Vanguard® Institutional Index Fund
Schedule of Investments (unaudited)
As of March 31, 2022
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 (99.6%) | |||
Communication Services (9.3%) | |||
* | Alphabet Inc. Class A | 2,250,549 | 6,259,564 |
* | Alphabet Inc. Class C | 2,083,171 | 5,818,276 |
* | Meta Platforms Inc. Class A | 17,297,769 | 3,846,332 |
* | Walt Disney Co. | 13,639,758 | 1,870,829 |
Verizon Communications Inc. | 31,448,498 | 1,601,986 | |
Comcast Corp. Class A | 33,892,197 | 1,586,833 | |
AT&T Inc. | 53,496,448 | 1,264,121 | |
* | Netflix Inc. | 3,325,946 | 1,245,866 |
* | T-Mobile US Inc. | 4,398,519 | 564,550 |
* | Charter Communications Inc. Class A | 892,984 | 487,141 |
Activision Blizzard Inc. | 5,835,627 | 467,492 | |
Electronic Arts Inc. | 2,107,539 | 266,625 | |
* | Twitter Inc. | 5,992,635 | 231,855 |
* | Match Group Inc. | 2,121,083 | 230,647 |
Paramount Global Class B | 4,546,083 | 171,887 | |
* | Take-Two Interactive Software Inc. | 864,398 | 132,893 |
Omnicom Group Inc. | 1,565,274 | 132,860 | |
* | Live Nation Entertainment Inc. | 1,011,945 | 119,045 |
Interpublic Group of Cos. Inc. | 2,948,087 | 104,510 | |
Fox Corp. Class A | 2,340,621 | 92,337 | |
News Corp. Class A | 3,798,999 | 84,148 | |
Lumen Technologies Inc. | 6,895,701 | 77,715 | |
* | DISH Network Corp. Class A | 1,872,246 | 59,257 |
* | Discovery Inc. Class C | 2,280,485 | 56,944 |
Fox Corp. Class B | 1,119,154 | 40,603 | |
*,1 | Discovery Inc. Class A | 1,264,104 | 31,501 |
26,845,817 | |||
Consumer Discretionary (12.0%) | |||
* | Amazon.com Inc. | 3,278,119 | 10,686,504 |
* | Tesla Inc. | 6,271,142 | 6,757,783 |
Home Depot Inc. | 7,822,506 | 2,341,511 | |
McDonald's Corp. | 5,598,045 | 1,384,285 | |
NIKE Inc. Class B | 9,560,352 | 1,286,441 | |
Lowe's Cos. Inc. | 5,046,873 | 1,020,427 | |
Starbucks Corp. | 8,617,747 | 783,956 | |
Target Corp. | 3,589,002 | 761,658 | |
* | Booking Holdings Inc. | 307,645 | 722,489 |
TJX Cos. Inc. | 8,935,619 | 541,320 | |
Ford Motor Co. | 29,465,043 | 498,254 | |
* | General Motors Co. | 10,884,646 | 476,094 |
Dollar General Corp. | 1,735,403 | 386,353 | |
* | Marriott International Inc. Class A | 2,049,118 | 360,133 |
Shares | Market Value ($000) | ||
* | O'Reilly Automotive Inc. | 504,630 | 345,651 |
* | Chipotle Mexican Grill Inc. Class A | 210,691 | 333,320 |
* | Hilton Worldwide Holdings Inc. | 2,087,067 | 316,692 |
* | AutoZone Inc. | 154,571 | 316,033 |
* | Dollar Tree Inc. | 1,685,884 | 269,994 |
eBay Inc. | 4,690,945 | 268,604 | |
Yum! Brands Inc. | 2,166,009 | 256,737 | |
* | Aptiv plc | 2,024,945 | 242,406 |
Ross Stores Inc. | 2,647,982 | 239,536 | |
* | Expedia Group Inc. | 1,125,502 | 220,227 |
Tractor Supply Co. | 852,758 | 199,008 | |
DR Horton Inc. | 2,415,238 | 179,959 | |
* | Ulta Beauty Inc. | 405,487 | 161,473 |
Lennar Corp. Class A | 1,918,024 | 155,686 | |
Best Buy Co. Inc. | 1,621,495 | 147,394 | |
* | Royal Caribbean Cruises Ltd. | 1,679,497 | 140,708 |
VF Corp. | 2,417,328 | 137,449 | |
Garmin Ltd. | 1,138,361 | 135,021 | |
Genuine Parts Co. | 1,067,706 | 134,552 | |
Darden Restaurants Inc. | 955,904 | 127,087 | |
Pool Corp. | 300,430 | 127,037 | |
* | Caesars Entertainment Inc. | 1,602,553 | 123,974 |
* | Carnival Corp. | 6,051,685 | 122,365 |
MGM Resorts International | 2,818,551 | 118,210 | |
* | Etsy Inc. | 950,484 | 118,126 |
* | CarMax Inc. | 1,210,131 | 116,753 |
Domino's Pizza Inc. | 272,810 | 111,036 | |
* | NVR Inc. | 24,544 | 109,645 |
* | Las Vegas Sands Corp. | 2,577,358 | 100,182 |
Advance Auto Parts Inc. | 467,614 | 96,777 | |
Bath & Body Works Inc. | 1,933,413 | 92,417 | |
LKQ Corp. | 2,008,087 | 91,187 | |
Hasbro Inc. | 971,125 | 79,555 | |
PulteGroup Inc. | 1,864,505 | 78,123 | |
Whirlpool Corp. | 442,478 | 76,451 | |
Tapestry Inc. | 1,981,150 | 73,600 | |
BorgWarner Inc. (XNYS) | 1,797,651 | 69,929 | |
* | Norwegian Cruise Line Holdings Ltd. | 3,125,988 | 68,397 |
* | Wynn Resorts Ltd. | 786,854 | 62,744 |
Newell Brands Inc. | 2,834,417 | 60,685 | |
* | Penn National Gaming Inc. | 1,243,527 | 52,750 |
* | Mohawk Industries Inc. | 410,963 | 51,042 |
PVH Corp. | 523,554 | 40,109 | |
Ralph Lauren Corp. Class A | 347,271 | 39,394 | |
* | Under Armour Inc. Class C | 1,606,115 | 24,991 |
* | Under Armour Inc. Class A | 1,419,011 | 24,152 |
Lennar Corp. Class B | 46,974 | 3,211 | |
34,467,587 | |||
Consumer Staples (6.0%) | |||
Procter & Gamble Co. | 17,957,219 | 2,743,863 | |
Costco Wholesale Corp. | 3,321,776 | 1,912,845 | |
Coca-Cola Co. | 29,121,968 | 1,805,562 | |
PepsiCo Inc. | 10,363,684 | 1,734,673 | |
Walmart Inc. | 10,597,604 | 1,578,195 | |
Philip Morris International Inc. | 11,610,225 | 1,090,665 | |
Altria Group Inc. | 13,657,987 | 713,630 | |
Mondelez International Inc. Class A | 10,400,153 | 652,922 | |
Colgate-Palmolive Co. | 6,313,405 | 478,745 |
Shares | Market Value ($000) | ||
Estee Lauder Cos. Inc. Class A | 1,741,049 | 474,122 | |
Archer-Daniels-Midland Co. | 4,190,869 | 378,268 | |
Kimberly-Clark Corp. | 2,522,254 | 310,641 | |
Sysco Corp. | 3,800,368 | 310,300 | |
General Mills Inc. | 4,519,008 | 306,027 | |
Kroger Co. | 5,014,620 | 287,689 | |
Constellation Brands Inc. Class A | 1,230,501 | 283,409 | |
Walgreens Boots Alliance Inc. | 5,367,613 | 240,308 | |
Hershey Co. | 1,089,610 | 236,042 | |
* | Monster Beverage Corp. | 2,815,150 | 224,930 |
Kraft Heinz Co. | 5,321,574 | 209,617 | |
Tyson Foods Inc. Class A | 2,190,720 | 196,354 | |
McCormick & Co. Inc. | 1,870,336 | 186,660 | |
Church & Dwight Co. Inc. | 1,812,007 | 180,077 | |
Kellogg Co. | 1,916,441 | 123,591 | |
Conagra Brands Inc. | 3,595,554 | 120,703 | |
J M Smucker Co. | 812,188 | 109,978 | |
Hormel Foods Corp. | 2,112,458 | 108,876 | |
Clorox Co. | 671,235 | 93,322 | |
Brown-Forman Corp. Class B | 1,370,101 | 91,824 | |
Molson Coors Beverage Co. Class B | 1,410,005 | 75,266 | |
Campbell Soup Co. | 1,517,067 | 67,616 | |
Lamb Weston Holdings Inc. | 1,086,373 | 65,085 | |
17,391,805 | |||
Energy (3.9%) | |||
Exxon Mobil Corp. | 31,714,511 | 2,619,301 | |
Chevron Corp. | 14,440,647 | 2,351,371 | |
ConocoPhillips | 9,755,408 | 975,541 | |
EOG Resources Inc. | 4,383,011 | 522,586 | |
Schlumberger NV | 10,511,812 | 434,243 | |
Pioneer Natural Resources Co. | 1,700,724 | 425,232 | |
Occidental Petroleum Corp. | 6,645,470 | 377,064 | |
Marathon Petroleum Corp. | 4,336,650 | 370,784 | |
Valero Energy Corp. | 3,061,316 | 310,846 | |
Williams Cos. Inc. | 9,097,854 | 303,959 | |
Phillips 66 | 3,503,180 | 302,640 | |
Devon Energy Corp. | 4,718,329 | 278,995 | |
Kinder Morgan Inc. | 14,615,670 | 276,382 | |
Halliburton Co. | 6,733,465 | 254,996 | |
Baker Hughes Co. Class A | 6,787,262 | 247,124 | |
ONEOK Inc. | 3,341,528 | 236,012 | |
Hess Corp. | 2,063,696 | 220,898 | |
Diamondback Energy Inc. | 1,276,801 | 175,024 | |
Coterra Energy Inc. | 6,095,069 | 164,384 | |
Marathon Oil Corp. | 5,836,990 | 146,567 | |
APA Corp. | 2,720,447 | 112,436 | |
11,106,385 | |||
Financials (11.1%) | |||
* | Berkshire Hathaway Inc. Class B | 13,719,142 | 4,841,622 |
JPMorgan Chase & Co. | 22,138,635 | 3,017,939 | |
Bank of America Corp. | 53,250,939 | 2,195,004 | |
Wells Fargo & Co. | 29,108,942 | 1,410,619 | |
S&P Global Inc. | 2,653,192 | 1,088,286 | |
Charles Schwab Corp. | 11,261,988 | 949,498 | |
Morgan Stanley | 10,619,448 | 928,140 | |
American Express Co. | 4,607,628 | 861,626 | |
Goldman Sachs Group Inc. | 2,543,030 | 839,454 |
Shares | Market Value ($000) | ||
BlackRock Inc. | 1,068,182 | 816,273 | |
Citigroup Inc. | 14,866,065 | 793,848 | |
Chubb Ltd. | 3,226,882 | 690,230 | |
Marsh & McLennan Cos. Inc. | 3,782,517 | 644,617 | |
CME Group Inc. | 2,692,016 | 640,323 | |
PNC Financial Services Group Inc. | 3,146,308 | 580,337 | |
Truist Financial Corp. | 10,000,457 | 567,026 | |
Intercontinental Exchange Inc. | 4,208,656 | 556,048 | |
US Bancorp | 10,116,089 | 537,670 | |
Aon plc Class A (XNYS) | 1,609,080 | 523,965 | |
Progressive Corp. | 4,377,566 | 498,999 | |
Moody's Corp. | 1,211,354 | 408,723 | |
Capital One Financial Corp. | 3,100,129 | 407,016 | |
American International Group Inc. | 6,219,176 | 390,378 | |
MetLife Inc. | 5,255,709 | 369,371 | |
Prudential Financial Inc. | 2,831,101 | 334,551 | |
Travelers Cos. Inc. | 1,806,415 | 330,086 | |
MSCI Inc. Class A | 608,477 | 305,991 | |
Allstate Corp. | 2,101,170 | 291,033 | |
Aflac Inc. | 4,492,468 | 289,270 | |
Bank of New York Mellon Corp. | 5,545,052 | 275,201 | |
Arthur J Gallagher & Co. | 1,561,901 | 272,708 | |
T Rowe Price Group Inc. | 1,717,907 | 259,730 | |
Ameriprise Financial Inc. | 830,975 | 249,592 | |
* | SVB Financial Group | 440,276 | 246,312 |
Discover Financial Services | 2,158,072 | 237,798 | |
Fifth Third Bancorp | 5,121,525 | 220,430 | |
First Republic Bank | 1,342,988 | 217,698 | |
Willis Towers Watson plc | 914,543 | 216,033 | |
Northern Trust Corp. | 1,557,342 | 181,353 | |
Hartford Financial Services Group Inc. | 2,508,668 | 180,147 | |
State Street Corp. | 2,037,342 | 177,493 | |
M&T Bank Corp. | 964,447 | 163,474 | |
Huntington Bancshares Inc. | 10,765,614 | 157,393 | |
Regions Financial Corp. | 7,052,609 | 156,991 | |
Nasdaq Inc. | 877,533 | 156,376 | |
KeyCorp. | 6,958,949 | 155,741 | |
Raymond James Financial Inc. | 1,398,850 | 153,748 | |
Cincinnati Financial Corp. | 1,123,522 | 152,754 | |
Citizens Financial Group Inc. | 3,194,701 | 144,816 | |
Signature Bank | 469,488 | 137,790 | |
Synchrony Financial | 3,902,661 | 135,852 | |
Principal Financial Group Inc. | 1,818,734 | 133,513 | |
Brown & Brown Inc. | 1,756,396 | 126,935 | |
FactSet Research Systems Inc. | 283,419 | 123,046 | |
W R Berkley Corp. | 1,570,668 | 104,591 | |
MarketAxess Holdings Inc. | 285,051 | 96,974 | |
Loews Corp. | 1,470,823 | 95,339 | |
Cboe Global Markets Inc. | 798,948 | 91,416 | |
Everest Re Group Ltd. | 294,507 | 88,759 | |
Comerica Inc. | 978,583 | 88,493 | |
Lincoln National Corp. | 1,249,537 | 81,670 | |
Assurant Inc. | 426,861 | 77,616 | |
Zions Bancorp NA | 1,136,180 | 74,488 | |
Globe Life Inc. | 695,452 | 69,962 | |
People's United Financial Inc. | 3,206,140 | 64,091 | |
Invesco Ltd. | 2,556,641 | 58,956 |
Shares | Market Value ($000) | ||
Franklin Resources Inc. | 2,101,927 | 58,686 | |
31,791,908 | |||
Health Care (13.6%) | |||
UnitedHealth Group Inc. | 7,055,761 | 3,598,226 | |
Johnson & Johnson | 19,721,490 | 3,495,240 | |
Pfizer Inc. | 42,046,553 | 2,176,750 | |
AbbVie Inc. | 13,243,611 | 2,146,922 | |
Thermo Fisher Scientific Inc. | 2,951,766 | 1,743,461 | |
Eli Lilly & Co. | 5,947,829 | 1,703,280 | |
Abbott Laboratories | 13,246,662 | 1,567,875 | |
Merck & Co. Inc. | 18,922,346 | 1,552,578 | |
Danaher Corp. | 4,766,753 | 1,398,232 | |
Bristol-Myers Squibb Co. | 16,328,964 | 1,192,504 | |
Medtronic plc | 10,072,521 | 1,117,546 | |
Amgen Inc. | 4,219,679 | 1,020,403 | |
CVS Health Corp. | 9,832,585 | 995,156 | |
Anthem Inc. | 1,818,281 | 893,176 | |
* | Intuitive Surgical Inc. | 2,679,947 | 808,486 |
Stryker Corp. | 2,515,247 | 672,451 | |
Zoetis Inc. | 3,544,420 | 668,442 | |
Cigna Corp. | 2,419,521 | 579,741 | |
Becton Dickinson and Co. | 2,133,151 | 567,418 | |
Gilead Sciences Inc. | 9,396,798 | 558,640 | |
* | Regeneron Pharmaceuticals Inc. | 799,439 | 558,344 |
* | Edwards Lifesciences Corp. | 4,677,127 | 550,591 |
* | Vertex Pharmaceuticals Inc. | 1,906,896 | 497,643 |
* | Boston Scientific Corp. | 10,674,338 | 472,766 |
* | Moderna Inc. | 2,642,166 | 455,140 |
HCA Healthcare Inc. | 1,793,883 | 449,583 | |
Humana Inc. | 962,787 | 418,976 | |
* | Illumina Inc. | 1,170,680 | 409,036 |
* | DexCom Inc. | 725,942 | 371,392 |
* | Centene Corp. | 4,370,303 | 367,936 |
* | IDEXX Laboratories Inc. | 635,057 | 347,414 |
McKesson Corp. | 1,121,778 | 343,410 | |
* | IQVIA Holdings Inc. | 1,431,730 | 331,030 |
Agilent Technologies Inc. | 2,250,996 | 297,874 | |
Baxter International Inc. | 3,752,479 | 290,967 | |
ResMed Inc. | 1,095,890 | 265,764 | |
* | Align Technology Inc. | 549,455 | 239,562 |
* | Mettler-Toledo International Inc. | 172,229 | 236,503 |
* | Biogen Inc. | 1,100,766 | 231,821 |
West Pharmaceutical Services Inc. | 554,974 | 227,933 | |
Cerner Corp. | 2,204,847 | 206,285 | |
Zimmer Biomet Holdings Inc. | 1,565,849 | 200,272 | |
* | Laboratory Corp. of America Holdings | 697,484 | 183,899 |
STERIS plc | 749,874 | 181,297 | |
AmerisourceBergen Corp. Class A | 1,128,219 | 174,547 | |
PerkinElmer Inc. | 945,889 | 165,020 | |
Cooper Cos. Inc. | 368,924 | 154,059 | |
* | Catalent Inc. | 1,341,017 | 148,719 |
* | Molina Healthcare Inc. | 437,400 | 145,912 |
* | Hologic Inc. | 1,871,292 | 143,753 |
* | Waters Corp. | 457,201 | 141,911 |
Bio-Techne Corp. | 293,884 | 127,264 | |
Teleflex Inc. | 350,965 | 124,533 | |
Quest Diagnostics Inc. | 890,635 | 121,892 | |
Cardinal Health Inc. | 2,073,774 | 117,583 |
Shares | Market Value ($000) | ||
* | ABIOMED Inc. | 340,891 | 112,917 |
* | Incyte Corp. | 1,408,016 | 111,825 |
* | Charles River Laboratories International Inc. | 378,451 | 107,469 |
Viatris Inc. | 9,058,924 | 98,561 | |
* | Bio-Rad Laboratories Inc. Class A | 161,933 | 91,206 |
* | Henry Schein Inc. | 1,038,465 | 90,544 |
DENTSPLY SIRONA Inc. | 1,637,930 | 80,619 | |
Universal Health Services Inc. Class B | 547,644 | 79,381 | |
Organon & Co. | 1,897,851 | 66,292 | |
* | DaVita Inc. | 462,292 | 52,290 |
39,048,262 | |||
Industrials (7.8%) | |||
Union Pacific Corp. | 4,770,992 | 1,303,483 | |
United Parcel Service Inc. Class B | 5,462,256 | 1,171,435 | |
Raytheon Technologies Corp. | 11,179,806 | 1,107,583 | |
Honeywell International Inc. | 5,137,624 | 999,679 | |
Caterpillar Inc. | 4,052,110 | 902,891 | |
Deere & Co. | 2,100,862 | 872,824 | |
Lockheed Martin Corp. | 1,815,543 | 801,381 | |
* | Boeing Co. | 4,105,498 | 786,203 |
General Electric Co. | 8,235,303 | 753,530 | |
3M Co. | 4,278,172 | 636,934 | |
CSX Corp. | 16,615,079 | 622,235 | |
Norfolk Southern Corp. | 1,796,240 | 512,324 | |
Northrop Grumman Corp. | 1,099,162 | 491,567 | |
Waste Management Inc. | 2,882,725 | 456,912 | |
Eaton Corp. plc | 2,985,784 | 453,123 | |
Illinois Tool Works Inc. | 2,139,266 | 447,962 | |
Emerson Electric Co. | 4,449,463 | 436,270 | |
FedEx Corp. | 1,826,066 | 422,533 | |
General Dynamics Corp. | 1,726,461 | 416,388 | |
Roper Technologies Inc. | 790,078 | 373,099 | |
L3Harris Technologies Inc. | 1,469,656 | 365,165 | |
Johnson Controls International plc | 5,262,007 | 345,030 | |
Carrier Global Corp. | 6,406,068 | 293,846 | |
Cintas Corp. | 660,248 | 280,863 | |
Parker-Hannifin Corp. | 962,739 | 273,187 | |
Trane Technologies plc | 1,748,449 | 266,988 | |
Verisk Analytics Inc. Class A | 1,207,768 | 259,223 | |
* | TransDigm Group Inc. | 394,518 | 257,044 |
Fastenal Co. | 4,312,545 | 256,165 | |
Otis Worldwide Corp. | 3,183,907 | 245,002 | |
Rockwell Automation Inc. | 870,609 | 243,797 | |
AMETEK Inc. | 1,733,154 | 230,821 | |
PACCAR Inc. | 2,601,848 | 229,145 | |
Cummins Inc. | 1,066,729 | 218,797 | |
Equifax Inc. | 914,008 | 216,711 | |
Old Dominion Freight Line Inc. | 698,025 | 208,486 | |
Republic Services Inc. Class A | 1,564,514 | 207,298 | |
* | Southwest Airlines Co. | 4,437,801 | 203,251 |
* | Copart Inc. | 1,599,378 | 200,674 |
* | United Rentals Inc. | 542,702 | 192,773 |
* | Delta Air Lines Inc. | 4,798,549 | 189,879 |
Stanley Black & Decker Inc. | 1,220,818 | 170,658 | |
Dover Corp. | 1,079,325 | 169,346 | |
WW Grainger Inc. | 324,406 | 167,325 | |
Fortive Corp. | 2,687,987 | 163,779 | |
Ingersoll Rand Inc. | 3,052,543 | 153,696 |
Shares | Market Value ($000) | ||
* | Generac Holdings Inc. | 472,695 | 140,513 |
Quanta Services Inc. | 1,066,965 | 140,423 | |
Westinghouse Air Brake Technologies Corp. | 1,400,269 | 134,664 | |
Jacobs Engineering Group Inc. | 967,199 | 133,290 | |
Expeditors International of Washington Inc. | 1,269,121 | 130,923 | |
JB Hunt Transport Services Inc. | 629,253 | 126,348 | |
Textron Inc. | 1,651,881 | 122,867 | |
Xylem Inc. | 1,352,081 | 115,278 | |
Leidos Holdings Inc. | 1,052,132 | 113,651 | |
* | United Airlines Holdings Inc. | 2,426,657 | 112,500 |
IDEX Corp. | 570,011 | 109,288 | |
CH Robinson Worldwide Inc. | 973,006 | 104,803 | |
Howmet Aerospace Inc. | 2,846,700 | 102,310 | |
Robert Half International Inc. | 821,215 | 93,766 | |
Nordson Corp. | 405,586 | 92,101 | |
Masco Corp. | 1,799,546 | 91,777 | |
* | American Airlines Group Inc. | 4,849,282 | 88,499 |
Snap-on Inc. | 400,543 | 82,304 | |
Fortune Brands Home & Security Inc. | 1,017,184 | 75,556 | |
Allegion plc | 672,274 | 73,802 | |
Nielsen Holdings plc | 2,681,840 | 73,053 | |
Pentair plc | 1,237,757 | 67,099 | |
A O Smith Corp. | 985,501 | 62,964 | |
Huntington Ingalls Industries Inc. | 299,749 | 59,782 | |
Rollins Inc. | 1,693,602 | 59,361 | |
* | Alaska Air Group Inc. | 945,937 | 54,874 |
22,539,101 | |||
Information Technology (27.9%) | |||
Apple Inc. | 116,139,390 | 20,279,099 | |
Microsoft Corp. | 56,160,268 | 17,314,772 | |
NVIDIA Corp. | 18,727,867 | 5,110,086 | |
Visa Inc. Class A | 12,423,549 | 2,755,170 | |
Mastercard Inc. Class A | 6,465,303 | 2,310,570 | |
Broadcom Inc. | 3,092,793 | 1,947,470 | |
Cisco Systems Inc. | 31,594,094 | 1,761,687 | |
* | Adobe Inc. | 3,533,584 | 1,609,972 |
Accenture plc Class A | 4,734,410 | 1,596,585 | |
* | salesforce.com Inc. | 7,378,900 | 1,566,688 |
Intel Corp. | 30,503,771 | 1,511,767 | |
* | Advanced Micro Devices Inc. | 12,246,479 | 1,339,030 |
QUALCOMM Inc. | 8,442,505 | 1,290,184 | |
Texas Instruments Inc. | 6,918,209 | 1,269,353 | |
Intuit Inc. | 2,121,282 | 1,019,997 | |
* | PayPal Holdings Inc. | 8,727,490 | 1,009,334 |
Oracle Corp. | 11,802,674 | 976,435 | |
Applied Materials Inc. | 6,652,074 | 876,743 | |
International Business Machines Corp. | 6,717,992 | 873,473 | |
* | ServiceNow Inc. | 1,498,195 | 834,330 |
Automatic Data Processing Inc. | 3,146,546 | 715,965 | |
Micron Technology Inc. | 8,388,349 | 653,369 | |
Analog Devices Inc. | 3,935,316 | 650,036 | |
Lam Research Corp. | 1,044,969 | 561,786 | |
Fidelity National Information Services Inc. | 4,561,206 | 458,036 | |
* | Fiserv Inc. | 4,450,817 | 451,313 |
KLA Corp. | 1,128,905 | 413,247 | |
* | Synopsys Inc. | 1,149,260 | 383,014 |
NXP Semiconductors NV | 1,991,798 | 368,642 | |
* | Autodesk Inc. | 1,647,572 | 353,157 |
Shares | Market Value ($000) | ||
Cognizant Technology Solutions Corp. Class A | 3,933,399 | 352,708 | |
* | Fortinet Inc. | 1,016,249 | 347,293 |
* | Cadence Design Systems Inc. | 2,075,584 | 341,351 |
Amphenol Corp. Class A | 4,485,095 | 337,952 | |
Paychex Inc. | 2,404,216 | 328,103 | |
TE Connectivity Ltd. | 2,439,574 | 319,535 | |
Microchip Technology Inc. | 4,163,378 | 312,836 | |
Motorola Solutions Inc. | 1,265,772 | 306,570 | |
HP Inc. | 8,114,878 | 294,570 | |
Global Payments Inc. | 2,132,150 | 291,763 | |
* | Arista Networks Inc. | 1,679,264 | 233,384 |
* | Keysight Technologies Inc. | 1,370,994 | 216,576 |
* | ANSYS Inc. | 653,626 | 207,624 |
Corning Inc. | 5,596,592 | 206,570 | |
* | Enphase Energy Inc. | 1,003,358 | 202,458 |
* | Gartner Inc. | 616,380 | 183,348 |
CDW Corp. | 1,017,429 | 182,008 | |
* | Teledyne Technologies Inc. | 349,688 | 165,273 |
* | Zebra Technologies Corp. Class A | 397,563 | 164,472 |
Skyworks Solutions Inc. | 1,228,229 | 163,698 | |
Hewlett Packard Enterprise Co. | 9,687,853 | 161,884 | |
* | VeriSign Inc. | 724,320 | 161,132 |
Monolithic Power Systems Inc. | 324,826 | 157,762 | |
* | FleetCor Technologies Inc. | 608,445 | 151,539 |
* | Akamai Technologies Inc. | 1,217,947 | 145,411 |
Teradyne Inc. | 1,221,997 | 144,477 | |
NetApp Inc. | 1,664,047 | 138,116 | |
* | Tyler Technologies Inc. | 307,335 | 136,730 |
Broadridge Financial Solutions Inc. | 874,024 | 136,094 | |
* | Trimble Inc. | 1,879,668 | 135,599 |
Seagate Technology Holdings plc | 1,507,669 | 135,539 | |
* | SolarEdge Technologies Inc. | 393,652 | 126,902 |
* | EPAM Systems Inc. | 425,163 | 126,108 |
* | Paycom Software Inc. | 360,966 | 125,031 |
* | Western Digital Corp. | 2,341,827 | 116,272 |
NortonLifeLock Inc. | 4,357,583 | 115,563 | |
Jack Henry & Associates Inc. | 546,148 | 107,618 | |
* | Qorvo Inc. | 813,200 | 100,918 |
* | F5 Inc. | 455,437 | 95,164 |
Citrix Systems Inc. | 934,603 | 94,301 | |
Juniper Networks Inc. | 2,434,895 | 90,481 | |
* | PTC Inc. | 789,580 | 85,054 |
* | Ceridian HCM Holding Inc. | 1,024,018 | 70,002 |
* | DXC Technology Co. | 1,833,816 | 59,837 |
* | IPG Photonics Corp. | 267,035 | 29,310 |
80,366,246 | |||
Materials (2.6%) | |||
* | Linde plc | 3,839,577 | 1,226,476 |
Freeport-McMoRan Inc. | 10,997,786 | 547,030 | |
Newmont Corp. | 5,973,151 | 474,567 | |
Sherwin-Williams Co. | 1,806,832 | 451,021 | |
Air Products and Chemicals Inc. | 1,660,647 | 415,012 | |
Dow Inc. | 5,510,093 | 351,103 | |
Ecolab Inc. | 1,867,025 | 329,642 | |
Corteva Inc. | 5,447,767 | 313,138 | |
Nucor Corp. | 2,036,723 | 302,759 | |
DuPont de Nemours Inc. | 3,840,538 | 282,587 | |
International Flavors & Fragrances Inc. | 1,907,503 | 250,512 |
Shares | Market Value ($000) | ||
PPG Industries Inc. | 1,778,834 | 233,152 | |
Ball Corp. | 2,427,124 | 218,441 | |
LyondellBasell Industries NV Class A | 1,970,088 | 202,564 | |
Albemarle Corp. | 876,833 | 193,912 | |
Mosaic Co. | 2,776,465 | 184,635 | |
Vulcan Materials Co. | 993,716 | 182,546 | |
Martin Marietta Materials Inc. | 467,372 | 179,887 | |
CF Industries Holdings Inc. | 1,607,567 | 165,676 | |
International Paper Co. | 2,902,046 | 133,929 | |
Amcor plc | 11,334,172 | 128,416 | |
FMC Corp. | 949,274 | 124,896 | |
Celanese Corp. Class A | 808,273 | 115,478 | |
Packaging Corp. of America | 711,029 | 110,999 | |
Eastman Chemical Co. | 967,513 | 108,419 | |
Avery Dennison Corp. | 620,347 | 107,922 | |
Westrock Co. | 1,975,721 | 92,918 | |
Sealed Air Corp. | 1,108,207 | 74,206 | |
7,501,843 | |||
Real Estate (2.7%) | |||
Prologis Inc. | 5,543,111 | 895,102 | |
American Tower Corp. | 3,411,602 | 857,063 | |
Crown Castle International Corp. | 3,237,609 | 597,663 | |
Equinix Inc. | 674,434 | 500,174 | |
Public Storage | 1,142,560 | 445,918 | |
Simon Property Group Inc. | 2,461,014 | 323,771 | |
Welltower Inc. | 3,259,389 | 313,358 | |
Digital Realty Trust Inc. | 2,125,071 | 301,335 | |
Realty Income Corp. | 4,236,527 | 293,591 | |
SBA Communications Corp. Class A | 815,240 | 280,524 | |
AvalonBay Communities Inc. | 1,047,387 | 260,139 | |
Equity Residential | 2,560,716 | 230,260 | |
* | CBRE Group Inc. Class A | 2,507,532 | 229,489 |
Alexandria Real Estate Equities Inc. | 1,090,777 | 219,519 | |
Weyerhaeuser Co. | 5,595,044 | 212,052 | |
Extra Space Storage Inc. | 1,003,454 | 206,310 | |
Ventas Inc. | 2,991,352 | 184,746 | |
Mid-America Apartment Communities Inc. | 863,533 | 180,867 | |
Essex Property Trust Inc. | 488,590 | 168,798 | |
Duke Realty Corp. | 2,854,591 | 165,737 | |
Healthpeak Properties Inc. | 4,042,896 | 138,793 | |
Boston Properties Inc. | 1,065,545 | 137,242 | |
UDR Inc. | 2,242,865 | 128,673 | |
Iron Mountain Inc. | 2,169,042 | 120,187 | |
Kimco Realty Corp. | 4,618,782 | 114,084 | |
Host Hotels & Resorts Inc. | 5,351,048 | 103,971 | |
Regency Centers Corp. | 1,153,480 | 82,289 | |
Federal Realty Investment Trust | 530,772 | 64,791 | |
Vornado Realty Trust | 1,192,934 | 54,064 | |
7,810,510 | |||
Utilities (2.7%) | |||
NextEra Energy Inc. | 14,698,332 | 1,245,096 | |
Duke Energy Corp. | 5,761,309 | 643,308 | |
Southern Co. | 7,936,784 | 575,496 | |
Dominion Energy Inc. | 6,066,664 | 515,484 | |
Sempra Energy (XNYS) | 2,391,776 | 402,105 | |
American Electric Power Co. Inc. | 3,771,549 | 376,287 | |
Exelon Corp. | 7,334,904 | 349,361 |
Shares | Market Value ($000) | ||
Xcel Energy Inc. | 4,036,602 | 291,322 | |
Public Service Enterprise Group Inc. | 3,789,031 | 265,232 | |
Consolidated Edison Inc. | 2,650,573 | 250,956 | |
WEC Energy Group Inc. | 2,361,438 | 235,695 | |
Eversource Energy | 2,575,709 | 227,152 | |
American Water Works Co. Inc. | 1,360,296 | 225,170 | |
Edison International | 2,847,162 | 199,586 | |
FirstEnergy Corp. | 4,269,943 | 195,820 | |
DTE Energy Co. | 1,451,877 | 191,953 | |
Ameren Corp. | 1,931,019 | 181,052 | |
Entergy Corp. | 1,506,393 | 175,871 | |
PPL Corp. | 5,627,336 | 160,717 | |
CMS Energy Corp. | 2,171,985 | 151,909 | |
CenterPoint Energy Inc. | 4,712,849 | 144,402 | |
Constellation Energy Corp. | 2,444,371 | 137,496 | |
AES Corp. | 4,998,275 | 128,606 | |
Atmos Energy Corp. | 1,016,017 | 121,404 | |
Evergy Inc. | 1,718,169 | 117,420 | |
Alliant Energy Corp. | 1,875,631 | 117,189 | |
NiSource Inc. | 2,941,086 | 93,526 | |
NRG Energy Inc. | 1,834,014 | 70,353 | |
Pinnacle West Capital Corp. | 846,492 | 66,111 | |
7,856,079 | |||
Total Common Stocks (Cost $97,010,518) | 286,725,543 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.312% (Cost $981,276) | 9,814,204 | 981,322 |
Total Investments (99.9%) (Cost $97,991,794) | 287,706,865 | ||
Other Assets and Liabilities—Net (0.1%) | 230,355 | ||
Net Assets (100%) | 287,937,220 | ||
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 $18,944,000. |
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 $20,525,000 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 | June 2022 | 4,725 | 1,070,390 | 47,232 |
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) |
Clorox Co. | 1/31/23 | GSI | 32,658 | (0.070) | 2,099 | — |
State Street Corp. | 8/31/23 | BANA | 60,984 | (0.670) | 366 | — |
2,465 | — |
1 | Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
At March 31, 2022, the counterparties had deposited in segregated accounts securities with a value of $5,892,000 and cash of $1,018,000 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.
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 March 31, 2022, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 286,725,543 | — | — | 286,725,543 |
Temporary Cash Investments | 981,322 | — | — | 981,322 |
Total | 287,706,865 | — | — | 287,706,865 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 47,232 | — | — | 47,232 |
Swap Contracts | — | 2,465 | — | 2,465 |
Total | 47,232 | 2,465 | — | 49,697 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |