Vanguard® S&P 500 Growth Index Fund
Schedule of Investments (unaudited)
As of May 31, 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 (99.7%) | ||||||
Communication Services (15.5%) | ||||||
* | Facebook Inc. Class A | 743,622 | 244,451 | |||
* | Alphabet Inc. Class A | 92,976 | 219,131 | |||
* | Alphabet Inc. Class C | 89,105 | 214,882 | |||
* | Netflix Inc. | 136,914 | 68,842 | |||
Comcast Corp. Class A | 621,795 | 35,654 | ||||
* | Charter Communications Inc. Class A | 43,714 | 30,361 | |||
* | T-Mobile US Inc. | 124,591 | 17,623 | |||
* | Twitter Inc. | 246,740 | 14,311 | |||
Activision Blizzard Inc. | 141,359 | 13,747 | ||||
Electronic Arts Inc. | 47,976 | 6,857 | ||||
* | Take-Two Interactive Software Inc. | 35,624 | 6,610 | |||
872,469 | ||||||
Consumer Discretionary (16.3%) | ||||||
* | Amazon.com Inc. | 132,320 | 426,477 | |||
* | Tesla Inc. | 237,385 | 148,418 | |||
Home Depot Inc. | 239,646 | 76,426 | ||||
NIKE Inc. Class B | 251,572 | 34,330 | ||||
Lowe's Cos. Inc. | 160,459 | 31,262 | ||||
Starbucks Corp. | 211,119 | 24,042 | ||||
Target Corp. | 102,196 | 23,190 | ||||
McDonald's Corp. | 92,217 | 21,569 | ||||
Dollar General Corp. | 75,752 | 15,375 | ||||
eBay Inc. | 199,887 | 12,169 | ||||
* | Chipotle Mexican Grill Inc. | 8,711 | 11,951 | |||
* | Booking Holdings Inc. | 4,807 | 11,352 | |||
* | Aptiv plc | 55,984 | 8,421 | |||
* | O'Reilly Automotive Inc. | 14,767 | 7,902 | |||
Tractor Supply Co. | 35,932 | 6,529 | ||||
* | Etsy Inc. | 38,995 | 6,424 | |||
DR Horton Inc. | 61,490 | 5,859 | ||||
Pool Corp. | 12,443 | 5,432 | ||||
* | AutoZone Inc. | 3,832 | 5,390 | |||
Domino's Pizza Inc. | 11,981 | 5,114 | ||||
Yum! Brands Inc. | 39,854 | 4,781 | ||||
Best Buy Co. Inc. | 35,654 | 4,145 | ||||
* | Caesars Entertainment Inc. | 37,306 | 4,009 | |||
* | Hilton Worldwide Holdings Inc. | 31,790 | 3,982 | |||
Garmin Ltd. | 25,858 | 3,678 | ||||
* | Ulta Beauty Inc. | 8,867 | 3,062 | |||
* | L Brands Inc. | 40,379 | 2,821 | |||
* | Expedia Group Inc. | 15,382 | 2,722 |
Shares | Market Value ($000) | |||||
PulteGroup Inc. | 41,883 | 2,420 | ||||
* | Penn National Gaming Inc. | 27,543 | 2,258 | |||
921,510 | ||||||
Consumer Staples (3.3%) | ||||||
Procter & Gamble Co. | 365,389 | 49,273 | ||||
Costco Wholesale Corp. | 72,516 | 27,431 | ||||
PepsiCo Inc. | 179,134 | 26,501 | ||||
Coca-Cola Co. | 419,657 | 23,203 | ||||
Estee Lauder Cos. Inc. Class A | 39,783 | 12,194 | ||||
Colgate-Palmolive Co. | 136,464 | 11,433 | ||||
* | Monster Beverage Corp. | 114,286 | 10,774 | |||
Kimberly-Clark Corp. | 39,677 | 5,183 | ||||
Clorox Co. | 26,040 | 4,602 | ||||
Church & Dwight Co. Inc. | 50,724 | 4,348 | ||||
Hershey Co. | 18,572 | 3,214 | ||||
McCormick & Co. Inc. (Non-Voting) | 33,872 | 3,017 | ||||
Brown-Forman Corp. Class B | 28,191 | 2,265 | ||||
Lamb Weston Holdings Inc. | 16,820 | 1,387 | ||||
184,825 | ||||||
Energy (0.0%) | ||||||
Hess Corp. | 44,781 | 3,753 | ||||
Financials (2.8%) | ||||||
S&P Global Inc. | 74,405 | 28,235 | ||||
BlackRock Inc. | 30,718 | 26,941 | ||||
Moody's Corp. | 35,838 | 12,018 | ||||
MSCI Inc. | 25,532 | 11,952 | ||||
Progressive Corp. | 115,939 | 11,487 | ||||
Marsh & McLennan Cos. Inc. | 76,988 | 10,651 | ||||
Intercontinental Exchange Inc. | 93,813 | 10,590 | ||||
* | SVB Financial Group | 16,690 | 9,728 | |||
Aon plc Class A | 36,296 | 9,196 | ||||
T. Rowe Price Group Inc. | 42,253 | 8,085 | ||||
First Republic Bank | 28,811 | 5,516 | ||||
MarketAxess Holdings Inc. | 11,753 | 5,483 | ||||
Arthur J Gallagher & Co. | 27,231 | 3,992 | ||||
Nasdaq Inc. | 23,191 | 3,884 | ||||
Cboe Global Markets Inc. | 16,860 | 1,877 | ||||
159,635 | ||||||
Health Care (11.7%) | ||||||
UnitedHealth Group Inc. | 151,966 | 62,598 | ||||
Thermo Fisher Scientific Inc. | 121,719 | 57,147 | ||||
Johnson & Johnson | 325,050 | 55,015 | ||||
AbbVie Inc. | 403,971 | 45,730 | ||||
Abbott Laboratories | 323,104 | 37,690 | ||||
Danaher Corp. | 133,236 | 34,127 | ||||
Eli Lilly & Co. | 150,010 | 29,963 | ||||
Merck & Co. Inc. | 375,462 | 28,494 | ||||
Bristol-Myers Squibb Co. | 360,150 | 23,669 | ||||
* | Intuitive Surgical Inc. | 25,471 | 21,451 | |||
Amgen Inc. | 89,279 | 21,243 | ||||
Zoetis Inc. | 107,227 | 18,945 | ||||
* | Vertex Pharmaceuticals Inc. | 80,363 | 16,766 | |||
* | Regeneron Pharmaceuticals Inc. | 32,548 | 16,353 | |||
* | IDEXX Laboratories Inc. | 26,409 | 14,739 | |||
* | Align Technology Inc. | 22,275 | 13,146 | |||
Stryker Corp. | 49,610 | 12,664 |
Shares | Market Value ($000) | |||||
* | Dexcom Inc. | 29,715 | 10,976 | |||
* | Edwards Lifesciences Corp. | 110,015 | 10,550 | |||
* | Mettler-Toledo International Inc. | 7,241 | 9,420 | |||
Agilent Technologies Inc. | 67,861 | 9,374 | ||||
ResMed Inc. | 44,951 | 9,253 | ||||
* | Illumina Inc. | 22,568 | 9,154 | |||
* | IQVIA Holdings Inc. | 37,813 | 9,081 | |||
Humana Inc. | 20,734 | 9,075 | ||||
* | Alexion Pharmaceuticals Inc. | 49,661 | 8,768 | |||
West Pharmaceutical Services Inc. | 22,911 | 7,962 | ||||
* | Biogen Inc. | 24,947 | 6,673 | |||
* | Catalent Inc. | 52,576 | 5,512 | |||
* | Charles River Laboratories International Inc. | 15,372 | 5,196 | |||
PerkinElmer Inc. | 34,666 | 5,029 | ||||
* | Bio-Rad Laboratories Inc. Class A | 6,657 | 4,010 | |||
* | ABIOMED Inc. | 13,983 | 3,979 | |||
* | Hologic Inc. | 57,378 | 3,618 | |||
* | Waters Corp. | 10,587 | 3,412 | |||
Cerner Corp. | 40,706 | 3,185 | ||||
* | Incyte Corp. | 36,396 | 3,049 | |||
STERIS plc | 15,070 | 2,876 | ||||
Teleflex Inc. | 6,789 | 2,730 | ||||
* | DaVita Inc. | 22,311 | 2,679 | |||
Cooper Cos. Inc. | 6,241 | 2,456 | ||||
657,757 | ||||||
Industrials (6.0%) | ||||||
United Parcel Service Inc. Class B | 155,695 | 33,412 | ||||
Deere & Co. | 72,666 | 26,240 | ||||
Union Pacific Corp. | 99,401 | 22,338 | ||||
Caterpillar Inc. | 79,224 | 19,099 | ||||
FedEx Corp. | 48,246 | 15,188 | ||||
Lockheed Martin Corp. | 35,073 | 13,405 | ||||
CSX Corp. | 122,593 | 12,274 | ||||
Norfolk Southern Corp. | 35,068 | 9,851 | ||||
Illinois Tool Works Inc. | 39,206 | 9,086 | ||||
Verisk Analytics Inc. | 50,296 | 8,693 | ||||
* | Copart Inc. | 64,305 | 8,296 | |||
L3Harris Technologies Inc. | 36,248 | 7,904 | ||||
IHS Markit Ltd. | 74,935 | 7,891 | ||||
Roper Technologies Inc. | 17,515 | 7,882 | ||||
Old Dominion Freight Line Inc. | 29,622 | 7,863 | ||||
* | United Rentals Inc. | 22,346 | 7,463 | |||
Carrier Global Corp. | 161,562 | 7,421 | ||||
Emerson Electric Co. | 74,132 | 7,094 | ||||
Fastenal Co. | 133,216 | 7,066 | ||||
Waste Management Inc. | 46,924 | 6,601 | ||||
* | TransDigm Group Inc. | 10,129 | 6,572 | |||
Parker-Hannifin Corp. | 20,750 | 6,394 | ||||
* | Generac Holdings Inc. | 19,446 | 6,392 | |||
Cintas Corp. | 18,000 | 6,364 | ||||
Trane Technologies plc | 33,870 | 6,313 | ||||
Rockwell Automation Inc. | 20,124 | 5,307 | ||||
Otis Worldwide Corp. | 65,530 | 5,133 | ||||
Cummins Inc. | 19,692 | 5,066 | ||||
AMETEK Inc. | 34,919 | 4,718 | ||||
Equifax Inc. | 18,848 | 4,430 | ||||
Expeditors International of Washington Inc. | 34,044 | 4,279 | ||||
Kansas City Southern | 14,313 | 4,261 |
Shares | Market Value ($000) | |||||
WW Grainger Inc. | 8,288 | 3,830 | ||||
Jacobs Engineering Group Inc. | 24,917 | 3,540 | ||||
Xylem Inc. | 25,664 | 3,031 | ||||
* | Teledyne Technologies Inc. | 7,030 | 2,949 | |||
JB Hunt Transport Services Inc. | 15,253 | 2,617 | ||||
Fortune Brands Home & Security Inc. | 24,415 | 2,519 | ||||
Quanta Services Inc. | 24,760 | 2,361 | ||||
IDEX Corp. | 10,573 | 2,354 | ||||
Rollins Inc. | 68,690 | 2,342 | ||||
Masco Corp. | 34,955 | 2,108 | ||||
Allegion plc | 11,771 | 1,654 | ||||
339,601 | ||||||
Information Technology (40.5%) | ||||||
Apple Inc. | 4,878,543 | 607,915 | ||||
Microsoft Corp. | 2,331,619 | 582,159 | ||||
NVIDIA Corp. | 191,674 | 124,546 | ||||
* | PayPal Holdings Inc. | 362,061 | 94,143 | |||
* | Adobe Inc. | 148,180 | 74,769 | |||
Visa Inc. Class A | 314,602 | 71,509 | ||||
Mastercard Inc. Class A | 184,319 | 66,462 | ||||
* | salesforce.com Inc. | 263,705 | 62,788 | |||
QUALCOMM Inc. | 351,193 | 47,250 | ||||
Broadcom Inc. | 85,824 | 40,537 | ||||
Applied Materials Inc. | 283,680 | 39,185 | ||||
Intuit Inc. | 84,652 | 37,170 | ||||
Accenture plc Class A | 109,798 | 30,981 | ||||
* | Advanced Micro Devices Inc. | 374,622 | 30,000 | |||
* | ServiceNow Inc. | 60,621 | 28,727 | |||
Lam Research Corp. | 44,183 | 28,712 | ||||
Texas Instruments Inc. | 150,783 | 28,622 | ||||
Oracle Corp. | 315,349 | 24,831 | ||||
* | Autodesk Inc. | 67,972 | 19,430 | |||
KLA Corp. | 47,639 | 15,096 | ||||
* | Fiserv Inc. | 125,189 | 14,422 | |||
Automatic Data Processing Inc. | 63,517 | 12,451 | ||||
* | Synopsys Inc. | 47,116 | 11,984 | |||
* | Cadence Design Systems Inc. | 86,258 | 10,954 | |||
Xilinx Inc. | 76,018 | 9,654 | ||||
Microchip Technology Inc. | 59,955 | 9,410 | ||||
* | Fortinet Inc. | 41,901 | 9,157 | |||
* | ANSYS Inc. | 26,842 | 9,071 | |||
Analog Devices Inc. | 49,068 | 8,077 | ||||
Amphenol Corp. Class A | 114,884 | 7,727 | ||||
Teradyne Inc. | 51,512 | 6,818 | ||||
* | Qorvo Inc. | 34,990 | 6,393 | |||
* | Trimble Inc. | 77,581 | 6,035 | |||
* | Zebra Technologies Corp. Class A | 12,070 | 5,999 | |||
Cognizant Technology Solutions Corp. Class A | 83,580 | 5,981 | ||||
* | Arista Networks Inc. | 16,983 | 5,764 | |||
* | Enphase Energy Inc. | 39,849 | 5,700 | |||
Paychex Inc. | 52,545 | 5,314 | ||||
TE Connectivity Ltd. | 38,843 | 5,270 | ||||
Maxim Integrated Products Inc. | 49,733 | 5,073 | ||||
* | Tyler Technologies Inc. | 12,537 | 5,054 | |||
* | Paycom Software Inc. | 15,175 | 5,002 | |||
Corning Inc. | 111,537 | 4,866 | ||||
Motorola Solutions Inc. | 23,498 | 4,824 | ||||
* | Keysight Technologies Inc. | 32,778 | 4,667 |
Shares | Market Value ($000) | |||||
Monolithic Power Systems Inc. | 13,254 | 4,548 | ||||
Skyworks Solutions Inc. | 26,478 | 4,501 | ||||
* | PTC Inc. | 32,475 | 4,356 | |||
* | Akamai Technologies Inc. | 32,282 | 3,687 | |||
* | Gartner Inc. | 14,524 | 3,367 | |||
CDW Corp. | 19,157 | 3,169 | ||||
* | FleetCor Technologies Inc. | 11,088 | 3,043 | |||
Broadridge Financial Solutions Inc. | 17,934 | 2,860 | ||||
Citrix Systems Inc. | 24,729 | 2,843 | ||||
* | VeriSign Inc. | 12,905 | 2,838 | |||
Jack Henry & Associates Inc. | 11,260 | 1,736 | ||||
* | F5 Networks Inc. | 8,410 | 1,559 | |||
* | IPG Photonics Corp. | 4,999 | 1,046 | |||
NXP Semiconductors NV | 4,450 | 941 | ||||
2,280,993 | ||||||
Materials (2.0%) | ||||||
Linde plc | 93,740 | 28,178 | ||||
Sherwin-Williams Co. | 51,612 | 14,634 | ||||
Freeport-McMoRan Inc. | 279,687 | 11,948 | ||||
Newmont Corp. | 136,165 | 10,006 | ||||
Air Products and Chemicals Inc. | 31,490 | 9,436 | ||||
Dow Inc. | 112,794 | 7,717 | ||||
Ecolab Inc. | 35,368 | 7,607 | ||||
Albemarle Corp. | 36,028 | 6,020 | ||||
Ball Corp. | 64,841 | 5,327 | ||||
FMC Corp. | 39,952 | 4,662 | ||||
Vulcan Materials Co. | 17,223 | 3,157 | ||||
Avery Dennison Corp. | 10,773 | 2,376 | ||||
Sealed Air Corp. | 31,540 | 1,793 | ||||
112,861 | ||||||
Real Estate (1.1%) | ||||||
American Tower Corp. | 71,545 | 18,277 | ||||
Crown Castle International Corp. | 80,008 | 15,161 | ||||
Equinix Inc. | 16,019 | 11,802 | ||||
SBA Communications Corp. | 21,945 | 6,542 | ||||
Public Storage | 20,223 | 5,713 | ||||
Extra Space Storage Inc. | 19,591 | 2,935 | ||||
Duke Realty Corp. | 47,268 | 2,196 | ||||
62,626 | ||||||
Utilities (0.5%) | ||||||
NextEra Energy Inc. | 260,521 | 19,075 | ||||
American Water Works Co. Inc. | 28,051 | 4,349 | ||||
AES Corp. | 78,467 | 1,994 | ||||
NRG Energy Inc. | 44,699 | 1,437 | ||||
26,855 | ||||||
Total Common Stocks (Cost $3,554,666) | 5,622,885 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (0.2%) | ||||||
Money Market Fund (0.2%) | ||||||
1 | Vanguard Market Liquidity Fund (Cost $9,488) | 0.055% | 94,883 | 9,488 | ||
Total Investments (99.9%) (Cost $3,564,154) | 5,632,373 | |||||
Other Assets and Liabilities—Net (0.1%) | 4,235 | |||||
Net Assets (100%) | 5,636,608 | |||||
Cost is in $000. |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
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 NASDAQ 100 Index | June 2021 | 25 | 6,843 | 392 |
E-mini S&P 500 Index | June 2021 | 9 | 1,891 | 31 |
423 |
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) |
salesforce.com Inc. | 8/31/21 | BOANA | 4,606 | (0.110) | 155 | — |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BOANA—Bank of America, N.A. |
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 May 31, 2021, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 5,622,885 | — | — | 5,622,885 |
Temporary Cash Investments | 9,488 | — | — | 9,488 |
Total | 5,632,373 | — | — | 5,632,373 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 423 | — | — | 423 |
Swap Contracts | — | 155 | — | 155 |
Total | 423 | 155 | — | 578 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |