Vanguard® Institutional Index Fund
Schedule of Investments (unaudited)
As of September 30, 2021
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 (99.5%) | |||
| Communication Services (11.2%) | |||
| * | Facebook Inc. Class A | 18,269,076 | 6,200,342 |
| * | Alphabet Inc. Class A | 2,306,691 | 6,166,985 |
| * | Alphabet Inc. Class C | 2,160,023 | 5,757,131 |
| * | Walt Disney Co. | 13,926,212 | 2,355,897 |
| * | Netflix Inc. | 3,392,010 | 2,070,279 |
| Comcast Corp. Class A | 35,103,201 | 1,963,322 | |
| Verizon Communications Inc. | 31,729,440 | 1,713,707 | |
| AT&T Inc. | 54,719,484 | 1,477,973 | |
| * | Charter Communications Inc. Class A | 972,108 | 707,267 |
| * | T-Mobile U.S. Inc. | 4,495,231 | 574,311 |
| Activision Blizzard Inc. | 5,960,021 | 461,246 | |
| * | Twitter Inc. | 6,115,251 | 369,300 |
| * | Match Group Inc. | 2,121,296 | 333,022 |
| Electronic Arts Inc. | 2,181,002 | 310,248 | |
| ViacomCBS Inc. Class B | 4,641,820 | 183,398 | |
| * | Take-Two Interactive Software Inc. | 892,934 | 137,574 |
| Omnicom Group Inc. | 1,643,045 | 119,055 | |
| Interpublic Group of Cos. Inc. | 3,017,163 | 110,639 | |
| Fox Corp. Class A | 2,445,250 | 98,079 | |
| Lumen Technologies Inc. | 7,626,071 | 94,487 | |
| * | Live Nation Entertainment Inc. | 1,011,373 | 92,167 |
| News Corp. Class A | 3,894,172 | 91,630 | |
| * | DISH Network Corp. Class A | 1,907,213 | 82,888 |
| * | Discovery Inc. Class C | 2,334,519 | 56,659 |
| Fox Corp. Class B | 1,174,708 | 43,605 | |
| *,1 | Discovery Inc. Class A | 1,293,934 | 32,840 |
| News Corp. Class B | 704 | 16 | |
| 31,604,067 | |||
| Consumer Discretionary (12.3%) | |||
| * | Amazon.com Inc. | 3,337,862 | 10,965,010 |
| * | Tesla Inc. | 6,218,675 | 4,822,458 |
| Home Depot Inc. | 8,148,737 | 2,674,904 | |
| NIKE Inc. Class B | 9,794,931 | 1,422,518 | |
| McDonald's Corp. | 5,723,097 | 1,379,896 | |
| Lowe's Cos. Inc. | 5,417,615 | 1,099,017 | |
| Starbucks Corp. | 9,036,001 | 996,761 | |
| Target Corp. | 3,791,663 | 867,419 | |
| * | Booking Holdings Inc. | 314,703 | 747,064 |
| TJX Cos. Inc. | 9,246,605 | 610,091 | |
| * | General Motors Co. | 11,125,467 | 586,423 |
| * | Ford Motor Co. | 30,070,700 | 425,801 |
| * | Chipotle Mexican Grill Inc. Class A | 215,305 | 391,321 |
| Shares | Market Value ($000) | ||
| Dollar General Corp. | 1,810,394 | 384,057 | |
| eBay Inc. | 4,981,761 | 347,079 | |
| * | O'Reilly Automotive Inc. | 528,413 | 322,892 |
| * | Marriott International Inc. Class A | 2,096,016 | 310,399 |
| * | Aptiv plc | 2,072,928 | 308,804 |
| Ross Stores Inc. | 2,736,975 | 297,920 | |
| * | Hilton Worldwide Holdings Inc. | 2,135,398 | 282,107 |
| * | AutoZone Inc. | 165,076 | 280,297 |
| Yum! Brands Inc. | 2,265,487 | 277,092 | |
| DR Horton Inc. | 2,499,271 | 209,864 | |
| * | Etsy Inc. | 970,031 | 201,728 |
| Lennar Corp. Class A | 2,067,513 | 193,685 | |
| * | Caesars Entertainment Inc. | 1,635,027 | 183,581 |
| Best Buy Co. Inc. | 1,727,017 | 182,563 | |
| * | Expedia Group Inc. | 1,113,018 | 182,424 |
| Garmin Ltd. | 1,163,829 | 180,929 | |
| Tractor Supply Co. | 875,899 | 177,466 | |
| * | Dollar Tree Inc. | 1,777,249 | 170,118 |
| VF Corp. | 2,497,162 | 167,285 | |
| * | CarMax Inc. | 1,248,106 | 159,708 |
| * | Carnival Corp. | 6,125,489 | 153,199 |
| * | Royal Caribbean Cruises Ltd. | 1,718,768 | 152,884 |
| Darden Restaurants Inc. | 999,507 | 151,395 | |
| * | Ulta Beauty Inc. | 419,250 | 151,316 |
| Domino's Pizza Inc. | 282,411 | 134,699 | |
| Pool Corp. | 307,587 | 133,619 | |
| Genuine Parts Co. | 1,097,138 | 133,006 | |
| MGM Resorts International | 3,063,994 | 132,211 | |
| Bath & Body Works Inc. | 2,030,190 | 127,963 | |
| * | NVR Inc. | 25,773 | 123,558 |
| Advance Auto Parts Inc. | 501,895 | 104,841 | |
| * | LKQ Corp. | 2,069,952 | 104,160 |
| Whirlpool Corp. | 480,196 | 97,893 | |
| * | Las Vegas Sands Corp. | 2,638,750 | 96,578 |
| PulteGroup Inc. | 1,985,360 | 91,168 | |
| Hasbro Inc. | 993,171 | 88,611 | |
| * | Penn National Gaming Inc. | 1,203,232 | 87,186 |
| BorgWarner Inc. (XNYS) | 1,840,451 | 79,526 | |
| Tapestry Inc. | 2,136,339 | 79,087 | |
| * | Mohawk Industries Inc. | 428,914 | 76,089 |
| * | Norwegian Cruise Line Holdings Ltd. | 2,841,111 | 75,886 |
| * | Wynn Resorts Ltd. | 808,179 | 68,493 |
| Newell Brands Inc. | 2,905,508 | 64,328 | |
| * | PVH Corp. | 546,745 | 56,200 |
| Hanesbrands Inc. | 2,678,163 | 45,957 | |
| Leggett & Platt Inc. | 1,023,828 | 45,909 | |
| Ralph Lauren Corp. Class A | 373,722 | 41,498 | |
| Gap Inc. | 1,644,953 | 37,340 | |
| * | Under Armour Inc. Class A | 1,478,496 | 29,836 |
| * | Under Armour Inc. Class C | 1,555,752 | 27,257 |
| Lennar Corp. Class B | 46,974 | 3,645 | |
| 34,604,019 | |||
| Consumer Staples (5.7%) | |||
| Procter & Gamble Co. | 18,603,502 | 2,600,770 | |
| PepsiCo Inc. | 10,592,600 | 1,593,233 | |
| Coca-Cola Co. | 29,774,032 | 1,562,243 | |
| Walmart Inc. | 10,952,558 | 1,526,567 | |
| Costco Wholesale Corp. | 3,387,959 | 1,522,379 | |
| Shares | Market Value ($000) | ||
| Philip Morris International Inc. | 11,944,755 | 1,132,243 | |
| Altria Group Inc. | 14,132,926 | 643,331 | |
| Mondelez International Inc. Class A | 10,712,850 | 623,274 | |
| Estee Lauder Cos. Inc. Class A | 1,777,212 | 533,039 | |
| Colgate-Palmolive Co. | 6,465,045 | 488,628 | |
| Kimberly-Clark Corp. | 2,581,015 | 341,830 | |
| Sysco Corp. | 3,920,420 | 307,753 | |
| General Mills Inc. | 4,646,130 | 277,931 | |
| Constellation Brands Inc. Class A | 1,289,286 | 271,640 | |
| Walgreens Boots Alliance Inc. | 5,501,470 | 258,844 | |
| Archer-Daniels-Midland Co. | 4,285,247 | 257,158 | |
| * | Monster Beverage Corp. | 2,877,039 | 255,567 |
| Kroger Co. | 5,210,960 | 210,679 | |
| Kraft Heinz Co. | 5,155,283 | 189,817 | |
| Hershey Co. | 1,114,402 | 188,613 | |
| Tyson Foods Inc. Class A | 2,259,529 | 178,367 | |
| Church & Dwight Co. Inc. | 1,881,033 | 155,317 | |
| McCormick & Co. Inc. | 1,909,611 | 154,736 | |
| Kellogg Co. | 1,958,280 | 125,173 | |
| Conagra Brands Inc. | 3,684,293 | 124,787 | |
| Clorox Co. | 691,484 | 114,517 | |
| J M Smucker Co. | 831,230 | 99,773 | |
| Brown-Forman Corp. Class B | 1,400,165 | 93,825 | |
| Hormel Foods Corp. | 2,159,728 | 88,549 | |
| Lamb Weston Holdings Inc. | 1,112,377 | 68,267 | |
| Molson Coors Beverage Co. Class B | 1,442,364 | 66,897 | |
| Campbell Soup Co. | 1,559,002 | 65,182 | |
| 16,120,929 | |||
| Energy (2.7%) | |||
| Exxon Mobil Corp. | 32,445,144 | 1,908,423 | |
| Chevron Corp. | 14,821,056 | 1,503,596 | |
| ConocoPhillips | 10,262,530 | 695,492 | |
| EOG Resources Inc. | 4,474,679 | 359,183 | |
| Schlumberger NV | 10,717,087 | 317,654 | |
| Marathon Petroleum Corp. | 4,891,096 | 302,319 | |
| Pioneer Natural Resources Co. | 1,738,783 | 289,525 | |
| Kinder Morgan Inc. | 14,931,549 | 249,805 | |
| Phillips 66 | 3,355,151 | 234,961 | |
| Valero Energy Corp. | 3,134,967 | 221,235 | |
| Williams Cos. Inc. | 8,167,787 | 211,872 | |
| Occidental Petroleum Corp. | 6,796,683 | 201,046 | |
| ONEOK Inc. | 3,417,197 | 198,163 | |
| Devon Energy Corp. | 4,826,587 | 171,392 | |
| Hess Corp. | 2,112,104 | 164,976 | |
| Baker Hughes Co. Class A | 6,353,015 | 157,110 | |
| Halliburton Co. | 6,820,421 | 147,458 | |
| Diamondback Energy Inc. | 1,303,671 | 123,419 | |
| Marathon Oil Corp. | 6,051,677 | 82,726 | |
| Cabot Oil & Gas Corp. | 3,059,659 | 66,578 | |
| APA Corp. | 2,899,127 | 62,128 | |
| 7,669,061 | |||
| Financials (11.3%) | |||
| * | Berkshire Hathaway Inc. Class B | 14,206,295 | 3,877,466 |
| JPMorgan Chase & Co. | 22,900,601 | 3,748,599 | |
| Bank of America Corp. | 56,751,169 | 2,409,087 | |
| Wells Fargo & Co. | 31,470,448 | 1,460,543 | |
| Citigroup Inc. | 15,532,683 | 1,090,084 | |
| Shares | Market Value ($000) | ||
| Morgan Stanley | 11,186,307 | 1,088,540 | |
| Goldman Sachs Group Inc. | 2,583,431 | 976,614 | |
| BlackRock Inc. | 1,096,420 | 919,524 | |
| Charles Schwab Corp. | 11,505,046 | 838,028 | |
| American Express Co. | 4,931,410 | 826,159 | |
| S&P Global Inc. | 1,847,000 | 784,772 | |
| PNC Financial Services Group Inc. | 3,257,123 | 637,224 | |
| U.S. Bancorp | 10,339,768 | 614,596 | |
| Truist Financial Corp. | 10,230,041 | 599,992 | |
| Marsh & McLennan Cos. Inc. | 3,883,136 | 588,023 | |
| Chubb Ltd. | 3,362,570 | 583,339 | |
| Capital One Financial Corp. | 3,418,728 | 553,731 | |
| CME Group Inc. | 2,752,308 | 532,241 | |
| Intercontinental Exchange Inc. | 4,316,135 | 495,579 | |
| Aon plc Class A (XNYS) | 1,730,071 | 494,402 | |
| Moody's Corp. | 1,241,555 | 440,889 | |
| Progressive Corp. | 4,484,815 | 405,382 | |
| MSCI Inc. Class A | 631,834 | 384,370 | |
| American International Group Inc. | 6,554,354 | 359,768 | |
| MetLife Inc. | 5,582,333 | 344,597 | |
| T Rowe Price Group Inc. | 1,739,264 | 342,113 | |
| Bank of New York Mellon Corp. | 6,085,669 | 315,481 | |
| Prudential Financial Inc. | 2,964,763 | 311,893 | |
| * | SVB Financial Group | 449,564 | 290,814 |
| Travelers Cos. Inc. | 1,912,059 | 290,652 | |
| Allstate Corp. | 2,266,157 | 288,504 | |
| Discover Financial Services | 2,294,677 | 281,901 | |
| First Republic Bank | 1,350,923 | 260,566 | |
| Aflac Inc. | 4,727,352 | 246,437 | |
| Arthur J Gallagher & Co. | 1,583,785 | 235,430 | |
| Ameriprise Financial Inc. | 872,295 | 230,391 | |
| Willis Towers Watson plc | 988,438 | 229,772 | |
| Fifth Third Bancorp | 5,293,123 | 224,640 | |
| Synchrony Financial | 4,368,199 | 213,518 | |
| Hartford Financial Services Group Inc. | 2,659,812 | 186,852 | |
| State Street Corp. | 2,097,300 | 177,683 | |
| Huntington Bancshares Inc. | 11,319,696 | 175,003 | |
| Nasdaq Inc. | 896,480 | 173,039 | |
| Northern Trust Corp. | 1,597,141 | 172,188 | |
| KeyCorp. | 7,327,309 | 158,416 | |
| Regions Financial Corp. | 7,312,764 | 155,835 | |
| Citizens Financial Group Inc. | 3,268,544 | 153,556 | |
| M&T Bank Corp. | 987,000 | 147,399 | |
| Cincinnati Financial Corp. | 1,147,481 | 131,065 | |
| Raymond James Financial Inc. | 1,418,982 | 130,944 | |
| Principal Financial Group Inc. | 1,912,511 | 123,166 | |
| MarketAxess Holdings Inc. | 291,493 | 122,628 | |
| Cboe Global Markets Inc. | 816,609 | 101,145 | |
| Brown & Brown Inc. | 1,793,693 | 99,460 | |
| Lincoln National Corp. | 1,351,566 | 92,920 | |
| Loews Corp. | 1,558,802 | 84,066 | |
| Comerica Inc. | 1,026,758 | 82,654 | |
| W R Berkley Corp. | 1,076,832 | 78,803 | |
| Zions Bancorp NA | 1,242,349 | 76,889 | |
| Everest Re Group Ltd. | 305,520 | 76,618 | |
| Assurant Inc. | 450,678 | 71,094 | |
| Franklin Resources Inc. | 2,158,632 | 64,155 | |
| Globe Life Inc. | 716,734 | 63,811 |
| Shares | Market Value ($000) | ||
| Invesco Ltd. | 2,616,670 | 63,088 | |
| People's United Financial Inc. | 3,271,971 | 57,161 | |
| 31,835,299 | |||
| Health Care (13.2%) | |||
| Johnson & Johnson | 20,174,808 | 3,258,231 | |
| UnitedHealth Group Inc. | 7,226,307 | 2,823,607 | |
| Pfizer Inc. | 42,967,742 | 1,848,043 | |
| Thermo Fisher Scientific Inc. | 3,015,136 | 1,722,638 | |
| Abbott Laboratories | 13,586,715 | 1,604,999 | |
| Danaher Corp. | 4,869,444 | 1,482,454 | |
| AbbVie Inc. | 13,543,210 | 1,460,906 | |
| Merck & Co. Inc. | 19,399,516 | 1,457,098 | |
| Eli Lilly & Co. | 6,084,759 | 1,405,884 | |
| Medtronic plc | 10,299,726 | 1,291,071 | |
| * | Moderna Inc. | 2,691,294 | 1,035,771 |
| Bristol-Myers Squibb Co. | 17,029,555 | 1,007,639 | |
| Amgen Inc. | 4,351,828 | 925,416 | |
| * | Intuitive Surgical Inc. | 911,229 | 905,898 |
| CVS Health Corp. | 10,112,908 | 858,181 | |
| Zoetis Inc. | 3,632,185 | 705,152 | |
| Anthem Inc. | 1,868,542 | 696,592 | |
| Stryker Corp. | 2,572,190 | 678,338 | |
| Gilead Sciences Inc. | 9,608,691 | 671,167 | |
| Becton Dickinson and Co. | 2,201,063 | 541,065 | |
| * | Edwards Lifesciences Corp. | 4,777,279 | 540,836 |
| Cigna Corp. | 2,606,441 | 521,705 | |
| * | Regeneron Pharmaceuticals Inc. | 805,475 | 487,457 |
| * | Boston Scientific Corp. | 10,912,411 | 473,489 |
| HCA Healthcare Inc. | 1,889,157 | 458,536 | |
| * | Illumina Inc. | 1,124,335 | 456,042 |
| * | IDEXX Laboratories Inc. | 652,072 | 405,524 |
| * | DexCom Inc. | 741,490 | 405,491 |
| Humana Inc. | 984,825 | 383,245 | |
| * | Align Technology Inc. | 563,174 | 374,753 |
| Agilent Technologies Inc. | 2,325,864 | 366,393 | |
| * | Vertex Pharmaceuticals Inc. | 1,988,196 | 360,639 |
| * | IQVIA Holdings Inc. | 1,468,691 | 351,810 |
| * | Biogen Inc. | 1,142,139 | 323,214 |
| Baxter International Inc. | 3,831,304 | 308,152 | |
| ResMed Inc. | 1,115,305 | 293,939 | |
| * | Centene Corp. | 4,468,144 | 278,410 |
| * | Mettler-Toledo International Inc. | 177,119 | 243,957 |
| West Pharmaceutical Services Inc. | 566,756 | 240,611 | |
| McKesson Corp. | 1,184,943 | 236,254 | |
| Zimmer Biomet Holdings Inc. | 1,599,832 | 234,151 | |
| * | Laboratory Corp. of America Holdings | 741,076 | 208,568 |
| * | Catalent Inc. | 1,306,135 | 173,807 |
| * | Waters Corp. | 470,352 | 168,057 |
| Cerner Corp. | 2,265,368 | 159,754 | |
| * | Charles River Laboratories International Inc. | 386,281 | 159,407 |
| STERIS plc | 763,941 | 156,058 | |
| Cooper Cos. Inc. | 377,135 | 155,874 | |
| PerkinElmer Inc. | 858,754 | 148,813 | |
| Bio-Techne Corp. | 297,837 | 144,323 | |
| * | Hologic Inc. | 1,943,801 | 143,472 |
| AmerisourceBergen Corp. Class A | 1,146,846 | 136,991 | |
| Quest Diagnostics Inc. | 936,735 | 136,117 | |
| Teleflex Inc. | 358,919 | 135,151 | |
| Shares | Market Value ($000) | ||
| Viatris Inc. | 9,276,757 | 125,700 | |
| * | Bio-Rad Laboratories Inc. Class A | 164,765 | 122,906 |
| * | ABIOMED Inc. | 347,602 | 113,151 |
| Cardinal Health Inc. | 2,223,026 | 109,951 | |
| * | Incyte Corp. | 1,439,201 | 98,988 |
| DENTSPLY SIRONA Inc. | 1,674,013 | 97,176 | |
| * | Henry Schein Inc. | 1,071,517 | 81,607 |
| Universal Health Services Inc. Class B | 582,097 | 80,545 | |
| Organon & Co. | 1,946,077 | 63,812 | |
| * | DaVita Inc. | 513,968 | 59,754 |
| 37,104,740 | |||
| Industrials (8.0%) | |||
| Honeywell International Inc. | 5,291,108 | 1,123,196 | |
| United Parcel Service Inc. Class B | 5,581,206 | 1,016,338 | |
| Raytheon Technologies Corp. | 11,556,352 | 993,384 | |
| Union Pacific Corp. | 4,997,780 | 979,615 | |
| * | Boeing Co. | 4,222,264 | 928,645 |
| General Electric Co. | 8,412,177 | 866,707 | |
| Caterpillar Inc. | 4,195,755 | 805,459 | |
| 3M Co. | 4,434,736 | 777,941 | |
| Deere & Co. | 2,175,556 | 728,964 | |
| Lockheed Martin Corp. | 1,888,880 | 651,852 | |
| CSX Corp. | 17,278,497 | 513,862 | |
| Eaton Corp. plc | 3,055,065 | 456,152 | |
| Illinois Tool Works Inc. | 2,197,176 | 454,002 | |
| Norfolk Southern Corp. | 1,892,813 | 452,855 | |
| Waste Management Inc. | 2,969,730 | 443,559 | |
| Emerson Electric Co. | 4,581,825 | 431,608 | |
| Northrop Grumman Corp. | 1,153,516 | 415,439 | |
| FedEx Corp. | 1,884,629 | 413,280 | |
| Johnson Controls International plc | 5,458,686 | 371,627 | |
| Roper Technologies Inc. | 808,021 | 360,482 | |
| IHS Markit Ltd. | 3,055,102 | 356,286 | |
| General Dynamics Corp. | 1,778,437 | 348,627 | |
| Carrier Global Corp. | 6,649,895 | 344,199 | |
| L3Harris Technologies Inc. | 1,540,204 | 339,215 | |
| Trane Technologies plc | 1,821,010 | 314,397 | |
| Parker-Hannifin Corp. | 989,135 | 276,582 | |
| Otis Worldwide Corp. | 3,270,522 | 269,099 | |
| Rockwell Automation Inc. | 888,851 | 261,358 | |
| Cintas Corp. | 670,747 | 255,327 | |
| * | TransDigm Group Inc. | 401,150 | 250,546 |
| Verisk Analytics Inc. Class A | 1,236,402 | 247,614 | |
| Cummins Inc. | 1,100,210 | 247,063 | |
| Equifax Inc. | 933,163 | 236,482 | |
| * | Southwest Airlines Co. | 4,534,440 | 233,206 |
| Fastenal Co. | 4,402,434 | 227,210 | |
| * | Copart Inc. | 1,630,898 | 226,238 |
| AMETEK Inc. | 1,771,163 | 219,642 | |
| Stanley Black & Decker Inc. | 1,248,235 | 218,828 | |
| PACCAR Inc. | 2,662,288 | 210,108 | |
| * | Delta Air Lines Inc. | 4,901,079 | 208,835 |
| Old Dominion Freight Line Inc. | 719,028 | 205,628 | |
| * | Generac Holdings Inc. | 483,744 | 197,692 |
| * | United Rentals Inc. | 554,813 | 194,701 |
| Fortive Corp. | 2,746,898 | 193,849 | |
| Republic Services Inc. Class A | 1,610,084 | 193,307 | |
| Kansas City Southern | 697,127 | 188,670 | |
| Shares | Market Value ($000) | ||
| Dover Corp. | 1,103,072 | 171,528 | |
| Xylem Inc. | 1,379,991 | 170,677 | |
| * | Ingersoll Rand Inc. | 3,102,716 | 156,408 |
| Expeditors International of Washington Inc. | 1,303,031 | 155,230 | |
| Jacobs Engineering Group Inc. | 999,728 | 132,494 | |
| WW Grainger Inc. | 335,122 | 131,723 | |
| Westinghouse Air Brake Technologies Corp. | 1,448,288 | 124,857 | |
| Quanta Services Inc. | 1,067,259 | 121,475 | |
| IDEX Corp. | 582,795 | 120,609 | |
| Textron Inc. | 1,717,177 | 119,876 | |
| * | United Airlines Holdings Inc. | 2,480,853 | 118,014 |
| JB Hunt Transport Services Inc. | 644,279 | 107,736 | |
| Masco Corp. | 1,892,367 | 105,121 | |
| Leidos Holdings Inc. | 1,083,464 | 104,153 | |
| * | American Airlines Group Inc. | 4,955,726 | 101,691 |
| Fortune Brands Home & Security Inc. | 1,058,296 | 94,633 | |
| Howmet Aerospace Inc. | 2,962,325 | 92,425 | |
| Pentair plc | 1,271,762 | 92,368 | |
| Allegion plc | 688,378 | 90,990 | |
| CH Robinson Worldwide Inc. | 1,010,405 | 87,905 | |
| Snap-on Inc. | 413,234 | 86,345 | |
| Robert Half International Inc. | 859,106 | 86,194 | |
| A O Smith Corp. | 1,020,528 | 62,324 | |
| Rollins Inc. | 1,733,803 | 61,255 | |
| Huntington Ingalls Industries Inc. | 307,006 | 59,271 | |
| * | Alaska Air Group Inc. | 960,236 | 56,270 |
| Nielsen Holdings plc | 2,748,667 | 52,747 | |
| 22,513,995 | |||
| Information Technology (27.5%) | |||
| Apple Inc. | 120,349,232 | 17,029,416 | |
| Microsoft Corp. | 57,592,577 | 16,236,499 | |
| NVIDIA Corp. | 19,098,149 | 3,956,373 | |
| Visa Inc. Class A | 12,933,784 | 2,881,000 | |
| * | PayPal Holdings Inc. | 9,005,182 | 2,343,238 |
| Mastercard Inc. Class A | 6,676,381 | 2,321,244 | |
| * | Adobe Inc. | 3,651,115 | 2,102,020 |
| * | salesforce.com Inc. | 7,445,599 | 2,019,395 |
| Cisco Systems Inc. | 32,296,068 | 1,757,875 | |
| Intel Corp. | 31,092,026 | 1,656,583 | |
| Accenture plc Class A | 4,860,131 | 1,554,853 | |
| Broadcom Inc. | 3,144,145 | 1,524,690 | |
| Texas Instruments Inc. | 7,075,471 | 1,359,976 | |
| Intuit Inc. | 2,094,218 | 1,129,852 | |
| QUALCOMM Inc. | 8,644,755 | 1,115,000 | |
| Oracle Corp. | 12,624,451 | 1,099,968 | |
| * | Advanced Micro Devices Inc. | 9,295,741 | 956,532 |
| International Business Machines Corp. | 6,869,269 | 954,348 | |
| * | ServiceNow Inc. | 1,518,198 | 944,729 |
| Applied Materials Inc. | 7,004,564 | 901,698 | |
| Analog Devices Inc. | 4,122,239 | 690,393 | |
| Automatic Data Processing Inc. | 3,242,490 | 648,239 | |
| Lam Research Corp. | 1,092,083 | 621,559 | |
| Micron Technology Inc. | 8,627,309 | 612,366 | |
| Fidelity National Information Services Inc. | 4,733,941 | 576,026 | |
| * | Fiserv Inc. | 4,567,612 | 495,586 |
| * | Autodesk Inc. | 1,686,103 | 480,826 |
| NXP Semiconductors NV | 2,031,954 | 397,999 | |
| KLA Corp. | 1,170,508 | 391,547 | |
| Shares | Market Value ($000) | ||
| Global Payments Inc. | 2,251,184 | 354,742 | |
| * | Synopsys Inc. | 1,169,393 | 350,128 |
| TE Connectivity Ltd. | 2,513,648 | 344,923 | |
| Amphenol Corp. Class A | 4,584,886 | 335,751 | |
| Microchip Technology Inc. | 2,100,092 | 322,343 | |
| * | Cadence Design Systems Inc. | 2,121,329 | 321,254 |
| * | Fortinet Inc. | 1,038,925 | 303,408 |
| Motorola Solutions Inc. | 1,297,528 | 301,442 | |
| Cognizant Technology Solutions Corp. Class A | 4,028,253 | 298,937 | |
| Xilinx Inc. | 1,896,517 | 286,355 | |
| Paychex Inc. | 2,453,992 | 275,951 | |
| HP Inc. | 9,202,630 | 251,784 | |
| * | Keysight Technologies Inc. | 1,411,413 | 231,881 |
| * | ANSYS Inc. | 668,682 | 227,653 |
| Corning Inc. | 5,886,571 | 214,801 | |
| * | Zebra Technologies Corp. Class A | 409,005 | 210,809 |
| Skyworks Solutions Inc. | 1,264,775 | 208,410 | |
| * | Gartner Inc. | 641,097 | 194,817 |
| CDW Corp. | 1,053,819 | 191,816 | |
| * | Paycom Software Inc. | 368,357 | 182,613 |
| * | FleetCor Technologies Inc. | 632,655 | 165,294 |
| Monolithic Power Systems Inc. | 330,610 | 160,240 | |
| * | Trimble Inc. | 1,928,563 | 158,624 |
| * | Enphase Energy Inc. | 1,032,541 | 154,850 |
| NetApp Inc. | 1,718,380 | 154,242 | |
| * | Teledyne Technologies Inc. | 357,423 | 153,542 |
| * | VeriSign Inc. | 746,590 | 153,058 |
| Broadridge Financial Solutions Inc. | 889,696 | 148,259 | |
| * | Arista Networks Inc. | 429,582 | 147,622 |
| * | Tyler Technologies Inc. | 312,979 | 143,548 |
| Hewlett Packard Enterprise Co. | 10,017,214 | 142,745 | |
| * | Qorvo Inc. | 852,298 | 142,496 |
| Teradyne Inc. | 1,265,131 | 138,114 | |
| * | Western Digital Corp. | 2,350,371 | 132,655 |
| Seagate Technology Holdings plc | 1,604,302 | 132,387 | |
| * | Akamai Technologies Inc. | 1,247,236 | 130,448 |
| * | Ceridian HCM Holding Inc. | 1,033,178 | 116,357 |
| NortonLifeLock Inc. | 4,460,164 | 112,842 | |
| Citrix Systems Inc. | 951,015 | 102,110 | |
| * | PTC Inc. | 808,842 | 96,891 |
| Jack Henry & Associates Inc. | 569,346 | 93,407 | |
| * | F5 Networks Inc. | 462,793 | 91,994 |
| Juniper Networks Inc. | 2,492,551 | 68,595 | |
| * | DXC Technology Co. | 1,930,987 | 64,900 |
| Western Union Co. | 3,114,250 | 62,970 | |
| * | IPG Photonics Corp. | 274,543 | 43,488 |
| 77,381,326 | |||
| Materials (2.5%) | |||
| Linde plc | 3,957,915 | 1,161,173 | |
| Sherwin-Williams Co. | 1,856,633 | 519,356 | |
| Air Products and Chemicals Inc. | 1,696,629 | 434,524 | |
| Ecolab Inc. | 1,907,680 | 397,980 | |
| Freeport-McMoRan Inc. | 11,251,422 | 366,009 | |
| Newmont Corp. | 6,124,944 | 332,584 | |
| Dow Inc. | 5,715,736 | 328,998 | |
| DuPont de Nemours Inc. | 4,008,424 | 272,533 | |
| PPG Industries Inc. | 1,818,871 | 260,117 | |
| International Flavors & Fragrances Inc. | 1,908,305 | 255,179 | |
| Shares | Market Value ($000) | ||
| Corteva Inc. | 5,624,556 | 236,681 | |
| Ball Corp. | 2,505,006 | 225,375 | |
| Nucor Corp. | 2,249,664 | 221,569 | |
| Albemarle Corp. | 896,872 | 196,388 | |
| LyondellBasell Industries NV Class A | 2,025,260 | 190,071 | |
| Vulcan Materials Co. | 1,017,186 | 172,067 | |
| International Paper Co. | 2,993,563 | 167,400 | |
| Martin Marietta Materials Inc. | 478,044 | 163,338 | |
| Amcor plc | 11,814,037 | 136,925 | |
| Avery Dennison Corp. | 634,646 | 131,505 | |
| Celanese Corp. Class A | 851,405 | 128,256 | |
| Eastman Chemical Co. | 1,039,743 | 104,744 | |
| Westrock Co. | 2,047,127 | 102,008 | |
| Packaging Corp. of America | 728,383 | 100,109 | |
| Mosaic Co. | 2,648,569 | 94,607 | |
| CF Industries Holdings Inc. | 1,646,569 | 91,911 | |
| FMC Corp. | 985,750 | 90,255 | |
| Sealed Air Corp. | 1,148,989 | 62,953 | |
| 6,944,615 | |||
| Real Estate (2.6%) | |||
| American Tower Corp. | 3,488,162 | 925,793 | |
| Prologis Inc. | 5,665,662 | 710,644 | |
| Crown Castle International Corp. | 3,312,376 | 574,101 | |
| Equinix Inc. | 687,862 | 543,500 | |
| Public Storage | 1,168,488 | 347,158 | |
| Simon Property Group Inc. | 2,518,228 | 327,294 | |
| Digital Realty Trust Inc. | 2,165,760 | 312,844 | |
| SBA Communications Corp. Class A | 839,576 | 277,539 | |
| Welltower Inc. | 3,238,128 | 266,822 | |
| * | CBRE Group Inc. Class A | 2,572,439 | 250,453 |
| AvalonBay Communities Inc. | 1,069,685 | 237,085 | |
| Equity Residential | 2,612,611 | 211,412 | |
| Weyerhaeuser Co. | 5,746,258 | 204,394 | |
| Alexandria Real Estate Equities Inc. | 1,062,871 | 203,083 | |
| Realty Income Corp. | 2,984,366 | 193,566 | |
| Extra Space Storage Inc. | 1,024,845 | 172,164 | |
| Ventas Inc. | 3,013,353 | 166,367 | |
| Mid-America Apartment Communities Inc. | 888,433 | 165,915 | |
| Essex Property Trust Inc. | 498,438 | 159,371 | |
| Duke Realty Corp. | 2,899,379 | 138,793 | |
| Healthpeak Properties Inc. | 4,134,746 | 138,431 | |
| Boston Properties Inc. | 1,089,900 | 118,091 | |
| UDR Inc. | 2,137,261 | 113,232 | |
| Kimco Realty Corp. | 4,695,895 | 97,440 | |
| Iron Mountain Inc. | 2,220,790 | 96,493 | |
| * | Host Hotels & Resorts Inc. | 5,478,572 | 89,465 |
| Regency Centers Corp. | 1,172,706 | 78,958 | |
| Federal Realty Investment Trust | 536,431 | 63,294 | |
| Vornado Realty Trust | 1,217,139 | 51,132 | |
| 7,234,834 | |||
| Utilities (2.5%) | |||
| NextEra Energy Inc. | 15,034,916 | 1,180,542 | |
| Duke Energy Corp. | 5,896,976 | 575,486 | |
| Southern Co. | 8,116,450 | 502,976 | |
| Dominion Energy Inc. | 6,197,365 | 452,532 | |
| Exelon Corp. | 7,495,449 | 362,330 | |
| American Electric Power Co. Inc. | 3,834,131 | 311,255 | |
| Shares | Market Value ($000) | ||
| Sempra Energy | 2,447,625 | 309,624 | |
| Xcel Energy Inc. | 4,125,408 | 257,838 | |
| Public Service Enterprise Group Inc. | 3,876,927 | 236,105 | |
| American Water Works Co. Inc. | 1,390,537 | 235,056 | |
| Eversource Energy | 2,631,787 | 215,175 | |
| WEC Energy Group Inc. | 2,415,777 | 213,071 | |
| Consolidated Edison Inc. | 2,709,478 | 196,681 | |
| DTE Energy Co. | 1,484,986 | 165,888 | |
| PPL Corp. | 5,897,300 | 164,417 | |
| Edison International | 2,907,993 | 161,306 | |
| Ameren Corp. | 1,971,032 | 159,653 | |
| Entergy Corp. | 1,539,252 | 152,863 | |
| FirstEnergy Corp. | 4,168,855 | 148,495 | |
| CMS Energy Corp. | 2,221,561 | 132,694 | |
| AES Corp. | 5,112,263 | 116,713 | |
| CenterPoint Energy Inc. | 4,539,302 | 111,667 | |
| Evergy Inc. | 1,758,270 | 109,364 | |
| Alliant Energy Corp. | 1,918,612 | 107,404 | |
| Atmos Energy Corp. | 1,001,363 | 88,320 | |
| NRG Energy Inc. | 1,873,737 | 76,505 | |
| NiSource Inc. | 3,004,830 | 72,807 | |
| Pinnacle West Capital Corp. | 862,989 | 62,446 | |
| 6,879,213 | |||
| Total Common Stocks (Cost $98,793,085) | 279,892,098 | ||
| Temporary Cash Investments (0.4%) | |||
| Money Market Fund (0.4%) | |||
| 2,3 | Vanguard Market Liquidity Fund, 0.068% (Cost $1,036,158) | 10,361,582 | 1,036,158 |
| Total Investments (99.9%) (Cost $99,829,243) | 280,928,256 | ||
| Other Assets and Liabilities—Net (0.1%) | 351,564 | ||
| Net Assets (100%) | 281,279,820 | ||
| 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 $6,345,000. |
| 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 $6,500,000 was received for securities on loan. |
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 2021 | 5,561 | 1,194,989 | (36,868) |
| Over-the-Counter Total Return Swaps | ||||||
| Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid) (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
| Clorox Co. | 1/31/22 | GSI | 42,230 | (0.084)1 | — | (829) |
| State Street Corp. | 8/31/23 | BOANA | 59,304 | (0.650)2 | 365 | — |
| Williams Cos Inc. | 8/31/22 | BOANA | 29,572 | (0.450)2 | 602 | — |
| 967 | (829) | |||||
| 1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
| 2 | Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
| 1M—1-month. | |
| BOANA—Bank of America, N.A. | |
| GSI—Goldman Sachs International. |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been 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 fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of September 30, 2021, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 279,892,098 | — | — | 279,892,098 |
| Temporary Cash Investments | 1,036,158 | — | — | 1,036,158 |
| Total | 280,928,256 | — | — | 280,928,256 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Swap Contracts | — | 967 | — | 967 |
| Liabilities | ||||
| Futures Contracts1 | 36,868 | — | — | 36,868 |
| Swap Contracts | — | 829 | — | 829 |
| Total | 36,868 | 829 | — | 37,697 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |