NPORT-EX 2 vg_institutionalindexfund.htm
Vanguard® Institutional Index Fund
Schedule of Investments (unaudited)
As of March 31, 2024
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 (8.9%)
  Meta Platforms Inc. Class A 14,468,297 7,025,516
* Alphabet Inc. Class A 38,758,552 5,849,828
* Alphabet Inc. Class C 32,442,515 4,939,697
* Netflix Inc. 2,846,076 1,728,507
  Walt Disney Co. 12,064,025 1,476,154
  Verizon Communications Inc. 27,651,443 1,160,255
  Comcast Corp. Class A 26,062,278 1,129,800
  AT&T Inc. 47,027,913 827,691
  T-Mobile US Inc. 3,434,131 560,519
  Electronic Arts Inc. 1,599,981 212,270
* Charter Communications Inc. Class A 649,895 188,879
* Take-Two Interactive Software Inc. 1,043,796 154,993
* Warner Bros Discovery Inc. 14,584,805 127,325
  Omnicom Group Inc. 1,299,185 125,709
* Live Nation Entertainment Inc. 931,362 98,510
  News Corp. Class A 3,259,359 85,330
  Interpublic Group of Cos. Inc. 2,518,702 82,185
* Match Group Inc. 1,786,433 64,812
  Fox Corp. Class A 1,586,636 49,614
  Paramount Global Class B 3,159,421 37,187
  Fox Corp. Class B 863,939 24,726
      25,949,507
Consumer Discretionary (10.3%)
* Amazon.com Inc. 60,113,970 10,843,358
* Tesla Inc. 18,221,897 3,203,227
  Home Depot Inc. 6,545,052 2,510,682
  McDonald's Corp. 4,770,217 1,344,963
  Lowe's Cos. Inc. 3,782,295 963,464
  Booking Holdings Inc. 229,469 832,486
  TJX Cos. Inc. 7,493,668 760,008
  NIKE Inc. Class B 8,006,160 752,419
  Starbucks Corp. 7,447,277 680,607
* Chipotle Mexican Grill Inc. 180,298 524,085
* Airbnb Inc. Class A 2,864,969 472,605
* O'Reilly Automotive Inc. 388,653 438,743
  Marriott International Inc. Class A 1,623,566 409,642
* AutoZone Inc. 113,725 358,421
  Hilton Worldwide Holdings Inc. 1,658,812 353,841
  General Motors Co. 7,592,745 344,331
  Ford Motor Co. 25,670,813 340,908
  Ross Stores Inc. 2,213,753 324,890
  DR Horton Inc. 1,964,013 323,178

    Shares Market
Value
($000)
*,1 Lululemon Athletica Inc. 754,959 294,925
  Lennar Corp. Class A 1,600,254 275,212
  Yum! Brands Inc. 1,849,343 256,411
* Royal Caribbean Cruises Ltd. 1,554,302 216,064
  Tractor Supply Co. 710,218 185,878
  eBay Inc. 3,409,696 179,964
* NVR Inc. 21,014 170,213
  PulteGroup Inc. 1,394,810 168,242
* Ulta Beauty Inc. 319,445 167,031
* Deckers Outdoor Corp. 168,826 158,909
  Garmin Ltd. 1,005,705 149,719
* Aptiv plc 1,837,129 146,327
  Genuine Parts Co. 924,452 143,225
  Darden Restaurants Inc. 786,082 131,394
  Las Vegas Sands Corp. 2,426,915 125,472
* Expedia Group Inc. 860,627 118,551
  Domino's Pizza Inc. 228,911 113,741
* Carnival Corp. 6,620,653 108,181
  Best Buy Co. Inc. 1,262,196 103,538
  Pool Corp. 254,233 102,583
  LKQ Corp. 1,756,320 93,805
* CarMax Inc. 1,040,864 90,670
* MGM Resorts International 1,795,926 84,786
  Bath & Body Works Inc. 1,491,255 74,593
  Tapestry Inc. 1,504,406 71,429
  Wynn Resorts Ltd. 623,616 63,752
* Caesars Entertainment Inc. 1,413,544 61,828
* Norwegian Cruise Line Holdings Ltd. 2,789,487 58,384
* Etsy Inc. 787,248 54,100
  BorgWarner Inc. (XNYS) 1,516,924 52,698
  Hasbro Inc. 857,507 48,466
  Ralph Lauren Corp. 256,857 48,227
* Mohawk Industries Inc. 347,130 45,436
  VF Corp. 2,175,919 33,379
  Lennar Corp. Class B 29,754 4,588
      29,983,579
Consumer Staples (6.0%)
  Procter & Gamble Co. 15,473,578 2,510,588
  Costco Wholesale Corp. 2,917,984 2,137,803
  Walmart Inc. 28,147,463 1,693,633
  PepsiCo Inc. 9,038,816 1,581,883
  Coca-Cola Co. 25,587,657 1,565,453
  Philip Morris International Inc. 10,210,861 935,519
  Mondelez International Inc. Class A 8,854,828 619,838
  Target Corp. 3,036,616 538,119
  Altria Group Inc. 11,599,698 505,979
  Colgate-Palmolive Co. 5,417,361 487,833
* Monster Beverage Corp. 4,854,403 287,769
  Constellation Brands Inc. Class A 1,058,417 287,635
  Kimberly-Clark Corp. 2,215,557 286,582
  Sysco Corp. 3,274,592 265,831
  General Mills Inc. 3,736,723 261,458
  Kroger Co. 4,348,692 248,441
  Kenvue Inc. 11,327,136 243,080
  Estee Lauder Cos. Inc. Class A 1,533,195 236,342
  Dollar General Corp. 1,445,797 225,631
  Archer-Daniels-Midland Co. 3,506,539 220,246
  Keurig Dr Pepper Inc. 6,860,902 210,424

    Shares Market
Value
($000)
  Kraft Heinz Co. 5,253,211 193,843
  Hershey Co. 984,731 191,530
* Dollar Tree Inc. 1,361,897 181,337
  Church & Dwight Co. Inc. 1,618,118 168,786
  McCormick & Co. Inc. 1,649,745 126,717
  Clorox Co. 814,959 124,778
  Tyson Foods Inc. Class A 1,887,685 110,864
  Walgreens Boots Alliance Inc. 4,717,330 102,319
  Lamb Weston Holdings Inc. 951,488 101,362
  Kellanova 1,731,475 99,196
  Bunge Global SA 954,811 97,887
  Conagra Brands Inc. 3,135,549 92,938
  J M Smucker Co. 697,860 87,840
  Molson Coors Beverage Co. Class B 1,213,872 81,633
  Hormel Foods Corp. 1,907,238 66,544
  Brown-Forman Corp. Class B 1,189,342 61,394
  Campbell Soup Co. 1,288,394 57,269
      17,296,324
Energy (3.9%)
  Exxon Mobil Corp. 26,113,190 3,035,397
  Chevron Corp. 11,405,719 1,799,138
  ConocoPhillips 7,746,640 985,992
  Schlumberger NV 9,383,749 514,323
  EOG Resources Inc. 3,836,482 490,456
  Marathon Petroleum Corp. 2,419,917 487,613
  Phillips 66 2,827,408 461,829
  Pioneer Natural Resources Co. 1,536,127 403,233
  Valero Energy Corp. 2,241,394 382,584
  Williams Cos. Inc. 7,993,760 311,517
  ONEOK Inc. 3,827,889 306,882
  Occidental Petroleum Corp. 4,327,312 281,232
  Hess Corp. 1,810,558 276,364
  Diamondback Energy Inc. 1,179,291 233,700
  Kinder Morgan Inc. 12,741,554 233,680
  Halliburton Co. 5,855,862 230,838
  Baker Hughes Co. 6,583,578 220,550
  Devon Energy Corp. 4,209,177 211,217
  Targa Resources Corp. 1,470,417 164,672
  Coterra Energy Inc. 4,941,328 137,764
  Marathon Oil Corp. 3,844,108 108,942
  EQT Corp. 2,703,490 100,218
  APA Corp. 2,375,200 81,660
      11,459,801
Financials (13.1%)
* Berkshire Hathaway Inc. Class B 11,964,731 5,031,409
  JPMorgan Chase & Co. 19,011,699 3,808,043
  Visa Inc. Class A 10,400,170 2,902,479
  Mastercard Inc. Class A 5,425,401 2,612,710
  Bank of America Corp. 45,278,979 1,716,979
  Wells Fargo & Co. 23,667,360 1,371,760
  S&P Global Inc. 2,112,863 898,917
  American Express Co. 3,760,977 856,337
  Goldman Sachs Group Inc. 1,939,653 810,174
  Progressive Corp. 3,848,856 796,020
  Citigroup Inc. 12,516,485 791,542
  Morgan Stanley 8,239,447 775,826
  BlackRock Inc. 919,573 766,648

    Shares Market
Value
($000)
  Charles Schwab Corp. 9,787,069 707,997
  Chubb Ltd. 2,664,657 690,493
  Marsh & McLennan Cos. Inc. 3,235,179 666,382
* Fiserv Inc. 3,947,488 630,887
  Blackstone Inc. 4,730,937 621,503
  Intercontinental Exchange Inc. 3,765,065 517,433
  CME Group Inc. 2,367,822 509,768
* PayPal Holdings Inc. 7,050,241 472,296
  US Bancorp 10,244,909 457,947
  Aon plc Class A (XNYS) 1,317,513 439,680
  PNC Financial Services Group Inc. 2,616,855 422,884
  Moody's Corp. 1,035,687 407,056
  Capital One Financial Corp. 2,501,637 372,469
  American International Group Inc. 4,621,452 361,259
  Arthur J Gallagher & Co. 1,425,772 356,500
  Travelers Cos. Inc. 1,500,461 345,316
  Truist Financial Corp. 8,781,725 342,312
  MetLife Inc. 4,038,096 299,263
  Allstate Corp. 1,726,288 298,665
  Aflac Inc. 3,462,307 297,274
  MSCI Inc. 519,707 291,270
  Fidelity National Information Services Inc. 3,900,246 289,320
  Ameriprise Financial Inc. 658,819 288,853
  Bank of New York Mellon Corp. 4,992,729 287,681
  Prudential Financial Inc. 2,372,291 278,507
  Global Payments Inc. 1,715,362 229,275
* Arch Capital Group Ltd. 2,440,326 225,584
  Discover Financial Services 1,642,419 215,305
  Hartford Financial Services Group Inc. 1,962,862 202,273
  Willis Towers Watson plc 674,479 185,482
  T Rowe Price Group Inc. 1,474,369 179,755
  Fifth Third Bancorp 4,475,212 166,523
  M&T Bank Corp. 1,094,342 159,161
  Raymond James Financial Inc. 1,235,146 158,617
  Nasdaq Inc. 2,499,081 157,692
  State Street Corp. 1,986,702 153,612
* Corpay Inc. 474,470 146,393
  Brown & Brown Inc. 1,552,812 135,933
  Huntington Bancshares Inc. 9,511,732 132,689
  Cincinnati Financial Corp. 1,031,778 128,116
  Regions Financial Corp. 6,077,383 127,868
  Cboe Global Markets Inc. 693,336 127,387
  Principal Financial Group Inc. 1,441,054 124,377
  Northern Trust Corp. 1,350,469 120,084
  W R Berkley Corp. 1,331,574 117,764
  Synchrony Financial 2,681,671 115,634
  FactSet Research Systems Inc. 250,839 113,979
  Everest Group Ltd. 285,359 113,430
  Citizens Financial Group Inc. 3,065,215 111,237
  KeyCorp. 6,142,124 97,107
  Loews Corp. 1,201,899 94,097
  Jack Henry & Associates Inc. 478,660 83,158
  Globe Life Inc. 562,461 65,454
  Assurant Inc. 341,439 64,272
  Franklin Resources Inc. 1,982,003 55,714
  MarketAxess Holdings Inc. 248,615 54,509
  Invesco Ltd. 2,957,938 49,072

    Shares Market
Value
($000)
  Comerica Inc. 865,514 47,595
      38,051,007
Health Care (12.4%)
  Eli Lilly & Co. 5,244,046 4,079,658
  UnitedHealth Group Inc. 6,082,595 3,009,060
  Johnson & Johnson 15,830,949 2,504,298
  Merck & Co. Inc. 16,664,383 2,198,865
  AbbVie Inc. 11,610,801 2,114,327
  Thermo Fisher Scientific Inc. 2,540,872 1,476,780
  Abbott Laboratories 11,418,476 1,297,824
  Danaher Corp. 4,324,684 1,079,960
  Pfizer Inc. 37,136,142 1,030,528
  Amgen Inc. 3,518,588 1,000,405
* Intuitive Surgical Inc. 2,317,482 924,884
  Elevance Health Inc. 1,545,195 801,245
  Stryker Corp. 2,224,228 795,984
  Medtronic plc 8,740,598 761,743
  Bristol-Myers Squibb Co. 13,383,541 725,789
* Vertex Pharmaceuticals Inc. 1,694,844 708,462
  Cigna Group 1,924,308 698,889
* Regeneron Pharmaceuticals Inc. 694,789 668,727
  CVS Health Corp. 8,276,707 660,150
* Boston Scientific Corp. 9,636,716 660,019
  Gilead Sciences Inc. 8,195,319 600,307
  Zoetis Inc. 3,019,909 510,999
  Becton Dickinson & Co. 1,900,708 470,330
  McKesson Corp. 864,049 463,865
  HCA Healthcare Inc. 1,303,392 434,720
* Edwards Lifesciences Corp. 3,992,253 381,500
* DexCom Inc. 2,533,107 351,342
* IQVIA Holdings Inc. 1,200,326 303,550
* IDEXX Laboratories Inc. 546,005 294,805
  Agilent Technologies Inc. 1,927,716 280,502
  Humana Inc. 804,010 278,766
* Centene Corp. 3,510,728 275,522
  Cencora Inc. 1,088,731 264,551
  GE Healthcare Inc. 2,785,000 253,184
* Moderna Inc. 2,180,388 232,342
* Biogen Inc. 952,468 205,381
  West Pharmaceutical Services Inc. 487,629 192,960
  ResMed Inc. 969,258 191,942
* Mettler-Toledo International Inc. 141,354 188,183
  Zimmer Biomet Holdings Inc. 1,372,919 181,198
  Cardinal Health Inc. 1,599,698 179,006
* Molina Healthcare Inc. 381,365 156,676
* Align Technology Inc. 467,544 153,317
  STERIS plc 648,863 145,877
* Illumina Inc. 1,043,142 143,244
  Baxter International Inc. 3,334,439 142,514
* Waters Corp. 388,565 133,756
  Cooper Cos. Inc. 1,309,161 132,828
  Laboratory Corp. of America Holdings 557,952 121,890
* Hologic Inc. 1,547,151 120,616
  Quest Diagnostics Inc. 731,020 97,306
  Viatris Inc. 7,880,460 94,093
* Charles River Laboratories International Inc. 337,487 91,442
  Revvity Inc. 810,533 85,106
* Insulet Corp. 457,969 78,496

    Shares Market
Value
($000)
  Universal Health Services Inc. Class B 400,697 73,111
  Bio-Techne Corp. 1,037,342 73,019
  Teleflex Inc. 308,047 69,671
* Incyte Corp. 1,220,950 69,558
* Catalent Inc. 1,184,527 66,867
* Henry Schein Inc. 855,922 64,639
* DaVita Inc. 354,157 48,891
* Bio-Rad Laboratories Inc. Class A 137,572 47,582
  DENTSPLY SIRONA Inc. 1,388,747 46,093
      35,989,144
Industrials (8.8%)
  General Electric Co. 7,157,538 1,256,363
  Caterpillar Inc. 3,348,086 1,226,839
* Uber Technologies Inc. 13,532,981 1,041,904
  Union Pacific Corp. 4,009,781 986,125
  Honeywell International Inc. 4,336,330 890,032
  RTX Corp. 8,726,256 851,072
  Eaton Corp. plc 2,626,074 821,121
* Boeing Co. 3,772,155 727,988
  United Parcel Service Inc. Class B (XNYS) 4,757,939 707,172
  Deere & Co. 1,712,677 703,465
  Automatic Data Processing Inc. 2,701,688 674,720
  Lockheed Martin Corp. 1,414,426 643,380
  Waste Management Inc. 2,411,087 513,923
  CSX Corp. 12,999,779 481,902
  Illinois Tool Works Inc. 1,788,363 479,871
  Parker-Hannifin Corp. 844,015 469,095
  TransDigm Group Inc. 365,725 450,427
  Trane Technologies plc 1,496,403 449,220
  Northrop Grumman Corp. 927,615 444,012
  FedEx Corp. 1,512,409 438,205
  Emerson Electric Co. 3,760,906 426,562
  PACCAR Inc. 3,442,366 426,475
  General Dynamics Corp. 1,492,997 421,757
  Cintas Corp. 566,642 389,300
  3M Co. 3,636,886 385,764
  Norfolk Southern Corp. 1,485,573 378,628
* Copart Inc. 5,740,906 332,513
  Carrier Global Corp. 5,495,719 319,466
  United Rentals Inc. 441,979 318,715
  WW Grainger Inc. 290,307 295,329
  Johnson Controls International plc 4,483,036 292,832
  Fastenal Co. 3,762,920 290,272
  AMETEK Inc. 1,516,829 277,428
  L3Harris Technologies Inc. 1,245,540 265,425
  Otis Worldwide Corp. 2,668,542 264,906
  Cummins Inc. 896,283 264,090
  Paychex Inc. 2,106,331 258,657
  Old Dominion Freight Line Inc. 1,178,144 258,379
  Republic Services Inc. 1,346,703 257,813
  Ingersoll Rand Inc. (XYNS) 2,665,626 253,101
  Quanta Services Inc. 956,917 248,607
  Verisk Analytics Inc. 953,282 224,717
  Rockwell Automation Inc. 752,743 219,297
  Equifax Inc. 811,778 217,167
  Xylem Inc. 1,583,306 204,626
  Delta Air Lines Inc. 4,207,517 201,414
  Fortive Corp. 2,306,883 198,438

    Shares Market
Value
($000)
  Howmet Aerospace Inc. 2,569,464 175,828
  Westinghouse Air Brake Technologies Corp. 1,177,094 171,479
* Builders FirstSource Inc. 810,552 169,041
  Dover Corp. 919,338 162,897
  Broadridge Financial Solutions Inc. 773,126 158,383
  Hubbell Inc. 352,535 146,320
* Axon Enterprise Inc. 463,084 144,890
  Veralto Corp. 1,438,883 127,571
  Jacobs Solutions Inc. 827,496 127,211
  Textron Inc. 1,288,560 123,612
  IDEX Corp. 497,319 121,356
  Leidos Holdings Inc. 904,247 118,538
  Expeditors International of Washington Inc. 956,054 116,227
  Southwest Airlines Co. 3,917,119 114,341
  Masco Corp. 1,447,166 114,152
  JB Hunt Transport Services Inc. 535,957 106,789
* United Airlines Holdings Inc. 2,157,120 103,283
  Snap-on Inc. 347,076 102,811
  Stanley Black & Decker Inc. 1,007,925 98,706
  Nordson Corp. 355,962 97,726
  Pentair plc 1,085,120 92,713
  Rollins Inc. 1,841,276 85,196
  Allegion plc 575,812 77,568
  Huntington Ingalls Industries Inc. 260,922 76,051
  A O Smith Corp. 806,234 72,126
* Dayforce Inc. 1,023,458 67,763
* American Airlines Group Inc. 4,285,844 65,788
  Paycom Software Inc. 316,962 63,079
  CH Robinson Worldwide Inc. 764,651 58,221
  Robert Half Inc. 686,970 54,463
* Generac Holdings Inc. 403,278 50,869
      25,513,512
Information Technology (29.5%)
  Microsoft Corp. 48,865,044 20,558,501
  Apple Inc. 95,458,590 16,369,239
  NVIDIA Corp. 16,243,656 14,677,118
  Broadcom Inc. 2,893,923 3,835,634
* Advanced Micro Devices Inc. 10,626,159 1,917,915
  Salesforce Inc. 6,365,799 1,917,251
* Adobe Inc. 2,972,525 1,499,936
  Accenture plc Class A 4,122,937 1,429,051
  Cisco Systems Inc. 26,721,464 1,333,668
  Oracle Corp. 10,485,177 1,317,043
  QUALCOMM Inc. 7,339,306 1,242,545
  Intel Corp. 27,805,354 1,228,163
  Intuit Inc. 1,841,085 1,196,705
  International Business Machines Corp. 6,017,243 1,149,053
  Applied Materials Inc. 5,471,945 1,128,479
  Texas Instruments Inc. 5,980,054 1,041,785
* ServiceNow Inc. 1,348,116 1,027,804
  Micron Technology Inc. 7,259,986 855,880
  Lam Research Corp. 862,161 837,650
  Analog Devices Inc. 3,261,160 645,025
  KLA Corp. 889,358 621,279
* Palo Alto Networks Inc. 2,073,561 589,161
* Synopsys Inc. 1,003,090 573,266
* Cadence Design Systems Inc. 1,789,541 557,048
* Arista Networks Inc. 1,658,033 480,796

    Shares Market
Value
($000)
  Amphenol Corp. Class A 3,945,528 455,117
  NXP Semiconductors NV 1,696,077 420,237
  Roper Technologies Inc. 703,082 394,317
  Motorola Solutions Inc. 1,090,432 387,082
* Autodesk Inc. 1,407,151 366,450
* Super Micro Computer Inc. 331,137 334,458
  Microchip Technology Inc. 3,554,563 318,880
  TE Connectivity Ltd. 2,032,030 295,132
* Fortinet Inc. 4,187,963 286,080
* Gartner Inc. 513,235 244,644
  Cognizant Technology Solutions Corp. Class A 3,275,802 240,084
  CDW Corp. 879,815 225,039
  Monolithic Power Systems Inc. 315,942 214,025
* ON Semiconductor Corp. 2,811,287 206,770
* Fair Isaac Corp. 163,472 204,276
* ANSYS Inc. 572,297 198,679
* Keysight Technologies Inc. 1,149,823 179,809
  HP Inc. 5,738,571 173,420
  Corning Inc. 5,045,887 166,312
  Hewlett Packard Enterprise Co. 8,553,650 151,656
* PTC Inc. 786,493 148,600
* Western Digital Corp. 2,130,375 145,377
  NetApp Inc. 1,355,724 142,310
* Teledyne Technologies Inc. 309,998 133,088
  Seagate Technology Holdings plc 1,278,307 118,946
* First Solar Inc. 702,426 118,570
* Tyler Technologies Inc. 276,731 117,613
  Skyworks Solutions Inc. 1,055,440 114,325
  Teradyne Inc. 1,004,817 113,374
  Jabil Inc. 840,504 112,586
* VeriSign Inc. 580,257 109,965
* Akamai Technologies Inc. 991,492 107,835
* Enphase Energy Inc. 891,169 107,814
* Trimble Inc. 1,635,223 105,243
* EPAM Systems Inc. 379,056 104,680
* Zebra Technologies Corp. Class A 336,885 101,551
  Gen Digital Inc. (XNGS) 3,676,806 82,360
  Juniper Networks Inc. 2,119,643 78,554
* F5 Inc. 387,272 73,423
* Qorvo Inc. 632,948 72,681
      85,701,357
Materials (2.4%)
  Linde plc 3,188,596 1,480,529
  Sherwin-Williams Co. 1,549,087 538,044
  Freeport-McMoRan Inc. 9,437,526 443,752
  Ecolab Inc. 1,670,280 385,668
  Air Products and Chemicals Inc. 1,462,535 354,328
  Nucor Corp. 1,615,221 319,652
  Newmont Corp. (XNYS) 7,573,626 271,439
  Dow Inc. 4,621,790 267,740
  Corteva Inc. 4,614,116 266,096
  Martin Marietta Materials Inc. 407,047 249,902
  Vulcan Materials Co. 875,185 238,855
  PPG Industries Inc. 1,549,040 224,456
  DuPont de Nemours Inc. 2,832,459 217,165
  LyondellBasell Industries NV Class A 1,681,601 171,994
  Steel Dynamics Inc. 998,892 148,066
  International Flavors & Fragrances Inc. 1,677,475 144,246

    Shares Market
Value
($000)
  Ball Corp. 2,071,028 139,504
  Avery Dennison Corp. 529,539 118,220
  Celanese Corp. 658,010 113,086
  Packaging Corp. of America 585,681 111,151
  CF Industries Holdings Inc. 1,255,436 104,465
1 Albemarle Corp. 772,124 101,720
  Amcor plc 9,476,982 90,126
  International Paper Co. 2,274,277 88,742
  Westrock Co. 1,697,004 83,917
  Eastman Chemical Co. 771,069 77,276
  Mosaic Co. 2,148,823 69,751
  FMC Corp. 821,063 52,302
      6,872,192
Real Estate (2.3%)
  Prologis Inc. 6,076,524 791,285
  American Tower Corp. 3,066,097 605,830
  Equinix Inc. 617,456 509,605
  Welltower Inc. 3,644,224 340,516
  Simon Property Group Inc. 2,143,674 335,464
  Crown Castle Inc. 2,851,618 301,787
  Public Storage 1,039,946 301,647
  Realty Income Corp. 5,472,958 296,087
  Digital Realty Trust Inc. 1,990,403 286,698
* CoStar Group Inc. 2,683,773 259,252
  Extra Space Storage Inc. 1,388,056 204,044
  VICI Properties Inc. 6,816,481 203,063
* CBRE Group Inc. Class A 1,957,457 190,343
  AvalonBay Communities Inc. 933,257 173,175
  Weyerhaeuser Co. 4,797,151 172,266
  Iron Mountain Inc. 1,917,650 153,815
  SBA Communications Corp. 709,202 153,684
  Equity Residential 2,268,963 143,194
  Invitation Homes Inc. 3,781,866 134,672
  Alexandria Real Estate Equities Inc. 1,036,551 133,622
  Ventas Inc. 2,644,781 115,154
  Essex Property Trust Inc. 423,948 103,787
  Mid-America Apartment Communities Inc. 770,609 101,397
  Host Hotels & Resorts Inc. 4,631,501 95,779
  Healthpeak Properties Inc. 4,655,755 87,295
  Kimco Realty Corp. 4,371,306 85,721
  UDR Inc. 1,984,986 74,258
  Camden Property Trust 701,637 69,041
  Regency Centers Corp. 1,077,794 65,271
  Boston Properties Inc. 949,787 62,031
  Federal Realty Investment Trust 483,479 49,373
      6,599,156
Utilities (2.2%)
  NextEra Energy Inc. 13,495,258 862,482
  Southern Co. 7,173,355 514,616
  Duke Energy Corp. 5,071,149 490,431
  Constellation Energy Corp. 2,102,288 388,608
  American Electric Power Co. Inc. 3,455,138 297,487
  Sempra 4,135,804 297,075
  Dominion Energy Inc. 5,509,780 271,026
  Exelon Corp. 6,556,393 246,324
  PG&E Corp. 14,021,948 235,008
  Public Service Enterprise Group Inc. 3,272,662 218,548

    Shares Market
Value
($000)
  Consolidated Edison Inc. 2,267,847 205,943
  Xcel Energy Inc. 3,624,725 194,829
  Edison International 2,518,602 178,141
  WEC Energy Group Inc. 2,079,244 170,747
  American Water Works Co. Inc. 1,278,619 156,260
  DTE Energy Co. 1,361,387 152,666
  Entergy Corp. 1,390,048 146,900
  Eversource Energy 2,296,170 137,242
  PPL Corp. 4,846,038 133,411
  FirstEnergy Corp. 3,393,576 131,060
  Ameren Corp. 1,727,888 127,795
  CenterPoint Energy Inc. 4,149,383 118,216
  Atmos Energy Corp. 993,139 118,054
  CMS Energy Corp. 1,942,108 117,187
  NRG Energy Inc. 1,482,123 100,325
  Alliant Energy Corp. 1,678,046 84,574
  Evergy Inc. 1,507,269 80,458
  AES Corp. 4,390,682 78,725
  NiSource Inc. 2,715,737 75,117
  Pinnacle West Capital Corp. 745,478 55,710
      6,384,965
Total Common Stocks (Cost $88,678,549) 289,800,544
Temporary Cash Investments (0.3%)
Money Market Fund (0.3%)
2,3 Vanguard Market Liquidity Fund, 5.407% (Cost$777,633) 7,777,924 777,637
Total Investments (100.1%) (Cost $89,456,182) 290,578,181
Other Assets and Liabilities—Net (-0.1%) (188,604)
Net Assets (100%) 290,389,577
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 $3,408,000.
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 $3,472,000 was received for securities on loan.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
E-mini S&P 500 Index June 2024 1,863 494,487 7,109
    

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)
Goldman Sachs Group Inc. 8/29/25 BANA 85,626 (6.027) 190
1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly.
  BANA—Bank of America, N.A.
At March 31, 2024, the counterparties had deposited in segregated accounts securities with a value of $5,791,000 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 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 valuation designee to represent fair value and subject to oversight by the board of trustees. 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 or indexes 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 March 31, 2024, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 289,800,544 289,800,544
Temporary Cash Investments 777,637 777,637
Total 290,578,181 290,578,181
Derivative Financial Instruments
Assets        
Futures Contracts1 7,109 7,109
Swap Contracts 190 190
Total 7,109 190 7,299
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.