Vanguard® Growth 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 (99.8%) | |||
Basic Materials (1.4%) | |||
Linde plc | 4,237,023 | 1,577,656 | |
Ecolab Inc. | 2,228,107 | 377,441 | |
Fastenal Co. | 4,960,961 | 271,067 | |
Albemarle Corp. | 1,019,360 | 173,332 | |
2,399,496 | |||
Consumer Discretionary (21.3%) | |||
* | Amazon.com Inc. | 80,636,609 | 10,250,526 |
* | Tesla Inc. | 23,427,836 | 5,862,113 |
Home Depot Inc. | 8,684,305 | 2,624,050 | |
Costco Wholesale Corp. | 3,848,036 | 2,173,986 | |
McDonald's Corp. | 6,328,000 | 1,667,048 | |
* | Netflix Inc. | 3,748,281 | 1,415,351 |
* | Walt Disney Co. | 15,890,529 | 1,287,927 |
NIKE Inc. Class B | 10,638,507 | 1,017,254 | |
* | Booking Holdings Inc. | 309,963 | 955,910 |
Starbucks Corp. | 9,947,057 | 907,868 | |
TJX Cos. Inc. | 9,980,163 | 887,037 | |
* | Uber Technologies Inc. | 16,856,711 | 775,240 |
* | Airbnb Inc. Class A | 3,516,704 | 482,527 |
* | O'Reilly Automotive Inc. | 523,295 | 475,602 |
* | Chipotle Mexican Grill Inc. | 239,550 | 438,815 |
Marriott International Inc. Class A | 2,201,946 | 432,815 | |
* | AutoZone Inc. | 157,675 | 400,493 |
* | Lululemon Athletica Inc. | 1,006,233 | 388,014 |
Hilton Worldwide Holdings Inc. | 2,270,352 | 340,961 | |
Ross Stores Inc. | 2,957,416 | 334,040 | |
* | Copart Inc. | 7,461,062 | 321,497 |
Yum! Brands Inc. | 2,432,789 | 303,953 | |
Activision Blizzard Inc. | 3,244,792 | 303,810 | |
* | Trade Desk Inc. Class A | 3,875,433 | 302,865 |
Estee Lauder Cos. Inc. Class A | 1,814,184 | 262,240 | |
* | Aptiv plc | 2,455,818 | 242,119 |
* | Take-Two Interactive Software Inc. | 1,474,905 | 207,062 |
Tractor Supply Co. | 945,049 | 191,892 | |
* | Ulta Beauty Inc. | 427,646 | 170,823 |
Electronic Arts Inc. | 1,177,002 | 141,711 | |
Las Vegas Sands Corp. | 2,989,145 | 137,022 | |
* | Expedia Group Inc. | 1,196,053 | 123,277 |
* | Roblox Corp. Class A | 4,184,974 | 121,197 |
* | Live Nation Entertainment Inc. | 1,397,861 | 116,078 |
Domino's Pizza Inc. | 304,503 | 115,343 | |
Dollar General Corp. | 952,985 | 100,826 |
Shares | Market Value ($000) | ||
Rollins Inc. | 2,524,560 | 94,242 | |
* | Royal Caribbean Cruises Ltd. | 944,670 | 87,042 |
* | Burlington Stores Inc. | 562,697 | 76,133 |
Pool Corp. | 160,933 | 57,308 | |
* | Caesars Entertainment Inc. | 887,354 | 41,129 |
* | Etsy Inc. | 534,490 | 34,517 |
Warner Music Group Corp. Class A | 1,023,779 | 32,147 | |
* | Chewy Inc. Class A | 807,217 | 14,740 |
36,716,550 | |||
Consumer Staples (0.7%) | |||
* | Monster Beverage Corp. | 6,365,536 | 337,055 |
Hershey Co. | 1,301,001 | 260,304 | |
Colgate-Palmolive Co. | 3,589,608 | 255,257 | |
Church & Dwight Co. Inc. | 2,136,754 | 195,791 | |
Brown-Forman Corp. Class B | 2,691,563 | 155,276 | |
Lamb Weston Holdings Inc. | 632,390 | 58,471 | |
1 | Brown-Forman Corp. Class A | 442,766 | 25,725 |
1,287,879 | |||
Energy (1.5%) | |||
Pioneer Natural Resources Co. | 2,024,893 | 464,814 | |
Hess Corp. | 2,399,228 | 367,082 | |
Schlumberger NV | 6,169,064 | 359,656 | |
Cheniere Energy Inc. | 1,984,708 | 329,382 | |
Diamondback Energy Inc. | 1,551,770 | 240,338 | |
Coterra Energy Inc. | 6,235,342 | 168,666 | |
Baker Hughes Co. | 4,388,807 | 155,013 | |
* | First Solar Inc. | 881,810 | 142,492 |
Halliburton Co. | 3,508,214 | 142,083 | |
* | Enphase Energy Inc. | 1,124,019 | 135,051 |
EQT Corp. | 1,784,071 | 72,397 | |
Texas Pacific Land Corp. | 26,706 | 48,700 | |
2,625,674 | |||
Financials (2.5%) | |||
S&P Global Inc. | 2,763,346 | 1,009,754 | |
Blackstone Inc. | 6,164,243 | 660,437 | |
Aon plc Class A (XNYS) | 1,673,373 | 542,541 | |
Moody's Corp. | 1,354,743 | 428,329 | |
MSCI Inc. | 652,305 | 334,685 | |
Apollo Global Management Inc. | 3,445,259 | 309,246 | |
Broadridge Financial Solutions Inc. | 1,025,932 | 183,693 | |
LPL Financial Holdings Inc. | 662,841 | 157,524 | |
Ares Management Corp. Class A | 1,418,020 | 145,872 | |
FactSet Research Systems Inc. | 331,102 | 144,778 | |
*,1 | Coinbase Global Inc. Class A | 1,318,485 | 98,992 |
Tradeweb Markets Inc. Class A | 994,732 | 79,778 | |
Brown & Brown Inc. | 984,304 | 68,744 | |
Interactive Brokers Group Inc. Class A | 440,867 | 38,161 | |
MarketAxess Holdings Inc. | 163,687 | 34,970 | |
4,237,504 | |||
Health Care (8.5%) | |||
Eli Lilly & Co. | 7,418,876 | 3,984,901 | |
Thermo Fisher Scientific Inc. | 3,351,424 | 1,696,390 | |
* | Intuitive Surgical Inc. | 3,051,117 | 891,811 |
Stryker Corp. | 2,968,003 | 811,066 | |
* | Vertex Pharmaceuticals Inc. | 2,241,185 | 779,350 |
Danaher Corp. | 2,885,218 | 715,823 | |
* | Boston Scientific Corp. | 12,716,257 | 671,418 |
Shares | Market Value ($000) | ||
Zoetis Inc. | 3,596,895 | 625,788 | |
* | Edwards Lifesciences Corp. | 5,280,075 | 365,804 |
* | Regeneron Pharmaceuticals Inc. | 440,381 | 362,416 |
* | IDEXX Laboratories Inc. | 720,681 | 315,132 |
* | DexCom Inc. | 3,367,440 | 314,182 |
* | IQVIA Holdings Inc. | 1,510,530 | 297,197 |
* | Moderna Inc. | 2,808,670 | 290,107 |
Agilent Technologies Inc. | 2,544,197 | 284,492 | |
* | Seagen Inc. | 1,222,382 | 259,328 |
* | Veeva Systems Inc. Class A | 1,265,332 | 257,432 |
West Pharmaceutical Services Inc. | 641,359 | 240,644 | |
* | Horizon Therapeutics plc | 1,988,585 | 230,059 |
* | Align Technology Inc. | 631,464 | 192,799 |
* | Alnylam Pharmaceuticals Inc. | 1,085,627 | 192,265 |
ResMed Inc. | 1,277,495 | 188,903 | |
* | Illumina Inc. | 1,374,984 | 188,758 |
* | BioMarin Pharmaceutical Inc. | 1,634,923 | 144,658 |
Cooper Cos. Inc. | 430,171 | 136,799 | |
* | Insulet Corp. | 605,809 | 96,620 |
* | Incyte Corp. | 1,652,612 | 95,471 |
STERIS plc | 428,907 | 94,111 | |
* | Bio-Rad Laboratories Inc. Class A | 88,636 | 31,772 |
*,2 | ABIOMED Inc. CVR | 15 | — |
14,755,496 | |||
Industrials (8.9%) | |||
Visa Inc. Class A | 13,507,673 | 3,106,900 | |
Mastercard Inc. Class A | 7,306,137 | 2,892,573 | |
Accenture plc Class A | 5,477,872 | 1,682,309 | |
* | Boeing Co. | 5,238,566 | 1,004,128 |
Automatic Data Processing Inc. | 3,577,680 | 860,718 | |
* | Fiserv Inc. | 5,294,092 | 598,021 |
Sherwin-Williams Co. | 2,009,934 | 512,634 | |
* | TransDigm Group Inc. | 455,337 | 383,908 |
Cintas Corp. | 751,171 | 361,321 | |
Old Dominion Freight Line Inc. | 853,784 | 349,317 | |
Paychex Inc. | 2,817,244 | 324,913 | |
Verisk Analytics Inc. | 1,259,158 | 297,463 | |
Rockwell Automation Inc. | 997,307 | 285,100 | |
* | PayPal Holdings Inc. | 4,770,936 | 278,909 |
WW Grainger Inc. | 390,668 | 270,280 | |
Quanta Services Inc. | 1,260,823 | 235,862 | |
Vulcan Materials Co. | 1,153,628 | 233,056 | |
* | Block Inc. (XNYS) | 4,770,980 | 211,164 |
* | Mettler-Toledo International Inc. | 189,876 | 210,396 |
Equifax Inc. | 1,065,840 | 195,240 | |
* | Teledyne Technologies Inc. | 408,918 | 167,076 |
* | Waters Corp. | 513,528 | 140,814 |
JB Hunt Transport Services Inc. | 717,454 | 135,254 | |
Martin Marietta Materials Inc. | 268,368 | 110,160 | |
* | Keysight Technologies Inc. | 772,447 | 102,202 |
* | Bill Holdings Inc. | 875,970 | 95,104 |
* | Fair Isaac Corp. | 102,518 | 89,040 |
HEICO Corp. Class A | 652,106 | 84,265 | |
HEICO Corp. | 355,664 | 57,593 | |
Jack Henry & Associates Inc. | 316,406 | 47,822 | |
*,1 | Symbotic Inc. | 105,105 | 3,514 |
15,327,056 |
Shares | Market Value ($000) | ||
Real Estate (1.7%) | |||
American Tower Corp. | 4,047,569 | 665,623 | |
Equinix Inc. | 812,623 | 590,176 | |
Welltower Inc. | 4,505,345 | 369,078 | |
Public Storage | 1,373,725 | 362,004 | |
* | CoStar Group Inc. | 3,545,701 | 272,629 |
SBA Communications Corp. | 941,357 | 188,431 | |
Invitation Homes Inc. | 5,316,759 | 168,488 | |
Realty Income Corp. | 3,078,796 | 153,755 | |
Sun Communities Inc. | 1,079,505 | 127,749 | |
* | Zillow Group Inc. Class C | 1,325,870 | 61,202 |
Camden Property Trust | 463,971 | 43,882 | |
* | Zillow Group Inc. Class A | 347,537 | 15,566 |
3,018,583 | |||
Technology (52.1%) | |||
Apple Inc. | 128,974,068 | 22,081,650 | |
Microsoft Corp. | 64,517,637 | 20,371,444 | |
NVIDIA Corp. | 20,376,230 | 8,863,456 | |
* | Alphabet Inc. Class A | 51,437,952 | 6,731,170 |
* | Meta Platforms Inc. Class A | 19,300,219 | 5,794,119 |
* | Alphabet Inc. Class C | 42,899,752 | 5,656,332 |
* | Adobe Inc. | 3,958,122 | 2,018,246 |
* | Salesforce Inc. | 8,035,224 | 1,629,383 |
* | Advanced Micro Devices Inc. | 14,030,354 | 1,442,601 |
Texas Instruments Inc. | 7,884,072 | 1,253,646 | |
Intuit Inc. | 2,310,505 | 1,180,529 | |
Applied Materials Inc. | 7,264,420 | 1,005,759 | |
* | ServiceNow Inc. | 1,771,644 | 990,278 |
Lam Research Corp. | 1,150,579 | 721,148 | |
* | Palo Alto Networks Inc. | 2,656,253 | 622,732 |
* | Synopsys Inc. | 1,320,430 | 606,038 |
* | Cadence Design Systems Inc. | 2,359,898 | 552,924 |
KLA Corp. | 1,187,379 | 544,603 | |
Roper Technologies Inc. | 926,695 | 448,780 | |
Amphenol Corp. Class A | 5,177,687 | 434,874 | |
Marvell Technology Inc. | 7,469,232 | 404,310 | |
* | Workday Inc. Class A | 1,797,832 | 386,264 |
* | Autodesk Inc. | 1,856,470 | 384,122 |
Microchip Technology Inc. | 4,725,689 | 368,840 | |
* | Snowflake Inc. Class A | 2,404,897 | 367,396 |
* | Fortinet Inc. | 5,795,192 | 340,062 |
* | Crowdstrike Holdings Inc. Class A | 1,848,661 | 309,429 |
* | Palantir Technologies Inc. Class A | 16,884,722 | 270,156 |
* | Atlassian Corp. Ltd. Class A | 1,331,046 | 268,219 |
* | ANSYS Inc. | 753,667 | 224,254 |
* | Gartner Inc. | 650,458 | 223,504 |
* | Splunk Inc. | 1,456,404 | 212,999 |
* | Datadog Inc. Class A | 2,337,456 | 212,919 |
* | HubSpot Inc. | 412,644 | 203,227 |
* | DoorDash Inc. Class A | 2,541,748 | 201,993 |
* | MongoDB Inc. | 582,346 | 201,410 |
Monolithic Power Systems Inc. | 394,286 | 182,160 | |
* | ON Semiconductor Corp. | 1,874,338 | 174,220 |
* | VeriSign Inc. | 761,557 | 154,238 |
* | Cloudflare Inc. Class A | 2,414,781 | 152,228 |
* | Tyler Technologies Inc. | 365,634 | 141,186 |
* | Zoom Video Communications Inc. Class A | 1,988,826 | 139,098 |
* | Pinterest Inc. Class A | 5,056,342 | 136,673 |
Shares | Market Value ($000) | ||
Teradyne Inc. | 1,336,392 | 134,254 | |
* | EPAM Systems Inc. | 502,910 | 128,589 |
* | Zscaler Inc. | 759,480 | 118,167 |
Paycom Software Inc. | 445,938 | 115,618 | |
* | Okta Inc. | 1,345,344 | 109,659 |
Bentley Systems Inc. Class B | 1,966,861 | 98,658 | |
* | GoDaddy Inc. Class A | 1,273,763 | 94,870 |
* | Match Group Inc. | 2,413,681 | 94,556 |
* | Twilio Inc. Class A | 1,492,913 | 87,380 |
* | Snap Inc. Class A | 8,906,125 | 79,354 |
* | DocuSign Inc. | 1,755,848 | 73,746 |
* | Unity Software Inc. | 2,328,681 | 73,097 |
Skyworks Solutions Inc. | 692,575 | 68,281 | |
Seagate Technology Holdings plc | 856,554 | 56,490 | |
* | Toast Inc. Class A | 1,692,999 | 31,710 |
* | ZoomInfo Technologies Inc. | 1,569,559 | 25,741 |
89,998,789 | |||
Telecommunications (1.0%) | |||
* | T-Mobile US Inc. | 4,597,142 | 643,830 |
* | Charter Communications Inc. Class A | 844,563 | 371,456 |
* | Arista Networks Inc. | 2,016,684 | 370,929 |
Motorola Solutions Inc. | 724,791 | 197,317 | |
* | Liberty Broadband Corp. Class C | 1,034,947 | 94,511 |
* | Roku Inc. | 538,362 | 38,003 |
* | Liberty Broadband Corp. Class A | 145,715 | 13,247 |
1,729,293 | |||
Utilities (0.2%) | |||
Waste Connections Inc. (XTSE) | 2,236,725 | 300,392 | |
Total Common Stocks (Cost $90,481,942) | 172,396,712 | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.391% (Cost $325,617) | 3,256,940 | 325,662 |
Total Investments (100.0%) (Cost $90,807,559) | 172,722,374 | ||
Other Assets and Liabilities—Net (0.0%) | 458 | ||
Net Assets (100%) | 172,722,832 | ||
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 $14,180,000. |
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 $14,542,000 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 | 879 | 190,106 | (8,171) |
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) |
Netflix Inc. | 8/30/24 | BANA | 37,760 | (5.328) | — | (160) |
Visa Inc. Class A | 8/30/24 | BANA | 102,354 | (5.228) | — | (397) |
— | (557) |
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 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 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 | 172,396,712 | — | — | 172,396,712 |
Temporary Cash Investments | 325,662 | — | — | 325,662 |
Total | 172,722,374 | — | — | 172,722,374 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 8,171 | — | — | 8,171 |
Swap Contracts | — | 557 | — | 557 |
Total | 8,171 | 557 | — | 8,728 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |