Vanguard® Institutional Index Fund
Schedule of Investments (unaudited)
As of March 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 (99.4%) | |||
Communication Services (10.9%) | |||
* | Facebook Inc. Class A | 19,234,887 | 5,665,251 |
* | Alphabet Inc. Class A | 2,404,745 | 4,959,835 |
* | Alphabet Inc. Class C | 2,304,978 | 4,768,147 |
* | Walt Disney Co. | 14,515,786 | 2,678,453 |
Comcast Corp. Class A | 36,554,288 | 1,977,952 | |
Verizon Communications Inc. | 33,089,193 | 1,924,137 | |
* | Netflix Inc. | 3,541,543 | 1,847,481 |
AT&T Inc. | 57,029,185 | 1,726,273 | |
* | Charter Communications Inc. Class A | 1,130,895 | 697,785 |
* | T-Mobile US Inc. | 4,670,954 | 585,224 |
Activision Blizzard Inc. | 6,194,815 | 576,118 | |
* | Twitter Inc. | 6,382,203 | 406,100 |
Electronic Arts Inc. | 2,300,291 | 311,390 | |
1 | ViacomCBS Inc. Class B | 4,700,921 | 212,011 |
* | Take-Two Interactive Software Inc. | 920,248 | 162,608 |
Omnicom Group Inc. | 1,717,875 | 127,380 | |
Lumen Technologies Inc. | 7,883,280 | 105,242 | |
News Corp. Class A | 4,013,172 | 102,055 | |
* | Live Nation Entertainment Inc. | 1,147,209 | 97,111 |
Fox Corp. Class A | 2,679,910 | 96,772 | |
Interpublic Group of Cos. Inc. | 3,122,425 | 91,175 | |
* | Discovery Inc. Class C | 2,441,176 | 90,055 |
* | DISH Network Corp. Class A | 1,978,074 | 71,606 |
*,1 | Discovery Inc. Class A | 1,196,437 | 51,997 |
Fox Corp. Class B | 1,225,134 | 42,794 | |
News Corp. Class B | 504 | 12 | |
29,374,964 | |||
Consumer Discretionary (12.4%) | |||
* | Amazon.com Inc. | 3,422,722 | 10,590,176 |
* | Tesla Inc. | 6,140,255 | 4,101,260 |
Home Depot Inc. | 8,608,851 | 2,627,852 | |
NIKE Inc. Class B | 10,167,136 | 1,351,111 | |
McDonald's Corp. | 5,961,733 | 1,336,263 | |
Lowe's Cos. Inc. | 5,845,287 | 1,111,657 | |
Starbucks Corp. | 9,414,184 | 1,028,688 | |
Target Corp. | 4,005,087 | 793,288 | |
* | Booking Holdings Inc. | 327,574 | 763,195 |
TJX Cos. Inc. | 9,601,019 | 635,107 | |
General Motors Co. | 10,139,066 | 582,591 | |
Dollar General Corp. | 1,959,222 | 396,977 | |
Ford Motor Co. | 31,247,392 | 382,780 | |
Ross Stores Inc. | 2,847,040 | 341,389 |
Shares | Market Value ($000) | ||
* | Chipotle Mexican Grill Inc. Class A | 225,070 | 319,784 |
eBay Inc. | 5,170,325 | 316,631 | |
Marriott International Inc. Class A | 2,127,552 | 315,112 | |
Aptiv plc | 2,159,557 | 297,803 | |
* | O'Reilly Automotive Inc. | 561,476 | 284,809 |
Hilton Worldwide Holdings Inc. | 2,219,994 | 268,442 | |
Yum! Brands Inc. | 2,399,372 | 259,564 | |
* | AutoZone Inc. | 177,385 | 249,102 |
DR Horton Inc. | 2,646,663 | 235,871 | |
Lennar Corp. Class A | 2,158,290 | 218,484 | |
* | Dollar Tree Inc. | 1,880,703 | 215,265 |
Best Buy Co. Inc. | 1,843,271 | 211,626 | |
VF Corp. | 2,569,240 | 205,334 | |
* | Etsy Inc. | 1,008,214 | 203,326 |
Expedia Group Inc. | 1,106,403 | 190,434 | |
* | CarMax Inc. | 1,299,917 | 172,447 |
Carnival Corp. | 6,377,335 | 169,254 | |
Tractor Supply Co. | 930,145 | 164,710 | |
Las Vegas Sands Corp. | 2,626,156 | 159,565 | |
Garmin Ltd. | 1,193,950 | 157,422 | |
Royal Caribbean Cruises Ltd. | 1,750,399 | 149,852 | |
Darden Restaurants Inc. | 1,042,955 | 148,100 | |
* | Caesars Entertainment Inc. | 1,665,734 | 145,668 |
* | Ulta Beauty Inc. | 450,079 | 139,151 |
Genuine Parts Co. | 1,155,111 | 133,519 | |
* | NVR Inc. | 27,657 | 130,290 |
MGM Resorts International | 3,285,175 | 124,804 | |
* | Penn National Gaming Inc. | 1,189,012 | 124,656 |
L Brands Inc. | 1,866,167 | 115,441 | |
Domino's Pizza Inc. | 310,379 | 114,154 | |
PulteGroup Inc. | 2,125,470 | 111,460 | |
Pool Corp. | 321,491 | 110,991 | |
Whirlpool Corp. | 502,470 | 110,719 | |
Wynn Resorts Ltd. | 841,456 | 105,493 | |
Hasbro Inc. | 1,021,855 | 98,221 | |
Advance Auto Parts Inc. | 523,970 | 96,143 | |
* | LKQ Corp. | 2,231,540 | 94,461 |
Tapestry Inc. | 2,220,755 | 91,517 | |
* | Mohawk Industries Inc. | 471,758 | 90,724 |
BorgWarner Inc. | 1,911,575 | 88,621 | |
Newell Brands Inc. | 3,018,238 | 80,828 | |
* | Norwegian Cruise Line Holdings Ltd. | 2,900,105 | 80,014 |
PVH Corp. | 566,939 | 59,925 | |
Hanesbrands Inc. | 2,795,061 | 54,979 | |
Gap Inc. | 1,643,940 | 48,956 | |
Leggett & Platt Inc. | 1,064,158 | 48,579 | |
Ralph Lauren Corp. Class A | 385,686 | 47,501 | |
* | Under Armour Inc. Class A | 1,509,102 | 33,442 |
* | Under Armour Inc. Class C | 1,557,807 | 28,757 |
Lennar Corp. Class B | 46,974 | 3,868 | |
33,468,153 | |||
Consumer Staples (6.1%) | |||
Procter & Gamble Co. | 19,690,664 | 2,666,706 | |
Coca-Cola Co. | 31,013,854 | 1,634,740 | |
PepsiCo Inc. | 11,031,906 | 1,560,463 | |
Walmart Inc. | 11,085,451 | 1,505,737 | |
Costco Wholesale Corp. | 3,539,397 | 1,247,567 | |
Philip Morris International Inc. | 12,452,733 | 1,105,055 |
Shares | Market Value ($000) | ||
Altria Group Inc. | 14,862,776 | 760,379 | |
Mondelez International Inc. Class A | 11,290,394 | 660,827 | |
Colgate-Palmolive Co. | 6,783,901 | 534,775 | |
Estee Lauder Cos. Inc. Class A | 1,836,939 | 534,274 | |
Kimberly-Clark Corp. | 2,703,009 | 375,853 | |
Sysco Corp. | 4,082,117 | 321,426 | |
Walgreens Boots Alliance Inc. | 5,736,172 | 314,916 | |
Constellation Brands Inc. Class A | 1,359,894 | 310,056 | |
General Mills Inc. | 4,890,310 | 299,874 | |
* | Monster Beverage Corp. | 2,955,046 | 269,175 |
Archer-Daniels-Midland Co. | 4,466,737 | 254,604 | |
Kroger Co. | 6,089,661 | 219,167 | |
Kraft Heinz Co. | 5,187,542 | 207,502 | |
Hershey Co. | 1,172,121 | 185,383 | |
McCormick & Co. Inc. | 1,989,654 | 177,397 | |
Tyson Foods Inc. Class A | 2,357,859 | 175,189 | |
Church & Dwight Co. Inc. | 1,959,976 | 171,204 | |
Conagra Brands Inc. | 3,904,655 | 146,815 | |
Clorox Co. | 756,067 | 145,830 | |
Kellogg Co. | 2,035,502 | 128,847 | |
J M Smucker Co. | 876,462 | 110,899 | |
Hormel Foods Corp. | 2,243,718 | 107,205 | |
Brown-Forman Corp. Class B | 1,459,724 | 100,677 | |
Lamb Weston Holdings Inc. | 1,171,446 | 90,764 | |
Campbell Soup Co. | 1,620,769 | 81,476 | |
Molson Coors Beverage Co. Class B | 1,503,676 | 76,913 | |
16,481,695 | |||
Energy (2.8%) | |||
Exxon Mobil Corp. | 33,854,440 | 1,890,093 | |
Chevron Corp. | 15,404,858 | 1,614,275 | |
ConocoPhillips | 10,834,434 | 573,900 | |
EOG Resources Inc. | 4,667,027 | 338,499 | |
Schlumberger NV | 11,184,829 | 304,116 | |
Phillips 66 | 3,493,785 | 284,883 | |
Marathon Petroleum Corp. | 5,205,212 | 278,427 | |
Pioneer Natural Resources Co. | 1,645,687 | 261,368 | |
Kinder Morgan Inc. | 15,571,212 | 259,261 | |
Valero Energy Corp. | 3,267,775 | 233,973 | |
Williams Cos. Inc. | 8,207,233 | 194,429 | |
ONEOK Inc. | 3,555,184 | 180,106 | |
Occidental Petroleum Corp. | 6,701,546 | 178,395 | |
Hess Corp. | 2,184,225 | 154,556 | |
Halliburton Co. | 7,107,520 | 152,527 | |
Baker Hughes Co. Class A | 5,829,789 | 125,982 | |
Diamondback Energy Inc. | 1,446,060 | 106,271 | |
Devon Energy Corp. | 4,729,958 | 103,350 | |
Marathon Oil Corp. | 6,316,818 | 67,464 | |
Cabot Oil & Gas Corp. | 3,195,234 | 60,006 | |
APA Corp. | 3,020,229 | 54,062 | |
HollyFrontier Corp. | 1,190,477 | 42,595 | |
NOV Inc. | 3,092,853 | 42,434 | |
7,500,972 | |||
Financials (11.2%) | |||
* | Berkshire Hathaway Inc. Class B | 15,246,280 | 3,894,967 |
JPMorgan Chase & Co. | 24,400,959 | 3,714,558 | |
Bank of America Corp. | 60,750,692 | 2,350,444 | |
Wells Fargo & Co. | 33,058,525 | 1,291,597 |
Shares | Market Value ($000) | ||
Citigroup Inc. | 16,691,110 | 1,214,278 | |
Morgan Stanley | 11,999,318 | 931,867 | |
Goldman Sachs Group Inc. | 2,751,166 | 899,631 | |
BlackRock Inc. | 1,135,075 | 855,801 | |
Charles Schwab Corp. | 11,966,650 | 779,986 | |
American Express Co. | 5,218,080 | 738,045 | |
S&P Global Inc. | 1,924,460 | 679,084 | |
Truist Financial Corp. | 10,773,631 | 628,318 | |
U.S. Bancorp | 10,931,603 | 604,627 | |
PNC Financial Services Group Inc. | 3,390,759 | 594,773 | |
CME Group Inc. | 2,870,637 | 586,270 | |
Chubb Ltd. | 3,600,193 | 568,723 | |
Intercontinental Exchange Inc. | 4,491,229 | 501,581 | |
Marsh & McLennan Cos. Inc. | 4,063,179 | 494,895 | |
Capital One Financial Corp. | 3,672,306 | 467,228 | |
Progressive Corp. | 4,683,364 | 447,776 | |
Aon plc Class A | 1,806,860 | 415,777 | |
Moody's Corp. | 1,286,746 | 384,235 | |
MetLife Inc. | 6,011,340 | 365,429 | |
American International Group Inc. | 6,916,240 | 319,599 | |
T Rowe Price Group Inc. | 1,823,122 | 312,848 | |
Bank of New York Mellon Corp. | 6,453,435 | 305,183 | |
Travelers Cos. Inc. | 2,017,008 | 303,358 | |
Prudential Financial Inc. | 3,173,365 | 289,094 | |
Allstate Corp. | 2,422,418 | 278,336 | |
MSCI Inc. Class A | 660,502 | 276,935 | |
Aflac Inc. | 5,121,844 | 262,136 | |
Willis Towers Watson plc | 1,030,959 | 235,966 | |
First Republic Bank | 1,407,543 | 234,708 | |
Discover Financial Services | 2,451,481 | 232,866 | |
Ameriprise Financial Inc. | 933,756 | 217,052 | |
* | SVB Financial Group | 431,666 | 213,096 |
Fifth Third Bancorp | 5,686,799 | 212,971 | |
Arthur J Gallagher & Co. | 1,549,333 | 193,310 | |
Hartford Financial Services Group Inc. | 2,859,463 | 190,984 | |
State Street Corp. | 2,110,148 | 177,274 | |
Synchrony Financial | 4,341,414 | 176,522 | |
Northern Trust Corp. | 1,666,806 | 175,198 | |
Regions Financial Corp. | 7,674,413 | 158,553 | |
M&T Bank Corp. | 1,028,900 | 155,992 | |
KeyCorp. | 7,748,699 | 154,819 | |
MarketAxess Holdings Inc. | 304,055 | 151,395 | |
Citizens Financial Group Inc. | 3,399,954 | 150,108 | |
Nasdaq Inc. | 921,567 | 135,894 | |
Huntington Bancshares Inc. | 8,128,421 | 127,779 | |
Cincinnati Financial Corp. | 1,199,449 | 123,651 | |
Principal Financial Group Inc. | 2,027,636 | 121,577 | |
Raymond James Financial Inc. | 979,120 | 120,001 | |
Loews Corp. | 1,815,660 | 93,107 | |
Lincoln National Corp. | 1,443,257 | 89,872 | |
Cboe Global Markets Inc. | 857,575 | 84,634 | |
W R Berkley Corp. | 1,120,345 | 84,418 | |
Comerica Inc. | 1,114,170 | 79,931 | |
Everest Re Group Ltd. | 319,819 | 79,254 | |
Invesco Ltd. | 3,014,959 | 76,037 | |
Globe Life Inc. | 759,736 | 73,413 | |
Zions Bancorp NA | 1,312,452 | 72,132 | |
Assurant Inc. | 463,079 | 65,651 |
Shares | Market Value ($000) | ||
Franklin Resources Inc. | 2,181,632 | 64,576 | |
People's United Financial Inc. | 3,398,163 | 60,827 | |
Unum Group | 1,630,068 | 45,365 | |
30,386,312 | |||
Health Care (12.9%) | |||
Johnson & Johnson | 21,019,592 | 3,454,570 | |
UnitedHealth Group Inc. | 7,558,835 | 2,812,416 | |
Abbott Laboratories | 14,165,074 | 1,697,542 | |
Pfizer Inc. | 44,599,926 | 1,615,855 | |
Merck & Co. Inc. | 20,232,356 | 1,559,712 | |
AbbVie Inc. | 14,120,344 | 1,528,104 | |
Thermo Fisher Scientific Inc. | 3,148,548 | 1,436,934 | |
Medtronic plc | 10,779,054 | 1,273,330 | |
Eli Lilly and Co. | 6,360,922 | 1,188,347 | |
Amgen Inc. | 4,618,283 | 1,149,075 | |
Danaher Corp. | 5,068,185 | 1,140,747 | |
Bristol-Myers Squibb Co. | 17,915,035 | 1,130,976 | |
CVS Health Corp. | 10,485,017 | 788,788 | |
Anthem Inc. | 1,958,250 | 702,914 | |
* | Intuitive Surgical Inc. | 941,226 | 695,509 |
Cigna Corp. | 2,813,388 | 680,108 | |
Gilead Sciences Inc. | 10,047,755 | 649,386 | |
Stryker Corp. | 2,616,910 | 637,427 | |
Zoetis Inc. | 3,799,395 | 598,329 | |
Becton Dickinson and Co. | 2,323,030 | 564,845 | |
* | Illumina Inc. | 1,166,666 | 448,070 |
* | Vertex Pharmaceuticals Inc. | 2,078,625 | 446,676 |
* | Boston Scientific Corp. | 11,331,235 | 437,952 |
Humana Inc. | 1,030,443 | 432,013 | |
* | Edwards Lifesciences Corp. | 4,993,826 | 417,684 |
HCA Healthcare Inc. | 2,120,170 | 399,313 | |
* | Regeneron Pharmaceuticals Inc. | 841,910 | 398,341 |
* | Biogen Inc. | 1,218,340 | 340,831 |
Baxter International Inc. | 4,039,715 | 340,710 | |
* | IDEXX Laboratories Inc. | 683,234 | 334,313 |
* | Align Technology Inc. | 575,947 | 311,893 |
Agilent Technologies Inc. | 2,436,501 | 309,777 | |
* | Centene Corp. | 4,652,036 | 297,312 |
* | IQVIA Holdings Inc. | 1,529,700 | 295,446 |
* | DexCom Inc. | 769,357 | 276,499 |
* | Alexion Pharmaceuticals Inc. | 1,758,366 | 268,872 |
Zimmer Biomet Holdings Inc. | 1,661,417 | 265,960 | |
McKesson Corp. | 1,271,531 | 247,999 | |
ResMed Inc. | 1,164,286 | 225,895 | |
* | Mettler-Toledo International Inc. | 187,143 | 216,279 |
* | Laboratory Corp. of America Holdings | 780,884 | 199,149 |
Cerner Corp. | 2,449,503 | 176,070 | |
West Pharmaceutical Services Inc. | 592,825 | 167,046 | |
Teleflex Inc. | 373,089 | 155,003 | |
* | Hologic Inc. | 2,061,468 | 153,332 |
Cooper Cos. Inc. | 393,379 | 151,093 | |
* | Catalent Inc. | 1,361,358 | 143,365 |
Cardinal Health Inc. | 2,346,713 | 142,563 | |
* | Waters Corp. | 497,560 | 141,392 |
AmerisourceBergen Corp. Class A | 1,179,729 | 139,291 | |
Quest Diagnostics Inc. | 1,067,282 | 136,975 | |
* | Viatris Inc. | 9,664,141 | 135,008 |
STERIS plc | 682,814 | 130,062 |
Shares | Market Value ($000) | ||
* | Varian Medical Systems Inc. | 735,109 | 129,769 |
* | Incyte Corp. | 1,493,332 | 121,363 |
* | ABIOMED Inc. | 361,777 | 115,309 |
PerkinElmer Inc. | 897,089 | 115,087 | |
DENTSPLY SIRONA Inc. | 1,752,277 | 111,813 | |
* | Bio-Rad Laboratories Inc. Class A | 172,473 | 98,511 |
Universal Health Services Inc. Class B | 623,113 | 83,117 | |
* | Henry Schein Inc. | 1,140,133 | 78,943 |
* | DaVita Inc. | 577,299 | 62,215 |
Perrigo Co. plc | 1,064,532 | 43,082 | |
34,946,307 | |||
Industrials (8.8%) | |||
Honeywell International Inc. | 5,561,620 | 1,207,261 | |
Union Pacific Corp. | 5,356,390 | 1,180,602 | |
Boeing Co. | 4,387,163 | 1,117,498 | |
Caterpillar Inc. | 4,360,184 | 1,010,996 | |
United Parcel Service Inc. Class B | 5,753,644 | 978,062 | |
Raytheon Technologies Corp. | 12,151,424 | 938,941 | |
Deere & Co. | 2,506,236 | 937,683 | |
General Electric Co. | 70,111,696 | 920,567 | |
3M Co. | 4,630,478 | 892,200 | |
Lockheed Martin Corp. | 1,970,938 | 728,262 | |
CSX Corp. | 6,097,676 | 587,938 | |
FedEx Corp. | 1,950,053 | 553,893 | |
Norfolk Southern Corp. | 2,014,548 | 540,946 | |
Illinois Tool Works Inc. | 2,303,972 | 510,376 | |
Eaton Corp. plc | 3,183,154 | 440,167 | |
Emerson Electric Co. | 4,798,052 | 432,880 | |
Waste Management Inc. | 3,111,890 | 401,496 | |
Northrop Grumman Corp. | 1,239,812 | 401,253 | |
Johnson Controls International plc | 5,759,242 | 343,654 | |
Roper Technologies Inc. | 839,090 | 338,439 | |
General Dynamics Corp. | 1,854,429 | 336,690 | |
L3Harris Technologies Inc. | 1,643,956 | 333,197 | |
Parker-Hannifin Corp. | 1,032,066 | 325,545 | |
Trane Technologies plc | 1,906,709 | 315,675 | |
Cummins Inc. | 1,183,679 | 306,703 | |
IHS Markit Ltd. | 2,981,175 | 288,518 | |
Southwest Airlines Co. | 4,721,899 | 288,319 | |
Carrier Global Corp. | 6,535,723 | 275,938 | |
PACCAR Inc. | 2,775,327 | 257,883 | |
* | TransDigm Group Inc. | 437,431 | 257,174 |
Stanley Black & Decker Inc. | 1,286,764 | 256,928 | |
Rockwell Automation Inc. | 928,972 | 246,586 | |
Delta Air Lines Inc. | 5,100,095 | 246,233 | |
Cintas Corp. | 705,802 | 240,897 | |
AMETEK Inc. | 1,843,826 | 235,512 | |
Fastenal Co. | 4,591,503 | 230,861 | |
Verisk Analytics Inc. Class A | 1,302,428 | 230,126 | |
Otis Worldwide Corp. | 3,261,397 | 223,243 | |
Kansas City Southern | 726,486 | 191,734 | |
Fortive Corp. | 2,703,349 | 190,965 | |
* | United Rentals Inc. | 576,876 | 189,971 |
Old Dominion Freight Line Inc. | 766,854 | 184,359 | |
* | Copart Inc. | 1,661,478 | 180,453 |
Equifax Inc. | 973,281 | 176,290 | |
Republic Services Inc. Class A | 1,681,505 | 167,058 | |
* | Generac Holdings Inc. | 502,752 | 164,626 |
Shares | Market Value ($000) | ||
Dover Corp. | 1,148,947 | 157,555 | |
Xylem Inc. | 1,440,787 | 151,542 | |
* | Ingersoll Rand Inc. | 2,981,210 | 146,705 |
* | United Airlines Holdings Inc. | 2,548,046 | 146,615 |
Expeditors International of Washington Inc. | 1,353,070 | 145,712 | |
WW Grainger Inc. | 351,987 | 141,122 | |
Jacobs Engineering Group Inc. | 1,041,231 | 134,600 | |
IDEX Corp. | 607,321 | 127,124 | |
Masco Corp. | 2,056,001 | 123,154 | |
* | Teledyne Technologies Inc. | 295,691 | 122,313 |
American Airlines Group Inc. | 5,116,929 | 122,295 | |
Westinghouse Air Brake Technologies Corp. | 1,420,089 | 112,414 | |
JB Hunt Transport Services Inc. | 666,940 | 112,093 | |
Fortune Brands Home & Security Inc. | 1,108,383 | 106,205 | |
Leidos Holdings Inc. | 1,066,559 | 102,688 | |
CH Robinson Worldwide Inc. | 1,070,091 | 102,119 | |
Textron Inc. | 1,814,620 | 101,764 | |
Howmet Aerospace Inc. | 3,117,196 | 100,156 | |
Snap-on Inc. | 434,005 | 100,142 | |
Quanta Services Inc. | 1,106,489 | 97,349 | |
Allegion plc | 725,472 | 91,134 | |
Pentair plc | 1,325,380 | 82,598 | |
A O Smith Corp. | 1,083,400 | 73,249 | |
Nielsen Holdings plc | 2,856,270 | 71,835 | |
Robert Half International Inc. | 904,382 | 70,605 | |
Alaska Air Group Inc. | 995,105 | 68,871 | |
Huntington Ingalls Industries Inc. | 321,920 | 66,267 | |
Rollins Inc. | 1,773,745 | 61,052 | |
23,843,876 | |||
Information Technology (26.5%) | |||
Apple Inc. | 126,188,899 | 15,413,974 | |
Microsoft Corp. | 60,310,311 | 14,219,362 | |
Visa Inc. Class A | 13,562,744 | 2,871,640 | |
NVIDIA Corp. | 4,957,765 | 2,647,100 | |
Mastercard Inc. Class A | 7,011,121 | 2,496,310 | |
* | PayPal Holdings Inc. | 9,365,204 | 2,274,246 |
Intel Corp. | 32,489,278 | 2,079,314 | |
* | Adobe Inc. | 3,832,832 | 1,822,013 |
Cisco Systems Inc. | 33,757,918 | 1,745,622 | |
* | salesforce.com Inc. | 7,338,533 | 1,554,815 |
Broadcom Inc. | 3,264,265 | 1,513,509 | |
Accenture plc Class A | 5,071,683 | 1,401,052 | |
Texas Instruments Inc. | 7,358,497 | 1,390,682 | |
QUALCOMM Inc. | 9,083,802 | 1,204,421 | |
Oracle Corp. | 14,830,872 | 1,040,682 | |
Applied Materials Inc. | 7,338,004 | 980,357 | |
International Business Machines Corp. | 7,145,567 | 952,218 | |
Intuit Inc. | 2,189,742 | 838,803 | |
* | Micron Technology Inc. | 8,945,199 | 789,056 |
* | ServiceNow Inc. | 1,568,028 | 784,187 |
* | Advanced Micro Devices Inc. | 9,689,734 | 760,644 |
Fidelity National Information Services Inc. | 4,966,783 | 698,379 | |
Lam Research Corp. | 1,142,761 | 680,217 | |
Automatic Data Processing Inc. | 3,421,917 | 644,929 | |
* | Fiserv Inc. | 4,603,765 | 548,032 |
* | Autodesk Inc. | 1,758,299 | 487,313 |
Global Payments Inc. | 2,361,006 | 475,932 | |
Analog Devices Inc. | 2,949,701 | 457,440 |
Shares | Market Value ($000) | ||
NXP Semiconductors NV | 2,215,060 | 445,980 | |
KLA Corp. | 1,232,020 | 407,059 | |
TE Connectivity Ltd. | 2,646,009 | 341,626 | |
Microchip Technology Inc. | 2,153,343 | 334,242 | |
Cognizant Technology Solutions Corp. Class A | 4,243,415 | 331,496 | |
HP Inc. | 10,017,010 | 318,040 | |
Amphenol Corp. Class A | 4,791,520 | 316,097 | |
* | Cadence Design Systems Inc. | 2,231,065 | 305,634 |
* | Synopsys Inc. | 1,218,566 | 301,936 |
Corning Inc. | 6,144,951 | 267,367 | |
Motorola Solutions Inc. | 1,351,987 | 254,241 | |
Paychex Inc. | 2,567,219 | 251,639 | |
Xilinx Inc. | 1,964,253 | 243,371 | |
Skyworks Solutions Inc. | 1,319,027 | 242,015 | |
* | ANSYS Inc. | 693,784 | 235,581 |
* | Keysight Technologies Inc. | 1,488,796 | 213,493 |
* | Zebra Technologies Corp. Class A | 427,345 | 207,339 |
* | Fortinet Inc. | 1,083,208 | 199,765 |
Maxim Integrated Products Inc. | 2,142,880 | 195,795 | |
CDW Corp. | 1,127,567 | 186,894 | |
* | FleetCor Technologies Inc. | 666,866 | 179,140 |
* | Enphase Energy Inc. | 1,032,011 | 167,351 |
* | Qorvo Inc. | 906,033 | 165,532 |
Hewlett Packard Enterprise Co. | 10,407,008 | 163,806 | |
Western Digital Corp. | 2,448,299 | 163,424 | |
Teradyne Inc. | 1,331,730 | 162,045 | |
* | VeriSign Inc. | 795,975 | 158,208 |
* | Trimble Inc. | 2,008,634 | 156,252 |
* | Paycom Software Inc. | 392,071 | 145,090 |
Broadridge Financial Solutions Inc. | 925,014 | 141,620 | |
Citrix Systems Inc. | 983,416 | 138,032 | |
* | Tyler Technologies Inc. | 324,526 | 137,771 |
* | Akamai Technologies Inc. | 1,306,020 | 133,083 |
* | Arista Networks Inc. | 439,550 | 132,696 |
* | Gartner Inc. | 709,462 | 129,512 |
NetApp Inc. | 1,780,393 | 129,381 | |
Seagate Technology plc | 1,606,668 | 123,312 | |
Monolithic Power Systems Inc. | 343,017 | 121,157 | |
* | F5 Networks Inc. | 493,480 | 102,950 |
NortonLifeLock Inc. | 4,653,529 | 98,934 | |
Jack Henry & Associates Inc. | 608,154 | 92,269 | |
Western Union Co. | 3,288,512 | 81,095 | |
Juniper Networks Inc. | 2,618,146 | 66,318 | |
DXC Technology Co. | 2,038,010 | 63,708 | |
* | IPG Photonics Corp. | 286,058 | 60,341 |
FLIR Systems Inc. | 1,050,463 | 59,320 | |
Xerox Holdings Corp. | 85,370 | 2,072 | |
71,646,278 | |||
Materials (2.7%) | |||
Linde plc | 4,180,734 | 1,171,191 | |
Air Products and Chemicals Inc. | 1,769,319 | 497,780 | |
Sherwin-Williams Co. | 644,750 | 475,832 | |
Ecolab Inc. | 1,988,691 | 425,719 | |
Newmont Corp. | 6,400,466 | 385,756 | |
Freeport-McMoRan Inc. | 11,662,841 | 384,057 | |
Dow Inc. | 5,959,484 | 381,050 | |
DuPont de Nemours Inc. | 4,305,449 | 332,725 | |
PPG Industries Inc. | 1,895,169 | 284,768 |
Shares | Market Value ($000) | ||
International Flavors & Fragrances Inc. | 1,988,924 | 277,674 | |
Corteva Inc. | 5,950,953 | 277,434 | |
Ball Corp. | 2,621,525 | 222,148 | |
LyondellBasell Industries NV Class A | 2,056,225 | 213,950 | |
Nucor Corp. | 2,383,387 | 191,315 | |
Vulcan Materials Co. | 1,059,566 | 178,802 | |
International Paper Co. | 3,142,350 | 169,907 | |
Martin Marietta Materials Inc. | 498,506 | 167,408 | |
Amcor plc | 12,491,210 | 145,897 | |
Celanese Corp. Class A | 912,858 | 136,755 | |
Albemarle Corp. | 932,844 | 136,298 | |
Avery Dennison Corp. | 663,849 | 121,916 | |
Eastman Chemical Co. | 1,086,345 | 119,628 | |
FMC Corp. | 1,034,390 | 114,414 | |
Westrock Co. | 2,106,597 | 109,648 | |
Packaging Corp. of America | 759,029 | 102,074 | |
Mosaic Co. | 2,755,971 | 87,116 | |
CF Industries Holdings Inc. | 1,708,838 | 77,547 | |
Sealed Air Corp. | 1,237,540 | 56,704 | |
7,245,513 | |||
Real Estate (2.5%) | |||
American Tower Corp. | 3,553,686 | 849,544 | |
Prologis Inc. | 5,914,227 | 626,908 | |
Crown Castle International Corp. | 3,449,272 | 593,723 | |
Equinix Inc. | 714,033 | 485,250 | |
Digital Realty Trust Inc. | 2,248,349 | 316,658 | |
Public Storage | 1,216,232 | 300,117 | |
Simon Property Group Inc. | 2,627,218 | 298,899 | |
SBA Communications Corp. Class A | 874,232 | 242,643 | |
Welltower Inc. | 3,338,563 | 239,141 | |
Weyerhaeuser Co. | 5,982,666 | 212,983 | |
* | CBRE Group Inc. Class A | 2,682,929 | 212,247 |
AvalonBay Communities Inc. | 1,115,554 | 205,831 | |
Equity Residential | 2,739,508 | 196,231 | |
Realty Income Corp. | 2,985,169 | 189,558 | |
Alexandria Real Estate Equities Inc. | 1,016,004 | 166,929 | |
Ventas Inc. | 2,994,815 | 159,743 | |
Essex Property Trust Inc. | 519,593 | 141,246 | |
Extra Space Storage Inc. | 1,055,485 | 139,905 | |
Healthpeak Properties Inc. | 4,311,776 | 136,856 | |
Mid-America Apartment Communities Inc. | 915,592 | 132,175 | |
Duke Realty Corp. | 2,989,081 | 125,332 | |
Boston Properties Inc. | 1,132,657 | 114,693 | |
UDR Inc. | 2,372,317 | 104,050 | |
Host Hotels & Resorts Inc. | 5,634,603 | 94,943 | |
Iron Mountain Inc. | 2,308,267 | 85,429 | |
Regency Centers Corp. | 1,261,199 | 71,523 | |
Kimco Realty Corp. | 3,449,792 | 64,684 | |
Vornado Realty Trust | 1,252,775 | 56,863 | |
Federal Realty Investment Trust | 558,565 | 56,666 | |
SL Green Realty Corp. | 15,061 | 1,054 | |
6,621,824 | |||
Utilities (2.6%) | |||
NextEra Energy Inc. | 15,672,400 | 1,184,990 | |
Duke Energy Corp. | 6,146,810 | 593,352 | |
Southern Co. | 8,450,744 | 525,298 | |
Dominion Energy Inc. | 6,443,251 | 489,429 |
Shares | Market Value ($000) | ||
Exelon Corp. | 7,809,643 | 341,594 | |
American Electric Power Co. Inc. | 3,971,215 | 336,362 | |
Sempra Energy | 2,420,269 | 320,879 | |
Xcel Energy Inc. | 4,299,811 | 285,981 | |
Public Service Enterprise Group Inc. | 4,040,090 | 243,254 | |
Eversource Energy | 2,741,313 | 237,370 | |
WEC Energy Group Inc. | 2,522,736 | 236,103 | |
American Water Works Co. Inc. | 1,450,231 | 217,419 | |
DTE Energy Co. | 1,548,825 | 206,211 | |
Edison International | 3,034,540 | 177,824 | |
PPL Corp. | 6,147,018 | 177,280 | |
Consolidated Edison Inc. | 2,237,073 | 167,333 | |
Ameren Corp. | 2,025,651 | 164,807 | |
Entergy Corp. | 1,602,019 | 159,353 | |
FirstEnergy Corp. | 4,345,980 | 150,762 | |
AES Corp. | 5,338,172 | 143,116 | |
CMS Energy Corp. | 2,309,411 | 141,382 | |
Alliant Energy Corp. | 1,996,282 | 108,119 | |
Evergy Inc. | 1,813,018 | 107,929 | |
Atmos Energy Corp. | 1,024,390 | 101,261 | |
CenterPoint Energy Inc. | 4,410,432 | 99,896 | |
NiSource Inc. | 3,132,139 | 75,516 | |
NRG Energy Inc. | 1,954,662 | 73,749 | |
Pinnacle West Capital Corp. | 902,561 | 73,423 | |
7,139,992 | |||
Total Common Stocks (Cost $102,706,539) | 268,655,886 | ||
Temporary Cash Investments (0.6%) | |||
Money Market Fund (0.6%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.081% | 15,144,421 | 1,514,442 |
Face Amount ($000) | |||
U.S. Government and Agency Obligations (0.0%) | |||
4 | U.S. Treasury Bill, 0.081%, 5/18/21 | 52,000 | 51,999 |
Total Temporary Cash Investments (Cost $1,566,436) | 1,566,441 | ||
Total Investments (100.0%) (Cost $104,272,975) | 270,222,327 | ||
Other Assets and Liabilities—Net (0.0%) | 14,529 | ||
Net Assets (100%) | 270,236,856 | ||
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 $139,310,000. |
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 $146,850,000 was received for securities on loan, of which $142,386,000 is held in Vanguard Market Liquidity Fund and $4,464,000 is held in cash. |
4 | Securities with a value of $51,999,000 have been segregated as initial margin for open futures contracts. |
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 2021 | 7,128 | 1,413,981 | 12,271 |
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. | 1/31/22 | GSI | 47,115 | (0.108) | 1,103 | — |
Consolidated Edison Inc. | 8/31/21 | BOANA | 37,400 | (0.519) | 373 | — |
State Street Corp. | 8/31/22 | BOANA | 50,406 | (0.606) | 299 | — |
State Street Corp. | 8/31/22 | BOANA | 8,401 | (0.608) | 50 | — |
Williams Cos. Inc. | 8/31/21 | BOANA | 35,535 | (0.519) | 600 | — |
2,425 | — |
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. | |
GSI—Goldman Sachs International. |
At March 31, 2021, the counterparties had deposited in segregated accounts securities with a value of $10,710,000 in connection with open over-the-counter swap contracts.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the 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.
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.
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 net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
D. Various inputs may be used to determine the value of the fund’s investments 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, 2021, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 268,655,886 | — | — | 268,655,886 |
Temporary Cash Investments | 1,514,442 | 51,999 | — | 1,566,441 |
Total | 270,170,328 | 51,999 | — | 270,222,327 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 12,271 | — | — | 12,271 |
Swap Contracts | — | 2,425 | — | 2,425 |
Total | 12,271 | 2,425 | — | 14,696 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |