Vanguard® S&P 500 Growth Index Fund
Schedule of Investments (unaudited)
As of November 30, 2021
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | |||||
Common Stocks (99.7%) | ||||||
Communication Services (14.1%) | ||||||
* | Alphabet Inc. Class A | 104,743 | 297,255 | |||
* | Alphabet Inc. Class C | 98,051 | 279,351 | |||
* | Meta Platforms Inc. Class A | 829,395 | 269,106 | |||
* | Netflix Inc. | 153,977 | 98,838 | |||
Comcast Corp. Class A | 701,188 | 35,045 | ||||
* | Charter Communications Inc. Class A | 44,138 | 28,526 | |||
* | T-Mobile US Inc. | 140,798 | 15,320 | |||
* | Twitter Inc. | 277,638 | 12,199 | |||
Activision Blizzard Inc. | 159,658 | 9,356 | ||||
* | Match Group Inc. | 68,194 | 8,865 | |||
* | Take-Two Interactive Software Inc. | 40,584 | 6,732 | |||
Electronic Arts Inc. | 53,460 | 6,641 | ||||
1,067,234 | ||||||
Consumer Discretionary (17.2%) | ||||||
* | Amazon.com Inc. | 151,536 | 531,447 | |||
* | Tesla Inc. | 282,267 | 323,128 | |||
Home Depot Inc. | 266,359 | 106,706 | ||||
NIKE Inc. Class B | 284,608 | 48,167 | ||||
Lowe's Cos. Inc. | 174,604 | 42,707 | ||||
Target Corp. | 113,612 | 27,703 | ||||
Starbucks Corp. | 237,933 | 26,087 | ||||
McDonald's Corp. | 103,917 | 25,418 | ||||
Dollar General Corp. | 82,175 | 18,185 | ||||
* | Chipotle Mexican Grill Inc. | 9,801 | 16,107 | |||
eBay Inc. | 226,109 | 15,253 | ||||
* | Etsy Inc. | 44,041 | 12,093 | |||
* | Booking Holdings Inc. | 5,411 | 11,373 | |||
* | O'Reilly Automotive Inc. | 16,318 | 10,414 | |||
* | Aptiv plc | 63,058 | 10,111 | |||
Tractor Supply Co. | 39,791 | 8,966 | ||||
Pool Corp. | 13,974 | 7,743 | ||||
* | AutoZone Inc. | 4,192 | 7,617 | |||
Domino's Pizza Inc. | 12,849 | 6,735 | ||||
DR Horton Inc. | 68,018 | 6,645 | ||||
Yum! Brands Inc. | 44,227 | 5,433 | ||||
* | Hilton Worldwide Holdings Inc. | 35,879 | 4,846 | |||
Best Buy Co. Inc. | 39,203 | 4,189 | ||||
Garmin Ltd. | 29,607 | 3,954 | ||||
* | Caesars Entertainment Inc. | 43,066 | 3,879 | |||
Bath & Body Works Inc. | 51,557 | 3,874 | ||||
* | Ulta Beauty Inc. | 9,692 | 3,721 |
Shares | Market Value ($000) | |||||
* | Expedia Group Inc. | 18,211 | 2,934 | |||
PulteGroup Inc. | 46,051 | 2,304 | ||||
* | Penn National Gaming Inc. | 34,653 | 1,775 | |||
1,299,514 | ||||||
Consumer Staples (2.9%) | ||||||
Procter & Gamble Co. | 405,399 | 58,613 | ||||
Costco Wholesale Corp. | 81,521 | 43,971 | ||||
PepsiCo Inc. | 201,972 | 32,271 | ||||
Coca-Cola Co. | 473,088 | 24,813 | ||||
Estee Lauder Cos. Inc. Class A | 45,178 | 15,002 | ||||
Colgate-Palmolive Co. | 152,628 | 11,450 | ||||
* | Monster Beverage Corp. | 130,637 | 10,945 | |||
Kimberly-Clark Corp. | 44,507 | 5,800 | ||||
Church & Dwight Co. Inc. | 57,179 | 5,111 | ||||
Clorox Co. | 28,635 | 4,663 | ||||
Hershey Co. | 20,735 | 3,680 | ||||
McCormick & Co. Inc. (Non-Voting) | 38,127 | 3,272 | ||||
Brown-Forman Corp. Class B | 31,741 | 2,233 | ||||
Lamb Weston Holdings Inc. | 18,655 | 969 | ||||
222,793 | ||||||
Energy (0.0%) | ||||||
Hess Corp. | 50,900 | 3,793 | ||||
Financials (2.8%) | ||||||
S&P Global Inc. | 83,861 | 38,218 | ||||
BlackRock Inc. | 34,844 | 31,520 | ||||
MSCI Inc. | 28,684 | 18,055 | ||||
Moody's Corp. | 40,582 | 15,853 | ||||
Marsh & McLennan Cos. Inc. | 86,357 | 14,164 | ||||
* | SVB Financial Group | 20,415 | 14,134 | |||
Intercontinental Exchange Inc. | 105,803 | 13,831 | ||||
Progressive Corp. | 130,294 | 12,110 | ||||
Aon plc Class A | 40,850 | 12,082 | ||||
T. Rowe Price Group Inc. | 47,364 | 9,471 | ||||
First Republic Bank | 32,528 | 6,820 | ||||
Nasdaq Inc. | 26,479 | 5,381 | ||||
Brown & Brown Inc. | 81,065 | 5,221 | ||||
Arthur J Gallagher & Co. | 30,929 | 5,038 | ||||
MarketAxess Holdings Inc. | 13,227 | 4,665 | ||||
Cboe Global Markets Inc. | 18,872 | 2,433 | ||||
208,996 | ||||||
Health Care (11.0%) | ||||||
Thermo Fisher Scientific Inc. | 136,874 | 86,618 | ||||
UnitedHealth Group Inc. | 170,576 | 75,773 | ||||
Johnson & Johnson | 366,356 | 57,126 | ||||
AbbVie Inc. | 454,986 | 52,451 | ||||
Danaher Corp. | 150,337 | 48,354 | ||||
Abbott Laboratories | 363,920 | 45,770 | ||||
Eli Lilly & Co. | 168,490 | 41,792 | ||||
Merck & Co. Inc. | 422,740 | 31,668 | ||||
* | Intuitive Surgical Inc. | 86,871 | 28,176 | |||
Zoetis Inc. | 120,354 | 26,723 | ||||
* | Moderna Inc. | 70,829 | 24,962 | |||
* | Regeneron Pharmaceuticals Inc. | 36,586 | 23,288 | |||
Bristol-Myers Squibb Co. | 402,022 | 21,560 | ||||
Amgen Inc. | 98,769 | 19,643 | ||||
* | Dexcom Inc. | 33,670 | 18,942 |
Shares | Market Value ($000) | |||||
* | IDEXX Laboratories Inc. | 29,606 | 18,003 | |||
* | Vertex Pharmaceuticals Inc. | 90,254 | 16,872 | |||
* | Align Technology Inc. | 25,569 | 15,636 | |||
Stryker Corp. | 57,223 | 13,541 | ||||
* | Edwards Lifesciences Corp. | 123,636 | 13,267 | |||
ResMed Inc. | 50,608 | 12,898 | ||||
* | Mettler-Toledo International Inc. | 8,051 | 12,190 | |||
Agilent Technologies Inc. | 76,004 | 11,469 | ||||
West Pharmaceutical Services Inc. | 25,732 | 11,391 | ||||
* | IQVIA Holdings Inc. | 42,686 | 11,061 | |||
Humana Inc. | 23,267 | 9,765 | ||||
* | Illumina Inc. | 25,537 | 9,329 | |||
* | Catalent Inc. | 59,275 | 7,626 | |||
PerkinElmer Inc. | 39,002 | 7,105 | ||||
* | Biogen Inc. | 27,491 | 6,481 | |||
* | Charles River Laboratories International Inc. | 17,519 | 6,410 | |||
Bio-Techne Corp. | 13,519 | 6,381 | ||||
* | Bio-Rad Laboratories Inc. Class A | 7,461 | 5,620 | |||
* | ABIOMED Inc. | 15,786 | 4,969 | |||
* | Hologic Inc. | 63,503 | 4,746 | |||
STERIS plc | 19,766 | 4,320 | ||||
* | Waters Corp. | 11,718 | 3,844 | |||
Cerner Corp. | 44,218 | 3,115 | ||||
* | Incyte Corp. | 41,211 | 2,791 | |||
Cooper Cos. Inc. | 7,033 | 2,648 | ||||
Teleflex Inc. | 7,621 | 2,267 | ||||
* | DaVita Inc. | 23,350 | 2,207 | |||
Organon & Co. | 42,328 | 1,237 | ||||
830,035 | ||||||
Industrials (5.0%) | ||||||
United Parcel Service Inc. Class B | 177,370 | 35,185 | ||||
Union Pacific Corp. | 108,899 | 25,661 | ||||
Deere & Co. | 74,082 | 25,598 | ||||
Caterpillar Inc. | 89,510 | 17,307 | ||||
CSX Corp. | 407,886 | 14,137 | ||||
Lockheed Martin Corp. | 39,421 | 13,140 | ||||
Verisk Analytics Inc. | 56,151 | 12,627 | ||||
FedEx Corp. | 54,749 | 12,613 | ||||
Old Dominion Freight Line Inc. | 32,645 | 11,595 | ||||
IHS Markit Ltd. | 90,132 | 11,521 | ||||
* | Copart Inc. | 74,063 | 10,751 | |||
Carrier Global Corp. | 193,160 | 10,454 | ||||
Norfolk Southern Corp. | 38,681 | 10,261 | ||||
Illinois Tool Works Inc. | 43,898 | 10,191 | ||||
* | Generac Holdings Inc. | 21,937 | 9,241 | |||
Roper Technologies Inc. | 19,789 | 9,185 | ||||
Fastenal Co. | 149,961 | 8,873 | ||||
* | United Rentals Inc. | 25,208 | 8,539 | |||
Cintas Corp. | 20,121 | 8,495 | ||||
Waste Management Inc. | 52,560 | 8,445 | ||||
L3Harris Technologies Inc. | 39,858 | 8,333 | ||||
Rockwell Automation Inc. | 22,604 | 7,599 | ||||
Emerson Electric Co. | 83,195 | 7,308 | ||||
Trane Technologies plc | 38,022 | 7,097 | ||||
Parker-Hannifin Corp. | 23,364 | 7,057 | ||||
* | TransDigm Group Inc. | 10,948 | 6,328 | |||
Otis Worldwide Corp. | 77,189 | 6,206 | ||||
Equifax Inc. | 21,213 | 5,911 |
Shares | Market Value ($000) | |||||
AMETEK Inc. | 39,405 | 5,379 | ||||
Kansas City Southern | 16,154 | 4,698 | ||||
Expeditors International of Washington Inc. | 38,370 | 4,667 | ||||
Cummins Inc. | 21,491 | 4,508 | ||||
WW Grainger Inc. | 9,280 | 4,467 | ||||
Jacobs Engineering Group Inc. | 28,089 | 4,004 | ||||
Xylem Inc. | 28,785 | 3,486 | ||||
JB Hunt Transport Services Inc. | 17,324 | 3,312 | ||||
Quanta Services Inc. | 28,061 | 3,193 | ||||
Fortune Brands Home & Security Inc. | 27,359 | 2,750 | ||||
IDEX Corp. | 11,886 | 2,669 | ||||
Rollins Inc. | 78,772 | 2,622 | ||||
Masco Corp. | 37,836 | 2,493 | ||||
Allegion plc | 13,174 | 1,629 | ||||
379,535 | ||||||
Information Technology (43.5%) | ||||||
Apple Inc. | 5,463,640 | 903,140 | ||||
Microsoft Corp. | 2,614,616 | 864,366 | ||||
NVIDIA Corp. | 867,035 | 283,312 | ||||
* | Adobe Inc. | 165,765 | 111,038 | |||
* | salesforce.com Inc. | 338,025 | 96,324 | |||
* | PayPal Holdings Inc. | 408,830 | 75,589 | |||
QUALCOMM Inc. | 392,465 | 70,863 | ||||
Visa Inc. Class A | 352,324 | 68,270 | ||||
Mastercard Inc. Class A | 206,106 | 64,907 | ||||
Intuit Inc. | 96,002 | 62,622 | ||||
* | Advanced Micro Devices Inc. | 377,032 | 59,711 | |||
Broadcom Inc. | 97,080 | 53,751 | ||||
Applied Materials Inc. | 317,990 | 46,805 | ||||
* | ServiceNow Inc. | 68,909 | 44,632 | |||
Accenture plc Class A | 123,553 | 44,158 | ||||
Lam Research Corp. | 49,561 | 33,694 | ||||
Texas Instruments Inc. | 170,239 | 32,749 | ||||
Oracle Corp. | 315,301 | 28,610 | ||||
KLA Corp. | 53,149 | 21,692 | ||||
Xilinx Inc. | 86,099 | 19,669 | ||||
* | Autodesk Inc. | 76,565 | 19,462 | |||
* | Synopsys Inc. | 53,096 | 18,106 | |||
* | Cadence Design Systems Inc. | 96,304 | 17,090 | |||
Automatic Data Processing Inc. | 70,663 | 16,315 | ||||
* | Fortinet Inc. | 47,161 | 15,663 | |||
Analog Devices Inc. | 80,462 | 14,503 | ||||
* | Fiserv Inc. | 141,023 | 13,612 | |||
* | ANSYS Inc. | 30,380 | 11,893 | |||
* | Enphase Energy Inc. | 46,854 | 11,714 | |||
Microchip Technology Inc. | 137,367 | 11,461 | ||||
Amphenol Corp. Class A | 129,063 | 10,400 | ||||
* | Arista Networks Inc. | 77,928 | 9,668 | |||
Teradyne Inc. | 57,403 | 8,775 | ||||
Monolithic Power Systems Inc. | 15,038 | 8,323 | ||||
* | Zebra Technologies Corp. Class A | 13,551 | 7,979 | |||
* | Trimble Inc. | 87,502 | 7,514 | |||
* | Tyler Technologies Inc. | 14,218 | 7,379 | |||
* | Paycom Software Inc. | 16,710 | 7,310 | |||
Cognizant Technology Solutions Corp. Class A | 93,271 | 7,273 | ||||
* | Keysight Technologies Inc. | 36,557 | 7,110 | |||
Paychex Inc. | 59,080 | 7,042 | ||||
Motorola Solutions Inc. | 26,513 | 6,713 |
Shares | Market Value ($000) | |||||
TE Connectivity Ltd. | 43,360 | 6,674 | ||||
* | Qorvo Inc. | 38,685 | 5,657 | |||
* | Gartner Inc. | 15,424 | 4,816 | |||
Corning Inc. | 125,734 | 4,663 | ||||
Skyworks Solutions Inc. | 29,870 | 4,530 | ||||
* | Akamai Technologies Inc. | 36,240 | 4,084 | |||
* | PTC Inc. | 36,759 | 4,028 | |||
CDW Corp. | 21,078 | 3,991 | ||||
* | VeriSign Inc. | 14,231 | 3,414 | |||
Broadridge Financial Solutions Inc. | 20,227 | 3,410 | ||||
* | Teledyne Technologies Inc. | 7,952 | 3,302 | |||
* | Ceridian HCM Holding Inc. | 27,605 | 3,020 | |||
* | FleetCor Technologies Inc. | 12,356 | 2,559 | |||
Citrix Systems Inc. | 28,064 | 2,257 | ||||
* | F5 Inc. | 9,269 | 2,109 | |||
Jack Henry & Associates Inc. | 12,350 | 1,873 | ||||
NXP Semiconductors NV | 4,816 | 1,076 | ||||
* | IPG Photonics Corp. | 5,544 | 910 | |||
3,293,580 | ||||||
Materials (1.7%) | ||||||
Linde plc | 104,230 | 33,160 | ||||
Sherwin-Williams Co. | 58,165 | 19,267 | ||||
Freeport-McMoRan Inc. | 316,680 | 11,742 | ||||
Albemarle Corp. | 40,706 | 10,848 | ||||
Air Products and Chemicals Inc. | 35,454 | 10,191 | ||||
Ecolab Inc. | 39,844 | 8,824 | ||||
Newmont Corp. | 152,909 | 8,398 | ||||
Dow Inc. | 127,144 | 6,984 | ||||
Ball Corp. | 72,733 | 6,797 | ||||
FMC Corp. | 44,796 | 4,488 | ||||
Vulcan Materials Co. | 19,395 | 3,717 | ||||
Avery Dennison Corp. | 12,122 | 2,486 | ||||
Sealed Air Corp. | 34,442 | 2,139 | ||||
129,041 | ||||||
Real Estate (1.0%) | ||||||
American Tower Corp. | 80,770 | 21,200 | ||||
Crown Castle International Corp. | 90,222 | 16,389 | ||||
Equinix Inc. | 18,127 | 14,723 | ||||
SBA Communications Corp. | 24,764 | 8,514 | ||||
Public Storage | 22,792 | 7,462 | ||||
Extra Space Storage Inc. | 22,355 | 4,471 | ||||
Duke Realty Corp. | 54,007 | 3,150 | ||||
75,909 | ||||||
Utilities (0.5%) | ||||||
NextEra Energy Inc. | 293,479 | 25,468 | ||||
American Water Works Co. Inc. | 31,588 | 5,324 | ||||
AES Corp. | 87,764 | 2,052 | ||||
NRG Energy Inc. | 50,383 | 1,815 | ||||
34,659 | ||||||
Total Common Stocks (Cost $4,441,870) | 7,545,089 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (0.2%) | ||||||
Money Market Fund (0.2%) | ||||||
1 | Vanguard Market Liquidity Fund (Cost $12,921) | 0.077% | 129,215 | 12,922 | ||
Total Investments (99.9%) (Cost $4,454,791) | 7,558,011 | |||||
Other Assets and Liabilities—Net (0.1%) | 5,838 | |||||
Net Assets (100%) | 7,563,849 |
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 | December 2021 | 26 | 8,398 | 192 |
E-mini S&P 500 Index | December 2021 | 13 | 2,968 | 11 |
203 |
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) |
Advanced Micro Devices Inc. | 8/31/22 | BOANA | 5,410 | (0.071) | 1,716 | — |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BOANA—Bank of America, N.A. |
At November 30, 2021, the counterparties had deposited in segregated accounts cash of $1,880,000 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 November 30, 2021, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 7,545,089 | — | — | 7,545,089 |
Temporary Cash Investments | 12,922 | — | — | 12,922 |
Total | 7,558,011 | — | — | 7,558,011 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 203 | — | — | 203 |
Swap Contracts | — | 1,716 | — | 1,716 |
Total | 203 | 1,716 | — | 1,919 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |