Vanguard® 500 Index Fund
Schedule of Investments (unaudited)
As of March 31, 2023
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 (99.6%) | |||
Communication Services (8.1%) | |||
* | Alphabet Inc. Class A | 139,050,349 | 14,423,693 |
* | Alphabet Inc. Class C | 121,221,714 | 12,607,058 |
* | Meta Platforms Inc. Class A | 51,964,121 | 11,013,276 |
* | Walt Disney Co. | 42,649,919 | 4,270,536 |
Verizon Communications Inc. | 98,051,953 | 3,813,240 | |
Comcast Corp. Class A | 98,213,852 | 3,723,287 | |
* | Netflix Inc. | 10,297,285 | 3,557,506 |
AT&T Inc. | 166,413,107 | 3,203,452 | |
* | T-Mobile US Inc. | 13,828,499 | 2,002,920 |
Activision Blizzard Inc. | 16,627,161 | 1,423,119 | |
* | Charter Communications Inc. Class A | 2,459,164 | 879,422 |
* | Warner Bros Discovery Inc. | 51,592,236 | 779,043 |
Electronic Arts Inc. | 6,082,159 | 732,596 | |
Omnicom Group Inc. | 4,733,486 | 446,557 | |
* | Take-Two Interactive Software Inc. | 3,701,508 | 441,590 |
Interpublic Group of Cos. Inc. | 9,072,259 | 337,851 | |
1 | Paramount Global Class B | 11,790,811 | 263,053 |
* | Match Group Inc. | 6,520,539 | 250,324 |
Fox Corp. Class A | 6,871,602 | 233,978 | |
* | Live Nation Entertainment Inc. | 3,326,347 | 232,844 |
News Corp. Class A | 11,679,551 | 201,706 | |
Fox Corp. Class B | 3,286,032 | 102,886 | |
* | DISH Network Corp. Class A | 5,852,568 | 54,604 |
News Corp. Class B | 1,428 | 25 | |
64,994,566 | |||
Consumer Discretionary (10.1%) | |||
* | Amazon.com Inc. | 208,134,702 | 21,498,233 |
* | Tesla Inc. | 62,789,697 | 13,026,351 |
Home Depot Inc. | 23,794,345 | 7,022,187 | |
McDonald's Corp. | 17,099,599 | 4,781,219 | |
NIKE Inc. Class B | 29,081,509 | 3,566,556 | |
Lowe's Cos. Inc. | 14,117,884 | 2,823,153 | |
Starbucks Corp. | 26,832,072 | 2,794,024 | |
* | Booking Holdings Inc. | 905,613 | 2,402,057 |
TJX Cos. Inc. | 26,976,943 | 2,113,913 | |
* | O'Reilly Automotive Inc. | 1,455,662 | 1,235,828 |
General Motors Co. | 32,560,358 | 1,194,314 | |
Ford Motor Co. | 91,408,135 | 1,151,743 | |
* | Chipotle Mexican Grill Inc. Class A | 644,989 | 1,101,828 |
* | AutoZone Inc. | 438,137 | 1,077,006 |
Marriott International Inc. Class A | 6,281,682 | 1,043,010 | |
Hilton Worldwide Holdings Inc. | 6,220,805 | 876,325 |
Shares | Market Value ($000) | ||
Yum! Brands Inc. | 6,536,790 | 863,379 | |
Ross Stores Inc. | 8,039,789 | 853,263 | |
DR Horton Inc. | 7,296,728 | 712,817 | |
* | Aptiv plc | 6,325,555 | 709,664 |
* | Ulta Beauty Inc. | 1,187,918 | 648,211 |
Lennar Corp. Class A | 5,856,601 | 615,587 | |
Tractor Supply Co. | 2,578,785 | 606,118 | |
eBay Inc. | 12,668,471 | 562,100 | |
Genuine Parts Co. | 3,290,718 | 550,570 | |
Darden Restaurants Inc. | 2,841,400 | 440,872 | |
* | Las Vegas Sands Corp. | 7,672,432 | 440,781 |
* | NVR Inc. | 70,474 | 392,695 |
Garmin Ltd. | 3,580,889 | 361,383 | |
Best Buy Co. Inc. | 4,597,244 | 359,826 | |
LKQ Corp. | 5,924,804 | 336,292 | |
* | Expedia Group Inc. | 3,451,113 | 334,862 |
* | Royal Caribbean Cruises Ltd. | 5,124,684 | 334,642 |
* | Etsy Inc. | 2,935,231 | 326,779 |
MGM Resorts International | 7,345,437 | 326,284 | |
Pool Corp. | 912,248 | 312,390 | |
PulteGroup Inc. | 5,265,340 | 306,864 | |
Domino's Pizza Inc. | 826,446 | 272,620 | |
* | Wynn Resorts Ltd. | 2,407,236 | 269,394 |
BorgWarner Inc. (XNYS) | 5,465,659 | 268,419 | |
* | Caesars Entertainment Inc. | 5,008,947 | 244,487 |
Tapestry Inc. | 5,509,802 | 237,528 | |
* | Carnival Corp. | 23,394,026 | 237,449 |
* | CarMax Inc. | 3,688,849 | 237,119 |
Bath & Body Works Inc. | 5,332,278 | 195,055 | |
VF Corp. | 7,714,280 | 176,734 | |
Advance Auto Parts Inc. | 1,383,088 | 168,197 | |
Whirlpool Corp. | 1,272,437 | 167,987 | |
Hasbro Inc. | 3,033,878 | 162,889 | |
* | Norwegian Cruise Line Holdings Ltd. | 9,849,763 | 132,479 |
* | Mohawk Industries Inc. | 1,229,443 | 123,215 |
Ralph Lauren Corp. Class A | 961,102 | 112,132 | |
Newell Brands Inc. | 8,804,975 | 109,534 | |
Lennar Corp. Class B | 74,560 | 6,659 | |
81,225,023 | |||
Consumer Staples (7.2%) | |||
Procter & Gamble Co. | 55,077,923 | 8,189,536 | |
PepsiCo Inc. | 32,154,011 | 5,861,676 | |
Coca-Cola Co. | 90,865,943 | 5,636,414 | |
Costco Wholesale Corp. | 10,359,502 | 5,147,326 | |
Walmart Inc. | 32,739,827 | 4,827,488 | |
Philip Morris International Inc. | 36,192,725 | 3,519,743 | |
Mondelez International Inc. Class A | 31,824,851 | 2,218,829 | |
Altria Group Inc. | 41,685,958 | 1,860,027 | |
Target Corp. | 10,746,474 | 1,779,938 | |
Colgate-Palmolive Co. | 19,499,465 | 1,465,385 | |
Estee Lauder Cos. Inc. Class A | 5,408,639 | 1,333,013 | |
General Mills Inc. | 13,765,861 | 1,176,430 | |
Dollar General Corp. | 5,219,726 | 1,098,544 | |
Kimberly-Clark Corp. | 7,879,630 | 1,057,604 | |
Archer-Daniels-Midland Co. | 12,772,440 | 1,017,453 | |
* | Monster Beverage Corp. | 17,784,058 | 960,517 |
Sysco Corp. | 11,850,748 | 915,233 | |
Hershey Co. | 3,431,364 | 872,973 |
Shares | Market Value ($000) | ||
Constellation Brands Inc. Class A | 3,790,412 | 856,216 | |
Kraft Heinz Co. | 18,589,158 | 718,843 | |
Kroger Co. | 14,207,754 | 701,437 | |
Keurig Dr Pepper Inc. | 19,838,628 | 699,907 | |
* | Dollar Tree Inc. | 4,854,018 | 696,794 |
Walgreens Boots Alliance Inc. | 16,712,448 | 577,916 | |
Church & Dwight Co. Inc. | 5,693,506 | 503,363 | |
McCormick & Co. Inc. | 5,853,751 | 487,091 | |
Clorox Co. | 2,883,786 | 456,330 | |
Conagra Brands Inc. | 11,127,970 | 417,967 | |
Kellogg Co. | 5,976,529 | 400,188 | |
Tyson Foods Inc. Class A | 6,668,489 | 395,575 | |
J M Smucker Co. | 2,489,799 | 391,820 | |
Lamb Weston Holdings Inc. | 3,358,882 | 351,070 | |
Bunge Ltd. | 3,489,894 | 333,355 | |
Brown-Forman Corp. Class B | 4,269,458 | 274,398 | |
Hormel Foods Corp. | 6,762,342 | 269,682 | |
Campbell Soup Co. | 4,680,191 | 257,317 | |
Molson Coors Beverage Co. Class B | 4,388,656 | 226,806 | |
57,954,204 | |||
Energy (4.6%) | |||
Exxon Mobil Corp. | 96,140,777 | 10,542,798 | |
Chevron Corp. | 41,532,157 | 6,776,387 | |
ConocoPhillips | 28,573,150 | 2,834,742 | |
Schlumberger NV | 33,156,217 | 1,627,970 | |
EOG Resources Inc. | 13,713,467 | 1,571,975 | |
Marathon Petroleum Corp. | 10,599,681 | 1,429,155 | |
Valero Energy Corp. | 9,000,637 | 1,256,489 | |
Pioneer Natural Resources Co. | 5,546,952 | 1,132,909 | |
Phillips 66 | 10,879,754 | 1,102,989 | |
Occidental Petroleum Corp. | 16,975,904 | 1,059,806 | |
Hess Corp. | 6,478,089 | 857,310 | |
Williams Cos. Inc. | 28,436,032 | 849,100 | |
Kinder Morgan Inc. | 46,185,390 | 808,706 | |
Devon Energy Corp. | 15,261,079 | 772,363 | |
Baker Hughes Co. Class A | 23,486,374 | 677,817 | |
Halliburton Co. | 21,106,855 | 667,821 | |
ONEOK Inc. | 10,434,686 | 663,020 | |
Diamondback Energy Inc. | 4,290,279 | 579,917 | |
Coterra Energy Inc. | 18,407,448 | 451,719 | |
Targa Resources Corp. | 5,284,926 | 385,535 | |
Marathon Oil Corp. | 14,826,414 | 355,241 | |
EQT Corp. | 8,569,087 | 273,440 | |
APA Corp. | 7,505,849 | 270,661 | |
36,947,870 | |||
Financials (12.8%) | |||
* | Berkshire Hathaway Inc. Class B | 42,063,719 | 12,988,015 |
JPMorgan Chase & Co. | 68,479,921 | 8,923,619 | |
Visa Inc. Class A | 37,687,089 | 8,496,931 | |
Mastercard Inc. Class A | 19,698,006 | 7,158,452 | |
Bank of America Corp. | 162,946,745 | 4,660,277 | |
Wells Fargo & Co. | 88,961,550 | 3,325,383 | |
Morgan Stanley | 30,503,183 | 2,678,179 | |
S&P Global Inc. | 7,685,672 | 2,649,789 | |
Goldman Sachs Group Inc. | 7,254,640 | 2,373,065 | |
BlackRock Inc. | 3,496,169 | 2,339,357 | |
American Express Co. | 13,899,199 | 2,292,673 |
Shares | Market Value ($000) | ||
Citigroup Inc. | 45,218,561 | 2,120,298 | |
* | PayPal Holdings Inc. | 26,413,561 | 2,005,846 |
Progressive Corp. | 13,655,497 | 1,953,555 | |
Marsh & McLennan Cos. Inc. | 11,555,740 | 1,924,608 | |
Chubb Ltd. | 9,690,263 | 1,881,655 | |
Charles Schwab Corp. | 35,610,401 | 1,865,273 | |
* | Fiserv Inc. | 14,825,652 | 1,675,743 |
CME Group Inc. | 8,398,359 | 1,608,454 | |
Aon plc Class A (XNYS) | 4,795,504 | 1,511,974 | |
Intercontinental Exchange Inc. | 13,047,101 | 1,360,682 | |
PNC Financial Services Group Inc. | 9,361,868 | 1,189,893 | |
US Bancorp | 32,525,549 | 1,172,546 | |
Moody's Corp. | 3,678,201 | 1,125,603 | |
Truist Financial Corp. | 30,976,305 | 1,056,292 | |
MSCI Inc. Class A | 1,866,714 | 1,044,781 | |
Arthur J Gallagher & Co. | 4,951,923 | 947,352 | |
Travelers Cos. Inc. | 5,395,652 | 924,869 | |
MetLife Inc. | 15,387,577 | 891,556 | |
American International Group Inc. | 17,346,478 | 873,569 | |
Capital One Financial Corp. | 8,901,458 | 855,964 | |
Aflac Inc. | 13,071,145 | 843,350 | |
Bank of New York Mellon Corp. | 17,171,905 | 780,291 | |
Ameriprise Financial Inc. | 2,458,125 | 753,415 | |
Fidelity National Information Services Inc. | 13,852,965 | 752,632 | |
Prudential Financial Inc. | 8,591,427 | 710,855 | |
Allstate Corp. | 6,140,161 | 680,391 | |
State Street Corp. | 8,148,686 | 616,774 | |
Discover Financial Services | 6,232,547 | 616,025 | |
Global Payments Inc. | 5,687,060 | 598,506 | |
T Rowe Price Group Inc. | 5,236,206 | 591,168 | |
* | Arch Capital Group Ltd. | 8,635,419 | 586,086 |
Willis Towers Watson plc | 2,491,781 | 579,040 | |
Hartford Financial Services Group Inc. | 7,357,304 | 512,731 | |
M&T Bank Corp. | 3,952,275 | 472,574 | |
Nasdaq Inc. | 7,913,929 | 432,655 | |
Northern Trust Corp. | 4,865,784 | 428,822 | |
Fifth Third Bancorp | 15,954,231 | 425,021 | |
Raymond James Financial Inc. | 4,524,808 | 422,029 | |
Cincinnati Financial Corp. | 3,669,695 | 411,299 | |
Regions Financial Corp. | 21,806,871 | 404,736 | |
Principal Financial Group Inc. | 5,312,614 | 394,833 | |
Huntington Bancshares Inc. | 33,689,944 | 377,327 | |
FactSet Research Systems Inc. | 892,943 | 370,652 | |
* | FleetCor Technologies Inc. | 1,722,297 | 363,146 |
Citizens Financial Group Inc. | 11,497,706 | 349,185 | |
MarketAxess Holdings Inc. | 879,068 | 343,971 | |
Cboe Global Markets Inc. | 2,478,402 | 332,701 | |
Everest Re Group Ltd. | 914,901 | 327,553 | |
Brown & Brown Inc. | 5,487,630 | 315,100 | |
Synchrony Financial | 10,209,807 | 296,901 | |
W R Berkley Corp. | 4,752,750 | 295,906 | |
KeyCorp. | 21,787,551 | 272,780 | |
Loews Corp. | 4,554,703 | 264,264 | |
Jack Henry & Associates Inc. | 1,704,035 | 256,832 | |
Globe Life Inc. | 2,112,224 | 232,387 | |
Franklin Resources Inc. | 6,657,006 | 179,340 | |
Invesco Ltd. | 10,620,386 | 174,174 | |
Assurant Inc. | 1,231,340 | 147,847 |
Shares | Market Value ($000) | ||
Comerica Inc. | 3,058,095 | 132,782 | |
Zions Bancorp NA | 3,488,305 | 104,405 | |
Lincoln National Corp. | 3,590,815 | 80,686 | |
1 | First Republic Bank | 4,337,228 | 60,678 |
1 | Signature Bank | 464,157 | 85 |
103,168,188 | |||
Health Care (14.2%) | |||
UnitedHealth Group Inc. | 21,813,753 | 10,308,961 | |
Johnson & Johnson | 61,038,708 | 9,461,000 | |
AbbVie Inc. | 41,287,630 | 6,580,010 | |
Eli Lilly & Co. | 18,412,055 | 6,323,068 | |
Merck & Co. Inc. | 59,192,086 | 6,297,446 | |
Pfizer Inc. | 131,050,191 | 5,346,848 | |
Thermo Fisher Scientific Inc. | 9,156,409 | 5,277,479 | |
Abbott Laboratories | 40,706,341 | 4,121,924 | |
Danaher Corp. | 15,302,973 | 3,856,961 | |
Bristol-Myers Squibb Co. | 49,637,813 | 3,440,397 | |
Amgen Inc. | 12,466,376 | 3,013,746 | |
Elevance Health Inc. | 5,575,755 | 2,563,788 | |
Medtronic plc | 31,054,886 | 2,503,645 | |
Gilead Sciences Inc. | 29,113,067 | 2,415,511 | |
Stryker Corp. | 7,871,365 | 2,247,039 | |
CVS Health Corp. | 29,979,989 | 2,227,813 | |
* | Intuitive Surgical Inc. | 8,180,415 | 2,089,851 |
* | Regeneron Pharmaceuticals Inc. | 2,509,833 | 2,062,254 |
* | Vertex Pharmaceuticals Inc. | 6,002,103 | 1,891,083 |
Zoetis Inc. | 10,881,012 | 1,811,036 | |
Cigna Group | 6,973,217 | 1,781,866 | |
* | Boston Scientific Corp. | 33,440,003 | 1,673,003 |
Becton Dickinson and Co. | 6,628,165 | 1,640,736 | |
Humana Inc. | 2,917,715 | 1,416,434 | |
HCA Healthcare Inc. | 4,950,268 | 1,305,287 | |
* | Edwards Lifesciences Corp. | 14,434,200 | 1,194,141 |
* | Moderna Inc. | 7,713,508 | 1,184,641 |
McKesson Corp. | 3,197,254 | 1,138,382 | |
* | DexCom Inc. | 9,021,319 | 1,048,097 |
* | IDEXX Laboratories Inc. | 1,933,516 | 966,913 |
Agilent Technologies Inc. | 6,907,266 | 955,551 | |
* | Biogen Inc. | 3,361,801 | 934,681 |
* | IQVIA Holdings Inc. | 4,335,454 | 862,278 |
* | Illumina Inc. | 3,672,346 | 854,004 |
* | Centene Corp. | 12,858,576 | 812,791 |
* | Mettler-Toledo International Inc. | 516,008 | 789,601 |
ResMed Inc. | 3,429,790 | 751,090 | |
* | GE Healthcare Inc. | 8,476,997 | 695,368 |
Zimmer Biomet Holdings Inc. | 4,899,368 | 632,998 | |
AmerisourceBergen Corp. Class A | 3,777,914 | 604,882 | |
West Pharmaceutical Services Inc. | 1,728,312 | 598,808 | |
* | Align Technology Inc. | 1,695,967 | 566,690 |
* | Insulet Corp. | 1,623,546 | 517,846 |
Baxter International Inc. | 11,781,915 | 477,874 | |
Laboratory Corp. of America Holdings | 2,068,458 | 474,546 | |
* | Hologic Inc. | 5,753,241 | 464,286 |
Cardinal Health Inc. | 6,015,193 | 454,147 | |
STERIS plc | 2,317,868 | 443,362 | |
Cooper Cos. Inc. | 1,152,324 | 430,232 | |
* | Waters Corp. | 1,386,901 | 429,426 |
PerkinElmer Inc. | 2,949,066 | 392,992 |
Shares | Market Value ($000) | ||
Quest Diagnostics Inc. | 2,591,459 | 366,640 | |
* | Molina Healthcare Inc. | 1,363,567 | 364,740 |
* | Incyte Corp. | 4,320,585 | 312,249 |
Teleflex Inc. | 1,095,055 | 277,388 | |
* | Catalent Inc. | 4,204,179 | 276,257 |
Viatris Inc. | 28,331,776 | 272,552 | |
Bio-Techne Corp. | 3,671,558 | 272,393 | |
* | Henry Schein Inc. | 3,164,552 | 258,038 |
* | Bio-Rad Laboratories Inc. Class A | 502,693 | 240,800 |
* | Charles River Laboratories International Inc. | 1,187,832 | 239,728 |
DENTSPLY SIRONA Inc. | 5,023,546 | 197,325 | |
Universal Health Services Inc. Class B | 1,498,494 | 190,459 | |
Organon & Co. | 5,946,381 | 139,859 | |
* | DaVita Inc. | 1,279,771 | 103,802 |
2 | ABIOMED Inc. CVR | 180 | — |
113,845,043 | |||
Industrials (8.6%) | |||
Raytheon Technologies Corp. | 34,201,846 | 3,349,387 | |
United Parcel Service Inc. Class B (XNYS) | 17,039,124 | 3,305,420 | |
Honeywell International Inc. | 15,598,717 | 2,981,227 | |
Union Pacific Corp. | 14,285,194 | 2,875,038 | |
* | Boeing Co. | 13,128,669 | 2,788,923 |
Caterpillar Inc. | 12,149,716 | 2,780,341 | |
Deere & Co. | 6,313,165 | 2,606,580 | |
General Electric Co. | 25,430,950 | 2,431,199 | |
Lockheed Martin Corp. | 5,129,767 | 2,424,995 | |
Automatic Data Processing Inc. | 9,673,703 | 2,153,657 | |
Eaton Corp. plc | 9,284,781 | 1,590,854 | |
Illinois Tool Works Inc. | 6,481,262 | 1,577,863 | |
Northrop Grumman Corp. | 3,358,819 | 1,550,834 | |
CSX Corp. | 49,084,108 | 1,469,578 | |
Waste Management Inc. | 8,671,394 | 1,414,911 | |
3M Co. | 12,852,133 | 1,350,888 | |
FedEx Corp. | 5,421,532 | 1,238,766 | |
General Dynamics Corp. | 5,254,008 | 1,199,017 | |
Emerson Electric Co. | 13,340,406 | 1,162,483 | |
Norfolk Southern Corp. | 5,317,932 | 1,127,402 | |
Parker-Hannifin Corp. | 2,994,470 | 1,006,471 | |
Trane Technologies plc | 5,347,873 | 983,902 | |
Johnson Controls International plc | 16,042,051 | 966,052 | |
Cintas Corp. | 2,016,710 | 933,091 | |
TransDigm Group Inc. | 1,210,851 | 892,458 | |
PACCAR Inc. | 12,186,587 | 892,058 | |
Carrier Global Corp. | 19,474,545 | 890,960 | |
L3Harris Technologies Inc. | 4,445,178 | 872,322 | |
Paychex Inc. | 7,489,900 | 858,268 | |
Otis Worldwide Corp. | 9,685,740 | 817,477 | |
Cummins Inc. | 3,298,834 | 788,026 | |
Rockwell Automation Inc. | 2,679,608 | 786,331 | |
AMETEK Inc. | 5,361,661 | 779,210 | |
* | Copart Inc. | 10,008,136 | 752,712 |
WW Grainger Inc. | 1,049,810 | 723,120 | |
Old Dominion Freight Line Inc. | 2,115,124 | 720,919 | |
Fastenal Co. | 13,327,035 | 718,860 | |
Verisk Analytics Inc. Class A | 3,651,128 | 700,505 | |
* | CoStar Group Inc. | 9,494,756 | 653,714 |
Republic Services Inc. Class A | 4,795,417 | 648,436 | |
United Rentals Inc. | 1,619,282 | 640,847 |
Shares | Market Value ($000) | ||
Equifax Inc. | 2,859,941 | 580,110 | |
Fortive Corp. | 8,238,469 | 561,616 | |
Quanta Services Inc. | 3,336,135 | 555,934 | |
Ingersoll Rand Inc. (XYNS) | 9,453,340 | 549,995 | |
* | Delta Air Lines Inc. | 14,970,933 | 522,785 |
Dover Corp. | 3,261,545 | 495,559 | |
Southwest Airlines Co. | 13,874,766 | 451,485 | |
Xylem Inc. | 4,208,063 | 440,584 | |
Westinghouse Air Brake Technologies Corp. | 4,245,993 | 429,100 | |
Expeditors International of Washington Inc. | 3,715,732 | 409,176 | |
IDEX Corp. | 1,760,780 | 406,793 | |
Broadridge Financial Solutions Inc. | 2,747,607 | 402,717 | |
Howmet Aerospace Inc. | 8,596,206 | 364,221 | |
Jacobs Solutions Inc. | 2,958,327 | 347,633 | |
Textron Inc. | 4,875,252 | 344,339 | |
JB Hunt Transport Services Inc. | 1,937,679 | 339,985 | |
* | United Airlines Holdings Inc. | 7,632,388 | 337,733 |
Snap-on Inc. | 1,240,396 | 306,241 | |
Leidos Holdings Inc. | 3,191,041 | 293,767 | |
Nordson Corp. | 1,255,804 | 279,115 | |
Stanley Black & Decker Inc. | 3,456,936 | 278,560 | |
CH Robinson Worldwide Inc. | 2,745,811 | 272,851 | |
Masco Corp. | 5,261,976 | 261,626 | |
* | American Airlines Group Inc. | 15,188,498 | 224,030 |
Allegion plc | 2,050,398 | 218,839 | |
Pentair plc | 3,840,154 | 212,245 | |
A O Smith Corp. | 2,962,172 | 204,834 | |
Rollins Inc. | 5,404,675 | 202,838 | |
Robert Half International Inc. | 2,514,299 | 202,577 | |
Huntington Ingalls Industries Inc. | 929,320 | 192,388 | |
* | Generac Holdings Inc. | 1,479,609 | 159,813 |
* | Alaska Air Group Inc. | 2,977,455 | 124,934 |
69,379,525 | |||
Information Technology (26.0%) | |||
Apple Inc. | 347,224,056 | 57,257,247 | |
Microsoft Corp. | 173,786,331 | 50,102,599 | |
NVIDIA Corp. | 57,432,696 | 15,953,080 | |
Broadcom Inc. | 9,755,859 | 6,258,774 | |
Cisco Systems Inc. | 95,910,195 | 5,013,705 | |
* | Salesforce Inc. | 23,346,272 | 4,664,118 |
Accenture plc Class A | 14,702,173 | 4,202,028 | |
* | Adobe Inc. | 10,688,148 | 4,118,892 |
Texas Instruments Inc. | 21,156,874 | 3,935,390 | |
* | Advanced Micro Devices Inc. | 37,642,564 | 3,689,348 |
Oracle Corp. | 35,880,301 | 3,333,998 | |
QUALCOMM Inc. | 26,031,212 | 3,321,062 | |
Intel Corp. | 96,583,529 | 3,155,384 | |
Intuit Inc. | 6,558,538 | 2,923,993 | |
International Business Machines Corp. | 21,108,115 | 2,767,063 | |
Applied Materials Inc. | 19,683,177 | 2,417,685 | |
Analog Devices Inc. | 11,833,548 | 2,333,812 | |
* | ServiceNow Inc. | 4,739,258 | 2,202,428 |
Lam Research Corp. | 3,150,233 | 1,670,001 | |
Micron Technology Inc. | 25,475,072 | 1,537,166 | |
* | Synopsys Inc. | 3,558,462 | 1,374,456 |
* | Cadence Design Systems Inc. | 6,404,233 | 1,345,465 |
KLA Corp. | 3,233,069 | 1,290,544 | |
Amphenol Corp. Class A | 13,882,355 | 1,134,466 |
Shares | Market Value ($000) | ||
NXP Semiconductors NV | 6,049,852 | 1,128,146 | |
Motorola Solutions Inc. | 3,903,818 | 1,116,999 | |
Roper Technologies Inc. | 2,475,934 | 1,091,119 | |
Microchip Technology Inc. | 12,789,167 | 1,071,476 | |
* | Autodesk Inc. | 5,037,338 | 1,048,572 |
* | Fortinet Inc. | 15,138,299 | 1,006,091 |
* | Arista Networks Inc. | 5,778,637 | 970,002 |
TE Connectivity Ltd. | 7,388,232 | 968,967 | |
* | ON Semiconductor Corp. | 10,084,852 | 830,185 |
Cognizant Technology Solutions Corp. Class A | 11,883,319 | 724,051 | |
* | ANSYS Inc. | 2,033,735 | 676,827 |
* | Keysight Technologies Inc. | 4,163,157 | 672,267 |
* | Enphase Energy Inc. | 3,173,249 | 667,271 |
Corning Inc. | 17,771,948 | 626,994 | |
CDW Corp. | 3,160,907 | 616,029 | |
* | Gartner Inc. | 1,845,028 | 601,055 |
HP Inc. | 20,177,447 | 592,208 | |
Monolithic Power Systems Inc. | 1,044,716 | 522,922 | |
* | First Solar Inc. | 2,314,559 | 503,417 |
* | Teledyne Technologies Inc. | 1,094,353 | 489,570 |
Hewlett Packard Enterprise Co. | 29,924,463 | 476,697 | |
* | VeriSign Inc. | 2,138,864 | 452,006 |
Skyworks Solutions Inc. | 3,711,408 | 437,872 | |
* | Fair Isaac Corp. | 586,784 | 412,327 |
* | EPAM Systems Inc. | 1,342,721 | 401,474 |
* | SolarEdge Technologies Inc. | 1,304,900 | 396,624 |
Teradyne Inc. | 3,636,908 | 391,004 | |
* | Zebra Technologies Corp. Class A | 1,205,320 | 383,292 |
* | Tyler Technologies Inc. | 972,600 | 344,923 |
* | Paycom Software Inc. | 1,125,610 | 342,197 |
NetApp Inc. | 5,032,303 | 321,313 | |
* | PTC Inc. | 2,484,860 | 318,634 |
* | Trimble Inc. | 5,757,507 | 301,808 |
Seagate Technology Holdings plc | 4,486,740 | 296,663 | |
* | Akamai Technologies Inc. | 3,670,888 | 287,430 |
* | Western Digital Corp. | 7,454,303 | 280,804 |
* | Ceridian HCM Holding Inc. | 3,591,611 | 262,978 |
Juniper Networks Inc. | 7,557,895 | 260,143 | |
* | Qorvo Inc. | 2,331,986 | 236,860 |
Gen Digital Inc. (XNGS) | 13,279,633 | 227,878 | |
* | F5 Inc. | 1,403,584 | 204,488 |
* | DXC Technology Co. | 5,315,408 | 135,862 |
209,100,149 | |||
Materials (2.6%) | |||
Linde plc | 11,499,021 | 4,087,212 | |
Air Products and Chemicals Inc. | 5,184,893 | 1,489,153 | |
Freeport-McMoRan Inc. | 33,369,567 | 1,365,149 | |
Sherwin-Williams Co. | 5,505,643 | 1,237,503 | |
Corteva Inc. | 16,642,053 | 1,003,682 | |
Ecolab Inc. | 5,785,213 | 957,626 | |
Nucor Corp. | 5,906,670 | 912,403 | |
Newmont Corp. | 18,531,016 | 908,390 | |
Dow Inc. | 16,456,298 | 902,134 | |
DuPont de Nemours Inc. | 10,696,400 | 767,681 | |
PPG Industries Inc. | 5,486,867 | 732,936 | |
Albemarle Corp. | 2,735,085 | 604,563 | |
LyondellBasell Industries NV Class A | 5,929,749 | 556,744 | |
International Flavors & Fragrances Inc. | 5,952,293 | 547,373 |
Shares | Market Value ($000) | ||
Vulcan Materials Co. | 3,102,839 | 532,323 | |
Martin Marietta Materials Inc. | 1,449,545 | 514,676 | |
Steel Dynamics Inc. | 3,894,111 | 440,268 | |
Ball Corp. | 7,329,176 | 403,911 | |
Amcor plc | 34,676,000 | 394,613 | |
Mosaic Co. | 7,948,843 | 364,693 | |
FMC Corp. | 2,941,716 | 359,272 | |
Avery Dennison Corp. | 1,890,357 | 338,242 | |
CF Industries Holdings Inc. | 4,581,171 | 332,089 | |
Packaging Corp. of America | 2,160,398 | 299,928 | |
International Paper Co. | 8,303,632 | 299,429 | |
Celanese Corp. Class A | 2,326,829 | 253,368 | |
Eastman Chemical Co. | 2,773,356 | 233,905 | |
Westrock Co. | 5,945,477 | 181,159 | |
Sealed Air Corp. | 3,377,150 | 155,045 | |
21,175,470 | |||
Real Estate (2.5%) | |||
Prologis Inc. | 21,550,705 | 2,688,881 | |
American Tower Corp. | 10,870,267 | 2,221,230 | |
Equinix Inc. | 2,160,420 | 1,557,749 | |
Crown Castle Inc. | 10,108,963 | 1,352,984 | |
Public Storage | 3,690,521 | 1,115,054 | |
Realty Income Corp. | 14,642,410 | 927,157 | |
Simon Property Group Inc. | 7,633,081 | 854,676 | |
Welltower Inc. | 11,031,755 | 790,867 | |
VICI Properties Inc. Class A | 20,782,529 | 677,926 | |
Digital Realty Trust Inc. | 6,712,495 | 659,905 | |
SBA Communications Corp. Class A | 2,520,641 | 658,064 | |
AvalonBay Communities Inc. | 3,266,089 | 548,899 | |
* | CBRE Group Inc. Class A | 7,375,962 | 537,044 |
Weyerhaeuser Co. | 17,108,762 | 515,487 | |
Extra Space Storage Inc. | 3,126,619 | 509,420 | |
Equity Residential | 7,951,508 | 477,090 | |
Alexandria Real Estate Equities Inc. | 3,677,162 | 461,815 | |
Invitation Homes Inc. | 13,560,792 | 423,504 | |
Mid-America Apartment Communities Inc. | 2,696,263 | 407,244 | |
Ventas Inc. | 9,338,901 | 404,841 | |
Iron Mountain Inc. | 6,789,191 | 359,216 | |
Essex Property Trust Inc. | 1,508,108 | 315,406 | |
UDR Inc. | 7,219,635 | 296,438 | |
Kimco Realty Corp. | 14,438,248 | 281,979 | |
Healthpeak Properties Inc. | 12,764,340 | 280,433 | |
Host Hotels & Resorts Inc. | 16,679,327 | 275,042 | |
Camden Property Trust | 2,571,015 | 269,545 | |
Regency Centers Corp. | 3,595,478 | 219,971 | |
Boston Properties Inc. | 3,330,401 | 180,241 | |
Federal Realty Investment Trust | 1,709,244 | 168,925 | |
20,437,033 | |||
Utilities (2.9%) | |||
NextEra Energy Inc. | 46,393,016 | 3,575,974 | |
Southern Co. | 25,416,508 | 1,768,480 | |
Duke Energy Corp. | 17,976,933 | 1,734,235 | |
Sempra Energy (XNYS) | 7,338,595 | 1,109,302 | |
American Electric Power Co. Inc. | 11,996,719 | 1,091,581 | |
Dominion Energy Inc. | 19,453,461 | 1,087,643 | |
Exelon Corp. | 23,200,257 | 971,859 | |
Xcel Energy Inc. | 12,776,539 | 861,650 |
Shares | Market Value ($000) | ||
Consolidated Edison Inc. | 8,285,112 | 792,637 | |
Public Service Enterprise Group Inc. | 11,648,948 | 727,477 | |
WEC Energy Group Inc. | 7,364,366 | 698,068 | |
American Water Works Co. Inc. | 4,505,166 | 659,962 | |
Eversource Energy | 8,131,576 | 636,377 | |
Edison International | 8,915,183 | 629,323 | |
* | PG&E Corp. | 37,588,802 | 607,811 |
Constellation Energy Corp. | 7,634,676 | 599,322 | |
Ameren Corp. | 6,035,796 | 521,432 | |
Entergy Corp. | 4,750,584 | 511,828 | |
FirstEnergy Corp. | 12,680,815 | 507,993 | |
DTE Energy Co. | 4,523,177 | 495,469 | |
PPL Corp. | 17,191,208 | 477,744 | |
CenterPoint Energy Inc. | 14,697,782 | 432,997 | |
CMS Energy Corp. | 6,799,948 | 417,381 | |
Atmos Energy Corp. | 3,342,604 | 375,575 | |
AES Corp. | 15,595,046 | 375,529 | |
Evergy Inc. | 5,358,363 | 327,503 | |
Alliant Energy Corp. | 5,859,556 | 312,900 | |
NiSource Inc. | 9,479,940 | 265,059 | |
Pinnacle West Capital Corp. | 2,641,354 | 209,301 | |
NRG Energy Inc. | 5,380,649 | 184,502 | |
22,966,914 | |||
Total Common Stocks (Cost $525,706,588) | 801,193,985 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
3,4 | Vanguard Market Liquidity Fund, 4.839% (Cost $2,102,343) | 21,033,360 | 2,103,126 |
Total Investments (99.9%) (Cost $527,808,931) | 803,297,111 | ||
Other Assets and Liabilities—Net (0.1%) | 654,063 | ||
Net Assets (100%) | 803,951,174 | ||
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 $186,560,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $192,219,000 was received for securities on loan. |
CVR—Contingent Value Rights. |
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 S&P 500 Index | June 2023 | 10,492 | 2,170,664 | 102,429 |
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) |
Global Payments Inc. | 8/31/23 | BANA | 14,734 | (5.100) | — | (34) |
Global Payments Inc. | 8/31/23 | BANA | 14,734 | (5.100) | — | (34) |
Global Payments Inc. | 8/31/23 | BANA | 10,524 | (5.100) | — | (24) |
Global Payments Inc. | 8/31/23 | BANA | 7,893 | (5.100) | — | (18) |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 157,013 | (5.250) | 438 | — |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 55,936 | (5.250) | 156 | — |
Kroger Co. | 1/31/24 | GSI | 48,290 | (4.720) | 979 | — |
Lockheed Martin Corp. | 8/31/23 | BANA | 42,546 | (4.650) | 100 | — |
Lockheed Martin Corp. | 8/31/23 | BANA | 40,182 | (4.650) | 94 | — |
Netflix Inc. | 8/31/23 | BANA | 34,548 | (4.650) | — | (129) |
VICI Properties Inc. Class A | 8/31/23 | BANA | 86,443 | (5.200) | 636 | — |
Visa Inc. Class A | 8/31/23 | BANA | 56,365 | (4.550) | — | (102) |
2,403 | (341) |
1 | Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
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 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 valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. 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).
C. 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.
D. 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, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 801,193,985 | — | — | 801,193,985 |
Temporary Cash Investments | 2,103,126 | — | — | 2,103,126 |
Total | 803,297,111 | — | — | 803,297,111 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 102,429 | — | — | 102,429 |
Swap Contracts | — | 2,403 | — | 2,403 |
Total | 102,429 | 2,403 | — | 104,832 |
Liabilities | ||||
Swap Contracts | — | 341 | — | 341 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |