Vanguard® Institutional Index Fund
Schedule of Investments (unaudited)
As of September 30, 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 (99.5%) | |||
Communication Services (8.0%) | |||
* | Alphabet Inc. Class A | 43,492,987 | 4,160,104 |
* | Alphabet Inc. Class C | 38,899,749 | 3,740,211 |
* | Meta Platforms Inc. Class A | 16,544,591 | 2,244,770 |
* | Walt Disney Co. | 13,224,358 | 1,247,454 |
Verizon Communications Inc. | 30,465,605 | 1,156,779 | |
Comcast Corp. Class A | 31,944,896 | 936,944 | |
AT&T Inc. | 51,692,819 | 792,968 | |
* | Netflix Inc. | 3,225,960 | 759,520 |
* | T-Mobile US Inc. | 4,366,799 | 585,893 |
Activision Blizzard Inc. | 5,164,305 | 383,914 | |
* | Charter Communications Inc. Class A | 804,568 | 244,066 |
Electronic Arts Inc. | 1,916,915 | 221,806 | |
* | Twitter Inc. | 4,878,585 | 213,877 |
* | Warner Bros Discovery Inc. | 16,028,485 | 184,327 |
* | Take-Two Interactive Software Inc. | 1,135,891 | 123,812 |
* | Match Group Inc. | 2,050,401 | 97,907 |
Omnicom Group Inc. | 1,486,696 | 93,796 | |
* | Live Nation Entertainment Inc. | 1,032,742 | 78,530 |
Interpublic Group of Cos. Inc. | 2,836,906 | 72,625 | |
1 | Paramount Global Inc. Class B | 3,669,686 | 69,871 |
Fox Corp. Class A | 2,199,347 | 67,476 | |
News Corp. Class A | 3,648,120 | 55,123 | |
Lumen Technologies Inc. | 6,922,185 | 50,393 | |
Fox Corp. Class B | 1,053,928 | 30,037 | |
* | DISH Network Corp. Class A | 1,818,428 | 25,149 |
17,637,352 | |||
Consumer Discretionary (11.7%) | |||
* | Amazon.com Inc. | 64,295,916 | 7,265,438 |
* | Tesla Inc. | 19,321,326 | 5,124,982 |
Home Depot Inc. | 7,455,485 | 2,057,266 | |
McDonald's Corp. | 5,336,715 | 1,231,394 | |
Lowe's Cos. Inc. | 4,636,062 | 870,699 | |
NIKE Inc. Class B | 9,166,119 | 761,888 | |
Starbucks Corp. | 8,322,951 | 701,292 | |
TJX Cos. Inc. | 8,498,570 | 527,931 | |
Target Corp. | 3,363,751 | 499,147 | |
* | Booking Holdings Inc. | 288,028 | 473,290 |
Dollar General Corp. | 1,646,601 | 394,954 | |
General Motors Co. | 10,576,650 | 339,405 | |
* | O'Reilly Automotive Inc. | 462,390 | 325,222 |
Ford Motor Co. | 28,648,490 | 320,863 | |
* | AutoZone Inc. | 141,393 | 302,854 |
Shares | Market Value ($000) | ||
* | Chipotle Mexican Grill Inc. Class A | 201,391 | 302,642 |
Marriott International Inc. Class A | 2,000,428 | 280,340 | |
Hilton Worldwide Holdings Inc. | 1,990,655 | 240,113 | |
Yum! Brands Inc. | 2,063,246 | 219,406 | |
Ross Stores Inc. | 2,540,378 | 214,078 | |
* | Dollar Tree Inc. | 1,531,673 | 208,461 |
DR Horton Inc. | 2,293,042 | 154,436 | |
* | Aptiv plc | 1,965,291 | 153,705 |
Genuine Parts Co. | 1,026,283 | 153,245 | |
* | Ulta Beauty Inc. | 375,813 | 150,772 |
Tractor Supply Co. | 805,083 | 149,649 | |
eBay Inc. | 3,983,934 | 146,649 | |
Lennar Corp. Class A | 1,808,785 | 134,845 | |
Darden Restaurants Inc. | 888,434 | 112,227 | |
* | Expedia Group Inc. | 1,101,716 | 103,220 |
Best Buy Co. Inc. | 1,451,726 | 91,952 | |
* | Etsy Inc. | 917,415 | 91,861 |
Pool Corp. | 287,641 | 91,530 | |
Garmin Ltd. | 1,117,504 | 89,747 | |
* | Las Vegas Sands Corp. | 2,387,564 | 89,581 |
* | NVR Inc. | 22,420 | 89,390 |
LKQ Corp. | 1,890,610 | 89,142 | |
Domino's Pizza Inc. | 260,366 | 80,766 | |
* | CarMax Inc. | 1,156,648 | 76,362 |
VF Corp. | 2,399,904 | 71,781 | |
MGM Resorts International | 2,370,653 | 70,456 | |
Advance Auto Parts Inc. | 439,464 | 68,706 | |
Hasbro Inc. | 942,560 | 63,547 | |
PulteGroup Inc. | 1,682,561 | 63,096 | |
* | Royal Caribbean Cruises Ltd. | 1,593,798 | 60,405 |
Bath & Body Works Inc. | 1,659,020 | 54,084 | |
BorgWarner Inc. (XNYS) | 1,720,949 | 54,038 | |
Whirlpool Corp. | 396,039 | 53,390 | |
Tapestry Inc. | 1,826,592 | 51,930 | |
* | Carnival Corp. | 7,172,278 | 50,421 |
* | Caesars Entertainment Inc. | 1,555,445 | 50,179 |
* | Wynn Resorts Ltd. | 751,933 | 47,394 |
Newell Brands Inc. | 2,735,079 | 37,990 | |
* | Mohawk Industries Inc. | 383,274 | 34,951 |
* | Norwegian Cruise Line Holdings Ltd. | 3,062,393 | 34,789 |
Ralph Lauren Corp. Class A | 311,790 | 26,480 | |
Lennar Corp. Class B | 49,389 | 2,939 | |
25,607,320 | |||
Consumer Staples (6.8%) | |||
Procter & Gamble Co. | 17,335,176 | 2,188,566 | |
PepsiCo Inc. | 10,011,806 | 1,634,527 | |
Coca-Cola Co. | 28,235,506 | 1,581,753 | |
Costco Wholesale Corp. | 3,213,409 | 1,517,597 | |
Walmart Inc. | 10,340,320 | 1,341,139 | |
Philip Morris International Inc. | 11,245,496 | 933,489 | |
Mondelez International Inc. Class A | 9,942,925 | 545,171 | |
Altria Group Inc. | 13,063,199 | 527,492 | |
Colgate-Palmolive Co. | 6,051,554 | 425,122 | |
Estee Lauder Cos. Inc. Class A | 1,681,557 | 363,048 | |
General Mills Inc. | 4,320,557 | 330,998 | |
Archer-Daniels-Midland Co. | 4,066,607 | 327,158 | |
Kimberly-Clark Corp. | 2,448,012 | 275,499 | |
Constellation Brands Inc. Class A | 1,155,350 | 265,361 |
Shares | Market Value ($000) | ||
Sysco Corp. | 3,694,055 | 261,207 | |
* | Monster Beverage Corp. | 2,788,890 | 242,522 |
Hershey Co. | 1,065,780 | 234,972 | |
Keurig Dr Pepper Inc. | 6,168,093 | 220,941 | |
Kroger Co. | 4,725,333 | 206,733 | |
Kraft Heinz Co. | 5,779,326 | 192,740 | |
Walgreens Boots Alliance Inc. | 5,203,180 | 163,380 | |
Tyson Foods Inc. Class A | 2,099,929 | 138,448 | |
McCormick & Co. Inc. | 1,815,825 | 129,414 | |
Kellogg Co. | 1,848,917 | 128,796 | |
Church & Dwight Co. Inc. | 1,761,210 | 125,821 | |
Conagra Brands Inc. | 3,480,021 | 113,553 | |
J M Smucker Co. | 774,139 | 106,374 | |
Hormel Foods Corp. | 2,102,572 | 95,541 | |
Brown-Forman Corp. Class B | 1,325,657 | 88,249 | |
Clorox Co. | 642,919 | 82,544 | |
Lamb Weston Holdings Inc. | 1,043,456 | 80,743 | |
Campbell Soup Co. | 1,459,382 | 68,766 | |
Molson Coors Beverage Co. Class B | 1,363,880 | 65,453 | |
15,003,117 | |||
Energy (4.6%) | |||
Exxon Mobil Corp. | 30,233,143 | 2,639,656 | |
Chevron Corp. | 13,063,662 | 1,876,856 | |
ConocoPhillips | 9,234,738 | 945,083 | |
EOG Resources Inc. | 4,251,171 | 474,983 | |
Pioneer Natural Resources Co. | 1,731,229 | 374,863 | |
Schlumberger NV | 10,259,599 | 368,320 | |
Marathon Petroleum Corp. | 3,616,856 | 359,262 | |
Occidental Petroleum Corp. | 5,404,791 | 332,124 | |
Valero Energy Corp. | 2,857,281 | 305,300 | |
Devon Energy Corp. | 4,748,704 | 285,540 | |
Phillips 66 | 3,488,403 | 281,584 | |
Williams Cos. Inc. | 8,844,637 | 253,222 | |
Kinder Morgan Inc. | 14,389,592 | 239,443 | |
Hess Corp. | 2,022,148 | 220,394 | |
ONEOK Inc. | 3,240,665 | 166,052 | |
Halliburton Co. | 6,578,861 | 161,972 | |
Diamondback Energy Inc. | 1,289,349 | 155,315 | |
Baker Hughes Co. Class A | 7,338,928 | 153,824 | |
Coterra Energy Inc. | 5,770,401 | 150,723 | |
Marathon Oil Corp. | 4,911,158 | 110,894 | |
EQT Corp. | 2,686,600 | 109,479 | |
APA Corp. | 2,373,130 | 81,137 | |
10,046,026 | |||
Financials (10.9%) | |||
* | Berkshire Hathaway Inc. Class B | 13,092,481 | 3,495,954 |
JPMorgan Chase & Co. | 21,273,950 | 2,223,128 | |
Bank of America Corp. | 50,712,828 | 1,531,527 | |
Wells Fargo & Co. | 27,515,998 | 1,106,693 | |
Charles Schwab Corp. | 11,076,966 | 796,102 | |
Morgan Stanley | 9,713,969 | 767,501 | |
S&P Global Inc. | 2,471,590 | 754,700 | |
Goldman Sachs Group Inc. | 2,316,077 | 678,726 | |
BlackRock Inc. | 1,093,680 | 601,830 | |
American Express Co. | 4,351,014 | 586,995 | |
Citigroup Inc. | 14,049,114 | 585,427 | |
Chubb Ltd. | 3,029,828 | 551,065 |
Shares | Market Value ($000) | ||
Marsh & McLennan Cos. Inc. | 3,620,282 | 540,472 | |
Progressive Corp. | 4,243,202 | 493,102 | |
CME Group Inc. | 2,607,453 | 461,858 | |
PNC Financial Services Group Inc. | 2,975,514 | 444,601 | |
Truist Financial Corp. | 9,623,419 | 419,004 | |
Aon plc Class A (XNYS) | 1,530,112 | 409,871 | |
US Bancorp | 9,809,041 | 395,500 | |
Intercontinental Exchange Inc. | 4,051,255 | 366,031 | |
MetLife Inc. | 4,858,713 | 295,313 | |
Moody's Corp. | 1,144,390 | 278,213 | |
Travelers Cos. Inc. | 1,720,788 | 263,625 | |
American International Group Inc. | 5,513,887 | 261,799 | |
Arthur J Gallagher & Co. | 1,525,062 | 261,121 | |
Capital One Financial Corp. | 2,785,775 | 256,765 | |
MSCI Inc. Class A | 584,269 | 246,439 | |
Allstate Corp. | 1,961,881 | 244,313 | |
Aflac Inc. | 4,173,411 | 234,546 | |
Prudential Financial Inc. | 2,699,620 | 231,573 | |
M&T Bank Corp. | 1,274,519 | 224,723 | |
Bank of New York Mellon Corp. | 5,335,902 | 205,539 | |
Ameriprise Financial Inc. | 784,872 | 197,748 | |
Discover Financial Services | 1,981,695 | 180,176 | |
First Republic Bank | 1,325,619 | 173,060 | |
T Rowe Price Group Inc. | 1,637,356 | 171,939 | |
Willis Towers Watson plc | 797,723 | 160,294 | |
Fifth Third Bancorp | 4,977,092 | 159,068 | |
Hartford Financial Services Group Inc. | 2,343,805 | 145,175 | |
* | SVB Financial Group | 428,452 | 143,866 |
Nasdaq Inc. | 2,457,565 | 139,295 | |
Raymond James Financial Inc. | 1,408,909 | 139,228 | |
Huntington Bancshares Inc. | 10,456,893 | 137,822 | |
Regions Financial Corp. | 6,777,538 | 136,025 | |
Northern Trust Corp. | 1,512,630 | 129,421 | |
Citizens Financial Group Inc. | 3,592,629 | 123,443 | |
Principal Financial Group Inc. | 1,680,315 | 121,235 | |
State Street Corp. | 1,959,361 | 119,149 | |
FactSet Research Systems Inc. | 275,190 | 110,106 | |
KeyCorp. | 6,760,662 | 108,306 | |
Cincinnati Financial Corp. | 1,153,729 | 103,339 | |
Brown & Brown Inc. | 1,699,077 | 102,760 | |
Synchrony Financial | 3,490,212 | 98,389 | |
W R Berkley Corp. | 1,480,078 | 95,583 | |
Cboe Global Markets Inc. | 769,941 | 90,368 | |
Everest Re Group Ltd. | 285,645 | 74,965 | |
Loews Corp. | 1,453,736 | 72,454 | |
Signature Bank | 456,494 | 68,931 | |
Comerica Inc. | 948,123 | 67,411 | |
Globe Life Inc. | 658,602 | 65,663 | |
MarketAxess Holdings Inc. | 272,644 | 60,661 | |
Assurant Inc. | 386,761 | 56,185 | |
Zions Bancorp NA | 1,089,284 | 55,401 | |
Lincoln National Corp. | 1,125,762 | 49,432 | |
Invesco Ltd. | 3,305,491 | 45,285 | |
Franklin Resources Inc. | 2,063,708 | 44,411 | |
23,960,650 | |||
Health Care (15.0%) | |||
UnitedHealth Group Inc. | 6,785,522 | 3,426,960 | |
Johnson & Johnson | 19,072,867 | 3,115,744 |
Shares | Market Value ($000) | ||
Eli Lilly & Co. | 5,721,091 | 1,849,915 | |
Pfizer Inc. | 40,713,757 | 1,781,634 | |
AbbVie Inc. | 12,826,336 | 1,721,423 | |
Merck & Co. Inc. | 18,377,299 | 1,582,653 | |
Thermo Fisher Scientific Inc. | 2,842,214 | 1,441,543 | |
Abbott Laboratories | 12,703,826 | 1,229,222 | |
Danaher Corp. | 4,749,518 | 1,226,753 | |
Bristol-Myers Squibb Co. | 15,489,737 | 1,101,165 | |
CVS Health Corp. | 9,523,460 | 908,252 | |
Amgen Inc. | 3,880,541 | 874,674 | |
Elevance Health Inc. | 1,740,978 | 790,822 | |
Medtronic plc | 9,638,639 | 778,320 | |
Cigna Corp. | 2,213,265 | 614,115 | |
Gilead Sciences Inc. | 9,092,384 | 560,909 | |
* | Vertex Pharmaceuticals Inc. | 1,860,424 | 538,667 |
* | Regeneron Pharmaceuticals Inc. | 777,613 | 535,674 |
Zoetis Inc. | 3,396,016 | 503,595 | |
Stryker Corp. | 2,442,416 | 494,687 | |
* | Intuitive Surgical Inc. | 2,590,553 | 485,573 |
Becton Dickinson and Co. | 2,068,763 | 460,983 | |
Humana Inc. | 918,055 | 445,431 | |
* | Boston Scientific Corp. | 10,384,823 | 402,204 |
* | Edwards Lifesciences Corp. | 4,496,857 | 371,575 |
McKesson Corp. | 1,042,625 | 354,357 | |
* | Centene Corp. | 4,145,881 | 322,591 |
* | Moderna Inc. | 2,439,952 | 288,524 |
HCA Healthcare Inc. | 1,561,158 | 286,925 | |
* | Biogen Inc. | 1,053,029 | 281,159 |
Agilent Technologies Inc. | 2,167,774 | 263,493 | |
* | IQVIA Holdings Inc. | 1,352,269 | 244,950 |
ResMed Inc. | 1,062,883 | 232,027 | |
* | DexCom Inc. | 2,849,493 | 229,498 |
* | Illumina Inc. | 1,140,181 | 217,535 |
Baxter International Inc. | 3,654,879 | 196,852 | |
* | IDEXX Laboratories Inc. | 604,207 | 196,851 |
* | Mettler-Toledo International Inc. | 163,256 | 176,989 |
Zimmer Biomet Holdings Inc. | 1,521,984 | 159,123 | |
AmerisourceBergen Corp. Class A | 1,127,583 | 152,596 | |
* | Molina Healthcare Inc. | 421,327 | 138,971 |
Laboratory Corp. of America Holdings | 655,606 | 134,275 | |
West Pharmaceutical Services Inc. | 537,175 | 132,188 | |
Cardinal Health Inc. | 1,975,192 | 131,706 | |
STERIS plc | 725,484 | 120,634 | |
* | Waters Corp. | 434,752 | 117,179 |
* | Hologic Inc. | 1,810,219 | 116,795 |
PerkinElmer Inc. | 915,207 | 110,127 | |
* | Align Technology Inc. | 526,536 | 109,051 |
Quest Diagnostics Inc. | 845,598 | 103,746 | |
Cooper Cos. Inc. | 357,549 | 94,357 | |
* | Catalent Inc. | 1,299,449 | 94,028 |
* | Incyte Corp. | 1,337,154 | 89,108 |
* | ABIOMED Inc. | 329,620 | 80,974 |
Bio-Techne Corp. | 284,565 | 80,817 | |
Viatris Inc. | 8,799,530 | 74,972 | |
* | Charles River Laboratories International Inc. | 368,365 | 72,494 |
Teleflex Inc. | 340,104 | 68,517 | |
* | Henry Schein Inc. | 989,441 | 65,076 |
* | Bio-Rad Laboratories Inc. Class A | 155,496 | 64,864 |
Shares | Market Value ($000) | ||
DENTSPLY SIRONA Inc. | 1,562,938 | 44,309 | |
Organon & Co. | 1,843,608 | 43,140 | |
Universal Health Services Inc. Class B | 477,728 | 42,126 | |
* | DaVita Inc. | 404,831 | 33,508 |
33,008,925 | |||
Industrials (7.8%) | |||
Union Pacific Corp. | 4,529,855 | 882,506 | |
Raytheon Technologies Corp. | 10,711,136 | 876,814 | |
United Parcel Service Inc. Class B | 5,308,912 | 857,602 | |
Honeywell International Inc. | 4,887,170 | 816,011 | |
Deere & Co. | 2,017,591 | 673,653 | |
Lockheed Martin Corp. | 1,711,891 | 661,286 | |
Caterpillar Inc. | 3,829,574 | 628,356 | |
Northrop Grumman Corp. | 1,054,983 | 496,180 | |
General Electric Co. | 7,954,499 | 492,463 | |
* | Boeing Co. | 4,048,970 | 490,249 |
3M Co. | 4,015,938 | 443,761 | |
Waste Management Inc. | 2,728,586 | 437,147 | |
CSX Corp. | 15,531,210 | 413,751 | |
Eaton Corp. plc | 2,889,643 | 385,363 | |
Illinois Tool Works Inc. | 2,044,154 | 369,276 | |
Norfolk Southern Corp. | 1,703,569 | 357,153 | |
General Dynamics Corp. | 1,631,160 | 346,083 | |
Emerson Electric Co. | 4,288,566 | 314,009 | |
L3Harris Technologies Inc. | 1,387,940 | 288,456 | |
FedEx Corp. | 1,734,959 | 257,589 | |
Johnson Controls International plc | 4,993,367 | 245,773 | |
Trane Technologies plc | 1,681,792 | 243,540 | |
Cintas Corp. | 624,247 | 242,326 | |
Parker-Hannifin Corp. | 931,681 | 225,756 | |
Carrier Global Corp. | 6,107,280 | 217,175 | |
PACCAR Inc. | 2,523,613 | 211,201 | |
Cummins Inc. | 1,023,188 | 208,229 | |
Republic Services Inc. Class A | 1,490,092 | 202,712 | |
* | CoStar Group Inc. | 2,870,557 | 199,934 |
* | TransDigm Group Inc. | 373,864 | 196,211 |
Otis Worldwide Corp. | 3,049,477 | 194,557 | |
Verisk Analytics Inc. Class A | 1,138,861 | 194,210 | |
Fastenal Co. | 4,165,868 | 191,797 | |
AMETEK Inc. | 1,665,785 | 188,917 | |
Rockwell Automation Inc. | 837,667 | 180,191 | |
Old Dominion Freight Line Inc. | 665,366 | 165,523 | |
* | Copart Inc. | 1,551,904 | 165,123 |
WW Grainger Inc. | 328,446 | 160,672 | |
Equifax Inc. | 887,762 | 152,189 | |
Fortive Corp. | 2,580,169 | 150,424 | |
* | United Rentals Inc. | 507,424 | 137,065 |
* | Southwest Airlines Co. | 4,303,408 | 132,717 |
Quanta Services Inc. | 1,037,778 | 132,203 | |
* | Delta Air Lines Inc. | 4,648,633 | 130,441 |
Ingersoll Rand Inc. | 2,921,756 | 126,395 | |
Dover Corp. | 1,041,797 | 121,453 | |
Xylem Inc. | 1,306,703 | 114,154 | |
IDEX Corp. | 547,806 | 109,479 | |
Westinghouse Air Brake Technologies Corp. | 1,318,410 | 107,253 | |
Expeditors International of Washington Inc. | 1,185,210 | 104,666 | |
Jacobs Solutions Inc. | 924,576 | 100,307 | |
JB Hunt Transport Services Inc. | 603,462 | 94,393 |
Shares | Market Value ($000) | ||
Textron Inc. | 1,532,647 | 89,292 | |
CH Robinson Worldwide Inc. | 900,031 | 86,682 | |
Leidos Holdings Inc. | 990,756 | 86,661 | |
Nordson Corp. | 391,611 | 83,127 | |
Howmet Aerospace Inc. | 2,687,191 | 83,115 | |
* | Generac Holdings Inc. | 462,927 | 82,466 |
Stanley Black & Decker Inc. | 1,070,394 | 80,504 | |
Snap-on Inc. | 386,089 | 77,739 | |
* | United Airlines Holdings Inc. | 2,368,431 | 77,045 |
Masco Corp. | 1,632,501 | 76,221 | |
Nielsen Holdings plc | 2,608,575 | 72,310 | |
Huntington Ingalls Industries Inc. | 289,858 | 64,204 | |
Robert Half International Inc. | 795,757 | 60,875 | |
Rollins Inc. | 1,682,111 | 58,336 | |
Allegion plc | 636,250 | 57,059 | |
* | American Airlines Group Inc. | 4,710,435 | 56,714 |
Fortune Brands Home & Security Inc. | 939,831 | 50,460 | |
Pentair plc | 1,195,658 | 48,580 | |
A O Smith Corp. | 933,756 | 45,362 | |
* | Alaska Air Group Inc. | 921,862 | 36,091 |
17,207,537 | |||
Information Technology (26.3%) | |||
Apple Inc. | 109,586,612 | 15,144,870 | |
Microsoft Corp. | 54,101,572 | 12,600,256 | |
NVIDIA Corp. | 18,164,860 | 2,205,032 | |
Visa Inc. Class A | 11,860,947 | 2,107,097 | |
Mastercard Inc. Class A | 6,189,628 | 1,759,959 | |
Broadcom Inc. | 2,929,423 | 1,300,693 | |
Cisco Systems Inc. | 30,039,938 | 1,201,598 | |
Accenture plc Class A | 4,588,781 | 1,180,693 | |
* | Salesforce Inc. | 7,217,980 | 1,038,234 |
Texas Instruments Inc. | 6,628,681 | 1,025,987 | |
* | Adobe Inc. | 3,395,033 | 934,313 |
QUALCOMM Inc. | 8,146,804 | 920,426 | |
Intuit Inc. | 2,046,260 | 792,557 | |
International Business Machines Corp. | 6,551,820 | 778,422 | |
Intel Corp. | 29,786,595 | 767,601 | |
* | Advanced Micro Devices Inc. | 11,710,959 | 742,006 |
* | PayPal Holdings Inc. | 8,389,392 | 722,075 |
Automatic Data Processing Inc. | 3,014,296 | 681,804 | |
Oracle Corp. | 11,019,244 | 672,945 | |
* | ServiceNow Inc. | 1,465,453 | 553,370 |
Analog Devices Inc. | 3,771,124 | 525,468 | |
Applied Materials Inc. | 6,311,414 | 517,094 | |
* | Fiserv Inc. | 4,639,759 | 434,142 |
Micron Technology Inc. | 8,002,666 | 400,934 | |
Lam Research Corp. | 993,589 | 363,654 | |
* | Synopsys Inc. | 1,109,580 | 338,988 |
Fidelity National Information Services Inc. | 4,410,383 | 333,293 | |
* | Cadence Design Systems Inc. | 1,986,557 | 324,663 |
KLA Corp. | 1,028,421 | 311,231 | |
* | Autodesk Inc. | 1,575,781 | 294,356 |
Amphenol Corp. Class A | 4,313,852 | 288,856 | |
NXP Semiconductors NV | 1,904,397 | 280,918 | |
Roper Technologies Inc. | 768,759 | 276,477 | |
* | Enphase Energy Inc. | 982,211 | 272,534 |
Motorola Solutions Inc. | 1,210,400 | 271,093 | |
Paychex Inc. | 2,324,859 | 260,872 |
Shares | Market Value ($000) | ||
TE Connectivity Ltd. | 2,319,011 | 255,926 | |
Microchip Technology Inc. | 4,010,463 | 244,759 | |
* | Fortinet Inc. | 4,750,105 | 233,373 |
Global Payments Inc. | 2,011,343 | 217,326 | |
Cognizant Technology Solutions Corp. Class A | 3,757,492 | 215,830 | |
* | Keysight Technologies Inc. | 1,305,913 | 205,498 |
* | Arista Networks Inc. | 1,788,456 | 201,899 |
* | ON Semiconductor Corp. | 3,142,793 | 195,890 |
HP Inc. | 6,600,309 | 164,480 | |
Corning Inc. | 5,518,776 | 160,155 | |
* | Gartner Inc. | 573,651 | 158,724 |
CDW Corp. | 980,903 | 153,099 | |
* | EPAM Systems Inc. | 416,114 | 150,712 |
* | ANSYS Inc. | 631,446 | 139,992 |
Broadridge Financial Solutions Inc. | 850,179 | 122,698 | |
* | VeriSign Inc. | 676,542 | 117,515 |
Monolithic Power Systems Inc. | 322,230 | 117,098 | |
* | Paycom Software Inc. | 352,327 | 116,264 |
* | Teledyne Technologies Inc. | 339,741 | 114,652 |
Hewlett Packard Enterprise Co. | 9,431,047 | 112,984 | |
* | Tyler Technologies Inc. | 301,254 | 104,686 |
Skyworks Solutions Inc. | 1,165,074 | 99,346 | |
NetApp Inc. | 1,591,825 | 98,454 | |
* | Zebra Technologies Corp. Class A | 375,285 | 98,328 |
* | Trimble Inc. | 1,794,568 | 97,391 |
Jack Henry & Associates Inc. | 528,112 | 96,259 | |
* | FleetCor Technologies Inc. | 543,433 | 95,737 |
2 | Citrix Systems Inc. | 904,031 | 94,019 |
* | SolarEdge Technologies Inc. | 403,071 | 93,295 |
* | Akamai Technologies Inc. | 1,151,470 | 92,486 |
NortonLifeLock Inc. | 4,302,585 | 86,654 | |
Teradyne Inc. | 1,135,654 | 85,344 | |
* | PTC Inc. | 768,280 | 80,362 |
Seagate Technology Holdings plc | 1,419,021 | 75,535 | |
* | Western Digital Corp. | 2,270,585 | 73,908 |
* | F5 Inc. | 432,766 | 62,634 |
* | Ceridian HCM Holding Inc. | 1,112,530 | 62,168 |
Juniper Networks Inc. | 2,342,955 | 61,198 | |
* | Qorvo Inc. | 750,106 | 59,566 |
* | DXC Technology Co. | 1,670,351 | 40,890 |
57,681,645 | |||
Materials (2.5%) | |||
Linde plc | 3,615,329 | 974,656 | |
Air Products and Chemicals Inc. | 1,609,037 | 374,471 | |
Sherwin-Williams Co. | 1,710,931 | 350,313 | |
Corteva Inc. | 5,211,633 | 297,845 | |
Freeport-McMoRan Inc. | 10,370,348 | 283,422 | |
Ecolab Inc. | 1,798,046 | 259,674 | |
Newmont Corp. | 5,760,402 | 242,110 | |
Dow Inc. | 5,211,919 | 228,960 | |
Albemarle Corp. | 850,099 | 224,800 | |
Nucor Corp. | 1,899,636 | 203,242 | |
PPG Industries Inc. | 1,704,400 | 188,660 | |
DuPont de Nemours Inc. | 3,632,993 | 183,103 | |
International Flavors & Fragrances Inc. | 1,849,505 | 167,990 | |
Vulcan Materials Co. | 963,890 | 152,015 | |
Martin Marietta Materials Inc. | 452,391 | 145,711 | |
CF Industries Holdings Inc. | 1,444,994 | 139,081 |
Shares | Market Value ($000) | ||
LyondellBasell Industries NV Class A | 1,844,924 | 138,886 | |
Mosaic Co. | 2,502,859 | 120,963 | |
Amcor plc | 10,898,009 | 116,936 | |
Ball Corp. | 2,278,081 | 110,077 | |
FMC Corp. | 913,909 | 96,600 | |
Avery Dennison Corp. | 590,075 | 96,005 | |
International Paper Co. | 2,621,872 | 83,113 | |
Packaging Corp. of America | 680,067 | 76,365 | |
Celanese Corp. Class A | 724,368 | 65,439 | |
Eastman Chemical Co. | 892,227 | 63,393 | |
Westrock Co. | 1,844,976 | 56,991 | |
Sealed Air Corp. | 1,051,769 | 46,814 | |
5,487,635 | |||
Real Estate (2.8%) | |||
American Tower Corp. | 3,377,341 | 725,115 | |
Prologis Inc. | 5,368,270 | 545,416 | |
Crown Castle Inc. | 3,141,163 | 454,055 | |
Equinix Inc. | 660,634 | 375,795 | |
Public Storage | 1,146,007 | 335,562 | |
Realty Income Corp. | 4,482,508 | 260,882 | |
SBA Communications Corp. Class A | 782,858 | 222,841 | |
Welltower Inc. | 3,362,505 | 216,276 | |
Simon Property Group Inc. | 2,375,120 | 213,167 | |
VICI Properties Inc. | 6,988,646 | 208,611 | |
Digital Realty Trust Inc. | 2,085,546 | 206,845 | |
AvalonBay Communities Inc. | 1,013,972 | 186,764 | |
Extra Space Storage Inc. | 970,846 | 167,675 | |
Equity Residential | 2,454,718 | 165,006 | |
* | CBRE Group Inc. Class A | 2,329,335 | 157,253 |
Weyerhaeuser Co. | 5,367,054 | 153,283 | |
Alexandria Real Estate Equities Inc. | 1,076,704 | 150,943 | |
Invitation Homes Inc. | 4,208,094 | 142,107 | |
Duke Realty Corp. | 2,797,777 | 134,853 | |
Mid-America Apartment Communities Inc. | 836,955 | 129,787 | |
Ventas Inc. | 2,897,944 | 116,410 | |
Essex Property Trust Inc. | 472,975 | 114,569 | |
Iron Mountain Inc. | 2,110,083 | 92,780 | |
UDR Inc. | 2,219,029 | 92,556 | |
Camden Property Trust | 772,506 | 92,276 | |
Healthpeak Properties Inc. | 3,908,664 | 89,587 | |
Kimco Realty Corp. | 4,486,534 | 82,597 | |
Host Hotels & Resorts Inc. | 5,186,014 | 82,354 | |
Boston Properties Inc. | 1,034,548 | 77,560 | |
Regency Centers Corp. | 1,118,127 | 60,211 | |
Federal Realty Investment Trust | 528,933 | 47,667 | |
Vornado Realty Trust | 1,161,143 | 26,892 | |
6,127,695 | |||
Utilities (3.1%) | |||
NextEra Energy Inc. | 14,253,108 | 1,117,586 | |
Southern Co. | 7,711,634 | 524,391 | |
Duke Energy Corp. | 5,586,129 | 519,622 | |
Dominion Energy Inc. | 6,039,396 | 417,383 | |
Sempra Energy (XNYS) | 2,280,000 | 341,863 | |
American Electric Power Co. Inc. | 3,726,073 | 322,119 | |
Exelon Corp. | 7,191,591 | 269,397 | |
Xcel Energy Inc. | 3,970,461 | 254,109 | |
Consolidated Edison Inc. | 2,573,121 | 220,671 |
Shares | Market Value ($000) | ||
WEC Energy Group Inc. | 2,288,814 | 204,689 | |
Public Service Enterprise Group Inc. | 3,619,690 | 203,535 | |
Constellation Energy Corp. | 2,371,734 | 197,304 | |
Eversource Energy | 2,514,079 | 195,998 | |
American Water Works Co. Inc. | 1,319,184 | 171,705 | |
DTE Energy Co. | 1,405,084 | 161,655 | |
Edison International | 2,766,663 | 156,538 | |
Ameren Corp. | 1,873,491 | 150,910 | |
Entergy Corp. | 1,475,422 | 148,472 | |
* | PG&E Corp. | 11,670,500 | 145,881 |
FirstEnergy Corp. | 3,936,509 | 145,651 | |
PPL Corp. | 5,338,158 | 135,322 | |
CenterPoint Energy Inc. | 4,564,217 | 128,620 | |
CMS Energy Corp. | 2,104,405 | 122,560 | |
AES Corp. | 4,842,114 | 109,432 | |
Atmos Energy Corp. | 1,016,499 | 103,530 | |
Evergy Inc. | 1,664,295 | 98,859 | |
Alliant Energy Corp. | 1,823,808 | 96,644 | |
NiSource Inc. | 2,943,075 | 74,136 | |
NRG Energy Inc. | 1,704,510 | 65,232 | |
Pinnacle West Capital Corp. | 819,538 | 52,868 | |
6,856,682 | |||
Total Common Stocks (Cost $94,667,266) | 218,624,584 | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
3,4 | Vanguard Market Liquidity Fund, 2.828% (Cost $824,904) | 8,251,773 | 824,930 |
Total Investments (99.9%) (Cost $95,492,170) | 219,449,514 | ||
Other Assets and Liabilities—Net (0.1%) | 213,645 | ||
Net Assets (100%) | 219,663,159 | ||
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 $8,543,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $8,974,000 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 2022 | 4,945 | 890,471 | (91,059) |
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 | 35,123 | (2.884) | — | (3,056) |
Goldman Sachs Group Inc/The | 8/30/24 | BANA | 46,888 | (3.155) | — | (127) |
State Street Corp | 8/30/24 | BANA | 42,567 | (3.155) | 327 | — |
327 | (3,183) |
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. |
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 valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks 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, 2022, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 218,530,565 | — | 94,019 | 218,624,584 |
Temporary Cash Investments | 824,930 | — | — | 824,930 |
Total | 219,355,495 | — | 94,019 | 219,449,514 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 327 | — | 327 |
Liabilities | ||||
Futures Contracts1 | 91,059 | — | — | 91,059 |
Swap Contracts | — | 3,183 | — | 3,183 |
Total | 91,059 | 3,183 | — | 94,242 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |