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, 2018—June 30, 2018 | ||
Item 1: Reports to Shareholders |
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/index_500x1x1.jpg)
Semiannual Report | June 30, 2018
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 |
CEO’s Perspective. | 3 |
Fund Profile. | 5 |
Performance Summary. | 7 |
Financial Statements. | 8 |
About Your Fund’s Expenses. | 27 |
Trustees Approve Advisory Arrangement. | 29 |
Glossary. | 31 |
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 faced high volatility but in aggregate posted gains for the first half of 2018 as investor concerns about monetary policy, trade tariffs, and rising inflation were countered by favorable job reports and corporate earnings. The Federal Reserve raised short-term interest rates in March and June.
• In this environment, Vanguard 500 Index Fund returned well over 2% for the six months ended June 30, 2018, 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, exceeded the average return of its large-capitalization core fund peers.
• The fund recorded positive returns in six of its 11 industry sectors. Consumer discretionary (+11.2%) and information technology (+10.5%) were the top contributors. The biggest detractors were consumer staples (–9.0%) and telecommunication services (–8.4%).
Total Returns: Six Months Ended June 30, 2018 | |
Total | |
Returns | |
Vanguard 500 Index Fund | |
Investor Shares | 2.58% |
ETF Shares | |
Market Price | 2.63 |
Net Asset Value | 2.61 |
Admiral™ Shares | 2.63 |
Institutional Select Shares | 2.64 |
S&P 500 Index | 2.65 |
Large-Cap Core Funds Average | 1.75 |
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
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% | 1.03% |
The fund expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the fund’s annualized 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 2017.
Peer group: Large-Cap Core Funds.
2
CEO’s Perspective
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Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
I feel extremely fortunate to have the chance to lead a company filled with people who come to work every day passionate about Vanguard’s core purpose: to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.
When I joined Vanguard in 1991, I found a mission-driven team focused on improving lives—helping people retire more comfortably, put their children through college, and achieve financial security. I also found a company with purpose in an industry ripe for improvement.
It was clear, even early in my career, that the cards were stacked against most investors. Hidden fees, performance-chasing, and poor advice were relentlessly eroding investors’ dreams.
We knew Vanguard could be different and, as a result, could make a real difference. We have lowered the costs of investing for our shareholders significantly. And we’re proud of the performance of our funds.
Vanguard is built for Vanguard investors—we focus solely on you, our fund shareholders. Everything we do is designed to give our clients the best chance for investment success. In my role as CEO, I’ll keep this priority
3
front and center. We’re proud of what we’ve achieved, but we’re even more excited about what’s to come.
Steady, time-tested guidance
Our guidance for investors, as always, is to stay the course, tune out the hyperbolic headlines, and focus on your goals and what you can control, such as costs and how much you save. This time-tested advice has served our clients well over the decades.
Regardless of how the markets perform in the short term, I’m incredibly optimistic about the future for our investors. We have a dedicated team serving you, and we will never stop striving to make Vanguard the best place for you to invest through our high-quality funds and services, advice and guidance to help you meet your financial goals, and an experience that makes you feel good about entrusting us with your hard-earned savings.
Thank you for your continued loyalty.
Sincerely,
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Mortimer J. Buckley
President and Chief Executive Officer
July 13, 2018
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2018 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 2.85% | 14.54% | 13.37% |
Russell 2000 Index (Small-caps) | 7.66 | 17.57 | 12.46 |
Russell 3000 Index (Broad U.S. market) | 3.22 | 14.78 | 13.29 |
FTSE All-World ex US Index (International) | -3.83 | 7.28 | 6.35 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | -1.62% | -0.40% | 2.27% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | -0.25 | 1.56 | 3.53 |
FTSE Three-Month U. S. Treasury Bill Index | 0.78 | 1.33 | 0.38 |
CPI | |||
Consumer Price Index | 2.22% | 2.87% | 1.54% |
4
500 Index Fund
Fund Profile
As of June 30, 2018
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 | 1.84% | 1.94% | 1.94% | 1.97% |
Portfolio Characteristics | |||
DJ | |||
U.S. Total | |||
S&P 500 | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 509 | 505 | 3,779 |
Median Market Cap | $104.8B | $104.8B | $64.0B |
Price/Earnings Ratio | 21.0x | 21.0x | 20.7x |
Price/Book Ratio | 3.2x | 3.2x | 3.0x |
Return on Equity | 16.1% | 16.1% | 15.0% |
Earnings Growth Rate | 7.9% | 7.9% | 8.3% |
Dividend Yield | 1.9% | 1.9% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 3% | — | — |
Short-Term Reserves | 0.1% | — | — |
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.
Sector Diversification (% of equity exposure) | |||
DJ | |||
U.S. Total | |||
S&P 500 | Market | ||
Fund | Index | FA Index | |
Consumer Discretionary | 12.9% | 12.9% | 13.2% |
Consumer Staples | 6.9 | 6.9 | 6.2 |
Energy | 6.3 | 6.3 | 6.1 |
Financials | 13.8 | 13.8 | 14.3 |
Health Care | 14.1 | 14.1 | 13.7 |
Industrials | 9.6 | 9.6 | 10.2 |
Information Technology | 26.0 | 26.0 | 24.7 |
Materials | 2.6 | 2.6 | 3.1 |
Real Estate | 2.9 | 2.9 | 3.8 |
Telecommunication | |||
Services | 2.0 | 2.0 | 1.8 |
Utilities | 2.9 | 2.9 | 2.9 |
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.
1 The expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the fund’s annualized 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.
5
500 Index Fund
Ten Largest Holdings (% of total net assets) | ||
Apple Inc. | Technology | |
Hardware, Storage & | ||
Peripherals | 3.9% | |
Microsoft Corp. | Systems Software | 3.3 |
Amazon.com Inc. | Internet & Direct | |
Marketing Retail | 3.0 | |
Alphabet Inc. | Internet Software & | |
Services | 2.9 | |
Facebook Inc. | Internet Software & | |
Services | 2.0 | |
Berkshire Hathaway Inc. Multi-Sector | ||
Holdings | 1.6 | |
JPMorgan Chase & Co. | Diversified Banks | 1.5 |
Exxon Mobil Corp. | Integrated Oil & Gas | 1.5 |
Johnson & Johnson | Pharmaceuticals | 1.4 |
Bank of America Corp. | Diversified Banks | 1.2 |
Top Ten | 22.3% | |
The holdings listed exclude any temporary cash investments and equity index products. |
Investment Focus
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/index_500x8x1.jpg)
6
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/index_500x9x1.jpg)
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 8/31/1976 | 14.22% | 13.26% | 10.04% |
ETF Shares | 9/7/2010 | |||
Market Price | 14.38 | 13.39 | 14.741 | |
Net Asset Value | 14.32 | 13.38 | 14.731 | |
Admiral Shares | 11/13/2000 | 14.34 | 13.38 | 10.16 |
Institutional Select Shares | 6/24/2016 | 14.37 | — | 17.731 |
1 Return since inception. |
7
500 Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2018
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 | |||
Consumer Discretionary (12.9%) | |||
* | Amazon.com Inc. | 7,284,883 | 12,382,844 |
Home Depot Inc. | 20,865,734 | 4,070,905 | |
* | Netflix Inc. | 7,862,287 | 3,077,535 |
Walt Disney Co. | 26,892,668 | 2,818,621 | |
Comcast Corp. | |||
Class A | 83,064,387 | 2,725,343 | |
McDonald’s Corp. | 14,203,515 | 2,225,549 | |
NIKE Inc. Class B | 23,203,703 | 1,848,871 | |
* | Booking Holdings Inc. | 871,442 | 1,766,491 |
Lowe’s Cos. Inc. | 14,868,737 | 1,421,005 | |
Starbucks Corp. | 24,972,372 | 1,219,900 | |
TJX Cos. Inc. | 11,343,472 | 1,079,672 | |
* | Charter | ||
Communications | |||
Inc. Class A | 3,350,729 | 982,467 | |
Twenty-First Century | |||
Fox Inc. Class A | 19,057,775 | 946,981 | |
General Motors Co. | 22,950,036 | 904,231 | |
Ford Motor Co. | 70,791,095 | 783,657 | |
Target Corp. | 9,645,689 | 734,230 | |
Marriott International | |||
Inc. Class A | 5,370,330 | 679,884 | |
Ross Stores Inc. | 6,847,083 | 580,290 | |
VF Corp. | 5,921,051 | 482,684 | |
Yum! Brands Inc. | 5,845,418 | 457,229 | |
Dollar General Corp. | 4,596,444 | 453,209 | |
Aptiv plc | 4,789,031 | 438,819 | |
Carnival Corp. | 7,342,067 | 420,774 | |
* | O’Reilly Automotive Inc. | 1,481,243 | 405,224 |
Hilton Worldwide | |||
Holdings Inc. | 5,052,871 | 399,985 | |
Twenty-First Century | |||
Fox Inc. | 7,940,610 | 391,234 | |
* | Dollar Tree Inc. | 4,300,170 | 365,514 |
CBS Corp. Class B | 6,175,656 | 347,195 | |
Best Buy Co. Inc. | 4,435,298 | 330,785 | |
* | AutoZone Inc. | 482,147 | 323,487 |
Royal Caribbean Cruises | |||
Ltd. | 3,063,578 | 317,387 | |
Omnicom Group Inc. | 4,110,514 | 313,509 | |
MGM Resorts | |||
International | 9,061,804 | 263,064 | |
Expedia Group Inc. | 2,185,841 | 262,716 | |
Lennar Corp. Class A | 4,889,044 | 256,675 | |
Wynn Resorts Ltd. | 1,531,695 | 256,314 | |
DR Horton Inc. | 6,212,552 | 254,715 | |
* | Mohawk Industries Inc. | 1,146,864 | 245,739 |
Genuine Parts Co. | 2,653,748 | 243,588 | |
Tapestry Inc. | 5,204,634 | 243,108 | |
Tiffany & Co. | 1,842,490 | 242,472 | |
* | Ulta Beauty Inc. | 1,033,839 | 241,360 |
Darden Restaurants Inc. | 2,238,728 | 239,678 | |
* | CarMax Inc. | 3,220,717 | 234,694 |
Newell Brands Inc. | 8,785,146 | 226,569 | |
Kohl’s Corp. | 3,042,521 | 221,800 | |
PVH Corp. | 1,393,828 | 208,684 | |
Macy’s Inc. | 5,541,807 | 207,430 | |
Viacom Inc. Class B | 6,387,715 | 192,653 | |
* | Chipotle Mexican Grill | ||
Inc. Class A | 442,440 | 190,855 | |
Hasbro Inc. | 2,057,404 | 189,919 | |
Advance Auto Parts Inc. | 1,339,834 | 181,815 | |
* | Michael Kors Holdings | ||
Ltd. | 2,712,731 | 180,668 | |
* | LKQ Corp. | 5,605,654 | 178,820 |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 3,740,550 | 176,741 | |
Whirlpool Corp. | 1,168,094 | 170,810 | |
Tractor Supply Co. | 2,209,585 | 169,011 | |
Interpublic Group of | |||
Cos. Inc. | 6,980,485 | 163,623 | |
L Brands Inc. | 4,383,418 | 161,660 | |
* | Discovery | ||
Communications Inc. | 6,204,608 | 158,217 | |
BorgWarner Inc. | 3,572,401 | 154,185 | |
Hanesbrands Inc. | 6,514,720 | 143,454 | |
News Corp. Class A | 9,150,347 | 141,830 |
8
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | DISH Network Corp. | ||
Class A | 4,139,045 | 139,113 | |
PulteGroup Inc. | 4,755,522 | 136,721 | |
Gap Inc. | 3,922,693 | 127,056 | |
Harley-Davidson Inc. | 3,008,864 | 126,613 | |
Ralph Lauren Corp. | |||
Class A | 1,006,488 | 126,536 | |
Garmin Ltd. | 2,011,437 | 122,698 | |
Foot Locker Inc. | 2,135,968 | 112,459 | |
Nordstrom Inc. | 2,124,552 | 110,009 | |
* | TripAdvisor Inc. | 1,938,440 | 107,990 |
Leggett & Platt Inc. | 2,374,732 | 106,008 | |
^ | Mattel Inc. | 6,222,223 | 102,169 |
Goodyear Tire & | |||
Rubber Co. | 4,334,435 | 100,949 | |
H&R Block Inc. | 3,786,832 | 86,264 | |
*,^ | Discovery | ||
Communications | |||
Inc. Class A | 2,799,457 | 76,985 | |
*,^ | Under Armour Inc. | ||
Class A | 3,358,536 | 75,500 | |
*,^ | Under Armour Inc. | 3,407,531 | 71,831 |
Lennar Corp. Class B | 76,975 | 3,286 | |
News Corp. Class B | 6,219 | 99 | |
Wyndham Hotels & | |||
Resorts Inc. | 216 | 13 | |
53,830,677 | |||
Consumer Staples (6.9%) | |||
Procter & Gamble Co. | 45,482,757 | 3,550,384 | |
Coca-Cola Co. | 69,274,397 | 3,038,375 | |
PepsiCo Inc. | 25,645,151 | 2,791,988 | |
Philip Morris | |||
International Inc. | 28,118,940 | 2,270,323 | |
Walmart Inc. | 26,168,027 | 2,241,291 | |
Altria Group Inc. | 34,234,030 | 1,944,151 | |
Costco Wholesale | |||
Corp. | 7,933,574 | 1,657,958 | |
Mondelez International | |||
Inc. Class A | 26,683,178 | 1,094,010 | |
Colgate-Palmolive Co. | 15,780,777 | 1,022,752 | |
Walgreens Boots | |||
Alliance Inc. | 15,425,559 | 925,765 | |
Kraft Heinz Co. | 10,808,416 | 678,985 | |
Kimberly-Clark Corp. | 6,317,991 | 665,537 | |
Constellation Brands | |||
Inc. Class A | 3,039,720 | 665,304 | |
Sysco Corp. | 8,667,610 | 591,911 | |
Estee Lauder Cos. Inc. | |||
Class A | 4,051,019 | 578,040 | |
General Mills Inc. | 10,722,402 | 474,573 | |
Archer-Daniels- | |||
Midland Co. | 10,112,973 | 463,478 |
* | Monster Beverage | ||
Corp. | 7,428,344 | 425,644 | |
Kroger Co. | 14,695,484 | 418,087 | |
Tyson Foods Inc. | |||
Class A | 5,382,521 | 370,587 | |
Clorox Co. | 2,342,107 | 316,770 | |
Kellogg Co. | 4,516,336 | 315,556 | |
McCormick & Co. Inc. | 2,193,673 | 254,663 | |
Conagra Brands Inc. | 7,117,034 | 254,292 | |
Church & Dwight Co. | |||
Inc. | 4,426,500 | 235,313 | |
Hershey Co. | 2,527,044 | 235,167 | |
Brown-Forman Corp. | |||
Class B | 4,737,732 | 232,196 | |
Molson Coors Brewing | |||
Co. Class B | 3,347,031 | 227,732 | |
JM Smucker Co. | 2,054,870 | 220,857 | |
^ | Hormel Foods Corp. | 4,888,553 | 181,903 |
^ | Campbell Soup Co. | 3,478,824 | 141,032 |
Coty Inc. Class A | 8,550,453 | 120,561 | |
28,605,185 | |||
Energy (6.3%) | |||
Exxon Mobil Corp. | 76,586,126 | 6,335,970 | |
Chevron Corp. | 34,569,085 | 4,370,569 | |
Schlumberger Ltd. | 25,056,673 | 1,679,549 | |
ConocoPhillips | 21,168,302 | 1,473,737 | |
EOG Resources Inc. | 10,472,195 | 1,303,055 | |
Occidental Petroleum | |||
Corp. | 13,853,323 | 1,159,246 | |
Valero Energy Corp. | 7,796,974 | 864,139 | |
Phillips 66 | 7,593,259 | 852,799 | |
Halliburton Co. | 15,849,390 | 714,174 | |
Anadarko Petroleum | |||
Corp. | 9,315,001 | 682,324 | |
Kinder Morgan Inc. | 34,311,618 | 606,286 | |
Marathon Petroleum | |||
Corp. | 8,353,680 | 586,094 | |
Pioneer Natural | |||
Resources Co. | 3,082,247 | 583,285 | |
ONEOK Inc. | 7,434,225 | 519,132 | |
Devon Energy Corp. | 9,465,842 | 416,118 | |
Williams Cos. Inc. | 14,967,466 | 405,768 | |
* | Concho Resources Inc. | 2,696,265 | 373,028 |
Andeavor | 2,514,523 | 329,855 | |
Apache Corp. | 6,910,615 | 323,071 | |
Marathon Oil Corp. | 15,431,102 | 321,893 | |
Hess Corp. | 4,735,357 | 316,748 | |
Noble Energy Inc. | 8,760,786 | 309,081 | |
National Oilwell Varco | |||
Inc. | 6,908,879 | 299,845 | |
EQT Corp. | 4,561,309 | 251,693 | |
TechnipFMC plc | 7,849,399 | 249,140 | |
Baker Hughes a GE Co. | 7,530,842 | 248,744 |
9
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
HollyFrontier Corp. | 3,193,924 | 218,560 | |
Cabot Oil & Gas Corp. | 8,169,592 | 194,436 | |
Cimarex Energy Co. | 1,724,701 | 175,471 | |
Helmerich & Payne Inc. | 1,969,898 | 125,601 | |
* | Newfield Exploration Co. | 3,613,277 | 109,302 |
26,398,713 | |||
Financials (13.8%) | |||
JPMorgan Chase & Co. | 61,585,237 | 6,417,182 | |
* | Berkshire Hathaway | ||
Inc. Class B | 33,394,807 | 6,233,141 | |
Bank of America Corp. | 170,561,534 | 4,808,130 | |
Wells Fargo & Co. | 79,329,601 | 4,398,033 | |
Citigroup Inc. | 46,121,481 | 3,086,449 | |
US Bancorp | 28,225,114 | 1,411,820 | |
Goldman Sachs Group | |||
Inc. | 6,354,254 | 1,401,558 | |
American Express Co. | 12,917,794 | 1,265,944 | |
Morgan Stanley | 24,657,378 | 1,168,760 | |
PNC Financial Services | |||
Group Inc. | 8,492,964 | 1,147,399 | |
BlackRock Inc. | 2,231,030 | 1,113,373 | |
Charles Schwab Corp. | 21,721,033 | 1,109,945 | |
Chubb Ltd. | 8,427,296 | 1,070,435 | |
CME Group Inc. | 6,159,653 | 1,009,690 | |
Bank of New York | |||
Mellon Corp. | 18,283,034 | 986,004 | |
S&P Global Inc. | 4,546,087 | 926,902 | |
American International | |||
Group Inc. | 16,240,975 | 861,096 | |
Capital One Financial | |||
Corp. | 8,800,455 | 808,762 | |
MetLife Inc. | 18,390,520 | 801,827 | |
Intercontinental | |||
Exchange Inc. | 10,478,833 | 770,718 | |
Marsh & McLennan | |||
Cos. Inc. | 9,176,751 | 752,218 | |
BB&T Corp. | 14,107,306 | 711,573 | |
Prudential Financial Inc. | 7,599,089 | 710,591 | |
Progressive Corp. | 10,537,538 | 623,295 | |
State Street Corp. | 6,608,118 | 615,150 | |
Aon plc | 4,422,403 | 606,621 | |
Aflac Inc. | 14,001,493 | 602,344 | |
Travelers Cos. Inc. | 4,888,251 | 598,029 | |
Allstate Corp. | 6,356,933 | 580,197 | |
SunTrust Banks Inc. | 8,406,073 | 554,969 | |
Moody’s Corp. | 3,019,347 | 514,980 | |
T. Rowe Price Group | |||
Inc. | 4,378,944 | 508,352 | |
M&T Bank Corp. | 2,626,462 | 446,892 | |
Discover Financial | |||
Services | 6,311,418 | 444,387 | |
Synchrony Financial | 12,831,335 | 428,310 | |
Northern Trust Corp. | 3,824,696 | 393,523 | |
KeyCorp | 19,198,627 | 375,141 |
Ameriprise Financial | ||||
Inc. | 2,615,296 | 365,828 | ||
Willis Towers Watson | ||||
plc | 2,384,478 | 361,487 | ||
Regions Financial Corp. 20,310,989 | 361,129 | |||
Fifth Third Bancorp | 12,396,346 | 355,775 | ||
Citizens Financial | ||||
Group Inc. | 8,765,628 | 340,983 | ||
Hartford Financial | ||||
Services Group Inc. | 6,477,539 | 331,197 | ||
Huntington | ||||
Bancshares Inc. | 19,980,741 | 294,916 | ||
* | E*TRADE Financial | |||
Corp. | 4,772,436 | 291,882 | ||
Comerica Inc. | 3,109,085 | 282,678 | ||
* | SVB Financial Group | 958,412 | 276,751 | |
MSCI Inc. Class A | 1,609,998 | 266,342 | ||
* | Berkshire Hathaway Inc. | |||
Class A | 942 | 265,682 | ||
XL Group Ltd. | 4,671,062 | 261,346 | ||
Principal Financial | ||||
Group Inc. | 4,816,761 | 255,047 | ||
Lincoln National Corp. | 3,955,333 | 246,219 | ||
Loews Corp. | 4,736,047 | 228,656 | ||
Arthur J Gallagher & Co. | 3,297,109 | 215,235 | ||
Cboe Global Markets | ||||
Inc. | 2,035,831 | 211,869 | ||
Raymond James | ||||
Financial Inc. | 2,348,007 | 209,794 | ||
Invesco Ltd. | 7,431,783 | 197,388 | ||
Nasdaq Inc. | 2,114,673 | 193,006 | ||
Zions Bancorporation | 3,566,461 | 187,917 | ||
Franklin Resources Inc. | 5,767,770 | 184,857 | ||
Cincinnati Financial | ||||
Corp. | 2,703,478 | 180,755 | ||
Everest Re Group Ltd. | 741,854 | 170,982 | ||
Torchmark Corp. | 1,912,317 | 155,682 | ||
Unum Group | 4,006,168 | 148,188 | ||
Affiliated Managers | ||||
Group Inc. | 983,229 | 146,177 | ||
Jefferies Financial | ||||
Group Inc. | 5,482,578 | 124,674 | ||
People’s United | ||||
Financial Inc. | 6,291,751 | 113,818 | ||
Assurant Inc. | 958,267 | 99,171 | ||
* | Brighthouse Financial | |||
Inc. | 2,161,809 | 86,624 | ||
57,675,795 | ||||
Health Care (14.0%) | ||||
Johnson & Johnson | 48,516,276 | 5,886,965 | ||
UnitedHealth Group | ||||
Inc. | 17,382,729 | 4,264,679 | ||
Pfizer Inc. | 105,806,700 | 3,838,667 | ||
Merck & Co. Inc. | 48,662,281 | 2,953,800 | ||
AbbVie Inc. | 27,414,617 | 2,539,964 |
10
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Amgen Inc. | 12,046,979 | 2,223,752 | |
Medtronic plc | 24,495,906 | 2,097,095 | |
Abbott Laboratories | 31,714,239 | 1,934,251 | |
Gilead Sciences Inc. | 23,519,101 | 1,666,093 | |
Bristol-Myers Squibb | |||
Co. | 29,565,654 | 1,636,163 | |
Thermo Fisher | |||
Scientific Inc. | 7,277,835 | 1,507,531 | |
Eli Lilly & Co. | 17,278,418 | 1,474,367 | |
CVS Health Corp. | 18,389,698 | 1,183,377 | |
Becton Dickinson | |||
and Co. | 4,833,421 | 1,157,894 | |
* | Biogen Inc. | 3,816,855 | 1,107,804 |
Anthem Inc. | 4,616,445 | 1,098,852 | |
Danaher Corp. | 11,121,166 | 1,097,437 | |
Aetna Inc. | 5,917,068 | 1,085,782 | |
Allergan plc | 6,133,673 | 1,022,606 | |
* | Celgene Corp. | 12,786,992 | 1,015,543 |
Stryker Corp. | 5,813,992 | 981,751 | |
* | Intuitive Surgical Inc. | 2,049,490 | 980,640 |
* | Boston Scientific Corp. | 24,952,733 | 815,954 |
* | Express Scripts | ||
Holding Co. | 10,162,776 | 784,668 | |
* | Vertex Pharmaceuticals | ||
Inc. | 4,608,342 | 783,234 | |
Cigna Corp. | 4,399,283 | 747,658 | |
Zoetis Inc. | 8,750,819 | 745,482 | |
* | Illumina Inc. | 2,658,461 | 742,482 |
Humana Inc. | 2,489,969 | 741,089 | |
Baxter International Inc. | 8,909,387 | 657,869 | |
* | Edwards Lifesciences | ||
Corp. | 3,811,965 | 554,908 | |
HCA Healthcare Inc. | 5,053,205 | 518,459 | |
* | Alexion Pharmaceuticals | ||
Inc. | 4,023,516 | 499,520 | |
McKesson Corp. | 3,654,029 | 487,447 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 1,398,687 | 482,533 | |
* | Centene Corp. | 3,710,574 | 457,180 |
* | Align Technology Inc. | 1,304,590 | 446,352 |
Zimmer Biomet | |||
Holdings Inc. | 3,675,987 | 409,652 | |
Agilent Technologies | |||
Inc. | 5,786,427 | 357,833 | |
* | IDEXX Laboratories Inc. | 1,570,975 | 342,378 |
* | Cerner Corp. | 5,700,970 | 340,861 |
* | Mylan NV | 9,322,348 | 336,910 |
* | Laboratory Corp. of | ||
America Holdings | 1,850,004 | 332,131 | |
* | ABIOMED Inc. | 764,104 | 312,557 |
* | IQVIA Holdings Inc. | 2,925,056 | 291,979 |
Cardinal Health Inc. | 5,618,684 | 274,360 | |
* | Waters Corp. | 1,416,862 | 274,290 |
Quest Diagnostics Inc. | 2,456,065 | 270,020 | |
ResMed Inc. | 2,581,250 | 267,366 |
* | Mettler-Toledo | ||
International Inc. | 459,272 | 265,749 | |
AmerisourceBergen | |||
Corp. Class A | 2,941,478 | 250,820 | |
* | Incyte Corp. | 3,182,313 | 213,215 |
Cooper Cos. Inc. | 886,917 | 208,825 | |
* | Henry Schein Inc. | 2,786,781 | 202,432 |
* | Hologic Inc. | 4,940,117 | 196,370 |
* | Varian Medical | ||
Systems Inc. | 1,655,806 | 188,298 | |
Dentsply Sirona Inc. | 4,116,450 | 180,177 | |
Universal Health | |||
Services Inc. Class B | 1,577,291 | 175,773 | |
* | DaVita Inc. | 2,526,716 | 175,455 |
Perrigo Co. plc | 2,331,091 | 169,960 | |
PerkinElmer Inc. | 1,999,936 | 146,455 | |
* | Nektar Therapeutics | ||
Class A | 2,912,298 | 142,208 | |
* | Envision Healthcare | ||
Corp. | 2,191,744 | 96,459 | |
58,642,381 | |||
Industrials (9.5%) | |||
Boeing Co. | 9,905,490 | 3,323,391 | |
General Electric Co. 157,105,353 | 2,138,204 | ||
3M Co. | 10,739,051 | 2,112,586 | |
Union Pacific Corp. | 14,028,128 | 1,987,505 | |
Honeywell | |||
International Inc. | 13,511,307 | 1,946,304 | |
United Technologies | |||
Corp. | 13,459,165 | 1,682,799 | |
Caterpillar Inc. | 10,816,038 | 1,467,412 | |
Lockheed Martin Corp. | 4,493,640 | 1,327,556 | |
United Parcel Service | |||
Inc. Class B | 12,473,767 | 1,325,088 | |
CSX Corp. | 15,835,737 | 1,010,003 | |
FedEx Corp. | 4,447,862 | 1,009,932 | |
Raytheon Co. | 5,196,603 | 1,003,880 | |
Northrop Grumman | |||
Corp. | 3,154,752 | 970,717 | |
General Dynamics Corp. | 4,997,589 | 931,601 | |
Deere & Co. | 5,866,787 | 820,177 | |
Emerson Electric Co. | 11,400,176 | 788,208 | |
Norfolk Southern Corp. | 5,111,719 | 771,205 | |
Illinois Tool Works Inc. | 5,516,196 | 764,214 | |
Eaton Corp. plc | 7,912,925 | 591,412 | |
Waste Management | |||
Inc. | 7,194,487 | 585,200 | |
Delta Air Lines Inc. | 11,671,769 | 578,219 | |
Johnson Controls | |||
International plc | 16,751,226 | 560,329 | |
Roper Technologies Inc. | 1,865,661 | 514,755 | |
Southwest Airlines Co. | 9,646,385 | 490,808 | |
Fortive Corp. | 5,547,436 | 427,763 | |
Ingersoll-Rand plc | 4,484,469 | 402,391 |
11
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Rockwell Collins Inc. | 2,970,184 | 400,024 | |
PACCAR Inc. | 6,362,818 | 394,240 | |
Rockwell Automation | |||
Inc. | 2,271,138 | 377,531 | |
Parker-Hannifin Corp. | 2,404,719 | 374,775 | |
Cummins Inc. | 2,801,319 | 372,575 | |
Stanley Black & Decker | |||
Inc. | 2,790,935 | 370,664 | |
* | IHS Markit Ltd. | 6,440,854 | 332,284 |
Harris Corp. | 2,147,318 | 310,373 | |
Textron Inc. | 4,630,510 | 305,197 | |
TransDigm Group Inc. | 881,776 | 304,336 | |
* | Verisk Analytics Inc. | ||
Class A | 2,809,844 | 302,452 | |
AMETEK Inc. | 4,188,285 | 302,227 | |
* | United Continental | ||
Holdings Inc. | 4,261,990 | 297,189 | |
Cintas Corp. | 1,563,425 | 289,343 | |
American Airlines | |||
Group Inc. | 7,535,380 | 286,043 | |
WW Grainger Inc. | 921,860 | 284,302 | |
Republic Services Inc. | |||
Class A | 4,032,879 | 275,688 | |
L3 Technologies Inc. | 1,419,316 | 272,963 | |
Equifax Inc. | 2,175,376 | 272,161 | |
Fastenal Co. | 5,202,352 | 250,389 | |
Expeditors International | |||
of Washington Inc. | 3,159,052 | 230,927 | |
* | United Rentals Inc. | 1,512,012 | 223,203 |
Xylem Inc. | 3,254,412 | 219,282 | |
CH Robinson | |||
Worldwide Inc. | 2,520,081 | 210,830 | |
Masco Corp. | 5,616,561 | 210,172 | |
* | Copart Inc. | 3,653,900 | 206,665 |
Dover Corp. | 2,798,212 | 204,829 | |
Kansas City Southern | 1,856,251 | 196,688 | |
JB Hunt Transport | |||
Services Inc. | 1,548,831 | 188,260 | |
Nielsen Holdings plc | 6,060,907 | 187,464 | |
Huntington Ingalls | |||
Industries Inc. | 805,591 | 174,644 | |
Snap-on Inc. | 1,024,890 | 164,720 | |
AO Smith Corp. | 2,626,419 | 155,353 | |
Robert Half International | |||
Inc. | 2,237,380 | 145,653 | |
Fortune Brands Home | |||
& Security Inc. | 2,642,595 | 141,881 | |
Jacobs Engineering | |||
Group Inc. | 2,178,820 | 138,333 | |
Alaska Air Group Inc. | 2,232,874 | 134,843 | |
Allegion plc | 1,717,951 | 132,901 | |
Arconic Inc. | 7,683,456 | 130,696 | |
Fluor Corp. | 2,542,370 | 124,017 | |
Pentair plc | 2,935,361 | 123,520 | |
* | Stericycle Inc. | 1,548,397 | 101,095 |
Flowserve Corp. | 2,368,275 | 95,678 | |
* | Quanta Services Inc. | 2,707,408 | 90,427 |
Acuity Brands Inc. | 11 | 1 | |
39,838,497 | |||
Information Technology (25.9%) | |||
Apple Inc. | 88,905,773 16,457,348 | ||
Microsoft Corp. | 138,973,052 13,704,133 | ||
* | Facebook Inc. Class A | 43,383,752 | 8,430,331 |
* | Alphabet Inc. Class C | 5,490,899 | 6,125,921 |
* | Alphabet Inc. Class A | 5,402,883 | 6,100,881 |
Visa Inc. Class A | 32,308,125 | 4,279,211 | |
Intel Corp. | 84,294,074 | 4,190,258 | |
Cisco Systems Inc. | 85,069,391 | 3,660,536 | |
Mastercard Inc. | |||
Class A | 16,584,084 | 3,259,104 | |
NVIDIA Corp. | 10,979,939 | 2,601,148 | |
Oracle Corp. | 53,916,548 | 2,375,563 | |
* | Adobe Systems Inc. | 8,908,458 | 2,171,971 |
International Business | |||
Machines Corp. | 15,442,808 | 2,157,360 | |
Texas Instruments Inc. | 17,707,472 | 1,952,249 | |
Accenture plc Class A | 11,632,953 | 1,903,035 | |
Broadcom Inc. | 7,259,116 | 1,761,352 | |
* | salesforce.com Inc. | 12,759,198 | 1,740,355 |
* | PayPal Holdings Inc. | 20,188,028 | 1,681,057 |
QUALCOMM Inc. | 26,817,921 | 1,505,022 | |
* | Micron Technology Inc. | 20,979,044 | 1,100,141 |
Automatic Data | |||
Processing Inc. | 7,969,094 | 1,068,974 | |
Activision Blizzard Inc. | 13,770,893 | 1,050,995 | |
Intuit Inc. | 4,409,887 | 900,962 | |
Applied Materials Inc. | 18,236,016 | 842,322 | |
Cognizant Technology | |||
Solutions Corp. | |||
Class A | 10,600,401 | 837,326 | |
* | Electronic Arts Inc. | 5,551,050 | 782,809 |
HP Inc. | 29,696,936 | 673,823 | |
Analog Devices Inc. | 6,710,741 | 643,694 | |
Fidelity National | |||
Information | |||
Services Inc. | 5,986,485 | 634,747 | |
* | eBay Inc. | 16,719,085 | 606,234 |
TE Connectivity Ltd. | 6,332,653 | 570,319 | |
* | Fiserv Inc. | 7,405,012 | 548,637 |
* | Autodesk Inc. | 3,962,859 | 519,491 |
* | Twitter Inc. | 11,842,021 | 517,141 |
Lam Research Corp. | 2,966,615 | 512,779 | |
Amphenol Corp. | |||
Class A | 5,452,151 | 475,155 | |
* | Red Hat Inc. | 3,213,458 | 431,792 |
Western Digital Corp. | 5,411,600 | 418,912 | |
DXC Technology Co. | 5,150,840 | 415,209 | |
Corning Inc. | 15,017,089 | 413,120 | |
Hewlett Packard | |||
Enterprise Co. | 27,618,073 | 403,500 |
12
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Paychex Inc. | 5,782,767 | 395,252 | |
Microchip Technology | |||
Inc. | 4,250,786 | 386,609 | |
NetApp Inc. | 4,845,407 | 380,510 | |
* | FleetCor Technologies | ||
Inc. | 1,620,986 | 341,461 | |
Motorola Solutions Inc. | 2,932,073 | 341,205 | |
Global Payments Inc. | 2,885,527 | 321,707 | |
Skyworks Solutions Inc. | 3,292,739 | 318,243 | |
Xilinx Inc. | 4,582,778 | 299,072 | |
Seagate Technology plc | 5,191,282 | 293,152 | |
KLA-Tencor Corp. | 2,818,878 | 289,020 | |
* | ANSYS Inc. | 1,519,329 | 264,637 |
Total System Services | |||
Inc. | 3,000,368 | 253,591 | |
Broadridge Financial | |||
Solutions Inc. | 2,132,880 | 245,494 | |
* | Take-Two Interactive | ||
Software Inc. | 2,068,622 | 244,842 | |
* | Citrix Systems Inc. | 2,328,446 | 244,114 |
* | VeriSign Inc. | 1,736,399 | 238,616 |
Symantec Corp. | 11,240,613 | 232,119 | |
* | Synopsys Inc. | 2,694,891 | 230,602 |
* | Akamai Technologies | ||
Inc. | 3,085,785 | 225,972 | |
*,^ | Advanced Micro | ||
Devices Inc. | 14,903,822 | 223,408 | |
* | Cadence Design | ||
Systems Inc. | 5,101,746 | 220,957 | |
* | Gartner Inc. | 1,650,330 | 219,329 |
Alliance Data Systems | |||
Corp. | 872,295 | 203,419 | |
CA Inc. | 5,653,244 | 201,538 | |
* | F5 Networks Inc. | 1,105,859 | 190,705 |
* | Qorvo Inc. | 2,289,143 | 183,521 |
Juniper Networks Inc. | 6,320,518 | 173,309 | |
Western Union Co. | 8,339,585 | 169,544 | |
* | IPG Photonics Corp. | 680,608 | 150,163 |
FLIR Systems Inc. | 2,480,911 | 128,933 | |
Xerox Corp. | 3,870,378 | 92,889 | |
108,128,850 | |||
Materials (2.6%) | |||
DowDuPont Inc. | 41,979,710 | 2,767,302 | |
Praxair Inc. | 5,198,740 | 822,181 | |
Ecolab Inc. | 4,698,266 | 659,308 | |
LyondellBasell | |||
Industries NV Class A | 5,814,668 | 638,741 | |
Air Products & | |||
Chemicals Inc. | 3,964,196 | 617,344 | |
Sherwin-Williams Co. | 1,488,746 | 606,768 | |
PPG Industries Inc. | 4,508,691 | 467,687 | |
Freeport-McMoRan | |||
Inc. | 24,366,647 | 420,568 | |
International Paper Co. | 7,489,521 | 390,054 | |
Newmont Mining Corp. | 9,648,979 | 363,863 |
Nucor Corp. | 5,752,759 | 359,547 | |
Vulcan Materials Co. | 2,390,601 | 308,531 | |
WestRock Co. | 4,638,094 | 264,464 | |
Eastman Chemical Co. | 2,581,880 | 258,085 | |
Martin Marietta | |||
Materials Inc. | 1,138,457 | 254,252 | |
Ball Corp. | 6,320,136 | 224,681 | |
FMC Corp. | 2,433,208 | 217,066 | |
Packaging Corp. of | |||
America | 1,706,801 | 190,803 | |
Albemarle Corp. | 2,004,353 | 189,071 | |
CF Industries | |||
Holdings Inc. | 4,223,168 | 187,509 | |
Mosaic Co. | 6,347,408 | 178,045 | |
International Flavors & | |||
Fragrances Inc. | 1,428,694 | 177,101 | |
Avery Dennison Corp. | 1,593,684 | 162,715 | |
Sealed Air Corp. | 2,913,560 | 123,681 | |
10,849,367 | |||
Real Estate (2.9%) | |||
American Tower Corp. | 7,989,117 | 1,151,791 | |
Simon Property Group | |||
Inc. | 5,602,103 | 953,422 | |
Crown Castle | |||
International Corp. | 7,501,829 | 808,847 | |
Prologis Inc. | 9,643,357 | 633,472 | |
Equinix Inc. | 1,436,773 | 617,654 | |
Public Storage | 2,709,579 | 614,695 | |
Weyerhaeuser Co. | 13,692,196 | 499,217 | |
AvalonBay | |||
Communities Inc. | 2,499,361 | 429,615 | |
Equity Residential | 6,658,730 | 424,095 | |
Welltower Inc. | 6,726,525 | 421,686 | |
Digital Realty Trust Inc. | 3,724,550 | 415,585 | |
Ventas Inc. | 6,443,201 | 366,940 | |
Boston Properties Inc. | 2,791,444 | 350,103 | |
* | SBA Communications | ||
Corp. Class A | 2,083,020 | 343,948 | |
Essex Property Trust | |||
Inc. | 1,194,346 | 285,532 | |
Host Hotels & Resorts | |||
Inc. | 13,405,950 | 282,463 | |
Realty Income Corp. | 5,142,866 | 276,635 | |
* | CBRE Group Inc. | ||
Class A | 5,468,087 | 261,047 | |
Alexandria Real Estate | |||
Equities Inc. | 1,862,642 | 235,010 | |
GGP Inc. | 11,439,387 | 233,707 | |
Vornado Realty Trust | 3,129,962 | 231,367 | |
Extra Space Storage | |||
Inc. | 2,280,886 | 227,655 | |
HCP Inc. | 8,499,295 | 219,452 | |
Mid-America Apartment | |||
Communities Inc. | 2,058,825 | 207,262 | |
Duke Realty Corp. | 6,461,781 | 187,586 |
13
500 Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
UDR Inc. | 4,842,301 | 181,780 | |
Iron Mountain Inc. | 5,094,147 | 178,346 | |
Federal Realty | |||
Investment Trust | 1,325,744 | 167,773 | |
Regency Centers Corp. | 2,668,639 | 165,669 | |
SL Green Realty Corp. | 1,601,072 | 160,956 | |
Kimco Realty Corp. | 7,691,690 | 130,682 | |
Apartment Investment | |||
& Management Co. | 2,845,775 | 120,376 | |
Macerich Co. | 1,963,705 | 111,597 | |
11,895,965 | |||
Telecommunication Services (2.0%) | |||
AT&T Inc. | 131,359,985 | 4,217,969 | |
Verizon | |||
Communications Inc. | 74,738,076 | 3,760,073 | |
CenturyLink Inc. | 17,754,944 | 330,952 | |
8,308,994 | |||
Utilities (2.9%) | |||
NextEra Energy Inc. | 8,527,750 | 1,424,390 | |
Duke Energy Corp. | 12,677,154 | 1,002,509 | |
Southern Co. | 18,301,602 | 847,547 | |
Dominion Energy Inc. | 11,805,836 | 804,922 | |
Exelon Corp. | 17,466,437 | 744,070 | |
American Electric | |||
Power Co. Inc. | 8,907,224 | 616,825 | |
Sempra Energy | 4,776,900 | 554,646 | |
Public Service | |||
Enterprise Group Inc. | 9,142,373 | 494,968 | |
Consolidated Edison Inc. | 5,618,982 | 438,168 | |
Xcel Energy Inc. | 9,203,130 | 420,399 | |
PG&E Corp. | 9,338,976 | 397,467 | |
Edison International | 5,892,285 | 372,805 | |
WEC Energy Group Inc. | 5,706,116 | 368,901 | |
PPL Corp. | 12,641,474 | 360,914 | |
DTE Energy Co. | 3,281,716 | 340,084 | |
Eversource Energy | 5,731,112 | 335,901 | |
FirstEnergy Corp. | 8,107,373 | 291,136 | |
* Evergy Inc. | 4,904,744 | 275,401 | |
American Water Works | |||
Co. Inc. | 3,220,158 | 274,937 | |
Ameren Corp. | 4,405,988 | 268,104 | |
Entergy Corp. | 3,270,208 | 264,200 | |
CMS Energy Corp. | 5,109,942 | 241,598 | |
CenterPoint Energy Inc. | 7,806,493 | 216,318 | |
Alliant Energy Corp. | 4,194,885 | 177,528 | |
NRG Energy Inc. | 5,414,433 | 166,223 | |
Pinnacle West Capital | |||
Corp. | 2,023,254 | 162,993 | |
NiSource Inc. | 6,100,567 | 160,323 | |
AES Corp. | 11,954,672 | 160,312 | |
SCANA Corp. | 2,581,196 | 99,428 | |
12,283,017 | |||
Total Common Stocks | |||
(Cost $263,451,169) | 416,457,441 |
Market | ||||
Value• | ||||
Shares | ($000) | |||
Temporary Cash Investments (0.5%)1 | ||||
Money Market Fund (0.5%) | ||||
2,3 | Vanguard Market | |||
Liquidity Fund, | ||||
2.122% | 19,000,130 | 1,900,203 | ||
Face | ||||
Amount | ||||
($000) | ||||
U. S. Government and Agency Obligations (0.0%) | ||||
4 | United States Treasury Bill, | |||
1.941%, 9/27/18 | 37,000 | 36,831 | ||
4 | United States Treasury Bill, | |||
1.918%–1.954%, 10/4/18 | 17,500 | 17,414 | ||
4 | United States Treasury Bill, | |||
1.982%–1.995%, | ||||
10/18/18 | 26,000 | 25,849 | ||
4 | United States Treasury Bill, | |||
2.034%, 11/15/18 | 10,000 | 9,924 | ||
4 | United States Treasury Bill, | |||
2.059%, 11/29/18 | 3,000 | 2,975 | ||
92,993 | ||||
Total Temporary Cash Investments | ||||
(Cost $1,992,895) | 1,993,196 | |||
Total Investments (100.2%) | ||||
(Cost $265,444,064) | 418,450,637 | |||
Amount | ||||
($000) | ||||
Other Assets and Liabilities (-0.2%) | ||||
Other Assets | ||||
Investment in Vanguard | 22,060 | |||
Receivables for Investment Securities Sold 171,548 | ||||
Receivables for Accrued Income | 346,104 | |||
Receivables for Capital Shares Issued | 195,585 | |||
Variation Margin Receivable—Futures | ||||
Contracts | 1,290 | |||
Other Assets | 19,396 | |||
Total Other Assets | 755,983 | |||
Liabilities | ||||
Payables for Investment Securities | ||||
Purchased | (210,242) | |||
Collateral for Securities on Loan | (187,480) | |||
Payables for Capital Shares Redeemed | (526,282) | |||
Payables for Distributions | (421,984) | |||
Payables to Vanguard | (117,539) | |||
Total Liabilities | (1,463,527) | |||
Net Assets (100%) | 417,743,093 |
14
500 Index Fund
At June 30, 2018, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 265,757,554 |
Overdistributed Net Investment Income | (24,413) |
Accumulated Net Realized Losses | (967,684) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 153,006,573 |
Futures Contracts | (28,937) |
Net Assets | 417,743,093 |
Investor Shares—Net Assets | |
Applicable to 107,003,632 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 26,856,327 |
Net Asset Value Per Share— | |
Investor Shares | $250.99 |
ETF Shares—Net Assets | |
Applicable to 363,732,118 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 90,593,894 |
Net Asset Value Per Share— | |
ETF Shares | $249.07 |
Admiral Shares—Net Assets | |
Applicable to 979,475,086 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 245,825,839 |
Net Asset Value Per Share— | |
Admiral Shares | $250.98 |
Amount | |
($000) | |
Institutional Select Shares—Net Assets | |
Applicable to 409,562,388 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 54,467,033 |
Net Asset Value Per Share— | |
Institutional Select Shares | $132.99 |
• 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 $176,812,000.
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 $187,480,000 of collateral received for securities
on loan.
4 Securities with a value of $63,433,000 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 | September 2018 | 9,697 | 1,319,568 | (28,937) |
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.
15
500 Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 3,862,454 |
Interest1 | 13,931 |
Securities Lending—Net | 997 |
Total Income | 3,877,382 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 5,840 |
Management and Administrative—Investor Shares | 16,370 |
Management and Administrative—ETF Shares | 13,490 |
Management and Administrative—Admiral Shares | 36,073 |
Management and Administrative—Institutional Select Shares | 1,607 |
Marketing and Distribution—Investor Shares | 2,137 |
Marketing and Distribution—ETF Shares | 2,293 |
Marketing and Distribution—Admiral Shares | 7,051 |
Marketing and Distribution—Institutional Select Shares | 1 |
Custodian Fees | 1,507 |
Shareholders’ Reports—Investor Shares | 230 |
Shareholders’ Reports—ETF Shares | 260 |
Shareholders’ Reports—Admiral Shares | 708 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 143 |
Total Expenses | 87,710 |
Net Investment Income | 3,789,672 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 4,801,132 |
Futures Contracts | 49,259 |
Realized Net Gain (Loss) | 4,850,391 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,610,507 |
Futures Contracts | (39,099) |
Change in Unrealized Appreciation (Depreciation) | 1,571,408 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,211,471 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $13,238,000, ($5,000), and $166,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
16
500 Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 3,789,672 | 6,543,479 |
Realized Net Gain (Loss) | 4,850,391 | 6,306,381 |
Change in Unrealized Appreciation (Depreciation) | 1,571,408 | 52,957,229 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,211,471 | 65,807,089 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (231,067) | (502,714) |
ETF Shares | (815,836) | (1,392,614) |
Admiral Shares | (2,190,637) | (4,061,760) |
Institutional Select Shares | (482,627) | (593,341) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Select Shares | — | — |
Total Distributions | (3,720,167) | (6,550,429) |
Capital Share Transactions | ||
Investor Shares | (1,282,929) | (3,875,867) |
ETF Shares | 5,634,664 | 14,595,756 |
Admiral Shares | 6,630,398 | 16,802,846 |
Institutional Select Shares | 8,835,050 | 22,089,206 |
Net Increase (Decrease) from Capital Share Transactions | 19,817,183 | 49,611,941 |
Total Increase (Decrease) | 26,308,487 | 108,868,601 |
Net Assets | ||
Beginning of Period | 391,434,606 | 282,566,005 |
End of Period1 | 417,743,093 | 391,434,606 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($24,413,000) and ($93,918,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
17
500 Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $246.82 | $206.57 | $188.48 | $189.89 | $170.36 | $131.37 |
Investment Operations | ||||||
Net Investment Income | 2.1941 | 4.2211 | 3.997 | 3.775 | 3.326 | 2.956 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.102 | 40.205 | 18.069 | (1.438) | 19.507 | 38.982 |
Total from Investment Operations | 6.296 | 44.426 | 22.066 | 2.337 | 22.833 | 41.938 |
Distributions | ||||||
Dividends from Net Investment Income | (2.126) | (4.176) | (3.976) | (3.747) | (3.303) | (2.948) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.126) | (4.176) | (3.976) | (3.747) | (3.303) | (2.948) |
Net Asset Value, End of Period | $250.99 | $246.82 | $206.57 | $188.48 | $189.89 | $170.36 |
Total Return2 | 2.58% | 21.67% | 11.82% | 1.25% | 13.51% | 32.18% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $26,856 | $27,656 | $26,652 | $26,092 | $28,040 | $27,758 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.14% | 0.14% | 0.14% | 0.16% | 0.17% | 0.17% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.77% | 1.87% | 2.05% | 2.00% | 1.88% | 1.95% |
Portfolio Turnover Rate 3 | 3% | 3% | 4% | 3% | 3% | 3% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
18
500 Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 20131 |
Net Asset Value, Beginning of Period | $244.94 | $205.00 | $187.05 | $188.45 | $169.07 | $130.38 |
Investment Operations | ||||||
Net Investment Income | 2.304 2 | 4.4342 | 4.155 | 3.958 | 3.518 | 3.117 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.067 | 39.874 | 17.933 | (1.427) | 19.352 | 38.681 |
Total from Investment Operations | 6.371 | 44.308 | 22.088 | 2.531 | 22.870 | 41.798 |
Distributions | ||||||
Dividends from Net Investment Income | (2.241) | (4.368) | (4.138) | (3.931) | (3.490) | (3.108) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.241) | (4.368) | (4.138) | (3.931) | (3.490) | (3.108) |
Net Asset Value, End of Period | $249.07 | $244.94 | $205.00 | $187.05 | $188.45 | $169.07 |
Total Return | 2.61% | 21.78% | 11.93% | 1.35% | 13.63% | 32.33% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $90,594 | $83,640 | $56,648 | $40,440 | $27,630 | $15,037 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.04% | 0.04% | 0.04% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.87% | 1.97% | 2.15% | 2.11% | 2.00% | 2.07% |
Portfolio Turnover Rate 3 | 3% | 3% | 4% | 3% | 3% | 3% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
19
500 Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $246.82 | $206.57 | $188.48 | $189.89 | $170.36 | $131.37 |
Investment Operations | ||||||
Net Investment Income | 2.3191 | 4.4581 | 4.185 | 3.990 | 3.544 | 3.142 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.098 | 40.193 | 18.074 | (1.439) | 19.503 | 38.980 |
Total from Investment Operations | 6.417 | 44.651 | 22.259 | 2.551 | 23.047 | 42.122 |
Distributions | ||||||
Dividends from Net Investment Income | (2.257) | (4.401) | (4.169) | (3.961) | (3.517) | (3.132) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.257) | (4.401) | (4.169) | (3.961) | (3.517) | (3.132) |
Net Asset Value, End of Period | $250.98 | $246.82 | $206.57 | $188.48 | $189.89 | $170.36 |
Total Return2 | 2.63% | 21.79% | 11.93% | 1.36% | 13.64% | 32.33% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $245,826 | $235,232 | $181,513 | $152,740 | $143,043 | $82,357 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.04% | 0.04% | 0.04% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.87% | 1.97% | 2.15% | 2.11% | 2.00% | 2.07% |
Portfolio Turnover Rate 3 | 3% | 3% | 4% | 3% | 3% | 3% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
20
500 Index Fund
Financial Highlights
Institutional Select Shares | |||
Six Months | Year | June 24, | |
Ended | Ended | 20161 to | |
June 30, | Dec. 31, | Dec. 31, | |
For a Share Outstanding Throughout Each Period | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $130.79 | $109.45 | $99.57 |
Investment Operations | |||
Net Investment Income | 1.250 2 | 2.423 2 | 1.200 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.166 | 21.283 | 9.859 |
Total from Investment Operations | 3.416 | 23.706 | 11.059 |
Distributions | |||
Dividends from Net Investment Income | (1.216) | (2.366) | (1.179) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (1.216) | (2.366) | (1.179) |
Net Asset Value, End of Period | $132.99 | $130.79 | $109.45 |
Total Return | 2.64% | 21.83% | 11.12% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $54,467 | $44,907 | $17,753 |
Ratio of Total Expenses to Average Net Assets | 0.01% | 0.01% | 0.01%3 |
Ratio of Net Investment Income to Average Net Assets | 1.90% | 2.00% | 2.26%3 |
Portfolio Turnover Rate 4 | 3% | 3% | 4%5 |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
21
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).
22
500 Index Fund
During the six months ended June 30, 2018, 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 for the period ended June 30, 2018, 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 before the opening of the market 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 June 30, 2018, or at any time during the period then ended.
23
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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $22,060,000, representing 0.01% of the fund’s net assets and 8.82% 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.
24
500 Index Fund
The following table summarizes the market value of the fund’s investments as of June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 416,457,441 | — | — |
Temporary Cash Investments | 1,900,203 | 92,993 | — |
Futures Contracts—Assets1 | 1,290 | — | — |
Total | 418,358,934 | 92,993 | — |
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 six months ended June 30, 2018, the fund realized $4,642,839,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $265,444,064,000. Net unrealized appreciation of investment securities for tax purposes was $153,006,573,000, consisting of unrealized gains of $159,151,805,000 on securities that had risen in value since their purchase and $6,145,232,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $35,052,631,000 of investment securities and sold $14,599,337,000 of investment securities, other than temporary cash investments. Purchases and sales include $21,856,929,000 and $8,446,720,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
25
500 Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 2,161,628 | 8,588 | 4,064,839 | 18,044 |
Issued in Lieu of Cash Distributions | 216,496 | 887 | 473,688 | 2,063 |
Redeemed | (3,661,053) | (14,520) | (8,414,394) | (37,077) |
Net Increase (Decrease)—Investor Shares | (1,282,929) | (5,045) | (3,875,867) | (16,970) |
ETF Shares | ||||
Issued | 13,905,732 | 55,639 | 23,401,120 | 104,080 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (8,271,068) | (33,375) | (8,805,364) | (38,950) |
Net Increase (Decrease)—ETF Shares | 5,634,664 | 22,264 | 14,595,756 | 65,130 |
Admiral Shares | ||||
Issued | 20,954,013 | 83,219 | 38,394,575 | 170,114 |
Issued in Lieu of Cash Distributions | 1,938,400 | 7,940 | 3,598,566 | 15,616 |
Redeemed | (16,262,015) | (64,733) | (25,190,295) | (111,384) |
Net Increase (Decrease) —Admiral Shares | 6,630,398 | 26,426 | 16,802,846 | 74,346 |
Institutional Select Shares | ||||
Issued | 10,161,765 | 76,095 | 22,971,601 | 188,566 |
Issued in Lieu of Cash Distributions | 482,627 | 3,728 | 593,340 | 4,807 |
Redeemed | (1,809,342) | (13,621) | (1,475,735) | (12,216) |
Net Increase (Decrease)—Institutional Select Shares | 8,835,050 | 66,202 | 22,089,206 | 181,157 |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
26
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.
27
Six Months Ended June 30, 2018 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
500 Index Fund | 12/31/2017 | 6/30/2018 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,025.77 | $0.70 |
ETF Shares | 1,000.00 | 1,026.14 | 0.20 |
Admiral Shares | 1,000.00 | 1,026.28 | 0.20 |
Institutional Select Shares | 1,000.00 | 1,026.40 | 0.05 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,024.10 | $0.70 |
ETF Shares | 1,000.00 | 1,024.60 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.60 | 0.20 |
Institutional Select Shares | 1,000.00 | 1,024.74 | 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, 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 (181/365).
28
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard 500 Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
29
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also well below the peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s at-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
30
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.
31
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.
32
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark
of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use
by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification
makes any express or implied warranties or representations with respect to such standard or classification (or the results
to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy,
completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification.
Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in
making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive,
consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
33
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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 208 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 Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. 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 University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne 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.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its 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. 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 in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) 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 in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). 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 in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team | |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
Chris D. McIsaac | |
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. Standard & Poor’s® and S&P® are | |
Institutional Investor Services > 800-523-1036 | registered trademarks of Standard & Poor’s Financial |
Text Telephone for People | Services LLC (“S&P”); Dow Jones® is a registered |
Who Are Deaf or Hard of Hearing > 800-749-7273 | trademark of Dow Jones Trademark Holdings LLC |
(“Dow Jones”); S&P® and S&P 500® are trademarks | |
This material may be used in conjunction | of S&P; and these trademarks have been licensed for |
with the offering of shares of any Vanguard | use by SPDJI and sublicensed for certain purposes by |
fund only if preceded or accompanied by | Vanguard. Vanguard product(s) are not sponsored, |
endorsed, sold or promoted by SPDJI, Dow Jones, | |
the fund’s current prospectus. | S&P, or their respective affiliates and none of such |
All comparative mutual fund data are from Lipper, a | parties make any representation regarding the |
Thomson Reuters Company, or Morningstar, Inc., unless | advisability of investing in such product(s) nor do they |
otherwise noted. | have any liability for any errors, omissions, or |
interruptions of the index. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | Source for Bloomberg Barclays indexes: Bloomberg |
calling Vanguard at 800-662-2739. The guidelines are | Index Services Limited. Copyright 2018, Bloomberg. |
also available from the SEC’s website, sec.gov. In | All rights reserved. |
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. | |
Q402 082018 |
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_small-capx1x1.jpg)
Semiannual Report | June 30, 2018
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 |
CEO’s Perspective. | 4 |
Small-Cap Index Fund. | 6 |
Small-Cap Growth Index Fund. | 27 |
Small-Cap Value Index Fund. | 46 |
About Your Fund’s Expenses. | 66 |
Trustees Approve Advisory Arrangements. | 69 |
Glossary. | 71 |
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 six months ended June 30, 2018, returns for Vanguard’s three small-capitalization U.S. index funds ranged from about 3% for Vanguard Small-Cap Value Index Fund to more than 9% for Vanguard Small-Cap Growth Index Fund. Vanguard Small-Cap Index Fund, which contains both growth and value stocks, returned about 6%.
• All three funds closely tracked their target indexes. The Small-Cap Growth Index Fund and the Small-Cap Value Index Fund lagged the average return of their peers, while the Small-Cap Index Fund exceeded the average return of its peers.
• Small-cap stocks outperformed their large- and mid-cap counterparts, while growth stocks surpassed value stocks.
• Technology stocks contributed the most to returns for the Small-Cap Index Fund and the Small-Cap Growth Index Fund, while the financial sector was the top contributor for the Small-Cap Value Index Fund. Consumer goods detracted most in all three funds.
Total Returns: Six Months Ended June 30, 2018 | |
Total | |
Returns | |
Vanguard Small-Cap Index Fund | |
Investor Shares | 5.92% |
ETF Shares | |
Market Price | 5.97 |
Net Asset Value | 6.00 |
Admiral™ Shares | 5.98 |
Institutional Shares | 5.99 |
Institutional Plus Shares | 6.00 |
CRSP US Small Cap Index | 5.97 |
Small-Cap Core Funds Average | 4.77 |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
1
Total Returns: Six Months Ended June 30, 2018 | |
Total | |
Returns | |
Vanguard Small-Cap Growth Index Fund | |
Investor Shares | 9.52% |
ETF Shares | |
Market Price | 9.60 |
Net Asset Value | 9.60 |
Admiral Shares | 9.58 |
Institutional Shares | 9.60 |
CRSP US Small Cap Growth Index | 9.59 |
Small-Cap Growth Funds Average | 12.10 |
Small-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Vanguard Small-Cap Value Index Fund | |
Investor Shares | 3.02% |
ETF Shares | |
Market Price | 3.07 |
Net Asset Value | 3.10 |
Admiral Shares | 3.10 |
Institutional Shares | 3.11 |
CRSP US Small Cap Value Index | 3.06 |
Small-Cap Value Funds Average | 3.67 |
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.
2
Expense Ratios | ||||||
Your Fund Compared With Its Peer Group | ||||||
Investor | ETF | Admiral | Institutional | Institutional | Peer Group | |
Shares | Shares | Shares | Shares | Plus Shares | Average | |
Small-Cap Index Fund | 0.17% | 0.05% | 0.05% | 0.04% | 0.03% | 1.20% |
Small-Cap Growth Index Fund | 0.19 | 0.07 | 0.07 | 0.06 | — | 1.31 |
Small-Cap Value Index Fund | 0.19 | 0.07 | 0.07 | 0.06 | — | 1.30 |
The fund expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the funds’ annualized 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 2017.
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
CEO’s Perspective
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_small-capx6x1.jpg)
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
I feel extremely fortunate to have the chance to lead a company filled with people who come to work every day passionate about Vanguard’s core purpose: to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.
When I joined Vanguard in 1991, I found a mission-driven team focused on improving lives—helping people retire more comfortably, put their children through college, and achieve financial security. I also found a company with purpose in an industry ripe for improvement.
It was clear, even early in my career, that the cards were stacked against most investors. Hidden fees, performance-chasing, and poor advice were relentlessly eroding investors’ dreams.
We knew Vanguard could be different and, as a result, could make a real difference. We have lowered the costs of investing for our shareholders significantly. And we’re proud of the performance of our funds.
Vanguard is built for Vanguard investors—we focus solely on you, our fund shareholders. Everything we do is designed to give our clients the best chance for investment success. In my role as CEO, I’ll keep this priority
4
front and center. We’re proud of what we’ve achieved, but we’re even more excited about what’s to come.
Steady, time-tested guidance
Our guidance for investors, as always, is to stay the course, tune out the hyperbolic headlines, and focus on your goals and what you can control, such as costs and how much you save. This time-tested advice has served our clients well over the decades.
Regardless of how the markets perform in the short term, I’m incredibly optimistic about the future for our investors. We have a dedicated team serving you, and we will never stop striving to make
Vanguard the best place for you to invest through our high-quality funds and services, advice and guidance to help you meet your financial goals, and an experience that makes you feel good about entrusting us with your hard-earned savings.
Thank you for your continued loyalty.
Sincerely,
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_small-capx7x1.jpg)
Mortimer J. Buckley
President and Chief Executive Officer
July 13, 2018
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2018 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 2.85% | 14.54% | 13.37% |
Russell 2000 Index (Small-caps) | 7.66 | 17.57 | 12.46 |
Russell 3000 Index (Broad U.S. market) | 3.22 | 14.78 | 13.29 |
FTSE All-World ex US Index (International) | -3.83 | 7.28 | 6.35 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | -1.62% | -0.40% | 2.27% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | -0.25 | 1.56 | 3.53 |
FTSE Three-Month U. S. Treasury Bill Index | 0.78 | 1.33 | 0.38 |
CPI | |||
Consumer Price Index | 2.22% | 2.87% | 1.54% |
5
Small-Cap Index Fund
Fund Profile
As of June 30, 2018
Share-Class Characteristics | |||||
Investor | Admiral | Institutional | Institutional | ||
Shares | ETF Shares | Shares | Shares | Plus Shares | |
Ticker Symbol | NAESX | VB | VSMAX | VSCIX | VSCPX |
Expense Ratio1 | 0.17% | 0.05% | 0.05% | 0.04% | 0.03% |
30-Day SEC Yield | 1.30% | 1.42% | 1.42% | 1.43% | 1.44% |
Portfolio Characteristics | |||
DJ | |||
CRSP US | U.S. Total | ||
Small Cap | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 1,414 | 1,400 | 3,779 |
Median Market Cap | $4.1B | $4.2B | $64.0B |
Price/Earnings Ratio | 19.9x | 19.8x | 20.7x |
Price/Book Ratio | 2.3x | 2.3x | 3.0x |
Return on Equity | 9.0% | 9.0% | 15.0% |
Earnings Growth Rate | 11.0% | 11.0% | 8.3% |
Dividend Yield | 1.5% | 1.5% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 14% | — | — |
Short-Term Reserves | 0.1% | — | — |
Sector Diversification (% of equity exposure) | |||
DJ | |||
CRSP US | U.S. Total | ||
Small Cap | Market | ||
Fund | Index | FA Index | |
Basic Materials | 4.3% | 4.3% | 2.5% |
Consumer Goods | 6.7 | 6.7 | 8.1 |
Consumer Services | 12.7 | 12.7 | 13.3 |
Financials | 25.6 | 25.6 | 19.9 |
Health Care | 10.6 | 10.6 | 12.6 |
Industrials | 19.1 | 19.1 | 12.7 |
Oil & Gas | 5.1 | 5.1 | 6.1 |
Technology | 12.0 | 12.0 | 20.1 |
Telecommunications | 0.4 | 0.4 | 1.8 |
Utilities | 3.5 | 3.5 | 2.9 |
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 | ||
DJ | ||
CRSP US | U.S. Total | |
Small Cap | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.81 |
Beta | 1.00 | 1.07 |
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) | ||
Vail Resorts Inc. | Hotels | 0.3% |
Keysight Technologies | ||
Inc. | Electronic Equipment | 0.3 |
WellCare Health Plans | Health Care | |
Inc. | Providers | 0.3 |
PTC Inc. | Software | 0.3 |
IDEX Corp. | Industrial Machinery | 0.3 |
Burlington Stores Inc. | Apparel Retailers | 0.3 |
Atmos Energy Corp. | Gas Distribution | 0.3 |
Jack Henry & Associates Financial | ||
Inc. | Administration | 0.3 |
Zillow Group Inc. | Real Estate Services | 0.3 |
Spirit AeroSystems | ||
Holdings Inc. | Aerospace | 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 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the annualized 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.
6
Small-Cap Index Fund
Investment Focus
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_small-capx9x1.jpg)
7
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_small-capx10x1.jpg)
For a benchmark description, see the Glossary.
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 10/3/1960 | 16.35% | 12.26% | 11.12% |
ETF Shares | 1/26/2004 | |||
Market Price | 16.54 | 12.41 | 11.26 | |
Net Asset Value | 16.51 | 12.40 | 11.27 | |
Admiral Shares | 11/13/2000 | 16.48 | 12.40 | 11.27 |
Institutional Shares | 7/7/1997 | 16.51 | 12.41 | 11.29 |
Institutional Plus Shares | 12/17/2010 | 16.52 | 12.43 | 12.441 |
1 Return since inception. |
See Financial Highlights for dividend and capital gains information.
8
Small-Cap Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of June 30, 2018
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 | |||
Chemours Co. | 4,418,386 | 196,000 | 0.2% |
RPM International Inc. | 3,319,212 | 193,576 | 0.2% |
Basic Materials—Other † | 3,515,615 | 3.9% | |
3,905,191 | 4.3% | ||
Consumer Goods | |||
* US Foods Holding Corp. | 5,363,139 | 202,834 | 0.3% |
Pinnacle Foods Inc. | 2,958,887 | 192,505 | 0.2% |
Consumer Goods—Other † | 5,646,703 | 6.2% | |
6,042,042 | 6.7% | ||
Consumer Services | |||
Vail Resorts Inc. | 1,003,782 | 275,227 | 0.3% |
* Burlington Stores Inc. | 1,683,522 | 253,421 | 0.3% |
* GrubHub Inc. | 2,240,278 | 235,028 | 0.3% |
* ServiceMaster Global Holdings Inc. | 3,362,700 | 199,980 | 0.2% |
KAR Auction Services Inc. | 3,351,183 | 183,645 | 0.2% |
* Liberty Media Corp-Liberty Formula One | 4,782,672 | 177,581 | 0.2% |
Consumer Services—Other † | 10,076,484 | 11.1% | |
11,401,366 | 12.6% | ||
Financials | |||
East West Bancorp Inc. | 3,597,325 | 234,546 | 0.2% |
Kilroy Realty Corp. | 2,454,660 | 185,670 | 0.2% |
Sun Communities Inc. | 1,888,420 | 184,839 | 0.2% |
Equity LifeStyle Properties Inc. | 1,981,618 | 182,111 | 0.2% |
American Financial Group Inc. | 1,656,383 | 177,780 | 0.2% |
WP Carey Inc. | 2,662,417 | 176,651 | 0.2% |
Financials—Other † | 21,844,040 | 24.1% | |
22,985,637 | 25.3% |
9
Small-Cap Index Fund | |||||
Market | Percentage | ||||
Value• | of Net | ||||
Shares | ($000) | Assets | |||
Health Care | |||||
* | WellCare Health Plans Inc. | 1,111,391 | 273,669 | 0.3% | |
STERIS plc | 2,107,211 | 221,278 | 0.3% | ||
* | Neurocrine Biosciences Inc. | 2,232,793 | 219,350 | 0.3% | |
* | Sarepta Therapeutics Inc. | 1,543,016 | 203,956 | 0.2% | |
* | DexCom Inc. | 2,077,794 | 197,349 | 0.2% | |
* | Bluebird Bio Inc. | 1,244,823 | 195,375 | 0.2% | |
West Pharmaceutical Services Inc. | 1,827,405 | 181,443 | 0.2% | ||
* | Exact Sciences Corp. | 3,027,801 | 181,032 | 0.2% | |
Health Care—Other † | 7,906,829 | 8.7% | |||
9,580,281 | 10.6% | ||||
Industrials | |||||
* | Keysight Technologies Inc. | 4,656,907 | 274,897 | 0.3% | |
IDEX Corp. | 1,904,538 | 259,931 | 0.3% | ||
Jack Henry & Associates Inc. | 1,919,353 | 250,207 | 0.3% | ||
Spirit AeroSystems Holdings Inc. Class A | 2,825,613 | 242,748 | 0.3% | ||
* | WEX Inc. | 1,069,934 | 203,801 | 0.2% | |
PerkinElmer Inc. | 2,747,624 | 201,209 | 0.2% | ||
Lennox International Inc. | 972,938 | 194,734 | 0.2% | ||
* | Zebra Technologies Corp. | 1,325,945 | 189,942 | 0.2% | |
Graco Inc. | 4,161,902 | 188,201 | 0.2% | ||
* | HD Supply Holdings Inc. | 4,376,279 | 187,699 | 0.2% | |
Allegion plc | 2,357,909 | 182,408 | 0.2% | ||
Industrials—Other † | 14,818,821 | 16.3% | |||
17,194,598 | 18.9% | ||||
Oil & Gas | |||||
* | Parsley Energy Inc. Class A | 6,463,263 | 195,708 | 0.2% | |
* | WPX Energy Inc. | 9,922,423 | 178,901 | 0.2% | |
* | Energen Corp. | 2,418,813 | 176,138 | 0.2% | |
Oil & Gas—Other † | 4,008,465 | 4.4% | |||
4,559,212 | 5.0% | ||||
1,2Other † | 8,519 | 0.0% | |||
Technology | |||||
* | PTC Inc. | 2,864,754 | 268,743 | 0.3% | |
* | ON Semiconductor Corp. | 10,616,706 | 236,062 | 0.3% | |
* | Veeva Systems Inc. Class A | 2,988,663 | 229,709 | 0.3% | |
Leidos Holdings Inc. | 3,768,869 | 222,363 | 0.2% | ||
* | Fortinet Inc. | 3,547,074 | 221,444 | 0.2% | |
* | Tyler Technologies Inc. | 902,962 | 200,548 | 0.2% | |
* | Ultimate Software Group Inc. | 721,973 | 185,771 | 0.2% | |
Teradyne Inc. | 4,750,560 | 180,854 | 0.2% | ||
2 | Technology—Other † | 9,067,955 | 10.0% | ||
10,813,449 | 11.9% | ||||
Telecommunications † | 339,615 | 0.4% | |||
Utilities | |||||
Atmos Energy Corp. | 2,788,115 | 251,321 | 0.3% | ||
NRG Energy Inc. | 7,428,231 | 228,047 | 0.3% | ||
UGI Corp. | 4,328,505 | 225,385 | 0.2% | ||
10 |
Small-Cap Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
* Evergy Inc. | 3,369,627 | 189,205 | 0.2% | |
Utilities—Other † | 2,259,482 | 2.5% | ||
3,153,440 | 3.5% | |||
Total Common Stocks (Cost $66,712,923) | 89,983,350 | 99.2%3 | ||
Coupon | ||||
Temporary Cash Investments | ||||
Money Market Fund | ||||
4,5 Vanguard Market Liquidity Fund | 2.122% | 15,512,630 | 1,551,418 | 1.7% |
6U.S. Government and Agency Obligations † | 29,872 | 0.0% | ||
Total Temporary Cash Investments (Cost $1,581,072) | 1,581,290 | 1.7%3 | ||
7Total Investments (Cost $68,293,995) | 91,564,640 | 100.9% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 4,771 | |||
Receivables for Investment Securities Sold | 74,594 | |||
Receivables for Accrued Income | 119,002 | |||
Receivables for Capital Shares Issued | 62,281 | |||
Variation Margin Receivable—Futures Contracts | 356 | |||
Unrealized Appreciation—Swap Contracts | 361 | |||
Other Assets 8 | 7,600 | |||
Total Other Assets | 268,965 | 0.3% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (68,293) | |||
Collateral for Securities on Loan | (823,404) | |||
Payables for Capital Shares Redeemed | (169,023) | |||
Payables to Vanguard | (26,979) | |||
Variation Margin Payable—Futures Contracts | (667) | |||
Unrealized Depreciation—Swap Contracts | (2,184) | |||
Total Liabilities | (1,090,550) | (1.2%) | ||
Net Assets | 90,743,055 | 100.0% | ||
At June 30, 2018, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 68,842,456 | |||
Undistributed Net Investment Income | 58,142 | |||
Accumulated Net Realized Losses | (1,410,767) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 23,270,645 | |||
Futures Contracts | (15,598) | |||
Swap Contracts | (1,823) | |||
Net Assets | 90,743,055 | |||
11 |
Small-Cap Index Fund | |
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 56,776,807 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 4,235,027 |
Net Asset Value Per Share—Investor Shares | $74.59 |
ETF Shares—Net Assets | |
Applicable to 151,827,757 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 23,640,841 |
Net Asset Value Per Share—ETF Shares | $155.71 |
Admiral Shares—Net Assets | |
Applicable to 486,375,805 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 36,290,427 |
Net Asset Value Per Share—Admiral Shares | $74.61 |
Institutional Shares—Net Assets | |
Applicable to 222,341,948 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 16,589,346 |
Net Asset Value Per Share—Institutional Shares | $74.61 |
Institutional Plus Shares—Net Assets | |
Applicable to 46,375,214 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 9,987,414 |
Net Asset Value Per Share—Institutional Plus Shares | $215.36 |
• 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 0.9%, 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 $823,404,000 of collateral received for securities on loan.
6 Securities with a value of $27,078,000 have been segregated as initial margin for open futures contracts.
7 The total value of securities on loan is $779,961,000.
8 Cash with a value of $1,770,000 has been segregated as collateral for open over-the-counter swap contracts.
12
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 | September 2018 | 1,780 | 348,186 | (8,975) |
E-mini Russell 2000 Index | September 2018 | 4,170 | 343,504 | (6,623) |
(15,598) |
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. | 7/11/18 | GSCM | 11,396 | (2.485%) | (189) |
Ambac Financial Group Inc. | 7/11/18 | GSCM | 1,589 | (2.734%) | (2) |
Gaming and Leisure Properties Inc. | 9/21/18 | GSI | 16,635 | (2.638%) | 361 |
SLM Corp. | 8/9/18 | GSI | 48,078 | (2.446%) | (1,993) |
(1,823) | |||||
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.
See accompanying Notes, which are an integral part of the Financial Statements.
13
Small-Cap Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 549,512 |
Interest1 | 5,867 |
Securities Lending—Net | 21,173 |
Total Income | 576,552 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,147 |
Management and Administrative—Investor Shares | 3,051 |
Management and Administrative—ETF Shares | 4,060 |
Management and Administrative—Admiral Shares | 6,107 |
Management and Administrative—Institutional Shares | 2,382 |
Management and Administrative—Institutional Plus Shares | 1,058 |
Marketing and Distribution—Investor Shares | 346 |
Marketing and Distribution—ETF Shares | 539 |
Marketing and Distribution—Admiral Shares | 1,207 |
Marketing and Distribution—Institutional Shares | 171 |
Marketing and Distribution—Institutional Plus Shares | 39 |
Custodian Fees | 635 |
Shareholders’ Reports—Investor Shares | 45 |
Shareholders’ Reports—ETF Shares | 243 |
Shareholders’ Reports—Admiral Shares | 188 |
Shareholders’ Reports—Institutional Shares | 82 |
Shareholders’ Reports—Institutional Plus Shares | 33 |
Trustees’ Fees and Expenses | 30 |
Total Expenses | 22,363 |
Net Investment Income | 554,189 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 3,456,975 |
Futures Contracts | 40,835 |
Swap Contracts | 3,386 |
Realized Net Gain (Loss) | 3,501,196 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,031,438 |
Futures Contracts | (18,285) |
Swap Contracts | (1,462) |
Change in Unrealized Appreciation (Depreciation) | 1,011,691 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,067,076 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $5,644,000, ($111,000), and $124,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
14
Small-Cap Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 554,189 | 1,136,430 |
Realized Net Gain (Loss) | 3,501,196 | 4,116,255 |
Change in Unrealized Appreciation (Depreciation) | 1,011,691 | 6,445,844 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,067,076 | 11,698,529 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (20,675) | (57,529) |
ETF Shares | (125,246) | (280,715) |
Admiral Shares | (193,074) | (451,429) |
Institutional Shares | (88,868) | (208,650) |
Institutional Plus Shares | (54,403) | (129,060) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (482,266) | (1,127,383) |
Capital Share Transactions | ||
Investor Shares | (336,148) | (653,015) |
ETF Shares | 863,635 | 2,848,082 |
Admiral Shares | 651,587 | 1,795,522 |
Institutional Shares | 393,038 | 370,934 |
Institutional Plus Shares | (48,705) | 260,540 |
Net Increase (Decrease) from Capital Share Transactions | 1,523,407 | 4,622,063 |
Total Increase (Decrease) | 6,108,217 | 15,193,209 |
Net Assets | ||
Beginning of Period | 84,634,838 | 69,441,629 |
End of Period1 | 90,743,055 | 84,634,838 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $58,142,000 and ($17,215,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
15
Small-Cap Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $70.76 | $61.75 | $53.03 | $55.86 | $52.69 | $38.74 |
Investment Operations | ||||||
Net Investment Income | . 4151 | .8761 | .843 | .727 | .730 | .609 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 3.772 | 9.011 | 8.734 | (2.840) | 3.148 | 13.958 |
Total from Investment Operations | 4.187 | 9.887 | 9.577 | (2.113) | 3.878 | 14.567 |
Distributions | ||||||
Dividends from Net Investment Income | (. 357) | (. 877) | (. 857) | (.717) | (.708) | (. 617) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 357) | (. 877) | (. 857) | (.717) | (.708) | (. 617) |
Net Asset Value, End of Period | $74.59 | $70.76 | $61.75 | $53.03 | $55.86 | $52.69 |
Total Return2 | 5.92% | 16.10% | 18.17% | -3.78% | 7.37% | 37.62% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,235 | $4,345 | $4,401 | $4,058 | $4,606 | $5,041 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.17% | 0.17% | 0.18% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.30% | 1.36% | 1.55% | 1.33% | 1.40% | 1.39% |
Portfolio Turnover Rate 3 | 14% | 15% | 14% | 11% | 10% | 29% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
16
Small-Cap Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $147.71 | $128.90 | $110.71 | $116.61 | $110.02 | $80.89 |
Investment Operations | ||||||
Net Investment Income | . 9721 | 2.0371 | 1.899 | 1.668 | 1.707 | 1.424 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 7.866 | 18.768 | 18.221 | (5.931) | 6.556 | 29.145 |
Total from Investment Operations | 8.838 | 20.805 | 20.120 | (4.263) | 8.263 | 30.569 |
Distributions | ||||||
Dividends from Net Investment Income | (.838) | (1.995) | (1.930) | (1.637) | (1.673) | (1.439) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.838) | (1.995) | (1.930) | (1.637) | (1.673) | (1.439) |
Net Asset Value, End of Period | $155.71 | $147.71 | $128.90 | $110.71 | $116.61 | $110.02 |
Total Return | 6.00% | 16.24% | 18.31% | -3.65% | 7.51% | 37.80% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $23,641 | $21,605 | $16,153 | $11,478 | $9,833 | $8,217 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.42% | 1.48% | 1.67% | 1.45% | 1.54% | 1.54% |
Portfolio Turnover Rate 2 | 14% | 15% | 14% | 11% | 10% | 29% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
17
Small-Cap Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $70.78 | $61.77 | $53.05 | $55.87 | $52.72 | $38.76 |
Investment Operations | ||||||
Net Investment Income | . 4611 | .9701 | .910 | .797 | .817 | .681 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 3.770 | 8.997 | 8.733 | (2.833) | 3.133 | 13.968 |
Total from Investment Operations | 4.231 | 9.967 | 9.643 | (2.036) | 3.950 | 14.649 |
Distributions | ||||||
Dividends from Net Investment Income | (. 401) | (. 957) | (. 923) | (.784) | (. 800) | (. 689) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 401) | (. 957) | (. 923) | (.784) | (. 800) | (. 689) |
Net Asset Value, End of Period | $74.61 | $70.78 | $61.77 | $53.05 | $55.87 | $52.72 |
Total Return2 | 5.98% | 16.24% | 18.30% | -3.64% | 7.50% | 37.81% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $36,290 | $33,801 | $27,778 | $21,441 | $20,034 | $10,126 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.42% | 1.48% | 1.67% | 1.45% | 1.54% | 1.54% |
Portfolio Turnover Rate 3 | 14% | 15% | 14% | 11% | 10% | 29% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
18
Small-Cap Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $70.78 | $61.77 | $53.05 | $55.87 | $52.71 | $38.76 |
Investment Operations | ||||||
Net Investment Income | . 4641 | .9751 | .915 | .803 | .821 | .686 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 3.771 | 8.998 | 8.734 | (2.834) | 3.144 | 13.957 |
Total from Investment Operations | 4.235 | 9.973 | 9.649 | (2.031) | 3.965 | 14.643 |
Distributions | ||||||
Dividends from Net Investment Income | (. 405) | (. 963) | (. 929) | (.789) | (. 805) | (. 693) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 405) | (. 963) | (. 929) | (.789) | (. 805) | (. 693) |
Net Asset Value, End of Period | $74.61 | $70.78 | $61.77 | $53.05 | $55.87 | $52.71 |
Total Return | 5.99% | 16.25% | 18.32% | -3.63% | 7.53% | 37.80% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $16,589 | $15,352 | $13,030 | $10,036 | $9,975 | $9,185 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.04% | 0.04% | 0.05% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.43% | 1.49% | 1.68% | 1.46% | 1.55% | 1.55% |
Portfolio Turnover Rate2 | 14% | 15% | 14% | 11% | 10% | 29% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
19
Small-Cap Index Fund
Financial Highlights
Institutional Plus Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $204.30 | $178.28 | $153.11 | $161.27 | $152.16 | $111.87 |
Investment Operations | ||||||
Net Investment Income | 1.3471 | 2.8351 | 2.660 | 2.353 | 2.405 | 2.007 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 10.891 | 25.980 | 25.213 | (8.203) | 9.062 | 40.311 |
Total from Investment Operations | 12.238 | 28.815 | 27.873 | (5.850) | 11.467 | 42.318 |
Distributions | ||||||
Dividends from Net Investment Income | (1.178) | (2.795) | (2.703) | (2.310) | (2.357) | (2.028) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.178) | (2.795) | (2.703) | (2.310) | (2.357) | (2.028) |
Net Asset Value, End of Period | $215.36 | $204.30 | $178.28 | $153.11 | $161.27 | $152.16 |
Total Return | 6.00% | 16.27% | 18.33% | -3.62% | 7.55% | 37.85% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $9,987 | $9,531 | $8,080 | $6,925 | $6,024 | $4,323 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.03% | 0.03% | 0.04% | 0.05% | 0.06% | 0.06% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.44% | 1.50% | 1.69% | 1.48% | 1.57% | 1.57% |
Portfolio Turnover Rate2 | 14% | 15% | 14% | 11% | 10% | 29% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
20
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 six months ended June 30, 2018, 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.
21
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 six months ended June 30, 2018, 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 for the period ended June 30, 2018, 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
22
Small-Cap Index Fund
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 before the opening of the market 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 June 30, 2018, 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
23
Small-Cap Index Fund
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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $4,771,000, representing 0.01% of the fund’s net assets and 1.91% 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 89,974,831 | — | 8,519 |
Temporary Cash Investments | 1,551,418 | 29,872 | — |
Futures Contracts—Assets1 | 356 | — | — |
Futures Contracts—Liabilities1 | (667) | — | — |
Swap Contracts—Assets | — | 361 | — |
Swap Contracts—Liabilities | — | (2,184) | — |
Total | 91,525,938 | 28,049 | 8,519 |
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.
24
Small-Cap Index Fund
During the six months ended June 30, 2018, the fund realized $3,092,375,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 3018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $68,303,868,000. Net unrealized appreciation of investment securities for tax purposes was $23,260,772,000, consisting of unrealized gains of $27,018,586,000 on securities that had risen in value since their purchase and $3,757,814,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $13,742,813,000 of investment securities and sold $12,112,490,000 of investment securities, other than temporary cash investments. Purchases and sales include $6,442,279,000 and $6,071,120,000, 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 six months ended June 30, 2018, such purchases and sales were $1,000,046,000 and $1,383,913,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
25
Small-Cap Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 300,177 | 4,146 | 691,920 | 10,613 |
Issued in Lieu of Cash Distributions | 19,557 | 265 | 54,687 | 821 |
Redeemed | (655,882) | (9,044) | (1,399,622) | (21,293) |
Net Increase (Decrease)—Investor Shares | (336,148) | (4,633) | (653,015) | (9,859) |
ETF Shares | ||||
Issued | 6,969,950 | 45,140 | 9,320,075 | 67,574 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (6,106,315) | (39,575) | (6,471,993) | (46,625) |
Net Increase (Decrease)—ETF Shares | 863,635 | 5,565 | 2,848,082 | 20,949 |
Admiral Shares | ||||
Issued | 3,405,921 | 47,002 | 6,792,440 | 103,995 |
Issued in Lieu of Cash Distributions | 173,278 | 2,343 | 406,244 | 6,084 |
Redeemed | (2,927,612) | (40,496) | (5,403,162) | (82,274) |
Net Increase (Decrease)—Admiral Shares | 651,587 | 8,849 | 1,795,522 | 27,805 |
Institutional Shares | ||||
Issued | 1,808,657 | 24,993 | 3,318,653 | 50,778 |
Issued in Lieu of Cash Distributions | 84,992 | 1,149 | 199,657 | 2,992 |
Redeemed | (1,500,611) | (20,699) | (3,147,376) | (47,830) |
Net Increase (Decrease)—Institutional Shares | 393,038 | 5,443 | 370,934 | 5,940 |
Institutional Plus Shares | ||||
Issued | 550,669 | 2,621 | 1,569,273 | 8,268 |
Issued in Lieu of Cash Distributions | 54,182 | 254 | 126,704 | 658 |
Redeemed | (653,556) | (3,150) | (1,435,437) | (7,598) |
Net Increase (Decrease)—Institutional Plus Shares | (48,705) | (275) | 260,540 | 1,328 |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
26
Small-Cap Growth Index Fund
Fund Profile
As of June 30, 2018
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 | 0.64% | 0.76% | 0.76% | 0.77% |
Portfolio Characteristics | |||
CRSP US | DJ | ||
Small Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 661 | 627 | 3,779 |
Median Market Cap | $4.8B | $4.8B | $64.0B |
Price/Earnings Ratio | 28.8x | 28.6x | 20.7x |
Price/Book Ratio | 3.5x | 3.5x | 3.0x |
Return on Equity | 8.3% | 8.3% | 15.0% |
Earnings Growth Rate | 18.6% | 18.6% | 8.3% |
Dividend Yield | 0.8% | 0.8% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 23% | — | — |
Short-Term Reserves | 0.2% | — | — |
Sector Diversification (% of equity exposure) | |||
CRSP US | DJ | ||
Small Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | FA Index | |
Basic Materials | 2.3% | 2.3% | 2.5% |
Consumer Goods | 5.9 | 5.9 | 8.1 |
Consumer Services | 14.4 | 14.4 | 13.3 |
Financials | 17.7 | 17.7 | 19.9 |
Health Care | 16.9 | 16.9 | 12.6 |
Industrials | 18.7 | 18.7 | 12.7 |
Oil & Gas | 5.4 | 5.4 | 6.1 |
Technology | 18.1 | 18.1 | 20.1 |
Telecommunications | 0.3 | 0.3 | 1.8 |
Utilities | 0.3 | 0.3 | 2.9 |
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 | ||
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) | ||
Vail Resorts Inc. | Hotels | 0.7% |
PTC Inc. | Software | 0.7 |
Burlington Stores Inc. | Apparel Retailers | 0.6 |
Jack Henry & Associates Financial | ||
Inc. | Administration | 0.6 |
Zillow Group Inc. | Real Estates | |
Services | 0.6 | |
GrubHub Inc. | Specialized | |
Consumer Services | 0.6 | |
Veeva Systems Inc. | Computure Services | 0.6 |
Fortinet Inc. | Software | 0.5 |
Neurocrine Biosciences | ||
Inc. | Biotechnology | 0.5 |
Sarepta Therapeutics | ||
Inc. | Biotechnology | 0.5 |
Top Ten | 5.9% | |
The holdings listed exclude any temporary cash investments and equity index products. |
1 The expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the annualized expense ratios were 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for
Admiral Shares, and 0.06% for Institutional Shares.
27
Small-Cap Growth Index Fund
Investment Focus
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_small-capx30x1.jpg)
28
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_small-capx31x1.jpg)
For a benchmark description, see the Glossary.
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 5/21/1998 | 21.27% | 12.23% | 10.96% |
ETF Shares | 1/26/2004 | |||
Market Price | 21.50 | 12.39 | 11.11 | |
Net Asset Value | 21.43 | 12.37 | 11.11 | |
Admiral Shares | 9/27/2011 | 21.41 | 12.37 | 15.411 |
Institutional Shares | 5/24/2000 | 21.45 | 12.38 | 11.14 |
1 Return since inception. |
See Financial Highlights for dividend and capital gains information.
29
Small-Cap Growth Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of June 30, 2018
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 | |||
Royal Gold Inc. | 926,503 | 86,017 | 0.4% |
Basic Materials—Other † | 448,933 | 1.9% | |
534,950 | 2.3% | ||
Consumer Goods | |||
* Wayfair Inc. | 786,300 | 93,381 | 0.4% |
Gentex Corp. | 3,874,717 | 89,196 | 0.4% |
Consumer Goods—Other † | 1,199,158 | 5.1% | |
1,381,735 | 5.9% | ||
Consumer Services | |||
Vail Resorts Inc. | 572,446 | 156,959 | 0.7% |
* Burlington Stores Inc. | 959,472 | 144,429 | 0.6% |
* GrubHub Inc. | 1,276,803 | 133,949 | 0.6% |
* Liberty Media Corp-Liberty Formula One | 2,725,595 | 101,201 | 0.4% |
* Caesars Entertainment Corp. | 8,893,115 | 95,156 | 0.4% |
* Live Nation Entertainment Inc. | 1,921,707 | 93,337 | 0.4% |
Consumer Services—Other † | 2,652,213 | 11.2% | |
3,377,244 | 14.3% | ||
Financials | |||
Kilroy Realty Corp. | 1,399,735 | 105,876 | 0.5% |
Sun Communities Inc. | 1,077,056 | 105,422 | 0.5% |
Equity LifeStyle Properties Inc. | 1,129,804 | 103,829 | 0.4% |
MarketAxess Holdings Inc. | 505,773 | 100,072 | 0.4% |
* Zillow Group Inc. | 1,627,199 | 96,102 | 0.4% |
* Signature Bank | 739,320 | 94,544 | 0.4% |
Douglas Emmett Inc. | 2,284,254 | 91,781 | 0.4% |
DCT Industrial Trust Inc. | 1,332,396 | 88,911 | 0.4% |
Financials—Other † | 3,349,015 | 14.2% | |
4,135,552 | 17.6% |
30
Small-Cap Growth Index Fund | |||||
Market | Percentage | ||||
Value• | of Net | ||||
Shares | ($000) | Assets | |||
Health Care | |||||
* | Neurocrine Biosciences Inc. | 1,273,084 | 125,068 | 0.5% | |
* | Sarepta Therapeutics Inc. | 881,005 | 116,451 | 0.5% | |
* | DexCom Inc. | 1,184,147 | 112,470 | 0.5% | |
* | Bluebird Bio Inc. | 709,284 | 111,322 | 0.5% | |
West Pharmaceutical Services Inc. | 1,040,976 | 103,359 | 0.4% | ||
* | Exact Sciences Corp. | 1,725,130 | 103,146 | 0.4% | |
* | Exelixis Inc. | 4,201,321 | 90,412 | 0.4% | |
* | Bio-Rad Laboratories Inc. Class A | 297,407 | 85,814 | 0.4% | |
Health Care—Other † | 3,110,119 | 13.2% | |||
3,958,161 | 16.8% | ||||
Industrials | |||||
Jack Henry & Associates Inc. | 1,093,358 | 142,530 | 0.6% | ||
* | WEX Inc. | 609,320 | 116,063 | 0.5% | |
Lennox International Inc. | 554,459 | 110,975 | 0.5% | ||
* | Zebra Technologies Corp. | 756,081 | 108,309 | 0.5% | |
Graco Inc. | 2,372,513 | 107,285 | 0.4% | ||
* | HD Supply Holdings Inc. | 2,494,135 | 106,974 | 0.4% | |
* | Teledyne Technologies Inc. | 481,082 | 95,764 | 0.4% | |
Nordson Corp. | 739,776 | 94,995 | 0.4% | ||
TransUnion | 1,306,016 | 93,563 | 0.4% | ||
BWX Technologies Inc. | 1,409,615 | 87,847 | 0.4% | ||
Toro Co. | 1,425,597 | 85,892 | 0.4% | ||
Berry Global Group Inc. | 1,862,342 | 85,556 | 0.4% | ||
Industrials—Other † | 3,245,108 | 13.4% | |||
4,395,305 | 18.7% | ||||
Oil & Gas | |||||
* | Parsley Energy Inc. Class A | 3,682,810 | 111,515 | 0.5% | |
* | WPX Energy Inc. | 5,655,456 | 101,968 | 0.4% | |
* | Energen Corp. | 1,378,757 | 100,401 | 0.4% | |
Oil & Gas—Other † | 953,657 | 4.1% | |||
1,267,541 | 5.4% | ||||
1,2Other † | 3,809 | 0.0% | |||
Technology | |||||
* | PTC Inc. | 1,631,675 | 153,067 | 0.7% | |
* | Veeva Systems Inc. Class A | 1,702,988 | 130,892 | 0.6% | |
* | Fortinet Inc. | 2,021,954 | 126,231 | 0.5% | |
* | Tyler Technologies Inc. | 515,120 | 114,408 | 0.5% | |
* | Ultimate Software Group Inc. | 411,805 | 105,962 | 0.4% | |
* | Guidewire Software Inc. | 1,130,722 | 100,386 | 0.4% | |
* | Tableau Software Inc. Class A | 961,137 | 93,951 | 0.4% | |
* | Aspen Technology Inc. | 1,010,029 | 93,670 | 0.4% | |
* | athenahealth Inc. | 572,558 | 91,117 | 0.4% | |
* | EPAM Systems Inc. | 717,980 | 89,266 | 0.4% | |
Technology—Other † | 3,154,069 | 13.4% | |||
4,253,019 | 18.1% | ||||
Telecommunications † | 64,373 | 0.3% | |||
Utilities † | 78,548 | 0.3% | |||
Total Common Stocks (Cost $16,944,991) | 23,450,237 | 99.7%3 | |||
31 |
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 | 2.122% | 3,569,470 | 356,983 | 1.5% |
6U.S. Government and Agency Obligations † | 11,216 | 0.1% | ||
Total Temporary Cash Investments (Cost $368,151) | 368,199 | 1.6%3 | ||
7Total Investments (Cost $17,313,142) | 23,818,436 | 101.3% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 1,221 | |||
Receivables for Investment Securities Sold | 64,736 | |||
Receivables for Accrued Income | 20,801 | |||
Receivables for Capital Shares Issued | 30,766 | |||
Variation Margin Receivable—Futures Contracts | 20 | |||
Other Assets | 3,434 | |||
Total Other Assets | 120,978 | 0.5% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (65,991) | |||
Collateral for Securities on Loan | (264,706) | |||
Payables for Capital Shares Redeemed | (87,001) | |||
Payables to Vanguard | (8,183) | |||
Variation Margin Payable—Futures Contracts | (89) | |||
Total Liabilities | (425,970) | (1.8%) | ||
Net Assets | 23,513,444 | 100.0% | ||
At June 30, 2018, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 18,426,986 | |||
Overdistributed Net Investment Income | (9,552) | |||
Accumulated Net Realized Losses | (1,407,507) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 6,505,294 | |||
Futures Contracts | (1,777) | |||
Net Assets | 23,513,444 | |||
Investor Shares—Net Assets | ||||
Applicable to 36,742,823 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 1,816,621 | |||
Net Asset Value Per Share—Investor Shares | $49.44 | |||
ETF Shares—Net Assets | ||||
Applicable to 47,390,322 outstanding $.001 par value shares of | ||||
beneficial interest (unlimited authorization) | 8,329,327 | |||
Net Asset Value Per Share—ETF Shares | $175.76 | |||
32 |
Small-Cap Growth Index Fund
Amount | |
($000) | |
Admiral Shares—Net Assets | |
Applicable to 158,553,863 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 9,799,399 |
Net Asset Value Per Share—Admiral Shares | $61.80 |
Institutional Shares—Net Assets | |
Applicable to 72,087,772 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,568,097 |
Net Asset Value Per Share—Institutional Shares | $49.50 |
• 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. After giving effect to
futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 1.3%,
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 $264,706,000 of collateral received for securities on loan.
6 Securities with a value of $2,878,000 have been segregated as initial margin for open futures contracts.
7 The total value of securities on loan is $253,898,000.
33
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 | September 2018 | 558 | 45,965 | (1,436) |
E-mini S&P Mid-Cap 400 Index | September 2018 | 100 | 19,561 | (341) |
(1,777) |
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.
34
Small-Cap Growth Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 61,819 |
Interest1 | 428 |
Securities Lending—Net | 6,280 |
Total Income | 68,527 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,415 |
Management and Administrative—Investor Shares | 1,403 |
Management and Administrative—ETF Shares | 1,692 |
Management and Administrative—Admiral Shares | 2,175 |
Management and Administrative—Institutional Shares | 756 |
Marketing and Distribution—Investor Shares | 146 |
Marketing and Distribution—ETF Shares | 184 |
Marketing and Distribution—Admiral Shares | 308 |
Marketing and Distribution—Institutional Shares | 36 |
Custodian Fees | 153 |
Shareholders’ Reports—Investor Shares | 28 |
Shareholders’ Reports—ETF Shares | 234 |
Shareholders’ Reports—Admiral Shares | 52 |
Shareholders’ Reports—Institutional Shares | 30 |
Trustees’ Fees and Expenses | 8 |
Total Expenses | 8,620 |
Net Investment Income | 59,907 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 1,284,082 |
Futures Contracts | 3,911 |
Realized Net Gain (Loss) | 1,287,993 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 681,062 |
Futures Contracts | (2,290) |
Change in Unrealized Appreciation (Depreciation) | 678,772 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,026,672 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $397,000, ($21,000), and $24,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
35
Small-Cap Growth Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 59,907 | 170,629 |
Realized Net Gain (Loss) | 1,287,993 | 1,104,653 |
Change in Unrealized Appreciation (Depreciation) | 678,772 | 2,519,238 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,026,672 | 3,794,520 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (3,954) | (13,772) |
ETF Shares | (21,970) | (56,419) |
Admiral Shares | (26,234) | (69,320) |
Institutional Shares | (10,025) | (30,608) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (62,183) | (170,119) |
Capital Share Transactions | ||
Investor Shares | (160,273) | (378,549) |
ETF Shares | 678,198 | 471,885 |
Admiral Shares | 259,316 | 625,740 |
Institutional Shares | (443,725) | 77,858 |
Net Increase (Decrease) from Capital Share Transactions | 333,516 | 796,934 |
Total Increase (Decrease) | 2,298,005 | 4,421,335 |
Net Assets | ||
Beginning of Period | 21,215,439 | 16,794,104 |
End of Period1 | 23,513,444 | 21,215,439 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($9,552,000) and ($7,276,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
36
Small-Cap Growth Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $45.24 | $37.43 | $34.18 | $35.40 | $34.37 | $25.03 |
Investment Operations | ||||||
Net Investment Income | . 0991 | .3151 | .355 | .292 | .303 | .168 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.206 | 7.814 | 3.257 | (1.225) | 1.029 | 9.336 |
Total from Investment Operations | 4.305 | 8.129 | 3.612 | (.933) | 1.332 | 9.504 |
Distributions | ||||||
Dividends from Net Investment Income | (.105) | (. 319) | (. 362) | (. 287) | (. 302) | (.164) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.105) | (. 319) | (. 362) | (. 287) | (. 302) | (.164) |
Net Asset Value, End of Period | $49.44 | $45.24 | $37.43 | $34.18 | $35.40 | $34.37 |
Total Return2 | 9.52% | 21.78% | 10.61% | -2.64% | 3.88% | 37.98% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,817 | $1,816 | $1,850 | $1,986 | $2,326 | $2,859 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.19% | 0.19% | 0.19% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 0.57% | 0.78% | 1.03% | 0.82% | 0.87% | 0.63% |
Portfolio Turnover Rate 3 | 23% | 19% | 27% | 23% | 26% | 50% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
37
Small-Cap Growth Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $160.81 | $133.07 | $121.53 | $125.88 | $122.23 | $89.03 |
Investment Operations | ||||||
Net Investment Income | . 4681 | 1.3201 | 1.416 | 1.202 | 1.277 | .802 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 14.959 | 27.731 | 11.563 | (4.362) | 3.643 | 33.188 |
Total from Investment Operations | 15.427 | 29.051 | 12.979 | (3.160) | 4.920 | 33.990 |
Distributions | ||||||
Dividends from Net Investment Income | (.477) | (1.311) | (1.439) | (1.190) | (1.270) | (.790) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.477) | (1.311) | (1.439) | (1.190) | (1.270) | (.790) |
Net Asset Value, End of Period | $175.76 | $160.81 | $133.07 | $121.53 | $125.88 | $122.23 |
Total Return | 9.60% | 21.90% | 10.74% | -2.51% | 4.02% | 38.18% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,329 | $6,981 | $5,328 | $4,422 | $3,900 | $3,637 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 0.69% | 0.90% | 1.15% | 0.94% | 1.01% | 0.78% |
Portfolio Turnover Rate2 | 23% | 19% | 27% | 23% | 26% | 50% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
38
Small-Cap Growth Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $56.55 | $46.79 | $42.73 | $44.26 | $42.98 | $31.30 |
Investment Operations | ||||||
Net Investment Income | .1611 | .4651 | .496 | .421 | .449 | . 284 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 5.257 | 9.755 | 4.069 | (1.534) | 1.277 | 11.676 |
Total from Investment Operations | 5.418 | 10.220 | 4.565 | (1.113) | 1.726 | 11.960 |
Distributions | ||||||
Dividends from Net Investment Income | (.168) | (. 460) | (. 505) | (. 417) | (. 446) | (. 280) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.168) | (. 460) | (. 505) | (. 417) | (. 446) | (. 280) |
Net Asset Value, End of Period | $61.80 | $56.55 | $46.79 | $42.73 | $44.26 | $42.98 |
Total Return2 | 9.58% | 21.92% | 10.73% | -2.52% | 4.02% | 38.22% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $9,799 | $8,729 | $6,648 | $5,933 | $5,434 | $4,881 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 0.69% | 0.90% | 1.15% | 0.94% | 1.01% | 0.78% |
Portfolio Turnover Rate 3 | 23% | 19% | 27% | 23% | 26% | 50% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
39
Small-Cap Growth Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $45.29 | $37.47 | $34.22 | $35.45 | $34.42 | $25.07 |
Investment Operations | ||||||
Net Investment Income | .1291 | .3751 | .401 | .341 | .362 | .229 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.217 | 7.818 | 3.257 | (1.234) | 1.028 | 9.346 |
Total from Investment Operations | 4.346 | 8.193 | 3.658 | (.893) | 1.390 | 9.575 |
Distributions | ||||||
Dividends from Net Investment Income | (.136) | (. 373) | (. 408) | (. 337) | (. 360) | (. 225) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.136) | (. 373) | (. 408) | (. 337) | (. 360) | (. 225) |
Net Asset Value, End of Period | $49.50 | $45.29 | $37.47 | $34.22 | $35.45 | $34.42 |
Total Return | 9.60% | 21.94% | 10.74% | -2.52% | 4.04% | 38.20% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,568 | $3,690 | $2,969 | $2,793 | $3,685 | $3,823 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.06% | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 0.70% | 0.91% | 1.16% | 0.95% | 1.02% | 0.79% |
Portfolio Turnover Rate2 | 23% | 19% | 27% | 23% | 26% | 50% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
40
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).
During the six months ended June 30, 2018, 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.
41
Small-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 for the period ended June 30, 2018, 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 before the opening of the market 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 June 30, 2018, 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.
42
Small-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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $1,221,000, representing 0.01% of the fund’s net assets and 0.49% 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 23,446,428 | — | 3,809 |
Temporary Cash Investments | 356,983 | 11,216 | — |
Futures Contracts—Assets1 | 20 | — | — |
Futures Contracts—Liabilities1 | (89) | — | — |
Total | 23,803,342 | 11,216 | 3,809 |
1 Represents variation margin on the last day of the reporting period. |
43
Small-Cap Growth Index Fund
D. Capital gain distributions are determined on a tax basis and may differ from 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 gains or losses 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 six months ended June 30, 2018, the fund realized $1,255,666,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $17,313,142,000. Net unrealized appreciation of investment securities for tax purposes was $6,505,294,000, consisting of unrealized gains of $7,310,196,000 on securities that had risen in value since their purchase and $804,902,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $5,274,759,000 of investment securities and sold $4,906,428,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,692,069,000 and $2,314,540,000, 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 six months ended June 30, 2018, such purchases and sales were $497,318,000 and $1,034,080,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
44
Small-Cap Growth Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 166,163 | 3,497 | 313,705 | 7,684 |
Issued in Lieu of Cash Distributions | 3,703 | 76 | 12,952 | 308 |
Redeemed | (330,139) | (6,983) | (705,206) | (17,256) |
Net Increase (Decrease)—Investor Shares | (160,273) | (3,410) | (378,549) | (9,264) |
ETF Shares | ||||
Issued | 2,979,913 | 17,256 | 3,009,564 | 20,447 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (2,301,715) | (13,275) | (2,537,679) | (17,075) |
Net Increase (Decrease)—ETF Shares | 678,198 | 3,981 | 471,885 | 3,372 |
Admiral Shares | ||||
Issued | 1,172,272 | 19,714 | 1,842,542 | 35,856 |
Issued in Lieu of Cash Distributions | 24,151 | 394 | 64,088 | 1,215 |
Redeemed | (937,107) | (15,916) | (1,280,890) | (24,789) |
Net Increase (Decrease)—Admiral Shares | 259,316 | 4,192 | 625,740 | 12,282 |
Institutional Shares | ||||
Issued | 389,999 | 8,200 | 741,019 | 17,987 |
Issued in Lieu of Cash Distributions | 9,403 | 192 | 29,031 | 688 |
Redeemed | (843,127) | (17,776) | (692,192) | (16,427) |
Net Increase (Decrease)—Institutional Shares | (443,725) | (9,384) | 77,858 | 2,248 |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
45
Small-Cap Value Index Fund
Fund Profile
As of June 30, 2018
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 | 1.81% | 1.93% | 1.93% | 1.94% |
Portfolio Characteristics | |||
CRSP US | DJ | ||
Small Cap | U.S. Total | ||
Value | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 868 | 834 | 3,779 |
Median Market Cap | $3.8B | $3.8B | $64.0B |
Price/Earnings Ratio | 16.2x | 16.1x | 20.7x |
Price/Book Ratio | 1.8x | 1.8x | 3.0x |
Return on Equity | 9.1% | 9.1% | 15.0% |
Earnings Growth Rate | 6.4% | 6.4% | 8.3% |
Dividend Yield | 2.0% | 2.0% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 18% | — | — |
Short-Term Reserves | 0.1% | — | — |
Sector Diversification (% of equity exposure) | |||
CRSP US | DJ | ||
Small Cap | U.S. Total | ||
Value | Market | ||
Fund | Index | FA Index | |
Basic Materials | 6.1% | 6.1% | 2.5% |
Consumer Goods | 7.4 | 7.4 | 8.1 |
Consumer Services | 11.2 | 11.2 | 13.3 |
Financials | 32.2 | 32.3 | 19.9 |
Health Care | 5.4 | 5.3 | 12.6 |
Industrials | 19.4 | 19.4 | 12.7 |
Oil & Gas | 4.8 | 4.8 | 6.1 |
Technology | 6.8 | 6.8 | 20.1 |
Telecommunications | 0.5 | 0.5 | 1.8 |
Utilities | 6.2 | 6.2 | 2.9 |
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 | ||
DJ | ||
CRSP US | U.S. Total | |
Small Cap | Market | |
Value Index | FA Index | |
R-Squared | 1.00 | 0.74 |
Beta | 1.00 | 1.05 |
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) | ||
WellCare Health Plans | Health Care | |
Inc. | Providers | 0.6% |
IDEX Corp. | Industrial Machinery | 0.5 |
Atmos Energy Corp. | Gas Distribution | 0.5 |
Spirit AeroSystems | ||
Holdings Inc. | Aerospace | 0.5 |
ON Semiconductor | ||
Corp. | Semiconductors | 0.5 |
East West Bancorp Inc. | Banks | 0.5 |
NRG Energy Inc. | Conventional | |
Electricity | 0.5 | |
UGI Corp. | Gas Distribution | 0.5 |
Leidos Holdings Inc. | Computer Services | 0.5 |
US Foods Holding Corp. | Food Products | 0.4 |
Top Ten | 5.0% | |
The holdings listed exclude any temporary cash investments and equity index products. |
1 The expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the annualized expense ratios were 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for
Admiral Shares, and 0.06% for Institutional Shares.
46
Small-Cap Value Index Fund
Investment Focus
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_small-capx49x1.jpg)
47
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_small-capx50x1.jpg)
For a benchmark description, see the Glossary.
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 5/21/1998 | 12.41% | 12.25% | 11.13% |
ETF Shares | 1/26/2004 | |||
Market Price | 12.60 | 12.40 | 11.27 | |
Net Asset Value | 12.54 | 12.39 | 11.27 | |
Admiral Shares | 9/27/2011 | 12.53 | 12.40 | 15.881 |
Institutional Shares | 12/7/1999 | 12.56 | 12.41 | 11.30 |
1 Return since inception. |
See Financial Highlights for dividend and capital gains information.
48
Small-Cap Value Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of June 30, 2018
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 | |||
Chemours Co. | 2,784,812 | 123,534 | 0.4% |
RPM International Inc. | 2,092,976 | 122,062 | 0.4% |
United States Steel Corp. | 2,765,180 | 96,090 | 0.3% |
Huntsman Corp. | 3,180,181 | 92,861 | 0.3% |
Basic Materials—Other † | 1,434,591 | 4.6% | |
1,869,138 | 6.0% | ||
Consumer Goods | |||
* US Foods Holding Corp. | 3,379,295 | 127,805 | 0.4% |
Pinnacle Foods Inc. | 1,865,334 | 121,359 | 0.4% |
Leggett & Platt Inc. | 2,054,545 | 91,715 | 0.3% |
Consumer Goods—Other † | 1,938,542 | 6.3% | |
2,279,421 | 7.4% | ||
Consumer Services | |||
KAR Auction Services Inc. | 2,112,203 | 115,749 | 0.4% |
Service Corp. | 2,727,214 | 97,607 | 0.3% |
Foot Locker Inc. | 1,848,258 | 97,311 | 0.3% |
* JetBlue Airways Corp. | 4,952,867 | 94,005 | 0.3% |
Consumer Services—Other † | 3,044,892 | 9.9% | |
3,449,564 | 11.2% | ||
Financials | |||
East West Bancorp Inc. | 2,267,038 | 147,811 | 0.5% |
Gaming and Leisure Properties Inc. | 3,174,025 | 113,630 | 0.4% |
American Financial Group Inc. | 1,044,209 | 112,075 | 0.4% |
WP Carey Inc. | 1,677,585 | 111,308 | 0.4% |
National Retail Properties Inc. | 2,405,413 | 105,742 | 0.3% |
Apartment Investment & Management Co. | 2,460,916 | 104,097 | 0.3% |
Liberty Property Trust | 2,313,114 | 102,540 | 0.3% |
Brown & Brown Inc. | 3,675,656 | 101,926 | 0.3% |
Cullen/Frost Bankers Inc. | 898,914 | 97,298 | 0.3% |
49
Small-Cap Value Index Fund | |||||
Market | Percentage | ||||
Value• | of Net | ||||
Shares | ($000) | Assets | |||
Commerce Bancshares Inc. | 1,500,248 | 97,081 | 0.3% | ||
PacWest Bancorp | 1,959,415 | 96,834 | 0.3% | ||
Park Hotels & Resorts Inc. | 3,146,136 | 96,366 | 0.3% | ||
Synovus Financial Corp. | 1,762,723 | 93,125 | 0.3% | ||
Eaton Vance Corp. | 1,771,804 | 92,470 | 0.3% | ||
New Residential Investment Corp. | 5,258,160 | 91,965 | 0.3% | ||
Webster Financial Corp. | 1,442,039 | 91,858 | 0.3% | ||
First Horizon National Corp. | 5,117,384 | 91,294 | 0.3% | ||
Financials—Other † | 8,172,914 | 26.5% | |||
9,920,334 | 32.1% | ||||
Health Care | |||||
* | WellCare Health Plans Inc. | 700,090 | 172,390 | 0.6% | |
* | Sage Therapeutics Inc. | 691,195 | 108,193 | 0.3% | |
Encompass Health Corp. | 1,468,945 | 99,477 | 0.3% | ||
Hill-Rom Holdings Inc. | 1,036,735 | 90,548 | 0.3% | ||
Health Care—Other † | 1,190,378 | 3.9% | |||
1,660,986 | 5.4% | ||||
Industrials | |||||
IDEX Corp. | 1,200,408 | 163,832 | 0.5% | ||
Spirit AeroSystems Holdings Inc. Class A | 1,780,112 | 152,929 | 0.5% | ||
PerkinElmer Inc. | 1,731,468 | 126,795 | 0.4% | ||
Allegion plc | 1,485,189 | 114,894 | 0.4% | ||
Carlisle Cos. Inc. | 953,814 | 103,308 | 0.3% | ||
Booz Allen Hamilton Holding Corp. Class A | 2,155,622 | 94,265 | 0.3% | ||
Donaldson Co. Inc. | 2,031,207 | 91,648 | 0.3% | ||
AptarGroup Inc. | 975,780 | 91,118 | 0.3% | ||
Industrials—Other † | 5,035,435 | 16.3% | |||
5,974,224 | 19.3% | ||||
Oil & Gas † | 1,470,989 | 4.8% | |||
1,2Other † | 1,430 | 0.0% | |||
Technology | |||||
* | ON Semiconductor Corp. | 6,691,337 | 148,782 | 0.5% | |
Leidos Holdings Inc. | 2,375,248 | 140,140 | 0.5% | ||
Teradyne Inc. | 2,994,355 | 113,995 | 0.4% | ||
CDW Corp. | 1,187,129 | 95,908 | 0.3% | ||
Technology—Other † | 1,612,109 | 5.1% | |||
2,110,934 | 6.8% | ||||
Telecommunications † | 142,874 | 0.5% | |||
Utilities | |||||
Atmos Energy Corp. | 1,752,112 | 157,935 | 0.5% | ||
NRG Energy Inc. | 4,680,917 | 143,704 | 0.5% | ||
UGI Corp. | 2,721,998 | 141,735 | 0.5% | ||
* | Evergy Inc. | 2,123,937 | 119,259 | 0.4% | |
Aqua America Inc. | 2,786,164 | 98,017 | 0.3% | ||
Vectren Corp. | 1,299,821 | 92,872 | 0.3% | ||
Utilities—Other † | 1,146,812 | 3.7% | |||
1,900,334 | 6.2% | ||||
Total Common Stocks (Cost $24,719,821) | 30,780,228 | 99.7%3 | |||
50 |
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 | 2.122% | 2,839,414 | 283,970 | 0.9% |
6U.S. Government and Agency Obligations † | 8,627 | 0.0% | ||
Total Temporary Cash Investments (Cost $292,567) | 292,597 | 0.9%3 | ||
7Total Investments (Cost $25,012,388) | 31,072,825 | 100.6% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 1,637 | |||
Receivables for Investment Securities Sold | 799 | |||
Receivables for Accrued Income | 51,429 | |||
Receivables for Capital Shares Issued | 17,096 | |||
Variation Margin Receivable—Futures Contracts | 10 | |||
Other Assets 8 | 3,884 | |||
Total Other Assets | 74,855 | 0.2% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (46,689) | |||
Collateral for Securities on Loan | (188,194) | |||
Payables for Capital Shares Redeemed | (15,456) | |||
Payables to Vanguard | (9,894) | |||
Variation Margin Payable—Futures Contracts | (133) | |||
Unrealized Depreciation—Swap Contracts | (1,329) | |||
Total Liabilities | (261,695) | (0.8%) | ||
Net Assets | 30,885,985 | 100.0% | ||
At June 30, 2018, net assets consisted of: | �� | |||
Amount | ||||
($000) | ||||
Paid-in Capital | 25,356,111 | |||
Undistributed Net Investment Income | 24,517 | |||
Accumulated Net Realized Losses | (551,967) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 6,060,437 | |||
Futures Contracts | (1,784) | |||
Swap Contracts | (1,329) | |||
Net Assets | 30,885,985 | |||
51 |
Small-Cap Value Index Fund | |
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 59,033,239 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,920,935 |
Net Asset Value Per Share—Investor Shares | $32.54 |
ETF Shares—Net Assets | |
Applicable to 99,340,888 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 13,482,219 |
Net Asset Value Per Share—ETF Shares | $135.72 |
Admiral Shares—Net Assets | |
Applicable to 201,858,226 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 11,771,493 |
Net Asset Value Per Share—Admiral Shares | $58.32 |
Institutional Shares—Net Assets | |
Applicable to 113,858,624 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,711,338 |
Net Asset Value Per Share—Institutional Shares | $32.60 |
• 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 Includes $188,194,000 of collateral received for securities on loan.
5 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown
is the 7-day yield.
6 Securities with a value of $3,175,000 have been segregated as initial margin for open futures contracts.
7 The total value of securities on loan is $175,348,000.
8 Cash with a value of $1,570,000 has been segregated as collateral for open over-the-counter swap contracts.
52
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 | September 2018 | 830 | 68,371 | (1,724) |
E-mini S&P Mid-Cap 400 Index | September 2018 | 50 | 9,781 | (60) |
(1,784) |
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. | 7/11/18 | GSCM | 7,402 | (2.485%) | (122) |
Ambac Financial Group Inc. | 7/11/18 | GSCM | 794 | (2.734%) | (1) |
SLM Corp. | 8/9/18 | GSCM | 29,085 | (2.446%) | (1,206) |
(1,329) | |||||
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.
53
Small-Cap Value Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 274,242 |
Interest1 | 798 |
Securities Lending—Net | 5,987 |
Total Income | 281,027 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,507 |
Management and Administrative—Investor Shares | 1,530 |
Management and Administrative—ETF Shares | 3,056 |
Management and Administrative—Admiral Shares | 2,801 |
Management and Administrative—Institutional Shares | 795 |
Marketing and Distribution—Investor Shares | 180 |
Marketing and Distribution—ETF Shares | 317 |
Marketing and Distribution—Admiral Shares | 426 |
Marketing and Distribution—Institutional Shares | 43 |
Custodian Fees | 261 |
Shareholders’ Reports—Investor Shares | 33 |
Shareholders’ Reports—ETF Shares | 389 |
Shareholders’ Reports—Admiral Shares | 69 |
Shareholders’ Reports—Institutional Shares | 34 |
Trustees’ Fees and Expenses | 11 |
Total Expenses | 11,452 |
Net Investment Income | 269,575 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 919,926 |
Futures Contracts | 4,896 |
Swap Contracts | 2,633 |
Realized Net Gain (Loss) | 927,455 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (289,372) |
Futures Contracts | (1,839) |
Swap Contracts | (1,108) |
Change in Unrealized Appreciation (Depreciation) | (292,319) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 904,711 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $761,000, ($5,000), and $12,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
54
Small-Cap Value Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 269,575 | 524,278 |
Realized Net Gain (Loss) | 927,455 | 1,187,494 |
Change in Unrealized Appreciation (Depreciation) | (292,319) | 1,377,080 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 904,711 | 3,088,852 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (14,547) | (36,929) |
ETF Shares | (106,793) | (220,339) |
Admiral Shares | (92,641) | (198,391) |
Institutional Shares | (29,355) | (63,321) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (243,336) | (518,980) |
Capital Share Transactions | ||
Investor Shares | (182,055) | (489,544) |
ETF Shares | 558,174 | 1,519,428 |
Admiral Shares | 235,178 | 830,846 |
Institutional Shares | (22,591) | 454,986 |
Net Increase (Decrease) from Capital Share Transactions | 588,706 | 2,315,716 |
Total Increase (Decrease) | 1,250,081 | 4,885,588 |
Net Assets | ||
Beginning of Period | 29,635,904 | 24,750,316 |
End of Period1 | 30,885,985 | 29,635,904 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $24,517,000 and ($4,355,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
55
Small-Cap Value Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $31.82 | $29.00 | $23.69 | $25.34 | $23.33 | $17.40 |
Investment Operations | ||||||
Net Investment Income | . 2661 | .5341 | .477 | .431 | .425 | . 394 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | .693 | 2.820 | 5.315 | (1.643) | 1.995 | 5.936 |
Total from Investment Operations | .959 | 3.354 | 5.792 | (1.212) | 2.420 | 6.330 |
Distributions | ||||||
Dividends from Net Investment Income | (. 239) | (. 534) | (. 482) | (. 438) | (. 410) | (. 400) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 239) | (. 534) | (. 482) | (. 438) | (. 410) | (. 400) |
Net Asset Value, End of Period | $32.54 | $31.82 | $29.00 | $23.69 | $25.34 | $23.33 |
Total Return2 | 3.02% | 11.67% | 24.65% | -4.78% | 10.39% | 36.41% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,921 | $2,060 | $2,357 | $1,972 | $2,293 | $2,375 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.19% | 0.19% | 0.19% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.84% | 1.82% | 1.96% | 1.78% | 1.84% | 2.03% |
Portfolio Turnover Rate 3 | 18% | 19% | 18% | 16% | 12% | 47% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
56
Small-Cap Value Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $132.71 | $120.95 | $98.81 | $105.71 | $97.32 | $72.60 |
Investment Operations | ||||||
Net Investment Income | 1.2041 | 2.4271 | 2.119 | 1.933 | 1.933 | 1.796 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.885 | 11.709 | 22.159 | (6.870) | 8.326 | 24.742 |
Total from Investment Operations | 4.089 | 14.136 | 24.278 | (4.937) | 10.259 | 26.538 |
Distributions | ||||||
Dividends from Net Investment Income | (1.079) | (2.376) | (2.138) | (1.963) | (1.869) | (1.818) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.079) | (2.376) | (2.138) | (1.963) | (1.869) | (1.818) |
Net Asset Value, End of Period | $135.72 | $132.71 | $120.95 | $98.81 | $105.71 | $97.32 |
Total Return | 3.10% | 11.79% | 24.80% | -4.67% | 10.55% | 36.57% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $13,482 | $12,650 | $10,042 | $5,679 | $4,874 | $3,908 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.96% | 1.94% | 2.08% | 1.90% | 1.98% | 2.18% |
Portfolio Turnover Rate2 | 18% | 19% | 18% | 16% | 12% | 47% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
57
Small-Cap Value Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $57.02 | $51.97 | $42.46 | $45.42 | $41.82 | $31.20 |
Investment Operations | ||||||
Net Investment Income | . 5131 | 1.0391 | .911 | .830 | .831 | .773 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.250 | 5.032 | 9.518 | (2.947) | 3.573 | 10.629 |
Total from Investment Operations | 1.763 | 6.071 | 10.429 | (2.117) | 4.404 | 11.402 |
Distributions | ||||||
Dividends from Net Investment Income | (. 463) | (1.021) | (. 919) | (. 843) | (. 804) | (.782) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 463) | (1.021) | (. 919) | (. 843) | (. 804) | (.782) |
Net Asset Value, End of Period | $58.32 | $57.02 | $51.97 | $42.46 | $45.42 | $41.82 |
Total Return2 | 3.10% | 11.80% | 24.78% | -4.65% | 10.55% | 36.58% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $11,771 | $11,278 | $9,469 | $6,467 | $5,775 | $4,371 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.96% | 1.94% | 2.08% | 1.90% | 1.98% | 2.18% |
Portfolio Turnover Rate 3 | 18% | 19% | 18% | 16% | 12% | 47% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
58
Small-Cap Value Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $31.87 | $29.05 | $23.73 | $25.39 | $23.37 | $17.44 |
Investment Operations | ||||||
Net Investment Income | . 2871 | .5871 | .510 | .465 | .467 | .434 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | .704 | 2.808 | 5.324 | (1.652) | 2.004 | 5.935 |
Total from Investment Operations | .991 | 3.395 | 5.834 | (1.187) | 2.471 | 6.369 |
Distributions | ||||||
Dividends from Net Investment Income | (. 261) | (. 575) | (. 514) | (. 473) | (. 451) | (. 439) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 261) | (. 575) | (. 514) | (. 473) | (. 451) | (. 439) |
Net Asset Value, End of Period | $32.60 | $31.87 | $29.05 | $23.73 | $25.39 | $23.37 |
Total Return | 3.11% | 11.80% | 24.80% | -4.67% | 10.59% | 36.55% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,711 | $3,649 | $2,882 | $2,334 | $1,927 | $1,699 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.06% | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.97% | 1.95% | 2.09% | 1.91% | 1.99% | 2.19% |
Portfolio Turnover Rate2 | 18% | 19% | 18% | 16% | 12% | 47% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
59
Small-Cap Value Index Fund
Notes to Financial Statements
Vanguard Small-Cap Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers 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 six months ended June 30, 2018, 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
60
Small-Cap Value Index Fund
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 six months ended June 30, 2018, 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 for the period ended June 30, 2018, 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 before the opening of the market on the next business day. The fund further mitigates its counterparty
61
Small-Cap Value Index Fund
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 June 30, 2018, 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);
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Small-Cap Value Index Fund
the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $1,637,000, 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 30,778,798 | — | 1,430 |
Temporary Cash Investments | 283,970 | 8,627 | — |
Futures Contracts—Assets1 | 10 | — | — |
Futures Contracts—Liabilities1 | (133) | — | — |
Swap Contracts—Liabilities | — | (1,329) | — |
Total | 31,062,645 | 7,298 | 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 six months ended June 30, 2018, the fund realized $712,519,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
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Small-Cap Value Index Fund
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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.The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $25,018,390,000. Net unrealized appreciation of investment securities for tax purposes was $6,054,435,000, consisting of unrealized gains of $7,334,416,000 on securities that had risen in value since their purchase and $1,279,981,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $4,935,261,000 of investment securities and sold $4,284,632,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,997,821,000 and $1,638,165,000, 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 six months ended June 30, 2018, such purchases and sales were $1,133,941,000 and $754,700,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 146,304 | 4,579 | 419,463 | 14,099 |
Issued in Lieu of Cash Distributions | 13,718 | 424 | 34,876 | 1,153 |
Redeemed | (342,077) | (10,701) | (943,883) | (31,805) |
Net Increase (Decrease)—Investor Shares | (182,055) | (5,698) | (489,544) | (16,553) |
ETF Shares | ||||
Issued | 2,213,688 | 16,300 | 3,904,605 | 31,333 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (1,655,514) | (12,275) | (2,385,177) | (19,050) |
Net Increase (Decrease)—ETF Shares | 558,174 | 4,025 | 1,519,428 | 12,283 |
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Small-Cap Value Index Fund
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 1,195,474 | 20,873 | 2,845,311 | 53,286 |
Issued in Lieu of Cash Distributions | 82,365 | 1,420 | 177,442 | 3,269 |
Redeemed | (1,042,661) | (18,202) | (2,191,907) | (40,993) |
Net Increase (Decrease)—Admiral Shares | 235,178 | 4,091 | 830,846 | 15,562 |
Institutional Shares | ||||
Issued | 411,919 | 12,918 | 1,059,655 | 35,577 |
Issued in Lieu of Cash Distributions | 26,639 | 822 | 58,204 | 1,917 |
Redeemed | (461,149) | (14,366) | (662,873) | (22,210) |
Net Increase (Decrease)—Institutional Shares | (22,591) | (626) | 454,986 | 15,284 |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
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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 June 30, 2018 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
12/31/2017 | 6/30/2018 | Period | |
Based on Actual Fund Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,059.22 | $0.87 |
ETF Shares | 1,000.00 | 1,059.96 | 0.26 |
Admiral Shares | 1,000.00 | 1,059.84 | 0.26 |
Institutional Shares | 1,000.00 | 1,059.89 | 0.20 |
Institutional Plus Shares | 1,000.00 | 1,059.96 | 0.15 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,095.18 | $0.99 |
ETF Shares | 1,000.00 | 1,096.00 | 0.36 |
Admiral Shares | 1,000.00 | 1,095.83 | 0.36 |
Institutional Shares | 1,000.00 | 1,095.99 | 0.31 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,030.19 | $1.01 |
ETF Shares | 1,000.00 | 1,030.97 | 0.40 |
Admiral Shares | 1,000.00 | 1,030.99 | 0.40 |
Institutional Shares | 1,000.00 | 1,031.14 | 0.30 |
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Six Months Ended June 30, 2018 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
12/31/2017 | 6/30/2018 | Period | |
Based on Hypothetical 5% Yearly Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
ETF Shares | 1,000.00 | 1,024.55 | 0.25 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Shares | 1,000.00 | 1,024.60 | 0.20 |
Institutional Plus Shares | 1,000.00 | 1,024.65 | 0.15 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,023.85 | $0.95 |
ETF Shares | 1,000.00 | 1,024.45 | 0.35 |
Admiral Shares | 1,000.00 | 1,024.45 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,023.80 | $1.00 |
ETF Shares | 1,000.00 | 1,024.40 | 0.40 |
Admiral Shares | 1,000.00 | 1,024.40 | 0.40 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
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, 0.17% 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 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 (181/365).
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Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth Index Fund, and Vanguard Small-Cap Value Index Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that each advisory arrangement should continue. Information about each fund’s most recent performance can be found on the Performance Summary pages of this report.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
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The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the funds’ at-cost arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
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Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (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 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 208 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 Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. 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 University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne 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.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because
they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its 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. 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 in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) 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 in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). 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 in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team | |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
Chris D. McIsaac | |
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 2018, 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. | |
Q482 082018 |
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_mid-capx1x1.jpg)
Semiannual Report | June 30, 2018
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 |
CEO’s Perspective. | 4 |
Extended Market Index Fund. | 6 |
Mid-Cap Index Fund. | 28 |
Mid-Cap Growth Index Fund. | 50 |
Mid-Cap Value Index Fund. | 66 |
About Your Fund’s Expenses. | 83 |
Trustees Approve Advisory Arrangements. | 86 |
Glossary. | 88 |
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 six months ended June 30, 2018, ranged from negative returns for Vanguard Mid-Cap Value Index Fund to more than 6% for Vanguard Extended Market Index Fund, which includes both small- and mid-capitalization holdings. Vanguard Mid-Cap Growth Index Fund returned more than 5%, and Vanguard Mid-Cap Index Fund, which holds both growth and value stocks, returned more than 2%.
• 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.
• Small-cap stocks outperformed their mid- and large-cap counterparts, and growth stocks outpaced value. Small-caps benefited in part because these companies tend to be less affected by global trade tensions.
• The information technology and health care sectors contributed most to the Extended Market Index Fund’s returns. Technology, utilities, and consumer services were among the contributors for the other three funds.
Total Returns: Six Months Ended June 30, 2018 | |
Total | |
Returns | |
Vanguard Extended Market Index Fund | |
Investor Shares | 6.08% |
ETF Shares | |
Market Price | 6.15 |
Net Asset Value | 6.13 |
Admiral™ Shares | 6.14 |
Institutional Shares | 6.15 |
Institutional Plus Shares | 6.16 |
Institutional Select Shares | 6.18 |
S&P Completion Index | 6.07 |
Mid-Cap Core Funds Average | 1.74 |
Mid-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
1
Total Returns: Six Months Ended June 30, 2018 | |
Total | |
Returns | |
Vanguard Mid-Cap Index Fund | |
Investor Shares | 2.52% |
ETF Shares | |
Market Price | 2.58 |
Net Asset Value | 2.59 |
Admiral Shares | 2.58 |
Institutional Shares | 2.56 |
Institutional Plus Shares | 2.59 |
CRSP US Mid Cap Index | 2.60 |
Mid-Cap Core Funds Average | 1.74 |
Mid-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Vanguard Mid-Cap Growth Index Fund | |
Investor Shares | 5.51% |
ETF Shares | |
Market Price | 5.60 |
Net Asset Value | 5.59 |
Admiral Shares | 5.57 |
CRSP US Mid Cap Growth Index | 5.63 |
Mid-Cap Growth Funds Average | 7.28 |
Mid-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Vanguard Mid-Cap Value Index Fund | |
Investor Shares | -0.09% |
ETF Shares | |
Market Price | -0.03 |
Net Asset Value | 0.00 |
Admiral Shares | -0.01 |
CRSP US Mid Cap Value Index | 0.01 |
Mid-Cap Value Funds Average | -0.17 |
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
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 | |
Extended Market Index | |||||||
Fund | 0.21% | 0.08% | 0.08% | 0.06% | 0.05% | 0.02% | 1.15% |
Mid-Cap Index Fund | 0.17 | 0.05 | 0.05 | 0.04 | 0.03 | — | 1.15 |
Mid-Cap Growth Index | |||||||
Fund | 0.19 | 0.07 | 0.07 | — | — | — | 1.21 |
Mid-Cap Value Index Fund | 0.19 | 0.07 | 0.07 | — | — | — | 1.15 |
The fund expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the funds’ annualized expense ratios were: for the Extended Market Index Fund, 0.20% 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 2017.
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.
3
CEO’s Perspective
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_mid-capx6x1.jpg)
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
I feel extremely fortunate to have the chance to lead a company filled with people who come to work every day passionate about Vanguard’s core purpose: to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.
When I joined Vanguard in 1991, I found a mission-driven team focused on improving lives—helping people retire more comfortably, put their children through college, and achieve financial security. I also found a company with purpose in an industry ripe for improvement.
It was clear, even early in my career, that the cards were stacked against most investors. Hidden fees, performance-chasing, and poor advice were relentlessly eroding investors’ dreams.
We knew Vanguard could be different and, as a result, could make a real difference. We have lowered the costs of investing for our shareholders significantly. And we’re proud of the performance of our funds.
Vanguard is built for Vanguard investors—we focus solely on you, our fund shareholders. Everything we do is designed to give our clients the best chance for investment success. In my role as CEO, I’ll keep this priority
4
front and center. We’re proud of what we’ve achieved, but we’re even more excited about what’s to come.
Steady, time-tested guidance
Our guidance for investors, as always, is to stay the course, tune out the hyperbolic headlines, and focus on your goals and what you can control, such as costs and how much you save. This time-tested advice has served our clients well over the decades.
Regardless of how the markets perform in the short term, I’m incredibly optimistic about the future for our investors. We have a dedicated team serving you, and we will never stop striving to make
Vanguard the best place for you to invest through our high-quality funds and services, advice and guidance to help you meet your financial goals, and an experience that makes you feel good about entrusting us with your hard-earned savings.
Thank you for your continued loyalty.
Sincerely,
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_mid-capx7x1.jpg)
Mortimer J. Buckley
President and Chief Executive Officer
July 13, 2018
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2018 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 2.85% | 14.54% | 13.37% |
Russell 2000 Index (Small-caps) | 7.66 | 17.57 | 12.46 |
Russell 3000 Index (Broad U.S. market) | 3.22 | 14.78 | 13.29 |
FTSE All-World ex US Index (International) | -3.83 | 7.28 | 6.35 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | -1.62% | -0.40% | 2.27% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | -0.25 | 1.56 | 3.53 |
FTSE Three-Month U. S. Treasury Bill Index | 0.78 | 1.33 | 0.38 |
CPI | |||
Consumer Price Index | 2.22% | 2.87% | 1.54% |
5
Extended Market Index Fund
Fund Profile
As of June 30, 2018
Share-Class Characteristics | ||||||
Institutional | ||||||
Investor | Admiral | Institutional | Institutional | Select | ||
Shares | ETF Shares | Shares | Shares | Plus Shares | 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 | 1.15% | 1.27% | 1.27% | 1.28% | 1.29% | 1.32% |
Portfolio Characteristics | |||
DJ | |||
S&P | U.S. Total | ||
Completion | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 3,279 | 3,270 | 3,779 |
Median Market Cap | $4.6B | $4.6B | $64.0B |
Price/Earnings Ratio | 19.4x | 19.3x | 20.7x |
Price/Book Ratio | 2.4x | 2.4x | 3.0x |
Return on Equity | 8.8% | 8.8% | 15.0% |
Earnings Growth Rate | 10.5% | 10.9% | 8.3% |
Dividend Yield | 1.3% | 1.3% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 12% | — | — |
Short-Term Reserves | 0.0% | — | — |
Volatility Measures | ||
DJ | ||
S&P | U.S. Total | |
Completion | 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) | ||
Tesla Inc. | Automobile | |
Manufacturers | 0.9% | |
ServiceNow Inc. | Systems Software | 0.6 |
Las Vegas Sands Corp. | Casinos & Gaming | 0.5 |
Worldpay Inc. | Data Processing & | |
Outsourced Services | 0.5 | |
Liberty Global plc | Cable & Satellite | 0.4 |
Palo Alto Networks Inc. | Communications | |
Equipment | 0.4 | |
Dr Pepper Snapple | ||
Group Inc. | Soft Drinks | 0.4 |
Square Inc. | Data Processing & | |
Outsourced Services | 0.3 | |
Workday Inc. | Application Software | 0.3 |
T-Mobile US Inc. | Wireless | |
Telecommunication | ||
Services | 0.3 | |
Top Ten | 4.6% | |
The holdings listed exclude any temporary cash investments and equity index products. |
1 The expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the annualized expense ratios were 0.20% 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.
6
Extended Market Index Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
S&P | U.S. Total | ||
Completion | Market | ||
Fund | Index | FA Index | |
Consumer Discretionary | 14.5% | 14.5% | 13.2% |
Consumer Staples | 3.2 | 3.3 | 6.2 |
Energy | 4.8 | 4.8 | 6.1 |
Financials | 16.4 | 16.4 | 14.3 |
Health Care | 11.9 | 11.9 | 13.7 |
Industrials | 13.3 | 13.3 | 10.2 |
Information Technology | 18.8 | 18.7 | 24.7 |
Materials | 5.1 | 5.1 | 3.1 |
Real Estate | 8.4 | 8.4 | 3.8 |
Telecommunication | |||
Services | 0.9 | 0.9 | 1.8 |
Utilities | 2.7 | 2.7 | 2.9 |
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-CSRS/0000932471-18-007037/usstockindex_mid-capx9x1.jpg)
7
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_mid-capx10x1.jpg)
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 12/21/1987 | 16.61% | 12.48% | 10.62% |
ETF Shares | 12/27/2001 | |||
Market Price | 16.76 | 12.64 | 10.77 | |
Net Asset Value | 16.75 | 12.63 | 10.77 | |
Admiral Shares | 11/13/2000 | 16.78 | 12.63 | 10.77 |
Institutional Shares | 7/7/1997 | 16.79 | 12.65 | 10.80 |
Institutional Plus Shares | 1/14/2011 | 16.81 | 12.67 | 11.991 |
Institutional Select Shares | 6/27/2016 | 16.84 | — | 22.521 |
1 Return since inception. |
See Financial Highlights for dividend and capital gains information.
8
Extended Market Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of June 30, 2018
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. | 1,764,641 | 605,184 | 0.9% |
Las Vegas Sands Corp. | 4,756,452 | 363,203 | 0.6% | |
* | Liberty Global plc | 8,398,422 | 223,482 | 0.3% |
Autoliv Inc. | 1,134,165 | 162,435 | 0.3% | |
Lear Corp. | 862,851 | 160,326 | 0.2% | |
* | Lululemon Athletica Inc. | 1,248,755 | 155,907 | 0.2% |
Domino’s Pizza Inc. | 551,935 | 155,739 | 0.2% | |
Vail Resorts Inc. | 529,286 | 145,125 | 0.2% | |
* | Liberty Broadband Corp. | 1,877,503 | 142,165 | 0.2% |
* | Burlington Stores Inc. | 888,460 | 133,740 | 0.2% |
1 | Consumer Discretionary—Other † | 7,397,128 | 11.1% | |
9,644,434 | 14.4% | |||
Consumer Staples | ||||
Dr Pepper Snapple Group Inc. | 2,008,467 | 245,033 | 0.4% | |
Lamb Weston Holdings Inc. | 1,923,471 | 131,777 | 0.2% | |
Consumer Staples—Other † | 1,767,179 | 2.6% | ||
2,143,989 | 3.2% | |||
Energy | ||||
* | Cheniere Energy Inc. | 2,704,971 | 176,337 | 0.3% |
Diamondback Energy Inc. | 1,284,604 | 169,015 | 0.2% | |
Targa Resources Corp. | 2,882,057 | 142,633 | 0.2% | |
1 | Energy—Other † | 2,712,066 | 4.1% | |
3,200,051 | 4.8% | |||
Financials | ||||
First Republic Bank | 2,111,184 | 204,341 | 0.3% | |
* | Markel Corp. | 181,869 | 197,210 | 0.3% |
TD Ameritrade Holding Corp. | 3,576,623 | 195,892 | 0.3% | |
Annaly Capital Management Inc. | 15,199,231 | 156,400 | 0.3% |
9
Extended Market Index Fund | ||||||
Market | Percentage | |||||
Value• | of Net | |||||
Shares | ($000) | Assets | ||||
Ally Financial Inc. | 5,654,925 | 148,555 | 0.2% | |||
* | Arch Capital Group Ltd. | 5,331,414 | 141,069 | 0.2% | ||
FNF Group | 3,596,216 | 135,290 | 0.2% | |||
Financials—Other † | 9,633,837 | 14.4% | ||||
10,812,594 | 16.2% | |||||
Health Care | ||||||
* | BioMarin Pharmaceutical Inc. | 2,303,380 | 216,978 | 0.3% | ||
Teleflex Inc. | 594,899 | 159,558 | 0.2% | |||
* | WellCare Health Plans Inc. | 582,492 | 143,433 | 0.2% | ||
* | Jazz Pharmaceuticals plc | 792,335 | 136,519 | 0.2% | ||
Health Care—Other † | 7,248,881 | 10.9% | ||||
7,905,369 | 11.8% | |||||
Industrials | ||||||
* | CoStar Group Inc. | 474,614 | 195,840 | 0.3% | ||
TransUnion | 1,973,759 | 141,400 | 0.2% | |||
IDEX Corp. | 1,004,456 | 137,088 | 0.2% | |||
Old Dominion Freight Line Inc. | 894,307 | 133,216 | 0.2% | |||
1 | Industrials—Other † | 8,176,058 | 12.2% | |||
8,783,602 | 13.1% | |||||
Information Technology | ||||||
* | ServiceNow Inc. | 2,314,219 | 399,133 | 0.6% | ||
* | Worldpay Inc. Class A | 3,893,751 | 318,431 | 0.5% | ||
* | Palo Alto Networks Inc. | 1,205,679 | 247,731 | 0.4% | ||
* | Square Inc. | 3,778,011 | 232,877 | 0.4% | ||
* | Workday Inc. Class A | 1,907,715 | 231,062 | 0.4% | ||
* | Dell Technologies Inc. Class V | 2,615,782 | 221,243 | 0.3% | ||
Maxim Integrated Products Inc. | 3,643,119 | 213,705 | 0.3% | |||
* | Splunk Inc. | 1,888,800 | 187,199 | 0.3% | ||
* | Arista Networks Inc. | 624,801 | 160,880 | 0.3% | ||
CDW Corp. | 1,989,567 | 160,737 | 0.2% | |||
* | IAC/InterActiveCorp | 1,024,149 | 156,172 | 0.2% | ||
* | Keysight Technologies Inc. | 2,453,922 | 144,855 | 0.2% | ||
* | GoDaddy Inc. Class A | 2,037,419 | 143,842 | 0.2% | ||
* | PTC Inc. | 1,521,557 | 142,737 | 0.2% | ||
SS&C Technologies Holdings Inc. | . | 2,627,225 | 136,353 | 0.2% | ||
*,^ | VMware Inc. Class A | 906,228 | 133,188 | 0.2% | ||
1 | Information Technology—Other † | 9,179,574 | 13.7% | |||
12,409,719 | 18.6% | |||||
Materials | ||||||
Celanese Corp. Class A | 1,774,362 | 197,061 | 0.3% | |||
Steel Dynamics Inc. | 3,107,529 | 142,791 | 0.2% | |||
Materials—Other † | 3,046,936 | 4.6% | ||||
3,386,788 | 5.1% | |||||
1,2Other † | 4,543 | 0.0% | ||||
Real Estate † | 5,459,923 | 8.2% | ||||
Telecommunication Services | ||||||
* | T-Mobile US Inc. | 3,841,197 | 229,512 | 0.3% | ||
Telecommunication Services—Other † | 367,013 | 0.6% | ||||
596,525 | 0.9% | |||||
10 |
Extended Market Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Utilities | ||||
Atmos Energy Corp. | 1,463,986 | 131,964 | 0.2% | |
Utilities—Other † | 1,654,763 | 2.5% | ||
1,786,727 | 2.7% | |||
Total Common Stocks (Cost $48,093,509) | 66,134,264 | 99.0%3 | ||
Coupon | ||||
Temporary Cash Investments | ||||
Money Market Fund | ||||
4,5 Vanguard Market Liquidity Fund | 2.122% | 18,710,047 | 1,871,192 | 2.8% |
6U.S. Government and Agency Obligations † | 31,225 | 0.0% | ||
Total Temporary Cash Investments (Cost $1,902,103) | 1,902,417 | 2.8%3 | ||
Total Investments (Cost $49,995,612) | 68,036,681 | 101.8% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 3,552 | |||
Receivables for Investment Securities Sold | 314,725 | |||
Receivables for Accrued Income | 75,981 | |||
Receivables for Capital Shares Issued | 91,573 | |||
Variation Margin Receivable—Futures Contracts | 195 | |||
Other Assets7 | 10,298 | |||
Total Other Assets | 496,324 | 0.8% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (270,507) | |||
Collateral for Securities on Loan | (1,294,211) | |||
Payables for Capital Shares Redeemed | (116,263) | |||
Payables for Distributions | (20,231) | |||
Payables to Vanguard | (21,866) | |||
Variation Margin Payable—Futures Contracts | (777) | |||
Unrealized Depreciation—Swap Contracts | (1,169) | |||
Total Liabilities | (1,725,024) | (2.6%) | ||
Net Assets | 66,807,981 | 100.0% | ||
At June 30, 2018, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 49,424,759 | |||
Overdistributed Net Investment Income | (23,775) | |||
Accumulated Net Realized Losses | (621,884) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 18,041,069 | |||
Futures Contracts | (11,019) | |||
Swap Contracts | (1,169) | |||
Net Assets | 66,807,981 | |||
11 |
Extended Market Index Fund
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 16,598,691 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 1,485,101 |
Net Asset Value Per Share—Investor Shares | $89.47 |
ETF Shares—Net Assets | |
Applicable to 54,218,157 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 6,390,165 |
Net Asset Value Per Share—ETF Shares | $117.86 |
Admiral Shares—Net Assets | |
Applicable to 231,169,850 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 20,670,728 |
Net Asset Value Per Share—Admiral Shares | $89.42 |
Institutional Shares—Net Assets | |
Applicable to 163,067,611 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 14,580,445 |
Net Asset Value Per Share—Institutional Shares | $89.41 |
Institutional Plus Shares—Net Assets | |
Applicable to 40,852,795 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 9,014,554 |
Net Asset Value Per Share—Institutional Plus Shares | $220.66 |
Institutional Select Shares—Net Assets | |
Applicable to 102,080,851 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 14,666,988 |
Net Asset Value Per Share—Institutional Select Shares | $143.68 |
• 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 $1,207,098,000.
† 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 1.8%, 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 $1,294,211,000 of collateral received for securities on loan.
6 Securities with a value of $23,051,000 have been segregated as initial margin for open futures contracts.
7 Cash of $1,380,000 has been segregated as collateral for open over-the-counter swap contracts.
12
Extended Market 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 | September 2018 | 5,319 | 438,153 | (6,084) |
E-mini S&P Mid-Cap 400 Index | September 2018 | 973 | 190,329 | (4,935) |
(11,019) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
Total Return Swaps | |||||
Floating | Unrealized | ||||
Notional | Interest Rate | Appreciation | |||
Termination | Amount | Received | (Depreciation) | ||
Reference Entity | Date | Counterparty | ($000) | (Paid)1 | ($000) |
Ambac Financial Group Inc. | 7/11/18 | GSCM | 6,011 | (2.485%) | (100) |
Ambac Financial Group Inc. | 7/11/18 | GSCM | 894 | (2.734%) | (1) |
SLM Corp. | 8/9/18 | GSCM | 25,769 | (2.446%) | (1,068) |
(1,169) | |||||
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.
13
Extended Market Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 366,924 |
Interest1 | 5,659 |
Securities Lending—Net | 35,205 |
Total Income | 407,788 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,899 |
Management and Administrative—Investor Shares | 1,333 |
Management and Administrative—ETF Shares | 1,786 |
Management and Administrative—Admiral Shares | 6,251 |
Management and Administrative—Institutional Shares | 3,418 |
Management and Administrative—Institutional Plus Shares | 2,020 |
Management and Administrative—Institutional Select Shares | 862 |
Marketing and Distribution—Investor Shares | 125 |
Marketing and Distribution—ETF Shares | 167 |
Marketing and Distribution—Admiral Shares | 610 |
Marketing and Distribution—Institutional Shares | 154 |
Marketing and Distribution—Institutional Plus Shares | 52 |
Marketing and Distribution—Institutional Select Shares | — |
Custodian Fees | 357 |
Shareholders’ Reports—Investor Shares | 17 |
Shareholders’ Reports—ETF Shares | 123 |
Shareholders’ Reports—Admiral Shares | 74 |
Shareholders’ Reports—Institutional Shares | 70 |
Shareholders’ Reports—Institutional Plus Shares | 46 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 22 |
Total Expenses | 19,386 |
Net Investment Income | 388,402 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 2,666,596 |
Futures Contracts | 37,568 |
Swap Contracts | 2,754 |
Realized Net Gain (Loss) | 2,706,918 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 838,125 |
Futures Contracts | (14,353) |
Swap Contracts | (1,517) |
Change in Unrealized Appreciation (Depreciation) | 822,255 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,917,575 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $5,398,000, ($123,000), and $251,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
14
Extended Market Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 388,402 | 789,984 |
Realized Net Gain (Loss) | 2,706,918 | 1,935,143 |
Change in Unrealized Appreciation (Depreciation) | 822,255 | 6,862,244 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,917,575 | 9,587,371 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (8,029) | (20,133) |
ETF Shares | (37,053) | (68,707) |
Admiral Shares | (121,627) | (241,820) |
Institutional Shares | (85,632) | (165,181) |
Institutional Plus Shares | (57,537) | (172,181) |
Institutional Select Shares | (88,066) | (117,295) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Institutional Select Shares | — | — |
Total Distributions | (397,944) | (785,317) |
Capital Share Transactions | ||
Investor Shares | (145,455) | (743,389) |
ETF Shares | 355,299 | 538,053 |
Admiral Shares | (111,922) | 1,150,151 |
Institutional Shares | 476,781 | 979,352 |
Institutional Plus Shares | (2,098,296) | (4,994,531) |
Institutional Select Shares | 1,666,391 | 5,864,391 |
Net Increase (Decrease) from Capital Share Transactions | 142,798 | 2,794,027 |
Total Increase (Decrease) | 3,662,429 | 11,596,081 |
Net Assets | ||
Beginning of Period | 63,145,552 | 51,549,471 |
End of Period1 | 66,807,981 | 63,145,552 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($23,775,000) and ($16,987,000).
See accompanying Notes, which are an integral part of the Financial Statements.
15
Extended Market Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $84.80 | $72.76 | $63.61 | $66.63 | $62.76 | $45.86 |
Investment Operations | ||||||
Net Investment Income | . 4571 | .9161 | .919 | .795 | .795 | .602 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.681 | 12.074 | 9.182 | (3.050) | 3.857 | 16.903 |
Total from Investment Operations | 5.138 | 12.990 | 10.101 | (2.255) | 4.652 | 17.505 |
Distributions | ||||||
Dividends from Net Investment Income | (. 468) | (. 950) | (. 951) | (.765) | (.782) | (. 605) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 468) | (. 950) | (. 951) | (.765) | (.782) | (. 605) |
Net Asset Value, End of Period | $89.47 | $84.80 | $72.76 | $63.61 | $66.63 | $62.76 |
Total Return2 | 6.08% | 17.94% | 15.99% | -3.39% | 7.42% | 38.19% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,485 | $1,548 | $2,021 | $2,040 | $2,341 | $2,749 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.20% | 0.21% | 0.21% | 0.22% | 0.23% | 0.24% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.18% | 1.24% | 1.48% | 1.20% | 1.27% | 1.19% |
Portfolio Turnover Rate 3 | 12% | 11% | 12% | 6% | 9% | 11% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
16
Extended Market Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $111.72 | $95.86 | $83.80 | $87.79 | $82.71 | $60.46 |
Investment Operations | ||||||
Net Investment Income | . 6861 | 1.4201 | 1.324 | 1.171 | 1.178 | .934 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 6.148 | 15.835 | 12.107 | (4.033) | 5.061 | 22.256 |
Total from Investment Operations | 6.834 | 17.255 | 13.431 | (2.862) | 6.239 | 23.190 |
Distributions | ||||||
Dividends from Net Investment Income | (.694) | (1.395) | (1.371) | (1.128) | (1.159) | (.940) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.694) | (1.395) | (1.371) | (1.128) | (1.159) | (.940) |
Net Asset Value, End of Period | $117.86 | $111.72 | $95.86 | $83.80 | $87.79 | $82.71 |
Total Return | 6.13% | 18.10% | 16.16% | -3.26% | 7.55% | 38.37% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,390 | $5,711 | $4,387 | $4,272 | $3,659 | $3,105 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.08% | 0.08% | 0.08% | 0.09% | 0.10% | 0.10% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.30% | 1.37% | 1.61% | 1.33% | 1.40% | 1.33% |
Portfolio Turnover Rate2 | 12% | 11% | 12% | 6% | 9% | 11% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
17
Extended Market Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $84.76 | $72.72 | $63.58 | $66.61 | $62.75 | $45.87 |
Investment Operations | ||||||
Net Investment Income | . 5131 | 1.0711 | 1.005 | .887 | .895 | .706 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.673 | 12.026 | 9.175 | (3.061) | 3.845 | 16.884 |
Total from Investment Operations | 5.186 | 13.097 | 10.180 | (2.174) | 4.740 | 17.590 |
Distributions | ||||||
Dividends from Net Investment Income | (.526) | (1.057) | (1.040) | (.856) | (.880) | (.710) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.526) | (1.057) | (1.040) | (.856) | (.880) | (.710) |
Net Asset Value, End of Period | $89.42 | $84.76 | $72.72 | $63.58 | $66.61 | $62.75 |
Total Return2 | 6.14% | 18.11% | 16.13% | -3.27% | 7.56% | 38.37% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $20,671 | $19,712 | $15,830 | $13,143 | $12,852 | $8,864 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.08% | 0.08% | 0.08% | 0.09% | 0.10% | 0.10% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.30% | 1.37% | 1.61% | 1.33% | 1.40% | 1.33% |
Portfolio Turnover Rate 3 | 12% | 11% | 12% | 6% | 9% | 11% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
18
Extended Market Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $84.75 | $72.72 | $63.58 | $66.60 | $62.75 | $45.86 |
Investment Operations | ||||||
Net Investment Income | . 5221 | 1.0851 | 1.018 | .899 | .908 | .715 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.672 | 12.018 | 9.175 | (3.050) | 3.833 | 16.895 |
Total from Investment Operations | 5.194 | 13.103 | 10.193 | (2.151) | 4.741 | 17.610 |
Distributions | ||||||
Dividends from Net Investment Income | (.534) | (1.073) | (1.053) | (.869) | (.891) | (.720) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.534) | (1.073) | (1.053) | (.869) | (.891) | (.720) |
Net Asset Value, End of Period | $89.41 | $84.75 | $72.72 | $63.58 | $66.60 | $62.75 |
Total Return | 6.15% | 18.12% | 16.15% | -3.24% | 7.56% | 38.42% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $14,580 | $13,359 | $10,554 | $8,621 | $8,567 | $7,812 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.06% | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.32% | 1.39% | 1.63% | 1.35% | 1.42% | 1.35% |
Portfolio Turnover Rate2 | 12% | 11% | 12% | 6% | 9% | 11% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
19
Extended Market Index Fund
Financial Highlights
Institutional Plus Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $209.16 | $179.47 | $156.89 | $164.36 | $154.84 | $113.18 |
Investment Operations | ||||||
Net Investment Income | 1.2721 | 2.6111 | 2.525 | 2.254 | 2.273 | 1.797 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 11.554 | 29.741 | 22.668 | (7.549) | 9.481 | 41.671 |
Total from Investment Operations | 12.826 | 32.352 | 25.193 | (5.295) | 11.754 | 43.468 |
Distributions | ||||||
Dividends from Net Investment Income | (1.326) | (2.662) | (2.613) | (2.175) | (2.234) | (1.808) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.326) | (2.662) | (2.613) | (2.175) | (2.234) | (1.808) |
Net Asset Value, End of Period | $220.66 | $209.16 | $179.47 | $156.89 | $164.36 | $154.84 |
Total Return | 6.16% | 18.13% | 16.18% | -3.23% | 7.60% | 38.43% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $9,015 | $10,565 | $13,530 | $14,526 | $13,634 | $11,347 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.05% | 0.05% | 0.06% | 0.06% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.33% | 1.40% | 1.64% | 1.37% | 1.44% | 1.37% |
Portfolio Turnover Rate2 | 12% | 11% | 12% | 6% | 9% | 11% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
20
Extended Market Index Fund
Financial Highlights
Institutional Select Shares | |||
Six months | Year | June 27, | |
Ended | Ended | 20161 to | |
June 30, | Dec. 31, | Dec.31, | |
For a Share Outstanding Throughout Each Period | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $136.19 | $116.85 | $98.43 |
Investment Operations | |||
Net Investment Income | . 864 2 | 1.8912 | 1.050 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.513 | 19.221 | 18.428 |
Total from Investment Operations | 8.377 | 21.112 | 19.478 |
Distributions | |||
Dividends from Net Investment Income | (.887) | (1.772) | (1.058) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.887) | (1.772) | (1.058) |
Net Asset Value, End of Period | $143.68 | $136.19 | $116.85 |
Total Return | 6.18% | 18.17% | 19.81% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $14,667 | $12,250 | $5,227 |
Ratio of Total Expenses to Average Net Assets | 0.02% | 0.02% | 0.02%3 |
Ratio of Net Investment Income to Average Net Assets | 1.36% | 1.43% | 1.88%3 |
Portfolio Turnover Rate 4 | 12% | 11% | 12%5 |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
21
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).
22
Extended Market Index Fund
During the six months ended June 30, 2018, 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 six months ended June 30, 2018, 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.
23
Extended Market Index Fund
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 for the period ended June 30, 2018, 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 before the opening of the market 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 June 30, 2018, or at any time during the period then ended.
24
Extended Market Index Fund
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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $3,552,000, representing 0.01% of the fund’s net assets and 1.42% 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.
25
Extended Market Index Fund
The following table summarizes the market value of the fund’s investments as of June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 66,129,721 | 32 | 4,511 |
Temporary Cash Investments | 1,871,192 | 31,225 | — |
Futures Contracts—Assets1 | 195 | — | — |
Futures Contracts—Liabilities1 | (777) | — | — |
Swap Contracts—Liabilities | — | (1,169) | — |
Total | 68,000,331 | 30,088 | 4,511 |
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 six months ended June 30, 2018, the fund realized $2,158,085,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $50,001,542,000. Net unrealized appreciation of investment securities for tax purposes was $18,035,139,000, consisting of unrealized gains of $21,000,934,000 on securities that had risen in value since their purchase and $2,965,795,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $7,874,692,000 of investment securities and sold $7,746,883,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,438,305,000 and $4,014,178,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
26
Extended Market Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 109,085 | 1,248 | 266,370 | 3,456 |
Issued in Lieu of Cash Distributions | 7,718 | 89 | 19,488 | 246 |
Redeemed | (262,258) | (2,996) | (1,029,247) | (13,226) |
Net Increase (Decrease)—Investor Shares | (145,455) | (1,659) | (743,389) | (9,524) |
ETF Shares | ||||
Issued | 3,593,614 | 30,697 | 5,995,825 | 58,557 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (3,238,315) | (27,600) | (5,457,772) | (53,200) |
Net Increase (Decrease)—ETF Shares | 355,299 | 3,097 | 538,053 | 5,357 |
Admiral Shares | ||||
Issued | 1,579,158 | 18,146 | 3,704,285 | 47,499 |
Issued in Lieu of Cash Distributions | 104,973 | 1,216 | 210,320 | 2,638 |
Redeemed | (1,796,053) | (20,755) | (2,764,454) | (35,246) |
Net Increase (Decrease)—Admiral Shares | (111,922) | (1,393) | 1,150,151 | 14,891 |
Institutional Shares | ||||
Issued | 1,817,684 | 20,939 | 3,498,857 | 44,798 |
Issued in Lieu of Cash Distributions | 81,688 | 946 | 156,685 | 1,966 |
Redeemed | (1,422,591) | (16,441) | (2,676,190) | (34,267) |
Net Increase (Decrease)—Institutional Shares | 476,781 | 5,444 | 979,352 | 12,497 |
Institutional Plus Shares | ||||
Issued | 2,825,505 | 13,329 | 4,070,964 | 21,239 |
Issued in Lieu of Cash Distributions | 55,000 | 259 | 167,460 | 859 |
Redeemed | (4,978,801) | (23,246) | (9,232,955) | (46,977) |
Net Increase (Decrease)—Institutional Plus Shares | (2,098,296) | (9,658) | (4,994,531) | (24,879) |
Institutional Select Shares | ||||
Issued | 2,026,434 | 14,728 | 6,309,970 | 48,778 |
Issued in Lieu of Cash Distributions | 88,066 | 635 | 117,295 | 904 |
Redeemed | (448,109) | (3,229) | (562,874) | (4,468) |
Net Increase (Decrease)—Institutional Select Shares | 1,666,391 | 12,134 | 5,864,391 | 45,214 |
G. Management has determined that no events or transactions occurred subsequent to
June 30, 2018, that would require recognition or disclosure in these financial statements.
27
Mid-Cap Index Fund
Fund Profile
As of June 30, 2018
Share-Class Characteristics | |||||
Investor | Admiral | Institutional | Institutional | ||
Shares | ETF Shares | Shares | Shares | Plus Shares | |
Ticker Symbol | VIMSX | VO | VIMAX | VMCIX | VMCPX |
Expense Ratio1 | 0.17% | 0.05% | 0.05% | 0.04% | 0.03% |
30-Day SEC Yield | 1.39% | 1.51% | 1.51% | 1.52% | 1.53% |
Portfolio Characteristics | |||
DJ | |||
CRSP US | U.S. Total | ||
Mid Cap | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 362 | 356 | 3,779 |
Median Market Cap | $15.0B | $15.0B | $64.0B |
Price/Earnings Ratio | 21.3x | 21.3x | 20.7x |
Price/Book Ratio | 2.7x | 2.7x | 3.0x |
Return on Equity | 12.2% | 12.2% | 15.0% |
Earnings Growth Rate | 9.2% | 9.2% | 8.3% |
Dividend Yield | 1.5% | 1.5% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 16% | — | — |
Short-Term Reserves | -0.1% | — | — |
Sector Diversification (% of equity exposure) | |||
DJ | |||
CRSP US | U.S. Total | ||
Mid Cap | Market | ||
Fund | Index | FA Index | |
Basic Materials | 3.9% | 3.9% | 2.5% |
Consumer Goods | 10.5 | 10.5 | 8.1 |
Consumer Services | 10.0 | 10.0 | 13.3 |
Financials | 21.6 | 21.6 | 19.9 |
Health Care | 8.6 | 8.6 | 12.6 |
Industrials | 17.7 | 17.7 | 12.7 |
Oil & Gas | 6.9 | 6.9 | 6.1 |
Technology | 15.3 | 15.3 | 20.1 |
Telecommunications | 0.6 | 0.6 | 1.8 |
Utilities | 4.9 | 4.9 | 2.9 |
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 | ||
DJ | ||
CRSP US | U.S. Total | |
Mid Cap | 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) | ||
Edwards Lifesciences | ||
Corp. | Medical Supplies | 0.7% |
ServiceNow Inc. | Computer Services | 0.7 |
Fiserv Inc. | Financial | |
Administration | 0.7 | |
Twitter Inc. | Internet | 0.7 |
Autodesk Inc. | Software | 0.7 |
ONEOK Inc. | Pipelines | 0.7 |
Roper Technologies Inc. | Electronic Equipment | 0.7 |
Moody's Corp. | Specialty Finance | 0.7 |
Amphenol Corp. | Electrical | |
Components & | ||
Equipment | 0.6 | |
Align Technology Inc. | Medical Supplies | 0.6 |
Top Ten | 6.8% | |
The holdings listed exclude any temporary cash investments and equity index products. |
1 The expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the annualized 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.
28
Mid-Cap Index Fund
Investment Focus
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_mid-capx31x1.jpg)
29
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_mid-capx32x1.jpg)
For a benchmark description, see the Glossary.
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 5/21/1998 | 11.97% | 12.16% | 9.95% |
ETF Shares | 1/26/2004 | |||
Market Price | 12.16 | 12.30 | 10.10 | |
Net Asset Value | 12.09 | 12.30 | 10.09 | |
Admiral Shares | 11/12/2001 | 12.09 | 12.30 | 10.09 |
Institutional Shares | 5/21/1998 | 12.10 | 12.31 | 10.11 |
Institutional Plus Shares | 12/15/2010 | 12.11 | 12.33 | 12.331 |
1 Return since inception. |
See Financial Highlights for dividend and capital gains information.
30
Mid-Cap Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2018
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 (3.8%) | |||
Freeport-McMoRan Inc. | 32,441,541 | 559,941 | |
Newmont Mining Corp. | 12,578,000 | 474,316 | |
Celanese Corp. Class A | 3,205,842 | 356,041 | |
Eastman Chemical Co. | 3,025,457 | 302,425 | |
FMC Corp. | 3,167,393 | 282,563 | |
Albemarle Corp. | 2,608,139 | 246,026 | |
CF Industries Holdings | |||
Inc. | 5,494,928 | 243,975 | |
International Flavors & | |||
Fragrances Inc. | 1,858,664 | 230,400 | |
Mosaic Co. | 8,167,863 | 229,108 | |
Avery Dennison Corp. | 2,072,842 | 211,637 | |
* | Axalta Coating | ||
Systems Ltd. | 5,197,990 | 157,551 | |
Reliance Steel & | |||
Aluminum Co. | 1,618,136 | 141,652 | |
Steel Dynamics Inc. | 2,633,682 | 121,018 | |
* | Alcoa Corp. | 2,195,188 | 102,910 |
Westlake Chemical Corp. | 915,475 | 98,533 | |
3,758,096 | |||
Consumer Goods (10.5%) | |||
Dr Pepper Snapple | |||
Group Inc. | 4,246,710 | 518,099 | |
Clorox Co. | 3,053,521 | 412,989 | |
Lennar Corp. Class A | 6,908,987 | 362,722 | |
DR Horton Inc. | 8,464,709 | 347,053 | |
McCormick & Co. Inc. | 2,860,261 | 332,048 | |
Conagra Brands Inc. | 9,283,293 | 331,692 | |
* | Mohawk Industries Inc. | 1,493,069 | 319,920 |
* | Take-Two Interactive | ||
Software Inc. | 2,693,277 | 318,776 | |
Tapestry Inc. | 6,791,250 | 317,219 | |
Church & Dwight Co. | |||
Inc. | 5,770,251 | 306,746 | |
Genuine Parts Co. | 3,291,576 | 302,134 |
Molson Coors Brewing | |||
Co. Class B | 4,383,808 | 298,274 | |
* | Lululemon Athletica Inc. | 2,371,708 | 296,108 |
Lear Corp. | 1,561,678 | 290,175 | |
Aptiv plc | 3,117,272 | 285,636 | |
JM Smucker Co. | 2,545,578 | 273,599 | |
PVH Corp. | 1,814,472 | 271,663 | |
Newell Brands Inc. | 10,295,504 | 265,521 | |
Hasbro Inc. | 2,653,294 | 244,926 | |
Tyson Foods Inc. | |||
Class A | 3,503,761 | 241,234 | |
* | NVR Inc. | 81,018 | 240,652 |
Lamb Weston | |||
Holdings Inc. | 3,443,324 | 235,902 | |
Hormel Foods Corp. | 6,234,451 | 231,984 | |
Bunge Ltd. | 3,318,818 | 231,355 | |
* | Michael Kors Holdings | ||
Ltd. | 3,404,301 | 226,726 | |
Whirlpool Corp. | 1,519,365 | 222,177 | |
* | LKQ Corp. | 6,928,125 | 221,007 |
Snap-on Inc. | 1,332,648 | 214,183 | |
BorgWarner Inc. | 4,947,301 | 213,525 | |
Hanesbrands Inc. | 8,485,650 | 186,854 | |
Campbell Soup Co. | 4,601,358 | 186,539 | |
PulteGroup Inc. | 6,050,913 | 173,964 | |
Polaris Industries Inc. | 1,412,521 | 172,582 | |
Harley-Davidson Inc. | 3,919,214 | 164,920 | |
Ralph Lauren Corp. | |||
Class A | 1,310,945 | 164,812 | |
Jefferies Financial | |||
Group Inc. | 6,896,522 | 156,827 | |
Coty Inc. Class A | 10,603,679 | 149,512 | |
* | WABCO Holdings Inc. | 1,262,096 | 147,690 |
*,^ | Under Armour Inc. | ||
Class A | 4,378,095 | 98,420 | |
*,^ | Under Armour Inc. | 4,488,940 | 94,627 |
Ingredion Inc. | 850,491 | 94,149 |
31
Mid-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Goodyear Tire & | |||
Rubber Co. | 2,823,639 | 65,762 | |
* | Pilgrim’s Pride Corp. | 587,434 | 11,825 |
Lennar Corp. Class B | 212,981 | 9,092 | |
Mattel Inc. | 7,976 | 131 | |
10,251,751 | |||
Consumer Services (10.0%) | |||
* | Dollar Tree Inc. | 5,606,405 | 476,544 |
Best Buy Co. Inc. | 5,649,525 | 421,342 | |
Royal Caribbean | |||
Cruises Ltd. | 3,993,753 | 413,753 | |
Wynn Resorts Ltd. | 2,303,410 | 385,453 | |
Ross Stores Inc. | 4,464,919 | 378,402 | |
Tiffany & Co. | 2,783,212 | 366,271 | |
Expedia Group Inc. | 2,915,260 | 350,385 | |
MGM Resorts | |||
International | 11,815,272 | 342,997 | |
* | Ulta Beauty Inc. | 1,355,326 | 316,414 |
Darden Restaurants Inc. | 2,918,903 | 312,498 | |
* | CarMax Inc. | 4,200,025 | 306,056 |
Kohl’s Corp. | 3,961,467 | 288,791 | |
Macy’s Inc. | 7,214,679 | 270,045 | |
Nielsen Holdings plc | 8,388,036 | 259,442 | |
* | Chipotle Mexican Grill | ||
Inc. Class A | 589,126 | 254,131 | |
Viacom Inc. Class B | 8,303,137 | 250,423 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 4,761,671 | 224,989 | |
Advance Auto Parts Inc. | 1,656,065 | 224,728 | |
* | Qurate Retail Group Inc. | ||
QVC Group Class A | 10,369,730 | 220,046 | |
Tractor Supply Co. | 2,874,080 | 219,838 | |
Aramark | 5,797,611 | 215,091 | |
Interpublic Group of | |||
Cos. Inc. | 9,098,786 | 213,276 | |
* | AutoZone Inc. | 316,712 | 212,492 |
Gap Inc. | 6,417,293 | 207,856 | |
L Brands Inc. | 5,580,345 | 205,803 | |
* | Discovery | ||
Communications Inc. | 7,953,590 | 202,817 | |
* | United Continental | ||
Holdings Inc. | 2,775,237 | 193,517 | |
FactSet Research | |||
Systems Inc. | 915,396 | 181,340 | |
News Corp. Class A | 11,521,971 | 178,591 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM | |||
Class C | 3,905,598 | 177,158 | |
Alaska Air Group Inc. | 2,902,372 | 175,274 | |
AmerisourceBergen | |||
Corp. Class A | 1,940,880 | 165,499 | |
Nordstrom Inc. | 2,765,826 | 143,214 |
Domino’s Pizza Inc. | 497,840 | 140,475 | |
Wyndham Hotels & | |||
Resorts Inc. | 2,349,569 | 138,225 | |
* | Copart Inc. | 2,317,133 | 131,057 |
*,^ | Discovery | ||
Communications Inc. | |||
Class A | 3,771,499 | 103,716 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM | |||
Class A | 2,062,393 | 92,911 | |
* | DISH Network Corp. | ||
Class A | 2,556,167 | 85,913 | |
Hyatt Hotels Corp. | |||
Class A | 984,899 | 75,985 | |
* | TripAdvisor Inc. | 1,246,994 | 69,470 |
Rollins Inc. | 1,153,749 | 60,664 | |
Wyndham | |||
Destinations Inc. | 1,174,808 | 52,009 | |
^ | Altice USA Inc. Class A | 2,908,245 | 49,615 |
^ | Viacom Inc. Class A | 241,251 | 8,552 |
News Corp. Class B | 356,118 | 5,644 | |
9,768,712 | |||
Financials (21.6%) | |||
Moody’s Corp. | 3,845,702 | 655,923 | |
Digital Realty Trust Inc. | 4,851,593 | 541,341 | |
M&T Bank Corp. | 3,080,978 | 524,228 | |
KeyCorp | 25,030,460 | 489,095 | |
Willis Towers | |||
Watson plc | 3,108,343 | 471,225 | |
Regions Financial Corp. | 26,477,929 | 470,778 | |
* | SBA Communications | ||
Corp. Class A | 2,714,943 | 448,291 | |
Citizens Financial | |||
Group Inc. | 11,428,613 | 444,573 | |
* | IHS Markit Ltd. | 8,485,095 | 437,746 |
Hartford Financial | |||
Services Group Inc. | 8,445,531 | 431,820 | |
Huntington | |||
Bancshares Inc. | 25,986,603 | 383,562 | |
* | E*TRADE Financial | ||
Corp. | 6,223,335 | 380,619 | |
Essex Property | |||
Trust Inc. | 1,557,575 | 372,370 | |
First Republic Bank | 3,811,952 | 368,959 | |
Comerica Inc. | 4,053,958 | 368,586 | |
Host Hotels & Resorts | |||
Inc. | 17,476,683 | 368,234 | |
* | CBRE Group Inc. | ||
Class A | 7,599,030 | 362,778 | |
* | SVB Financial Group | 1,248,446 | 360,501 |
Realty Income Corp. | 6,696,404 | 360,200 |
32
Mid-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Principal Financial | |||
Group Inc. | 6,755,184 | 357,687 | |
Equifax Inc. | 2,836,008 | 354,813 | |
MSCI Inc. Class A | 2,116,344 | 350,107 | |
XL Group Ltd. | 6,081,754 | 340,274 | |
* | Markel Corp. | 311,118 | 337,361 |
Lincoln National Corp. | 5,158,744 | 321,132 | |
Loews Corp. | 6,404,696 | 309,219 | |
Alexandria Real Estate | |||
Equities Inc. | 2,424,854 | 305,944 | |
Vornado Realty Trust | 4,037,630 | 298,462 | |
HCP Inc. | 11,086,572 | 286,255 | |
Extra Space Storage Inc. | 2,825,006 | 281,964 | |
Annaly Capital | |||
Management Inc. | 27,355,182 | 281,485 | |
Arthur J Gallagher & Co. | 4,291,925 | 280,177 | |
AvalonBay | |||
Communities Inc. | 1,627,174 | 279,695 | |
Raymond James | |||
Financial Inc. | 3,098,591 | 276,859 | |
Cboe Global | |||
Markets Inc. | 2,648,798 | 275,660 | |
Mid-America Apartment | |||
Communities Inc. | 2,679,428 | 269,738 | |
Ally Financial Inc. | 10,126,235 | 266,016 | |
Invesco Ltd. | 9,672,045 | 256,890 | |
Nasdaq Inc. | 2,752,064 | 251,181 | |
Cincinnati Financial Corp. | 3,671,873 | 245,501 | |
Duke Realty Corp. | 8,425,078 | 244,580 | |
Zions Bancorporation | 4,641,463 | 244,559 | |
* | Arch Capital Group Ltd. | 9,111,882 | 241,100 |
UDR Inc. | 6,301,214 | 236,548 | |
Iron Mountain Inc. | 6,744,626 | 236,129 | |
FNF Group | 6,103,160 | 229,601 | |
Regency Centers Corp. | 3,590,278 | 222,885 | |
Everest Re Group Ltd. | 964,962 | 222,404 | |
Western Union Co. | 10,848,736 | 220,555 | |
Federal Realty | |||
Investment Trust | 1,724,160 | 218,192 | |
SEI Investments Co. | 3,350,142 | 209,451 | |
SL Green Realty Corp. | 2,082,570 | 209,361 | |
Reinsurance Group of | |||
America Inc. Class A | 1,519,322 | 202,799 | |
Camden Property Trust | 2,184,560 | 199,079 | |
Alleghany Corp. | 342,019 | 196,651 | |
Torchmark Corp. | 2,406,870 | 195,943 | |
Unum Group | 5,208,443 | 192,660 | |
* | Liberty Broadband Corp. | 2,517,918 | 190,657 |
Affiliated Managers | |||
Group Inc. | 1,279,016 | 190,151 | |
Macerich Co. | 3,319,957 | 188,673 | |
Voya Financial Inc. | 3,975,643 | 186,855 |
AGNC Investment Corp. | 9,921,005 | 184,432 | |
* | Black Knight Inc. | 3,342,279 | 178,979 |
Jones Lang LaSalle Inc. | 1,071,163 | 177,802 | |
VEREIT Inc. | 22,799,849 | 169,631 | |
* | Athene Holding Ltd. | ||
Class A | 3,759,354 | 164,810 | |
Kimco Realty Corp. | 9,504,794 | 161,486 | |
WR Berkley Corp. | 2,148,742 | 155,590 | |
Invitation Homes Inc. | 6,739,164 | 155,405 | |
Lazard Ltd. Class A | 3,055,632 | 149,451 | |
People’s United | |||
Financial Inc. | 8,191,564 | 148,185 | |
CIT Group Inc. | 2,730,668 | 137,653 | |
New York Community | |||
Bancorp Inc. | 10,969,963 | 121,108 | |
* | Brighthouse | ||
Financial Inc. | 2,827,870 | 113,313 | |
*,^ | AXA Equitable | ||
Holdings Inc. | 3,962,108 | 81,659 | |
* | Liberty Broadband Corp. | ||
Class A | 585,828 | 44,312 | |
Brixmor Property | |||
Group Inc. | 7,050 | 123 | |
21,090,021 | |||
Health Care (8.6%) | |||
* | Edwards Lifesciences | ||
Corp. | 4,969,167 | 723,362 | |
* | Align Technology Inc. | 1,794,658 | 614,024 |
* | Centene Corp. | 4,595,594 | 566,223 |
* | IDEXX Laboratories Inc. | 2,048,334 | 446,414 |
* | Laboratory Corp. of | ||
America Holdings | 2,408,830 | 432,457 | |
* | IQVIA Holdings Inc. | 4,073,107 | 406,578 |
* | ABIOMED Inc. | 993,661 | 406,457 |
* | BioMarin | ||
Pharmaceutical Inc. | 4,161,045 | 391,970 | |
Quest Diagnostics Inc. | 3,198,126 | 351,602 | |
ResMed Inc. | 3,361,078 | 348,141 | |
* | Waters Corp. | 1,752,540 | 339,274 |
Teleflex Inc. | 1,074,613 | 288,222 | |
* | Incyte Corp. | 4,242,537 | 284,250 |
Cooper Cos. Inc. | 1,154,330 | 271,787 | |
* | Henry Schein Inc. | 3,634,745 | 264,028 |
* | Hologic Inc. | 6,428,732 | 255,542 |
* | Varian Medical | ||
Systems Inc. | 2,154,638 | 245,025 | |
Dentsply Sirona Inc. | 5,355,577 | 234,414 | |
* | Jazz Pharmaceuticals | ||
plc | 1,342,094 | 231,243 | |
Universal Health | |||
Services Inc. Class B | 2,051,911 | 228,665 | |
* | DaVita Inc. | 3,082,003 | 214,014 |
33
Mid-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Perrigo Co. plc | 2,934,443 | 213,950 | |
* | Alnylam | ||
Pharmaceuticals Inc. | 2,130,265 | 209,810 | |
* | Nektar Therapeutics | ||
Class A | 4,040,290 | 197,287 | |
* | Alkermes plc | 3,650,740 | 150,265 |
* | Seattle Genetics Inc. | 1,210,879 | 80,390 |
8,395,394 | |||
Industrials (17.6%) | |||
* | Fiserv Inc. | 9,651,445 | 715,076 |
Roper Technologies Inc. | 2,432,576 | 671,172 | |
Amphenol Corp. Class A | 7,098,066 | 618,596 | |
* | Worldpay Inc. Class A | 7,010,580 | 573,325 |
Rockwell Collins Inc. | 3,869,243 | 521,110 | |
Waste Connections Inc. | 6,213,212 | 467,731 | |
* | FleetCor Technologies | ||
Inc. | 2,112,999 | 445,103 | |
Global Payments Inc. | 3,762,707 | 419,504 | |
Vulcan Materials Co. | 3,117,361 | 402,327 | |
* | Verisk Analytics Inc. | ||
Class A | 3,701,423 | 398,421 | |
AMETEK Inc. | 5,453,009 | 393,489 | |
TransDigm Group Inc. | 1,112,737 | 384,050 | |
Cintas Corp. | 2,013,498 | 372,638 | |
Textron Inc. | 5,426,275 | 357,646 | |
L3 Technologies Inc. | 1,851,631 | 356,106 | |
* | CoStar Group Inc. | 857,959 | 354,020 |
* | Mettler-Toledo | ||
International Inc. | 597,929 | 345,980 | |
WW Grainger Inc. | 1,121,439 | 345,852 | |
WestRock Co. | 6,048,712 | 344,898 | |
Martin Marietta | |||
Materials Inc. | 1,482,300 | 331,042 | |
Total System | |||
Services Inc. | 3,863,551 | 326,547 | |
Fastenal Co. | 6,783,992 | 326,513 | |
Broadridge Financial | |||
Solutions Inc. | 2,780,911 | 320,083 | |
Expeditors International | |||
of Washington Inc. | 4,119,544 | 301,139 | |
Ball Corp. | 8,223,544 | 292,347 | |
* | United Rentals Inc. | 1,968,474 | 290,586 |
Xylem Inc. | 4,244,819 | 286,016 | |
* | XPO Logistics Inc. | 2,844,462 | 284,958 |
CH Robinson | |||
Worldwide Inc. | 3,283,090 | 274,663 | |
Masco Corp. | 7,311,240 | 273,587 | |
Dover Corp. | 3,642,186 | 266,608 | |
Alliance Data Systems | |||
Corp. | 1,108,812 | 258,575 | |
Kansas City Southern | 2,415,955 | 255,995 |
JB Hunt Transport | |||
Services Inc. | 2,067,525 | 251,308 | |
Packaging Corp. | |||
of America | 2,226,490 | 248,899 | |
Huntington Ingalls | |||
Industries Inc. | 1,047,857 | 227,165 | |
* | First Data Corp. | ||
Class A | 10,852,882 | 227,151 | |
Jacobs Engineering | |||
Group Inc. | 3,347,931 | 212,560 | |
Wabtec Corp. | 2,040,416 | 201,144 | |
* | Trimble Inc. | 5,868,488 | 192,721 |
* | Sensata Technologies | ||
Holding plc | 4,036,246 | 192,045 | |
Fortune Brands Home | |||
& Security Inc. | 3,436,276 | 184,494 | |
* | IPG Photonics Corp. | 821,832 | 181,321 |
Robert Half | |||
International Inc. | 2,764,077 | 179,941 | |
Arconic Inc. | 10,232,223 | 174,050 | |
Owens Corning | 2,606,760 | 165,190 | |
Fluor Corp. | 3,310,383 | 161,480 | |
Sealed Air Corp. | 3,795,130 | 161,103 | |
Pentair plc | 3,780,439 | 159,081 | |
TransUnion | 2,169,575 | 155,428 | |
* | Arrow Electronics Inc. | 2,063,533 | 155,343 |
* | Crown Holdings Inc. | 3,162,487 | 141,553 |
Hubbell Inc. Class B | 1,291,889 | 136,604 | |
ManpowerGroup Inc. | 1,550,118 | 133,403 | |
Allison Transmission | |||
Holdings Inc. | 3,074,018 | 124,467 | |
Old Dominion Freight | |||
Line Inc. | 824,326 | 122,792 | |
Xerox Corp. | 5,098,538 | 122,365 | |
AO Smith Corp. | 1,719,047 | 101,682 | |
Cognex Corp. | 1,934,404 | 86,294 | |
FLIR Systems Inc. | 1,615,535 | 83,959 | |
* | Stericycle Inc. | 1,007,574 | 65,784 |
Flowserve Corp. | 1,540,367 | 62,231 | |
Acuity Brands Inc. | 483,699 | 56,046 | |
^ | ADT Inc. | 2,650,687 | 22,928 |
* | nVent Electric plc | 3,696 | 93 |
Macquarie | |||
Infrastructure Corp. | 1,856 | 78 | |
17,266,406 | |||
Oil & Gas (6.9%) | |||
ONEOK Inc. | 9,689,598 | 676,625 | |
Devon Energy Corp. | 11,723,151 | 515,350 | |
* | Concho Resources Inc. | 3,514,459 | 486,225 |
Hess Corp. | 6,714,057 | 449,103 | |
Andeavor | 3,384,198 | 443,939 |
34
Mid-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Apache Corp. | 9,010,702 | 421,250 | |
Marathon Oil Corp. | 20,089,951 | 419,076 | |
Noble Energy Inc. | 11,423,898 | 403,035 | |
National Oilwell | |||
Varco Inc. | 9,006,088 | 390,864 | |
EQT Corp. | 6,251,445 | 344,955 | |
* | Cheniere Energy Inc. | 4,965,889 | 323,726 |
Diamondback | |||
Energy Inc. | 2,325,095 | 305,913 | |
HollyFrontier Corp. | 4,160,975 | 284,735 | |
Cabot Oil & Gas Corp. | 10,631,680 | 253,034 | |
Cimarex Energy Co. | 2,247,079 | 228,618 | |
OGE Energy Corp. | 4,703,029 | 165,594 | |
Baker Hughes a GE Co. | 4,912,737 | 162,268 | |
* | Continental | ||
Resources Inc. | 2,213,597 | 143,353 | |
Targa Resources Corp. | 2,455,036 | 121,500 | |
* | Antero Resources Corp. | 5,599,214 | 119,543 |
Helmerich & Payne Inc. | 1,217,821 | 77,648 | |
* | Apergy Corp. | 1,797 | 75 |
6,736,429 | |||
Technology (15.3%) | |||
* | ServiceNow Inc. | 4,165,210 | 718,374 |
* | Twitter Inc. | 15,963,965 | 697,146 |
* | Autodesk Inc. | 5,165,704 | 677,172 |
* | Red Hat Inc. | 4,188,552 | 562,816 |
Western Digital Corp. | 6,701,233 | 518,742 | |
Microchip Technology | |||
Inc. | 5,540,661 | 503,923 | |
NetApp Inc. | 6,316,662 | 496,047 | |
Motorola Solutions Inc. | 3,824,041 | 445,004 | |
* | Cerner Corp. | 7,435,522 | 444,570 |
* | Palo Alto Networks Inc. | 2,057,249 | 422,703 |
* | Workday Inc. Class A | 3,447,314 | 417,539 |
Skyworks Solutions Inc. | 4,292,346 | 414,855 | |
Harris Corp. | 2,799,259 | 404,605 | |
* | Square Inc. | 6,492,221 | 400,180 |
* | Dell Technologies Inc. | ||
Class V | 4,699,396 | 397,475 | |
Xilinx Inc. | 5,974,743 | 389,912 | |
Maxim Integrated | |||
Products Inc. | 6,593,450 | 386,772 | |
KLA-Tencor Corp. | 3,674,959 | 376,794 | |
* | VeriSign Inc. | 2,613,327 | 359,123 |
* | ANSYS Inc. | 1,981,783 | 345,187 |
Seagate Technology plc | 6,083,381 | 343,529 | |
* | Splunk Inc. | 3,413,792 | 338,341 |
*,^ | Advanced Micro | ||
Devices Inc. | 21,683,578 | 325,037 |
* | Citrix Systems Inc. | 3,031,670 | 317,840 |
* | Arista Networks Inc. | 1,227,523 | 316,075 |
Symantec Corp. | 14,635,298 | 302,219 | |
* | Synopsys Inc. | 3,502,040 | 299,670 |
* | Cadence Design | ||
Systems Inc. | 6,638,043 | 287,494 | |
* | IAC/InterActiveCorp | 1,837,238 | 280,160 |
* | Akamai Technologies | ||
Inc. | 3,816,879 | 279,510 | |
* | Gartner Inc. | 2,040,985 | 271,247 |
CA Inc. | 7,357,546 | 262,297 | |
* | F5 Networks Inc. | 1,439,084 | 248,170 |
* | Qorvo Inc. | 2,978,484 | 238,785 |
Juniper Networks Inc. | 8,222,706 | 225,467 | |
Marvell Technology | |||
Group Ltd. | 10,001,412 | 214,430 | |
CDK Global Inc. | 3,099,059 | 201,594 | |
Garmin Ltd. | 2,662,992 | 162,442 | |
CDW Corp. | 1,791,909 | 144,768 | |
LogMeIn Inc. | 1,229,436 | 126,939 | |
SS&C Technologies | |||
Holdings Inc. | 2,378,003 | 123,418 | |
* | GoDaddy Inc. Class A | 1,660,779 | 117,251 |
*,^ | Snap Inc. | 6,104,775 | 79,911 |
* | Dropbox Inc. Class A | 1,302,400 | 42,224 |
*,^ | Match Group Inc. | 590,507 | 22,876 |
Lam Research Corp. | 918 | 159 | |
14,950,792 | |||
Telecommunications (0.6%) | |||
CenturyLink Inc. | 22,892,658 | 426,719 | |
* | Zayo Group Holdings | ||
Inc. | 4,974,983 | 181,487 | |
608,206 | |||
Utilities (4.8%) | |||
WEC Energy Group Inc. | 7,446,712 | 481,430 | |
DTE Energy Co. | 4,273,238 | 442,836 | |
Eversource Energy | 7,476,141 | 438,177 | |
FirstEnergy Corp. | 11,246,296 | 403,855 | |
American Water Works | |||
Co. Inc. | 4,198,235 | 358,445 | |
Ameren Corp. | 5,712,512 | 347,606 | |
Entergy Corp. | 4,257,809 | 343,988 | |
CMS Energy Corp. | 6,652,653 | 314,537 | |
CenterPoint Energy Inc. | 10,177,543 | 282,020 | |
Alliant Energy Corp. | 5,450,694 | 230,673 | |
NiSource Inc. | 8,540,772 | 224,451 | |
Pinnacle West Capital | |||
Corp. | 2,635,688 | 212,331 | |
AES Corp. | 15,574,030 | 208,848 |
35
Mid-Cap Index Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | Evergy Inc. | 3,194,171 | 179,353 | |
* | Vistra Energy Corp. | 4,916,000 | 116,313 | |
Avangrid Inc. | 1,455,247 | 77,026 | ||
SCANA Corp. | 1,598,725 | 61,583 | ||
4,723,472 | ||||
Total Common Stocks | ||||
(Cost $68,419,139) | 97,549,279 | |||
Temporary Cash Investments (0.4%)1 | ||||
Money Market Fund (0.4%) | ||||
2,3 | Vanguard Market | |||
Liquidity Fund, 2.122% | 4,254,028 | 425,446 | ||
Face | ||||
Amount | ||||
($000) | ||||
U. S. Government and Agency Obligations (0.0%) | ||||
4 | United States Treasury Bill, | |||
1.916%, 9/6/18 | 10,000 | 9,965 | ||
4 | United States Treasury Bill, | |||
1.918%–1.954%, 10/4/18 | 2,000 | 1,990 | ||
4 | United States Treasury Bill, | |||
1.975%, 10/18/18 | 500 | 497 | ||
4 | United States Treasury Bill, | |||
2.022%–2.035%, 11/15/18 | 8,000 | 7,940 | ||
20,392 | ||||
Total Temporary Cash Investments | ||||
(Cost $445,774) | 445,838 | |||
Total Investments (100.1%) | ||||
(Cost $68,864,913) | 97,995,117 |
Amount | |
($000) | |
Other Assets and Liabilities (-0.1%) | |
Other Assets | |
Investment in Vanguard | 5,145 |
Receivables for Accrued Income | 94,687 |
Receivables for Capital Shares Issued | 80,640 |
Variation Margin Receivable— | |
Futures Contracts | 296 |
Total Other Assets | 180,768 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (408) |
Collateral for Securities on Loan | (183,292) |
Payables for Capital Shares Redeemed | (102,530) |
Payables to Vanguard | (29,151) |
Other Liabilities | (3,696) |
Total Liabilities | (319,077) |
Net Assets (100%) | 97,856,808 |
At June 30, 2018, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 72,578,260 |
Overdistributed Net Investment Income | (15,099) |
Accumulated Net Realized Losses | (3,829,486) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 29,130,204 |
Futures Contracts | (7,071) |
Net Assets | 97,856,808 |
36
Mid-Cap Index Fund
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 88,197,565 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 3,794,745 |
Net Asset Value Per Share— | |
Investor Shares | $43.03 |
ETF Shares—Net Assets | |
Applicable to 147,192,975 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 23,193,645 |
Net Asset Value Per Share— | |
ETF Shares | $157.57 |
Admiral Shares—Net Assets | |
Applicable to 200,298,161 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 39,092,802 |
Net Asset Value Per Share— | |
Admiral Shares | $195.17 |
Institutional Shares—Net Assets | |
Applicable to 434,422,788 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 18,730,009 |
Net Asset Value Per Share— | |
Institutional Shares | $43.11 |
Amount | |
($000) | |
Institutional Plus Shares—Net Assets | |
Applicable to 61,352,306 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 13,045,607 |
Net Asset Value Per Share—Institutional Plus | |
Shares | $212.63 |
• 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 $173,524,000.
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 $183,292,000 of collateral received for securities
on loan.
4 Securities with a value of $13,030,000 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 | September 2018 | 1,000 | 195,610 | (5,073) |
E-mini S&P 500 Index | September 2018 | 913 | 124,241 | (1,998) |
(7,071) |
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.
37
Mid-Cap Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 692,175 |
Interest1 | 2,519 |
Securities Lending—Net | 2,021 |
Total Income | 696,715 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,260 |
Management and Administrative—Investor Shares | 2,871 |
Management and Administrative—ETF Shares | 4,072 |
Management and Administrative—Admiral Shares | 7,072 |
Management and Administrative—Institutional Shares | 2,932 |
Management and Administrative—Institutional Plus Shares | 1,485 |
Marketing and Distribution—Investor Shares | 317 |
Marketing and Distribution—ETF Shares | 485 |
Marketing and Distribution—Admiral Shares | 1,304 |
Marketing and Distribution—Institutional Shares | 191 |
Marketing and Distribution—Institutional Plus Shares | 44 |
Custodian Fees | 239 |
Shareholders’ Reports—Investor Shares | 42 |
Shareholders’ Reports—ETF Shares | 458 |
Shareholders’ Reports—Admiral Shares | 173 |
Shareholders’ Reports—Institutional Shares | 79 |
Shareholders’ Reports—Institutional Plus Shares | 39 |
Trustees’ Fees and Expenses | 33 |
Total Expenses | 24,096 |
Net Investment Income | 672,619 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 408,134 |
Futures Contracts | 14,853 |
Realized Net Gain (Loss) | 422,987 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,355,464 |
Futures Contracts | (8,417) |
Change in Unrealized Appreciation (Depreciation) | 1,347,047 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,442,653 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from affiliated companies of the fund
were $2,394,000, $4,000, and $41,000, respectively. Purchases and sales are for temporary cash
investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
38
Mid-Cap Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 672,619 | 1,266,266 |
Realized Net Gain (Loss) | 422,987 | 2,275,996 |
Change in Unrealized Appreciation (Depreciation) | 1,347,047 | 11,581,925 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,442,653 | 15,124,187 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (24,275) | (54,622) |
ETF Shares | (157,025) | (288,923) |
Admiral Shares | (265,218) | (499,540) |
Institutional Shares | (128,175) | (242,458) |
Institutional Plus Shares | (89,590) | (178,715) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (664,283) | (1,264,258) |
Capital Share Transactions | ||
Investor Shares | (326,812) | (763,377) |
ETF Shares | 847,502 | 2,280,229 |
Admiral Shares | 606,377 | 2,452,659 |
Institutional Shares | 155,834 | 1,040,948 |
Institutional Plus Shares | 62,871 | (627,501) |
Net Increase (Decrease) from Capital Share Transactions | 1,345,772 | 4,382,958 |
Total Increase (Decrease) | 3,124,142 | 18,242,887 |
Net Assets | ||
Beginning of Period | 94,732,666 | 76,489,779 |
End of Period1 | 97,856,808 | 94,732,666 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($15,099,000) and ($23,435,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
39
Mid-Cap Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $42.23 | $35.92 | $32.79 | $33.72 | $30.02 | $22.47 |
Investment Operations | ||||||
Net Investment Income | . 2711 | .5201 | .472 | .444 | .387 | .299 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | .797 | 6.313 | 3.138 | (.939) | 3.697 | 7.560 |
Total from Investment Operations | 1.068 | 6.833 | 3.610 | (.495) | 4.084 | 7.859 |
Distributions | ||||||
Dividends from Net Investment Income | (. 268) | (. 523) | (. 480) | (. 435) | (. 384) | (. 309) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 268) | (. 523) | (. 480) | (. 435) | (. 384) | (. 309) |
Net Asset Value, End of Period | $43.03 | $42.23 | $35.92 | $32.79 | $33.72 | $30.02 |
Total Return2 | 2.52% | 19.12% | 11.07% | -1.46% | 13.60% | 35.00% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,795 | $4,047 | $4,138 | $4,140 | $4,607 | $4,797 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.17% | 0.17% | 0.18% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.33% | 1.34% | 1.42% | 1.35% | 1.30% | 1.16% |
Portfolio Turnover Rate 3 | 16% | 14% | 15% | 15% | 11% | 32% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
40
Mid-Cap Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $154.65 | $131.55 | $120.07 | $123.50 | $109.96 | $82.33 |
Investment Operations | ||||||
Net Investment Income | 1.0951 | 2.1121 | 1.877 | 1.793 | 1.609 | 1.255 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.901 | 23.076 | 11.510 | (3.457) | 13.524 | 27.668 |
Total from Investment Operations | 3.996 | 25.188 | 13.387 | (1.664) | 15.133 | 28.923 |
Distributions | ||||||
Dividends from Net Investment Income | (1.076) | (2.088) | (1.907) | (1.766) | (1.593) | (1.293) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.076) | (2.088) | (1.907) | (1.766) | (1.593) | (1.293) |
Net Asset Value, End of Period | $157.57 | $154.65 | $131.55 | $120.07 | $123.50 | $109.96 |
Total Return | 2.59% | 19.25% | 11.23% | -1.34% | 13.76% | 35.15% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $23,194 | $21,937 | $16,544 | $12,984 | $9,879 | $6,728 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.45% | 1.46% | 1.54% | 1.47% | 1.44% | 1.31% |
Portfolio Turnover Rate2 | 16% | 14% | 15% | 15% | 11% | 32% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
41
Mid-Cap Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $191.55 | $162.94 | $148.72 | $152.97 | $136.19 | $101.97 |
Investment Operations | ||||||
Net Investment Income | 1.3521 | 2.6061 | 2.325 | 2.214 | 1.987 | 1.550 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 3.601 | 28.591 | 14.257 | (4.284) | 16.759 | 34.269 |
Total from Investment Operations | 4.953 | 31.197 | 16.582 | (2.070) | 18.746 | 35.819 |
Distributions | ||||||
Dividends from Net Investment Income | (1.333) | (2.587) | (2.362) | (2.180) | (1.966) | (1.599) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.333) | (2.587) | (2.362) | (2.180) | (1.966) | (1.599) |
Net Asset Value, End of Period | $195.17 | $191.55 | $162.94 | $148.72 | $152.97 | $136.19 |
Total Return2 | 2.58% | 19.25% | 11.22% | -1.34% | 13.76% | 35.15% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $39,093 | $37,778 | $29,854 | $25,061 | $22,125 | $10,251 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.45% | 1.46% | 1.54% | 1.47% | 1.44% | 1.31% |
Portfolio Turnover Rate 3 | 16% | 14% | 15% | 15% | 11% | 32% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
42
Mid-Cap Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $42.32 | $35.99 | $32.85 | $33.79 | $30.08 | $22.52 |
Investment Operations | ||||||
Net Investment Income | . 3011 | .5801 | .516 | .492 | .442 | . 344 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | .786 | 6.325 | 3.148 | (.947) | 3.704 | 7.571 |
Total from Investment Operations | 1.087 | 6.905 | 3.664 | (.455) | 4.146 | 7.915 |
Distributions | ||||||
Dividends from Net Investment Income | (. 297) | (. 575) | (. 524) | (. 485) | (. 436) | (. 355) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 297) | (. 575) | (. 524) | (. 485) | (. 436) | (. 355) |
Net Asset Value, End of Period | $43.11 | $42.32 | $35.99 | $32.85 | $33.79 | $30.08 |
Total Return | 2.56% | 19.29% | 11.23% | -1.33% | 13.78% | 35.17% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $18,730 | $18,222 | $14,540 | $12,278 | $11,172 | $9,368 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.04% | 0.04% | 0.05% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.46% | 1.47% | 1.55% | 1.48% | 1.45% | 1.32% |
Portfolio Turnover Rate2 | 16% | 14% | 15% | 15% | 11% | 32% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
43
Mid-Cap Index Fund
Financial Highlights
Institutional Plus Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $208.69 | $177.51 | $162.03 | $166.65 | $148.37 | $111.08 |
Investment Operations | ||||||
Net Investment Income | 1.4911 | 2.8561 | 2.564 | 2.461 | 2.210 | 1.726 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 3.922 | 31.179 | 15.524 | (4.657) | 18.256 | 37.343 |
Total from Investment Operations | 5.413 | 34.035 | 18.088 | (2.196) | 20.466 | 39.069 |
Distributions | ||||||
Dividends from Net Investment Income | (1.473) | (2.855) | (2.608) | (2.424) | (2.186) | (1.779) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.473) | (2.855) | (2.608) | (2.424) | (2.186) | (1.779) |
Net Asset Value, End of Period | $212.63 | $208.69 | $177.51 | $162.03 | $166.65 | $148.37 |
Total Return | 2.59% | 19.28% | 11.24% | -1.30% | 13.79% | 35.20% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $13,046 | $12,749 | $11,415 | $11,260 | $11,144 | $8,468 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.03% | 0.03% | 0.04% | 0.05% | 0.06% | 0.06% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.47% | 1.48% | 1.56% | 1.50% | 1.47% | 1.34% |
Portfolio Turnover Rate2 | 16% | 14% | 15% | 15% | 11% | 32% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
44
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).
During the six months ended June 30, 2018, 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.
45
Mid-Cap 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 for the period ended June 30, 2018, 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 before the opening of the market 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 June 30, 2018, 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.
46
Mid-Cap 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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $5,145,000, representing 0.01% of the fund’s net assets and 2.06% 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 97,549,279 | — | — |
Temporary Cash Investments | 425,446 | 20,392 | — |
Futures Contracts—Assets1 | 296 | — | — |
Total | 97,975,021 | 20,392 | — |
1 Represents variation margin on the last day of the reporting period. |
47
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 six months ended June 30, 2018, the fund realized $718,722,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $68,864,913,000. Net unrealized appreciation of investment securities for tax purposes was $29,130,204,000, consisting of unrealized gains of $31,069,140,000 on securities that had risen in value since their purchase and $1,938,936,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $10,420,658,000 of investment securities and sold $9,045,357,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,006,769,000 and $1,478,321,000, 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 six months ended June 30, 2018, such purchases and sales were $1,090,859,000 and $1,305,929,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
48
Mid-Cap Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 261,184 | 6,067 | 591,922 | 15,227 |
Issued in Lieu of Cash Distributions | 23,010 | 530 | 52,012 | 1,309 |
Redeemed | (611,006) | (14,236) | (1,407,311) | (35,892) |
Net Increase (Decrease)—Investor Shares | (326,812) | (7,639) | (763,377) | (19,356) |
ETF Shares | ||||
Issued | 2,352,959 | 14,796 | 7,088,373 | 49,186 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (1,505,457) | (9,450) | (4,808,144) | (33,100) |
Net Increase (Decrease)—ETF Shares | 847,502 | 5,346 | 2,280,229 | 16,086 |
Admiral Shares | ||||
Issued | 3,508,095 | 18,023 | 7,466,229 | 42,217 |
Issued in Lieu of Cash Distributions | 236,395 | 1,199 | 445,641 | 2,467 |
Redeemed | (3,138,113) | (16,144) | (5,459,211) | (30,687) |
Net Increase (Decrease)—Admiral Shares | 606,377 | 3,078 | 2,452,659 | 13,997 |
Institutional Shares | ||||
Issued | 1,918,396 | 44,693 | 3,757,479 | 96,177 |
Issued in Lieu of Cash Distributions | 119,389 | 2,742 | 225,430 | 5,650 |
Redeemed | (1,881,951) | (43,628) | (2,941,961) | (75,169) |
Net Increase (Decrease)—Institutional Shares | 155,834 | 3,807 | 1,040,948 | 26,658 |
Institutional Plus Shares | ||||
Issued | 637,579 | 2,978 | 1,279,307 | 6,695 |
Issued in Lieu of Cash Distributions | 88,148 | 410 | 173,883 | 885 |
Redeemed | (662,856) | (3,127) | (2,080,691) | (10,791) |
Net Increase (Decrease)—Institutional Plus Shares | 62,871 | 261 | (627,501) | (3,211) |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
49
Mid-Cap Growth Index Fund
Fund Profile
As of June 30, 2018
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 | 0.64% | 0.76% | 0.76% |
Portfolio Characteristics | |||
CRSP US | DJ | ||
Mid Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 174 | 170 | 3,779 |
Median Market Cap | $15.7B | $15.7B | $64.0B |
Price/Earnings Ratio | 30.6x | 30.6x | 20.7x |
Price/Book Ratio | 4.3x | 4.3x | 3.0x |
Return on Equity | 15.6% | 15.6% | 15.0% |
Earnings Growth Rate | 12.5% | 12.5% | 8.3% |
Dividend Yield | 0.8% | 0.8% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 27% | — | — |
Short-Term Reserves | 0.0% | — | — |
Sector Diversification (% of equity exposure) | |||
CRSP US | DJ | ||
Mid Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | FA Index | |
Basic Materials | 1.4% | 1.4% | 2.5% |
Consumer Goods | 6.3 | 6.3 | 8.1 |
Consumer Services | 8.5 | 8.5 | 13.3 |
Financials | 17.9 | 17.9 | 19.9 |
Health Care | 12.9 | 12.9 | 12.6 |
Industrials | 25.4 | 25.4 | 12.7 |
Oil & Gas | 6.0 | 6.0 | 6.1 |
Technology | 21.2 | 21.2 | 20.1 |
Telecommunications | 0.4 | 0.4 | 1.8 |
Utilities | 0.0 | 0.0 | 2.9 |
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 | ||
DJ | ||
CRSP US | U.S. Total | |
Mid Cap | Market | |
Growth Index | FA Index | |
R-Squared | 1.00 | 0.89 |
Beta | 1.00 | 1.01 |
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) | ||
Edwards Lifesciences | ||
Corp. | Medical Supplies | 1.5% |
ServiceNow Inc. | Computer Services | 1.5 |
Fiserv Inc. | Financial | |
Administration | 1.5 | |
Twitter Inc. | Internet | 1.4 |
Autodesk Inc. | Software | 1.4 |
Roper Technologies Inc. | Electronic Equipment | 1.4 |
Moody's Corp. | Specialty Finance | 1.4 |
Amphenol Corp. | Electrical | |
Components & | ||
Equipment | 1.3 | |
Align Technology Inc. | Medical Supplies | 1.3 |
Worldpay Inc. | Financial | |
Administration | 1.2 | |
Top Ten | 13.9% | |
The holdings listed exclude any temporary cash investments and equity index products. | ||
Investment Focus
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_mid-capx52x1.jpg)
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_mid-capx53x1.jpg)
For a benchmark description, see the Glossary.
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 8/24/2006 | 14.92% | 12.22% | 8.87% |
ETF Shares | 8/17/2006 | |||
Market Price | 15.09 | 12.38 | 9.03 | |
Net Asset Value | 15.07 | 12.36 | 9.02 | |
Admiral Shares | 9/27/2011 | 15.05 | 12.36 | 14.101 |
1 Return since inception. |
See Financial Highlights for dividend and capital gains information.
51
Mid-Cap Growth Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2018
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 (99.6%)1 | |||
Basic Materials (1.4%) | |||
CF Industries Holdings | |||
Inc. | 1,411,932 | 62,690 | |
* | Axalta Coating Systems | ||
Ltd. | 1,332,998 | 40,403 | |
FMC Corp. | 406,135 | 36,231 | |
Steel Dynamics Inc. | 676,538 | 31,087 | |
170,411 | |||
Consumer Goods (6.3%) | |||
McCormick & Co. Inc. | 733,459 | 85,147 | |
* | Mohawk Industries Inc. | 383,478 | 82,168 |
* | Take-Two Interactive | ||
Software Inc. | 691,728 | 81,873 | |
Church & Dwight Co. | |||
Inc. | 1,479,967 | 78,675 | |
* | Lululemon Athletica Inc. | 609,208 | 76,059 |
* | NVR Inc. | 20,825 | 61,857 |
* | LKQ Corp. | 1,780,564 | 56,800 |
Snap-on Inc. | 342,513 | 55,049 | |
Polaris Industries Inc. | 362,236 | 44,258 | |
Tapestry Inc. | 868,997 | 40,591 | |
* | WABCO Holdings Inc. | 323,654 | 37,874 |
Hormel Foods Corp. | 799,402 | 29,746 | |
*,^ | Under Armour Inc. | ||
Class A | 1,123,026 | 25,246 | |
* | Under Armour Inc. | 1,150,885 | 24,261 |
779,604 | |||
Consumer Services (8.5%) | |||
* | Dollar Tree Inc. | 1,437,642 | 122,200 |
Wynn Resorts Ltd. | 590,880 | 98,878 | |
Ross Stores Inc. | 1,144,736 | 97,016 | |
Expedia Group Inc. | 747,466 | 89,838 | |
* | Ulta Beauty Inc. | 347,648 | 81,162 |
* | CarMax Inc. | 1,076,963 | 78,478 |
* | Chipotle Mexican Grill | ||
Inc. Class A | 151,341 | 65,284 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 1,223,699 | 57,820 |
Tractor Supply Co. | 738,592 | 56,495 | |
Tiffany & Co. | 356,361 | 46,897 | |
FactSet Research | |||
Systems Inc. | 234,746 | 46,503 | |
MGM Resorts | |||
International | 1,513,416 | 43,934 | |
Domino’s Pizza Inc. | 127,660 | 36,022 | |
Wyndham Hotels & | |||
Resorts Inc. | 602,542 | 35,448 | |
* | Copart Inc. | 595,217 | 33,665 |
Hyatt Hotels Corp. | |||
Class A | 252,551 | 19,484 | |
* | TripAdvisor Inc. | 319,780 | 17,815 |
Rollins Inc. | 296,362 | 15,583 | |
Wyndham Destinations | |||
Inc. | 150,679 | 6,671 | |
^ | Altice USA Inc. Class A | 372,956 | 6,363 |
Alaska Air Group Inc. | 104 | 6 | |
1,055,562 | |||
Financials (17.8%) | |||
Moody’s Corp. | 986,133 | 168,195 | |
Digital Realty Trust Inc. | 1,245,256 | 138,946 | |
* | SBA Communications | ||
Corp. Class A | 696,384 | 114,987 | |
* | IHS Markit Ltd. | 2,175,390 | 112,228 |
* | E*TRADE Financial | ||
Corp. | 1,595,690 | 97,592 | |
Essex Property Trust Inc. | 399,347 | 95,472 | |
First Republic Bank | 977,903 | 94,651 | |
* | CBRE Group Inc. | ||
Class A | 1,951,526 | 93,166 | |
Realty Income Corp. | 1,719,838 | 92,510 | |
* | SVB Financial Group | 320,355 | 92,506 |
Equifax Inc. | 727,318 | 90,995 | |
MSCI Inc. Class A | 543,474 | 89,907 | |
* | Markel Corp. | 79,813 | 86,545 |
Alexandria Real Estate | |||
Equities Inc. | 622,836 | 78,583 | |
Vornado Realty Trust | 1,035,179 | 76,520 | |
Extra Space Storage Inc. | 724,670 | 72,329 |
52
Mid-Cap Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
AvalonBay Communities | |||
Inc. | 418,009 | 71,852 | |
Cboe Global Markets Inc. | 680,464 | 70,816 | |
Mid-America Apartment | |||
Communities Inc. | 688,350 | 69,296 | |
Iron Mountain Inc. | 1,730,092 | 60,571 | |
Regency Centers Corp. | 920,695 | 57,157 | |
Federal Realty | |||
Investment Trust | 442,149 | 55,954 | |
SEI Investments Co. | 859,136 | 53,713 | |
SL Green Realty Corp. | 533,960 | 53,679 | |
* | Black Knight Inc. | 857,114 | 45,898 |
Invitation Homes Inc. | 1,728,382 | 39,856 | |
Arthur J Gallagher & Co. | 550,484 | 35,936 | |
2,209,860 | |||
Health Care (12.8%) | |||
* | Edwards Lifesciences | ||
Corp. | 1,274,189 | 185,484 | |
* | Align Technology Inc. | 460,338 | 157,500 |
* | Centene Corp. | 1,178,370 | 145,187 |
* | IDEXX Laboratories Inc. | 525,122 | 114,445 |
* | IQVIA Holdings Inc. | 1,046,779 | 104,489 |
* | ABIOMED Inc. | 254,849 | 104,246 |
* | BioMarin Pharmaceutical | ||
Inc. | 1,068,509 | 100,654 | |
ResMed Inc. | 863,114 | 89,401 | |
* | Waters Corp. | 450,059 | 87,127 |
Teleflex Inc. | 275,436 | 73,875 | |
* | Incyte Corp. | 1,089,858 | 73,021 |
Cooper Cos. Inc. | 296,548 | 69,822 | |
* | Varian Medical Systems | ||
Inc. | 553,630 | 62,959 | |
* | Jazz Pharmaceuticals plc | 344,175 | 59,301 |
* | Alnylam Pharmaceuticals | ||
Inc. | 546,306 | 53,806 | |
* | Nektar Therapeutics | ||
Class A | 1,037,423 | 50,657 | |
* | Alkermes plc | 936,202 | 38,534 |
* | Seattle Genetics Inc. | 310,520 | 20,615 |
Dentsply Sirona Inc. | 195 | 9 | |
1,591,132 | |||
Industrials (25.3%) | |||
* | Fiserv Inc. | 2,475,215 | 183,389 |
Roper Technologies Inc. | 623,756 | 172,101 | |
Amphenol Corp. Class A | 1,822,452 | 158,827 | |
* | Worldpay Inc. Class A | 1,798,057 | 147,045 |
Rockwell Collins Inc. | 992,715 | 133,699 | |
Waste Connections Inc. | 1,593,118 | 119,930 | |
* | FleetCor Technologies Inc. | 541,930 | 114,158 |
Global Payments Inc. | 964,637 | 107,547 | |
Vulcan Materials Co. | 799,314 | 103,159 | |
* | Verisk Analytics Inc. | ||
Class A | 949,184 | 102,170 | |
AMETEK Inc. | 1,400,236 | 101,041 |
TransDigm Group Inc. | 285,346 | 98,484 | |
Cintas Corp. | 516,308 | 95,553 | |
* | CoStar Group Inc. | 220,051 | 90,800 |
* | Mettler-Toledo | ||
International Inc. | 153,551 | 88,849 | |
Martin Marietta | |||
Materials Inc. | 379,901 | 84,843 | |
Total System Services | |||
Inc. | 992,241 | 83,864 | |
Fastenal Co. | 1,739,783 | 83,736 | |
Broadridge Financial | |||
Solutions Inc. | 713,038 | 82,071 | |
Expeditors International | |||
of Washington Inc. | 1,056,502 | 77,230 | |
* | XPO Logistics Inc. | 729,651 | 73,096 |
Masco Corp. | 1,878,231 | 70,283 | |
Kansas City Southern | 620,729 | 65,772 | |
JB Hunt Transport | |||
Services Inc. | 531,226 | 64,571 | |
Packaging Corp. of | |||
America | 570,735 | 63,802 | |
Wabtec Corp. | 523,262 | 51,583 | |
* | Trimble Inc. | 1,508,690 | 49,545 |
* | Sensata Technologies | ||
Holding plc | 1,037,659 | 49,372 | |
Fortune Brands Home | |||
& Security Inc. | 881,169 | 47,310 | |
* | IPG Photonics Corp. | 210,753 | 46,498 |
Robert Half International | |||
Inc. | 710,733 | 46,269 | |
TransUnion | 555,387 | 39,788 | |
* | United Rentals Inc. | 252,402 | 37,260 |
Xylem Inc. | 543,229 | 36,603 | |
CH Robinson | |||
Worldwide Inc. | 420,398 | 35,170 | |
Alliance Data Systems | |||
Corp. | 142,217 | 33,165 | |
Old Dominion Freight | |||
Line Inc. | 210,894 | 31,415 | |
AO Smith Corp. | 437,901 | 25,902 | |
Cognex Corp. | 496,069 | 22,130 | |
Acuity Brands Inc. | 123,826 | 14,348 | |
^ | ADT Inc. | 679,743 | 5,880 |
Macquarie Infrastructure | |||
Corp. | 68 | 3 | |
3,138,261 | |||
Oil & Gas (6.0%) | |||
* | Concho Resources Inc. | 901,308 | 124,696 |
ONEOK Inc. | 1,242,612 | 86,772 | |
* | Cheniere Energy Inc. | 1,275,480 | 83,148 |
Diamondback Energy Inc. | 596,325 | 78,458 | |
Cabot Oil & Gas Corp. | 2,731,550 | 65,011 | |
Cimarex Energy Co. | 577,480 | 58,753 | |
Apache Corp. | 1,156,183 | 54,052 |
53
Mid-Cap Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Noble Energy Inc. | 1,465,755 | 51,712 | |
EQT Corp. | 801,812 | 44,244 | |
Targa Resources Corp. | 629,530 | 31,155 | |
* | Antero Resources Corp. | 1,435,894 | 30,656 |
* | Continental Resources | ||
Inc. | 283,755 | 18,376 | |
Helmerich & Payne Inc. | 156,110 | 9,954 | |
736,987 | |||
Technology (21.1%) | |||
* | ServiceNow Inc. | 1,068,080 | 184,212 |
* | Twitter Inc. | 4,095,575 | 178,854 |
* | Autodesk Inc. | 1,324,719 | 173,657 |
* | Red Hat Inc. | 1,074,133 | 144,331 |
Microchip Technology | |||
Inc. | 1,421,351 | 129,272 | |
* | Cerner Corp. | 1,905,932 | 113,956 |
* | Palo Alto Networks Inc. | 527,532 | 108,392 |
* | Workday Inc. Class A | 883,853 | 107,052 |
Skyworks Solutions Inc. | 1,101,063 | 106,418 | |
Harris Corp. | 717,873 | 103,761 | |
* | Square Inc. | 1,665,433 | 102,657 |
* | VeriSign Inc. | 669,778 | 92,041 |
* | ANSYS Inc. | 508,051 | 88,492 |
* | Splunk Inc. | 876,750 | 86,895 |
* | Citrix Systems Inc. | 778,640 | 81,633 |
* | Arista Networks Inc. | 314,919 | 81,089 |
* | Cadence Design | ||
Systems Inc. | 1,705,158 | 73,850 | |
* | IAC/InterActiveCorp | 471,121 | 71,841 |
* | Akamai Technologies Inc. | 980,536 | 71,805 |
* | Gartner Inc. | 524,330 | 69,683 |
* | F5 Networks Inc. | 369,755 | 63,764 |
* | Qorvo Inc. | 765,349 | 61,358 |
CDK Global Inc. | 796,598 | 51,819 | |
Xilinx Inc. | 765,094 | 49,930 | |
KLA-Tencor Corp. | 470,620 | 48,253 | |
* | Advanced Micro | ||
Devices Inc. | 2,780,367 | 41,678 | |
LogMeIn Inc. | 315,285 | 32,553 | |
SS&C Technologies | |||
Holdings Inc. | 610,859 | 31,704 | |
* | GoDaddy Inc. Class A | 426,612 | 30,119 |
*,^ | Snap Inc. | 1,568,181 | 20,527 |
* | Dropbox Inc. Class A | 334,153 | 10,833 |
*,^ | Match Group Inc. | 151,684 | 5,876 |
Lam Research Corp. | 138 | 24 | |
2,618,329 | |||
Telecommunications (0.4%) | |||
* | Zayo Group Holdings Inc. | 1,275,773 | 46,540 |
Total Common Stocks | |||
(Cost $9,305,211) | 12,346,686 |
Market | |||
Value• | |||
Shares | ($000) | ||
Temporary Cash Investments (0.6%)1 | |||
Money Market Fund (0.6%) | |||
2,3 | Vanguard Market | ||
Liquidity Fund, 2.122% | 691,054 | 69,112 | |
Face | |||
Amount | |||
($000) | |||
U. S. Government and Agency Obligations (0.0%) | |||
4 | United States Treasury Bill, | ||
1.890%, 8/9/18 | 500 | 499 | |
4 | United States Treasury Bill, | ||
2.034%–2.078%, 11/15/18 | 1,500 | 1,489 | |
1,988 | |||
Total Temporary Cash Investments | |||
(Cost $71,094) | 71,100 | ||
Total Investments (100.2%) | |||
(Cost $9,376,305) | 12,417,786 | ||
Amount | |||
($000 | |||
Other Assets and Liabilities (-0.2%) | |||
Other Assets | |||
Investment in Vanguard | 649 | ||
Receivables for Accrued Income | 6,226 | ||
Receivables for Capital Shares Issued | 12,305 | ||
Variation Margin Receivable— | |||
Futures Contracts | 40 | ||
Total Other Assets | 19,220 | ||
Liabilities | |||
Payables for Investment Securities | |||
Purchased | (15,087) | ||
Collateral for Securities on Loan | (22,513) | ||
Payables for Capital Shares Redeemed | (3,347) | ||
Payables to Vanguard | (2,772) | ||
Total Liabilities | (43,719) | ||
Net Assets (100%) | 12,393,287 |
54
Mid-Cap Growth Index Fund
At June 30, 2018, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 10,067,215 |
Overdistributed Net Investment Income | (1,434) |
Accumulated Net Realized Losses | (713,168) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 3,041,481 |
Futures Contracts | (807) |
Net Assets | 12,393,287 |
Investor Shares—Net Assets | |
Applicable to 9,429,073 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 498,144 |
Net Asset Value Per Share— | |
Investor Shares | $52.83 |
ETF Shares—Net Assets | |
Applicable to 41,938,595 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 5,634,477 |
Net Asset Value Per Share— | |
ETF Shares | $134.35 |
Amount | |
($000) | |
Admiral Shares—Net Assets | |
Applicable to 108,251,809 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 6,260,666 |
Net Asset Value Per Share— | |
Admiral Shares | $57.83 |
• 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 $21,377,000.
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 $22,513,000 of collateral received for securities
on loan.
4 Securities with a value of $1,988,000 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 | September 2018 | 193 | 26,263 | (310) |
E-mini S&P Mid-Cap 400 Index | September 2018 | 98 | 19,170 | (497) |
(807) |
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.
Mid-Cap Growth Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 45,826 |
Interest1 | 322 |
Securities Lending—Net | 297 |
Total Income | 46,445 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,302 |
Management and Administrative—Investor Shares | 363 |
Management and Administrative—ETF Shares | 1,020 |
Management and Administrative—Admiral Shares | 1,131 |
Marketing and Distribution—Investor Shares | 47 |
Marketing and Distribution—ETF Shares | 108 |
Marketing and Distribution—Admiral Shares | 232 |
Custodian Fees | 42 |
Shareholders’ Reports—Investor Shares | 8 |
Shareholders’ Reports—ETF Shares | 124 |
Shareholders’ Reports—Admiral Shares | 38 |
Trustees’ Fees and Expenses | 4 |
Total Expenses | 4,419 |
Net Investment Income | 42,026 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 45,480 |
Futures Contracts | 838 |
Realized Net Gain (Loss) | 46,318 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 549,618 |
Futures Contracts | (976) |
Change in Unrealized Appreciation (Depreciation) | 548,642 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 636,986 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $303,000, ($12,000), and $4,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
56
Mid-Cap Growth Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 42,026 | 76,920 |
Realized Net Gain (Loss) | 46,318 | 196,999 |
Change in Unrealized Appreciation (Depreciation) | 548,642 | 1,618,425 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 636,986 | 1,892,344 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (1,404) | (3,236) |
ETF Shares | (18,511) | (35,438) |
Admiral Shares | (20,753) | (38,832) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Total Distributions | (40,668) | (77,506) |
Capital Share Transactions | ||
Investor Shares | (22,375) | (58,359) |
ETF Shares | 233,195 | 734,241 |
Admiral Shares | 302,077 | 833,930 |
Net Increase (Decrease) from Capital Share Transactions | 512,897 | 1,509,812 |
Total Increase (Decrease) | 1,109,215 | 3,324,650 |
Net Assets | ||
Beginning of Period | 11,284,072 | 7,959,422 |
End of Period1 | 12,393,287 | 11,284,072 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($1,434,000) and ($2,792,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
57
Mid-Cap Growth Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $50.21 | $41.52 | $39.22 | $39.94 | $35.46 | $26.99 |
Investment Operations | ||||||
Net Investment Income | .1531 | .3041 | .290 | .268 | .258 | .169 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.613 | 8.692 | 2.299 | (.719) | 4.476 | 8.470 |
Total from Investment Operations | 2.766 | 8.996 | 2.589 | (.451) | 4.734 | 8.639 |
Distributions | ||||||
Dividends from Net Investment Income | (.146) | (. 306) | (. 289) | (. 269) | (. 254) | (.169) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.146) | (. 306) | (. 289) | (. 269) | (. 254) | (.169) |
Net Asset Value, End of Period | $52.83 | $50.21 | $41.52 | $39.22 | $39.94 | $35.46 |
Total Return2 | 5.51% | 21.72% | 6.62% | -1.13% | 13.35% | 32.02% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $498 | $495 | $460 | $542 | $562 | $595 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.19% | 0.19% | 0.19% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 0.63% | 0.67% | 0.74% | 0.70% | 0.79% | 0.57% |
Portfolio Turnover Rate 3 | 27% | 23% | 21% | 23% | 17% | 64% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
58
Mid-Cap Growth Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $127.67 | $105.60 | $99.75 | $101.57 | $90.20 | $68.64 |
Investment Operations | ||||||
Net Investment Income | . 4721 | .9321 | .863 | .805 | .816 | . 556 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 6.661 | 22.058 | 5.848 | (1.815) | 11.359 | 21.558 |
Total from Investment Operations | 7.133 | 22.990 | 6.711 | (1.010) | 12.175 | 22.114 |
Distributions | ||||||
Dividends from Net Investment Income | (. 453) | (. 920) | (. 861) | (. 810) | (. 805) | (. 554) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 453) | (. 920) | (. 861) | (. 810) | (. 805) | (. 554) |
Net Asset Value, End of Period | $134.35 | $127.67 | $105.60 | $99.75 | $101.57 | $90.20 |
Total Return | 5.59% | 21.83% | 6.75% | -1.00% | 13.49% | 32.23% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,634 | $5,130 | $3,576 | $3,302 | $2,716 | $1,896 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 0.75% | 0.79% | 0.86% | 0.82% | 0.93% | 0.72% |
Portfolio Turnover Rate2 | 27% | 23% | 21% | 23% | 17% | 64% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
59
Mid-Cap Growth Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $54.96 | $45.46 | $42.94 | $43.72 | $38.83 | $29.55 |
Investment Operations | ||||||
Net Investment Income | . 2021 | .4001 | .370 | .349 | .350 | .239 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.863 | 9.496 | 2.519 | (.777) | 4.886 | 9.279 |
Total from Investment Operations | 3.065 | 9.896 | 2.889 | (.428) | 5.236 | 9.518 |
Distributions | ||||||
Dividends from Net Investment Income | (.195) | (. 396) | (. 369) | (. 352) | (. 346) | (. 238) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.195) | (. 396) | (. 369) | (. 352) | (. 346) | (. 238) |
Net Asset Value, End of Period | $57.83 | $54.96 | $45.46 | $42.94 | $43.72 | $38.83 |
Total Return2 | 5.57% | 21.83% | 6.75% | -0.98% | 13.48% | 32.22% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,261 | $5,659 | $3,923 | $3,319 | $2,264 | $1,566 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 0.75% | 0.79% | 0.86% | 0.82% | 0.93% | 0.72% |
Portfolio Turnover Rate 3 | 27% | 23% | 21% | 23% | 17% | 64% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
60
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 six months ended June 30, 2018, 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.
61
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 for the period ended June 30, 2018, 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 before the opening of the market 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 June 30, 2018, 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
62
Mid-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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $649,000, representing 0.01% of the fund’s net assets and 0.26% 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 12,346,686 | — | — |
Temporary Cash Investments | 69,112 | 1,988 | — |
Futures Contracts—Assets1 | 40 | — | — |
Total | 12,415,838 | 1,988 | — |
1 Represents variation margin on the last day of the reporting period. |
63
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 six months ended June 30, 2018, the fund realized $126,851,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $9,376,305,000. Net unrealized appreciation of investment securities for tax purposes was $3,041,481,000, consisting of unrealized gains of $3,233,328,000 on securities that had risen in value since their purchase and $191,847,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $2,488,834,000 of investment securities and sold $1,982,647,000 of investment securities, other than temporary cash investments. Purchases and sales include $577,258,000 and $369,855,000, 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 six months ended June 30, 2018, such purchases and sales were $281,171,000 and $487,297,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
64
Mid-Cap Growth Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 64,048 | 1,235 | 144,647 | 3,165 |
Issued in Lieu of Cash Distributions | 1,349 | 25 | 3,117 | 66 |
Redeemed | (87,772) | (1,681) | (206,123) | (4,466) |
Net Increase (Decrease)—Investor Shares | (22,375) | (421) | (58,359) | (1,235) |
ETF Shares | ||||
Issued | 612,045 | 4,557 | 1,524,417 | 12,818 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (378,850) | (2,800) | (790,176) | (6,500) |
Net Increase (Decrease)—ETF Shares | 233,195 | 1,757 | 734,241 | 6,318 |
Admiral Shares | ||||
Issued | 872,523 | 15,371 | 1,742,853 | 34,515 |
Issued in Lieu of Cash Distributions | 19,029 | 326 | 35,702 | 692 |
Redeemed | (589,475) | (10,419) | (944,625) | (18,543) |
Net Increase (Decrease)—Admiral Shares | 302,077 | 5,278 | 833,930 | 16,664 |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
65
Mid-Cap Value Index Fund
Fund Profile
As of June 30, 2018
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 | 2.06% | 2.18% | 2.18% |
Portfolio Characteristics | |||
CRSP US | DJ | ||
Mid Cap | U.S. Total | ||
Value | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 213 | 207 | 3,779 |
Median Market Cap | $13.9B | $13.9B | $64.0B |
Price/Earnings Ratio | 16.5x | 16.5x | 20.7x |
Price/Book Ratio | 2.0x | 2.0x | 3.0x |
Return on Equity | 10.7% | 10.7% | 15.0% |
Earnings Growth Rate | 5.1% | 5.1% | 8.3% |
Dividend Yield | 2.1% | 2.1% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 15% | — | — |
Short-Term Reserves | -0.1% | — | — |
Sector Diversification (% of equity exposure) | |||
CRSP US | DJ | ||
Mid Cap | U.S. Total | ||
Value | Market | ||
Fund | Index | FA Index | |
Basic Materials | 6.3% | 6.3% | 2.5% |
Consumer Goods | 14.6 | 14.6 | 8.1 |
Consumer Services | 11.4 | 11.4 | 13.3 |
Financials | 25.2 | 25.2 | 19.9 |
Health Care | 4.5 | 4.4 | 12.6 |
Industrials | 10.2 | 10.2 | 12.7 |
Oil & Gas | 7.8 | 7.8 | 6.1 |
Technology | 9.6 | 9.6 | 20.1 |
Telecommunications | 0.9 | 0.9 | 1.8 |
Utilities | 9.5 | 9.6 | 2.9 |
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 | DJ | |
Mid Cap | U.S. Total | |
Value | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.90 |
Beta | 1.00 | 0.96 |
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 | 1.1% | |
M&T Bank Corp. | Banks | 1.1 |
Western Digital Corp. | Computer Hardware | 1.0 |
Dr Pepper Snapple | ||
Group Inc. | Soft Drinks | 1.0 |
Devon Energy Corp. | Exploration & | |
Production | 1.0 | |
NetApp Inc. | Computer Hardware | 1.0 |
KeyCorp | Banks | 1.0 |
WEC Energy Group Inc. Multiutilities | 1.0 | |
Newmont Mining Corp. | Gold Mining | 1.0 |
Willis Towers Watson | ||
plc | Insurance Brokers | 1.0 |
Top Ten | 10.2% | |
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 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the annualized expense ratios were 0.19% for Investor Shares, 0.07% for ETF Shares, and 0.07% for
Admiral Shares.
66
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/usstockindex_mid-capx69x1.jpg)
For a benchmark description, see the Glossary.
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 8/24/2006 | 9.31% | 12.06% | 10.82% |
ETF Shares | 8/17/2006 | |||
Market Price | 9.47 | 12.20 | 10.97 | |
Net Asset Value | 9.47 | 12.20 | 10.97 | |
Admiral Shares | 9/27/2011 | 9.46 | 12.20 | 15.421 |
1 Return since inception. |
See Financial Highlights for dividend and capital gains information.
67
Mid-Cap Value Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2018
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 (6.2%) | |||
Freeport-McMoRan Inc. | 11,750,935 | 202,821 | |
Newmont Mining Corp. | 4,555,499 | 171,788 | |
Celanese Corp. Class A | 1,160,489 | 128,884 | |
Eastman Chemical Co. | 1,097,784 | 109,734 | |
Albemarle Corp. | 946,730 | 89,305 | |
International Flavors & | |||
Fragrances Inc. | 673,319 | 83,465 | |
Mosaic Co. | 2,958,879 | 82,996 | |
Avery Dennison Corp. | 750,911 | 76,668 | |
Reliance Steel & | |||
Aluminum Co. | 586,178 | 51,314 | |
FMC Corp. | 573,709 | 51,181 | |
* | Alcoa Corp. | 795,238 | 37,281 |
Westlake Chemical Corp. | 331,635 | 35,694 | |
1,121,131 | |||
Consumer Goods (14.6%) | |||
Dr Pepper Snapple | |||
Group Inc. | 1,538,797 | 187,733 | |
Clorox Co. | 1,106,188 | 149,612 | |
Lennar Corp. Class A | 2,465,203 | 129,423 | |
DR Horton Inc. | 3,064,152 | 125,630 | |
Conagra Brands Inc. | 3,361,978 | 120,124 | |
Genuine Parts Co. | 1,191,045 | 109,326 | |
Molson Coors Brewing | |||
Co. Class B | 1,587,483 | 108,012 | |
Lear Corp. | 566,647 | 105,289 | |
Aptiv plc | 1,131,165 | 103,649 | |
JM Smucker Co. | 920,562 | 98,942 | |
PVH Corp. | 658,482 | 98,588 | |
Newell Brands Inc. | 3,729,153 | 96,175 | |
Hasbro Inc. | 961,115 | 88,721 | |
Tyson Foods Inc. | |||
Class A | 1,269,284 | 87,390 | |
Lamb Weston | |||
Holdings Inc. | 1,247,363 | 85,457 | |
Bunge Ltd. | 1,204,810 | 83,987 |
* | Michael Kors | ||
Holdings Ltd. | 1,233,242 | 82,134 | |
Whirlpool Corp. | 550,405 | 80,486 | |
BorgWarner Inc. | 1,792,189 | 77,351 | |
Hanesbrands Inc. | 3,073,998 | 67,689 | |
Campbell Soup Co. | 1,666,879 | 67,575 | |
PulteGroup Inc. | 2,192,044 | 63,021 | |
Harley-Davidson Inc. | 1,419,746 | 59,743 | |
Ralph Lauren Corp. | |||
Class A | 474,895 | 59,704 | |
Tapestry Inc. | 1,227,548 | 57,339 | |
Jefferies Financial | |||
Group Inc. | 2,498,214 | 56,809 | |
Coty Inc. Class A | 3,841,280 | 54,162 | |
Hormel Foods Corp. | 1,129,250 | 42,019 | |
Ingredion Inc. | 308,103 | 34,107 | |
Goodyear Tire & | |||
Rubber Co. | 1,022,888 | 23,823 | |
Lennar Corp. Class B | 122,627 | 5,235 | |
* | Pilgrim’s Pride Corp. | 212,568 | 4,279 |
Mattel Inc. | 1,280 | 21 | |
2,613,555 | |||
Consumer Services (11.4%) | |||
Best Buy Co. Inc. | 2,046,441 | 152,624 | |
Royal Caribbean | |||
Cruises Ltd. | 1,446,692 | 149,877 | |
Darden Restaurants Inc. | 1,057,622 | 113,229 | |
Kohl’s Corp. | 1,437,489 | 104,793 | |
Macy’s Inc. | 2,618,312 | 98,003 | |
Nielsen Holdings plc | 3,044,545 | 94,168 | |
Viacom Inc. Class B | 2,996,567 | 90,376 | |
Advance Auto Parts Inc. | 599,914 | 81,408 | |
* | Qurate Retail Group Inc. | ||
QVC Group Class A | 3,756,399 | 79,711 | |
Aramark | 2,100,248 | 77,919 | |
Interpublic Group of | |||
Cos. Inc. | 3,296,371 | 77,267 | |
* | AutoZone Inc. | 114,739 | 76,982 |
68
Mid-Cap Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Gap Inc. | 2,324,718 | 75,298 | |
L Brands Inc. | 2,021,508 | 74,553 | |
* | Discovery | ||
Communications Inc. | 2,912,271 | 74,263 | |
* | United Continental | ||
Holdings Inc. | 1,005,254 | 70,096 | |
Tiffany & Co. | 503,408 | 66,249 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM | |||
Class C | 1,415,175 | 64,192 | |
Alaska Air Group Inc. | 1,053,917 | 63,646 | |
MGM Resorts | |||
International | 2,141,669 | 62,173 | |
News Corp. Class A | 3,921,418 | 60,782 | |
AmerisourceBergen | |||
Corp. Class A | 703,102 | 59,954 | |
Nordstrom Inc. | 1,001,939 | 51,880 | |
*,^ | Discovery | ||
Communications Inc. | |||
Class A | 1,338,644 | 36,813 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM | |||
Class A | 747,092 | 33,657 | |
* | DISH Network Corp. | ||
Class A | 926,936 | 31,154 | |
Wyndham | |||
Destinations Inc. | 212,614 | 9,412 | |
Altice USA Inc. Class A | 526,320 | 8,979 | |
News Corp. Class B | 378,120 | 5,993 | |
^ | Viacom Inc. Class A | 96,914 | 3,436 |
Wynn Resorts Ltd. | 304 | 51 | |
2,048,938 | |||
Financials (25.2%) | |||
M&T Bank Corp. | 1,116,416 | 189,958 | |
KeyCorp | 9,066,800 | 177,165 | |
Willis Towers | |||
Watson plc | 1,125,796 | 170,671 | |
Regions Financial Corp. | 9,591,857 | 170,543 | |
Citizens Financial | |||
Group Inc. | 4,139,768 | 161,037 | |
Hartford Financial | |||
Services Group Inc. | 3,058,460 | 156,379 | |
Huntington | |||
Bancshares Inc. | 9,414,766 | 138,962 | |
Comerica Inc. | 1,468,568 | 133,522 | |
Host Hotels & Resorts | |||
Inc. | 6,332,180 | 133,419 | |
Principal Financial | |||
Group Inc. | 2,446,307 | 129,532 | |
XL Group Ltd. | 2,206,388 | 123,447 | |
Lincoln National Corp. | 1,868,454 | 116,311 | |
Loews Corp. | 2,318,996 | 111,961 | |
HCP Inc. | 4,014,167 | 103,646 | |
Annaly Capital | |||
Management Inc. | 9,909,713 | 101,971 |
Raymond James | |||
Financial Inc. | 1,119,795 | 100,054 | |
Ally Financial Inc. | 3,668,245 | 96,365 | |
Invesco Ltd. | 3,503,803 | 93,061 | |
Nasdaq Inc. | 996,969 | 90,993 | |
Cincinnati Financial | |||
Corp. | 1,330,172 | 88,935 | |
Zions Bancorporation | 1,681,407 | 88,593 | |
Duke Realty Corp. | 3,051,678 | 88,590 | |
* | Arch Capital Group Ltd. | 3,300,836 | 87,340 |
UDR Inc. | 2,282,679 | 85,692 | |
FNF Group | 2,215,797 | 83,358 | |
Everest Re Group Ltd. | 349,568 | 80,568 | |
Western Union Co. | 3,930,061 | 79,898 | |
Reinsurance Group of | |||
America Inc. Class A | 550,388 | 73,466 | |
Camden Property Trust | 791,379 | 72,118 | |
Alleghany Corp. | 123,900 | 71,239 | |
Torchmark Corp. | 871,839 | 70,976 | |
Unum Group | 1,886,806 | 69,793 | |
* | Liberty Broadband Corp. | 914,077 | 69,214 |
Affiliated Managers | |||
Group Inc. | 463,319 | 68,882 | |
Macerich Co. | 1,202,669 | 68,348 | |
Voya Financial Inc. | 1,440,098 | 67,685 | |
AGNC Investment Corp. | 3,593,956 | 66,812 | |
Jones Lang LaSalle Inc. | 388,047 | 64,412 | |
VEREIT Inc. | 8,259,384 | 61,450 | |
* | Athene Holding Ltd. | ||
Class A | 1,334,733 | 58,515 | |
Kimco Realty Corp. | 3,443,188 | 58,500 | |
WR Berkley Corp. | 778,404 | 56,364 | |
Lazard Ltd. Class A | 1,106,929 | 54,140 | |
People’s United | |||
Financial Inc. | 2,967,470 | 53,682 | |
Arthur J Gallagher & Co. | 776,736 | 50,705 | |
CIT Group Inc. | 989,198 | 49,866 | |
New York Community | |||
Bancorp Inc. | 3,973,966 | 43,873 | |
* | Brighthouse Financial | ||
Inc. | 1,027,701 | 41,180 | |
* | AXA Equitable Holdings | ||
Inc. | 1,435,531 | 29,586 | |
* | Liberty Broadband Corp. | ||
Class A | 212,588 | 16,080 | |
Brixmor Property Group | |||
Inc. | 1,127 | 20 | |
4,518,877 | |||
Health Care (4.4%) | |||
* | Laboratory Corp. of | ||
America Holdings | 873,632 | 156,843 | |
Quest Diagnostics Inc. | 1,160,163 | 127,548 | |
* | Henry Schein Inc. | 1,316,267 | 95,614 |
* | Hologic Inc. | 2,333,375 | 92,752 |
Dentsply Sirona Inc. | 1,943,299 | 85,058 |
69
Mid-Cap Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Universal Health | |||
Services Inc. Class B | 743,370 | 82,841 | |
* | DaVita Inc. | 1,116,426 | 77,525 |
Perrigo Co. plc | 1,063,010 | 77,504 | |
795,685 | |||
Industrials (10.1%) | |||
Textron Inc. | 1,968,399 | 129,737 | |
L3 Technologies Inc. | 670,375 | 128,927 | |
WW Grainger Inc. | 406,791 | 125,454 | |
WestRock Co. | 2,190,631 | 124,910 | |
Ball Corp. | 2,984,100 | 106,085 | |
Dover Corp. | 1,321,865 | 96,761 | |
Huntington Ingalls | |||
Industries Inc. | 379,601 | 82,294 | |
* | First Data Corp. Class A | 3,931,595 | 82,288 |
Jacobs Engineering | |||
Group Inc. | 1,209,497 | 76,791 | |
Arconic Inc. | 3,706,727 | 63,051 | |
Owens Corning | 944,326 | 59,842 | |
Fluor Corp. | 1,199,223 | 58,498 | |
Sealed Air Corp. | 1,374,754 | 58,358 | |
Pentair plc | 1,369,491 | 57,628 | |
* | Arrow Electronics Inc. | 747,528 | 56,274 |
* | United Rentals Inc. | 356,548 | 52,634 |
Xylem Inc. | 767,375 | 51,706 | |
* | Crown Holdings Inc. | 1,145,654 | 51,279 |
CH Robinson | |||
Worldwide Inc. | 593,862 | 49,683 | |
Hubbell Inc. Class B | 467,997 | 49,486 | |
ManpowerGroup Inc. | 561,544 | 48,326 | |
Alliance Data Systems | |||
Corp. | 201,440 | 46,976 | |
Allison Transmission | |||
Holdings Inc. | 1,113,571 | 45,088 | |
Xerox Corp. | 1,846,763 | 44,322 | |
FLIR Systems Inc. | 585,238 | 30,415 | |
* | Stericycle Inc. | 364,993 | 23,830 |
Flowserve Corp. | 558,010 | 22,544 | |
* | nVent Electric plc | 605 | 15 |
1,823,202 | |||
Oil & Gas (7.8%) | |||
Devon Energy Corp. | 4,245,726 | 186,642 | |
Hess Corp. | 2,434,815 | 162,865 | |
Andeavor | 1,226,025 | 160,830 | |
Marathon Oil Corp. | 7,286,191 | 151,990 | |
National Oilwell Varco | |||
Inc. | 3,262,829 | 141,607 | |
ONEOK Inc. | 1,754,752 | 122,534 | |
HollyFrontier Corp. | 1,507,948 | 103,189 | |
Apache Corp. | 1,629,895 | 76,198 | |
Noble Energy Inc. | 2,067,980 | 72,958 | |
EQT Corp. | 1,134,596 | 62,607 | |
OGE Energy Corp. | 1,703,724 | 59,988 | |
Baker Hughes a GE Co. | 1,777,641 | 58,715 |
* | Continental Resources | ||
Inc. | 401,299 | 25,988 | |
Helmerich & Payne Inc. | 220,773 | 14,077 | |
* | Apergy Corp. | 288 | 12 |
1,400,200 | |||
Technology (9.6%) | |||
Western Digital Corp. | 2,427,350 | 187,901 | |
NetApp Inc. | 2,287,729 | 179,655 | |
Motorola Solutions Inc. | 1,384,575 | 161,123 | |
* | Dell Technologies Inc. | ||
Class V | 1,702,665 | 144,011 | |
Maxim Integrated | |||
Products Inc. | 2,388,829 | 140,129 | |
Seagate Technology plc | 2,206,981 | 124,628 | |
Symantec Corp. | 5,310,616 | 109,664 | |
* | Synopsys Inc. | 1,270,759 | 108,739 |
CA Inc. | 2,665,358 | 95,020 | |
Juniper Networks Inc. | 2,978,512 | 81,671 | |
Marvell Technology | |||
Group Ltd. | 3,623,385 | 77,685 | |
Xilinx Inc. | 1,080,785 | 70,532 | |
KLA-Tencor Corp. | 664,796 | 68,162 | |
* | Advanced Micro | ||
Devices Inc. | 3,927,548 | 58,874 | |
Garmin Ltd. | 964,814 | 58,854 | |
CDW Corp. | 648,906 | 52,425 | |
* | Dropbox Inc. Class A | 140 | 5 |
1,719,078 | |||
Telecommunications (0.9%) | |||
CenturyLink Inc. | 8,291,920 | 154,561 | |
Utilities (9.5%) | |||
WEC Energy Group Inc. | 2,694,751 | 174,216 | |
DTE Energy Co. | 1,549,920 | 160,618 | |
Eversource Energy | 2,706,221 | 158,612 | |
FirstEnergy Corp. | 4,072,951 | 146,260 | |
American Water Works | |||
Co. Inc. | 1,520,851 | 129,850 | |
Ameren Corp. | 2,072,350 | 126,103 | |
Entergy Corp. | 1,544,614 | 124,789 | |
CMS Energy Corp. | 2,413,756 | 114,122 | |
CenterPoint Energy Inc. | 3,680,463 | 101,986 | |
Alliant Energy Corp. | 1,974,566 | 83,564 | |
NiSource Inc. | 3,094,193 | 81,315 | |
Pinnacle West Capital | |||
Corp. | 954,797 | 76,918 | |
AES Corp. | 5,641,822 | 75,657 | |
* | Evergy Inc. | 1,157,103 | 64,971 |
* | Vistra Energy Corp. | 1,782,806 | 42,181 |
Avangrid Inc. | 527,181 | 27,904 | |
SCANA Corp. | 578,452 | 22,282 | |
1,711,348 | |||
Total Common Stocks | |||
(Cost $14,723,676) | 17,906,575 |
70
Mid-Cap Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Temporary Cash Investments (0.3%)1 | |||
Money Market Fund (0.3%) | |||
2,3 | Vanguard Market | ||
Liquidity Fund, 2.122% | 442,523 | 44,257 | |
Face | |||
Amount | |||
($000) | |||
U. S. Government and Agency Obligations (0.0%) | |||
4 | United States Treasury Bill, | ||
1.890%, 8/9/18 | 500 | 499 | |
United States Treasury Bill, | |||
1.941%, 9/27/18 | 100 | 99 | |
4 | United States Treasury Bill, | ||
2.078%, 11/15/18 | 2,000 | 1,985 | |
2,583 | |||
Total Temporary Cash Investments | |||
(Cost $46,838) | 46,840 | ||
Total Investments (100.0%) | |||
(Cost $14,770,514) | 17,953,415 | ||
Amount | |||
($000) | |||
Other Assets and Liabilities (0.0%) | |||
Other Assets | |||
Investment in Vanguard | 939 | ||
Receivables for Accrued Income | 25,405 | ||
Receivables for Capital Shares Issued | 11,733 | ||
Variation Margin Receivable— | |||
Futures Contracts | 44 | ||
Total Other Assets | 38,121 | ||
Liabilities | |||
Payables for Investment Securities | |||
Purchased | (15,110) | ||
Collateral for Securities on Loan | (6,190) | ||
Payables for Capital Shares Redeemed | (8,655) | ||
Payables to Vanguard | (3,295) | ||
Other Liabilities | (45) | ||
Total Liabilities | (33,295) | ||
Net Assets (100%) | 17,958,241 |
At June 30, 2018, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 15,526,492 |
Undistributed Net Investment Income | 8,094 |
Accumulated Net Realized Losses | (758,006) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 3,182,901 |
Futures Contracts | (1,240) |
Net Assets | 17,958,241 |
Investor Shares—Net Assets | |
Applicable to 14,509,028 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 630,759 |
Net Asset Value Per Share— | |
Investor Shares | $43.47 |
ETF Shares—Net Assets | |
Applicable to 79,381,871 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 8,765,387 |
Net Asset Value Per Share— | |
ETF Shares | $110.42 |
Admiral Shares—Net Assets | |
Applicable to 149,691,266 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 8,562,095 |
Net Asset Value Per Share— | |
Admiral Shares | $57.20 |
• 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 $5,695,000.
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 $6,190,000 of collateral received for securities
on loan.
4 Securities with a value of $2,161,000 have been segregated
as initial margin for open futures contracts.
71
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 500 Index | September 2018 | 203 | 27,624 | (657) |
E-mini S&P Mid-Cap 400 Index | September 2018 | 115 | 22,495 | (583) |
(1,240) |
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.
72
Mid-Cap Value Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 181,970 |
Interest1 | 282 |
Securities Lending—Net | 167 |
Total Income | 182,419 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,371 |
Management and Administrative—Investor Shares | 494 |
Management and Administrative—ETF Shares | 1,849 |
Management and Administrative—Admiral Shares | 1,891 |
Marketing and Distribution—Investor Shares | 69 |
Marketing and Distribution—ETF Shares | 199 |
Marketing and Distribution—Admiral Shares | 328 |
Custodian Fees | 25 |
Shareholders’ Reports—Investor Shares | 9 |
Shareholders’ Reports—ETF Shares | 252 |
Shareholders’ Reports—Admiral Shares | 53 |
Trustees’ Fees and Expenses | 6 |
Total Expenses | 6,546 |
Net Investment Income | 175,873 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 89,982 |
Futures Contracts | 1,453 |
Realized Net Gain (Loss) | 91,435 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (281,304) |
Futures Contracts | (1,394) |
Change in Unrealized Appreciation (Depreciation) | (282,698) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (15,390) |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $263,000, $6,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
73
Mid-Cap Value Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 175,873 | 308,836 |
Realized Net Gain (Loss) | 91,435 | 336,923 |
Change in Unrealized Appreciation (Depreciation) | (282,698) | 1,761,535 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (15,390) | 2,407,294 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (5,627) | (12,688) |
ETF Shares | (81,426) | (151,423) |
Admiral Shares | (80,037) | (143,932) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Total Distributions | (167,090) | (308,043) |
Capital Share Transactions | ||
Investor Shares | (45,918) | (76,973) |
ETF Shares | 497,974 | 944,390 |
Admiral Shares | 517,818 | 1,206,333 |
Net Increase (Decrease) from Capital Share Transactions | 969,874 | 2,073,750 |
Total Increase (Decrease) | 787,394 | 4,173,001 |
Net Assets | ||
Beginning of Period | 17,170,847 | 12,997,846 |
End of Period1 | 17,958,241 | 17,170,847 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $8,094,000 and ($689,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
74
Mid-Cap Value Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $43.89 | $38.24 | $33.86 | $35.19 | $31.38 | $23.16 |
Investment Operations | ||||||
Net Investment Income | . 4081 | .7711 | .675 | .658 | . 539 | . 441 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (.445) | 5.646 | 4.396 | (1.341) | 3.804 | 8.218 |
Total from Investment Operations | (.037) | 6.417 | 5.071 | (.683) | 4.343 | 8.659 |
Distributions | ||||||
Dividends from Net Investment Income | (. 383) | (.767) | (. 691) | (. 647) | (. 533) | (. 439) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 383) | (.767) | (. 691) | (. 647) | (. 533) | (. 439) |
Net Asset Value, End of Period | $43.47 | $43.89 | $38.24 | $33.86 | $35.19 | $31.38 |
Total Return2 | -0.09% | 16.91% | 15.11% | -1.91% | 13.84% | 37.42% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $631 | $682 | $666 | $588 | $628 | $640 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.19% | 0.19% | 0.19% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.95% | 1.92% | 2.02% | 2.01% | 1.86% | 1.80% |
Portfolio Turnover Rate 3 | 15% | 17% | 20% | 20% | 14% | 46% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
75
Mid-Cap Value Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $111.47 | $97.12 | $85.99 | $89.39 | $79.73 | $58.82 |
Investment Operations | ||||||
Net Investment Income | 1.1101 | 2.1161 | 1.822 | 1.785 | 1.504 | 1.232 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (1.118) | 14.306 | 11.170 | (3.427) | 9.647 | 20.901 |
Total from Investment Operations | (.008) | 16.422 | 12.992 | (1.642) | 11.151 | 22.133 |
Distributions | ||||||
Dividends from Net Investment Income | (1.042) | (2.072) | (1.862) | (1.758) | (1.491) | (1.223) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.042) | (2.072) | (1.862) | (1.758) | (1.491) | (1.223) |
Net Asset Value, End of Period | $110.42 | $111.47 | $97.12 | $85.99 | $89.39 | $79.73 |
Total Return | 0.00% | 17.05% | 15.26% | -1.80% | 13.98% | 37.65% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,765 | $8,355 | $6,383 | $4,351 | $3,407 | $2,256 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.07% | 2.04% | 2.14% | 2.13% | 2.00% | 1.95% |
Portfolio Turnover Rate2 | 15% | 17% | 20% | 20% | 14% | 46% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
76
Mid-Cap Value Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $57.74 | $50.31 | $44.54 | $46.30 | $41.30 | $30.47 |
Investment Operations | ||||||
Net Investment Income | . 5741 | 1.0961 | .942 | .924 | .780 | .638 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (.574) | 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 | (. 540) | (1.073) | (. 963) | (. 909) | (.774) | (. 634) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 540) | (1.073) | (. 963) | (. 909) | (.774) | (. 634) |
Net Asset Value, End of Period | $57.20 | $57.74 | $50.31 | $44.54 | $46.30 | $41.30 |
Total Return2 | -0.01% | 17.04% | 15.26% | -1.80% | 13.98% | 37.66% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,562 | $8,134 | $5,949 | $3,884 | $2,896 | $1,753 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.07% | 2.04% | 2.14% | 2.13% | 2.00% | 1.95% |
Portfolio Turnover Rate 3 | 15% | 17% | 20% | 20% | 14% | 46% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
77
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 six months ended June 30, 2018, 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.
78
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 for the period ended June 30, 2018, 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 before the opening of the market 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 June 30, 2018, 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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $939,000, representing 0.01% of the fund’s net assets and 0.38% 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 17,906,575 | — | — |
Temporary Cash Investments | 44,257 | 2,583 | — |
Futures Contracts—Assets1 | 44 | — | — |
Total | 17,950,876 | 2,583 | — |
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 six months ended June 30, 2018, the fund realized $204,906,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $14,770,514,000. Net unrealized appreciation of investment securities for tax purposes was $3,182,901,000, consisting of unrealized gains of $3,670,065,000 on securities that had risen in value since their purchase and $487,164,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $2,989,841,000 of investment securities and sold $2,008,893,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,059,515,000 and $663,912,000, 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 six months ended June 30, 2018, such purchases and sales were $578,450,000 and $276,013,000, 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:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 75,806 | 1,721 | 221,539 | 5,483 |
Issued in Lieu of Cash Distributions | 5,363 | 122 | 12,172 | 294 |
Redeemed | (127,087) | (2,879) | (310,684) | (7,643) |
Net Increase (Decrease)—Investor Shares | (45,918) | (1,036) | (76,973) | (1,866) |
ETF Shares | ||||
Issued | 1,168,042 | 10,433 | 2,246,697 | 21,601 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (670,068) | (6,000) | (1,302,307) | (12,375) |
Net Increase (Decrease)—ETF Shares | 497,974 | 4,433 | 944,390 | 9,226 |
Admiral Shares | ||||
Issued | 1,341,680 | 23,098 | 2,653,657 | 49,594 |
Issued in Lieu of Cash Distributions | 71,893 | 1,245 | 129,099 | 2,365 |
Redeemed | (895,755) | (15,511) | (1,576,423) | (29,360) |
Net Increase (Decrease)—Admiral Shares | 517,818 | 8,832 | 1,206,333 | 22,599 |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
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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 June 30, 2018 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
12/31/2017 | 6/30/2018 | Period | |
Based on Actual Fund Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,060.80 | $1.02 |
ETF Shares | 1,000.00 | 1,061.32 | 0.41 |
Admiral Shares | 1,000.00 | 1,061.42 | 0.41 |
Institutional Shares | 1,000.00 | 1,061.52 | 0.31 |
Institutional Plus Shares | 1,000.00 | 1,061.56 | 0.26 |
Institutional Select Shares | 1,000.00 | 1,061.76 | 0.10 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,025.23 | $0.85 |
ETF Shares | 1,000.00 | 1,025.86 | 0.25 |
Admiral Shares | 1,000.00 | 1,025.80 | 0.25 |
Institutional Shares | 1,000.00 | 1,025.62 | 0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.88 | 0.15 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,055.07 | $0.97 |
ETF Shares | 1,000.00 | 1,055.89 | 0.36 |
Admiral Shares | 1,000.00 | 1,055.74 | 0.36 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $999.09 | $0.94 |
ETF Shares | 1,000.00 | 999.96 | 0.35 |
Admiral Shares | 1,000.00 | 999.93 | 0.35 |
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Six Months Ended June 30, 2018 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
12/31/2017 | 6/30/2018 | Period | |
Based on Hypothetical 5% Yearly Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,023.80 | $1.00 |
ETF Shares | 1,000.00 | 1,024.40 | 0.40 |
Admiral Shares | 1,000.00 | 1,024.40 | 0.40 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Institutional Plus Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Select Shares | 1,000.00 | 1,024.70 | 0.10 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
ETF Shares | 1,000.00 | 1,024.55 | 0.25 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Shares | 1,000.00 | 1,024.60 | 0.20 |
Institutional Plus Shares | 1,000.00 | 1,024.65 | 0.15 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,023.85 | $0.95 |
ETF Shares | 1,000.00 | 1,024.45 | 0.35 |
Admiral Shares | 1,000.00 | 1,024.45 | 0.35 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,023.85 | $0.95 |
ETF Shares | 1,000.00 | 1,024.45 | 0.35 |
Admiral Shares | 1,000.00 | 1,024.45 | 0.35 |
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, 0.20% 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 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 (181/365).
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Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Extended Market Index Fund, Vanguard Mid-Cap Index Fund, Vanguard Mid-Cap Growth Index Fund, and Vanguard Mid-Cap Value Index Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that each advisory arrangement should continue. Information about each fund’s most recent performance can be found on the Performance Summary pages of this report.
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Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the funds’ at-cost arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
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Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (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 208 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 Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. 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 University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne 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.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its 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. 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 in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) 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 in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). 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 in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team | |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
Chris D. McIsaac | |
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. Standard & Poor’s® and S&P® are | |
Institutional Investor Services > 800-523-1036 | registered trademarks of Standard & Poor’s Financial |
Text Telephone for People | Services LLC (“S&P”); Dow Jones® is a registered |
Who Are Deaf or Hard of Hearing > 800-749-7273 | trademark of Dow Jones Trademark Holdings LLC |
(“Dow Jones”); S&P® and S&P 500® are trademarks | |
This material may be used in conjunction | of S&P; and these trademarks have been licensed for |
with the offering of shares of any Vanguard | use by SPDJI and sublicensed for certain purposes by |
fund only if preceded or accompanied by | Vanguard. Vanguard product(s) are not sponsored, |
endorsed, sold or promoted by SPDJI, Dow Jones, | |
the fund’s current prospectus. | S&P, or their respective affiliates and none of such |
All comparative mutual fund data are from Lipper, a | parties make any representation regarding the |
Thomson Reuters Company, or Morningstar, Inc., unless | advisability of investing in such product(s) nor do they |
otherwise noted. | have any liability for any errors, omissions, or |
interruptions of the index. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | Source for Bloomberg Barclays indexes: Bloomberg |
calling Vanguard at 800-662-2739. The guidelines are | Index Services Limited. Copyright 2018, Bloomberg. |
also available from the SEC’s website, sec.gov. In | All rights reserved. |
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. | |
Q982 082018 |
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/largecapindexx1x1.jpg)
Semiannual Report | June 30, 2018
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 |
CEO’s Perspective. | 3 |
Growth Index Fund. | 5 |
Value Index Fund. | 25 |
Large-Cap Index Fund. | 45 |
About Your Fund’s Expenses. | 68 |
Trustees Approve Advisory Arrangements. | 71 |
Glossary. | 73 |
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 were volatile during the first half of 2018. Concerns about monetary policy, trade tariffs, and rising inflation were countered by favorable job reports and corporate earnings. The U.S. Federal Reserve raised short-term interest rates twice.
• Returns ranged from –1.16% for Vanguard Value Index Fund to 7.08% for Vanguard Growth Index Fund. Vanguard Large-Cap Index Fund, which contains both growth and value stocks, returned 2.66%. (All returns are for Investor Shares.)
• All three funds closely tracked their target indexes. The Large-Cap Index Fund surpassed, the Value Index Fund matched, and the Growth Index Fund trailed the average returns of their peer groups.
• Large- and mid-capitalization stocks lagged their small-cap counterparts, and growth stocks outpaced value.
• For all three funds, technology stocks were the top contributors and telecommunications stocks had the lowest returns.
Total Returns: Six Months Ended June 30, 2018 | |
Total | |
Returns | |
Vanguard Growth Index Fund | |
Investor Shares | 7.08% |
ETF Shares | |
Market Price | 7.18 |
Net Asset Value | 7.16 |
Admiral™ Shares | 7.15 |
Institutional Shares | 7.15 |
CRSP US Large Cap Growth Index | 7.17 |
Large-Cap Growth Funds Average | 8.81 |
Large-Cap Growth Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Vanguard Value Index Fund | |
Investor Shares | -1.16% |
ETF Shares | |
Market Price | -1.08 |
Net Asset Value | -1.06 |
Admiral Shares | -1.07 |
Institutional Shares | -1.09 |
CRSP US Large Cap Value Index | -1.06 |
Large-Cap Value Funds Average | -1.16 |
Large-Cap Value Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
1
Total Returns: Six Months Ended June 30, 2018 | |
Total | |
Returns | |
Vanguard Large-Cap Index Fund | |
Investor Shares | 2.66% |
ETF Shares | |
Market Price | 2.73 |
Net Asset Value | 2.73 |
Admiral Shares | 2.73 |
Institutional Shares | 2.73 |
CRSP US Large Cap Index | 2.74 |
Large-Cap Core Funds Average | 1.75 |
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.
Expense Ratios | |||||
Your Fund Compared With Its Peer Group | |||||
Investor | ETF | Admiral | Institutional | Peer Group | |
Shares | Shares | Shares | Shares | Average | |
Growth Index Fund | 0.17% | 0.05% | 0.05% | 0.04% | 1.10% |
Value Index Fund | 0.17 | 0.05 | 0.05 | 0.04 | 1.04 |
Large-Cap Index Fund | 0.17 | 0.05 | 0.05 | 0.04 | 1.03 |
The fund expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the funds’ annualized 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 2017.
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.
2
CEO’s Perspective
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/largecapindexx5x1.jpg)
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
I feel extremely fortunate to have the chance to lead a company filled with people who come to work every day passionate about Vanguard’s core purpose: to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.
When I joined Vanguard in 1991, I found a mission-driven team focused on improving lives—helping people retire more comfortably, put their children through college, and achieve financial security. I also found a company with purpose in an industry ripe for improvement.
It was clear, even early in my career, that the cards were stacked against most investors. Hidden fees, performance-chasing, and poor advice were relentlessly eroding investors’ dreams.
We knew Vanguard could be different and, as a result, could make a real difference. We have lowered the costs of investing for our shareholders significantly. And we’re proud of the performance of our funds.
Vanguard is built for Vanguard investors—we focus solely on you, our fund shareholders. Everything we do is designed to give our clients the best chance for investment success. In my role as CEO, I’ll keep this priority
3
front and center. We’re proud of what we’ve achieved, but we’re even more excited about what’s to come.
Steady, time-tested guidance
Our guidance for investors, as always, is to stay the course, tune out the hyperbolic headlines, and focus on your goals and what you can control, such as costs and how much you save. This time-tested advice has served our clients well over the decades.
Regardless of how the markets perform in the short term, I’m incredibly optimistic about the future for our investors. We have a dedicated team serving you, and we will never stop striving to make Vanguard the best place for you to invest through our high-quality funds and services, advice and guidance to help you meet your financial goals, and an experience that makes you feel good about entrusting us with your hard-earned savings.
Thank you for your continued loyalty.
Sincerely,
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/largecapindexx6x1.jpg)
Mortimer J. Buckley
President and Chief Executive Officer
July 13, 2018
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2018 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 2.85% | 14.54% | 13.37% |
Russell 2000 Index (Small-caps) | 7.66 | 17.57 | 12.46 |
Russell 3000 Index (Broad U.S. market) | 3.22 | 14.78 | 13.29 |
FTSE All-World ex US Index (International) | -3.83 | 7.28 | 6.35 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | -1.62% | -0.40% | 2.27% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | -0.25 | 1.56 | 3.53 |
FTSE Three-Month U. S. Treasury Bill Index | 0.78 | 1.33 | 0.38 |
CPI | |||
Consumer Price Index | 2.22% | 2.87% | 1.54% |
4
Growth Index Fund
Fund Profile
As of June 30, 2018
Share-Class Characteristics | ||||
Investor | Admiral | Institutional | ||
Shares | ETF Shares | Shares | Shares | |
Ticker Symbol | VIGRX | VUG | VIGAX | VIGIX |
Expense Ratio1 | 0.17% | 0.05% | 0.05% | 0.04% |
30-Day SEC Yield | 1.07% | 1.19% | 1.19% | 1.20% |
Portfolio Characteristics | |||
CRSP US | DJ | ||
Large Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 306 | 304 | 3,779 |
Median Market Cap | $92.9B | $92.9B | $64.0B |
Price/Earnings Ratio | 26.7x | 26.7x | 20.7x |
Price/Book Ratio | 5.7x | 5.7x | 3.0x |
Return on Equity | 18.4% | 18.4% | 15.0% |
Earnings Growth Rate | 13.6% | 13.5% | 8.3% |
Dividend Yield | 1.1% | 1.1% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 10% | — | — |
Short-Term Reserves | 0.0% | — | — |
Sector Diversification (% of equity exposure) | |||
CRSP US | DJ | ||
Large Cap | U.S. Total | ||
Growth | Market | ||
Fund | Index | FA Index | |
Basic Materials | 1.1% | 1.1% | 2.5% |
Consumer Goods | 7.1 | 7.1 | 8.1 |
Consumer Services | 20.6 | 20.6 | 13.3 |
Financials | 13.2 | 13.2 | 19.9 |
Health Care | 11.0 | 11.0 | 12.6 |
Industrials | 14.2 | 14.2 | 12.7 |
Oil & Gas | 4.0 | 4.0 | 6.1 |
Technology | 28.6 | 28.6 | 20.1 |
Telecommunications | 0.2 | 0.2 | 1.8 |
Utilities | 0.0 | 0.0 | 2.9 |
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 | ||
DJ | ||
CRSP US | U.S. Total | |
Large Cap | Market | |
Growth Index | FA Index | |
R-Squared | 1.00 | 0.89 |
Beta | 1.00 | 1.05 |
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% |
Amazon.com Inc. | Broadline Retailers | 6.1 |
Alphabet Inc. | Internet | 5.9 |
Facebook Inc. | Internet | 4.1 |
Visa Inc. | Consumer Finance | 2.1 |
Home Depot Inc. | Home Improvement | |
Retailers | 2.0 | |
Boeing Co. | Aerospace | 1.7 |
Mastercard Inc. | Consumer Finance | 1.6 |
Netflix Inc. | Specialty Retailers | 1.4 |
Comcast Corp. | Broadcasting & | |
Entertainment | 1.3 | |
Top Ten | 33.4% | |
The holdings listed exclude any temporary cash investments and equity index products. |
1 The expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the annualized expense ratios were 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for
Admiral Shares, and 0.04% for Institutional Shares.
5
Growth Index Fund
Investment Focus
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/largecapindexx8x1.jpg)
6
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/largecapindexx9x1.jpg)
For a benchmark description, see the Glossary.
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 11/2/1992 | 19.20% | 15.19% | 11.02% |
ETF Shares | 1/26/2004 | |||
Market Price | 19.37 | 15.36 | 11.18 | |
Net Asset Value | 19.34 | 15.35 | 11.18 | |
Admiral Shares | 11/13/2000 | 19.34 | 15.34 | 11.17 |
Institutional Shares | 5/14/1998 | 19.35 | 15.36 | 11.19 |
See Financial Highlights for dividend and capital gains information.
7
Growth Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2018
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 (1.2%) | |||
Praxair Inc. | 2,029,863 | 321,023 | |
Ecolab Inc. | 1,834,251 | 257,400 | |
FMC Corp. | 950,068 | 84,756 | |
Albemarle Corp. | 782,296 | 73,794 | |
International Flavors & | |||
Fragrances Inc. | 557,539 | 69,113 | |
* | Axalta Coating Systems | ||
Ltd. | 1,559,227 | 47,260 | |
CF Industries Holdings | |||
Inc. | 823,255 | 36,552 | |
Steel Dynamics Inc. | 790,082 | 36,304 | |
926,202 | |||
Consumer Goods (7.1%) | |||
Philip Morris International | |||
Inc. | 10,979,526 | 886,487 | |
NIKE Inc. Class B | 9,059,952 | 721,897 | |
Colgate-Palmolive Co. | 6,161,259 | 399,311 | |
Activision Blizzard Inc. | 5,107,771 | 389,825 | |
Altria Group Inc. | 6,684,039 | 379,587 | |
*,^ | Tesla Inc. | 899,492 | 308,481 |
* | Electronic Arts Inc. | 2,167,258 | 305,627 |
Kraft Heinz Co. | 4,305,789 | 270,490 | |
Constellation Brands Inc. | |||
Class A | 1,127,750 | 246,831 | |
Estee Lauder Cos. Inc. | |||
Class A | 1,582,165 | 225,759 | |
* | Monster Beverage Corp. | 2,980,931 | 170,807 |
McCormick & Co. Inc. | 856,661 | 99,450 | |
Brown-Forman Corp. | |||
Class B | 1,978,897 | 96,986 | |
* | Mohawk Industries Inc. | 447,880 | 95,967 |
* | Take-Two Interactive | ||
Software Inc. | 807,888 | 95,622 | |
Hershey Co. | 997,470 | 92,825 | |
Church & Dwight Co. | |||
Inc. | 1,728,435 | 91,884 | |
* | Lululemon Athletica Inc. | 711,371 | 88,815 |
Stanley Black & Decker | |||
Inc. | 545,625 | 72,464 | |
* | NVR Inc. | 24,279 | 72,117 |
* | LKQ Corp. | 2,078,104 | 66,291 |
Snap-on Inc. | 399,752 | 64,248 | |
Clorox Co. | 457,346 | 61,856 | |
Lennar Corp. Class A | 1,018,412 | 53,467 | |
DR Horton Inc. | 1,266,244 | 51,916 | |
Polaris Industries Inc. | 423,703 | 51,768 | |
Tapestry Inc. | 1,015,575 | 47,437 | |
Coty Inc. Class A | 3,180,656 | 44,847 | |
* | WABCO Holdings Inc. | 378,574 | 44,301 |
Hormel Foods Corp. | 935,058 | 34,793 | |
*,^ | Under Armour Inc. | ||
Class A | 1,309,296 | 29,433 | |
*,^ | Under Armour Inc. | 1,354,235 | 28,547 |
Lennar Corp. Class B | 51,376 | 2,193 | |
Coca-Cola Co. | 886 | 39 | |
Newell Brands Inc. | 369 | 9 | |
5,692,377 | |||
Consumer Services (20.6%) | |||
* | Amazon.com Inc. | 2,913,191 | 4,951,842 |
Home Depot Inc. | 8,147,742 | 1,589,624 | |
* | Netflix Inc. | 2,916,842 | 1,141,739 |
Comcast Corp. Class A | 32,436,013 | 1,064,226 | |
Walt Disney Co. | 10,001,553 | 1,048,263 | |
McDonald’s Corp. | 5,545,879 | 868,984 | |
* | Booking Holdings Inc. | 340,270 | 689,758 |
Costco Wholesale Corp. | 3,099,502 | 647,734 | |
Lowe’s Cos. Inc. | 5,540,991 | 529,552 | |
Starbucks Corp. | 9,259,956 | 452,349 | |
TJX Cos. Inc. | 4,206,757 | 400,399 | |
* | Charter Communications | ||
Inc. Class A | 1,174,114 | 344,262 | |
Marriott International Inc. | |||
Class A | 1,871,989 | 236,994 | |
Ross Stores Inc. | 2,674,433 | 226,658 | |
Southwest Airlines Co. | 3,686,126 | 187,550 | |
Dollar General Corp. | 1,896,918 | 187,036 | |
Yum! Brands Inc. | 2,283,147 | 178,588 |
8
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Hilton Worldwide | |||
Holdings Inc. | 2,113,866 | 167,334 | |
* | O’Reilly Automotive Inc. | 578,600 | 158,288 |
* | Dollar Tree Inc. | 1,679,352 | 142,745 |
* | AutoZone Inc. | 190,012 | 127,485 |
Royal Caribbean Cruises | |||
Ltd. | 1,196,486 | 123,956 | |
Wynn Resorts Ltd. | 689,833 | 115,437 | |
Expedia Group Inc. | 873,105 | 104,938 | |
MGM Resorts | |||
International | 3,539,455 | 102,750 | |
* | Ulta Beauty Inc. | 406,035 | 94,793 |
Carnival Corp. | 1,415,332 | 81,113 | |
* | Chipotle Mexican Grill | ||
Inc. Class A | 176,709 | 76,227 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 1,428,281 | 67,486 | |
Tractor Supply Co. | 862,067 | 65,939 | |
Tiffany & Co. | 416,782 | 54,849 | |
FactSet Research | |||
Systems Inc. | 274,595 | 54,397 | |
^ | Sirius XM Holdings Inc. | 7,908,669 | 53,542 |
* | CarMax Inc. | 628,847 | 45,824 |
Domino’s Pizza Inc. | 149,321 | 42,134 | |
Wyndham Hotels & | |||
Resorts Inc. | 704,767 | 41,461 | |
* | Copart Inc. | 695,350 | 39,329 |
Hyatt Hotels Corp. | |||
Class A | 295,397 | 22,790 | |
* | TripAdvisor Inc. | 374,045 | 20,838 |
Rollins Inc. | 346,150 | 18,201 | |
Wyndham Destinations | |||
Inc. | 176,446 | 7,811 | |
16,575,225 | |||
Financials (13.1%) | |||
Visa Inc. Class A | 12,616,008 | 1,670,990 | |
Mastercard Inc. Class A | 6,548,897 | 1,286,989 | |
American Tower Corp. | 3,119,528 | 449,742 | |
Charles Schwab Corp. | 8,576,704 | 438,270 | |
BlackRock Inc. | 791,932 | 395,206 | |
Simon Property Group | |||
Inc. | 2,187,406 | 372,275 | |
S&P Global Inc. | 1,775,106 | 361,926 | |
Crown Castle | |||
International Corp. | 2,929,985 | 315,911 | |
Intercontinental | |||
Exchange Inc. | 4,091,389 | 300,922 | |
Marsh & McLennan | |||
Cos. Inc. | 3,590,754 | 294,334 | |
Prologis Inc. | 3,758,928 | 246,924 | |
Equinix Inc. | 561,343 | 241,316 | |
Public Storage | 1,046,008 | 237,297 | |
Aon plc | 1,727,249 | 236,927 | |
Moody’s Corp. | 1,152,547 | 196,578 | |
Weyerhaeuser Co. | 5,349,352 | 195,037 |
T. Rowe Price Group Inc. | 1,624,914 | 188,636 | ||
AvalonBay Communities | ||||
Inc. | 976,429 | 167,838 | ||
Digital Realty Trust Inc. | 1,454,694 | 162,315 | ||
Boston Properties Inc. | 1,090,298 | 136,745 | ||
* | SBA Communications | |||
Corp. Class A | 813,616 | 134,344 | ||
* | IHS Markit Ltd. | 2,541,740 | 131,128 | |
* | E*TRADE Financial Corp. | 1,864,024 | 114,004 | |
Essex Property Trust Inc. | 466,519 | 111,531 | ||
First Republic Bank | 1,142,834 | 110,615 | ||
TD Ameritrade Holding | ||||
Corp. | 2,003,965 | 109,757 | ||
* | CBRE Group Inc. Class A | 2,279,458 | 108,821 | |
Realty Income Corp. | 2,008,746 | 108,050 | ||
* | SVB Financial Group | 373,925 | 107,975 | |
Equifax Inc. | 849,582 | 106,291 | ||
MSCI Inc. Class A | 634,852 | 105,024 | ||
* | Markel Corp. | 93,198 | 101,059 | |
Alexandria Real Estate | ||||
Equities Inc. | 727,358 | 91,771 | ||
Vornado Realty Trust | 1,208,854 | 89,359 | ||
Extra Space Storage Inc. | 846,166 | 84,456 | ||
Arthur J Gallagher & Co. | 1,286,152 | 83,960 | ||
Cboe Global Markets Inc. | 794,536 | 82,687 | ||
Welltower Inc. | 1,312,150 | 82,259 | ||
Mid-America Apartment | ||||
Communities Inc. | 803,729 | 80,911 | ||
Ventas Inc. | 1,258,403 | 71,666 | ||
UDR Inc. | 1,890,177 | 70,957 | ||
Iron Mountain Inc. | 2,019,362 | 70,698 | ||
Regency Centers Corp. | 1,076,964 | 66,858 | ||
Federal Realty | ||||
Investment Trust | 517,179 | 65,449 | ||
SL Green Realty Corp. | 624,657 | 62,797 | ||
SEI Investments Co. | 1,003,567 | 62,743 | ||
Comerica Inc. | 606,904 | 55,180 | ||
* | Black Knight Inc. | 1,002,572 | 53,688 | |
Invitation Homes Inc. | 2,019,122 | 46,561 | ||
Raymond James | ||||
Financial Inc. | 463,621 | 41,425 | ||
Interactive Brokers Group | ||||
Inc. | 478,677 | 30,832 | ||
Camden Property Trust | 328,612 | 29,946 | ||
Jones Lang LaSalle Inc. | 160,230 | 26,597 | ||
10,595,577 | ||||
Health Care (11.0%) | ||||
AbbVie Inc. | 10,703,854 | 991,712 | ||
Medtronic plc | 9,573,070 | 819,551 | ||
Bristol-Myers Squibb Co. | 11,544,978 | 638,899 | ||
Thermo Fisher Scientific | ||||
Inc. | 2,841,696 | 588,629 | ||
Becton Dickinson and | ||||
Co. | 1,887,249 | 452,109 | ||
* | Biogen Inc. | 1,490,313 | 432,548 |
9
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Celgene Corp. | 5,119,363 | 406,580 |
* | Intuitive Surgical Inc. | 800,217 | 382,888 |
Stryker Corp. | 2,111,667 | 356,576 | |
* | Boston Scientific Corp. | 9,745,763 | 318,687 |
* | Vertex Pharmaceuticals | ||
Inc. | 1,799,984 | 305,925 | |
Zoetis Inc. | 3,417,704 | 291,154 | |
* | Illumina Inc. | 1,038,305 | 289,988 |
* | Edwards Lifesciences | ||
Corp. | 1,488,796 | 216,724 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 561,498 | 193,711 | |
* | Alexion Pharmaceuticals | ||
Inc. | 1,493,726 | 185,446 | |
* | Align Technology Inc. | 538,077 | 184,098 |
* | Centene Corp. | 1,377,484 | 169,720 |
* | IDEXX Laboratories Inc. | 613,551 | 133,717 |
Baxter International Inc. | 1,804,359 | 133,234 | |
* | Laboratory Corp. of | ||
America Holdings | 722,632 | 129,734 | |
* | ABIOMED Inc. | 297,996 | 121,895 |
* | IQVIA Holdings Inc. | 1,218,728 | 121,653 |
* | BioMarin Pharmaceutical | ||
Inc. | 1,247,344 | 117,500 | |
ResMed Inc. | 1,008,172 | 104,427 | |
* | Waters Corp. | 525,707 | 101,772 |
Teleflex Inc. | 321,395 | 86,201 | |
* | Incyte Corp. | 1,272,560 | 85,262 |
Cooper Cos. Inc. | 346,241 | 81,522 | |
* | Henry Schein Inc. | 1,087,927 | 79,027 |
* | Varian Medical Systems | ||
Inc. | 646,294 | 73,497 | |
* | Jazz Pharmaceuticals plc | 402,594 | 69,367 |
* | Alnylam Pharmaceuticals | ||
Inc. | 639,906 | 63,024 | |
* | Nektar Therapeutics | ||
Class A | 1,209,674 | 59,068 | |
* | Alkermes plc | 1,095,049 | 45,072 |
Universal Health Services | |||
Inc. Class B | 307,759 | 34,297 | |
* | Seattle Genetics Inc. | 363,201 | 24,113 |
8,889,327 | |||
Industrials (14.1%) | |||
Boeing Co. | 4,114,926 | 1,380,599 | |
3M Co. | 4,193,300 | 824,906 | |
Union Pacific Corp. | 5,440,612 | 770,826 | |
Accenture plc Class A | 4,542,269 | 743,070 | |
* | PayPal Holdings Inc. | 7,967,500 | 663,454 |
United Parcel Service Inc. | |||
Class B | 4,870,660 | 517,410 | |
Lockheed Martin Corp. | 1,714,264 | 506,445 | |
Automatic Data | |||
Processing Inc. | 2,955,951 | 396,511 |
Fidelity National | |||
Information Services | |||
Inc. | 2,338,142 | 247,913 | |
Sherwin-Williams Co. | 594,717 | 242,389 | |
Danaher Corp. | 2,220,353 | 219,104 | |
* | Fiserv Inc. | 2,892,183 | 214,282 |
Roper Technologies Inc. | 728,762 | 201,073 | |
FedEx Corp. | 849,433 | 192,872 | |
Amphenol Corp. Class A | 2,129,621 | 185,596 | |
* | Worldpay Inc. Class A | 2,100,770 | 171,801 |
Fortive Corp. | 2,215,789 | 170,859 | |
Rockwell Collins Inc. | 1,160,073 | 156,239 | |
Paychex Inc. | 2,285,200 | 156,193 | |
Illinois Tool Works Inc. | 1,077,388 | 149,261 | |
Rockwell Automation Inc. | 887,044 | 147,453 | |
Agilent Technologies Inc. | 2,274,315 | 140,644 | |
Waste Connections Inc. | 1,860,949 | 140,092 | |
* | FleetCor Technologies | ||
Inc. | 633,158 | 133,375 | |
Global Payments Inc. | 1,126,861 | 125,634 | |
Vulcan Materials Co. | 933,762 | 120,511 | |
* | Verisk Analytics Inc. | ||
Class A | 1,108,849 | 119,357 | |
AMETEK Inc. | 1,635,653 | 118,029 | |
TransDigm Group Inc. | 333,295 | 115,033 | |
Cintas Corp. | 603,001 | 111,597 | |
* | CoStar Group Inc. | 257,194 | 106,126 |
* | Mettler-Toledo | ||
International Inc. | 179,327 | 103,764 | |
Martin Marietta | |||
Materials Inc. | 443,737 | 99,100 | |
Total System Services | |||
Inc. | 1,158,896 | 97,950 | |
Fastenal Co. | 2,031,686 | 97,785 | |
Broadridge Financial | |||
Solutions Inc. | 832,059 | 95,770 | |
Expeditors International | |||
of Washington Inc. | 1,233,796 | 90,190 | |
Xylem Inc. | 1,270,751 | 85,623 | |
* | XPO Logistics Inc. | 851,470 | 85,300 |
CH Robinson Worldwide | |||
Inc. | 983,472 | 82,277 | |
Masco Corp. | 2,193,065 | 82,064 | |
Kansas City Southern | 724,704 | 76,790 | |
JB Hunt Transport | |||
Services Inc. | 620,189 | 75,384 | |
Packaging Corp. of | |||
America | 665,858 | 74,436 | |
Huntington Ingalls | |||
Industries Inc. | 314,339 | 68,146 | |
Wabtec Corp. | 612,010 | 60,332 | |
* | Trimble Inc. | 1,760,282 | 57,808 |
* | Sensata Technologies | ||
Holding plc | 1,210,671 | 57,604 |
10
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Fortune Brands Home | |||
& Security Inc. | 1,030,736 | 55,340 | |
* | IPG Photonics Corp. | 246,476 | 54,380 |
Robert Half International | |||
Inc. | 829,030 | 53,970 | |
TransUnion | 648,770 | 46,478 | |
* | United Rentals Inc. | 295,240 | 43,583 |
Hubbell Inc. Class B | 387,502 | 40,974 | |
Alliance Data Systems | |||
Corp. | 166,576 | 38,846 | |
Old Dominion Freight | |||
Line Inc. | 246,372 | 36,700 | |
AO Smith Corp. | 513,910 | 30,398 | |
Cognex Corp. | 579,143 | 25,836 | |
FLIR Systems Inc. | 484,601 | 25,185 | |
Owens Corning | 390,948 | 24,774 | |
Sealed Air Corp. | 569,160 | 24,161 | |
Acuity Brands Inc. | 145,039 | 16,806 | |
11,396,408 | |||
Oil & Gas (4.0%) | |||
Schlumberger Ltd. | 9,784,131 | 655,830 | |
EOG Resources Inc. | 4,089,091 | 508,806 | |
Occidental Petroleum | |||
Corp. | 5,409,398 | 452,658 | |
Anadarko Petroleum | |||
Corp. | 3,638,738 | 266,538 | |
Pioneer Natural | |||
Resources Co. | 1,203,942 | 227,834 | |
* | Concho Resources Inc. | 1,052,929 | 145,673 |
Halliburton Co. | 2,938,707 | 132,418 | |
Noble Energy Inc. | 3,421,766 | 120,720 | |
ONEOK Inc. | 1,450,657 | 101,299 | |
* | Cheniere Energy Inc. | 1,489,614 | 97,108 |
Diamondback Energy Inc. | 695,939 | 91,565 | |
Cabot Oil & Gas Corp. | 3,189,164 | 75,902 | |
Cimarex Energy Co. | 674,048 | 68,578 | |
Apache Corp. | 1,347,773 | 63,008 | |
EQT Corp. | 939,171 | 51,823 | |
* | Continental Resources | ||
Inc. | 664,046 | 43,004 | |
Targa Resources Corp. | 736,463 | 36,447 | |
* | Antero Resources Corp. | 1,676,693 | 35,797 |
Helmerich & Payne Inc. | 182,381 | 11,629 | |
3,186,637 | |||
Technology (28.6%) | |||
Apple Inc. | 31,245,236 | 5,783,806 | |
* | Facebook Inc. Class A | 16,941,966 | 3,292,163 |
* | Alphabet Inc. Class A | 2,109,078 | 2,381,550 |
* | Alphabet Inc. Class C | 2,095,411 | 2,337,745 |
NVIDIA Corp. | 3,858,634 | 914,110 | |
* | Adobe Systems Inc. | 3,478,463 | 848,084 |
Texas Instruments Inc. | 6,914,082 | 762,278 | |
Broadcom Inc. | 2,901,217 | 703,951 | |
* | salesforce.com Inc. | 4,984,736 | 679,918 |
* | Micron Technology Inc. | 8,191,721 | 429,574 |
Intuit Inc. | 1,721,782 | 351,769 | |
Applied Materials Inc. | 7,421,215 | 342,786 | |
Cognizant Technology | |||
Solutions Corp. Class A | 4,138,380 | 326,891 | |
Analog Devices Inc. | 2,612,182 | 250,560 | |
* | ServiceNow Inc. | 1,248,071 | 215,255 |
* | Twitter Inc. | 4,786,305 | 209,018 |
* | Autodesk Inc. | 1,547,983 | 202,925 |
Lam Research Corp. | 1,159,094 | 200,349 | |
* | Red Hat Inc. | 1,255,200 | 168,661 |
Microchip Technology | |||
Inc. | 1,661,071 | 151,074 | |
* | Cerner Corp. | 2,226,447 | 133,119 |
* | Palo Alto Networks Inc. | 616,314 | 126,634 |
* | Workday Inc. Class A | 1,032,477 | 125,054 |
Skyworks Solutions Inc. | 1,286,123 | 124,304 | |
Harris Corp. | 838,602 | 121,212 | |
* | Square Inc. | 1,945,311 | 119,909 |
Xilinx Inc. | 1,789,892 | 116,808 | |
Maxim Integrated | |||
Products Inc. | 1,975,458 | 115,880 | |
KLA-Tencor Corp. | 1,100,961 | 112,882 | |
* | VeriSign Inc. | 783,094 | 107,613 |
* | ANSYS Inc. | 593,432 | 103,364 |
* | Splunk Inc. | 1,024,005 | 101,489 |
* | Advanced Micro Devices | ||
Inc. | 6,499,190 | 97,423 | |
* | Citrix Systems Inc. | 909,347 | 95,336 |
* | Arista Networks Inc. | 367,759 | 94,694 |
* | Cadence Design | ||
Systems Inc. | 1,991,097 | 86,234 | |
* | Akamai Technologies Inc. | 1,146,303 | 83,944 |
* | IAC/InterActiveCorp | 549,706 | 83,825 |
* | Gartner Inc. | 612,187 | 81,360 |
* | VMware Inc. Class A | 520,551 | 76,505 |
* | F5 Networks Inc. | 431,647 | 74,437 |
* | Qorvo Inc. | 893,465 | 71,629 |
CDK Global Inc. | 929,586 | 60,470 | |
*,^ | Snap Inc. | 3,668,677 | 48,023 |
LogMeIn Inc. | 368,744 | 38,073 | |
SS&C Technologies | |||
Holdings Inc. | 713,554 | 37,033 | |
* | GoDaddy Inc. Class A | 498,252 | 35,177 |
* | Dropbox Inc. Class A | 390,400 | 12,657 |
*,^ | Match Group Inc. | 177,161 | 6,863 |
23,044,418 | |||
Telecommunications (0.2%) | |||
* | T-Mobile US Inc. | 2,096,237 | 125,250 |
* | Zayo Group Holdings Inc. | 1,492,237 | 54,437 |
179,687 | |||
Total Common Stocks | |||
(Cost $46,742,651) | 80,485,858 |
11
Growth Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Temporary Cash Investments (0.4%)1 | |||
Money Market Fund (0.4%) | |||
2,3 | Vanguard Market Liquidity | ||
Fund, 2.122% | 3,253,902 | 325,423 | |
Face | |||
Amount | |||
($000) | |||
U. S. Government and Agency Obligations (0.0%) | |||
4 | United States Treasury | ||
Bill, 1.986%, 10/18/18 | 5,500 | 5,468 | |
4 | United States Treasury | ||
Bill, 2.027%, 11/15/18 | 2,000 | 1,985 | |
7,453 | |||
Total Temporary Cash Investments | |||
(Cost $332,817) | 332,876 | ||
Total Investments (100.3%) | |||
(Cost $47,075,468) | 80,818,734 | ||
Amount | |||
($000) | |||
Other Assets and Liabilities (-0.3%) | |||
Other Assets | |||
Investment in Vanguard | 4,219 | ||
Receivables for Accrued Income | 53,409 | ||
Receivables for Capital Shares Issued | 71,564 | ||
Variation Margin Receivable— | |||
Futures Contracts | 103 | ||
Total Other Assets | 129,295 | ||
Liabilities | |||
Payables for Investment Securities | |||
Purchased | (45,265) | ||
Collateral for Securities on Loan | (235,181) | ||
Payables for Capital Shares Redeemed | (39,575) | ||
Payables for Distributions | (1) | ||
Payables to Vanguard | (25,027) | ||
Other Liabilities | (30) | ||
Total Liabilities | (345,079) | ||
Net Assets (100%) | 80,602,950 |
At June 30, 2018, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 48,214,393 |
Undistributed Net Investment Income | 2,502 |
Accumulated Net Realized Losses | (1,354,183) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 33,743,266 |
Futures Contracts | (3,028) |
Net Assets | 80,602,950 |
Investor Shares—Net Assets | |
Applicable to 41,227,695 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 3,179,888 |
Net Asset Value Per Share— | |
Investor Shares | $77.13 |
ETF Shares—Net Assets | |
Applicable to 236,257,996 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 35,395,527 |
Net Asset Value Per Share— | |
ETF Shares | $149.82 |
Admiral Shares—Net Assets | |
Applicable to 367,312,886 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 28,326,275 |
Net Asset Value Per Share— | |
Admiral Shares | $77.12 |
12
Growth Index Fund
Amount | |
($000) | |
Institutional Shares—Net Assets | |
Applicable to 177,657,840 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 13,701,260 |
Net Asset Value Per Share— | |
Institutional Shares | $77.12 |
• 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 $225,208,000.
1 The fund invests a portion of its cash reserves in equity
markets through the use of index futures contracts. After
giving effect to futures investments, the fund’s effective
common stock and temporary cash investment positions
represent 100.0% and 0.3%, respectively, of net assets.
2 Affiliated money market fund available only to Vanguard funds
and certain trusts and accounts managed by Vanguard. Rate
shown is the 7-day yield.
3 Includes $235,181,000 of collateral received for securities
on loan.
4 Securities with a value of $5,766,000 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 | September 2018 | 982 | 133,631 | (3,028) |
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.
13
Growth Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 453,383 |
Interest1 | 1,052 |
Securities Lending—Net | 2,979 |
Total Income | 457,414 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,049 |
Management and Administrative—Investor Shares | 2,370 |
Management and Administrative—ETF Shares | 6,216 |
Management and Administrative—Admiral Shares | 4,972 |
Management and Administrative—Institutional Shares | 2,057 |
Marketing and Distribution—Investor Shares | 267 |
Marketing and Distribution—ETF Shares | 693 |
Marketing and Distribution—Admiral Shares | 910 |
Marketing and Distribution—Institutional Shares | 131 |
Custodian Fees | 239 |
Shareholders’ Reports—Investor Shares | 30 |
Shareholders’ Reports—ETF Shares | 407 |
Shareholders’ Reports—Admiral Shares | 95 |
Shareholders’ Reports—Institutional Shares | 37 |
Trustees’ Fees and Expenses | 27 |
Total Expenses | 20,500 |
Net Investment Income | 436,914 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 994,404 |
Futures Contracts | 59 |
Realized Net Gain (Loss) | 994,463 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 3,896,165 |
Futures Contracts | (3,849) |
Change in Unrealized Appreciation (Depreciation) | 3,892,316 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,323,693 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $980,000, ($17,000), and $48,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
14
Growth Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 436,914 | 817,270 |
Realized Net Gain (Loss) | 994,463 | 2,678,539 |
Change in Unrealized Appreciation (Depreciation) | 3,892,316 | 11,974,496 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,323,693 | 15,470,305 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (15,071) | (36,010) |
ETF Shares | (180,554) | (350,060) |
Admiral Shares | (146,068) | (286,472) |
Institutional Shares | (70,953) | (144,292) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (412,646) | (816,834) |
Capital Share Transactions | ||
Investor Shares | (237,741) | (467,007) |
ETF Shares | 1,844,547 | 2,142,821 |
Admiral Shares | 590,644 | 2,282,546 |
Institutional Shares | 377,799 | 176,388 |
Net Increase (Decrease) from Capital Share Transactions | 2,575,249 | 4,134,748 |
Total Increase (Decrease) | 7,486,296 | 18,788,219 |
Net Assets | ||
Beginning of Period | 73,116,654 | 54,328,435 |
End of Period1 | 80,602,950 | 73,116,654 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $2,502,000 and ($21,766,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
15
Growth Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $72.36 | $57.32 | $54.78 | $53.71 | $47.87 | $36.65 |
Investment Operations | ||||||
Net Investment Income | . 3811 | .7501 | .720 | . 652 | .579 | .508 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.744 | 15.037 | 2.548 | 1.054 | 5.837 | 11.219 |
Total from Investment Operations | 5.125 | 15.787 | 3.268 | 1.706 | 6.416 | 11.727 |
Distributions | ||||||
Dividends from Net Investment Income | (. 355) | (.747) | (.728) | (. 636) | (. 576) | (. 507) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 355) | (.747) | (.728) | (. 636) | (. 576) | (. 507) |
Net Asset Value, End of Period | $77.13 | $72.36 | $57.32 | $54.78 | $53.71 | $47.87 |
Total Return2 | 7.08% | 27.65% | 5.99% | 3.17% | 13.47% | 32.16% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,180 | $3,210 | $2,938 | $3,038 | $3,270 | $3,630 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.17% | 0.17% | 0.18% | 0.22% | 0.23% | 0.24% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.05% | 1.15% | 1.31% | 1.20% | 1.17% | 1.22% |
Portfolio Turnover Rate 3 | 10% | 8% | 11% | 9% | 9% | 32% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
16
Growth Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $140.55 | $111.33 | $106.40 | $104.33 | $92.99 | $71.19 |
Investment Operations | ||||||
Net Investment Income | . 8311 | 1.6261 | 1.528 | 1.420 | 1.268 | 1.112 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 9.218 | 29.200 | 4.949 | 2.038 | 11.332 | 21.798 |
Total from Investment Operations | 10.049 | 30.826 | 6.477 | 3.458 | 12.600 | 22.910 |
Distributions | ||||||
Dividends from Net Investment Income | (.779) | (1.606) | (1.547) | (1.388) | (1.260) | (1.110) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.779) | (1.606) | (1.547) | (1.388) | (1.260) | (1.110) |
Net Asset Value, End of Period | $149.82 | $140.55 | $111.33 | $106.40 | $104.33 | $92.99 |
Total Return | 7.16% | 27.80% | 6.13% | 3.32% | 13.62% | 32.38% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $35,396 | $31,399 | $23,040 | $20,706 | $17,340 | $13,265 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.17% | 1.27% | 1.43% | 1.34% | 1.31% | 1.37% |
Portfolio Turnover Rate2 | 10% | 8% | 11% | 9% | 9% | 32% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
17
Growth Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $72.35 | $57.31 | $54.77 | $53.71 | $47.87 | $36.64 |
Investment Operations | ||||||
Net Investment Income | . 4261 | .8361 | .786 | .731 | .653 | .572 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.745 | 15.032 | 2.550 | 1.044 | 5.836 | 11.229 |
Total from Investment Operations | 5.171 | 15.868 | 3.336 | 1.775 | 6.489 | 11.801 |
Distributions | ||||||
Dividends from Net Investment Income | (. 401) | (. 828) | (.796) | (.715) | (. 649) | (. 571) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 401) | (. 828) | (.796) | (.715) | (. 649) | (. 571) |
Net Asset Value, End of Period | $77.12 | $72.35 | $57.31 | $54.77 | $53.71 | $47.87 |
Total Return2 | 7.15% | 27.80% | 6.12% | 3.30% | 13.63% | 32.40% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $28,326 | $26,013 | $18,617 | $16,777 | $14,907 | $7,903 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.17% | 1.27% | 1.43% | 1.34% | 1.31% | 1.37% |
Portfolio Turnover Rate 3 | 10% | 8% | 11% | 9% | 9% | 32% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
18
Growth Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $72.35 | $57.31 | $54.77 | $53.70 | $47.87 | $36.64 |
Investment Operations | ||||||
Net Investment Income | . 4301 | .8411 | .792 | .737 | .657 | .576 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.744 | 15.032 | 2.549 | 1.053 | 5.826 | 11.229 |
Total from Investment Operations | 5.174 | 15.873 | 3.341 | 1.790 | 6.483 | 11.805 |
Distributions | ||||||
Dividends from Net Investment Income | (. 404) | (. 833) | (. 801) | (.720) | (. 653) | (. 575) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 404) | (. 833) | (. 801) | (.720) | (. 653) | (. 575) |
Net Asset Value, End of Period | $77.12 | $72.35 | $57.31 | $54.77 | $53.70 | $47.87 |
Total Return | 7.15% | 27.81% | 6.13% | 3.33% | 13.62% | 32.41% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $13,701 | $12,495 | $9,733 | $9,380 | $9,545 | $8,015 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.04% | 0.04% | 0.05% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.18% | 1.28% | 1.44% | 1.35% | 1.32% | 1.38% |
Portfolio Turnover Rate2 | 10% | 8% | 11% | 9% | 9% | 32% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
19
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 six months ended June 30, 2018, 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.
20
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 for the period ended June 30, 2018, 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 before the opening of the market 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 June 30, 2018, 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.
21
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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $4,219,000, representing 0.01% of the fund’s net assets and 1.69% 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 80,485,858 | — | — |
Temporary Cash Investments | 325,423 | 7,453 | — |
Futures Contracts—Assets1 | 103 | — | — |
Total | 80,811,384 | 7,453 | — |
1 Represents variation margin on the last day of the reporting period. |
22
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 six months ended June 30, 2018, the fund realized $1,206,823,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $47,075,468,000. Net unrealized appreciation of investment securities for tax purposes was $33,743,266,000, consisting of unrealized gains of $34,381,328,000 on securities that had risen in value since their purchase and $638,062,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $9,525,807,000 of investment securities and sold $6,877,688,000 of investment securities, other than temporary cash investments. Purchases and sales include $5,003,477,000 and $3,214,244,000, 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 six months ended June 30, 2018, such purchases and sales were $570,683,000 and $1,499,325,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
23
Growth Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares (sample) | ||||
Issued | 288,387 | 3,818 | 574,900 | 8,773 |
Issued in Lieu of Cash Distributions | 13,964 | 181 | 33,555 | 500 |
Redeemed | (540,092) | (7,128) | (1,075,462) | (16,179) |
Net Increase (Decrease)—Investor Shares | (237,741) | (3,129) | (467,007) | (6,906) |
ETF Shares | ||||
Issued | 5,079,931 | 34,481 | 7,231,868 | 55,920 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (3,235,384) | (21,625) | (5,089,047) | (39,475) |
Net Increase (Decrease)—ETF Shares | 1,844,547 | 12,856 | 2,142,821 | 16,445 |
Admiral Shares | ||||
Issued | 2,890,229 | 38,272 | 5,551,319 | 84,396 |
Issued in Lieu of Cash Distributions | 130,078 | 1,688 | 254,602 | 3,779 |
Redeemed | (2,429,663) | (32,208) | (3,523,375) | (53,477) |
Net Increase (Decrease)—Admiral Shares | 590,644 | 7,752 | 2,282,546 | 34,698 |
Institutional Shares | ||||
Issued | 1,370,742 | 18,165 | 2,399,897 | 36,639 |
Issued in Lieu of Cash Distributions | 66,201 | 859 | 135,176 | 2,010 |
Redeemed | (1,059,144) | (14,070) | (2,358,685) | (35,775) |
Net Increase (Decrease)—Institutional Shares | 377,799 | 4,954 | 176,388 | 2,874 |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
24
Value Index Fund
Fund Profile
As of June 30, 2018
Share-Class Characteristics | ||||
Investor | Admiral | Institutional | ||
Shares | ETF Shares | Shares | Shares | |
Ticker Symbol | VIVAX | VTV | VVIAX | VIVIX |
Expense Ratio1 | 0.17% | 0.05% | 0.05% | 0.04% |
30-Day SEC Yield | 2.43% | 2.55% | 2.55% | 2.56% |
Portfolio Characteristics | |||
CRSP US | DJ | ||
Large Cap | U.S. Total | ||
Value | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 339 | 336 | 3,779 |
Median Market Cap | $100.0B | $100.0B | $64.0B |
Price/Earnings Ratio | 17.3x | 17.3x | 20.7x |
Price/Book Ratio | 2.3x | 2.3x | 3.0x |
Return on Equity | 14.8% | 14.6% | 15.0% |
Earnings Growth Rate | 3.1% | 3.1% | 8.3% |
Dividend Yield | 2.5% | 2.5% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 9% | — | — |
Short-Term Reserves | 0.0% | — | — |
Sector Diversification (% of equity exposure) | |||
CRSP US | DJ | ||
Large Cap | U.S. Total | ||
Value | Market | ||
Fund | Index | FA Index | |
Basic Materials | 3.2% | 3.2% | 2.5% |
Consumer Goods | 9.4 | 9.4 | 8.1 |
Consumer Services | 6.9 | 6.9 | 13.3 |
Financials | 24.1 | 24.1 | 19.9 |
Health Care | 14.5 | 14.5 | 12.6 |
Industrials | 9.9 | 9.9 | 12.7 |
Oil & Gas | 8.4 | 8.4 | 6.1 |
Technology | 14.5 | 14.5 | 20.1 |
Telecommunications | 3.7 | 3.7 | 1.8 |
Utilities | 5.4 | 5.4 | 2.9 |
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 | ||
DJ | ||
CRSP US | U.S. Total | |
Large Cap | Market | |
Value Index | FA Index | |
R-Squared | 1.00 | 0.92 |
Beta | 1.00 | 0.93 |
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 | 6.1% |
Berkshire Hathaway Inc. Reinsurance | 2.9 | |
JPMorgan Chase & Co. | Banks | 2.9 |
Exxon Mobil Corp. | Integrated Oil & Gas | 2.8 |
Johnson & Johnson | Pharmaceuticals | 2.6 |
Bank of America Corp. | Banks | 2.2 |
Wells Fargo & Co. | Banks | 2.0 |
Chevron Corp. | Integrated Oil & Gas | 1.9 |
UnitedHealth Group Inc. | Health Care | |
Providers | 1.9 | |
AT&T Inc. | Fixed Line | |
Telecommunications | 1.9 | |
Top Ten | 27.2% | |
The holdings listed exclude any temporary cash investments and equity index products. | ||
1 The expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the annualized expense ratios were 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for
Admiral Shares, and 0.04% for Institutional Shares.
Value Index Fund
Investment Focus
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/largecapindexx28x1.jpg)
26
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/largecapindexx29x1.jpg)
For a benchmark description, see the Glossary.
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 11/2/1992 | 10.05% | 11.49% | 9.10% |
ETF Shares | 1/26/2004 | |||
Market Price | 10.21 | 11.64 | 9.26 | |
Net Asset Value | 10.21 | 11.64 | 9.25 | |
Admiral Shares | 11/13/2000 | 10.22 | 11.64 | 9.25 |
Institutional Shares | 7/2/1998 | 10.20 | 11.65 | 9.27 |
See Financial Highlights for dividend and capital gains information.
27
Value Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2018
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 (3.2%) | |||
DowDuPont Inc. | 12,576,049 | 829,013 | |
LyondellBasell Industries | |||
NV Class A | 1,700,079 | 186,754 | |
Air Products & Chemicals | |||
Inc. | 1,188,193 | 185,037 | |
PPG Industries Inc. | 1,351,884 | 140,231 | |
Freeport-McMoRan Inc. | 7,463,762 | 128,825 | |
International Paper Co. | 2,242,482 | 116,788 | |
Newmont Mining Corp. | 2,893,874 | 109,128 | |
Nucor Corp. | 1,722,664 | 107,666 | |
Celanese Corp. Class A | 735,580 | 81,694 | |
Eastman Chemical Co. | 695,552 | 69,527 | |
Mosaic Co. | 1,883,416 | 52,830 | |
Avery Dennison Corp. | 476,405 | 48,641 | |
Reliance Steel & | |||
Aluminum Co. | 371,634 | 32,533 | |
CF Industries Holdings | |||
Inc. | 631,449 | 28,036 | |
* | Alcoa Corp. | 504,347 | 23,644 |
Westlake Chemical Corp. | 210,286 | 22,633 | |
2,162,980 | |||
Consumer Goods (9.4%) | |||
Procter & Gamble Co. | 13,624,751 | 1,063,548 | |
Coca-Cola Co. | 20,749,814 | 910,087 | |
PepsiCo Inc. | 7,682,746 | 836,421 | |
Mondelez International | |||
Inc. Class A | 7,992,789 | 327,704 | |
Altria Group Inc. | 5,127,612 | 291,197 | |
General Motors Co. | 6,873,120 | 270,801 | |
Ford Motor Co. | 21,220,295 | 234,909 | |
Kimberly-Clark Corp. | 1,893,116 | 199,421 | |
General Mills Inc. | 3,214,255 | 142,263 | |
VF Corp. | 1,722,486 | 140,417 | |
Archer-Daniels-Midland | |||
Co. | 3,031,765 | 138,946 |
Aptiv plc | 1,435,801 | 131,562 | |
Dr Pepper Snapple Group | |||
Inc. | 977,260 | 119,226 | |
Tyson Foods Inc. Class A | 1,614,108 | 111,131 | |
Kellogg Co. | 1,505,038 | 105,157 | |
Conagra Brands Inc. | 2,130,059 | 76,107 | |
Genuine Parts Co. | 757,401 | 69,522 | |
Molson Coors Brewing | |||
Co. Class B | 1,007,788 | 68,570 | |
Lear Corp. | 358,945 | 66,696 | |
JM Smucker Co. | 583,996 | 62,768 | |
PVH Corp. | 417,078 | 62,445 | |
Newell Brands Inc. | 2,367,171 | 61,049 | |
Hasbro Inc. | 608,649 | 56,184 | |
Stanley Black & Decker | |||
Inc. | 418,908 | 55,635 | |
Lamb Weston Holdings | |||
Inc. | 791,254 | 54,209 | |
Bunge Ltd. | 762,604 | 53,161 | |
* | Michael Kors Holdings | ||
Ltd. | 782,248 | 52,098 | |
Whirlpool Corp. | 349,366 | 51,088 | |
BorgWarner Inc. | 1,136,789 | 49,064 | |
Clorox Co. | 351,263 | 47,508 | |
^ | Hanesbrands Inc. | 1,949,080 | 42,919 |
^ | Campbell Soup Co. | 1,057,830 | 42,884 |
Lennar Corp. Class A | 799,847 | 41,992 | |
PulteGroup Inc. | 1,390,795 | 39,985 | |
DR Horton Inc. | 972,392 | 39,868 | |
Harley-Davidson Inc. | 900,741 | 37,903 | |
Ralph Lauren Corp. | |||
Class A | 301,157 | 37,862 | |
Tapestry Inc. | 778,680 | 36,372 | |
Jefferies Financial Group | |||
Inc. | 1,584,934 | 36,041 | |
Hormel Foods Corp. | 717,313 | 26,691 | |
Ingredion Inc. | 196,136 | 21,712 |
28
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Goodyear Tire & Rubber | |||
Co. | 653,741 | 15,226 | |
* | Pilgrim’s Pride Corp. | 135,669 | 2,731 |
Lennar Corp. Class B | 14,996 | 640 | |
6,331,720 | |||
Consumer Services (6.9%) | |||
Walmart Inc. | 7,999,504 | 685,158 | |
CVS Health Corp. | 5,510,050 | 354,572 | |
Twenty-First Century | |||
Fox Inc. Class A | 5,712,676 | 283,863 | |
Walgreens Boots | |||
Alliance Inc. | 4,568,296 | 274,166 | |
Target Corp. | 2,889,446 | 219,945 | |
* | eBay Inc. | 5,117,886 | 185,575 |
Sysco Corp. | 2,541,334 | 173,548 | |
Delta Air Lines Inc. | 3,423,762 | 169,613 | |
Las Vegas Sands Corp. | 2,139,186 | 163,348 | |
McKesson Corp. | 1,118,570 | 149,217 | |
Twenty-First Century | |||
Fox Inc. | 2,596,582 | 127,934 | |
Kroger Co. | 4,359,636 | 124,032 | |
CBS Corp. Class B | 1,768,237 | 99,410 | |
Best Buy Co. Inc. | 1,297,373 | 96,758 | |
Omnicom Group Inc. | 1,231,230 | 93,906 | |
* | United Continental | ||
Holdings Inc. | 1,275,970 | 88,973 | |
American Airlines Group | |||
Inc. | 2,281,014 | 86,587 | |
Cardinal Health Inc. | 1,682,005 | 82,132 | |
AmerisourceBergen | |||
Corp. Class A | 892,498 | 76,103 | |
Darden Restaurants Inc. | 670,256 | 71,758 | |
Kohl’s Corp. | 910,808 | 66,398 | |
Carnival Corp. | 1,087,524 | 62,326 | |
Macy’s Inc. | 1,658,723 | 62,086 | |
Nielsen Holdings plc | 1,928,584 | 59,651 | |
Viacom Inc. Class B | 1,970,237 | 59,422 | |
Advance Auto Parts Inc. | 380,817 | 51,677 | |
* | Qurate Retail Group Inc. | ||
QVC Group Class A | 2,383,143 | 50,570 | |
Aramark | 1,331,838 | 49,411 | |
Interpublic Group of | |||
Cos. Inc. | 2,085,855 | 48,892 | |
Gap Inc. | 1,475,634 | 47,796 | |
L Brands Inc. | 1,282,289 | 47,291 | |
* | Discovery | ||
Communications Inc. | 1,827,499 | 46,601 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM C | 928,234 | 42,105 | |
Tiffany & Co. | 319,227 | 42,010 | |
News Corp. Class A | 2,709,884 | 42,003 | |
Alaska Air Group Inc. | 667,600 | 40,316 | |
* | DISH Network Corp. | ||
Class A | 1,180,930 | 39,691 | |
* | CarMax Inc. | 481,818 | 35,110 |
Nordstrom Inc. | 637,715 | 33,021 | |
^,* | Discovery | ||
Communications Inc. | |||
Class A | 869,697 | 23,917 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM A | 442,862 | 19,951 | |
Altice USA Inc. Class A | 664,856 | 11,342 | |
Wyndham Destinations | |||
Inc. | 138,125 | 6,115 | |
CBS Corp. Class A | 30,645 | 1,736 | |
News Corp. Class B | 18,801 | 298 | |
Viacom Inc. Class A | 5,457 | 194 | |
Hilton Worldwide | |||
Holdings Inc. | 345 | 27 | |
4,596,555 | |||
Financials (24.0%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 10,553,683 | 1,969,845 | |
JPMorgan Chase & Co. | 18,450,362 | 1,922,528 | |
Bank of America Corp. | 52,199,055 | 1,471,491 | |
Wells Fargo & Co. | 23,765,669 | 1,317,569 | |
Citigroup Inc. | 13,818,668 | 924,745 | |
US Bancorp | 8,456,598 | 422,999 | |
Goldman Sachs Group | |||
Inc. | 1,842,532 | 406,407 | |
American Express Co. | 3,729,185 | 365,460 | |
Morgan Stanley | 7,195,029 | 341,044 | |
PNC Financial Services | |||
Group Inc. | 2,416,430 | 326,460 | |
Chubb Ltd. | 2,397,743 | 304,561 | |
CME Group Inc. | 1,845,360 | 302,491 | |
Bank of New York | |||
Mellon Corp. | 4,930,044 | 265,877 | |
American International | |||
Group Inc. | 4,864,213 | 257,901 | |
Capital One Financial | |||
Corp. | 2,636,991 | 242,339 | |
BB&T Corp. | 4,225,768 | 213,148 | |
Prudential Financial Inc. | 2,276,485 | 212,874 | |
MetLife Inc. | 4,407,742 | 192,178 | |
Progressive Corp. | 3,156,398 | 186,701 | |
Aflac Inc. | 4,196,776 | 180,545 | |
Travelers Cos. Inc. | 1,464,970 | 179,224 | |
State Street Corp. | 1,880,266 | 175,034 | |
Allstate Corp. | 1,905,417 | 173,907 | |
SunTrust Banks Inc. | 2,521,263 | 166,454 | |
Discover Financial | |||
Services | 1,890,276 | 133,094 | |
Synchrony Financial | 3,889,062 | 129,817 | |
Equity Residential | 1,996,852 | 127,179 | |
M&T Bank Corp. | 708,943 | 120,627 | |
Northern Trust Corp. | 1,158,000 | 119,147 | |
KeyCorp | 5,759,673 | 112,544 | |
Ameriprise Financial Inc. | 783,280 | 109,565 | |
Willis Towers Watson plc | 715,106 | 108,410 |
29
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Regions Financial Corp. | 6,080,544 | 108,112 | |
Fifth Third Bancorp | 3,711,384 | 106,517 | |
Citizens Financial Group | |||
Inc. | 2,624,452 | 102,091 | |
Hartford Financial | |||
Services Group Inc. | 1,938,939 | 99,138 | |
Huntington Bancshares | |||
Inc. | 5,963,900 | 88,027 | |
Host Hotels & Resorts | |||
Inc. | 4,023,093 | 84,767 | |
Principal Financial Group | |||
Inc. | 1,550,651 | 82,107 | |
XL Group Ltd. | 1,398,224 | 78,231 | |
Lincoln National Corp. | 1,184,369 | 73,727 | |
Loews Corp. | 1,469,476 | 70,946 | |
GGP Inc. | 3,372,699 | 68,904 | |
HCP Inc. | 2,542,748 | 65,654 | |
Annaly Capital | |||
Management Inc. | 6,278,406 | 64,605 | |
Welltower Inc. | 1,010,058 | 63,321 | |
Ally Financial Inc. | 2,327,945 | 61,155 | |
Invesco Ltd. | 2,223,717 | 59,062 | |
Nasdaq Inc. | 634,073 | 57,872 | |
Cincinnati Financial Corp. | 844,011 | 56,431 | |
Franklin Resources Inc. | 1,754,556 | 56,233 | |
Zions Bancorporation | 1,066,856 | 56,213 | |
Duke Realty Corp. | 1,932,146 | 56,090 | |
* | Arch Capital Group Ltd. | 2,100,837 | 55,588 |
Ventas Inc. | 964,604 | 54,934 | |
FNF Group | 1,402,948 | 52,779 | |
Everest Re Group Ltd. | 222,178 | 51,208 | |
Western Union Co. | 2,502,063 | 50,867 | |
Reinsurance Group of | |||
America Inc. Class A | 349,208 | 46,612 | |
Alleghany Corp. | 78,903 | 45,367 | |
Torchmark Corp. | 553,198 | 45,036 | |
Unum Group | 1,197,243 | 44,286 | |
Affiliated Managers | |||
Group Inc. | 293,976 | 43,705 | |
Macerich Co. | 764,702 | 43,458 | |
* | Liberty Broadband Corp. | 572,742 | 43,368 |
Voya Financial Inc. | 913,929 | 42,955 | |
AGNC Investment Corp. | 2,280,272 | 42,390 | |
Comerica Inc. | 465,088 | 42,286 | |
VEREIT Inc. | 5,239,436 | 38,981 | |
* | Athene Holding Ltd. | ||
Class A | 847,960 | 37,175 | |
Kimco Realty Corp. | 2,183,966 | 37,106 | |
WR Berkley Corp. | 494,948 | 35,839 | |
Lazard Ltd. Class A | 705,666 | 34,514 | |
People’s United Financial | |||
Inc. | 1,884,636 | 34,093 | |
Raymond James | |||
Financial Inc. | 356,614 | 31,863 | |
CIT Group Inc. | 628,909 | 31,703 |
New York Community | |||
Bancorp Inc. | 2,521,174 | 27,834 | |
* | Brighthouse Financial Inc. | 648,558 | 25,988 |
Camden Property Trust | 251,388 | 22,909 | |
Jones Lang LaSalle Inc. | 123,301 | 20,467 | |
* | AXA Equitable Holdings | ||
Inc. | 933,982 | 19,249 | |
* | Liberty Broadband Corp. | ||
Class A | 141,031 | 10,668 | |
* | Berkshire Hathaway Inc. | ||
Class A | 14 | 3,949 | |
16,158,545 | |||
Health Care (14.5%) | |||
Johnson & Johnson | 14,534,421 | 1,763,607 | |
UnitedHealth Group Inc. | 5,207,522 | 1,277,614 | |
Pfizer Inc. | 31,698,282 | 1,150,014 | |
Merck & Co. Inc. | 14,578,865 | 884,937 | |
Amgen Inc. | 3,585,987 | 661,937 | |
Abbott Laboratories | 9,500,105 | 579,411 | |
Gilead Sciences Inc. | 7,046,471 | 499,172 | |
Eli Lilly & Co. | 5,319,643 | 453,925 | |
Anthem Inc. | 1,383,326 | 329,273 | |
Aetna Inc. | 1,773,073 | 325,359 | |
Allergan plc | 1,836,883 | 306,245 | |
* | Express Scripts Holding | ||
Co. | 3,043,242 | 234,969 | |
Cigna Corp. | 1,318,394 | 224,061 | |
Humana Inc. | 746,124 | 222,069 | |
HCA Healthcare Inc. | 1,514,868 | 155,426 | |
Zimmer Biomet Holdings | |||
Inc. | 1,102,403 | 122,852 | |
Baxter International Inc. | 1,383,198 | 102,135 | |
* | Mylan NV | 2,651,130 | 95,812 |
Quest Diagnostics Inc. | 735,239 | 80,832 | |
* | Hologic Inc. | 1,477,233 | 58,720 |
Dentsply Sirona Inc. | 1,231,352 | 53,896 | |
* | DaVita Inc. | 708,435 | 49,194 |
Perrigo Co. plc | 674,446 | 49,174 | |
Universal Health | |||
Services Inc. Class B | 235,718 | 26,268 | |
9,706,902 | |||
Industrials (9.9%) | |||
General Electric Co. | 47,065,992 | 640,568 | |
Honeywell International | |||
Inc. | 4,047,993 | 583,113 | |
United Technologies | |||
Corp. | 4,118,551 | 514,942 | |
Caterpillar Inc. | 3,240,722 | 439,669 | |
Raytheon Co. | 1,556,276 | 300,641 | |
Northrop Grumman | |||
Corp. | 944,850 | 290,730 | |
CSX Corp. | 4,505,914 | 287,387 | |
General Dynamics | |||
Corp. | 1,368,072 | 255,022 | |
Deere & Co. | 1,754,627 | 245,297 |
30
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Emerson Electric Co. | 3,414,596 | 236,085 | |
Norfolk Southern Corp. | 1,531,145 | 231,004 | |
Waste Management Inc. | 2,343,817 | 190,646 | |
Eaton Corp. plc | 2,370,520 | 177,173 | |
TE Connectivity Ltd. | 1,898,157 | 170,948 | |
Danaher Corp. | 1,704,375 | 168,188 | |
Johnson Controls | |||
International plc | 5,020,615 | 167,940 | |
FedEx Corp. | 651,977 | 148,038 | |
Ingersoll-Rand plc | 1,344,810 | 120,670 | |
PACCAR Inc. | 1,908,086 | 118,225 | |
Illinois Tool Works Inc. | 825,525 | 114,368 | |
Cummins Inc. | 849,014 | 112,919 | |
Parker-Hannifin Corp. | 719,954 | 112,205 | |
Textron Inc. | 1,250,012 | 82,388 | |
L3 Technologies Inc. | 424,892 | 81,715 | |
WW Grainger Inc. | 257,776 | 79,498 | |
WestRock Co. | 1,391,358 | 79,335 | |
Republic Services Inc. | |||
Class A | 1,154,309 | 78,909 | |
Ball Corp. | 1,890,204 | 67,197 | |
Dover Corp. | 837,454 | 61,302 | |
* | First Data Corp. Class A | 2,497,485 | 52,272 |
Jacobs Engineering | |||
Group Inc. | 767,547 | 48,732 | |
Arconic Inc. | 2,359,775 | 40,140 | |
Fluor Corp. | 763,177 | 37,228 | |
Pentair plc | 868,132 | 36,531 | |
* | Arrow Electronics Inc. | 473,957 | 35,680 |
* | United Rentals Inc. | 226,253 | 33,399 |
* | Crown Holdings Inc. | 729,992 | 32,674 |
ManpowerGroup Inc. | 356,268 | 30,660 | |
Alliance Data Systems | |||
Corp. | 128,065 | 29,865 | |
Allison Transmission | |||
Holdings Inc. | 706,551 | 28,608 | |
Xerox Corp. | 1,172,372 | 28,137 | |
Owens Corning | 299,694 | 18,992 | |
Sealed Air Corp. | 436,629 | 18,535 | |
* | Stericycle Inc. | 231,185 | 15,094 |
Flowserve Corp. | 354,973 | 14,341 | |
^ | ADT Inc. | 604,693 | 5,231 |
Lockheed Martin Corp. | 86 | 25 | |
6,662,266 | |||
Oil & Gas (8.3%) | |||
Exxon Mobil Corp. | 22,943,350 | 1,898,103 | |
Chevron Corp. | 10,355,721 | 1,309,274 | |
ConocoPhillips | 6,341,852 | 441,520 | |
Valero Energy Corp. | 2,335,414 | 258,834 | |
Phillips 66 | 2,271,711 | 255,136 | |
Kinder Morgan Inc. | 10,165,047 | 179,616 | |
Marathon Petroleum | |||
Corp. | 2,503,513 | 175,647 | |
Williams Cos. Inc. | 4,488,396 | 121,681 | |
Devon Energy Corp. | 2,696,597 | 118,542 |
Hess Corp. | 1,546,505 | 103,446 | |
Andeavor | 777,269 | 101,962 | |
Halliburton Co. | 2,252,117 | 101,480 | |
Marathon Oil Corp. | 4,619,079 | 96,354 | |
National Oilwell Varco | |||
Inc. | 2,067,604 | 89,734 | |
ONEOK Inc. | 1,112,666 | 77,698 | |
Baker Hughes a GE Co. | 2,253,953 | 74,448 | |
HollyFrontier Corp. | 955,620 | 65,393 | |
Apache Corp. | 1,034,487 | 48,362 | |
EQT Corp. | 720,691 | 39,768 | |
OGE Energy Corp. | 1,080,310 | 38,038 | |
Helmerich & Payne Inc. | 141,254 | 9,006 | |
5,604,042 | |||
Technology (14.5%) | |||
Microsoft Corp. | 41,634,362 | 4,105,564 | |
Intel Corp. | 25,251,710 | 1,255,263 | |
Cisco Systems Inc. | 25,484,649 | 1,096,604 | |
International Business | |||
Machines Corp. | 4,974,359 | 694,918 | |
Oracle Corp. | 15,485,479 | 682,290 | |
QUALCOMM Inc. | 8,034,077 | 450,872 | |
HP Inc. | 8,875,923 | 201,395 | |
DXC Technology Co. | 1,549,386 | 124,896 | |
Corning Inc. | 4,503,226 | 123,884 | |
Hewlett Packard | |||
Enterprise Co. | 8,268,065 | 120,796 | |
Western Digital Corp. | 1,541,760 | 119,348 | |
NetApp Inc. | 1,450,581 | 113,914 | |
Motorola Solutions Inc. | 879,251 | 102,318 | |
* | Dell Technologies Inc. | ||
Class V | 1,079,265 | 91,284 | |
Seagate Technology plc | 1,398,762 | 78,988 | |
Symantec Corp. | 3,372,516 | 69,643 | |
* | Synopsys Inc. | 805,048 | 68,888 |
CA Inc. | 1,691,404 | 60,299 | |
Juniper Networks Inc. | 1,890,182 | 51,829 | |
Marvell Technology | |||
Group Ltd. | 2,305,896 | 49,438 | |
Garmin Ltd. | 615,066 | 37,519 | |
CDW Corp. | 412,386 | 33,317 | |
* | Advanced Micro | ||
Devices Inc. | 130 | 2 | |
9,733,269 | |||
Telecommunications (3.7%) | |||
AT&T Inc. | 39,369,373 | 1,264,151 | |
Verizon | |||
Communications Inc. | 22,389,514 | 1,126,416 | |
CenturyLink Inc. | 5,267,333 | 98,183 | |
^,* | Sprint Corp. | 3,264,369 | 17,758 |
2,506,508 | |||
Utilities (5.4%) | |||
NextEra Energy Inc. | 2,555,006 | 426,763 | |
Duke Energy Corp. | 3,798,669 | 300,399 | |
Southern Co. | 5,486,351 | 254,073 |
31
Value Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Dominion Energy Inc. | 3,536,096 | 241,091 | |
Exelon Corp. | 5,229,982 | 222,797 | |
American Electric Power | |||
Co. Inc. | 2,669,919 | 184,892 | |
Sempra Energy | 1,430,581 | 166,105 | |
Public Service Enterprise | |||
Group Inc. | 2,739,281 | 148,305 | |
Consolidated Edison Inc. | 1,683,176 | 131,254 | |
Xcel Energy Inc. | 2,759,373 | 126,048 | |
PG&E Corp. | 2,800,710 | 119,198 | |
PPL Corp. | 4,089,334 | 116,751 | |
Edison International | 1,767,040 | 111,801 | |
WEC Energy Group Inc. | 1,708,642 | 110,464 | |
DTE Energy Co. | 982,757 | 101,843 | |
Eversource Energy | 1,715,608 | 100,552 | |
FirstEnergy Corp. | 2,586,890 | 92,895 | |
American Water Works | |||
Co. Inc. | 964,268 | 82,329 | |
Ameren Corp. | 1,313,296 | 79,914 | |
Entergy Corp. | 978,765 | 79,074 | |
CMS Energy Corp. | 1,532,984 | 72,479 | |
CenterPoint Energy Inc. | 2,336,152 | 64,735 | |
Alliant Energy Corp. | 1,252,041 | 52,986 | |
NiSource Inc. | 1,970,391 | 51,782 | |
Pinnacle West Capital | |||
Corp. | 605,545 | 48,783 | |
AES Corp. | 3,581,220 | 48,024 | |
* | Evergy Inc. | 733,749 | 41,200 |
* | Vistra Energy Corp. | 1,138,046 | 26,926 |
Avangrid Inc. | 337,160 | 17,846 | |
SCANA Corp. | 365,114 | 14,064 | |
3,635,373 | |||
Total Common Stocks | |||
(Cost $53,374,524) | 67,098,160 |
Market | |||
Value• | |||
Shares | ($000) | ||
Temporary Cash Investments (0.2%)1 | |||
Money Market Fund (0.2%) | |||
2,3 | Vanguard Market Liquidity | ||
Fund, 2.122% | 1,557,018 | 155,717 | |
Face | |||
Amount | |||
($000) | |||
U. S. Government and Agency Obligations (0.0%) | |||
4 | United States Treasury | ||
Bill, 1.890%, 8/9/18 | 1,000 | 998 | |
4 | United States Treasury | ||
Bill, 2.078%, 11/15/18 | 6,000 | 5,955 | |
6,953 | |||
Total Temporary Cash Investments | |||
(Cost $162,663) | 162,670 | ||
Total Investments (100.0%) | |||
(Cost $53,537,187) | 67,260,830 | ||
Amount | |||
($000) | |||
Other Assets and Liabilities (0.0%) | |||
Other Assets | |||
Investment in Vanguard | 3,492 | ||
Receivables for Accrued Income | 64,948 | ||
Receivables for Capital Shares Issued | 34,125 | ||
Variation Margin Receivable— | |||
Futures Contracts | 112 | ||
Other Assets | 332 | ||
Total Other Assets | 103,009 | ||
Liabilities | |||
Payables for Investment Securities | |||
Purchased | (61,174) | ||
Collateral for Securities on Loan | (23,695) | ||
Payables for Capital Shares Redeemed | (12,036) | ||
Payables for Distributions | (2) | ||
Payables to Vanguard | (18,143) | ||
Total Liabilities | (115,050) | ||
Net Assets (100%) | 67,248,789 |
32
Value Index Fund
At June 30, 2018, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 54,176,490 |
Undistributed Net Investment Income | 7,776 |
Accumulated Net Realized Losses | (655,834) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 13,723,643 |
Futures Contracts | (3,286) |
Net Asset | 67,248,789 |
Investor Shares—Net Assets | |
Applicable to 38,027,666 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 1,539,893 |
Net Asset Value Per Share— | |
Investor Shares | $40.49 |
ETF Shares—Net Assets | |
Applicable to 373,144,595 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 38,725,410 |
Net Asset Value Per Share— | |
ETF Shares | $103.78 |
Admiral Shares—Net Assets | |
Applicable to 418,492,238 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 16,942,682 |
Net Asset Value Per Share— | |
Admiral Shares | $40.49 |
Amount | |
($000) | |
Institutional Shares—Net Assets | |
Applicable to 248,020,376 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 10,040,804 |
Net Asset Value Per Share— | |
Institutional Shares | $40.48 |
• 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 $21,804,000.
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 $23,695,000 of collateral received for securities
on loan.
4 Securities with a value of $6,307,000 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 | September 2018 | 1,065 | 144,925 | (3,286) |
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.
33
Value Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 809,738 |
Interest1 | 880 |
Securities Lending—Net | 298 |
Total Income | 810,916 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,916 |
Management and Administrative—Investor Shares | 1,149 |
Management and Administrative—ETF Shares | 6,614 |
Management and Administrative—Admiral Shares | 2,952 |
Management and Administrative—Institutional Shares | 1,539 |
Marketing and Distribution—Investor Shares | 136 |
Marketing and Distribution—ETF Shares | 889 |
Marketing and Distribution—Admiral Shares | 620 |
Marketing and Distribution—Institutional Shares | 98 |
Custodian Fees | 284 |
Shareholders’ Reports—Investor Shares | 14 |
Shareholders’ Reports—ETF Shares | 445 |
Shareholders’ Reports—Admiral Shares | 65 |
Shareholders’ Reports—Institutional Shares | 41 |
Trustees’ Fees and Expenses | 22 |
Total Expenses | 16,784 |
Net Investment Income | 794,132 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 1,111,905 |
Futures Contracts | 3,661 |
Realized Net Gain (Loss) | 1,115,566 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (2,656,121) |
Futures Contracts | (4,159) |
Change in Unrealized Appreciation (Depreciation) | (2,660,280) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (750,582) |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $793,000, ($13,000), and $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
34
Value Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 794,132 | 1,453,302 |
Realized Net Gain (Loss) | 1,115,566 | 1,593,601 |
Change in Unrealized Appreciation (Depreciation) | (2,660,280) | 6,244,701 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (750,582) | 9,291,604 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (17,459) | (37,322) |
ETF Shares | (442,464) | (810,631) |
Admiral Shares | (197,827) | (373,158) |
Institutional Shares | (118,089) | (233,385) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (775,839) | (1,454,496) |
Capital Share Transactions | ||
Investor Shares | (50,868) | (173,183) |
ETF Shares | 3,051,750 | 5,105,313 |
Admiral Shares | 547,783 | 1,318,632 |
Institutional Shares | 177,798 | 139,503 |
Net Increase (Decrease) from Capital Share Transactions | 3,726,463 | 6,390,265 |
Total Increase (Decrease) | 2,200,042 | 14,227,373 |
Net Assets | ||
Beginning of Period | 65,048,747 | 50,821,374 |
End of Period1 | 67,248,789 | 65,048,747 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $7,776,000 and ($10,517,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
35
Value Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $41.42 | $36.24 | $31.82 | $32.95 | $29.78 | $22.93 |
Investment Operations | ||||||
Net Investment Income | . 4751 | .9181 | . 850 | .782 | .691 | .621 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (.950) | 5.166 | 4.415 | (1.130) | 3.164 | 6.847 |
Total from Investment Operations | (.475) | 6.084 | 5.265 | (.348) | 3.855 | 7.468 |
Distributions | ||||||
Dividends from Net Investment Income | (. 455) | (. 904) | (. 845) | (.782) | (. 685) | (. 618) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 455) | (. 904) | (. 845) | (.782) | (. 685) | (. 618) |
Net Asset Value, End of Period | $40.49 | $41.42 | $36.24 | $31.82 | $32.95 | $29.78 |
Total Return2 | -1.16% | 16.99% | 16.75% | -1.03% | 13.05% | 32.85% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,540 | $1,626 | $1,587 | $1,397 | $1,593 | $1,731 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.17% | 0.17% | 0.18% | 0.22% | 0.23% | 0.24% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.30% | 2.40% | 2.64% | 2.44% | 2.25% | 2.35% |
Portfolio Turnover Rate 3 | 9% | 9% | 7% | 8% | 6% | 25% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
36
Value Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $106.14 | $92.87 | $81.56 | $84.45 | $76.34 | $58.79 |
Investment Operations | ||||||
Net Investment Income | 1.2781 | 2.4731 | 2.282 | 2.123 | 1.888 | 1.700 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (2.407) | 13.234 | 11.301 | (2.890) | 8.095 | 17.538 |
Total from Investment Operations | (1.129) | 15.707 | 13.583 | (.767) | 9.983 | 19.238 |
Distributions | ||||||
Dividends from Net Investment Income | (1.231) | (2.437) | (2.273) | (2.123) | (1.873) | (1.688) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.231) | (2.437) | (2.273) | (2.123) | (1.873) | (1.688) |
Net Asset Value, End of Period | $103.78 | $106.14 | $92.87 | $81.56 | $84.45 | $76.34 |
Total Return | -1.06% | 17.12% | 16.88% | -0.89% | 13.19% | 33.03% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $38,725 | $36,560 | $27,126 | $18,648 | $17,277 | $12,461 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.42% | 2.52% | 2.76% | 2.58% | 2.39% | 2.50% |
Portfolio Turnover Rate2 | 9% | 9% | 7% | 8% | 6% | 25% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
37
Value Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $41.41 | $36.23 | $31.82 | $32.94 | $29.78 | $22.93 |
Investment Operations | ||||||
Net Investment Income | . 4991 | .9651 | .890 | .829 | .737 | .663 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (.939) | 5.165 | 4.407 | (1.121) | 3.154 | 6.845 |
Total from Investment Operations | (.440) | 6.130 | 5.297 | (.292) | 3.891 | 7.508 |
Distributions | ||||||
Dividends from Net Investment Income | (. 480) | (. 950) | (. 887) | (. 828) | (.731) | (. 658) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 480) | (. 950) | (. 887) | (. 828) | (.731) | (. 658) |
Net Asset Value, End of Period | $40.49 | $41.41 | $36.23 | $31.82 | $32.94 | $29.78 |
Total Return2 | -1.07% | 17.13% | 16.86% | -0.86% | 13.18% | 33.05% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $16,943 | $16,778 | $13,424 | $10,408 | $9,701 | $5,054 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.42% | 2.52% | 2.76% | 2.58% | 2.39% | 2.50% |
Portfolio Turnover Rate 3 | 9% | 9% | 7% | 8% | 6% | 25% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
38
Value Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $41.41 | $36.23 | $31.82 | $32.94 | $29.78 | $22.93 |
Investment Operations | ||||||
Net Investment Income | . 5011 | .9691 | .893 | .831 | .739 | .666 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (.949) | 5.165 | 4.407 | (1.120) | 3.154 | 6.846 |
Total from Investment Operations | (.448) | 6.134 | 5.300 | (.289) | 3.893 | 7.512 |
Distributions | ||||||
Dividends from Net Investment Income | (. 482) | (. 954) | (. 890) | (. 831) | (.733) | (. 662) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 482) | (. 954) | (. 890) | (. 831) | (.733) | (. 662) |
Net Asset Value, End of Period | $40.48 | $41.41 | $36.23 | $31.82 | $32.94 | $29.78 |
Total Return | -1.09% | 17.14% | 16.87% | -0.85% | 13.19% | 33.07% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $10,041 | $10,085 | $8,684 | $7,176 | $7,860 | $6,431 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.04% | 0.04% | 0.05% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.43% | 2.53% | 2.77% | 2.59% | 2.40% | 2.51% |
Portfolio Turnover Rate2 | 9% | 9% | 7% | 8% | 6% | 25% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
39
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).
During the six months ended June 30, 2018, 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.
40
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 for the period ended June 30, 2018, 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 before the opening of the market 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 June 30, 2018, 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.
41
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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $3,492,000, representing 0.01% of the fund’s net assets and 1.40% 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 67,098,160 | — | — |
Temporary Cash Investments | 155,717 | 6,953 | — |
Futures Contracts—Assets1 | 112 | — | — |
Total | 67,253,989 | 6,953 | — |
1 Represents variation margin on the last day of the reporting period. |
42
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 six months ended June 30, 2018, the fund realized $1,182,433,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $53,537,187,000. Net unrealized appreciation of investment securities for tax purposes was $13,723,643,000, consisting of unrealized gains of $15,505,911,000 on securities that had risen in value since their purchase and $1,782,268,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $9,350,836,000 of investment securities and sold $5,565,667,000 of investment securities, other than temporary cash investments. Purchases and sales include $5,235,043,000 and $2,558,099,000, 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 six months ended June 30, 2018, such purchases and sales were $1,296,915,000 and $585,754,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
43
Value Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares (sample) | ||||
Issued | 144,842 | 3,481 | 293,387 | 7,695 |
Issued in Lieu of Cash Distributions | 15,822 | 387 | 33,999 | 880 |
Redeemed | (211,532) | (5,105) | (500,569) | (13,111) |
Net Increase (Decrease)—Investor Shares | (50,868) | (1,237) | (173,183) | (4,536) |
ETF Shares | ||||
Issued | 5,620,632 | 52,835 | 9,523,235 | 97,047 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (2,568,882) | (24,125) | (4,417,922) | (44,700) |
Net Increase (Decrease)—ETF Shares | 3,051,750 | 28,710 | 5,105,313 | 52,347 |
Admiral Shares | ||||
Issued | 1,846,096 | 44,540 | 3,563,736 | 93,479 |
Issued in Lieu of Cash Distributions | 170,181 | 4,159 | 322,751 | 8,337 |
Redeemed | (1,468,494) | (35,415) | (2,567,855) | (67,145) |
Net Increase (Decrease)—Admiral Shares | 547,783 | 13,284 | 1,318,632 | 34,671 |
Institutional Shares | ||||
Issued | 976,167 | 23,679 | 1,608,868 | 42,223 |
Issued in Lieu of Cash Distributions | 109,795 | 2,683 | 220,275 | 5,697 |
Redeemed | (908,164) | (21,904) | (1,689,640) | (44,068) |
Net Increase (Decrease)—Institutional Shares | 177,798 | 4,458 | 139,503 | 3,852 |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements
44
Large-Cap Index Fund
Fund Profile
As of June 30, 2018
Share-Class Characteristics | ||||
Investor | Admiral | Institutional | ||
Shares | ETF Shares | Shares | Shares | |
Ticker Symbol | VLACX | VV | VLCAX | VLISX |
Expense Ratio1 | 0.17% | 0.05% | 0.05% | 0.04% |
30-Day SEC Yield | 1.78% | 1.90% | 1.90% | 1.91% |
Portfolio Characteristics | |||
DJ | |||
CRSP US | U.S. Total | ||
Large Cap | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 612 | 607 | 3,779 |
Median Market Cap | $97.8B | $97.8B | $64.0B |
Price/Earnings Ratio | 20.9x | 20.9x | 20.7x |
Price/Book Ratio | 3.2x | 3.2x | 3.0x |
Return on Equity | 15.9% | 15.9% | 15.0% |
Earnings Growth Rate | 7.9% | 7.9% | 8.3% |
Dividend Yield | 1.8% | 1.8% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 4% | — | — |
Short-Term Reserves | 0.0% | — | — |
Sector Diversification (% of equity exposure) | |||
DJ | |||
CRSP US | U.S. Total | ||
Large Cap | Market | ||
Fund | Index | FA Index | |
Basic Materials | 2.2% | 2.2% | 2.5% |
Consumer Goods | 8.3 | 8.3 | 8.1 |
Consumer Services | 13.4 | 13.4 | 13.3 |
Financials | 18.9 | 18.9 | 19.9 |
Health Care | 12.8 | 12.8 | 12.6 |
Industrials | 12.0 | 12.0 | 12.7 |
Oil & Gas | 6.2 | 6.2 | 6.1 |
Technology | 21.3 | 21.3 | 20.1 |
Telecommunications | 2.1 | 2.1 | 1.8 |
Utilities | 2.8 | 2.8 | 2.9 |
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 | ||
DJ | ||
CRSP US | U.S. Total | |
Large Cap | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.99 |
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) | ||
Apple Inc. | Computer Hardware | 3.4% |
Microsoft Corp. | Software | 3.2 |
Amazon.com Inc. | Broadline Retailers | 2.9 |
Alphabet Inc. | Internet | 2.8 |
Facebook Inc. | Internet | 2.0 |
Berkshire Hathaway Inc. Reinsurance | 1.5 | |
JPMorgan Chase & Co. | Banks | 1.5 |
Exxon Mobil Corp. | Integrated Oil & Gas | 1.5 |
Johnson & Johnson | Pharmaceuticals | 1.4 |
Bank of America Corp. | Banks | 1.1 |
Top Ten | 21.3% | |
The holdings listed exclude any temporary cash investments and equity index products. |
1 The expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the annualized expense ratios were 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for
Admiral Shares, and 0.04% for Institutional Shares.
45
Large-Cap Index Fund
Investment Focus
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/largecapindexx48x1.jpg)
46
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/largecapindexx49x1.jpg)
For a benchmark description, see the Glossary.
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 1/30/2004 | 14.29% | 13.19% | 10.01% |
ETF Shares | 1/27/2004 | |||
Market Price | 14.46 | 13.36 | 10.17 | |
Net Asset Value | 14.43 | 13.34 | 10.16 | |
Admiral Shares | 2/2/2004 | 14.41 | 13.33 | 10.16 |
Institutional Shares | 6/30/2005 | 14.43 | 13.34 | 10.18 |
See Financial Highlights for dividend and capital gains information.
47
Large-Cap Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2018
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 | |||
Basic Materials (2.2%) | |||
DowDuPont Inc. | 1,951,698 | 128,656 | |
Praxair Inc. | 241,572 | 38,205 | |
Ecolab Inc. | 218,434 | 30,653 | |
LyondellBasell Industries | |||
NV Class A | 263,833 | 28,982 | |
Air Products & Chemicals | |||
Inc. | 184,209 | 28,687 | |
PPG Industries Inc. | 209,536 | 21,735 | |
Freeport-McMoRan Inc. | 1,157,790 | 19,983 | |
International Paper Co. | 348,072 | 18,128 | |
Newmont Mining Corp. | 448,493 | 16,913 | |
Nucor Corp. | 267,271 | 16,704 | |
Celanese Corp. Class A | 114,343 | 12,699 | |
Eastman Chemical Co. | 108,151 | 10,811 | |
FMC Corp. | 113,130 | 10,092 | |
Albemarle Corp. | 93,091 | 8,781 | |
CF Industries Holdings | |||
Inc. | 196,239 | 8,713 | |
International Flavors & | |||
Fragrances Inc. | 66,343 | 8,224 | |
Mosaic Co. | 291,247 | 8,169 | |
Avery Dennison Corp. | 73,977 | 7,553 | |
* | Axalta Coating Systems | ||
Ltd. | 185,716 | 5,629 | |
Reliance Steel & | |||
Aluminum Co. | 57,685 | 5,050 | |
Steel Dynamics Inc. | 93,929 | 4,316 | |
* | Alcoa Corp. | 78,176 | 3,665 |
Westlake Chemical Corp. | 32,790 | 3,529 | |
445,877 | |||
Consumer Goods (8.3%) | |||
Procter & Gamble Co. | 2,114,460 | 165,055 | |
Coca-Cola Co. | 3,220,336 | 141,244 | |
PepsiCo Inc. | 1,192,212 | 129,796 | |
Philip Morris International | |||
Inc. | 1,307,164 | 105,540 |
Altria Group Inc. | 1,591,521 | 90,382 | |
NIKE Inc. Class B | 1,078,717 | 85,952 | |
Mondelez International | |||
Inc. Class A | 1,240,531 | 50,862 | |
Colgate-Palmolive Co. | 733,456 | 47,535 | |
Activision Blizzard Inc. | 608,105 | 46,411 | |
General Motors Co. | 1,066,778 | 42,031 | |
*,^ | Tesla Inc. | 107,072 | 36,720 |
Ford Motor Co. | 3,292,570 | 36,449 | |
* | Electronic Arts Inc. | 258,125 | 36,401 |
Kraft Heinz Co. | 512,713 | 32,209 | |
Kimberly-Clark Corp. | 293,890 | 30,958 | |
Constellation Brands Inc. | |||
Class A | 134,254 | 29,384 | |
Estee Lauder Cos. Inc. | |||
Class A | 188,375 | 26,879 | |
General Mills Inc. | 498,214 | 22,051 | |
VF Corp. | 266,874 | 21,756 | |
Archer-Daniels-Midland | |||
Co. | 469,925 | 21,537 | |
Aptiv plc | 222,522 | 20,390 | |
* | Monster Beverage Corp. | 354,661 | 20,322 |
Dr Pepper Snapple Group | |||
Inc. | 151,530 | 18,487 | |
Tyson Foods Inc. Class A | 250,305 | 17,233 | |
Stanley Black & Decker | |||
Inc. | 129,684 | 17,223 | |
Kellogg Co. | 233,281 | 16,299 | |
Clorox Co. | 108,862 | 14,724 | |
Lennar Corp. Class A | 242,469 | 12,730 | |
DR Horton Inc. | 301,703 | 12,370 | |
McCormick & Co. Inc. | 102,089 | 11,852 | |
Conagra Brands Inc. | 331,163 | 11,832 | |
Brown-Forman Corp. | |||
Class B | 235,798 | 11,556 | |
* | Mohawk Industries Inc. | 53,333 | 11,428 |
* | Take-Two Interactive | ||
Software Inc. | 96,326 | 11,401 | |
Tapestry Inc. | 242,288 | 11,317 |
48
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Hershey Co. | 118,897 | 11,065 | |
Church & Dwight Co. Inc. | 205,992 | 10,951 | |
Genuine Parts Co. | 117,429 | 10,779 | |
Molson Coors Brewing | |||
Co. Class B | 156,353 | 10,638 | |
* | Lululemon Athletica Inc. | 84,761 | 10,582 |
Lear Corp. | 55,854 | 10,378 | |
JM Smucker Co. | 90,580 | 9,736 | |
PVH Corp. | 64,756 | 9,695 | |
Newell Brands Inc. | 368,138 | 9,494 | |
Hasbro Inc. | 94,520 | 8,725 | |
* | NVR Inc. | 2,878 | 8,549 |
Lamb Weston Holdings | |||
Inc. | 122,974 | 8,425 | |
Hormel Foods Corp. | 222,976 | 8,297 | |
Bunge Ltd. | 118,330 | 8,249 | |
* | Michael Kors Holdings | ||
Ltd. | 121,343 | 8,081 | |
Whirlpool Corp. | 54,275 | 7,937 | |
* | LKQ Corp. | 247,202 | 7,886 |
Snap-on Inc. | 47,685 | 7,664 | |
BorgWarner Inc. | 176,446 | 7,615 | |
Hanesbrands Inc. | 303,153 | 6,675 | |
^ | Campbell Soup Co. | 164,401 | 6,665 |
PulteGroup Inc. | 215,728 | 6,202 | |
Polaris Industries Inc. | 50,457 | 6,165 | |
Harley-Davidson Inc. | 139,640 | 5,876 | |
Ralph Lauren Corp. | |||
Class A | 46,675 | 5,868 | |
Jefferies Financial Group | |||
Inc. | 247,201 | 5,621 | |
Coty Inc. Class A | 379,204 | 5,347 | |
* | WABCO Holdings Inc. | 44,936 | 5,258 |
*,^ | Under Armour Inc. | ||
Class A | 155,888 | 3,504 | |
* | Under Armour Inc. | 160,141 | 3,376 |
Ingredion Inc. | 30,261 | 3,350 | |
Goodyear Tire & Rubber | |||
Co. | 100,675 | 2,345 | |
Lennar Corp. Class B | 12,505 | 534 | |
* | Pilgrim’s Pride Corp. | 20,891 | 421 |
Mattel Inc. | 176 | 3 | |
1,660,272 | |||
Consumer Services (13.4%) | |||
* | Amazon.com Inc. | 346,819 | 589,523 |
Home Depot Inc. | 970,020 | 189,251 | |
* | Netflix Inc. | 347,248 | 135,923 |
Comcast Corp. Class A | 3,861,626 | 126,700 | |
Walt Disney Co. | 1,190,767 | 124,804 | |
Walmart Inc. | 1,241,424 | 106,328 | |
McDonald’s Corp. | 660,254 | 103,455 | |
* | Booking Holdings Inc. | 40,501 | 82,099 |
Costco Wholesale Corp. | 369,035 | 77,121 | |
Lowe’s Cos. Inc. | 659,670 | 63,045 |
CVS Health Corp. | 854,879 | 55,011 | |
Starbucks Corp. | 1,102,384 | 53,851 | |
TJX Cos. Inc. | 500,881 | 47,674 | |
Twenty-First Century Fox | |||
Inc. Class A | 912,010 | 45,318 | |
Walgreens Boots Alliance | |||
Inc. | 708,856 | 42,542 | |
* | Charter Communications | ||
Inc. Class A | 139,723 | 40,968 | |
Target Corp. | 448,331 | 34,127 | |
* | eBay Inc. | 794,308 | 28,802 |
Marriott International Inc. | |||
Class A | 222,895 | 28,219 | |
Ross Stores Inc. | 318,295 | 26,976 | |
Sysco Corp. | 394,346 | 26,930 | |
Delta Air Lines Inc. | 531,013 | 26,306 | |
Las Vegas Sands Corp. | 331,878 | 25,342 | |
McKesson Corp. | 173,620 | 23,161 | |
Southwest Airlines Co. | 439,060 | 22,339 | |
Dollar General Corp. | 225,715 | 22,256 | |
Yum! Brands Inc. | 271,569 | 21,242 | |
Hilton Worldwide | |||
Holdings Inc. | 251,761 | 19,929 | |
Carnival Corp. | 336,835 | 19,304 | |
Kroger Co. | 675,752 | 19,225 | |
* | O’Reilly Automotive Inc. | 68,876 | 18,842 |
Twenty-First Century | |||
Fox Inc. | 377,007 | 18,575 | |
* | Dollar Tree Inc. | 199,850 | 16,987 |
CBS Corp. Class B | 274,333 | 15,423 | |
* | AutoZone Inc. | 22,635 | 15,187 |
Best Buy Co. Inc. | 201,444 | 15,024 | |
Royal Caribbean Cruises | |||
Ltd. | 142,402 | 14,753 | |
Omnicom Group Inc. | 191,189 | 14,582 | |
* | United Continental | ||
Holdings Inc. | 198,210 | 13,821 | |
Wynn Resorts Ltd. | 82,196 | 13,755 | |
American Airlines Group | |||
Inc. | 354,298 | 13,449 | |
Tiffany & Co. | 99,189 | 13,053 | |
Cardinal Health Inc. | 261,329 | 12,761 | |
Expedia Group Inc. | 103,956 | 12,494 | |
MGM Resorts | |||
International | 421,593 | 12,239 | |
AmerisourceBergen | |||
Corp. Class A | 138,770 | 11,833 | |
* | Ulta Beauty Inc. | 48,292 | 11,274 |
Darden Restaurants Inc. | 103,998 | 11,134 | |
* | CarMax Inc. | 149,828 | 10,918 |
Kohl’s Corp. | 141,606 | 10,323 | |
Macy’s Inc. | 257,948 | 9,655 | |
Nielsen Holdings plc | 299,663 | 9,269 | |
Viacom Inc. Class B | 301,835 | 9,103 |
49
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Chipotle Mexican Grill | ||
Inc. Class A | 21,020 | 9,067 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 170,446 | 8,054 | |
Advance Auto Parts Inc. | 59,231 | 8,038 | |
Tractor Supply Co. | 102,838 | 7,866 | |
* | Qurate Retail Group Inc. | ||
QVC Group Class A | 369,485 | 7,840 | |
Aramark | 206,641 | 7,666 | |
Interpublic Group of Cos. | |||
Inc. | 323,532 | 7,584 | |
Gap Inc. | 228,935 | 7,415 | |
* | Discovery | ||
Communications Inc. | 289,780 | 7,389 | |
L Brands Inc. | 198,800 | 7,332 | |
FactSet Research | |||
Systems Inc. | 32,678 | 6,474 | |
* | Liberty Media Corp-Liberty | ||
SiriusXM Class C | 140,871 | 6,390 | |
^ | Sirius XM Holdings Inc. | 939,430 | 6,360 |
Alaska Air Group Inc. | 103,504 | 6,251 | |
* | DISH Network Corp. | ||
Class A | 183,196 | 6,157 | |
News Corp. Class A | 393,546 | 6,100 | |
Nordstrom Inc. | 98,482 | 5,099 | |
Domino’s Pizza Inc. | 17,768 | 5,014 | |
Wyndham Hotels & | |||
Resorts Inc. | 84,089 | 4,947 | |
* | Copart Inc. | 82,624 | 4,673 |
*,^ | Discovery | ||
Communications Inc. | |||
Class A | 129,193 | 3,553 | |
* | Liberty Media Corp-Liberty | ||
SiriusXM Class A | 72,441 | 3,263 | |
Hyatt Hotels Corp. | |||
Class A | 35,047 | 2,704 | |
*,^ | TripAdvisor Inc. | 44,435 | 2,475 |
Rollins Inc. | 41,091 | 2,161 | |
Wyndham Destinations | |||
Inc. | 42,015 | 1,860 | |
Altice USA Inc. Class A | 103,284 | 1,762 | |
News Corp. Class B | 30,820 | 489 | |
CBS Corp. Class A | 4,796 | 272 | |
Viacom Inc. Class A | 4,527 | 161 | |
2,686,641 | |||
Financials (18.7%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 1,635,077 | 305,187 | |
JPMorgan Chase & Co. | 2,863,113 | 298,336 | |
Bank of America Corp. | 8,099,950 | 228,338 | |
Wells Fargo & Co. | 3,687,882 | 204,456 | |
Visa Inc. Class A | 1,501,990 | 198,939 | |
Mastercard Inc. Class A | 779,667 | 153,220 | |
Citigroup Inc. | 2,144,265 | 143,494 |
US Bancorp | 1,312,225 | 65,637 |
Goldman Sachs Group | ||
Inc. | 285,858 | 63,052 |
American Express Co. | 578,770 | 56,719 |
American Tower Corp. | 371,359 | 53,539 |
Morgan Stanley | 1,116,383 | 52,917 |
Charles Schwab Corp. | 1,020,958 | 52,171 |
PNC Financial Services | ||
Group Inc. | 375,064 | 50,671 |
Chubb Ltd. | 372,136 | 47,269 |
BlackRock Inc. | 94,302 | 47,060 |
CME Group Inc. | 286,364 | 46,941 |
Simon Property Group Inc. | 260,482 | 44,331 |
S&P Global Inc. | 211,339 | 43,090 |
Bank of New York Mellon | ||
Corp. | 764,967 | 41,255 |
American International | ||
Group Inc. | 755,084 | 40,035 |
Capital One Financial | ||
Corp. | 409,227 | 37,608 |
Crown Castle | ||
International Corp. | 348,775 | 37,605 |
Intercontinental | ||
Exchange Inc. | 487,353 | 35,845 |
Marsh & McLennan Cos. | ||
Inc. | 427,321 | 35,028 |
BB&T Corp. | 655,704 | 33,074 |
Prudential Financial Inc. | 353,060 | 33,015 |
MetLife Inc. | 684,001 | 29,822 |
Prologis Inc. | 447,316 | 29,384 |
Progressive Corp. | 489,773 | 28,970 |
Equinix Inc. | 66,792 | 28,713 |
Public Storage | 124,503 | 28,245 |
Aon plc | 205,622 | 28,205 |
Aflac Inc. | 651,089 | 28,010 |
Travelers Cos. Inc. | 227,266 | 27,804 |
State Street Corp. | 292,106 | 27,192 |
Allstate Corp. | 295,609 | 26,980 |
SunTrust Banks Inc. | 391,123 | 25,822 |
Moody’s Corp. | 137,213 | 23,403 |
Weyerhaeuser Co. | 636,168 | 23,195 |
T. Rowe Price Group Inc. | 193,561 | 22,471 |
Discover Financial | ||
Services | 293,310 | 20,652 |
Synchrony Financial | 602,599 | 20,115 |
AvalonBay Communities | ||
Inc. | 116,241 | 19,981 |
Equity Residential | 309,710 | 19,725 |
Welltower Inc. | 312,710 | 19,604 |
Digital Realty Trust Inc. | 173,103 | 19,315 |
M&T Bank Corp. | 109,839 | 18,689 |
Northern Trust Corp. | 179,639 | 18,483 |
KeyCorp | 892,371 | 17,437 |
Ventas Inc. | 299,326 | 17,047 |
50
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Ameriprise Financial Inc. | 121,566 | 17,005 | |
Willis Towers Watson plc | 110,742 | 16,788 | |
Regions Financial Corp. | 944,116 | 16,786 | |
Fifth Third Bancorp | 576,254 | 16,538 | |
Boston Properties Inc. | 129,782 | 16,277 | |
* | SBA Communications | ||
Corp. Class A | 96,833 | 15,989 | |
Citizens Financial Group | |||
Inc. | 407,552 | 15,854 | |
* | IHS Markit Ltd. | 302,560 | 15,609 |
Hartford Financial Services | |||
Group Inc. | 301,123 | 15,396 | |
Huntington Bancshares | |||
Inc. | 925,243 | 13,657 | |
* | E*TRADE Financial Corp. | 221,992 | 13,577 |
Essex Property Trust Inc. | 55,576 | 13,287 | |
First Republic Bank | 135,968 | 13,160 | |
Comerica Inc. | 144,687 | 13,155 | |
Host Hotels & Resorts Inc. | 623,520 | 13,138 | |
TD Ameritrade Holding | |||
Corp. | 238,531 | 13,064 | |
* | CBRE Group Inc. Class A | 271,519 | 12,962 |
Realty Income Corp. | 239,285 | 12,871 | |
* | SVB Financial Group | 44,560 | 12,867 |
Principal Financial Group | |||
Inc. | 240,944 | 12,758 | |
Equifax Inc. | 101,215 | 12,663 | |
MSCI Inc. Class A | 75,669 | 12,518 | |
XL Group Ltd. | 217,313 | 12,159 | |
* | Markel Corp. | 11,134 | 12,073 |
Lincoln National Corp. | 184,082 | 11,459 | |
Loews Corp. | 228,453 | 11,030 | |
Alexandria Real Estate | |||
Equities Inc. | 86,708 | 10,940 | |
GGP Inc. | 524,324 | 10,712 | |
Vornado Realty Trust | 144,055 | 10,649 | |
HCP Inc. | 394,840 | 10,195 | |
Annaly Capital | |||
Management Inc. | 976,530 | 10,048 | |
Extra Space Storage Inc. | 100,658 | 10,047 | |
Arthur J Gallagher & Co. | 153,438 | 10,016 | |
Raymond James Financial | |||
Inc. | 110,310 | 9,856 | |
Cboe Global Markets Inc. | 94,697 | 9,855 | |
Mid-America Apartment | |||
Communities Inc. | 95,554 | 9,619 | |
Ally Financial Inc. | 362,119 | 9,513 | |
Invesco Ltd. | 345,953 | 9,189 | |
Nasdaq Inc. | 98,384 | 8,980 | |
Franklin Resources Inc. | 273,115 | 8,753 | |
Cincinnati Financial Corp. | 130,842 | 8,748 | |
Zions Bancorporation | 165,953 | 8,744 | |
Duke Realty Corp. | 300,375 | 8,720 | |
* | Arch Capital Group Ltd. | 325,977 | 8,625 |
Iron Mountain Inc. | 240,813 | 8,431 | |
UDR Inc. | 224,488 | 8,427 | |
FNF Group | 217,804 | 8,194 | |
Regency Centers Corp. | 128,449 | 7,974 | |
Everest Re Group Ltd. | 34,395 | 7,927 | |
Western Union Co. | 386,544 | 7,858 | |
Federal Realty | |||
Investment Trust | 61,624 | 7,799 | |
SEI Investments Co. | 119,404 | 7,465 | |
SL Green Realty Corp. | 74,220 | 7,461 | |
Reinsurance Group of | |||
America Inc. Class A | 54,134 | 7,226 | |
Camden Property Trust | 77,913 | 7,100 | |
Alleghany Corp. | 12,198 | 7,013 | |
Torchmark Corp. | 85,682 | 6,975 | |
Unum Group | 186,009 | 6,880 | |
Affiliated Managers | |||
Group Inc. | 45,784 | 6,807 | |
* | Liberty Broadband Corp. | 89,699 | 6,792 |
Macerich Co. | 118,784 | 6,750 | |
Voya Financial Inc. | 142,359 | 6,691 | |
AGNC Investment Corp. | 354,662 | 6,593 | |
* | Black Knight Inc. | 119,642 | 6,407 |
Jones Lang LaSalle Inc. | 38,333 | 6,363 | |
VEREIT Inc. | 812,183 | 6,043 | |
Kimco Realty Corp. | 340,215 | 5,780 | |
* | Athene Holding Ltd. | ||
Class A | 131,331 | 5,758 | |
Invitation Homes Inc. | 241,323 | 5,565 | |
WR Berkley Corp. | 76,701 | 5,554 | |
Lazard Ltd. Class A | 109,234 | 5,343 | |
People’s United Financial | |||
Inc. | 291,871 | 5,280 | |
CIT Group Inc. | 97,765 | 4,928 | |
New York Community | |||
Bancorp Inc. | 391,307 | 4,320 | |
* | Brighthouse Financial Inc. | 100,477 | 4,026 |
Interactive Brokers Group | |||
Inc. | 56,903 | 3,665 | |
* | AXA Equitable Holdings | ||
Inc. | 142,675 | 2,941 | |
* | Berkshire Hathaway Inc. | ||
Class A | 6 | 1,692 | |
* | Liberty Broadband Corp. | ||
Class A | 20,919 | 1,582 | |
Brixmor Property Group | |||
Inc. | 156 | 3 | |
3,769,558 | |||
Health Care (12.8%) | |||
Johnson & Johnson | 2,255,402 | 273,671 | |
UnitedHealth Group Inc. | 808,081 | 198,255 | |
Pfizer Inc. | 4,918,828 | 178,455 | |
Merck & Co. Inc. | 2,262,241 | 137,318 | |
AbbVie Inc. | 1,274,323 | 118,066 |
51
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Amgen Inc. | 556,414 | 102,708 | |
Medtronic plc | 1,139,702 | 97,570 | |
Abbott Laboratories | 1,474,164 | 89,909 | |
Gilead Sciences Inc. | 1,093,373 | 77,455 | |
Bristol-Myers Squibb Co. | 1,374,420 | 76,060 | |
Eli Lilly & Co. | 825,411 | 70,432 | |
Thermo Fisher Scientific | |||
Inc. | 338,304 | 70,076 | |
Becton Dickinson and Co. | 224,669 | 53,822 | |
* | Biogen Inc. | 177,457 | 51,505 |
Anthem Inc. | 214,574 | 51,075 | |
Aetna Inc. | 275,046 | 50,471 | |
* | Celgene Corp. | 609,488 | 48,406 |
Allergan plc | 285,098 | 47,532 | |
* | Intuitive Surgical Inc. | 95,286 | 45,592 |
Stryker Corp. | 251,420 | 42,455 | |
* | Boston Scientific Corp. | 1,160,441 | 37,946 |
* | Express Scripts Holding | ||
Co. | 472,012 | 36,444 | |
* | Vertex Pharmaceuticals | ||
Inc. | 214,324 | 36,427 | |
Cigna Corp. | 204,554 | 34,764 | |
Zoetis Inc. | 406,819 | 34,657 | |
* | Illumina Inc. | 123,657 | 34,536 |
Humana Inc. | 115,726 | 34,444 | |
Baxter International Inc. | 429,791 | 31,736 | |
* | Edwards Lifesciences | ||
Corp. | 177,146 | 25,787 | |
HCA Healthcare Inc. | 234,838 | 24,094 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 66,832 | 23,056 | |
* | Alexion Pharmaceuticals | ||
Inc. | 177,657 | 22,056 | |
* | Align Technology Inc. | 64,048 | 21,913 |
* | Centene Corp. | 163,863 | 20,190 |
Zimmer Biomet Holdings | |||
Inc. | 170,903 | 19,045 | |
* | IDEXX Laboratories Inc. | 72,979 | 15,905 |
* | Laboratory Corp. of | ||
America Holdings | 85,941 | 15,429 | |
* | Mylan NV | 411,731 | 14,880 |
* | ABIOMED Inc. | 35,473 | 14,510 |
* | IQVIA Holdings Inc. | 145,162 | 14,490 |
* | BioMarin Pharmaceutical | ||
Inc. | 148,593 | 13,997 | |
Quest Diagnostics Inc. | 114,109 | 12,545 | |
ResMed Inc. | 120,012 | 12,431 | |
* | Waters Corp. | 62,654 | 12,129 |
Teleflex Inc. | 38,321 | 10,278 | |
* | Incyte Corp. | 151,755 | 10,168 |
Cooper Cos. Inc. | 41,164 | 9,692 | |
* | Henry Schein Inc. | 129,652 | 9,418 |
* | Hologic Inc. | 229,974 | 9,141 |
* | Varian Medical Systems | ||
Inc. | 77,077 | 8,765 | |
Dentsply Sirona Inc. | 191,638 | 8,388 | |
* | Jazz Pharmaceuticals plc | 47,874 | 8,249 |
Universal Health Services | |||
Inc. Class B | 73,351 | 8,174 | |
* | DaVita Inc. | 110,275 | 7,658 |
Perrigo Co. plc | 104,986 | 7,655 | |
* | Alnylam Pharmaceuticals | ||
Inc. | 75,922 | 7,478 | |
* | Nektar Therapeutics | ||
Class A | 144,418 | 7,052 | |
* | Alkermes plc | 130,685 | 5,379 |
* | Seattle Genetics Inc. | 43,007 | 2,855 |
2,564,594 | |||
Industrials (11.9%) | |||
Boeing Co. | 489,883 | 164,361 | |
General Electric Co. | 7,303,546 | 99,401 | |
3M Co. | 499,282 | 98,219 | |
Union Pacific Corp. | 647,667 | 91,761 | |
Honeywell International | |||
Inc. | 628,248 | 90,499 | |
Accenture plc Class A | 540,774 | 88,465 | |
United Technologies | |||
Corp. | 639,204 | 79,920 | |
* | PayPal Holdings Inc. | 948,542 | 78,985 |
Caterpillar Inc. | 502,844 | 68,221 | |
United Parcel Service Inc. | |||
Class B | 579,776 | 61,590 | |
Lockheed Martin Corp. | 204,116 | 60,302 | |
Danaher Corp. | 528,632 | 52,165 | |
Automatic Data | |||
Processing Inc. | 351,908 | 47,205 | |
Raytheon Co. | 241,598 | 46,672 | |
FedEx Corp. | 202,277 | 45,929 | |
Northrop Grumman Corp. | 146,662 | 45,128 | |
CSX Corp. | 699,274 | 44,600 | |
General Dynamics Corp. | 212,354 | 39,585 | |
Deere & Co. | 272,287 | 38,066 | |
Emerson Electric Co. | 529,645 | 36,620 | |
Norfolk Southern Corp. | 237,699 | 35,862 | |
Illinois Tool Works Inc. | 256,504 | 35,536 | |
Waste Management Inc. | 363,709 | 29,584 | |
Fidelity National | |||
Information Services Inc. | 278,453 | 29,524 | |
Sherwin-Williams Co. | 70,804 | 28,858 | |
Eaton Corp. plc | 367,865 | 27,494 | |
TE Connectivity Ltd. | 294,507 | 26,523 | |
Johnson Controls | |||
International plc | 779,412 | 26,071 | |
* | Fiserv Inc. | 344,458 | 25,521 |
Roper Technologies Inc. | 86,738 | 23,932 | |
Amphenol Corp. Class A | 253,414 | 22,085 | |
* | Worldpay Inc. Class A | 249,911 | 20,438 |
52
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Fortive Corp. | 263,606 | 20,327 | |
Ingersoll-Rand plc | 208,485 | 18,707 | |
Rockwell Collins Inc. | 138,096 | 18,599 | |
Paychex Inc. | 271,757 | 18,575 | |
PACCAR Inc. | 295,781 | 18,327 | |
Rockwell Automation Inc. | 105,521 | 17,541 | |
Cummins Inc. | 131,649 | 17,509 | |
Parker-Hannifin Corp. | 111,877 | 17,436 | |
Agilent Technologies Inc. | 270,654 | 16,737 | |
Waste Connections Inc. | 221,562 | 16,679 | |
* | FleetCor Technologies Inc. | 75,371 | 15,877 |
Global Payments Inc. | 134,161 | 14,958 | |
Vulcan Materials Co. | 111,160 | 14,346 | |
* | Verisk Analytics Inc. | ||
Class A | 131,911 | 14,199 | |
AMETEK Inc. | 194,722 | 14,051 | |
TransDigm Group Inc. | 39,665 | 13,690 | |
Cintas Corp. | 71,809 | 13,290 | |
Textron Inc. | 193,840 | 12,776 | |
L3 Technologies Inc. | 65,978 | 12,689 | |
* | CoStar Group Inc. | 30,646 | 12,645 |
* | Mettler-Toledo | ||
International Inc. | 21,360 | 12,359 | |
WW Grainger Inc. | 40,047 | 12,350 | |
WestRock Co. | 215,813 | 12,306 | |
Republic Services Inc. | |||
Class A | 179,325 | 12,259 | |
Martin Marietta Materials | |||
Inc. | 52,742 | 11,779 | |
Total System Services Inc. | 138,131 | 11,675 | |
Fastenal Co. | 241,854 | 11,640 | |
Broadridge Financial | |||
Solutions Inc. | 99,106 | 11,407 | |
Expeditors International of | |||
Washington Inc. | 147,030 | 10,748 | |
�� | Ball Corp. | 293,990 | 10,451 |
* | United Rentals Inc. | 70,379 | 10,389 |
Xylem Inc. | 151,128 | 10,183 | |
* | XPO Logistics Inc. | 101,488 | 10,167 |
CH Robinson Worldwide | |||
Inc. | 117,199 | 9,805 | |
Masco Corp. | 261,421 | 9,782 | |
Dover Corp. | 130,067 | 9,521 | |
Alliance Data Systems | |||
Corp. | 39,539 | 9,220 | |
Kansas City Southern | 86,181 | 9,132 | |
JB Hunt Transport | |||
Services Inc. | 73,802 | 8,971 | |
Packaging Corp. of America | 79,373 | 8,873 | |
* | First Data Corp. Class A | 388,317 | 8,127 |
Huntington Ingalls | |||
Industries Inc. | 37,342 | 8,095 | |
Jacobs Engineering Group | |||
Inc. | 119,172 | 7,566 |
Wabtec Corp. | 72,705 | 7,167 | |
* | Trimble Inc. | 209,104 | 6,867 |
* | Sensata Technologies | ||
Holding plc | 143,654 | 6,835 | |
Fortune Brands Home & | |||
Security Inc. | 122,398 | 6,572 | |
* | IPG Photonics Corp. | 29,407 | 6,488 |
Robert Half International | |||
Inc. | 98,673 | 6,424 | |
Arconic Inc. | 364,586 | 6,202 | |
Owens Corning | 92,933 | 5,889 | |
Fluor Corp. | 118,595 | 5,785 | |
Sealed Air Corp. | 135,204 | 5,739 | |
Pentair plc | 135,258 | 5,692 | |
TransUnion | 77,562 | 5,556 | |
* | Arrow Electronics Inc. | 73,644 | 5,544 |
* | Crown Holdings Inc. | 113,156 | 5,065 |
Hubbell Inc. Class B | 46,061 | 4,870 | |
ManpowerGroup Inc. | 55,247 | 4,755 | |
Allison Transmission | |||
Holdings Inc. | 109,494 | 4,433 | |
Old Dominion Freight | |||
Line Inc. | 29,314 | 4,367 | |
Xerox Corp. | 181,610 | 4,359 | |
AO Smith Corp. | 60,832 | 3,598 | |
Cognex Corp. | 69,017 | 3,079 | |
FLIR Systems Inc. | 57,463 | 2,986 | |
* | Stericycle Inc. | 35,828 | 2,339 |
Flowserve Corp. | 54,887 | 2,217 | |
Acuity Brands Inc. | 17,259 | 2,000 | |
^ | ADT Inc. | 94,052 | 814 |
* | nVent Electric plc | 77 | 2 |
Macquarie Infrastructure | |||
Corp. | 39 | 2 | |
2,390,531 | |||
Oil & Gas (6.2%) | |||
Exxon Mobil Corp. | 3,560,222 | 294,537 | |
Chevron Corp. | 1,606,929 | 203,164 | |
Schlumberger Ltd. | 1,164,775 | 78,075 | |
ConocoPhillips | 983,835 | 68,495 | |
EOG Resources Inc. | 486,735 | 60,564 | |
Occidental Petroleum | |||
Corp. | 643,877 | 53,880 | |
Valero Energy Corp. | 362,299 | 40,154 | |
Phillips 66 | 352,529 | 39,593 | |
Anadarko Petroleum | |||
Corp. | 433,210 | 31,733 | |
Halliburton Co. | 699,716 | 31,529 | |
Kinder Morgan Inc. | 1,577,525 | 27,875 | |
Marathon Petroleum | |||
Corp. | 388,570 | 27,262 | |
Pioneer Natural | |||
Resources Co. | 143,324 | 27,123 | |
ONEOK Inc. | 345,413 | 24,120 |
53
Large-Cap Index Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
Williams Cos. Inc. | 695,357 | 18,851 | ||
Devon Energy Corp. | 418,044 | 18,377 | ||
* | Concho Resources Inc. | 125,315 | 17,337 | |
Hess Corp. | 239,756 | 16,037 | ||
Andeavor | 120,732 | 15,838 | ||
Apache Corp. | 321,398 | 15,025 | ||
Marathon Oil Corp. | 717,600 | 14,969 | ||
Noble Energy Inc. | 407,526 | 14,377 | ||
National Oilwell Varco Inc. | 321,364 | 13,947 | ||
EQT Corp. | 223,412 | 12,328 | ||
Baker Hughes a GE Co. | 350,475 | 11,576 | ||
* | Cheniere Energy Inc. | 177,502 | 11,571 | |
Diamondback Energy Inc. | 82,969 | 10,916 | ||
HollyFrontier Corp. | 148,502 | 10,162 | ||
Cabot Oil & Gas Corp. | 380,292 | 9,051 | ||
Cimarex Energy Co. | 80,332 | 8,173 | ||
OGE Energy Corp. | 168,246 | 5,924 | ||
* | Continental Resources Inc. | 78,955 | 5,113 | |
Targa Resources Corp. | 87,532 | 4,332 | ||
* | Antero Resources Corp. | 200,399 | 4,279 | |
Helmerich & Payne Inc. | 43,319 | 2,762 | ||
* | Apergy Corp. | 39 | 2 | |
1,249,051 | ||||
Technology (21.2%) | ||||
Apple Inc. | 3,719,825 | 688,577 | ||
Microsoft Corp. | 6,460,852 | 637,105 | ||
* | Facebook Inc. Class A | 2,016,983 | 391,940 | |
* | Alphabet Inc. Class A | 251,038 | 283,470 | |
* | Alphabet Inc. Class C | 249,518 | 278,375 | |
Intel Corp. | 3,918,585 | 194,793 | ||
Cisco Systems Inc. | 3,954,532 | 170,163 | ||
NVIDIA Corp. | 459,387 | 108,829 | ||
International Business | ||||
Machines Corp. | 771,920 | 107,837 | ||
Oracle Corp. | 2,403,045 | 105,878 | ||
* | Adobe Systems Inc. | 414,126 | 100,968 | |
Texas Instruments Inc. | 823,179 | 90,755 | ||
Broadcom Inc. | 345,403 | 83,809 | ||
* | salesforce.com Inc. | 593,440 | 80,945 | |
QUALCOMM Inc. | 1,246,749 | 69,968 | ||
* | Micron Technology Inc. | 975,225 | 51,141 | |
Intuit Inc. | 205,020 | 41,887 | ||
Applied Materials Inc. | 883,728 | 40,819 | ||
Cognizant Technology | ||||
Solutions Corp. Class A | 492,886 | 38,933 | ||
HP Inc. | 1,377,348 | 31,252 | ||
Analog Devices Inc. | 310,969 | 29,828 | ||
* | ServiceNow Inc. | 148,626 | 25,633 | |
* | Twitter Inc. | 569,950 | 24,890 | |
* | Autodesk Inc. | 184,122 | 24,137 | |
Lam Research Corp. | 137,899 | 23,836 | ||
* | Red Hat Inc. | 149,506 | 20,089 | |
DXC Technology Co. | 240,066 | 19,352 | ||
Corning Inc. | 697,864 | 19,198 |
Hewlett Packard | |||
Enterprise Co. | 1,283,384 | 18,750 | |
Western Digital Corp. | 238,909 | 18,494 | |
Microchip Technology Inc. | 197,576 | 17,969 | |
NetApp Inc. | 225,149 | 17,681 | |
Motorola Solutions Inc. | 136,272 | 15,858 | |
* | Cerner Corp. | 265,211 | 15,857 |
* | Palo Alto Networks Inc. | 73,372 | 15,076 |
* | Workday Inc. Class A | 122,908 | 14,887 |
Skyworks Solutions Inc. | 153,095 | 14,797 | |
Harris Corp. | 99,937 | 14,445 | |
* | Square Inc. | 231,575 | 14,274 |
* | Dell Technologies Inc. | ||
Class V | 167,623 | 14,178 | |
Xilinx Inc. | 213,092 | 13,906 | |
Maxim Integrated | |||
Products Inc. | 235,285 | 13,802 | |
KLA-Tencor Corp. | 131,097 | 13,441 | |
* | VeriSign Inc. | 93,212 | 12,809 |
* | ANSYS Inc. | 70,600 | 12,297 |
Seagate Technology plc | 217,364 | 12,274 | |
* | Splunk Inc. | 121,946 | 12,086 |
*,^ | Advanced Micro | ||
Devices Inc. | 774,953 | 11,617 | |
* | Citrix Systems Inc. | 108,252 | 11,349 |
* | Arista Networks Inc. | 43,849 | 11,291 |
Symantec Corp. | 521,854 | 10,776 | |
* | Synopsys Inc. | 125,111 | 10,706 |
* | Cadence Design | ||
Systems Inc. | 236,825 | 10,257 | |
* | IAC/InterActiveCorp | 65,500 | 9,988 |
* | Akamai Technologies Inc. | 136,385 | 9,987 |
* | Gartner Inc. | 72,935 | 9,693 |
CA Inc. | 262,649 | 9,363 | |
* | VMware Inc. Class A | 61,885 | 9,095 |
* | F5 Networks Inc. | 51,468 | 8,876 |
* | Qorvo Inc. | 106,370 | 8,528 |
Juniper Networks Inc. | 294,245 | 8,068 | |
Marvell Technology | |||
Group Ltd. | 356,416 | 7,642 | |
CDK Global Inc. | 110,378 | 7,180 | |
Garmin Ltd. | 94,903 | 5,789 | |
*,^ | Snap Inc. | 435,768 | 5,704 |
CDW Corp. | 64,006 | 5,171 | |
LogMeIn Inc. | 43,909 | 4,534 | |
SS&C Technologies | |||
Holdings Inc. | 84,763 | 4,399 | |
* | GoDaddy Inc. Class A | 59,190 | 4,179 |
* | Dropbox Inc. Class A | 46,380 | 1,504 |
* | Match Group Inc. | 21,022 | 814 |
4,253,798 | |||
Telecommunications (2.0%) | |||
AT&T Inc. | 6,109,467 | 196,175 | |
Verizon Communications | |||
Inc. | 3,474,686 | 174,811 |
54
Large-Cap Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
CenturyLink Inc. | 816,458 | 15,219 | |
* | T-Mobile US Inc. | 249,549 | 14,911 |
* | Zayo Group Holdings Inc. | 177,450 | 6,473 |
*,^ | Sprint Corp. | 504,800 | 2,746 |
410,335 | |||
Utilities (2.8%) | |||
NextEra Energy Inc. | 396,444 | 66,218 | |
Duke Energy Corp. | 589,532 | 46,620 | |
Southern Co. | 851,421 | 39,429 | |
Dominion Energy Inc. | 548,755 | 37,414 | |
Exelon Corp. | 811,512 | 34,570 | |
American Electric Power | |||
Co. Inc. | 413,893 | 28,662 | |
Sempra Energy | 221,785 | 25,751 | |
Public Service Enterprise | |||
Group Inc. | 425,028 | 23,011 | |
Consolidated Edison Inc. | 261,253 | 20,373 | |
Xcel Energy Inc. | 428,110 | 19,556 | |
PG&E Corp. | 434,174 | 18,478 | |
PPL Corp. | 633,905 | 18,098 | |
Edison International | 273,997 | 17,336 | |
WEC Energy Group Inc. | 265,236 | 17,148 | |
DTE Energy Co. | 152,705 | 15,825 | |
Eversource Energy | 266,410 | 15,614 | |
FirstEnergy Corp. | 401,183 | 14,407 | |
American Water Works | |||
Co. Inc. | 149,701 | 12,781 | |
Ameren Corp. | 204,017 | 12,414 | |
Entergy Corp. | 152,216 | 12,298 | |
CMS Energy Corp. | 237,936 | 11,250 | |
CenterPoint Energy Inc. | 363,136 | 10,063 | |
Alliant Energy Corp. | 194,294 | 8,223 | |
NiSource Inc. | 304,467 | 8,001 | |
Pinnacle West Capital | |||
Corp. | 94,094 | 7,580 | |
AES Corp. | 555,116 | 7,444 | |
* | Evergy Inc. | 114,317 | 6,419 |
* | Vistra Energy Corp. | 175,274 | 4,147 |
Avangrid Inc. | 51,790 | 2,741 | |
SCANA Corp. | 56,948 | 2,194 | |
564,065 | |||
Total Common Stocks | |||
(Cost $13,084,623) | 19,994,722 |
Market | |||
Value• | |||
Shares | ($000) | ||
Temporary Cash Investments (0.7%)1 | |||
Money Market Fund (0.7%) | |||
2,3 | Vanguard Market Liquidity | ||
Fund, 2.122% | 1,388,929 | 138,906 | |
Face | |||
Amount | |||
($000) | |||
U. S. Government and Agency Obligations (0.0%) | |||
4 | United States Treasury | ||
Bill, 1.693%, 7/12/18 | 1,000 | 999 | |
4 | United States Treasury | ||
Bill, 1.916%, 9/6/18 | 100 | 100 | |
4 | United States Treasury | ||
Bill, 1.986%, 10/18/18 | 1,100 | 1,094 | |
4 | United States Treasury | ||
Bill, 2.022%–2.078%, | |||
11/15/18 | 1,900 | 1,886 | |
United States Treasury | |||
Bill, 2.059%, 11/29/18 | 1,500 | 1,487 | |
5,566 | |||
Total Temporary Cash Investments | |||
(Cost $144,462) | 144,472 | ||
Total Investments (100.2%) | |||
(Cost $13,229,085) | 20,139,194 | ||
Amount | |||
($000) | |||
Other Assets and Liabilities (-0.2%) | |||
Other Assets | |||
Investment in Vanguard | 1,036 | ||
Receivables for Accrued Income | 16,308 | ||
Receivables for Capital Shares Issued | 5,287 | ||
Variation Margin Receivable— | |||
Futures Contracts | 74 | ||
Other Assets | 59 | ||
Total Other Assets | 22,764 | ||
Liabilities | |||
Payables for Investment Securities | |||
Purchased | (17,851) | ||
Collateral for Securities on Loan | (42,063) | ||
Payables for Capital Shares Redeemed | (3,349) | ||
Payables to Vanguard | (4,835) | ||
Total Liabilities | (68,098) | ||
Net Assets (100%) | 20,093,860 |
55
Large-Cap Index Fund
At June 30, 2018, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 13,292,341 |
Undistributed Net Investment Income | 2,110 |
Accumulated Net Realized Losses | (109,087) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 6,910,109 |
Futures Contracts | (1,613) |
Net Assets | 20,093,860 |
Investor Shares—Net Assets | |
Applicable to 7,647,300 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 385,349 |
Net Asset Value Per Share— | |
Investor Shares | $50.39 |
ETF Shares—Net Assets | |
Applicable to 103,266,950 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 12,881,645 |
Net Asset Value Per Share— | |
ETF Shares | $124.74 |
Admiral Shares—Net Assets | |
Applicable to 88,824,177 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 5,595,858 |
Net Asset Value Per Share— | |
Admiral Shares | $63.00 |
Amount | |
($000) | |
Institutional Shares—Net Assets | |
Applicable to 4,747,528 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 1,231,008 |
Net Asset Value Per Share— | |
Institutional Shares | $259.29 |
• 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 $40,161,000.
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 $42,063,000 of collateral received for securities
on loan.
4 Securities with a value of $4,078,000 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 | September 2018 | 723 | 98,386 | (1,613) |
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.
56
Large-Cap Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 178,257 |
Interest1 | 389 |
Securities Lending—Net | 371 |
Total Income | 179,017 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,388 |
Management and Administrative—Investor Shares | 260 |
Management and Administrative—ETF Shares | 1,641 |
Management and Administrative—Admiral Shares | 739 |
Management and Administrative—Institutional Shares | 132 |
Marketing and Distribution—Investor Shares | 42 |
Marketing and Distribution—ETF Shares | 259 |
Marketing and Distribution—Admiral Shares | 183 |
Marketing and Distribution—Institutional Shares | 11 |
Custodian Fees | 129 |
Shareholders’ Report—Investor Shares | 4 |
Shareholders’ Reports—ETF Shares | 145 |
Shareholders’ Reports—Admiral Shares | 16 |
Shareholders’ Reports—Institutional Shares | 1 |
Trustees’ Fees and Expenses | 6 |
Total Expenses | 4,956 |
Net Investment Income | 174,061 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 338,605 |
Futures Contracts | 3,347 |
Realized Net Gain (Loss) | 341,952 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (934) |
Futures Contracts | (1,741) |
Change in Unrealized Appreciation (Depreciation) | (2,675) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 513,338 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $361,000, ($4,000), and $9,000 respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
57
Large-Cap Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 174,061 | 308,673 |
Realized Net Gain (Loss) | 341,952 | 217,973 |
Change in Unrealized Appreciation (Depreciation) | (2,675) | 2,670,826 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 513,338 | 3,197,472 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (3,185) | (7,172) |
ETF Shares | (107,240) | (190,180) |
Admiral Shares | (48,289) | (91,116) |
Institutional Shares | (10,226) | (20,083) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Return of Capital | ||
Total Distributions | (168,940) | (308,551) |
Capital Share Transactions | ||
Investor Shares | (8,427) | (86,883) |
ETF Shares | 1,053,297 | 1,372,048 |
Admiral Shares | 122,124 | 392,051 |
Institutional Shares | (4,224) | 89,869 |
Net Increase (Decrease) from Capital Share Transactions | 1,162,770 | 1,767,085 |
Total Increase (Decrease) | 1,507,168 | 4,656,006 |
Net Assets | ||
Beginning of Period | 18,586,692 | 13,930,686 |
End of Period1 | 20,093,860 | 18,586,692 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $2,110,000 and ($3,011,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
58
Large-Cap Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $49.48 | $41.31 | $37.78 | $38.12 | $34.24 | $26.32 |
Investment Operations | ||||||
Net Investment Income | . 4271 | .8191 | .768 | .702 | .624 | .556 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | .890 | 8.161 | 3.533 | (.348) | 3.879 | 7.921 |
Total from Investment Operations | 1.317 | 8.980 | 4.301 | .354 | 4.503 | 8.477 |
Distributions | ||||||
Dividends from Net Investment Income | (. 407) | (. 810) | (.771) | (. 694) | (. 623) | (. 557) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 407) | (. 810) | (.771) | (. 694) | (. 623) | (. 557) |
Net Asset Value, End of Period | $50.39 | $49.48 | $41.31 | $37.78 | $38.12 | $34.24 |
Total Return2 | 2.66% | 21.89% | 11.50% | 0.93% | 13.24% | 32.45% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $385 | $387 | $400 | $375 | $399 | $391 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.17% | 0.17% | 0.18% | 0.20% | 0.23% | 0.24% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.71% | 1.81% | 2.02% | 1.86% | 1.76% | 1.82% |
Portfolio Turnover Rate 3 | 4% | 3% | 5% | 4% | 3% | 9% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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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Large-Cap Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $122.49 | $102.27 | $93.52 | $94.36 | $84.76 | $65.15 |
Investment Operations | ||||||
Net Investment Income | 1.1291 | 2.168 1 | 2.018 | 1.850 | 1.672 | 1.488 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.205 | 20.196 | 8.754 | (.859) | 9.599 | 19.610 |
Total from Investment Operations | 3.334 | 22.364 | 10.772 | .991 | 11.271 | 21.098 |
Distributions | ||||||
Dividends from Net Investment Income | (1.084) | (2.144) | (2.022) | (1.831) | (1.671) | (1.488) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.084) | (2.144) | (2.022) | (1.831) | (1.671) | (1.488) |
Net Asset Value, End of Period | $124.74 | $122.49 | $102.27 | $93.52 | $94.36 | $84.76 |
Total Return | 2.73% | 22.03% | 11.65% | 1.07% | 13.39% | 32.65% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $12,882 | $11,613 | $8,468 | $6,469 | $5,619 | $4,707 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.83% | 1.93% | 2.14% | 1.98% | 1.90% | 1.97% |
Portfolio Turnover Rate2 | 4% | 3% | 5% | 4% | 3% | 9% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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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Large-Cap Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $61.86 | $51.65 | $47.23 | $47.65 | $42.81 | $32.90 |
Investment Operations | ||||||
Net Investment Income | . 5701 | 1.0941 | 1.019 | .936 | .846 | .752 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.117 | 10.197 | 4.422 | (.430) | 4.839 | 9.909 |
Total from Investment Operations | 1.687 | 11.291 | 5.441 | .506 | 5.685 | 10.661 |
Distributions | ||||||
Dividends from Net Investment Income | (.547) | (1.081) | (1.021) | (.926) | (.845) | (.751) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.547) | (1.081) | (1.021) | (.926) | (.845) | (.751) |
Net Asset Value, End of Period | $63.00 | $61.86 | $51.65 | $47.23 | $47.65 | $42.81 |
Total Return2 | 2.73% | 22.03% | 11.65% | 1.07% | 13.38% | 32.66% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,596 | $5,375 | $4,130 | $3,527 | $3,085 | $1,438 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.05% | 0.05% | 0.06% | 0.08% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.83% | 1.93% | 2.14% | 1.98% | 1.90% | 1.97% |
Portfolio Turnover Rate 3 | 4% | 3% | 5% | 4% | 3% | 9% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
61
Large-Cap Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $254.60 | $212.59 | $194.40 | $196.14 | $176.18 | $135.42 |
Investment Operations | ||||||
Net Investment Income | 2.3621 | 4.5291 | 4.215 | 3.865 | 3.492 | 3.105 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 4.593 | 41.958 | 18.199 | (1.781) | 19.957 | 40.761 |
Total from Investment Operations | 6.955 | 46.487 | 22.414 | 2.084 | 23.449 | 43.866 |
Distributions | ||||||
Dividends from Net Investment Income | (2.265) | (4.477) | (4.224) | (3.824) | (3.489) | (3.106) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.265) | (4.477) | (4.224) | (3.824) | (3.489) | (3.106) |
Net Asset Value, End of Period | $259.29 | $254.60 | $212.59 | $194.40 | $196.14 | $176.18 |
Total Return | 2.73% | 22.03% | 11.66% | 1.07% | 13.41% | 32.65% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,231 | $1,212 | $932 | $794 | $857 | $750 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.04% | 0.04% | 0.05% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.84% | 1.94% | 2.15% | 1.99% | 1.91% | 1.98% |
Portfolio Turnover Rate2 | 4% | 3% | 5% | 4% | 3% | 9% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
62
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).
During the six months ended June 30, 2018, 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.
63
Large-Cap 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 for the period ended June 30, 2018, 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 before the opening of the market 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 June 30, 2018, 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.
64
Large-Cap 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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $1,036,000, 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 19,994,722 | — | — |
Temporary Cash Investments | 138,906 | 5,566 | — |
Futures Contracts—Assets1 | 74 | — | — |
Total | 20,133,702 | 5,566 | — |
1 Represents variation margin on the last day of the reporting period. |
65
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 six months ended June 30, 2018, the fund realized $322,274,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $13,229,085,000. Net unrealized appreciation of investment securities for tax purposes was $6,910,109,000, consisting of unrealized gains of $7,197,234,000 on securities that had risen in value since their purchase and $287,125,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $1,962,929,000 of investment securities and sold $866,809,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,515,238,000 and $521,103,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
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Large-Cap Index Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 73,486 | 1,446 | 118,135 | 2,621 |
Issued in Lieu of Cash Distributions | 3,049 | 60 | 6,912 | 150 |
Redeemed | (84,962) | (1,680) | (211,930) | (4,643) |
Net Increase (Decrease)—Investor Shares | (8,427) | (174) | (86,883) | (1,872) |
ETF Shares | ||||
Issued | 1,575,840 | 12,582 | 1,614,290 | 14,185 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (522,543) | (4,125) | (242,242) | (2,175) |
Net Increase (Decrease)—ETF Shares | 1,053,297 | 8,457 | 1,372,048 | 12,010 |
Admiral Shares | ||||
Issued | 613,695 | 9,735 | 1,077,132 | 19,032 |
Issued in Lieu of Cash Distributions | 39,677 | 627 | 74,998 | 1,299 |
Redeemed | (531,248) | (8,433) | (760,079) | (13,403) |
Net Increase (Decrease)—Admiral Shares | 122,124 | 1,929 | 392,051 | 6,928 |
Institutional Shares | ||||
Issued | 132,811 | 511 | 316,743 | 1,353 |
Issued in Lieu of Cash Distributions | 8,686 | 33 | 16,062 | 67 |
Redeemed | (145,721) | (555) | (242,936) | (1,043) |
Net Increase (Decrease)—Institutional Shares | (4,224) | (11) | 89,869 | 377 |
G. Management has determined that no events or transactions occurred subsequent to
June 30, 2018, that would require recognition or disclosure in these financial statements.
67
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.
68
Six Months Ended June 30, 2018 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
12/31/2017 | 6/30/2018 | Period | |
Based on Actual Fund Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,070.83 | $0.87 |
ETF Shares | 1,000.00 | 1,071.58 | 0.26 |
Admiral Shares | 1,000.00 | 1,071.48 | 0.26 |
Institutional Shares | 1,000.00 | 1,071.53 | 0.21 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $988.44 | $0.84 |
ETF Shares | 1,000.00 | 989.39 | 0.25 |
Admiral Shares | 1,000.00 | 989.28 | 0.25 |
Institutional Shares | 1,000.00 | 989.09 | 0.20 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,026.60 | $0.85 |
ETF Shares | 1,000.00 | 1,027.29 | 0.25 |
Admiral Shares | 1,000.00 | 1,027.25 | 0.25 |
Institutional Shares | 1,000.00 | 1,027.29 | 0.20 |
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Six Months Ended June 30, 2018 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
12/31/2017 | 6/30/2018 | Period | |
Based on Hypothetical 5% Yearly Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
ETF Shares | 1,000.00 | 1,024.55 | 0.25 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Shares | 1,000.00 | 1,024.60 | 0.20 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
ETF Shares | 1,000.00 | 1,024.55 | 0.25 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Shares | 1,000.00 | 1,024.60 | 0.20 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
ETF Shares | 1,000.00 | 1,024.55 | 0.25 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Shares | 1,000.00 | 1,024.60 | 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, 0.17% 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 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 (181/365).
70
Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Growth Index Fund, Vanguard Value Index Fund, and Vanguard Large-Cap Index Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that each advisory arrangement should continue. Information about each fund’s most recent performance can be found on the Performance Summary pages of this report.
71
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the funds’ at-cost arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
72
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.
73
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.
74
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 208 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 Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. 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 University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne 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.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its 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. 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 in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) 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 in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). 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 in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team | |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
Chris D. McIsaac | |
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 2018, 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. | |
Q03072 082018 |
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/totalstockmarketx1x1.jpg)
Semiannual Report | June 30, 2018
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 |
CEO’s Perspective. | 3 |
Fund Profile. | 5 |
Performance Summary. | 6 |
Financial Statements. | 7 |
About Your Fund’s Expenses. | 26 |
Trustees Approve Advisory Arrangement. | 28 |
Glossary. | 30 |
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 more than 3% for the six months ended June 30, 2018. The fund closely tracked its benchmark, the CRSP US Total Market Index, and exceeded the average return of its multi-capitalization core fund peers.
• The fund offers investors exposure to every segment, size, and style of the U.S. equity market.
• During the period, small-cap stocks outperformed their mid- and large-cap counterparts, and growth stocks outpaced value.
• Five of the fund’s ten industry sectors recorded positive returns. Technology and consumer services produced the strongest results and contributed most to the overall return.
• Consumer goods and industrials were the worst-performing sectors on a relative basis.
Total Returns: Six Months Ended June 30, 2018 | |
Total | |
Returns | |
Vanguard Total Stock Market Index Fund | |
Investor Shares | 3.23% |
ETF Shares | |
Market Price | 3.27 |
Net Asset Value | 3.29 |
Admiral™ Shares | 3.28 |
Institutional Shares | 3.28 |
Institutional Plus Shares | 3.29 |
Institutional Select Shares | 3.30 |
CRSP US Total Market Index | 3.29 |
Multi-Cap Core Funds Average | 1.76 |
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
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 | |
Total Stock Market | |||||||
Index Fund | 0.14% | 0.04% | 0.04% | 0.035% | 0.02% | 0.01% | 1.11% |
The fund expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the fund’s annualized expense ratios were 0.14% for Investor Shares, 0.04% for ETF Shares, 0.04%
for Admiral Shares, 0.033% 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 2017.
Peer group: Multi-Cap Core Funds.
2
CEO’s Perspective
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
I feel extremely fortunate to have the chance to lead a company filled with people who come to work every day passionate about Vanguard’s core purpose: to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.
When I joined Vanguard in 1991, I found a mission-driven team focused on improving lives—helping people retire more comfortably, put their children through college, and achieve financial security. I also found a company with purpose in an industry ripe for improvement.
It was clear, even early in my career, that the cards were stacked against most investors. Hidden fees, performance-chasing, and poor advice were relentlessly eroding investors’ dreams.
We knew Vanguard could be different and, as a result, could make a real difference. We have lowered the costs of investing for our shareholders significantly. And we’re proud of the performance of our funds.
Vanguard is built for Vanguard investors—we focus solely on you, our fund shareholders. Everything we do is designed to give our clients the best chance for investment success. In my role as CEO, I’ll keep this priority
3
front and center. We’re proud of what we’ve achieved, but we’re even more excited about what’s to come.
Steady, time-tested guidance
Our guidance for investors, as always, is to stay the course, tune out the hyperbolic headlines, and focus on your goals and what you can control, such as costs and how much you save. This time-tested advice has served our clients well over the decades.
Regardless of how the markets perform in the short term, I’m incredibly optimistic about the future for our investors. We have a dedicated team serving you, and we will never stop striving to make Vanguard the best place for you to invest through our high-quality funds and services, advice and guidance to help you meet your financial goals, and an experience that makes you feel good about entrusting us with your hard-earned savings.
Thank you for your continued loyalty.
Sincerely,
![](https://capedge.com/proxy/N-CSRS/0000932471-18-007037/totalstockmarketx6x1.jpg)
Mortimer J. Buckley
President and Chief Executive Officer
July 13, 2018
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2018 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 2.85% | 14.54% | 13.37% |
Russell 2000 Index (Small-caps) | 7.66 | 17.57 | 12.46 |
Russell 3000 Index (Broad U.S. market) | 3.22 | 14.78 | 13.29 |
FTSE All-World ex US Index (International) | -3.83 | 7.28 | 6.35 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | -1.62% | -0.40% | 2.27% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | -0.25 | 1.56 | 3.53 |
FTSE Three-Month U. S. Treasury Bill Index | 0.78 | 1.33 | 0.38 |
CPI | |||
Consumer Price Index | 2.22% | 2.87% | 1.54% |
4
Total Stock Market Index Fund
Fund Profile
As of June 30, 2018
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 | 0.14% | 0.04% | 0.04% | 0.035% | 0.02% | 0.01% |
30-Day SEC Yield | 1.73% | 1.83% | 1.83% | 1.84% | 1.85% | 1.86% |
Portfolio Characteristics | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Number of Stocks | 3,654 | 3,594 |
Median Market Cap | $64.0B | $64.0B |
Price/Earnings Ratio | 20.8x | 20.7x |
Price/Book Ratio | 3.0x | 3.0x |
Return on Equity | 15.0% | 15.0% |
Earnings Growth Rate | 8.2% | 8.2% |
Dividend Yield | 1.8% | 1.8% |
Foreign Holdings | 0.0% | 0.0% |
Turnover Rate (Annualized) | 3% | — |
Short-Term Reserves | -0.1% | — |
Sector Diversification (% of equity exposure) | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Basic Materials | 2.5% | 2.5% |
Consumer Goods | 8.1 | 8.1 |
Consumer Services | 13.2 | 13.2 |
Financials | 19.8 | 19.9 |
Health Care | 12.7 | 12.7 |
Industrials | 12.9 | 12.9 |
Oil & Gas | 6.1 | 6.1 |
Technology | 19.9 | 19.9 |
Telecommunications | 1.9 | 1.8 |
Utilities | 2.9 | 2.9 |
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 | 2.9% |
Microsoft Corp. | Software | 2.7 |
Amazon.com Inc. | Broadline Retailers | 2.5 |
Alphabet Inc. | Internet | 2.4 |
Facebook Inc. | Internet | 1.7 |
Berkshire Hathaway Inc. Reinsurance | 1.3 | |
JPMorgan Chase & Co. | Banks | 1.3 |
Exxon Mobil Corp. | Integrated Oil & Gas | 1.3 |
Johnson & Johnson | Pharmaceuticals | 1.2 |
Bank of America Corp. | Banks | 1.0 |
Top Ten | 18.3% |
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 25, 2018, and represent estimated costs for the current fiscal year. For
the six months ended June 30, 2018, the annualized expense ratios were 0.14% for Investor Shares, 0.04% for ETF Shares, 0.04% for
Admiral Shares, 0.033% for Institutional Shares, 0.02% for Institutional Plus Shares, and 0.01% for Institutional Select Shares.
5
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.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
For a benchmark description, see the Glossary.
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 4/27/1992 | 14.71% | 13.14% | 10.21% |
ETF Shares | 5/24/2001 | |||
Market Price | 14.85 | 13.28 | 10.34 | |
Net Asset Value | 14.83 | 13.27 | 10.33 | |
Admiral Shares | 11/13/2000 | 14.82 | 13.26 | 10.33 |
Institutional Shares | 7/7/1997 | 14.82 | 13.27 | 10.34 |
Institutional Plus Shares | 4/28/2015 | 14.83 | — | 10.291 |
Institutional Select Shares | 6/27/2016 | 14.85 | — | 19.521 |
1 Return since inception. |
6
Total Stock Market Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of June 30, 2018
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. | 58,087,208 | 3,829,109 | 0.5% |
Basic Materials—Other † | 13,683,839 | 2.0% | |
17,512,948 | 2.5% | ||
Consumer Goods | |||
Procter & Gamble Co. | 62,944,451 | 4,913,444 | 0.7% |
Coca-Cola Co. | 95,868,820 | 4,204,806 | 0.6% |
PepsiCo Inc. | 35,487,055 | 3,863,476 | 0.5% |
Philip Morris International Inc. | 38,907,434 | 3,141,386 | 0.4% |
Altria Group Inc. | 47,373,565 | 2,690,345 | 0.4% |
Consumer Goods—Other † | 37,578,145 | 5.4% | |
56,391,602 | 8.0% | ||
Consumer Services | |||
* Amazon.com Inc. | 10,323,574 | 17,548,011 | 2.5% |
Home Depot Inc. | 28,871,767 | 5,632,882 | 0.8% |
* Netflix Inc. | 10,336,108 | 4,045,863 | 0.6% |
Comcast Corp. Class A | 114,928,401 | 3,770,801 | 0.5% |
Walt Disney Co. | 35,434,316 | 3,713,871 | 0.5% |
Walmart Inc. | 36,955,972 | 3,165,279 | 0.5% |
McDonald’s Corp. | 19,651,519 | 3,079,197 | 0.4% |
1 Consumer Services—Other † | 51,506,729 | 7.4% | |
92,462,633 | 13.2% | ||
Financials | |||
JPMorgan Chase & Co. | 85,236,974 | 8,881,693 | 1.3% |
* Berkshire Hathaway Inc. Class B | 47,314,420 | 8,831,236 | 1.3% |
Bank of America Corp. | 241,101,577 | 6,796,653 | 1.0% |
Wells Fargo & Co. | 109,775,666 | 6,085,963 | 0.9% |
Visa Inc. Class A | 44,714,503 | 5,922,436 | 0.8% |
Mastercard Inc. Class A | 23,212,668 | 4,561,754 | 0.6% |
7
Total Stock Market Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Citigroup Inc. | 63,819,490 | 4,270,800 | 0.6% | |
Berkshire Hathaway Inc. Class A | 1,026 | 289,373 | 0.0% | |
1 | Financials—Other † | 93,198,423 | 13.3% | |
138,838,331 | 19.8% | |||
Health Care | ||||
Johnson & Johnson | 67,144,991 | 8,147,373 | 1.2% | |
UnitedHealth Group Inc. | 24,054,849 | 5,901,617 | 0.8% | |
Pfizer Inc. | 146,436,519 | 5,312,717 | 0.8% | |
Merck & Co. Inc. | 67,347,667 | 4,088,003 | 0.6% | |
AbbVie Inc. | 37,934,567 | 3,514,638 | 0.5% | |
Amgen Inc. | 16,564,922 | 3,057,719 | 0.4% | |
Medtronic plc | 33,922,297 | 2,904,088 | 0.4% | |
Abbott Laboratories | 43,887,375 | 2,676,691 | 0.4% | |
Health Care—Other † | 53,248,100 | 7.6% | ||
88,850,946 | 12.7% | |||
Industrials | ||||
Boeing Co. | 14,582,572 | 4,892,599 | 0.7% | |
General Electric Co. | 217,366,633 | 2,958,360 | 0.4% | |
3M Co. | 14,852,629 | 2,921,809 | 0.4% | |
Union Pacific Corp. | 19,278,141 | 2,731,327 | 0.4% | |
Honeywell International Inc. | 18,685,824 | 2,691,693 | 0.4% | |
Accenture plc Class A | 16,098,833 | 2,633,608 | 0.4% | |
1 | Industrials—Other † | 71,406,106 | 10.2% | |
90,235,502 | 12.9% | |||
Oil & Gas | ||||
Exxon Mobil Corp. | 105,966,749 | 8,766,629 | 1.2% | |
Chevron Corp. | 47,828,625 | 6,046,973 | 0.9% | |
1 | Oil & Gas—Other † | 27,571,445 | 3.9% | |
42,385,047 | 6.0% | |||
1,2Other † | 9,479 | 0.0% | ||
Technology | ||||
Apple Inc. | 110,720,519 | 20,495,475 | 2.9% | |
Microsoft Corp. | 192,306,274 | 18,963,322 | 2.7% | |
* | Facebook Inc. Class A | 60,036,157 | 11,666,226 | 1.7% |
* | Alphabet Inc. Class A | 7,418,191 | 8,376,547 | 1.2% |
* | Alphabet Inc. Class C | 7,480,401 | 8,345,509 | 1.2% |
Intel Corp. | 116,644,540 | 5,798,400 | 0.8% | |
Cisco Systems Inc. | 117,715,681 | 5,065,306 | 0.7% | |
NVIDIA Corp. | 13,672,478 | 3,239,010 | 0.5% | |
International Business Machines Corp. | 22,969,493 | 3,208,838 | 0.5% | |
Oracle Corp. | 71,509,384 | 3,150,703 | 0.4% | |
* | Adobe Systems Inc. | 12,325,229 | 3,005,014 | 0.4% |
Texas Instruments Inc. | 24,504,120 | 2,701,579 | 0.4% | |
Technology—Other † | 44,729,043 | 6.4% | ||
138,744,972 | 19.8% | |||
Telecommunications | ||||
AT&T Inc. | 181,825,704 | 5,838,423 | 0.8% | |
Verizon Communications Inc. | 103,417,594 | 5,202,939 | 0.8% | |
Telecommunications—Other † | 1,628,469 | 0.2% | ||
12,669,831 | 1.8% |
8
Total Stock Market Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
($000) | Assets | |||
Utilities † | 20,138,879 | 2.9% | ||
Total Common Stocks (Cost $433,835,468) | 698,240,170 | 99.6%3 | ||
Coupon | Shares | |||
Temporary Cash Investments | ||||
Money Market Fund | ||||
4,5 Vanguard Market Liquidity Fund | 2.122% | 48,446,758 | 4,845,160 | 0.7% |
6U.S. Government and Agency Obligations † | 104,678 | 0.0% | ||
Total Temporary Cash Investments (Cost $4,949,274) | 4,949,838 | 0.7%3 | ||
7Total Investments (Cost $438,784,742) | 703,190,008 | 100.3% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 37,171 | |||
Receivables for Investment Securities Sold | 1,464 | |||
Receivables for Accrued Income | 619,275 | |||
Receivables for Capital Shares Issued | 1,227,123 | |||
Variation Margin Receivable—Futures Contracts | 1,854 | |||
Unrealized Appreciation—Swap Contracts | 364 | |||
Other Assets 6,8 | 44,202 | |||
Total Other Assets | 1,931,453 | 0.3% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (634,795) | |||
Collateral for Securities on Loan | (2,805,251) | |||
Payables for Capital Shares Redeemed | (320,273) | |||
Payables to Vanguard | (174,029) | |||
Variation Margin Payable—Futures Contracts | (306) | |||
Unrealized Depreciation—Swap Contracts | (2,240) | |||
Other Liabilities | (3) | |||
Total Liabilities | (3,936,897) | (0.6%) | ||
Net Assets | 701,184,564 | 100.0% | ||
At June 30, 2018, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 438,230,324 | |||
Undistributed Net Investment Income | 134,636 | |||
Accumulated Net Realized Losses | (1,540,073) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 264,405,266 | |||
Futures Contracts | (43,713) | |||
Swap Contracts | (1,876) | |||
Net Assets | 701,184,564 |
9
Total Stock Market Index Fund
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 1,920,148,002 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 131,182,659 |
Net Asset Value Per Share—Investor Shares | $68.32 |
ETF Shares—Net Assets | |
Applicable to 694,331,000 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 97,478,299 |
Net Asset Value Per Share—ETF Shares | $140.39 |
Admiral Shares—Net Assets | |
Applicable to 2,911,928,866 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 199,003,796 |
Net Asset Value Per Share—Admiral Shares | $68.34 |
Institutional Shares—Net Assets | |
Applicable to 1,743,315,998 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 119,160,076 |
Net Asset Value Per Share—Institutional Shares | $68.35 |
Institutional Plus Shares—Net Assets | |
Applicable to 1,083,075,015 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 138,831,517 |
Net Asset Value Per Share—Institutional Plus Shares | $128.18 |
Institutional Select Shares—Net Assets | |
Applicable to 115,451,099 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 15,528,217 |
Net Asset Value Per Share—Institutional Select Shares | $134.50 |
• 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 0.3%, 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 $2,805,251,000 of collateral received for securities on loan.
6 Securities with a value of $102,679,000 and a cash of $2,100,000 have been segregated as initial margin for open futures contracts.
7 The total value of securities on loan is $2,624,489,000.
8 Cash with a value of $2,340,000 has been segregated as collateral for open over-the-counter swap contracts.
10
Total Stock Market 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 500 Index | September 2018 | 19,724 | 2,684,042 | (39,738) |
E-mini Russell 2000 Index | September 2018 | 1,914 | 157,666 | (2,758) |
E-mini S&P Mid-Cap 400 Index | September 2018 | 240 | 46,946 | (1,217) |
(43,713) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
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 Inc. | 7/11/18 | GSCM | 11,073 | (2.485%) | (183) |
Ambac Financial Group Inc. | 7/11/18 | GSCM | 1,887 | (2.734%) | (2) |
Gaming and Leisure Properties Inc. | 9/21/18 | GSCM | 16,810 | (2.638%) | 364 |
SLM Corp. | 8/9/18 | GSI | 49,569 | (2.446%) | (2,055) |
(1,876) | |||||
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 June 30, 2018, the counterparty had deposited in segregated accounts cash of $490,000 in connection with open swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
11
Total Stock Market Index Fund
Statement of Operations
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 6,063,138 |
Interest1 | 19,077 |
Securities Lending—Net | 69,942 |
Total Income | 6,152,157 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 9,051 |
Management and Administrative—Investor Shares | 78,779 |
Management and Administrative—ETF Shares | 14,287 |
Management and Administrative—Admiral Shares | 28,581 |
Management and Administrative—Institutional Shares | 15,858 |
Management and Administrative—Institutional Plus Shares | 10,561 |
Management and Administrative—Institutional Select Shares | 499 |
Marketing and Distribution—Investor Shares | 9,445 |
Marketing and Distribution—ETF Shares | 1,774 |
Marketing and Distribution—Admiral Shares | 5,212 |
Marketing and Distribution—Institutional Shares | 1,328 |
Marketing and Distribution—Institutional Plus Shares | 674 |
Marketing and Distribution—Institutional Select Shares | — |
Custodian Fees | 1,569 |
Shareholders’ Reports—Investor Shares | 346 |
Shareholders’ Reports—ETF Shares | 514 |
Shareholders’ Reports—Admiral Shares | 242 |
Shareholders’ Reports—Institutional Shares | 257 |
Shareholders’ Reports—Institutional Plus Shares | 14 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 228 |
Total Expenses | 179,219 |
Net Investment Income | 5,972,938 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 3,956,634 |
Futures Contracts | 90,801 |
Swap Contracts | 2,567 |
Realized Net Gain (Loss) | 4,050,002 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 12,476,655 |
Futures Contracts | (42,962) |
Swap Contracts | (1,553) |
Change in Unrealized Appreciation (Depreciation) | 12,432,140 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 22,455,080 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $18,044,000, ($134,000), and $337,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
12
Total Stock Market Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 5,972,938 | 10,874,077 |
Realized Net Gain (Loss) | 4,050,002 | 4,548,286 |
Change in Unrealized Appreciation (Depreciation) | 12,432,140 | 97,128,679 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 22,455,080 | 112,551,042 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (1,022,373) | (2,050,561) |
ETF Shares | (803,047) | (1,517,300) |
Admiral Shares | (1,640,994) | (3,194,026) |
Institutional Shares | (995,371) | (1,832,069) |
Institutional Plus Shares | (1,153,635) | (2,069,350) |
Institutional Select Shares | (126,489) | (220,025) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Institutional Select Shares | — | — |
Total Distributions | (5,741,909) | (10,883,331) |
Capital Share Transactions | ||
Investor Shares | 1,156,878 | 2,531,635 |
ETF Shares | 3,346,455 | 7,977,735 |
Admiral Shares | 4,305,710 | 8,806,511 |
Institutional Shares | 2,807,804 | 17,246,738 |
Institutional Plus Shares | 9,311,755 | 22,241,001 |
Institutional Select Shares | 965,620 | 3,653,908 |
Net Increase (Decrease) from Capital Share Transactions | 21,894,222 | 62,457,528 |
Total Increase (Decrease) | 38,607,393 | 164,125,239 |
Net Assets | ||
Beginning of Period | 662,577,171 | 498,451,932 |
End of Period1 | 701,184,564 | 662,577,171 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $134,636,000 and ($98,960,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
13
Total Stock Market Index Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $66.70 | $56.06 | $50.78 | $51.58 | $46.67 | $35.64 |
Investment Operations | ||||||
Net Investment Income | . 5591 | 1.0861 | 1.022 | .954 | .854 | .757 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.595 | 10.630 | 5.282 | (.807) | 4.907 | 11.038 |
Total from Investment Operations | 2.154 | 11.716 | 6.304 | .147 | 5.761 | 11.795 |
Distributions | ||||||
Dividends from Net Investment Income | (.534) | (1.076) | (1.024) | (.947) | (.851) | (.765) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.534) | (1.076) | (1.024) | (.947) | (.851) | (.765) |
Net Asset Value, End of Period | $68.32 | $66.70 | $56.06 | $50.78 | $51.58 | $46.67 |
Total Return2 | 3.23% | 21.05% | 12.53% | 0.29% | 12.43% | 33.35% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $131,183 | $126,766 | $103,932 | $96,323 | $117,966 | $105,008 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.14% | 0.14% | 0.15% | 0.16% | 0.17% | 0.17% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.68% | 1.77% | 1.98% | 1.85% | 1.77% | 1.84% |
Portfolio Turnover Rate 3 | 3% | 3% | 4% | 3% | 3% | 4% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
14
Total Stock Market Index Fund
Financial Highlights
ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $137.06 | $115.21 | $104.34 | $106.00 | $95.91 | $73.24 |
Investment Operations | ||||||
Net Investment Income | 1.2191 | 2.3611 | 2.214 | 2.082 | 1.874 | 1.657 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 3.281 | 21.832 | 10.871 | (1.675) | 10.085 | 22.686 |
Total from Investment Operations | 4.500 | 24.193 | 13.085 | .407 | 11.959 | 24.343 |
Distributions | ||||||
Dividends from Net Investment Income | (1.170) | (2.343) | (2.215) | (2.067) | (1.869) | (1.673) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.170) | (2.343) | (2.215) | (2.067) | (1.869) | (1.673) |
Net Asset Value, End of Period | $140.39 | $137.06 | $115.21 | $104.34 | $106.00 | $95.91 |
Total Return | 3.29% | 21.16% | 12.68% | 0.40% | 12.56% | 33.51% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $97,478 | $91,862 | $69,889 | $57,434 | $50,886 | $39,165 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.04% | 0.04% | 0.04% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.78% | 1.87% | 2.09% | 1.96% | 1.89% | 1.96% |
Portfolio Turnover Rate2 | 3% | 3% | 4% | 3% | 3% | 4% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
15
Total Stock Market Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $66.72 | $56.08 | $50.79 | $51.60 | $46.69 | $35.65 |
Investment Operations | ||||||
Net Investment Income | . 5931 | 1.1481 | 1.077 | 1.013 | .912 | .807 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.596 | 10.633 | 5.291 | (.818) | 4.908 | 11.047 |
Total from Investment Operations | 2.189 | 11.781 | 6.368 | .195 | 5.820 | 11.854 |
Distributions | ||||||
Dividends from Net Investment Income | (.569) | (1.141) | (1.078) | (1.005) | (.910) | (.814) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.569) | (1.141) | (1.078) | (1.005) | (.910) | (.814) |
Net Asset Value, End of Period | $68.34 | $66.72 | $56.08 | $50.79 | $51.60 | $46.69 |
Total Return2 | 3.28% | 21.17% | 12.66% | 0.39% | 12.56% | 33.52% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $199,004 | $190,099 | $151,612 | $126,363 | $117,476 | $86,541 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.04% | 0.04% | 0.04% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.78% | 1.87% | 2.09% | 1.96% | 1.89% | 1.96% |
Portfolio Turnover Rate 3 | 3% | 3% | 4% | 3% | 3% | 4% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
16
Total Stock Market Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $66.73 | $56.09 | $50.80 | $51.60 | $46.69 | $35.66 |
Investment Operations | ||||||
Net Investment Income | . 5951 | 1.1531 | 1.082 | 1.017 | .915 | .808 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.596 | 10.630 | 5.291 | (.808) | 4.908 | 11.038 |
Total from Investment Operations | 2.191 | 11.783 | 6.373 | .209 | 5.823 | 11.846 |
Distributions | ||||||
Dividends from Net Investment Income | (.571) | (1.143) | (1.083) | (1.009) | (.913) | (.816) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.571) | (1.143) | (1.083) | (1.009) | (.913) | (.816) |
Net Asset Value, End of Period | $68.35 | $66.73 | $56.09 | $50.80 | $51.60 | $46.69 |
Total Return | 3.28% | 21.17% | 12.67% | 0.42% | 12.56% | 33.49% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $119,160 | $113,557 | $79,443 | $57,438 | $96,674 | $65,738 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.033% | 0.035% | 0.03% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.79% | 1.87% | 2.10% | 1.97% | 1.90% | 1.97% |
Portfolio Turnover Rate2 | 3% | 3% | 4% | 3% | 3% | 4% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
17
Total Stock Market Index Fund
Financial Highlights
Institutional Plus Shares | ||||
Six Months | April 28, | |||
Ended | Year Ended | 20151 to | ||
June 30, | December 31, | Dec. 31, | ||
For a Share Outstanding Throughout Each Period | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $125.14 | $105.18 | $95.26 | $100.00 |
Investment Operations | ||||
Net Investment Income | 1.125 2 | 2.182 2 | 2.042 | 1.335 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.994 | 19.938 | 9.924 | (4.631) |
Total from Investment Operations | 4.119 | 22.120 | 11.966 | (3.296) |
Distributions | ||||
Dividends from Net Investment Income | (1.079) | (2.160) | (2.046) | (1.444) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (1.079) | (2.160) | (2.046) | (1.444) |
Net Asset Value, End of Period | $128.18 | $125.14 | $105.18 | $95.26 |
Total Return | 3.29% | 21.19% | 12.69% | -3.28% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $138,832 | $126,130 | $85,031 | $63,093 |
Ratio of Total Expenses to Average Net Assets | 0.02% | 0.02% | 0.02% | 0.02%3 |
Ratio of Net Investment Income to Average Net Assets | 1.80% | 1.89% | 2.11% | 1.99%3 |
Portfolio Turnover Rate 4 | 3% | 3% | 4% | 3%5 |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated base 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.
18
Total Stock Market Index Fund
Financial Highlights
Institutional Select Shares | |||
Six Months | Year | June 27, | |
Ended | Ended | 20161 to | |
June 30, | Dec. 31, | Dec. 31, | |
For a Share Outstanding Throughout Each Period | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $131.31 | $110.37 | $97.70 |
Investment Operations | |||
Net Investment Income | 1.185 2 | 2.3112 | 1.181 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.144 | 20.908 | 12.718 |
Total from Investment Operations | 4.329 | 23.219 | 13.899 |
Distributions | |||
Dividends from Net Investment Income | (1.139) | (2.279) | (1.229) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (1.139) | (2.279) | (1.229) |
Net Asset Value, End of Period | $134.50 | $131.31 | $110.37 |
Total Return | 3.30% | 21.20% | 14.24% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $15,528 | $14,163 | $8,545 |
Ratio of Total Expenses to Average Net Assets | 0.01% | 0.01% | 0.01%3 |
Ratio of Net Investment Income to Average Net Assets | 1.81% | 1.90% | 2.15%3 |
Portfolio Turnover Rate 4 | 3% | 3% | 4%5 |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
19
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 six months ended June 30, 2018, 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.
20
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 six months ended June 30, 2018, 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 for the period ended June 30, 2018, 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
21
Total Stock Market Index Fund
the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market 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 June 30, 2018, 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
22
Total Stock Market 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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $37,171,000, representing 0.01% of the fund’s net assets and 14.87% 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 698,229,838 | 82 | 10,250 |
Temporary Cash Investments | 4,845,160 | 104,678 | — |
Futures Contracts—Assets1 | 1,854 | — | — |
Futures Contracts—Liabilities1 | (306) | — | — |
Swap Contracts—Assets | — | 364 | — |
Swap Contracts—Liabilities | — | (2,240) | — |
Total | 703,076,546 | 102,884 | 10,250 |
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 six months ended June 30, 2018, the fund realized $3,924,114,000 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.
23
Total Stock Market Index Fund
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2017, the fund had available capital losses totaling $1,660,426,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $438,796,895,000. Net unrealized appreciation of investment securities for tax purposes was $264,393,113,000, consisting of unrealized gains of $277,057,623,000 on securities that had risen in value since their purchase and $12,664,510,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $39,303,477,000 of investment securities and sold $18,680,591,000 of investment securities, other than temporary cash investments. Purchases and sales include $7,585,087,000 and $7,204,623,000, 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:
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 7,654,863 | 113,982 | 12,556,777 | 208,299 |
Issued in Lieu of Cash Distributions | 1,016,353 | 14,830 | 2,038,790 | 32,768 |
Redeemed | (7,514,338) | (109,212) | (12,063,932) | (194,415) |
Net Increase (Decrease)—Investor Shares | 1,156,878 | 19,600 | 2,531,635 | 46,652 |
ETF Shares | ||||
Issued | 8,319,053 | 59,520 | 16,459,854 | 130,270 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (4,972,598) | (35,400) | (8,482,119) | (66,700) |
Net Increase (Decrease)—ETF Shares | 3,346,455 | 24,120 | 7,977,735 | 63,570 |
Admiral Shares | ||||
Issued | 14,903,238 | 218,864 | 27,046,065 | 443,009 |
Issued in Lieu of Cash Distributions | 1,392,681 | 20,314 | 2,736,033 | 43,962 |
Redeemed | (11,990,209) | (176,415) | (20,975,587) | (341,277) |
Net Increase (Decrease)—Admiral Shares | 4,305,710 | 62,763 | 8,806,511 | 145,694 |
Institutional Shares | ||||
Issued | 13,342,655 | 198,196 | 26,728,536 | 439,870 |
Issued in Lieu of Cash Distributions | 928,748 | 13,544 | 1,703,342 | 27,314 |
Redeemed | (11,463,599) | (170,099) | (11,185,140) | (181,865) |
Net Increase (Decrease)—Institutional Shares | 2,807,804 | 41,641 | 17,246,738 | 285,319 |
24
Total Stock Market Index Fund
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Plus Shares | ||||
Issued | 16,266,161 | 129,069 | 27,613,297 | 245,814 |
Issued in Lieu of Cash Distributions | 1,140,085 | 8,864 | 2,052,478 | 17,549 |
Redeemed | (8,094,491) | (62,734) | (7,424,774) | (63,880) |
Net Increase (Decrease)—Institutional Plus Shares | 9,311,755 | 75,199 | 22,241,001 | 199,483 |
Institutional Select Shares | ||||
Issued | 1,497,263 | 11,579 | 4,173,338 | 34,645 |
Issued in Lieu of Cash Distributions | 126,489 | 937 | 220,024 | 1,788 |
Redeemed | (658,132) | (4,919) | (739,454) | (6,005) |
Net Increase (Decrease)—Institutional Select Shares | 965,620 | 7,597 | 3,653,908 | 30,428 |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
25
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.
26
Six Months Ended June 30, 2018 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Total Stock Market Index Fund | 12/31/2017 | 6/30/2018 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,032.29 | $0.71 |
ETF Shares | 1,000.00 | 1,032.92 | 0.20 |
Admiral Shares | 1,000.00 | 1,032.80 | 0.20 |
Institutional Shares | 1,000.00 | 1,032.82 | 0.15 |
Institutional Plus Shares | 1,000.00 | 1,032.91 | 0.10 |
Institutional Select Shares | 1,000.00 | 1,032.96 | 0.05 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,024.10 | $0.70 |
ETF Shares | 1,000.00 | 1,024.60 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.60 | 0.20 |
Institutional Shares | 1,000.00 | 1,024.65 | 0.15 |
Institutional Plus Shares | 1,000.00 | 1,024.70 | 0.10 |
Institutional Select Shares | 1,000.00 | 1,024.74 | 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, 0.033% 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 (181/365).
27
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Total Stock Market Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
28
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also well below the peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s at-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
29
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.
30
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.
31
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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 208 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 Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. 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 University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne 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.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its 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. 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 in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) 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 in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). 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 in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team | |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
Chris D. McIsaac | |
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 2018, 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. | |
Q852 082018 |
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.2%)1 | |||
Basic Materials (4.3%) | |||
Chemours Co. | 4,418,386 | 196,000 | |
RPM International Inc. | 3,319,212 | 193,576 | |
United States Steel Corp. | 4,390,692 | 152,577 | |
Royal Gold Inc. | 1,625,297 | 150,893 | |
Huntsman Corp. | 5,049,274 | 147,439 | |
Steel Dynamics Inc. | 2,783,364 | 127,896 | |
WR Grace & Co. | 1,671,364 | 122,528 | |
Ashland Global Holdings Inc. | 1,548,924 | 121,095 | |
Olin Corp. | 4,152,863 | 119,270 | |
* | Alcoa Corp. | 2,315,271 | 108,540 |
Versum Materials Inc. | 2,705,744 | 100,518 | |
Peabody Energy Corp. | 2,181,871 | 99,231 | |
NewMarket Corp. | 234,062 | 94,678 | |
PolyOne Corp. | 1,985,842 | 85,828 | |
Cabot Corp. | 1,380,896 | 85,298 | |
* | Ingevity Corp. | 1,045,901 | 84,572 |
Scotts Miracle-Gro Co. | 962,033 | 80,003 | |
*,^ | Allegheny Technologies Inc. | 3,120,482 | 78,386 |
Balchem Corp. | 797,011 | 78,219 | |
KapStone Paper and Packaging Corp. | 2,184,632 | 75,370 | |
Sensient Technologies Corp. | 1,051,430 | 75,230 | |
Domtar Corp. | 1,560,192 | 74,484 | |
* | Univar Inc. | 2,807,770 | 73,676 |
HB Fuller Co. | 1,254,653 | 67,350 | |
Minerals Technologies Inc. | 879,096 | 66,240 | |
* | Cleveland-Cliffs Inc. | 7,388,633 | 62,286 |
* | Platform Specialty Products Corp. | 5,364,478 | 62,228 |
Carpenter Technology Corp. | 1,166,117 | 61,303 | |
Commercial Metals Co. | 2,763,118 | 58,329 | |
Compass Minerals International Inc. | 839,815 | 55,218 | |
US Silica Holdings Inc. | 1,937,193 | 49,766 | |
* | GCP Applied Technologies Inc. | 1,698,652 | 49,176 |
Quaker Chemical Corp. | 314,559 | 48,716 | |
Innospec Inc. | 605,897 | 46,381 | |
Worthington Industries Inc. | 1,053,706 | 44,224 | |
* | Ferro Corp. | 2,094,852 | 43,678 |
Tronox Ltd. Class A | 2,215,760 | 43,606 | |
* | Cambrex Corp. | 818,348 | 42,800 |
Kaiser Aluminum Corp. | 394,778 | 41,100 | |
Stepan Co. | 506,710 | 39,528 | |
* | Kraton Corp. | 792,245 | 36,554 |
Arch Coal Inc. Class A | 461,185 | 36,171 | |
* | Coeur Mining Inc. | 4,623,331 | 35,137 |
Hecla Mining Co. | 9,944,951 | 34,608 | |
*,^ | AK Steel Holding Corp. | 7,829,261 | 33,979 |
Warrior Met Coal Inc. | 1,181,305 | 32,569 | |
A Schulman Inc. | 660,172 | 29,378 | |
* | CONSOL Energy Inc. | 626,619 | 24,031 |
Innophos Holdings Inc. | 484,501 | 23,062 | |
Rayonier Advanced Materials Inc. | 1,285,511 | 21,969 | |
PH Glatfelter Co. | 1,089,402 | 21,341 | |
* | Koppers Holdings Inc. | 497,587 | 19,082 |
* | Century Aluminum Co. | 1,194,151 | 18,808 |
Tredegar Corp. | 739,540 | 17,379 | |
American Vanguard Corp. | 667,582 | 15,321 | |
* | Resolute Forest Products Inc. | 1,459,650 | 15,107 |
* | PQ Group Holdings Inc. | 829,652 | 14,934 |
* | Covia Holdings Corp. | 797,374 | 14,799 |
Kronos Worldwide Inc. | 575,350 | 12,963 | |
Haynes International Inc. | 309,022 | 11,353 | |
* | SunCoke Energy Inc. | 808,237 | 10,830 |
1
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Clearwater Paper Corp. | 411,130 | 9,497 |
FutureFuel Corp. | 648,319 | 9,083 | |
3,905,191 | |||
Consumer Goods (6.7%) | |||
* | US Foods Holding Corp. | 5,363,139 | 202,834 |
Pinnacle Foods Inc. | 2,958,887 | 192,505 | |
*,^ | Wayfair Inc. | 1,378,846 | 163,752 |
Gentex Corp. | 6,799,978 | 156,536 | |
Leggett & Platt Inc. | 3,259,630 | 145,510 | |
Pool Corp. | 954,716 | 144,639 | |
*,^ | Middleby Corp. | 1,383,240 | 144,438 |
*,^ | Herbalife Nutrition Ltd. | 2,663,148 | 143,064 |
^ | Mattel Inc. | 8,542,248 | 140,264 |
Brunswick Corp. | 2,164,676 | 139,578 | |
* | Post Holdings Inc. | 1,587,653 | 136,570 |
Toll Brothers Inc. | 3,392,899 | 125,503 | |
Thor Industries Inc. | 1,243,191 | 121,074 | |
Carter's Inc. | 1,107,172 | 120,006 | |
Valvoline Inc. | 4,860,563 | 104,842 | |
Nu Skin Enterprises Inc. Class A | 1,311,602 | 102,554 | |
* | Skechers U.S.A. Inc. Class A | 3,372,026 | 101,195 |
Delphi Technologies plc | 2,205,061 | 100,242 | |
Ingredion Inc. | 897,051 | 99,304 | |
* | Visteon Corp. | 733,782 | 94,834 |
Energizer Holdings Inc. | 1,482,583 | 93,343 | |
Flowers Foods Inc. | 4,451,083 | 92,716 | |
* | Deckers Outdoor Corp. | 788,456 | 89,009 |
* | Darling Ingredients Inc. | 4,089,608 | 81,301 |
* | Zynga Inc. Class A | 19,172,732 | 78,033 |
Wolverine World Wide Inc. | 2,235,728 | 77,736 | |
* | Welbilt Inc. | 3,474,495 | 77,516 |
* | TreeHouse Foods Inc. | 1,399,285 | 73,476 |
Dana Inc. | 3,612,966 | 72,946 | |
Columbia Sportswear Co. | 781,539 | 71,487 | |
Steven Madden Ltd. | 1,307,103 | 69,407 | |
Goodyear Tire & Rubber Co. | 2,979,117 | 69,384 | |
* | Hain Celestial Group Inc. | 2,288,097 | 68,185 |
* | Edgewell Personal Care Co. | 1,341,870 | 67,711 |
Lancaster Colony Corp. | 478,076 | 66,175 | |
* | Helen of Troy Ltd. | 660,287 | 65,005 |
* | Boston Beer Co. Inc. Class A | 206,148 | 61,783 |
* | TRI Pointe Group Inc. | 3,774,574 | 61,752 |
KB Home | 2,171,626 | 59,155 | |
* | Cooper-Standard Holdings Inc. | 448,974 | 58,667 |
* | Taylor Morrison Home Corp. Class A | 2,764,452 | 57,445 |
J&J Snack Foods Corp. | 371,510 | 56,644 | |
Tenneco Inc. | 1,277,954 | 56,179 | |
*,^ | Tempur Sealy International Inc. | 1,147,852 | 55,154 |
Sanderson Farms Inc. | 510,119 | 53,639 | |
LCI Industries | 594,689 | 53,611 | |
Herman Miller Inc. | 1,483,290 | 50,284 | |
*,^ | iRobot Corp. | 656,736 | 49,761 |
B&G Foods Inc. | 1,653,109 | 49,428 | |
WD-40 Co. | 327,869 | 47,951 | |
Vector Group Ltd. | 2,500,822 | 47,716 | |
Tupperware Brands Corp. | 1,143,738 | 47,168 | |
* | Dorman Products Inc. | 662,778 | 45,274 |
* | G-III Apparel Group Ltd. | 976,274 | 43,347 |
* | American Axle & Manufacturing Holdings Inc. | 2,770,929 | 43,116 |
* | Meritage Homes Corp. | 958,581 | 42,130 |
Universal Corp. | 621,755 | 41,067 | |
HNI Corp. | 1,081,959 | 40,249 | |
^ | Spectrum Brands Holdings Inc. | 480,349 | 39,206 |
ACCO Brands Corp. | 2,660,066 | 36,842 |
2
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Gentherm Inc. | 913,306 | 35,893 |
La-Z-Boy Inc. | 1,166,523 | 35,696 | |
* | Central Garden & Pet Co. Class A | 869,309 | 35,181 |
* | USANA Health Sciences Inc. | 300,360 | 34,632 |
MDC Holdings Inc. | 1,115,500 | 34,324 | |
Interface Inc. Class A | 1,477,285 | 33,904 | |
Schweitzer-Mauduit International Inc. | 763,392 | 33,376 | |
Oxford Industries Inc. | 399,697 | 33,167 | |
Cooper Tire & Rubber Co. | 1,255,752 | 33,026 | |
* | Cal-Maine Foods Inc. | 707,765 | 32,451 |
Fresh Del Monte Produce Inc. | 727,389 | 32,405 | |
* | Hostess Brands Inc. Class A | 2,358,301 | 32,073 |
* | National Beverage Corp. | 288,882 | 30,882 |
*,^ | Fitbit Inc. Class A | 4,692,779 | 30,644 |
*,^ | Fossil Group Inc. | 1,102,013 | 29,611 |
Seaboard Corp. | 7,272 | 28,817 | |
* | Crocs Inc. | 1,607,676 | 28,311 |
Steelcase Inc. Class A | 2,034,381 | 27,464 | |
* | Sleep Number Corp. | 870,517 | 25,262 |
Knoll Inc. | 1,164,856 | 24,241 | |
Dean Foods Co. | 2,268,675 | 23,844 | |
Inter Parfums Inc. | 426,418 | 22,813 | |
Phibro Animal Health Corp. Class A | 490,312 | 22,579 | |
* | Vista Outdoor Inc. | 1,423,606 | 22,052 |
* | Modine Manufacturing Co. | 1,188,657 | 21,693 |
Andersons Inc. | 631,443 | 21,595 | |
Acushnet Holdings Corp. | 833,280 | 20,382 | |
Movado Group Inc. | 387,978 | 18,739 | |
*,^ | GoPro Inc. Class A | 2,779,729 | 17,901 |
Briggs & Stratton Corp. | 1,005,250 | 17,702 | |
National Presto Industries Inc. | 130,529 | 16,186 | |
Coca-Cola Bottling Co. Consolidated | 115,103 | 15,554 | |
Ethan Allen Interiors Inc. | 605,995 | 14,847 | |
Tootsie Roll Industries Inc. | 432,142 | 13,332 | |
* | Pilgrim's Pride Corp. | 617,311 | 12,426 |
* | Central Garden & Pet Co. | 242,520 | 10,545 |
Superior Industries International Inc. | 558,948 | 10,005 | |
*,^ | elf Beauty Inc. | 529,724 | 8,073 |
Titan International Inc. | 632,059 | 6,782 | |
*,^ | Revlon Inc. Class A | 193,163 | 3,390 |
6,042,042 | |||
Consumer Services (12.6%) | |||
Vail Resorts Inc. | 1,003,782 | 275,227 | |
* | Burlington Stores Inc. | 1,683,522 | 253,421 |
* | GrubHub Inc. | 2,240,278 | 235,028 |
* | ServiceMaster Global Holdings Inc. | 3,362,700 | 199,980 |
KAR Auction Services Inc. | 3,351,183 | 183,645 | |
* | Liberty Media Corp-Liberty Formula One | 4,782,672 | 177,581 |
* | Caesars Entertainment Corp. | 15,605,331 | 166,977 |
* | Live Nation Entertainment Inc. | 3,370,602 | 163,710 |
Service Corp. | 4,326,395 | 154,842 | |
Foot Locker Inc. | 2,933,368 | 154,442 | |
* | JetBlue Airways Corp. | 7,855,573 | 149,099 |
Domino's Pizza Inc. | 524,825 | 148,090 | |
* | Bright Horizons Family Solutions Inc. | 1,437,742 | 147,397 |
Dunkin' Brands Group Inc. | 2,060,375 | 142,310 | |
* | Madison Square Garden Co. Class A | 450,857 | 139,851 |
* | Copart Inc. | 2,448,285 | 138,475 |
Sabre Corp. | 5,458,871 | 134,507 | |
* | Grand Canyon Education Inc. | 1,197,653 | 133,670 |
* | Five Below Inc. | 1,312,040 | 128,199 |
Chemed Corp. | 395,648 | 127,323 | |
Six Flags Entertainment Corp. | 1,763,177 | 123,511 | |
H&R Block Inc. | 5,195,916 | 118,363 |
3
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Williams-Sonoma Inc. | 1,861,206 | 114,241 | |
Dun & Bradstreet Corp. | 920,863 | 112,944 | |
* | Stamps.com Inc. | 422,684 | 106,960 |
* | Etsy Inc. | 2,521,132 | 106,367 |
Texas Roadhouse Inc. Class A | 1,596,298 | 104,573 | |
Extended Stay America Inc. | 4,717,742 | 101,950 | |
* | Weight Watchers International Inc. | 986,584 | 99,744 |
Casey's General Stores Inc. | 932,061 | 97,941 | |
* | Planet Fitness Inc. Class A | 2,176,797 | 95,648 |
* | Ollie's Bargain Outlet Holdings Inc. | 1,315,622 | 95,383 |
New York Times Co. Class A | 3,667,011 | 94,976 | |
^ | Cracker Barrel Old Country Store Inc. | 596,299 | 93,148 |
Cinemark Holdings Inc. | 2,611,019 | 91,595 | |
American Eagle Outfitters Inc. | 3,936,437 | 91,522 | |
Dolby Laboratories Inc. Class A | 1,472,643 | 90,847 | |
* | Performance Food Group Co. | 2,459,044 | 90,247 |
Cable One Inc. | 120,994 | 88,724 | |
ILG Inc. | 2,624,307 | 86,681 | |
* | Urban Outfitters Inc. | 1,888,237 | 84,121 |
* | SiteOne Landscape Supply Inc. | 998,805 | 83,870 |
* | Hilton Grand Vacations Inc. | 2,404,735 | 83,444 |
Signet Jewelers Ltd. | 1,465,406 | 81,696 | |
Wendy's Co. | 4,751,006 | 81,622 | |
Churchill Downs Inc. | 268,905 | 79,730 | |
Nexstar Media Group Inc. Class A | 1,078,905 | 79,192 | |
* | Yelp Inc. Class A | 1,973,568 | 77,324 |
Aaron's Inc. | 1,747,360 | 75,923 | |
Tribune Media Co. Class A | 1,957,623 | 74,918 | |
* | Shutterfly Inc. | 823,266 | 74,119 |
* | TripAdvisor Inc. | 1,315,152 | 73,267 |
* | Beacon Roofing Supply Inc. | 1,690,990 | 72,070 |
* | Adtalem Global Education Inc. | 1,495,847 | 71,950 |
*,^ | Trade Desk Inc. Class A | 766,524 | 71,900 |
* | AutoNation Inc. | 1,467,037 | 71,269 |
* | AMC Networks Inc. Class A | 1,141,931 | 71,028 |
John Wiley & Sons Inc. Class A | 1,138,107 | 71,018 | |
* | Chegg Inc. | 2,507,541 | 69,685 |
AMERCO | 194,496 | 69,270 | |
World Wrestling Entertainment Inc. Class A | 950,112 | 69,187 | |
* | Penn National Gaming Inc. | 2,051,284 | 68,903 |
* | Sprouts Farmers Market Inc. | 3,111,003 | 68,660 |
Boyd Gaming Corp. | 1,955,353 | 67,772 | |
*,^ | RH | 480,621 | 67,143 |
* | Scientific Games Corp. | 1,351,407 | 66,422 |
Dick's Sporting Goods Inc. | 1,883,810 | 66,404 | |
Bed Bath & Beyond Inc. | 3,313,280 | 66,017 | |
Hillenbrand Inc. | 1,397,204 | 65,878 | |
Rollins Inc. | 1,220,128 | 64,154 | |
Choice Hotels International Inc. | 844,182 | 63,820 | |
SkyWest Inc. | 1,227,943 | 63,730 | |
* | Spirit Airlines Inc. | 1,693,000 | 61,541 |
Graham Holdings Co. Class B | 103,853 | 60,868 | |
Morningstar Inc. | 474,476 | 60,852 | |
Jack in the Box Inc. | 705,794 | 60,077 | |
Marriott Vacations Worldwide Corp. | 528,028 | 59,646 | |
* | Sotheby's | 1,094,617 | 59,481 |
* | Liberty Expedia Holdings Inc. Class A | 1,352,656 | 59,436 |
Lions Gate Entertainment Corp. Class B | 2,527,337 | 59,291 | |
* | Murphy USA Inc. | 784,940 | 58,313 |
TEGNA Inc. | 5,361,217 | 58,169 | |
PriceSmart Inc. | 642,146 | 58,114 | |
Sinclair Broadcast Group Inc. Class A | 1,805,602 | 58,050 | |
Red Rock Resorts Inc. Class A | 1,724,679 | 57,777 | |
Cheesecake Factory Inc. | 1,023,446 | 56,351 |
4
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Eldorado Resorts Inc. | 1,439,456 | 56,283 |
Lithia Motors Inc. Class A | 595,103 | 56,279 | |
* | Avis Budget Group Inc. | 1,715,682 | 55,760 |
Wyndham Destinations Inc. | 1,240,228 | 54,905 | |
* | Acxiom Corp. | 1,816,052 | 54,391 |
* | United Natural Foods Inc. | 1,251,011 | 53,368 |
* | Michaels Cos. Inc. | 2,712,674 | 52,002 |
Brinker International Inc. | 1,089,962 | 51,882 | |
* | Cars.com Inc. | 1,786,785 | 50,727 |
Meredith Corp. | 987,159 | 50,345 | |
*,^ | Sally Beauty Holdings Inc. | 3,030,991 | 48,587 |
*,^ | Pandora Media Inc. | 6,014,820 | 47,397 |
* | Dave & Buster's Entertainment Inc. | 986,942 | 46,978 |
Children's Place Inc. | 388,330 | 46,910 | |
* | Pinnacle Entertainment Inc. | 1,377,677 | 46,469 |
*,^ | Rite Aid Corp. | 26,488,951 | 45,826 |
* | Groupon Inc. Class A | 10,526,018 | 45,262 |
Monro Inc. | 773,983 | 44,968 | |
Matthews International Corp. Class A | 757,826 | 44,560 | |
Allegiant Travel Co. Class A | 320,520 | 44,536 | |
DSW Inc. Class A | 1,697,426 | 43,828 | |
Big Lots Inc. | 1,046,453 | 43,721 | |
Hawaiian Holdings Inc. | 1,199,267 | 43,114 | |
Bloomin' Brands Inc. | 2,077,138 | 41,750 | |
*,^ | Cargurus Inc. | 1,191,975 | 41,409 |
Abercrombie & Fitch Co. | 1,684,564 | 41,238 | |
Penske Automotive Group Inc. | 844,990 | 39,588 | |
Wingstop Inc. | 724,996 | 37,787 | |
Office Depot Inc. | 13,881,541 | 35,398 | |
* | Diplomat Pharmacy Inc. | 1,383,328 | 35,358 |
* | Asbury Automotive Group Inc. | 512,392 | 35,124 |
GameStop Corp. Class A | 2,401,517 | 34,990 | |
* | MSG Networks Inc. | 1,457,315 | 34,903 |
*,^ | Shake Shack Inc. Class A | 514,495 | 34,049 |
* | Herc Holdings Inc. | 597,978 | 33,690 |
^ | Lions Gate Entertainment Corp. Class A | 1,353,052 | 33,583 |
* | Rush Enterprises Inc. Class A | 765,469 | 33,206 |
Caleres Inc. | 963,727 | 33,143 | |
Tailored Brands Inc. | 1,235,059 | 31,519 | |
Dine Brands Global Inc. | 419,649 | 31,390 | |
Group 1 Automotive Inc. | 495,036 | 31,187 | |
*,^ | Roku Inc. | 727,879 | 31,022 |
BJ's Restaurants Inc. | 515,523 | 30,931 | |
* | National Vision Holdings Inc. | 842,464 | 30,809 |
Strayer Education Inc. | 266,801 | 30,151 | |
Sonic Corp. | 874,841 | 30,112 | |
Guess? Inc. | 1,406,689 | 30,103 | |
Gannett Co. Inc. | 2,803,155 | 29,994 | |
* | Liberty TripAdvisor Holdings Inc. Class A | 1,790,812 | 28,832 |
* | SeaWorld Entertainment Inc. | 1,316,598 | 28,728 |
Papa John's International Inc. | 558,789 | 28,342 | |
^ | Dillard's Inc. Class A | 296,234 | 27,994 |
Capella Education Co. | 275,588 | 27,200 | |
New Media Investment Group Inc. | 1,418,909 | 26,221 | |
* | Quotient Technology Inc. | 1,991,977 | 26,095 |
* | Laureate Education Inc. Class A | 1,818,494 | 26,059 |
International Speedway Corp. Class A | 577,267 | 25,804 | |
Scholastic Corp. | 574,549 | 25,458 | |
Chico's FAS Inc. | 3,041,691 | 24,759 | |
Core-Mark Holding Co. Inc. | 1,086,914 | 24,673 | |
* | Belmond Ltd. Class A | 2,163,320 | 24,121 |
*,^ | ANGI Homeservices Inc. Class A | 1,526,563 | 23,479 |
Entercom Communications Corp. Class A | 3,061,343 | 23,113 | |
* | Liberty Media Corp-Liberty Formula One Class A | 605,777 | 21,390 |
5
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Hertz Global Holdings Inc. | 1,353,682 | 20,765 |
AMC Entertainment Holdings Inc. Class A | 1,294,993 | 20,590 | |
* | Houghton Mifflin Harcourt Co. | 2,600,851 | 19,896 |
Buckle Inc. | 728,609 | 19,600 | |
Weis Markets Inc. | 365,940 | 19,519 | |
* | TrueCar Inc. | 1,876,648 | 18,935 |
* | Genesco Inc. | 468,999 | 18,619 |
^ | SUPERVALU Inc. | 903,796 | 18,546 |
EW Scripps Co. Class A | 1,384,408 | 18,537 | |
* | Party City Holdco Inc. | 1,194,856 | 18,222 |
*,^ | JC Penney Co. Inc. | 7,431,956 | 17,391 |
*,^ | Lumber Liquidators Holdings Inc. | 707,508 | 17,228 |
* | Ascena Retail Group Inc. | 4,136,490 | 16,484 |
* | Express Inc. | 1,774,276 | 16,235 |
* | K12 Inc. | 970,037 | 15,879 |
* | Rent-A-Center Inc. | 1,063,918 | 15,661 |
National CineMedia Inc. | 1,861,635 | 15,638 | |
* | At Home Group Inc. | 390,777 | 15,299 |
*,^ | Carvana Co. Class A | 353,296 | 14,697 |
* | Fiesta Restaurant Group Inc. | 506,774 | 14,544 |
* | Regis Corp. | 857,268 | 14,179 |
Emerald Expositions Events Inc. | 634,676 | 13,074 | |
* | Zumiez Inc. | 474,020 | 11,874 |
* | Stitch Fix Inc. Class A | 427,430 | 11,729 |
Sonic Automotive Inc. Class A | 532,166 | 10,963 | |
* | American Public Education Inc. | 193,979 | 8,166 |
* | Rush Enterprises Inc. Class B | 152,871 | 6,711 |
*,^ | Lands' End Inc. | 239,422 | 6,680 |
Cato Corp. Class A | 270,639 | 6,663 | |
* | BJ's Wholesale Club Holdings Inc. | 263,031 | 6,221 |
* | El Pollo Loco Holdings Inc. | 532,583 | 6,071 |
* | Bojangles' Inc. | 408,167 | 5,878 |
* | BrightView Holdings Inc. | 258,610 | 5,676 |
* | Biglari Holdings Inc. Class B | 29,411 | 5,397 |
Speedway Motorsports Inc. | 307,746 | 5,342 | |
* | Hibbett Sports Inc. | 232,977 | 5,335 |
*,^ | Blue Apron Holdings Inc. Class A | 1,413,761 | 4,736 |
Barnes & Noble Inc. | 643,252 | 4,085 | |
Clear Channel Outdoor Holdings Inc. Class A | 906,226 | 3,897 | |
Tile Shop Holdings Inc. | 484,905 | 3,734 | |
* | Smart & Final Stores Inc. | 660,655 | 3,667 |
* | Biglari Holdings Inc. | 2,780 | 2,641 |
*,^ | Sears Holdings Corp. | 401,125 | 951 |
11,401,366 | |||
Financials (25.3%) | |||
East West Bancorp Inc. | 3,597,325 | 234,546 | |
Kilroy Realty Corp. | 2,454,660 | 185,670 | |
Sun Communities Inc. | 1,888,420 | 184,839 | |
Equity LifeStyle Properties Inc. | 1,981,618 | 182,111 | |
American Financial Group Inc. | 1,656,383 | 177,780 | |
WP Carey Inc. | 2,662,417 | 176,651 | |
MarketAxess Holdings Inc. | 887,002 | 175,502 | |
National Retail Properties Inc. | 3,820,420 | 167,946 | |
* | Signature Bank | 1,297,177 | 165,883 |
Apartment Investment & Management Co. | 3,906,347 | 165,238 | |
Gaming and Leisure Properties Inc. | 4,561,707 | 163,309 | |
Liberty Property Trust | 3,670,236 | 162,702 | |
Brown & Brown Inc. | 5,830,288 | 161,674 | |
Douglas Emmett Inc. | 4,008,242 | 161,051 | |
*,^ | Zillow Group Inc. | 2,704,425 | 159,723 |
DCT Industrial Trust Inc. | 2,338,575 | 156,053 | |
Cullen/Frost Bankers Inc. | 1,425,622 | 154,309 | |
Commerce Bancshares Inc. | 2,380,481 | 154,041 | |
PacWest Bancorp | 3,107,812 | 153,588 |
6
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Park Hotels & Resorts Inc. | 4,995,700 | 153,018 | |
^ | Omega Healthcare Investors Inc. | 4,932,211 | 152,899 |
Synovus Financial Corp. | 2,798,526 | 147,846 | |
Eaton Vance Corp. | 2,812,689 | 146,794 | |
New Residential Investment Corp. | 8,352,693 | 146,089 | |
CubeSmart | 4,525,639 | 145,816 | |
Webster Financial Corp. | 2,286,818 | 145,670 | |
American Campus Communities Inc. | 3,394,825 | 145,570 | |
VICI Properties Inc. | 7,023,891 | 144,973 | |
First Horizon National Corp. | 8,125,277 | 144,955 | |
CyrusOne Inc. | 2,461,660 | 143,662 | |
Lamar Advertising Co. Class A | 2,087,471 | 142,595 | |
Old Republic International Corp. | 7,131,558 | 141,989 | |
American Homes 4 Rent Class A | 6,230,038 | 138,182 | |
Hudson Pacific Properties Inc. | 3,890,980 | 137,857 | |
LPL Financial Holdings Inc. | 2,102,304 | 137,785 | |
Healthcare Trust of America Inc. Class A | 5,096,618 | 137,405 | |
Bank of the Ozarks | 3,034,528 | 136,675 | |
Forest City Realty Trust Inc. Class A | 5,969,192 | 136,157 | |
First American Financial Corp. | 2,631,334 | 136,093 | |
Assurant Inc. | 1,308,452 | 135,412 | |
Starwood Property Trust Inc. | 6,178,096 | 134,126 | |
* | Western Alliance Bancorp | 2,364,774 | 133,870 |
Brixmor Property Group Inc. | 7,523,732 | 131,139 | |
Highwoods Properties Inc. | 2,566,010 | 130,174 | |
Janus Henderson Group plc | 4,230,648 | 130,008 | |
* | Howard Hughes Corp. | 961,267 | 127,368 |
Medical Properties Trust Inc. | 9,059,612 | 127,197 | |
Validus Holdings Ltd. | 1,870,932 | 126,475 | |
Hanover Insurance Group Inc. | 1,056,554 | 126,322 | |
Sterling Bancorp | 5,317,457 | 124,960 | |
Rayonier Inc. | 3,213,351 | 124,325 | |
Umpqua Holdings Corp. | 5,465,091 | 123,456 | |
Wintrust Financial Corp. | 1,397,144 | 121,621 | |
STORE Capital Corp. | 4,425,155 | 121,249 | |
RenaissanceRe Holdings Ltd. | 998,853 | 120,182 | |
EPR Properties | 1,846,950 | 119,664 | |
*,^ | Credit Acceptance Corp. | 335,676 | 118,628 |
Associated Banc-Corp | 4,240,375 | 115,762 | |
Popular Inc. | 2,539,706 | 114,820 | |
* | Texas Capital Bancshares Inc. | 1,233,647 | 112,879 |
Prosperity Bancshares Inc. | 1,648,337 | 112,680 | |
Pinnacle Financial Partners Inc. | 1,836,412 | 112,664 | |
Life Storage Inc. | 1,154,938 | 112,387 | |
* | GCI Liberty Inc. Class A | 2,466,892 | 111,208 |
Hospitality Properties Trust | 3,879,075 | 110,980 | |
Axis Capital Holdings Ltd. | 1,970,243 | 109,585 | |
Gramercy Property Trust | 3,993,855 | 109,112 | |
Primerica Inc. | 1,094,345 | 108,997 | |
FNB Corp. | 8,039,571 | 107,891 | |
BankUnited Inc. | 2,633,557 | 107,581 | |
Senior Housing Properties Trust | 5,901,341 | 106,755 | |
IBERIABANK Corp. | 1,407,321 | 106,675 | |
First Industrial Realty Trust Inc. | 3,115,035 | 103,855 | |
* | HealthEquity Inc. | 1,380,199 | 103,653 |
Cousins Properties Inc. | 10,438,930 | 101,153 | |
* | MGIC Investment Corp. | 9,221,467 | 98,854 |
Hancock Whitney Corp. | 2,118,250 | 98,816 | |
Chemical Financial Corp. | 1,771,353 | 98,611 | |
Apple Hospitality REIT Inc. | 5,435,521 | 97,187 | |
Sabra Health Care REIT Inc. | 4,430,983 | 96,285 | |
FirstCash Inc. | 1,070,760 | 96,208 | |
JBG SMITH Properties | 2,633,988 | 96,062 | |
RLJ Lodging Trust | 4,349,533 | 95,907 |
7
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Ryman Hospitality Properties Inc. | 1,147,284 | 95,397 | |
Valley National Bancorp | 7,819,089 | 95,080 | |
CoreSite Realty Corp. | 856,015 | 94,864 | |
Assured Guaranty Ltd. | 2,651,276 | 94,730 | |
LaSalle Hotel Properties | 2,742,240 | 93,867 | |
Weingarten Realty Investors | 3,025,020 | 93,201 | |
Sunstone Hotel Investors Inc. | 5,601,751 | 93,101 | |
MB Financial Inc. | 1,983,534 | 92,631 | |
TCF Financial Corp. | 3,760,007 | 92,571 | |
United Bankshares Inc. | 2,481,698 | 90,334 | |
Healthcare Realty Trust Inc. | 3,105,932 | 90,321 | |
* | Zillow Group Inc. Class A | 1,509,873 | 90,215 |
* | Equity Commonwealth | 2,861,532 | 90,138 |
Stifel Financial Corp. | 1,688,566 | 88,228 | |
Bank of Hawaii Corp. | 1,048,835 | 87,494 | |
Home BancShares Inc. | 3,872,687 | 87,368 | |
Radian Group Inc. | 5,328,043 | 86,421 | |
Navient Corp. | 6,571,170 | 85,622 | |
Spirit Realty Capital Inc. | 10,640,760 | 85,445 | |
Evercore Inc. Class A | 808,648 | 85,272 | |
UMB Financial Corp. | 1,118,539 | 85,266 | |
* | Green Dot Corp. Class A | 1,160,143 | 85,143 |
Taubman Centers Inc. | 1,439,416 | 84,580 | |
Uniti Group Inc. | 4,147,680 | 83,078 | |
* | Essent Group Ltd. | 2,315,461 | 82,940 |
Glacier Bancorp Inc. | 2,098,943 | 81,187 | |
First Financial Bankshares Inc. | 1,594,644 | 81,167 | |
Chimera Investment Corp. | 4,413,358 | 80,676 | |
Selective Insurance Group Inc. | 1,459,751 | 80,286 | |
^ | Blackstone Mortgage Trust Inc. Class A | 2,553,456 | 80,255 |
GEO Group Inc. | 2,903,721 | 79,968 | |
CNO Financial Group Inc. | 4,157,104 | 79,151 | |
South State Corp. | 913,223 | 78,765 | |
EastGroup Properties Inc. | 824,213 | 78,762 | |
BancorpSouth Bank | 2,389,844 | 78,745 | |
Paramount Group Inc. | 5,078,883 | 78,215 | |
Education Realty Trust Inc. | 1,883,140 | 78,150 | |
Cathay General Bancorp | 1,917,332 | 77,633 | |
* | SLM Corp. | 6,752,871 | 77,320 |
Investors Bancorp Inc. | 5,988,025 | 76,587 | |
American Equity Investment Life Holding Co. | 2,126,329 | 76,548 | |
PotlatchDeltic Corp. | 1,481,350 | 75,327 | |
MFA Financial Inc. | 9,900,312 | 75,044 | |
Brandywine Realty Trust | 4,437,045 | 74,897 | |
Community Bank System Inc. | 1,265,714 | 74,766 | |
Columbia Banking System Inc. | 1,818,403 | 74,373 | |
Erie Indemnity Co. Class A | 630,920 | 73,982 | |
Corporate Office Properties Trust | 2,536,233 | 73,525 | |
Colony Capital Inc. | 11,706,250 | 73,047 | |
Legg Mason Inc. | 2,098,883 | 72,894 | |
Kemper Corp. | 959,258 | 72,568 | |
Realogy Holdings Corp. | 3,167,365 | 72,216 | |
National Health Investors Inc. | 979,832 | 72,194 | |
Physicians Realty Trust | 4,519,882 | 72,047 | |
Fulton Financial Corp. | 4,366,408 | 72,046 | |
BGC Partners Inc. Class A | 6,324,634 | 71,595 | |
Financial Engines Inc. | 1,577,625 | 70,835 | |
First Financial Bancorp | 2,307,591 | 70,728 | |
CoreCivic Inc. | 2,943,344 | 70,316 | |
Old National Bancorp | 3,777,787 | 70,267 | |
Empire State Realty Trust Inc. | 4,082,907 | 69,818 | |
Retail Properties of America Inc. | 5,453,713 | 69,698 | |
RLI Corp. | 1,044,842 | 69,158 | |
Two Harbors Investment Corp. | 4,358,717 | 68,868 |
8
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Washington Federal Inc. | 2,095,678 | 68,529 | |
White Mountains Insurance Group Ltd. | 74,966 | 67,965 | |
Outfront Media Inc. | 3,458,392 | 67,266 | |
Columbia Property Trust Inc. | 2,948,115 | 66,952 | |
Pebblebrook Hotel Trust | 1,714,436 | 66,520 | |
STAG Industrial Inc. | 2,416,454 | 65,800 | |
DDR Corp. | 3,668,835 | 65,672 | |
First Midwest Bancorp Inc. | 2,562,092 | 65,256 | |
Kennedy-Wilson Holdings Inc. | 3,069,572 | 64,921 | |
* | FCB Financial Holdings Inc. Class A | 1,103,639 | 64,894 |
Xenia Hotels & Resorts Inc. | 2,653,007 | 64,627 | |
Piedmont Office Realty Trust Inc. Class A | 3,186,925 | 63,515 | |
Rexford Industrial Realty Inc. | 2,012,503 | 63,172 | |
* | OneMain Holdings Inc. | 1,852,828 | 61,681 |
Simmons First National Corp. Class A | 2,061,317 | 61,633 | |
Great Western Bancorp Inc. | 1,464,147 | 61,480 | |
DiamondRock Hospitality Co. | 4,980,295 | 61,158 | |
PS Business Parks Inc. | 475,512 | 61,103 | |
First Citizens BancShares Inc. Class A | 150,347 | 60,635 | |
Union Bankshares Corp. | 1,553,767 | 60,410 | |
Aspen Insurance Holdings Ltd. | 1,480,495 | 60,256 | |
International Bancshares Corp. | 1,397,581 | 59,816 | |
Washington REIT | 1,952,779 | 59,228 | |
Moelis & Co. Class A | 1,007,609 | 59,096 | |
CVB Financial Corp. | 2,604,901 | 58,402 | |
Urban Edge Properties | 2,549,029 | 58,296 | |
United Community Banks Inc. | 1,867,407 | 57,273 | |
*,^ | BofI Holding Inc. | 1,398,896 | 57,229 |
First Merchants Corp. | 1,229,134 | 57,032 | |
Hope Bancorp Inc. | 3,197,057 | 57,004 | |
* | Genworth Financial Inc. Class A | 12,424,345 | 55,910 |
Apollo Commercial Real Estate Finance Inc. | 3,056,956 | 55,881 | |
Tanger Factory Outlet Centers Inc. | 2,343,662 | 55,053 | |
Retail Opportunity Investments Corp. | 2,799,645 | 53,641 | |
Independent Bank Corp. | 683,833 | 53,613 | |
BOK Financial Corp. | 568,651 | 53,459 | |
Renasant Corp. | 1,165,670 | 53,061 | |
Federated Investors Inc. Class B | 2,269,983 | 52,936 | |
Acadia Realty Trust | 1,925,685 | 52,706 | |
Towne Bank | 1,608,549 | 51,634 | |
Ameris Bancorp | 967,508 | 51,617 | |
Santander Consumer USA Holdings Inc. | 2,689,166 | 51,336 | |
* | Enstar Group Ltd. | 244,661 | 50,718 |
* | Quality Care Properties Inc. | 2,337,686 | 50,284 |
QTS Realty Trust Inc. Class A | 1,266,259 | 50,017 | |
Terreno Realty Corp. | 1,321,481 | 49,780 | |
First Hawaiian Inc. | 1,708,170 | 49,571 | |
* | Eagle Bancorp Inc. | 808,101 | 49,537 |
Trustmark Corp. | 1,516,483 | 49,483 | |
WesBanco Inc. | 1,097,201 | 49,418 | |
Banner Corp. | 802,087 | 48,229 | |
Chesapeake Lodging Trust | 1,499,192 | 47,434 | |
ProAssurance Corp. | 1,329,405 | 47,127 | |
Lexington Realty Trust | 5,377,206 | 46,943 | |
ServisFirst Bancshares Inc. | 1,122,932 | 46,860 | |
Argo Group International Holdings Ltd. | 800,353 | 46,541 | |
Horace Mann Educators Corp. | 1,014,822 | 45,261 | |
LegacyTexas Financial Group Inc. | 1,140,266 | 44,493 | |
Invesco Mortgage Capital Inc. | 2,778,982 | 44,186 | |
^ | Colony Credit Real Estate Inc. | 2,076,048 | 43,036 |
Capitol Federal Financial Inc. | 3,266,188 | 42,983 | |
LTC Properties Inc. | 985,251 | 42,110 | |
Houlihan Lokey Inc. Class A | 813,816 | 41,684 | |
Provident Financial Services Inc. | 1,498,535 | 41,255 |
9
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | PRA Group Inc. | 1,067,554 | 41,154 |
* | First BanCorp | 5,377,565 | 41,138 |
Mack-Cali Realty Corp. | 2,015,017 | 40,865 | |
Virtu Financial Inc. Class A | 1,522,920 | 40,434 | |
Alexander & Baldwin Inc. | 1,699,816 | 39,946 | |
Northwest Bancshares Inc. | 2,288,227 | 39,792 | |
*,^ | LendingTree Inc. | 185,894 | 39,744 |
* | HRG Group Inc. | 3,024,954 | 39,597 |
Hilltop Holdings Inc. | 1,790,565 | 39,518 | |
NBT Bancorp Inc. | 1,030,914 | 39,329 | |
Government Properties Income Trust | 2,463,252 | 39,043 | |
Berkshire Hills Bancorp Inc. | 958,026 | 38,896 | |
First Commonwealth Financial Corp. | 2,497,633 | 38,738 | |
Walker & Dunlop Inc. | 693,106 | 38,571 | |
National General Holdings Corp. | 1,460,282 | 38,449 | |
Artisan Partners Asset Management Inc. Class A | 1,272,862 | 38,377 | |
Washington Prime Group Inc. | 4,621,563 | 37,481 | |
Infinity Property & Casualty Corp. | 258,742 | 36,832 | |
Park National Corp. | 322,986 | 35,987 | |
American Assets Trust Inc. | 938,732 | 35,944 | |
Navigators Group Inc. | 627,268 | 35,754 | |
S&T Bancorp Inc. | 825,158 | 35,680 | |
Westamerica Bancorporation | 629,085 | 35,550 | |
* | LendingClub Corp. | 9,379,015 | 35,546 |
AmTrust Financial Services Inc. | 2,439,534 | 35,544 | |
Brookline Bancorp Inc. | 1,894,643 | 35,240 | |
Select Income REIT | 1,557,261 | 34,992 | |
Waddell & Reed Financial Inc. Class A | 1,936,309 | 34,795 | |
Ladder Capital Corp. Class A | 2,189,280 | 34,197 | |
Global Net Lease Inc. | 1,671,692 | 34,153 | |
Kite Realty Group Trust | 1,985,201 | 33,907 | |
^ | Seritage Growth Properties Class A | 788,211 | 33,444 |
Boston Private Financial Holdings Inc. | 2,096,736 | 33,338 | |
Cadence BanCorp Class A | 1,142,079 | 32,972 | |
First Interstate BancSystem Inc. Class A | 761,027 | 32,115 | |
HFF Inc. Class A | 922,873 | 31,701 | |
CareTrust REIT Inc. | 1,891,578 | 31,570 | |
Mercury General Corp. | 687,973 | 31,344 | |
Employers Holdings Inc. | 774,259 | 31,125 | |
Tompkins Financial Corp. | 360,845 | 30,989 | |
* | Cannae Holdings Inc. | 1,670,079 | 30,980 |
Redwood Trust Inc. | 1,878,650 | 30,941 | |
*,^ | Redfin Corp. | 1,338,037 | 30,895 |
Safety Insurance Group Inc. | 360,776 | 30,810 | |
State Bank Financial Corp. | 920,434 | 30,743 | |
Kearny Financial Corp. | 2,280,155 | 30,668 | |
Independent Bank Group Inc. | 458,831 | 30,650 | |
CenterState Bank Corp. | 988,699 | 29,483 | |
WisdomTree Investments Inc. | 3,240,267 | 29,422 | |
* | FGL Holdings | 3,451,210 | 28,956 |
CYS Investments Inc. | 3,854,908 | 28,912 | |
United Fire Group Inc. | 527,451 | 28,751 | |
Piper Jaffray Cos. | 359,341 | 27,615 | |
City Holding Co. | 365,684 | 27,510 | |
NRG Yield Inc. | 1,587,909 | 27,312 | |
Americold Realty Trust | 1,237,648 | 27,253 | |
PennyMac Mortgage Investment Trust | 1,434,098 | 27,234 | |
Beneficial Bancorp Inc. | 1,673,384 | 27,109 | |
* | Third Point Reinsurance Ltd. | 2,158,164 | 26,977 |
BancFirst Corp. | 447,356 | 26,483 | |
* | CorePoint Lodging Inc. | 1,017,041 | 26,341 |
Ramco-Gershenson Properties Trust | 1,891,260 | 24,984 | |
National Bank Holdings Corp. Class A | 642,618 | 24,799 | |
* | Flagstar Bancorp Inc. | 717,338 | 24,576 |
10
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
American National Insurance Co. | 199,905 | 23,907 | |
ARMOUR Residential REIT Inc. | 1,040,005 | 23,723 | |
^ | CBL & Associates Properties Inc. | 4,077,269 | 22,710 |
* | Encore Capital Group Inc. | 609,800 | 22,319 |
Getty Realty Corp. | 791,733 | 22,303 | |
TPG RE Finance Trust Inc. | 1,097,327 | 22,298 | |
MTGE Investment Corp. | 1,135,918 | 22,264 | |
TFS Financial Corp. | 1,395,061 | 22,000 | |
Cohen & Steers Inc. | 523,848 | 21,850 | |
Virtus Investment Partners Inc. | 170,544 | 21,821 | |
InfraREIT Inc. | 983,717 | 21,809 | |
Franklin Street Properties Corp. | 2,525,572 | 21,619 | |
* | Pacific Premier Bancorp Inc. | 548,207 | 20,914 |
Capstead Mortgage Corp. | 2,291,939 | 20,513 | |
Central Pacific Financial Corp. | 697,145 | 19,973 | |
Hersha Hospitality Trust Class A | 927,868 | 19,903 | |
Universal Health Realty Income Trust | 308,230 | 19,721 | |
Alexander's Inc. | 50,756 | 19,421 | |
FBL Financial Group Inc. Class A | 246,091 | 19,380 | |
*,^ | MBIA Inc. | 2,130,223 | 19,257 |
*,^ | Columbia Financial Inc. | 1,152,288 | 19,070 |
Nelnet Inc. Class A | 325,693 | 19,024 | |
Ashford Hospitality Trust Inc. | 2,333,414 | 18,901 | |
Granite Point Mortgage Trust Inc. | 1,023,238 | 18,776 | |
* | Marcus & Millichap Inc. | 478,011 | 18,647 |
Summit Hotel Properties Inc. | 1,298,196 | 18,577 | |
* | iStar Inc. | 1,600,868 | 17,273 |
^ | Pennsylvania REIT | 1,570,956 | 17,265 |
Northfield Bancorp Inc. | 1,036,866 | 17,233 | |
National Western Life Group Inc. Class A | 55,286 | 16,987 | |
Urstadt Biddle Properties Inc. Class A | 735,081 | 16,635 | |
Hamilton Lane Inc. Class A | 343,802 | 16,492 | |
Investors Real Estate Trust | 2,981,522 | 16,488 | |
Investment Technology Group Inc. | 777,451 | 16,264 | |
Saul Centers Inc. | 303,393 | 16,256 | |
Oritani Financial Corp. | 978,938 | 15,859 | |
* | St. Joe Co. | 880,467 | 15,804 |
Dime Community Bancshares Inc. | 791,716 | 15,438 | |
OFG Bancorp | 1,089,351 | 15,305 | |
NRG Yield Inc. Class A | 896,060 | 15,278 | |
New Senior Investment Group Inc. | 1,950,539 | 14,766 | |
RMR Group Inc. Class A | 170,697 | 13,391 | |
AG Mortgage Investment Trust Inc. | 700,140 | 13,156 | |
Maiden Holdings Ltd. | 1,653,137 | 12,812 | |
* | Nationstar Mortgage Holdings Inc. | 729,203 | 12,783 |
State Auto Financial Corp. | 425,067 | 12,714 | |
Greenhill & Co. Inc. | 442,237 | 12,560 | |
* | World Acceptance Corp. | 112,677 | 12,508 |
Front Yard Residential Corp. | 1,194,588 | 12,448 | |
Anworth Mortgage Asset Corp. | 2,444,857 | 12,151 | |
KKR Real Estate Finance Trust Inc. | 591,999 | 11,710 | |
* | Ocwen Financial Corp. | 2,821,366 | 11,173 |
* | PennyMac Financial Services Inc. Class A | 560,064 | 11,005 |
* | Spirit MTA REIT | 1,061,747 | 10,936 |
* | Tejon Ranch Co. | 449,636 | 10,926 |
Industrial Logistics Properties Trust | 483,714 | 10,811 | |
* | Greenlight Capital Re Ltd. Class A | 737,815 | 10,477 |
* | Ambac Financial Group Inc. | 480,810 | 9,544 |
*,^ | Altisource Portfolio Solutions SA | 256,420 | 7,480 |
Newmark Group Inc. Class A | 520,702 | 7,410 | |
* | EZCORP Inc. Class A | 570,349 | 6,873 |
*,^ | Forestar Group Inc. | 261,522 | 5,427 |
* | MoneyGram International Inc. | 696,351 | 4,659 |
* | On Deck Capital Inc. | 645,039 | 4,515 |
11
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | New York REIT Inc. | 208,107 | 3,796 |
Associated Capital Group Inc. Class A | 94,613 | 3,591 | |
GAMCO Investors Inc. Class A | 124,704 | 3,337 | |
Urstadt Biddle Properties Inc. | 69,381 | 1,268 | |
*,^ | Longfin Corp. | 18 | — |
22,985,637 | |||
Health Care (10.6%) | |||
* | WellCare Health Plans Inc. | 1,111,391 | 273,669 |
STERIS plc | 2,107,211 | 221,278 | |
* | Neurocrine Biosciences Inc. | 2,232,793 | 219,350 |
* | Sarepta Therapeutics Inc. | 1,543,016 | 203,956 |
* | DexCom Inc. | 2,077,794 | 197,349 |
* | Bluebird Bio Inc. | 1,244,823 | 195,375 |
West Pharmaceutical Services Inc. | 1,827,405 | 181,443 | |
* | Exact Sciences Corp. | 3,027,801 | 181,032 |
* | Sage Therapeutics Inc. | 1,097,341 | 171,767 |
* | Exelixis Inc. | 7,373,267 | 158,673 |
Encompass Health Corp. | 2,331,400 | 157,882 | |
* | Bio-Rad Laboratories Inc. Class A | 521,305 | 150,417 |
Hill-Rom Holdings Inc. | 1,646,220 | 143,781 | |
* | Catalent Inc. | 3,313,370 | 138,797 |
Bio-Techne Corp. | 932,770 | 138,003 | |
* | Molina Healthcare Inc. | 1,378,590 | 135,019 |
* | Charles River Laboratories International Inc. | 1,189,759 | 133,562 |
* | Envision Healthcare Corp. | 3,007,958 | 132,380 |
* | Ionis Pharmaceuticals Inc. | 3,117,941 | 129,925 |
* | Insulet Corp. | 1,458,803 | 125,019 |
* | PRA Health Sciences Inc. | 1,272,657 | 118,815 |
* | Integra LifeSciences Holdings Corp. | 1,838,386 | 118,410 |
* | FibroGen Inc. | 1,865,758 | 116,796 |
* | United Therapeutics Corp. | 1,027,496 | 116,261 |
* | Haemonetics Corp. | 1,296,127 | 116,237 |
* | Masimo Corp. | 1,157,808 | 113,060 |
* | ICU Medical Inc. | 378,294 | 111,086 |
* | Loxo Oncology Inc. | 634,800 | 110,125 |
* | Penumbra Inc. | 765,845 | 105,801 |
* | Ligand Pharmaceuticals Inc. | 502,195 | 104,040 |
* | Agios Pharmaceuticals Inc. | 1,215,797 | 102,407 |
* | Neogen Corp. | 1,215,735 | 97,490 |
* | MEDNAX Inc. | 2,227,078 | 96,388 |
* | Globus Medical Inc. | 1,820,218 | 91,848 |
* | Ultragenyx Pharmaceutical Inc. | 1,174,529 | 90,286 |
* | Syneos Health Inc. | 1,914,270 | 89,779 |
*,^ | Immunomedics Inc. | 3,775,771 | 89,373 |
* | Array BioPharma Inc. | 5,230,247 | 87,764 |
Cantel Medical Corp. | 880,359 | 86,592 | |
* | Acadia Healthcare Co. Inc. | 2,081,426 | 85,151 |
* | Tenet Healthcare Corp. | 2,533,850 | 85,061 |
* | Seattle Genetics Inc. | 1,277,509 | 84,814 |
* | Inogen Inc. | 421,500 | 78,538 |
*,^ | Teladoc Inc. | 1,315,946 | 76,391 |
Healthcare Services Group Inc. | 1,739,924 | 75,147 | |
Bruker Corp. | 2,518,517 | 73,138 | |
* | Supernus Pharmaceuticals Inc. | 1,221,538 | 73,109 |
* | Amicus Therapeutics Inc. | 4,680,286 | 73,106 |
* | Wright Medical Group NV | 2,632,846 | 68,349 |
* | Horizon Pharma plc | 4,098,006 | 67,863 |
* | Halyard Health Inc. | 1,166,982 | 66,810 |
* | NuVasive Inc. | 1,273,184 | 66,358 |
* | LHC Group Inc. | 774,669 | 66,304 |
* | Aerie Pharmaceuticals Inc. | 981,050 | 66,270 |
* | Blueprint Medicines Corp. | 1,034,180 | 65,650 |
* | Ironwood Pharmaceuticals Inc. Class A | 3,424,669 | 65,480 |
12
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Spark Therapeutics Inc. | 789,122 | 65,308 |
* | Myriad Genetics Inc. | 1,736,567 | 64,896 |
* | Portola Pharmaceuticals Inc. | 1,635,312 | 61,766 |
* | Amedisys Inc. | 718,543 | 61,407 |
* | Merit Medical Systems Inc. | 1,188,711 | 60,862 |
* | Medicines Co. | 1,644,794 | 60,364 |
* | Magellan Health Inc. | 611,024 | 58,628 |
* | Clovis Oncology Inc. | 1,239,013 | 56,338 |
* | Nevro Corp. | 669,454 | 53,456 |
* | Arena Pharmaceuticals Inc. | 1,221,371 | 53,252 |
* | Emergent BioSolutions Inc. | 1,051,122 | 53,071 |
* | Novocure Ltd. | 1,687,640 | 52,823 |
* | Quidel Corp. | 791,201 | 52,615 |
* | Global Blood Therapeutics Inc. | 1,157,728 | 52,329 |
* | Halozyme Therapeutics Inc. | 3,036,760 | 51,230 |
* | Prestige Brands Holdings Inc. | 1,317,536 | 50,567 |
* | Foundation Medicine Inc. | 367,536 | 50,242 |
* | Spectrum Pharmaceuticals Inc. | 2,324,766 | 48,727 |
* | Puma Biotechnology Inc. | 797,638 | 47,180 |
* | Endo International plc | 5,000,846 | 47,158 |
*,^ | Intercept Pharmaceuticals Inc. | 550,267 | 46,173 |
* | NxStage Medical Inc. | 1,649,626 | 46,025 |
CONMED Corp. | 626,254 | 45,842 | |
* | Select Medical Holdings Corp. | 2,496,593 | 45,313 |
Patterson Cos. Inc. | 1,996,097 | 45,252 | |
* | Insmed Inc. | 1,904,670 | 45,045 |
Abaxis Inc. | 539,692 | 44,800 | |
* | HMS Holdings Corp. | 2,070,231 | 44,758 |
* | LifePoint Health Inc. | 916,062 | 44,704 |
Ensign Group Inc. | 1,223,427 | 43,823 | |
*,^ | TESARO Inc. | 952,839 | 42,373 |
* | Brookdale Senior Living Inc. | 4,655,961 | 42,323 |
* | Amneal Pharmaceuticals Inc. | 2,565,402 | 42,098 |
* | Corcept Therapeutics Inc. | 2,576,539 | 40,503 |
*,^ | OPKO Health Inc. | 8,338,093 | 39,189 |
* | Akorn Inc. | 2,332,411 | 38,695 |
*,^ | Mallinckrodt plc | 2,061,837 | 38,474 |
*,^ | ACADIA Pharmaceuticals Inc. | 2,477,552 | 37,832 |
* | Editas Medicine Inc. | 1,054,072 | 37,767 |
* | Momenta Pharmaceuticals Inc. | 1,829,196 | 37,407 |
* | Varex Imaging Corp. | 943,509 | 34,995 |
* | Tivity Health Inc. | 989,247 | 34,821 |
* | Acorda Therapeutics Inc. | 1,168,578 | 33,538 |
* | Heron Therapeutics Inc. | 860,792 | 33,442 |
*,^ | Glaukos Corp. | 779,644 | 31,685 |
* | Pacira Pharmaceuticals Inc. | 959,650 | 30,757 |
*,^ | Radius Health Inc. | 1,015,623 | 29,930 |
Luminex Corp. | 991,136 | 29,268 | |
* | AnaptysBio Inc. | 408,335 | 29,008 |
* | Aimmune Therapeutics Inc. | 1,008,810 | 27,127 |
Owens & Minor Inc. | 1,537,309 | 25,688 | |
* | Orthofix International NV | 441,699 | 25,097 |
*,^ | Intrexon Corp. | 1,764,270 | 24,594 |
* | Genomic Health Inc. | 482,386 | 24,312 |
* | Omnicell Inc. | 458,558 | 24,051 |
* | Acceleron Pharma Inc. | 483,083 | 23,439 |
*,^ | Theravance Biopharma Inc. | 1,020,649 | 23,148 |
* | Repligen Corp. | 487,587 | 22,936 |
* | Alder Biopharmaceuticals Inc. | 1,430,049 | 22,595 |
* | Innoviva Inc. | 1,633,603 | 22,544 |
* | Xencor Inc. | 588,860 | 21,794 |
* | MyoKardia Inc. | 418,240 | 20,766 |
* | Kindred Healthcare Inc. | 2,149,274 | 19,343 |
* | Intra-Cellular Therapies Inc. | 1,084,827 | 19,169 |
13
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Intellia Therapeutics Inc. | 694,432 | 19,000 |
* | PTC Therapeutics Inc. | 547,958 | 18,483 |
* | Sangamo Therapeutics Inc. | 1,258,035 | 17,864 |
* | Epizyme Inc. | 1,290,946 | 17,492 |
HealthStream Inc. | 640,168 | 17,483 | |
*,^ | Denali Therapeutics Inc. | 1,052,305 | 16,048 |
National HealthCare Corp. | 227,335 | 16,000 | |
Meridian Bioscience Inc. | 998,041 | 15,869 | |
* | AMAG Pharmaceuticals Inc. | 808,512 | 15,766 |
* | Natera Inc. | 813,543 | 15,311 |
* | Medpace Holdings Inc. | 353,307 | 15,192 |
* | Atara Biotherapeutics Inc. | 407,923 | 14,991 |
Invacare Corp. | 780,131 | 14,510 | |
* | Natus Medical Inc. | 393,950 | 13,591 |
*,^ | TherapeuticsMD Inc. | 2,147,219 | 13,399 |
*,^ | Lexicon Pharmaceuticals Inc. | 1,055,215 | 12,663 |
* | CorVel Corp. | 233,545 | 12,611 |
*,^ | Esperion Therapeutics Inc. | 298,603 | 11,702 |
*,^ | Lannett Co. Inc. | 850,998 | 11,574 |
*,^ | Synergy Pharmaceuticals Inc. | 5,834,779 | 10,153 |
* | Achillion Pharmaceuticals Inc. | 3,252,275 | 9,204 |
*,^ | Community Health Systems Inc. | 2,755,983 | 9,150 |
*,^ | Keryx Biopharmaceuticals Inc. | 2,239,252 | 8,420 |
* | PDL BioPharma Inc. | 3,548,657 | 8,304 |
* | Accuray Inc. | 2,019,733 | 8,281 |
*,^ | MiMedx Group Inc. | 1,238,240 | 7,912 |
*,^ | Akcea Therapeutics Inc. | 318,045 | 7,541 |
* | Aduro Biotech Inc. | 1,076,010 | 7,532 |
* | Five Prime Therapeutics Inc. | 414,249 | 6,549 |
*,^ | Surgery Partners Inc. | 424,825 | 6,330 |
* | Endologix Inc. | 988,929 | 5,597 |
*,^ | Insys Therapeutics Inc. | 730,085 | 5,286 |
* | American Renal Associates Holdings Inc. | 322,050 | 5,079 |
* | Depomed Inc. | 748,781 | 4,994 |
*,^ | ZIOPHARM Oncology Inc. | 1,582,825 | 4,780 |
*,^ | Seres Therapeutics Inc. | 252,871 | 2,175 |
* | Bioxcel Therapeutics Inc. | 1,005 | 9 |
9,580,281 | |||
Industrials (18.9%) | |||
* | Keysight Technologies Inc. | 4,656,907 | 274,897 |
IDEX Corp. | 1,904,538 | 259,931 | |
Jack Henry & Associates Inc. | 1,919,353 | 250,207 | |
Spirit AeroSystems Holdings Inc. Class A | 2,825,613 | 242,748 | |
* | WEX Inc. | 1,069,934 | 203,801 |
PerkinElmer Inc. | 2,747,624 | 201,209 | |
Lennox International Inc. | 972,938 | 194,734 | |
* | Zebra Technologies Corp. | 1,325,945 | 189,942 |
Graco Inc. | 4,161,902 | 188,201 | |
* | HD Supply Holdings Inc. | 4,376,279 | 187,699 |
Allegion plc | 2,357,909 | 182,408 | |
* | Teledyne Technologies Inc. | 843,827 | 167,972 |
Nordson Corp. | 1,298,022 | 166,679 | |
Carlisle Cos. Inc. | 1,512,995 | 163,872 | |
TransUnion | 2,283,492 | 163,589 | |
BWX Technologies Inc. | 2,475,237 | 154,257 | |
Toro Co. | 2,501,048 | 150,688 | |
* | Berry Global Group Inc. | 3,270,726 | 150,257 |
Booz Allen Hamilton Holding Corp. Class A | 3,422,208 | 149,653 | |
Hexcel Corp. | 2,222,304 | 147,517 | |
Donaldson Co. Inc. | 3,224,747 | 145,501 | |
AptarGroup Inc. | 1,548,800 | 144,627 | |
Watsco Inc. | 795,928 | 141,898 | |
MDU Resources Group Inc. | 4,854,977 | 139,241 | |
Lincoln Electric Holdings Inc. | 1,547,338 | 135,794 |
14
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Littelfuse Inc. | 588,963 | 134,390 | |
* | AECOM | 3,984,598 | 131,611 |
National Instruments Corp. | 3,096,077 | 129,973 | |
Sonoco Products Co. | 2,471,202 | 129,738 | |
Old Dominion Freight Line Inc. | 867,434 | 129,213 | |
Oshkosh Corp. | 1,835,649 | 129,083 | |
Trinity Industries Inc. | 3,706,233 | 126,976 | |
Knight-Swift Transportation Holdings Inc. | 3,319,900 | 126,853 | |
Avnet Inc. | 2,930,163 | 125,675 | |
* | Quanta Services Inc. | 3,717,744 | 124,173 |
* | Genesee & Wyoming Inc. Class A | 1,493,953 | 121,488 |
Eagle Materials Inc. | 1,132,267 | 118,854 | |
Curtiss-Wright Corp. | 988,170 | 117,612 | |
Landstar System Inc. | 1,044,672 | 114,078 | |
ITT Inc. | 2,170,386 | 113,446 | |
Graphic Packaging Holding Co. | 7,705,368 | 111,805 | |
* | Kirby Corp. | 1,334,453 | 111,560 |
EMCOR Group Inc. | 1,451,033 | 110,540 | |
AO Smith Corp. | 1,801,061 | 106,533 | |
Jabil Inc. | 3,829,010 | 105,910 | |
Woodward Inc. | 1,374,335 | 105,631 | |
* | CoreLogic Inc. | 2,027,417 | 105,223 |
Air Lease Corp. Class A | 2,454,617 | 103,020 | |
Genpact Ltd. | 3,545,757 | 102,579 | |
AGCO Corp. | 1,679,165 | 101,959 | |
* | Euronet Worldwide Inc. | 1,209,981 | 101,360 |
Crane Co. | 1,259,148 | 100,896 | |
MAXIMUS Inc. | 1,620,095 | 100,624 | |
* | nVent Electric plc | 3,986,873 | 100,071 |
Louisiana-Pacific Corp. | 3,605,314 | 98,137 | |
* | Coherent Inc. | 617,790 | 96,635 |
MSC Industrial Direct Co. Inc. Class A | 1,138,638 | 96,613 | |
* | ASGN Inc. | 1,233,394 | 96,439 |
Brink's Co. | 1,201,313 | 95,805 | |
Bemis Co. Inc. | 2,259,710 | 95,382 | |
Ryder System Inc. | 1,319,104 | 94,791 | |
^ | HEICO Corp. | 1,263,406 | 92,140 |
* | Trex Co. Inc. | 1,461,618 | 91,483 |
Cognex Corp. | 2,040,583 | 91,030 | |
* | KLX Inc. | 1,259,930 | 90,589 |
^ | Universal Display Corp. | 1,052,702 | 90,532 |
* | Conduent Inc. | 4,965,092 | 90,216 |
* | USG Corp. | 2,079,970 | 89,688 |
Insperity Inc. | 938,067 | 89,351 | |
Regal Beloit Corp. | 1,092,304 | 89,350 | |
FLIR Systems Inc. | 1,702,316 | 88,469 | |
HEICO Corp. Class A | 1,425,720 | 86,898 | |
* | Axon Enterprise Inc. | 1,371,136 | 86,628 |
Korn/Ferry International | 1,332,764 | 82,538 | |
MSA Safety Inc. | 856,505 | 82,516 | |
* | MasTec Inc. | 1,599,099 | 81,154 |
Tetra Tech Inc. | 1,381,899 | 80,841 | |
Macquarie Infrastructure Corp. | 1,900,595 | 80,205 | |
Valmont Industries Inc. | 532,034 | 80,204 | |
* | Generac Holdings Inc. | 1,538,804 | 79,602 |
* | Gardner Denver Holdings Inc. | 2,705,977 | 79,529 |
Deluxe Corp. | 1,188,243 | 78,674 | |
EnerSys | 1,041,420 | 77,732 | |
* | Cimpress NV | 533,831 | 77,384 |
Vishay Intertechnology Inc. | 3,281,349 | 76,127 | |
Terex Corp. | 1,792,565 | 75,628 | |
* | Proto Labs Inc. | 635,093 | 75,544 |
Timken Co. | 1,734,580 | 75,541 | |
* | Rexnord Corp. | 2,587,698 | 75,199 |
15
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | RBC Bearings Inc. | 573,149 | 73,827 |
Barnes Group Inc. | 1,241,200 | 73,107 | |
Kennametal Inc. | 2,026,519 | 72,752 | |
* | Summit Materials Inc. Class A | 2,769,038 | 72,687 |
^ | Maxar Technologies Ltd. | 1,400,949 | 70,776 |
John Bean Technologies Corp. | 788,294 | 70,079 | |
* | Clean Harbors Inc. | 1,256,798 | 69,815 |
* | AMN Healthcare Services Inc. | 1,187,781 | 69,604 |
GATX Corp. | 937,034 | 69,556 | |
* | Stericycle Inc. | 1,063,132 | 69,412 |
* | TopBuild Corp. | 885,710 | 69,387 |
* | Armstrong World Industries Inc. | 1,094,605 | 69,179 |
UniFirst Corp. | 383,204 | 67,789 | |
* | Owens-Illinois Inc. | 4,014,013 | 67,476 |
Applied Industrial Technologies Inc. | 961,478 | 67,448 | |
* | WESCO International Inc. | 1,169,723 | 66,791 |
Flowserve Corp. | 1,624,392 | 65,625 | |
Simpson Manufacturing Co. Inc. | 1,035,010 | 64,367 | |
KBR Inc. | 3,491,602 | 62,570 | |
Exponent Inc. | 1,291,155 | 62,363 | |
Belden Inc. | 1,009,282 | 61,687 | |
* | Colfax Corp. | 1,992,676 | 61,076 |
* | II-VI Inc. | 1,396,971 | 60,698 |
Granite Construction Inc. | 1,073,271 | 59,738 | |
Moog Inc. Class A | 765,386 | 59,670 | |
Acuity Brands Inc. | 508,980 | 58,976 | |
* | TriNet Group Inc. | 1,046,697 | 58,552 |
* | FTI Consulting Inc. | 936,880 | 56,663 |
Convergys Corp. | 2,270,427 | 55,489 | |
Watts Water Technologies Inc. Class A | 690,552 | 54,139 | |
* | Esterline Technologies Corp. | 731,581 | 53,991 |
Universal Forest Products Inc. | 1,452,954 | 53,207 | |
* | Floor & Decor Holdings Inc. Class A | 1,077,478 | 53,152 |
* | Builders FirstSource Inc. | 2,848,760 | 52,104 |
Mobile Mini Inc. | 1,106,720 | 51,905 | |
Silgan Holdings Inc. | 1,921,637 | 51,558 | |
* | Integer Holdings Corp. | 795,790 | 51,448 |
* | Rogers Corp. | 456,702 | 50,904 |
* | Navistar International Corp. | 1,226,654 | 49,949 |
* | Aerojet Rocketdyne Holdings Inc. | 1,686,238 | 49,727 |
* | Itron Inc. | 827,177 | 49,672 |
* | Masonite International Corp. | 684,696 | 49,195 |
* | WageWorks Inc. | 983,668 | 49,183 |
* | JELD-WEN Holding Inc. | 1,716,960 | 49,088 |
* | Plexus Corp. | 818,140 | 48,712 |
Schneider National Inc. Class B | 1,764,017 | 48,528 | |
Kaman Corp. | 693,087 | 48,301 | |
Covanta Holding Corp. | 2,922,793 | 48,226 | |
ABM Industries Inc. | 1,631,633 | 47,611 | |
* | Sanmina Corp. | 1,617,618 | 47,396 |
Otter Tail Corp. | 987,109 | 46,986 | |
Mueller Water Products Inc. Class A | 3,924,567 | 45,996 | |
* | ExlService Holdings Inc. | 812,176 | 45,977 |
* | Cotiviti Holdings Inc. | 1,038,611 | 45,834 |
* | Atlas Air Worldwide Holdings Inc. | 634,290 | 45,479 |
* | Meritor Inc. | 2,184,256 | 44,930 |
* | Anixter International Inc. | 705,661 | 44,668 |
Franklin Electric Co. Inc. | 981,764 | 44,278 | |
* | Harsco Corp. | 2,003,273 | 44,272 |
Actuant Corp. Class A | 1,506,801 | 44,225 | |
* | SPX FLOW Inc. | 1,003,232 | 43,911 |
Brady Corp. Class A | 1,136,868 | 43,826 | |
* | Advanced Disposal Services Inc. | 1,757,471 | 43,550 |
Albany International Corp. | 719,758 | 43,293 |
16
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Forward Air Corp. | 731,249 | 43,202 | |
Boise Cascade Co. | 964,790 | 43,126 | |
* | Paylocity Holding Corp. | 718,899 | 42,314 |
Comfort Systems USA Inc. | 923,042 | 42,275 | |
Mueller Industries Inc. | 1,429,964 | 42,198 | |
Greenbrier Cos. Inc. | 799,588 | 42,178 | |
* | TTM Technologies Inc. | 2,310,752 | 40,739 |
Matson Inc. | 1,059,734 | 40,673 | |
Werner Enterprises Inc. | 1,076,824 | 40,435 | |
Triton International Ltd. | 1,307,521 | 40,089 | |
* | Hub Group Inc. Class A | 794,621 | 39,572 |
* | Imperva Inc. | 817,871 | 39,462 |
Cubic Corp. | 609,545 | 39,133 | |
* | Aerovironment Inc. | 533,920 | 38,138 |
AAR Corp. | 816,960 | 37,980 | |
EnPro Industries Inc. | 521,552 | 36,483 | |
McGrath RentCorp | 568,390 | 35,962 | |
* | SPX Corp. | 1,013,733 | 35,531 |
ESCO Technologies Inc. | 611,055 | 35,258 | |
ManTech International Corp. Class A | 654,575 | 35,111 | |
Methode Electronics Inc. | 869,033 | 35,022 | |
Benchmark Electronics Inc. | 1,179,174 | 34,373 | |
World Fuel Services Corp. | 1,679,974 | 34,288 | |
Raven Industries Inc. | 890,506 | 34,240 | |
* | Knowles Corp. | 2,234,361 | 34,186 |
Sun Hydraulics Corp. | 706,639 | 34,053 | |
Tennant Co. | 424,904 | 33,567 | |
* | TriMas Corp. | 1,137,069 | 33,430 |
* | Milacron Holdings Corp. | 1,747,048 | 33,072 |
Standex International Corp. | 317,883 | 32,488 | |
Greif Inc. Class A | 613,827 | 32,465 | |
AAON Inc. | 975,058 | 32,421 | |
*,^ | Evolent Health Inc. Class A | 1,531,452 | 32,237 |
Apogee Enterprises Inc. | 665,881 | 32,075 | |
EVERTEC Inc. | 1,442,454 | 31,518 | |
* | Air Transport Services Group Inc. | 1,394,703 | 31,506 |
Altra Industrial Motion Corp. | 729,969 | 31,462 | |
* | OSI Systems Inc. | 403,983 | 31,240 |
Astec Industries Inc. | 516,076 | 30,861 | |
Badger Meter Inc. | 685,809 | 30,656 | |
*,^ | Ambarella Inc. | 789,542 | 30,484 |
H&E Equipment Services Inc. | 796,771 | 29,967 | |
* | Sykes Enterprises Inc. | 1,009,861 | 29,064 |
ArcBest Corp. | 635,709 | 29,052 | |
* | Continental Building Products Inc. | 918,381 | 28,975 |
* | Installed Building Products Inc. | 511,513 | 28,926 |
AZZ Inc. | 646,734 | 28,101 | |
Aircastle Ltd. | 1,363,532 | 27,952 | |
Primoris Services Corp. | 1,024,326 | 27,892 | |
* | TrueBlue Inc. | 1,027,737 | 27,698 |
* | Cardtronics plc Class A | 1,140,598 | 27,580 |
Materion Corp. | 500,455 | 27,100 | |
*,^ | MACOM Technology Solutions Holdings Inc. | 1,125,631 | 25,935 |
Advanced Drainage Systems Inc. | 906,222 | 25,873 | |
Lindsay Corp. | 266,468 | 25,845 | |
* | Saia Inc. | 319,547 | 25,835 |
Wabash National Corp. | 1,366,310 | 25,495 | |
* | Navigant Consulting Inc. | 1,122,964 | 24,862 |
* | Novanta Inc. | 387,474 | 24,140 |
* | Atkore International Group Inc. | 1,154,852 | 23,986 |
Encore Wire Corp. | 491,859 | 23,339 | |
MTS Systems Corp. | 442,179 | 23,281 | |
Triumph Group Inc. | 1,175,030 | 23,031 | |
Sturm Ruger & Co. Inc. | 410,807 | 23,005 |
17
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | FARO Technologies Inc. | 421,474 | 22,907 |
* | Huron Consulting Group Inc. | 556,783 | 22,772 |
Manitowoc Co. Inc. | 880,436 | 22,768 | |
* | GMS Inc. | 813,532 | 22,039 |
Schnitzer Steel Industries Inc. | 633,833 | 21,360 | |
Heartland Express Inc. | 1,122,031 | 20,814 | |
GrafTech International Ltd. | 1,130,647 | 20,340 | |
* | GreenSky Inc. Class A | 950,563 | 20,104 |
Kforce Inc. | 582,400 | 19,976 | |
* | Aegion Corp. Class A | 763,453 | 19,659 |
AVX Corp. | 1,253,503 | 19,642 | |
* | Thermon Group Holdings Inc. | 807,497 | 18,467 |
* | Tutor Perini Corp. | 989,941 | 18,264 |
CIRCOR International Inc. | 492,765 | 18,213 | |
Gorman-Rupp Co. | 517,355 | 18,107 | |
* | American Woodmark Corp. | 195,127 | 17,864 |
* | Gates Industrial Corp. plc | 1,078,577 | 17,548 |
* | Veeco Instruments Inc. | 1,206,964 | 17,199 |
Griffon Corp. | 966,174 | 17,198 | |
*,^ | Inovalon Holdings Inc. Class A | 1,687,854 | 16,752 |
Kelly Services Inc. Class A | 745,689 | 16,741 | |
Quad/Graphics Inc. | 794,411 | 16,548 | |
*,^ | Team Inc. | 706,290 | 16,315 |
Quanex Building Products Corp. | 869,377 | 15,605 | |
* | American Outdoor Brands Corp. | 1,274,509 | 15,332 |
* | Pluralsight Inc. Class A | 623,721 | 15,250 |
* | Wesco Aircraft Holdings Inc. | 1,355,549 | 15,250 |
* | Donnelley Financial Solutions Inc. | 843,072 | 14,644 |
* | TimkenSteel Corp. | 889,458 | 14,543 |
Hyster-Yale Materials Handling Inc. | 219,781 | 14,121 | |
LSC Communications Inc. | 826,925 | 12,950 | |
Resources Connection Inc. | 746,047 | 12,608 | |
REV Group Inc. | 719,469 | 12,238 | |
TTEC Holdings Inc. | 343,960 | 11,884 | |
* | InnerWorkings Inc. | 1,125,618 | 9,782 |
RR Donnelley & Sons Co. | 1,657,818 | 9,549 | |
* | Astronics Corp. | 227,010 | 8,166 |
* | Mistras Group Inc. | 420,646 | 7,942 |
Greif Inc. Class B | 134,408 | 7,742 | |
American Railcar Industries Inc. | 191,515 | 7,561 | |
* | Evo Payments Inc. Class A | 339,030 | 6,977 |
* | International Seaways Inc. | 272,581 | 6,308 |
Park Electrochemical Corp. | 241,220 | 5,594 | |
* | Armstrong Flooring Inc. | 255,470 | 3,587 |
*,^ | Forterra Inc. | 239,143 | 2,327 |
* | Astronics Corp. Class B | 40,088 | 1,434 |
* | Dorian LPG Ltd. | 20 | — |
17,194,598 | |||
Oil & Gas (5.0%) | |||
* | Parsley Energy Inc. Class A | 6,463,263 | 195,708 |
* | WPX Energy Inc. | 9,922,423 | 178,901 |
* | Energen Corp. | 2,418,813 | 176,138 |
* | Newfield Exploration Co. | 4,958,622 | 149,998 |
*,^ | Transocean Ltd. | 10,889,709 | 146,358 |
* | RSP Permian Inc. | 3,167,672 | 139,441 |
Core Laboratories NV | 1,097,208 | 138,479 | |
Murphy Oil Corp. | 4,082,464 | 137,865 | |
Targa Resources Corp. | 2,589,010 | 128,130 | |
* | Whiting Petroleum Corp. | 2,258,499 | 119,068 |
*,^ | Chesapeake Energy Corp. | 21,515,193 | 112,740 |
PBF Energy Inc. Class A | 2,621,647 | 109,926 | |
Range Resources Corp. | 6,189,879 | 103,557 | |
* | Oasis Petroleum Inc. | 7,882,448 | 102,235 |
* | PDC Energy Inc. | 1,641,233 | 99,212 |
18
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | First Solar Inc. | 1,821,238 | 95,906 |
Delek US Holdings Inc. | 1,877,986 | 94,219 | |
Patterson-UTI Energy Inc. | 5,233,773 | 94,208 | |
McDermott International Inc. | 4,240,956 | 83,335 | |
* | Centennial Resource Development Inc. Class A | 4,585,593 | 82,816 |
Helmerich & Payne Inc. | 1,284,315 | 81,888 | |
*,^ | Weatherford International plc | 24,749,922 | 81,427 |
* | Apergy Corp. | 1,919,714 | 80,148 |
^ | Ensco plc Class A | 10,859,983 | 78,843 |
* | Southwestern Energy Co. | 14,576,751 | 77,257 |
* | Matador Resources Co. | 2,453,546 | 73,729 |
* | QEP Resources Inc. | 5,905,731 | 72,404 |
SM Energy Co. | 2,773,603 | 71,254 | |
* | SRC Energy Inc. | 6,013,149 | 66,265 |
CNX Resources Corp. | 3,518,834 | 62,565 | |
Oceaneering International Inc. | 2,448,573 | 62,341 | |
* | Callon Petroleum Co. | 5,564,976 | 59,768 |
Nabors Industries Ltd. | 8,323,691 | 53,355 | |
* | Denbury Resources Inc. | 10,942,394 | 52,633 |
* | Rowan Cos. plc Class A | 3,150,967 | 51,109 |
* | Carrizo Oil & Gas Inc. | 1,833,628 | 51,067 |
SemGroup Corp. Class A | 1,962,417 | 49,845 | |
* | Dril-Quip Inc. | 946,990 | 48,675 |
* | Chart Industries Inc. | 770,166 | 47,504 |
* | Gulfport Energy Corp. | 3,666,533 | 46,088 |
* | MRC Global Inc. | 2,116,758 | 45,870 |
* | Oil States International Inc. | 1,339,432 | 42,996 |
* | Extraction Oil & Gas Inc. | 2,833,696 | 41,627 |
Pattern Energy Group Inc. Class A | 2,194,281 | 41,143 | |
* | Noble Corp. plc | 6,120,514 | 38,743 |
Archrock Inc. | 3,215,315 | 38,584 | |
* | Superior Energy Services Inc. | 3,831,206 | 37,316 |
* | Laredo Petroleum Inc. | 3,791,834 | 36,477 |
* | C&J Energy Services Inc. | 1,527,937 | 36,059 |
*,^ | NOW Inc. | 2,687,262 | 35,821 |
* | Unit Corp. | 1,274,046 | 32,565 |
*,^ | Diamond Offshore Drilling Inc. | 1,532,383 | 31,965 |
* | ProPetro Holding Corp. | 1,862,319 | 29,201 |
* | Helix Energy Solutions Group Inc. | 3,495,509 | 29,118 |
* | Forum Energy Technologies Inc. | 2,032,399 | 25,100 |
* | SEACOR Holdings Inc. | 405,262 | 23,209 |
* | Newpark Resources Inc. | 2,109,220 | 22,885 |
* | Cactus Inc. | 655,438 | 22,147 |
* | Exterran Corp. | 852,442 | 21,345 |
*,^ | Tellurian Inc. | 2,391,100 | 19,894 |
^ | RPC Inc. | 1,334,900 | 19,449 |
*,^ | Jagged Peak Energy Inc. | 1,322,408 | 17,218 |
^ | CVR Energy Inc. | 430,258 | 15,915 |
*,^ | Keane Group Inc. | 1,111,733 | 15,197 |
* | Alta Mesa Resources Inc. | 1,910,578 | 13,011 |
* | WildHorse Resource Development Corp. | 502,120 | 12,734 |
*,^ | SunPower Corp. Class A | 1,582,232 | 12,136 |
* | FTS International Inc. | 675,864 | 9,624 |
Green Plains Inc. | 491,228 | 8,989 | |
* | TETRA Technologies Inc. | 1,477,789 | 6,576 |
*,^ | Liberty Oilfield Services Inc. Class A | 344,556 | 6,450 |
*,^ | Ultra Petroleum Corp. | 2,448,029 | 5,655 |
*,^ | NCS Multistage Holdings Inc. | 221,168 | 3,214 |
*,^ | EP Energy Corp. Class A | 931,597 | 2,795 |
* | Eclipse Resources Corp. | 1,111,938 | 1,779 |
4,559,212 | |||
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 |
19
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,3 | NewStar Financial Inc | 651,238 | 321 |
*,3 | Media General Inc. CVR | 2,475,062 | 96 |
*,3 | Clinical Data CVR | 297,875 | — |
8,519 | |||
Technology (11.9%) | |||
* | PTC Inc. | 2,864,754 | 268,743 |
* | ON Semiconductor Corp. | 10,616,706 | 236,062 |
* | Veeva Systems Inc. Class A | 2,988,663 | 229,709 |
Leidos Holdings Inc. | 3,768,869 | 222,363 | |
* | Fortinet Inc. | 3,547,074 | 221,444 |
* | Tyler Technologies Inc. | 902,962 | 200,548 |
* | Ultimate Software Group Inc. | 721,973 | 185,771 |
Teradyne Inc. | 4,750,560 | 180,854 | |
* | Guidewire Software Inc. | 1,983,859 | 176,127 |
* | Tableau Software Inc. Class A | 1,685,621 | 164,769 |
* | Aspen Technology Inc. | 1,773,421 | 164,467 |
* | athenahealth Inc. | 1,003,561 | 159,707 |
* | EPAM Systems Inc. | 1,259,972 | 156,652 |
CDW Corp. | 1,884,137 | 152,219 | |
* | Nutanix Inc. | 2,833,075 | 146,102 |
* | Proofpoint Inc. | 1,262,599 | 145,590 |
* | Cavium Inc. | 1,651,541 | 142,858 |
* | CommScope Holding Co. Inc. | 4,769,725 | 139,300 |
* | Fair Isaac Corp. | 703,874 | 136,073 |
* | Zendesk Inc. | 2,466,122 | 134,379 |
Cypress Semiconductor Corp. | 8,457,793 | 131,772 | |
SS&C Technologies Holdings Inc. | 2,512,190 | 130,383 | |
MKS Instruments Inc. | 1,357,746 | 129,936 | |
Monolithic Power Systems Inc. | 942,563 | 125,992 | |
* | GoDaddy Inc. Class A | 1,754,635 | 123,877 |
Blackbaud Inc. | 1,205,049 | 123,457 | |
*,^ | Paycom Software Inc. | 1,246,676 | 123,209 |
* | Teradata Corp. | 3,012,406 | 120,948 |
Entegris Inc. | 3,519,653 | 119,316 | |
* | Medidata Solutions Inc. | 1,396,791 | 112,525 |
* | 2U Inc. | 1,336,367 | 111,667 |
* | RingCentral Inc. Class A | 1,576,133 | 110,881 |
* | HubSpot Inc. | 858,475 | 107,653 |
* | ARRIS International plc | 4,394,092 | 107,414 |
* | Silicon Laboratories Inc. | 1,073,514 | 106,922 |
* | New Relic Inc. | 1,042,154 | 104,830 |
* | Cree Inc. | 2,495,212 | 103,726 |
* | Okta Inc. | 2,057,851 | 103,654 |
* | CACI International Inc. Class A | 612,843 | 103,295 |
* | Integrated Device Technology Inc. | 3,210,926 | 102,364 |
* | Nuance Communications Inc. | 7,337,519 | 101,881 |
* | RealPage Inc. | 1,828,612 | 100,757 |
j2 Global Inc. | 1,158,896 | 100,372 | |
* | Twilio Inc. Class A | 1,695,183 | 94,964 |
* | Ciena Corp. | 3,566,264 | 94,542 |
* | Pure Storage Inc. Class A | 3,870,020 | 92,416 |
*,^ | ViaSat Inc. | 1,388,927 | 91,280 |
* | NCR Corp. | 2,945,922 | 88,319 |
* | Lumentum Holdings Inc. | 1,476,504 | 85,490 |
Science Applications International Corp. | 1,049,481 | 84,934 | |
* | Ellie Mae Inc. | 810,174 | 84,128 |
* | Coupa Software Inc. | 1,264,896 | 78,727 |
* | Tech Data Corp. | 951,110 | 78,105 |
* | Manhattan Associates Inc. | 1,659,904 | 78,032 |
* | Semtech Corp. | 1,639,717 | 77,149 |
* | Box Inc. | 3,039,049 | 75,946 |
SYNNEX Corp. | 747,034 | 72,096 | |
^ | Perspecta Inc. | 3,496,534 | 71,854 |
* | Verint Systems Inc. | 1,589,718 | 70,504 |
20
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
InterDigital Inc. | 862,968 | 69,814 | |
* | FireEye Inc. | 4,527,786 | 69,683 |
* | Dycom Industries Inc. | 735,717 | 69,533 |
* | Qualys Inc. | 822,962 | 69,376 |
Cabot Microelectronics Corp. | 637,954 | 68,618 | |
* | ACI Worldwide Inc. | 2,749,088 | 67,820 |
* | CommVault Systems Inc. | 1,016,365 | 66,928 |
Plantronics Inc. | 825,088 | 62,913 | |
* | VeriFone Systems Inc. | 2,747,586 | 62,700 |
* | Cornerstone OnDemand Inc. | 1,288,982 | 61,136 |
* | Cirrus Logic Inc. | 1,572,923 | 60,290 |
* | Envestnet Inc. | 1,066,637 | 58,612 |
* | Viavi Solutions Inc. | 5,612,084 | 57,468 |
* | Advanced Energy Industries Inc. | 975,986 | 56,695 |
* | NetScout Systems Inc. | 1,891,637 | 56,182 |
Cogent Communications Holdings Inc. | 1,034,641 | 55,250 | |
* | Avaya Holdings Corp. | 2,728,468 | 54,788 |
Brooks Automation Inc. | 1,666,097 | 54,348 | |
Pegasystems Inc. | 976,255 | 53,499 | |
* | Allscripts Healthcare Solutions Inc. | 4,424,714 | 53,097 |
*,^ | Finisar Corp. | 2,850,800 | 51,314 |
Power Integrations Inc. | 697,738 | 50,970 | |
* | Bottomline Technologies de Inc. | 962,110 | 47,942 |
* | Premier Inc. Class A | 1,305,717 | 47,502 |
* | NETGEAR Inc. | 745,359 | 46,585 |
* | Synaptics Inc. | 859,631 | 43,300 |
* | Blackline Inc. | 996,270 | 43,268 |
* | Mercury Systems Inc. | 1,136,263 | 43,246 |
* | Insight Enterprises Inc. | 879,816 | 43,049 |
Ebix Inc. | 546,866 | 41,699 | |
Progress Software Corp. | 1,072,261 | 41,625 | |
* | Blucora Inc. | 1,107,890 | 40,992 |
* | EchoStar Corp. Class A | 901,323 | 40,019 |
Pitney Bowes Inc. | 4,667,618 | 40,001 | |
TiVo Corp. | 2,900,190 | 39,008 | |
*,^ | Ubiquiti Networks Inc. | 459,062 | 38,892 |
* | Cloudera Inc. | 2,762,891 | 37,686 |
* | Infinera Corp. | 3,760,340 | 37,340 |
*,^ | 3D Systems Corp. | 2,684,588 | 37,074 |
* | Electronics For Imaging Inc. | 1,110,687 | 36,164 |
CSG Systems International Inc. | 835,294 | 34,138 | |
* | Diodes Inc. | 985,396 | 33,967 |
* | Rambus Inc. | 2,666,494 | 33,438 |
*,^ | Inphi Corp. | 975,764 | 31,820 |
* | Alarm.com Holdings Inc. | 762,879 | 30,805 |
*,^ | DocuSign Inc. | 578,127 | 30,612 |
* | Web.com Group Inc. | 1,169,726 | 30,237 |
* | SailPoint Technologies Holding Inc. | 1,190,658 | 29,219 |
* | LivePerson Inc. | 1,355,554 | 28,602 |
* | MicroStrategy Inc. Class A | 222,432 | 28,416 |
* | Hortonworks Inc. | 1,471,388 | 26,809 |
* | Pivotal Software Inc. Class A | 1,097,386 | 26,634 |
* | Syntel Inc. | 822,679 | 26,400 |
* | Quality Systems Inc. | 1,347,428 | 26,275 |
*,^ | Alteryx Inc. Class A | 675,923 | 25,793 |
* | Q2 Holdings Inc. | 448,860 | 25,607 |
* | ScanSource Inc. | 633,931 | 25,547 |
*,^ | Yext Inc. | 1,310,117 | 25,338 |
* | Varonis Systems Inc. | 339,566 | 25,298 |
* | Cray Inc. | 1,009,975 | 24,845 |
NIC Inc. | 1,566,631 | 24,361 | |
* | Rapid7 Inc. | 860,043 | 24,270 |
* | FormFactor Inc. | 1,817,625 | 24,174 |
*,^ | Match Group Inc. | 623,840 | 24,168 |
21
Vanguard® Small-Cap Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | MaxLinear Inc. | 1,521,606 | 23,722 |
*,^ | MongoDB Inc. | 475,091 | 23,579 |
* | Five9 Inc. | 681,770 | 23,569 |
* | Altair Engineering Inc. Class A | 683,800 | 23,372 |
* | Super Micro Computer Inc. | 966,316 | 22,853 |
^ | Diebold Nixdorf Inc. | 1,887,974 | 22,561 |
* | Ceridian HCM Holding Inc. | 676,991 | 22,469 |
*,^ | Acacia Communications Inc. | 596,636 | 20,769 |
* | Shutterstock Inc. | 432,975 | 20,549 |
* | Amkor Technology Inc. | 2,378,081 | 20,428 |
Monotype Imaging Holdings Inc. | 992,937 | 20,157 | |
Xperi Corp. | 1,215,231 | 19,565 | |
* | Cision Ltd. | 1,298,074 | 19,406 |
* | Lattice Semiconductor Corp. | 2,945,505 | 19,323 |
ADTRAN Inc. | 1,186,745 | 17,623 | |
* | SendGrid Inc. | 657,787 | 17,445 |
* | Benefitfocus Inc. | 511,161 | 17,175 |
* | CEVA Inc. | 553,226 | 16,707 |
*,^ | Unisys Corp. | 1,255,456 | 16,195 |
* | Virtusa Corp. | 327,860 | 15,960 |
* | Endurance International Group Holdings Inc. | 1,591,813 | 15,839 |
* | Loral Space & Communications Inc. | 320,098 | 12,036 |
*,^ | Appian Corp. Class A | 328,773 | 11,888 |
Switch Inc. | 909,386 | 11,067 | |
^ | Computer Programs & Systems Inc. | 331,746 | 10,914 |
*,^ | Zscaler Inc. | 295,430 | 10,562 |
* | Presidio Inc. | 805,020 | 10,546 |
* | Appfolio Inc. | 170,395 | 10,420 |
Forrester Research Inc. | 246,315 | 10,333 | |
* | Avalara Inc. | 161,523 | 8,620 |
* | Zuora Inc. Class A | 313,327 | 8,522 |
* | Castlight Health Inc. Class B | 1,775,286 | 7,545 |
*,^ | WideOpenWest Inc. | 741,187 | 7,160 |
*,^ | Gogo Inc. | 1,403,800 | 6,822 |
Systemax Inc. | 184,824 | 6,345 | |
*,^ | nLight Inc. | 170,728 | 5,644 |
* | Casa Systems Inc. | 307,449 | 5,021 |
* | Ribbon Communications Inc. | 648,449 | 4,617 |
* | Carbon Black Inc. | 164,084 | 4,266 |
* | MobileIron Inc. | 808,255 | 3,597 |
*,^ | Smartsheet Inc. Class A | 132,730 | 3,447 |
* | SecureWorks Corp. Class A | 205,391 | 2,557 |
* | Synchronoss Technologies Inc. | 200 | 1 |
*,3 | Piksel Inc. | 241 | — |
10,813,449 | |||
Telecommunications (0.4%) | |||
* | Vonage Holdings Corp. | 5,306,435 | 68,400 |
Telephone & Data Systems Inc. | 2,330,934 | 63,914 | |
Shenandoah Telecommunications Co. | 1,168,739 | 38,218 | |
* | GTT Communications Inc. | 838,133 | 37,716 |
*,^ | Iridium Communications Inc. | 2,329,421 | 37,504 |
Consolidated Communications Holdings Inc. | 1,680,886 | 20,776 | |
* | Cincinnati Bell Inc. | 1,052,518 | 16,525 |
*,^ | Intelsat SA | 832,957 | 13,877 |
ATN International Inc. | 258,706 | 13,652 | |
* | United States Cellular Corp. | 322,974 | 11,963 |
^ | Frontier Communications Corp. | 1,888,505 | 10,122 |
*,^ | Globalstar Inc. | 14,183,417 | 6,948 |
339,615 | |||
Utilities (3.5%) | |||
Atmos Energy Corp. | 2,788,115 | 251,321 | |
NRG Energy Inc. | 7,428,231 | 228,047 | |
UGI Corp. | 4,328,505 | 225,385 | |
* | Evergy Inc. | 3,369,627 | 189,205 |
22
Vanguard® Small-Cap Index Fund
Schedule of Investments
June 30, 2018
Market | |||||
Value | |||||
Shares | ($000) | ||||
Aqua America Inc. | 4,423,697 | 155,626 | |||
Vectren Corp. | 2,064,120 | 147,481 | |||
* | Vistra Energy Corp. | 5,194,715 | 122,907 | ||
IDACORP Inc. | 1,253,212 | 115,596 | |||
WGL Holdings Inc. | 1,283,165 | 113,881 | |||
ONE Gas Inc. | 1,324,430 | 98,988 | |||
New Jersey Resources Corp. | 2,204,949 | 98,671 | |||
National Fuel Gas Co. | 1,862,828 | 98,655 | |||
ALLETE Inc. | 1,274,032 | 98,623 | |||
Portland General Electric Co. | 2,219,195 | 94,893 | |||
Hawaiian Electric Industries Inc. | 2,709,024 | 92,920 | |||
Southwest Gas Holdings Inc. | 1,146,488 | 87,443 | |||
Avista Corp. | 1,633,164 | 86,002 | |||
Spire Inc. | 1,199,399 | 84,738 | |||
Black Hills Corp. | 1,333,627 | 81,631 | |||
PNM Resources Inc. | 1,980,906 | 77,057 | |||
South Jersey Industries Inc. | 2,143,805 | 71,753 | |||
NorthWestern Corp. | 1,231,291 | 70,491 | |||
SCANA Corp. | 1,682,328 | 64,803 | |||
El Paso Electric Co. | 1,010,647 | 59,729 | |||
MGE Energy Inc. | 862,113 | 54,356 | |||
Ormat Technologies Inc. | 1,006,785 | 53,551 | |||
American States Water Co. | 913,809 | 52,233 | |||
California Water Service Group | 1,195,435 | 46,562 | |||
Northwest Natural Gas Co. | 729,354 | 46,533 | |||
* | Evoqua Water Technologies Corp. | 1,698,964 | 34,829 | ||
*,^ | Sunrun Inc. | 2,162,473 | 28,437 | ||
TerraForm Power Inc. Class A | 1,655,399 | 19,368 | |||
*,^ | Vivint Solar Inc. | 348,448 | 1,725 | ||
3,153,440 | |||||
Total Common Stocks (Cost $66,712,923) | 89,983,350 | ||||
Coupon | |||||
Temporary Cash Investments (1.7%)1 | |||||
Money Market Fund (1.7%) | |||||
4,5 | Vanguard Market Liquidity Fund | 2.122% | 15,512,630 | 1,551,418 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.0%) | |||||
United States Treasury Bill | 1.693% | 7/12/18 | 1,000 | 1,000 | |
6 | United States Treasury Bill | 1.916% | 9/6/18 | 22,000 | 21,924 |
6 | United States Treasury Bill | 1.986% | 10/18/18 | 1,000 | 994 |
6 | United States Treasury Bill | 2.022%—2.034% | 11/15/18 | 5,000 | 4,962 |
6 | United States Treasury Bill | 2.037% | 11/29/18 | 1,000 | 992 |
29,872 | |||||
Total Temporary Cash Investments (Cost $1,581,072) | 1,581,290 | ||||
Total Investments (100.9%) (Cost $68,293,995) | 91,564,640 | ||||
Other Assets and Liabilities—Net (-0.9%)5,7 | (821,585) | ||||
Net Assets (100%) | 90,743,055 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $779,961,000.
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
0.9%, respectively, of net assets.
23
Vanguard® Small-Cap Index Fund
Schedule of Investments
June 30, 2018
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 $823,404,000 of collateral received for securities on loan.
6 Securities with a value of $27,078,000 have been segregated as initial margin for recently closed futures contracts.
7 Cash with a value of $1,770,000 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 | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.7%)1 | |||
Basic Materials (2.3%) | |||
Royal Gold Inc. | 926,503 | 86,017 | |
Versum Materials Inc. | 1,542,308 | 57,297 | |
NewMarket Corp. | 133,417 | 53,967 | |
* | Ingevity Corp. | 596,003 | 48,193 |
* | Allegheny Technologies Inc. | 1,778,605 | 44,679 |
Balchem Corp. | 454,171 | 44,572 | |
KapStone Paper and Packaging Corp. | 1,246,944 | 43,020 | |
* | Platform Specialty Products Corp. | 3,054,228 | 35,429 |
US Silica Holdings Inc. | 1,101,639 | 28,301 | |
* | Cambrex Corp. | 466,325 | 24,389 |
* | Univar Inc. | 798,697 | 20,958 |
* | Ferro Corp. | 596,223 | 12,431 |
* | Coeur Mining Inc. | 1,315,158 | 9,995 |
American Vanguard Corp. | 379,804 | 8,716 | |
* | PQ Group Holdings Inc. | 473,655 | 8,526 |
*,^ | Covia Holdings Corp. | 455,847 | 8,460 |
534,950 | |||
Consumer Goods (5.9%) | |||
*,^ | Wayfair Inc. | 786,300 | 93,381 |
Gentex Corp. | 3,874,717 | 89,196 | |
Pool Corp. | 544,273 | 82,457 | |
*,^ | Middleby Corp. | 788,623 | 82,348 |
Brunswick Corp. | 1,233,619 | 79,544 | |
* | Post Holdings Inc. | 904,421 | 77,798 |
Toll Brothers Inc. | 1,932,947 | 71,500 | |
Carter's Inc. | 631,135 | 68,409 | |
* | Skechers U.S.A. Inc. Class A | 1,922,005 | 57,679 |
* | Zynga Inc. Class A | 10,927,339 | 44,474 |
* | Welbilt Inc. | 1,980,035 | 44,175 |
Steven Madden Ltd. | 744,967 | 39,558 | |
* | Boston Beer Co. Inc. Class A | 117,666 | 35,264 |
* | TRI Pointe Group Inc. | 2,151,604 | 35,200 |
J&J Snack Foods Corp. | 211,771 | 32,289 | |
*,^ | Tempur Sealy International Inc. | 654,385 | 31,443 |
LCI Industries | 338,866 | 30,549 | |
*,^ | iRobot Corp. | 373,948 | 28,334 |
WD-40 Co. | 187,067 | 27,358 | |
Vector Group Ltd. | 1,425,085 | 27,191 | |
* | Dorman Products Inc. | 377,564 | 25,791 |
* | Meritage Homes Corp. | 545,462 | 23,973 |
* | Gentherm Inc. | 521,740 | 20,504 |
Columbia Sportswear Co. | 222,660 | 20,367 | |
* | USANA Health Sciences Inc. | 171,091 | 19,727 |
* | Hain Celestial Group Inc. | 652,220 | 19,436 |
Interface Inc. Class A | 840,651 | 19,293 | |
Lancaster Colony Corp. | 135,898 | 18,811 | |
* | Cal-Maine Foods Inc. | 402,555 | 18,457 |
* | National Beverage Corp. | 164,826 | 17,620 |
*,^ | Fitbit Inc. Class A | 2,677,129 | 17,482 |
* | Sleep Number Corp. | 496,520 | 14,409 |
B&G Foods Inc. | 471,461 | 14,097 | |
Oxford Industries Inc. | 113,691 | 9,434 | |
* | Hostess Brands Inc. Class A | 671,962 | 9,139 |
Coca-Cola Bottling Co. Consolidated | 65,596 | 8,864 | |
* | Crocs Inc. | 457,365 | 8,054 |
Phibro Animal Health Corp. Class A | 139,917 | 6,443 | |
*,^ | GoPro Inc. Class A | 799,339 | 5,148 |
*,^ | elf Beauty Inc. | 301,971 | 4,602 |
*,^ | Revlon Inc. Class A | 110,367 | 1,937 |
1,381,735 |
25
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Consumer Services (14.3%) | |||
Vail Resorts Inc. | 572,446 | 156,959 | |
* | Burlington Stores Inc. | 959,472 | 144,429 |
* | GrubHub Inc. | 1,276,803 | 133,949 |
* | Liberty Media Corp-Liberty Formula One | 2,725,595 | 101,201 |
* | Caesars Entertainment Corp. | 8,893,115 | 95,156 |
* | Live Nation Entertainment Inc. | 1,921,707 | 93,337 |
Domino's Pizza Inc. | 299,146 | 84,410 | |
* | Bright Horizons Family Solutions Inc. | 818,979 | 83,962 |
Dunkin' Brands Group Inc. | 1,174,091 | 81,095 | |
* | Madison Square Garden Co. Class A | 257,207 | 79,783 |
* | Copart Inc. | 1,395,002 | 78,901 |
* | Grand Canyon Education Inc. | 682,256 | 76,147 |
* | Five Below Inc. | 747,775 | 73,065 |
Six Flags Entertainment Corp. | 1,005,011 | 70,401 | |
* | Stamps.com Inc. | 240,978 | 60,980 |
* | Etsy Inc. | 1,437,168 | 60,634 |
Texas Roadhouse Inc. Class A | 909,612 | 59,589 | |
* | ServiceMaster Global Holdings Inc. | 957,920 | 56,968 |
Casey's General Stores Inc. | 531,244 | 55,823 | |
* | Planet Fitness Inc. Class A | 1,240,519 | 54,508 |
* | Ollie's Bargain Outlet Holdings Inc. | 750,272 | 54,395 |
Dolby Laboratories Inc. Class A | 838,899 | 51,752 | |
Cable One Inc. | 68,814 | 50,461 | |
ILG Inc. | 1,495,425 | 49,394 | |
* | SiteOne Landscape Supply Inc. | 569,003 | 47,779 |
* | Hilton Grand Vacations Inc. | 1,370,185 | 47,545 |
Churchill Downs Inc. | 153,279 | 45,447 | |
Nexstar Media Group Inc. Class A | 614,964 | 45,138 | |
* | Yelp Inc. Class A | 1,124,909 | 44,074 |
* | Shutterfly Inc. | 469,371 | 42,258 |
*,^ | Trade Desk Inc. Class A | 436,751 | 40,967 |
* | Chegg Inc. | 1,428,618 | 39,701 |
World Wrestling Entertainment Inc. Class A | 541,922 | 39,463 | |
* | Sprouts Farmers Market Inc. | 1,772,918 | 39,128 |
Boyd Gaming Corp. | 1,115,716 | 38,671 | |
*,^ | RH | 275,058 | 38,426 |
Sabre Corp. | 1,553,181 | 38,270 | |
* | Scientific Games Corp. | 770,530 | 37,872 |
Rollins Inc. | 694,378 | 36,510 | |
Choice Hotels International Inc. | 480,287 | 36,310 | |
Chemed Corp. | 112,778 | 36,293 | |
Morningstar Inc. | 270,311 | 34,667 | |
Jack in the Box Inc. | 401,994 | 34,218 | |
Lions Gate Entertainment Corp. Class B | 1,456,046 | 34,159 | |
Marriott Vacations Worldwide Corp. | 300,292 | 33,921 | |
* | Sotheby's | 623,941 | 33,905 |
* | Liberty Expedia Holdings Inc. Class A | 771,411 | 33,896 |
PriceSmart Inc. | 365,439 | 33,072 | |
Red Rock Resorts Inc. Class A | 982,962 | 32,929 | |
* | Eldorado Resorts Inc. | 819,952 | 32,060 |
*,^ | Pandora Media Inc. | 3,430,649 | 27,034 |
* | Dave & Buster's Entertainment Inc. | 562,232 | 26,762 |
* | Pinnacle Entertainment Inc. | 784,778 | 26,471 |
* | Groupon Inc. Class A | 5,984,621 | 25,734 |
Monro Inc. | 440,424 | 25,589 | |
Allegiant Travel Co. Class A | 183,135 | 25,447 | |
*,^ | Cargurus Inc. | 679,824 | 23,617 |
Wingstop Inc. | 413,175 | 21,535 | |
* | Diplomat Pharmacy Inc. | 789,673 | 20,184 |
*,^ | Shake Shack Inc. Class A | 293,115 | 19,398 |
Lions Gate Entertainment Corp. Class A | 755,533 | 18,752 | |
BJ's Restaurants Inc. | 293,842 | 17,631 | |
* | National Vision Holdings Inc. | 479,560 | 17,538 |
26
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Sonic Corp. | 499,261 | 17,185 | |
Papa John's International Inc. | 318,787 | 16,169 | |
Cheesecake Factory Inc. | 291,688 | 16,060 | |
* | Quotient Technology Inc. | 1,132,746 | 14,839 |
* | Belmond Ltd. Class A | 1,233,733 | 13,756 |
*,^ | ANGI Homeservices Inc. Class A | 867,834 | 13,347 |
* | Liberty Media Corp-Liberty Formula One Class A | 345,019 | 12,183 |
* | TrueCar Inc. | 1,069,405 | 10,790 |
* | Lumber Liquidators Holdings Inc. | 403,287 | 9,820 |
* | Herc Holdings Inc. | 170,393 | 9,600 |
* | At Home Group Inc. | 222,580 | 8,714 |
* | Carvana Co. Class A | 201,643 | 8,388 |
New Media Investment Group Inc. | 406,510 | 7,512 | |
AMC Entertainment Holdings Inc. Class A | 369,205 | 5,870 | |
EW Scripps Co. Class A | 394,336 | 5,280 | |
*,^ | Blue Apron Holdings Inc. Class A | 755,044 | 2,529 |
Tile Shop Holdings Inc. | 282,627 | 2,176 | |
* | BJ's Wholesale Club Holdings Inc. | 73,904 | 1,748 |
* | BrightView Holdings Inc. | 72,664 | 1,595 |
Wyndham Destinations Inc. | 208 | 9 | |
* | Michaels Cos. Inc. | 191 | 4 |
3,377,244 | |||
Financials (17.6%) | |||
Kilroy Realty Corp. | 1,399,735 | 105,876 | |
Sun Communities Inc. | 1,077,056 | 105,422 | |
Equity LifeStyle Properties Inc. | 1,129,804 | 103,829 | |
MarketAxess Holdings Inc. | 505,773 | 100,072 | |
* | Zillow Group Inc. | 1,627,199 | 96,102 |
* | Signature Bank | 739,320 | 94,544 |
Douglas Emmett Inc. | 2,284,254 | 91,781 | |
DCT Industrial Trust Inc. | 1,332,396 | 88,911 | |
CubeSmart | 2,578,573 | 83,082 | |
American Campus Communities Inc. | 1,934,757 | 82,962 | |
VICI Properties Inc. | 3,975,532 | 82,055 | |
CyrusOne Inc. | 1,402,469 | 81,848 | |
Lamar Advertising Co. Class A | 1,189,429 | 81,250 | |
American Homes 4 Rent Class A | 3,552,351 | 78,791 | |
Hudson Pacific Properties Inc. | 2,219,251 | 78,628 | |
Healthcare Trust of America Inc. Class A | 2,904,679 | 78,310 | |
Bank of the Ozarks | 1,728,873 | 77,868 | |
* | Western Alliance Bancorp | 1,347,602 | 76,288 |
* | Howard Hughes Corp. | 548,341 | 72,655 |
Medical Properties Trust Inc. | 5,165,109 | 72,518 | |
STORE Capital Corp. | 2,522,372 | 69,113 | |
*,^ | Credit Acceptance Corp. | 191,259 | 67,591 |
* | Texas Capital Bancshares Inc. | 702,973 | 64,322 |
Pinnacle Financial Partners Inc. | 1,046,520 | 64,204 | |
Life Storage Inc. | 658,295 | 64,059 | |
* | GCI Liberty Inc. - Class A | 1,405,497 | 63,360 |
Gramercy Property Trust | 2,276,335 | 62,189 | |
* | HealthEquity Inc. | 786,995 | 59,103 |
FirstCash Inc. | 610,770 | 54,878 | |
Ryman Hospitality Properties Inc. | 653,148 | 54,309 | |
CoreSite Realty Corp. | 487,807 | 54,059 | |
Healthcare Realty Trust Inc. | 1,773,567 | 51,575 | |
Home BancShares Inc. | 2,207,576 | 49,803 | |
Spirit Realty Capital Inc. | 6,069,337 | 48,737 | |
Evercore Inc. Class A | 461,079 | 48,621 | |
* | Green Dot Corp. Class A | 661,438 | 48,543 |
Uniti Group Inc. | 2,363,119 | 47,333 | |
* | Essent Group Ltd. | 1,319,599 | 47,268 |
* | Zillow Group Inc. Class A | 773,043 | 46,189 |
Paramount Group Inc. | 2,894,171 | 44,570 | |
Education Realty Trust Inc. | 1,073,563 | 44,553 |
27
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Omega Healthcare Investors Inc. | 1,406,212 | 43,593 |
Corporate Office Properties Trust | 1,446,216 | 41,926 | |
Colony Capital Inc. | 6,697,350 | 41,791 | |
Physicians Realty Trust | 2,578,911 | 41,108 | |
Financial Engines Inc. | 898,721 | 40,353 | |
Pebblebrook Hotel Trust | 978,249 | 37,956 | |
STAG Industrial Inc. | 1,379,186 | 37,555 | |
* | FCB Financial Holdings Inc. Class A | 628,712 | 36,968 |
Kennedy-Wilson Holdings Inc. | 1,747,023 | 36,950 | |
Rexford Industrial Realty Inc. | 1,149,000 | 36,067 | |
Sterling Bancorp | 1,515,737 | 35,620 | |
Simmons First National Corp. Class A | 1,175,861 | 35,158 | |
PS Business Parks Inc. | 270,856 | 34,805 | |
Moelis & Co. Class A | 573,411 | 33,631 | |
Urban Edge Properties | 1,454,145 | 33,256 | |
* | BofI Holding Inc. | 797,651 | 32,632 |
Retail Opportunity Investments Corp. | 1,597,993 | 30,618 | |
Towne Bank | 917,327 | 29,446 | |
Ameris Bancorp | 551,560 | 29,426 | |
QTS Realty Trust Inc. Class A | 723,155 | 28,565 | |
Terreno Realty Corp. | 753,769 | 28,395 | |
* | Eagle Bancorp Inc. | 461,026 | 28,261 |
Sabra Health Care REIT Inc. | 1,261,386 | 27,410 | |
ServisFirst Bancshares Inc. | 638,862 | 26,660 | |
LegacyTexas Financial Group Inc. | 649,267 | 25,334 | |
Virtu Financial Inc. Class A | 869,844 | 23,094 | |
*,^ | LendingTree Inc. | 105,865 | 22,634 |
* | LendingClub Corp. | 5,336,439 | 20,225 |
Kite Realty Group Trust | 1,114,003 | 19,027 | |
HFF Inc. Class A | 525,153 | 18,039 | |
CareTrust REIT Inc. | 1,076,476 | 17,966 | |
*,^ | Redfin Corp. | 762,112 | 17,597 |
Kearny Financial Corp. | 1,301,854 | 17,510 | |
Independent Bank Group Inc. | 260,278 | 17,387 | |
CenterState Bank Corp. | 564,589 | 16,836 | |
WisdomTree Investments Inc. | 1,838,371 | 16,692 | |
National Bank Holdings Corp. Class A | 366,659 | 14,149 | |
TFS Financial Corp. | 793,344 | 12,511 | |
Cohen & Steers Inc. | 297,332 | 12,402 | |
* | Pacific Premier Bancorp Inc. | 312,540 | 11,923 |
Houlihan Lokey Inc. Class A | 231,823 | 11,874 | |
Hilltop Holdings Inc. | 510,310 | 11,263 | |
Alexander's Inc. | 28,920 | 11,066 | |
* | Marcus & Millichap Inc. | 272,467 | 10,629 |
American Assets Trust Inc. | 267,481 | 10,242 | |
Hamilton Lane Inc. Class A | 195,876 | 9,396 | |
* | St. Joe Co. | 502,408 | 9,018 |
New Senior Investment Group Inc. | 1,104,825 | 8,364 | |
Americold Realty Trust | 352,374 | 7,759 | |
* | Third Point Reinsurance Ltd. | 615,451 | 7,693 |
RMR Group Inc. Class A | 96,493 | 7,570 | |
Front Yard Residential Corp. | 681,404 | 7,100 | |
* | PennyMac Financial Services Inc. Class A | 319,319 | 6,275 |
* | Spirit MTA REIT | 605,826 | 6,240 |
Investment Technology Group Inc. | 220,479 | 4,612 | |
Newmark Group Inc. Class A | 293,048 | 4,170 | |
* | On Deck Capital Inc. | 367,497 | 2,573 |
GAMCO Investors Inc. Class A | 36,052 | 965 | |
Colony Credit Real Estate Inc. | 2,743 | 57 | |
Northfield Bancorp Inc. | 1,317 | 22 | |
PacWest Bancorp | 297 | 15 | |
* | Victory Capital Holdings Inc. Class A | 190 | 2 |
4,135,552 |
28
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Health Care (16.8%) | |||
* | Neurocrine Biosciences Inc. | 1,273,084 | 125,068 |
* | Sarepta Therapeutics Inc. | 881,005 | 116,451 |
* | DexCom Inc. | 1,184,147 | 112,470 |
* | Bluebird Bio Inc. | 709,284 | 111,322 |
West Pharmaceutical Services Inc. | 1,040,976 | 103,359 | |
*,^ | Exact Sciences Corp. | 1,725,130 | 103,146 |
* | Exelixis Inc. | 4,201,321 | 90,412 |
* | Bio-Rad Laboratories Inc. Class A | 297,407 | 85,814 |
* | Catalent Inc. | 1,887,658 | 79,074 |
Bio-Techne Corp. | 531,564 | 78,645 | |
* | Ionis Pharmaceuticals Inc. | 1,776,773 | 74,038 |
* | Insulet Corp. | 831,334 | 71,245 |
* | PRA Health Sciences Inc. | 725,087 | 67,694 |
* | Integra LifeSciences Holdings Corp. | 1,047,596 | 67,476 |
* | FibroGen Inc. | 1,063,953 | 66,603 |
* | Masimo Corp. | 659,576 | 64,408 |
* | ICU Medical Inc. | 215,579 | 63,305 |
STERIS plc | 600,144 | 63,021 | |
* | Penumbra Inc. | 436,390 | 60,287 |
* | Ligand Pharmaceuticals Inc. | 286,451 | 59,344 |
* | Agios Pharmaceuticals Inc. | 692,836 | 58,358 |
* | Neogen Corp. | 693,910 | 55,645 |
* | Globus Medical Inc. | 1,036,714 | 52,313 |
* | Ultragenyx Pharmaceutical Inc. | 669,318 | 51,451 |
* | Syneos Health Inc. | 1,091,387 | 51,186 |
*,^ | Immunomedics Inc. | 2,150,243 | 50,896 |
* | Array BioPharma Inc. | 2,981,287 | 50,026 |
Cantel Medical Corp. | 501,809 | 49,358 | |
* | Acadia Healthcare Co. Inc. | 1,186,326 | 48,533 |
* | Seattle Genetics Inc. | 727,952 | 48,329 |
* | Inogen Inc. | 240,263 | 44,768 |
*,^ | Teladoc Inc. | 749,910 | 43,532 |
Healthcare Services Group Inc. | 991,351 | 42,816 | |
Bruker Corp. | 1,435,571 | 41,689 | |
* | Supernus Pharmaceuticals Inc. | 696,472 | 41,684 |
* | Amicus Therapeutics Inc. | 2,667,914 | 41,673 |
* | Wright Medical Group NV | 1,499,778 | 38,934 |
* | Horizon Pharma plc | 2,336,230 | 38,688 |
* | Molina Healthcare Inc. | 392,855 | 38,476 |
* | NuVasive Inc. | 725,283 | 37,802 |
* | Ironwood Pharmaceuticals Inc. Class A | 1,953,773 | 37,356 |
* | Spark Therapeutics Inc. | 449,706 | 37,218 |
* | Portola Pharmaceuticals Inc. | 932,396 | 35,217 |
* | Amedisys Inc. | 409,823 | 35,023 |
* | Merit Medical Systems Inc. | 677,938 | 34,710 |
* | Medicines Co. | 936,318 | 34,363 |
* | Haemonetics Corp. | 369,431 | 33,131 |
*,^ | Clovis Oncology Inc. | 706,741 | 32,136 |
* | Nevro Corp. | 383,008 | 30,583 |
* | Arena Pharmaceuticals Inc. | 696,896 | 30,385 |
* | Emergent BioSolutions Inc. | 598,462 | 30,216 |
* | Novocure Ltd. | 961,565 | 30,097 |
* | Quidel Corp. | 450,602 | 29,965 |
* | Global Blood Therapeutics Inc. | 659,615 | 29,815 |
* | Halozyme Therapeutics Inc. | 1,728,426 | 29,159 |
* | Foundation Medicine Inc. | 209,715 | 28,668 |
* | Spectrum Pharmaceuticals Inc. | 1,324,133 | 27,754 |
* | Puma Biotechnology Inc. | 454,470 | 26,882 |
*,^ | Intercept Pharmaceuticals Inc. | 313,565 | 26,311 |
* | NxStage Medical Inc. | 940,895 | 26,251 |
* | Insmed Inc. | 1,082,654 | 25,605 |
Abaxis Inc. | 308,014 | 25,568 | |
* | HMS Holdings Corp. | 1,179,668 | 25,504 |
29
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | TESARO Inc. | 542,471 | 24,124 |
* | Corcept Therapeutics Inc. | 1,468,609 | 23,087 |
*,^ | OPKO Health Inc. | 4,750,067 | 22,325 |
*,^ | ACADIA Pharmaceuticals Inc. | 1,412,650 | 21,571 |
* | Editas Medicine Inc. | 600,228 | 21,506 |
* | Momenta Pharmaceuticals Inc. | 1,041,378 | 21,296 |
* | Varex Imaging Corp. | 536,336 | 19,893 |
* | Tivity Health Inc. | 563,979 | 19,852 |
* | Acorda Therapeutics Inc. | 664,988 | 19,085 |
* | Heron Therapeutics Inc. | 490,488 | 19,055 |
* | LHC Group Inc. | 221,033 | 18,918 |
*,^ | Glaukos Corp. | 443,772 | 18,035 |
* | Pacira Pharmaceuticals Inc. | 547,251 | 17,539 |
*,^ | Radius Health Inc. | 578,672 | 17,053 |
Luminex Corp. | 564,989 | 16,684 | |
* | Aimmune Therapeutics Inc. | 574,414 | 15,446 |
* | Orthofix International NV | 251,744 | 14,304 |
*,^ | Intrexon Corp. | 1,005,917 | 14,023 |
* | Genomic Health Inc. | 275,619 | 13,891 |
* | Omnicell Inc. | 262,353 | 13,760 |
* | Acceleron Pharma Inc. | 274,894 | 13,338 |
* | Theravance Biopharma Inc. | 581,248 | 13,183 |
* | Repligen Corp. | 277,812 | 13,068 |
* | Alder Biopharmaceuticals Inc. | 816,251 | 12,897 |
* | Innoviva Inc. | 932,157 | 12,864 |
Ensign Group Inc. | 347,537 | 12,449 | |
* | Xencor Inc. | 335,891 | 12,431 |
* | MyoKardia Inc. | 238,864 | 11,860 |
* | Akorn Inc. | 665,099 | 11,034 |
*,^ | Intellia Therapeutics Inc. | 395,743 | 10,828 |
* | PTC Therapeutics Inc. | 312,217 | 10,531 |
* | Sangamo Therapeutics Inc. | 719,805 | 10,221 |
*,^ | Epizyme Inc. | 736,339 | 9,977 |
HealthStream Inc. | 365,289 | 9,976 | |
Meridian Bioscience Inc. | 568,798 | 9,044 | |
* | AMAG Pharmaceuticals Inc. | 460,869 | 8,987 |
* | Medpace Holdings Inc. | 204,712 | 8,803 |
* | Natera Inc. | 463,369 | 8,721 |
* | Atara Biotherapeutics Inc. | 232,431 | 8,542 |
* | Natus Medical Inc. | 224,592 | 7,748 |
*,^ | TherapeuticsMD Inc. | 1,224,114 | 7,638 |
* | CorVel Corp. | 133,357 | 7,201 |
*,^ | Lexicon Pharmaceuticals Inc. | 598,118 | 7,177 |
*,^ | Esperion Therapeutics Inc. | 170,217 | 6,671 |
* | Achillion Pharmaceuticals Inc. | 1,854,658 | 5,249 |
*,^ | Keryx Biopharmaceuticals Inc. | 1,276,272 | 4,799 |
* | Accuray Inc. | 1,149,625 | 4,713 |
*,^ | Denali Therapeutics Inc. | 299,862 | 4,573 |
*,^ | MiMedx Group Inc. | 706,100 | 4,512 |
* | Aduro Biotech Inc. | 614,586 | 4,302 |
*,^ | Akcea Therapeutics Inc. | 181,411 | 4,301 |
* | Five Prime Therapeutics Inc. | 239,115 | 3,780 |
*,^ | Surgery Partners Inc. | 241,975 | 3,605 |
* | Endologix Inc. | 563,857 | 3,191 |
*,^ | Insys Therapeutics Inc. | 412,955 | 2,990 |
*,^ | ZIOPHARM Oncology Inc. | 901,431 | 2,722 |
* | Seres Therapeutics Inc. | 144,035 | 1,239 |
* | Wright Medical Group Inc. CVR | 165,303 | 227 |
* | ABIOMED Inc. | 86 | 35 |
* | Nektar Therapeutics Class A | 423 | 21 |
* | Bioxcel Therapeutics Inc. | 616 | 6 |
* | Depomed Inc. | 577 | 4 |
3,958,161 |
30
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Industrials (18.7%) | |||
Jack Henry & Associates Inc. | 1,093,358 | 142,530 | |
* | WEX Inc. | 609,320 | 116,063 |
Lennox International Inc. | 554,459 | 110,975 | |
* | Zebra Technologies Corp. | 756,081 | 108,309 |
Graco Inc. | 2,372,513 | 107,285 | |
* | HD Supply Holdings Inc. | 2,494,135 | 106,974 |
* | Teledyne Technologies Inc. | 481,082 | 95,764 |
Nordson Corp. | 739,776 | 94,995 | |
TransUnion | 1,306,016 | 93,563 | |
BWX Technologies Inc. | 1,409,615 | 87,847 | |
Toro Co. | 1,425,597 | 85,892 | |
* | Berry Global Group Inc. | 1,862,342 | 85,556 |
Hexcel Corp. | 1,266,472 | 84,068 | |
Watsco Inc. | 453,496 | 80,849 | |
* | Keysight Technologies Inc. | 1,326,177 | 78,284 |
Littelfuse Inc. | 335,646 | 76,588 | |
National Instruments Corp. | 1,762,492 | 73,989 | |
Old Dominion Freight Line Inc. | 494,241 | 73,622 | |
Knight-Swift Transportation Holdings Inc. | 1,892,218 | 72,302 | |
Eagle Materials Inc. | 645,016 | 67,707 | |
Landstar System Inc. | 595,293 | 65,006 | |
AO Smith Corp. | 1,026,276 | 60,704 | |
Woodward Inc. | 783,466 | 60,217 | |
HEICO Corp. Class A | 969,220 | 59,074 | |
Air Lease Corp. Class A | 1,397,159 | 58,639 | |
Genpact Ltd. | 2,020,684 | 58,458 | |
* | Euronet Worldwide Inc. | 689,515 | 57,761 |
MAXIMUS Inc. | 922,987 | 57,327 | |
* | Coherent Inc. | 352,021 | 55,063 |
* | ASGN Inc. | 703,232 | 54,986 |
* | Trex Co. Inc. | 833,996 | 52,200 |
Cognex Corp. | 1,162,568 | 51,862 | |
^ | Universal Display Corp. | 599,740 | 51,578 |
* | USG Corp. | 1,185,612 | 51,124 |
Insperity Inc. | 535,057 | 50,964 | |
FLIR Systems Inc. | 970,585 | 50,441 | |
* | Axon Enterprise Inc. | 781,556 | 49,379 |
* | Gardner Denver Holdings Inc. | 1,541,919 | 45,317 |
* | Cimpress NV | 304,548 | 44,147 |
HEICO Corp. | 592,751 | 43,229 | |
* | Proto Labs Inc. | 362,289 | 43,094 |
* | RBC Bearings Inc. | 326,503 | 42,057 |
* | Summit Materials Inc. Class A | 1,578,359 | 41,432 |
John Bean Technologies Corp. | 449,177 | 39,932 | |
* | Clean Harbors Inc. | 715,942 | 39,771 |
* | AMN Healthcare Services Inc. | 676,284 | 39,630 |
* | TopBuild Corp. | 504,892 | 39,553 |
Simpson Manufacturing Co. Inc. | 589,966 | 36,690 | |
Exponent Inc. | 735,773 | 35,538 | |
* | II-VI Inc. | 797,359 | 34,645 |
* | TriNet Group Inc. | 596,053 | 33,343 |
* | Kirby Corp. | 380,132 | 31,779 |
* | Floor & Decor Holdings Inc. Class A | 613,656 | 30,272 |
* | Builders FirstSource Inc. | 1,624,571 | 29,713 |
* | Rogers Corp. | 260,657 | 29,053 |
* | Aerojet Rocketdyne Holdings Inc. | 962,543 | 28,385 |
* | Itron Inc. | 470,838 | 28,274 |
* | WageWorks Inc. | 561,348 | 28,067 |
* | Masonite International Corp. | 390,388 | 28,049 |
Schneider National Inc. Class B | 1,002,752 | 27,586 | |
Covanta Holding Corp. | 1,667,472 | 27,513 | |
Mueller Water Products Inc. Class A | 2,240,068 | 26,254 | |
* | ExlService Holdings Inc. | 462,206 | 26,166 |
31
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Franklin Electric Co. Inc. | 559,290 | 25,224 | |
* | Advanced Disposal Services Inc. | 1,002,591 | 24,844 |
Albany International Corp. | 410,214 | 24,674 | |
Forward Air Corp. | 415,595 | 24,553 | |
* | Paylocity Holding Corp. | 409,253 | 24,089 |
* | Imperva Inc. | 466,477 | 22,508 |
Cubic Corp. | 347,192 | 22,290 | |
* | Aerovironment Inc. | 304,345 | 21,739 |
EnPro Industries Inc. | 296,946 | 20,771 | |
Methode Electronics Inc. | 494,606 | 19,933 | |
* | Armstrong World Industries Inc. | 311,507 | 19,687 |
Raven Industries Inc. | 507,434 | 19,511 | |
Sun Hydraulics Corp. | 401,763 | 19,361 | |
Tennant Co. | 241,334 | 19,065 | |
AAON Inc. | 555,820 | 18,481 | |
* | Evolent Health Inc. Class A | 871,904 | 18,354 |
Apogee Enterprises Inc. | 379,408 | 18,276 | |
* | Air Transport Services Group Inc. | 794,681 | 17,952 |
Badger Meter Inc. | 390,738 | 17,466 | |
*,^ | Ambarella Inc. | 449,308 | 17,348 |
Granite Construction Inc. | 306,072 | 17,036 | |
* | Continental Building Products Inc. | 522,300 | 16,479 |
* | Installed Building Products Inc. | 291,382 | 16,478 |
AZZ Inc. | 367,766 | 15,979 | |
Lindsay Corp. | 152,197 | 14,762 | |
Advanced Drainage Systems Inc. | 516,608 | 14,749 | |
* | Saia Inc. | 182,303 | 14,739 |
* | JELD-WEN Holding Inc. | 488,717 | 13,972 |
* | Novanta Inc. | 221,399 | 13,793 |
* | FARO Technologies Inc. | 239,622 | 13,024 |
Comfort Systems USA Inc. | 262,080 | 12,003 | |
Heartland Express Inc. | 639,746 | 11,867 | |
GrafTech International Ltd. | 643,252 | 11,572 | |
* | GreenSky Inc. Class A | 542,012 | 11,464 |
* | Thermon Group Holdings Inc. | 458,681 | 10,490 |
Gorman-Rupp Co. | 295,091 | 10,328 | |
* | American Woodmark Corp. | 111,296 | 10,189 |
* | Veeco Instruments Inc. | 688,044 | 9,805 |
*,^ | Inovalon Holdings Inc. Class A | 961,833 | 9,546 |
Quanex Building Products Corp. | 495,642 | 8,897 | |
*,^ | MACOM Technology Solutions Holdings Inc. | 320,008 | 7,373 |
REV Group Inc. | 410,629 | 6,985 | |
* | InnerWorkings Inc. | 641,837 | 5,578 |
* | Astronics Corp. | 130,543 | 4,696 |
* | Mistras Group Inc. | 240,240 | 4,536 |
* | Evo Payments Inc. Class A | 171,120 | 3,522 |
* | Armstrong Flooring Inc. | 73,128 | 1,027 |
* | Astronics Corp. Class B | 21,402 | 765 |
Broadridge Financial Solutions Inc. | 238 | 27 | |
* | XPO Logistics Inc. | 244 | 24 |
Packaging Corp. of America | 99 | 11 | |
Louisiana-Pacific Corp. | 308 | 8 | |
* | American Outdoor Brands Corp. | 647 | 8 |
* | Pluralsight Inc. Class A | 282 | 7 |
Maxar Technologies Ltd. | 121 | 6 | |
4,395,305 | |||
Oil & Gas (5.4%) | |||
* | Parsley Energy Inc. Class A | 3,682,810 | 111,515 |
* | WPX Energy Inc. | 5,655,456 | 101,968 |
* | Energen Corp. | 1,378,757 | 100,401 |
* | Newfield Exploration Co. | 2,826,590 | 85,504 |
* | RSP Permian Inc. | 1,804,796 | 79,447 |
Core Laboratories NV | 625,482 | 78,942 | |
* | PDC Energy Inc. | 935,084 | 56,526 |
32
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Patterson-UTI Energy Inc. | 2,982,321 | 53,682 | |
* | Centennial Resource Development Inc. Class A | 2,612,985 | 47,191 |
* | Matador Resources Co. | 1,398,802 | 42,034 |
* | Transocean Ltd. | 3,103,688 | 41,714 |
* | SRC Energy Inc. | 3,421,526 | 37,705 |
* | Callon Petroleum Co. | 3,169,275 | 34,038 |
* | Oasis Petroleum Inc. | 2,245,335 | 29,122 |
* | Carrizo Oil & Gas Inc. | 1,044,149 | 29,080 |
* | Chart Industries Inc. | 438,157 | 27,026 |
* | Gulfport Energy Corp. | 2,089,285 | 26,262 |
* | Extraction Oil & Gas Inc. | 1,614,672 | 23,720 |
Pattern Energy Group Inc. Class A | 1,248,576 | 23,411 | |
Helmerich & Payne Inc. | 366,047 | 23,339 | |
*,^ | Weatherford International plc | 7,058,459 | 23,222 |
* | Apergy Corp. | 547,627 | 22,863 |
* | Southwestern Energy Co. | 4,153,460 | 22,013 |
* | Laredo Petroleum Inc. | 2,159,808 | 20,777 |
* | Forum Energy Technologies Inc. | 1,156,735 | 14,286 |
* | SEACOR Holdings Inc. | 231,518 | 13,259 |
* | Newpark Resources Inc. | 1,198,305 | 13,002 |
* | Cactus Inc. | 373,612 | 12,624 |
RPC Inc. | 762,211 | 11,105 | |
*,^ | Jagged Peak Energy Inc. | 752,330 | 9,795 |
* | Keane Group Inc. | 633,743 | 8,663 |
* | ProPetro Holding Corp. | 530,083 | 8,312 |
* | WildHorse Resource Development Corp. | 286,230 | 7,259 |
* | Exterran Corp. | 241,884 | 6,057 |
*,^ | Tellurian Inc. | 679,631 | 5,655 |
* | FTS International Inc. | 385,304 | 5,487 |
* | Alta Mesa Resources Inc. | 572,759 | 3,900 |
*,^ | Liberty Oilfield Services Inc. Class A | 199,488 | 3,734 |
* | NCS Multistage Holdings Inc. | 126,919 | 1,844 |
* | Eclipse Resources Corp. | 632,214 | 1,012 |
Diamondback Energy Inc. | 245 | 32 | |
* | Ultra Petroleum Corp. | 2,924 | 7 |
SM Energy Co. | 230 | 6 | |
1,267,541 | |||
Other (0.0%)2 | |||
*,3 | Dyax Corp. CVR Exp. 12/31/2019 | 1,798,309 | 3,597 |
*,3 | NewStar Financial Inc | 323,987 | 159 |
*,3 | Media General Inc. CVR | 1,362,047 | 53 |
*,3 | Clinical Data CVR | 132,154 | — |
3,809 | |||
Technology (18.1%) | |||
* | PTC Inc. | 1,631,675 | 153,067 |
* | Veeva Systems Inc. Class A | 1,702,988 | 130,892 |
* | Fortinet Inc. | 2,021,954 | 126,231 |
* | Tyler Technologies Inc. | 515,120 | 114,408 |
* | Ultimate Software Group Inc. | 411,805 | 105,962 |
* | Guidewire Software Inc. | 1,130,722 | 100,386 |
* | Tableau Software Inc. Class A | 961,137 | 93,951 |
* | Aspen Technology Inc. | 1,010,029 | 93,670 |
* | athenahealth Inc. | 572,558 | 91,117 |
* | EPAM Systems Inc. | 717,980 | 89,266 |
* | Nutanix Inc. | 1,614,829 | 83,277 |
* | Proofpoint Inc. | 719,665 | 82,985 |
* | Cavium Inc. | 941,253 | 81,418 |
* | Fair Isaac Corp. | 401,162 | 77,553 |
* | Zendesk Inc. | 1,405,674 | 76,595 |
SS&C Technologies Holdings Inc. | 1,431,663 | 74,303 | |
MKS Instruments Inc. | 773,775 | 74,050 | |
Monolithic Power Systems Inc. | 537,257 | 71,815 | |
* | GoDaddy Inc. Class A | 1,000,017 | 70,601 |
Blackbaud Inc. | 686,784 | 70,361 |
33
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Paycom Software Inc. | 710,501 | 70,219 |
Entegris Inc. | 2,006,680 | 68,026 | |
* | Medidata Solutions Inc. | 796,242 | 64,145 |
* | 2U Inc. | 761,692 | 63,647 |
* | RingCentral Inc. Class A | 898,197 | 63,188 |
* | HubSpot Inc. | 489,264 | 61,354 |
* | Silicon Laboratories Inc. | 612,054 | 60,961 |
* | New Relic Inc. | 594,149 | 59,765 |
* | Cree Inc. | 1,422,228 | 59,122 |
* | Integrated Device Technology Inc. | 1,829,131 | 58,313 |
* | RealPage Inc. | 1,043,223 | 57,482 |
j2 Global Inc. | 660,751 | 57,228 | |
* | Twilio Inc. Class A | 966,071 | 54,119 |
* | Ciena Corp. | 2,031,849 | 53,864 |
* | Pure Storage Inc. Class A | 2,205,620 | 52,670 |
*,^ | ViaSat Inc. | 791,775 | 52,035 |
* | Lumentum Holdings Inc. | 841,630 | 48,730 |
* | Ellie Mae Inc. | 461,815 | 47,955 |
* | Coupa Software Inc. | 721,437 | 44,902 |
* | Manhattan Associates Inc. | 946,881 | 44,513 |
* | Box Inc. | 1,732,166 | 43,287 |
InterDigital Inc. | 491,027 | 39,724 | |
* | FireEye Inc. | 2,580,896 | 39,720 |
* | Dycom Industries Inc. | 419,411 | 39,639 |
* | Qualys Inc. | 468,723 | 39,513 |
* | ACI Worldwide Inc. | 1,565,858 | 38,630 |
* | CommVault Systems Inc. | 579,850 | 38,183 |
* | Cornerstone OnDemand Inc. | 735,212 | 34,871 |
* | Cirrus Logic Inc. | 895,774 | 34,335 |
* | Envestnet Inc. | 608,609 | 33,443 |
* | Advanced Energy Industries Inc. | 555,664 | 32,279 |
Cogent Communications Holdings Inc. | 589,842 | 31,498 | |
Brooks Automation Inc. | 949,201 | 30,963 | |
Pegasystems Inc. | 556,255 | 30,483 | |
* | Allscripts Healthcare Solutions Inc. | 2,516,368 | 30,196 |
Power Integrations Inc. | 398,236 | 29,091 | |
* | Bottomline Technologies de Inc. | 548,202 | 27,317 |
* | Mercury Systems Inc. | 647,489 | 24,643 |
* | Blackline Inc. | 566,670 | 24,611 |
Ebix Inc. | 312,130 | 23,800 | |
*,^ | Ubiquiti Networks Inc. | 261,956 | 22,193 |
* | Infinera Corp. | 2,142,954 | 21,280 |
*,^ | 3D Systems Corp. | 1,529,340 | 21,120 |
* | Diodes Inc. | 560,922 | 19,335 |
* | Rambus Inc. | 1,522,118 | 19,087 |
*,^ | Inphi Corp. | 557,799 | 18,190 |
Plantronics Inc. | 234,915 | 17,912 | |
* | Alarm.com Holdings Inc. | 434,606 | 17,549 |
*,^ | DocuSign Inc. | 329,029 | 17,422 |
* | LivePerson Inc. | 774,159 | 16,335 |
* | MicroStrategy Inc. Class A | 126,358 | 16,142 |
* | NetScout Systems Inc. | 539,908 | 16,035 |
* | Hortonworks Inc. | 838,360 | 15,275 |
*,^ | Alteryx Inc. Class A | 384,988 | 14,691 |
* | Q2 Holdings Inc. | 256,067 | 14,609 |
* | Varonis Systems Inc. | 193,802 | 14,438 |
* | Cray Inc. | 574,328 | 14,129 |
NIC Inc. | 892,824 | 13,883 | |
* | Rapid7 Inc. | 489,816 | 13,823 |
*,^ | Match Group Inc. | 355,614 | 13,777 |
* | MaxLinear Inc. | 866,167 | 13,504 |
* | Five9 Inc. | 388,984 | 13,447 |
* | Altair Engineering Inc. Class A | 389,838 | 13,325 |
* | Super Micro Computer Inc. | 550,451 | 13,018 |
34
Vanguard® Small-Cap Growth Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Ceridian HCM Holding Inc. | 384,656 | 12,767 |
*,^ | Acacia Communications Inc. | 340,769 | 11,862 |
* | Shutterstock Inc. | 246,289 | 11,689 |
Monotype Imaging Holdings Inc. | 566,180 | 11,493 | |
* | Cision Ltd. | 741,164 | 11,080 |
* | Lattice Semiconductor Corp. | 1,674,722 | 10,986 |
* | SendGrid Inc. | 376,830 | 9,994 |
*,^ | Benefitfocus Inc. | 291,687 | 9,801 |
* | CEVA Inc. | 313,955 | 9,481 |
* | Virtusa Corp. | 187,087 | 9,107 |
* | Endurance International Group Holdings Inc. | 907,055 | 9,025 |
* | SailPoint Technologies Holding Inc. | 338,461 | 8,306 |
* | FormFactor Inc. | 516,013 | 6,863 |
* | Loral Space & Communications Inc. | 181,651 | 6,830 |
^ | Switch Inc. | 513,948 | 6,255 |
*,^ | Zscaler Inc. | 168,172 | 6,012 |
Forrester Research Inc. | 139,831 | 5,866 | |
* | Appfolio Inc. | 92,796 | 5,675 |
Xperi Corp. | 347,122 | 5,589 | |
* | Castlight Health Inc. Class B | 1,007,361 | 4,281 |
* | WideOpenWest Inc. | 422,057 | 4,077 |
*,^ | Gogo Inc. | 799,052 | 3,883 |
*,^ | nLight Inc. | 97,312 | 3,217 |
* | Avalara Inc. | 45,604 | 2,434 |
* | MobileIron Inc. | 461,912 | 2,056 |
* | Smartsheet Inc. Class A | 75,485 | 1,960 |
* | SecureWorks Corp. Class A | 118,947 | 1,481 |
* | IAC/InterActiveCorp | 231 | 35 |
* | Pivotal Software Inc. Class A | 511 | 12 |
* | Avaya Holdings Corp. | 224 | 5 |
* | Zuora Inc. Class A | 147 | 4 |
* | Carbon Black Inc. | 92 | 2 |
4,253,019 | |||
Telecommunications (0.3%) | |||
Shenandoah Telecommunications Co. | 665,758 | 21,770 | |
* | GTT Communications Inc. | 477,944 | 21,508 |
* | Cincinnati Bell Inc. | 599,134 | 9,406 |
ATN International Inc. | 146,858 | 7,750 | |
*,^ | Globalstar Inc. | 8,031,007 | 3,934 |
Windstream Holdings Inc. | 906 | 5 | |
64,373 | |||
Utilities (0.3%) | |||
Ormat Technologies Inc. | 573,846 | 30,523 | |
* | Evoqua Water Technologies Corp. | 964,742 | 19,777 |
*,^ | Sunrun Inc. | 1,232,002 | 16,201 |
TerraForm Power Inc. Class A | 942,039 | 11,022 | |
*,^ | Vivint Solar Inc. | 207,207 | 1,025 |
78,548 | |||
Total Common Stocks (Cost $16,944,991) | 23,450,237 |
35
Vanguard® Small-Cap Growth Index Fund
Schedule of Investments
June 30, 2018
Market | ||||
Value | ||||
Coupon | Shares | ($000) | ||
Temporary Cash Investments (1.6%)1 | ||||
Money Market Fund (1.5%) | ||||
4,5 Vanguard Market Liquidity Fund | 2.122% | 3,569,470 | 356,983 | |
Face | ||||
Maturity | Amount | |||
Date | ($000) | |||
U.S. Government and Agency Obligations (0.1%) | ||||
United States Treasury Bill | 1.693% | 7/12/18 | 300 | 300 |
6 United States Treasury Bill | 2.027%-2.078% | 11/15/18 | 11,000 | 10,916 |
11,216 | ||||
Total Temporary Cash Investments (Cost $368,151) | 368,199 | |||
Total Investments (101.3%) (Cost $17,313,142) | 23,818,436 | |||
Other Assets and Liabilities—Net (-1.3%)5 | (304,992) | |||
Net Assets (100%) | 23,513,444 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $253,898,000.
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 1.3%, 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 $264,706,000 of collateral received for securities on loan.
6 Securities with a value of $2,878,000 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 | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.7%)1 | |||
Basic Materials (6.0%) | |||
Chemours Co. | 2,784,812 | 123,534 | |
RPM International Inc. | 2,092,976 | 122,062 | |
United States Steel Corp. | 2,765,180 | 96,090 | |
Huntsman Corp. | 3,180,181 | 92,861 | |
Steel Dynamics Inc. | 1,755,985 | 80,688 | |
WR Grace & Co. | 1,052,795 | 77,180 | |
Ashland Global Holdings Inc. | 975,740 | 76,283 | |
Olin Corp. | 2,615,944 | 75,130 | |
* | Alcoa Corp. | 1,458,737 | 68,386 |
Peabody Energy Corp. | 1,374,682 | 62,521 | |
PolyOne Corp. | 1,251,628 | 54,095 | |
Cabot Corp. | 870,945 | 53,798 | |
Scotts Miracle-Gro Co. | 606,652 | 50,449 | |
Sensient Technologies Corp. | 662,849 | 47,427 | |
Domtar Corp. | 983,523 | 46,953 | |
HB Fuller Co. | 791,403 | 42,483 | |
Minerals Technologies Inc. | 554,206 | 41,759 | |
* | Cleveland-Cliffs Inc. | 4,651,807 | 39,215 |
Carpenter Technology Corp. | 733,351 | 38,552 | |
Commercial Metals Co. | 1,737,381 | 36,676 | |
Compass Minerals International Inc. | 528,848 | 34,772 | |
* | GCP Applied Technologies Inc. | 1,069,005 | 30,948 |
Quaker Chemical Corp. | 198,333 | 30,716 | |
Innospec Inc. | 381,420 | 29,198 | |
Worthington Industries Inc. | 663,535 | 27,849 | |
Tronox Ltd. Class A | 1,394,566 | 27,445 | |
Kaiser Aluminum Corp. | 248,788 | 25,901 | |
Stepan Co. | 318,720 | 24,863 | |
* | Univar Inc. | 883,295 | 23,178 |
* | Kraton Corp. | 498,406 | 22,996 |
Arch Coal Inc. Class A | 289,998 | 22,745 | |
Hecla Mining Co. | 6,258,393 | 21,779 | |
*,^ | AK Steel Holding Corp. | 4,927,834 | 21,387 |
Warrior Met Coal Inc. | 750,102 | 20,680 | |
A Schulman Inc. | 415,160 | 18,475 | |
* | CONSOL Energy Inc. | 394,122 | 15,115 |
Innophos Holdings Inc. | 305,354 | 14,535 | |
Rayonier Advanced Materials Inc. | 810,280 | 13,848 | |
* | Ferro Corp. | 660,335 | 13,768 |
PH Glatfelter Co. | 687,588 | 13,470 | |
* | Koppers Holdings Inc. | 313,587 | 12,026 |
* | Century Aluminum Co. | 752,662 | 11,854 |
* | Coeur Mining Inc. | 1,462,094 | 11,112 |
Tredegar Corp. | 466,051 | 10,952 | |
* | Resolute Forest Products Inc. | 920,031 | 9,522 |
Kronos Worldwide Inc. | 362,902 | 8,176 | |
Haynes International Inc. | 194,512 | 7,146 | |
* | SunCoke Energy Inc. | 508,826 | 6,818 |
* | Clearwater Paper Corp. | 256,949 | 5,936 |
FutureFuel Corp. | 411,752 | 5,769 | |
* | Allegheny Technologies Inc. | 670 | 17 |
1,869,138 | |||
Consumer Goods (7.4%) | |||
* | US Foods Holding Corp. | 3,379,295 | 127,805 |
Pinnacle Foods Inc. | 1,865,334 | 121,359 | |
Leggett & Platt Inc. | 2,054,545 | 91,715 | |
*,^ | Herbalife Nutrition Ltd. | 1,677,614 | 90,121 |
^ | Mattel Inc. | 5,381,070 | 88,357 |
Thor Industries Inc. | 783,206 | 76,276 | |
Valvoline Inc. | 3,062,359 | 66,055 | |
Nu Skin Enterprises Inc. Class A | 826,500 | 64,624 |
37
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Delphi Technologies plc | 1,389,257 | 63,156 | |
Ingredion Inc. | 565,428 | 62,593 | |
* | Visteon Corp. | 462,349 | 59,754 |
Energizer Holdings Inc. | 933,973 | 58,803 | |
Flowers Foods Inc. | 2,803,754 | 58,402 | |
* | Deckers Outdoor Corp. | 496,873 | 56,092 |
* | Darling Ingredients Inc. | 2,577,615 | 51,243 |
Wolverine World Wide Inc. | 1,408,830 | 48,985 | |
* | TreeHouse Foods Inc. | 882,000 | 46,314 |
Dana Inc. | 2,277,783 | 45,989 | |
Goodyear Tire & Rubber Co. | 1,878,225 | 43,744 | |
* | Edgewell Personal Care Co. | 845,885 | 42,683 |
* | Helen of Troy Ltd. | 416,816 | 41,036 |
KB Home | 1,370,953 | 37,345 | |
* | Cooper-Standard Holdings Inc. | 282,365 | 36,897 |
* | Taylor Morrison Home Corp. Class A | 1,738,968 | 36,136 |
Tenneco Inc. | 805,740 | 35,420 | |
Sanderson Farms Inc. | 322,058 | 33,864 | |
Herman Miller Inc. | 935,167 | 31,702 | |
Tupperware Brands Corp. | 721,099 | 29,738 | |
* | G-III Apparel Group Ltd. | 614,324 | 27,276 |
* | American Axle & Manufacturing Holdings Inc. | 1,745,124 | 27,154 |
Universal Corp. | 391,136 | 25,835 | |
HNI Corp. | 680,839 | 25,327 | |
^ | Spectrum Brands Holdings Inc. | 302,578 | 24,696 |
ACCO Brands Corp. | 1,677,412 | 23,232 | |
La-Z-Boy Inc. | 733,962 | 22,459 | |
Columbia Sportswear Co. | 245,451 | 22,451 | |
* | Central Garden & Pet Co. Class A | 545,331 | 22,070 |
MDC Holdings Inc. | 703,039 | 21,633 | |
* | Hain Celestial Group Inc. | 719,923 | 21,454 |
Schweitzer-Mauduit International Inc. | 480,290 | 20,998 | |
Lancaster Colony Corp. | 150,392 | 20,817 | |
Cooper Tire & Rubber Co. | 790,183 | 20,782 | |
Fresh Del Monte Produce Inc. | 457,127 | 20,365 | |
*,^ | Fossil Group Inc. | 693,780 | 18,642 |
Seaboard Corp. | 4,593 | 18,201 | |
Steelcase Inc. Class A | 1,281,548 | 17,301 | |
^ | B&G Foods Inc. | 520,210 | 15,554 |
Knoll Inc. | 734,226 | 15,279 | |
Dean Foods Co. | 1,427,811 | 15,006 | |
Inter Parfums Inc. | 269,387 | 14,412 | |
* | Vista Outdoor Inc. | 897,300 | 13,899 |
* | Modine Manufacturing Co. | 749,183 | 13,673 |
Andersons Inc. | 398,083 | 13,614 | |
Acushnet Holdings Corp. | 525,074 | 12,843 | |
Movado Group Inc. | 244,708 | 11,819 | |
Briggs & Stratton Corp. | 633,665 | 11,159 | |
Oxford Industries Inc. | 126,332 | 10,483 | |
National Presto Industries Inc. | 81,670 | 10,127 | |
* | Hostess Brands Inc. Class A | 741,507 | 10,085 |
Ethan Allen Interiors Inc. | 381,959 | 9,358 | |
* | Crocs Inc. | 506,387 | 8,918 |
Tootsie Roll Industries Inc. | 272,603 | 8,410 | |
* | Pilgrim's Pride Corp. | 389,566 | 7,842 |
Phibro Animal Health Corp. Class A | 154,273 | 7,104 | |
* | Central Garden & Pet Co. | 153,521 | 6,675 |
Superior Industries International Inc. | 352,247 | 6,305 | |
*,^ | GoPro Inc. Class A | 877,524 | 5,651 |
Titan International Inc. | 400,538 | 4,298 | |
* | Avon Products Inc. | 3,730 | 6 |
2,279,421 | |||
Consumer Services (11.2%) | |||
KAR Auction Services Inc. | 2,112,203 | 115,749 |
38
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Service Corp. | 2,727,214 | 97,607 | |
Foot Locker Inc. | 1,848,258 | 97,311 | |
* | JetBlue Airways Corp. | 4,952,867 | 94,005 |
H&R Block Inc. | 3,273,647 | 74,574 | |
Williams-Sonoma Inc. | 1,173,108 | 72,005 | |
Dun & Bradstreet Corp. | 580,175 | 71,158 | |
Extended Stay America Inc. | 2,972,277 | 64,231 | |
* | ServiceMaster Global Holdings Inc. | 1,059,579 | 63,013 |
* | Weight Watchers International Inc. | 621,533 | 62,837 |
New York Times Co. Class A | 2,309,983 | 59,829 | |
^ | Cracker Barrel Old Country Store Inc. | 375,683 | 58,685 |
Cinemark Holdings Inc. | 1,644,933 | 57,704 | |
American Eagle Outfitters Inc. | 2,481,711 | 57,700 | |
* | Performance Food Group Co. | 1,549,919 | 56,882 |
* | Urban Outfitters Inc. | 1,190,219 | 53,024 |
Signet Jewelers Ltd. | 923,656 | 51,494 | |
Wendy's Co. | 2,995,012 | 51,454 | |
Aaron's Inc. | 1,101,613 | 47,865 | |
Tribune Media Co. Class A | 1,234,372 | 47,239 | |
* | TripAdvisor Inc. | 827,145 | 46,080 |
* | Beacon Roofing Supply Inc. | 1,066,007 | 45,433 |
* | Adtalem Global Education Inc. | 942,547 | 45,337 |
* | AutoNation Inc. | 925,550 | 44,963 |
* | AMC Networks Inc. Class A | 719,996 | 44,784 |
John Wiley & Sons Inc. Class A | 717,246 | 44,756 | |
AMERCO | 122,773 | 43,726 | |
* | Penn National Gaming Inc. | 1,291,250 | 43,373 |
Sabre Corp. | 1,721,348 | 42,414 | |
Dick's Sporting Goods Inc. | 1,187,463 | 41,858 | |
Bed Bath & Beyond Inc. | 2,088,205 | 41,607 | |
Hillenbrand Inc. | 880,735 | 41,527 | |
SkyWest Inc. | 774,226 | 40,182 | |
Chemed Corp. | 124,493 | 40,063 | |
* | Spirit Airlines Inc. | 1,068,876 | 38,854 |
Graham Holdings Co. Class B | 65,400 | 38,331 | |
* | Murphy USA Inc. | 494,736 | 36,754 |
TEGNA Inc. | 3,380,455 | 36,678 | |
Sinclair Broadcast Group Inc. Class A | 1,137,617 | 36,574 | |
Lithia Motors Inc. Class A | 375,162 | 35,479 | |
* | Avis Budget Group Inc. | 1,082,147 | 35,170 |
Wyndham Destinations Inc. | 781,749 | 34,608 | |
* | Acxiom Corp. | 1,146,529 | 34,339 |
* | United Natural Foods Inc. | 787,344 | 33,588 |
* | Michaels Cos. Inc. | 1,706,539 | 32,714 |
Brinker International Inc. | 687,074 | 32,705 | |
* | Cars.com Inc. | 1,126,518 | 31,982 |
Meredith Corp. | 623,246 | 31,786 | |
* | Sally Beauty Holdings Inc. | 1,913,506 | 30,673 |
Children's Place Inc. | 244,385 | 29,522 | |
*,^ | Rite Aid Corp. | 16,732,129 | 28,947 |
Matthews International Corp. Class A | 477,024 | 28,049 | |
DSW Inc. Class A | 1,072,142 | 27,683 | |
Big Lots Inc. | 658,731 | 27,522 | |
Hawaiian Holdings Inc. | 753,461 | 27,087 | |
Bloomin' Brands Inc. | 1,305,005 | 26,231 | |
Abercrombie & Fitch Co. | 1,060,227 | 25,954 | |
Penske Automotive Group Inc. | 531,336 | 24,893 | |
Office Depot Inc. | 8,719,351 | 22,234 | |
* | Asbury Automotive Group Inc. | 322,447 | 22,104 |
GameStop Corp. Class A | 1,512,216 | 22,033 | |
* | MSG Networks Inc. | 916,261 | 21,944 |
Caleres Inc. | 607,167 | 20,880 | |
* | Rush Enterprises Inc. Class A | 480,182 | 20,830 |
Tailored Brands Inc. | 778,302 | 19,862 |
39
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Dine Brands Global Inc. | 264,325 | 19,771 | |
Group 1 Automotive Inc. | 310,712 | 19,575 | |
*,^ | Roku Inc. | 458,292 | 19,532 |
Strayer Education Inc. | 167,694 | 18,951 | |
Guess? Inc. | 884,748 | 18,934 | |
Gannett Co. Inc. | 1,765,390 | 18,890 | |
* | Liberty TripAdvisor Holdings Inc. Class A | 1,126,548 | 18,137 |
* | SeaWorld Entertainment Inc. | 829,510 | 18,100 |
Cheesecake Factory Inc. | 322,175 | 17,739 | |
^ | Dillard's Inc. Class A | 186,716 | 17,645 |
Capella Education Co. | 173,147 | 17,090 | |
* | Laureate Education Inc. Class A | 1,143,310 | 16,384 |
International Speedway Corp. Class A | 363,834 | 16,263 | |
Scholastic Corp. | 361,622 | 16,023 | |
Chico's FAS Inc. | 1,916,861 | 15,603 | |
Core-Mark Holding Co. Inc. | 685,005 | 15,550 | |
Entercom Communications Corp. Class A | 1,929,812 | 14,570 | |
* | Hertz Global Holdings Inc. | 853,028 | 13,085 |
* | Houghton Mifflin Harcourt Co. | 1,639,268 | 12,540 |
Buckle Inc. | 459,544 | 12,362 | |
Weis Markets Inc. | 230,800 | 12,311 | |
* | Genesco Inc. | 295,561 | 11,734 |
SUPERVALU Inc. | 569,637 | 11,689 | |
* | Party City Holdco Inc. | 752,049 | 11,469 |
*,^ | JC Penney Co. Inc. | 4,558,846 | 10,668 |
* | Herc Holdings Inc. | 189,085 | 10,653 |
* | Ascena Retail Group Inc. | 2,606,619 | 10,387 |
* | Express Inc. | 1,118,007 | 10,230 |
* | K12 Inc. | 611,480 | 10,010 |
* | Rent-A-Center Inc. | 670,920 | 9,876 |
National CineMedia Inc. | 1,172,432 | 9,848 | |
* | Fiesta Restaurant Group Inc. | 319,358 | 9,166 |
* | Regis Corp. | 540,137 | 8,934 |
New Media Investment Group Inc. | 447,300 | 8,266 | |
Emerald Expositions Events Inc. | 396,940 | 8,177 | |
* | Zumiez Inc. | 298,856 | 7,486 |
* | Stitch Fix Inc. Class A | 269,393 | 7,392 |
Sonic Automotive Inc. Class A | 335,329 | 6,908 | |
AMC Entertainment Holdings Inc. Class A | 408,108 | 6,489 | |
EW Scripps Co. Class A | 436,578 | 5,846 | |
* | American Public Education Inc. | 121,433 | 5,112 |
* | Rush Enterprises Inc. Class B | 97,836 | 4,295 |
*,^ | Lands' End Inc. | 151,268 | 4,220 |
Cato Corp. Class A | 170,005 | 4,186 | |
* | El Pollo Loco Holdings Inc. | 334,882 | 3,818 |
* | Bojangles' Inc. | 256,372 | 3,692 |
* | Biglari Holdings Inc. Class B | 18,325 | 3,362 |
* | Hibbett Sports Inc. | 146,664 | 3,359 |
Speedway Motorsports Inc. | 190,017 | 3,299 | |
Barnes & Noble Inc. | 405,648 | 2,576 | |
Clear Channel Outdoor Holdings Inc. Class A | 569,599 | 2,449 | |
* | Smart & Final Stores Inc. | 404,445 | 2,245 |
* | BJ's Wholesale Club Holdings Inc. | 85,049 | 2,011 |
* | BrightView Holdings Inc. | 83,642 | 1,836 |
* | Biglari Holdings Inc. | 1,783 | 1,694 |
*,^ | Sears Holdings Corp. | 255,595 | 606 |
Cable One Inc. | 37 | 27 | |
Dolby Laboratories Inc. Class A | 148 | 9 | |
Pier 1 Imports Inc. | 2,089 | 5 | |
*,^ | GNC Holdings Inc. Class A | 169 | 1 |
* | Qurate Retail Group Inc. QVC Group Class A | 3 | — |
3,449,564 | |||
Financials (32.1%) | |||
East West Bancorp Inc. | 2,267,038 | 147,811 |
40
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Gaming and Leisure Properties Inc. | 3,174,025 | 113,630 | |
American Financial Group Inc. | 1,044,209 | 112,075 | |
WP Carey Inc. | 1,677,585 | 111,308 | |
National Retail Properties Inc. | 2,405,413 | 105,742 | |
Apartment Investment & Management Co. | 2,460,916 | 104,097 | |
Liberty Property Trust | 2,313,114 | 102,540 | |
Brown & Brown Inc. | 3,675,656 | 101,926 | |
Cullen/Frost Bankers Inc. | 898,914 | 97,298 | |
Commerce Bancshares Inc. | 1,500,248 | 97,081 | |
PacWest Bancorp | 1,959,415 | 96,834 | |
Park Hotels & Resorts Inc. | 3,146,136 | 96,366 | |
Synovus Financial Corp. | 1,762,723 | 93,125 | |
Eaton Vance Corp. | 1,771,804 | 92,470 | |
New Residential Investment Corp. | 5,258,160 | 91,965 | |
Webster Financial Corp. | 1,442,039 | 91,858 | |
First Horizon National Corp. | 5,117,384 | 91,294 | |
Old Republic International Corp. | 4,491,254 | 89,421 | |
LPL Financial Holdings Inc. | 1,324,222 | 86,790 | |
Forest City Realty Trust Inc. Class A | 3,761,613 | 85,802 | |
First American Financial Corp. | 1,657,607 | 85,731 | |
Assurant Inc. | 824,297 | 85,306 | |
Starwood Property Trust Inc. | 3,896,427 | 84,591 | |
Brixmor Property Group Inc. | 4,738,797 | 82,597 | |
Highwoods Properties Inc. | 1,617,360 | 82,049 | |
Janus Henderson Group plc | 2,665,262 | 81,904 | |
Validus Holdings Ltd. | 1,178,641 | 79,676 | |
Hanover Insurance Group Inc. | 665,481 | 79,565 | |
Rayonier Inc. | 2,023,977 | 78,308 | |
Umpqua Holdings Corp. | 3,443,250 | 77,783 | |
Wintrust Financial Corp. | 880,419 | 76,640 | |
RenaissanceRe Holdings Ltd. | 629,556 | 75,748 | |
EPR Properties | 1,163,262 | 75,368 | |
Associated Banc-Corp | 2,671,622 | 72,935 | |
Popular Inc. | 1,600,115 | 72,341 | |
Prosperity Bancshares Inc. | 1,038,812 | 71,013 | |
Hospitality Properties Trust | 2,442,514 | 69,880 | |
Axis Capital Holdings Ltd. | 1,241,409 | 69,047 | |
Primerica Inc. | 689,550 | 68,679 | |
FNB Corp. | 5,071,937 | 68,065 | |
BankUnited Inc. | 1,659,789 | 67,802 | |
Senior Housing Properties Trust | 3,718,257 | 67,263 | |
IBERIABANK Corp. | 886,821 | 67,221 | |
First Industrial Realty Trust Inc. | 1,961,841 | 65,408 | |
Cousins Properties Inc. | 6,574,169 | 63,704 | |
* | MGIC Investment Corp. | 5,810,727 | 62,291 |
Hancock Whitney Corp. | 1,334,254 | 62,243 | |
Chemical Financial Corp. | 1,116,175 | 62,137 | |
Apple Hospitality REIT Inc. | 3,423,768 | 61,217 | |
JBG SMITH Properties | 1,660,701 | 60,566 | |
RLJ Lodging Trust | 2,742,253 | 60,467 | |
Valley National Bancorp | 4,926,338 | 59,904 | |
Assured Guaranty Ltd. | 1,670,782 | 59,697 | |
LaSalle Hotel Properties | 1,727,530 | 59,133 | |
Weingarten Realty Investors | 1,905,929 | 58,722 | |
Sunstone Hotel Investors Inc. | 3,530,853 | 58,683 | |
MB Financial Inc. | 1,250,092 | 58,379 | |
TCF Financial Corp. | 2,368,756 | 58,319 | |
United Bankshares Inc. | 1,564,396 | 56,944 | |
* | Equity Commonwealth | 1,805,438 | 56,871 |
Stifel Financial Corp. | 1,064,231 | 55,606 | |
Bank of Hawaii Corp. | 661,164 | 55,154 | |
Radian Group Inc. | 3,358,901 | 54,481 | |
Navient Corp. | 4,134,138 | 53,868 | |
UMB Financial Corp. | 704,832 | 53,729 |
41
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Taubman Centers Inc. | 907,210 | 53,308 | |
Glacier Bancorp Inc. | 1,322,920 | 51,171 | |
First Financial Bankshares Inc. | 1,005,014 | 51,155 | |
Chimera Investment Corp. | 2,781,962 | 50,854 | |
^ | Blackstone Mortgage Trust Inc. Class A | 1,608,622 | 50,559 |
Selective Insurance Group Inc. | 917,802 | 50,479 | |
GEO Group Inc. | 1,828,349 | 50,353 | |
CNO Financial Group Inc. | 2,620,973 | 49,903 | |
* | SLM Corp. | 4,351,860 | 49,829 |
EastGroup Properties Inc. | 519,651 | 49,658 | |
BancorpSouth Bank | 1,506,817 | 49,650 | |
South State Corp. | 575,120 | 49,604 | |
Cathay General Bancorp | 1,208,498 | 48,932 | |
Investors Bancorp Inc. | 3,775,348 | 48,287 | |
American Equity Investment Life Holding Co. | 1,339,419 | 48,219 | |
^ | Omega Healthcare Investors Inc. | 1,554,287 | 48,183 |
PotlatchDeltic Corp. | 931,911 | 47,388 | |
MFA Financial Inc. | 6,241,039 | 47,307 | |
Brandywine Realty Trust | 2,795,821 | 47,193 | |
Community Bank System Inc. | 797,249 | 47,094 | |
Columbia Banking System Inc. | 1,145,734 | 46,861 | |
Erie Indemnity Co. Class A | 397,841 | 46,651 | |
Legg Mason Inc. | 1,324,078 | 45,985 | |
Kemper Corp. | 603,760 | 45,674 | |
Realogy Holdings Corp. | 1,996,996 | 45,532 | |
National Health Investors Inc. | 617,290 | 45,482 | |
Fulton Financial Corp. | 2,752,900 | 45,423 | |
BGC Partners Inc. Class A | 3,986,966 | 45,132 | |
First Financial Bancorp | 1,453,924 | 44,563 | |
CoreCivic Inc. | 1,855,729 | 44,333 | |
Old National Bancorp | 2,381,715 | 44,300 | |
Empire State Realty Trust Inc. | 2,573,496 | 44,007 | |
Retail Properties of America Inc. | 3,437,714 | 43,934 | |
RLI Corp. | 658,658 | 43,597 | |
Two Harbors Investment Corp. | 2,747,718 | 43,414 | |
Washington Federal Inc. | 1,322,962 | 43,261 | |
White Mountains Insurance Group Ltd. | 47,281 | 42,865 | |
Outfront Media Inc. | 2,179,933 | 42,400 | |
Columbia Property Trust Inc. | 1,856,342 | 42,158 | |
DDR Corp. | 2,313,618 | 41,414 | |
First Midwest Bancorp Inc. | 1,611,201 | 41,037 | |
Xenia Hotels & Resorts Inc. | 1,673,443 | 40,765 | |
Piedmont Office Realty Trust Inc. Class A | 2,003,148 | 39,923 | |
Sterling Bancorp | 1,676,731 | 39,403 | |
* | OneMain Holdings Inc. | 1,169,242 | 38,924 |
Great Western Bancorp Inc. | 921,914 | 38,711 | |
DiamondRock Hospitality Co. | 3,134,211 | 38,488 | |
First Citizens BancShares Inc. Class A | 94,839 | 38,249 | |
Aspen Insurance Holdings Ltd. | 934,400 | 38,030 | |
Union Bankshares Corp. | 977,486 | 38,005 | |
International Bancshares Corp. | 879,338 | 37,636 | |
Washington REIT | 1,231,337 | 37,346 | |
CVB Financial Corp. | 1,642,006 | 36,814 | |
United Community Banks Inc. | 1,174,935 | 36,035 | |
Hope Bancorp Inc. | 2,017,853 | 35,978 | |
First Merchants Corp. | 774,517 | 35,938 | |
* | Genworth Financial Inc. Class A | 7,845,066 | 35,303 |
Apollo Commercial Real Estate Finance Inc. | 1,926,724 | 35,221 | |
^ | Tanger Factory Outlet Centers Inc. | 1,478,727 | 34,735 |
Independent Bank Corp. | 431,347 | 33,818 | |
BOK Financial Corp. | 359,059 | 33,755 | |
Renasant Corp. | 735,567 | 33,483 | |
Federated Investors Inc. Class B | 1,426,721 | 33,271 | |
Acadia Realty Trust | 1,211,397 | 33,156 |
42
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Santander Consumer USA Holdings Inc. | 1,692,872 | 32,317 | |
* | Enstar Group Ltd. | 154,059 | 31,936 |
* | Quality Care Properties Inc. | 1,475,942 | 31,748 |
WesBanco Inc. | 692,751 | 31,202 | |
Trustmark Corp. | 953,788 | 31,122 | |
First Hawaiian Inc. | 1,067,482 | 30,978 | |
Banner Corp. | 505,234 | 30,380 | |
Sabra Health Care REIT Inc. | 1,393,296 | 30,276 | |
Chesapeake Lodging Trust | 946,270 | 29,940 | |
ProAssurance Corp. | 837,544 | 29,691 | |
Lexington Realty Trust | 3,377,043 | 29,482 | |
Argo Group International Holdings Ltd. | 503,539 | 29,281 | |
Horace Mann Educators Corp. | 638,973 | 28,498 | |
Invesco Mortgage Capital Inc. | 1,745,311 | 27,750 | |
^ | Colony Credit Real Estate Inc. | 1,308,377 | 27,123 |
Capitol Federal Financial Inc. | 2,052,708 | 27,014 | |
LTC Properties Inc. | 619,302 | 26,469 | |
Provident Financial Services Inc. | 943,889 | 25,985 | |
* | First BanCorp | 3,389,898 | 25,933 |
* | PRA Group Inc. | 671,849 | 25,900 |
Mack-Cali Realty Corp. | 1,267,803 | 25,711 | |
Alexander & Baldwin Inc. | 1,069,228 | 25,127 | |
Northwest Bancshares Inc. | 1,442,749 | 25,089 | |
* | HRG Group Inc. | 1,903,175 | 24,913 |
NBT Bancorp Inc. | 648,107 | 24,725 | |
Government Properties Income Trust | 1,549,277 | 24,556 | |
Berkshire Hills Bancorp Inc. | 603,078 | 24,485 | |
First Commonwealth Financial Corp. | 1,568,220 | 24,323 | |
Walker & Dunlop Inc. | 436,149 | 24,272 | |
National General Holdings Corp. | 918,619 | 24,187 | |
Artisan Partners Asset Management Inc. Class A | 801,026 | 24,151 | |
Washington Prime Group Inc. | 2,907,000 | 23,576 | |
Infinity Property & Casualty Corp. | 162,417 | 23,120 | |
Park National Corp. | 203,505 | 22,675 | |
Navigators Group Inc. | 395,372 | 22,536 | |
S&T Bancorp Inc. | 519,485 | 22,463 | |
Westamerica Bancorporation | 395,818 | 22,368 | |
AmTrust Financial Services Inc. | 1,534,276 | 22,354 | |
Brookline Bancorp Inc. | 1,191,735 | 22,166 | |
Select Income REIT | 978,891 | 21,996 | |
Waddell & Reed Financial Inc. Class A | 1,218,372 | 21,894 | |
Ladder Capital Corp. Class A | 1,376,651 | 21,503 | |
Global Net Lease Inc. | 1,050,820 | 21,468 | |
^ | Seritage Growth Properties Class A | 495,899 | 21,041 |
Boston Private Financial Holdings Inc. | 1,322,293 | 21,024 | |
Cadence BanCorp Class A | 718,651 | 20,747 | |
First Interstate BancSystem Inc. Class A | 479,039 | 20,215 | |
Mercury General Corp. | 432,717 | 19,715 | |
Employers Holdings Inc. | 485,671 | 19,524 | |
Redwood Trust Inc. | 1,184,333 | 19,506 | |
* | Cannae Holdings Inc. | 1,050,797 | 19,492 |
Tompkins Financial Corp. | 226,881 | 19,485 | |
Safety Insurance Group Inc. | 227,162 | 19,400 | |
State Bank Financial Corp. | 580,018 | 19,373 | |
* | FGL Holdings | 2,175,564 | 18,253 |
CYS Investments Inc. | 2,429,159 | 18,219 | |
United Fire Group Inc. | 331,196 | 18,053 | |
NRG Yield Inc. | 1,017,274 | 17,497 | |
Piper Jaffray Cos. | 225,588 | 17,336 | |
City Holding Co. | 229,480 | 17,264 | |
PennyMac Mortgage Investment Trust | 903,670 | 17,161 | |
Beneficial Bancorp Inc. | 1,055,300 | 17,096 | |
BancFirst Corp. | 281,316 | 16,654 | |
* | CorePoint Lodging Inc. | 640,716 | 16,595 |
43
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Ramco-Gershenson Properties Trust | 1,189,746 | 15,717 | |
* | Flagstar Bancorp Inc. | 454,509 | 15,571 |
American National Insurance Co. | 126,077 | 15,078 | |
ARMOUR Residential REIT Inc. | 655,408 | 14,950 | |
^ | CBL & Associates Properties Inc. | 2,564,284 | 14,283 |
Getty Realty Corp. | 499,049 | 14,058 | |
TPG RE Finance Trust Inc. | 691,755 | 14,056 | |
* | Encore Capital Group Inc. | 383,431 | 14,034 |
MTGE Investment Corp. | 715,561 | 14,025 | |
Virtus Investment Partners Inc. | 107,164 | 13,712 | |
InfraREIT Inc. | 617,718 | 13,695 | |
Franklin Street Properties Corp. | 1,591,602 | 13,624 | |
Houlihan Lokey Inc. Class A | 255,949 | 13,110 | |
Capstead Mortgage Corp. | 1,444,444 | 12,928 | |
Central Pacific Financial Corp. | 439,532 | 12,593 | |
Hersha Hospitality Trust Class A | 584,670 | 12,541 | |
Universal Health Realty Income Trust | 194,796 | 12,463 | |
Hilltop Holdings Inc. | 564,229 | 12,453 | |
FBL Financial Group Inc. Class A | 155,317 | 12,231 | |
*,^ | MBIA Inc. | 1,342,500 | 12,136 |
Nelnet Inc. Class A | 205,299 | 11,992 | |
*,^ | Columbia Financial Inc. | 724,534 | 11,991 |
Ashford Hospitality Trust Inc. | 1,465,565 | 11,871 | |
Granite Point Mortgage Trust Inc. | 643,561 | 11,809 | |
Summit Hotel Properties Inc. | 822,322 | 11,767 | |
American Assets Trust Inc. | 294,705 | 11,284 | |
* | iStar Inc. | 1,008,939 | 10,886 |
^ | Pennsylvania REIT | 989,789 | 10,878 |
Northfield Bancorp Inc. | 651,394 | 10,826 | |
National Western Life Group Inc. Class A | 34,893 | 10,721 | |
Urstadt Biddle Properties Inc. Class A | 463,964 | 10,500 | |
Investors Real Estate Trust | 1,874,554 | 10,366 | |
Saul Centers Inc. | 189,721 | 10,165 | |
Oritani Financial Corp. | 616,988 | 9,995 | |
Dime Community Bancshares Inc. | 499,211 | 9,735 | |
OFG Bancorp | 683,882 | 9,609 | |
NRG Yield Inc. Class A | 544,534 | 9,284 | |
Americold Realty Trust | 387,613 | 8,535 | |
* | Third Point Reinsurance Ltd. | 679,188 | 8,490 |
AG Mortgage Investment Trust Inc. | 440,852 | 8,284 | |
* | Nationstar Mortgage Holdings Inc. | 461,171 | 8,084 |
Maiden Holdings Ltd. | 1,039,914 | 8,059 | |
State Auto Financial Corp. | 267,184 | 7,991 | |
Greenhill & Co. Inc. | 278,579 | 7,912 | |
* | World Acceptance Corp. | 70,849 | 7,865 |
Anworth Mortgage Asset Corp. | 1,535,601 | 7,632 | |
KKR Real Estate Finance Trust Inc. | 372,708 | 7,372 | |
* | Ocwen Financial Corp. | 1,779,647 | 7,047 |
* | Tejon Ranch Co. | 285,985 | 6,949 |
Industrial Logistics Properties Trust | 303,925 | 6,793 | |
* | Greenlight Capital Re Ltd. Class A | 464,233 | 6,592 |
* | Ambac Financial Group Inc. | 301,602 | 5,987 |
Investment Technology Group Inc. | 244,023 | 5,105 | |
*,^ | Altisource Portfolio Solutions SA | 161,738 | 4,718 |
* | EZCORP Inc. Class A | 362,131 | 4,364 |
*,^ | Forestar Group Inc. | 163,989 | 3,403 |
* | MoneyGram International Inc. | 439,864 | 2,943 |
New York REIT Inc. | 130,791 | 2,386 | |
Associated Capital Group Inc. Class A | 59,667 | 2,264 | |
GAMCO Investors Inc. Class A | 39,329 | 1,052 | |
Urstadt Biddle Properties Inc. | 32,930 | 602 | |
Interactive Brokers Group Inc. | 349 | 22 | |
VICI Properties Inc. | 249 | 5 |
44
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Virtu Financial Inc. Class A | 167 | 4 | |
9,920,334 | |||
Health Care (5.4%) | |||
* | WellCare Health Plans Inc. | 700,090 | 172,390 |
* | Sage Therapeutics Inc. | 691,195 | 108,193 |
Encompass Health Corp. | 1,468,945 | 99,477 | |
Hill-Rom Holdings Inc. | 1,036,735 | 90,548 | |
* | Charles River Laboratories International Inc. | 749,383 | 84,126 |
* | Envision Healthcare Corp. | 1,895,259 | 83,410 |
* | United Therapeutics Corp. | 647,336 | 73,246 |
STERIS plc | 663,669 | 69,692 | |
* | Loxo Oncology Inc. | 399,938 | 69,381 |
* | MEDNAX Inc. | 1,403,726 | 60,753 |
* | Tenet Healthcare Corp. | 1,594,942 | 53,542 |
* | Molina Healthcare Inc. | 434,543 | 42,559 |
* | Halyard Health Inc. | 736,210 | 42,148 |
* | Aerie Pharmaceuticals Inc. | 618,408 | 41,773 |
* | Blueprint Medicines Corp. | 650,495 | 41,293 |
* | Myriad Genetics Inc. | 1,094,632 | 40,906 |
* | Magellan Health Inc. | 384,700 | 36,912 |
* | Haemonetics Corp. | 408,714 | 36,654 |
* | Prestige Brands Holdings Inc. | 831,832 | 31,926 |
* | Endo International plc | 3,146,483 | 29,671 |
CONMED Corp. | 395,491 | 28,950 | |
* | Select Medical Holdings Corp. | 1,571,100 | 28,516 |
Patterson Cos. Inc. | 1,257,095 | 28,498 | |
* | LifePoint Health Inc. | 575,536 | 28,086 |
* | Brookdale Senior Living Inc. | 2,930,043 | 26,634 |
* | Amneal Pharmaceuticals Inc. | 1,612,044 | 26,454 |
*,^ | Mallinckrodt plc | 1,298,406 | 24,228 |
* | LHC Group Inc. | 243,554 | 20,846 |
* | AnaptysBio Inc. | 256,852 | 18,247 |
Owens & Minor Inc. | 968,745 | 16,188 | |
Ensign Group Inc. | 386,511 | 13,845 | |
* | Kindred Healthcare Inc. | 1,354,995 | 12,195 |
* | Akorn Inc. | 733,265 | 12,165 |
* | Intra-Cellular Therapies Inc. | 683,670 | 12,080 |
National HealthCare Corp. | 142,904 | 10,058 | |
Invacare Corp. | 491,480 | 9,142 | |
*,^ | Lannett Co. Inc. | 532,865 | 7,247 |
*,^ | Synergy Pharmaceuticals Inc. | 3,689,040 | 6,419 |
* | Community Health Systems Inc. | 1,731,993 | 5,750 |
* | PDL BioPharma Inc. | 2,235,511 | 5,231 |
*,^ | Denali Therapeutics Inc. | 331,658 | 5,058 |
* | American Renal Associates Holdings Inc. | 205,231 | 3,237 |
* | Depomed Inc. | 470,956 | 3,141 |
* | Wright Medical Group Inc. CVR | 71,097 | 98 |
Teleflex Inc. | 127 | 34 | |
* | Bioxcel Therapeutics Inc. | 3,345 | 31 |
* | Clovis Oncology Inc. | 120 | 5 |
* | NantKwest Inc. | 879 | 3 |
1,660,986 | |||
Industrials (19.3%) | |||
IDEX Corp. | 1,200,408 | 163,832 | |
Spirit AeroSystems Holdings Inc. Class A | 1,780,112 | 152,929 | |
PerkinElmer Inc. | 1,731,468 | 126,795 | |
Allegion plc | 1,485,189 | 114,894 | |
Carlisle Cos. Inc. | 953,814 | 103,308 | |
Booz Allen Hamilton Holding Corp. Class A | 2,155,622 | 94,265 | |
Donaldson Co. Inc. | 2,031,207 | 91,648 | |
AptarGroup Inc. | 975,780 | 91,118 | |
MDU Resources Group Inc. | 3,057,987 | 87,703 | |
* | Keysight Technologies Inc. | 1,466,687 | 86,579 |
Lincoln Electric Holdings Inc. | 974,631 | 85,534 |
45
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | AECOM | 2,508,852 | 82,867 |
Sonoco Products Co. | 1,556,982 | 81,742 | |
Oshkosh Corp. | 1,156,246 | 81,307 | |
Trinity Industries Inc. | 2,335,217 | 80,005 | |
Avnet Inc. | 1,846,422 | 79,193 | |
* | Quanta Services Inc. | 2,341,278 | 78,199 |
* | Genesee & Wyoming Inc. Class A | 941,098 | 76,530 |
Curtiss-Wright Corp. | 622,378 | 74,075 | |
ITT Inc. | 1,367,660 | 71,488 | |
Graphic Packaging Holding Co. | 4,853,868 | 70,430 | |
EMCOR Group Inc. | 914,152 | 69,640 | |
Jabil Inc. | 2,411,990 | 66,716 | |
* | CoreLogic Inc. | 1,277,359 | 66,295 |
AGCO Corp. | 1,057,940 | 64,238 | |
Crane Co. | 794,012 | 63,624 | |
* | nVent Electric plc | 2,512,695 | 63,069 |
Louisiana-Pacific Corp. | 2,271,388 | 61,827 | |
MSC Industrial Direct Co. Inc. Class A | 717,538 | 60,883 | |
Brink's Co. | 756,759 | 60,352 | |
Bemis Co. Inc. | 1,423,665 | 60,093 | |
Ryder System Inc. | 831,152 | 59,727 | |
* | KLX Inc. | 793,671 | 57,065 |
* | Conduent Inc. | 3,129,334 | 56,860 |
Regal Beloit Corp. | 688,178 | 56,293 | |
Korn/Ferry International | 840,054 | 52,025 | |
MSA Safety Inc. | 539,746 | 51,999 | |
* | MasTec Inc. | 1,007,902 | 51,151 |
Tetra Tech Inc. | 871,122 | 50,961 | |
Macquarie Infrastructure Corp. | 1,199,774 | 50,630 | |
Valmont Industries Inc. | 335,463 | 50,571 | |
* | Generac Holdings Inc. | 969,608 | 50,158 |
Deluxe Corp. | 749,168 | 49,602 | |
EnerSys | 656,249 | 48,982 | |
Vishay Intertechnology Inc. | 2,068,327 | 47,985 | |
Terex Corp. | 1,130,531 | 47,697 | |
Timken Co. | 1,093,560 | 47,625 | |
* | Rexnord Corp. | 1,631,042 | 47,398 |
Barnes Group Inc. | 782,522 | 46,091 | |
Kennametal Inc. | 1,278,706 | 45,906 | |
Maxar Technologies Ltd. | 883,044 | 44,611 | |
GATX Corp. | 590,763 | 43,852 | |
* | Stericycle Inc. | 670,238 | 43,760 |
UniFirst Corp. | 241,670 | 42,751 | |
* | Owens-Illinois Inc. | 2,533,305 | 42,585 |
Applied Industrial Technologies Inc. | 605,735 | 42,492 | |
* | WESCO International Inc. | 737,554 | 42,114 |
Flowserve Corp. | 1,025,127 | 41,415 | |
KBR Inc. | 2,203,231 | 39,482 | |
Belden Inc. | 636,966 | 38,931 | |
* | Colfax Corp. | 1,258,348 | 38,568 |
Moog Inc. Class A | 482,752 | 37,635 | |
Acuity Brands Inc. | 321,071 | 37,202 | |
* | FTI Consulting Inc. | 590,365 | 35,705 |
* | Kirby Corp. | 419,866 | 35,101 |
Convergys Corp. | 1,433,339 | 35,031 | |
Watts Water Technologies Inc. Class A | 435,895 | 34,174 | |
* | Esterline Technologies Corp. | 459,813 | 33,934 |
Universal Forest Products Inc. | 915,749 | 33,535 | |
Mobile Mini Inc. | 698,845 | 32,776 | |
Silgan Holdings Inc. | 1,209,971 | 32,464 | |
* | Integer Holdings Corp. | 500,761 | 32,374 |
* | Navistar International Corp. | 770,748 | 31,385 |
* | Plexus Corp. | 516,630 | 30,760 |
Kaman Corp. | 437,764 | 30,508 |
46
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
ABM Industries Inc. | 1,030,592 | 30,073 | |
* | Sanmina Corp. | 1,018,002 | 29,827 |
Otter Tail Corp. | 620,996 | 29,559 | |
* | Cotiviti Holdings Inc. | 655,796 | 28,940 |
* | Atlas Air Worldwide Holdings Inc. | 399,403 | 28,637 |
* | Meritor Inc. | 1,372,219 | 28,227 |
* | Anixter International Inc. | 444,155 | 28,115 |
Actuant Corp. Class A | 949,605 | 27,871 | |
* | Harsco Corp. | 1,258,791 | 27,819 |
Brady Corp. Class A | 718,203 | 27,687 | |
* | SPX FLOW Inc. | 631,336 | 27,634 |
Boise Cascade Co. | 608,289 | 27,191 | |
Mueller Industries Inc. | 903,178 | 26,653 | |
Greenbrier Cos. Inc. | 502,185 | 26,490 | |
* | TTM Technologies Inc. | 1,454,493 | 25,643 |
Matson Inc. | 666,696 | 25,588 | |
Werner Enterprises Inc. | 677,638 | 25,445 | |
Triton International Ltd. | 821,296 | 25,181 | |
* | Hub Group Inc. Class A | 501,230 | 24,961 |
AAR Corp. | 513,921 | 23,892 | |
McGrath RentCorp | 357,793 | 22,638 | |
* | SPX Corp. | 640,014 | 22,432 |
ESCO Technologies Inc. | 384,484 | 22,185 | |
ManTech International Corp. Class A | 411,575 | 22,077 | |
Greif Inc. Class A | 417,291 | 22,071 | |
* | Armstrong World Industries Inc. | 344,201 | 21,754 |
Benchmark Electronics Inc. | 741,382 | 21,611 | |
World Fuel Services Corp. | 1,057,998 | 21,594 | |
* | Knowles Corp. | 1,405,536 | 21,505 |
* | TriMas Corp. | 719,652 | 21,158 |
* | Milacron Holdings Corp. | 1,099,633 | 20,816 |
Standex International Corp. | 200,421 | 20,483 | |
EVERTEC Inc. | 907,416 | 19,827 | |
Altra Industrial Motion Corp. | 458,787 | 19,774 | |
* | OSI Systems Inc. | 254,251 | 19,661 |
Astec Industries Inc. | 324,620 | 19,412 | |
H&E Equipment Services Inc. | 502,089 | 18,884 | |
Granite Construction Inc. | 338,126 | 18,820 | |
ArcBest Corp. | 400,558 | 18,305 | |
* | Sykes Enterprises Inc. | 635,781 | 18,298 |
Aircastle Ltd. | 857,433 | 17,577 | |
Primoris Services Corp. | 643,821 | 17,531 | |
* | TrueBlue Inc. | 645,878 | 17,406 |
* | Cardtronics plc Class A | 717,191 | 17,342 |
Materion Corp. | 315,299 | 17,073 | |
Wabash National Corp. | 861,163 | 16,069 | |
* | Navigant Consulting Inc. | 705,898 | 15,629 |
* | JELD-WEN Holding Inc. | 542,757 | 15,517 |
* | Atkore International Group Inc. | 727,806 | 15,117 |
MTS Systems Corp. | 279,526 | 14,717 | |
Encore Wire Corp. | 309,402 | 14,681 | |
Sturm Ruger & Co. Inc. | 258,892 | 14,498 | |
Triumph Group Inc. | 738,046 | 14,466 | |
* | Huron Consulting Group Inc. | 351,098 | 14,360 |
Manitowoc Co. Inc. | 555,022 | 14,353 | |
* | GMS Inc. | 512,731 | 13,890 |
Schnitzer Steel Industries Inc. | 399,376 | 13,459 | |
Comfort Systems USA Inc. | 289,783 | 13,272 | |
Kforce Inc. | 366,948 | 12,586 | |
* | Aegion Corp. Class A | 481,095 | 12,388 |
AVX Corp. | 790,095 | 12,381 | |
CIRCOR International Inc. | 312,857 | 11,563 | |
* | Tutor Perini Corp. | 626,462 | 11,558 |
* | Gates Industrial Corp. plc | 677,025 | 11,015 |
47
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Griffon Corp. | 607,760 | 10,818 | |
Kelly Services Inc. Class A | 468,784 | 10,524 | |
Quad/Graphics Inc. | 500,765 | 10,431 | |
*,^ | Team Inc. | 445,585 | 10,293 |
* | American Outdoor Brands Corp. | 803,201 | 9,663 |
* | Wesco Aircraft Holdings Inc. | 854,024 | 9,608 |
*,^ | Pluralsight Inc. Class A | 392,928 | 9,607 |
* | Donnelley Financial Solutions Inc. | 532,559 | 9,251 |
* | TimkenSteel Corp. | 557,268 | 9,111 |
Hyster-Yale Materials Handling Inc. | 138,564 | 8,903 | |
*,^ | MACOM Technology Solutions Holdings Inc. | 354,770 | 8,174 |
LSC Communications Inc. | 519,700 | 8,138 | |
Resources Connection Inc. | 468,536 | 7,918 | |
TTEC Holdings Inc. | 216,674 | 7,486 | |
RR Donnelley & Sons Co. | 1,044,742 | 6,018 | |
American Railcar Industries Inc. | 120,401 | 4,753 | |
* | International Seaways Inc. | 171,117 | 3,960 |
Park Electrochemical Corp. | 149,048 | 3,456 | |
Greif Inc. Class B | 55,754 | 3,211 | |
*,^ | Forterra Inc. | 153,457 | 1,493 |
* | Armstrong Flooring Inc. | 80,508 | 1,130 |
GrafTech International Ltd. | 1,121 | 20 | |
Packaging Corp. of America | 166 | 19 | |
* | GreenSky Inc. Class A | 100 | 2 |
* | PHH Corp. | 79 | 1 |
* | Evo Payments Inc. Class A | 36 | 1 |
5,974,224 | |||
Oil & Gas (4.8%) | |||
Murphy Oil Corp. | 2,572,710 | 86,880 | |
Targa Resources Corp. | 1,631,003 | 80,718 | |
* | Whiting Petroleum Corp. | 1,422,477 | 74,993 |
*,^ | Chesapeake Energy Corp. | 13,554,657 | 71,026 |
PBF Energy Inc. Class A | 1,651,459 | 69,246 | |
Range Resources Corp. | 3,900,952 | 65,263 | |
* | First Solar Inc. | 1,147,627 | 60,434 |
Delek US Holdings Inc. | 1,183,700 | 59,386 | |
McDermott International Inc. | 2,673,223 | 52,529 | |
^ | Ensco plc Class A | 6,843,889 | 49,687 |
*,^ | Transocean Ltd. | 3,436,197 | 46,182 |
* | QEP Resources Inc. | 3,722,944 | 45,643 |
SM Energy Co. | 1,748,713 | 44,924 | |
CNX Resources Corp. | 2,219,203 | 39,457 | |
Oceaneering International Inc. | 1,543,244 | 39,291 | |
Nabors Industries Ltd. | 5,250,412 | 33,655 | |
* | Denbury Resources Inc. | 6,884,927 | 33,117 |
* | Oasis Petroleum Inc. | 2,480,325 | 32,170 |
* | Rowan Cos. plc Class A | 1,982,759 | 32,160 |
SemGroup Corp. Class A | 1,235,224 | 31,375 | |
* | Dril-Quip Inc. | 596,147 | 30,642 |
* | MRC Global Inc. | 1,332,092 | 28,866 |
* | Oil States International Inc. | 842,779 | 27,053 |
Helmerich & Payne Inc. | 403,775 | 25,745 | |
*,^ | Weatherford International plc | 7,788,830 | 25,625 |
* | Apergy Corp. | 603,361 | 25,190 |
* | Noble Corp. plc | 3,864,295 | 24,461 |
* | Southwestern Energy Co. | 4,584,106 | 24,296 |
Archrock Inc. | 2,006,374 | 24,077 | |
* | Superior Energy Services Inc. | 2,410,248 | 23,476 |
* | C&J Energy Services Inc. | 961,416 | 22,689 |
* | NOW Inc. | 1,690,442 | 22,534 |
* | Unit Corp. | 802,282 | 20,506 |
*,^ | Diamond Offshore Drilling Inc. | 965,336 | 20,137 |
* | Helix Energy Solutions Group Inc. | 2,195,920 | 18,292 |
^ | CVR Energy Inc. | 271,350 | 10,037 |
48
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | ProPetro Holding Corp. | 586,490 | 9,196 |
*,^ | SunPower Corp. Class A | 986,110 | 7,563 |
* | Exterran Corp. | 267,797 | 6,706 |
*,^ | Tellurian Inc. | 751,520 | 6,253 |
Green Plains Inc. | 307,534 | 5,628 | |
* | Alta Mesa Resources Inc. | 644,155 | 4,387 |
* | TETRA Technologies Inc. | 930,451 | 4,141 |
* | Ultra Petroleum Corp. | 1,524,140 | 3,521 |
*,^ | EP Energy Corp. Class A | 590,893 | 1,773 |
HollyFrontier Corp. | 457 | 31 | |
* | WPX Energy Inc. | 1,052 | 19 |
* | Forum Energy Technologies Inc. | 623 | 8 |
* | FTS International Inc. | 69 | 1 |
1,470,989 | |||
Other (0.0%)2 | |||
*,3 | Herbalife Ltd. CVR | 147,396 | 1,430 |
*,3 | Clinical Data CVR | 62,138 | — |
1,430 | |||
Technology (6.8%) | |||
* | ON Semiconductor Corp. | 6,691,337 | 148,782 |
Leidos Holdings Inc. | 2,375,248 | 140,140 | |
Teradyne Inc. | 2,994,355 | 113,995 | |
CDW Corp. | 1,187,129 | 95,908 | |
* | CommScope Holding Co. Inc. | 3,004,440 | 87,745 |
Cypress Semiconductor Corp. | 5,327,008 | 82,995 | |
* | Teradata Corp. | 1,897,651 | 76,191 |
* | ARRIS International plc | 2,768,583 | 67,678 |
* | Okta Inc. | 1,296,500 | 65,305 |
* | CACI International Inc. Class A | 386,379 | 65,124 |
* | Nuance Communications Inc. | 4,622,659 | 64,186 |
* | NCR Corp. | 1,856,901 | 55,670 |
Science Applications International Corp. | 661,534 | 53,538 | |
* | Tech Data Corp. | 599,568 | 49,237 |
* | Semtech Corp. | 1,033,659 | 48,634 |
SYNNEX Corp. | 470,854 | 45,442 | |
^ | Perspecta Inc. | 2,204,174 | 45,296 |
* | Verint Systems Inc. | 1,001,953 | 44,437 |
Cabot Microelectronics Corp. | 401,926 | 43,231 | |
* | VeriFone Systems Inc. | 1,734,037 | 39,571 |
* | Viavi Solutions Inc. | 3,543,100 | 36,281 |
* | Avaya Holdings Corp. | 1,714,961 | 34,436 |
*,^ | Finisar Corp. | 1,797,282 | 32,351 |
* | Premier Inc. Class A | 821,518 | 29,887 |
* | NETGEAR Inc. | 468,287 | 29,268 |
* | Synaptics Inc. | 540,828 | 27,241 |
* | Insight Enterprises Inc. | 553,705 | 27,093 |
Progress Software Corp. | 676,832 | 26,275 | |
* | Blucora Inc. | 697,155 | 25,795 |
Pitney Bowes Inc. | 2,944,100 | 25,231 | |
* | EchoStar Corp. Class A | 567,219 | 25,184 |
TiVo Corp. | 1,825,120 | 24,548 | |
* | Cloudera Inc. | 1,735,132 | 23,667 |
* | Electronics For Imaging Inc. | 698,901 | 22,756 |
CSG Systems International Inc. | 525,702 | 21,485 | |
Plantronics Inc. | 259,559 | 19,791 | |
* | Web.com Group Inc. | 735,487 | 19,012 |
* | NetScout Systems Inc. | 594,960 | 17,670 |
* | Pivotal Software Inc. Class A | 689,871 | 16,743 |
* | Syntel Inc. | 518,388 | 16,635 |
* | Quality Systems Inc. | 845,982 | 16,497 |
* | ScanSource Inc. | 399,610 | 16,104 |
* | Yext Inc. | 825,694 | 15,969 |
* | MongoDB Inc. | 297,893 | 14,784 |
^ | Diebold Nixdorf Inc. | 1,187,298 | 14,188 |
49
Vanguard® Small-Cap Value Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Amkor Technology Inc. | 1,498,608 | 12,873 |
ADTRAN Inc. | 747,957 | 11,107 | |
*,^ | Unisys Corp. | 789,607 | 10,186 |
* | SailPoint Technologies Holding Inc. | 374,308 | 9,185 |
* | FormFactor Inc. | 571,545 | 7,602 |
*,^ | Appian Corp. Class A | 207,265 | 7,495 |
Computer Programs & Systems Inc. | 209,522 | 6,893 | |
*,^ | Presidio Inc. | 505,512 | 6,622 |
Xperi Corp. | 382,775 | 6,163 | |
*,^ | Zuora Inc. Class A | 197,324 | 5,367 |
Systemax Inc. | 116,185 | 3,989 | |
* | Casa Systems Inc. | 193,962 | 3,167 |
* | Ribbon Communications Inc. | 405,983 | 2,891 |
* | Avalara Inc. | 50,812 | 2,712 |
* | Carbon Black Inc. | 102,651 | 2,669 |
* | Cree Inc. | 255 | 11 |
* | DocuSign Inc. | 59 | 3 |
* | Ceridian HCM Holding Inc. | 51 | 2 |
* | Zscaler Inc. | 38 | 1 |
* | salesforce.com Inc. | 2 | — |
* | Smartsheet Inc. Class A | 9 | — |
2,110,934 | |||
Telecommunications (0.5%) | |||
* | Vonage Holdings Corp. | 3,346,605 | 43,138 |
Telephone & Data Systems Inc. | 1,467,536 | 40,240 | |
*,^ | Iridium Communications Inc. | 1,465,991 | 23,603 |
Consolidated Communications Holdings Inc. | 1,059,301 | 13,093 | |
* | Intelsat SA | 529,719 | 8,825 |
* | United States Cellular Corp. | 205,078 | 7,596 |
^ | Frontier Communications Corp. | 1,190,181 | 6,379 |
142,874 | |||
Utilities (6.2%) | |||
Atmos Energy Corp. | 1,752,112 | 157,935 | |
NRG Energy Inc. | 4,680,917 | 143,704 | |
UGI Corp. | 2,721,998 | 141,735 | |
* | Evergy Inc. | 2,123,937 | 119,259 |
Aqua America Inc. | 2,786,164 | 98,017 | |
Vectren Corp. | 1,299,821 | 92,872 | |
* | Vistra Energy Corp. | 3,273,519 | 77,452 |
IDACORP Inc. | 789,308 | 72,806 | |
WGL Holdings Inc. | 807,752 | 71,688 | |
National Fuel Gas Co. | 1,203,797 | 63,753 | |
ONE Gas Inc. | 832,298 | 62,206 | |
ALLETE Inc. | 803,125 | 62,170 | |
New Jersey Resources Corp. | 1,386,149 | 62,030 | |
Portland General Electric Co. | 1,398,384 | 59,795 | |
Hawaiian Electric Industries Inc. | 1,707,473 | 58,566 | |
Southwest Gas Holdings Inc. | 722,270 | 55,088 | |
Avista Corp. | 1,028,627 | 54,168 | |
Spire Inc. | 754,485 | 53,304 | |
Black Hills Corp. | 840,388 | 51,440 | |
PNM Resources Inc. | 1,248,261 | 48,557 | |
South Jersey Industries Inc. | 1,349,634 | 45,172 | |
NorthWestern Corp. | 774,956 | 44,366 | |
SCANA Corp. | 1,061,489 | 40,889 | |
El Paso Electric Co. | 636,235 | 37,602 | |
MGE Energy Inc. | 543,126 | 34,244 | |
American States Water Co. | 574,981 | 32,866 | |
California Water Service Group | 754,848 | 29,401 | |
Northwest Natural Gas Co. | 458,453 | 29,249 | |
1,900,334 | |||
Total Common Stocks (Cost $24,719,821) | 30,780,228 |
50
Vanguard® Small-Cap Value Index Fund
Schedule of Investments
June 30, 2018
Market | |||||
Value | |||||
Coupon | Shares | ($000) | |||
Temporary Cash Investments (0.9%)1 | |||||
Money Market Fund (0.9%) | |||||
4,5 | Vanguard Market Liquidity Fund | 2.122% | 2,839,414 | 283,970 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.0%) | |||||
6 | United States Treasury Bill | 2.034%—2.078% | 11/15/18 | 1,700 | 1,687 |
6 | United States Treasury Bill | 2.059% | 11/29/18 | 6,000 | 5,950 |
United States Treasury Bill | 2.093% | 12/20/18 | 1,000 | 990 | |
8,627 | |||||
Total Temporary Cash Investments (Cost $292,567) | 292,597 | ||||
Total Investments (100.6%) (Cost $25,012,388) | 31,072,825 | ||||
Other Assets and Liabilities—Net (-0.6%)5,7 | (186,840) | ||||
Net Assets (100%) | 30,885,985 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $175,348,000.
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 $188,194,000 of collateral received for securities on loan.
6 Securities with a value of $3,175,000 have been segregated as initial margin for open futures contracts.
7 Cash with a value of $1,570,000 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.
SNA482 082018
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.0%)1 | |||
Consumer Discretionary (14.4%) | |||
^,* | Tesla Inc. | 1,764,641 | 605,184 |
Las Vegas Sands Corp. | 4,756,452 | 363,203 | |
* | Liberty Global plc | 8,398,422 | 223,482 |
Autoliv Inc. | 1,134,165 | 162,435 | |
Lear Corp. | 862,851 | 160,326 | |
* | Lululemon Athletica Inc. | 1,248,755 | 155,907 |
Domino's Pizza Inc. | 551,935 | 155,739 | |
Vail Resorts Inc. | 529,286 | 145,125 | |
* | Liberty Broadband Corp. | 1,877,503 | 142,165 |
* | Burlington Stores Inc. | 888,460 | 133,740 |
* | NVR Inc. | 43,838 | 130,214 |
^ | Sirius XM Holdings Inc. | 18,651,533 | 126,271 |
* | Qurate Retail Group Inc. QVC Group Class A | 5,848,542 | 124,106 |
Aramark | 3,243,360 | 120,329 | |
* | ServiceMaster Global Holdings Inc. | 1,787,145 | 106,282 |
* | Liberty Media Corp-Liberty SiriusXM Class C | 2,234,528 | 101,358 |
* | Liberty Media Corp-Liberty Formula One | 2,684,328 | 99,669 |
Polaris Industries Inc. | 770,063 | 94,086 | |
* | Live Nation Entertainment Inc. | 1,776,073 | 86,264 |
Service Corp. International | 2,382,723 | 85,278 | |
Gentex Corp. | 3,576,673 | 82,335 | |
Pool Corp. | 529,662 | 80,244 | |
Park Hotels & Resorts Inc. | 2,602,331 | 79,709 | |
* | Bright Horizons Family Solutions Inc. | 768,836 | 78,821 |
Wyndham Hotels & Resorts Inc. | 1,301,595 | 76,573 | |
Dunkin' Brands Group Inc. | 1,082,196 | 74,747 | |
Brunswick Corp. | 1,131,750 | 72,975 | |
Six Flags Entertainment Corp. | 1,018,657 | 71,357 | |
* | Five Below Inc. | 729,865 | 71,315 |
* | Grand Canyon Education Inc. | 636,986 | 71,094 |
* | Madison Square Garden Co. Class A | 217,468 | 67,456 |
* | Wayfair Inc. | 565,342 | 67,140 |
Toll Brothers Inc. | 1,809,825 | 66,945 | |
Carter's Inc. | 610,582 | 66,181 | |
* | Liberty Global plc Class A | 2,337,958 | 64,387 |
Thor Industries Inc. | 641,970 | 62,521 | |
Williams-Sonoma Inc. | 995,725 | 61,118 | |
Adient plc | 1,217,547 | 59,891 | |
* | GCI Liberty Inc. Class A | 1,303,343 | 58,755 |
Wyndham Destinations Inc. | 1,285,504 | 56,909 | |
Texas Roadhouse Inc. Class A | 867,393 | 56,823 | |
Extended Stay America Inc. | 2,516,960 | 54,392 | |
* | Skechers U.S.A. Inc. Class A | 1,767,486 | 53,042 |
Delphi Technologies plc | 1,158,144 | 52,649 | |
American Eagle Outfitters Inc. | 2,207,009 | 51,313 | |
* | Planet Fitness Inc. Class A | 1,140,137 | 50,098 |
* | Visteon Corp. | 384,485 | 49,691 |
^ | Cracker Barrel Old Country Store Inc. | 317,315 | 49,568 |
Cinemark Holdings Inc. | 1,397,283 | 49,017 | |
* | Liberty Media Corp-Liberty SiriusXM Class A | 1,086,903 | 48,965 |
* | Weight Watchers International Inc. | 481,012 | 48,630 |
* | Urban Outfitters Inc. | 1,057,000 | 47,089 |
* | Ollie's Bargain Outlet Holdings Inc. | 649,400 | 47,081 |
Hyatt Hotels Corp. Class A | 605,858 | 46,742 | |
Cable One Inc. | 62,252 | 45,649 | |
ILG Inc. | 1,374,382 | 45,396 | |
* | Deckers Outdoor Corp. | 401,060 | 45,276 |
Churchill Downs Inc. | 149,349 | 44,282 | |
Nexstar Media Group Inc. Class A | 602,787 | 44,245 | |
* | Hilton Grand Vacations Inc. | 1,270,590 | 44,089 |
New York Times Co. Class A | 1,674,474 | 43,369 |
1
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Signet Jewelers Ltd. | 771,550 | 43,014 | |
Wolverine World Wide Inc. | 1,231,516 | 42,820 | |
Wendy's Co. | 2,365,621 | 40,641 | |
* | Shutterfly Inc. | 431,699 | 38,866 |
Dana Inc. | 1,916,001 | 38,684 | |
World Wrestling Entertainment Inc. Class A | 528,737 | 38,503 | |
* | Adtalem Global Education Inc. | 790,453 | 38,021 |
* | AutoNation Inc. | 774,067 | 37,604 |
* | AMC Networks Inc. Class A | 604,424 | 37,595 |
John Wiley & Sons Inc. Class A | 600,623 | 37,479 | |
Boyd Gaming Corp. | 1,073,489 | 37,207 | |
Steven Madden Ltd. | 698,288 | 37,079 | |
* | Penn National Gaming Inc. | 1,102,607 | 37,037 |
* | TopBuild Corp. | 469,836 | 36,807 |
Bed Bath & Beyond Inc. | 1,827,238 | 36,408 | |
Dick's Sporting Goods Inc. | 1,030,625 | 36,330 | |
Tribune Media Co. Class A | 948,800 | 36,311 | |
Choice Hotels International Inc. | 479,279 | 36,233 | |
Columbia Sportswear Co. | 390,000 | 35,673 | |
Aaron's Inc. | 813,891 | 35,364 | |
* | Liberty Broadband Corp. Class A | 465,149 | 35,184 |
^,* | RH | 251,242 | 35,099 |
Lions Gate Entertainment Corp. Class B | 1,483,526 | 34,804 | |
Marriott Vacations Worldwide Corp. | 308,073 | 34,800 | |
* | Scientific Games Corp. | 698,497 | 34,331 |
* | Helen of Troy Ltd. | 348,095 | 34,270 |
Graham Holdings Co. Class B | 58,312 | 34,177 | |
* | TRI Pointe Group Inc. | 1,994,604 | 32,632 |
Sinclair Broadcast Group Inc. Class A | 1,005,842 | 32,338 | |
Jack in the Box Inc. | 373,284 | 31,774 | |
* | Liberty Expedia Holdings Inc. Class A | 719,230 | 31,603 |
* | Liberty Latin America Ltd. | 1,610,324 | 31,208 |
* | Eldorado Resorts Inc. | 794,992 | 31,084 |
Cheesecake Factory Inc. | 562,016 | 30,945 | |
TEGNA Inc. | 2,841,251 | 30,828 | |
Red Rock Resorts Inc. Class A | 911,568 | 30,538 | |
* | Murphy USA Inc. | 410,630 | 30,506 |
* | Chegg Inc. | 1,088,592 | 30,252 |
Tenneco Inc. | 683,828 | 30,061 | |
Lithia Motors Inc. Class A | 317,468 | 30,023 | |
* | Taylor Morrison Home Corp. Class A | 1,442,931 | 29,984 |
LCI Industries | 331,029 | 29,842 | |
KB Home | 1,091,575 | 29,734 | |
^,* | Tempur Sealy International Inc. | 609,136 | 29,269 |
* | Floor & Decor Holdings Inc. Class A | 585,557 | 28,886 |
* | Cooper-Standard Holdings Inc. | 213,257 | 27,866 |
* | Michaels Cos. Inc. | 1,448,141 | 27,761 |
^,* | iRobot Corp. | 364,260 | 27,600 |
Tupperware Brands Corp. | 668,539 | 27,571 | |
Brinker International Inc. | 578,664 | 27,544 | |
* | Dorman Products Inc. | 396,307 | 27,072 |
Meredith Corp. | 522,241 | 26,634 | |
* | Sotheby's | 489,811 | 26,616 |
Children's Place Inc. | 216,699 | 26,177 | |
^ | Altice USA Inc. Class A | 1,513,107 | 25,814 |
Monro Inc. | 433,269 | 25,173 | |
* | Sally Beauty Holdings Inc. | 1,565,297 | 25,092 |
^,* | Roku Inc. | 580,602 | 24,745 |
DSW Inc. Class A | 951,438 | 24,566 | |
* | G-III Apparel Group Ltd. | 552,152 | 24,516 |
Bloomin' Brands Inc. | 1,206,785 | 24,256 | |
* | Pinnacle Entertainment Inc. | 717,630 | 24,206 |
* | Dave & Buster's Entertainment Inc. | 508,489 | 24,204 |
^ | Dillard's Inc. Class A | 255,949 | 24,187 |
2
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Callaway Golf Co. | 1,253,157 | 23,772 | |
* | Cavco Industries Inc. | 112,266 | 23,312 |
* | Fox Factory Holding Corp. | 497,878 | 23,176 |
Big Lots Inc. | 546,410 | 22,829 | |
* | Groupon Inc. Class A | 5,246,102 | 22,558 |
Penske Automotive Group Inc. | 473,998 | 22,207 | |
Abercrombie & Fitch Co. | 900,044 | 22,033 | |
* | Meritage Homes Corp. | 500,197 | 21,984 |
Lions Gate Entertainment Corp. Class A | 852,194 | 21,151 | |
* | American Axle & Manufacturing Holdings Inc. | 1,303,690 | 20,285 |
Wingstop Inc. | 386,496 | 20,144 | |
* | MSG Networks Inc. | 822,467 | 19,698 |
Caleres Inc. | 572,084 | 19,674 | |
GameStop Corp. Class A | 1,329,635 | 19,373 | |
* | Gentherm Inc. | 492,113 | 19,340 |
La-Z-Boy Inc. | 628,872 | 19,243 | |
* | Caesars Entertainment Corp. | 1,796,966 | 19,228 |
* | SeaWorld Entertainment Inc. | 870,446 | 18,993 |
Oxford Industries Inc. | 224,180 | 18,602 | |
MDC Holdings Inc. | 584,220 | 17,976 | |
Dine Brands Global Inc. | 239,696 | 17,929 | |
Cooper Tire & Rubber Co. | 673,621 | 17,716 | |
Office Depot Inc. | 6,771,334 | 17,267 | |
* | Asbury Automotive Group Inc. | 245,106 | 16,802 |
Tailored Brands Inc. | 650,482 | 16,600 | |
Guess? Inc. | 775,088 | 16,587 | |
* | Shake Shack Inc. Class A | 250,011 | 16,546 |
* | Gray Television Inc. | 1,044,704 | 16,506 |
^,* | Carvana Co. Class A | 396,128 | 16,479 |
Scholastic Corp. | 371,221 | 16,449 | |
Group 1 Automotive Inc. | 259,017 | 16,318 | |
Sonic Corp. | 473,281 | 16,290 | |
* | Crocs Inc. | 916,559 | 16,141 |
* | National Vision Holdings Inc. | 437,510 | 16,000 |
Gannett Co. Inc. | 1,492,727 | 15,972 | |
Strayer Education Inc. | 140,162 | 15,840 | |
* | Installed Building Products Inc. | 278,625 | 15,756 |
^,* | Fossil Group Inc. | 575,104 | 15,453 |
* | Liberty TripAdvisor Holdings Inc. Class A | 959,642 | 15,450 |
Winnebago Industries Inc. | 378,895 | 15,383 | |
Capella Education Co. | 155,680 | 15,366 | |
Nutrisystem Inc. | 390,229 | 15,024 | |
Papa John's International Inc. | 296,169 | 15,022 | |
International Speedway Corp. Class A | 328,804 | 14,698 | |
* | Sleep Number Corp. | 505,379 | 14,666 |
New Media Investment Group Inc. | 792,770 | 14,650 | |
* | Career Education Corp. | 887,461 | 14,350 |
BJ's Restaurants Inc. | 236,398 | 14,184 | |
* | Denny's Corp. | 881,795 | 14,047 |
Chico's FAS Inc. | 1,707,682 | 13,901 | |
Core-Mark Holding Co. Inc. | 608,349 | 13,810 | |
^,* | LGI Homes Inc. | 235,773 | 13,611 |
Entercom Communications Corp. Class A | 1,801,346 | 13,600 | |
Standard Motor Products Inc. | 276,530 | 13,367 | |
Acushnet Holdings Corp. | 544,352 | 13,315 | |
* | At Home Group Inc. | 338,612 | 13,257 |
Sturm Ruger & Co. Inc. | 230,076 | 12,884 | |
* | Belmond Ltd. Class A | 1,144,950 | 12,766 |
* | Stoneridge Inc. | 358,604 | 12,601 |
* | Liberty Media Corp-Liberty Braves Class C | 483,706 | 12,509 |
* | Modine Manufacturing Co. | 674,943 | 12,318 |
PetMed Express Inc. | 272,198 | 11,990 | |
^,* | Conn's Inc. | 359,917 | 11,877 |
* | Vista Outdoor Inc. | 761,523 | 11,796 |
3
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Malibu Boats Inc. Class A | 273,215 | 11,459 |
AMC Entertainment Holdings Inc. Class A | 703,318 | 11,183 | |
Ruth's Hospitality Group Inc. | 390,256 | 10,947 | |
* | Liberty Latin America Ltd. Class A | 561,080 | 10,728 |
* | Genesco Inc. | 264,349 | 10,495 |
* | Liberty Media Corp-Liberty Formula One Class A | 294,497 | 10,399 |
* | Houghton Mifflin Harcourt Co. | 1,357,683 | 10,386 |
* | Fiesta Restaurant Group Inc. | 360,372 | 10,343 |
* | Rent-A-Center Inc. | 699,228 | 10,293 |
Buckle Inc. | 379,765 | 10,216 | |
Movado Group Inc. | 211,065 | 10,194 | |
^ | Camping World Holdings Inc. Class A | 406,023 | 10,142 |
^,* | JC Penney Co. Inc. | 4,205,141 | 9,840 |
* | Century Communities Inc. | 310,794 | 9,806 |
EW Scripps Co. Class A | 731,302 | 9,792 | |
* | American Public Education Inc. | 231,827 | 9,760 |
* | M/I Homes Inc. | 368,246 | 9,751 |
* | Express Inc. | 1,034,118 | 9,462 |
^,* | GoPro Inc. Class A | 1,455,143 | 9,371 |
* | Lumber Liquidators Holdings Inc. | 377,872 | 9,201 |
Tower International Inc. | 284,365 | 9,043 | |
* | Ascena Retail Group Inc. | 2,262,656 | 9,017 |
^,* | Overstock.com Inc. | 262,691 | 8,840 |
* | William Lyon Homes Class A | 371,845 | 8,627 |
* | American Outdoor Brands Corp. | 715,491 | 8,607 |
* | K12 Inc. | 521,539 | 8,538 |
Marcus Corp. | 260,991 | 8,482 | |
Ethan Allen Interiors Inc. | 342,260 | 8,385 | |
* | Playa Hotels & Resorts NV | 752,805 | 8,130 |
BBX Capital Corp. Class A | 899,129 | 8,119 | |
* | Red Robin Gourmet Burgers Inc. | 173,036 | 8,063 |
Cato Corp. Class A | 318,018 | 7,830 | |
* | Unifi Inc. | 241,818 | 7,666 |
Hooker Furniture Corp. | 161,452 | 7,572 | |
* | Boot Barn Holdings Inc. | 356,166 | 7,390 |
* | Chuy's Holdings Inc. | 230,591 | 7,079 |
* | Del Taco Restaurants Inc. | 491,918 | 6,975 |
* | Carrols Restaurant Group Inc. | 467,029 | 6,935 |
* | Regis Corp. | 418,585 | 6,923 |
* | Monarch Casino & Resort Inc. | 155,285 | 6,840 |
Emerald Expositions Events Inc. | 329,409 | 6,786 | |
National CineMedia Inc. | 801,880 | 6,736 | |
* | Laureate Education Inc. Class A | 468,344 | 6,711 |
* | Loral Space & Communications Inc. | 177,936 | 6,690 |
* | Beazer Homes USA Inc. | 449,308 | 6,627 |
Sonic Automotive Inc. Class A | 319,699 | 6,586 | |
^,* | Lands' End Inc. | 232,731 | 6,493 |
Johnson Outdoors Inc. Class A | 76,619 | 6,477 | |
* | MCBC Holdings Inc. | 220,384 | 6,380 |
* | ZAGG Inc. | 368,194 | 6,370 |
* | Nautilus Inc. | 405,353 | 6,364 |
* | Universal Electronics Inc. | 192,003 | 6,346 |
* | America's Car-Mart Inc. | 99,554 | 6,162 |
* | Drive Shack Inc. | 792,275 | 6,116 |
* | Zumiez Inc. | 243,107 | 6,090 |
* | Hibbett Sports Inc. | 254,539 | 5,829 |
Haverty Furniture Cos. Inc. | 266,313 | 5,752 | |
Superior Industries International Inc. | 321,266 | 5,751 | |
* | 1-800-Flowers.com Inc. Class A | 451,061 | 5,661 |
* | MarineMax Inc. | 298,567 | 5,658 |
* | tronc Inc. | 317,707 | 5,490 |
Citi Trends Inc. | 198,000 | 5,433 | |
* | Golden Entertainment Inc. | 199,009 | 5,371 |
* | Stitch Fix Inc. Class A | 193,494 | 5,309 |
4
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | PlayAGS Inc. | 192,460 | 5,210 |
* | Party City Holdco Inc. | 337,947 | 5,154 |
Carriage Services Inc. Class A | 202,025 | 4,960 | |
Barnes & Noble Inc. | 766,042 | 4,864 | |
* | Motorcar Parts of America Inc. | 255,063 | 4,772 |
* | Central European Media Enterprises Ltd. Class A | 1,147,765 | 4,763 |
* | Town Sports International Holdings Inc. | 327,260 | 4,762 |
* | Perry Ellis International Inc. | 174,699 | 4,747 |
Shoe Carnival Inc. | 142,734 | 4,632 | |
* | Lindblad Expeditions Holdings Inc. | 343,633 | 4,553 |
Entravision Communications Corp. Class A | 880,618 | 4,403 | |
* | Potbelly Corp. | 336,306 | 4,355 |
Winmark Corp. | 27,598 | 4,097 | |
PICO Holdings Inc. | 340,715 | 3,969 | |
Bassett Furniture Industries Inc. | 143,331 | 3,949 | |
* | Vera Bradley Inc. | 277,405 | 3,895 |
Skyline Champion Corp. | 110,891 | 3,886 | |
RCI Hospitality Holdings Inc. | 119,293 | 3,776 | |
Flexsteel Industries Inc. | 94,500 | 3,771 | |
Nathan's Famous Inc. | 39,565 | 3,723 | |
* | Francesca's Holdings Corp. | 489,215 | 3,694 |
* | Del Frisco's Restaurant Group Inc. | 292,313 | 3,683 |
Tile Shop Holdings Inc. | 476,530 | 3,669 | |
Culp Inc. | 140,526 | 3,450 | |
* | El Pollo Loco Holdings Inc. | 300,116 | 3,421 |
Speedway Motorsports Inc. | 195,751 | 3,398 | |
* | Century Casinos Inc. | 388,096 | 3,396 |
* | Bojangles' Inc. | 233,344 | 3,360 |
* | Reading International Inc. Class A | 208,827 | 3,331 |
* | Red Lion Hotels Corp. | 275,419 | 3,209 |
^,* | GNC Holdings Inc. Class A | 906,033 | 3,189 |
^,* | Duluth Holdings Inc. | 133,421 | 3,174 |
* | Hovnanian Enterprises Inc. Class A | 1,926,742 | 3,141 |
* | AV Homes Inc. | 146,504 | 3,135 |
^,* | Daily Journal Corp. | 13,381 | 3,080 |
* | Gaia Inc. Class A | 149,222 | 3,022 |
^,* | Noodles & Co. Class A | 242,773 | 2,986 |
Rocky Brands Inc. | 99,344 | 2,980 | |
* | Barnes & Noble Education Inc. | 527,046 | 2,973 |
* | Liberty Media Corp-Liberty Braves Class A | 110,879 | 2,851 |
* | Biglari Holdings Inc. Class B | 15,491 | 2,842 |
* | Habit Restaurants Inc. Class A | 283,179 | 2,832 |
Tilly's Inc. Class A | 184,559 | 2,796 | |
* | Kirkland's Inc. | 231,336 | 2,693 |
* | Clarus Corp. | 326,337 | 2,692 |
Libbey Inc. | 324,087 | 2,635 | |
^,* | Zoe's Kitchen Inc. | 268,105 | 2,617 |
* | Sportsman's Warehouse Holdings Inc. | 509,641 | 2,609 |
Weyco Group Inc. | 70,611 | 2,570 | |
* | WideOpenWest Inc. | 265,710 | 2,567 |
^,* | Vitamin Shoppe Inc. | 365,950 | 2,543 |
Pier 1 Imports Inc. | 1,049,331 | 2,497 | |
* | Hemisphere Media Group Inc. Class A | 186,159 | 2,439 |
* | Bridgepoint Education Inc. Class A | 371,079 | 2,423 |
Clear Channel Outdoor Holdings Inc. Class A | 543,081 | 2,335 | |
Saga Communications Inc. Class A | 60,105 | 2,314 | |
Marine Products Corp. | 128,803 | 2,290 | |
^,* | Vuzix Corp. | 304,408 | 2,268 |
Big 5 Sporting Goods Corp. | 290,531 | 2,208 | |
Hamilton Beach Brands Holding Co. Class A | 74,905 | 2,176 | |
* | Green Brick Partners Inc. | 219,014 | 2,146 |
CSS Industries Inc. | 126,546 | 2,139 | |
* | Cambium Learning Group Inc. | 189,255 | 2,110 |
^,* | Container Store Group Inc. | 247,808 | 2,084 |
5
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Global Eagle Entertainment Inc. | 824,429 | 2,078 |
^,* | Jamba Inc. | 194,836 | 2,075 |
^,* | Tuesday Morning Corp. | 679,825 | 2,073 |
* | New York & Co. Inc. | 404,818 | 2,073 |
Superior Group of Cos. Inc. | 94,935 | 1,966 | |
Lifetime Brands Inc. | 153,773 | 1,945 | |
* | J Alexander's Holdings Inc. | 174,027 | 1,940 |
* | VOXX International Corp. Class A | 354,380 | 1,914 |
^,* | Turtle Beach Corp. | 93,141 | 1,893 |
* | New Home Co. Inc. | 187,863 | 1,873 |
^,* | Horizon Global Corp. | 313,273 | 1,867 |
* | Lee Enterprises Inc. | 647,369 | 1,845 |
^,* | Funko Inc. Class A | 145,658 | 1,828 |
^,* | Blue Apron Holdings Inc. Class A | 541,994 | 1,816 |
Escalade Inc. | 128,577 | 1,813 | |
* | Shiloh Industries Inc. | 207,670 | 1,807 |
Collectors Universe Inc. | 117,632 | 1,734 | |
* | J. Jill Inc. | 163,267 | 1,525 |
* | Delta Apparel Inc. | 77,996 | 1,509 |
^,* | LiveXLive Media Inc. | 255,400 | 1,474 |
^ | Bluegreen Vacations Corp. | 60,436 | 1,438 |
* | Biglari Holdings Inc. | 1,513 | 1,437 |
* | Aspen Group Inc. | 187,581 | 1,401 |
* | Build-A-Bear Workshop Inc. | 183,681 | 1,396 |
* | Lakeland Industries Inc. | 91,906 | 1,300 |
Strattec Security Corp. | 40,856 | 1,248 | |
^,* | Inspired Entertainment Inc. | 193,612 | 1,210 |
Beasley Broadcast Group Inc. Class A | 106,810 | 1,196 | |
^,* | Fluent Inc. | 487,751 | 1,195 |
* | Destination XL Group Inc. | 512,322 | 1,153 |
^ | Fred's Inc. Class A | 499,157 | 1,138 |
* | FTD Cos. Inc. | 230,431 | 1,069 |
* | Ballantyne Strong Inc. | 208,983 | 1,014 |
* | Full House Resorts Inc. | 302,969 | 1,009 |
AH Belo Corp. Class A | 209,330 | 984 | |
Ark Restaurants Corp. | 38,576 | 982 | |
^,* | Stein Mart Inc. | 382,722 | 938 |
* | JAKKS Pacific Inc. | 281,839 | 923 |
* | Sequential Brands Group Inc. | 466,107 | 918 |
^,* | Sears Holdings Corp. | 358,395 | 849 |
Townsquare Media Inc. Class A | 129,692 | 839 | |
^,* | Boston Omaha Corp. Class A | 39,397 | 830 |
^,* | Empire Resorts Inc. | 41,451 | 821 |
^ | Stage Stores Inc. | 338,237 | 815 |
^,* | Famous Dave's of America Inc. | 115,967 | 783 |
* | EVINE Live Inc. | 616,396 | 758 |
^ | Liberty Tax Inc. | 92,767 | 749 |
* | Universal Technical Institute Inc. | 216,907 | 683 |
* | Tandy Leather Factory Inc. | 82,294 | 642 |
^,* | Workhorse Group Inc. | 343,044 | 624 |
* | Destination Maternity Corp. | 98,882 | 575 |
Salem Media Group Inc. Class A | 108,303 | 558 | |
Educational Development Corp. | 27,923 | 524 | |
* | Urban One Inc. | 236,694 | 497 |
* | Ascent Capital Group Inc. Class A | 176,529 | 496 |
^,* | Iconix Brand Group Inc. | 830,919 | 485 |
^,* | Chicken Soup For The Soul Entertainment Inc. | 48,994 | 469 |
Crown Crafts Inc. | 80,356 | 458 | |
Dover Motorsports Inc. | 181,111 | 407 | |
* | Christopher & Banks Corp. | 414,199 | 389 |
* | Dixie Group Inc. | 168,576 | 388 |
* | Good Times Restaurants Inc. | 95,830 | 359 |
* | Luby's Inc. | 137,009 | 355 |
Peak Resorts Inc. | 70,701 | 354 |
6
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Dover Downs Gaming & Entertainment Inc. | 198,228 | 353 |
^,* | Nova Lifestyle Inc. | 210,360 | 351 |
Harte-Hanks Inc. | 30,929 | 343 | |
^,* | UQM Technologies Inc. | 339,585 | 340 |
* | Vince Holding Corp. | 20,091 | 331 |
^,* | Social Reality Inc. | 70,955 | 324 |
* | Emerson Radio Corp. | 206,739 | 302 |
Unique Fabricating Inc. | 29,839 | 261 | |
* | US Auto Parts Network Inc. | 160,785 | 241 |
Gaming Partners International Corp. | 27,699 | 237 | |
* | Trans World Entertainment Corp. | 247,358 | 215 |
* | Papa Murphy's Holdings Inc. | 38,544 | 214 |
* | Insignia Systems Inc. | 125,777 | 213 |
^,* | Kona Grill Inc. | 86,359 | 203 |
* | Emmis Communications Corp. Class A | 38,326 | 203 |
* | ONE Group Hospitality Inc. | 80,257 | 195 |
^,* | Forward Industries Inc. | 115,757 | 188 |
AMCON Distributing Co. | 2,126 | 187 | |
* | Lincoln Educational Services Corp. | 103,065 | 179 |
Flanigan's Enterprises Inc. | 6,352 | 175 | |
* | Cinedigm Corp. Class A | 112,137 | 174 |
* | Charles & Colvard Ltd. | 150,610 | 161 |
* | Rave Restaurant Group Inc. | 103,389 | 148 |
^,* | Naked Brand Group Ltd. | 22,514 | 143 |
* | Sypris Solutions Inc. | 85,553 | 140 |
^,* | Sears Hometown and Outlet Stores Inc. | 65,252 | 137 |
* | RLJ Entertainment Inc. | 27,854 | 129 |
* | Live Ventures Inc. | 9,510 | 120 |
* | Summer Infant Inc. | 85,244 | 118 |
* | McClatchy Co. Class A | 11,121 | 111 |
^,* | Differential Brands Group Inc. | 26,634 | 103 |
* | SPAR Group Inc. | 80,427 | 101 |
* | Diversified Restaurant Holdings Inc. | 72,507 | 91 |
^,* | Arcimoto Inc. | 19,030 | 81 |
* | Nevada Gold & Casinos Inc. | 38,694 | 77 |
* | NTN Buzztime Inc. | 16,227 | 72 |
^,* | Chanticleer Holdings Inc. | 19,975 | 62 |
* | YogaWorks Inc. | 33,800 | 61 |
^,* | CDTi Advanced Materials Inc. | 71,247 | 41 |
* | Cherokee Inc. | 61,131 | 34 |
* | Genius Brands International Inc. | 12,409 | 30 |
* | CafePress Inc. | 21,383 | 25 |
Lennar Corp. Class A | 471 | 25 | |
* | XpresSpa Group Inc. | 52,102 | 15 |
* | Xcel Brands Inc. | 6,463 | 15 |
^,* | Cool Holdings Inc. | 3,700 | 13 |
* | Koss Corp. | 4,492 | 11 |
^,* | Alliance MMA Inc. | 29,830 | 10 |
FAT Brands Inc. | 1,200 | 9 | |
* | CTI Industries Corp. | 1,768 | 8 |
^,* | Comstock Holding Cos. Inc. Class A | 2,809 | 7 |
^,* | Urban One Inc. Class A | 2,500 | 6 |
P&F Industries Inc. Class A | 574 | 5 | |
Canterbury Park Holding Corp. | 209 | 3 | |
Bowl America Inc. Class A | 100 | 1 | |
* | DGSE Cos. Inc. | 1,900 | 1 |
* | Level Brands Inc. | 200 | 1 |
Lennar Corp. Class B | 6 | — | |
*,2 | Here Media Inc. | 12,670 | — |
9,644,434 | |||
Consumer Staples (3.2%) | |||
Dr Pepper Snapple Group Inc. | 2,008,467 | 245,033 | |
Lamb Weston Holdings Inc. | 1,923,471 | 131,777 | |
Bunge Ltd. | 1,845,396 | 128,643 |
7
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Ingredion Inc. | 937,684 | 103,802 | |
Pinnacle Foods Inc. | 1,544,347 | 100,475 | |
^,* | Herbalife Nutrition Ltd. | 1,505,653 | 80,884 |
* | Post Holdings Inc. | 878,417 | 75,561 |
* | US Foods Holding Corp. | 1,787,454 | 67,602 |
Nu Skin Enterprises Inc. Class A | 731,022 | 57,159 | |
Casey's General Stores Inc. | 493,871 | 51,896 | |
Flowers Foods Inc. | 2,458,192 | 51,204 | |
Energizer Holdings Inc. | 786,181 | 49,498 | |
* | Darling Ingredients Inc. | 2,188,411 | 43,506 |
* | Performance Food Group Co. | 1,111,798 | 40,803 |
* | Hain Celestial Group Inc. | 1,355,480 | 40,393 |
* | TreeHouse Foods Inc. | 742,051 | 38,965 |
* | Sprouts Farmers Market Inc. | 1,625,967 | 35,885 |
* | Edgewell Personal Care Co. | 705,537 | 35,601 |
Lancaster Colony Corp. | 256,757 | 35,540 | |
* | Boston Beer Co. Inc. Class A | 115,573 | 34,637 |
J&J Snack Foods Corp. | 199,012 | 30,343 | |
* | United Natural Foods Inc. | 665,268 | 28,380 |
Sanderson Farms Inc. | 262,713 | 27,624 | |
PriceSmart Inc. | 305,091 | 27,611 | |
WD-40 Co. | 187,141 | 27,369 | |
Vector Group Ltd. | 1,423,407 | 27,159 | |
B&G Foods Inc. | 879,643 | 26,301 | |
* | HRG Group Inc. | 2,001,237 | 26,196 |
^,* | Rite Aid Corp. | 14,133,454 | 24,451 |
^ | Spectrum Brands Holdings Inc. | 294,913 | 24,071 |
Medifast Inc. | 139,114 | 22,281 | |
Universal Corp. | 328,620 | 21,705 | |
* | Central Garden & Pet Co. Class A | 522,694 | 21,153 |
^ | Calavo Growers Inc. | 208,570 | 20,054 |
Fresh Del Monte Produce Inc. | 445,843 | 19,862 | |
* | Cal-Maine Foods Inc. | 394,058 | 18,068 |
* | USANA Health Sciences Inc. | 149,595 | 17,248 |
* | National Beverage Corp. | 154,630 | 16,530 |
MGP Ingredients Inc. | 167,754 | 14,898 | |
Seaboard Corp. | 3,742 | 14,829 | |
* | Hostess Brands Inc. Class A | 1,048,890 | 14,265 |
* | Pilgrim's Pride Corp. | 690,327 | 13,896 |
Dean Foods Co. | 1,202,597 | 12,639 | |
SpartanNash Co. | 482,671 | 12,318 | |
Inter Parfums Inc. | 229,438 | 12,275 | |
Weis Markets Inc. | 226,858 | 12,101 | |
Andersons Inc. | 351,504 | 12,021 | |
SUPERVALU Inc. | 506,694 | 10,397 | |
* | Simply Good Foods Co. | 697,196 | 10,068 |
* | Avon Products Inc. | 5,854,985 | 9,485 |
John B Sanfilippo & Son Inc. | 118,198 | 8,800 | |
* | Freshpet Inc. | 320,312 | 8,793 |
Coca-Cola Bottling Co. Consolidated | 62,022 | 8,381 | |
* | Chefs' Warehouse Inc. | 286,476 | 8,165 |
* | Primo Water Corp. | 408,812 | 7,150 |
Tootsie Roll Industries Inc. | 226,613 | 6,991 | |
Ingles Markets Inc. Class A | 205,362 | 6,531 | |
* | Landec Corp. | 368,402 | 5,489 |
^,* | elf Beauty Inc. | 293,923 | 4,479 |
* | Farmer Brothers Co. | 144,985 | 4,429 |
Limoneira Co. | 153,613 | 3,780 | |
* | Central Garden & Pet Co. | 84,416 | 3,670 |
Turning Point Brands Inc. | 109,359 | 3,489 | |
^,* | 22nd Century Group Inc. | 1,378,992 | 3,392 |
Village Super Market Inc. Class A | 106,934 | 3,150 | |
* | Craft Brew Alliance Inc. | 143,682 | 2,967 |
* | Seneca Foods Corp. Class A | 104,969 | 2,834 |
8
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Oil-Dri Corp. of America | 65,419 | 2,757 | |
^,* | Revlon Inc. Class A | 141,052 | 2,476 |
Natural Health Trends Corp. | 93,845 | 2,348 | |
* | Smart & Final Stores Inc. | 400,029 | 2,220 |
* | Alliance One International Inc. | 113,650 | 1,801 |
Alico Inc. | 54,681 | 1,733 | |
* | BJ's Wholesale Club Holdings Inc. | 64,001 | 1,514 |
* | Natural Grocers by Vitamin Cottage Inc. | 109,036 | 1,389 |
^,* | Castle Brands Inc. | 1,107,894 | 1,318 |
Rocky Mountain Chocolate Factory Inc. | 96,131 | 1,100 | |
United-Guardian Inc. | 57,149 | 1,094 | |
* | Nature's Sunshine Products Inc. | 91,053 | 851 |
^,* | Celsius Holdings Inc. | 184,033 | 847 |
* | Lifevantage Corp. | 125,479 | 799 |
* | Natural Alternatives International Inc. | 73,591 | 747 |
^,* | Veru Inc. | 328,752 | 664 |
^,* | S&W Seed Co. | 165,885 | 539 |
^,* | New Age Beverages Corp. | 260,841 | 488 |
^,* | Orchids Paper Products Co. | 117,125 | 466 |
* | Lifeway Foods Inc. | 87,868 | 442 |
* | Reed's Inc. | 137,667 | 392 |
* | RiceBran Technologies | 114,375 | 247 |
* | Coffee Holding Co. Inc. | 34,760 | 188 |
Mannatech Inc. | 7,384 | 151 | |
^,* | Ifresh Inc. | 23,899 | 125 |
Ocean Bio-Chem Inc. | 19,130 | 69 | |
^,* | Arcadia Biosciences Inc. | 7,454 | 62 |
* | Youngevity International Inc. | 10,598 | 44 |
* | Bridgford Foods Corp. | 2,984 | 41 |
^,* | MYOS RENS Technology Inc. | 21,975 | 33 |
* | CCA Industries Inc. | 9,900 | 29 |
* | Reliv International Inc. | 4,459 | 22 |
^,* | Eastside Distilling Inc. | 2,053 | 18 |
* | Cyanotech Corp. | 2,701 | 11 |
* | Truett-Hurst Inc. | 4,464 | 7 |
* | Willamette Valley Vineyards Inc. | 533 | 5 |
2,143,989 | |||
Energy (4.8%) | |||
* | Cheniere Energy Inc. | 2,704,971 | 176,337 |
Diamondback Energy Inc. | 1,284,604 | 169,015 | |
Targa Resources Corp. | 2,882,057 | 142,633 | |
* | Parsley Energy Inc. Class A | 3,353,693 | 101,550 |
* | WPX Energy Inc. | 5,250,721 | 94,671 |
* | Energen Corp. | 1,270,644 | 92,528 |
^,* | Transocean Ltd. | 5,724,069 | 76,932 |
* | Continental Resources Inc. | 1,132,225 | 73,323 |
* | RSP Permian Inc. | 1,649,908 | 72,629 |
Core Laboratories NV | 574,170 | 72,466 | |
Murphy Oil Corp. | 2,131,739 | 71,989 | |
* | Whiting Petroleum Corp. | 1,190,984 | 62,789 |
^,* | Chesapeake Energy Corp. | 11,924,229 | 62,483 |
PBF Energy Inc. Class A | 1,464,313 | 61,399 | |
Peabody Energy Corp. | 1,326,969 | 60,351 | |
* | Antero Resources Corp. | 2,815,620 | 60,114 |
Patterson-UTI Energy Inc. | 2,934,520 | 52,821 | |
* | PDC Energy Inc. | 870,006 | 52,592 |
Range Resources Corp. | 2,973,579 | 49,748 | |
Delek US Holdings Inc. | 983,923 | 49,363 | |
McDermott International Inc. | 2,339,360 | 45,968 | |
* | Oasis Petroleum Inc. | 3,513,752 | 45,573 |
CNX Resources Corp. | 2,555,981 | 45,445 | |
^,* | Weatherford International plc | 12,980,425 | 42,706 |
* | Apergy Corp. | 1,011,172 | 42,216 |
^ | Ensco plc Class A | 5,695,559 | 41,350 |
9
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Centennial Resource Development Inc. Class A | 2,283,017 | 41,231 |
* | Matador Resources Co. | 1,367,355 | 41,089 |
* | QEP Resources Inc. | 3,080,848 | 37,771 |
* | Southwestern Energy Co. | 6,753,671 | 35,794 |
SM Energy Co. | 1,357,861 | 34,883 | |
* | SRC Energy Inc. | 3,157,831 | 34,799 |
Oceaneering International Inc. | 1,289,565 | 32,832 | |
* | Callon Petroleum Co. | 2,962,570 | 31,818 |
Nabors Industries Ltd. | 4,585,107 | 29,391 | |
* | Carrizo Oil & Gas Inc. | 1,017,867 | 28,348 |
US Silica Holdings Inc. | 1,019,969 | 26,203 | |
* | California Resources Corp. | 568,583 | 25,836 |
* | Dril-Quip Inc. | 500,964 | 25,750 |
* | Gulfport Energy Corp. | 2,037,305 | 25,609 |
* | Denbury Resources Inc. | 5,299,806 | 25,492 |
* | Oil States International Inc. | 788,357 | 25,306 |
* | Kosmos Energy Ltd. | 3,046,606 | 25,195 |
^,* | Extraction Oil & Gas Inc. | 1,639,035 | 24,077 |
* | Rowan Cos. plc Class A | 1,482,512 | 24,046 |
SemGroup Corp. Class A | 871,792 | 22,144 | |
Arch Coal Inc. Class A | 274,481 | 21,528 | |
* | Noble Corp. plc | 3,227,399 | 20,429 |
Archrock Inc. | 1,690,422 | 20,285 | |
* | C&J Energy Services Inc. | 844,167 | 19,922 |
* | Superior Energy Services Inc. | 2,008,509 | 19,563 |
World Fuel Services Corp. | 892,707 | 18,220 | |
* | Unit Corp. | 703,115 | 17,972 |
^,* | Diamond Offshore Drilling Inc. | 846,472 | 17,657 |
* | Laredo Petroleum Inc. | 1,690,682 | 16,264 |
* | Helix Energy Solutions Group Inc. | 1,855,176 | 15,454 |
* | Penn Virginia Corp. | 177,404 | 15,060 |
* | ProPetro Holding Corp. | 933,916 | 14,644 |
* | Newpark Resources Inc. | 1,202,072 | 13,043 |
* | SEACOR Holdings Inc. | 224,249 | 12,843 |
* | CONSOL Energy Inc. | 330,887 | 12,690 |
* | Cactus Inc. | 352,713 | 11,918 |
* | Forum Energy Technologies Inc. | 956,104 | 11,808 |
RPC Inc. | 791,071 | 11,526 | |
* | Exterran Corp. | 428,424 | 10,728 |
* | Bonanza Creek Energy Inc. | 272,352 | 10,314 |
* | Keane Group Inc. | 703,241 | 9,613 |
Green Plains Inc. | 512,977 | 9,388 | |
* | Alta Mesa Resources Inc. | 1,374,187 | 9,358 |
* | Ring Energy Inc. | 726,724 | 9,171 |
* | Halcon Resources Corp. | 2,082,995 | 9,144 |
* | International Seaways Inc. | 391,031 | 9,048 |
* | Select Energy Services Inc. Class A | 610,540 | 8,871 |
* | Talos Energy Inc. | 271,956 | 8,738 |
* | W&T Offshore Inc. | 1,218,034 | 8,709 |
^,* | Tidewater Inc. | 298,879 | 8,647 |
^,* | Tellurian Inc. | 1,029,960 | 8,569 |
* | SandRidge Energy Inc. | 478,156 | 8,483 |
^,* | Resolute Energy Corp. | 262,882 | 8,202 |
* | HighPoint Resources Corp. | 1,325,029 | 8,056 |
* | Renewable Energy Group Inc. | 450,717 | 8,045 |
* | Northern Oil and Gas Inc. | 2,452,899 | 7,727 |
* | Covia Holdings Corp. | 411,381 | 7,635 |
^ | CVR Energy Inc. | 205,465 | 7,600 |
* | TETRA Technologies Inc. | 1,685,283 | 7,500 |
* | WildHorse Resource Development Corp. | 282,737 | 7,170 |
* | Matrix Service Co. | 365,772 | 6,712 |
Frank's International NV | 836,530 | 6,525 | |
* | Clean Energy Fuels Corp. | 1,737,228 | 6,410 |
* | REX American Resources Corp. | 77,515 | 6,276 |
10
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Bristow Group Inc. | 442,102 | 6,238 |
* | Abraxas Petroleum Corp. | 2,110,444 | 6,099 |
* | Par Pacific Holdings Inc. | 344,991 | 5,996 |
* | Ultra Petroleum Corp. | 2,591,685 | 5,987 |
^,* | Jagged Peak Energy Inc. | 432,648 | 5,633 |
* | Pioneer Energy Services Corp. | 943,900 | 5,522 |
^,* | Mammoth Energy Services Inc. | 156,836 | 5,326 |
* | SEACOR Marine Holdings Inc. | 221,743 | 5,120 |
* | Midstates Petroleum Co. Inc. | 352,889 | 4,803 |
^,* | Sanchez Energy Corp. | 974,168 | 4,403 |
Panhandle Oil and Gas Inc. Class A | 222,621 | 4,252 | |
* | Energy XXI Gulf Coast Inc. | 460,015 | 4,067 |
Evolution Petroleum Corp. | 400,141 | 3,941 | |
* | Natural Gas Services Group Inc. | 162,844 | 3,843 |
^,* | Solaris Oilfield Infrastructure Inc. Class A | 262,032 | 3,744 |
* | FTS International Inc. | 260,439 | 3,709 |
* | Cloud Peak Energy Inc. | 1,034,834 | 3,612 |
* | Basic Energy Services Inc. | 308,756 | 3,430 |
* | Era Group Inc. | 255,284 | 3,306 |
* | ION Geophysical Corp. | 135,646 | 3,296 |
* | Nine Energy Service Inc. | 99,453 | 3,294 |
* | Dorian LPG Ltd. | 427,313 | 3,265 |
^,* | Uranium Energy Corp. | 1,876,691 | 3,022 |
* | Geospace Technologies Corp. | 211,827 | 2,978 |
* | Earthstone Energy Inc. Class A | 328,913 | 2,911 |
^,* | CARBO Ceramics Inc. | 313,856 | 2,878 |
^,* | Zion Oil & Gas Inc. | 698,583 | 2,833 |
* | Lonestar Resources US Inc. Class A | 327,678 | 2,766 |
^,* | Amyris Inc. | 405,659 | 2,592 |
* | Lilis Energy Inc. | 474,118 | 2,465 |
* | Eclipse Resources Corp. | 1,424,725 | 2,280 |
* | SilverBow Resources Inc. | 77,094 | 2,227 |
* | Overseas Shipholding Group Inc. Class A | 544,449 | 2,112 |
* | Liberty Oilfield Services Inc. Class A | 112,758 | 2,111 |
Gulf Island Fabrication Inc. | 231,989 | 2,088 | |
* | VAALCO Energy Inc. | 745,157 | 2,034 |
* | Hornbeck Offshore Services Inc. | 505,952 | 2,004 |
^,* | Comstock Resources Inc. | 186,543 | 1,961 |
* | Key Energy Services Inc. | 118,733 | 1,928 |
Hallador Energy Co. | 269,977 | 1,928 | |
* | Contango Oil & Gas Co. | 336,296 | 1,910 |
NACCO Industries Inc. Class A | 55,998 | 1,890 | |
* | NCS Multistage Holdings Inc. | 127,886 | 1,858 |
* | RigNet Inc. | 176,857 | 1,822 |
* | Dawson Geophysical Co. | 222,733 | 1,760 |
^,* | EP Energy Corp. Class A | 573,094 | 1,719 |
^,* | Approach Resources Inc. | 683,739 | 1,668 |
* | Pacific Ethanol Inc. | 606,815 | 1,578 |
^,* | Smart Sand Inc. | 291,335 | 1,547 |
^,* | NextDecade Corp. | 225,093 | 1,540 |
* | Gulfmark Offshore Inc. | 44,600 | 1,494 |
* | Independence Contract Drilling Inc. | 345,284 | 1,423 |
^,* | Gastar Exploration Inc. | 2,466,648 | 1,381 |
Adams Resources & Energy Inc. | 26,556 | 1,142 | |
* | Aspen Aerogels Inc. | 229,377 | 1,124 |
* | PHI Inc. NV | 105,399 | 1,072 |
^,* | Quintana Energy Services Inc. | 114,748 | 972 |
* | Isramco Inc. | 7,853 | 965 |
^,* | Torchlight Energy Resources Inc. | 558,889 | 760 |
* | Profire Energy Inc. | 215,383 | 728 |
^,* | Parker Drilling Co. | 1,911,709 | 726 |
* | Mitcham Industries Inc. | 137,162 | 551 |
* | Ranger Energy Services Inc. | 51,211 | 470 |
* | TransAtlantic Petroleum Ltd. | 337,879 | 466 |
11
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Synthesis Energy Systems Inc. | 138,584 | 455 |
^,* | Jones Energy Inc. Class A | 1,158,411 | 430 |
* | Centrus Energy Corp. Class A | 94,105 | 324 |
* | PHI Inc. | 30,581 | 318 |
* | Goodrich Petroleum Corp. | 23,453 | 290 |
* | PrimeEnergy Corp. | 3,877 | 283 |
* | Enservco Corp. | 154,380 | 179 |
^,* | Aemetis Inc. | 113,007 | 171 |
^,* | SAExploration Holdings Inc. | 72,265 | 116 |
^,* | Vertex Energy Inc. | 103,923 | 110 |
^,* | New Concept Energy Inc. | 23,644 | 100 |
^,* | Westwater Resources Inc. | 237,435 | 96 |
* | Barnwell Industries Inc. | 44,204 | 93 |
^,* | Eco-Stim Energy Solutions Inc. | 126,517 | 82 |
^ | AgEagle Aerial Systems Inc. | 37,367 | 68 |
* | ENGlobal Corp. | 44,362 | 57 |
^,* | Gevo Inc. | 13,106 | 50 |
* | Superior Drilling Products Inc. | 25,461 | 49 |
^,* | US Energy Corp. Wyoming | 28,339 | 37 |
* | Tengasco Inc. | 44,728 | 33 |
^,* | Houston American Energy Corp. | 92,152 | 28 |
* | Euronav NV | 2,292 | 21 |
^,* | Yuma Energy Inc. | 16,457 | 9 |
* | Bonanza Creek Energy Inc. Warrants Exp. 04/28/2020 | 19,019 | 9 |
* | PetroQuest Energy Inc. | 13,702 | 3 |
^,*,2 | Harvest Natural Resources Inc. | 133,886 | — |
3,200,051 | |||
Financials (16.2%) | |||
First Republic Bank | 2,111,184 | 204,341 | |
* | Markel Corp. | 181,869 | 197,210 |
TD Ameritrade Holding Corp. | 3,576,623 | 195,892 | |
Annaly Capital Management Inc. | 15,199,231 | 156,400 | |
Ally Financial Inc. | 5,654,925 | 148,555 | |
* | Arch Capital Group Ltd. | 5,331,414 | 141,069 |
FNF Group | 3,596,216 | 135,290 | |
East West Bancorp Inc. | 1,918,025 | 125,055 | |
Alleghany Corp. | 199,258 | 114,567 | |
Reinsurance Group of America Inc. Class A | 838,086 | 111,868 | |
SEI Investments Co. | 1,725,653 | 107,888 | |
Voya Financial Inc. | 2,207,781 | 103,766 | |
AGNC Investment Corp. | 5,452,890 | 101,369 | |
FactSet Research Systems Inc. | 508,114 | 100,657 | |
MarketAxess Holdings Inc. | 497,108 | 98,358 | |
American Financial Group Inc. | 905,133 | 97,148 | |
WR Berkley Corp. | 1,258,732 | 91,145 | |
* | Signature Bank | 709,103 | 90,680 |
Cullen/Frost Bankers Inc. | 766,930 | 83,013 | |
Brown & Brown Inc. | 2,986,968 | 82,829 | |
Synovus Financial Corp. | 1,566,308 | 82,748 | |
Lazard Ltd. Class A | 1,691,559 | 82,734 | |
Eaton Vance Corp. | 1,562,658 | 81,555 | |
PacWest Bancorp | 1,646,814 | 81,386 | |
Commerce Bancshares Inc. | 1,229,782 | 79,579 | |
CIT Group Inc. | 1,554,068 | 78,341 | |
New Residential Investment Corp. | 4,435,509 | 77,577 | |
Webster Financial Corp. | 1,212,928 | 77,264 | |
First Horizon National Corp. | 4,285,516 | 76,454 | |
LPL Financial Holdings Inc. | 1,158,430 | 75,924 | |
First American Financial Corp. | 1,447,903 | 74,886 | |
Starwood Property Trust Inc. | 3,444,838 | 74,787 | |
Validus Holdings Ltd. | 1,077,333 | 72,828 | |
* | Athene Holding Ltd. Class A | 1,658,931 | 72,728 |
* | Western Alliance Bancorp | 1,277,181 | 72,301 |
Janus Henderson Group plc | 2,346,482 | 72,107 |
12
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Bank of the Ozarks | 1,575,751 | 70,972 | |
New York Community Bancorp Inc. | 6,427,971 | 70,965 | |
Sterling Bancorp | 2,948,372 | 69,287 | |
Hanover Insurance Group Inc. | 556,002 | 66,476 | |
Old Republic International Corp. | 3,297,539 | 65,654 | |
Umpqua Holdings Corp. | 2,874,873 | 64,943 | |
Wintrust Financial Corp. | 730,790 | 63,615 | |
RenaissanceRe Holdings Ltd. | 527,851 | 63,511 | |
Prosperity Bancshares Inc. | 918,822 | 62,811 | |
Axis Capital Holdings Ltd. | 1,102,941 | 61,346 | |
Popular Inc. | 1,347,427 | 60,917 | |
Associated Banc-Corp | 2,222,248 | 60,667 | |
Interactive Brokers Group Inc. | 940,150 | 60,555 | |
Pinnacle Financial Partners Inc. | 972,871 | 59,686 | |
^,* | Credit Acceptance Corp. | 168,191 | 59,439 |
* | Texas Capital Bancshares Inc. | 648,789 | 59,364 |
Primerica Inc. | 583,261 | 58,093 | |
BankUnited Inc. | 1,411,499 | 57,660 | |
Evercore Inc. Class A | 539,383 | 56,878 | |
FNB Corp. | 4,228,546 | 56,747 | |
IBERIABANK Corp. | 744,981 | 56,470 | |
FirstCash Inc. | 599,378 | 53,854 | |
TCF Financial Corp. | 2,170,025 | 53,426 | |
Chemical Financial Corp. | 943,808 | 52,542 | |
Hancock Whitney Corp. | 1,125,948 | 52,525 | |
* | MGIC Investment Corp. | 4,888,161 | 52,401 |
Assured Guaranty Ltd. | 1,464,624 | 52,331 | |
MB Financial Inc. | 1,103,556 | 51,536 | |
United Bankshares Inc. | 1,387,884 | 50,519 | |
Stifel Financial Corp. | 944,908 | 49,371 | |
Kemper Corp. | 643,364 | 48,670 | |
Home BancShares Inc. | 2,095,311 | 47,270 | |
Bank of Hawaii Corp. | 563,197 | 46,982 | |
First Citizens BancShares Inc. Class A | 114,875 | 46,329 | |
Radian Group Inc. | 2,848,223 | 46,198 | |
First Financial Bankshares Inc. | 900,315 | 45,826 | |
Chimera Investment Corp. | 2,476,869 | 45,277 | |
Navient Corp. | 3,454,097 | 45,007 | |
^ | Blackstone Mortgage Trust Inc. Class A | 1,430,772 | 44,969 |
* | Green Dot Corp. Class A | 611,724 | 44,894 |
UMB Financial Corp. | 583,077 | 44,448 | |
Selective Insurance Group Inc. | 778,185 | 42,800 | |
Investors Bancorp Inc. | 3,319,336 | 42,454 | |
American Equity Investment Life Holding Co. | 1,173,114 | 42,232 | |
South State Corp. | 488,928 | 42,170 | |
Valley National Bancorp | 3,463,532 | 42,117 | |
CNO Financial Group Inc. | 2,173,807 | 41,389 | |
Cathay General Bancorp | 1,010,017 | 40,896 | |
Glacier Bancorp Inc. | 1,044,879 | 40,416 | |
* | SLM Corp. | 3,506,055 | 40,144 |
BGC Partners Inc. Class A | 3,530,287 | 39,963 | |
MFA Financial Inc. | 5,259,640 | 39,868 | |
Community Bank System Inc. | 669,229 | 39,531 | |
First Financial Bancorp | 1,286,375 | 39,427 | |
Columbia Banking System Inc. | 963,398 | 39,403 | |
Legg Mason Inc. | 1,122,684 | 38,991 | |
* | Essent Group Ltd. | 1,086,624 | 38,923 |
Fulton Financial Corp. | 2,327,115 | 38,397 | |
Financial Engines Inc. | 827,225 | 37,142 | |
Two Harbors Investment Corp. | 2,291,018 | 36,198 | |
* | FCB Financial Holdings Inc. Class A | 608,693 | 35,791 |
White Mountains Insurance Group Ltd. | 39,202 | 35,541 | |
Washington Federal Inc. | 1,084,396 | 35,460 | |
First Midwest Bancorp Inc. | 1,356,051 | 34,539 |
13
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | AXA Equitable Holdings Inc. | 1,669,522 | 34,409 |
BancorpSouth Bank | 1,043,907 | 34,397 | |
RLI Corp. | 516,791 | 34,206 | |
Old National Bancorp | 1,783,801 | 33,179 | |
Great Western Bancorp Inc. | 778,946 | 32,708 | |
Aspen Insurance Holdings Ltd. | 790,475 | 32,172 | |
* | OneMain Holdings Inc. | 952,564 | 31,711 |
BOK Financial Corp. | 333,592 | 31,361 | |
Simmons First National Corp. Class A | 1,046,141 | 31,280 | |
* | Enstar Group Ltd. | 150,112 | 31,118 |
CVB Financial Corp. | 1,372,076 | 30,762 | |
International Bancshares Corp. | 718,708 | 30,761 | |
Morningstar Inc. | 238,933 | 30,643 | |
Hope Bancorp Inc. | 1,687,164 | 30,082 | |
* | BofI Holding Inc. | 729,091 | 29,827 |
United Community Banks Inc. | 968,446 | 29,702 | |
Trustmark Corp. | 908,544 | 29,646 | |
Moelis & Co. Class A | 501,700 | 29,425 | |
* | Genworth Financial Inc. Class A | 6,524,386 | 29,360 |
Federated Investors Inc. Class B | 1,240,772 | 28,935 | |
Erie Indemnity Co. Class A | 245,300 | 28,764 | |
Santander Consumer USA Holdings Inc. | 1,502,795 | 28,688 | |
Ameris Bancorp | 535,533 | 28,571 | |
Union Bankshares Corp. | 718,888 | 27,950 | |
Independent Bank Corp. | 355,834 | 27,897 | |
WesBanco Inc. | 618,669 | 27,865 | |
First Hawaiian Inc. | 942,004 | 27,337 | |
Apollo Commercial Real Estate Finance Inc. | 1,465,967 | 26,798 | |
Argo Group International Holdings Ltd. | 451,974 | 26,282 | |
Renasant Corp. | 577,121 | 26,271 | |
Towne Bank | 818,053 | 26,259 | |
Banner Corp. | 432,243 | 25,991 | |
First Merchants Corp. | 558,841 | 25,930 | |
* | Eagle Bancorp Inc. | 420,810 | 25,796 |
ServisFirst Bancshares Inc. | 604,499 | 25,226 | |
ProAssurance Corp. | 709,425 | 25,149 | |
Horace Mann Educators Corp. | 540,783 | 24,119 | |
CenterState Bank Corp. | 804,899 | 24,002 | |
Northwest Bancshares Inc. | 1,374,674 | 23,906 | |
Capitol Federal Financial Inc. | 1,775,336 | 23,363 | |
* | PRA Group Inc. | 601,792 | 23,199 |
Invesco Mortgage Capital Inc. | 1,458,337 | 23,188 | |
WSFS Financial Corp. | 428,302 | 22,828 | |
Houlihan Lokey Inc. Class A | 441,908 | 22,635 | |
LegacyTexas Financial Group Inc. | 563,455 | 21,986 | |
Mercury General Corp. | 480,756 | 21,903 | |
* | LendingTree Inc. | 102,255 | 21,862 |
Hilltop Holdings Inc. | 988,468 | 21,815 | |
National General Holdings Corp. | 823,517 | 21,683 | |
Provident Financial Services Inc. | 783,572 | 21,572 | |
NBT Bancorp Inc. | 555,263 | 21,183 | |
First Commonwealth Financial Corp. | 1,365,352 | 21,177 | |
Walker & Dunlop Inc. | 372,408 | 20,725 | |
Infinity Property & Casualty Corp. | 145,170 | 20,665 | |
Virtu Financial Inc. Class A | 777,645 | 20,646 | |
Berkshire Hills Bancorp Inc. | 495,429 | 20,114 | |
Ladder Capital Corp. Class A | 1,282,704 | 20,036 | |
Westamerica Bancorporation | 354,521 | 20,034 | |
Heartland Financial USA Inc. | 363,466 | 19,936 | |
Waddell & Reed Financial Inc. Class A | 1,096,583 | 19,706 | |
* | Seacoast Banking Corp. of Florida | 619,882 | 19,576 |
* | Pacific Premier Bancorp Inc. | 508,981 | 19,418 |
S&T Bancorp Inc. | 445,533 | 19,265 | |
Brookline Bancorp Inc. | 1,035,431 | 19,259 |
14
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Park National Corp. | 168,997 | 18,830 | |
* | LendingClub Corp. | 4,964,085 | 18,814 |
Artisan Partners Asset Management Inc. Class A | 620,589 | 18,711 | |
* | First BanCorp | 2,413,474 | 18,463 |
Kearny Financial Corp. | 1,342,782 | 18,060 | |
AmTrust Financial Services Inc. | 1,233,163 | 17,967 | |
Boston Private Financial Holdings Inc. | 1,129,170 | 17,954 | |
Employers Holdings Inc. | 439,926 | 17,685 | |
Navigators Group Inc. | 305,474 | 17,412 | |
Sandy Spring Bancorp Inc. | 423,518 | 17,368 | |
Enterprise Financial Services Corp. | 313,520 | 16,914 | |
First Busey Corp. | 529,785 | 16,805 | |
State Bank Financial Corp. | 499,553 | 16,685 | |
CNA Financial Corp. | 364,996 | 16,673 | |
* | FGL Holdings | 1,982,421 | 16,633 |
First Bancorp | 405,351 | 16,583 | |
* | Enova International Inc. | 448,697 | 16,400 |
Safety Insurance Group Inc. | 191,208 | 16,329 | |
Cadence BanCorp Class A | 564,946 | 16,310 | |
* | Cannae Holdings Inc. | 875,220 | 16,235 |
City Holding Co. | 211,415 | 15,905 | |
Beneficial Bancorp Inc. | 979,655 | 15,870 | |
CYS Investments Inc. | 2,074,433 | 15,558 | |
Independent Bank Group Inc. | 232,359 | 15,522 | |
James River Group Holdings Ltd. | 394,621 | 15,505 | |
Redwood Trust Inc. | 938,466 | 15,457 | |
Lakeland Financial Corp. | 319,363 | 15,390 | |
PennyMac Mortgage Investment Trust | 806,243 | 15,311 | |
Nelnet Inc. Class A | 260,487 | 15,215 | |
Universal Insurance Holdings Inc. | 429,437 | 15,073 | |
AMERISAFE Inc. | 256,840 | 14,833 | |
United Fire Group Inc. | 268,454 | 14,633 | |
Piper Jaffray Cos. | 189,860 | 14,591 | |
Kinsale Capital Group Inc. | 261,942 | 14,370 | |
OceanFirst Financial Corp. | 476,899 | 14,288 | |
Meridian Bancorp Inc. | 740,013 | 14,171 | |
National Bank Holdings Corp. Class A | 362,333 | 13,982 | |
WisdomTree Investments Inc. | 1,531,136 | 13,903 | |
* | Third Point Reinsurance Ltd. | 1,106,052 | 13,826 |
BancFirst Corp. | 231,895 | 13,728 | |
American National Insurance Co. | 114,201 | 13,657 | |
Stewart Information Services Corp. | 312,942 | 13,478 | |
Heritage Financial Corp. | 383,240 | 13,356 | |
Tompkins Financial Corp. | 155,180 | 13,327 | |
* | Flagstar Bancorp Inc. | 386,262 | 13,233 |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 667,480 | 13,183 | |
PJT Partners Inc. | 245,861 | 13,127 | |
Southside Bancshares Inc. | 380,315 | 12,809 | |
* | NMI Holdings Inc. Class A | 768,374 | 12,524 |
ARMOUR Residential REIT Inc. | 546,448 | 12,464 | |
Hanmi Financial Corp. | 438,741 | 12,438 | |
* | Triumph Bancorp Inc. | 301,195 | 12,274 |
Virtus Investment Partners Inc. | 94,427 | 12,082 | |
MTGE Investment Corp. | 615,919 | 12,072 | |
Cohen & Steers Inc. | 286,724 | 11,959 | |
Meta Financial Group Inc. | 122,261 | 11,908 | |
TrustCo Bank Corp. NY | 1,330,725 | 11,843 | |
First Interstate BancSystem Inc. Class A | 275,490 | 11,626 | |
Central Pacific Financial Corp. | 405,740 | 11,624 | |
* | Encore Capital Group Inc. | 316,660 | 11,590 |
Carolina Financial Corp. | 268,746 | 11,535 | |
CoBiz Financial Inc. | 527,956 | 11,340 | |
Preferred Bank | 183,389 | 11,271 | |
* | Customers Bancorp Inc. | 396,028 | 11,239 |
15
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
TFS Financial Corp. | 708,907 | 11,179 | |
Lakeland Bancorp Inc. | 562,727 | 11,170 | |
TriCo Bancshares | 296,971 | 11,122 | |
United Financial Bancorp Inc. | 632,382 | 11,079 | |
1st Source Corp. | 207,227 | 11,072 | |
* | INTL. FCStone Inc. | 211,729 | 10,949 |
Bryn Mawr Bank Corp. | 236,199 | 10,936 | |
Federal Agricultural Mortgage Corp. | 122,205 | 10,935 | |
Northfield Bancorp Inc. | 657,113 | 10,921 | |
Banc of California Inc. | 557,363 | 10,896 | |
^,* | MBIA Inc. | 1,205,018 | 10,893 |
Community Trust Bancorp Inc. | 218,060 | 10,892 | |
FBL Financial Group Inc. Class A | 136,717 | 10,766 | |
Washington Trust Bancorp Inc. | 183,163 | 10,642 | |
Granite Point Mortgage Trust Inc. | 576,932 | 10,587 | |
Stock Yards Bancorp Inc. | 277,439 | 10,584 | |
Capstead Mortgage Corp. | 1,173,208 | 10,500 | |
Live Oak Bancshares Inc. | 333,032 | 10,207 | |
ConnectOne Bancorp Inc. | 408,435 | 10,170 | |
^,* | Trupanion Inc. | 262,803 | 10,144 |
Hamilton Lane Inc. Class A | 210,132 | 10,080 | |
^,* | Columbia Financial Inc. | 604,712 | 10,008 |
Peoples Bancorp Inc. | 264,435 | 9,990 | |
Univest Corp. of Pennsylvania | 362,855 | 9,979 | |
Guaranty Bancorp | 334,266 | 9,961 | |
Horizon Bancorp Inc. | 470,878 | 9,742 | |
German American Bancorp Inc. | 271,545 | 9,735 | |
Camden National Corp. | 211,005 | 9,645 | |
* | HomeStreet Inc. | 355,664 | 9,585 |
National Western Life Group Inc. Class A | 30,633 | 9,412 | |
Bridge Bancorp Inc. | 260,983 | 9,382 | |
Investment Technology Group Inc. | 445,792 | 9,326 | |
First Defiance Financial Corp. | 139,039 | 9,324 | |
* | World Acceptance Corp. | 82,833 | 9,195 |
^ | New York Mortgage Trust Inc. | 1,484,883 | 8,924 |
Diamond Hill Investment Group Inc. | 45,864 | 8,917 | |
Flushing Financial Corp. | 341,446 | 8,912 | |
FB Financial Corp. | 218,179 | 8,884 | |
Great Southern Bancorp Inc. | 153,325 | 8,770 | |
Heritage Commerce Corp. | 502,928 | 8,545 | |
* | EZCORP Inc. Class A | 705,327 | 8,499 |
OFG Bancorp | 599,865 | 8,428 | |
* | Bancorp Inc. | 805,454 | 8,425 |
* | HarborOne Bancorp Inc. | 442,605 | 8,383 |
People's Utah Bancorp | 231,962 | 8,281 | |
* | TriState Capital Holdings Inc. | 313,468 | 8,182 |
Peapack Gladstone Financial Corp. | 234,574 | 8,114 | |
Greenhill & Co. Inc. | 285,656 | 8,113 | |
Dime Community Bancshares Inc. | 414,489 | 8,083 | |
Mercantile Bank Corp. | 218,383 | 8,071 | |
Green Bancorp Inc. | 370,853 | 8,010 | |
Fidelity Southern Corp. | 312,663 | 7,945 | |
Oritani Financial Corp. | 486,849 | 7,887 | |
^ | Arbor Realty Trust Inc. | 746,234 | 7,783 |
* | Donnelley Financial Solutions Inc. | 446,528 | 7,756 |
* | National Commerce Corp. | 167,423 | 7,752 |
Midland States Bancorp Inc. | 225,395 | 7,722 | |
* | Veritex Holdings Inc. | 247,594 | 7,693 |
First of Long Island Corp. | 300,305 | 7,463 | |
Blue Hills Bancorp Inc. | 335,215 | 7,442 | |
* | Equity Bancshares Inc. Class A | 178,340 | 7,398 |
QCR Holdings Inc. | 155,201 | 7,364 | |
* | First Foundation Inc. | 392,386 | 7,275 |
Independent Bank Corp. | 280,642 | 7,156 |
16
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Allegiance Bancshares Inc. | 162,086 | 7,026 |
Financial Institutions Inc. | 211,984 | 6,974 | |
Maiden Holdings Ltd. | 894,568 | 6,933 | |
Anworth Mortgage Asset Corp. | 1,369,578 | 6,807 | |
* | Nationstar Mortgage Holdings Inc. | 385,370 | 6,756 |
Opus Bank | 234,037 | 6,717 | |
* | HomeTrust Bancshares Inc. | 236,604 | 6,660 |
United Community Financial Corp. | 605,763 | 6,657 | |
Arrow Financial Corp. | 180,821 | 6,582 | |
Westwood Holdings Group Inc. | 109,339 | 6,510 | |
State Auto Financial Corp. | 217,118 | 6,494 | |
* | Atlantic Capital Bancshares Inc. | 330,144 | 6,487 |
First Financial Corp. | 140,695 | 6,381 | |
First Connecticut Bancorp Inc. | 205,530 | 6,289 | |
Bank of Marin Bancorp | 76,496 | 6,185 | |
Bar Harbor Bankshares | 202,999 | 6,149 | |
Access National Corp. | 211,088 | 6,037 | |
AG Mortgage Investment Trust Inc. | 321,172 | 6,035 | |
* | Franklin Financial Network Inc. | 159,773 | 6,007 |
Waterstone Financial Inc. | 350,262 | 5,972 | |
* | Ocwen Financial Corp. | 1,482,650 | 5,871 |
First Community Bancshares Inc. | 183,164 | 5,836 | |
* | PennyMac Financial Services Inc. Class A | 295,103 | 5,799 |
* | Republic First Bancorp Inc. | 732,297 | 5,749 |
Old Second Bancorp Inc. | 387,549 | 5,581 | |
* | Greenlight Capital Re Ltd. Class A | 391,355 | 5,557 |
Ares Commercial Real Estate Corp. | 402,100 | 5,553 | |
United Insurance Holdings Corp. | 279,143 | 5,466 | |
Farmers Capital Bank Corp. | 104,069 | 5,422 | |
Farmers National Banc Corp. | 337,922 | 5,390 | |
* | Nicolet Bankshares Inc. | 97,303 | 5,362 |
Western Asset Mortgage Capital Corp. | 507,255 | 5,286 | |
CNB Financial Corp. | 174,319 | 5,240 | |
* | Health Insurance Innovations Inc. Class A | 160,913 | 5,206 |
^ | Heritage Insurance Holdings Inc. | 311,492 | 5,193 |
West Bancorporation Inc. | 205,908 | 5,179 | |
^ | Orchid Island Capital Inc. | 686,869 | 5,165 |
Old Line Bancshares Inc. | 147,920 | 5,164 | |
Republic Bancorp Inc.Class A | 113,676 | 5,150 | |
^,* | Cowen Inc. Class A | 363,935 | 5,040 |
First Bancshares Inc. | 140,024 | 5,034 | |
Ladenburg Thalmann Financial Services Inc. | 1,458,716 | 4,960 | |
* | PHH Corp. | 455,525 | 4,947 |
* | eHealth Inc. | 223,353 | 4,936 |
B. Riley Financial Inc. | 218,226 | 4,921 | |
^ | Farmers & Merchants Bancorp Inc. | 120,378 | 4,857 |
PCSB Financial Corp. | 237,361 | 4,716 | |
* | Ambac Financial Group Inc. | 236,863 | 4,702 |
Macatawa Bank Corp. | 386,633 | 4,694 | |
Dynex Capital Inc. | 718,240 | 4,690 | |
* | Regional Management Corp. | 133,921 | 4,690 |
^,* | Citizens Inc.Class A | 601,979 | 4,689 |
Home Bancorp Inc. | 99,811 | 4,646 | |
Southern National Bancorp of Virginia Inc. | 258,057 | 4,604 | |
* | BSB Bancorp Inc. | 133,413 | 4,589 |
Exantas Capital Corp. | 444,989 | 4,530 | |
Sierra Bancorp | 159,048 | 4,492 | |
First Mid-Illinois Bancshares Inc. | 113,906 | 4,477 | |
HCI Group Inc. | 106,485 | 4,427 | |
Charter Financial Corp. | 183,206 | 4,424 | |
MidWestOne Financial Group Inc. | 130,087 | 4,394 | |
* | Southern First Bancshares Inc. | 96,825 | 4,280 |
Enterprise Bancorp Inc. | 105,546 | 4,267 | |
First Internet Bancorp | 124,195 | 4,235 |
17
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hingham Institution for Savings | 19,229 | 4,225 | |
BankFinancial Corp. | 238,827 | 4,215 | |
American National Bankshares Inc. | 104,991 | 4,200 | |
* | Byline Bancorp Inc. | 184,812 | 4,129 |
Citizens & Northern Corp. | 159,509 | 4,125 | |
Capital City Bank Group Inc. | 173,819 | 4,107 | |
* | On Deck Capital Inc. | 586,601 | 4,106 |
* | Safeguard Scientifics Inc. | 319,425 | 4,089 |
Cambridge Bancorp | 46,368 | 4,013 | |
Northrim BanCorp Inc. | 101,350 | 4,008 | |
Western New England Bancorp Inc. | 358,313 | 3,941 | |
Investar Holding Corp. | 142,476 | 3,939 | |
Baldwin & Lyons Inc. | 159,916 | 3,902 | |
Territorial Bancorp Inc. | 125,274 | 3,883 | |
Sutherland Asset Management Corp. | 238,515 | 3,876 | |
Oppenheimer Holdings Inc. Class A | 135,853 | 3,804 | |
Arlington Asset Investment Corp. Class A | 367,349 | 3,787 | |
Global Indemnity Ltd. | 96,386 | 3,757 | |
First Bancorp Inc. | 132,979 | 3,753 | |
Cherry Hill Mortgage Investment Corp. | 209,640 | 3,744 | |
National Bankshares Inc. | 80,340 | 3,728 | |
Investors Title Co. | 19,940 | 3,682 | |
* | WMIH Corp. | 2,727,881 | 3,655 |
^,* | First Choice Bancorp | 118,100 | 3,609 |
Marlin Business Services Corp. | 118,439 | 3,535 | |
Century Bancorp Inc. Class A | 45,538 | 3,479 | |
* | FedNat Holding Co. | 148,756 | 3,432 |
Southern Missouri Bancorp Inc. | 86,799 | 3,387 | |
EMC Insurance Group Inc. | 121,763 | 3,383 | |
TPG RE Finance Trust Inc. | 161,884 | 3,289 | |
Codorus Valley Bancorp Inc. | 107,199 | 3,289 | |
FS Bancorp Inc. | 51,702 | 3,270 | |
Ames National Corp. | 105,875 | 3,266 | |
^ | First Guaranty Bancshares Inc. | 122,594 | 3,190 |
FNB Bancorp | 86,315 | 3,165 | |
MutualFirst Financial Inc. | 83,335 | 3,146 | |
Civista Bancshares Inc. | 128,571 | 3,117 | |
* | Entegra Financial Corp. | 105,318 | 3,086 |
ACNB Corp. | 90,575 | 3,084 | |
Peoples Financial Services Corp. | 65,116 | 3,062 | |
First Business Financial Services Inc. | 117,655 | 3,059 | |
* | Goosehead Insurance Inc. Class A | 122,416 | 3,056 |
Orrstown Financial Services Inc. | 115,965 | 3,015 | |
Merchants Bancorp | 102,566 | 2,926 | |
* | First Northwest Bancorp | 182,367 | 2,912 |
Sterling Bancorp Inc. | 211,696 | 2,828 | |
Great Ajax Corp. | 215,712 | 2,822 | |
Shore Bancshares Inc. | 146,948 | 2,795 | |
* | Provident Bancorp Inc. | 106,668 | 2,795 |
MBT Financial Corp. | 260,707 | 2,777 | |
Summit Financial Group Inc. | 101,486 | 2,724 | |
Central Valley Community Bancorp | 125,209 | 2,649 | |
Bank of Commerce Holdings | 206,014 | 2,627 | |
SI Financial Group Inc. | 176,685 | 2,606 | |
* | Metropolitan Bank Holding Corp. | 48,535 | 2,547 |
* | Bank of Princeton | 75,810 | 2,521 |
Timberland Bancorp Inc. | 66,409 | 2,480 | |
CB Financial Services Inc. | 71,072 | 2,445 | |
Reliant Bancorp Inc. | 86,063 | 2,414 | |
Bankwell Financial Group Inc. | 74,589 | 2,398 | |
Middlefield Banc Corp. | 47,024 | 2,384 | |
Peoples Bancorp of North Carolina Inc. | 74,425 | 2,384 | |
* | Community Bankers Trust Corp. | 265,195 | 2,373 |
MidSouth Bancorp Inc. | 176,101 | 2,333 |
18
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Crawford & Co. Class B | 269,080 | 2,328 | |
Independence Holding Co. | 69,862 | 2,323 | |
GAIN Capital Holdings Inc. | 307,037 | 2,318 | |
Evans Bancorp Inc. | 50,251 | 2,317 | |
BCB Bancorp Inc. | 150,968 | 2,265 | |
* | Capstar Financial Holdings Inc. | 122,093 | 2,262 |
Northeast Bancorp | 102,005 | 2,224 | |
Penns Woods Bancorp Inc. | 49,331 | 2,209 | |
* | Pacific Mercantile Bancorp | 225,282 | 2,196 |
Premier Financial Bancorp Inc. | 116,584 | 2,177 | |
* | Curo Group Holdings Corp. | 86,933 | 2,169 |
Riverview Bancorp Inc. | 256,932 | 2,169 | |
Provident Financial Holdings Inc. | 111,991 | 2,137 | |
Owens Realty Mortgage Inc. | 126,904 | 2,117 | |
Mackinac Financial Corp. | 127,600 | 2,116 | |
Ohio Valley Banc Corp. | 40,302 | 2,114 | |
ESSA Bancorp Inc. | 133,034 | 2,106 | |
LCNB Corp. | 105,699 | 2,082 | |
Kingstone Cos. Inc. | 123,003 | 2,079 | |
First Community Corp. | 82,798 | 2,078 | |
First United Corp. | 101,549 | 2,077 | |
Pzena Investment Management Inc. Class A | 221,443 | 2,039 | |
SB One Bancorp | 68,383 | 2,031 | |
First Financial Northwest Inc. | 103,776 | 2,026 | |
* | NI Holdings Inc. | 117,411 | 1,990 |
First Bank | 142,167 | 1,976 | |
GAMCO Investors Inc. Class A | 73,654 | 1,971 | |
County Bancorp Inc. | 70,459 | 1,938 | |
C&F Financial Corp. | 30,813 | 1,927 | |
Donegal Group Inc. Class A | 137,760 | 1,875 | |
* | SmartFinancial Inc. | 72,314 | 1,863 |
Community Financial Corp. | 52,153 | 1,844 | |
Norwood Financial Corp. | 51,131 | 1,842 | |
KKR Real Estate Finance Trust Inc. | 92,848 | 1,837 | |
* | Victory Capital Holdings Inc. Class A | 171,260 | 1,812 |
* | Howard Bancorp Inc. | 100,366 | 1,807 |
^ | Ellington Residential Mortgage REIT | 165,120 | 1,800 |
Unity Bancorp Inc. | 78,637 | 1,789 | |
^ | Oak Valley Bancorp | 77,906 | 1,782 |
* | Malvern Bancorp Inc. | 72,316 | 1,761 |
United Security Bancshares | 154,470 | 1,730 | |
^,* | Impac Mortgage Holdings Inc. | 181,158 | 1,726 |
* | Bridgewater Bancshares Inc. | 130,834 | 1,664 |
Associated Capital Group Inc. Class A | 43,618 | 1,655 | |
* | Select Bancorp Inc. | 121,402 | 1,635 |
Chemung Financial Corp. | 32,085 | 1,608 | |
Two River Bancorp | 82,607 | 1,580 | |
* | Elevate Credit Inc. | 186,586 | 1,579 |
Parke Bancorp Inc. | 65,823 | 1,557 | |
Tiptree Inc. | 228,245 | 1,552 | |
^,* | Baycom Corp. | 61,000 | 1,510 |
* | Meridian Bank | 82,000 | 1,492 |
^ | Origin Bancorp Inc. | 36,429 | 1,491 |
1st Constitution Bancorp | 65,078 | 1,490 | |
* | Hallmark Financial Services Inc. | 147,517 | 1,472 |
SB Financial Group Inc. | 71,886 | 1,461 | |
Hawthorn Bancshares Inc. | 65,555 | 1,436 | |
* | Atlas Financial Holdings Inc. | 163,656 | 1,432 |
Union Bankshares Inc. | 27,354 | 1,420 | |
DNB Financial Corp. | 38,124 | 1,336 | |
Colony Bankcorp Inc. | 79,031 | 1,336 | |
Luther Burbank Corp. | 114,828 | 1,321 | |
* | PDL Community Bancorp | 81,399 | 1,279 |
* | Security National Financial Corp. Class A | 243,954 | 1,269 |
19
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Silvercrest Asset Management Group Inc. Class A | 76,417 | 1,246 | |
Citizens Community Bancorp Inc. | 86,970 | 1,231 | |
American River Bankshares | 77,554 | 1,229 | |
Prudential Bancorp Inc. | 63,233 | 1,220 | |
RBB Bancorp | 35,778 | 1,149 | |
United Community Bancorp | 38,502 | 1,047 | |
Federal Agricultural Mortgage Corp. Class A | 12,586 | 1,027 | |
AmeriServ Financial Inc. | 243,264 | 997 | |
Hennessy Advisors Inc. | 57,467 | 997 | |
CBTX Inc. | 30,122 | 996 | |
* | Nicholas Financial Inc. | 107,396 | 988 |
Guaranty Bancshares Inc. | 29,852 | 983 | |
* | HMN Financial Inc. | 47,410 | 953 |
Guaranty Federal Bancshares Inc. | 38,791 | 948 | |
Plumas Bancorp | 32,188 | 908 | |
Citizens Holding Co. | 37,547 | 892 | |
Sound Financial Bancorp Inc. | 22,640 | 882 | |
* | Coastway Bancorp Inc. | 31,331 | 868 |
Donegal Group Inc. Class B | 63,192 | 834 | |
* | Great Elm Capital Group Inc. | 225,387 | 811 |
* | Consumer Portfolio Services Inc. | 196,371 | 799 |
United Bancorp Inc. | 57,845 | 781 | |
* | Esquire Financial Holdings Inc. | 29,100 | 768 |
* | Ashford Inc. | 11,791 | 764 |
First Savings Financial Group Inc. | 10,347 | 760 | |
Old Point Financial Corp. | 25,910 | 748 | |
^ | Mid Penn Bancorp Inc. | 20,642 | 720 |
Bancorp of New Jersey Inc. | 39,508 | 699 | |
Hunt Cos. Finance Trust Inc. | 203,294 | 693 | |
Crawford & Co. Class A | 78,437 | 675 | |
Greene County Bancorp Inc. | 19,619 | 665 | |
Blue Capital Reinsurance Holdings Ltd. | 58,813 | 650 | |
Salisbury Bancorp Inc. | 14,392 | 643 | |
HopFed Bancorp Inc. | 37,884 | 628 | |
PB Bancorp Inc. | 52,158 | 592 | |
* | TheStreet Inc. | 258,728 | 564 |
Manhattan Bridge Capital Inc. | 74,147 | 560 | |
Community West Bancshares | 43,120 | 509 | |
A-Mark Precious Metals Inc. | 37,995 | 505 | |
* | Anchor Bancorp Inc. | 17,112 | 449 |
^ | Auburn National Bancorporation Inc. | 8,752 | 434 |
Sachem Capital Corp. | 102,797 | 421 | |
Severn Bancorp Inc. | 48,604 | 420 | |
Elmira Savings Bank | 19,734 | 405 | |
* | Central Federal Corp. | 155,702 | 374 |
First Capital Inc. | 8,672 | 360 | |
Manning & Napier Inc. | 107,826 | 334 | |
Eagle Bancorp Montana Inc. | 17,201 | 332 | |
MSB Financial Corp. | 14,336 | 308 | |
^,* | Siebert Financial Corp. | 27,539 | 287 |
Wellesley Bank | 8,228 | 278 | |
United Bancshares Inc. | 11,989 | 273 | |
^ | US Global Investors Inc. Class A | 159,768 | 257 |
* | Carolina Trust Bancshares Inc. | 30,192 | 249 |
IF Bancorp Inc. | 7,923 | 193 | |
Stewardship Financial Corp. | 15,909 | 185 | |
Medley Management Inc. Class A | 52,157 | 185 | |
* | Tremont Mortgage Trust | 13,800 | 181 |
* | Atlanticus Holdings Corp. | 86,999 | 180 |
Southwest Georgia Financial Corp. | 6,935 | 157 | |
* | Conifer Holdings Inc. | 24,973 | 157 |
* | Randolph Bancorp Inc. | 9,341 | 157 |
Bank of South Carolina Corp. | 6,757 | 140 | |
Fauquier Bankshares Inc. | 6,382 | 135 |
20
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Magyar Bancorp Inc. | 10,465 | 134 |
* | Limestone Bancorp Inc. | 8,406 | 128 |
Summit State Bank | 7,357 | 114 | |
* | Hamilton Bancorp Inc. | 7,058 | 111 |
Bank of the James Financial Group Inc. | 6,676 | 110 | |
Glen Burnie Bancorp | 9,237 | 102 | |
* | FFBW Inc. | 8,563 | 95 |
Landmark Bancorp Inc. | 3,289 | 94 | |
Kentucky First Federal Bancorp | 9,199 | 78 | |
Oconee Federal Financial Corp. | 2,585 | 75 | |
* | 1347 Property Insurance Holdings Inc. | 10,209 | 72 |
Asta Funding Inc. | 18,311 | 63 | |
Pathfinder Bancorp Inc. | 3,621 | 58 | |
Citizens First Corp. | 1,941 | 52 | |
* | Broadway Financial Corp. | 22,638 | 50 |
* | Village Bank and Trust Financial Corp. | 1,338 | 46 |
First US Bancshares Inc. | 3,812 | 44 | |
* | National Holdings Corp. | 13,459 | 44 |
* | ICC Holdings Inc. | 2,593 | 41 |
* | Community First Bancshares Inc. | 3,500 | 39 |
Bancorp 34 Inc. | 2,093 | 33 | |
Patriot National Bancorp Inc. | 1,479 | 30 | |
* | Equitable Financial Corp. | 2,807 | 30 |
Poage Bankshares Inc. | 1,401 | 28 | |
Value Line Inc. | 586 | 14 | |
* | GWG Holdings Inc. | 900 | 7 |
Atlantic American Corp. | 2,591 | 7 | |
* | National Holdings Corp. Warrants Exp. 01/18/2022 | 7,766 | 6 |
^,* | LM Funding America Inc. | 11,923 | 5 |
Lake Shore Bancorp Inc. | 300 | 5 | |
* | FSB Bancorp Inc. | 229 | 4 |
Ottawa Bancorp Inc. | 200 | 3 | |
* | Carver Bancorp Inc. | 445 | 2 |
* | FlexShopper Inc. | 519 | 2 |
HV Bancorp Inc. | 100 | 1 | |
Cohen & Co. Inc. | 64 | 1 | |
WCF Bancorp Inc. | 21 | — | |
Home Federal Bancorp Inc. | 6 | — | |
10,812,594 | |||
Health Care (11.8%) | |||
* | BioMarin Pharmaceutical Inc. | 2,303,380 | 216,978 |
Teleflex Inc. | 594,899 | 159,558 | |
* | WellCare Health Plans Inc. | 582,492 | 143,433 |
* | Jazz Pharmaceuticals plc | 792,335 | 136,519 |
* | Veeva Systems Inc. Class A | 1,553,426 | 119,396 |
STERIS plc | 1,116,554 | 117,249 | |
* | Neurocrine Biosciences Inc. | 1,191,667 | 117,069 |
* | DexCom Inc. | 1,159,746 | 110,153 |
* | Alnylam Pharmaceuticals Inc. | 1,105,075 | 108,839 |
* | Sarepta Therapeutics Inc. | 815,852 | 107,839 |
* | Bluebird Bio Inc. | 660,915 | 103,731 |
* | Exact Sciences Corp. | 1,619,927 | 96,855 |
West Pharmaceutical Services Inc. | 959,654 | 95,284 | |
* | Sage Therapeutics Inc. | 606,926 | 95,002 |
* | Seattle Genetics Inc. | 1,389,751 | 92,266 |
Encompass Health Corp. | 1,287,917 | 87,218 | |
* | athenahealth Inc. | 529,827 | 84,317 |
* | Alkermes plc | 2,030,024 | 83,556 |
* | Exelixis Inc. | 3,698,442 | 79,590 |
Hill-Rom Holdings Inc. | 872,667 | 76,219 | |
* | Bio-Rad Laboratories Inc. Class A | 263,534 | 76,040 |
* | Catalent Inc. | 1,743,090 | 73,018 |
Bio-Techne Corp. | 491,235 | 72,678 | |
* | Charles River Laboratories International Inc. | 635,398 | 71,330 |
21
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Ionis Pharmaceuticals Inc. | 1,648,180 | 68,680 |
Chemed Corp. | 206,710 | 66,521 | |
* | Insulet Corp. | 774,167 | 66,346 |
* | United Therapeutics Corp. | 571,063 | 64,616 |
* | FibroGen Inc. | 1,019,653 | 63,830 |
* | Medidata Solutions Inc. | 774,151 | 62,366 |
* | Haemonetics Corp. | 687,008 | 61,611 |
* | PRA Health Sciences Inc. | 657,240 | 61,360 |
* | Molina Healthcare Inc. | 625,864 | 61,297 |
* | Masimo Corp. | 626,636 | 61,191 |
* | Integra LifeSciences Holdings Corp. | 924,863 | 59,570 |
* | ICU Medical Inc. | 198,738 | 58,359 |
* | Ligand Pharmaceuticals Inc. | 278,361 | 57,668 |
* | LivaNova plc | 575,229 | 57,419 |
* | Agios Pharmaceuticals Inc. | 656,053 | 55,259 |
* | Neogen Corp. | 682,207 | 54,706 |
* | Penumbra Inc. | 395,296 | 54,610 |
* | MEDNAX Inc. | 1,239,547 | 53,648 |
* | HealthEquity Inc. | 683,435 | 51,326 |
^,* | Immunomedics Inc. | 2,099,139 | 49,687 |
* | Loxo Oncology Inc. | 286,205 | 49,651 |
* | Globus Medical Inc. | 958,353 | 48,358 |
* | Ultragenyx Pharmaceutical Inc. | 607,481 | 46,697 |
* | Array BioPharma Inc. | 2,753,519 | 46,204 |
Cantel Medical Corp. | 469,306 | 46,161 | |
* | Acadia Healthcare Co. Inc. | 1,077,043 | 44,062 |
* | Inogen Inc. | 228,032 | 42,489 |
* | Supernus Pharmaceuticals Inc. | 678,031 | 40,580 |
^,* | Teladoc Inc. | 691,614 | 40,148 |
Bruker Corp. | 1,331,352 | 38,662 | |
* | Amicus Therapeutics Inc. | 2,458,084 | 38,395 |
* | AMN Healthcare Services Inc. | 625,933 | 36,680 |
* | Tenet Healthcare Corp. | 1,072,130 | 35,991 |
* | Wright Medical Group NV | 1,381,134 | 35,854 |
* | Horizon Pharma plc | 2,164,389 | 35,842 |
* | Halyard Health Inc. | 617,598 | 35,357 |
* | NuVasive Inc. | 676,593 | 35,264 |
* | Aerie Pharmaceuticals Inc. | 520,707 | 35,174 |
* | Ironwood Pharmaceuticals Inc. Class A | 1,795,553 | 34,331 |
* | Spark Therapeutics Inc. | 414,299 | 34,287 |
* | Myriad Genetics Inc. | 916,005 | 34,231 |
* | Merit Medical Systems Inc. | 666,479 | 34,124 |
* | Syneos Health Inc. | 715,205 | 33,543 |
* | Heron Therapeutics Inc. | 858,709 | 33,361 |
* | LHC Group Inc. | 386,901 | 33,115 |
* | Portola Pharmaceuticals Inc. | 861,757 | 32,549 |
* | Amedisys Inc. | 379,330 | 32,418 |
* | Blueprint Medicines Corp. | 510,095 | 32,381 |
* | Medicines Co. | 852,344 | 31,281 |
* | Clovis Oncology Inc. | 686,642 | 31,222 |
* | Magellan Health Inc. | 322,415 | 30,936 |
* | Madrigal Pharmaceuticals Inc. | 107,714 | 30,127 |
* | Global Blood Therapeutics Inc. | 661,940 | 29,920 |
* | Halozyme Therapeutics Inc. | 1,760,282 | 29,696 |
* | Nevro Corp. | 369,284 | 29,487 |
* | Allscripts Healthcare Solutions Inc. | 2,369,217 | 28,431 |
* | Quidel Corp. | 423,700 | 28,176 |
* | Arena Pharmaceuticals Inc. | 645,912 | 28,162 |
* | Prestige Brands Holdings Inc. | 695,255 | 26,684 |
* | Omnicell Inc. | 506,340 | 26,558 |
* | Foundation Medicine Inc. | 192,418 | 26,304 |
* | Select Medical Holdings Corp. | 1,415,812 | 25,697 |
* | LifePoint Health Inc. | 517,765 | 25,267 |
* | Spectrum Pharmaceuticals Inc. | 1,204,777 | 25,252 |
22
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Endo International plc | 2,662,977 | 25,112 |
Abaxis Inc. | 301,023 | 24,988 | |
* | REGENXBIO Inc. | 347,271 | 24,917 |
* | Premier Inc. Class A | 680,711 | 24,764 |
* | NxStage Medical Inc. | 885,966 | 24,718 |
* | Acceleron Pharma Inc. | 509,342 | 24,713 |
Patterson Cos. Inc. | 1,075,777 | 24,388 | |
* | Integer Holdings Corp. | 376,308 | 24,328 |
CONMED Corp. | 331,079 | 24,235 | |
* | Insmed Inc. | 1,015,431 | 24,015 |
* | Puma Biotechnology Inc. | 401,392 | 23,742 |
* | HMS Holdings Corp. | 1,094,529 | 23,664 |
* | Emergent BioSolutions Inc. | 464,525 | 23,454 |
* | Repligen Corp. | 493,783 | 23,228 |
Ensign Group Inc. | 645,087 | 23,107 | |
^,* | Intercept Pharmaceuticals Inc. | 273,388 | 22,940 |
^,* | OPKO Health Inc. | 4,814,476 | 22,628 |
* | Brookdale Senior Living Inc. | 2,477,401 | 22,520 |
* | Cambrex Corp. | 430,190 | 22,499 |
* | Xencor Inc. | 605,891 | 22,424 |
^,* | TESARO Inc. | 501,431 | 22,299 |
* | Enanta Pharmaceuticals Inc. | 189,736 | 21,990 |
* | Cotiviti Holdings Inc. | 496,074 | 21,892 |
* | MyoKardia Inc. | 436,994 | 21,697 |
* | Atara Biotherapeutics Inc. | 576,487 | 21,186 |
* | Momenta Pharmaceuticals Inc. | 1,020,030 | 20,860 |
* | AxoGen Inc. | 413,888 | 20,798 |
* | Akorn Inc. | 1,238,272 | 20,543 |
* | Mirati Therapeutics Inc. | 416,300 | 20,524 |
* | iRhythm Technologies Inc. | 247,762 | 20,101 |
* | Zogenix Inc. | 454,761 | 20,100 |
^,* | Mallinckrodt plc | 1,062,685 | 19,830 |
* | Corcept Therapeutics Inc. | 1,251,536 | 19,674 |
^,* | ACADIA Pharmaceuticals Inc. | 1,287,430 | 19,659 |
* | ImmunoGen Inc. | 1,935,070 | 18,828 |
* | Varex Imaging Corp. | 501,542 | 18,602 |
* | Sangamo Therapeutics Inc. | 1,296,238 | 18,407 |
* | BioTelemetry Inc. | 407,424 | 18,334 |
* | Acorda Therapeutics Inc. | 621,214 | 17,829 |
* | Editas Medicine Inc. | 492,279 | 17,638 |
* | Pacira Pharmaceuticals Inc. | 535,505 | 17,163 |
^,* | Evolent Health Inc. Class A | 809,799 | 17,046 |
* | PTC Therapeutics Inc. | 504,318 | 17,011 |
^,* | Glaukos Corp. | 413,387 | 16,800 |
US Physical Therapy Inc. | 169,790 | 16,300 | |
* | Diplomat Pharmacy Inc. | 635,962 | 16,255 |
* | Amneal Pharmaceuticals Inc. | 983,878 | 16,145 |
Luminex Corp. | 541,353 | 15,986 | |
* | Radius Health Inc. | 539,255 | 15,892 |
* | Tivity Health Inc. | 450,444 | 15,856 |
^,* | Arrowhead Pharmaceuticals Inc. | 1,145,543 | 15,579 |
* | Natus Medical Inc. | 440,639 | 15,202 |
^,* | TherapeuticsMD Inc. | 2,387,507 | 14,898 |
* | Cardiovascular Systems Inc. | 444,705 | 14,382 |
* | Retrophin Inc. | 521,303 | 14,211 |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 358,237 | 14,158 |
* | Audentes Therapeutics Inc. | 366,720 | 14,012 |
* | Orthofix International NV | 243,886 | 13,858 |
* | AnaptysBio Inc. | 193,266 | 13,730 |
* | Intersect ENT Inc. | 365,559 | 13,690 |
Owens & Minor Inc. | 812,307 | 13,574 | |
* | Genomic Health Inc. | 264,657 | 13,339 |
* | Aimmune Therapeutics Inc. | 495,520 | 13,325 |
* | OraSure Technologies Inc. | 809,000 | 13,324 |
23
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Innoviva Inc. | 938,669 | 12,954 |
* | Vanda Pharmaceuticals Inc. | 674,336 | 12,846 |
Atrion Corp. | 21,300 | 12,767 | |
* | CryoLife Inc. | 455,168 | 12,676 |
* | Iovance Biotherapeutics Inc. | 986,056 | 12,622 |
* | Alder Biopharmaceuticals Inc. | 792,789 | 12,526 |
^,* | Tandem Diabetes Care Inc. | 564,712 | 12,435 |
* | Theravance Biopharma Inc. | 547,106 | 12,408 |
* | Quality Systems Inc. | 631,575 | 12,316 |
Phibro Animal Health Corp. Class A | 266,923 | 12,292 | |
^,* | Intrexon Corp. | 880,181 | 12,270 |
* | Triple-S Management Corp. Class B | 310,049 | 12,110 |
^,* | Flexion Therapeutics Inc. | 465,942 | 12,045 |
* | K2M Group Holdings Inc. | 534,633 | 12,029 |
* | Providence Service Corp. | 149,335 | 11,730 |
* | Vocera Communications Inc. | 388,920 | 11,625 |
* | AtriCure Inc. | 427,748 | 11,571 |
* | Cerus Corp. | 1,689,847 | 11,271 |
* | Intra-Cellular Therapies Inc. | 629,743 | 11,128 |
* | Karyopharm Therapeutics Inc. | 652,870 | 11,092 |
* | Tabula Rasa HealthCare Inc. | 172,211 | 10,992 |
^,* | Endocyte Inc. | 794,820 | 10,968 |
* | AngioDynamics Inc. | 491,710 | 10,936 |
* | Dynavax Technologies Corp. | 713,698 | 10,884 |
^,* | Omeros Corp. | 599,725 | 10,879 |
* | Kindred Healthcare Inc. | 1,206,942 | 10,862 |
* | STAAR Surgical Co. | 350,326 | 10,860 |
* | G1 Therapeutics Inc. | 243,865 | 10,598 |
^,* | Esperion Therapeutics Inc. | 269,606 | 10,566 |
* | Cymabay Therapeutics Inc. | 773,959 | 10,387 |
^,* | TG Therapeutics Inc. | 783,005 | 10,296 |
National HealthCare Corp. | 144,761 | 10,188 | |
* | Surmodics Inc. | 184,132 | 10,164 |
* | Tactile Systems Technology Inc. | 195,293 | 10,155 |
* | NeoGenomics Inc. | 773,566 | 10,141 |
^,* | Apellis Pharmaceuticals Inc. | 457,920 | 10,074 |
* | Revance Therapeutics Inc. | 365,865 | 10,043 |
* | MacroGenics Inc. | 484,132 | 9,997 |
HealthStream Inc. | 343,033 | 9,368 | |
* | Athenex Inc. | 500,851 | 9,346 |
* | R1 RCM Inc. | 1,073,363 | 9,317 |
* | Epizyme Inc. | 681,112 | 9,229 |
Meridian Bioscience Inc. | 575,061 | 9,143 | |
* | Heska Corp. | 86,852 | 9,014 |
* | Assembly Biosciences Inc. | 228,251 | 8,950 |
* | AMAG Pharmaceuticals Inc. | 454,496 | 8,863 |
* | Coherus Biosciences Inc. | 628,641 | 8,801 |
^,* | MiMedx Group Inc. | 1,352,539 | 8,643 |
* | CytomX Therapeutics Inc. | 376,322 | 8,603 |
^,* | Inovalon Holdings Inc. Class A | 850,031 | 8,437 |
* | Natera Inc. | 445,761 | 8,389 |
^,* | Eagle Pharmaceuticals Inc. | 110,589 | 8,367 |
Invacare Corp. | 443,230 | 8,244 | |
* | ANI Pharmaceuticals Inc. | 119,600 | 7,989 |
^,* | Lexicon Pharmaceuticals Inc. | 656,700 | 7,880 |
^,* | Accelerate Diagnostics Inc. | 353,128 | 7,875 |
* | Medpace Holdings Inc. | 183,088 | 7,873 |
^,* | La Jolla Pharmaceutical Co. | 267,920 | 7,815 |
* | BioCryst Pharmaceuticals Inc. | 1,348,594 | 7,727 |
* | Codexis Inc. | 534,127 | 7,691 |
* | Progenics Pharmaceuticals Inc. | 943,413 | 7,585 |
* | Deciphera Pharmaceuticals Inc. | 189,677 | 7,464 |
* | Prothena Corp. plc | 510,712 | 7,446 |
^,* | Intellia Therapeutics Inc. | 270,367 | 7,397 |
24
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | CorVel Corp. | 136,921 | 7,394 |
^,* | Geron Corp. | 2,147,687 | 7,367 |
* | Cutera Inc. | 182,625 | 7,360 |
* | WaVe Life Sciences Ltd. | 192,088 | 7,347 |
* | Amphastar Pharmaceuticals Inc. | 475,470 | 7,256 |
* | Kura Oncology Inc. | 391,648 | 7,128 |
* | Five Prime Therapeutics Inc. | 450,173 | 7,117 |
* | Akebia Therapeutics Inc. | 710,211 | 7,088 |
^,* | Sorrento Therapeutics Inc. | 976,070 | 7,028 |
^,* | Cara Therapeutics Inc. | 363,292 | 6,957 |
LeMaitre Vascular Inc. | 206,113 | 6,901 | |
* | GlycoMimetics Inc. | 426,266 | 6,876 |
* | Collegium Pharmaceutical Inc. | 287,458 | 6,856 |
^,* | Adamas Pharmaceuticals Inc. | 262,782 | 6,788 |
* | Novavax Inc. | 4,981,390 | 6,675 |
* | Fate Therapeutics Inc. | 576,988 | 6,543 |
* | RadNet Inc. | 435,945 | 6,539 |
* | Aclaris Therapeutics Inc. | 325,919 | 6,509 |
^,* | TransEnterix Inc. | 1,491,200 | 6,502 |
^,* | Abeona Therapeutics Inc. | 403,297 | 6,453 |
* | Anika Therapeutics Inc. | 200,447 | 6,414 |
* | Endologix Inc. | 1,128,854 | 6,389 |
* | Rhythm Pharmaceuticals Inc. | 203,797 | 6,371 |
* | Rigel Pharmaceuticals Inc. | 2,161,033 | 6,116 |
* | Addus HomeCare Corp. | 104,046 | 5,957 |
^,* | CryoPort Inc. | 376,048 | 5,934 |
* | Lantheus Holdings Inc. | 400,291 | 5,824 |
* | Kadmon Holdings Inc. | 1,454,057 | 5,802 |
* | Sientra Inc. | 294,069 | 5,737 |
^,* | Synergy Pharmaceuticals Inc. | 3,260,466 | 5,673 |
^,* | Viking Therapeutics Inc. | 596,395 | 5,660 |
* | Cross Country Healthcare Inc. | 502,179 | 5,649 |
* | Vericel Corp. | 581,018 | 5,636 |
* | Cytokinetics Inc. | 675,618 | 5,608 |
* | Stemline Therapeutics Inc. | 349,150 | 5,604 |
* | Depomed Inc. | 835,925 | 5,576 |
* | Invitae Corp. | 755,512 | 5,553 |
^,* | Reata Pharmaceuticals Inc. Class A | 157,064 | 5,493 |
^,* | Lannett Co. Inc. | 403,216 | 5,484 |
^,* | Dova Pharmaceuticals Inc. | 181,436 | 5,429 |
^,* | Pacific Biosciences of California Inc. | 1,513,105 | 5,372 |
^,* | Keryx Biopharmaceuticals Inc. | 1,428,090 | 5,370 |
^,* | ZIOPHARM Oncology Inc. | 1,742,231 | 5,262 |
* | CareDx Inc. | 426,550 | 5,221 |
* | Achillion Pharmaceuticals Inc. | 1,843,718 | 5,218 |
* | BioScrip Inc. | 1,760,065 | 5,157 |
* | Voyager Therapeutics Inc. | 261,183 | 5,103 |
Computer Programs & Systems Inc. | 154,344 | 5,078 | |
^,* | PolarityTE Inc. | 215,170 | 5,065 |
^,* | Community Health Systems Inc. | 1,522,673 | 5,055 |
^,* | CASI Pharmaceuticals Inc. | 601,748 | 4,952 |
^,* | Optinose Inc. | 176,920 | 4,950 |
* | Antares Pharma Inc. | 1,909,655 | 4,927 |
^,* | Eloxx Pharmaceuticals Inc. | 286,980 | 4,899 |
^,* | Akcea Therapeutics Inc. | 204,942 | 4,859 |
* | GenMark Diagnostics Inc. | 753,316 | 4,806 |
* | Accuray Inc. | 1,170,833 | 4,800 |
* | Verastem Inc. | 693,113 | 4,769 |
* | PDL BioPharma Inc. | 2,034,839 | 4,762 |
National Research Corp. | 125,034 | 4,676 | |
^,* | Senseonics Holdings Inc. | 1,112,767 | 4,573 |
Utah Medical Products Inc. | 41,031 | 4,520 | |
^,* | Inovio Pharmaceuticals Inc. | 1,127,159 | 4,418 |
* | ArQule Inc. | 786,251 | 4,348 |
25
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Dermira Inc. | 465,309 | 4,281 |
* | Bellicum Pharmaceuticals Inc. | 573,954 | 4,236 |
* | Capital Senior Living Corp. | 395,441 | 4,219 |
* | Kindred Biosciences Inc. | 393,343 | 4,189 |
* | Clearside Biomedical Inc. | 386,626 | 4,133 |
* | Catalyst Pharmaceuticals Inc. | 1,307,799 | 4,080 |
^,* | MediciNova Inc. | 507,221 | 4,037 |
* | Inspire Medical Systems Inc. | 111,797 | 3,987 |
^,* | T2 Biosystems Inc. | 513,773 | 3,977 |
* | Dicerna Pharmaceuticals Inc. | 317,396 | 3,888 |
* | Paratek Pharmaceuticals Inc. | 379,624 | 3,872 |
^,* | Savara Inc. | 336,687 | 3,811 |
* | ChemoCentryx Inc. | 286,325 | 3,771 |
* | Zafgen Inc. | 367,669 | 3,761 |
^,* | SIGA Technologies Inc. | 630,300 | 3,744 |
^,* | Achaogen Inc. | 430,993 | 3,732 |
^,* | Surgery Partners Inc. | 246,110 | 3,667 |
^,* | Athersys Inc. | 1,826,278 | 3,598 |
^,* | CytoSorbents Corp. | 315,371 | 3,595 |
* | RTI Surgical Inc. | 778,747 | 3,582 |
* | Albireo Pharma Inc. | 99,599 | 3,536 |
* | Civitas Solutions Inc. | 213,618 | 3,503 |
* | NanoString Technologies Inc. | 252,251 | 3,451 |
* | Castlight Health Inc. Class B | 809,096 | 3,439 |
* | Durect Corp. | 2,184,963 | 3,409 |
^,* | Corbus Pharmaceuticals Holdings Inc. | 666,635 | 3,366 |
^,* | Solid Biosciences Inc. | 94,422 | 3,364 |
* | Idera Pharmaceuticals Inc. | 2,531,651 | 3,342 |
* | Aduro Biotech Inc. | 472,604 | 3,308 |
^,* | Rockwell Medical Inc. | 670,304 | 3,305 |
* | CTI BioPharma Corp. | 660,823 | 3,291 |
* | IntriCon Corp. | 81,616 | 3,289 |
^,* | Helius Medical Technologies Inc. Class A | 341,815 | 3,254 |
* | Concert Pharmaceuticals Inc. | 193,007 | 3,248 |
^,* | BioTime Inc. | 1,567,440 | 3,229 |
* | Nuvectra Corp. | 156,996 | 3,223 |
^,* | Homology Medicines Inc. | 156,171 | 3,186 |
* | Minerva Neurosciences Inc. | 385,652 | 3,182 |
^,* | AVEO Pharmaceuticals Inc. | 1,397,946 | 3,159 |
^,* | MannKind Corp. | 1,650,316 | 3,136 |
Simulations Plus Inc. | 139,393 | 3,101 | |
* | Adverum Biotechnologies Inc. | 580,219 | 3,075 |
* | Melinta Therapeutics Inc. | 483,426 | 3,070 |
^,* | Vital Therapies Inc. | 448,031 | 3,069 |
* | Enzo Biochem Inc. | 591,086 | 3,068 |
^,* | Rocket Pharmaceuticals Inc. | 155,059 | 3,044 |
* | Chimerix Inc. | 629,502 | 2,996 |
^,* | ViewRay Inc. | 431,260 | 2,984 |
^,* | Denali Therapeutics Inc. | 195,260 | 2,978 |
* | BioSpecifics Technologies Corp. | 65,929 | 2,958 |
^,* | Corium International Inc. | 363,601 | 2,912 |
* | Harvard Bioscience Inc. | 541,945 | 2,899 |
* | Syros Pharmaceuticals Inc. | 274,221 | 2,800 |
* | Ocular Therapeutix Inc. | 412,805 | 2,786 |
^,* | Cellular Biomedicine Group Inc. | 138,459 | 2,707 |
* | American Renal Associates Holdings Inc. | 168,247 | 2,653 |
^,* | Avid Bioservices Inc. | 670,519 | 2,628 |
* | Tetraphase Pharmaceuticals Inc. | 721,586 | 2,576 |
* | Fluidigm Corp. | 429,183 | 2,558 |
* | Agenus Inc. | 1,126,675 | 2,558 |
* | Seres Therapeutics Inc. | 294,855 | 2,536 |
^,* | Galectin Therapeutics Inc. | 395,955 | 2,518 |
^,* | Cohbar Inc. | 378,132 | 2,477 |
^,* | Marinus Pharmaceuticals Inc. | 347,250 | 2,455 |
26
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Veracyte Inc. | 260,825 | 2,436 |
* | FONAR Corp. | 90,717 | 2,409 |
^,* | Cue Biopharma Inc. | 202,666 | 2,404 |
* | Aratana Therapeutics Inc. | 561,516 | 2,386 |
^,* | BioDelivery Sciences International Inc. | 792,131 | 2,337 |
^,* | Insys Therapeutics Inc. | 321,140 | 2,325 |
^,* | PetIQ Inc. | 84,580 | 2,272 |
^,* | Teligent Inc. | 639,979 | 2,214 |
^,* | Palatin Technologies Inc. | 2,204,905 | 2,138 |
^,* | Calyxt Inc. | 114,374 | 2,135 |
* | InflaRx NV | 65,995 | 2,128 |
^,* | Ampio Pharmaceuticals Inc. | 965,468 | 2,124 |
* | Immune Design Corp. | 461,740 | 2,101 |
^,* | Organovo Holdings Inc. | 1,433,593 | 2,007 |
* | SeaSpine Holdings Corp. | 158,922 | 2,006 |
^,* | Arcus Biosciences Inc. | 163,489 | 2,001 |
^,* | VBI Vaccines Inc. | 727,398 | 2,000 |
* | Aeglea BioTherapeutics Inc. | 183,839 | 1,945 |
* | Catalyst Biosciences Inc. | 162,911 | 1,901 |
* | Pfenex Inc. | 348,733 | 1,887 |
^,* | Evolus Inc. | 66,978 | 1,875 |
* | Quorum Health Corp. | 374,225 | 1,871 |
* | Calithera Biosciences Inc. | 372,022 | 1,860 |
^,* | NantHealth Inc. | 561,730 | 1,859 |
* | Miragen Therapeutics Inc. | 288,427 | 1,849 |
* | Syndax Pharmaceuticals Inc. | 259,998 | 1,825 |
^,* | Zynerba Pharmaceuticals Inc. | 186,481 | 1,816 |
^,* | NewLink Genetics Corp. | 381,345 | 1,815 |
* | Ardelyx Inc. | 488,019 | 1,806 |
* | Surface Oncology Inc. | 109,663 | 1,789 |
^,* | Odonate Therapeutics Inc. | 80,872 | 1,786 |
* | Neos Therapeutics Inc. | 284,638 | 1,779 |
* | Ra Pharmaceuticals Inc. | 176,346 | 1,755 |
* | Aldeyra Therapeutics Inc. | 220,568 | 1,753 |
* | Chembio Diagnostics Inc. | 157,238 | 1,745 |
* | XOMA Corp. | 82,588 | 1,724 |
^,* | Selecta Biosciences Inc. | 125,699 | 1,665 |
^,* | AcelRx Pharmaceuticals Inc. | 491,609 | 1,659 |
* | Synlogic Inc. | 167,247 | 1,644 |
* | Corvus Pharmaceuticals Inc. | 147,346 | 1,618 |
^,* | Sophiris Bio Inc. | 559,915 | 1,573 |
^,* | Conatus Pharmaceuticals Inc. | 367,168 | 1,571 |
* | Eiger BioPharmaceuticals Inc. | 125,834 | 1,535 |
* | MEI Pharma Inc. | 388,861 | 1,532 |
Psychemedics Corp. | 78,603 | 1,512 | |
^,* | Anavex Life Sciences Corp. | 566,620 | 1,485 |
* | Otonomy Inc. | 376,517 | 1,450 |
* | AAC Holdings Inc. | 151,391 | 1,419 |
^,* | Spring Bank Pharmaceuticals Inc. | 118,870 | 1,409 |
* | Genesis Healthcare Inc. | 605,622 | 1,387 |
* | Infinity Pharmaceuticals Inc. | 724,616 | 1,384 |
^,* | XBiotech Inc. | 306,794 | 1,374 |
Aceto Corp. | 406,811 | 1,363 | |
* | Bovie Medical Corp. | 309,202 | 1,345 |
^,* | Adamis Pharmaceuticals Corp. | 404,838 | 1,295 |
* | Mersana Therapeutics Inc. | 72,196 | 1,289 |
* | ADMA Biologics Inc. | 284,789 | 1,284 |
^,* | iRadimed Corp. | 61,365 | 1,273 |
* | Mustang Bio Inc. | 184,707 | 1,273 |
^,* | Gemphire Therapeutics Inc. | 122,356 | 1,247 |
* | Orgenesis Inc. | 143,392 | 1,240 |
* | Juniper Pharmaceuticals Inc. | 140,749 | 1,224 |
^,* | ChromaDex Corp. | 328,726 | 1,220 |
* | ContraFect Corp. | 546,286 | 1,207 |
27
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | HTG Molecular Diagnostics Inc. | 370,013 | 1,206 |
* | Tocagen Inc. | 127,927 | 1,195 |
* | Kala Pharmaceuticals Inc. | 86,294 | 1,185 |
* | GTx Inc. | 76,791 | 1,176 |
^,* | NantKwest Inc. | 383,561 | 1,174 |
* | Aptevo Therapeutics Inc. | 232,945 | 1,162 |
^,* | Ekso Bionics Holdings Inc. | 637,133 | 1,140 |
* | OrthoPediatrics Corp. | 42,222 | 1,125 |
^,* | Fortress Biotech Inc. | 371,941 | 1,108 |
^,* | Protagonist Therapeutics Inc. | 163,531 | 1,099 |
^,* | Riot Blockchain Inc. | 171,949 | 1,090 |
^,* | Pulse Biosciences Inc. | 70,686 | 1,070 |
* | Recro Pharma Inc. | 201,968 | 1,014 |
^,* | Advaxis Inc. | 691,777 | 1,003 |
^,* | Invuity Inc. | 256,859 | 1,002 |
* | Trevena Inc. | 688,797 | 992 |
^,* | Viveve Medical Inc. | 363,040 | 987 |
* | Sienna Biopharmaceuticals Inc. | 64,038 | 973 |
^,* | EyePoint Pharmaceuticals Inc. | 461,536 | 960 |
^,* | Leap Therapeutics Inc. | 105,558 | 950 |
^,* | Corindus Vascular Robotics Inc. | 1,146,222 | 946 |
* | KemPharm Inc. | 144,481 | 939 |
* | Sesen Bio Inc. | 480,453 | 937 |
^,* | BrainStorm Cell Therapeutics Inc. | 238,368 | 930 |
Merrimack Pharmaceuticals Inc. | 184,811 | 907 | |
* | Celldex Therapeutics Inc. | 1,798,640 | 906 |
Tricida Inc. | 30,100 | 900 | |
^,* | Quanterix Corp. | 62,471 | 897 |
* | Ophthotech Corp. | 326,823 | 892 |
* | SCYNEXIS Inc. | 541,623 | 888 |
* | IRIDEX Corp. | 129,987 | 881 |
* | Allena Pharmaceuticals Inc. | 66,866 | 871 |
* | Proteostasis Therapeutics Inc. | 309,755 | 864 |
* | Aquinox Pharmaceuticals Inc. | 321,821 | 853 |
* | Conformis Inc. | 676,954 | 846 |
^,* | BioLife Solutions Inc. | 72,740 | 830 |
* | Catabasis Pharmaceuticals Inc. | 851,114 | 816 |
^,* | OncoSec Medical Inc. | 584,725 | 807 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 45,150 | 783 |
* | Sunesis Pharmaceuticals Inc. | 363,659 | 771 |
* | Applied Genetic Technologies Corp. | 207,936 | 769 |
* | Menlo Therapeutics Inc. | 94,216 | 765 |
* | Krystal Biotech Inc. | 51,372 | 764 |
* | Unum Therapeutics Inc. | 52,782 | 757 |
* | Novan Inc. | 255,311 | 751 |
^,* | Cidara Therapeutics Inc. | 139,986 | 728 |
* | Versartis Inc. | 343,568 | 696 |
^,* | resTORbio Inc. | 75,487 | 691 |
* | OncoMed Pharmaceuticals Inc. | 287,555 | 664 |
Kewaunee Scientific Corp. | 18,304 | 658 | |
^,* | Zosano Pharma Corp. | 160,759 | 656 |
* | InfuSystem Holdings Inc. | 183,833 | 653 |
* | Neurotrope Inc. | 67,260 | 651 |
^,* | Bellerophon Therapeutics Inc. | 266,693 | 645 |
* | Jounce Therapeutics Inc. | 84,024 | 644 |
^,* | Genocea Biosciences Inc. | 751,470 | 643 |
^,* | Axsome Therapeutics Inc. | 197,614 | 632 |
^,* | Curis Inc. | 360,860 | 624 |
^,* | ITUS Corp. | 195,984 | 594 |
* | VIVUS Inc. | 828,844 | 584 |
* | Histogenics Corp. | 232,341 | 581 |
^,* | VolitionRX Ltd. | 288,752 | 577 |
* | Celcuity Inc. | 22,798 | 566 |
Digirad Corp. | 363,958 | 564 |
28
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Second Sight Medical Products Inc. | 327,947 | 544 |
* | Sharps Compliance Corp. | 144,455 | 533 |
* | Cumberland Pharmaceuticals Inc. | 83,401 | 511 |
* | Ovid therapeutics Inc. | 65,516 | 511 |
^,* | Heat Biologics Inc. | 236,447 | 508 |
^,* | Rexahn Pharmaceuticals Inc. | 359,304 | 507 |
* | Alimera Sciences Inc. | 517,627 | 506 |
* | Icad Inc. | 157,862 | 481 |
* | OvaScience Inc. | 520,629 | 472 |
* | Actinium Pharmaceuticals Inc. | 729,062 | 467 |
* | Aptinyx Inc. | 18,942 | 458 |
^,* | Celsion Corp. | 154,836 | 457 |
* | Evoke Pharma Inc. | 182,231 | 456 |
^,* | UNITY Biotechnology Inc. | 30,150 | 454 |
^,* | scPharmaceuticals Inc. | 80,058 | 453 |
* | Avrobio Inc. | 15,635 | 447 |
^,* | Asterias Biotherapeutics Inc. Class A | 324,470 | 438 |
^,* | Imprimis Pharmaceuticals Inc. | 191,701 | 422 |
* | Misonix Inc. | 33,959 | 421 |
^,* | Moleculin Biotech Inc. | 224,496 | 402 |
^,* | Matinas BioPharma Holdings Inc. | 914,352 | 397 |
* | Molecular Templates Inc. | 75,456 | 395 |
^,* | Capricor Therapeutics Inc. | 294,197 | 394 |
* | Tracon Pharmaceuticals Inc. | 145,455 | 393 |
* | Electromed Inc. | 71,985 | 390 |
* | Bioxcel Therapeutics Inc. | 42,321 | 389 |
^,* | Navidea Biopharmaceuticals Inc. | 1,694,430 | 387 |
* | Champions Oncology Inc. | 59,932 | 386 |
^,* | Obalon Therapeutics Inc. | 173,018 | 372 |
* | Five Star Senior Living Inc. | 235,990 | 354 |
^,* | BioPharmX Corp. | 1,593,880 | 352 |
^,* | Medical Transcription Billing Corp. | 89,380 | 346 |
^,* | Cerecor Inc. | 77,992 | 338 |
* | Forty Seven Inc. | 21,070 | 337 |
^,* | Synthetic Biologics Inc. | 1,356,147 | 324 |
^,* | Opiant Pharmaceuticals Inc. | 22,403 | 320 |
* | Tonix Pharmaceuticals Holding Corp. | 71,919 | 320 |
^,* | Akers Biosciences Inc. | 811,432 | 314 |
* | Eidos Therapeutics Inc. | 15,074 | 307 |
^,* | Valeritas Holdings Inc. | 228,091 | 306 |
^,* | Magenta Therapeutics Inc. | 22,575 | 305 |
^,* | Edge Therapeutics Inc. | 294,157 | 303 |
^,* | Myomo Inc. | 101,985 | 302 |
* | Vical Inc. | 261,746 | 301 |
^,* | CytRx Corp. | 259,880 | 294 |
* | Arsanis Inc. | 79,499 | 289 |
* | Vermillion Inc. | 360,988 | 282 |
^,* | IsoRay Inc. | 605,894 | 273 |
^,* | Lipocine Inc. | 208,893 | 272 |
^,* | Egalet Corp. | 629,134 | 265 |
* | Novus Therapeutics Inc. | 37,690 | 264 |
^,* | Acer Therapeutics Inc. | 12,211 | 264 |
* | Regulus Therapeutics Inc. | 388,939 | 256 |
^,* | Aethlon Medical Inc. | 197,510 | 253 |
* | Spero Therapeutics Inc. | 17,115 | 251 |
^,* | VistaGen Therapeutics Inc. | 180,375 | 247 |
^,* | Xtant Medical Holdings Inc. | 44,170 | 245 |
* | Alphatec Holdings Inc. | 80,444 | 240 |
^,* | AmpliPhi Biosciences Corp. | 212,113 | 240 |
* | Neon Therapeutics Inc. | 18,817 | 237 |
* | KalVista Pharmaceuticals Inc. | 28,676 | 233 |
^,* | Fibrocell Science Inc. | 80,874 | 219 |
^,* | Pernix Therapeutics Holdings Inc. | 90,003 | 219 |
* | Aevi Genomic Medicine Inc. | 194,525 | 216 |
29
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Interpace Diagnostics Group Inc. | 241,321 | 215 |
* | Kezar Life Sciences Inc. | 12,043 | 208 |
* | Proteon Therapeutics Inc. | 81,784 | 200 |
^,* | Senestech Inc. | 120,308 | 196 |
* | Scholar Rock Holding Corp. | 12,064 | 188 |
^,* | Pulmatrix Inc. | 415,907 | 187 |
* | Bioanalytical Systems Inc. | 111,396 | 184 |
^,* | Neuralstem Inc. | 165,532 | 184 |
* | Verrica Pharmaceuticals Inc. | 9,039 | 178 |
^,* | Evelo Biosciences Inc. | 15,065 | 178 |
^,* | TapImmune Inc. | 18,694 | 176 |
^,* | Restoration Robotics Inc. | 50,707 | 176 |
^,* | Aradigm Corp. | 120,486 | 175 |
^,* | Co-Diagnostics Inc. | 43,628 | 169 |
* | CAS Medical Systems Inc. | 86,772 | 169 |
* | NanoViricides Inc. | 380,907 | 168 |
^,* | CEL-SCI Corp. | 175,528 | 161 |
* | aTyr Pharma Inc. | 177,445 | 161 |
^,* | Cancer Genetics Inc. | 179,351 | 160 |
^,* | Cyclacel Pharmaceuticals Inc. | 106,172 | 151 |
^,* | Catasys Inc. | 22,415 | 151 |
^,* | Yield10 Bioscience Inc. | 103,390 | 146 |
^,* | vTv Therapeutics Inc. Class A | 94,591 | 146 |
* | Alpine Immune Sciences Inc. | 18,998 | 144 |
* | Xeris Pharmaceuticals Inc. | 7,543 | 143 |
^,* | Sonoma Pharmaceuticals Inc. | 57,676 | 143 |
* | Joint Corp. | 16,925 | 138 |
^,* | DarioHealth Corp. | 107,299 | 137 |
^,* | AquaBounty Technologies Inc. | 41,207 | 137 |
* | Aileron Therapeutics Inc. | 24,778 | 134 |
^,* | Oncocyte Corp. | 52,472 | 134 |
Translate Bio Inc. | 10,545 | 133 | |
^,* | Diffusion Pharmaceuticals Inc. | 289,544 | 132 |
^,* | ContraVir Pharmaceuticals Inc. | 96,535 | 125 |
* | Neuronetics Inc. | 4,538 | 121 |
^,* | Pain Therapeutics Inc. | 58,256 | 120 |
* | Agile Therapeutics Inc. | 241,958 | 120 |
^ | Biolase Inc. | 97,373 | 118 |
* | Presbia plc | 54,190 | 118 |
^,* | Bio-Path Holdings Inc. | 78,343 | 117 |
^,* | Hemispherx Biopharma Inc. | 361,415 | 116 |
* | Caladrius Biosciences Inc. | 17,698 | 114 |
^,* | Precision Therapeutics Inc. | 99,825 | 113 |
* | Flex Pharma Inc. | 119,407 | 112 |
* | Streamline Health Solutions Inc. | 74,072 | 109 |
^,* | MabVax Therapeutics Holdings Inc. | 126,592 | 108 |
^,* | Ohr Pharmaceutical Inc. | 531,931 | 104 |
Vaxart Inc. | 33,096 | 100 | |
^,* | CorMedix Inc. | 399,787 | 95 |
* | AzurRx BioPharma Inc. | 29,214 | 94 |
^,* | Cellectar Biosciences Inc. | 149,854 | 93 |
^,* | PAVmed Inc. | 95,200 | 90 |
* | Chiasma Inc. | 58,188 | 87 |
* | Alliqua BioMedical Inc. | 41,300 | 85 |
^,* | Biocept Inc. | 417,429 | 83 |
^,* | Onconova Therapeutics Inc. | 199,098 | 81 |
* | Retractable Technologies Inc. | 109,240 | 80 |
^,* | iBio Inc. | 87,662 | 79 |
^,* | Tenax Therapeutics Inc. | 12,200 | 77 |
* | Fulgent Genetics Inc. | 18,060 | 75 |
* | SunLink Health Systems Inc. | 57,952 | 75 |
^,* | Atossa Genetics Inc. | 33,864 | 74 |
^,* | ImmunoCellular Therapeutics Ltd. | 284,812 | 74 |
^,* | OpGen Inc. | 41,396 | 74 |
30
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Wright Medical Group Inc. CVR | 52,493 | 72 |
^,* | Apricus Biosciences Inc. | 172,054 | 67 |
* | Citius Pharmaceuticals Inc. | 27,063 | 62 |
* | Apollo Endosurgery Inc. | 8,792 | 61 |
^,* | EyeGate Pharmaceuticals Inc. | 114,949 | 61 |
^ | Daxor Corp. | 8,705 | 58 |
^,* | Soligenix Inc. | 57,957 | 56 |
* | Ligand Pharmaceuticals Inc. Glucagon CVR | 395,811 | 54 |
^,* | Oragenics Inc. | 37,621 | 52 |
^,* | SELLAS Life Sciences Group Inc. | 15,051 | 51 |
^,* | Amedica Corp. | 52,791 | 50 |
* | Titan Pharmaceuticals Inc. | 45,449 | 50 |
^,* | RXi Pharmaceuticals Corp. | 25,660 | 50 |
^,* | Altimmune Inc. | 107,453 | 48 |
^,* | Dare Bioscience Inc. | 38,455 | 45 |
Diversicare Healthcare Services Inc. | 6,253 | 43 | |
* | Avenue Therapeutics Inc. | 11,161 | 40 |
^,* | Precipio Inc. | 108,523 | 40 |
* | NovaBay Pharmaceuticals Inc. | 15,439 | 39 |
^,* | Ritter Pharmaceuticals Inc. | 14,030 | 36 |
^,* | Cleveland BioLabs Inc. | 13,546 | 33 |
^,* | Strata Skin Sciences Inc. | 16,012 | 33 |
^,* | Regional Health Properties Inc. | 139,122 | 33 |
* | Pro-Dex Inc. | 4,785 | 32 |
* | ImmuCell Corp. | 4,700 | 32 |
* | Soleno Therapeutics Inc. | 12,682 | 30 |
* | Allied Healthcare Products Inc. | 11,560 | 28 |
* | NanoVibronix Inc. | 5,700 | 28 |
^,* | Trovagene Inc. | 35,109 | 27 |
* | Avanos Medical Inc. | 458 | 26 |
^,* | Immune Pharmaceuticals Inc. | 136,241 | 25 |
^,* | Cesca Therapeutics Inc. | 58,940 | 24 |
^,* | ReShape Lifesciences Inc. | 10,430 | 24 |
* | Xenetic Biosciences Inc. | 5,425 | 22 |
* | CynergisTek Inc. | 5,397 | 21 |
* | ARCA biopharma Inc. | 38,180 | 21 |
^,* | InVivo Therapeutics Holdings Corp. | 11,892 | 20 |
* | PLx Pharma Inc. | 5,114 | 20 |
* | Ligand Pharmaceuticals Inc. Beta CVR | 395,811 | 20 |
* | MYnd Analytics Inc. | 10,797 | 20 |
* | Biomerica Inc. | 4,518 | 18 |
* | American Shared Hospital Services | 5,681 | 16 |
^,* | Cytori Therapeutics Inc. | 9,597 | 14 |
* | Aytu BioScience Inc. | 52,125 | 14 |
* | Sensus Healthcare Inc. | 1,738 | 13 |
^,* | InspireMD Inc. | 43,504 | 11 |
^,* | Oncobiologics Inc. | 12,746 | 11 |
^,* | Evofem Biosciences Inc. | 3,867 | 10 |
ProPhase Labs Inc. | 2,349 | 8 | |
^,* | Achieve Life Sciences Inc. | 1,755 | 7 |
* | Milestone Scientific Inc. | 7,160 | 6 |
^,* | Avinger Inc. | 2,800 | 5 |
* | Micron Solutions Inc. | 1,204 | 4 |
* | Ligand Pharmaceuticals Inc. General CVR | 395,811 | 4 |
* | Ligand Pharmaceuticals Inc. Roche CVR | 395,811 | 3 |
* | Eyenovia Inc. | 316 | 2 |
* | Jaguar Health Inc. | 1 | — |
7,905,369 | |||
Industrials (13.1%) | |||
* | CoStar Group Inc. | 474,614 | 195,840 |
TransUnion | 1,973,759 | 141,400 | |
IDEX Corp. | 1,004,456 | 137,088 | |
Old Dominion Freight Line Inc. | 894,307 | 133,216 | |
* | XPO Logistics Inc. | 1,314,623 | 131,699 |
31
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Spirit AeroSystems Holdings Inc. Class A | 1,476,520 | 126,848 | |
Wabtec Corp. | 1,121,840 | 110,591 | |
* | Sensata Technologies Holding plc | 2,241,880 | 106,669 |
* | HD Supply Holdings Inc. | 2,407,446 | 103,255 |
Graco Inc. | 2,178,445 | 98,509 | |
Lennox International Inc. | 482,553 | 96,583 | |
KAR Auction Services Inc. | 1,760,154 | 96,456 | |
* | Teledyne Technologies Inc. | 471,994 | 93,955 |
Owens Corning | 1,430,768 | 90,668 | |
Carlisle Cos. Inc. | 798,412 | 86,476 | |
Nordson Corp. | 672,854 | 86,401 | |
Toro Co. | 1,375,342 | 82,864 | |
BWX Technologies Inc. | 1,300,632 | 81,055 | |
* | JetBlue Airways Corp. | 4,119,885 | 78,195 |
Hexcel Corp. | 1,166,996 | 77,465 | |
Donaldson Co. Inc. | 1,713,894 | 77,331 | |
* | WABCO Holdings Inc. | 652,393 | 76,343 |
* | Middleby Corp. | 724,399 | 75,642 |
Hubbell Inc. Class B | 711,909 | 75,277 | |
Watsco Inc. | 418,828 | 74,669 | |
ManpowerGroup Inc. | 860,080 | 74,018 | |
Lincoln Electric Holdings Inc. | 807,835 | 70,896 | |
Curtiss-Wright Corp. | 584,376 | 69,552 | |
Allison Transmission Holdings Inc. | 1,700,504 | 68,853 | |
* | AECOM | 2,076,135 | 68,575 |
Oshkosh Corp. | 963,348 | 67,743 | |
Rollins Inc. | 1,267,123 | 66,625 | |
Trinity Industries Inc. | 1,929,505 | 66,105 | |
Knight-Swift Transportation Holdings Inc. | 1,677,796 | 64,109 | |
* | Genesee & Wyoming Inc. Class A | 772,915 | 62,853 |
Acuity Brands Inc. | 533,658 | 61,835 | |
Landstar System Inc. | 551,593 | 60,234 | |
Dun & Bradstreet Corp. | 484,853 | 59,467 | |
ITT Inc. | 1,132,914 | 59,217 | |
EMCOR Group Inc. | 770,844 | 58,723 | |
* | Kirby Corp. | 701,479 | 58,644 |
Woodward Inc. | 727,661 | 55,928 | |
HEICO Corp. Class A | 901,302 | 54,934 | |
Crane Co. | 671,192 | 53,783 | |
Brink's Co. | 666,268 | 53,135 | |
* | nVent Electric plc | 2,094,843 | 52,581 |
Air Lease Corp. Class A | 1,246,719 | 52,325 | |
AGCO Corp. | 857,287 | 52,054 | |
MSC Industrial Direct Co. Inc. Class A | 593,200 | 50,333 | |
* | ASGN Inc. | 643,624 | 50,325 |
Ryder System Inc. | 696,748 | 50,068 | |
* | USG Corp. | 1,142,227 | 49,253 |
* | Trex Co. Inc. | 775,571 | 48,543 |
* | KLX Inc. | 669,663 | 48,149 |
* | Axon Enterprise Inc. | 755,461 | 47,730 |
Regal Beloit Corp. | 571,475 | 46,747 | |
Insperity Inc. | 488,814 | 46,560 | |
Korn/Ferry International | 741,707 | 45,934 | |
Macquarie Infrastructure Corp. | 1,052,415 | 44,412 | |
* | SiteOne Landscape Supply Inc. | 528,147 | 44,349 |
Valmont Industries Inc. | 291,524 | 43,947 | |
* | MasTec Inc. | 856,934 | 43,489 |
MSA Safety Inc. | 445,747 | 42,943 | |
* | Armstrong World Industries Inc. | 674,520 | 42,630 |
Tetra Tech Inc. | 727,904 | 42,582 | |
* | Generac Holdings Inc. | 808,772 | 41,838 |
Deluxe Corp. | 630,902 | 41,772 | |
* | RBC Bearings Inc. | 323,241 | 41,637 |
EnerSys | 555,925 | 41,494 |
32
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Healthcare Services Group Inc. | 958,786 | 41,410 | |
* | Welbilt Inc. | 1,828,146 | 40,786 |
HEICO Corp. | 556,598 | 40,593 | |
* | Rexnord Corp. | 1,373,726 | 39,920 |
* | Colfax Corp. | 1,296,606 | 39,741 |
Terex Corp. | 932,666 | 39,349 | |
* | Proto Labs Inc. | 329,886 | 39,240 |
Timken Co. | 899,599 | 39,178 | |
* | Univar Inc. | 1,488,119 | 39,048 |
* | Dycom Industries Inc. | 409,768 | 38,727 |
Kennametal Inc. | 1,069,359 | 38,390 | |
Hillenbrand Inc. | 808,836 | 38,137 | |
* | Beacon Roofing Supply Inc. | 891,992 | 38,017 |
GATX Corp. | 503,211 | 37,353 | |
John Bean Technologies Corp. | 419,922 | 37,331 | |
* | Clean Harbors Inc. | 668,965 | 37,161 |
Barnes Group Inc. | 626,282 | 36,888 | |
SkyWest Inc. | 690,078 | 35,815 | |
Applied Industrial Technologies Inc. | 510,058 | 35,781 | |
UniFirst Corp. | 198,931 | 35,191 | |
* | Navistar International Corp. | 859,931 | 35,016 |
* | WESCO International Inc. | 610,073 | 34,835 |
Simpson Manufacturing Co. Inc. | 549,612 | 34,180 | |
Moog Inc. Class A | 429,343 | 33,472 | |
KBR Inc. | 1,861,742 | 33,362 | |
Exponent Inc. | 688,928 | 33,275 | |
Granite Construction Inc. | 594,637 | 33,098 | |
* | Spirit Airlines Inc. | 891,654 | 32,412 |
AMERCO | 87,910 | 31,309 | |
* | TriNet Group Inc. | 544,069 | 30,435 |
* | Avis Budget Group Inc. | 930,460 | 30,240 |
* | FTI Consulting Inc. | 491,785 | 29,743 |
Universal Forest Products Inc. | 807,318 | 29,564 | |
* | Aerojet Rocketdyne Holdings Inc. | 995,004 | 29,343 |
Watts Water Technologies Inc. Class A | 369,555 | 28,973 | |
Covanta Holding Corp. | 1,726,217 | 28,483 | |
Mobile Mini Inc. | 591,790 | 27,755 | |
* | Saia Inc. | 341,731 | 27,629 |
* | Builders FirstSource Inc. | 1,496,289 | 27,367 |
* | Gardner Denver Holdings Inc. | 928,542 | 27,290 |
Herman Miller Inc. | 780,345 | 26,454 | |
* | Masonite International Corp. | 367,822 | 26,428 |
* | WageWorks Inc. | 522,269 | 26,113 |
Kaman Corp. | 370,923 | 25,850 | |
* | Esterline Technologies Corp. | 346,126 | 25,544 |
* | JELD-WEN Holding Inc. | 890,291 | 25,453 |
* | MRC Global Inc. | 1,170,996 | 25,375 |
Matthews International Corp. Class A | 427,541 | 25,139 | |
ABM Industries Inc. | 854,197 | 24,925 | |
* | Chart Industries Inc. | 402,556 | 24,830 |
Brady Corp. Class A | 643,738 | 24,816 | |
* | SPX FLOW Inc. | 560,073 | 24,514 |
Hawaiian Holdings Inc. | 678,528 | 24,393 | |
Mueller Water Products Inc. Class A | 2,073,921 | 24,306 | |
* | Mercury Systems Inc. | 635,839 | 24,200 |
* | Meritor Inc. | 1,168,994 | 24,046 |
* | Atlas Air Worldwide Holdings Inc. | 335,332 | 24,043 |
* | Harsco Corp. | 1,069,074 | 23,627 |
Franklin Electric Co. Inc. | 518,959 | 23,405 | |
Albany International Corp. | 388,355 | 23,360 | |
Actuant Corp. Class A | 795,849 | 23,358 | |
Forward Air Corp. | 392,342 | 23,180 | |
Allegiant Travel Co. Class A | 166,269 | 23,103 | |
Comfort Systems USA Inc. | 494,683 | 22,656 |
33
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Mueller Industries Inc. | 759,673 | 22,418 | |
* | Hub Group Inc. Class A | 443,000 | 22,061 |
Werner Enterprises Inc. | 581,832 | 21,848 | |
Matson Inc. | 564,221 | 21,655 | |
HNI Corp. | 573,916 | 21,350 | |
Cubic Corp. | 331,000 | 21,250 | |
* | Herc Holdings Inc. | 374,226 | 21,084 |
Pitney Bowes Inc. | 2,441,784 | 20,926 | |
McGrath RentCorp | 321,158 | 20,320 | |
ESCO Technologies Inc. | 349,515 | 20,167 | |
AAR Corp. | 429,207 | 19,954 | |
* | SPX Corp. | 569,045 | 19,945 |
* | Aerovironment Inc. | 278,835 | 19,917 |
ACCO Brands Corp. | 1,429,824 | 19,803 | |
Greenbrier Cos. Inc. | 368,854 | 19,457 | |
US Ecology Inc. | 296,984 | 18,918 | |
Federal Signal Corp. | 811,694 | 18,904 | |
* | NOW Inc. | 1,415,292 | 18,866 |
Triton International Ltd. | 612,417 | 18,777 | |
Tennant Co. | 237,157 | 18,735 | |
* | Rush Enterprises Inc. Class A | 430,583 | 18,679 |
EnPro Industries Inc. | 266,656 | 18,653 | |
Interface Inc. Class A | 801,413 | 18,392 | |
Sun Hydraulics Corp. | 380,330 | 18,328 | |
Raven Industries Inc. | 476,256 | 18,312 | |
* | TriMas Corp. | 617,412 | 18,152 |
Apogee Enterprises Inc. | 376,000 | 18,112 | |
* | Patrick Industries Inc. | 317,037 | 18,024 |
ICF International Inc. | 251,019 | 17,835 | |
Standex International Corp. | 173,142 | 17,695 | |
AAON Inc. | 530,892 | 17,652 | |
Altra Industrial Motion Corp. | 394,608 | 17,008 | |
* | American Woodmark Corp. | 185,454 | 16,978 |
* | CBIZ Inc. | 734,320 | 16,889 |
* | BMC Stock Holdings Inc. | 806,998 | 16,826 |
* | Hertz Global Holdings Inc. | 1,096,573 | 16,821 |
* | Gibraltar Industries Inc. | 419,503 | 15,731 |
* | Continental Building Products Inc. | 498,503 | 15,728 |
H&E Equipment Services Inc. | 413,447 | 15,550 | |
ArcBest Corp. | 339,799 | 15,529 | |
Advanced Drainage Systems Inc. | 543,335 | 15,512 | |
Steelcase Inc. Class A | 1,139,681 | 15,386 | |
* | Evoqua Water Technologies Corp. | 749,059 | 15,356 |
Astec Industries Inc. | 255,743 | 15,293 | |
AZZ Inc. | 346,268 | 15,045 | |
Viad Corp. | 276,335 | 14,991 | |
Aircastle Ltd. | 721,617 | 14,793 | |
Douglas Dynamics Inc. | 305,663 | 14,672 | |
Primoris Services Corp. | 534,064 | 14,543 | |
Wabash National Corp. | 770,581 | 14,379 | |
Kadant Inc. | 148,566 | 14,285 | |
* | Advanced Disposal Services Inc. | 562,247 | 13,932 |
Knoll Inc. | 669,409 | 13,930 | |
* | Air Transport Services Group Inc. | 613,382 | 13,856 |
* | PGT Innovations Inc. | 663,623 | 13,837 |
Lindsay Corp. | 142,074 | 13,780 | |
* | Navigant Consulting Inc. | 610,998 | 13,528 |
* | TrueBlue Inc. | 501,186 | 13,507 |
Encore Wire Corp. | 277,938 | 13,188 | |
* | Casella Waste Systems Inc. Class A | 507,582 | 12,999 |
^ | ADT Inc. | 1,493,441 | 12,918 |
* | Kratos Defense & Security Solutions Inc. | 1,122,320 | 12,918 |
Triumph Group Inc. | 654,519 | 12,829 | |
* | Milacron Holdings Corp. | 669,336 | 12,671 |
34
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Heartland Express Inc. | 670,307 | 12,434 | |
Marten Transport Ltd. | 525,616 | 12,326 | |
* | Huron Consulting Group Inc. | 294,994 | 12,065 |
Manitowoc Co. Inc. | 466,484 | 12,063 | |
Multi-Color Corp. | 183,767 | 11,881 | |
Columbus McKinnon Corp. | 273,251 | 11,848 | |
Alamo Group Inc. | 127,913 | 11,558 | |
* | Sunrun Inc. | 878,124 | 11,547 |
* | NCI Building Systems Inc. | 544,928 | 11,444 |
* | CSW Industrials Inc. | 216,192 | 11,426 |
* | GMS Inc. | 420,001 | 11,378 |
* | SP Plus Corp. | 305,122 | 11,351 |
Schneider National Inc. Class B | 397,888 | 10,946 | |
Kforce Inc. | 311,779 | 10,694 | |
* | Atkore International Group Inc. | 512,457 | 10,644 |
* | Thermon Group Holdings Inc. | 454,313 | 10,390 |
* | Aegion Corp. Class A | 401,937 | 10,350 |
* | Lydall Inc. | 233,879 | 10,209 |
* | Echo Global Logistics Inc. | 347,103 | 10,153 |
Briggs & Stratton Corp. | 574,665 | 10,120 | |
* | Tutor Perini Corp. | 522,891 | 9,647 |
CIRCOR International Inc. | 260,765 | 9,638 | |
* | Vicor Corp. | 219,164 | 9,545 |
Barrett Business Services Inc. | 97,204 | 9,387 | |
Kelly Services Inc. Class A | 413,786 | 9,290 | |
Gorman-Rupp Co. | 263,785 | 9,232 | |
* | Wesco Aircraft Holdings Inc. | 813,968 | 9,157 |
Global Brass & Copper Holdings Inc. | 290,158 | 9,096 | |
^,* | Team Inc. | 391,091 | 9,034 |
Heidrick & Struggles International Inc. | 257,570 | 9,015 | |
GrafTech International Ltd. | 489,514 | 8,806 | |
National Presto Industries Inc. | 70,054 | 8,687 | |
* | Gates Industrial Corp. plc | 522,335 | 8,498 |
DMC Global Inc. | 189,207 | 8,495 | |
Quad/Graphics Inc. | 403,695 | 8,409 | |
Quanex Building Products Corp. | 467,281 | 8,388 | |
Hyster-Yale Materials Handling Inc. | 129,221 | 8,302 | |
* | Astronics Corp. | 230,548 | 8,293 |
Insteel Industries Inc. | 246,460 | 8,232 | |
Kimball International Inc. Class B | 505,472 | 8,168 | |
* | DXP Enterprises Inc. | 210,621 | 8,046 |
Argan Inc. | 193,550 | 7,926 | |
Griffon Corp. | 442,009 | 7,868 | |
* | MYR Group Inc. | 219,901 | 7,798 |
* | NV5 Global Inc. | 107,518 | 7,451 |
* | Engility Holdings Inc. | 238,142 | 7,297 |
Ennis Inc. | 350,763 | 7,138 | |
LSC Communications Inc. | 453,564 | 7,103 | |
Titan International Inc. | 660,643 | 7,089 | |
NN Inc. | 370,093 | 6,995 | |
* | Nexeo Solutions Inc. | 763,018 | 6,966 |
Spartan Motors Inc. | 458,349 | 6,921 | |
Resources Connection Inc. | 409,481 | 6,920 | |
^,* | Willscot Corp. | 462,715 | 6,848 |
^,* | Enphase Energy Inc. | 1,009,604 | 6,795 |
Essendant Inc. | 504,561 | 6,670 | |
* | Daseke Inc. | 656,120 | 6,515 |
REV Group Inc. | 370,294 | 6,299 | |
* | Veritiv Corp. | 148,699 | 5,926 |
CRA International Inc. | 113,513 | 5,777 | |
^,* | Plug Power Inc. | 2,826,828 | 5,710 |
^,* | KeyW Holding Corp. | 647,121 | 5,656 |
Omega Flex Inc. | 70,377 | 5,568 | |
* | InnerWorkings Inc. | 634,503 | 5,514 |
35
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
VSE Corp. | 114,569 | 5,474 | |
* | TPI Composites Inc. | 182,216 | 5,328 |
RR Donnelley & Sons Co. | 918,458 | 5,290 | |
* | Covenant Transportation Group Inc. Class A | 164,351 | 5,177 |
Forrester Research Inc. | 122,539 | 5,141 | |
^,* | Babcock & Wilcox Enterprises Inc. | 2,126,602 | 5,061 |
* | Great Lakes Dredge & Dock Corp. | 944,492 | 4,959 |
* | CAI International Inc. | 208,125 | 4,837 |
* | Vectrus Inc. | 153,431 | 4,729 |
* | Ducommun Inc. | 140,440 | 4,647 |
Allied Motion Technologies Inc. | 96,306 | 4,611 | |
* | Sterling Construction Co. Inc. | 345,144 | 4,497 |
Park-Ohio Holdings Corp. | 120,272 | 4,486 | |
* | Mistras Group Inc. | 236,235 | 4,460 |
* | YRC Worldwide Inc. | 443,490 | 4,457 |
Powell Industries Inc. | 126,877 | 4,419 | |
* | Armstrong Flooring Inc. | 311,377 | 4,372 |
* | Franklin Covey Co. | 166,663 | 4,092 |
* | BlueLinx Holdings Inc. | 106,772 | 4,007 |
American Railcar Industries Inc. | 100,962 | 3,986 | |
* | GP Strategies Corp. | 225,835 | 3,975 |
* | Heritage-Crystal Clean Inc. | 196,705 | 3,954 |
* | Titan Machinery Inc. | 252,963 | 3,934 |
Miller Industries Inc. | 148,592 | 3,797 | |
^,* | Energy Recovery Inc. | 461,896 | 3,732 |
Hurco Cos. Inc. | 83,303 | 3,728 | |
^,* | Energous Corp. | 249,367 | 3,698 |
* | Blue Bird Corp. | 147,364 | 3,294 |
* | Orion Group Holdings Inc. | 394,227 | 3,256 |
* | Hill International Inc. | 538,001 | 3,174 |
* | Willdan Group Inc. | 100,527 | 3,113 |
* | LB Foster Co. Class A | 134,904 | 3,096 |
FreightCar America Inc. | 178,622 | 2,999 | |
Graham Corp. | 116,147 | 2,998 | |
* | HC2 Holdings Inc. | 512,379 | 2,997 |
Preformed Line Products Co. | 33,664 | 2,989 | |
* | Northwest Pipe Co. | 152,655 | 2,957 |
* | Foundation Building Materials Inc. | 187,946 | 2,891 |
* | Ameresco Inc. Class A | 236,638 | 2,840 |
* | Genco Shipping & Trading Ltd. | 181,854 | 2,819 |
* | Acacia Research Corp. | 677,809 | 2,813 |
* | BrightView Holdings Inc. | 127,975 | 2,809 |
* | Twin Disc Inc. | 112,935 | 2,803 |
* | Sparton Corp. | 145,547 | 2,764 |
* | USA Truck Inc. | 115,080 | 2,701 |
Universal Logistics Holdings Inc. | 101,885 | 2,674 | |
* | Commercial Vehicle Group Inc. | 359,376 | 2,638 |
BG Staffing Inc. | 106,740 | 2,482 | |
Eastern Co. | 83,819 | 2,351 | |
CECO Environmental Corp. | 371,914 | 2,284 | |
* | Manitex International Inc. | 173,626 | 2,167 |
* | Lawson Products Inc. | 85,061 | 2,071 |
* | Willis Lease Finance Corp. | 64,531 | 2,039 |
* | General Finance Corp. | 143,933 | 1,950 |
* | Construction Partners Inc. Class A | 146,900 | 1,935 |
* | Gencor Industries Inc. | 115,798 | 1,870 |
* | Rush Enterprises Inc. Class B | 42,494 | 1,865 |
LSI Industries Inc. | 347,535 | 1,856 | |
* | Xerium Technologies Inc. | 136,560 | 1,808 |
* | IES Holdings Inc. | 107,279 | 1,797 |
^,* | Vivint Solar Inc. | 352,264 | 1,744 |
* | Radiant Logistics Inc. | 437,565 | 1,711 |
* | Astronics Corp. Class B | 47,596 | 1,702 |
^,* | American Superconductor Corp. | 233,904 | 1,637 |
36
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | FTE Networks Inc. | 82,837 | 1,599 |
* | PAM Transportation Services Inc. | 32,175 | 1,511 |
^,* | FuelCell Energy Inc. | 1,141,919 | 1,507 |
* | Infrastructure and Energy Alternatives Inc. | 157,400 | 1,465 |
* | CPI Aerostructures Inc. | 132,862 | 1,395 |
* | Transcat Inc. | 72,813 | 1,376 |
* | Houston Wire & Cable Co. | 154,920 | 1,317 |
* | Goldfield Corp. | 302,912 | 1,287 |
^,* | Aqua Metals Inc. | 434,030 | 1,250 |
^,* | Huttig Building Products Inc. | 247,746 | 1,177 |
* | NL Industries Inc. | 135,037 | 1,175 |
* | Arotech Corp. | 307,745 | 1,154 |
^ | EnviroStar Inc. | 28,250 | 1,138 |
^,* | Hudson Technologies Inc. | 511,921 | 1,029 |
^,* | Capstone Turbine Corp. | 704,978 | 1,008 |
^,* | ExOne Co. | 135,359 | 958 |
* | ARC Document Solutions Inc. | 529,568 | 937 |
* | Tecogen Inc. | 235,717 | 877 |
* | Roadrunner Transportation Systems Inc. | 410,992 | 859 |
* | Ultralife Corp. | 86,313 | 829 |
* | Performant Financial Corp. | 350,763 | 754 |
^,* | Odyssey Marine Exploration Inc. | 78,844 | 654 |
^,* | Revolution Lighting Technologies Inc. | 156,315 | 630 |
* | Perma-Pipe International Holdings Inc. | 63,262 | 592 |
^,* | Red Violet Inc. | 67,422 | 580 |
* | Alpha Pro Tech Ltd. | 166,676 | 558 |
Ecology and Environment Inc. | 40,958 | 510 | |
* | Mastech Digital Inc. | 30,317 | 488 |
RCM Technologies Inc. | 90,641 | 448 | |
* | Perma-Fix Environmental Services | 86,290 | 388 |
* | Jewett-Cameron Trading Co. Ltd. | 47,528 | 380 |
* | Taylor Devices Inc. | 36,095 | 370 |
* | Volt Information Sciences Inc. | 98,513 | 335 |
* | Broadwind Energy Inc. | 137,005 | 323 |
* | Innovative Solutions & Support Inc. | 110,868 | 323 |
* | Patriot Transportation Holding Inc. | 13,915 | 299 |
* | Air T Inc. | 8,896 | 298 |
^,* | Lightbridge Corp. | 296,381 | 296 |
* | LiqTech International Inc. | 380,844 | 284 |
^,* | Intersections Inc. | 136,189 | 276 |
Acme United Corp. | 12,007 | 249 | |
^,* | Sunworks Inc. | 219,815 | 246 |
* | Jason Industries Inc. | 106,086 | 246 |
* | I3 Verticals Inc. Class A | 15,053 | 229 |
^,* | DPW Holdings Inc. | 415,885 | 225 |
LS Starrett Co. Class A | 34,285 | 219 | |
* | Hudson Global Inc. | 116,459 | 189 |
^,* | Astrotech Corp. | 58,922 | 183 |
* | Fuel Tech Inc. | 169,040 | 183 |
Servotronics Inc. | 19,902 | 182 | |
* | SIFCO Industries Inc. | 33,067 | 178 |
* | Air Industries Group | 97,416 | 175 |
^,* | Pangaea Logistics Solutions Ltd. | 57,961 | 174 |
^,* | Orion Energy Systems Inc. | 158,091 | 174 |
* | Polar Power Inc. | 26,498 | 162 |
* | Cemtrex Inc. | 72,541 | 152 |
^,* | Marathon Patent Group Inc. | 161,721 | 149 |
* | ASV Holdings Inc. | 25,220 | 146 |
* | Document Security Systems Inc. | 111,407 | 143 |
* | Limbach Holdings Inc. | 11,049 | 131 |
* | Energy Focus Inc. | 63,455 | 121 |
^,* | Ocean Power Technologies Inc. | 138,960 | 118 |
* | DLH Holdings Corp. | 20,750 | 114 |
* | Copart Inc. | 1,898 | 107 |
37
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Ideal Power Inc. | 95,702 | 101 |
^,* | American Electric Technologies Inc. | 80,860 | 101 |
^,* | ShiftPixy Inc. | 36,917 | 96 |
Chicago Rivet & Machine Co. | 2,905 | 94 | |
^,* | Spherix Inc. | 88,138 | 93 |
* | Pioneer Power Solutions Inc. | 17,498 | 90 |
* | Industrial Services of America Inc. | 43,054 | 89 |
* | US Xpress Enterprises Inc. Class A | 5,350 | 81 |
^,* | EnSync Inc. | 211,783 | 77 |
^,* | Sigma Labs Inc. | 70,539 | 66 |
^,* | Real Goods Solar Inc. Class A | 109,768 | 63 |
^,* | GEE Group Inc. | 27,139 | 62 |
* | SG Blocks Inc. | 11,720 | 62 |
* | AMREP Corp. | 5,318 | 38 |
^,* | Attis Industries Inc. | 82,465 | 31 |
^,* | Micronet Enertec Technologies Inc. | 20,450 | 23 |
Virco Manufacturing Corp. | 4,875 | 22 | |
WSI Industries Inc. | 3,699 | 19 | |
* | Continental Materials Corp. | 1,122 | 18 |
Espey Manufacturing & Electronics Corp. | 666 | 18 | |
CompX International Inc. | 957 | 13 | |
* | ARC Group Worldwide Inc. | 4,635 | 11 |
* | Art's-Way Manufacturing Co. Inc. | 4,243 | 11 |
^,* | Tel-Instrument Electronics Corp. | 3,304 | 11 |
^,* | Staffing 360 Solutions Inc. | 7,273 | 10 |
* | Command Security Corp. | 5,565 | 9 |
* | Quest Resource Holding Corp. | 3,589 | 7 |
* | Hebron Technology Co. Ltd. Class A | 1,116 | 2 |
*,2 | CIL&D LLC | 36,800 | — |
8,783,602 | |||
Information Technology (18.6%) | |||
* | ServiceNow Inc. | 2,314,219 | 399,133 |
* | Worldpay Inc. Class A | 3,893,751 | 318,431 |
* | Palo Alto Networks Inc. | 1,205,679 | 247,731 |
* | Square Inc. | 3,778,011 | 232,877 |
* | Workday Inc. Class A | 1,907,715 | 231,062 |
* | Dell Technologies Inc. Class V | 2,615,782 | 221,243 |
Maxim Integrated Products Inc. | 3,643,119 | 213,705 | |
* | Splunk Inc. | 1,888,800 | 187,199 |
* | Arista Networks Inc. | 624,801 | 160,880 |
CDW Corp. | 1,989,567 | 160,737 | |
* | IAC/InterActiveCorp | 1,024,149 | 156,172 |
* | Keysight Technologies Inc. | 2,453,922 | 144,855 |
* | GoDaddy Inc. Class A | 2,037,419 | 143,842 |
* | PTC Inc. | 1,521,557 | 142,737 |
SS&C Technologies Holdings Inc. | 2,627,225 | 136,353 | |
^,* | VMware Inc. Class A | 906,228 | 133,188 |
Jack Henry & Associates Inc. | 1,008,644 | 131,487 | |
* | ON Semiconductor Corp. | 5,617,027 | 124,895 |
* | GrubHub Inc. | 1,176,782 | 123,456 |
* | First Data Corp. Class A | 5,800,408 | 121,403 |
Marvell Technology Group Ltd. | 5,657,766 | 121,302 | |
* | Fortinet Inc. | 1,891,250 | 118,071 |
Leidos Holdings Inc. | 1,855,140 | 109,453 | |
* | Trimble Inc. | 3,266,399 | 107,269 |
CDK Global Inc. | 1,615,321 | 105,077 | |
* | Tyler Technologies Inc. | 468,519 | 104,058 |
Cognex Corp. | 2,276,838 | 101,570 | |
* | Zebra Technologies Corp. | 704,020 | 100,851 |
* | WEX Inc. | 524,342 | 99,877 |
* | Black Knight Inc. | 1,841,749 | 98,626 |
* | Ultimate Software Group Inc. | 379,181 | 97,567 |
Teradyne Inc. | 2,499,900 | 95,171 | |
* | Guidewire Software Inc. | 1,047,266 | 92,976 |
38
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Zillow Group Inc. | 1,507,027 | 89,005 |
* | Tableau Software Inc. Class A | 892,459 | 87,238 |
* | Arrow Electronics Inc. | 1,156,651 | 87,073 |
* | Aspen Technology Inc. | 938,039 | 86,994 |
Booz Allen Hamilton Holding Corp. Class A | 1,883,604 | 82,370 | |
* | EPAM Systems Inc. | 660,829 | 82,161 |
Sabre Corp. | 3,295,965 | 81,213 | |
* | Cavium Inc. | 921,867 | 79,741 |
* | Proofpoint Inc. | 664,204 | 76,589 |
* | Fair Isaac Corp. | 388,387 | 75,083 |
* | Zendesk Inc. | 1,377,406 | 75,055 |
Littelfuse Inc. | 328,157 | 74,879 | |
* | CommScope Holding Co. Inc. | 2,516,263 | 73,487 |
Cypress Semiconductor Corp. | 4,710,431 | 73,388 | |
LogMeIn Inc. | 680,690 | 70,281 | |
MKS Instruments Inc. | 713,376 | 68,270 | |
Monolithic Power Systems Inc. | 507,806 | 67,878 | |
Avnet Inc. | 1,535,119 | 65,841 | |
Blackbaud Inc. | 634,126 | 64,966 | |
Entegris Inc. | 1,867,075 | 63,294 | |
* | Teradata Corp. | 1,574,677 | 63,223 |
* | 2U Inc. | 754,090 | 63,012 |
* | Paycom Software Inc. | 636,454 | 62,901 |
Jabil Inc. | 2,262,513 | 62,581 | |
* | RingCentral Inc. Class A | 872,261 | 61,364 |
* | Etsy Inc. | 1,421,238 | 59,962 |
National Instruments Corp. | 1,426,257 | 59,874 | |
* | HubSpot Inc. | 474,788 | 59,538 |
Genpact Ltd. | 1,971,892 | 57,047 | |
* | New Relic Inc. | 563,919 | 56,725 |
* | Silicon Laboratories Inc. | 564,731 | 56,247 |
* | First Solar Inc. | 1,064,924 | 56,079 |
* | ARRIS International plc | 2,289,201 | 55,960 |
* | Euronet Worldwide Inc. | 667,523 | 55,918 |
j2 Global Inc. | 643,443 | 55,729 | |
* | CoreLogic Inc. | 1,069,496 | 55,507 |
* | Cree Inc. | 1,328,841 | 55,240 |
* | Stamps.com Inc. | 217,476 | 55,032 |
* | CACI International Inc. Class A | 325,933 | 54,936 |
* | Integrated Device Technology Inc. | 1,683,532 | 53,671 |
MAXIMUS Inc. | 863,380 | 53,625 | |
Versum Materials Inc. | 1,442,310 | 53,582 | |
* | Twilio Inc. Class A | 941,654 | 52,751 |
* | RealPage Inc. | 942,610 | 51,938 |
* | Coherent Inc. | 327,438 | 51,218 |
Dolby Laboratories Inc. Class A | 828,046 | 51,082 | |
* | Okta Inc. | 988,100 | 49,771 |
* | Nuance Communications Inc. | 3,576,375 | 49,658 |
* | Ciena Corp. | 1,857,236 | 49,235 |
* | Nutanix Inc. | 943,150 | 48,638 |
^,* | Lumentum Holdings Inc. | 821,306 | 47,554 |
* | Conduent Inc. | 2,598,776 | 47,220 |
Universal Display Corp. | 547,809 | 47,112 | |
^,* | ViaSat Inc. | 716,114 | 47,063 |
* | Ellie Mae Inc. | 449,866 | 46,714 |
* | NCR Corp. | 1,555,982 | 46,648 |
Science Applications International Corp. | 560,828 | 45,388 | |
^,* | Snap Inc. | 3,351,406 | 43,870 |
* | Box Inc. | 1,679,589 | 41,973 |
* | Semtech Corp. | 870,735 | 40,968 |
* | Zynga Inc. Class A | 10,061,651 | 40,951 |
* | Manhattan Associates Inc. | 869,458 | 40,873 |
Vishay Intertechnology Inc. | 1,741,009 | 40,391 | |
* | Yelp Inc. Class A | 1,004,619 | 39,361 |
39
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Perspecta Inc. | 1,843,497 | 37,884 | |
* | ACI Worldwide Inc. | 1,524,554 | 37,611 |
* | Verint Systems Inc. | 845,559 | 37,501 |
* | Tech Data Corp. | 455,697 | 37,422 |
SYNNEX Corp. | 386,308 | 37,283 | |
* | Pure Storage Inc. Class A | 1,558,002 | 37,205 |
InterDigital Inc. | 459,629 | 37,184 | |
* | FireEye Inc. | 2,376,259 | 36,571 |
Cabot Microelectronics Corp. | 338,337 | 36,392 | |
* | CommVault Systems Inc. | 552,458 | 36,379 |
* | Qualys Inc. | 429,464 | 36,204 |
* | Zillow Group Inc. Class A | 576,882 | 34,469 |
Plantronics Inc. | 441,603 | 33,672 | |
* | VeriFone Systems Inc. | 1,461,574 | 33,353 |
* | Cornerstone OnDemand Inc. | 692,306 | 32,836 |
* | Envestnet Inc. | 589,261 | 32,380 |
Belden Inc. | 527,147 | 32,219 | |
^,* | Match Group Inc. | 825,573 | 31,983 |
* | NetScout Systems Inc. | 1,063,842 | 31,596 |
* | II-VI Inc. | 721,689 | 31,357 |
* | Viavi Solutions Inc. | 3,017,043 | 30,895 |
Travelport Worldwide Ltd. | 1,663,154 | 30,835 | |
* | Cirrus Logic Inc. | 793,194 | 30,403 |
* | Advanced Energy Industries Inc. | 522,825 | 30,371 |
Brooks Automation Inc. | 923,610 | 30,128 | |
* | Acxiom Corp. | 994,682 | 29,791 |
Convergys Corp. | 1,214,204 | 29,675 | |
Power Integrations Inc. | 394,599 | 28,825 | |
* | EchoStar Corp. Class A | 644,424 | 28,612 |
^,* | Trade Desk Inc. Class A | 299,807 | 28,122 |
* | Avaya Holdings Corp. | 1,367,414 | 27,458 |
* | Itron Inc. | 455,463 | 27,351 |
^,* | Finisar Corp. | 1,508,072 | 27,145 |
* | Rogers Corp. | 241,626 | 26,932 |
* | Cars.com Inc. | 940,294 | 26,695 |
* | Novanta Inc. | 426,983 | 26,601 |
Pegasystems Inc. | 481,852 | 26,405 | |
* | Sanmina Corp. | 896,745 | 26,275 |
* | Pandora Media Inc. | 3,302,096 | 26,020 |
* | NETGEAR Inc. | 416,090 | 26,006 |
* | ExlService Holdings Inc. | 454,012 | 25,702 |
* | Q2 Holdings Inc. | 446,273 | 25,460 |
* | Plexus Corp. | 426,616 | 25,401 |
* | Five9 Inc. | 729,835 | 25,230 |
* | 8x8 Inc. | 1,222,482 | 24,511 |
* | Anixter International Inc. | 383,783 | 24,293 |
Progress Software Corp. | 618,667 | 24,017 | |
* | SolarEdge Technologies Inc. | 501,256 | 23,985 |
^,* | Ubiquiti Networks Inc. | 282,996 | 23,975 |
* | Bottomline Technologies de Inc. | 462,443 | 23,044 |
* | Blucora Inc. | 616,739 | 22,819 |
* | Synaptics Inc. | 451,960 | 22,765 |
* | Insight Enterprises Inc. | 464,193 | 22,713 |
Ebix Inc. | 292,380 | 22,294 | |
* | Coupa Software Inc. | 357,684 | 22,262 |
TiVo Corp. | 1,636,141 | 22,006 | |
* | Blackline Inc. | 506,276 | 21,988 |
* | TTM Technologies Inc. | 1,222,604 | 21,554 |
* | Paylocity Holding Corp. | 362,243 | 21,322 |
Kulicke & Soffa Industries Inc. | 876,479 | 20,878 | |
^,* | 3D Systems Corp. | 1,494,537 | 20,640 |
* | Imperva Inc. | 420,420 | 20,285 |
* | Oclaro Inc. | 2,247,062 | 20,066 |
* | Dropbox Inc. Class A | 617,836 | 20,030 |
40
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Infinera Corp. | 2,001,645 | 19,876 |
Methode Electronics Inc. | 489,096 | 19,711 | |
* | Varonis Systems Inc. | 263,638 | 19,641 |
* | Electronics For Imaging Inc. | 599,225 | 19,511 |
* | GTT Communications Inc. | 431,247 | 19,406 |
ManTech International Corp. Class A | 345,714 | 18,544 | |
* | Inphi Corp. | 564,121 | 18,396 |
* | Rambus Inc. | 1,459,932 | 18,308 |
* | Fabrinet | 495,607 | 18,283 |
CSG Systems International Inc. | 442,795 | 18,097 | |
* | Knowles Corp. | 1,182,538 | 18,093 |
Benchmark Electronics Inc. | 617,448 | 17,999 | |
* | Virtusa Corp. | 366,750 | 17,853 |
* | ePlus Inc. | 188,079 | 17,698 |
Badger Meter Inc. | 395,510 | 17,679 | |
* | Diodes Inc. | 509,366 | 17,558 |
EVERTEC Inc. | 794,080 | 17,351 | |
^,* | Yext Inc. | 878,763 | 16,995 |
* | SPS Commerce Inc. | 231,032 | 16,976 |
* | OSI Systems Inc. | 218,123 | 16,867 |
* | Web.com Group Inc. | 646,393 | 16,709 |
* | Syntel Inc. | 516,533 | 16,576 |
* | Instructure Inc. | 379,319 | 16,140 |
* | MicroStrategy Inc. Class A | 124,581 | 15,915 |
* | KEMET Corp. | 650,483 | 15,709 |
* | MongoDB Inc. | 314,873 | 15,627 |
* | Apptio Inc. Class A | 428,197 | 15,501 |
* | LivePerson Inc. | 729,988 | 15,403 |
* | Sykes Enterprises Inc. | 532,491 | 15,325 |
* | Hortonworks Inc. | 832,656 | 15,171 |
^,* | Fitbit Inc. Class A | 2,317,754 | 15,135 |
* | SailPoint Technologies Holding Inc. | 613,635 | 15,059 |
CTS Corp. | 417,071 | 15,015 | |
* | Rapid7 Inc. | 526,843 | 14,867 |
* | Cloudera Inc. | 1,088,557 | 14,848 |
^,* | DocuSign Inc. | 279,904 | 14,821 |
* | MINDBODY Inc. Class A | 382,707 | 14,772 |
* | Cardtronics plc Class A | 609,598 | 14,740 |
* | Amkor Technology Inc. | 1,685,510 | 14,479 |
* | ScanSource Inc. | 342,928 | 13,820 |
* | PROS Holdings Inc. | 375,428 | 13,729 |
NIC Inc. | 877,431 | 13,644 | |
* | Alarm.com Holdings Inc. | 331,969 | 13,405 |
* | Cray Inc. | 536,922 | 13,208 |
* | Quotient Technology Inc. | 999,187 | 13,089 |
* | FormFactor Inc. | 960,181 | 12,770 |
* | Perficient Inc. | 482,501 | 12,724 |
* | MaxLinear Inc. | 811,261 | 12,648 |
* | Rudolph Technologies Inc. | 426,914 | 12,637 |
MTS Systems Corp. | 239,108 | 12,589 | |
^,* | MACOM Technology Solutions Holdings Inc. | 540,135 | 12,445 |
* | FARO Technologies Inc. | 224,394 | 12,196 |
^ | Diebold Nixdorf Inc. | 1,010,475 | 12,075 |
^,* | Alteryx Inc. Class A | 315,779 | 12,050 |
* | Pivotal Software Inc. Class A | 491,440 | 11,927 |
* | Super Micro Computer Inc. | 498,198 | 11,782 |
* | Altair Engineering Inc. Class A | 343,394 | 11,737 |
* | Shutterstock Inc. | 245,394 | 11,646 |
^,* | Applied Optoelectronics Inc. | 257,736 | 11,572 |
* | Extreme Networks Inc. | 1,441,930 | 11,478 |
* | Nanometrics Inc. | 322,205 | 11,409 |
* | CalAmp Corp. | 484,594 | 11,354 |
Monotype Imaging Holdings Inc. | 559,242 | 11,353 | |
* | Lattice Semiconductor Corp. | 1,653,250 | 10,845 |
41
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Everbridge Inc. | 228,198 | 10,821 |
^,* | ANGI Homeservices Inc. Class A | 699,734 | 10,762 |
Xperi Corp. | 647,737 | 10,429 | |
* | Benefitfocus Inc. | 308,407 | 10,362 |
* | TrueCar Inc. | 1,024,940 | 10,342 |
* | Endurance International Group Holdings Inc. | 1,034,015 | 10,288 |
Comtech Telecommunications Corp. | 321,465 | 10,248 | |
* | Xcerra Corp. | 726,035 | 10,143 |
* | Carbonite Inc. | 287,989 | 10,051 |
* | USA Technologies Inc. | 706,588 | 9,892 |
* | XO Group Inc. | 305,379 | 9,772 |
ADTRAN Inc. | 657,388 | 9,762 | |
* | Cision Ltd. | 652,111 | 9,749 |
* | Ceridian HCM Holding Inc. | 292,465 | 9,707 |
Mesa Laboratories Inc. | 45,103 | 9,520 | |
Cohu Inc. | 383,678 | 9,404 | |
* | Glu Mobile Inc. | 1,442,145 | 9,244 |
* | ForeScout Technologies Inc. | 269,356 | 9,228 |
Cass Information Systems Inc. | 132,812 | 9,140 | |
* | Veeco Instruments Inc. | 639,601 | 9,114 |
^,* | Unisys Corp. | 701,525 | 9,050 |
^,* | Acacia Communications Inc. | 259,644 | 9,038 |
* | CEVA Inc. | 297,450 | 8,983 |
* | Appfolio Inc. | 146,311 | 8,947 |
AVX Corp. | 557,974 | 8,743 | |
* | Axcelis Technologies Inc. | 426,936 | 8,453 |
* | Ultra Clean Holdings Inc. | 507,170 | 8,419 |
NVE Corp. | 68,246 | 8,311 | |
* | Workiva Inc. | 337,041 | 8,224 |
* | TechTarget Inc. | 268,605 | 7,628 |
* | Photronics Inc. | 935,714 | 7,462 |
* | OneSpan Inc. | 378,437 | 7,436 |
* | Electro Scientific Industries Inc. | 453,284 | 7,148 |
TTEC Holdings Inc. | 200,808 | 6,938 | |
^,* | Zscaler Inc. | 188,307 | 6,732 |
QAD Inc. Class A | 132,551 | 6,647 | |
* | Pluralsight Inc. Class A | 271,831 | 6,646 |
* | Limelight Networks Inc. | 1,485,357 | 6,640 |
* | Kimball Electronics Inc. | 362,009 | 6,625 |
* | Everi Holdings Inc. | 916,519 | 6,599 |
* | Control4 Corp. | 270,982 | 6,588 |
* | Vishay Precision Group Inc. | 168,841 | 6,441 |
* | QuinStreet Inc. | 503,199 | 6,391 |
Park Electrochemical Corp. | 275,526 | 6,389 | |
^,* | Appian Corp. Class A | 175,730 | 6,354 |
Systemax Inc. | 184,736 | 6,342 | |
* | Model N Inc. | 329,857 | 6,135 |
^,* | SunPower Corp. Class A | 797,206 | 6,115 |
* | Immersion Corp. | 393,892 | 6,082 |
Switch Inc. | 480,422 | 5,847 | |
Hackett Group Inc. | 363,201 | 5,837 | |
* | Presidio Inc. | 414,026 | 5,424 |
^,* | Impinj Inc. | 244,737 | 5,411 |
American Software Inc. Class A | 368,167 | 5,364 | |
* | Harmonic Inc. | 1,222,850 | 5,197 |
* | ChannelAdvisor Corp. | 366,309 | 5,147 |
^,* | Ichor Holdings Ltd. | 239,884 | 5,090 |
Daktronics Inc. | 597,470 | 5,084 | |
* | Upland Software Inc. | 146,025 | 5,019 |
* | Ribbon Communications Inc. | 695,447 | 4,952 |
* | Digi International Inc. | 367,714 | 4,854 |
^,* | Cargurus Inc. | 136,204 | 4,732 |
* | Calix Inc. | 599,051 | 4,673 |
^,* | Smartsheet Inc. Class A | 178,586 | 4,638 |
42
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
PC Connection Inc. | 137,887 | 4,578 | |
* | PDF Solutions Inc. | 377,407 | 4,521 |
* | A10 Networks Inc. | 713,998 | 4,448 |
* | Meet Group Inc. | 985,940 | 4,417 |
* | DSP Group Inc. | 350,028 | 4,358 |
* | Quantenna Communications Inc. | 280,097 | 4,353 |
* | Zix Corp. | 806,457 | 4,347 |
* | Care.com Inc. | 208,069 | 4,344 |
^,* | Digimarc Corp. | 158,489 | 4,247 |
* | Mitek Systems Inc. | 465,944 | 4,147 |
* | SendGrid Inc. | 153,171 | 4,062 |
^,* | Gogo Inc. | 826,551 | 4,017 |
* | ServiceSource International Inc. | 1,010,683 | 3,982 |
* | Alpha & Omega Semiconductor Ltd. | 278,995 | 3,973 |
^,* | Zuora Inc. Class A | 144,151 | 3,921 |
* | AXT Inc. | 525,327 | 3,704 |
ConvergeOne Holdings Inc. | 388,800 | 3,651 | |
* | Brightcove Inc. | 365,182 | 3,524 |
* | Rosetta Stone Inc. | 214,993 | 3,446 |
* | eGain Corp. | 227,160 | 3,430 |
* | PRGX Global Inc. | 352,549 | 3,420 |
* | Sigma Designs Inc. | 530,297 | 3,235 |
* | MobileIron Inc. | 723,218 | 3,218 |
* | Carbon Black Inc. | 116,046 | 3,017 |
^,* | Maxwell Technologies Inc. | 547,651 | 2,848 |
Reis Inc. | 130,414 | 2,843 | |
Bel Fuse Inc. Class B | 132,635 | 2,772 | |
^,* | NeoPhotonics Corp. | 439,694 | 2,739 |
* | Kopin Corp. | 955,482 | 2,733 |
* | KVH Industries Inc. | 203,600 | 2,728 |
* | Asure Software Inc. | 169,906 | 2,710 |
* | Agilysys Inc. | 172,807 | 2,678 |
* | MoneyGram International Inc. | 399,449 | 2,672 |
* | Avid Technology Inc. | 513,537 | 2,670 |
* | Telenav Inc. | 471,306 | 2,639 |
^,* | nLight Inc. | 79,056 | 2,614 |
^,* | VirnetX Holding Corp. | 719,732 | 2,447 |
* | SMART Global Holdings Inc. | 74,269 | 2,367 |
* | Seachange International Inc. | 677,844 | 2,318 |
* | Leaf Group Ltd. | 212,608 | 2,307 |
* | PAR Technology Corp. | 128,198 | 2,267 |
* | PCM Inc. | 139,531 | 2,114 |
* | Bandwidth Inc. Class A | 55,391 | 2,104 |
^,* | Eastman Kodak Co. | 538,010 | 2,044 |
* | Rubicon Project Inc. | 716,763 | 2,043 |
* | Amber Road Inc. | 217,020 | 2,042 |
* | EMCORE Corp. | 400,803 | 2,024 |
* | Internap Corp. | 192,768 | 2,009 |
^,* | Veritone Inc. | 118,579 | 1,994 |
* | PFSweb Inc. | 204,430 | 1,987 |
^,* | CyberOptics Corp. | 114,160 | 1,986 |
* | Liquidity Services Inc. | 299,411 | 1,961 |
* | GreenSky Inc. Class A | 90,279 | 1,909 |
* | SecureWorks Corp. Class A | 148,592 | 1,850 |
* | Iteris Inc. | 370,320 | 1,792 |
* | Aerohive Networks Inc. | 438,078 | 1,739 |
* | Telaria Inc. | 425,517 | 1,719 |
* | Information Services Group Inc. | 416,590 | 1,708 |
* | Napco Security Technologies Inc. | 114,876 | 1,683 |
* | ShotSpotter Inc. | 41,670 | 1,581 |
* | GSI Technology Inc. | 210,060 | 1,580 |
* | Casa Systems Inc. | 96,096 | 1,569 |
* | DHI Group Inc. | 656,590 | 1,543 |
^,* | Park City Group Inc. | 193,649 | 1,530 |
43
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Cardlytics Inc. | 69,544 | 1,513 |
TransAct Technologies Inc. | 118,987 | 1,487 | |
^,* | Resonant Inc. | 258,249 | 1,457 |
* | Pixelworks Inc. | 393,694 | 1,421 |
* | Adesto Technologies Corp. | 166,673 | 1,400 |
^,* | MicroVision Inc. | 1,209,101 | 1,354 |
* | Intevac Inc. | 270,902 | 1,314 |
AstroNova Inc. | 66,674 | 1,257 | |
* | Travelzoo | 72,449 | 1,239 |
^,* | Fusion Connect Inc. | 311,090 | 1,226 |
* | Computer Task Group Inc. | 154,714 | 1,197 |
* | Key Tronic Corp. | 153,764 | 1,166 |
^,* | Aquantia Corp. | 98,975 | 1,146 |
Steel Connect Inc. | 529,960 | 1,145 | |
Richardson Electronics Ltd. | 116,609 | 1,136 | |
* | Datawatch Corp. | 117,744 | 1,119 |
^,* | Digital Turbine Inc. | 740,430 | 1,118 |
* | Clearfield Inc. | 100,913 | 1,115 |
PC-Tel Inc. | 172,529 | 1,077 | |
^,* | QuickLogic Corp. | 912,893 | 1,050 |
^,* | Akoustis Technologies Inc. | 143,594 | 1,044 |
^,* | Remark Holdings Inc. | 266,245 | 1,041 |
* | RealNetworks Inc. | 279,030 | 1,032 |
* | Domo Inc. | 37,650 | 1,028 |
^,* | StarTek Inc. | 161,210 | 1,014 |
* | Amtech Systems Inc. | 166,221 | 1,006 |
^,* | Everspin Technologies Inc. | 112,170 | 1,001 |
* | ID Systems Inc. | 160,161 | 991 |
Marchex Inc. Class B | 316,655 | 969 | |
* | Quantum Corp. | 431,944 | 950 |
TESSCO Technologies Inc. | 53,290 | 922 | |
* | LRAD Corp. | 321,683 | 846 |
* | Data I/O Corp. | 131,998 | 838 |
* | Airgain Inc. | 91,073 | 837 |
^,* | Inseego Corp. | 401,381 | 807 |
^,* | eMagin Corp. | 416,604 | 750 |
* | Aware Inc. | 183,320 | 742 |
* | Synacor Inc. | 363,282 | 727 |
* | Frequency Electronics Inc. | 90,022 | 726 |
* | CUI Global Inc. | 236,350 | 702 |
* | AutoWeb Inc. | 151,988 | 687 |
* | Aviat Networks Inc. | 40,686 | 666 |
* | Edgewater Technology Inc. | 119,837 | 649 |
^,* | SITO Mobile Ltd. | 247,815 | 642 |
* | Perceptron Inc. | 60,402 | 637 |
CSP Inc. | 63,390 | 624 | |
^,* | Atomera Inc. | 101,592 | 622 |
* | LightPath Technologies Inc. Class A | 266,831 | 614 |
* | GSE Systems Inc. | 180,096 | 585 |
* | Identiv Inc. | 146,990 | 569 |
* | Finjan Holdings Inc. | 160,766 | 547 |
QAD Inc. Class B | 13,406 | 543 | |
* | Mattersight Corp. | 199,756 | 534 |
* | Wireless Telecom Group Inc. | 233,098 | 513 |
* | BSQUARE Corp. | 186,526 | 504 |
^,* | NXT-ID Inc. | 270,096 | 465 |
GlobalSCAPE Inc. | 118,850 | 460 | |
^,* | CVD Equipment Corp. | 68,981 | 459 |
^,* | ClearSign Combustion Corp. | 228,998 | 458 |
* | inTEST Corp. | 61,905 | 452 |
* | Evo Payments Inc. Class A | 21,079 | 434 |
* | NetSol Technologies Inc. | 76,973 | 427 |
* | Support.com Inc. | 145,687 | 415 |
* | Luna Innovations Inc. | 139,052 | 414 |
44
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Optical Cable Corp. | 101,490 | 401 |
RF Industries Ltd. | 54,654 | 396 | |
* | WidePoint Corp. | 702,924 | 387 |
* | IEC Electronics Corp. | 65,681 | 383 |
* | Aehr Test Systems | 159,801 | 376 |
^,* | ACM Research Inc. Class A | 33,695 | 363 |
* | Lantronix Inc. | 120,037 | 341 |
* | LGL Group Inc. | 63,393 | 328 |
Communications Systems Inc. | 84,005 | 320 | |
* | Westell Technologies Inc. Class A | 109,328 | 312 |
* | Radisys Corp. | 442,487 | 309 |
* | Zedge Inc. Class B | 78,380 | 295 |
^,* | Smith Micro Software Inc. | 125,850 | 288 |
Network-1 Technologies Inc. | 92,541 | 287 | |
* | DASAN Zhone Solutions Inc. | 28,028 | 274 |
* | EverQuote Inc. Class A | 15,033 | 272 |
* | Evolving Systems Inc. | 93,207 | 266 |
^,* | Net Element Inc. | 35,212 | 259 |
^,* | Helios & Matheson Analytics Inc. | 780,495 | 242 |
^,* | Intellicheck Inc. | 97,685 | 225 |
* | iPass Inc. | 646,153 | 223 |
Wayside Technology Group Inc. | 15,758 | 221 | |
* | Innodata Inc. | 215,000 | 215 |
ClearOne Inc. | 55,605 | 214 | |
* | Black Box Corp. | 102,418 | 207 |
Bel Fuse Inc. Class A | 8,959 | 192 | |
* | Image Sensing Systems Inc. | 44,750 | 186 |
^,* | Applied DNA Sciences Inc. | 144,891 | 183 |
* | Inuvo Inc. | 234,420 | 181 |
* | Qumu Corp. | 80,502 | 177 |
^,* | Neonode Inc. | 449,700 | 170 |
* | TSR Inc. | 23,470 | 160 |
* | Xplore Technologies Corp. | 39,931 | 153 |
BK Technologies Inc. | 39,218 | 145 | |
* | Qualstar Corp. | 18,492 | 143 |
^,* | Research Frontiers Inc. | 168,960 | 139 |
^,* | Digital Ally Inc. | 55,989 | 132 |
* | Majesco | 19,508 | 120 |
* | SigmaTron International Inc. | 15,358 | 108 |
* | Echelon Corp. | 13,060 | 108 |
Issuer Direct Corp. | 5,328 | 106 | |
* | Intermolecular Inc. | 59,935 | 100 |
^,* | ParkerVision Inc. | 150,298 | 99 |
* | ALJ Regional Holdings Inc. | 49,773 | 95 |
^,* | Superconductor Technologies Inc. | 100,850 | 93 |
* | Marin Software Inc. | 15,878 | 92 |
^,* | MoSys Inc. | 50,983 | 89 |
^,* | Technical Communications Corp. | 20,218 | 89 |
^,* | Netlist Inc. | 499,471 | 88 |
^,* | IZEA Inc. | 92,728 | 88 |
^,* | Professional Diversity Network Inc. | 20,497 | 79 |
^,* | RMG Networks Holding Corp. | 61,752 | 75 |
^,* | xG Technology Inc. | 114,444 | 73 |
* | BroadVision Inc. | 33,951 | 70 |
* | Socket Mobile Inc. | 27,598 | 68 |
* | Sonic Foundry Inc. | 27,757 | 63 |
* | Schmitt Industries Inc. | 25,476 | 62 |
* | SharpSpring Inc. | 6,769 | 59 |
^,* | Payment Data Systems Inc. | 34,576 | 57 |
* | RumbleON Inc. Class B | 9,100 | 53 |
* | MAM Software Group Inc. | 6,191 | 53 |
* | Dynasil Corp. of America | 33,699 | 48 |
* | One Stop Systems Inc. | 9,733 | 41 |
^ | CPI Card Group Inc. | 15,906 | 32 |
45
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Tintri Inc. | 104,837 | 26 |
* | Trio-Tech International | 4,900 | 22 |
* | Bio-key International Inc. | 7,270 | 19 |
* | JetPay Corp. | 9,817 | 19 |
^,* | Blonder Tongue Laboratories Inc. | 16,400 | 19 |
^,* | Glowpoint Inc. | 89,200 | 18 |
* | ADDvantage Technologies Group Inc. | 9,900 | 13 |
^,* | Bridgeline Digital Inc. | 8,748 | 10 |
^,* | Vicon Industries Inc. | 27,700 | 8 |
* | Nortech Systems Inc. | 2,300 | 8 |
* | Determine Inc. | 5,600 | 8 |
* | CPS Technologies Corp. | 2,674 | 4 |
* | Rubicon Technology Inc. | 361 | 3 |
^,* | Inpixon | 4,981 | 1 |
* | Avalara Inc. | 3 | — |
*,2 | LGL Group Inc. Warrants Exp. 08/06/2018 | 238,900 | — |
12,409,719 | |||
Materials (5.1%) | |||
Celanese Corp. Class A | 1,774,362 | 197,061 | |
Steel Dynamics Inc. | 3,107,529 | 142,791 | |
* | Alcoa Corp. | 2,256,309 | 105,776 |
Chemours Co. | 2,313,575 | 102,630 | |
RPM International Inc. | 1,756,790 | 102,456 | |
* | Axalta Coating Systems Ltd. | 2,909,481 | 88,186 |
Reliance Steel & Aluminum Co. | 947,476 | 82,942 | |
United States Steel Corp. | 2,313,104 | 80,380 | |
Huntsman Corp. | 2,727,315 | 79,638 | |
Royal Gold Inc. | 853,878 | 79,274 | |
* | Berry Global Group Inc. | 1,717,883 | 78,920 |
* | Crown Holdings Inc. | 1,728,991 | 77,390 |
AptarGroup Inc. | 817,877 | 76,373 | |
Sonoco Products Co. | 1,299,320 | 68,214 | |
Eagle Materials Inc. | 624,368 | 65,540 | |
WR Grace & Co. | 879,457 | 64,473 | |
Ashland Global Holdings Inc. | 820,710 | 64,163 | |
Olin Corp. | 2,176,720 | 62,515 | |
Graphic Packaging Holding Co. | 4,019,591 | 58,324 | |
Valvoline Inc. | 2,564,597 | 55,318 | |
Louisiana-Pacific Corp. | 1,900,358 | 51,728 | |
Westlake Chemical Corp. | 470,273 | 50,616 | |
Bemis Co. Inc. | 1,193,536 | 50,379 | |
Cabot Corp. | 807,499 | 49,879 | |
NewMarket Corp. | 121,435 | 49,120 | |
* | Ingevity Corp. | 557,511 | 45,080 |
PolyOne Corp. | 1,039,367 | 44,921 | |
Scotts Miracle-Gro Co. | 506,660 | 42,134 | |
* | Allegheny Technologies Inc. | 1,653,196 | 41,528 |
Trinseo SA | 573,562 | 40,694 | |
Balchem Corp. | 414,172 | 40,647 | |
KapStone Paper and Packaging Corp. | 1,151,856 | 39,739 | |
Sensient Technologies Corp. | 550,159 | 39,364 | |
Domtar Corp. | 821,983 | 39,241 | |
* | Summit Materials Inc. Class A | 1,449,536 | 38,050 |
HB Fuller Co. | 667,659 | 35,840 | |
Minerals Technologies Inc. | 471,195 | 35,505 | |
* | Owens-Illinois Inc. | 2,090,924 | 35,148 |
* | Cleveland-Cliffs Inc. | 3,929,836 | 33,129 |
* | Platform Specialty Products Corp. | 2,808,933 | 32,584 |
Carpenter Technology Corp. | 618,841 | 32,532 | |
Commercial Metals Co. | 1,536,167 | 32,429 | |
Compass Minerals International Inc. | 443,775 | 29,178 | |
* | GCP Applied Technologies Inc. | 948,700 | 27,465 |
Quaker Chemical Corp. | 176,924 | 27,400 | |
Silgan Holdings Inc. | 982,195 | 26,352 |
46
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Innospec Inc. | 323,712 | 24,780 | |
Tronox Ltd. Class A | 1,210,133 | 23,815 | |
* | Ferro Corp. | 1,122,860 | 23,412 |
Worthington Industries Inc. | 554,614 | 23,277 | |
Kaiser Aluminum Corp. | 222,738 | 23,189 | |
Boise Cascade Co. | 512,346 | 22,902 | |
Greif Inc. Class A | 391,341 | 20,698 | |
Stepan Co. | 265,060 | 20,677 | |
* | Kraton Corp. | 420,833 | 19,417 |
* | Coeur Mining Inc. | 2,450,357 | 18,623 |
Hecla Mining Co. | 5,279,735 | 18,373 | |
Schweitzer-Mauduit International Inc. | 412,415 | 18,031 | |
Neenah Inc. | 210,211 | 17,836 | |
^,* | AK Steel Holding Corp. | 4,095,163 | 17,773 |
A Schulman Inc. | 391,488 | 17,421 | |
Warrior Met Coal Inc. | 572,456 | 15,783 | |
* | AdvanSix Inc. | 401,586 | 14,710 |
Materion Corp. | 266,117 | 14,410 | |
* | Resolute Forest Products Inc. | 1,201,598 | 12,437 |
Innophos Holdings Inc. | 259,881 | 12,370 | |
Schnitzer Steel Industries Inc. | 361,707 | 12,190 | |
KMG Chemicals Inc. | 160,154 | 11,816 | |
Rayonier Advanced Materials Inc. | 687,235 | 11,745 | |
PH Glatfelter Co. | 599,382 | 11,742 | |
Mercer International Inc. | 660,314 | 11,556 | |
* | SunCoke Energy Inc. | 856,124 | 11,472 |
Chase Corp. | 94,383 | 11,066 | |
^,* | US Concrete Inc. | 207,189 | 10,877 |
* | Koppers Holdings Inc. | 278,526 | 10,681 |
* | Venator Materials plc | 643,734 | 10,532 |
* | Century Aluminum Co. | 661,983 | 10,426 |
* | Verso Corp. | 454,876 | 9,898 |
* | TimkenSteel Corp. | 521,693 | 8,530 |
Tredegar Corp. | 355,612 | 8,357 | |
American Vanguard Corp. | 358,055 | 8,217 | |
^ | McEwen Mining Inc. | 3,387,714 | 7,013 |
* | PQ Group Holdings Inc. | 386,703 | 6,961 |
Myers Industries Inc. | 358,111 | 6,876 | |
Kronos Worldwide Inc. | 294,314 | 6,631 | |
* | OMNOVA Solutions Inc. | 614,838 | 6,394 |
Haynes International Inc. | 168,549 | 6,193 | |
Gold Resource Corp. | 823,198 | 5,425 | |
* | Intrepid Potash Inc. | 1,297,436 | 5,320 |
* | Clearwater Paper Corp. | 222,165 | 5,132 |
FutureFuel Corp. | 339,968 | 4,763 | |
Hawkins Inc. | 129,551 | 4,580 | |
Advanced Emissions Solutions Inc. | 297,996 | 3,385 | |
* | Trecora Resources | 225,499 | 3,349 |
* | AgroFresh Solutions Inc. | 396,351 | 2,778 |
Olympic Steel Inc. | 134,854 | 2,752 | |
* | Universal Stainless & Alloy Products Inc. | 111,065 | 2,629 |
* | Flotek Industries Inc. | 768,023 | 2,481 |
* | UFP Technologies Inc. | 79,832 | 2,463 |
^,* | Forterra Inc. | 248,253 | 2,416 |
United States Lime & Minerals Inc. | 27,379 | 2,297 | |
* | Ryerson Holding Corp. | 205,807 | 2,295 |
* | Ampco-Pittsburgh Corp. | 156,008 | 1,599 |
Synalloy Corp. | 79,106 | 1,578 | |
* | LSB Industries Inc. | 279,236 | 1,480 |
Core Molding Technologies Inc. | 97,985 | 1,399 | |
^ | Tecnoglass Inc. | 121,897 | 1,059 |
Northern Technologies International Corp. | 29,246 | 1,047 | |
^,* | Loop Industries Inc. | 86,365 | 941 |
^,* | Marrone Bio Innovations Inc. | 391,070 | 720 |
47
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^,* | Ramaco Resources Inc. | 91,534 | 637 |
* | Pershing Gold Corp. | 240,768 | 441 |
Friedman Industries Inc. | 51,045 | 413 | |
* | General Moly Inc. | 683,377 | 280 |
^,* | Reto Eco-solutions Inc. | 42,353 | 224 |
^,* | Golden Minerals Co. | 648,415 | 222 |
^,* | US Gold Corp. | 117,799 | 148 |
* | Paramount Gold Nevada Corp. | 90,095 | 114 |
* | Solitario Zinc Corp. | 258,205 | 111 |
* | Senomyx Inc. | 91,580 | 110 |
^,* | Comstock Mining Inc. | 89,194 | 23 |
* | Ikonics Corp. | 926 | 10 |
* | US Antimony Corp. | 16,354 | 8 |
Greif Inc. Class B | 100 | 6 | |
* | MagneGas Corp. | 201 | — |
3,386,788 | |||
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 | 111 |
*,2 | Media General Inc. CVR | 1,202,098 | 47 |
* | Kadmon Warrants Exp. 09/29/2022 | 105,015 | 27 |
*,2 | Ambit Biosciences Corp. CVR | 22,388 | 13 |
*,2 | Ocera Therapeutics CVR | 48,417 | 13 |
*,2 | GenVec Inc. CPR | 26,612 | 12 |
* | CDTi Advanced Materials Inc. Rights Exp. 07/13/2018 | 71,247 | 5 |
*,2 | Alexza Pharmaceuticals Inc. CVR | 128,704 | 5 |
*,2 | Atossa Genetics Inc. Rights Exp. 07/24/2018 | 33,864 | 3 |
*,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 | Adolor Corp. Rights Exp. 07/01/2019 | 596,841 | — |
^,*,2 | Biosante Pharmaceutical Inc. CVR | 44,795 | — |
^,* | Cytori Therapeutics Inc. Rights Exp. 07/13/2018 | 9,597 | — |
4,543 | |||
Real Estate (8.2%) | |||
Camden Property Trust | 1,220,820 | 111,253 | |
Equity LifeStyle Properties Inc. | 1,154,313 | 106,081 | |
Sun Communities Inc. | 1,052,392 | 103,008 | |
Kilroy Realty Corp. | 1,306,889 | 98,853 | |
Jones Lang LaSalle Inc. | 593,320 | 98,485 | |
Gaming and Leisure Properties Inc. | 2,639,824 | 94,506 | |
WP Carey Inc. | 1,418,034 | 94,087 | |
VEREIT Inc. | 12,521,910 | 93,163 | |
National Retail Properties Inc. | 2,041,226 | 89,732 | |
Invitation Homes Inc. | 3,718,095 | 85,739 | |
Liberty Property Trust | 1,917,567 | 85,006 | |
Douglas Emmett Inc. | 2,069,952 | 83,171 | |
DCT Industrial Trust Inc. | 1,236,516 | 82,513 | |
^ | Omega Healthcare Investors Inc. | 2,621,950 | 81,280 |
Forest City Realty Trust Inc. Class A | 3,516,953 | 80,222 | |
American Campus Communities Inc. | 1,803,022 | 77,314 | |
CubeSmart | 2,375,461 | 76,537 | |
CyrusOne Inc. | 1,306,287 | 76,235 | |
Lamar Advertising Co. Class A | 1,100,210 | 75,155 | |
American Homes 4 Rent Class A | 3,362,083 | 74,571 | |
Hudson Pacific Properties Inc. | 2,058,883 | 72,946 | |
Healthcare Trust of America Inc. Class A | 2,681,962 | 72,306 | |
Brixmor Property Group Inc. | 3,958,321 | 68,994 | |
Highwoods Properties Inc. | 1,340,708 | 68,014 | |
Medical Properties Trust Inc. | 4,807,388 | 67,496 | |
* | Howard Hughes Corp. | 508,111 | 67,325 |
48
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Rayonier Inc. | 1,691,217 | 65,433 | |
Hospitality Properties Trust | 2,172,876 | 62,166 | |
STORE Capital Corp. | 2,243,616 | 61,475 | |
Life Storage Inc. | 612,920 | 59,643 | |
Senior Housing Properties Trust | 3,143,531 | 56,866 | |
Gramercy Property Trust | 2,063,225 | 56,367 | |
Ryman Hospitality Properties Inc. | 673,744 | 56,022 | |
EPR Properties | 856,186 | 55,472 | |
First Industrial Realty Trust Inc. | 1,624,581 | 54,164 | |
Cousins Properties Inc. | 5,543,739 | 53,719 | |
Sabra Health Care REIT Inc. | 2,347,863 | 51,019 | |
Apple Hospitality REIT Inc. | 2,845,581 | 50,879 | |
CoreSite Realty Corp. | 455,149 | 50,440 | |
RLJ Lodging Trust | 2,287,346 | 50,436 | |
LaSalle Hotel Properties | 1,439,540 | 49,275 | |
Weingarten Realty Investors | 1,583,820 | 48,797 | |
Sunstone Hotel Investors Inc. | 2,931,382 | 48,720 | |
* | Equity Commonwealth | 1,531,476 | 48,241 |
Healthcare Realty Trust Inc. | 1,644,477 | 47,821 | |
Taubman Centers Inc. | 804,818 | 47,291 | |
Spirit Realty Capital Inc. | 5,678,016 | 45,594 | |
GEO Group Inc. | 1,640,385 | 45,176 | |
EastGroup Properties Inc. | 460,230 | 43,980 | |
JBG SMITH Properties | 1,204,650 | 43,934 | |
Uniti Group Inc. | 2,148,677 | 43,038 | |
Paramount Group Inc. | 2,688,284 | 41,400 | |
Colony Capital Inc. | 6,555,122 | 40,904 | |
National Health Investors Inc. | 553,093 | 40,752 | |
Education Realty Trust Inc. | 980,044 | 40,672 | |
PotlatchDeltic Corp. | 795,777 | 40,465 | |
Brandywine Realty Trust | 2,314,070 | 39,061 | |
Corporate Office Properties Trust | 1,339,965 | 38,846 | |
Physicians Realty Trust | 2,380,879 | 37,951 | |
Realogy Holdings Corp. | 1,658,130 | 37,805 | |
CoreCivic Inc. | 1,566,307 | 37,419 | |
Retail Properties of America Inc. | 2,894,887 | 36,997 | |
DDR Corp. | 2,016,365 | 36,093 | |
Columbia Property Trust Inc. | 1,588,473 | 36,074 | |
Kennedy-Wilson Holdings Inc. | 1,692,433 | 35,795 | |
Outfront Media Inc. | 1,826,886 | 35,533 | |
STAG Industrial Inc. | 1,287,913 | 35,070 | |
Pebblebrook Hotel Trust | 897,779 | 34,834 | |
PS Business Parks Inc. | 267,634 | 34,391 | |
Xenia Hotels & Resorts Inc. | 1,410,321 | 34,355 | |
Piedmont Office Realty Trust Inc. Class A | 1,687,212 | 33,626 | |
Rexford Industrial Realty Inc. | 1,042,772 | 32,733 | |
Urban Edge Properties | 1,405,446 | 32,143 | |
DiamondRock Hospitality Co. | 2,615,561 | 32,119 | |
Washington REIT | 1,049,229 | 31,823 | |
Tanger Factory Outlet Centers Inc. | 1,255,435 | 29,490 | |
Empire State Realty Trust Inc. | 1,711,151 | 29,261 | |
Acadia Realty Trust | 1,063,251 | 29,101 | |
Retail Opportunity Investments Corp. | 1,487,916 | 28,508 | |
Terreno Realty Corp. | 740,162 | 27,882 | |
* | Quality Care Properties Inc. | 1,234,785 | 26,560 |
QTS Realty Trust Inc. Class A | 671,561 | 26,527 | |
Chesapeake Lodging Trust | 799,107 | 25,284 | |
Lexington Realty Trust | 2,887,669 | 25,209 | |
Mack-Cali Realty Corp. | 1,194,951 | 24,234 | |
LTC Properties Inc. | 528,101 | 22,571 | |
Newmark Group Inc. Class A | 1,579,587 | 22,478 | |
Agree Realty Corp. | 405,853 | 21,417 | |
American Assets Trust Inc. | 555,584 | 21,273 | |
Alexander & Baldwin Inc. | 898,563 | 21,116 |
49
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Government Properties Income Trust | 1,312,270 | 20,799 | |
National Storage Affiliates Trust | 668,358 | 20,599 | |
Washington Prime Group Inc. | 2,446,610 | 19,842 | |
Summit Hotel Properties Inc. | 1,385,652 | 19,829 | |
Alexander's Inc. | 50,685 | 19,394 | |
Four Corners Property Trust Inc. | 776,565 | 19,127 | |
Kite Realty Group Trust | 1,113,494 | 19,018 | |
VICI Properties Inc. | 880,168 | 18,167 | |
Select Income REIT | 807,960 | 18,155 | |
Global Net Lease Inc. | 879,392 | 17,966 | |
Monmouth Real Estate Investment Corp. | 1,038,315 | 17,163 | |
CareTrust REIT Inc. | 1,012,965 | 16,906 | |
HFF Inc. Class A | 488,294 | 16,773 | |
* | St. Joe Co. | 880,059 | 15,797 |
Tier REIT Inc. | 646,304 | 15,369 | |
Easterly Government Properties Inc. | 748,096 | 14,782 | |
^ | Seritage Growth Properties Class A | 343,162 | 14,560 |
Ramco-Gershenson Properties Trust | 1,074,885 | 14,199 | |
Americold Realty Trust | 612,903 | 13,496 | |
* | CorePoint Lodging Inc. | 521,057 | 13,495 |
Chatham Lodging Trust | 609,419 | 12,932 | |
Franklin Street Properties Corp. | 1,472,127 | 12,601 | |
^ | CBL & Associates Properties Inc. | 2,261,528 | 12,597 |
RE/MAX Holdings Inc. Class A | 235,018 | 12,327 | |
InfraREIT Inc. | 531,429 | 11,782 | |
Independence Realty Trust Inc. | 1,128,989 | 11,640 | |
Getty Realty Corp. | 410,547 | 11,565 | |
Universal Health Realty Income Trust | 172,014 | 11,005 | |
Hersha Hospitality Trust Class A | 504,410 | 10,820 | |
^ | Pennsylvania REIT | 929,097 | 10,211 |
NorthStar Realty Europe Corp. | 690,489 | 10,005 | |
* | iStar Inc. | 917,326 | 9,898 |
Ashford Hospitality Trust Inc. | 1,176,048 | 9,526 | |
Armada Hoffler Properties Inc. | 615,425 | 9,170 | |
Preferred Apartment Communities Inc. Class A | 510,827 | 8,679 | |
Urstadt Biddle Properties Inc. Class A | 378,114 | 8,557 | |
New Senior Investment Group Inc. | 1,096,903 | 8,304 | |
* | Marcus & Millichap Inc. | 212,384 | 8,285 |
Investors Real Estate Trust | 1,465,335 | 8,103 | |
CatchMark Timber Trust Inc. Class A | 633,936 | 8,070 | |
Saul Centers Inc. | 149,357 | 8,003 | |
Gladstone Commercial Corp. | 398,781 | 7,665 | |
Front Yard Residential Corp. | 735,069 | 7,659 | |
NexPoint Residential Trust Inc. | 265,406 | 7,551 | |
RMR Group Inc. Class A | 94,477 | 7,412 | |
Community Healthcare Trust Inc. | 240,156 | 7,173 | |
UMH Properties Inc. | 454,336 | 6,974 | |
Whitestone REIT | 524,885 | 6,551 | |
City Office REIT Inc. | 498,631 | 6,397 | |
CorEnergy Infrastructure Trust Inc. | 167,181 | 6,286 | |
One Liberty Properties Inc. | 221,923 | 5,861 | |
* | Spirit MTA REIT | 566,295 | 5,833 |
Industrial Logistics Properties Trust | 249,296 | 5,572 | |
* | FRP Holdings Inc. | 84,987 | 5,503 |
* | Tejon Ranch Co. | 219,306 | 5,329 |
Cedar Realty Trust Inc. | 1,082,173 | 5,108 | |
MedEquities Realty Trust Inc. | 461,595 | 5,087 | |
Braemar Hotels & Resorts Inc. | 441,221 | 5,039 | |
Consolidated-Tomoka Land Co. | 75,203 | 4,626 | |
^,* | Altisource Portfolio Solutions SA | 157,215 | 4,586 |
Jernigan Capital Inc. | 232,713 | 4,435 | |
^ | Farmland Partners Inc. | 460,010 | 4,048 |
CIM Commercial Trust Corp. | 241,947 | 3,653 | |
Bluerock Residential Growth REIT Inc. Class A | 366,901 | 3,273 |
50
Vanguard® Extended Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Forestar Group Inc. | 150,705 | 3,127 |
^,* | Redfin Corp. | 130,321 | 3,009 |
^ | Innovative Industrial Properties Inc. | 81,912 | 3,000 |
Safety Income & Growth Inc. | 135,397 | 2,568 | |
Global Medical REIT Inc. | 273,162 | 2,420 | |
* | Stratus Properties Inc. | 73,967 | 2,260 |
^ | Gladstone Land Corp. | 176,270 | 2,233 |
BRT Apartments Corp. | 157,548 | 2,009 | |
Clipper Realty Inc. | 171,221 | 1,462 | |
* | Rafael Holdings Inc. Class B | 140,615 | 1,292 |
* | Trinity Place Holdings Inc. | 189,310 | 1,240 |
* | Essential Properties Realty Trust Inc. | 90,270 | 1,222 |
Griffin Industrial Realty Inc. | 26,728 | 1,176 | |
Sotherly Hotels Inc. | 166,788 | 1,164 | |
* | Maui Land & Pineapple Co. Inc. | 87,932 | 985 |
^ | Wheeler REIT Inc. | 136,025 | 550 |
Plymouth Industrial REIT Inc. | 15,568 | 249 | |
Condor Hospitality Trust Inc. | 20,014 | 208 | |
* | JW Mays Inc. | 4,600 | 196 |
* | InterGroup Corp. | 6,800 | 186 |
* | Altisource Asset Management Corp. | 2,587 | 180 |
Global Self Storage Inc. | 43,032 | 179 | |
* | Transcontinental Realty Investors Inc. | 2,464 | 82 |
* | American Realty Investors Inc. | 1,100 | 17 |
HMG/Courtland Properties Inc. | 1,000 | 14 | |
* | Reven Housing REIT Inc. | 3,347 | 14 |
CKX Lands Inc. | 1,000 | 11 | |
* | Power REIT | 200 | 1 |
5,459,923 | |||
Telecommunication Services (0.9%) | |||
* | T-Mobile US Inc. | 3,841,197 | 229,512 |
* | Zayo Group Holdings Inc. | 2,423,332 | 88,403 |
^,* | Sprint Corp. | 8,974,572 | 48,822 |
* | Vonage Holdings Corp. | 2,866,561 | 36,950 |
Telephone & Data Systems Inc. | 1,214,764 | 33,309 | |
Cogent Communications Holdings Inc. | 546,157 | 29,165 | |
Shenandoah Telecommunications Co. | 618,971 | 20,240 | |
* | Iridium Communications Inc. | 1,095,551 | 17,638 |
* | Boingo Wireless Inc. | 544,934 | 12,310 |
Consolidated Communications Holdings Inc. | 852,273 | 10,534 | |
* | ORBCOMM Inc. | 1,035,583 | 10,460 |
* | Cincinnati Bell Inc. | 566,563 | 8,895 |
ATN International Inc. | 145,936 | 7,701 | |
* | United States Cellular Corp. | 193,528 | 7,168 |
^ | Frontier Communications Corp. | 1,043,202 | 5,592 |
^,* | NII Holdings Inc. | 1,323,677 | 5,162 |
Spok Holdings Inc. | 297,487 | 4,477 | |
* | Hawaiian Telcom Holdco Inc. | 144,191 | 4,170 |
* | Ooma Inc. | 222,268 | 3,145 |
* | pdvWireless Inc. | 125,655 | 3,135 |
Windstream Holdings Inc. | 549,091 | 2,894 | |
^,* | Globalstar Inc. | 5,253,135 | 2,574 |
^,* | Pareteum Corp. | 656,894 | 1,642 |
IDT Corp. Class B | 284,982 | 1,602 | |
* | Alaska Communications Systems Group Inc. | 539,199 | 954 |
^,* | One Horizon Group Inc. | 93,512 | 50 |
* | Otelco Inc. Class A | 1,414 | 21 |
596,525 | |||
Utilities (2.7%) | |||
Atmos Energy Corp. | 1,463,986 | 131,964 | |
UGI Corp. | 2,288,646 | 119,170 | |
* | Vistra Energy Corp. | 4,839,427 | 114,501 |
OGE Energy Corp. | 2,620,201 | 92,257 | |
Aqua America Inc. | 2,361,592 | 83,081 |
51
Vanguard® Extended Market Index Fund | |||||
Schedule of Investments | |||||
June 30, 2018 | |||||
Market | |||||
Value | |||||
Shares | ($000) | ||||
Vectren Corp. | 1,080,939 | 77,233 | |||
MDU Resources Group Inc. | 2,586,957 | 74,194 | |||
IDACORP Inc. | 666,068 | 61,438 | |||
WGL Holdings Inc. | 664,900 | 59,010 | |||
National Fuel Gas Co. | 1,062,807 | 56,286 | |||
ALLETE Inc. | 676,566 | 52,373 | |||
ONE Gas Inc. | 699,959 | 52,315 | |||
New Jersey Resources Corp. | 1,164,538 | 52,113 | |||
Portland General Electric Co. | 1,175,461 | 50,263 | |||
Hawaiian Electric Industries Inc. | 1,447,089 | 49,635 | |||
Southwest Gas Holdings Inc. | 637,598 | 48,630 | |||
Spire Inc. | 664,647 | 46,957 | |||
Avista Corp. | 866,221 | 45,615 | |||
Black Hills Corp. | 701,556 | 42,942 | |||
PNM Resources Inc. | 1,057,342 | 41,131 | |||
Avangrid Inc. | 744,201 | 39,391 | |||
South Jersey Industries Inc. | 1,112,437 | 37,233 | |||
NorthWestern Corp. | 648,637 | 37,134 | |||
El Paso Electric Co. | 521,112 | 30,798 | |||
MGE Energy Inc. | 444,735 | 28,041 | |||
American States Water Co. | 489,235 | 27,965 | |||
Ormat Technologies Inc. | 475,807 | 25,308 | |||
Northwest Natural Gas Co. | 392,340 | 25,031 | |||
California Water Service Group | 637,177 | 24,818 | |||
Otter Tail Corp. | 515,368 | 24,531 | |||
Pattern Energy Group Inc. Class A | 1,165,264 | 21,849 | |||
Chesapeake Utilities Corp. | 206,615 | 16,519 | |||
NRG Yield Inc. | 939,251 | 16,155 | |||
SJW Group | 219,642 | 14,545 | |||
Connecticut Water Service Inc. | 163,670 | 10,691 | |||
Middlesex Water Co. | 225,935 | 9,528 | |||
Unitil Corp. | 178,884 | 9,130 | |||
TerraForm Power Inc. Class A | 578,929 | 6,773 | |||
NRG Yield Inc. Class A | 351,475 | 5,993 | |||
York Water Co. | 170,106 | 5,409 | |||
Artesian Resources Corp. Class A | 110,092 | 4,268 | |||
^,* | Cadiz Inc. | 320,402 | 4,197 | ||
RGC Resources Inc. | 88,536 | 2,583 | |||
* | AquaVenture Holdings Ltd. | 165,794 | 2,583 | ||
* | Pure Cycle Corp. | 194,651 | 1,859 | ||
^ | Spark Energy Inc. Class A | 186,223 | 1,816 | ||
Genie Energy Ltd. Class B | 175,179 | 869 | |||
Global Water Resources Inc. | 64,028 | 602 | |||
1,786,727 | |||||
Total Common Stocks (Cost $48,093,509) | 66,134,264 | ||||
Coupon | |||||
Temporary Cash Investments (2.8%)1 | |||||
Money Market Fund (2.8%) | |||||
4,5 | Vanguard Market Liquidity Fund | 2.122% | 18,710,047 | 1,871,192 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.0%) | |||||
United States Treasury Bill | 1.693% | 7/12/18 | 3,000 | 2,998 | |
6 | United States Treasury Bill | 1.849% | 8/16/18 | 5,000 | 4,989 |
6 | United States Treasury Bill | 1.986%—1.995% | 10/18/18 | 8,400 | 8,351 |
52
Vanguard® Extended Market Index Fund
Schedule of Investments
June 30, 2018
Face | Market | |||
Maturity | Amount | Value | ||
Coupon | Date | ($000) | ($000) | |
6 United States Treasury Bill | 2.034%—2.078% | 11/15/18 | 15,000 | 14,887 |
31,225 | ||||
Total Temporary Cash Investments (Cost $1,902,103) | 1,902,417 | |||
Total Investments (101.8%) (Cost $49,995,612) | 68,036,681 | |||
Other Assets and Liabilities—Net (-1.8%)5,7 | (1,228,700) | |||
Net Assets (100%) | 66,807,981 |
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,207,098,000.
* 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
1.8%, 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 $1,294,211,000 of collateral received for securities on loan.
6 Securities with a value of $23,051,000 have been segregated as initial margin for open futures contracts.
7 Cash of $1,380,000 has been segregated as collateral for open over-the-counter swap contracts.
CPR—Contingent Payment Rights.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
53
© 2018 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA982 082018
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.6%)1 | |||
Basic Materials (2.5%) | |||
DowDuPont Inc. | 58,087,208 | 3,829,109 | |
Praxair Inc. | 7,189,593 | 1,137,034 | |
Ecolab Inc. | 6,496,973 | 911,720 | |
LyondellBasell Industries NV Class A | 7,845,718 | 861,852 | |
Air Products & Chemicals Inc. | 5,481,638 | 853,655 | |
PPG Industries Inc. | 6,227,588 | 645,988 | |
Freeport-McMoRan Inc. | 34,422,713 | 594,136 | |
International Paper Co. | 10,352,262 | 539,146 | |
Newmont Mining Corp. | 13,346,094 | 503,281 | |
Nucor Corp. | 7,950,018 | 496,876 | |
Celanese Corp. Class A | 3,392,117 | 376,729 | |
Eastman Chemical Co. | 3,213,327 | 321,204 | |
FMC Corp. | 3,360,500 | 299,790 | |
Albemarle Corp. | 2,767,114 | 261,022 | |
CF Industries Holdings Inc. | 5,840,948 | 259,338 | |
Steel Dynamics Inc. | 5,601,509 | 257,389 | |
International Flavors & Fragrances Inc. | 1,975,979 | 244,942 | |
Mosaic Co. | 8,670,234 | 243,200 | |
Avery Dennison Corp. | 2,193,903 | 223,998 | |
* | Alcoa Corp. | 4,662,153 | 218,562 |
Chemours Co. | 4,468,985 | 198,244 | |
RPM International Inc. | 3,325,600 | 193,949 | |
* | Axalta Coating Systems Ltd. | 5,508,229 | 166,954 |
United States Steel Corp. | 4,431,912 | 154,009 | |
Royal Gold Inc. | 1,646,179 | 152,831 | |
Reliance Steel & Aluminum Co. | 1,707,289 | 149,456 | |
Huntsman Corp. | 5,092,186 | 148,692 | |
WR Grace & Co. | 1,695,455 | 124,294 | |
Ashland Global Holdings Inc. | 1,556,213 | 121,665 | |
Olin Corp. | 4,169,148 | 119,738 | |
Westlake Chemical Corp. | 976,885 | 105,142 | |
Versum Materials Inc. | 2,729,131 | 101,387 | |
Peabody Energy Corp. | 2,189,765 | 99,591 | |
NewMarket Corp. | 235,730 | 95,353 | |
PolyOne Corp. | 2,024,221 | 87,487 | |
Cabot Corp. | 1,396,053 | 86,234 | |
* | Ingevity Corp. | 1,058,802 | 85,615 |
Scotts Miracle-Gro Co. | 983,488 | 81,787 | |
Balchem Corp. | 801,288 | 78,638 | |
* | Allegheny Technologies Inc. | 3,126,899 | 78,548 |
Sensient Technologies Corp. | 1,085,229 | 77,648 | |
KapStone Paper and Packaging Corp. | 2,195,065 | 75,730 | |
Domtar Corp. | 1,573,727 | 75,130 | |
* | Univar Inc. | 2,858,853 | 75,016 |
HB Fuller Co. | 1,263,097 | 67,803 | |
Minerals Technologies Inc. | 888,581 | 66,955 | |
* | Cleveland-Cliffs Inc. | 7,498,653 | 63,214 |
* | Platform Specialty Products Corp. | 5,429,689 | 62,984 |
Carpenter Technology Corp. | 1,166,802 | 61,339 | |
Commercial Metals Co. | 2,771,499 | 58,506 | |
Compass Minerals International Inc. | 856,983 | 56,347 | |
US Silica Holdings Inc. | 1,967,919 | 50,556 | |
* | GCP Applied Technologies Inc. | 1,714,135 | 49,624 |
Quaker Chemical Corp. | 319,346 | 49,457 | |
Innospec Inc. | 621,726 | 47,593 | |
Worthington Industries Inc. | 1,082,399 | 45,428 | |
Tronox Ltd. Class A | 2,265,338 | 44,582 | |
* | Ferro Corp. | 2,091,973 | 43,618 |
* | Cambrex Corp. | 817,653 | 42,763 |
Kaiser Aluminum Corp. | 390,953 | 40,702 | |
Stepan Co. | 504,864 | 39,384 |
1
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Arch Coal Inc. Class A | 474,277 | 37,198 | |
* | Kraton Corp. | 790,962 | 36,495 |
* | Coeur Mining Inc. | 4,651,381 | 35,351 |
Neenah Inc. | 416,622 | 35,350 | |
Hecla Mining Co. | 10,060,131 | 35,009 | |
*,^ | AK Steel Holding Corp. | 7,970,982 | 34,594 |
Warrior Met Coal Inc. | 1,185,548 | 32,686 | |
A Schulman Inc. | 659,182 | 29,334 | |
* | AdvanSix Inc. | 722,119 | 26,451 |
* | CONSOL Energy Inc. | 640,682 | 24,570 |
KMG Chemicals Inc. | 325,094 | 23,985 | |
Innophos Holdings Inc. | 478,614 | 22,782 | |
Rayonier Advanced Materials Inc. | 1,272,070 | 21,740 | |
* | SunCoke Energy Inc. | 1,578,970 | 21,158 |
PH Glatfelter Co. | 1,075,966 | 21,078 | |
* | CSW Industrials Inc. | 379,917 | 20,079 |
Chase Corp. | 170,511 | 19,992 | |
* | Koppers Holdings Inc. | 506,326 | 19,418 |
* | Century Aluminum Co. | 1,220,025 | 19,215 |
* | Verso Corp. | 851,478 | 18,528 |
Tredegar Corp. | 757,844 | 17,809 | |
* | Codexis Inc. | 1,222,920 | 17,610 |
* | PQ Group Holdings Inc. | 875,701 | 15,763 |
American Vanguard Corp. | 660,836 | 15,166 | |
*,^ | Covia Holdings Corp. | 801,553 | 14,877 |
* | Resolute Forest Products Inc. | 1,422,992 | 14,728 |
Kronos Worldwide Inc. | 586,390 | 13,211 | |
Haynes International Inc. | 308,884 | 11,348 | |
* | Veritiv Corp. | 269,480 | 10,739 |
* | OMNOVA Solutions Inc. | 1,019,093 | 10,599 |
* | Clearwater Paper Corp. | 457,383 | 10,566 |
Gold Resource Corp. | 1,555,606 | 10,251 | |
Hawkins Inc. | 267,972 | 9,473 | |
* | Intrepid Potash Inc. | 2,262,730 | 9,277 |
FutureFuel Corp. | 630,355 | 8,831 | |
* | Cloud Peak Energy Inc. | 2,190,960 | 7,646 |
* | Nexeo Solutions Inc. | 803,457 | 7,336 |
Olympic Steel Inc. | 330,232 | 6,740 | |
*,^ | Uranium Energy Corp. | 3,643,253 | 5,866 |
*,^ | AgroFresh Solutions Inc. | 833,292 | 5,841 |
* | Klondex Mines Ltd. | 2,442,037 | 5,641 |
* | Universal Stainless & Alloy Products Inc. | 230,188 | 5,449 |
* | Ryerson Holding Corp. | 411,943 | 4,593 |
Hallador Energy Co. | 554,996 | 3,963 | |
Synalloy Corp. | 191,382 | 3,818 | |
Northern Technologies International Corp. | 99,977 | 3,579 | |
*,^ | ChromaDex Corp. | 925,253 | 3,433 |
* | LSB Industries Inc. | 620,813 | 3,290 |
* | Ampco-Pittsburgh Corp. | 308,070 | 3,158 |
*,^ | Marrone Bio Innovations Inc. | 1,497,687 | 2,756 |
*,^ | Ur-Energy Inc. | 3,848,666 | 2,579 |
* | Senomyx Inc. | 1,088,009 | 1,306 |
* | NL Industries Inc. | 141,712 | 1,233 |
*,^ | Ramaco Resources Inc. | 156,834 | 1,092 |
* | General Moly Inc. | 2,527,959 | 1,036 |
United-Guardian Inc. | 45,130 | 864 | |
Friedman Industries Inc. | 106,118 | 860 | |
* | Pershing Gold Corp. | 428,954 | 785 |
* | Centrus Energy Corp. Class A | 112,234 | 386 |
* | Solitario Zinc Corp. | 613,174 | 264 |
* | Dynasil Corp. of America | 158,073 | 226 |
*,^ | US Gold Corp. | 174,192 | 219 |
*,^ | Paramount Gold Nevada Corp. | 147,835 | 186 |
*,^ | Westwater Resources Inc. | 434,689 | 176 |
2
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Golden Minerals Co. | 504,714 | 172 |
*,^ | Comstock Mining Inc. | 489,535 | 127 |
* | Ikonics Corp. | 6,410 | 69 |
*,^ | US Antimony Corp. | 70,173 | 34 |
17,512,948 | |||
Consumer Goods (8.0%) | |||
Procter & Gamble Co. | 62,944,451 | 4,913,444 | |
Coca-Cola Co. | 95,868,820 | 4,204,806 | |
PepsiCo Inc. | 35,487,055 | 3,863,476 | |
Philip Morris International Inc. | 38,907,434 | 3,141,386 | |
Altria Group Inc. | 47,373,565 | 2,690,345 | |
NIKE Inc. Class B | 32,107,729 | 2,558,344 | |
Mondelez International Inc. Class A | 36,893,861 | 1,512,648 | |
Colgate-Palmolive Co. | 21,822,001 | 1,414,284 | |
Activision Blizzard Inc. | 18,090,725 | 1,380,684 | |
General Motors Co. | 31,743,333 | 1,250,687 | |
*,^ | Tesla Inc. | 3,186,567 | 1,092,833 |
Ford Motor Co. | 97,858,756 | 1,083,296 | |
* | Electronic Arts Inc. | 7,674,848 | 1,082,307 |
Kraft Heinz Co. | 15,240,299 | 957,396 | |
Kimberly-Clark Corp. | 8,738,333 | 920,496 | |
Constellation Brands Inc. Class A | 3,993,863 | 874,137 | |
Estee Lauder Cos. Inc. Class A | 5,609,248 | 800,384 | |
General Mills Inc. | 14,813,859 | 655,661 | |
VF Corp. | 7,939,968 | 647,266 | |
Archer-Daniels-Midland Co. | 13,981,792 | 640,786 | |
Aptiv plc | 6,626,436 | 607,180 | |
* | Monster Beverage Corp. | 10,556,835 | 604,907 |
Dr Pepper Snapple Group Inc. | 4,510,565 | 550,289 | |
Tyson Foods Inc. Class A | 7,447,428 | 512,755 | |
Stanley Black & Decker Inc. | 3,854,396 | 511,902 | |
Kellogg Co. | 6,939,853 | 484,888 | |
Clorox Co. | 3,233,852 | 437,378 | |
Lennar Corp. Class A | 7,161,914 | 376,001 | |
DR Horton Inc. | 8,940,847 | 366,575 | |
Conagra Brands Inc. | 9,876,293 | 352,880 | |
McCormick & Co. Inc. | 3,031,473 | 351,924 | |
Brown-Forman Corp. Class B | 7,010,528 | 343,586 | |
* | Mohawk Industries Inc. | 1,584,714 | 339,557 |
* | Take-Two Interactive Software Inc. | 2,858,019 | 338,275 |
Tapestry Inc. | 7,191,004 | 335,892 | |
Hershey Co. | 3,539,629 | 329,398 | |
Church & Dwight Co. Inc. | 6,134,321 | 326,101 | |
Genuine Parts Co. | 3,478,553 | 319,296 | |
Molson Coors Brewing Co. Class B | 4,627,372 | 314,846 | |
* | Lululemon Athletica Inc. | 2,518,364 | 314,418 |
Lear Corp. | 1,664,822 | 309,341 | |
JM Smucker Co. | 2,691,952 | 289,331 | |
PVH Corp. | 1,922,496 | 287,836 | |
Newell Brands Inc. | 10,940,294 | 282,150 | |
Hasbro Inc. | 2,813,088 | 259,676 | |
* | NVR Inc. | 86,339 | 256,457 |
Lamb Weston Holdings Inc. | 3,659,636 | 250,722 | |
Hormel Foods Corp. | 6,631,411 | 246,755 | |
Bunge Ltd. | 3,517,412 | 245,199 | |
* | Michael Kors Holdings Ltd. | 3,606,868 | 240,217 |
Whirlpool Corp. | 1,607,046 | 234,998 | |
* | LKQ Corp. | 7,328,254 | 233,771 |
Snap-on Inc. | 1,412,180 | 226,966 | |
BorgWarner Inc. | 5,257,159 | 226,899 | |
* | US Foods Holding Corp. | 5,374,501 | 203,264 |
Ingredion Inc. | 1,801,881 | 199,468 | |
Hanesbrands Inc. | 9,053,018 | 199,347 | |
Campbell Soup Co. | 4,887,464 | 198,138 |
3
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Pinnacle Foods Inc. | 2,969,813 | 193,216 | |
PulteGroup Inc. | 6,393,981 | 183,827 | |
Polaris Industries Inc. | 1,499,398 | 183,196 | |
Harley-Davidson Inc. | 4,183,315 | 176,034 | |
Ralph Lauren Corp. Class A | 1,391,444 | 174,932 | |
Jefferies Financial Group Inc. | 7,454,197 | 169,508 | |
*,^ | Wayfair Inc. | 1,388,736 | 164,926 |
Coty Inc. Class A | 11,287,592 | 159,155 | |
Gentex Corp. | 6,813,336 | 156,843 | |
* | WABCO Holdings Inc. | 1,334,028 | 156,108 |
Leggett & Platt Inc. | 3,277,003 | 146,285 | |
*,^ | Middleby Corp. | 1,393,570 | 145,517 |
Pool Corp. | 949,636 | 143,870 | |
*,^ | Herbalife Nutrition Ltd. | 2,672,954 | 143,591 |
^ | Mattel Inc. | 8,593,889 | 141,112 |
Brunswick Corp. | 2,171,735 | 140,033 | |
Goodyear Tire & Rubber Co. | 5,985,653 | 139,406 | |
* | Post Holdings Inc. | 1,590,477 | 136,813 |
Toll Brothers Inc. | 3,437,169 | 127,141 | |
Carter's Inc. | 1,129,353 | 122,411 | |
Thor Industries Inc. | 1,246,142 | 121,362 | |
Valvoline Inc. | 4,973,692 | 107,283 | |
*,^ | Under Armour Inc. Class A | 4,712,366 | 105,934 |
Nu Skin Enterprises Inc. Class A | 1,319,140 | 103,144 | |
* | Skechers U.S.A. Inc. Class A | 3,373,897 | 101,251 |
Delphi Technologies plc | 2,226,596 | 101,221 | |
*,^ | Under Armour Inc. | 4,675,710 | 98,564 |
* | Visteon Corp. | 748,847 | 96,781 |
Energizer Holdings Inc. | 1,497,987 | 94,313 | |
Flowers Foods Inc. | 4,469,476 | 93,099 | |
* | Deckers Outdoor Corp. | 790,841 | 89,278 |
* | Darling Ingredients Inc. | 4,112,518 | 81,757 |
* | Zynga Inc. Class A | 19,629,985 | 79,894 |
Wolverine World Wide Inc. | 2,288,125 | 79,558 | |
* | Welbilt Inc. | 3,499,326 | 78,070 |
* | TreeHouse Foods Inc. | 1,417,397 | 74,428 |
Dana Inc. | 3,602,685 | 72,738 | |
Columbia Sportswear Co. | 791,641 | 72,411 | |
Steven Madden Ltd. | 1,322,339 | 70,216 | |
* | Hain Celestial Group Inc. | 2,329,031 | 69,405 |
* | Edgewell Personal Care Co. | 1,366,445 | 68,951 |
* | Helen of Troy Ltd. | 679,088 | 66,856 |
Lancaster Colony Corp. | 481,122 | 66,597 | |
* | Boston Beer Co. Inc. Class A | 210,774 | 63,169 |
* | TRI Pointe Group Inc. | 3,748,368 | 61,323 |
KB Home | 2,165,275 | 58,982 | |
* | Cooper-Standard Holdings Inc. | 446,753 | 58,377 |
* | Taylor Morrison Home Corp. Class A | 2,807,078 | 58,331 |
J&J Snack Foods Corp. | 373,215 | 56,904 | |
Tenneco Inc. | 1,293,574 | 56,866 | |
*,^ | Tempur Sealy International Inc. | 1,153,619 | 55,431 |
Sanderson Farms Inc. | 514,730 | 54,124 | |
LCI Industries | 595,227 | 53,660 | |
Herman Miller Inc. | 1,506,226 | 51,061 | |
*,^ | iRobot Corp. | 663,617 | 50,282 |
^ | B&G Foods Inc. | 1,673,348 | 50,033 |
WD-40 Co. | 333,497 | 48,774 | |
Vector Group Ltd. | 2,496,675 | 47,637 | |
Tupperware Brands Corp. | 1,140,591 | 47,038 | |
* | Dorman Products Inc. | 683,150 | 46,666 |
Medifast Inc. | 290,830 | 46,579 | |
* | G-III Apparel Group Ltd. | 1,000,159 | 44,407 |
* | Cavco Industries Inc. | 213,468 | 44,327 |
Callaway Golf Co. | 2,331,077 | 44,221 |
4
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | American Axle & Manufacturing Holdings Inc. | 2,815,826 | 43,814 |
* | Meritage Homes Corp. | 963,686 | 42,354 |
* | Fox Factory Holding Corp. | 882,379 | 41,075 |
Universal Corp. | 620,879 | 41,009 | |
^ | Spectrum Brands Holdings Inc. | 492,449 | 40,194 |
HNI Corp. | 1,075,004 | 39,990 | |
ACCO Brands Corp. | 2,622,178 | 36,317 | |
* | Gentherm Inc. | 914,706 | 35,948 |
La-Z-Boy Inc. | 1,167,289 | 35,719 | |
Calavo Growers Inc. | 367,553 | 35,340 | |
Interface Inc. Class A | 1,515,196 | 34,774 | |
* | USANA Health Sciences Inc. | 298,623 | 34,431 |
MDC Holdings Inc. | 1,118,131 | 34,405 | |
Cooper Tire & Rubber Co. | 1,288,134 | 33,878 | |
Schweitzer-Mauduit International Inc. | 759,895 | 33,223 | |
Oxford Industries Inc. | 397,169 | 32,957 | |
Fresh Del Monte Produce Inc. | 732,277 | 32,623 | |
* | Cal-Maine Foods Inc. | 708,389 | 32,480 |
* | Hostess Brands Inc. Class A | 2,358,025 | 32,069 |
* | National Beverage Corp. | 297,148 | 31,765 |
*,^ | Fitbit Inc. Class A | 4,662,025 | 30,443 |
*,^ | Fossil Group Inc. | 1,125,126 | 30,232 |
Seaboard Corp. | 7,569 | 29,994 | |
Winnebago Industries Inc. | 718,674 | 29,178 | |
Nutrisystem Inc. | 757,823 | 29,176 | |
* | Crocs Inc. | 1,637,446 | 28,835 |
* | Central Garden & Pet Co. Class A | 690,887 | 27,960 |
MGP Ingredients Inc. | 314,562 | 27,936 | |
Steelcase Inc. Class A | 1,958,176 | 26,435 | |
*,^ | LGI Homes Inc. | 456,450 | 26,351 |
* | Sleep Number Corp. | 895,170 | 25,978 |
* | Pilgrim's Pride Corp. | 1,271,682 | 25,599 |
Dean Foods Co. | 2,322,049 | 24,405 | |
Knoll Inc. | 1,147,136 | 23,872 | |
* | Stoneridge Inc. | 668,927 | 23,506 |
Standard Motor Products Inc. | 471,105 | 22,773 | |
Inter Parfums Inc. | 425,083 | 22,742 | |
Phibro Animal Health Corp. Class A | 484,852 | 22,327 | |
* | Vista Outdoor Inc. | 1,427,684 | 22,115 |
* | Modine Manufacturing Co. | 1,193,650 | 21,784 |
Andersons Inc. | 626,339 | 21,421 | |
* | Malibu Boats Inc. Class A | 506,995 | 21,263 |
Acushnet Holdings Corp. | 822,662 | 20,122 | |
^ | Camping World Holdings Inc. Class A | 794,209 | 19,839 |
* | Century Communities Inc. | 609,620 | 19,234 |
Movado Group Inc. | 385,391 | 18,614 | |
* | Glu Mobile Inc. | 2,874,185 | 18,424 |
* | M/I Homes Inc. | 683,034 | 18,087 |
*,^ | GoPro Inc. Class A | 2,797,638 | 18,017 |
* | William Lyon Homes Class A | 775,740 | 17,997 |
* | Central Garden & Pet Co. | 406,579 | 17,678 |
Lennar Corp. Class B | 409,984 | 17,502 | |
Briggs & Stratton Corp. | 993,767 | 17,500 | |
National Presto Industries Inc. | 135,875 | 16,849 | |
* | Freshpet Inc. | 598,812 | 16,437 |
Coca-Cola Bottling Co. Consolidated | 115,769 | 15,644 | |
Tower International Inc. | 477,916 | 15,198 | |
Ethan Allen Interiors Inc. | 614,729 | 15,061 | |
John B Sanfilippo & Son Inc. | 200,099 | 14,897 | |
* | Primo Water Corp. | 804,867 | 14,077 |
Tootsie Roll Industries Inc. | 455,251 | 14,045 | |
Kimball International Inc. Class B | 856,458 | 13,840 | |
Hooker Furniture Corp. | 287,151 | 13,467 | |
Titan International Inc. | 1,242,658 | 13,334 |
5
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | ZAGG Inc. | 753,277 | 13,032 |
* | MCBC Holdings Inc. | 431,046 | 12,479 |
* | Unifi Inc. | 378,373 | 11,994 |
* | Nautilus Inc. | 742,503 | 11,657 |
* | Beazer Homes USA Inc. | 777,734 | 11,472 |
* | Universal Electronics Inc. | 332,852 | 11,001 |
Superior Industries International Inc. | 603,972 | 10,811 | |
* | Vera Bradley Inc. | 707,043 | 9,927 |
* | Motorcar Parts of America Inc. | 506,878 | 9,484 |
Johnson Outdoors Inc. Class A | 110,155 | 9,311 | |
Limoneira Co. | 368,022 | 9,057 | |
*,^ | elf Beauty Inc. | 568,176 | 8,659 |
* | Perry Ellis International Inc. | 308,561 | 8,384 |
Flexsteel Industries Inc. | 195,786 | 7,812 | |
*,^ | 22nd Century Group Inc. | 3,168,812 | 7,795 |
* | Farmer Brothers Co. | 250,444 | 7,651 |
Bassett Furniture Industries Inc. | 277,255 | 7,638 | |
Turning Point Brands Inc. | 208,702 | 6,658 | |
Culp Inc. | 267,120 | 6,558 | |
Hamilton Beach Brands Holding Co. Class A | 224,615 | 6,525 | |
* | Seneca Foods Corp. Class A | 228,990 | 6,183 |
Skyline Champion Corp. | 174,164 | 6,103 | |
Weyco Group Inc. | 165,184 | 6,013 | |
* | Hovnanian Enterprises Inc. Class A | 3,528,723 | 5,752 |
Rocky Brands Inc. | 185,059 | 5,552 | |
*,^ | PolarityTE Inc. | 235,638 | 5,547 |
* | Craft Brew Alliance Inc. | 267,325 | 5,520 |
Oil-Dri Corp. of America | 129,438 | 5,455 | |
* | Clarus Corp. | 601,618 | 4,963 |
Superior Group of Cos. Inc. | 231,336 | 4,791 | |
Libbey Inc. | 585,475 | 4,760 | |
*,^ | Vuzix Corp. | 592,062 | 4,411 |
Lifetime Brands Inc. | 336,352 | 4,255 | |
* | New Home Co. Inc. | 420,530 | 4,193 |
* | Alliance One International Inc. | 252,523 | 4,003 |
*,^ | Revlon Inc. Class A | 207,651 | 3,644 |
Marine Products Corp. | 192,480 | 3,422 | |
* | Shiloh Industries Inc. | 389,356 | 3,387 |
*,^ | Jamba Inc. | 303,128 | 3,228 |
*,^ | Castle Brands Inc. | 2,686,731 | 3,197 |
* | Lakeland Industries Inc. | 200,276 | 2,834 |
Escalade Inc. | 193,788 | 2,732 | |
Strattec Security Corp. | 88,294 | 2,697 | |
*,^ | Akoustis Technologies Inc. | 370,402 | 2,693 |
Core Molding Technologies Inc. | 187,022 | 2,671 | |
* | Delta Apparel Inc. | 137,842 | 2,667 |
*,^ | Eastman Kodak Co. | 665,683 | 2,530 |
*,^ | Funko Inc. Class A | 192,360 | 2,414 |
Alico Inc. | 71,437 | 2,265 | |
*,^ | RiceBran Technologies | 1,012,677 | 2,187 |
* | Nature's Sunshine Products Inc. | 221,552 | 2,072 |
Kewaunee Scientific Corp. | 56,675 | 2,037 | |
Rocky Mountain Chocolate Factory Inc. | 173,764 | 1,988 | |
* | JAKKS Pacific Inc. | 566,895 | 1,857 |
*,^ | S&W Seed Co. | 562,635 | 1,829 |
* | Lifevantage Corp. | 283,359 | 1,805 |
* | Natural Alternatives International Inc. | 175,779 | 1,784 |
*,^ | Blink Charging Co. | 325,521 | 1,670 |
*,^ | Veru Inc. | 781,750 | 1,579 |
Crown Crafts Inc. | 274,576 | 1,565 | |
*,^ | Sequential Brands Group Inc. | 791,041 | 1,558 |
*,^ | Iconix Brand Group Inc. | 2,554,939 | 1,491 |
Unique Fabricating Inc. | 159,609 | 1,395 | |
*,^ | Orchids Paper Products Co. | 328,747 | 1,308 |
6
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Acme United Corp. | 59,859 | 1,242 | |
*,^ | Celsius Holdings Inc. | 269,229 | 1,238 |
*,^ | Differential Brands Group Inc. | 277,853 | 1,070 |
Virco Manufacturing Corp. | 227,507 | 1,012 | |
* | Alpha Pro Tech Ltd. | 293,460 | 983 |
* | US Auto Parts Network Inc. | 640,927 | 961 |
*,^ | New Age Beverages Corp. | 455,352 | 852 |
* | Tandy Leather Factory Inc. | 93,919 | 733 |
* | Coffee Holding Co. Inc. | 130,802 | 706 |
* | Vince Holding Corp. | 42,432 | 700 |
LS Starrett Co. Class A | 105,296 | 674 | |
*,^ | Nova Lifestyle Inc. | 403,061 | 673 |
* | Dixie Group Inc. | 271,685 | 625 |
*,^ | Lipocine Inc. | 471,782 | 613 |
* | Lifeway Foods Inc. | 116,677 | 587 |
* | Willamette Valley Vineyards Inc. | 64,597 | 552 |
* | Zedge Inc. Class B | 143,177 | 538 |
*,^ | Reed's Inc. | 176,831 | 504 |
* | Avon Products Inc. | 272,240 | 441 |
Mannatech Inc. | 19,579 | 401 | |
* | Charles & Colvard Ltd. | 212,413 | 227 |
* | Emerson Radio Corp. | 153,609 | 224 |
* | Summer Infant Inc. | 149,701 | 208 |
P&F Industries Inc. Class A | 19,303 | 168 | |
*,^ | Cherokee Inc. | 222,325 | 124 |
* | Bridgford Foods Corp. | 6,897 | 94 |
* | Cyanotech Corp. | 23,496 | 92 |
Ocean Bio-Chem Inc. | 22,278 | 80 | |
CompX International Inc. | 5,846 | 77 | |
* | CTI Industries Corp. | 14,046 | 60 |
*,^ | CDTi Advanced Materials Inc. | 102,033 | 59 |
* | Koss Corp. | 17,633 | 41 |
* | CCA Industries Inc. | 14,100 | 41 |
* | Hovnanian Enterprises Inc. Class B | 19,300 | 31 |
*,^ | Level Brands Inc. | 8,000 | 30 |
56,391,602 | |||
Consumer Services (13.2%) | |||
* | Amazon.com Inc. | 10,323,574 | 17,548,011 |
Home Depot Inc. | 28,871,767 | 5,632,882 | |
* | Netflix Inc. | 10,336,108 | 4,045,863 |
Comcast Corp. Class A | 114,928,401 | 3,770,801 | |
Walt Disney Co. | 35,434,316 | 3,713,871 | |
Walmart Inc. | 36,955,972 | 3,165,279 | |
McDonald's Corp. | 19,651,519 | 3,079,197 | |
* | Booking Holdings Inc. | 1,205,582 | 2,443,823 |
Costco Wholesale Corp. | 10,982,709 | 2,295,167 | |
Lowe's Cos. Inc. | 19,632,788 | 1,876,306 | |
CVS Health Corp. | 25,437,421 | 1,636,898 | |
Starbucks Corp. | 32,807,936 | 1,602,668 | |
TJX Cos. Inc. | 14,905,796 | 1,418,734 | |
Twenty-First Century Fox Inc. Class A | 26,349,332 | 1,309,298 | |
Walgreens Boots Alliance Inc. | 21,091,597 | 1,265,812 | |
* | Charter Communications Inc. Class A | 4,159,841 | 1,219,707 |
Target Corp. | 13,339,643 | 1,015,414 | |
* | eBay Inc. | 23,609,940 | 856,096 |
Marriott International Inc. Class A | 6,641,981 | 840,875 | |
Ross Stores Inc. | 9,478,247 | 803,281 | |
Sysco Corp. | 11,729,129 | 800,982 | |
Delta Air Lines Inc. | 15,802,012 | 782,832 | |
Las Vegas Sands Corp. | 9,878,136 | 754,294 | |
McKesson Corp. | 5,160,559 | 688,419 | |
Southwest Airlines Co. | 13,062,251 | 664,607 | |
Dollar General Corp. | 6,722,447 | 662,833 | |
Yum! Brands Inc. | 8,089,001 | 632,722 |
7
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Twenty-First Century Fox Inc. | 12,018,985 | 592,175 | |
Hilton Worldwide Holdings Inc. | 7,471,663 | 591,457 | |
Carnival Corp. | 10,024,001 | 574,475 | |
Kroger Co. | 20,120,625 | 572,432 | |
* | O'Reilly Automotive Inc. | 2,049,573 | 560,702 |
* | Dollar Tree Inc. | 5,949,497 | 505,707 |
CBS Corp. Class B | 8,532,460 | 479,695 | |
* | AutoZone Inc. | 673,114 | 451,612 |
Best Buy Co. Inc. | 5,997,564 | 447,298 | |
Royal Caribbean Cruises Ltd. | 4,242,134 | 439,485 | |
Omnicom Group Inc. | 5,700,066 | 434,744 | |
* | United Continental Holdings Inc. | 5,891,560 | 410,818 |
Wynn Resorts Ltd. | 2,446,749 | 409,439 | |
American Airlines Group Inc. | 10,551,317 | 400,528 | |
Tiffany & Co. | 2,950,404 | 388,273 | |
Cardinal Health Inc. | 7,777,791 | 379,790 | |
Expedia Group Inc. | 3,095,478 | 372,045 | |
MGM Resorts International | 12,546,437 | 364,223 | |
AmerisourceBergen Corp. Class A | 4,116,500 | 351,014 | |
* | Ulta Beauty Inc. | 1,437,725 | 335,651 |
Darden Restaurants Inc. | 3,093,600 | 331,201 | |
*,^ | CarMax Inc. | 4,466,501 | 325,474 |
Kohl's Corp. | 4,205,637 | 306,591 | |
Domino's Pizza Inc. | 1,059,172 | 298,867 | |
Macy's Inc. | 7,661,616 | 286,774 | |
* | Copart Inc. | 4,965,186 | 280,831 |
Vail Resorts Inc. | 1,011,835 | 277,435 | |
Nielsen Holdings plc | 8,904,409 | 275,413 | |
Viacom Inc. Class B | 9,129,796 | 275,355 | |
* | Chipotle Mexican Grill Inc. Class A | 626,819 | 270,391 |
* | Burlington Stores Inc. | 1,702,214 | 256,234 |
* | Norwegian Cruise Line Holdings Ltd. | 5,053,539 | 238,780 |
Advance Auto Parts Inc. | 1,758,146 | 238,580 | |
* | GrubHub Inc. | 2,260,831 | 237,184 |
Tractor Supply Co. | 3,065,764 | 234,500 | |
* | Qurate Retail Group Inc. QVC Group Class A | 11,039,726 | 234,263 |
Aramark | 6,138,193 | 227,727 | |
Interpublic Group of Cos. Inc. | 9,686,245 | 227,046 | |
Gap Inc. | 6,809,680 | 220,566 | |
L Brands Inc. | 5,928,898 | 218,658 | |
* | ServiceMaster Global Holdings Inc. | 3,388,505 | 201,514 |
FactSet Research Systems Inc. | 969,299 | 192,018 | |
^ | Sirius XM Holdings Inc. | 28,010,220 | 189,629 |
News Corp. Class A | 12,050,263 | 186,779 | |
Alaska Air Group Inc. | 3,082,078 | 186,127 | |
KAR Auction Services Inc. | 3,362,580 | 184,269 | |
* | Discovery Communications Inc. | 7,225,156 | 184,241 |
* | DISH Network Corp. Class A | 5,435,041 | 182,672 |
* | Liberty Media Corp-Liberty SiriusXM C | 3,972,836 | 180,208 |
* | Liberty Media Corp-Liberty Formula One | 4,688,621 | 174,088 |
* | Caesars Entertainment Corp. | 15,617,072 | 167,103 |
* | Live Nation Entertainment Inc. | 3,399,382 | 165,108 |
Service Corp. International | 4,362,210 | 156,123 | |
Foot Locker Inc. | 2,959,491 | 155,817 | |
Nordstrom Inc. | 2,934,034 | 151,924 | |
* | JetBlue Airways Corp. | 7,904,828 | 150,034 |
* | Bright Horizons Family Solutions Inc. | 1,447,569 | 148,405 |
* | TripAdvisor Inc. | 2,654,931 | 147,906 |
Wyndham Hotels & Resorts Inc. | 2,485,224 | 146,206 | |
Dunkin' Brands Group Inc. | 2,096,013 | 144,772 | |
* | Madison Square Garden Co. Class A | 455,174 | 141,190 |
*,^ | Discovery Communications Inc. Class A | 5,083,097 | 139,785 |
Sabre Corp. | 5,480,671 | 135,044 | |
* | Grand Canyon Education Inc. | 1,200,666 | 134,006 |
8
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Rollins Inc. | 2,472,212 | 129,989 | |
* | Five Below Inc. | 1,330,208 | 129,975 |
Chemed Corp. | 399,155 | 128,452 | |
Six Flags Entertainment Corp. | 1,789,474 | 125,353 | |
H&R Block Inc. | 5,229,900 | 119,137 | |
Williams-Sonoma Inc. | 1,887,181 | 115,835 | |
Dun & Bradstreet Corp. | 921,992 | 113,082 | |
Wyndham Destinations Inc. | 2,485,227 | 110,021 | |
Extended Stay America Inc. | 5,067,717 | 109,513 | |
* | Stamps.com Inc. | 426,427 | 107,907 |
* | Liberty Media Corp-Liberty SiriusXM A | 2,391,558 | 107,740 |
* | Etsy Inc. | 2,548,481 | 107,520 |
Texas Roadhouse Inc. Class A | 1,599,994 | 104,816 | |
* | Weight Watchers International Inc. | 993,246 | 100,417 |
Casey's General Stores Inc. | 940,526 | 98,830 | |
* | Planet Fitness Inc. Class A | 2,190,237 | 96,239 |
* | Ollie's Bargain Outlet Holdings Inc. | 1,323,476 | 95,952 |
New York Times Co. Class A | 3,677,323 | 95,243 | |
^ | Cracker Barrel Old Country Store Inc. | 597,104 | 93,274 |
Dolby Laboratories Inc. Class A | 1,487,837 | 91,785 | |
American Eagle Outfitters Inc. | 3,946,256 | 91,750 | |
Cinemark Holdings Inc. | 2,609,775 | 91,551 | |
* | Performance Food Group Co. | 2,488,033 | 91,311 |
Cable One Inc. | 121,784 | 89,303 | |
ILG Inc. | 2,612,667 | 86,296 | |
* | Urban Outfitters Inc. | 1,906,335 | 84,927 |
* | SiteOne Landscape Supply Inc. | 998,249 | 83,823 |
* | Hilton Grand Vacations Inc. | 2,414,288 | 83,776 |
Hyatt Hotels Corp. Class A | 1,071,644 | 82,677 | |
Signet Jewelers Ltd. | 1,477,424 | 82,366 | |
Wendy's Co. | 4,753,969 | 81,673 | |
Churchill Downs Inc. | 269,719 | 79,972 | |
Nexstar Media Group Inc. Class A | 1,077,055 | 79,056 | |
* | Yelp Inc. Class A | 1,999,986 | 78,359 |
Aaron's Inc. | 1,768,960 | 76,861 | |
Tribune Media Co. Class A | 1,954,995 | 74,818 | |
* | Shutterfly Inc. | 829,934 | 74,719 |
* | AMC Networks Inc. Class A | 1,163,938 | 72,397 |
*,^ | Trade Desk Inc. Class A | 770,565 | 72,279 |
* | AutoNation Inc. | 1,487,499 | 72,263 |
* | Beacon Roofing Supply Inc. | 1,695,160 | 72,248 |
* | Adtalem Global Education Inc. | 1,498,999 | 72,102 |
AMERCO | 199,390 | 71,013 | |
* | Chegg Inc. | 2,528,764 | 70,274 |
* | Sprouts Farmers Market Inc. | 3,183,306 | 70,256 |
World Wrestling Entertainment Inc. Class A | 960,274 | 69,927 | |
John Wiley & Sons Inc. Class A | 1,119,902 | 69,882 | |
* | Penn National Gaming Inc. | 2,044,025 | 68,659 |
Boyd Gaming Corp. | 1,972,010 | 68,350 | |
*,^ | RH | 482,468 | 67,401 |
Dick's Sporting Goods Inc. | 1,907,178 | 67,228 | |
Hillenbrand Inc. | 1,420,435 | 66,974 | |
* | Scientific Games Corp. | 1,355,182 | 66,607 |
Bed Bath & Beyond Inc. | 3,327,752 | 66,305 | |
Choice Hotels International Inc. | 852,832 | 64,474 | |
SkyWest Inc. | 1,229,618 | 63,817 | |
Graham Holdings Co. Class B | 108,355 | 63,507 | |
* | Spirit Airlines Inc. | 1,708,935 | 62,120 |
Morningstar Inc. | 478,929 | 61,423 | |
Jack in the Box Inc. | 719,674 | 61,259 | |
* | Sotheby's | 1,123,198 | 61,035 |
* | Liberty Expedia Holdings Inc. Class A | 1,367,965 | 60,108 |
PriceSmart Inc. | 659,454 | 59,681 | |
Marriott Vacations Worldwide Corp. | 525,768 | 59,391 |
9
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Murphy USA Inc. | 797,870 | 59,274 |
Sinclair Broadcast Group Inc. Class A | 1,839,410 | 59,137 | |
TEGNA Inc. | 5,395,677 | 58,543 | |
Red Rock Resorts Inc. Class A | 1,737,107 | 58,193 | |
Lions Gate Entertainment Corp. Class B | 2,433,929 | 57,100 | |
* | Acxiom Corp. | 1,901,345 | 56,945 |
Cheesecake Factory Inc. | 1,026,421 | 56,515 | |
* | Eldorado Resorts Inc. | 1,444,998 | 56,499 |
* | Avis Budget Group Inc. | 1,723,000 | 55,997 |
Lithia Motors Inc. Class A | 590,537 | 55,847 | |
* | United Natural Foods Inc. | 1,266,751 | 54,040 |
^ | Altice USA Inc. Class A | 3,110,926 | 53,072 |
Brinker International Inc. | 1,113,515 | 53,003 | |
* | Michaels Cos. Inc. | 2,756,810 | 52,848 |
* | Cars.com Inc. | 1,783,084 | 50,622 |
Meredith Corp. | 986,043 | 50,288 | |
* | Sally Beauty Holdings Inc. | 3,039,059 | 48,716 |
Children's Place Inc. | 396,860 | 47,941 | |
* | Dave & Buster's Entertainment Inc. | 1,007,068 | 47,936 |
*,^ | Pandora Media Inc. | 6,061,994 | 47,769 |
*,^ | Rite Aid Corp. | 26,644,464 | 46,095 |
Matthews International Corp. Class A | 783,157 | 46,050 | |
* | Groupon Inc. Class A | 10,567,625 | 45,441 |
Monro Inc. | 780,998 | 45,376 | |
* | Pinnacle Entertainment Inc. | 1,342,875 | 45,295 |
Allegiant Travel Co. Class A | 323,876 | 45,003 | |
DSW Inc. Class A | 1,714,525 | 44,269 | |
Hawaiian Holdings Inc. | 1,226,532 | 44,094 | |
Big Lots Inc. | 1,043,604 | 43,602 | |
*,^ | Cargurus Inc. | 1,204,123 | 41,831 |
Abercrombie & Fitch Co. | 1,696,456 | 41,529 | |
Bloomin' Brands Inc. | 2,060,823 | 41,423 | |
* | Rush Enterprises Inc. Class A | 942,792 | 40,898 |
Penske Automotive Group Inc. | 861,170 | 40,346 | |
Wingstop Inc. | 727,032 | 37,893 | |
Lions Gate Entertainment Corp. Class A | 1,476,087 | 36,636 | |
* | Asbury Automotive Group Inc. | 520,990 | 35,714 |
* | Diplomat Pharmacy Inc. | 1,379,883 | 35,270 |
GameStop Corp. Class A | 2,419,613 | 35,254 | |
Office Depot Inc. | 13,648,016 | 34,802 | |
* | MSG Networks Inc. | 1,441,953 | 34,535 |
* | Herc Holdings Inc. | 610,906 | 34,418 |
*,^ | Shake Shack Inc. Class A | 516,548 | 34,185 |
Caleres Inc. | 967,520 | 33,273 | |
Dine Brands Global Inc. | 428,514 | 32,053 | |
Sonic Corp. | 916,068 | 31,531 | |
Group 1 Automotive Inc. | 497,102 | 31,317 | |
*,^ | Roku Inc. | 734,147 | 31,289 |
Tailored Brands Inc. | 1,222,819 | 31,206 | |
* | Gray Television Inc. | 1,968,613 | 31,104 |
BJ's Restaurants Inc. | 515,824 | 30,949 | |
* | At Home Group Inc. | 784,230 | 30,703 |
Strayer Education Inc. | 271,161 | 30,644 | |
Guess? Inc. | 1,427,129 | 30,541 | |
* | National Vision Holdings Inc. | 832,576 | 30,447 |
*,^ | Carvana Co. Class A | 713,725 | 29,691 |
Gannett Co. Inc. | 2,759,715 | 29,529 | |
* | SeaWorld Entertainment Inc. | 1,341,371 | 29,269 |
Papa John's International Inc. | 576,340 | 29,232 | |
^ | Dillard's Inc. Class A | 307,434 | 29,053 |
* | Liberty TripAdvisor Holdings Inc. Class A | 1,772,948 | 28,544 |
Capella Education Co. | 284,618 | 28,092 | |
* | Liberty Media Corp-Liberty Formula One Class A | 782,552 | 27,632 |
Scholastic Corp. | 618,931 | 27,425 |
10
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Career Education Corp. | 1,609,248 | 26,022 |
* | Quotient Technology Inc. | 1,982,018 | 25,964 |
* | Laureate Education Inc. Class A | 1,810,715 | 25,948 |
International Speedway Corp. Class A | 577,800 | 25,828 | |
New Media Investment Group Inc. | 1,390,345 | 25,694 | |
*,^ | Trupanion Inc. | 660,372 | 25,490 |
Core-Mark Holding Co. Inc. | 1,099,716 | 24,964 | |
Chico's FAS Inc. | 3,048,892 | 24,818 | |
* | Denny's Corp. | 1,539,320 | 24,521 |
*,^ | ANGI Homeservices Inc. Class A | 1,575,216 | 24,227 |
* | Belmond Ltd. Class A | 2,043,090 | 22,780 |
* | Liberty Media Corp-Liberty Braves | 871,063 | 22,526 |
* | Providence Service Corp. | 282,349 | 22,179 |
* | Simply Good Foods Co. | 1,529,969 | 22,093 |
SpartanNash Co. | 856,726 | 21,864 | |
AMC Entertainment Holdings Inc. Class A | 1,346,123 | 21,403 | |
* | Hertz Global Holdings Inc. | 1,380,083 | 21,170 |
PetMed Express Inc. | 475,897 | 20,963 | |
Ruth's Hospitality Group Inc. | 735,117 | 20,620 | |
Weis Markets Inc. | 371,440 | 19,813 | |
* | Houghton Mifflin Harcourt Co. | 2,574,426 | 19,694 |
* | XO Group Inc. | 612,449 | 19,598 |
Buckle Inc. | 725,438 | 19,514 | |
* | SP Plus Corp. | 522,939 | 19,453 |
* | Genesco Inc. | 484,485 | 19,234 |
*,^ | TrueCar Inc. | 1,828,675 | 18,451 |
SUPERVALU Inc. | 897,197 | 18,410 | |
* | Party City Holdco Inc. | 1,198,631 | 18,279 |
EW Scripps Co. Class A | 1,362,910 | 18,249 | |
*,^ | Lumber Liquidators Holdings Inc. | 709,771 | 17,283 |
*,^ | JC Penney Co. Inc. | 7,340,204 | 17,176 |
*,^ | Overstock.com Inc. | 504,833 | 16,988 |
* | Ascena Retail Group Inc. | 4,147,312 | 16,527 |
* | Express Inc. | 1,800,714 | 16,477 |
* | American Public Education Inc. | 386,114 | 16,255 |
* | Rent-A-Center Inc. | 1,097,094 | 16,149 |
* | TechTarget Inc. | 566,863 | 16,099 |
* | Chefs' Warehouse Inc. | 554,023 | 15,790 |
* | K12 Inc. | 957,881 | 15,681 |
* | Red Robin Gourmet Burgers Inc. | 326,440 | 15,212 |
National CineMedia Inc. | 1,807,282 | 15,181 | |
*,^ | Conn's Inc. | 458,965 | 15,146 |
* | Fiesta Restaurant Group Inc. | 526,605 | 15,114 |
Marcus Corp. | 451,139 | 14,662 | |
* | Boot Barn Holdings Inc. | 687,695 | 14,270 |
* | Regis Corp. | 861,378 | 14,247 |
Entercom Communications Corp. Class A | 1,874,580 | 14,153 | |
Emerald Expositions Events Inc. | 670,884 | 13,820 | |
Cato Corp. Class A | 545,166 | 13,422 | |
* | Care.com Inc. | 627,624 | 13,105 |
* | Chuy's Holdings Inc. | 415,327 | 12,751 |
* | Clean Energy Fuels Corp. | 3,398,237 | 12,539 |
* | MarineMax Inc. | 656,554 | 12,442 |
* | Carrols Restaurant Group Inc. | 836,685 | 12,425 |
* | Monarch Casino & Resort Inc. | 280,430 | 12,353 |
*,^ | Golden Entertainment Inc. | 448,695 | 12,110 |
Sonic Automotive Inc. Class A | 586,860 | 12,089 | |
* | Zumiez Inc. | 475,516 | 11,912 |
*,^ | Stitch Fix Inc. Class A | 433,871 | 11,905 |
* | QuinStreet Inc. | 908,453 | 11,537 |
* | Drive Shack Inc. | 1,484,009 | 11,457 |
* | Hibbett Sports Inc. | 494,382 | 11,321 |
Ingles Markets Inc. Class A | 344,382 | 10,951 | |
* | America's Car-Mart Inc. | 173,976 | 10,769 |
11
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | PlayAGS Inc. | 395,528 | 10,707 |
* | Del Taco Restaurants Inc. | 715,383 | 10,144 |
Winmark Corp. | 63,178 | 9,379 | |
Haverty Furniture Cos. Inc. | 428,962 | 9,266 | |
* | Potbelly Corp. | 713,262 | 9,237 |
Shoe Carnival Inc. | 280,564 | 9,104 | |
* | Lindblad Expeditions Holdings Inc. | 677,665 | 8,979 |
Entravision Communications Corp. Class A | 1,771,509 | 8,858 | |
Citi Trends Inc. | 320,312 | 8,789 | |
Carriage Services Inc. Class A | 353,152 | 8,670 | |
News Corp. Class B | 544,146 | 8,625 | |
Barnes & Noble Inc. | 1,349,297 | 8,568 | |
RCI Hospitality Holdings Inc. | 270,696 | 8,568 | |
Nathan's Famous Inc. | 90,498 | 8,516 | |
* | Titan Machinery Inc. | 497,670 | 7,739 |
* | tronc Inc. | 431,769 | 7,461 |
* | MDC Partners Inc. Class A | 1,607,611 | 7,395 |
* | 1-800-Flowers.com Inc. Class A | 585,063 | 7,343 |
Tile Shop Holdings Inc. | 951,576 | 7,327 | |
* | Del Frisco's Restaurant Group Inc. | 575,778 | 7,255 |
*,^ | GNC Holdings Inc. Class A | 1,994,992 | 7,022 |
* | Century Casinos Inc. | 759,809 | 6,648 |
*,^ | Lands' End Inc. | 237,456 | 6,625 |
* | Gaia Inc. Class A | 322,622 | 6,533 |
* | Habit Restaurants Inc. Class A | 640,528 | 6,405 |
* | BJ's Wholesale Club Holdings Inc. | 270,098 | 6,388 |
* | Francesca's Holdings Corp. | 830,658 | 6,271 |
* | Bojangles' Inc. | 424,423 | 6,112 |
* | Town Sports International Holdings Inc. | 411,706 | 5,990 |
* | El Pollo Loco Holdings Inc. | 522,466 | 5,956 |
* | Reading International Inc. Class A | 373,363 | 5,955 |
*,^ | Duluth Holdings Inc. | 249,048 | 5,925 |
* | BrightView Holdings Inc. | 265,562 | 5,829 |
* | Red Lion Hotels Corp. | 498,292 | 5,805 |
*,^ | Daily Journal Corp. | 24,749 | 5,697 |
Natural Health Trends Corp. | 224,180 | 5,609 | |
* | Liberty Media Corp-Liberty Braves | 217,655 | 5,596 |
* | Avid Technology Inc. | 1,055,116 | 5,487 |
Village Super Market Inc. Class A | 185,950 | 5,478 | |
* | Hemisphere Media Group Inc. Class A | 405,908 | 5,317 |
*,^ | Noodles & Co. Class A | 431,232 | 5,304 |
* | Biglari Holdings Inc. Class B | 28,255 | 5,184 |
Tilly's Inc. Class A | 331,331 | 5,020 | |
* | Kirkland's Inc. | 417,362 | 4,858 |
Pier 1 Imports Inc. | 2,021,218 | 4,810 | |
* | Bridgepoint Education Inc. Class A | 724,481 | 4,731 |
* | Barnes & Noble Education Inc. | 835,527 | 4,712 |
Speedway Motorsports Inc. | 267,785 | 4,649 | |
*,^ | Zoe's Kitchen Inc. | 473,206 | 4,618 |
* | Liquidity Services Inc. | 697,626 | 4,569 |
*,^ | Boston Omaha Corp. Class A | 216,518 | 4,562 |
Saga Communications Inc. Class A | 115,556 | 4,449 | |
* | Cambium Learning Group Inc. | 388,531 | 4,332 |
CSS Industries Inc. | 249,208 | 4,212 | |
* | Smart & Final Stores Inc. | 751,194 | 4,169 |
*,^ | Blue Apron Holdings Inc. Class A | 1,201,070 | 4,024 |
* | Leaf Group Ltd. | 359,250 | 3,898 |
* | Sportsman's Warehouse Holdings Inc. | 754,396 | 3,862 |
Clear Channel Outdoor Holdings Inc. Class A | 886,179 | 3,811 | |
* | J. Jill Inc. | 404,797 | 3,781 |
* | PCM Inc. | 246,655 | 3,737 |
*,^ | Global Eagle Entertainment Inc. | 1,479,399 | 3,728 |
*,^ | Container Store Group Inc. | 440,571 | 3,705 |
* | J Alexander's Holdings Inc. | 329,963 | 3,679 |
12
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | New York & Co. Inc. | 708,452 | 3,627 |
*,^ | Lee Enterprises Inc. | 1,159,701 | 3,305 |
Big 5 Sporting Goods Corp. | 432,094 | 3,284 | |
*,^ | Tuesday Morning Corp. | 1,034,055 | 3,154 |
Collectors Universe Inc. | 211,658 | 3,120 | |
* | Natural Grocers by Vitamin Cottage Inc. | 241,385 | 3,075 |
*,^ | Digital Turbine Inc. | 1,950,631 | 2,945 |
Marchex Inc. Class B | 929,908 | 2,846 | |
* | Biglari Holdings Inc. | 2,825 | 2,684 |
* | Travelzoo | 152,382 | 2,606 |
* | Build-A-Bear Workshop Inc. | 324,459 | 2,466 |
* | RealNetworks Inc. | 655,233 | 2,424 |
* | Rubicon Project Inc. | 846,914 | 2,414 |
*,^ | Profire Energy Inc. | 708,971 | 2,396 |
*,^ | Vitamin Shoppe Inc. | 344,143 | 2,392 |
*,^ | Sears Holdings Corp. | 989,319 | 2,345 |
* | TheStreet Inc. | 1,030,022 | 2,245 |
*,^ | Remark Holdings Inc. | 560,994 | 2,193 |
* | FTD Cos. Inc. | 455,037 | 2,111 |
* | Full House Resorts Inc. | 629,240 | 2,095 |
AH Belo Corp. Class A | 428,938 | 2,016 | |
*,^ | LiveXLive Media Inc. | 341,600 | 1,971 |
*,^ | Stein Mart Inc. | 795,970 | 1,950 |
Liberty Tax Inc. | 241,260 | 1,948 | |
^ | Fred's Inc. Class A | 838,363 | 1,911 |
A-Mark Precious Metals Inc. | 136,129 | 1,808 | |
* | Destination Maternity Corp. | 301,997 | 1,758 |
*,^ | Fluent Inc. | 712,111 | 1,745 |
* | Destination XL Group Inc. | 770,416 | 1,733 |
Peak Resorts Inc. | 336,921 | 1,685 | |
Salem Media Group Inc. Class A | 315,296 | 1,624 | |
* | EVINE Live Inc. | 1,311,246 | 1,613 |
Townsquare Media Inc. Class A | 229,396 | 1,484 | |
* | Papa Murphy's Holdings Inc. | 266,958 | 1,482 |
^ | Stage Stores Inc. | 614,614 | 1,481 |
* | AutoWeb Inc. | 283,057 | 1,279 |
* | Urban One Inc. | 584,263 | 1,227 |
Wayside Technology Group Inc. | 82,067 | 1,153 | |
Educational Development Corp. | 60,132 | 1,127 | |
*,^ | Chicken Soup For The Soul Entertainment Inc. | 116,305 | 1,114 |
Ark Restaurants Corp. | 41,710 | 1,062 | |
Dover Motorsports Inc. | 442,500 | 996 | |
* | Emmis Communications Corp. Class A | 183,328 | 970 |
*,^ | McClatchy Co. Class A | 96,865 | 964 |
Harte-Hanks Inc. | 78,963 | 876 | |
Beasley Broadcast Group Inc. Class A | 76,851 | 861 | |
* | Lazydays Holdings Inc. | 93,600 | 832 |
* | Luby's Inc. | 308,772 | 800 |
*,^ | Famous Dave's of America Inc. | 115,881 | 782 |
* | Ascent Capital Group Inc. Class A | 254,049 | 714 |
*,^ | Social Reality Inc. | 148,260 | 678 |
* | Nevada Gold & Casinos Inc. | 313,955 | 628 |
* | Good Times Restaurants Inc. | 154,244 | 578 |
*,^ | Interpace Diagnostics Group Inc. | 612,138 | 545 |
* | ONE Group Hospitality Inc. | 204,067 | 496 |
Canterbury Park Holding Corp. | 31,705 | 490 | |
*,^ | Christopher & Banks Corp. | 451,842 | 425 |
*,^ | Kona Grill Inc. | 137,965 | 324 |
* | Rush Enterprises Inc. Class B | 7,149 | 314 |
*,^ | Inspired Entertainment Inc. | 49,376 | 309 |
*,^ | Valeritas Holdings Inc. | 226,029 | 303 |
*,^ | Sears Hometown and Outlet Stores Inc. | 143,195 | 301 |
*,^ | Live Ventures Inc. | 19,052 | 240 |
Value Line Inc. | 9,438 | 224 |
13
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Eastside Distilling Inc. | 24,612 | 209 |
*,^ | Ifresh Inc. | 39,610 | 208 |
* | Dover Downs Gaming & Entertainment Inc. | 102,519 | 182 |
*,^ | Genius Brands International Inc. | 68,896 | 164 |
* | Insignia Systems Inc. | 96,450 | 163 |
* | Diversified Restaurant Holdings Inc. | 126,397 | 158 |
National American University Holdings Inc. | 153,701 | 146 | |
* | Rave Restaurant Group Inc. | 95,445 | 136 |
* | SPAR Group Inc. | 98,012 | 123 |
Gaming Partners International Corp. | 13,878 | 119 | |
*,^ | Spark Networks SE ADR | 10,970 | 118 |
^ | FAT Brands Inc. | 5,432 | 42 |
Haverty Furniture Cos. Inc. Class A | 1,375 | 30 | |
* | Youngevity International Inc. | 7,184 | 30 |
* | NTN Buzztime Inc. | 4,442 | 20 |
Viacom Inc. Class A | 300 | 11 | |
*,2 | Universal Travel Group | 42,843 | 7 |
* | YogaWorks Inc. | 3,300 | 6 |
* | Urban One Inc. Class A | 950 | 2 |
*,^ | DGSE Cos. Inc. | 2,900 | 2 |
* | RLJ Entertainment Inc. | 300 | 1 |
92,462,633 | |||
Financials (19.8%) | |||
JPMorgan Chase & Co. | 85,236,974 | 8,881,693 | |
* | Berkshire Hathaway Inc. Class B | 47,314,420 | 8,831,236 |
Bank of America Corp. | 241,101,577 | 6,796,653 | |
Wells Fargo & Co. | 109,775,666 | 6,085,963 | |
Visa Inc. Class A | 44,714,503 | 5,922,436 | |
Mastercard Inc. Class A | 23,212,668 | 4,561,754 | |
Citigroup Inc. | 63,819,490 | 4,270,800 | |
US Bancorp | 39,100,783 | 1,955,821 | |
Goldman Sachs Group Inc. | 8,494,572 | 1,873,648 | |
American Express Co. | 17,209,955 | 1,686,576 | |
American Tower Corp. | 11,054,700 | 1,593,756 | |
Morgan Stanley | 33,210,197 | 1,574,163 | |
Charles Schwab Corp. | 30,380,528 | 1,552,445 | |
PNC Financial Services Group Inc. | 11,181,537 | 1,510,626 | |
Chubb Ltd. | 11,054,740 | 1,404,173 | |
BlackRock Inc. | 2,805,267 | 1,399,940 | |
CME Group Inc. | 8,523,574 | 1,397,184 | |
Simon Property Group Inc. | 7,749,732 | 1,318,927 | |
S&P Global Inc. | 6,292,785 | 1,283,036 | |
Bank of New York Mellon Corp. | 22,761,557 | 1,227,531 | |
American International Group Inc. | 22,455,628 | 1,190,597 | |
Crown Castle International Corp. | 10,382,170 | 1,119,406 | |
Capital One Financial Corp. | 12,146,527 | 1,116,266 | |
Intercontinental Exchange Inc. | 14,506,768 | 1,066,973 | |
Marsh & McLennan Cos. Inc. | 12,705,964 | 1,041,508 | |
BB&T Corp. | 19,526,206 | 984,902 | |
Prudential Financial Inc. | 10,519,556 | 983,684 | |
MetLife Inc. | 20,350,473 | 887,281 | |
Prologis Inc. | 13,308,123 | 874,211 | |
Progressive Corp. | 14,563,692 | 861,442 | |
Equinix Inc. | 1,988,671 | 854,910 | |
Aon plc | 6,135,899 | 841,661 | |
Public Storage | 3,708,386 | 841,284 | |
Aflac Inc. | 19,437,589 | 836,205 | |
Travelers Cos. Inc. | 6,767,692 | 827,959 | |
State Street Corp. | 8,709,063 | 810,727 | |
Allstate Corp. | 8,809,006 | 803,998 | |
SunTrust Banks Inc. | 11,722,590 | 773,925 | |
Moody's Corp. | 4,079,240 | 695,755 | |
Weyerhaeuser Co. | 18,932,008 | 690,261 | |
T. Rowe Price Group Inc. | 5,773,253 | 670,217 |
14
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Discover Financial Services | 8,777,104 | 617,996 | |
Synchrony Financial | 17,983,376 | 600,285 | |
AvalonBay Communities Inc. | 3,447,318 | 592,559 | |
Equity Residential | 9,195,686 | 585,673 | |
Welltower Inc. | 9,301,286 | 583,098 | |
Digital Realty Trust Inc. | 5,147,068 | 574,310 | |
M&T Bank Corp. | 3,301,384 | 561,730 | |
Northern Trust Corp. | 5,378,104 | 553,353 | |
KeyCorp | 26,758,950 | 522,870 | |
Ameriprise Financial Inc. | 3,630,118 | 507,781 | |
Ventas Inc. | 8,910,513 | 507,454 | |
Regions Financial Corp. | 28,330,978 | 503,725 | |
Willis Towers Watson plc | 3,293,423 | 499,283 | |
Fifth Third Bancorp | 17,277,991 | 495,878 | |
Boston Properties Inc. | 3,853,665 | 483,327 | |
* | SBA Communications Corp. Class A | 2,879,806 | 475,514 |
* | IHS Markit Ltd. | 9,190,881 | 474,158 |
Citizens Financial Group Inc. | 12,137,023 | 472,130 | |
Hartford Financial Services Group Inc. | 8,920,190 | 456,089 | |
Huntington Bancshares Inc. | 27,520,270 | 406,199 | |
* | E*TRADE Financial Corp. | 6,632,108 | 405,620 |
Essex Property Trust Inc. | 1,649,028 | 394,233 | |
First Republic Bank | 4,047,183 | 391,727 | |
Comerica Inc. | 4,298,487 | 390,818 | |
Host Hotels & Resorts Inc. | 18,509,926 | 390,004 | |
TD Ameritrade Holding Corp. | 7,102,367 | 388,997 | |
* | SVB Financial Group | 1,326,242 | 382,966 |
* | CBRE Group Inc. Class A | 8,003,344 | 382,080 |
Principal Financial Group Inc. | 7,211,792 | 381,864 | |
Realty Income Corp. | 7,077,998 | 380,726 | |
Equifax Inc. | 3,003,953 | 375,825 | |
MSCI Inc. Class A | 2,243,930 | 371,213 | |
XL Group Ltd. | 6,458,923 | 361,377 | |
* | Markel Corp. | 329,847 | 357,670 |
Lincoln National Corp. | 5,442,658 | 338,805 | |
Loews Corp. | 6,948,814 | 335,489 | |
Alexandria Real Estate Equities Inc. | 2,560,042 | 323,001 | |
GGP Inc. | 15,558,483 | 317,860 | |
Vornado Realty Trust | 4,274,810 | 315,994 | |
HCP Inc. | 11,733,651 | 302,963 | |
Extra Space Storage Inc. | 2,992,019 | 298,633 | |
Annaly Capital Management Inc. | 28,838,415 | 296,747 | |
Arthur J Gallagher & Co. | 4,529,567 | 295,690 | |
Cboe Global Markets Inc. | 2,809,151 | 292,348 | |
Raymond James Financial Inc. | 3,266,953 | 291,902 | |
* | Berkshire Hathaway Inc. Class A | 1,026 | 289,373 |
Mid-America Apartment Communities Inc. | 2,830,796 | 284,976 | |
Ally Financial Inc. | 10,820,206 | 284,247 | |
Invesco Ltd. | 10,189,463 | 270,632 | |
Nasdaq Inc. | 2,913,100 | 265,879 | |
Franklin Resources Inc. | 8,182,953 | 262,264 | |
Cincinnati Financial Corp. | 3,897,158 | 260,564 | |
Zions Bancorporation | 4,918,373 | 259,149 | |
Duke Realty Corp. | 8,882,624 | 257,863 | |
* | Arch Capital Group Ltd. | 9,734,793 | 257,583 |
UDR Inc. | 6,685,288 | 250,966 | |
Iron Mountain Inc. | 7,132,363 | 249,704 | |
FNF Group | 6,480,479 | 243,796 | |
Regency Centers Corp. | 3,840,128 | 238,395 | |
East West Bancorp Inc. | 3,631,487 | 236,773 | |
Everest Re Group Ltd. | 1,023,054 | 235,793 | |
Western Union Co. | 11,487,442 | 233,540 | |
* | Liberty Broadband Corp. | 3,080,739 | 233,274 |
Federal Realty Investment Trust | 1,828,633 | 231,414 |
15
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
SL Green Realty Corp. | 2,285,400 | 229,751 | |
SEI Investments Co. | 3,544,288 | 221,589 | |
Torchmark Corp. | 2,675,278 | 217,794 | |
Reinsurance Group of America Inc. Class A | 1,601,120 | 213,718 | |
Camden Property Trust | 2,310,900 | 210,592 | |
Alleghany Corp. | 365,599 | 210,208 | |
Affiliated Managers Group Inc. | 1,374,919 | 204,409 | |
Unum Group | 5,516,221 | 204,045 | |
Voya Financial Inc. | 4,274,916 | 200,921 | |
Macerich Co. | 3,528,971 | 200,551 | |
AGNC Investment Corp. | 10,494,195 | 195,087 | |
* | Black Knight Inc. | 3,534,732 | 189,285 |
American Financial Group Inc. | 1,754,778 | 188,340 | |
Jones Lang LaSalle Inc. | 1,128,176 | 187,266 | |
Kilroy Realty Corp. | 2,468,254 | 186,699 | |
Sun Communities Inc. | 1,900,251 | 185,997 | |
Equity LifeStyle Properties Inc. | 1,997,268 | 183,549 | |
VEREIT Inc. | 24,194,287 | 180,005 | |
WP Carey Inc. | 2,694,740 | 178,796 | |
MarketAxess Holdings Inc. | 895,379 | 177,160 | |
Kimco Realty Corp. | 10,102,094 | 171,635 | |
* | Athene Holding Ltd. Class A | 3,895,527 | 170,780 |
National Retail Properties Inc. | 3,863,029 | 169,819 | |
* | Signature Bank | 1,303,918 | 166,745 |
Apartment Investment & Management Co. | 3,927,936 | 166,152 | |
Invitation Homes Inc. | 7,150,843 | 164,898 | |
WR Berkley Corp. | 2,274,746 | 164,714 | |
Gaming and Leisure Properties Inc. | 4,584,628 | 164,130 | |
Liberty Property Trust | 3,664,047 | 162,427 | |
Brown & Brown Inc. | 5,838,126 | 161,891 | |
Douglas Emmett Inc. | 4,026,455 | 161,783 | |
PacWest Bancorp | 3,220,275 | 159,146 | |
Lazard Ltd. Class A | 3,223,506 | 157,662 | |
Commerce Bancshares Inc. | 2,420,746 | 156,646 | |
DCT Industrial Trust Inc. | 2,329,269 | 155,432 | |
People's United Financial Inc. | 8,572,784 | 155,082 | |
Cullen/Frost Bankers Inc. | 1,431,251 | 154,919 | |
*,^ | Zillow Group Inc. | 2,606,576 | 153,944 |
^ | Omega Healthcare Investors Inc. | 4,940,829 | 153,166 |
Park Hotels & Resorts Inc. | 4,998,290 | 153,098 | |
Synovus Financial Corp. | 2,822,609 | 149,118 | |
American Campus Communities Inc. | 3,437,995 | 147,421 | |
Webster Financial Corp. | 2,310,721 | 147,193 | |
New Residential Investment Corp. | 8,386,211 | 146,675 | |
CubeSmart | 4,538,086 | 146,217 | |
VICI Properties Inc. | 7,070,662 | 145,938 | |
CIT Group Inc. | 2,888,721 | 145,620 | |
Eaton Vance Corp. | 2,789,218 | 145,569 | |
CyrusOne Inc. | 2,471,542 | 144,239 | |
First Horizon National Corp. | 8,075,488 | 144,067 | |
Lamar Advertising Co. Class A | 2,089,741 | 142,750 | |
Old Republic International Corp. | 7,106,926 | 141,499 | |
LPL Financial Holdings Inc. | 2,125,631 | 139,314 | |
American Homes 4 Rent Class A | 6,279,330 | 139,276 | |
Healthcare Trust of America Inc. Class A | 5,161,081 | 139,143 | |
Forest City Realty Trust Inc. Class A | 6,067,516 | 138,400 | |
Hudson Pacific Properties Inc. | 3,891,562 | 137,878 | |
Bank of the Ozarks | 3,042,273 | 137,024 | |
Starwood Property Trust Inc. | 6,302,957 | 136,837 | |
First American Financial Corp. | 2,629,164 | 135,980 | |
* | Western Alliance Bancorp | 2,393,419 | 135,491 |
Assurant Inc. | 1,303,338 | 134,882 | |
Brixmor Property Group Inc. | 7,655,728 | 133,439 | |
Janus Henderson Group plc | 4,323,882 | 132,873 |
16
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Highwoods Properties Inc. | 2,561,700 | 129,955 | |
Medical Properties Trust Inc. | 9,094,558 | 127,688 | |
* | Howard Hughes Corp. | 961,442 | 127,391 |
New York Community Bancorp Inc. | 11,524,754 | 127,233 | |
Validus Holdings Ltd. | 1,871,270 | 126,498 | |
Hanover Insurance Group Inc. | 1,054,495 | 126,075 | |
Sterling Bancorp | 5,350,281 | 125,732 | |
Rayonier Inc. | 3,215,023 | 124,389 | |
Umpqua Holdings Corp. | 5,469,962 | 123,566 | |
STORE Capital Corp. | 4,454,753 | 122,060 | |
Wintrust Financial Corp. | 1,393,903 | 121,339 | |
RenaissanceRe Holdings Ltd. | 1,000,380 | 120,366 | |
EPR Properties | 1,856,689 | 120,295 | |
* | Brighthouse Financial Inc. | 2,993,527 | 119,951 |
*,^ | Credit Acceptance Corp. | 337,281 | 119,195 |
Associated Banc-Corp | 4,324,012 | 118,046 | |
Popular Inc. | 2,556,425 | 115,576 | |
Prosperity Bancshares Inc. | 1,680,148 | 114,855 | |
* | Texas Capital Bancshares Inc. | 1,245,654 | 113,977 |
Pinnacle Financial Partners Inc. | 1,849,984 | 113,497 | |
Life Storage Inc. | 1,158,559 | 112,739 | |
Hospitality Properties Trust | 3,902,483 | 111,650 | |
* | GCI Liberty Inc. - Class A | 2,472,081 | 111,441 |
Primerica Inc. | 1,106,776 | 110,235 | |
Interactive Brokers Group Inc. | 1,701,863 | 109,617 | |
Axis Capital Holdings Ltd. | 1,969,894 | 109,566 | |
FNB Corp. | 8,111,030 | 108,850 | |
BankUnited Inc. | 2,661,656 | 108,729 | |
Senior Housing Properties Trust | 6,006,836 | 108,664 | |
Gramercy Property Trust | 3,974,871 | 108,593 | |
* | HealthEquity Inc. | 1,391,932 | 104,534 |
First Industrial Realty Trust Inc. | 3,091,981 | 103,087 | |
IBERIABANK Corp. | 1,357,743 | 102,917 | |
Cousins Properties Inc. | 10,386,178 | 100,642 | |
Hancock Whitney Corp. | 2,149,723 | 100,285 | |
Chemical Financial Corp. | 1,797,829 | 100,085 | |
* | MGIC Investment Corp. | 9,281,020 | 99,493 |
FirstCash Inc. | 1,100,484 | 98,878 | |
JBG SMITH Properties | 2,680,727 | 97,766 | |
* | Zillow Group Inc. Class A | 1,633,179 | 97,582 |
Sabra Health Care REIT Inc. | 4,463,096 | 96,983 | |
Assured Guaranty Ltd. | 2,713,823 | 96,965 | |
Apple Hospitality REIT Inc. | 5,394,201 | 96,448 | |
RLJ Lodging Trust | 4,373,034 | 96,425 | |
CoreSite Realty Corp. | 860,644 | 95,377 | |
Ryman Hospitality Properties Inc. | 1,146,980 | 95,371 | |
Valley National Bancorp | 7,827,927 | 95,188 | |
LaSalle Hotel Properties | 2,771,828 | 94,880 | |
MB Financial Inc. | 2,029,485 | 94,777 | |
TCF Financial Corp. | 3,847,634 | 94,729 | |
* | Equity Commonwealth | 3,006,451 | 94,703 |
Weingarten Realty Investors | 3,054,350 | 94,105 | |
Sunstone Hotel Investors Inc. | 5,589,800 | 92,902 | |
United Bankshares Inc. | 2,527,934 | 92,017 | |
Healthcare Realty Trust Inc. | 3,159,290 | 91,872 | |
Home BancShares Inc. | 3,961,828 | 89,379 | |
Bank of Hawaii Corp. | 1,062,407 | 88,626 | |
Radian Group Inc. | 5,385,178 | 87,348 | |
UMB Financial Corp. | 1,144,177 | 87,221 | |
Navient Corp. | 6,663,290 | 86,823 | |
Stifel Financial Corp. | 1,649,914 | 86,208 | |
Spirit Realty Capital Inc. | 10,675,335 | 85,723 | |
* | Green Dot Corp. Class A | 1,167,564 | 85,688 |
Taubman Centers Inc. | 1,452,354 | 85,340 |
17
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Evercore Inc. Class A | 805,697 | 84,961 | |
Uniti Group Inc. | 4,197,430 | 84,075 | |
* | Essent Group Ltd. | 2,332,752 | 83,559 |
Investors Bancorp Inc. | 6,471,063 | 82,765 | |
GEO Group Inc. | 3,005,132 | 82,761 | |
First Financial Bankshares Inc. | 1,616,968 | 82,304 | |
Selective Insurance Group Inc. | 1,472,289 | 80,976 | |
Chimera Investment Corp. | 4,428,383 | 80,951 | |
Cathay General Bancorp | 1,979,125 | 80,135 | |
^ | Blackstone Mortgage Trust Inc. Class A | 2,547,867 | 80,079 |
CNO Financial Group Inc. | 4,199,806 | 79,964 | |
BancorpSouth Bank | 2,425,768 | 79,929 | |
Education Realty Trust Inc. | 1,914,139 | 79,437 | |
EastGroup Properties Inc. | 830,139 | 79,328 | |
Paramount Group Inc. | 5,149,190 | 79,298 | |
Glacier Bancorp Inc. | 2,040,434 | 78,924 | |
* | SLM Corp. | 6,790,500 | 77,751 |
South State Corp. | 896,380 | 77,313 | |
Community Bank System Inc. | 1,305,053 | 77,089 | |
American Equity Investment Life Holding Co. | 2,135,082 | 76,863 | |
Corporate Office Properties Trust | 2,620,345 | 75,964 | |
Columbia Banking System Inc. | 1,848,785 | 75,615 | |
PotlatchDeltic Corp. | 1,486,605 | 75,594 | |
Brandywine Realty Trust | 4,422,802 | 74,657 | |
MFA Financial Inc. | 9,840,739 | 74,593 | |
Colony Capital Inc. | 11,899,550 | 74,253 | |
Realogy Holdings Corp. | 3,238,043 | 73,827 | |
* | AXA Equitable Holdings Inc. | 3,578,423 | 73,751 |
Fulton Financial Corp. | 4,453,040 | 73,475 | |
Legg Mason Inc. | 2,108,609 | 73,232 | |
Kemper Corp. | 963,904 | 72,919 | |
National Health Investors Inc. | 980,873 | 72,271 | |
Erie Indemnity Co. Class A | 614,290 | 72,032 | |
Financial Engines Inc. | 1,597,383 | 71,722 | |
Washington Federal Inc. | 2,191,859 | 71,674 | |
First Financial Bancorp | 2,338,269 | 71,668 | |
Physicians Realty Trust | 4,485,768 | 71,503 | |
BGC Partners Inc. Class A | 6,293,043 | 71,237 | |
CoreCivic Inc. | 2,975,508 | 71,085 | |
Old National Bancorp | 3,810,829 | 70,881 | |
Retail Properties of America Inc. | 5,539,964 | 70,801 | |
Piedmont Office Realty Trust Inc. Class A | 3,527,700 | 70,307 | |
Empire State Realty Trust Inc. | 4,058,649 | 69,403 | |
RLI Corp. | 1,043,289 | 69,055 | |
Kennedy-Wilson Holdings Inc. | 3,246,901 | 68,672 | |
First Midwest Bancorp Inc. | 2,643,534 | 67,331 | |
Columbia Property Trust Inc. | 2,964,023 | 67,313 | |
Outfront Media Inc. | 3,458,267 | 67,263 | |
Two Harbors Investment Corp. | 4,249,390 | 67,140 | |
DDR Corp. | 3,750,439 | 67,133 | |
Pebblebrook Hotel Trust | 1,719,268 | 66,708 | |
STAG Industrial Inc. | 2,443,901 | 66,547 | |
White Mountains Insurance Group Ltd. | 73,112 | 66,284 | |
Xenia Hotels & Resorts Inc. | 2,673,103 | 65,117 | |
* | FCB Financial Holdings Inc. Class A | 1,104,282 | 64,932 |
Rexford Industrial Realty Inc. | 2,047,206 | 64,262 | |
Great Western Bancorp Inc. | 1,512,855 | 63,525 | |
Union Bankshares Corp. | 1,632,190 | 63,460 | |
* | OneMain Holdings Inc. | 1,896,545 | 63,136 |
Simmons First National Corp. Class A | 2,109,290 | 63,068 | |
PS Business Parks Inc. | 489,927 | 62,956 | |
First Citizens BancShares Inc. Class A | 155,726 | 62,804 | |
CVB Financial Corp. | 2,741,943 | 61,474 | |
DiamondRock Hospitality Co. | 4,979,210 | 61,145 |
18
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Urban Edge Properties | 2,657,722 | 60,782 | |
Aspen Insurance Holdings Ltd. | 1,488,090 | 60,565 | |
International Bancshares Corp. | 1,415,045 | 60,564 | |
Washington REIT | 1,977,331 | 59,972 | |
Hope Bancorp Inc. | 3,335,188 | 59,466 | |
CenterState Bank Corp. | 1,990,040 | 59,343 | |
Moelis & Co. Class A | 1,010,511 | 59,266 | |
United Community Banks Inc. | 1,920,170 | 58,892 | |
*,^ | BofI Holding Inc. | 1,414,482 | 57,866 |
Acadia Realty Trust | 2,110,045 | 57,752 | |
Tanger Factory Outlet Centers Inc. | 2,404,056 | 56,471 | |
BOK Financial Corp. | 598,416 | 56,257 | |
First Merchants Corp. | 1,211,107 | 56,195 | |
Apollo Commercial Real Estate Finance Inc. | 3,070,281 | 56,125 | |
* | Genworth Financial Inc. Class A | 12,390,369 | 55,757 |
Trustmark Corp. | 1,682,297 | 54,893 | |
Retail Opportunity Investments Corp. | 2,803,871 | 53,722 | |
Renasant Corp. | 1,178,971 | 53,667 | |
Independent Bank Corp. | 679,174 | 53,247 | |
Federated Investors Inc. Class B | 2,273,345 | 53,014 | |
Ameris Bancorp | 978,666 | 52,212 | |
Santander Consumer USA Holdings Inc. | 2,727,965 | 52,077 | |
* | Eagle Bancorp Inc. | 845,239 | 51,813 |
Towne Bank | 1,606,304 | 51,562 | |
* | Quality Care Properties Inc. | 2,343,721 | 50,413 |
Terreno Realty Corp. | 1,330,508 | 50,120 | |
QTS Realty Trust Inc. Class A | 1,266,061 | 50,009 | |
* | Enstar Group Ltd. | 241,160 | 49,992 |
Banner Corp. | 823,239 | 49,501 | |
First Hawaiian Inc. | 1,702,729 | 49,413 | |
WesBanco Inc. | 1,068,569 | 48,128 | |
Lexington Realty Trust | 5,509,286 | 48,096 | |
Chesapeake Lodging Trust | 1,516,705 | 47,989 | |
Argo Group International Holdings Ltd. | 813,427 | 47,301 | |
ProAssurance Corp. | 1,333,431 | 47,270 | |
ServisFirst Bancshares Inc. | 1,118,627 | 46,680 | |
LegacyTexas Financial Group Inc. | 1,164,451 | 45,437 | |
Horace Mann Educators Corp. | 1,005,738 | 44,856 | |
LTC Properties Inc. | 1,010,311 | 43,181 | |
Invesco Mortgage Capital Inc. | 2,694,341 | 42,840 | |
Heartland Financial USA Inc. | 775,587 | 42,541 | |
Mack-Cali Realty Corp. | 2,089,824 | 42,382 | |
^ | Colony Credit Real Estate Inc. | 2,030,486 | 42,092 |
Houlihan Lokey Inc. Class A | 815,270 | 41,758 | |
* | PRA Group Inc. | 1,082,931 | 41,747 |
Virtu Financial Inc. Class A | 1,563,746 | 41,517 | |
* | Pacific Premier Bancorp Inc. | 1,085,391 | 41,408 |
WSFS Financial Corp. | 774,499 | 41,281 | |
* | First BanCorp | 5,390,117 | 41,234 |
Capitol Federal Financial Inc. | 3,094,544 | 40,724 | |
Provident Financial Services Inc. | 1,466,142 | 40,363 | |
Northwest Bancshares Inc. | 2,319,841 | 40,342 | |
* | HRG Group Inc. | 3,080,754 | 40,327 |
Hilltop Holdings Inc. | 1,826,922 | 40,320 | |
*,^ | LendingTree Inc. | 187,057 | 39,993 |
Government Properties Income Trust | 2,514,613 | 39,857 | |
Alexander & Baldwin Inc. | 1,693,478 | 39,797 | |
NBT Bancorp Inc. | 1,034,389 | 39,462 | |
National General Holdings Corp. | 1,481,019 | 38,995 | |
Berkshire Hills Bancorp Inc. | 948,706 | 38,517 | |
Walker & Dunlop Inc. | 691,428 | 38,478 | |
First Commonwealth Financial Corp. | 2,480,295 | 38,469 | |
Agree Realty Corp. | 723,114 | 38,159 | |
National Storage Affiliates Trust | 1,235,209 | 38,069 |
19
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Washington Prime Group Inc. | 4,682,962 | 37,979 | |
Four Corners Property Trust Inc. | 1,536,294 | 37,839 | |
Summit Hotel Properties Inc. | 2,629,928 | 37,634 | |
American Assets Trust Inc. | 981,419 | 37,579 | |
Westamerica Bancorporation | 660,247 | 37,311 | |
Park National Corp. | 329,877 | 36,755 | |
AmTrust Financial Services Inc. | 2,517,096 | 36,674 | |
Artisan Partners Asset Management Inc. Class A | 1,214,345 | 36,613 | |
Infinity Property & Casualty Corp. | 256,039 | 36,447 | |
S&T Bancorp Inc. | 830,551 | 35,913 | |
Waddell & Reed Financial Inc. Class A | 1,986,568 | 35,699 | |
* | LendingClub Corp. | 9,378,233 | 35,544 |
Select Income REIT | 1,577,814 | 35,453 | |
Navigators Group Inc. | 615,738 | 35,097 | |
Kite Realty Group Trust | 2,049,785 | 35,010 | |
* | Seacoast Banking Corp. of Florida | 1,103,647 | 34,853 |
First Busey Corp. | 1,069,889 | 33,937 | |
Global Net Lease Inc. | 1,651,251 | 33,735 | |
Brookline Bancorp Inc. | 1,808,677 | 33,641 | |
Ladder Capital Corp. Class A | 2,153,603 | 33,639 | |
^ | Seritage Growth Properties Class A | 785,113 | 33,312 |
Sandy Spring Bancorp Inc. | 807,677 | 33,123 | |
Cadence BanCorp Class A | 1,143,554 | 33,014 | |
CareTrust REIT Inc. | 1,919,154 | 32,031 | |
First Interstate BancSystem Inc. Class A | 757,145 | 31,952 | |
Mercury General Corp. | 700,107 | 31,897 | |
Monmouth Real Estate Investment Corp. | 1,923,345 | 31,793 | |
* | Cannae Holdings Inc. | 1,712,018 | 31,758 |
HFF Inc. Class A | 921,820 | 31,665 | |
Kearny Financial Corp. | 2,348,455 | 31,587 | |
Boston Private Financial Holdings Inc. | 1,984,912 | 31,560 | |
Redwood Trust Inc. | 1,904,433 | 31,366 | |
*,^ | Redfin Corp. | 1,348,788 | 31,144 |
Employers Holdings Inc. | 773,659 | 31,101 | |
Tompkins Financial Corp. | 359,901 | 30,908 | |
State Bank Financial Corp. | 916,841 | 30,622 | |
Safety Insurance Group Inc. | 352,362 | 30,092 | |
First Bancorp | 732,427 | 29,964 | |
Independent Bank Group Inc. | 445,231 | 29,741 | |
Heritage Financial Corp. | 840,946 | 29,307 | |
* | FGL Holdings | 3,488,865 | 29,272 |
OceanFirst Financial Corp. | 975,843 | 29,236 | |
WisdomTree Investments Inc. | 3,198,134 | 29,039 | |
Enterprise Financial Services Corp. | 535,966 | 28,915 | |
Americold Realty Trust | 1,307,144 | 28,783 | |
* | Third Point Reinsurance Ltd. | 2,292,070 | 28,651 |
Lakeland Financial Corp. | 593,716 | 28,611 | |
PennyMac Mortgage Investment Trust | 1,501,011 | 28,504 | |
CYS Investments Inc. | 3,795,565 | 28,467 | |
Easterly Government Properties Inc. | 1,419,026 | 28,040 | |
City Holding Co. | 370,714 | 27,889 | |
Tier REIT Inc. | 1,172,293 | 27,877 | |
James River Group Holdings Ltd. | 705,424 | 27,716 | |
* | Enova International Inc. | 757,119 | 27,673 |
Piper Jaffray Cos. | 358,550 | 27,555 | |
AMERISAFE Inc. | 474,750 | 27,417 | |
Beneficial Bancorp Inc. | 1,690,627 | 27,388 | |
National Bank Holdings Corp. Class A | 704,962 | 27,204 | |
Universal Insurance Holdings Inc. | 768,812 | 26,985 | |
United Fire Group Inc. | 491,103 | 26,770 | |
NRG Yield Inc. | 1,548,822 | 26,640 | |
* | CorePoint Lodging Inc. | 1,021,322 | 26,452 |
Kinsale Capital Group Inc. | 475,645 | 26,094 | |
PJT Partners Inc. | 481,392 | 25,702 |
20
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Ramco-Gershenson Properties Trust | 1,938,387 | 25,606 | |
BancFirst Corp. | 431,681 | 25,556 | |
American National Insurance Co. | 211,629 | 25,309 | |
* | NMI Holdings Inc. Class A | 1,522,820 | 24,822 |
* | Flagstar Bancorp Inc. | 718,389 | 24,612 |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,228,553 | 24,264 | |
Stewart Information Services Corp. | 553,410 | 23,835 | |
Chatham Lodging Trust | 1,116,082 | 23,683 | |
TFS Financial Corp. | 1,489,544 | 23,490 | |
Southside Bancshares Inc. | 697,171 | 23,481 | |
* | Triumph Bancorp Inc. | 568,593 | 23,170 |
Carolina Financial Corp. | 535,060 | 22,965 | |
ARMOUR Residential REIT Inc. | 1,002,775 | 22,873 | |
Meridian Bancorp Inc. | 1,194,177 | 22,868 | |
RE/MAX Holdings Inc. Class A | 435,079 | 22,820 | |
TPG RE Finance Trust Inc. | 1,117,067 | 22,699 | |
^ | CBL & Associates Properties Inc. | 4,064,306 | 22,638 |
Lakeland Bancorp Inc. | 1,134,312 | 22,516 | |
* | Encore Capital Group Inc. | 615,186 | 22,516 |
Getty Realty Corp. | 781,820 | 22,024 | |
Meta Financial Group Inc. | 226,047 | 22,017 | |
Virtus Investment Partners Inc. | 170,196 | 21,777 | |
United Financial Bancorp Inc. | 1,242,137 | 21,762 | |
Bryn Mawr Bank Corp. | 469,815 | 21,752 | |
Cohen & Steers Inc. | 517,254 | 21,575 | |
Independence Realty Trust Inc. | 2,092,193 | 21,571 | |
InfraREIT Inc. | 969,491 | 21,494 | |
Franklin Street Properties Corp. | 2,508,950 | 21,477 | |
Hanmi Financial Corp. | 755,619 | 21,422 | |
MTGE Investment Corp. | 1,092,864 | 21,420 | |
Banc of California Inc. | 1,087,178 | 21,254 | |
Capstead Mortgage Corp. | 2,341,345 | 20,955 | |
CoBiz Financial Inc. | 952,529 | 20,460 | |
Central Pacific Financial Corp. | 709,564 | 20,329 | |
Hersha Hospitality Trust Class A | 947,332 | 20,320 | |
Washington Trust Bancorp Inc. | 348,159 | 20,228 | |
TrustCo Bank Corp. NY | 2,270,599 | 20,208 | |
Preferred Bank | 327,312 | 20,117 | |
*,^ | MBIA Inc. | 2,224,904 | 20,113 |
Alexander's Inc. | 51,613 | 19,749 | |
Universal Health Realty Income Trust | 306,028 | 19,580 | |
* | Customers Bancorp Inc. | 686,781 | 19,491 |
FBL Financial Group Inc. Class A | 246,525 | 19,414 | |
Nelnet Inc. Class A | 331,621 | 19,370 | |
Stock Yards Bancorp Inc. | 505,568 | 19,287 | |
* | Marcus & Millichap Inc. | 494,140 | 19,276 |
^ | Pennsylvania REIT | 1,737,502 | 19,095 |
Live Oak Bancshares Inc. | 615,251 | 18,857 | |
* | INTL. FCStone Inc. | 364,133 | 18,829 |
TriCo Bancshares | 502,350 | 18,813 | |
ConnectOne Bancorp Inc. | 750,272 | 18,682 | |
Univest Corp. of Pennsylvania | 678,201 | 18,651 | |
Ashford Hospitality Trust Inc. | 2,287,402 | 18,528 | |
Community Trust Bancorp Inc. | 369,197 | 18,441 | |
Horizon Bancorp Inc. | 878,868 | 18,184 | |
Granite Point Mortgage Trust Inc. | 985,922 | 18,092 | |
German American Bancorp Inc. | 486,454 | 17,439 | |
*,^ | Columbia Financial Inc. | 1,040,798 | 17,225 |
* | iStar Inc. | 1,586,435 | 17,118 |
* | St. Joe Co. | 951,683 | 17,083 |
Northfield Bancorp Inc. | 1,024,920 | 17,034 | |
Flushing Financial Corp. | 651,499 | 17,004 | |
Urstadt Biddle Properties Inc. Class A | 747,443 | 16,915 | |
Guaranty Bancorp | 566,362 | 16,878 |
21
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | HomeStreet Inc. | 622,945 | 16,788 |
National Western Life Group Inc. Class A | 54,481 | 16,740 | |
Camden National Corp. | 364,522 | 16,662 | |
Federal Agricultural Mortgage Corp. | 186,034 | 16,646 | |
Investors Real Estate Trust | 2,998,297 | 16,581 | |
* | Veritex Holdings Inc. | 529,110 | 16,439 |
Hamilton Lane Inc. Class A | 339,478 | 16,285 | |
* | Liberty Broadband Corp. Class A | 215,057 | 16,267 |
* | TriState Capital Holdings Inc. | 621,557 | 16,223 |
* | National Commerce Corp. | 347,785 | 16,102 |
Armada Hoffler Properties Inc. | 1,075,888 | 16,031 | |
Saul Centers Inc. | 298,496 | 15,993 | |
Investment Technology Group Inc. | 763,179 | 15,966 | |
NRG Yield Inc. Class A | 935,536 | 15,951 | |
^ | New York Mortgage Trust Inc. | 2,647,501 | 15,911 |
Heritage Commerce Corp. | 929,159 | 15,786 | |
Opus Bank | 546,664 | 15,689 | |
Oritani Financial Corp. | 967,813 | 15,679 | |
Bridge Bancorp Inc. | 432,039 | 15,532 | |
FB Financial Corp. | 381,349 | 15,529 | |
Preferred Apartment Communities Inc. Class A | 908,244 | 15,431 | |
Great Southern Bancorp Inc. | 269,507 | 15,416 | |
Diamond Hill Investment Group Inc. | 79,281 | 15,415 | |
Peoples Bancorp Inc. | 407,967 | 15,413 | |
OFG Bancorp | 1,095,424 | 15,391 | |
QCR Holdings Inc. | 323,073 | 15,330 | |
New Senior Investment Group Inc. | 2,003,022 | 15,163 | |
CatchMark Timber Trust Inc. Class A | 1,189,815 | 15,146 | |
Midland States Bancorp Inc. | 430,380 | 14,745 | |
* | First Foundation Inc. | 790,362 | 14,653 |
First Defiance Financial Corp. | 218,232 | 14,635 | |
^ | Arbor Realty Trust Inc. | 1,367,484 | 14,263 |
Dime Community Bancshares Inc. | 729,192 | 14,219 | |
Greenhill & Co. Inc. | 499,266 | 14,179 | |
*,^ | Willscot Corp. | 957,292 | 14,168 |
Mercantile Bank Corp. | 373,918 | 13,820 | |
* | EZCORP Inc. Class A | 1,146,834 | 13,819 |
Fidelity Southern Corp. | 539,264 | 13,703 | |
* | Southern First Bancshares Inc. | 307,858 | 13,607 |
Maiden Holdings Ltd. | 1,752,900 | 13,585 | |
BBX Capital Corp. Class A | 1,488,088 | 13,437 | |
Peapack Gladstone Financial Corp. | 383,559 | 13,267 | |
First of Long Island Corp. | 531,922 | 13,218 | |
* | Nationstar Mortgage Holdings Inc. | 751,416 | 13,172 |
RMR Group Inc. Class A | 167,646 | 13,152 | |
Community Healthcare Trust Inc. | 439,684 | 13,133 | |
People's Utah Bancorp | 367,270 | 13,112 | |
Gladstone Commercial Corp. | 672,675 | 12,929 | |
* | Equity Bancshares Inc. Class A | 311,573 | 12,924 |
* | Bancorp Inc. | 1,228,838 | 12,854 |
Independent Bank Corp. | 502,500 | 12,814 | |
Green Bancorp Inc. | 590,373 | 12,752 | |
Blue Hills Bancorp Inc. | 572,265 | 12,704 | |
AG Mortgage Investment Trust Inc. | 674,552 | 12,675 | |
* | World Acceptance Corp. | 111,379 | 12,364 |
Bank of Marin Bancorp | 152,238 | 12,308 | |
United Community Financial Corp. | 1,112,769 | 12,229 | |
Cedar Realty Trust Inc. | 2,572,788 | 12,144 | |
* | Allegiance Bancshares Inc. | 276,799 | 11,999 |
NexPoint Residential Trust Inc. | 420,244 | 11,956 | |
Anworth Mortgage Asset Corp. | 2,402,741 | 11,942 | |
UMH Properties Inc. | 773,782 | 11,878 | |
State Auto Financial Corp. | 396,273 | 11,853 | |
First Financial Corp. | 259,136 | 11,752 |
22
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
First Community Bancshares Inc. | 363,323 | 11,575 | |
* | Spirit MTA REIT | 1,116,868 | 11,504 |
^ | Orchid Island Capital Inc. | 1,526,518 | 11,479 |
Front Yard Residential Corp. | 1,101,414 | 11,477 | |
KKR Real Estate Finance Trust Inc. | 578,229 | 11,437 | |
* | Franklin Financial Network Inc. | 302,096 | 11,359 |
* | HomeTrust Bancshares Inc. | 401,667 | 11,307 |
Old Line Bancshares Inc. | 323,646 | 11,298 | |
Financial Institutions Inc. | 343,385 | 11,297 | |
Merchants Bancorp | 395,462 | 11,283 | |
Westwood Holdings Group Inc. | 189,492 | 11,282 | |
United Insurance Holdings Corp. | 576,117 | 11,280 | |
* | eHealth Inc. | 506,742 | 11,199 |
Industrial Logistics Properties Trust | 499,560 | 11,165 | |
CorEnergy Infrastructure Trust Inc. | 293,933 | 11,052 | |
* | Atlantic Capital Bancshares Inc. | 559,134 | 10,987 |
* | FRP Holdings Inc. | 169,293 | 10,962 |
Whitestone REIT | 872,349 | 10,887 | |
Arrow Financial Corp. | 296,430 | 10,790 | |
* | Ocwen Financial Corp. | 2,722,753 | 10,782 |
Dynex Capital Inc. | 1,645,699 | 10,746 | |
* | Safeguard Scientifics Inc. | 823,501 | 10,541 |
Braemar Hotels & Resorts Inc. | 922,903 | 10,540 | |
Waterstone Financial Inc. | 617,183 | 10,523 | |
First Connecticut Bancorp Inc. | 343,731 | 10,518 | |
* | Nicolet Bankshares Inc. | 190,648 | 10,507 |
First Mid-Illinois Bancshares Inc. | 265,641 | 10,440 | |
Bar Harbor Bankshares | 343,023 | 10,390 | |
City Office REIT Inc. | 806,299 | 10,345 | |
Western Asset Mortgage Capital Corp. | 991,945 | 10,336 | |
CNB Financial Corp. | 342,777 | 10,304 | |
* | Greenlight Capital Re Ltd. Class A | 723,849 | 10,279 |
* | Tejon Ranch Co. | 422,457 | 10,266 |
New York REIT Inc. | 557,026 | 10,160 | |
First Internet Bancorp | 296,245 | 10,102 | |
Old Second Bancorp Inc. | 699,050 | 10,066 | |
* | PennyMac Financial Services Inc. Class A | 509,128 | 10,004 |
Exantas Capital Corp. | 978,923 | 9,965 | |
MedEquities Realty Trust Inc. | 896,582 | 9,880 | |
Charter Financial Corp. | 408,555 | 9,867 | |
HCI Group Inc. | 237,168 | 9,859 | |
One Liberty Properties Inc. | 370,942 | 9,797 | |
Ares Commercial Real Estate Corp. | 702,402 | 9,700 | |
Cherry Hill Mortgage Investment Corp. | 538,290 | 9,614 | |
First Bancshares Inc. | 265,725 | 9,553 | |
Farmers National Banc Corp. | 591,427 | 9,433 | |
*,^ | Republic First Bancorp Inc. | 1,198,992 | 9,412 |
* | On Deck Capital Inc. | 1,344,153 | 9,409 |
Access National Corp. | 327,004 | 9,352 | |
Republic Bancorp Inc. Class A | 205,592 | 9,313 | |
Farmers Capital Bank Corp. | 178,750 | 9,313 | |
Jernigan Capital Inc. | 487,228 | 9,287 | |
1st Source Corp. | 172,849 | 9,235 | |
^ | Cambridge Bancorp | 106,626 | 9,227 |
* | Ambac Financial Group Inc. | 461,022 | 9,151 |
* | BSB Bancorp Inc. | 265,633 | 9,138 |
^ | Heritage Insurance Holdings Inc. | 546,865 | 9,116 |
Western New England Bancorp Inc. | 826,922 | 9,096 | |
^ | Arlington Asset Investment Corp. Class A | 878,439 | 9,057 |
MidWestOne Financial Group Inc. | 267,608 | 9,040 | |
Oppenheimer Holdings Inc. Class A | 321,101 | 8,991 | |
PCSB Financial Corp. | 448,173 | 8,905 | |
*,^ | Cowen Inc. Class A | 633,785 | 8,778 |
BankFinancial Corp. | 485,224 | 8,564 |
23
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Health Insurance Innovations Inc. Class A | 264,035 | 8,542 |
Global Indemnity Ltd. | 218,560 | 8,519 | |
Home Bancorp Inc. | 177,914 | 8,282 | |
Ladenburg Thalmann Financial Services Inc. | 2,430,270 | 8,263 | |
Consolidated-Tomoka Land Co. | 133,771 | 8,228 | |
Sierra Bancorp | 290,674 | 8,209 | |
RBB Bancorp | 255,166 | 8,196 | |
West Bancorporation Inc. | 324,396 | 8,159 | |
Newmark Group Inc. Class A | 573,179 | 8,156 | |
* | Regional Management Corp. | 232,139 | 8,130 |
^ | CBTX Inc. | 245,941 | 8,128 |
^ | Farmers & Merchants Bancorp Inc. | 201,135 | 8,116 |
SB One Bancorp | 272,756 | 8,101 | |
American National Bankshares Inc. | 199,921 | 7,997 | |
Territorial Bancorp Inc. | 254,485 | 7,889 | |
*,^ | Baycom Corp. | 315,434 | 7,807 |
^ | Farmland Partners Inc. | 883,123 | 7,771 |
* | SmartFinancial Inc. | 300,275 | 7,735 |
*,^ | Citizens Inc. Class A | 991,892 | 7,727 |
* | Byline Bancorp Inc. | 345,801 | 7,725 |
Enterprise Bancorp Inc. | 190,131 | 7,687 | |
* | FedNat Holding Co. | 331,895 | 7,657 |
Southern National Bancorp of Virginia Inc. | 428,883 | 7,651 | |
* | Howard Bancorp Inc. | 420,337 | 7,566 |
*,^ | WMIH Corp. | 5,599,104 | 7,503 |
Peoples Financial Services Corp. | 157,152 | 7,389 | |
Hingham Institution for Savings | 33,478 | 7,355 | |
Sutherland Asset Management Corp. | 450,108 | 7,314 | |
Civista Bancshares Inc. | 299,327 | 7,256 | |
Northrim BanCorp Inc. | 183,224 | 7,247 | |
National Bankshares Inc. | 153,792 | 7,136 | |
* | Curo Group Holdings Corp. | 284,100 | 7,088 |
Baldwin & Lyons Inc. | 286,935 | 7,001 | |
Marlin Business Services Corp. | 233,360 | 6,966 | |
PICO Holdings Inc. | 594,034 | 6,920 | |
*,^ | Altisource Portfolio Solutions SA | 236,564 | 6,901 |
Macatawa Bank Corp. | 567,501 | 6,889 | |
Southern Missouri Bancorp Inc. | 173,081 | 6,754 | |
*,^ | Business First Bancshares Inc. | 254,751 | 6,713 |
* | HarborOne Bancorp Inc. | 354,148 | 6,708 |
Reliant Bancorp Inc. | 235,644 | 6,610 | |
Citizens & Northern Corp. | 255,270 | 6,601 | |
First Bancorp Inc. | 233,525 | 6,590 | |
Shore Bancshares Inc. | 341,092 | 6,488 | |
EMC Insurance Group Inc. | 231,249 | 6,424 | |
Summit Financial Group Inc. | 239,178 | 6,420 | |
Ames National Corp. | 206,152 | 6,360 | |
Timberland Bancorp Inc. | 166,648 | 6,223 | |
Capital City Bank Group Inc. | 261,465 | 6,178 | |
Bluerock Residential Growth REIT Inc. Class A | 688,027 | 6,137 | |
Guaranty Bancshares Inc. | 184,851 | 6,089 | |
^ | Innovative Industrial Properties Inc. | 165,888 | 6,075 |
Great Ajax Corp. | 459,318 | 6,008 | |
First Bank | 431,733 | 6,001 | |
FNB Bancorp | 162,194 | 5,948 | |
Codorus Valley Bancorp Inc. | 192,162 | 5,896 | |
* | Metropolitan Bank Holding Corp. | 112,308 | 5,894 |
*,^ | First Choice Bancorp | 191,826 | 5,862 |
MutualFirst Financial Inc. | 153,532 | 5,796 | |
^ | GAIN Capital Holdings Inc. | 763,888 | 5,767 |
Bankwell Financial Group Inc. | 173,599 | 5,581 | |
Orrstown Financial Services Inc. | 214,135 | 5,568 | |
FS Bancorp Inc. | 87,529 | 5,536 | |
Central Valley Community Bancorp | 260,043 | 5,503 |
24
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Goosehead Insurance Inc. Class A | 217,810 | 5,437 |
Investar Holding Corp. | 195,961 | 5,418 | |
* | MoneyGram International Inc. | 803,591 | 5,376 |
Investors Title Co. | 29,098 | 5,373 | |
Bank of Commerce Holdings | 421,001 | 5,368 | |
First Business Financial Services Inc. | 205,792 | 5,351 | |
Century Bancorp Inc. Class A | 69,532 | 5,312 | |
*,^ | Forestar Group Inc. | 250,927 | 5,207 |
* | AV Homes Inc. | 240,257 | 5,142 |
CB Financial Services Inc. | 148,005 | 5,091 | |
BCB Bancorp Inc. | 338,703 | 5,081 | |
Penns Woods Bancorp Inc. | 112,508 | 5,038 | |
MidSouth Bancorp Inc. | 376,607 | 4,990 | |
Safety Income & Growth Inc. | 260,049 | 4,933 | |
C&F Financial Corp. | 78,800 | 4,929 | |
Evans Bancorp Inc. | 106,388 | 4,904 | |
* | Bank of Princeton | 145,868 | 4,850 |
* | Stratus Properties Inc. | 157,698 | 4,818 |
* | First Northwest Bancorp | 300,525 | 4,799 |
MBT Financial Corp. | 446,897 | 4,759 | |
* | Elevate Credit Inc. | 560,849 | 4,745 |
Tiptree Inc. | 687,552 | 4,675 | |
Global Medical REIT Inc. | 525,888 | 4,659 | |
Sterling Bancorp Inc. | 343,208 | 4,585 | |
Ellington Residential Mortgage REIT | 420,285 | 4,581 | |
ACNB Corp. | 134,025 | 4,564 | |
Gladstone Land Corp. | 359,037 | 4,549 | |
Northeast Bancorp | 208,478 | 4,545 | |
Unity Bancorp Inc. | 199,004 | 4,527 | |
Kingstone Cos. Inc. | 267,878 | 4,527 | |
Reis Inc. | 205,363 | 4,477 | |
Riverview Bancorp Inc. | 530,161 | 4,475 | |
* | NI Holdings Inc. | 263,923 | 4,473 |
SI Financial Group Inc. | 293,277 | 4,326 | |
Chemung Financial Corp. | 86,278 | 4,323 | |
Community Financial Corp. | 121,775 | 4,306 | |
LCNB Corp. | 218,549 | 4,305 | |
* | Community Bankers Trust Corp. | 475,134 | 4,252 |
Parke Bancorp Inc. | 178,967 | 4,233 | |
* | Entegra Financial Corp. | 144,122 | 4,223 |
^ | Owens Realty Mortgage Inc. | 253,142 | 4,222 |
* | Trinity Place Holdings Inc. | 627,012 | 4,107 |
Independence Holding Co. | 122,798 | 4,083 | |
Premier Financial Bancorp Inc. | 218,661 | 4,082 | |
Norwood Financial Corp. | 112,131 | 4,039 | |
ESSA Bancorp Inc. | 254,680 | 4,032 | |
* | Pacific Mercantile Bancorp | 411,516 | 4,012 |
First Community Corp. | 154,655 | 3,882 | |
First Financial Northwest Inc. | 195,218 | 3,811 | |
GAMCO Investors Inc. Class A | 141,614 | 3,790 | |
Mackinac Financial Corp. | 228,302 | 3,785 | |
Pzena Investment Management Inc. Class A | 403,565 | 3,717 | |
Ohio Valley Banc Corp. | 70,113 | 3,677 | |
MVB Financial Corp. | 203,353 | 3,671 | |
* | Hallmark Financial Services Inc. | 364,291 | 3,636 |
Prudential Bancorp Inc. | 183,429 | 3,540 | |
County Bancorp Inc. | 126,977 | 3,492 | |
Middlefield Banc Corp. | 68,285 | 3,462 | |
Donegal Group Inc. Class A | 253,996 | 3,457 | |
Peoples Bancorp of North Carolina Inc. | 107,804 | 3,453 | |
Federal Agricultural Mortgage Corp. Class A | 41,769 | 3,409 | |
*,^ | Select Bancorp Inc. | 251,901 | 3,393 |
* | Malvern Bancorp Inc. | 137,427 | 3,346 |
Silvercrest Asset Management Group Inc. Class A | 204,501 | 3,333 |
25
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Union Bankshares Inc. | 63,618 | 3,302 |
Griffin Industrial Realty Inc. | 74,670 | 3,285 | |
* | Esquire Financial Holdings Inc. | 123,271 | 3,253 |
First Guaranty Bancshares Inc. | 123,775 | 3,221 | |
1st Constitution Bancorp | 140,122 | 3,209 | |
United Security Bancshares | 286,264 | 3,206 | |
* | Atlas Financial Holdings Inc. | 362,441 | 3,171 |
Provident Financial Holdings Inc. | 160,738 | 3,067 | |
Clipper Realty Inc. | 357,527 | 3,053 | |
* | Victory Capital Holdings Inc. Class A | 287,000 | 3,036 |
First United Corp. | 143,415 | 2,933 | |
* | Coastway Bancorp Inc. | 104,366 | 2,891 |
^ | Greene County Bancorp Inc. | 84,105 | 2,851 |
Associated Capital Group Inc. Class A | 74,243 | 2,818 | |
* | Provident Bancorp Inc. | 105,836 | 2,773 |
SB Financial Group Inc. | 136,390 | 2,771 | |
Sotherly Hotels Inc. | 392,483 | 2,740 | |
Two River Bancorp | 139,722 | 2,673 | |
MSB Financial Corp. | 121,527 | 2,613 | |
Old Point Financial Corp. | 90,388 | 2,609 | |
* | Capstar Financial Holdings Inc. | 138,876 | 2,573 |
*,^ | Impac Mortgage Holdings Inc. | 261,677 | 2,494 |
DNB Financial Corp. | 70,032 | 2,455 | |
Plumas Bancorp | 85,240 | 2,404 | |
^ | Hunt Cos. Finance Trust Inc. | 676,213 | 2,306 |
* | Essential Properties Realty Trust Inc. | 169,200 | 2,291 |
* | Randolph Bancorp Inc. | 134,594 | 2,261 |
United Community Bancorp | 82,959 | 2,256 | |
* | Rafael Holdings Inc. Class B | 245,207 | 2,253 |
^ | First Savings Financial Group Inc. | 29,086 | 2,138 |
*,^ | PDL Community Bancorp | 134,993 | 2,121 |
American River Bankshares | 130,024 | 2,061 | |
* | Maui Land & Pineapple Co. Inc. | 181,832 | 2,037 |
* | Consumer Portfolio Services Inc. | 491,566 | 2,001 |
* | Ashford Inc. | 30,806 | 1,996 |
Summit State Bank | 126,542 | 1,955 | |
* | Aspen Group Inc. | 256,748 | 1,918 |
Blue Capital Reinsurance Holdings Ltd. | 161,959 | 1,790 | |
*,^ | Riot Blockchain Inc. | 277,836 | 1,761 |
BRT Apartments Corp. | 136,124 | 1,736 | |
*,^ | Transcontinental Realty Investors Inc. | 51,342 | 1,717 |
AmeriServ Financial Inc. | 413,195 | 1,694 | |
Luther Burbank Corp. | 142,534 | 1,640 | |
* | Performant Financial Corp. | 702,380 | 1,510 |
PB Bancorp Inc. | 130,685 | 1,483 | |
Global Self Storage Inc. | 353,584 | 1,467 | |
Eagle Bancorp Montana Inc. | 70,782 | 1,366 | |
Condor Hospitality Trust Inc. | 129,639 | 1,348 | |
* | Anchor Bancorp Inc. | 51,344 | 1,348 |
Hennessy Advisors Inc. | 74,969 | 1,301 | |
Manhattan Bridge Capital Inc. | 172,279 | 1,301 | |
* | Jason Industries Inc. | 559,958 | 1,299 |
Sound Financial Bancorp Inc. | 32,075 | 1,249 | |
* | Spirit of Texas Bancshares Inc. | 59,688 | 1,230 |
Citizens Community Bancorp Inc. | 85,675 | 1,212 | |
First US Bancshares Inc. | 102,757 | 1,197 | |
Manning & Napier Inc. | 385,373 | 1,195 | |
Severn Bancorp Inc. | 137,109 | 1,186 | |
United Bancorp Inc. | 87,666 | 1,183 | |
Urstadt Biddle Properties Inc. | 64,362 | 1,176 | |
* | Nicholas Financial Inc. | 124,786 | 1,148 |
Elmira Savings Bank | 51,975 | 1,065 | |
*,^ | ITUS Corp. | 347,601 | 1,053 |
*,^ | Tremont Mortgage Trust | 76,963 | 1,012 |
26
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Altisource Asset Management Corp. | 13,783 | 961 |
*,^ | OP Bancorp | 65,367 | 831 |
* | Security National Financial Corp. Class A | 159,180 | 828 |
2 | Winthrop Realty Trust | 562,609 | 815 |
Bank of South Carolina Corp. | 39,296 | 813 | |
^ | Wheeler REIT Inc. | 199,544 | 806 |
* | Limestone Bancorp Inc. | 52,082 | 794 |
Pathfinder Bancorp Inc. | 48,152 | 769 | |
* | Meridian Bank | 42,029 | 765 |
^ | Sachem Capital Corp. | 174,987 | 717 |
*,^ | Intersections Inc. | 341,144 | 693 |
* | Conifer Holdings Inc. | 103,597 | 653 |
* | 1347 Property Insurance Holdings Inc. | 91,546 | 650 |
Citizens First Corp. | 23,929 | 635 | |
* | FFBW Inc. | 55,772 | 619 |
Bancorp 34 Inc. | 37,486 | 584 | |
Medley Management Inc. Class A | 163,603 | 581 | |
* | Bridgewater Bancshares Inc. | 39,859 | 507 |
Bank of the James Financial Group Inc. | 30,484 | 505 | |
IF Bancorp Inc. | 20,453 | 499 | |
^ | US Global Investors Inc. Class A | 289,331 | 466 |
* | Central Federal Corp. | 191,317 | 459 |
* | Community First Bancshares Inc. | 38,486 | 428 |
Ottawa Bancorp Inc. | 27,075 | 379 | |
^ | HV Bancorp Inc. | 25,024 | 375 |
* | Eagle Financial Bancorp Inc. | 19,339 | 317 |
* | National Holdings Corp. | 94,636 | 311 |
* | JW Mays Inc. | 4,614 | 196 |
WVS Financial Corp. | 11,313 | 187 | |
* | Income Opportunity Realty Investors Inc. | 12,550 | 165 |
* | ICC Holdings Inc. | 8,902 | 142 |
Southwest Georgia Financial Corp. | 6,256 | 142 | |
*,^ | RMG Networks Holding Corp. | 102,173 | 125 |
*,^ | Ditech Holding Corp. | 23,292 | 122 |
Oxbridge Re Holdings Ltd. | 67,076 | 117 | |
Asta Funding Inc. | 22,841 | 79 | |
Level One Bancorp Inc. | 2,832 | 77 | |
* | National Holdings Corp. Warrants Exp. 01/18/2022 | 92,151 | 69 |
* | FSB Bancorp Inc. | 2,939 | 52 |
^ | CPI Card Group Inc. | 16,009 | 32 |
Bancorp of New Jersey Inc. | 986 | 17 | |
Cohen & Co. Inc. | 1,074 | 11 | |
Glen Burnie Bancorp | 857 | 9 | |
* | GWG Holdings Inc. | 300 | 2 |
*,^,2 | Ditech Holding Corp Warrants Exp 01/31/2028 | 43,103 | — |
*,^,2 | Ditech Holding Corp Series B Warrants Exp. 01/31/2028 | 34,201 | — |
138,838,331 | |||
Health Care (12.7%) | |||
Johnson & Johnson | 67,144,991 | 8,147,373 | |
UnitedHealth Group Inc. | 24,054,849 | 5,901,617 | |
Pfizer Inc. | 146,436,519 | 5,312,717 | |
Merck & Co. Inc. | 67,347,667 | 4,088,003 | |
AbbVie Inc. | 37,934,567 | 3,514,638 | |
Amgen Inc. | 16,564,922 | 3,057,719 | |
Medtronic plc | 33,922,297 | 2,904,088 | |
Abbott Laboratories | 43,887,375 | 2,676,691 | |
Gilead Sciences Inc. | 32,549,396 | 2,305,799 | |
Bristol-Myers Squibb Co. | 40,919,735 | 2,264,498 | |
Eli Lilly & Co. | 24,578,053 | 2,097,245 | |
Thermo Fisher Scientific Inc. | 10,071,454 | 2,086,201 | |
Becton Dickinson and Co. | 6,686,215 | 1,601,750 | |
* | Biogen Inc. | 5,282,339 | 1,533,146 |
Anthem Inc. | 6,385,742 | 1,519,998 |
27
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Aetna Inc. | 8,184,265 | 1,501,813 | |
* | Celgene Corp. | 18,140,902 | 1,440,750 |
Allergan plc | 8,485,815 | 1,414,755 | |
* | Intuitive Surgical Inc. | 2,835,304 | 1,356,636 |
Stryker Corp. | 7,482,591 | 1,263,510 | |
* | Boston Scientific Corp. | 34,531,076 | 1,129,166 |
* | Express Scripts Holding Co. | 14,049,758 | 1,084,782 |
* | Vertex Pharmaceuticals Inc. | 6,377,596 | 1,083,936 |
Cigna Corp. | 6,087,300 | 1,034,537 | |
Zoetis Inc. | 12,116,642 | 1,032,217 | |
* | Illumina Inc. | 3,679,776 | 1,027,725 |
Humana Inc. | 3,445,549 | 1,025,499 | |
Baxter International Inc. | 12,780,644 | 943,723 | |
* | Edwards Lifesciences Corp. | 5,275,205 | 767,912 |
HCA Healthcare Inc. | 6,988,642 | 717,035 | |
* | Regeneron Pharmaceuticals Inc. | 1,987,580 | 685,695 |
* | Alexion Pharmaceuticals Inc. | 5,286,587 | 656,330 |
* | Align Technology Inc. | 1,906,054 | 652,137 |
* | Centene Corp. | 4,880,086 | 601,275 |
Zimmer Biomet Holdings Inc. | 5,080,608 | 566,183 | |
* | IDEXX Laboratories Inc. | 2,176,167 | 474,274 |
* | Laboratory Corp. of America Holdings | 2,554,815 | 458,666 |
* | Mylan NV | 12,254,286 | 442,870 |
* | ABIOMED Inc. | 1,055,427 | 431,722 |
* | IQVIA Holdings Inc. | 4,318,447 | 431,067 |
* | BioMarin Pharmaceutical Inc. | 4,419,969 | 416,361 |
Quest Diagnostics Inc. | 3,399,229 | 373,711 | |
ResMed Inc. | 3,572,221 | 370,011 | |
* | Waters Corp. | 1,864,003 | 360,852 |
Teleflex Inc. | 1,154,510 | 309,651 | |
* | Incyte Corp. | 4,507,961 | 302,033 |
Cooper Cos. Inc. | 1,224,348 | 288,273 | |
* | Henry Schein Inc. | 3,852,501 | 279,846 |
* | WellCare Health Plans Inc. | 1,117,889 | 275,269 |
* | Hologic Inc. | 6,839,936 | 271,887 |
* | Varian Medical Systems Inc. | 2,285,430 | 259,899 |
Dentsply Sirona Inc. | 5,696,543 | 249,338 | |
* | Jazz Pharmaceuticals plc | 1,431,252 | 246,605 |
Universal Health Services Inc. Class B | 2,175,952 | 242,488 | |
Perrigo Co. plc | 3,126,037 | 227,919 | |
* | DaVita Inc. | 3,277,909 | 227,618 |
* | Alnylam Pharmaceuticals Inc. | 2,263,684 | 222,950 |
STERIS plc | 2,118,357 | 222,449 | |
* | Neurocrine Biosciences Inc. | 2,253,154 | 221,350 |
* | Nektar Therapeutics Class A | 4,289,280 | 209,446 |
* | Sarepta Therapeutics Inc. | 1,560,347 | 206,247 |
* | DexCom Inc. | 2,095,112 | 198,994 |
* | Bluebird Bio Inc. | 1,251,409 | 196,409 |
West Pharmaceutical Services Inc. | 1,857,247 | 184,406 | |
* | Exact Sciences Corp. | 3,058,085 | 182,843 |
* | Sage Therapeutics Inc. | 1,106,398 | 173,184 |
* | Seattle Genetics Inc. | 2,578,701 | 171,200 |
* | Exelixis Inc. | 7,459,904 | 160,537 |
* | Alkermes plc | 3,875,764 | 159,526 |
Encompass Health Corp. | 2,339,606 | 158,438 | |
* | Bio-Rad Laboratories Inc. Class A | 523,534 | 151,060 |
Hill-Rom Holdings Inc. | 1,651,539 | 144,245 | |
* | Catalent Inc. | 3,356,231 | 140,593 |
Bio-Techne Corp. | 938,203 | 138,807 | |
* | Molina Healthcare Inc. | 1,385,744 | 135,720 |
* | Charles River Laboratories International Inc. | 1,195,910 | 134,253 |
* | Envision Healthcare Corp. | 3,021,197 | 132,963 |
* | Ionis Pharmaceuticals Inc. | 3,129,307 | 130,398 |
* | Insulet Corp. | 1,475,367 | 126,439 |
28
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | PRA Health Sciences Inc. | 1,279,162 | 119,423 |
* | Integra LifeSciences Holdings Corp. | 1,847,467 | 118,995 |
* | FibroGen Inc. | 1,883,637 | 117,916 |
* | Haemonetics Corp. | 1,314,389 | 117,874 |
* | United Therapeutics Corp. | 1,038,603 | 117,518 |
* | Masimo Corp. | 1,162,708 | 113,538 |
* | ICU Medical Inc. | 382,898 | 112,438 |
* | Loxo Oncology Inc. | 642,733 | 111,501 |
* | Penumbra Inc. | 774,276 | 106,966 |
* | Ligand Pharmaceuticals Inc. | 515,065 | 106,706 |
* | Agios Pharmaceuticals Inc. | 1,222,301 | 102,954 |
* | Neogen Corp. | 1,230,115 | 98,643 |
* | MEDNAX Inc. | 2,265,210 | 98,038 |
* | Globus Medical Inc. | 1,835,671 | 92,628 |
* | Ultragenyx Pharmaceutical Inc. | 1,180,183 | 90,721 |
* | Syneos Health Inc. | 1,930,037 | 90,519 |
*,^ | Immunomedics Inc. | 3,795,205 | 89,832 |
* | Array BioPharma Inc. | 5,286,029 | 88,700 |
Cantel Medical Corp. | 891,404 | 87,678 | |
* | Acadia Healthcare Co. Inc. | 2,101,366 | 85,967 |
* | Tenet Healthcare Corp. | 2,547,528 | 85,521 |
* | Inogen Inc. | 428,224 | 79,791 |
*,^ | Teladoc Inc. | 1,325,535 | 76,947 |
Healthcare Services Group Inc. | 1,745,350 | 75,382 | |
Bruker Corp. | 2,545,440 | 73,920 | |
* | Supernus Pharmaceuticals Inc. | 1,225,721 | 73,359 |
* | Amicus Therapeutics Inc. | 4,693,222 | 73,308 |
* | Wright Medical Group NV | 2,683,564 | 69,665 |
* | Horizon Pharma plc | 4,120,779 | 68,240 |
*,^ | Heron Therapeutics Inc. | 1,732,454 | 67,306 |
* | Halyard Health Inc. | 1,171,406 | 67,063 |
* | LHC Group Inc. | 779,861 | 66,748 |
*,^ | Aerie Pharmaceuticals Inc. | 986,497 | 66,638 |
* | NuVasive Inc. | 1,277,104 | 66,563 |
* | Ironwood Pharmaceuticals Inc. Class A | 3,477,602 | 66,492 |
* | Blueprint Medicines Corp. | 1,044,175 | 66,284 |
* | Spark Therapeutics Inc. | 797,989 | 66,042 |
* | Myriad Genetics Inc. | 1,755,166 | 65,591 |
* | Amedisys Inc. | 727,235 | 62,149 |
* | Portola Pharmaceuticals Inc. | 1,635,164 | 61,760 |
* | Medicines Co. | 1,676,662 | 61,533 |
* | Merit Medical Systems Inc. | 1,194,509 | 61,159 |
* | Madrigal Pharmaceuticals Inc. | 209,055 | 58,471 |
* | Magellan Health Inc. | 603,403 | 57,897 |
* | Clovis Oncology Inc. | 1,249,160 | 56,799 |
* | Arena Pharmaceuticals Inc. | 1,235,377 | 53,862 |
* | Nevro Corp. | 674,263 | 53,840 |
* | Emergent BioSolutions Inc. | 1,059,912 | 53,515 |
* | Quidel Corp. | 798,898 | 53,127 |
* | Novocure Ltd. | 1,690,656 | 52,918 |
* | Global Blood Therapeutics Inc. | 1,167,427 | 52,768 |
* | Prestige Brands Holdings Inc. | 1,351,222 | 51,860 |
* | REGENXBIO Inc. | 718,888 | 51,580 |
* | Halozyme Therapeutics Inc. | 3,035,249 | 51,205 |
* | Foundation Medicine Inc. | 372,321 | 50,896 |
* | Spectrum Pharmaceuticals Inc. | 2,353,086 | 49,321 |
* | Omnicell Inc. | 929,309 | 48,742 |
* | Endo International plc | 5,016,641 | 47,307 |
* | Puma Biotechnology Inc. | 797,594 | 47,178 |
* | Acceleron Pharma Inc. | 963,545 | 46,751 |
* | Select Medical Holdings Corp. | 2,566,365 | 46,580 |
*,^ | Intercept Pharmaceuticals Inc. | 554,500 | 46,528 |
Patterson Cos. Inc. | 2,051,646 | 46,511 | |
* | Repligen Corp. | 985,951 | 46,379 |
29
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | LifePoint Health Inc. | 943,739 | 46,054 |
* | NxStage Medical Inc. | 1,646,655 | 45,942 |
* | Insmed Inc. | 1,921,508 | 45,444 |
CONMED Corp. | 620,001 | 45,384 | |
* | HMS Holdings Corp. | 2,089,369 | 45,172 |
Abaxis Inc. | 542,269 | 45,014 | |
* | Xencor Inc. | 1,195,459 | 44,244 |
Ensign Group Inc. | 1,217,348 | 43,605 | |
* | Brookdale Senior Living Inc. | 4,668,973 | 42,441 |
* | Amneal Pharmaceuticals Inc. | 2,585,573 | 42,429 |
*,^ | TESARO Inc. | 954,106 | 42,429 |
* | Enanta Pharmaceuticals Inc. | 360,830 | 41,820 |
* | MyoKardia Inc. | 839,365 | 41,674 |
* | AxoGen Inc. | 806,292 | 40,516 |
*,^ | Corcept Therapeutics Inc. | 2,565,308 | 40,327 |
* | Akorn Inc. | 2,409,346 | 39,971 |
*,^ | OPKO Health Inc. | 8,489,583 | 39,901 |
* | Editas Medicine Inc. | 1,067,307 | 38,242 |
*,^ | Mallinckrodt plc | 2,049,220 | 38,238 |
*,^ | ACADIA Pharmaceuticals Inc. | 2,502,313 | 38,210 |
* | Zogenix Inc. | 846,628 | 37,421 |
* | Momenta Pharmaceuticals Inc. | 1,807,873 | 36,971 |
* | PTC Therapeutics Inc. | 1,095,208 | 36,941 |
* | Sangamo Therapeutics Inc. | 2,577,589 | 36,602 |
* | iRhythm Technologies Inc. | 447,020 | 36,267 |
* | ImmunoGen Inc. | 3,661,203 | 35,623 |
* | Mirati Therapeutics Inc. | 714,101 | 35,205 |
* | BioTelemetry Inc. | 775,047 | 34,877 |
* | Tivity Health Inc. | 986,597 | 34,728 |
* | Varex Imaging Corp. | 928,754 | 34,447 |
* | Acorda Therapeutics Inc. | 1,164,749 | 33,428 |
*,^ | Glaukos Corp. | 787,804 | 32,016 |
* | Pacira Pharmaceuticals Inc. | 974,956 | 31,247 |
Luminex Corp. | 1,026,384 | 30,309 | |
* | Atara Biotherapeutics Inc. | 824,030 | 30,283 |
*,^ | Radius Health Inc. | 1,008,225 | 29,712 |
* | AnaptysBio Inc. | 413,614 | 29,383 |
* | Retrophin Inc. | 1,026,571 | 27,984 |
US Physical Therapy Inc. | 290,114 | 27,851 | |
* | Natus Medical Inc. | 802,149 | 27,674 |
*,^ | TherapeuticsMD Inc. | 4,355,252 | 27,177 |
*,^ | Arrowhead Pharmaceuticals Inc. | 1,959,942 | 26,655 |
* | Aimmune Therapeutics Inc. | 988,506 | 26,581 |
* | Audentes Therapeutics Inc. | 692,899 | 26,476 |
* | Iovance Biotherapeutics Inc. | 2,050,267 | 26,243 |
* | Intersect ENT Inc. | 698,612 | 26,163 |
Owens & Minor Inc. | 1,561,158 | 26,087 | |
* | Orthofix International NV | 455,912 | 25,905 |
* | Cardiovascular Systems Inc. | 793,566 | 25,664 |
*,^ | Intrexon Corp. | 1,779,629 | 24,808 |
* | STAAR Surgical Co. | 792,595 | 24,570 |
*,^ | Dynavax Technologies Corp. | 1,595,121 | 24,326 |
* | Genomic Health Inc. | 480,385 | 24,211 |
* | Innoviva Inc. | 1,741,714 | 24,036 |
* | OraSure Technologies Inc. | 1,445,337 | 23,805 |
* | G1 Therapeutics Inc. | 542,256 | 23,566 |
* | Karyopharm Therapeutics Inc. | 1,386,857 | 23,563 |
*,^ | Esperion Therapeutics Inc. | 599,518 | 23,495 |
*,^ | Tandem Diabetes Care Inc. | 1,060,413 | 23,350 |
* | NeoGenomics Inc. | 1,764,567 | 23,133 |
* | Alder Biopharmaceuticals Inc. | 1,460,508 | 23,076 |
* | K2M Group Holdings Inc. | 1,024,079 | 23,042 |
* | Vanda Pharmaceuticals Inc. | 1,193,011 | 22,727 |
*,^ | Theravance Biopharma Inc. | 1,002,058 | 22,727 |
30
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Revance Therapeutics Inc. | 825,369 | 22,656 |
* | Cerus Corp. | 3,386,168 | 22,586 |
*,^ | Eagle Pharmaceuticals Inc. | 296,914 | 22,465 |
*,^ | Endocyte Inc. | 1,619,329 | 22,347 |
* | CryoLife Inc. | 797,166 | 22,201 |
* | Triple-S Management Corp. Class B | 565,979 | 22,107 |
* | AtriCure Inc. | 801,524 | 21,681 |
*,^ | Flexion Therapeutics Inc. | 829,002 | 21,430 |
*,^ | Omeros Corp. | 1,158,369 | 21,013 |
Atrion Corp. | 34,460 | 20,655 | |
* | CytomX Therapeutics Inc. | 891,376 | 20,377 |
* | AngioDynamics Inc. | 894,813 | 19,901 |
*,^ | Intellia Therapeutics Inc. | 726,184 | 19,868 |
* | R1 RCM Inc. | 2,278,756 | 19,780 |
*,^ | Tactile Systems Technology Inc. | 378,830 | 19,699 |
* | Kindred Healthcare Inc. | 2,188,731 | 19,699 |
*,^ | TG Therapeutics Inc. | 1,471,915 | 19,356 |
* | Intra-Cellular Therapies Inc. | 1,089,186 | 19,246 |
* | MacroGenics Inc. | 927,097 | 19,145 |
* | Cymabay Therapeutics Inc. | 1,405,819 | 18,866 |
* | Rhythm Pharmaceuticals Inc. | 584,106 | 18,259 |
* | Epizyme Inc. | 1,280,992 | 17,357 |
* | Coherus Biosciences Inc. | 1,236,745 | 17,314 |
* | Collegium Pharmaceutical Inc. | 716,351 | 17,085 |
*,^ | MiMedx Group Inc. | 2,657,736 | 16,983 |
* | Surmodics Inc. | 304,805 | 16,825 |
HealthStream Inc. | 615,171 | 16,800 | |
* | Assembly Biosciences Inc. | 428,190 | 16,789 |
*,^ | Athenex Inc. | 897,614 | 16,749 |
Meridian Bioscience Inc. | 1,049,078 | 16,680 | |
* | Heska Corp. | 159,659 | 16,571 |
*,^ | Denali Therapeutics Inc. | 1,071,640 | 16,342 |
National HealthCare Corp. | 229,165 | 16,129 | |
* | AMAG Pharmaceuticals Inc. | 816,814 | 15,928 |
* | Medpace Holdings Inc. | 354,488 | 15,243 |
*,^ | Geron Corp. | 4,425,177 | 15,178 |
Invacare Corp. | 812,747 | 15,117 | |
* | Natera Inc. | 800,588 | 15,067 |
*,^ | La Jolla Pharmaceutical Co. | 515,623 | 15,041 |
*,^ | Accelerate Diagnostics Inc. | 667,628 | 14,888 |
* | Deciphera Pharmaceuticals Inc. | 368,215 | 14,489 |
* | Kura Oncology Inc. | 793,936 | 14,450 |
* | Progenics Pharmaceuticals Inc. | 1,793,325 | 14,418 |
*,^ | Adamas Pharmaceuticals Inc. | 546,660 | 14,120 |
* | RadNet Inc. | 937,753 | 14,066 |
* | Apellis Pharmaceuticals Inc. | 635,793 | 13,987 |
* | BioCryst Pharmaceuticals Inc. | 2,407,403 | 13,794 |
* | ANI Pharmaceuticals Inc. | 205,095 | 13,700 |
LeMaitre Vascular Inc. | 409,003 | 13,693 | |
*,^ | Fate Therapeutics Inc. | 1,180,892 | 13,391 |
* | GlycoMimetics Inc. | 812,815 | 13,111 |
* | Cutera Inc. | 323,796 | 13,049 |
* | Five Prime Therapeutics Inc. | 815,883 | 12,899 |
* | Amphastar Pharmaceuticals Inc. | 842,375 | 12,855 |
*,^ | Optinose Inc. | 456,340 | 12,768 |
* | Lantheus Holdings Inc. | 876,458 | 12,752 |
*,^ | Aclaris Therapeutics Inc. | 637,094 | 12,723 |
* | CorVel Corp. | 235,328 | 12,708 |
*,^ | Reata Pharmaceuticals Inc. Class A | 361,469 | 12,641 |
*,^ | Lexicon Pharmaceuticals Inc. | 1,052,238 | 12,627 |
*,^ | Novavax Inc. | 9,290,836 | 12,450 |
*,^ | Sorrento Therapeutics Inc. | 1,708,001 | 12,298 |
*,^ | Cara Therapeutics Inc. | 641,963 | 12,294 |
*,^ | Abeona Therapeutics Inc. | 756,664 | 12,107 |
31
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Endologix Inc. | 2,136,665 | 12,094 |
* | Akebia Therapeutics Inc. | 1,186,970 | 11,846 |
*,^ | Pacific Biosciences of California Inc. | 3,334,838 | 11,839 |
* | Stemline Therapeutics Inc. | 732,995 | 11,765 |
*,^ | Lannett Co. Inc. | 861,662 | 11,719 |
* | Rigel Pharmaceuticals Inc. | 4,097,563 | 11,596 |
* | ArQule Inc. | 2,091,210 | 11,564 |
* | Anika Therapeutics Inc. | 358,057 | 11,458 |
*,^ | Senseonics Holdings Inc. | 2,753,274 | 11,316 |
*,^ | Viking Therapeutics Inc. | 1,170,181 | 11,105 |
*,^ | Sientra Inc. | 559,281 | 10,912 |
*,^ | Rocket Pharmaceuticals Inc. | 552,972 | 10,855 |
*,^ | Verastem Inc. | 1,540,076 | 10,596 |
* | Voyager Therapeutics Inc. | 540,453 | 10,560 |
* | Invitae Corp. | 1,427,573 | 10,493 |
* | ChemoCentryx Inc. | 779,777 | 10,270 |
* | BioScrip Inc. | 3,499,606 | 10,254 |
*,^ | Synergy Pharmaceuticals Inc. | 5,879,357 | 10,230 |
* | Addus HomeCare Corp. | 177,955 | 10,188 |
*,^ | Dicerna Pharmaceuticals Inc. | 826,354 | 10,123 |
* | Vericel Corp. | 1,040,260 | 10,091 |
Utah Medical Products Inc. | 89,720 | 9,883 | |
* | Cytokinetics Inc. | 1,174,595 | 9,749 |
* | PDL BioPharma Inc. | 4,134,194 | 9,674 |
* | Depomed Inc. | 1,431,673 | 9,549 |
*,^ | ZIOPHARM Oncology Inc. | 3,135,343 | 9,469 |
*,^ | Dova Pharmaceuticals Inc. | 311,902 | 9,332 |
*,^ | Antares Pharma Inc. | 3,582,297 | 9,242 |
* | Community Health Systems Inc. | 2,754,499 | 9,145 |
*,^ | Kadmon Holdings Inc. | 2,289,979 | 9,137 |
* | NanoString Technologies Inc. | 663,191 | 9,072 |
* | Achillion Pharmaceuticals Inc. | 3,204,546 | 9,069 |
*,^ | CytoSorbents Corp. | 768,333 | 8,759 |
* | Dermira Inc. | 948,079 | 8,722 |
* | Accuray Inc. | 2,108,089 | 8,643 |
* | GenMark Diagnostics Inc. | 1,346,005 | 8,587 |
* | Concert Pharmaceuticals Inc. | 504,591 | 8,492 |
*,^ | Inovio Pharmaceuticals Inc. | 2,157,892 | 8,459 |
*,^ | CareDx Inc. | 675,488 | 8,268 |
*,^ | Keryx Biopharmaceuticals Inc. | 2,177,438 | 8,187 |
* | Kindred Biosciences Inc. | 766,034 | 8,158 |
*,^ | Solid Biosciences Inc. | 218,792 | 7,796 |
*,^ | Paratek Pharmaceuticals Inc. | 761,179 | 7,764 |
*,^ | Akcea Therapeutics Inc. | 326,910 | 7,751 |
* | Zafgen Inc. | 755,863 | 7,732 |
*,^ | Bellicum Pharmaceuticals Inc. | 1,032,463 | 7,620 |
*,^ | ViewRay Inc. | 1,080,349 | 7,476 |
*,^ | Surgery Partners Inc. | 496,732 | 7,401 |
* | Catalyst Pharmaceuticals Inc. | 2,361,658 | 7,368 |
* | Aduro Biotech Inc. | 1,042,693 | 7,299 |
* | Adverum Biotechnologies Inc. | 1,368,241 | 7,252 |
*,^ | CASI Pharmaceuticals Inc. | 874,637 | 7,198 |
* | BioSpecifics Technologies Corp. | 157,967 | 7,086 |
* | Minerva Neurosciences Inc. | 858,347 | 7,081 |
*,^ | Achaogen Inc. | 815,876 | 7,065 |
* | CTI BioPharma Corp. | 1,390,899 | 6,927 |
* | Capital Senior Living Corp. | 648,867 | 6,923 |
* | Civitas Solutions Inc. | 414,068 | 6,791 |
*,^ | AVEO Pharmaceuticals Inc. | 2,972,686 | 6,718 |
*,^ | MannKind Corp. | 3,520,716 | 6,689 |
* | Enzo Biochem Inc. | 1,275,089 | 6,618 |
*,^ | Clearside Biomedical Inc. | 608,323 | 6,503 |
* | RTI Surgical Inc. | 1,413,679 | 6,503 |
*,^ | Corbus Pharmaceuticals Holdings Inc. | 1,286,614 | 6,497 |
32
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | MediciNova Inc. | 815,667 | 6,493 |
*,^ | Marinus Pharmaceuticals Inc. | 915,297 | 6,471 |
*,^ | Corium International Inc. | 805,223 | 6,450 |
* | Melinta Therapeutics Inc. | 998,619 | 6,341 |
* | T2 Biosystems Inc. | 803,284 | 6,217 |
*,^ | Rockwell Medical Inc. | 1,260,230 | 6,213 |
* | Sienna Biopharmaceuticals Inc. | 404,597 | 6,146 |
* | Unum Therapeutics Inc. | 422,308 | 6,060 |
*,^ | SIGA Technologies Inc. | 1,017,293 | 6,043 |
*,^ | Savara Inc. | 525,142 | 5,945 |
*,^ | Athersys Inc. | 2,986,229 | 5,883 |
* | Idera Pharmaceuticals Inc. | 4,420,000 | 5,834 |
* | Durect Corp. | 3,723,360 | 5,808 |
* | Inspire Medical Systems Inc. | 160,361 | 5,718 |
* | Veracyte Inc. | 608,274 | 5,681 |
*,^ | Agenus Inc. | 2,457,912 | 5,579 |
*,^ | Apollo Medical Holdings Inc. | 214,919 | 5,558 |
*,^ | Selecta Biosciences Inc. | 412,123 | 5,461 |
* | OrthoPediatrics Corp. | 204,963 | 5,460 |
*,^ | PetIQ Inc. | 202,232 | 5,432 |
*,^ | Insys Therapeutics Inc. | 749,630 | 5,427 |
* | Syros Pharmaceuticals Inc. | 529,625 | 5,407 |
* | Chimerix Inc. | 1,130,865 | 5,383 |
*,^ | Palatin Technologies Inc. | 5,422,870 | 5,259 |
*,^ | Homology Medicines Inc. | 248,985 | 5,079 |
* | Mersana Therapeutics Inc. | 281,711 | 5,031 |
* | Ocular Therapeutix Inc. | 717,276 | 4,842 |
*,^ | BioTime Inc. | 2,329,213 | 4,798 |
*,^ | Vital Therapies Inc. | 695,533 | 4,764 |
*,^ | Avid Bioservices Inc. | 1,213,783 | 4,758 |
* | American Renal Associates Holdings Inc. | 301,632 | 4,757 |
*,^ | Cohbar Inc. | 722,252 | 4,731 |
*,^ | Galectin Therapeutics Inc. | 735,995 | 4,681 |
*,^ | Seres Therapeutics Inc. | 542,839 | 4,668 |
* | Tetraphase Pharmaceuticals Inc. | 1,294,615 | 4,622 |
* | Harvard Bioscience Inc. | 859,931 | 4,601 |
* | Aratana Therapeutics Inc. | 1,063,683 | 4,521 |
* | FONAR Corp. | 170,182 | 4,518 |
*,^ | Amyris Inc. | 684,216 | 4,372 |
* | Aeglea BioTherapeutics Inc. | 410,752 | 4,346 |
* | Corvus Pharmaceuticals Inc. | 394,400 | 4,330 |
* | Immune Design Corp. | 951,025 | 4,327 |
*,^ | Cue Biopharma Inc. | 363,047 | 4,306 |
* | Ardelyx Inc. | 1,154,946 | 4,273 |
*,^ | Ampio Pharmaceuticals Inc. | 1,941,946 | 4,272 |
*,^ | GTx Inc. | 274,632 | 4,205 |
*,^ | BioDelivery Sciences International Inc. | 1,414,198 | 4,172 |
*,^ | Tocagen Inc. | 445,490 | 4,161 |
*,^ | Teligent Inc. | 1,198,067 | 4,145 |
* | Fluidigm Corp. | 692,728 | 4,129 |
*,^ | Synlogic Inc. | 411,410 | 4,044 |
* | Kala Pharmaceuticals Inc. | 293,461 | 4,029 |
* | XOMA Corp. | 192,716 | 4,024 |
*,^ | Helius Medical Technologies Inc. Class A | 409,633 | 3,900 |
* | Quorum Health Corp. | 771,176 | 3,856 |
*,^ | Neos Therapeutics Inc. | 615,637 | 3,848 |
* | SeaSpine Holdings Corp. | 302,141 | 3,813 |
* | Catalyst Biosciences Inc. | 322,900 | 3,768 |
*,^ | Calyxt Inc. | 200,277 | 3,739 |
* | Pfenex Inc. | 682,191 | 3,691 |
* | Ra Pharmaceuticals Inc. | 369,649 | 3,678 |
* | Chembio Diagnostics Inc. | 329,680 | 3,659 |
*,^ | AcelRx Pharmaceuticals Inc. | 1,044,710 | 3,526 |
* | Calithera Biosciences Inc. | 703,130 | 3,516 |
33
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | MEI Pharma Inc. | 880,806 | 3,470 |
* | Aldeyra Therapeutics Inc. | 429,986 | 3,418 |
* | Jounce Therapeutics Inc. | 440,533 | 3,374 |
* | Eiger BioPharmaceuticals Inc. | 274,247 | 3,346 |
*,^ | Organovo Holdings Inc. | 2,362,328 | 3,307 |
* | AAC Holdings Inc. | 352,762 | 3,305 |
*,^ | Evolus Inc. | 117,145 | 3,279 |
*,^ | Conatus Pharmaceuticals Inc. | 765,014 | 3,274 |
*,^ | NewLink Genetics Corp. | 686,633 | 3,268 |
*,^ | ADMA Biologics Inc. | 712,900 | 3,215 |
* | ContraFect Corp. | 1,434,632 | 3,171 |
Aceto Corp. | 919,622 | 3,081 | |
*,^ | Genesis Healthcare Inc. | 1,313,128 | 3,007 |
*,^ | Zynerba Pharmaceuticals Inc. | 307,385 | 2,994 |
*,^ | Odonate Therapeutics Inc. | 134,091 | 2,961 |
*,^ | Tyme Technologies Inc. | 926,156 | 2,927 |
* | Bovie Medical Corp. | 665,652 | 2,896 |
* | Syndax Pharmaceuticals Inc. | 409,853 | 2,877 |
*,^ | Arcus Biosciences Inc. | 234,334 | 2,868 |
* | Sesen Bio Inc. | 1,440,671 | 2,809 |
* | Allena Pharmaceuticals Inc. | 214,529 | 2,795 |
* | Miragen Therapeutics Inc. | 434,596 | 2,786 |
* | Celcuity Inc. | 107,764 | 2,675 |
*,^ | Spring Bank Pharmaceuticals Inc. | 225,402 | 2,671 |
*,^ | Anavex Life Sciences Corp. | 1,010,161 | 2,647 |
* | Surface Oncology Inc. | 156,411 | 2,551 |
*,^ | iRadimed Corp. | 122,879 | 2,550 |
Psychemedics Corp. | 132,234 | 2,544 | |
*,^ | BioLife Solutions Inc. | 221,176 | 2,524 |
*,^ | Mustang Bio Inc. | 366,024 | 2,522 |
*,^ | Adamis Pharmaceuticals Corp. | 782,045 | 2,503 |
* | Infinity Pharmaceuticals Inc. | 1,298,402 | 2,480 |
*,^ | EyePoint Pharmaceuticals Inc. | 1,179,356 | 2,453 |
*,^ | Gemphire Therapeutics Inc. | 239,413 | 2,440 |
* | Ophthotech Corp. | 882,771 | 2,410 |
* | Ovid therapeutics Inc. | 306,127 | 2,388 |
*,^ | Eloxx Pharmaceuticals Inc. | 136,883 | 2,337 |
* | Aptevo Therapeutics Inc. | 446,531 | 2,228 |
* | Recro Pharma Inc. | 443,396 | 2,226 |
* | Bioxcel Therapeutics Inc. | 234,967 | 2,162 |
* | Protagonist Therapeutics Inc. | 316,162 | 2,125 |
*,^ | HTG Molecular Diagnostics Inc. | 640,999 | 2,090 |
*,^ | Cidara Therapeutics Inc. | 395,629 | 2,057 |
* | Juniper Pharmaceuticals Inc. | 233,525 | 2,032 |
*,^ | Sophiris Bio Inc. | 718,437 | 2,019 |
*,^ | Corindus Vascular Robotics Inc. | 2,399,515 | 1,981 |
*,^ | SCYNEXIS Inc. | 1,198,544 | 1,966 |
*,^ | NantKwest Inc. | 635,282 | 1,944 |
* | Otonomy Inc. | 499,546 | 1,923 |
*,^ | Fortress Biotech Inc. | 644,427 | 1,920 |
*,^ | Pulse Biosciences Inc. | 122,827 | 1,860 |
*,^ | Invuity Inc. | 465,260 | 1,815 |
* | Joint Corp. | 219,797 | 1,798 |
*,^ | Nobilis Health Corp. | 1,482,407 | 1,779 |
*,^ | Novan Inc. | 590,876 | 1,737 |
*,^ | Proteostasis Therapeutics Inc. | 622,010 | 1,735 |
* | Misonix Inc. | 139,843 | 1,734 |
* | Trevena Inc. | 1,192,783 | 1,718 |
*,^ | OncoSec Medical Inc. | 1,232,503 | 1,701 |
*,^ | XBiotech Inc. | 379,164 | 1,699 |
* | IRIDEX Corp. | 249,167 | 1,689 |
Tricida Inc. | 56,367 | 1,685 | |
*,^ | KemPharm Inc. | 255,572 | 1,661 |
*,^ | Bellerophon Therapeutics Inc. | 686,231 | 1,661 |
34
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Xtant Medical Holdings Inc. | 299,044 | 1,660 |
*,^ | VIVUS Inc. | 2,337,262 | 1,648 |
*,^ | Celldex Therapeutics Inc. | 3,249,146 | 1,636 |
*,^ | Ekso Bionics Holdings Inc. | 904,808 | 1,620 |
*,^ | BrainStorm Cell Therapeutics Inc. | 412,248 | 1,608 |
* | Conformis Inc. | 1,265,091 | 1,581 |
* | Histogenics Corp. | 630,548 | 1,576 |
*,^ | resTORbio Inc. | 170,859 | 1,563 |
*,^ | Catabasis Pharmaceuticals Inc. | 1,605,389 | 1,540 |
*,^ | Viveve Medical Inc. | 562,975 | 1,531 |
Merrimack Pharmaceuticals Inc. | 303,329 | 1,489 | |
* | Kiniksa Pharmaceuticals Ltd. Class A | 84,550 | 1,467 |
*,^ | Zosano Pharma Corp. | 354,246 | 1,445 |
*,^ | Sunesis Pharmaceuticals Inc. | 672,732 | 1,426 |
*,^ | Sensus Healthcare Inc. | 192,174 | 1,395 |
*,^ | TapImmune Inc. | 147,909 | 1,395 |
* | OncoMed Pharmaceuticals Inc. | 603,265 | 1,394 |
* | Regulus Therapeutics Inc. | 2,078,501 | 1,370 |
* | Alpine Immune Sciences Inc. | 180,890 | 1,369 |
* | Versartis Inc. | 676,069 | 1,369 |
*,^ | Alimera Sciences Inc. | 1,374,781 | 1,345 |
*,^ | Tracon Pharmaceuticals Inc. | 497,527 | 1,343 |
* | Molecular Templates Inc. | 254,524 | 1,331 |
* | InfuSystem Holdings Inc. | 372,833 | 1,324 |
* | Krystal Biotech Inc. | 86,943 | 1,293 |
*,^ | Second Sight Medical Products Inc. | 722,783 | 1,200 |
*,^ | Advaxis Inc. | 824,712 | 1,196 |
* | Cumberland Pharmaceuticals Inc. | 194,545 | 1,193 |
*,^ | Curis Inc. | 673,049 | 1,164 |
* | Menlo Therapeutics Inc. | 142,255 | 1,155 |
*,^ | Spero Therapeutics Inc. | 78,094 | 1,146 |
*,^ | Caladrius Biosciences Inc. | 174,630 | 1,130 |
*,^ | AzurRx BioPharma Inc. | 348,814 | 1,120 |
*,^ | Asterias Biotherapeutics Inc. Class A | 804,565 | 1,086 |
*,^ | Imprimis Pharmaceuticals Inc. | 483,269 | 1,063 |
*,^ | Axsome Therapeutics Inc. | 331,550 | 1,061 |
*,^ | Genocea Biosciences Inc. | 1,225,285 | 1,048 |
* | Electromed Inc. | 188,884 | 1,024 |
* | Alphatec Holdings Inc. | 339,444 | 1,012 |
*,^ | Actinium Pharmaceuticals Inc. | 1,543,137 | 988 |
*,^ | Rexahn Pharmaceuticals Inc. | 697,518 | 983 |
* | Apollo Endosurgery Inc. | 136,681 | 954 |
*,^ | Celsion Corp. | 317,098 | 935 |
* | Applied Genetic Technologies Corp. | 246,541 | 912 |
*,^ | Restoration Robotics Inc. | 248,798 | 863 |
* | Aptinyx Inc. | 35,532 | 859 |
*,^ | Opiant Pharmaceuticals Inc. | 59,762 | 854 |
*,^ | UNITY Biotechnology Inc. | 56,550 | 852 |
* | Avrobio Inc. | 29,363 | 839 |
* | CAS Medical Systems Inc. | 424,399 | 828 |
*,^ | Oncocyte Corp. | 318,793 | 813 |
*,^ | Evoke Pharma Inc. | 320,197 | 800 |
*,^ | Heat Biologics Inc. | 366,360 | 788 |
*,^ | Leap Therapeutics Inc. | 86,614 | 780 |
* | Aevi Genomic Medicine Inc. | 683,697 | 759 |
*,^ | Moleculin Biotech Inc. | 408,934 | 732 |
*,^ | Synthetic Biologics Inc. | 3,034,629 | 725 |
*,^ | Navidea Biopharmaceuticals Inc. | 3,067,067 | 701 |
*,^ | Pernix Therapeutics Holdings Inc. | 276,171 | 671 |
*,^ | OvaScience Inc. | 737,991 | 670 |
*,^ | BioPharmX Corp. | 2,965,020 | 655 |
*,^ | Matinas BioPharma Holdings Inc. | 1,485,839 | 645 |
*,^ | Vermillion Inc. | 823,255 | 643 |
*,^ | Fulgent Genetics Inc. | 155,059 | 642 |
35
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Capricor Therapeutics Inc. | 478,917 | 642 |
* | KalVista Pharmaceuticals Inc. | 78,070 | 634 |
* | Forty Seven Inc. | 39,445 | 631 |
*,^ | Arsanis Inc. | 167,445 | 608 |
Digirad Corp. | 390,206 | 605 | |
*,^ | Akers Biosciences Inc. | 1,560,400 | 604 |
* | Champions Oncology Inc. | 91,690 | 590 |
* | Tonix Pharmaceuticals Holding Corp. | 130,509 | 581 |
* | Eidos Therapeutics Inc. | 28,204 | 574 |
*,^ | scPharmaceuticals Inc. | 101,200 | 573 |
*,^ | Magenta Therapeutics Inc. | 42,263 | 571 |
*,^ | CytRx Corp. | 492,357 | 556 |
*,^ | Edge Therapeutics Inc. | 532,519 | 548 |
*,^ | SELLAS Life Sciences Group Inc. | 160,353 | 548 |
*,^ | Obalon Therapeutics Inc. | 254,939 | 548 |
* | Five Star Senior Living Inc. | 323,637 | 485 |
*,^ | Egalet Corp. | 1,123,477 | 474 |
*,^ | Catasys Inc. | 70,338 | 473 |
*,^ | Vical Inc. | 393,089 | 452 |
* | ImmuCell Corp. | 65,054 | 444 |
* | Neon Therapeutics Inc. | 35,203 | 444 |
*,^ | aTyr Pharma Inc. | 473,723 | 431 |
*,^ | Aethlon Medical Inc. | 329,592 | 422 |
*,^ | Myomo Inc. | 138,954 | 411 |
* | Checkpoint Therapeutics Inc. | 133,849 | 399 |
*,^ | Wright Medical Group Inc. CVR | 288,011 | 396 |
* | Kezar Life Sciences Inc. | 22,617 | 391 |
*,^ | Cleveland BioLabs Inc. | 155,269 | 382 |
*,^ | Neuralstem Inc. | 341,528 | 379 |
*,^ | IsoRay Inc. | 833,336 | 375 |
*,^ | Cyclacel Pharmaceuticals Inc. | 262,933 | 373 |
* | Agile Therapeutics Inc. | 754,951 | 373 |
* | Scholar Rock Holding Corp. | 22,545 | 352 |
*,^ | Aileron Therapeutics Inc. | 63,175 | 342 |
*,^ | Titan Pharmaceuticals Inc. | 311,809 | 340 |
*,^ | Biomerica Inc. | 87,053 | 339 |
* | Verrica Pharmaceuticals Inc. | 16,922 | 334 |
*,^ | Microbot Medical Inc. | 450,466 | 333 |
*,^ | Evelo Biosciences Inc. | 28,203 | 333 |
*,^ | Aradigm Corp. | 229,443 | 333 |
* | NanoViricides Inc. | 752,491 | 331 |
*,^ | Quanterix Corp. | 22,069 | 317 |
Diversicare Healthcare Services Inc. | 44,377 | 302 | |
*,^ | Avenue Therapeutics Inc. | 83,998 | 301 |
*,^ | CorMedix Inc. | 1,253,757 | 298 |
*,^ | Diffusion Pharmaceuticals Inc. | 599,588 | 274 |
*,^ | Novus Therapeutics Inc. | 38,516 | 270 |
* | PLx Pharma Inc. | 67,837 | 268 |
* | Xeris Pharmaceuticals Inc. | 14,102 | 268 |
Translate Bio Inc. | 19,742 | 250 | |
*,^ | Oncobiologics Inc. | 294,705 | 249 |
*,^ | ContraVir Pharmaceuticals Inc. | 189,269 | 246 |
* | Chiasma Inc. | 161,721 | 243 |
*,^ | Ohr Pharmaceutical Inc. | 1,202,617 | 236 |
* | Neuronetics Inc. | 8,484 | 226 |
*,^ | Pain Therapeutics Inc. | 109,368 | 225 |
^ | Biolase Inc. | 166,316 | 201 |
*,^ | CEL-SCI Corp. | 215,407 | 198 |
* | Pro-Dex Inc. | 27,970 | 187 |
* | Flex Pharma Inc. | 199,119 | 187 |
* | Aytu BioScience Inc. | 658,752 | 173 |
*,^ | Soligenix Inc. | 173,900 | 169 |
^ | Vaxart Inc. | 52,703 | 160 |
* | Bioanalytical Systems Inc. | 92,933 | 153 |
36
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Co-Diagnostics Inc. | 36,687 | 142 |
* | Proteon Therapeutics Inc. | 49,866 | 122 |
* | Retractable Technologies Inc. | 161,528 | 119 |
*,^ | Fibrocell Science Inc. | 39,114 | 106 |
*,^ | Sonoma Pharmaceuticals Inc. | 38,184 | 95 |
*,^ | Soleno Therapeutics Inc. | 38,112 | 89 |
*,^ | Genprex Inc. | 11,200 | 86 |
*,^ | Bio-Path Holdings Inc. | 55,033 | 82 |
*,^ | Pulmatrix Inc. | 171,620 | 77 |
*,^ | Onconova Therapeutics Inc. | 187,984 | 76 |
*,^ | Biocept Inc. | 369,590 | 74 |
*,^ | Cytori Therapeutics Inc. | 50,466 | 73 |
*,^ | ReShape Lifesciences Inc. | 27,809 | 64 |
ProPhase Labs Inc. | 19,408 | 63 | |
*,^ | Cellectar Biosciences Inc. | 97,148 | 60 |
*,^ | Altimmune Inc. | 127,353 | 57 |
*,^ | iBio Inc. | 62,933 | 57 |
* | Citius Pharmaceuticals Inc. | 22,052 | 51 |
* | Eyenovia Inc. | 8,038 | 51 |
*,^ | Milestone Scientific Inc. | 63,770 | 50 |
*,^ | Apricus Biosciences Inc. | 113,371 | 44 |
*,^ | Achieve Life Sciences Inc. | 11,036 | 42 |
*,^ | Hemispherx Biopharma Inc. | 101,255 | 32 |
*,^ | AquaBounty Technologies Inc. | 8,850 | 29 |
* | NovaBay Pharmaceuticals Inc. | 11,471 | 29 |
*,^ | Cesca Therapeutics Inc. | 39,860 | 17 |
* | Cancer Genetics Inc. | 14,502 | 13 |
* | American Shared Hospital Services | 4,591 | 13 |
*,^ | InVivo Therapeutics Holdings Corp. | 3,595 | 6 |
*,^ | Dare Bioscience Inc. | 3,904 | 5 |
Avanos Medical Inc. | 34 | 2 | |
*,^ | Trovagene Inc. | 1,176 | 1 |
* | Galena Biopharma Inc Warrants Exp. 03/18/2020 | 157,500 | — |
* | Sunesis Pharmaceuticals Inc. Warrants Exp. 10/27/2018 | 12,500 | — |
88,850,946 | |||
Industrials (12.9%) | |||
Boeing Co. | 14,582,572 | 4,892,599 | |
General Electric Co. | 217,366,633 | 2,958,360 | |
3M Co. | 14,852,629 | 2,921,809 | |
Union Pacific Corp. | 19,278,141 | 2,731,327 | |
Honeywell International Inc. | 18,685,824 | 2,691,693 | |
Accenture plc Class A | 16,098,833 | 2,633,608 | |
United Technologies Corp. | 19,014,859 | 2,377,428 | |
* | PayPal Holdings Inc. | 28,232,047 | 2,350,883 |
Caterpillar Inc. | 14,962,140 | 2,029,914 | |
United Parcel Service Inc. Class B | 17,257,530 | 1,833,267 | |
Lockheed Martin Corp. | 6,073,643 | 1,794,336 | |
Danaher Corp. | 15,734,930 | 1,552,723 | |
Automatic Data Processing Inc. | 10,474,376 | 1,405,033 | |
Raytheon Co. | 7,185,440 | 1,388,083 | |
FedEx Corp. | 6,016,115 | 1,366,019 | |
Northrop Grumman Corp. | 4,362,190 | 1,342,246 | |
CSX Corp. | 20,807,200 | 1,327,083 | |
General Dynamics Corp. | 6,315,335 | 1,177,242 | |
Deere & Co. | 8,100,106 | 1,132,395 | |
Emerson Electric Co. | 15,779,278 | 1,090,979 | |
Norfolk Southern Corp. | 7,068,548 | 1,066,432 | |
Illinois Tool Works Inc. | 7,627,789 | 1,056,754 | |
Waste Management Inc. | 10,811,564 | 879,413 | |
Fidelity National Information Services Inc. | 8,272,128 | 877,094 | |
Sherwin-Williams Co. | 2,105,695 | 858,218 | |
Eaton Corp. plc | 10,942,421 | 817,837 | |
TE Connectivity Ltd. | 8,752,539 | 788,254 | |
Johnson Controls International plc | 23,148,947 | 774,332 |
37
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Fiserv Inc. | 10,338,478 | 765,978 |
Roper Technologies Inc. | 2,575,906 | 710,718 | |
Amphenol Corp. Class A | 7,576,501 | 660,292 | |
* | Worldpay Inc. Class A | 7,447,774 | 609,079 |
Fortive Corp. | 7,848,433 | 605,193 | |
Ingersoll-Rand plc | 6,221,258 | 558,233 | |
Rockwell Collins Inc. | 4,106,256 | 553,031 | |
Paychex Inc. | 8,081,079 | 552,342 | |
PACCAR Inc. | 8,793,137 | 544,823 | |
Rockwell Automation Inc. | 3,152,480 | 524,037 | |
Cummins Inc. | 3,923,272 | 521,795 | |
Parker-Hannifin Corp. | 3,314,310 | 516,535 | |
Agilent Technologies Inc. | 8,054,847 | 498,112 | |
Waste Connections Inc. | 6,598,722 | 496,752 | |
* | FleetCor Technologies Inc. | 2,239,073 | 471,661 |
Global Payments Inc. | 3,982,211 | 443,977 | |
Vulcan Materials Co. | 3,302,913 | 426,274 | |
* | Verisk Analytics Inc. Class A | 3,918,764 | 421,816 |
AMETEK Inc. | 5,778,871 | 417,003 | |
TransDigm Group Inc. | 1,176,743 | 406,141 | |
Cintas Corp. | 2,135,077 | 395,139 | |
Textron Inc. | 5,860,189 | 386,245 | |
* | CoStar Group Inc. | 910,618 | 375,748 |
L3 Technologies Inc. | 1,952,979 | 375,597 | |
WW Grainger Inc. | 1,192,601 | 367,798 | |
* | Mettler-Toledo International Inc. | 635,483 | 367,710 |
Republic Services Inc. Class A | 5,352,527 | 365,899 | |
WestRock Co. | 6,402,456 | 365,068 | |
Martin Marietta Materials Inc. | 1,569,900 | 350,606 | |
Total System Services Inc. | 4,128,541 | 348,944 | |
Fastenal Co. | 7,176,014 | 345,382 | |
Broadridge Financial Solutions Inc. | 2,939,520 | 338,339 | |
TransUnion | 4,605,531 | 329,940 | |
Expeditors International of Washington Inc. | 4,388,742 | 320,817 | |
Ball Corp. | 8,744,207 | 310,857 | |
* | United Rentals Inc. | 2,096,254 | 309,449 |
Xylem Inc. | 4,494,615 | 302,847 | |
* | XPO Logistics Inc. | 3,009,758 | 301,518 |
Masco Corp. | 7,798,164 | 291,807 | |
CH Robinson Worldwide Inc. | 3,475,709 | 290,778 | |
Dover Corp. | 3,853,815 | 282,099 | |
* | Keysight Technologies Inc. | 4,676,185 | 276,035 |
Alliance Data Systems Corp. | 1,175,055 | 274,023 | |
Kansas City Southern | 2,559,362 | 271,190 | |
JB Hunt Transport Services Inc. | 2,193,475 | 266,617 | |
Packaging Corp. of America | 2,354,433 | 263,202 | |
IDEX Corp. | 1,915,094 | 261,372 | |
Old Dominion Freight Line Inc. | 1,747,389 | 260,291 | |
Jack Henry & Associates Inc. | 1,926,988 | 251,202 | |
Spirit AeroSystems Holdings Inc. Class A | 2,847,240 | 244,606 | |
Huntington Ingalls Industries Inc. | 1,119,825 | 242,767 | |
* | First Data Corp. Class A | 11,525,529 | 241,229 |
Jacobs Engineering Group Inc. | 3,556,447 | 225,799 | |
AO Smith Corp. | 3,617,018 | 213,947 | |
Wabtec Corp. | 2,169,714 | 213,890 | |
* | Trimble Inc. | 6,283,220 | 206,341 |
* | WEX Inc. | 1,074,879 | 204,743 |
*,^ | Sensata Technologies Holding plc | 4,271,993 | 203,261 |
PerkinElmer Inc. | 2,760,884 | 202,180 | |
Fortune Brands Home & Security Inc. | 3,682,807 | 197,730 | |
Lennox International Inc. | 978,533 | 195,853 | |
* | IPG Photonics Corp. | 874,392 | 192,917 |
* | Zebra Technologies Corp. | 1,336,439 | 191,445 |
Robert Half International Inc. | 2,937,078 | 191,204 |
38
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Graco Inc. | 4,219,451 | 190,804 | |
* | HD Supply Holdings Inc. | 4,418,309 | 189,501 |
Arconic Inc. | 10,841,862 | 184,420 | |
Cognex Corp. | 4,121,996 | 183,882 | |
Allegion plc | 2,365,878 | 183,024 | |
FLIR Systems Inc. | 3,438,072 | 178,677 | |
Sealed Air Corp. | 4,175,115 | 177,234 | |
Owens Corning | 2,777,778 | 176,028 | |
Fluor Corp. | 3,501,751 | 170,815 | |
* | Teledyne Technologies Inc. | 845,913 | 168,387 |
Nordson Corp. | 1,308,694 | 168,049 | |
Pentair plc | 3,988,614 | 167,841 | |
Carlisle Cos. Inc. | 1,531,704 | 165,899 | |
* | Arrow Electronics Inc. | 2,187,229 | 164,655 |
BWX Technologies Inc. | 2,484,664 | 154,844 | |
Toro Co. | 2,533,073 | 152,618 | |
* | Berry Global Group Inc. | 3,272,180 | 150,324 |
Booz Allen Hamilton Holding Corp. Class A | 3,425,984 | 149,818 | |
* | Crown Holdings Inc. | 3,340,262 | 149,510 |
Hexcel Corp. | 2,244,525 | 148,992 | |
Donaldson Co. Inc. | 3,234,492 | 145,940 | |
AptarGroup Inc. | 1,554,750 | 145,183 | |
HEICO Corp. Class A | 2,379,730 | 145,045 | |
Hubbell Inc. Class B | 1,367,004 | 144,547 | |
ManpowerGroup Inc. | 1,651,804 | 142,154 | |
Watsco Inc. | 794,812 | 141,699 | |
MDU Resources Group Inc. | 4,890,230 | 140,252 | |
* | Stericycle Inc. | 2,144,937 | 140,043 |
Littelfuse Inc. | 606,794 | 138,458 | |
Lincoln Electric Holdings Inc. | 1,559,108 | 136,827 | |
Allison Transmission Holdings Inc. | 3,292,839 | 133,327 | |
* | AECOM | 4,022,416 | 132,860 |
Flowserve Corp. | 3,268,441 | 132,045 | |
Xerox Corp. | 5,443,368 | 130,641 | |
National Instruments Corp. | 3,111,950 | 130,640 | |
Oshkosh Corp. | 1,857,699 | 130,633 | |
Sonoco Products Co. | 2,479,152 | 130,155 | |
Trinity Industries Inc. | 3,731,899 | 127,855 | |
Avnet Inc. | 2,973,558 | 127,536 | |
Knight-Swift Transportation Holdings Inc. | 3,315,852 | 126,699 | |
* | Quanta Services Inc. | 3,769,303 | 125,895 |
* | Genesee & Wyoming Inc. Class A | 1,529,884 | 124,410 |
Eagle Materials Inc. | 1,150,119 | 120,728 | |
Acuity Brands Inc. | 1,032,832 | 119,674 | |
Curtiss-Wright Corp. | 992,766 | 118,159 | |
ITT Inc. | 2,198,381 | 114,909 | |
Landstar System Inc. | 1,045,840 | 114,206 | |
Graphic Packaging Holding Co. | 7,689,778 | 111,579 | |
* | Kirby Corp. | 1,333,857 | 111,510 |
EMCOR Group Inc. | 1,458,896 | 111,139 | |
Genpact Ltd. | 3,762,581 | 108,851 | |
Jabil Inc. | 3,886,330 | 107,496 | |
* | CoreLogic Inc. | 2,069,758 | 107,420 |
Woodward Inc. | 1,389,116 | 106,767 | |
* | Euronet Worldwide Inc. | 1,233,875 | 103,362 |
Air Lease Corp. Class A | 2,455,232 | 103,046 | |
AGCO Corp. | 1,681,867 | 102,123 | |
Crane Co. | 1,267,367 | 101,554 | |
MAXIMUS Inc. | 1,620,928 | 100,676 | |
* | nVent Electric plc | 3,986,310 | 100,056 |
Louisiana-Pacific Corp. | 3,634,686 | 98,936 | |
* | Coherent Inc. | 618,747 | 96,784 |
* | ASGN Inc. | 1,236,052 | 96,647 |
MSC Industrial Direct Co. Inc. Class A | 1,134,039 | 96,223 |
39
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Brink's Co. | 1,202,910 | 95,932 | |
Bemis Co. Inc. | 2,260,009 | 95,395 | |
Ryder System Inc. | 1,326,357 | 95,312 | |
* | Trex Co. Inc. | 1,473,448 | 92,223 |
^ | Universal Display Corp. | 1,060,858 | 91,234 |
* | Conduent Inc. | 5,006,323 | 90,965 |
* | USG Corp. | 2,106,074 | 90,814 |
Insperity Inc. | 951,961 | 90,674 | |
* | KLX Inc. | 1,260,025 | 90,596 |
Regal Beloit Corp. | 1,104,859 | 90,377 | |
* | Axon Enterprise Inc. | 1,387,634 | 87,671 |
MSA Safety Inc. | 872,615 | 84,068 | |
Korn/Ferry International | 1,342,255 | 83,126 | |
* | MasTec Inc. | 1,629,485 | 82,696 |
Valmont Industries Inc. | 548,274 | 82,652 | |
Tetra Tech Inc. | 1,408,185 | 82,379 | |
Macquarie Infrastructure Corp. | 1,926,850 | 81,313 | |
* | Generac Holdings Inc. | 1,545,361 | 79,942 |
* | Gardner Denver Holdings Inc. | 2,713,842 | 79,760 |
Deluxe Corp. | 1,202,766 | 79,635 | |
EnerSys | 1,063,808 | 79,403 | |
* | Cimpress NV | 536,757 | 77,808 |
Terex Corp. | 1,842,334 | 77,728 | |
* | Proto Labs Inc. | 646,803 | 76,937 |
Vishay Intertechnology Inc. | 3,310,883 | 76,812 | |
Timken Co. | 1,757,846 | 76,554 | |
* | Rexnord Corp. | 2,603,456 | 75,656 |
Barnes Group Inc. | 1,277,871 | 75,267 | |
* | RBC Bearings Inc. | 582,856 | 75,078 |
Kennametal Inc. | 2,047,766 | 73,515 | |
* | Clean Harbors Inc. | 1,309,826 | 72,761 |
* | Summit Materials Inc. Class A | 2,753,638 | 72,283 |
* | Armstrong World Industries Inc. | 1,131,518 | 71,512 |
Maxar Technologies Ltd. | 1,414,343 | 71,453 | |
John Bean Technologies Corp. | 796,334 | 70,794 | |
GATX Corp. | 944,748 | 70,129 | |
* | AMN Healthcare Services Inc. | 1,195,845 | 70,077 |
* | TopBuild Corp. | 887,698 | 69,542 |
* | Owens-Illinois Inc. | 4,084,758 | 68,665 |
UniFirst Corp. | 386,593 | 68,388 | |
Applied Industrial Technologies Inc. | 971,714 | 68,166 | |
* | WESCO International Inc. | 1,187,123 | 67,785 |
Simpson Manufacturing Co. Inc. | 1,052,635 | 65,463 | |
KBR Inc. | 3,545,684 | 63,539 | |
* | Colfax Corp. | 2,059,140 | 63,113 |
Belden Inc. | 1,023,004 | 62,526 | |
Exponent Inc. | 1,275,911 | 61,626 | |
* | II-VI Inc. | 1,409,719 | 61,252 |
Moog Inc. Class A | 775,864 | 60,486 | |
Granite Construction Inc. | 1,079,578 | 60,089 | |
* | TriNet Group Inc. | 1,062,990 | 59,464 |
* | FTI Consulting Inc. | 939,388 | 56,814 |
* | Esterline Technologies Corp. | 759,862 | 56,078 |
Convergys Corp. | 2,280,799 | 55,743 | |
Watts Water Technologies Inc. Class A | 702,901 | 55,107 | |
Universal Forest Products Inc. | 1,455,088 | 53,285 | |
* | Floor & Decor Holdings Inc. Class A | 1,079,298 | 53,242 |
* | Builders FirstSource Inc. | 2,853,229 | 52,186 |
Mobile Mini Inc. | 1,106,698 | 51,904 | |
Silgan Holdings Inc. | 1,932,330 | 51,844 | |
* | Masonite International Corp. | 718,542 | 51,627 |
* | Saia Inc. | 633,632 | 51,229 |
* | Rogers Corp. | 457,384 | 50,980 |
* | Integer Holdings Corp. | 786,261 | 50,832 |
40
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Navistar International Corp. | 1,246,367 | 50,752 |
* | WageWorks Inc. | 1,009,234 | 50,462 |
* | Aerojet Rocketdyne Holdings Inc. | 1,699,188 | 50,109 |
* | Plexus Corp. | 840,623 | 50,051 |
* | JELD-WEN Holding Inc. | 1,738,517 | 49,704 |
Otter Tail Corp. | 1,042,858 | 49,640 | |
* | Itron Inc. | 821,778 | 49,348 |
Covanta Holding Corp. | 2,964,762 | 48,919 | |
ABM Industries Inc. | 1,664,290 | 48,564 | |
* | Sanmina Corp. | 1,649,956 | 48,344 |
* | Novanta Inc. | 771,812 | 48,084 |
Schneider National Inc. Class B | 1,738,857 | 47,836 | |
Kaman Corp. | 684,742 | 47,720 | |
Mueller Water Products Inc. Class A | 3,995,162 | 46,823 | |
* | Meritor Inc. | 2,228,036 | 45,831 |
* | Atlas Air Worldwide Holdings Inc. | 637,249 | 45,691 |
* | Cotiviti Holdings Inc. | 1,029,182 | 45,418 |
* | ExlService Holdings Inc. | 798,900 | 45,226 |
* | Anixter International Inc. | 714,366 | 45,219 |
Brady Corp. Class A | 1,163,591 | 44,856 | |
Actuant Corp. Class A | 1,527,781 | 44,840 | |
* | Harsco Corp. | 2,025,747 | 44,769 |
* | SPX FLOW Inc. | 1,014,706 | 44,414 |
Franklin Electric Co. Inc. | 975,850 | 44,011 | |
Boise Cascade Co. | 976,610 | 43,654 | |
* | Advanced Disposal Services Inc. | 1,760,330 | 43,621 |
Albany International Corp. | 724,058 | 43,552 | |
Forward Air Corp. | 735,502 | 43,453 | |
* | Paylocity Holding Corp. | 727,981 | 42,849 |
Comfort Systems USA Inc. | 928,198 | 42,511 | |
Mueller Industries Inc. | 1,428,458 | 42,154 | |
Greenbrier Cos. Inc. | 794,172 | 41,893 | |
Greif Inc. Class A | 784,272 | 41,480 | |
Werner Enterprises Inc. | 1,087,597 | 40,839 | |
* | TTM Technologies Inc. | 2,298,554 | 40,524 |
Matson Inc. | 1,055,522 | 40,511 | |
Triton International Ltd. | 1,320,513 | 40,487 | |
Cubic Corp. | 622,566 | 39,969 | |
* | Hub Group Inc. Class A | 795,508 | 39,616 |
* | Imperva Inc. | 809,186 | 39,043 |
* | Aerovironment Inc. | 537,744 | 38,411 |
AAR Corp. | 824,147 | 38,315 | |
EnPro Industries Inc. | 526,782 | 36,848 | |
* | American Woodmark Corp. | 397,692 | 36,409 |
HEICO Corp. | 498,516 | 36,357 | |
Methode Electronics Inc. | 898,632 | 36,215 | |
Benchmark Electronics Inc. | 1,241,897 | 36,201 | |
McGrath RentCorp | 570,410 | 36,090 | |
* | SPX Corp. | 1,015,133 | 35,580 |
World Fuel Services Corp. | 1,711,063 | 34,923 | |
* | Knowles Corp. | 2,278,602 | 34,863 |
Apogee Enterprises Inc. | 718,470 | 34,609 | |
ESCO Technologies Inc. | 599,383 | 34,584 | |
ManTech International Corp. Class A | 644,173 | 34,553 | |
US Ecology Inc. | 537,446 | 34,235 | |
Federal Signal Corp. | 1,464,783 | 34,115 | |
Raven Industries Inc. | 887,176 | 34,112 | |
* | MINDBODY Inc. Class A | 878,562 | 33,912 |
Sun Hydraulics Corp. | 698,452 | 33,658 | |
Tennant Co. | 424,618 | 33,545 | |
* | BMC Stock Holdings Inc. | 1,605,525 | 33,475 |
* | OSI Systems Inc. | 427,208 | 33,036 |
* | Milacron Holdings Corp. | 1,740,481 | 32,947 |
* | TriMas Corp. | 1,120,285 | 32,936 |
41
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Evolent Health Inc. Class A | 1,555,032 | 32,733 |
AAON Inc. | 981,772 | 32,644 | |
* | Fabrinet | 884,550 | 32,631 |
* | Patrick Industries Inc. | 567,262 | 32,249 |
* | Air Transport Services Group Inc. | 1,420,370 | 32,086 |
Standex International Corp. | 313,885 | 32,079 | |
EVERTEC Inc. | 1,452,819 | 31,744 | |
Altra Industrial Motion Corp. | 726,530 | 31,313 | |
ICF International Inc. | 436,838 | 31,037 | |
*,^ | Ambarella Inc. | 798,068 | 30,813 |
* | KEMET Corp. | 1,270,378 | 30,680 |
Astec Industries Inc. | 510,644 | 30,537 | |
Badger Meter Inc. | 682,379 | 30,502 | |
H&E Equipment Services Inc. | 797,188 | 29,982 | |
* | Gibraltar Industries Inc. | 788,012 | 29,550 |
ArcBest Corp. | 645,927 | 29,519 | |
* | CBIZ Inc. | 1,277,365 | 29,379 |
* | Installed Building Products Inc. | 518,599 | 29,327 |
* | Continental Building Products Inc. | 924,303 | 29,162 |
* | Sykes Enterprises Inc. | 984,136 | 28,323 |
Primoris Services Corp. | 1,034,228 | 28,162 | |
Aircastle Ltd. | 1,372,138 | 28,129 | |
* | Cardtronics plc Class A | 1,161,799 | 28,092 |
AZZ Inc. | 636,495 | 27,656 | |
CTS Corp. | 768,036 | 27,649 | |
* | TrueBlue Inc. | 1,015,269 | 27,361 |
Viad Corp. | 499,869 | 27,118 | |
Materion Corp. | 498,746 | 27,007 | |
Kadant Inc. | 275,695 | 26,508 | |
*,^ | MACOM Technology Solutions Holdings Inc. | 1,144,363 | 26,366 |
Wabash National Corp. | 1,407,086 | 26,256 | |
* | Kratos Defense & Security Solutions Inc. | 2,270,224 | 26,130 |
Advanced Drainage Systems Inc. | 906,112 | 25,869 | |
Lindsay Corp. | 263,445 | 25,552 | |
Douglas Dynamics Inc. | 527,444 | 25,317 | |
* | Navigant Consulting Inc. | 1,121,207 | 24,824 |
^ | ADT Inc. | 2,866,166 | 24,792 |
* | Casella Waste Systems Inc. Class A | 960,565 | 24,600 |
* | PGT Innovations Inc. | 1,163,494 | 24,259 |
* | Atkore International Group Inc. | 1,157,778 | 24,047 |
Triumph Group Inc. | 1,191,891 | 23,361 | |
Encore Wire Corp. | 482,371 | 22,889 | |
* | NCI Building Systems Inc. | 1,089,686 | 22,883 |
Sturm Ruger & Co. Inc. | 407,896 | 22,842 | |
Multi-Color Corp. | 351,895 | 22,750 | |
Manitowoc Co. Inc. | 878,152 | 22,709 | |
* | GMS Inc. | 837,273 | 22,682 |
MTS Systems Corp. | 428,655 | 22,569 | |
* | FARO Technologies Inc. | 408,282 | 22,190 |
* | Huron Consulting Group Inc. | 541,329 | 22,140 |
Marten Transport Ltd. | 938,834 | 22,016 | |
Heartland Express Inc. | 1,175,295 | 21,802 | |
Schnitzer Steel Industries Inc. | 639,035 | 21,535 | |
*,^ | US Concrete Inc. | 398,517 | 20,922 |
Columbus McKinnon Corp. | 474,715 | 20,584 | |
Alamo Group Inc. | 227,445 | 20,552 | |
* | GreenSky Inc. Class A | 953,629 | 20,169 |
AVX Corp. | 1,282,379 | 20,095 | |
Kforce Inc. | 582,944 | 19,995 | |
* | Aegion Corp. Class A | 758,841 | 19,540 |
* | Vicor Corp. | 447,472 | 19,487 |
* | Tutor Perini Corp. | 1,042,243 | 19,229 |
Cass Information Systems Inc. | 276,578 | 19,034 | |
* | Echo Global Logistics Inc. | 645,787 | 18,889 |
42
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
GrafTech International Ltd. | 1,046,429 | 18,825 | |
* | Thermon Group Holdings Inc. | 806,270 | 18,439 |
CIRCOR International Inc. | 495,184 | 18,302 | |
* | Gates Industrial Corp. plc | 1,093,250 | 17,787 |
Gorman-Rupp Co. | 500,701 | 17,525 | |
* | Lydall Inc. | 401,468 | 17,524 |
Griffon Corp. | 969,609 | 17,259 | |
* | Veeco Instruments Inc. | 1,186,965 | 16,914 |
*,^ | Inovalon Holdings Inc. Class A | 1,701,387 | 16,886 |
* | American Outdoor Brands Corp. | 1,373,079 | 16,518 |
Mesa Laboratories Inc. | 78,237 | 16,514 | |
*,^ | Team Inc. | 714,720 | 16,510 |
Myers Industries Inc. | 859,835 | 16,509 | |
Barrett Business Services Inc. | 170,499 | 16,465 | |
Kelly Services Inc. Class A | 729,099 | 16,368 | |
Global Brass & Copper Holdings Inc. | 516,607 | 16,196 | |
Quad/Graphics Inc. | 767,265 | 15,982 | |
Argan Inc. | 384,339 | 15,739 | |
* | Control4 Corp. | 645,400 | 15,690 |
* | Wesco Aircraft Holdings Inc. | 1,378,338 | 15,506 |
DMC Global Inc. | 344,479 | 15,467 | |
Heidrick & Struggles International Inc. | 439,383 | 15,378 | |
Quanex Building Products Corp. | 852,897 | 15,309 | |
* | Pluralsight Inc. Class A | 622,733 | 15,226 |
* | DXP Enterprises Inc. | 395,985 | 15,127 |
Insteel Industries Inc. | 440,921 | 14,727 | |
* | Astronics Corp. | 402,268 | 14,470 |
NVE Corp. | 118,253 | 14,401 | |
Park Electrochemical Corp. | 618,229 | 14,337 | |
* | Donnelley Financial Solutions Inc. | 825,190 | 14,334 |
* | TimkenSteel Corp. | 873,145 | 14,276 |
* | Engility Holdings Inc. | 457,241 | 14,010 |
* | NV5 Global Inc. | 200,264 | 13,878 |
* | MYR Group Inc. | 385,799 | 13,680 |
Hyster-Yale Materials Handling Inc. | 207,056 | 13,303 | |
LSC Communications Inc. | 813,579 | 12,741 | |
REV Group Inc. | 734,180 | 12,488 | |
* | Electro Scientific Industries Inc. | 789,027 | 12,443 |
* | International Seaways Inc. | 535,546 | 12,393 |
NN Inc. | 643,145 | 12,155 | |
Ennis Inc. | 596,227 | 12,133 | |
* | Everi Holdings Inc. | 1,653,126 | 11,903 |
Resources Connection Inc. | 702,424 | 11,871 | |
TTEC Holdings Inc. | 343,122 | 11,855 | |
Spartan Motors Inc. | 777,193 | 11,736 | |
B. Riley Financial Inc. | 504,217 | 11,370 | |
* | Kimball Electronics Inc. | 617,081 | 11,293 |
* | PHH Corp. | 1,033,232 | 11,221 |
Essendant Inc. | 843,827 | 11,155 | |
*,^ | CryoPort Inc. | 695,260 | 10,971 |
National Research Corp. | 286,989 | 10,733 | |
* | Landec Corp. | 700,746 | 10,441 |
* | Ducommun Inc. | 313,317 | 10,368 |
VSE Corp. | 211,954 | 10,127 | |
* | CAI International Inc. | 435,637 | 10,124 |
* | InnerWorkings Inc. | 1,150,211 | 9,995 |
CRA International Inc. | 191,041 | 9,722 | |
* | Vishay Precision Group Inc. | 253,801 | 9,683 |
* | Cross Country Healthcare Inc. | 850,397 | 9,567 |
* | Eagle Bulk Shipping Inc. | 1,751,783 | 9,530 |
Allied Motion Technologies Inc. | 197,176 | 9,441 | |
* | Covenant Transportation Group Inc. Class A | 297,596 | 9,374 |
* | YRC Worldwide Inc. | 915,597 | 9,202 |
* | Armstrong Flooring Inc. | 648,501 | 9,105 |
43
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Sterling Construction Co. Inc. | 692,311 | 9,021 |
* | Blue Bird Corp. | 402,778 | 9,002 |
* | Daseke Inc. | 887,702 | 8,815 |
* | BlueLinx Holdings Inc. | 233,699 | 8,771 |
RR Donnelley & Sons Co. | 1,513,590 | 8,718 | |
* | ServiceSource International Inc. | 2,196,386 | 8,654 |
Powell Industries Inc. | 245,217 | 8,541 | |
* | Great Lakes Dredge & Dock Corp. | 1,537,465 | 8,072 |
*,^ | Babcock & Wilcox Enterprises Inc. | 3,386,019 | 8,059 |
Hurco Cos. Inc. | 178,416 | 7,984 | |
Daktronics Inc. | 935,354 | 7,960 | |
* | Hill International Inc. | 1,341,179 | 7,913 |
* | Mistras Group Inc. | 415,320 | 7,841 |
Park-Ohio Holdings Corp. | 204,603 | 7,632 | |
*,^ | Energous Corp. | 502,294 | 7,449 |
American Railcar Industries Inc. | 188,389 | 7,438 | |
* | Heritage-Crystal Clean Inc. | 367,732 | 7,391 |
* | Sparton Corp. | 387,515 | 7,359 |
* | Nuvectra Corp. | 354,463 | 7,277 |
Omega Flex Inc. | 90,399 | 7,151 | |
*,^ | Energy Recovery Inc. | 883,064 | 7,135 |
Miller Industries Inc. | 278,524 | 7,116 | |
* | Evo Payments Inc. Class A | 343,152 | 7,062 |
* | Willdan Group Inc. | 226,018 | 7,000 |
* | Franklin Covey Co. | 276,687 | 6,793 |
* | Era Group Inc. | 523,681 | 6,782 |
* | Overseas Shipholding Group Inc. Class A | 1,742,781 | 6,762 |
* | IntriCon Corp. | 162,977 | 6,568 |
* | Twin Disc Inc. | 261,882 | 6,500 |
Graham Corp. | 249,210 | 6,432 | |
* | UFP Technologies Inc. | 206,561 | 6,372 |
* | GP Strategies Corp. | 355,604 | 6,259 |
* | PRGX Global Inc. | 614,574 | 5,961 |
Advanced Emissions Solutions Inc. | 514,401 | 5,844 | |
*,^ | ShotSpotter Inc. | 153,598 | 5,826 |
* | Foundation Building Materials Inc. | 378,239 | 5,817 |
* | Commercial Vehicle Group Inc. | 778,606 | 5,715 |
*,^ | Asure Software Inc. | 356,036 | 5,679 |
* | Orion Group Holdings Inc. | 682,871 | 5,641 |
FreightCar America Inc. | 327,072 | 5,492 | |
* | USA Truck Inc. | 233,196 | 5,473 |
* | General Finance Corp. | 396,149 | 5,368 |
Bel Fuse Inc. Class B | 242,008 | 5,058 | |
* | LB Foster Co. Class A | 214,820 | 4,930 |
Universal Logistics Holdings Inc. | 184,833 | 4,852 | |
* | PFSweb Inc. | 489,975 | 4,763 |
BG Staffing Inc. | 203,010 | 4,720 | |
^ | EnviroStar Inc. | 115,641 | 4,660 |
* | Information Services Group Inc. | 1,133,498 | 4,647 |
*,^ | Maxwell Technologies Inc. | 890,960 | 4,633 |
* | Northwest Pipe Co. | 235,936 | 4,570 |
*,^ | Forterra Inc. | 467,345 | 4,547 |
* | Napco Security Technologies Inc. | 300,741 | 4,406 |
* | Gencor Industries Inc. | 269,120 | 4,346 |
Eastern Co. | 154,082 | 4,322 | |
CECO Environmental Corp. | 703,464 | 4,319 | |
* | Manitex International Inc. | 339,176 | 4,233 |
*,^ | Horizon Global Corp. | 686,878 | 4,094 |
* | Astronics Corp. Class B | 111,320 | 3,981 |
United States Lime & Minerals Inc. | 46,612 | 3,911 | |
* | Willis Lease Finance Corp. | 121,637 | 3,843 |
*,^ | Turtle Beach Corp. | 186,938 | 3,799 |
* | Xerium Technologies Inc. | 285,836 | 3,784 |
* | Intevac Inc. | 754,880 | 3,661 |
44
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Iteris Inc. | 745,165 | 3,607 |
* | Radiant Logistics Inc. | 919,807 | 3,596 |
LSI Industries Inc. | 669,774 | 3,577 | |
* | IES Holdings Inc. | 207,391 | 3,474 |
* | Cardlytics Inc. | 159,404 | 3,469 |
*,^ | CyberOptics Corp. | 193,613 | 3,369 |
NACCO Industries Inc. Class A | 99,651 | 3,363 | |
* | PAM Transportation Services Inc. | 69,983 | 3,287 |
Richardson Electronics Ltd. | 336,052 | 3,273 | |
* | Construction Partners Inc. Class A | 246,300 | 3,244 |
* | Houston Wire & Cable Co. | 380,723 | 3,236 |
Crawford & Co. Class A | 367,479 | 3,164 | |
* | Transcat Inc. | 161,258 | 3,048 |
Crawford & Co. Class B | 342,589 | 2,963 | |
* | Lawson Products Inc. | 112,129 | 2,730 |
* | DHI Group Inc. | 1,153,875 | 2,712 |
* | StarTek Inc. | 407,831 | 2,565 |
*,^ | Huttig Building Products Inc. | 539,804 | 2,564 |
* | Goldfield Corp. | 590,960 | 2,512 |
* | Aspen Aerogels Inc. | 501,784 | 2,459 |
* | Arotech Corp. | 636,010 | 2,385 |
Global Water Resources Inc. | 236,036 | 2,219 | |
*,^ | MicroVision Inc. | 1,885,440 | 2,112 |
* | Perceptron Inc. | 195,912 | 2,067 |
*,^ | ExOne Co. | 286,758 | 2,030 |
* | Ultralife Corp. | 208,691 | 2,003 |
*,^ | Hudson Technologies Inc. | 989,489 | 1,989 |
*,^ | CUI Global Inc. | 643,279 | 1,911 |
* | ARC Document Solutions Inc. | 1,016,895 | 1,800 |
* | Acacia Research Corp. | 433,709 | 1,800 |
* | Roadrunner Transportation Systems Inc. | 838,562 | 1,753 |
Steel Connect Inc. | 810,199 | 1,750 | |
*,^ | Capstone Turbine Corp. | 1,220,798 | 1,746 |
* | Patriot Transportation Holding Inc. | 79,886 | 1,718 |
*,^ | Revolution Lighting Technologies Inc. | 424,355 | 1,710 |
*,^ | Aqua Metals Inc. | 561,322 | 1,617 |
* | CPI Aerostructures Inc. | 149,909 | 1,574 |
* | Frequency Electronics Inc. | 191,069 | 1,540 |
* | US Xpress Enterprises Inc. Class A | 98,700 | 1,494 |
* | Luna Innovations Inc. | 488,259 | 1,455 |
* | Mattersight Corp. | 535,988 | 1,434 |
* | Perma-Pipe International Holdings Inc. | 136,141 | 1,273 |
* | Sharps Compliance Corp. | 341,266 | 1,259 |
* | ASV Holdings Inc. | 215,094 | 1,245 |
*,^ | Workhorse Group Inc. | 663,553 | 1,208 |
* | Ballantyne Strong Inc. | 233,667 | 1,133 |
* | IEC Electronics Corp. | 192,084 | 1,120 |
*,^ | UQM Technologies Inc. | 1,096,725 | 1,097 |
*,^ | Lightbridge Corp. | 1,092,208 | 1,092 |
*,^ | LightPath Technologies Inc. Class A | 472,290 | 1,086 |
* | Limbach Holdings Inc. | 91,797 | 1,085 |
*,^ | Odyssey Marine Exploration Inc. | 128,355 | 1,064 |
* | Universal Technical Institute Inc. | 323,866 | 1,020 |
*,^ | eMagin Corp. | 545,071 | 981 |
Espey Manufacturing & Electronics Corp. | 36,513 | 980 | |
* | Hudson Global Inc. | 604,126 | 979 |
*,^ | ClearSign Combustion Corp. | 469,860 | 940 |
RF Industries Ltd. | 119,033 | 863 | |
Issuer Direct Corp. | 43,268 | 861 | |
* | Perma-Fix Environmental Services | 190,337 | 857 |
* | ALJ Regional Holdings Inc. | 433,960 | 825 |
* | Lincoln Educational Services Corp. | 411,937 | 717 |
* | Wireless Telecom Group Inc. | 316,572 | 696 |
* | Taylor Devices Inc. | 67,427 | 692 |
45
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Black Box Corp. | 322,831 | 654 |
*,^ | Applied DNA Sciences Inc. | 516,369 | 651 |
* | Air T Inc. | 19,270 | 646 |
* | Volt Information Sciences Inc. | 188,183 | 640 |
Greif Inc. Class B | 11,048 | 636 | |
* | Innovative Solutions & Support Inc. | 206,801 | 602 |
* | Tecogen Inc. | 160,095 | 596 |
* | SigmaTron International Inc. | 84,764 | 595 |
*,^ | DPW Holdings Inc. | 1,072,879 | 582 |
* | Broadwind Energy Inc. | 226,965 | 536 |
*,^ | Medical Transcription Billing Corp. | 138,038 | 534 |
AMCON Distributing Co. | 5,948 | 523 | |
*,^ | Air Industries Group | 280,926 | 506 |
* | Vertex Energy Inc. | 430,036 | 456 |
*,^ | Synthesis Energy Systems Inc. | 137,912 | 452 |
*,^ | Orion Energy Systems Inc. | 391,222 | 430 |
* | I3 Verticals Inc. Class A | 28,238 | 430 |
* | Energy Focus Inc. | 215,166 | 409 |
* | Nuverra Environmental Solutions Inc. | 32,216 | 387 |
Chicago Rivet & Machine Co. | 11,328 | 365 | |
*,^ | Polar Power Inc. | 54,712 | 334 |
* | Image Sensing Systems Inc. | 74,588 | 310 |
* | AMREP Corp. | 41,838 | 298 |
* | DLH Holdings Corp. | 52,984 | 290 |
* | ENGlobal Corp. | 210,413 | 271 |
Ecology and Environment Inc. | 21,480 | 267 | |
* | Cemtrex Inc. | 120,430 | 252 |
* | Echelon Corp. | 29,961 | 247 |
*,^ | Digital Ally Inc. | 99,249 | 233 |
*,^ | EnSync Inc. | 619,994 | 227 |
Bel Fuse Inc. Class A | 10,580 | 226 | |
* | Pioneer Power Solutions Inc. | 41,047 | 211 |
* | Sypris Solutions Inc. | 127,117 | 208 |
*,^ | Research Frontiers Inc. | 248,137 | 204 |
*,^ | Rubicon Technology Inc. | 24,849 | 196 |
* | Fuel Tech Inc. | 177,278 | 191 |
*,^ | GEE Group Inc. | 81,570 | 188 |
*,^ | Payment Data Systems Inc. | 112,111 | 185 |
* | Continental Materials Corp. | 8,941 | 147 |
* | Boxlight Corp. Class A | 26,628 | 136 |
* | Industrial Services of America Inc. | 55,088 | 114 |
* | JetPay Corp. | 56,499 | 110 |
* | Coda Octopus Group Inc. | 27,130 | 108 |
* | AeroCentury Corp. | 6,716 | 106 |
*,^ | Astrotech Corp. | 28,908 | 90 |
* | SIFCO Industries Inc. | 16,533 | 89 |
* | Quest Resource Holding Corp. | 36,754 | 71 |
*,^ | Professional Diversity Network Inc. | 17,385 | 67 |
*,^ | American Electric Technologies Inc. | 42,240 | 53 |
* | SG Blocks Inc. | 8,584 | 45 |
Servotronics Inc. | 4,914 | 45 | |
* | Command Security Corp. | 25,285 | 39 |
* | Electro-Sensors Inc. | 1,291 | 5 |
* | Patriot National Inc. | 129,819 | 4 |
* | Jewett-Cameron Trading Co. Ltd. | 370 | 3 |
* | Dorian LPG Ltd. | 20 | — |
*,2 | LGL Group Inc. Warrants Exp. 08/06/2018 | 3,000 | — |
90,235,502 | |||
Oil & Gas (6.0%) | |||
Exxon Mobil Corp. | 105,966,749 | 8,766,629 | |
Chevron Corp. | 47,828,625 | 6,046,973 | |
Schlumberger Ltd. | 34,634,809 | 2,321,571 | |
ConocoPhillips | 29,279,009 | 2,038,405 | |
EOG Resources Inc. | 14,483,305 | 1,802,158 |
46
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Occidental Petroleum Corp. | 19,160,748 | 1,603,371 | |
Valero Energy Corp. | 10,782,527 | 1,195,027 | |
Phillips 66 | 10,487,809 | 1,177,886 | |
Anadarko Petroleum Corp. | 12,883,856 | 943,742 | |
Halliburton Co. | 20,758,372 | 935,372 | |
Kinder Morgan Inc. | 46,878,428 | 828,342 | |
Marathon Petroleum Corp. | 11,555,070 | 810,704 | |
Pioneer Natural Resources Co. | 4,262,079 | 806,556 | |
ONEOK Inc. | 10,282,167 | 718,004 | |
Williams Cos. Inc. | 20,664,239 | 560,208 | |
Devon Energy Corp. | 12,441,633 | 546,934 | |
* | Concho Resources Inc. | 3,727,303 | 515,672 |
Hess Corp. | 7,138,987 | 477,527 | |
Andeavor | 3,590,521 | 471,005 | |
Apache Corp. | 9,553,658 | 446,634 | |
Marathon Oil Corp. | 21,332,692 | 445,000 | |
Noble Energy Inc. | 12,134,688 | 428,112 | |
National Oilwell Varco Inc. | 9,515,386 | 412,968 | |
EQT Corp. | 6,631,768 | 365,941 | |
Baker Hughes a GE Co. | 10,424,191 | 344,311 | |
* | Cheniere Energy Inc. | 5,265,964 | 343,288 |
Diamondback Energy Inc. | 2,466,038 | 324,457 | |
HollyFrontier Corp. | 4,420,024 | 302,462 | |
Cabot Oil & Gas Corp. | 11,312,256 | 269,232 | |
Targa Resources Corp. | 5,228,910 | 258,779 | |
Cimarex Energy Co. | 2,394,663 | 243,633 | |
* | Parsley Energy Inc. Class A | 6,490,523 | 196,533 |
* | WPX Energy Inc. | 10,021,169 | 180,682 |
* | Energen Corp. | 2,434,465 | 177,278 |
OGE Energy Corp. | 4,975,030 | 175,171 | |
Helmerich & Payne Inc. | 2,594,552 | 165,429 | |
* | Continental Resources Inc. | 2,362,958 | 153,025 |
* | Newfield Exploration Co. | 5,021,352 | 151,896 |
*,^ | Transocean Ltd. | 10,933,745 | 146,950 |
Core Laboratories NV | 1,114,608 | 140,675 | |
* | RSP Permian Inc. | 3,186,236 | 140,258 |
Murphy Oil Corp. | 4,146,055 | 140,012 | |
* | Antero Resources Corp. | 5,978,769 | 127,647 |
* | Whiting Petroleum Corp. | 2,274,223 | 119,897 |
*,^ | Chesapeake Energy Corp. | 21,528,179 | 112,808 |
PBF Energy Inc. Class A | 2,637,636 | 110,596 | |
Range Resources Corp. | 6,188,399 | 103,532 | |
* | Oasis Petroleum Inc. | 7,939,777 | 102,979 |
* | PDC Energy Inc. | 1,660,673 | 100,388 |
* | First Solar Inc. | 1,832,603 | 96,505 |
Patterson-UTI Energy Inc. | 5,316,020 | 95,688 | |
Delek US Holdings Inc. | 1,888,503 | 94,746 | |
McDermott International Inc. | 4,253,029 | 83,572 | |
* | Centennial Resource Development Inc. Class A | 4,620,569 | 83,447 |
*,^ | Weatherford International plc | 24,813,990 | 81,638 |
^ | Ensco plc Class A | 11,034,998 | 80,114 |
* | Apergy Corp. | 1,914,361 | 79,925 |
* | Southwestern Energy Co. | 14,688,249 | 77,848 |
* | Matador Resources Co. | 2,461,497 | 73,968 |
* | QEP Resources Inc. | 5,918,689 | 72,563 |
SM Energy Co. | 2,796,542 | 71,843 | |
* | SRC Energy Inc. | 6,080,824 | 67,011 |
Oceaneering International Inc. | 2,506,882 | 63,825 | |
CNX Resources Corp. | 3,560,626 | 63,308 | |
* | Callon Petroleum Co. | 5,585,122 | 59,984 |
Nabors Industries Ltd. | 8,340,482 | 53,462 | |
* | Denbury Resources Inc. | 10,981,634 | 52,822 |
* | Rowan Cos. plc Class A | 3,222,069 | 52,262 |
* | Carrizo Oil & Gas Inc. | 1,855,936 | 51,688 |
47
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
SemGroup Corp. Class A | 2,006,799 | 50,973 | |
* | Dril-Quip Inc. | 968,189 | 49,765 |
* | California Resources Corp. | 1,083,419 | 49,231 |
* | MRC Global Inc. | 2,214,810 | 47,995 |
* | Chart Industries Inc. | 762,553 | 47,034 |
* | Gulfport Energy Corp. | 3,643,076 | 45,793 |
* | Oil States International Inc. | 1,382,469 | 44,377 |
*,^ | Extraction Oil & Gas Inc. | 2,831,742 | 41,598 |
Pattern Energy Group Inc. Class A | 2,218,018 | 41,588 | |
* | Noble Corp. plc | 6,330,393 | 40,071 |
Archrock Inc. | 3,188,254 | 38,259 | |
* | Superior Energy Services Inc. | 3,905,831 | 38,043 |
* | C&J Energy Services Inc. | 1,574,990 | 37,170 |
* | NOW Inc. | 2,777,219 | 37,020 |
* | Laredo Petroleum Inc. | 3,788,754 | 36,448 |
*,^ | Diamond Offshore Drilling Inc. | 1,593,980 | 33,250 |
* | Unit Corp. | 1,274,209 | 32,569 |
* | Helix Energy Solutions Group Inc. | 3,582,739 | 29,844 |
* | ProPetro Holding Corp. | 1,866,351 | 29,264 |
*,^ | Penn Virginia Corp. | 311,353 | 26,431 |
* | Forum Energy Technologies Inc. | 2,064,228 | 25,493 |
* | SEACOR Holdings Inc. | 410,857 | 23,530 |
* | Cactus Inc. | 662,705 | 22,393 |
* | Newpark Resources Inc. | 2,010,197 | 21,811 |
* | Exterran Corp. | 837,210 | 20,964 |
RPC Inc. | 1,416,517 | 20,639 | |
*,^ | Tellurian Inc. | 2,408,052 | 20,035 |
*,^ | Jagged Peak Energy Inc. | 1,411,946 | 18,384 |
Green Plains Inc. | 1,001,328 | 18,324 | |
* | Ring Energy Inc. | 1,428,997 | 18,034 |
* | HighPoint Resources Corp. | 2,809,818 | 17,084 |
*,^ | Halcon Resources Corp. | 3,772,580 | 16,562 |
* | W&T Offshore Inc. | 2,311,219 | 16,525 |
* | Renewable Energy Group Inc. | 924,062 | 16,494 |
^ | CVR Energy Inc. | 443,291 | 16,397 |
* | Bonanza Creek Energy Inc. | 430,522 | 16,304 |
*,^ | Keane Group Inc. | 1,171,499 | 16,014 |
*,^ | Tidewater Inc. | 544,696 | 15,758 |
* | Select Energy Services Inc. Class A | 1,081,536 | 15,715 |
* | Talos Energy Inc. | 470,678 | 15,123 |
* | Alta Mesa Resources Inc. | 2,188,807 | 14,906 |
* | SandRidge Energy Inc. | 826,926 | 14,670 |
* | WildHorse Resource Development Corp. | 549,339 | 13,931 |
* | TETRA Technologies Inc. | 3,109,726 | 13,838 |
* | TPI Composites Inc. | 470,344 | 13,753 |
* | Par Pacific Holdings Inc. | 781,053 | 13,575 |
*,^ | Enphase Energy Inc. | 1,944,085 | 13,084 |
*,^ | Resolute Energy Corp. | 418,900 | 13,070 |
* | Northern Oil and Gas Inc. | 4,037,936 | 12,719 |
*,^ | SunPower Corp. Class A | 1,595,490 | 12,237 |
* | REX American Resources Corp. | 144,513 | 11,701 |
* | Matrix Service Co. | 617,688 | 11,335 |
*,^ | Plug Power Inc. | 5,608,925 | 11,330 |
* | Abraxas Petroleum Corp. | 3,903,907 | 11,282 |
* | Ultra Petroleum Corp. | 4,847,303 | 11,197 |
* | Pioneer Energy Services Corp. | 1,911,093 | 11,180 |
* | SEACOR Marine Holdings Inc. | 477,739 | 11,031 |
* | FTS International Inc. | 713,172 | 10,156 |
*,^ | Mammoth Energy Services Inc. | 279,418 | 9,489 |
*,^ | Solaris Oilfield Infrastructure Inc. Class A | 642,051 | 9,175 |
* | Trecora Resources | 576,346 | 8,559 |
* | Natural Gas Services Group Inc. | 359,984 | 8,496 |
* | Bristow Group Inc. | 564,780 | 7,969 |
*,^ | Sanchez Energy Corp. | 1,759,921 | 7,955 |
48
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Midstates Petroleum Co. Inc. | 561,762 | 7,646 |
Panhandle Oil and Gas Inc. Class A | 396,027 | 7,564 | |
* | Energy XXI Gulf Coast Inc. | 843,949 | 7,460 |
*,^ | Liberty Oilfield Services Inc. Class A | 383,936 | 7,187 |
Evolution Petroleum Corp. | 715,256 | 7,045 | |
* | Basic Energy Services Inc. | 631,607 | 7,017 |
* | ION Geophysical Corp. | 284,964 | 6,925 |
* | Nine Energy Service Inc. | 190,220 | 6,300 |
* | Green Brick Partners Inc. | 618,520 | 6,061 |
* | Flotek Industries Inc. | 1,623,719 | 5,245 |
*,^ | Zion Oil & Gas Inc. | 1,291,594 | 5,237 |
* | SilverBow Resources Inc. | 177,597 | 5,129 |
* | Key Energy Services Inc. | 314,292 | 5,104 |
* | Ameresco Inc. Class A | 417,754 | 5,013 |
*,^ | CARBO Ceramics Inc. | 501,912 | 4,603 |
* | Dawson Geophysical Co. | 561,444 | 4,435 |
* | Geospace Technologies Corp. | 307,622 | 4,325 |
*,^ | Lilis Energy Inc. | 801,213 | 4,166 |
* | Earthstone Energy Inc. Class A | 442,914 | 3,920 |
*,^ | Comstock Resources Inc. | 359,017 | 3,773 |
*,^ | Gulfmark Offshore Inc. | 110,105 | 3,689 |
* | Eclipse Resources Corp. | 2,233,812 | 3,574 |
* | Lonestar Resources US Inc. Class A | 418,980 | 3,536 |
* | Pacific Ethanol Inc. | 1,358,426 | 3,532 |
* | Independence Contract Drilling Inc. | 846,620 | 3,488 |
* | PHI Inc. Non-Voting ORD | 330,800 | 3,364 |
*,^ | Approach Resources Inc. | 1,318,907 | 3,218 |
* | VAALCO Energy Inc. | 1,166,809 | 3,185 |
*,^ | American Superconductor Corp. | 452,138 | 3,165 |
* | NCS Multistage Holdings Inc. | 216,831 | 3,151 |
*,^ | EP Energy Corp. Class A | 1,024,693 | 3,074 |
* | Contango Oil & Gas Co. | 534,581 | 3,036 |
*,^ | FuelCell Energy Inc. | 2,074,561 | 2,738 |
*,^ | Smart Sand Inc. | 506,432 | 2,689 |
*,^ | Goodrich Petroleum Corp. | 202,549 | 2,506 |
* | Hornbeck Offshore Services Inc. | 631,703 | 2,502 |
Gulf Island Fabrication Inc. | 260,671 | 2,346 | |
* | Quintana Energy Services Inc. | 269,812 | 2,285 |
Adams Resources & Energy Inc. | 52,379 | 2,252 | |
* | Isramco Inc. | 17,021 | 2,092 |
*,^ | Gastar Exploration Inc. | 3,541,181 | 1,983 |
* | Ranger Energy Services Inc. | 171,200 | 1,570 |
*,^ | Infrastructure and Energy Alternatives Inc. | 162,581 | 1,514 |
* | Parker Drilling Co. | 3,518,932 | 1,337 |
*,^ | Rosehill Resources Inc. | 161,800 | 1,314 |
*,^ | Torchlight Energy Resources Inc. | 793,893 | 1,080 |
* | PHI Inc. ORD | 68,197 | 710 |
*,^ | Jones Energy Inc. Class A | 1,871,554 | 695 |
* | Enservco Corp. | 525,883 | 610 |
*,^ | Eco-Stim Energy Solutions Inc. | 883,289 | 574 |
*,^ | Talos Energy Inc. Warrants Exp. 02/28/2021 | 116,107 | 551 |
*,^ | Ocean Power Technologies Inc. | 500,965 | 426 |
* | Mitcham Industries Inc. | 80,615 | 324 |
*,^ | Aemetis Inc. | 161,833 | 244 |
* | Superior Drilling Products Inc. | 115,940 | 225 |
*,^ | Ideal Power Inc. | 162,098 | 172 |
*,^ | Houston American Energy Corp. | 382,849 | 116 |
*,^ | Yuma Energy Inc. | 146,228 | 78 |
*,^ | SAExploration Holdings Inc. | 30,093 | 48 |
* | Tidewater Inc. Class A Warrants | 8,839 | 31 |
* | Tidewater Inc. Class B Warrants | 9,555 | 26 |
*,^ | Bonanza Creek Energy Inc. Warrants Exp. 04/28/2020 | 33,839 | 15 |
* | PetroQuest Energy Inc. | 17,092 | 4 |
* | Basic Energy Services Inc. Warrants Exp. 12/23/2023 | 4,640 | 1 |
49
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Rex Energy Corp. | 302 | — |
*,2 | Harvest Natural Resources Inc. | 51,829 | — |
42,385,047 | |||
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 | 271 |
*,^,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 | 43 |
*,2 | Alexza Pharmaceuticals Inc. CVR | 327,391 | 12 |
* | CDTi Advanced Materials Inc. Rights 7/13/18 | 102,033 | 8 |
*,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 | Adolor Corp. Rights Exp. 07/01/2019 | 592,629 | — |
*,^,2 | Biosante Pharmaceutical Inc. CVR | 253,823 | — |
*,2 | NuPathe Inc. CVR | 158,681 | — |
*,^ | Cytori Therapeutics Inc. Rights Exp. 7/13/2018 | 50,466 | — |
9,479 | |||
Technology (19.8%) | |||
Apple Inc. | 110,720,519 | 20,495,475 | |
Microsoft Corp. | 192,306,274 | 18,963,322 | |
* | Facebook Inc. Class A | 60,036,157 | 11,666,226 |
* | Alphabet Inc. Class A | 7,418,191 | 8,376,547 |
* | Alphabet Inc. Class C | 7,480,401 | 8,345,509 |
Intel Corp. | 116,644,540 | 5,798,400 | |
Cisco Systems Inc. | 117,715,681 | 5,065,306 | |
NVIDIA Corp. | 13,672,478 | 3,239,010 | |
International Business Machines Corp. | 22,969,493 | 3,208,838 | |
Oracle Corp. | 71,509,384 | 3,150,703 | |
* | Adobe Systems Inc. | 12,325,229 | 3,005,014 |
Texas Instruments Inc. | 24,504,120 | 2,701,579 | |
Broadcom Inc. | 10,280,243 | 2,494,398 | |
* | salesforce.com Inc. | 17,658,139 | 2,408,570 |
QUALCOMM Inc. | 37,104,248 | 2,082,290 | |
* | Micron Technology Inc. | 29,023,854 | 1,522,011 |
Intuit Inc. | 6,097,662 | 1,245,783 | |
Applied Materials Inc. | 26,286,015 | 1,214,151 | |
Cognizant Technology Solutions Corp. Class A | 14,657,413 | 1,157,789 | |
HP Inc. | 40,971,311 | 929,639 | |
Analog Devices Inc. | 9,247,578 | 887,028 | |
* | ServiceNow Inc. | 4,419,000 | 762,145 |
* | Twitter Inc. | 16,953,521 | 740,360 |
* | Autodesk Inc. | 5,481,712 | 718,598 |
Lam Research Corp. | 4,101,869 | 709,008 | |
* | Red Hat Inc. | 4,443,419 | 597,062 |
DXC Technology Co. | 7,141,436 | 575,671 | |
Corning Inc. | 20,792,757 | 572,009 | |
Hewlett Packard Enterprise Co. | 38,178,768 | 557,792 | |
Western Digital Corp. | 7,108,526 | 550,271 | |
Microchip Technology Inc. | 5,875,124 | 534,343 | |
NetApp Inc. | 6,696,957 | 525,912 | |
Motorola Solutions Inc. | 4,054,368 | 471,807 | |
* | Cerner Corp. | 7,889,203 | 471,695 |
* | Palo Alto Networks Inc. | 2,182,963 | 448,533 |
* | Workday Inc. Class A | 3,653,782 | 442,546 |
Skyworks Solutions Inc. | 4,556,799 | 440,415 | |
Harris Corp. | 2,967,397 | 428,908 | |
* | Square Inc. | 6,886,269 | 424,470 |
* | Dell Technologies Inc. Class V | 4,989,526 | 422,014 |
50
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Xilinx Inc. | 6,347,518 | 414,239 | |
Maxim Integrated Products Inc. | 6,995,340 | 410,347 | |
KLA-Tencor Corp. | 3,903,662 | 400,242 | |
* | VeriSign Inc. | 2,761,924 | 379,544 |
* | ANSYS Inc. | 2,097,292 | 365,306 |
Seagate Technology plc | 6,457,735 | 364,668 | |
* | Splunk Inc. | 3,628,285 | 359,599 |
*,^ | Advanced Micro Devices Inc. | 23,004,142 | 344,832 |
* | Citrix Systems Inc. | 3,205,779 | 336,094 |
* | Arista Networks Inc. | 1,302,415 | 335,359 |
Symantec Corp. | 15,529,169 | 320,677 | |
* | Synopsys Inc. | 3,699,360 | 316,554 |
CDW Corp. | 3,813,032 | 308,055 | |
* | Cadence Design Systems Inc. | 7,070,560 | 306,226 |
* | IAC/InterActiveCorp | 1,944,855 | 296,571 |
* | Akamai Technologies Inc. | 4,049,353 | 296,534 |
* | Gartner Inc. | 2,159,053 | 286,938 |
CA Inc. | 7,772,518 | 277,090 | |
* | PTC Inc. | 2,895,625 | 271,639 |
*,^ | VMware Inc. Class A | 1,841,164 | 270,596 |
* | F5 Networks Inc. | 1,538,597 | 265,331 |
SS&C Technologies Holdings Inc. | 5,058,596 | 262,541 | |
* | Qorvo Inc. | 3,169,382 | 254,089 |
* | GoDaddy Inc. Class A | 3,520,607 | 248,555 |
Juniper Networks Inc. | 8,771,218 | 240,507 | |
* | ON Semiconductor Corp. | 10,654,362 | 236,900 |
* | Veeva Systems Inc. Class A | 3,014,327 | 231,681 |
Marvell Technology Group Ltd. | 10,623,624 | 227,771 | |
* | Fortinet Inc. | 3,596,809 | 224,549 |
Leidos Holdings Inc. | 3,783,933 | 223,252 | |
CDK Global Inc. | 3,349,304 | 217,872 | |
* | Tyler Technologies Inc. | 910,191 | 202,153 |
* | Ultimate Software Group Inc. | 727,693 | 187,243 |
Teradyne Inc. | 4,802,576 | 182,834 | |
* | Guidewire Software Inc. | 1,996,103 | 177,214 |
Garmin Ltd. | 2,831,040 | 172,693 | |
*,^ | Snap Inc. | 12,995,524 | 170,111 |
* | Aspen Technology Inc. | 1,794,960 | 166,465 |
* | Tableau Software Inc. Class A | 1,699,976 | 166,173 |
* | athenahealth Inc. | 1,014,100 | 161,384 |
* | EPAM Systems Inc. | 1,269,273 | 157,809 |
* | Nutanix Inc. | 2,857,771 | 147,375 |
* | Proofpoint Inc. | 1,264,453 | 145,804 |
* | Cavium Inc. | 1,665,286 | 144,047 |
* | CommScope Holding Co. Inc. | 4,783,703 | 139,708 |
* | Fair Isaac Corp. | 713,178 | 137,872 |
* | Zendesk Inc. | 2,489,565 | 135,656 |
LogMeIn Inc. | 1,306,853 | 134,933 | |
Cypress Semiconductor Corp. | 8,477,934 | 132,086 | |
MKS Instruments Inc. | 1,369,080 | 131,021 | |
Monolithic Power Systems Inc. | 943,098 | 126,064 | |
Blackbaud Inc. | 1,213,665 | 124,340 | |
*,^ | Paycom Software Inc. | 1,254,938 | 124,026 |
* | Teradata Corp. | 3,022,299 | 121,345 |
Entegris Inc. | 3,534,080 | 119,805 | |
* | Medidata Solutions Inc. | 1,402,222 | 112,963 |
* | RingCentral Inc. Class A | 1,592,107 | 112,005 |
* | 2U Inc. | 1,340,221 | 111,989 |
* | HubSpot Inc. | 862,526 | 108,161 |
* | ARRIS International plc | 4,421,163 | 108,075 |
* | Silicon Laboratories Inc. | 1,078,437 | 107,412 |
* | New Relic Inc. | 1,055,712 | 106,194 |
* | Cree Inc. | 2,523,658 | 104,908 |
* | Okta Inc. | 2,076,709 | 104,604 |
51
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Integrated Device Technology Inc. | 3,262,635 | 104,013 |
* | CACI International Inc. Class A | 614,933 | 103,647 |
* | Nuance Communications Inc. | 7,352,312 | 102,087 |
* | RealPage Inc. | 1,834,934 | 101,105 |
j2 Global Inc. | 1,157,614 | 100,261 | |
* | Twilio Inc. Class A | 1,707,297 | 95,643 |
* | Ciena Corp. | 3,576,717 | 94,819 |
* | Pure Storage Inc. Class A | 3,886,626 | 92,813 |
*,^ | ViaSat Inc. | 1,404,972 | 92,335 |
* | NCR Corp. | 2,987,119 | 89,554 |
*,^ | Lumentum Holdings Inc. | 1,490,337 | 86,291 |
Science Applications International Corp. | 1,055,502 | 85,422 | |
* | Ellie Mae Inc. | 812,926 | 84,414 |
* | Manhattan Associates Inc. | 1,699,997 | 79,917 |
* | Coupa Software Inc. | 1,277,806 | 79,531 |
* | Tech Data Corp. | 955,029 | 78,427 |
* | Semtech Corp. | 1,666,221 | 78,396 |
* | Box Inc. | 3,059,079 | 76,446 |
SYNNEX Corp. | 751,924 | 72,568 | |
Perspecta Inc. | 3,501,033 | 71,946 | |
* | Verint Systems Inc. | 1,607,396 | 71,288 |
* | ACI Worldwide Inc. | 2,874,667 | 70,918 |
* | Dycom Industries Inc. | 743,025 | 70,223 |
InterDigital Inc. | 867,766 | 70,202 | |
* | Qualys Inc. | 831,058 | 70,058 |
* | FireEye Inc. | 4,547,449 | 69,985 |
Cabot Microelectronics Corp. | 642,642 | 69,123 | |
* | CommVault Systems Inc. | 1,018,385 | 67,061 |
* | VeriFone Systems Inc. | 2,769,755 | 63,206 |
Plantronics Inc. | 825,856 | 62,972 | |
* | Cornerstone OnDemand Inc. | 1,316,096 | 62,422 |
* | Cirrus Logic Inc. | 1,578,354 | 60,498 |
* | Envestnet Inc. | 1,088,269 | 59,800 |
* | Viavi Solutions Inc. | 5,751,688 | 58,897 |
* | NetScout Systems Inc. | 1,951,734 | 57,967 |
* | Advanced Energy Industries Inc. | 995,000 | 57,800 |
Cogent Communications Holdings Inc. | 1,039,820 | 55,526 | |
*,^ | Avaya Holdings Corp. | 2,761,496 | 55,451 |
Brooks Automation Inc. | 1,684,502 | 54,948 | |
* | Allscripts Healthcare Solutions Inc. | 4,501,243 | 54,015 |
Pegasystems Inc. | 979,901 | 53,699 | |
*,^ | Finisar Corp. | 2,869,484 | 51,651 |
Power Integrations Inc. | 706,052 | 51,577 | |
* | Varonis Systems Inc. | 690,663 | 51,454 |
* | Q2 Holdings Inc. | 901,202 | 51,414 |
* | Premier Inc. Class A | 1,398,611 | 50,881 |
* | Bottomline Technologies de Inc. | 983,774 | 49,021 |
*,^ | Match Group Inc. | 1,257,003 | 48,696 |
* | Five9 Inc. | 1,378,381 | 47,651 |
* | NETGEAR Inc. | 746,750 | 46,672 |
Progress Software Corp. | 1,146,004 | 44,488 | |
* | Dropbox Inc. Class A | 1,365,867 | 44,281 |
* | Mercury Systems Inc. | 1,161,951 | 44,224 |
* | Insight Enterprises Inc. | 900,013 | 44,038 |
* | Synaptics Inc. | 863,366 | 43,488 |
* | Blackline Inc. | 996,165 | 43,263 |
Ebix Inc. | 545,257 | 41,576 | |
* | Blucora Inc. | 1,112,571 | 41,165 |
Pitney Bowes Inc. | 4,775,258 | 40,924 | |
* | EchoStar Corp. Class A | 917,061 | 40,718 |
*,^ | Ubiquiti Networks Inc. | 467,183 | 39,580 |
TiVo Corp. | 2,914,481 | 39,200 | |
* | Cloudera Inc. | 2,789,306 | 38,046 |
*,^ | 3D Systems Corp. | 2,722,103 | 37,592 |
52
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Infinera Corp. | 3,747,501 | 37,213 |
* | Electronics For Imaging Inc. | 1,110,061 | 36,144 |
* | Oclaro Inc. | 3,982,945 | 35,568 |
CSG Systems International Inc. | 833,718 | 34,074 | |
* | Rambus Inc. | 2,708,411 | 33,963 |
* | Apptio Inc. Class A | 935,185 | 33,854 |
* | Diodes Inc. | 977,844 | 33,706 |
* | Virtusa Corp. | 658,780 | 32,069 |
*,^ | Inphi Corp. | 982,379 | 32,035 |
* | Instructure Inc. | 746,791 | 31,776 |
* | SPS Commerce Inc. | 426,094 | 31,309 |
* | Alarm.com Holdings Inc. | 768,870 | 31,047 |
* | ePlus Inc. | 328,670 | 30,928 |
*,^ | DocuSign Inc. | 580,148 | 30,719 |
* | Web.com Group Inc. | 1,177,204 | 30,431 |
* | MicroStrategy Inc. Class A | 236,837 | 30,256 |
* | LivePerson Inc. | 1,397,906 | 29,496 |
* | SailPoint Technologies Holding Inc. | 1,192,669 | 29,268 |
* | Everbridge Inc. | 606,995 | 28,784 |
* | Hortonworks Inc. | 1,500,160 | 27,333 |
* | Pivotal Software Inc. Class A | 1,115,081 | 27,063 |
* | Syntel Inc. | 837,163 | 26,865 |
*,^ | Alteryx Inc. Class A | 684,699 | 26,128 |
* | Quality Systems Inc. | 1,330,436 | 25,944 |
* | Tabula Rasa HealthCare Inc. | 405,142 | 25,860 |
* | Yext Inc. | 1,330,869 | 25,739 |
* | Cray Inc. | 1,033,570 | 25,426 |
* | ScanSource Inc. | 624,916 | 25,184 |
* | PROS Holdings Inc. | 672,678 | 24,600 |
* | Rapid7 Inc. | 860,793 | 24,292 |
NIC Inc. | 1,559,431 | 24,249 | |
* | FormFactor Inc. | 1,801,139 | 23,955 |
*,^ | MongoDB Inc. | 480,498 | 23,847 |
* | MaxLinear Inc. | 1,515,027 | 23,619 |
* | Altair Engineering Inc. Class A | 688,463 | 23,532 |
* | Boingo Wireless Inc. | 1,027,117 | 23,203 |
* | Ceridian HCM Holding Inc. | 680,687 | 22,592 |
^ | Diebold Nixdorf Inc. | 1,884,623 | 22,521 |
* | Super Micro Computer Inc. | 947,596 | 22,411 |
* | ForeScout Technologies Inc. | 653,657 | 22,394 |
* | Rudolph Technologies Inc. | 737,021 | 21,816 |
* | Extreme Networks Inc. | 2,728,613 | 21,720 |
* | Nanometrics Inc. | 611,965 | 21,670 |
* | Perficient Inc. | 815,097 | 21,494 |
* | Appfolio Inc. | 351,112 | 21,471 |
* | Amkor Technology Inc. | 2,497,224 | 21,451 |
* | Vocera Communications Inc. | 709,943 | 21,220 |
*,^ | Acacia Communications Inc. | 608,713 | 21,189 |
*,^ | Applied Optoelectronics Inc. | 468,979 | 21,057 |
Monotype Imaging Holdings Inc. | 1,027,118 | 20,851 | |
* | Carbonite Inc. | 595,443 | 20,781 |
* | Shutterstock Inc. | 434,982 | 20,644 |
* | USA Technologies Inc. | 1,469,518 | 20,573 |
Xperi Corp. | 1,236,112 | 19,901 | |
* | Cision Ltd. | 1,307,825 | 19,552 |
* | CalAmp Corp. | 828,732 | 19,417 |
* | Lattice Semiconductor Corp. | 2,847,412 | 18,679 |
ADTRAN Inc. | 1,212,403 | 18,004 | |
* | SendGrid Inc. | 671,908 | 17,819 |
Comtech Telecommunications Corp. | 551,189 | 17,572 | |
* | Xcerra Corp. | 1,256,943 | 17,560 |
* | Benefitfocus Inc. | 513,237 | 17,245 |
*,^ | TransEnterix Inc. | 3,847,632 | 16,776 |
* | Endurance International Group Holdings Inc. | 1,669,572 | 16,612 |
53
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Unisys Corp. | 1,266,377 | 16,336 |
* | CEVA Inc. | 538,227 | 16,254 |
Cohu Inc. | 656,746 | 16,097 | |
* | Axcelis Technologies Inc. | 789,690 | 15,636 |
* | Ultra Clean Holdings Inc. | 917,350 | 15,228 |
* | OneSpan Inc. | 744,477 | 14,629 |
* | Workiva Inc. | 592,437 | 14,455 |
*,^ | Ichor Holdings Ltd. | 643,519 | 13,655 |
* | Photronics Inc. | 1,688,243 | 13,464 |
* | Upland Software Inc. | 380,689 | 13,084 |
Systemax Inc. | 364,062 | 12,498 | |
*,^ | Appian Corp. Class A | 334,211 | 12,085 |
* | Loral Space & Communications Inc. | 318,580 | 11,979 |
* | Limelight Networks Inc. | 2,621,284 | 11,717 |
*,^ | Immersion Corp. | 757,990 | 11,703 |
Switch Inc. | 956,894 | 11,645 | |
* | Rosetta Stone Inc. | 691,143 | 11,079 |
*,^ | Zscaler Inc. | 305,958 | 10,938 |
QAD Inc. Class A | 214,789 | 10,772 | |
* | Model N Inc. | 562,667 | 10,466 |
* | Presidio Inc. | 789,412 | 10,341 |
Computer Programs & Systems Inc. | 314,177 | 10,336 | |
Forrester Research Inc. | 244,937 | 10,275 | |
*,^ | KeyW Holding Corp. | 1,173,682 | 10,258 |
American Software Inc. Class A | 690,159 | 10,056 | |
* | Alpha & Omega Semiconductor Ltd. | 705,573 | 10,047 |
* | Digi International Inc. | 757,535 | 9,999 |
PC Connection Inc. | 298,774 | 9,919 | |
* | Vectrus Inc. | 320,881 | 9,890 |
* | PDF Solutions Inc. | 798,381 | 9,565 |
* | Zix Corp. | 1,769,634 | 9,538 |
* | Calix Inc. | 1,189,809 | 9,281 |
Hackett Group Inc. | 561,201 | 9,019 | |
* | Harmonic Inc. | 2,077,560 | 8,830 |
* | ChannelAdvisor Corp. | 625,648 | 8,790 |
* | Mitek Systems Inc. | 983,263 | 8,751 |
* | Brightcove Inc. | 903,435 | 8,718 |
* | Avalara Inc. | 163,018 | 8,700 |
* | Zuora Inc. Class A | 318,670 | 8,668 |
* | WideOpenWest Inc. | 865,646 | 8,362 |
* | Meet Group Inc. | 1,855,598 | 8,313 |
*,^ | Impinj Inc. | 375,205 | 8,296 |
* | MobileIron Inc. | 1,821,485 | 8,106 |
* | Ribbon Communications Inc. | 1,135,893 | 8,088 |
* | Quantenna Communications Inc. | 519,716 | 8,076 |
*,^ | Digimarc Corp. | 298,448 | 7,998 |
* | Agilysys Inc. | 505,215 | 7,831 |
* | A10 Networks Inc. | 1,197,161 | 7,458 |
* | Castlight Health Inc. Class B | 1,728,466 | 7,346 |
* | AXT Inc. | 1,032,207 | 7,277 |
Simulations Plus Inc. | 319,695 | 7,113 | |
*,^ | NeoPhotonics Corp. | 1,140,889 | 7,108 |
*,^ | Gogo Inc. | 1,454,604 | 7,069 |
* | Sigma Designs Inc. | 1,158,189 | 7,065 |
* | DSP Group Inc. | 532,274 | 6,627 |
Preformed Line Products Co. | 73,908 | 6,562 | |
* | Ooma Inc. | 448,671 | 6,349 |
* | Amber Road Inc. | 668,089 | 6,287 |
* | eGain Corp. | 375,920 | 5,676 |
*,^ | nLight Inc. | 171,424 | 5,667 |
* | KVH Industries Inc. | 385,252 | 5,162 |
* | PAR Technology Corp. | 289,316 | 5,115 |
* | Telenav Inc. | 904,288 | 5,064 |
* | Internap Corp. | 464,421 | 4,839 |
54
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Casa Systems Inc. | 290,290 | 4,740 |
* | Kopin Corp. | 1,644,481 | 4,703 |
*,^ | Aquantia Corp. | 404,131 | 4,680 |
*,^ | Veritone Inc. | 270,690 | 4,553 |
ConvergeOne Holdings Inc. | 481,200 | 4,518 | |
*,^ | VirnetX Holding Corp. | 1,321,949 | 4,495 |
*,^ | Fusion Connect Inc. | 1,125,157 | 4,433 |
* | Carbon Black Inc. | 164,201 | 4,269 |
* | Bandwidth Inc. Class A | 102,165 | 3,880 |
* | Telaria Inc. | 945,280 | 3,819 |
* | Adesto Technologies Corp. | 448,390 | 3,766 |
* | EMCORE Corp. | 712,655 | 3,599 |
AstroNova Inc. | 187,627 | 3,537 | |
* | Aerohive Networks Inc. | 859,701 | 3,413 |
* | Seachange International Inc. | 984,262 | 3,366 |
* | Computer Task Group Inc. | 404,128 | 3,128 |
* | Clearfield Inc. | 282,541 | 3,122 |
* | Pixelworks Inc. | 826,306 | 2,983 |
* | SecureWorks Corp. Class A | 234,363 | 2,918 |
* | RigNet Inc. | 278,797 | 2,872 |
* | Datawatch Corp. | 299,389 | 2,844 |
*,^ | Park City Group Inc. | 358,673 | 2,834 |
*,^ | Resonant Inc. | 501,976 | 2,831 |
*,^ | Exela Technologies Inc. | 593,106 | 2,817 |
* | GSI Technology Inc. | 368,484 | 2,771 |
TESSCO Technologies Inc. | 158,040 | 2,734 | |
* | VOXX International Corp. Class A | 492,421 | 2,659 |
* | Smartsheet Inc. Class A | 101,385 | 2,633 |
TransAct Technologies Inc. | 206,018 | 2,575 | |
* | ID Systems Inc. | 414,467 | 2,566 |
PC-Tel Inc. | 403,760 | 2,519 | |
*,^ | QuickLogic Corp. | 2,064,240 | 2,374 |
* | Key Tronic Corp. | 301,701 | 2,287 |
* | Quantum Corp. | 996,196 | 2,192 |
* | Amtech Systems Inc. | 352,960 | 2,135 |
* | Great Elm Capital Group Inc. | 561,319 | 2,021 |
*,^ | Airgain Inc. | 219,697 | 2,019 |
*,^ | Everspin Technologies Inc. | 221,295 | 1,974 |
* | Domo Inc. | 70,500 | 1,925 |
GlobalSCAPE Inc. | 469,361 | 1,816 | |
* | Aware Inc. | 432,908 | 1,753 |
* | inTEST Corp. | 238,227 | 1,739 |
* | Edgewater Technology Inc. | 315,536 | 1,710 |
* | Finjan Holdings Inc. | 499,635 | 1,699 |
*,^ | Inseego Corp. | 830,617 | 1,670 |
* | Identiv Inc. | 413,264 | 1,599 |
* | LRAD Corp. | 604,296 | 1,589 |
QAD Inc. Class B | 38,958 | 1,578 | |
* | Data I/O Corp. | 219,273 | 1,392 |
* | Synacor Inc. | 677,563 | 1,355 |
* | Support.com Inc. | 473,810 | 1,350 |
*,^ | Atomera Inc. | 219,062 | 1,341 |
* | Aviat Networks Inc. | 81,079 | 1,327 |
*,^ | Neurotrope Inc. | 131,201 | 1,270 |
RCM Technologies Inc. | 255,019 | 1,260 | |
*,^ | SITO Mobile Ltd. | 479,955 | 1,243 |
*,^ | CVD Equipment Corp. | 173,894 | 1,158 |
* | Xplore Technologies Corp. | 292,147 | 1,122 |
* | Icad Inc. | 342,414 | 1,044 |
*,^ | Rimini Street Inc. | 158,628 | 1,039 |
*,^ | ACM Research Inc. Class A | 94,054 | 1,014 |
*,^ | Aehr Test Systems | 417,457 | 981 |
Network-1 Technologies Inc. | 304,119 | 943 | |
* | DASAN Zhone Solutions Inc. | 95,949 | 936 |
55
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | BSQUARE Corp. | 337,101 | 910 |
* | GSE Systems Inc. | 275,429 | 895 |
* | SharpSpring Inc. | 101,651 | 888 |
*,^ | NXT-ID Inc. | 486,470 | 837 |
* | NetSol Technologies Inc. | 147,077 | 816 |
*,^ | Red Violet Inc. | 87,451 | 752 |
*,^ | Xcel Brands Inc. | 294,148 | 691 |
* | Intermolecular Inc. | 386,671 | 646 |
* | Innodata Inc. | 643,214 | 643 |
* | WidePoint Corp. | 1,149,532 | 632 |
ClearOne Inc. | 155,448 | 598 | |
* | Westell Technologies Inc. Class A | 183,100 | 522 |
* | EverQuote Inc. Class A | 28,233 | 512 |
*,^ | Smith Micro Software Inc. | 217,859 | 499 |
Communications Systems Inc. | 128,426 | 489 | |
BK Technologies Inc. | 129,063 | 478 | |
* | Lantronix Inc. | 164,876 | 468 |
*,^ | iPass Inc. | 1,355,186 | 467 |
*,^ | Intellicheck Inc. | 196,842 | 453 |
CSP Inc. | 43,624 | 430 | |
*,^ | Marin Software Inc. | 72,462 | 420 |
* | Radisys Corp. | 598,252 | 418 |
* | Evolving Systems Inc. | 140,367 | 400 |
*,^ | Helios & Matheson Analytics Inc. | 1,231,778 | 382 |
*,^ | Sunworks Inc. | 317,501 | 356 |
*,^ | Neonode Inc. | 834,061 | 316 |
* | ARC Group Worldwide Inc. | 117,147 | 287 |
* | CynergisTek Inc. | 69,263 | 273 |
* | Streamline Health Solutions Inc. | 184,670 | 271 |
* | Majesco | 41,672 | 256 |
*,^ | Inuvo Inc. | 315,731 | 244 |
* | Qumu Corp. | 104,233 | 229 |
*,^ | Cinedigm Corp. Class A | 138,637 | 215 |
*,^ | ParkerVision Inc. | 323,425 | 212 |
* | Trio-Tech International | 46,648 | 209 |
*,^ | Netlist Inc. | 985,473 | 174 |
*,^ | RumbleON Inc. Class B | 28,148 | 166 |
* | Socket Mobile Inc. | 64,296 | 158 |
* | Determine Inc. | 96,597 | 136 |
*,^ | XpresSpa Group Inc. | 380,077 | 111 |
*,^ | Ominto Inc. | 265,206 | 98 |
* | Mastech Digital Inc. | 5,280 | 85 |
*,^ | xG Technology Inc. | 128,431 | 82 |
*,^ | Tintri Inc. | 306,038 | 76 |
* | Intelligent Systems Corp. | 7,783 | 68 |
* | BroadVision Inc. | 27,601 | 57 |
* | ADDvantage Technologies Group Inc. | 29,519 | 39 |
* | Sonic Foundry Inc. | 15,095 | 34 |
* | Qualstar Corp. | 4,300 | 33 |
SilverSun Technologies Inc. | 2,301 | 9 | |
* | AMERI Holdings Inc. | 1,700 | 2 |
* | CMTSU Liquidation Inc. | 113,650 | 1 |
138,744,972 | |||
Telecommunications (1.8%) | |||
AT&T Inc. | 181,825,704 | 5,838,423 | |
Verizon Communications Inc. | 103,417,594 | 5,202,939 | |
CenturyLink Inc. | 24,235,894 | 451,757 | |
* | T-Mobile US Inc. | 7,426,513 | 443,734 |
* | Zayo Group Holdings Inc. | 5,290,728 | 193,006 |
*,^ | Sprint Corp. | 15,108,614 | 82,191 |
* | Vonage Holdings Corp. | 5,393,575 | 69,523 |
Telephone & Data Systems Inc. | 2,320,887 | 63,639 | |
* | 8x8 Inc. | 2,192,684 | 43,963 |
Shenandoah Telecommunications Co. | 1,156,096 | 37,804 |
56
Vanguard® Total Stock Market Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | GTT Communications Inc. | 838,833 | 37,748 |
* | Iridium Communications Inc. | 2,337,854 | 37,639 |
*,^ | Intelsat SA | 1,674,629 | 27,899 |
Consolidated Communications Holdings Inc. | 1,810,388 | 22,376 | |
* | ORBCOMM Inc. | 1,902,817 | 19,218 |
* | Cincinnati Bell Inc. | 1,031,441 | 16,194 |
ATN International Inc. | 259,828 | 13,711 | |
* | United States Cellular Corp. | 331,897 | 12,293 |
^ | Frontier Communications Corp. | 1,955,108 | 10,479 |
Spok Holdings Inc. | 558,578 | 8,407 | |
*,^ | pdvWireless Inc. | 310,293 | 7,742 |
*,^ | Globalstar Inc. | 13,903,876 | 6,812 |
* | HC2 Holdings Inc. | 1,130,802 | 6,615 |
Windstream Holdings Inc. | 910,433 | 4,798 | |
* | Hawaiian Telcom Holdco Inc. | 146,351 | 4,233 |
IDT Corp. Class B | 422,763 | 2,376 | |
* | Alaska Communications Systems Group Inc. | 1,193,525 | 2,113 |
*,^ | Pareteum Corp. | 526,689 | 1,317 |
* | Otelco Inc. Class A | 54,117 | 809 |
* | CPS Technologies Corp. | 45,009 | 73 |
12,669,831 | |||
Utilities (2.9%) | |||
NextEra Energy Inc. | 11,807,254 | 1,972,166 | |
Duke Energy Corp. | 17,525,772 | 1,385,938 | |
Southern Co. | 25,340,976 | 1,173,541 | |
Dominion Energy Inc. | 16,329,773 | 1,113,364 | |
Exelon Corp. | 24,130,673 | 1,027,967 | |
American Electric Power Co. Inc. | 12,298,045 | 851,640 | |
Sempra Energy | 6,598,021 | 766,096 | |
Public Service Enterprise Group Inc. | 12,651,790 | 684,968 | |
Consolidated Edison Inc. | 7,767,441 | 605,705 | |
Xcel Energy Inc. | 12,708,567 | 580,527 | |
PG&E Corp. | 12,905,909 | 549,276 | |
PPL Corp. | 18,811,452 | 537,067 | |
Edison International | 8,139,884 | 515,010 | |
WEC Energy Group Inc. | 7,908,998 | 511,317 | |
DTE Energy Co. | 4,530,344 | 469,480 | |
Eversource Energy | 7,902,296 | 463,154 | |
FirstEnergy Corp. | 11,934,855 | 428,581 | |
American Water Works Co. Inc. | 4,480,576 | 382,552 | |
* | Evergy Inc. | 6,771,080 | 380,196 |
Ameren Corp. | 6,075,790 | 369,712 | |
Entergy Corp. | 4,517,721 | 364,987 | |
CMS Energy Corp. | 7,029,002 | 332,331 | |
CenterPoint Energy Inc. | 10,755,442 | 298,033 | |
Atmos Energy Corp. | 2,794,642 | 251,909 | |
* | Vistra Energy Corp. | 10,462,470 | 247,542 |
Alliant Energy Corp. | 5,826,823 | 246,591 | |
NiSource Inc. | 9,053,624 | 237,929 | |
NRG Energy Inc. | 7,490,236 | 229,950 | |
UGI Corp. | 4,336,219 | 225,787 | |
Pinnacle West Capital Corp. | 2,786,142 | 224,452 | |
AES Corp. | 16,553,699 | 221,985 | |
Aqua America Inc. | 4,470,956 | 157,288 | |
Vectren Corp. | 2,077,972 | 148,471 | |
SCANA Corp. | 3,402,675 | 131,071 | |
IDACORP Inc. | 1,269,156 | 117,067 | |
WGL Holdings Inc. | 1,298,882 | 115,276 | |
ALLETE Inc. | 1,319,770 | 102,163 | |
New Jersey Resources Corp. | 2,246,659 | 100,538 | |
ONE Gas Inc. | 1,333,869 | 99,693 | |
National Fuel Gas Co. | 1,854,395 | 98,209 | |
Portland General Electric Co. | 2,261,810 | 96,715 | |
Hawaiian Electric Industries Inc. | 2,803,131 | 96,147 |
57
Vanguard® Total Stock Market Index Fund | |||||
Schedule of Investments | |||||
June 30, 2018 | |||||
Market | |||||
Value | |||||
Shares | ($000) | ||||
Southwest Gas Holdings Inc. | 1,156,701 | 88,222 | |||
Avista Corp. | 1,656,689 | 87,241 | |||
Avangrid Inc. | 1,620,902 | 85,794 | |||
Spire Inc. | 1,209,683 | 85,464 | |||
Black Hills Corp. | 1,350,089 | 82,639 | |||
PNM Resources Inc. | 2,034,151 | 79,128 | |||
South Jersey Industries Inc. | 2,150,817 | 71,988 | |||
NorthWestern Corp. | 1,226,532 | 70,219 | |||
El Paso Electric Co. | 1,025,179 | 60,588 | |||
MGE Energy Inc. | 902,785 | 56,921 | |||
Ormat Technologies Inc. | 1,012,959 | 53,879 | |||
American States Water Co. | 931,206 | 53,228 | |||
California Water Service Group | 1,215,434 | 47,341 | |||
Northwest Natural Gas Co. | 731,681 | 46,681 | |||
* | Evoqua Water Technologies Corp. | 1,699,140 | 34,832 | ||
Chesapeake Utilities Corp. | 389,837 | 31,167 | |||
SJW Group | 440,130 | 29,145 | |||
*,^ | Sunrun Inc. | 2,158,840 | 28,389 | ||
TerraForm Power Inc. Class A | 1,659,156 | 19,412 | |||
Connecticut Water Service Inc. | 295,513 | 19,303 | |||
Unitil Corp. | 369,910 | 18,880 | |||
Middlesex Water Co. | 385,787 | 16,269 | |||
York Water Co. | 336,580 | 10,703 | |||
*,^ | Cadiz Inc. | 769,728 | 10,083 | ||
Artesian Resources Corp. Class A | 231,249 | 8,966 | |||
* | Atlantic Power Corp. | 3,393,115 | 7,465 | ||
RGC Resources Inc. | 163,952 | 4,784 | |||
* | AquaVenture Holdings Ltd. | 295,210 | 4,599 | ||
* | Pure Cycle Corp. | 467,095 | 4,461 | ||
*,^ | Vivint Solar Inc. | 767,171 | 3,798 | ||
Spark Energy Inc. Class A | 309,455 | 3,017 | |||
Genie Energy Ltd. Class B | 379,378 | 1,882 | |||
20,138,879 | |||||
Total Common Stocks (Cost $433,835,468) | 698,240,170 | ||||
Coupon | |||||
Temporary Cash Investments (0.7%)1 | |||||
Money Market Fund (0.7%) | |||||
4,5 | Vanguard Market Liquidity Fund | 2.122% | 48,446,758 | 4,845,160 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.0%) | |||||
6 | United States Treasury Bill | 1.737% | 7/19/18 | 35,000 | 34,971 |
6 | United States Treasury Bill | 1.883%-1.887% | 10/4/18 | 7,100 | 7,065 |
6 | United States Treasury Bill | 1.934% | 10/11/18 | 47,000 | 46,746 |
6 | United States Treasury Bill | 1.986% | 10/18/18 | 13,000 | 12,925 |
6 | United States Treasury Bill | 2.082% | 12/20/18 | 3,000 | 2,971 |
104,678 | |||||
Total Temporary Cash Investments (Cost $4,949,274) | 4,949,838 | ||||
Total Investments (100.3%) (Cost $438,784,742) | 703,190,008 | ||||
Other Assets and Liabilities—Net (-0.3%)5,6,7 | (2,005,444) | ||||
Net Assets (100%) | 701,184,564 | ||||
* Non-income-producing security. | |||||
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,624,489,000. | |||||
58 |
Vanguard® Total Stock Market Index Fund
Schedule of Investments
June 30, 2018
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
0.3%, 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 $2,805,251,000 of collateral received for securities on loan.
6 Securities with a value of $102,679,000 and a cash of $2,100,000 have been segregated as initial margin for open futures contracts.
7 Cash with a value of $2,340,000 has been segregated as collateral for open over-the-counter swap contracts.
ADR—American Depositary Receipt.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
59
© 2018 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA852 082018
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) 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: August 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: August 20, 2018 | |
VANGUARD INDEX FUNDS | |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: August 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.