Vanguard Institutional Index Fund | |||
Schedule of Investments(unaudited) | |||
As of September 30, 2019 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.7%)1 | |||
Communication Services (10.3%) | |||
* | Facebook Inc. Class A | 22,073,693 | 3,930,883 |
* | Alphabet Inc. Class C | 2,774,872 | 3,382,569 |
* | Alphabet Inc. Class A | 2,746,174 | 3,353,463 |
AT&T Inc. | 67,044,297 | 2,536,956 | |
Verizon Communications Inc. | 37,949,632 | 2,290,640 | |
Walt Disney Co. | 16,528,399 | 2,153,981 | |
Comcast Corp. Class A | 41,615,859 | 1,876,043 | |
* | Netflix Inc. | 4,017,052 | 1,075,043 |
* | Charter Communications Inc. Class A | 1,483,797 | 611,502 |
Activision Blizzard Inc. | 7,038,596 | 372,482 | |
* | Twitter Inc. | 7,092,082 | 292,194 |
* | Electronic Arts Inc. | 2,703,471 | 264,454 |
* | T-Mobile US Inc. | 2,899,463 | 228,391 |
Omnicom Group Inc. | 1,995,783 | 156,270 | |
* | Take-Two Interactive Software Inc. | 1,037,714 | 130,067 |
CBS Corp. Class B | 2,999,284 | 121,081 | |
CenturyLink Inc. | 9,017,733 | 112,541 | |
Fox Corp. Class A | 3,270,776 | 103,144 | |
* | Discovery Communications Inc. | 3,187,868 | 78,485 |
Viacom Inc. Class B | 3,248,011 | 78,050 | |
Interpublic Group of Cos. Inc. | 3,552,234 | 76,586 | |
* | DISH Network Corp. Class A | 2,210,466 | 75,311 |
News Corp. Class A | 4,672,633 | 65,043 | |
Fox Corp. Class B | 1,470,024 | 46,365 | |
*,^ Discovery Communications Inc. Class A | 1,451,412 | 38,651 | |
* | TripAdvisor Inc. | 967,021 | 37,404 |
23,487,599 | |||
Consumer Discretionary (10.1%) | |||
* | Amazon.com Inc. | 3,812,543 | 6,618,232 |
Home Depot Inc. | 10,048,128 | 2,331,367 | |
McDonald's Corp. | 6,968,610 | 1,496,230 | |
NIKE Inc. Class B | 11,487,597 | 1,078,915 | |
Starbucks Corp. | 10,982,533 | 971,076 | |
Lowe's Cos. Inc. | 7,082,732 | 778,817 | |
* | Booking Holdings Inc. | 389,957 | 765,333 |
TJX Cos. Inc. | 11,092,759 | 618,310 | |
Target Corp. | 4,688,839 | 501,284 | |
General Motors Co. | 11,530,229 | 432,153 | |
Dollar General Corp. | 2,358,930 | 374,928 | |
Ross Stores Inc. | 3,346,291 | 367,590 | |
Ford Motor Co. | 35,957,751 | 329,373 | |
Yum! Brands Inc. | 2,791,872 | 316,682 | |
Marriott International Inc. Class A | 2,508,099 | 311,932 | |
eBay Inc. | 7,233,304 | 281,954 | |
* | O'Reilly Automotive Inc. | 701,854 | 279,696 |
VF Corp. | 2,993,835 | 266,421 | |
* | Dollar Tree Inc. | 2,170,490 | 247,783 |
Hilton Worldwide Holdings Inc. | 2,631,195 | 244,991 |
* AutoZone Inc. | 224,916 | 243,948 |
Aptiv plc | 2,348,999 | 205,349 |
* Chipotle Mexican Grill Inc. Class A | 234,073 | 196,731 |
Expedia Group Inc. | 1,283,445 | 172,508 |
Royal Caribbean Cruises Ltd. | 1,577,175 | 170,855 |
DR Horton Inc. | 3,087,452 | 162,740 |
Carnival Corp. | 3,675,135 | 160,640 |
Best Buy Co. Inc. | 2,127,379 | 146,768 |
Lennar Corp. Class A | 2,576,576 | 143,902 |
* Ulta Beauty Inc. | 539,498 | 135,225 |
* CarMax Inc. | 1,519,891 | 133,750 |
Genuine Parts Co. | 1,339,275 | 133,378 |
Darden Restaurants Inc. | 1,126,168 | 133,136 |
MGM Resorts International | 4,781,489 | 132,543 |
Hasbro Inc. | 1,076,004 | 127,711 |
* NVR Inc. | 30,380 | 112,933 |
Garmin Ltd. | 1,327,036 | 112,387 |
Advance Auto Parts Inc. | 655,550 | 108,428 |
* Norwegian Cruise Line Holdings Ltd. | 1,980,005 | 102,505 |
Tractor Supply Co. | 1,095,213 | 99,051 |
Wynn Resorts Ltd. | 889,357 | 96,691 |
Tiffany & Co. | 998,031 | 92,448 |
Whirlpool Corp. | 583,019 | 92,327 |
* LKQ Corp. | 2,829,130 | 88,976 |
PulteGroup Inc. | 2,365,316 | 86,452 |
Kohl's Corp. | 1,459,337 | 72,471 |
BorgWarner Inc. | 1,895,932 | 69,543 |
Tapestry Inc. | 2,629,942 | 68,510 |
* Mohawk Industries Inc. | 548,965 | 68,110 |
Newell Brands Inc. | 3,492,549 | 65,380 |
PVH Corp. | 679,391 | 59,943 |
Harley-Davidson Inc. | 1,434,508 | 51,599 |
Hanesbrands Inc. | 3,320,060 | 50,863 |
Leggett & Platt Inc. | 1,206,716 | 49,403 |
* Capri Holdings Ltd. | 1,389,311 | 46,070 |
Ralph Lauren Corp. Class A | 477,289 | 45,567 |
Macy's Inc. | 2,829,872 | 43,976 |
H&R Block Inc. | 1,835,717 | 43,360 |
L Brands Inc. | 2,138,249 | 41,888 |
* Under Armour Inc. Class A | 1,742,512 | 34,746 |
Gap Inc. | 1,972,737 | 34,247 |
^ Nordstrom Inc. | 984,285 | 33,141 |
* Under Armour Inc. Class C | 1,762,598 | 31,956 |
Las Vegas Sands Corp. | 43,818 | 2,531 |
Lennar Corp. Class B | 46,974 | 2,084 |
22,919,837 | ||
Consumer Staples (7.6%) | ||
Procter & Gamble Co. | 22,962,613 | 2,856,090 |
Coca-Cola Co. | 35,311,733 | 1,922,371 |
PepsiCo Inc. | 12,829,153 | 1,758,877 |
Walmart Inc. | 13,048,654 | 1,548,614 |
Costco Wholesale Corp. | 4,035,024 | 1,162,531 |
Philip Morris International Inc. | 14,274,579 | 1,083,869 |
Mondelez International Inc. Class A | 13,230,485 | 731,910 |
Altria Group Inc. | 17,136,693 | 700,891 |
Colgate-Palmolive Co. | 7,873,911 | 578,811 |
Kimberly-Clark Corp. | 3,158,794 | 448,707 |
Estee Lauder Cos. Inc. Class A | 2,030,128 | 403,894 |
Walgreens Boots Alliance Inc. | 6,961,609 | 385,047 |
Sysco Corp. | 4,709,104 | 373,903 |
Constellation Brands Inc. Class A | 1,534,424 | 318,055 |
General Mills Inc. | 5,536,899 | 305,194 |
Tyson Foods Inc. Class A | 2,702,774 | 232,817 |
Hershey Co. | 1,365,968 | 211,711 |
Archer-Daniels-Midland Co. | 5,107,208 | 209,753 |
* Monster Beverage Corp. | 3,547,477 | 205,967 |
Kroger Co. | 7,333,492 | 189,057 |
McCormick & Co. Inc. | 1,129,518 | 176,544 |
Clorox Co. | 1,154,153 | 175,281 |
Church & Dwight Co. Inc. | 2,267,696 | 170,621 |
Kraft Heinz Co. | 5,708,885 | 159,478 |
Kellogg Co. | 2,280,809 | 146,770 |
Conagra Brands Inc. | 4,461,463 | 136,878 |
JM Smucker Co. | 1,047,644 | 115,262 |
^ Hormel Foods Corp. | 2,550,361 | 111,527 |
Brown-Forman Corp. Class B | 1,671,692 | 104,949 |
Molson Coors Brewing Co. Class B | 1,724,592 | 99,164 |
Lamb Weston Holdings Inc. | 1,336,623 | 97,199 |
Campbell Soup Co. | 1,546,813 | 72,576 |
Coty Inc. Class A | 2,708,875 | 28,470 |
17,222,788 | ||
Energy (4.5%) | ||
Exxon Mobil Corp. | 38,821,793 | 2,741,207 |
Chevron Corp. | 17,418,824 | 2,065,873 |
ConocoPhillips | 10,184,513 | 580,314 |
Schlumberger Ltd. | 12,693,932 | 433,752 |
Phillips 66 | 4,116,372 | 421,517 |
EOG Resources Inc. | 5,325,943 | 395,292 |
Kinder Morgan Inc. | 17,864,348 | 368,184 |
Marathon Petroleum Corp. | 6,040,385 | 366,953 |
Occidental Petroleum Corp. | 8,207,945 | 365,007 |
Valero Energy Corp. | 3,802,087 | 324,090 |
ONEOK Inc. | 3,788,353 | 279,164 |
Williams Cos. Inc. | 11,117,924 | 267,497 |
Pioneer Natural Resources Co. | 1,534,962 | 193,052 |
Halliburton Co. | 8,038,586 | 151,527 |
Hess Corp. | 2,374,322 | 143,599 |
Baker Hughes a GE Co. Class A | 5,954,018 | 138,133 |
Diamondback Energy Inc. | 1,495,394 | 134,451 |
Concho Resources Inc. | 1,843,645 | 125,184 |
Noble Energy Inc. | 4,391,864 | 98,641 |
TechnipFMC plc | 3,848,279 | 92,897 |
Marathon Oil Corp. | 7,382,292 | 90,581 |
Devon Energy Corp. | 3,710,991 | 89,286 |
Apache Corp. | 3,450,985 | 88,345 |
National Oilwell Varco Inc. | 3,540,959 | 75,068 |
HollyFrontier Corp. | 1,388,943 | 74,503 |
Cabot Oil & Gas Corp. | 3,836,795 | 67,413 |
Cimarex Energy Co. | 928,146 | 44,495 |
Helmerich & Payne Inc. | 1,002,724 | 40,179 |
10,256,204 | ||
Financials (12.9%) | ||
* Berkshire Hathaway Inc. Class B | 17,992,318 | 3,742,762 |
JPMorgan Chase & Co. | 29,338,864 | 3,452,891 |
Bank of America Corp. | 76,866,293 | 2,242,190 |
Wells Fargo & Co. | 36,789,099 | 1,855,642 |
Citigroup Inc. | 20,726,621 | 1,431,795 |
American Express Co. | 6,241,244 | 738,214 |
US Bancorp | 13,156,180 | 728,063 |
CME Group Inc. | 3,284,966 | 694,245 |
Chubb Ltd. | 4,181,057 | 674,990 |
Goldman Sachs Group Inc. | 2,968,518 | 615,166 |
PNC Financial Services Group Inc. | 4,086,706 | 572,793 |
S&P Global Inc. | 2,259,200 | 553,459 |
Morgan Stanley | 11,527,842 | 491,893 |
BlackRock Inc. | 1,078,111 | 480,449 |
Intercontinental Exchange Inc. | 5,139,861 | 474,255 |
Marsh & McLennan Cos. Inc. | 4,646,766 | 464,909 |
Charles Schwab Corp. | 10,676,299 | 446,590 |
American International Group Inc. | 7,983,787 | 444,697 |
Aon plc | 2,164,217 | 418,927 |
Progressive Corp. | 5,365,276 | 414,468 |
Capital One Financial Corp. | 4,316,064 | 392,675 |
BB&T Corp. | 7,029,812 | 375,181 |
Bank of New York Mellon Corp. | 7,871,739 | 355,881 |
Aflac Inc. | 6,793,660 | 355,444 |
Travelers Cos. Inc. | 2,389,291 | 355,264 |
MetLife Inc. | 7,303,953 | 344,454 |
Prudential Financial Inc. | 3,688,543 | 331,784 |
Allstate Corp. | 3,020,361 | 328,253 |
Moody's Corp. | 1,492,988 | 305,809 |
SunTrust Banks Inc. | 4,072,130 | 280,163 |
T. Rowe Price Group Inc. | 2,160,833 | 246,875 |
Discover Financial Services | 2,918,819 | 236,687 |
Willis Towers Watson plc | 1,182,931 | 228,270 |
State Street Corp. | 3,415,907 | 202,188 |
Hartford Financial Services Group Inc. | 3,320,257 | 201,241 |
M&T Bank Corp. | 1,227,314 | 193,879 |
Synchrony Financial | 5,603,954 | 191,039 |
Northern Trust Corp. | 1,972,845 | 184,106 |
Fifth Third Bancorp | 6,706,561 | 183,626 |
Ameriprise Financial Inc. | 1,201,353 | 176,719 |
MSCI Inc. Class A | 777,564 | 169,315 |
KeyCorp | 9,202,942 | 164,180 |
Cincinnati Financial Corp. | 1,394,013 | 162,639 |
Arthur J Gallagher & Co. | 1,707,021 | 152,898 |
Citizens Financial Group Inc. | 4,101,060 | 145,054 |
Regions Financial Corp. | 9,152,175 | 144,787 |
Principal Financial Group Inc. | 2,377,395 | 135,844 |
Huntington Bancshares Inc. | 9,517,138 | 135,810 |
Loews Corp. | 2,389,245 | 122,998 |
Cboe Global Markets Inc. | 1,022,852 | 117,536 |
MarketAxess Holdings Inc. | 346,863 | 113,598 |
First Republic Bank | 1,168,066 | 112,952 |
Lincoln National Corp. | 1,838,923 | 110,924 |
Nasdaq Inc. | 1,057,586 | 105,071 |
Everest Re Group Ltd. | 373,218 | 99,310 |
* SVB Financial Group | 473,313 | 98,899 |
E*TRADE Financial Corp. | 2,202,095 | 96,209 |
Raymond James Financial Inc. | 1,134,645 | 93,563 |
Comerica Inc. | 1,371,035 | 90,475 |
Globe Life Inc. | 920,385 | 88,136 |
Franklin Resources Inc. | 2,587,403 | 74,672 |
Zions Bancorp NA | 1,623,077 | 72,259 |
Assurant Inc. | 560,772 | 70,556 |
Invesco Ltd. | 3,530,085 | 59,800 |
People's United Financial Inc. | 3,654,517 | 57,138 |
Unum Group | 1,911,268 | 56,803 |
Affiliated Managers Group Inc. | 462,772 | 38,572 |
29,297,934 | ||
Health Care (13.6%) | ||
Johnson & Johnson | 24,216,803 | 3,133,170 |
Merck & Co. Inc. | 23,494,113 | 1,977,734 |
UnitedHealth Group Inc. | 8,465,363 | 1,839,693 |
Pfizer Inc. | 50,752,242 | 1,823,528 |
Abbott Laboratories | 16,216,572 | 1,356,841 |
Medtronic plc | 12,310,301 | 1,337,145 |
Thermo Fisher Scientific Inc. | 3,674,508 | 1,070,274 |
Amgen Inc. | 5,502,156 | 1,064,722 |
AbbVie Inc. | 13,564,519 | 1,027,105 |
Eli Lilly & Co. | 7,794,273 | 871,634 |
Danaher Corp. | 5,857,463 | 845,993 |
Bristol-Myers Squibb Co. | 15,006,027 | 760,956 |
CVS Health Corp. | 11,930,600 | 752,463 |
Gilead Sciences Inc. | 11,617,914 | 736,343 |
* Celgene Corp. | 6,501,403 | 645,589 |
Stryker Corp. | 2,943,499 | 636,679 |
Becton Dickinson and Co. | 2,477,471 | 626,701 |
* Intuitive Surgical Inc. | 1,057,708 | 571,088 |
Anthem Inc. | 2,347,800 | 563,707 |
Zoetis Inc. | 4,380,650 | 545,785 |
Cigna Corp. | 3,465,548 | 526,036 |
* Boston Scientific Corp. | 12,784,046 | 520,183 |
Allergan plc | 3,010,564 | 506,648 |
* Edwards Lifesciences Corp. | 1,908,510 | 419,700 |
* Illumina Inc. | 1,349,061 | 410,411 |
Baxter International Inc. | 4,685,348 | 409,827 |
* Vertex Pharmaceuticals Inc. | 2,358,812 | 399,630 |
* Biogen Inc. | 1,692,623 | 394,077 |
Humana Inc. | 1,239,395 | 316,876 |
HCA Healthcare Inc. | 2,439,830 | 293,804 |
Zimmer Biomet Holdings Inc. | 1,883,489 | 258,547 |
* IQVIA Holdings Inc. | 1,671,396 | 249,673 |
McKesson Corp. | 1,695,737 | 231,739 |
Agilent Technologies Inc. | 2,838,077 | 217,482 |
* IDEXX Laboratories Inc. | 789,434 | 214,671 |
* Regeneron Pharmaceuticals Inc. | 732,730 | 203,259 |
* Alexion Pharmaceuticals Inc. | 2,055,920 | 201,357 |
Cerner Corp. | 2,919,295 | 199,008 |
ResMed Inc. | 1,318,877 | 178,193 |
* Centene Corp. | 3,796,279 | 164,227 |
* Mettler-Toledo International Inc. | 225,894 | 159,120 |
* Laboratory Corp. of America Holdings | 896,161 | 150,555 |
Teleflex Inc. | 424,055 | 144,073 |
* Waters Corp. | 612,096 | 136,638 |
Cooper Cos. Inc. | 454,568 | 135,007 |
Quest Diagnostics Inc. | 1,234,644 | 132,144 |
Cardinal Health Inc. | 2,733,160 | 128,978 |
Hologic Inc. | 2,453,415 | 123,873 |
* Incyte Corp. | 1,636,301 | 121,463 |
* Align Technology Inc. | 667,736 | 120,807 |
* WellCare Health Plans Inc. | 462,232 | 119,797 |
AmerisourceBergen Corp. Class A | 1,396,356 | 114,962 |
Universal Health Services Inc. Class B | 746,141 | 110,988 |
Dentsply Sirona Inc. | 2,058,822 | 109,756 |
* Varian Medical Systems Inc. | 836,093 | 99,570 |
* Mylan NV | 4,736,672 | 93,691 |
PerkinElmer Inc. | 1,019,535 | 86,834 |
* Henry Schein Inc. | 1,361,467 | 86,453 |
* ABIOMED Inc. | 416,308 | 74,057 |
Perrigo Co. plc | 1,247,542 | 69,725 |
* DaVita Inc. | 886,572 | 50,597 |
* Nektar Therapeutics Class A | 1,347,198 | 24,539 |
30,896,125 | ||
Industrials (9.3%) | ||
Boeing Co. | 4,904,874 | 1,866,157 |
Honeywell International Inc. | 6,601,843 | 1,117,032 |
Union Pacific Corp. | 6,463,790 | 1,047,005 |
United Technologies Corp. | 7,442,057 | 1,015,990 |
Lockheed Martin Corp. | 2,279,939 | 889,313 |
3M Co. | 5,277,895 | 867,686 |
United Parcel Service Inc. Class B | 6,406,292 | 767,602 |
General Electric Co. | 80,092,181 | 716,024 |
Caterpillar Inc. | 5,160,795 | 651,860 |
Northrop Grumman Corp. | 1,444,172 | 541,261 |
CSX Corp. | 7,324,658 | 507,379 |
Raytheon Co. | 2,555,839 | 501,430 |
Deere & Co. | 2,889,865 | 487,462 |
Norfolk Southern Corp. | 2,417,238 | 434,281 |
L3Harris Technologies Inc. | 2,049,135 | 427,532 |
Illinois Tool Works Inc. | 2,701,209 | 422,712 |
Waste Management Inc. | 3,581,425 | 411,864 |
General Dynamics Corp. | 2,147,022 | 392,325 |
Emerson Electric Co. | 5,644,615 | 377,399 |
Roper Technologies Inc. | 954,307 | 340,306 |
FedEx Corp. | 2,202,041 | 320,551 |
Johnson Controls International plc | 7,301,041 | 320,443 |
Eaton Corp. plc | 3,853,790 | 320,443 |
Delta Air Lines Inc. | 5,310,334 | 305,875 |
Ingersoll-Rand plc | 2,216,014 | 273,035 |
* IHS Markit Ltd. | 3,678,705 | 246,032 |
Southwest Airlines Co. | 4,437,581 | 239,674 |
Verisk Analytics Inc. Class A | 1,501,348 | 237,423 |
TransDigm Group Inc. | 455,233 | 237,026 |
Cummins Inc. | 1,447,076 | 235,396 |
PACCAR Inc. | 3,176,353 | 222,376 |
Parker-Hannifin Corp. | 1,179,401 | 213,012 |
Cintas Corp. | 762,156 | 204,334 |
Stanley Black & Decker Inc. | 1,393,341 | 201,212 |
AMETEK Inc. | 2,096,522 | 192,503 |
Fortive Corp. | 2,710,628 | 185,841 |
* United Airlines Holdings Inc. | 2,028,153 | 179,309 |
Rockwell Automation Inc. | 1,074,053 | 177,004 |
Fastenal Co. | 5,262,951 | 171,941 |
Republic Services Inc. Class A | 1,942,900 | 168,158 |
Equifax Inc. | 1,109,122 | 156,020 |
* Copart Inc. | 1,849,627 | 148,581 |
Dover Corp. | 1,333,488 | 132,762 |
Xylem Inc. | 1,650,368 | 131,402 |
Kansas City Southern | 921,782 | 122,606 |
WW Grainger Inc. | 405,123 | 120,382 |
Wabtec Corp. | 1,669,018 | 119,936 |
Expeditors International of Washington Inc. | 1,568,328 | 116,511 |
IDEX Corp. | 695,016 | 113,899 |
Jacobs Engineering Group Inc. | 1,244,704 | 113,890 |
Masco Corp. | 2,658,765 | 110,817 |
CH Robinson Worldwide Inc. | 1,243,291 | 105,406 |
Textron Inc. | 2,113,689 | 103,486 |
American Airlines Group Inc. | 3,639,113 | 98,147 |
Arconic Inc. | 3,556,788 | 92,476 |
Allegion plc | 856,089 | 88,734 |
* United Rentals Inc. | 708,349 | 88,289 |
JB Hunt Transport Services Inc. | 784,016 | 86,751 |
Huntington Ingalls Industries Inc. | 378,831 | 80,233 |
Snap-on Inc. | 505,985 | 79,207 |
Alaska Air Group Inc. | 1,131,123 | 73,421 |
Fortune Brands Home & Security Inc. | 1,282,903 | 70,175 |
Nielsen Holdings plc | 3,262,217 | 69,322 |
AO Smith Corp. | 1,267,968 | 60,495 |
Robert Half International Inc. | 1,076,860 | 59,938 |
Pentair plc | 1,539,455 | 58,191 |
Flowserve Corp. | 1,203,398 | 56,211 |
Quanta Services Inc. | 1,301,532 | 49,198 |
Rollins Inc. | 1,287,719 | 43,873 |
21,184,567 | ||
Information Technology (21.9%) | ||
Microsoft Corp. | 70,058,740 | 9,740,267 |
Apple Inc. | 38,977,436 | 8,729,776 |
Visa Inc. Class A | 15,846,338 | 2,725,729 |
Mastercard Inc. Class A | 8,191,763 | 2,224,637 |
Intel Corp. | 40,649,289 | 2,094,658 |
Cisco Systems Inc. | 38,951,554 | 1,924,596 |
* Adobe Inc. | 4,454,011 | 1,230,421 |
* salesforce.com Inc. | 8,046,607 | 1,194,438 |
International Business Machines Corp. | 8,128,043 | 1,181,980 |
Accenture plc Class A | 5,845,756 | 1,124,431 |
* PayPal Holdings Inc. | 10,796,040 | 1,118,362 |
Oracle Corp. | 20,200,057 | 1,111,609 |
Texas Instruments Inc. | 8,566,146 | 1,107,089 |
Broadcom Inc. | 3,652,231 | 1,008,271 |
NVIDIA Corp. | 5,587,277 | 972,577 |
QUALCOMM Inc. | 11,152,765 | 850,733 |
Fidelity National Information Services Inc. | 5,630,004 | 747,439 |
Automatic Data Processing Inc. | 3,980,671 | 642,560 |
Intuit Inc. | 2,386,842 | 634,757 |
* Fiserv Inc. | 5,238,780 | 542,685 |
Global Payments Inc. | 2,753,581 | 437,819 |
* Micron Technology Inc. | 10,130,219 | 434,080 |
Applied Materials Inc. | 8,477,594 | 423,032 |
Analog Devices Inc. | 3,389,782 | 378,740 |
Lam Research Corp. | 1,326,047 | 306,463 |
Cognizant Technology Solutions Corp. Class A | 5,067,080 | 305,368 |
* Autodesk Inc. | 2,014,603 | 297,557 |
* Advanced Micro Devices Inc. | 9,959,277 | 288,719 |
TE Connectivity Ltd. | 3,082,046 | 287,185 |
Amphenol Corp. Class A | 2,728,736 | 263,323 |
Motorola Solutions Inc. | 1,518,723 | 258,806 |
HP Inc. | 13,593,486 | 257,189 |
Paychex Inc. | 2,933,202 | 242,781 |
KLA Corp. | 1,460,579 | 232,889 |
FleetCor Technologies Inc. | 794,019 | 227,709 |
Xilinx Inc. | 2,316,562 | 222,158 |
Corning Inc. | 7,167,937 | 204,430 |
Microchip Technology Inc. | 2,185,598 | 203,064 |
* Synopsys Inc. | 1,379,874 | 189,388 |
Hewlett Packard Enterprise Co. | 11,983,549 | 181,790 |
* VeriSign Inc. | 956,148 | 180,358 |
* ANSYS Inc. | 771,855 | 170,858 |
* Cadence Design Systems Inc. | 2,569,567 | 169,797 |
* Keysight Technologies Inc. | 1,720,353 | 167,304 |
CDW Corp. | 1,328,200 | 163,687 |
Western Digital Corp. | 2,716,466 | 162,010 |
Maxim Integrated Products Inc. | 2,487,758 | 144,066 |
* Akamai Technologies Inc. | 1,512,658 | 138,227 |
Broadridge Financial Solutions Inc. | 1,047,675 | 130,362 |
Skyworks Solutions Inc. | 1,574,928 | 124,813 |
Symantec Corp. | 5,211,500 | 123,148 |
* Arista Networks Inc. | 499,949 | 119,448 |
Gartner Inc. | 828,006 | 118,397 |
Seagate Technology plc | 2,174,819 | 116,984 |
NetApp Inc. | 2,185,639 | 114,768 |
Citrix Systems Inc. | 1,130,220 | 109,089 |
Leidos Holdings Inc. | 1,241,597 | 106,628 |
Jack Henry & Associates Inc. | 705,770 | 103,021 |
Fortinet Inc. | 1,303,320 | 100,043 |
Western Union Co. | 3,890,533 | 90,144 |
* Qorvo Inc. | 1,080,820 | 80,132 |
Juniper Networks Inc. | 3,172,689 | 78,524 |
* F5 Networks Inc. | 551,563 | 77,450 |
DXC Technology Co. | 2,403,220 | 70,895 |
FLIR Systems Inc. | 1,243,391 | 65,390 |
Xerox Holdings Corp. | 1,742,590 | 52,121 |
Alliance Data Systems Corp. | 374,887 | 48,034 |
IPG Photonics Corp. | 328,288 | 44,516 |
49,719,719 | ||
Materials (2.7%) | ||
Linde plc | 4,959,701 | 960,793 |
DuPont de Nemours Inc. | 6,841,659 | 487,879 |
Ecolab Inc. | 2,296,157 | 454,731 |
Air Products & Chemicals Inc. | 2,022,433 | 448,697 |
Sherwin-Williams Co. | 753,494 | 414,324 |
Dow Inc. | 6,819,259 | 324,938 |
Newmont Goldcorp Corp. | 7,521,955 | 285,232 |
PPG Industries Inc. | 2,167,586 | 256,881 |
Ball Corp. | 3,045,396 | 221,735 |
LyondellBasell Industries NV Class A | 2,366,858 | 211,763 |
Corteva Inc. | 6,876,168 | 192,533 |
Vulcan Materials Co. | 1,214,479 | 183,678 |
Martin Marietta Materials Inc. | 572,888 | 157,029 |
International Paper Co. | 3,603,006 | 150,678 |
Amcor plc | 14,899,318 | 145,268 |
Nucor Corp. | 2,783,106 | 141,688 |
Celanese Corp. Class A | 1,134,807 | 138,776 |
Freeport-McMoRan Inc. | 13,305,638 | 127,335 |
International Flavors & Fragrances Inc. | 980,913 | 120,348 |
FMC Corp. | 1,198,140 | 105,053 |
CF Industries Holdings Inc. | 2,004,797 | 98,636 |
Eastman Chemical Co. | 1,257,662 | 92,853 |
Packaging Corp. of America | 868,915 | 92,192 |
Avery Dennison Corp. | 772,496 | 87,732 |
Westrock Co. | 2,361,592 | 86,080 |
Albemarle Corp. | 971,822 | 67,561 |
Mosaic Co. | 3,255,237 | 66,732 |
Sealed Air Corp. | 1,417,334 | 58,833 |
6,179,978 | ||
Real Estate (3.2%) | ||
American Tower Corp. | 4,061,511 | 898,122 |
Crown Castle International Corp. | 3,813,674 | 530,139 |
Prologis Inc. | 5,788,057 | 493,258 |
Equinix Inc. | 777,992 | 448,746 |
Simon Property Group Inc. | 2,826,797 | 439,991 |
Public Storage | 1,377,956 | 337,971 |
Welltower Inc. | 3,718,875 | 337,116 |
AvalonBay Communities Inc. | 1,281,374 | 275,918 |
Equity Residential | 3,198,178 | 275,875 |
SBA Communications Corp. Class A | 1,037,620 | 250,222 |
Ventas Inc. | 3,417,746 | 249,598 |
Digital Realty Trust Inc. | 1,910,966 | 248,063 |
Realty Income Corp. | 2,922,470 | 224,095 |
Essex Property Trust Inc. | 603,582 | 197,160 |
Weyerhaeuser Co. | 6,838,788 | 189,434 |
Boston Properties Inc. | 1,319,273 | 171,057 |
* CBRE Group Inc. Class A | 3,086,390 | 163,610 |
HCP Inc. | 4,506,158 | 160,554 |
Alexandria Real Estate Equities Inc. | 1,040,732 | 160,314 |
Extra Space Storage Inc. | 1,178,492 | 137,672 |
Mid-America Apartment Communities Inc. | 1,045,834 | 135,969 |
UDR Inc. | 2,690,750 | 130,448 |
Host Hotels & Resorts Inc. | 6,704,414 | 115,919 |
Duke Realty Corp. | 3,319,939 | 112,778 |
Regency Centers Corp. | 1,538,788 | 106,930 |
Vornado Realty Trust | 1,453,686 | 92,556 |
Federal Realty Investment Trust | 639,780 | 87,100 |
Iron Mountain Inc. | 2,634,548 | 85,333 |
Kimco Realty Corp. | 3,872,634 | 80,861 |
Apartment Investment & Management Co. | 1,365,288 | 71,186 |
SL Green Realty Corp. | 755,283 | 61,744 |
Macerich Co. | 1,014,522 | 32,049 |
7,301,788 | ||
Utilities (3.6%) | ||
NextEra Energy Inc. | 4,484,042 | 1,044,737 |
Duke Energy Corp. | 6,682,711 | 640,605 |
Dominion Energy Inc. | 7,539,638 | 611,012 |
Southern Co. | 9,588,728 | 592,296 |
Exelon Corp. | 8,916,911 | 430,776 | ||
American Electric Power Co. Inc. | 4,531,784 | 424,583 | ||
Sempra Energy | 2,519,374 | 371,885 | ||
Xcel Energy Inc. | 4,811,146 | 312,195 | ||
Public Service Enterprise Group Inc. | 4,638,968 | 287,987 | ||
Consolidated Edison Inc. | 3,047,261 | 287,875 | ||
WEC Energy Group Inc. | 2,893,597 | 275,181 | ||
Eversource Energy | 2,968,417 | 253,711 | ||
Edison International | 3,284,604 | 247,725 | ||
FirstEnergy Corp. | 4,953,021 | 238,884 | ||
DTE Energy Co. | 1,683,381 | 223,822 | ||
Entergy Corp. | 1,825,961 | 214,295 | ||
PPL Corp. | 6,631,643 | 208,830 | ||
American Water Works Co. Inc. | 1,658,933 | 206,089 | ||
Ameren Corp. | 2,256,277 | 180,615 | ||
CMS Energy Corp. | 2,604,219 | 166,540 | ||
Evergy Inc. | 2,159,713 | 143,751 | ||
CenterPoint Energy Inc. | 4,605,442 | 138,992 | ||
Atmos Energy Corp. | 1,083,440 | 123,393 | ||
Alliant Energy Corp. | 2,182,074 | 117,679 | ||
NiSource Inc. | 3,428,481 | 102,580 | ||
Pinnacle West Capital Corp. | 1,031,213 | 100,100 | ||
AES Corp.�� | 6,095,122 | 99,594 | ||
NRG Energy Inc. | 2,322,322 | 91,964 | ||
8,137,696 | ||||
Total Common Stocks (Cost $116,327,229) | 226,604,235 | |||
Coupon | ||||
Temporary Cash Investments (0.3%)1 | ||||
Money Market Fund (0.3%) | ||||
2,3 Vanguard Market Liquidity Fund | 2.098% | 5,745,850 | 574,642 | |
Face | ||||
Maturity | Amount | |||
Date | ($000) | |||
U.S. Government and Agency Obligations (0.0%) | ||||
United States Treasury Bill | 2.157% | 11/7/19 | 7,000 | 6,988 |
4 United States Treasury Bill | 2.048% | 11/21/19 | 40,000 | 39,898 |
46,886 | ||||
Total Temporary Cash Investments (Cost $621,506) | 621,528 | |||
Total Investments (100.0%) (Cost $116,948,735) | 227,225,763 | |||
Other Asset and Liabilities-Net (0.0%)3,5 | 66,463 | |||
Net Assets (100%) | 227,292,226 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $30,431,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and
swap contracts. After giving effect to futures and swaps investments, the fund's effective common stock and
temporary cash investment positions represent 100.0% and 0.0%, respectively, of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
3 Collateral of $30,945,000 was received for securities on loan.
4 Securities with a value of $26,831,000 have been segregated as initial margin for open futures contracts.
5 Cash of $4,110,000 has been segregated as collateral for open over-the-counter swap contracts.
Institutional Index Fund | ||||||
Derivative Financial Instruments Outstanding as of Period End | ||||||
Futures Contracts | ||||||
($000) | ||||||
Value and | ||||||
Unrealized | ||||||
Number of Long | Notional | Appreciation | ||||
Expiration | (Short) Contracts | Amount | (Depreciation) | |||
Long Futures Contracts | ||||||
E-mini S&P 500 Index | December 2019 | 4,050 | 603,146 | (2,209) | ||
Over-the-Counter Total Return Swaps | ||||||
Floating | ||||||
Interest | ||||||
Rate | Value and | Value and | ||||
Notional | Received | Unrealized | Unrealized | |||
Termination | Amount | (Paid)1 | Appreciation | (Depreciation) | ||
Reference Entity | Date | Counterparty | ($000) | (%) | ($000) | ($000) |
First Republic Bank | 2/4/2020 | GSI | 36,079 | 2.671 | 152 | — |
UnitedHealth Group | ||||||
Inc. | 9/2/2020 | BOANA | 53,820 | 2.469 | — | (3,684) |
152 | (3,684) |
1 Payment received/paid monthly.
BOANA—Bank of America, N.A.
GSI—Goldman Sachs International.
At September 30, 2019, a counterparty had deposited in a segregated account securities with a
value of $495,000 in connection with open over-the-counter swap contracts.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock
Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the
latest quoted sales prices or official closing prices taken from the primary market in which each
security trades; such securities not traded on the valuation date are valued at the mean of the latest
quoted bid and asked prices. Securities for which market quotations are not readily available, or
whose values have been materially affected by events occurring before the fund's pricing time but
after the close of the securities’ primary markets, are valued by methods deemed by the board of
trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that
fund's net asset value. Temporary cash investments are valued using the latest bid prices or using
valuations based on a matrix system (which considers such factors as security prices, yields,
maturities, and ratings), both as furnished by independent pricing services.
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
Institutional Index Fund
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 assets pledged as initial margin for
open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the
contracts are not recorded in the Schedule of Investments. 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.
The notional amounts of swap contracts are not recorded in the Schedule of Investments. Swaps are
valued daily based on market quotations received from independent pricing services or recognized
dealers and the change in value is recorded as unrealized appreciation (depreciation) until termination
of the swap, at which time realized gain (loss) is recorded.
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.
D. Various inputs may be used to determine the value of the fund's investments. 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.
Institutional Index Fund
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 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, 2019, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 226,604,235 | — | — |
Temporary Cash Investments | 574,642 | 46,886 | — |
Futures Contracts—Assets1 | 3,291 | — | — |
Futures Contracts—Liabilities1 | (87) | — | — |
Swap Contracts—Assets | — | 152 | — |
Swap Contracts—Liabilities | — | (3,684) | — |
Total | 227,182,081 | 43,354 | — |
1 Represents variation margin on the last day of the reporting period. |