Vanguard® 500 Index Fund
Schedule of Investments (unaudited)
As of March 31, 2024
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%) | |||
Communication Services (8.9%) | |||
Meta Platforms Inc. Class A | 55,450,389 | 26,925,600 | |
* | Alphabet Inc. Class A | 148,523,076 | 22,416,588 |
* | Alphabet Inc. Class C | 124,356,897 | 18,934,581 |
* | Netflix Inc. | 10,807,454 | 6,563,691 |
Walt Disney Co. | 46,233,210 | 5,657,095 | |
Verizon Communications Inc. | 105,966,507 | 4,446,355 | |
Comcast Corp. Class A | 99,859,946 | 4,328,929 | |
AT&T Inc. | 180,214,340 | 3,171,772 | |
T-Mobile US Inc. | 13,162,512 | 2,148,385 | |
Electronic Arts Inc. | 6,132,253 | 813,566 | |
* | Charter Communications Inc. Class A | 2,488,423 | 723,210 |
* | Take-Two Interactive Software Inc. | 3,996,603 | 593,456 |
* | Warner Bros Discovery Inc. | 55,938,153 | 488,340 |
Omnicom Group Inc. | 4,991,673 | 482,994 | |
* | Live Nation Entertainment Inc. | 3,576,961 | 378,335 |
News Corp. Class A | 12,514,696 | 327,635 | |
Interpublic Group of Cos. Inc. | 9,657,670 | 315,130 | |
* | Match Group Inc. | 6,853,933 | 248,661 |
Fox Corp. Class A | 5,953,483 | 186,165 | |
Paramount Global Class B | 12,171,376 | 143,257 | |
Fox Corp. Class B | 3,417,580 | 97,811 | |
News Corp. Class B | 4,796 | 130 | |
99,391,686 | |||
Consumer Discretionary (10.3%) | |||
* | Amazon.com Inc. | 230,388,683 | 41,557,511 |
* | Tesla Inc. | 69,835,241 | 12,276,337 |
Home Depot Inc. | 25,084,921 | 9,622,576 | |
McDonald's Corp. | 18,281,923 | 5,154,588 | |
Lowe's Cos. Inc. | 14,495,347 | 3,692,400 | |
Booking Holdings Inc. | 879,379 | 3,190,281 | |
TJX Cos. Inc. | 28,724,611 | 2,913,250 | |
NIKE Inc. Class B | 30,676,197 | 2,882,949 | |
Starbucks Corp. | 28,532,812 | 2,607,614 | |
* | Chipotle Mexican Grill Inc. | 691,130 | 2,008,956 |
* | Airbnb Inc. Class A | 10,977,933 | 1,810,920 |
* | O'Reilly Automotive Inc. | 1,488,862 | 1,680,746 |
Marriott International Inc. Class A | 6,217,963 | 1,568,854 | |
* | AutoZone Inc. | 435,827 | 1,373,574 |
Hilton Worldwide Holdings Inc. | 6,355,541 | 1,355,700 | |
General Motors Co. | 29,101,926 | 1,319,772 | |
Ford Motor Co. | 98,336,504 | 1,305,909 | |
Ross Stores Inc. | 8,485,158 | 1,245,282 |
Shares | Market Value ($000) | ||
DR Horton Inc. | 7,526,800 | 1,238,535 | |
*,1 | Lululemon Athletica Inc. | 2,894,317 | 1,130,665 |
Lennar Corp. Class A | 6,228,806 | 1,071,230 | |
Yum! Brands Inc. | 7,082,808 | 982,031 | |
* | Royal Caribbean Cruises Ltd. | 5,945,864 | 826,535 |
Tractor Supply Co. | 2,724,976 | 713,181 | |
eBay Inc. | 13,081,132 | 690,422 | |
* | NVR Inc. | 80,530 | 652,290 |
PulteGroup Inc. | 5,345,581 | 644,784 | |
* | Ulta Beauty Inc. | 1,223,973 | 639,991 |
* | Deckers Outdoor Corp. | 647,149 | 609,135 |
Garmin Ltd. | 3,857,711 | 574,297 | |
* | Aptiv plc | 7,030,645 | 559,991 |
Genuine Parts Co. | 3,533,589 | 547,459 | |
Darden Restaurants Inc. | 3,009,767 | 503,083 | |
Las Vegas Sands Corp. | 9,309,243 | 481,288 | |
* | Expedia Group Inc. | 3,294,784 | 453,856 |
Domino's Pizza Inc. | 879,146 | 436,830 | |
* | Carnival Corp. | 25,393,312 | 414,927 |
Best Buy Co. Inc. | 4,830,196 | 396,221 | |
Pool Corp. | 974,814 | 393,337 | |
LKQ Corp. | 6,747,074 | 360,361 | |
* | CarMax Inc. | 3,980,187 | 346,714 |
* | MGM Resorts International | 6,887,836 | 325,175 |
Bath & Body Works Inc. | 5,694,564 | 284,842 | |
Tapestry Inc. | 5,781,092 | 274,486 | |
Wynn Resorts Ltd. | 2,401,923 | 245,549 | |
* | Caesars Entertainment Inc. | 5,440,548 | 237,970 |
* | Norwegian Cruise Line Holdings Ltd. | 10,722,506 | 224,422 |
* | Etsy Inc. | 3,018,233 | 207,413 |
BorgWarner Inc. (XNYS) | 5,789,714 | 201,135 | |
Hasbro Inc. | 3,289,089 | 185,899 | |
Ralph Lauren Corp. | 984,302 | 184,813 | |
* | Mohawk Industries Inc. | 1,332,248 | 174,378 |
VF Corp. | 8,330,325 | 127,787 | |
Lennar Corp. Class B | 781 | 120 | |
114,908,371 | |||
Consumer Staples (6.0%) | |||
Procter & Gamble Co. | 59,305,933 | 9,622,388 | |
Costco Wholesale Corp. | 11,183,807 | 8,193,593 | |
Walmart Inc. | 107,884,376 | 6,491,403 | |
PepsiCo Inc. | 34,641,836 | 6,062,668 | |
Coca-Cola Co. | 98,072,738 | 6,000,090 | |
Philip Morris International Inc. | 39,129,377 | 3,585,034 | |
Mondelez International Inc. Class A | 33,934,834 | 2,375,438 | |
Target Corp. | 11,635,966 | 2,062,010 | |
Altria Group Inc. | 44,444,775 | 1,938,681 | |
Colgate-Palmolive Co. | 20,751,833 | 1,868,703 | |
* | Monster Beverage Corp. | 18,618,248 | 1,103,690 |
Constellation Brands Inc. Class A | 4,054,263 | 1,101,787 | |
Kimberly-Clark Corp. | 8,490,827 | 1,098,288 | |
Sysco Corp. | 12,547,639 | 1,018,617 | |
General Mills Inc. | 14,310,118 | 1,001,279 | |
Kenvue Inc. | 43,439,964 | 932,222 | |
Estee Lauder Cos. Inc. Class A | 5,870,977 | 905,011 | |
Kroger Co. | 15,682,179 | 895,923 | |
Dollar General Corp. | 5,532,683 | 863,430 | |
Archer-Daniels-Midland Co. | 13,444,004 | 844,418 |
Shares | Market Value ($000) | ||
Keurig Dr Pepper Inc. | 26,251,969 | 805,148 | |
Kraft Heinz Co. | 20,096,909 | 741,576 | |
Hershey Co. | 3,777,911 | 734,804 | |
* | Dollar Tree Inc. | 5,214,907 | 694,365 |
Church & Dwight Co. Inc. | 6,211,027 | 647,872 | |
McCormick & Co. Inc. | 6,337,434 | 486,778 | |
Clorox Co. | 3,127,884 | 478,910 | |
Tyson Foods Inc. Class A | 7,217,164 | 423,864 | |
Walgreens Boots Alliance Inc. | 18,034,253 | 391,163 | |
Lamb Weston Holdings Inc. | 3,638,752 | 387,636 | |
Kellanova | 6,647,688 | 380,846 | |
Bunge Global SA | 3,661,963 | 375,424 | |
Conagra Brands Inc. | 12,048,444 | 357,116 | |
J M Smucker Co. | 2,675,738 | 336,795 | |
Molson Coors Beverage Co. Class B | 4,666,424 | 313,817 | |
Hormel Foods Corp. | 7,304,877 | 254,867 | |
1 | Brown-Forman Corp. Class B | 4,555,878 | 235,174 |
Campbell Soup Co. | 4,959,998 | 220,472 | |
66,231,300 | |||
Energy (3.9%) | |||
Exxon Mobil Corp. | 100,086,909 | 11,634,102 | |
Chevron Corp. | 43,709,445 | 6,894,728 | |
ConocoPhillips | 29,693,765 | 3,779,422 | |
Schlumberger NV | 35,978,202 | 1,971,965 | |
EOG Resources Inc. | 14,698,318 | 1,879,033 | |
Marathon Petroleum Corp. | 9,275,196 | 1,868,952 | |
Phillips 66 | 10,837,819 | 1,770,249 | |
Pioneer Natural Resources Co. | 5,888,499 | 1,545,731 | |
Valero Energy Corp. | 8,581,264 | 1,464,736 | |
Williams Cos. Inc. | 30,660,783 | 1,194,851 | |
ONEOK Inc. | 14,682,892 | 1,177,127 | |
Occidental Petroleum Corp. | 16,589,816 | 1,078,172 | |
Hess Corp. | 6,937,893 | 1,059,000 | |
Diamondback Energy Inc. | 4,511,639 | 894,072 | |
Kinder Morgan Inc. | 48,742,505 | 893,938 | |
Halliburton Co. | 22,437,353 | 884,481 | |
Baker Hughes Co. | 25,218,161 | 844,808 | |
Devon Energy Corp. | 16,149,741 | 810,394 | |
Targa Resources Corp. | 5,620,728 | 629,465 | |
Coterra Energy Inc. | 18,958,899 | 528,574 | |
Marathon Oil Corp. | 14,755,323 | 418,166 | |
EQT Corp. | 10,367,372 | 384,319 | |
APA Corp. | 9,105,070 | 313,032 | |
43,919,317 | |||
Financials (13.1%) | |||
* | Berkshire Hathaway Inc. Class B | 45,857,807 | 19,284,125 |
JPMorgan Chase & Co. | 72,865,573 | 14,594,974 | |
Visa Inc. Class A | 39,612,800 | 11,055,140 | |
Mastercard Inc. Class A | 20,794,253 | 10,013,888 | |
Bank of America Corp. | 173,531,235 | 6,580,304 | |
Wells Fargo & Co. | 90,706,651 | 5,257,357 | |
S&P Global Inc. | 8,097,046 | 3,444,888 | |
American Express Co. | 14,413,341 | 3,281,774 | |
Goldman Sachs Group Inc. | 7,568,722 | 3,161,379 | |
Progressive Corp. | 14,751,937 | 3,050,996 | |
Citigroup Inc. | 47,959,579 | 3,032,964 | |
Morgan Stanley | 31,572,054 | 2,972,825 |
Shares | Market Value ($000) | ||
BlackRock Inc. | 3,524,573 | 2,938,436 | |
Charles Schwab Corp. | 37,509,589 | 2,713,444 | |
Chubb Ltd. | 10,214,522 | 2,646,889 | |
Marsh & McLennan Cos. Inc. | 12,400,395 | 2,554,233 | |
* | Fiserv Inc. | 15,126,954 | 2,417,590 |
Blackstone Inc. | 18,131,093 | 2,381,882 | |
Intercontinental Exchange Inc. | 14,432,631 | 1,983,476 | |
CME Group Inc. | 9,073,457 | 1,953,425 | |
* | PayPal Holdings Inc. | 27,011,457 | 1,809,497 |
US Bancorp | 39,244,062 | 1,754,210 | |
Aon plc Class A (XNYS) | 5,046,269 | 1,684,041 | |
PNC Financial Services Group Inc. | 10,032,144 | 1,621,194 | |
Moody's Corp. | 3,966,735 | 1,559,046 | |
Capital One Financial Corp. | 9,587,974 | 1,427,553 | |
American International Group Inc. | 17,694,012 | 1,383,141 | |
Arthur J Gallagher & Co. | 5,464,372 | 1,366,312 | |
Travelers Cos. Inc. | 5,751,797 | 1,323,719 | |
Truist Financial Corp. | 33,616,671 | 1,310,378 | |
MetLife Inc. | 15,472,212 | 1,146,646 | |
Allstate Corp. | 6,615,938 | 1,144,623 | |
Aflac Inc. | 13,269,926 | 1,139,356 | |
MSCI Inc. | 1,993,484 | 1,117,248 | |
Fidelity National Information Services Inc. | 14,932,995 | 1,107,730 | |
Ameriprise Financial Inc. | 2,525,517 | 1,107,288 | |
Bank of New York Mellon Corp. | 19,139,895 | 1,102,841 | |
Prudential Financial Inc. | 9,098,713 | 1,068,189 | |
* | Arch Capital Group Ltd. | 9,350,827 | 864,390 |
Discover Financial Services | 6,302,641 | 826,213 | |
Hartford Financial Services Group Inc. | 7,522,717 | 775,216 | |
Willis Towers Watson plc | 2,584,297 | 710,682 | |
Global Payments Inc. | 5,207,893 | 696,087 | |
T Rowe Price Group Inc. | 5,643,749 | 688,086 | |
Fifth Third Bancorp | 17,169,681 | 638,884 | |
M&T Bank Corp. | 4,187,785 | 609,071 | |
Raymond James Financial Inc. | 4,741,699 | 608,929 | |
Nasdaq Inc. | 9,578,208 | 604,385 | |
State Street Corp. | 7,607,583 | 588,218 | |
* | Corpay Inc. | 1,819,754 | 561,467 |
Brown & Brown Inc. | 5,952,816 | 521,109 | |
Huntington Bancshares Inc. | 36,505,308 | 509,249 | |
Cincinnati Financial Corp. | 3,956,879 | 491,326 | |
Regions Financial Corp. | 23,289,593 | 490,013 | |
Cboe Global Markets Inc. | 2,660,431 | 488,801 | |
Principal Financial Group Inc. | 5,529,447 | 477,247 | |
Northern Trust Corp. | 5,168,193 | 459,556 | |
W R Berkley Corp. | 5,107,588 | 451,715 | |
Synchrony Financial | 10,254,142 | 442,159 | |
FactSet Research Systems Inc. | 959,939 | 436,187 | |
Everest Group Ltd. | 1,093,874 | 434,815 | |
Citizens Financial Group Inc. | 11,751,404 | 426,458 | |
KeyCorp. | 23,605,254 | 373,199 | |
Loews Corp. | 4,590,623 | 359,400 | |
Jack Henry & Associates Inc. | 1,837,369 | 319,206 | |
Globe Life Inc. | 2,159,942 | 251,352 | |
Assurant Inc. | 1,309,179 | 246,440 | |
Franklin Resources Inc. | 7,566,620 | 212,698 | |
MarketAxess Holdings Inc. | 955,643 | 209,525 | |
Invesco Ltd. | 11,088,080 | 183,951 |
Shares | Market Value ($000) | ||
Comerica Inc. | 3,324,346 | 182,806 | |
145,631,841 | |||
Health Care (12.4%) | |||
Eli Lilly & Co. | 20,098,200 | 15,635,596 | |
UnitedHealth Group Inc. | 23,312,093 | 11,532,492 | |
Johnson & Johnson | 60,673,460 | 9,597,935 | |
Merck & Co. Inc. | 63,867,826 | 8,427,360 | |
AbbVie Inc. | 44,498,830 | 8,103,237 | |
Thermo Fisher Scientific Inc. | 9,738,172 | 5,659,923 | |
Abbott Laboratories | 43,755,981 | 4,973,305 | |
Danaher Corp. | 16,575,286 | 4,139,180 | |
Pfizer Inc. | 142,314,014 | 3,949,214 | |
Amgen Inc. | 13,484,225 | 3,833,835 | |
* | Intuitive Surgical Inc. | 8,880,045 | 3,543,937 |
Elevance Health Inc. | 5,922,050 | 3,070,820 | |
Stryker Corp. | 8,522,643 | 3,049,998 | |
Medtronic plc | 33,513,075 | 2,920,665 | |
Bristol-Myers Squibb Co. | 51,284,868 | 2,781,178 | |
* | Vertex Pharmaceuticals Inc. | 6,495,055 | 2,714,998 |
Cigna Group | 7,372,382 | 2,677,575 | |
* | Regeneron Pharmaceuticals Inc. | 2,662,633 | 2,562,758 |
CVS Health Corp. | 31,716,075 | 2,529,674 | |
* | Boston Scientific Corp. | 36,923,335 | 2,528,879 |
Gilead Sciences Inc. | 31,404,456 | 2,300,376 | |
Zoetis Inc. | 11,571,525 | 1,958,018 | |
Becton Dickinson & Co. | 7,281,112 | 1,801,711 | |
McKesson Corp. | 3,312,013 | 1,778,054 | |
HCA Healthcare Inc. | 4,992,275 | 1,665,074 | |
* | Edwards Lifesciences Corp. | 15,286,538 | 1,460,782 |
* | DexCom Inc. | 9,717,082 | 1,347,759 |
* | IQVIA Holdings Inc. | 4,599,585 | 1,163,189 |
* | IDEXX Laboratories Inc. | 2,093,245 | 1,130,206 |
Agilent Technologies Inc. | 7,386,555 | 1,074,818 | |
Humana Inc. | 3,079,657 | 1,067,779 | |
* | Centene Corp. | 13,471,537 | 1,057,246 |
Cencora Inc. | 4,173,105 | 1,014,023 | |
GE Healthcare Inc. | 10,673,471 | 970,325 | |
* | Moderna Inc. | 8,360,655 | 890,911 |
* | Biogen Inc. | 3,652,177 | 787,519 |
West Pharmaceutical Services Inc. | 1,865,231 | 738,091 | |
ResMed Inc. | 3,707,280 | 734,153 | |
* | Mettler-Toledo International Inc. | 541,349 | 720,693 |
Zimmer Biomet Holdings Inc. | 5,267,169 | 695,161 | |
Cardinal Health Inc. | 6,130,466 | 685,999 | |
* | Molina Healthcare Inc. | 1,461,836 | 600,566 |
* | Align Technology Inc. | 1,795,250 | 588,698 |
STERIS plc | 2,490,421 | 559,897 | |
* | Illumina Inc. | 4,002,423 | 549,613 |
Baxter International Inc. | 12,799,257 | 547,040 | |
* | Waters Corp. | 1,490,182 | 512,965 |
Cooper Cos. Inc. | 5,008,969 | 508,210 | |
Laboratory Corp. of America Holdings | 2,139,898 | 467,482 | |
* | Hologic Inc. | 5,915,897 | 461,203 |
Quest Diagnostics Inc. | 2,797,800 | 372,415 | |
Viatris Inc. | 30,235,509 | 361,012 | |
* | Charles River Laboratories International Inc. | 1,293,569 | 350,493 |
Revvity Inc. | 3,110,109 | 326,561 | |
* | Insulet Corp. | 1,760,619 | 301,770 |
Shares | Market Value ($000) | ||
Universal Health Services Inc. Class B | 1,537,610 | 280,552 | |
Bio-Techne Corp. | 3,960,376 | 278,771 | |
Teleflex Inc. | 1,184,330 | 267,860 | |
* | Incyte Corp. | 4,687,729 | 267,060 |
* | Catalent Inc. | 4,555,241 | 257,143 |
* | Henry Schein Inc. | 3,275,059 | 247,333 |
* | DaVita Inc. | 1,358,400 | 187,527 |
* | Bio-Rad Laboratories Inc. Class A | 527,496 | 182,445 |
DENTSPLY SIRONA Inc. | 5,339,453 | 177,216 | |
*,2 | ABIOMED Inc. CVR | 180 | — |
137,928,278 | |||
Industrials (8.8%) | |||
General Electric Co. | 27,430,300 | 4,814,841 | |
Caterpillar Inc. | 12,831,207 | 4,701,739 | |
* | Uber Technologies Inc. | 51,866,209 | 3,993,179 |
Union Pacific Corp. | 15,368,968 | 3,779,690 | |
Honeywell International Inc. | 16,615,982 | 3,410,430 | |
RTX Corp. | 33,438,487 | 3,261,256 | |
Eaton Corp. plc | 10,063,865 | 3,146,769 | |
* | Boeing Co. | 14,455,499 | 2,789,767 |
United Parcel Service Inc. Class B (XNYS) | 18,229,952 | 2,709,518 | |
Deere & Co. | 6,561,158 | 2,694,930 | |
Automatic Data Processing Inc. | 10,353,956 | 2,585,797 | |
Lockheed Martin Corp. | 5,419,115 | 2,464,993 | |
Waste Management Inc. | 9,237,964 | 1,969,072 | |
CSX Corp. | 49,806,245 | 1,846,318 | |
Illinois Tool Works Inc. | 6,853,561 | 1,839,016 | |
Parker-Hannifin Corp. | 3,236,505 | 1,798,817 | |
TransDigm Group Inc. | 1,401,531 | 1,726,126 | |
Trane Technologies plc | 5,735,479 | 1,721,791 | |
Northrop Grumman Corp. | 3,554,831 | 1,701,555 | |
FedEx Corp. | 5,794,510 | 1,678,901 | |
Emerson Electric Co. | 14,409,077 | 1,634,278 | |
PACCAR Inc. | 13,183,827 | 1,633,344 | |
General Dynamics Corp. | 5,722,597 | 1,616,576 | |
Cintas Corp. | 2,171,675 | 1,492,006 | |
3M Co. | 13,930,438 | 1,477,602 | |
Norfolk Southern Corp. | 5,693,144 | 1,451,012 | |
* | Copart Inc. | 22,025,317 | 1,275,706 |
Carrier Global Corp. | 21,057,248 | 1,224,058 | |
United Rentals Inc. | 1,693,502 | 1,221,201 | |
WW Grainger Inc. | 1,113,350 | 1,132,611 | |
Johnson Controls International plc | 17,176,598 | 1,121,975 | |
Fastenal Co. | 14,422,306 | 1,112,537 | |
AMETEK Inc. | 5,817,176 | 1,063,962 | |
L3Harris Technologies Inc. | 4,777,637 | 1,018,114 | |
Otis Worldwide Corp. | 10,219,908 | 1,014,530 | |
Cummins Inc. | 3,435,049 | 1,012,137 | |
Paychex Inc. | 8,071,842 | 991,222 | |
Old Dominion Freight Line Inc. | 4,510,177 | 989,127 | |
Republic Services Inc. | 5,155,067 | 986,886 | |
Ingersoll Rand Inc. (XYNS) | 10,202,528 | 968,730 | |
Quanta Services Inc. | 3,661,587 | 951,280 | |
Verisk Analytics Inc. | 3,654,480 | 861,471 | |
Rockwell Automation Inc. | 2,888,238 | 841,430 | |
Equifax Inc. | 3,107,753 | 831,386 | |
Xylem Inc. | 6,076,329 | 785,305 | |
Delta Air Lines Inc. | 16,139,498 | 772,598 |
Shares | Market Value ($000) | ||
Fortive Corp. | 8,839,243 | 760,352 | |
Howmet Aerospace Inc. | 9,861,122 | 674,797 | |
Westinghouse Air Brake Technologies Corp. | 4,515,562 | 657,827 | |
* | Builders FirstSource Inc. | 3,108,656 | 648,310 |
Dover Corp. | 3,526,234 | 624,813 | |
Broadridge Financial Solutions Inc. | 2,968,315 | 608,089 | |
Hubbell Inc. | 1,351,891 | 561,102 | |
* | Axon Enterprise Inc. | 1,775,613 | 555,554 |
Veralto Corp. | 5,526,951 | 490,019 | |
Jacobs Solutions Inc. | 3,166,926 | 486,852 | |
Textron Inc. | 4,940,310 | 473,924 | |
IDEX Corp. | 1,906,117 | 465,131 | |
Leidos Holdings Inc. | 3,465,571 | 454,302 | |
Expeditors International of Washington Inc. | 3,664,117 | 445,447 | |
Southwest Airlines Co. | 15,038,250 | 438,967 | |
Masco Corp. | 5,539,940 | 436,990 | |
JB Hunt Transport Services Inc. | 2,055,154 | 409,489 | |
* | United Airlines Holdings Inc. | 8,268,593 | 395,900 |
Snap-on Inc. | 1,330,306 | 394,063 | |
Stanley Black & Decker Inc. | 3,864,272 | 378,428 | |
Nordson Corp. | 1,367,528 | 375,441 | |
Pentair plc | 4,166,071 | 355,949 | |
Rollins Inc. | 7,075,720 | 327,394 | |
Allegion plc | 2,212,276 | 298,016 | |
Huntington Ingalls Industries Inc. | 997,874 | 290,850 | |
A O Smith Corp. | 3,094,981 | 276,877 | |
* | Dayforce Inc. | 3,935,440 | 260,565 |
* | American Airlines Group Inc. | 16,489,289 | 253,111 |
Paycom Software Inc. | 1,210,399 | 240,882 | |
CH Robinson Worldwide Inc. | 2,939,968 | 223,849 | |
Robert Half Inc. | 2,623,730 | 208,009 | |
* | Generac Holdings Inc. | 1,549,016 | 195,393 |
97,782,281 | |||
Information Technology (29.5%) | |||
Microsoft Corp. | 187,278,157 | 78,791,666 | |
Apple Inc. | 365,847,962 | 62,735,609 | |
NVIDIA Corp. | 62,254,258 | 56,250,457 | |
Broadcom Inc. | 11,091,157 | 14,700,330 | |
* | Advanced Micro Devices Inc. | 40,724,555 | 7,350,375 |
Salesforce Inc. | 24,397,782 | 7,348,124 | |
* | Adobe Inc. | 11,390,644 | 5,747,719 |
Accenture plc Class A | 15,802,861 | 5,477,430 | |
Cisco Systems Inc. | 102,417,985 | 5,111,682 | |
Oracle Corp. | 40,185,309 | 5,047,677 | |
QUALCOMM Inc. | 28,127,988 | 4,762,068 | |
Intel Corp. | 106,563,491 | 4,706,909 | |
Intuit Inc. | 7,055,645 | 4,586,169 | |
International Business Machines Corp. | 23,062,204 | 4,403,958 | |
Applied Materials Inc. | 20,971,439 | 4,324,940 | |
Texas Instruments Inc. | 22,918,212 | 3,992,582 | |
* | ServiceNow Inc. | 5,166,908 | 3,939,251 |
Micron Technology Inc. | 27,823,132 | 3,280,069 | |
Lam Research Corp. | 3,304,326 | 3,210,384 | |
Analog Devices Inc. | 12,497,474 | 2,471,875 | |
KLA Corp. | 3,408,442 | 2,381,035 | |
* | Palo Alto Networks Inc. | 7,946,928 | 2,257,961 |
* | Synopsys Inc. | 3,844,205 | 2,196,963 |
* | Cadence Design Systems Inc. | 6,857,192 | 2,134,507 |
Shares | Market Value ($000) | ||
* | Arista Networks Inc. | 6,351,207 | 1,841,723 |
Amphenol Corp. Class A | 15,119,037 | 1,743,981 | |
NXP Semiconductors NV | 6,496,767 | 1,609,704 | |
Roper Technologies Inc. | 2,692,486 | 1,510,054 | |
Motorola Solutions Inc. | 4,183,160 | 1,484,938 | |
* | Autodesk Inc. | 5,391,723 | 1,404,113 |
* | Super Micro Computer Inc. | 1,269,101 | 1,281,830 |
Microchip Technology Inc. | 13,620,432 | 1,221,889 | |
TE Connectivity Ltd. | 7,783,244 | 1,130,438 | |
* | Fortinet Inc. | 16,064,746 | 1,097,383 |
* | Gartner Inc. | 1,964,659 | 936,494 |
Cognizant Technology Solutions Corp. Class A | 12,551,672 | 919,912 | |
CDW Corp. | 3,376,274 | 863,583 | |
Monolithic Power Systems Inc. | 1,210,505 | 820,020 | |
* | ON Semiconductor Corp. | 10,767,008 | 791,913 |
* | Fair Isaac Corp. | 626,381 | 782,732 |
* | ANSYS Inc. | 2,190,770 | 760,548 |
* | Keysight Technologies Inc. | 4,401,243 | 688,266 |
HP Inc. | 21,979,128 | 664,209 | |
Corning Inc. | 19,357,145 | 638,012 | |
Hewlett Packard Enterprise Co. | 32,766,787 | 580,955 | |
* | PTC Inc. | 3,013,290 | 569,331 |
* | Western Digital Corp. | 8,172,127 | 557,666 |
NetApp Inc. | 5,192,716 | 545,079 | |
* | Teledyne Technologies Inc. | 1,189,276 | 510,580 |
Seagate Technology Holdings plc | 4,910,872 | 456,957 | |
* | First Solar Inc. | 2,693,268 | 454,624 |
* | Tyler Technologies Inc. | 1,061,737 | 451,249 |
Skyworks Solutions Inc. | 4,038,529 | 437,453 | |
1 | Teradyne Inc. | 3,853,191 | 434,756 |
Jabil Inc. | 3,214,546 | 430,588 | |
* | VeriSign Inc. | 2,221,359 | 420,970 |
* | Enphase Energy Inc. | 3,420,498 | 413,812 |
* | Akamai Technologies Inc. | 3,802,041 | 413,510 |
* | Trimble Inc. | 6,270,122 | 403,545 |
* | EPAM Systems Inc. | 1,454,274 | 401,612 |
* | Zebra Technologies Corp. Class A | 1,294,496 | 390,213 |
Gen Digital Inc. (XNGS) | 14,127,199 | 316,449 | |
Juniper Networks Inc. | 8,113,050 | 300,670 | |
* | F5 Inc. | 1,481,779 | 280,931 |
* | Qorvo Inc. | 2,434,099 | 279,508 |
328,451,940 | |||
Materials (2.4%) | |||
Linde plc | 12,221,217 | 5,674,555 | |
Sherwin-Williams Co. | 5,935,156 | 2,061,458 | |
Freeport-McMoRan Inc. | 36,143,311 | 1,699,458 | |
Ecolab Inc. | 6,396,143 | 1,476,869 | |
Air Products and Chemicals Inc. | 5,602,995 | 1,357,438 | |
Nucor Corp. | 6,196,130 | 1,226,214 | |
Newmont Corp. (XNYS) | 29,048,159 | 1,041,086 | |
Dow Inc. | 17,700,670 | 1,025,400 | |
Corteva Inc. | 17,687,912 | 1,020,062 | |
Martin Marietta Materials Inc. | 1,557,734 | 956,355 | |
Vulcan Materials Co. | 3,350,669 | 914,465 | |
PPG Industries Inc. | 5,943,030 | 861,145 | |
DuPont de Nemours Inc. | 10,840,581 | 831,147 | |
LyondellBasell Industries NV Class A | 6,451,142 | 659,823 | |
Steel Dynamics Inc. | 3,833,668 | 568,265 |
Shares | Market Value ($000) | ||
International Flavors & Fragrances Inc. | 6,434,085 | 553,267 | |
Ball Corp. | 7,946,543 | 535,279 | |
Avery Dennison Corp. | 2,029,297 | 453,041 | |
Celanese Corp. | 2,524,126 | 433,796 | |
Packaging Corp. of America | 2,241,754 | 425,440 | |
CF Industries Holdings Inc. | 4,815,260 | 400,678 | |
1 | Albemarle Corp. | 2,957,860 | 389,668 |
Amcor plc | 36,426,058 | 346,412 | |
International Paper Co. | 8,727,104 | 340,532 | |
Westrock Co. | 6,475,920 | 320,234 | |
Eastman Chemical Co. | 2,956,111 | 296,261 | |
Mosaic Co. | 8,239,946 | 267,469 | |
FMC Corp. | 3,144,850 | 200,327 | |
26,336,144 | |||
Real Estate (2.3%) | |||
Prologis Inc. | 23,287,665 | 3,032,520 | |
American Tower Corp. | 11,749,278 | 2,321,540 | |
Equinix Inc. | 2,366,184 | 1,952,883 | |
Welltower Inc. | 13,949,073 | 1,303,401 | |
Simon Property Group Inc. | 8,214,461 | 1,285,481 | |
Public Storage | 3,988,510 | 1,156,907 | |
Crown Castle Inc. | 10,930,733 | 1,156,799 | |
Realty Income Corp. | 20,961,415 | 1,134,013 | |
Digital Realty Trust Inc. | 7,632,889 | 1,099,441 | |
* | CoStar Group Inc. | 10,292,469 | 994,253 |
Extra Space Storage Inc. | 5,325,002 | 782,775 | |
* | CBRE Group Inc. Class A | 7,495,227 | 728,836 |
VICI Properties Inc. | 24,224,730 | 721,655 | |
AvalonBay Communities Inc. | 3,576,369 | 663,631 | |
Weyerhaeuser Co. | 18,390,835 | 660,415 | |
Iron Mountain Inc. | 7,359,870 | 590,335 | |
SBA Communications Corp. | 2,719,147 | 589,239 | |
Equity Residential | 8,702,850 | 549,237 | |
Invitation Homes Inc. | 14,495,605 | 516,188 | |
Alexandria Real Estate Equities Inc. | 3,968,756 | 511,612 | |
Ventas Inc. | 10,140,918 | 441,536 | |
Essex Property Trust Inc. | 1,617,807 | 396,055 | |
Mid-America Apartment Communities Inc. | 2,941,276 | 387,013 | |
Host Hotels & Resorts Inc. | 17,782,192 | 367,736 | |
Healthpeak Properties Inc. | 17,841,083 | 334,520 | |
Kimco Realty Corp. | 16,786,463 | 329,183 | |
UDR Inc. | 7,627,310 | 285,338 | |
Camden Property Trust | 2,690,548 | 264,750 | |
Regency Centers Corp. | 4,140,763 | 250,765 | |
Boston Properties Inc. | 3,639,168 | 237,674 | |
Federal Realty Investment Trust | 1,853,499 | 189,279 | |
25,235,010 | |||
Utilities (2.2%) | |||
NextEra Energy Inc. | 51,712,174 | 3,304,925 | |
Southern Co. | 27,488,013 | 1,971,990 | |
Duke Energy Corp. | 19,432,828 | 1,879,349 | |
Constellation Energy Corp. | 8,049,593 | 1,487,967 | |
American Electric Power Co. Inc. | 13,254,404 | 1,141,204 | |
Sempra | 15,864,519 | 1,139,548 | |
Dominion Energy Inc. | 21,090,859 | 1,037,459 | |
Exelon Corp. | 25,089,506 | 942,613 | |
PG&E Corp. | 53,773,063 | 901,237 |
Shares | Market Value ($000) | ||
Public Service Enterprise Group Inc. | 12,558,305 | 838,644 | |
Consolidated Edison Inc. | 8,704,716 | 790,475 | |
Xcel Energy Inc. | 13,908,521 | 747,583 | |
Edison International | 9,667,323 | 683,770 | |
WEC Energy Group Inc. | 7,949,300 | 652,796 | |
American Water Works Co. Inc. | 4,907,205 | 599,710 | |
DTE Energy Co. | 5,202,412 | 583,398 | |
Entergy Corp. | 5,330,713 | 563,350 | |
Eversource Energy | 8,804,731 | 526,259 | |
PPL Corp. | 18,576,698 | 511,416 | |
FirstEnergy Corp. | 13,015,474 | 502,658 | |
Ameren Corp. | 6,626,691 | 490,110 | |
CenterPoint Energy Inc. | 15,911,479 | 453,318 | |
Atmos Energy Corp. | 3,804,848 | 452,282 | |
CMS Energy Corp. | 7,418,401 | 447,626 | |
NRG Energy Inc. | 5,690,775 | 385,209 | |
Alliant Energy Corp. | 6,429,671 | 324,055 | |
Evergy Inc. | 5,789,400 | 309,038 | |
AES Corp. | 16,876,391 | 302,594 | |
NiSource Inc. | 10,414,859 | 288,075 | |
Pinnacle West Capital Corp. | 2,857,618 | 213,550 | |
24,472,208 | |||
Total Common Stocks (Cost $627,807,953) | 1,110,288,376 | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.407% (Cost $1,470,530) | 14,714,659 | 1,471,171 |
Total Investments (99.9%) (Cost $629,278,483) | 1,111,759,547 | ||
Other Assets and Liabilities—Net (0.1%) | 992,208 | ||
Net Assets (100%) | 1,112,751,755 | ||
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 $21,280,000. |
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 $21,534,000 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 2024 | 6,914 | 1,835,148 | 32,286 |
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. | 8/30/24 | BANA | 181,109 | (5.927) | — | (471) |
Goldman Sachs Group Inc. | 8/29/25 | BANA | 271,916 | (6.027) | 603 | — |
Invesco Ltd. | 8/30/24 | BANA | 4,148 | (5.877) | 32 | — |
Kroger Co. | 1/31/25 | GSI | 56,060 | (5.234) | 979 | — |
Netflix Inc. | 8/30/24 | BANA | 60,733 | (5.327) | — | (250) |
VICI Properties Inc. | 8/30/24 | BANA | 55,112 | (5.977) | 510 | — |
Visa Inc. Class A | 8/30/24 | BANA | 69,770 | (5.227) | — | (157) |
2,124 | (878) |
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. | |
GSI—Goldman Sachs International. |
At March 31, 2024, the counterparties had deposited in segregated accounts securities with a value of $25,522,000 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 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 March 31, 2024, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 1,110,288,376 | — | — | 1,110,288,376 |
Temporary Cash Investments | 1,471,171 | — | — | 1,471,171 |
Total | 1,111,759,547 | — | — | 1,111,759,547 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 32,286 | — | — | 32,286 |
Swap Contracts | — | 2,124 | — | 2,124 |
Total | 32,286 | 2,124 | — | 34,410 |
Liabilities | ||||
Swap Contracts | — | 878 | — | 878 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |