Plains Inc. | 292,397 | 4,927 | |
* | TETRA Technologies Inc. | 829,472 | 3,542 |
*,^ | EP Energy Corp. Class A | 592,038 | 1,397 |
*,^ | NextDecade Corp. | 166,616 | 1,386 |
*,^ | NCS Multistage Holdings Inc. | 66,073 | 974 |
* | Centennial Resource Development Inc. Class A | 222 | 4 |
* | Flotek Industries Inc. | 81 | — |
1,350,242 | |||
Other (0.0%)2 | |||
*,3 | Herbalife Ltd. CVR | 147,396 | 1,430 |
*,3 | Clinical Data CVR | 62,138 | — |
1,430 | |||
Technology (7.3%) | |||
CDW Corp. | 2,295,130 | 159,489 | |
Leidos Holdings Inc. | 2,268,191 | 146,457 | |
* | ON Semiconductor Corp. | 6,360,870 | 133,197 |
Teradyne Inc. | 2,941,557 | 123,163 | |
* | CommScope Holding Co. Inc. | 2,860,674 | 108,219 |
* | Microsemi Corp. | 1,763,521 | 91,086 |
CSRA Inc. | 2,457,590 | 73,531 | |
Cypress Semiconductor Corp. | 4,753,323 | 72,441 | |
* | Nuance Communications Inc. | 4,327,194 | 70,750 |
* | Teradata Corp. | 1,815,037 | 69,806 |
* | ARRIS International plc | 2,664,360 | 68,447 |
* | NCR Corp. | 1,827,131 | 62,104 |
SYNNEX Corp. | 449,512 | 61,111 | |
DST Systems Inc. | 903,522 | 56,082 | |
* | Tech Data Corp. | 572,161 | 56,055 |
* | Cree Inc. | 1,472,000 | 54,670 |
Science Applications International Corp. | 648,836 | 49,681 | |
* | CACI International Inc. Class A | 369,275 | 48,874 |
* | Verint Systems Inc. | 955,391 | 39,983 |
Cabot Microelectronics Corp. | 380,281 | 35,777 | |
* | Semtech Corp. | 993,079 | 33,963 |
* | EchoStar Corp. Class A | 540,171 | 32,356 |
Pitney Bowes Inc. | 2,802,564 | 31,333 | |
* | Viavi Solutions Inc. | 3,412,387 | 29,824 |
* | VeriFone Systems Inc. | 1,682,371 | 29,795 |
Progress Software Corp. | 680,322 | 28,961 | |
TiVo Corp. | 1,740,477 | 27,151 | |
* | NETGEAR Inc. | 448,534 | 26,351 |
* | Cloudera Inc. | 1,463,050 | 24,170 |
CSG Systems International Inc. | 503,039 | 22,043 | |
* | Insight Enterprises Inc. | 537,380 | 20,576 |
* | Synaptics Inc. | 511,228 | 20,418 |
* | MuleSoft Inc. Class A | 843,455 | 19,619 |
* | Finisar Corp. | 855,689 | 17,413 |
^ | Diebold Nixdorf Inc. | 1,021,905 | 16,708 |
* | Web.com Group Inc. | 692,496 | 15,096 |
* | Blucora Inc. | 655,270 | 14,481 |
ADTRAN Inc. | 722,142 | 13,973 |
49
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | ScanSource Inc. | 381,752 | 13,667 |
Ebix Inc. | 164,808 | 13,061 | |
* | Amkor Technology Inc. | 1,255,607 | 12,619 |
* | Premier Inc. Class A | 429,804 | 12,546 |
Plantronics Inc. | 247,544 | 12,471 | |
* | Syntel Inc. | 496,207 | 11,408 |
* | Quality Systems Inc. | 810,422 | 11,006 |
* | Electronics For Imaging Inc. | 347,031 | 10,248 |
* | Presidio Inc. | 480,418 | 9,210 |
* | FormFactor Inc. | 546,167 | 8,548 |
* | Okta Inc. | 287,960 | 7,375 |
*,^ | Unisys Corp. | 756,993 | 6,169 |
Computer Programs & Systems Inc. | 194,372 | 5,841 | |
*,^ | Yext Inc. | 472,439 | 5,683 |
* | Alteryx Inc. Class A | 169,880 | 4,293 |
Systemax Inc. | 110,198 | 3,666 | |
* | MongoDB Inc. | 119,804 | 3,556 |
*,^ | Appian Corp. Class A | 99,255 | 3,125 |
* | Ribbon Communications Inc. | 383,624 | 2,965 |
* | Synchronoss Technologies Inc. | 266,673 | 2,384 |
* | SailPoint Technologies Holding Inc. | 159,152 | 2,308 |
* | Casa Systems Inc. | 65,641 | 1,166 |
* | Coupa Software Inc. | 54 | 2 |
Switch Inc. | 45 | 1 | |
* | Cision Ltd. | 51 | 1 |
* | Altair Engineering Inc. Class A | 18 | — |
2,168,473 | |||
Telecommunications (0.4%) | |||
Telephone & Data Systems Inc. | 1,474,684 | 40,996 | |
* | Vonage Holdings Corp. | 3,087,576 | 31,401 |
*,^ | Iridium Communications Inc. | 1,247,248 | 14,718 |
Consolidated Communications Holdings Inc. | 1,066,356 | 12,999 | |
^ | Frontier Communications Corp. | 1,175,007 | 7,943 |
* | United States Cellular Corp. | 194,979 | 7,337 |
* | Intelsat SA | 385,884 | 1,308 |
116,702 | |||
Utilities (6.5%) | |||
Atmos Energy Corp. | 1,669,076 | 143,357 | |
NRG Energy Inc. | 4,510,994 | 128,473 | |
UGI Corp. | 2,604,069 | 122,261 | |
Westar Energy Inc. Class A | 2,130,611 | 112,496 | |
Aqua America Inc. | 2,664,946 | 104,546 | |
Great Plains Energy Inc. | 3,234,075 | 104,267 | |
* | Calpine Corp. | 5,405,267 | 81,782 |
Vectren Corp. | 1,245,298 | 80,969 | |
* | Vistra Energy Corp. | 3,852,486 | 70,578 |
IDACORP Inc. | 756,104 | 69,078 | |
WGL Holdings Inc. | 771,890 | 66,259 | |
National Fuel Gas Co. | 1,203,797 | 66,100 | |
Portland General Electric Co. | 1,337,096 | 60,945 | |
Hawaiian Electric Industries Inc. | 1,632,024 | 58,998 | |
ONE Gas Inc. | 789,746 | 57,857 | |
ALLETE Inc. | 765,571 | 56,928 | |
New Jersey Resources Corp. | 1,309,707 | 52,650 | |
Spire Inc. | 691,884 | 51,995 | |
Southwest Gas Holdings Inc. | 645,055 | 51,914 | |
Avista Corp. | 966,298 | 49,755 | |
PNM Resources Inc. | 1,194,804 | 48,330 | |
Black Hills Corp. | 802,566 | 48,242 | |
NorthWestern Corp. | 729,588 | 43,556 | |
South Jersey Industries Inc. | 1,197,576 | 37,400 | |
El Paso Electric Co. | 609,155 | 33,717 | |
MGE Energy Inc. | 520,476 | 32,842 | |
California Water Service Group | 720,875 | 32,692 |
50
Vanguard® Small-Cap Value Index Fund | |||||
Schedule of Investments | |||||
December 31, 2017 | |||||
Market | |||||
Value | |||||
Shares | ($000) | ||||
American States Water Co. | 550,949 | 31,905 | |||
Northwest Natural Gas Co. | 434,718 | 25,931 | |||
* | Dynegy Inc. | 835,571 | 9,901 | ||
* | TerraForm Power Inc. Class A | 2,283 | 27 | ||
* | Evoqua Water Technologies Corp. | 39 | 1 | ||
1,935,752 | |||||
Total Common Stocks (Cost $23,210,915) | 29,560,708 | ||||
Coupon | |||||
Temporary Cash Investments (0.9%)1 | |||||
Money Market Fund (0.9%) | |||||
4,5 | Vanguard Market Liquidity Fund | 1.458% | 2,563,730 | 256,399 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.0%) | |||||
United States Cash Management Bill | 1.048% | 1/2/18 | 4,000 | 4,000 | |
United States Treasury Bill | 1.398% | 5/3/18 | 200 | 199 | |
6 | United States Treasury Bill | 1.446% | 5/31/18 | 2,265 | 2,251 |
6,450 | |||||
Total Temporary Cash Investments (Cost $262,833) | 262,849 | ||||
Total Investments (100.6%) (Cost $23,473,748) | 29,823,557 | ||||
Other Assets and Liabilities—Net (-0.6%)5,7 | (187,653) | ||||
Net Assets (100%) | 29,635,904 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $153,040,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and swap contracts. After giving
effect to futures and swap investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and
0.6%, respectively, of net assets.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 Security value determined using significant unobservable inputs.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
5 Includes $166,158,000 of collateral received for securities on loan.
6 Securities with a value of $2,251,000 have been segregated as initial margin for open futures contracts.
7 Cash with a value of $660,000 has been segregated as collateral for open over-the-counter swap contracts.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
51
© 2018 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA480 022018
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.1%)1 | |||
Consumer Discretionary (14.2%) | |||
^,* | Tesla Inc. | 1,704,760 | 530,777 |
Las Vegas Sands Corp. | 4,660,233 | 323,840 | |
* | Liberty Global plc | 8,443,256 | 285,720 |
* | Liberty Broadband Corp. | 1,870,668 | 159,306 |
* | NVR Inc. | 44,617 | 156,526 |
Lear Corp. | 860,125 | 151,950 | |
Autoliv Inc. | 1,111,755 | 141,282 | |
Aramark | 3,138,383 | 134,135 | |
* | Liberty Interactive Corp. QVC Group Class A | 5,416,449 | 132,270 |
Vail Resorts Inc. | 516,212 | 109,680 | |
* | Burlington Stores Inc. | 876,518 | 107,838 |
Domino's Pizza Inc. | 559,793 | 105,778 | |
^ | Sirius XM Holdings Inc. | 18,853,639 | 101,056 |
* | Lululemon Athletica Inc. | 1,218,250 | 95,742 |
Thor Industries Inc. | 623,582 | 93,986 | |
Adient plc | 1,188,896 | 93,566 | |
Polaris Industries Inc. | 744,004 | 92,249 | |
Toll Brothers Inc. | 1,901,117 | 91,292 | |
* | Liberty Media Corp-Liberty Formula One | 2,642,258 | 90,260 |
* | ServiceMaster Global Holdings Inc. | 1,738,200 | 89,118 |
Service Corp. International | 2,375,101 | 88,639 | |
* | Liberty Media Corp-Liberty SiriusXM Class C | 2,173,786 | 86,212 |
Gentex Corp. | 3,613,423 | 75,701 | |
* | Liberty Global plc Class A | 2,083,808 | 74,684 |
Dunkin' Brands Group Inc. | 1,147,344 | 73,969 | |
* | Live Nation Entertainment Inc. | 1,708,210 | 72,719 |
Carter's Inc. | 608,757 | 71,523 | |
Six Flags Entertainment Corp. | 998,853 | 66,494 | |
Pool Corp. | 509,382 | 66,041 | |
* | Skechers U.S.A. Inc. Class A | 1,731,151 | 65,507 |
* | Bright Horizons Family Solutions Inc. | 672,535 | 63,218 |
Brunswick Corp. | 1,106,977 | 61,127 | |
* | Delphi Technologies plc | 1,139,816 | 59,806 |
Dana Inc. | 1,836,700 | 58,793 | |
* | Liberty Ventures Class A | 1,049,337 | 56,916 |
* | Grand Canyon Education Inc. | 621,123 | 55,609 |
CalAtlantic Group Inc. | 959,424 | 54,102 | |
* | Visteon Corp. | 409,744 | 51,275 |
Williams-Sonoma Inc. | 983,835 | 50,864 | |
^ | Cracker Barrel Old Country Store Inc. | 303,235 | 48,181 |
Cinemark Holdings Inc. | 1,370,400 | 47,717 | |
* | Five Below Inc. | 715,208 | 47,433 |
Extended Stay America Inc. | 2,453,597 | 46,618 | |
* | Lions Gate Entertainment Corp. Class B | 1,467,804 | 46,588 |
Nexstar Media Group Inc. Class A | 584,049 | 45,673 | |
* | Madison Square Garden Co. Class A | 213,051 | 44,922 |
* | Liberty Media Corp-Liberty SiriusXM Class A | 1,118,096 | 44,344 |
Texas Roadhouse Inc. Class A | 838,766 | 44,186 | |
* | Wayfair Inc. | 538,094 | 43,193 |
* | Hyatt Hotels Corp. Class A | 581,533 | 42,766 |
Cable One Inc. | 60,668 | 42,671 | |
LCI Industries | 324,959 | 42,245 | |
Tupperware Brands Corp. | 656,918 | 41,189 | |
Marriott Vacations Worldwide Corp. | 301,034 | 40,703 | |
American Eagle Outfitters Inc. | 2,149,148 | 40,404 | |
Wolverine World Wide Inc. | 1,260,451 | 40,183 | |
ILG Inc. | 1,384,702 | 39,436 | |
Bed Bath & Beyond Inc. | 1,790,703 | 39,378 | |
* | AutoNation Inc. | 760,082 | 39,015 |
Tenneco Inc. | 666,226 | 39,001 | |
TEGNA Inc. | 2,769,058 | 38,988 |
1
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Tribune Media Co. Class A | 916,637 | 38,930 | |
Churchill Downs Inc. | 164,620 | 38,307 | |
John Wiley & Sons Inc. Class A | 579,057 | 38,073 | |
Wendy's Co. | 2,318,185 | 38,065 | |
* | Planet Fitness Inc. Class A | 1,098,824 | 38,052 |
Boyd Gaming Corp. | 1,084,265 | 38,003 | |
* | Tempur Sealy International Inc. | 600,645 | 37,654 |
Jack in the Box Inc. | 383,089 | 37,585 | |
Sinclair Broadcast Group Inc. Class A | 982,869 | 37,202 | |
Choice Hotels International Inc. | 475,378 | 36,889 | |
* | Liberty Broadband Corp. Class A | 424,210 | 36,079 |
* | Urban Outfitters Inc. | 1,023,510 | 35,884 |
Lithia Motors Inc. Class A | 308,608 | 35,055 | |
* | Scientific Games Corp. Class A | 674,888 | 34,622 |
* | Hilton Grand Vacations Inc. | 825,227 | 34,618 |
* | AMC Networks Inc. Class A | 639,038 | 34,559 |
* | TopBuild Corp. | 454,540 | 34,427 |
* | Penn National Gaming Inc. | 1,084,805 | 33,987 |
* | Helen of Troy Ltd. | 352,589 | 33,972 |
* | Michaels Cos. Inc. | 1,394,455 | 33,732 |
KB Home | 1,054,410 | 33,688 | |
* | TRI Pointe Group Inc. | 1,879,599 | 33,682 |
Meredith Corp. | 508,691 | 33,599 | |
Regal Entertainment Group Class A | 1,455,623 | 33,494 | |
* | Ollie's Bargain Outlet Holdings Inc. | 627,565 | 33,418 |
Children's Place Inc. | 228,376 | 33,194 | |
* | Deckers Outdoor Corp. | 412,689 | 33,118 |
* | Murphy USA Inc. | 412,039 | 33,111 |
Graham Holdings Co. Class B | 58,985 | 32,934 | |
* | Steven Madden Ltd. | 704,408 | 32,896 |
Aaron's Inc. | 813,916 | 32,435 | |
Adtalem Global Education Inc. | 764,023 | 32,127 | |
* | Liberty Expedia Holdings Inc. Class A | 716,425 | 31,759 |
* | Liberty Global PLC LiLAC | 1,560,128 | 31,031 |
Dick's Sporting Goods Inc. | 1,070,120 | 30,755 | |
* | Sally Beauty Holdings Inc. | 1,638,204 | 30,733 |
* | Buffalo Wild Wings Inc. | 196,508 | 30,724 |
Red Rock Resorts Inc. Class A | 874,606 | 29,509 | |
New York Times Co. Class A | 1,582,783 | 29,281 | |
Big Lots Inc. | 519,261 | 29,157 | |
* | Dave & Buster's Entertainment Inc. | 517,879 | 28,571 |
^,* | iRobot Corp. | 355,958 | 27,302 |
^,* | Lions Gate Entertainment Corp. Class A | 789,123 | 26,680 |
* | Groupon Inc. Class A | 5,089,831 | 25,958 |
Bloomin' Brands Inc. | 1,212,501 | 25,875 | |
Columbia Sportswear Co. | 359,593 | 25,848 | |
Cheesecake Factory Inc. | 536,453 | 25,846 | |
* | Taylor Morrison Home Corp. Class A | 1,055,401 | 25,826 |
* | Cooper-Standard Holdings Inc. | 206,323 | 25,275 |
^,* | Eldorado Resorts Inc. | 760,177 | 25,200 |
* | Meritage Homes Corp. | 491,154 | 25,147 |
Monro Inc. | 429,756 | 24,475 | |
* | Dorman Products Inc. | 396,530 | 24,244 |
* | Sotheby's | 467,762 | 24,137 |
Office Depot Inc. | 6,654,159 | 23,556 | |
GameStop Corp. Class A | 1,305,937 | 23,442 | |
Time Inc. | 1,252,491 | 23,108 | |
Brinker International Inc. | 593,396 | 23,048 | |
* | Caesars Entertainment Corp. | 1,821,512 | 23,042 |
Cooper Tire & Rubber Co. | 641,792 | 22,687 | |
* | Pinnacle Entertainment Inc. | 688,502 | 22,535 |
* | American Axle & Manufacturing Holdings Inc. | 1,269,058 | 21,612 |
Penske Automotive Group Inc. | 450,788 | 21,570 | |
* | Shutterfly Inc. | 431,091 | 21,447 |
2
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | RH | 240,799 | 20,759 |
Nutrisystem Inc. | 389,872 | 20,507 | |
* | Installed Building Products Inc. | 268,747 | 20,411 |
Winnebago Industries Inc. | 366,746 | 20,391 | |
* | Floor & Decor Holdings Inc. Class A | 411,869 | 20,050 |
La-Z-Boy Inc. | 632,359 | 19,730 | |
Papa John's International Inc. | 343,368 | 19,266 | |
Core-Mark Holding Co. Inc. | 609,148 | 19,237 | |
* | G-III Apparel Group Ltd. | 520,530 | 19,202 |
DSW Inc. Class A | 895,322 | 19,169 | |
Caleres Inc. | 571,605 | 19,137 | |
* | La Quinta Holdings Inc. | 1,032,949 | 19,068 |
* | Sleep Number Corp. | 498,889 | 18,753 |
Entercom Communications Corp. Class A | 1,736,359 | 18,753 | |
MDC Holdings Inc. | 575,799 | 18,356 | |
Group 1 Automotive Inc. | 257,921 | 18,305 | |
* | Fox Factory Holding Corp. | 469,516 | 18,241 |
^,* | Altice USA Inc. Class A | 849,750 | 18,040 |
Callaway Golf Co. | 1,239,422 | 17,265 | |
Camping World Holdings Inc. Class A | 383,934 | 17,173 | |
* | Cavco Industries Inc. | 112,045 | 17,098 |
^ | Dillard's Inc. Class A | 281,382 | 16,897 |
^,* | Chegg Inc. | 1,030,543 | 16,818 |
Gannett Co. Inc. | 1,446,922 | 16,770 | |
* | LGI Homes Inc. | 223,285 | 16,753 |
* | Gray Television Inc. | 997,308 | 16,705 |
HSN Inc. | 410,860 | 16,578 | |
* | MSG Networks Inc. | 807,695 | 16,356 |
* | Weight Watchers International Inc. | 361,900 | 16,025 |
* | Asbury Automotive Group Inc. | 249,036 | 15,938 |
Abercrombie & Fitch Co. | 914,336 | 15,937 | |
Oxford Industries Inc. | 207,576 | 15,608 | |
* | Gentherm Inc. | 485,431 | 15,412 |
World Wrestling Entertainment Inc. Class A | 501,290 | 15,329 | |
Chico's FAS Inc. | 1,703,422 | 15,024 | |
Wingstop Inc. | 374,304 | 14,590 | |
^ | Sonic Corp. | 529,042 | 14,538 |
Scholastic Corp. | 361,003 | 14,480 | |
* | Belmond Ltd. Class A | 1,152,237 | 14,115 |
Guess? Inc. | 803,460 | 13,562 | |
* | Modine Manufacturing Co. | 666,688 | 13,467 |
Tailored Brands Inc. | 607,978 | 13,272 | |
^,* | Overstock.com Inc. | 204,551 | 13,071 |
^ | Sturm Ruger & Co. Inc. | 227,578 | 12,710 |
DineEquity Inc. | 248,346 | 12,599 | |
* | Houghton Mifflin Harcourt Co. | 1,340,098 | 12,463 |
Strayer Education Inc. | 137,790 | 12,343 | |
New Media Investment Group Inc. | 733,828 | 12,314 | |
^,* | Conn's Inc. | 343,659 | 12,217 |
PetMed Express Inc. | 267,905 | 12,190 | |
^,* | Roku Inc. | 234,665 | 12,151 |
Capella Education Co. | 156,178 | 12,088 | |
Standard Motor Products Inc. | 268,179 | 12,044 | |
^,* | JC Penney Co. Inc. | 3,757,881 | 11,875 |
* | M/I Homes Inc. | 343,814 | 11,827 |
* | Lumber Liquidators Holdings Inc. | 374,957 | 11,770 |
International Speedway Corp. Class A | 295,025 | 11,757 | |
^,* | SeaWorld Entertainment Inc. | 845,735 | 11,477 |
* | EW Scripps Co. Class A | 733,098 | 11,458 |
^,* | Liberty Global PLC LiLAC Class A | 565,737 | 11,400 |
Acushnet Holdings Corp. | 524,866 | 11,064 | |
^,* | GoPro Inc. Class A | 1,419,708 | 10,747 |
* | Crocs Inc. | 846,320 | 10,697 |
* | Career Education Corp. | 877,716 | 10,603 |
3
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Denny's Corp. | 798,395 | 10,571 |
* | Express Inc. | 1,031,644 | 10,471 |
* | William Lyon Homes Class A | 357,316 | 10,391 |
^,* | Shake Shack Inc. Class A | 239,802 | 10,359 |
* | Vista Outdoor Inc. | 707,136 | 10,303 |
* | Liberty Media Corp-Liberty Braves Class C | 450,711 | 10,015 |
^ | AMC Entertainment Holdings Inc. Class A | 659,790 | 9,963 |
Ethan Allen Interiors Inc. | 333,705 | 9,544 | |
* | Red Robin Gourmet Burgers Inc. | 168,573 | 9,508 |
^,* | American Outdoor Brands Corp. | 730,739 | 9,383 |
* | Universal Electronics Inc. | 197,146 | 9,315 |
* | Liberty TripAdvisor Holdings Inc. Class A | 986,248 | 9,295 |
Tower International Inc. | 287,053 | 8,769 | |
Ruth's Hospitality Group Inc. | 401,642 | 8,696 | |
BJ's Restaurants Inc. | 238,693 | 8,688 | |
* | Beazer Homes USA Inc. | 440,392 | 8,460 |
* | Century Communities Inc. | 268,936 | 8,364 |
* | Liberty Media Corp-Liberty Formula One Class A | 255,018 | 8,344 |
* | National Vision Holdings Inc. | 203,400 | 8,260 |
* | Stoneridge Inc. | 361,003 | 8,253 |
^ | Buckle Inc. | 341,362 | 8,107 |
* | Genesco Inc. | 239,329 | 7,778 |
^ | Rent-A-Center Inc. | 698,405 | 7,752 |
* | Regis Corp. | 503,818 | 7,739 |
* | Unifi Inc. | 213,537 | 7,660 |
BBX Capital Corp. Class A | 953,064 | 7,596 | |
Finish Line Inc. Class A | 521,178 | 7,573 | |
* | K12 Inc. | 472,603 | 7,514 |
* | Malibu Boats Inc. Class A | 250,165 | 7,437 |
* | Monarch Casino & Resort Inc. | 162,892 | 7,301 |
Marcus Corp. | 265,773 | 7,269 | |
* | Playa Hotels & Resorts NV | 653,686 | 7,053 |
Movado Group Inc. | 218,576 | 7,038 | |
* | Fiesta Restaurant Group Inc. | 369,316 | 7,017 |
* | Loral Space & Communications Inc. | 156,255 | 6,883 |
* | ZAGG Inc. | 363,776 | 6,712 |
Entravision Communications Corp. Class A | 934,281 | 6,680 | |
Sonic Automotive Inc. Class A | 360,494 | 6,651 | |
* | Chuy's Holdings Inc. | 234,463 | 6,577 |
* | Laureate Education Inc. Class A | 477,510 | 6,475 |
* | Biglari Holdings Inc. | 15,550 | 6,444 |
Hooker Furniture Corp. | 151,749 | 6,442 | |
* | Hovnanian Enterprises Inc. Class A | 1,897,133 | 6,355 |
* | Motorcar Parts of America Inc. | 248,463 | 6,209 |
* | tronc Inc. | 344,179 | 6,054 |
Haverty Furniture Cos. Inc. | 256,312 | 5,805 | |
* | American Public Education Inc. | 230,768 | 5,781 |
Barnes & Noble Inc. | 852,149 | 5,709 | |
^,* | Party City Holdco Inc. | 409,076 | 5,707 |
* | Carrols Restaurant Group Inc. | 464,780 | 5,647 |
Citi Trends Inc. | 208,844 | 5,526 | |
* | Del Taco Restaurants Inc. | 452,809 | 5,488 |
* | Nautilus Inc. | 405,833 | 5,418 |
* | MarineMax Inc. | 283,999 | 5,368 |
* | Hibbett Sports Inc. | 261,524 | 5,335 |
* | Zumiez Inc. | 250,491 | 5,216 |
Bassett Furniture Industries Inc. | 138,715 | 5,216 | |
Carriage Services Inc. Class A | 201,004 | 5,168 | |
* | Central European Media Enterprises Ltd. Class A | 1,074,212 | 4,995 |
Superior Industries International Inc. | 330,897 | 4,914 | |
* | MCBC Holdings Inc. | 220,429 | 4,898 |
National CineMedia Inc. | 712,603 | 4,888 | |
* | Zoe's Kitchen Inc. | 291,299 | 4,871 |
* | Del Frisco's Restaurant Group Inc. | 316,506 | 4,827 |
4
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Johnson Outdoors Inc. Class A | 76,808 | 4,769 | |
Culp Inc. | 140,576 | 4,709 | |
* | America's Car-Mart Inc. | 105,197 | 4,697 |
^,* | Fossil Group Inc. | 603,444 | 4,689 |
Drive Shack Inc. | 829,913 | 4,589 | |
* | 1-800-Flowers.com Inc. Class A | 428,584 | 4,586 |
* | Barnes & Noble Education Inc. | 555,468 | 4,577 |
* | Francesca's Holdings Corp. | 624,450 | 4,565 |
^,* | Lands' End Inc. | 232,787 | 4,551 |
* | Golden Entertainment Inc. | 136,632 | 4,461 |
* | Potbelly Corp. | 352,682 | 4,338 |
* | Horizon Global Corp. | 308,975 | 4,332 |
* | Perry Ellis International Inc. | 170,363 | 4,266 |
Tile Shop Holdings Inc. | 442,875 | 4,252 | |
Flexsteel Industries Inc. | 90,503 | 4,234 | |
PICO Holdings Inc. | 321,736 | 4,118 | |
Emerald Expositions Events Inc. | 198,098 | 4,029 | |
Cato Corp. Class A | 252,546 | 4,021 | |
^,* | Carvana Co. | 209,162 | 3,999 |
RCI Hospitality Holdings Inc. | 140,693 | 3,937 | |
Pier 1 Imports Inc. | 884,266 | 3,661 | |
* | Ascena Retail Group Inc. | 1,512,587 | 3,555 |
Speedway Motorsports Inc. | 186,430 | 3,518 | |
^,* | GNC Holdings Inc. Class A | 953,053 | 3,517 |
Winmark Corp. | 27,172 | 3,516 | |
^,* | Sportsman's Warehouse Holdings Inc. | 512,159 | 3,385 |
CSS Industries Inc. | 120,058 | 3,341 | |
Collectors Universe Inc. | 116,636 | 3,340 | |
* | Reading International Inc. Class A | 199,579 | 3,333 |
Nathan's Famous Inc. | 42,578 | 3,215 | |
Shoe Carnival Inc. | 118,808 | 3,178 | |
^,* | Daily Journal Corp. | 13,447 | 3,096 |
Hamilton Beach Brands Holding Co. Class A | 118,455 | 3,043 | |
* | Century Casinos Inc. | 332,221 | 3,033 |
* | Bridgepoint Education Inc. Class A | 354,330 | 2,941 |
* | El Pollo Loco Holdings Inc. | 283,467 | 2,806 |
* | Lindblad Expeditions Holdings Inc. | 285,213 | 2,792 |
* | WideOpenWest Inc. | 263,010 | 2,780 |
^ | Big 5 Sporting Goods Corp. | 357,885 | 2,720 |
* | Kirkland's Inc. | 226,246 | 2,707 |
* | Habit Restaurants Inc. Class A | 273,223 | 2,609 |
* | Bojangles' Inc. | 221,034 | 2,608 |
* | Vera Bradley Inc. | 209,782 | 2,555 |
* | Green Brick Partners Inc. | 225,245 | 2,545 |
* | Clarus Corp. | 323,461 | 2,539 |
Lifetime Brands Inc. | 153,221 | 2,528 | |
Saga Communications Inc. Class A | 60,341 | 2,441 | |
* | New Home Co. Inc. | 191,484 | 2,399 |
Clear Channel Outdoor Holdings Inc. Class A | 518,660 | 2,386 | |
Libbey Inc. | 317,132 | 2,385 | |
Superior Uniform Group Inc. | 89,182 | 2,382 | |
* | Vitamin Shoppe Inc. | 500,426 | 2,202 |
* | Inspired Entertainment Inc. | 222,621 | 2,182 |
^ | Fred's Inc. Class A | 528,462 | 2,140 |
^,* | Duluth Holdings Inc. | 118,921 | 2,123 |
* | Red Lion Hotels Corp. | 209,155 | 2,060 |
* | Gaia Inc. Class A | 165,278 | 2,049 |
* | Boot Barn Holdings Inc. | 122,952 | 2,042 |
Tilly's Inc. Class A | 137,764 | 2,033 | |
Weyco Group Inc. | 67,932 | 2,019 | |
* | Liberty Media Corp-Liberty Braves Class A | 88,074 | 1,942 |
Rocky Brands Inc. | 102,185 | 1,931 | |
* | VOXX International Corp. Class A | 344,270 | 1,928 |
* | Ascent Capital Group Inc. Class A | 166,895 | 1,918 |
5
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Tuesday Morning Corp. | 693,743 | 1,908 |
* | Boston Omaha Corp. | 58,748 | 1,903 |
Marine Products Corp. | 145,596 | 1,855 | |
* | Hemisphere Media Group Inc. Class A | 159,231 | 1,839 |
^,* | Global Eagle Entertainment Inc. | 800,994 | 1,834 |
* | FTD Cos. Inc. | 243,490 | 1,751 |
* | Shiloh Industries Inc. | 213,498 | 1,751 |
* | Delta Apparel Inc. | 84,111 | 1,699 |
* | Chicken Soup For The Soul Entertainment Inc. | 187,854 | 1,691 |
Strattec Security Corp. | 37,609 | 1,638 | |
^,* | Blue Apron Holdings Inc. Class A | 393,935 | 1,588 |
Escalade Inc. | 128,577 | 1,582 | |
* | Fogo De Chao Inc. | 134,189 | 1,557 |
^,* | Jamba Inc. | 186,056 | 1,500 |
* | J Alexander's Holdings Inc. | 154,578 | 1,499 |
* | Town Sports International Holdings Inc. | 267,847 | 1,487 |
^,* | Vuzix Corp. | 237,117 | 1,482 |
Beasley Broadcast Group Inc. Class A | 107,328 | 1,438 | |
^,* | Sears Holdings Corp. | 391,549 | 1,402 |
* | Lakeland Industries Inc. | 92,362 | 1,344 |
^,* | Lee Enterprises Inc. | 550,512 | 1,294 |
* | AV Homes Inc. | 73,369 | 1,222 |
^,* | Iconix Brand Group Inc. | 933,972 | 1,205 |
* | Destination XL Group Inc. | 514,898 | 1,133 |
* | Build-A-Bear Workshop Inc. | 120,702 | 1,110 |
* | J. Jill Inc. | 141,562 | 1,104 |
* | Bluegreen Vacations Corp. | 60,436 | 1,104 |
* | Full House Resorts Inc. | 273,502 | 1,069 |
Ark Restaurants Corp. | 38,576 | 1,042 | |
AH Belo Corp. Class A | 210,369 | 1,010 | |
* | Townsquare Media Inc. Class A | 129,137 | 992 |
* | Empire Resorts Inc. | 36,416 | 983 |
* | Ballantyne Strong Inc. | 208,987 | 972 |
* | Cambium Learning Group Inc. | 170,871 | 971 |
* | At Home Group Inc. | 26,721 | 812 |
^,* | Sequential Brands Group Inc. | 426,030 | 758 |
^,* | Noodles & Co. Class A | 141,983 | 745 |
* | Funko Inc. Class A | 105,280 | 700 |
* | EVINE Live Inc. | 471,830 | 661 |
* | Tandy Leather Factory Inc. | 82,294 | 634 |
^,* | Famous Dave's of America Inc. | 95,554 | 631 |
^,* | Workhorse Group Inc. | 243,529 | 623 |
* | Stitch Fix Inc. Class A | 24,094 | 622 |
* | Skyline Corp. | 44,886 | 577 |
* | Christopher & Banks Corp. | 416,133 | 529 |
Liberty Tax Inc. | 47,386 | 521 | |
* | Universal Technical Institute Inc. | 215,304 | 517 |
* | Dixie Group Inc. | 133,541 | 514 |
^ | Stage Stores Inc. | 305,407 | 513 |
^,* | Nova Lifestyle Inc. | 210,360 | 505 |
* | Aspen Group Inc. | 55,614 | 496 |
* | Urban One Inc. | 228,744 | 400 |
Salem Media Group Inc. Class A | 87,614 | 394 | |
* | Educational Development Corp. | 19,541 | 370 |
* | Container Store Group Inc. | 74,058 | 351 |
^,* | Social Reality Inc. | 58,555 | 331 |
* | Trans World Entertainment Corp. | 178,312 | 325 |
Peak Resorts Inc. | 58,032 | 313 | |
Gaming Partners International Corp. | 27,841 | 313 | |
* | Emerson Radio Corp. | 210,239 | 307 |
* | Luby's Inc. | 112,957 | 298 |
* | Live Ventures Inc. | 17,510 | 280 |
Dover Motorsports Inc. | 134,135 | 262 | |
Insignia Systems Inc. | 207,691 | 247 |
6
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Harte-Hanks Inc. | 239,083 | 227 |
* | US Auto Parts Network Inc. | 83,123 | 209 |
* | Dover Downs Gaming & Entertainment Inc. | 196,364 | 200 |
^,* | Forward Industries Inc. | 157,441 | 194 |
* | Lincoln Educational Services Corp. | 94,557 | 191 |
^,* | UQM Technologies Inc. | 136,636 | 190 |
* | Good Times Restaurants Inc. | 71,478 | 189 |
* | Charles & Colvard Ltd. | 139,810 | 189 |
Crown Crafts Inc. | 28,771 | 186 | |
^,* | Papa Murphy's Holdings Inc. | 32,168 | 173 |
AMCON Distributing Co. | 1,865 | 169 | |
^,* | Cinedigm Corp. Class A | 112,137 | 168 |
^,* | Naked Brand Group Inc. | 112,574 | 163 |
^,* | Sears Hometown and Outlet Stores Inc. | 58,546 | 152 |
* | Kona Grill Inc. | 81,836 | 143 |
^ | Stein Mart Inc. | 111,305 | 129 |
Unique Fabricating Inc. | 16,039 | 119 | |
* | Sypris Solutions Inc. | 80,319 | 110 |
* | Summer Infant Inc. | 69,594 | 104 |
* | Rave Restaurant Group Inc. | 69,319 | 101 |
* | Diversified Restaurant Holdings Inc. | 61,904 | 99 |
* | Nevada Gold & Casinos Inc. | 33,200 | 89 |
* | Vince Holding Corp. | 13,809 | 85 |
* | RLJ Entertainment Inc. | 21,254 | 78 |
* | Bravo Brio Restaurant Group Inc. | 31,024 | 78 |
* | ONE Group Hospitality Inc. | 26,439 | 63 |
^,* | Turtle Beach Corp. | 135,265 | 61 |
* | Stanley Furniture Co. Inc. | 65,889 | 57 |
^,* | JAKKS Pacific Inc. | 22,434 | 53 |
* | NTN Buzztime Inc. | 11,992 | 50 |
* | SPAR Group Inc. | 33,227 | 41 |
^,* | Chanticleer Holdings Inc. | 15,528 | 41 |
* | CafePress Inc. | 21,383 | 39 |
^,* | Clean Diesel Technologies Inc. | 22,343 | 35 |
Flanigan's Enterprises Inc. | 1,352 | 31 | |
* | Differential Brands Group Inc. | 19,716 | 19 |
* | Xcel Brands Inc. | 4,463 | 15 |
* | Emmis Communications Corp. Class A | 4,118 | 15 |
* | Koss Corp. | 3,992 | 12 |
^,* | Alliance MMA Inc. | 4,319 | 5 |
P&F Industries Inc. Class A | 574 | 5 | |
Canterbury Park Holding Corp. | 209 | 3 | |
* | Comstock Holding Cos. Inc. Class A | 1,869 | 3 |
* | McClatchy Co. Class A | 365 | 3 |
*,2 | Here Media Inc. Special Shares | 12,670 | — |
*,2 | Here Media Inc. | 12,670 | — |
8,957,106 | |||
Consumer Staples (3.0%) | |||
Ingredion Inc. | 913,735 | 127,740 | |
Bunge Ltd. | 1,789,726 | 120,055 | |
Lamb Weston Holdings Inc. | 1,856,546 | 104,802 | |
Pinnacle Foods Inc. | 1,526,122 | 90,759 | |
* | Post Holdings Inc. | 850,854 | 67,413 |
* | US Foods Holding Corp. | 1,842,252 | 58,823 |
* | Hain Celestial Group Inc. | 1,346,155 | 57,064 |
Snyder's-Lance Inc. | 1,115,463 | 55,862 | |
Casey's General Stores Inc. | 492,446 | 55,124 | |
^,* | Herbalife Ltd. | 801,028 | 54,246 |
Flowers Foods Inc. | 2,399,657 | 46,337 | |
Nu Skin Enterprises Inc. Class A | 643,946 | 43,936 | |
* | Edgewell Personal Care Co. | 701,846 | 41,683 |
* | Blue Buffalo Pet Products Inc. | 1,213,061 | 39,776 |
* | Darling Ingredients Inc. | 2,145,503 | 38,898 |
* | Sprouts Farmers Market Inc. | 1,595,109 | 38,841 |
7
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | TreeHouse Foods Inc. | 737,389 | 36,471 |
Energizer Holdings Inc. | 760,100 | 36,470 | |
* | Performance Food Group Co. | 1,096,779 | 36,303 |
Sanderson Farms Inc. | 258,991 | 35,943 | |
Spectrum Brands Holdings Inc. | 309,638 | 34,803 | |
* | HRG Group Inc. | 1,938,406 | 32,856 |
* | United Natural Foods Inc. | 654,735 | 32,259 |
Lancaster Colony Corp. | 239,361 | 30,928 | |
Vector Group Ltd. | 1,368,446 | 30,626 | |
^ | B&G Foods Inc. | 859,583 | 30,214 |
J&J Snack Foods Corp. | 198,428 | 30,127 | |
^,* | Rite Aid Corp. | 13,692,217 | 26,974 |
PriceSmart Inc. | 302,939 | 26,083 | |
WD-40 Co. | 189,342 | 22,342 | |
* | Boston Beer Co. Inc. Class A | 109,969 | 21,015 |
Fresh Del Monte Produce Inc. | 434,664 | 20,720 | |
^,* | Pilgrim's Pride Corp. | 660,386 | 20,512 |
Bob Evans Farms Inc. | 259,723 | 20,471 | |
* | Central Garden & Pet Co. Class A | 507,567 | 19,140 |
* | Cal-Maine Foods Inc. | 394,459 | 17,534 |
Universal Corp. | 333,097 | 17,488 | |
^ | Calavo Growers Inc. | 201,699 | 17,023 |
Seaboard Corp. | 3,612 | 15,929 | |
^ | National Beverage Corp. | 152,751 | 14,884 |
* | Hostess Brands Inc. Class A | 999,157 | 14,798 |
Dean Foods Co. | 1,166,737 | 13,488 | |
Coca-Cola Bottling Co. Consolidated | 62,232 | 13,396 | |
* | Avon Products Inc. | 6,019,942 | 12,943 |
MGP Ingredients Inc. | 160,968 | 12,375 | |
SpartanNash Co. | 462,727 | 12,346 | |
SUPERVALU Inc. | 505,391 | 10,916 | |
* | USANA Health Sciences Inc. | 145,921 | 10,805 |
Andersons Inc. | 340,284 | 10,600 | |
Inter Parfums Inc. | 236,030 | 10,256 | |
* | Simply Good Foods Co. | 648,559 | 9,248 |
Medifast Inc. | 130,946 | 9,141 | |
^ | Tootsie Roll Industries Inc. | 240,079 | 8,739 |
Weis Markets Inc. | 191,609 | 7,931 | |
John B Sanfilippo & Son Inc. | 115,783 | 7,323 | |
Ingles Markets Inc. Class A | 206,885 | 7,158 | |
^,* | elf Beauty Inc. | 293,730 | 6,553 |
* | Chefs' Warehouse Inc. | 316,917 | 6,497 |
^,* | Amplify Snack Brands Inc. | 483,400 | 5,806 |
* | Freshpet Inc. | 287,573 | 5,450 |
* | Primo Water Corp. | 389,400 | 4,895 |
* | Landec Corp. | 358,750 | 4,520 |
* | Farmer Brothers Co. | 138,119 | 4,441 |
* | Smart & Final Stores Inc. | 443,615 | 3,793 |
^,* | Revlon Inc. Class A | 168,616 | 3,676 |
Limoneira Co. | 151,770 | 3,400 | |
* | Seneca Foods Corp. Class A | 100,001 | 3,075 |
^,* | 22nd Century Group Inc. | 1,043,217 | 2,921 |
Village Super Market Inc. Class A | 119,415 | 2,738 | |
* | Central Garden & Pet Co. | 70,345 | 2,738 |
Oil-Dri Corp. of America | 65,419 | 2,715 | |
* | Craft Brew Alliance Inc. | 128,647 | 2,470 |
Turning Point Brands Inc. | 110,731 | 2,340 | |
^ | Natural Health Trends Corp. | 95,418 | 1,449 |
^,* | Castle Brands Inc. | 1,067,952 | 1,303 |
^ | Orchids Paper Products Co. | 99,721 | 1,276 |
Alico Inc. | 40,114 | 1,183 | |
Rocky Mountain Chocolate Factory Inc. | 96,331 | 1,137 | |
United-Guardian Inc. | 57,249 | 1,059 | |
Nature's Sunshine Products Inc. | 86,229 | 996 |
8
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Natural Alternatives International Inc. | 73,591 | 760 |
* | Lifeway Foods Inc. | 89,693 | 718 |
* | Alliance One International Inc. | 52,270 | 693 |
^,* | New Age Beverages Corp. | 265,400 | 576 |
* | Lifevantage Corp. | 111,115 | 529 |
^,* | S&W Seed Co. | 110,119 | 429 |
* | Natural Grocers by Vitamin Cottage Inc. | 43,598 | 389 |
^,* | Veru Inc. | 259,893 | 299 |
^,* | Long Island Iced Tea Corp. | 42,822 | 218 |
Mannatech Inc. | 11,571 | 174 | |
* | Coffee Holding Co. Inc. | 33,360 | 142 |
* | Celsius Holdings Inc. | 24,071 | 126 |
* | Reed's Inc. | 58,735 | 91 |
Ocean Bio-Chem Inc. | 11,030 | 48 | |
* | Crystal Rock Holdings Inc. | 42,584 | 35 |
^,* | MYOS RENS Technology Inc. | 21,975 | 30 |
* | Reliv International Inc. | 4,459 | 22 |
* | Truett-Hurst Inc. | 1,600 | 3 |
1,921,650 | |||
Energy (4.3%) | |||
* | Diamondback Energy Inc. | 1,254,544 | 158,386 |
* | Cheniere Energy Inc. | 2,585,100 | 139,182 |
Targa Resources Corp. | 2,750,238 | 133,167 | |
HollyFrontier Corp. | 2,279,704 | 116,766 | |
* | Parsley Energy Inc. Class A | 3,015,217 | 88,768 |
* | WPX Energy Inc. | 5,158,055 | 72,574 |
* | Energen Corp. | 1,256,584 | 72,342 |
* | RSP Permian Inc. | 1,586,099 | 64,522 |
Patterson-UTI Energy Inc. | 2,802,700 | 64,490 | |
Murphy Oil Corp. | 2,048,984 | 63,621 | |
Core Laboratories NV | 573,426 | 62,819 | |
* | Continental Resources Inc. | 1,111,972 | 58,901 |
* | Transocean Ltd. | 5,074,551 | 54,196 |
* | Weatherford International plc | 12,731,960 | 53,092 |
* | Peabody Energy Corp. | 1,344,566 | 52,936 |
* | Antero Resources Corp. | 2,762,625 | 52,490 |
PBF Energy Inc. Class A | 1,418,752 | 50,295 | |
* | Centennial Resource Development Inc. Class A | 2,194,847 | 43,458 |
* | PDC Energy Inc. | 836,838 | 43,131 |
CNX Resources Corp. | 2,641,202 | 38,641 | |
* | Matador Resources Co. | 1,232,184 | 38,358 |
* | Southwestern Energy Co. | 6,432,675 | 35,894 |
US Silica Holdings Inc. | 1,037,710 | 33,788 | |
Delek US Holdings Inc. | 941,284 | 32,888 | |
Ensco plc Class A | 5,471,465 | 32,336 | |
* | Callon Petroleum Co. | 2,612,571 | 31,743 |
* | Whiting Petroleum Corp. | 1,160,641 | 30,734 |
Arch Coal Inc. Class A | 323,353 | 30,124 | |
SM Energy Co. | 1,360,399 | 30,038 | |
* | QEP Resources Inc. | 3,097,250 | 29,641 |
* | Oasis Petroleum Inc. | 3,408,850 | 28,668 |
* | C&J Energy Services Inc. | 825,090 | 27,616 |
Nabors Industries Ltd. | 4,019,392 | 27,452 | |
* | Gulfport Energy Corp. | 2,127,762 | 27,150 |
Oceaneering International Inc. | 1,268,811 | 26,823 | |
* | SRC Energy Inc. | 3,055,395 | 26,063 |
World Fuel Services Corp. | 899,953 | 25,325 | |
SemGroup Corp. Class A | 828,772 | 25,029 | |
* | McDermott International Inc. | 3,658,028 | 24,070 |
* | Dril-Quip Inc. | 487,136 | 23,236 |
* | Extraction Oil & Gas Inc. | 1,613,389 | 23,088 |
* | Ultra Petroleum Corp. | 2,500,784 | 22,657 |
* | Rowan Cos. plc Class A | 1,391,540 | 21,792 |
* | Carrizo Oil & Gas Inc. | 997,150 | 21,219 |
9
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Kosmos Energy Ltd. | 3,005,190 | 20,586 |
* | Superior Energy Services Inc. | 2,022,013 | 19,472 |
^ | RPC Inc. | 758,739 | 19,371 |
* | Oil States International Inc. | 676,396 | 19,142 |
* | Laredo Petroleum Inc. | 1,681,514 | 17,841 |
^,* | Diamond Offshore Drilling Inc. | 837,040 | 15,561 |
* | Unit Corp. | 687,649 | 15,128 |
* | ProPetro Holding Corp. | 744,757 | 15,014 |
* | Forum Energy Technologies Inc. | 952,777 | 14,816 |
* | Halcon Resources Corp. | 1,850,250 | 14,006 |
* | Noble Corp. plc | 3,062,190 | 13,841 |
* | Helix Energy Solutions Group Inc. | 1,813,269 | 13,672 |
* | Exterran Corp. | 416,551 | 13,096 |
* | CONSOL Energy Inc. | 328,837 | 12,992 |
^,* | Fairmount Santrol Holdings Inc. | 1,916,785 | 10,025 |
* | Newpark Resources Inc. | 1,160,397 | 9,979 |
* | SEACOR Holdings Inc. | 215,010 | 9,938 |
^,* | California Resources Corp. | 507,151 | 9,859 |
Archrock Inc. | 930,576 | 9,771 | |
* | SandRidge Energy Inc. | 450,625 | 9,495 |
* | Denbury Resources Inc. | 4,175,038 | 9,227 |
* | Stone Energy Corp. | 266,048 | 8,556 |
^,* | Resolute Energy Corp. | 268,910 | 8,463 |
* | Ring Energy Inc. | 604,076 | 8,397 |
Green Plains Inc. | 486,112 | 8,191 | |
^,* | Tellurian Inc. | 834,088 | 8,124 |
CVR Energy Inc. | 205,430 | 7,650 | |
* | TETRA Technologies Inc. | 1,731,468 | 7,393 |
^,* | Jagged Peak Energy Inc. | 466,535 | 7,362 |
* | Bonanza Creek Energy Inc. | 266,123 | 7,342 |
* | Basic Energy Services Inc. | 302,335 | 7,096 |
* | Gener8 Maritime Inc. | 1,071,377 | 7,092 |
* | International Seaways Inc. | 381,146 | 7,036 |
* | Tidewater Inc. | 287,082 | 7,005 |
* | Par Pacific Holdings Inc. | 358,529 | 6,912 |
^,* | Keane Group Inc. | 356,491 | 6,777 |
* | Matrix Service Co. | 380,441 | 6,772 |
* | Penn Virginia Corp. | 169,333 | 6,623 |
* | Bill Barrett Corp. | 1,246,054 | 6,392 |
* | REX American Resources Corp. | 75,969 | 6,289 |
^,* | Sanchez Energy Corp. | 1,085,168 | 5,762 |
* | Renewable Energy Group Inc. | 447,375 | 5,279 |
^ | Frank's International NV | 787,064 | 5,234 |
* | Midstates Petroleum Co. Inc. | 313,862 | 5,204 |
* | Abraxas Petroleum Corp. | 2,063,700 | 5,077 |
Bristow Group Inc. | 375,978 | 5,064 | |
* | Solaris Oilfield Infrastructure Inc. Class A | 234,400 | 5,018 |
* | Cloud Peak Energy Inc. | 1,124,502 | 5,004 |
* | WildHorse Resource Development Corp. | 268,531 | 4,944 |
Panhandle Oil and Gas Inc. Class A | 220,343 | 4,528 | |
* | Natural Gas Services Group Inc. | 164,027 | 4,297 |
* | Select Energy Services Inc. Class A | 231,794 | 4,228 |
* | Pioneer Energy Services Corp. | 1,232,120 | 3,758 |
* | W&T Offshore Inc. | 1,111,821 | 3,680 |
^,* | Uranium Energy Corp. | 2,070,098 | 3,664 |
* | Clean Energy Fuels Corp. | 1,597,189 | 3,242 |
* | Dorian LPG Ltd. | 389,901 | 3,205 |
* | Pacific Ethanol Inc. | 690,111 | 3,140 |
* | Eclipse Resources Corp. | 1,271,243 | 3,051 |
^,* | CARBO Ceramics Inc. | 294,900 | 3,002 |
Gulf Island Fabrication Inc. | 219,652 | 2,949 | |
* | ION Geophysical Corp. | 148,121 | 2,925 |
Evolution Petroleum Corp. | 398,318 | 2,728 | |
* | Energy XXI Gulf Coast Inc. | 465,142 | 2,670 |
10
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | SEACOR Marine Holdings Inc. | 227,771 | 2,665 |
^,* | Comstock Resources Inc. | 307,000 | 2,597 |
* | Geospace Technologies Corp. | 198,505 | 2,575 |
^,* | Smart Sand Inc. | 296,005 | 2,563 |
* | RigNet Inc. | 170,075 | 2,543 |
^,* | Lilis Energy Inc. | 484,647 | 2,477 |
NACCO Industries Inc. Class A | 65,527 | 2,467 | |
* | Mammoth Energy Services Inc. | 123,227 | 2,419 |
* | Earthstone Energy Inc. Class A | 225,531 | 2,397 |
* | Gastar Exploration Inc. | 2,088,050 | 2,192 |
^,* | NextDecade Corp. | 219,332 | 1,825 |
Hallador Energy Co. | 290,834 | 1,771 | |
* | NCS Multistage Holdings Inc. | 116,885 | 1,723 |
* | Overseas Shipholding Group Inc. Class A | 563,278 | 1,543 |
* | SilverBow Resources Inc. | 49,569 | 1,473 |
* | Contango Oil & Gas Co. | 304,409 | 1,434 |
* | Hornbeck Offshore Services Inc. | 440,253 | 1,369 |
* | Parker Drilling Co. | 1,352,939 | 1,353 |
^,* | Jones Energy Inc. Class A | 1,112,868 | 1,224 |
^,* | Approach Resources Inc. | 399,799 | 1,183 |
* | Era Group Inc. | 107,570 | 1,156 |
* | Willbros Group Inc. | 770,298 | 1,094 |
Adams Resources & Energy Inc. | 24,374 | 1,060 | |
^,* | Northern Oil and Gas Inc. | 485,681 | 996 |
* | Dawson Geophysical Co. | 198,284 | 985 |
* | PHI Inc. NV | 78,035 | 903 |
* | Isramco Inc. | 7,789 | 815 |
* | Aspen Aerogels Inc. | 157,978 | 771 |
^,* | Zion Oil & Gas Inc. | 332,782 | 719 |
^,* | EP Energy Corp. Class A | 285,978 | 675 |
* | Independence Contract Drilling Inc. | 161,252 | 642 |
^,* | Torchlight Energy Resources Inc. | 406,847 | 545 |
^,* | Erin Energy Corp. | 166,907 | 459 |
* | Mitcham Industries Inc. | 137,879 | 437 |
* | VAALCO Energy Inc. | 622,455 | 434 |
* | Key Energy Services Inc. | 35,110 | 414 |
* | Centrus Energy Corp. Class A | 94,205 | 378 |
* | PHI Inc. | 30,208 | 356 |
^,* | Profire Energy Inc. | 136,495 | 262 |
* | PetroQuest Energy Inc. | 128,396 | 243 |
^,* | Synthesis Energy Systems Inc. | 72,383 | 207 |
* | PrimeEnergy Corp. | 3,726 | 196 |
* | Lonestar Resources US Inc. Class A | 46,909 | 186 |
* | Ranger Energy Services Inc. | 18,317 | 169 |
^,* | Gevo Inc. | 263,472 | 156 |
* | Eco-Stim Energy Solutions Inc. | 116,317 | 147 |
^,* | Westwater Resources Inc. | 126,297 | 135 |
* | Amyris Inc. | 34,910 | 131 |
* | Vertex Energy Inc. | 101,828 | 96 |
* | Barnwell Industries Inc. | 44,482 | 93 |
^,* | SAExploration Holdings Inc. | 39,682 | 87 |
^,* | Rex Energy Corp. | 54,109 | 75 |
* | TransAtlantic Petroleum Ltd. | 52,250 | 73 |
^,* | US Energy Corp. Wyoming | 28,531 | 43 |
^,* | New Concept Energy Inc. | 23,644 | 37 |
^,* | Tengasco Inc. | 44,728 | 36 |
* | ENGlobal Corp. | 38,763 | 34 |
* | Westmoreland Coal Co. | 11,802 | 14 |
^,* | Aemetis Inc. | 20,124 | 11 |
^ | EXCO Resources Inc. | 26,305 | 6 |
^,* | Bonanza Creek Energy Inc. Warrants Exp. 04/28/2020 | 19,019 | 5 |
^,* | EnerJex Resources Inc. | 6,657 | 1 |
*,2 | FieldPoint Petroleum Corp. Warrants Exp. 03/23/2018 | 33,558 | — |
11
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,2 | Harvest Natural Resources Inc. | 133,886 | — |
2,744,541 | |||
Financials (16.7%) | |||
* | Markel Corp. | 178,503 | 203,338 |
TD Ameritrade Holding Corp. | 3,478,785 | 177,870 | |
Annaly Capital Management Inc. | 14,662,584 | 174,338 | |
First Republic Bank | 2,003,105 | 173,549 | |
Ally Financial Inc. | 5,672,680 | 165,415 | |
* | SVB Financial Group | 673,965 | 157,553 |
* | Arch Capital Group Ltd. | 1,664,145 | 151,054 |
MSCI Inc. Class A | 1,155,625 | 146,233 | |
FNF Group | 3,484,146 | 136,718 | |
Reinsurance Group of America Inc. Class A | 821,508 | 128,098 | |
SEI Investments Co. | 1,663,611 | 119,547 | |
* | Alleghany Corp. | 195,838 | 116,737 |
East West Bancorp Inc. | 1,868,055 | 113,634 | |
Voya Financial Inc. | 2,287,429 | 113,159 | |
AGNC Investment Corp. | 4,920,071 | 99,336 | |
MarketAxess Holdings Inc. | 484,834 | 97,815 | |
FactSet Research Systems Inc. | 501,495 | 96,668 | |
* | Signature Bank | 692,917 | 95,110 |
American Financial Group Inc. | 859,997 | 93,344 | |
Janus Henderson Group plc | 2,336,865 | 89,408 | |
Lazard Ltd. Class A | 1,677,716 | 88,080 | |
WR Berkley Corp. | 1,209,258 | 86,643 | |
PacWest Bancorp | 1,663,401 | 83,835 | |
Eaton Vance Corp. | 1,482,525 | 83,600 | |
First Horizon National Corp. | 4,167,370 | 83,306 | |
CIT Group Inc. | 1,655,166 | 81,484 | |
New York Community Bancorp Inc. | 6,187,237 | 80,558 | |
First American Financial Corp. | 1,411,721 | 79,113 | |
Bank of the Ozarks | 1,561,414 | 75,651 | |
Brown & Brown Inc. | 1,460,458 | 75,155 | |
Synovus Financial Corp. | 1,534,039 | 73,542 | |
Starwood Property Trust Inc. | 3,329,353 | 71,082 | |
New Residential Investment Corp. | 3,941,452 | 70,473 | |
Sterling Bancorp | 2,859,145 | 70,335 | |
* | Western Alliance Bancorp | 1,227,123 | 69,480 |
Cullen/Frost Bankers Inc. | 733,764 | 69,451 | |
Commerce Bancshares Inc. | 1,195,931 | 66,781 | |
* | MGIC Investment Corp. | 4,719,158 | 66,587 |
LPL Financial Holdings Inc. | 1,161,348 | 66,359 | |
Webster Financial Corp. | 1,176,562 | 66,076 | |
Old Republic International Corp. | 3,073,674 | 65,715 | |
RenaissanceRe Holdings Ltd. | 503,873 | 63,281 | |
Prosperity Bancshares Inc. | 889,607 | 62,335 | |
Pinnacle Financial Partners Inc. | 940,051 | 62,325 | |
Umpqua Holdings Corp. | 2,860,595 | 59,500 | |
Wintrust Financial Corp. | 720,605 | 59,356 | |
Hanover Insurance Group Inc. | 533,681 | 57,680 | |
Primerica Inc. | 567,167 | 57,596 | |
FNB Corp. | 4,156,309 | 57,440 | |
* | Texas Capital Bancshares Inc. | 640,611 | 56,950 |
Radian Group Inc. | 2,738,961 | 56,450 | |
BankUnited Inc. | 1,379,850 | 56,188 | |
Interactive Brokers Group Inc. | 926,232 | 54,842 | |
* | SLM Corp. | 4,840,372 | 54,696 |
Hancock Holding Co. | 1,094,360 | 54,171 | |
^,* | Credit Acceptance Corp. | 165,068 | 53,396 |
Stifel Financial Corp. | 881,350 | 52,493 | |
Axis Capital Holdings Ltd. | 1,044,014 | 52,472 | |
CNO Financial Group Inc. | 2,119,877 | 52,340 | |
IBERIABANK Corp. | 655,810 | 50,825 | |
Associated Banc-Corp | 1,993,361 | 50,631 |
12
Vanguard® Extended Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Assured Guaranty Ltd. | 1,480,832 | 50,156 |
Chemical Financial Corp. | 927,162 | 49,575 |
* Athene Holding Ltd. Class A | 942,032 | 48,712 |
Bank of Hawaii Corp. | 564,732 | 48,398 |
United Bankshares Inc. | 1,364,946 | 47,432 |
Home BancShares Inc. | 2,027,621 | 47,142 |
Validus Holdings Ltd. | 1,001,664 | 46,998 |
Popular Inc. | 1,318,198 | 46,783 |
* Essent Group Ltd. | 1,071,461 | 46,523 |
Legg Mason Inc. | 1,102,836 | 46,297 |
BGC Partners Inc. Class A | 3,052,829 | 46,128 |
MB Financial Inc. | 1,034,462 | 46,054 |
TCF Financial Corp. | 2,212,478 | 45,356 |
Investors Bancorp Inc. | 3,257,593 | 45,215 |
First Citizens BancShares Inc. Class A | 111,481 | 44,927 |
Selective Insurance Group Inc. | 764,308 | 44,865 |
Evercore Inc. Class A | 495,175 | 44,566 |
Kemper Corp. | 642,134 | 44,243 |
Blackstone Mortgage Trust Inc. Class A | 1,353,059 | 43,541 |
Federated Investors Inc. Class B | 1,204,699 | 43,466 |
Chimera Investment Corp. | 2,336,169 | 43,172 |
Cathay General Bancorp | 987,084 | 41,625 |
UMB Financial Corp. | 576,623 | 41,471 |
FirstCash Inc. | 614,104 | 41,421 |
South State Corp. | 471,520 | 41,093 |
Fulton Financial Corp. | 2,289,944 | 40,990 |
MFA Financial Inc. | 5,150,276 | 40,790 |
Columbia Banking System Inc. | 934,499 | 40,595 |
ProAssurance Corp. | 701,740 | 40,104 |
Washington Federal Inc. | 1,169,742 | 40,064 |
Glacier Bancorp Inc. | 1,002,482 | 39,488 |
First Financial Bankshares Inc. | 872,653 | 39,313 |
Valley National Bancorp | 3,438,345 | 38,578 |
White Mountains Insurance Group Ltd. | 45,279 | 38,545 |
Two Harbors Investment Corp. | 2,238,785 | 36,403 |
* Green Dot Corp. Class A | 603,142 | 36,345 |
American Equity Investment Life Holding Co. | 1,143,515 | 35,140 |
BancorpSouth Bank | 1,106,990 | 34,815 |
Community Bank System Inc. | 635,123 | 34,138 |
* LendingTree Inc. | 96,810 | 32,959 |
CVB Financial Corp. | 1,365,363 | 32,168 |
Aspen Insurance Holdings Ltd. | 786,534 | 31,933 |
Erie Indemnity Co. Class A | 258,018 | 31,437 |
Great Western Bancorp Inc. | 775,874 | 30,880 |
Old National Bancorp | 1,760,776 | 30,726 |
RLI Corp. | 503,093 | 30,518 |
Hope Bancorp Inc. | 1,617,498 | 29,519 |
First Midwest Bancorp Inc. | 1,207,559 | 28,994 |
Simmons First National Corp. Class A | 505,417 | 28,859 |
* Enstar Group Ltd. | 142,231 | 28,553 |
Trustmark Corp. | 887,413 | 28,273 |
BOK Financial Corp. | 305,903 | 28,241 |
* FCB Financial Holdings Inc. Class A | 551,613 | 28,022 |
Santander Consumer USA Holdings Inc. | 1,467,749 | 27,329 |
International Bancshares Corp. | 673,967 | 26,756 |
Mercury General Corp. | 487,399 | 26,047 |
United Community Banks Inc. | 921,250 | 25,924 |
Invesco Mortgage Capital Inc. | 1,446,537 | 25,792 |
Independent Bank Corp. | 358,250 | 25,024 |
ServisFirst Bancshares Inc. | 600,042 | 24,902 |
Financial Engines Inc. | 820,725 | 24,868 |
Argo Group International Holdings Ltd. | 395,813 | 24,402 |
* OneMain Holdings Inc. | 920,490 | 23,924 |
Hilltop Holdings Inc. | 941,904 | 23,858 |
13
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Morningstar Inc. | 245,258 | 23,783 | |
Waddell & Reed Financial Inc. Class A | 1,062,419 | 23,734 | |
Capitol Federal Financial Inc. | 1,759,502 | 23,595 | |
Horace Mann Educators Corp. | 533,250 | 23,516 | |
LegacyTexas Financial Group Inc. | 554,131 | 23,390 | |
Ameris Bancorp | 482,815 | 23,272 | |
WesBanco Inc. | 571,001 | 23,211 | |
* | Eagle Bancorp Inc. | 399,806 | 23,149 |
Renasant Corp. | 563,235 | 23,031 | |
Towne Bank | 736,817 | 22,657 | |
Apollo Commercial Real Estate Finance Inc. | 1,203,913 | 22,212 | |
Artisan Partners Asset Management Inc. Class A | 561,903 | 22,195 | |
First Merchants Corp. | 526,991 | 22,165 | |
NBT Bancorp Inc. | 588,714 | 21,665 | |
Banner Corp. | 389,025 | 21,443 | |
Westamerica Bancorporation | 356,106 | 21,206 | |
Northwest Bancshares Inc. | 1,248,202 | 20,882 | |
Provident Financial Services Inc. | 773,752 | 20,868 | |
Union Bankshares Corp. | 571,356 | 20,666 | |
First Hawaiian Inc. | 707,262 | 20,638 | |
^,* | BofI Holding Inc. | 682,039 | 20,393 |
First Financial Bancorp | 762,958 | 20,104 | |
CenterState Bank Corp. | 779,870 | 20,066 | |
* | LendingClub Corp. | 4,847,262 | 20,019 |
Moelis & Co. Class A | 410,058 | 19,888 | |
* | Pacific Premier Bancorp Inc. | 497,026 | 19,881 |
* | Genworth Financial Inc. Class A | 6,281,725 | 19,536 |
* | PRA Group Inc. | 579,836 | 19,251 |
Employers Holdings Inc. | 429,292 | 19,061 | |
CNA Financial Corp. | 353,735 | 18,766 | |
WSFS Financial Corp. | 388,593 | 18,594 | |
S&T Bancorp Inc. | 464,667 | 18,498 | |
Park National Corp. | 174,101 | 18,107 | |
WisdomTree Investments Inc. | 1,438,389 | 18,052 | |
Heartland Financial USA Inc. | 334,663 | 17,955 | |
Berkshire Hills Bancorp Inc. | 483,100 | 17,681 | |
* | Walker & Dunlop Inc. | 370,684 | 17,607 |
Beneficial Bancorp Inc. | 1,053,088 | 17,323 | |
Lakeland Financial Corp. | 344,245 | 16,692 | |
Houlihan Lokey Inc. Class A | 360,990 | 16,400 | |
* | Third Point Reinsurance Ltd. | 1,116,189 | 16,352 |
Boston Private Financial Holdings Inc. | 1,056,268 | 16,319 | |
CYS Investments Inc. | 2,026,585 | 16,273 | |
National General Holdings Corp. | 826,265 | 16,228 | |
Safety Insurance Group Inc. | 201,157 | 16,173 | |
First Commonwealth Financial Corp. | 1,103,352 | 15,800 | |
AMERISAFE Inc. | 256,356 | 15,792 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 656,194 | 15,788 | |
Infinity Property & Casualty Corp. | 148,830 | 15,776 | |
Brookline Bancorp Inc. | 999,228 | 15,688 | |
First Busey Corp. | 514,241 | 15,396 | |
Piper Jaffray Cos. | 175,595 | 15,145 | |
Independent Bank Group Inc. | 223,423 | 15,103 | |
Redwood Trust Inc. | 1,013,314 | 15,017 | |
Navigators Group Inc. | 304,774 | 14,843 | |
State Bank Financial Corp. | 495,250 | 14,778 | |
Ladder Capital Corp. Class A | 1,082,383 | 14,753 | |
Meridian Bancorp Inc. | 705,733 | 14,538 | |
Kearny Financial Corp. | 1,005,528 | 14,530 | |
City Holding Co. | 211,094 | 14,243 | |
PennyMac Mortgage Investment Trust | 885,223 | 14,226 | |
Enterprise Financial Services Corp. | 305,013 | 13,771 | |
ARMOUR Residential REIT Inc. | 531,147 | 13,661 | |
Cohen & Steers Inc. | 288,482 | 13,642 |
14
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Seacoast Banking Corp. of Florida | 537,397 | 13,548 |
* | Cannae Holdings Inc. | 792,433 | 13,495 |
First Bancorp | 380,735 | 13,444 | |
Hanmi Financial Corp. | 440,291 | 13,363 | |
Nelnet Inc. Class A | 243,930 | 13,362 | |
^,* | Encore Capital Group Inc. | 316,405 | 13,321 |
Stewart Information Services Corp. | 314,164 | 13,289 | |
United Fire Group Inc. | 289,364 | 13,189 | |
American National Insurance Co. | 102,225 | 13,110 | |
Sandy Spring Bancorp Inc. | 330,343 | 12,890 | |
* | NMI Holdings Inc. Class A | 740,806 | 12,594 |
James River Group Holdings Ltd. | 314,464 | 12,582 | |
MainSource Financial Group Inc. | 337,186 | 12,243 | |
Community Trust Bancorp Inc. | 259,041 | 12,201 | |
Tompkins Financial Corp. | 149,151 | 12,133 | |
Central Pacific Financial Corp. | 406,449 | 12,124 | |
United Financial Bancorp Inc. | 674,881 | 11,905 | |
Capstead Mortgage Corp. | 1,372,085 | 11,869 | |
TrustCo Bank Corp. NY | 1,283,792 | 11,811 | |
* | First BanCorp | 2,299,226 | 11,726 |
Universal Insurance Holdings Inc. | 428,030 | 11,707 | |
AmTrust Financial Services Inc. | 1,157,506 | 11,656 | |
Stock Yards Bancorp Inc. | 305,683 | 11,524 | |
Meta Financial Group Inc. | 124,114 | 11,499 | |
Lakeland Bancorp Inc. | 596,333 | 11,479 | |
MTGE Investment Corp. | 619,298 | 11,457 | |
Heritage Financial Corp. | 370,681 | 11,417 | |
Southside Bancshares Inc. | 333,646 | 11,237 | |
Banc of California Inc. | 539,780 | 11,146 | |
TFS Financial Corp. | 735,028 | 10,981 | |
BancFirst Corp. | 214,284 | 10,961 | |
TriCo Bancshares | 288,725 | 10,931 | |
* | Flagstar Bancorp Inc. | 289,413 | 10,830 |
1st Source Corp. | 216,778 | 10,720 | |
Flushing Financial Corp. | 388,985 | 10,697 | |
German American Bancorp Inc. | 302,531 | 10,688 | |
Kinsale Capital Group Inc. | 237,327 | 10,680 | |
* | HomeStreet Inc. | 361,412 | 10,463 |
Bryn Mawr Bank Corp. | 236,223 | 10,441 | |
ConnectOne Bancorp Inc. | 405,280 | 10,436 | |
National Western Life Group Inc. Class A | 31,435 | 10,406 | |
CoBiz Financial Inc. | 520,458 | 10,404 | |
Washington Trust Bancorp Inc. | 193,929 | 10,327 | |
National Bank Holdings Corp. Class A | 317,892 | 10,309 | |
OceanFirst Financial Corp. | 390,388 | 10,248 | |
Virtus Investment Partners Inc. | 88,634 | 10,197 | |
Northfield Bancorp Inc. | 595,924 | 10,178 | |
Preferred Bank | 170,163 | 10,002 | |
* | Customers Bancorp Inc. | 384,335 | 9,989 |
Univest Corp. of Pennsylvania | 355,725 | 9,978 | |
First of Long Island Corp. | 349,905 | 9,972 | |
Federal Agricultural Mortgage Corp. | 126,191 | 9,873 | |
First Interstate BancSystem Inc. Class A | 245,407 | 9,829 | |
Horizon Bancorp | 353,183 | 9,818 | |
PJT Partners Inc. | 215,124 | 9,810 | |
Granite Point Mortgage Trust Inc. | 550,154 | 9,760 | |
New York Mortgage Trust Inc. | 1,553,473 | 9,585 | |
FBL Financial Group Inc. Class A | 136,732 | 9,523 | |
* | INTL. FCStone Inc. | 219,231 | 9,324 |
Diamond Hill Investment Group Inc. | 44,224 | 9,139 | |
Virtu Financial Inc. Class A | 497,227 | 9,099 | |
* | Donnelley Financial Solutions Inc. | 460,511 | 8,975 |
Great Southern Bancorp Inc. | 172,608 | 8,915 | |
Peoples Bancorp Inc. | 266,511 | 8,694 |
15
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Dime Community Bancshares Inc. | 413,149 | 8,655 | |
^,* | MBIA Inc. | 1,182,317 | 8,655 |
Camden National Corp. | 202,656 | 8,538 | |
* | HarborOne Bancorp Inc. | 441,299 | 8,455 |
Bridge Bancorp Inc. | 236,511 | 8,278 | |
Oritani Financial Corp. | 502,527 | 8,241 | |
Investment Technology Group Inc. | 427,293 | 8,225 | |
* | Greenlight Capital Re Ltd. Class A | 400,223 | 8,044 |
* | Bancorp Inc. | 800,528 | 7,909 |
Carolina Financial Corp. | 212,764 | 7,904 | |
First Financial Corp. | 171,811 | 7,792 | |
Guaranty Bancorp | 277,749 | 7,680 | |
* | EZCORP Inc. Class A | 628,946 | 7,673 |
* | Triumph Bancorp Inc. | 241,542 | 7,609 |
AG Mortgage Investment Trust Inc. | 400,088 | 7,606 | |
Peapack Gladstone Financial Corp. | 215,607 | 7,551 | |
Anworth Mortgage Asset Corp. | 1,382,502 | 7,521 | |
Blue Hills Bancorp Inc. | 369,691 | 7,431 | |
^,* | Trupanion Inc. | 252,074 | 7,378 |
* | First Foundation Inc. | 397,668 | 7,373 |
First Defiance Financial Corp. | 140,811 | 7,318 | |
Westwood Holdings Group Inc. | 110,325 | 7,305 | |
Arrow Financial Corp. | 215,154 | 7,304 | |
* | TriState Capital Holdings Inc. | 315,122 | 7,248 |
QCR Holdings Inc. | 167,986 | 7,198 | |
Heritage Commerce Corp. | 468,581 | 7,179 | |
People's Utah Bancorp | 231,864 | 7,025 | |
Live Oak Bancshares Inc. | 292,758 | 6,982 | |
Bank Mutual Corp. | 642,721 | 6,845 | |
Waterstone Financial Inc. | 394,194 | 6,721 | |
State Auto Financial Corp. | 229,849 | 6,693 | |
Financial Institutions Inc. | 210,300 | 6,540 | |
United Community Financial Corp. | 716,102 | 6,538 | |
Mercantile Bank Corp. | 184,534 | 6,527 | |
* | World Acceptance Corp. | 80,654 | 6,510 |
* | Enova International Inc. | 428,137 | 6,508 |
Western Asset Mortgage Capital Corp. | 648,781 | 6,455 | |
First Community Bancshares Inc. | 223,227 | 6,413 | |
* | HomeTrust Bancshares Inc. | 248,597 | 6,401 |
West Bancorporation Inc. | 249,661 | 6,279 | |
Fidelity Southern Corp. | 287,977 | 6,278 | |
* | Green Bancorp Inc. | 306,853 | 6,229 |
Greenhill & Co. Inc. | 316,234 | 6,167 | |
Arbor Realty Trust Inc. | 705,737 | 6,098 | |
* | Ambac Financial Group Inc. | 381,361 | 6,094 |
Independent Bank Corp. | 271,962 | 6,078 | |
* | Allegiance Bancshares Inc. | 159,577 | 6,008 |
* | Nationstar Mortgage Holdings Inc. | 324,580 | 6,005 |
WashingtonFirst Bankshares Inc. | 174,913 | 5,993 | |
* | FB Financial Corp. | 139,787 | 5,870 |
* | Veritex Holdings Inc. | 211,800 | 5,844 |
^,* | Republic First Bancorp Inc. | 689,803 | 5,829 |
Hamilton Lane Inc. Class A | 163,189 | 5,775 | |
* | National Commerce Corp. | 142,703 | 5,744 |
* | Cowen Inc. Class A | 420,494 | 5,740 |
* | Equity Bancshares Inc. Class A | 155,879 | 5,520 |
Clifton Bancorp Inc. | 321,019 | 5,489 | |
* | Global Indemnity Ltd. | 129,147 | 5,427 |
* | Cadence BanCorp Class A | 198,820 | 5,392 |
* | Nicolet Bankshares Inc. | 98,440 | 5,389 |
Ares Commercial Real Estate Corp. | 417,623 | 5,387 | |
Republic Bancorp Inc. Class A | 139,109 | 5,289 | |
Access National Corp. | 189,437 | 5,274 | |
American National Bankshares Inc. | 136,928 | 5,244 |
16
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | PennyMac Financial Services Inc. Class A | 234,188 | 5,234 |
First Connecticut Bancorp Inc. | 198,627 | 5,194 | |
* | Opus Bank | 190,160 | 5,191 |
Maiden Holdings Ltd. | 786,278 | 5,189 | |
^ | Orchid Island Capital Inc. | 557,045 | 5,169 |
Ladenburg Thalmann Financial Services Inc. | 1,628,538 | 5,146 | |
Dynex Capital Inc. | 713,372 | 5,001 | |
OFG Bancorp | 530,603 | 4,988 | |
^ | Farmers & Merchants Bancorp Inc. | 121,853 | 4,972 |
Farmers National Banc Corp. | 332,956 | 4,911 | |
Bar Harbor Bankshares | 179,656 | 4,853 | |
Territorial Bancorp Inc. | 156,729 | 4,838 | |
Bank of Marin Bancorp | 70,948 | 4,824 | |
^,* | Health Insurance Innovations Inc. Class A | 193,163 | 4,819 |
United Insurance Holdings Corp. | 273,926 | 4,725 | |
^ | Heritage Insurance Holdings Inc. | 255,716 | 4,608 |
Citizens & Northern Corp. | 189,412 | 4,546 | |
Old Second Bancorp Inc. | 332,533 | 4,539 | |
* | Atlantic Capital Bancshares Inc. | 256,748 | 4,519 |
^,* | Citizens Inc. Class A | 613,652 | 4,510 |
* | Southern First Bancshares Inc. | 108,428 | 4,473 |
* | Franklin Financial Network Inc. | 130,399 | 4,447 |
* | Ocwen Financial Corp. | 1,408,906 | 4,410 |
* | PHH Corp. | 424,343 | 4,371 |
* | PCSB Financial Corp. | 229,018 | 4,363 |
CNB Financial Corp. | 165,316 | 4,338 | |
Sierra Bancorp | 157,307 | 4,178 | |
* | Regional Management Corp. | 158,775 | 4,177 |
First Bancshares Inc. | 119,695 | 4,094 | |
* | Xenith Bankshares Inc. | 120,648 | 4,082 |
First Internet Bancorp | 104,282 | 3,978 | |
MidWestOne Financial Group Inc. | 118,147 | 3,961 | |
Resource Capital Corp. | 422,544 | 3,959 | |
* | eHealth Inc. | 227,689 | 3,955 |
* | BSB Bancorp Inc. | 135,088 | 3,951 |
First Mid-Illinois Bancshares Inc. | 102,229 | 3,940 | |
Southern National Bancorp of Virginia Inc. | 244,199 | 3,915 | |
Farmers Capital Bank Corp. | 100,724 | 3,878 | |
Macatawa Bank Corp. | 387,283 | 3,873 | |
BankFinancial Corp. | 250,892 | 3,849 | |
^ | Arlington Asset Investment Corp. Class A | 323,523 | 3,811 |
B. Riley Financial Inc. | 208,448 | 3,773 | |
Sutherland Asset Management Corp. | 247,621 | 3,751 | |
Capital City Bank Group Inc. | 162,661 | 3,731 | |
Baldwin & Lyons Inc. | 155,047 | 3,713 | |
Western New England Bancorp Inc. | 337,946 | 3,684 | |
Cambridge Bancorp | 45,692 | 3,677 | |
First Bancorp Inc. | 133,334 | 3,631 | |
GAIN Capital Holdings Inc. | 362,930 | 3,629 | |
National Bankshares Inc. | 78,802 | 3,582 | |
EMC Insurance Group Inc. | 124,816 | 3,581 | |
* | On Deck Capital Inc. | 621,366 | 3,567 |
Century Bancorp Inc. Class A | 45,538 | 3,563 | |
Investar Holding Corp. | 146,551 | 3,532 | |
Northrim BanCorp Inc. | 104,162 | 3,526 | |
MutualFirst Financial Inc. | 90,335 | 3,482 | |
* | Safeguard Scientifics Inc. | 310,482 | 3,477 |
Hingham Institution for Savings | 16,789 | 3,475 | |
FNB Bancorp | 93,003 | 3,394 | |
Old Line Bancshares Inc. | 115,033 | 3,387 | |
First Guaranty Bancshares Inc. | 133,180 | 3,330 | |
Sun Bancorp Inc. | 136,814 | 3,325 | |
Southern Missouri Bancorp Inc. | 86,791 | 3,262 | |
HCI Group Inc. | 108,309 | 3,238 |
17
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Entegra Financial Corp. | 109,060 | 3,190 |
* | First Northwest Bancorp | 186,909 | 3,047 |
KKR Real Estate Finance Trust Inc. | 151,054 | 3,023 | |
Charter Financial Corp. | 172,156 | 3,020 | |
* | Atlas Financial Holdings Inc. | 146,139 | 3,003 |
Great Ajax Corp. | 216,035 | 2,986 | |
Orrstown Financial Services Inc. | 118,086 | 2,982 | |
Oppenheimer Holdings Inc. Class A | 107,803 | 2,889 | |
Cherry Hill Mortgage Investment Corp. | 160,478 | 2,887 | |
Enterprise Bancorp Inc. | 84,020 | 2,861 | |
Investors Title Co. | 14,405 | 2,857 | |
FS Bancorp Inc. | 52,243 | 2,851 | |
Peoples Financial Services Corp. | 60,147 | 2,802 | |
ACNB Corp. | 94,779 | 2,801 | |
Civista Bancshares Inc. | 126,905 | 2,792 | |
Marlin Business Services Corp. | 123,351 | 2,763 | |
SI Financial Group Inc. | 185,153 | 2,722 | |
Federated National Holding Co. | 164,217 | 2,721 | |
Midland States Bancorp Inc. | 82,599 | 2,683 | |
Home Bancorp Inc. | 62,050 | 2,682 | |
First Business Financial Services Inc. | 118,933 | 2,631 | |
TPG RE Finance Trust Inc. | 137,113 | 2,612 | |
* | Capstar Financial Holdings Inc. | 125,701 | 2,611 |
Crawford & Co. Class B | 270,414 | 2,601 | |
Bankwell Financial Group Inc. | 72,989 | 2,506 | |
Ames National Corp. | 89,929 | 2,505 | |
Pzena Investment Management Inc. Class A | 223,147 | 2,381 | |
Bank of Commerce Holdings | 206,014 | 2,369 | |
Codorus Valley Bancorp Inc. | 85,244 | 2,347 | |
* | First United Corp. | 134,181 | 2,341 |
Summit Financial Group Inc. | 88,451 | 2,328 | |
Peoples Bancorp of North Carolina Inc. | 75,169 | 2,307 | |
Penns Woods Bancorp Inc. | 49,331 | 2,298 | |
Northeast Bancorp | 98,226 | 2,274 | |
* | Pacific Mercantile Bancorp | 253,182 | 2,215 |
Riverview Bancorp Inc. | 254,832 | 2,209 | |
Donegal Group Inc. Class A | 127,502 | 2,206 | |
LCNB Corp. | 105,699 | 2,162 | |
* | Community Bankers Trust Corp. | 265,195 | 2,161 |
* | Metropolitan Bank Holding Corp. | 51,219 | 2,156 |
County Bancorp Inc. | 71,701 | 2,134 | |
^ | Community Financial Corp. | 55,553 | 2,128 |
ESSA Bancorp Inc. | 133,034 | 2,085 | |
* | Meridian Bank | 104,200 | 2,082 |
Provident Financial Holdings Inc. | 112,550 | 2,071 | |
Shore Bancshares Inc. | 123,573 | 2,064 | |
MidSouth Bancorp Inc. | 155,301 | 2,058 | |
Commerce Union Bancshares Inc. | 79,863 | 2,048 | |
MBT Financial Corp. | 191,008 | 2,025 | |
Owens Realty Mortgage Inc. | 124,790 | 1,998 | |
* | NI Holdings Inc. | 117,411 | 1,994 |
Central Valley Community Bancorp | 97,809 | 1,974 | |
Independence Holding Co. | 70,787 | 1,943 | |
Evans Bancorp Inc. | 45,970 | 1,926 | |
Merchants Bancorp | 95,500 | 1,879 | |
^,* | Impac Mortgage Holdings Inc. | 182,053 | 1,850 |
First Community Corp. | 81,398 | 1,840 | |
First Bank | 132,747 | 1,839 | |
* | Howard Bancorp Inc. | 82,778 | 1,821 |
GAMCO Investors Inc. Class A | 58,818 | 1,744 | |
Timberland Bancorp Inc. | 63,813 | 1,694 | |
United Security Bancshares | 148,307 | 1,631 | |
* | Provident Bancorp Inc. | 61,217 | 1,619 |
Tiptree Inc. | 270,701 | 1,611 |
18
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
First Financial Northwest Inc. | 103,776 | 1,610 | |
AmeriServ Financial Inc. | 386,789 | 1,605 | |
* | SmartFinancial Inc. | 70,889 | 1,538 |
Unity Bancorp Inc. | 77,575 | 1,532 | |
* | WMIH Corp. | 1,796,113 | 1,525 |
^,* | Elevate Credit Inc. | 199,880 | 1,505 |
C&F Financial Corp. | 25,412 | 1,474 | |
Kingstone Cos. Inc. | 78,025 | 1,467 | |
* | Sunshine Bancorp Inc. | 63,727 | 1,462 |
* | Hallmark Financial Services Inc. | 139,376 | 1,454 |
Ohio Valley Banc Corp. | 35,946 | 1,452 | |
Associated Capital Group Inc. Class A | 41,735 | 1,423 | |
BCB Bancorp Inc. | 96,105 | 1,394 | |
Ellington Residential Mortgage REIT | 115,087 | 1,386 | |
Chemung Financial Corp. | 28,778 | 1,384 | |
Guaranty Bancshares Inc. | 44,970 | 1,378 | |
Union Bankshares Inc. | 25,508 | 1,351 | |
* | Atlantic Coast Financial Corp. | 139,731 | 1,318 |
Oak Valley Bancorp | 66,803 | 1,304 | |
Hawthorn Bancshares Inc. | 61,934 | 1,285 | |
* | Security National Financial Corp. Class A | 239,558 | 1,270 |
Bear State Financial Inc. | 118,572 | 1,213 | |
1st Constitution Bancorp | 65,078 | 1,201 | |
American River Bankshares | 77,554 | 1,183 | |
Norwood Financial Corp. | 35,728 | 1,179 | |
Citizens Community Bancorp Inc. | 87,180 | 1,176 | |
Parke Bancorp Inc. | 56,664 | 1,164 | |
* | Paragon Commercial Corp. | 21,641 | 1,152 |
Colony Bankcorp Inc. | 79,031 | 1,150 | |
* | Ashford Inc. | 11,848 | 1,102 |
Prudential Bancorp Inc. | 62,229 | 1,095 | |
* | Malvern Bancorp Inc. | 39,928 | 1,046 |
Hennessy Advisors Inc. | 62,567 | 1,035 | |
Premier Financial Bancorp Inc. | 47,085 | 945 | |
* | Nicholas Financial Inc. | 107,396 | 945 |
Federal Agricultural Mortgage Corp. Class A | 12,586 | 916 | |
* | HMN Financial Inc. | 47,639 | 912 |
Donegal Group Inc. Class B | 63,194 | 885 | |
Two River Bancorp | 47,542 | 862 | |
* | Great Elm Capital Group Inc. | 211,152 | 855 |
* | Consumer Portfolio Services Inc. | 196,371 | 815 |
Guaranty Federal Bancshares Inc. | 36,591 | 805 | |
* | Byline Bancorp Inc. | 34,927 | 802 |
CB Financial Services Inc. | 25,844 | 784 | |
Five Oaks Investment Corp. | 191,870 | 767 | |
Sussex Bancorp | 28,105 | 756 | |
DNB Financial Corp. | 22,013 | 742 | |
Old Point Financial Corp. | 24,862 | 740 | |
Plumas Bancorp | 30,056 | 693 | |
Blue Capital Reinsurance Holdings Ltd. | 54,146 | 652 | |
Middlefield Banc Corp. | 13,372 | 645 | |
Crawford & Co. Class A | 75,215 | 639 | |
SB Financial Group Inc. | 33,086 | 612 | |
First Savings Financial Group Inc. | 9,746 | 560 | |
A-Mark Precious Metals Inc. | 37,495 | 552 | |
Silvercrest Asset Management Group Inc. Class A | 34,347 | 551 | |
Citizens Holding Co. | 23,534 | 545 | |
Salisbury Bancorp Inc. | 10,277 | 461 | |
^,* | Select Bancorp Inc. | 36,233 | 458 |
Manhattan Bridge Capital Inc. | 74,147 | 439 | |
* | Central Federal Corp. | 155,702 | 428 |
* | Anchor Bancorp Inc. | 16,381 | 406 |
* | Bay Bancorp Inc. | 32,506 | 400 |
Eagle Bancorp Montana Inc. | 16,483 | 345 |
19
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Greene County Bancorp Inc. | 10,578 | 345 |
RBB Bancorp | 11,786 | 323 | |
* | Luther Burbank Corp. | 25,768 | 310 |
First Capital Inc. | 8,111 | 298 | |
* | PDL Community Bancorp | 18,807 | 285 |
United Bancshares Inc. | 11,489 | 254 | |
Medley Management Inc. Class A | 38,692 | 252 | |
* | Atlanticus Holdings Corp. | 87,402 | 210 |
Sound Financial Bancorp Inc. | 5,400 | 185 | |
* | TheStreet Inc. | 119,844 | 174 |
United Community Bancorp | 8,074 | 171 | |
Southwest Georgia Financial Corp. | 6,935 | 166 | |
Bancorp of New Jersey Inc. | 8,691 | 159 | |
^,* | Siebert Financial Corp. | 11,099 | 150 |
IF Bancorp Inc. | 7,557 | 149 | |
HopFed Bancorp Inc. | 10,222 | 145 | |
* | Severn Bancorp Inc. | 19,055 | 139 |
Manning & Napier Inc. | 38,638 | 139 | |
* | Coastway Bancorp Inc. | 6,530 | 139 |
* | Asta Funding Inc. | 18,342 | 136 |
^ | US Global Investors Inc. Class A | 34,604 | 135 |
* | Magyar Bancorp Inc. | 10,365 | 134 |
MSB Financial Corp. | 7,376 | 132 | |
* | Conifer Holdings Inc. | 21,788 | 126 |
United Bancorp Inc. | 9,360 | 124 | |
* | Hamilton Bancorp Inc. | 7,058 | 110 |
Bank of South Carolina Corp. | 5,642 | 109 | |
* | Porter Bancorp Inc. | 7,411 | 107 |
Glen Burnie Bancorp | 9,147 | 102 | |
* | First Acceptance Corp. | 81,474 | 97 |
Oconee Federal Financial Corp. | 2,383 | 68 | |
Kentucky First Federal Bancorp | 7,514 | 67 | |
PB Bancorp Inc. | 6,001 | 65 | |
* | Randolph Bancorp Inc. | 4,012 | 62 |
* | ZAIS Group Holdings Inc. | 15,088 | 59 |
Mackinac Financial Corp. | 3,236 | 52 | |
Mid Penn Bancorp Inc. | 1,484 | 51 | |
Community West Bancshares | 4,500 | 48 | |
Fauquier Bankshares Inc. | 1,931 | 42 | |
* | 1347 Property Insurance Holdings Inc. | 5,528 | 40 |
Landmark Bancorp Inc. | 1,221 | 35 | |
Auburn National Bancorporation Inc. | 859 | 34 | |
First US Bancshares Inc. | 2,192 | 28 | |
Patriot National Bancorp Inc. | 1,479 | 27 | |
Stewardship Financial Corp. | 2,551 | 26 | |
* | National Holdings Corp. | 7,908 | 26 |
* | Village Bank and Trust Financial Corp. | 600 | 19 |
^,* | Global Brokerage Inc. | 55,333 | 16 |
CBTX Inc. | 422 | 13 | |
Value Line Inc. | 586 | 11 | |
Elmira Savings Bank | 431 | 9 | |
Wellesley Bank | 300 | 9 | |
Summit State Bank | 500 | 6 | |
* | National Holdings Corp. Warrants Exp. 01/18/2022 | 7,766 | 6 |
Sachem Capital Corp. | 1,200 | 5 | |
* | Broadway Financial Corp. | 1,800 | 4 |
* | Bank of Princeton | 110 | 4 |
Atlantic American Corp. | 1,084 | 4 | |
Lake Shore Bancorp Inc. | 200 | 3 | |
* | Carver Bancorp Inc. | 445 | 1 |
Cohen & Co. Inc. | 64 | 1 | |
10,531,537 | |||
Health Care (10.9%) | |||
* | BioMarin Pharmaceutical Inc. | 2,267,343 | 202,179 |
20
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Teleflex Inc. | 575,136 | 143,105 | |
* | Alnylam Pharmaceuticals Inc. | 1,049,683 | 133,362 |
* | Nektar Therapeutics Class A | 2,022,579 | 120,788 |
* | WellCare Health Plans Inc. | 572,740 | 115,184 |
* | Bluebird Bio Inc. | 630,268 | 112,251 |
* | Exelixis Inc. | 3,594,226 | 109,264 |
* | Alkermes plc | 1,987,426 | 108,772 |
* | Jazz Pharmaceuticals plc | 765,744 | 103,107 |
* | ABIOMED Inc. | 540,683 | 101,329 |
STERIS plc | 1,088,377 | 95,200 | |
West Pharmaceutical Services Inc. | 954,594 | 94,190 | |
* | Neurocrine Biosciences Inc. | 1,146,037 | 88,921 |
* | Sage Therapeutics Inc. | 527,362 | 86,862 |
* | United Therapeutics Corp. | 549,743 | 81,334 |
* | Exact Sciences Corp. | 1,544,405 | 81,143 |
* | Veeva Systems Inc. Class A | 1,461,456 | 80,789 |
* | Ionis Pharmaceuticals Inc. | 1,594,441 | 80,200 |
* | Bioverativ Inc. | 1,400,803 | 75,531 |
Hill-Rom Holdings Inc. | 846,723 | 71,370 | |
* | Catalent Inc. | 1,731,503 | 71,130 |
* | athenahealth Inc. | 516,185 | 68,673 |
* | Charles River Laboratories International Inc. | 607,862 | 66,530 |
* | Seattle Genetics Inc. | 1,222,603 | 65,409 |
* | MEDNAX Inc. | 1,203,427 | 64,311 |
* | DexCom Inc. | 1,114,724 | 63,974 |
HealthSouth Corp. | 1,278,500 | 63,171 | |
Bio-Techne Corp. | 483,522 | 62,640 | |
* | Bio-Rad Laboratories Inc. Class A | 257,738 | 61,514 |
* | PRA Health Sciences Inc. | 639,689 | 58,256 |
* | Insulet Corp. | 756,691 | 52,212 |
* | Juno Therapeutics Inc. | 1,127,435 | 51,535 |
* | Masimo Corp. | 601,620 | 51,017 |
Chemed Corp. | 202,824 | 49,290 | |
* | Medidata Solutions Inc. | 742,003 | 47,021 |
Cantel Medical Corp. | 453,142 | 46,615 | |
* | FibroGen Inc. | 970,122 | 45,984 |
* | LivaNova plc | 562,448 | 44,951 |
Bruker Corp. | 1,296,720 | 44,503 | |
* | Clovis Oncology Inc. | 642,946 | 43,720 |
* | Sarepta Therapeutics Inc. | 776,302 | 43,193 |
* | Molina Healthcare Inc. | 555,408 | 42,589 |
* | ICU Medical Inc. | 195,945 | 42,324 |
* | Portola Pharmaceuticals Inc. | 857,650 | 41,750 |
* | Neogen Corp. | 503,127 | 41,362 |
* | TESARO Inc. | 496,944 | 41,182 |
* | Integra LifeSciences Holdings Corp. | 826,634 | 39,563 |
* | Haemonetics Corp. | 680,492 | 39,523 |
* | Globus Medical Inc. | 951,767 | 39,118 |
* | Ligand Pharmaceuticals Inc. | 282,899 | 38,737 |
* | Puma Biotechnology Inc. | 391,083 | 38,659 |
* | Akorn Inc. | 1,193,278 | 38,459 |
* | NuVasive Inc. | 653,326 | 38,213 |
^,* | ACADIA Pharmaceuticals Inc. | 1,241,899 | 37,394 |
* | Blueprint Medicines Corp. | 490,291 | 36,973 |
* | Penumbra Inc. | 379,284 | 35,691 |
* | Halozyme Therapeutics Inc. | 1,708,637 | 34,617 |
* | Allscripts Healthcare Solutions Inc. | 2,354,034 | 34,251 |
* | Acadia Healthcare Co. Inc. | 1,027,237 | 33,519 |
* | Avexis Inc. | 294,217 | 32,561 |
* | INC Research Holdings Inc. Class A | 727,454 | 31,717 |
* | Insmed Inc. | 1,015,348 | 31,659 |
* | Array BioPharma Inc. | 2,452,305 | 31,390 |
* | Horizon Pharma plc | 2,117,579 | 30,917 |
* | AMN Healthcare Services Inc. | 622,484 | 30,657 |
21
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Prestige Brands Holdings Inc. | 688,306 | 30,568 |
* | HealthEquity Inc. | 654,177 | 30,524 |
* | Myriad Genetics Inc. | 888,121 | 30,503 |
* | Amicus Therapeutics Inc. | 2,111,822 | 30,389 |
* | Wright Medical Group NV | 1,363,731 | 30,275 |
* | Agios Pharmaceuticals Inc. | 522,137 | 29,851 |
* | Magellan Health Inc. | 308,459 | 29,782 |
* | Halyard Health Inc. | 613,287 | 28,322 |
* | Mallinckrodt plc | 1,245,813 | 28,106 |
* | Merit Medical Systems Inc. | 646,439 | 27,926 |
* | Aerie Pharmaceuticals Inc. | 464,812 | 27,773 |
* | Supernus Pharmaceuticals Inc. | 660,964 | 26,339 |
* | Ironwood Pharmaceuticals Inc. Class A | 1,747,545 | 26,196 |
* | Inogen Inc. | 217,120 | 25,855 |
* | Nevro Corp. | 362,969 | 25,059 |
* | Select Medical Holdings Corp. | 1,399,501 | 24,701 |
* | Pacira Pharmaceuticals Inc. | 526,238 | 24,023 |
* | LifePoint Health Inc. | 482,132 | 24,010 |
* | Ultragenyx Pharmaceutical Inc. | 509,363 | 23,624 |
* | Medicines Co. | 863,910 | 23,619 |
* | Brookdale Senior Living Inc. | 2,433,909 | 23,609 |
* | Omnicell Inc. | 484,036 | 23,476 |
* | Loxo Oncology Inc. | 278,144 | 23,414 |
^,* | OPKO Health Inc. | 4,768,893 | 23,368 |
^,* | Teladoc Inc. | 657,359 | 22,909 |
^,* | Immunomedics Inc. | 1,392,837 | 22,508 |
^,* | Corcept Therapeutics Inc. | 1,228,352 | 22,184 |
* | Spectrum Pharmaceuticals Inc. | 1,160,908 | 21,999 |
* | Premier Inc. Class A | 734,858 | 21,451 |
* | Emergent BioSolutions Inc. | 455,587 | 21,171 |
* | Acceleron Pharma Inc. | 480,264 | 20,382 |
^,* | Spark Therapeutics Inc. | 394,743 | 20,298 |
* | Cambrex Corp. | 422,437 | 20,277 |
* | Global Blood Therapeutics Inc. | 511,417 | 20,124 |
* | NxStage Medical Inc. | 826,812 | 20,034 |
* | Varex Imaging Corp. | 495,415 | 19,901 |
* | Endo International plc | 2,538,591 | 19,674 |
* | Amedisys Inc. | 366,856 | 19,337 |
* | AnaptysBio Inc. | 188,270 | 18,963 |
* | HMS Holdings Corp. | 1,109,212 | 18,801 |
* | Prothena Corp. plc | 495,516 | 18,577 |
* | Zogenix Inc. | 440,439 | 17,640 |
* | Sangamo Therapeutics Inc. | 1,069,630 | 17,542 |
* | Repligen Corp. | 483,441 | 17,539 |
CONMED Corp. | 333,445 | 16,996 | |
* | Esperion Therapeutics Inc. | 257,991 | 16,986 |
^,* | MiMedx Group Inc. | 1,335,142 | 16,836 |
* | Arena Pharmaceuticals Inc. | 493,303 | 16,758 |
* | Ignyta Inc. | 626,317 | 16,723 |
* | Quidel Corp. | 385,593 | 16,715 |
* | Integer Holdings Corp. | 366,405 | 16,598 |
* | Impax Laboratories Inc. | 961,378 | 16,007 |
^,* | Tenet Healthcare Corp. | 1,054,664 | 15,989 |
* | Tivity Health Inc. | 437,382 | 15,986 |
* | Radius Health Inc. | 500,891 | 15,913 |
* | Cotiviti Holdings Inc. | 488,055 | 15,720 |
* | Natus Medical Inc. | 399,233 | 15,251 |
Owens & Minor Inc. | 801,897 | 15,140 | |
Abaxis Inc. | 301,976 | 14,954 | |
^,* | Theravance Biopharma Inc. | 521,201 | 14,536 |
* | OraSure Technologies Inc. | 760,697 | 14,347 |
^,* | TherapeuticsMD Inc. | 2,373,947 | 14,339 |
Ensign Group Inc. | 643,899 | 14,295 | |
Analogic Corp. | 166,457 | 13,941 |
22
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | iRhythm Technologies Inc. | 248,666 | 13,938 |
* | Dynavax Technologies Corp. | 733,262 | 13,712 |
* | Momenta Pharmaceuticals Inc. | 962,772 | 13,431 |
^,* | Intercept Pharmaceuticals Inc. | 228,956 | 13,376 |
* | Orthofix International NV | 240,625 | 13,162 |
* | Acorda Therapeutics Inc. | 611,096 | 13,108 |
* | Innoviva Inc. | 907,705 | 12,880 |
* | Inovalon Holdings Inc. Class A | 851,470 | 12,772 |
* | Foundation Medicine Inc. | 184,284 | 12,568 |
* | LHC Group Inc. | 203,415 | 12,459 |
Atrion Corp. | 19,568 | 12,340 | |
US Physical Therapy Inc. | 170,802 | 12,332 | |
* | Diplomat Pharmacy Inc. | 608,410 | 12,211 |
* | Heron Therapeutics Inc. | 666,049 | 12,055 |
* | Aimmune Therapeutics Inc. | 317,623 | 12,012 |
* | Dermira Inc. | 430,135 | 11,962 |
* | Revance Therapeutics Inc. | 324,311 | 11,594 |
* | MyoKardia Inc. | 273,709 | 11,523 |
* | BioTelemetry Inc. | 384,145 | 11,486 |
Kindred Healthcare Inc. | 1,180,914 | 11,455 | |
* | Intersect ENT Inc. | 350,904 | 11,369 |
* | Enanta Pharmaceuticals Inc. | 192,619 | 11,303 |
* | REGENXBIO Inc. | 339,504 | 11,289 |
* | Vocera Communications Inc. | 371,353 | 11,222 |
^,* | Omeros Corp. | 571,512 | 11,104 |
^,* | Intrexon Corp. | 952,557 | 10,973 |
* | Xencor Inc. | 496,593 | 10,885 |
* | Anika Therapeutics Inc. | 198,024 | 10,675 |
^,* | Flexion Therapeutics Inc. | 421,473 | 10,554 |
* | Glaukos Corp. | 409,013 | 10,491 |
* | AxoGen Inc. | 370,532 | 10,486 |
Luminex Corp. | 527,774 | 10,397 | |
* | Cardiovascular Systems Inc. | 438,274 | 10,383 |
* | Retrophin Inc. | 480,628 | 10,127 |
National HealthCare Corp. | 165,078 | 10,060 | |
* | Editas Medicine Inc. | 320,381 | 9,845 |
^,* | Evolent Health Inc. Class A | 800,277 | 9,843 |
* | Alder Biopharmaceuticals Inc. | 843,903 | 9,663 |
* | Vanda Pharmaceuticals Inc. | 617,680 | 9,389 |
* | Assembly Biosciences Inc. | 207,170 | 9,374 |
^,* | Lannett Co. Inc. | 392,612 | 9,109 |
* | Genomic Health Inc. | 265,066 | 9,065 |
* | Amphastar Pharmaceuticals Inc. | 470,125 | 9,045 |
* | Almost Family Inc. | 161,022 | 8,913 |
^,* | Accelerate Diagnostics Inc. | 339,324 | 8,890 |
* | K2M Group Holdings Inc. | 493,330 | 8,880 |
* | Intra-Cellular Therapies Inc. | 603,033 | 8,732 |
* | MacroGenics Inc. | 456,443 | 8,672 |
* | Audentes Therapeutics Inc. | 276,345 | 8,636 |
* | Akebia Therapeutics Inc. | 580,286 | 8,629 |
Phibro Animal Health Corp. Class A | 255,450 | 8,558 | |
* | Cutera Inc. | 187,206 | 8,490 |
* | Quality Systems Inc. | 623,771 | 8,471 |
* | Five Prime Therapeutics Inc. | 383,334 | 8,403 |
* | ImmunoGen Inc. | 1,285,526 | 8,240 |
Meridian Bioscience Inc. | 580,781 | 8,131 | |
* | Providence Service Corp. | 136,829 | 8,119 |
^,* | Epizyme Inc. | 636,879 | 7,993 |
^,* | Lexicon Pharmaceuticals Inc. | 808,096 | 7,984 |
* | Triple-S Management Corp. Class B | 318,991 | 7,927 |
* | HealthStream Inc. | 339,746 | 7,869 |
* | CryoLife Inc. | 410,337 | 7,858 |
* | AngioDynamics Inc. | 470,567 | 7,826 |
* | PTC Therapeutics Inc. | 460,365 | 7,679 |
23
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Lantheus Holdings Inc. | 370,112 | 7,569 |
* | AtriCure Inc. | 414,199 | 7,555 |
* | Depomed Inc. | 920,270 | 7,408 |
^,* | Adamas Pharmaceuticals Inc. | 216,739 | 7,345 |
* | CytomX Therapeutics Inc. | 344,580 | 7,274 |
* | Exactech Inc. | 146,655 | 7,252 |
* | Aclaris Therapeutics Inc. | 293,731 | 7,243 |
^,* | La Jolla Pharmaceutical Co. | 224,625 | 7,228 |
Invacare Corp. | 424,778 | 7,158 | |
* | ANI Pharmaceuticals Inc. | 110,092 | 7,095 |
* | Rigel Pharmaceuticals Inc. | 1,820,492 | 7,064 |
^,* | ZIOPHARM Oncology Inc. | 1,696,358 | 7,023 |
^,* | Synergy Pharmaceuticals Inc. | 3,064,471 | 6,834 |
* | Iovance Biotherapeutics Inc. | 838,675 | 6,709 |
* | Heska Corp. | 83,557 | 6,702 |
* | WaVe Life Sciences Ltd. | 189,407 | 6,648 |
* | AMAG Pharmaceuticals Inc. | 499,147 | 6,614 |
^,* | Keryx Biopharmaceuticals Inc. | 1,421,864 | 6,612 |
* | Madrigal Pharmaceuticals Inc. | 71,863 | 6,596 |
* | BioCryst Pharmaceuticals Inc. | 1,339,345 | 6,576 |
^,* | Community Health Systems Inc. | 1,536,023 | 6,543 |
* | Mirati Therapeutics Inc. | 347,873 | 6,349 |
^,* | Endologix Inc. | 1,175,226 | 6,287 |
* | CorVel Corp. | 117,660 | 6,224 |
^,* | NeoGenomics Inc. | 701,819 | 6,218 |
^,* | Sucampo Pharmaceuticals Inc. Class A | 345,816 | 6,207 |
* | PDL BioPharma Inc. | 2,211,245 | 6,059 |
^,* | Collegium Pharmaceutical Inc. | 325,159 | 6,002 |
LeMaitre Vascular Inc. | 187,586 | 5,973 | |
^,* | Abeona Therapeutics Inc. | 368,163 | 5,835 |
* | Progenics Pharmaceuticals Inc. | 974,897 | 5,801 |
* | STAAR Surgical Co. | 370,678 | 5,746 |
* | Cross Country Healthcare Inc. | 446,951 | 5,703 |
* | Medpace Holdings Inc. | 156,842 | 5,687 |
^,* | Eagle Pharmaceuticals Inc. | 106,426 | 5,685 |
^,* | TG Therapeutics Inc. | 672,179 | 5,512 |
* | Cerus Corp. | 1,615,036 | 5,459 |
* | Surmodics Inc. | 194,838 | 5,455 |
^,* | Novavax Inc. | 4,367,559 | 5,416 |
^,* | Tactile Systems Technology Inc. | 180,222 | 5,223 |
* | Atara Biotherapeutics Inc. | 288,279 | 5,218 |
* | GlycoMimetics Inc. | 310,125 | 5,207 |
* | Intellia Therapeutics Inc. | 269,655 | 5,183 |
* | Accuray Inc. | 1,203,932 | 5,177 |
* | Cymabay Therapeutics Inc. | 559,877 | 5,151 |
* | Capital Senior Living Corp. | 373,503 | 5,039 |
^,* | Coherus Biosciences Inc. | 572,418 | 5,037 |
* | Concert Pharmaceuticals Inc. | 194,300 | 5,027 |
* | Cytokinetics Inc. | 615,883 | 5,019 |
^,* | BioScrip Inc. | 1,673,876 | 4,871 |
* | Celldex Therapeutics Inc. | 1,692,495 | 4,807 |
* | Achillion Pharmaceuticals Inc. | 1,661,155 | 4,784 |
* | Tabula Rasa HealthCare Inc. | 168,597 | 4,729 |
* | Paratek Pharmaceuticals Inc. | 262,710 | 4,703 |
* | RadNet Inc. | 465,189 | 4,698 |
* | Catalyst Pharmaceuticals Inc. | 1,193,890 | 4,668 |
^,* | Corbus Pharmaceuticals Holdings Inc. | 653,199 | 4,638 |
* | Voyager Therapeutics Inc. | 278,107 | 4,617 |
* | Enzo Biochem Inc. | 566,053 | 4,613 |
^,* | Kura Oncology Inc. | 298,737 | 4,571 |
* | Karyopharm Therapeutics Inc. | 475,833 | 4,568 |
* | R1 RCM Inc. | 1,008,274 | 4,446 |
^,* | Cara Therapeutics Inc. | 360,034 | 4,407 |
* | Stemline Therapeutics Inc. | 281,999 | 4,399 |
24
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Achaogen Inc. | 409,176 | 4,395 |
Computer Programs & Systems Inc. | 145,743 | 4,380 | |
National Research Corp. Class A | 116,323 | 4,339 | |
^,* | Inovio Pharmaceuticals Inc. | 1,048,395 | 4,330 |
^,* | ViewRay Inc. | 459,690 | 4,257 |
* | Arrowhead Pharmaceuticals Inc. | 1,150,449 | 4,234 |
^,* | Invitae Corp. | 450,478 | 4,090 |
* | Idera Pharmaceuticals Inc. | 1,938,126 | 4,089 |
Aceto Corp. | 393,743 | 4,067 | |
^,* | Geron Corp. | 2,248,638 | 4,048 |
* | Reata Pharmaceuticals Inc. Class A | 142,057 | 4,023 |
^,* | Akcea Therapeutics Inc. | 227,348 | 3,947 |
* | Tetraphase Pharmaceuticals Inc. | 613,675 | 3,866 |
^,* | Antares Pharma Inc. | 1,925,109 | 3,831 |
* | Kadmon Holdings Inc. | 1,054,103 | 3,816 |
^,* | Rockwell Medical Inc. | 654,868 | 3,811 |
^,* | Apellis Pharmaceuticals Inc. | 174,511 | 3,787 |
^,* | Sorrento Therapeutics Inc. | 985,422 | 3,745 |
* | Entellus Medical Inc. | 151,924 | 3,705 |
* | Civitas Solutions Inc. | 211,480 | 3,616 |
* | Savara Inc. | 242,588 | 3,600 |
^,* | Agenus Inc. | 1,101,877 | 3,592 |
* | Pacific Biosciences of California Inc. | 1,357,484 | 3,584 |
^,* | CryoPort Inc. | 415,566 | 3,570 |
* | AVEO Pharmaceuticals Inc. | 1,268,216 | 3,538 |
^ | Riot Blockchain Inc. | 124,049 | 3,523 |
* | Natera Inc. | 391,304 | 3,518 |
* | Rhythm Pharmaceuticals Inc. | 119,352 | 3,468 |
^,* | Bellicum Pharmaceuticals Inc. | 410,846 | 3,455 |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 127,717 | 3,446 |
* | Addus HomeCare Corp. | 98,864 | 3,440 |
* | Aquinox Pharmaceuticals Inc. | 286,329 | 3,367 |
* | RTI Surgical Inc. | 778,129 | 3,190 |
* | Corium International Inc. | 330,294 | 3,174 |
^,* | Insys Therapeutics Inc. | 328,133 | 3,157 |
* | BioTime Inc. | 1,454,590 | 3,127 |
* | Aduro Biotech Inc. | 413,858 | 3,104 |
* | GenMark Diagnostics Inc. | 733,669 | 3,059 |
^,* | Surgery Partners Inc. | 251,462 | 3,043 |
* | Neos Therapeutics Inc. | 289,659 | 2,955 |
* | American Renal Associates Holdings Inc. | 168,377 | 2,930 |
* | G1 Therapeutics Inc. | 145,400 | 2,885 |
^,* | Calyxt Inc. | 130,300 | 2,871 |
* | Aratana Therapeutics Inc. | 542,359 | 2,853 |
^,* | Seres Therapeutics Inc. | 280,100 | 2,840 |
^,* | NewLink Genetics Corp. | 347,438 | 2,818 |
^,* | Zynerba Pharmaceuticals Inc. | 224,803 | 2,815 |
* | Calithera Biosciences Inc. | 336,258 | 2,808 |
* | Fluidigm Corp. | 471,228 | 2,776 |
Utah Medical Products Inc. | 33,586 | 2,734 | |
* | Sientra Inc. | 193,851 | 2,726 |
* | MediciNova Inc. | 414,545 | 2,682 |
^,* | Athersys Inc. | 1,469,852 | 2,660 |
* | Kindred Biosciences Inc. | 281,295 | 2,658 |
* | Edge Therapeutics Inc. | 282,108 | 2,643 |
* | Cascadian Therapeutics Inc. | 704,405 | 2,606 |
^,* | MannKind Corp. | 1,110,407 | 2,576 |
^,* | TransEnterix Inc. | 1,319,155 | 2,546 |
* | Marinus Pharmaceuticals Inc. | 311,053 | 2,538 |
* | Fate Therapeutics Inc. | 409,352 | 2,501 |
* | Castlight Health Inc. Class B | 666,288 | 2,499 |
* | Protagonist Therapeutics Inc. | 119,519 | 2,486 |
* | BioSpecifics Technologies Corp. | 57,123 | 2,475 |
^,* | BioDelivery Sciences International Inc. | 793,002 | 2,339 |
25
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Teligent Inc. | 618,675 | 2,246 |
* | FONAR Corp. | 91,654 | 2,232 |
^,* | Vital Therapies Inc. | 372,008 | 2,213 |
^,* | Endocyte Inc. | 497,080 | 2,127 |
* | Mustang Bio Inc. | 174,657 | 2,094 |
* | Syndax Pharmaceuticals Inc. | 236,431 | 2,071 |
* | Recro Pharma Inc. | 220,869 | 2,043 |
* | Harvard Bioscience Inc. | 615,196 | 2,030 |
^,* | NantHealth Inc. | 648,199 | 1,977 |
* | Palatin Technologies Inc. | 2,264,264 | 1,945 |
* | Kala Pharmaceuticals Inc. | 104,122 | 1,925 |
^,* | Advaxis Inc. | 666,129 | 1,892 |
^,* | XOMA Corp. | 52,655 | 1,875 |
^,* | ChromaDex Corp. | 318,325 | 1,872 |
^,* | NantKwest Inc. | 412,508 | 1,852 |
* | Ardelyx Inc. | 276,164 | 1,823 |
^,* | Organovo Holdings Inc. | 1,354,854 | 1,816 |
^,* | CytoSorbents Corp. | 274,696 | 1,786 |
^,* | Ampio Pharmaceuticals Inc. | 435,720 | 1,773 |
* | Merrimack Pharmaceuticals Inc. | 171,789 | 1,761 |
^,* | Vericel Corp. | 319,467 | 1,741 |
* | ChemoCentryx Inc. | 291,070 | 1,732 |
* | Melinta Therapeutics Inc. | 109,470 | 1,730 |
^,* | Dicerna Pharmaceuticals Inc. | 190,611 | 1,721 |
* | NanoString Technologies Inc. | 230,228 | 1,720 |
* | Conatus Pharmaceuticals Inc. | 370,187 | 1,710 |
* | Chimerix Inc. | 368,190 | 1,705 |
Simulations Plus Inc. | 105,721 | 1,702 | |
* | Minerva Neurosciences Inc. | 281,066 | 1,700 |
* | Veracyte Inc. | 259,883 | 1,697 |
^,* | Pulse Biosciences Inc. | 71,241 | 1,681 |
* | Otonomy Inc. | 302,380 | 1,678 |
^,* | Anavex Life Sciences Corp. | 516,906 | 1,664 |
* | Durect Corp. | 1,803,025 | 1,662 |
* | SeaSpine Holdings Corp. | 160,243 | 1,622 |
Psychemedics Corp. | 78,603 | 1,616 | |
^,* | Adamis Pharmaceuticals Corp. | 359,523 | 1,582 |
* | Aldeyra Therapeutics Inc. | 225,423 | 1,533 |
^,* | Fortress Biotech Inc. | 373,802 | 1,491 |
* | Deciphera Pharmaceuticals Inc. | 62,670 | 1,421 |
^,* | Senseonics Holdings Inc. | 529,381 | 1,408 |
* | Ocular Therapeutix Inc. | 314,655 | 1,400 |
* | Curis Inc. | 1,981,830 | 1,387 |
* | Peregrine Pharmaceuticals Inc. | 350,610 | 1,360 |
^,* | CareDx Inc. | 183,215 | 1,345 |
* | Clearside Biomedical Inc. | 189,336 | 1,325 |
^,* | Syros Pharmaceuticals Inc. | 133,009 | 1,294 |
* | Verastem Inc. | 418,601 | 1,285 |
* | Trevena Inc. | 789,673 | 1,263 |
^,* | Optinose Inc. | 66,849 | 1,263 |
^ | Catalyst Biosciences Inc. | 92,444 | 1,261 |
* | Quorum Health Corp. | 195,529 | 1,220 |
* | PetIQ Inc. | 55,839 | 1,220 |
* | Spring Bank Pharmaceuticals Inc. | 88,210 | 1,186 |
* | OncoMed Pharmaceuticals Inc. | 288,965 | 1,185 |
* | Tocagen Inc. | 115,171 | 1,181 |
* | Corvus Pharmaceuticals Inc. | 113,808 | 1,179 |
* | Zafgen Inc. | 252,448 | 1,166 |
^,* | iRadimed Corp. | 76,545 | 1,160 |
* | Selecta Biosciences Inc. | 117,981 | 1,157 |
* | MEI Pharma Inc. | 546,094 | 1,147 |
* | Jounce Therapeutics Inc. | 89,657 | 1,143 |
^,* | Dova Pharmaceuticals Inc. | 39,675 | 1,143 |
* | Infinity Pharmaceuticals Inc. | 556,400 | 1,129 |
26
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Athenex Inc. | 70,389 | 1,119 |
* | Invuity Inc. | 175,228 | 1,086 |
^,* | XBiotech Inc. | 275,390 | 1,085 |
* | Ra Pharmaceuticals Inc. | 121,859 | 1,036 |
^,* | Matinas BioPharma Holdings Inc. | 870,345 | 1,010 |
* | IRIDEX Corp. | 132,194 | 1,007 |
^,* | AcelRx Pharmaceuticals Inc. | 494,043 | 1,000 |
* | Aptevo Therapeutics Inc. | 232,383 | 985 |
^,* | Ekso Bionics Holdings Inc. | 456,827 | 973 |
* | Inotek Pharmaceuticals Corp. | 371,437 | 969 |
* | Immune Design Corp. | 243,739 | 951 |
* | Nuvectra Corp. | 120,962 | 939 |
Digirad Corp. | 363,958 | 937 | |
^,* | BrainStorm Cell Therapeutics Inc. | 238,370 | 934 |
^,* | Corindus Vascular Robotics Inc. | 922,610 | 932 |
* | Sunesis Pharmaceuticals Inc. | 249,895 | 922 |
* | T2 Biosystems Inc. | 223,518 | 921 |
* | Cidara Therapeutics Inc. | 133,145 | 905 |
^,* | Galectin Therapeutics Inc. | 268,972 | 898 |
* | Cellular Biomedicine Group Inc. | 78,971 | 896 |
* | AAC Holdings Inc. | 92,388 | 831 |
* | Viking Therapeutics Inc. | 203,104 | 825 |
* | Aradigm Corp. | 120,486 | 807 |
* | Axsome Therapeutics Inc. | 139,582 | 782 |
* | Applied Genetic Technologies Corp. | 211,101 | 760 |
* | Albireo Pharma Inc. | 29,439 | 754 |
^,* | Viveve Medical Inc. | 149,868 | 745 |
^,* | Proteostasis Therapeutics Inc. | 125,924 | 734 |
* | Bovie Medical Corp. | 272,257 | 708 |
^,* | CASI Pharmaceuticals Inc. | 217,222 | 706 |
* | OvaScience Inc. | 479,371 | 671 |
* | scPharmaceuticals Inc. | 54,667 | 661 |
^,* | Synthetic Biologics Inc. | 1,290,528 | 656 |
* | Pfenex Inc. | 243,591 | 648 |
^,* | Alimera Sciences Inc. | 487,165 | 648 |
* | Juniper Pharmaceuticals Inc. | 132,984 | 645 |
^,* | Mersana Therapeutics Inc. | 38,632 | 635 |
* | ConforMIS Inc. | 262,430 | 625 |
* | aTyr Pharma Inc. | 178,360 | 624 |
^,* | Asterias Biotherapeutics Inc. Class A | 275,870 | 621 |
* | GTx Inc. | 48,808 | 620 |
* | Cumberland Pharmaceuticals Inc. | 83,070 | 616 |
^,* | Navidea Biopharmaceuticals Inc. | 1,702,637 | 610 |
* | Ohr Pharmaceutical Inc. | 323,769 | 602 |
^,* | Second Sight Medical Products Inc. | 309,854 | 592 |
^,* | Sienna Biopharmaceuticals Inc. | 32,086 | 582 |
* | ArQule Inc. | 349,469 | 577 |
^,* | VolitionRX Ltd. | 195,994 | 576 |
^,* | Lipocine Inc. | 167,231 | 575 |
* | Molecular Templates Inc. | 56,927 | 570 |
* | Adverum Biotechnologies Inc. | 162,350 | 568 |
^,* | Rexahn Pharmaceuticals Inc. | 279,860 | 565 |
^,* | SCYNEXIS Inc. | 242,929 | 564 |
* | Icad Inc. | 154,617 | 532 |
* | Agile Therapeutics Inc. | 188,500 | 507 |
* | Sharps Compliance Corp. | 123,176 | 504 |
^,* | Capricor Therapeutics Inc. | 297,797 | 471 |
* | Chembio Diagnostics Inc. | 55,638 | 456 |
* | Obalon Therapeutics Inc. | 69,002 | 456 |
* | Odonate Therapeutics Inc. | 18,192 | 455 |
^,* | Actinium Pharmaceuticals Inc. | 681,433 | 452 |
* | Cogentix Medical Inc. | 142,067 | 448 |
* | Electromed Inc. | 71,985 | 437 |
* | vTv Therapeutics Inc. Class A | 71,057 | 427 |
27
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Evoke Pharma Inc. | 182,231 | 412 |
* | ContraFect Corp. | 407,500 | 412 |
^,* | OncoSec Medical Inc. | 240,590 | 391 |
* | VIVUS Inc. | 775,886 | 390 |
* | Allena Pharmaceuticals Inc. | 37,789 | 380 |
* | pSivida Corp. | 303,068 | 327 |
* | NanoViricides Inc. | 366,419 | 322 |
* | Ovid therapeutics Inc. | 32,672 | 322 |
^,* | BioLife Solutions Inc. | 53,012 | 318 |
* | Bellerophon Therapeutics Inc. | 123,111 | 318 |
^,* | Flex Pharma Inc. | 90,755 | 317 |
* | Misonix Inc. | 32,465 | 312 |
* | Eiger BioPharmaceuticals Inc. | 21,206 | 296 |
* | Ophthotech Corp. | 92,666 | 289 |
* | Five Star Senior Living Inc. | 185,963 | 279 |
^,* | ContraVir Pharmaceuticals Inc. | 772,282 | 278 |
^,* | Bioanalytical Systems Inc. | 111,396 | 275 |
^,* | Zosano Pharma Corp. | 528,812 | 275 |
^,* | Imprimis Pharmaceuticals Inc. | 159,405 | 271 |
* | Quanterix Corp. | 12,414 | 267 |
* | KalVista Pharmaceuticals Inc. | 26,941 | 263 |
^,* | Tracon Pharmaceuticals Inc. | 74,744 | 250 |
^,* | HTG Molecular Diagnostics Inc. | 122,913 | 250 |
^,* | IsoRay Inc. | 609,012 | 243 |
* | Champions Oncology Inc. | 60,632 | 235 |
^,* | Medical Transcription Billing Corp. | 89,380 | 233 |
* | Sonoma Pharmaceuticals Inc. | 40,326 | 221 |
* | OrthoPediatrics Corp. | 11,403 | 219 |
^,* | Moleculin Biotech Inc. | 117,339 | 218 |
* | Aevi Genomic Medicine Inc. | 181,551 | 218 |
* | Miragen Therapeutics Inc. | 20,846 | 217 |
^,* | Neuralstem Inc. | 125,766 | 216 |
* | Catabasis Pharmaceuticals Inc. | 143,914 | 214 |
^ | Pain Therapeutics Inc. | 52,465 | 210 |
^,* | CytRx Corp. | 124,036 | 210 |
^,* | ReShape Lifesciences Inc. | 138,851 | 205 |
^,* | Cellectar Biosciences Inc. | 147,078 | 201 |
* | Vical Inc. | 104,486 | 191 |
^,* | Interpace Diagnostics Group Inc. | 186,949 | 191 |
^,* | Celsion Corp. | 68,723 | 184 |
^,* | Cancer Genetics Inc. | 98,769 | 183 |
^,* | Cesca Therapeutics Inc. | 60,837 | 183 |
^,* | Altimmune Inc. | 90,953 | 181 |
* | KemPharm Inc. | 44,031 | 178 |
^,* | Cyclacel Pharmaceuticals Inc. | 101,583 | 177 |
* | Aeglea BioTherapeutics Inc. | 31,691 | 171 |
^,* | Cerecor Inc. | 53,561 | 171 |
^,* | Pulmatrix Inc. | 121,157 | 171 |
^,* | Biocept Inc. | 239,275 | 166 |
* | Alpine Immune Sciences Inc. | 14,715 | 165 |
* | Denali Therapeutics Inc. | 10,260 | 160 |
* | Histogenics Corp. | 78,141 | 160 |
^,* | Egalet Corp. | 157,184 | 157 |
^,* | Novan Inc. | 37,091 | 157 |
* | Proteon Therapeutics Inc. | 81,784 | 155 |
* | Gemphire Therapeutics Inc. | 18,811 | 150 |
* | Oncocyte Corp. | 30,109 | 140 |
^,* | CEL-SCI Corp. | 73,845 | 140 |
* | CorMedix Inc. | 277,105 | 139 |
* | Biolase Inc. | 325,868 | 139 |
^,* | Tonix Pharmaceuticals Holding Corp. | 38,937 | 134 |
^,* | Aethlon Medical Inc. | 117,550 | 134 |
* | Vermillion Inc. | 66,693 | 129 |
^,* | iBio Inc. | 691,531 | 122 |
28
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Acer Therapeutics Inc. | 8,701 | 121 |
^,* | Heat Biologics Inc. | 310,269 | 119 |
* | Opiant Pharmaceuticals Inc. | 4,990 | 115 |
* | Myomo Inc. | 29,400 | 110 |
^,* | Pernix Therapeutics Holdings Inc. | 45,837 | 110 |
^,* | Apricus Biosciences Inc. | 59,686 | 110 |
^,* | Skyline Medical Inc. | 99,825 | 102 |
^,* | AmpliPhi Biosciences Corp. | 98,353 | 99 |
^,* | Chiasma Inc. | 56,903 | 97 |
* | SunLink Health Systems Inc. | 57,952 | 92 |
^,* | Onconova Therapeutics Inc. | 61,298 | 92 |
^,* | Spero Therapeutics Inc. | 7,652 | 90 |
^,* | Amedica Corp. | 26,279 | 86 |
^,* | Synlogic Inc. | 8,564 | 83 |
* | InfuSystem Holdings Inc. | 35,033 | 81 |
^,* | Wright Medical Group Inc. CVR | 52,493 | 79 |
^,* | EyeGate Pharmaceuticals Inc. | 73,949 | 79 |
^,* | Atossa Genetics Inc. | 296,854 | 78 |
* | ADMA Biologics Inc. | 24,289 | 78 |
^,* | Immune Pharmaceuticals Inc. | 136,241 | 78 |
* | Versartis Inc. | 35,111 | 77 |
Kewaunee Scientific Corp. | 2,595 | 75 | |
^,* | InVivo Therapeutics Holdings Corp. | 97,370 | 75 |
^,* | BioPharmX Corp. | 670,954 | 74 |
^,* | Soligenix Inc. | 33,016 | 74 |
^,* | Eleven Biotherapeutics Inc. | 85,853 | 70 |
National Research Corp. Class B | 1,200 | 68 | |
^,* | CAS Medical Systems Inc. | 86,382 | 67 |
* | Retractable Technologies Inc. | 90,837 | 62 |
^,* | Regulus Therapeutics Inc. | 58,607 | 61 |
* | Presbia plc | 15,595 | 59 |
^,* | Galena Biopharma Inc. | 220,058 | 58 |
^,* | Alphatec Holdings Inc. | 21,657 | 58 |
^,* | Titan Pharmaceuticals Inc. | 39,313 | 52 |
* | Fibrocell Science Inc. | 77,867 | 51 |
^,* | Fulgent Genetics Inc. | 10,935 | 48 |
^,* | AquaBounty Technologies Inc. | 13,363 | 47 |
* | Daxor Corp. | 8,705 | 40 |
^,* | Tandem Diabetes Care Inc. | 16,600 | 39 |
* | Novus Therapeutics Inc. | 9,927 | 38 |
^,* | OpGen Inc. | 199,918 | 37 |
* | Apollo Endosurgery Inc. | 6,541 | 37 |
* | Aileron Therapeutics Inc. | 3,224 | 34 |
^,* | NovaBay Pharmaceuticals Inc. | 8,739 | 34 |
^,* | Xtant Medical Holdings Inc. | 58,150 | 33 |
* | Pro-Dex Inc. | 4,785 | 33 |
* | Ligand Pharmaceuticals Inc. Glucagon CVR | 395,811 | 32 |
^,* | Oragenics Inc. | 94,204 | 22 |
^,* | Diffusion Pharmaceuticals Inc. | 18,252 | 22 |
^,* | Dare Bioscience Inc. | 9,985 | 22 |
^,* | Regional Health Properties Inc. | 126,822 | 22 |
^,* | Soleno Therapeutics Inc. | 11,602 | 21 |
^,* | Strata Skin Sciences Inc. | 16,012 | 20 |
^,* | Hemispherx Biopharma Inc. | 53,179 | 18 |
* | Achieve Life Sciences Inc. | 13,293 | 18 |
^,* | DarioHealth Corp. | 10,999 | 18 |
* | American Shared Hospital Services | 5,676 | 15 |
MGC Diagnostics Corp. | 1,200 | 13 | |
^,* | Genesis Healthcare Inc. | 17,136 | 13 |
* | Bio-Path Holdings Inc. | 63,929 | 13 |
^,* | Orexigen Therapeutics Inc. | 9,351 | 12 |
* | TapImmune Inc. | 3,006 | 12 |
* | Caladrius Biosciences Inc. | 3,321 | 12 |
* | Citius Pharmaceuticals Inc. | 2,700 | 11 |
29
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | RXi Pharmaceuticals Corp. | 17,974 | 10 |
Diversicare Healthcare Services Inc. | 953 | 10 | |
* | Aviragen Therapeutics Inc. | 16,604 | 9 |
^,* | Akers Biosciences Inc. | 68,425 | 9 |
* | Allied Healthcare Products Inc. | 3,960 | 8 |
* | VistaGen Therapeutics Inc. | 6,935 | 8 |
* | Oncobiologics Inc. | 3,992 | 5 |
* | Ligand Pharmaceuticals Inc. Beta CVR | 395,811 | 5 |
* | Joint Corp. | 990 | 5 |
* | Ligand Pharmaceuticals Inc. General CVR | 395,811 | 5 |
* | Micron Solutions Inc. | 1,175 | 4 |
* | Ligand Pharmaceuticals Inc. Roche CVR | 395,811 | 3 |
* | ProPhase Labs Inc. | 1,166 | 3 |
* | Celcuity Inc. | 100 | 2 |
* | Alliqua BioMedical Inc. | 1 | — |
6,903,877 | |||
Industrials (13.9%) | |||
Huntington Ingalls Industries Inc. | 579,096 | 136,493 | |
Owens Corning | 1,412,653 | 129,879 | |
Spirit AeroSystems Holdings Inc. Class A | 1,482,246 | 129,326 | |
IDEX Corp. | 966,252 | 127,516 | |
* | XPO Logistics Inc. | 1,271,876 | 116,491 |
Old Dominion Freight Line Inc. | 871,538 | 114,651 | |
* | Sensata Technologies Holding NV | 2,203,333 | 112,612 |
* | Copart Inc. | 2,568,797 | 110,946 |
ManpowerGroup Inc. | 838,835 | 105,785 | |
* | TransUnion | 1,917,033 | 105,360 |
Lennox International Inc. | 477,945 | 99,537 | |
Graco Inc. | 2,163,846 | 97,849 | |
Orbital ATK Inc. | 737,524 | 96,984 | |
* | Middleby Corp. | 711,106 | 95,964 |
* | HD Supply Holdings Inc. | 2,376,960 | 95,150 |
Nordson Corp. | 647,654 | 94,817 | |
Hubbell Inc. Class B | 697,008 | 94,333 | |
* | JetBlue Airways Corp. | 4,124,505 | 92,141 |
* | WABCO Holdings Inc. | 639,605 | 91,783 |
Carlisle Cos. Inc. | 794,842 | 90,334 | |
Toro Co. | 1,371,613 | 89,470 | |
^ | Wabtec Corp. | 1,088,484 | 88,635 |
KAR Auction Services Inc. | 1,733,382 | 87,553 | |
Oshkosh Corp. | 961,197 | 87,363 | |
* | Teledyne Technologies Inc. | 454,022 | 82,246 |
Donaldson Co. Inc. | 1,652,221 | 80,876 | |
BWX Technologies Inc. | 1,272,395 | 76,967 | |
* | AECOM | 1,998,808 | 74,256 |
Allison Transmission Holdings Inc. | 1,710,287 | 73,662 | |
Trinity Industries Inc. | 1,946,191 | 72,904 | |
Hexcel Corp. | 1,155,499 | 71,468 | |
Knight-Swift Transportation Holdings Inc. | 1,634,196 | 71,447 | |
Lincoln Electric Holdings Inc. | 772,607 | 70,755 | |
Curtiss-Wright Corp. | 559,947 | 68,230 | |
Watsco Inc. | 384,611 | 65,399 | |
Macquarie Infrastructure Corp. | 1,010,884 | 64,899 | |
* | Genesee & Wyoming Inc. Class A | 794,930 | 62,585 |
EMCOR Group Inc. | 739,082 | 60,420 | |
AGCO Corp. | 835,035 | 59,647 | |
Air Lease Corp. Class A | 1,238,819 | 59,575 | |
ITT Inc. | 1,105,814 | 59,017 | |
Rollins Inc. | 1,233,929 | 57,415 | |
Ryder System Inc. | 678,791 | 57,134 | |
Landstar System Inc. | 544,257 | 56,657 | |
Crane Co. | 633,910 | 56,557 | |
Dun & Bradstreet Corp. | 473,156 | 56,026 | |
* | Beacon Roofing Supply Inc. | 865,199 | 55,165 |
30
Vanguard® Extended Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
MSC Industrial Direct Co. Inc. Class A | 562,069 | 54,330 |
Woodward Inc. | 692,369 | 52,994 |
Brink's Co. | 644,578 | 50,728 |
* Colfax Corp. | 1,270,300 | 50,329 |
Kennametal Inc. | 1,030,204 | 49,872 |
Healthcare Services Group Inc. | 938,237 | 49,464 |
Terex Corp. | 1,022,747 | 49,317 |
Valmont Industries Inc. | 289,351 | 47,989 |
Deluxe Corp. | 600,820 | 46,167 |
* Kirby Corp. | 687,120 | 45,900 |
John Bean Technologies Corp. | 412,919 | 45,751 |
* KLX Inc. | 669,137 | 45,669 |
* Univar Inc. | 1,464,694 | 45,347 |
* USG Corp. | 1,163,326 | 44,858 |
* Dycom Industries Inc. | 402,498 | 44,850 |
HEICO Corp. Class A | 548,153 | 43,331 |
* Welbilt Inc. | 1,811,909 | 42,598 |
Regal Beloit Corp. | 553,153 | 42,372 |
Timken Co. | 853,439 | 41,947 |
* MasTec Inc. | 856,197 | 41,911 |
* Trex Co. Inc. | 383,800 | 41,600 |
* Spirit Airlines Inc. | 903,933 | 40,541 |
* On Assignment Inc. | 629,270 | 40,443 |
* WESCO International Inc. | 591,355 | 40,301 |
* Armstrong World Industries Inc. | 665,497 | 40,296 |
* Avis Budget Group Inc. | 914,774 | 40,140 |
* RBC Bearings Inc. | 315,003 | 39,816 |
* SiteOne Landscape Supply Inc. | 514,635 | 39,472 |
Barnes Group Inc. | 619,604 | 39,202 |
* Generac Holdings Inc. | 786,063 | 38,926 |
EnerSys | 533,556 | 37,151 |
* Moog Inc. Class A | 424,265 | 36,847 |
* Clean Harbors Inc. | 676,341 | 36,658 |
* Navistar International Corp. | 844,504 | 36,212 |
Hillenbrand Inc. | 805,533 | 36,007 |
SkyWest Inc. | 676,076 | 35,900 |
Applied Industrial Technologies Inc. | 511,800 | 34,854 |
KBR Inc. | 1,751,531 | 34,733 |
* Rexnord Corp. | 1,329,934 | 34,605 |
* JELD-WEN Holding Inc. | 874,476 | 34,428 |
Tetra Tech Inc. | 709,891 | 34,181 |
HEICO Corp. | 361,522 | 34,110 |
UniFirst Corp. | 206,721 | 34,088 |
MSA Safety Inc. | 425,653 | 32,997 |
* Proto Labs Inc. | 318,121 | 32,766 |
Granite Construction Inc. | 515,437 | 32,694 |
* Mercury Systems Inc. | 629,217 | 32,310 |
AMERCO | 84,473 | 31,923 |
* WageWorks Inc. | 510,403 | 31,645 |
Herman Miller Inc. | 784,617 | 31,424 |
* Builders FirstSource Inc. | 1,429,394 | 31,146 |
* Gardner Denver Holdings Inc. | 906,069 | 30,743 |
* Aerojet Rocketdyne Holdings Inc. | 979,000 | 30,545 |
Simpson Manufacturing Co. Inc. | 531,891 | 30,536 |
Korn/Ferry International | 734,954 | 30,412 |
Universal Forest Products Inc. | 798,744 | 30,049 |
GATX Corp. | 474,003 | 29,464 |
Insperity Inc. | 486,922 | 27,925 |
^ Covanta Holding Corp. | 1,638,183 | 27,685 |
Watts Water Technologies Inc. Class A | 363,412 | 27,601 |
Mueller Industries Inc. | 766,855 | 27,170 |
ABM Industries Inc. | 716,811 | 27,038 |
* Meritor Inc. | 1,146,730 | 26,902 |
* SPX FLOW Inc. | 561,821 | 26,715 |
31
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Masonite International Corp. | 359,883 | 26,685 |
Hawaiian Holdings Inc. | 668,149 | 26,626 | |
EnPro Industries Inc. | 281,297 | 26,304 | |
Pitney Bowes Inc. | 2,317,582 | 25,911 | |
Mueller Water Products Inc. Class A | 2,017,303 | 25,277 | |
* | Esterline Technologies Corp. | 329,021 | 24,578 |
Allegiant Travel Co. Class A | 157,893 | 24,434 | |
Exponent Inc. | 341,540 | 24,283 | |
Brady Corp. Class A | 629,690 | 23,865 | |
* | American Woodmark Corp. | 182,501 | 23,771 |
Albany International Corp. | 385,985 | 23,719 | |
Franklin Electric Co. Inc. | 514,390 | 23,610 | |
^,* | Hertz Global Holdings Inc. | 1,066,094 | 23,561 |
* | Saia Inc. | 331,192 | 23,432 |
Forward Air Corp. | 406,614 | 23,356 | |
* | Herc Holdings Inc. | 371,506 | 23,260 |
* | TriNet Group Inc. | 521,081 | 23,105 |
Werner Enterprises Inc. | 581,523 | 22,476 | |
Sun Hydraulics Corp. | 344,531 | 22,288 | |
Triton International Ltd. | 590,957 | 22,131 | |
* | Patrick Industries Inc. | 314,017 | 21,808 |
* | Rush Enterprises Inc. Class A | 422,620 | 21,473 |
Comfort Systems USA Inc. | 491,006 | 21,432 | |
Chicago Bridge & Iron Co. NV | 1,313,386 | 21,198 | |
* | Hub Group Inc. Class A | 439,054 | 21,031 |
Kaman Corp. | 356,695 | 20,988 | |
ESCO Technologies Inc. | 347,293 | 20,924 | |
* | FTI Consulting Inc. | 485,821 | 20,871 |
Matthews International Corp. Class A | 394,702 | 20,840 | |
* | MRC Global Inc. | 1,226,466 | 20,752 |
HNI Corp. | 534,078 | 20,599 | |
Interface Inc. Class A | 812,521 | 20,435 | |
Actuant Corp. Class A | 777,973 | 19,683 | |
* | Harsco Corp. | 1,052,622 | 19,631 |
* | BMC Stock Holdings Inc. | 774,891 | 19,605 |
Greenbrier Cos. Inc. | 366,732 | 19,547 | |
Altra Industrial Motion Corp. | 386,660 | 19,488 | |
AAON Inc. | 527,620 | 19,364 | |
Cubic Corp. | 326,591 | 19,253 | |
General Cable Corp. | 646,013 | 19,122 | |
* | Atlas Air Worldwide Holdings Inc. | 325,373 | 19,083 |
* | Chart Industries Inc. | 405,056 | 18,981 |
Mobile Mini Inc. | 548,232 | 18,914 | |
Manitowoc Co. Inc. | 472,193 | 18,576 | |
^,* | Axon Enterprise Inc. | 692,272 | 18,345 |
AZZ Inc. | 348,671 | 17,817 | |
Triumph Group Inc. | 653,274 | 17,769 | |
* | ACCO Brands Corp. | 1,431,836 | 17,468 |
* | SPX Corp. | 554,875 | 17,418 |
Steelcase Inc. Class A | 1,142,780 | 17,370 | |
Tennant Co. | 237,378 | 17,246 | |
Standex International Corp. | 168,705 | 17,183 | |
Apogee Enterprises Inc. | 371,513 | 16,989 | |
Wabash National Corp. | 779,783 | 16,921 | |
H&E Equipment Services Inc. | 413,558 | 16,811 | |
AAR Corp. | 424,875 | 16,693 | |
* | TriMas Corp. | 609,279 | 16,298 |
Raven Industries Inc. | 474,293 | 16,292 | |
Federal Signal Corp. | 810,425 | 16,281 | |
Matson Inc. | 538,485 | 16,068 | |
Aircastle Ltd. | 673,665 | 15,757 | |
Knoll Inc. | 675,681 | 15,568 | |
* | Aerovironment Inc. | 273,874 | 15,381 |
McGrath RentCorp | 324,629 | 15,251 |
32
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | TrueBlue Inc. | 553,690 | 15,226 |
Viad Corp. | 273,134 | 15,132 | |
US Ecology Inc. | 296,601 | 15,127 | |
Astec Industries Inc. | 256,531 | 15,007 | |
* | NOW Inc. | 1,347,395 | 14,862 |
Kadant Inc. | 147,705 | 14,830 | |
Primoris Services Corp. | 545,117 | 14,822 | |
* | GMS Inc. | 391,714 | 14,744 |
Briggs & Stratton Corp. | 579,572 | 14,704 | |
Heartland Express Inc. | 621,359 | 14,503 | |
Alamo Group Inc. | 127,942 | 14,441 | |
* | Gibraltar Industries Inc. | 423,917 | 13,989 |
* | Advanced Disposal Services Inc. | 577,062 | 13,815 |
* | Air Transport Services Group Inc. | 596,540 | 13,804 |
Encore Wire Corp. | 278,750 | 13,561 | |
* | ICF International Inc. | 255,351 | 13,406 |
Multi-Color Corp. | 178,311 | 13,347 | |
* | Tutor Perini Corp. | 512,650 | 12,996 |
* | Continental Building Products Inc. | 459,466 | 12,934 |
Advanced Drainage Systems Inc. | 528,572 | 12,606 | |
Lindsay Corp. | 142,040 | 12,528 | |
* | Navigant Consulting Inc. | 629,337 | 12,215 |
* | Milacron Holdings Corp. | 631,589 | 12,089 |
* | Lydall Inc. | 232,861 | 11,818 |
ArcBest Corp. | 330,071 | 11,800 | |
REV Group Inc. | 361,748 | 11,768 | |
* | Aegion Corp. Class A | 455,044 | 11,572 |
* | SP Plus Corp. | 309,729 | 11,491 |
* | CBIZ Inc. | 743,586 | 11,488 |
* | Kratos Defense & Security Solutions Inc. | 1,083,226 | 11,471 |
Schneider National Inc. Class B | 400,866 | 11,449 | |
Douglas Dynamics Inc. | 301,137 | 11,383 | |
Kelly Services Inc. Class A | 414,371 | 11,300 | |
CIRCOR International Inc. | 228,135 | 11,106 | |
* | PGT Innovations Inc. | 658,303 | 11,092 |
Hyster-Yale Materials Handling Inc. | 129,170 | 11,000 | |
Columbus McKinnon Corp. | 274,856 | 10,989 | |
Marten Transport Ltd. | 533,032 | 10,821 | |
Quanex Building Products Corp. | 458,840 | 10,737 | |
* | Thermon Group Holdings Inc. | 452,022 | 10,699 |
* | Huron Consulting Group Inc. | 263,167 | 10,645 |
* | Casella Waste Systems Inc. Class A | 454,318 | 10,458 |
Global Brass & Copper Holdings Inc. | 301,286 | 9,973 | |
NN Inc. | 355,587 | 9,814 | |
* | NCI Building Systems Inc. | 507,012 | 9,785 |
* | Echo Global Logistics Inc. | 349,147 | 9,776 |
* | CSW Industrials Inc. | 211,292 | 9,709 |
Kimball International Inc. Class B | 509,815 | 9,518 | |
Quad/Graphics Inc. | 419,247 | 9,475 | |
* | Astronics Corp. | 224,353 | 9,304 |
Titan International Inc. | 698,849 | 9,001 | |
RPX Corp. | 666,937 | 8,964 | |
Griffon Corp. | 421,479 | 8,577 | |
Argan Inc. | 181,177 | 8,153 | |
* | MYR Group Inc. | 224,934 | 8,037 |
Gorman-Rupp Co. | 248,438 | 7,754 | |
RR Donnelley & Sons Co. | 804,809 | 7,485 | |
LSC Communications Inc. | 482,472 | 7,309 | |
^,* | Plug Power Inc. | 3,070,846 | 7,247 |
* | Nexeo Solutions Inc. | 786,500 | 7,157 |
Insteel Industries Inc. | 248,531 | 7,038 | |
* | Engility Holdings Inc. | 246,885 | 7,004 |
Kforce Inc. | 275,126 | 6,947 | |
* | Daseke Inc. | 477,438 | 6,823 |
33
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Wesco Aircraft Holdings Inc. | 889,989 | 6,586 |
Ennis Inc. | 316,655 | 6,571 | |
Heidrick & Struggles International Inc. | 266,626 | 6,546 | |
Forrester Research Inc. | 147,269 | 6,509 | |
* | YRC Worldwide Inc. | 448,975 | 6,456 |
* | DXP Enterprises Inc. | 209,019 | 6,181 |
* | Atkore International Group Inc. | 285,106 | 6,116 |
^,* | Team Inc. | 408,517 | 6,087 |
Resources Connection Inc. | 391,567 | 6,050 | |
Spartan Motors Inc. | 380,956 | 6,000 | |
Barrett Business Services Inc. | 92,797 | 5,984 | |
^,* | Energous Corp. | 298,723 | 5,810 |
* | NV5 Global Inc. | 105,827 | 5,731 |
* | InnerWorkings Inc. | 570,790 | 5,725 |
National Presto Industries Inc. | 57,466 | 5,715 | |
* | CAI International Inc. | 201,643 | 5,711 |
* | Ply Gem Holdings Inc. | 308,176 | 5,701 |
* | Mistras Group Inc. | 240,222 | 5,638 |
Park-Ohio Holdings Corp. | 122,689 | 5,638 | |
* | Sunrun Inc. | 942,754 | 5,562 |
* | Titan Machinery Inc. | 254,146 | 5,380 |
VSE Corp. | 110,486 | 5,351 | |
Essendant Inc. | 575,255 | 5,333 | |
* | Sterling Construction Co. Inc. | 322,595 | 5,252 |
* | GP Strategies Corp. | 220,676 | 5,120 |
* | Great Lakes Dredge & Dock Corp. | 925,300 | 4,997 |
DMC Global Inc. | 198,987 | 4,985 | |
American Railcar Industries Inc. | 112,230 | 4,673 | |
* | Covenant Transportation Group Inc. Class A | 161,440 | 4,638 |
* | Veritiv Corp. | 159,635 | 4,613 |
* | Vicor Corp. | 219,716 | 4,592 |
* | Vectrus Inc. | 148,507 | 4,581 |
^,* | Energy Recovery Inc. | 507,327 | 4,439 |
Omega Flex Inc. | 62,048 | 4,431 | |
CRA International Inc. | 93,815 | 4,217 | |
* | Heritage-Crystal Clean Inc. | 188,040 | 4,090 |
Powell Industries Inc. | 141,397 | 4,051 | |
* | Commercial Vehicle Group Inc. | 376,675 | 4,027 |
* | Ducommun Inc. | 141,338 | 4,021 |
* | Armstrong Flooring Inc. | 235,074 | 3,977 |
* | LB Foster Co. Class A | 145,053 | 3,938 |
^,* | KeyW Holding Corp. | 645,251 | 3,788 |
Miller Industries Inc. | 146,677 | 3,784 | |
* | TPI Composites Inc. | 183,179 | 3,748 |
* | Franklin Covey Co. | 175,550 | 3,643 |
Allied Motion Technologies Inc. | 98,447 | 3,258 | |
FreightCar America Inc. | 181,267 | 3,096 | |
Hurco Cos. Inc. | 72,688 | 3,067 | |
* | Orion Group Holdings Inc. | 387,690 | 3,036 |
^ | Celadon Group Inc. | 467,974 | 2,995 |
* | Sparton Corp. | 127,074 | 2,930 |
* | HC2 Holdings Inc. | 487,826 | 2,903 |
* | Hudson Technologies Inc. | 476,646 | 2,893 |
* | Foundation Building Materials Inc. | 195,018 | 2,884 |
* | Northwest Pipe Co. | 147,448 | 2,822 |
^,* | Blue Bird Corp. | 141,687 | 2,820 |
* | Astronics Corp. Class B | 64,296 | 2,678 |
* | Twin Disc Inc. | 99,472 | 2,643 |
* | Layne Christensen Co. | 190,421 | 2,390 |
LSI Industries Inc. | 339,667 | 2,337 | |
Eastern Co. | 87,419 | 2,286 | |
Hardinge Inc. | 129,707 | 2,259 | |
^,* | Cogint Inc. | 510,756 | 2,247 |
* | Willdan Group Inc. | 93,696 | 2,243 |
34
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Acacia Research Corp. | 543,621 | 2,202 |
* | Hill International Inc. | 395,478 | 2,155 |
Preformed Line Products Co. | 29,763 | 2,115 | |
* | Rush Enterprises Inc. Class B | 42,702 | 2,059 |
* | NL Industries Inc. | 144,357 | 2,057 |
* | USA Truck Inc. | 112,687 | 2,043 |
* | Roadrunner Transportation Systems Inc. | 262,549 | 2,024 |
* | Radiant Logistics Inc. | 439,709 | 2,023 |
^,* | Vivint Solar Inc. | 477,233 | 1,933 |
* | Gencor Industries Inc. | 115,798 | 1,916 |
* | Lawson Products Inc. | 77,219 | 1,911 |
* | IES Holdings Inc. | 105,261 | 1,816 |
* | Willis Lease Finance Corp. | 72,495 | 1,810 |
Graham Corp. | 84,240 | 1,763 | |
Universal Logistics Holdings Inc. | 72,794 | 1,729 | |
^,* | Huttig Building Products Inc. | 248,946 | 1,655 |
CECO Environmental Corp. | 321,609 | 1,650 | |
BG Staffing Inc. | 100,647 | 1,604 | |
* | Ameresco Inc. Class A | 186,013 | 1,600 |
* | Goldfield Corp. | 304,394 | 1,492 |
^,* | FuelCell Energy Inc. | 864,624 | 1,470 |
^,* | Enphase Energy Inc. | 569,678 | 1,373 |
^,* | Babcock & Wilcox Enterprises Inc. | 223,522 | 1,270 |
* | ARC Document Solutions Inc. | 485,260 | 1,237 |
* | Manitex International Inc. | 127,589 | 1,225 |
* | CPI Aerostructures Inc. | 133,191 | 1,192 |
^,* | ExOne Co. | 133,602 | 1,122 |
^ | EnviroStar Inc. | 27,689 | 1,108 |
* | Arotech Corp. | 307,745 | 1,092 |
* | Genco Shipping & Trading Ltd. | 80,892 | 1,077 |
* | Tecogen Inc. | 352,617 | 952 |
^,* | Yangtze River Development Ltd. | 93,964 | 829 |
* | Key Technology Inc. | 40,719 | 750 |
* | Houston Wire & Cable Co. | 103,477 | 745 |
* | Alpha Pro Tech Ltd. | 166,676 | 667 |
^,* | Aqua Metals Inc. | 302,082 | 643 |
* | PAM Transportation Services Inc. | 18,199 | 633 |
* | General Finance Corp. | 85,194 | 579 |
* | Transcat Inc. | 35,909 | 512 |
* | Performant Financial Corp. | 280,155 | 462 |
* | Ultralife Corp. | 69,070 | 452 |
Ecology and Environment Inc. | 42,341 | 445 | |
* | Xerium Technologies Inc. | 102,460 | 436 |
* | BlueLinx Holdings Inc. | 41,165 | 402 |
* | Perma-Pipe International Holdings Inc. | 43,847 | 395 |
RCM Technologies Inc. | 59,789 | 376 | |
* | Taylor Devices Inc. | 27,595 | 373 |
* | Jewett-Cameron Trading Co. Ltd. | 23,964 | 362 |
* | Broadwind Energy Inc. | 121,490 | 330 |
* | Innovative Solutions & Support Inc. | 110,686 | 325 |
* | Mastech Digital Inc. | 30,023 | 302 |
* | American Superconductor Corp. | 81,142 | 295 |
LS Starrett Co. Class A | 32,090 | 276 | |
* | Volt Information Sciences Inc. | 69,621 | 265 |
* | Patriot Transportation Holding Inc. | 13,986 | 246 |
Acme United Corp. | 10,407 | 244 | |
Servotronics Inc. | 19,902 | 222 | |
* | SIFCO Industries Inc. | 33,067 | 220 |
* | Hudson Global Inc. | 92,323 | 208 |
^,* | Digital Power Corp. | 63,738 | 205 |
^,* | Astrotech Corp. | 58,922 | 197 |
^ | Cemtrex Inc. | 72,441 | 186 |
^,* | Sunworks Inc. | 165,198 | 173 |
^,* | Real Goods Solar Inc. Class A | 109,768 | 162 |
35
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Perma-Fix Environmental Services | 42,951 | 157 |
* | Air T Inc. | 6,332 | 156 |
^,* | Revolution Lighting Technologies Inc. | 44,392 | 146 |
* | Energy Focus Inc. | 58,855 | 144 |
^,* | Orion Energy Systems Inc. | 152,946 | 135 |
* | Pioneer Power Solutions Inc. | 17,581 | 134 |
* | Fuel Tech Inc. | 119,803 | 134 |
* | DLH Holdings Corp. | 20,751 | 128 |
^,* | Odyssey Marine Exploration Inc. | 29,023 | 110 |
Pendrell Corp. | 162 | 96 | |
^,* | Polar Power Inc. | 18,294 | 93 |
Chicago Rivet & Machine Co. | 2,905 | 92 | |
^,* | Cenveo Inc. | 89,119 | 80 |
^,* | Pangaea Logistics Solutions Ltd. | 20,310 | 75 |
^,* | EnSync Inc. | 184,683 | 73 |
* | Intersections Inc. | 31,323 | 71 |
* | Industrial Services of America Inc. | 43,054 | 71 |
* | American Electric Technologies Inc. | 39,960 | 60 |
^,* | Lightbridge Corp. | 29,133 | 36 |
^,* | Spherix Inc. | 24,025 | 34 |
* | AMREP Corp. | 3,818 | 27 |
^,* | Capstone Turbine Corp. | 34,287 | 26 |
^,* | Staffing 360 Solutions Inc. | 36,361 | 23 |
* | Continental Materials Corp. | 1,122 | 21 |
* | Sigma Labs Inc. | 7,420 | 16 |
^,* | Meridian Waste Solutions Inc. | 14,865 | 16 |
Espey Manufacturing & Electronics Corp. | 566 | 14 | |
^,* | GEE Group Inc. | 4,719 | 13 |
* | Art's-Way Manufacturing Co. Inc. | 4,243 | 13 |
^,* | Rand Logistics Inc. | 60,068 | 9 |
CompX International Inc. | 679 | 9 | |
* | Tel-Instrument Electronics Corp. | 3,304 | 9 |
* | Marathon Patent Group Inc. | 1,900 | 8 |
^,* | Ideal Power Inc. | 3,909 | 6 |
* | WSI Industries Inc. | 805 | 5 |
* | Air Industries Group | 1,500 | 3 |
* | ARC Group Worldwide Inc. | 684 | 1 |
* | Limbach Holdings Inc. | 100 | 1 |
* | ShiftPixy Inc. | 410 | 1 |
*,2 | CTPartners Executive Search Inc. | 83,162 | — |
*,2 | CIL&D LLC | 36,800 | — |
8,799,636 | |||
Information Technology (18.1%) | |||
* | ServiceNow Inc. | 2,213,141 | 288,571 |
* | FleetCor Technologies Inc. | 1,148,069 | 220,923 |
* | Dell Technologies Inc. Class V | 2,601,351 | 211,438 |
* | Twitter Inc. | 8,296,522 | 199,199 |
Maxim Integrated Products Inc. | 3,595,944 | 187,996 | |
* | Workday Inc. Class A | 1,717,887 | 174,778 |
* | Palo Alto Networks Inc. | 1,176,694 | 170,550 |
* | Take-Two Interactive Software Inc. | 1,464,306 | 160,752 |
* | Vantiv Inc. Class A | 2,084,940 | 153,347 |
* | Splunk Inc. | 1,791,785 | 148,431 |
* | Arista Networks Inc. | 599,938 | 141,333 |
* | CoStar Group Inc. | 462,797 | 137,428 |
CDW Corp. | 1,963,945 | 136,475 | |
Cognex Corp. | 2,218,938 | 135,710 | |
Broadridge Financial Solutions Inc. | 1,487,237 | 134,714 | |
* | Trimble Inc. | 3,245,530 | 131,898 |
CDK Global Inc. | 1,685,107 | 120,114 | |
* | Square Inc. | 3,456,884 | 119,850 |
* | IAC/InterActiveCorp | 975,460 | 119,279 |
Leidos Holdings Inc. | 1,821,241 | 117,598 | |
Marvell Technology Group Ltd. | 5,456,404 | 117,149 |
36
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Jack Henry & Associates Inc. | 985,808 | 115,300 | |
* | ON Semiconductor Corp. | 5,417,785 | 113,448 |
^,* | VMware Inc. Class A | 873,959 | 109,525 |
Teradyne Inc. | 2,509,127 | 105,057 | |
* | IPG Photonics Corp. | 481,154 | 103,030 |
* | Keysight Technologies Inc. | 2,359,139 | 98,140 |
* | CommScope Holding Co. Inc. | 2,498,154 | 94,505 |
* | First Data Corp. Class A | 5,644,296 | 94,316 |
Universal Display Corp. | 535,619 | 92,475 | |
* | PTC Inc. | 1,489,473 | 90,515 |
SS&C Technologies Holdings Inc. | 2,221,949 | 89,945 | |
* | Coherent Inc. | 318,287 | 89,827 |
* | Arrow Electronics Inc. | 1,103,970 | 88,770 |
* | Fortinet Inc. | 1,926,783 | 84,181 |
^,* | GrubHub Inc. | 1,121,374 | 80,515 |
* | Ultimate Software Group Inc. | 362,258 | 79,056 |
* | Tyler Technologies Inc. | 446,032 | 78,970 |
LogMeIn Inc. | 669,078 | 76,609 | |
* | Microsemi Corp. | 1,481,094 | 76,499 |
* | Cavium Inc. | 882,741 | 74,000 |
* | WEX Inc. | 508,061 | 71,753 |
* | Guidewire Software Inc. | 963,657 | 71,561 |
Booz Allen Hamilton Holding Corp. Class A | 1,861,718 | 70,987 | |
* | Zebra Technologies Corp. | 680,252 | 70,610 |
* | First Solar Inc. | 1,042,915 | 70,418 |
* | EPAM Systems Inc. | 645,328 | 69,328 |
* | GoDaddy Inc. Class A | 1,315,045 | 66,120 |
MKS Instruments Inc. | 699,663 | 66,118 | |
Cypress Semiconductor Corp. | 4,268,251 | 65,048 | |
* | Black Knight Inc. | 1,428,588 | 63,072 |
* | Aspen Technology Inc. | 929,848 | 61,556 |
Genpact Ltd. | 1,931,596 | 61,309 | |
Avnet Inc. | 1,538,008 | 60,936 | |
MAXIMUS Inc. | 837,673 | 59,961 | |
Jabil Inc. | 2,277,520 | 59,785 | |
* | Teradata Corp. | 1,539,473 | 59,208 |
Fair Isaac Corp. | 384,335 | 58,880 | |
Blackbaud Inc. | 621,149 | 58,692 | |
Littelfuse Inc. | 295,982 | 58,551 | |
* | ARRIS International plc | 2,255,861 | 57,953 |
National Instruments Corp. | 1,388,532 | 57,805 | |
* | Euronet Worldwide Inc. | 680,162 | 57,317 |
* | Zillow Group Inc. | 1,394,437 | 57,060 |
Monolithic Power Systems Inc. | 498,721 | 56,036 | |
Entegris Inc. | 1,837,715 | 55,958 | |
* | Tableau Software Inc. Class A | 799,153 | 55,301 |
* | Nuance Communications Inc. | 3,365,145 | 55,020 |
Sabre Corp. | 2,671,891 | 54,774 | |
* | NCR Corp. | 1,559,762 | 53,016 |
Versum Materials Inc. | 1,398,177 | 52,921 | |
^,* | ViaSat Inc. | 691,087 | 51,728 |
* | Integrated Device Technology Inc. | 1,719,287 | 51,114 |
* | Proofpoint Inc. | 572,577 | 50,851 |
^,* | Paycom Software Inc. | 621,736 | 49,944 |
SYNNEX Corp. | 366,285 | 49,796 | |
* | Silicon Laboratories Inc. | 551,146 | 48,666 |
* | CoreLogic Inc. | 1,053,068 | 48,662 |
DST Systems Inc. | 762,028 | 47,299 | |
* | Cree Inc. | 1,261,720 | 46,860 |
j2 Global Inc. | 624,541 | 46,859 | |
Dolby Laboratories Inc. Class A | 743,310 | 46,085 | |
* | Manhattan Associates Inc. | 897,658 | 44,470 |
^,* | Snap Inc. | 2,993,222 | 43,731 |
* | Zendesk Inc. | 1,290,910 | 43,684 |
37
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Tech Data Corp. | 442,957 | 43,397 |
^,* | 2U Inc. | 664,166 | 42,845 |
Belden Inc. | 547,405 | 42,243 | |
* | CACI International Inc. Class A | 318,802 | 42,193 |
Science Applications International Corp. | 548,704 | 42,014 | |
* | Cirrus Logic Inc. | 805,769 | 41,787 |
* | Yelp Inc. Class A | 971,029 | 40,744 |
* | Conduent Inc. | 2,512,850 | 40,608 |
* | Zynga Inc. Class A | 10,015,959 | 40,064 |
* | RingCentral Inc. Class A | 825,387 | 39,949 |
* | Ellie Mae Inc. | 442,359 | 39,547 |
* | HubSpot Inc. | 440,113 | 38,906 |
* | Stamps.com Inc. | 206,812 | 38,881 |
^,* | Lumentum Holdings Inc. | 789,926 | 38,627 |
* | Rogers Corp. | 236,502 | 38,294 |
* | Ciena Corp. | 1,822,280 | 38,140 |
* | EchoStar Corp. Class A | 625,500 | 37,467 |
* | ACI Worldwide Inc. | 1,536,653 | 34,836 |
* | Advanced Energy Industries Inc. | 512,575 | 34,589 |
Vishay Intertechnology Inc. | 1,652,381 | 34,287 | |
* | Verint Systems Inc. | 818,262 | 34,244 |
InterDigital Inc. | 448,151 | 34,127 | |
* | II-VI Inc. | 718,776 | 33,747 |
* | NetScout Systems Inc. | 1,104,119 | 33,620 |
* | RealPage Inc. | 748,360 | 33,152 |
* | Box Inc. | 1,549,519 | 32,726 |
* | FireEye Inc. | 2,236,065 | 31,752 |
* | New Relic Inc. | 537,558 | 31,055 |
Cabot Microelectronics Corp. | 326,742 | 30,740 | |
* | Sanmina Corp. | 928,098 | 30,627 |
* | Itron Inc. | 441,924 | 30,139 |
* | Finisar Corp. | 1,469,288 | 29,900 |
* | Etsy Inc. | 1,459,626 | 29,849 |
* | Semtech Corp. | 860,562 | 29,431 |
Power Integrations Inc. | 390,775 | 28,742 | |
* | CommVault Systems Inc. | 546,790 | 28,706 |
* | Envestnet Inc. | 572,928 | 28,560 |
* | Anixter International Inc. | 372,999 | 28,348 |
* | Acxiom Corp. | 1,022,331 | 28,175 |
Convergys Corp. | 1,154,665 | 27,135 | |
* | Plexus Corp. | 446,862 | 27,133 |
* | ExlService Holdings Inc. | 448,289 | 27,054 |
Progress Software Corp. | 630,257 | 26,830 | |
* | Cars.com Inc. | 927,516 | 26,750 |
* | Nutanix Inc. | 748,271 | 26,399 |
* | Blackhawk Network Holdings Inc. | 737,836 | 26,304 |
* | Viavi Solutions Inc. | 2,958,498 | 25,857 |
* | VeriFone Systems Inc. | 1,432,286 | 25,366 |
TiVo Corp. | 1,623,365 | 25,324 | |
* | Callidus Software Inc. | 864,074 | 24,756 |
* | Qualys Inc. | 403,986 | 23,977 |
^,* | Match Group Inc. | 763,914 | 23,918 |
* | Cornerstone OnDemand Inc. | 664,130 | 23,464 |
* | NETGEAR Inc. | 394,104 | 23,154 |
* | Pure Storage Inc. Class A | 1,447,898 | 22,964 |
Ebix Inc. | 285,309 | 22,611 | |
* | Kulicke & Soffa Industries Inc. | 920,999 | 22,413 |
* | Zillow Group Inc. Class A | 549,273 | 22,377 |
* | BroadSoft Inc. | 402,016 | 22,071 |
Pegasystems Inc. | 465,354 | 21,941 | |
Brooks Automation Inc. | 906,783 | 21,627 | |
Travelport Worldwide Ltd. | 1,623,988 | 21,226 | |
* | Novanta Inc. | 423,556 | 21,178 |
^,* | Twilio Inc. Class A | 885,016 | 20,886 |
38
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
�� | |||
Market | |||
Value | |||
Shares | ($000) | ||
Plantronics Inc. | 408,388 | 20,575 | |
^,* | Ubiquiti Networks Inc. | 289,501 | 20,560 |
* | Inphi Corp. | 542,201 | 19,845 |
* | MaxLinear Inc. | 747,703 | 19,754 |
* | GTT Communications Inc. | 418,481 | 19,648 |
* | Rambus Inc. | 1,370,169 | 19,484 |
CSG Systems International Inc. | 439,110 | 19,242 | |
Methode Electronics Inc. | 478,196 | 19,176 | |
* | Benchmark Electronics Inc. | 658,750 | 19,170 |
Badger Meter Inc. | 391,495 | 18,713 | |
* | TTM Technologies Inc. | 1,167,081 | 18,288 |
* | Extreme Networks Inc. | 1,438,909 | 18,015 |
* | SolarEdge Technologies Inc. | 479,454 | 18,004 |
* | Five9 Inc. | 723,000 | 17,988 |
* | Insight Enterprises Inc. | 467,610 | 17,905 |
* | Electronics For Imaging Inc. | 604,969 | 17,865 |
* | Synaptics Inc. | 446,417 | 17,830 |
^,* | Cloudera Inc. | 1,045,131 | 17,266 |
^,* | MACOM Technology Solutions Holdings Inc. | 528,272 | 17,190 |
* | 8x8 Inc. | 1,211,669 | 17,085 |
* | Knowles Corp. | 1,163,864 | 17,062 |
ManTech International Corp. Class A | 339,666 | 17,048 | |
* | Amkor Technology Inc. | 1,670,113 | 16,785 |
* | Sykes Enterprises Inc. | 530,625 | 16,688 |
* | Paylocity Holding Corp. | 346,688 | 16,350 |
* | MicroStrategy Inc. Class A | 123,816 | 16,257 |
* | Bottomline Technologies de Inc. | 462,566 | 16,042 |
Xperi Corp. | 657,251 | 16,037 | |
* | Virtusa Corp. | 362,925 | 15,998 |
* | Imperva Inc. | 398,257 | 15,811 |
^,* | Pandora Media Inc. | 3,190,287 | 15,377 |
* | OSI Systems Inc. | 237,066 | 15,262 |
Diebold Nixdorf Inc. | 924,610 | 15,117 | |
* | Q2 Holdings Inc. | 409,035 | 15,073 |
* | FormFactor Inc. | 951,209 | 14,886 |
* | Diodes Inc. | 512,181 | 14,684 |
^,* | Oclaro Inc. | 2,144,422 | 14,453 |
NIC Inc. | 843,675 | 14,005 | |
* | Fabrinet | 486,729 | 13,969 |
* | Barracuda Networks Inc. | 504,763 | 13,881 |
* | MuleSoft Inc. Class A | 596,461 | 13,874 |
* | Web.com Group Inc. | 629,991 | 13,734 |
Monotype Imaging Holdings Inc. | 561,797 | 13,539 | |
* | ePlus Inc. | 178,796 | 13,445 |
* | CEVA Inc. | 290,225 | 13,394 |
* | Cray Inc. | 533,077 | 12,900 |
^,* | 3D Systems Corp. | 1,468,596 | 12,689 |
* | Blucora Inc. | 565,988 | 12,508 |
* | Infinera Corp. | 1,975,287 | 12,504 |
^,* | Fitbit Inc. Class A | 2,185,085 | 12,477 |
ADTRAN Inc. | 643,703 | 12,456 | |
* | Blackline Inc. | 378,958 | 12,430 |
* | ScanSource Inc. | 345,166 | 12,357 |
* | Varonis Systems Inc. | 251,670 | 12,219 |
MTS Systems Corp. | 226,213 | 12,148 | |
* | Alarm.com Holdings Inc. | 318,281 | 12,015 |
CTS Corp. | 461,531 | 11,884 | |
* | Hortonworks Inc. | 585,276 | 11,770 |
* | MINDBODY Inc. Class A | 383,039 | 11,664 |
* | Syntel Inc. | 499,515 | 11,484 |
^,* | Trade Desk Inc. Class A | 249,836 | 11,425 |
* | Axcelis Technologies Inc. | 393,089 | 11,282 |
* | SPS Commerce Inc. | 230,179 | 11,184 |
* | Quotient Technology Inc. | 948,961 | 11,150 |
39
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Cardtronics plc Class A | 600,434 | 11,120 |
EVERTEC Inc. | 813,955 | 11,110 | |
^,* | TrueCar Inc. | 970,661 | 10,871 |
^,* | Shutterstock Inc. | 250,824 | 10,793 |
* | Coupa Software Inc. | 337,117 | 10,525 |
* | Rudolph Technologies Inc. | 435,429 | 10,407 |
* | Super Micro Computer Inc. | 492,382 | 10,303 |
* | PROS Holdings Inc. | 388,957 | 10,288 |
* | CalAmp Corp. | 478,700 | 10,259 |
AVX Corp. | 586,112 | 10,140 | |
* | Electro Scientific Industries Inc. | 469,909 | 10,070 |
* | Ultra Clean Holdings Inc. | 433,755 | 10,015 |
* | Veeco Instruments Inc. | 661,253 | 9,820 |
* | Lattice Semiconductor Corp. | 1,693,676 | 9,789 |
* | Okta Inc. | 368,852 | 9,446 |
* | Perficient Inc. | 492,296 | 9,388 |
* | FARO Technologies Inc. | 199,264 | 9,365 |
* | KEMET Corp. | 621,446 | 9,359 |
^,* | Applied Optoelectronics Inc. | 246,521 | 9,323 |
* | Silver Spring Networks Inc. | 549,787 | 8,929 |
* | Endurance International Group Holdings Inc. | 1,059,658 | 8,901 |
^,* | Gogo Inc. | 781,694 | 8,818 |
^,* | Acacia Communications Inc. | 241,159 | 8,737 |
^,* | Benefitfocus Inc. | 322,742 | 8,714 |
TeleTech Holdings Inc. | 210,574 | 8,476 | |
* | Instructure Inc. | 254,543 | 8,425 |
Switch Inc. | 457,583 | 8,323 | |
* | Nanometrics Inc. | 333,621 | 8,314 |
* | LivePerson Inc. | 721,046 | 8,292 |
* | Photronics Inc. | 948,716 | 8,088 |
* | IXYS Corp. | 335,737 | 8,041 |
* | CommerceHub Inc. | 384,200 | 7,911 |
* | Alteryx Inc. Class A | 306,224 | 7,738 |
Cass Information Systems Inc. | 132,694 | 7,724 | |
Cohu Inc. | 347,224 | 7,622 | |
* | Presidio Inc. | 395,969 | 7,591 |
* | Control4 Corp. | 250,528 | 7,456 |
* | ANGI Homeservices Inc. Class A | 708,330 | 7,409 |
* | Xcerra Corp. | 728,820 | 7,135 |
Comtech Telecommunications Corp. | 320,210 | 7,083 | |
* | Carbonite Inc. | 280,148 | 7,032 |
* | Kimball Electronics Inc. | 379,929 | 6,934 |
* | Workiva Inc. | 319,422 | 6,836 |
* | Everi Holdings Inc. | 883,304 | 6,660 |
^,* | SunPower Corp. Class A | 780,883 | 6,583 |
* | XO Group Inc. | 355,875 | 6,569 |
* | Cision Ltd. | 548,606 | 6,512 |
* | Everbridge Inc. | 215,813 | 6,414 |
* | Bazaarvoice Inc. | 1,164,100 | 6,344 |
Systemax Inc. | 189,985 | 6,321 | |
* | USA Technologies Inc. | 629,382 | 6,136 |
* | VASCO Data Security International Inc. | 440,682 | 6,125 |
* | PDF Solutions Inc. | 385,389 | 6,051 |
NVE Corp. | 69,559 | 5,982 | |
Mesa Laboratories Inc. | 47,508 | 5,905 | |
* | Actua Corp. | 378,047 | 5,898 |
* | Unisys Corp. | 717,146 | 5,845 |
Park Electrochemical Corp. | 288,632 | 5,672 | |
* | Synchronoss Technologies Inc. | 634,078 | 5,669 |
^,* | Digimarc Corp. | 156,516 | 5,658 |
* | A10 Networks Inc. | 727,025 | 5,613 |
^,* | Impinj Inc. | 240,818 | 5,426 |
Daktronics Inc. | 589,657 | 5,384 | |
* | Ribbon Communications Inc. | 695,777 | 5,378 |
40
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Ichor Holdings Ltd. | 216,594 | 5,328 |
* | Model N Inc. | 336,943 | 5,307 |
* | Glu Mobile Inc. | 1,448,701 | 5,273 |
QAD Inc. Class A | 135,086 | 5,248 | |
Hackett Group Inc. | 333,088 | 5,233 | |
* | Harmonic Inc. | 1,217,389 | 5,113 |
* | Limelight Networks Inc. | 1,152,447 | 5,082 |
* | Appfolio Inc. | 119,273 | 4,950 |
* | MoneyGram International Inc. | 374,371 | 4,934 |
PC Connection Inc. | 180,528 | 4,732 | |
* | Vishay Precision Group Inc. | 187,233 | 4,709 |
* | Rapid7 Inc. | 251,263 | 4,689 |
* | AXT Inc. | 529,797 | 4,609 |
* | Altair Engineering Inc. Class A | 191,065 | 4,570 |
American Software Inc. Class A | 380,589 | 4,426 | |
^,* | Cargurus Inc. | 143,356 | 4,298 |
* | Alpha & Omega Semiconductor Ltd. | 261,574 | 4,279 |
* | DSP Group Inc. | 342,254 | 4,278 |
* | Mitek Systems Inc. | 465,325 | 4,165 |
* | Sigma Designs Inc. | 583,889 | 4,058 |
* | Care.com Inc. | 209,864 | 3,786 |
* | Calix Inc. | 632,202 | 3,762 |
* | TechTarget Inc. | 268,453 | 3,737 |
^,* | NeoPhotonics Corp. | 553,975 | 3,645 |
* | Upland Software Inc. | 165,391 | 3,582 |
* | Digi International Inc. | 369,887 | 3,532 |
* | MongoDB Inc. | 118,638 | 3,521 |
* | Brightcove Inc. | 495,311 | 3,517 |
* | QuinStreet Inc. | 403,941 | 3,385 |
Bel Fuse Inc. Class B | 132,883 | 3,345 | |
* | Zix Corp. | 761,818 | 3,337 |
* | ChannelAdvisor Corp. | 367,929 | 3,311 |
^,* | Quantenna Communications Inc. | 268,417 | 3,275 |
* | Agilysys Inc. | 259,982 | 3,193 |
^,* | Maxwell Technologies Inc. | 552,880 | 3,185 |
^,* | Appian Corp. Class A | 97,982 | 3,084 |
* | MobileIron Inc. | 781,527 | 3,048 |
^,* | Immersion Corp. | 426,358 | 3,010 |
^,* | Kopin Corp. | 928,195 | 2,970 |
* | ServiceSource International Inc. | 943,128 | 2,914 |
* | CommerceHub Inc. Class A | 130,644 | 2,873 |
* | Internap Corp. | 180,605 | 2,837 |
Reis Inc. | 132,547 | 2,737 | |
* | Meet Group Inc. | 970,163 | 2,736 |
* | Avid Technology Inc. | 497,631 | 2,682 |
^,* | ForeScout Technologies Inc. | 83,592 | 2,666 |
* | Apptio Inc. Class A | 109,344 | 2,572 |
* | Seachange International Inc. | 650,368 | 2,556 |
* | Telenav Inc. | 448,336 | 2,466 |
* | PRGX Global Inc. | 345,153 | 2,451 |
* | SMART Global Holdings Inc. | 72,269 | 2,435 |
* | EMCORE Corp. | 374,308 | 2,414 |
* | Pixelworks Inc. | 354,432 | 2,244 |
* | KVH Industries Inc. | 204,620 | 2,118 |
* | SecureWorks Corp. Class A | 222,371 | 1,972 |
^,* | Asure Software Inc. | 139,286 | 1,967 |
* | Iteris Inc. | 276,059 | 1,924 |
* | Data I/O Corp. | 156,813 | 1,888 |
* | Yext Inc. | 153,745 | 1,850 |
^,* | SITO Mobile Ltd. | 274,854 | 1,847 |
* | Rosetta Stone Inc. | 146,987 | 1,833 |
* | Quantum Corp. | 324,359 | 1,826 |
TransAct Technologies Inc. | 136,353 | 1,807 | |
* | Telaria Inc. | 447,772 | 1,805 |
41
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Park City Group Inc. | 188,291 | 1,798 |
^,* | Veritone Inc. | 77,399 | 1,796 |
^,* | VirnetX Holding Corp. | 484,905 | 1,794 |
* | Information Services Group Inc. | 420,556 | 1,754 |
* | Aerohive Networks Inc. | 300,182 | 1,750 |
^,* | Remark Holdings Inc. | 179,345 | 1,745 |
^,* | CyberOptics Corp. | 116,113 | 1,742 |
* | GSI Technology Inc. | 210,060 | 1,672 |
* | IntriCon Corp. | 81,191 | 1,608 |
* | Amber Road Inc. | 212,805 | 1,562 |
^,* | MicroVision Inc. | 950,364 | 1,549 |
* | PFSweb Inc. | 205,443 | 1,526 |
* | Intevac Inc. | 218,657 | 1,498 |
* | Leaf Group Ltd. | 151,192 | 1,497 |
* | Amtech Systems Inc. | 147,521 | 1,486 |
* | PCM Inc. | 149,690 | 1,482 |
^,* | PolarityTE Inc. | 59,686 | 1,385 |
YuMe Inc. | 285,614 | 1,365 | |
* | Rubicon Project Inc. | 726,865 | 1,359 |
* | ModusLink Global Solutions Inc. | 532,982 | 1,327 |
* | Eastman Kodak Co. | 414,188 | 1,284 |
* | AutoWeb Inc. | 135,667 | 1,222 |
^,* | QuickLogic Corp. | 663,370 | 1,154 |
* | DHI Group Inc. | 555,443 | 1,055 |
* | Key Tronic Corp. | 153,965 | 1,052 |
* | Computer Task Group Inc. | 202,846 | 1,035 |
CSP Inc. | 63,690 | 1,012 | |
* | Casa Systems Inc. | 56,136 | 997 |
* | StarTek Inc. | 98,565 | 983 |
* | Clearfield Inc. | 79,292 | 971 |
AstroNova Inc. | 66,674 | 933 | |
* | Marchex Inc. Class B | 282,723 | 913 |
* | ID Systems Inc. | 130,752 | 907 |
* | BSQUARE Corp. | 188,386 | 876 |
* | Datawatch Corp. | 91,719 | 871 |
* | Frequency Electronics Inc. | 90,457 | 847 |
* | Bandwidth Inc. Class A | 36,353 | 840 |
* | Aware Inc. | 184,241 | 829 |
^,* | CVD Equipment Corp. | 68,981 | 802 |
* | Napco Security Technologies Inc. | 90,821 | 795 |
* | PAR Technology Corp. | 84,274 | 788 |
Richardson Electronics Ltd. | 114,593 | 772 | |
* | Liquidity Services Inc. | 152,241 | 738 |
* | Synacor Inc. | 316,782 | 729 |
^,* | Akoustis Technologies Inc. | 113,074 | 704 |
* | SailPoint Technologies Holding Inc. | 45,353 | 658 |
* | LRAD Corp. | 252,735 | 629 |
* | eGain Corp. | 118,002 | 620 |
TESSCO Technologies Inc. | 29,600 | 596 | |
* | Aviat Networks Inc. | 38,926 | 591 |
* | GSE Systems Inc. | 180,096 | 585 |
^,* | Everspin Technologies Inc. | 75,946 | 570 |
^,* | Airgain Inc. | 63,173 | 568 |
* | Wireless Telecom Group Inc. | 233,098 | 566 |
^,* | Net Element Inc. | 50,672 | 564 |
PC-Tel Inc. | 75,067 | 553 | |
* | Aquantia Corp. | 47,058 | 533 |
* | LightPath Technologies Inc. Class A | 239,575 | 532 |
^,* | NXT-ID Inc. | 148,595 | 520 |
^,* | ITUS Corp. | 215,784 | 509 |
* | SendGrid Inc. | 21,108 | 506 |
* | CUI Global Inc. | 177,805 | 489 |
^,* | IZEA Inc. | 106,107 | 480 |
* | RealNetworks Inc. | 140,064 | 479 |
42
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Tintri Inc. | 93,137 | 475 |
^,* | Digital Turbine Inc. | 262,376 | 470 |
^,* | ClearSign Combustion Corp. | 128,062 | 461 |
* | Travelzoo | 69,975 | 451 |
* | WidePoint Corp. | 681,099 | 443 |
* | Perceptron Inc. | 45,352 | 442 |
* | Evolving Systems Inc. | 93,644 | 440 |
^,* | Mattersight Corp. | 171,609 | 438 |
QAD Inc. Class B | 14,091 | 430 | |
^,* | Resonant Inc. | 57,204 | 427 |
* | Edgewater Technology Inc. | 65,904 | 411 |
GlobalSCAPE Inc. | 111,566 | 396 | |
ClearOne Inc. | 42,405 | 380 | |
Concurrent Computer Corp. | 65,502 | 378 | |
* | Identiv Inc. | 109,137 | 365 |
* | LGL Group Inc. | 63,393 | 356 |
* | NetSol Technologies Inc. | 73,357 | 348 |
^,* | Inseego Corp. | 208,682 | 336 |
^,* | Neonode Inc. | 452,039 | 336 |
* | inTEST Corp. | 38,497 | 333 |
* | Adesto Technologies Corp. | 51,559 | 333 |
^,* | Helios & Matheson Analytics Inc. | 51,854 | 327 |
^,* | iPass Inc. | 621,053 | 323 |
Communications Systems Inc. | 84,426 | 307 | |
* | Aehr Test Systems | 101,734 | 276 |
* | Innodata Inc. | 198,960 | 271 |
* | Radisys Corp. | 264,198 | 266 |
* | Optical Cable Corp. | 105,695 | 259 |
* | IEC Electronics Corp. | 62,278 | 257 |
* | Lantronix Inc. | 120,667 | 244 |
* | DASAN Zhone Solutions Inc. | 26,053 | 241 |
* | Luna Innovations Inc. | 96,893 | 235 |
* | Zedge Inc. Class B | 78,718 | 216 |
* | Westell Technologies Inc. Class A | 53,754 | 202 |
* | Finjan Holdings Inc. | 93,088 | 201 |
* | ShotSpotter Inc. | 13,584 | 191 |
* | Inuvo Inc. | 227,195 | 184 |
^,* | Research Frontiers Inc. | 169,811 | 177 |
Network-1 Technologies Inc. | 72,115 | 173 | |
* | Qualstar Corp. | 18,492 | 155 |
* | Qumu Corp. | 67,095 | 154 |
* | Document Security Systems Inc. | 84,000 | 151 |
^,* | Digital Ally Inc. | 55,989 | 151 |
^,* | Applied DNA Sciences Inc. | 92,074 | 146 |
* | Image Sensing Systems Inc. | 44,960 | 135 |
Bel Fuse Inc. Class A | 5,719 | 134 | |
^,* | xG Technology Inc. | 81,136 | 131 |
TSR Inc. | 23,470 | 126 | |
* | BroadVision Inc. | 33,951 | 122 |
RELM Wireless Corp. | 33,447 | 119 | |
^,* | eMagin Corp. | 61,617 | 102 |
^,* | Technical Communications Corp. | 7,931 | 91 |
^,* | ParkerVision Inc. | 82,987 | 88 |
^,* | Netlist Inc. | 278,831 | 86 |
^,* | Professional Diversity Network Inc. | 20,497 | 84 |
* | Sonic Foundry Inc. | 27,757 | 84 |
* | Intermolecular Inc. | 59,828 | 82 |
* | Echelon Corp. | 12,600 | 71 |
Wayside Technology Group Inc. | 4,125 | 69 | |
^,* | Superconductor Technologies Inc. Class A | 59,514 | 65 |
^,* | Ominto Inc. | 12,976 | 44 |
* | ALJ Regional Holdings Inc. | 13,885 | 44 |
^,* | Intellicheck Inc. | 16,005 | 41 |
Black Box Corp. | 11,012 | 39 |
43
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Schmitt Industries Inc. | 13,971 | 38 |
Issuer Direct Corp. | 1,784 | 33 | |
^,* | Inpixon | 149,408 | 31 |
^,* | Atomera Inc. | 6,425 | 28 |
^,* | Bridgeline Digital Inc. | 8,748 | 21 |
* | Majesco | 3,575 | 19 |
* | ADDvantage Technologies Group Inc. | 9,900 | 15 |
* | JetPay Corp. | 4,107 | 10 |
* | Smith Micro Software Inc. | 3,500 | 10 |
* | Nortech Systems Inc. | 2,300 | 9 |
* | Payment Data Systems Inc. | 3,508 | 9 |
* | SigmaTron International Inc. | 786 | 8 |
^,* | CPI Card Group Inc. | 1,834 | 7 |
* | Determine Inc. | 3,394 | 6 |
* | Socket Mobile Inc. | 1,390 | 5 |
* | MAM Software Group Inc. | 200 | 2 |
* | Rubicon Technology Inc. | 161 | 1 |
* | CMTSU Liquidation Inc. | 67,945 | 1 |
* | Marin Software Inc. | 100 | 1 |
* | Precipio Inc. | 500 | 1 |
* | Xplore Technologies Corp. | 100 | — |
*,2 | LGL Group Inc. Warrants Exp. 06/08/2018 | 238,900 | — |
* | MoSys Inc. | 101 | — |
11,436,623 | |||
Materials (5.5%) | |||
Celanese Corp. Class A | 1,738,578 | 186,167 | |
Steel Dynamics Inc. | 3,019,024 | 130,211 | |
Chemours Co. | 2,370,760 | 118,680 | |
* | Alcoa Corp. | 2,201,790 | 118,610 |
* | Berry Global Group Inc. | 1,676,569 | 98,364 |
* | Crown Holdings Inc. | 1,723,142 | 96,927 |
* | Axalta Coating Systems Ltd. | 2,803,862 | 90,733 |
Huntsman Corp. | 2,705,907 | 90,080 | |
RPM International Inc. | 1,679,237 | 88,026 | |
Reliance Steel & Aluminum Co. | 931,323 | 79,898 | |
United States Steel Corp. | 2,256,927 | 79,421 | |
Olin Corp. | 2,148,083 | 76,429 | |
Eagle Materials Inc. | 622,761 | 70,559 | |
Royal Gold Inc. | 839,501 | 68,940 | |
AptarGroup Inc. | 797,488 | 68,807 | |
Sonoco Products Co. | 1,261,952 | 67,060 | |
Valvoline Inc. | 2,624,863 | 65,779 | |
Graphic Packaging Holding Co. | 3,949,508 | 61,020 | |
WR Grace & Co. | 857,596 | 60,143 | |
Ashland Global Holdings Inc. | 794,010 | 56,534 | |
Scotts Miracle-Gro Co. | 522,904 | 55,946 | |
Bemis Co. Inc. | 1,157,995 | 55,341 | |
Westlake Chemical Corp. | 458,230 | 48,815 | |
* | Louisiana-Pacific Corp. | 1,850,589 | 48,596 |
Cabot Corp. | 785,645 | 48,388 | |
NewMarket Corp. | 117,499 | 46,693 | |
* | Owens-Illinois Inc. | 2,099,762 | 46,552 |
PolyOne Corp. | 1,028,543 | 44,742 | |
* | Summit Materials Inc. Class A | 1,389,543 | 43,687 |
Trinseo SA | 565,829 | 41,079 | |
Sensient Technologies Corp. | 558,799 | 40,876 | |
Domtar Corp. | 798,897 | 39,561 | |
* | Allegheny Technologies Inc. | 1,611,678 | 38,906 |
* | Ingevity Corp. | 537,727 | 37,894 |
HB Fuller Co. | 654,219 | 35,243 | |
Balchem Corp. | 416,425 | 33,564 | |
Minerals Technologies Inc. | 469,738 | 32,341 | |
Compass Minerals International Inc. | 439,629 | 31,763 | |
Commercial Metals Co. | 1,483,251 | 31,623 |
44
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Carpenter Technology Corp. | 607,437 | 30,973 | |
* | GCP Applied Technologies Inc. | 935,567 | 29,845 |
Silgan Holdings Inc. | 989,983 | 29,096 | |
* | Cleveland-Cliffs Inc. | 3,800,789 | 27,404 |
* | Platform Specialty Products Corp. | 2,756,904 | 27,348 |
Quaker Chemical Corp. | 175,354 | 26,442 | |
* | Ferro Corp. | 1,096,394 | 25,864 |
Worthington Industries Inc. | 573,582 | 25,272 | |
KapStone Paper and Packaging Corp. | 1,079,028 | 24,483 | |
Kaiser Aluminum Corp. | 227,511 | 24,310 | |
Tronox Ltd. Class A | 1,163,311 | 23,860 | |
Greif Inc. Class A | 385,249 | 23,338 | |
^,* | AK Steel Holding Corp. | 4,098,908 | 23,200 |
Innospec Inc. | 298,823 | 21,097 | |
Hecla Mining Co. | 5,225,818 | 20,746 | |
Stepan Co. | 257,825 | 20,360 | |
Neenah Paper Inc. | 223,757 | 20,284 | |
Boise Cascade Co. | 496,278 | 19,801 | |
* | Kraton Corp. | 397,343 | 19,140 |
* | Coeur Mining Inc. | 2,397,186 | 17,979 |
Schweitzer-Mauduit International Inc. | 377,428 | 17,120 | |
* | AdvanSix Inc. | 399,432 | 16,804 |
^,* | US Concrete Inc. | 195,869 | 16,384 |
Calgon Carbon Corp. | 661,830 | 14,097 | |
A Schulman Inc. | 375,519 | 13,988 | |
Rayonier Advanced Materials Inc. | 664,635 | 13,592 | |
* | Venator Materials plc | 611,878 | 13,535 |
Deltic Timber Corp. | 147,258 | 13,481 | |
Materion Corp. | 273,010 | 13,268 | |
* | Koppers Holdings Inc. | 260,467 | 13,258 |
PH Glatfelter Co. | 596,961 | 12,799 | |
* | Century Aluminum Co. | 647,999 | 12,727 |
Innophos Holdings Inc. | 258,877 | 12,097 | |
Schnitzer Steel Industries Inc. | 350,400 | 11,738 | |
Chase Corp. | 95,469 | 11,504 | |
* | Resolute Forest Products Inc. | 1,015,604 | 11,222 |
KMG Chemicals Inc. | 159,744 | 10,556 | |
* | Clearwater Paper Corp. | 230,320 | 10,457 |
* | SunCoke Energy Inc. | 848,814 | 10,177 |
Mercer International Inc. | 620,277 | 8,870 | |
* | Verso Corp. | 443,414 | 7,791 |
Kronos Worldwide Inc. | 301,020 | 7,757 | |
^ | McEwen Mining Inc. | 3,297,143 | 7,517 |
American Vanguard Corp. | 370,738 | 7,285 | |
Tredegar Corp. | 362,169 | 6,954 | |
* | TimkenSteel Corp. | 438,648 | 6,663 |
* | PQ Group Holdings Inc. | 392,275 | 6,453 |
* | Intrepid Potash Inc. | 1,315,565 | 6,262 |
Myers Industries Inc. | 311,327 | 6,071 | |
* | OMNOVA Solutions Inc. | 593,492 | 5,935 |
Haynes International Inc. | 166,674 | 5,342 | |
Warrior Met Coal Inc. | 210,247 | 5,288 | |
Hawkins Inc. | 141,000 | 4,963 | |
FutureFuel Corp. | 321,028 | 4,523 | |
* | Codexis Inc. | 491,497 | 4,104 |
Gold Resource Corp. | 835,957 | 3,678 | |
* | Flotek Industries Inc. | 767,588 | 3,577 |
^,* | Forterra Inc. | 257,102 | 2,854 |
Olympic Steel Inc. | 132,421 | 2,846 | |
^ | Advanced Emissions Solutions Inc. | 289,361 | 2,795 |
* | AgroFresh Solutions Inc. | 367,958 | 2,723 |
* | Trecora Resources | 183,918 | 2,483 |
Core Molding Technologies Inc. | 98,468 | 2,137 | |
United States Lime & Minerals Inc. | 26,911 | 2,075 |
45
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | UFP Technologies Inc. | 74,032 | 2,058 |
* | Ryerson Holding Corp. | 193,472 | 2,012 |
Ampco-Pittsburgh Corp. | 159,296 | 1,975 | |
* | LSB Industries Inc. | 155,107 | 1,359 |
* | Universal Stainless & Alloy Products Inc. | 58,938 | 1,262 |
Synalloy Corp. | 76,888 | 1,030 | |
Northern Technologies International Corp. | 29,000 | 719 | |
^,* | Pershing Gold Corp. | 240,768 | 578 |
^ | Tecnoglass Inc. | 74,502 | 548 |
^,* | Ramaco Resources Inc. | 68,808 | 473 |
^,* | Golden Minerals Co. | 648,415 | 280 |
* | General Moly Inc. | 668,386 | 220 |
* | TOR Minerals International Inc. | 36,467 | 215 |
Friedman Industries Inc. | 28,903 | 164 | |
* | Solitario Zinc Corp. | 250,008 | 151 |
^,* | Paramount Gold Nevada Corp. | 79,697 | 104 |
^,* | Marrone Bio Innovations Inc. | 90,517 | 100 |
* | Senomyx Inc. | 2,600 | 3 |
US Gold Corp. | 200 | — | |
3,443,841 | |||
Other (0.0%)3 | |||
*,2 | Dyax Corp. CVR Exp. 12/31/2019 | 1,549,121 | 3,098 |
*,2 | Herbalife Ltd. CVR | 83,162 | 807 |
*,2 | Tobira Therapeutics CVR Exp. 12/31/2028 | 87,894 | 398 |
*,2 | NewStar Financial Inc | 225,787 | 122 |
*,2 | Media General Inc. CVR | 1,202,098 | 47 |
*,2 | Gerber Scientific Inc. CVR | 161,151 | 18 |
*,2 | Ambit Biosciences Corp. CVR | 22,388 | 13 |
*,2 | Ocera Therapeutics CVR Line | 48,417 | 13 |
*,2 | GenVec Inc. CPR | 26,612 | 12 |
* | Kadmon Warrants Exp. 09/29/2022 | 105,015 | 11 |
*,2 | Alexza Pharmaceuticals Inc. CVR | 128,704 | 5 |
*,2 | Achieve Life Sciences Inc. CVR | 330,518 | 3 |
*,2 | Dara Biosciences Inc. CVR Exp. 12/31/2018 | 15,573 | 1 |
*,2 | Seventy Seven Energy Inc. Escrow Line | 3,457 | — |
*,2 | Clinical Data CVR | 131,308 | — |
*,2 | Chelsea Therapeutics International Ltd. CVR | 912,063 | — |
*,2 | Adolor Corp. Rights Exp. 07/01/2019 | 596,841 | — |
^,*,2 | Biosante Pharmaceutical Inc. CVR | 44,795 | — |
4,548 | |||
Real Estate (8.4%) | |||
Camden Property Trust | 1,173,107 | 107,996 | |
Equity LifeStyle Properties Inc. | 1,124,853 | 100,134 | |
VEREIT Inc. | 12,652,685 | 98,564 | |
WP Carey Inc. | 1,394,864 | 96,106 | |
Kilroy Realty Corp. | 1,268,854 | 94,720 | |
Gaming and Leisure Properties Inc. | 2,545,806 | 94,195 | |
Invitation Homes Inc. | 3,659,269 | 86,249 | |
Sun Communities Inc. | 927,466 | 86,050 | |
Jones Lang LaSalle Inc. | 576,168 | 85,809 | |
National Retail Properties Inc. | 1,943,323 | 83,816 | |
Douglas Emmett Inc. | 2,009,343 | 82,504 | |
Liberty Property Trust | 1,899,240 | 81,686 | |
Forest City Realty Trust Inc. Class A | 3,375,278 | 81,344 | |
Colony NorthStar Inc. Class A | 7,080,478 | 80,788 | |
Lamar Advertising Co. Class A | 1,077,180 | 79,970 | |
Healthcare Trust of America Inc. Class A | 2,595,716 | 77,975 | |
Brixmor Property Group Inc. | 3,872,924 | 72,269 | |
American Campus Communities Inc. | 1,748,635 | 71,746 | |
American Homes 4 Rent Class A | 3,239,826 | 70,758 | |
DCT Industrial Trust Inc. | 1,196,736 | 70,344 | |
^ | Omega Healthcare Investors Inc. | 2,546,211 | 70,123 |
CyrusOne Inc. | 1,174,585 | 69,923 | |
Hudson Pacific Properties Inc. | 1,990,389 | 68,171 |
46
Vanguard® Extended Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
CubeSmart | 2,354,621 | 68,096 |
Highwoods Properties Inc. | 1,324,030 | 67,406 |
* Howard Hughes Corp. | 494,395 | 64,899 |
Medical Properties Trust Inc. | 4,700,825 | 64,777 |
Hospitality Properties Trust | 2,140,030 | 63,880 |
Park Hotels & Resorts Inc. | 2,066,685 | 59,417 |
Senior Housing Properties Trust | 3,094,819 | 59,266 |
STORE Capital Corp. | 2,149,705 | 55,978 |
Gramercy Property Trust | 2,052,781 | 54,727 |
EPR Properties | 829,188 | 54,279 |
Life Storage Inc. | 605,671 | 53,947 |
Rayonier Inc. | 1,685,142 | 53,301 |
Healthcare Realty Trust Inc. | 1,603,431 | 51,502 |
Apple Hospitality REIT Inc. | 2,618,418 | 51,347 |
Weingarten Realty Investors | 1,557,940 | 51,209 |
Taubman Centers Inc. | 779,244 | 50,986 |
CoreSite Realty Corp. | 440,147 | 50,133 |
Spirit Realty Capital Inc. | 5,806,776 | 49,822 |
RLJ Lodging Trust | 2,261,989 | 49,696 |
Cousins Properties Inc. | 5,358,646 | 49,567 |
* Equity Commonwealth | 1,619,727 | 49,418 |
First Industrial Realty Trust Inc. | 1,510,225 | 47,527 |
Sunstone Hotel Investors Inc. | 2,848,886 | 47,092 |
Ryman Hospitality Properties Inc. | 661,837 | 45,680 |
Realogy Holdings Corp. | 1,692,693 | 44,856 |
Sabra Health Care REIT Inc. | 2,232,890 | 41,911 |
Outfront Media Inc. | 1,804,187 | 41,857 |
Brandywine Realty Trust | 2,289,350 | 41,643 |
Physicians Realty Trust | 2,283,339 | 41,077 |
LaSalle Hotel Properties | 1,456,054 | 40,871 |
National Health Investors Inc. | 532,801 | 40,163 |
Paramount Group Inc. | 2,489,727 | 39,462 |
Retail Properties of America Inc. | 2,935,936 | 39,459 |
JBG SMITH Properties | 1,128,343 | 39,187 |
EastGroup Properties Inc. | 440,239 | 38,908 |
GEO Group Inc. | 1,617,411 | 38,171 |
Corporate Office Properties Trust | 1,300,888 | 37,986 |
^ Uniti Group Inc. | 2,128,643 | 37,869 |
Piedmont Office Realty Trust Inc. Class A | 1,920,329 | 37,658 |
Columbia Property Trust Inc. | 1,616,960 | 37,109 |
DDR Corp. | 3,940,165 | 35,304 |
Urban Edge Properties | 1,378,599 | 35,140 |
QTS Realty Trust Inc. Class A | 636,136 | 34,453 |
CoreCivic Inc. | 1,530,141 | 34,428 |
^ Pebblebrook Hotel Trust | 908,877 | 33,783 |
Education Realty Trust Inc. | 966,149 | 33,738 |
Empire State Realty Trust Inc. | 1,631,276 | 33,490 |
PS Business Parks Inc. | 260,683 | 32,609 |
^ Tanger Factory Outlet Centers Inc. | 1,219,809 | 32,337 |
STAG Industrial Inc. | 1,155,247 | 31,573 |
Washington REIT | 1,001,098 | 31,154 |
Acadia Realty Trust | 1,125,563 | 30,795 |
Xenia Hotels & Resorts Inc. | 1,407,241 | 30,382 |
Kennedy-Wilson Holdings Inc. | 1,716,985 | 29,790 |
DiamondRock Hospitality Co. | 2,587,650 | 29,215 |
Rexford Industrial Realty Inc. | 1,000,671 | 29,180 |
Retail Opportunity Investments Corp. | 1,440,434 | 28,737 |
Lexington Realty Trust | 2,860,881 | 27,607 |
Potlatch Corp. | 532,721 | 26,583 |
Mack-Cali Realty Corp. | 1,188,994 | 25,635 |
Kite Realty Group Trust | 1,211,967 | 23,755 |
Terreno Realty Corp. | 667,162 | 23,391 |
Government Properties Income Trust | 1,240,206 | 22,993 |
HFF Inc. Class A | 470,930 | 22,906 |
47
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
LTC Properties Inc. | 514,902 | 22,424 | |
Select Income REIT | 881,021 | 22,140 | |
Chesapeake Lodging Trust | 786,830 | 21,315 | |
American Assets Trust Inc. | 548,585 | 20,978 | |
Four Corners Property Trust Inc. | 815,055 | 20,947 | |
Summit Hotel Properties Inc. | 1,344,544 | 20,477 | |
Alexander's Inc. | 48,233 | 19,093 | |
Agree Realty Corp. | 369,452 | 19,005 | |
Monmouth Real Estate Investment Corp. | 990,833 | 17,637 | |
Washington Prime Group Inc. | 2,413,188 | 17,182 | |
Alexander & Baldwin Inc. | 609,358 | 16,904 | |
National Storage Affiliates Trust | 606,321 | 16,528 | |
* | Quality Care Properties Inc. | 1,195,804 | 16,514 |
Global Net Lease Inc. | 787,942 | 16,216 | |
CareTrust REIT Inc. | 954,822 | 16,003 | |
Ramco-Gershenson Properties Trust | 1,049,170 | 15,454 | |
* | St. Joe Co. | 852,527 | 15,388 |
Franklin Street Properties Corp. | 1,356,662 | 14,571 | |
Tier REIT Inc. | 654,128 | 13,338 | |
^ | Seritage Growth Properties Class A | 322,528 | 13,049 |
Universal Health Realty Income Trust | 173,320 | 13,018 | |
Chatham Lodging Trust | 566,405 | 12,891 | |
^ | CBL & Associates Properties Inc. | 2,156,009 | 12,203 |
Easterly Government Properties Inc. | 562,177 | 11,997 | |
RE/MAX Holdings Inc. Class A | 236,906 | 11,490 | |
^ | Pennsylvania REIT | 919,687 | 10,935 |
* | iStar Inc. | 961,029 | 10,860 |
Saul Centers Inc. | 175,448 | 10,834 | |
Getty Realty Corp. | 390,820 | 10,615 | |
Independence Realty Trust Inc. | 1,000,194 | 10,092 | |
NorthStar Realty Europe Corp. | 744,351 | 9,997 | |
Investors Real Estate Trust | 1,717,531 | 9,756 | |
Hersha Hospitality Trust Class A | 542,067 | 9,432 | |
Armada Hoffler Properties Inc. | 586,939 | 9,115 | |
InfraREIT Inc. | 488,351 | 9,074 | |
Urstadt Biddle Properties Inc. Class A | 399,851 | 8,693 | |
Altisource Residential Corp. | 719,386 | 8,532 | |
Preferred Apartment Communities Inc. Class A | 421,156 | 8,528 | |
New Senior Investment Group Inc. | 1,005,352 | 7,600 | |
CatchMark Timber Trust Inc. Class A | 578,068 | 7,590 | |
Ashford Hospitality Trust Inc. | 1,115,021 | 7,504 | |
Whitestone REIT | 507,815 | 7,318 | |
NexPoint Residential Trust Inc. | 259,028 | 7,237 | |
Gladstone Commercial Corp. | 339,201 | 7,144 | |
* | Marcus & Millichap Inc. | 197,716 | 6,448 |
CorEnergy Infrastructure Trust Inc. | 158,435 | 6,052 | |
Community Healthcare Trust Inc. | 213,293 | 5,994 | |
RMR Group Inc. Class A | 97,910 | 5,806 | |
* | Tejon Ranch Co. | 279,247 | 5,797 |
UMH Properties Inc. | 387,926 | 5,780 | |
One Liberty Properties Inc. | 219,847 | 5,698 | |
CIM Commercial Trust Corp. | 292,789 | 5,592 | |
Cedar Realty Trust Inc. | 902,801 | 5,489 | |
City Office REIT Inc. | 406,737 | 5,292 | |
^,* | Altisource Portfolio Solutions SA | 181,977 | 5,095 |
Consolidated-Tomoka Land Co. | 73,910 | 4,693 | |
MedEquities Realty Trust Inc. | 389,036 | 4,365 | |
^ | Farmland Partners Inc. | 458,395 | 3,979 |
Ashford Hospitality Prime Inc. | 398,480 | 3,877 | |
^,* | Forestar Group Inc. | 171,497 | 3,773 |
Bluerock Residential Growth REIT Inc. Class A | 356,048 | 3,600 | |
^,* | Redfin Corp. | 109,247 | 3,422 |
Jernigan Capital Inc. | 166,553 | 3,166 | |
* | FRP Holdings Inc. | 67,263 | 2,976 |
48
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Global Medical REIT Inc. | 277,913 | 2,279 | |
Stratus Properties Inc. | 73,967 | 2,197 | |
Safety Income and Growth Inc. | 113,408 | 1,996 | |
* | Maui Land & Pineapple Co. Inc. | 88,360 | 1,529 |
Gladstone Land Corp. | 108,768 | 1,461 | |
^ | Wheeler REIT Inc. | 136,025 | 1,358 |
* | Trinity Place Holdings Inc. | 161,427 | 1,122 |
Sotherly Hotels Inc. | 166,788 | 1,076 | |
Griffin Industrial Realty Inc. | 26,862 | 986 | |
Clipper Realty Inc. | 81,981 | 819 | |
* | Newmark Group Inc. Class A | 45,721 | 727 |
BRT Apartments Corp. | 33,749 | 398 | |
Innovative Industrial Properties Inc. | 6,892 | 223 | |
* | InterGroup Corp. | 6,400 | 150 |
Condor Hospitality Trust Inc. | 7,418 | 74 | |
Global Self Storage Inc. | 4,745 | 22 | |
* | Transcontinental Realty Investors Inc. | 400 | 13 |
RAIT Financial Trust | 11,220 | 4 | |
CKX Lands Inc. | 399 | 4 | |
* | Power REIT | 200 | 1 |
5,283,308 | |||
Telecommunication Services (1.0%) | |||
* | T-Mobile US Inc. | 3,728,810 | 236,817 |
* | Zayo Group Holdings Inc. | 2,393,861 | 88,094 |
* | Sprint Corp. | 8,706,893 | 51,283 |
Telephone & Data Systems Inc. | 1,146,839 | 31,882 | |
* | Vonage Holdings Corp. | 2,627,312 | 26,720 |
Cogent Communications Holdings Inc. | 524,658 | 23,767 | |
Shenandoah Telecommunications Co. | 610,568 | 20,637 | |
* | Straight Path Communications Inc. Class B | 96,912 | 17,618 |
* | General Communication Inc. Class A | 352,104 | 13,739 |
^,* | Iridium Communications Inc. | 1,039,037 | 12,261 |
* | Boingo Wireless Inc. | 507,877 | 11,427 |
* | Cincinnati Bell Inc. | 522,413 | 10,892 |
Consolidated Communications Holdings Inc. | 866,126 | 10,558 | |
* | ORBCOMM Inc. | 1,002,647 | 10,207 |
ATN International Inc. | 141,256 | 7,806 | |
* | United States Cellular Corp. | 200,098 | 7,530 |
^,* | Globalstar Inc. | 5,308,746 | 6,954 |
^ | Frontier Communications Corp. | 1,027,366 | 6,945 |
Spok Holdings Inc. | 301,134 | 4,713 | |
^ | Windstream Holdings Inc. | 2,476,278 | 4,581 |
* | pdvWireless Inc. | 129,523 | 4,158 |
* | Hawaiian Telcom Holdco Inc. | 128,938 | 3,979 |
IDT Corp. Class B | 284,401 | 3,015 | |
* | Ooma Inc. | 194,742 | 2,327 |
* | Alaska Communications Systems Group Inc. | 491,436 | 1,317 |
^,* | Pareteum Corp. | 270,154 | 559 |
* | Fusion Telecommunications International Inc. | 24,824 | 93 |
* | NII Holdings Inc. | 29,807 | 13 |
619,892 | |||
Utilities (3.1%) | |||
Atmos Energy Corp. | 1,388,538 | 119,262 | |
UGI Corp. | 2,211,490 | 103,829 | |
Westar Energy Inc. Class A | 1,813,421 | 95,749 | |
Aqua America Inc. | 2,278,326 | 89,379 | |
Great Plains Energy Inc. | 2,728,804 | 87,977 | |
OGE Energy Corp. | 2,507,285 | 82,515 | |
* | Calpine Corp. | 4,593,982 | 69,507 |
Vectren Corp. | 1,047,557 | 68,112 | |
MDU Resources Group Inc. | 2,480,143 | 66,666 | |
* | Vistra Energy Corp. | 3,634,804 | 66,590 |
IDACORP Inc. | 654,122 | 59,761 | |
National Fuel Gas Co. | 1,078,845 | 59,239 |
49
Vanguard® Extended Market Index Fund | |||||
Schedule of Investments | |||||
December 31, 2017 | |||||
Market | |||||
Value | |||||
Shares | ($000) | ||||
WGL Holdings Inc. | 657,954 | 56,479 | |||
Hawaiian Electric Industries Inc. | 1,417,982 | 51,260 | |||
Portland General Electric Co. | 1,108,868 | 50,542 | |||
Southwest Gas Holdings Inc. | 617,608 | 49,705 | |||
ONE Gas Inc. | 678,296 | 49,692 | |||
ALLETE Inc. | 668,047 | 49,676 | |||
Spire Inc. | 608,860 | 45,756 | |||
New Jersey Resources Corp. | 1,132,839 | 45,540 | |||
PNM Resources Inc. | 1,052,240 | 42,563 | |||
Avista Corp. | 817,015 | 42,068 | |||
Black Hills Corp. | 688,874 | 41,408 | |||
Avangrid Inc. | 741,831 | 37,522 | |||
NorthWestern Corp. | 599,828 | 35,810 | |||
South Jersey Industries Inc. | 1,058,560 | 33,059 | |||
MGE Energy Inc. | 465,254 | 29,358 | |||
California Water Service Group | 642,781 | 29,150 | |||
Ormat Technologies Inc. | 453,792 | 29,025 | |||
El Paso Electric Co. | 515,193 | 28,516 | |||
American States Water Co. | 491,495 | 28,462 | |||
Otter Tail Corp. | 538,334 | 23,929 | |||
Pattern Energy Group Inc. Class A | 1,112,658 | 23,911 | |||
Northwest Natural Gas Co. | 380,682 | 22,708 | |||
* | Dynegy Inc. | 1,748,457 | 20,719 | ||
NRG Yield Inc. | 960,481 | 18,153 | |||
Chesapeake Utilities Corp. | 223,727 | 17,574 | |||
SJW Group | 214,989 | 13,723 | |||
Connecticut Water Service Inc. | 161,909 | 9,295 | |||
Unitil Corp. | 199,792 | 9,114 | |||
Middlesex Water Co. | 226,639 | 9,045 | |||
* | Evoqua Water Technologies Corp. | 348,686 | 8,267 | ||
NRG Yield Inc. Class A | 389,520 | 7,342 | |||
* | TerraForm Power Inc. Class A | 597,339 | 7,144 | ||
York Water Co. | 167,476 | 5,677 | |||
^,* | Cadiz Inc. | 309,760 | 4,414 | ||
Artesian Resources Corp. Class A | 108,222 | 4,173 | |||
* | AquaVenture Holdings Ltd. | 191,005 | 2,964 | ||
^ | Spark Energy Inc. Class A | 194,464 | 2,411 | ||
* | Pure Cycle Corp. | 194,651 | 1,625 | ||
^ | RGC Resources Inc. | 32,742 | 887 | ||
Genie Energy Ltd. Class B | 122,886 | 536 | |||
* | US Geothermal Inc. | 130,343 | 450 | ||
1,958,238 | |||||
Total Common Stocks (Cost $45,401,908) | 62,604,797 | ||||
Coupon | |||||
Temporary Cash Investments (2.5%)1 | |||||
Money Market Fund (2.4%) | |||||
4,5 | Vanguard Market Liquidity Fund | 1.458% | 15,284,936 | 1,528,646 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.1%) | |||||
United States Cash Management Bill | 1.048% | 1/2/18 | 15,000 | 15,000 | |
6 | United States Treasury Bill | 1.209% | 2/8/18 | 5,000 | 4,994 |
6 | United States Treasury Bill | 1.101% | 2/22/18 | 3,240 | 3,234 |
6 | United States Treasury Bill | 1.169% | 3/22/18 | 5,000 | 4,985 |
50
Vanguard® Extended Market Index Fund
Schedule of Investments
December 31, 2017
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
6 United States Treasury Bill | 1.446% | 5/31/18 | 12,600 | 12,525 |
40,738 | ||||
Total Temporary Cash Investments (Cost $1,569,329) | 1,569,384 | |||
Total Investments (101.6%) (Cost $46,971,237) | 64,174,181 | |||
Other Assets and Liabilities—Net (-1.6%)5 | (1,028,629) | |||
Net Assets (100%) | 63,145,552 |
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $909,396,000.
* Non-income-producing security.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and swap contracts. After giving
effect to futures and swap investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and
1.6%, respectively, of net assets.
2 Security value determined using significant unobservable inputs.
3 “Other” represents securities that are not classified by the fund’s benchmark index.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
5 Includes $986,747,000 of collateral received for securities on loan.
6 Securities with a value of $22,647,000 have been segregated as initial margin for open futures contracts.
CPR—Contingent Payment Rights.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
51
© 2018 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA980 022018
Vanguard® Total Stock Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Common Stocks (99.8%)1 | ||
Basic Materials (2.7%) | ||
DowDuPont Inc. | 56,375,123 | 4,015,036 |
Praxair Inc. | 6,900,118 | 1,067,310 |
Air Products & Chemicals Inc. | 5,261,758 | 863,349 |
Ecolab Inc. | 6,269,263 | 841,210 |
LyondellBasell Industries NV Class A | 7,606,024 | 839,097 |
PPG Industries Inc. | 6,134,331 | 716,613 |
* Freeport-McMoRan Inc. | 33,149,327 | 628,511 |
International Paper Co. | 9,955,894 | 576,844 |
Nucor Corp. | 7,663,601 | 487,252 |
Newmont Mining Corp. | 12,857,363 | 482,408 |
Celanese Corp. Class A | 3,269,457 | 350,093 |
Albemarle Corp. | 2,661,967 | 340,439 |
Arconic Inc. | 11,596,174 | 315,996 |
FMC Corp. | 3,234,499 | 306,178 |
International Flavors & Fragrances Inc. | 1,903,789 | 290,537 |
Eastman Chemical Co. | 3,115,997 | 288,666 |
Avery Dennison Corp. | 2,127,475 | 244,362 |
CF Industries Holdings Inc. | 5,621,869 | 239,154 |
Steel Dynamics Inc. | 5,427,475 | 234,087 |
* Alcoa Corp. | 4,236,667 | 228,229 |
Chemours Co. | 4,461,195 | 223,327 |
Mosaic Co. | 8,462,076 | 217,137 |
* Axalta Coating Systems Ltd. | 5,281,812 | 170,919 |
RPM International Inc. | 3,211,547 | 168,349 |
Huntsman Corp. | 4,903,191 | 163,227 |
United States Steel Corp. | 4,215,987 | 148,361 |
Reliance Steel & Aluminum Co. | 1,663,234 | 142,689 |
Olin Corp. | 4,007,892 | 142,601 |
Royal Gold Inc. | 1,575,871 | 129,411 |
WR Grace & Co. | 1,636,989 | 114,802 |
Scotts Miracle-Gro Co. | 1,055,050 | 112,880 |
Ashland Global Holdings Inc. | 1,495,810 | 106,502 |
Westlake Chemical Corp. | 932,249 | 99,312 |
Versum Materials Inc. | 2,620,085 | 99,170 |
NewMarket Corp. | 228,644 | 90,861 |
* Peabody Energy Corp. | 2,264,471 | 89,152 |
PolyOne Corp. | 1,964,355 | 85,449 |
* Univar Inc. | 2,715,599 | 84,075 |
Cabot Corp. | 1,276,994 | 78,650 |
Sensient Technologies Corp. | 1,056,240 | 77,264 |
Domtar Corp. | 1,506,584 | 74,606 |
* Allegheny Technologies Inc. | 3,030,205 | 73,149 |
* Ingevity Corp. | 1,015,382 | 71,554 |
HB Fuller Co. | 1,209,823 | 65,173 |
US Silica Holdings Inc. | 1,959,506 | 63,802 |
Balchem Corp. | 770,333 | 62,089 |
^ Compass Minerals International Inc. | 812,259 | 58,686 |
Minerals Technologies Inc. | 850,325 | 58,545 |
Carpenter Technology Corp. | 1,128,672 | 57,551 |
Commercial Metals Co. | 2,659,035 | 56,691 |
* GCP Applied Technologies Inc. | 1,642,965 | 52,411 |
* Cleveland-Cliffs Inc. | 7,138,322 | 51,467 |
* Platform Specialty Products Corp. | 4,848,194 | 48,094 |
KapStone Paper and Packaging Corp. | 2,097,608 | 47,595 |
* Ferro Corp. | 2,007,611 | 47,360 |
Worthington Industries Inc. | 1,064,082 | 46,883 |
Quaker Chemical Corp. | 303,592 | 45,779 |
Arch Coal Inc. Class A | 476,188 | 44,362 |
Tronox Ltd. Class A | 2,088,054 | 42,826 |
Kaiser Aluminum Corp. | 386,499 | 41,297 |
Innospec Inc. | 582,333 | 41,113 |
1
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | AK Steel Holding Corp. | 7,199,561 | 40,750 |
Stepan Co. | 487,969 | 38,535 | |
Hecla Mining Co. | 9,615,973 | 38,175 | |
* | Cambrex Corp. | 787,790 | 37,814 |
Neenah Paper Inc. | 406,118 | 36,815 | |
* | Kraton Corp. | 751,531 | 36,201 |
* | Coeur Mining Inc. | 4,529,592 | 33,972 |
* | AdvanSix Inc. | 694,461 | 29,216 |
Calgon Carbon Corp. | 1,230,277 | 26,205 | |
Rayonier Advanced Materials Inc. | 1,244,747 | 25,455 | |
* | Koppers Holdings Inc. | 499,173 | 25,408 |
Deltic Timber Corp. | 262,645 | 24,045 | |
A Schulman Inc. | 643,454 | 23,969 | |
* | Century Aluminum Co. | 1,158,118 | 22,745 |
PH Glatfelter Co. | 1,055,031 | 22,620 | |
Innophos Holdings Inc. | 472,644 | 22,087 | |
KMG Chemicals Inc. | 320,123 | 21,154 | |
Chase Corp. | 169,347 | 20,406 | |
*,^ | Fairmount Santrol Holdings Inc. | 3,788,350 | 19,813 |
* | SunCoke Energy Inc. | 1,545,026 | 18,525 |
* | Clearwater Paper Corp. | 398,203 | 18,078 |
* | CONSOL Energy Inc. | 448,877 | 17,735 |
* | CSW Industrials Inc. | 378,757 | 17,404 |
Warrior Met Coal Inc. | 648,357 | 16,306 | |
* | Resolute Forest Products Inc. | 1,422,992 | 15,724 |
* | Verso Corp. | 854,249 | 15,009 |
Tredegar Corp. | 757,763 | 14,549 | |
Kronos Worldwide Inc. | 557,794 | 14,374 | |
* | PQ Group Holdings Inc. | 830,720 | 13,665 |
American Vanguard Corp. | 641,620 | 12,608 | |
*,^ | Intrepid Potash Inc. | 2,191,862 | 10,433 |
* | OMNOVA Solutions Inc. | 1,015,125 | 10,151 |
Haynes International Inc. | 308,884 | 9,900 | |
* | Codexis Inc. | 1,067,547 | 8,914 |
FutureFuel Corp. | 626,058 | 8,821 | |
* | Cloud Peak Energy Inc. | 1,801,703 | 8,018 |
Hawkins Inc. | 226,714 | 7,980 | |
* | Veritiv Corp. | 269,080 | 7,776 |
* | Nexeo Solutions Inc. | 803,457 | 7,311 |
Aceto Corp. | 704,722 | 7,280 | |
*,^ | Uranium Energy Corp. | 3,447,808 | 6,103 |
Gold Resource Corp. | 1,343,123 | 5,910 | |
Olympic Steel Inc. | 257,987 | 5,544 | |
* | AgroFresh Solutions Inc. | 683,772 | 5,060 |
* | Ryerson Holding Corp. | 411,943 | 4,284 |
*,^ | LSB Industries Inc. | 465,930 | 4,082 |
*,^ | ChromaDex Corp. | 618,879 | 3,639 |
Hallador Energy Co. | 551,796 | 3,360 | |
Ampco-Pittsburgh Corp. | 266,121 | 3,300 | |
* | Universal Stainless & Alloy Products Inc. | 153,551 | 3,289 |
*,^ | Ur-Energy Inc. | 3,848,666 | 2,631 |
Synalloy Corp. | 191,382 | 2,565 | |
* | NL Industries Inc. | 140,449 | 2,001 |
Northern Technologies International Corp. | 67,835 | 1,682 | |
* | Senomyx Inc. | 1,088,009 | 1,414 |
*,^ | Ramaco Resources Inc. | 156,834 | 1,079 |
*,^ | Pershing Gold Corp. | 421,254 | 1,011 |
United-Guardian Inc. | 41,621 | 770 | |
Friedman Industries Inc. | 106,118 | 603 | |
*,^ | Westwater Resources Inc. | 427,389 | 457 |
*,^ | Marrone Bio Innovations Inc. | 373,415 | 411 |
* | Centrus Energy Corp. Class A | 91,778 | 368 |
* | Solitario Zinc Corp. | 608,874 | 367 |
* | General Moly Inc. | 1,063,026 | 350 |
2
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Westmoreland Coal Co. | 287,003 | 347 |
^ | US Gold Corp. | 165,447 | 270 |
*,^ | Comstock Mining Inc. | 619,000 | 241 |
*,^ | Golden Minerals Co. | 516,559 | 223 |
* | Dynasil Corp. of America | 158,073 | 187 |
*,^ | Paramount Gold Nevada Corp. | 99,135 | 129 |
* | Ikonics Corp. | 6,410 | 50 |
*,^ | Senestech Inc. | 60,808 | 44 |
*,^ | US Antimony Corp. | 64,773 | 21 |
* | TOR Minerals International Inc. | 2,580 | 15 |
17,918,295 | |||
Consumer Goods (9.0%) | |||
Procter & Gamble Co. | 61,125,747 | 5,616,234 | |
Coca-Cola Co. | 92,395,438 | 4,239,103 | |
PepsiCo Inc. | 34,268,128 | 4,109,434 | |
Philip Morris International Inc. | 37,427,463 | 3,954,211 | |
Altria Group Inc. | 46,001,334 | 3,284,955 | |
NIKE Inc. Class B | 31,390,587 | 1,963,481 | |
Colgate-Palmolive Co. | 21,164,517 | 1,596,863 | |
Mondelez International Inc. Class A | 34,215,437 | 1,464,421 | |
Monsanto Co. | 10,600,770 | 1,237,958 | |
General Motors Co. | 29,092,915 | 1,192,519 | |
Ford Motor Co. | 94,000,372 | 1,174,065 | |
Kraft Heinz Co. | 14,686,536 | 1,142,025 | |
Activision Blizzard Inc. | 17,311,588 | 1,096,170 | |
Kimberly-Clark Corp. | 8,479,005 | 1,023,077 | |
*,^ | Tesla Inc. | 3,240,648 | 1,008,976 |
Constellation Brands Inc. Class A | 3,944,175 | 901,520 | |
General Mills Inc. | 13,698,027 | 812,156 | |
* | Electronic Arts Inc. | 7,422,094 | 779,765 |
Estee Lauder Cos. Inc. Class A | 5,418,562 | 689,458 | |
* | Monster Beverage Corp. | 10,197,447 | 645,396 |
Stanley Black & Decker Inc. | 3,694,780 | 626,967 | |
Tyson Foods Inc. Class A | 7,171,444 | 581,389 | |
VF Corp. | 7,617,091 | 563,665 | |
* | Aptiv plc | 6,408,603 | 543,642 |
Archer-Daniels-Midland Co. | 13,475,367 | 540,093 | |
Clorox Co. | 3,108,418 | 462,346 | |
Kellogg Co. | 6,659,469 | 452,711 | |
DR Horton Inc. | 8,581,769 | 438,271 | |
Dr Pepper Snapple Group Inc. | 4,351,543 | 422,361 | |
* | Mohawk Industries Inc. | 1,523,566 | 420,352 |
Hershey Co. | 3,430,130 | 389,354 | |
Conagra Brands Inc. | 9,845,370 | 370,875 | |
Newell Brands Inc. | 11,812,448 | 365,005 | |
Molson Coors Brewing Co. Class B | 4,231,537 | 347,282 | |
JM Smucker Co. | 2,598,880 | 322,885 | |
Genuine Parts Co. | 3,358,051 | 319,048 | |
Lennar Corp. Class A | 4,902,182 | 310,014 | |
Tapestry Inc. | 6,851,937 | 303,061 | |
Brown-Forman Corp. Class B | 4,410,136 | 302,844 | |
Church & Dwight Co. Inc. | 6,013,942 | 301,719 | |
* | Take-Two Interactive Software Inc. | 2,748,216 | 301,699 |
* | NVR Inc. | 85,689 | 300,616 |
McCormick & Co. Inc. | 2,884,241 | 293,933 | |
Whirlpool Corp. | 1,732,234 | 292,124 | |
Lear Corp. | 1,628,876 | 287,757 | |
* | LKQ Corp. | 7,069,497 | 287,516 |
BorgWarner Inc. | 5,083,390 | 259,710 | |
PVH Corp. | 1,864,812 | 255,871 | |
Hasbro Inc. | 2,700,847 | 245,480 | |
Ingredion Inc. | 1,727,768 | 241,542 | |
Snap-on Inc. | 1,373,963 | 239,482 | |
Hormel Foods Corp. | 6,361,616 | 231,499 |
3
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Bunge Ltd. | 3,387,511 | 227,234 | |
Campbell Soup Co. | 4,709,331 | 226,566 | |
* | Michael Kors Holdings Ltd. | 3,481,279 | 219,147 |
Coty Inc. Class A | 10,836,998 | 215,548 | |
PulteGroup Inc. | 6,388,555 | 212,419 | |
Harley-Davidson Inc. | 4,056,267 | 206,383 | |
Leucadia National Corp. | 7,744,630 | 205,155 | |
Lamb Weston Holdings Inc. | 3,522,154 | 198,826 | |
Goodyear Tire & Rubber Co. | 5,933,721 | 191,719 | |
* | WABCO Holdings Inc. | 1,291,685 | 185,357 |
Hanesbrands Inc. | 8,786,055 | 183,716 | |
* | Middleby Corp. | 1,347,279 | 181,815 |
Thor Industries Inc. | 1,205,908 | 181,754 | |
* | Lululemon Athletica Inc. | 2,270,705 | 178,455 |
Polaris Industries Inc. | 1,431,113 | 177,444 | |
Toll Brothers Inc. | 3,631,406 | 174,380 | |
Pinnacle Foods Inc. | 2,863,219 | 170,276 | |
* | US Foods Holding Corp. | 5,168,989 | 165,046 |
Leggett & Platt Inc. | 3,183,814 | 151,963 | |
Gentex Corp. | 6,835,639 | 143,207 | |
Ralph Lauren Corp. Class A | 1,334,064 | 138,329 | |
Carter's Inc. | 1,139,542 | 133,885 | |
^ | Mattel Inc. | 8,279,966 | 127,346 |
Valvoline Inc. | 4,879,777 | 122,287 | |
* | Skechers U.S.A. Inc. Class A | 3,227,542 | 122,130 |
* | Post Holdings Inc. | 1,510,447 | 119,673 |
Pool Corp. | 920,387 | 119,328 | |
Brunswick Corp. | 2,111,187 | 116,580 | |
CalAtlantic Group Inc. | 1,990,317 | 112,234 | |
* | Delphi Technologies plc | 2,134,599 | 112,002 |
Dana Inc. | 3,486,818 | 111,613 | |
*,^ | Wayfair Inc. | 1,293,982 | 103,868 |
* | Hain Celestial Group Inc. | 2,374,950 | 100,674 |
*,^ | Herbalife Ltd. | 1,470,628 | 99,591 |
* | Visteon Corp. | 749,811 | 93,831 |
Snyder's-Lance Inc. | 1,867,311 | 93,515 | |
Flowers Foods Inc. | 4,307,154 | 83,171 | |
Nu Skin Enterprises Inc. Class A | 1,207,312 | 82,375 | |
* | Edgewell Personal Care Co. | 1,348,441 | 80,084 |
* | Welbilt Inc. | 3,350,301 | 78,766 |
* | Zynga Inc. Class A | 18,890,348 | 75,561 |
LCI Industries | 571,113 | 74,245 | |
Tenneco Inc. | 1,243,524 | 72,796 | |
* | Darling Ingredients Inc. | 3,962,950 | 71,848 |
Energizer Holdings Inc. | 1,464,200 | 70,252 | |
Wolverine World Wide Inc. | 2,186,622 | 69,710 | |
*,^ | Blue Buffalo Pet Products Inc. | 2,121,973 | 69,580 |
*,^ | Tempur Sealy International Inc. | 1,109,546 | 69,557 |
*,^ | TreeHouse Foods Inc. | 1,375,569 | 68,036 |
KB Home | 2,079,235 | 66,432 | |
*,^ | Under Armour Inc. Class A | 4,544,534 | 65,578 |
Tupperware Brands Corp. | 1,043,114 | 65,403 | |
* | TRI Pointe Group Inc. | 3,616,892 | 64,815 |
Sanderson Farms Inc. | 465,297 | 64,574 | |
* | Helen of Troy Ltd. | 657,337 | 63,334 |
* | Deckers Outdoor Corp. | 776,861 | 62,343 |
Spectrum Brands Holdings Inc. | 554,453 | 62,321 | |
* | Steven Madden Ltd. | 1,281,253 | 59,835 |
*,^ | Under Armour Inc. | 4,459,416 | 59,399 |
Herman Miller Inc. | 1,441,256 | 57,722 | |
^ | B&G Foods Inc. | 1,607,471 | 56,503 |
Lancaster Colony Corp. | 431,810 | 55,794 | |
Vector Group Ltd. | 2,448,392 | 54,795 | |
J&J Snack Foods Corp. | 359,920 | 54,647 |
4
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Cooper-Standard Holdings Inc. | 426,423 | 52,237 |
Columbia Sportswear Co. | 684,270 | 49,185 | |
*,^ | iRobot Corp. | 638,006 | 48,935 |
* | Taylor Morrison Home Corp. Class A | 1,975,149 | 48,332 |
* | Meritage Homes Corp. | 921,095 | 47,160 |
* | Dorman Products Inc. | 767,274 | 46,911 |
Cooper Tire & Rubber Co. | 1,229,620 | 43,467 | |
* | American Axle & Manufacturing Holdings Inc. | 2,408,577 | 41,018 |
HNI Corp. | 1,049,091 | 40,463 | |
Winnebago Industries Inc. | 691,391 | 38,441 | |
*,^ | Boston Beer Co. Inc. Class A | 199,156 | 38,059 |
WD-40 Co. | 321,814 | 37,974 | |
Nutrisystem Inc. | 720,126 | 37,879 | |
Fresh Del Monte Produce Inc. | 789,957 | 37,657 | |
* | Pilgrim's Pride Corp. | 1,200,947 | 37,301 |
Interface Inc. Class A | 1,450,028 | 36,468 | |
La-Z-Boy Inc. | 1,159,114 | 36,164 | |
* | G-III Apparel Group Ltd. | 940,693 | 34,702 |
* | Sleep Number Corp. | 910,313 | 34,219 |
MDC Holdings Inc. | 1,070,635 | 34,132 | |
* | Hostess Brands Inc. Class A | 2,276,849 | 33,720 |
Camping World Holdings Inc. Class A | 753,387 | 33,699 | |
Schweitzer-Mauduit International Inc. | 740,894 | 33,607 | |
* | Fox Factory Holding Corp. | 852,564 | 33,122 |
Universal Corp. | 605,766 | 31,803 | |
* | Cavco Industries Inc. | 206,460 | 31,506 |
Callaway Golf Co. | 2,258,087 | 31,455 | |
* | LGI Homes Inc. | 416,388 | 31,242 |
* | ACCO Brands Corp. | 2,551,783 | 31,132 |
Seaboard Corp. | 7,021 | 30,963 | |
^ | Calavo Growers Inc. | 363,738 | 30,700 |
*,^ | Cal-Maine Foods Inc. | 685,476 | 30,469 |
Steelcase Inc. Class A | 1,949,922 | 29,639 | |
Oxford Industries Inc. | 384,283 | 28,894 | |
* | Gentherm Inc. | 887,129 | 28,166 |
^ | National Beverage Corp. | 280,637 | 27,345 |
* | Central Garden & Pet Co. Class A | 706,971 | 26,660 |
Knoll Inc. | 1,148,659 | 26,465 | |
Dean Foods Co. | 2,238,981 | 25,883 | |
*,^ | Fitbit Inc. Class A | 4,441,163 | 25,359 |
Briggs & Stratton Corp. | 980,479 | 24,875 | |
Coca-Cola Bottling Co. Consolidated | 111,889 | 24,085 | |
* | Modine Manufacturing Co. | 1,150,131 | 23,233 |
^ | MGP Ingredients Inc. | 301,743 | 23,198 |
* | Avon Products Inc. | 10,767,665 | 23,150 |
* | M/I Homes Inc. | 659,624 | 22,691 |
* | USANA Health Sciences Inc. | 293,705 | 21,749 |
Standard Motor Products Inc. | 469,564 | 21,088 | |
* | Vista Outdoor Inc. | 1,408,773 | 20,526 |
* | Crocs Inc. | 1,588,315 | 20,076 |
*,^ | GoPro Inc. Class A | 2,631,734 | 19,922 |
Andersons Inc. | 627,234 | 19,538 | |
Lennar Corp. Class B | 374,882 | 19,374 | |
* | William Lyon Homes Class A | 639,149 | 18,586 |
Inter Parfums Inc. | 423,383 | 18,396 | |
Medifast Inc. | 262,877 | 18,351 | |
* | Century Communities Inc. | 562,327 | 17,488 |
Ethan Allen Interiors Inc. | 604,630 | 17,292 | |
Acushnet Holdings Corp. | 804,719 | 16,963 | |
Titan International Inc. | 1,239,399 | 15,963 | |
Kimball International Inc. Class B | 849,767 | 15,865 | |
*,^ | Central Garden & Pet Co. | 404,090 | 15,727 |
* | Universal Electronics Inc. | 329,625 | 15,575 |
Phibro Animal Health Corp. Class A | 464,508 | 15,561 |
5
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Beazer Homes USA Inc. | 771,034 | 14,812 |
* | Stoneridge Inc. | 647,833 | 14,809 |
Tower International Inc. | 473,340 | 14,461 | |
* | Malibu Boats Inc. Class A | 481,686 | 14,321 |
^ | Tootsie Roll Industries Inc. | 382,321 | 13,917 |
* | Unifi Inc. | 372,400 | 13,358 |
John B Sanfilippo & Son Inc. | 197,899 | 12,517 | |
Movado Group Inc. | 381,687 | 12,290 | |
*,^ | elf Beauty Inc. | 524,376 | 11,699 |
National Presto Industries Inc. | 117,579 | 11,693 | |
* | ZAGG Inc. | 630,115 | 11,626 |
* | Motorcar Parts of America Inc. | 452,803 | 11,316 |
Hooker Furniture Corp. | 265,751 | 11,281 | |
*,^ | Freshpet Inc. | 581,618 | 11,022 |
* | Nautilus Inc. | 740,255 | 9,882 |
* | Hovnanian Enterprises Inc. Class A | 2,900,638 | 9,717 |
* | MCBC Holdings Inc. | 426,346 | 9,473 |
*,^ | Amplify Snack Brands Inc. | 781,970 | 9,391 |
* | Glu Mobile Inc. | 2,519,517 | 9,171 |
Bassett Furniture Industries Inc. | 237,918 | 8,946 | |
Superior Industries International Inc. | 585,406 | 8,693 | |
Flexsteel Industries Inc. | 178,968 | 8,372 | |
Culp Inc. | 249,220 | 8,349 | |
* | Primo Water Corp. | 663,967 | 8,346 |
* | Farmer Brothers Co. | 250,444 | 8,052 |
* | Perry Ellis International Inc. | 308,561 | 7,726 |
Johnson Outdoors Inc. Class A | 121,155 | 7,523 | |
*,^ | Fossil Group Inc. | 939,538 | 7,300 |
*,^ | 22nd Century Group Inc. | 2,607,138 | 7,300 |
Turning Point Brands Inc. | 345,043 | 7,291 | |
Limoneira Co. | 306,988 | 6,877 | |
Superior Uniform Group Inc. | 231,336 | 6,179 | |
* | Vera Bradley Inc. | 472,643 | 5,757 |
Oil-Dri Corp. of America | 126,337 | 5,243 | |
* | Seneca Foods Corp. Class A | 169,208 | 5,203 |
Lifetime Brands Inc. | 294,528 | 4,860 | |
* | Craft Brew Alliance Inc. | 251,775 | 4,834 |
*,^ | Revlon Inc. Class A | 207,651 | 4,527 |
Libbey Inc. | 578,775 | 4,352 | |
Weyco Group Inc. | 145,772 | 4,332 | |
* | Clarus Corp. | 539,230 | 4,233 |
Core Molding Technologies Inc. | 187,022 | 4,058 | |
* | New Home Co. Inc. | 318,723 | 3,994 |
Strattec Security Corp. | 88,294 | 3,845 | |
Hamilton Beach Brands Holding Co. Class A | 149,244 | 3,834 | |
Rocky Brands Inc. | 185,059 | 3,498 | |
*,^ | Castle Brands Inc. | 2,658,792 | 3,244 |
* | Lakeland Industries Inc. | 215,776 | 3,140 |
* | Shiloh Industries Inc. | 348,602 | 2,859 |
*,^ | Eastman Kodak Co. | 906,645 | 2,811 |
* | Delta Apparel Inc. | 137,542 | 2,778 |
*,^ | Vuzix Corp. | 423,695 | 2,648 |
^ | Orchids Paper Products Co. | 202,290 | 2,589 |
*,^ | Jamba Inc. | 316,850 | 2,554 |
* | Alliance One International Inc. | 192,604 | 2,552 |
Marine Products Corp. | 192,480 | 2,452 | |
Nature's Sunshine Products Inc. | 209,302 | 2,417 | |
Escalade Inc. | 193,788 | 2,384 | |
*,^ | PolarityTE Inc. | 94,928 | 2,203 |
*,^ | S&W Seed Co. | 562,635 | 2,194 |
* | Skyline Corp. | 159,664 | 2,052 |
*,^ | Celsius Holdings Inc. | 387,737 | 2,036 |
A-Mark Precious Metals Inc. | 136,129 | 2,002 | |
Alico Inc. | 67,447 | 1,990 |
6
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Crown Crafts Inc. | 274,576 | 1,771 | |
Kewaunee Scientific Corp. | 56,675 | 1,644 | |
* | US Auto Parts Network Inc. | 640,827 | 1,615 |
*,^ | Akoustis Technologies Inc. | 251,593 | 1,567 |
*,^ | Lipocine Inc. | 454,497 | 1,563 |
* | Natural Alternatives International Inc. | 148,830 | 1,537 |
*,^ | JAKKS Pacific Inc. | 619,016 | 1,455 |
*,^ | Sequential Brands Group Inc. | 816,861 | 1,454 |
*,^ | Iconix Brand Group Inc. | 1,103,201 | 1,423 |
Acme United Corp. | 59,859 | 1,401 | |
* | Lifevantage Corp. | 292,255 | 1,391 |
* | Funko Inc. Class A | 197,330 | 1,312 |
Rocky Mountain Chocolate Factory Inc. | 107,748 | 1,271 | |
Unique Fabricating Inc. | 159,609 | 1,184 | |
* | Alpha Pro Tech Ltd. | 293,460 | 1,174 |
Virco Manufacturing Corp. | 219,089 | 1,106 | |
* | Dixie Group Inc. | 282,155 | 1,086 |
LS Starrett Co. Class A | 105,296 | 906 | |
*,^ | Nova Lifestyle Inc. | 361,361 | 867 |
* | Lifeway Foods Inc. | 104,177 | 833 |
* | Tandy Leather Factory Inc. | 93,919 | 723 |
* | Coffee Holding Co. Inc. | 130,802 | 559 |
* | Willamette Valley Vineyards Inc. | 63,497 | 529 |
* | Veru Inc. | 439,774 | 506 |
Mannatech Inc. | 32,631 | 489 | |
* | Cherokee Inc. | 242,339 | 460 |
* | Zedge Inc. Class B | 143,177 | 394 |
*,^ | New Age Beverages Corp. | 176,249 | 382 |
* | Charles & Colvard Ltd. | 212,413 | 287 |
*,^ | Reed's Inc. | 176,831 | 274 |
* | Differential Brands Group Inc. | 284,075 | 273 |
* | Vince Holding Corp. | 39,303 | 243 |
* | Summer Infant Inc. | 149,701 | 225 |
* | Emerson Radio Corp. | 153,609 | 224 |
*,^ | Long Island Iced Tea Corp. | 41,833 | 213 |
P&F Industries Inc. Class A | 19,303 | 164 | |
*,^ | Clean Diesel Technologies Inc. | 100,233 | 157 |
Ocean Bio-Chem Inc. | 22,278 | 97 | |
* | Cyanotech Corp. | 23,496 | 93 |
CompX International Inc. | 5,846 | 78 | |
* | Hovnanian Enterprises Inc. Class B | 19,300 | 65 |
* | CTI Industries Corp. | 14,046 | 60 |
* | Crystal Rock Holdings Inc. | 60,050 | 50 |
* | Koss Corp. | 12,072 | 37 |
* | Bridgford Foods Corp. | 1,914 | 24 |
* | Stanley Furniture Co. Inc. | 4,400 | 4 |
* | JRjr33 Inc. | 18,431 | 3 |
59,415,835 | |||
Consumer Services (12.7%) | |||
* | Amazon.com Inc. | 9,872,842 | 11,545,993 |
Home Depot Inc. | 28,149,308 | 5,335,138 | |
Comcast Corp. Class A | 112,431,166 | 4,502,868 | |
Walt Disney Co. | 34,585,185 | 3,718,253 | |
Wal-Mart Stores Inc. | 36,002,550 | 3,555,252 | |
McDonald's Corp. | 19,210,798 | 3,306,563 | |
* | Priceline Group Inc. | 1,175,358 | 2,042,467 |
Costco Wholesale Corp. | 10,532,202 | 1,960,253 | |
* | Netflix Inc. | 9,908,095 | 1,901,958 |
Starbucks Corp. | 32,582,996 | 1,871,241 | |
Lowe's Cos. Inc. | 20,074,723 | 1,865,745 | |
CVS Health Corp. | 24,425,430 | 1,770,844 | |
Time Warner Inc. | 17,827,942 | 1,630,722 | |
* | Charter Communications Inc. Class A | 4,494,305 | 1,509,907 |
Walgreens Boots Alliance Inc. | 20,681,944 | 1,501,923 |
7
Vanguard® Total Stock Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
TJX Cos. Inc. | 14,570,529 | 1,114,063 |
* eBay Inc. | 23,914,512 | 902,534 |
Marriott International Inc. Class A | 6,591,334 | 894,642 |
Twenty-First Century Fox Inc. Class A | 25,209,809 | 870,495 |
Delta Air Lines Inc. | 15,467,890 | 866,202 |
Target Corp. | 13,100,561 | 854,812 |
Southwest Airlines Co. | 12,875,851 | 842,724 |
McKesson Corp. | 5,024,684 | 783,599 |
Ross Stores Inc. | 9,295,664 | 745,977 |
Sysco Corp. | 11,302,720 | 686,414 |
Yum! Brands Inc. | 8,122,537 | 662,880 |
Las Vegas Sands Corp. | 9,527,318 | 662,053 |
Carnival Corp. | 9,644,246 | 640,089 |
Dollar General Corp. | 6,586,460 | 612,607 |
Kroger Co. | 21,437,143 | 588,450 |
* Dollar Tree Inc. | 5,427,344 | 582,408 |
American Airlines Group Inc. | 10,381,353 | 540,142 |
* O'Reilly Automotive Inc. | 2,049,613 | 493,014 |
Royal Caribbean Cruises Ltd. | 4,127,865 | 492,372 |
CBS Corp. Class B | 8,297,866 | 489,574 |
* AutoZone Inc. | 662,580 | 471,340 |
Cardinal Health Inc. | 7,581,816 | 464,538 |
* United Continental Holdings Inc. | 6,233,686 | 420,150 |
Best Buy Co. Inc. | 6,129,407 | 419,680 |
MGM Resorts International | 12,280,048 | 410,031 |
Omnicom Group Inc. | 5,555,873 | 404,634 |
Hilton Worldwide Holdings Inc. | 5,015,497 | 400,538 |
Twenty-First Century Fox Inc. | 10,779,848 | 367,808 |
Expedia Inc. | 3,022,748 | 362,035 |
AmerisourceBergen Corp. Class A | 3,942,216 | 361,974 |
L Brands Inc. | 5,814,363 | 350,141 |
Wynn Resorts Ltd. | 1,981,287 | 334,025 |
* Ulta Beauty Inc. | 1,406,856 | 314,657 |
Nielsen Holdings plc | 8,585,311 | 312,505 |
Tiffany & Co. | 2,850,284 | 296,287 |
Darden Restaurants Inc. | 2,981,432 | 286,277 |
* CarMax Inc. | 4,394,373 | 281,811 |
Viacom Inc. Class B | 8,779,880 | 270,508 |
Wyndham Worldwide Corp. | 2,321,676 | 269,013 |
Aramark | 5,895,386 | 251,969 |
* DISH Network Corp. Class A | 5,221,233 | 249,314 |
* Norwegian Cruise Line Holdings Ltd. | 4,403,284 | 234,475 |
* Liberty Interactive Corp. QVC Group Class A | 9,318,586 | 227,560 |
Tractor Supply Co. | 3,026,436 | 226,226 |
Kohl's Corp. | 4,060,432 | 220,197 |
Alaska Air Group Inc. | 2,965,866 | 218,021 |
* Copart Inc. | 5,008,258 | 216,307 |
Gap Inc. | 6,089,856 | 207,420 |
Vail Resorts Inc. | 973,302 | 206,797 |
* Burlington Stores Inc. | 1,644,577 | 202,332 |
Domino's Pizza Inc. | 1,055,073 | 199,367 |
* Chipotle Mexican Grill Inc. Class A | 680,507 | 196,687 |
Interpublic Group of Cos. Inc. | 9,363,401 | 188,766 |
News Corp. Class A | 11,606,788 | 188,146 |
Macy's Inc. | 7,337,675 | 184,836 |
FactSet Research Systems Inc. | 943,118 | 181,795 |
^ Sirius XM Holdings Inc. | 33,234,606 | 178,137 |
Scripps Networks Interactive Inc. Class A | 2,083,711 | 177,907 |
* JetBlue Airways Corp. | 7,727,350 | 172,629 |
Advance Auto Parts Inc. | 1,691,660 | 168,642 |
* ServiceMaster Global Holdings Inc. | 3,250,520 | 166,654 |
KAR Auction Services Inc. | 3,263,899 | 164,860 |
* Caesars Entertainment Corp. | 12,754,455 | 161,344 |
Service Corp. International | 4,280,293 | 159,741 |
8
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Liberty Media Corp-Liberty Formula One | 4,501,169 | 153,760 |
* | GrubHub Inc. | 2,091,245 | 150,151 |
* | Liberty Media Corp-Liberty SiriusXM | 3,719,359 | 147,510 |
Foot Locker Inc. | 2,987,527 | 140,055 | |
Dunkin' Brands Group Inc. | 2,171,136 | 139,973 | |
* | Live Nation Entertainment Inc. | 3,237,158 | 137,806 |
Nordstrom Inc. | 2,808,691 | 133,076 | |
H&R Block Inc. | 5,036,378 | 132,054 | |
* | Bright Horizons Family Solutions Inc. | 1,284,187 | 120,714 |
Rollins Inc. | 2,371,103 | 110,327 | |
Six Flags Entertainment Corp. | 1,617,815 | 107,698 | |
Dun & Bradstreet Corp. | 890,397 | 105,432 | |
* | Discovery Communications Inc. | 4,965,324 | 105,116 |
* | Beacon Roofing Supply Inc. | 1,630,633 | 103,969 |
* | Grand Canyon Education Inc. | 1,156,590 | 103,549 |
Casey's General Stores Inc. | 912,919 | 102,192 | |
Sabre Corp. | 4,636,672 | 95,052 | |
^ | Williams-Sonoma Inc. | 1,832,018 | 94,715 |
Chemed Corp. | 384,956 | 93,552 | |
^ | Cracker Barrel Old Country Store Inc. | 576,305 | 91,569 |
* | Liberty Media Corp-Liberty SiriusXM | 2,306,891 | 91,491 |
* | TripAdvisor Inc. | 2,583,482 | 89,027 |
* | Five Below Inc. | 1,329,851 | 88,196 |
Cinemark Holdings Inc. | 2,523,895 | 87,882 | |
Extended Stay America Inc. | 4,621,831 | 87,815 | |
* | Madison Square Garden Co. Class A | 412,599 | 86,996 |
Dolby Laboratories Inc. Class A | 1,358,721 | 84,241 | |
* | Discovery Communications Inc. Class A | 3,742,464 | 83,756 |
Signet Jewelers Ltd. | 1,455,592 | 82,314 | |
Nexstar Media Group Inc. Class A | 1,043,684 | 81,616 | |
Texas Roadhouse Inc. Class A | 1,536,634 | 80,950 | |
AMERCO | 212,704 | 80,383 | |
Tribune Media Co. Class A | 1,890,903 | 80,307 | |
* | Yelp Inc. Class A | 1,896,356 | 79,571 |
* | Performance Food Group Co. | 2,393,305 | 79,218 |
Cable One Inc. | 110,475 | 77,703 | |
* | Avis Budget Group Inc. | 1,764,954 | 77,446 |
* | Hyatt Hotels Corp. Class A | 1,029,053 | 75,677 |
*,^ | Stamps.com Inc. | 399,891 | 75,179 |
* | Hilton Grand Vacations Inc. | 1,788,282 | 75,018 |
* | Spirit Airlines Inc. | 1,671,776 | 74,979 |
* | Sprouts Farmers Market Inc. | 3,046,746 | 74,188 |
* | SiteOne Landscape Supply Inc. | 956,228 | 73,343 |
*,^ | AutoNation Inc. | 1,428,741 | 73,337 |
TEGNA Inc. | 5,174,401 | 72,856 | |
John Wiley & Sons Inc. Class A | 1,099,711 | 72,306 | |
ILG Inc. | 2,537,163 | 72,258 | |
American Eagle Outfitters Inc. | 3,838,262 | 72,159 | |
Bed Bath & Beyond Inc. | 3,275,352 | 72,025 | |
Wendy's Co. | 4,371,935 | 71,787 | |
* | Lions Gate Entertainment Corp. Class B | 2,259,902 | 71,729 |
* | Planet Fitness Inc. Class A | 2,067,486 | 71,597 |
Jack in the Box Inc. | 708,238 | 69,485 | |
Sinclair Broadcast Group Inc. Class A | 1,832,772 | 69,370 | |
Marriott Vacations Worldwide Corp. | 510,235 | 68,989 | |
Churchill Downs Inc. | 296,186 | 68,922 | |
Choice Hotels International Inc. | 887,397 | 68,862 | |
Aaron's Inc. | 1,703,566 | 67,887 | |
* | Scientific Games Corp. Class A | 1,294,812 | 66,424 |
Boyd Gaming Corp. | 1,893,497 | 66,367 | |
* | AMC Networks Inc. Class A | 1,214,333 | 65,671 |
Lithia Motors Inc. Class A | 576,544 | 65,490 | |
* | Murphy USA Inc. | 797,799 | 64,111 |
* | Michaels Cos. Inc. | 2,617,772 | 63,324 |
9
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
SkyWest Inc. | 1,187,982 | 63,082 | |
Meredith Corp. | 950,396 | 62,774 | |
Regal Entertainment Group Class A | 2,727,885 | 62,769 | |
* | Ollie's Bargain Outlet Holdings Inc. | 1,177,216 | 62,687 |
* | Penn National Gaming Inc. | 1,972,113 | 61,786 |
Children's Place Inc. | 422,929 | 61,473 | |
Hillenbrand Inc. | 1,363,427 | 60,945 | |
* | United Natural Foods Inc. | 1,229,605 | 60,583 |
* | Urban Outfitters Inc. | 1,696,892 | 59,493 |
Graham Holdings Co. Class B | 104,557 | 58,379 | |
* | Sally Beauty Holdings Inc. | 3,096,643 | 58,093 |
* | Liberty Expedia Holdings Inc. Class A | 1,308,039 | 57,985 |
Big Lots Inc. | 1,026,598 | 57,643 | |
New York Times Co. Class A | 3,108,544 | 57,508 | |
*,^ | Altice USA Inc. Class A | 2,681,942 | 56,938 |
* | Sotheby's | 1,075,598 | 55,501 |
Red Rock Resorts Inc. Class A | 1,641,712 | 55,391 | |
Adtalem Global Education Inc. | 1,316,678 | 55,366 | |
* | Dave & Buster's Entertainment Inc. | 993,020 | 54,785 |
Dick's Sporting Goods Inc. | 1,892,018 | 54,377 | |
PriceSmart Inc. | 624,004 | 53,727 | |
* | Buffalo Wild Wings Inc. | 336,689 | 52,641 |
* | Groupon Inc. Class A | 10,102,430 | 51,522 |
* | Etsy Inc. | 2,493,428 | 50,991 |
*,^ | Rite Aid Corp. | 25,616,542 | 50,465 |
* | Acxiom Corp. | 1,830,370 | 50,445 |
Hawaiian Holdings Inc. | 1,264,465 | 50,389 | |
Cheesecake Factory Inc. | 996,281 | 48,001 | |
Allegiant Travel Co. Class A | 310,032 | 47,977 | |
* | Rush Enterprises Inc. Class A | 888,220 | 45,130 |
*,^ | Cars.com Inc. | 1,553,654 | 44,807 |
*,^ | Lions Gate Entertainment Corp. Class A | 1,324,648 | 44,786 |
Time Inc. | 2,423,456 | 44,713 | |
Office Depot Inc. | 12,543,095 | 44,403 | |
GameStop Corp. Class A | 2,432,454 | 43,663 | |
Brinker International Inc. | 1,117,754 | 43,414 | |
Monro Inc. | 758,610 | 43,203 | |
* | Pinnacle Entertainment Inc. | 1,317,514 | 43,122 |
*,^ | Eldorado Resorts Inc. | 1,290,857 | 42,792 |
Bloomin' Brands Inc. | 1,984,055 | 42,340 | |
Morningstar Inc. | 413,883 | 40,134 | |
*,^ | RH | 458,739 | 39,548 |
Penske Automotive Group Inc. | 822,867 | 39,374 | |
* | Shutterfly Inc. | 788,338 | 39,220 |
Matthews International Corp. Class A | 740,876 | 39,118 | |
Bob Evans Farms Inc. | 480,570 | 37,879 | |
* | La Quinta Holdings Inc. | 1,967,610 | 36,322 |
* | Herc Holdings Inc. | 580,041 | 36,316 |
DSW Inc. Class A | 1,654,880 | 35,431 | |
Group 1 Automotive Inc. | 477,609 | 33,896 | |
*,^ | Chegg Inc. | 2,072,337 | 33,821 |
Core-Mark Holding Co. Inc. | 1,061,428 | 33,520 | |
Papa John's International Inc. | 593,324 | 33,291 | |
Caleres Inc. | 984,764 | 32,970 | |
*,^ | Trade Desk Inc. Class A | 710,978 | 32,513 |
Gannett Co. Inc. | 2,694,627 | 31,231 | |
* | Gray Television Inc. | 1,851,034 | 31,005 |
* | Weight Watchers International Inc. | 698,484 | 30,929 |
HSN Inc. | 762,277 | 30,758 | |
* | Asbury Automotive Group Inc. | 452,201 | 28,941 |
*,^ | Hertz Global Holdings Inc. | 1,309,315 | 28,936 |
* | MSG Networks Inc. | 1,415,242 | 28,659 |
Abercrombie & Fitch Co. | 1,639,203 | 28,571 | |
*,^ | Pandora Media Inc. | 5,684,566 | 27,400 |
10
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Wingstop Inc. | 698,618 | 27,232 | |
*,^ | Overstock.com Inc. | 421,548 | 26,937 |
World Wrestling Entertainment Inc. Class A | 846,810 | 25,895 | |
Chico's FAS Inc. | 2,929,697 | 25,840 | |
Tailored Brands Inc. | 1,176,643 | 25,686 | |
Sonic Corp. | 917,299 | 25,207 | |
Scholastic Corp. | 614,333 | 24,641 | |
* | Belmond Ltd. Class A | 2,001,594 | 24,520 |
Guess? Inc. | 1,408,197 | 23,770 | |
* | Houghton Mifflin Harcourt Co. | 2,555,342 | 23,765 |
* | Diplomat Pharmacy Inc. | 1,158,855 | 23,258 |
* | Liberty Media Corp-Liberty Formula One Class A | 709,074 | 23,201 |
International Speedway Corp. Class A | 576,676 | 22,981 | |
SpartanNash Co. | 857,887 | 22,888 | |
Strayer Education Inc. | 254,425 | 22,791 | |
*,^ | Roku Inc. | 436,054 | 22,579 |
*,^ | JC Penney Co. Inc. | 7,120,449 | 22,501 |
* | Quotient Technology Inc. | 1,896,457 | 22,283 |
*,^ | Lumber Liquidators Holdings Inc. | 682,273 | 21,417 |
PetMed Express Inc. | 470,659 | 21,415 | |
DineEquity Inc. | 420,621 | 21,338 | |
* | EW Scripps Co. Class A | 1,364,904 | 21,333 |
Capella Education Co. | 267,739 | 20,723 | |
* | Simply Good Foods Co. | 1,452,193 | 20,708 |
* | Denny's Corp. | 1,541,520 | 20,410 |
New Media Investment Group Inc. | 1,200,521 | 20,145 | |
SUPERVALU Inc. | 923,880 | 19,956 | |
* | SP Plus Corp. | 512,887 | 19,028 |
* | Career Education Corp. | 1,573,098 | 19,003 |
* | Liberty Media Corp-Liberty Braves | 842,578 | 18,722 |
*,^ | TrueCar Inc. | 1,666,719 | 18,667 |
Entercom Communications Corp. Class A | 1,728,119 | 18,664 | |
* | Express Inc. | 1,796,726 | 18,237 |
^ | Dillard's Inc. Class A | 301,518 | 18,106 |
*,^ | Shake Shack Inc. Class A | 413,354 | 17,857 |
*,^ | SeaWorld Entertainment Inc. | 1,313,820 | 17,829 |
* | Red Robin Gourmet Burgers Inc. | 314,954 | 17,763 |
^ | AMC Entertainment Holdings Inc. Class A | 1,150,191 | 17,368 |
* | Laureate Education Inc. Class A | 1,259,728 | 17,082 |
BJ's Restaurants Inc. | 465,826 | 16,956 | |
^ | Buckle Inc. | 708,145 | 16,818 |
* | Liberty TripAdvisor Holdings Inc. Class A | 1,771,628 | 16,698 |
* | Providence Service Corp. | 279,757 | 16,601 |
*,^ | Trupanion Inc. | 542,549 | 15,880 |
Ruth's Hospitality Group Inc. | 728,605 | 15,774 | |
* | K12 Inc. | 945,097 | 15,027 |
*,^ | ANGI Homeservices Inc. Class A | 1,421,376 | 14,868 |
* | Genesco Inc. | 447,870 | 14,556 |
* | National Vision Holdings Inc. | 350,641 | 14,240 |
*,^ | Party City Holdco Inc. | 985,611 | 13,749 |
*,^ | Conn's Inc. | 378,970 | 13,472 |
* | Regis Corp. | 854,710 | 13,128 |
* | MDC Partners Inc. Class A | 1,340,693 | 13,072 |
Finish Line Inc. Class A | 882,946 | 12,829 | |
* | Monarch Casino & Resort Inc. | 278,648 | 12,489 |
National CineMedia Inc. | 1,788,182 | 12,267 | |
* | Golden Entertainment Inc. | 373,389 | 12,191 |
Marcus Corp. | 443,009 | 12,116 | |
* | MarineMax Inc. | 632,205 | 11,949 |
Ingles Markets Inc. Class A | 344,382 | 11,916 | |
Entravision Communications Corp. Class A | 1,642,501 | 11,744 | |
* | Chuy's Holdings Inc. | 415,327 | 11,650 |
* | Biglari Holdings Inc. | 27,926 | 11,573 |
^ | Rent-A-Center Inc. | 1,036,855 | 11,509 |
11
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | XO Group Inc. | 614,493 | 11,344 |
* | Chefs' Warehouse Inc. | 548,093 | 11,236 |
* | At Home Group Inc. | 363,579 | 11,049 |
Sonic Automotive Inc. Class A | 586,860 | 10,828 | |
* | Carrols Restaurant Group Inc. | 834,724 | 10,142 |
* | Hibbett Sports Inc. | 491,682 | 10,030 |
* | Zumiez Inc. | 475,516 | 9,903 |
* | Care.com Inc. | 545,824 | 9,847 |
* | Fiesta Restaurant Group Inc. | 512,229 | 9,732 |
* | Titan Machinery Inc. | 453,316 | 9,597 |
* | Ascena Retail Group Inc. | 4,028,247 | 9,466 |
Haverty Furniture Cos. Inc. | 415,765 | 9,417 | |
Weis Markets Inc. | 222,044 | 9,190 | |
* | American Public Education Inc. | 363,191 | 9,098 |
Carriage Services Inc. Class A | 353,152 | 9,080 | |
News Corp. Class B | 544,791 | 9,044 | |
Barnes & Noble Inc. | 1,349,297 | 9,040 | |
Emerald Expositions Events Inc. | 432,165 | 8,790 | |
Tile Shop Holdings Inc. | 911,446 | 8,750 | |
* | Del Taco Restaurants Inc. | 715,383 | 8,670 |
Cato Corp. Class A | 534,701 | 8,512 | |
*,^ | Cargurus Inc. | 279,982 | 8,394 |
Drive Shack Inc. | 1,479,661 | 8,183 | |
Winmark Corp. | 62,878 | 8,136 | |
Citi Trends Inc. | 302,460 | 8,003 | |
* | Del Frisco's Restaurant Group Inc. | 523,836 | 7,988 |
Pier 1 Imports Inc. | 1,924,117 | 7,966 | |
*,^ | Zoe's Kitchen Inc. | 475,563 | 7,951 |
* | America's Car-Mart Inc. | 167,380 | 7,474 |
* | Potbelly Corp. | 585,492 | 7,202 |
Shoe Carnival Inc. | 261,300 | 6,990 | |
* | Clean Energy Fuels Corp. | 3,319,737 | 6,739 |
*,^ | Carvana Co. | 350,630 | 6,704 |
* | QuinStreet Inc. | 798,163 | 6,689 |
* | tronc Inc. | 374,529 | 6,588 |
* | Barnes & Noble Education Inc. | 786,662 | 6,482 |
* | Francesca's Holdings Corp. | 873,158 | 6,383 |
* | TechTarget Inc. | 452,241 | 6,295 |
* | 1-800-Flowers.com Inc. Class A | 585,063 | 6,260 |
* | Reading International Inc. Class A | 372,750 | 6,225 |
RCI Hospitality Holdings Inc. | 220,371 | 6,166 | |
CSS Industries Inc. | 217,491 | 6,053 | |
* | Century Casinos Inc. | 654,716 | 5,978 |
*,^ | GNC Holdings Inc. Class A | 1,541,549 | 5,688 |
Nathan's Famous Inc. | 73,372 | 5,540 | |
*,^ | Sportsman's Warehouse Holdings Inc. | 822,116 | 5,434 |
*,^ | Daily Journal Corp. | 23,348 | 5,375 |
Collectors Universe Inc. | 186,701 | 5,347 | |
* | Smart & Final Stores Inc. | 621,991 | 5,318 |
* | Bridgepoint Education Inc. Class A | 628,536 | 5,217 |
* | Lindblad Expeditions Holdings Inc. | 528,911 | 5,178 |
*,^ | Boot Barn Holdings Inc. | 307,886 | 5,114 |
* | El Pollo Loco Holdings Inc. | 512,366 | 5,072 |
*,^ | Stitch Fix Inc. Class A | 194,771 | 5,031 |
* | Bojangles' Inc. | 424,423 | 5,008 |
Speedway Motorsports Inc. | 265,017 | 5,001 | |
Tilly's Inc. Class A | 331,331 | 4,890 | |
* | Avid Technology Inc. | 902,451 | 4,864 |
*,^ | Habit Restaurants Inc. Class A | 505,540 | 4,828 |
*,^ | Remark Holdings Inc. | 492,206 | 4,789 |
* | Liberty Media Corp-Liberty Braves | 217,055 | 4,786 |
* | Kirkland's Inc. | 396,140 | 4,740 |
* | Hemisphere Media Group Inc. Class A | 405,608 | 4,685 |
Saga Communications Inc. Class A | 115,556 | 4,674 |
12
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Lands' End Inc. | 232,356 | 4,543 |
Village Super Market Inc. Class A | 185,350 | 4,250 | |
*,^ | Duluth Holdings Inc. | 229,548 | 4,097 |
Clear Channel Outdoor Holdings Inc. Class A | 884,093 | 4,067 | |
*,^ | Boston Omaha Corp. | 118,618 | 3,842 |
^ | Big 5 Sporting Goods Corp. | 475,843 | 3,616 |
^ | Fred's Inc. Class A | 870,223 | 3,524 |
* | Red Lion Hotels Corp. | 352,425 | 3,471 |
* | Fogo De Chao Inc. | 292,629 | 3,394 |
* | Liquidity Services Inc. | 697,626 | 3,383 |
* | J Alexander's Holdings Inc. | 329,314 | 3,194 |
*,^ | Global Eagle Entertainment Inc. | 1,375,392 | 3,150 |
* | Ascent Capital Group Inc. Class A | 258,341 | 2,968 |
* | Build-A-Bear Workshop Inc. | 316,025 | 2,907 |
* | FTD Cos. Inc. | 402,549 | 2,894 |
*,^ | Tuesday Morning Corp. | 1,034,055 | 2,844 |
* | RealNetworks Inc. | 791,808 | 2,708 |
^ | Natural Health Trends Corp. | 177,767 | 2,700 |
* | Full House Resorts Inc. | 688,764 | 2,693 |
* | Marchex Inc. Class B | 825,308 | 2,666 |
*,^ | Lee Enterprises Inc. | 1,126,859 | 2,648 |
Liberty Tax Inc. | 238,960 | 2,629 | |
YuMe Inc. | 543,296 | 2,597 | |
*,^ | Noodles & Co. Class A | 477,132 | 2,505 |
*,^ | Blue Apron Holdings Inc. Class A | 617,072 | 2,487 |
* | PCM Inc. | 246,655 | 2,442 |
* | J. Jill Inc. | 307,091 | 2,395 |
*,^ | Inspired Entertainment Inc. | 241,228 | 2,364 |
* | Vitamin Shoppe Inc. | 531,206 | 2,337 |
* | Leaf Group Ltd. | 228,866 | 2,266 |
* | AutoWeb Inc. | 245,357 | 2,211 |
*,^ | Natural Grocers by Vitamin Cottage Inc. | 239,762 | 2,141 |
*,^ | Sears Holdings Corp. | 592,695 | 2,122 |
* | Town Sports International Holdings Inc. | 380,413 | 2,111 |
* | Container Store Group Inc. | 440,571 | 2,088 |
*,^ | Cogint Inc. | 474,404 | 2,087 |
AH Belo Corp. Class A | 428,938 | 2,059 | |
* | Gaia Inc. Class A | 160,559 | 1,991 |
*,^ | Digital Turbine Inc. | 1,085,631 | 1,943 |
* | Cambium Learning Group Inc. | 333,388 | 1,894 |
Peak Resorts Inc. | 336,921 | 1,819 | |
* | Townsquare Media Inc. Class A | 226,296 | 1,738 |
* | EVINE Live Inc. | 1,240,696 | 1,737 |
* | Destination XL Group Inc. | 740,016 | 1,628 |
* | Rubicon Project Inc. | 814,927 | 1,524 |
*,^ | Papa Murphy's Holdings Inc. | 261,858 | 1,409 |
* | New York & Co. Inc. | 484,773 | 1,386 |
Wayside Technology Group Inc. | 82,067 | 1,371 | |
Salem Media Group Inc. Class A | 304,136 | 1,369 | |
* | Chicken Soup For The Soul Entertainment Inc. | 116,305 | 1,047 |
Beasley Broadcast Group Inc. Class A | 76,851 | 1,030 | |
^ | Stage Stores Inc. | 604,214 | 1,015 |
* | Urban One Inc. | 577,563 | 1,011 |
* | Travelzoo | 152,382 | 983 |
* | TheStreet Inc. | 664,861 | 964 |
^ | Stein Mart Inc. | 781,770 | 907 |
*,^ | Destination Maternity Corp. | 296,396 | 880 |
*,^ | McClatchy Co. Class A | 96,865 | 865 |
Dover Motorsports Inc. | 442,500 | 863 | |
* | Nevada Gold & Casinos Inc. | 313,955 | 838 |
*,^ | Social Reality Inc. | 147,420 | 833 |
* | Luby's Inc. | 308,772 | 815 |
* | Harte-Hanks Inc. | 789,630 | 749 |
* | Profire Energy Inc. | 385,509 | 740 |
13
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Bravo Brio Restaurant Group Inc. | 238,286 | 596 |
Ark Restaurants Corp. | 21,310 | 576 | |
*,^ | Famous Dave's of America Inc. | 86,505 | 571 |
* | Christopher & Banks Corp. | 425,395 | 540 |
Canterbury Park Holding Corp. | 31,505 | 518 | |
*,^ | Interpace Diagnostics Group Inc. | 493,138 | 503 |
* | Educational Development Corp. | 23,623 | 448 |
* | ONE Group Hospitality Inc. | 184,852 | 442 |
*,^ | Good Times Restaurants Inc. | 154,244 | 409 |
* | Emmis Communications Corp. Class A | 112,373 | 398 |
* | Rush Enterprises Inc. Class B | 7,149 | 345 |
*,^ | Kona Grill Inc. | 152,060 | 266 |
^ | National American University Holdings Inc. | 170,808 | 239 |
*,^ | Ifresh Inc. | 14,546 | 193 |
*,^ | Genius Brands International Inc. | 68,896 | 187 |
*,^ | Sears Hometown and Outlet Stores Inc. | 71,795 | 187 |
Value Line Inc. | 9,438 | 183 | |
* | Diversified Restaurant Holdings Inc. | 102,027 | 163 |
* | Rave Restaurant Group Inc. | 109,555 | 160 |
* | Spark Networks SE ADR | 11,270 | 143 |
Flanigan's Enterprises Inc. | 5,278 | 122 | |
Insignia Systems Inc. | 96,450 | 115 | |
* | Dover Downs Gaming & Entertainment Inc. | 90,486 | 92 |
Haverty Furniture Cos. Inc. Class A | 1,375 | 31 | |
* | SPAR Group Inc. | 19,446 | 24 |
* | NTN Buzztime Inc. | 4,842 | 20 |
Viacom Inc. Class A | 300 | 10 | |
* | Youngevity International Inc. | 1,800 | 7 |
*,2 | Universal Travel Group | 42,843 | 7 |
* | Eastside Distilling Inc. | 1,400 | 6 |
* | DGSE Cos. Inc. | 2,900 | 3 |
* | YogaWorks Inc. | 800 | 2 |
* | Urban One Inc. Class A | 950 | 2 |
* | RLJ Entertainment Inc. | 300 | 1 |
84,504,922 | |||
Financials (20.5%) | |||
* | Berkshire Hathaway Inc. Class B | 45,474,304 | 9,013,917 |
JPMorgan Chase & Co. | 83,637,226 | 8,944,165 | |
Bank of America Corp. | 238,841,012 | 7,050,587 | |
Wells Fargo & Co. | 106,828,251 | 6,481,270 | |
Visa Inc. Class A | 43,714,213 | 4,984,295 | |
Citigroup Inc. | 63,729,446 | 4,742,108 | |
Mastercard Inc. Class A | 22,636,557 | 3,426,269 | |
Goldman Sachs Group Inc. | 8,183,030 | 2,084,709 | |
US Bancorp | 37,988,582 | 2,035,428 | |
Morgan Stanley | 32,672,577 | 1,714,330 | |
American Express Co. | 16,775,218 | 1,665,947 | |
PNC Financial Services Group Inc. | 11,462,605 | 1,653,939 | |
Chubb Ltd. | 10,622,672 | 1,552,291 | |
Charles Schwab Corp. | 29,077,866 | 1,493,730 | |
American Tower Corp. | 10,338,098 | 1,474,936 | |
BlackRock Inc. | 2,704,161 | 1,389,155 | |
American International Group Inc. | 21,662,377 | 1,290,644 | |
Simon Property Group Inc. | 7,492,974 | 1,286,843 | |
Bank of New York Mellon Corp. | 23,440,821 | 1,262,523 | |
CME Group Inc. | 8,201,078 | 1,197,767 | |
Prudential Financial Inc. | 10,210,850 | 1,174,044 | |
Capital One Financial Corp. | 11,686,096 | 1,163,701 | |
Crown Castle International Corp. | 9,794,501 | 1,087,288 | |
S&P Global Inc. | 6,147,195 | 1,041,335 | |
MetLife Inc. | 20,476,109 | 1,035,272 | |
Marsh & McLennan Cos. Inc. | 12,297,229 | 1,000,871 | |
Intercontinental Exchange Inc. | 14,100,133 | 994,905 | |
BB&T Corp. | 19,011,046 | 945,229 |
14
Vanguard® Total Stock Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Allstate Corp. | 8,673,887 | 908,243 |
Travelers Cos. Inc. | 6,594,510 | 894,479 |
Equinix Inc. | 1,885,763 | 854,666 |
Aflac Inc. | 9,468,423 | 831,138 |
State Street Corp. | 8,489,285 | 828,639 |
Prologis Inc. | 12,765,408 | 823,496 |
Aon plc | 6,023,157 | 807,103 |
Progressive Corp. | 14,016,509 | 789,410 |
Public Storage | 3,566,667 | 745,433 |
SunTrust Banks Inc. | 11,468,379 | 740,743 |
Synchrony Financial | 17,942,304 | 692,752 |
Discover Financial Services | 8,783,070 | 675,594 |
Weyerhaeuser Co. | 18,185,029 | 641,204 |
Ameriprise Financial Inc. | 3,564,699 | 604,110 |
AvalonBay Communities Inc. | 3,328,168 | 593,778 |
T. Rowe Price Group Inc. | 5,546,582 | 582,003 |
Moody's Corp. | 3,915,465 | 577,962 |
Welltower Inc. | 8,922,518 | 568,989 |
Equity Residential | 8,853,320 | 564,576 |
Digital Realty Trust Inc. | 4,952,102 | 564,044 |
M&T Bank Corp. | 3,265,286 | 558,331 |
KeyCorp | 25,909,870 | 522,602 |
Northern Trust Corp. | 5,207,104 | 520,138 |
Fifth Third Bancorp | 16,998,580 | 515,737 |
Ventas Inc. | 8,584,688 | 515,167 |
Citizens Financial Group Inc. | 11,851,657 | 497,533 |
Principal Financial Group Inc. | 6,956,244 | 490,833 |
Boston Properties Inc. | 3,719,963 | 483,707 |
Hartford Financial Services Group Inc. | 8,592,025 | 483,559 |
Regions Financial Corp. | 27,944,744 | 482,885 |
Willis Towers Watson plc | 3,177,033 | 478,747 |
* SBA Communications Corp. Class A | 2,833,874 | 462,942 |
Lincoln National Corp. | 5,268,365 | 404,979 |
Realty Income Corp. | 6,787,899 | 387,046 |
TD Ameritrade Holding Corp. | 7,516,133 | 384,300 |
Essex Property Trust Inc. | 1,591,286 | 384,089 |
Huntington Bancshares Inc. | 26,036,218 | 379,087 |
* IHS Markit Ltd. | 8,172,189 | 368,974 |
Comerica Inc. | 4,189,415 | 363,683 |
* Markel Corp. | 318,785 | 363,138 |
Loews Corp. | 7,256,348 | 363,035 |
Invesco Ltd. | 9,800,233 | 358,101 |
Host Hotels & Resorts Inc. | 17,829,240 | 353,910 |
Franklin Resources Inc. | 8,004,702 | 346,844 |
GGP Inc. | 14,820,717 | 346,657 |
Equifax Inc. | 2,893,257 | 341,173 |
Cboe Global Markets Inc. | 2,734,442 | 340,684 |
First Republic Bank | 3,869,245 | 335,231 |
Annaly Capital Management Inc. | 27,893,663 | 331,656 |
* E*TRADE Financial Corp. | 6,497,404 | 322,076 |
Vornado Realty Trust | 4,116,172 | 321,802 |
* CBRE Group Inc. Class A | 7,352,042 | 318,417 |
Ally Financial Inc. | 10,681,121 | 311,461 |
Alexandria Real Estate Equities Inc. | 2,305,456 | 301,070 |
* SVB Financial Group | 1,270,453 | 296,994 |
Unum Group | 5,400,739 | 296,447 |
HCP Inc. | 11,302,433 | 294,767 |
* Berkshire Hathaway Inc. Class A | 984 | 292,838 |
Cincinnati Financial Corp. | 3,754,653 | 281,486 |
Raymond James Financial Inc. | 3,123,091 | 278,892 |
Mid-America Apartment Communities Inc. | 2,735,416 | 275,073 |
Arthur J Gallagher & Co. | 4,345,014 | 274,952 |
Affiliated Managers Group Inc. | 1,339,121 | 274,855 |
MSCI Inc. Class A | 2,171,822 | 274,822 |
15
Vanguard® Total Stock Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
* Arch Capital Group Ltd. | 2,992,487 | 271,628 |
Regency Centers Corp. | 3,689,463 | 255,237 |
* Liberty Broadband Corp. | 2,976,423 | 253,472 |
Extra Space Storage Inc. | 2,884,639 | 252,262 |
UDR Inc. | 6,442,939 | 248,182 |
SEI Investments Co. | 3,426,255 | 246,211 |
FNF Group | 6,241,617 | 244,921 |
Zions Bancorporation | 4,812,214 | 244,605 |
Iron Mountain Inc. | 6,443,775 | 243,124 |
Reinsurance Group of America Inc. Class A | 1,550,433 | 241,759 |
SL Green Realty Corp. | 2,378,258 | 240,038 |
Torchmark Corp. | 2,639,570 | 239,435 |
Duke Realty Corp. | 8,567,121 | 233,111 |
Federal Realty Investment Trust | 1,744,443 | 231,679 |
Macerich Co. | 3,392,259 | 222,804 |
Everest Re Group Ltd. | 988,824 | 218,787 |
XL Group Ltd. | 6,165,648 | 216,784 |
Nasdaq Inc. | 2,807,526 | 215,702 |
Voya Financial Inc. | 4,323,788 | 213,898 |
East West Bancorp Inc. | 3,480,464 | 211,717 |
Western Union Co. | 11,067,279 | 210,389 |
* Alleghany Corp. | 352,550 | 210,152 |
Camden Property Trust | 2,230,081 | 205,301 |
AGNC Investment Corp. | 9,392,049 | 189,625 |
American Financial Group Inc. | 1,693,035 | 183,762 |
VEREIT Inc. | 23,442,496 | 182,617 |
WP Carey Inc. | 2,571,891 | 177,203 |
Kimco Realty Corp. | 9,744,757 | 176,867 |
Kilroy Realty Corp. | 2,363,628 | 176,445 |
MarketAxess Holdings Inc. | 859,485 | 173,401 |
* Signature Bank | 1,250,174 | 171,599 |
Equity LifeStyle Properties Inc. | 1,925,434 | 171,402 |
Janus Henderson Group plc | 4,346,021 | 166,279 |
Apartment Investment & Management Co. | 3,776,400 | 165,066 |
Sun Communities Inc. | 1,775,794 | 164,758 |
Lazard Ltd. Class A | 3,123,731 | 163,996 |
Gaming and Leisure Properties Inc. | 4,397,408 | 162,704 |
Jones Lang LaSalle Inc. | 1,091,449 | 162,550 |
Invitation Homes Inc. | 6,870,607 | 161,940 |
Douglas Emmett Inc. | 3,874,242 | 159,076 |
National Retail Properties Inc. | 3,657,503 | 157,748 |
WR Berkley Corp. | 2,190,863 | 156,975 |
PacWest Bancorp | 3,104,091 | 156,446 |
^ CIT Group Inc. | 3,163,252 | 155,727 |
People's United Financial Inc. | 8,260,777 | 154,477 |
Liberty Property Trust | 3,535,539 | 152,064 |
Eaton Vance Corp. | 2,689,122 | 151,640 |
Lamar Advertising Co. Class A | 2,025,285 | 150,357 |
First American Financial Corp. | 2,664,942 | 149,343 |
Healthcare Trust of America Inc. Class A | 4,929,735 | 148,089 |
Forest City Realty Trust Inc. Class A | 6,139,246 | 147,956 |
Brown & Brown Inc. | 2,862,446 | 147,301 |
New York Community Bancorp Inc. | 11,160,664 | 145,312 |
Colony NorthStar Inc. Class A | 12,495,072 | 142,569 |
* Athene Holding Ltd. Class A | 2,746,941 | 142,044 |
Bank of the Ozarks | 2,922,093 | 141,575 |
First Horizon National Corp. | 7,009,601 | 140,122 |
Brixmor Property Group Inc. | 7,350,318 | 137,157 |
American Homes 4 Rent Class A | 6,199,114 | 135,389 |
* Brighthouse Financial Inc. | 2,306,109 | 135,230 |
American Campus Communities Inc. | 3,283,319 | 134,715 |
Starwood Property Trust Inc. | 6,263,020 | 133,715 |
Synovus Financial Corp. | 2,764,307 | 132,521 |
New Residential Investment Corp. | 7,382,232 | 131,994 |
16
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Omega Healthcare Investors Inc. | 4,766,893 | 131,280 |
DCT Industrial Trust Inc. | 2,232,533 | 131,228 | |
Assurant Inc. | 1,293,392 | 130,426 | |
Commerce Bancshares Inc. | 2,326,273 | 129,899 | |
Cullen/Frost Bankers Inc. | 1,371,901 | 129,850 | |
* | Western Alliance Bancorp | 2,285,806 | 129,422 |
Old Republic International Corp. | 6,024,337 | 128,800 | |
Hudson Pacific Properties Inc. | 3,756,905 | 128,674 | |
Sterling Bancorp | 5,133,674 | 126,288 | |
CubeSmart | 4,363,608 | 126,196 | |
* | MGIC Investment Corp. | 8,919,022 | 125,847 |
Highwoods Properties Inc. | 2,470,390 | 125,768 | |
Webster Financial Corp. | 2,226,062 | 125,016 | |
CyrusOne Inc. | 2,088,124 | 124,306 | |
RenaissanceRe Holdings Ltd. | 965,790 | 121,294 | |
* | Black Knight Inc. | 2,733,286 | 120,675 |
Medical Properties Trust Inc. | 8,729,556 | 120,293 | |
LPL Financial Holdings Inc. | 2,065,911 | 118,046 | |
Pinnacle Financial Partners Inc. | 1,779,603 | 117,988 | |
* | Howard Hughes Corp. | 881,422 | 115,704 |
EPR Properties | 1,765,451 | 115,566 | |
Hospitality Properties Trust | 3,768,416 | 112,487 | |
Prosperity Bancshares Inc. | 1,600,134 | 112,121 | |
Park Hotels & Resorts Inc. | 3,880,676 | 111,569 | |
Wintrust Financial Corp. | 1,344,814 | 110,772 | |
Hanover Insurance Group Inc. | 1,019,385 | 110,175 | |
Umpqua Holdings Corp. | 5,283,354 | 109,894 | |
Senior Housing Properties Trust | 5,697,423 | 109,106 | |
Primerica Inc. | 1,067,007 | 108,355 | |
FNB Corp. | 7,788,390 | 107,636 | |
STORE Capital Corp. | 4,112,411 | 107,087 | |
Radian Group Inc. | 5,177,870 | 106,716 | |
* | Texas Capital Bancshares Inc. | 1,195,115 | 106,246 |
* | Liberty Ventures Class A | 1,957,154 | 106,156 |
BankUnited Inc. | 2,570,404 | 104,667 | |
* | Zillow Group Inc. | 2,536,143 | 103,779 |
Gramercy Property Trust | 3,857,517 | 102,841 | |
Hancock Holding Co. | 2,048,033 | 101,378 | |
Axis Capital Holdings Ltd. | 2,000,834 | 100,562 | |
CNO Financial Group Inc. | 4,068,994 | 100,463 | |
IBERIABANK Corp. | 1,291,227 | 100,070 | |
Life Storage Inc. | 1,120,084 | 99,766 | |
Apple Hospitality REIT Inc. | 5,065,830 | 99,341 | |
Rayonier Inc. | 3,106,926 | 98,272 | |
*,^ | Credit Acceptance Corp. | 303,498 | 98,176 |
Weingarten Realty Investors | 2,942,749 | 96,728 | |
Interactive Brokers Group Inc. | 1,631,532 | 96,603 | |
Healthcare Realty Trust Inc. | 3,002,291 | 96,434 | |
Assured Guaranty Ltd. | 2,823,432 | 95,630 | |
Spirit Realty Capital Inc. | 11,077,584 | 95,046 | |
CoreSite Realty Corp. | 824,065 | 93,861 | |
Cousins Properties Inc. | 10,100,903 | 93,433 | |
Stifel Financial Corp. | 1,568,560 | 93,423 | |
Associated Banc-Corp | 3,646,530 | 92,622 | |
RLJ Lodging Trust | 4,207,612 | 92,441 | |
Chemical Financial Corp. | 1,718,116 | 91,868 | |
* | Equity Commonwealth | 2,990,815 | 91,250 |
Taubman Centers Inc. | 1,392,721 | 91,126 | |
First Industrial Realty Trust Inc. | 2,882,303 | 90,706 | |
Sunstone Hotel Investors Inc. | 5,402,859 | 89,309 | |
Bank of Hawaii Corp. | 1,036,453 | 88,824 | |
Legg Mason Inc. | 2,102,129 | 88,247 | |
JBG SMITH Properties | 2,538,511 | 88,162 | |
Popular Inc. | 2,471,053 | 87,698 |
17
Vanguard® Total Stock Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Investors Bancorp Inc. | 6,300,358 | 87,449 |
* Essent Group Ltd. | 2,012,707 | 87,392 |
Realogy Holdings Corp. | 3,276,396 | 86,824 |
Home BancShares Inc. | 3,733,155 | 86,796 |
MB Financial Inc. | 1,922,989 | 85,611 |
Validus Holdings Ltd. | 1,816,319 | 85,222 |
Navient Corp. | 6,357,392 | 84,680 |
United Bankshares Inc. | 2,413,937 | 83,884 |
BGC Partners Inc. Class A | 5,498,188 | 83,078 |
Selective Insurance Group Inc. | 1,405,135 | 82,481 |
Sabra Health Care REIT Inc. | 4,287,311 | 80,473 |
Federated Investors Inc. Class B | 2,198,546 | 79,324 |
Chimera Investment Corp. | 4,258,191 | 78,691 |
Empire State Realty Trust Inc. | 3,818,992 | 78,404 |
UMB Financial Corp. | 1,088,993 | 78,320 |
Cathay General Bancorp | 1,853,397 | 78,158 |
Physicians Realty Trust | 4,320,122 | 77,719 |
^ Blackstone Mortgage Trust Inc. Class A | 2,414,891 | 77,711 |
Outfront Media Inc. | 3,338,712 | 77,458 |
Paramount Group Inc. | 4,866,218 | 77,130 |
Brandywine Realty Trust | 4,228,419 | 76,915 |
Corporate Office Properties Trust | 2,616,747 | 76,409 |
LaSalle Hotel Properties | 2,719,238 | 76,329 |
TCF Financial Corp. | 3,718,994 | 76,239 |
Columbia Banking System Inc. | 1,754,746 | 76,226 |
Fulton Financial Corp. | 4,232,297 | 75,758 |
MFA Financial Inc. | 9,466,399 | 74,974 |
FirstCash Inc. | 1,102,818 | 74,385 |
Glacier Bancorp Inc. | 1,883,752 | 74,201 |
Retail Properties of America Inc. | 5,507,784 | 74,025 |
ProAssurance Corp. | 1,287,453 | 73,578 |
Erie Indemnity Co. Class A | 602,968 | 73,466 |
South State Corp. | 839,766 | 73,186 |
Washington Federal Inc. | 2,116,008 | 72,473 |
Ryman Hospitality Properties Inc. | 1,047,897 | 72,326 |
^ Uniti Group Inc. | 4,035,443 | 71,791 |
National Health Investors Inc. | 947,476 | 71,421 |
GEO Group Inc. | 2,987,455 | 70,504 |
First Financial Bankshares Inc. | 1,535,975 | 69,196 |
EastGroup Properties Inc. | 781,201 | 69,043 |
White Mountains Insurance Group Ltd. | 80,421 | 68,461 |
DDR Corp. | 7,613,430 | 68,216 |
Piedmont Office Realty Trust Inc. Class A | 3,476,039 | 68,165 |
Two Harbors Investment Corp. | 4,173,658 | 67,864 |
Valley National Bancorp | 6,012,640 | 67,462 |
Evercore Inc. Class A | 746,510 | 67,186 |
* Green Dot Corp. Class A | 1,104,739 | 66,572 |
Columbia Property Trust Inc. | 2,892,171 | 66,375 |
Community Bank System Inc. | 1,223,087 | 65,741 |
CoreCivic Inc. | 2,847,989 | 64,080 |
Kemper Corp. | 927,973 | 63,937 |
Education Realty Trust Inc. | 1,820,989 | 63,589 |
Urban Edge Properties | 2,466,812 | 62,879 |
American Equity Investment Life Holding Co. | 2,029,595 | 62,369 |
BancorpSouth Bank | 1,973,810 | 62,076 |
STAG Industrial Inc. | 2,261,076 | 61,795 |
RLI Corp. | 1,014,322 | 61,529 |
Pebblebrook Hotel Trust | 1,652,095 | 61,408 |
^ Tanger Factory Outlet Centers Inc. | 2,308,067 | 61,187 |
American National Insurance Co. | 474,684 | 60,878 |
First Midwest Bancorp Inc. | 2,512,675 | 60,329 |
CVB Financial Corp. | 2,541,353 | 59,874 |
First Citizens BancShares Inc. Class A | 147,704 | 59,525 |
PS Business Parks Inc. | 473,358 | 59,212 |
18
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | LendingTree Inc. | 172,797 | 58,829 |
Aspen Insurance Holdings Ltd. | 1,444,054 | 58,629 | |
Washington REIT | 1,883,868 | 58,626 | |
* | SLM Corp. | 5,153,839 | 58,238 |
* | HealthEquity Inc. | 1,235,033 | 57,627 |
Old National Bancorp | 3,281,875 | 57,269 | |
Hope Bancorp Inc. | 3,127,928 | 57,085 | |
Great Western Bancorp Inc. | 1,427,144 | 56,800 | |
Simmons First National Corp. Class A | 986,920 | 56,353 | |
QTS Realty Trust Inc. Class A | 1,030,143 | 55,793 | |
Acadia Realty Trust | 2,016,961 | 55,184 | |
Xenia Hotels & Resorts Inc. | 2,552,213 | 55,102 | |
Rexford Industrial Realty Inc. | 1,881,289 | 54,858 | |
International Bancshares Corp. | 1,378,507 | 54,727 | |
* | Zillow Group Inc. Class A | 1,335,733 | 54,418 |
DiamondRock Hospitality Co. | 4,804,435 | 54,242 | |
Kennedy-Wilson Holdings Inc. | 3,093,099 | 53,665 | |
Retail Opportunity Investments Corp. | 2,634,661 | 52,561 | |
BOK Financial Corp. | 556,839 | 51,407 | |
Trustmark Corp. | 1,582,638 | 50,423 | |
* | FCB Financial Holdings Inc. Class A | 991,298 | 50,358 |
Lexington Realty Trust | 5,203,808 | 50,217 | |
First Merchants Corp. | 1,186,488 | 49,904 | |
Potlatch Corp. | 986,120 | 49,207 | |
* | HRG Group Inc. | 2,898,424 | 49,128 |
Santander Consumer USA Holdings Inc. | 2,629,412 | 48,960 | |
* | Blackhawk Network Holdings Inc. | 1,368,265 | 48,779 |
Invesco Mortgage Capital Inc. | 2,677,377 | 47,738 | |
United Community Banks Inc. | 1,680,045 | 47,276 | |
Apollo Commercial Real Estate Finance Inc. | 2,540,153 | 46,866 | |
Financial Engines Inc. | 1,525,120 | 46,211 | |
Terreno Realty Corp. | 1,317,452 | 46,190 | |
LegacyTexas Financial Group Inc. | 1,089,767 | 45,999 | |
Independent Bank Corp. | 657,705 | 45,941 | |
Renasant Corp. | 1,111,452 | 45,447 | |
ServisFirst Bancshares Inc. | 1,091,789 | 45,309 | |
* | Eagle Bancorp Inc. | 778,561 | 45,079 |
Artisan Partners Asset Management Inc. Class A | 1,138,167 | 44,958 | |
Government Properties Income Trust | 2,373,228 | 44,000 | |
Hilltop Holdings Inc. | 1,727,437 | 43,756 | |
Banner Corp. | 791,996 | 43,655 | |
Horace Mann Educators Corp. | 977,115 | 43,091 | |
HFF Inc. Class A | 874,801 | 42,550 | |
Argo Group International Holdings Ltd. | 689,260 | 42,493 | |
* | OneMain Holdings Inc. | 1,634,315 | 42,476 |
Waddell & Reed Financial Inc. Class A | 1,900,703 | 42,462 | |
Towne Bank | 1,369,930 | 42,125 | |
* | Pacific Premier Bancorp Inc. | 1,051,552 | 42,062 |
Mack-Cali Realty Corp. | 1,944,724 | 41,928 | |
WesBanco Inc. | 1,022,952 | 41,583 | |
LTC Properties Inc. | 948,268 | 41,297 | |
*,^ | BofI Holding Inc. | 1,376,152 | 41,147 |
Ameris Bancorp | 849,827 | 40,962 | |
Capitol Federal Financial Inc. | 3,052,235 | 40,930 | |
Kite Realty Group Trust | 2,052,736 | 40,234 | |
* | Enstar Group Ltd. | 198,967 | 39,943 |
First Hawaiian Inc. | 1,365,492 | 39,845 | |
Provident Financial Services Inc. | 1,441,981 | 38,890 | |
Moelis & Co. Class A | 793,641 | 38,492 | |
Four Corners Property Trust Inc. | 1,488,697 | 38,260 | |
Union Bankshares Corp. | 1,053,455 | 38,103 | |
Summit Hotel Properties Inc. | 2,493,633 | 37,978 | |
NBT Bancorp Inc. | 1,028,193 | 37,838 | |
Select Income REIT | 1,504,368 | 37,805 |
19
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Genworth Financial Inc. Class A | 12,117,126 | 37,684 |
First Financial Bancorp | 1,426,686 | 37,593 | |
Chesapeake Lodging Trust | 1,380,336 | 37,393 | |
Northwest Bancshares Inc. | 2,233,375 | 37,364 | |
* | LendingClub Corp. | 9,014,242 | 37,229 |
Westamerica Bancorporation | 617,484 | 36,771 | |
WSFS Financial Corp. | 763,643 | 36,540 | |
American Assets Trust Inc. | 953,931 | 36,478 | |
Mercury General Corp. | 672,551 | 35,941 | |
WisdomTree Investments Inc. | 2,849,342 | 35,759 | |
CenterState Bank Corp. | 1,376,147 | 35,408 | |
*,^ | PRA Group Inc. | 1,040,939 | 34,559 |
Heartland Financial USA Inc. | 643,419 | 34,519 | |
Agree Realty Corp. | 668,356 | 34,380 | |
Park National Corp. | 322,391 | 33,529 | |
Berkshire Hills Bancorp Inc. | 914,475 | 33,470 | |
Global Net Lease Inc. | 1,615,438 | 33,246 | |
First Commonwealth Financial Corp. | 2,317,453 | 33,186 | |
Employers Holdings Inc. | 736,149 | 32,685 | |
S&T Bancorp Inc. | 818,263 | 32,575 | |
National Storage Affiliates Trust | 1,188,113 | 32,388 | |
Washington Prime Group Inc. | 4,520,112 | 32,183 | |
Independent Bank Group Inc. | 473,816 | 32,030 | |
* | Walker & Dunlop Inc. | 672,729 | 31,955 |
* | Quality Care Properties Inc. | 2,254,159 | 31,130 |
Alexander & Baldwin Inc. | 1,116,876 | 30,982 | |
First Busey Corp. | 1,029,855 | 30,834 | |
Boston Private Financial Holdings Inc. | 1,965,748 | 30,371 | |
CYS Investments Inc. | 3,781,364 | 30,364 | |
CareTrust REIT Inc. | 1,809,222 | 30,323 | |
* | Third Point Reinsurance Ltd. | 2,053,573 | 30,085 |
Piper Jaffray Cos. | 347,364 | 29,960 | |
Navigators Group Inc. | 609,419 | 29,679 | |
First Interstate BancSystem Inc. Class A | 736,354 | 29,491 | |
Monmouth Real Estate Investment Corp. | 1,636,282 | 29,126 | |
Houlihan Lokey Inc. Class A | 634,370 | 28,819 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,197,623 | 28,815 | |
Tompkins Financial Corp. | 351,682 | 28,609 | |
AMERISAFE Inc. | 464,110 | 28,589 | |
Ramco-Gershenson Properties Trust | 1,927,608 | 28,394 | |
Lakeland Financial Corp. | 579,318 | 28,091 | |
Safety Insurance Group Inc. | 348,354 | 28,008 | |
NRG Yield Inc. | 1,476,452 | 27,905 | |
National General Holdings Corp. | 1,419,210 | 27,873 | |
Brookline Bancorp Inc. | 1,769,011 | 27,773 | |
Beneficial Bancorp Inc. | 1,674,276 | 27,542 | |
Redwood Trust Inc. | 1,835,711 | 27,205 | |
* | Seacoast Banking Corp. of Florida | 1,064,702 | 26,841 |
Infinity Property & Casualty Corp. | 252,598 | 26,775 | |
Franklin Street Properties Corp. | 2,467,811 | 26,504 | |
State Bank Financial Corp. | 883,145 | 26,353 | |
^ | ARMOUR Residential REIT Inc. | 997,212 | 25,648 |
* | Cannae Holdings Inc. | 1,499,093 | 25,530 |
Kearny Financial Corp. | 1,763,451 | 25,482 | |
* | First BanCorp | 4,913,763 | 25,060 |
First Bancorp | 709,439 | 25,050 | |
City Holding Co. | 368,867 | 24,887 | |
^ | Seritage Growth Properties Class A | 611,459 | 24,740 |
Chatham Lodging Trust | 1,083,038 | 24,650 | |
Meridian Bancorp Inc. | 1,189,623 | 24,506 | |
James River Group Holdings Ltd. | 601,772 | 24,077 | |
Cohen & Steers Inc. | 507,310 | 23,991 | |
PennyMac Mortgage Investment Trust | 1,491,188 | 23,963 | |
Enterprise Financial Services Corp. | 528,322 | 23,854 |
20
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | CBL & Associates Properties Inc. | 4,212,194 | 23,841 |
*,^ | Encore Capital Group Inc. | 564,561 | 23,768 |
Ladder Capital Corp. Class A | 1,738,346 | 23,694 | |
^ | AmTrust Financial Services Inc. | 2,327,850 | 23,441 |
Tier REIT Inc. | 1,138,739 | 23,219 | |
* | NMI Holdings Inc. Class A | 1,364,829 | 23,202 |
Stewart Information Services Corp. | 543,740 | 23,000 | |
Universal Health Realty Income Trust | 306,057 | 22,988 | |
Southside Bancshares Inc. | 679,995 | 22,902 | |
Hanmi Financial Corp. | 747,384 | 22,683 | |
Easterly Government Properties Inc. | 1,053,486 | 22,481 | |
United Fire Group Inc. | 485,408 | 22,125 | |
Sandy Spring Bancorp Inc. | 555,720 | 21,684 | |
^ | Virtu Financial Inc. Class A | 1,175,714 | 21,516 |
Banc of California Inc. | 1,038,656 | 21,448 | |
MainSource Financial Group Inc. | 590,048 | 21,425 | |
Heritage Financial Corp. | 691,834 | 21,308 | |
Lakeland Bancorp Inc. | 1,103,153 | 21,236 | |
United Financial Bancorp Inc. | 1,200,388 | 21,175 | |
TFS Financial Corp. | 1,413,941 | 21,124 | |
Central Pacific Financial Corp. | 707,265 | 21,098 | |
TrustCo Bank Corp. NY | 2,262,947 | 20,819 | |
BancFirst Corp. | 406,987 | 20,817 | |
National Bank Holdings Corp. Class A | 635,922 | 20,623 | |
Independence Realty Trust Inc. | 2,029,424 | 20,477 | |
Getty Realty Corp. | 753,543 | 20,466 | |
Universal Insurance Holdings Inc. | 748,085 | 20,460 | |
Kinsale Capital Group Inc. | 454,036 | 20,432 | |
RE/MAX Holdings Inc. Class A | 420,481 | 20,393 | |
Bryn Mawr Bank Corp. | 455,984 | 20,154 | |
Meta Financial Group Inc. | 217,463 | 20,148 | |
MTGE Investment Corp. | 1,087,645 | 20,121 | |
Capstead Mortgage Corp. | 2,325,417 | 20,115 | |
Alexander's Inc. | 49,950 | 19,773 | |
Virtus Investment Partners Inc. | 168,893 | 19,431 | |
Stock Yards Bancorp Inc. | 501,994 | 18,925 | |
^ | Pennsylvania REIT | 1,581,431 | 18,803 |
ConnectOne Bancorp Inc. | 729,765 | 18,791 | |
* | Flagstar Bancorp Inc. | 500,771 | 18,739 |
Preferred Bank | 317,458 | 18,660 | |
PJT Partners Inc. | 405,522 | 18,492 | |
Nelnet Inc. Class A | 336,867 | 18,454 | |
CoBiz Financial Inc. | 917,637 | 18,344 | |
Univest Corp. of Pennsylvania | 653,576 | 18,333 | |
TriCo Bancshares | 480,988 | 18,210 | |
Saul Centers Inc. | 294,199 | 18,167 | |
* | Liberty Broadband Corp. Class A | 211,392 | 17,979 |
* | iStar Inc. | 1,588,736 | 17,953 |
Preferred Apartment Communities Inc. Class A | 883,244 | 17,886 | |
Washington Trust Bancorp Inc. | 335,426 | 17,861 | |
Flushing Financial Corp. | 648,443 | 17,832 | |
* | St. Joe Co. | 986,450 | 17,805 |
* | HomeStreet Inc. | 614,196 | 17,781 |
National Western Life Group Inc. Class A | 53,331 | 17,654 | |
OceanFirst Financial Corp. | 670,018 | 17,588 | |
Granite Point Mortgage Trust Inc. | 987,226 | 17,513 | |
Northfield Bancorp Inc. | 1,024,998 | 17,507 | |
* | Customers Bancorp Inc. | 672,974 | 17,491 |
InfraREIT Inc. | 941,240 | 17,488 | |
Community Trust Bancorp Inc. | 368,700 | 17,366 | |
German American Bancorp Inc. | 484,996 | 17,135 | |
FBL Financial Group Inc. Class A | 245,289 | 17,084 | |
NRG Yield Inc. Class A | 906,264 | 17,083 | |
Investors Real Estate Trust | 3,002,255 | 17,053 |
21
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Carolina Financial Corp. | 450,230 | 16,726 | |
Armada Hoffler Properties Inc. | 1,076,246 | 16,714 | |
Hersha Hospitality Trust Class A | 948,706 | 16,507 | |
Diamond Hill Investment Group Inc. | 79,354 | 16,399 | |
Urstadt Biddle Properties Inc. Class A | 748,556 | 16,274 | |
New York Mortgage Trust Inc. | 2,634,605 | 16,256 | |
Oritani Financial Corp. | 968,991 | 15,891 | |
Guaranty Bancorp | 565,352 | 15,632 | |
New York REIT Inc. | 3,956,394 | 15,549 | |
* | INTL. FCStone Inc. | 364,656 | 15,509 |
Horizon Bancorp | 556,211 | 15,463 | |
*,^ | MBIA Inc. | 2,102,363 | 15,389 |
Camden National Corp. | 364,459 | 15,355 | |
Dime Community Bancshares Inc. | 727,971 | 15,251 | |
First of Long Island Corp. | 530,627 | 15,123 | |
New Senior Investment Group Inc. | 1,999,495 | 15,116 | |
Bridge Bancorp Inc. | 431,408 | 15,099 | |
*,^ | Williams Scotsman Corp. | 1,159,589 | 14,727 |
Investment Technology Group Inc. | 751,901 | 14,474 | |
Ashford Hospitality Trust Inc. | 2,135,784 | 14,374 | |
* | Greenlight Capital Re Ltd. Class A | 714,527 | 14,362 |
Heritage Commerce Corp. | 932,251 | 14,282 | |
* | Veritex Holdings Inc. | 513,684 | 14,173 |
Live Oak Bancshares Inc. | 592,651 | 14,135 | |
* | Opus Bank | 514,470 | 14,045 |
* | First Foundation Inc. | 750,437 | 13,913 |
Great Southern Bancorp Inc. | 268,852 | 13,886 | |
* | EZCORP Inc. Class A | 1,136,267 | 13,862 |
Gladstone Commercial Corp. | 658,088 | 13,859 | |
Federal Agricultural Mortgage Corp. | 173,799 | 13,598 | |
CatchMark Timber Trust Inc. Class A | 1,025,344 | 13,463 | |
* | Nationstar Mortgage Holdings Inc. | 723,616 | 13,387 |
* | Triumph Bancorp Inc. | 422,753 | 13,317 |
Peoples Bancorp Inc. | 408,058 | 13,311 | |
QCR Holdings Inc. | 309,849 | 13,277 | |
* | Marcus & Millichap Inc. | 406,448 | 13,254 |
Peapack Gladstone Financial Corp. | 377,413 | 13,217 | |
Mercantile Bank Corp. | 373,272 | 13,203 | |
Anworth Mortgage Asset Corp. | 2,402,741 | 13,071 | |
Altisource Residential Corp. | 1,087,520 | 12,898 | |
AG Mortgage Investment Trust Inc. | 671,785 | 12,771 | |
Cedar Realty Trust Inc. | 2,079,341 | 12,642 | |
^ | Whitestone REIT | 872,349 | 12,571 |
* | Cadence BanCorp Class A | 463,169 | 12,561 |
* | FB Financial Corp. | 298,701 | 12,542 |
Westwood Holdings Group Inc. | 189,360 | 12,538 | |
BBX Capital Corp. Class A | 1,557,869 | 12,416 | |
* | TriState Capital Holdings Inc. | 526,277 | 12,104 |
* | Bancorp Inc. | 1,218,738 | 12,041 |
NexPoint Residential Trust Inc. | 420,244 | 11,742 | |
KKR Real Estate Finance Trust Inc. | 577,424 | 11,554 | |
State Auto Financial Corp. | 396,051 | 11,533 | |
* | Enova International Inc. | 758,131 | 11,524 |
Midland States Bancorp Inc. | 353,084 | 11,468 | |
Blue Hills Bancorp Inc. | 570,252 | 11,462 | |
Community Healthcare Trust Inc. | 405,984 | 11,408 | |
First Defiance Financial Corp. | 217,942 | 11,326 | |
* | PennyMac Financial Services Inc. Class A | 504,628 | 11,278 |
CorEnergy Infrastructure Trust Inc. | 293,933 | 11,228 | |
Fidelity Southern Corp. | 514,578 | 11,218 | |
Independent Bank Corp. | 501,462 | 11,208 | |
* | National Commerce Corp. | 276,321 | 11,122 |
Maiden Holdings Ltd. | 1,678,845 | 11,080 | |
UMH Properties Inc. | 735,617 | 10,961 |
22
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Bank Mutual Corp. | 1,027,692 | 10,945 | |
First Financial Corp. | 238,602 | 10,821 | |
Financial Institutions Inc. | 342,200 | 10,642 | |
Waterstone Financial Inc. | 616,491 | 10,511 | |
City Office REIT Inc. | 806,299 | 10,490 | |
One Liberty Properties Inc. | 403,751 | 10,465 | |
* | Allegiance Bancshares Inc. | 275,959 | 10,390 |
* | HomeTrust Bancshares Inc. | 401,264 | 10,333 |
OFG Bancorp | 1,099,006 | 10,331 | |
* | Nicolet Bankshares Inc. | 188,722 | 10,331 |
Bank of Marin Bancorp | 151,613 | 10,310 | |
* | Franklin Financial Network Inc. | 302,096 | 10,301 |
Arbor Realty Trust Inc. | 1,178,116 | 10,179 | |
* | Green Bancorp Inc. | 500,347 | 10,157 |
United Community Financial Corp. | 1,108,871 | 10,124 | |
*,^ | Republic First Bancorp Inc. | 1,196,992 | 10,115 |
Arrow Financial Corp. | 296,230 | 10,057 | |
People's Utah Bancorp | 329,739 | 9,991 | |
Western Asset Mortgage Capital Corp. | 991,945 | 9,870 | |
RMR Group Inc. Class A | 165,508 | 9,815 | |
* | Atlantic Capital Bancshares Inc. | 556,566 | 9,796 |
United Insurance Holdings Corp. | 559,305 | 9,648 | |
Old Second Bancorp Inc. | 699,050 | 9,542 | |
^ | Orchid Island Capital Inc. | 1,013,174 | 9,402 |
* | Equity Bancshares Inc. Class A | 263,078 | 9,316 |
^ | Greenhill & Co. Inc. | 473,983 | 9,243 |
* | Global Indemnity Ltd. | 218,460 | 9,180 |
* | World Acceptance Corp. | 113,647 | 9,174 |
*,^ | Redfin Corp. | 292,653 | 9,166 |
* | Ambac Financial Group Inc. | 567,760 | 9,073 |
* | Xenith Bankshares Inc. | 268,141 | 9,071 |
Access National Corp. | 325,804 | 9,070 | |
First Community Bancshares Inc. | 315,304 | 9,059 | |
^ | Heritage Insurance Holdings Inc. | 502,565 | 9,056 |
MidWestOne Financial Group Inc. | 267,346 | 8,964 | |
First Bancshares Inc. | 260,943 | 8,924 | |
Dynex Capital Inc. | 1,269,218 | 8,897 | |
Bar Harbor Bankshares | 328,953 | 8,885 | |
* | Tejon Ranch Co. | 422,030 | 8,761 |
Clifton Bancorp Inc. | 504,436 | 8,626 | |
* | Cowen Inc. Class A | 624,779 | 8,528 |
* | MoneyGram International Inc. | 644,381 | 8,493 |
CNB Financial Corp. | 323,543 | 8,490 | |
First Mid-Illinois Bancshares Inc. | 217,797 | 8,394 | |
Farmers National Banc Corp. | 560,600 | 8,269 | |
West Bancorporation Inc. | 323,143 | 8,127 | |
* | PCSB Financial Corp. | 425,123 | 8,099 |
First Connecticut Bancorp Inc. | 308,980 | 8,080 | |
Western New England Bancorp Inc. | 735,786 | 8,020 | |
WashingtonFirst Bankshares Inc. | 233,887 | 8,013 | |
1st Source Corp. | 160,405 | 7,932 | |
First Internet Bancorp | 205,008 | 7,821 | |
Ares Commercial Real Estate Corp. | 603,277 | 7,782 | |
MedEquities Realty Trust Inc. | 693,192 | 7,778 | |
^ | Farmers & Merchants Bancorp Inc. | 186,678 | 7,616 |
American National Bankshares Inc. | 198,603 | 7,606 | |
^ | Arlington Asset Investment Corp. Class A | 640,865 | 7,549 |
* | eHealth Inc. | 433,996 | 7,539 |
Republic Bancorp Inc. Class A | 196,945 | 7,488 | |
* | FRP Holdings Inc. | 169,193 | 7,487 |
*,^ | Health Insurance Innovations Inc. Class A | 298,311 | 7,443 |
Resource Capital Corp. | 793,772 | 7,438 | |
Ashford Hospitality Prime Inc. | 763,659 | 7,430 | |
*,^ | Citizens Inc. Class A | 980,041 | 7,203 |
23
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Newmark Group Inc. Class A | 452,272 | 7,191 |
GAIN Capital Holdings Inc. | 716,275 | 7,163 | |
Sierra Bancorp | 269,583 | 7,160 | |
* | Ocwen Financial Corp. | 2,283,853 | 7,148 |
Ladenburg Thalmann Financial Services Inc. | 2,173,795 | 6,869 | |
PICO Holdings Inc. | 532,971 | 6,822 | |
Southern National Bancorp of Virginia Inc. | 424,693 | 6,808 | |
Sun Bancorp Inc. | 279,799 | 6,799 | |
Sutherland Asset Management Corp. | 448,146 | 6,789 | |
* | HarborOne Bancorp Inc. | 353,948 | 6,782 |
Old Line Bancshares Inc. | 228,063 | 6,714 | |
* | On Deck Capital Inc. | 1,166,478 | 6,696 |
Home Bancorp Inc. | 154,792 | 6,690 | |
Baldwin & Lyons Inc. | 278,637 | 6,673 | |
EMC Insurance Group Inc. | 231,149 | 6,632 | |
National Bankshares Inc. | 144,376 | 6,562 | |
*,^ | Altisource Portfolio Solutions SA | 231,164 | 6,473 |
Enterprise Bancorp Inc. | 190,031 | 6,471 | |
Peoples Financial Services Corp. | 138,247 | 6,440 | |
* | Regional Management Corp. | 244,002 | 6,420 |
^ | Farmland Partners Inc. | 738,565 | 6,411 |
Territorial Bancorp Inc. | 207,365 | 6,401 | |
Bluerock Residential Growth REIT Inc. Class A | 626,503 | 6,334 | |
Farmers Capital Bank Corp. | 164,292 | 6,325 | |
Jernigan Capital Inc. | 332,618 | 6,323 | |
Consolidated-Tomoka Land Co. | 98,378 | 6,247 | |
Hingham Institution for Savings | 29,878 | 6,185 | |
* | Southern First Bancshares Inc. | 149,868 | 6,182 |
First Bancorp Inc. | 223,397 | 6,083 | |
Hamilton Lane Inc. Class A | 169,548 | 6,000 | |
Great Ajax Corp. | 428,918 | 5,928 | |
MutualFirst Financial Inc. | 151,990 | 5,859 | |
Southern Missouri Bancorp Inc. | 155,227 | 5,835 | |
* | Safeguard Scientifics Inc. | 517,916 | 5,801 |
Investors Title Co. | 28,898 | 5,732 | |
Citizens & Northern Corp. | 238,583 | 5,726 | |
Ames National Corp. | 205,571 | 5,725 | |
* | BSB Bancorp Inc. | 195,317 | 5,713 |
HCI Group Inc. | 190,689 | 5,702 | |
Summit Financial Group Inc. | 216,441 | 5,697 | |
Capital City Bank Group Inc. | 248,283 | 5,696 | |
* | Paragon Commercial Corp. | 106,707 | 5,678 |
Charter Financial Corp. | 320,741 | 5,626 | |
Oppenheimer Holdings Inc. Class A | 207,957 | 5,573 | |
Guaranty Bancshares Inc. | 181,251 | 5,555 | |
Macatawa Bank Corp. | 555,517 | 5,555 | |
TPG RE Finance Trust Inc. | 289,667 | 5,518 | |
*,^ | Forestar Group Inc. | 249,255 | 5,484 |
Cherry Hill Mortgage Investment Corp. | 304,688 | 5,481 | |
BankFinancial Corp. | 356,891 | 5,475 | |
Northrim BanCorp Inc. | 160,910 | 5,447 | |
Century Bancorp Inc. Class A | 68,932 | 5,394 | |
Orrstown Financial Services Inc. | 210,135 | 5,306 | |
* | Atlas Financial Holdings Inc. | 255,506 | 5,251 |
First Bank | 376,460 | 5,214 | |
Penns Woods Bancorp Inc. | 111,508 | 5,194 | |
Central Valley Community Bancorp | 256,265 | 5,171 | |
Shore Bancshares Inc. | 305,032 | 5,094 | |
Codorus Valley Bancorp Inc. | 181,094 | 4,986 | |
FNB Bancorp | 135,854 | 4,957 | |
* | First Northwest Bancorp | 302,712 | 4,934 |
Civista Bancshares Inc. | 223,072 | 4,908 | |
Marlin Business Services Corp. | 216,485 | 4,849 | |
Bank of Commerce Holdings | 421,001 | 4,842 |
24
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
BCB Bancorp Inc. | 333,743 | 4,839 | |
Timberland Bancorp Inc. | 182,045 | 4,833 | |
FS Bancorp Inc. | 87,803 | 4,791 | |
MBT Financial Corp. | 446,297 | 4,731 | |
* | Sunshine Bancorp Inc. | 206,193 | 4,730 |
* | Bank of Princeton | 136,045 | 4,672 |
Stratus Properties Inc. | 154,834 | 4,599 | |
MidSouth Bancorp Inc. | 343,907 | 4,557 | |
First Business Financial Services Inc. | 205,692 | 4,550 | |
Prudential Bancorp Inc. | 257,175 | 4,526 | |
Riverview Bancorp Inc. | 520,425 | 4,512 | |
LCNB Corp. | 218,549 | 4,469 | |
* | NI Holdings Inc. | 262,967 | 4,465 |
Federated National Holding Co. | 263,498 | 4,366 | |
C&F Financial Corp. | 74,815 | 4,339 | |
Investar Holding Corp. | 179,695 | 4,331 | |
Northeast Bancorp | 186,720 | 4,323 | |
^ | Global Medical REIT Inc. | 525,888 | 4,312 |
SI Financial Group Inc. | 293,277 | 4,311 | |
Pzena Investment Management Inc. Class A | 401,065 | 4,279 | |
Kingstone Cos. Inc. | 227,528 | 4,278 | |
Commerce Union Bancshares Inc. | 166,691 | 4,274 | |
Donegal Group Inc. Class A | 246,340 | 4,262 | |
* | Entegra Financial Corp. | 144,122 | 4,216 |
Bear State Financial Inc. | 409,778 | 4,192 | |
Bankwell Financial Group Inc. | 122,027 | 4,190 | |
Reis Inc. | 199,775 | 4,125 | |
Gladstone Land Corp. | 303,136 | 4,071 | |
* | Pacific Mercantile Bancorp | 465,099 | 4,070 |
Owens Realty Mortgage Inc. | 252,573 | 4,044 | |
Evans Bancorp Inc. | 96,328 | 4,036 | |
* | Trinity Place Holdings Inc. | 579,490 | 4,027 |
ESSA Bancorp Inc. | 254,680 | 3,991 | |
*,^ | AV Homes Inc. | 239,422 | 3,986 |
Safety Income and Growth Inc. | 226,295 | 3,983 | |
Unity Bancorp Inc. | 199,004 | 3,930 | |
* | Community Bankers Trust Corp. | 474,834 | 3,870 |
ACNB Corp. | 130,516 | 3,857 | |
* | WMIH Corp. | 4,468,924 | 3,795 |
County Bancorp Inc. | 126,977 | 3,779 | |
2 | Winthrop Realty Trust | 562,609 | 3,768 |
Silvercrest Asset Management Group Inc. Class A | 232,973 | 3,739 | |
*,^ | Elevate Credit Inc. | 479,983 | 3,614 |
^ | Clipper Realty Inc. | 356,927 | 3,566 |
* | Byline Bancorp Inc. | 154,752 | 3,555 |
Chemung Financial Corp. | 73,538 | 3,537 | |
* | SmartFinancial Inc. | 160,139 | 3,475 |
Premier Financial Bancorp Inc. | 172,554 | 3,465 | |
* | Howard Bancorp Inc. | 157,068 | 3,455 |
Community Financial Corp. | 90,165 | 3,453 | |
Ellington Residential Mortgage REIT | 282,664 | 3,403 | |
Independence Holding Co. | 122,798 | 3,371 | |
Associated Capital Group Inc. Class A | 98,430 | 3,356 | |
Parke Bancorp Inc. | 162,698 | 3,343 | |
Merchants Bancorp | 166,700 | 3,281 | |
Peoples Bancorp of North Carolina Inc. | 106,056 | 3,255 | |
* | Malvern Bancorp Inc. | 122,028 | 3,197 |
GAMCO Investors Inc. Class A | 107,805 | 3,196 | |
First Guaranty Bancshares Inc. | 123,575 | 3,089 | |
Union Bankshares Inc. | 57,784 | 3,060 | |
Federal Agricultural Mortgage Corp. Class A | 41,769 | 3,039 | |
Middlefield Banc Corp. | 62,863 | 3,030 | |
First Financial Northwest Inc. | 195,218 | 3,028 | |
* | Maui Land & Pineapple Co. Inc. | 174,732 | 3,023 |
25
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Tiptree Inc. | 493,567 | 2,937 | |
* | Hallmark Financial Services Inc. | 273,785 | 2,856 |
* | Capstar Financial Holdings Inc. | 134,266 | 2,789 |
* | Bay Bancorp Inc. | 226,029 | 2,780 |
^ | Greene County Bancorp Inc. | 84,105 | 2,742 |
Five Oaks Investment Corp. | 676,213 | 2,705 | |
*,^ | Impac Mortgage Holdings Inc. | 261,577 | 2,658 |
Provident Financial Holdings Inc. | 144,128 | 2,652 | |
* | Ashford Inc. | 28,292 | 2,631 |
Sotherly Hotels Inc. | 392,483 | 2,532 | |
*,^ | Atlantic Coast Financial Corp. | 258,634 | 2,439 |
DNB Financial Corp. | 69,832 | 2,353 | |
1st Constitution Bancorp | 127,386 | 2,350 | |
^ | Sussex Bancorp | 87,059 | 2,342 |
United Bancorp Inc. | 175,556 | 2,326 | |
^ | Innovative Industrial Properties Inc. | 70,542 | 2,279 |
*,^ | Select Bancorp Inc. | 178,553 | 2,255 |
MSB Financial Corp. | 121,527 | 2,175 | |
^ | Wheeler REIT Inc. | 216,286 | 2,159 |
*,^ | Bluegreen Vacations Corp. | 112,727 | 2,058 |
* | Consumer Portfolio Services Inc. | 491,566 | 2,040 |
* | Provident Bancorp Inc. | 75,478 | 1,996 |
American River Bankshares | 130,024 | 1,983 | |
Two River Bancorp | 107,775 | 1,954 | |
Blue Capital Reinsurance Holdings Ltd. | 161,959 | 1,952 | |
HopFed Bancorp Inc. | 136,965 | 1,948 | |
RBB Bancorp | 68,145 | 1,865 | |
CB Financial Services Inc. | 58,568 | 1,778 | |
* | Aspen Group Inc. | 195,693 | 1,746 |
Global Self Storage Inc. | 353,584 | 1,637 | |
Summit State Bank | 126,542 | 1,620 | |
* | Coastway Bancorp Inc. | 71,216 | 1,517 |
Plumas Bancorp | 62,769 | 1,447 | |
* | Jason Industries Inc. | 597,574 | 1,416 |
* | Metropolitan Bank Holding Corp. | 33,108 | 1,394 |
First US Bancshares Inc. | 102,757 | 1,315 | |
* | PDL Community Bancorp | 86,211 | 1,309 |
Condor Hospitality Trust Inc. | 129,639 | 1,290 | |
* | Anchor Bancorp Inc. | 51,344 | 1,273 |
SB Financial Group Inc. | 66,928 | 1,237 | |
Manning & Napier Inc. | 332,877 | 1,198 | |
Griffin Industrial Realty Inc. | 32,564 | 1,195 | |
Eagle Bancorp Montana Inc. | 56,692 | 1,188 | |
*,^ | ITUS Corp. | 496,401 | 1,172 |
Citizens Community Bancorp Inc. | 85,675 | 1,156 | |
Mackinac Financial Corp. | 71,766 | 1,148 | |
AmeriServ Financial Inc. | 267,595 | 1,111 | |
*,^ | Altisource Asset Management Corp. | 13,570 | 1,107 |
Bancorp of New Jersey Inc. | 60,176 | 1,098 | |
* | Nicholas Financial Inc. | 124,786 | 1,098 |
Urstadt Biddle Properties Inc. | 64,362 | 1,091 | |
Medley Management Inc. Class A | 163,603 | 1,063 | |
^ | US Global Investors Inc. Class A | 271,098 | 1,057 |
Hennessy Advisors Inc. | 62,773 | 1,038 | |
PB Bancorp Inc. | 96,384 | 1,036 | |
* | Randolph Bancorp Inc. | 66,307 | 1,028 |
^ | Manhattan Bridge Capital Inc. | 172,279 | 1,021 |
Elmira Savings Bank | 49,500 | 1,010 | |
* | Tremont Mortgage Trust | 67,538 | 992 |
*,^ | IZEA Inc. | 211,017 | 954 |
Old Point Financial Corp. | 30,404 | 905 | |
First Savings Financial Group Inc. | 15,518 | 892 | |
* | Security National Financial Corp. Class A | 151,600 | 803 |
* | Esquire Financial Holdings Inc. | 39,067 | 773 |
26
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Transcontinental Realty Investors Inc. | 23,300 | 730 |
* | 1347 Property Insurance Holdings Inc. | 91,546 | 668 |
Norwood Financial Corp. | 18,411 | 608 | |
* | Conifer Holdings Inc. | 103,597 | 601 |
* | Porter Bancorp Inc. | 40,593 | 585 |
* | Luther Burbank Corp. | 47,779 | 575 |
* | Severn Bancorp Inc. | 77,211 | 564 |
* | JW Mays Inc. | 13,855 | 526 |
Citizens First Corp. | 21,296 | 511 | |
^ | Sachem Capital Corp. | 113,787 | 448 |
* | Central Federal Corp. | 156,639 | 431 |
Pathfinder Bancorp Inc. | 27,342 | 417 | |
RAIT Financial Trust | 1,086,351 | 407 | |
* | HV Bancorp Inc. | 25,024 | 386 |
*,^ | Walter Investment Management Corp. | 444,717 | 375 |
* | First Acceptance Corp. | 280,268 | 334 |
*,^ | National Holdings Corp. | 93,836 | 310 |
Ottawa Bancorp Inc. | 20,756 | 305 | |
*,^ | ZAIS Group Holdings Inc. | 73,304 | 285 |
United Security Bancshares | 25,050 | 276 | |
Sound Financial Bancorp Inc. | 7,911 | 271 | |
* | Community First Bancshares Inc. | 22,878 | 264 |
United Community Bancorp | 11,773 | 250 | |
Wellesley Bank | 8,312 | 241 | |
*,^ | CPI Card Group Inc. | 61,565 | 226 |
* | Intersections Inc. | 85,474 | 193 |
WVS Financial Corp. | 11,313 | 175 | |
* | FFBW Inc. | 14,001 | 154 |
* | Eagle Financial Bancorp Inc. | 9,424 | 151 |
Oxbridge Re Holdings Ltd. | 67,076 | 144 | |
* | Income Opportunity Realty Investors Inc. | 12,550 | 141 |
* | Bancorp 34 Inc. | 9,502 | 140 |
* | Asta Funding Inc. | 13,646 | 101 |
* | Performant Financial Corp. | 60,291 | 99 |
* | RMG Networks Holding Corp. | 102,173 | 84 |
* | Opiant Pharmaceuticals Inc. | 3,300 | 76 |
* | National Holdings Corp. Warrants Exp. 01/18/2022 | 92,151 | 69 |
Bank of the James Financial Group Inc. | 4,403 | 67 | |
Southwest Georgia Financial Corp. | 2,784 | 67 | |
Cohen & Co. Inc. | 7,649 | 61 | |
*,^ | Naked Brand Group Inc. | 37,541 | 54 |
IF Bancorp Inc. | 2,021 | 40 | |
* | ICC Holdings Inc. | 1,600 | 26 |
First Community Corp. | 967 | 22 | |
* | Broadway Financial Corp. | 5,342 | 13 |
Baldwin & Lyons Inc. | 225 | 5 | |
* | HomeTown Bankshares Corp. | 400 | 4 |
* | FSB Bancorp Inc. | 200 | 4 |
Atlantic American Corp. | 1,052 | 4 | |
* | Equitable Financial Corp. | 263 | 3 |
GWG Holdings Inc. | 300 | 3 | |
Glen Burnie Bancorp | 100 | 1 | |
Canadian Imperial Bank of Commerce | — | ||
135,795,888 | |||
Health Care (12.5%) | |||
Johnson & Johnson | 64,720,544 | 9,042,754 | |
Pfizer Inc. | 143,596,574 | 5,201,068 | |
UnitedHealth Group Inc. | 23,347,645 | 5,147,222 | |
AbbVie Inc. | 38,462,505 | 3,719,709 | |
Merck & Co. Inc. | 65,669,237 | 3,695,208 | |
Amgen Inc. | 17,490,589 | 3,041,613 | |
Medtronic plc | 32,616,588 | 2,633,789 | |
Bristol-Myers Squibb Co. | 39,434,795 | 2,416,564 | |
Abbott Laboratories | 41,934,913 | 2,393,225 |
27
Vanguard® Total Stock Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Gilead Sciences Inc. | 31,482,378 | 2,255,398 |
Eli Lilly & Co. | 23,879,004 | 2,016,821 |
* Celgene Corp. | 18,975,558 | 1,980,289 |
Thermo Fisher Scientific Inc. | 9,661,106 | 1,834,451 |
* Biogen Inc. | 5,096,881 | 1,623,713 |
Aetna Inc. | 7,859,435 | 1,417,763 |
Anthem Inc. | 6,188,335 | 1,392,437 |
Becton Dickinson and Co. | 6,420,853 | 1,374,448 |
Allergan plc | 8,015,501 | 1,311,176 |
Cigna Corp. | 5,942,635 | 1,206,890 |
Stryker Corp. | 7,212,986 | 1,116,859 |
* Express Scripts Holding Co. | 13,650,797 | 1,018,895 |
* Intuitive Surgical Inc. | 2,700,031 | 985,349 |
* Vertex Pharmaceuticals Inc. | 6,094,571 | 913,332 |
Humana Inc. | 3,443,354 | 854,193 |
Zoetis Inc. | 11,746,752 | 846,236 |
* Boston Scientific Corp. | 33,093,479 | 820,387 |
Baxter International Inc. | 12,470,051 | 806,064 |
* Illumina Inc. | 3,519,236 | 768,918 |
* Regeneron Pharmaceuticals Inc. | 1,907,312 | 717,073 |
* Alexion Pharmaceuticals Inc. | 5,114,137 | 611,600 |
* HCA Healthcare Inc. | 6,826,174 | 599,611 |
Zimmer Biomet Holdings Inc. | 4,878,745 | 588,718 |
* Edwards Lifesciences Corp. | 5,099,700 | 574,787 |
* Mylan NV | 12,281,506 | 519,631 |
* Incyte Corp. | 4,322,693 | 409,402 |
* Centene Corp. | 3,950,924 | 398,569 |
* Laboratory Corp. of America Holdings | 2,453,856 | 391,415 |
* Align Technology Inc. | 1,738,793 | 386,342 |
* BioMarin Pharmaceutical Inc. | 4,229,910 | 377,181 |
* IQVIA Holdings Inc. | 3,772,974 | 369,374 |
Dentsply Sirona Inc. | 5,532,506 | 364,205 |
* Waters Corp. | 1,824,423 | 352,460 |
* IDEXX Laboratories Inc. | 2,102,888 | 328,850 |
Quest Diagnostics Inc. | 3,284,373 | 323,478 |
ResMed Inc. | 3,420,890 | 289,715 |
* Hologic Inc. | 6,644,301 | 284,044 |
* Alnylam Pharmaceuticals Inc. | 2,150,871 | 273,268 |
Teleflex Inc. | 1,085,114 | 269,998 |
Perrigo Co. plc | 3,055,590 | 266,325 |
* Henry Schein Inc. | 3,783,141 | 264,366 |
Cooper Cos. Inc. | 1,179,038 | 256,889 |
* Varian Medical Systems Inc. | 2,210,626 | 245,711 |
Universal Health Services Inc. Class B | 2,111,573 | 239,347 |
* DaVita Inc. | 3,312,730 | 239,345 |
* Nektar Therapeutics Class A | 3,795,227 | 226,651 |
* Exelixis Inc. | 7,129,502 | 216,737 |
* WellCare Health Plans Inc. | 1,073,021 | 215,795 |
* Bluebird Bio Inc. | 1,182,427 | 210,590 |
* Alkermes plc | 3,703,395 | 202,687 |
* ABIOMED Inc. | 1,012,293 | 189,714 |
* Jazz Pharmaceuticals plc | 1,372,307 | 184,781 |
STERIS plc | 2,047,069 | 179,057 |
West Pharmaceutical Services Inc. | 1,789,824 | 176,602 |
* Neurocrine Biosciences Inc. | 2,130,737 | 165,324 |
* Sage Therapeutics Inc. | 951,899 | 156,787 |
* Exact Sciences Corp. | 2,885,533 | 151,606 |
* Ionis Pharmaceuticals Inc. | 3,002,397 | 151,021 |
* United Therapeutics Corp. | 991,847 | 146,744 |
* Bioverativ Inc. | 2,605,050 | 140,464 |
Hill-Rom Holdings Inc. | 1,583,610 | 133,482 |
* Catalent Inc. | 3,200,776 | 131,488 |
* Charles River Laboratories International Inc. | 1,140,430 | 124,820 |
* Seattle Genetics Inc. | 2,257,778 | 120,791 |
28
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Bio-Rad Laboratories Inc. Class A | 505,416 | 120,628 |
* | MEDNAX Inc. | 2,256,483 | 120,586 |
* | DexCom Inc. | 2,092,921 | 120,113 |
Bio-Techne Corp. | 898,441 | 116,393 | |
HealthSouth Corp. | 2,258,053 | 111,570 | |
* | PRA Health Sciences Inc. | 1,220,332 | 111,136 |
* | Envision Healthcare Corp. | 2,923,152 | 101,024 |
* | Insulet Corp. | 1,400,409 | 96,628 |
* | Masimo Corp. | 1,121,769 | 95,126 |
* | Juno Therapeutics Inc. | 2,063,527 | 94,324 |
* | Molina Healthcare Inc. | 1,169,104 | 89,647 |
Healthcare Services Group Inc. | 1,676,343 | 88,377 | |
Cantel Medical Corp. | 855,896 | 88,046 | |
Bruker Corp. | 2,444,160 | 83,884 | |
* | INC Research Holdings Inc. Class A | 1,891,297 | 82,461 |
* | Sarepta Therapeutics Inc. | 1,478,075 | 82,240 |
* | FibroGen Inc. | 1,680,801 | 79,670 |
* | ICU Medical Inc. | 363,554 | 78,528 |
* | Portola Pharmaceuticals Inc. | 1,573,319 | 76,589 |
* | Clovis Oncology Inc. | 1,120,888 | 76,220 |
* | Puma Biotechnology Inc. | 770,977 | 76,211 |
* | TESARO Inc. | 916,307 | 75,934 |
* | Haemonetics Corp. | 1,269,691 | 73,744 |
* | Blueprint Medicines Corp. | 975,154 | 73,536 |
* | Integra LifeSciences Holdings Corp. | 1,506,846 | 72,118 |
*,^ | ACADIA Pharmaceuticals Inc. | 2,394,085 | 72,086 |
* | Neogen Corp. | 872,773 | 71,751 |
* | NuVasive Inc. | 1,226,209 | 71,721 |
Patterson Cos. Inc. | 1,956,238 | 70,679 | |
* | Penumbra Inc. | 735,873 | 69,246 |
* | Globus Medical Inc. | 1,657,790 | 68,135 |
* | Akorn Inc. | 2,100,702 | 67,706 |
* | Acadia Healthcare Co. Inc. | 2,015,585 | 65,769 |
* | Ligand Pharmaceuticals Inc. | 455,807 | 62,414 |
* | Array BioPharma Inc. | 4,747,711 | 60,771 |
* | Avexis Inc. | 539,662 | 59,724 |
* | Halozyme Therapeutics Inc. | 2,909,882 | 58,954 |
* | Amicus Therapeutics Inc. | 4,033,173 | 58,037 |
* | Horizon Pharma plc | 3,950,376 | 57,675 |
* | Insmed Inc. | 1,847,465 | 57,604 |
* | Myriad Genetics Inc. | 1,674,172 | 57,499 |
* | Agios Pharmaceuticals Inc. | 993,654 | 56,807 |
* | Prestige Brands Holdings Inc. | 1,272,865 | 56,528 |
* | Wright Medical Group NV | 2,525,832 | 56,073 |
* | Magellan Health Inc. | 574,788 | 55,496 |
* | Aerie Pharmaceuticals Inc. | 891,336 | 53,257 |
* | Halyard Health Inc. | 1,125,656 | 51,983 |
* | Mallinckrodt plc | 2,285,817 | 51,568 |
*,^ | Immunomedics Inc. | 3,112,957 | 50,305 |
* | Merit Medical Systems Inc. | 1,143,531 | 49,401 |
* | Ironwood Pharmaceuticals Inc. Class A | 3,255,021 | 48,793 |
* | Loxo Oncology Inc. | 577,361 | 48,602 |
* | Inogen Inc. | 405,783 | 48,321 |
* | LifePoint Health Inc. | 949,587 | 47,289 |
* | Supernus Pharmaceuticals Inc. | 1,181,110 | 47,067 |
* | Brookdale Senior Living Inc. | 4,473,089 | 43,389 |
* | Medicines Co. | 1,580,475 | 43,210 |
* | Ultragenyx Pharmaceutical Inc. | 925,955 | 42,946 |
* | Select Medical Holdings Corp. | 2,401,593 | 42,388 |
* | Pacira Pharmaceuticals Inc. | 927,652 | 42,347 |
* | Omnicell Inc. | 869,351 | 42,164 |
*,^ | Corcept Therapeutics Inc. | 2,325,852 | 42,005 |
* | Nevro Corp. | 605,680 | 41,816 |
*,^ | OPKO Health Inc. | 8,094,624 | 39,664 |
29
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Spectrum Pharmaceuticals Inc. | 2,063,021 | 39,094 |
*,^ | Spark Therapeutics Inc. | 758,867 | 39,021 |
* | Acceleron Pharma Inc. | 915,871 | 38,870 |
* | NxStage Medical Inc. | 1,587,653 | 38,469 |
*,^ | Teladoc Inc. | 1,090,272 | 37,996 |
* | Endo International plc | 4,830,973 | 37,440 |
* | Global Blood Therapeutics Inc. | 946,278 | 37,236 |
* | Emergent BioSolutions Inc. | 792,044 | 36,806 |
*,^ | Tenet Healthcare Corp. | 2,419,428 | 36,679 |
* | Amedisys Inc. | 692,703 | 36,512 |
* | Varex Imaging Corp. | 905,138 | 36,359 |
* | Ignyta Inc. | 1,356,054 | 36,207 |
* | Tivity Health Inc. | 952,538 | 34,815 |
* | AnaptysBio Inc. | 340,684 | 34,314 |
* | HMS Holdings Corp. | 2,021,137 | 34,258 |
* | Repligen Corp. | 937,629 | 34,017 |
* | Esperion Therapeutics Inc. | 505,660 | 33,293 |
* | Sangamo Therapeutics Inc. | 2,023,835 | 33,191 |
* | Novocure Ltd. | 1,610,008 | 32,522 |
* | Arena Pharmaceuticals Inc. | 954,203 | 32,414 |
* | Zogenix Inc. | 784,550 | 31,421 |
CONMED Corp. | 603,718 | 30,771 | |
*,^ | MiMedx Group Inc. | 2,424,959 | 30,579 |
* | Quidel Corp. | 704,081 | 30,522 |
*,^ | Radius Health Inc. | 958,938 | 30,465 |
* | Aimmune Therapeutics Inc. | 793,535 | 30,011 |
* | Impax Laboratories Inc. | 1,797,538 | 29,929 |
Owens & Minor Inc. | 1,482,723 | 27,994 | |
*,^ | Dynavax Technologies Corp. | 1,484,528 | 27,761 |
* | Natus Medical Inc. | 717,469 | 27,407 |
*,^ | Theravance Biopharma Inc. | 978,125 | 27,280 |
* | OraSure Technologies Inc. | 1,404,701 | 26,493 |
* | Innoviva Inc. | 1,845,928 | 26,194 |
*,^ | Editas Medicine Inc. | 847,010 | 26,029 |
Ensign Group Inc. | 1,170,364 | 25,982 | |
Abaxis Inc. | 518,966 | 25,699 | |
Analogic Corp. | 303,600 | 25,426 | |
*,^ | TherapeuticsMD Inc. | 4,177,431 | 25,232 |
*,^ | Intercept Pharmaceuticals Inc. | 426,906 | 24,940 |
* | Revance Therapeutics Inc. | 689,429 | 24,647 |
* | Acorda Therapeutics Inc. | 1,130,839 | 24,256 |
* | Momenta Pharmaceuticals Inc. | 1,738,631 | 24,254 |
* | LHC Group Inc. | 395,115 | 24,201 |
* | MyoKardia Inc. | 571,117 | 24,044 |
* | Foundation Medicine Inc. | 349,433 | 23,831 |
*,^ | Heron Therapeutics Inc. | 1,309,962 | 23,710 |
* | Orthofix International NV | 416,229 | 22,768 |
* | Dermira Inc. | 811,293 | 22,562 |
* | REGENXBIO Inc. | 670,390 | 22,290 |
* | BioTelemetry Inc. | 740,110 | 22,129 |
* | iRhythm Technologies Inc. | 392,653 | 22,008 |
* | Intersect ENT Inc. | 664,996 | 21,546 |
Atrion Corp. | 33,850 | 21,346 | |
*,^ | Omeros Corp. | 1,090,406 | 21,187 |
* | Xencor Inc. | 966,343 | 21,182 |
US Physical Therapy Inc. | 290,423 | 20,969 | |
* | ImmunoGen Inc. | 3,207,361 | 20,559 |
* | Enanta Pharmaceuticals Inc. | 345,191 | 20,256 |
* | AxoGen Inc. | 710,712 | 20,113 |
* | Retrophin Inc. | 933,706 | 19,673 |
*,^ | Accelerate Diagnostics Inc. | 740,668 | 19,405 |
Kindred Healthcare Inc. | 1,987,567 | 19,279 | |
*,^ | Flexion Therapeutics Inc. | 764,445 | 19,142 |
* | Anika Therapeutics Inc. | 353,241 | 19,043 |
30
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Cardiovascular Systems Inc. | 794,665 | 18,826 |
Luminex Corp. | 948,566 | 18,687 | |
* | Assembly Biosciences Inc. | 410,843 | 18,591 |
*,^ | Glaukos Corp. | 706,560 | 18,123 |
* | K2M Group Holdings Inc. | 996,242 | 17,932 |
*,^ | Lannett Co. Inc. | 768,732 | 17,835 |
* | Alder Biopharmaceuticals Inc. | 1,550,892 | 17,758 |
* | Lantheus Holdings Inc. | 854,291 | 17,470 |
*,^ | Intrexon Corp. | 1,480,048 | 17,050 |
* | Almost Family Inc. | 302,759 | 16,758 |
* | Amphastar Pharmaceuticals Inc. | 830,182 | 15,973 |
* | MacroGenics Inc. | 836,276 | 15,889 |
* | Genomic Health Inc. | 463,837 | 15,863 |
* | PTC Therapeutics Inc. | 945,067 | 15,764 |
* | Vanda Pharmaceuticals Inc. | 1,031,275 | 15,675 |
*,^ | Eagle Pharmaceuticals Inc. | 291,986 | 15,598 |
*,^ | Epizyme Inc. | 1,233,062 | 15,475 |
* | Madrigal Pharmaceuticals Inc. | 168,464 | 15,463 |
*,^ | Aclaris Therapeutics Inc. | 625,163 | 15,417 |
* | NeoGenomics Inc. | 1,728,062 | 15,311 |
* | Intra-Cellular Therapies Inc. | 1,041,954 | 15,087 |
* | AngioDynamics Inc. | 889,497 | 14,792 |
* | Audentes Therapeutics Inc. | 469,632 | 14,676 |
* | Five Prime Therapeutics Inc. | 666,872 | 14,618 |
Meridian Bioscience Inc. | 1,042,598 | 14,596 | |
* | AtriCure Inc. | 786,873 | 14,353 |
* | HealthStream Inc. | 614,820 | 14,239 |
* | Triple-S Management Corp. Class B | 566,846 | 14,086 |
* | CryoLife Inc. | 725,293 | 13,889 |
* | Cutera Inc. | 303,143 | 13,748 |
Invacare Corp. | 815,418 | 13,740 | |
*,^ | La Jolla Pharmaceutical Co. | 425,428 | 13,690 |
* | Akebia Therapeutics Inc. | 919,370 | 13,671 |
National HealthCare Corp. | 223,567 | 13,624 | |
* | Rigel Pharmaceuticals Inc. | 3,458,173 | 13,418 |
* | CytomX Therapeutics Inc. | 631,071 | 13,322 |
* | ANI Pharmaceuticals Inc. | 205,095 | 13,218 |
*,^ | Adamas Pharmaceuticals Inc. | 387,014 | 13,116 |
*,^ | Synergy Pharmaceuticals Inc. | 5,879,357 | 13,111 |
*,^ | ZIOPHARM Oncology Inc. | 3,094,939 | 12,813 |
* | Exactech Inc. | 257,857 | 12,751 |
* | Heska Corp. | 156,292 | 12,536 |
* | Iovance Biotherapeutics Inc. | 1,557,804 | 12,462 |
* | CorVel Corp. | 232,825 | 12,316 |
*,^ | Sucampo Pharmaceuticals Inc. Class A | 680,114 | 12,208 |
* | BioCryst Pharmaceuticals Inc. | 2,381,179 | 11,692 |
* | Concert Pharmaceuticals Inc. | 444,991 | 11,512 |
*,^ | Abeona Therapeutics Inc. | 719,065 | 11,397 |
*,^ | Community Health Systems Inc. | 2,616,797 | 11,148 |
*,^ | AMAG Pharmaceuticals Inc. | 832,931 | 11,036 |
LeMaitre Vascular Inc. | 345,924 | 11,014 | |
* | Depomed Inc. | 1,367,620 | 11,009 |
* | Mirati Therapeutics Inc. | 597,489 | 10,904 |
* | Intellia Therapeutics Inc. | 562,041 | 10,802 |
*,^ | TG Therapeutics Inc. | 1,300,856 | 10,667 |
* | STAAR Surgical Co. | 687,780 | 10,661 |
*,^ | Endologix Inc. | 1,962,892 | 10,501 |
* | Progenics Pharmaceuticals Inc. | 1,750,207 | 10,414 |
*,^ | Lexicon Pharmaceuticals Inc. | 1,052,238 | 10,396 |
*,^ | Reata Pharmaceuticals Inc. Class A | 361,469 | 10,237 |
* | G1 Therapeutics Inc. | 515,551 | 10,229 |
*,^ | Collegium Pharmaceutical Inc. | 553,163 | 10,211 |
*,^ | GlycoMimetics Inc. | 600,009 | 10,074 |
*,^ | Keryx Biopharmaceuticals Inc. | 2,149,012 | 9,993 |
31
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Karyopharm Therapeutics Inc. | 1,029,792 | 9,886 |
*,^ | Tactile Systems Technology Inc. | 339,862 | 9,849 |
* | PDL BioPharma Inc. | 3,585,431 | 9,824 |
*,^ | ViewRay Inc. | 1,050,439 | 9,727 |
* | Paratek Pharmaceuticals Inc. | 535,194 | 9,580 |
* | Cerus Corp. | 2,816,612 | 9,520 |
* | Cytokinetics Inc. | 1,160,386 | 9,457 |
*,^ | Novavax Inc. | 7,583,721 | 9,404 |
*,^ | Celldex Therapeutics Inc. | 3,304,849 | 9,386 |
*,^ | Invitae Corp. | 1,024,558 | 9,303 |
*,^ | Kura Oncology Inc. | 607,634 | 9,297 |
* | Cymabay Therapeutics Inc. | 1,007,339 | 9,268 |
*,^ | Achaogen Inc. | 858,770 | 9,223 |
*,^ | Entellus Medical Inc. | 374,410 | 9,132 |
* | Achillion Pharmaceuticals Inc. | 3,105,682 | 8,944 |
*,^ | BioScrip Inc. | 3,066,581 | 8,924 |
* | Voyager Therapeutics Inc. | 531,795 | 8,828 |
* | Atara Biotherapeutics Inc. | 486,705 | 8,809 |
* | Enzo Biochem Inc. | 1,076,342 | 8,772 |
* | RadNet Inc. | 867,469 | 8,761 |
* | Stemline Therapeutics Inc. | 557,289 | 8,694 |
* | R1 RCM Inc. | 1,966,753 | 8,673 |
*,^ | Inovio Pharmaceuticals Inc. | 2,099,923 | 8,673 |
* | Rhythm Pharmaceuticals Inc. | 297,459 | 8,644 |
*,^ | Coherus Biosciences Inc. | 980,706 | 8,630 |
* | Aduro Biotech Inc. | 1,124,493 | 8,434 |
* | Surmodics Inc. | 299,829 | 8,395 |
* | Accuray Inc. | 1,936,438 | 8,327 |
*,^ | Idera Pharmaceuticals Inc. | 3,787,001 | 7,991 |
*,^ | Corbus Pharmaceuticals Holdings Inc. | 1,106,750 | 7,858 |
*,^ | Cara Therapeutics Inc. | 641,963 | 7,858 |
Utah Medical Products Inc. | 96,440 | 7,850 | |
* | Medpace Holdings Inc. | 215,833 | 7,826 |
* | Capital Senior Living Corp. | 579,381 | 7,816 |
* | AVEO Pharmaceuticals Inc. | 2,769,376 | 7,727 |
* | Tetraphase Pharmaceuticals Inc. | 1,224,779 | 7,716 |
* | Catalyst Pharmaceuticals Inc. | 1,968,675 | 7,698 |
*,^ | Insys Therapeutics Inc. | 781,550 | 7,518 |
* | Natera Inc. | 800,588 | 7,197 |
*,^ | Marinus Pharmaceuticals Inc. | 867,114 | 7,076 |
* | Pacific Biosciences of California Inc. | 2,624,285 | 6,928 |
*,^ | Rockwell Medical Inc. | 1,190,225 | 6,927 |
*,^ | Ampio Pharmaceuticals Inc. | 1,691,161 | 6,883 |
* | Savara Inc. | 459,595 | 6,820 |
*,^ | Geron Corp. | 3,740,421 | 6,733 |
*,^ | MannKind Corp. | 2,861,516 | 6,639 |
* | Antares Pharma Inc. | 3,254,083 | 6,476 |
* | Protagonist Therapeutics Inc. | 301,950 | 6,281 |
* | BioSpecifics Technologies Corp. | 143,302 | 6,209 |
* | Addus HomeCare Corp. | 177,333 | 6,171 |
*,^ | Bellicum Pharmaceuticals Inc. | 730,163 | 6,141 |
* | Corium International Inc. | 636,418 | 6,116 |
*,^ | Kadmon Holdings Inc. | 1,681,328 | 6,086 |
*,^ | Agenus Inc. | 1,850,980 | 6,034 |
* | Civitas Solutions Inc. | 349,868 | 5,983 |
*,^ | NewLink Genetics Corp. | 726,442 | 5,891 |
* | Kindred Biosciences Inc. | 619,073 | 5,850 |
* | Ardelyx Inc. | 859,546 | 5,673 |
*,^ | Akcea Therapeutics Inc. | 321,110 | 5,574 |
*,^ | Neos Therapeutics Inc. | 545,133 | 5,560 |
*,^ | Surgery Partners Inc. | 447,406 | 5,414 |
*,^ | Jounce Therapeutics Inc. | 424,513 | 5,413 |
* | Melinta Therapeutics Inc. | 335,336 | 5,298 |
* | GenMark Diagnostics Inc. | 1,267,375 | 5,285 |
32
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Denali Therapeutics Inc. | 336,992 | 5,271 |
*,^ | Seres Therapeutics Inc. | 515,677 | 5,229 |
* | Fate Therapeutics Inc. | 854,628 | 5,222 |
* | Arrowhead Pharmaceuticals Inc. | 1,377,533 | 5,069 |
*,^ | Athersys Inc. | 2,762,547 | 5,000 |
* | Aratana Therapeutics Inc. | 946,728 | 4,980 |
* | Calithera Biosciences Inc. | 593,654 | 4,957 |
*,^ | XOMA Corp. | 139,118 | 4,953 |
*,^ | American Renal Associates Holdings Inc. | 282,718 | 4,919 |
*,^ | Senseonics Holdings Inc. | 1,848,114 | 4,916 |
* | RTI Surgical Inc. | 1,186,290 | 4,864 |
* | Chimerix Inc. | 1,042,116 | 4,825 |
*,^ | Sientra Inc. | 340,981 | 4,794 |
* | Minerva Neurosciences Inc. | 775,347 | 4,691 |
*,^ | BioTime Inc. | 2,160,648 | 4,645 |
*,^ | Vericel Corp. | 846,488 | 4,613 |
* | Tocagen Inc. | 438,900 | 4,499 |
* | Cascadian Therapeutics Inc. | 1,214,738 | 4,495 |
* | ChemoCentryx Inc. | 754,879 | 4,492 |
* | Quorum Health Corp. | 718,687 | 4,485 |
*,^ | Tyme Technologies Inc. | 692,000 | 4,415 |
*,^ | Endocyte Inc. | 1,025,298 | 4,388 |
*,^ | Sorrento Therapeutics Inc. | 1,153,993 | 4,385 |
*,^ | MediciNova Inc. | 677,747 | 4,385 |
*,^ | Edge Therapeutics Inc. | 464,871 | 4,356 |
* | Deciphera Pharmaceuticals Inc. | 187,950 | 4,261 |
*,^ | Palatin Technologies Inc. | 4,917,884 | 4,224 |
*,^ | BioDelivery Sciences International Inc. | 1,414,198 | 4,172 |
*,^ | Mustang Bio Inc. | 347,622 | 4,168 |
*,^ | Teligent Inc. | 1,127,691 | 4,094 |
* | FONAR Corp. | 166,582 | 4,056 |
* | NanoString Technologies Inc. | 537,122 | 4,012 |
^ | Riot Blockchain Inc. | 140,861 | 4,000 |
* | Fluidigm Corp. | 661,818 | 3,898 |
* | PetIQ Inc. | 177,622 | 3,879 |
*,^ | Vital Therapies Inc. | 651,367 | 3,876 |
*,^ | Dova Pharmaceuticals Inc. | 133,771 | 3,853 |
* | Recro Pharma Inc. | 416,391 | 3,852 |
*,^ | Zynerba Pharmaceuticals Inc. | 305,185 | 3,821 |
* | Peregrine Pharmaceuticals Inc. | 965,478 | 3,746 |
* | Selecta Biosciences Inc. | 379,329 | 3,721 |
*,^ | Syros Pharmaceuticals Inc. | 356,018 | 3,464 |
*,^ | Adamis Pharmaceuticals Corp. | 781,945 | 3,441 |
* | Miragen Therapeutics Inc. | 324,650 | 3,386 |
* | Otonomy Inc. | 606,314 | 3,365 |
*,^ | Merrimack Pharmaceuticals Inc. | 325,027 | 3,332 |
*,^ | CareDx Inc. | 448,039 | 3,289 |
* | Conatus Pharmaceuticals Inc. | 710,819 | 3,284 |
* | Kala Pharmaceuticals Inc. | 177,385 | 3,280 |
*,^ | CytoSorbents Corp. | 502,127 | 3,264 |
* | ArQule Inc. | 1,974,605 | 3,258 |
* | Immune Design Corp. | 833,775 | 3,252 |
* | Syndax Pharmaceuticals Inc. | 370,266 | 3,244 |
*,^ | Optinose Inc. | 171,184 | 3,235 |
*,^ | Anavex Life Sciences Corp. | 993,461 | 3,199 |
*,^ | Organovo Holdings Inc. | 2,362,328 | 3,166 |
*,^ | Dicerna Pharmaceuticals Inc. | 350,298 | 3,163 |
* | Durect Corp. | 3,398,631 | 3,133 |
* | Veracyte Inc. | 467,588 | 3,053 |
*,^ | Clearside Biomedical Inc. | 432,905 | 3,030 |
*,^ | Aldeyra Therapeutics Inc. | 429,986 | 2,924 |
*,^ | Viking Therapeutics Inc. | 715,869 | 2,906 |
*,^ | NantKwest Inc. | 635,282 | 2,852 |
* | SeaSpine Holdings Corp. | 281,105 | 2,845 |
33
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Advaxis Inc. | 994,754 | 2,825 |
* | Harvard Bioscience Inc. | 855,650 | 2,824 |
* | Verastem Inc. | 886,976 | 2,723 |
Psychemedics Corp. | 132,234 | 2,719 | |
*,^ | Cidara Therapeutics Inc. | 395,429 | 2,689 |
*,^ | GTx Inc. | 209,702 | 2,665 |
* | Ovid therapeutics Inc. | 269,127 | 2,656 |
* | AAC Holdings Inc. | 289,838 | 2,609 |
* | Ocular Therapeutix Inc. | 580,670 | 2,584 |
*,^ | Sienna Biopharmaceuticals Inc. | 141,704 | 2,572 |
* | Fortress Biotech Inc. | 644,427 | 2,571 |
* | Sunesis Pharmaceuticals Inc. | 693,738 | 2,560 |
* | Zafgen Inc. | 541,528 | 2,502 |
* | ConforMIS Inc. | 1,045,299 | 2,488 |
* | OncoMed Pharmaceuticals Inc. | 603,065 | 2,473 |
* | Curis Inc. | 3,509,307 | 2,456 |
*,^ | Corindus Vascular Robotics Inc. | 2,399,515 | 2,423 |
* | Molecular Templates Inc. | 239,228 | 2,397 |
*,^ | Chembio Diagnostics Inc. | 288,580 | 2,366 |
* | Ophthotech Corp. | 755,769 | 2,358 |
*,^ | Pulse Biosciences Inc. | 98,205 | 2,318 |
* | Spring Bank Pharmaceuticals Inc. | 169,085 | 2,274 |
*,^ | Infinity Pharmaceuticals Inc. | 1,116,666 | 2,267 |
* | Corvus Pharmaceuticals Inc. | 215,263 | 2,230 |
*,^ | Calyxt Inc. | 100,688 | 2,218 |
*,^ | Ohr Pharmaceutical Inc. | 1,160,502 | 2,159 |
* | Adverum Biotechnologies Inc. | 615,877 | 2,156 |
*,^ | Regulus Therapeutics Inc. | 2,068,201 | 2,151 |
* | CTI BioPharma Corp. | 790,558 | 2,119 |
*,^ | CASI Pharmaceuticals Inc. | 650,989 | 2,116 |
* | Eiger BioPharmaceuticals Inc. | 149,465 | 2,085 |
*,^ | Invuity Inc. | 335,182 | 2,078 |
* | OrthoPediatrics Corp. | 107,941 | 2,071 |
*,^ | Agile Therapeutics Inc. | 754,951 | 2,031 |
*,^ | Nobilis Health Corp. | 1,482,407 | 2,001 |
*,^ | T2 Biosystems Inc. | 482,950 | 1,990 |
* | Versartis Inc. | 888,732 | 1,955 |
*,^ | Galectin Therapeutics Inc. | 584,459 | 1,952 |
*,^ | AcelRx Pharmaceuticals Inc. | 952,160 | 1,928 |
* | Trevena Inc. | 1,192,683 | 1,908 |
* | IRIDEX Corp. | 249,167 | 1,899 |
* | Aptevo Therapeutics Inc. | 446,531 | 1,893 |
* | Axsome Therapeutics Inc. | 327,155 | 1,832 |
*,^ | Alimera Sciences Inc. | 1,374,781 | 1,828 |
* | ADMA Biologics Inc. | 558,763 | 1,794 |
*,^ | Mersana Therapeutics Inc. | 108,574 | 1,784 |
* | Alpine Immune Sciences Inc. | 158,018 | 1,770 |
*,^ | Matinas BioPharma Holdings Inc. | 1,524,744 | 1,769 |
* | Celcuity Inc. | 93,214 | 1,766 |
* | MEI Pharma Inc. | 835,645 | 1,755 |
* | Bovie Medical Corp. | 665,652 | 1,731 |
* | Ra Pharmaceuticals Inc. | 203,349 | 1,728 |
*,^ | Sophiris Bio Inc. | 714,237 | 1,621 |
*,^ | BrainStorm Cell Therapeutics Inc. | 412,248 | 1,616 |
*,^ | Ekso Bionics Holdings Inc. | 743,108 | 1,583 |
*,^ | iRadimed Corp. | 104,396 | 1,582 |
*,^ | Viveve Medical Inc. | 310,713 | 1,544 |
*,^ | Synthetic Biologics Inc. | 3,029,029 | 1,539 |
*,^ | Aradigm Corp. | 229,343 | 1,537 |
*,^ | Inotek Pharmaceuticals Corp. | 583,988 | 1,524 |
*,^ | XBiotech Inc. | 382,203 | 1,506 |
*,^ | SCYNEXIS Inc. | 631,526 | 1,465 |
* | Cumberland Pharmaceuticals Inc. | 194,545 | 1,444 |
*,^ | Bellerophon Therapeutics Inc. | 545,979 | 1,409 |
34
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Oncocyte Corp. | 296,293 | 1,378 |
*,^ | pSivida Corp. | 1,179,356 | 1,274 |
* | Cogentix Medical Inc. | 402,102 | 1,267 |
*,^ | Rexahn Pharmaceuticals Inc. | 622,815 | 1,258 |
* | Allena Pharmaceuticals Inc. | 124,629 | 1,254 |
* | Apellis Pharmaceuticals Inc. | 56,444 | 1,225 |
*,^ | VIVUS Inc. | 2,436,427 | 1,225 |
* | Aeglea BioTherapeutics Inc. | 226,243 | 1,224 |
* | scPharmaceuticals Inc. | 101,200 | 1,223 |
*,^ | BioLife Solutions Inc. | 195,545 | 1,173 |
*,^ | Alphatec Holdings Inc. | 434,913 | 1,157 |
* | Electromed Inc. | 188,884 | 1,147 |
*,^ | Second Sight Medical Products Inc. | 593,577 | 1,134 |
*,^ | Obalon Therapeutics Inc. | 170,838 | 1,129 |
*,^ | Navidea Biopharmaceuticals Inc. | 3,119,346 | 1,118 |
*,^ | Gemphire Therapeutics Inc. | 137,813 | 1,096 |
*,^ | Actinium Pharmaceuticals Inc. | 1,627,008 | 1,080 |
* | OvaScience Inc. | 760,632 | 1,065 |
*,^ | ContraFect Corp. | 1,031,017 | 1,041 |
*,^ | Egalet Corp. | 1,039,777 | 1,040 |
* | aTyr Pharma Inc. | 295,572 | 1,034 |
* | Pfenex Inc. | 386,882 | 1,029 |
*,^ | Vermillion Inc. | 530,555 | 1,024 |
* | Misonix Inc. | 105,030 | 1,008 |
Digirad Corp. | 390,006 | 1,004 | |
* | Proteostasis Therapeutics Inc. | 172,205 | 1,004 |
*,^ | Genesis Healthcare Inc. | 1,313,128 | 1,002 |
*,^ | Asterias Biotherapeutics Inc. Class A | 420,817 | 947 |
*,^ | Novan Inc. | 217,128 | 916 |
*,^ | Celsion Corp. | 334,710 | 897 |
* | Juniper Pharmaceuticals Inc. | 183,990 | 892 |
* | KalVista Pharmaceuticals Inc. | 88,302 | 861 |
* | InfuSystem Holdings Inc. | 372,833 | 857 |
*,^ | OncoSec Medical Inc. | 525,329 | 854 |
* | Odonate Therapeutics Inc. | 33,840 | 846 |
*,^ | Synlogic Inc. | 85,034 | 825 |
*,^ | Imprimis Pharmaceuticals Inc. | 482,969 | 821 |
*,^ | KemPharm Inc. | 199,072 | 806 |
*,^ | CytRx Corp. | 475,286 | 803 |
*,^ | Genocea Biosciences Inc. | 678,663 | 787 |
*,^ | Cancer Genetics Inc. | 421,856 | 780 |
* | Krystal Biotech Inc. | 73,230 | 770 |
* | Applied Genetic Technologies Corp. | 202,816 | 730 |
*,^ | Evoke Pharma Inc. | 320,197 | 724 |
* | vTv Therapeutics Inc. Class A | 120,289 | 723 |
* | Flex Pharma Inc. | 199,119 | 695 |
*,^ | Fulgent Genetics Inc. | 155,059 | 679 |
*,^ | CorMedix Inc. | 1,339,725 | 673 |
*,^ | Pernix Therapeutics Holdings Inc. | 276,171 | 663 |
*,^ | NanoViricides Inc. | 738,883 | 650 |
* | Aileron Therapeutics Inc. | 61,275 | 646 |
*,^ | Capricor Therapeutics Inc. | 408,359 | 645 |
*,^ | Cleveland BioLabs Inc. | 155,269 | 623 |
*,^ | Moleculin Biotech Inc. | 324,851 | 604 |
* | Vical Inc. | 322,281 | 590 |
* | Catabasis Pharmaceuticals Inc. | 392,389 | 585 |
* | Joint Corp. | 113,375 | 566 |
* | Aevi Genomic Medicine Inc. | 467,823 | 561 |
*,^ | ContraVir Pharmaceuticals Inc. | 1,553,823 | 559 |
*,^ | Neuralstem Inc. | 323,301 | 556 |
*,^ | InVivo Therapeutics Holdings Corp. | 684,677 | 527 |
* | Histogenics Corp. | 255,667 | 524 |
*,^ | Tracon Pharmaceuticals Inc. | 154,856 | 519 |
* | Five Star Senior Living Inc. | 323,637 | 485 |
35
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Restoration Robotics Inc. | 104,056 | 479 |
* | Quanterix Corp. | 22,069 | 474 |
*,^ | Microbot Medical Inc. | 448,366 | 457 |
*,^ | Anthera Pharmaceuticals Inc. | 276,716 | 457 |
*,^ | Repros Therapeutics Inc. | 689,136 | 455 |
*,^ | Tonix Pharmaceuticals Holding Corp. | 130,509 | 450 |
Diversicare Healthcare Services Inc. | 44,377 | 444 | |
*,^ | HTG Molecular Diagnostics Inc. | 216,628 | 440 |
^ | Pain Therapeutics Inc. | 109,368 | 437 |
* | Wright Medical Group Inc. CVR | 288,011 | 435 |
*,^ | Athenex Inc. | 26,883 | 427 |
*,^ | Myomo Inc. | 113,615 | 426 |
* | Aviragen Therapeutics Inc. | 751,522 | 426 |
*,^ | Cyclacel Pharmaceuticals Inc. | 244,005 | 425 |
*,^ | Titan Pharmaceuticals Inc. | 314,060 | 416 |
*,^ | Apricus Biosciences Inc. | 211,849 | 390 |
*,^ | Oncobiologics Inc. | 298,375 | 388 |
*,^ | Orexigen Therapeutics Inc. | 294,563 | 380 |
* | Biolase Inc. | 857,379 | 366 |
*,^ | Aethlon Medical Inc. | 315,217 | 359 |
*,^ | Biocept Inc. | 512,481 | 356 |
*,^ | Altimmune Inc. | 176,000 | 350 |
*,^ | Bio-Path Holdings Inc. | 1,720,927 | 348 |
*,^ | IsoRay Inc. | 848,470 | 339 |
*,^ | Sensus Healthcare Inc. | 64,581 | 336 |
*,^ | TapImmune Inc. | 85,047 | 335 |
* | Caladrius Biosciences Inc. | 94,201 | 331 |
*,^ | CAS Medical Systems Inc. | 424,399 | 327 |
*,^ | PLx Pharma Inc. | 46,643 | 322 |
* | Biomerica Inc. | 78,342 | 295 |
*,^ | CEL-SCI Corp. | 147,869 | 279 |
* | ImmuCell Corp. | 31,666 | 278 |
* | Chiasma Inc. | 161,721 | 275 |
*,^ | Catasys Inc. | 68,118 | 255 |
*,^ | Diffusion Pharmaceuticals Inc. | 210,391 | 250 |
*,^ | AzurRx BioPharma Inc. | 67,316 | 249 |
*,^ | Zosano Pharma Corp. | 459,745 | 239 |
*,^ | Leap Therapeutics Inc. | 37,468 | 234 |
*,^ | Trovagene Inc. | 738,894 | 227 |
* | Proteon Therapeutics Inc. | 114,390 | 217 |
* | Daxor Corp. | 46,117 | 211 |
*,^ | Sonoma Pharmaceuticals Inc. | 38,184 | 210 |
* | Spero Therapeutics Inc. | 17,637 | 207 |
*,^ | ReShape Lifesciences Inc. | 138,455 | 205 |
*,^ | Tandem Diabetes Care Inc. | 84,752 | 200 |
*,^ | Eleven Biotherapeutics Inc. | 239,630 | 194 |
*,^ | Heat Biologics Inc. | 503,096 | 193 |
* | Pro-Dex Inc. | 27,970 | 192 |
* | Champions Oncology Inc. | 47,321 | 184 |
*,^ | EyeGate Pharmaceuticals Inc. | 169,869 | 182 |
*,^ | Galena Biopharma Inc. | 676,855 | 177 |
*,^ | Cytori Therapeutics Inc. | 542,465 | 163 |
*,^ | Achieve Life Sciences Inc. | 120,418 | 163 |
*,^ | OpGen Inc. | 869,597 | 162 |
* | Apollo Endosurgery Inc. | 28,953 | 162 |
*,^ | Immune Pharmaceuticals Inc. | 275,667 | 157 |
*,^ | Argos Therapeutics Inc. | 1,033,736 | 155 |
*,^ | Avenue Therapeutics Inc. | 41,385 | 151 |
*,^ | Pulmatrix Inc. | 106,878 | 151 |
* | Onconova Therapeutics Inc. | 95,403 | 143 |
*,^ | BioPharmX Corp. | 1,253,040 | 138 |
*,^ | Novus Therapeutics Inc. | 32,360 | 125 |
*,^ | Cellectar Biosciences Inc. | 90,348 | 124 |
*,^ | iBio Inc. | 683,866 | 121 |
36
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Retractable Technologies Inc. | 177,573 | 121 |
* | Fibrocell Science Inc. | 184,212 | 120 |
* | Presbia plc | 31,568 | 120 |
*,^ | Dare Bioscience Inc. | 47,341 | 102 |
*,^ | Co-Diagnostics Inc. | 30,012 | 82 |
*,^ | Alliqua BioMedical Inc. | 44,607 | 82 |
* | Bioanalytical Systems Inc. | 32,712 | 81 |
*,^ | Hemispherx Biopharma Inc. | 228,709 | 79 |
*,^ | Cesca Therapeutics Inc. | 26,268 | 79 |
*,^ | Precipio Inc. | 62,198 | 76 |
*,^ | Milestone Scientific Inc. | 62,570 | 74 |
* | ARCA biopharma Inc. | 44,395 | 61 |
*,^ | Amedica Corp. | 18,376 | 60 |
*,^ | NantHealth Inc. | 17,533 | 53 |
*,^ | Soleno Therapeutics Inc. | 28,882 | 52 |
*,^ | Citius Pharmaceuticals Inc. | 8,350 | 33 |
* | Regional Health Properties Inc. | 164,977 | 28 |
* | NovaBay Pharmaceuticals Inc. | 5,351 | 21 |
* | American Shared Hospital Services | 4,591 | 12 |
MGC Diagnostics Corp. | 500 | 5 | |
* | Sunesis Pharmaceuticals Inc. Warrants | 12,500 | 4 |
* | ProPhase Labs Inc. | 749 | 2 |
* | Galena Biopharma Inc Warrants Exp. 03/18/2020 | 157,500 | — |
83,049,726 | |||
Industrials (13.3%) | |||
Boeing Co. | 13,638,101 | 4,022,012 | |
General Electric Co. | 209,030,693 | 3,647,586 | |
3M Co. | 14,352,804 | 3,378,219 | |
Honeywell International Inc. | 18,353,252 | 2,814,655 | |
Union Pacific Corp. | 18,973,969 | 2,544,409 | |
United Technologies Corp. | 18,279,165 | 2,331,873 | |
Accenture plc Class A | 14,814,853 | 2,268,006 | |
Caterpillar Inc. | 14,339,551 | 2,259,626 | |
* | PayPal Holdings Inc. | 27,522,038 | 2,026,172 |
United Parcel Service Inc. Class B | 16,563,932 | 1,973,593 | |
Lockheed Martin Corp. | 5,874,399 | 1,885,976 | |
FedEx Corp. | 5,816,730 | 1,451,507 | |
Danaher Corp. | 15,077,564 | 1,399,499 | |
Raytheon Co. | 6,968,324 | 1,309,000 | |
Northrop Grumman Corp. | 4,196,429 | 1,287,926 | |
General Dynamics Corp. | 6,117,734 | 1,244,653 | |
Deere & Co. | 7,743,729 | 1,211,971 | |
Automatic Data Processing Inc. | 10,155,998 | 1,190,181 | |
Illinois Tool Works Inc. | 7,020,798 | 1,171,420 | |
CSX Corp. | 20,463,493 | 1,125,697 | |
Emerson Electric Co. | 15,466,331 | 1,077,849 | |
Norfolk Southern Corp. | 6,896,140 | 999,251 | |
Waste Management Inc. | 10,468,209 | 903,406 | |
Johnson Controls International plc | 22,302,639 | 849,954 | |
Eaton Corp. plc | 10,617,859 | 838,917 | |
Sherwin-Williams Co. | 2,028,778 | 831,880 | |
TE Connectivity Ltd. | 8,477,105 | 805,664 | |
Fidelity National Information Services Inc. | 8,035,812 | 756,090 | |
Cummins Inc. | 3,799,901 | 671,215 | |
* | Fiserv Inc. | 5,024,787 | 658,900 |
Amphenol Corp. Class A | 7,362,865 | 646,460 | |
Parker-Hannifin Corp. | 3,209,579 | 640,568 | |
Roper Technologies Inc. | 2,463,623 | 638,078 | |
Rockwell Automation Inc. | 3,096,051 | 607,910 | |
PACCAR Inc. | 8,472,754 | 602,243 | |
Fortive Corp. | 7,534,351 | 545,110 | |
Ingersoll-Rand plc | 6,022,164 | 537,117 | |
Rockwell Collins Inc. | 3,925,150 | 532,329 | |
Paychex Inc. | 7,790,554 | 530,381 |
37
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Agilent Technologies Inc. | 7,757,391 | 519,512 | |
Waste Connections Inc. | 6,355,902 | 450,888 | |
* | FleetCor Technologies Inc. | 2,158,417 | 415,344 |
Vulcan Materials Co. | 3,187,202 | 409,141 | |
AMETEK Inc. | 5,563,413 | 403,181 | |
WestRock Co. | 6,128,660 | 387,393 | |
Global Payments Inc. | 3,834,574 | 384,378 | |
* | Mettler-Toledo International Inc. | 616,490 | 381,928 |
Fastenal Co. | 6,930,642 | 379,037 | |
Dover Corp. | 3,750,781 | 378,791 | |
L3 Technologies Inc. | 1,882,382 | 372,429 | |
* | Verisk Analytics Inc. Class A | 3,770,856 | 362,002 |
Republic Services Inc. Class A | 5,240,589 | 354,316 | |
* | United Rentals Inc. | 2,037,846 | 350,326 |
Martin Marietta Materials Inc. | 1,514,377 | 334,738 | |
Masco Corp. | 7,576,469 | 332,910 | |
Textron Inc. | 5,711,165 | 323,195 | |
Ball Corp. | 8,440,963 | 319,490 | |
Cintas Corp. | 2,047,277 | 319,027 | |
Total System Services Inc. | 3,990,408 | 315,601 | |
TransDigm Group Inc. | 1,126,182 | 309,272 | |
WW Grainger Inc. | 1,304,515 | 308,192 | |
CH Robinson Worldwide Inc. | 3,359,952 | 299,338 | |
Xylem Inc. | 4,325,863 | 295,024 | |
* | Vantiv Inc. Class A | 3,916,054 | 288,026 |
Alliance Data Systems Corp. | 1,131,719 | 286,868 | |
Pentair plc | 3,932,913 | 277,742 | |
Expeditors International of Washington Inc. | 4,283,438 | 277,096 | |
Packaging Corp. of America | 2,274,152 | 274,149 | |
* | XPO Logistics Inc. | 2,887,508 | 264,467 |
Kansas City Southern | 2,495,207 | 262,546 | |
* | CoStar Group Inc. | 870,431 | 258,474 |
Huntington Ingalls Industries Inc. | 1,091,639 | 257,299 | |
Broadridge Financial Solutions Inc. | 2,806,852 | 254,245 | |
Fortune Brands Home & Security Inc. | 3,658,428 | 250,383 | |
* | Trimble Inc. | 6,068,843 | 246,638 |
Owens Corning | 2,678,659 | 246,276 | |
Spirit AeroSystems Holdings Inc. Class A | 2,787,969 | 243,250 | |
JB Hunt Transport Services Inc. | 2,112,061 | 242,845 | |
IDEX Corp. | 1,839,255 | 242,726 | |
Cognex Corp. | 3,963,373 | 242,400 | |
Jack Henry & Associates Inc. | 1,865,334 | 218,169 | |
* | TransUnion | 3,954,759 | 217,354 |
AO Smith Corp. | 3,521,825 | 215,817 | |
Sealed Air Corp. | 4,349,290 | 214,420 | |
*,^ | Sensata Technologies Holding NV | 4,127,448 | 210,954 |
Old Dominion Freight Line Inc. | 1,586,887 | 208,755 | |
ManpowerGroup Inc. | 1,595,685 | 201,232 | |
Lennox International Inc. | 956,904 | 199,285 | |
PerkinElmer Inc. | 2,650,268 | 193,788 | |
Jacobs Engineering Group Inc. | 2,902,495 | 191,449 | |
* | Keysight Technologies Inc. | 4,474,194 | 186,126 |
* | Berry Global Group Inc. | 3,149,143 | 184,760 |
* | First Data Corp. Class A | 10,993,694 | 183,705 |
Graco Inc. | 4,047,186 | 183,014 | |
* | Crown Holdings Inc. | 3,240,703 | 182,290 |
Allegion plc | 2,290,779 | 182,254 | |
Orbital ATK Inc. | 1,384,518 | 182,064 | |
* | IPG Photonics Corp. | 841,351 | 180,158 |
Acuity Brands Inc. | 1,015,718 | 178,766 | |
Hubbell Inc. Class B | 1,316,699 | 178,202 | |
Universal Display Corp. | 1,020,094 | 176,119 | |
Fluor Corp. | 3,370,850 | 174,104 | |
Nordson Corp. | 1,181,053 | 172,906 |
38
Vanguard® Total Stock Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
* HD Supply Holdings Inc. | 4,273,199 | 171,056 |
* Arrow Electronics Inc. | 2,118,537 | 170,352 |
Carlisle Cos. Inc. | 1,495,195 | 169,929 |
Xerox Corp. | 5,818,115 | 169,598 |
^ Wabtec Corp. | 2,081,295 | 169,480 |
* Coherent Inc. | 593,536 | 167,508 |
Oshkosh Corp. | 1,810,329 | 164,541 |
Toro Co. | 2,467,551 | 160,958 |
Robert Half International Inc. | 2,867,086 | 159,238 |
FLIR Systems Inc. | 3,338,256 | 155,629 |
Donaldson Co. Inc. | 3,137,865 | 153,598 |
* WEX Inc. | 1,033,355 | 145,941 |
* Quanta Services Inc. | 3,726,308 | 145,736 |
BWX Technologies Inc. | 2,392,046 | 144,695 |
* AECOM | 3,783,684 | 140,564 |
Knight-Swift Transportation Holdings Inc. | 3,207,881 | 140,249 |
Allison Transmission Holdings Inc. | 3,247,712 | 139,879 |
* Stericycle Inc. | 2,055,987 | 139,787 |
* Teledyne Technologies Inc. | 766,133 | 138,785 |
Trinity Industries Inc. | 3,648,245 | 136,663 |
Hexcel Corp. | 2,156,872 | 133,403 |
* Zebra Technologies Corp. | 1,279,642 | 132,827 |
Flowserve Corp. | 3,146,605 | 132,566 |
Lincoln Electric Holdings Inc. | 1,425,557 | 130,553 |
AptarGroup Inc. | 1,510,252 | 130,305 |
Booz Allen Hamilton Holding Corp. Class A | 3,339,731 | 127,344 |
Sonoco Products Co. | 2,394,222 | 127,229 |
MDU Resources Group Inc. | 4,709,927 | 126,603 |
Eagle Materials Inc. | 1,110,787 | 125,852 |
Watsco Inc. | 730,272 | 124,175 |
Macquarie Infrastructure Corp. | 1,930,182 | 123,918 |
Genpact Ltd. | 3,720,148 | 118,077 |
National Instruments Corp. | 2,828,785 | 117,762 |
* Genesee & Wyoming Inc. Class A | 1,483,836 | 116,822 |
Curtiss-Wright Corp. | 955,752 | 116,458 |
EMCOR Group Inc. | 1,422,528 | 116,292 |
AGCO Corp. | 1,626,059 | 116,149 |
Avnet Inc. | 2,912,707 | 115,401 |
Graphic Packaging Holding Co. | 7,460,616 | 115,267 |
HEICO Corp. Class A | 1,446,497 | 114,346 |
Air Lease Corp. Class A | 2,359,583 | 113,472 |
ITT Inc. | 2,115,956 | 112,929 |
MAXIMUS Inc. | 1,562,714 | 111,859 |
Crane Co. | 1,216,204 | 108,510 |
Littelfuse Inc. | 547,197 | 108,247 |
Ryder System Inc. | 1,273,493 | 107,190 |
Jabil Inc. | 4,040,526 | 106,064 |
Landstar System Inc. | 1,008,207 | 104,954 |
Bemis Co. Inc. | 2,188,132 | 104,571 |
MSC Industrial Direct Co. Inc. Class A | 1,073,720 | 103,786 |
Woodward Inc. | 1,327,245 | 101,587 |
* Euronet Worldwide Inc. | 1,201,865 | 101,281 |
Kennametal Inc. | 1,949,098 | 94,356 |
Terex Corp. | 1,929,361 | 93,034 |
* CoreLogic Inc. | 1,990,822 | 91,996 |
* Louisiana-Pacific Corp. | 3,485,162 | 91,520 |
Brink's Co. | 1,155,159 | 90,911 |
Valmont Industries Inc. | 544,235 | 90,261 |
Deluxe Corp. | 1,165,341 | 89,545 |
* Owens-Illinois Inc. | 3,927,693 | 87,077 |
Maxar Technologies Ltd. | 1,349,291 | 86,786 |
* Kirby Corp. | 1,294,932 | 86,501 |
* KLX Inc. | 1,240,094 | 84,636 |
John Bean Technologies Corp. | 761,024 | 84,321 |
39
Vanguard® Total Stock Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
* Summit Materials Inc. Class A | 2,649,393 | 83,297 |
Timken Co. | 1,691,837 | 83,154 |
Regal Beloit Corp. | 1,072,940 | 82,187 |
* USG Corp. | 2,044,283 | 78,828 |
Belden Inc. | 1,019,975 | 78,711 |
* MasTec Inc. | 1,594,998 | 78,075 |
* Conduent Inc. | 4,815,713 | 77,822 |
Barnes Group Inc. | 1,227,076 | 77,637 |
* WESCO International Inc. | 1,132,695 | 77,193 |
* Trex Co. Inc. | 708,951 | 76,843 |
* Colfax Corp. | 1,931,464 | 76,525 |
* On Assignment Inc. | 1,188,519 | 76,386 |
* Generac Holdings Inc. | 1,496,965 | 74,130 |
Cimpress NV | 597,043 | 71,574 |
* Rogers Corp. | 437,929 | 70,909 |
EnerSys | 1,016,561 | 70,783 |
* RBC Bearings Inc. | 553,793 | 69,999 |
* Moog Inc. Class A | 782,577 | 67,967 |
* Clean Harbors Inc. | 1,243,399 | 67,392 |
KBR Inc. | 3,372,893 | 66,884 |
Vishay Intertechnology Inc. | 3,199,115 | 66,382 |
* Rexnord Corp. | 2,497,970 | 64,997 |
* JELD-WEN Holding Inc. | 1,649,123 | 64,926 |
* TopBuild Corp. | 855,203 | 64,773 |
Tetra Tech Inc. | 1,342,668 | 64,649 |
MSA Safety Inc. | 829,459 | 64,300 |
Applied Industrial Technologies Inc. | 938,089 | 63,884 |
* II-VI Inc. | 1,352,133 | 63,483 |
UniFirst Corp. | 376,282 | 62,049 |
* Armstrong World Industries Inc. | 1,017,505 | 61,610 |
Granite Construction Inc. | 959,685 | 60,873 |
* Proto Labs Inc. | 576,116 | 59,340 |
* WageWorks Inc. | 956,027 | 59,274 |
* Builders FirstSource Inc. | 2,710,915 | 59,071 |
ABM Industries Inc. | 1,563,589 | 58,979 |
GATX Corp. | 933,577 | 58,031 |
* AMN Healthcare Services Inc. | 1,153,741 | 56,822 |
Simpson Manufacturing Co. Inc. | 980,512 | 56,291 |
* Gardner Denver Holdings Inc. | 1,657,913 | 56,253 |
Silgan Holdings Inc. | 1,862,728 | 54,746 |
* Sanmina Corp. | 1,655,580 | 54,634 |
* Itron Inc. | 797,136 | 54,365 |
* Esterline Technologies Corp. | 725,151 | 54,169 |
Convergys Corp. | 2,243,535 | 52,723 |
Universal Forest Products Inc. | 1,398,136 | 52,598 |
* Anixter International Inc. | 685,533 | 52,101 |
Insperity Inc. | 900,858 | 51,664 |
Korn/Ferry International | 1,245,964 | 51,558 |
Watts Water Technologies Inc. Class A | 672,556 | 51,081 |
* Masonite International Corp. | 687,054 | 50,945 |
* Navistar International Corp. | 1,185,647 | 50,841 |
* Aerojet Rocketdyne Holdings Inc. | 1,626,062 | 50,733 |
* Meritor Inc. | 2,126,809 | 49,895 |
* Plexus Corp. | 815,317 | 49,506 |
Schneider National Inc. Class B | 1,692,478 | 48,337 |
Covanta Holding Corp. | 2,852,440 | 48,206 |
Mueller Water Products Inc. Class A | 3,825,920 | 47,939 |
EnPro Industries Inc. | 510,745 | 47,760 |
Mueller Industries Inc. | 1,339,788 | 47,469 |
Triton International Ltd. | 1,261,874 | 47,257 |
* ExlService Holdings Inc. | 777,248 | 46,907 |
* SPX FLOW Inc. | 976,771 | 46,445 |
* American Woodmark Corp. | 351,315 | 45,759 |
Greif Inc. Class A | 738,350 | 44,729 |
40
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Ambarella Inc. | 758,853 | 44,583 |
* | TriNet Group Inc. | 1,002,133 | 44,435 |
Exponent Inc. | 619,720 | 44,062 | |
World Fuel Services Corp. | 1,562,192 | 43,960 | |
Franklin Electric Co. Inc. | 957,075 | 43,930 | |
* | Saia Inc. | 613,013 | 43,371 |
Albany International Corp. | 698,544 | 42,926 | |
Otter Tail Corp. | 950,681 | 42,258 | |
Forward Air Corp. | 727,691 | 41,799 | |
Brady Corp. Class A | 1,097,299 | 41,588 | |
Werner Enterprises Inc. | 1,049,390 | 40,559 | |
* | FTI Consulting Inc. | 917,867 | 39,432 |
Chicago Bridge & Iron Co. NV | 2,442,655 | 39,424 | |
Kaman Corp. | 664,118 | 39,077 | |
Comfort Systems USA Inc. | 895,056 | 39,069 | |
* | Floor & Decor Holdings Inc. Class A | 802,455 | 39,064 |
Sun Hydraulics Corp. | 586,890 | 37,966 | |
* | Patrick Industries Inc. | 546,051 | 37,923 |
* | Installed Building Products Inc. | 498,931 | 37,894 |
* | Novanta Inc. | 749,492 | 37,475 |
Mobile Mini Inc. | 1,079,813 | 37,254 | |
Greenbrier Cos. Inc. | 689,825 | 36,768 | |
* | Hub Group Inc. Class A | 766,680 | 36,724 |
Boise Cascade Co. | 920,301 | 36,720 | |
* | BMC Stock Holdings Inc. | 1,450,890 | 36,708 |
* | Harsco Corp. | 1,940,372 | 36,188 |
* | Atlas Air Worldwide Holdings Inc. | 611,000 | 35,835 |
ESCO Technologies Inc. | 588,999 | 35,487 | |
*,^ | MACOM Technology Solutions Holdings Inc. | 1,086,024 | 35,339 |
* | Benchmark Electronics Inc. | 1,207,534 | 35,139 |
Cubic Corp. | 591,950 | 34,895 | |
AAON Inc. | 950,331 | 34,877 | |
Actuant Corp. Class A | 1,377,093 | 34,840 | |
* | TTM Technologies Inc. | 2,203,431 | 34,528 |
* | Integer Holdings Corp. | 756,393 | 34,265 |
General Cable Corp. | 1,145,338 | 33,902 | |
Altra Industrial Motion Corp. | 668,346 | 33,685 | |
Methode Electronics Inc. | 837,516 | 33,584 | |
* | Paylocity Holding Corp. | 695,568 | 32,803 |
AZZ Inc. | 634,737 | 32,435 | |
*,^ | Axon Enterprise Inc. | 1,206,039 | 31,960 |
* | Milacron Holdings Corp. | 1,667,259 | 31,911 |
*,^ | US Concrete Inc. | 380,680 | 31,844 |
Badger Meter Inc. | 665,365 | 31,804 | |
* | Knowles Corp. | 2,168,769 | 31,794 |
Apogee Enterprises Inc. | 691,842 | 31,638 | |
Triumph Group Inc. | 1,150,862 | 31,303 | |
Standex International Corp. | 307,237 | 31,292 | |
Aircastle Ltd. | 1,337,840 | 31,292 | |
H&E Equipment Services Inc. | 769,325 | 31,273 | |
* | Air Transport Services Group Inc. | 1,350,504 | 31,251 |
ManTech International Corp. Class A | 622,201 | 31,228 | |
Tennant Co. | 429,276 | 31,187 | |
Matson Inc. | 1,041,453 | 31,077 | |
AAR Corp. | 788,784 | 30,991 | |
* | Imperva Inc. | 777,316 | 30,859 |
* | SPX Corp. | 976,942 | 30,666 |
Manitowoc Co. Inc. | 761,563 | 29,960 | |
Raven Industries Inc. | 871,712 | 29,943 | |
HEICO Corp. | 315,608 | 29,778 | |
* | GMS Inc. | 790,273 | 29,746 |
* | TriMas Corp. | 1,100,364 | 29,435 |
Astec Industries Inc. | 501,403 | 29,332 | |
* | Sykes Enterprises Inc. | 930,910 | 29,277 |
41
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Wabash National Corp. | 1,346,324 | 29,215 | |
* | Aerovironment Inc. | 514,856 | 28,914 |
Federal Signal Corp. | 1,435,473 | 28,839 | |
* | Cotiviti Holdings Inc. | 885,618 | 28,526 |
* | Advanced Disposal Services Inc. | 1,167,141 | 27,941 |
* | TrueBlue Inc. | 1,012,112 | 27,833 |
* | OSI Systems Inc. | 430,233 | 27,698 |
Viad Corp. | 491,116 | 27,208 | |
Primoris Services Corp. | 990,968 | 26,944 | |
US Ecology Inc. | 524,780 | 26,764 | |
Kadant Inc. | 265,009 | 26,607 | |
McGrath RentCorp | 558,942 | 26,259 | |
* | Continental Building Products Inc. | 925,683 | 26,058 |
Heartland Express Inc. | 1,102,774 | 25,739 | |
Multi-Color Corp. | 343,021 | 25,675 | |
Alamo Group Inc. | 224,304 | 25,317 | |
* | Gibraltar Industries Inc. | 762,949 | 25,177 |
* | MINDBODY Inc. Class A | 814,120 | 24,790 |
* | Fabrinet | 863,601 | 24,785 |
* | Tutor Perini Corp. | 964,169 | 24,442 |
Materion Corp. | 485,810 | 23,610 | |
Encore Wire Corp. | 476,438 | 23,179 | |
^ | Sturm Ruger & Co. Inc. | 408,415 | 22,810 |
* | Kratos Defense & Security Solutions Inc. | 2,150,379 | 22,773 |
* | ICF International Inc. | 433,142 | 22,740 |
Lindsay Corp. | 254,384 | 22,437 | |
REV Group Inc. | 688,769 | 22,406 | |
MTS Systems Corp. | 409,704 | 22,001 | |
*,^ | Inovalon Holdings Inc. Class A | 1,464,782 | 21,972 |
* | Huron Consulting Group Inc. | 541,253 | 21,894 |
* | Casella Waste Systems Inc. Class A | 936,223 | 21,552 |
* | NCI Building Systems Inc. | 1,107,991 | 21,384 |
ArcBest Corp. | 593,713 | 21,225 | |
AVX Corp. | 1,226,358 | 21,216 | |
* | Navigant Consulting Inc. | 1,091,110 | 21,178 |
* | Cardtronics plc Class A | 1,116,997 | 20,687 |
Schnitzer Steel Industries Inc. | 611,360 | 20,481 | |
* | Lydall Inc. | 395,634 | 20,078 |
Kelly Services Inc. Class A | 729,203 | 19,885 | |
CIRCOR International Inc. | 403,096 | 19,623 | |
Douglas Dynamics Inc. | 514,598 | 19,452 | |
Advanced Drainage Systems Inc. | 815,066 | 19,439 | |
* | CBIZ Inc. | 1,257,126 | 19,423 |
Quanex Building Products Corp. | 827,782 | 19,370 | |
* | Aegion Corp. Class A | 758,942 | 19,300 |
* | FARO Technologies Inc. | 408,258 | 19,188 |
* | Thermon Group Holdings Inc. | 807,516 | 19,114 |
EVERTEC Inc. | 1,399,164 | 19,099 | |
CTS Corp. | 741,610 | 19,096 | |
* | PGT Innovations Inc. | 1,131,940 | 19,073 |
Marten Transport Ltd. | 920,343 | 18,683 | |
Columbus McKinnon Corp. | 465,044 | 18,592 | |
* | KEMET Corp. | 1,219,625 | 18,368 |
*,^ | Evolent Health Inc. Class A | 1,462,317 | 17,987 |
Hyster-Yale Materials Handling Inc. | 211,033 | 17,972 | |
* | Echo Global Logistics Inc. | 641,236 | 17,955 |
* | Veeco Instruments Inc. | 1,182,395 | 17,559 |
Global Brass & Copper Holdings Inc. | 529,261 | 17,519 | |
NN Inc. | 623,688 | 17,214 | |
Griffon Corp. | 843,908 | 17,174 | |
* | Atkore International Group Inc. | 787,494 | 16,892 |
*,^ | American Outdoor Brands Corp. | 1,306,526 | 16,776 |
* | Astronics Corp. | 402,036 | 16,672 |
* | Electro Scientific Industries Inc. | 759,449 | 16,275 |
42
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Quad/Graphics Inc. | 716,975 | 16,204 | |
Argan Inc. | 357,803 | 16,101 | |
* | Control4 Corp. | 538,156 | 16,016 |
* | Donnelley Financial Solutions Inc. | 818,570 | 15,954 |
RR Donnelley & Sons Co. | 1,670,666 | 15,537 | |
RPX Corp. | 1,131,311 | 15,205 | |
Kforce Inc. | 583,846 | 14,742 | |
Cass Information Systems Inc. | 237,503 | 13,825 | |
* | MYR Group Inc. | 385,799 | 13,785 |
Myers Industries Inc. | 685,134 | 13,360 | |
TeleTech Holdings Inc. | 330,425 | 13,300 | |
* | Engility Holdings Inc. | 457,241 | 12,972 |
* | TimkenSteel Corp. | 845,901 | 12,849 |
Gorman-Rupp Co. | 402,602 | 12,565 | |
Insteel Industries Inc. | 440,921 | 12,487 | |
Ennis Inc. | 596,227 | 12,372 | |
LSC Communications Inc. | 813,579 | 12,326 | |
* | Everi Holdings Inc. | 1,602,306 | 12,081 |
Spartan Motors Inc. | 757,993 | 11,938 | |
* | YRC Worldwide Inc. | 803,439 | 11,553 |
* | InnerWorkings Inc. | 1,121,052 | 11,244 |
* | Kimball Electronics Inc. | 616,081 | 11,243 |
* | DXP Enterprises Inc. | 379,566 | 11,224 |
* | CAI International Inc. | 387,265 | 10,967 |
* | Cross Country Healthcare Inc. | 848,420 | 10,826 |
* | NV5 Global Inc. | 196,764 | 10,655 |
Barrett Business Services Inc. | 164,151 | 10,586 | |
Heidrick & Struggles International Inc. | 430,237 | 10,562 | |
Resources Connection Inc. | 679,452 | 10,498 | |
* | Wesco Aircraft Holdings Inc. | 1,380,159 | 10,213 |
VSE Corp. | 209,897 | 10,165 | |
* | Sterling Construction Co. Inc. | 623,087 | 10,144 |
* | Bazaarvoice Inc. | 1,859,775 | 10,136 |
*,^ | Team Inc. | 679,853 | 10,130 |
NVE Corp. | 117,757 | 10,127 | |
* | Mistras Group Inc. | 414,524 | 9,729 |
* | International Seaways Inc. | 525,846 | 9,707 |
Mesa Laboratories Inc. | 77,702 | 9,658 | |
* | Ply Gem Holdings Inc. | 507,740 | 9,393 |
Park-Ohio Holdings Corp. | 203,655 | 9,358 | |
B. Riley Financial Inc. | 504,217 | 9,126 | |
* | Vicor Corp. | 433,513 | 9,060 |
CRA International Inc. | 191,041 | 8,587 | |
* | Covenant Transportation Group Inc. Class A | 297,596 | 8,550 |
DMC Global Inc. | 339,542 | 8,506 | |
*,^ | Energous Corp. | 437,294 | 8,505 |
* | Daseke Inc. | 594,202 | 8,491 |
* | Armstrong Flooring Inc. | 500,135 | 8,462 |
Park Electrochemical Corp. | 429,759 | 8,445 | |
* | Eagle Bulk Shipping Inc. | 1,768,188 | 7,921 |
* | Landec Corp. | 625,243 | 7,878 |
Daktronics Inc. | 855,295 | 7,809 | |
* | Ducommun Inc. | 274,102 | 7,798 |
*,^ | Energy Recovery Inc. | 883,064 | 7,727 |
* | Heritage-Crystal Clean Inc. | 354,873 | 7,718 |
Essendant Inc. | 825,685 | 7,654 | |
* | Great Lakes Dredge & Dock Corp. | 1,408,260 | 7,605 |
American Railcar Industries Inc. | 182,508 | 7,600 | |
* | Horizon Global Corp. | 533,795 | 7,484 |
* | PHH Corp. | 717,034 | 7,385 |
* | Roadrunner Transportation Systems Inc. | 953,454 | 7,351 |
* | Commercial Vehicle Group Inc. | 663,077 | 7,088 |
Hurco Cos. Inc. | 164,009 | 6,921 | |
Miller Industries Inc. | 251,924 | 6,500 |
43
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Omega Flex Inc. | 90,399 | 6,455 | |
* | GP Strategies Corp. | 276,939 | 6,425 |
* | Vishay Precision Group Inc. | 255,423 | 6,424 |
Allied Motion Technologies Inc. | 185,435 | 6,136 | |
* | Twin Disc Inc. | 229,543 | 6,099 |
Powell Industries Inc. | 212,812 | 6,097 | |
*,^ | Babcock & Wilcox Enterprises Inc. | 1,057,831 | 6,008 |
* | UFP Technologies Inc. | 209,195 | 5,816 |
Bel Fuse Inc. Class B | 230,787 | 5,810 | |
* | Hill International Inc. | 1,029,286 | 5,610 |
* | Foundation Building Materials Inc. | 378,239 | 5,594 |
* | CryoPort Inc. | 651,193 | 5,594 |
*,^ | Hudson Technologies Inc. | 917,657 | 5,570 |
* | Iteris Inc. | 798,613 | 5,566 |
* | ServiceSource International Inc. | 1,764,150 | 5,451 |
*,^ | Blue Bird Corp. | 273,594 | 5,445 |
* | Sparton Corp. | 234,956 | 5,418 |
National Research Corp. Class A | 142,878 | 5,329 | |
* | LB Foster Co. Class A | 195,628 | 5,311 |
FreightCar America Inc. | 308,772 | 5,274 | |
* | Layne Christensen Co. | 419,147 | 5,260 |
*,^ | Forterra Inc. | 458,345 | 5,088 |
* | Willdan Group Inc. | 210,309 | 5,035 |
* | Franklin Covey Co. | 241,937 | 5,020 |
* | Acacia Research Corp. | 1,231,814 | 4,989 |
Graham Corp. | 237,610 | 4,973 | |
National Research Corp. Class B | 87,371 | 4,969 | |
^ | Advanced Emissions Solutions Inc. | 511,393 | 4,940 |
* | Orion Group Holdings Inc. | 621,254 | 4,864 |
* | Era Group Inc. | 445,659 | 4,791 |
Hardinge Inc. | 274,122 | 4,775 | |
* | Overseas Shipholding Group Inc. Class A | 1,699,431 | 4,656 |
* | Astronics Corp. Class B | 111,320 | 4,636 |
LSI Industries Inc. | 669,774 | 4,608 | |
^ | Celadon Group Inc. | 696,454 | 4,457 |
Universal Logistics Holdings Inc. | 184,031 | 4,371 | |
^ | EnviroStar Inc. | 106,814 | 4,273 |
*,^ | Maxwell Technologies Inc. | 738,356 | 4,253 |
* | Northwest Pipe Co. | 221,568 | 4,241 |
Eastern Co. | 154,082 | 4,029 | |
* | Information Services Group Inc. | 940,165 | 3,920 |
CECO Environmental Corp. | 752,337 | 3,859 | |
* | Radiant Logistics Inc. | 800,706 | 3,683 |
* | PRGX Global Inc. | 518,653 | 3,682 |
United States Lime & Minerals Inc. | 46,332 | 3,572 | |
* | IES Holdings Inc. | 206,191 | 3,557 |
* | Intevac Inc. | 518,049 | 3,549 |
Crawford & Co. Class B | 342,589 | 3,296 | |
* | Huttig Building Products Inc. | 492,582 | 3,276 |
BG Staffing Inc. | 203,010 | 3,236 | |
* | Manitex International Inc. | 336,259 | 3,228 |
*,^ | Asure Software Inc. | 226,261 | 3,195 |
* | Gencor Industries Inc. | 192,869 | 3,192 |
* | USA Truck Inc. | 175,321 | 3,179 |
*,^ | MicroVision Inc. | 1,875,205 | 3,057 |
* | StarTek Inc. | 303,216 | 3,023 |
NACCO Industries Inc. Class A | 79,918 | 3,009 | |
* | Ameresco Inc. Class A | 347,654 | 2,990 |
Crawford & Co. Class A | 350,679 | 2,981 | |
*,^ | CyberOptics Corp. | 193,613 | 2,904 |
* | Goldfield Corp. | 590,960 | 2,896 |
* | IntriCon Corp. | 129,608 | 2,566 |
* | Lawson Products Inc. | 100,929 | 2,498 |
* | PFSweb Inc. | 334,575 | 2,486 |
44
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Napco Security Technologies Inc. | 277,803 | 2,431 |
* | Willis Lease Finance Corp. | 97,102 | 2,425 |
* | General Finance Corp. | 347,103 | 2,360 |
*,^ | ExOne Co. | 279,558 | 2,348 |
* | PAM Transportation Services Inc. | 66,676 | 2,319 |
Richardson Electronics Ltd. | 336,052 | 2,265 | |
* | Arotech Corp. | 636,010 | 2,258 |
* | Transcat Inc. | 147,758 | 2,106 |
* | BlueLinx Holdings Inc. | 214,455 | 2,093 |
Global Water Resources Inc. | 222,045 | 2,074 | |
* | ARC Document Solutions Inc. | 808,195 | 2,061 |
*,^ | Nuverra Environmental Solutions Inc. | 111,848 | 2,033 |
* | Nuvectra Corp. | 255,633 | 1,984 |
* | Aspen Aerogels Inc. | 394,699 | 1,926 |
* | Perceptron Inc. | 190,302 | 1,855 |
* | ModusLink Global Solutions Inc. | 738,578 | 1,839 |
* | Frequency Electronics Inc. | 191,069 | 1,788 |
* | DHI Group Inc. | 932,175 | 1,771 |
*,^ | CUI Global Inc. | 643,279 | 1,769 |
*,^ | ClearSign Combustion Corp. | 464,971 | 1,674 |
*,^ | Workhorse Group Inc. | 652,080 | 1,669 |
* | Key Technology Inc. | 85,625 | 1,578 |
* | American Superconductor Corp. | 401,263 | 1,457 |
* | Sharps Compliance Corp. | 341,266 | 1,396 |
* | ALJ Regional Holdings Inc. | 433,960 | 1,367 |
*,^ | Mattersight Corp. | 535,988 | 1,367 |
* | Hudson Global Inc. | 604,026 | 1,359 |
* | Ultralife Corp. | 196,161 | 1,285 |
*,^ | Revolution Lighting Technologies Inc. | 388,578 | 1,278 |
* | CPI Aerostructures Inc. | 141,504 | 1,266 |
*,^ | UQM Technologies Inc. | 883,506 | 1,228 |
* | Perma-Pipe International Holdings Inc. | 136,141 | 1,225 |
* | Xerium Technologies Inc. | 285,836 | 1,218 |
Black Box Corp. | 320,731 | 1,139 | |
* | Ballantyne Strong Inc. | 233,667 | 1,087 |
* | LightPath Technologies Inc. Class A | 472,290 | 1,048 |
*,^ | ShotSpotter Inc. | 73,739 | 1,036 |
*,^ | Aqua Metals Inc. | 437,765 | 932 |
* | Taylor Devices Inc. | 67,427 | 910 |
* | Luna Innovations Inc. | 363,141 | 882 |
Espey Manufacturing & Electronics Corp. | 36,513 | 875 | |
*,^ | Digital Power Corp. | 269,100 | 864 |
* | Lincoln Educational Services Corp. | 411,937 | 832 |
* | IEC Electronics Corp. | 192,084 | 791 |
*,^ | Applied DNA Sciences Inc. | 489,800 | 779 |
*,^ | eMagin Corp. | 461,171 | 761 |
Issuer Direct Corp. | 41,182 | 756 | |
Greif Inc. Class B | 10,847 | 752 | |
* | Volt Information Sciences Inc. | 184,237 | 700 |
* | Perma-Fix Environmental Services | 189,166 | 690 |
* | SigmaTron International Inc. | 67,689 | 686 |
*,^ | Capstone Turbine Corp. | 884,853 | 681 |
* | Universal Technical Institute Inc. | 253,672 | 609 |
* | Innovative Solutions & Support Inc. | 206,801 | 608 |
* | Broadwind Energy Inc. | 215,360 | 586 |
* | Houston Wire & Cable Co. | 77,154 | 556 |
AMCON Distributing Co. | 5,948 | 540 | |
*,^ | Energy Focus Inc. | 215,166 | 525 |
* | Wireless Telecom Group Inc. | 207,343 | 504 |
*,^ | Synthesis Energy Systems Inc. | 167,199 | 478 |
* | Air T Inc. | 19,270 | 475 |
*,^ | Vertex Energy Inc. | 440,810 | 414 |
*,^ | Air Industries Group | 218,563 | 369 |
Chicago Rivet & Machine Co. | 11,328 | 360 |
45
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Odyssey Marine Exploration Inc. | 93,730 | 354 |
* | Orion Energy Systems Inc. | 393,206 | 346 |
* | DLH Holdings Corp. | 52,984 | 326 |
*,^ | Research Frontiers Inc. | 305,937 | 318 |
^ | Cemtrex Inc. | 120,430 | 310 |
* | ASV Holdings Inc. | 29,943 | 304 |
* | AMREP Corp. | 41,838 | 293 |
RF Industries Ltd. | 106,818 | 288 | |
*,^ | Polar Power Inc. | 54,712 | 278 |
*,^ | Digital Ally Inc. | 99,249 | 268 |
*,^ | Payment Data Systems Inc. | 105,913 | 266 |
Bel Fuse Inc. Class A | 10,580 | 248 | |
*,^ | EnSync Inc. | 618,294 | 245 |
* | Fuel Tech Inc. | 210,278 | 236 |
* | Pioneer Power Solutions Inc. | 30,547 | 234 |
*,^ | GEE Group Inc. | 81,570 | 227 |
Ecology and Environment Inc. | 21,480 | 226 | |
* | Image Sensing Systems Inc. | 74,588 | 224 |
*,^ | Limbach Holdings Inc. | 16,095 | 223 |
* | ENGlobal Corp. | 210,413 | 185 |
* | Echelon Corp. | 30,896 | 174 |
* | Sypris Solutions Inc. | 127,117 | 174 |
* | Rubicon Technology Inc. | 21,565 | 173 |
* | Continental Materials Corp. | 8,941 | 170 |
*,^ | Turtle Beach Corp. | 360,823 | 163 |
* | Dorian LPG Ltd. | 15,135 | 124 |
* | Astrotech Corp. | 33,837 | 113 |
* | SIFCO Industries Inc. | 16,533 | 110 |
* | AeroCentury Corp. | 6,716 | 102 |
* | Tecogen Inc. | 37,877 | 102 |
*,^ | Quest Resource Holding Corp. | 39,194 | 91 |
*,^ | Industrial Services of America Inc. | 55,088 | 90 |
*,^ | American Electric Technologies Inc. | 43,277 | 65 |
Servotronics Inc. | 4,914 | 55 | |
* | Command Security Corp. | 16,985 | 52 |
*,^ | SG Blocks Inc. | 8,584 | 51 |
* | Coda Octopus Group Inc. | 3,731 | 18 |
*,^ | Professional Diversity Network Inc. | 2,485 | 10 |
* | Electro-Sensors Inc. | 1,291 | 5 |
*,^ | Patriot National Inc. | 129,819 | 5 |
* | Jewett-Cameron Trading Co. Ltd. | 185 | 3 |
* | JetPay Corp. | 400 | 1 |
*,^ | Meridian Waste Solutions Inc. | 600 | 1 |
*,2 | LGL Group Inc. Warrants Exp. 06/08/2018 | 3,000 | — |
88,296,072 | |||
Oil & Gas (5.7%) | |||
Exxon Mobil Corp. | 102,086,256 | 8,538,494 | |
Chevron Corp. | 45,755,089 | 5,728,080 | |
Schlumberger Ltd. | 33,387,013 | 2,249,951 | |
ConocoPhillips | 28,814,212 | 1,581,612 | |
EOG Resources Inc. | 13,928,566 | 1,503,032 | |
Occidental Petroleum Corp. | 18,442,832 | 1,358,499 | |
Phillips 66 | 10,381,143 | 1,050,053 | |
Halliburton Co. | 19,974,467 | 976,152 | |
Valero Energy Corp. | 10,545,521 | 969,239 | |
Kinder Morgan Inc. | 45,747,055 | 826,649 | |
Marathon Petroleum Corp. | 11,770,910 | 776,645 | |
Pioneer Natural Resources Co. | 4,100,963 | 708,851 | |
Anadarko Petroleum Corp. | 13,188,137 | 707,412 | |
Williams Cos. Inc. | 19,921,657 | 607,411 | |
* | Concho Resources Inc. | 3,583,383 | 538,296 |
Devon Energy Corp. | 12,033,211 | 498,175 | |
Andeavor | 3,571,444 | 408,359 | |
Apache Corp. | 9,181,552 | 387,645 |
46
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
EQT Corp. | 6,209,275 | 353,432 | |
Marathon Oil Corp. | 20,473,079 | 346,609 | |
Hess Corp. | 7,274,376 | 345,315 | |
Noble Energy Inc. | 11,722,525 | 341,594 | |
National Oilwell Varco Inc. | 9,154,273 | 329,737 | |
Baker Hughes a GE Co. | 10,314,331 | 326,345 | |
Cabot Oil & Gas Corp. | 11,144,932 | 318,745 | |
* | Diamondback Energy Inc. | 2,364,603 | 298,531 |
Cimarex Energy Co. | 2,295,231 | 280,041 | |
* | Cheniere Energy Inc. | 4,868,674 | 262,129 |
Targa Resources Corp. | 5,195,099 | 251,547 | |
HollyFrontier Corp. | 4,270,845 | 218,753 | |
* | Parsley Energy Inc. Class A | 5,719,101 | 168,370 |
OGE Energy Corp. | 4,797,862 | 157,898 | |
Helmerich & Payne Inc. | 2,353,143 | 152,107 | |
* | Newfield Exploration Co. | 4,808,915 | 151,625 |
* | WPX Energy Inc. | 9,587,258 | 134,893 |
* | Energen Corp. | 2,340,919 | 134,767 |
* | First Solar Inc. | 1,887,244 | 127,427 |
* | RSP Permian Inc. | 3,054,561 | 124,260 |
Patterson-UTI Energy Inc. | 5,356,244 | 123,247 | |
Murphy Oil Corp. | 3,953,135 | 122,745 | |
* | Continental Resources Inc. | 2,259,442 | 119,683 |
^ | Core Laboratories NV | 1,061,360 | 116,272 |
Range Resources Corp. | 5,973,443 | 101,907 | |
* | Antero Resources Corp. | 5,317,551 | 101,033 |
*,^ | Transocean Ltd. | 9,418,892 | 100,594 |
*,^ | Weatherford International plc | 23,906,744 | 99,691 |
PBF Energy Inc. Class A | 2,518,403 | 89,277 | |
*,^ | Chesapeake Energy Corp. | 20,798,661 | 82,363 |
* | PDC Energy Inc. | 1,585,484 | 81,716 |
*,^ | Centennial Resource Development Inc. Class A | 3,759,654 | 74,441 |
* | Matador Resources Co. | 2,348,695 | 73,115 |
* | Southwestern Energy Co. | 12,356,085 | 68,947 |
Ensco plc Class A | 10,495,047 | 62,026 | |
Delek US Holdings Inc. | 1,764,351 | 61,646 | |
SM Energy Co. | 2,689,715 | 59,389 | |
* | Callon Petroleum Co. | 4,863,292 | 59,089 |
* | Whiting Petroleum Corp. | 2,183,674 | 57,824 |
SemGroup Corp. Class A | 1,898,042 | 57,321 | |
* | QEP Resources Inc. | 5,804,459 | 55,549 |
* | Oasis Petroleum Inc. | 6,485,383 | 54,542 |
CNX Resources Corp. | 3,609,578 | 52,808 | |
Oceaneering International Inc. | 2,362,511 | 49,943 | |
* | Gulfport Energy Corp. | 3,743,379 | 47,766 |
* | Rowan Cos. plc Class A | 3,041,477 | 47,630 |
* | SRC Energy Inc. | 5,517,615 | 47,065 |
Nabors Industries Ltd. | 6,868,655 | 46,913 | |
* | C&J Energy Services Inc. | 1,369,244 | 45,829 |
Pattern Energy Group Inc. Class A | 2,117,382 | 45,503 | |
* | McDermott International Inc. | 6,812,659 | 44,827 |
* | Dril-Quip Inc. | 915,461 | 43,667 |
* | Ultra Petroleum Corp. | 4,754,001 | 43,071 |
* | Laredo Petroleum Inc. | 3,794,729 | 40,262 |
^ | RPC Inc. | 1,561,906 | 39,875 |
* | Carrizo Oil & Gas Inc. | 1,866,992 | 39,730 |
* | MRC Global Inc. | 2,177,242 | 36,839 |
* | Superior Energy Services Inc. | 3,704,139 | 35,671 |
*,^ | Extraction Oil & Gas Inc. | 2,487,874 | 35,601 |
* | Chart Industries Inc. | 751,777 | 35,228 |
* | Oil States International Inc. | 1,243,681 | 35,196 |
* | ProPetro Holding Corp. | 1,506,023 | 30,361 |
* | Forum Energy Technologies Inc. | 1,952,327 | 30,359 |
* | NOW Inc. | 2,641,172 | 29,132 |
47
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Unit Corp. | 1,278,702 | 28,131 |
*,^ | Diamond Offshore Drilling Inc. | 1,496,452 | 27,819 |
* | Noble Corp. plc | 5,919,774 | 26,757 |
* | Halcon Resources Corp. | 3,428,555 | 25,954 |
* | Helix Energy Solutions Group Inc. | 3,435,618 | 25,905 |
* | Exterran Corp. | 816,869 | 25,682 |
*,^ | California Resources Corp. | 981,839 | 19,087 |
*,^ | Tellurian Inc. | 1,877,854 | 18,290 |
Archrock Inc. | 1,713,401 | 17,991 | |
* | SEACOR Holdings Inc. | 381,866 | 17,650 |
* | SandRidge Energy Inc. | 826,926 | 17,423 |
* | Newpark Resources Inc. | 2,012,850 | 17,311 |
* | Ring Energy Inc. | 1,232,669 | 17,134 |
CVR Energy Inc. | 425,714 | 15,854 | |
* | Select Energy Services Inc. Class A | 866,961 | 15,813 |
Green Plains Inc. | 931,041 | 15,688 | |
* | Denbury Resources Inc. | 7,098,125 | 15,687 |
*,^ | Keane Group Inc. | 824,513 | 15,674 |
* | Stone Energy Corp. | 481,333 | 15,480 |
* | Par Pacific Holdings Inc. | 781,053 | 15,059 |
*,^ | Resolute Energy Corp. | 456,276 | 14,359 |
* | Penn Virginia Corp. | 342,173 | 13,382 |
*,^ | Plug Power Inc. | 5,536,889 | 13,067 |
* | Jagged Peak Energy Inc. | 808,395 | 12,756 |
* | Tidewater Inc. | 503,602 | 12,288 |
* | Bill Barrett Corp. | 2,369,452 | 12,155 |
* | Bonanza Creek Energy Inc. | 430,522 | 11,878 |
* | REX American Resources Corp. | 141,313 | 11,699 |
*,^ | WildHorse Resource Development Corp. | 622,539 | 11,461 |
* | TETRA Technologies Inc. | 2,635,805 | 11,255 |
*,^ | SunPower Corp. Class A | 1,322,511 | 11,149 |
* | Basic Energy Services Inc. | 458,710 | 10,766 |
* | Matrix Service Co. | 603,769 | 10,747 |
* | Renewable Energy Group Inc. | 896,699 | 10,581 |
* | Abraxas Petroleum Corp. | 3,714,486 | 9,138 |
*,^ | Sanchez Energy Corp. | 1,684,114 | 8,943 |
* | Solaris Oilfield Infrastructure Inc. Class A | 405,251 | 8,676 |
* | Natural Gas Services Group Inc. | 314,957 | 8,252 |
Panhandle Oil and Gas Inc. Class A | 380,727 | 7,824 | |
* | Midstates Petroleum Co. Inc. | 465,115 | 7,712 |
* | W&T Offshore Inc. | 2,256,797 | 7,470 |
Bristow Group Inc. | 553,860 | 7,461 | |
* | Green Brick Partners Inc. | 614,588 | 6,945 |
* | TPI Composites Inc. | 329,262 | 6,737 |
* | Trecora Resources | 455,031 | 6,143 |
* | Flotek Industries Inc. | 1,307,956 | 6,095 |
* | Pioneer Energy Services Corp. | 1,790,993 | 5,463 |
* | SilverBow Resources Inc. | 171,072 | 5,084 |
*,^ | CARBO Ceramics Inc. | 477,697 | 4,863 |
Gulf Island Fabrication Inc. | 362,038 | 4,860 | |
* | Earthstone Energy Inc. Class A | 442,914 | 4,708 |
* | Mammoth Energy Services Inc. | 237,668 | 4,665 |
* | SEACOR Marine Holdings Inc. | 397,963 | 4,656 |
*,^ | NextDecade Corp. | 552,370 | 4,596 |
* | Eclipse Resources Corp. | 1,887,556 | 4,530 |
Evolution Petroleum Corp. | 661,203 | 4,529 | |
* | Pacific Ethanol Inc. | 953,170 | 4,337 |
* | ION Geophysical Corp. | 219,564 | 4,336 |
* | Smart Sand Inc. | 488,888 | 4,234 |
* | Geospace Technologies Corp. | 317,569 | 4,119 |
*,^ | Enphase Energy Inc. | 1,676,885 | 4,041 |
*,^ | Gastar Exploration Inc. | 3,552,286 | 3,730 |
* | Energy XXI Gulf Coast Inc. | 607,779 | 3,489 |
* | PHI Inc. | 301,216 | 3,485 |
48
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Lilis Energy Inc. | 630,352 | 3,221 |
* | Parker Drilling Co. | 3,198,041 | 3,198 |
*,^ | NCS Multistage Holdings Inc. | 216,831 | 3,196 |
* | Independence Contract Drilling Inc. | 780,582 | 3,107 |
*,^ | Key Energy Services Inc. | 260,791 | 3,075 |
Adams Resources & Energy Inc. | 66,406 | 2,889 | |
*,^ | Approach Resources Inc. | 924,596 | 2,737 |
*,^ | Comstock Resources Inc. | 322,507 | 2,728 |
*,^ | FuelCell Energy Inc. | 1,592,033 | 2,706 |
*,^ | Zion Oil & Gas Inc. | 1,211,646 | 2,617 |
*,^ | Hornbeck Offshore Services Inc. | 798,105 | 2,482 |
*,^ | Jones Energy Inc. Class A | 1,997,029 | 2,197 |
* | Contango Oil & Gas Co. | 459,974 | 2,166 |
*,^ | Northern Oil and Gas Inc. | 1,056,723 | 2,166 |
* | Dawson Geophysical Co. | 411,309 | 2,044 |
* | Willbros Group Inc. | 1,408,037 | 1,999 |
* | Isramco Inc. | 17,021 | 1,781 |
* | Goodrich Petroleum Corp. | 160,000 | 1,746 |
* | Lonestar Resources US Inc. Class A | 400,880 | 1,592 |
*,^ | Amyris Inc. | 419,220 | 1,572 |
* | Ranger Energy Services Inc. | 170,100 | 1,570 |
*,^ | EP Energy Corp. Class A | 552,891 | 1,305 |
*,^ | Torchlight Energy Resources Inc. | 793,893 | 1,064 |
*,^ | Erin Energy Corp. | 345,889 | 951 |
*,^ | Rosehill Resources Inc. | 112,200 | 882 |
* | PetroQuest Energy Inc. | 447,372 | 846 |
* | PHI Inc. | 70,644 | 832 |
* | VAALCO Energy Inc. | 1,074,850 | 749 |
* | Mitcham Industries Inc. | 232,826 | 738 |
*,^ | Eco-Stim Energy Solutions Inc. | 476,542 | 600 |
*,^ | Stone Energy Corp. Warrants Exp. 02/28/2021 | 116,107 | 581 |
*,^ | Ocean Power Technologies Inc. | 499,865 | 550 |
*,^ | Enservco Corp. | 553,228 | 356 |
*,^ | Ideal Power Inc. | 146,040 | 207 |
* | Superior Drilling Products Inc. | 113,740 | 167 |
*,^ | Yuma Energy Inc. | 91,843 | 107 |
*,^ | Aemetis Inc. | 137,486 | 76 |
*,^ | Houston American Energy Corp. | 120,121 | 40 |
^ | EXCO Resources Inc. | 140,771 | 30 |
*,^ | Tidewater Inc. Warrants | 8,839 | 21 |
*,^ | Tidewater Inc. Warrants | 9,555 | 20 |
*,^ | SAExploration Holdings Inc. | 8,164 | 18 |
*,^ | Bonanza Creek Energy Inc. Warrants Exp. 04/28/2020 | 33,839 | 9 |
*,^ | Rex Energy Corp. | 4,401 | 6 |
* | Basic Energy Services Inc. Warrants Exp. 12/23/2023 | 4,640 | 5 |
2 | Harvest Natural Resources Inc. | 51,829 | — |
37,758,375 | |||
Other (0.0%)3 | |||
*,2 | Dyax Corp. CVR Exp. 12/31/2019 | 2,750,063 | 5,500 |
*,2 | Herbalife Ltd. CVR | 234,057 | 2,270 |
*,^,2 | Tobira Therapeutics CVR Exp. 12/31/2028 | 201,001 | 911 |
*,2 | NewStar Financial Inc | 551,185 | 298 |
*,2 | Ocera Therapeutics CVR Line | 653,477 | 176 |
*,2 | Ambit Biosciences Corp. CVR | 201,330 | 121 |
*,2 | Media General Inc. CVR | 2,351,934 | 91 |
*,2 | Omthera Pharmaceuticals Inc. CVR | 121,311 | 73 |
* | Kadmon Warrants Exp. 09/29/2022 | 169,257 | 18 |
*,2 | Alexza Pharmaceuticals Inc. CVR | 327,391 | 12 |
*,2 | Achieve Life Sciences Inc. CVR | 228,587 | 2 |
*,2 | Seventy Seven Energy Inc. Escrow Line | 7,222 | 1 |
*,2 | Clinical Data CVR | 216,285 | — |
*,2 | Chelsea Therapeutics International Ltd. CVR | 1,157,305 | — |
*,2 | Adolor Corp. Rights Exp. 07/01/2019 | 592,629 | — |
*,^,2 | Biosante Pharmaceutical Inc. CVR | 253,823 | — |
49
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,2 | NuPathe Inc. CVR | 158,681 | — |
9,473 | |||
Technology (18.5%) | |||
Apple Inc. | 111,385,671 | 18,849,797 | |
Microsoft Corp. | 185,889,867 | 15,901,019 | |
* | Facebook Inc. Class A | 57,482,974 | 10,143,446 |
* | Alphabet Inc. Class A | 7,176,778 | 7,560,018 |
* | Alphabet Inc. Class C | 7,172,896 | 7,505,718 |
Intel Corp. | 112,809,258 | 5,207,275 | |
Cisco Systems Inc. | 119,127,654 | 4,562,589 | |
Oracle Corp. | 75,440,549 | 3,566,829 | |
International Business Machines Corp. | 21,200,610 | 3,252,598 | |
NVIDIA Corp. | 13,146,656 | 2,543,878 | |
Broadcom Ltd. | 9,833,581 | 2,526,247 | |
Texas Instruments Inc. | 23,756,919 | 2,481,173 | |
QUALCOMM Inc. | 35,533,167 | 2,274,833 | |
* | Adobe Systems Inc. | 11,881,467 | 2,082,108 |
* | salesforce.com Inc. | 16,536,159 | 1,690,492 |
Applied Materials Inc. | 25,705,993 | 1,314,090 | |
* | Micron Technology Inc. | 26,407,543 | 1,085,878 |
Cognizant Technology Solutions Corp. Class A | 14,212,329 | 1,009,360 | |
Intuit Inc. | 5,854,912 | 923,788 | |
HP Inc. | 40,251,647 | 845,687 | |
Analog Devices Inc. | 8,884,057 | 790,948 | |
Lam Research Corp. | 3,903,308 | 718,482 | |
Corning Inc. | 20,944,373 | 670,010 | |
DXC Technology Co. | 6,875,667 | 652,501 | |
Western Digital Corp. | 7,128,390 | 566,921 | |
* | Autodesk Inc. | 5,282,821 | 553,798 |
Hewlett Packard Enterprise Co. | 38,432,692 | 551,893 | |
* | ServiceNow Inc. | 4,160,711 | 542,515 |
* | Cerner Corp. | 7,611,433 | 512,934 |
* | Red Hat Inc. | 4,267,396 | 512,514 |
Microchip Technology Inc. | 5,636,059 | 495,297 | |
Skyworks Solutions Inc. | 4,418,548 | 419,541 | |
Symantec Corp. | 14,938,333 | 419,170 | |
Xilinx Inc. | 6,048,215 | 407,771 | |
Harris Corp. | 2,873,777 | 407,071 | |
* | Dell Technologies Inc. Class V | 4,895,901 | 397,939 |
KLA-Tencor Corp. | 3,777,538 | 396,906 | |
* | Twitter Inc. | 15,216,200 | 365,341 |
NetApp Inc. | 6,500,754 | 359,622 | |
Maxim Integrated Products Inc. | 6,785,362 | 354,739 | |
Motorola Solutions Inc. | 3,904,238 | 352,709 | |
* | Workday Inc. Class A | 3,300,915 | 335,835 |
* | Synopsys Inc. | 3,617,146 | 308,326 |
* | Palo Alto Networks Inc. | 2,102,869 | 304,790 |
* | Citrix Systems Inc. | 3,457,862 | 304,292 |
* | ANSYS Inc. | 2,042,039 | 301,385 |
Seagate Technology plc | 6,971,660 | 291,694 | |
* | Cadence Design Systems Inc. | 6,800,655 | 284,403 |
* | Splunk Inc. | 3,372,579 | 279,384 |
* | Arista Networks Inc. | 1,145,002 | 269,740 |
Juniper Networks Inc. | 9,033,570 | 257,457 | |
CDW Corp. | 3,689,832 | 256,406 | |
* | Gartner Inc. | 2,073,639 | 255,369 |
* | Akamai Technologies Inc. | 3,871,811 | 251,823 |
CA Inc. | 7,565,034 | 251,764 | |
CDK Global Inc. | 3,315,793 | 236,350 | |
Leidos Holdings Inc. | 3,641,929 | 235,159 | |
*,^ | VeriSign Inc. | 2,021,572 | 231,349 |
*,^ | VMware Inc. Class A | 1,837,158 | 230,233 |
*,^ | Advanced Micro Devices Inc. | 22,088,853 | 227,073 |
* | IAC/InterActiveCorp | 1,835,007 | 224,385 |
50
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | ON Semiconductor Corp. | 10,215,836 | 213,920 |
* | Square Inc. | 6,154,292 | 213,369 |
* | Qorvo Inc. | 3,063,539 | 204,032 |
Marvell Technology Group Ltd. | 9,465,627 | 203,227 | |
Teradyne Inc. | 4,746,824 | 198,750 | |
* | F5 Networks Inc. | 1,508,748 | 197,978 |
* | CommScope Holding Co. Inc. | 4,598,490 | 173,961 |
SS&C Technologies Holdings Inc. | 4,203,742 | 170,167 | |
* | PTC Inc. | 2,784,040 | 169,186 |
* | Fortinet Inc. | 3,565,770 | 155,788 |
* | Tyler Technologies Inc. | 859,012 | 152,088 |
*,^ | Snap Inc. | 10,399,441 | 151,936 |
* | Ultimate Software Group Inc. | 683,514 | 149,163 |
* | Microsemi Corp. | 2,827,288 | 146,029 |
LogMeIn Inc. | 1,267,299 | 145,106 | |
* | Veeva Systems Inc. Class A | 2,622,471 | 144,970 |
* | GoDaddy Inc. Class A | 2,859,394 | 143,770 |
Garmin Ltd. | 2,263,598 | 134,843 | |
* | Guidewire Software Inc. | 1,814,859 | 134,771 |
* | Cavium Inc. | 1,583,037 | 132,706 |
* | EPAM Systems Inc. | 1,209,019 | 129,885 |
* | athenahealth Inc. | 962,702 | 128,078 |
MKS Instruments Inc. | 1,306,567 | 123,471 | |
CSRA Inc. | 3,944,771 | 118,028 | |
Cypress Semiconductor Corp. | 7,627,066 | 116,236 | |
* | Aspen Technology Inc. | 1,755,550 | 116,217 |
* | Nuance Communications Inc. | 6,948,196 | 113,603 |
* | Teradata Corp. | 2,917,716 | 112,215 |
Fair Isaac Corp. | 724,363 | 110,972 | |
* | ARRIS International plc | 4,282,938 | 110,029 |
Blackbaud Inc. | 1,155,825 | 109,214 | |
* | Tableau Software Inc. Class A | 1,545,950 | 106,980 |
Monolithic Power Systems Inc. | 950,128 | 106,756 | |
Entegris Inc. | 3,403,858 | 103,647 | |
* | NCR Corp. | 2,928,410 | 99,537 |
*,^ | ViaSat Inc. | 1,328,944 | 99,471 |
SYNNEX Corp. | 720,751 | 97,986 | |
*,^ | Paycom Software Inc. | 1,142,319 | 91,762 |
* | Proofpoint Inc. | 1,027,919 | 91,289 |
* | Integrated Device Technology Inc. | 3,049,524 | 90,662 |
* | Silicon Laboratories Inc. | 1,024,038 | 90,423 |
DST Systems Inc. | 1,454,659 | 90,291 | |
* | Tech Data Corp. | 917,900 | 89,927 |
* | Cree Inc. | 2,357,609 | 87,562 |
* | Medidata Solutions Inc. | 1,336,756 | 84,710 |
j2 Global Inc. | 1,104,708 | 82,886 | |
* | Nutanix Inc. | 2,339,453 | 82,536 |
* | Manhattan Associates Inc. | 1,661,129 | 82,292 |
Science Applications International Corp. | 1,040,267 | 79,653 | |
* | Cirrus Logic Inc. | 1,534,033 | 79,555 |
* | Dycom Industries Inc. | 710,647 | 79,187 |
* | Zendesk Inc. | 2,322,432 | 78,591 |
* | CACI International Inc. Class A | 590,810 | 78,194 |
*,^ | 2U Inc. | 1,194,661 | 77,068 |
* | HubSpot Inc. | 814,107 | 71,967 |
* | RingCentral Inc. Class A | 1,486,458 | 71,945 |
* | Ciena Corp. | 3,436,495 | 71,926 |
* | Ellie Mae Inc. | 787,263 | 70,381 |
*,^ | Lumentum Holdings Inc. | 1,418,883 | 69,383 |
* | RealPage Inc. | 1,495,610 | 66,256 |
* | Advanced Energy Industries Inc. | 957,868 | 64,637 |
* | ACI Worldwide Inc. | 2,849,908 | 64,607 |
* | Verint Systems Inc. | 1,533,465 | 64,175 |
InterDigital Inc. | 835,913 | 63,655 |
51
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Allscripts Healthcare Solutions Inc. | 4,336,528 | 63,096 |
* | NetScout Systems Inc. | 1,995,330 | 60,758 |
* | FireEye Inc. | 4,224,773 | 59,992 |
* | New Relic Inc. | 994,616 | 57,459 |
Cabot Microelectronics Corp. | 607,200 | 57,125 | |
* | Mercury Systems Inc. | 1,097,422 | 56,353 |
* | Finisar Corp. | 2,752,971 | 56,023 |
* | Semtech Corp. | 1,587,486 | 54,292 |
* | CommVault Systems Inc. | 1,000,384 | 52,520 |
* | EchoStar Corp. Class A | 872,607 | 52,269 |
* | Box Inc. | 2,421,067 | 51,133 |
Pitney Bowes Inc. | 4,520,242 | 50,536 | |
* | Envestnet Inc. | 1,006,225 | 50,160 |
Power Integrations Inc. | 680,638 | 50,061 | |
* | Viavi Solutions Inc. | 5,470,880 | 47,815 |
* | VeriFone Systems Inc. | 2,691,365 | 47,664 |
* | Callidus Software Inc. | 1,627,969 | 46,641 |
Progress Software Corp. | 1,091,367 | 46,459 | |
Cogent Communications Holdings Inc. | 991,348 | 44,908 | |
* | Cornerstone OnDemand Inc. | 1,253,881 | 44,300 |
Pegasystems Inc. | 933,368 | 44,008 | |
TiVo Corp. | 2,802,155 | 43,714 | |
* | Qualys Inc. | 735,182 | 43,633 |
* | NETGEAR Inc. | 723,167 | 42,486 |
Ebix Inc. | 531,704 | 42,138 | |
* | BroadSoft Inc. | 759,324 | 41,687 |
* | Premier Inc. Class A | 1,377,011 | 40,195 |
Plantronics Inc. | 795,942 | 40,100 | |
*,^ | Ubiquiti Networks Inc. | 563,211 | 39,999 |
* | Cloudera Inc. | 2,346,091 | 38,757 |
*,^ | Match Group Inc. | 1,217,512 | 38,120 |
Brooks Automation Inc. | 1,597,990 | 38,112 | |
* | MaxLinear Inc. | 1,439,687 | 38,037 |
* | Rambus Inc. | 2,638,373 | 37,518 |
*,^ | Twilio Inc. Class A | 1,571,579 | 37,089 |
* | Pure Storage Inc. Class A | 2,249,360 | 35,675 |
CSG Systems International Inc. | 809,669 | 35,480 | |
* | Extreme Networks Inc. | 2,732,502 | 34,211 |
*,^ | Inphi Corp. | 921,989 | 33,745 |
* | Synaptics Inc. | 831,901 | 33,226 |
* | Electronics For Imaging Inc. | 1,123,996 | 33,192 |
* | Insight Enterprises Inc. | 863,232 | 33,053 |
* | Bottomline Technologies de Inc. | 919,043 | 31,872 |
* | Q2 Holdings Inc. | 853,472 | 31,450 |
* | MuleSoft Inc. Class A | 1,350,718 | 31,418 |
* | Five9 Inc. | 1,259,595 | 31,339 |
* | MicroStrategy Inc. Class A | 227,560 | 29,879 |
Xperi Corp. | 1,206,278 | 29,433 | |
* | Coupa Software Inc. | 894,268 | 27,919 |
* | Virtusa Corp. | 632,683 | 27,889 |
* | FormFactor Inc. | 1,742,612 | 27,272 |
* | Diodes Inc. | 948,854 | 27,204 |
^ | Diebold Nixdorf Inc. | 1,626,309 | 26,590 |
* | Barracuda Networks Inc. | 960,174 | 26,405 |
*,^ | Oclaro Inc. | 3,871,951 | 26,097 |
* | Alarm.com Holdings Inc. | 681,563 | 25,729 |
NIC Inc. | 1,515,971 | 25,165 | |
* | CEVA Inc. | 530,526 | 24,484 |
* | Web.com Group Inc. | 1,122,452 | 24,469 |
* | ePlus Inc. | 324,165 | 24,377 |
* | Varonis Systems Inc. | 495,996 | 24,081 |
* | Cray Inc. | 986,690 | 23,878 |
* | Blucora Inc. | 1,069,013 | 23,625 |
Monotype Imaging Holdings Inc. | 951,276 | 22,926 |
52
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | 3D Systems Corp. | 2,644,399 | 22,848 |
ADTRAN Inc. | 1,151,171 | 22,275 | |
* | Hortonworks Inc. | 1,104,900 | 22,220 |
* | ScanSource Inc. | 615,711 | 22,042 |
* | Infinera Corp. | 3,423,753 | 21,672 |
* | Axcelis Technologies Inc. | 748,981 | 21,496 |
* | Boingo Wireless Inc. | 916,913 | 20,631 |
* | Amkor Technology Inc. | 2,051,245 | 20,615 |
* | SPS Commerce Inc. | 420,385 | 20,426 |
* | Super Micro Computer Inc. | 935,893 | 19,584 |
* | Vocera Communications Inc. | 632,241 | 19,106 |
* | Blackline Inc. | 573,642 | 18,815 |
*,^ | Acacia Communications Inc. | 519,110 | 18,807 |
*,^ | Shutterstock Inc. | 426,884 | 18,369 |
* | Syntel Inc. | 788,053 | 18,117 |
* | CalAmp Corp. | 829,859 | 17,784 |
* | Quality Systems Inc. | 1,304,439 | 17,714 |
* | Rudolph Technologies Inc. | 729,927 | 17,445 |
* | PROS Holdings Inc. | 658,801 | 17,425 |
* | Ultra Clean Holdings Inc. | 728,105 | 16,812 |
*,^ | Applied Optoelectronics Inc. | 442,758 | 16,745 |
* | Instructure Inc. | 505,344 | 16,727 |
* | Lattice Semiconductor Corp. | 2,841,450 | 16,424 |
* | Everbridge Inc. | 545,195 | 16,203 |
Switch Inc. | 863,308 | 15,704 | |
* | Silver Spring Networks Inc. | 965,110 | 15,673 |
* | Perficient Inc. | 816,243 | 15,566 |
*,^ | Gogo Inc. | 1,353,990 | 15,273 |
* | IXYS Corp. | 624,610 | 14,959 |
* | Presidio Inc. | 770,194 | 14,765 |
* | LivePerson Inc. | 1,275,511 | 14,668 |
* | Nanometrics Inc. | 578,598 | 14,419 |
* | Photronics Inc. | 1,685,495 | 14,369 |
* | Carbonite Inc. | 569,511 | 14,295 |
* | CommerceHub Inc. | 689,768 | 14,202 |
* | Loral Space & Communications Inc. | 318,395 | 14,025 |
Cohu Inc. | 635,767 | 13,955 | |
* | Alteryx Inc. Class A | 548,142 | 13,852 |
* | Endurance International Group Holdings Inc. | 1,582,880 | 13,296 |
* | Ichor Holdings Ltd. | 524,723 | 12,908 |
* | Apptio Inc. Class A | 544,002 | 12,795 |
* | Appfolio Inc. | 301,244 | 12,502 |
*,^ | Benefitfocus Inc. | 456,855 | 12,335 |
* | Xcerra Corp. | 1,225,987 | 12,002 |
Comtech Telecommunications Corp. | 539,424 | 11,932 | |
Systemax Inc. | 358,602 | 11,931 | |
* | Workiva Inc. | 556,856 | 11,917 |
* | Okta Inc. | 464,541 | 11,897 |
* | Actua Corp. | 732,679 | 11,430 |
* | USA Technologies Inc. | 1,159,054 | 11,301 |
Forrester Research Inc. | 241,640 | 10,680 | |
* | PDF Solutions Inc. | 664,802 | 10,437 |
* | VASCO Data Security International Inc. | 746,986 | 10,383 |
*,^ | Unisys Corp. | 1,250,613 | 10,192 |
* | Rapid7 Inc. | 533,585 | 9,957 |
* | Limelight Networks Inc. | 2,179,176 | 9,610 |
* | Ribbon Communications Inc. | 1,234,102 | 9,540 |
Computer Programs & Systems Inc. | 310,377 | 9,327 | |
* | A10 Networks Inc. | 1,194,980 | 9,225 |
*,^ | Yext Inc. | 762,440 | 9,172 |
*,^ | Digimarc Corp. | 248,714 | 8,991 |
* | Cision Ltd. | 748,531 | 8,885 |
* | Model N Inc. | 562,667 | 8,862 |
Hackett Group Inc. | 561,201 | 8,816 |
53
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Impinj Inc. | 384,840 | 8,670 |
* | Vectrus Inc. | 279,921 | 8,636 |
* | Altair Engineering Inc. Class A | 352,308 | 8,427 |
* | Tabula Rasa HealthCare Inc. | 299,685 | 8,406 |
* | AXT Inc. | 936,752 | 8,150 |
QAD Inc. Class A | 204,398 | 7,941 | |
* | DSP Group Inc. | 624,669 | 7,808 |
PC Connection Inc. | 296,219 | 7,764 | |
American Software Inc. Class A | 665,611 | 7,741 | |
* | Harmonic Inc. | 1,837,196 | 7,716 |
* | Alpha & Omega Semiconductor Ltd. | 468,197 | 7,660 |
* | Internap Corp. | 485,900 | 7,633 |
* | SailPoint Technologies Holding Inc. | 514,106 | 7,455 |
* | Synchronoss Technologies Inc. | 827,293 | 7,396 |
* | Rosetta Stone Inc. | 555,219 | 6,924 |
*,^ | KeyW Holding Corp. | 1,173,682 | 6,890 |
*,^ | TransEnterix Inc. | 3,548,501 | 6,849 |
* | Mitek Systems Inc. | 745,162 | 6,669 |
* | CommerceHub Inc. Class A | 300,716 | 6,613 |
* | Upland Software Inc. | 302,989 | 6,563 |
* | Calix Inc. | 1,080,814 | 6,431 |
* | Sigma Designs Inc. | 907,801 | 6,309 |
* | WideOpenWest Inc. | 584,296 | 6,176 |
* | Zix Corp. | 1,387,768 | 6,078 |
*,^ | NeoPhotonics Corp. | 916,719 | 6,032 |
* | Digi International Inc. | 620,377 | 5,925 |
* | Brightcove Inc. | 821,372 | 5,832 |
*,^ | Castlight Health Inc. Class B | 1,545,683 | 5,796 |
* | MongoDB Inc. | 192,371 | 5,710 |
* | Quantenna Communications Inc. | 462,416 | 5,641 |
*,^ | Appian Corp. Class A | 171,111 | 5,387 |
* | ChannelAdvisor Corp. | 593,254 | 5,339 |
* | MobileIron Inc. | 1,362,373 | 5,313 |
* | Agilysys Inc. | 431,850 | 5,303 |
*,^ | Immersion Corp. | 718,877 | 5,075 |
Preformed Line Products Co. | 70,580 | 5,015 | |
*,^ | Kopin Corp. | 1,528,590 | 4,891 |
* | Aerohive Networks Inc. | 837,762 | 4,884 |
* | RigNet Inc. | 319,157 | 4,771 |
*,^ | VirnetX Holding Corp. | 1,263,963 | 4,677 |
* | Pixelworks Inc. | 738,793 | 4,677 |
* | Meet Group Inc. | 1,644,944 | 4,639 |
* | Ooma Inc. | 384,271 | 4,592 |
* | Amber Road Inc. | 596,529 | 4,379 |
*,^ | ForeScout Technologies Inc. | 134,683 | 4,295 |
Simulations Plus Inc. | 260,718 | 4,198 | |
* | Telenav Inc. | 756,451 | 4,160 |
* | EMCORE Corp. | 628,293 | 4,052 |
* | Quantum Corp. | 719,397 | 4,050 |
* | KVH Industries Inc. | 385,252 | 3,987 |
*,^ | Exela Technologies Inc. | 733,206 | 3,776 |
*,^ | QuickLogic Corp. | 2,064,240 | 3,592 |
* | Clearfield Inc. | 279,441 | 3,423 |
* | Seachange International Inc. | 860,467 | 3,382 |
*,^ | Park City Group Inc. | 332,173 | 3,172 |
* | Telaria Inc. | 781,324 | 3,149 |
*,^ | Veritone Inc. | 133,400 | 3,095 |
*,^ | SITO Mobile Ltd. | 447,601 | 3,008 |
TESSCO Technologies Inc. | 147,714 | 2,976 | |
PC-Tel Inc. | 403,760 | 2,976 | |
AstroNova Inc. | 206,261 | 2,888 | |
* | ID Systems Inc. | 414,467 | 2,876 |
* | Datawatch Corp. | 300,838 | 2,858 |
* | Amtech Systems Inc. | 280,709 | 2,827 |
54
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | VOXX International Corp. Class A | 492,421 | 2,758 |
* | PAR Technology Corp. | 289,316 | 2,705 |
* | eGain Corp. | 461,647 | 2,424 |
* | GSI Technology Inc. | 291,749 | 2,322 |
* | Adesto Technologies Corp. | 360,043 | 2,322 |
* | Data I/O Corp. | 188,803 | 2,273 |
* | Computer Task Group Inc. | 439,802 | 2,243 |
* | Aquantia Corp. | 191,176 | 2,166 |
*,^ | SecureWorks Corp. Class A | 234,363 | 2,079 |
* | Key Tronic Corp. | 301,701 | 2,061 |
TransAct Technologies Inc. | 150,302 | 1,991 | |
*,^ | Airgain Inc. | 219,697 | 1,975 |
* | Aware Inc. | 432,908 | 1,948 |
* | Fusion Telecommunications International Inc. | 502,642 | 1,885 |
* | Casa Systems Inc. | 104,787 | 1,861 |
* | inTEST Corp. | 208,952 | 1,807 |
* | Edgewater Technology Inc. | 285,696 | 1,783 |
* | Great Elm Capital Group Inc. | 414,611 | 1,679 |
*,^ | Resonant Inc. | 222,043 | 1,659 |
RCM Technologies Inc. | 255,019 | 1,604 | |
* | BSQUARE Corp. | 337,101 | 1,568 |
* | Bandwidth Inc. Class A | 67,765 | 1,567 |
*,^ | Synacor Inc. | 677,563 | 1,558 |
*,^ | CVD Equipment Corp. | 130,667 | 1,518 |
*,^ | Neurotrope Inc. | 212,046 | 1,493 |
* | LRAD Corp. | 590,732 | 1,471 |
GlobalSCAPE Inc. | 408,661 | 1,451 | |
Concurrent Computer Corp. | 241,743 | 1,395 | |
ClearOne Inc. | 155,448 | 1,391 | |
* | Aviat Networks Inc. | 79,979 | 1,213 |
QAD Inc. Class B | 38,958 | 1,188 | |
*,^ | Ominto Inc. | 339,216 | 1,150 |
* | Support.com Inc. | 473,810 | 1,147 |
*,^ | Aehr Test Systems | 414,457 | 1,123 |
*,^ | Inseego Corp. | 673,718 | 1,085 |
*,^ | Rimini Street Inc. | 134,806 | 1,066 |
*,^ | Atomera Inc. | 219,062 | 949 |
* | SendGrid Inc. | 39,523 | 947 |
*,^ | NXT-ID Inc. | 270,315 | 946 |
*,^ | Everspin Technologies Inc. | 123,476 | 926 |
* | Icad Inc. | 265,114 | 912 |
* | GSE Systems Inc. | 275,429 | 895 |
* | Innodata Inc. | 643,214 | 875 |
* | iPass Inc. | 1,597,520 | 831 |
Pendrell Corp. | 1,391 | 828 | |
* | Xplore Technologies Corp. | 292,147 | 827 |
* | Identiv Inc. | 241,980 | 808 |
* | Marin Software Inc. | 72,462 | 797 |
* | WidePoint Corp. | 1,138,832 | 741 |
Network-1 Technologies Inc. | 304,119 | 730 | |
*,^ | Tintri Inc. | 138,412 | 706 |
* | DASAN Zhone Solutions Inc. | 71,691 | 664 |
* | Evolving Systems Inc. | 137,615 | 647 |
* | Finjan Holdings Inc. | 298,075 | 644 |
*,^ | Neonode Inc. | 843,592 | 627 |
* | NetSol Technologies Inc. | 131,905 | 627 |
* | Intermolecular Inc. | 388,778 | 533 |
CSP Inc. | 30,760 | 489 | |
* | Radisys Corp. | 481,423 | 484 |
RELM Wireless Corp. | 129,063 | 458 | |
* | Westell Technologies Inc. Class A | 121,863 | 457 |
* | SharpSpring Inc. | 101,651 | 447 |
*,^ | Intellicheck Inc. | 161,682 | 414 |
* | Smith Micro Software Inc. | 127,545 | 362 |
55
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
December 31, 2017 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | ParkerVision Inc. | 331,909 | 352 |
* | Streamline Health Solutions Inc. | 206,127 | 348 |
*,^ | Netlist Inc. | 1,089,336 | 335 |
*,^ | Sunworks Inc. | 317,501 | 333 |
* | Lantronix Inc. | 164,876 | 333 |
Communications Systems Inc. | 73,726 | 268 | |
*,^ | Inuvo Inc. | 315,731 | 256 |
* | ARC Group Worldwide Inc. | 117,147 | 246 |
* | Qumu Corp. | 105,861 | 242 |
* | Majesco | 41,159 | 221 |
*,^ | FORM Holdings Corp. | 149,947 | 205 |
* | Determine Inc. | 95,026 | 172 |
* | RumbleON Inc. Class B | 27,561 | 142 |
*,^ | CynergisTek Inc. | 34,796 | 141 |
* | Cinedigm Corp. Class A | 81,007 | 122 |
* | BroadVision Inc. | 33,284 | 120 |
* | Xcel Brands Inc. | 31,471 | 104 |
*,^ | xG Technology Inc. | 63,270 | 102 |
* | Trio-Tech International | 14,020 | 98 |
* | Socket Mobile Inc. | 20,235 | 72 |
* | Sonic Foundry Inc. | 17,328 | 52 |
* | ADDvantage Technologies Group Inc. | 29,519 | 44 |
*,2 | Gerber Scientific Inc. CVR | 388,581 | 44 |
* | Mastech Digital Inc. | 4,280 | 43 |
SilverSun Technologies Inc. | 2,301 | 10 | |
* | Intelligent Systems Corp. | 1,683 | 8 |
* | CMTSU Liquidation Inc. | 401,000 | 7 |
*,^ | MYnd Analytics Inc. | 1,200 | 4 |
122,336,304 | |||
Telecommunications (1.9%) | |||
AT&T Inc. | 147,965,786 | 5,752,910 | |
Verizon Communications Inc. | 98,328,595 | 5,204,532 | |
* | T-Mobile US Inc. | 7,013,723 | 445,442 |
CenturyLink Inc. | 23,178,893 | 386,624 | |
* | Zayo Group Holdings Inc. | 4,762,715 | 175,268 |
*,^ | Sprint Corp. | 14,432,244 | 85,006 |
Telephone & Data Systems Inc. | 2,375,624 | 66,042 | |
* | Vonage Holdings Corp. | 4,949,328 | 50,335 |
Shenandoah Telecommunications Co. | 1,125,985 | 38,058 | |
* | GTT Communications Inc. | 783,442 | 36,783 |
* | Straight Path Communications Inc. Class B | 172,349 | 31,331 |
* | 8x8 Inc. | 2,101,621 | 29,633 |
*,^ | Iridium Communications Inc. | 2,032,370 | 23,982 |
* | General Communication Inc. Class A | 567,903 | 22,160 |
* | Cincinnati Bell Inc. | 1,029,560 | 21,466 |
Consolidated Communications Holdings Inc. | 1,736,498 | 21,168 | |
* | ORBCOMM Inc. | 1,720,830 | 17,518 |
*,^ | Globalstar Inc. | 13,335,304 | 17,469 |
ATN International Inc. | 259,333 | 14,331 | |
^ | Frontier Communications Corp. | 1,880,980 | 12,715 |
* | United States Cellular Corp. | 323,542 | 12,175 |
* | pdvWireless Inc. | 289,293 | 9,286 |
Spok Holdings Inc. | 479,524 | 7,505 | |
Windstream Holdings Inc. | 3,595,524 | 6,652 | |
* | HC2 Holdings Inc. | 888,607 | 5,287 |
IDT Corp. Class B | 422,763 | 4,481 | |
* | Hawaiian Telcom Holdco Inc. | 138,772 | 4,282 |
* | Intelsat SA | 1,240,306 | 4,205 |
* | Alaska Communications Systems Group Inc. | 1,191,425 | 3,193 |
* | Otelco Inc. Class A | 22,756 | 304 |
* | CPS Technologies Corp. | 7,700 | 13 |
12,510,156 | |||
Utilities (3.0%) | |||
NextEra Energy Inc. | 11,335,995 | 1,770,569 |
56
Vanguard® Total Stock Market Index Fund | ||
Schedule of Investments | ||
December 31, 2017 | ||
Market | ||
Value | ||
Shares | ($000) | |
Duke Energy Corp. | 16,879,505 | 1,419,735 |
Dominion Energy Inc. | 15,517,935 | 1,257,884 |
Southern Co. | 24,091,022 | 1,158,537 |
Exelon Corp. | 23,141,122 | 911,992 |
American Electric Power Co. Inc. | 11,865,174 | 872,921 |
Sempra Energy | 6,051,112 | 646,985 |
Consolidated Edison Inc. | 7,468,058 | 634,411 |
Public Service Enterprise Group Inc. | 12,196,133 | 628,101 |
Xcel Energy Inc. | 12,237,162 | 588,730 |
PG&E Corp. | 12,395,257 | 555,679 |
PPL Corp. | 16,581,804 | 513,207 |
WEC Energy Group Inc. | 7,604,095 | 505,140 |
Edison International | 7,851,108 | 496,504 |
ONEOK Inc. | 9,241,301 | 493,947 |
Eversource Energy | 7,627,792 | 481,924 |
DTE Energy Co. | 4,322,806 | 473,174 |
American Water Works Co. Inc. | 4,289,671 | 392,462 |
Entergy Corp. | 4,341,402 | 353,347 |
Ameren Corp. | 5,843,955 | 344,735 |
FirstEnergy Corp. | 10,717,039 | 328,156 |
CMS Energy Corp. | 6,778,680 | 320,632 |
CenterPoint Energy Inc. | 10,381,390 | 294,416 |
Alliant Energy Corp. | 5,571,603 | 237,406 |
Atmos Energy Corp. | 2,688,477 | 230,913 |
Pinnacle West Capital Corp. | 2,689,709 | 229,109 |
NiSource Inc. | 8,110,087 | 208,186 |
NRG Energy Inc. | 7,244,625 | 206,327 |
UGI Corp. | 4,192,761 | 196,850 |
Westar Energy Inc. Class A | 3,421,025 | 180,630 |
AES Corp. | 15,976,279 | 173,023 |
Aqua America Inc. | 4,283,649 | 168,048 |
Great Plains Energy Inc. | 5,190,671 | 167,347 |
* Calpine Corp. | 8,679,383 | 131,319 |
SCANA Corp. | 3,275,959 | 130,318 |
Vectren Corp. | 1,993,882 | 129,642 |
* Vistra Energy Corp. | 6,186,084 | 113,329 |
IDACORP Inc. | 1,218,203 | 111,295 |
WGL Holdings Inc. | 1,244,064 | 106,790 |
National Fuel Gas Co. | 1,856,721 | 101,953 |
Portland General Electric Co. | 2,149,782 | 97,987 |
Hawaiian Electric Industries Inc. | 2,624,005 | 94,858 |
ONE Gas Inc. | 1,268,001 | 92,894 |
ALLETE Inc. | 1,224,120 | 91,026 |
New Jersey Resources Corp. | 2,097,308 | 84,312 |
Southwest Gas Holdings Inc. | 1,038,570 | 83,584 |
Spire Inc. | 1,109,437 | 83,374 |
Avista Corp. | 1,556,270 | 80,132 |
PNM Resources Inc. | 1,914,667 | 77,448 |
Black Hills Corp. | 1,286,782 | 77,348 |
Avangrid Inc. | 1,521,404 | 76,953 |
NorthWestern Corp. | 1,165,355 | 69,572 |
South Jersey Industries Inc. | 1,933,085 | 60,370 |
Ormat Technologies Inc. | 907,823 | 58,064 |
El Paso Electric Co. | 977,242 | 54,090 |
MGE Energy Inc. | 846,276 | 53,400 |
California Water Service Group | 1,164,113 | 52,792 |
American States Water Co. | 889,791 | 51,528 |
Northwest Natural Gas Co. | 695,252 | 41,472 |
* Dynegy Inc. | 2,687,226 | 31,844 |
Chesapeake Utilities Corp. | 377,427 | 29,647 |
SJW Group | 398,840 | 25,458 |
Unitil Corp. | 370,498 | 16,902 |
Connecticut Water Service Inc. | 283,981 | 16,303 |
* Evoqua Water Technologies Corp. | 680,900 | 16,144 |
57
Vanguard® Total Stock Market Index Fund | |||||
Schedule of Investments | |||||
December 31, 2017 | |||||
Market | |||||
Value | |||||
Shares | ($000) | ||||
Middlesex Water Co. | 378,961 | 15,124 | |||
* | Sunrun Inc. | 1,988,059 | 11,730 | ||
York Water Co. | 336,580 | 11,410 | |||
* | TerraForm Power Inc. Class A | 735,151 | 8,792 | ||
Artesian Resources Corp. Class A | 204,533 | 7,887 | |||
*,^ | Cadiz Inc. | 548,251 | 7,813 | ||
* | Atlantic Power Corp. | 2,932,572 | 6,892 | ||
*,^ | AquaVenture Holdings Ltd. | 266,094 | 4,130 | ||
* | Pure Cycle Corp. | 490,531 | 4,096 | ||
^ | Spark Energy Inc. Class A | 279,655 | 3,468 | ||
*,^ | Vivint Solar Inc. | 705,847 | 2,859 | ||
Genie Energy Ltd. Class B | 379,378 | 1,654 | |||
* | US Geothermal Inc. | 406,921 | 1,404 | ||
19,870,434 | |||||
Total Common Stocks (Cost $409,537,038) | 661,465,480 | ||||
Coupon | |||||
Temporary Cash Investments (0.7%)1 | |||||
Money Market Fund (0.7%) | |||||
4,5 | Vanguard Market Liquidity Fund | 1.458% | 45,238,970 | 4,524,349 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.0%) | |||||
United States Treasury Bill | 1.008% | 1/4/18 | 800 | 800 | |
United States Treasury Bill | 1.075% | 2/22/18 | 60,000 | 59,894 | |
6 | United States Treasury Bill | 1.169% | 3/22/18 | 109,050 | 108,728 |
169,422 | |||||
Total Temporary Cash Investments (Cost $4,693,602) | 4,693,771 | ||||
Total Investments (100.5%) (Cost $414,230,640) | 666,159,251 | ||||
Other Assets and Liabilities—Net (-0.5%)6 | (3,582,080) | ||||
Net Assets (100%) | 662,577,171 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,033,653,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and swap contracts. After giving
effect to futures and swap investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and
0.5%, respectively, of net assets.
2 Security value determined using significant unobservable inputs.
3 “Other” represents securities that are not classified by the fund’s benchmark index.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
5 Includes $2,211,757,000 of collateral received for securities on loan.
6 Securities with a value of $91,669,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
58
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© 2018 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA850 022018
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/smallcapindex_pwcltrx1x1.jpg)
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Index Funds and Shareholders of Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth Index Fund and Vanguard Small-Cap Value Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of net assets—investments summary of Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth Index Fund and Vanguard Small-Cap Value Index Fund (three of the funds constituting Vanguard Index Funds, hereafter collectively referred to as the "Funds") as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, 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 ended December 31, 2017 and each of the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodians and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/smallcapindex_pwcltrx1x2.jpg)
February 15, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds
since 1975.
PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042
T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/extendedmarketindex_pwclx1x1.jpg)
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Index Funds and Shareholders of Vanguard Extended Market Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Extended Market Index Fund (one of the funds constituting Vanguard Index Funds, referred to hereafter as the "Fund") as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, 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 ended December 31, 2017 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/extendedmarketindex_pwclx1x2.jpg)
February 14, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds
since 1975.
PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042
T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/totalstockmrktindex_pwclx1x1.jpg)
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Index Funds and Shareholders of Vanguard Total Stock Market Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Total Stock Market Index Fund (one of the funds constituting Vanguard Index Funds, referred to hereafter as the "Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, 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 ended December 31, 2017 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
![](https://capedge.com/proxy/N-CSR/0000932471-18-005288/totalstockmrktindex_pwclx1x2.jpg)
February 14, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds
since 1975.
PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042
T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
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: Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies.
Not Applicable.
Item 13: 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/ MORTIMER J. BUCKLEY* |
MORTIMER J. BUCKLEY |
CHIEF EXECUTIVE OFFICER |
Date: February 20, 2018 |
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/ MORTIMER J. BUCKLEY * |
MORTIMER J. BUCKLEY | |
CHIEF EXECUTIVE OFFICER | |
Date: February 20, 2018 | |
| VANGUARD INDEX FUNDS |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: February 20, 2018 |
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 see file
Number 33-32216, Incorporated by Reference.