Vanguard® Mid-Cap Index Fund
Schedule of Investments (unaudited)
As of March 31, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | |||||
Common Stocks (99.7%) | ||||||
Basic Materials (3.8%) | ||||||
Nucor Corp. | 6,489,379 | 964,646 | ||||
Fastenal Co. | 13,068,773 | 776,285 | ||||
International Flavors & Fragrances Inc. | 5,779,858 | 759,069 | ||||
LyondellBasell Industries NV Class A | 5,994,476 | 616,352 | ||||
Albemarle Corp. | 2,657,477 | 587,701 | ||||
International Paper Co. | 8,546,178 | 394,406 | ||||
FMC Corp. | 2,878,060 | 378,666 | ||||
Celanese Corp. | 2,452,981 | 350,457 | ||||
Eastman Chemical Co. | 3,052,592 | 342,074 | ||||
Avery Dennison Corp. | 1,872,593 | 325,775 | ||||
Mosaic Co. | 4,179,367 | 277,928 | ||||
CF Industries Holdings Inc. | 2,353,486 | 242,550 | ||||
Westlake Corp. | 363,086 | 44,805 | ||||
6,060,714 | ||||||
Consumer Discretionary (13.7%) | ||||||
* | Dollar Tree Inc. | 5,107,778 | 818,011 | |||
* | Aptiv plc | 6,142,357 | 735,302 | |||
* | Trade Desk Inc. Class A | 10,004,341 | 692,801 | |||
* | Expedia Group Inc. | 3,411,143 | 667,458 | |||
* | Southwest Airlines Co. | 13,450,338 | 616,025 | |||
* | Copart Inc. | 4,847,390 | 608,202 | |||
Tractor Supply Co. | 2,560,603 | 597,568 | ||||
* | Delta Air Lines Inc. | 14,530,735 | 574,981 | |||
DR Horton Inc. | 7,644,097 | 569,562 | ||||
Paramount Global Class B | 13,156,349 | 497,442 | ||||
Lennar Corp. Class A | 6,040,428 | 490,301 | ||||
* | Ulta Beauty Inc. | 1,228,880 | 489,365 | |||
* | Hilton Worldwide Holdings Inc. | 3,169,083 | 480,877 | |||
* | AutoZone Inc. | 234,248 | 478,939 | |||
* | Chipotle Mexican Grill Inc. | 302,368 | 478,355 | |||
VF Corp. | 7,945,462 | 451,779 | ||||
Best Buy Co. Inc. | 4,916,102 | 446,874 | ||||
Garmin Ltd. | 3,502,015 | 415,374 | ||||
* | Royal Caribbean Cruises Ltd. | 4,918,184 | 412,045 | |||
Genuine Parts Co. | 3,223,473 | 406,222 | ||||
Omnicom Group Inc. | 4,747,294 | 402,950 | ||||
* | Take-Two Interactive Software Inc. | 2,620,635 | 402,896 | |||
* | Live Nation Entertainment Inc. | 3,315,902 | 390,083 | |||
Darden Restaurants Inc. | 2,900,353 | 385,602 | ||||
* | Carnival Corp. | 19,037,577 | 384,940 | |||
MGM Resorts International | 8,759,043 | 367,354 |
Shares | Market Value ($000) | |||||
* | Etsy Inc. | 2,878,753 | 357,771 | |||
* | Caesars Entertainment Inc. | 4,619,084 | 357,332 | |||
* | CarMax Inc. | 3,671,246 | 354,202 | |||
* | United Airlines Holdings Inc. | 7,348,753 | 340,688 | |||
Domino's Pizza Inc. | 826,218 | 336,279 | ||||
* | NVR Inc. | 72,967 | 325,963 | |||
*,1 | AMC Entertainment Holdings Inc. Class A | 11,670,652 | 287,565 | |||
Advance Auto Parts Inc. | 1,387,273 | 287,110 | ||||
* | Burlington Stores Inc. | 1,516,004 | 276,170 | |||
Fox Corp. Class A | 6,962,254 | 274,661 | ||||
* | LKQ Corp. | 5,539,790 | 251,562 | |||
* | Lyft Inc. Class A | 6,491,597 | 249,277 | |||
News Corp. Class A | 11,150,810 | 246,990 | ||||
Hasbro Inc. | 2,997,579 | 245,562 | ||||
Whirlpool Corp. | 1,330,906 | 229,954 | ||||
PulteGroup Inc. | 5,364,047 | 224,754 | ||||
* | Carvana Co. | 1,881,472 | 224,441 | |||
BorgWarner Inc. | 5,449,094 | 211,970 | ||||
Rollins Inc. | 5,586,435 | 195,805 | ||||
* | Wayfair Inc. Class A | 1,712,681 | 189,731 | |||
* | Wynn Resorts Ltd. | 2,363,554 | 188,470 | |||
* | Las Vegas Sands Corp. | 4,770,495 | 185,429 | |||
Pool Corp. | 432,358 | 182,823 | ||||
* | Discovery Inc. Class C | 7,126,359 | 177,945 | |||
*,1 | Lucid Group Inc. | 6,540,909 | 166,139 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 3,496,091 | 159,876 | |||
Interpublic Group of Cos. Inc. | 4,476,387 | 158,688 | ||||
* | ROBLOX Corp. Class A | 3,336,125 | 154,262 | |||
* | American Airlines Group Inc. | 7,369,526 | 134,494 | |||
*,1 | DraftKings Inc. Class A | 6,830,830 | 132,996 | |||
Bath & Body Works Inc. | 2,779,798 | 132,874 | ||||
Fox Corp. Class B | 3,601,548 | 130,664 | ||||
*,1 | GameStop Corp. Class A | 736,801 | 122,736 | |||
* | Vail Resorts Inc. | 459,331 | 119,550 | |||
Warner Music Group Corp. Class A | 2,648,823 | 100,258 | ||||
* | Endeavor Group Holdings Inc. Class A | 3,299,659 | 97,406 | |||
Lear Corp. | 677,847 | 96,654 | ||||
*,1 | Discovery Inc. Class A | 3,655,617 | 91,098 | |||
* | Peloton Interactive Inc. Class A | 3,269,462 | 86,379 | |||
*,1 | Chewy Inc. Class A | 1,939,894 | 79,109 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 1,715,437 | 78,413 | |||
1 | Sirius XM Holdings Inc. | 10,994,673 | 72,785 | |||
*,1 | QuantumScape Corp. Class A | 2,297,051 | 45,918 | |||
Lennar Corp. Class B | 212,879 | 14,550 | ||||
News Corp. Class B | 355,310 | 8,002 | ||||
1 | Paramount Global Class A | 190,536 | 7,700 | |||
21,654,313 | ||||||
Consumer Staples (4.7%) | ||||||
Corteva Inc. | 16,496,793 | 948,236 | ||||
Kroger Co. | 15,025,097 | 861,990 | ||||
Tyson Foods Inc. Class A | 6,640,738 | 595,209 | ||||
Archer-Daniels-Midland Co. | 6,382,439 | 576,079 | ||||
McCormick & Co. Inc. (Non-Voting) | 5,670,722 | 565,938 | ||||
AmerisourceBergen Corp. | 3,561,541 | 551,006 | ||||
Church & Dwight Co. Inc. | 5,510,737 | 547,657 | ||||
McKesson Corp. | 1,700,678 | 520,628 | ||||
Clorox Co. | 2,794,214 | 388,479 | ||||
Kellogg Co. | 5,818,374 | 375,227 |
Shares | Market Value ($000) | |||||
Conagra Brands Inc. | 10,892,482 | 365,661 | ||||
J M Smucker Co. | 2,337,538 | 316,526 | ||||
Hormel Foods Corp. | 5,710,026 | 294,295 | ||||
Campbell Soup Co. | 4,453,582 | 198,496 | ||||
Molson Coors Beverage Co. Class B | 2,050,161 | 109,438 | ||||
Lamb Weston Holdings Inc. | 1,648,742 | 98,776 | ||||
Albertsons Cos. Inc. Class A | 1,644,511 | 54,680 | ||||
* | Olaplex Holdings Inc. | 1,471,728 | 23,003 | |||
7,391,324 | ||||||
Energy (6.4%) | ||||||
Occidental Petroleum Corp. | 20,146,769 | 1,143,128 | ||||
Valero Energy Corp. | 9,293,828 | 943,695 | ||||
Devon Energy Corp. | 15,081,338 | 891,760 | ||||
Baker Hughes Co. | 20,563,391 | 748,713 | ||||
* | Cheniere Energy Inc. | 5,198,715 | 720,802 | |||
ONEOK Inc. | 10,125,937 | 715,195 | ||||
Halliburton Co. | 18,362,655 | 695,394 | ||||
Hess Corp. | 6,329,542 | 677,514 | ||||
Pioneer Natural Resources Co. | 2,620,796 | 655,278 | ||||
* | Enphase Energy Inc. | 2,737,082 | 552,288 | |||
Marathon Petroleum Corp. | 6,417,314 | 548,680 | ||||
Williams Cos. Inc. | 13,794,259 | 460,866 | ||||
Phillips 66 | 4,978,057 | 430,054 | ||||
* | Plug Power Inc. | 13,086,918 | 374,417 | |||
Diamondback Energy Inc. | 2,014,758 | 276,183 | ||||
Coterra Energy Inc. | 8,770,642 | 236,544 | ||||
Continental Resources Inc. | 413,280 | 25,347 | ||||
10,095,858 | ||||||
Financials (11.5%) | ||||||
MSCI Inc. | 1,753,048 | 881,573 | ||||
Arthur J Gallagher & Co. | 4,734,932 | 826,719 | ||||
Ameriprise Financial Inc. | 2,540,579 | 763,088 | ||||
* | SVB Financial Group | 1,333,995 | 746,304 | |||
Discover Financial Services | 6,539,252 | 720,560 | ||||
Fifth Third Bancorp | 15,523,525 | 668,133 | ||||
First Republic Bank | 4,065,925 | 659,086 | ||||
Willis Towers Watson plc | 2,673,577 | 631,552 | ||||
Apollo Global Management Inc. | 9,535,887 | 591,130 | ||||
American International Group Inc. | 9,250,088 | 580,628 | ||||
Hartford Financial Services Group Inc. | 7,530,455 | 540,762 | ||||
Northern Trust Corp. | 4,479,497 | 521,637 | ||||
State Street Corp. | 5,846,456 | 509,343 | ||||
M&T Bank Corp. | 2,929,818 | 496,604 | ||||
Huntington Bancshares Inc. | 32,655,510 | 477,424 | ||||
Regions Financial Corp. | 21,279,666 | 473,685 | ||||
KeyCorp | 21,065,659 | 471,450 | ||||
Cincinnati Financial Corp. | 3,460,601 | 470,503 | ||||
Raymond James Financial Inc. | 4,242,472 | 466,290 | ||||
Nasdaq Inc. | 2,613,228 | 465,677 | ||||
Principal Financial Group Inc. | 5,931,620 | 435,440 | ||||
Citizens Financial Group Inc. | 9,585,553 | 434,513 | ||||
* | Markel Corp. | 293,554 | 433,063 | |||
Broadridge Financial Solutions Inc. | 2,651,551 | 412,873 | ||||
* | Arch Capital Group Ltd. | 8,329,482 | 403,314 | |||
FactSet Research Systems Inc. | 858,202 | 372,588 | ||||
Ally Financial Inc. | 7,673,640 | 333,650 | ||||
Loews Corp. | 4,791,245 | 310,569 |
Shares | Market Value ($000) | |||||
W R Berkley Corp. | 4,515,516 | 300,688 | ||||
Fidelity National Financial Inc. | 6,126,434 | 299,215 | ||||
MarketAxess Holdings Inc. | 816,145 | 277,653 | ||||
Cboe Global Markets Inc. | 2,420,484 | 276,952 | ||||
Equitable Holdings Inc. | 8,845,983 | 273,429 | ||||
Everest Re Group Ltd. | 891,567 | 268,701 | ||||
Annaly Capital Management Inc. | 33,156,125 | 233,419 | ||||
Tradeweb Markets Inc. Class A | 2,429,885 | 213,514 | ||||
Franklin Resources Inc. | 6,841,405 | 191,012 | ||||
Interactive Brokers Group Inc. Class A | 2,117,879 | 139,589 | ||||
Ares Management Corp. Class A | 1,711,766 | 139,047 | ||||
* | Alleghany Corp. | 145,958 | 123,626 | |||
Lincoln National Corp. | 1,762,608 | 115,204 | ||||
Globe Life Inc. | 1,015,179 | 102,127 | ||||
1 | Rocket Cos. Inc. Class A | 1,533,399 | 17,051 | |||
1 | UWM Holdings Corp. Class A | 1,024,735 | 4,642 | |||
18,074,027 | ||||||
Health Care (11.0%) | ||||||
* | Dexcom Inc. | 2,203,996 | 1,127,564 | |||
* | Centene Corp. | 13,234,739 | 1,114,233 | |||
* | IQVIA Holdings Inc. | 4,334,846 | 1,002,260 | |||
ResMed Inc. | 3,320,410 | 805,233 | ||||
West Pharmaceutical Services Inc. | 1,686,586 | 692,698 | ||||
* | Veeva Systems Inc. Class A | 3,156,590 | 670,649 | |||
Cerner Corp. | 6,660,467 | 623,153 | ||||
Zimmer Biomet Holdings Inc. | 4,749,780 | 607,497 | ||||
* | Laboratory Corp. of America Holdings | 2,172,986 | 572,929 | |||
STERIS plc | 2,273,526 | 549,670 | ||||
* | Horizon Therapeutics plc | 5,150,426 | 541,876 | |||
* | IDEXX Laboratories Inc. | 956,529 | 523,279 | |||
PerkinElmer Inc. | 2,865,425 | 499,902 | ||||
Cooper Cos. Inc. | 1,119,391 | 467,446 | ||||
* | Seagen Inc. | 3,127,119 | 450,461 | |||
* | Alnylam Pharmaceuticals Inc. | 2,729,504 | 445,701 | |||
* | Hologic Inc. | 5,676,267 | 436,051 | |||
* | Catalent Inc. | 3,864,119 | 428,531 | |||
* | Insulet Corp. | 1,571,722 | 418,691 | |||
* | Avantor Inc. | 11,772,538 | 398,147 | |||
Teleflex Inc. | 1,063,715 | 377,438 | ||||
Quest Diagnostics Inc. | 2,702,090 | 369,808 | ||||
Cardinal Health Inc. | 6,291,274 | 356,715 | ||||
* | Incyte Corp. | 4,271,739 | 339,262 | |||
* | ABIOMED Inc. | 981,854 | 325,229 | |||
* | BioMarin Pharmaceutical Inc. | 4,176,057 | 321,974 | |||
Royalty Pharma plc Class A | 7,864,745 | 306,410 | ||||
Viatris Inc. | 27,461,943 | 298,786 | ||||
* | Exact Sciences Corp. | 3,953,662 | 276,440 | |||
* | Henry Schein Inc. | 3,114,819 | 271,581 | |||
* | Bio-Rad Laboratories Inc. Class A | 479,836 | 270,258 | |||
* | Elanco Animal Health Inc. | 10,205,449 | 266,260 | |||
DENTSPLY SIRONA Inc. | 4,964,052 | 244,331 | ||||
* | Teladoc Health Inc. | 3,279,685 | 236,564 | |||
Universal Health Services Inc. Class B | 1,577,429 | 228,648 | ||||
* | Charles River Laboratories International Inc. | 573,172 | 162,764 | |||
* | DaVita Inc. | 1,312,092 | 148,411 | |||
* | agilon health Inc. | 4,022,509 | 101,971 | |||
* | 10X Genomics Inc. Class A | 953,865 | 72,561 | |||
* | GoodRx Holdings Inc. Class A | 779,377 | 15,065 |
Shares | Market Value ($000) | |||||
*,1 | Ginkgo Bioworks Holdings Inc. | 2,025,508 | 8,163 | |||
* | Novocure Ltd. | 397 | 33 | |||
* | Oak Street Health Inc. | 487 | 13 | |||
17,374,656 | ||||||
Industrials (14.2%) | ||||||
Carrier Global Corp. | 19,425,290 | 891,038 | ||||
Cintas Corp. | 2,002,081 | 851,665 | ||||
Verisk Analytics Inc. | 3,662,082 | 785,993 | ||||
* | TransDigm Group Inc. | 1,196,359 | 779,476 | |||
* | Mettler-Toledo International Inc. | 517,829 | 711,078 | |||
Old Dominion Freight Line Inc. | 2,347,343 | 701,104 | ||||
AMETEK Inc. | 5,261,012 | 700,662 | ||||
Equifax Inc. | 2,772,032 | 657,249 | ||||
Ball Corp. | 7,299,952 | 656,996 | ||||
* | Keysight Technologies Inc. | 4,105,254 | 648,507 | |||
PACCAR Inc. | 7,102,684 | 625,533 | ||||
* | United Rentals Inc. | 1,644,511 | 584,147 | |||
Vulcan Materials Co. | 3,013,109 | 553,508 | ||||
Martin Marietta Materials Inc. | 1,416,719 | 545,281 | ||||
Stanley Black & Decker Inc. | 3,708,195 | 518,369 | ||||
Dover Corp. | 3,270,839 | 513,195 | ||||
WW Grainger Inc. | 986,394 | 508,772 | ||||
* | Bill.com Holdings Inc. | 2,234,399 | 506,739 | |||
* | Teledyne Technologies Inc. | 1,059,388 | 500,699 | |||
* | Zebra Technologies Corp. Class A | 1,205,295 | 498,631 | |||
Fortive Corp. | 7,746,143 | 471,973 | ||||
* | Ingersoll Rand Inc. | 9,259,438 | 466,213 | |||
TransUnion | 4,357,394 | 450,293 | ||||
* | FleetCor Technologies Inc. | 1,751,609 | 436,256 | |||
* | Generac Holdings Inc. | 1,448,276 | 430,515 | |||
* | Waters Corp. | 1,374,108 | 426,509 | |||
Synchrony Financial | 11,835,974 | 412,010 | ||||
* | Trimble Inc. | 5,704,474 | 411,521 | |||
Jacobs Engineering Group Inc. | 2,934,177 | 404,359 | ||||
Expeditors International of Washington Inc. | 3,846,580 | 396,813 | ||||
Westinghouse Air Brake Technologies Corp. | 3,996,901 | 384,382 | ||||
JB Hunt Transport Services Inc. | 1,907,662 | 383,039 | ||||
Otis Worldwide Corp. | 4,824,424 | 371,239 | ||||
Rockwell Automation Inc. | 1,319,125 | 369,395 | ||||
Textron Inc. | 4,920,248 | 365,968 | ||||
Crown Holdings Inc. | 2,903,414 | 363,188 | ||||
Xylem Inc. | 4,094,657 | 349,110 | ||||
Packaging Corp. of America | 2,123,815 | 331,549 | ||||
CH Robinson Worldwide Inc. | 2,924,528 | 315,001 | ||||
Westrock Co. | 5,977,383 | 281,116 | ||||
Masco Corp. | 5,447,804 | 277,838 | ||||
Snap-on Inc. | 1,213,409 | 249,331 | ||||
Fortune Brands Home & Security Inc. | 3,082,235 | 228,948 | ||||
HEICO Corp. Class A | 1,663,591 | 210,993 | ||||
*,1 | Affirm Holdings Inc. Class A | 4,318,744 | 199,871 | |||
Jack Henry & Associates Inc. | 826,795 | 162,920 | ||||
Cognex Corp. | 1,875,944 | 144,729 | ||||
HEICO Corp. | 927,388 | 142,391 | ||||
Hubbell Inc. Class B | 617,769 | 113,527 | ||||
* | Mohawk Industries Inc. | 591,217 | 73,429 | |||
* | Marqeta Inc. Class A | 1,848,244 | 20,405 | |||
*,1 | Aurora Innovation Inc. | 1,096,058 | 6,127 |
Shares | Market Value ($000) | |||||
Western Union Co. | 1,817 | 34 | ||||
22,389,634 | ||||||
Real Estate (9.7%) | ||||||
Welltower Inc. | 10,155,829 | 976,381 | ||||
Realty Income Corp. | 13,426,887 | 930,483 | ||||
Digital Realty Trust Inc. | 6,458,012 | 915,746 | ||||
SBA Communications Corp. | 2,470,016 | 849,933 | ||||
AvalonBay Communities Inc. | 3,172,835 | 788,037 | ||||
Alexandria Real Estate Equities Inc. | 3,631,814 | 730,903 | ||||
Equity Residential | 8,108,564 | 729,122 | ||||
* | CBRE Group Inc. Class A | 7,219,056 | 660,688 | |||
Weyerhaeuser Co. | 16,946,830 | 642,285 | ||||
Extra Space Storage Inc. | 3,040,727 | 625,173 | ||||
* | CoStar Group Inc. | 8,968,896 | 597,418 | |||
Ventas Inc. | 9,071,116 | 560,232 | ||||
Invitation Homes Inc. | 13,797,611 | 554,388 | ||||
Mid-America Apartment Communities Inc. | 2,618,783 | 548,504 | ||||
Simon Property Group Inc. | 3,892,357 | 512,078 | ||||
Essex Property Trust Inc. | 1,477,846 | 510,566 | ||||
Duke Realty Corp. | 8,691,168 | 504,609 | ||||
Sun Communities Inc. | 2,633,158 | 461,566 | ||||
Healthpeak Properties Inc. | 12,245,983 | 420,405 | ||||
UDR Inc. | 7,226,432 | 414,580 | ||||
Boston Properties Inc. | 3,199,138 | 412,049 | ||||
Camden Property Trust | 2,348,216 | 390,274 | ||||
Iron Mountain Inc. | 6,574,564 | 364,297 | ||||
WP Carey Inc. | 4,328,311 | 349,901 | ||||
VICI Properties Inc. | 8,494,436 | 241,752 | ||||
* | Zillow Group Inc. Class C | 3,739,900 | 184,340 | |||
* | Host Hotels & Resorts Inc. | 8,107,988 | 157,538 | |||
Regency Centers Corp. | 1,946,071 | 138,833 | ||||
* | Zillow Group Inc. Class A | 976,232 | 47,084 | |||
* | Opendoor Technologies Inc. | 5,283,816 | 45,705 | |||
15,264,870 | ||||||
Technology (16.3%) | ||||||
* | Synopsys Inc. | 3,476,331 | 1,158,557 | |||
* | Cadence Design Systems Inc. | 6,297,329 | 1,035,659 | |||
Amphenol Corp. Class A | 13,599,627 | 1,024,732 | ||||
Microchip Technology Inc. | 12,624,553 | 948,609 | ||||
* | Datadog Inc. Class A | 5,547,905 | 840,341 | |||
Marvell Technology Inc. | 9,579,532 | 686,948 | ||||
* | Cloudflare Inc. Class A | 5,675,103 | 679,310 | |||
* | Palo Alto Networks Inc. | 1,084,584 | 675,164 | |||
* | Match Group Inc. | 6,151,054 | 668,866 | |||
* | Twitter Inc. | 17,267,114 | 668,065 | |||
* | MongoDB Inc. | 1,439,926 | 638,737 | |||
Corning Inc. | 17,285,413 | 638,005 | ||||
* | ANSYS Inc. | 1,980,740 | 629,182 | |||
* | ON Semiconductor Corp. | 9,820,296 | 614,849 | |||
CDW Corp. | 3,081,733 | 551,291 | ||||
* | Fortinet Inc. | 1,578,531 | 539,447 | |||
* | Palantir Technologies Inc. Class A | 39,147,272 | 537,492 | |||
* | Splunk Inc. | 3,605,473 | 535,809 | |||
* | Gartner Inc. | 1,775,003 | 527,992 | |||
* | Okta Inc. | 3,372,606 | 509,129 | |||
Skyworks Solutions Inc. | 3,724,029 | 496,339 | ||||
Hewlett Packard Enterprise Co. | 29,524,600 | 493,356 |
Shares | Market Value ($000) | |||||
* | HubSpot Inc. | 1,026,101 | 487,336 | |||
Monolithic Power Systems Inc. | 997,756 | 484,590 | ||||
* | VeriSign Inc. | 2,126,359 | 473,030 | |||
* | Unity Software Inc. | 4,674,089 | 463,716 | |||
* | Zscaler Inc. | 1,908,394 | 460,457 | |||
* | DocuSign Inc. | 4,213,434 | 451,343 | |||
* | Akamai Technologies Inc. | 3,689,421 | 440,480 | |||
Teradyne Inc. | 3,687,896 | 436,020 | ||||
Seagate Technology Holdings plc | 4,721,841 | 424,494 | ||||
NetApp Inc. | 5,047,041 | 418,904 | ||||
* | Tyler Technologies Inc. | 938,940 | 417,725 | |||
* | Paycom Software Inc. | 1,162,170 | 402,552 | |||
SS&C Technologies Holdings Inc. | 4,907,711 | 368,177 | ||||
* | EPAM Systems Inc. | 1,226,315 | 363,737 | |||
* | ZoomInfo Technologies Inc. Class A | 5,952,374 | 355,595 | |||
* | Western Digital Corp. | 6,750,382 | 335,156 | |||
NortonLifeLock Inc. | 12,557,757 | 333,032 | ||||
* | Twilio Inc. Class A | 1,948,493 | 321,131 | |||
* | GoDaddy Inc. Class A | 3,795,947 | 317,721 | |||
* | Pinterest Inc. Class A | 12,725,122 | 313,165 | |||
* | Qorvo Inc. | 2,462,266 | 305,567 | |||
Citrix Systems Inc. | 2,850,676 | 287,633 | ||||
* | RingCentral Inc. Class A | 1,893,604 | 221,949 | |||
* | AppLovin Corp. Class A | 3,702,596 | 203,902 | |||
Bentley Systems Inc. Class B | 4,611,096 | 203,718 | ||||
* | Black Knight Inc. | 3,350,248 | 194,281 | |||
* | IAC/InterActiveCorp | 1,807,356 | 181,242 | |||
* | Coupa Software Inc. | 1,695,812 | 172,345 | |||
Leidos Holdings Inc. | 1,595,069 | 172,299 | ||||
* | Zendesk Inc. | 1,383,555 | 166,428 | |||
* | Dropbox Inc. Class A | 6,447,806 | 149,912 | |||
* | F5 Inc. | 689,579 | 144,088 | |||
* | UiPath Inc. Class A | 6,534,789 | 141,086 | |||
* | Qualtrics International Inc. Class A | 1,839,499 | 52,518 | |||
*,1 | HashiCorp Inc. Class A | 173,797 | 9,385 | |||
*,1 | Gitlab Inc. Class A | 121,532 | 6,617 | |||
* | Toast Inc. Class A | 251,430 | 5,464 | |||
* | IPG Photonics Corp. | 156 | 17 | |||
* | Bumble Inc. Class A | 378 | 11 | |||
25,784,702 | ||||||
Telecommunications (2.0%) | ||||||
Motorola Solutions Inc. | 3,819,356 | 925,048 | ||||
* | Arista Networks Inc. | 5,240,950 | 728,387 | |||
* | Liberty Broadband Corp. Class C | 3,154,696 | 426,894 | |||
* | Roku Inc. | 2,704,342 | 338,773 | |||
Lumen Technologies Inc. | 23,239,029 | 261,904 | ||||
* | DISH Network Corp. Class A | 5,611,033 | 177,589 | |||
Juniper Networks Inc. | 3,663,987 | 136,154 | ||||
* | Liberty Broadband Corp. Class A | 574,656 | 75,314 | |||
* | Altice USA Inc. Class A | 969 | 12 | |||
3,070,075 | ||||||
Utilities (6.4%) | ||||||
Waste Connections Inc. | 5,843,100 | 816,281 | ||||
Consolidated Edison Inc. | 8,039,735 | 761,202 | ||||
WEC Energy Group Inc. | 7,161,947 | 714,834 | ||||
Eversource Energy | 7,820,894 | 689,725 | ||||
American Water Works Co. Inc. | 4,126,096 | 682,993 |
Shares | Market Value ($000) | |||||
Edison International | 8,626,357 | 604,708 | ||||
FirstEnergy Corp. | 12,949,831 | 593,879 | ||||
Ameren Corp. | 5,784,546 | 542,359 | ||||
Entergy Corp. | 4,601,378 | 537,211 | ||||
* | PG&E Corp. | 44,757,089 | 534,400 | |||
DTE Energy Co. | 3,959,483 | 523,483 | ||||
PPL Corp. | 16,697,901 | 476,892 | ||||
CMS Energy Corp. | 6,579,270 | 460,154 | ||||
CenterPoint Energy Inc. | 14,279,844 | 437,534 | ||||
AES Corp. | 14,381,521 | 370,036 | ||||
Alliant Energy Corp. | 5,687,406 | 355,349 | ||||
Evergy Inc. | 5,154,693 | 352,272 | ||||
NiSource Inc. | 9,204,498 | 292,703 | ||||
Vistra Corp. | 10,957,937 | 254,772 | ||||
Avangrid Inc. | 1,756,740 | 82,110 | ||||
10,082,897 | ||||||
Total Common Stocks (Cost $101,356,042) | 157,243,070 | |||||
Coupon | ||||||
Temporary Cash Investments (0.7%) | ||||||
Money Market Fund (0.7%) | ||||||
2,3 | Vanguard Market Liquidity Fund (Cost $1,066,889) | 0.312% | 10,671,437 | 1,067,037 | ||
Total Investments (100.4%) (Cost $102,422,931) | 158,310,107 | |||||
Other Assets and Liabilities—Net (-0.4%) | (567,182) | |||||
Net Assets (100%) | 157,742,925 |
Cost is in $000. | |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $662,593,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $712,953,000 was received for securities on loan. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | June 2022 | 521 | 53,830 | 1,000 |
E-mini S&P 500 Index | June 2022 | 357 | 80,874 | 2,842 |
E-mini S&P Mid-Cap 400 Index | June 2022 | 123 | 33,077 | 638 |
4,480 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Ameren Corp. | 1/31/23 | GSI | 1,327 | (0.323) | 88 | — |
CRSP US Mid Cap TR Index | 8/31/22 | BANA | 105,809 | (0.609) | 2,725 | — |
DocuSign Inc. | 8/31/22 | BANA | 6,395 | (0.203) | — | (612) |
DraftKings Inc. Class A | 8/31/22 | BANA | 3,055 | (0.199) | — | (543) |
Hormel Foods Corp. | 1/31/23 | GSI | 22,136 | (0.323) | 1,055 | — |
Palantir Technologies Inc. Class A | 8/31/22 | BANA | 3,176 | (0.213) | 503 | — |
Palo Alto Networks Inc. | 8/31/22 | BANA | 20,205 | (0.208) | 958 | — |
Pinterest Inc. Class A | 8/31/22 | BANA | 5,537 | (0.203) | — | (444) |
Sirius XM Holdings Inc. | 1/31/23 | GSI | 15,444 | (0.321) | 938 | — |
State Street Corp. | 8/31/23 | BANA | 174,927 | (0.809) | 4,727 | — |
10,994 | (1,599) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
At March 31, 2022, the counterparties had deposited in segregated accounts securities with a value of $2,220,000 and cash of $19,280,000 in connection with open over-the-counter swap contracts.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been 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.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. 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. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
D. 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 generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
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's 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 Schedule of Investments. 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.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
E. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of March 31, 2022, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 157,243,070 | — | — | 157,243,070 |
Temporary Cash Investments | 1,067,037 | — | — | 1,067,037 |
Total | 158,310,107 | — | — | 158,310,107 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 4,480 | — | — | 4,480 |
Swap Contracts | — | 10,994 | — | 10,994 |
Total | 4,480 | 10,994 | — | 15,474 |
Liabilities | ||||
Swap Contracts | — | 1,599 | — | 1,599 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |