NPORT-EX 2 vginstitutionalndex93020.htm
Vanguard® Institutional Index Fund
Schedule of Investments (unaudited)
As of September 30, 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.
    Shares Market
Value
($000)
Common Stocks (99.5%)
Communication Services (10.8%)
* Facebook Inc. Class A 20,582,140 5,390,463
* Alphabet Inc. Class A 2,572,256 3,769,898
* Alphabet Inc. Class C 2,513,276 3,693,510
  Verizon Communications Inc. 35,424,286 2,107,391
  Walt Disney Co. 15,469,682 1,919,478
* Netflix Inc. 3,775,398 1,887,812
  Comcast Corp. Class A 39,025,241 1,805,308
  AT&T Inc. 60,995,425 1,738,980
* Charter Communications Inc. Class A 1,280,549 799,498
* T-Mobile US Inc. 4,980,582 569,579
  Activision Blizzard Inc. 6,607,799 534,901
* Electronic Arts Inc. 2,472,407 322,427
* Twitter Inc. 6,771,462 301,330
* Take-Two Interactive Software Inc. 978,269 161,630
  ViacomCBS Inc. Class B 4,822,534 135,079
  Omnicom Group Inc. 1,839,221 91,041
  CenturyLink Inc. 8,442,266 85,183
  Fox Corp. Class A 2,903,426 80,802
* Live Nation Entertainment Inc. 1,218,149 65,634
* DISH Network Corp. Class A 2,110,666 61,273
  News Corp. Class A 4,352,014 61,015
  Interpublic Group of Cos. Inc. 3,335,699 55,606
* Discovery Inc. Class C 2,660,899 52,154
* Fox Corp. Class B 1,385,070 38,740
*,1 Discovery Inc. Class A 1,361,466 29,639
  News Corp. Class B 504 7
      25,758,378
Consumer Discretionary (11.5%)
* Amazon.com Inc. 3,644,771 11,476,400
  Home Depot Inc. 9,214,963 2,559,087
  McDonald's Corp. 6,370,069 1,398,166
  NIKE Inc. Class B 10,656,205 1,337,780
  Lowe's Cos. Inc. 6,469,411 1,073,016
  Starbucks Corp. 10,007,783 859,869
  Target Corp. 4,285,563 674,633
* Booking Holdings Inc. 350,601 599,766
  TJX Cos. Inc. 10,264,458 571,217
  Dollar General Corp. 2,131,816 446,871
  General Motors Co. 10,780,936 319,008
* Chipotle Mexican Grill Inc. Class A 239,407 297,753
  eBay Inc. 5,692,414 296,575
* O'Reilly Automotive Inc. 634,028 292,338
    Shares Market
Value
($000)
  Ross Stores Inc. 3,046,863 284,333
  Yum! Brands Inc. 2,580,493 235,599
* AutoZone Inc. 199,962 235,483
  Ford Motor Co. 33,453,133 222,798
  Best Buy Co. Inc. 1,972,002 219,464
  DR Horton Inc. 2,833,282 214,281
  Aptiv plc 2,311,458 211,914
  Marriott International Inc. Class A 2,276,984 210,803
  Hilton Worldwide Holdings Inc. 2,373,989 202,549
  VF Corp. 2,734,552 192,102
  Lennar Corp. Class A 2,314,130 189,018
* Dollar Tree Inc. 2,031,421 185,550
  Domino's Pizza Inc. 336,642 143,167
  Tractor Supply Co. 994,952 142,616
  Las Vegas Sands Corp. 2,809,490 131,091
* CarMax Inc. 1,394,995 128,214
* Etsy Inc. 1,020,471 124,120
* NVR Inc. 29,797 121,665
  Garmin Ltd. 1,275,734 121,016
  Genuine Parts Co. 1,234,933 117,529
  Darden Restaurants Inc. 1,113,899 112,214
* Ulta Beauty Inc. 481,658 107,882
  Tiffany & Co. 925,514 107,221
  Expedia Group Inc. 1,160,719 106,426
  PulteGroup Inc. 2,298,321 106,389
  Royal Caribbean Cruises Ltd. 1,525,639 98,755
  Whirlpool Corp. 533,970 98,192
  Advance Auto Parts Inc. 592,601 90,964
  Hasbro Inc. 1,090,385 90,197
  MGM Resorts International 3,508,971 76,320
  BorgWarner Inc. 1,777,135 68,846
1 Carnival Corp. 4,426,364 67,192
* LKQ Corp. 2,395,525 66,428
  L Brands Inc. 1,999,893 63,617
  Wynn Resorts Ltd. 831,275 59,694
  Newell Brands Inc. 3,228,002 55,393
* Mohawk Industries Inc. 511,904 49,957
  Hanesbrands Inc. 2,986,124 47,031
  Leggett & Platt Inc. 1,130,516 46,543
*,1 Norwegian Cruise Line Holdings Ltd. 2,352,586 40,253
  Tapestry Inc. 2,371,135 37,061
  PVH Corp. 608,630 36,299
  Gap Inc. 1,765,293 30,063
  Ralph Lauren Corp. Class A 412,186 28,016
* Under Armour Inc. Class A 1,591,522 17,873
* Under Armour Inc. Class C 1,686,133 16,592
  Lennar Corp. Class B 46,972 3,084
      27,564,293
Consumer Staples (7.0%)
  Procter & Gamble Co. 21,312,356 2,962,204
  Walmart Inc. 11,886,612 1,663,056
  PepsiCo Inc. 11,853,188 1,642,852
  Coca-Cola Co. 33,094,326 1,633,867
  Costco Wholesale Corp. 3,779,788 1,341,825
  Philip Morris International Inc. 13,331,618 999,738
  Mondelez International Inc. Class A 12,228,171 702,508
  Altria Group Inc. 15,909,745 614,753
  Colgate-Palmolive Co. 7,340,075 566,287
    Shares Market
Value
($000)
  Kimberly-Clark Corp. 2,919,698 431,123
  Estee Lauder Cos. Inc. Class A 1,930,986 421,438
  General Mills Inc. 5,230,280 322,604
  Constellation Brands Inc. Class A 1,438,522 272,614
  Sysco Corp. 4,353,650 270,884
* Monster Beverage Corp. 3,160,727 253,490
  Kroger Co. 6,659,844 225,835
  Archer-Daniels-Midland Co. 4,757,758 221,188
  Walgreens Boots Alliance Inc. 6,157,360 221,172
  McCormick & Co. Inc. 1,061,228 205,984
  Church & Dwight Co. Inc. 2,117,367 198,419
  Hershey Co. 1,261,650 180,845
  Clorox Co. 830,546 174,556
  Kraft Heinz Co. 5,547,431 166,146
  Tyson Foods Inc. Class A 2,519,416 149,855
  Conagra Brands Inc. 4,182,360 149,352
  Kellogg Co. 2,171,859 140,280
  Brown-Forman Corp. Class B 1,560,742 117,555
  Hormel Foods Corp. 2,400,946 117,382
  J M Smucker Co. 975,806 112,725
  Campbell Soup Co. 1,732,184 83,786
  Lamb Weston Holdings Inc. 1,244,416 82,468
  Molson Coors Beverage Co. Class B 1,609,786 54,024
      16,700,815
Energy (2.0%)
  Exxon Mobil Corp. 36,198,393 1,242,691
  Chevron Corp. 15,986,324 1,151,015
  ConocoPhillips 9,184,038 301,604
  Kinder Morgan Inc. 16,660,972 205,430
  Phillips 66 3,737,480 193,751
  Schlumberger NV 11,890,788 185,021
  EOG Resources Inc. 4,981,649 179,040
  Williams Cos. Inc. 8,890,293 174,694
  Marathon Petroleum Corp. 5,571,413 163,465
  Valero Energy Corp. 3,488,889 151,139
  Pioneer Natural Resources Co. 1,406,923 120,981
  ONEOK Inc. 3,803,415 98,813
  Hess Corp. 2,339,071 95,738
  Halliburton Co. 7,514,888 90,554
  Baker Hughes Co. Class A 5,618,142 74,665
  Concho Resources Inc. 1,685,735 74,375
  Cabot Oil & Gas Corp. 3,418,834 59,351
  Occidental Petroleum Corp. 5,160,638 51,658
  Diamondback Energy Inc. 1,353,755 40,775
  Noble Energy Inc. 4,138,275 35,382
  Devon Energy Corp. 3,287,556 31,100
  Apache Corp. 3,220,120 30,495
  National Oilwell Varco Inc. 3,310,815 29,996
  Marathon Oil Corp. 6,749,489 27,605
  HollyFrontier Corp. 1,270,907 25,050
  Technip FMC plc 3,612,161 22,793
      4,857,181
Financials (9.6%)
* Berkshire Hathaway Inc. Class B 16,968,829 3,613,342
  JPMorgan Chase & Co. 25,589,081 2,463,461
  Bank of America Corp. 65,269,333 1,572,338
  Wells Fargo & Co. 35,270,554 829,211
    Shares Market
Value
($000)
  Citigroup Inc. 17,822,340 768,321
  S&P Global Inc. 2,063,186 743,985
  BlackRock Inc. 1,214,002 684,151
  Goldman Sachs Group Inc. 2,945,561 591,969
  American Express Co. 5,582,878 559,684
  CME Group Inc. 3,070,088 513,656
  Marsh & McLennan Cos. Inc. 4,336,198 497,362
  Morgan Stanley 10,258,792 496,013
  Intercontinental Exchange Inc. 4,804,670 480,707
  Progressive Corp. 5,011,417 474,431
  Chubb Ltd. 3,864,192 448,710
  Truist Financial Corp. 11,536,816 438,976
  US Bancorp 11,735,019 420,700
  Aon plc Class A 1,983,118 409,117
  Moody's Corp. 1,382,006 400,574
  PNC Financial Services Group Inc. 3,634,094 399,423
  Charles Schwab Corp. 9,928,641 359,715
  Capital One Financial Corp. 3,909,736 280,954
  MSCI Inc. Class A 716,022 255,462
  Allstate Corp. 2,673,877 251,719
  T Rowe Price Group Inc. 1,943,230 249,161
  MetLife Inc. 6,606,058 245,547
  Bank of New York Mellon Corp. 6,977,338 239,602
  Travelers Cos Inc. 2,167,744 234,528
  Willis Towers Watson plc 1,103,139 230,358
  Prudential Financial Inc. 3,382,587 214,862
  Aflac Inc. 5,677,005 206,359
  American International Group Inc. 7,373,890 203,003
  State Street Corp. 3,016,869 178,991
  Arthur J Gallagher & Co. 1,639,542 173,103
  First Republic Bank 1,473,436 160,693
  Ameriprise Financial Inc. 1,029,449 158,648
  MarketAxess Holdings Inc. 324,928 156,482
  Discover Financial Services 2,620,390 151,406
  Northern Trust Corp. 1,781,468 138,901
  Fifth Third Bancorp 6,098,336 130,017
  Synchrony Financial 4,653,214 121,775
  Nasdaq Inc. 985,008 120,870
  Hartford Financial Services Group Inc. 3,064,096 112,943
* SVB Financial Group 442,653 106,511
  M&T Bank Corp. 1,097,832 101,099
  Cincinnati Financial Corp. 1,281,887 99,949
  Key Corp. 8,367,044 99,819
  Regions Financial Corp. 8,216,103 94,732
  E*TRADE Financial Corp. 1,891,068 94,648
  Citizens Financial Group Inc. 3,656,741 92,442
  Principal Financial Group Inc. 2,183,268 87,920
  Cboe Global Markets Inc. 931,007 81,687
  Huntington Bancshares Inc. 8,704,993 79,825
  Raymond James Financial Inc. 1,044,741 76,015
  W R Berkley Corp. 1,201,825 73,492
  Loews Corp. 2,039,867 70,885
  Everest Re Group Ltd. 342,166 67,591
  Globe Life Inc. 838,960 67,033
  Assurant Inc. 511,031 61,993
  Lincoln National Corp. 1,551,837 48,619
  Franklin Resources Inc. 2,283,233 46,464
  Comerica Inc. 1,189,659 45,504
    Shares Market
Value
($000)
  Zions Bancorp NA 1,401,733 40,959
  People's United Financial Inc. 3,647,120 37,602
  Invesco Ltd. 3,218,694 36,725
  Unum Group 1,737,836 29,248
      23,021,992
Health Care (14.2%)
  Johnson & Johnson 22,538,411 3,355,519
  UnitedHealth Group Inc. 8,135,395 2,536,372
  Merck & Co. Inc. 21,651,817 1,796,018
  Pfizer Inc. 47,570,175 1,745,825
  Abbott Laboratories 15,156,749 1,649,509
  Thermo Fisher Scientific Inc. 3,386,445 1,495,183
  AbbVie Inc. 15,107,958 1,323,306
  Amgen Inc. 5,013,872 1,274,326
  Medtronic plc 11,507,286 1,195,837
  Danaher Corp. 5,404,911 1,163,839
  Bristol-Myers Squibb Co. 19,295,212 1,163,308
  Eli Lilly and Co. 6,796,061 1,005,953
* Intuitive Surgical Inc. 1,001,836 710,843
  Gilead Sciences Inc. 10,732,641 678,196
  Zoetis Inc. 4,067,675 672,671
  CVS Health Corp. 11,203,401 654,279
* Vertex Pharmaceuticals Inc. 2,229,861 606,790
  Stryker Corp. 2,797,433 582,901
  Anthem Inc. 2,153,087 578,298
  Becton Dickinson and Co. 2,481,514 577,399
  Cigna Corp. 3,143,626 532,562
* Regeneron Pharmaceuticals Inc. 894,990 500,998
  Humana Inc. 1,132,520 468,739
* Boston Scientific Corp. 12,247,844 467,990
* Edwards Lifesciences Corp. 5,322,642 424,853
* Illumina Inc. 1,249,893 386,317
* Biogen Inc. 1,355,317 384,476
  Baxter International Inc. 4,333,679 348,514
* DexCom Inc. 819,583 337,857
* Centene Corp. 4,960,892 289,369
* IDEXX Laboratories Inc. 728,205 286,265
  HCA Healthcare Inc. 2,257,292 281,439
  Agilent Technologies Inc. 2,639,380 266,419
* IQVIA Holdings Inc. 1,637,497 258,119
  Zimmer Biomet Holdings Inc. 1,772,626 241,325
* Alexion Pharmaceuticals Inc. 1,876,424 214,719
  ResMed Inc. 1,240,496 212,658
  McKesson Corp. 1,388,579 206,801
* Align Technology Inc. 613,702 200,901
* Mettler-Toledo International Inc. 205,240 198,211
  Cerner Corp. 2,613,903 188,959
  West Pharmaceutical Services Inc. 631,920 173,715
* Laboratory Corp. of America Holdings 833,089 156,846
* Hologic Inc. 2,217,257 147,381
* Incyte Corp. 1,590,452 142,727
  Cooper Cos. Inc. 421,022 141,935
  Teleflex Inc. 398,270 135,579
* Varian Medical Systems Inc. 780,154 134,187
  Quest Diagnostics Inc. 1,149,767 131,637
  STERIS plc 727,524 128,182
  AmerisourceBergen Corp. Class A 1,257,060 121,834
* Catalent Inc. 1,406,838 120,510
    Shares Market
Value
($000)
  PerkinElmer Inc. 957,311 120,152
  Cardinal Health Inc. 2,503,863 117,556
* ABIOMED Inc. 385,682 106,857
* Waters Corp. 529,698 103,651
* Bio-Rad Laboratories Inc. Class A 183,118 94,390
  DENTSPLY SIRONA Inc. 1,868,486 81,709
* Henry Schein Inc. 1,223,956 71,944
  Universal Health Services Inc. Class B 665,483 71,220
* Mylan NV 4,420,770 65,560
* DaVita Inc. 643,595 55,124
  Perrigo Co. plc 1,167,217 53,587
      33,940,146
Industrials (8.3%)
  Union Pacific Corp. 5,811,374 1,144,085
  United Parcel Service Inc. Class B 6,053,171 1,008,640
  Honeywell International Inc. 6,007,740 988,934
  Lockheed Martin Corp. 2,105,974 807,178
  3M Co. 4,931,099 789,863
  Raytheon Technologies Corp. 13,078,523 752,538
  Boeing Co. 4,542,146 750,635
  Caterpillar Inc. 4,635,536 691,390
  Deere & Co. 2,682,618 594,549
  FedEx Corp. 2,063,559 519,026
  CSX Corp. 6,549,813 508,724
  Illinois Tool Works Inc. 2,462,757 475,829
  Norfolk Southern Corp. 2,184,072 467,370
  General Electric Co. 74,935,897 466,851
  Northrop Grumman Corp. 1,327,350 418,766
  Waste Management Inc. 3,327,368 376,558
  Roper Technologies Inc. 896,367 354,164
  Eaton Corp. plc 3,425,245 349,478
  Emerson Electric Co. 5,115,943 335,452
  L3Harris Technologies Inc. 1,851,023 314,378
  General Dynamics Corp. 1,989,955 275,469
  Cummins Inc. 1,264,097 266,927
  Johnson Controls International plc 6,370,222 260,224
  Verisk Analytics Inc. Class A 1,390,161 257,611
  PACCAR Inc. 2,962,974 252,682
  IHS Markit Ltd. 3,193,279 250,704
  Trane Technologies plc 2,049,118 248,456
  Cintas Corp. 744,309 247,728
  Parker-Hannifin Corp. 1,100,608 222,697
  Stanley Black & Decker Inc. 1,366,960 221,721
  Fastenal Co. 4,910,603 221,419
  TransDigm Group Inc. 464,076 220,492
  Fortive Corp. 2,885,451 219,900
  Rockwell Automation Inc. 992,701 219,069
  Otis Worldwide Corp. 3,484,860 217,525
  Carrier Global Corp. 6,970,331 212,874
  AMETEK Inc. 1,965,485 195,369
  Southwest Airlines Co. 5,049,019 189,338
* Copart Inc. 1,768,266 185,951
  Republic Services Inc. Class A 1,798,349 167,876
  Delta Air Lines Inc. 5,456,044 166,846
  Equifax Inc. 1,039,744 163,136
  Old Dominion Freight Line Inc. 823,397 148,969
  Kansas City Southern 807,453 146,012
  WW Grainger Inc. 385,661 137,592
    Shares Market
Value
($000)
  Dover Corp. 1,233,633 133,652
  Expeditors International of Washington Inc. 1,433,731 129,781
  Xylem Inc. 1,540,446 129,582
  Masco Corp. 2,237,448 123,351
  CH Robinson Worldwide Inc. 1,153,902 117,917
  IDEX Corp. 646,305 117,893
* Ingersoll Rand Inc. 3,177,814 113,130
* United Rentals Inc. 616,985 107,664
  Jacobs Engineering Group Inc. 1,116,116 103,542
  Fortune Brands Home & Security Inc. 1,183,915 102,432
* Teledyne Technologies Inc. 315,310 97,812
  Westinghouse Air Brake Technologies Corp. 1,531,474 94,768
  JB Hunt Transport Services Inc. 713,795 90,209
* United Airlines Holdings Inc. 2,488,373 86,471
  Allegion plc 788,119 77,953
  Textron Inc. 1,949,072 70,342
  Snap-on Inc. 466,751 68,673
  Rollins Inc. 1,261,726 68,373
  Pentair plc 1,420,846 65,032
  Quanta Services Inc. 1,182,630 62,514
  A O Smith Corp. 1,156,621 61,070
  Howmet Aerospace Inc. 3,354,033 56,079
1 American Airlines Group Inc. 4,367,055 53,671
  Robert Half International Inc. 980,373 51,901
  Huntington Ingalls Industries Inc. 346,093 48,713
  Nielsen Holdings plc 3,054,147 43,308
  Alaska Air Group Inc. 1,059,435 38,807
  Flowserve Corp. 1,115,974 30,455
      19,776,090
Information Technology (28.0%)
  Apple Inc. 137,623,164 15,938,139
  Microsoft Corp. 64,783,494 13,625,912
  Visa Inc. Class A 14,433,071 2,886,181
  NVIDIA Corp. 5,281,853 2,858,645
  Mastercard Inc. Class A 7,562,013 2,557,246
* Adobe Inc. 4,106,250 2,013,828
* PayPal Holdings Inc. 10,044,082 1,978,986
* salesforce.com Inc. 7,790,169 1,957,825
  Intel Corp. 36,408,074 1,885,210
  Cisco Systems Inc. 36,240,177 1,427,501
  Broadcom Inc. 3,442,963 1,254,340
  Accenture plc Class A 5,446,115 1,230,768
  QUALCOMM Inc. 9,658,669 1,136,632
  Texas Instruments Inc. 7,840,979 1,119,613
  Oracle Corp. 16,549,837 988,025
  International Business Machines Corp. 7,623,677 927,573
* Advanced Micro Devices Inc. 10,050,725 824,059
* ServiceNow Inc. 1,641,953 796,347
  Fidelity National Information Services Inc. 5,304,192 780,830
  Intuit Inc. 2,241,295 731,133
  Automatic Data Processing Inc. 3,680,669 513,417
* Fiserv Inc. 4,758,147 490,327
  Applied Materials Inc. 7,818,474 464,808
  Global Payments Inc. 2,561,838 454,931
* Micron Technology Inc. 9,511,206 446,646
* Autodesk Inc. 1,877,316 433,679
  Lam Research Corp. 1,246,694 413,591
  Analog Devices Inc. 3,163,764 369,338
    Shares Market
Value
($000)
  Cognizant Technology Solutions Corp. Class A 4,641,976 322,246
* Synopsys Inc. 1,299,317 278,028
  Amphenol Corp. Class A 2,554,039 276,526
  TE Connectivity Ltd. 2,825,172 276,132
  KLA Corp. 1,330,924 257,853
* Cadence Design Systems Inc. 2,386,989 254,525
* ANSYS Inc. 734,445 240,332
  Motorola Solutions Inc. 1,453,486 227,921
  HP Inc. 11,757,896 223,283
  Microchip Technology Inc. 2,161,340 222,099
  Paychex Inc. 2,742,649 218,781
  Xilinx Inc. 2,091,613 218,030
  Corning Inc. 6,513,898 211,115
  Skyworks Solutions Inc. 1,429,682 208,019
* VeriSign Inc. 865,302 177,257
* FleetCor Technologies Inc. 719,605 171,338
* Keysight Technologies Inc. 1,601,931 158,239
  Maxim Integrated Products Inc. 2,283,449 154,384
* Akamai Technologies Inc. 1,392,885 153,970
  CDW Corp. 1,221,378 145,991
  Citrix Systems Inc. 1,056,465 145,486
* Fortinet Inc. 1,150,871 135,584
* Paycom Software Inc. 418,767 130,362
  Broadridge Financial Solutions Inc. 985,413 130,075
* Qorvo Inc. 976,821 126,020
* Tyler Technologies Inc. 344,521 120,086
* Zebra Technologies Corp. Class A 456,623 115,279
  Teradyne Inc. 1,422,543 113,035
  Jack Henry & Associates Inc. 655,347 106,553
  NortonLifeLock Inc. 5,059,503 105,440
  Hewlett Packard Enterprise Co. 11,009,427 103,158
  Leidos Holdings Inc. 1,143,750 101,965
* Arista Networks Inc. 468,725 96,993
* Gartner Inc. 764,973 95,583
  Western Digital Corp. 2,590,765 94,693
  Seagate Technology plc 1,910,447 94,128
  NetApp Inc. 1,899,257 83,263
  Western Union Co. 3,524,325 75,526
* F5 Networks Inc. 522,505 64,148
  Juniper Networks Inc. 2,845,131 61,170
* IPG Photonics Corp. 306,257 52,055
  FLIR Systems Inc. 1,126,538 40,386
  DXC Technology Co. 2,184,653 38,996
  Xerox Holdings Corp. 1,535,739 28,826
      67,160,409
Materials (2.6%)
  Linde plc 4,497,354 1,070,955
  Air Products and Chemicals Inc. 1,891,011 563,257
  Sherwin-Williams Co. 701,458 488,734
  Newmont Corp. 6,875,403 436,244
  Ecolab Inc. 2,125,538 424,768
  DuPont de Nemours Inc. 6,282,166 348,535
  Dow Inc. 6,344,603 298,514
  PPG Industries Inc. 2,020,166 246,622
  Ball Corp. 2,795,746 232,382
  Freeport-McMoRan Inc. 12,430,229 194,409
  Corteva Inc. 6,408,488 184,629
  LyondellBasell Industries NV Class A 2,200,665 155,125
    Shares Market
Value
($000)
  Vulcan Materials Co. 1,133,999 153,702
  Amcor plc 13,426,469 148,362
  International Paper Co. 3,363,992 136,376
  Martin Marietta Materials Inc. 532,671 125,369
  FMC Corp. 1,108,665 117,419
  Nucor Corp. 2,581,931 115,825
1 International Flavors & Fragrances Inc. 914,535 111,985
  Celanese Corp. Class A 1,013,772 108,930
  Avery Dennison Corp. 714,775 91,377
  Eastman Chemical Co. 1,158,860 90,530
  Packaging Corp. of America 810,905 88,429
  Albemarle Corp. 911,800 81,405
  Westrock Co. 2,226,754 77,357
  CF Industries Holdings Inc. 1,828,822 56,163
  Mosaic Co. 2,947,247 53,846
  Sealed Air Corp. 1,331,684 51,683
      6,252,932
Real Estate (2.6%)
  American Tower Corp. 3,797,073 917,866
  Prologis Inc. 6,324,013 636,322
  Crown Castle International Corp. 3,592,481 598,148
  Equinix Inc. 758,027 576,199
  Digital Realty Trust Inc. 2,302,645 337,936
  SBA Communications Corp. Class A 958,233 305,178
  Public Storage 1,301,743 289,924
  Welltower Inc. 3,572,364 196,802
  Weyerhaeuser Co. 6,388,455 182,199
  AvalonBay Communities Inc. 1,204,691 179,909
  Realty Income Corp. 2,953,618 179,432
  Simon Property Group Inc. 2,617,229 169,282
  Alexandria Real Estate Equities Inc. 1,003,872 160,620
  Equity Residential 2,930,992 150,448
* CBRE Group Inc. Class A 2,870,096 134,808
  Ventas Inc. 3,193,905 134,016
  Healthpeak Properties Inc. 4,611,569 125,204
  Extra Space Storage Inc. 1,104,763 118,199
  Duke Realty Corp. 3,171,080 117,013
  Mid-America Apartment Communities Inc. 978,835 113,496
  Essex Property Trust Inc. 558,822 112,206
  Boston Properties Inc. 1,213,228 97,422
  UDR Inc. 2,526,462 82,388
  Iron Mountain Inc. 2,470,966 66,197
  Host Hotels & Resorts Inc. 6,043,827 65,213
  Regency Centers Corp. 1,347,694 51,239
  Vornado Realty Trust 1,346,041 45,375
  Federal Realty Investment Trust 591,077 43,409
  Apartment Investment and Management Co. Class A 1,270,641 42,846
  Kimco Realty Corp. 3,699,621 41,658
  SL Green Realty Corp. 628,790 29,157
      6,300,111
Utilities (2.9%)
  NextEra Energy Inc. 4,191,586 1,163,417
  Dominion Energy Inc. 7,191,631 567,635
  Duke Energy Corp. 6,295,420 557,522
  Southern Co. 9,040,618 490,182
  American Electric Power Co. Inc. 4,247,252 347,128
  Xcel Energy Inc. 4,497,019 310,339
    Shares Market
Value
($000)
  Exelon Corp. 8,342,540 298,329
  Sempra Energy 2,476,227 293,086
  WEC Energy Group Inc. 2,700,070 261,637
  Eversource Energy 2,933,410 245,086
  Public Service Enterprise Group Inc. 4,329,481 237,732
  American Water Works Co. Inc. 1,551,126 224,727
  DTE Energy Co. 1,649,148 189,718
  Consolidated Edison Inc. 2,363,281 183,863
  PPL Corp. 6,581,313 179,078
  Entergy Corp. 1,713,610 168,842
  Ameren Corp. 2,114,895 167,246
  Edison International 3,237,956 164,618
  CMS Energy Corp. 2,450,426 150,481
  FirstEnergy Corp. 4,645,710 133,378
  Alliant Energy Corp. 2,139,925 110,527
  AES Corp. 5,687,332 102,998
  Atmos Energy Corp. 1,056,816 101,021
  Evergy Inc. 1,939,862 98,584
  CenterPoint Energy Inc. 4,669,280 90,351
  NiSource Inc. 3,279,916 72,158
  Pinnacle West Capital Corp. 963,370 71,819
  NRG Energy Inc. 2,090,003 64,247
      7,045,749
Total Common Stocks (Cost $106,334,452) 238,378,096
Temporary Cash Investments (0.4%)
Money Market Funds (0.3%)
2,3 Vanguard Market Liquidity Fund, 0.117% 7,324,159 732,416
    Face
Amount
($000) 		 
U.S. Government and Agency Obligations (0.1%)
4 U.S. Cash Management Bill, 0.122%, 12/15/20 52,000 51,989
  U.S. Treasury Bill, 0.061%, 10/13/20 5,000 5,000
4 U.S. Treasury Bill, 0.095%, 11/3/20 27,540 27,538
      84,527
Total Temporary Cash Investments
(Cost $816,720) 		816,943
Total Investments (99.9%) (Cost $107,151,172) 239,195,039
Other Assets and Liabilities—Net (0.1%) 318,250
Net Assets (100%) 239,513,289
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 $167,171,000.
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 $171,824,000 was received for securities on loan, of which $168,932,000 is held in Vanguard Market Liquidity Fund and $2,892,000 is held in cash.
4 Securities with a value of $65,866,000 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 December 2020 5,411 906,884 5,544
    
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. 1/29/21 GSI 52,398 0.151 142 —
Occidental Petroleum Corp. 1/29/21 GSI 21,420 0.151 — (1,401)
Consolidated Edison Inc. 8/31/21 BOANA 38,900 0.552 — (5)
Williams Cos. Inc. 8/31/21 BOANA 17,685 0.552 — (2)
Williams Cos. Inc. 8/31/21 BOANA 11,790 0.551 — (1)
JPMorgan Chase & Co. 8/31/21 BOANA 48,135 0.607 — (25)
          142 (1,434)
1 Based on 1-month USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
  BOANA—Bank of America, N.A.
  GSI—Goldman Sachs International.
At September 30, 2020, a counterparties had deposited in segregated accounts cash of $2,020,000 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 September 30, 2020, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 238,378,096 — — 238,378,096
Temporary Cash Investments 732,416 84,527 — 816,943
Total 239,110,512 84,527 — 239,195,039
Derivative Financial Instruments
Assets        
Futures Contracts1 4,951 — — 4,951
Swap Contracts — 142 — 142
Total 4,951 142 — 5,093
Liabilities        
Swap Contracts — 1,434 — 1,434
1 Represents variation margin on the last day of the reporting period.