Vanguard® S&P 500 Growth Index Fund
Schedule of Investments (unaudited)
As of May 31, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | |||||
Common Stocks (99.8%) | ||||||
Communication Services (11.3%) | ||||||
* | Alphabet Inc. Class A | 123,174 | 280,250 | |||
* | Alphabet Inc. Class C | 114,024 | 260,064 | |||
* | Meta Platforms Inc. Class A | 946,714 | 183,322 | |||
* | Netflix Inc. | 182,026 | 35,939 | |||
* | Twitter Inc. | 157,252 | 6,227 | |||
* | Take-Two Interactive Software Inc. | 40,176 | 5,003 | |||
* | Live Nation Entertainment Inc. | 23,863 | 2,268 | |||
773,073 | ||||||
Consumer Discretionary (15.7%) | ||||||
* | Amazon.com Inc. | 179,407 | 431,329 | |||
* | Tesla Inc. | 343,225 | 260,254 | |||
Home Depot Inc. | 325,369 | 98,505 | ||||
Lowe's Cos. Inc. | 276,215 | 53,945 | ||||
McDonald's Corp. | 137,843 | 34,765 | ||||
NIKE Inc. Class B | 282,556 | 33,582 | ||||
Starbucks Corp. | 240,518 | 18,881 | ||||
* | O'Reilly Automotive Inc. | 27,624 | 17,601 | |||
Target Corp. | 108,049 | 17,491 | ||||
* | AutoZone Inc. | 8,456 | 17,416 | |||
* | Chipotle Mexican Grill Inc. | 7,734 | 10,847 | |||
eBay Inc. | 197,546 | 9,615 | ||||
Tractor Supply Co. | 46,640 | 8,738 | ||||
Yum! Brands Inc. | 55,759 | 6,773 | ||||
Hilton Worldwide Holdings Inc. | 46,817 | 6,595 | ||||
Pool Corp. | 16,422 | 6,546 | ||||
DR Horton Inc. | 70,170 | 5,273 | ||||
* | Ulta Beauty Inc. | 12,439 | 5,263 | |||
* | Aptiv plc | 45,439 | 4,827 | |||
* | Etsy Inc. | 51,921 | 4,212 | |||
Domino's Pizza Inc. | 10,021 | 3,639 | ||||
* | CarMax Inc. | 35,124 | 3,487 | |||
Garmin Ltd. | 31,706 | 3,349 | ||||
Bath & Body Works Inc. | 68,737 | 2,820 | ||||
* | Caesars Entertainment Inc. | 56,122 | 2,816 | |||
* | NVR Inc. | 619 | 2,755 | |||
LKQ Corp. | 47,191 | 2,425 | ||||
Advance Auto Parts Inc. | 12,293 | 2,334 | ||||
Newell Brands Inc. | 82,369 | 1,766 | ||||
* | Under Armour Inc. Class C | 39,738 | 385 | |||
* | Under Armour Inc. Class A | 31,337 | 332 | |||
1,078,566 |
Shares | Market Value ($000) | |||||
Consumer Staples (1.6%) | ||||||
Costco Wholesale Corp. | 92,713 | 43,225 | ||||
PepsiCo Inc. | 238,223 | 39,962 | ||||
Estee Lauder Cos. Inc. Class A | 56,226 | 14,318 | ||||
* | Monster Beverage Corp. | 80,176 | 7,145 | |||
Hershey Co. | 26,843 | 5,683 | ||||
110,333 | ||||||
Energy (1.3%) | ||||||
Devon Energy Corp. | 258,126 | 19,334 | ||||
EOG Resources Inc. | 110,360 | 15,115 | ||||
Pioneer Natural Resources Co. | 52,117 | 14,485 | ||||
Diamondback Energy Inc. | 69,793 | 10,610 | ||||
Occidental Petroleum Corp. | 149,023 | 10,329 | ||||
Hess Corp. | 80,317 | 9,885 | ||||
ONEOK Inc. | 78,667 | 5,180 | ||||
APA Corp. | 82,016 | 3,855 | ||||
88,793 | ||||||
Financials (7.0%) | ||||||
JPMorgan Chase & Co. | 557,342 | 73,697 | ||||
Bank of America Corp. | 1,282,294 | 47,701 | ||||
Goldman Sachs Group Inc. | 139,178 | 45,490 | ||||
S&P Global Inc. | 88,591 | 30,961 | ||||
Charles Schwab Corp. | 419,147 | 29,382 | ||||
Morgan Stanley | 284,801 | 24,533 | ||||
BlackRock Inc. | 30,395 | 20,337 | ||||
Marsh & McLennan Cos. Inc. | 126,243 | 20,193 | ||||
American Express Co. | 110,962 | 18,733 | ||||
MSCI Inc. | 33,325 | 14,741 | ||||
Aon plc Class A | 52,840 | 14,566 | ||||
Intercontinental Exchange Inc. | 131,318 | 13,446 | ||||
Discover Financial Services | 118,023 | 13,394 | ||||
Moody's Corp. | 43,768 | 13,199 | ||||
* | SVB Financial Group | 24,077 | 11,763 | |||
First Republic Bank | 73,494 | 11,394 | ||||
Capital One Financial Corp. | 81,421 | 10,411 | ||||
T. Rowe Price Group Inc. | 65,736 | 8,354 | ||||
Ameriprise Financial Inc. | 27,709 | 7,655 | ||||
Arthur J Gallagher & Co. | 37,651 | 6,097 | ||||
Nasdaq Inc. | 37,389 | 5,805 | ||||
Signature Bank | 25,686 | 5,555 | ||||
Synchrony Financial | 121,880 | 4,515 | ||||
Raymond James Financial Inc. | 45,245 | 4,456 | ||||
Brown & Brown Inc. | 66,247 | 3,933 | ||||
Regions Financial Corp. | 173,972 | 3,843 | ||||
Cincinnati Financial Corp. | 28,900 | 3,695 | ||||
FactSet Research Systems Inc. | 9,009 | 3,440 | ||||
Cboe Global Markets Inc. | 25,395 | 2,852 | ||||
MarketAxess Holdings Inc. | 7,458 | 2,101 | ||||
Comerica Inc. | 24,163 | 2,011 | ||||
Zions Bancorp NA | 29,908 | 1,706 | ||||
Franklin Resources Inc. | 51,969 | 1,407 | ||||
481,366 | ||||||
Health Care (11.8%) | ||||||
Eli Lilly & Co. | 325,519 | 102,031 | ||||
Thermo Fisher Scientific Inc. | 161,559 | 91,696 | ||||
UnitedHealth Group Inc. | 162,188 | 80,572 | ||||
Pfizer Inc. | 1,242,697 | 65,913 |
Shares | Market Value ($000) | |||||
AbbVie Inc. | 391,400 | 57,681 | ||||
Danaher Corp. | 177,425 | 46,808 | ||||
Abbott Laboratories | 384,205 | 45,129 | ||||
* | Regeneron Pharmaceuticals Inc. | 43,755 | 29,086 | |||
Amgen Inc. | 94,682 | 24,309 | ||||
* | Intuitive Surgical Inc. | 101,199 | 23,037 | |||
Zoetis Inc. | 128,020 | 21,882 | ||||
* | Moderna Inc. | 144,617 | 21,017 | |||
* | Vertex Pharmaceuticals Inc. | 62,622 | 16,823 | |||
* | Edwards Lifesciences Corp. | 161,269 | 16,264 | |||
Stryker Corp. | 56,436 | 13,234 | ||||
* | IQVIA Holdings Inc. | 57,158 | 12,303 | |||
HCA Healthcare Inc. | 56,926 | 11,977 | ||||
* | Dexcom Inc. | 39,734 | 11,838 | |||
West Pharmaceutical Services Inc. | 30,370 | 9,426 | ||||
Agilent Technologies Inc. | 73,875 | 9,423 | ||||
* | IDEXX Laboratories Inc. | 24,005 | 9,401 | |||
* | Align Technology Inc. | 30,080 | 8,351 | |||
PerkinElmer Inc. | 51,724 | 7,742 | ||||
* | Mettler-Toledo International Inc. | 5,933 | 7,631 | |||
* | Illumina Inc. | 31,383 | 7,516 | |||
ResMed Inc. | 34,739 | 7,068 | ||||
* | Waters Corp. | 18,542 | 6,081 | |||
Bio-Techne Corp. | 16,113 | 5,957 | ||||
* | Hologic Inc. | 75,927 | 5,715 | |||
Laboratory Corp. of America Holdings | 20,206 | 4,985 | ||||
* | Charles River Laboratories International Inc. | 20,689 | 4,843 | |||
* | Catalent Inc. | 44,106 | 4,546 | |||
STERIS plc | 17,274 | 3,942 | ||||
* | Molina Healthcare Inc. | 11,748 | 3,409 | |||
Quest Diagnostics Inc. | 22,462 | 3,168 | ||||
* | ABIOMED Inc. | 10,282 | 2,711 | |||
* | Bio-Rad Laboratories Inc. Class A | 4,853 | 2,610 | |||
* | Incyte Corp. | 33,103 | 2,512 | |||
808,637 | ||||||
Industrials (3.3%) | ||||||
Union Pacific Corp. | 107,051 | 23,528 | ||||
United Parcel Service Inc. Class B | 128,523 | 23,423 | ||||
Deere & Co. | 52,897 | 18,926 | ||||
Waste Management Inc. | 80,439 | 12,750 | ||||
Equifax Inc. | 49,994 | 10,128 | ||||
Illinois Tool Works Inc. | 47,986 | 9,985 | ||||
Old Dominion Freight Line Inc. | 38,182 | 9,860 | ||||
Johnson Controls International plc | 175,592 | 9,572 | ||||
L3Harris Technologies Inc. | 33,747 | 8,130 | ||||
Expeditors International of Washington Inc. | 69,511 | 7,566 | ||||
* | Copart Inc. | 59,481 | 6,812 | |||
Cintas Corp. | 16,630 | 6,624 | ||||
* | Generac Holdings Inc. | 25,826 | 6,381 | |||
Fastenal Co. | 113,131 | 6,059 | ||||
Verisk Analytics Inc. | 33,669 | 5,889 | ||||
* | TransDigm Group Inc. | 9,508 | 5,756 | |||
* | United Rentals Inc. | 17,832 | 5,317 | |||
Rockwell Automation Inc. | 24,793 | 5,286 | ||||
Otis Worldwide Corp. | 69,721 | 5,187 | ||||
Republic Services Inc. | 37,701 | 5,046 | ||||
Quanta Services Inc. | 31,580 | 3,758 | ||||
Dover Corp. | 27,194 | 3,642 |
Shares | Market Value ($000) | |||||
JB Hunt Transport Services Inc. | 20,368 | 3,515 | ||||
Jacobs Engineering Group Inc. | 23,302 | 3,264 | ||||
Nordson Corp. | 13,282 | 2,894 | ||||
Robert Half International Inc. | 30,531 | 2,752 | ||||
Masco Corp. | 47,292 | 2,681 | ||||
Xylem Inc. | 30,359 | 2,558 | ||||
IDEX Corp. | 12,727 | 2,438 | ||||
Pentair plc | 39,387 | 1,976 | ||||
Fortune Brands Home & Security Inc. | 25,024 | 1,735 | ||||
A O Smith Corp. | 27,015 | 1,624 | ||||
Rollins Inc. | 40,975 | 1,453 | ||||
226,515 | ||||||
Information Technology (44.0%) | ||||||
Apple Inc. | 6,356,306 | 946,073 | ||||
Microsoft Corp. | 3,073,665 | 835,637 | ||||
NVIDIA Corp. | 1,024,990 | 191,386 | ||||
* | Adobe Inc. | 193,406 | 80,550 | |||
QUALCOMM Inc. | 462,060 | 66,176 | ||||
* | Advanced Micro Devices Inc. | 625,259 | 63,689 | |||
Visa Inc. Class A | 292,373 | 62,033 | ||||
Mastercard Inc. Class A | 166,308 | 59,517 | ||||
Broadcom Inc. | 96,493 | 55,978 | ||||
Intuit Inc. | 116,109 | 48,123 | ||||
Oracle Corp. | 645,989 | 46,460 | ||||
Accenture plc Class A | 150,285 | 44,854 | ||||
Applied Materials Inc. | 364,074 | 42,702 | ||||
* | Salesforce Inc. | 246,363 | 39,477 | |||
* | ServiceNow Inc. | 82,001 | 38,333 | |||
Cisco Systems Inc. | 778,204 | 35,058 | ||||
Texas Instruments Inc. | 185,539 | 32,796 | ||||
Lam Research Corp. | 57,201 | 29,746 | ||||
KLA Corp. | 61,798 | 22,547 | ||||
* | PayPal Holdings Inc. | 257,948 | 21,980 | |||
Automatic Data Processing Inc. | 91,279 | 20,350 | ||||
* | Cadence Design Systems Inc. | 113,643 | 17,470 | |||
* | Fortinet Inc. | 55,635 | 16,364 | |||
* | Synopsys Inc. | 42,163 | 13,458 | |||
NXP Semiconductors NV | 68,688 | 13,034 | ||||
* | Autodesk Inc. | 57,708 | 11,989 | |||
* | Enphase Energy Inc. | 54,903 | 10,222 | |||
* | Arista Networks Inc. | 91,979 | 9,408 | |||
Amphenol Corp. Class A | 130,065 | 9,216 | ||||
Motorola Solutions Inc. | 40,812 | 8,968 | ||||
* | Gartner Inc. | 33,705 | 8,844 | |||
Paychex Inc. | 69,697 | 8,631 | ||||
HP Inc. | 221,833 | 8,616 | ||||
* | Keysight Technologies Inc. | 56,248 | 8,190 | |||
Monolithic Power Systems Inc. | 17,772 | 8,004 | ||||
Microchip Technology Inc. | 109,325 | 7,942 | ||||
* | EPAM Systems Inc. | 23,252 | 7,871 | |||
Teradyne Inc. | 66,817 | 7,300 | ||||
* | ANSYS Inc. | 22,160 | 5,770 | |||
CDW Corp. | 32,847 | 5,579 | ||||
* | Zebra Technologies Corp. Class A | 15,874 | 5,368 | |||
Seagate Technology Holdings plc | 60,350 | 5,110 | ||||
NetApp Inc. | 64,695 | 4,655 | ||||
* | SolarEdge Technologies Inc. | 16,186 | 4,415 | |||
* | Paycom Software Inc. | 14,795 | 4,207 |
Shares | Market Value ($000) | |||||
* | Trimble Inc. | 57,706 | 3,927 | |||
* | Tyler Technologies Inc. | 10,415 | 3,706 | |||
Skyworks Solutions Inc. | 31,585 | 3,439 | ||||
* | VeriSign Inc. | 18,642 | 3,254 | |||
Broadridge Financial Solutions Inc. | 21,087 | 3,083 | ||||
* | Akamai Technologies Inc. | 27,937 | 2,823 | |||
* | PTC Inc. | 21,570 | 2,514 | |||
* | Qorvo Inc. | 21,821 | 2,439 | |||
* | F5 Inc. | 13,199 | 2,152 | |||
* | Ceridian HCM Holding Inc. | 22,895 | 1,289 | |||
3,022,722 | ||||||
Materials (1.4%) | ||||||
Linde plc | 107,171 | 34,796 | ||||
Sherwin-Williams Co. | 52,388 | 14,042 | ||||
Freeport-McMoRan Inc. | 264,859 | 10,351 | ||||
Albemarle Corp. | 32,641 | 8,500 | ||||
Nucor Corp. | 60,173 | 7,971 | ||||
CF Industries Holdings Inc. | 52,821 | 5,217 | ||||
Martin Marietta Materials Inc. | 14,859 | 5,043 | ||||
Vulcan Materials Co. | 26,161 | 4,313 | ||||
Avery Dennison Corp. | 17,345 | 2,993 | ||||
Celanese Corp. | 19,015 | 2,976 | ||||
Sealed Air Corp. | 33,332 | 2,073 | ||||
98,275 | ||||||
Real Estate (2.3%) | ||||||
American Tower Corp. | 95,226 | 24,390 | ||||
Prologis Inc. | 185,049 | 23,590 | ||||
Crown Castle International Corp. | 79,737 | 15,122 | ||||
Public Storage | 36,885 | 12,196 | ||||
Equinix Inc. | 16,985 | 11,670 | ||||
Extra Space Storage Inc. | 54,875 | 9,779 | ||||
Simon Property Group Inc. | 80,873 | 9,272 | ||||
SBA Communications Corp. | 24,967 | 8,404 | ||||
Camden Property Trust | 41,927 | 6,016 | ||||
* | CBRE Group Inc. Class A | 68,678 | 5,689 | |||
Duke Realty Corp. | 101,329 | 5,353 | ||||
Mid-America Apartment Communities Inc. | 29,330 | 5,309 | ||||
Weyerhaeuser Co. | 128,789 | 5,090 | ||||
AvalonBay Communities Inc. | 24,020 | 4,995 | ||||
Iron Mountain Inc. | 72,542 | 3,910 | ||||
Essex Property Trust Inc. | 11,779 | 3,344 | ||||
UDR Inc. | 67,525 | 3,228 | ||||
Federal Realty Investment Trust | 12,221 | 1,405 | ||||
158,762 | ||||||
Utilities (0.1%) | ||||||
NRG Energy Inc. | 100,539 | 4,629 | ||||
Total Common Stocks (Cost $5,773,549) | 6,851,671 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (0.1%) | ||||||
Money Market Fund (0.1%) | ||||||
1 | Vanguard Market Liquidity Fund (Cost $8,847) | 0.854% | 88,490 | 8,848 | ||
Total Investments (99.9%) (Cost $5,782,396) | 6,860,519 | |||||
Other Assets and Liabilities—Net (0.1%) | 6,832 | |||||
Net Assets (100%) | 6,867,351 |
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 2022 | 31 | 7,841 | (105) |
E-mini S&P 500 Index | June 2022 | 15 | 3,098 | (15) |
(120) |
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 | BANA | 3,848 | (0.797) | 733 | — |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. |
At May 31, 2022, the counterparties had deposited in segregated accounts cash of $260,000 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 May 31, 2022, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 6,851,671 | — | — | 6,851,671 |
Temporary Cash Investments | 8,848 | — | — | 8,848 |
Total | 6,860,519 | — | — | 6,860,519 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 733 | — | 733 |
Liabilities | ||||
Futures Contracts1 | 120 | — | — | 120 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |