NPORT-EX 2 institutionalindexq33120.htm institutionalindexq33120.htm - Generated by SEC Publisher for SEC Filing

Vanguard Institutional Index Fund

Schedule of Investments (unaudited)
As of March 31, 2020

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.

      Market 
      Value 
    Shares  ($000) 
Common Stocks (99.3%)     
Communication Services (10.7%)     
*  Facebook Inc. Class A  21,295,082  3,552,020 
*  Alphabet Inc. Class A  2,651,520  3,080,934 
*  Alphabet Inc. Class C  2,644,857  3,075,466 
  Verizon Communications Inc.  36,598,887  1,966,458 
  AT&T Inc.  64,643,734  1,884,365 
  Walt Disney Co.  15,949,845  1,540,755 
*  Netflix Inc.  3,878,091  1,456,223 
  Comcast Corp. Class A  40,173,464  1,381,164 
*  Charter Communications Inc. Class A  1,387,702  605,468 
*  Activision Blizzard Inc.  6,796,022  404,227 
*  Electronic Arts Inc.  2,582,462  258,685 
*  T-Mobile US Inc.  2,799,591  234,886 
*  Twitter Inc.  6,873,718  168,819 
*  Take-Two Interactive Software Inc.  1,002,675  118,927 
  Omnicom Group Inc.  1,923,561  105,604 
  CenturyLink Inc.  8,681,312  82,125 
  Fox Corp. Class A  3,127,328  73,899 
  ViacomCBS Inc. Class B  4,786,038  67,052 
*  Live Nation Entertainment Inc.  1,244,293  56,566 
  Interpublic Group of Cos. Inc.  3,437,746  55,657 
*  Discovery Inc. Class C  2,965,063  52,007 
*  DISH Network Corp. Class A  2,259,391  45,165 
  News Corp. Class A  4,498,991  40,378 
  Fox Corp. Class B  1,453,387  33,254 
*,^  Discovery Inc. Class A  1,404,626  27,306 
  News Corp. Class B  146  1 
      20,367,411 
Consumer Discretionary (9.7%)     
*  Amazon.com Inc.  3,685,388  7,185,475 
  Home Depot Inc.  9,652,757  1,802,266 
  McDonald's Corp.  6,663,753  1,101,851 
  NIKE Inc. Class B  11,026,639  912,344 
  Starbucks Corp.  10,450,617  687,024 
  Lowe's Cos. Inc.  6,782,876  583,666 
  TJX Cos. Inc.  10,726,301  512,824 
*  Booking Holdings Inc.  370,431  498,348 
  Target Corp.  4,485,307  416,999 
  Dollar General Corp.  2,251,863  340,054 
  Ross Stores Inc.  3,201,724  278,454 
  General Motors Co.  11,130,228  231,286 
  eBay Inc.  6,770,524  203,522 
*  O'Reilly Automotive Inc.  669,841  201,656 
  Yum! Brands Inc.  2,677,350  183,479 
  Marriott International Inc. Class A  2,401,546  179,660 

 

 

* AutoZone Inc.  210,929  178,446 
Hilton Worldwide Holdings Inc.  2,496,763  170,379 
Ford Motor Co.  34,451,097  166,399 
VF Corp.  2,898,326  156,741 
* Dollar Tree Inc.  2,094,290  153,867 
* Chipotle Mexican Grill Inc. Class A  226,225  148,042 
Las Vegas Sands Corp.  2,990,250  126,996 
Tiffany & Co.  953,995  123,542 
Best Buy Co. Inc.  2,013,186  114,752 
Aptiv plc  2,256,823  111,126 
DR Horton Inc.  2,972,290  101,058 
Garmin Ltd.  1,279,115  95,882 
Lennar Corp. Class A  2,443,736  93,351 
* Ulta Beauty Inc.  506,431  88,980 
Tractor Supply Co.  1,047,447  88,562 
Genuine Parts Co.  1,286,609  86,627 
Hasbro Inc.  1,123,727  80,403 
* NVR Inc.  30,709  78,895 
* CarMax Inc.  1,456,837  78,421 
Expedia Group Inc.  1,236,813  69,595 
Darden Restaurants Inc.  1,083,236  58,993 
Advance Auto Parts Inc.  611,080  57,026 
* LKQ Corp.  2,719,645  55,780 
MGM Resorts International  4,549,390  53,683 
Wynn Resorts Ltd.  853,195  51,354 
PulteGroup Inc.  2,247,431  50,163 
Royal Caribbean Cruises Ltd.  1,522,128  48,967 
Whirlpool Corp.  557,723  47,853 
^ Carnival Corp.  3,546,520  46,708 
Newell Brands Inc.  3,374,807  44,817 
BorgWarner Inc.  1,827,367  44,533 
* Mohawk Industries Inc.  527,921  40,249 
Tapestry Inc.  2,440,080  31,599 
Leggett & Platt Inc.  1,166,623  31,125 
Ralph Lauren Corp.  441,720  29,520 
Harley-Davidson Inc.  1,371,947  25,971 
Hanesbrands Inc.  3,213,849  25,293 
PVH Corp.  658,651  24,792 
H&R Block Inc.  1,735,637  24,438 
L Brands Inc.  2,061,530  23,831 
* Norwegian Cruise Line Holdings Ltd.  1,889,842  20,713 
Kohl's Corp.  1,385,487  20,214 
* Under Armour Inc. Class A  1,634,999  15,058 
^ Nordstrom Inc.  953,494  14,627 
* Capri Holdings Ltd.  1,340,401  14,463 
* Under Armour Inc. Class C  1,738,822  14,015 
^ Macy's Inc.  2,733,418  13,421 
Gap Inc.  1,875,102  13,201 
Lennar Corp. Class B  46,974  1,358 
    18,574,737 
Consumer Staples (7.7%)     
Procter & Gamble Co.  22,069,461  2,427,641 
Coca-Cola Co.  34,121,401  1,509,872 
PepsiCo Inc.  12,338,840  1,481,895 
Walmart Inc.  12,554,461  1,426,438 
Costco Wholesale Corp.  3,909,764  1,114,791 
Philip Morris International Inc.  13,768,004  1,004,514 

 

 

Altria Group Inc.  16,533,794  639,362 
Mondelez International Inc. Class A  12,743,145  638,177 
Colgate-Palmolive Co.  7,582,466  503,172 
Kimberly-Clark Corp.  3,033,025  387,833 
Estee Lauder Cos. Inc. Class A  1,968,322  313,632 
Walgreens Boots Alliance Inc.  6,631,946  303,412 
General Mills Inc.  5,346,437  282,132 
Kroger Co.  7,091,472  213,595 
Constellation Brands Inc. Class A  1,482,663  212,555 
Sysco Corp.  4,515,851  206,058 
* Monster Beverage Corp.  3,379,756  190,145 
Hershey Co.  1,312,679  173,930 
Archer-Daniels-Midland Co.  4,926,387  173,310 
McCormick & Co. Inc.  1,093,068  154,352 
Tyson Foods Inc. Class A  2,611,384  151,121 
Clorox Co.  861,109  149,187 
Church & Dwight Co. Inc.  2,170,916  139,329 
Kraft Heinz Co.  5,506,574  136,233 
Kellogg Co.  2,201,407  132,062 
Conagra Brands Inc.  4,309,416  126,438 
Hormel Foods Corp.  2,462,068  114,831 
JM Smucker Co.  1,010,470  112,162 
Brown-Forman Corp. Class B  1,611,328  89,445 
Lamb Weston Holdings Inc.  1,292,543  73,804 
Campbell Soup Co.  1,493,292  68,930 
Molson Coors Beverage Co. Class B  1,661,593  64,819 
Coty Inc. Class A  2,630,675  13,574 
    14,728,751 
Energy (2.6%)     
Exxon Mobil Corp.  37,437,626  1,421,507 
Chevron Corp.  16,730,920  1,212,322 
ConocoPhillips  9,709,584  299,055 
Kinder Morgan Inc.  17,236,142  239,927 
Phillips 66  3,933,891  211,053 
EOG Resources Inc.  5,149,531  184,971 
Schlumberger Ltd.  12,247,329  165,216 
Valero Energy Corp.  3,634,599  164,865 
Williams Cos. Inc.  10,721,862  151,714 
Marathon Petroleum Corp.  5,743,364  135,658 
Pioneer Natural Resources Co.  1,462,854  102,619 
ONEOK Inc.  3,649,085  79,587 
Hess Corp.  2,294,410  76,404 
Concho Resources Inc.  1,780,406  76,290 
Occidental Petroleum Corp.  5,892,543  68,236 
Cabot Oil & Gas Corp.  3,609,128  62,041 
Baker Hughes Co.  5,753,706  60,414 
Halliburton Co.  7,774,839  53,258 
Diamondback Energy Inc.  1,429,866  37,463 
National Oilwell Varco Inc.  3,423,361  33,652 
HollyFrontier Corp.  1,321,115  32,381 
Noble Energy Inc.  4,240,862  25,615 
TechnipFMC plc  3,733,268  25,162 
Devon Energy Corp.  3,438,397  23,759 
Marathon Oil Corp.  7,097,562  23,351 
Helmerich & Payne Inc.  960,770  15,036 

 

 

Apache Corp.  3,338,775  13,956 
    4,995,512 
Financials (10.8%)     
* Berkshire Hathaway Inc.  17,309,265  3,164,653 
JPMorgan Chase & Co.  26,655,651  2,399,808 
Bank of America Corp.  71,645,347  1,521,031 
Wells Fargo & Co.  34,059,655  977,512 
Citigroup Inc.  19,315,903  813,586 
CME Group Inc.  3,171,988  548,468 
S&P Global Inc.  2,162,657  529,959 
American Express Co.  5,938,616  508,405 
BlackRock Inc.  1,043,268  459,007 
Chubb Ltd.  4,010,446  447,927 
Goldman Sachs Group Inc.  2,818,790  435,757 
US Bancorp  12,573,857  433,169 
Intercontinental Exchange Inc.  4,926,391  397,806 
Marsh & McLennan Cos. Inc.  4,464,561  386,006 
Progressive Corp.  5,175,631  382,169 
PNC Financial Services Group Inc.  3,876,223  371,032 
Truist Financial Corp.  11,871,354  366,113 
Morgan Stanley  10,305,673  350,393 
Aon plc  2,070,998  341,798 
Charles Schwab Corp.  10,113,357  340,011 
Moody's Corp.  1,436,230  303,763 
Allstate Corp.  2,865,011  262,807 
Bank of New York Mellon Corp.  7,430,174  250,248 
Travelers Cos. Inc.  2,285,581  227,072 
Aflac Inc.  6,498,378  222,504 
MSCI Inc. Class A  749,991  216,717 
MetLife Inc.  6,919,527  211,530 
Capital One Financial Corp.  4,120,917  207,777 
T. Rowe Price Group Inc.  2,068,727  202,011 
Willis Towers Watson plc  1,138,356  193,350 
American International Group Inc.  7,700,247  186,731 
Prudential Financial Inc.  3,557,669  185,497 
State Street Corp.  3,218,062  171,426 
Northern Trust Corp.  1,873,619  141,383 
Arthur J Gallagher & Co.  1,649,383  134,441 
First Republic Bank  1,491,432  122,715 
M&T Bank Corp.  1,166,583  120,660 
Ameriprise Financial Inc.  1,119,903  114,768 
Hartford Financial Services Group Inc.  3,186,271  112,284 
MarketAxess Holdings Inc.  336,010  111,747 
Cincinnati Financial Corp.  1,346,187  101,570 
Discover Financial Services  2,770,409  98,820 
Nasdaq Inc.  1,015,978  96,467 
Fifth Third Bancorp  6,286,689  93,357 
KeyCorp  8,728,828  90,518 
Cboe Global Markets Inc.  982,029  87,646 
Synchrony Financial  5,002,064  80,483 
Loews Corp.  2,263,703  78,845 
Regions Financial Corp.  8,545,586  76,654 
Huntington Bancshares Inc.  9,133,347  74,985 
Citizens Financial Group Inc.  3,844,172  72,309 
Principal Financial Group Inc.  2,283,700  71,571 
Everest Re Group Ltd.  360,747  69,415 
Raymond James Financial Inc.  1,092,687  69,058 

 

 

* SVB Financial Group  455,798  68,862 
E*TRADE Financial Corp.  1,996,244  68,511 
WR Berkley Corp.  1,282,682  66,918 
Globe Life Inc.  880,093  63,340 
Assurant Inc.  537,813  55,981 
Lincoln National Corp.  1,748,670  46,025 
People's United Financial Inc.  3,934,966  43,481 
Franklin Resources Inc.  2,476,426  41,332 
Zions Bancorp NA  1,503,001  40,220 
Comerica Inc.  1,279,154  37,530 
Invesco Ltd.  3,299,750  29,962 
Unum Group  1,823,882  27,376 
    20,625,277 
Health Care (15.3%)     
Johnson & Johnson  23,289,928  3,054,008 
UnitedHealth Group Inc.  8,384,133  2,090,835 
Merck & Co. Inc.  22,529,634  1,733,430 
Pfizer Inc.  48,972,713  1,598,469 
Abbott Laboratories  15,639,402  1,234,105 
Bristol-Myers Squibb Co.  20,743,242  1,156,228 
Medtronic plc  11,860,743  1,069,602 
Amgen Inc.  5,258,133  1,065,981 
Eli Lilly & Co.  7,476,683  1,037,165 
Thermo Fisher Scientific Inc.  3,548,478  1,006,348 
AbbVie Inc.  13,086,499  997,060 
Gilead Sciences Inc.  11,195,740  836,994 
Danaher Corp.  5,657,164  783,008 
CVS Health Corp.  11,513,375  683,089 
Cigna Corp.  3,304,181  585,435 
Becton Dickinson and Co.  2,393,891  550,044 
* Vertex Pharmaceuticals Inc.  2,275,071  541,353 
Allergan plc  2,905,113  514,496 
Anthem Inc.  2,243,474  509,358 
* Intuitive Surgical Inc.  1,022,976  506,588 
* Biogen Inc.  1,596,870  505,218 
Zoetis Inc.  4,216,114  496,194 
Stryker Corp.  2,850,216  474,532 
* Boston Scientific Corp.  12,330,431  402,342 
Humana Inc.  1,172,033  368,042 
Baxter International Inc.  4,516,618  366,704 
* Illumina Inc.  1,300,335  355,148 
* Edwards Lifesciences Corp.  1,845,070  348,017 
* Regeneron Pharmaceuticals Inc.  706,654  345,052 
* Centene Corp.  5,163,512  306,764 
HCA Healthcare Inc.  2,342,265  210,453 
Agilent Technologies Inc.  2,739,793  196,224 
McKesson Corp.  1,428,778  193,257 
ResMed Inc.  1,272,584  187,439 
Zimmer Biomet Holdings Inc.  1,820,862  184,053 
* IDEXX Laboratories Inc.  759,016  183,864 
* Alexion Pharmaceuticals Inc.  1,958,399  175,845 
Cerner Corp.  2,780,264  175,129 
* IQVIA Holdings Inc.  1,597,177  172,272 
* Mettler-Toledo International Inc.  215,391  148,730 
Cardinal Health Inc.  2,584,897  123,920 
Cooper Cos. Inc.  439,236  121,084 
Teleflex Inc.  410,158  120,119 

 

 

AmerisourceBergen Corp. Class A  1,331,666  117,852 
* Incyte Corp.  1,583,876  115,987 
* Align Technology Inc.  633,882  110,264 
* Laboratory Corp. of America Holdings  858,172  108,464 
STERIS plc  751,110  105,133 
* Waters Corp.  570,622  103,882 
Quest Diagnostics Inc.  1,193,423  95,832 
* Hologic Inc.  2,374,234  83,336 
* Varian Medical Systems Inc.  804,964  82,638 
Dentsply Sirona Inc.  1,964,881  76,296 
PerkinElmer Inc.  982,784  73,984 
Universal Health Services Inc. Class B  709,436  70,291 
* Mylan NV  4,564,729  68,060 
* Henry Schein Inc.  1,301,330  65,743 
* DaVita Inc.  791,796  60,224 
Perrigo Co. plc  1,206,363  58,014 
* ABIOMED Inc.  398,653  57,868 
    29,167,866 
Industrials (8.2%)     
Union Pacific Corp.  6,142,993  866,408 
Honeywell International Inc.  6,321,790  845,792 
Lockheed Martin Corp.  2,196,359  744,456 
Boeing Co.  4,731,171  705,607 
3M Co.  5,089,028  694,703 
United Technologies Corp.  7,179,112  677,206 
General Electric Co.  77,288,666  613,672 
United Parcel Service Inc. Class B  6,201,605  579,354 
Caterpillar Inc.  4,891,405  567,599 
Northrop Grumman Corp.  1,387,437  419,769 
CSX Corp.  6,879,397  394,189 
Deere & Co.  2,785,358  384,825 
Illinois Tool Works Inc.  2,587,395  367,721 
L3Harris Technologies Inc.  1,956,996  352,494 
Norfolk Southern Corp.  2,306,616  336,766 
Raytheon Co.  2,463,332  323,066 
Waste Management Inc.  3,453,427  319,649 
Roper Technologies Inc.  921,144  287,222 
Eaton Corp. plc  3,658,955  284,264 
General Dynamics Corp.  2,074,023  274,414 
FedEx Corp.  2,123,003  257,435 
Emerson Electric Co.  5,391,964  256,927 
IHS Markit Ltd.  3,550,463  213,028 
Verisk Analytics Inc.  1,451,034  202,245 
PACCAR Inc.  3,061,570  187,154 
Johnson Controls International plc  6,830,682  184,155 
Cummins Inc.  1,356,031  183,498 
Trane Technologies plc  2,121,268  175,196 
Fastenal Co.  5,074,643  158,583 
Rockwell Automation Inc.  1,021,463  154,149 
Southwest Airlines Co.  4,191,332  149,253 
Parker-Hannifin Corp.  1,136,338  147,417 
AMETEK Inc.  2,022,157  145,636 
Delta Air Lines Inc.  5,091,706  145,266 
Fortive Corp.  2,613,522  144,240 
TransDigm Group Inc.  440,694  141,106 
Republic Services Inc.  1,863,252  139,856 
Stanley Black & Decker Inc.  1,345,715  134,572 

 

 

Cintas Corp.  741,731  128,483 
Equifax Inc.  1,070,763  127,903 
* Copart Inc.  1,808,784  123,938 
Kansas City Southern  878,199  111,689 
Old Dominion Freight Line Inc.  848,214  111,337 
Dover Corp.  1,286,934  108,025 
Xylem Inc.  1,595,589  103,921 
Expeditors International of Washington Inc.  1,508,442  100,643 
WW Grainger Inc.  386,426  96,027 
Jacobs Engineering Group Inc.  1,199,651  95,096 
IDEX Corp.  673,302  92,990 
Masco Corp.  2,516,048  86,980 
CH Robinson Worldwide Inc.  1,196,545  79,211 
Westinghouse Air Brake Technologies Corp.  1,609,427  77,462 
Ingersoll Rand Inc.  3,068,118  76,089 
Allegion plc  822,674  75,702 
JB Hunt Transport Services Inc.  755,972  69,723 
* United Rentals Inc.  663,341  68,258 
Huntington Ingalls Industries Inc.  361,347  65,841 
* United Airlines Holdings Inc.  1,927,686  60,818 
Arconic Inc.  3,420,816  54,938 
Textron Inc.  2,025,109  54,010 
Fortune Brands Home & Security Inc.  1,227,790  53,102 
Snap-on Inc.  484,231  52,694 
AO Smith Corp.  1,209,233  45,721 
Rollins Inc.  1,244,250  44,967 
Pentair plc  1,490,967  44,371 
^ American Airlines Group Inc.  3,455,347  42,121 
Quanta Services Inc.  1,263,800  40,100 
Nielsen Holdings plc  3,158,035  39,602 
Robert Half International Inc.  1,036,639  39,133 
Alaska Air Group Inc.  1,092,073  31,091 
Flowserve Corp.  1,159,730  27,706 
    15,588,584 
Information Technology (25.3%)     
Microsoft Corp.  67,508,664  10,646,791 
Apple Inc.  36,959,990  9,398,556 
Visa Inc. Class A  15,148,271  2,440,689 
Intel Corp.  38,494,268  2,083,310 
Mastercard Inc. Class A  7,855,807  1,897,649 
Cisco Systems Inc.  37,543,808  1,475,847 
NVIDIA Corp.  5,415,734  1,427,588 
* Adobe Inc.  4,283,557  1,363,199 
* salesforce.com Inc.  7,849,161  1,130,122 
* PayPal Holdings Inc.  10,390,476  994,784 
Oracle Corp.  19,171,245  926,546 
Accenture plc Class A  5,619,898  917,505 
International Business Machines Corp.  7,837,126  869,372 
Broadcom Inc.  3,510,254  832,281 
Texas Instruments Inc.  8,272,646  826,686 
QUALCOMM Inc.  10,105,043  683,606 
Fidelity National Information Services Inc.  5,438,824  661,579 
Intuit Inc.  2,303,677  529,846 
Automatic Data Processing Inc.  3,830,018  523,487 
* Fiserv Inc.  5,054,875  480,163 
* ServiceNow Inc.  1,669,408  478,419 
* Advanced Micro Devices Inc.  10,353,041  470,856 

 

 

* Micron Technology Inc.  9,799,606  412,171 
Global Payments Inc.  2,660,568  383,734 
Applied Materials Inc.  8,171,926  374,438 
Lam Research Corp.  1,283,408  308,018 
* Autodesk Inc.  1,946,490  303,847 
Analog Devices Inc.  3,258,474  292,122 
HP Inc.  13,120,925  227,779 
Cognizant Technology Solutions Corp. Class A  4,842,664  225,039 
Motorola Solutions Inc.  1,515,083  201,385 
KLA Corp.  1,396,791  200,775 
Amphenol Corp. Class A  2,621,769  191,075 
TE Connectivity Ltd.  2,961,115  186,491 
Paychex Inc.  2,819,424  177,398 
* ANSYS Inc.  757,327  176,056 
Xilinx Inc.  2,225,341  173,443 
* Synopsys Inc.  1,330,212  171,318 
* VeriSign Inc.  914,100  164,620 
* Cadence Design Systems Inc.  2,482,046  163,914 
Citrix Systems Inc.  1,018,494  144,168 
Microchip Technology Inc.  2,113,915  143,323 
* FleetCor Technologies Inc.  767,967  143,257 
Corning Inc.  6,802,848  139,731 
* Keysight Technologies Inc.  1,659,229  138,844 
Skyworks Solutions Inc.  1,506,625  134,662 
* Akamai Technologies Inc.  1,428,686  130,710 
* Fortinet Inc.  1,254,803  126,948 
CDW Corp.  1,270,196  118,471 
Maxim Integrated Products Inc.  2,397,158  116,526 
Hewlett Packard Enterprise Co.  11,463,640  111,312 
Western Digital Corp.  2,628,401  109,394 
Leidos Holdings Inc.  1,178,513  108,011 
Jack Henry & Associates Inc.  681,515  105,798 
Seagate Technology plc  2,046,967  99,892 
* Arista Networks Inc.  480,124  97,249 
Broadridge Financial Solutions Inc.  1,015,280  96,279 
NortonLifeLock Inc.  5,075,269  94,958 
* Paycom Software Inc.  434,400  87,753 
* Zebra Technologies Corp.  476,944  87,567 
NetApp Inc.  2,018,556  84,154 
* Qorvo Inc.  1,027,636  82,858 
* Gartner Inc.  790,930  78,753 
Western Union Co.  3,707,485  67,217 
* F5 Networks Inc.  538,881  57,461 
Juniper Networks Inc.  2,956,817  56,593 
FLIR Systems Inc.  1,188,564  37,903 
* IPG Photonics Corp.  314,428  34,675 
Xerox Holdings Corp.  1,646,408  31,183 
DXC Technology Co.  2,255,746  29,438 
Alliance Data Systems Corp.  362,607  12,202 
    48,299,794 
Materials (2.4%)     
Linde plc  4,753,935  822,431 
Air Products & Chemicals Inc.  1,950,201  389,280 
Ecolab Inc.  2,218,485  345,707 
Sherwin-Williams Co.  726,726  333,945 
Newmont Corp.  7,251,881  328,365 
DuPont de Nemours Inc.  6,550,426  223,370 

 

 

Dow Inc.  6,565,011  191,961 
Ball Corp.  2,895,721  187,237 
PPG Industries Inc.  2,092,997  174,975 
Corteva Inc.  6,621,588  155,607 
Vulcan Materials Co.  1,172,555  126,718 
Amcor plc  14,354,666  116,560 
LyondellBasell Industries NV Class A  2,269,214  112,621 
International Paper Co.  3,471,728  108,075 
Martin Marietta Materials Inc.  553,626  104,763 
Nucor Corp.  2,684,575  96,698 
^ International Flavors & Fragrances Inc.  945,536  96,520 
FMC Corp.  1,147,816  93,765 
Freeport-McMoRan Inc.  12,811,785  86,480 
Celanese Corp.  1,069,524  78,492 
Avery Dennison Corp.  737,963  75,176 
Packaging Corp. of America  837,135  72,688 
Westrock Co.  2,278,731  64,397 
Eastman Chemical Co.  1,206,875  56,216 
Albemarle Corp.  936,175  52,772 
CF Industries Holdings Inc.  1,929,072  52,471 
Sealed Air Corp.  1,366,004  33,754 
Mosaic Co.  3,080,035  33,326 
    4,614,370 
Real Estate (3.0%)     
American Tower Corp.  3,919,761  853,528 
Crown Castle International Corp.  3,680,435  531,455 
Prologis Inc.  6,531,288  524,920 
Equinix Inc.  754,504  471,241 
Digital Realty Trust Inc.  2,327,317  323,288 
SBA Communications Corp.  996,998  269,160 
Public Storage  1,329,500  264,052 
Equity Residential  3,090,280  190,701 
AvalonBay Communities Inc.  1,235,152  181,777 
Welltower Inc.  3,592,290  164,455 
Realty Income Corp.  3,032,324  151,192 
Simon Property Group Inc.  2,715,508  148,973 
Alexandria Real Estate Equities Inc.  1,084,557  148,649 
Essex Property Trust Inc.  584,277  128,681 
Boston Properties Inc.  1,271,382  117,260 
Weyerhaeuser Co.  6,588,852  111,681 
* CBRE Group Inc. Class A  2,958,947  111,582 
Extra Space Storage Inc.  1,147,098  109,846 
Duke Realty Corp.  3,247,194  105,144 
Healthpeak Properties Inc.  4,372,627  104,287 
Mid-America Apartment Communities Inc.  1,010,862  104,149 
UDR Inc.  2,595,944  94,856 
Ventas Inc.  3,302,476  88,506 
Host Hotels & Resorts Inc.  6,335,432  69,943 
Iron Mountain Inc.  2,537,077  60,382 
Regency Centers Corp.  1,479,320  56,850 
Vornado Realty Trust  1,396,995  50,585 
Apartment Investment & Management Co.  1,321,885  46,464 
Federal Realty Investment Trust  621,208  46,348 
Kimco Realty Corp.  3,736,227  36,129 
SL Green Realty Corp.  724,029  31,206 

 

5,697,290

 

Utilities (3.6%)         
  NextEra Energy Inc.      4,324,642  1,040,595 
  Dominion Energy Inc.      7,283,926  525,827 
  Duke Energy Corp.      6,451,144  521,769 
  Southern Co.      9,280,499  502,446 
  American Electric Power Co. Inc.      4,371,944  349,668 
  Exelon Corp.      8,606,185  316,794 
  Sempra Energy      2,495,718  281,991 
  Xcel Energy Inc.      4,641,057  279,856 
  WEC Energy Group Inc.      2,790,970  245,968 
  Consolidated Edison Inc.      2,940,042  229,323 
  Eversource Energy      2,864,050  223,997 
  Public Service Enterprise Group Inc.      4,477,043  201,064 
  FirstEnergy Corp.      4,782,887  191,650 
  American Water Works Co. Inc.      1,599,826  191,275 
  Edison International      3,173,920  173,899 
  PPL Corp.      6,794,022  167,677 
  Entergy Corp.      1,762,087  165,583 
  DTE Energy Co.      1,699,931  161,443 
  Ameren Corp.      2,176,796  158,536 
  CMS Energy Corp.      2,510,287  147,479 
  Evergy Inc.      2,014,067  110,874 
  Atmos Energy Corp.      1,056,766  104,863 
  Alliant Energy Corp.      2,129,864  102,851 
  NiSource Inc.      3,306,177  82,555 
  AES Corp.      5,873,414  79,878 
  Pinnacle West Capital Corp.      995,008  75,412 
  CenterPoint Energy Inc.      4,446,956  68,706 
  NRG Energy Inc.      2,221,991  60,572 
          6,762,551 
Total Common Stocks (Cost $110,319,958)        189,422,143 
    Coupon       
Temporary Cash Investments (0.6%)         
Money Market Fund (0.6%)         
1,2 Vanguard Market Liquidity Fund  0.943%    11,839,613  1,182,541 
 
        Face   
      Maturity  Amount   
      Date  ($000)   
U.S. Government and Agency Obligations (0.0%)         
3  United States Treasury Bill  1.541%  4/30/20  3,000  3,000 
3  United States Treasury Bill  1.551%  5/14/20  42,000  41,995 
3  United States Treasury Bill  1.128%  6/4/20  4,540  4,539 
          49,534 
Total Temporary Cash Investments (Cost $1,232,674)        1,232,075 
Total Investments (99.9%) (Cost $111,552,632)        190,654,218 
Other Asset and Liabilities-Net (0.1%)3        102,015 
Net Assets (100%)        190,756,233 

 

Cost rounded to $000.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $109,173,000.
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.
2 Collateral of $119,060,000 was received for securities on loan.

 

3 Securities with a value of $49,534,000 and cash of $55,749,000 have been segregated as initial margin for open
futures contracts.

Derivative Financial Instruments Outstanding as of Period End       
 
Futures Contracts             
            ($000) 
            Value and 
        Number of    Unrealized 
        Long (Short)  Notional Appreciation 
      Expiration  Contracts  Amount   (Depreciation) 
Long Futures Contracts             
E-mini S&P 500 Index      June 2020  8,662  1,112,937  11,664 
 
Over-the-Counter Total Return Swaps           
        Floating     
        Interest     
        Rate  Value and  Value and 
      Notional  Received  Unrealized  Unrealized 
  Termination    Amount  (Paid)1  Appreciation   (Depreciation)
Reference Entity  Date  Counterparty  ($000)  (%)  ($000)  ($000) 
JPMorgan Chase & Co.  9/2/21  BOANA  116,100  (1.965)  —  (26,257) 
Clorox Co.  2/2/21  GSI  43,278  (0.941)  34  — 
Occidental Petroleum Corp.  2/2/21  GSI  25,660  (0.941)  —  (2,501) 
JPMorgan Chase & Co.  9/2/21  BOANA  9,344  (1.175)  —  (347) 
          34  (29,105) 

 

1 Payment received/paid monthly.
BOANA—Bank of America NA.
GSI—Goldman Sachs International.

At March 31, 2020, the counterparties had deposited in segregated accounts cash of $26,099,000 in connection with open swap contracts.

 

Institutional Index Fund

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 assets pledged as initial margin for
open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the
contracts are not recorded in the Schedule of Investments. 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.

The notional amounts of swap contracts are not recorded in the Schedule of 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 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

 

Institutional Index Fund

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.

D. Various inputs may be used to determine the value of the fund's investments. 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 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, 2020, based on the inputs used to value them:

  Level 1  Level 2  Level 3  Total 
  ($000)  ($000)  ($000)  ($000) 
Investments         
Assets         
Common Stocks  189,422,143  —  —  189,422,143 
Temporary Cash Investments  1,182,541  49,534  —  1,232,075 
Total  190,604,684  49,534  —  190,654,218 
Derivative Financial Instruments         
Assets         
Futures Contracts1  291  —  —  291 
Swap Contracts  —  34  —  34 
Total  291  34  —  325 
Liabilities         
Futures Contracts1  18,289  —  —  18,289 
Swap Contracts  —  29,105  —  29,105 
Total  18,289  29,105  —  47,394 
1 Represents variation margin on the last day of the reporting   
period.