Vanguard® Large-Cap Index Fund
Schedule of Investments (unaudited)
As of September 30, 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 (99.7%) | |||
Basic Materials (1.7%) | |||
Linde plc | 536,824 | 199,886 | |
Air Products and Chemicals Inc. | 244,415 | 69,267 | |
Freeport-McMoRan Inc. | 1,577,221 | 58,815 | |
Ecolab Inc. | 282,142 | 47,795 | |
Nucor Corp. | 273,640 | 42,784 | |
Dow Inc. | 773,554 | 39,884 | |
Fastenal Co. | 628,807 | 34,358 | |
Newmont Corp. | 874,112 | 32,298 | |
LyondellBasell Industries NV Class A | 285,375 | 27,025 | |
Albemarle Corp. | 129,032 | 21,941 | |
International Flavors & Fragrances Inc. | 280,775 | 19,140 | |
CF Industries Holdings Inc. | 212,300 | 18,203 | |
Avery Dennison Corp. | 88,679 | 16,199 | |
Celanese Corp. | 113,774 | 14,281 | |
International Paper Co. | 380,630 | 13,501 | |
Mosaic Co. | 365,210 | 13,001 | |
Eastman Chemical Co. | 130,492 | 10,011 | |
Steel Dynamics Inc. | 86,575 | 9,283 | |
FMC Corp. | 137,046 | 9,178 | |
Westlake Corp. | 17,720 | 2,209 | |
699,059 | |||
Consumer Discretionary (14.2%) | |||
* | Amazon.com Inc. | 10,216,174 | 1,298,680 |
* | Tesla Inc. | 2,968,193 | 742,701 |
Home Depot Inc. | 1,100,257 | 332,454 | |
Costco Wholesale Corp. | 487,540 | 275,441 | |
Walmart Inc. | 1,629,396 | 260,589 | |
McDonald's Corp. | 801,736 | 211,209 | |
* | Netflix Inc. | 487,539 | 184,095 |
* | Walt Disney Co. | 2,013,149 | 163,166 |
Lowe's Cos. Inc. | 640,316 | 133,083 | |
NIKE Inc. Class B | 1,347,821 | 128,879 | |
* | Booking Holdings Inc. | 39,270 | 121,107 |
Starbucks Corp. | 1,260,133 | 115,012 | |
TJX Cos. Inc. | 1,264,353 | 112,376 | |
* | Uber Technologies Inc. | 2,135,840 | 98,227 |
Activision Blizzard Inc. | 822,212 | 76,984 | |
* | Airbnb Inc. Class A | 445,619 | 61,143 |
* | O'Reilly Automotive Inc. | 66,292 | 60,250 |
Target Corp. | 507,854 | 56,153 | |
* | Chipotle Mexican Grill Inc. | 30,355 | 55,605 |
Marriott International Inc. Class A | 278,901 | 54,821 |
Shares | Market Value ($000) | ||
Ford Motor Co. | 4,325,004 | 53,717 | |
* | AutoZone Inc. | 19,969 | 50,721 |
General Motors Co. | 1,513,456 | 49,899 | |
* | Lululemon Athletica Inc. | 127,463 | 49,151 |
Hilton Worldwide Holdings Inc. | 287,724 | 43,210 | |
Ross Stores Inc. | 374,793 | 42,333 | |
* | Copart Inc. | 945,238 | 40,730 |
Yum! Brands Inc. | 308,260 | 38,514 | |
* | Trade Desk Inc. Class A | 490,898 | 38,364 |
DR Horton Inc. | 334,977 | 36,000 | |
Electronic Arts Inc. | 298,025 | 35,882 | |
Estee Lauder Cos. Inc. Class A | 229,768 | 33,213 | |
Lennar Corp. Class A | 279,324 | 31,348 | |
* | Aptiv plc | 311,158 | 30,677 |
* | Take-Two Interactive Software Inc. | 186,854 | 26,232 |
* | Warner Bros Discovery Inc. | 2,414,181 | 26,218 |
Delta Air Lines Inc. | 707,682 | 26,184 | |
eBay Inc. | 585,503 | 25,815 | |
Dollar General Corp. | 241,237 | 25,523 | |
* | Dollar Tree Inc. | 229,948 | 24,478 |
Tractor Supply Co. | 119,722 | 24,310 | |
Genuine Parts Co. | 154,445 | 22,299 | |
* | Royal Caribbean Cruises Ltd. | 239,454 | 22,063 |
* | Ulta Beauty Inc. | 54,164 | 21,636 |
* | NVR Inc. | 3,408 | 20,323 |
Darden Restaurants Inc. | 132,970 | 19,044 | |
* | Rivian Automotive Inc. Class A | 775,924 | 18,839 |
PulteGroup Inc. | 241,400 | 17,876 | |
Southwest Airlines Co. | 655,195 | 17,736 | |
Garmin Ltd. | 168,568 | 17,733 | |
Las Vegas Sands Corp. | 378,784 | 17,363 | |
Omnicom Group Inc. | 217,356 | 16,189 | |
* | Expedia Group Inc. | 151,664 | 15,632 |
* | Roblox Corp. Class A | 529,936 | 15,347 |
* | United Airlines Holdings Inc. | 359,785 | 15,219 |
* | Carnival Corp. | 1,104,446 | 15,153 |
Best Buy Co. Inc. | 216,118 | 15,014 | |
* | Live Nation Entertainment Inc. | 177,417 | 14,733 |
Domino's Pizza Inc. | 38,613 | 14,626 | |
LKQ Corp. | 294,554 | 14,583 | |
* | CarMax Inc. | 173,886 | 12,299 |
Rollins Inc. | 320,439 | 11,962 | |
* | MGM Resorts International | 289,299 | 10,635 |
* | Burlington Stores Inc. | 71,352 | 9,654 |
Fox Corp. Class A | 287,304 | 8,964 | |
News Corp. Class A | 402,601 | 8,076 | |
Pool Corp. | 20,426 | 7,274 | |
Paramount Global Class B | 541,055 | 6,980 | |
Interpublic Group of Cos. Inc. | 212,251 | 6,083 | |
BorgWarner Inc. (XNYS) | 129,722 | 5,237 | |
* | Caesars Entertainment Inc. | 112,493 | 5,214 |
*,1 | Lucid Group Inc. | 880,870 | 4,924 |
* | Etsy Inc. | 67,711 | 4,373 |
Warner Music Group Corp. Class A | 129,277 | 4,059 | |
Fox Corp. Class B | 133,453 | 3,854 | |
Endeavor Group Holdings Inc. Class A | 167,126 | 3,326 | |
News Corp. Class B | 140,772 | 2,938 | |
1 | Sirius XM Holdings Inc. | 631,110 | 2,853 |
Shares | Market Value ($000) | ||
* | Chewy Inc. Class A | 102,323 | 1,868 |
Lennar Corp. Class B | 9,726 | 994 | |
1 | Paramount Global Class A | 6,125 | 97 |
5,747,566 | |||
Consumer Staples (5.3%) | |||
Procter & Gamble Co. | 2,593,435 | 378,278 | |
PepsiCo Inc. | 1,514,395 | 256,599 | |
Coca-Cola Co. | 4,281,542 | 239,681 | |
Philip Morris International Inc. | 1,707,860 | 158,114 | |
Mondelez International Inc. Class A | 1,496,665 | 103,869 | |
CVS Health Corp. | 1,413,106 | 98,663 | |
Altria Group Inc. | 1,952,420 | 82,099 | |
Colgate-Palmolive Co. | 909,467 | 64,672 | |
McKesson Corp. | 148,431 | 64,545 | |
Constellation Brands Inc. Class A | 181,500 | 45,616 | |
Kimberly-Clark Corp. | 372,075 | 44,965 | |
Archer-Daniels-Midland Co. | 589,863 | 44,488 | |
* | Monster Beverage Corp. | 806,753 | 42,718 |
General Mills Inc. | 639,412 | 40,916 | |
Corteva Inc. | 780,641 | 39,938 | |
Kenvue Inc. | 1,896,022 | 38,072 | |
Sysco Corp. | 557,519 | 36,824 | |
Keurig Dr Pepper Inc. | 1,075,994 | 33,969 | |
Cencora Inc. | 187,842 | 33,806 | |
Hershey Co. | 164,873 | 32,988 | |
Kroger Co. | 711,054 | 31,820 | |
Kraft Heinz Co. | 878,183 | 29,542 | |
Church & Dwight Co. Inc. | 270,749 | 24,809 | |
McCormick & Co. Inc. | 276,235 | 20,894 | |
Brown-Forman Corp. Class B | 340,149 | 19,623 | |
Walgreens Boots Alliance Inc. | 807,788 | 17,965 | |
Clorox Co. | 136,250 | 17,857 | |
Kellogg Co. | 282,638 | 16,820 | |
Tyson Foods Inc. Class A | 314,343 | 15,871 | |
Conagra Brands Inc. | 525,594 | 14,412 | |
J M Smucker Co. | 106,676 | 13,112 | |
Hormel Foods Corp. | 300,801 | 11,439 | |
Campbell Soup Co. | 213,222 | 8,759 | |
Albertsons Cos. Inc. Class A | 348,880 | 7,937 | |
Lamb Weston Holdings Inc. | 80,149 | 7,411 | |
Molson Coors Beverage Co. Class B | 99,707 | 6,340 | |
Brown-Forman Corp. Class A | 56,887 | 3,305 | |
2,148,736 | |||
Energy (4.7%) | |||
Exxon Mobil Corp. | 4,404,214 | 517,847 | |
Chevron Corp. | 1,951,560 | 329,072 | |
ConocoPhillips | 1,317,470 | 157,833 | |
Schlumberger NV | 1,563,515 | 91,153 | |
EOG Resources Inc. | 640,608 | 81,203 | |
Marathon Petroleum Corp. | 439,882 | 66,572 | |
Pioneer Natural Resources Co. | 256,498 | 58,879 | |
Phillips 66 | 489,869 | 58,858 | |
Valero Energy Corp. | 388,505 | 55,055 | |
Occidental Petroleum Corp. | 729,958 | 47,360 | |
Hess Corp. | 304,063 | 46,522 | |
Williams Cos. Inc. | 1,338,305 | 45,088 | |
Cheniere Energy Inc. | 251,499 | 41,739 |
Shares | Market Value ($000) | ||
Baker Hughes Co. | 1,110,790 | 39,233 | |
Halliburton Co. | 889,715 | 36,033 | |
Kinder Morgan Inc. | 2,083,497 | 34,544 | |
Devon Energy Corp. | 704,984 | 33,628 | |
ONEOK Inc. | 492,775 | 31,257 | |
Diamondback Energy Inc. | 196,731 | 30,470 | |
Coterra Energy Inc. | 789,316 | 21,351 | |
* | First Solar Inc. | 111,600 | 18,033 |
Marathon Oil Corp. | 666,246 | 17,822 | |
* | Enphase Energy Inc. | 142,522 | 17,124 |
EQT Corp. | 226,229 | 9,180 | |
Texas Pacific Land Corp. | 3,366 | 6,138 | |
1,891,994 | |||
Financials (10.0%) | |||
* | Berkshire Hathaway Inc. Class B | 1,931,085 | 676,459 |
JPMorgan Chase & Co. | 3,197,229 | 463,662 | |
Bank of America Corp. | 7,431,030 | 203,462 | |
Wells Fargo & Co. | 4,035,177 | 164,877 | |
S&P Global Inc. | 350,065 | 127,917 | |
Goldman Sachs Group Inc. | 362,652 | 117,343 | |
Morgan Stanley | 1,367,117 | 111,652 | |
Marsh & McLennan Cos. Inc. | 543,397 | 103,408 | |
BlackRock Inc. | 147,825 | 95,567 | |
Chubb Ltd. | 451,831 | 94,062 | |
Charles Schwab Corp. | 1,655,442 | 90,884 | |
Progressive Corp. | 643,711 | 89,669 | |
Blackstone Inc. | 780,878 | 83,663 | |
Citigroup Inc. | 2,012,537 | 82,776 | |
CME Group Inc. | 395,757 | 79,238 | |
Intercontinental Exchange Inc. | 627,732 | 69,063 | |
Aon plc Class A (XNYS) | 212,018 | 68,740 | |
US Bancorp | 1,713,065 | 56,634 | |
Moody's Corp. | 171,591 | 54,252 | |
Arthur J Gallagher & Co. | 237,085 | 54,039 | |
PNC Financial Services Group Inc. | 438,204 | 53,798 | |
Aflac Inc. | 653,439 | 50,151 | |
American International Group Inc. | 783,110 | 47,456 | |
KKR & Co. Inc. | 707,704 | 43,595 | |
MSCI Inc. | 82,659 | 42,411 | |
Truist Financial Corp. | 1,465,539 | 41,929 | |
Travelers Cos. Inc. | 251,823 | 41,125 | |
Apollo Global Management Inc. | 436,438 | 39,175 | |
MetLife Inc. | 620,491 | 39,035 | |
Prudential Financial Inc. | 399,356 | 37,895 | |
Ameriprise Financial Inc. | 112,911 | 37,225 | |
Bank of New York Mellon Corp. | 856,666 | 36,537 | |
Allstate Corp. | 287,790 | 32,063 | |
* | Arch Capital Group Ltd. | 389,910 | 31,080 |
* | Berkshire Hathaway Inc. Class A | 57 | 30,294 |
T Rowe Price Group Inc. | 246,778 | 25,880 | |
Willis Towers Watson plc | 115,305 | 24,094 | |
Hartford Financial Services Group Inc. | 336,420 | 23,856 | |
Discover Financial Services | 274,968 | 23,820 | |
Broadridge Financial Solutions Inc. | 129,990 | 23,275 | |
M&T Bank Corp. | 182,708 | 23,103 | |
State Street Corp. | 333,010 | 22,298 | |
Nasdaq Inc. | 432,439 | 21,012 | |
Raymond James Financial Inc. | 206,801 | 20,769 |
Shares | Market Value ($000) | ||
* | Markel Group Inc. | 13,866 | 20,418 |
LPL Financial Holdings Inc. | 83,940 | 19,948 | |
Principal Financial Group Inc. | 265,960 | 19,168 | |
Fifth Third Bancorp | 748,790 | 18,967 | |
Ares Management Corp. Class A | 179,602 | 18,476 | |
FactSet Research Systems Inc. | 41,962 | 18,348 | |
Cboe Global Markets Inc. | 116,008 | 18,122 | |
Regions Financial Corp. | 1,032,141 | 17,753 | |
Everest Group Ltd. | 47,744 | 17,745 | |
Cincinnati Financial Corp. | 172,574 | 17,653 | |
Huntington Bancshares Inc. | 1,591,995 | 16,557 | |
Northern Trust Corp. | 216,352 | 15,032 | |
W R Berkley Corp. | 212,444 | 13,488 | |
Citizens Financial Group Inc. | 493,765 | 13,233 | |
* | Coinbase Global Inc. Class A | 167,181 | 12,552 |
Loews Corp. | 198,164 | 12,546 | |
Fidelity National Financial Inc. | 284,454 | 11,748 | |
KeyCorp. | 1,029,204 | 11,074 | |
Tradeweb Markets Inc. Class A | 126,192 | 10,121 | |
Interactive Brokers Group Inc. Class A | 111,805 | 9,678 | |
Brown & Brown Inc. | 124,958 | 8,727 | |
Franklin Resources Inc. | 329,289 | 8,094 | |
Equitable Holdings Inc. | 190,398 | 5,405 | |
Globe Life Inc. | 49,523 | 5,385 | |
Annaly Capital Management Inc. | 271,204 | 5,101 | |
MarketAxess Holdings Inc. | 20,734 | 4,430 | |
Corebridge Financial Inc. | 174,352 | 3,443 | |
* | Rocket Cos. Inc. Class A | 128,305 | 1,050 |
4,053,505 | |||
Health Care (12.8%) | |||
UnitedHealth Group Inc. | 1,019,115 | 513,828 | |
Eli Lilly & Co. | 939,960 | 504,881 | |
Johnson & Johnson | 2,649,216 | 412,615 | |
AbbVie Inc. | 1,941,890 | 289,458 | |
Merck & Co. Inc. | 2,791,748 | 287,411 | |
Thermo Fisher Scientific Inc. | 424,607 | 214,923 | |
Pfizer Inc. | 6,211,603 | 206,039 | |
Abbott Laboratories | 1,909,202 | 184,906 | |
Danaher Corp. | 731,073 | 181,379 | |
Amgen Inc. | 588,477 | 158,159 | |
Bristol-Myers Squibb Co. | 2,298,405 | 133,399 | |
Medtronic plc | 1,463,773 | 114,701 | |
* | Intuitive Surgical Inc. | 386,554 | 112,986 |
Elevance Health Inc. | 259,262 | 112,888 | |
Stryker Corp. | 376,040 | 102,761 | |
Gilead Sciences Inc. | 1,370,840 | 102,731 | |
* | Vertex Pharmaceuticals Inc. | 283,952 | 98,742 |
Cigna Group | 325,648 | 93,158 | |
* | Regeneron Pharmaceuticals Inc. | 111,568 | 91,816 |
* | Boston Scientific Corp. | 1,610,819 | 85,051 |
Becton Dickinson and Co. | 319,162 | 82,513 | |
Zoetis Inc. | 455,810 | 79,302 | |
Humana Inc. | 136,326 | 66,325 | |
HCA Healthcare Inc. | 224,429 | 55,205 | |
* | Edwards Lifesciences Corp. | 668,825 | 46,336 |
* | Centene Corp. | 595,766 | 41,036 |
* | Biogen Inc. | 159,319 | 40,947 |
* | IDEXX Laboratories Inc. | 91,331 | 39,936 |
Shares | Market Value ($000) | ||
* | DexCom Inc. | 426,739 | 39,815 |
* | IQVIA Holdings Inc. | 191,404 | 37,659 |
* | Moderna Inc. | 355,921 | 36,763 |
Agilent Technologies Inc. | 322,347 | 36,045 | |
* | Seagen Inc. | 154,844 | 32,850 |
* | Veeva Systems Inc. Class A | 160,351 | 32,623 |
West Pharmaceutical Services Inc. | 81,264 | 30,491 | |
* | Horizon Therapeutics plc | 252,080 | 29,163 |
GE Healthcare Inc. | 425,546 | 28,954 | |
Zimmer Biomet Holdings Inc. | 229,908 | 25,800 | |
* | Align Technology Inc. | 79,956 | 24,412 |
* | Alnylam Pharmaceuticals Inc. | 137,542 | 24,359 |
Cardinal Health Inc. | 275,865 | 23,951 | |
ResMed Inc. | 161,812 | 23,927 | |
* | Illumina Inc. | 174,062 | 23,895 |
STERIS plc | 108,685 | 23,848 | |
Baxter International Inc. | 557,611 | 21,044 | |
* | Molina Healthcare Inc. | 64,143 | 21,032 |
Laboratory Corp. of America Holdings | 97,403 | 19,583 | |
* | Hologic Inc. | 269,462 | 18,701 |
* | BioMarin Pharmaceutical Inc. | 206,870 | 18,304 |
Cooper Cos. Inc. | 54,477 | 17,324 | |
* | Avantor Inc. | 744,200 | 15,688 |
Revvity Inc. | 136,569 | 15,118 | |
Quest Diagnostics Inc. | 123,440 | 15,042 | |
Viatris Inc. | 1,318,979 | 13,005 | |
* | Insulet Corp. | 76,767 | 12,244 |
* | Incyte Corp. | 209,650 | 12,112 |
Royalty Pharma plc Class A | 420,392 | 11,409 | |
* | Henry Schein Inc. | 143,711 | 10,671 |
Teleflex Inc. | 51,764 | 10,167 | |
* | Bio-Rad Laboratories Inc. Class A | 22,447 | 8,046 |
* | Charles River Laboratories International Inc. | 28,208 | 5,528 |
*,2 | ABIOMED Inc. CVR | 12 | — |
5,173,005 | |||
Industrials (11.6%) | |||
Visa Inc. Class A | 1,617,481 | 372,037 | |
Mastercard Inc. Class A | 925,468 | 366,402 | |
Accenture plc Class A | 693,995 | 213,133 | |
Caterpillar Inc. | 561,244 | 153,220 | |
Union Pacific Corp. | 670,504 | 136,535 | |
Honeywell International Inc. | 730,483 | 134,949 | |
General Electric Co. | 1,197,379 | 132,370 | |
* | Boeing Co. | 663,615 | 127,202 |
United Parcel Service Inc. Class B (XNYS) | 795,740 | 124,032 | |
RTX Corp. | 1,601,286 | 115,245 | |
Lockheed Martin Corp. | 277,058 | 113,306 | |
Deere & Co. | 290,305 | 109,555 | |
Automatic Data Processing Inc. | 453,260 | 109,045 | |
Eaton Corp. plc | 438,998 | 93,630 | |
American Express Co. | 607,672 | 90,659 | |
* | Fiserv Inc. | 670,356 | 75,723 |
Illinois Tool Works Inc. | 316,060 | 72,792 | |
* | PayPal Holdings Inc. | 1,207,893 | 70,613 |
CSX Corp. | 2,207,318 | 67,875 | |
FedEx Corp. | 249,009 | 65,967 | |
Northrop Grumman Corp. | 149,806 | 65,943 | |
Sherwin-Williams Co. | 254,626 | 64,942 |
Shares | Market Value ($000) | ||
Emerson Electric Co. | 628,691 | 60,713 | |
General Dynamics Corp. | 270,363 | 59,742 | |
3M Co. | 607,355 | 56,861 | |
Parker-Hannifin Corp. | 141,259 | 55,023 | |
Trane Technologies plc | 251,227 | 50,976 | |
Carrier Global Corp. | 921,597 | 50,872 | |
Norfolk Southern Corp. | 249,763 | 49,186 | |
PACCAR Inc. | 575,177 | 48,902 | |
* | TransDigm Group Inc. | 57,675 | 48,628 |
Cintas Corp. | 95,134 | 45,760 | |
Old Dominion Freight Line Inc. | 108,200 | 44,269 | |
Paychex Inc. | 357,033 | 41,177 | |
Johnson Controls International plc | 748,504 | 39,828 | |
Capital One Financial Corp. | 398,611 | 38,685 | |
Verisk Analytics Inc. | 159,536 | 37,689 | |
AMETEK Inc. | 253,744 | 37,493 | |
Ferguson plc | 224,557 | 36,933 | |
Otis Worldwide Corp. | 453,050 | 36,384 | |
L3Harris Technologies Inc. | 208,097 | 36,234 | |
Rockwell Automation Inc. | 126,355 | 36,121 | |
Fidelity National Information Services Inc. | 651,687 | 36,019 | |
Cummins Inc. | 155,882 | 35,613 | |
WW Grainger Inc. | 49,513 | 34,255 | |
DuPont de Nemours Inc. | 454,344 | 33,890 | |
PPG Industries Inc. | 259,168 | 33,640 | |
United Rentals Inc. | 75,124 | 33,398 | |
Global Payments Inc. | 285,941 | 32,995 | |
Quanta Services Inc. | 159,771 | 29,888 | |
Vulcan Materials Co. | 146,146 | 29,524 | |
Fortive Corp. | 387,327 | 28,724 | |
Ingersoll Rand Inc. (XYNS) | 444,937 | 28,351 | |
Martin Marietta Materials Inc. | 67,980 | 27,904 | |
* | Block Inc. (XNYS) | 604,398 | 26,751 |
* | Mettler-Toledo International Inc. | 24,056 | 26,656 |
* | Keysight Technologies Inc. | 195,618 | 25,882 |
Equifax Inc. | 135,028 | 24,734 | |
Xylem Inc. | 264,971 | 24,120 | |
Dover Corp. | 153,849 | 21,464 | |
* | Teledyne Technologies Inc. | 51,819 | 21,172 |
Westinghouse Air Brake Technologies Corp. | 197,102 | 20,946 | |
* | FleetCor Technologies Inc. | 77,183 | 19,708 |
Jacobs Solutions Inc. | 138,549 | 18,912 | |
Expeditors International of Washington Inc. | 162,757 | 18,657 | |
* | Waters Corp. | 65,073 | 17,844 |
Ball Corp. | 346,908 | 17,269 | |
JB Hunt Transport Services Inc. | 90,995 | 17,154 | |
Textron Inc. | 217,848 | 17,023 | |
TransUnion | 212,790 | 15,276 | |
Packaging Corp. of America | 98,935 | 15,191 | |
Snap-on Inc. | 58,230 | 14,852 | |
* | Trimble Inc. | 273,223 | 14,716 |
Stanley Black & Decker Inc. | 168,793 | 14,108 | |
Synchrony Financial | 459,903 | 14,059 | |
* | Zebra Technologies Corp. Class A | 56,488 | 13,361 |
Masco Corp. | 247,408 | 13,224 | |
* | Bill Holdings Inc. | 111,124 | 12,065 |
Crown Holdings Inc. | 132,833 | 11,753 | |
* | Fair Isaac Corp. | 12,987 | 11,280 |
Shares | Market Value ($000) | ||
HEICO Corp. Class A | 81,898 | 10,583 | |
CH Robinson Worldwide Inc. | 121,762 | 10,487 | |
Howmet Aerospace Inc. | 215,454 | 9,965 | |
Hubbell Inc. | 29,477 | 9,238 | |
HEICO Corp. | 45,759 | 7,410 | |
Jack Henry & Associates Inc. | 40,131 | 6,065 | |
*,1 | Symbotic Inc. | 13,355 | 446 |
4,693,223 | |||
Real Estate (2.3%) | |||
Prologis Inc. | 1,016,418 | 114,052 | |
American Tower Corp. | 512,841 | 84,337 | |
Equinix Inc. | 102,935 | 74,758 | |
Welltower Inc. | 570,676 | 46,750 | |
Public Storage | 174,098 | 45,878 | |
Crown Castle Inc. | 477,123 | 43,910 | |
Digital Realty Trust Inc. | 333,031 | 40,303 | |
Realty Income Corp. | 779,551 | 38,931 | |
Simon Property Group Inc. | 341,972 | 36,943 | |
* | CoStar Group Inc. | 449,232 | 34,541 |
VICI Properties Inc. | 1,114,899 | 32,444 | |
Extra Space Storage Inc. | 232,443 | 28,260 | |
AvalonBay Communities Inc. | 156,333 | 26,849 | |
Weyerhaeuser Co. | 803,998 | 24,651 | |
* | CBRE Group Inc. Class A | 323,816 | 23,917 |
SBA Communications Corp. | 119,310 | 23,882 | |
Equity Residential | 396,387 | 23,272 | |
Invitation Homes Inc. | 673,073 | 21,330 | |
Iron Mountain Inc. | 321,378 | 19,106 | |
Alexandria Real Estate Equities Inc. | 190,511 | 19,070 | |
Ventas Inc. | 442,703 | 18,651 | |
Mid-America Apartment Communities Inc. | 128,312 | 16,507 | |
Sun Communities Inc. | 136,824 | 16,192 | |
Essex Property Trust Inc. | 70,602 | 14,974 | |
UDR Inc. | 362,239 | 12,921 | |
WP Carey Inc. | 235,241 | 12,722 | |
Camden Property Trust | 117,451 | 11,109 | |
Healthpeak Properties Inc. | 601,602 | 11,045 | |
* | Zillow Group Inc. Class C | 151,219 | 6,980 |
Host Hotels & Resorts Inc. | 391,105 | 6,285 | |
Regency Centers Corp. | 101,646 | 6,042 | |
Boston Properties Inc. | 77,674 | 4,620 | |
* | Zillow Group Inc. Class A | 61,339 | 2,747 |
943,979 | |||
Technology (32.1%) | |||
Apple Inc. | 16,340,592 | 2,797,673 | |
Microsoft Corp. | 8,174,151 | 2,580,988 | |
NVIDIA Corp. | 2,581,592 | 1,122,967 | |
* | Alphabet Inc. Class A | 6,527,769 | 854,224 |
* | Meta Platforms Inc. Class A | 2,445,257 | 734,091 |
* | Alphabet Inc. Class C | 5,424,542 | 715,226 |
Broadcom Inc. | 454,030 | 377,108 | |
* | Adobe Inc. | 501,466 | 255,698 |
* | Salesforce Inc. | 1,018,019 | 206,434 |
Oracle Corp. | 1,791,647 | 189,771 | |
* | Advanced Micro Devices Inc. | 1,777,530 | 182,766 |
Intel Corp. | 4,607,565 | 163,799 | |
Texas Instruments Inc. | 998,934 | 158,841 |
Shares | Market Value ($000) | ||
Intuit Inc. | 292,721 | 149,563 | |
International Business Machines Corp. | 1,002,240 | 140,614 | |
QUALCOMM Inc. | 1,227,825 | 136,362 | |
Applied Materials Inc. | 920,351 | 127,423 | |
* | ServiceNow Inc. | 224,417 | 125,440 |
Analog Devices Inc. | 548,243 | 95,992 | |
Lam Research Corp. | 145,793 | 91,379 | |
Micron Technology Inc. | 1,204,991 | 81,976 | |
* | Palo Alto Networks Inc. | 336,501 | 78,889 |
* | Synopsys Inc. | 167,319 | 76,794 |
* | Cadence Design Systems Inc. | 299,026 | 70,062 |
KLA Corp. | 150,419 | 68,991 | |
Roper Technologies Inc. | 117,400 | 56,854 | |
Amphenol Corp. Class A | 656,232 | 55,117 | |
Marvell Technology Inc. | 946,200 | 51,218 | |
* | Workday Inc. Class A | 227,754 | 48,933 |
* | Autodesk Inc. | 235,161 | 48,657 |
Microchip Technology Inc. | 598,910 | 46,745 | |
* | Snowflake Inc. Class A | 304,775 | 46,560 |
* | ON Semiconductor Corp. | 474,792 | 44,132 |
* | VMware Inc. Class A | 260,406 | 43,352 |
* | Fortinet Inc. | 734,452 | 43,098 |
TE Connectivity Ltd. | 345,380 | 42,665 | |
* | Crowdstrike Holdings Inc. Class A | 234,276 | 39,213 |
Cognizant Technology Solutions Corp. Class A | 555,619 | 37,638 | |
* | Palantir Technologies Inc. Class A | 2,139,722 | 34,236 |
* | Atlassian Corp. Ltd. Class A | 168,662 | 33,987 |
CDW Corp. | 147,483 | 29,756 | |
* | ANSYS Inc. | 95,442 | 28,399 |
* | Gartner Inc. | 82,388 | 28,309 |
* | Splunk Inc. | 184,520 | 26,986 |
* | Datadog Inc. Class A | 296,152 | 26,976 |
* | HubSpot Inc. | 52,274 | 25,745 |
Corning Inc. | 844,642 | 25,736 | |
* | DoorDash Inc. Class A | 322,007 | 25,590 |
* | MongoDB Inc. | 73,779 | 25,517 |
HP Inc. | 976,711 | 25,101 | |
Hewlett Packard Enterprise Co. | 1,420,649 | 24,677 | |
Monolithic Power Systems Inc. | 49,945 | 23,075 | |
* | VeriSign Inc. | 96,452 | 19,534 |
* | Cloudflare Inc. Class A | 305,829 | 19,279 |
Dell Technologies Inc. Class C | 264,823 | 18,246 | |
* | Tyler Technologies Inc. | 46,312 | 17,883 |
* | Akamai Technologies Inc. | 166,900 | 17,782 |
* | Zoom Video Communications Inc. Class A | 251,833 | 17,613 |
NetApp Inc. | 231,878 | 17,595 | |
* | Pinterest Inc. Class A | 640,275 | 17,307 |
Skyworks Solutions Inc. | 175,364 | 17,289 | |
Teradyne Inc. | 169,485 | 17,026 | |
* | EPAM Systems Inc. | 63,714 | 16,291 |
* | Western Digital Corp. | 354,137 | 16,159 |
* | Zscaler Inc. | 96,324 | 14,987 |
Paycom Software Inc. | 56,565 | 14,666 | |
Seagate Technology Holdings plc | 216,919 | 14,306 | |
* | Okta Inc. | 170,604 | 13,906 |
Bentley Systems Inc. Class B | 249,526 | 12,516 | |
SS&C Technologies Holdings Inc. | 232,052 | 12,192 | |
* | GoDaddy Inc. Class A | 161,539 | 12,031 |
Shares | Market Value ($000) | ||
* | Match Group Inc. | 305,968 | 11,986 |
* | Twilio Inc. Class A | 189,311 | 11,080 |
Gen Digital Inc. (XNGS) | 597,375 | 10,562 | |
* | Qorvo Inc. | 107,731 | 10,285 |
* | Snap Inc. Class A | 1,129,402 | 10,063 |
* | DocuSign Inc. | 222,514 | 9,346 |
* | Unity Software Inc. | 295,330 | 9,270 |
Leidos Holdings Inc. | 75,472 | 6,956 | |
* | Toast Inc. Class A | 214,588 | 4,019 |
* | ZoomInfo Technologies Inc. | 198,970 | 3,263 |
12,964,781 | |||
Telecommunications (2.3%) | |||
Cisco Systems Inc. | 4,034,933 | 216,918 | |
Comcast Corp. Class A | 4,527,893 | 200,767 | |
Verizon Communications Inc. | 4,162,656 | 134,912 | |
AT&T Inc. | 7,865,456 | 118,139 | |
* | T-Mobile US Inc. | 582,446 | 81,572 |
Motorola Solutions Inc. | 183,749 | 50,024 | |
* | Charter Communications Inc. Class A | 107,027 | 47,073 |
* | Arista Networks Inc. | 255,457 | 46,986 |
* | Liberty Broadband Corp. Class C | 131,601 | 12,018 |
* | Roku Inc. | 68,260 | 4,818 |
* | Liberty Broadband Corp. Class A | 18,068 | 1,642 |
914,869 | |||
Utilities (2.7%) | |||
NextEra Energy Inc. | 2,256,439 | 129,271 | |
Southern Co. | 1,200,799 | 77,716 | |
Duke Energy Corp. | 848,119 | 74,855 | |
Waste Management Inc. | 445,634 | 67,932 | |
Sempra | 692,377 | 47,102 | |
* | PG&E Corp. | 2,684,742 | 43,305 |
American Electric Power Co. Inc. | 566,742 | 42,630 | |
Exelon Corp. | 1,093,668 | 41,330 | |
Dominion Energy Inc. | 920,534 | 41,120 | |
Constellation Energy Corp. | 353,820 | 38,595 | |
Waste Connections Inc. (XTSE) | 283,473 | 38,070 | |
Xcel Energy Inc. | 606,627 | 34,711 | |
Consolidated Edison Inc. | 379,387 | 32,449 | |
Republic Services Inc. | 226,123 | 32,225 | |
Public Service Enterprise Group Inc. | 548,963 | 31,242 | |
WEC Energy Group Inc. | 347,138 | 27,962 | |
Edison International | 421,779 | 26,694 | |
American Water Works Co. Inc. | 214,266 | 26,533 | |
Eversource Energy | 384,221 | 22,342 | |
Ameren Corp. | 288,666 | 21,601 | |
Entergy Corp. | 232,589 | 21,515 | |
FirstEnergy Corp. | 599,503 | 20,491 | |
DTE Energy Co. | 192,751 | 19,136 | |
PPL Corp. | 810,671 | 19,099 | |
CenterPoint Energy Inc. | 692,567 | 18,595 | |
CMS Energy Corp. | 321,356 | 17,067 | |
Alliant Energy Corp. | 278,072 | 13,473 | |
Evergy Inc. | 252,580 | 12,806 | |
NiSource Inc. | 454,415 | 11,215 | |
AES Corp. | 737,662 | 11,213 | |
Vistra Corp. | 202,500 | 6,719 |
Shares | Market Value ($000) | ||
Avangrid Inc. | 85,133 | 2,569 | |
1,071,583 | |||
Total Common Stocks (Cost $23,466,871) | 40,302,300 | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.391% (Cost $87,847) | 878,679 | 87,859 |
Total Investments (99.9%) (Cost $23,554,718) | 40,390,159 | ||
Other Assets and Liabilities—Net (0.1%) | 26,988 | ||
Net Assets (100%) | 40,417,147 | ||
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 $7,339,000. |
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 $7,952,000 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 | December 2023 | 321 | 69,424 | (2,890) |
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) |
Visa Inc. Class A | 8/30/24 | BANA | 34,502 | (5.228) | — | (134) |
1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. |
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 at their fair values calculated according to procedures adopted 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 or indexes 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 September 30, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 40,302,300 | — | — | 40,302,300 |
Temporary Cash Investments | 87,859 | — | — | 87,859 |
Total | 40,390,159 | — | — | 40,390,159 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 2,890 | — | — | 2,890 |
Swap Contracts | — | 134 | — | 134 |
Total | 2,890 | 134 | — | 3,024 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |