UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-01027
Name of Registrant: | Vanguard World Fund |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: August 31
Date of reporting period: September 1, 2020—February 28, 2021
Item 1: Reports to Shareholders
Results of Proxy Voting | 1 |
About Your Fund’s Expenses | 2 |
Trustees Approve Advisory Arrangements | 23 |
Vanguard Fund | For | Abstain | Against | Broker Non-Votes | Percentage For |
U.S. Growth Fund | 176,546,682 | 14,581,964 | 15,940,557 | 0 | 85.3% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended February 28, 2021 | |||
U.S. Growth Fund | Beginning Account Value 8/31/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,114.00 | $2.04 |
Admiral™ Shares | 1,000.00 | 1,114.50 | 1.52 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,022.86 | $1.96 |
Admiral Shares | 1,000.00 | 1,023.36 | 1.45 |
Communication Services | 14.6% |
Consumer Discretionary | 21.6 |
Consumer Staples | 1.9 |
Energy | 0.0 |
Financials | 3.5 |
Health Care | 9.8 |
Industrials | 4.5 |
Information Technology | 42.8 |
Materials | 0.3 |
Real Estate | 1.0 |
Utilities | 0.0 |
Other | 0.0 |
Shares | Market Value• ($000) | ||
Common Stocks (97.2%) | |||
Communication Services (14.2%) | |||
* | Alphabet Inc. Class C | 806,646 | 1,643,025 |
* | Facebook Inc. Class A | 4,138,887 | 1,066,260 |
* | Netflix Inc. | 1,808,671 | 974,602 |
* | Roku Inc. | 1,462,792 | 578,505 |
* | Alphabet Inc. Class A | 226,072 | 457,097 |
* | Match Group Inc. | 2,681,276 | 409,833 |
* | Spotify Technology SA | 967,066 | 297,257 |
* | Snap Inc. Class A | 4,100,478 | 269,237 |
* | Zillow Group Inc. Class A | 1,225,536 | 208,121 |
Tencent Holdings Ltd. | 2,259,721 | 196,589 | |
* | ZoomInfo Technologies Inc. Class A | 2,309,175 | 121,047 |
Walt Disney Co. | 633,568 | 119,770 | |
* | Twitter Inc. | 1,485,968 | 114,509 |
*,1 | Bumble Inc. Class A | 697,941 | 46,978 |
Activision Blizzard Inc. | 362,013 | ��34,612 | |
* | Eventbrite Inc. Class A | 1,652,109 | 32,827 |
* | Take-Two Interactive Software Inc. | 114,358 | 21,095 |
Electronic Arts Inc. | 68,932 | 9,235 | |
* | Pinterest Inc. Class A | 109,536 | 8,827 |
* | Altice USA Inc. Class A | 111,612 | 3,751 |
* | Zynga Inc. Class A | 316,869 | 3,533 |
6,616,710 | |||
Consumer Discretionary (21.0%) | |||
* | Amazon.com Inc. | 1,007,963 | 3,117,559 |
* | Tesla Inc. | 2,265,088 | 1,530,067 |
* | Wayfair Inc. Class A | 2,262,958 | 653,950 |
*,1 | Chewy Inc. Class A | 4,608,762 | 468,066 |
TJX Cos. Inc. | 5,664,642 | 373,810 | |
* | Chegg Inc. | 3,857,763 | 372,390 |
* | Lululemon Athletica Inc. | 1,169,726 | 364,580 |
* | Carvana Co. Class A | 1,167,177 | 330,895 |
* | MercadoLibre Inc. | 195,699 | 320,576 |
LVMH Moet Hennessy Louis Vuitton SE | 413,665 | 262,106 | |
NIKE Inc. Class B | 1,718,330 | 231,596 | |
* | Vroom Inc. | 5,061,493 | 223,971 |
* | Stitch Fix Inc. Class A | 2,357,466 | 179,898 |
* | DraftKings Inc. Class A | 2,579,781 | 158,734 |
* | Farfetch Ltd. Class A | 2,319,439 | 152,805 |
Shares | Market Value• ($000) | ||
* | Booking Holdings Inc. | 55,368 | 128,925 |
* | Alibaba Group Holding Ltd. ADR | 499,590 | 118,783 |
* | Burlington Stores Inc. | 436,022 | 112,851 |
Hilton Worldwide Holdings Inc. | 698,111 | 86,342 | |
Home Depot Inc. | 295,794 | 76,415 | |
* | Peloton Interactive Inc. Class A | 544,931 | 65,648 |
Lowe's Cos. Inc. | 346,434 | 55,343 | |
* | Airbnb Inc. Class A | 259,503 | 53,548 |
*,2 | Airbnb Inc. Class B | 256,246 | 47,589 |
*,1 | DoorDash Inc. Class A | 272,046 | 46,109 |
* | Etsy Inc. | 199,010 | 43,836 |
eBay Inc. | 765,702 | 43,201 | |
Best Buy Co. Inc. | 287,436 | 28,844 | |
Yum! Brands Inc. | 254,605 | 26,359 | |
Polaris Inc. | 221,168 | 26,045 | |
H&R Block Inc. | 1,307,965 | 25,152 | |
Tempur Sealy International Inc. | 587,400 | 19,625 | |
* | NVR Inc. | 3,706 | 16,680 |
Tractor Supply Co. | 89,714 | 14,261 | |
Target Corp. | 58,843 | 10,794 | |
* | frontdoor Inc. | 151,085 | 7,912 |
Service Corp. International | 70,011 | 3,344 | |
Domino's Pizza Inc. | 7,543 | 2,614 | |
Dollar General Corp. | 13,067 | 2,470 | |
* | Chipotle Mexican Grill Inc. Class A | 917 | 1,322 |
9,805,015 | |||
Consumer Staples (1.8%) | |||
Constellation Brands Inc. Class A | 1,099,071 | 235,355 | |
Estee Lauder Cos. Inc. Class A | 821,158 | 234,736 | |
* | Monster Beverage Corp. | 1,720,015 | 150,914 |
Altria Group Inc. | 1,066,403 | 46,495 | |
Hershey Co. | 208,320 | 30,342 | |
* | Herbalife Nutrition Ltd. | 659,399 | 29,660 |
* | Sprouts Farmers Market Inc. | 1,336,348 | 28,210 |
Costco Wholesale Corp. | 83,850 | 27,754 | |
Campbell Soup Co. | 465,209 | 21,158 | |
Procter & Gamble Co. | 122,314 | 15,109 | |
PepsiCo Inc. | 101,687 | 13,137 | |
Coca-Cola Co. | 116,984 | 5,731 | |
1 | Albertsons Cos. Inc. Class A | 332,761 | 5,381 |
* | Pilgrim's Pride Corp. | 196,326 | 4,396 |
Clorox Co. | 23,417 | 4,240 | |
852,618 | |||
Energy (0.0%) | |||
Equitrans Midstream Corp. | 258,831 | 1,871 | |
Financials (3.5%) | |||
MarketAxess Holdings Inc. | 669,677 | 372,300 | |
First Republic Bank | 1,764,255 | 290,661 | |
American Express Co. | 1,393,616 | 188,501 | |
*,1 | Lemonade Inc. | 1,342,255 | 168,842 |
Progressive Corp. | 1,834,877 | 157,708 | |
S&P Global Inc. | 269,342 | 88,711 | |
* | Markel Corp. | 76,138 | 82,899 |
Marsh & McLennan Cos. Inc. | 714,183 | 82,288 |
Shares | Market Value• ($000) | ||
Blackstone Group Inc. Class A | 1,143,411 | 79,158 | |
LPL Financial Holdings Inc. | 205,404 | 27,019 | |
SLM Corp. | 1,267,384 | 20,012 | |
KKR & Co. Inc. | 423,404 | 19,290 | |
Virtu Financial Inc. Class A | 667,653 | 18,207 | |
Synchrony Financial | 310,554 | 12,012 | |
Primerica Inc. | 50,392 | 7,117 | |
1,614,725 | |||
Health Care (9.5%) | |||
* | Illumina Inc. | 1,335,709 | 586,924 |
* | Moderna Inc. | 2,565,732 | 397,201 |
* | ABIOMED Inc. | 1,168,707 | 379,304 |
UnitedHealth Group Inc. | 753,245 | 250,243 | |
* | Penumbra Inc. | 874,464 | 248,724 |
* | Novocure Ltd. | 1,667,087 | 248,563 |
* | Teladoc Health Inc. | 936,455 | 207,041 |
Danaher Corp. | 935,610 | 205,525 | |
* | Denali Therapeutics Inc. | 2,465,757 | 177,041 |
* | Glaukos Corp. | 1,769,014 | 167,278 |
* | Boston Scientific Corp. | 4,135,411 | 160,371 |
* | Alnylam Pharmaceuticals Inc. | 910,226 | 134,804 |
* | Intuitive Surgical Inc. | 156,281 | 115,148 |
* | Seagen Inc. | 617,352 | 93,288 |
Eli Lilly and Co. | 415,468 | 85,125 | |
* | Vertex Pharmaceuticals Inc. | 369,849 | 78,611 |
Merck & Co. Inc. | 1,068,218 | 77,574 | |
* | Sartorius Stedim Biotech | 157,858 | 69,023 |
Thermo Fisher Scientific Inc. | 146,556 | 65,962 | |
* | Mettler-Toledo International Inc. | 57,556 | 64,235 |
* | Biogen Inc. | 195,566 | 53,366 |
HCA Healthcare Inc. | 244,396 | 42,043 | |
Cigna Corp. | 187,646 | 39,387 | |
* | Sana Biotechnology Inc. | 1,263,627 | 38,844 |
McKesson Corp. | 218,982 | 37,122 | |
Johnson & Johnson | 230,832 | 36,578 | |
* | IQVIA Holdings Inc. | 184,644 | 35,598 |
* | Avantor Inc. | 1,189,560 | 33,153 |
Cardinal Health Inc. | 599,053 | 30,863 | |
* | Charles River Laboratories International Inc. | 103,590 | 29,641 |
Humana Inc. | 77,069 | 29,259 | |
* | Veeva Systems Inc. Class A | 96,918 | 27,148 |
* | Zai Lab Ltd. ADR | 174,701 | 25,772 |
AbbVie Inc. | 200,408 | 21,592 | |
* | Quidel Corp. | 121,513 | 19,960 |
* | Hologic Inc. | 182,044 | 13,124 |
* | IDEXX Laboratories Inc. | 23,351 | 12,146 |
Amgen Inc. | 52,219 | 11,745 | |
AmerisourceBergen Corp. Class A | 114,477 | 11,587 | |
Bristol-Myers Squibb Co. | 153,365 | 9,406 | |
Anthem Inc. | 30,575 | 9,270 | |
Bruker Corp. | 144,057 | 8,785 | |
* | DaVita Inc. | 85,041 | 8,685 |
PerkinElmer Inc. | 67,643 | 8,529 | |
* | Laboratory Corp. of America Holdings | 31,043 | 7,448 |
* | Henry Schein Inc. | 113,893 | 7,044 |
Shares | Market Value• ($000) | ||
Zoetis Inc. | 39,568 | 6,143 | |
* | Regeneron Pharmaceuticals Inc. | 11,333 | 5,106 |
Agilent Technologies Inc. | 41,691 | 5,089 | |
* | PRA Health Sciences Inc. | 34,394 | 5,070 |
* | Sarepta Therapeutics Inc. | 45,644 | 3,974 |
* | Incyte Corp. | 45,492 | 3,578 |
West Pharmaceutical Services Inc. | 11,870 | 3,331 | |
* | Waters Corp. | 11,193 | 3,066 |
Chemed Corp. | 2,636 | 1,174 | |
4,456,611 | |||
Industrials (4.4%) | |||
* | Uber Technologies Inc. | 6,156,694 | 318,609 |
TransUnion | 2,569,564 | 216,383 | |
* | CoStar Group Inc. | 217,512 | 179,178 |
Watsco Inc. | 645,233 | 156,856 | |
* | Safran SA | 1,092,679 | 148,946 |
* | Copart Inc. | 1,302,483 | 142,179 |
IHS Markit Ltd. | 1,395,988 | 125,862 | |
Canadian National Railway Co. | 941,054 | 102,876 | |
Northrop Grumman Corp. | 340,157 | 99,210 | |
HEICO Corp. Class A | 675,283 | 78,171 | |
JB Hunt Transport Services Inc. | 469,718 | 68,988 | |
Airbus SE ADR | 2,298,850 | 67,103 | |
Lockheed Martin Corp. | 158,861 | 52,464 | |
United Parcel Service Inc. Class B | 286,471 | 45,214 | |
* | Lyft Inc. Class A | 748,819 | 41,709 |
Booz Allen Hamilton Holding Corp. Class A | 424,156 | 32,719 | |
IDEX Corp. | 149,572 | 29,192 | |
Landstar System Inc. | 156,373 | 25,042 | |
Allison Transmission Holdings Inc. | 515,167 | 19,535 | |
WW Grainger Inc. | 51,282 | 19,113 | |
Nielsen Holdings plc | 849,231 | 19,031 | |
* | Generac Holdings Inc. | 51,771 | 17,062 |
Allegion plc | 85,829 | 9,337 | |
Illinois Tool Works Inc. | 46,122 | 9,325 | |
Expeditors International of Washington Inc. | 86,623 | 7,956 | |
Cintas Corp. | 19,329 | 6,269 | |
Old Dominion Freight Line Inc. | 27,658 | 5,940 | |
* | IAA Inc. | 23,899 | 1,401 |
* | Array Technologies Inc. | 30,863 | 1,144 |
2,046,814 | |||
Information Technology (41.6%) | |||
Apple Inc. | 19,237,372 | 2,332,724 | |
Microsoft Corp. | 9,369,873 | 2,177,371 | |
* | Shopify Inc. Class A (XTSE) | 1,362,578 | 1,745,422 |
Mastercard Inc. Class A | 2,594,606 | 918,101 | |
* | Trade Desk Inc. Class A | 1,050,318 | 845,916 |
* | PayPal Holdings Inc. | 3,204,302 | 832,638 |
NVIDIA Corp. | 1,507,970 | 827,242 | |
* | Twilio Inc. Class A | 1,840,437 | 723,071 |
* | Adobe Inc. | 1,430,457 | 657,538 |
Visa Inc. Class A | 3,095,606 | 657,476 | |
* | Workday Inc. Class A | 2,505,211 | 614,228 |
* | Zoom Video Communications Inc. Class A | 1,490,368 | 556,816 |
* | Square Inc. Class A | 2,356,512 | 542,068 |
Shares | Market Value• ($000) | ||
* | salesforce.com Inc. | 2,275,896 | 492,731 |
* | ServiceNow Inc. | 811,522 | 432,915 |
*,3 | Adyen NV | 156,679 | 365,593 |
* | Advanced Micro Devices Inc. | 3,605,737 | 304,721 |
*,1 | Appian Corp. Class A | 1,737,065 | 298,601 |
Microchip Technology Inc. | 1,546,991 | 236,117 | |
* | FleetCor Technologies Inc. | 844,303 | 234,134 |
* | Crowdstrike Holdings Inc. Class A | 1,038,611 | 224,340 |
* | Autodesk Inc. | 765,096 | 211,166 |
Intuit Inc. | 489,576 | 191,003 | |
CDW Corp. | 1,182,683 | 185,551 | |
* | Coupa Software Inc. | 530,375 | 183,648 |
* | Cloudflare Inc. Class A | 2,481,898 | 183,586 |
* | Atlassian Corp. plc Class A | 754,737 | 179,401 |
Global Payments Inc. | 895,750 | 177,350 | |
Fidelity National Information Services Inc. | 1,266,468 | 174,773 | |
*,1 | Affirm Holdings Inc. | 1,482,693 | 137,979 |
* | Snowflake Inc. Class A | 491,583 | 127,585 |
* | Datadog Inc. Class A | 1,231,990 | 117,544 |
* | Tyler Technologies Inc. | 226,716 | 105,065 |
* | nCino Inc. | 1,451,971 | 99,286 |
Accenture plc Class A | 339,746 | 85,242 | |
* | Splunk Inc. | 550,994 | 78,798 |
* | Slack Technologies Inc. Class A | 1,893,346 | 77,495 |
Oracle Corp. | 1,078,824 | 69,595 | |
SS&C Technologies Holdings Inc. | 975,169 | 64,634 | |
Lam Research Corp. | 110,045 | 62,416 | |
* | DocuSign Inc. Class A | 270,238 | 61,252 |
QUALCOMM Inc. | 444,106 | 60,483 | |
Texas Instruments Inc. | 346,203 | 59,640 | |
* | Afterpay Ltd. ADR | 615,231 | 58,689 |
* | Yext Inc. | 3,016,113 | 51,033 |
* | Cadence Design Systems Inc. | 359,800 | 50,764 |
* | Okta Inc. | 176,392 | 46,118 |
Monolithic Power Systems Inc. | 112,476 | 42,124 | |
* | Fortinet Inc. | 246,755 | 41,665 |
Teradyne Inc. | 317,645 | 40,852 | |
* | Synopsys Inc. | 165,740 | 40,641 |
* | GoDaddy Inc. Class A | 471,222 | 38,226 |
* | Manhattan Associates Inc. | 307,126 | 37,761 |
* | Dropbox Inc. Class A | 1,529,225 | 34,476 |
Jabil Inc. | 740,828 | 31,982 | |
* | Teradata Corp. | 744,423 | 29,851 |
* | Paycom Software Inc. | 79,443 | 29,731 |
Applied Materials Inc. | 244,281 | 28,872 | |
Broadcom Inc. | 45,337 | 21,302 | |
HP Inc. | 732,129 | 21,210 | |
* | Ceridian HCM Holding Inc. | 197,101 | 17,672 |
* | Fair Isaac Corp. | 32,256 | 14,759 |
KLA Corp. | 37,606 | 11,704 | |
* | Comm Scope Holding Co. Inc. | 752,576 | 10,980 |
* | Qualtrics International Inc. Class A | 208,064 | 7,906 |
* | SolarEdge Technologies Inc. | 16,328 | 4,871 |
NortonLifeLock Inc. | 204,966 | 3,999 | |
* | Dell Technologies Class C | 30,071 | 2,438 |
Shares | Market Value• ($000) | ||
* | Enphase Energy Inc. | 6,840 | 1,204 |
*,1 | BigCommerce Holdings Inc. Series 1 | 18,306 | 1,082 |
* | Elastic NV | 7,797 | 1,048 |
19,436,215 | |||
Materials (0.3%) | |||
Ball Corp. | 1,442,317 | 123,159 | |
Sherwin-Williams Co. | 18,626 | 12,672 | |
RPM International Inc. | 95,780 | 7,628 | |
Royal Gold Inc. | 63,862 | 6,623 | |
Scotts Miracle-Gro Co. | 20,133 | 4,291 | |
Graphic Packaging Holding Co. | 176,652 | 2,804 | |
157,177 | |||
Other (0.0%) | |||
*,2,4 | The We Company Class A PP | 19,046 | 72 |
Real Estate (0.9%) | |||
* | Redfin Corp. | 3,826,131 | 289,791 |
Equinix Inc. | 135,916 | 88,120 | |
Iron Mountain Inc. | 1,041,580 | 36,236 | |
Crown Castle International Corp. | 70,644 | 11,003 | |
Simon Property Group Inc. | 84,975 | 9,595 | |
SBA Communications Corp. Class A | 4,988 | 1,273 | |
American Tower Corp. | 5,723 | 1,237 | |
437,255 | |||
Utilities (0.0%) | |||
NRG Energy Inc. | 188,934 | 6,898 | |
Total Common Stocks (Cost $24,571,297) | 45,431,981 | ||
Preferred Stocks (0.0%) | |||
*,2,4,5 | The We Company Pfd. D1 PP | 260,418 | 1,643 |
*,2,4,5 | The We Company Pfd. D2 PP | 204,614 | 1,291 |
Total Preferred Stocks (Cost $7,743) | 2,934 | ||
Temporary Cash Investments (3.2%) | |||
Money Market Fund (3.1%) | |||
6,7 | Vanguard Market Liquidity Fund, 0.099% | 14,526,306 | 1,452,631 |
Face Amount ($000) | |||
Repurchase Agreement (0.1%) | |||
Bank of America Securities, LLC 0.020%, 3/1/21 (Dated 2/26/21, Repurchase Value $38,800,000, collateralized by Federal Home Loan Bank 0.300%, 11/18/2024 and Federal Home Loan Mortgage Corp. 2.000%–8.500%, 4/1/21–10/2/50, with a value of $39,580,000) | 38,800 | 38,800 |
Face Amount ($000) | Market Value• ($000) | ||
U.S. Government and Agency Obligations (0.0%) | |||
8 | U.S. Treasury Bill, 0.083%, 3/30/21 | 1,300 | 1,300 |
Total Temporary Cash Investments (Cost $1,492,558) | 1,492,731 | ||
Total Investments (100.4%) (Cost $26,071,598) | 46,927,646 | ||
Other Assets and Liabilities—Net (-0.4%) | (185,844) | ||
Net Assets (100%) | 46,741,802 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $268,912,000. |
2 | Restricted securities totaling $50,595,000, representing 0.1% of net assets. See Restricted Securities table for additional information. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, the aggregate value was $365,593,000, representing 0.8% of net assets. |
4 | Security value determined using significant unobservable inputs. |
5 | Perpetual security with no stated maturity date. |
6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
7 | Collateral of $273,191,000 was received for securities on loan. |
8 | Securities with a value of $845,000 have been segregated as initial margin for open futures contracts. |
ADR—American Depositary Receipt. | |
PP—Private Placement. |
Restricted Securities as of Period End | ||
Security Name | Acquisition Date | Acquisition Cost ($000) |
The We Company Pfd. D1 PP | December 2014 | 4,336 |
The We Company Pfd. D2 PP | December 2014 | 3,407 |
The We Company Class A PP | December 2014 | 317 |
Airbnb Inc. Class B | June 2015 | 11,928 |
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 | March 2021 | 5,939 | 1,131,142 | (4,707) |
E-mini S&P Mid-Cap 400 Index | March 2021 | 262 | 65,361 | 6,758 |
2,051 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $24,619,140) | 45,475,015 |
Affiliated Issuers (Cost $1,452,458) | 1,452,631 |
Total Investments in Securities | 46,927,646 |
Investment in Vanguard | 1,733 |
Cash | 8,556 |
Cash Collateral Pledged—Futures Contracts | 67,051 |
Receivables for Investment Securities Sold | 239,836 |
Receivables for Accrued Income | 17,200 |
Receivables for Capital Shares Issued | 49,179 |
Total Assets | 47,311,201 |
Liabilities | |
Payables for Investment Securities Purchased | 237,179 |
Collateral for Securities on Loan | 273,191 |
Payables to Investment Advisor | 15,729 |
Payables for Capital Shares Redeemed | 34,174 |
Payables to Vanguard | 3,551 |
Variation Margin Payable—Futures Contracts | 5,575 |
Total Liabilities | 569,399 |
Net Assets | 46,741,802 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 21,119,627 |
Total Distributable Earnings (Loss) | 25,622,175 |
Net Assets | 46,741,802 |
Investor Shares—Net Assets | |
Applicable to 179,936,647 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 12,010,630 |
Net Asset Value Per Share—Investor Shares | $66.75 |
Admiral Shares—Net Assets | |
Applicable to 200,875,318 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 34,731,172 |
Net Asset Value Per Share—Admiral Shares | $172.90 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 79,025 |
Interest2 | 644 |
Securities Lending—Net | 8,832 |
Total Income | 88,501 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 28,650 |
Performance Adjustment | 5,080 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 11,970 |
Management and Administrative—Admiral Shares | 18,853 |
Marketing and Distribution—Investor Shares | 400 |
Marketing and Distribution—Admiral Shares | 519 |
Custodian Fees | 71 |
Shareholders’ Reports and Proxy—Investor Shares | 313 |
Shareholders’ Reports and Proxy—Admiral Shares | 322 |
Trustees’ Fees and Expenses | 14 |
Total Expenses | 66,192 |
Expenses Paid Indirectly | (234) |
Net Expenses | 65,958 |
Net Investment Income | 22,543 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 5,162,930 |
Futures Contracts | 102,027 |
Foreign Currencies | (685) |
Realized Net Gain (Loss) | 5,264,272 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (586,141) |
Futures Contracts | (45,374) |
Foreign Currencies | 127 |
Change in Unrealized Appreciation (Depreciation) | (631,388) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,655,427 |
1 | Dividends are net of foreign withholding taxes of $91,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $543,000, $21,000, and ($20,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 22,543 | 90,247 | |
Realized Net Gain (Loss) | 5,264,272 | 1,427,385 | |
Change in Unrealized Appreciation (Depreciation) | (631,388) | 13,015,813 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,655,427 | 14,533,445 | |
Distributions | |||
Investor Shares | (441,143) | (357,080) | |
Admiral Shares | (1,285,155) | (704,493) | |
Total Distributions | (1,726,298) | (1,061,573) | |
Capital Share Transactions | |||
Investor Shares | (1,112,355) | (747,873) | |
Admiral Shares | 4,654,856 | 1,666,649 | |
Net Increase (Decrease) from Capital Share Transactions | 3,542,501 | 918,776 | |
Total Increase (Decrease) | 6,471,630 | 14,390,648 | |
Net Assets | |||
Beginning of Period | 40,270,172 | 25,879,524 | |
End of Period | 46,741,802 | 40,270,172 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $62.28 | $41.02 | $43.31 | $35.62 | $30.32 | $30.89 |
Investment Operations | ||||||
Net Investment Income | .0101 | .1131 | .1761 | .1341 | .1511 | .151 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.017 | 22.856 | .771 | 9.394 | 5.590 | 1.944 |
Total from Investment Operations | 7.027 | 22.969 | .947 | 9.528 | 5.741 | 2.095 |
Distributions | ||||||
Dividends from Net Investment Income | (.019) | (.119) | (.132) | (.146) | (.121) | (.147) |
Distributions from Realized Capital Gains | (2.538) | (1.590) | (3.105) | (1.692) | (.320) | (2.518) |
Total Distributions | (2.557) | (1.709) | (3.237) | (1.838) | (.441) | (2.665) |
Net Asset Value, End of Period | $66.75 | $62.28 | $41.02 | $43.31 | $35.62 | $30.32 |
Total Return2 | 11.40% | 58.01% | 3.70% | 27.64% | 19.24% | 6.89% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $12,011 | $12,410 | $8,819 | $4,582 | $4,113 | $3,794 |
Ratio of Total Expenses to Average Net Assets3 | 0.39% | 0.38% | 0.39% | 0.42% | 0.43% | 0.46% |
Ratio of Net Investment Income to Average Net Assets | 0.04% | 0.25% | 0.44% | 0.35% | 0.47% | 0.50% |
Portfolio Turnover Rate | 28% | 38% | 41% | 33% | 27% | 32% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of 0.02%, 0.02%, 0.01%, 0.01%, (0.01%), and 0.02% |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $161.42 | $106.30 | $112.28 | $92.24 | $78.52 | $80.01 |
Investment Operations | ||||||
Net Investment Income | .1091 | .4101 | .5721 | .4761 | .5021 | .506 |
Net Realized and Unrealized Gain (Loss) on Investments | 18.176 | 59.231 | 1.963 | 24.323 | 14.480 | 5.018 |
Total from Investment Operations | 18.285 | 59.641 | 2.535 | 24.799 | 14.982 | 5.524 |
Distributions | ||||||
Dividends from Net Investment Income | (.224) | (.401) | (.464) | (.375) | (.433) | (.499) |
Distributions from Realized Capital Gains | (6.581) | (4.120) | (8.051) | (4.384) | (.829) | (6.515) |
Total Distributions | (6.805) | (4.521) | (8.515) | (4.759) | (1.262) | (7.014) |
Net Asset Value, End of Period | $172.90 | $161.42 | $106.30 | $112.28 | $92.24 | $78.52 |
Total Return2 | 11.45% | 58.17% | 3.80% | 27.78% | 19.42% | 7.03% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $34,731 | $27,860 | $17,060 | $6,249 | $3,791 | $3,066 |
Ratio of Total Expenses to Average Net Assets3 | 0.29% | 0.28% | 0.28% | 0.30% | 0.30% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 0.14% | 0.35% | 0.55% | 0.47% | 0.60% | 0.64% |
Portfolio Turnover Rate | 28% | 38% | 41% | 33% | 27% | 32% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of 0.02%, 0.02%, 0.01%, 0.01%, (0.01%), and 0.02% |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Jennison Associates LLC, Wellington Management Company llp, and Baillie Gifford Overseas Ltd., each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fees of Jennison Associates LLC and Wellington Management Company llp are subject to quarterly adjustments based on performance relative to the Russell 1000 Growth Index for the preceding three years. The basic fee of Baillie Gifford Overseas Ltd. is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding three years. Pursuant to board approval, a portion of the fund was managed by Jackson Square Partners, LLC through February 2021. The basic fee paid to Jackson Square Partners, LLC, was subject to quarterly adjustments based on performance relative to the Russell 1000 Growth Index for the preceding three years. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. For the period ended February 28, 2021, these arrangements reduced the fund’s expenses by $234,000 (an annual rate of less than 0.01% of average net assets). |
E. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 44,342,063 | 1,089,846 | 72 | 45,431,981 |
Preferred Stocks | — | — | 2,934 | 2,934 |
Temporary Cash Investments | 1,452,631 | 40,100 | — | 1,492,731 |
Total | 45,794,694 | 1,129,946 | 3,006 | 46,927,646 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 6,758 | — | — | 6,758 |
Liabilities | ||||
Futures Contracts1 | 4,707 | — | — | 4,707 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
F. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 26,128,561 |
Gross Unrealized Appreciation | 20,987,810 |
Gross Unrealized Depreciation | (186,674) |
Net Unrealized Appreciation (Depreciation) | 20,801,136 |
G. | During the six months ended February 28, 2021, the fund purchased $13,262,875,000 of investment securities and sold $11,613,757,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 1,614,488 | 25,217 | 2,060,722 | 44,973 | |
Issued in Lieu of Cash Distributions | 426,496 | 6,567 | 347,590 | 8,288 | |
Redeemed | (3,153,339) | (51,092) | (3,156,185) | (69,011) | |
Net Increase (Decrease)—Investor Shares | (1,112,355) | (19,308) | (747,873) | (15,750) | |
Admiral Shares | |||||
Issued | 6,792,837 | 41,314 | 5,160,714 | 42,335 | |
Issued in Lieu of Cash Distributions | 1,197,201 | 7,119 | 662,481 | 6,099 | |
Redeemed | (3,335,182) | (20,152) | (4,156,546) | (36,332) | |
Net Increase (Decrease)—Admiral Shares | 4,654,856 | 28,281 | 1,666,649 | 12,102 |
I. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
About Your Fund’s Expenses | 1 |
Financial Statements (unaudited) | 4 |
Trustees Approve Advisory Arrangements | 22 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended February 28, 2021 | |||
International Growth Fund | Beginning Account Value 8/31/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,228.60 | $2.38 |
Admiral™ Shares | 1,000.00 | 1,229.10 | 1.77 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,022.66 | $2.16 |
Admiral Shares | 1,000.00 | 1,023.21 | 1.61 |
Communication Services | 9.2% |
Consumer Discretionary | 35.0 |
Consumer Staples | 3.9 |
Energy | 1.4 |
Financials | 9.0 |
Health Care | 15.1 |
Industrials | 9.0 |
Information Technology | 14.6 |
Materials | 1.9 |
Utilities | 0.7 |
Other | 0.2 |
Shares | Market Value• ($000) | ||
Common Stocks (97.5%) | |||
Australia (0.6%) | |||
* | Afterpay Ltd. | 4,147,434 | 378,844 |
* | Xero Ltd. | 343,128 | 31,403 |
410,247 | |||
Austria (0.4%) | |||
Erste Group Bank AG | 7,843,772 | 257,567 | |
Belgium (2.2%) | |||
Umicore SA | 11,849,441 | 696,140 | |
* | Argenx SE | 1,978,464 | 658,061 |
UCB SA | 2,152,252 | 213,410 | |
1,567,611 | |||
Brazil (0.3%) | |||
B3 SA - Brasil Bolsa Balcao | 14,269,879 | 138,263 | |
Raia Drogasil SA | 21,795,702 | 90,346 | |
228,609 | |||
Canada (0.9%) | |||
Toronto-Dominion Bank | 5,740,327 | 347,956 | |
Canadian National Railway Co. | 2,413,784 | 263,475 | |
611,431 | |||
China (18.5%) | |||
Tencent Holdings Ltd. | 45,419,800 | 3,951,387 | |
* | Alibaba Group Holding Ltd. | 78,622,556 | 2,362,544 |
*,1 | Meituan Class B | 43,138,930 | 1,937,562 |
* | NIO Inc. ADR | 31,223,162 | 1,429,396 |
* | TAL Education Group ADR | 15,272,843 | 1,184,256 |
* | Alibaba Group Holding Ltd. ADR | 2,744,361 | 652,499 |
* | Baidu Inc. ADR | 2,041,992 | 578,823 |
Ping An Insurance Group Co. of China Ltd. Class H | 44,035,500 | 544,920 | |
* | Pinduoduo Inc. ADR | 1,468,332 | 251,320 |
* | China Mengniu Dairy Co. Ltd. | 41,766,000 | 228,231 |
* | Kingdee International Software Group Co. Ltd. | 20,279,000 | 72,579 |
13,193,517 | |||
Denmark (3.2%) | |||
* | Genmab A/S | 2,548,873 | 854,855 |
Ambu A/S Class B | 13,909,666 | 641,012 | |
Vestas Wind Systems A/S | 2,005,591 | 376,099 | |
Novozymes A/S Class B | 2,401,809 | 147,860 |
Shares | Market Value• ($000) | ||
Chr Hansen Holding A/S | 1,658,818 | 142,240 | |
* | Pandora A/S | 1,100,608 | 106,853 |
2,268,919 | |||
France (5.6%) | |||
Kering SA | 2,915,915 | 1,844,168 | |
L'Oreal SA | 2,664,975 | 972,582 | |
Schneider Electric SE | 5,322,107 | 787,004 | |
Alstom SA | 4,941,513 | 246,310 | |
Legrand SA | 1,694,372 | 147,308 | |
3,997,372 | |||
Germany (7.8%) | |||
*,1 | Zalando SE | 10,259,895 | 1,054,791 |
*,1 | Delivery Hero SE | 7,334,216 | 937,163 |
*,2 | HelloFresh SE | 10,552,945 | 819,913 |
Infineon Technologies AG | 11,105,739 | 483,230 | |
Bayerische Motoren Werke AG | 4,822,772 | 416,731 | |
*,2,3 | Jumia Technologies AG ADR | 6,724,836 | 297,977 |
* | adidas AG | 846,586 | 295,107 |
*,3 | CureVac NV | 2,731,786 | 257,607 |
SAP SE | 1,671,694 | 206,766 | |
Allianz SE (Registered) | 806,821 | 194,734 | |
BASF SE | 2,275,881 | 186,192 | |
GEA Group AG | 5,015,311 | 173,645 | |
Knorr-Bremse AG | 1,138,106 | 144,941 | |
* | MorphoSys AG | 664,989 | 66,731 |
*,2 | Home24 SE | 2,066,394 | 42,566 |
5,578,094 | |||
Hong Kong (2.2%) | |||
AIA Group Ltd. | 84,315,800 | 1,063,343 | |
Hong Kong Exchanges & Clearing Ltd. | 8,680,143 | 533,680 | |
1,597,023 | |||
India (1.3%) | |||
Housing Development Finance Corp. Ltd. | 11,680,736 | 404,238 | |
* | HDFC Bank Ltd. | 18,297,957 | 383,802 |
Larsen & Toubro Ltd. | 5,632,629 | 110,458 | |
*,4,5 | ANI Technologies Private Ltd. PP | 166,185 | 30,496 |
928,994 | |||
Indonesia (0.3%) | |||
Bank Central Asia Tbk PT | 78,475,300 | 184,632 | |
Israel (0.4%) | |||
* | Wix.com Ltd. | 917,880 | 319,945 |
Italy (2.9%) | |||
Ferrari NV | 5,252,763 | 1,022,216 | |
EXOR NV | 5,131,716 | 411,352 | |
* | Intesa Sanpaolo SPA | 113,537,246 | 291,908 |
Stellantis NV | 13,737,294 | 222,665 | |
Stellantis NV (XTLA) | 7,566,220 | 122,548 | |
2,070,689 | |||
Japan (8.6%) | |||
M3 Inc. | 23,314,500 | 1,852,988 | |
Nidec Corp. | 11,414,800 | 1,455,559 | |
SMC Corp. | 1,103,400 | 654,376 |
Shares | Market Value• ($000) | ||
Sony Corp. | 4,177,000 | 441,096 | |
Recruit Holdings Co. Ltd. | 6,663,200 | 332,956 | |
Takeda Pharmaceutical Co. Ltd. | 8,085,400 | 272,468 | |
Bridgestone Corp. | 6,138,800 | 242,509 | |
Murata Manufacturing Co. Ltd. | 2,060,700 | 176,653 | |
Kubota Corp. | 6,908,800 | 156,729 | |
Sekisui Chemical Co. Ltd. | 8,225,300 | 147,407 | |
Toyota Motor Corp. | 1,865,700 | 137,864 | |
SBI Holdings Inc. | 4,470,400 | 125,077 | |
Pigeon Corp. | 3,300,800 | 119,531 | |
6,115,213 | |||
Netherlands (10.3%) | |||
ASML Holding NV | 7,704,464 | 4,369,365 | |
*,1 | Adyen NV | 903,347 | 2,107,857 |
Royal Dutch Shell plc Class A (XLON) | 17,575,777 | 362,721 | |
Koninklijke Philips NV | 4,790,736 | 261,560 | |
Royal Dutch Shell plc Class A | 11,500,265 | 236,161 | |
7,337,664 | |||
Norway (0.8%) | |||
Equinor ASA | 19,413,927 | 368,173 | |
DNB ASA | 12,264,292 | 238,264 | |
606,437 | |||
South Korea (1.2%) | |||
Samsung Electronics Co. Ltd. | 7,978,596 | 584,717 | |
Samsung SDI Co. Ltd. | 404,645 | 242,111 | |
826,828 | |||
Spain (1.9%) | |||
Industria de Diseno Textil SA | 21,245,632 | 700,537 | |
* | Banco Bilbao Vizcaya Argentaria SA | 60,461,703 | 336,220 |
* | Iberdrola SA (XMAD) | 25,799,239 | 323,314 |
1,360,071 | |||
Sweden (2.2%) | |||
Atlas Copco AB Class A | 12,963,440 | 739,834 | |
* | Kinnevik AB Class B | 9,975,592 | 462,901 |
Assa Abloy AB Class B | 8,191,729 | 205,488 | |
Svenska Handelsbanken AB Class A | 12,601,242 | 132,853 | |
1,541,076 | |||
Switzerland (4.0%) | |||
* | Roche Holding AG | 1,918,560 | 629,401 |
Nestle SA (Registered) | 5,551,567 | 579,410 | |
Temenos AG (Registered) | 1,868,930 | 252,357 | |
Novartis AG (Registered) | 2,847,827 | 245,273 | |
Cie Financiere Richemont SA (Registered) Class A | 2,498,714 | 240,780 | |
Lonza Group AG (Registered) | 361,430 | 227,971 | |
* | Alcon Inc. | 3,177,947 | 218,872 |
Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 21,622 | 181,438 | |
Sika AG (Registered) | 509,430 | 134,713 | |
Straumann Holding AG (Registered) | 91,350 | 110,320 | |
2,820,535 |
Shares | Market Value• ($000) | ||
Taiwan (1.6%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 43,048,000 | 940,471 | |
* | Sea Ltd. ADR | 761,673 | 179,519 |
1,119,990 | |||
United Kingdom (4.1%) | |||
* | Ocado Group plc | 24,326,206 | 747,385 |
Diageo plc | 9,945,508 | 391,244 | |
Rolls-Royce Holdings plc | 202,156,568 | 304,546 | |
Whitbread plc | 5,049,041 | 240,338 | |
Burberry Group plc | 8,332,421 | 212,122 | |
National Grid plc | 18,276,405 | 205,508 | |
Next plc | 1,919,266 | 203,298 | |
Barclays plc | 90,738,042 | 202,503 | |
Bunzl plc | 5,066,202 | 158,170 | |
Reckitt Benckiser Group plc | 1,859,226 | 155,954 | |
GlaxoSmithKline plc | 7,228,389 | 120,611 | |
2,941,679 | |||
United States (16.2%) | |||
* | MercadoLibre Inc. | 1,873,136 | 3,068,403 |
* | Tesla Inc. | 3,518,534 | 2,376,770 |
* | Illumina Inc. | 4,910,590 | 2,157,762 |
* | Moderna Inc. | 10,949,005 | 1,695,015 |
* | Spotify Technology SA | 5,494,248 | 1,688,822 |
* | Amazon.com Inc. | 110,408 | 341,484 |
* | Booking Holdings Inc. | 97,679 | 227,447 |
11,555,703 | |||
Total Common Stocks (Cost $33,936,689) | 69,439,846 | ||
Preferred Stock (0.2%) | |||
*,2,4,5,6 | You & Mr. Jones PP (Cost $44,800) | 44,800,000 | 143,808 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (2.4%) | |||
Money Market Fund (2.4%) | |||
7,8 | Vanguard Market Liquidity Fund, 0.099% (Cost $1,682,026) | 16,821,219 | 1,682,122 |
Total Investments (100.1%) (Cost $35,663,515) | 71,265,776 | ||
Other Assets and Liabilities—Net (-0.1%) | (88,223) | ||
Net Assets (100%) | 71,177,553 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, the aggregate value was $6,037,373,000, representing 8.5% of net assets. |
2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
3 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $129,095,000. |
4 | Restricted securities totaling $174,304,000, representing 0.2% of net assets. See Restricted Securities table for additional information. |
5 | Security value determined using significant unobservable inputs. |
6 | Perpetual security with no stated maturity date. |
7 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
8 | Collateral of $133,364,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
PP—Private Placement. |
Ptg. Ctf.—Participating Certificates. |
Restricted Securities as of Period End | ||
Security Name | Acquisition Date | Acquisition Cost ($000) |
You & Mr. Jones PP | September 2015 | 44,800 |
ANI Technologies Private Ltd. PP | December 2015 | 51,748 |
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 | March 2021 | 101 | 19,237 | (359) |
MSCI EAFE Index | March 2021 | 4,911 | 531,370 | (7,096) |
MSCI Emerging Markets Index | March 2021 | 3,891 | 260,327 | (12,417) |
(19,872) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $33,603,054) | 68,279,390 |
Affiliated Issuers (Cost $2,060,461) | 2,986,386 |
Total Investments in Securities | 71,265,776 |
Investment in Vanguard | 2,725 |
Cash Collateral Pledged—Futures Contracts | 51,153 |
Foreign Currency, at Value (Cost $55,358) | 56,132 |
Receivables for Investment Securities Sold | 20,791 |
Receivables for Accrued Income | 77,940 |
Receivables for Capital Shares Issued | 76,176 |
Other Assets | 421 |
Total Assets | 71,551,114 |
Liabilities | |
Due to Custodian | 69,055 |
Payables for Investment Securities Purchased | 72,341 |
Collateral for Securities on Loan | 133,364 |
Payables to Investment Advisor | 29,531 |
Payables for Capital Shares Redeemed | 30,992 |
Payables to Vanguard | 6,011 |
Variation Margin Payable—Futures Contracts | 10,746 |
Deferred Foreign Capital Gain Taxes | 21,521 |
Total Liabilities | 373,561 |
Net Assets | 71,177,553 |
Statement of Assets and Liabilities (continued) | |
At February 28, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 31,325,908 |
Total Distributable Earnings (Loss) | 39,851,645 |
Net Assets | 71,177,553 |
Investor Shares—Net Assets | |
Applicable to 212,462,339 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 10,951,938 |
Net Asset Value Per Share—Investor Shares | $51.55 |
Admiral Shares—Net Assets | |
Applicable to 367,259,382 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 60,225,615 |
Net Asset Value Per Share—Admiral Shares | $163.99 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 184,348 |
Dividends—Affiliated Issuers | — |
Interest—Unaffiliated Issuers | 50 |
Interest—Affiliated Issuers | 615 |
Securities Lending—Net | 9,823 |
Total Income | 194,836 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 45,008 |
Performance Adjustment | 9,255 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 12,208 |
Management and Administrative—Admiral Shares | 38,034 |
Marketing and Distribution—Investor Shares | 402 |
Marketing and Distribution—Admiral Shares | 1,049 |
Custodian Fees | 1,368 |
Shareholders’ Reports—Investor Shares | 29 |
Shareholders’ Reports—Admiral Shares | 69 |
Trustees’ Fees and Expenses | 19 |
Total Expenses | 107,441 |
Net Investment Income | 87,395 |
Realized Net Gain (Loss) | |
Investment Securities Sold—Unaffiliated Issuers | 4,413,286 |
Investment Securities Sold—Affiliated Issuers | 100 |
Futures Contracts | 144,481 |
Forward Currency Contracts | (519) |
Foreign Currencies | (285) |
Realized Net Gain (Loss) | 4,557,063 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers2 | 7,755,758 |
Investment Securities—Affiliated Issuers | 527,172 |
Futures Contracts | (32,307) |
Forward Currency Contracts | 519 |
Foreign Currencies | 47 |
Change in Unrealized Appreciation (Depreciation) | 8,251,189 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,895,647 |
1 | Dividends are net of foreign withholding taxes of $20,019,000. |
2 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $21,521,000. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 87,395 | 338,623 | |
Realized Net Gain (Loss) | 4,557,063 | 1,295,635 | |
Change in Unrealized Appreciation (Depreciation) | 8,251,189 | 17,702,794 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,895,647 | 19,337,052 | |
Distributions | |||
Investor Shares | (233,493) | (94,219) | |
Admiral Shares | (1,364,832) | (424,749) | |
Total Distributions | (1,598,325) | (518,968) | |
Capital Share Transactions | |||
Investor Shares | (439,167) | (760,869) | |
Admiral Shares | 3,755,414 | 2,901,570 | |
Net Increase (Decrease) from Capital Share Transactions | 3,316,247 | 2,140,701 | |
Total Increase (Decrease) | 14,613,569 | 20,958,785 | |
Net Assets | |||
Beginning of Period | 56,563,984 | 35,605,199 | |
End of Period | 71,177,553 | 56,563,984 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $42.94 | $28.30 | $31.23 | $28.38 | $22.38 | $20.83 |
Investment Operations | ||||||
Net Investment Income | .0441 | .2381 | .3421 | .3811 | .2401 | .304 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.716 | 14.791 | (1.941) | 2.722 | 6.028 | 1.539 |
Total from Investment Operations | 9.760 | 15.029 | (1.599) | 3.103 | 6.268 | 1.843 |
Distributions | ||||||
Dividends from Net Investment Income | (.106) | (.389) | (.403) | (.253) | (.268) | (.293) |
Distributions from Realized Capital Gains | (1.044) | — | (.928) | — | — | — |
Total Distributions | (1.150) | (.389) | (1.331) | (.253) | (.268) | (.293) |
Net Asset Value, End of Period | $51.55 | $42.94 | $28.30 | $31.23 | $28.38 | $22.38 |
Total Return2 | 22.86% | 53.60% | -4.58% | 10.97% | 28.43% | 8.95% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $10,952 | $9,658 | $7,056 | $8,074 | $7,731 | $6,700 |
Ratio of Total Expenses to Average Net Assets3 | 0.43% | 0.44% | 0.43% | 0.45% | 0.45% | 0.46% |
Ratio of Net Investment Income to Average Net Assets | 0.18% | 0.74% | 1.23% | 1.25% | 1.01% | 1.47% |
Portfolio Turnover Rate | 13% | 20% | 13% | 16% | 15% | 29% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction or account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of 0.03%, 0.04%, 0.03%, 0.03%, 0.03%, and 0.04% |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $136.68 | $90.05 | $99.45 | $90.24 | $71.19 | $66.28 |
Investment Operations | ||||||
Net Investment Income | .2211 | .8631 | 1.2031 | 1.3651 | .8791 | 1.062 |
Net Realized and Unrealized Gain (Loss) on Investments | 30.912 | 47.105 | (6.230) | 8.652 | 19.127 | 4.877 |
Total from Investment Operations | 31.133 | 47.968 | (5.027) | 10.017 | 20.006 | 5.939 |
Distributions | ||||||
Dividends from Net Investment Income | (.497) | (1.338) | (1.418) | (.807) | (.956) | (1.029) |
Distributions from Realized Capital Gains | (3.326) | — | (2.955) | — | — | — |
Total Distributions | (3.823) | (1.338) | (4.373) | (.807) | (.956) | (1.029) |
Net Asset Value, End of Period | $163.99 | $136.68 | $90.05 | $99.45 | $90.24 | $71.19 |
Total Return2 | 22.91% | 53.81% | -4.50% | 11.14% | 28.57% | 9.07% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $60,226 | $46,906 | $28,549 | $29,170 | $23,101 | $15,704 |
Ratio of Total Expenses to Average Net Assets3 | 0.32% | 0.33% | 0.32% | 0.32% | 0.32% | 0.33% |
Ratio of Net Investment Income to Average Net Assets | 0.29% | 0.83% | 1.34% | 1.38% | 1.14% | 1.60% |
Portfolio Turnover Rate | 13% | 20% | 13% | 16% | 15% | 29% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction or account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of 0.03%, 0.04%, 0.03%, 0.03%, 0.03%, and 0.04% |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Baillie Gifford Overseas Ltd. and Schroder Investment Management North America Inc. each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fees of Baillie Gifford Overseas Ltd. and Schroder Investment Management North America Inc. are subject to quarterly adjustments based on performance relative to the MSCI All Country World Index ex USA for the preceding three years. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 12,395,743 | — | — | 12,395,743 |
Common Stocks—Other | 5,151,342 | 51,862,265 | 30,496 | 57,044,103 |
Preferred Stock | — | — | 143,808 | 143,808 |
Temporary Cash Investments | 1,682,122 | — | — | 1,682,122 |
Total | 19,229,207 | 51,862,265 | 174,304 | 71,265,776 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 19,872 | — | — | 19,872 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | At February 28, 2021, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities Caption | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Depreciation—Futures Contracts1 | 19,872 | — | 19,872 |
1Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 144,481 | — | 144,481 |
Forward Currency Contracts | — | (519) | (519) |
Realized Net Gain (Loss) on Derivatives | 144,481 | (519) | 143,962 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (32,307) | — | (32,307) |
Forward Currency Contracts | — | 519 | 519 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (32,307) | 519 | (31,788) |
F. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 35,711,470 |
Gross Unrealized Appreciation | 36,276,159 |
Gross Unrealized Depreciation | (741,725) |
Net Unrealized Appreciation (Depreciation) | 35,534,434 |
G. | During the six months ended February 28, 2021, the fund purchased $9,727,220,000 of investment securities and sold $7,970,990,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 1,711,731 | 34,483 | 1,336,137 | 39,787 | |
Issued in Lieu of Cash Distributions | 223,098 | 4,530 | 90,043 | 2,857 | |
Redeemed | (2,373,996) | (51,437) | (2,187,049) | (67,132) | |
Net Increase (Decrease)—Investor Shares | (439,167) | (12,424) | (760,869) | (24,488) | |
Admiral Shares | |||||
Issued | 8,924,639 | 57,937 | 7,810,043 | 74,363 | |
Issued in Lieu of Cash Distributions | 1,227,492 | 7,836 | 382,469 | 3,816 | |
Redeemed | (6,396,717) | (41,697) | (5,290,942) | (52,026) | |
Net Increase (Decrease)—Admiral Shares | 3,755,414 | 24,076 | 2,901,570 | 26,153 |
I. | Certain of the fund’s investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows: |
Current Period Transactions | ||||||||
Aug. 31, 2020 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Feb. 28, 2021 Market Value ($000) | |
HelloFresh SE | 543,702 | — | — | — | 276,211 | — | — | 819,913 |
Home24 SE | 23,358 | 4,336 | — | — | 14,872 | — | — | 42,566 |
Jumia Technologies AG ADR | 61,801 | — | — | — | 236,176 | — | — | 297,977 |
Vanguard Market Liquidity Fund | 1,795,364 | NA1 | NA1 | 100 | (87) | 615 | — | 1,682,122 |
You & Mr. Jones PP | 143,808 | — | — | — | — | — | — | 143,808 |
Total | 2,568,033 | 100 | 527,172 | 615 | — | 2,986,386 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
J. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended February 28, 2021 | |||
FTSE Social Index Fund | Beginning Account Value 8/31/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period |
Based on Actual Fund Return | |||
Admiral™ Shares | $1,000.00 | $1,091.50 | $0.73 |
Institutional Shares | 1,000.00 | 1,091.40 | 0.62 |
Based on Hypothetical 5% Yearly Return | |||
Admiral Shares | $1,000.00 | $1,024.10 | $0.70 |
Institutional Shares | 1,000.00 | 1,024.20 | 0.60 |
Basic Materials | 1.7% |
Consumer Discretionary | 18.0 |
Consumer Staples | 5.0 |
Financials | 10.6 |
Health Care | 13.4 |
Industrials | 11.1 |
Real Estate | 2.9 |
Technology | 32.5 |
Telecommunications | 3.9 |
Utilities | 0.9 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Basic Materials (1.7%) | |||
Linde plc | 208,077 | 50,827 | |
Air Products and Chemicals Inc. | 87,443 | 22,352 | |
Dow Inc. | 294,400 | 17,461 | |
Newmont Corp. | 318,226 | 17,305 | |
International Flavors & Fragrances Inc. | 98,453 | 13,341 | |
Fastenal Co. | 227,286 | 10,539 | |
LyondellBasell Industries NV Class A | 100,878 | 10,399 | |
International Paper Co. | 155,300 | 7,711 | |
Nucor Corp. | 119,194 | 7,130 | |
Albemarle Corp. | 45,118 | 7,093 | |
Celanese Corp. Class A | 46,200 | 6,418 | |
Eastman Chemical Co. | 53,800 | 5,878 | |
Avery Dennison Corp. | 33,140 | 5,806 | |
FMC Corp. | 51,210 | 5,208 | |
CF Industries Holdings Inc. | 83,139 | 3,765 | |
Steel Dynamics Inc. | 78,000 | 3,243 | |
Westlake Chemical Corp. | 13,200 | 1,130 | |
195,606 | |||
Consumer Discretionary (18.0%) | |||
* | Amazon.com Inc. | 167,910 | 519,334 |
* | Tesla Inc. | 299,480 | 202,299 |
Walt Disney Co. | 715,896 | 135,333 | |
Home Depot Inc. | 425,686 | 109,972 | |
* | Netflix Inc. | 168,461 | 90,775 |
NIKE Inc. Class B | 485,682 | 65,460 | |
McDonald's Corp. | 294,932 | 60,797 | |
Costco Wholesale Corp. | 174,810 | 57,862 | |
Starbucks Corp. | 463,154 | 50,034 | |
Lowe's Cos. Inc. | 299,712 | 47,879 | |
* | Booking Holdings Inc. | 16,195 | 37,710 |
Target Corp. | 197,590 | 36,246 | |
TJX Cos. Inc. | 473,732 | 31,262 | |
* | MercadoLibre Inc. | 18,100 | 29,650 |
Activision Blizzard Inc. | 301,899 | 28,865 | |
* | Uber Technologies Inc. | 545,300 | 28,219 |
Estee Lauder Cos. Inc. Class A | 87,731 | 25,079 | |
Dollar General Corp. | 99,683 | 18,839 | |
Ford Motor Co. | 1,546,347 | 18,092 |
Shares | Market Value• ($000) | ||
Ross Stores Inc. | 137,770 | 16,069 | |
* | Chipotle Mexican Grill Inc. Class A | 11,004 | 15,868 |
* | Spotify Technology SA | 51,600 | 15,861 |
Aptiv plc | 105,657 | 15,832 | |
Electronic Arts Inc. | 112,635 | 15,090 | |
eBay Inc. | 258,900 | 14,607 | |
* | Lululemon Athletica Inc. | 44,741 | 13,945 |
ViacomCBS Inc. Class B | 214,601 | 13,840 | |
* | O'Reilly Automotive Inc. | 28,395 | 12,702 |
Yum! Brands Inc. | 119,400 | 12,361 | |
* | AutoZone Inc. | 9,211 | 10,684 |
* | Etsy Inc. | 46,800 | 10,309 |
VF Corp. | 127,943 | 10,124 | |
DR Horton Inc. | 129,912 | 9,986 | |
Yum China Holdings Inc. | 159,382 | 9,537 | |
* | Dollar Tree Inc. | 92,276 | 9,061 |
Best Buy Co. Inc. | 89,723 | 9,004 | |
* | Copart Inc. | 80,800 | 8,820 |
Lennar Corp. Class A | 104,641 | 8,682 | |
Expedia Group Inc. | 53,390 | 8,596 | |
* | Take-Two Interactive Software Inc. | 44,800 | 8,264 |
* | Wayfair Inc. Class A | 27,900 | 8,062 |
* | CarMax Inc. | 64,164 | 7,668 |
Garmin Ltd. | 58,928 | 7,308 | |
Tractor Supply Co. | 45,638 | 7,255 | |
Darden Restaurants Inc. | 51,367 | 7,054 | |
* | Ulta Beauty Inc. | 21,339 | 6,878 |
* | Burlington Stores Inc. | 25,600 | 6,626 |
* | NVR Inc. | 1,340 | 6,031 |
Genuine Parts Co. | 55,709 | 5,869 | |
* | Discovery Inc. Class C | 130,398 | 5,868 |
Omnicom Group Inc. | 84,433 | 5,803 | |
* | Lyft Inc. Class A | 98,000 | 5,459 |
Domino's Pizza Inc. | 15,400 | 5,336 | |
* | Live Nation Entertainment Inc. | 56,500 | 5,021 |
Vail Resorts Inc. | 15,900 | 4,916 | |
* | LKQ Corp. | 120,691 | 4,754 |
Hasbro Inc. | 50,700 | 4,751 | |
PulteGroup Inc. | 104,380 | 4,709 | |
Whirlpool Corp. | 24,318 | 4,622 | |
Fortune Brands Home & Security Inc. | 54,831 | 4,559 | |
BorgWarner Inc. | 97,590 | 4,392 | |
Fox Corp. Class A | 126,530 | 4,215 | |
Advance Auto Parts Inc. | 26,125 | 4,189 | |
* | Mohawk Industries Inc. | 23,243 | 4,067 |
Interpublic Group of Cos. Inc. | 155,013 | 4,049 | |
Lear Corp. | 23,256 | 3,863 | |
Newell Brands Inc. | 153,927 | 3,566 | |
Southwest Airlines Co. | 59,472 | 3,457 | |
News Corp. Class A | 145,200 | 3,405 | |
Gentex Corp. | 94,945 | 3,359 | |
Aramark | 88,587 | 3,288 | |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 73,200 | 3,230 |
Autoliv Inc. | 35,045 | 3,154 | |
Nielsen Holdings plc | 138,359 | 3,101 |
Shares | Market Value• ($000) | ||
Delta Air Lines Inc. | 62,359 | 2,989 | |
* | Discovery Inc. Class A | 55,066 | 2,920 |
Rollins Inc. | 86,700 | 2,876 | |
Sirius XM Holdings Inc. | 444,600 | 2,601 | |
Fox Corp. Class B | 64,872 | 2,071 | |
* | United Airlines Holdings Inc. | 28,541 | 1,503 |
News Corp. Class B | 58,100 | 1,332 | |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 29,200 | 1,297 |
American Airlines Group Inc. | 52,994 | 1,110 | |
Lennar Corp. Class B | 8,300 | 549 | |
2,032,081 | |||
Consumer Staples (5.0%) | |||
Procter & Gamble Co. | 965,047 | 119,212 | |
Coca-Cola Co. | 1,531,400 | 75,023 | |
PepsiCo Inc. | 549,800 | 71,029 | |
CVS Health Corp. | 517,116 | 35,231 | |
Mondelez International Inc. Class A | 558,327 | 29,681 | |
Colgate-Palmolive Co. | 333,566 | 25,084 | |
Kimberly-Clark Corp. | 133,950 | 17,190 | |
Sysco Corp. | 191,592 | 15,257 | |
Walgreens Boots Alliance Inc. | 286,380 | 13,726 | |
Corteva Inc. | 296,800 | 13,401 | |
General Mills Inc. | 239,999 | 13,202 | |
* | Monster Beverage Corp. | 145,945 | 12,805 |
McKesson Corp. | 63,976 | 10,845 | |
Kroger Co. | 308,100 | 9,924 | |
Kraft Heinz Co. | 257,773 | 9,378 | |
Clorox Co. | 49,642 | 8,988 | |
Hershey Co. | 58,168 | 8,472 | |
McCormick & Co. Inc. | 97,828 | 8,245 | |
Church & Dwight Co. Inc. | 97,796 | 7,701 | |
Tyson Foods Inc. Class A | 113,454 | 7,677 | |
Conagra Brands Inc. | 192,604 | 6,535 | |
AmerisourceBergen Corp. Class A | 57,748 | 5,845 | |
Kellogg Co. | 99,475 | 5,741 | |
Keurig Dr Pepper Inc. | 177,506 | 5,418 | |
Hormel Foods Corp. | 110,725 | 5,134 | |
J M Smucker Co. | 43,853 | 4,912 | |
Lamb Weston Holdings Inc. | 58,118 | 4,636 | |
Bunge Ltd. | 54,099 | 4,143 | |
Coca-Cola European Partners plc | 79,498 | 4,050 | |
Campbell Soup Co. | 76,008 | 3,457 | |
Ingredion Inc. | 26,146 | 2,358 | |
* | Herbalife Nutrition Ltd. | 35,029 | 1,576 |
565,876 | |||
Financials (10.6%) | |||
JPMorgan Chase & Co. | 1,199,518 | 176,533 | |
Bank of America Corp. | 3,063,331 | 106,328 | |
Citigroup Inc. | 824,977 | 54,350 | |
Morgan Stanley | 553,892 | 42,578 | |
Goldman Sachs Group Inc. | 131,283 | 41,942 | |
BlackRock Inc. | 58,212 | 40,428 | |
Charles Schwab Corp. | 544,542 | 33,609 | |
S&P Global Inc. | 95,353 | 31,405 | |
Truist Financial Corp. | 532,973 | 30,358 |
Shares | Market Value• ($000) | ||
Chubb Ltd. | 177,857 | 28,916 | |
PNC Financial Services Group Inc. | 167,898 | 28,267 | |
CME Group Inc. | 140,445 | 28,047 | |
U.S. Bancorp | 538,231 | 26,912 | |
Intercontinental Exchange Inc. | 219,032 | 24,161 | |
Marsh & McLennan Cos. Inc. | 200,291 | 23,078 | |
Aon plc Class A | 89,843 | 20,458 | |
Progressive Corp. | 231,470 | 19,895 | |
Moody's Corp. | 64,380 | 17,697 | |
MetLife Inc. | 303,620 | 17,489 | |
American International Group Inc. | 341,048 | 14,989 | |
Travelers Cos. Inc. | 100,005 | 14,551 | |
T Rowe Price Group Inc. | 89,298 | 14,479 | |
IHS Markit Ltd. | 156,929 | 14,149 | |
Prudential Financial Inc. | 156,525 | 13,574 | |
MSCI Inc. Class A | 32,250 | 13,368 | |
Bank of New York Mellon Corp. | 315,762 | 13,313 | |
Aflac Inc. | 275,122 | 13,176 | |
Allstate Corp. | 120,098 | 12,802 | |
Discover Financial Services | 121,577 | 11,437 | |
First Republic Bank | 68,537 | 11,291 | |
Willis Towers Watson plc | 51,026 | 11,258 | |
Ameriprise Financial Inc. | 46,846 | 10,364 | |
* | SVB Financial Group | 20,400 | 10,309 |
State Street Corp. | 139,763 | 10,171 | |
KKR & Co. Inc. | 213,600 | 9,732 | |
Fifth Third Bancorp | 279,682 | 9,702 | |
Arthur J Gallagher & Co. | 75,089 | 8,996 | |
MarketAxess Holdings Inc. | 14,500 | 8,061 | |
Regions Financial Corp. | 378,883 | 7,816 | |
KeyCorp. | 383,573 | 7,725 | |
M&T Bank Corp. | 50,539 | 7,628 | |
Citizens Financial Group Inc. | 168,341 | 7,313 | |
Northern Trust Corp. | 75,710 | 7,202 | |
Hartford Financial Services Group Inc. | 141,325 | 7,164 | |
Broadridge Financial Solutions Inc. | 45,288 | 6,453 | |
Nasdaq Inc. | 45,356 | 6,272 | |
Ally Financial Inc. | 148,048 | 6,144 | |
Huntington Bancshares Inc. | 399,737 | 6,132 | |
Principal Financial Group Inc. | 107,645 | 6,091 | |
Cincinnati Financial Corp. | 59,551 | 5,828 | |
* | Markel Corp. | 5,352 | 5,827 |
Raymond James Financial Inc. | 48,766 | 5,693 | |
* | Arch Capital Group Ltd. | 155,872 | 5,583 |
Credicorp Ltd. | 31,900 | 5,104 | |
Equitable Holdings Inc. | 159,711 | 4,723 | |
Annaly Capital Management Inc. | 559,933 | 4,653 | |
FactSet Research Systems Inc. | 14,800 | 4,498 | |
Lincoln National Corp. | 76,883 | 4,372 | |
Brown & Brown Inc. | 94,000 | 4,315 | |
Cboe Global Markets Inc. | 43,100 | 4,265 | |
Fidelity National Financial Inc. | 109,213 | 4,181 | |
Everest Re Group Ltd. | 15,801 | 3,821 | |
Comerica Inc. | 55,604 | 3,787 | |
W R Berkley Corp. | 54,231 | 3,760 |
Shares | Market Value• ($000) | ||
Globe Life Inc. | 40,205 | 3,755 | |
Alleghany Corp. | 5,368 | 3,470 | |
AGNC Investment Corp. | 211,990 | 3,398 | |
RenaissanceRe Holdings Ltd. | 20,318 | 3,393 | |
Zions Bancorp NA | 63,146 | 3,357 | |
Commerce Bancshares Inc. | 41,077 | 3,041 | |
Voya Financial Inc. | 49,153 | 2,963 | |
Assurant Inc. | 22,918 | 2,824 | |
Franklin Resources Inc. | 105,200 | 2,753 | |
SEI Investments Co. | 43,731 | 2,449 | |
Santander Consumer USA Holdings Inc. | 27,998 | 700 | |
CNA Financial Corp. | 10,900 | 464 | |
1,197,090 | |||
Health Care (13.3%) | |||
UnitedHealth Group Inc. | 373,963 | 124,238 | |
Abbott Laboratories | 684,534 | 81,994 | |
AbbVie Inc. | 697,919 | 75,194 | |
Pfizer Inc. | 2,203,166 | 73,784 | |
Merck & Co. Inc. | 1,000,845 | 72,681 | |
Thermo Fisher Scientific Inc. | 156,510 | 70,442 | |
Eli Lilly and Co. | 333,753 | 68,383 | |
Medtronic plc | 531,461 | 62,165 | |
Bristol-Myers Squibb Co. | 897,326 | 55,033 | |
Danaher Corp. | 248,067 | 54,493 | |
Amgen Inc. | 230,952 | 51,946 | |
* | Intuitive Surgical Inc. | 45,839 | 33,774 |
Stryker Corp. | 136,990 | 33,246 | |
Gilead Sciences Inc. | 496,781 | 30,502 | |
Anthem Inc. | 98,585 | 29,890 | |
Cigna Corp. | 140,226 | 29,433 | |
Zoetis Inc. | 187,986 | 29,183 | |
Becton Dickinson and Co. | 109,277 | 26,352 | |
* | Illumina Inc. | 58,005 | 25,488 |
* | Boston Scientific Corp. | 566,375 | 21,964 |
* | Vertex Pharmaceuticals Inc. | 102,720 | 21,833 |
* | Edwards Lifesciences Corp. | 244,139 | 20,288 |
Humana Inc. | 52,436 | 19,907 | |
HCA Healthcare Inc. | 105,666 | 18,178 | |
* | Align Technology Inc. | 30,948 | 17,551 |
* | Moderna Inc. | 113,200 | 17,525 |
* | IDEXX Laboratories Inc. | 33,291 | 17,317 |
* | Regeneron Pharmaceuticals Inc. | 38,149 | 17,189 |
* | Biogen Inc. | 60,885 | 16,614 |
Baxter International Inc. | 201,146 | 15,627 | |
* | Veeva Systems Inc. Class A | 53,400 | 14,958 |
Agilent Technologies Inc. | 121,925 | 14,883 | |
* | DexCom Inc. | 36,400 | 14,479 |
* | IQVIA Holdings Inc. | 75,067 | 14,472 |
Zimmer Biomet Holdings Inc. | 81,872 | 13,350 | |
* | Centene Corp. | 227,458 | 13,315 |
* | Alexion Pharmaceuticals Inc. | 84,198 | 12,861 |
ResMed Inc. | 56,924 | 10,974 | |
* | Teladoc Health Inc. | 42,600 | 9,418 |
* | Laboratory Corp. of America Holdings | 38,157 | 9,154 |
Cerner Corp. | 119,872 | 8,288 |
Shares | Market Value• ($000) | ||
West Pharmaceutical Services Inc. | 28,900 | 8,111 | |
* | Exact Sciences Corp. | 58,600 | 7,977 |
* | Seagen Inc. | 49,900 | 7,540 |
Cooper Cos. Inc. | 19,319 | 7,460 | |
Teleflex Inc. | 18,400 | 7,325 | |
* | Hologic Inc. | 101,027 | 7,283 |
* | Viatris Inc. | 477,713 | 7,094 |
* | Alnylam Pharmaceuticals Inc. | 45,488 | 6,737 |
* | Varian Medical Systems Inc. | 35,863 | 6,286 |
Quest Diagnostics Inc. | 52,797 | 6,103 | |
Cardinal Health Inc. | 115,713 | 5,962 | |
* | Elanco Animal Health Inc. (XNYS) | 180,407 | 5,928 |
STERIS plc | 33,200 | 5,803 | |
* | ABIOMED Inc. | 17,580 | 5,706 |
* | Incyte Corp. | 72,056 | 5,668 |
* | BioMarin Pharmaceutical Inc. | 71,514 | 5,537 |
* | Bio-Rad Laboratories Inc. Class A | 8,400 | 4,910 |
* | Masimo Corp. | 19,500 | 4,889 |
DENTSPLY SIRONA Inc. | 86,899 | 4,612 | |
Universal Health Services Inc. Class B | 29,470 | 3,694 | |
* | Jazz Pharmaceuticals plc | 21,054 | 3,538 |
* | Henry Schein Inc. | 55,554 | 3,436 |
* | DaVita Inc. | 29,723 | 3,036 |
* | Sarepta Therapeutics Inc. | 29,100 | 2,533 |
Perrigo Co. plc | 53,108 | 2,143 | |
1,507,677 | |||
Industrials (11.1%) | |||
Visa Inc. Class A | 668,688 | 142,023 | |
Mastercard Inc. Class A | 349,462 | 123,657 | |
* | PayPal Holdings Inc. | 465,267 | 120,900 |
Accenture plc Class A | 252,463 | 63,343 | |
Union Pacific Corp. | 268,889 | 55,380 | |
Caterpillar Inc. | 214,520 | 46,311 | |
United Parcel Service Inc. Class B | 283,809 | 44,794 | |
Deere & Co. | 124,146 | 43,342 | |
American Express Co. | 258,542 | 34,970 | |
Fidelity National Information Services Inc. | 244,307 | 33,714 | |
* | Square Inc. Class A | 146,000 | 33,584 |
Automatic Data Processing Inc. | 170,096 | 29,600 | |
CSX Corp. | 301,626 | 27,614 | |
* | Fiserv Inc. | 227,326 | 26,227 |
Illinois Tool Works Inc. | 124,734 | 25,219 | |
FedEx Corp. | 95,721 | 24,361 | |
Global Payments Inc. | 117,924 | 23,348 | |
Sherwin-Williams Co. | 32,654 | 22,216 | |
Capital One Financial Corp. | 179,782 | 21,608 | |
Johnson Controls International plc | 286,949 | 16,009 | |
DuPont de Nemours Inc. | 211,885 | 14,900 | |
Trane Technologies plc | 94,360 | 14,460 | |
PACCAR Inc. | 134,379 | 12,227 | |
Paychex Inc. | 127,500 | 11,611 | |
Cintas Corp. | 34,900 | 11,319 | |
Rockwell Automation Inc. | 45,568 | 11,086 | |
Stanley Black & Decker Inc. | 61,205 | 10,701 | |
* | Keysight Technologies Inc. | 74,266 | 10,510 |
Shares | Market Value• ($000) | ||
* | Zebra Technologies Corp. Class A | 20,800 | 10,388 |
* | Mettler-Toledo International Inc. | 9,287 | 10,365 |
Verisk Analytics Inc. Class A | 62,795 | 10,289 | |
* | FleetCor Technologies Inc. | 32,800 | 9,096 |
Synchrony Financial | 229,353 | 8,871 | |
Vulcan Materials Co. | 52,006 | 8,684 | |
Martin Marietta Materials Inc. | 24,590 | 8,284 | |
Old Dominion Freight Line Inc. | 38,475 | 8,263 | |
Kansas City Southern | 36,751 | 7,804 | |
* | Trimble Inc. | 98,450 | 7,299 |
Xylem Inc. | 70,653 | 7,034 | |
Dover Corp. | 56,818 | 7,003 | |
* | Waters Corp. | 24,209 | 6,630 |
WW Grainger Inc. | 17,647 | 6,577 | |
TransUnion | 75,100 | 6,324 | |
Expeditors International of Washington Inc. | 66,687 | 6,124 | |
IDEX Corp. | 29,800 | 5,816 | |
Masco Corp. | 103,900 | 5,530 | |
Westinghouse Air Brake Technologies Corp. | 71,901 | 5,208 | |
* | Fair Isaac Corp. | 11,200 | 5,125 |
Packaging Corp. of America | 37,320 | 4,927 | |
JB Hunt Transport Services Inc. | 33,451 | 4,913 | |
CH Robinson Worldwide Inc. | 52,797 | 4,797 | |
Jack Henry & Associates Inc. | 30,400 | 4,513 | |
Westrock Co. | 102,000 | 4,446 | |
Snap-on Inc. | 21,519 | 4,371 | |
* | XPO Logistics Inc. | 36,300 | 4,233 |
Allegion plc | 36,959 | 4,020 | |
Western Union Co. | 159,627 | 3,706 | |
Robert Half International Inc. | 44,607 | 3,470 | |
1,249,144 | |||
Real Estate (2.9%) | |||
American Tower Corp. | 174,485 | 37,711 | |
Prologis Inc. | 291,238 | 28,853 | |
Crown Castle International Corp. | 164,494 | 25,620 | |
Equinix Inc. | 35,210 | 22,828 | |
Digital Realty Trust Inc. | 110,246 | 14,853 | |
Public Storage | 59,637 | 13,952 | |
* | CoStar Group Inc. | 15,403 | 12,688 |
Welltower Inc. | 165,837 | 11,260 | |
SBA Communications Corp. Class A | 43,900 | 11,200 | |
* | CBRE Group Inc. Class A | 131,274 | 9,947 |
AvalonBay Communities Inc. | 55,321 | 9,723 | |
Equity Residential | 145,115 | 9,492 | |
* | Zillow Group Inc. Class C | 57,400 | 9,260 |
Alexandria Real Estate Equities Inc. | 52,680 | 8,412 | |
Realty Income Corp. | 138,302 | 8,334 | |
Ventas Inc. | 147,198 | 7,787 | |
Invitation Homes Inc. | 221,441 | 6,453 | |
Sun Communities Inc. | 41,900 | 6,367 | |
Extra Space Storage Inc. | 50,000 | 6,285 | |
Healthpeak Properties Inc. | 213,150 | 6,201 | |
Boston Properties Inc. | 61,667 | 6,113 | |
Mid-America Apartment Communities Inc. | 45,126 | 6,080 | |
Duke Realty Corp. | 146,002 | 5,731 |
Shares | Market Value• ($000) | ||
UDR Inc. | 116,433 | 4,794 | |
WP Carey Inc. | 67,700 | 4,640 | |
Host Hotels & Resorts Inc. | 278,900 | 4,627 | |
Equity LifeStyle Properties Inc. | 69,400 | 4,279 | |
Iron Mountain Inc. | 114,724 | 3,991 | |
* | Zillow Group Inc. Class A | 23,050 | 3,914 |
Regency Centers Corp. | 67,402 | 3,692 | |
VEREIT Inc. | 85,018 | 3,316 | |
Kimco Realty Corp. | 166,644 | 3,055 | |
Federal Realty Investment Trust | 29,400 | 2,974 | |
Vornado Realty Trust | 68,358 | 2,935 | |
327,367 | |||
Technology (32.4%) | |||
Apple Inc. | 6,392,064 | 775,102 | |
Microsoft Corp. | 2,965,878 | 689,211 | |
* | Facebook Inc. Class A | 951,177 | 245,042 |
* | Alphabet Inc. Class A | 118,891 | 240,387 |
* | Alphabet Inc. Class C | 115,136 | 234,516 |
NVIDIA Corp. | 233,839 | 128,279 | |
Intel Corp. | 1,624,987 | 98,767 | |
* | Adobe Inc. | 190,560 | 87,595 |
* | salesforce.com Inc. | 347,361 | 75,204 |
Broadcom Inc. | 156,504 | 73,537 | |
Texas Instruments Inc. | 363,695 | 62,654 | |
QUALCOMM Inc. | 445,879 | 60,724 | |
Oracle Corp. | 746,951 | 48,186 | |
Applied Materials Inc. | 363,092 | 42,914 | |
International Business Machines Corp. | 351,460 | 41,799 | |
* | ServiceNow Inc. | 77,033 | 41,094 |
* | Micron Technology Inc. | 439,670 | 40,243 |
* | Advanced Micro Devices Inc. | 473,471 | 40,013 |
Intuit Inc. | 99,838 | 38,951 | |
Lam Research Corp. | 57,371 | 32,540 | |
* | Zoom Video Communications Inc. Class A | 67,600 | 25,256 |
* | Autodesk Inc. | 86,704 | 23,930 |
* | Twitter Inc. | 308,499 | 23,773 |
Analog Devices Inc. | 145,590 | 22,686 | |
* | Twilio Inc. Class A | 56,876 | 22,345 |
NXP Semiconductors NV | 110,348 | 20,144 | |
KLA Corp. | 61,550 | 19,156 | |
* | Workday Inc. Class A | 69,856 | 17,127 |
* | DocuSign Inc. Class A | 70,700 | 16,025 |
HP Inc. | 542,787 | 15,725 | |
Cognizant Technology Solutions Corp. Class A | 212,237 | 15,595 | |
* | Cadence Design Systems Inc. | 108,800 | 15,351 |
Microchip Technology Inc. | 98,700 | 15,065 | |
* | Synopsys Inc. | 59,615 | 14,618 |
* | Palo Alto Networks Inc. | 36,818 | 13,192 |
Marvell Technology Group Ltd. | 263,800 | 12,736 | |
Xilinx Inc. | 96,475 | 12,571 | |
* | Atlassian Corp. plc Class A | 52,000 | 12,360 |
* | Okta Inc. | 45,500 | 11,896 |
* | RingCentral Inc. Class A | 31,200 | 11,799 |
Skyworks Solutions Inc. | 66,047 | 11,744 | |
Maxim Integrated Products Inc. | 105,596 | 9,838 |
Shares | Market Value• ($000) | ||
* | Coupa Software Inc. | 27,000 | 9,349 |
* | Splunk Inc. | 62,458 | 8,932 |
* | Fortinet Inc. | 52,400 | 8,848 |
CDW Corp. | 55,908 | 8,771 | |
Teradyne Inc. | 65,100 | 8,373 | |
* | Dell Technologies Class C | 101,953 | 8,265 |
Western Digital Corp. | 120,123 | 8,232 | |
* | Qorvo Inc. | 45,000 | 7,863 |
* | EPAM Systems Inc. | 21,000 | 7,846 |
* | VeriSign Inc. | 39,849 | 7,732 |
* | Yandex NV Class A | 117,720 | 7,532 |
Hewlett Packard Enterprise Co. | 509,361 | 7,416 | |
* | Paycom Software Inc. | 19,500 | 7,298 |
* | Wix.com Ltd. | 19,100 | 6,658 |
Citrix Systems Inc. | 48,738 | 6,510 | |
Seagate Technology plc | 88,871 | 6,508 | |
* | Arista Networks Inc. | 23,242 | 6,504 |
* | Slack Technologies Inc. Class A | 151,000 | 6,180 |
* | Gartner Inc. | 34,200 | 6,123 |
* | Akamai Technologies Inc. | 63,303 | 5,982 |
* | Zscaler Inc. | 28,600 | 5,864 |
* | Datadog Inc. Class A | 60,200 | 5,744 |
* | PTC Inc. | 41,300 | 5,656 |
NetApp Inc. | 87,765 | 5,494 | |
* | GoDaddy Inc. Class A | 66,500 | 5,395 |
* | F5 Networks Inc. | 24,244 | 4,606 |
* | Check Point Software Technologies Ltd. | 41,658 | 4,592 |
*,1 | VMware Inc. Class A | 32,174 | 4,447 |
NortonLifeLock Inc. | 219,383 | 4,280 | |
Amdocs Ltd. | 51,025 | 3,868 | |
* | Flex Ltd. | 194,500 | 3,538 |
* | Arrow Electronics Inc. | 29,188 | 2,926 |
3,667,022 | |||
Telecommunications (3.8%) | |||
Comcast Corp. Class A | 1,794,990 | 94,632 | |
Verizon Communications Inc. | 1,641,080 | 90,752 | |
AT&T Inc. | 2,825,280 | 78,797 | |
Cisco Systems Inc. | 1,682,185 | 75,480 | |
* | Charter Communications Inc. Class A | 57,340 | 35,173 |
* | T-Mobile US Inc. | 217,623 | 26,108 |
Motorola Solutions Inc. | 67,286 | 11,807 | |
Lumen Technologies Inc. | 434,300 | 5,338 | |
* | Altice USA Inc. Class A | 113,900 | 3,828 |
* | Liberty Global plc Class C | 144,300 | 3,506 |
* | DISH Network Corp. Class A | 95,700 | 3,016 |
Juniper Networks Inc. | 127,625 | 2,971 | |
* | Liberty Global plc Class A | 72,200 | 1,778 |
433,186 | |||
Utilities (0.9%) | |||
Waste Management Inc. | 166,614 | 18,476 | |
Sempra Energy | 114,500 | 13,280 | |
American Water Works Co. Inc. | 71,797 | 10,187 | |
Consolidated Edison Inc. | 133,825 | 8,786 | |
PPL Corp. | 303,137 | 7,939 | |
Edison International | 141,400 | 7,634 |
Shares | Market Value• ($000) | ||
Republic Services Inc. Class A | 82,932 | 7,388 | |
AES Corp. | 261,200 | 6,937 | |
CMS Energy Corp. | 113,205 | 6,125 | |
Alliant Energy Corp. | 99,300 | 4,584 | |
Atmos Energy Corp. | 49,800 | 4,214 | |
CenterPoint Energy Inc. | 196,416 | 3,818 | |
NiSource Inc. | 148,792 | 3,214 | |
Avangrid Inc. | 21,839 | 999 | |
103,581 | |||
Total Common Stocks (Cost $6,671,659) | 11,278,630 | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.099% (Cost $21,188) | 211,879 | 21,188 |
Total Investments (99.9%) (Cost $6,692,847) | 11,299,818 | ||
Other Assets and Liabilities—Net (0.1%) | 7,628 | ||
Net Assets (100%) | 11,307,446 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $3,607,000. |
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 $3,837,000 was received for securities on loan. |
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 | March 2021 | 135 | 25,712 | (320) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $6,671,659) | 11,278,630 |
Affiliated Issuers (Cost $21,188) | 21,188 |
Total Investments in Securities | 11,299,818 |
Investment in Vanguard | 414 |
Cash Collateral Pledged—Futures Contracts | 1,492 |
Receivables for Investment Securities Sold | 78 |
Receivables for Accrued Income | 9,767 |
Receivables for Capital Shares Issued | 22,373 |
Total Assets | 11,333,942 |
Liabilities | |
Due to Custodian | 79 |
Payables for Investment Securities Purchased | 17,559 |
Collateral for Securities on Loan | 3,837 |
Payables for Capital Shares Redeemed | 4,187 |
Payables to Vanguard | 707 |
Variation Margin Payable—Futures Contracts | 127 |
Total Liabilities | 26,496 |
Net Assets | 11,307,446 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 7,168,339 |
Total Distributable Earnings (Loss) | 4,139,107 |
Net Assets | 11,307,446 |
Admiral Shares—Net Assets | |
Applicable to 174,833,297 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,494,506 |
Net Asset Value Per Share—Admiral Shares | $37.15 |
Institutional Shares—Net Assets | |
Applicable to 179,985,295 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,812,940 |
Net Asset Value Per Share—Institutional Shares | $26.74 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 67,642 |
Interest2 | 15 |
Securities Lending—Net | 58 |
Total Income | 67,715 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 760 |
Management and Administrative—Admiral Shares | 3,369 |
Management and Administrative—Institutional Shares | 2,161 |
Marketing and Distribution—Admiral Shares | 146 |
Marketing and Distribution—Institutional Shares | 74 |
Custodian Fees | 36 |
Shareholders’ Reports—Admiral Shares | 29 |
Shareholders’ Reports—Institutional Shares | 11 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 6,588 |
Net Investment Income | 61,127 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (21,661) |
Futures Contracts | 2,986 |
Realized Net Gain (Loss) | (18,675) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 854,497 |
Futures Contracts | (591) |
Change in Unrealized Appreciation (Depreciation) | 853,906 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 896,358 |
1 | Dividends are net of foreign withholding taxes of $12,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $14,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 61,127 | 118,476 | |
Realized Net Gain (Loss) | (18,675) | (431,510) | |
Change in Unrealized Appreciation (Depreciation) | 853,906 | 2,226,427 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 896,358 | 1,913,393 | |
Distributions | |||
Investor Shares | — | (124) | |
Admiral Shares | (37,464) | (65,035) | |
Institutional Shares | (28,740) | (50,308) | |
Total Distributions | (66,204) | (115,467) | |
Capital Share Transactions | |||
Investor Shares | — | (59,575) | |
Admiral Shares | 718,725 | 804,650 | |
Institutional Shares | 449,871 | 528,553 | |
Net Increase (Decrease) from Capital Share Transactions | 1,168,596 | 1,273,628 | |
Total Increase (Decrease) | 1,998,750 | 3,071,554 | |
Net Assets | |||
Beginning of Period | 9,308,696 | 6,237,142 | |
End of Period | 11,307,446 | 9,308,696 |
Admiral Shares | |||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | February 7 , 20191 to August 31, 2019 |
2020 | |||
Net Asset Value, Beginning of Period | $34.27 | $27.27 | $25.00 |
Investment Operations | |||
Net Investment Income2 | .212 | .465 | .273 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.902 | 6.996 | 2.183 |
Total from Investment Operations | 3.114 | 7.461 | 2.456 |
Distributions | |||
Dividends from Net Investment Income | (.234) | (.461) | (.186) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.234) | (.461) | (.186) |
Net Asset Value, End of Period | $37.15 | $34.27 | $27.27 |
Total Return3 | 9.15% | 27.83% | 9.85% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $6,495 | $5,305 | $3,478 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14% | 0.14%4 |
Ratio of Net Investment Income to Average Net Assets | 1.22% | 1.60% | 1.79%4 |
Portfolio Turnover Rate | 2% | 18% | 11%5,6 |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Annualized. |
5 | Reflects the fund’s portfolio turnover for the fiscal year ended August 31, 2019. |
6 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $24.67 | $19.63 | $19.28 | $16.15 | $13.96 | $13.00 |
Investment Operations | ||||||
Net Investment Income | .1551 | .3391 | .3141 | .3051 | .2711 | .254 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.086 | 5.037 | .351 | 3.105 | 2.175 | 1.029 |
Total from Investment Operations | 2.241 | 5.376 | .665 | 3.410 | 2.446 | 1.283 |
Distributions | ||||||
Dividends from Net Investment Income | (.171) | (.336) | (.315) | (.280) | (.256) | (.323) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.171) | (.336) | (.315) | (.280) | (.256) | (.323) |
Net Asset Value, End of Period | $26.74 | $24.67 | $19.63 | $19.28 | $16.15 | $13.96 |
Total Return | 9.14% | 27.86% | 3.58% | 21.34% | 17.72% | 10.09% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,813 | $4,003 | $2,701 | $2,349 | $1,443 | $876 |
Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to Average Net Assets | 1.24% | 1.62% | 1.49% | 1.71% | 1.79% | 1.97% |
Portfolio Turnover Rate | 2% | 18% | 11%2 | 8%2 | 11%2 | 16%2 |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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. |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 6,697,892 |
Gross Unrealized Appreciation | 4,642,678 |
Gross Unrealized Depreciation | (41,072) |
Net Unrealized Appreciation (Depreciation) | 4,601,606 |
E. | During the six months ended February 28, 2021, the fund purchased $1,313,446,000 of investment securities and sold $149,924,000 of investment securities, other than temporary cash investments. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | — | — | 922 | 45 | |
Issued in Lieu of Cash Distributions | — | — | 124 | 6 | |
Redeemed1 | — | — | (60,621) | (3,047) | |
Net Increase (Decrease)—Investor Shares | — | — | (59,575) | (2,996) |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued1 | 1,303,105 | 36,591 | 1,697,269 | 58,728 | |
Issued in Lieu of Cash Distributions | 32,833 | 957 | 56,851 | 2,114 | |
Redeemed | (617,213) | (17,519) | (949,470) | (33,560) | |
Net Increase (Decrease)—Admiral Shares | 718,725 | 20,029 | 804,650 | 27,282 | |
Institutional Shares | |||||
Issued | 843,659 | 33,147 | 1,143,683 | 54,448 | |
Issued in Lieu of Cash Distributions | 27,999 | 1,133 | 48,991 | 2,528 | |
Redeemed | (421,787) | (16,566) | (664,121) | (32,286) | |
Net Increase (Decrease)—Institutional Shares | 449,871 | 17,714 | 528,553 | 24,690 |
1 | In November 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. As a result, all of the outstanding Investor Shares automatically converted to Admiral Shares beginning in April 2019. Investor Shares—Redeemed and Admiral Shares—Issued include 68,000 and 49,000 shares, respectively, in the amount of $1,355,000 from the conversion during the year ended August 31, 2020. |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Vanguard Communication Services Index Fund |
Vanguard Consumer Discretionary Index Fund |
Vanguard Consumer Staples Index Fund |
Vanguard Energy Index Fund |
Vanguard Financials Index Fund |
Vanguard Health Care Index Fund |
Vanguard Industrials Index Fund |
Vanguard Information Technology Index Fund |
Vanguard Materials Index Fund |
Vanguard Utilities Index Fund |
About Your Fund’s Expenses | 1 |
Communication Services Index Fund | 4 |
Consumer Discretionary Index Fund | 15 |
Consumer Staples Index Fund | 27 |
Energy Index Fund | 37 |
Financials Index Fund | 48 |
Health Care Index Fund | 62 |
Industrials Index Fund | 76 |
Information Technology Index Fund | 88 |
Materials Index Fund | 100 |
Utilities Index Fund | 110 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended February 28, 2021 | |||
Beginning Account Value 8/31/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Communication Services Index Fund | |||
ETF Shares | $1,000.00 | $1,194.30 | $0.54 |
AdmiralTM Shares | 1,000.00 | 1,194.20 | 0.54 |
Consumer Discretionary Index Fund | |||
ETF Shares | $1,000.00 | $1,169.20 | $0.54 |
Admiral Shares | 1,000.00 | 1,169.10 | 0.54 |
Consumer Staples Index Fund | |||
ETF Shares | $1,000.00 | $1,004.10 | $0.50 |
Admiral Shares | 1,000.00 | 1,004.20 | 0.50 |
Energy Index Fund | |||
ETF Shares | $1,000.00 | $1,424.60 | $0.60 |
Admiral Shares | 1,000.00 | 1,424.70 | 0.60 |
Financials Index Fund | |||
ETF Shares | $1,000.00 | $1,326.90 | $0.58 |
Admiral Shares | 1,000.00 | 1,327.30 | 0.58 |
Health Care Index Fund | |||
ETF Shares | $1,000.00 | $1,090.40 | $0.52 |
Admiral Shares | 1,000.00 | 1,090.40 | 0.52 |
Industrials Index Fund | |||
ETF Shares | $1,000.00 | $1,208.90 | $0.55 |
Admiral Shares | 1,000.00 | 1,209.10 | 0.55 |
Information Technology Index Fund | |||
ETF Shares | $1,000.00 | $1,090.00 | $0.52 |
Admiral Shares | 1,000.00 | 1,090.00 | 0.52 |
Materials Index Fund | |||
ETF Shares | $1,000.00 | $1,199.40 | $0.55 |
Admiral Shares | 1,000.00 | 1,199.60 | 0.55 |
Utilities Index Fund | |||
ETF Shares | $1,000.00 | $1,008.10 | $0.50 |
Admiral Shares | 1,000.00 | 1,008.30 | 0.50 |
Six Months Ended February 28, 2021 | |||
Beginning Account Value 8/31/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period | |
Based on Hypothetical 5% Yearly Return | |||
Communication Services Index Fund | |||
ETF Shares | $1,000.00 | $1,024.30 | $0.50 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Consumer Discretionary Index Fund | |||
ETF Shares | $1,000.00 | $1,024.30 | $0.50 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Consumer Staples Index Fund | |||
ETF Shares | $1,000.00 | $1,024.30 | $0.50 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Energy Index Fund | |||
ETF Shares | $1,000.00 | $1,024.30 | $0.50 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Financials Index Fund | |||
ETF Shares | $1,000.00 | $1,024.30 | $0.50 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Health Care Index Fund | |||
ETF Shares | $1,000.00 | $1,024.30 | $0.50 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Industrials Index Fund | |||
ETF Shares | $1,000.00 | $1,024.30 | $0.50 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Information Technology Index Fund | |||
ETF Shares | $1,000.00 | $1,024.30 | $0.50 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Materials Index Fund | |||
ETF Shares | $1,000.00 | $1,024.30 | $0.50 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Utilities Index Fund | |||
ETF Shares | $1,000.00 | $1,024.30 | $0.50 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Advertising | 1.8% |
Alternative Carriers | 2.7 |
Broadcasting | 4.6 |
Cable & Satellite | 10.6 |
Integrated Telecommunication Services | 9.3 |
Interactive Home Entertainment | 4.7 |
Interactive Media & Services | 46.2 |
Movies & Entertainment | 16.0 |
Publishing | 1.7 |
Wireless Telecommunication Services | 2.4 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Diversified Telecommunication Services (12.0%) | |||
Verizon Communications Inc. | 3,104,786 | 171,695 | |
AT&T Inc. | 5,803,451 | 161,858 | |
Lumen Technologies Inc. | 1,593,527 | 19,584 | |
* | Liberty Global plc Class C | 682,370 | 16,582 |
* | Liberty Global plc Class A | 460,853 | 11,348 |
* | Iridium Communications Inc. | 279,519 | 10,708 |
* | Vonage Holdings Corp. | 800,321 | 10,580 |
* | Bandwidth Inc. Class A | 61,316 | 9,710 |
Cogent Communications Holdings Inc. | 146,178 | 8,749 | |
* | Liberty Latin America Ltd. Class C | 542,111 | 5,942 |
* | Cincinnati Bell Inc. | 157,786 | 2,411 |
* | ORBCOMM Inc. | 258,146 | 1,970 |
ATN International Inc. | 38,854 | 1,891 | |
* | Anterix Inc. | 38,704 | 1,634 |
* | Liberty Latin America Ltd. Class A | 139,705 | 1,533 |
* | Consolidated Communications Holdings Inc. | 249,611 | 1,313 |
437,508 | |||
Entertainment (20.7%) | |||
Walt Disney Co. | 1,478,073 | 279,415 | |
* | Netflix Inc. | 301,692 | 162,567 |
Activision Blizzard Inc. | 785,380 | 75,090 | |
* | Roku Inc. | 114,655 | 45,344 |
Electronic Arts Inc. | 319,254 | 42,770 | |
* | Take-Two Interactive Software Inc. | 144,971 | 26,741 |
* | Live Nation Entertainment Inc. | 255,159 | 22,673 |
* | Zynga Inc. Class A | 1,627,699 | 18,149 |
* | Liberty Media Corp.-Liberty Formula One Class C | 390,765 | 17,155 |
* | Madison Square Garden Sports Corp. | 53,985 | 10,384 |
Cinemark Holdings Inc. | 385,969 | 8,665 | |
World Wrestling Entertainment Inc. Class A | 160,263 | 7,917 | |
* | Glu Mobile Inc. | 491,096 | 6,129 |
* | Madison Square Garden Entertainment Corp. | 53,696 | 5,787 |
* | Lions Gate Entertainment Corp. Class A | 281,649 | 4,090 |
* | Lions Gate Entertainment Corp. Class B | 310,403 | 3,892 |
* | Imax Corp. | 175,775 | 3,633 |
* | Liberty Media Corp.- Liberty Braves Class C | 118,590 | 3,414 |
* | Liberty Media Corp.- Liberty Formula One Class A | 83,238 | 3,227 |
1 | AMC Entertainment Holdings Inc. Class A | 181,981 | 1,458 |
Shares | Market Value• ($000) | ||
Marcus Corp. | 71,871 | 1,412 | |
* | Liberty Media Corp.- Liberty Braves Class A | 27,656 | 813 |
Warner Music Group Corp. Class A | 2,879 | 102 | |
* | Playtika Holding Corp. | 3,199 | 95 |
750,922 | |||
Interactive Media & Services (46.1%) | |||
* | Facebook Inc. Class A | 2,062,978 | 531,464 |
* | Alphabet Inc. Class A | 200,125 | 404,635 |
* | Alphabet Inc. Class C | 197,102 | 401,469 |
* | Twitter Inc. | 841,877 | 64,875 |
* | Snap Inc. Class A | 981,844 | 64,468 |
* | Pinterest Inc. Class A | 534,399 | 43,062 |
* | Match Group Inc. | 279,685 | 42,750 |
* | Zillow Group Inc. Class C | 180,539 | 29,126 |
* | IAC/Inter Active Corp. | 98,120 | 24,023 |
* | Zillow Group Inc. Class A | 99,973 | 16,977 |
* | TripAdvisor Inc. | 334,683 | 16,607 |
* | Yelp Inc. Class A | 249,144 | 9,395 |
* | Cargurus Inc. | 287,105 | 7,450 |
* | QuinStreet Inc. | 161,377 | 3,855 |
* | ANGI Homeservices Inc. Class A | 245,339 | 3,667 |
* | Eventbrite Inc. Class A | 169,253 | 3,363 |
* | Cars.com Inc. | 231,728 | 2,704 |
* | TrueCar Inc. | 332,776 | 1,804 |
* | Liberty TripAdvisor Holdings Inc. Class A | 250,263 | 1,409 |
* | EverQuote Inc. Class A | 24,058 | 1,178 |
* | Bumble Inc. Class A | 2,920 | 197 |
* | ZoomInfo Technologies Inc. Class A | 2,089 | 110 |
1,674,588 | |||
Media (18.7%) | |||
Comcast Corp. Class A | 3,181,791 | 167,744 | |
* | Charter Communications Inc. Class A | 141,084 | 86,544 |
ViacomCBS Inc. Class B | 665,261 | 42,903 | |
* | Liberty Broadband Corp. Class C | 191,762 | 28,670 |
* | Discovery Inc. Class C | 511,717 | 23,027 |
Omnicom Group Inc. | 319,216 | 21,940 | |
Fox Corp. Class A | 547,485 | 18,237 | |
Interpublic Group of Cos. Inc. | 685,327 | 17,901 | |
* | Discovery Inc. Class A | 333,660 | 17,694 |
News Corp. Class A | 739,559 | 17,343 | |
Cable One Inc. | 8,503 | 16,282 | |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 357,907 | 15,791 |
Nexstar Media Group Inc. Class A | 112,002 | 15,406 | |
New York Times Co. Class A | 299,125 | 15,306 | |
* | DISH Network Corp. Class A | 466,106 | 14,687 |
Shares | Market Value• ($000) | ||
* | Altice USA Inc. Class A | 436,402 | 14,667 |
TEGNA Inc. | 710,873 | 12,959 | |
Fox Corp. Class B | 402,616 | 12,855 | |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 279,715 | 12,422 |
* | Liberty Broadband Corp. Class A | 84,887 | 12,339 |
* | Cardlytics Inc. | 80,252 | 10,628 |
News Corp. Class B | 450,010 | 10,314 | |
Sirius XM Holdings Inc. | 1,726,630 | 10,101 | |
John Wiley & Sons Inc. Class A | 154,985 | 8,165 | |
* | TechTarget Inc. | 82,310 | 6,884 |
* | AMC Networks Inc. Class A | 93,846 | 6,155 |
Gray Television Inc. | 305,454 | 5,544 | |
Sinclair Broadcast Group Inc. Class A | 157,926 | 4,885 | |
Meredith Corp. | 139,610 | 3,459 | |
EW Scripps Co. Class A | 167,467 | 3,152 | |
Scholastic Corp. | 102,861 | 2,962 | |
* | iHeartMedia Inc. Class A | 203,028 | 2,857 |
* | WideOpenWest Inc. | 175,383 | 2,464 |
* | MSG Networks Inc. Class A | 136,520 | 2,315 |
* | Boston Omaha Corp. Class A | 53,117 | 2,230 |
Gannett Co. Inc. | 431,631 | 2,137 | |
* | Clear Channel Outdoor Holdings Inc. | 1,212,328 | 2,085 |
Entercom Communications Corp. Class A | 418,488 | 1,871 | |
Loral Space & Communications Inc. | 40,874 | 1,812 | |
National CineMedia Inc. | 210,681 | 994 | |
* | comScore Inc. | 204,692 | 747 |
Tribune Publishing Co. | 43,733 | 743 | |
* | Hemisphere Media Group Inc. Class A | 59,752 | 660 |
Emerald Holding Inc. | 86,770 | 475 | |
678,356 | |||
Wireless Telecommunication Services (2.4%) | |||
* | T-Mobile US Inc. | 566,376 | 67,948 |
Shenandoah Telecommunications Co. | 164,028 | 7,275 | |
Telephone and Data Systems Inc. | 335,694 | 6,005 | |
*,1 | Gogo Inc. | 191,538 | 2,270 |
* | Boingo Wireless Inc. | 145,523 | 1,659 |
* | U.S. Cellular Corp. | 46,056 | 1,355 |
86,512 | |||
Total Common Stocks (Cost $2,810,359) | 3,627,886 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.099% (Cost $6,924) | 69,256 | 6,926 |
Total Investments (100.1%) (Cost $2,817,283) | 3,634,812 | ||
Other Assets and Liabilities— Net (-0.1%) | (3,465) | ||
Net Assets (100.0%) | 3,631,347 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $3,018,000. |
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 $3,208,000 was received for securities on loan. |
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) |
Sirius XM Holdings Inc. | 1/31/22 | GSI | 3,894 | (0.108) | — | (82) |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
GSI—Goldman Sachs International. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,810,359) | 3,627,886 |
Affiliated Issuers (Cost $6,924) | 6,926 |
Total Investments in Securities | 3,634,812 |
Investment in Vanguard | 125 |
Receivables for Investment Securities Sold | 52,614 |
Receivables for Accrued Income | 225 |
Receivables for Capital Shares Issued | 448 |
Total Assets | 3,688,224 |
Liabilities | |
Due to Custodian | 453 |
Payables for Investment Securities Purchased | 51,219 |
Collateral for Securities on Loan | 3,208 |
Payables for Capital Shares Redeemed | 1,742 |
Payables to Vanguard | 173 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 82 |
Total Liabilities | 56,877 |
Net Assets | 3,631,347 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 3,016,836 |
Total Distributable Earnings (Loss) | 614,511 |
Net Assets | 3,631,347 |
ETF Shares—Net Assets | |
Applicable to 27,541,985 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,538,958 |
Net Asset Value Per Share—ETF Shares | $128.49 |
Admiral Shares—Net Assets | |
Applicable to 1,410,923 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 92,389 |
Net Asset Value Per Share—Admiral Shares | $65.48 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 11,955 |
Interest1 | 2 |
Securities Lending—Net | 302 |
Total Income | 12,259 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 233 |
Management and Administrative— ETF Shares | 1,198 |
Management and Administrative— Admiral Shares | 28 |
Marketing and Distribution— ETF Shares | 73 |
Marketing and Distribution— Admiral Shares | 2 |
Custodian Fees | 2 |
Shareholders’ Reports—ETF Shares | 15 |
Shareholders’ Reports—Admiral Shares | — |
Trustees’ Fees and Expenses | — |
Total Expenses | 1,551 |
Net Investment Income | 10,708 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 167,151 |
Swap Contracts | 12 |
Realized Net Gain (Loss) | 167,163 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 378,928 |
Swap Contracts | (9) |
Change in Unrealized Appreciation (Depreciation) | 378,919 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 556,790 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,000, $1,000, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $158,599,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 10,708 | 24,581 | |
Realized Net Gain (Loss) | 167,163 | 108,871 | |
Change in Unrealized Appreciation (Depreciation) | 378,919 | 434,730 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 556,790 | 568,182 | |
Distributions | |||
ETF Shares | (12,403) | (22,506) | |
Admiral Shares | (294) | (540) | |
Total Distributions | (12,697) | (23,046) | |
Capital Share Transactions | |||
ETF Shares | 94,640 | 364,805 | |
Admiral Shares | 11,738 | 4,709 | |
Net Increase (Decrease) from Capital Share Transactions | 106,378 | 369,514 | |
Total Increase (Decrease) | 650,471 | 914,650 | |
Net Assets | |||
Beginning of Period | 2,980,876 | 2,066,226 | |
End of Period | 3,631,347 | 2,980,876 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $108.04 | $87.24 | $86.83 | $93.54 | $95.16 | $83.80 |
Investment Operations | ||||||
Net Investment Income | .3921 | 1.0051 | .9171 | 3.0671 | 3.1081 | 2.622 |
Net Realized and Unrealized Gain (Loss) on Investments | 20.519 | 20.743 | .316 | (6.297) | (1.587) | 12.811 |
Total from Investment Operations | 20.911 | 21.748 | 1.233 | (3.230) | 1.521 | 15.433 |
Distributions | ||||||
Dividends from Net Investment Income | (.461) | (.948) | (.823) | (3.480) | (3.141) | (4.073) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.461) | (.948) | (.823) | (3.480) | (3.141) | (4.073) |
Net Asset Value, End of Period | $128.49 | $108.04 | $87.24 | $86.83 | $93.54 | $95.16 |
Total Return | 19.43% | 25.15% | 1.47% | -3.50% | 1.62% | 19.14% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,539 | $2,914 | $2,016 | $1,015 | $1,388 | $1,483 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.69% | 1.09% | 1.09% | 3.48% | 3.26% | 3.10% |
Portfolio Turnover Rate2 | 7% | 15% | 33% | 84% | 18% | 20% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $55.06 | $44.46 | $44.25 | $47.67 | $48.50 | $42.71 |
Investment Operations | ||||||
Net Investment Income | .1991 | .5121 | .4701 | 1.5541 | 1.6011 | 1.337 |
Net Realized and Unrealized Gain (Loss) on Investments | 10.456 | 10.571 | .157 | (3.199) | (.829) | 6.529 |
Total from Investment Operations | 10.655 | 11.083 | .627 | (1.645) | .772 | 7.866 |
Distributions | ||||||
Dividends from Net Investment Income | (.235) | (.483) | (.417) | (1.775) | (1.602) | (2.076) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.235) | (.483) | (.417) | (1.775) | (1.602) | (2.076) |
Net Asset Value, End of Period | $65.48 | $55.06 | $44.46 | $44.25 | $47.67 | $48.50 |
Total Return2 | 19.42% | 25.16% | 1.46% | -3.48% | 1.61% | 19.14% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $92 | $67 | $50 | $46 | $50 | $65 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.68% | 1.10% | 1.09% | 3.48% | 3.26% | 3.10% |
Portfolio Turnover Rate3 | 7% | 15% | 33% | 84% | 18% | 20% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 3,627,886 | — | — | 3,627,886 |
Temporary Cash Investments | 6,926 | — | — | 6,926 |
Total | 3,634,812 | — | — | 3,634,812 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 82 | — | 82 |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 2,819,150 |
Gross Unrealized Appreciation | 888,077 |
Gross Unrealized Depreciation | (72,415) |
Net Unrealized Appreciation (Depreciation) | 815,662 |
E. | During the six months ended February 28, 2021, the fund purchased $818,160,000 of investment securities and sold $712,727,000 of investment securities, other than temporary cash investments. Purchases and sales include $564,318,000 and $493,730,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 581,465 | 4,925 | 1,330,015 | 14,802 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (486,825) | (4,350) | (965,210) | (10,950) | |
Net Increase (Decrease)—ETF Shares | 94,640 | 575 | 364,805 | 3,852 | |
Admiral Shares | |||||
Issued | 26,756 | 449 | 39,541 | 862 | |
Issued in Lieu of Cash Distributions | 253 | 5 | 448 | 10 | |
Redeemed | (15,271) | (264) | (35,280) | (771) | |
Net Increase (Decrease)—Admiral Shares | 11,738 | 190 | 4,709 | 101 |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
Apparel Retail | 4.1% |
Apparel, Accessories & Luxury Goods | 3.0 |
Auto Parts & Equipment | 2.7 |
Automobile Manufacturers | 12.4 |
Automotive Retail | 3.2 |
Casinos & Gaming | 2.6 |
Computer & Electronics Retail | 0.8 |
Consumer Electronics | 0.6 |
Department Stores | 0.5 |
Distributors | 1.0 |
Education Services | 1.0 |
Footwear | 4.1 |
General Merchandise Stores | 3.6 |
Home Furnishings | 0.7 |
Home Improvement Retail | 8.3 |
Homebuilding | 2.9 |
Homefurnishing Retail | 0.7 |
Hotels, Resorts & Cruise Lines | 3.5 |
Household Appliances | 0.5 |
Housewares & Specialties | 0.3 |
Internet & Direct Marketing Retail | 29.1 |
Leisure Facilities | 0.6 |
Leisure Products | 1.8 |
Motorcycle Manufacturers | 0.1 |
Other | 0.0 |
Restaurants | 9.4 |
Specialized Consumer Services | 0.7 |
Specialty Stores | 1.6 |
Textiles | 0.0 |
Tires & Rubber | 0.2 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Auto Components (2.9%) | |||
Aptiv plc | 331,422 | 49,660 | |
BorgWarner Inc. | 324,364 | 14,596 | |
Lear Corp. | 76,849 | 12,764 | |
Gentex Corp. | 332,564 | 11,766 | |
Autoliv Inc. | 114,193 | 10,277 | |
* | Fox Factory Holding Corp. | 60,389 | 7,679 |
Goodyear Tire & Rubber Co. | 378,195 | 6,358 | |
LCI Industries | 39,966 | 5,633 | |
Dana Inc. | 235,131 | 5,599 | |
* | Visteon Corp. | 43,370 | 5,515 |
Cooper Tire & Rubber Co. | 93,835 | 5,371 | |
* | Adient plc | 144,810 | 5,370 |
*,1 | Veoneer Inc. | 172,976 | 4,753 |
* | Dorman Products Inc. | 47,598 | 4,746 |
* | Gentherm Inc. | 59,064 | 4,181 |
* | American Axle & Manufacturing Holdings Inc. | 280,258 | 2,738 |
Standard Motor Products Inc. | 57,264 | 2,406 | |
* | Stoneridge Inc. | 78,275 | 2,400 |
* | Tenneco Inc. Class A | 204,477 | 2,278 |
* | Modine Manufacturing Co. | 162,311 | 2,251 |
* | Cooper-Standard Holdings Inc. | 58,213 | 2,085 |
* | Motorcar Parts of America Inc. | 89,280 | 1,900 |
* | XPEL Inc. | 1,909 | 92 |
Patrick Industries Inc. | 1,154 | 91 | |
170,509 | |||
Automobiles (12.5%) | |||
* | Tesla Inc. | 845,644 | 571,232 |
General Motors Co. | 1,556,431 | 79,892 | |
Ford Motor Co. | 4,786,539 | 56,002 | |
Thor Industries Inc. | 78,009 | 9,132 | |
Harley-Davidson Inc. | 222,370 | 7,932 | |
Winnebago Industries Inc. | 58,509 | 4,072 | |
* | Workhorse Group Inc. | 3,132 | 51 |
728,313 | |||
Distributors (1.0%) | |||
Genuine Parts Co. | 186,165 | 19,613 | |
Pool Corp. | 52,190 | 17,472 | |
* | LKQ Corp. | 382,944 | 15,084 |
Core-Mark Holding Co. Inc. | 98,750 | 3,217 | |
* | Funko Inc. Class A | 90,487 | 1,229 |
56,615 | |||
Diversified Consumer Services (1.7%) | |||
* | Chegg Inc. | 163,924 | 15,824 |
* | Bright Horizons Family Solutions Inc. | 80,088 | 12,787 |
Service Corp. International | 234,134 | 11,182 | |
* | Terminix Global Holdings Inc. | 186,003 | 8,372 |
Shares | Market Value• ($000) | ||
* | Grand Canyon Education Inc. | 69,421 | 7,268 |
* | frontdoor Inc. | 127,020 | 6,652 |
H&R Block Inc. | 302,246 | 5,812 | |
Graham Holdings Co. Class B | 7,192 | 4,321 | |
* | Adtalem Global Education Inc. | 98,559 | 3,873 |
Strategic Education Inc. | 39,624 | 3,603 | |
* | WW International Inc. | 106,303 | 3,135 |
* | Laureate Education Inc. Class A | 219,196 | 3,014 |
* | Stride Inc. | 101,412 | 2,439 |
* | Perdoceo Education Corp. | 182,465 | 2,348 |
OneSpaWorld Holdings Ltd. | 214,654 | 2,342 | |
* | Houghton Mifflin Harcourt Co. | 345,949 | 2,110 |
Carriage Services Inc. Class A | 61,037 | 2,012 | |
* | American Public Education Inc. | 61,752 | 1,818 |
* | Regis Corp. | 110,002 | 1,292 |
100,204 | |||
Hotels, Restaurants & Leisure (16.2%) | |||
McDonald's Corp. | 886,155 | 182,672 | |
Starbucks Corp. | 1,400,245 | 151,268 | |
Marriott International Inc. Class A | 338,045 | 50,054 | |
* | Chipotle Mexican Grill Inc. Class A | 32,187 | 46,414 |
Hilton Worldwide Holdings Inc. | 341,794 | 42,273 | |
Yum! Brands Inc. | 367,671 | 38,065 | |
Las Vegas Sands Corp. | 433,377 | 27,129 | |
Carnival Corp. | �� 886,083 | 23,703 | |
* | Penn National Gaming Inc. | 197,656 | 22,885 |
Darden Restaurants Inc. | 166,357 | 22,846 | |
MGM Resorts International | 600,461 | 22,691 | |
* | Caesars Entertainment Inc. | 237,934 | 22,233 |
Royal Caribbean Cruises Ltd. | 237,972 | 22,196 | |
Wynn Resorts Ltd. | 134,502 | 17,718 | |
Domino's Pizza Inc. | 49,351 | 17,101 | |
Vail Resorts Inc. | 52,749 | 16,309 | |
* | Norwegian Cruise Line Holdings Ltd. | 396,576 | 11,723 |
Aramark | 310,198 | 11,515 | |
Churchill Downs Inc. | 48,913 | 11,281 | |
* | Planet Fitness Inc. Class A | 116,144 | 9,999 |
Marriott Vacations Worldwide Corp. | 58,855 | 9,988 | |
Wyndham Hotels & Resorts Inc. | 134,471 | 8,778 | |
Texas Roadhouse Inc. Class A | 95,263 | 8,658 | |
Travel + Leisure Co. | 129,822 | 7,845 | |
Boyd Gaming Corp. | 126,241 | 7,410 | |
* | Shake Shack Inc. Class A | 52,910 | 6,269 |
Shares | Market Value• ($000) | ||
Wingstop Inc. | 43,948 | 5,984 | |
Wendy's Co. | 291,338 | 5,952 | |
Choice Hotels International Inc. | 55,946 | 5,867 | |
Cracker Barrel Old Country Store Inc. | 36,488 | 5,651 | |
Six Flags Entertainment Corp. | 126,623 | 5,647 | |
Hyatt Hotels Corp. Class A | 63,882 | 5,618 | |
* | Hilton Grand Vacations Inc. | 135,570 | 5,356 |
Brinker International Inc. | 75,732 | 5,194 | |
* | SeaWorld Entertainment Inc. | 101,256 | 5,028 |
Extended Stay America Inc. | 303,518 | 4,884 | |
* | Scientific Games Corp. Class A | 97,793 | 4,580 |
Papa John's International Inc. | 49,211 | 4,438 | |
Cheesecake Factory Inc. | 79,983 | 4,395 | |
Jack in the Box Inc. | 39,737 | 4,067 | |
Red Rock Resorts Inc. Class A | 129,327 | 3,902 | |
Bloomin' Brands Inc. | 151,248 | 3,757 | |
Dave & Buster's Entertainment Inc. | 89,397 | 3,630 | |
* | Denny's Corp. | 174,853 | 3,069 |
BJ's Restaurants Inc. | 55,186 | 3,064 | |
* | Everi Holdings Inc. | 200,590 | 3,031 |
Dine Brands Global Inc. | 37,598 | 2,974 | |
* | Monarch Casino & Resort Inc. | 39,408 | 2,666 |
Bally's Corp. | 43,658 | 2,599 | |
Ruth's Hospitality Group Inc. | 111,957 | 2,553 | |
* | Lindblad Expeditions Holdings Inc. | 121,519 | 2,531 |
* | Playa Hotels & Resorts NV | 339,621 | 2,435 |
* | Chuy's Holdings Inc. | 56,731 | 2,326 |
* | Accel Entertainment Inc. Class A | 198,384 | 2,200 |
* | Golden Entertainment Inc. | 85,399 | 2,018 |
* | El Pollo Loco Holdings Inc. | 90,692 | 1,662 |
* | Red Robin Gourmet Burgers Inc. | 51,710 | 1,587 |
* | Airbnb Inc. Class A | 7,068 | 1,458 |
* | Fiesta Restaurant Group Inc. | 86,136 | 1,314 |
Del Taco Restaurants Inc. | 130,128 | 1,307 | |
* | PlayAGS Inc. | 134,898 | 1,102 |
* | Carrols Restaurant Group Inc. | 172,735 | 1,068 |
Bluegreen Vacations Holding Class A | 54,817 | 871 | |
* | Biglari Holdings Inc. Class B | 4,333 | 508 |
* | Target Hospitality Corp. | 165,208 | 276 |
* | DraftKings Inc. Class A | 1,493 | 92 |
945,684 |
Shares | Market Value• ($000) | ||
Household Durables (4.9%) | |||
DR Horton Inc. | 430,901 | 33,123 | |
Lennar Corp. Class A | 343,084 | 28,466 | |
Garmin Ltd. | 181,897 | 22,559 | |
* | NVR Inc. | 4,494 | 20,227 |
PulteGroup Inc. | 350,473 | 15,810 | |
Whirlpool Corp. | 81,884 | 15,565 | |
* | Mohawk Industries Inc. | 80,526 | 14,091 |
Newell Brands Inc. | 540,689 | 12,528 | |
Toll Brothers Inc. | 169,268 | 9,042 | |
Tempur Sealy International Inc. | 266,494 | 8,904 | |
* | TopBuild Corp. | 46,013 | 8,761 |
Leggett & Platt Inc. | 191,864 | 8,302 | |
* | Helen of Troy Ltd. | 36,641 | 7,944 |
* | Sonos Inc. | 146,356 | 5,699 |
* | iRobot Corp. | 45,145 | 5,603 |
* | Taylor Morrison Home Corp. Class A | 197,387 | 5,430 |
KB Home | 131,457 | 5,308 | |
* | Meritage Homes Corp. | 61,678 | 5,200 |
MDC Holdings Inc. | 90,704 | 5,131 | |
Installed Building Products Inc. | 39,932 | 4,367 | |
* | Tri Pointe Homes Inc. | 222,439 | 4,226 |
* | Skyline Champion Corp. | 93,473 | 4,136 |
* | LGI Homes Inc. | 37,796 | 4,129 |
La-Z-Boy Inc. | 90,543 | 3,858 | |
* | Cavco Industries Inc. | 16,469 | 3,473 |
* | Century Communities Inc. | 59,207 | 3,276 |
* | Tupperware Brands Corp. | 102,374 | 3,130 |
* | M/I Homes Inc. | 61,655 | 3,077 |
* | Universal Electronics Inc. | 41,244 | 2,400 |
* | GoPro Inc. Class A | 317,315 | 2,386 |
Ethan Allen Interiors Inc. | 87,864 | 2,251 | |
* | Lovesac Co. | 37,240 | 2,148 |
* | Green Brick Partners Inc. | 104,859 | 2,069 |
* | Beazer Homes USA Inc. | 112,804 | 1,993 |
Hooker Furniture Corp. | 55,981 | 1,893 | |
* | Legacy Housing Corp. | 40,367 | 634 |
* | Purple Innovation Inc. Class A | 2,380 | 88 |
287,227 | |||
Internet & Direct Marketing Retail (29.0%) | |||
* | Amazon.com Inc. | 419,431 | 1,297,271 |
* | Booking Holdings Inc. | 49,266 | 114,716 |
* | MercadoLibre Inc. | 53,919 | 88,325 |
eBay Inc. | 845,255 | 47,689 | |
* | Etsy Inc. | 154,064 | 33,936 |
Expedia Group Inc. | 171,813 | 27,662 | |
* | Wayfair Inc. Class A | 82,528 | 23,849 |
* | Chewy Inc. Class A | 102,408 | 10,401 |
* | Grubhub Inc. | 129,823 | 8,318 |
Qurate Retail Inc. Series A | 567,769 | 7,052 | |
* | Stitch Fix Inc. Class A | 85,408 | 6,517 |
* | Stamps.com Inc. | 26,528 | 4,826 |
* | Overstock.com Inc. | 61,645 | 4,141 |
Shutterstock Inc. | 40,487 | 3,572 | |
* | Revolve Group Inc. | 68,350 | 3,151 |
* | Groupon Inc. Class A | 68,090 | 2,955 |
* | Quotient Technology Inc. | 204,826 | 2,749 |
PetMed Express Inc. | 61,662 | 2,140 | |
* | 1-800-Flowers.com Inc. Class A | 75,617 | 2,138 |
* | Lands' End Inc. | 60,662 | 2,004 |
* | RealReal Inc. | 76,630 | 1,957 |
* | Duluth Holdings Inc. Class B | 96,176 | 1,345 |
* | Magnite Inc. | 6,176 | 302 |
Shares | Market Value• ($000) | ||
* | DoorDash Inc. Class A | 845 | 143 |
1,697,159 | |||
Leisure Products (1.8%) | |||
* | Peloton Interactive Inc. Class A | 246,719 | 29,722 |
Hasbro Inc. | 171,226 | 16,046 | |
* | Mattel Inc. | 491,338 | 9,925 |
Polaris Inc. | 81,813 | 9,634 | |
Brunswick Corp. | 108,862 | 9,620 | |
* | YETI Holdings Inc. | 108,725 | 7,477 |
Callaway Golf Co. | 157,996 | 4,416 | |
* | Vista Outdoor Inc. | 109,818 | 3,471 |
* | Malibu Boats Inc. Class A | 43,100 | 3,213 |
Acushnet Holdings Corp. | 75,516 | 3,188 | |
Sturm Ruger & Co. Inc. | 41,387 | 2,823 | |
Smith & Wesson Brands Inc. | 142,240 | 2,448 | |
Johnson Outdoors Inc. Class A | 18,763 | 2,264 | |
* | Master Craft Boat Holdings Inc. | 78,282 | 2,007 |
* | American Outdoor Brands Inc. | 48,342 | 967 |
Clarus Corp. | 5,180 | 90 | |
107,311 | |||
Multiline Retail (4.0%) | |||
Target Corp. | 602,327 | 110,491 | |
Dollar General Corp. | 302,611 | 57,191 | |
* | Dollar Tree Inc. | 292,448 | 28,718 |
Kohl's Corp. | 216,477 | 11,960 | |
Macy's Inc. | 464,358 | 7,063 | |
* | Ollie's Bargain Outlet Holdings Inc. | 83,205 | 6,879 |
Nordstrom Inc. | 171,076 | 6,236 | |
Big Lots Inc. | 68,651 | 4,362 | |
Dillard's Inc. Class A | 27,709 | 2,208 | |
Franchise Group Inc. | 2,697 | 95 | |
235,203 | |||
Other (0.0%)2 | |||
*,3 | Media General Inc. CVR | 69,182 | 3 |
Specialty Retail (18.7%) | |||
Home Depot Inc. | 1,275,853 | 329,604 | |
Lowe's Cos. Inc. | 882,604 | 140,996 | |
TJX Cos. Inc. | 1,445,473 | 95,387 | |
Ross Stores Inc. | 435,954 | 50,850 | |
* | O'Reilly Automotive Inc. | 89,672 | 40,113 |
* | AutoZone Inc. | 28,870 | 33,487 |
Best Buy Co. Inc. | 288,291 | 28,930 | |
* | CarMax Inc. | 207,143 | 24,756 |
Tractor Supply Co. | 147,791 | 23,493 | |
* | Carvana Co. Class A | 80,588 | 22,847 |
* | Ulta Beauty Inc. | 68,190 | 21,980 |
* | Burlington Stores Inc. | 84,438 | 21,854 |
L Brands Inc. | 310,706 | 16,983 | |
Advance Auto Parts Inc. | 90,112 | 14,449 | |
* | Five Below Inc. | 73,907 | 13,755 |
Williams-Sonoma Inc. | 102,887 | 13,508 | |
Lithia Motors Inc. Class A | 34,964 | 13,075 | |
* | Floor & Decor Holdings Inc. Class A | 113,050 | 10,750 |
* | RH | 21,530 | 10,558 |
*,1 | GameStop Corp. Class A | 98,658 | 10,037 |
Gap Inc. | 328,782 | 8,203 | |
Foot Locker Inc. | 145,686 | 7,006 | |
Dick's Sporting Goods Inc. | 97,567 | 6,963 | |
* | AutoNation Inc. | 85,989 | 6,451 |
Shares | Market Value• ($000) | ||
American Eagle Outfitters Inc. | 244,308 | 6,279 | |
* | Sleep Number Corp. | 44,575 | 6,112 |
* | National Vision Holdings Inc. | 124,720 | 5,923 |
Murphy USA Inc. | 43,719 | 5,449 | |
* | Asbury Automotive Group Inc. | 32,040 | 5,429 |
Bed Bath & Beyond Inc. | 200,391 | 5,382 | |
Rent-A-Center Inc. | 85,101 | 4,915 | |
Signet Jewelers Ltd. | 93,384 | 4,649 | |
Group 1 Automotive Inc. | 30,049 | 4,581 | |
* | Urban Outfitters Inc. | 121,162 | 4,107 |
Penske Automotive Group Inc. | 59,878 | 4,070 | |
Monro Inc. | 61,802 | 3,831 | |
* | Sally Beauty Holdings Inc. | 226,593 | 3,648 |
ODP Corp. | 95,109 | 3,640 | |
Abercrombie & Fitch Co. Class A | 129,096 | 3,533 | |
* | Boot Barn Holdings Inc. | 58,042 | 3,507 |
* | At Home Group Inc. | 114,458 | 2,883 |
Buckle Inc. | 72,695 | 2,794 | |
* | Hibbett Sports Inc. | 42,449 | 2,728 |
Sonic Automotive Inc. Class A | 58,965 | 2,719 | |
* | Michaels Cos. Inc. | 179,854 | 2,698 |
Camping World Holdings Inc. Class A | 84,015 | 2,630 | |
* | MarineMax Inc. | 58,049 | 2,592 |
Guess? Inc. | 100,962 | 2,545 | |
Children's Place Inc. | 36,703 | 2,542 | |
* | Zumiez Inc. | 55,381 | 2,497 |
* | America's Car-Mart Inc. | 17,680 | 2,387 |
Designer Brands Inc. Class A | 185,479 | 2,317 | |
Caleres Inc. | 139,697 | 2,216 | |
Haverty Furniture Cos. Inc. | 60,543 | 2,190 | |
* | Genesco Inc. | 48,323 | 2,172 |
Winmark Corp. | 12,012 | 2,120 | |
* | Lumber Liquidators Holdings Inc. | 84,318 | 2,088 |
Shoe Carnival Inc. | 39,673 | 1,942 | |
* | Conn's Inc. | 102,599 | 1,456 |
Chico's FAS Inc. | 538,678 | 1,449 | |
Cato Corp. Class A | 102,479 | 1,265 | |
* | Aaron's Co. Inc. | 53,323 | 1,171 |
* | GrowGeneration Corp. | 3,018 | 138 |
* | Vroom Inc. | 1,970 | 87 |
1,090,716 | |||
Textiles, Apparel & Luxury Goods (7.0%) | |||
NIKE Inc. Class B | 1,478,846 | 199,319 | |
* | Lululemon Athletica Inc. | 149,597 | 46,626 |
VF Corp. | 411,161 | 32,535 | |
Tapestry Inc. | 367,393 | 15,482 | |
* | Deckers Outdoor Corp. | 37,899 | 12,359 |
PVH Corp. | 99,388 | 9,935 | |
* | Capri Holdings Ltd. | 201,115 | 9,386 |
Hanesbrands Inc. | 494,517 | 8,748 | |
Ralph Lauren Corp. Class A | 70,275 | 8,228 | |
* | Crocs Inc. | 97,973 | 7,517 |
* | Skechers USA Inc. Class A | 200,829 | 7,350 |
* | Under Armour Inc. Class A | 286,730 | 6,277 |
* | Under Armour Inc. Class C | 313,303 | 5,702 |
Carter's Inc. | 67,111 | 5,602 | |
Columbia Sportswear Co. | 49,686 | 5,121 |
Shares | Market Value• ($000) | ||
Steven Madden Ltd. | 133,657 | 4,944 | |
Wolverine World Wide Inc. | 140,805 | 4,921 | |
Kontoor Brands Inc. | 91,248 | 3,855 | |
Levi Strauss & Co. Class A | 140,340 | 3,264 | |
Oxford Industries Inc. | 38,926 | 2,968 | |
* | G-III Apparel Group Ltd. | 99,278 | 2,858 |
* | Fossil Group Inc. | 156,890 | 2,375 |
Movado Group Inc. | 77,495 | 1,767 | |
* | Unifi Inc. | 64,846 | 1,617 |
* | Vera Bradley Inc. | 108,925 | 1,034 |
409,790 | |||
Total Common Stocks (Cost $4,081,034) | 5,828,734 | ||
Temporary Cash Investments (0.8%) | |||
Money Market Fund (0.8%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.099% (Cost $47,053) | 470,602 | 47,060 |
Total Investments (100.5%) (Cost $4,128,087) | 5,875,794 | ||
Other Assets and Liabilities— Net (-0.5%) | (28,490) | ||
Net Assets (100.0%) | 5,847,304 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $25,754,000. |
2 | “Other” represents securities that are not classified by the fund’s benchmark index. |
3 | Security value determined using significant unobservable inputs. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $27,703,000 was received for securities on loan. |
CVR— | Contingent Value Rights. |
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 | March 2021 | 18 | 3,428 | (25) |
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) |
Tesla Inc. | 1/31/22 | GSI | 19,906 | (0.108) | — | (3,019) |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
GSI—Goldman Sachs International. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $4,081,034) | 5,828,734 |
Affiliated Issuers (Cost $47,053) | 47,060 |
Total Investments in Securities | 5,875,794 |
Investment in Vanguard | 216 |
Cash | 1,229 |
Cash Collateral Pledged—Futures Contracts | 200 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 2,860 |
Receivables for Investment Securities Sold | 119,167 |
Receivables for Accrued Income | 3,980 |
Receivables for Capital Shares Issued | 3,296 |
Total Assets | 6,006,742 |
Liabilities | |
Payables for Investment Securities Purchased | 128,211 |
Collateral for Securities on Loan | 27,703 |
Payables to Vanguard | 280 |
Variation Margin Payable—Futures Contracts | 225 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 3,019 |
Total Liabilities | 159,438 |
Net Assets | 5,847,304 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 4,072,067 |
Total Distributable Earnings (Loss) | 1,775,237 |
Net Assets | 5,847,304 |
ETF Shares—Net Assets | |
Applicable to 18,425,857 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,231,871 |
Net Asset Value Per Share—ETF Shares | $283.94 |
Admiral Shares—Net Assets | |
Applicable to 4,187,433 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 615,433 |
Net Asset Value Per Share—Admiral Shares | $146.97 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 18,169 |
Interest1 | 21 |
Securities Lending—Net | 729 |
Total Income | 18,919 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 374 |
Management and Administrative— ETF Shares | 1,751 |
Management and Administrative— Admiral Shares | 196 |
Marketing and Distribution— ETF Shares | 84 |
Marketing and Distribution— Admiral Shares | 12 |
Custodian Fees | 16 |
Shareholders’ Reports—ETF Shares | 27 |
Shareholders’ Reports—Admiral Shares | 2 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 2,463 |
Net Investment Income | 16,456 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 129,823 |
Futures Contracts | 192 |
Swap Contracts | 30,037 |
Realized Net Gain (Loss) | 160,052 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 589,610 |
Futures Contracts | (22) |
Swap Contracts | (22,695) |
Change in Unrealized Appreciation (Depreciation) | 566,893 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 743,401 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $21,000, $10,000, and ($10,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $193,070,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 16,456 | 35,195 | |
Realized Net Gain (Loss) | 160,052 | 462,167 | |
Change in Unrealized Appreciation (Depreciation) | 566,893 | 708,129 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 743,401 | 1,205,491 | |
Distributions | |||
ETF Shares | (63,868) | (36,170) | |
Admiral Shares | (6,772) | (3,859) | |
Total Distributions | (70,640) | (40,029) | |
Capital Share Transactions | |||
ETF Shares | 602,689 | (74,809) | |
Admiral Shares | 108,893 | 2,845 | |
Net Increase (Decrease) from Capital Share Transactions | 711,582 | (71,964) | |
Total Increase (Decrease) | 1,384,343 | 1,093,498 | |
Net Assets | |||
Beginning of Period | 4,462,961 | 3,369,463 | |
End of Period | 5,847,304 | 4,462,961 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $246.86 | $178.51 | $180.85 | $141.74 | $126.45 | $120.80 |
Investment Operations | ||||||
Net Investment Income | .8721 | 1.9981 | 2.0521 | 2.0661 | 2.0681 | 1.875 |
Net Realized and Unrealized Gain (Loss) on Investments | 40.002 | 68.603 | (2.391) | 39.031 | 15.248 | 6.259 |
Total from Investment Operations | 40.874 | 70.601 | (.339) | 41.097 | 17.316 | 8.134 |
Distributions | ||||||
Dividends from Net Investment Income | (3.794) | (2.251) | (2.001) | (1.987) | (2.026) | (2.484) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (3.794) | (2.251) | (2.001) | (1.987) | (2.026) | (2.484) |
Net Asset Value, End of Period | $283.94 | $246.86 | $178.51 | $180.85 | $141.74 | $126.45 |
Total Return | 16.92% | 39.98% | -0.14% | 29.22% | 13.81% | 6.84% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,232 | $4,026 | $3,049 | $3,199 | $2,198 | $1,926 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.63% | 1.06% | 1.20% | 1.28% | 1.53% | 1.54% |
Portfolio Turnover Rate2 | 6% | 10% | 9% | 28% | 6% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $127.78 | $92.40 | $93.61 | $73.36 | $65.45 | $62.53 |
Investment Operations | ||||||
Net Investment Income | .4491 | 1.0331 | 1.0581 | 1.0731 | 1.0711 | .971 |
Net Realized and Unrealized Gain (Loss) on Investments | 20.705 | 35.512 | (1.232) | 20.205 | 7.890 | 3.239 |
Total from Investment Operations | 21.154 | 36.545 | (.174) | 21.278 | 8.961 | 4.210 |
Distributions | ||||||
Dividends from Net Investment Income | (1.964) | (1.165) | (1.036) | (1.028) | (1.051) | (1.290) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.964) | (1.165) | (1.036) | (1.028) | (1.051) | (1.290) |
Net Asset Value, End of Period | $146.97 | $127.78 | $92.40 | $93.61 | $73.36 | $65.45 |
Total Return2 | 16.91% | 40.01% | -0.14% | 29.24% | 13.81% | 6.83% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $615 | $437 | $321 | $328 | $204 | $169 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.62% | 1.06% | 1.20% | 1.28% | 1.53% | 1.54% |
Portfolio Turnover Rate3 | 6% | 10% | 9% | 28% | 6% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 5,828,731 | — | 3 | 5,828,734 |
Temporary Cash Investments | 47,060 | — | — | 47,060 |
Total | 5,875,791 | — | 3 | 5,875,794 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 25 | — | — | 25 |
Swap Contracts | — | 3,019 | — | 3,019 |
Total | 25 | 3,019 | — | 3,044 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 4,136,073 |
Gross Unrealized Appreciation | 1,792,996 |
Gross Unrealized Depreciation | (53,300) |
Net Unrealized Appreciation (Depreciation) | 1,739,696 |
E. | During the six months ended February 28, 2021, the fund purchased $1,383,435,000 of investment securities and sold $643,098,000 of investment securities, other than temporary cash investments. Purchases and sales include $906,834,000 and $373,824,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 975,737 | 3,666 | 928,490 | 4,882 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (373,048) | (1,550) | (1,003,299) | (5,650) | |
Net Increase (Decrease)—ETF Shares | 602,689 | 2,116 | (74,809) | (768) | |
Admiral Shares | |||||
Issued | 191,618 | 1,375 | 134,048 | 1,375 | |
Issued in Lieu of Cash Distributions | 6,003 | 50 | 3,403 | 36 | |
Redeemed | (88,728) | (655) | (134,606) | (1,465) | |
Net Increase (Decrease)—Admiral Shares | 108,893 | 770 | 2,845 | (54) |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
Agricultural Products | 3.3% |
Brewers | 1.0 |
Distillers & Vintners | 2.9 |
Drug Retail | 2.0 |
Food Distributors | 3.2 |
Food Retail | 2.2 |
Household Products | 22.2 |
Hypermarkets & Super Centers | 14.3 |
Packaged Foods & Meats | 16.5 |
Personal Products | 4.6 |
Soft Drinks | 19.3 |
Tobacco | 8.5 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Beverages (23.2%) | |||
Coca-Cola Co. | 10,875,617 | 532,796 | |
PepsiCo Inc. | 3,657,316 | 472,489 | |
Constellation Brands Inc. Class A | 491,206 | 105,187 | |
* | Monster Beverage Corp. | 1,193,867 | 104,750 |
Brown-Forman Corp. Class B | 919,552 | 65,821 | |
* | Boston Beer Co. Inc. Class A | 36,915 | 37,975 |
Keurig Dr Pepper Inc. | 1,134,492 | 34,625 | |
Molson Coors Beverage Co. Class B | 579,886 | 25,776 | |
1 | National Beverage Corp. | 159,566 | 7,605 |
Coca-Cola Consolidated Inc. | 26,895 | 6,903 | |
MGP Ingredients Inc. | 76,258 | 4,871 | |
*,1 | NewAge Inc. | 663,192 | 1,744 |
* | Celsius Holdings Inc. | 17,785 | 1,059 |
1,401,601 | |||
Food & Staples Retailing (21.7%) | |||
Walmart Inc. | 3,775,784 | 490,550 | |
Costco Wholesale Corp. | 1,034,781 | 342,512 | |
Sysco Corp. | 1,499,332 | 119,392 | |
Walgreens Boots Alliance Inc. | 2,335,422 | 111,937 | |
Kroger Co. | 2,504,065 | 80,656 | |
Casey's General Stores Inc. | 128,783 | 26,009 | |
* | U.S. Foods Holding Corp | 679,782 | 24,785 |
* | Performance Food Group Co. | 401,152 | 21,758 |
* | BJ's Wholesale Club Holdings Inc. | 452,975 | 18,201 |
* | Sprouts Farmers Market Inc. | 504,102 | 10,642 |
PriceSmart Inc. | 109,899 | 10,600 | |
* | United Natural Foods Inc. | 357,599 | 9,458 |
* | Rite Aid Corp. | 422,792 | 8,278 |
* | Chefs' Warehouse Inc. | 242,734 | 7,559 |
Ingles Markets Inc. Class A | 117,212 | 6,090 | |
Weis Markets Inc. | 108,763 | 5,813 | |
SpartanNash Co. | 263,757 | 4,808 | |
Andersons Inc. | 169,281 | 4,425 | |
Village Super Market Inc. Class A | 96,879 | 2,233 | |
* | Grocery Outlet Holding Corp. | 39,224 | 1,412 |
* | HF Foods Group Inc. | 76,391 | 563 |
1,307,681 |
Shares | Market Value• ($000) | ||
Food Products (19.7%) | |||
Mondelez International Inc. Class A | 4,186,404 | 222,549 | |
Archer-Daniels-Midland Co. | 1,705,845 | 96,517 | |
General Mills Inc. | 1,738,053 | 95,610 | |
Kraft Heinz Co. | 1,975,758 | 71,878 | |
Hershey Co. | 438,642 | 63,888 | |
McCormick & Co. Inc. | 726,332 | 61,215 | |
Tyson Foods Inc. Class A | 882,432 | 59,714 | |
Conagra Brands Inc. | 1,518,793 | 51,533 | |
Kellogg Co. | 773,796 | 44,656 | |
* | Darling Ingredients Inc. | 673,551 | 42,461 |
Hormel Foods Corp. | 895,126 | 41,507 | |
J M Smucker Co. | 341,904 | 38,293 | |
Lamb Weston Holdings Inc. | 451,970 | 36,054 | |
Bunge Ltd. | 446,161 | 34,167 | |
* | Freshpet Inc. | 189,743 | 29,577 |
Ingredion Inc. | 222,079 | 20,032 | |
* | Post Holdings Inc. | 204,621 | 19,656 |
Campbell Soup Co. | 386,656 | 17,585 | |
* | Hain Celestial Group Inc. | 367,091 | 15,484 |
Flowers Foods Inc. | 646,499 | 14,061 | |
Sanderson Farms Inc. | 89,639 | 13,670 | |
Lancaster Colony Corp. | 74,288 | 12,976 | |
* | Simply Good Foods Co. | 379,543 | 11,071 |
* | TreeHouse Foods Inc. | 200,560 | 10,032 |
J & J Snack Foods Corp. | 62,478 | 9,919 | |
B&G Foods Inc. | 297,656 | 9,028 | |
* | Hostess Brands Inc. Class A | 574,265 | 8,264 |
* | Pilgrim's Pride Corp. | 299,327 | 6,702 |
* | Cal-Maine Foods Inc. | 174,840 | 6,661 |
Calavo Growers Inc. | 86,021 | 6,473 | |
John B Sanfilippo & Son Inc. | 55,348 | 4,785 | |
Tootsie Roll Industries Inc. | 149,303 | 4,600 | |
Fresh Del Monte Produce Inc. | 173,175 | 4,458 | |
* | Landec Corp. | 294,278 | 3,281 |
* | Beyond Meat Inc. | 5,142 | 748 |
Limoneira Co. | 38,063 | 584 | |
1,189,689 | |||
Household Products (22.2%) | |||
Procter & Gamble Co. | 6,750,312 | 833,866 | |
Colgate-Palmolive Co. | 2,391,979 | 179,877 | |
Kimberly-Clark Corp. | 1,023,662 | 131,367 | |
Clorox Co. | 379,663 | 68,738 | |
Church & Dwight Co. Inc. | 778,418 | 61,300 | |
WD-40 Co. | 64,731 | 20,180 | |
Spectrum Brands Holdings Inc. | 190,684 | 14,787 | |
* | Central Garden & Pet Co. Class A | 260,329 | 10,806 |
Shares | Market Value• ($000) | ||
Energizer Holdings Inc. | 243,276 | 10,169 | |
* | Central Garden & Pet Co. | 111,319 | 5,076 |
Reynolds Consumer Products Inc. | 19,435 | 537 | |
1,336,703 | |||
Personal Products (4.6%) | |||
Estee Lauder Cos. Inc. Class A | 650,980 | 186,089 | |
Medifast Inc. | 90,835 | 22,980 | |
* | Herbalife Nutrition Ltd. | 421,845 | 18,975 |
Nu Skin Enterprises Inc. Class A | 222,543 | 11,390 | |
Inter Parfums Inc. | 137,245 | 10,042 | |
Coty Inc. Class A | 1,037,773 | 7,960 | |
Edgewell Personal Care Co. | 228,022 | 6,975 | |
* | USANA Health Sciences Inc. | 70,712 | 6,863 |
* | elf Beauty Inc. | 248,491 | 6,374 |
* | BellRing Brands Inc. Class A | 27,304 | 621 |
278,269 | |||
Tobacco (8.5%) | |||
Philip Morris International Inc. | 3,276,422 | 275,285 | |
Altria Group Inc. | 5,026,742 | 219,166 | |
Vector Group Ltd. | 608,507 | 8,306 | |
Universal Corp. | 117,960 | 5,995 | |
Turning Point Brands Inc. | 28,468 | 1,400 | |
510,152 | |||
Total Common Stocks (Cost $5,406,906) | 6,024,095 | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.099% (Cost $9,868) | 98,683 | 9,868 |
Total Investments (100.1%) (Cost $5,416,774) | 6,033,963 | ||
Other Assets and Liabilities— Net (-0.1%) | (3,318) | ||
Net Assets (100.0%) | 6,030,645 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,490,000. |
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 $4,950,000 was received for securities on loan, of which $4,947,000 is held in Vanguard Market Liquidity Fund and $3,000 is held in cash. |
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) |
Campbell Soup Co. | 1/31/22 | GSI | 8,069 | 0.108 | — | (110) |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
GSI—Goldman Sachs International. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $5,406,906) | 6,024,095 |
Affiliated Issuers (Cost $9,868) | 9,868 |
Total Investments in Securities | 6,033,963 |
Investment in Vanguard | 234 |
Cash | 3 |
Receivables for Investment Securities Sold | 120,350 |
Receivables for Accrued Income | 4,939 |
Receivables for Capital Shares Issued | 1,341 |
Total Assets | 6,160,830 |
Liabilities | |
Due to Custodian | 611 |
Payables for Investment Securities Purchased | 123,153 |
Collateral for Securities on Loan | 4,950 |
Payables for Capital Shares Redeemed | 1,073 |
Payables to Vanguard | 288 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 110 |
Total Liabilities | 130,185 |
Net Assets | 6,030,645 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 5,347,749 |
Total Distributable Earnings (Loss) | 682,896 |
Net Assets | 6,030,645 |
ETF Shares—Net Assets | |
Applicable to 31,670,751 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,245,020 |
Net Asset Value Per Share—ETF Shares | $165.61 |
Admiral Shares—Net Assets | |
Applicable to 9,620,841 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 785,625 |
Net Asset Value Per Share—Admiral Shares | $81.66 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 85,850 |
Interest1 | 6 |
Securities Lending—Net | 148 |
Total Income | 86,004 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 479 |
Management and Administrative— ETF Shares | 2,161 |
Management and Administrative— Admiral Shares | 305 |
Marketing and Distribution— ETF Shares | 125 |
Marketing and Distribution— Admiral Shares | 22 |
Custodian Fees | 12 |
Shareholders’ Reports—ETF Shares | 48 |
Shareholders’ Reports—Admiral Shares | 6 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 3,159 |
Net Investment Income | 82,845 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 176,516 |
Swap Contracts | (2,614) |
Realized Net Gain (Loss) | 173,902 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (221,014) |
Swap Contracts | (459) |
Change in Unrealized Appreciation (Depreciation) | (221,473) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 35,274 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,000, $3,000, and ($3,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $199,034,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 82,845 | 156,532 | |
Realized Net Gain (Loss) | 173,902 | 311,395 | |
Change in Unrealized Appreciation (Depreciation) | (221,473) | 171,892 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 35,274 | 639,819 | |
Distributions | |||
ETF Shares | (82,019) | (139,853) | |
Admiral Shares | (11,451) | (19,295) | |
Total Distributions | (93,470) | (159,148) | |
Capital Share Transactions | |||
ETF Shares | (416,995) | (5,661) | |
Admiral Shares | 3,051 | 22,460 | |
Net Increase (Decrease) from Capital Share Transactions | (413,944) | 16,799 | |
Total Increase (Decrease) | (472,140) | 497,470 | |
Net Assets | |||
Beginning of Period | 6,502,785 | 6,005,315 | |
End of Period | 6,030,645 | 6,502,785 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $167.31 | $154.72 | $140.13 | $140.15 | $139.97 | $123.72 |
Investment Operations | ||||||
Net Investment Income | 2.1961 | 3.9921 | 3.8961 | 3.6031 | 3.6511 | 3.189 |
Net Realized and Unrealized Gain (Loss) on Investments | (1.452) | 12.658 | 14.346 | (.033) | .212 | 17.752 |
Total from Investment Operations | .744 | 16.650 | 18.242 | 3.570 | 3.863 | 20.941 |
Distributions | ||||||
Dividends from Net Investment Income | (2.444) | (4.060) | (3.652) | (3.590) | (3.683) | (4.691) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.444) | (4.060) | (3.652) | (3.590) | (3.683) | (4.691) |
Net Asset Value, End of Period | $165.61 | $167.31 | $154.72 | $140.13 | $140.15 | $139.97 |
Total Return | 0.41% | 11.01% | 13.24% | 2.60% | 2.83% | 17.36% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,245 | $5,712 | $5,296 | $3,983 | $3,780 | $3,518 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.49% | 2.58% | 2.71% | 2.60% | 2.63% | 2.50% |
Portfolio Turnover Rate2 | 2% | 3% | 6% | 8% | 5% | 6% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $82.50 | $76.29 | $69.09 | $69.10 | $69.02 | $61.01 |
Investment Operations | ||||||
Net Investment Income | 1.0771 | 1.9731 | 1.9231 | 1.7761 | 1.7971 | 1.575 |
Net Realized and Unrealized Gain (Loss) on Investments | (.712) | 6.239 | 7.076 | (.018) | .101 | 8.752 |
Total from Investment Operations | .365 | 8.212 | 8.999 | 1.758 | 1.898 | 10.327 |
Distributions | ||||||
Dividends from Net Investment Income | (1.205) | (2.002) | (1.799) | (1.768) | (1.818) | (2.317) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.205) | (2.002) | (1.799) | (1.768) | (1.818) | (2.317) |
Net Asset Value, End of Period | $81.66 | $82.50 | $76.29 | $69.09 | $69.10 | $69.02 |
Total Return2 | 0.42% | 11.03% | 13.24% | 2.59% | 2.81% | 17.37% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $786 | $791 | $710 | $587 | $742 | $728 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.48% | 2.59% | 2.71% | 2.60% | 2.63% | 2.50% |
Portfolio Turnover Rate3 | 2% | 3% | 6% | 8% | 5% | 6% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 6,024,095 | — | — | 6,024,095 |
Temporary Cash Investments | 9,868 | — | — | 9,868 |
Total | 6,033,963 | — | — | 6,033,963 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 110 | — | 110 |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 5,421,239 |
Gross Unrealized Appreciation | 915,230 |
Gross Unrealized Depreciation | (302,506) |
Net Unrealized Appreciation (Depreciation) | 612,724 |
E. | During the six months ended February 28, 2021, the fund purchased $358,495,000 of investment securities and sold $768,322,000 of investment securities, other than temporary cash investments. Purchases and sales include $114,154,000 and $614,442,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 195,808 | 1,155 | 1,146,786 | 7,587 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (612,803) | (3,625) | (1,152,447) | (7,675) | |
Net Increase (Decrease)—ETF Shares | (416,995) | (2,470) | (5,661) | (88) | |
Admiral Shares | |||||
Issued | 106,569 | 1,276 | 294,479 | 3,969 | |
Issued in Lieu of Cash Distributions | 9,375 | 113 | 15,970 | 211 | |
Redeemed | (112,893) | (1,353) | (287,989) | (3,896) | |
Net Increase (Decrease)—Admiral Shares | 3,051 | 36 | 22,460 | 284 |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
Coal & Consumable Fuels | 0.1% |
Integrated Oil & Gas | 42.4 |
Oil & Gas Drilling | 0.8 |
Oil & Gas Equipment & Services | 10.0 |
Oil & Gas Exploration & Production | 23.5 |
Oil & Gas Refining & Marketing | 11.9 |
Oil & Gas Storage & Transportation | 11.3 |
Shares | Market Value• ($000) | ||
Common Stocks (99.5%) | |||
Coal & Consumable Fuels (0.1%) | |||
Arch Resources Inc. | 97,128 | 4,655 | |
* | Peabody Energy Corp. | 484,034 | 2,081 |
6,736 | |||
Integrated Oil & Gas (42.2%) | |||
Exxon Mobil Corp. | 22,015,897 | 1,197,004 | |
Chevron Corp. | 10,000,861 | 1,000,086 | |
Occidental Petroleum Corp. | 4,838,960 | 128,765 | |
2,325,855 | |||
Oil & Gas Drilling (0.8%) | |||
Helmerich & Payne Inc. | 595,769 | 17,116 | |
* | Transocean Ltd. | 3,324,442 | 11,536 |
Patterson-UTI Energy Inc. | 1,154,361 | 8,542 | |
Nabors Industries Ltd. | 63,697 | 7,071 | |
44,265 | |||
Oil & Gas Equipment & Services (9.9%) | |||
Schlumberger NV | 6,962,517 | 194,324 | |
Halliburton Co. | 4,613,532 | 100,713 | |
Baker Hughes Co. Class A | 3,540,221 | 86,665 | |
NOV Inc. | 2,042,674 | 30,844 | |
* | ChampionX Corp. | 1,081,853 | 23,011 |
TechnipFMC plc | 2,271,584 | 18,672 | |
Core Laboratories NV | 252,825 | 8,985 | |
Cactus Inc. Class A | 270,030 | 8,606 | |
Archrock Inc. | 755,009 | 7,784 | |
U.S. Silica Holdings Inc. | 555,562 | 7,395 | |
* | Oceaneering International Inc. | 597,627 | 7,052 |
* | Dril-Quip Inc. | 204,227 | 6,936 |
Liberty Oilfield Services Inc. Class A | 559,406 | 6,540 | |
* | ProPetro Holding Corp. | 534,099 | 6,126 |
DMC Global Inc. | 91,980 | 5,794 | |
* | NexTier Oilfield Solutions Inc. | 1,050,484 | 4,885 |
* | Helix Energy Solutions Group Inc. | 902,233 | 4,421 |
* | Frank's International NV | 797,766 | 3,614 |
* | Tidewater Inc. | 277,464 | 3,457 |
* | Oil States International Inc. | 450,255 | 3,300 |
* | RPC Inc. | 436,438 | 2,771 |
Solaris Oilfield Infrastructure Inc. Class A | 228,813 | 2,702 | |
* | Select Energy Services Inc. Class A | 409,611 | 2,589 |
* | Exterran Corp. | 223,515 | 1,223 |
548,409 | |||
Oil & Gas Exploration & Production (23.4%) | |||
ConocoPhillips | 6,171,493 | 320,979 | |
EOG Resources Inc. | 3,043,426 | 196,484 |
Shares | Market Value• ($000) | ||
Pioneer Natural Resources Co. | 1,094,700 | 162,640 | |
Hess Corp. | 1,137,749 | 74,557 | |
Devon Energy Corp. | 3,282,501 | 70,705 | |
Diamondback Energy Inc. | 833,163 | 57,722 | |
Marathon Oil Corp. | 4,302,580 | 47,759 | |
Cabot Oil & Gas Corp. | 2,133,339 | 39,488 | |
Texas Pacific Land Corp. | 33,175 | 36,627 | |
Ovintiv Inc. (XNYS) | 1,410,001 | 32,529 | |
Cimarex Energy Co. | 547,340 | 31,740 | |
EQT Corp. | 1,379,829 | 24,547 | |
* | PDC Energy Inc. | 582,098 | 20,344 |
* | Southwestern Energy Co. | 4,244,613 | 17,191 |
* | CNX Resources Corp. | 1,271,107 | 16,029 |
Murphy Oil Corp. | 827,777 | 13,518 | |
Matador Resources Co. | 629,847 | 13,157 | |
* | Antero Resources Corp. | 1,459,349 | 13,134 |
* | Range Resources Corp. | 1,298,238 | 12,515 |
Continental Resources Inc. | 510,777 | 12,351 | |
SM Energy Co. | 677,159 | 9,385 | |
* | Magnolia Oil & Gas Corp. Class A | 723,082 | 8,720 |
Kosmos Energy Ltd. | 2,362,392 | 7,276 | |
*,1 | Callon Petroleum Co. | 263,067 | 6,727 |
QEP Resources Inc. | 1,796,067 | 6,178 | |
* | Tellurian Inc. | 1,959,089 | 6,054 |
* | Centennial Resource Development Inc. Class A | 1,452,345 | 5,751 |
Viper Energy Partners LP | 359,837 | 5,642 | |
Brigham Minerals Inc. Class A | 265,023 | 3,792 | |
* | Bonanza Creek Energy Inc. | 111,852 | 3,571 |
* | Northern Oil and Gas Inc. | 263,084 | 3,494 |
* | Talos Energy Inc. | 246,788 | 2,613 |
* | W&T Offshore Inc. | 672,612 | 2,213 |
Berry Corp. | 411,793 | 2,042 | |
* | Penn Virginia Corp. | 118,479 | 1,735 |
Falcon Minerals Corp. | 376,493 | 1,487 | |
1,290,696 | |||
Oil & Gas Refining & Marketing (11.9%) | |||
Phillips 66 | 2,300,456 | 191,053 | |
Marathon Petroleum Corp. | 3,428,186 | 187,248 | |
Valero Energy Corp. | 2,150,944 | 165,580 | |
HollyFrontier Corp. | 842,007 | 31,895 | |
* | Renewable Energy Group Inc. | 229,894 | 17,879 |
* | Clean Energy Fuels Corp. | 1,042,935 | 13,600 |
World Fuel Services Corp. | 366,313 | 11,385 | |
Delek US Holdings Inc. | 418,536 | 10,279 | |
PBF Energy Inc. Class A | 620,437 | 8,810 |
Shares | Market Value• ($000) | ||
* | Green Plains Inc. | 262,121 | 6,637 |
* | Par Pacific Holdings Inc. | 248,124 | 4,384 |
CVR Energy Inc. | 177,855 | 3,927 | |
* | REX American Resources Corp. | 37,771 | 3,553 |
656,230 | |||
Oil & Gas Storage & Transportation (11.2%) | |||
Kinder Morgan Inc. | 10,630,625 | 156,270 | |
Williams Cos. Inc. | 6,329,492 | 144,566 | |
ONEOK Inc. | 2,303,642 | 102,028 | |
* | Cheniere Energy Inc. | 1,205,684 | 81,251 |
* | APA Corp. | 1,999,870 | 39,458 |
Targa Resources Corp. | 1,237,468 | 38,275 | |
Equitrans Midstream Corp. | 2,236,714 | 16,172 | |
Antero Midstream Corp. | 1,614,318 | 14,238 | |
* | Plains GP Holdings LP Class A | 953,167 | 8,216 |
* | EnLink Midstream LLC | 1,617,169 | 6,226 |
* | Dorian LPG Ltd. | 267,102 | 3,325 |
Rattler Midstream Partners LP | 273,517 | 3,009 | |
International Seaways Inc. | 149,557 | 2,593 | |
Hess Midstream LP Class A | 111,708 | 2,343 | |
* | Diamond S Shipping Inc. | 177,573 | 1,438 |
619,408 | |||
Total Common Stocks (Cost $6,658,463) | 5,491,599 | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.099% (Cost $3,381) | 33,836 | 3,384 |
Total Investments (99.6%) (Cost $6,661,844) | 5,494,983 | ||
Other Assets and Liabilities— Net (0.4%) | 24,521 | ||
Net Assets (100.0%) | 5,519,504 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $3,196,000. |
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 $3,375,000 was received for securities on loan. |
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) |
Hess Corp. | 1/31/22 | GSI | 18,525 | (0.108) | 1,133 | — |
Schlumberger NV | 8/31/21 | BOANA | 8,373 | (0.120) | 37 | — |
1,170 | — |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BOANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $6,658,463) | 5,491,599 |
Affiliated Issuers (Cost $3,381) | 3,384 |
Total Investments in Securities | 5,494,983 |
Investment in Vanguard | 166 |
Receivables for Investment Securities Sold | 13,036 |
Receivables for Accrued Income | 41,686 |
Receivables for Capital Shares Issued | 3,636 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 1,170 |
Total Assets | 5,554,677 |
Liabilities | |
Due to Custodian | 13,956 |
Payables for Investment Securities Purchased | 15,253 |
Collateral for Securities on Loan | 3,375 |
Payables for Capital Shares Redeemed | 2,342 |
Payables to Vanguard | 247 |
Total Liabilities | 35,173 |
Net Assets | 5,519,504 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 7,595,809 |
Total Distributable Earnings (Loss) | (2,076,305) |
Net Assets | 5,519,504 |
ETF Shares—Net Assets | |
Applicable to 67,318,670 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,485,490 |
Net Asset Value Per Share—ETF Shares | $66.63 |
Admiral Shares—Net Assets | |
Applicable to 31,064,353 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,034,014 |
Net Asset Value Per Share—Admiral Shares | $33.29 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 105,322 |
Interest1 | 9 |
Securities Lending—Net | 366 |
Total Income | 105,697 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 276 |
Management and Administrative— ETF Shares | 1,229 |
Management and Administrative— Admiral Shares | 224 |
Marketing and Distribution— ETF Shares | 72 |
Marketing and Distribution— Admiral Shares | 15 |
Custodian Fees | 13 |
Shareholders’ Reports—ETF Shares | 12 |
Shareholders’ Reports—Admiral Shares | 2 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,844 |
Net Investment Income | 103,853 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 16,731 |
Swap Contracts | 5,599 |
Foreign Currencies | 3 |
Realized Net Gain (Loss) | 22,333 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,411,236 |
Swap Contracts | 3,166 |
Change in Unrealized Appreciation (Depreciation) | 1,414,402 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,540,588 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $9,000, $4,000, and ($4,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $75,750,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 103,853 | 164,582 | |
Realized Net Gain (Loss) | 22,333 | (111,862) | |
Change in Unrealized Appreciation (Depreciation) | 1,414,402 | (1,055,673) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,540,588 | (1,002,953) | |
Distributions | |||
ETF Shares | (70,900) | (125,010) | |
Admiral Shares | (11,142) | (18,446) | |
Total Distributions | (82,042) | (143,456) | |
Capital Share Transactions | |||
ETF Shares | 559,346 | 693,979 | |
Admiral Shares | 374,991 | 81,692 | |
Net Increase (Decrease) from Capital Share Transactions | 934,337 | 775,671 | |
Total Increase (Decrease) | 2,392,883 | (370,738) | |
Net Assets | |||
Beginning of Period | 3,126,621 | 3,497,359 | |
End of Period | 5,519,504 | 3,126,621 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $47.90 | $75.75 | $103.13 | $85.71 | $95.06 | $93.86 |
Investment Operations | ||||||
Net Investment Income | 1.4061 | 2.9571 | 2.7691 | 2.5191 | 2.8191,2 | 2.470 |
Net Realized and Unrealized Gain (Loss) on Investments | 18.479 | (28.064) | (27.449) | 17.837 | (9.801) | 2.587 |
Total from Investment Operations | 19.885 | (25.107) | (24.680) | 20.356 | (6.982) | 5.057 |
Distributions | ||||||
Dividends from Net Investment Income | (1.155) | (2.743) | (2.700) | (2.936) | (2.368) | (3.857) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.155) | (2.743) | (2.700) | (2.936) | (2.368) | (3.857) |
Net Asset Value, End of Period | $66.63 | $47.90 | $75.75 | $103.13 | $85.71 | $95.06 |
Total Return | 42.46% | -33.87% | -24.34% | 24.06% | -7.55% | 5.82% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,485 | $2,720 | $3,029 | $4,288 | $3,656 | $3,944 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 5.56% | 4.91% | 3.15% | 2.56% | 2.93%2 | 2.86% |
Portfolio Turnover Rate3 | 1% | 8% | 7% | 5% | 11% | 15% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.453 and 0.47%, respectively, from income received as a result of General Electric Co. and Baker Hughes Inc. merger in July 2017. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $23.93 | $37.84 | $51.52 | $42.82 | $47.49 | $46.89 |
Investment Operations | ||||||
Net Investment Income | .7501 | 1.4611 | 1.3881 | 1.2491 | 1.3751,2 | 1.234 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.188 | (14.001) | (13.720) | 8.916 | (4.863) | 1.293 |
Total from Investment Operations | 9.938 | (12.540) | (12.332) | 10.165 | (3.488) | 2.527 |
Distributions | ||||||
Dividends from Net Investment Income | (.578) | (1.370) | (1.348) | (1.465) | (1.182) | (1.927) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.578) | (1.370) | (1.348) | (1.465) | (1.182) | (1.927) |
Net Asset Value, End of Period | $33.29 | $23.93 | $37.84 | $51.52 | $42.82 | $47.49 |
Total Return3 | 42.47% | -33.82% | -24.33% | 24.06% | -7.56% | 5.83% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,034 | $407 | $468 | $642 | $523 | $894 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 5.78% | 4.84% | 3.15% | 2.56% | 2.93%2 | 2.86% |
Portfolio Turnover Rate4 | 1% | 8% | 7% | 5% | 11% | 15% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.228 and 0.47%, respectively, from income received as a result of General Electric Co. and Baker Hughes Inc. merger in July 2017. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 5,491,599 | — | — | 5,491,599 |
Temporary Cash Investments | 3,384 | — | — | 3,384 |
Total | 5,494,983 | — | — | 5,494,983 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 1,170 | — | 1,170 |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 6,700,521 |
Gross Unrealized Appreciation | 155,339 |
Gross Unrealized Depreciation | (1,360,877) |
Net Unrealized Appreciation (Depreciation) | (1,205,538) |
E. | During the six months ended February 28, 2021, the fund purchased $1,331,949,000 of investment securities and sold $376,465,000 of investment securities, other than temporary cash investments. Purchases and sales include $785,759,000 and $325,787,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 885,654 | 16,998 | 1,802,367 | 36,134 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (326,308) | (6,450) | (1,108,388) | (19,350) | |
Net Increase (Decrease)—ETF Shares | 559,346 | 10,548 | 693,979 | 16,784 | |
Admiral Shares | |||||
Issued | 500,579 | 18,917 | 415,739 | 16,420 | |
Issued in Lieu of Cash Distributions | 10,062 | 412 | 16,719 | 566 | |
Redeemed | (135,650) | (5,275) | (350,766) | (12,349) | |
Net Increase (Decrease)—Admiral Shares | 374,991 | 14,054 | 81,692 | 4,637 |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
Asset Management & Custody Banks | 8.9% |
Consumer Finance | 5.6 |
Data Processing & Outsourced Services | 0.0 |
Diversified Banks | 24.3 |
Financial Exchanges & Data | 8.4 |
Insurance Brokers | 4.1 |
Investment Banking & Brokerage | 8.2 |
Life & Health Insurance | 4.0 |
Mortgage REITs | 1.5 |
Multi-line Insurance | 1.7 |
Multi-Sector Holdings | 7.7 |
Other | 0.0 |
Other Diversified Financial Services | 0.4 |
Property & Casualty Insurance | 7.6 |
Regional Banks | 15.5 |
Reinsurance | 0.9 |
Thrifts & Mortgage Finance | 1.2 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Banks (39.7%) | |||
JPMorgan Chase & Co. | 6,264,336 | 921,922 | |
Bank of America Corp. | 16,000,450 | 555,376 | |
Wells Fargo & Co. | 8,071,832 | 291,958 | |
Citigroup Inc. | 4,278,608 | 281,875 | |
Truist Financial Corp. | 2,770,522 | 157,809 | |
PNC Financial Services Group Inc. | 870,702 | 146,591 | |
U.S. Bancorp | 2,786,303 | 139,315 | |
First Republic Bank | 357,458 | 58,891 | |
* | SVB Financial Group | 106,452 | 53,797 |
Fifth Third Bancorp | 1,464,101 | 50,790 | |
Regions Financial Corp. | 1,973,807 | 40,720 | |
KeyCorp. | 2,006,734 | 40,416 | |
M&T Bank Corp. | 263,648 | 39,795 | |
Citizens Financial Group Inc. | 877,673 | 38,126 | |
Huntington Bancshares Inc. | 2,090,617 | 32,070 | |
Signature Bank | 110,084 | 24,036 | |
East West Bancorp Inc. | 290,923 | 20,993 | |
Comerica Inc. | 285,827 | 19,465 | |
First Horizon Corp. | 1,140,090 | 18,469 | |
Western Alliance Bancorp | 196,857 | 18,014 | |
Zions Bancorp NA | 337,053 | 17,921 | |
Commerce Bancshares Inc. | 216,631 | 16,037 | |
People's United Financial Inc. | 873,102 | 15,663 | |
TCF Financial Corp. | 313,548 | 14,053 | |
Prosperity Bancshares Inc. | 190,306 | 13,982 | |
Synovus Financial Corp. | 303,857 | 12,856 | |
Cullen/Frost Bankers Inc. | 122,751 | 12,815 | |
Pinnacle Financial Partners Inc. | 155,874 | 12,652 | |
First Financial Bankshares Inc. | 262,860 | 11,739 | |
Popular Inc. | 173,034 | 11,562 | |
South State Corp. | 145,708 | 11,491 | |
Glacier Bancorp Inc. | 196,088 | 10,628 | |
Bank OZK | 251,140 | 10,352 | |
Webster Financial Corp. | 185,202 | 10,244 | |
United Bankshares Inc. | 266,671 | 9,853 | |
Valley National Bancorp | 788,481 | 9,659 | |
CIT Group Inc. | 202,375 | 9,178 | |
Sterling Bancorp | 399,394 | 8,719 | |
Wintrust Financial Corp. | 118,330 | 8,716 | |
PacWest Bancorp | 240,144 | 8,703 | |
UMB Financial Corp. | 93,777 | 7,912 | |
* | Texas Capital Bancshares Inc. | 103,576 | 7,892 |
Home BancShares Inc. | 322,466 | 7,881 | |
FNB Corp. | 663,003 | 7,843 | |
Community Bank System Inc. | 110,025 | 7,833 | |
Umpqua Holdings Corp. | 452,879 | 7,731 | |
BankUnited Inc. | 189,727 | 7,625 |
Shares | Market Value• ($000) | ||
First Hawaiian Inc. | 268,763 | 7,496 | |
First Citizens BancShares Inc. Class A | 9,957 | 7,347 | |
Bank of Hawaii Corp. | 82,316 | 7,203 | |
Pacific Premier Bancorp Inc. | 174,585 | 7,036 | |
Hancock Whitney Corp. | 177,469 | 6,699 | |
Simmons First National Corp. Class A | 223,603 | 6,547 | |
Columbia Banking System Inc. | 147,124 | 6,516 | |
Investors Bancorp Inc. | 488,153 | 6,512 | |
Ameris Bancorp | 135,661 | 6,463 | |
BancorpSouth Bank | 214,793 | 6,457 | |
Associated Banc-Corp. | 315,622 | 6,360 | |
Old National Bancorp | 339,771 | 6,160 | |
Atlantic Union Bankshares Corp. | 161,774 | 5,942 | |
Cathay General Bancorp | 155,811 | 5,865 | |
Independent Bank Corp. (XNGS) | 67,742 | 5,793 | |
CVB Financial Corp. | 264,551 | 5,664 | |
BOK Financial Corp. | 65,027 | 5,596 | |
United Community Banks Inc. | 169,095 | 5,590 | |
Cadence BanCorp. Class A | 258,776 | 5,310 | |
Independent Bank Group Inc. | 75,534 | 5,264 | |
Fulton Financial Corp. | 333,398 | 5,151 | |
International Bancshares Corp. | 110,535 | 4,817 | |
First BanCorp. | 448,470 | 4,704 | |
First Merchants Corp. | 111,481 | 4,688 | |
ServisFirst Bancshares Inc. | 94,271 | 4,672 | |
First Midwest Bancorp Inc. | 234,844 | 4,645 | |
Renasant Corp. | 115,479 | 4,536 | |
First Financial Bancorp | 200,916 | 4,507 | |
Hilltop Holdings Inc. | 135,327 | 4,471 | |
WesBanco Inc. | 137,938 | 4,453 | |
Towne Bank | 149,255 | 4,304 | |
* | Seacoast Banking Corp. of Florida | 113,360 | 4,075 |
First Interstate BancSystem Inc. Class A | 84,556 | 3,841 | |
Banner Corp. | 72,465 | 3,752 | |
Trustmark Corp. | 123,815 | 3,734 | |
Park National Corp. | 30,079 | 3,730 | |
* | Triumph Bancorp Inc. | 48,519 | 3,721 |
Lakeland Financial Corp. | 52,845 | 3,644 | |
Sandy Spring Bancorp Inc. | 91,665 | 3,445 | |
Hope Bancorp Inc. | 253,268 | 3,333 | |
Westamerica BanCorp. | 55,210 | 3,319 | |
Live Oak Bancshares Inc. | 58,942 | 3,248 | |
NBT Bancorp Inc. | 89,643 | 3,248 |
Shares | Market Value• ($000) | ||
Heartland Financial USA Inc. | 68,227 | 3,189 | |
Eagle Bancorp Inc. | 63,116 | 3,086 | |
Great Western Bancorp Inc. | 113,263 | 3,039 | |
FB Financial Corp. | 67,903 | 2,880 | |
Veritex Holdings Inc. | 91,531 | 2,662 | |
First Commonwealth Financial Corp. | 197,695 | 2,651 | |
Enterprise Financial Services Corp. | 60,895 | 2,618 | |
OceanFirst Financial Corp. | 117,637 | 2,556 | |
City Holding Co. | 32,440 | 2,440 | |
National Bank Holdings Corp. Class A | 62,888 | 2,437 | |
TriCo Bancshares | 55,064 | 2,372 | |
First Bancorp | 58,828 | 2,369 | |
BancFirst Corp. | 36,940 | 2,360 | |
Boston Private Financial Holdings Inc. | 168,981 | 2,325 | |
First Busey Corp. | 101,179 | 2,316 | |
Brookline Bancorp Inc. | 162,421 | 2,311 | |
Southside Bancshares Inc. | 64,563 | 2,233 | |
S&T Bancorp Inc. | 76,722 | 2,216 | |
Stock Yards Bancorp Inc. | 44,326 | 2,184 | |
* | Bancorp Inc. | 106,523 | 2,159 |
Tompkins Financial Corp. | 27,612 | 2,135 | |
Dime Community Bancshares Inc. | 71,902 | 2,115 | |
German American Bancorp Inc. | 51,725 | 2,038 | |
OFG Bancorp | 105,528 | 2,038 | |
Heritage Financial Corp. | 73,771 | 1,910 | |
Berkshire Hills Bancorp Inc. | 93,954 | 1,894 | |
First Foundation Inc. | 77,962 | 1,781 | |
Preferred Bank | 30,602 | 1,773 | |
1st Source Corp. | 39,398 | 1,748 | |
Banc of California Inc. | 92,030 | 1,708 | |
* | Customers Bancorp Inc. | 61,697 | 1,652 |
Lakeland Bancorp Inc. | 103,703 | 1,626 | |
ConnectOne Bancorp Inc. | 69,105 | 1,605 | |
Bryn Mawr Bank Corp. | 40,999 | 1,551 | |
Washington Trust Bancorp Inc. | 31,922 | 1,518 | |
Univest Financial Corp. | 60,124 | 1,512 | |
Allegiance Bancshares Inc. | 39,914 | 1,503 | |
Origin Bancorp Inc. | 43,478 | 1,490 | |
Horizon Bancorp Inc. | 80,884 | 1,445 | |
* | Nicolet Bankshares Inc. | 18,571 | 1,375 |
Community Trust Bancorp Inc. | 32,927 | 1,345 | |
First Bancorp Inc. (XNMS) | 41,794 | 1,340 | |
Central Pacific Financial Corp. | 57,898 | 1,310 |
Shares | Market Value• ($000) | ||
* | CrossFirst Bankshares Inc. | 96,941 | 1,294 |
Harbornone Bancorp Inc. | 107,908 | 1,289 | |
QCR Holdings Inc. | 30,834 | 1,277 | |
Camden National Corp. | 30,891 | 1,252 | |
Great Southern Bancorp Inc. | 22,890 | 1,208 | |
Peoples Bancorp Inc. | 38,778 | 1,208 | |
Heritage Commerce Corp. | 123,064 | 1,170 | |
Altabancorp | 32,892 | 1,132 | |
First Mid Bancshares Inc. | 30,966 | 1,127 | |
* | TriState Capital Holdings Inc. | 49,030 | 1,125 |
CBTX Inc. | 37,876 | 1,105 | |
Flushing Financial Corp. | 52,651 | 1,092 | |
Hanmi Financial Corp. | 62,827 | 1,076 | |
Byline Bancorp Inc. | 51,539 | 1,027 | |
Midland States Bancorp Inc. | 41,558 | 1,018 | |
Peapack-Gladstone Financial Corp. | 36,971 | 1,017 | |
Arrow Financial Corp. | 31,850 | 1,015 | |
First Financial Corp. | 23,957 | 1,015 | |
Bank First Corp. | 14,298 | 999 | |
Cambridge Bancorp | 12,888 | 982 | |
Bank of Marin Bancorp | 25,363 | 938 | |
Mercantile Bank Corp. | 32,066 | 938 | |
First of Long Island Corp. | 49,407 | 918 | |
Independent Bank Corp. | 42,895 | 887 | |
Financial Institutions Inc. | 31,397 | 860 | |
Bar Harbor Bankshares | 30,576 | 856 | |
MidWestOne Financial Group Inc. | 31,153 | 855 | |
First Community Bankshares Inc. | 32,405 | 831 | |
* | Atlantic Capital Bancshares Inc. | 40,568 | 826 |
CNB Financial Corp. | 34,155 | 793 | |
West BanCorp. Inc | 33,849 | 773 | |
Farmers National Banc Corp. | 54,676 | 757 | |
* | Equity Bancshares Inc. Class A | 28,940 | 752 |
* | Amerant Bancorp Inc. | 44,829 | 738 |
HomeTrust Bancshares Inc. | 31,537 | 730 | |
Sierra Bancorp | 29,845 | 712 | |
Old Second Bancorp Inc. | 54,645 | 654 | |
RBB Bancorp | 32,440 | 610 | |
Civista Bancshares Inc. | 31,058 | 597 | |
Capital City Bank Group Inc. | 23,924 | 591 | |
Southern National Bancorp of Virginia Inc. | 40,052 | 569 | |
Century Bancorp Inc. Class A | 6,079 | 551 | |
Amalgamated Bank Class A | 29,188 | 513 | |
Macatawa Bank Corp. | 56,978 | 503 | |
3,590,821 | |||
Capital Markets (25.4%) | |||
BlackRock Inc. | 313,419 | 217,669 | |
Goldman Sachs Group Inc. | 671,735 | 214,606 | |
Morgan Stanley | 2,754,846 | 211,765 | |
Charles Schwab Corp. | 3,143,892 | 194,041 | |
S&P Global Inc. | 494,491 | 162,866 | |
CME Group Inc. | 737,746 | 147,328 | |
Intercontinental Exchange Inc. | 1,153,394 | 127,231 |
Shares | Market Value• ($000) | ||
Blackstone Group Inc. Class A | 1,385,131 | 95,893 | |
Moody's Corp. | 347,349 | 95,483 | |
MSCI Inc. Class A | 170,356 | 70,616 | |
Bank of New York Mellon Corp. | 1,638,957 | 69,098 | |
T Rowe Price Group Inc. | 365,338 | 59,236 | |
Ameriprise Financial Inc. | 242,467 | 53,643 | |
State Street Corp. | 725,013 | 52,759 | |
KKR & Co. Inc. | 1,052,711 | 47,962 | |
MarketAxess Holdings Inc. | 78,014 | 43,371 | |
Northern Trust Corp. | 406,311 | 38,652 | |
Nasdaq Inc. | 236,037 | 32,642 | |
Raymond James Financial Inc. | 253,316 | 29,572 | |
FactSet Research Systems Inc. | 78,070 | 23,726 | |
Cboe Global Markets Inc. | 222,026 | 21,972 | |
LPL Financial Holdings Inc. | 162,939 | 21,433 | |
Invesco Ltd. | 802,345 | 17,989 | |
Apollo Global Management Inc. Class A | 352,657 | 17,442 | |
Eaton Vance Corp. | 233,745 | 17,080 | |
Franklin Resources Inc. | 622,141 | 16,281 | |
SEI Investments Co. | 252,548 | 14,143 | |
Tradeweb Markets Inc. Class A | 187,464 | 13,646 | |
Affiliated Managers Group Inc. | 93,223 | 13,048 | |
Stifel Financial Corp. | 211,841 | 12,939 | |
Ares Management Corp. Class A | 221,666 | 11,522 | |
Interactive Brokers Group Inc. Class A | 158,530 | 11,476 | |
Morningstar Inc. | 48,433 | 10,861 | |
Evercore Inc. Class A | 83,471 | 9,997 | |
Carlyle Group Inc. | 290,363 | 9,945 | |
Janus Henderson Group plc | 318,681 | 9,315 | |
Houlihan Lokey Inc. Class A | 105,442 | 6,702 | |
* | Open Lending Corp. Class A | 157,984 | 6,041 |
Moelis & Co. Class A | 113,955 | 5,885 | |
Artisan Partners Asset Management Inc. Class A | 119,873 | 5,694 | |
Federated Hermes Inc. | 193,957 | 5,183 | |
Hamilton Lane Inc. Class A | 57,376 | 5,129 | |
Virtus Investment Partners Inc. | 15,675 | 3,933 | |
* | Focus Financial Partners Inc. Class A | 79,162 | 3,721 |
Piper Sandler Cos. | 34,880 | 3,708 | |
Virtu Financial Inc. Class A | 126,256 | 3,443 | |
Cohen & Steers Inc. | 48,957 | 3,152 | |
Waddell & Reed Financial Inc. Class A | 122,067 | 3,063 | |
PJT Partners Inc. Class A | 41,507 | 2,894 | |
BGC Partners Inc. Class A | 585,605 | 2,624 | |
Brightsphere Investment Group Inc. | 131,328 | 2,377 | |
* | StoneX Group Inc. | 33,823 | 1,951 |
* | Freedom Holding Corp. | 36,070 | 1,947 |
B Riley Financial Inc. | 28,728 | 1,891 | |
Cowen Inc. Class A | 49,126 | 1,663 |
Shares | Market Value• ($000) | ||
* | Blucora Inc. | 98,646 | 1,598 |
* | Donnelley Financial Solutions Inc. | 61,257 | 1,592 |
WisdomTree Investments Inc. | 245,730 | 1,302 | |
Diamond Hill Investment Group Inc. | 6,100 | 865 | |
Victory Capital Holdings Inc. Class A | 33,076 | 786 | |
Oppenheimer Holdings Inc. Class A | 19,342 | 733 | |
Sculptor Capital Management Inc. Class A | 35,121 | 725 | |
Greenhill & Co. Inc. | 30,038 | 453 | |
Associated Capital Group Inc. Class A | 6,832 | 233 | |
GAMCO Investors Inc. Class A | 11,404 | 217 | |
2,296,753 | |||
Consumer Finance (5.6%) | |||
American Express Co. | 1,406,562 | 190,252 | |
Capital One Financial Corp. | 940,015 | 112,980 | |
Discover Financial Services | 629,885 | 59,253 | |
Synchrony Financial | 1,079,828 | 41,768 | |
Ally Financial Inc. | 768,350 | 31,886 | |
SLM Corp. | 693,721 | 10,954 | |
OneMain Holdings Inc. | 165,644 | 7,770 | |
*,1 | Credit Acceptance Corp. | 19,927 | 7,234 |
PROG Holdings Inc. | 138,842 | 6,942 | |
* | LendingTree Inc. | 24,238 | 6,517 |
FirstCash Inc. | 85,162 | 5,392 | |
* | Green Dot Corp. Class A | 104,408 | 4,934 |
Navient Corp. | 382,854 | 4,740 | |
Santander Consumer USA Holdings Inc. | 157,303 | 3,933 | |
* | PRA Group Inc. | 94,005 | 3,465 |
Nelnet Inc. Class A | 39,099 | 2,839 | |
* | Enova International Inc. | 73,315 | 2,251 |
* | Encore Capital Group Inc. | 57,979 | 1,938 |
* | LendingClub Corp. | 144,622 | 1,558 |
* | World Acceptance Corp. | 9,884 | 1,251 |
* | Oportun Financial Corp. | 33,720 | 550 |
Curo Group Holdings Corp. | 37,509 | 543 | |
* | EZCorp. Inc. Class A | 106,319 | 510 |
509,460 | |||
Diversified Financial Services (8.1%) | |||
* | Berkshire Hathaway Inc. Class B | 2,817,588 | 677,658 |
Equitable Holdings Inc. | 822,479 | 24,321 | |
Voya Financial Inc. | 259,466 | 15,641 | |
Jefferies Financial Group Inc. | 446,218 | 12,958 | |
* | Cannae Holdings Inc. | 169,520 | 6,331 |
736,909 | |||
Insurance (18.3%) | |||
Chubb Ltd. | 927,602 | 150,810 | |
Marsh & McLennan Cos. Inc. | 1,042,307 | 120,095 | |
Aon plc Class A | 469,832 | 106,985 | |
Progressive Corp. | 1,203,447 | 103,436 | |
MetLife Inc. | 1,572,095 | 90,553 | |
American International Group Inc. | 1,770,490 | 77,813 | |
Travelers Cos. Inc. | 520,565 | 75,742 | |
Prudential Financial Inc. | 813,815 | 70,574 | |
Allstate Corp. | 624,931 | 66,618 |
Shares | Market Value• ($000) | ||
Aflac Inc. | 1,371,478 | 65,680 | |
Willis Towers Watson plc | 264,909 | 58,450 | |
Arthur J Gallagher & Co. | 395,224 | 47,348 | |
Hartford Financial Services Group Inc. | 736,387 | 37,327 | |
Principal Financial Group Inc. | 564,592 | 31,945 | |
* | Markel Corp. | 28,311 | 30,825 |
Cincinnati Financial Corp. | 314,112 | 30,742 | |
* | Arch Capital Group Ltd. | 834,403 | 29,888 |
Loews Corp. | 508,426 | 24,308 | |
Brown & Brown Inc. | 496,167 | 22,774 | |
Lincoln National Corp. | 397,172 | 22,587 | |
Fidelity National Financial Inc. | 573,333 | 21,947 | |
W R Berkley Corp. | 292,994 | 20,313 | |
Everest Re Group Ltd. | 82,172 | 19,870 | |
Globe Life Inc. | 204,343 | 19,086 | |
Alleghany Corp. | 29,044 | 18,775 | |
RenaissanceRe Holdings Ltd. | 104,411 | 17,435 | |
Reinsurance Group of America Inc. | 139,675 | 17,072 | |
American Financial Group Inc. | 151,704 | 16,187 | |
Assurant Inc. | 120,750 | 14,879 | |
Erie Indemnity Co. Class A | 52,212 | 12,641 | |
First American Financial Corp. | 229,439 | 12,055 | |
* | Athene Holding Ltd. Class A | 255,782 | 11,661 |
Old Republic International Corp. | 593,948 | 11,481 | |
Primerica Inc. | 80,771 | 11,407 | |
Unum Group | 418,222 | 11,075 | |
Kemper Corp. | 127,539 | 9,644 | |
Hanover Insurance Group Inc. | 76,547 | 8,830 | |
Axis Capital Holdings Ltd. | 173,089 | 8,746 | |
RLI Corp. | 83,349 | 8,697 | |
Selective Insurance Group Inc. | 122,947 | 8,339 | |
Kinsale Capital Group Inc. | 44,269 | 7,794 | |
White Mountains Insurance Group Ltd. | 6,369 | 7,611 | |
Assured Guaranty Ltd. | 166,072 | 7,344 | |
* | Brighthouse Financial Inc. | 183,926 | 7,337 |
CNO Financial Group Inc. | 285,613 | 6,872 | |
* | Trupanion Inc. | 62,148 | 6,013 |
* | Enstar Group Ltd. | 24,806 | 5,274 |
American Equity Investment Life Holding Co. | 189,108 | 5,225 | |
Goosehead Insurance Inc. Class A | 32,642 | 4,228 | |
* | Selectquote Inc. | 116,829 | 3,563 |
Mercury General Corp. | 56,731 | 3,313 | |
Horace Mann Educators Corp. | 85,160 | 3,282 | |
* | Genworth Financial Inc. Class A | 1,039,014 | 3,242 |
* | Palomar Holdings Inc. | 36,757 | 3,129 |
Argo Group International Holdings Ltd. | 67,691 | 3,128 | |
James River Group Holdings Ltd. | 63,101 | 2,897 | |
* | eHealth Inc. | 47,892 | 2,846 |
ProAssurance Corp. | 110,704 | 2,740 |
Shares | Market Value• ($000) | ||
Stewart Information Services Corp. | 55,086 | 2,600 | |
AMERISAFE Inc. | 39,738 | 2,325 | |
Safety Insurance Group Inc. | 29,054 | 2,298 | |
* | BRP Group Inc. Class A | 83,404 | 2,213 |
Employers Holdings Inc. | 59,608 | 1,984 | |
* | Third Point Reinsurance Ltd. | 176,682 | 1,804 |
* | Ambac Financial Group Inc. | 94,035 | 1,594 |
American National Group Inc. | 16,590 | 1,493 | |
United Fire Group Inc. | 44,028 | 1,297 | |
* | Watford Holdings Ltd. | 34,859 | 1,207 |
National Western Life Group Inc. Class A | 4,943 | 1,032 | |
Universal Insurance Holdings Inc. | 60,482 | 901 | |
* | MBIA Inc. | 105,077 | 767 |
HCI Group Inc. | 13,228 | 765 | |
* | Root Inc. Class A | 55,630 | 750 |
*,1 | Citizens Inc. Class A | 103,508 | 628 |
Heritage Insurance Holdings Inc. | 52,295 | 508 | |
* | Greenlight Capital Re Ltd. Class A | 54,197 | 422 |
Protective Insurance Corp. Class B | 17,592 | 403 | |
United Insurance Holdings Corp. | 43,435 | 270 | |
1,655,739 | |||
IT Services (0.0%) | |||
* | BM Technologies Inc. | 8,896 | 101 |
Mortgage Real Estate Investment Trusts (REITs) (1.5%) | |||
Annaly Capital Management Inc. | 2,875,041 | 23,892 | |
AGNC Investment Corp. | 1,120,499 | 17,962 | |
Starwood Property Trust Inc. | 584,743 | 13,350 | |
New Residential Investment Corp. | 854,268 | 8,782 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 154,896 | 8,710 | |
Blackstone Mortgage Trust Inc. Class A | 285,054 | 8,324 | |
Chimera Investment Corp. | 480,282 | 5,542 | |
Two Harbors Investment Corp. | 562,805 | 4,063 | |
Arbor Realty Trust Inc. | 240,845 | 4,015 | |
PennyMac Mortgage Investment Trust | 202,995 | 3,851 | |
MFA Financial Inc. | 930,395 | 3,740 | |
Apollo Commercial Real Estate Finance Inc. | 273,911 | 3,640 | |
New York Mortgage Trust Inc. | 776,161 | 3,237 | |
Ladder Capital Corp. Class A | 234,735 | 2,685 | |
Broadmark Realty Capital Inc. | 258,182 | 2,649 | |
Redwood Trust Inc. | 229,909 | 2,262 | |
1 | Invesco Mortgage Capital Inc. | 469,214 | 1,825 |
ARMOUR Residential REIT Inc. | 132,912 | 1,604 |
Shares | Market Value• ($000) | ||
Colony Credit Real Estate Inc. | 171,754 | 1,417 | |
Ellington Financial Inc. | 85,458 | 1,343 | |
Granite Point Mortgage Trust Inc. | 113,423 | 1,266 | |
KKR Real Estate Finance Trust Inc. | 62,876 | 1,159 | |
Capstead Mortgage Corp. | 198,027 | 1,135 | |
Ready Capital Corp. | 84,510 | 1,109 | |
Dynex Capital Inc. | 53,937 | 1,015 | |
TPG RE Finance Trust Inc. | 94,605 | 988 | |
Ares Commercial Real Estate Corp. | 65,243 | 901 | |
Orchid Island Capital Inc. | 142,150 | 814 | |
Anworth Mortgage Asset Corp. | 204,835 | 567 | |
Western Asset Mortgage Capital Corp. | 127,549 | 416 | |
132,263 | |||
Other (0.0%)2 | |||
*,3 | NewStar Financial Inc. CVR | 42,593 | 4 |
Thrifts & Mortgage Finance (1.2%) | |||
New York Community Bancorp Inc. | 953,037 | 11,637 | |
Essent Group Ltd. | 231,336 | 9,538 | |
MGIC Investment Corp. | 695,329 | 8,469 | |
Radian Group Inc. | 393,665 | 8,031 | |
PennyMac Financial Services Inc. | 119,104 | 7,052 | |
Walker & Dunlop Inc. | 60,966 | 6,076 | |
WSFS Financial Corp. | 103,577 | 5,504 | |
* | Axos Financial Inc. | 109,170 | 5,051 |
* | Mr Cooper Group Inc. | 150,029 | 4,718 |
Washington Federal Inc. | 155,785 | 4,708 | |
Flagstar Bancorp Inc. | 108,022 | 4,687 | |
* | NMI Holdings Inc. Class A | 174,296 | 3,984 |
Capitol Federal Financial Inc. | 270,941 | 3,606 | |
Northwest Bancshares Inc. | 249,467 | 3,522 | |
Provident Financial Services Inc. | 144,990 | 2,933 | |
Meta Financial Group Inc. | 63,544 | 2,814 | |
Premier Financial Corp. | 76,642 | 2,350 | |
HomeStreet Inc. | 44,778 | 1,924 | |
Kearny Financial Corp. | 165,518 | 1,879 | |
* | Columbia Financial Inc. | 104,115 | 1,701 |
Federal Agricultural Mortgage Corp. Class C | 18,906 | 1,631 | |
Meridian Bancorp Inc. | 97,149 | 1,627 | |
TrustCo Bank Corp. | 198,134 | 1,363 | |
Northfield Bancorp Inc. | 98,339 | 1,346 | |
Waterstone Financial Inc. | 46,569 | 905 | |
* | Bridgewater Bancshares Inc. | 45,993 | 665 |
Hingham Institution for Savings | 2,629 | 637 | |
Merchants Bancorp | 17,882 | 609 | |
PCSB Financial Corp. | 30,742 | 497 | |
Home Bancorp Inc. | 15,112 | 489 | |
109,953 | |||
Total Common Stocks (Cost $7,790,442) | 9,032,003 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.099% (Cost $18,326) | 183,276 | 18,328 |
Total Investments (100.0%) (Cost $7,808,768) | 9,050,331 | ||
Other Assets and Liabilities— Net (0.0%) | 1,804 | ||
Net Assets (100.0%) | 9,052,135 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,760,000. |
2 | “Other” represents securities that are not classified by the fund’s benchmark index. |
3 | Security value determined using significant unobservable inputs. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $6,983,000 was received for securities on loan. |
CVR— | Contingent Value Rights. |
REIT— | Real Estate Investment Trust. |
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 | March 2021 | 56 | 10,666 | 11 |
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) |
T Rowe Price Group Inc. | 8/31/21 | BOANA | 16,214 | (0.120) | — | — |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BOANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $7,790,442) | 9,032,003 |
Affiliated Issuers (Cost $18,326) | 18,328 |
Total Investments in Securities | 9,050,331 |
Investment in Vanguard | 301 |
Receivables for Investment Securities Sold | 31,608 |
Receivables for Accrued Income | 8,595 |
Receivables for Capital Shares Issued | 1,612 |
Variation Margin Receivable—Futures Contracts | 11 |
Total Assets | 9,092,458 |
Liabilities | |
Due to Custodian | 1,144 |
Payables for Investment Securities Purchased | 30,981 |
Collateral for Securities on Loan | 6,983 |
Payables for Capital Shares Redeemed | 799 |
Payables to Vanguard | 416 |
Total Liabilities | 40,323 |
Net Assets | 9,052,135 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 7,785,608 |
Total Distributable Earnings (Loss) | 1,266,527 |
Net Assets | 9,052,135 |
ETF Shares—Net Assets | |
Applicable to 105,261,957 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 8,438,093 |
Net Asset Value Per Share—ETF Shares | $80.16 |
Admiral Shares—Net Assets | |
Applicable to 15,284,169 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 614,042 |
Net Asset Value Per Share—Admiral Shares | $40.18 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 89,488 |
Interest1 | 5 |
Securities Lending—Net | 57 |
Total Income | 89,550 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 547 |
Management and Administrative— ETF Shares | 2,647 |
Management and Administrative— Admiral Shares | 190 |
Marketing and Distribution— ETF Shares | 158 |
Marketing and Distribution— Admiral Shares | 13 |
Custodian Fees | 34 |
Shareholders’ Reports—ETF Shares | 50 |
Shareholders’ Reports—Admiral Shares | 3 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 3,643 |
Net Investment Income | 85,907 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 127,407 |
Futures Contracts | 39 |
Swap Contracts | 2,580 |
Realized Net Gain (Loss) | 130,026 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,889,525 |
Futures Contracts | 11 |
Swap Contracts | (110) |
Change in Unrealized Appreciation (Depreciation) | 1,889,426 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,105,359 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $133,269,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 85,907 | 180,912 | |
Realized Net Gain (Loss) | 130,026 | 371,643 | |
Change in Unrealized Appreciation (Depreciation) | 1,889,426 | (1,036,102) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,105,359 | (483,547) | |
Distributions | |||
ETF Shares | (83,755) | (175,958) | |
Admiral Shares | (5,954) | (11,934) | |
Total Distributions | (89,709) | (187,892) | |
Capital Share Transactions | |||
ETF Shares | 419,496 | (454,049) | |
Admiral Shares | 44,609 | (14,373) | |
Net Increase (Decrease) from Capital Share Transactions | 464,105 | (468,422) | |
Total Increase (Decrease) | 2,479,755 | (1,139,861) | |
Net Assets | |||
Beginning of Period | 6,572,380 | 7,712,241 | |
End of Period | 9,052,135 | 6,572,380 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $61.18 | $67.31 | $71.60 | $62.26 | $50.81 | $47.70 |
Investment Operations | ||||||
Net Investment Income | .7991 | 1.6521 | 1.5391 | 1.2981 | 1.0351 | 1.108 |
Net Realized and Unrealized Gain (Loss) on Investments | 19.015 | (6.081) | (4.338) | 9.307 | 11.387 | 3.070 |
Total from Investment Operations | 19.814 | (4.429) | (2.799) | 10.605 | 12.422 | 4.178 |
Distributions | ||||||
Dividends from Net Investment Income | (.834) | (1.701) | (1.491) | (1.265) | (.972) | (1.068) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.834) | (1.701) | (1.491) | (1.265) | (.972) | (1.068) |
Net Asset Value, End of Period | $80.16 | $61.18 | $67.31 | $71.60 | $62.26 | $50.81 |
Total Return | 32.69% | -6.73% | -3.85% | 17.15% | 24.65% | 8.93% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,438 | $6,140 | $7,222 | $8,512 | $6,127 | $3,735 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.36% | 2.53% | 2.30% | 1.87% | 1.75% | 2.39% |
Portfolio Turnover Rate2 | 1% | 5% | 5% | 3% | 5% | 21% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $30.66 | $33.73 | $35.88 | $31.20 | $25.47 | $23.91 |
Investment Operations | ||||||
Net Investment Income | .4021 | .8281 | .7711 | .6511 | .5141 | .556 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.536 | (3.046) | (2.174) | 4.663 | 5.704 | 1.539 |
Total from Investment Operations | 9.938 | (2.218) | (1.403) | 5.314 | 6.218 | 2.095 |
Distributions | ||||||
Dividends from Net Investment Income | (.418) | (.852) | (.747) | (.634) | (.488) | (.535) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.418) | (.852) | (.747) | (.634) | (.488) | (.535) |
Net Asset Value, End of Period | $40.18 | $30.66 | $33.73 | $35.88 | $31.20 | $25.47 |
Total Return2 | 32.73% | -6.70% | -3.87% | 17.16% | 24.62% | 8.96% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $614 | $432 | $490 | $690 | $518 | $244 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.37% | 2.53% | 2.30% | 1.87% | 1.75% | 2.39% |
Portfolio Turnover Rate3 | 1% | 5% | 5% | 3% | 5% | 21% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 9,031,898 | 101 | 4 | 9,032,003 |
Temporary Cash Investments | 18,328 | — | — | 18,328 |
Total | 9,050,226 | 101 | 4 | 9,050,331 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 11 | — | — | 11 |
Liabilities | ||||
Swap Contracts | — | — | — | — |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 7,813,277 |
Gross Unrealized Appreciation | 1,585,857 |
Gross Unrealized Depreciation | (348,792) |
Net Unrealized Appreciation (Depreciation) | 1,237,065 |
E. | During the six months ended February 28, 2021, the fund purchased $1,242,672,000 of investment securities and sold $774,554,000 of investment securities, other than temporary cash investments. Purchases and sales include $991,217,000 and $712,127,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,138,607 | 16,275 | 1,881,744 | 30,583 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (719,111) | (11,375) | (2,335,793) | (37,525) | |
Net Increase (Decrease)—ETF Shares | 419,496 | 4,900 | (454,049) | (6,942) | |
Admiral Shares | |||||
Issued | 150,958 | 4,278 | 245,111 | 8,139 | |
Issued in Lieu of Cash Distributions | 4,850 | 148 | 10,126 | 310 | |
Redeemed | (111,199) | (3,232) | (269,610) | (8,886) | |
Net Increase (Decrease)—Admiral Shares | 44,609 | 1,194 | (14,373) | (437) |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
Biotechnology | 19.5% |
Health Care Distributors | 1.4 |
Health Care Equipment | 23.8 |
Health Care Facilities | 1.7 |
Health Care Services | 5.1 |
Health Care Supplies | 2.6 |
Health Care Technology | 2.3 |
Life Sciences Tools & Services | 9.6 |
Managed Health Care | 9.3 |
Pharmaceuticals | 24.7 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Biotechnology (19.5%) | |||
AbbVie Inc. | 5,314,592 | 572,594 | |
Amgen Inc. | 1,752,506 | 394,174 | |
Gilead Sciences Inc. | 3,573,496 | 219,413 | |
* | Vertex Pharmaceuticals Inc. | 782,806 | 166,385 |
* | Regeneron Pharmaceuticals Inc. | 315,657 | 142,226 |
* | Moderna Inc. | 833,845 | 129,088 |
* | Biogen Inc. | 463,236 | 126,408 |
* | Alexion Pharmaceuticals Inc. | 658,799 | 100,632 |
* | Exact Sciences Corp. | 478,713 | 65,162 |
* | Seagen Inc. | 379,940 | 57,413 |
* | Alnylam Pharmaceuticals Inc. | 349,709 | 51,792 |
* | Novavax Inc. | 191,633 | 44,311 |
* | Incyte Corp. | 560,338 | 44,076 |
* | BioMarin Pharmaceutical Inc. | 546,463 | 42,313 |
* | Neurocrine Biosciences Inc. | 267,185 | 29,259 |
* | Ultragenyx Pharmaceutical Inc. | 189,169 | 26,775 |
* | Natera Inc. | 218,424 | 25,357 |
* | Arrowhead Pharmaceuticals Inc. | 294,061 | 23,425 |
* | CRISPR Therapeutics AG | 177,986 | 22,371 |
* | United Therapeutics Corp. | 133,761 | 22,362 |
* | Invitae Corp. | 531,858 | 21,343 |
* | Mirati Therapeutics Inc. | 105,932 | 21,284 |
* | Acceleron Pharma Inc. | 154,160 | 20,990 |
* | Ionis Pharmaceuticals Inc. | 399,861 | 20,953 |
* | Exelixis Inc. | 933,364 | 20,217 |
* | Sarepta Therapeutics Inc. | 225,808 | 19,659 |
* | Fate Therapeutics Inc. | 209,867 | 18,829 |
* | ACADIA Pharmaceuticals Inc. | 358,881 | 17,574 |
* | Halozyme Therapeutics Inc. | 386,576 | 17,493 |
* | Denali Therapeutics Inc. | 234,616 | 16,845 |
* | Blueprint Medicines Corp. | 159,356 | 15,652 |
* | Turning Point Therapeutics Inc. | 123,230 | 14,530 |
* | Arena Pharmaceuticals Inc. | 175,098 | 14,069 |
* | TG Therapeutics Inc. | 316,615 | 13,858 |
* | Sage Therapeutics Inc. | 156,471 | 13,300 |
* | Twist Bioscience Corp. | 95,146 | 13,096 |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 153,403 | 13,036 |
* | Emergent BioSolutions Inc. | 135,364 | 12,995 |
* | Kodiak Sciences Inc. | 97,683 | 12,602 |
Shares | Market Value• ($000) | ||
* | Iovance Biotherapeutics Inc. | 330,997 | 12,346 |
* | FibroGen Inc. | 246,528 | 12,334 |
* | Veracyte Inc. | 196,664 | 11,418 |
* | CareDx Inc. | 140,990 | 11,150 |
* | Bridgebio Pharma Inc. | 156,931 | 11,092 |
* | Insmed Inc. | 307,261 | 10,991 |
* | PTC Therapeutics Inc. | 185,018 | 10,565 |
* | ChemoCentryx Inc. | 145,920 | 9,899 |
* | Allakos Inc. | 79,002 | 9,573 |
* | Alkermes plc | 480,006 | 9,139 |
* | Agios Pharmaceuticals Inc. | 187,341 | 8,887 |
* | Amicus Therapeutics Inc. | 707,360 | 8,686 |
* | Intellia Therapeutics Inc. | 142,611 | 8,622 |
* | Apellis Pharmaceuticals Inc. | 171,139 | 8,244 |
* | Editas Medicine Inc. Class A | 187,847 | 8,239 |
* | Xencor Inc. | 155,151 | 7,644 |
* | Ligand Pharmaceuticals Inc. | 48,238 | 7,150 |
* | Global Blood Therapeutics Inc. | 167,375 | 7,130 |
*,1 | Inovio Pharmaceuticals Inc. | 621,998 | 6,904 |
* | Myriad Genetics Inc. | 225,685 | 6,881 |
* | Allogene Therapeutics Inc. | 189,960 | 6,594 |
*,1 | Sorrento Therapeutics Inc. | 672,766 | 6,506 |
* | Bluebird Bio Inc. | 200,092 | 6,223 |
*,1 | OPKO Health Inc. | 1,315,471 | 5,920 |
* | BioCryst Pharmaceuticals Inc. | 531,826 | 5,733 |
* | Vericel Corp. | 115,783 | 5,590 |
* | Dicerna Pharmaceuticals Inc. | 191,918 | 5,178 |
* | Rocket Pharmaceuticals Inc. | 91,706 | 5,097 |
* | SpringWorks Therapeutics Inc. | 58,709 | 5,052 |
* | ImmunoGen Inc. | 564,312 | 4,938 |
* | Deciphera Pharmaceuticals Inc. | 111,831 | 4,896 |
* | Travere Thrapeutics Inc. | 156,511 | 4,824 |
* | Heron Therapeutics Inc. | 259,661 | 4,695 |
* | Kura Oncology Inc. | 166,698 | 4,668 |
*,1 | Beam Therapeutics Inc. | 52,336 | 4,665 |
* | REGENXBIO Inc. | 112,316 | 4,595 |
* | Karuna Therapeutics Inc. | 36,216 | 4,526 |
* | Arcus Biosciences Inc. | 126,838 | 4,472 |
* | Ironwood Pharmaceuticals Inc. Class A | 456,546 | 4,214 |
* | Sangamo Therapeutics Inc. | 361,571 | 4,154 |
* | MacroGenics Inc. | 160,604 | 4,017 |
* | Scholar Rock Holding Corp. | 70,855 | 3,833 |
Shares | Market Value• ($000) | ||
* | Frequency Therapeutics Inc. | 76,498 | 3,764 |
* | Zymeworks Inc. | 103,637 | 3,763 |
* | Atara Biotherapeutics Inc. | 222,104 | 3,727 |
* | Madrigal Pharmaceuticals Inc. | 30,419 | 3,686 |
* | UniQure N.V. | 100,180 | 3,677 |
* | Seres Therapeutics Inc. | 192,178 | 3,659 |
* | Cytokinetics Inc. | 192,807 | 3,611 |
* | ZIOPHARM Oncology Inc. | 649,810 | 3,464 |
* | Generation Bio Co. | 92,219 | 3,220 |
*,1 | NantKwest Inc. | 97,413 | 3,167 |
* | Translate Bio Inc. | 134,544 | 3,140 |
*,1 | Arcturus Therapeutics Holdings Inc. | 58,807 | 3,097 |
* | Vanda Pharmaceuticals Inc. | 163,599 | 3,051 |
* | Krystal Biotech Inc. | 38,389 | 3,029 |
* | Mersana Therapeutics Inc. | 165,970 | 3,017 |
* | Five Prime Therapeutics Inc. | 132,390 | 2,943 |
* | Coherus Biosciences Inc. | 173,534 | 2,818 |
* | REVOLUTION Medicines Inc. | 60,066 | 2,744 |
* | Rhythm Pharmaceuticals Inc. | 103,634 | 2,686 |
* | ORIC Pharmaceuticals Inc. | 82,025 | 2,658 |
* | Dynavax Technologies Corp. | 298,345 | 2,611 |
* | Radius Health Inc. | 139,234 | 2,591 |
* | Protagonist Therapeutics Inc. | 109,684 | 2,585 |
* | Arcutis Biotherapeutics Inc. | 73,946 | 2,527 |
* | Enanta Pharmaceuticals Inc. | 51,225 | 2,526 |
*,1 | Myovant Sciences Ltd. | 110,005 | 2,471 |
* | Replimune Group Inc. | 69,150 | 2,395 |
* | Alector Inc. | 130,849 | 2,379 |
* | Syndax Pharmaceuticals Inc. | 96,937 | 2,366 |
* | Bioxcel Therapeutics Inc. | 43,984 | 2,358 |
* | Zentalis Pharmaceuticals Inc. | 54,558 | 2,294 |
* | Adverum Biotechnologies Inc. | 175,836 | 2,256 |
*,1 | Esperion Therapeutics Inc. | 79,893 | 2,188 |
* | Y-mAbs Therapeutics Inc. | 61,306 | 2,156 |
* | AnaptysBio Inc. | 74,481 | 2,138 |
* | Karyopharm Therapeutics Inc. | 153,833 | 2,126 |
* | Rigel Pharmaceuticals Inc. | 504,874 | 2,095 |
* | Epizyme Inc. | 216,403 | 2,075 |
Shares | Market Value• ($000) | ||
* | Athenex Inc. | 169,841 | 2,055 |
* | Constellation Pharmaceuticals Inc. | 78,894 | 1,988 |
* | IGM Biosciences Inc. | 21,891 | 1,914 |
* | G1 Therapeutics Inc. | 85,571 | 1,891 |
* | Precigen Inc. | 223,199 | 1,884 |
* | TCR2 Therapeutics Inc. | 69,235 | 1,832 |
* | Sutro Biopharma Inc. | 81,759 | 1,815 |
* | Forma Therapeutics Holdings Inc. | 46,273 | 1,787 |
* | Keros Therapeutics Inc. | 27,294 | 1,787 |
* | Kadmon Holdings Inc. | 386,188 | 1,773 |
* | KalVista Pharmaceuticals Inc. | 52,689 | 1,732 |
* | Prothena Corp. plc | 77,243 | 1,724 |
*,1 | VBI Vaccines Inc. | 509,818 | 1,718 |
* | Agenus Inc. | 429,306 | 1,717 |
* | Intercept Pharmaceuticals Inc. | 79,158 | 1,715 |
* | Geron Corp. (XNGS) | 937,145 | 1,678 |
* | Immunovant Inc. | 103,186 | 1,628 |
* | Stoke Therapeutics Inc. | 27,020 | 1,618 |
* | Xenon Pharmaceuticals Inc. | 85,353 | 1,594 |
* | Anika Therapeutics Inc. | 42,656 | 1,565 |
*,1 | Cortexyme Inc. | 45,017 | 1,534 |
* | Applied Molecular Transport Inc. | 31,242 | 1,527 |
* | Merus NV | 67,070 | 1,509 |
*,1 | Clovis Oncology Inc. | 249,684 | 1,496 |
* | Spectrum Pharmaceuticals Inc. | 436,026 | 1,496 |
* | Flexion Therapeutics Inc. | 134,769 | 1,485 |
* | Eagle Pharmaceuticals Inc. | 33,233 | 1,479 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 71,656 | 1,474 |
* | Akebia Therapeutics Inc. | 410,602 | 1,421 |
* | Akero Therapeutics Inc. | 46,614 | 1,417 |
* | Avita Medical Inc. | 64,986 | 1,413 |
* | Atreca Inc. Class A | 80,640 | 1,399 |
* | Gossamer Bio Inc. | 148,389 | 1,395 |
* | Morphic Holding Inc. | 37,389 | 1,352 |
* | Viking Therapeutics Inc. | 199,132 | 1,342 |
* | Precision BioSciences Inc. | 110,954 | 1,327 |
* | Passage Bio Inc. | 71,032 | 1,280 |
* | CytomX Therapeutics Inc. | 154,456 | 1,213 |
* | Catalyst Pharmaceuticals Inc. | 301,537 | 1,173 |
* | Athersys Inc. | 573,575 | 1,170 |
* | Avrobio Inc. | 106,276 | 1,169 |
* | Ardelyx Inc. | 177,280 | 1,143 |
* | Molecular Templates Inc. | 100,805 | 1,099 |
* | Verastem Inc. | 465,731 | 1,094 |
*,1 | Vaxcyte Inc. | 46,356 | 1,092 |
*,1 | Rubius Therapeutics Inc. | 98,196 | 1,019 |
* | Puma Biotechnology Inc. | 102,120 | 1,017 |
* | Lexicon Pharmaceuticals Inc. | 141,316 | 1,016 |
* | Cue Biopharma Inc. | 74,491 | 1,014 |
* | Applied Therapeutics Inc. | 46,186 | 1,003 |
*,1 | Cardiff Oncology Inc. | 95,686 | 989 |
* | MeiraGTx Holdings plc | 66,366 | 985 |
* | Avidity Biosciences Inc. | 40,332 | 973 |
* | Black Diamond Therapeutics Inc. | 33,111 | 927 |
Shares | Market Value• ($000) | ||
* | Gritstone Oncology Inc. | 68,140 | 925 |
* | Repare Therapeutics Inc. | 28,020 | 922 |
* | Rapt Therapeutics Inc. | 48,877 | 887 |
* | Magenta Therapeutics Inc. | 81,846 | 860 |
* | Akouos Inc. | 41,286 | 841 |
* | Syros Pharmaceuticals Inc. | 97,627 | 820 |
* | Crinetics Pharmaceuticals Inc. | 50,373 | 770 |
*,2 | PDL BioPharma Inc. | 311,327 | 769 |
* | Homology Medicines Inc. | 65,859 | 707 |
* | Mirum Pharmaceuticals Inc. | 36,276 | 666 |
* | 89bio Inc. | 26,892 | 660 |
* | Solid Biosciences Inc. | 81,829 | 652 |
* | MediciNova Inc. | 112,068 | 625 |
* | Concert Pharmaceuticals Inc. | 81,475 | 545 |
* | Harpoon Therapeutics Inc. | 25,672 | 495 |
* | Assembly Biosciences Inc. | 92,347 | 469 |
* | Fusion Pharmaceuticals Inc. | 36,563 | 427 |
* | NextCure Inc. | 35,809 | 407 |
* | Voyager Therapeutics Inc. | 71,069 | 403 |
* | Calyxt Inc. | 39,086 | 373 |
* | Minerva Neurosciences Inc. | 110,910 | 344 |
* | GlycoMimetics Inc. | 90,531 | 301 |
* | Oyster Point Pharma Inc. | 15,000 | 297 |
* | PhaseBio Pharmaceuticals Inc. | 47,440 | 184 |
* | Aprea Therapeutics Inc. | 27,843 | 168 |
*,2 | Alder Biopharmaceuticals Inc. | 157,578 | 139 |
* | Geron Corp. Warrant Exp. 12/31/25 | 152,449 | 37 |
*,2 | Progenics Pharmaceuticals Inc. | 215,826 | — |
*,2 | Stemline Therapeutics Inc. | 102 | — |
* | Advaxis Inc. Warrants Exp. 9/11/24 | 7,710 | — |
*,2 | Prevail Therapeutics Inc. | 78 | — |
3,120,753 | |||
Health Care Equipment & Supplies (26.3%) | |||
Abbott Laboratories | 5,335,379 | 639,072 | |
Medtronic plc | 4,050,509 | 473,788 | |
Danaher Corp. | 1,924,626 | 422,783 | |
* | Intuitive Surgical Inc. | 353,864 | 260,727 |
Stryker Corp. | 1,018,114 | 247,086 | |
Becton Dickinson and Co. | 873,088 | 210,545 | |
* | Boston Scientific Corp. | 4,310,513 | 167,162 |
* | Edwards Lifesciences Corp. | 1,876,196 | 155,912 |
* | IDEXX Laboratories Inc. | 256,788 | 133,573 |
* | Align Technology Inc. | 225,500 | 127,883 |
Baxter International Inc. | 1,537,695 | 119,464 | |
* | DexCom Inc. | 289,075 | 114,988 |
Zimmer Biomet Holdings Inc. | 623,947 | 101,741 | |
ResMed Inc. | 436,250 | 84,100 | |
West Pharmaceutical Services Inc. | 222,541 | 62,456 |
Shares | Market Value• ($000) | ||
Cooper Cos. Inc. | 160,570 | 62,001 | |
Teleflex Inc. | 140,178 | 55,808 | |
* | Hologic Inc. | 773,698 | 55,776 |
* | Insulet Corp. | 198,368 | 51,397 |
* | Varian Medical Systems Inc. | 275,013 | 48,202 |
STERIS plc | 256,853 | 44,898 | |
* | ABIOMED Inc. | 136,038 | 44,151 |
* | Masimo Corp. | 157,455 | 39,479 |
* | Novocure Ltd. | 260,474 | 38,837 |
DENTSPLY SIRONA Inc. | 657,893 | 34,914 | |
* | Penumbra Inc. | 103,916 | 29,557 |
Hill-Rom Holdings Inc. | 201,096 | 21,451 | |
* | Haemonetics Corp. | 152,851 | 19,336 |
* | Quidel Corp. | 113,951 | 18,718 |
* | Envista Holdings Corp. | 480,580 | 18,522 |
* | Tandem Diabetes Care Inc. | 177,875 | 17,074 |
* | Nevro Corp. | 98,452 | 16,262 |
* | Integra LifeSciences Holdings Corp. | 215,609 | 14,735 |
* | Globus Medical Inc. Class A | 229,449 | 14,341 |
* | iRhythm Technologies Inc. | 86,909 | 13,984 |
* | Neogen Corp. | 159,929 | 13,101 |
* | ICU Medical Inc. | 60,057 | 12,462 |
* | Glaukos Corp. | 121,801 | 11,517 |
* | Livanova plc | 146,276 | 11,342 |
* | STAAR Surgical Co. | 104,029 | 10,820 |
CONMED Corp. | 86,091 | 10,594 | |
* | Shockwave Medical Inc. | 82,618 | 9,646 |
* | NuVasive Inc. | 154,159 | 9,300 |
* | AtriCure Inc. | 135,691 | 8,857 |
* | Integer Holdings Corp. | 98,720 | 8,706 |
Cantel Medical Corp. | 114,528 | 8,507 | |
* | Merit Medical Systems Inc. | 150,639 | 8,394 |
* | CryoPort Inc. | 119,383 | 7,096 |
* | Avanos Medical Inc. | 144,420 | 6,640 |
* | Inari Medical Inc. | 58,642 | 6,134 |
* | Heska Corp. | 26,977 | 5,082 |
* | Cardiovascular Systems Inc. | 120,978 | 4,996 |
* | Silk Road Medical Inc. | 82,232 | 4,504 |
Mesa Laboratories Inc. | 14,722 | 4,003 | |
* | GenMark Diagnostics Inc. | 194,680 | 3,806 |
* | Establishment Labs Holdings Inc. | 52,793 | 3,644 |
* | Lantheus Holdings Inc. | 191,178 | 3,571 |
* | Axonics Modulation Technologies Inc. | 65,876 | 3,314 |
* | BioLife Solutions Inc. | 78,743 | 3,089 |
* | Cerus Corp. | 499,919 | 3,069 |
* | Tactile Systems Technology Inc. | 58,882 | 2,992 |
* | Inogen Inc. | 56,257 | 2,953 |
* | CryoLife Inc. | 116,880 | 2,951 |
Atrion Corp. | 4,392 | 2,745 | |
* | Meridian Bioscience Inc. | 129,879 | 2,738 |
* | Varex Imaging Corp. | 117,007 | 2,683 |
LeMaitre Vascular Inc. | 51,930 | 2,669 | |
* | Natus Medical Inc. | 102,685 | 2,661 |
* | TransMedics Group Inc. | 73,241 | 2,629 |
* | SI-BONE Inc. | 82,809 | 2,599 |
* | Orthofix Medical Inc. | 54,844 | 2,551 |
* | AngioDynamics Inc. | 114,372 | 2,396 |
* | Axogen Inc. | 107,940 | 2,385 |
Shares | Market Value• ($000) | ||
* | OraSure Technologies Inc. | 217,797 | 2,309 |
*,1 | SmileDirectClub Inc. | 188,039 | 2,181 |
* | Surmodics Inc. | 41,057 | 2,141 |
* | OrthoPediatrics Corp. | 38,208 | 2,081 |
* | Intersect ENT Inc. | 88,537 | 2,020 |
* | Antares Pharma Inc. | 471,275 | 2,003 |
* | Oxford Immunotec Global plc | 69,815 | 1,532 |
* | Accuray Inc. | 276,276 | 1,376 |
* | ViewRay Inc. | 289,974 | 1,264 |
* | Quotient Ltd. | 247,165 | 1,110 |
*,1 | Co-Diagnostics Inc. | 77,056 | 1,060 |
* | Vapotherm Inc. | 42,193 | 1,025 |
Invacare Corp. | 105,233 | 958 | |
*,1 | Accelerate Diagnostics Inc. | 95,516 | 956 |
*,1 | Zynex Inc. | 57,519 | 835 |
* | Repro-Med Systems Inc. | 87,350 | 339 |
4,221,059 | |||
Health Care Providers & Services (17.5%) | |||
UnitedHealth Group Inc. | 2,856,266 | 948,909 | |
CVS Health Corp. | 3,940,201 | 268,446 | |
Cigna Corp. | 1,087,534 | 228,273 | |
Anthem Inc. | 748,686 | 226,994 | |
Humana Inc. | 398,404 | 151,254 | |
HCA Healthcare Inc. | 814,895 | 140,186 | |
* | Centene Corp. | 1,745,351 | 102,173 |
McKesson Corp. | 483,334 | 81,935 | |
* | Laboratory Corp. of America Holdings | 293,211 | 70,344 |
Quest Diagnostics Inc. | 405,700 | 46,895 | |
AmerisourceBergen Corp. Class A | 461,088 | 46,671 | |
Cardinal Health Inc. | 883,266 | 45,506 | |
* | Molina Healthcare Inc. | 178,517 | 38,695 |
* | Guardant Health Inc. | 225,580 | 33,201 |
Universal Health Services Inc. Class B | 233,979 | 29,325 | |
* | Henry Schein Inc. | 429,771 | 26,581 |
* | Amedisys Inc. | 98,763 | 25,050 |
* | DaVita Inc. | 236,010 | 24,104 |
Encompass Health Corp. | 299,310 | 24,076 | |
Chemed Corp. | 48,021 | 21,379 | |
* | HealthEquity Inc. | 231,363 | 19,053 |
* | LHC Group Inc. | 90,332 | 16,414 |
* | Tenet Healthcare Corp. | 269,542 | 13,752 |
* | Acadia Healthcare Co. Inc. | 240,929 | 13,309 |
* | Covetrus Inc. | 345,462 | 12,837 |
Ensign Group Inc. | 155,235 | 12,732 | |
Premier Inc. Class A | 366,875 | 12,408 | |
* | AMN Healthcare Services Inc. | 141,765 | 10,330 |
* | Select Medical Holdings Corp. | 324,397 | 10,267 |
* | R1 RCM Inc. | 299,266 | 8,272 |
Patterson Cos. Inc. | 260,326 | 8,086 | |
* | 1Life Healthcare Inc. | 160,127 | 7,608 |
Owens & Minor Inc. | 220,716 | 7,507 | |
* | Magellan Health Inc. | 69,551 | 6,490 |
* | MEDNAX Inc. | 257,387 | 6,288 |
* | ModivCare Inc. | 40,727 | 5,224 |
* | Addus HomeCare Corp. | 45,284 | 4,871 |
U.S. Physical Therapy Inc. | 38,576 | 4,523 | |
* | Pennant Group Inc. | 80,565 | 4,252 |
* | Castle Biosciences Inc. | 54,792 | 4,169 |
Shares | Market Value• ($000) | ||
*,1 | Fulgent Genetics Inc. | 40,190 | 4,070 |
* | Surgery Partners Inc. | 96,134 | 3,794 |
* | Brookdale Senior Living Inc. | 526,088 | 3,062 |
* | CorVel Corp. | 29,800 | 3,025 |
National HealthCare Corp. | 36,945 | 2,570 | |
* | Hanger Inc. | 114,848 | 2,524 |
* | Tivity Health Inc. | 102,443 | 2,438 |
* | RadNet Inc. | 131,298 | 2,421 |
* | Community Health Systems Inc. | 267,705 | 2,292 |
* | PetIQ Inc. Class A | 65,341 | 2,252 |
* | Apollo Medical Holdings Inc. | 90,325 | 2,236 |
* | Progyny Inc. | 52,210 | 2,197 |
* | Option Care Health Inc. | 112,616 | 2,161 |
National Research Corp. | 41,518 | 2,145 | |
* | Triple-S Management Corp. Class B | 70,877 | 1,793 |
*,1 | Ontrak Inc. | 21,217 | 1,251 |
* | Cross Country Healthcare Inc. | 107,631 | 1,196 |
2,809,816 | |||
Health Care Technology (2.3%) | |||
* | Veeva Systems Inc. Class A | 408,594 | 114,451 |
* | Teladoc Health Inc. | 349,108 | 77,184 |
Cerner Corp. | 923,187 | 63,829 | |
* | Inspire Medical Systems Inc. | 72,923 | 16,976 |
* | Omnicell Inc. | 127,313 | 16,156 |
* | Change Healthcare Inc. | 687,431 | 15,722 |
* | Schrodinger Inc. | 118,680 | 12,162 |
* | HMS Holdings Corp. | 266,274 | 9,795 |
* | Allscripts Healthcare Solutions Inc. | 475,429 | 7,336 |
* | Phreesia Inc. | 90,339 | 5,533 |
* | Inovalon Holdings Inc. Class A | 220,338 | 5,411 |
* | Evolent Health Inc. Class A | 233,214 | 4,699 |
* | American Well Corp. Class A | 183,448 | 4,489 |
* | Vocera Communications Inc. | 97,289 | 4,168 |
Simulations Plus Inc. | 47,844 | 3,431 | |
* | NextGen Healthcare Inc. | 160,317 | 2,998 |
*,1 | Tabula Rasa HealthCare Inc. | 68,113 | 2,762 |
* | Health Catalyst Inc. | 51,155 | 2,481 |
* | HealthStream Inc. | 80,847 | 1,884 |
Computer Programs and Systems Inc. | 40,028 | 1,259 | |
* | Castlight Health Inc. Class B | 326,230 | 555 |
373,281 | |||
Life Sciences Tools & Services (9.6%) | |||
Thermo Fisher Scientific Inc. | 1,193,105 | 536,993 | |
* | Illumina Inc. | 439,510 | 193,125 |
Agilent Technologies Inc. | 928,137 | 113,298 | |
* | IQVIA Holdings Inc. | 577,177 | 111,274 |
* | Mettler-Toledo International Inc. | 71,619 | 79,930 |
* | Waters Corp. | 186,788 | 51,157 |
* | Avantor Inc. | 1,567,014 | 43,673 |
* | Charles River Laboratories International Inc. | 149,752 | 42,850 |
Shares | Market Value• ($000) | ||
PerkinElmer Inc. | 337,108 | 42,506 | |
Bio-Techne Corp. | 116,173 | 42,019 | |
* | Bio-Rad Laboratories Inc. Class A | 67,030 | 39,179 |
* | 10X Genomics Inc. Class A | 193,031 | 34,358 |
* | Repligen Corp. | 150,484 | 31,961 |
* | PRA Health Sciences Inc. | 193,145 | 28,471 |
Bruker Corp. | 322,644 | 19,675 | |
* | Pacific Biosciences of California Inc. | 535,420 | 16,368 |
* | NeoGenomics Inc. | 317,509 | 16,183 |
* | Adaptive Biotechnologies Corp. | 267,972 | 15,159 |
* | Syneos Health Inc. | 187,858 | 14,531 |
* | Medpace Holdings Inc. | 86,151 | 13,993 |
* | PPD Inc. | 368,658 | 12,925 |
* | NanoString Technologies Inc. | 132,650 | 9,258 |
* | Quanterix Corp. | 84,551 | 6,405 |
* | Sotera Health Co. | 167,972 | 4,392 |
Luminex Corp. | 132,398 | 4,306 | |
* | Codexis Inc. | 169,183 | 3,741 |
* | Personalis Inc. | 83,907 | 2,587 |
1,530,317 | |||
Pharmaceuticals (24.7%) | |||
Johnson & Johnson | 7,924,775 | 1,255,760 | |
Pfizer Inc. | 16,732,507 | 560,372 | |
Merck & Co. Inc. | 7,616,228 | 553,090 | |
Eli Lilly and Co. | 2,591,649 | 531,003 | |
Bristol-Myers Squibb Co. | 6,802,478 | 417,196 | |
Zoetis Inc. | 1,430,718 | 222,105 | |
* | Horizon Therapeutics plc | 664,405 | 60,401 |
* | Catalent Inc. | 495,792 | 56,377 |
* | Viatris Inc. | 3,706,963 | 55,048 |
* | Elanco Animal Health Inc. (XNYS) | 1,278,564 | 42,014 |
* | Jazz Pharmaceuticals plc | 167,738 | 28,187 |
Royalty Pharma plc Class A | 525,697 | 24,482 | |
Perrigo Co. plc | 410,798 | 16,580 | |
* | Nektar Therapeutics Class A | 539,614 | 12,244 |
*,1 | Tilray Inc. Class 2 | 381,044 | 9,282 |
* | Pacira BioSciences Inc. | 124,192 | 9,128 |
* | Reata Pharmaceuticals Inc. Class A | 73,771 | 9,019 |
* | Corcept Therapeutics Inc. | 332,577 | 8,364 |
* | Intra-Cellular Therapies Inc. | 217,100 | 7,692 |
* | Arvinas Inc. | 93,342 | 7,309 |
* | Prestige Consumer Healthcare Inc. | 150,729 | 6,287 |
* | Axsome Therapeutics Inc. | 84,385 | 5,684 |
* | Endo International plc | 694,035 | 5,504 |
* | Revance Therapeutics Inc. | 179,609 | 4,717 |
* | Supernus Pharmaceuticals Inc. | 158,654 | 4,263 |
* | Zogenix Inc. | 159,548 | 3,384 |
*,1 | Omeros Corp. | 166,086 | 3,312 |
* | Cara Therapeutics Inc. | 141,892 | 2,604 |
* | Innoviva Inc. | 198,078 | 2,264 |
Shares | Market Value• ($000) | ||
* | Theravance Biopharma Inc. | 135,567 | 2,246 |
* | Collegium Pharmaceutical Inc. | 94,010 | 2,218 |
* | Aerie Pharmaceuticals Inc. | 119,909 | 2,205 |
* | Amphastar Pharmaceuticals Inc. | 114,372 | 2,005 |
* | Provention Bio Inc. | 140,896 | 1,792 |
* | TherapeuticsMD Inc. | 1,112,561 | 1,691 |
* | Amneal Pharmaceuticals Inc. | 292,157 | 1,575 |
Phibro Animal Health Corp. Class A | 62,004 | 1,337 | |
* | Relmada Therapeutics Inc. | 39,202 | 1,307 |
* | Odonate Therapeutics Inc. | 57,530 | 1,211 |
* | Pliant Therapeutics Inc. | 32,494 | 1,075 |
* | Phathom Pharmaceuticals Inc. | 21,346 | 940 |
* | SIGA Technologies Inc. | 147,785 | 934 |
* | WaVe Life Sciences Ltd. | 95,260 | 896 |
* | ANI Pharmaceuticals Inc. | 30,525 | 888 |
*,1 | Evolus Inc. | 69,068 | 836 |
*,1 | Kala Pharmaceuticals Inc. | 103,185 | 765 |
*,1 | Xeris Pharmaceuticals Inc. | 139,800 | 762 |
* | Cymabay Therapeutics Inc. | 149,039 | 715 |
* | Tricida Inc. | 87,675 | 448 |
* | Verrica Pharmaceuticals Inc. | 26,849 | 368 |
* | Optinose Inc. | 86,696 | 336 |
* | Eloxx Pharmaceuticals Inc. | 70,727 | 319 |
*,2 | Clinical Data CVR | 8,685 | — |
3,950,541 | |||
Total Common Stocks (Cost $11,809,355) | 16,005,767 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.099% (Cost $47,511) | 475,206 | 47,521 |
Total Investments (100.2%) (Cost $11,856,866) | 16,053,288 | ||
Other Assets and Liabilities— Net (-0.2%) | (28,883) | ||
Net Assets (100.0%) | 16,024,405 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $46,300,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $49,419,000 was received for securities on loan, of which $47,520,000 is held in Vanguard Market Liquidity Fund and $1,899,000 is held in cash. |
CVR— | Contingent Value Rights. |
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) |
Gilead Sciences Inc. | 8/31/21 | BOANA | 12,280 | (0.120) | — | (1) |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BOANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $11,809,355) | 16,005,767 |
Affiliated Issuers (Cost $47,511) | 47,521 |
Total Investments in Securities | 16,053,288 |
Investment in Vanguard | 613 |
Cash | 1,899 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 570 |
Receivables for Investment Securities Sold | 56,694 |
Receivables for Accrued Income | 21,096 |
Receivables for Capital Shares Issued | 4,152 |
Total Assets | 16,138,312 |
Liabilities | |
Due to Custodian | 5,400 |
Payables for Investment Securities Purchased | 54,352 |
Collateral for Securities on Loan | 49,419 |
Payables for Capital Shares Redeemed | 3,968 |
Payables to Vanguard | 767 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 1 |
Total Liabilities | 113,907 |
Net Assets | 16,024,405 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 11,767,505 |
Total Distributable Earnings (Loss) | 4,256,900 |
Net Assets | 16,024,405 |
ETF Shares—Net Assets | |
Applicable to 60,825,467 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 13,673,905 |
Net Asset Value Per Share—ETF Shares | $224.81 |
Admiral Shares—Net Assets | |
Applicable to 20,901,967 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,350,500 |
Net Asset Value Per Share—Admiral Shares | $112.45 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 99,629 |
Interest1 | 12 |
Securities Lending—Net | 1,593 |
Total Income | 101,234 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,001 |
Management and Administrative— ETF Shares | 5,029 |
Management and Administrative— Admiral Shares | 769 |
Marketing and Distribution— ETF Shares | 245 |
Marketing and Distribution— Admiral Shares | 50 |
Custodian Fees | 24 |
Shareholders’ Reports—ETF Shares | 81 |
Shareholders’ Reports—Admiral Shares | 6 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 7,207 |
Net Investment Income | 94,027 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 295,538 |
Swap Contracts | (138) |
Realized Net Gain (Loss) | 295,400 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 821,904 |
Swap Contracts | 929 |
Change in Unrealized Appreciation (Depreciation) | 822,833 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,212,260 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $12,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $344,627,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 94,027 | 165,819 | |
Realized Net Gain (Loss) | 295,400 | 478,473 | |
Change in Unrealized Appreciation (Depreciation) | 822,833 | 1,844,202 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,212,260 | 2,488,494 | |
Distributions | |||
ETF Shares | (87,320) | (136,385) | |
Admiral Shares | (12,790) | (19,956) | |
Total Distributions | (100,110) | (156,341) | |
Capital Share Transactions | |||
ETF Shares | 977,429 | 790,421 | |
Admiral Shares | 534,257 | 63,737 | |
Net Increase (Decrease) from Capital Share Transactions | 1,511,686 | 854,158 | |
Total Increase (Decrease) | 2,623,836 | 3,186,311 | |
Net Assets | |||
Beginning of Period | 13,400,569 | 10,214,258 | |
End of Period | 16,024,405 | 13,400,569 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $207.65 | $169.74 | $177.07 | $151.13 | $133.25 | $132.34 |
Investment Operations | ||||||
Net Investment Income | 1.4071 | 2.7021 | 3.6001,2 | 2.1941 | 1.9941 | 1.795 |
Net Realized and Unrealized Gain (Loss) on Investments | 17.266 | 37.758 | (7.457) | 25.846 | 17.846 | 1.559 |
Total from Investment Operations | 18.673 | 40.460 | (3.857) | 28.040 | 19.840 | 3.354 |
Distributions | ||||||
Dividends from Net Investment Income | (1.513) | (2.550) | (3.473) | (2.100) | (1.960) | (2.444) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.513) | (2.550) | (3.473) | (2.100) | (1.960) | (2.444) |
Net Asset Value, End of Period | $224.81 | $207.65 | $169.74 | $177.07 | $151.13 | $133.25 |
Total Return | 9.04% | 24.05% | -2.22% | 18.75% | 15.06% | 2.61% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $13,674 | $11,724 | $8,899 | $8,594 | $7,002 | $5,708 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.30% | 1.45% | 2.12%2 | 1.38% | 1.46% | 1.40% |
Portfolio Turnover Rate3 | 2% | 7% | 5% | 6% | 4% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $1.132 and 0.67%, respectively, resulting from a cash payment received in connection with the merger of Cigna Corp. and Express Scripts Holding Co. in December 2018. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $103.87 | $84.91 | $88.57 | $75.60 | $66.65 | $66.20 |
Investment Operations | ||||||
Net Investment Income | .7041 | 1.3511 | 1.8041,2 | 1.1011 | .9961 | .898 |
Net Realized and Unrealized Gain (Loss) on Investments | 8.634 | 18.884 | (3.727) | 12.920 | 8.934 | .774 |
Total from Investment Operations | 9.338 | 20.235 | (1.923) | 14.021 | 9.930 | 1.672 |
Distributions | ||||||
Dividends from Net Investment Income | (.758) | (1.275) | (1.737) | (1.051) | (.980) | (1.222) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.758) | (1.275) | (1.737) | (1.051) | (.980) | (1.222) |
Net Asset Value, End of Period | $112.45 | $103.87 | $84.91 | $88.57 | $75.60 | $66.65 |
Total Return3 | 9.04% | 24.06% | -2.21% | 18.74% | 15.07% | 2.61% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,351 | $1,676 | $1,316 | $1,248 | $924 | $800 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.30% | 1.45% | 2.12%2 | 1.38% | 1.46% | 1.40% |
Portfolio Turnover Rate4 | 2% | 7% | 5% | 6% | 4% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.566 and 0.67%, respectively, resulting from a cash payment received in connection with the merger of Cigna Corp. and Express Scripts Holding Co. in December 2018. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 16,004,822 | 37 | 908 | 16,005,767 |
Temporary Cash Investments | 47,521 | — | — | 47,521 |
Total | 16,052,343 | 37 | 908 | 16,053,288 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 1 | — | 1 |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 11,883,164 |
Gross Unrealized Appreciation | 4,508,793 |
Gross Unrealized Depreciation | (338,669) |
Net Unrealized Appreciation (Depreciation) | 4,170,124 |
E. | During the six months ended February 28, 2021, the fund purchased $2,444,592,000 of investment securities and sold $928,654,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,530,890,000 and $667,475,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,654,939 | 7,537 | 2,267,426 | 12,263 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (677,510) | (3,175) | (1,477,005) | (8,225) | |
Net Increase (Decrease)—ETF Shares | 977,429 | 4,362 | 790,421 | 4,038 | |
Admiral Shares | |||||
Issued | 730,032 | 6,558 | 453,890 | 4,915 | |
Issued in Lieu of Cash Distributions | 11,253 | 107 | 17,644 | 194 | |
Redeemed | (207,028) | (1,899) | (407,797) | (4,469) | |
Net Increase (Decrease)—Admiral Shares | 534,257 | 4,766 | 63,737 | 640 |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
Aerospace & Defense | 15.6% |
Agricultural & Farm Machinery | 3.4 |
Air Freight & Logistics | 6.1 |
Airlines | 3.0 |
Airport Services | 0.1 |
Building Products | 6.3 |
Commercial Printing | 0.2 |
Construction & Engineering | 1.7 |
Construction Machinery & Heavy Trucks | 6.3 |
Diversified Support Services | 1.9 |
Electrical Components & Equipment | 7.1 |
Environmental & Facilities Services | 3.5 |
Heavy Electrical Equipment | 0.2 |
Human Resource & Employment Services | 1.0 |
Industrial Conglomerates | 10.9 |
Industrial Machinery | 11.4 |
Marine | 0.2 |
Office Services & Supplies | 0.4 |
Railroads | 7.9 |
Research & Consulting Services | 5.8 |
Security & Alarm Services | 0.2 |
Trading Companies & Distributors | 3.4 |
Trucking | 3.4 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Aerospace & Defense (15.6%) | |||
Boeing Co. | 668,041 | 141,631 | |
Raytheon Technologies Corp. | 1,891,984 | 136,204 | |
Lockheed Martin Corp. | 313,526 | 103,542 | |
Northrop Grumman Corp. | 197,220 | 57,521 | |
General Dynamics Corp. | 303,932 | 49,684 | |
* | L3Harris Technologies Inc. | 237,746 | 43,248 |
* | TransDigm Group Inc. | 64,437 | 37,159 |
* | Teledyne Technologies Inc. | 46,006 | 17,068 |
Textron Inc. | 284,769 | 14,335 | |
Howmet Aerospace Inc. | 485,530 | 13,648 | |
* | Axon Enterprise Inc. | 79,063 | 13,084 |
HEICO Corp. Class A | 90,412 | 10,466 | |
Huntington Ingalls Industries Inc. | 50,373 | 8,861 | |
BWX Technologies Inc. | 118,560 | 6,878 | |
HEICO Corp. | 54,296 | 6,829 | |
* | Virgin Galactic Holdings Inc. | 160,345 | 5,970 |
Curtiss-Wright Corp. | 51,640 | 5,706 | |
Spirit AeroSystems Holdings Inc. Class A | 131,432 | 5,629 | |
Hexcel Corp. | 103,931 | 5,587 | |
* | Mercury Systems Inc. | 69,672 | 4,554 |
* | Kratos Defense & Security Solutions Inc. | 152,729 | 4,200 |
Aerojet Rocketdyne Holdings Inc. | 81,700 | 4,189 | |
Maxar Technologies Inc. | 75,990 | 3,636 | |
* | AeroVironment Inc. | 28,486 | 3,136 |
Moog Inc. Class A | 36,538 | 2,838 | |
Cubic Corp. | 39,059 | 2,713 | |
AAR Corp. | 42,015 | 1,671 | |
Kaman Corp. | 29,316 | 1,427 | |
* | Parsons Corp. | 31,104 | 1,112 |
Triumph Group Inc. | 64,945 | 946 | |
* | Vectrus Inc. | 14,306 | 781 |
* | Ducommun Inc. | 13,840 | 753 |
* | PAE Inc. | 81,566 | 666 |
National Presto Industries Inc. | 6,219 | 636 | |
* | Astronics Corp. | 29,139 | 461 |
Park Aerospace Corp. | 23,197 | 322 | |
717,091 | |||
Air Freight & Logistics (6.1%) | |||
United Parcel Service Inc. Class B | 890,622 | 140,567 | |
FedEx Corp. | 310,765 | 79,090 | |
Expeditors International of Washington Inc. | 211,094 | 19,387 | |
CH Robinson Worldwide Inc. | 169,120 | 15,364 | |
* | XPO Logistics Inc. | 113,737 | 13,262 |
Forward Air Corp. | 34,232 | 2,936 | |
* | Hub Group Inc. Class A | 41,683 | 2,400 |
Shares | Market Value• ($000) | ||
* | Air Transport Services Group Inc. | 73,898 | 1,961 |
* | Atlas Air Worldwide Holdings Inc. | 34,239 | 1,888 |
* | Echo Global Logistics Inc. | 33,334 | 929 |
* | Radiant Logistics Inc. | 45,515 | 308 |
278,092 | |||
Airlines (3.0%) | |||
Southwest Airlines Co. | 698,512 | 40,605 | |
Delta Air Lines Inc. | 715,765 | 34,314 | |
* | United Airlines Holdings Inc. | 346,972 | 18,278 |
American Airlines Group Inc. | 752,430 | 15,756 | |
Alaska Air Group Inc. | 153,867 | 10,004 | |
* | JetBlue Airways Corp. | 384,509 | 7,087 |
* | Spirit Airlines Inc. | 121,525 | 4,360 |
Allegiant Travel Co. Class A | 16,314 | 4,114 | |
SkyWest Inc. | 62,404 | 3,518 | |
Hawaiian Holdings Inc. | 57,258 | 1,536 | |
139,572 | |||
Building Products (6.3%) | |||
Johnson Controls International plc | 902,173 | 50,332 | |
Trane Technologies plc | 299,188 | 45,848 | |
Carrier Global Corp. | 1,025,832 | 37,474 | |
Masco Corp. | 326,814 | 17,393 | |
Fortune Brands Home & Security Inc. | 173,638 | 14,436 | |
* | Trex Co. Inc. | 144,059 | 13,202 |
Allegion plc | 114,514 | 12,457 | |
Lennox International Inc. | 42,876 | 11,995 | |
Owens Corning | 134,689 | 10,913 | |
* | Builders FirstSource Inc. | 242,154 | 10,477 |
A O Smith Corp. | 168,485 | 10,003 | |
Advanced Drainage Systems Inc. | 65,764 | 7,235 | |
Armstrong World Industries Inc. | 59,546 | 5,096 | |
* | AZEK Co. Inc. Class A | 115,434 | 5,092 |
Simpson Manufacturing Co. Inc. | 48,627 | 4,739 | |
UFP Industries Inc. | 76,163 | 4,646 | |
* | Resideo Technologies Inc. | 168,747 | 4,053 |
AAON Inc. | 52,000 | 4,009 | |
* | Gibraltar Industries Inc. | 40,464 | 3,535 |
* | Masonite International Corp. | 28,968 | 3,178 |
* | JELD-WEN Holding Inc. | 87,783 | 2,603 |
CSW Industrials Inc. | 18,421 | 2,313 | |
* | American Woodmark Corp. | 19,999 | 1,868 |
* | PGT Innovations Inc. | 73,771 | 1,740 |
Griffon Corp. | 51,996 | 1,279 | |
Apogee Enterprises Inc. | 31,189 | 1,167 | |
Quanex Building Products Corp. | 40,824 | 993 |
Shares | Market Value• ($000) | ||
* | Cornerstone Building Brands Inc. | 62,338 | 710 |
Insteel Industries Inc. | 22,551 | 696 | |
289,482 | |||
Commercial Services & Supplies (6.2%) | |||
Waste Management Inc. | 526,201 | 58,350 | |
Cintas Corp. | 110,899 | 35,969 | |
Waste Connections Inc. | 327,561 | 31,999 | |
* | Copart Inc. | 264,937 | 28,921 |
Republic Services Inc. Class A | 278,110 | 24,777 | |
* | IAA Inc. | 167,309 | 9,809 |
Tetra Tech Inc. | 66,906 | 9,258 | |
Rollins Inc. | 275,220 | 9,129 | |
MSA Safety Inc. | 46,043 | 7,412 | |
* | Stericycle Inc. | 113,912 | 7,390 |
* | Clean Harbors Inc. | 65,316 | 5,562 |
Brink's Co. | 61,513 | 4,726 | |
UniFirst Corp. | 18,980 | 4,599 | |
* | Casella Waste Systems Inc. Class A | 62,313 | 3,609 |
ABM Industries Inc. | 82,989 | 3,583 | |
Brady Corp. Class A | 60,321 | 3,161 | |
Herman Miller Inc. | 73,289 | 2,811 | |
Healthcare Services Group Inc. | 92,581 | 2,634 | |
* | Cimpress plc | 22,652 | 2,244 |
KAR Auction Services Inc. | 160,849 | 2,237 | |
Covanta Holding Corp. | 147,817 | 2,077 | |
Deluxe Corp. | 52,128 | 2,061 | |
HNI Corp. | 52,960 | 1,885 | |
Pitney Bowes Inc. | 215,280 | 1,826 | |
* | Harsco Corp. | 98,211 | 1,607 |
Steelcase Inc. Class A | 103,538 | 1,443 | |
ADT Inc. | 189,429 | 1,442 | |
Matthews International Corp. Class A | 37,738 | 1,347 | |
U.S. Ecology Inc. | 35,149 | 1,343 | |
Viad Corp. | 25,583 | 1,070 | |
CoreCivic Inc. | 147,221 | 1,057 | |
Knoll Inc. | 62,844 | 1,025 | |
ACCO Brands Corp. | 117,799 | 954 | |
Interface Inc. Class A | 72,500 | 900 | |
* | SP Plus Corp. | 27,146 | 900 |
Ennis Inc. | 32,879 | 652 | |
* | BrightView Holdings Inc. | 38,931 | 619 |
Kimball International Inc. Class B | 46,009 | 595 | |
* | Heritage-Crystal Clean Inc. | 19,652 | 515 |
VSE Corp. | 11,093 | 428 | |
* | Team Inc. | 33,677 | 374 |
Quad/Graphics Inc. | 41,214 | 181 | |
* | Civeo Corp. | 458 | 9 |
282,490 | |||
Construction & Engineering (1.7%) | |||
Quanta Services Inc. | 173,720 | 14,566 | |
* | AECOM | 187,572 | 10,859 |
EMCOR Group Inc. | 68,328 | 6,653 |
Shares | Market Value• ($000) | ||
* | MasTec Inc. | 73,515 | 6,377 |
Valmont Industries Inc. | 26,434 | 6,252 | |
* | WillScot Mobile Mini Holdings Corp. Class A | 212,822 | 5,902 |
Arcosa Inc. | 60,043 | 3,406 | |
* | Dycom Industries Inc. | 39,704 | 3,041 |
Fluor Corp. | 166,183 | 2,852 | |
Comfort Systems USA Inc. | 45,273 | 2,804 | |
*,1 | API Group Corp. | 137,323 | 2,541 |
Granite Construction Inc. | 58,142 | 1,999 | |
Primoris Services Corp. | 56,834 | 1,902 | |
* | Ameresco Inc. Class A | 25,934 | 1,481 |
* | NV5 Global Inc. | 13,087 | 1,351 |
* | MYR Group Inc. | 21,015 | 1,239 |
* | Great Lakes Dredge & Dock Corp. | 80,737 | 1,226 |
* | Aegion Corp. Class A | 38,228 | 988 |
Argan Inc. | 18,727 | 937 | |
* | Construction Partners Inc. Class A | 31,974 | 925 |
* | Sterling Construction Co. Inc. | 34,524 | 787 |
* | Tutor Perini Corp. | 51,106 | 751 |
* | Matrix Service Co. | 33,286 | 452 |
79,291 | |||
Electrical Equipment (7.2%) | |||
Eaton Corp. plc | 496,646 | 64,658 | |
Emerson Electric Co. | 745,037 | 63,999 | |
Rockwell Automation Inc. | 144,780 | 35,222 | |
AMETEK Inc. | 286,635 | 33,814 | |
* | Plug Power Inc. | 583,213 | 28,216 |
* | Generac Holdings Inc. | 78,328 | 25,814 |
Hubbell Inc. Class B | 67,480 | 11,978 | |
* | Sensata Technologies Holding plc | 195,729 | 11,213 |
* | Sunrun Inc. | 147,450 | 9,227 |
Regal Beloit Corp. | 50,508 | 6,903 | |
Vertiv Holdings Co. Class A | 285,997 | 5,986 | |
Acuity Brands Inc. | 45,835 | 5,651 | |
nVent Electric plc | 201,094 | 5,281 | |
EnerSys | 52,985 | 4,784 | |
* | Bloom Energy Corp. Class A | 154,800 | 4,416 |
* | Atkore Inc. | 58,987 | 3,990 |
* | Vicor Corp. | 25,379 | 2,500 |
* | TPI Composites Inc. | 37,926 | 1,808 |
Encore Wire Corp. | 25,685 | 1,683 | |
AZZ Inc. | 32,453 | 1,658 | |
GrafTech International Ltd. | 100,240 | 1,186 | |
* | Thermon Group Holdings Inc. | 41,096 | 840 |
Allied Motion Technologies Inc. | 9,566 | 464 | |
Powell Industries Inc. | 11,462 | 357 | |
331,648 | |||
Industrial Conglomerates (10.9%) | |||
Honeywell International Inc. | 873,992 | 176,852 | |
General Electric Co. | 10,913,169 | 136,851 | |
3M Co. | 718,394 | 125,762 | |
Roper Technologies Inc. | 130,664 | 49,342 | |
Carlisle Cos. Inc. | 66,416 | 9,647 | |
Raven Industries Inc. | 44,537 | 1,746 | |
500,200 |
Shares | Market Value• ($000) | ||
Machinery (21.1%) | |||
Caterpillar Inc. | 676,562 | 146,056 | |
Deere & Co. | 370,743 | 129,434 | |
Illinois Tool Works Inc. | 394,080 | 79,675 | |
Cummins Inc. | 184,409 | 46,692 | |
Parker-Hannifin Corp. | 160,590 | 46,083 | |
PACCAR Inc. | 431,581 | 39,270 | |
Stanley Black & Decker Inc. | 199,732 | 34,921 | |
Otis Worldwide Corp. | 512,716 | 32,665 | |
Fortive Corp. | 378,283 | 24,899 | |
Xylem Inc. | 224,689 | 22,370 | |
Dover Corp. | 179,771 | 22,159 | |
* | Ingersoll Rand Inc. | 442,677 | 20,514 |
IDEX Corp. | 94,413 | 18,427 | |
Westinghouse Air Brake Technologies Corp. | 224,961 | 16,294 | |
Graco Inc. | 209,094 | 14,501 | |
Toro Co. | 133,486 | 13,451 | |
Nordson Corp. | 68,589 | 13,197 | |
Snap-on Inc. | 64,077 | 13,015 | |
Pentair plc | 206,957 | 11,575 | |
AGCO Corp. | 79,208 | 10,256 | |
* | Middleby Corp. | 69,190 | 10,130 |
Donaldson Co. Inc. | 157,243 | 9,263 | |
Oshkosh Corp. | 84,830 | 8,992 | |
ITT Inc. | 107,491 | 8,920 | |
Woodward Inc. | 74,224 | 8,478 | |
Lincoln Electric Holdings Inc. | 70,288 | 8,302 | |
Rexnord Corp. | 149,644 | 6,727 | |
Timken Co. | 84,385 | 6,612 | |
* | Chart Industries Inc. | 44,868 | 6,420 |
* | RBC Bearings Inc. | 31,230 | 6,217 |
Flowserve Corp. | 162,062 | 5,996 | |
John Bean Technologies Corp. | 39,475 | 5,825 | |
Allison Transmission Holdings Inc. | 140,171 | 5,315 | |
* | Colfax Corp. | 117,929 | 5,230 |
Crane Co. | 57,842 | 4,851 | |
Altra Industrial Motion Corp. | 80,525 | 4,664 | |
* | Proto Labs Inc. | 31,620 | 4,606 |
Hillenbrand Inc. | 93,060 | 4,324 | |
Kennametal Inc. | 103,606 | 3,871 | |
Watts Water Technologies Inc. Class A | 32,420 | 3,699 | |
Franklin Electric Co. Inc. | 48,852 | 3,667 | |
* | Evoqua Water Technologies Corp. | 148,877 | 3,655 |
Trinity Industries Inc. | 113,625 | 3,647 | |
Terex Corp. | 86,218 | 3,550 | |
ESCO Technologies Inc. | 32,392 | 3,423 | |
* | SPX FLOW Inc. | 52,540 | 3,234 |
Barnes Group Inc. | 59,830 | 3,132 | |
* | SPX Corp. | 55,717 | 3,097 |
*,2 | Nikola Corp. | 167,692 | 3,035 |
Albany International Corp. Class A | 38,197 | 3,019 | |
Federal Signal Corp. | 75,294 | 2,741 | |
* | Welbilt Inc. | 167,260 | 2,673 |
* | Meritor Inc. | 85,480 | 2,596 |
Mueller Industries Inc. | 63,703 | 2,589 | |
Kadant Inc. | 14,320 | 2,492 | |
Helios Technologies Inc. | 37,945 | 2,482 | |
* | Navistar International Corp. | 55,727 | 2,455 |
Shares | Market Value• ($000) | ||
Mueller Water Products Inc. Class A | 186,920 | 2,409 | |
Lindsay Corp. | 13,496 | 2,163 | |
EnPro Industries Inc. | 24,231 | 1,947 | |
Greenbrier Cos. Inc. | 41,094 | 1,933 | |
Alamo Group Inc. | 12,640 | 1,929 | |
Enerpac Tool Group Corp. Class A | 74,390 | 1,837 | |
* | TriMas Corp. | 53,772 | 1,806 |
Astec Industries Inc. | 25,213 | 1,712 | |
Tennant Co. | 21,929 | 1,671 | |
Standex International Corp. | 15,404 | 1,511 | |
Columbus McKinnon Corp. | 29,653 | 1,493 | |
Douglas Dynamics Inc. | 28,432 | 1,370 | |
Wabash National Corp. | 65,946 | 1,093 | |
* | Gates Industrial Corp. plc | 71,740 | 1,076 |
* | Energy Recovery Inc. | 49,612 | 873 |
* | CIRCOR International Inc. | 22,164 | 789 |
* | Lydall Inc. | 21,966 | 765 |
* | Manitowoc Co. Inc. | 43,556 | 710 |
Hyster-Yale Materials Handling Inc. | 8,167 | 699 | |
Gorman-Rupp Co. | 21,338 | 683 | |
Luxfer Holdings plc | 34,152 | 654 | |
Miller Industries Inc. | 13,911 | 549 | |
Titan International Inc. | 63,888 | 528 | |
REV Group Inc. | 35,868 | 446 | |
* | Blue Bird Corp. | 17,154 | 417 |
Park-Ohio Holdings Corp. | 9,226 | 298 | |
* | NN Inc. | 46,615 | 285 |
967,029 | |||
Marine (0.2%) | |||
* | Kirby Corp. | 70,968 | 4,440 |
Matson Inc. | 53,595 | 3,713 | |
* | SEACOR Holdings Inc. | 24,105 | 1,025 |
Genco Shipping & Trading Ltd. | 22,424 | 235 | |
* | Eagle Bulk Shipping Inc. | 6,287 | 184 |
9,597 | |||
Professional Services (6.8%) | |||
IHS Markit Ltd. | 471,379 | 42,500 | |
* | CoStar Group Inc. | 49,095 | 40,442 |
Verisk Analytics Inc. Class A | 192,415 | 31,527 | |
Equifax Inc. (XNYS) | 151,606 | 24,542 | |
TransUnion | 237,296 | 19,983 | |
Jacobs Engineering Group Inc. | 161,808 | 18,621 | |
Leidos Holdings Inc. | 167,879 | 14,849 | |
Booz Allen Hamilton Holding Corp. Class A | 171,219 | 13,208 | |
Robert Half International Inc. | 141,789 | 11,030 | |
Nielsen Holdings plc | 421,888 | 9,454 | |
CoreLogic Inc. | 96,865 | 8,201 | |
* | CACI International Inc. Class A | 31,311 | 6,930 |
ManpowerGroup Inc. | 71,566 | 6,759 | |
Exponent Inc. | 64,204 | 6,194 | |
* | ASGN Inc. | 65,804 | 6,118 |
Science Applications International Corp. | 64,996 | 5,598 | |
KBR Inc. | 176,982 | 5,486 | |
* | Upwork Inc. | 98,719 | 5,319 |
* | FTI Consulting Inc. | 44,351 | 5,080 |
* | TriNet Group Inc. | 53,877 | 4,325 |
Korn Ferry | 67,366 | 4,146 |
Shares | Market Value• ($000) | ||
Insperity Inc. | 45,337 | 4,021 | |
* | Dun & Bradstreet Holdings Inc. | 131,527 | 2,875 |
ManTech International Corp. Class A | 33,743 | 2,637 | |
ICF International Inc. | 23,458 | 1,958 | |
* | CBIZ Inc. | 64,379 | 1,941 |
* | Huron Consulting Group Inc. | 28,687 | 1,460 |
Kforce Inc. | 24,785 | 1,273 | |
* | TrueBlue Inc. | 44,093 | 918 |
Kelly Services Inc. Class A | 42,430 | 883 | |
Heidrick & Struggles International Inc. | 24,062 | 864 | |
Barrett Business Services Inc. | 9,460 | 674 | |
* | Forrester Research Inc. | 14,190 | 641 |
* | Willdan Group Inc. | 14,536 | 638 |
CRA International Inc. | 9,817 | 542 | |
Resources Connection Inc. | 38,518 | 491 | |
* | Mistras Group Inc. | 22,594 | 180 |
312,308 | |||
Road & Rail (11.3%) | |||
Union Pacific Corp. | 839,175 | 172,837 | |
CSX Corp. | 952,529 | 87,204 | |
Norfolk Southern Corp. | 316,346 | 79,738 | |
* | Uber Technologies Inc. | 1,208,404 | 62,535 |
Old Dominion Freight Line Inc. | 117,034 | 25,135 | |
Kansas City Southern | 116,673 | 24,774 | |
JB Hunt Transport Services Inc. | 105,181 | 15,448 | |
Landstar System Inc. | 47,750 | 7,647 | |
AMERCO | 12,200 | 7,012 | |
Knight-Swift Transportation Holdings Inc. | 158,469 | 6,846 | |
* | Saia Inc. | 32,546 | 6,527 |
* | Lyft Inc. Class A | 96,215 | 5,359 |
Ryder System Inc. | 67,067 | 4,545 | |
* | Avis Budget Group Inc. | 69,358 | 3,853 |
Werner Enterprises Inc. | 77,361 | 3,320 | |
ArcBest Corp. | 31,562 | 1,862 | |
Schneider National Inc. Class B | 65,082 | 1,505 | |
Marten Transport Ltd. | 76,770 | 1,242 | |
Heartland Express Inc. | 55,054 | 1,002 | |
* | Daseke Inc. | 56,413 | 311 |
* | Covenant Logistics Group Inc. Class A | 14,177 | 258 |
* | U.S. Xpress Enterprises Inc. Class A | 26,292 | 243 |
Universal Logistics Holdings Inc. | 6,798 | 159 | |
519,362 | |||
Trading Companies & Distributors (3.4%) | |||
Fastenal Co. | 715,361 | 33,171 | |
* | United Rentals Inc. | 89,993 | 26,762 |
WW Grainger Inc. | 56,885 | 21,202 | |
Watsco Inc. | 40,861 | 9,933 | |
* | SiteOne Landscape Supply Inc. | 55,029 | 8,723 |
Air Lease Corp. Class A | 134,502 | 6,168 | |
* | WESCO International Inc. | 62,268 | 4,999 |
Triton International Ltd. | 85,362 | 4,932 | |
MSC Industrial Direct Co. Inc. Class A | 56,921 | 4,903 |
Shares | Market Value• ($000) | ||
* | Univar Solutions Inc. | 210,461 | 4,190 |
Applied Industrial Technologies Inc. | 48,233 | 4,118 | |
GATX Corp. | 39,192 | 3,740 | |
* | Beacon Roofing Supply Inc. | 68,695 | 3,286 |
Boise Cascade Co. | 48,783 | 2,436 | |
McGrath RentCorp. | 29,973 | 2,328 | |
* | Herc Holdings Inc. | 25,452 | 2,234 |
Rush Enterprises Inc. Class A | 52,327 | 2,220 | |
* | GMS Inc. | 53,149 | 1,945 |
* | NOW Inc. | 136,809 | 1,454 |
H&E Equipment Services Inc. | 40,816 | 1,262 | |
* | MRC Global Inc. | 102,130 | 893 |
CAI International Inc. | 19,665 | 865 | |
* | DXP Enterprises Inc. | 21,420 | 643 |
Systemax Inc. | 16,341 | 590 | |
* | Titan Machinery Inc. | 23,619 | 579 |
* | Veritiv Corp. | 15,504 | 369 |
EVI Industries Inc. | 6,568 | 240 | |
154,185 | |||
Transportation Infrastructure (0.1%) | |||
Macquarie Infrastructure Corp. | 92,219 | 2,890 | |
Total Common Stocks (Cost $3,837,296) | 4,583,237 | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.099% (Cost $5,329) | 53,297 | 5,330 |
Total Investments (100.0%) (Cost $3,842,625) | 4,588,567 | ||
Other Assets and Liabilities— Net (0.0%) | 1,412 | ||
Net Assets (100.0%) | 4,589,979 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, the aggregate value was $2,541,000, representing 0.1% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,836,000. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $3,291,000 was received for securities on loan, of which $3,290,000 is held in Vanguard Market Liquidity Fund and $1,000 is held in cash. |
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) |
L3Harris Technologies Inc. | 8/31/21 | BOANA | 4,366 | (0.120) | — | — |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BOANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,837,296) | 4,583,237 |
Affiliated Issuers (Cost $5,329) | 5,330 |
Total Investments in Securities | 4,588,567 |
Investment in Vanguard | 163 |
Cash | 1 |
Receivables for Investment Securities Sold | 60,729 |
Receivables for Accrued Income | 8,872 |
Receivables for Capital Shares Issued | 885 |
Total Assets | 4,659,217 |
Liabilities | |
Due to Custodian | 7,454 |
Payables for Investment Securities Purchased | 57,980 |
Collateral for Securities on Loan | 3,291 |
Payables for Capital Shares Redeemed | 300 |
Payables to Vanguard | 213 |
Total Liabilities | 69,238 |
Net Assets | 4,589,979 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 3,843,222 |
Total Distributable Earnings (Loss) | 746,757 |
Net Assets | 4,589,979 |
ETF Shares—Net Assets | |
Applicable to 24,388,562 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,298,092 |
Net Asset Value Per Share—ETF Shares | $176.23 |
Admiral Shares—Net Assets | |
Applicable to 3,223,956 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 291,887 |
Net Asset Value Per Share—Admiral Shares | $90.54 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 29,002 |
Interest1 | 5 |
Securities Lending—Net | 117 |
Total Income | 29,124 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 294 |
Management and Administrative— ETF Shares | 1,431 |
Management and Administrative— Admiral Shares | 97 |
Marketing and Distribution— ETF Shares | 78 |
Marketing and Distribution— Admiral Shares | 7 |
Custodian Fees | 14 |
Shareholders’ Reports—ETF Shares | 13 |
Shareholders’ Reports—Admiral Shares | 1 |
Trustees’ Fees and Expenses | — |
Total Expenses | 1,935 |
Net Investment Income | 27,189 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 64,352 |
Futures Contracts | (30) |
Swap Contracts | (251) |
Realized Net Gain (Loss) | 64,071 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 628,503 |
Swap Contracts | (508) |
Change in Unrealized Appreciation (Depreciation) | 627,995 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 719,255 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $77,954,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 27,189 | 56,595 | |
Realized Net Gain (Loss) | 64,071 | 270,720 | |
Change in Unrealized Appreciation (Depreciation) | 627,995 | (169,676) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 719,255 | 157,639 | |
Distributions | |||
ETF Shares | (26,086) | (58,321) | |
Admiral Shares | (1,807) | (3,648) | |
Total Distributions | (27,893) | (61,969) | |
Capital Share Transactions | |||
ETF Shares | 561,001 | (457,228) | |
Admiral Shares | 37,673 | 2,094 | |
Net Increase (Decrease) from Capital Share Transactions | 598,674 | (455,134) | |
Total Increase (Decrease) | 1,290,036 | (359,464) | |
Net Assets | |||
Beginning of Period | 3,299,943 | 3,659,407 | |
End of Period | 4,589,979 | 3,299,943 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $146.89 | $142.53 | $146.12 | $128.70 | $111.57 | $99.23 |
Investment Operations | ||||||
Net Investment Income | 1.1311 | 2.3661 | 2.5971 | 2.2631 | 2.3831 | 2.083 |
Net Realized and Unrealized Gain (Loss) on Investments | 29.404 | 4.554 | (3.754) | 17.412 | 16.998 | 13.204 |
Total from Investment Operations | 30.535 | 6.920 | (1.157) | 19.675 | 19.381 | 15.287 |
Distributions | ||||||
Dividends from Net Investment Income | (1.195) | (2.560) | (2.433) | (2.255) | (2.251) | (2.947) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.195) | (2.560) | (2.433) | (2.255) | (2.251) | (2.947) |
Net Asset Value, End of Period | $176.23 | $146.89 | $142.53 | $146.12 | $128.70 | $111.57 |
Total Return | 20.89% | 4.96% | -0.73% | 15.41% | 17.55% | 15.78% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,298 | $3,090 | $3,457 | $3,957 | $3,202 | $2,338 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.38% | 1.69% | 1.87% | 1.62% | 1.95% | 2.08% |
Portfolio Turnover Rate2 | 3% | 4% | 4% | 4% | 5% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $75.46 | $73.22 | $75.07 | $66.12 | $57.32 | $50.98 |
Investment Operations | ||||||
Net Investment Income | .5801 | 1.2211 | 1.3401 | 1.1541 | 1.2371 | 1.069 |
Net Realized and Unrealized Gain (Loss) on Investments | 15.114 | 2.336 | (1.941) | 8.955 | 8.721 | 6.783 |
Total from Investment Operations | 15.694 | 3.557 | (.601) | 10.109 | 9.958 | 7.852 |
Distributions | ||||||
Dividends from Net Investment Income | (.614) | (1.317) | (1.249) | (1.159) | (1.158) | (1.512) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.614) | (1.317) | (1.249) | (1.159) | (1.158) | (1.512) |
Net Asset Value, End of Period | $90.54 | $75.46 | $73.22 | $75.07 | $66.12 | $57.32 |
Total Return2 | 20.91% | 4.98% | -0.75% | 15.41% | 17.55% | 15.77% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $292 | $210 | $202 | $213 | $176 | $77 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.38% | 1.71% | 1.87% | 1.62% | 1.95% | 2.08% |
Portfolio Turnover Rate3 | 3% | 4% | 4% | 4% | 5% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 4,583,237 | — | — | 4,583,237 |
Temporary Cash Investments | 5,330 | — | — | 5,330 |
Total | 4,588,567 | — | — | 4,588,567 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | — | — | — |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 3,850,012 |
Gross Unrealized Appreciation | 1,017,031 |
Gross Unrealized Depreciation | (278,476) |
Net Unrealized Appreciation (Depreciation) | 738,555 |
E. | During the six months ended February 28, 2021, the fund purchased $890,012,000 of investment securities and sold $306,536,000 of investment securities, other than temporary cash investments. Purchases and sales include $740,348,000 and $200,815,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 764,489 | 4,575 | 651,928 | 5,081 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (203,488) | (1,225) | (1,109,156) | (8,300) | |
Net Increase (Decrease)—ETF Shares | 561,001 | 3,350 | (457,228) | (3,219) | |
Admiral Shares | |||||
Issued | 86,132 | 1,026 | 99,484 | 1,405 | |
Issued in Lieu of Cash Distributions | 1,576 | 20 | 3,135 | 44 | |
Redeemed | (50,035) | (599) | (100,525) | (1,432) | |
Net Increase (Decrease)—Admiral Shares | 37,673 | 447 | 2,094 | 17 |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
Application Software | 13.5% |
Communications Equipment | 2.8 |
Data Processing & Outsourced Services | 14.1 |
Electronic Components | 0.9 |
Electronic Equipment & Instruments | 1.2 |
Electronic Manufacturing Services | 0.8 |
Internet Services & Infrastructure | 1.7 |
IT Consulting & Other Services | 3.4 |
Research & Consulting Services | 0.4 |
Semiconductor Equipment | 3.4 |
Semiconductors | 16.3 |
Systems Software | 20.0 |
Technology Distributors | 0.4 |
Technology Hardware, Storage & Peripherals | 21.1 |
Shares | Market Value• ($000) | ||
Common Stocks (100.0%) | |||
Communications Equipment (2.8%) | |||
Cisco Systems Inc. | 19,060,732 | 855,255 | |
Motorola Solutions Inc. | 764,671 | 134,184 | |
* | Arista Networks Inc. | 255,980 | 71,633 |
* | F5 Networks Inc. | 277,893 | 52,794 |
* | Ciena Corp. | 696,111 | 36,316 |
Juniper Networks Inc. | 1,487,545 | 34,630 | |
* | Lumentum Holdings Inc. | 340,399 | 30,636 |
* | Acacia Communications Inc. | 170,594 | 19,617 |
* | Viavi Solutions Inc. | 1,026,630 | 16,616 |
* | Comm Scope Holding Co. Inc. | 899,088 | 13,118 |
* | ViaSat Inc. | 228,619 | 11,692 |
* | Calix Inc. | 248,107 | 9,803 |
* | NetScout Systems Inc. | 328,909 | 9,282 |
* | Infinera Corp. | 796,008 | 7,821 |
Plantronics Inc. | 170,206 | 6,892 | |
* | NETGEAR Inc. | 138,535 | 5,541 |
* | Extreme Networks Inc. | 564,509 | 5,176 |
* | EchoStar Corp. Class A | 211,829 | 4,808 |
*,1 | Inseego Corp. | 287,227 | 4,191 |
ADTRAN Inc. | 213,883 | 3,602 | |
* | Harmonic Inc. | 450,512 | 3,489 |
* | Digi International Inc. | 129,877 | 3,034 |
* | Ribbon Communications Inc. | 340,691 | 2,944 |
Comtech Telecommunications Corp. | 97,917 | 2,632 | |
* | CalAmp Corp. | 152,513 | 1,703 |
* | Casa Systems Inc. | 132,016 | 1,084 |
1,348,493 | |||
Electronic Equipment, Instruments & Components (3.4%) | |||
TE Connectivity Ltd. | 1,491,741 | 193,971 | |
Amphenol Corp. Class A | 1,348,967 | 169,538 | |
Corning Inc. | 3,446,831 | 131,807 | |
* | Zebra Technologies Corp. Class A | 240,700 | 120,213 |
* | Keysight Technologies Inc. | 835,798 | 118,282 |
CDW Corp. | 644,920 | 101,181 | |
* | Trimble Inc. | 1,128,517 | 83,668 |
Cognex Corp. | 787,683 | 65,055 | |
* | Flex Ltd. | 2,264,964 | 41,200 |
* | II-VI Inc. | 467,888 | 39,443 |
* | IPG Photonics Corp. | 168,545 | 38,319 |
* | Arrow Electronics Inc. | 339,628 | 34,051 |
FLIR Systems Inc. | 591,627 | 31,593 | |
Littelfuse Inc. | 109,916 | 28,602 | |
Dolby Laboratories Inc. Class A | 289,432 | 28,257 | |
* | Coherent Inc. | 109,252 | 26,432 |
Jabil Inc. | 608,821 | 26,283 | |
National Instruments Corp. | 562,486 | 24,974 | |
* | Vontier Corp. | 760,284 | 23,873 |
* | Novanta Inc. | 157,969 | 20,904 |
Shares | Market Value• ($000) | ||
* | Itron Inc. | 173,137 | 20,299 |
SYNNEX Corp. | 197,629 | 17,621 | |
Avnet Inc. | 445,476 | 16,959 | |
* | Rogers Corp. | 84,554 | 15,345 |
* | Fabrinet | 167,413 | 14,788 |
Badger Meter Inc. | 132,402 | 14,378 | |
Vishay Intertechnology Inc. | 597,918 | 14,272 | |
* | Insight Enterprises Inc. | 159,565 | 13,338 |
* | Plexus Corp. | 131,247 | 11,022 |
* | Sanmina Corp. | 293,305 | 10,447 |
Belden Inc. | 202,320 | 8,945 | |
* | Knowles Corp. | 418,126 | 8,693 |
* | PAR Technology Corp. | 91,852 | 7,980 |
* | FARO Technologies Inc. | 81,000 | 7,570 |
* | OSI Systems Inc. | 77,094 | 7,295 |
Methode Electronics Inc. | 171,647 | 6,682 | |
* | TTM Technologies Inc. | 463,605 | 6,546 |
* | nLight Inc. | 162,719 | 6,203 |
* | ePlus Inc. | 60,295 | 5,701 |
MTS Systems Corp. | 85,353 | 4,981 | |
Benchmark Electronics Inc. | 164,315 | 4,667 | |
CTS Corp. | 130,147 | 4,187 | |
* | ScanSource Inc. | 112,954 | 3,212 |
* | Kimball Electronics Inc. | 111,286 | 2,613 |
PC Connection Inc. | 52,067 | 2,396 | |
* | Arlo Technologies Inc. | 332,612 | 2,315 |
* | Napco Security Technologies Inc. | 66,111 | 2,058 |
* | Vishay Precision Group Inc. | 47,680 | 1,541 |
Daktronics Inc. | 171,456 | 928 | |
1,590,628 | |||
IT Services (19.1%) | |||
Visa Inc. Class A | 7,134,304 | 1,515,255 | |
Mastercard Inc. Class A | 4,013,107 | 1,420,038 | |
* | PayPal Holdings Inc. | 5,021,359 | 1,304,800 |
Accenture plc Class A | 2,857,942 | 717,058 | |
International Business Machines Corp. | 4,019,710 | 478,064 | |
* | Square Inc. Class A | 1,731,466 | 398,289 |
Fidelity National Information Services Inc. | 2,799,060 | 386,270 | |
Automatic Data Processing Inc. | 1,934,329 | 336,612 | |
* | Fiserv Inc. | 2,570,742 | 296,586 |
Global Payments Inc. | 1,350,336 | 267,353 | |
* | Twilio Inc. Class A | 633,023 | 248,702 |
Cognizant Technology Solutions Corp. Class A | 2,411,722 | 177,213 | |
* | Okta Inc. | 541,264 | 141,513 |
Paychex Inc. | 1,459,487 | 132,915 | |
* | FleetCor Technologies Inc. | 376,266 | 104,342 |
* | EPAM Systems Inc. | 252,617 | 94,380 |
* | MongoDB Inc. | 239,069 | 92,264 |
Shares | Market Value• ($000) | ||
* | VeriSign Inc. | 463,255 | 89,885 |
Broadridge Financial Solutions Inc. | 521,649 | 74,330 | |
* | Gartner Inc. | 402,749 | 72,108 |
* | Akamai Technologies Inc. | 734,054 | 69,368 |
* | GoDaddy Inc. Class A | 757,741 | 61,468 |
* | Black Knight Inc. | 707,204 | 54,235 |
Jack Henry & Associates Inc. | 344,279 | 51,105 | |
Western Union Co. | 1,856,420 | 43,106 | |
* | WEX Inc. | 199,120 | 41,487 |
* | Euronet Worldwide Inc. | 236,309 | 35,520 |
* | Fastly Inc. Class A | 462,078 | 34,000 |
* | Snowflake Inc. Class A | 114,391 | 29,689 |
DXC Technology Co. | 1,147,371 | 28,937 | |
* | Concentrix Corp. | 197,407 | 24,382 |
MAXIMUS Inc. | 278,243 | 22,616 | |
Sabre Corp. | 1,432,024 | 21,036 | |
Alliance Data Systems Corp. | 203,367 | 19,625 | |
Perspecta Inc. | 654,999 | 19,126 | |
* | LiveRamp Holdings Inc. | 299,290 | 18,903 |
* | ExlService Holdings Inc. | 152,488 | 12,904 |
* | Shift4 Payments Inc. Class A | 146,957 | 11,242 |
EVERTEC Inc. | 278,869 | 10,848 | |
NIC Inc. | 303,913 | 10,549 | |
* | Verra Mobility Corp. Class A | 592,634 | 8,445 |
* | Perficient Inc. | 147,333 | 8,205 |
TTEC Holdings Inc. | 85,192 | 7,168 | |
* | Sykes Enterprises Inc. | 169,665 | 6,933 |
* | Repay Holdings Corp. Class A | 316,625 | 6,902 |
* | Unisys Corp. | 280,010 | 6,874 |
* | CSG Systems International Inc. | 146,456 | 6,759 |
* | Cardtronics plc Class A | 168,628 | 6,501 |
Switch Inc. Class A | 349,412 | 6,059 | |
* | Evo Payments Inc. Class A | 206,680 | 5,262 |
* | Conduent Inc. | 755,063 | 4,062 |
*,1 | BigCommerce Holdings Inc. Series 1 | 59,640 | 3,525 |
* | Tucows Inc. Class A | 40,326 | 3,187 |
* | I3 Verticals Inc. Class A | 78,820 | 2,617 |
Cass Information Systems Inc. | 55,154 | 2,376 | |
* | International Money Express Inc. | 125,736 | 1,852 |
* | Limelight Networks Inc. | 541,521 | 1,771 |
Hackett Group Inc. | 113,348 | 1,770 | |
* | Grid Dynamics Holdings Inc. | 108,193 | 1,613 |
* | GreenSky Inc. Class A | 227,445 | 1,210 |
* | Affirm Holdings Inc. | 7,646 | 712 |
* | Paysign Inc. | 128,274 | 581 |
*,1 | GTT Communications Inc. | 112,583 | 212 |
9,062,719 |
Shares | Market Value• ($000) | ||
Professional Services (0.4%) | |||
Leidos Holdings Inc. | 609,277 | 53,891 | |
Booz Allen Hamilton Holding Corp. Class A | 620,811 | 47,889 | |
* | CACI International Inc. Class A | 112,035 | 24,798 |
KBR Inc. | 655,975 | 20,335 | |
Science Applications International Corp. | 234,848 | 20,228 | |
ManTech International Corp. Class A | 125,669 | 9,822 | |
176,963 | |||
Semiconductors & Semiconductor Equipment (19.7%) | |||
NVIDIA Corp. | 2,792,445 | 1,531,879 | |
Intel Corp. | 18,486,266 | 1,123,595 | |
Broadcom Inc. | 1,824,708 | 857,376 | |
Texas Instruments Inc. | 4,140,729 | 713,323 | |
QUALCOMM Inc. | 5,102,033 | 694,846 | |
Applied Materials Inc. | 4,119,995 | 486,942 | |
* | Micron Technology Inc. | 5,021,816 | 459,647 |
* | Advanced Micro Devices Inc. | 5,425,605 | 458,518 |
Lam Research Corp. | 649,654 | 368,477 | |
Analog Devices Inc. | 1,666,772 | 259,716 | |
NXP Semiconductors NV | 1,261,807 | 230,343 | |
KLA Corp. | 699,745 | 217,782 | |
Microchip Technology Inc. | 1,174,709 | 179,296 | |
Marvell Technology Group Ltd. | 3,023,312 | 145,966 | |
Xilinx Inc. | 1,105,830 | 144,090 | |
Skyworks Solutions Inc. | 749,239 | 133,230 | |
Maxim Integrated Products Inc. | 1,205,834 | 112,348 | |
Teradyne Inc. | 749,206 | 96,355 | |
* | Enphase Energy Inc. | 540,897 | 95,230 |
* | Qorvo Inc. | 514,534 | 89,905 |
* | ON Semiconductor Corp. | 1,855,311 | 74,713 |
Monolithic Power Systems Inc. | 193,458 | 72,454 | |
* | SolarEdge Technologies Inc. | 231,050 | 68,925 |
Entegris Inc. | 609,020 | 64,075 | |
* | Cree Inc. | 497,254 | 56,418 |
MKS Instruments Inc. | 249,240 | 41,100 | |
Universal Display Corp. | 191,532 | 40,545 | |
* | Inphi Corp. | 235,131 | 38,700 |
* | Silicon Laboratories Inc. | 197,082 | 30,694 |
* | Lattice Semiconductor Corp. | 612,224 | 29,460 |
* | First Solar Inc. | 358,156 | 29,018 |
Brooks Automation Inc. | 333,350 | 27,721 | |
Power Integrations Inc. | 269,728 | 23,836 | |
CMC Materials Inc. | 130,593 | 22,266 | |
* | Semtech Corp. | 292,834 | 21,468 |
* | Cirrus Logic Inc. | 261,486 | 21,384 |
* | Synaptics Inc. | 155,785 | 20,880 |
Advanced Energy Industries Inc. | 173,483 | 18,120 | |
* | Ambarella Inc. | 156,482 | 17,603 |
* | FormFactor Inc. | 349,456 | 15,855 |
* | Diodes Inc. | 199,732 | 15,683 |
*,1 | SunPower Corp. | 421,400 | 14,652 |
Kulicke & Soffa Industries Inc. | 279,911 | 13,956 | |
* | MACOM Technology Solutions Holdings Inc. Class H | 214,927 | 13,831 |
Shares | Market Value• ($000) | ||
* | Onto Innovation Inc. | 219,748 | 13,725 |
* | MaxLinear Inc. | 318,096 | 12,651 |
Amkor Technology Inc. | 493,266 | 11,784 | |
* | Rambus Inc. | 509,536 | 10,690 |
* | Ultra Clean Holdings Inc. | 182,955 | 8,485 |
Cohu Inc. | 191,620 | 8,326 | |
* | CEVA Inc. | 101,107 | 6,191 |
* | Axcelis Technologies Inc. | 148,535 | 5,476 |
* | Ichor Holdings Ltd. | 122,904 | 5,255 |
* | ACM Research Inc. Class A | 53,309 | 5,179 |
* | Impinj Inc. | 76,577 | 4,899 |
* | Veeco Instruments Inc. | 221,554 | 4,763 |
* | Sitime Corp. | 37,676 | 3,671 |
* | Photronics Inc. | 295,118 | 3,515 |
* | SMART Global Holdings Inc. | 68,699 | 3,208 |
* | Alpha & Omega Semiconductor Ltd. | 90,799 | 3,195 |
* | PDF Solutions Inc. | 144,272 | 2,649 |
* | NeoPhotonics Corp. | 217,048 | 2,086 |
NVE Corp. | 22,759 | 1,604 | |
9,309,573 | |||
Software (33.5%) | |||
Microsoft Corp. | 32,400,354 | 7,529,194 | |
* | Adobe Inc. | 2,163,962 | 994,708 |
* | salesforce.com Inc. | 4,105,022 | 888,737 |
Oracle Corp. | 8,828,022 | 569,496 | |
* | ServiceNow Inc. | 880,098 | 469,497 |
Intuit Inc. | 1,185,216 | 462,400 | |
* | Zoom Video Communications Inc. Class A | 878,608 | 328,257 |
* | Autodesk Inc. | 989,168 | 273,010 |
* | Workday Inc. Class A | 812,021 | 199,091 |
* | DocuSign Inc. Class A | 793,597 | 179,877 |
* | Cadence Design Systems Inc. | 1,258,284 | 177,531 |
* | Crowdstrike Holdings Inc. Class A | 790,387 | 170,724 |
* | Synopsys Inc. | 684,594 | 167,869 |
* | Palo Alto Networks Inc. | 429,559 | 153,915 |
* | Trade Desk Inc. Class A | 189,254 | 152,423 |
* | ANSYS Inc. | 387,429 | 132,109 |
* | RingCentral Inc. Class A | 339,980 | 128,567 |
* | Coupa Software Inc. | 310,629 | 107,558 |
* | Fortinet Inc. | 622,428 | 105,097 |
* | Splunk Inc. | 723,642 | 103,488 |
* | HubSpot Inc. | 196,669 | 101,285 |
* | Slack Technologies Inc. Class A | 2,070,589 | 84,749 |
* | Tyler Technologies Inc. | 181,922 | 84,306 |
* | Paycom Software Inc. | 224,367 | 83,967 |
* | Zendesk Inc. | 526,427 | 76,932 |
* | Datadog Inc. Class A | 797,877 | 76,125 |
Citrix Systems Inc. | 527,425 | 70,453 | |
SS&C Technologies Holdings Inc. | 1,039,065 | 68,869 | |
* | PTC Inc. | 500,297 | 68,511 |
* | Zscaler Inc. | 332,987 | 68,272 |
* | Cloudflare Inc. Class A | 897,118 | 66,360 |
* | Fair Isaac Corp. | 131,417 | 60,130 |
* | Nuance Communications Inc. | 1,285,328 | 57,326 |
* | Avalara Inc. | 362,473 | 56,887 |
* | Five9 Inc. | 297,710 | 55,148 |
* | Ceridian HCM Holding Inc. | 598,907 | 53,698 |
*,1 | VMware Inc. Class A | 383,316 | 52,978 |
Shares | Market Value• ($000) | ||
NortonLifeLock Inc. | 2,531,454 | 49,389 | |
* | Aspen Technology Inc. | 305,169 | 45,931 |
* | Guidewire Software Inc. | 378,362 | 41,994 |
* | Dynatrace Inc. | 827,371 | 41,170 |
* | Bill.Com Holdings Inc. | 238,037 | 39,279 |
* | Elastic NV | 273,976 | 36,820 |
* | RealPage Inc. | 414,319 | 35,955 |
* | Manhattan Associates Inc. | 286,548 | 35,231 |
* | Smartsheet Inc. Class A | 489,029 | 33,865 |
* | Paylocity Holding Corp. | 171,314 | 32,754 |
* | Anaplan Inc. | 503,341 | 32,712 |
* | Dropbox Inc. Class A | 1,423,882 | 32,101 |
* | Proofpoint Inc. | 260,197 | 31,463 |
* | Digital Turbine Inc. | 360,195 | 29,741 |
CDK Global Inc. | 549,968 | 27,575 | |
* | Blackline Inc. | 219,619 | 27,237 |
* | Q2 Holdings Inc. | 218,853 | 26,674 |
* | Nutanix Inc. Class A | 878,133 | 26,594 |
* | Varonis Systems Inc. Class B | 143,208 | 26,284 |
*,1 | Appian Corp. Class A | 145,115 | 24,945 |
* | MicroStrategy Inc. Class A | 32,743 | 24,571 |
* | Everbridge Inc. | 157,716 | 24,167 |
Pegasystems Inc. | 182,216 | 24,116 | |
* | Alteryx Inc. Class A | 243,861 | 23,313 |
* | Sailpoint Technologies Holdings Inc. | 410,280 | 23,132 |
* | J2 Global Inc. | 196,114 | 21,843 |
* | ACI Worldwide Inc. | 528,333 | 20,214 |
* | FireEye Inc. | 1,036,295 | 20,021 |
* | Teradata Corp. | 493,074 | 19,772 |
* | LivePerson Inc. | 286,845 | 18,823 |
* | Cerence Inc. | 168,932 | 18,789 |
* | Alarm.com Holdings Inc. | 200,016 | 17,577 |
* | Rapid7 Inc. | 222,366 | 16,953 |
* | Workiva Inc. Class A | 162,079 | 16,394 |
* | SPS Commerce Inc. | 159,337 | 16,050 |
* | Cloudera Inc. | 987,658 | 15,941 |
* | Envestnet Inc. | 243,761 | 15,606 |
* | 8x8 Inc. | 455,952 | 15,598 |
Blackbaud Inc. | 225,152 | 15,495 | |
* | Medallia Inc. | 365,216 | 14,744 |
* | Verint Systems Inc. | 295,174 | 14,549 |
* | Qualys Inc. | 149,667 | 14,542 |
* | New Relic Inc. | 234,756 | 14,353 |
* | Box Inc. Class A | 702,971 | 12,900 |
* | 2U Inc. | 325,227 | 12,889 |
* | CommVault Systems Inc. | 201,986 | 12,873 |
* | Cornerstone OnDemand Inc. | 247,439 | 12,501 |
* | Appfolio Inc. Class A | 73,494 | 12,055 |
* | Mimecast Ltd. | 273,039 | 11,708 |
* | Altair Engineering Inc. Class A | 185,406 | 11,419 |
* | Avaya Holdings Corp. | 372,892 | 11,064 |
* | Pluralsight Inc. Class A | 513,127 | 10,565 |
* | Tenable Holdings Inc. | 256,026 | 10,474 |
Xperi Holding Corp. | 474,592 | 10,014 | |
* | SVMK Inc. | 513,717 | 9,565 |
* | Bottomline Technologies DE Inc. | 203,484 | 9,132 |
* | Qualtrics International Inc. Class A | 236,082 | 8,971 |
InterDigital Inc. | 140,356 | 8,894 | |
* | PROS Holdings Inc. | 185,672 | 8,801 |
Progress Software Corp. | 205,988 | 8,763 |
Shares | Market Value• ($000) | ||
* | Zuora Inc. Class A | 477,857 | 7,134 |
* | Yext Inc. | 379,423 | 6,420 |
* | Domo Inc. Class B | 98,294 | 6,264 |
* | Sprout Social Inc. Class A | 86,706 | 5,893 |
* | Upland Software Inc. | 110,671 | 5,471 |
* | Agilysys Inc. | 89,505 | 5,334 |
* | Model N Inc. | 120,500 | 5,103 |
* | PagerDuty Inc. | 105,925 | 4,739 |
* | SolarWinds Corp. | 288,174 | 4,666 |
* | Ping Identity Holding Corp. | 163,058 | 3,820 |
QAD Inc. Class A | 56,339 | 3,617 | |
* | OneSpan Inc. | 143,408 | 3,350 |
*,1 | JFrog Ltd. | 60,373 | 3,229 |
American Software Inc. Class A | 142,973 | 2,888 | |
* | Mitek Systems Inc. | 185,374 | 2,833 |
Ebix Inc. | 110,654 | 2,698 | |
* | A10 Networks Inc. | 224,672 | 2,098 |
* | Digimarc Corp. | 56,125 | 2,054 |
* | Benefitfocus Inc. | 131,533 | 1,999 |
VirnetX Holding Corp. | 286,951 | 1,997 | |
* | Zix Corp. | 255,814 | 1,888 |
* | ShotSpotter Inc. | 35,696 | 1,499 |
* | Intelligent Systems Corp. | 24,281 | 964 |
15,852,367 | |||
Technology Hardware, Storage & Peripherals (21.1%) | |||
Apple Inc. | 76,696,316 | 9,300,195 | |
HP Inc. | 6,196,295 | 179,507 | |
Western Digital Corp. | 1,372,719 | 94,072 | |
* | Dell Technologies Class C | 1,119,327 | 90,744 |
Hewlett Packard Enterprise Co. | 5,805,441 | 84,527 | |
Seagate Technology plc | 1,041,570 | 76,274 | |
NetApp Inc. | 999,784 | 62,587 | |
* | Pure Storage Inc. Class A | 1,090,114 | 25,487 |
* | NCR Corp. | 582,062 | 20,233 |
* | 3D Systems Corp. | 560,409 | 20,085 |
Xerox Holdings Corp. | 761,825 | 19,411 | |
* | Super Micro Computer Inc. | 198,166 | 6,466 |
* | Diebold Nixdorf Inc. | 313,990 | 4,559 |
* | Avid Technology Inc. | 147,386 | 2,858 |
9,987,005 | |||
Total Common Stocks (Cost $26,764,129) | 47,327,748 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.099% (Cost $161,211) | 1,612,551 | 161,255 |
Total Investments (100.4%) (Cost $26,925,340) | 47,489,003 | ||
Other Assets and Liabilities— Net (-0.4%) | (166,037) | ||
Net Assets (100.0%) | 47,322,966 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $52,477,000. |
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 $55,344,000 was received for securities on loan, of which $55,327,000 is held in Vanguard Market Liquidity Fund and $17,000 is held in cash. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini NASDAQ 100 Index | March 2021 | 280 | 72,302 | (1,766) |
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) |
Visa Inc. | 8/31/21 | BOANA | 106,195 | (0.120) | 159 | — |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BOANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $26,764,129) | 47,327,748 |
Affiliated Issuers (Cost $161,211) | 161,255 |
Total Investments in Securities | 47,489,003 |
Investment in Vanguard | 1,767 |
Cash | 17 |
Cash Collateral Pledged—Futures Contracts | 3,240 |
Receivables for Investment Securities Sold | 229,461 |
Receivables for Accrued Income | 40,493 |
Receivables for Capital Shares Issued | 23,885 |
Variation Margin Receivable—Futures Contracts | 267 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 159 |
Total Assets | 47,788,292 |
Liabilities | |
Due to Custodian | 1,003 |
Payables for Investment Securities Purchased | 218,759 |
Collateral for Securities on Loan | 55,344 |
Payables for Capital Shares Redeemed | 187,924 |
Payables to Vanguard | 2,296 |
Total Liabilities | 465,326 |
Net Assets | 47,322,966 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 25,285,710 |
Total Distributable Earnings (Loss) | 22,037,256 |
Net Assets | 47,322,966 |
ETF Shares—Net Assets | |
Applicable to 116,339,025 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 41,483,558 |
Net Asset Value Per Share—ETF Shares | $356.57 |
Admiral Shares—Net Assets | |
Applicable to 31,982,286 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,839,408 |
Net Asset Value Per Share—Admiral Shares | $182.58 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 196,028 |
Interest1 | 65 |
Securities Lending—Net | 469 |
Total Income | 196,562 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,345 |
Management and Administrative— ETF Shares | 17,449 |
Management and Administrative— Admiral Shares | 2,322 |
Marketing and Distribution— ETF Shares | 652 |
Marketing and Distribution— Admiral Shares | 146 |
Custodian Fees | 65 |
Shareholders’ Reports—ETF Shares | 131 |
Shareholders’ Reports—Admiral Shares | 11 |
Trustees’ Fees and Expenses | 6 |
Total Expenses | 22,127 |
Net Investment Income | 174,435 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 1,668,419 |
Futures Contracts | 7,451 |
Swap Contracts | 11,279 |
Realized Net Gain (Loss) | 1,687,149 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 2,006,904 |
Futures Contracts | (5,046) |
Swap Contracts | (10,782) |
Change in Unrealized Appreciation (Depreciation) | 1,991,076 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,852,660 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $65,000, $2,000, and ($2,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $1,688,224,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 174,435 | 353,521 | |
Realized Net Gain (Loss) | 1,687,149 | 1,451,240 | |
Change in Unrealized Appreciation (Depreciation) | 1,991,076 | 13,001,468 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,852,660 | 14,806,229 | |
Distributions | |||
ETF Shares | (164,001) | (318,133) | |
Admiral Shares | (22,078) | (38,529) | |
Total Distributions | (186,079) | (356,662) | |
Capital Share Transactions | |||
ETF Shares | (451,499) | 5,140,709 | |
Admiral Shares | 247,726 | 1,061,125 | |
Net Increase (Decrease) from Capital Share Transactions | (203,773) | 6,201,834 | |
Total Increase (Decrease) | 3,462,808 | 20,651,401 | |
Net Assets | |||
Beginning of Period | 43,860,158 | 23,208,757 | |
End of Period | 47,322,966 | 43,860,158 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $328.54 | $213.66 | $202.82 | $151.19 | $117.82 | $102.35 |
Investment Operations | ||||||
Net Investment Income | 1.3111 | 2.9261 | 2.5721 | 1.9211 | 1.6461 | 1.566 |
Net Realized and Unrealized Gain (Loss) on Investments | 28.116 | 114.955 | 10.792 | 51.430 | 33.329 | 16.049 |
Total from Investment Operations | 29.427 | 117.881 | 13.364 | 53.351 | 34.975 | 17.615 |
Distributions | ||||||
Dividends from Net Investment Income | (1.397) | (3.001) | (2.524) | (1.721) | (1.605) | (2.145) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.397) | (3.001) | (2.524) | (1.721) | (1.605) | (2.145) |
Net Asset Value, End of Period | $356.57 | $328.54 | $213.66 | $202.82 | $151.19 | $117.82 |
Total Return | 9.00% | 55.72% | 6.70% | 35.52% | 29.93% | 17.48% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $41,484 | $38,711 | $20,738 | $22,595 | $14,638 | $9,429 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.78% | 1.17% | 1.32% | 1.10% | 1.24% | 1.50% |
Portfolio Turnover Rate2 | 1% | 5% | 5% | 7% | 6% | 5% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $168.23 | $109.40 | $103.86 | $77.42 | $60.33 | $52.41 |
Investment Operations | ||||||
Net Investment Income | .6741 | 1.5041 | 1.3261 | 1.0011 | .8501 | .802 |
Net Realized and Unrealized Gain (Loss) on Investments | 14.393 | 58.864 | 5.509 | 26.324 | 17.062 | 8.216 |
Total from Investment Operations | 15.067 | 60.368 | 6.835 | 27.325 | 17.912 | 9.018 |
Distributions | ||||||
Dividends from Net Investment Income | (.717) | (1.538) | (1.295) | (.885) | (.822) | (1.098) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.717) | (1.538) | (1.295) | (.885) | (.822) | (1.098) |
Net Asset Value, End of Period | $182.58 | $168.23 | $109.40 | $103.86 | $77.42 | $60.33 |
Total Return2 | 9.00% | 55.78% | 6.70% | 35.54% | 29.94% | 17.49% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,839 | $5,149 | $2,470 | $2,033 | $933 | $456 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.78% | 1.17% | 1.32% | 1.10% | 1.24% | 1.50% |
Portfolio Turnover Rate3 | 1% | 5% | 5% | 7% | 6% | 5% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 47,327,748 | — | — | 47,327,748 |
Temporary Cash Investments | 161,255 | — | — | 161,255 |
Total | 47,489,003 | — | — | 47,489,003 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 159 | — | 159 |
Liabilities | ||||
Futures Contracts1 | 1,766 | — | — | 1,766 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 26,944,155 |
Gross Unrealized Appreciation | 20,846,096 |
Gross Unrealized Depreciation | (303,014) |
Net Unrealized Appreciation (Depreciation) | 20,543,082 |
E. | During the six months ended February 28, 2021, the fund purchased $3,070,692,000 of investment securities and sold $3,104,553,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,998,574,000 and $2,579,779,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 2,312,264 | 6,836 | 7,928,607 | 32,065 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (2,763,763) | (8,325) | (2,787,898) | (11,300) | |
Net Increase (Decrease)—ETF Shares | (451,499) | (1,489) | 5,140,709 | 20,765 | |
Admiral Shares | |||||
Issued | 1,212,342 | 6,988 | 2,339,727 | 18,276 | |
Issued in Lieu of Cash Distributions | 20,040 | 121 | 35,023 | 293 | |
Redeemed | (984,656) | (5,738) | (1,313,625) | (10,540) | |
Net Increase (Decrease)—Admiral Shares | 247,726 | 1,371 | 1,061,125 | 8,029 |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
Aluminum | 0.8% |
Commodity Chemicals | 8.7 |
Construction Materials | 4.9 |
Copper | 4.5 |
Diversified Chemicals | 2.2 |
Diversified Metals & Mining | 0.3 |
Fertilizers & Agricultural Chemicals | 7.1 |
Forest Products | 0.5 |
Gold | 4.9 |
Industrial Gases | 17.0 |
Metal & Glass Containers | 5.8 |
Paper Packaging | 8.3 |
Paper Products | 0.6 |
Silver | 0.3 |
Specialty Chemicals | 28.6 |
Steel | 5.5 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Chemicals (63.4%) | |||
* | Linde plc | 1,639,678 | 400,524 |
Air Products and Chemicals Inc. | 690,497 | 176,505 | |
Sherwin-Williams Co. | 255,364 | 173,734 | |
Ecolab Inc. | 802,569 | 168,026 | |
Dow Inc. | 2,317,249 | 137,436 | |
DuPont de Nemours Inc. | 1,675,829 | 117,844 | |
Corteva Inc. | 2,327,567 | 105,090 | |
PPG Industries Inc. | 737,883 | 99,481 | |
International Flavors & Fragrances Inc. | 674,156 | 91,355 | |
LyondellBasell Industries NV Class A | 834,544 | 86,033 | |
Albemarle Corp. | 359,107 | 56,455 | |
Celanese Corp. Class A | 365,180 | 50,727 | |
Eastman Chemical Co. | 423,127 | 46,231 | |
FMC Corp. | 405,331 | 41,218 | |
Mosaic Co. | 1,125,029 | 33,076 | |
RPM International Inc. | 405,908 | 32,327 | |
CF Industries Holdings Inc. | 668,247 | 30,258 | |
Scotts Miracle-Gro Co. | 130,656 | 27,849 | |
* | Axalta Coating Systems Ltd. | 661,883 | 18,096 |
Huntsman Corp. | 620,761 | 16,947 | |
Olin Corp. | 493,498 | 15,269 | |
Valvoline Inc. | 578,658 | 14,443 | |
Ashland Global Holdings Inc. | 170,278 | 14,324 | |
Element Solutions Inc. | 695,308 | 12,550 | |
Avient Corp. | 286,124 | 12,366 | |
Chemours Co. | 514,137 | 12,098 | |
Balchem Corp. | 101,248 | 12,085 | |
Quaker Chemical Corp. | 41,787 | 11,800 | |
W R Grace & Co. | 175,604 | 10,406 | |
NewMarket Corp. | 27,292 | 10,343 | |
Sensient Technologies Corp. | 132,285 | 10,298 | |
Westlake Chemical Corp. | 119,559 | 10,233 | |
HB Fuller Co. | 161,798 | 9,072 | |
* | Ingevity Corp. | 129,009 | 8,964 |
Cabot Corp. | 177,110 | 8,719 | |
* | Livent Corp. | 457,628 | 8,521 |
Innospec Inc. | 76,823 | 7,717 | |
Stepan Co. | 63,355 | 7,646 | |
Minerals Technologies Inc. | 106,688 | 7,599 | |
Trinseo SA | 95,830 | 6,201 | |
Tronox Holdings plc Class A | 323,286 | 5,929 | |
* | Kraton Corp. | 99,825 | 3,713 |
* | GCP Applied Technologies Inc. | 148,618 | 3,684 |
* | Ferro Corp. | 230,606 | 3,660 |
Orion Engineered Carbons SA | 189,535 | 3,355 | |
Chase Corp. | 23,528 | 2,534 | |
* | AdvanSix Inc. | 87,340 | 2,428 |
* | Koppers Holdings Inc. | 65,556 | 2,190 |
Shares | Market Value• ($000) | ||
Hawkins Inc. | 29,911 | 1,873 | |
* | Rayonier Advanced Materials Inc. | 187,319 | 1,733 |
American Vanguard Corp. | 84,653 | 1,652 | |
Tredegar Corp. | 83,116 | 1,267 | |
FutureFuel Corp. | 81,823 | 1,201 | |
Kronos Worldwide Inc. | 71,210 | 1,029 | |
* | Intrepid Potash Inc. | 30,745 | 913 |
* | Venator Materials plc | 181,177 | 694 |
2,157,721 | |||
Construction Materials (4.9%) | |||
Vulcan Materials Co. | 413,999 | 69,134 | |
Martin Marietta Materials Inc. | 194,559 | 65,541 | |
Eagle Materials Inc. | 124,090 | 15,558 | |
* | Summit Materials Inc. Class A | 356,180 | 9,870 |
* | U.S. Concrete Inc. | 49,353 | 2,540 |
* | Forterra Inc. | 92,613 | 2,155 |
164,798 | |||
Containers & Packaging (14.0%) | |||
Ball Corp. | 1,021,877 | 87,258 | |
International Paper Co. | 1,166,763 | 57,930 | |
Amcor plc | 4,425,249 | 48,412 | |
Avery Dennison Corp. | 260,614 | 45,662 | |
Crown Holdings Inc. | 420,810 | 40,213 | |
Packaging Corp. of America | 296,379 | 39,128 | |
Westrock Co. | 820,721 | 35,775 | |
AptarGroup Inc. | 202,221 | 26,303 | |
* | Berry Global Group Inc. | 417,153 | 23,110 |
Sealed Air Corp. | 484,245 | 20,290 | |
Sonoco Products Co. | 313,650 | 18,684 | |
Graphic Packaging Holding Co. | 845,810 | 13,423 | |
Silgan Holdings Inc. | 242,440 | 9,106 | |
O-I Glass Inc. | 467,149 | 5,456 | |
Greif Inc. Class A | 78,596 | 3,796 | |
Myers Industries Inc. | 94,325 | 2,088 | |
* | UFP Technologies Inc. | 21,009 | 1,041 |
477,675 | |||
Metals & Mining (16.4%) | |||
Freeport-McMoRan Inc. | 4,538,578 | 153,903 | |
Newmont Corp. | 2,509,748 | 136,480 | |
Nucor Corp. | 943,379 | 56,433 | |
Steel Dynamics Inc. | 657,388 | 27,334 | |
Reliance Steel & Aluminum Co. | 199,256 | 26,342 | |
Royal Gold Inc. | 204,767 | 21,236 | |
Cleveland-Cliffs Inc. | 1,479,385 | 19,735 | |
* | Alcoa Corp. | 581,732 | 14,282 |
U.S. Steel Corp. | 820,009 | 13,620 | |
Hecla Mining Co. | 1,659,483 | 10,836 | |
Commercial Metals Co. | 375,301 | 9,439 | |
* | Allegheny Technologies Inc. | 397,432 | 7,813 |
Worthington Industries Inc. | 119,044 | 7,606 | |
* | Coeur Mining Inc. | 764,576 | 6,889 |
Shares | Market Value• ($000) | ||
* | Arconic Corp. | 307,083 | 6,731 |
Compass Minerals International Inc. | 106,625 | 6,727 | |
Carpenter Technology Corp. | 149,673 | 6,086 | |
Kaiser Aluminum Corp. | 49,219 | 5,616 | |
Materion Corp. | 63,272 | 4,333 | |
Warrior Met Coal Inc. | 158,967 | 3,047 | |
Schnitzer Steel Industries Inc. Class A | 83,556 | 2,886 | |
* | Century Aluminum Co. | 167,050 | 2,294 |
SunCoke Energy Inc. | 258,188 | 1,650 | |
*,1 | McEwen Mining Inc. | 1,094,979 | 1,215 |
Haynes International Inc. | 39,140 | 1,093 | |
* | TimkenSteel Corp. | 112,619 | 910 |
* | Alpha Metallurgical Resource | 53,244 | 799 |
* | Ryerson Holding Corp. | 53,549 | 682 |
556,017 | |||
Paper & Forest Products (1.1%) | |||
Louisiana-Pacific Corp. | 341,669 | 16,267 | |
Domtar Corp. | 172,489 | 6,391 | |
Schweitzer-Mauduit International Inc. | 98,210 | 4,586 | |
Neenah Inc. | 52,300 | 2,893 | |
Glatfelter Corp. | 138,445 | 2,222 | |
Mercer International Inc. | 133,565 | 2,053 | |
* | Clearwater Paper Corp. | 51,517 | 1,804 |
Verso Corp. Class A | 83,164 | 1,039 | |
37,255 | |||
Total Common Stocks (Cost $3,106,346) | 3,393,466 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.099% (Cost $11,335) | 113,356 | 11,336 |
Total Investments (100.1%) (Cost $3,117,681) | 3,404,802 | ||
Other Assets and Liabilities— Net (-0.1%) | (2,429) | ||
Net Assets (100.0%) | 3,402,373 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $108,000. |
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 $195,000 was received for securities on loan, of which $190,000 is held in Vanguard Market Liquidity Fund and $5,000 is held in cash. |
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) |
Amcor plc | 8/31/21 | BOANA | 5,197 | (0.120) | 55 | — |
International Flavors & Fragrances Inc. | 1/31/22 | GSI | 3,422 | (0.192) | — | (34) |
55 | (34) |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BOANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,106,346) | 3,393,466 |
Affiliated Issuers (Cost $11,335) | 11,336 |
Total Investments in Securities | 3,404,802 |
Investment in Vanguard | 120 |
Cash | 5 |
Receivables for Investment Securities Sold | 2,913 |
Receivables for Accrued Income | 5,502 |
Receivables for Capital Shares Issued | 2,468 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 55 |
Total Assets | 3,415,865 |
Liabilities | |
Due to Custodian | 97 |
Payables for Investment Securities Purchased | 12,165 |
Collateral for Securities on Loan | 195 |
Payables for Capital Shares Redeemed | 843 |
Payables to Vanguard | 158 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 34 |
Total Liabilities | 13,492 |
Net Assets | 3,402,373 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 3,148,014 |
Total Distributable Earnings (Loss) | 254,359 |
Net Assets | 3,402,373 |
ETF Shares—Net Assets | |
Applicable to 16,403,231 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,627,680 |
Net Asset Value Per Share—ETF Shares | $160.19 |
Admiral Shares—Net Assets | |
Applicable to 9,491,586 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 774,693 |
Net Asset Value Per Share—Admiral Shares | $81.62 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 24,936 |
Interest1 | 3 |
Securities Lending—Net | 45 |
Total Income | 24,984 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 212 |
Management and Administrative— ETF Shares | 834 |
Management and Administrative— Admiral Shares | 263 |
Marketing and Distribution— ETF Shares | 51 |
Marketing and Distribution— Admiral Shares | 18 |
Custodian Fees | 9 |
Shareholders’ Reports—ETF Shares | 5 |
Shareholders’ Reports—Admiral Shares | 3 |
Trustees’ Fees and Expenses | — |
Total Expenses | 1,395 |
Net Investment Income | 23,589 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 46,564 |
Swap Contracts | 790 |
Realized Net Gain (Loss) | 47,354 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 407,729 |
Swap Contracts | (352) |
Change in Unrealized Appreciation (Depreciation) | 407,377 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 478,320 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,000, $0, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $64,308,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 23,589 | 45,709 | |
Realized Net Gain (Loss) | 47,354 | 56,831 | |
Change in Unrealized Appreciation (Depreciation) | 407,377 | 119,751 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 478,320 | 222,291 | |
Distributions | |||
ETF Shares | (19,115) | (36,101) | |
Admiral Shares | (6,319) | (10,501) | |
Total Distributions | (25,434) | (46,602) | |
Capital Share Transactions | |||
ETF Shares | 612,345 | (371,010) | |
Admiral Shares | 78,596 | 50,384 | |
Net Increase (Decrease) from Capital Share Transactions | 690,941 | (320,626) | |
Total Increase (Decrease) | 1,143,827 | (144,937) | |
Net Assets | |||
Beginning of Period | 2,258,546 | 2,403,483 | |
End of Period | 3,402,373 | 2,258,546 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $134.84 | $122.80 | $134.33 | $124.29 | $108.16 | $96.39 |
Investment Operations | ||||||
Net Investment Income | 1.2591 | 2.5221 | 2.5011 | 2.2851 | 2.1751 | 1.980 |
Net Realized and Unrealized Gain (Loss) on Investments | 25.506 | 12.053 | (11.541) | 9.961 | 16.072 | 12.770 |
Total from Investment Operations | 26.765 | 14.575 | (9.040) | 12.246 | 18.247 | 14.750 |
Distributions | ||||||
Dividends from Net Investment Income | (1.415) | (2.535) | (2.490) | (2.206) | (2.117) | (2.980) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.415) | (2.535) | (2.490) | (2.206) | (2.117) | (2.980) |
Net Asset Value, End of Period | $160.19 | $134.84 | $122.80 | $134.33 | $124.29 | $108.16 |
Total Return | 19.94% | 12.12% | -6.73% | 9.91% | 17.06% | 15.83% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,628 | $1,676 | $1,921 | $2,749 | $1,913 | $1,448 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.67% | 2.05% | 2.04% | 1.71% | 1.87% | 2.06% |
Portfolio Turnover Rate2 | 3% | 4% | 4% | 5% | 5% | 6% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $68.70 | $62.57 | $68.45 | $63.33 | $55.11 | $49.12 |
Investment Operations | ||||||
Net Investment Income | .6461 | 1.2941 | 1.2821 | 1.1591 | 1.1041 | 1.008 |
Net Realized and Unrealized Gain (Loss) on Investments | 12.995 | 6.130 | (5.892) | 5.084 | 8.195 | 6.505 |
Total from Investment Operations | 13.641 | 7.424 | (4.610) | 6.243 | 9.299 | 7.513 |
Distributions | ||||||
Dividends from Net Investment Income | (.721) | (1.294) | (1.270) | (1.123) | (1.079) | (1.523) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.721) | (1.294) | (1.270) | (1.123) | (1.079) | (1.523) |
Net Asset Value, End of Period | $81.62 | $68.70 | $62.57 | $68.45 | $63.33 | $55.11 |
Total Return2 | 19.96% | 12.14% | -6.74% | 9.91% | 17.06% | 15.80% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $775 | $583 | $482 | $452 | $372 | $235 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.69% | 2.08% | 2.04% | 1.71% | 1.87% | 2.06% |
Portfolio Turnover Rate3 | 3% | 4% | 4% | 5% | 5% | 6% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 3,393,466 | — | — | 3,393,466 |
Temporary Cash Investments | 11,336 | — | — | 11,336 |
Total | 3,404,802 | — | — | 3,404,802 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 55 | — | 55 |
Liabilities | ||||
Swap Contracts | — | 34 | — | 34 |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 3,123,477 |
Gross Unrealized Appreciation | 429,954 |
Gross Unrealized Depreciation | (148,629) |
Net Unrealized Appreciation (Depreciation) | 281,325 |
E. | During the six months ended February 28, 2021, the fund purchased $974,494,000 of investment securities and sold $284,540,000 of investment securities, other than temporary cash investments. Purchases and sales include $796,811,000 and $208,786,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 821,144 | 5,327 | 449,882 | 3,931 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (208,799) | (1,350) | (820,892) | (7,150) | |
Net Increase (Decrease)—ETF Shares | 612,345 | 3,977 | (371,010) | (3,219) | |
Admiral Shares | |||||
Issued | 158,681 | 2,042 | 170,584 | 2,794 | |
Issued in Lieu of Cash Distributions | 5,857 | 79 | 9,703 | 159 | |
Redeemed | (85,942) | (1,114) | (129,903) | (2,174) | |
Net Increase (Decrease)—Admiral Shares | 78,596 | 1,007 | 50,384 | 779 |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
Electric Utilities | 59.8% |
Gas Utilities | 4.6 |
Independent Power Producers & Energy Traders | 3.0 |
Multi-Utilities | 26.7 |
Renewable Electricity | 1.2 |
Water Utilities | 4.7 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Electric Utilities (59.7%) | |||
NextEra Energy Inc. | 11,173,079 | 820,998 | |
Duke Energy Corp. | 4,197,378 | 359,254 | |
Southern Co. | 6,024,061 | 341,685 | |
Exelon Corp. | 5,563,956 | 214,769 | |
American Electric Power Co. Inc. | 2,831,049 | 211,904 | |
Xcel Energy Inc. | 2,996,807 | 175,583 | |
Eversource Energy | 1,955,206 | 155,400 | |
Edison International | 2,158,768 | 116,552 | |
PPL Corp. | 4,384,888 | 114,840 | |
FirstEnergy Corp. | 3,094,524 | 102,553 | |
Entergy Corp. | 1,141,982 | 99,135 | |
* | PG&E Corp. | 8,488,653 | 89,216 |
Evergy Inc. | 1,293,691 | 69,381 | |
Alliant Energy Corp. | 1,424,448 | 65,752 | |
NRG Energy Inc. | 1,392,837 | 50,852 | |
Pinnacle West Capital Corp. | 642,177 | 44,907 | |
OGE Energy Corp. | 1,140,780 | 33,391 | |
IDACORP Inc. | 287,847 | 24,824 | |
Hawaiian Electric Industries Inc. | 622,474 | 21,762 | |
Portland General Electric Co. | 510,298 | 21,514 | |
PNM Resources Inc. | 431,481 | 20,715 | |
ALLETE Inc. | 296,337 | 18,411 | |
Avangrid Inc. | 352,162 | 16,115 | |
MGE Energy Inc. | 206,239 | 13,137 | |
Otter Tail Corp. | 211,038 | 8,551 | |
Spark Energy Inc. Class A | 67,016 | 668 | |
3,211,869 | |||
Gas Utilities (4.5%) | |||
Atmos Energy Corp. | 717,939 | 60,745 | |
UGI Corp. | 1,188,631 | 45,536 | |
New Jersey Resources Corp. | 547,042 | 21,493 | |
National Fuel Gas Co. | 466,858 | 21,214 |
Shares | Market Value• ($000) | ||
ONE Gas Inc. | 302,881 | 20,284 | |
* | Southwest Gas Holdings Inc. | 321,994 | 20,076 |
Spire Inc. | 294,500 | 19,561 | |
South Jersey Industries Inc. | 573,619 | 14,404 | |
Chesapeake Utilities Corp. | 99,599 | 10,531 | |
Northwest Natural Holding Co. | 174,208 | 8,360 | |
Star Group LP | 238,378 | 2,296 | |
244,500 | |||
Independent Power and Renewable Electricity Producers (4.2%) | |||
AES Corp. | 3,793,260 | 100,749 | |
Vistra Corp. | 2,510,584 | 43,308 | |
NextEra Energy Partners LP | 395,416 | 28,723 | |
Ormat Technologies Inc. | 251,888 | 21,579 | |
* | Sunnova Energy International Inc. | 293,777 | 13,173 |
Clearway Energy Inc. Class C | 398,880 | 10,953 | |
Clearway Energy Inc. Class A | 232,974 | 6,092 | |
224,577 | |||
Multi-Utilities (26.6%) | |||
Dominion Energy Inc. | 4,653,006 | 317,894 | |
Sempra Energy | 1,565,229 | 181,535 | |
Public Service Enterprise Group Inc. | 2,884,958 | 155,297 | |
WEC Energy Group Inc. | 1,799,003 | 145,072 | |
DTE Energy Co. | 1,103,906 | 129,952 | |
Consolidated Edison Inc. | 1,909,794 | 125,378 | |
Ameren Corp. | 1,309,869 | 92,045 | |
CMS Energy Corp. | 1,633,024 | 88,363 | |
CenterPoint Energy Inc. | 3,107,241 | 60,405 | |
NiSource Inc. | 2,185,543 | 47,208 | |
MDU Resources Group Inc. | 1,143,607 | 32,135 |
Shares | Market Value• ($000) | ||
Black Hills Corp. | 357,696 | 21,161 | |
NorthWestern Corp. | 288,667 | 16,881 | |
Avista Corp. | 392,048 | 15,764 | |
Unitil Corp. | 85,640 | 3,583 | |
1,432,673 | |||
Water Utilities (4.7%) | |||
American Water Works Co. Inc. | 1,033,826 | 146,679 | |
Essential Utilities Inc. | 1,328,885 | 55,893 | |
California Water Service Group | 284,222 | 15,618 | |
American States Water Co. | 210,508 | 15,377 | |
SJW Group | 146,310 | 9,171 | |
Middlesex Water Co. | 99,661 | 6,844 | |
York Water Co. | 74,601 | 3,104 | |
252,686 | |||
Total Common Stocks (Cost $5,331,461) | 5,366,305 | ||
Temporary Cash Investments (0.0%) | |||
Money Market Fund (0.0%) | |||
1 | Vanguard Market Liquidity Fund, 0.099% (Cost $1,153) | 11,531 | 1,153 |
Total Investments (99.7%) (Cost $5,332,614) | 5,367,458 | ||
Other Assets and Liabilities— Net (0.3%) | 16,154 | ||
Net Assets (100.0%) | 5,383,612 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
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) |
Ameren Corp. | 1/31/22 | GSI | 7,266 | (0.108) | — | (239) |
Sempra Energy | 8/31/21 | BOANA | 9,278 | (0.120) | — | (2) |
— | (241) |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BOANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $5,331,461) | 5,366,305 |
Affiliated Issuers (Cost $1,153) | 1,153 |
Total Investments in Securities | 5,367,458 |
Investment in Vanguard | 216 |
Receivables for Investment Securities Sold | 10,979 |
Receivables for Accrued Income | 23,369 |
Receivables for Capital Shares Issued | 2,569 |
Total Assets | 5,404,591 |
Liabilities | |
Payables for Investment Securities Purchased | 18,250 |
Payables for Capital Shares Redeemed | 2,226 |
Payables to Vanguard | 262 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 241 |
Total Liabilities | 20,979 |
Net Assets | 5,383,612 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 5,408,961 |
Total Distributable Earnings (Loss) | (25,349) |
Net Assets | 5,383,612 |
ETF Shares—Net Assets | |
Applicable to 31,975,886 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,100,629 |
Net Asset Value Per Share—ETF Shares | $128.24 |
Admiral Shares—Net Assets | |
Applicable to 19,940,781 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,282,983 |
Net Asset Value Per Share—Admiral Shares | $64.34 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 89,629 |
Interest1 | 5 |
Securities Lending—Net | 3 |
Total Income | 89,637 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 425 |
Management and Administrative— ETF Shares | 1,672 |
Management and Administrative— Admiral Shares | 521 |
Marketing and Distribution— ETF Shares | 102 |
Marketing and Distribution— Admiral Shares | 37 |
Custodian Fees | 11 |
Shareholders’ Reports—ETF Shares | 22 |
Shareholders’ Reports—Admiral Shares | 6 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 2,797 |
Net Investment Income | 86,840 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 69,723 |
Swap Contracts | (1,345) |
Realized Net Gain (Loss) | 68,378 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (102,241) |
Swap Contracts | 102 |
Change in Unrealized Appreciation (Depreciation) | (102,139) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 53,079 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $97,714,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 86,840 | 174,764 | |
Realized Net Gain (Loss) | 68,378 | 226,378 | |
Change in Unrealized Appreciation (Depreciation) | (102,139) | (672,889) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 53,079 | (271,747) | |
Distributions | |||
ETF Shares | (70,246) | (131,064) | |
Admiral Shares | (21,973) | (41,364) | |
Total Distributions | (92,219) | (172,428) | |
Capital Share Transactions | |||
ETF Shares | 114,174 | 241,730 | |
Admiral Shares | 13,314 | 124,351 | |
Net Increase (Decrease) from Capital Share Transactions | 127,488 | 366,081 | |
Total Increase (Decrease) | 88,348 | (78,094) | |
Net Assets | |||
Beginning of Period | 5,295,264 | 5,373,358 | |
End of Period | 5,383,612 | 5,295,264 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $129.35 | $139.09 | $119.32 | $120.75 | $107.35 | $91.41 |
Investment Operations | ||||||
Net Investment Income | 2.0831 | 4.3061 | 4.0871 | 3.7571 | 3.6971 | 3.355 |
Net Realized and Unrealized Gain (Loss) on Investments | (.977) | (9.802) | 19.562 | (1.434) | 13.374 | 15.889 |
Total from Investment Operations | 1.106 | (5.496) | 23.649 | 2.323 | 17.071 | 19.244 |
Distributions | ||||||
Dividends from Net Investment Income | (2.216) | (4.244) | (3.879) | (3.753) | (3.671) | (3.304) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.216) | (4.244) | (3.879) | (3.753) | (3.671) | (3.304) |
Net Asset Value, End of Period | $128.24 | $129.35 | $139.09 | $119.32 | $120.75 | $107.35 |
Total Return | 0.81% | -4.08% | 20.17% | 2.05% | 16.27% | 21.40% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,101 | $4,014 | $4,107 | $2,809 | $2,689 | $2,249 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 3.10% | 3.18% | 3.22% | 3.25% | 3.33% | 3.38% |
Portfolio Turnover Rate2 | 3% | 5% | 4% | 4% | 4% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $64.89 | $69.78 | $59.86 | $60.58 | $53.86 | $45.86 |
Investment Operations | ||||||
Net Investment Income | 1.0491 | 2.1631 | 2.0381 | 1.8831 | 1.8631 | 1.683 |
Net Realized and Unrealized Gain (Loss) on Investments | (.487) | (4.924) | 9.828 | (.719) | 6.698 | 7.974 |
Total from Investment Operations | .562 | (2.761) | 11.866 | 1.164 | 8.561 | 9.657 |
Distributions | ||||||
Dividends from Net Investment Income | (1.112) | (2.129) | (1.946) | (1.884) | (1.841) | (1.657) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.112) | (2.129) | (1.946) | (1.884) | (1.841) | (1.657) |
Net Asset Value, End of Period | $64.34 | $64.89 | $69.78 | $59.86 | $60.58 | $53.86 |
Total Return2 | 0.83% | -4.05% | 20.19% | 2.04% | 16.24% | 21.42% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,283 | $1,281 | $1,266 | $868 | $845 | $704 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 3.11% | 3.18% | 3.22% | 3.25% | 3.33% | 3.38% |
Portfolio Turnover Rate3 | 3% | 5% | 4% | 4% | 4% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 5,366,305 | — | — | 5,366,305 |
Temporary Cash Investments | 1,153 | — | — | 1,153 |
Total | 5,367,458 | — | — | 5,367,458 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 241 | — | 241 |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 5,345,920 |
Gross Unrealized Appreciation | 449,581 |
Gross Unrealized Depreciation | (428,043) |
Net Unrealized Appreciation (Depreciation) | 21,538 |
E. | During the six months ended February 28, 2021, the fund purchased $673,312,000 of investment securities and sold $553,233,000 of investment securities, other than temporary cash investments. Purchases and sales include $427,585,000 and $392,086,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 506,942 | 3,818 | 1,271,911 | 9,330 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (392,768) | (2,875) | (1,030,181) | (7,825) | |
Net Increase (Decrease)—ETF Shares | 114,174 | 943 | 241,730 | 1,505 | |
Admiral Shares | |||||
Issued | 220,074 | 3,226 | 569,278 | 8,372 | |
Issued in Lieu of Cash Distributions | 17,726 | 268 | 33,444 | 493 | |
Redeemed | (224,486) | (3,297) | (4,783,710) | (7,268) | |
Net Increase (Decrease)—Admiral Shares | 13,314 | 197 | 124,351 | 1,597 |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
All rights reserved.
U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636.
Vanguard Marketing Corporation, Distributor.
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended February 28, 2021 | |||
Beginning Account Value 8/31/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Extended Duration Treasury Index Fund | |||
ETF Shares | $1,000.00 | $856.90 | $0.32 |
Institutional Shares | 1,000.00 | 856.80 | 0.28 |
Institutional Plus Shares | 1,000.00 | 856.70 | 0.18 |
Based on Hypothetical 5% Yearly Return | |||
Extended Duration Treasury Index Fund | |||
ETF Shares | $1,000.00 | $1,024.45 | $0.35 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Institutional Plus Shares | 1,000.00 | 1,024.60 | 0.20 |
15 - 20 Years | 0.4% |
20 - 25 Years | 51.4 |
25 - 30 Years | 48.2 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
U.S. Government and Agency Obligations (100.0%) | ||||||
U.S. Government Securities (100.0%) | ||||||
United States Treasury Strip Coupon | 0.000% | 2/15/41 | 12,443 | 8,082 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/41 | 63,051 | 40,619 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/41 | 66,015 | 42,291 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/41 | 59,007 | 37,516 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/42 | 67,889 | 42,860 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/42 | 40,726 | 25,495 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/42 | 77,238 | 48,123 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/42 | ���48,116 | 29,783 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/43 | 50,601 | 31,143 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/43 | 72,246 | 44,183 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/43 | 50,051 | 30,410 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/43 | 51,263 | 30,942 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/44 | 66,562 | 39,953 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/44 | 41,159 | 24,525 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/44 | 36,963 | 21,852 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/44 | 56,987 | 33,475 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/45 | 49,532 | 28,938 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/45 | 49,701 | 28,881 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/45 | 33,547 | 19,355 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/45 | 54,011 | 30,976 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/46 | 59,373 | 33,945 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/46 | 59,138 | 33,556 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/46 | 50,252 | 28,373 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/46 | 58,960 | 33,119 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/47 | 55,455 | 31,033 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/47 | 50,102 | 27,865 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/47 | 45,484 | 25,144 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/47 | 65,703 | 36,085 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/48 | 42,104 | 23,055 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/48 | 71,272 | 38,821 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/48 | 41,884 | 22,709 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/48 | 47,537 | 25,674 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/49 | 43,151 | 23,180 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/49 | 33,660 | 17,998 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/49 | 12,624 | 6,727 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/49 | 8,175 | 4,360 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/50 | 9,024 | 4,764 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/50 | 3,557 | 1,873 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/50 | 2,024 | 1,063 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
United States Treasury Strip Coupon | 0.000% | 11/15/50 | 1,019 | 533 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/51 | 1,067 | 554 | ||
United States Treasury Strip Principal | 0.000% | 5/15/41 | 38,710 | 25,634 | ||
United States Treasury Strip Principal | 0.000% | 8/15/41 | 40,956 | 26,890 | ||
United States Treasury Strip Principal | 0.000% | 11/15/41 | 37,894 | 24,690 | ||
United States Treasury Strip Principal | 0.000% | 2/15/42 | 26,264 | 17,016 | ||
United States Treasury Strip Principal | 0.000% | 5/15/42 | 22,220 | 14,249 | ||
United States Treasury Strip Principal | 0.000% | 8/15/42 | 25,615 | 16,304 | ||
United States Treasury Strip Principal | 0.000% | 11/15/42 | 47,002 | 29,670 | ||
United States Treasury Strip Principal | 0.000% | 2/15/43 | 49,172 | 30,859 | ||
United States Treasury Strip Principal | 0.000% | 5/15/43 | 24,877 | 15,513 | ||
United States Treasury Strip Principal | 0.000% | 8/15/43 | 38,761 | 23,999 | ||
United States Treasury Strip Principal | 0.000% | 11/15/43 | 47,228 | 29,023 | ||
United States Treasury Strip Principal | 0.000% | 2/15/44 | 40,732 | 24,853 | ||
United States Treasury Strip Principal | 0.000% | 5/15/44 | 30,302 | 18,337 | ||
United States Treasury Strip Principal | 0.000% | 8/15/44 | 50,008 | 30,056 | ||
United States Treasury Strip Principal | 0.000% | 11/15/44 | 45,868 | 27,388 | ||
United States Treasury Strip Principal | 0.000% | 2/15/45 | 25,342 | 15,027 | ||
United States Treasury Strip Principal | 0.000% | 5/15/45 | 32,142 | 18,984 | ||
United States Treasury Strip Principal | 0.000% | 8/15/45 | 46,470 | 27,250 | ||
United States Treasury Strip Principal | 0.000% | 11/15/45 | 44,749 | 26,108 | ||
United States Treasury Strip Principal | 0.000% | 2/15/46 | 44,728 | 25,893 | ||
United States Treasury Strip Principal | 0.000% | 5/15/46 | 41,384 | 23,776 | ||
United States Treasury Strip Principal | 0.000% | 8/15/46 | 27,271 | 15,583 | ||
United States Treasury Strip Principal | 0.000% | 11/15/46 | 55,396 | 31,489 | ||
United States Treasury Strip Principal | 0.000% | 2/15/47 | 59,080 | 33,477 | ||
United States Treasury Strip Principal | 0.000% | 5/15/47 | 39,017 | 21,984 | ||
United States Treasury Strip Principal | 0.000% | 8/15/47 | 48,840 | 27,328 | ||
United States Treasury Strip Principal | 0.000% | 11/15/47 | 66,994 | 37,276 | ||
United States Treasury Strip Principal | 0.000% | 2/15/48 | 69,448 | 38,462 | ||
United States Treasury Strip Principal | 0.000% | 5/15/48 | 57,795 | 31,832 | ||
United States Treasury Strip Principal | 0.000% | 8/15/48 | 40,947 | 22,447 | ||
United States Treasury Strip Principal | 0.000% | 11/15/48 | 31,851 | 17,409 | ||
United States Treasury Strip Principal | 0.000% | 2/15/49 | 66,603 | 36,174 | ||
United States Treasury Strip Principal | 0.000% | 5/15/49 | 46,462 | 25,100 | ||
United States Treasury Strip Principal | 0.000% | 8/15/49 | 55,404 | 29,719 | ||
United States Treasury Strip Principal | 0.000% | 11/15/49 | 74,886 | 40,023 | ||
United States Treasury Strip Principal | 0.000% | 2/15/50 | 57,924 | 30,799 | ||
United States Treasury Strip Principal | 0.000% | 5/15/50 | 101,693 | 53,746 | ||
United States Treasury Strip Principal | 0.000% | 8/15/50 | 102,050 | 53,680 | ||
United States Treasury Strip Principal | 0.000% | 11/15/50 | 105,550 | 55,208 | ||
United States Treasury Strip Principal | 0.000% | 2/15/51 | 97,050 | 50,345 | ||
Total U.S. Government and Agency Obligations (Cost $2,258,472) | 2,203,433 |
Coupon | Shares | Market Value• ($000) | ||||
Temporary Cash Investments (0.0%) | ||||||
Money Market Fund (0.0%) | ||||||
1 | Vanguard Market Liquidity Fund (Cost $339) | 0.099% | 3,395 | 339 | ||
Total Investments (100.0%) (Cost $2,258,811) | 2,203,772 | |||||
Other Assets and Liabilities—Net (0.0%) | (546) | |||||
Net Assets (100%) | 2,203,226 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
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. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,258,472) | 2,203,433 |
Affiliated Issuers (Cost $339) | 339 |
Total Investments in Securities | 2,203,772 |
Investment in Vanguard | 93 |
Receivables for Investment Securities Sold | 60,122 |
Receivables for Capital Shares Issued | 12,500 |
Total Assets | 2,276,487 |
Liabilities | |
Due to Custodian | 119 |
Payables for Investment Securities Purchased | 65,561 |
Payables for Capital Shares Redeemed | 7,517 |
Payables to Vanguard | 64 |
Total Liabilities | 73,261 |
Net Assets | 2,203,226 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 2,059,949 |
Total Distributable Earnings (Loss) | 143,277 |
Net Assets | 2,203,226 |
ETF Shares—Net Assets | |
Applicable to 8,075,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,080,057 |
Net Asset Value Per Share—ETF Shares | $133.75 |
Institutional Shares—Net Assets | |
Applicable to 19,106,721 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 772,092 |
Net Asset Value Per Share—Institutional Shares | $40.41 |
Institutional Plus Shares—Net Assets | |
Applicable to 3,461,054 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 351,077 |
Net Asset Value Per Share—Institutional Plus Shares | $101.44 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 26,694 |
Total Income | 26,694 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 32 |
Management and Administrative—ETF Shares | 454 |
Management and Administrative—Institutional Shares | 229 |
Management and Administrative—Institutional Plus Shares | 89 |
Marketing and Distribution—ETF Shares | 37 |
Marketing and Distribution—Institutional Shares | 11 |
Marketing and Distribution—Institutional Plus Shares | 3 |
Custodian Fees | 3 |
Shareholders’ Reports—ETF Shares | 20 |
Shareholders’ Reports—Institutional Shares | — |
Shareholders’ Reports—Institutional Plus Shares | — |
Trustees’ Fees and Expenses | — |
Total Expenses | 878 |
Net Investment Income | 25,816 |
Realized Net Gain (Loss) on Investment Securities Sold1,2 | 192,532 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities1 | (614,168) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (395,820) |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $188,801,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 25,816 | 63,819 | |
Realized Net Gain (Loss) | 192,532 | 405,593 | |
Change in Unrealized Appreciation (Depreciation) | (614,168) | (49,993) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (395,820) | 419,419 | |
Distributions | |||
ETF Shares | (62,239) | (39,381) | |
Institutional Shares | (36,767) | (26,547) | |
Institutional Plus Shares | (22,186) | (23,883) | |
Total Distributions | (121,192) | (89,811) | |
Capital Share Transactions | |||
ETF Shares | (459,878) | 343,500 | |
Institutional Shares | 44,786 | (76,455) | |
Institutional Plus Shares | (253,581) | (182,509) | |
Net Increase (Decrease) from Capital Share Transactions | (668,673) | 84,536 | |
Total Increase (Decrease) | (1,185,685) | 414,144 | |
Net Assets | |||
Beginning of Period | 3,388,911 | 2,974,767 | |
End of Period | 2,203,226 | 3,388,911 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $163.11 | $146.43 | $113.39 | $120.92 | $139.77 | $116.00 |
Investment Operations | ||||||
Net Investment Income | 1.3931 | 3.1461 | 3.3471 | 3.3531 | 3.3831 | 3.420 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (23.945) | 18.113 | 32.972 | (7.272) | (16.377) | 25.019 |
Total from Investment Operations | (22.552) | 21.259 | 36.319 | (3.919) | (12.994) | 28.439 |
Distributions | ||||||
Dividends from Net Investment Income | (1.474) | (3.329) | (3.279) | (3.314) | (3.402) | (3.414) |
Distributions from Realized Capital Gains | (5.334) | (1.250) | — | (.297) | (2.454) | (1.255) |
Total Distributions | (6.808) | (4.579) | (3.279) | (3.611) | (5.856) | (4.669) |
Net Asset Value, End of Period | $133.75 | $163.11 | $146.43 | $113.39 | $120.92 | $139.77 |
Total Return | -14.31% | 14.98% | 32.92% | -3.24% | -8.86% | 25.30% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,080 | $1,810 | $1,333 | $658 | $623 | $615 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 1.81% | 2.06% | 2.87% | 2.93% | 2.90% | 2.77% |
Portfolio Turnover Rate3 | 8% | 17% | 20% | 18% | 18% | 20% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.03, $.07, $.04, $.07, $.16, and $.06. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $49.27 | $44.24 | $34.25 | $36.52 | $42.20 | $35.02 |
Investment Operations | ||||||
Net Investment Income | .4221 | .9591 | 1.0151 | 1.0161 | 1.0241 | 1.036 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (7.222) | 5.459 | 9.967 | (2.191) | (4.934) | 7.558 |
Total from Investment Operations | (6.800) | 6.418 | 10.982 | (1.175) | (3.910) | 8.594 |
Distributions | ||||||
Dividends from Net Investment Income | (.448) | (1.010) | (.992) | (1.005) | (1.030) | (1.035) |
Distributions from Realized Capital Gains | (1.612) | (.378) | — | (.090) | (.740) | (.379) |
Total Distributions | (2.060) | (1.388) | (.992) | (1.095) | (1.770) | (1.414) |
Net Asset Value, End of Period | $40.41 | $49.27 | $44.24 | $34.25 | $36.52 | $42.20 |
Total Return3 | -14.32% | 14.98% | 32.94% | -3.23% | -8.86% | 25.33% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $772 | $889 | $862 | $787 | $682 | $660 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 1.83% | 2.10% | 2.88% | 2.94% | 2.91% | 2.78% |
Portfolio Turnover Rate4 | 8% | 17% | 20% | 18% | 18% | 20% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.01, $.02, $.01, $.02, $.05, and $.02. |
3 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Plus Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $123.70 | $111.06 | $85.99 | $91.68 | $105.93 | $87.92 |
Investment Operations | ||||||
Net Investment Income | 1.0741 | 2.4321 | 2.5641 | 2.5681 | 2.5881 | 2.620 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (18.153) | 13.716 | 25.015 | (5.492) | (12.375) | 18.958 |
Total from Investment Operations | (17.079) | 16.148 | 27.579 | (2.924) | (9.787) | 21.578 |
Distributions | ||||||
Dividends from Net Investment Income | (1.135) | (2.560) | (2.509) | (2.541) | (2.603) | (2.616) |
Distributions from Realized Capital Gains | (4.046) | (.948) | — | (.225) | (1.860) | (.952) |
Total Distributions | (5.181) | (3.508) | (2.509) | (2.766) | (4.463) | (3.568) |
Net Asset Value, End of Period | $101.44 | $123.70 | $111.06 | $85.99 | $91.68 | $105.93 |
Total Return3 | -14.33% | 15.02% | 32.95% | -3.20% | -8.84% | 25.34% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $351 | $689 | $780 | $533 | $367 | $258 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.84% | 2.12% | 2.90% | 2.96% | 2.93% | 2.80% |
Portfolio Turnover Rate4 | 8% | 17% | 20% | 18% | 18% | 20% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.02, $.05, $.03, $.06, $.12, and $.05. |
3 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
U.S. Government and Agency Obligations | — | 2,203,433 | — | 2,203,433 |
Temporary Cash Investments | 339 | — | — | 339 |
Total | 339 | 2,203,433 | — | 2,203,772 |
Amount ($000) | |
Tax Cost | 2,260,506 |
Gross Unrealized Appreciation | 142,757 |
Gross Unrealized Depreciation | (199,491) |
Net Unrealized Appreciation (Depreciation) | (56,734) |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 532,866 | 3,400 | 1,411,503 | 8,875 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (992,744) | (6,425) | (1,068,003) | (6,875) | |
Net Increase (Decrease)—ETF Shares | (459,878) | (3,025) | 343,500 | 2,000 |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued1 | 83,809 | 1,875 | 166,646 | 3,592 | |
Issued in Lieu of Cash Distributions | 36,572 | 789 | 26,362 | 611 | |
Redeemed | (75,595) | (1,608) | (269,463) | (5,642) | |
Net Increase (Decrease)—Institutional Shares | 44,786 | 1,056 | (76,455) | (1,439) | |
Institutional Plus Shares | |||||
Issued1 | 4,466 | 35 | 332 | — | |
Issued in Lieu of Cash Distributions | 22,186 | 191 | 23,883 | 221 | |
Redeemed | (280,233) | (2,335) | (206,724) | (1,674) | |
Net Increase (Decrease)—Institutional Plus Shares | (253,581) | (2,109) | (182,509) | (1,453) |
1 | Includes purchase fees for fiscal 2021 and 2020 of $470,000 and $1,324,000, respectively (fund totals). |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749;
7,925,573; 8,090,646; 8,417,623; and 8,626,636.
Vanguard Marketing Corporation, Distributor.
Vanguard Mega Cap Index Fund |
Vanguard Mega Cap Growth Index Fund |
Vanguard Mega Cap Value Index Fund |
About Your Fund’s Expenses | 1 |
Mega Cap Index Fund | 3 |
Mega Cap Growth Index Fund | 20 |
Mega Cap Value Index Fund | 34 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended February 28, 2021 | |||
Beginning Account Value 8/31/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Mega Cap Index Fund | |||
ETF Shares | $1,000.00 | $1,084.10 | $0.36 |
Institutional Shares | 1,000.00 | 1,084.20 | 0.31 |
Mega Cap Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,035.00 | $0.35 |
Institutional Shares | 1,000.00 | 1,035.10 | 0.30 |
Mega Cap Value Index Fund | |||
ETF Shares | $1,000.00 | $1,152.60 | $0.37 |
Institutional Shares | 1,000.00 | 1,152.80 | 0.32 |
Based on Hypothetical 5% Yearly Return | |||
Mega Cap Index Fund | |||
ETF Shares | $1,000.00 | $1,024.45 | $0.35 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Mega Cap Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,024.45 | $0.35 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Mega Cap Value Index Fund | |||
ETF Shares | $1,000.00 | $1,024.45 | $0.35 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Basic Materials | 1.2% |
Consumer Discretionary | 16.7 |
Consumer Staples | 5.4 |
Energy | 2.4 |
Financials | 10.5 |
Health Care | 13.0 |
Industrials | 13.3 |
Real Estate | 1.3 |
Technology | 30.3 |
Telecommunications | 3.8 |
Utilities | 2.1 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Basic Materials (1.1%) | |||
Linde plc | 68,658 | 16,771 | |
Air Products and Chemicals Inc. | 29,013 | 7,416 | |
Ecolab Inc. | 33,571 | 7,029 | |
Dow Inc. | 97,169 | 5,763 | |
Newmont Corp. | 52,875 | 2,876 | |
LyondellBasell Industries NV Class A | 16,521 | 1,703 | |
41,558 | |||
Consumer Discretionary (16.7%) | |||
* | Amazon.com Inc. | 55,846 | 172,728 |
* | Tesla Inc. | 99,347 | 67,109 |
Walt Disney Co. | 236,742 | 44,754 | |
Home Depot Inc. | 141,067 | 36,443 | |
* | Netflix Inc. | 57,855 | 31,175 |
Walmart Inc. | 185,585 | 24,111 | |
NIKE Inc. Class B | 164,445 | 22,164 | |
McDonald's Corp. | 97,620 | 20,123 | |
Costco Wholesale Corp. | 57,822 | 19,139 | |
Starbucks Corp. | 153,751 | 16,610 | |
Lowe's Cos. Inc. | 95,972 | 15,332 | |
* | Booking Holdings Inc. | 5,326 | 12,402 |
Target Corp. | 65,605 | 12,035 | |
Activision Blizzard Inc. | 101,181 | 9,674 | |
TJX Cos. Inc. | 141,393 | 9,331 | |
General Motors Co. | 159,000 | 8,161 | |
* | Uber Technologies Inc. | 149,941 | 7,759 |
Estee Lauder Cos. Inc. Class A | 26,772 | 7,653 | |
Dollar General Corp. | 32,542 | 6,150 | |
Ford Motor Co. | 512,323 | 5,994 | |
Ross Stores Inc. | 46,497 | 5,423 | |
Electronic Arts Inc. | 38,047 | 5,097 | |
eBay Inc. | 85,978 | 4,851 | |
Marriott International Inc. Class A | 31,885 | 4,721 | |
* | O'Reilly Automotive Inc. | 9,427 | 4,217 |
Yum! Brands Inc. | 39,407 | 4,080 | |
VF Corp. | 40,641 | 3,216 | |
Las Vegas Sands Corp. | 50,008 | 3,131 | |
* | Lululemon Athletica Inc. | 7,772 | 2,422 |
Southwest Airlines Co. | 38,973 | 2,265 |
Shares | Market Value• ($000) | ||
Hilton Worldwide Holdings Inc. | 18,290 | 2,262 | |
* | AutoZone Inc. | 1,553 | 1,801 |
* | Airbnb Inc. Class A | 6,550 | 1,352 |
Sirius XM Holdings Inc. | 67,687 | 396 | |
594,081 | |||
Consumer Staples (5.4%) | |||
Procter & Gamble Co. | 324,853 | 40,129 | |
Coca-Cola Co. | 506,694 | 24,823 | |
PepsiCo Inc. | 181,062 | 23,391 | |
Philip Morris International Inc. | 203,913 | 17,133 | |
CVS Health Corp. | 171,324 | 11,672 | |
Altria Group Inc. | 243,217 | 10,604 | |
Mondelez International Inc. Class A | 187,274 | 9,956 | |
Colgate-Palmolive Co. | 112,127 | 8,432 | |
Kimberly-Clark Corp. | 44,649 | 5,730 | |
Sysco Corp. | 63,535 | 5,059 | |
Walgreens Boots Alliance Inc. | 96,565 | 4,628 | |
Constellation Brands Inc. Class A | 21,152 | 4,530 | |
General Mills Inc. | 79,749 | 4,387 | |
* | Monster Beverage Corp. | 48,561 | 4,261 |
Brown-Forman Corp. Class B | 40,805 | 2,921 | |
Kraft Heinz Co. | 80,231 | 2,919 | |
Hershey Co. | 19,423 | 2,829 | |
Keurig Dr Pepper Inc. | 73,996 | 2,258 | |
Archer-Daniels-Midland Co. | 36,545 | 2,068 | |
McKesson Corp. | 10,520 | 1,783 | |
Kroger Co. | 48,285 | 1,555 | |
Brown-Forman Corp. Class A | 5,391 | 359 | |
191,427 | |||
Energy (2.4%) | |||
Exxon Mobil Corp. | 553,663 | 30,103 | |
Chevron Corp. | 252,027 | 25,203 | |
ConocoPhillips | 177,333 | 9,223 | |
Schlumberger NV | 181,590 | 5,068 | |
EOG Resources Inc. | 76,442 | 4,935 | |
Kinder Morgan Inc. | 252,149 | 3,707 | |
Phillips 66 | 28,724 | 2,385 | |
Marathon Petroleum Corp. | 42,956 | 2,346 | |
Williams Cos. Inc. | 80,033 | 1,828 | |
84,798 | |||
Financials (10.5%) | |||
JPMorgan Chase & Co. | 399,409 | 58,781 | |
* | Berkshire Hathaway Inc. Class B | 233,411 | 56,138 |
Bank of America Corp. | 1,020,234 | 35,412 | |
Wells Fargo & Co. | 514,644 | 18,615 | |
Citigroup Inc. | 272,791 | 17,971 | |
Morgan Stanley | 196,551 | 15,109 | |
Goldman Sachs Group Inc. | 45,123 | 14,416 | |
BlackRock Inc. | 17,970 | 12,480 | |
Charles Schwab Corp. | 199,989 | 12,343 | |
S&P Global Inc. | 31,508 | 10,377 | |
Truist Financial Corp. | 176,510 | 10,054 | |
CME Group Inc. | 47,008 | 9,388 | |
PNC Financial Services Group Inc. | 55,439 | 9,334 |
Shares | Market Value• ($000) | ||
U.S. Bancorp | 177,789 | 8,889 | |
Chubb Ltd. | 50,292 | 8,176 | |
Intercontinental Exchange Inc. | 73,743 | 8,135 | |
Marsh & McLennan Cos. Inc. | 66,420 | 7,653 | |
Aon plc Class A | 29,835 | 6,794 | |
Progressive Corp. | 76,849 | 6,605 | |
Blackstone Group Inc. Class A | 88,238 | 6,109 | |
Moody's Corp. | 20,993 | 5,771 | |
MetLife Inc. | 88,680 | 5,108 | |
T Rowe Price Group Inc. | 29,732 | 4,821 | |
Travelers Cos. Inc. | 33,006 | 4,802 | |
Prudential Financial Inc. | 51,932 | 4,504 | |
Bank of New York Mellon Corp. | 104,195 | 4,393 | |
Aflac Inc. | 87,643 | 4,197 | |
Allstate Corp. | 37,928 | 4,043 | |
American International Group Inc. | 55,960 | 2,459 | |
* | Berkshire Hathaway Inc. Class A | 5 | 1,823 |
*,1 | Rocket Cos. Inc. Class A | 15,062 | 329 |
375,029 | |||
Health Care (13.0%) | |||
Johnson & Johnson | 344,931 | 54,658 | |
UnitedHealth Group Inc. | 124,296 | 41,294 | |
Abbott Laboratories | 232,153 | 27,807 | |
AbbVie Inc. | 231,300 | 24,920 | |
Pfizer Inc. | 728,161 | 24,386 | |
Merck & Co. Inc. | 331,495 | 24,073 | |
Thermo Fisher Scientific Inc. | 51,903 | 23,361 | |
Eli Lilly and Co. | 112,817 | 23,115 | |
Medtronic plc | 176,318 | 20,624 | |
Danaher Corp. | 83,754 | 18,398 | |
Bristol-Myers Squibb Co. | 296,007 | 18,154 | |
Amgen Inc. | 76,216 | 17,143 | |
* | Intuitive Surgical Inc. | 15,428 | 11,367 |
Stryker Corp. | 44,271 | 10,744 | |
Gilead Sciences Inc. | 163,979 | 10,068 | |
Cigna Corp. | 47,285 | 9,925 | |
Anthem Inc. | 32,632 | 9,894 | |
Zoetis Inc. | 62,168 | 9,651 | |
Becton Dickinson and Co. | 37,952 | 9,152 | |
* | Illumina Inc. | 19,109 | 8,397 |
* | Boston Scientific Corp. | 187,235 | 7,261 |
* | Vertex Pharmaceuticals Inc. | 34,102 | 7,248 |
* | Edwards Lifesciences Corp. | 81,439 | 6,768 |
Humana Inc. | 17,360 | 6,591 | |
HCA Healthcare Inc. | 35,544 | 6,115 | |
* | Regeneron Pharmaceuticals Inc. | 13,035 | 5,873 |
* | Biogen Inc. | 20,140 | 5,496 |
Baxter International Inc. | 67,054 | 5,209 | |
Agilent Technologies Inc. | 40,189 | 4,906 | |
Zimmer Biomet Holdings Inc. | 27,206 | 4,436 | |
* | Moderna Inc. | 20,808 | 3,221 |
* | Alexion Pharmaceuticals Inc. | 13,717 | 2,095 |
462,350 |
Shares | Market Value• ($000) | ||
Industrials (13.3%) | |||
Visa Inc. Class A | 221,723 | 47,092 | |
Mastercard Inc. Class A | 116,523 | 41,232 | |
* | PayPal Holdings Inc. | 153,475 | 39,880 |
Accenture plc Class A | 83,019 | 20,829 | |
Honeywell International Inc. | 91,935 | 18,603 | |
Union Pacific Corp. | 88,269 | 18,180 | |
Boeing Co. | 73,978 | 15,684 | |
Caterpillar Inc. | 71,133 | 15,356 | |
United Parcel Service Inc. Class B | 93,661 | 14,783 | |
General Electric Co. | 1,146,392 | 14,376 | |
Raytheon Technologies Corp. | 198,949 | 14,322 | |
3M Co. | 75,592 | 13,233 | |
Deere & Co. | 37,019 | 12,924 | |
* | Square Inc. Class A | 50,284 | 11,567 |
Fidelity National Information Services Inc. | 81,216 | 11,208 | |
American Express Co. | 79,071 | 10,695 | |
Lockheed Martin Corp. | 31,199 | 10,303 | |
Automatic Data Processing Inc. | 53,351 | 9,284 | |
CSX Corp. | 100,045 | 9,159 | |
* | Fiserv Inc. | 74,633 | 8,610 |
Norfolk Southern Corp. | 33,323 | 8,399 | |
FedEx Corp. | 31,000 | 7,889 | |
Global Payments Inc. | 39,118 | 7,745 | |
Illinois Tool Works Inc. | 37,227 | 7,527 | |
Sherwin-Williams Co. | 10,727 | 7,298 | |
Capital One Financial Corp. | 60,119 | 7,226 | |
Eaton Corp. plc | 52,118 | 6,785 | |
Emerson Electric Co. | 78,285 | 6,725 | |
Northrop Grumman Corp. | 19,674 | 5,738 | |
Johnson Controls International plc | 95,116 | 5,307 | |
General Dynamics Corp. | 31,912 | 5,217 | |
DuPont de Nemours Inc. | 70,279 | 4,942 | |
Cummins Inc. | 19,272 | 4,880 | |
Parker-Hannifin Corp. | 16,862 | 4,839 | |
Trane Technologies plc | 31,560 | 4,836 | |
PPG Industries Inc. | 30,872 | 4,162 | |
PACCAR Inc. | 45,587 | 4,148 | |
Paychex Inc. | 42,209 | 3,844 | |
Stanley Black & Decker Inc. | 20,888 | 3,652 | |
Rockwell Automation Inc. | 7,595 | 1,848 | |
Otis Worldwide Corp. | 28,269 | 1,801 | |
* | Vontier Corp. | 20 | 1 |
472,129 | |||
Real Estate (1.3%) | |||
American Tower Corp. | 58,149 | 12,568 | |
Prologis Inc. | 96,920 | 9,602 | |
Crown Castle International Corp. | 56,602 | 8,816 | |
Equinix Inc. | 11,645 | 7,550 | |
Public Storage | 19,455 | 4,551 | |
Simon Property Group Inc. | 21,407 | 2,417 | |
45,504 | |||
Technology (30.2%) | |||
Apple Inc. | 2,004,508 | 243,067 | |
Microsoft Corp. | 990,440 | 230,158 |
Shares | Market Value• ($000) | ||
* | Facebook Inc. Class A | 314,960 | 81,140 |
* | Alphabet Inc. Class A | 39,313 | 79,487 |
* | Alphabet Inc. Class C | 36,792 | 74,940 |
NVIDIA Corp. | 77,075 | 42,282 | |
Intel Corp. | 536,975 | 32,637 | |
* | Adobe Inc. | 62,804 | 28,869 |
Broadcom Inc. | 52,978 | 24,893 | |
* | salesforce.com Inc. | 113,189 | 24,505 |
Texas Instruments Inc. | 120,310 | 20,726 | |
QUALCOMM Inc. | 148,224 | 20,187 | |
Oracle Corp. | 236,649 | 15,266 | |
Applied Materials Inc. | 119,566 | 14,132 | |
International Business Machines Corp. | 116,719 | 13,881 | |
* | ServiceNow Inc. | 25,558 | 13,634 |
* | Micron Technology Inc. | 145,681 | 13,334 |
* | Advanced Micro Devices Inc. | 157,529 | 13,313 |
Intuit Inc. | 32,714 | 12,763 | |
Lam Research Corp. | 18,803 | 10,665 | |
* | Zoom Video Communications Inc. Class A | 24,229 | 9,052 |
* | Autodesk Inc. | 28,762 | 7,938 |
Analog Devices Inc. | 48,370 | 7,537 | |
* | Workday Inc. Class A | 23,621 | 5,791 |
TE Connectivity Ltd. | 43,457 | 5,651 | |
HP Inc. | 180,384 | 5,226 | |
Roper Technologies Inc. | 13,732 | 5,186 | |
Cognizant Technology Solutions Corp. Class A | 70,192 | 5,158 | |
* | Snap Inc. Class A | 72,919 | 4,788 |
* | Twilio Inc. Class A | 9,193 | 3,612 |
* | Dell Technologies Class C | 32,497 | 2,635 |
* | VMware Inc. Class A | 10,460 | 1,446 |
* | Snowflake Inc. Class A | 3,442 | 893 |
* | DoorDash Inc. Class A | 3,813 | 646 |
1,075,438 | |||
Telecommunications (3.8%) | |||
Comcast Corp. Class A | 598,192 | 31,537 | |
Verizon Communications Inc. | 542,322 | 29,990 | |
AT&T Inc. | 933,629 | 26,039 | |
Cisco Systems Inc. | 498,189 | 22,354 | |
* | Charter Communications Inc. Class A | 18,311 | 11,232 |
* | T-Mobile US Inc. | 73,089 | 8,769 |
L3Harris Technologies Inc. | 27,564 | 5,014 | |
134,935 | |||
Utilities (2.1%) | |||
NextEra Energy Inc. | 256,739 | 18,865 | |
Duke Energy Corp. | 96,370 | 8,248 | |
Southern Co. | 138,079 | 7,832 | |
Dominion Energy Inc. | 107,058 | 7,314 | |
Waste Management Inc. | 55,484 | 6,153 | |
Exelon Corp. | 127,336 | 4,915 | |
American Electric Power Co. Inc. | 64,907 | 4,858 | |
Sempra Energy | 37,972 | 4,404 | |
Xcel Energy Inc. | 68,638 | 4,022 | |
Public Service Enterprise Group Inc. | 66,292 | 3,568 | |
Republic Services Inc. Class A | 27,220 | 2,425 |
Shares | Market Value• ($000) | ||
Consolidated Edison Inc. | 22,433 | �� 1,473 | |
74,077 | |||
Total Common Stocks (Cost $2,207,990) | 3,551,326 | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.099% (Cost $2,142) | 21,421 | 2,142 |
Total Investments (99.9%) (Cost $2,210,132) | 3,553,468 | ||
Other Assets and Liabilities—Net (0.1%) | 4,513 | ||
Net Assets (100%) | 3,557,981 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $308,000. |
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 $296,000 was received for securities on loan. |
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 | March 2021 | 35 | 6,666 | (143) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,207,990) | 3,551,326 |
Affiliated Issuers (Cost $2,142) | 2,142 |
Total Investments in Securities | 3,553,468 |
Investment in Vanguard | 132 |
Cash Collateral Pledged—Futures Contracts | 412 |
Receivables for Accrued Income | 4,948 |
Receivables for Capital Shares Issued | 1 |
Total Assets | 3,558,961 |
Liabilities | |
Payables for Investment Securities Purchased | 531 |
Collateral for Securities on Loan | 296 |
Payables to Vanguard | 118 |
Variation Margin Payable—Futures Contracts | 35 |
Total Liabilities | 980 |
Net Assets | 3,557,981 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 2,179,904 |
Total Distributable Earnings (Loss) | 1,378,077 |
Net Assets | 3,557,981 |
ETF Shares—Net Assets | |
Applicable to 25,050,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,380,297 |
Net Asset Value Per Share—ETF Shares | $134.94 |
Institutional Shares—Net Assets | |
Applicable to 667,825 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 177,684 |
Net Asset Value Per Share—Institutional Shares | $266.06 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 26,358 |
Interest1 | 4 |
Securities Lending—Net | 10 |
Total Income | 26,372 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 251 |
Management and Administrative—ETF Shares | 785 |
Management and Administrative—Institutional Shares | 37 |
Marketing and Distribution—ETF Shares | 63 |
Marketing and Distribution—Institutional Shares | 2 |
Custodian Fees | 11 |
Shareholders’ Reports—ETF Shares | 3 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | — |
Total Expenses | 1,152 |
Net Investment Income | 25,220 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 56,768 |
Futures Contracts | 990 |
Realized Net Gain (Loss) | 57,758 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 191,460 |
Futures Contracts | (599) |
Change in Unrealized Appreciation (Depreciation) | 190,861 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 273,839 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $68,303,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 25,220 | 46,077 | |
Realized Net Gain (Loss) | 57,758 | 121,553 | |
Change in Unrealized Appreciation (Depreciation) | 190,861 | 472,864 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 273,839 | 640,494 | |
Distributions | |||
ETF Shares | (24,882) | (41,365) | |
Institutional Shares | (1,444) | (2,886) | |
Total Distributions | (26,326) | (44,251) | |
Capital Share Transactions | |||
ETF Shares | 109,862 | 532,703 | |
Institutional Shares | (15,780) | (5,958) | |
Net Increase (Decrease) from Capital Share Transactions | 94,082 | 526,745 | |
Total Increase (Decrease) | 341,595 | 1,122,988 | |
Net Assets | |||
Beginning of Period | 3,216,386 | 2,093,398 | |
End of Period | 3,557,981 | 3,216,386 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $125.47 | $101.36 | $100.26 | $85.02 | $74.19 | $67.35 |
Investment Operations | ||||||
Net Investment Income | .9671 | 1.9921 | 2.0451 | 1.7901 | 1.6761 | 1.582 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.512 | 24.065 | 1.052 | 15.214 | 10.788 | 6.793 |
Total from Investment Operations | 10.479 | 26.057 | 3.097 | 17.004 | 12.464 | 8.375 |
Distributions | ||||||
Dividends from Net Investment Income | (1.009) | (1.947) | (1.997) | (1.764) | (1.634) | (1.535) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.009) | (1.947) | (1.997) | (1.764) | (1.634) | (1.535) |
Net Asset Value, End of Period | $134.94 | $125.47 | $101.36 | $100.26 | $85.02 | $74.19 |
Total Return | 8.41% | 26.14% | 3.26% | 20.25% | 17.01% | 12.61% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,380 | $3,036 | $1,944 | $1,542 | $1,233 | $1,057 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 1.50% | 1.85% | 2.10% | 1.93% | 2.12% | 2.23% |
Portfolio Turnover Rate2 | 2% | 4% | 4% | 4% | 6% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $247.38 | $199.84 | $197.68 | $167.62 | $146.25 | $132.77 |
Investment Operations | ||||||
Net Investment Income | 1.9211 | 3.9431 | 4.0531 | 3.5131 | 3.3621 | 3.117 |
Net Realized and Unrealized Gain (Loss) on Investments | 18.760 | 47.454 | 2.062 | 30.038 | 21.220 | 13.419 |
Total from Investment Operations | 20.681 | 51.397 | 6.115 | 33.551 | 24.582 | 16.536 |
Distributions | ||||||
Dividends from Net Investment Income | (2.001) | (3.857) | (3.955) | (3.491) | (3.212) | (3.056) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.001) | (3.857) | (3.955) | (3.491) | (3.212) | (3.056) |
Net Asset Value, End of Period | $266.06 | $247.38 | $199.84 | $197.68 | $167.62 | $146.25 |
Total Return | 8.42% | 26.19% | 3.25% | 20.26% | 17.02% | 12.63% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $178 | $180 | $150 | $122 | $132 | $133 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 1.51% | 1.86% | 2.11% | 1.94% | 2.13% | 2.24% |
Portfolio Turnover Rate2 | 2% | 4% | 4% | 4% | 6% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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. |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 2,210,317 |
Gross Unrealized Appreciation | 1,387,611 |
Gross Unrealized Depreciation | (44,603) |
Net Unrealized Appreciation (Depreciation) | 1,343,008 |
E. | During the six months ended February 28, 2021, the fund purchased $279,082,000 of investment securities and sold $181,976,000 of investment securities, other than temporary cash investments. Purchases and sales include $215,600,000 and $112,528,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 235,344 | 1,875 | 767,900 | 7,475 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (125,482) | (1,025) | (235,197) | (2,450) | |
Net Increase (Decrease)—ETF Shares | 109,862 | 850 | 532,703 | 5,025 |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued | 5,772 | 23 | 14,779 | 73 | |
Issued in Lieu of Cash Distributions | 705 | 3 | 1,311 | 7 | |
Redeemed | (22,257) | (86) | (22,048) | (102) | |
Net Increase (Decrease)—Institutional Shares | (15,780) | (60) | (5,958) | (22) |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
Basic Materials | 1.4% |
Consumer Discretionary | 24.6 |
Consumer Staples | 0.9 |
Financials | 1.8 |
Health Care | 6.6 |
Industrials | 12.7 |
Real Estate | 1.7 |
Technology | 49.5 |
Telecommunications | 0.8 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Basic Materials (1.4%) | |||
* | Linde plc | 345,359 | 84,361 |
Ecolab Inc. | 168,983 | 35,378 | |
Newmont Corp. | 264,615 | 14,390 | |
134,129 | |||
Consumer Discretionary (24.6%) | |||
* | Amazon.com Inc. | 280,982 | 869,058 |
* | Tesla Inc. | 499,534 | 337,435 |
Home Depot Inc. | 709,248 | 183,227 | |
* | Netflix Inc. | 291,069 | 156,843 |
NIKE Inc. Class B | 826,772 | 111,432 | |
McDonald's Corp. | 490,828 | 101,179 | |
Costco Wholesale Corp. | 290,695 | 96,220 | |
Starbucks Corp. | 773,186 | 83,527 | |
Lowe's Cos. Inc. | 482,719 | 77,114 | |
* | Booking Holdings Inc. | 26,942 | 62,735 |
Activision Blizzard Inc. | 508,679 | 48,635 | |
TJX Cos. Inc. | 710,294 | 46,872 | |
* | Uber Technologies Inc. | 754,425 | 39,041 |
Estee Lauder Cos. Inc. Class A | 134,544 | 38,461 | |
Dollar General Corp. | 163,818 | 30,960 | |
Ross Stores Inc. | 234,806 | 27,388 | |
Electronic Arts Inc. | 191,214 | 25,617 | |
* | O'Reilly Automotive Inc. | 47,812 | 21,388 |
Yum! Brands Inc. | 198,826 | 20,584 | |
* | Lululemon Athletica Inc. | 38,984 | 12,151 |
Hilton Worldwide Holdings Inc. | 91,354 | 11,299 | |
* | AutoZone Inc. | 7,627 | 8,847 |
* | Airbnb Inc. Class A | 32,708 | 6,749 |
Sirius XM Holdings Inc. | 348,182 | 2,037 | |
2,418,799 | |||
Consumer Staples (0.9%) | |||
Colgate-Palmolive Co. | 564,247 | 42,431 | |
* | Monster Beverage Corp. | 243,670 | 21,379 |
Brown-Forman Corp. Class B | 206,059 | 14,750 | |
Hershey Co. | 97,186 | 14,155 | |
Brown-Forman Corp. Class A | 26,141 | 1,741 | |
94,456 |
Shares | Market Value• ($000) | ||
Financials (1.8%) | |||
S&P Global Inc. | 158,400 | 52,171 | |
Intercontinental Exchange Inc. | 369,461 | 40,755 | |
Aon plc Class A | 150,865 | 34,354 | |
Moody's Corp. | 105,287 | 28,942 | |
Marsh & McLennan Cos. Inc. | 167,317 | 19,278 | |
175,500 | |||
Health Care (6.6%) | |||
Thermo Fisher Scientific Inc. | 261,091 | 117,512 | |
* | Intuitive Surgical Inc. | 77,427 | 57,048 |
Stryker Corp. | 222,706 | 54,049 | |
Zoetis Inc. | 312,910 | 48,576 | |
Danaher Corp. | 210,497 | 46,240 | |
Becton Dickinson and Co. | 190,945 | 46,046 | |
Bristol-Myers Squibb Co. | 743,990 | 45,629 | |
* | Illumina Inc. | 96,283 | 42,308 |
* | Boston Scientific Corp. | 944,693 | 36,635 |
* | Vertex Pharmaceuticals Inc. | 171,533 | 36,459 |
* | Edwards Lifesciences Corp. | 410,422 | 34,106 |
* | Regeneron Pharmaceuticals Inc. | 65,616 | 29,565 |
Agilent Technologies Inc. | 201,879 | 24,643 | |
* | Moderna Inc. | 104,006 | 16,101 |
Baxter International Inc. | 168,187 | 13,067 | |
647,984 | |||
Industrials (12.6%) | |||
Visa Inc. Class A | 1,114,938 | 236,802 | |
Mastercard Inc. Class A | 586,060 | 207,377 | |
* | PayPal Holdings Inc. | 771,974 | 200,597 |
Accenture plc Class A | 417,440 | 104,736 | |
Boeing Co. | 371,832 | 78,832 | |
* | Square Inc. Class A | 252,709 | 58,131 |
Fidelity National Information Services Inc. | 408,550 | 56,380 | |
Automatic Data Processing Inc. | 268,130 | 46,660 | |
Union Pacific Corp. | 221,780 | 45,678 | |
* | Fiserv Inc. | 374,992 | 43,263 |
Global Payments Inc. | 197,450 | 39,093 | |
United Parcel Service Inc. Class B | 235,363 | 37,147 | |
Sherwin-Williams Co. | 53,917 | 36,682 | |
Lockheed Martin Corp. | 78,189 | 25,822 | |
Paychex Inc. | 213,127 | 19,409 | |
Rockwell Automation Inc. | 38,199 | 9,293 | |
1,245,902 | |||
Real Estate (1.7%) | |||
American Tower Corp. | 292,651 | 63,250 | |
Crown Castle International Corp. | 283,910 | 44,219 | |
Equinix Inc. | 58,725 | 38,074 | |
Public Storage | 98,028 | 22,933 | |
168,476 | |||
Technology (49.5%) | |||
Apple Inc. | 10,080,370 | 1,222,346 | |
Microsoft Corp. | 4,980,731 | 1,157,422 | |
* | Facebook Inc. Class A | 1,583,695 | 407,991 |
* | Alphabet Inc. Class A | 197,793 | 399,920 |
* | Alphabet Inc. Class C | 184,927 | 376,670 |
Shares | Market Value• ($000) | ||
NVIDIA Corp. | 387,405 | ��212,523 | |
* | Adobe Inc. | 316,028 | 145,269 |
Broadcom Inc. | 266,494 | 125,218 | |
* | salesforce.com Inc. | 569,576 | 123,313 |
Texas Instruments Inc. | 604,421 | 104,124 | |
Applied Materials Inc. | 601,506 | 71,092 | |
* | ServiceNow Inc. | 128,534 | 68,568 |
* | Advanced Micro Devices Inc. | 792,347 | 66,961 |
Intuit Inc. | 164,365 | 64,125 | |
Lam Research Corp. | 94,820 | 53,781 | |
* | Zoom Video Communications Inc. Class A | 121,738 | 45,482 |
* | Autodesk Inc. | 144,631 | 39,918 |
Analog Devices Inc. | 243,757 | 37,982 | |
* | Micron Technology Inc. | 367,232 | 33,613 |
* | Workday Inc. Class A | 118,783 | 29,123 |
Roper Technologies Inc. | 69,185 | 26,126 | |
* | Snap Inc. Class A | 365,751 | 24,015 |
* | Twilio Inc. Class A | 46,080 | 18,104 |
*,1 | VMware Inc. Class A | 52,474 | 7,252 |
* | Snowflake Inc. Class A | 17,302 | 4,491 |
*,1 | DoorDash Inc. Class A | 19,031 | 3,226 |
4,868,655 | |||
Telecommunications (0.8%) | |||
* | Charter Communications Inc. Class A | 92,090 | 56,490 |
L3Harris Technologies Inc. | 138,609 | 25,214 | |
81,704 | |||
Total Common Stocks (Cost $6,263,682) | 9,835,605 | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.099% (Cost $4,843) | 48,427 | 4,843 |
Total Investments (100.0%) (Cost $6,268,525) | 9,840,448 | ||
Other Assets and Liabilities—Net (0.0%) | 1,077 | ||
Net Assets (100%) | 9,841,525 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,709,000. |
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 $4,842,000 was received for securities on loan. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini NASDAQ 100 Index | March 2021 | 15 | 3,873 | (140) |
E-mini S&P 500 Index | March 2021 | 11 | 2,095 | (16) |
(156) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $6,263,682) | 9,835,605 |
Affiliated Issuers (Cost $4,843) | 4,843 |
Total Investments in Securities | 9,840,448 |
Investment in Vanguard | 373 |
Cash Collateral Pledged—Futures Contracts | 256 |
Receivables for Investment Securities Sold | 198 |
Receivables for Accrued Income | 6,386 |
Variation Margin Receivable—Futures Contracts | 7 |
Total Assets | 9,847,668 |
Liabilities | |
Due to Custodian | 966 |
Collateral for Securities on Loan | 4,842 |
Payables for Capital Shares Redeemed | 1 |
Payables to Vanguard | 334 |
Total Liabilities | 6,143 |
Net Assets | 9,841,525 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 5,518,864 |
Total Distributable Earnings (Loss) | 4,322,661 |
Net Assets | 9,841,525 |
ETF Shares—Net Assets | |
Applicable to 48,464,192 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 9,807,746 |
Net Asset Value Per Share—ETF Shares | $202.37 |
Institutional Shares—Net Assets | |
Applicable to 84,036 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 33,779 |
Net Asset Value Per Share—Institutional Shares | $401.96 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 35,604 |
Interest1 | 3 |
Securities Lending—Net | 6 |
Total Income | 35,613 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 736 |
Management and Administrative—ETF Shares | 2,390 |
Management and Administrative—Institutional Shares | 14 |
Marketing and Distribution—ETF Shares | 188 |
Marketing and Distribution—Institutional Shares | 1 |
Custodian Fees | 20 |
Shareholders’ Reports—ETF Shares | 64 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 3,414 |
Net Investment Income | 32,199 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 939,197 |
Futures Contracts | 1,614 |
Realized Net Gain (Loss) | 940,811 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (665,463) |
Futures Contracts | (177) |
Change in Unrealized Appreciation (Depreciation) | (665,640) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 307,370 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $964,383,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 32,199 | 55,154 | |
Realized Net Gain (Loss) | 940,811 | 263,771 | |
Change in Unrealized Appreciation (Depreciation) | (665,640) | 2,767,434 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 307,370 | 3,086,359 | |
Distributions | |||
ETF Shares | (35,908) | (51,457) | |
Institutional Shares | (259) | (515) | |
Total Distributions | (36,167) | (51,972) | |
Capital Share Transactions | |||
ETF Shares | (653,605) | 2,801,123 | |
Institutional Shares | (49,902) | 6,716 | |
Net Increase (Decrease) from Capital Share Transactions | (703,507) | 2,807,839 | |
Total Increase (Decrease) | (432,304) | 5,842,226 | |
Net Assets | |||
Beginning of Period | 10,273,829 | 4,431,603 | |
End of Period | 9,841,525 | 10,273,829 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $196.25 | $132.22 | $127.79 | $104.09 | $87.15 | $80.22 |
Investment Operations | ||||||
Net Investment Income | .6411 | 1.3581 | 1.5881 | 1.4851 | 1.3511 | 1.269 |
Net Realized and Unrealized Gain (Loss) on Investments | 6.196 | 64.007 | 3.860 | 23.677 | 16.920 | 6.897 |
Total from Investment Operations | 6.837 | 65.365 | 5.448 | 25.162 | 18.271 | 8.166 |
Distributions | ||||||
Dividends from Net Investment Income | (.717) | (1.335) | (1.018) | (1.462) | (1.331) | (1.236) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.717) | (1.335) | (1.018) | (1.462) | (1.331) | (1.236) |
Net Asset Value, End of Period | $202.37 | $196.25 | $132.22 | $127.79 | $104.09 | $87.15 |
Total Return | 3.50% | 49.84% | 4.32% | 24.38% | 21.17% | 10.28% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $9,808 | $10,193 | $4,388 | $4,152 | $3,135 | $2,247 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.63% | 0.90% | 1.30% | 1.29% | 1.43% | 1.55% |
Portfolio Turnover Rate2 | 2% | 6% | 14% | 9% | 8% | 12% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $389.78 | $262.63 | $253.80 | $206.74 | $173.07 | $159.31 |
Investment Operations | ||||||
Net Investment Income | 1.2671 | 2.7071 | 3.1841 | 2.9631 | 2.6991 | 2.528 |
Net Realized and Unrealized Gain (Loss) on Investments | 12.344 | 127.126 | 7.684 | 47.023 | 33.622 | 13.693 |
Total from Investment Operations | 13.611 | 129.833 | 10.868 | 49.986 | 36.321 | 16.221 |
Distributions | ||||||
Dividends from Net Investment Income | (1.431) | (2.683) | (2.038) | (2.926) | (2.651) | (2.461) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.431) | (2.683) | (2.038) | (2.926) | (2.651) | (2.461) |
Net Asset Value, End of Period | $401.96 | $389.78 | $262.63 | $253.80 | $206.74 | $173.07 |
Total Return | 3.51% | 49.87% | 4.34% | 24.39% | 21.20% | 10.28% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $34 | $81 | $43 | $43 | $35 | $30 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 0.63% | 0.91% | 1.31% | 1.30% | 1.44% | 1.56% |
Portfolio Turnover Rate2 | 2% | 6% | 14% | 9% | 8% | 12% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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. |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 6,268,594 |
Gross Unrealized Appreciation | 3,580,205 |
Gross Unrealized Depreciation | (8,507) |
Net Unrealized Appreciation (Depreciation) | 3,571,698 |
E. | During the six months ended February 28, 2021, the fund purchased $1,115,901,000 of investment securities and sold $1,824,739,000 of investment securities, other than temporary cash investments. Purchases and sales include $903,174,000 and $1,618,531,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 954,567 | 4,975 | 3,379,154 | 22,750 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,608,172) | (8,450) | (578,031) | (4,000) | |
Net Increase (Decrease)—ETF Shares | (653,605) | (3,475) | 2,801,123 | 18,750 | |
Institutional Shares | |||||
Issued | 2,542 | 6 | 41,327 | 157 | |
Issued in Lieu of Cash Distributions | 259 | 1 | 515 | 2 | |
Redeemed | (52,703) | (131) | (35,126) | (116) | |
Net Increase (Decrease)—Institutional Shares | (49,902) | (124) | 6,716 | 43 |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
Basic Materials | 0.9% |
Consumer Discretionary | 7.1 |
Consumer Staples | 10.8 |
Energy | 5.3 |
Financials | 21.3 |
Health Care | 20.9 |
Industrials | 14.1 |
Real Estate | 0.8 |
Technology | 6.7 |
Telecommunications | 7.4 |
Utilities | 4.7 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Basic Materials (0.9%) | |||
Air Products and Chemicals Inc. | 69,965 | 17,885 | |
Dow Inc. | 234,780 | 13,925 | |
LyondellBasell Industries NV Class A | 39,406 | 4,062 | |
International Flavors & Fragrances Inc. | 1 | — | |
35,872 | |||
Consumer Discretionary (7.1%) | |||
Walt Disney Co. | 571,999 | 108,131 | |
Walmart Inc. | 448,493 | 58,268 | |
Target Corp. | 158,563 | 29,087 | |
General Motors Co. | 385,130 | 19,769 | |
Ford Motor Co. | 1,235,434 | 14,454 | |
eBay Inc. | 207,211 | 11,691 | |
Marriott International Inc. Class A | 77,094 | 11,415 | |
VF Corp. | 98,472 | 7,792 | |
Las Vegas Sands Corp. | 120,628 | 7,551 | |
Southwest Airlines Co. | 93,182 | 5,417 | |
273,575 | |||
Consumer Staples (10.8%) | |||
Procter & Gamble Co. | 785,077 | 96,980 | |
Coca-Cola Co. | 1,224,243 | 59,976 | |
PepsiCo Inc. | 437,541 | 56,526 | |
Philip Morris International Inc. | 492,883 | 41,412 | |
CVS Health Corp. | 414,268 | 28,224 | |
Altria Group Inc. | 587,923 | 25,633 | |
Mondelez International Inc. Class A | 452,876 | 24,075 | |
Kimberly-Clark Corp. | 107,529 | 13,799 | |
Sysco Corp. | 153,078 | 12,190 | |
Walgreens Boots Alliance Inc. | 232,818 | 11,159 | |
Constellation Brands Inc. Class A | 51,044 | 10,931 | |
General Mills Inc. | 193,547 | 10,647 | |
Kraft Heinz Co. | 193,011 | 7,022 | |
Keurig Dr Pepper Inc. | 178,607 | 5,451 | |
Archer-Daniels-Midland Co. | 87,720 | 4,963 | |
McKesson Corp. | 25,367 | 4,300 | |
Kroger Co. | 116,399 | 3,749 | |
417,037 |
Shares | Market Value• ($000) | ||
Energy (5.3%) | |||
Exxon Mobil Corp. | 1,338,309 | 72,764 | |
Chevron Corp. | 609,420 | 60,942 | |
ConocoPhillips | 428,845 | 22,304 | |
Schlumberger NV | 440,470 | 12,293 | |
EOG Resources Inc. | 184,419 | 11,906 | |
Kinder Morgan Inc. | 610,240 | 8,971 | |
Phillips 66 | 68,925 | 5,724 | |
Marathon Petroleum Corp. | 102,621 | 5,605 | |
Williams Cos. Inc. | 191,491 | 4,374 | |
204,883 | |||
Financials (21.3%) | |||
JPMorgan Chase & Co. | 964,842 | 141,996 | |
* | Berkshire Hathaway Inc. Class B | 579,785 | 139,444 |
Bank of America Corp. | 2,464,464 | 85,542 | |
Wells Fargo & Co. | 1,243,162 | 44,965 | |
Citigroup Inc. | 658,999 | 43,415 | |
Morgan Stanley | 474,832 | 36,500 | |
Goldman Sachs Group Inc. | 108,927 | 34,800 | |
BlackRock Inc. | 43,448 | 30,175 | |
Charles Schwab Corp. | 483,568 | 29,846 | |
Truist Financial Corp. | 426,617 | 24,300 | |
CME Group Inc. | 113,633 | 22,693 | |
PNC Financial Services Group Inc. | 134,075 | 22,573 | |
U.S. Bancorp | 428,946 | 21,447 | |
Chubb Ltd. | 121,465 | 19,748 | |
Progressive Corp. | 185,332 | 15,929 | |
Blackstone Group Inc. Class A | 213,583 | 14,786 | |
MetLife Inc. | 213,758 | 12,312 | |
Travelers Cos. Inc. | 80,222 | 11,672 | |
T Rowe Price Group Inc. | 71,588 | 11,607 | |
Prudential Financial Inc. | 125,519 | 10,885 | |
Bank of New York Mellon Corp. | 252,644 | 10,652 | |
Aflac Inc. | 211,632 | 10,135 | |
Allstate Corp. | 91,419 | 9,745 | |
Marsh & McLennan Cos. Inc. | 80,387 | 9,262 | |
American International Group Inc. | 136,741 | 6,010 | |
*,1 | Rocket Cos. Inc. Class A | 36,260 | 792 |
* | Berkshire Hathaway Inc. Class A | 1 | 365 |
821,596 | |||
Health Care (20.9%) | |||
Johnson & Johnson | 833,219 | 132,032 | |
UnitedHealth Group Inc. | 300,344 | 99,780 | |
Abbott Laboratories | 561,013 | 67,198 | |
AbbVie Inc. | 558,725 | 60,197 | |
Pfizer Inc. | 1,759,200 | 58,916 | |
Merck & Co. Inc. | 800,812 | 58,155 | |
Eli Lilly and Co. | 272,509 | 55,834 | |
Medtronic plc | 425,874 | 49,815 | |
Amgen Inc. | 184,246 | 41,441 | |
Gilead Sciences Inc. | 396,703 | 24,358 | |
Cigna Corp. | 114,342 | 24,000 | |
Anthem Inc. | 78,707 | 23,863 | |
Danaher Corp. | 101,253 | 22,242 | |
Bristol-Myers Squibb Co. | 357,587 | 21,931 |
Shares | Market Value• ($000) | ||
Humana Inc. | 41,874 | 15,897 | |
HCA Healthcare Inc. | 85,720 | 14,746 | |
* | Biogen Inc. | 48,708 | 13,291 |
Zimmer Biomet Holdings Inc. | 65,660 | 10,707 | |
Baxter International Inc. | 80,750 | 6,274 | |
* | Alexion Pharmaceuticals Inc. | 32,913 | 5,027 |
805,704 | |||
Industrials (14.1%) | |||
Honeywell International Inc. | 222,077 | 44,937 | |
Caterpillar Inc. | 171,986 | 37,128 | |
General Electric Co. | 2,772,134 | 34,763 | |
Raytheon Technologies Corp. | 480,586 | 34,597 | |
3M Co. | 182,511 | 31,950 | |
Deere & Co. | 89,297 | 31,175 | |
American Express Co. | 191,255 | 25,869 | |
CSX Corp. | 242,111 | 22,165 | |
Union Pacific Corp. | 106,679 | 21,972 | |
Norfolk Southern Corp. | 80,401 | 20,266 | |
FedEx Corp. | 74,886 | 19,059 | |
Illinois Tool Works Inc. | 90,224 | 18,242 | |
United Parcel Service Inc. Class B | 113,145 | 17,858 | |
Capital One Financial Corp. | 144,887 | 17,414 | |
Eaton Corp. plc | 126,205 | 16,431 | |
Emerson Electric Co. | 189,395 | 16,269 | |
Northrop Grumman Corp. | 47,473 | 13,846 | |
Johnson Controls International plc | 229,081 | 12,780 | |
General Dynamics Corp. | 77,213 | 12,622 | |
Lockheed Martin Corp. | 37,685 | 12,445 | |
DuPont de Nemours Inc. | 169,847 | 11,944 | |
Cummins Inc. | 46,875 | 11,869 | |
Parker-Hannifin Corp. | 40,681 | 11,674 | |
Trane Technologies plc | 76,072 | 11,657 | |
PPG Industries Inc. | 74,856 | 10,092 | |
PACCAR Inc. | 109,742 | 9,985 | |
Stanley Black & Decker Inc. | 50,709 | 8,866 | |
Otis Worldwide Corp. | 68,539 | 4,367 | |
542,242 | |||
Real Estate (0.8%) | |||
Prologis Inc. | 233,809 | 23,164 | |
Simon Property Group Inc. | 51,286 | 5,791 | |
28,955 | |||
Technology (6.7%) | |||
Intel Corp. | 1,297,025 | 78,833 | |
QUALCOMM Inc. | 357,962 | 48,751 | |
Oracle Corp. | 571,979 | 36,899 | |
International Business Machines Corp. | 282,028 | 33,542 | |
* | Micron Technology Inc. | 175,956 | 16,105 |
TE Connectivity Ltd. | 104,778 | 13,624 | |
HP Inc. | 434,824 | 12,597 | |
Cognizant Technology Solutions Corp. Class A | 169,014 | 12,419 | |
* | Dell Technologies Class C | 78,145 | 6,335 |
259,105 |
Shares | Market Value• ($000) | ||
Telecommunications (7.4%) | |||
Comcast Corp. Class A | 1,445,254 | 76,194 | |
Verizon Communications Inc. | 1,310,157 | 72,452 | |
AT&T Inc. | 2,255,217 | 62,898 | |
Cisco Systems Inc. | 1,203,505 | 54,001 | |
* | T-Mobile US Inc. | 176,789 | 21,209 |
286,754 | |||
Utilities (4.6%) | |||
NextEra Energy Inc. | 620,149 | 45,569 | |
Duke Energy Corp. | 233,039 | 19,946 | |
Southern Co. | 334,371 | 18,966 | |
Dominion Energy Inc. | 258,237 | 17,643 | |
Waste Management Inc. | 133,894 | 14,847 | |
Exelon Corp. | 307,850 | 11,883 | |
American Electric Power Co. Inc. | 157,011 | 11,752 | |
Sempra Energy | 91,577 | 10,621 | |
Xcel Energy Inc. | 166,374 | 9,748 | |
Public Service Enterprise Group Inc. | 160,186 | 8,623 | |
Republic Services Inc. Class A | 65,519 | 5,837 | |
Consolidated Edison Inc. | 53,944 | 3,541 | |
178,976 | |||
Total Common Stocks (Cost $3,044,048) | 3,854,699 | ||
Temporary Cash Investments (0.0%) | |||
Money Market Fund (0.0%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.099% (Cost $741) | 7,409 | 741 |
Total Investments (99.9%) (Cost $3,044,789) | 3,855,440 | ||
Other Assets and Liabilities—Net (0.1%) | 3,057 | ||
Net Assets (100%) | 3,858,497 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $769,000. |
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 $739,000 was received for securities on loan. |
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 | March 2021 | 20 | 3,809 | (34) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,044,048) | 3,854,699 |
Affiliated Issuers (Cost $741) | 741 |
Total Investments in Securities | 3,855,440 |
Investment in Vanguard | 138 |
Cash Collateral Pledged—Futures Contracts | 280 |
Receivables for Accrued Income | 8,819 |
Receivables for Capital Shares Issued | 2 |
Total Assets | 3,864,679 |
Liabilities | |
Due to Custodian | 3,858 |
Payables for Investment Securities Purchased | 1,300 |
Collateral for Securities on Loan | 739 |
Payables for Capital Shares Redeemed | 135 |
Payables to Vanguard | 125 |
Variation Margin Payable—Futures Contracts | 25 |
Total Liabilities | 6,182 |
Net Assets | 3,858,497 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 3,064,781 |
Total Distributable Earnings (Loss) | 793,716 |
Net Assets | 3,858,497 |
ETF Shares—Net Assets | |
Applicable to 41,535,539 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,729,568 |
Net Asset Value Per Share—ETF Shares | $89.79 |
Institutional Shares—Net Assets | |
Applicable to 724,103 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 128,929 |
Net Asset Value Per Share—Institutional Shares | $178.05 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 45,994 |
Interest1 | 1 |
Securities Lending—Net | 21 |
Total Income | 46,016 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 258 |
Management and Administrative—ETF Shares | 786 |
Management and Administrative—Institutional Shares | 24 |
Marketing and Distribution—ETF Shares | 71 |
Marketing and Distribution—Institutional Shares | 1 |
Custodian Fees | 22 |
Shareholders’ Reports—ETF Shares | 22 |
Shareholders’ Reports—Institutional Shares | 1 |
Trustees’ Fees and Expenses | — |
Total Expenses | 1,185 |
Net Investment Income | 44,831 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 33,307 |
Futures Contracts | 435 |
Realized Net Gain (Loss) | 33,742 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 409,953 |
Futures Contracts | (258) |
Change in Unrealized Appreciation (Depreciation) | 409,695 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 488,268 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $67,787,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 44,831 | 80,365 | |
Realized Net Gain (Loss) | 33,742 | 21,714 | |
Change in Unrealized Appreciation (Depreciation) | 409,695 | 18,262 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 488,268 | 120,341 | |
Distributions | |||
ETF Shares | (43,911) | (74,008) | |
Institutional Shares | (1,618) | (3,648) | |
Total Distributions | (45,529) | (77,656) | |
Capital Share Transactions | |||
ETF Shares | 285,708 | 526,191 | |
Institutional Shares | (3,942) | (17,219) | |
Net Increase (Decrease) from Capital Share Transactions | 281,766 | 508,972 | |
Total Increase (Decrease) | 724,505 | 551,657 | |
Net Assets | |||
Beginning of Period | 3,133,992 | 2,582,335 | |
End of Period | 3,858,497 | 3,133,992 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $78.96 | $78.94 | $79.89 | $70.19 | $63.52 | $56.89 |
Investment Operations | ||||||
Net Investment Income | 1.0911 | 2.2711 | 2.2611 | 1.8931 | 1.8431 | 1.638 |
Net Realized and Unrealized Gain (Loss) on Investments | 10.847 | (.044) | (1.027) | 9.668 | 6.557 | 6.583 |
Total from Investment Operations | 11.938 | 2.227 | 1.234 | 11.561 | 8.400 | 8.221 |
Distributions | ||||||
Dividends from Net Investment Income | (1.108) | (2.207) | (2.184) | (1.861) | (1.730) | (1.591) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.108) | (2.207) | (2.184) | (1.861) | (1.730) | (1.591) |
Net Asset Value, End of Period | $89.79 | $78.96 | $78.94 | $79.89 | $70.19 | $63.52 |
Total Return | 15.26% | 2.94% | 1.69% | 16.71% | 13.40% | 14.71% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,730 | $3,017 | $2,448 | $2,120 | $1,717 | $1,322 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.63% | 2.90% | 2.90% | 2.50% | 2.73% | 2.84% |
Portfolio Turnover Rate2 | 6% | 9% | 10% | 8% | 8% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $156.56 | $156.53 | $158.41 | $139.18 | $125.94 | $112.80 |
Investment Operations | ||||||
Net Investment Income | 2.1701 | 4.5221 | 4.4671 | 3.7431 | 3.5961 | 3.259 |
Net Realized and Unrealized Gain (Loss) on Investments | 21.523 | (.102) | (2.002) | 19.188 | 13.077 | 13.063 |
Total from Investment Operations | 23.693 | 4.420 | 2.465 | 22.931 | 16.673 | 16.322 |
Distributions | ||||||
Dividends from Net Investment Income | (2.203) | (4.390) | (4.345) | (3.701) | (3.433) | (3.182) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.203) | (4.390) | (4.345) | (3.701) | (3.433) | (3.182) |
Net Asset Value, End of Period | $178.05 | $156.56 | $156.53 | $158.41 | $139.18 | $125.94 |
Total Return | 15.28% | 3.00% | 1.68% | 16.71% | 13.41% | 14.72% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $129 | $117 | $134 | $131 | $125 | $207 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 2.64% | 2.89% | 2.91% | 2.51% | 2.74% | 2.85% |
Portfolio Turnover Rate2 | 6% | 9% | 10% | 8% | 8% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | 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. |
D. | As of February 28, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 3,046,478 |
Gross Unrealized Appreciation | 897,617 |
Gross Unrealized Depreciation | (88,689) |
Net Unrealized Appreciation (Depreciation) | 808,928 |
E. | During the six months ended February 28, 2021, the fund purchased $675,594,000 of investment securities and sold $391,794,000 of investment securities, other than temporary cash investments. Purchases and sales include $427,419,000 and $181,582,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 460,573 | 5,476 | 673,200 | 9,075 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (174,865) | (2,150) | (147,009) | (1,875) | |
Net Increase (Decrease)—ETF Shares | 285,708 | 3,326 | 526,191 | 7,200 |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued | 6,310 | 37 | 7,676 | 51 | |
Issued in Lieu of Cash Distributions | 1,005 | 6 | 2,292 | 15 | |
Redeemed | (11,257) | (67) | (27,187) | (177) | |
Net Increase (Decrease)—Institutional Shares | (3,942) | (24) | (17,219) | (111) |
G. | Management has determined that no events or transactions occurred subsequent to February 28, 2021, that would require recognition or disclosure in these financial statements. |
All rights reserved.
U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636.
Vanguard Marketing Corporation, Distributor.
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended February 28, 2021 | |||
Beginning Account Value 8/31/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Wellington Fund | |||
Investor Shares | $1,000.00 | $1,092.70 | $2.18 |
AdmiralTM Shares | 1,000.00 | 1,093.40 | 1.66 |
Based on Hypothetical 5% Yearly Return | |||
Global Wellington Fund | |||
Investor Shares | $1,000.00 | $1,022.71 | $2.11 |
Admiral Shares | 1,000.00 | 1,023.21 | 1.61 |
United States | 58.0% |
United Kingdom | 9.6 |
Japan | 7.1 |
France | 5.9 |
Switzerland | 4.2 |
Sweden | 2.2 |
Spain | 1.7 |
Canada | 1.7 |
Taiwan | 1.6 |
Germany | 1.3 |
South Korea | 1.3 |
Other | 5.4 |
Shares | Market Value• ($000) | |||||
Common Stocks (65.1%) | ||||||
Canada (0.6%) | ||||||
Dollarama Inc. | 137,112 | 5,218 | ||||
Suncor Energy Inc. | 202,944 | 4,030 | ||||
9,248 | ||||||
France (4.3%) | ||||||
TOTAL SE | 210,719 | 9,826 | ||||
* | Engie SA | 660,499 | 9,616 | |||
* | BNP Paribas SA | 149,617 | 8,894 | |||
* | Safran SA | 63,786 | 8,695 | |||
Vinci SA | 75,875 | 7,891 | ||||
Arkema SA | 67,628 | 7,455 | ||||
*,1 | Amundi SA | 61,899 | 4,704 | |||
Schneider Electric SE | 23,126 | 3,420 | ||||
Legrand SA | 25,164 | 2,188 | ||||
62,689 | ||||||
Germany (0.4%) | ||||||
Bayerische Motoren Werke AG | 69,354 | 5,993 | ||||
Japan (5.7%) | ||||||
Tokio Marine Holdings Inc. | 306,997 | 15,251 | ||||
Nippon Telegraph & Telephone Corp. | 479,744 | 12,428 | ||||
Astellas Pharma Inc. | 764,000 | 12,080 | ||||
Marui Group Co. Ltd. | 524,465 | 10,060 | ||||
Isuzu Motors Ltd. | 913,414 | 9,613 | ||||
Mitsubishi UFJ Financial Group Inc. | 1,178,022 | 6,196 | ||||
Sumitomo Mitsui Financial Group Inc. | 174,801 | 6,171 | ||||
Honda Motor Co. Ltd. | 222,100 | 6,139 | ||||
Mitsubishi Estate Co. Ltd. | 319,400 | 5,558 | ||||
��� | 83,496 | |||||
Netherlands (0.2%) | ||||||
ING Groep NV | 319,690 | 3,501 | ||||
South Korea (1.2%) | ||||||
Samsung Electronics Co. Ltd. | 244,693 | 17,933 | ||||
Spain (1.4%) | ||||||
Iberdrola SA | 933,121 | 11,694 | ||||
CaixaBank SA | 3,015,874 | 8,734 | ||||
20,428 | ||||||
Sweden (2.1%) | ||||||
* | Autoliv Inc. | 153,822 | 13,844 |
Shares | Market Value• ($000) | |||||
* | Alfa Laval AB | 286,630 | 8,854 | |||
Lundin Energy AB | 263,451 | 8,549 | ||||
31,247 | ||||||
Switzerland (3.6%) | ||||||
Novartis AG (Registered) | 257,511 | 22,178 | ||||
Nestle SA (Registered) | 144,589 | 15,091 | ||||
Julius Baer Group Ltd. | 133,926 | 8,244 | ||||
Zurich Insurance Group AG | 19,652 | 8,022 | ||||
53,535 | ||||||
Taiwan (1.6%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,053,175 | 23,009 | ||||
United Kingdom (6.4%) | ||||||
2 | AstraZeneca plc ADR | 413,621 | 20,011 | |||
Diageo plc | 412,215 | 16,216 | ||||
Prudential plc | 729,369 | 14,529 | ||||
Linde plc | 51,645 | 12,719 | ||||
WPP plc | 948,254 | 11,341 | ||||
* | Rotork plc | 1,803,732 | 9,005 | |||
Derwent London plc | 108,647 | 5,003 | ||||
BAE Systems plc | 724,768 | 4,906 | ||||
93,730 | ||||||
United States (37.6%) | ||||||
Microsoft Corp. | 116,319 | 27,030 | ||||
Johnson & Johnson | 166,762 | 26,425 | ||||
Bank of America Corp. | 730,855 | 25,368 | ||||
Cisco Systems Inc. | 499,412 | 22,409 | ||||
United Parcel Service Inc. Class B | 131,868 | 20,813 | ||||
Chubb Ltd. | 122,386 | 19,898 | ||||
Medtronic plc | 154,790 | 18,106 | ||||
Deere & Co. | 50,634 | 17,677 | ||||
General Motors Co. | 327,969 | 16,835 | ||||
Comcast Corp. Class A | 304,531 | 16,055 | ||||
JPMorgan Chase & Co. | 106,433 | 15,664 | ||||
Sempra Energy | 132,499 | 15,367 | ||||
American Express Co. | 112,896 | 15,270 | ||||
McDonald's Corp. | 73,952 | 15,244 | ||||
Mondelez International Inc. Class A | 284,714 | 15,135 | ||||
Northrop Grumman Corp. | 50,720 | 14,793 | ||||
Merck & Co. Inc. | 196,471 | 14,268 | ||||
Raytheon Technologies Corp. | 194,995 | 14,038 | ||||
Broadcom Inc. | 29,635 | 13,925 | ||||
UnitedHealth Group Inc. | 40,025 | 13,297 | ||||
TJX Cos. Inc. | 197,709 | 13,047 | ||||
Texas Instruments Inc. | 74,450 | 12,825 | ||||
Eli Lilly & Co. | 60,037 | 12,301 | ||||
PNC Financial Services Group Inc. | 72,088 | 12,137 | ||||
Lockheed Martin Corp. | 35,965 | 11,877 | ||||
PepsiCo Inc. | 90,123 | 11,643 | ||||
General Dynamics Corp. | 71,035 | 11,612 | ||||
Baxter International Inc. | 138,143 | 10,732 | ||||
Pioneer Natural Resources Co. | 66,094 | 9,820 | ||||
Caterpillar Inc. | 45,433 | 9,808 | ||||
* | Alphabet Inc. Class A | 4,619 | 9,339 | |||
Colgate-Palmolive Co. | 99,613 | 7,491 |
Shares | Market Value• ($000) | |||||
KLA Corp. | 22,814 | 7,100 | ||||
RenaissanceRe Holdings Ltd. | 38,294 | 6,394 | ||||
American Tower Corp. | 29,022 | 6,273 | ||||
Union Pacific Corp. | 28,943 | 5,961 | ||||
Verizon Communications Inc. | 103,786 | 5,739 | ||||
Duke Energy Corp. | 63,726 | 5,454 | ||||
Marsh & McLennan Cos. Inc. | 41,773 | 4,813 | ||||
Gilead Sciences Inc. | 78,223 | 4,803 | ||||
Intel Corp. | 73,498 | 4,467 | ||||
BlackRock Inc. | 5,769 | 4,007 | ||||
Honeywell International Inc. | 19,301 | 3,906 | ||||
Accenture plc Class A | 13,975 | 3,506 | ||||
Abbott Laboratories | 20,336 | 2,436 | ||||
555,108 | ||||||
Total Common Stocks (Cost $763,099) | 959,917 | |||||
Coupon | Maturity Date | Face Amount ($000) | ||||
U.S. Government and Agency Obligations (4.7%) | ||||||
3,4 | Fannie Mae Pool | 3.070% | 2/1/25 | 150 | 162 | |
3,4 | Fannie Mae REMICS | 2.000% | 9/25/40 | 94 | 96 | |
3,4 | Fannie Mae REMICS | 2.500% | 5/25/45–3/25/53 | 790 | 813 | |
3,4 | Fannie Mae REMICS | 3.000% | 2/25/49 | 177 | 186 | |
3,4 | Fannie Mae REMICS | 3.500% | 6/25/44–6/25/59 | 1,834 | 1,965 | |
3,4 | Freddie Mac REMICS | 1.750% | 9/15/42 | 888 | 912 | |
3,4 | Freddie Mac REMICS | 3.500% | 9/15/40–11/15/40 | 171 | 174 | |
3,4 | Freddie Mac REMICS | 4.000% | 12/15/39–8/15/40 | 857 | 947 | |
3 | Ginnie Mae REMICS | 2.750% | 9/20/44 | 155 | 159 | |
3,4,5 | UMBS Pool | 1.500% | 3/15/36–4/15/36 | 11,045 | 11,171 | |
3,4,5 | UMBS Pool | 2.000% | 3/15/36–4/15/51 | 7,950 | 8,046 | |
3,4,5 | UMBS Pool | 2.500% | 3/15/51 | 5,950 | 6,169 | |
5 | United States Treasury Note/Bond | 0.500% | 2/28/26 | 1,885 | 1,860 | |
United States Treasury Note/Bond | 0.125% | 8/15/23–2/15/24 | 16,485 | 16,427 | ||
United States Treasury Note/Bond | 0.250% | 5/31/25–7/31/25 | 10,865 | 10,714 | ||
United States Treasury Note/Bond | 0.375% | 1/31/26 | 2,650 | 2,607 | ||
United States Treasury Note/Bond | 0.875% | 11/15/30 | 1,245 | 1,188 | ||
United States Treasury Note/Bond | 1.125% | 8/15/40 | 600 | 514 | ||
United States Treasury Note/Bond | 2.000% | 2/15/50 | 558 | 544 | ||
United States Treasury Note/Bond | 1.250% | 5/15/50 | 105 | 85 | ||
6 | United States Treasury Note/Bond | 1.375% | 8/15/50 | 985 | 822 | |
United States Treasury Note/Bond | 1.875% | 2/15/51 | 1,480 | 1,401 | ||
United States Treasury Note/Bond | 1.625% | 11/15/50 | 2,065 | 1,837 | ||
United States Treasury Note/Bond | 2.750% | 11/15/47 | 450 | 509 | ||
Total U.S. Government and Agency Obligations (Cost $69,780) | 69,308 | |||||
Asset-Backed/Commercial Mortgage-Backed Securities (0.9%) | ||||||
Bermuda (0.0%) | ||||||
1,3 | START Ireland Series 2019-1 | 4.089% | 3/15/44 | 155 | 155 | |
Canada (0.2%) | ||||||
1,3 | Chesapeake Funding II LLC Series 2018-2A | 3.230% | 8/15/30 | 341 | 345 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,3,7 | Ford Auto Securitization Trust Series 2019-AA | 2.354% | 6/15/23 | 1,034 | 819 | |
1,3,8 | Master Credit Card Trust II Series 2018-1A, 1M USD LIBOR+0.490% | 0.601% | 7/21/24 | 765 | 767 | |
1,931 | ||||||
Cayman Islands (0.3%) | ||||||
1,3 | Horizon Aircraft Finance II Ltd. Series 2019-1 | 3.721% | 7/15/39 | 233 | 233 | |
1,3,8 | KKR CLO 16 Ltd., 3M USD LIBOR+1.250% | 1.474% | 1/20/29 | 360 | 360 | |
1,3,8 | Madison Park Funding XVIII Ltd. Series 2015-18A, 3M USD LIBOR+1.190% | 1.414% | 10/21/30 | 730 | 730 | |
1,3,8 | Madison Park Funding XXX Ltd. Series 2018-30A, 3M USD LIBOR+0.750% | 0.991% | 4/15/29 | 1,400 | 1,397 | |
1,3,8 | Magnetite VII Ltd. Series 2012-7A, 3M USD LIBOR+0.800% | 1.041% | 1/15/28 | 1,375 | 1,374 | |
1,3,8 | Race Point IX CLO Ltd. Series 2015-9A, 3M USD LIBOR+1.210% | 1.451% | 10/15/30 | 726 | 726 | |
4,820 | ||||||
United States (0.4%) | ||||||
1,3 | Aaset Trust Series 2019-1 | 3.844% | 5/15/39 | 219 | 221 | |
1,3 | Angel Oak Mortgage Trust I LLC Series 2018-3 | 3.649% | 9/25/48 | 203 | 205 | |
1,3 | Castlelake Aircraft Structured Trust Series 2019-1A | 3.967% | 4/15/39 | 219 | 219 | |
1,3 | CF Hippolyta LLC Series 2020-1 | 1.690% | 7/15/60 | 783 | 785 | |
1,3 | DB Master Finance LLC Series 2019-1A | 3.787% | 5/20/49 | 143 | 146 | |
1,3 | DB Master Finance LLC Series 2019-1A | 4.021% | 5/20/49 | 123 | 130 | |
1,3 | Enterprise Fleet Financing LLC Series 2018-1 | 2.870% | 10/20/23 | 28 | 28 | |
Ford Credit Auto Lease Trust Series 2021-A | 0.780% | 9/15/25 | 280 | 280 | ||
1,3,4 | Freddie Mac STACR REMIC Trust Series 2021-DNA1 | 0.695% | 1/25/51 | 490 | 490 | |
3,4,8 | Freddie Mac Structured Agency Credit Risk Debt Notes, 1M USD LIBOR+5.000% | 5.118% | 12/25/28 | 396 | 419 | |
3,4,8 | Freddie Mac Structured Agency Credit Risk Debt Notes, 1M USD LIBOR+2.500% | 2.618% | 3/25/30 | 945 | 962 | |
1,3 | GreatAmerica Leasing Receivables Funding LLC Series 2018-1 | 2.830% | 6/17/24 | 132 | 134 | |
1,3 | MMAF Equipment Finance LLC Series 2017-B | 2.210% | 10/17/22 | 23 | 23 | |
3 | Seasoned Credit Risk Transfer Trust Series 2019-3 | 3.500% | 10/25/58 | 233 | 253 | |
1,3 | SoFi Consumer Loan Program Trust Series 2019-3 | 2.900% | 5/25/28 | 342 | 344 | |
1,3 | Towd Point Mortgage Trust Series 2018-1 | 3.000% | 1/25/58 | 178 | 183 | |
1,3 | Vantage Data Centers Issuer LLC Series 2019-1A | 3.188% | 7/15/44 | 192 | 200 | |
1,3 | Vantage Data Centers LLC Series 2020-1A | 1.645% | 9/15/45 | 810 | 809 | |
1,3 | Verus Securitization Trust Series 2019-2 | 3.211% | 5/25/59 | 178 | 179 | |
6,010 | ||||||
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $12,820) | 12,916 | |||||
Corporate Bonds (20.7%) | ||||||
Australia (0.4%) | ||||||
1,3 | National Australia Bank Ltd. | 2.400% | 12/7/21 | 575 | 584 | |
1,3 | National Australia Bank Ltd. | 2.332% | 8/21/30 | 2,020 | 1,953 | |
1,3 | National Australia Bank Ltd. | 3.933% | 8/2/34 | 1,050 | 1,139 | |
1,3 | Scentre Group Trust 1 | 3.625% | 1/28/26 | 809 | 879 | |
1,3 | Scentre Group Trust 1 | 4.375% | 5/28/30 | 1,230 | 1,401 | |
5,956 | ||||||
Austria (0.0%) | ||||||
1,3 | JAB Holdings BV | 2.200% | 11/23/30 | 430 | 415 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Belgium (0.3%) | ||||||
3 | Anheuser-Busch Cos. LLC | 4.900% | 2/1/46 | 925 | 1,115 | |
3,9 | Anheuser-Busch InBev SA/NV | 2.000% | 3/17/28 | 217 | 294 | |
3,9 | Anheuser-Busch InBev SA/NV | 2.875% | 4/2/32 | 800 | 1,172 | |
3,9 | Anheuser-Busch InBev SA/NV | 2.750% | 3/17/36 | 350 | 514 | |
Anheuser-Busch InBev Worldwide Inc. | 4.375% | 4/15/38 | 670 | 782 | ||
Anheuser-Busch InBev Worldwide Inc. | 4.600% | 4/15/48 | 170 | 197 | ||
Anheuser-Busch InBev Worldwide Inc. | 4.500% | 6/1/50 | 770 | 890 | ||
4,964 | ||||||
Canada (0.4%) | ||||||
3,7 | Bell Canada | 3.350% | 3/22/23 | 975 | 801 | |
8 | Canadian Imperial Bank of Commerce, 3M USD LIBOR+0.720% | 0.939% | 6/16/22 | 570 | 574 | |
Emera US Finance LP | 2.700% | 6/15/21 | 400 | 402 | ||
Fortis Inc. | 3.055% | 10/4/26 | 775 | 841 | ||
Nutrien Ltd. | 4.125% | 3/15/35 | 650 | 742 | ||
3,7 | Royal Bank of Canada | 2.949% | 5/1/23 | 1,875 | 1,545 | |
TransCanada PipeLines Ltd. | 4.875% | 1/15/26 | 400 | 463 | ||
5,368 | ||||||
China (0.2%) | ||||||
1,3 | Sinopec Group Overseas Development 2017 Ltd. | 3.000% | 4/12/22 | 1,025 | 1,049 | |
1,3 | State Grid Overseas Investment 2016 Ltd. | 2.750% | 5/4/22 | 2,135 | 2,185 | |
3,234 | ||||||
Denmark (0.4%) | ||||||
9 | Danske Bank A/S | 0.500% | 8/27/25 | 2,450 | 2,982 | |
1,3 | Danske Bank A/S | 1.621% | 9/11/26 | 1,320 | 1,318 | |
3,10 | Danske Bank A/S | 2.250% | 1/14/28 | 1,440 | 2,060 | |
6,360 | ||||||
France (1.5%) | ||||||
3,9 | Airbus SE | 2.375% | 4/7/32 | 600 | 832 | |
3,9 | Airbus SE | 2.375% | 6/9/40 | 700 | 945 | |
3,9 | AXA SA | 5.125% | 7/4/43 | 600 | 804 | |
1,3 | BNP Paribas SA | 2.819% | 11/19/25 | 470 | 500 | |
1,3 | BNP Paribas SA | 2.219% | 6/9/26 | 1,095 | 1,133 | |
3,9 | BNP Paribas SA | 0.125% | 9/4/26 | 600 | 716 | |
3,9 | BNP Paribas SA | 2.125% | 1/23/27 | 1,800 | 2,359 | |
3,9 | BNP Paribas SA | 1.125% | 4/17/29 | 1,000 | 1,251 | |
3,9 | BPCE SA | 1.125% | 1/18/23 | 700 | 864 | |
3,9 | BPCE SA | 0.500% | 9/15/27 | 1,400 | 1,696 | |
1,3 | BPCE SA | 3.250% | 1/11/28 | 525 | 565 | |
9 | Cie de Saint-Gobain | 2.375% | 10/4/27 | 1,000 | 1,369 | |
3,9 | Credit Mutuel Arkea SA | 1.625% | 4/15/26 | 1,500 | 1,928 | |
1,3 | Danone SA | 2.947% | 11/2/26 | 555 | 599 | |
3,9 | Engie SA | 0.000% | 3/4/27 | 1,300 | 1,551 | |
3,9 | Orange SA | 1.000% | 5/12/25 | 1,300 | 1,631 | |
3,9 | Orange SA | 0.500% | 9/4/32 | 300 | 360 | |
3,9 | RCI Banque SA | 0.750% | 9/26/22 | 500 | 609 | |
3,9 | RCI Banque SA | 1.375% | 3/8/24 | 1,400 | 1,739 | |
21,451 | ||||||
Germany (0.9%) | ||||||
1,3 | Bayer US Finance II LLC | 4.250% | 12/15/25 | 1,000 | 1,125 | |
1,3 | Bayer US Finance LLC | 3.375% | 10/8/24 | 770 | 836 | |
3,10 | E.ON International Finance BV | 4.750% | 1/31/34 | 200 | 357 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
3,10 | E.ON International Finance BV | 5.875% | 10/30/37 | 250 | 514 | |
1,3 | Siemens Financieringsmaatschappij NV | 2.900% | 5/27/22 | 650 | 671 | |
3,9 | Volkswagen International Finance NV | 1.250% | 9/23/32 | 800 | 994 | |
3,9 | Volkswagen Leasing GmbH | 2.625% | 1/15/24 | 425 | 549 | |
3,9 | Volkswagen Leasing GmbH | 1.375% | 1/20/25 | 3,100 | 3,889 | |
3,9 | Vonovia Finance BV | 1.625% | 10/7/39 | 600 | 769 | |
9 | Wintershall Dea Finance BV | 0.840% | 9/25/25 | 1,300 | 1,589 | |
9 | Wintershall Dea Finance BV | 1.823% | 9/25/31 | 1,400 | 1,734 | |
13,027 | ||||||
Hong Kong (0.0%) | ||||||
1,3 | AIA Group Ltd. | 3.375% | 4/7/30 | 260 | 285 | |
Ireland (0.4%) | ||||||
1,3 | Avolon Holdings Funding Ltd. | 2.125% | 2/21/26 | 400 | 385 | |
1,3 | Avolon Holdings Funding Ltd. | 2.750% | 2/21/28 | 1,635 | 1,555 | |
9 | CRH Finance DAC | 3.125% | 4/3/23 | 1,634 | 2,105 | |
3,9 | CRH SMW Finance DAC | 1.250% | 11/5/26 | 1,200 | 1,529 | |
5,574 | ||||||
Japan (0.2%) | ||||||
1,3,5 | NTT Finance Corp. | 1.162% | 4/3/26 | 1,180 | 1,176 | |
1,3,5 | NTT Finance Corp. | 2.065% | 4/3/31 | 265 | 264 | |
9 | Takeda Pharmaceutical Co. Ltd. | 1.375% | 7/9/32 | 850 | 1,071 | |
Takeda Pharmaceutical Co. Ltd. | 3.025% | 7/9/40 | 200 | 200 | ||
2,711 | ||||||
Mexico (0.1%) | ||||||
America Movil SAB de CV | 3.625% | 4/22/29 | 275 | 303 | ||
America Movil SAB de CV | 6.375% | 3/1/35 | 350 | 501 | ||
804 | ||||||
Netherlands (0.4%) | ||||||
3,9 | ABN AMRO Bank NV | 2.500% | 11/29/23 | 1,330 | 1,725 | |
1,3 | Cooperatieve Rabobank UA | 1.106% | 2/24/27 | 1,090 | 1,085 | |
3,10 | Cooperatieve Rabobank UA | 4.625% | 5/23/29 | 100 | 166 | |
3,9 | Heineken NV | 1.500% | 10/3/29 | 1,325 | 1,750 | |
9 | ING Groep NV | 0.250% | 2/18/29 | 1,200 | 1,415 | |
Shell International Finance BV | 4.000% | 5/10/46 | 300 | 339 | ||
6,480 | ||||||
Norway (0.1%) | ||||||
1,3 | Aker BP ASA | 4.000% | 1/15/31 | 1,090 | 1,167 | |
Singapore (0.0%) | ||||||
1,3 | Temasek Financial I Ltd. | 3.625% | 8/1/28 | 510 | 578 | |
South Korea (0.0%) | ||||||
1,3 | SK Telecom Co. Ltd. | 3.750% | 4/16/23 | 200 | 213 | |
Spain (0.2%) | ||||||
3,9 | Iberdrola Finanzas SA | 1.250% | 10/28/26 | 1,300 | 1,667 | |
Telefonica Emisiones SA | 4.665% | 3/6/38 | 1,055 | 1,202 | ||
2,869 | ||||||
Switzerland (0.4%) | ||||||
1,3 | Alcon Finance Corp. | 3.000% | 9/23/29 | 1,280 | 1,352 | |
1,3 | Alcon Finance Corp. | 2.600% | 5/27/30 | 625 | 640 | |
3,9 | Credit Suisse Group AG | 1.250% | 7/17/25 | 675 | 843 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
3,10 | Credit Suisse Group AG | 2.250% | 6/9/28 | 1,075 | 1,550 | |
3,9 | Credit Suisse Group AG | 0.650% | 9/10/29 | 1,100 | 1,334 | |
5,719 | ||||||
United Arab Emirates (0.3%) | ||||||
1,3 | DAE Funding LLC | 3.375% | 3/20/28 | 2,435 | 2,462 | |
1,3 | Galaxy Pipeline Assets Bidco Ltd. | 2.160% | 3/31/34 | 2,355 | 2,338 | |
4,800 | ||||||
United Kingdom (2.0%) | ||||||
AstraZeneca plc | 4.000% | 1/17/29 | 755 | 860 | ||
1,3 | BAE Systems plc | 3.400% | 4/15/30 | 200 | 218 | |
Barclays plc | 4.337% | 1/10/28 | 1,380 | 1,563 | ||
3 | Barclays plc | 4.972% | 5/16/29 | 1,875 | 2,200 | |
Barclays plc | 2.645% | 6/24/31 | 815 | 826 | ||
BAT Capital Corp. | 3.557% | 8/15/27 | 1,240 | 1,344 | ||
BP Capital Markets plc | 3.814% | 2/10/24 | 475 | 518 | ||
3,7 | BP Capital Markets plc | 3.470% | 5/15/25 | 1,350 | 1,146 | |
9 | BP Capital Markets plc | 1.104% | 11/15/34 | 800 | 976 | |
1,3 | CK Hutchison International 17 II Ltd. | 2.750% | 3/29/23 | 1,275 | 1,332 | |
3,10 | CPUK Finance Ltd. | 3.588% | 8/28/25 | 1,400 | 2,080 | |
3,9 | FCE Bank plc | 0.869% | 9/13/21 | 1,800 | 2,171 | |
3,10 | Heathrow Funding Ltd. | 2.750% | 8/9/49 | 250 | 332 | |
8 | HSBC Holdings plc, 3M USD LIBOR+1.000% | 1.189% | 5/18/24 | 245 | 248 | |
3,10 | HSBC Holdings plc | 2.256% | 11/13/26 | 600 | 870 | |
HSBC Holdings plc | 1.589% | 5/24/27 | 580 | 581 | ||
3 | HSBC Holdings plc | 4.041% | 3/13/28 | 1,160 | 1,301 | |
3 | HSBC Holdings plc | 2.357% | 8/18/31 | 2,020 | 2,001 | |
3,9 | Natwest Group plc | 1.750% | 3/2/26 | 1,850 | 2,355 | |
Prudential plc | 3.125% | 4/14/30 | 540 | 587 | ||
1,3 | Sky Ltd. | 3.125% | 11/26/22 | 725 | 759 | |
1,3 | Standard Chartered plc | 2.744% | 9/10/22 | 1,095 | 1,107 | |
1,3 | Standard Chartered plc | 0.991% | 1/12/25 | 815 | 816 | |
3,9 | Vodafone Group plc | 1.625% | 11/24/30 | 2,675 | 3,547 | |
Vodafone Group plc | 5.250% | 5/30/48 | 400 | 517 | ||
30,255 | ||||||
United States (12.5%) | ||||||
AbbVie Inc. | 3.800% | 3/15/25 | 1,060 | 1,161 | ||
AbbVie Inc. | 4.050% | 11/21/39 | 275 | 316 | ||
AbbVie Inc. | 4.750% | 3/15/45 | 225 | 273 | ||
AbbVie Inc. | 4.250% | 11/21/49 | 675 | 783 | ||
3 | Alabama Power Co. | 4.300% | 7/15/48 | 255 | 311 | |
Altria Group Inc. | 5.800% | 2/14/39 | 560 | 692 | ||
Altria Group Inc. | 3.875% | 9/16/46 | 400 | 390 | ||
Amazon.com Inc. | 4.800% | 12/5/34 | 300 | 389 | ||
American Electric Power Co. Inc. | 3.200% | 11/13/27 | 950 | 1,045 | ||
9 | American Express Credit Corp. | 0.625% | 11/22/21 | 1,900 | 2,307 | |
10 | American Honda Finance Corp. | 0.750% | 11/25/26 | 1,855 | 2,538 | |
9 | American International Group Inc. | 1.500% | 6/8/23 | 975 | 1,213 | |
American International Group Inc. | 4.250% | 3/15/29 | 502 | 581 | ||
American International Group Inc. | 3.400% | 6/30/30 | 585 | 641 | ||
American International Group Inc. | 4.500% | 7/16/44 | 73 | 87 | ||
American International Group Inc. | 4.750% | 4/1/48 | 45 | 56 | ||
American International Group Inc. | 4.375% | 6/30/50 | 570 | 677 | ||
American Tower Corp. | 5.000% | 2/15/24 | 380 | 428 | ||
American Tower Corp. | 4.400% | 2/15/26 | 300 | 340 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Amgen Inc. | 3.625% | 5/22/24 | 275 | 299 | ||
Amgen Inc. | 4.663% | 6/15/51 | 350 | 442 | ||
1,3 | Amgen Inc. | 2.770% | 9/1/53 | 590 | 536 | |
Anthem Inc. | 3.500% | 8/15/24 | 275 | 299 | ||
Anthem Inc. | 2.250% | 5/15/30 | 1,010 | 1,017 | ||
Anthem Inc. | 4.375% | 12/1/47 | 500 | 596 | ||
9 | AT&T Inc. | 2.050% | 5/19/32 | 475 | 631 | |
9 | AT&T Inc. | 3.150% | 9/4/36 | 575 | 830 | |
9 | AT&T Inc. | 2.600% | 5/19/38 | 425 | 572 | |
1,3 | AT&T Inc. | 3.500% | 9/15/53 | 1,480 | 1,358 | |
AutoZone Inc. | 3.125% | 4/21/26 | 1,525 | 1,650 | ||
3 | Bank of America Corp. | 3.300% | 1/11/23 | 570 | 601 | |
3 | Bank of America Corp. | 3.593% | 7/21/28 | 1,885 | 2,094 | |
3 | Bank of America Corp. | 4.271% | 7/23/29 | 1,640 | 1,898 | |
3 | Bank of America Corp. | 2.496% | 2/13/31 | 770 | 788 | |
3,8 | Bank of New York Mellon Corp., 3M USD LIBOR+1.050% | 1.262% | 10/30/23 | 415 | 421 | |
9 | Becton Dickinson Euro Finance Sarl | 1.213% | 2/12/36 | 595 | 720 | |
Boeing Co. | 1.433% | 2/4/24 | 1,145 | 1,147 | ||
Boeing Co. | 2.196% | 2/4/26 | 1,145 | 1,149 | ||
Boeing Co. | 3.250% | 3/1/28 | 632 | 658 | ||
Boeing Co. | 3.450% | 11/1/28 | 230 | 240 | ||
3 | Bon Secours Mercy Health Inc. | 2.095% | 6/1/31 | 415 | 414 | |
1,3 | Boston Gas Co. | 3.001% | 8/1/29 | 130 | 139 | |
Boston Scientific Corp. | 4.000% | 3/1/29 | 60 | 68 | ||
Boston Scientific Corp. | 4.550% | 3/1/39 | 600 | 725 | ||
Brandywine Operating Partnership LP | 3.950% | 11/15/27 | 890 | 944 | ||
Broadcom Inc. | 4.700% | 4/15/25 | 1,510 | 1,705 | ||
1,3 | Broadcom Inc. | 3.500% | 2/15/41 | 590 | 587 | |
1,3 | Broadcom Inc. | 3.750% | 2/15/51 | 285 | 282 | |
1,3 | Brooklyn Union Gas Co. | 4.273% | 3/15/48 | 965 | 1,136 | |
1,3 | Cargill Inc. | 4.760% | 11/23/45 | 340 | 429 | |
Carrier Global Corp. | 2.722% | 2/15/30 | 648 | 672 | ||
Carrier Global Corp. | 3.377% | 4/5/40 | 250 | 259 | ||
Charles Schwab Corp. | 4.625% | 3/22/30 | 750 | 911 | ||
Charter Communications Operating LLC | 5.050% | 3/30/29 | 595 | 697 | ||
Charter Communications Operating LLC | 6.384% | 10/23/35 | 355 | 475 | ||
Charter Communications Operating LLC | 5.375% | 5/1/47 | 110 | 129 | ||
Charter Communications Operating LLC | 5.125% | 7/1/49 | 90 | 104 | ||
Charter Communications Operating LLC | 4.800% | 3/1/50 | 118 | 130 | ||
Charter Communications Operating LLC | 3.700% | 4/1/51 | 610 | 581 | ||
9 | Chubb INA Holdings Inc. | 0.875% | 6/15/27 | 1,455 | 1,859 | |
9 | Chubb INA Holdings Inc. | 1.400% | 6/15/31 | 525 | 681 | |
Cigna Corp. | 4.375% | 10/15/28 | 420 | 488 | ||
Cigna Corp. | 2.400% | 3/15/30 | 310 | 314 | ||
Cimarex Energy Co. | 4.375% | 6/1/24 | 1,040 | 1,131 | ||
Citigroup Inc. | 2.700% | 3/30/21 | 345 | 346 | ||
Citigroup Inc. | 4.600% | 3/9/26 | 535 | 614 | ||
Cleco Corporate Holdings LLC | 3.743% | 5/1/26 | 475 | 524 | ||
Cleco Corporate Holdings LLC | 3.375% | 9/15/29 | 325 | 338 | ||
Cleco Corporate Holdings LLC | 4.973% | 5/1/46 | 535 | 616 | ||
Comcast Corp. | 3.950% | 10/15/25 | 250 | 281 | ||
9 | Comcast Corp. | 0.250% | 5/20/27 | 1,050 | 1,273 | |
10 | Comcast Corp. | 1.500% | 2/20/29 | 630 | 875 | |
Comcast Corp. | 6.500% | 11/15/35 | 885 | 1,284 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Comcast Corp. | 4.000% | 3/1/48 | 40 | 46 | ||
Comcast Corp. | 4.700% | 10/15/48 | 140 | 178 | ||
Comcast Corp. | 3.999% | 11/1/49 | 120 | 139 | ||
Comcast Corp. | 4.049% | 11/1/52 | 20 | 23 | ||
Comcast Corp. | 2.650% | 8/15/62 | 25 | 22 | ||
CommonSpirit Health | 4.200% | 8/1/23 | 770 | 834 | ||
CommonSpirit Health | 3.347% | 10/1/29 | 355 | 386 | ||
CommonSpirit Health | 4.187% | 10/1/49 | 435 | 480 | ||
Commonwealth Edison Co. | 3.650% | 6/15/46 | 35 | 39 | ||
Commonwealth Edison Co. | 4.000% | 3/1/48 | 245 | 284 | ||
Conagra Brands Inc. | 4.600% | 11/1/25 | 200 | 230 | ||
Conagra Brands Inc. | 1.375% | 11/1/27 | 640 | 627 | ||
3 | Consolidated Edison Co. of New York Inc. | 6.300% | 8/15/37 | 75 | 104 | |
Consolidated Edison Co. of New York Inc. | 4.625% | 12/1/54 | 290 | 359 | ||
Constellation Brands Inc. | 2.875% | 5/1/30 | 115 | 121 | ||
3 | Cottage Health Obligated Group | 3.304% | 11/1/49 | 190 | 201 | |
1,3 | Cox Communications Inc. | 3.500% | 8/15/27 | 1,420 | 1,572 | |
1,3 | Cox Communications Inc. | 4.800% | 2/1/35 | 100 | 122 | |
Crown Castle International Corp. | 2.100% | 4/1/31 | 1,865 | 1,802 | ||
CSX Corp. | 4.300% | 3/1/48 | 495 | 588 | ||
CVS Health Corp. | 2.875% | 6/1/26 | 1,455 | 1,562 | ||
CVS Health Corp. | 4.300% | 3/25/28 | 289 | 332 | ||
CVS Health Corp. | 4.125% | 4/1/40 | 235 | 268 | ||
CVS Health Corp. | 5.050% | 3/25/48 | 125 | 158 | ||
9 | Danaher Corp. | 2.100% | 9/30/26 | 1,550 | 2,064 | |
Dignity Health | 3.812% | 11/1/24 | 594 | 646 | ||
Dignity Health | 4.500% | 11/1/42 | 166 | 182 | ||
9 | Discovery Communications LLC | 1.900% | 3/19/27 | 1,825 | 2,360 | |
Discovery Communications LLC | 3.625% | 5/15/30 | 785 | 863 | ||
Discovery Communications LLC | 4.650% | 5/15/50 | 445 | 519 | ||
Dominion Energy Inc. | 2.715% | 8/15/21 | 140 | 141 | ||
Dominion Energy South Carolina Inc. | 6.625% | 2/1/32 | 156 | 220 | ||
Dominion Energy South Carolina Inc. | 5.300% | 5/15/33 | 113 | 148 | ||
Dominion Energy South Carolina Inc. | 5.450% | 2/1/41 | 300 | 402 | ||
Dominion Energy South Carolina Inc. | 4.600% | 6/15/43 | 230 | 291 | ||
Eastern Energy Gas Holdings LLC | 4.600% | 12/15/44 | 660 | 777 | ||
Energy Transfer Operating LP | 4.900% | 3/15/35 | 1,075 | 1,150 | ||
Enterprise Products Operating LLC | 3.900% | 2/15/24 | 535 | 582 | ||
1,3 | Equitable Financial Life Global Funding | 1.400% | 7/7/25 | 150 | 151 | |
1,3 | Equitable Financial Life Global Funding | 1.400% | 8/27/27 | 825 | 812 | |
1,3 | ERAC USA Finance LLC | 3.300% | 12/1/26 | 300 | 330 | |
1,3 | ERAC USA Finance LLC | 4.500% | 2/15/45 | 455 | 546 | |
Evergy Kansas Central Inc. | 3.250% | 9/1/49 | 235 | 239 | ||
3 | Evergy Metro Inc. | 2.250% | 6/1/30 | 245 | 251 | |
Exxon Mobil Corp. | 2.275% | 8/16/26 | 1,075 | 1,132 | ||
Exxon Mobil Corp. | 2.610% | 10/15/30 | 190 | 198 | ||
FedEx Corp. | 4.100% | 2/1/45 | 85 | 93 | ||
FedEx Corp. | 4.750% | 11/15/45 | 227 | 273 | ||
FedEx Corp. | 4.550% | 4/1/46 | 117 | 137 | ||
FedEx Corp. | 4.050% | 2/15/48 | 33 | 36 | ||
9 | Fidelity National Information Services Inc. | 1.500% | 5/21/27 | 1,820 | 2,332 | |
9 | Fidelity National Information Services Inc. | 2.000% | 5/21/30 | 235 | 313 | |
Fifth Third Bancorp | 2.550% | 5/5/27 | 555 | 592 | ||
Fiserv Inc. | 3.200% | 7/1/26 | 355 | 386 | ||
9 | Fiserv Inc. | 1.625% | 7/1/30 | 1,125 | 1,462 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
10 | Fiserv Inc. | 3.000% | 7/1/31 | 775 | 1,178 | |
9 | General Mills Inc. | 0.450% | 1/15/26 | 1,275 | 1,561 | |
General Motors Co. | 4.200% | 10/1/27 | 475 | 531 | ||
General Motors Co. | 5.000% | 10/1/28 | 935 | 1,090 | ||
General Motors Financial Co. Inc. | 3.450% | 4/10/22 | 1,310 | 1,345 | ||
1,3 | Genting New York LLC | 3.300% | 2/15/26 | 415 | 416 | |
Georgia Power Co. | 4.300% | 3/15/42 | 860 | 1,010 | ||
Gilead Sciences Inc. | 2.800% | 10/1/50 | 1,005 | 924 | ||
Goldman Sachs Group Inc. | 2.625% | 4/25/21 | 575 | 576 | ||
3 | Goldman Sachs Group Inc. | 3.272% | 9/29/25 | 1,375 | 1,489 | |
1,3 | Gray Oak Pipeline LLC | 2.600% | 10/15/25 | 436 | 445 | |
1,3 | Gray Oak Pipeline LLC | 3.450% | 10/15/27 | 70 | 72 | |
HCA Inc. | 5.250% | 6/15/49 | 575 | 713 | ||
Healthpeak Properties Inc. | 4.000% | 6/1/25 | 850 | 947 | ||
Healthpeak Properties Inc. | 3.500% | 7/15/29 | 335 | 368 | ||
Hess Corp. | 7.300% | 8/15/31 | 1,750 | 2,244 | ||
Hess Corp. | 5.600% | 2/15/41 | 425 | 504 | ||
Intercontinental Exchange Inc. | 1.850% | 9/15/32 | 1,425 | 1,352 | ||
International Business Machines Corp. | 3.300% | 5/15/26 | 550 | 608 | ||
International Business Machines Corp. | 1.950% | 5/15/30 | 1,510 | 1,495 | ||
International Business Machines Corp. | 4.250% | 5/15/49 | 420 | 497 | ||
International Paper Co. | 4.350% | 8/15/48 | 605 | 736 | ||
1,3 | ITC Holdings Corp. | 2.950% | 5/14/30 | 965 | 1,017 | |
3 | John Deere Capital Corp. | 3.450% | 3/13/25 | 985 | 1,083 | |
3 | Johnson Controls International plc | 4.950% | 7/2/64 | 692 | 873 | |
3 | JPMorgan Chase & Co. | 3.964% | 11/15/48 | 975 | 1,130 | |
Kaiser Foundation Hospitals | 4.875% | 4/1/42 | 45 | 60 | ||
1,3 | KeySpan Gas East Corp. | 2.742% | 8/15/26 | 400 | 429 | |
Kroger Co. | 4.450% | 2/1/47 | 330 | 388 | ||
Kroger Co. | 5.400% | 1/15/49 | 290 | 387 | ||
Lowe's Cos. Inc. | 1.300% | 4/15/28 | 1,845 | 1,788 | ||
Marsh & McLennan Cos. Inc. | 4.375% | 3/15/29 | 1,010 | 1,184 | ||
1,3 | Massachusetts Mutual Life Insurance Co. | 3.375% | 4/15/50 | 550 | 559 | |
McCormick & Co. Inc. | 2.500% | 4/15/30 | 180 | 185 | ||
3 | McDonald's Corp. | 4.450% | 9/1/48 | 475 | 573 | |
3 | McDonald's Corp. | 3.625% | 9/1/49 | 50 | 54 | |
9 | Medtronic Global Holdings SCA | 1.125% | 3/7/27 | 1,595 | 2,031 | |
9 | Medtronic Global Holdings SCA | 1.625% | 3/7/31 | 785 | 1,052 | |
3 | Memorial Sloan-Kettering Cancer Center | 2.955% | 1/1/50 | 235 | 234 | |
Memorial Sloan-Kettering Cancer Center | 4.125% | 7/1/52 | 150 | 185 | ||
Merck & Co. Inc. | 3.400% | 3/7/29 | 545 | 609 | ||
3 | Mercy Health | 3.555% | 8/1/27 | 410 | 449 | |
3 | Mercy Health | 4.302% | 7/1/28 | 370 | 424 | |
1,3 | Metropolitan Edison Co. | 4.300% | 1/15/29 | 1,555 | 1,743 | |
1,3 | Metropolitan Life Global Funding I | 3.000% | 9/19/27 | 775 | 847 | |
1,3 | Microchip Technology Inc. | 0.972% | 2/15/24 | 1,630 | 1,635 | |
Microsoft Corp. | 3.700% | 8/8/46 | 1,125 | 1,329 | ||
MidAmerican Energy Co. | 4.250% | 5/1/46 | 10 | 12 | ||
1,3 | Mid-Atlantic Interstate Transmission LLC | 4.100% | 5/15/28 | 1,145 | 1,257 | |
3,7 | Molson Coors International LP | 2.840% | 7/15/23 | 1,875 | 1,532 | |
Morgan Stanley | 2.750% | 5/19/22 | 1,375 | 1,416 | ||
3 | Morgan Stanley | 3.125% | 7/27/26 | 1,850 | 2,019 | |
3 | Morgan Stanley | 3.772% | 1/24/29 | 570 | 637 | |
9 | Morgan Stanley | 0.497% | 2/7/31 | 1,050 | 1,251 | |
National Retail Properties Inc. | 3.900% | 6/15/24 | 805 | 879 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,3 | Nationwide Mutual Insurance Co. | 4.350% | 4/30/50 | 1,330 | 1,460 | |
1,3 | Niagara Mohawk Power Corp. | 1.960% | 6/27/30 | 985 | 978 | |
Norfolk Southern Corp. | 2.550% | 11/1/29 | 1,165 | 1,218 | ||
1,3 | Northwestern Mutual Life Insurance Co. | 3.850% | 9/30/47 | 230 | 254 | |
1,3 | Northwestern Mutual Life Insurance Co. | 3.625% | 9/30/59 | 36 | 38 | |
NVIDIA Corp. | 3.500% | 4/1/40 | 445 | 492 | ||
1,3 | Oglethorpe Power Corp. | 6.191% | 1/1/31 | 210 | 267 | |
Oglethorpe Power Corp. | 5.050% | 10/1/48 | 161 | 191 | ||
1,3 | Oglethorpe Power Corp. | 3.750% | 8/1/50 | 415 | 419 | |
Oglethorpe Power Corp. | 5.250% | 9/1/50 | 305 | 361 | ||
Oracle Corp. | 3.400% | 7/8/24 | 575 | 624 | ||
Oracle Corp. | 3.600% | 4/1/50 | 850 | 892 | ||
Oracle Corp. | 3.850% | 4/1/60 | 225 | 243 | ||
Otis Worldwide Corp. | 2.565% | 2/15/30 | 85 | 87 | ||
Otis Worldwide Corp. | 3.112% | 2/15/40 | 195 | 202 | ||
Otis Worldwide Corp. | 3.362% | 2/15/50 | 335 | 349 | ||
PacifiCorp | 2.700% | 9/15/30 | 205 | 217 | ||
1,3 | Penske Truck Leasing Co. LP | 3.375% | 2/1/22 | 145 | 148 | |
1,3 | Penske Truck Leasing Co. LP | 4.250% | 1/17/23 | 1,405 | 1,501 | |
1,3 | Penske Truck Leasing Co. LP | 2.700% | 11/1/24 | 170 | 180 | |
1,3 | Penske Truck Leasing Co. LP | 3.950% | 3/10/25 | 1,120 | 1,236 | |
1,3 | Penske Truck Leasing Co. LP | 4.000% | 7/15/25 | 180 | 201 | |
Pfizer Inc. | 1.700% | 5/28/30 | 275 | 270 | ||
Philip Morris International Inc. | 2.500% | 11/2/22 | 575 | 595 | ||
3 | PNC Bank NA | 3.250% | 1/22/28 | 910 | 1,002 | |
3 | Providence St. Joseph Health Obligated Group | 3.930% | 10/1/48 | 225 | 255 | |
Raytheon Technologies Corp. | 3.950% | 8/16/25 | 285 | 319 | ||
Raytheon Technologies Corp. | 4.450% | 11/16/38 | 725 | 868 | ||
Republic Services Inc. | 2.300% | 3/1/30 | 1,290 | 1,312 | ||
1,3 | Royalty Pharma plc | 3.300% | 9/2/40 | 315 | 316 | |
1,3 | Royalty Pharma plc | 3.550% | 9/2/50 | 765 | 754 | |
3 | San Diego Gas & Electric Co. | 1.700% | 10/1/30 | 1,360 | 1,322 | |
3 | San Diego Gas & Electric Co. | 4.100% | 6/15/49 | 261 | 301 | |
Santander Holdings USA Inc. | 3.700% | 3/28/22 | 2,400 | 2,471 | ||
1,3 | SBA Tower Trust | 3.448% | 3/15/23 | 675 | 713 | |
1,3 | SBA Tower Trust | 1.884% | 1/15/26 | 245 | 249 | |
3 | SCE Recovery Funding LLC | 0.861% | 11/15/31 | 400 | 396 | |
3 | SCE Recovery Funding LLC | 1.942% | 5/15/38 | 165 | 164 | |
3 | SCE Recovery Funding LLC | 2.510% | 11/15/43 | 95 | 94 | |
Sempra Energy | 3.250% | 6/15/27 | 1,050 | 1,146 | ||
Sierra Pacific Power Co. | 2.600% | 5/1/26 | 149 | 159 | ||
3 | Southern California Edison Co. | 3.700% | 8/1/25 | 30 | 33 | |
3 | Southern California Edison Co. | 2.950% | 2/1/51 | 790 | 722 | |
Southern Co. | 4.400% | 7/1/46 | 5 | 6 | ||
1,3 | Sprint Spectrum Co. LLC | 4.738% | 3/20/25 | 805 | 866 | |
3 | SSM Health Care Corp. | 3.823% | 6/1/27 | 320 | 372 | |
Starbucks Corp. | 4.500% | 11/15/48 | 730 | 880 | ||
Starbucks Corp. | 3.350% | 3/12/50 | 60 | 61 | ||
3 | Sutter Health | 2.294% | 8/15/30 | 360 | 366 | |
3 | Synchrony Bank | 3.000% | 6/15/22 | 450 | 464 | |
Sysco Corp. | 2.400% | 2/15/30 | 1,495 | 1,519 | ||
1,3 | Teachers Insurance & Annuity Association of America | 4.900% | 9/15/44 | 860 | 1,073 | |
1,3 | T-Mobile USA Inc. | 2.050% | 2/15/28 | 1,975 | 1,967 | |
1,3 | T-Mobile USA Inc. | 3.600% | 11/15/60 | 405 | 389 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
3 | Toledo Hospital | 5.325% | 11/15/28 | 555 | 654 | |
Toledo Hospital | 5.750% | 11/15/38 | 210 | 254 | ||
Trinity Acquisition plc | 4.400% | 3/15/26 | 1,274 | 1,449 | ||
3 | Truist Bank | 3.300% | 5/15/26 | 450 | 494 | |
3 | Truist Financial Corp. | 3.200% | 9/3/21 | 510 | 516 | |
3 | Truist Financial Corp. | 2.200% | 3/16/23 | 875 | 907 | |
3 | Truist Financial Corp. | 3.700% | 6/5/25 | 970 | 1,075 | |
Union Pacific Corp. | 3.750% | 2/5/70 | 285 | 308 | ||
3 | United Airlines Pass-Through Trust Class B Series 2018-1 | 4.600% | 3/1/26 | 58 | 58 | |
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 820 | 930 | ||
UnitedHealth Group Inc. | 2.000% | 5/15/30 | 240 | 240 | ||
UnitedHealth Group Inc. | 4.625% | 7/15/35 | 75 | 93 | ||
UnitedHealth Group Inc. | 4.200% | 1/15/47 | 65 | 75 | ||
VEREIT Operating Partnership LP | 3.400% | 1/15/28 | 535 | 575 | ||
VEREIT Operating Partnership LP | 2.200% | 6/15/28 | 285 | 283 | ||
VEREIT Operating Partnership LP | 3.100% | 12/15/29 | 830 | 863 | ||
VEREIT Operating Partnership LP | 2.850% | 12/15/32 | 120 | 120 | ||
9 | Verizon Communications Inc. | 1.250% | 4/8/30 | 1,100 | 1,407 | |
1,3 | Verizon Communications Inc. | 1.680% | 10/30/30 | 307 | 291 | |
10 | Verizon Communications Inc. | 3.375% | 10/27/36 | 200 | 322 | |
Verizon Communications Inc. | 4.522% | 9/15/48 | 720 | 848 | ||
Verizon Communications Inc. | 5.012% | 8/21/54 | 475 | 602 | ||
VF Corp. | 2.800% | 4/23/27 | 185 | 199 | ||
VF Corp. | 2.950% | 4/23/30 | 1,765 | 1,882 | ||
3,7 | Wells Fargo & Co. | 2.975% | 5/19/26 | 625 | 519 | |
3 | Wells Fargo & Co. | 4.100% | 6/3/26 | 920 | 1,041 | |
3 | Wells Fargo & Co. | 4.300% | 7/22/27 | 275 | 318 | |
3 | Wells Fargo & Co. | 2.879% | 10/30/30 | 435 | 459 | |
3 | Wells Fargo & Co. | 4.750% | 12/7/46 | 800 | 986 | |
Welltower Inc. | 4.000% | 6/1/25 | 275 | 305 | ||
183,697 | ||||||
Total Corporate Bonds (Cost $290,125) | 305,927 | |||||
Sovereign Bonds (4.3%) | ||||||
Australia (0.3%) | ||||||
3,11 | Commonwealth of Australia | 2.750% | 11/21/27 | 135 | 113 | |
3,11 | Commonwealth of Australia | 2.250% | 5/21/28 | 1,195 | 970 | |
3,11 | Commonwealth of Australia | 2.500% | 5/21/30 | 4,085 | 3,348 | |
3,11 | Commonwealth of Australia | 1.000% | 11/21/31 | 600 | 420 | |
4,851 | ||||||
Bermuda (0.0%) | ||||||
1,3 | Bermuda | 2.375% | 8/20/30 | 200 | 205 | |
1,3 | Bermuda | 3.375% | 8/20/50 | 200 | 207 | |
412 | ||||||
Canada (0.5%) | ||||||
7 | Canadian Government Bond | 0.500% | 9/1/25 | 2,900 | 2,246 | |
7 | City of Montreal | 3.150% | 12/1/36 | 750 | 637 | |
7 | City of Montreal | 3.500% | 12/1/38 | 410 | 358 | |
7 | City of Toronto | 3.200% | 8/1/48 | 1,000 | 859 | |
7 | Province of Ontario | 2.900% | 6/2/28 | 1,910 | 1,631 | |
3,12 | Province of Ontario | 0.250% | 6/28/29 | 985 | 1,105 | |
6,836 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Chile (0.1%) | ||||||
3 | Corp. Nacional del Cobre de Chile | 3.625% | 8/1/27 | 650 | 716 | |
9 | Republic of Chile | 1.250% | 1/22/51 | 670 | 742 | |
1,458 | ||||||
Colombia (0.1%) | ||||||
3 | Republic of Colombia | 4.000% | 2/26/24 | 1,350 | 1,438 | |
Croatia (0.2%) | ||||||
9 | Republic of Croatia | 1.500% | 6/17/31 | 1,640 | 2,069 | |
Hungary (0.2%) | ||||||
9 | Republic of Hungary | 1.625% | 4/28/32 | 1,125 | 1,454 | |
9 | Republic of Hungary | 1.750% | 6/5/35 | 525 | 677 | |
2,131 | ||||||
Japan (1.0%) | ||||||
3,13 | Japan | 0.100% | 12/20/28 | 619,050 | 5,821 | |
3,13 | Japan | 0.100% | 3/20/29 | 158,800 | 1,492 | |
3,13 | Japan | 0.100% | 6/20/29 | 40,250 | 378 | |
3,13 | Japan | 0.100% | 12/20/30 | 668,000 | 6,227 | |
13,918 | ||||||
Norway (0.1%) | ||||||
Equinor ASA | 3.000% | 4/6/27 | 1,545 | 1,677 | ||
Panama (0.1%) | ||||||
1,3 | Empresa de Transmision Electrica SA | 5.125% | 5/2/49 | 470 | 551 | |
3 | Republic of Panama | 2.252% | 9/29/32 | 1,525 | 1,456 | |
2,007 | ||||||
Qatar (0.2%) | ||||||
1,3 | State of Qatar | 2.375% | 6/2/21 | 1,400 | 1,405 | |
1,3 | State of Qatar | 3.875% | 4/23/23 | 550 | 589 | |
1,3 | State of Qatar | 5.103% | 4/23/48 | 255 | 329 | |
1,3 | State of Qatar | 4.400% | 4/16/50 | 780 | 927 | |
3,250 | ||||||
Romania (0.2%) | ||||||
1,9 | Republic of Romania | 1.375% | 12/2/29 | 765 | 921 | |
3,9 | Republic of Romania | 2.500% | 2/8/30 | 1,225 | 1,589 | |
3,9 | Republic of Romania | 2.124% | 7/16/31 | 725 | 900 | |
3,410 | ||||||
Saudi Arabia (0.2%) | ||||||
1,3 | Kingdom of Saudi Arabia | 2.875% | 3/4/23 | 2,020 | 2,101 | |
1,3 | Saudi Arabian Oil Co. | 2.875% | 4/16/24 | 500 | 527 | |
1,3 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 680 | 740 | |
3,368 | ||||||
Spain (0.1%) | ||||||
1,9 | Kingdom of Spain | 0.600% | 10/31/29 | 1,050 | 1,309 | |
Supranational (0.1%) | ||||||
3,9 | European Union | 0.750% | 4/4/31 | 1,125 | 1,481 | |
United Arab Emirates (0.1%) | ||||||
3 | Emirate of Abu Dhabi | 3.125% | 10/11/27 | 1,235 | 1,355 | |
United Kingdom (0.8%) | ||||||
10 | United Kingdom | 0.625% | 6/7/25 | 700 | 988 | |
10 | United Kingdom | 1.250% | 7/22/27 | 655 | 951 | |
10 | United Kingdom | 0.875% | 10/22/29 | 1,100 | 1,542 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
10 | United Kingdom | 0.375% | 10/22/30 | 5,375 | 7,167 | |
10 | United Kingdom | 3.500% | 1/22/45 | 735 | 1,463 | |
12,111 | ||||||
Total Sovereign Bonds (Cost $61,456) | 63,081 | |||||
Taxable Municipal Bonds (0.6%) | ||||||
United States (0.6%) | ||||||
3 | Broward County FL Airport System Revenue | 3.477% | 10/1/43 | 100 | 104 | |
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.300% | 12/1/21 | 20 | 21 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/40 | 805 | 1,146 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/40 | 55 | 78 | ||
3 | Dallas/Fort Worth International Airport Revenue | 3.089% | 11/1/40 | 90 | 91 | |
3 | Foothill-Eastern Transportation Corridor Agency CA Toll Road Revenue | 4.094% | 1/15/49 | 55 | 59 | |
3,14 | Foothill-Eastern Transportation Corridor Agency CA Toll Road Revenue | 3.924% | 1/15/53 | 405 | 430 | |
Georgia Municipal Electric Power Authority Revenue | 6.637% | 4/1/57 | 755 | 1,095 | ||
Georgia Municipal Electric Power Authority Revenue | 6.655% | 4/1/57 | 43 | 63 | ||
3 | Grand Parkway Transportation Corp. Texas System Toll Revenue | 3.236% | 10/1/52 | 290 | 295 | |
Illinois GO | 5.100% | 6/1/33 | 660 | 737 | ||
14 | Kansas Development Finance Authority Revenue (Employees Retirement System) | 5.371% | 5/1/26 | 610 | 682 | |
3 | Massachusetts School Building Authority Dedicated Sales Tax Revenue | 3.395% | 10/15/40 | 175 | 181 | |
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.200% | 11/15/26 | 20 | 23 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.668% | 11/15/39 | 170 | 235 | ||
New York Metropolitan Transportation Authority Revenue (Climate Bond Certified) | 5.175% | 11/15/49 | 445 | 573 | ||
New York State Dormitory Authority Revenue (Personal Income Tax) | 3.110% | 2/15/39 | 285 | 301 | ||
15 | Philadelphia PA Authority for Industrial Development Revenue | 6.550% | 10/15/28 | 635 | 795 | |
3 | Port Authority of New York & New Jersey Revenue | 3.175% | 7/15/60 | 295 | 295 | |
Port Authority of New York & New Jersey Revenue | 4.458% | 10/1/62 | 305 | 391 | ||
Sales Tax Securitization Corp. Illinois Revenue | 4.787% | 1/1/48 | 650 | 797 | ||
State of Connecticut GO | 2.000% | 7/1/23 | 190 | 198 | ||
State of Connecticut GO | 5.770% | 3/15/25 | 275 | 332 | ||
3 | University of California Revenue | 1.316% | 5/15/27 | 155 | 154 | |
3 | University of Virginia Revenue | 2.256% | 9/1/50 | 200 | 184 | |
Total Taxable Municipal Bonds (Cost $8,459) | 9,260 |
Coupon | Shares | Market Value• ($000) | ||||
Temporary Cash Investments (5.0%) | ||||||
Money Market Fund (5.0%) | ||||||
16,17 | Vanguard Market Liquidity Fund (Cost $73,338) | 0.099% | 733,587 | 73,359 | ||
Total Investments (101.3%) (Cost $1,279,077) | 1,493,768 | |||||
Other Assets and Liabilities—Net (-1.3%) | (18,486) | |||||
Net Assets (100%) | 1,475,282 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, the aggregate value of these securities was $89,321,000, representing 6.1% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $16,120,000. |
3 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
4 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
5 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of February 28, 2021. |
6 | Securities with a value of $643,000 have been segregated as initial margin for open futures contracts. |
7 | Face amount denominated in Canadian dollars. |
8 | Variable rate security; rate shown is effective rate at period end. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
9 | Face amount denominated in euro. |
10 | Face amount denominated in British pounds. |
11 | Face amount denominated in Australian dollars. |
12 | Face amount denominated in Swiss francs. |
13 | Face amount denominated in Japanese yen. |
14 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
15 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
16 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
17 | Collateral of $16,660,000 was received for securities on loan. |
1M—1-month. | |
3M—3-month. | |
ADR—American Depositary Receipt. | |
GO—Government Obligation Bond. | |
LIBOR—London Interbank Offered Rate. | |
REMICS—Real Estate Mortgage Investment Conduits. | |
UMBS—Uniform Mortgage-Backed Securities. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
Euro-Bobl | March 2021 | 51 | 8,258 | (62) |
Euro-BTP | March 2021 | 12 | 2,169 | (21) |
Euro-Buxl | March 2021 | 19 | 4,810 | (297) |
Euro-OAT | March 2021 | 15 | 2,958 | (72) |
Euro-Schatz | March 2021 | 93 | 12,587 | (19) |
(471) | ||||
Short Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2021 | (229) | (30,393) | 368 |
Euro-Bund | March 2021 | (52) | (10,879) | 223 |
Long Gilt | June 2021 | (7) | (1,246) | 11 |
Ultra 10-Year U.S. Treasury Note | June 2021 | (41) | (6,041) | 60 |
662 | ||||
191 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
J.P. Morgan Securities LLC | 3/31/21 | EUR | 1,201 | USD | 1,459 | — | (8) |
J.P. Morgan Securities LLC | 3/31/21 | GBP | 607 | USD | 849 | — | (3) |
Goldman Sachs International | 3/31/21 | USD | 6,192 | AUD | 7,837 | 161 | — |
Goldman Sachs International | 3/31/21 | USD | 12,221 | CAD | 15,411 | 110 | — |
J.P. Morgan Securities LLC | 3/31/21 | AUD | 900 | CAD | 897 | — | (12) |
J.P. Morgan Securities LLC | 3/31/21 | USD | 1,597 | CHF | 1,434 | 19 | — |
J.P. Morgan Securities LLC | 3/31/21 | USD | 91,342 | EUR | 75,060 | 706 | — |
Goldman Sachs International | 3/31/21 | USD | 4,035 | EUR | 3,317 | 29 | — |
Goldman Sachs International | 3/31/21 | GBP | 2,624 | EUR | 3,036 | — | (10) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
Bank of America, N.A. | 3/31/21 | USD | 32,209 | GBP | 22,872 | 337 | — |
J.P. Morgan Securities LLC | 3/31/21 | USD | 16,720 | JPY | 1,758,473 | 218 | — |
1,580 | (33) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
JPY—Japanese yen. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $1,205,739) | 1,420,409 |
Affiliated Issuers (Cost $73,338) | 73,359 |
Total Investments in Securities | 1,493,768 |
Investment in Vanguard | 54 |
Foreign Currency, at Value (Cost $12,235) | 12,231 |
Receivables for Investment Securities Sold | 17,121 |
Receivables for Accrued Income | 5,816 |
Receivables for Capital Shares Issued | 2,941 |
Unrealized Appreciation—Forward Currency Contracts | 1,580 |
Total Assets | 1,533,511 |
Liabilities | |
Due to Custodian | 212 |
Payables for Investment Securities Purchased | 40,166 |
Collateral for Securities on Loan | 16,660 |
Payables for Capital Shares Redeemed | 572 |
Payables to Investment Advisor | 429 |
Payables to Vanguard | 147 |
Variation Margin Payable—Futures Contracts | 10 |
Unrealized Depreciation—Forward Currency Contracts | 33 |
Total Liabilities | 58,229 |
Net Assets | 1,475,282 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 1,258,628 |
Total Distributable Earnings (Loss) | 216,654 |
Net Assets | 1,475,282 |
Investor Shares—Net Assets | |
Applicable to 8,031,980 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 194,067 |
Net Asset Value Per Share—Investor Shares | $24.16 |
Admiral Shares—Net Assets | |
Applicable to 42,416,369 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,281,215 |
Net Asset Value Per Share—Admiral Shares | $30.21 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 10,140 |
Interest2 | 3,723 |
Securities Lending—Net | 1 |
Total Income | 13,864 |
Expenses | |
Basic Fee | 1,032 |
Performance Adjustment | (225) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 258 |
Management and Administrative—Admiral Shares | 1,125 |
Marketing and Distribution—Investor Shares | 11 |
Marketing and Distribution—Admiral Shares | 32 |
Custodian Fees | 19 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—Admiral Shares | 8 |
Trustees’ Fees and Expenses | — |
Total Expenses | 2,260 |
Net Investment Income | 11,604 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 13,801 |
Futures Contracts | 1,131 |
Forward Currency Contracts | (4,880) |
Foreign Currencies | 592 |
Realized Net Gain (Loss) | 10,644 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 96,983 |
Futures Contracts | 23 |
Forward Currency Contracts | 3,065 |
Foreign Currencies | (349) |
Change in Unrealized Appreciation (Depreciation) | 99,722 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 121,970 |
1 | Dividends are net of foreign withholding taxes of $447,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $30,000, $0, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 11,604 | 24,282 | |
Realized Net Gain (Loss) | 10,644 | (7,459) | |
Change in Unrealized Appreciation (Depreciation) | 99,722 | 57,999 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 121,970 | 74,822 | |
Distributions | |||
Investor Shares | (1,476) | (3,574) | |
Admiral Shares | (10,266) | (19,722) | |
Total Distributions | (11,742) | (23,296) | |
Capital Share Transactions | |||
Investor Shares | (1,885) | (728) | |
Admiral Shares | 56,342 | 257,012 | |
Net Increase (Decrease) from Capital Share Transactions | 54,457 | 256,284 | |
Total Increase (Decrease) | 164,685 | 307,810 | |
Net Assets | |||
Beginning of Period | 1,310,597 | 1,002,787 | |
End of Period | 1,475,282 | 1,310,597 |
Investor Shares | ||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | Oct. 18, 20171 to August 31, 2018 | |
2020 | 2019 | |||
Net Asset Value, Beginning of Period | $22.29 | $21.41 | $20.51 | $20.00 |
Investment Operations | ||||
Net Investment Income2 | .185 | .430 | .443 | .392 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.873 | .874 | .920 | .379 |
Total from Investment Operations | 2.058 | 1.304 | 1.363 | .771 |
Distributions | ||||
Dividends from Net Investment Income | (.188) | (.389) | (.426) | (.261) |
Distributions from Realized Capital Gains | — | (.035) | (.037) | — |
Total Distributions | (.188) | (.424) | (.463) | (.261) |
Net Asset Value, End of Period | $24.16 | $22.29 | $21.41 | $20.51 |
Total Return3 | 9.27% | 6.22% | 6.80% | 3.88% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $194 | $181 | $176 | $172 |
Ratio of Total Expenses to Average Net Assets | 0.42%4 | 0.44%4 | 0.46%4 | 0.46%5,6 |
Ratio of Net Investment Income to Average Net Assets | 1.61% | 2.01% | 2.19% | 2.32%5 |
Portfolio Turnover Rate | 34%7 | 58%7 | 54% | 44% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Subscription period for the fund was October 18, 2017, to November 1, 2017, during which time all assets were held in cash. Performance measurement began November 2, 2017, the first business day after the subscription period, at a net asset value of $20.00. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Includes performance-based investment advisory fee increases (decreases) of (0.03%) for 2021, (0.01%) for 2020, and 0.01% for 2019. |
5 | Annualized. |
6 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.45%. |
7 | Includes 10% and 10%, respectively, attributable to mortgage-dollar-roll activity. |
Admiral Shares | ||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | Oct. 18, 20171 to August 31, 2018 | |
2020 | 2019 | |||
Net Asset Value, Beginning of Period | $27.87 | $26.76 | $25.65 | $25.00 |
Investment Operations | ||||
Net Investment Income2 | .246 | .564 | .583 | .511 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.345 | 1.104 | 1.132 | .480 |
Total from Investment Operations | 2.591 | 1.668 | 1.715 | .991 |
Distributions | ||||
Dividends from Net Investment Income | (.251) | (.514) | (.559) | (.341) |
Distributions from Realized Capital Gains | — | (.044) | (.046) | — |
Total Distributions | (.251) | (.558) | (.605) | (.341) |
Net Asset Value, End of Period | $30.21 | $27.87 | $26.76 | $25.65 |
Total Return3 | 9.34% | 6.38% | 6.85% | 3.99% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $1,281 | $1,129 | $826 | $715 |
Ratio of Total Expenses to Average Net Assets | 0.32%4 | 0.34%4 | 0.36%4 | 0.36%5,6 |
Ratio of Net Investment Income to Average Net Assets | 1.71% | 2.11% | 2.29% | 2.42%5 |
Portfolio Turnover Rate | 34%7 | 58%7 | 54% | 44% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Subscription period for the fund was October 18, 2017, to November 1, 2017, during which time all assets were held in cash. Performance measurement began November 2, 2017, the first business day after the subscription period, at a net asset value of $25.00. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Includes performance-based investment advisory fee increases (decreases) of (0.03%) for 2021, (0.01%) for 2020, and 0.01% for 2019. |
5 | Annualized. |
6 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.35%. |
7 | Includes 10% and 10%, respectively, attributable to mortgage-dollar-roll activity. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 564,356 | — | — | 564,356 |
Common Stocks—Other | 33,855 | 361,706 | — | 395,561 |
U.S. Government and Agency Obligations | — | 69,308 | — | 69,308 |
Asset-Backed/Commercial Mortgage-Backed Securities | — | 12,916 | — | 12,916 |
Corporate Bonds | — | 305,927 | — | 305,927 |
Sovereign Bonds | — | 63,081 | — | 63,081 |
Taxable Municipal Bonds | — | 9,260 | — | 9,260 |
Temporary Cash Investments | 73,359 | — | — | 73,359 |
Total | 671,570 | 822,198 | — | 1,493,768 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 662 | — | — | 662 |
Forward Currency Contracts | — | 1,580 | — | 1,580 |
Total | 662 | 1,580 | — | 2,242 |
Liabilities | ||||
Futures Contracts1 | 471 | — | — | 471 |
Forward Currency Contracts | — | 33 | — | 33 |
Total | 471 | 33 | — | 504 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Statement of Assets and Liabilities Caption | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 662 | — | 662 |
Unrealized Appreciation—Forward Currency Contracts | — | 1,580 | 1,580 |
Total Assets | 662 | 1,580 | 2,242 |
Unrealized Depreciation—Futures Contracts1 | 471 | — | 471 |
Unrealized Depreciation—Forward Currency Contracts | — | 33 | 33 |
Total Liabilities | 471 | 33 | 504 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 1,131 | — | 1,131 |
Forward Currency Contracts | — | (4,880) | (4,880) |
Realized Net Gain (Loss) on Derivatives | 1,131 | (4,880) | (3,749) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 23 | — | 23 |
Forward Currency Contracts | — | 3,065 | 3,065 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 23 | 3,065 | 3,088 |
Amount ($000) | |
Tax Cost | 1,279,603 |
Gross Unrealized Appreciation | 240,820 |
Gross Unrealized Depreciation | (24,917) |
Net Unrealized Appreciation (Depreciation) | 215,903 |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 35,600 | 1,528 | 69,272 | 3,217 | |
Issued in Lieu of Cash Distributions | 1,317 | 57 | 3,177 | 151 | |
Redeemed | (38,802) | (1,685) | (73,177) | (3,475) | |
Net Increase (Decrease)—Investor Shares | (1,885) | (100) | (728) | (107) | |
Admiral Shares | |||||
Issued | 195,468 | 6,688 | 572,797 | 21,800 | |
Issued in Lieu of Cash Distributions | 9,179 | 318 | 17,237 | 659 | |
Redeemed | (148,305) | (5,107) | (333,022) | (12,820) | |
Net Increase (Decrease)—Admiral Shares | 56,342 | 1,899 | 257,012 | 9,639 |
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• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended February 28, 2021 | |||
Beginning Account Value 8/31/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Wellesley Income Fund | |||
Investor Shares | $1,000.00 | $1,043.50 | $2.08 |
AdmiralTM Shares | 1,000.00 | 1,043.70 | 1.57 |
Based on Hypothetical 5% Yearly Return | |||
Global Wellesley Income Fund | |||
Investor Shares | $1,000.00 | $1,022.76 | $2.06 |
Admiral Shares | 1,000.00 | 1,023.26 | 1.56 |
United States | 50.6% |
United Kingdom | 8.4 |
France | 7.7 |
Canada | 5.6 |
Japan | 5.1 |
Switzerland | 3.1 |
Germany | 2.6 |
Netherlands | 1.8 |
Taiwan | 1.4 |
Spain | 1.3 |
Hong Kong | 1.3 |
Norway | 1.3 |
China | 1.2 |
Australia | 1.2 |
Cayman Islands | 1.1 |
Other | 6.3 |
Shares | Market Value• ($000) | |||||
Common Stocks (38.4%) | ||||||
Canada (3.2%) | ||||||
Bank of Nova Scotia | 91,014 | 5,321 | ||||
TC Energy Corp. | 92,460 | 3,873 | ||||
Royal Bank of Canada | 44,160 | 3,760 | ||||
Enbridge Inc. | 94,460 | 3,190 | ||||
16,144 | ||||||
China (1.0%) | ||||||
ENN Energy Holdings Ltd. | 191,700 | 2,932 | ||||
Guangdong Investment Ltd. | 1,106,000 | 1,975 | ||||
4,907 | ||||||
France (4.4%) | ||||||
AXA SA | 239,822 | 6,031 | ||||
TOTAL SE | 103,545 | 4,828 | ||||
Vinci SA | 36,930 | 3,841 | ||||
Nexity SA | 78,534 | 3,838 | ||||
* | Bureau Veritas SA | 125,759 | 3,402 | |||
21,940 | ||||||
Germany (0.8%) | ||||||
Volkswagen AG Preference Shares | 18,621 | 3,896 | ||||
Greece (0.6%) | ||||||
Hellenic Telecommunications Organization SA | 192,639 | 2,977 | ||||
Hong Kong (1.2%) | ||||||
* | Sands China Ltd. | 727,200 | 3,428 | |||
AIA Group Ltd. | 200,000 | 2,522 | ||||
5,950 | ||||||
Japan (2.8%) | ||||||
Tokio Marine Holdings Inc. | 93,900 | 4,665 | ||||
Mitsubishi UFJ Financial Group Inc. | 663,800 | 3,491 | ||||
KDDI Corp. | 105,300 | 3,283 | ||||
Isuzu Motors Ltd. | 229,100 | 2,411 | ||||
13,850 | ||||||
Netherlands (0.8%) | ||||||
Koninklijke KPN NV | 1,290,525 | 4,230 | ||||
Norway (0.8%) | ||||||
DNB ASA | 204,182 | 3,967 | ||||
Spain (0.6%) | ||||||
Industria de Diseno Textil SA | 89,965 | 2,966 |
Shares | Market Value• ($000) | |||||
Switzerland (2.2%) | ||||||
Novartis AG (Registered) | 49,834 | 4,292 | ||||
UBS Group AG (Registered) | 269,457 | 4,192 | ||||
Nestle SA (Registered) | 25,861 | 2,699 | ||||
11,183 | ||||||
Taiwan (1.3%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 310,000 | 6,772 | ||||
United Kingdom (2.9%) | ||||||
AstraZeneca plc | 39,971 | 3,882 | ||||
BAE Systems plc | 569,882 | 3,858 | ||||
National Grid plc | 332,794 | 3,742 | ||||
* | Standard Chartered plc | 460,937 | 2,983 | |||
14,465 | ||||||
United States (15.8%) | ||||||
Bank of America Corp. | 158,842 | 5,513 | ||||
Philip Morris International Inc. | 62,987 | 5,292 | ||||
Comcast Corp. Class A | 96,732 | 5,100 | ||||
Cisco Systems Inc. | 99,465 | 4,463 | ||||
Verizon Communications Inc. | 78,789 | 4,357 | ||||
Pfizer Inc. | 127,925 | 4,284 | ||||
Progressive Corp. | 48,409 | 4,161 | ||||
Anthem Inc. | 13,199 | 4,002 | ||||
Microsoft Corp. | 16,252 | 3,776 | ||||
Lockheed Martin Corp. | 10,570 | 3,491 | ||||
Duke Energy Corp. | 39,908 | 3,416 | ||||
Texas Instruments Inc. | 18,588 | 3,202 | ||||
TJX Cos. Inc. | 47,097 | 3,108 | ||||
Medtronic plc | 26,116 | 3,055 | ||||
Exelon Corp. | 72,544 | 2,800 | ||||
Medical Properties Trust Inc. | 128,390 | 2,772 | ||||
Boston Properties Inc. | 27,883 | 2,764 | ||||
Kellogg Co. | 43,116 | 2,488 | ||||
Edison International | 46,005 | 2,484 | ||||
FMC Corp. | 23,666 | 2,406 | ||||
Merck & Co. Inc. | 31,437 | 2,283 | ||||
Home Depot Inc. | 8,070 | 2,085 | ||||
Chubb Ltd. | 12,398 | 2,016 | ||||
79,318 | ||||||
Total Common Stocks (Cost $172,153) | 192,565 | |||||
Coupon | Maturity Date | Face Amount ($000) | ||||
U.S. Government and Agency Obligations (7.2%) | ||||||
1,2 | Fannie Mae Pool | 3.070% | 2/1/25 | 125 | 135 | |
1,2 | Fannie Mae REMICS | 2.000% | 9/25/40 | 115 | 118 | |
1,2 | Fannie Mae REMICS | 2.500% | 5/25/45–3/25/53 | 799 | 826 | |
1,2 | Fannie Mae REMICS | 3.000% | 2/25/49 | 130 | 137 | |
1,2 | Fannie Mae REMICS | 3.500% | 6/25/44–6/25/59 | 1,298 | 1,390 | |
1,2 | Freddie Mac REMICS | 1.750% | 9/15/42 | 1,046 | 1,073 | |
1,2 | Freddie Mac REMICS | 3.500% | 9/15/40–11/15/40 | 204 | 209 | |
1,2 | Freddie Mac REMICS | 4.000% | 12/15/39–8/15/40 | 1,033 | 1,141 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Ginnie Mae REMICS | 2.750% | 9/20/44 | 184 | 189 | |
1,2,3 | UMBS Pool | 1.500% | 3/15/36–4/15/36 | 6,195 | 6,266 | |
1,2,3 | UMBS Pool | 2.000% | 3/15/36–4/15/51 | 4,950 | 5,011 | |
1,2,3 | UMBS Pool | 2.500% | 3/15/51 | 3,050 | 3,162 | |
United States Treasury Note/Bond | 0.125% | 11/30/22–2/15/24 | 9,445 | 9,417 | ||
United States Treasury Note/Bond | 0.375% | 1/31/26 | 2,400 | 2,361 | ||
United States Treasury Note/Bond | 0.875% | 11/15/30 | 505 | 482 | ||
United States Treasury Note/Bond | 1.250% | 5/15/50 | 163 | 131 | ||
United States Treasury Note/Bond | 2.000% | 2/15/50 | 482 | 469 | ||
United States Treasury Note/Bond | 1.375% | 8/15/50 | 1,005 | 839 | ||
United States Treasury Note/Bond | 1.875% | 2/15/51 | 940 | 890 | ||
4 | United States Treasury Note/Bond | 1.625% | 11/15/50 | 1,640 | 1,459 | |
United States Treasury Note/Bond | 2.875% | 5/15/49 | 370 | 431 | ||
Total U.S. Government and Agency Obligations (Cost $36,335) | 36,136 | |||||
Asset-Backed/Commercial Mortgage-Backed Securities (2.2%) | ||||||
Bermuda (0.0%) | ||||||
1,5 | START Ireland Series 2019-1 | 4.089% | 3/15/44 | 155 | 156 | |
Canada (0.2%) | ||||||
1,5 | Chesapeake Funding II LLC Series 2018-2A | 3.230% | 8/15/30 | 339 | 343 | |
1,5,6 | Ford Auto Securitization Trust Series 2019-AA | 2.354% | 6/15/23 | 939 | 744 | |
1,087 | ||||||
Cayman Islands (1.1%) | ||||||
1,5,7 | KKR CLO 16 Ltd., 3M USD LIBOR+1.250% | 1.474% | 1/20/29 | 435 | 435 | |
1,5,7 | Madison Park Funding XVIII Ltd. Series 2015-18A, 3M USD LIBOR+1.190% | 1.414% | 10/21/30 | 875 | 875 | |
1,5,7 | Madison Park Funding XXX Ltd. Series 2018-30A, 3M USD LIBOR+0.750% | 0.991% | 4/15/29 | 1,570 | 1,567 | |
1,5,7 | Magnetite VII Ltd. Series 2012-7A, 3M USD LIBOR+0.800% | 1.041% | 1/15/28 | 1,510 | 1,508 | |
1,5,7 | Race Point IX CLO Ltd. Series 2015-9A, 3M USD LIBOR+1.210% | 1.451% | 10/15/30 | 865 | 865 | |
5,250 | ||||||
United States (0.9%) | ||||||
1,5 | Angel Oak Mortgage Trust I LLC Series 2018-3 | 3.649% | 9/25/48 | 213 | 215 | |
1,5 | Castlelake Aircraft Structured Trust Series 2019-1A | 3.967% | 4/15/39 | 203 | 203 | |
1,5 | CF Hippolyta LLC Series 2020-1 | 1.690% | 7/15/60 | 532 | 534 | |
1,5 | DB Master Finance LLC Series 2019-1A | 3.787% | 5/20/49 | 128 | 131 | |
1,5 | DB Master Finance LLC Series 2019-1A | 4.021% | 5/20/49 | 113 | 120 | |
1,5 | Enterprise Fleet Financing LLC Series 2018-1 | 2.870% | 10/20/23 | 30 | 30 | |
Ford Credit Auto Lease Trust Series 2021-A | 0.780% | 9/15/25 | 180 | 180 | ||
1,2,5 | Freddie Mac STACR REMIC Trust Series 2021-DNA1 | 0.695% | 1/25/51 | 320 | 320 | |
1,2,7 | Freddie Mac Structured Agency Credit Risk Debt Notes, 1M USD LIBOR+5.000% | 5.118% | 12/25/28 | 238 | 252 | |
1,2,7 | Freddie Mac Structured Agency Credit Risk Debt Notes, 1M USD LIBOR+2.500% | 2.618% | 3/25/30 | 615 | 626 | |
1,5 | GreatAmerica Leasing Receivables Funding LLC Series 2018-1 | 2.830% | 6/17/24 | 145 | 146 | |
1,5 | MMAF Equipment Finance LLC Series 2017-B | 2.210% | 10/17/22 | 28 | 28 | |
1 | Seasoned Credit Risk Transfer Trust Series 2019-3 | 3.500% | 10/25/58 | 296 | 321 | |
1,5 | SoFi Consumer Loan Program Trust Series 2019-3 | 2.900% | 5/25/28 | 312 | 314 | |
1,5 | Towd Point Mortgage Trust Series 2018-1 | 3.000% | 1/25/58 | 194 | 199 | |
1,5 | Vantage Data Centers Issuer LLC Series 2019-1A | 3.188% | 7/15/44 | 138 | 144 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,5 | Vantage Data Centers LLC Series 2020-1A | 1.645% | 9/15/45 | 540 | 539 | |
1,5 | Verus Securitization Trust Series 2019-2 | 3.211% | 5/25/59 | 161 | 162 | |
4,464 | ||||||
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $10,872) | 10,957 | |||||
Corporate Bonds (39.5%) | ||||||
Australia (0.5%) | ||||||
1,5 | National Australia Bank Ltd. | 2.332% | 8/21/30 | 1,065 | 1,030 | |
1,5 | National Australia Bank Ltd. | 3.933% | 8/2/34 | 850 | 922 | |
1,5 | Scentre Group Trust 1 | 3.625% | 1/28/26 | 549 | 596 | |
2,548 | ||||||
Austria (0.1%) | ||||||
1,5 | JAB Holdings BV | 2.200% | 11/23/30 | 260 | 251 | |
Belgium (0.6%) | ||||||
1 | Anheuser-Busch Cos. LLC | 4.900% | 2/1/46 | 700 | 844 | |
1,8 | Anheuser-Busch InBev SA/NV | 2.000% | 3/17/28 | 167 | 226 | |
1,8 | Anheuser-Busch InBev SA/NV | 2.875% | 4/2/32 | 450 | 659 | |
1,8 | Anheuser-Busch InBev SA/NV | 2.750% | 3/17/36 | 225 | 330 | |
Anheuser-Busch InBev Worldwide Inc. | 4.375% | 4/15/38 | 480 | 560 | ||
Anheuser-Busch InBev Worldwide Inc. | 4.600% | 4/15/48 | 300 | 348 | ||
2,967 | ||||||
Canada (0.9%) | ||||||
1,6 | Bell Canada | 3.350% | 3/22/23 | 950 | 781 | |
Fortis Inc. | 3.055% | 10/4/26 | 625 | 678 | ||
Nutrien Ltd. | 4.125% | 3/15/35 | 750 | 857 | ||
1,6 | Royal Bank of Canada | 2.949% | 5/1/23 | 1,825 | 1,504 | |
TransCanada PipeLines Ltd. | 4.875% | 1/15/26 | 475 | 549 | ||
4,369 | ||||||
China (0.2%) | ||||||
1,5 | State Grid Overseas Investment 2016 Ltd. | 2.750% | 5/4/22 | 1,110 | 1,136 | |
Denmark (0.7%) | ||||||
8 | Danske Bank A/S | 0.500% | 8/27/25 | 1,650 | 2,008 | |
1,5 | Danske Bank A/S | 1.621% | 9/11/26 | 875 | 874 | |
1,9 | Danske Bank A/S | 2.250% | 1/14/28 | 560 | 801 | |
3,683 | ||||||
France (3.1%) | ||||||
1,8 | Airbus SE | 2.375% | 4/7/32 | 475 | 659 | |
1,8 | Airbus SE | 2.375% | 6/9/40 | 300 | 405 | |
1,8 | AXA SA | 5.125% | 7/4/43 | 750 | 1,005 | |
1,5 | BNP Paribas SA | 2.819% | 11/19/25 | 360 | 383 | |
1,5 | BNP Paribas SA | 2.219% | 6/9/26 | 770 | 797 | |
1,8 | BNP Paribas SA | 0.125% | 9/4/26 | 400 | 477 | |
1,8 | BNP Paribas SA | 2.125% | 1/23/27 | 900 | 1,179 | |
1,8 | BNP Paribas SA | 1.125% | 4/17/29 | 700 | 876 | |
1,8 | BPCE SA | 1.125% | 1/18/23 | 900 | 1,111 | |
1,8 | BPCE SA | 0.500% | 9/15/27 | 900 | 1,090 | |
1,5 | BPCE SA | 3.250% | 1/11/28 | 500 | 538 | |
8 | Cie de Saint-Gobain | 2.375% | 10/4/27 | 700 | 958 | |
1,8 | Credit Mutuel Arkea SA | 1.625% | 4/15/26 | 1,100 | 1,414 | |
1,5 | Danone SA | 2.947% | 11/2/26 | 285 | 308 | |
1,8 | Engie SA | 0.000% | 3/4/27 | 1,000 | 1,193 | |
1,8 | Orange SA | 1.000% | 5/12/25 | 1,200 | 1,505 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,8 | Orange SA | 0.500% | 9/4/32 | 100 | 120 | |
1,8 | RCI Banque SA | 0.750% | 9/26/22 | 625 | 762 | |
1,8 | RCI Banque SA | 1.375% | 3/8/24 | 575 | 714 | |
15,494 | ||||||
Germany (1.7%) | ||||||
1,5 | Bayer US Finance II LLC | 4.250% | 12/15/25 | 660 | 743 | |
1,5 | Bayer US Finance LLC | 3.375% | 10/8/24 | 765 | 831 | |
1,9 | E.ON International Finance BV | 4.750% | 1/31/34 | 100 | 178 | |
1,9 | E.ON International Finance BV | 5.875% | 10/30/37 | 200 | 411 | |
1,5 | Volkswagen Group of America Finance LLC | 3.350% | 5/13/25 | 200 | 217 | |
1,8 | Volkswagen International Finance NV | 1.250% | 9/23/32 | 500 | 621 | |
1,8 | Volkswagen Leasing GmbH | 2.625% | 1/15/24 | 525 | 678 | |
1,8 | Volkswagen Leasing GmbH | 1.375% | 1/20/25 | 1,825 | 2,289 | |
1,8 | Vonovia Finance BV | 1.625% | 10/7/39 | 400 | 513 | |
8 | Wintershall Dea Finance BV | 0.840% | 9/25/25 | 900 | 1,100 | |
8 | Wintershall Dea Finance BV | 1.823% | 9/25/31 | 900 | 1,115 | |
8,696 | ||||||
Hong Kong (0.0%) | ||||||
1,5 | AIA Group Ltd. | 3.375% | 4/7/30 | 200 | 219 | |
Ireland (0.8%) | ||||||
1,5 | Avolon Holdings Funding Ltd. | 2.125% | 2/21/26 | 260 | 250 | |
1,5 | Avolon Holdings Funding Ltd. | 2.750% | 2/21/28 | 1,060 | 1,008 | |
8 | CRH Finance DAC | 3.125% | 4/3/23 | 1,177 | 1,517 | |
1,8 | CRH SMW Finance DAC | 1.250% | 11/5/26 | 800 | 1,019 | |
3,794 | ||||||
Japan (0.4%) | ||||||
1,3,5 | NTT Finance Corp. | 1.162% | 4/3/26 | 700 | 697 | |
1,3,5 | NTT Finance Corp. | 2.065% | 4/3/31 | 200 | 199 | |
8 | Takeda Pharmaceutical Co. Ltd. | 1.375% | 7/9/32 | 575 | 725 | |
Takeda Pharmaceutical Co. Ltd. | 3.025% | 7/9/40 | 200 | 200 | ||
1,821 | ||||||
Netherlands (0.9%) | ||||||
1,8 | ABN AMRO Bank NV | 2.500% | 11/29/23 | 1,025 | 1,329 | |
1,5 | Cooperatieve Rabobank UA | 1.106% | 2/24/27 | 530 | 528 | |
1,9 | Cooperatieve Rabobank UA | 4.625% | 5/23/29 | 100 | 166 | |
1,8 | Heineken NV | 1.500% | 10/3/29 | 950 | 1,254 | |
8 | ING Groep NV | 0.250% | 2/18/29 | 800 | 944 | |
Shell International Finance BV | 4.000% | 5/10/46 | 275 | 311 | ||
4,532 | ||||||
Norway (0.2%) | ||||||
1,5 | Aker BP ASA | 4.000% | 1/15/31 | 725 | 777 | |
South Korea (0.0%) | ||||||
1,5 | SK Telecom Co. Ltd. | 3.750% | 4/16/23 | 200 | 213 | |
Spain (0.5%) | ||||||
1,8 | Iberdrola Finanzas SA | 1.250% | 10/28/26 | 1,000 | 1,282 | |
Telefonica Emisiones SA | 4.665% | 3/6/38 | 845 | 963 | ||
2,245 | ||||||
Switzerland (0.7%) | ||||||
1,5 | Alcon Finance Corp. | 3.000% | 9/23/29 | 1,005 | 1,061 | |
1,8 | Credit Suisse Group AG | 1.250% | 7/17/25 | 600 | 750 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,9 | Credit Suisse Group AG | 2.250% | 6/9/28 | 675 | 973 | |
1,8 | Credit Suisse Group AG | 0.650% | 9/10/29 | 700 | 849 | |
3,633 | ||||||
United Arab Emirates (0.6%) | ||||||
1,5 | DAE Funding LLC | 3.375% | 3/20/28 | 1,440 | 1,456 | |
1,5 | Galaxy Pipeline Assets Bidco Ltd. | 2.160% | 3/31/34 | 1,490 | 1,479 | |
2,935 | ||||||
United Kingdom (4.2%) | ||||||
AstraZeneca plc | 4.000% | 1/17/29 | 720 | 820 | ||
1,5 | BAE Systems plc | 3.400% | 4/15/30 | 200 | 218 | |
Barclays plc | 4.337% | 1/10/28 | 625 | 708 | ||
1 | Barclays plc | 4.972% | 5/16/29 | 1,415 | 1,660 | |
Barclays plc | 2.645% | 6/24/31 | 480 | 486 | ||
BAT Capital Corp. | 3.557% | 8/15/27 | 1,210 | 1,311 | ||
1,6 | BP Capital Markets plc | 3.470% | 5/15/25 | 1,325 | 1,125 | |
8 | BP Capital Markets plc | 1.104% | 11/15/34 | 525 | 641 | |
1,5 | CK Hutchison International 17 II Ltd. | 2.750% | 3/29/23 | 975 | 1,019 | |
1,9 | CPUK Finance Ltd. | 3.588% | 8/28/25 | 1,200 | 1,783 | |
1,8 | FCE Bank plc | 0.869% | 9/13/21 | 500 | 603 | |
1,9 | Heathrow Funding Ltd. | 2.750% | 8/9/49 | 150 | 199 | |
7 | HSBC Holdings plc, 3M USD LIBOR+1.000% | 1.189% | 5/18/24 | 255 | 258 | |
1,9 | HSBC Holdings plc | 2.256% | 11/13/26 | 1,725 | 2,502 | |
HSBC Holdings plc | 1.589% | 5/24/27 | 420 | 421 | ||
1 | HSBC Holdings plc | 2.357% | 8/18/31 | 705 | 698 | |
1,8 | Natwest Group plc | 1.750% | 3/2/26 | 1,175 | 1,496 | |
Prudential plc | 3.125% | 4/14/30 | 430 | 467 | ||
1,5 | Sky Ltd. | 3.125% | 11/26/22 | 825 | 864 | |
1,5 | Standard Chartered plc | 2.744% | 9/10/22 | 905 | 915 | |
1,5 | Standard Chartered plc | 0.991% | 1/12/25 | 530 | 530 | |
1,8 | Vodafone Group plc | 1.625% | 11/24/30 | 1,825 | 2,420 | |
21,144 | ||||||
United States (23.4%) | ||||||
AbbVie Inc. | 3.800% | 3/15/25 | 550 | 603 | ||
AbbVie Inc. | 4.050% | 11/21/39 | 210 | 241 | ||
AbbVie Inc. | 4.750% | 3/15/45 | 275 | 334 | ||
AbbVie Inc. | 4.250% | 11/21/49 | 340 | 394 | ||
1 | Alabama Power Co. | 4.300% | 7/15/48 | 275 | 336 | |
Amazon.com Inc. | 4.800% | 12/5/34 | 150 | 194 | ||
9 | American Honda Finance Corp. | 0.750% | 11/25/26 | 1,235 | 1,690 | |
8 | American International Group Inc. | 1.500% | 6/8/23 | 875 | 1,089 | |
American International Group Inc. | 4.250% | 3/15/29 | 650 | 752 | ||
American International Group Inc. | 3.400% | 6/30/30 | 435 | 477 | ||
American Tower Corp. | 5.000% | 2/15/24 | 200 | 225 | ||
American Tower Corp. | 4.400% | 2/15/26 | 325 | 368 | ||
Amgen Inc. | 4.663% | 6/15/51 | 350 | 442 | ||
1,5 | Amgen Inc. | 2.770% | 9/1/53 | 290 | 264 | |
Anthem Inc. | 3.500% | 8/15/24 | 325 | 354 | ||
8 | AT&T Inc. | 2.050% | 5/19/32 | 300 | 398 | |
8 | AT&T Inc. | 3.150% | 9/4/36 | 250 | 361 | |
8 | AT&T Inc. | 2.600% | 5/19/38 | 275 | 370 | |
1,5 | AT&T Inc. | 3.500% | 9/15/53 | 1,172 | 1,075 | |
AutoZone Inc. | 3.125% | 4/21/26 | 425 | 460 | ||
1 | Bank of America Corp. | 3.300% | 1/11/23 | 700 | 738 | |
1 | Bank of America Corp. | 3.593% | 7/21/28 | 1,550 | 1,722 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Bank of America Corp. | 4.271% | 7/23/29 | 980 | 1,134 | |
1 | Bank of America Corp. | 2.496% | 2/13/31 | 300 | 307 | |
8 | Becton Dickinson Euro Finance Sarl | 1.213% | 2/12/36 | 375 | 454 | |
Boeing Co. | 1.433% | 2/4/24 | 740 | 741 | ||
Boeing Co. | 2.196% | 2/4/26 | 680 | 682 | ||
Boeing Co. | 3.250% | 3/1/28 | 567 | 590 | ||
Boeing Co. | 3.450% | 11/1/28 | 175 | 182 | ||
1 | Bon Secours Mercy Health Inc. | 2.095% | 6/1/31 | 275 | 274 | |
1,5 | Boston Gas Co. | 3.001% | 8/1/29 | 105 | 112 | |
Boston Scientific Corp. | 4.000% | 3/1/29 | 55 | 62 | ||
Boston Scientific Corp. | 4.550% | 3/1/39 | 550 | 665 | ||
Brandywine Operating Partnership LP | 3.950% | 11/15/27 | 800 | 848 | ||
Broadcom Inc. | 4.700% | 4/15/25 | 1,190 | 1,344 | ||
1,5 | Broadcom Inc. | 3.500% | 2/15/41 | 355 | 353 | |
1,5 | Broadcom Inc. | 3.750% | 2/15/51 | 175 | 173 | |
1,5 | Brooklyn Union Gas Co. | 4.273% | 3/15/48 | 760 | 895 | |
1,5 | Cargill Inc. | 4.760% | 11/23/45 | 275 | 347 | |
Charles Schwab Corp. | 4.625% | 3/22/30 | 590 | 716 | ||
Charter Communications Operating LLC | 5.050% | 3/30/29 | 435 | 510 | ||
Charter Communications Operating LLC | 2.300% | 2/1/32 | 635 | 605 | ||
Charter Communications Operating LLC | 6.384% | 10/23/35 | 305 | 408 | ||
Charter Communications Operating LLC | 5.375% | 5/1/47 | 55 | 65 | ||
Charter Communications Operating LLC | 5.125% | 7/1/49 | 47 | 54 | ||
Charter Communications Operating LLC | 4.800% | 3/1/50 | 60 | 66 | ||
Charter Communications Operating LLC | 3.700% | 4/1/51 | 40 | 38 | ||
8 | Chubb INA Holdings Inc. | 1.400% | 6/15/31 | 1,125 | 1,459 | |
Cigna Corp. | 4.375% | 10/15/28 | 435 | 505 | ||
Cigna Corp. | 2.400% | 3/15/30 | 220 | 223 | ||
Cimarex Energy Co. | 4.375% | 6/1/24 | 859 | 934 | ||
1 | Citigroup Inc. | 3.520% | 10/27/28 | 1,105 | 1,222 | |
Cleco Corporate Holdings LLC | 3.743% | 5/1/26 | 675 | 744 | ||
Cleco Corporate Holdings LLC | 3.375% | 9/15/29 | 270 | 281 | ||
Cleco Corporate Holdings LLC | 4.973% | 5/1/46 | 225 | 259 | ||
Comcast Corp. | 3.950% | 10/15/25 | 255 | 287 | ||
9 | Comcast Corp. | 1.500% | 2/20/29 | 465 | 646 | |
Comcast Corp. | 6.500% | 11/15/35 | 775 | 1,124 | ||
Comcast Corp. | 4.000% | 3/1/48 | 20 | 23 | ||
Comcast Corp. | 4.049% | 11/1/52 | 10 | 12 | ||
Comcast Corp. | 2.650% | 8/15/62 | 130 | 115 | ||
CommonSpirit Health | 4.200% | 8/1/23 | 895 | 969 | ||
CommonSpirit Health | 3.347% | 10/1/29 | 145 | 158 | ||
CommonSpirit Health | 4.187% | 10/1/49 | 175 | 193 | ||
Conagra Brands Inc. | 1.375% | 11/1/27 | 420 | 412 | ||
Constellation Brands Inc. | 2.875% | 5/1/30 | 90 | 95 | ||
1 | Cottage Health Obligated Group | 3.304% | 11/1/49 | 140 | 148 | |
Crown Castle International Corp. | 2.100% | 4/1/31 | 1,180 | 1,140 | ||
CSX Corp. | 4.300% | 3/1/48 | 405 | 481 | ||
CVS Health Corp. | 2.875% | 6/1/26 | 1,000 | 1,074 | ||
CVS Health Corp. | 4.300% | 3/25/28 | 246 | 283 | ||
8 | Danaher Corp. | 2.100% | 9/30/26 | 1,225 | 1,631 | |
Dignity Health | 3.812% | 11/1/24 | 659 | 717 | ||
Dignity Health | 4.500% | 11/1/42 | 202 | 222 | ||
8 | Discovery Communications LLC | 1.900% | 3/19/27 | 800 | 1,035 | |
Discovery Communications LLC | 3.625% | 5/15/30 | 565 | 621 | ||
Discovery Communications LLC | 4.650% | 5/15/50 | 450 | 525 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Dominion Energy Inc. | 2.715% | 8/15/21 | 125 | 126 | ||
Dominion Energy South Carolina Inc. | 6.625% | 2/1/32 | 156 | 220 | ||
Dominion Energy South Carolina Inc. | 5.300% | 5/15/33 | 129 | 169 | ||
Dominion Energy South Carolina Inc. | 5.450% | 2/1/41 | 250 | 335 | ||
Dominion Energy South Carolina Inc. | 4.600% | 6/15/43 | 280 | 355 | ||
Duke Energy Progress LLC | 4.200% | 8/15/45 | 350 | 415 | ||
Eastern Energy Gas Holdings LLC | 4.600% | 12/15/44 | 625 | 735 | ||
Energy Transfer Operating LP | 4.900% | 3/15/35 | 975 | 1,043 | ||
1,5 | Equitable Financial Life Global Funding | 1.400% | 7/7/25 | 100 | 101 | |
1,5 | Equitable Financial Life Global Funding | 1.400% | 8/27/27 | 565 | 556 | |
1,5 | ERAC USA Finance LLC | 3.300% | 12/1/26 | 235 | 258 | |
1,5 | ERAC USA Finance LLC | 4.500% | 2/15/45 | 295 | 354 | |
1 | Evergy Metro Inc. | 2.250% | 6/1/30 | 180 | 184 | |
Exxon Mobil Corp. | 2.275% | 8/16/26 | 865 | 911 | ||
FedEx Corp. | 4.100% | 2/1/45 | 65 | 71 | ||
FedEx Corp. | 4.750% | 11/15/45 | 187 | 225 | ||
FedEx Corp. | 4.550% | 4/1/46 | 95 | 111 | ||
FedEx Corp. | 4.050% | 2/15/48 | 28 | 31 | ||
FedEx Corp. | 4.950% | 10/17/48 | 175 | 218 | ||
8 | Fidelity National Information Services Inc. | 1.500% | 5/21/27 | 1,405 | 1,800 | |
Fiserv Inc. | 3.200% | 7/1/26 | 320 | 348 | ||
8 | Fiserv Inc. | 1.625% | 7/1/30 | 750 | 975 | |
9 | Fiserv Inc. | 3.000% | 7/1/31 | 525 | 798 | |
8 | General Mills Inc. | 0.450% | 1/15/26 | 900 | 1,102 | |
General Motors Co. | 4.200% | 10/1/27 | 550 | 615 | ||
General Motors Co. | 5.000% | 10/1/28 | 1,095 | 1,277 | ||
General Motors Financial Co. Inc. | 3.450% | 4/10/22 | 1,535 | 1,575 | ||
1,5 | Genting New York LLC | 3.300% | 2/15/26 | 270 | 271 | |
Georgia Power Co. | 4.300% | 3/15/42 | 500 | 587 | ||
1 | Georgia Power Co. | 3.700% | 1/30/50 | 35 | 38 | |
Gilead Sciences Inc. | 2.800% | 10/1/50 | 670 | 616 | ||
1 | Goldman Sachs Group Inc. | 3.272% | 9/29/25 | 1,425 | 1,543 | |
1 | Goldman Sachs Group Inc. | 3.814% | 4/23/29 | 235 | 264 | |
1 | Goldman Sachs Group Inc. | 4.223% | 5/1/29 | 285 | 327 | |
1,5 | Gray Oak Pipeline LLC | 2.600% | 10/15/25 | 291 | 297 | |
1,5 | Gray Oak Pipeline LLC | 3.450% | 10/15/27 | 45 | 47 | |
Healthpeak Properties Inc. | 4.000% | 6/1/25 | 475 | 529 | ||
Hess Corp. | 7.300% | 8/15/31 | 925 | 1,186 | ||
Hess Corp. | 5.600% | 2/15/41 | 415 | 492 | ||
Intercontinental Exchange Inc. | 1.850% | 9/15/32 | 975 | 925 | ||
International Business Machines Corp. | 3.300% | 5/15/26 | 500 | 552 | ||
International Business Machines Corp. | 1.950% | 5/15/30 | 570 | 564 | ||
International Business Machines Corp. | 4.250% | 5/15/49 | 315 | 373 | ||
International Paper Co. | 4.350% | 8/15/48 | 475 | 578 | ||
1,5 | ITC Holdings Corp. | 2.950% | 5/14/30 | 690 | 727 | |
1 | John Deere Capital Corp. | 3.450% | 3/13/25 | 830 | 912 | |
1 | JPMorgan Chase & Co. | 3.964% | 11/15/48 | 500 | 580 | |
Kaiser Foundation Hospitals | 4.875% | 4/1/42 | 55 | 73 | ||
1,5 | KeySpan Gas East Corp. | 2.742% | 8/15/26 | 500 | 536 | |
Kroger Co. | 4.450% | 2/1/47 | 220 | 259 | ||
Kroger Co. | 5.400% | 1/15/49 | 195 | 260 | ||
Lowe's Cos. Inc. | 1.300% | 4/15/28 | 1,225 | 1,187 | ||
Marsh & McLennan Cos. Inc. | 4.375% | 3/15/29 | 705 | 826 | ||
1,5 | Massachusetts Mutual Life Insurance Co. | 3.375% | 4/15/50 | 140 | 142 | |
McCormick & Co. Inc. | 2.500% | 4/15/30 | 140 | 144 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | McDonald's Corp. | 4.450% | 9/1/48 | 250 | 301 | |
1 | McDonald's Corp. | 3.625% | 9/1/49 | 40 | 43 | |
8 | Medtronic Global Holdings SCA | 1.125% | 3/7/27 | 1,275 | 1,623 | |
8 | Medtronic Global Holdings SCA | 1.625% | 3/7/31 | 360 | 482 | |
1 | Memorial Sloan-Kettering Cancer Center | 2.955% | 1/1/50 | 195 | 194 | |
Merck & Co. Inc. | 3.400% | 3/7/29 | 500 | 559 | ||
1 | Mercy Health | 3.555% | 8/1/27 | 535 | 586 | |
1,5 | Metropolitan Edison Co. | 4.300% | 1/15/29 | 1,015 | 1,138 | |
1,5 | Metropolitan Life Global Funding I | 3.000% | 9/19/27 | 700 | 765 | |
1,5 | Microchip Technology Inc. | 0.972% | 2/15/24 | 1,080 | 1,084 | |
Microsoft Corp. | 3.700% | 8/8/46 | 650 | 768 | ||
1,5 | Mid-Atlantic Interstate Transmission LLC | 4.100% | 5/15/28 | 778 | 854 | |
1,6 | Molson Coors International LP | 2.840% | 7/15/23 | 1,825 | 1,491 | |
1 | Morgan Stanley | 3.125% | 7/27/26 | 2,100 | 2,292 | |
1 | Morgan Stanley | 3.772% | 1/24/29 | 175 | 196 | |
8 | Morgan Stanley | 0.497% | 2/7/31 | 675 | 804 | |
National Retail Properties Inc. | 3.900% | 6/15/24 | 400 | 437 | ||
1,5 | Nationwide Mutual Insurance Co. | 4.350% | 4/30/50 | 1,050 | 1,153 | |
1,5 | Niagara Mohawk Power Corp. | 1.960% | 6/27/30 | 670 | 665 | |
Norfolk Southern Corp. | 2.550% | 11/1/29 | 915 | 956 | ||
1,5 | Northwestern Mutual Life Insurance Co. | 3.850% | 9/30/47 | 280 | 309 | |
1,5 | Northwestern Mutual Life Insurance Co. | 3.625% | 9/30/59 | 12 | 13 | |
1,5 | Oglethorpe Power Corp. | 6.191% | 1/1/31 | 285 | 363 | |
Oglethorpe Power Corp. | 4.550% | 6/1/44 | 20 | 21 | ||
Oglethorpe Power Corp. | 4.250% | 4/1/46 | 81 | 82 | ||
1,5 | Oglethorpe Power Corp. | 3.750% | 8/1/50 | 260 | 262 | |
Oglethorpe Power Corp. | 5.250% | 9/1/50 | 190 | 225 | ||
Oracle Corp. | 4.000% | 11/15/47 | 265 | 294 | ||
Oracle Corp. | 3.600% | 4/1/50 | 390 | 409 | ||
Oracle Corp. | 3.850% | 4/1/60 | 145 | 157 | ||
Otis Worldwide Corp. | 2.565% | 2/15/30 | 65 | 67 | ||
Otis Worldwide Corp. | 3.112% | 2/15/40 | 140 | 145 | ||
Otis Worldwide Corp. | 3.362% | 2/15/50 | 250 | 260 | ||
PacifiCorp | 2.700% | 9/15/30 | 160 | 169 | ||
1,5 | Penske Truck Leasing Co. LP | 4.250% | 1/17/23 | 1,125 | 1,202 | |
1,5 | Penske Truck Leasing Co. LP | 2.700% | 11/1/24 | 180 | 191 | |
1,5 | Penske Truck Leasing Co. LP | 3.950% | 3/10/25 | 740 | 817 | |
1,5 | Penske Truck Leasing Co. LP | 4.000% | 7/15/25 | 140 | 156 | |
Pfizer Inc. | 1.700% | 5/28/30 | 195 | 192 | ||
1 | PNC Bank NA | 3.250% | 1/22/28 | 600 | 661 | |
1 | Providence St. Joseph Health Obligated Group | 3.930% | 10/1/48 | 245 | 277 | |
Raytheon Technologies Corp. | 3.950% | 8/16/25 | 310 | 347 | ||
Raytheon Technologies Corp. | 4.450% | 11/16/38 | 550 | 658 | ||
1,5 | Royalty Pharma plc | 3.300% | 9/2/40 | 210 | 211 | |
1,5 | Royalty Pharma plc | 3.550% | 9/2/50 | 505 | 498 | |
1 | San Diego Gas & Electric Co. | 1.700% | 10/1/30 | 710 | 690 | |
1 | San Diego Gas & Electric Co. | 4.100% | 6/15/49 | 174 | 201 | |
Santander Holdings USA Inc. | 3.700% | 3/28/22 | 1,700 | 1,751 | ||
1,5 | SBA Tower Trust | 3.448% | 3/15/23 | 755 | 798 | |
1,5 | SBA Tower Trust | 1.884% | 1/15/26 | 110 | 112 | |
1 | SCE Recovery Funding LLC | 0.861% | 11/15/31 | 250 | 247 | |
1 | SCE Recovery Funding LLC | 1.942% | 5/15/38 | 105 | 104 | |
1 | SCE Recovery Funding LLC | 2.510% | 11/15/43 | 60 | 60 | |
Sempra Energy | 3.250% | 6/15/27 | 1,000 | 1,092 | ||
Sierra Pacific Power Co. | 2.600% | 5/1/26 | 180 | 192 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Southern California Edison Co. | 3.700% | 8/1/25 | 30 | 33 | |
1 | Southern California Edison Co. | 2.950% | 2/1/51 | 515 | 471 | |
1,5 | Sprint Spectrum Co. LLC | 4.738% | 3/20/25 | 1,100 | 1,183 | |
1 | SSM Health Care Corp. | 3.823% | 6/1/27 | 380 | 442 | |
Starbucks Corp. | 4.500% | 11/15/48 | 335 | 404 | ||
Starbucks Corp. | 3.350% | 3/12/50 | 90 | 91 | ||
1 | Synchrony Bank | 3.000% | 6/15/22 | 550 | 567 | |
1,5 | Teachers Insurance & Annuity Association of America | 4.900% | 9/15/44 | 635 | 792 | |
1,5 | T-Mobile USA Inc. | 2.050% | 2/15/28 | 1,185 | 1,180 | |
1,5 | T-Mobile USA Inc. | 3.300% | 2/15/51 | 495 | 465 | |
1 | Toledo Hospital | 5.325% | 11/15/28 | 410 | 483 | |
Toledo Hospital | 5.750% | 11/15/38 | 155 | 188 | ||
Trinity Acquisition plc | 4.400% | 3/15/26 | 888 | 1,010 | ||
1 | Truist Bank | 3.300% | 5/15/26 | 975 | 1,071 | |
Union Pacific Corp. | 3.750% | 2/5/70 | 190 | 205 | ||
1 | United Airlines Pass-Through Trust Class B Series 2018-1 | 4.600% | 3/1/26 | 62 | 63 | |
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 415 | 470 | ||
UnitedHealth Group Inc. | 2.000% | 5/15/30 | 215 | 215 | ||
UnitedHealth Group Inc. | 4.625% | 7/15/35 | 90 | 112 | ||
VEREIT Operating Partnership LP | 3.400% | 1/15/28 | 365 | 392 | ||
VEREIT Operating Partnership LP | 2.200% | 6/15/28 | 185 | 184 | ||
VEREIT Operating Partnership LP | 3.100% | 12/15/29 | 550 | 572 | ||
VEREIT Operating Partnership LP | 2.850% | 12/15/32 | 80 | 80 | ||
8 | Verizon Communications Inc. | 1.250% | 4/8/30 | 750 | 959 | |
9 | Verizon Communications Inc. | 3.375% | 10/27/36 | 175 | 282 | |
Verizon Communications Inc. | 4.522% | 9/15/48 | 390 | 459 | ||
Verizon Communications Inc. | 5.012% | 8/21/54 | 380 | 482 | ||
VF Corp. | 2.800% | 4/23/27 | 145 | 156 | ||
VF Corp. | 2.950% | 4/23/30 | 875 | 933 | ||
1,6 | Wells Fargo & Co. | 2.975% | 5/19/26 | 600 | 498 | |
1 | Wells Fargo & Co. | 4.300% | 7/22/27 | 325 | 376 | |
1 | Wells Fargo & Co. | 4.750% | 12/7/46 | 700 | 862 | |
Welltower Inc. | 4.000% | 6/1/25 | 325 | 361 | ||
117,458 | ||||||
Total Corporate Bonds (Cost $186,303) | 197,915 | |||||
Sovereign Bonds (7.8%) | ||||||
Australia (0.6%) | ||||||
1,10 | Commonwealth of Australia | 2.750% | 11/21/27 | 160 | 135 | |
1,10 | Commonwealth of Australia | 2.250% | 5/21/28 | 870 | 707 | |
1,10 | Commonwealth of Australia | 2.500% | 5/21/30 | 2,630 | 2,155 | |
1,10 | Commonwealth of Australia | 1.000% | 11/21/31 | 225 | 157 | |
3,154 | ||||||
Bermuda (0.0%) | ||||||
1,5 | Bermuda | 2.375% | 8/20/30 | 200 | 205 | |
Canada (1.1%) | ||||||
6 | Canadian Government Bond | 0.250% | 11/1/22 | 2,500 | 1,966 | |
6 | City of Montreal | 3.500% | 12/1/38 | 910 | 795 | |
6 | City of Toronto | 3.200% | 8/1/48 | 1,000 | 859 | |
6 | Province of Ontario | 2.900% | 6/2/28 | 815 | 696 | |
1,11 | Province of Ontario | 0.250% | 6/28/29 | 1,075 | 1,206 | |
5,522 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Chile (0.3%) | ||||||
1 | Corp. Nacional del Cobre de Chile | 3.625% | 8/1/27 | 800 | 881 | |
8 | Republic of Chile | 1.250% | 1/22/51 | 435 | 482 | |
1,363 | ||||||
Colombia (0.2%) | ||||||
1 | Republic of Colombia | 4.000% | 2/26/24 | 1,045 | 1,113 | |
Croatia (0.3%) | ||||||
8 | Republic of Croatia | 1.500% | 6/17/31 | 1,060 | 1,337 | |
Hungary (0.3%) | ||||||
8 | Republic of Hungary | 1.625% | 4/28/32 | 775 | 1,002 | |
8 | Republic of Hungary | 1.750% | 6/5/35 | 350 | 451 | |
1,453 | ||||||
Japan (1.8%) | ||||||
1,12 | Japan | 0.100% | 12/20/28 | 601,350 | 5,655 | |
1,12 | Japan | 0.100% | 3/20/29 | 42,600 | 400 | |
1,12 | Japan | 0.100% | 6/20/29 | 12,000 | 113 | |
1,12 | Japan | 0.100% | 12/20/30 | 323,000 | 3,011 | |
9,179 | ||||||
Norway (0.3%) | ||||||
Equinor ASA | 3.000% | 4/6/27 | 1,215 | 1,319 | ||
Panama (0.3%) | ||||||
1,5 | Empresa de Transmision Electrica SA | 5.125% | 5/2/49 | 415 | 486 | |
1 | Republic of Panama | 2.252% | 9/29/32 | 995 | 950 | |
1,436 | ||||||
Qatar (0.3%) | ||||||
1,5 | State of Qatar | 3.875% | 4/23/23 | 785 | 840 | |
1,5 | State of Qatar | 5.103% | 4/23/48 | 285 | 368 | |
1,5 | State of Qatar | 4.400% | 4/16/50 | 205 | 243 | |
1,451 | ||||||
Romania (0.5%) | ||||||
5,8 | Republic of Romania | 1.375% | 12/2/29 | 505 | 608 | |
1,8 | Republic of Romania | 2.500% | 2/8/30 | 850 | 1,102 | |
1,8 | Republic of Romania | 2.124% | 7/16/31 | 475 | 590 | |
2,300 | ||||||
Saudi Arabia (0.1%) | ||||||
1,5 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 585 | 636 | |
Spain (0.2%) | ||||||
5,8 | Kingdom of Spain | 0.600% | 10/31/29 | 775 | 966 | |
Supranational (0.2%) | ||||||
1,8 | European Union | 0.750% | 4/4/31 | 725 | 954 | |
United Arab Emirates (0.3%) | ||||||
1 | Emirate of Abu Dhabi | 3.125% | 10/11/27 | 1,435 | 1,575 | |
United Kingdom (1.0%) | ||||||
9 | United Kingdom | 1.250% | 7/22/27 | 770 | 1,118 | |
9 | United Kingdom | 0.375% | 10/22/30 | 1,550 | 2,067 | |
9 | United Kingdom | 3.500% | 1/22/45 | 990 | 1,971 | |
5,156 | ||||||
Total Sovereign Bonds (Cost $37,617) | 39,119 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Taxable Municipal Bonds (1.5%) | ||||||
United States (1.5%) | ||||||
1 | Broward County FL Airport System Revenue | 3.477% | 10/1/43 | 80 | 83 | |
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.300% | 12/1/21 | 25 | 26 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/40 | 645 | 918 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/40 | 40 | 57 | ||
1 | Dallas/Fort Worth International Airport Revenue | 3.089% | 11/1/40 | 60 | 61 | |
1 | Foothill-Eastern Transportation Corridor Agency CA Toll Road Revenue | 4.094% | 1/15/49 | 45 | 48 | |
1,13 | Foothill-Eastern Transportation Corridor Agency CA Toll Road Revenue | 3.924% | 1/15/53 | 315 | 335 | |
Georgia Municipal Electric Power Authority Revenue | 6.637% | 4/1/57 | 483 | 701 | ||
Georgia Municipal Electric Power Authority Revenue | 6.655% | 4/1/57 | 49 | 72 | ||
1 | Grand Parkway Transportation Corp. Texas System Toll Revenue | 3.236% | 10/1/52 | 210 | 214 | |
Illinois GO | 5.100% | 6/1/33 | 515 | 575 | ||
13 | Kansas Development Finance Authority Revenue (Employees Retirement System) | 5.371% | 5/1/26 | 755 | 844 | |
1 | Massachusetts School Building Authority Dedicated Sales Tax Revenue | 3.395% | 10/15/40 | 135 | 139 | |
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.200% | 11/15/26 | 15 | 17 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.668% | 11/15/39 | 155 | 214 | ||
New York Metropolitan Transportation Authority Revenue (Climate Bond Certified) | 5.175% | 11/15/49 | 315 | 405 | ||
New York State Dormitory Authority Revenue (Personal Income Tax) | 3.110% | 2/15/39 | 210 | 222 | ||
14 | Philadelphia PA Authority for Industrial Development Revenue | 6.550% | 10/15/28 | 525 | 658 | |
1 | Port Authority of New York & New Jersey Revenue | 3.175% | 7/15/60 | 440 | 441 | |
Sales Tax Securitization Corp. Illinois Revenue | 4.787% | 1/1/48 | 545 | 668 | ||
State of Connecticut GO | 2.000% | 7/1/23 | 135 | 140 | ||
State of Connecticut GO | 5.770% | 3/15/25 | 250 | 302 | ||
1 | University of California Revenue | 1.316% | 5/15/27 | 105 | 104 | |
1 | University of Virginia Revenue | 2.256% | 9/1/50 | 95 | 87 | |
Total Taxable Municipal Bonds (Cost $6,683) | 7,331 |
Coupon | Shares | Market Value• ($000) | ||||
Temporary Cash Investments (4.7%) | ||||||
Money Market Fund (4.7%) | ||||||
15 | Vanguard Market Liquidity Fund (Cost $23,317) | 0.099% | 233,169 | 23,317 | ||
Total Investments (101.3%) (Cost $473,280) | 507,340 | |||||
Other Assets and Liabilities—Net (-1.3%) | (6,346) | |||||
Net Assets (100%) | 500,994 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
3 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of February 28, 2021. |
4 | Securities with a value of $402,000 have been segregated as initial margin for open futures contracts. |
5 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, the aggregate value of these securities was $54,708,000, representing 10.9% of net assets. |
6 | Face amount denominated in Canadian dollars. |
7 | Variable rate security; rate shown is effective rate at period end. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
8 | Face amount denominated in euro. |
9 | Face amount denominated in British pounds. |
10 | Face amount denominated in Australian dollars. |
11 | Face amount denominated in Swiss francs. |
12 | Face amount denominated in Japanese yen. |
13 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
14 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
15 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
1M—1-month. | |
3M—3-month. | |
GO—Government Obligation Bond. | |
LIBOR—London Interbank Offered Rate. | |
REMICS—Real Estate Mortgage Investment Conduits. | |
UMBS—Uniform Mortgage-Backed Securities. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
5-Year U.S. Treasury Note | June 2021 | 11 | 1,364 | (9) |
Euro-Bobl | March 2021 | 21 | 3,400 | (26) |
Futures Contracts (continued) | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Euro-BTP | March 2021 | 8 | 1,446 | (14) |
Euro-Buxl | March 2021 | 12 | 3,038 | (190) |
Euro-OAT | March 2021 | 10 | 1,972 | (48) |
Euro-Schatz | March 2021 | 65 | 8,797 | (14) |
(301) | ||||
Short Futures Contracts | ||||
10-Year Government of Canada Bond | June 2021 | (7) | (769) | 14 |
10-Year U.S. Treasury Note | June 2021 | (142) | (18,846) | 228 |
Euro-Bund | March 2021 | (33) | (6,904) | 140 |
Long Gilt | June 2021 | (5) | (890) | 8 |
Ultra 10-Year U.S. Treasury Note | June 2021 | (18) | (2,652) | 27 |
417 | ||||
116 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
J.P. Morgan Securities LLC | 3/31/21 | EUR | 740 | USD | 899 | — | (5) |
J.P. Morgan Securities LLC | 3/31/21 | GBP | 432 | USD | 604 | — | (2) |
Goldman Sachs International | 3/31/21 | USD | 5,109 | AUD | 6,467 | 133 | — |
Goldman Sachs International | 3/31/21 | USD | 11,430 | CAD | 14,413 | 103 | — |
J.P. Morgan Securities LLC | 3/31/21 | USD | 1,366 | CHF | 1,227 | 16 | — |
J.P. Morgan Securities LLC | 3/31/21 | USD | 61,614 | EUR | 50,631 | 476 | — |
Goldman Sachs International | 3/31/21 | USD | 1,879 | EUR | 1,545 | 14 | — |
Goldman Sachs International | 3/31/21 | GBP | 96 | EUR | 111 | — | — |
Bank of America, N.A. | 3/31/21 | USD | 15,882 | GBP | 11,277 | 167 | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
J.P. Morgan Securities LLC | 3/31/21 | AUD | 1,970 | GBP | 1,105 | — | (24) |
J.P. Morgan Securities LLC | 3/31/21 | USD | 9,914 | JPY | 1,042,657 | 129 | — |
1,038 | (31) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
JPY—Japanese yen. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $449,963) | 484,023 |
Affiliated Issuers (Cost $23,317) | 23,317 |
Total Investments in Securities | 507,340 |
Investment in Vanguard | 19 |
Cash | 269 |
Foreign Currency, at Value (Cost $5,228) | 5,227 |
Receivables for Investment Securities Sold | 6,676 |
Receivables for Accrued Income | 2,737 |
Receivables for Capital Shares Issued | 440 |
Unrealized Appreciation—Forward Currency Contracts | 1,038 |
Total Assets | 523,746 |
Liabilities | |
Payables for Investment Securities Purchased | 21,455 |
Payables for Capital Shares Redeemed | 1,083 |
Payables to Investment Advisor | 127 |
Payables to Vanguard | 51 |
Variation Margin Payable—Futures Contracts | 5 |
Unrealized Depreciation—Forward Currency Contracts | 31 |
Total Liabilities | 22,752 |
Net Assets | 500,994 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 483,298 |
Total Distributable Earnings (Loss) | 17,696 |
Net Assets | 500,994 |
Investor Shares—Net Assets | |
Applicable to 3,868,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 81,720 |
Net Asset Value Per Share—Investor Shares | $21.13 |
Admiral Shares—Net Assets | |
Applicable to 15,873,847 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 419,274 |
Net Asset Value Per Share—Admiral Shares | $26.41 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 3,038 |
Interest1,2 | 2,664 |
Securities Lending—Net | 3 |
Total Income | 5,705 |
Expenses | |
Basic Fee | 289 |
Performance Adjustment | (35) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 111 |
Management and Administrative—Admiral Shares | 374 |
Marketing and Distribution—Investor Shares | 5 |
Marketing and Distribution—Admiral Shares | 11 |
Custodian Fees | 13 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—Admiral Shares | 3 |
Trustees’ Fees and Expenses | — |
Total Expenses | 771 |
Net Investment Income | 4,934 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 7,036 |
Futures Contracts | 723 |
Forward Currency Contracts | (3,459) |
Foreign Currencies | 470 |
Realized Net Gain (Loss) | 4,770 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 8,541 |
Futures Contracts | (4) |
Forward Currency Contracts | 2,112 |
Foreign Currencies | (203) |
Change in Unrealized Appreciation (Depreciation) | 10,446 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 20,150 |
1 | Dividends and Interest are net of foreign withholding taxes of $216,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $11,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 4,934 | 11,025 | |
Realized Net Gain (Loss) | 4,770 | (9,178) | |
Change in Unrealized Appreciation (Depreciation) | 10,446 | 11,303 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 20,150 | 13,150 | |
Distributions | |||
Investor Shares | (676) | (1,891) | |
Admiral Shares | (3,546) | (9,124) | |
Total Distributions | (4,222) | (11,015) | |
Capital Share Transactions | |||
Investor Shares | (2,089) | (4,268) | |
Admiral Shares | 17,227 | 7,647 | |
Net Increase (Decrease) from Capital Share Transactions | 15,138 | 3,379 | |
Total Increase (Decrease) | 31,066 | 5,514 | |
Net Assets | |||
Beginning of Period | 469,928 | 464,414 | |
End of Period | 500,994 | 469,928 |
Investor Shares | ||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | Oct. 18, 20171 to August 31, 2018 | |
2020 | 2019 | |||
Net Asset Value, Beginning of Period | $20.42 | $20.16 | $19.87 | $20.00 |
Investment Operations | ||||
Net Investment Income2 | .205 | .453 | .513 | .443 |
Net Realized and Unrealized Gain (Loss) on Investments | .682 | .263 | .529 | (.269) |
Total from Investment Operations | .887 | .716 | 1.042 | .174 |
Distributions | ||||
Dividends from Net Investment Income | (.177) | (.456) | (.473) | (.304) |
Distributions from Realized Capital Gains | — | — | (.279) | — |
Total Distributions | (.177) | (.456) | (.752) | (.304) |
Net Asset Value, End of Period | $21.13 | $20.42 | $20.16 | $19.87 |
Total Return3 | 4.35% | 3.66% | 5.50% | 0.88% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $82 | $81 | $85 | $93 |
Ratio of Total Expenses to Average Net Assets | 0.41%4 | 0.41%4 | 0.42%4 | 0.43%5,6 |
Ratio of Net Investment Income to Average Net Assets | 1.94% | 2.27% | 2.63% | 2.68%5 |
Portfolio Turnover Rate | 46%7 | 72%7 | 90% | 39% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Subscription period for the fund was October 18, 2017, to November 1, 2017, during which time all assets were held in cash. Performance measurement began November 2, 2017, the first business day after the subscription period, at a net asset value of $20.00. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.01%), and (0.01%). |
5 | Annualized. |
6 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.42%. |
7 | Includes 15% and 1%, respectively, attributable to mortgage-dollar-roll activity. |
Admiral Shares | ||||
For a Share Outstanding Throughout Each Period | Six Months Ended February 28, 2021 | Year Ended August 31, | Oct. 18, 20171 to August 31, 2018 | |
2020 | 2019 | |||
Net Asset Value, Beginning of Period | $25.53 | $25.20 | $24.84 | $25.00 |
Investment Operations | ||||
Net Investment Income2 | .269 | .592 | .666 | .577 |
Net Realized and Unrealized Gain (Loss) on Investments | .845 | .334 | .658 | (.341) |
Total from Investment Operations | 1.114 | .926 | 1.324 | .236 |
Distributions | ||||
Dividends from Net Investment Income | (.234) | (.596) | (.616) | (.396) |
Distributions from Realized Capital Gains | — | — | (.348) | — |
Total Distributions | (.234) | (.596) | (.964) | (.396) |
Net Asset Value, End of Period | $26.41 | $25.53 | $25.20 | $24.84 |
Total Return3 | 4.37% | 3.79% | 5.60% | 0.96% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $419 | $389 | $379 | $408 |
Ratio of Total Expenses to Average Net Assets | 0.31%4 | 0.31%4 | 0.32%4 | 0.33%5,6 |
Ratio of Net Investment Income to Average Net Assets | 2.04% | 2.37% | 2.73% | 2.78%5 |
Portfolio Turnover Rate | 46%7 | 72%7 | 90% | 39% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Subscription period for the fund was October 18, 2017, to November 1, 2017, during which time all assets were held in cash. Performance measurement began November 2, 2017, the first business day after the subscription period, at a net asset value of $25.00. |
2 | Calculated based on average shares outstanding. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.01%), and (0.01%). |
5 | Annualized. |
6 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.32%. |
7 | Includes 15% and 1%, respectively, attributable to mortgage-dollar-roll activity. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 95,462 | — | — | 95,462 |
Common Stocks—Other | — | 97,103 | — | 97,103 |
U.S. Government and Agency Obligations | — | 36,136 | — | 36,136 |
Asset-Backed/Commercial Mortgage-Backed Securities | — | 10,957 | — | 10,957 |
Corporate Bonds | — | 197,915 | — | 197,915 |
Sovereign Bonds | — | 39,119 | — | 39,119 |
Taxable Municipal Bonds | — | 7,331 | — | 7,331 |
Temporary Cash Investments | 23,317 | — | — | 23,317 |
Total | 118,779 | 388,561 | — | 507,340 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 417 | — | — | 417 |
Forward Currency Contracts | — | 1,038 | — | 1,038 |
Total | 417 | 1,038 | — | 1,455 |
Liabilities | ||||
Futures Contracts1 | 301 | — | — | 301 |
Forward Currency Contracts | — | 31 | — | 31 |
Total | 301 | 31 | — | 332 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Statement of Assets and Liabilities Caption | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 417 | — | 417 |
Unrealized Appreciation—Forward Currency Contracts | — | 1,038 | 1,038 |
Total Assets | 417 | 1,038 | 1,455 |
Unrealized Depreciation—Futures Contracts1 | 301 | — | 301 |
Unrealized Depreciation—Forward Currency Contracts | — | 31 | 31 |
Total Liabilities | 301 | 31 | 332 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 723 | — | 723 |
Forward Currency Contracts | — | (3,459) | (3,459) |
Realized Net Gain (Loss) on Derivatives | 723 | (3,459) | (2,736) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (4) | — | (4) |
Forward Currency Contracts | — | 2,112 | 2,112 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (4) | 2,112 | 2,108 |
Amount ($000) | |
Tax Cost | 473,719 |
Gross Unrealized Appreciation | 43,016 |
Gross Unrealized Depreciation | (8,273) |
Net Unrealized Appreciation (Depreciation) | 34,743 |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 18,195 | 866 | 34,659 | 1,733 | |
Issued in Lieu of Cash Distributions | 579 | 28 | 1,619 | 82 | |
Redeemed | (20,863) | (1,001) | (40,546) | (2,058) | |
Net Increase (Decrease)—Investor Shares | (2,089) | (107) | (4,268) | (243) |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued | 76,914 | 2,940 | 164,236 | 6,588 | |
Issued in Lieu of Cash Distributions | 3,024 | 115 | 7,760 | 316 | |
Redeemed | (62,711) | (2,409) | (164,349) | (6,729) | |
Net Increase (Decrease)—Admiral Shares | 17,227 | 646 | 7,647 | 175 |
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• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended February 28, 2021 | |||
ESG U.S. Stock ETF | Beginning Account Value 8/31/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,116.30 | $0.63 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.20 | 0.60 |
Basic Materials | 2.0% |
Consumer Discretionary | 17.7 |
Consumer Staples | 4.8 |
Energy | 0.2 |
Financials | 11.0 |
Health Care | 13.7 |
Industrials | 11.7 |
Real Estate | 3.6 |
Technology | 30.6 |
Telecommunications | 3.6 |
Utilities | 1.1 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.9%) | ||||||
Basic Materials (2.0%) | ||||||
Linde plc | 56,538 | 13,811 | ||||
Air Products and Chemicals Inc. | 23,788 | 6,081 | ||||
Dow Inc. | 80,198 | 4,757 | ||||
Newmont Corp. | 86,302 | 4,693 | ||||
International Flavors & Fragrances Inc. | 26,466 | 3,586 | ||||
LyondellBasell Industries NV Class A | 27,806 | 2,866 | ||||
Fastenal Co. | 61,415 | 2,848 | ||||
International Paper Co. | 43,182 | 2,144 | ||||
Nucor Corp. | 33,369 | 1,996 | ||||
Albemarle Corp. | 12,235 | 1,923 | ||||
Celanese Corp. Class A | 12,415 | 1,725 | ||||
Avery Dennison Corp. | 9,063 | 1,588 | ||||
Eastman Chemical Co. | 14,276 | 1,560 | ||||
FMC Corp. | 13,878 | 1,411 | ||||
Mosaic Co. | 37,699 | 1,108 | ||||
CF Industries Holdings Inc. | 23,388 | 1,059 | ||||
Reliance Steel & Aluminum Co. | 7,046 | 931 | ||||
Steel Dynamics Inc. | 21,882 | 910 | ||||
Scotts Miracle-Gro Co. | 4,194 | 894 | ||||
Royal Gold Inc. | 7,234 | 750 | ||||
Huntsman Corp. | 22,345 | 610 | ||||
Rexnord Corp. | 13,410 | 603 | ||||
Cleveland-Cliffs Inc. | 44,312 | 591 | ||||
* | Alcoa Corp. | 21,486 | 527 | |||
Ashland Global Holdings Inc. | 6,234 | 524 | ||||
Valvoline Inc. | 20,400 | 509 | ||||
Avient Corp. | 10,849 | 469 | ||||
United States Steel Corp. | 28,153 | 468 | ||||
UFP Industries Inc. | 7,602 | 464 | ||||
Element Solutions Inc. | 25,493 | 460 | ||||
Balchem Corp. | 3,825 | 457 | ||||
Quaker Chemical Corp. | 1,518 | 429 | ||||
Sensient Technologies Corp. | 5,437 | 423 | ||||
* | Univar Solutions Inc. | 19,763 | 393 |
Shares | Market Value• ($000) | |||||
W R Grace & Co. | 6,509 | 386 | ||||
Hecla Mining Co. | 55,700 | 364 | ||||
Cabot Corp. | 7,351 | 362 | ||||
* | Ingevity Corp. | 5,008 | 348 | |||
Mueller Industries Inc. | 7,325 | 298 | ||||
Stepan Co. | 2,197 | 265 | ||||
Westlake Chemical Corp. | 3,017 | 258 | ||||
NewMarket Corp. | 638 | 242 | ||||
Trinseo SA | 3,543 | 229 | ||||
* | Coeur Mining Inc. | 25,048 | 226 | |||
Minerals Technologies Inc. | 3,004 | 214 | ||||
Innospec Inc. | 2,100 | 211 | ||||
Compass Minerals International Inc. | 2,928 | 185 | ||||
Tronox Holdings plc Class A | 10,115 | 185 | ||||
Domtar Corp. | 4,795 | 178 | ||||
Boise Cascade Co. | 3,160 | 158 | ||||
Kaiser Aluminum Corp. | 1,330 | 152 | ||||
* | Constellium SE Class A | 10,820 | 143 | |||
Schweitzer-Mauduit International Inc. | 3,027 | 141 | ||||
* | GCP Applied Technologies Inc. | 4,305 | 107 | |||
* | Kraton Corp. | 2,501 | 93 | |||
Orion Engineered Carbons SA | 4,541 | 80 | ||||
Neenah Inc. | 1,371 | 76 | ||||
Nexa Resources SA | 5,507 | 52 | ||||
* | Century Aluminum Co. | 3,626 | 50 | |||
68,571 | ||||||
Consumer Discretionary (17.7%) | ||||||
* | Amazon.com Inc. | 45,738 | 141,464 | |||
* | Tesla Inc. | 81,571 | 55,101 | |||
* | Walt Disney Co. | 194,808 | 36,826 | |||
Home Depot Inc. | 115,779 | 29,910 | ||||
* | Netflix Inc. | 45,851 | 24,707 | |||
NIKE Inc. Class B | 132,022 | 17,794 | ||||
McDonald's Corp. | 80,233 | 16,539 | ||||
Costco Wholesale Corp. | 47,462 | 15,710 | ||||
Starbucks Corp. | 125,833 | 13,594 | ||||
Lowe's Cos. Inc. | 81,387 | 13,002 |
Shares | Market Value• ($000) | |||||
* | Booking Holdings Inc. | 4,370 | 10,176 | |||
Target Corp. | 53,817 | 9,872 | ||||
TJX Cos. Inc. | 129,011 | 8,513 | ||||
* | MercadoLibre Inc. | 5,105 | 8,363 | |||
Activision Blizzard Inc. | 81,940 | 7,834 | ||||
* | Uber Technologies Inc. | 148,637 | 7,692 | |||
Estee Lauder Cos. Inc. Class A | 23,883 | 6,827 | ||||
Dollar General Corp. | 27,018 | 5,106 | ||||
* | Ford Motor Co. | 420,236 | 4,917 | |||
* | Chipotle Mexican Grill Inc. Class A | 3,135 | 4,521 | |||
Ross Stores Inc. | 37,688 | 4,396 | ||||
* | Aptiv plc | 28,895 | 4,330 | |||
* | Spotify Technology SA | 14,031 | 4,313 | |||
Electronic Arts Inc. | 30,696 | 4,112 | ||||
eBay Inc. | 70,818 | 3,996 | ||||
* | Lululemon Athletica Inc. | 12,156 | 3,789 | |||
ViacomCBS Inc. Class B | 58,563 | 3,777 | ||||
* | O'Reilly Automotive Inc. | 7,750 | 3,467 | |||
Yum! Brands Inc. | 32,714 | 3,387 | ||||
* | AutoZone Inc. | 2,476 | 2,872 | |||
* | Etsy Inc. | 12,755 | 2,810 | |||
DR Horton Inc. | 36,103 | 2,775 | ||||
VF Corp. | 34,882 | 2,760 | ||||
Lennar Corp. Class A | 31,344 | 2,601 | ||||
Yum China Holdings Inc. | 43,306 | 2,591 | ||||
* | Dollar Tree Inc. | 25,510 | 2,505 | |||
Best Buy Co. Inc. | 24,477 | 2,456 | ||||
* | Copart Inc. | 22,208 | 2,424 | |||
Expedia Group Inc. | 14,610 | 2,352 | ||||
* | Take-Two Interactive Software Inc. | 12,077 | 2,228 | |||
* | Wayfair Inc. Class A | 7,664 | 2,215 | |||
* | CarMax Inc. | 17,755 | 2,122 | |||
Garmin Ltd. | 16,080 | 1,994 | ||||
Tractor Supply Co. | 12,512 | 1,989 | ||||
Darden Restaurants Inc. | 14,306 | 1,965 | ||||
* | Ulta Beauty Inc. | 5,792 | 1,867 | |||
* | Burlington Stores Inc. | 7,126 | 1,844 | |||
* | Discovery Inc. Class A | 34,407 | 1,825 | |||
* | Carvana Co. Class A | 5,922 | 1,679 | |||
* | Farfetch Ltd. Class A | 24,262 | 1,598 | |||
Genuine Parts Co. | 15,124 | 1,593 | ||||
Omnicom Group Inc. | 23,031 | 1,583 | ||||
* | NVR Inc. | 350 | 1,575 | |||
* | Lyft Inc. Class A | 26,676 | 1,486 | |||
Domino's Pizza Inc. | 4,121 | 1,428 | ||||
Pool Corp. | 4,116 | 1,378 | ||||
Fox Corp. Class A | 41,369 | 1,378 | ||||
* | Live Nation Entertainment Inc. | 15,432 | 1,371 | |||
* | Chegg Inc. | 14,007 | 1,352 | |||
* | L Brands Inc. | 24,658 | 1,348 | |||
PulteGroup Inc. | 28,810 | 1,300 | ||||
Vail Resorts Inc. | 4,205 | 1,300 |
Shares | Market Value• ($000) | |||||
* | LKQ Corp. | 32,871 | 1,295 | |||
Tapestry Inc. | 30,384 | 1,280 | ||||
Hasbro Inc. | 13,530 | 1,268 | ||||
News Corp. Class A | 52,778 | 1,238 | ||||
Fortune Brands Home & Security Inc. | 14,869 | 1,236 | ||||
Whirlpool Corp. | 6,422 | 1,221 | ||||
BorgWarner Inc. | 26,336 | 1,185 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 25,749 | 1,143 | |||
Advance Auto Parts Inc. | 7,108 | 1,140 | ||||
Interpublic Group of Cos. Inc. | 43,175 | 1,128 | ||||
Lithia Motors Inc. Class A | 2,997 | 1,121 | ||||
Lear Corp. | 6,725 | 1,117 | ||||
Williams-Sonoma Inc. | 8,448 | 1,109 | ||||
* | Mohawk Industries Inc. | 6,320 | 1,106 | |||
* | Five Below Inc. | 5,842 | 1,087 | |||
* | Bright Horizons Family Solutions Inc. | 6,664 | 1,064 | |||
* | Zynga Inc. Class A | 95,429 | 1,064 | |||
* | Liberty Media Corp.-Liberty Formula One Class C | 24,183 | 1,062 | |||
* | Deckers Outdoor Corp. | 3,128 | 1,020 | |||
Southwest Airlines Co. | 16,887 | 982 | ||||
Newell Brands Inc. | 42,321 | 981 | ||||
* | Floor & Decor Holdings Inc. Class A | 10,261 | 976 | |||
Kohl's Corp. | 17,459 | 965 | ||||
Aramark | 25,333 | 940 | ||||
Gentex Corp. | 26,285 | 930 | ||||
* | Delta Air Lines Inc. | 19,180 | 919 | |||
New York Times Co. Class A | 17,590 | 900 | ||||
Service Corp. International | 18,485 | 883 | ||||
* | Autoliv Inc. | 9,727 | 875 | |||
Nielsen Holdings plc | 38,791 | 869 | ||||
* | IAA Inc. | 14,745 | 864 | |||
* | RH | 1,726 | 846 | |||
Rollins Inc. | 24,476 | 812 | ||||
PVH Corp. | 7,930 | 793 | ||||
* | Planet Fitness Inc. Class A | 9,015 | 776 | |||
* | SiteOne Landscape Supply Inc. | 4,862 | 771 | |||
* | Mattel Inc. | 37,742 | 762 | |||
Sirius XM Holdings Inc. | 128,124 | 749 | ||||
* | Capri Holdings Ltd. | 15,654 | 731 | |||
Thor Industries Inc. | 5,900 | 691 | ||||
Toll Brothers Inc. | 12,785 | 683 | ||||
Tempur Sealy International Inc. | 20,308 | 678 | ||||
Dolby Laboratories Inc. Class A | 6,919 | 675 | ||||
Hanesbrands Inc. | 37,777 | 668 |
Shares | Market Value• ($000) | |||||
Nexstar Media Group Inc. Class A | 4,778 | 657 | ||||
* | Terminix Global Holdings Inc. | 14,608 | 657 | |||
Texas Roadhouse Inc. Class A | 7,145 | 649 | ||||
Leggett & Platt Inc. | 14,432 | 624 | ||||
* | Discovery Inc. Class C | 13,599 | 612 | |||
Ralph Lauren Corp. Class A | 5,220 | 611 | ||||
* | BJ's Wholesale Club Holdings Inc. | 15,147 | 609 | |||
* | YETI Holdings Inc. | 8,715 | 599 | |||
Harley-Davidson Inc. | 16,763 | 598 | ||||
* | TripAdvisor Inc. | 11,789 | 585 | |||
* | Fox Factory Holding Corp. | 4,572 | 581 | |||
* | Grand Canyon Education Inc. | 5,475 | 573 | |||
Foot Locker Inc. | 11,576 | 557 | ||||
Macy's Inc. | 36,205 | 551 | ||||
* | Skechers U.S.A. Inc. Class A | 14,811 | 542 | |||
* | Crocs Inc. | 7,061 | 542 | |||
Sabre Corp. | 35,639 | 524 | ||||
* | Gap Inc. | 20,725 | 517 | |||
* | frontdoor Inc. | 9,693 | 508 | |||
* | Ollie's Bargain Outlet Holdings Inc. | 6,081 | 503 | |||
Dick's Sporting Goods Inc. | 6,958 | 497 | ||||
* | Goodyear Tire & Rubber Co. | 29,444 | 495 | |||
* | Under Armour Inc. Class C | 26,760 | 487 | |||
* | AutoNation Inc. | 6,275 | 471 | |||
TEGNA Inc. | 25,839 | 471 | ||||
Wingstop Inc. | 3,358 | 457 | ||||
Nordstrom Inc. | 12,505 | 456 | ||||
* | United Airlines Holdings Inc. | 8,443 | 445 | |||
Cracker Barrel Old Country Store Inc. | 2,814 | 436 | ||||
* | National Vision Holdings Inc. | 9,109 | 433 | |||
* | Madison Square Garden Sports Corp. | 2,235 | 430 | |||
H&R Block Inc. | 21,936 | 422 | ||||
LCI Industries | 2,968 | 418 | ||||
* | Shake Shack Inc. Class A | 3,518 | 417 | |||
* | Taylor Morrison Home Corp. Class A | 14,951 | 411 | |||
KB Home | 10,051 | 406 | ||||
Wendy's Co. | 19,843 | 405 | ||||
Fox Corp. Class B | 12,312 | 393 | ||||
Carter's Inc. | 4,680 | 391 | ||||
* | Adient plc | 10,510 | 390 | |||
* | Sleep Number Corp. | 2,835 | 389 | |||
American Eagle Outfitters Inc. | 14,923 | 383 | ||||
* | Meritage Homes Corp. | 4,488 | 378 |
Shares | Market Value• ($000) | |||||
* | Under Armour Inc. Class A | 16,910 | 370 | |||
Papa John's International Inc. | 3,891 | 351 | ||||
Extended Stay America Inc. | 21,632 | 348 | ||||
PROG Holdings Inc. | 6,897 | 345 | ||||
* | iRobot Corp. | 2,774 | 344 | |||
* | Visteon Corp. | 2,690 | 342 | |||
* | Dana Inc. | 14,327 | 341 | |||
Six Flags Entertainment Corp. | 7,625 | 340 | ||||
Bed Bath & Beyond Inc. | 12,667 | 340 | ||||
* | Stamps.com Inc. | 1,812 | 330 | |||
* | Asbury Automotive Group Inc. | 1,871 | 317 | |||
Brinker International Inc. | 4,535 | 311 | ||||
Steven Madden Ltd. | 8,324 | 308 | ||||
* | 2U Inc. | 7,614 | 302 | |||
* | Avis Budget Group Inc. | 5,387 | 299 | |||
* | Hilton Grand Vacations Inc. | 7,515 | 297 | |||
Columbia Sportswear Co. | 2,782 | 287 | ||||
* | Veoneer Inc. | 10,310 | 283 | |||
* | Dorman Products Inc. | 2,705 | 270 | |||
Callaway Golf Co. | 9,673 | 270 | ||||
Cooper Tire & Rubber Co. | 4,627 | 265 | ||||
MDC Holdings Inc. | 4,536 | 257 | ||||
* | American Airlines Group Inc. | 12,090 | 253 | |||
Graham Holdings Co. Class B | 420 | 252 | ||||
Wolverine World Wide Inc. | 7,180 | 251 | ||||
* | Signet Jewelers Ltd. | 4,984 | 248 | |||
Rent-A-Center Inc. | 4,271 | 247 | ||||
Cinemark Holdings Inc. | 10,894 | 245 | ||||
Group 1 Automotive Inc. | 1,584 | 241 | ||||
World Wrestling Entertainment Inc. Class A | �� 4,768 | 236 | ||||
Big Lots Inc. | 3,602 | 229 | ||||
Kontoor Brands Inc. | 5,388 | 228 | ||||
* | SeaWorld Entertainment Inc. | 4,522 | 225 | |||
PriceSmart Inc. | 2,298 | 222 | ||||
* | LGI Homes Inc. | 2,022 | 221 | |||
Strategic Education Inc. | 2,345 | 213 | ||||
KAR Auction Services Inc. | 15,234 | 212 | ||||
Cheesecake Factory Inc. | 3,776 | 207 | ||||
Herman Miller Inc. | 5,404 | 207 | ||||
* | Coty Inc. Class A | 26,732 | 205 | |||
* | Tri Pointe Homes Inc. | 10,806 | 205 | |||
* | Urban Outfitters Inc. | 6,027 | 204 | |||
* | Gentherm Inc. | 2,876 | 204 | |||
Winnebago Industries Inc. | 2,924 | 203 | ||||
Monro Inc. | 3,261 | 202 | ||||
Jack in the Box Inc. | 1,957 | 200 |
Shares | Market Value• ($000) | |||||
John Wiley & Sons Inc. Class A | 3,732 | 197 | ||||
Penske Automotive Group Inc. | 2,838 | 193 | ||||
* | Bloomin' Brands Inc. | 7,739 | 192 | |||
* | Alaska Air Group Inc. | 2,937 | 191 | |||
* | Adtalem Global Education Inc. | 4,607 | 181 | |||
* | Cavco Industries Inc. | 832 | 175 | |||
* | Sally Beauty Holdings Inc. | 10,738 | 173 | |||
* | Knowles Corp. | 8,164 | 170 | |||
La-Z-Boy Inc. | 3,938 | 168 | ||||
Abercrombie & Fitch Co. Class A | 6,106 | 167 | ||||
* | AMC Networks Inc. Class A | 2,417 | 158 | |||
* | Dave & Buster's Entertainment Inc. | 3,839 | 156 | |||
Rush Enterprises Inc. Class A | 3,685 | 156 | ||||
Acushnet Holdings Corp. | 3,465 | 146 | ||||
* | Central Garden & Pet Co. Class A | 3,506 | 145 | |||
* | Gray Television Inc. | 7,775 | 141 | |||
* | Lions Gate Entertainment Corp. Class B | 10,983 | 138 | |||
HNI Corp. | 3,853 | 137 | ||||
* | Laureate Education Inc. Class A | 9,562 | 131 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 2,897 | 128 | |||
* | JetBlue Airways Corp. | 6,621 | 122 | |||
* | WW International Inc. | 4,110 | 121 | |||
* | MakeMyTrip Ltd. | 3,596 | 121 | |||
* | Michaels Cos. Inc. | 7,513 | 113 | |||
* | G-III Apparel Group Ltd. | 3,885 | 112 | |||
Oxford Industries Inc. | 1,441 | 110 | ||||
Inter Parfums Inc. | 1,495 | 109 | ||||
Guess? Inc. | 4,038 | 102 | ||||
* | IMAX Corp. | 4,825 | 100 | |||
Buckle Inc. | 2,569 | 99 | ||||
* | Children's Place Inc. | 1,418 | 98 | |||
Steelcase Inc. Class A | 6,731 | 94 | ||||
* | Meredith Corp. | 3,744 | 93 | |||
Dine Brands Global Inc. | 1,164 | 92 | ||||
* | Liberty Media Corp.-Liberty Braves Class C | 3,161 | 91 | |||
Matthews International Corp. Class A | 2,438 | 87 | ||||
EW Scripps Co. Class A | 4,570 | 86 | ||||
* | American Axle & Manufacturing Holdings Inc. | 8,365 | 82 | |||
* | Lions Gate Entertainment Corp. Class A | 5,342 | 78 |
Shares | Market Value• ($000) | |||||
* | Spirit Airlines Inc. | 2,137 | 77 | |||
Knoll Inc. | 4,638 | 76 | ||||
* | Allegiant Travel Co. Class A | 283 | 71 | |||
Scholastic Corp. | 2,447 | 70 | ||||
* | Copa Holdings SA Class A | 735 | 67 | |||
* | Aaron's Co. Inc. | 2,894 | 64 | |||
SkyWest Inc. | 892 | 50 | ||||
News Corp. Class B | 1,976 | 45 | ||||
Lennar Corp. Class B | 600 | 40 | ||||
* | Liberty Media Corp.-Liberty Braves Class A | 335 | 10 | |||
620,682 | ||||||
Consumer Staples (4.8%) | ||||||
Procter & Gamble Co. | 262,751 | 32,458 | ||||
Coca-Cola Co. | 416,386 | 20,399 | ||||
PepsiCo Inc. | 149,533 | 19,318 | ||||
CVS Health Corp. | 140,583 | 9,578 | ||||
Mondelez International Inc. Class A | 151,700 | 8,064 | ||||
Colgate-Palmolive Co. | 90,709 | 6,821 | ||||
Kimberly-Clark Corp. | 36,470 | 4,680 | ||||
Sysco Corp. | 52,542 | 4,184 | ||||
Walgreens Boots Alliance Inc. | 78,574 | 3,766 | ||||
Corteva Inc. | 80,469 | 3,633 | ||||
General Mills Inc. | 64,902 | 3,570 | ||||
* | Monster Beverage Corp. | 39,853 | 3,497 | |||
McKesson Corp. | 17,402 | 2,950 | ||||
Kroger Co. | 83,373 | 2,685 | ||||
Kraft Heinz Co. | 70,094 | 2,550 | ||||
Clorox Co. | 13,555 | 2,454 | ||||
Hershey Co. | 15,833 | 2,306 | ||||
McCormick & Co. Inc. (Non-Voting) | 26,749 | 2,254 | ||||
Church & Dwight Co. Inc. | 27,120 | 2,136 | ||||
Tyson Foods Inc. Class A | 31,304 | 2,118 | ||||
Conagra Brands Inc. | 52,847 | 1,793 | ||||
AmerisourceBergen Corp. Class A | 15,996 | 1,619 | ||||
Kellogg Co. | 26,898 | 1,552 | ||||
Keurig Dr Pepper Inc. | 47,928 | 1,463 | ||||
Hormel Foods Corp. | 30,232 | 1,402 | ||||
J M Smucker Co. | 11,881 | 1,331 | ||||
Lamb Weston Holdings Inc. | 15,897 | 1,268 | ||||
Bunge Ltd. | 14,596 | 1,118 | ||||
Coca-Cola European Partners plc | 21,930 | 1,117 | ||||
* | Darling Ingredients Inc. | 17,060 | 1,075 | |||
Campbell Soup Co. | 20,857 | 949 | ||||
* | US Foods Holding Corp. | 24,229 | 883 | |||
* | Beyond Meat Inc. | 5,883 | 856 | |||
Casey's General Stores Inc. | 3,932 | 794 |
Shares | Market Value• ($000) | |||||
* | Performance Food Group Co. | 13,978 | 758 | |||
* | Freshpet Inc. | 4,370 | 681 | |||
* | Post Holdings Inc. | 7,043 | 677 | |||
Ingredion Inc. | 7,412 | 669 | ||||
* | Helen of Troy Ltd. | 2,910 | 631 | |||
WD-40 Co. | 1,571 | 490 | ||||
Flowers Foods Inc. | 21,119 | 459 | ||||
* | Herbalife Nutrition Ltd. | 9,788 | 440 | |||
* | Nomad Foods Ltd. | 18,049 | 426 | |||
* | Hain Celestial Group Inc. | 9,605 | 405 | |||
Spectrum Brands Holdings Inc. | 5,181 | 402 | ||||
Sanderson Farms Inc. | 2,491 | 380 | ||||
* | TreeHouse Foods Inc. | 6,700 | 335 | |||
Lancaster Colony Corp. | 1,856 | 324 | ||||
J & J Snack Foods Corp. | 1,990 | 316 | ||||
* | Grocery Outlet Holding Corp. | 8,728 | 314 | |||
Energizer Holdings Inc. | 7,326 | 306 | ||||
Nu Skin Enterprises Inc. Class A | 5,899 | 302 | ||||
* | Sprouts Farmers Market Inc. | 14,210 | 300 | |||
Medifast Inc. | 1,165 | 295 | ||||
* | Simply Good Foods Co. | 8,606 | 251 | |||
Edgewell Personal Care Co. | 5,951 | 182 | ||||
B&G Foods Inc. | 5,855 | 178 | ||||
* | Hostess Brands Inc. Class A | 11,726 | 169 | |||
Core-Mark Holding Co. Inc. | 4,005 | 131 | ||||
* | Cal-Maine Foods Inc. | 3,199 | 122 | |||
Reynolds Consumer Products Inc. | 4,400 | 122 | ||||
Calavo Growers Inc. | 1,592 | 120 | ||||
Coca-Cola Consolidated Inc. | 432 | 111 | ||||
* | USANA Health Sciences Inc. | 1,122 | 109 | |||
National Beverage Corp. | 2,186 | 104 | ||||
ACCO Brands Corp. | 8,286 | 67 | ||||
Fresh Del Monte Produce Inc. | 2,520 | 65 | ||||
Weis Markets Inc. | 628 | 34 | ||||
Tootsie Roll Industries Inc. | 950 | 29 | ||||
167,345 | ||||||
Energy (0.2%) | ||||||
* | Plug Power Inc. | 42,129 | 2,038 | |||
* | Enphase Energy Inc. | 11,375 | 2,003 | |||
* | SolarEdge Technologies Inc. | 5,307 | 1,583 | |||
* | First Solar Inc. | 9,764 | 791 | |||
Arcosa Inc. | 6,030 | 342 | ||||
* | SunPower Corp. | ��� 7,645 | 266 | |||
7,023 |
Shares | Market Value• ($000) | |||||
Financials (11.0%) | ||||||
JPMorgan Chase & Co. | 326,149 | 47,999 | ||||
Bank of America Corp. | 830,915 | 28,841 | ||||
Citigroup Inc. | 223,961 | 14,755 | ||||
Goldman Sachs Group Inc. | 35,587 | 11,369 | ||||
Morgan Stanley | 143,839 | 11,057 | ||||
BlackRock Inc. | 15,837 | 10,999 | ||||
Charles Schwab Corp. | 148,478 | 9,164 | ||||
S&P Global Inc. | 25,920 | 8,537 | ||||
Truist Financial Corp. | 144,791 | 8,247 | ||||
Chubb Ltd. | 48,392 | 7,868 | ||||
CME Group Inc. | 38,251 | 7,639 | ||||
PNC Financial Services Group Inc. | 45,331 | 7,632 | ||||
US Bancorp | 145,530 | 7,277 | ||||
Intercontinental Exchange Inc. | 59,717 | 6,587 | ||||
Marsh & McLennan Cos. Inc. | 54,420 | 6,270 | ||||
Aon plc Class A | 24,375 | 5,550 | ||||
Progressive Corp. | 62,895 | 5,406 | ||||
Moody's Corp. | 17,442 | 4,795 | ||||
MetLife Inc. | 82,528 | 4,754 | ||||
American International Group Inc. | 93,290 | 4,100 | ||||
Travelers Cos. Inc. | 27,194 | 3,957 | ||||
T. Rowe Price Group Inc. | 24,231 | 3,929 | ||||
IHS Markit Ltd. | 42,644 | 3,845 | ||||
Prudential Financial Inc. | 42,870 | 3,718 | ||||
MSCI Inc. Class A | 8,904 | 3,691 | ||||
Bank of New York Mellon Corp. | 85,463 | 3,603 | ||||
Aflac Inc. | 75,055 | 3,594 | ||||
Allstate Corp. | 32,380 | 3,452 | ||||
Discover Financial Services | 33,317 | 3,134 | ||||
Willis Towers Watson plc | 13,818 | 3,049 | ||||
First Republic Bank | 18,277 | 3,011 | ||||
Ameriprise Financial Inc. | 12,779 | 2,827 | ||||
* | SVB Financial Group | 5,589 | 2,824 | |||
State Street Corp. | 37,941 | 2,761 | ||||
Fifth Third Bancorp | 77,110 | 2,675 | ||||
KKR & Co. Inc. | 58,665 | 2,673 | ||||
Arthur J Gallagher & Co. | 20,309 | 2,433 | ||||
MarketAxess Holdings Inc. | 4,002 | 2,225 | ||||
Regions Financial Corp. | 102,141 | 2,107 | ||||
KeyCorp | 103,065 | 2,076 | ||||
M&T Bank Corp. | 13,729 | 2,072 | ||||
Northern Trust Corp. | 20,988 | 1,997 | ||||
Citizens Financial Group Inc. | 45,734 | 1,987 | ||||
Hartford Financial Services Group Inc. | 38,697 | 1,962 | ||||
Broadridge Financial Solutions Inc. | 12,440 | 1,773 | ||||
Nasdaq Inc. | 12,394 | 1,714 | ||||
* | Markel Corp. | 1,539 | 1,676 |
Shares | Market Value• ($000) | |||||
Ally Financial Inc. | 39,810 | 1,652 | ||||
Huntington Bancshares Inc. | 107,624 | 1,651 | ||||
Principal Financial Group Inc. | 28,919 | 1,636 | ||||
Cincinnati Financial Corp. | 16,027 | 1,569 | ||||
Raymond James Financial Inc. | 13,226 | 1,544 | ||||
* | Arch Capital Group Ltd. | 42,280 | 1,514 | |||
Credicorp Ltd. | 8,466 | 1,355 | ||||
Signature Bank | 5,977 | 1,305 | ||||
Equitable Holdings Inc. | 44,119 | 1,305 | ||||
Annaly Capital Management Inc. | 150,404 | 1,250 | ||||
FactSet Research Systems Inc. | 3,993 | 1,214 | ||||
Lincoln National Corp. | 21,185 | 1,205 | ||||
Cboe Global Markets Inc. | 11,643 | 1,152 | ||||
Fidelity National Financial Inc. | 29,665 | 1,136 | ||||
Brown & Brown Inc. | 24,524 | 1,126 | ||||
East West Bancorp Inc. | 15,452 | 1,115 | ||||
LPL Financial Holdings Inc. | 8,451 | 1,112 | ||||
Globe Life Inc. | 11,238 | 1,050 | ||||
W R Berkley Corp. | 14,931 | 1,035 | ||||
Alleghany Corp. | 1,573 | 1,017 | ||||
Everest Re Group Ltd. | 4,190 | 1,013 | ||||
Comerica Inc. | 14,791 | 1,007 | ||||
Western Alliance Bancorp | 10,730 | 982 | ||||
First Horizon Corp. | 59,100 | 957 | ||||
Zions Bancorp NA | 17,983 | 956 | ||||
AGNC Investment Corp. | 58,357 | 935 | ||||
Invesco Ltd. | 41,162 | 923 | ||||
RenaissanceRe Holdings Ltd. | 5,528 | 923 | ||||
Apollo Global Management Inc. Class A | 18,440 | 912 | ||||
Reinsurance Group of America Inc. | 7,431 | 908 | ||||
Eaton Vance Corp. | 11,792 | 862 | ||||
American Financial Group Inc. | 7,994 | 853 | ||||
People's United Financial Inc. | 46,712 | 838 | ||||
Commerce Bancshares Inc. | 11,003 | 815 | ||||
Voya Financial Inc. | 13,456 | 811 | ||||
Assurant Inc. | 6,303 | 777 | ||||
TCF Financial Corp. | 16,826 | 754 | ||||
Franklin Resources Inc. | 28,601 | 748 | ||||
Affiliated Managers Group Inc. | 5,131 | 718 | ||||
Prosperity Bancshares Inc. | 9,640 | 708 | ||||
Synovus Financial Corp. | 16,496 | 698 | ||||
Starwood Property Trust Inc. | 30,201 | 690 | ||||
Cullen/Frost Bankers Inc. | 6,454 | 674 |
Shares | Market Value• ($000) | |||||
SEI Investments Co. | 11,974 | 671 | ||||
Tradeweb Markets Inc. Class A | 9,095 | 662 | ||||
SLM Corp. | 41,650 | 658 | ||||
First Financial Bankshares Inc. | 14,742 | 658 | ||||
Stifel Financial Corp. | 10,616 | 648 | ||||
Popular Inc. | 9,594 | 641 | ||||
Valley National Bancorp | 51,790 | 634 | ||||
Unum Group | 23,306 | 617 | ||||
South State Corp. | 7,786 | 614 | ||||
New York Community Bancorp Inc. | 50,190 | 613 | ||||
Old Republic International Corp. | 31,705 | 613 | ||||
First American Financial Corp. | 11,624 | 611 | ||||
Primerica Inc. | 4,232 | 598 | ||||
Webster Financial Corp. | 10,722 | 593 | ||||
Glacier Bancorp Inc. | 10,775 | 584 | ||||
Interactive Brokers Group Inc. Class A | 7,933 | 574 | ||||
Bank OZK | 13,883 | 572 | ||||
Ares Management Corp. Class A | 10,889 | 566 | ||||
United Bankshares Inc. | 14,985 | 554 | ||||
* | Athene Holding Ltd. Class A | 12,145 | 554 | |||
Janus Henderson Group plc | 18,658 | 545 | ||||
Evercore Inc. Class A | 4,520 | 541 | ||||
Kemper Corp. | 6,864 | 519 | ||||
FNB Corp. | 43,397 | 513 | ||||
Essent Group Ltd. | 12,396 | 511 | ||||
CIT Group Inc. | 11,133 | 505 | ||||
Morningstar Inc. | 2,253 | 505 | ||||
Wintrust Financial Corp. | 6,755 | 498 | ||||
Selective Insurance Group Inc. | 7,142 | 484 | ||||
Home BancShares Inc. | 19,598 | 479 | ||||
UMB Financial Corp. | 5,648 | 477 | ||||
Blackstone Mortgage Trust Inc. Class A | 16,210 | 473 | ||||
RLI Corp. | 4,514 | 471 | ||||
Hanover Insurance Group Inc. | 4,072 | 470 | ||||
MGIC Investment Corp. | 38,192 | 465 | ||||
Axis Capital Holdings Ltd. | 9,134 | 462 | ||||
First Citizens BancShares Inc. Class A | 623 | 460 | ||||
Community Bank System Inc. | 6,390 | 455 | ||||
Radian Group Inc. | 22,226 | 453 | ||||
BankUnited Inc. | 11,136 | 448 | ||||
First Hawaiian Inc. | 15,994 | 446 | ||||
Lazard Ltd. Class A | 11,289 | 437 | ||||
Bank of Hawaii Corp. | 4,972 | 435 |
Shares | Market Value• ($000) | |||||
Hancock Whitney Corp. | 11,494 | 434 | ||||
* | Brighthouse Financial Inc. | 10,758 | 429 | |||
Cathay General Bancorp | 11,329 | 426 | ||||
Associated Banc-Corp | 21,136 | 426 | ||||
White Mountains Insurance Group Ltd. | 350 | 418 | ||||
CNO Financial Group Inc. | 17,045 | 410 | ||||
Old National Bancorp | 22,407 | 406 | ||||
Columbia Banking System Inc. | 9,128 | 404 | ||||
Assured Guaranty Ltd. | 9,145 | 404 | ||||
BancorpSouth Bank | 12,963 | 390 | ||||
* | Cannae Holdings Inc. | 10,062 | 376 | |||
* | Texas Capital Bancshares Inc. | 4,924 | 375 | |||
Kinsale Capital Group Inc. | 2,090 | 368 | ||||
Independent Bank Corp. | 4,292 | 367 | ||||
OneMain Holdings Inc. | 7,680 | 360 | ||||
CVB Financial Corp. | 16,595 | 355 | ||||
Washington Federal Inc. | 10,662 | 322 | ||||
Houlihan Lokey Inc. Class A | 5,020 | 319 | ||||
FirstCash Inc. | 4,955 | 314 | ||||
Chimera Investment Corp. | 26,750 | 309 | ||||
Federated Hermes Inc. Class B | 11,544 | 308 | ||||
* | Enstar Group Ltd. | 1,397 | 297 | |||
Pacific Premier Bancorp Inc. | 7,309 | 295 | ||||
Hamilton Lane Inc. Class A | 3,200 | 286 | ||||
Ameris Bancorp | 5,990 | 285 | ||||
Towne Bank | 9,496 | 274 | ||||
Simmons First National Corp. Class A | 9,264 | 271 | ||||
Moelis & Co. Class A | 5,152 | 266 | ||||
Investors Bancorp Inc. | 19,856 | 265 | ||||
Walker & Dunlop Inc. | 2,609 | 260 | ||||
Artisan Partners Asset Management Inc. Class A | 5,436 | 258 | ||||
Atlantic Union Bankshares Corp. | 6,767 | 249 | ||||
BOK Financial Corp. | 2,780 | 239 | ||||
American Equity Investment Life Holding Co. | 8,296 | 229 | ||||
* | Axos Financial Inc. | 4,924 | 228 | |||
United Community Banks Inc. | 6,775 | 224 | ||||
Independent Bank Group Inc. | 3,204 | 223 | ||||
WSFS Financial Corp. | 4,195 | 223 | ||||
Cadence Bancorp Class A | 10,683 | 219 | ||||
Hilltop Holdings Inc. | 6,570 | 217 | ||||
Fulton Financial Corp. | 13,870 | 214 | ||||
PennyMac Financial Services Inc. | 3,597 | 213 | ||||
Navient Corp. | 16,798 | 208 |
Shares | Market Value• ($000) | |||||
ServisFirst Bancshares Inc. | 4,206 | 208 | ||||
1st Source Corp. | 4,616 | 205 | ||||
International Bancshares Corp. | 4,653 | 203 | ||||
First Bancorp | 18,661 | 196 | ||||
First Merchants Corp. | 4,671 | 196 | ||||
Community Trust Bancorp Inc. | 4,748 | 194 | ||||
First Midwest Bancorp Inc. | 9,702 | 192 | ||||
MFA Financial Inc. | 47,493 | 191 | ||||
Virtu Financial Inc. Class A | 6,941 | 189 | ||||
First Financial Bancorp | 8,306 | 186 | ||||
WesBanco Inc. | 5,720 | 185 | ||||
Flagstar Bancorp Inc. | 4,247 | 184 | ||||
Renasant Corp. | 4,689 | 184 | ||||
* | Palomar Holdings Inc. | 2,100 | 179 | |||
Santander Consumer USA Holdings Inc. | 7,105 | 178 | ||||
Piper Sandler Cos. | 1,626 | 173 | ||||
* | PRA Group Inc. | 4,636 | 171 | |||
Sandy Spring Bancorp Inc. | 4,476 | 168 | ||||
Bank of NT Butterfield & Son Ltd. | 4,602 | 168 | ||||
PennyMac Mortgage Investment Trust | 8,775 | 166 | ||||
* | Genworth Financial Inc. Class A | 52,445 | 164 | |||
Trustmark Corp. | 5,418 | 163 | ||||
Apollo Commercial Real Estate Finance Inc. | 12,261 | 163 | ||||
* | NMI Holdings Inc. Class A | 7,090 | 162 | |||
Capitol Federal Financial Inc. | 12,016 | 160 | ||||
Banner Corp. | 3,038 | 157 | ||||
Virtus Investment Partners Inc. | 624 | 157 | ||||
Eagle Bancorp Inc. | 3,106 | 152 | ||||
Mercury General Corp. | 2,508 | 146 | ||||
BGC Partners Inc. Class A | 32,309 | 145 | ||||
Cohen & Steers Inc. | 2,198 | 142 | ||||
Heartland Financial USA Inc. | 3,011 | 141 | ||||
Northwest Bancshares Inc. | 9,917 | 140 | ||||
Horace Mann Educators Corp. | 3,590 | 138 | ||||
Westamerica Bancorp | 2,273 | 137 | ||||
Hope Bancorp Inc. | 10,275 | 135 | ||||
NBT Bancorp Inc. | 3,671 | 133 | ||||
Nelnet Inc. Class A | 1,813 | 132 | ||||
* | eHealth Inc. | 2,211 | 131 | |||
Argo Group International Holdings Ltd. | 2,821 | 130 | ||||
ProAssurance Corp. | 5,165 | 128 | ||||
Waddell & Reed Financial Inc. Class A | 5,071 | 127 | ||||
Provident Financial Services Inc. | 6,270 | 127 |
Shares | Market Value• ($000) | |||||
First Commonwealth Financial Corp. | 9,256 | 124 | ||||
BancFirst Corp. | 1,886 | 120 | ||||
Great Western Bancorp Inc. | 4,322 | 116 | ||||
Brookline Bancorp Inc. | 7,753 | 110 | ||||
S&T Bancorp Inc. | 3,758 | 109 | ||||
Ladder Capital Corp. Class A | 9,472 | 108 | ||||
Redwood Trust Inc. | 11,005 | 108 | ||||
Boston Private Financial Holdings Inc. | 7,738 | 106 | ||||
Safety Insurance Group Inc. | 1,264 | 100 | ||||
* | Encore Capital Group Inc. | 2,878 | 96 | |||
CNA Financial Corp. | 2,234 | 95 | ||||
Brightsphere Investment Group Inc. | 5,193 | 94 | ||||
* | Third Point Reinsurance Ltd. | 8,939 | 91 | |||
City Holding Co. | 1,156 | 87 | ||||
Employers Holdings Inc. | 2,586 | 86 | ||||
Kearny Financial Corp. | 7,549 | 86 | ||||
Berkshire Hills Bancorp Inc. | 4,080 | 82 | ||||
TFS Financial Corp. | 4,136 | 81 | ||||
Stock Yards Bancorp Inc. | 1,592 | 78 | ||||
* | Columbia Financial Inc. | 4,504 | 74 | |||
ARMOUR Residential REIT Inc. | 6,071 | 73 | ||||
Invesco Mortgage Capital Inc. | 18,474 | 72 | ||||
WisdomTree Investments Inc. | 13,128 | 70 | ||||
United Fire Group Inc. | 2,310 | 68 | ||||
TrustCo Bank Corp. | 9,683 | 67 | ||||
Washington Trust Bancorp Inc. | 1,406 | 67 | ||||
Republic Bancorp Inc. Class A | 1,148 | 48 | ||||
American National Group Inc. | 500 | 45 | ||||
Capstead Mortgage Corp. | 6,290 | 36 | ||||
FBL Financial Group Inc. Class A | 613 | 35 | ||||
* | MBIA Inc. | 3,581 | 26 | |||
State Auto Financial Corp. | 1,014 | 19 | ||||
385,269 | ||||||
Health Care (13.7%) | ||||||
UnitedHealth Group Inc. | 101,714 | 33,791 | ||||
Abbott Laboratories | 186,339 | 22,320 | ||||
AbbVie Inc. | 189,869 | 20,456 | ||||
Pfizer Inc. | 599,473 | 20,076 | ||||
Merck & Co. Inc. | 272,468 | 19,787 | ||||
Thermo Fisher Scientific Inc. | 42,569 | 19,159 | ||||
Eli Lilly & Co. | 90,761 | 18,596 |
Shares | Market Value• ($000) | |||||
Medtronic plc | 144,482 | 16,900 | ||||
Bristol-Myers Squibb Co. | 244,023 | 14,966 | ||||
Danaher Corp. | 67,430 | 14,812 | ||||
Amgen Inc. | 62,862 | 14,139 | ||||
* | Intuitive Surgical Inc. | 12,462 | 9,182 | |||
Stryker Corp. | 37,156 | 9,017 | ||||
Gilead Sciences Inc. | 135,383 | 8,313 | ||||
Anthem Inc. | 26,875 | 8,148 | ||||
Cigna Corp. | 38,239 | 8,026 | ||||
Zoetis Inc. Class A | 51,327 | 7,968 | ||||
Becton Dickinson & Co. | 29,666 | 7,154 | ||||
* | Illumina Inc. | 15,819 | 6,951 | |||
* | Vertex Pharmaceuticals Inc. | 28,151 | 5,983 | |||
* | Boston Scientific Corp. | 153,172 | 5,940 | |||
* | Edwards Lifesciences Corp. | 66,212 | 5,502 | |||
Humana Inc. | 14,116 | 5,359 | ||||
HCA Healthcare Inc. | 28,777 | 4,951 | ||||
* | IDEXX Laboratories Inc. | 9,160 | 4,765 | |||
* | Moderna Inc. | ��� 30,774 | 4,764 | |||
* | Align Technology Inc. | 8,374 | 4,749 | |||
* | Regeneron Pharmaceuticals Inc. | 10,315 | 4,648 | |||
* | Biogen Inc. | 16,690 | 4,554 | |||
Baxter International Inc. | 54,586 | 4,241 | ||||
* | Veeva Systems Inc. Class A | 14,736 | 4,128 | |||
Agilent Technologies Inc. | 33,131 | 4,044 | ||||
* | IQVIA Holdings Inc. | 20,513 | 3,955 | |||
* | DexCom Inc. | 9,822 | 3,907 | |||
Zimmer Biomet Holdings Inc. | 22,480 | 3,666 | ||||
* | Centene Corp. | 61,877 | 3,622 | |||
* | Alexion Pharmaceuticals Inc. | 22,864 | 3,492 | |||
ResMed Inc. | 15,417 | 2,972 | ||||
* | Laboratory Corp. of America Holdings | 10,651 | 2,555 | |||
* | Teladoc Health Inc. | 11,527 | 2,549 | |||
Cerner Corp. | 32,581 | 2,253 | ||||
West Pharmaceutical Services Inc. | 7,886 | 2,213 | ||||
* | Exact Sciences Corp. | 15,896 | 2,164 | |||
Cooper Cos. Inc. | 5,386 | 2,080 | ||||
* | Seagen Inc. | 13,630 | 2,060 | |||
Teleflex Inc. | 5,126 | 2,041 | ||||
* | Catalent Inc. | 17,656 | 2,008 | |||
* | Hologic Inc. | 27,820 | 2,006 | |||
* | Horizon Therapeutics plc | 21,500 | 1,955 | |||
* | Viatris Inc. | 130,192 | 1,933 | |||
* | Alnylam Pharmaceuticals Inc. | 12,568 | 1,861 | |||
* | Varian Medical Systems Inc. | 9,602 | 1,683 | |||
Quest Diagnostics Inc. | 14,510 | 1,677 |
Shares | Market Value• ($000) | |||||
* | Novocure Ltd. | 11,049 | 1,647 | |||
Cardinal Health Inc. | 31,583 | 1,627 | ||||
* | Elanco Animal Health Inc. | 49,400 | 1,623 | |||
STERIS plc | 9,086 | 1,588 | ||||
* | Incyte Corp. | 19,778 | 1,556 | |||
* | Charles River Laboratories International Inc. | 5,384 | 1,541 | |||
* | BioMarin Pharmaceutical Inc. | 19,514 | 1,511 | |||
* | Novavax Inc. | 6,532 | 1,510 | |||
PerkinElmer Inc. | 11,937 | 1,505 | ||||
* | ABIOMED Inc. | 4,602 | 1,494 | |||
* | Avantor Inc. | 53,369 | 1,487 | |||
Bio-Techne Corp. | 4,072 | 1,473 | ||||
* | Masimo Corp. | 5,367 | 1,346 | |||
* | Molina Healthcare Inc. | 6,179 | 1,339 | |||
* | Guardant Health Inc. | 9,024 | 1,328 | |||
* | Bio-Rad Laboratories Inc. Class A | 2,253 | 1,317 | |||
DENTSPLY SIRONA Inc. | 23,217 | 1,232 | ||||
* | Repligen Corp. | 5,692 | 1,209 | |||
* | Neurocrine Biosciences Inc. | 9,731 | 1,066 | |||
* | Penumbra Inc. | 3,609 | 1,027 | |||
* | PRA Health Sciences Inc. | 6,938 | 1,023 | |||
* | ICON plc | 5,599 | 1,012 | |||
* | Universal Health Services Inc. Class B | 7,804 | 978 | |||
* | Ultragenyx Pharmaceutical Inc. | 6,870 | 972 | |||
* | Jazz Pharmaceuticals plc | 5,786 | 972 | |||
* | Henry Schein Inc. | 15,258 | 944 | |||
* | Natera Inc. | 8,033 | 933 | |||
* | Mirati Therapeutics Inc. | 4,636 | 931 | |||
* | Amedisys Inc. | 3,497 | 887 | |||
Encompass Health Corp. | 10,805 | 869 | ||||
* | Arrowhead Pharmaceuticals Inc. | 10,656 | 849 | |||
* | DaVita Inc. | 8,053 | 822 | |||
* | United Therapeutics Corp. | 4,759 | 796 | |||
* | CRISPR Therapeutics AG | 6,281 | 789 | |||
Chemed Corp. | 1,748 | 778 | ||||
Hill-Rom Holdings Inc. | 7,282 | 777 | ||||
* | Ionis Pharmaceuticals Inc. | 14,427 | 756 | |||
* | Acceleron Pharma Inc. | 5,495 | 748 | |||
* | Exelixis Inc. | 33,530 | 726 | |||
* | HealthEquity Inc. | 8,749 | 720 | |||
* | Fate Therapeutics Inc. | 7,996 | 717 | |||
* | Sarepta Therapeutics Inc. | 8,198 | 714 | |||
* | Bridgebio Pharma Inc. | 10,012 | 708 | |||
* | Haemonetics Corp. | 5,520 | 698 | |||
* | Envista Holdings Corp. | 17,957 | 692 | |||
* | Inspire Medical Systems Inc. | 2,948 | 686 | |||
Bruker Corp. | 11,197 | 683 |
Shares | Market Value• ($000) | |||||
* | Halozyme Therapeutics Inc. | 14,443 | 654 | |||
* | Quidel Corp. | 3,918 | 644 | |||
* | Tandem Diabetes Care Inc. | 6,676 | 641 | |||
* | Syneos Health Inc. | 8,153 | 631 | |||
Perrigo Co. plc | 15,263 | 616 | ||||
* | Omnicell Inc. | 4,782 | 607 | |||
* | LHC Group Inc. | 3,331 | 605 | |||
* | ACADIA Pharmaceuticals Inc. | 12,335 | 604 | |||
* | PPD Inc. | 17,178 | 602 | |||
* | Nevro Corp. | 3,634 | 600 | |||
* | Blueprint Medicines Corp. | 5,947 | 584 | |||
* | Tenet Healthcare Corp. | 11,414 | 582 | |||
* | NeoGenomics Inc. | 11,256 | 574 | |||
* | Integra LifeSciences Holdings Corp. | 8,148 | 557 | |||
* | TG Therapeutics Inc. | 12,641 | 553 | |||
* | Iovance Biotherapeutics Inc. | 14,784 | 551 | |||
* | Acadia Healthcare Co. Inc. | 9,881 | 546 | |||
* | iRhythm Technologies Inc. | 3,281 | 528 | |||
* | Arena Pharmaceuticals Inc. | 6,543 | 526 | |||
* | Globus Medical Inc. Class A | 8,370 | 523 | |||
* | Medpace Holdings Inc. | 3,193 | 519 | |||
* | STAAR Surgical Co. | 4,994 | 519 | |||
* | Invitae Corp. | 12,631 | 507 | |||
* | Sage Therapeutics Inc. | 5,868 | 499 | |||
* | Denali Therapeutics Inc. | 6,913 | 496 | |||
* | Emergent BioSolutions Inc. | 5,079 | 488 | |||
* | Adaptive Biotechnologies Corp. | 8,570 | 485 | |||
* | Turning Point Therapeutics Inc. | 4,099 | 483 | |||
Ensign Group Inc. | 5,789 | 475 | ||||
* | FibroGen Inc. | 9,297 | 465 | |||
* | Kodiak Sciences Inc. | 3,552 | 458 | |||
* | Neogen Corp. | 5,569 | 456 | |||
* | Biohaven Pharmaceutical Holding Co. Ltd. | 5,181 | 440 | |||
* | Glaukos Corp. | 4,597 | 435 | |||
* | LivaNova plc | 5,503 | 427 | |||
* | ICU Medical Inc. | 2,054 | 426 | |||
* | PTC Therapeutics Inc. | 7,149 | 408 | |||
Premier Inc. Class A | 12,045 | 407 | ||||
* | Insmed Inc. | 11,150 | 399 | |||
* | 1Life Healthcare Inc. | 8,285 | 394 | |||
* | NuVasive Inc. | 6,108 | 368 | |||
* | ChemoCentryx Inc. | 5,431 | 368 | |||
* | HMS Holdings Corp. | 9,923 | 365 | |||
* | Vir Biotechnology Inc. | 5,743 | 360 | |||
* | Allakos Inc. | 2,895 | 351 | |||
* | Alkermes plc | 18,406 | 350 | |||
* | Agios Pharmaceuticals Inc. | 7,335 | 348 | |||
* | Amicus Therapeutics Inc. | 28,161 | 346 |
Shares | Market Value• ($000) | |||||
* | Select Medical Holdings Corp. | 10,926 | 346 | |||
* | Merit Medical Systems Inc. | 6,191 | 345 | |||
* | Integer Holdings Corp. | 3,847 | 339 | |||
* | Apellis Pharmaceuticals Inc. | 7,041 | 339 | |||
* | Pacira BioSciences Inc. | 4,345 | 319 | |||
* | Reata Pharmaceuticals Inc. Class A | 2,546 | 311 | |||
CONMED Corp. | 2,501 | 308 | ||||
Patterson Cos. Inc. | 9,869 | 307 | ||||
* | Cantel Medical Corp. | 4,070 | 302 | |||
* | Editas Medicine Inc. Class A | 6,859 | 301 | |||
* | Global Blood Therapeutics Inc. | 7,027 | 299 | |||
* | Prestige Consumer Healthcare Inc. | 6,957 | 290 | |||
* | Xencor Inc. | 5,664 | 279 | |||
* | Corcept Therapeutics Inc. | 10,020 | 252 | |||
* | Intra-Cellular Therapies Inc. | 6,697 | 237 | |||
* | Bluebird Bio Inc. | 7,248 | 225 | |||
Healthcare Services Group Inc. | 7,774 | 221 | ||||
* | Ligand Pharmaceuticals Inc. | 1,374 | 204 | |||
* | Myriad Genetics Inc. | 6,644 | 203 | |||
* | Avanos Medical Inc. | 4,366 | 201 | |||
* | Magellan Health Inc. | 2,088 | 195 | |||
* | MEDNAX Inc. | 7,818 | 191 | |||
* | Inari Medical Inc. | 1,800 | 188 | |||
* | OPKO Health Inc. | 41,366 | 186 | |||
* | Endo International plc | 23,305 | 185 | |||
* | Inovio Pharmaceuticals Inc. | 16,638 | 185 | |||
* | Karuna Therapeutics Inc. | 1,400 | 175 | |||
* | Allogene Therapeutics Inc. | 4,858 | 169 | |||
* | Axsome Therapeutics Inc. | 2,510 | 169 | |||
* | Deciphera Pharmaceuticals Inc. | 3,687 | 161 | |||
* | Heron Therapeutics Inc. | 8,855 | 160 | |||
* | Evolent Health Inc. Class A | 7,375 | 149 | |||
* | uniQure NV | 3,755 | 138 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 14,828 | 137 | |||
* | Supernus Pharmaceuticals Inc. | 4,899 | 132 | |||
Luminex Corp. | 3,982 | 129 | ||||
* | Pennant Group Inc. | 2,370 | 125 | |||
* | REGENXBIO Inc. | 3,034 | 124 | |||
* | Zogenix Inc. | 5,400 | 115 | |||
* | Atara Biotherapeutics Inc. | 6,642 | 111 | |||
* | Tivity Health Inc. | 4,554 | 108 | |||
* | Brookdale Senior Living Inc. | 16,730 | 97 | |||
* | Viela Bio Inc. | 1,803 | 96 |
Shares | Market Value• ($000) | |||||
* | Inogen Inc. | 1,725 | 91 | |||
* | Madrigal Pharmaceuticals Inc. | 738 | 89 | |||
* | Alector Inc. | 4,900 | 89 | |||
* | NextGen Healthcare Inc. | 4,632 | 87 | |||
* | CorVel Corp. | 843 | 86 | |||
* | Varex Imaging Corp. | 3,749 | 86 | |||
* | Natus Medical Inc. | 3,138 | 81 | |||
* | Radius Health Inc. | 4,320 | 80 | |||
* | Relay Therapeutics Inc. | 1,900 | 78 | |||
* | Orthofix Medical Inc. | 1,632 | 76 | |||
* | Enanta Pharmaceuticals Inc. | 1,442 | 71 | |||
* | Esperion Therapeutics Inc. | 2,557 | 70 | |||
* | Amneal Pharmaceuticals Inc. | 12,669 | 68 | |||
* | Innoviva Inc. | 5,912 | 68 | |||
* | Epizyme Inc. | 6,766 | 65 | |||
* | Theravance Biopharma Inc. | 3,779 | 63 | |||
* | Intercept Pharmaceuticals Inc. | 2,474 | 54 | |||
* | Taro Pharmaceutical Industries Ltd. | 652 | 47 | |||
* | Precigen Inc. | 5,156 | 44 | |||
* | Aerie Pharmaceuticals Inc. | 2,257 | 42 | |||
* | Eagle Pharmaceuticals Inc. | 649 | 29 | |||
* | Tricida Inc. | 1,144 | 6 | |||
*,1 | Alder Biopharmaceuticals Inc. CVR Exp. 12/31/2024 | 767 | 1 | |||
480,941 | ||||||
Industrials (11.7%) | ||||||
Visa Inc. Class A | 182,040 | 38,663 | ||||
Mastercard Inc. Class A | 95,093 | 33,649 | ||||
* | PayPal Holdings Inc. | 126,583 | 32,893 | |||
Accenture plc Class A | 68,723 | 17,243 | ||||
Union Pacific Corp. | 73,080 | 15,052 | ||||
Caterpillar Inc. | 58,203 | 12,565 | ||||
United Parcel Service Inc. Class B | 77,189 | 12,183 | ||||
Deere & Co. | 33,674 | 11,756 | ||||
American Express Co. | 70,418 | 9,525 | ||||
Fidelity National Information Services Inc. | 66,591 | 9,190 | ||||
* | Square Inc. Class A | 39,694 | 9,131 | |||
Automatic Data Processing Inc. | 46,361 | 8,068 | ||||
CSX Corp. | 81,910 | 7,499 | ||||
* | Fiserv Inc. | 61,648 | 7,112 | |||
Illinois Tool Works Inc. | 33,813 | 6,836 | ||||
FedEx Corp. | 25,952 | 6,605 | ||||
Global Payments Inc. | 32,122 | 6,360 | ||||
Sherwin-Williams Co. | 8,875 | 6,038 | ||||
Capital One Financial Corp. | 49,041 | 5,894 | ||||
Johnson Controls International plc | 78,399 | 4,374 |
Shares | Market Value• ($000) | |||||
DuPont de Nemours Inc. | 57,934 | 4,074 | ||||
Trane Technologies plc | 25,747 | 3,945 | ||||
PACCAR Inc. | 36,365 | 3,309 | ||||
Paychex Inc. | 34,374 | 3,130 | ||||
Cintas Corp. | 9,557 | 3,100 | ||||
Rockwell Automation Inc. | 12,285 | 2,989 | ||||
Stanley Black & Decker Inc. | 16,772 | 2,932 | ||||
* | Keysight Technologies Inc. | 20,387 | 2,885 | |||
* | Zebra Technologies Corp. Class A | 5,636 | 2,815 | |||
Verisk Analytics Inc. Class A | 17,071 | 2,797 | ||||
* | Mettler-Toledo International Inc. | 2,473 | 2,760 | |||
* | FleetCor Technologies Inc. | 8,972 | 2,488 | |||
Synchrony Financial | 63,886 | 2,471 | ||||
Vulcan Materials Co. | 14,348 | 2,396 | ||||
Martin Marietta Materials Inc. | 6,907 | 2,327 | ||||
Old Dominion Freight Line Inc. | 10,704 | 2,299 | ||||
* | Generac Holdings Inc. | 6,505 | 2,144 | |||
Kansas City Southern | 9,937 | 2,110 | ||||
* | Trimble Inc. | 26,628 | 1,974 | |||
Dover Corp. | 15,837 | 1,952 | ||||
Xylem Inc. | 19,521 | 1,943 | ||||
* | StoneCo Ltd. Class A | 21,690 | 1,861 | |||
WW Grainger Inc. | 4,988 | 1,859 | ||||
* | Waters Corp. | 6,454 | 1,768 | |||
TransUnion | 20,607 | 1,735 | ||||
* | Ingersoll Rand Inc. | 37,352 | 1,731 | |||
Expeditors International of Washington Inc. | 18,322 | 1,683 | ||||
IDEX Corp. | 7,999 | 1,561 | ||||
Masco Corp. | 28,304 | 1,506 | ||||
Cognex Corp. | 18,068 | 1,492 | ||||
* | Fair Isaac Corp. | 3,162 | 1,447 | |||
Westinghouse Air Brake Technologies Corp. | 19,234 | 1,393 | ||||
JB Hunt Transport Services Inc. | 9,090 | 1,335 | ||||
Packaging Corp. of America | 10,003 | 1,321 | ||||
* | Crown Holdings Inc. | 13,774 | 1,316 | |||
* | Bill.com Holdings Inc. | 7,845 | 1,294 | |||
CH Robinson Worldwide Inc. | 14,013 | 1,273 | ||||
Graco Inc. | 17,644 | 1,224 | ||||
Westrock Co. | 28,006 | 1,221 | ||||
Jack Henry & Associates Inc. | 8,019 | 1,190 | ||||
Nordson Corp. | 6,114 | 1,176 | ||||
Snap-on Inc. | 5,759 | 1,170 | ||||
Toro Co. | 11,503 | 1,159 | ||||
* | Axon Enterprise Inc. | 6,995 | 1,158 |
Shares | Market Value• ($000) | |||||
* | Trex Co. Inc. | 12,552 | 1,150 | |||
* | XPO Logistics Inc. | 9,669 | 1,127 | |||
* | Pagseguro Digital Ltd. Class A | 18,740 | 1,088 | |||
RPM International Inc. | 13,382 | 1,066 | ||||
Allegion plc | 9,730 | 1,058 | ||||
Lennox International Inc. | 3,749 | 1,049 | ||||
* | WEX Inc. | 4,950 | 1,031 | |||
Western Union Co. | 44,275 | 1,028 | ||||
* | Builders FirstSource Inc. | 21,929 | 949 | |||
Owens Corning | 11,672 | 946 | ||||
Robert Half International Inc. | 11,808 | 919 | ||||
AptarGroup Inc. | 6,774 | 881 | ||||
AGCO Corp. | 6,768 | 876 | ||||
* | Middleby Corp. | 5,887 | 862 | |||
Watsco Inc. | 3,545 | 862 | ||||
A O Smith Corp. | 14,313 | 850 | ||||
* | Euronet Worldwide Inc. | 5,561 | 836 | |||
Genpact Ltd. | 20,386 | 824 | ||||
Donaldson Co. Inc. | 13,806 | 813 | ||||
* | Berry Global Group Inc. | 14,443 | 800 | |||
Brunswick Corp. | 8,479 | 749 | ||||
Littelfuse Inc. | 2,723 | 709 | ||||
* | TopBuild Corp. | 3,663 | 697 | |||
Sealed Air Corp. | 16,554 | 694 | ||||
Advanced Drainage Systems Inc. | 6,288 | 692 | ||||
CoreLogic Inc. | 7,905 | 669 | ||||
Sonoco Products Co. | 10,931 | 651 | ||||
Landstar System Inc. | 3,973 | 636 | ||||
* | Axalta Coating Systems Ltd. | 22,995 | 629 | |||
MSA Safety Inc. | 3,898 | 628 | ||||
ManpowerGroup Inc. | 6,530 | 617 | ||||
Regal Beloit Corp. | 4,498 | 615 | ||||
Valmont Industries Inc. | 2,582 | 611 | ||||
* | Saia Inc. | 3,022 | 606 | |||
Louisiana-Pacific Corp. | 12,644 | 602 | ||||
MDU Resources Group Inc. | 21,097 | 593 | ||||
Eagle Materials Inc. | 4,631 | 581 | ||||
* | Chart Industries Inc. | 3,912 | 560 | |||
* | MasTec Inc. | 6,433 | 558 | |||
John Bean Technologies Corp. | 3,737 | 551 | ||||
* | Itron Inc. | 4,624 | 542 | |||
Air Lease Corp. Class A | 11,536 | 529 | ||||
MAXIMUS Inc. | 6,351 | 516 | ||||
* | ASGN Inc. | 5,538 | 515 | |||
* | Kornit Digital Ltd. | 4,485 | 507 | |||
Alliance Data Systems Corp. | 5,218 | 503 | ||||
nVent Electric plc | 19,082 | 501 | ||||
Acuity Brands Inc. | 4,003 | 494 | ||||
* | ACI Worldwide Inc. | 12,704 | 486 |
Shares | Market Value• ($000) | |||||
Graphic Packaging Holding Co. | 29,963 | 475 | ||||
Simpson Manufacturing Co. Inc. | 4,859 | 474 | ||||
Allison Transmission Holdings Inc. | 12,487 | 473 | ||||
UniFirst Corp. | 1,953 | 473 | ||||
Armstrong World Industries Inc. | 5,359 | 459 | ||||
Applied Industrial Technologies Inc. | 5,204 | 444 | ||||
* | Kirby Corp. | 7,101 | 444 | |||
Brink's Co. | 5,713 | 439 | ||||
Hillenbrand Inc. | 9,342 | 434 | ||||
Franklin Electric Co. Inc. | 5,787 | 434 | ||||
* | Proto Labs Inc. | 2,956 | 431 | |||
* | FTI Consulting Inc. | 3,712 | 425 | |||
GATX Corp. | 4,449 | 425 | ||||
MSC Industrial Direct Co. Inc. Class A | 4,879 | 420 | ||||
Ryder System Inc. | 6,077 | 412 | ||||
* | AZEK Co. Inc. Class A | 8,931 | 394 | |||
* | WESCO International Inc. | 4,860 | 390 | |||
AAON Inc. | 5,022 | 387 | ||||
* | AMN Healthcare Services Inc. | 5,305 | 387 | |||
* | TriNet Group Inc. | 4,674 | 375 | |||
Insperity Inc. | 4,169 | 370 | ||||
HB Fuller Co. | 6,557 | 368 | ||||
Watts Water Technologies Inc. Class A | 3,128 | 357 | ||||
ESCO Technologies Inc. | 3,349 | 354 | ||||
Trinity Industries Inc. | 10,891 | 350 | ||||
Brady Corp. Class A | 6,602 | 346 | ||||
* | ExlService Holdings Inc. | 3,999 | 338 | |||
Werner Enterprises Inc. | 7,706 | 331 | ||||
Korn Ferry | 5,362 | 330 | ||||
* | Summit Materials Inc. Class A | 11,544 | 320 | |||
Triton International Ltd. | 5,347 | 309 | ||||
* | Gibraltar Industries Inc. | 3,306 | 289 | |||
* | Green Dot Corp. Class A | 5,841 | 276 | |||
Badger Meter Inc. | 2,504 | 272 | ||||
Terex Corp. | 6,581 | 271 | ||||
* | Masonite International Corp. | 2,431 | 267 | |||
* | Installed Building Products Inc. | 2,254 | 246 | |||
EVERTEC Inc. | 6,143 | 239 | ||||
Macquarie Infrastructure Corp. | 7,564 | 237 | ||||
* | Beacon Roofing Supply Inc. | 4,812 | 230 | |||
Albany International Corp. Class A | 2,825 | 223 | ||||
Helios Technologies Inc. | 3,277 | 214 | ||||
* | Dycom Industries Inc. | 2,787 | 213 |
Shares | Market Value• ($000) | |||||
* | SPX Corp. | 3,782 | 210 | |||
Forward Air Corp. | 2,433 | 209 | ||||
Federal Signal Corp. | 5,533 | 201 | ||||
Comfort Systems USA Inc. | 3,174 | 197 | ||||
Belden Inc. | 4,429 | 196 | ||||
* | Herc Holdings Inc. | 2,187 | 192 | |||
* | O-I Glass Inc. | 16,354 | 191 | |||
* | Welbilt Inc. | 11,914 | 190 | |||
* | Pluralsight Inc. Class A | 8,928 | 184 | |||
* | Meritor Inc. | 6,009 | 182 | |||
* | Cimpress plc | 1,828 | 181 | |||
* | JELD-WEN Holding Inc. | 5,935 | 176 | |||
* | Vicor Corp. | 1,700 | 167 | |||
* | Hub Group Inc. Class A | 2,859 | 165 | |||
Lindsay Corp. | 1,028 | 165 | ||||
Patrick Industries Inc. | 2,058 | 162 | ||||
* | Verra Mobility Corp. Class A | 11,271 | 161 | |||
Deluxe Corp. | 3,964 | 157 | ||||
McGrath RentCorp | 2,010 | 156 | ||||
Greenbrier Cos. Inc. | 3,262 | 153 | ||||
* | FARO Technologies Inc. | 1,592 | 149 | |||
* | CBIZ Inc. | 4,722 | 142 | |||
Granite Construction Inc. | 4,097 | 141 | ||||
Otter Tail Corp. | 3,481 | 141 | ||||
Primoris Services Corp. | 4,214 | 141 | ||||
TTEC Holdings Inc. | 1,670 | 140 | ||||
* | OSI Systems Inc. | 1,459 | 138 | |||
* | Sykes Enterprises Inc. | 3,377 | 138 | |||
* | American Woodmark Corp. | 1,452 | 136 | |||
Astec Industries Inc. | 1,960 | 133 | ||||
Tennant Co. | 1,746 | 133 | ||||
* | Cardtronics plc Class A | 3,362 | 130 | |||
AAR Corp. | 3,183 | 127 | ||||
* | Ferro Corp. | 7,854 | 125 | |||
Encore Wire Corp. | 1,852 | 121 | ||||
Greif Inc. Class A | 2,482 | 120 | ||||
Atlas Corp. | 8,416 | 113 | ||||
Schneider National Inc. Class B | 4,654 | 108 | ||||
ADT Inc. | 14,028 | 107 | ||||
* | Huron Consulting Group Inc. | 2,090 | 106 | |||
* | TriMas Corp. | 3,147 | 106 | |||
Apogee Enterprises Inc. | 2,389 | 89 | ||||
H&E Equipment Services Inc. | 2,559 | 79 | ||||
* | SEACOR Holdings Inc. | 1,866 | 79 | |||
Scorpio Tankers Inc. | 5,299 | 78 | ||||
* | TrueBlue Inc. | 3,441 | 72 | |||
Matson Inc. | 1,019 | 71 | ||||
* | Kelly Services Inc. Class A | 3,164 | 66 | |||
Heartland Express Inc. | 3,580 | 65 |
Shares | Market Value• ($000) | |||||
SFL Corp. Ltd. | 7,659 | 58 | ||||
* | Tutor Perini Corp. | 3,437 | 50 | |||
408,947 | ||||||
Real Estate (3.6%) | ||||||
American Tower Corp. | 47,462 | 10,258 | ||||
Prologis Inc. | 79,055 | 7,832 | ||||
Crown Castle International Corp. | 44,741 | 6,968 | ||||
Equinix Inc. | 9,546 | 6,189 | ||||
Digital Realty Trust Inc. | 29,938 | 4,034 | ||||
Public Storage | 16,069 | 3,759 | ||||
* | CoStar Group Inc. | 4,221 | 3,477 | |||
Welltower Inc. | 45,174 | 3,067 | ||||
SBA Communications Corp. Class A | 11,814 | 3,014 | ||||
* | Zillow Group Inc. Class A | 16,983 | 2,884 | |||
* | CBRE Group Inc. Class A | 35,910 | 2,721 | |||
AvalonBay Communities Inc. | 15,103 | 2,654 | ||||
Equity Residential | 40,030 | 2,618 | ||||
Alexandria Real Estate Equities Inc. | 14,373 | 2,295 | ||||
Realty Income Corp. | 37,858 | 2,281 | ||||
Ventas Inc. | 40,233 | 2,128 | ||||
Invitation Homes Inc. | 61,138 | 1,782 | ||||
Sun Communities Inc. | 11,377 | 1,729 | ||||
Healthpeak Properties Inc. | 59,048 | 1,718 | ||||
Extra Space Storage Inc. | 13,538 | 1,702 | ||||
Boston Properties Inc. | 16,875 | 1,673 | ||||
Mid-America Apartment Communities Inc. | 12,171 | 1,640 | ||||
Duke Realty Corp. | 39,592 | 1,554 | ||||
Medical Properties Trust Inc. | 60,016 | 1,296 | ||||
UDR Inc. | 31,380 | 1,292 | ||||
WP Carey Inc. | 18,755 | 1,286 | ||||
Host Hotels & Resorts Inc. | 76,927 | 1,276 | ||||
Equity LifeStyle Properties Inc. | 18,516 | 1,142 | ||||
Iron Mountain Inc. | 30,728 | 1,069 | ||||
Camden Property Trust | 10,187 | 1,061 | ||||
Regency Centers Corp. | 18,350 | 1,005 | ||||
* | Jones Lang LaSalle Inc. | 5,634 | 980 | |||
VEREIT Inc. | 23,482 | 916 | ||||
Omega Healthcare Investors Inc. | 24,377 | 905 | ||||
American Homes 4 Rent Class A | 28,735 | 895 | ||||
STORE Capital Corp. | 25,747 | 861 | ||||
Federal Realty Investment Trust | 8,481 | 858 | ||||
Kimco Realty Corp. | 46,140 | 846 | ||||
National Retail Properties Inc. | 19,238 | 843 | ||||
CyrusOne Inc. | 12,611 | 828 | ||||
Vornado Realty Trust | 19,199 | 824 |
Shares | Market Value• ($000) | |||||
* | Redfin Corp. | 10,842 | 821 | |||
Lamar Advertising Co. Class A | 9,306 | 806 | ||||
* | RealPage Inc. | 9,240 | 802 | |||
Kilroy Realty Corp. | 12,293 | 780 | ||||
CubeSmart | 20,311 | 751 | ||||
Americold Realty Trust | 21,405 | 750 | ||||
* | Zillow Group Inc. Class C | 4,642 | 749 | |||
Apartment Income REIT Corp. | 16,703 | 683 | ||||
Brixmor Property Group Inc. | 33,330 | 656 | ||||
Life Storage Inc. | 7,710 | 647 | ||||
Rexford Industrial Realty Inc. | 13,519 | 645 | ||||
Healthcare Trust of America Inc. Class A | 23,593 | 641 | ||||
Douglas Emmett Inc. | 18,464 | 605 | ||||
American Campus Communities Inc. | 14,505 | 594 | ||||
Park Hotels & Resorts Inc. | 27,169 | 591 | ||||
First Industrial Realty Trust Inc. | 13,679 | 584 | ||||
SL Green Realty Corp. | 8,233 | 569 | ||||
Cousins Properties Inc. | 16,736 | 561 | ||||
EastGroup Properties Inc. | 4,022 | 547 | ||||
Spirit Realty Capital Inc. | 12,439 | 535 | ||||
CoreSite Realty Corp. | 4,268 | 519 | ||||
STAG Industrial Inc. | 16,272 | 513 | ||||
Rayonier Inc. | 15,475 | 505 | ||||
Highwoods Properties Inc. | 12,216 | 488 | ||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 8,187 | 460 | ||||
JBG SMITH Properties | 14,135 | 449 | ||||
Ryman Hospitality Properties Inc. | 5,784 | 447 | ||||
Hudson Pacific Properties Inc. | 17,423 | 446 | ||||
QTS Realty Trust Inc. Class A | 7,143 | 444 | ||||
* | Howard Hughes Corp. | 4,631 | 439 | |||
Healthcare Realty Trust Inc. | 15,073 | 435 | ||||
Terreno Realty Corp. | 7,657 | 429 | ||||
Physicians Realty Trust | 24,302 | 413 | ||||
Weingarten Realty Investors | 15,776 | 401 | ||||
Agree Realty Corp. | 6,202 | 400 | ||||
PotlatchDeltic Corp. | 7,518 | 382 | ||||
Sunstone Hotel Investors Inc. | 27,583 | 364 | ||||
Corporate Office Properties Trust | 13,920 | 362 | ||||
Lexington Realty Trust | 33,671 | 361 | ||||
PS Business Parks Inc. | 2,477 | 359 | ||||
National Health Investors Inc. | 5,135 | 351 |
Shares | Market Value• ($000) | |||||
EPR Properties | 7,641 | 345 | ||||
Equity Commonwealth | 11,624 | 328 | ||||
Outfront Media Inc. | 15,584 | 316 | ||||
Piedmont Office Realty Trust Inc. Class A | 18,296 | 312 | ||||
Kennedy-Wilson Holdings Inc. | 15,661 | 294 | ||||
Pebblebrook Hotel Trust | 12,899 | 292 | ||||
Colony Capital Inc. | 48,707 | 288 | ||||
Brandywine Realty Trust | 21,478 | 263 | ||||
Washington REIT | 11,624 | 262 | ||||
Essential Properties Realty Trust Inc. | 10,646 | 247 | ||||
National Storage Affiliates Trust | 6,270 | 242 | ||||
Uniti Group Inc. | 19,498 | 232 | ||||
Retail Properties of America Inc. Class A | 21,484 | 226 | ||||
RLJ Lodging Trust | 14,272 | 224 | ||||
2 | Macerich Co. | 15,597 | 202 | |||
Xenia Hotels & Resorts Inc. | 9,655 | 193 | ||||
SITE Centers Corp. | 14,235 | 190 | ||||
CareTrust REIT Inc. | 8,312 | 184 | ||||
* | Realogy Holdings Corp. | 12,137 | 183 | |||
* | DiamondRock Hospitality Co. | 17,679 | 179 | |||
Four Corners Property Trust Inc. | 6,374 | 173 | ||||
St. Joe Co. | 3,411 | 172 | ||||
Urban Edge Properties | 10,012 | 165 | ||||
Retail Opportunity Investments Corp. | 9,913 | 157 | ||||
* | Cushman & Wakefield plc | 9,875 | 153 | |||
Paramount Group Inc. | 16,188 | 150 | ||||
American Assets Trust Inc. | 4,716 | 147 | ||||
Global Net Lease Inc. | 7,642 | 142 | ||||
LTC Properties Inc. | 3,353 | 137 | ||||
Acadia Realty Trust | 7,195 | 136 | ||||
Kite Realty Group Trust | 7,100 | 136 | ||||
Columbia Property Trust Inc. | 9,539 | 135 | ||||
Newmark Group Inc. Class A | 12,436 | 125 | ||||
Tanger Factory Outlet Centers Inc. | 7,800 | 123 | ||||
Safehold Inc. | 1,600 | 122 | ||||
Alexander & Baldwin Inc. | 6,430 | 112 | ||||
Mack-Cali Realty Corp. | 7,610 | 106 | ||||
Getty Realty Corp. | 3,426 | 96 | ||||
* | Summit Hotel Properties Inc. | 8,924 | 92 | |||
RPT Realty | 7,823 | 86 | ||||
Centerspace | 1,189 | 82 | ||||
* | Marcus & Millichap Inc. | 1,957 | 74 | |||
Brookfield Property REIT Inc. Class A | 4,069 | 71 |
Shares | Market Value• ($000) | |||||
Universal Health Realty Income Trust | 1,145 | 71 | ||||
Colony Credit Real Estate Inc. | 7,884 | 65 | ||||
Apartment Investment & Management Co. Class A | 13,100 | 62 | ||||
Alexander's Inc. | 207 | 56 | ||||
Franklin Street Properties Corp. | 11,139 | 55 | ||||
Saul Centers Inc. | 684 | 24 | ||||
126,671 | ||||||
Technology (30.5%) | ||||||
Apple Inc. | 1,740,473 | 211,050 | ||||
Microsoft Corp. | 807,565 | 187,662 | ||||
* | Alphabet Inc. Class C | 39,861 | 81,191 | |||
* | Facebook Inc. Class A | 258,904 | 66,699 | |||
* | Alphabet Inc. Class A | 23,846 | 48,214 | |||
NVIDIA Corp. | 63,571 | 34,874 | ||||
Intel Corp. | 442,201 | 26,877 | ||||
* | Adobe Inc. | 51,740 | 23,783 | |||
* | salesforce.com Inc. | 94,455 | 20,449 | |||
Broadcom Inc. | 42,561 | 19,998 | ||||
Texas Instruments Inc. | 98,713 | 17,005 | ||||
QUALCOMM Inc. | 121,271 | 16,516 | ||||
Oracle Corp. | 202,916 | 13,090 | ||||
Applied Materials Inc. | 98,499 | 11,642 | ||||
International Business Machines Corp. | 95,681 | 11,379 | ||||
* | ServiceNow Inc. | 20,973 | 11,188 | |||
* | Micron Technology Inc. | 119,336 | 10,923 | |||
* | Advanced Micro Devices Inc. | 128,808 | 10,886 | |||
Intuit Inc. | 27,125 | 10,583 | ||||
Lam Research Corp. | 15,698 | 8,904 | ||||
* | Zoom Video Communications Inc. Class A | 18,366 | 6,862 | |||
* | Autodesk Inc. | 23,545 | 6,498 | |||
* | Twitter Inc. | 84,145 | 6,484 | |||
Analog Devices Inc. | 39,385 | 6,137 | ||||
* | Twilio Inc. Class A | 15,477 | 6,081 | |||
NXP Semiconductors NV | 30,128 | 5,500 | ||||
KLA Corp. | 16,775 | 5,221 | ||||
* | Workday Inc. Class A | 18,993 | 4,657 | |||
* | DocuSign Inc. Class A | 19,220 | 4,356 | |||
HP Inc. | 147,947 | 4,286 | ||||
* | Cadence Design Systems Inc. | 29,885 | 4,216 | |||
Cognizant Technology Solutions Corp. Class A | 57,277 | 4,209 | ||||
Microchip Technology Inc. | 26,891 | 4,104 | ||||
* | Synopsys Inc. | 16,363 | 4,012 | |||
* | Palo Alto Networks Inc. | 10,088 | 3,615 | |||
* | Pinterest Inc. Class A | 43,319 | 3,491 | |||
Marvell Technology Group Ltd. | 71,513 | 3,453 |
Shares | Market Value• ($000) | |||||
Xilinx Inc. | 26,424 | 3,443 | ||||
* | Atlassian Corp. plc Class A | 13,976 | 3,322 | |||
* | Okta Inc. Class A | 12,604 | 3,295 | |||
Skyworks Solutions Inc. | 18,076 | 3,214 | ||||
* | RingCentral Inc. Class A | 8,387 | 3,172 | |||
Maxim Integrated Products Inc. | 28,480 | 2,653 | ||||
* | Coupa Software Inc. | 7,475 | 2,588 | |||
* | Fortinet Inc. | 14,539 | 2,455 | |||
CDW Corp. | 15,559 | 2,441 | ||||
* | Splunk Inc. | 17,052 | 2,439 | |||
Teradyne Inc. | 18,080 | 2,325 | ||||
* | Dell Technologies Inc. Class C | 27,953 | 2,266 | |||
Western Digital Corp. | 33,055 | 2,265 | ||||
* | HubSpot Inc. | 4,392 | 2,262 | |||
* | Qorvo Inc. | 12,504 | 2,185 | |||
* | EPAM Systems Inc. | 5,704 | 2,131 | |||
* | VeriSign Inc. | 10,978 | 2,130 | |||
* | MongoDB Inc. Class A | 5,465 | 2,109 | |||
* | Yandex NV Class A | 32,545 | 2,082 | |||
Hewlett Packard Enterprise Co. | 140,499 | 2,046 | ||||
* | Paycom Software Inc. | 5,419 | 2,028 | |||
* | Wix.com Ltd. | 5,271 | 1,837 | |||
* | Zendesk Inc. | 12,381 | 1,809 | |||
Citrix Systems Inc. | 13,313 | 1,778 | ||||
* | ON Semiconductor Corp. | 43,658 | 1,758 | |||
* | Arista Networks Inc. | 6,266 | 1,753 | |||
Seagate Technology plc | 23,921 | 1,752 | ||||
Monolithic Power Systems Inc. | 4,550 | 1,704 | ||||
* | Gartner Inc. | 9,422 | 1,687 | |||
* | Slack Technologies Inc. Class A | 40,814 | 1,670 | |||
* | Akamai Technologies Inc. | 17,207 | 1,626 | |||
* | Zscaler Inc. | 7,735 | 1,586 | |||
* | Datadog Inc. Class A | 16,566 | 1,581 | |||
* | PTC Inc. | 11,301 | 1,548 | |||
Entegris Inc. | 14,542 | 1,530 | ||||
NetApp Inc. | 24,228 | 1,517 | ||||
* | GoDaddy Inc. Class A | 18,060 | 1,465 | |||
* | Avalara Inc. | 8,969 | 1,408 | |||
* | Cree Inc. | 11,879 | 1,348 | |||
* | Nuance Communications Inc. | 30,010 | 1,338 | |||
* | Five9 Inc. | 6,789 | 1,258 | |||
* | Check Point Software Technologies Ltd. | 11,245 | 1,240 | |||
* | Black Knight Inc. | 16,068 | 1,232 | |||
* | VMware Inc. Class A | 8,799 | 1,216 | |||
* | F5 Networks Inc. | 6,386 | 1,213 | |||
NortonLifeLock Inc. | 58,122 | 1,134 | ||||
* | Aspen Technology Inc. | 7,438 | 1,119 | |||
* | Ceridian HCM Holding Inc. | 12,295 | 1,102 | |||
Amdocs Ltd. | 13,654 | 1,035 |
Shares | Market Value• ($000) | |||||
* | Guidewire Software Inc. | 9,163 | 1,017 | |||
* | Flex Ltd. | 54,293 | 988 | |||
* | Dynatrace Inc. | 19,683 | 979 | |||
* | Elastic NV | 7,168 | 963 | |||
Universal Display Corp. | 4,442 | 940 | ||||
* | Anaplan Inc. | 14,440 | 938 | |||
* | Manhattan Associates Inc. | 7,055 | 867 | |||
* | Inphi Corp. | 5,242 | 863 | |||
* | Globant SA | 4,021 | 863 | |||
* | Smartsheet Inc. Class A | 12,339 | 854 | |||
* | Arrow Electronics Inc. | 8,011 | 803 | |||
* | Silicon Laboratories Inc. | 4,938 | 769 | |||
* | Proofpoint Inc. | 6,088 | 736 | |||
DXC Technology Co. | 27,756 | 700 | ||||
* | Lattice Semiconductor Corp. | 14,522 | 699 | |||
* | Blackline Inc. | 5,532 | 686 | |||
CDK Global Inc. | 13,346 | 669 | ||||
Brooks Automation Inc. | 7,907 | 658 | ||||
* | Q2 Holdings Inc. | 5,385 | 656 | |||
* | Varonis Systems Inc. Class B | 3,573 | 656 | |||
* | Pure Storage Inc. Class A | 27,499 | 643 | |||
* | Nutanix Inc. Class A | 21,184 | 642 | |||
National Instruments Corp. | 14,315 | 636 | ||||
* | Grubhub Inc. | 9,765 | 626 | |||
* | Change Healthcare Inc. | 27,338 | 625 | |||
* | Fastly Inc. Class A | 8,314 | 612 | |||
* | CyberArk Software Ltd. | 4,077 | 599 | |||
* | Dropbox Inc. Class A | 26,463 | 597 | |||
Pegasystems Inc. | 4,463 | 591 | ||||
Power Integrations Inc. | 6,490 | 573 | ||||
* | Everbridge Inc. | 3,686 | 565 | |||
* | Synaptics Inc. | 4,217 | 565 | |||
* | Upwork Inc. | 10,386 | 560 | |||
* | MicroStrategy Inc. Class A | 736 | 552 | |||
* | Alteryx Inc. Class A | 5,708 | 546 | |||
CMC Materials Inc. | 3,182 | 543 | ||||
* | Semtech Corp. | 7,378 | 541 | |||
* | Sailpoint Technologies Holdings Inc. | 9,353 | 527 | |||
* | J2 Global Inc. | 4,706 | 524 | |||
* | Cirrus Logic Inc. | 6,361 | 520 | |||
* | NCR Corp. | 14,659 | 510 | |||
* | Novanta Inc. | 3,796 | 502 | |||
* | Teradata Corp. | 12,392 | 497 | |||
Xerox Holdings Corp. | 19,282 | 491 | ||||
* | FireEye Inc. | 25,320 | 489 | |||
* | Clarivate plc | 21,228 | 483 | |||
* | Covetrus Inc. | 12,877 | 478 | |||
Advanced Energy Industries Inc. | 4,448 | 465 | ||||
* | Alarm.com Holdings Inc. | 5,244 | 461 | |||
* | Rapid7 Inc. | 6,029 | 460 | |||
* | 3D Systems Corp. | 12,685 | 455 | |||
* | LiveRamp Holdings Inc. | 7,152 | 452 |
Shares | Market Value• ($000) | |||||
Avnet Inc. | 11,792 | 449 | ||||
* | LivePerson Inc. | 6,825 | 448 | |||
Vishay Intertechnology Inc. | 18,077 | 431 | ||||
* | Rogers Corp. | 2,367 | 430 | |||
* | Diodes Inc. | 5,462 | 429 | |||
* | Cerence Inc. | 3,790 | 422 | |||
SYNNEX Corp. | 4,578 | 408 | ||||
* | SPS Commerce Inc. | 4,032 | 406 | |||
* | Workiva Inc. Class A | 3,913 | 396 | |||
* | Fabrinet | 4,446 | 393 | |||
* | Blackbaud Inc. | 5,623 | 387 | |||
* | Cornerstone OnDemand Inc. | 7,473 | 378 | |||
* | Ambarella Inc. | 3,362 | 378 | |||
* | Verint Systems Inc. | 7,635 | 376 | |||
* | Qualys Inc. | 3,780 | 367 | |||
* | Envestnet Inc. | 5,687 | 364 | |||
* | Bandwidth Inc. Class A | 2,285 | 362 | |||
* | Cloudera Inc. | 22,009 | 355 | |||
* | FormFactor Inc. | 7,600 | 345 | |||
* | New Relic Inc. | 5,460 | 334 | |||
* | Schrodinger Inc. | 3,065 | 314 | |||
* | Medallia Inc. | 7,700 | 311 | |||
Kulicke & Soffa Industries Inc. | 6,105 | 304 | ||||
* | Box Inc. Class A | 15,874 | 291 | |||
* | Tenable Holdings Inc. | 7,004 | 287 | |||
* | MaxLinear Inc. Class A | 7,161 | 285 | |||
* | Mimecast Ltd. | 6,526 | 280 | |||
* | Appfolio Inc. Class A | 1,700 | 279 | |||
* | MACOM Technology Solutions Holdings Inc. | 4,303 | 277 | |||
* | Yelp Inc. Class A | 7,291 | 275 | |||
* | CommVault Systems Inc. | 4,262 | 272 | |||
* | SVMK Inc. | 14,567 | 271 | |||
* | Insight Enterprises Inc. | 3,213 | 269 | |||
* | Cargurus Inc. Class A | 10,180 | 264 | |||
* | Bottomline Technologies DE Inc. | 5,618 | 252 | |||
* | Rambus Inc. | 11,744 | 246 | |||
Amkor Technology Inc. | 10,224 | 244 | ||||
* | Allscripts Healthcare Solutions Inc. | 15,668 | 242 | |||
NIC Inc. | 6,761 | 235 | ||||
* | Avaya Holdings Corp. | 7,791 | 231 | |||
* | Plexus Corp. | 2,502 | 210 | |||
* | Cognyte Software Ltd. | 6,975 | 201 | |||
* | Sanmina Corp. | 5,554 | 198 | |||
* | PROS Holdings Inc. | 4,068 | 193 | |||
* | Stratasys Ltd. | 5,284 | 182 | |||
* | NetScout Systems Inc. | 6,118 | 173 | |||
Shutterstock Inc. | 1,958 | 173 | ||||
Progress Software Corp. | 3,966 | 169 | ||||
* | Perficient Inc. | 2,880 | 160 | |||
* | Yext Inc. | 9,208 | 156 |
Shares | Market Value• ($000) | |||||
* | Dun & Bradstreet Holdings Inc. | 7,100 | 155 | |||
CSG Systems International Inc. | 2,922 | 135 | ||||
* | TTM Technologies Inc. | 9,206 | 130 | |||
* | Vroom Inc. | 2,100 | 93 | |||
* | nCino Inc. | 1,300 | 89 | |||
CTS Corp. | 2,650 | 85 | ||||
Benchmark Electronics Inc. | 2,889 | 82 | ||||
* | Blucora Inc. | 4,624 | 75 | |||
* | ScanSource Inc. | 2,396 | 68 | |||
Ebix Inc. | 2,436 | 59 | ||||
* | SolarWinds Corp. | 3,525 | 57 | |||
* | Forrester Research Inc. | 1,169 | 53 | |||
1,070,007 | ||||||
Telecommunications (3.6%) | ||||||
Comcast Corp. Class A | 488,278 | 25,742 | ||||
Verizon Communications Inc. | 446,154 | 24,672 | ||||
AT&T Inc. | 766,132 | 21,367 | ||||
Cisco Systems Inc. | 456,620 | 20,489 | ||||
* | Charter Communications Inc. Class A | 15,575 | 9,554 | |||
* | T-Mobile US Inc. | 59,041 | 7,083 | |||
Motorola Solutions Inc. | 18,489 | 3,244 | ||||
Lumen Technologies Inc. | 118,103 | 1,452 | ||||
Cable One Inc. | 562 | 1,076 | ||||
* | Altice USA Inc. Class A | 31,889 | 1,072 | |||
* | Ciena Corp. | 16,571 | 865 | |||
* | Liberty Global plc Class A | 34,893 | 859 | |||
* | DISH Network Corp. Class A | 26,787 | 844 | |||
Juniper Networks Inc. | 35,422 | 825 | ||||
* | Lumentum Holdings Inc. | 7,938 | 714 | |||
* | Liberty Global plc Class C | 23,935 | 582 | |||
* | Iridium Communications Inc. | 13,403 | 513 | |||
* | Viavi Solutions Inc. | 28,602 | 463 | |||
* | Acacia Communications Inc. | 3,878 | 446 | |||
* | 8x8 Inc. | 11,263 | 385 | |||
* | Viasat Inc. | 7,180 | 367 | |||
* | Vonage Holdings Corp. | 27,328 | 361 | |||
* | CommScope Holding Co. Inc. | 23,526 | 343 | |||
Cogent Communications Holdings Inc. | 5,274 | 316 | ||||
* | Liberty Latin America Ltd. Class C | 26,059 | 286 | |||
Shenandoah Telecommunications Co. | 6,143 | 272 | ||||
Telephone & Data Systems Inc. | 13,046 | 233 | ||||
InterDigital Inc. | 2,655 | 168 | ||||
* | Plantronics Inc. | 3,741 | 152 |
Shares | Market Value• ($000) | |||||
* | EchoStar Corp. Class A | 4,745 | 108 | |||
* | NETGEAR Inc. | 2,279 | 91 | |||
ATN International Inc. | 957 | 47 | ||||
* | United States Cellular Corp. | 866 | 26 | |||
* | Liberty Latin America Ltd. Class A | 449 | 5 | |||
125,022 | ||||||
Utilities (1.1%) | ||||||
Waste Management Inc. | 45,302 | 5,024 | ||||
Sempra Energy | 31,307 | 3,631 | ||||
American Water Works Co. Inc. | 19,468 | 2,762 | ||||
Consolidated Edison Inc. | 35,450 | 2,327 | ||||
PPL Corp. | 82,778 | 2,168 | ||||
Edison International | 38,643 | 2,086 | ||||
Republic Services Inc. Class A | 22,740 | 2,026 | ||||
AES Corp. | 70,480 | 1,872 | ||||
CMS Energy Corp. | 30,684 | 1,660 | ||||
Alliant Energy Corp. | 25,396 | 1,172 | ||||
Atmos Energy Corp. | 12,777 | 1,081 | ||||
Essential Utilities Inc. | 25,491 | 1,072 | ||||
CenterPoint Energy Inc. | 53,517 | 1,040 | ||||
* | Sunrun Inc. | 16,037 | 1,004 | |||
NiSource Inc. | 39,826 | 860 | ||||
UGI Corp. | 22,269 | 853 | ||||
* | Stericycle Inc. | 10,076 | 654 | |||
OGE Energy Corp. | 20,998 | 615 | ||||
* | Clean Harbors Inc. | 6,228 | 530 | |||
New Jersey Resources Corp. | 11,964 | 470 | ||||
Spire Inc. | 6,516 | 433 | ||||
Portland General Electric Co. | 10,057 | 424 | ||||
Hawaiian Electric Industries Inc. | 11,869 | 415 | ||||
Southwest Gas Holdings Inc. | 6,541 | 408 | ||||
ONE Gas Inc. | 6,010 | 403 | ||||
Ormat Technologies Inc. | 4,607 | 395 | ||||
IDACORP Inc. | 4,526 | 390 | ||||
NorthWestern Corp. | 6,612 | 387 | ||||
* | Casella Waste Systems Inc. Class A | 5,990 | 347 | |||
American States Water Co. | 4,664 | 341 | ||||
South Jersey Industries Inc. | 13,407 | 337 |
Shares | Market Value• ($000) | |||||
California Water Service Group | 6,084 | 334 | ||||
Clearway Energy Inc. Class C | 11,486 | 315 | ||||
Avista Corp. | 7,782 | 313 | ||||
MGE Energy Inc. | 4,433 | 282 | ||||
* | Evoqua Water Technologies Corp. | 10,676 | 262 | |||
Avangrid Inc. | 5,384 | 246 | ||||
Atlantica Sustainable Infrastructure plc | 5,047 | 183 | ||||
Covanta Holding Corp. | 11,211 | 158 | ||||
SJW Group | 2,268 | 142 | ||||
Northwest Natural Holding Co. | 2,650 | 127 | ||||
* | Harsco Corp. | 7,153 | 117 | |||
* | US Ecology Inc. | 2,698 | 103 | |||
Clearway Energy Inc. Class A | 1,924 | 50 | ||||
39,819 | ||||||
Total Common Stocks (Cost $2,924,725) | 3,500,297 | |||||
Temporary Cash Investments (0.0%) | ||||||
Money Market Fund (0.0%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 0.099% (Cost $1,706) | 17,058 | 1,706 | |||
Total Investments (99.9%) (Cost $2,926,431) | 3,502,003 | |||||
Other Assets and Liabilities—Net (0.1%) | 2,759 | |||||
Net Assets (100%) | 3,504,762 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security value determined using significant unobservable inputs. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $155,000. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $168,000 was received for securities on loan. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
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 | March 2021 | 27 | 5,142 | (8) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,924,725) | 3,500,297 |
Affiliated Issuers (Cost $1,706) | 1,706 |
Total Investments in Securities | 3,502,003 |
Investment in Vanguard | 121 |
Cash Collateral Pledged—Futures Contracts | 243 |
Receivables for Investment Securities Sold | 35 |
Receivables for Accrued Income | 2,839 |
Receivables for Capital Shares Issued | 14 |
Total Assets | 3,505,255 |
Liabilities | |
Due to Custodian | 11 |
Payables for Investment Securities Purchased | 96 |
Collateral for Securities on Loan | 168 |
Payables to Vanguard | 199 |
Variation Margin Payable—Futures Contracts | 19 |
Total Liabilities | 493 |
Net Assets | 3,504,762 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 2,849,736 |
Total Distributable Earnings (Loss) | 655,026 |
Net Assets | 3,504,762 |
Net Assets | |
Applicable to 49,025,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,504,762 |
Net Asset Value Per Share | $71.49 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 17,321 |
Interest1 | 2 |
Securities Lending—Net | 28 |
Total Income | 17,351 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 198 |
Management and Administrative | 1,277 |
Marketing and Distribution | 63 |
Custodian Fees | 17 |
Shareholders’ Reports | 13 |
Trustees’ Fees and Expenses | — |
Total Expenses | 1,568 |
Net Investment Income | 15,783 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 97,334 |
Futures Contracts | 764 |
Realized Net Gain (Loss) | 98,098 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 178,762 |
Futures Contracts | (227) |
Change in Unrealized Appreciation (Depreciation) | 178,535 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 292,416 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $99,489,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 15,783 | 17,157 | |
Realized Net Gain (Loss) | 98,098 | (16,325) | |
Change in Unrealized Appreciation (Depreciation) | 178,535 | 366,944 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 292,416 | 367,776 | |
Distributions | |||
Total Distributions | (15,793) | (14,177) | |
Capital Share Transactions | |||
Issued | 1,499,947 | 1,046,350 | |
Issued in Lieu of Cash Distributions | — | — | |
Redeemed | (246,151) | (20,140) | |
Net Increase (Decrease) from Capital Share Transactions | 1,253,796 | 1,026,210 | |
Total Increase (Decrease) | 1,530,419 | 1,379,809 | |
Net Assets | |||
Beginning of Period | 1,974,343 | 594,534 | |
End of Period | 3,504,762 | 1,974,343 |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | September 18, 20181 to August 31, 2019 | |
For a Share Outstanding Throughout Each Period | |||
Net Asset Value, Beginning of Period | $64.47 | $51.25 | $50.00 |
Investment Operations | |||
Net Investment Income2 | .406 | .846 | .792 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.046 | 13.146 | .868 |
Total from Investment Operations | 7.452 | 13.992 | 1.660 |
Distributions | |||
Dividends from Net Investment Income | (.432) | (.772) | (.410) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.432) | (.772) | (.410) |
Net Asset Value, End of Period | $71.49 | $64.47 | $51.25 |
Total Return | 11.63% | 27.60% | 3.40% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $3,505 | $1,974 | $595 |
Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12%3 |
Ratio of Net Investment Income to Average Net Assets | 1.24% | 1.54% | 1.67%3 |
Portfolio Turnover Rate4 | 2% | 6% | 6% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Annualized. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 3,497,705 | 2,591 | 1 | 3,500,297 |
Temporary Cash Investments | 1,706 | — | — | 1,706 |
Total | 3,499,411 | 2,591 | 1 | 3,502,003 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 8 | — | — | 8 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Tax Cost | 2,928,953 |
Gross Unrealized Appreciation | 643,564 |
Gross Unrealized Depreciation | (70,522) |
Net Unrealized Appreciation (Depreciation) | 573,042 |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
Shares (000) | Shares (000) | ||
Issued | 22,125 | 19,400 | |
Issued in Lieu of Cash Distributions | — | — | |
Redeemed | (3,725) | (375) | |
Net Increase (Decrease) in Shares Outstanding | 18,400 | 19,025 |
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Vanguard Marketing Corporation, Distributor.
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended February 28, 2021 | |||
ESG International Stock ETF | Beginning Account Value 8/31/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,168.00 | $0.81 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.05 | 0.75 |
Basic Materials | 5.5% |
Consumer Discretionary | 16.1 |
Consumer Staples | 6.1 |
Energy | 0.5 |
Financials | 21.9 |
Health Care | 10.2 |
Industrials | 11.4 |
Real Estate | 4.1 |
Technology | 18.2 |
Telecommunications | 4.1 |
Utilities | 1.9 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.6%) | ||||||
Australia (4.8%) | ||||||
Commonwealth Bank of Australia | 136,327 | 8,557 | ||||
CSL Ltd. | 36,052 | 7,347 | ||||
Westpac Banking Corp. | 283,629 | 5,200 | ||||
National Australia Bank Ltd. | 257,095 | 4,882 | ||||
Australia & New Zealand Banking Group Ltd. | 221,360 | 4,445 | ||||
Wesfarmers Ltd. | 81,056 | 3,083 | ||||
Macquarie Group Ltd. | 24,224 | 2,652 | ||||
Fortescue Metals Group Ltd. | 131,781 | 2,434 | ||||
Transurban Group | 211,320 | 2,094 | ||||
Goodman Group | 159,432 | 2,038 | ||||
* | Afterpay Ltd. | 17,503 | 1,599 | |||
Amcor plc | 118,390 | 1,295 | ||||
Newcrest Mining Ltd. | 67,861 | 1,275 | ||||
James Hardie Industries plc | 43,641 | 1,224 | ||||
Sonic Healthcare Ltd. | 46,220 | 1,133 | ||||
Brambles Ltd. | 142,890 | 1,092 | ||||
Scentre Group | 476,211 | 1,054 | ||||
ASX Ltd. | 19,829 | 1,033 | ||||
Cochlear Ltd. | 6,173 | 1,007 | ||||
QBE Insurance Group Ltd. | 136,882 | 980 | ||||
Ramsay Health Care Ltd. | 18,683 | 951 | ||||
Suncorp Group Ltd. | 115,182 | 882 | ||||
Telstra Corp. Ltd. | 364,231 | 867 | ||||
Dexus | 121,426 | 833 | ||||
Insurance Australia Group Ltd. | 208,380 | 800 | ||||
Northern Star Resources Ltd. | 100,891 | 781 | ||||
* | Xero Ltd. | 8,266 | 756 | |||
SEEK Ltd. | 37,765 | 747 | ||||
GPT Group | 224,536 | 737 | ||||
BlueScope Steel Ltd. | 55,120 | 704 |
Shares | Market Value• ($000) | |||||
Lendlease Corp. Ltd. | 68,285 | 702 | ||||
Stockland | 218,471 | 698 | ||||
Medibank Pvt Ltd. | 321,669 | 687 | ||||
Computershare Ltd. | 62,344 | 638 | ||||
* | Sydney Airport | 134,956 | 612 | |||
Mirvac Group | 341,431 | 588 | ||||
Vicinity Centres | 453,704 | 572 | ||||
Orica Ltd. | 58,685 | 569 | ||||
* | Incitec Pivot Ltd. | 273,321 | 557 | |||
Boral Ltd. | 139,083 | 553 | ||||
OZ Minerals Ltd. | 30,511 | 522 | ||||
Bendigo & Adelaide Bank Ltd. | 68,938 | 518 | ||||
Orora Ltd. | 224,418 | 502 | ||||
Bank of Queensland Ltd. | 73,334 | 496 | ||||
Downer EDI Ltd. | 117,985 | 468 | ||||
Alumina Ltd. | 358,482 | 446 | ||||
Evolution Mining Ltd. | 131,035 | 419 | ||||
AMP Ltd. | 323,538 | 374 | ||||
Challenger Ltd. | 75,268 | 373 | ||||
* | Domain Holdings Australia Ltd. | 86,470 | 301 | |||
Aurizon Holdings Ltd. | 101,718 | 300 | ||||
Magellan Financial Group Ltd. | 8,204 | 274 | ||||
* | Lynas Rare Earths Ltd. | 57,205 | 264 | |||
* | Zip Co. Ltd. | 33,116 | 264 | |||
Charter Hall Group | 28,760 | 262 | ||||
Mineral Resources Ltd. | 8,920 | 260 | ||||
GDI Property Group | 325,738 | 260 | ||||
Domino's Pizza Enterprises Ltd. | 3,732 | 259 | ||||
Metcash Ltd. | 98,543 | 256 | ||||
nib holdings Ltd. | 59,817 | 256 | ||||
* | Virgin Money UK plc | 91,804 | 235 | |||
IGO Ltd. | 42,860 | 231 | ||||
JB Hi-Fi Ltd. | 6,814 | 229 | ||||
* | NEXTDC Ltd. | 26,389 | 226 | |||
REA Group Ltd. | 2,074 | 219 | ||||
Atlas Arteria Ltd. | 50,478 | 215 | ||||
ALS Ltd. | 26,580 | 203 |
Shares | Market Value• ($000) | |||||
* | Bank of Queensland Ltd. | 29,299 | 198 | |||
United Malt Grp Ltd. | 67,998 | 192 | ||||
IDP Education Ltd. | 8,893 | 188 | ||||
Ansell Ltd. | 6,612 | 184 | ||||
Qube Holdings Ltd. | 71,968 | 170 | ||||
Nine Entertainment Co. Holdings Ltd. | 74,037 | 164 | ||||
* | Qantas Airways Ltd. | 42,527 | 163 | |||
Breville Group Ltd. | 7,190 | 155 | ||||
Reliance Worldwide Corp. Ltd. | 46,940 | 155 | ||||
* | Vocus Group Ltd. | 34,146 | 133 | |||
Steadfast Group Ltd. | 42,779 | 132 | ||||
* | Pilbara Minerals Ltd. | 154,635 | 124 | |||
Iluka Resources Ltd. | 21,546 | 123 | ||||
Data#3 Ltd. | 31,490 | 123 | ||||
Eagers Automotive Ltd. | 11,689 | 119 | ||||
Harvey Norman Holdings Ltd. | 29,036 | 117 | ||||
Cleanaway Waste Management Ltd. | 69,633 | 117 | ||||
Altium Ltd. | 5,624 | 114 | ||||
* | TPG Telecom Ltd. | 21,539 | 114 | |||
* | West African Resources Ltd. | 186,403 | 113 | |||
* | Champion Iron Ltd. | 26,593 | 111 | |||
WiseTech Global Ltd. | 5,158 | 108 | ||||
* | Corporate Travel Management Ltd. | 6,734 | 105 | |||
Link Administration Holdings Ltd. | 28,529 | 105 | ||||
carsales.com Ltd. | 7,141 | 103 | ||||
CSR Ltd. | 24,170 | 102 | ||||
IOOF Holdings Ltd. | 40,515 | 102 | ||||
AusNet Services | 78,429 | 100 | ||||
Healius Ltd. | 31,342 | 97 | ||||
Shopping Centres Australasia Property Group | 52,856 | 95 | ||||
* | Flight Centre Travel Group Ltd. | 7,310 | 93 | |||
Appen Ltd. | 6,885 | 89 | ||||
ARB Corp. Ltd. | 3,342 | 86 | ||||
Webjet Ltd. | 19,517 | 83 | ||||
* | CIMIC Group Ltd. | 5,063 | 83 | |||
Credit Corp. Group Ltd. | 3,178 | 78 | ||||
Nickel Mines Ltd. | 73,011 | 78 | ||||
Bapcor Ltd. | 14,467 | 76 | ||||
Aurelia Metals Ltd. | 255,976 | 76 | ||||
Sims Ltd. | 7,140 | 74 | ||||
National Storage REIT | 50,824 | 73 | ||||
Pro Medicus Ltd. | 2,111 | 72 | ||||
Codan Ltd. | 6,132 | 70 | ||||
* | Deterra Royalties Ltd. | 19,968 | 70 | |||
Adbri Ltd. | 27,646 | 69 |
Shares | Market Value• ($000) | |||||
Super Retail Group Ltd. | 8,187 | 69 | ||||
* | PolyNovo Ltd. | 36,969 | 69 | |||
Costa Group Holdings Ltd. | 19,375 | 68 | ||||
* | Megaport Ltd. | 6,994 | 68 | |||
St. Barbara Ltd. | 41,818 | 66 | ||||
Premier Investments Ltd. | 4,095 | 66 | ||||
* | Orocobre Ltd. | 18,490 | 66 | |||
*,1,2 | Mesoblast Ltd. | 34,468 | 64 | |||
* | EML Payments Ltd. | 16,303 | 63 | |||
Elders Ltd. | 7,156 | 62 | ||||
Perpetual Ltd. | 2,496 | 59 | ||||
* | Perseus Mining Ltd. | 66,708 | 59 | |||
Pendal Group Ltd. | 12,652 | 58 | ||||
* | Galaxy Resources Ltd. | 28,292 | 57 | |||
Ingenia Communities Group | 14,686 | 55 | ||||
Regis Resources Ltd. | 22,666 | 54 | ||||
Monadelphous Group Ltd. | 5,827 | 52 | ||||
AUB Group Ltd. | 3,556 | 52 | ||||
Centuria Capital Group | 27,499 | 51 | ||||
InvoCare Ltd. | 5,597 | 49 | ||||
Netwealth Group Ltd. | 4,523 | 49 | ||||
Bingo Industries Ltd. | 19,318 | 48 | ||||
* | Syrah Resources Ltd. | 49,587 | 47 | |||
Ramelius Resources Ltd. | 47,713 | 46 | ||||
* | Gold Road Resources Ltd. | 48,819 | 45 | |||
* | oOh!media Ltd. | 33,518 | 45 | |||
* | Blackmores Ltd. | 715 | 44 | |||
* | Nanosonics Ltd. | 9,467 | 44 | |||
Kogan.com Ltd. | 4,082 | 44 | ||||
Collins Foods Ltd. | 5,870 | 43 | ||||
Arena REIT | 18,438 | 43 | ||||
MyState Ltd. | 11,946 | 43 | ||||
HUB24 Ltd. | 2,547 | 41 | ||||
* | Tyro Payments Ltd. | 17,724 | 41 | |||
Platinum Asset Management Ltd. | 11,273 | 40 | ||||
Aventus Group | 18,495 | 40 | ||||
NRW Holdings Ltd. | 24,893 | 39 | ||||
Bega Cheese Ltd. | 8,184 | 39 | ||||
Perenti Global Ltd. | 44,483 | 39 | ||||
Cromwell Property Group | 61,810 | 38 | ||||
* | Nufarm Ltd. | 10,332 | 38 | |||
G8 Education Ltd. | 44,983 | 37 | ||||
Genworth Mortgage Insurance Australia Ltd. | 18,747 | 37 | ||||
Sandfire Resources Ltd. | 7,623 | 36 | ||||
Lovisa Holdings Ltd. | 3,042 | 34 | ||||
GrainCorp Ltd. Class A | 10,221 | 33 |
Shares | Market Value• ($000) | |||||
IRESS Ltd. | 4,726 | 33 | ||||
Abacus Property Group | 15,527 | 32 | ||||
Accent Group Ltd. | 19,443 | 32 | ||||
* | Starpharma Holdings Ltd. Class A | 19,552 | 31 | |||
* | Nearmap Ltd. | 17,505 | 31 | |||
* | Southern Cross Media Group Ltd. | 16,719 | 30 | |||
Omni Bridgeway Ltd. | 9,325 | 27 | ||||
Select Harvests Ltd. | 6,347 | 26 | ||||
SeaLink Travel Group Ltd. | 4,015 | 26 | ||||
* | Eclipx Group Ltd. | 16,401 | 25 | |||
Clinuvel Pharmaceuticals Ltd. | 1,412 | 24 | ||||
* | Resolute Mining Ltd. | 48,975 | 24 | |||
* | Westgold Resources Ltd. | 15,645 | 24 | |||
* | Bellevue Gold Ltd. | 42,952 | 24 | |||
Western Areas Ltd. | 11,417 | 23 | ||||
GUD Holdings Ltd. | 2,503 | 23 | ||||
* | Seven West Media Ltd. | 54,169 | 23 | |||
* | Emeco Holdings Ltd. | 28,238 | 23 | |||
Avita Medical Inc. | 5,014 | 23 | ||||
Lifestyle Communities Ltd. | 2,146 | 23 | ||||
Technology One Ltd. | 3,371 | 22 | ||||
* | Sigma Healthcare Ltd. | 41,235 | 21 | |||
BWX Ltd. | 6,210 | 21 | ||||
Jupiter Mines Ltd. | 74,019 | 20 | ||||
* | HT&E Ltd. | 13,045 | 19 | |||
Asaleo Care Ltd. | 17,354 | 19 | ||||
* | Paradigm Biopharmaceuticals Ltd. | 10,110 | 19 | |||
Virtus Health Ltd. | 3,825 | 18 | ||||
Bravura Solutions Ltd. | 8,726 | 18 | ||||
Integral Diagnostics Ltd. | 4,784 | 18 | ||||
GWA Group Ltd. | 7,421 | 17 | ||||
IPH Ltd. | 3,562 | 17 | ||||
Hansen Technologies Ltd. | 5,477 | 17 | ||||
Mount Gibson Iron Ltd. | 22,959 | 16 | ||||
* | Mayne Pharma Group Ltd. | 73,358 | 15 | |||
* | Australian Agricultural Co. Ltd. | 16,440 | 14 | |||
Vita Group Ltd. | 18,632 | 14 | ||||
* | AMA Group Ltd. | 26,433 | 14 | |||
Humm Group Ltd. | 18,121 | 14 | ||||
MACA Ltd. | 15,474 | 13 | ||||
SG Fleet Group Ltd. | 5,721 | 12 | ||||
* | Superloop Ltd. | 16,428 | 12 | |||
Growthpoint Properties Australia Ltd. | 4,631 | 11 | ||||
*,1 | Freedom Foods Group Ltd. | 4,398 | 10 |
Shares | Market Value• ($000) | |||||
Navigator Global Investments Ltd. | 7,694 | 10 | ||||
* | Bubs Australia Ltd. | 22,302 | 10 | |||
Infomedia Ltd. | 8,559 | 10 | ||||
* | Dacian Gold Ltd. | 28,853 | 8 | |||
McMillan Shakespeare Ltd. | 588 | 6 | ||||
Pact Group Holdings Ltd. | 2,475 | 6 | ||||
* | Myer Holdings Ltd. | 20,551 | 5 | |||
Service Stream Ltd. | 3,335 | 3 | ||||
*,1 | SpeedCast International Ltd. | 2,489 | — | |||
85,642 | ||||||
Austria (0.2%) | ||||||
* | Erste Group Bank AG | 31,977 | 1,050 | |||
* | Raiffeisen Bank International AG | 29,814 | 603 | |||
Verbund AG | 4,306 | 327 | ||||
ANDRITZ AG | 4,228 | 203 | ||||
Wienerberger AG | 6,055 | 202 | ||||
*,3 | BAWAG Group AG | 3,351 | 173 | |||
CA Immobilien Anlagen AG | 3,326 | 143 | ||||
* | Lenzing AG | 688 | 99 | |||
Mayr Melnhof Karton AG | 437 | 95 | ||||
* | IMMOFINANZ AG | 4,293 | 86 | |||
Oesterreichische Post AG | 1,401 | 56 | ||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,829 | 49 | ||||
UNIQA Insurance Group AG | 4,150 | 32 | ||||
Telekom Austria AG Class A | 3,162 | 24 | ||||
EVN AG | 933 | 20 | ||||
Strabag SE | 534 | 19 | ||||
* | DO & CO AG | 177 | 14 | |||
* | Porr AG | 657 | 12 | |||
* | Zumtobel Group AG | 1,379 | 10 | |||
3,217 | ||||||
Belgium (0.6%) | ||||||
* | KBC Group NV | 23,350 | 1,676 | |||
* | Argenx SE | 4,105 | 1,365 | |||
UCB SA | 10,623 | 1,053 | ||||
Ageas SA/NV | 17,398 | 975 | ||||
Solvay SA | 6,946 | 845 | ||||
Ackermans & van Haaren NV | 4,353 | 701 | ||||
Groupe Bruxelles Lambert SA | 5,493 | 543 | ||||
* | KBC Ancora | 9,394 | 375 | |||
Proximus SADP | 16,444 | 321 | ||||
Sofina SA | 794 | 262 |
Shares | Market Value• ($000) | |||||
Elia Group SA/NV | 2,323 | 250 | ||||
Etablissements Franz Colruyt NV | 3,855 | 231 | ||||
Cofinimmo SA | 1,360 | 211 | ||||
Aedifica SA | 1,609 | 200 | ||||
Melexis NV | 1,099 | 129 | ||||
D'ieteren SA/NV | 1,279 | 108 | ||||
Barco NV | 4,253 | 104 | ||||
Euronav NV | 11,403 | 101 | ||||
Montea C.V.A | 897 | 101 | ||||
Fagron | 3,571 | 85 | ||||
Telenet Group Holding NV | 1,974 | 79 | ||||
* | bpost SA | 5,723 | 62 | |||
Bekaert SA | 1,577 | 58 | ||||
Gimv NV | 870 | 51 | ||||
Xior Student Housing NV | 911 | 50 | ||||
Befimmo SA | 1,181 | 48 | ||||
Shurgard Self Storage SA | 1,007 | 48 | ||||
Orange Belgium SA | 1,695 | 47 | ||||
* | Ontex Group NV | 3,969 | 41 | |||
VGP NV | 226 | 39 | ||||
* | AGFA-Gevaert NV | 7,505 | 34 | |||
Retail Estates NV | 370 | 28 | ||||
* | Kinepolis Group NV | 550 | 28 | |||
Econocom Group SA/NV | 6,637 | 25 | ||||
* | Cie d'Entreprises CFE | 216 | 23 | |||
* | Tessenderlo Group SA | 292 | 13 | |||
Wereldhave Belgium Comm VA | 164 | 9 | ||||
* | Mithra Pharmaceuticals SA | 173 | 4 | |||
* | Xior Student Housing NV Rights Exp. 03/04/2021 | 911 | 1 | |||
10,324 | ||||||
Brazil (1.4%) | ||||||
UBS Group AG (Registered) | 260,294 | 4,050 | ||||
B3 SA - Brasil Bolsa Balcao | 157,354 | 1,525 | ||||
Itau Unibanco Holding SA Preference Shares | 328,478 | 1,498 | ||||
* | Banco Bradesco SA Preference Shares | 349,759 | 1,435 | |||
Magazine Luiza SA | 199,536 | 861 | ||||
WEG SA | 54,331 | 757 | ||||
* | Suzano SA | 53,225 | 695 | |||
Notre Dame Intermedica Participacoes SA | 40,107 | 621 | ||||
Itausa SA Preference Shares | 340,200 | 604 | ||||
* | Natura & Co. Holding SA | 60,987 | 502 |
Shares | Market Value• ($000) | |||||
* | Localiza Rent a Car SA | 41,621 | 431 | |||
Lojas Renner SA | 60,620 | 397 | ||||
Gerdau SA Preference Shares | 78,400 | 362 | ||||
Raia Drogasil SA | 82,520 | 342 | ||||
Itau Unibanco Holding SA | 80,500 | 336 | ||||
* | Banco do Brasil SA | 61,004 | 305 | |||
* | Rumo SA | 92,979 | 300 | |||
Cia Siderurgica Nacional SA | 49,034 | 288 | ||||
* | Lojas Americanas SA (BVMF) | 66,835 | 274 | |||
* | Banco Bradesco SA | 70,112 | 258 | |||
Telefonica Brasil SA | 32,400 | 254 | ||||
Equatorial Energia SA | 69,700 | 250 | ||||
BB Seguridade Participacoes SA | 53,300 | 242 | ||||
* | B2W Cia Digital | 14,713 | 215 | |||
3 | Hapvida Participacoes e Investimentos SA | 73,600 | 204 | |||
Bradespar SA Preference Shares | 17,500 | 196 | ||||
* | Banco Inter SA Ordinary Shares | 20,085 | 191 | |||
Cia Brasileira de Distribuicao | 12,600 | 187 | ||||
* | Klabin SA | 35,100 | 185 | |||
Banco Santander Brasil SA | 27,432 | 183 | ||||
CCR SA | 89,058 | 179 | ||||
TOTVS SA | 31,741 | 178 | ||||
* | Via Varejo SA | 82,527 | 175 | |||
* | BRF SA | 44,284 | 171 | |||
Sul America SA | 27,998 | 165 | ||||
* | Hypera SA | 27,400 | 160 | |||
* | Azul SA Preference Shares | 21,763 | 158 | |||
Cia Energetica de Minas Gerais | 59,777 | 156 | ||||
* | TIM SA | 66,400 | 152 | |||
* | Cia de Saneamento Basico do Estado de Sao Paulo | 22,930 | 151 | |||
* | BR Malls Participacoes SA | 94,500 | 141 | |||
Energisa SA | 17,700 | 138 | ||||
Transmissora Alianca de Energia Eletrica SA | 23,000 | 125 | ||||
Engie Brasil Energia SA | 17,000 | 125 | ||||
* | Cia de Locacao das Americas | 27,300 | 116 | |||
Cia Energetica de Sao Paulo Preference Shares Class B | 23,400 | 114 | ||||
YDUQS Participacoes SA | 21,200 | 114 |
Shares | Market Value• ($000) | |||||
* | Lojas Americanas SA Preference Shares | 24,748 | 110 | |||
Metalurgica Gerdau SA Preference Shares | 49,700 | 103 | ||||
EDP - Energias do Brasil SA | 31,400 | 101 | ||||
* | Omega Geracao SA | 14,268 | 101 | |||
AES Tiete Energia SA | 36,047 | 99 | ||||
IRB Brasil Resseguros SA | 91,807 | 98 | ||||
Alupar Investimento SA | 22,900 | 97 | ||||
* | Light SA | 28,612 | 94 | |||
* | Cogna Educacao | 139,430 | 93 | |||
Qualicorp Consultoria e Corretora de Seguros SA | 16,200 | 91 | ||||
* | Atacadao SA | 26,100 | 88 | |||
* | Fleury SA | 18,000 | 86 | |||
Sao Martinho SA | 15,200 | 85 | ||||
Banco Pan SA Preference Shares | 31,900 | 79 | ||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 17,600 | 78 | ||||
Banco do Estado do Rio Grande do Sul SA Preference Shares Class B | 34,300 | 77 | ||||
Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 17,400 | 74 | ||||
Linx SA | 10,800 | 74 | ||||
* | Marfrig Global Foods SA | 29,305 | 73 | |||
Porto Seguro SA | 8,900 | 69 | ||||
Duratex SA | 21,100 | 69 | ||||
Usinas Siderurgicas de Minas Gerais SA Usiminas Preference Shares Class A | 23,600 | 68 | ||||
* | Gol Linhas Aereas Inteligentes SA Preference Shares | 17,681 | 68 | |||
* | Braskem SA Preference Shares Class A | 11,700 | 65 | |||
* | Alpargatas SA Preference Shares | 10,500 | 65 | |||
Cia Energetica de Minas Gerais Preference Shares | 30,609 | 65 | ||||
* | Multiplan Empreendimentos Imobiliarios SA | 17,600 | 62 | |||
BR Properties SA | 41,281 | 60 | ||||
CPFL Energia SA | 11,500 | 59 | ||||
SLC Agricola SA | 7,800 | 57 | ||||
Odontoprev SA | 23,900 | 56 |
Shares | Market Value• ($000) | |||||
Santos Brasil Participacoes SA | 53,081 | 55 | ||||
* | Cia Paranaense de Energia Preference Shares | 5,100 | 53 | |||
* | Mahle-Metal Leve SA | 16,700 | 53 | |||
Cielo SA | 81,800 | 53 | ||||
* | BK Brasil Operacao e Assessoria a Restaurantes SA | 32,406 | 51 | |||
LOG Commercial Properties e Participacoes SA | 8,767 | 50 | ||||
* | Aliansce Sonae Shopping Centers sa | 12,000 | 50 | |||
* | Anima Holding SA | 29,013 | 48 | |||
* | Neoenergia SA | 16,100 | 47 | |||
* | M Dias Branco SA | 9,100 | 46 | |||
MRV Engenharia e Participacoes SA | 15,100 | 45 | ||||
* | Cosan Logistica SA | 12,500 | 45 | |||
Iguatemi Empresa de Shopping Centers SA | 7,800 | 44 | ||||
*,3 | Banco Inter SA Preference Shares | 4,810 | 44 | |||
Camil Alimentos SA | 23,300 | 43 | ||||
Unipar Carbocloro SA Preference Shares | 4,183 | 42 | ||||
Minerva SA | 22,507 | 39 | ||||
* | Grupo SBF SA | 9,700 | 39 | |||
Iochpe Maxion SA | 16,900 | 38 | ||||
* | CVC Brasil Operadora e Agencia de Viagens SA | 12,300 | ��� 36 | |||
* | Banco Inter SA unit | 1,300 | 36 | |||
* | SIMPAR SA | 5,400 | 36 | |||
Cia Hering | 13,100 | 35 | ||||
Cia de Saneamento de Minas Gerais-COPASA | 13,800 | 35 | ||||
Instituto Hermes Pardini SA | 9,700 | 35 | ||||
Wiz Solucoes e Corretagem de Seguros SA | 31,000 | 35 | ||||
Arezzo Industria e Comercio SA | 2,700 | 34 | ||||
* | EcoRodovias Infraestrutura e Logistica SA | 16,700 | 33 | |||
Grendene SA | 25,000 | 32 | ||||
* | Randon SA Implementos e Participacoes Preference Shares | 13,200 | 31 | |||
* | Movida Participacoes SA | 9,900 | 31 | |||
Ez Tec Empreendimentos e Participacoes SA | 5,100 | 29 |
Shares | Market Value• ($000) | |||||
Smiles Fidelidade SA | 7,400 | 28 | ||||
3 | Ser Educacional SA | 13,000 | 28 | |||
* | Cia Paranaense de Energia | 2,500 | 26 | |||
* | Cia de Saneamento do Parana Preference Shares | 37,400 | 26 | |||
* | Cia de Saneamento do Parana | 7,500 | 26 | |||
JHSF Participacoes SA | 22,500 | 26 | ||||
* | Tupy SA | 6,700 | 25 | |||
* | Marcopolo SA Preference Shares | 53,800 | 24 | |||
Alliar Medicos A Frente SA | 15,200 | 24 | ||||
Construtora Tenda SA | 5,000 | 23 | ||||
Direcional Engenharia SA | 10,100 | 23 | ||||
Even Construtora e Incorporadora SA | 10,200 | 18 | ||||
* | Guararapes Confeccoes SA | 7,800 | 17 | |||
* | Lojas Americanas SA | 629 | 3 | |||
* | Lojas Americanas SA | 233 | 1 | |||
24,571 | ||||||
Canada (6.3%) | ||||||
* | Shopify Inc. Class A (XNYS) | 8,382 | 10,859 | |||
Royal Bank of Canada | 109,844 | 9,353 | ||||
Toronto-Dominion Bank | 139,833 | 8,476 | ||||
Canadian National Railway Co. | 54,448 | 5,943 | ||||
Bank of Nova Scotia | 91,314 | 5,338 | ||||
Bank of Montreal | 49,471 | 4,042 | ||||
Canadian Pacific Railway Ltd. | 11,212 | 3,996 | ||||
Canadian Imperial Bank of Commerce | 33,160 | 3,057 | ||||
Manulife Financial Corp. | 149,373 | 2,978 | ||||
Nutrien Ltd. | 46,679 | 2,520 | ||||
Waste Connections Inc. | 21,458 | 2,095 | ||||
2 | Sun Life Financial Inc. | 43,398 | 2,088 | |||
Magna International Inc. | 24,626 | 2,074 | ||||
Alimentation Couche-Tard Inc. Class B | 64,668 | 1,944 | ||||
National Bank of Canada | 26,679 | 1,680 | ||||
Franco-Nevada Corp. | 15,590 | 1,669 | ||||
* | CGI Inc. | 20,605 | 1,538 | |||
Thomson Reuters Corp. | 16,268 | 1,415 | ||||
Restaurant Brands International Inc. (XTSE) | 23,105 | 1,386 | ||||
Wheaton Precious Metals Corp. | 37,623 | 1,346 | ||||
Fortis Inc. | 34,832 | 1,341 | ||||
Intact Financial Corp. | 11,510 | 1,286 |
Shares | Market Value• ($000) | |||||
Rogers Communications Inc. Class B | 27,828 | 1,205 | ||||
Open Text Corp. | 26,910 | 1,199 | ||||
Agnico Eagle Mines Ltd. | 20,278 | 1,132 | ||||
First Quantum Minerals Ltd. | 51,916 | 1,119 | ||||
Dollarama Inc. | 26,628 | 1,013 | ||||
Algonquin Power & Utilities Corp. | 59,413 | 920 | ||||
Lundin Mining Corp. | 75,608 | 866 | ||||
Shaw Communications Inc. Class B | 46,435 | 808 | ||||
3 | Hydro One Ltd. | 37,545 | 797 | |||
BCE Inc. | 18,557 | 794 | ||||
Canadian Apartment Properties REIT | 19,674 | 789 | ||||
Toromont Industries Ltd. | 10,829 | 789 | ||||
CCL Industries Inc. Class B | 14,759 | 777 | ||||
* | Bausch Health Cos. Inc. | 24,332 | 766 | |||
Loblaw Cos. Ltd. | 15,558 | 750 | ||||
Kirkland Lake Gold Ltd. | 22,206 | 726 | ||||
RioCan REIT | 48,040 | 716 | ||||
CAE Inc. | 25,461 | 674 | ||||
Kinross Gold Corp. | 108,335 | 673 | ||||
Finning International Inc. | 25,602 | 668 | ||||
Saputo Inc. | 23,014 | 648 | ||||
George Weston Ltd. | 8,462 | 621 | ||||
Gildan Activewear Inc. | 20,361 | 619 | ||||
Ritchie Bros Auctioneers Inc. | 10,960 | 598 | ||||
* | Shopify Inc. Class A (XTSE) | 462 | 592 | |||
Granite REIT | 10,068 | 577 | ||||
Metro Inc. Class A | 12,396 | 515 | ||||
* | BlackBerry Ltd. | 49,908 | 505 | |||
Empire Co. Ltd. Class A | 18,064 | 502 | ||||
Emera Inc. | 12,028 | 474 | ||||
CI Financial Corp. | 31,873 | 446 | ||||
H&R REIT | 40,037 | 432 | ||||
TELUS Corp. | 20,493 | 411 | ||||
* | First Majestic Silver Corp. | 22,734 | 410 | |||
Atco Ltd. | 13,814 | 403 | ||||
Canadian Utilities Ltd. Class A | 16,970 | 402 | ||||
Choice Properties REIT | 39,567 | 395 | ||||
B2Gold Corp. | 88,270 | 384 | ||||
Great-West Lifeco Inc. | 14,809 | 379 | ||||
* | Canada Goose Holdings Inc. | 8,259 | 370 | |||
Yamana Gold Inc. | 89,934 | 358 | ||||
* | Lightspeed POS Inc. | 5,158 | 353 | |||
* | Kinaxis Inc. | 2,506 | 339 | |||
iA Financial Corp. Inc. | 6,510 | 334 |
Shares | Market Value• ($000) | |||||
BRP Inc. | 4,606 | 333 | ||||
FirstService Corp. | 2,129 | 323 | ||||
Chartwell Retirement Residences | 37,185 | 320 | ||||
* | SSR Mining Inc. | 21,960 | 312 | |||
West Fraser Timber Co. Ltd. | 4,548 | 311 | ||||
TMX Group Ltd. | 3,096 | 296 | ||||
Northland Power Inc. | 8,318 | 276 | ||||
Alamos Gold Inc. Class A | 38,864 | 275 | ||||
Element Fleet Management Corp. | 27,769 | 272 | ||||
Endeavour Mining Corp. | 14,112 | 272 | ||||
* | Descartes Systems Group Inc. | 4,294 | 251 | |||
* | Air Canada | 12,218 | 241 | |||
AltaGas Ltd. | 15,541 | 236 | ||||
* | Novagold Resources Inc. | 27,226 | 228 | |||
Cascades Inc. | 16,342 | 216 | ||||
* | Ivanhoe Mines Ltd. Class A | 32,802 | 202 | |||
Colliers International Group Inc. | 1,939 | 201 | ||||
GFL Environmental Inc. | 6,321 | 196 | ||||
Quebecor Inc. Class B | 7,347 | 190 | ||||
Boyd Group Services Inc. | 1,024 | 169 | ||||
Canadian Western Bank | 5,733 | 151 | ||||
* | IAMGOLD Corp. | 49,684 | 147 | |||
Methanex Corp. | 3,790 | 146 | ||||
Brookfield Infrastructure Corp. Class A | 2,087 | 139 | ||||
First Capital REIT | 11,038 | 135 | ||||
Centerra Gold Inc. | 13,695 | 133 | ||||
Linamar Corp. | 2,326 | 130 | ||||
* | Eldorado Gold Corp. | 12,156 | 127 | |||
Primo Water Corp. | 8,302 | 119 | ||||
Boralex Inc. Class A | 3,323 | 116 | ||||
Capital Power Corp. | 4,259 | 115 | ||||
NFI Group Inc. | 4,937 | 114 | ||||
Innergex Renewable Energy Inc. | 5,823 | 110 | ||||
* | Pretium Resources Inc. | 10,652 | 104 | |||
SmartCentres REIT | 4,581 | 95 | ||||
Hudbay Minerals Inc. | 12,934 | 93 | ||||
IGM Financial Inc. | 3,371 | 92 | ||||
Osisko Gold Royalties Ltd. | 9,083 | 91 | ||||
* | Bombardier Inc. Class B | 197,380 | 87 | |||
* | Home Capital Group Inc. Class B | 3,295 | 81 | |||
* | Equinox Gold Corp. | 9,507 | 79 | |||
Premium Brands Holdings Corp. Class A | 959 | 78 | ||||
Stella-Jones Inc. | 2,122 | 77 |
Shares | Market Value• ($000) | |||||
Sagen MI Canada Inc. | 2,225 | 76 | ||||
Artis REIT | 7,929 | 70 | ||||
Maple Leaf Foods Inc. | 3,285 | 68 | ||||
Boardwalk REIT | 2,372 | 68 | ||||
* | OceanaGold Corp. | 44,042 | 64 | |||
ECN Capital Corp. | 9,977 | 63 | ||||
Laurentian Bank of Canada | 2,237 | 61 | ||||
* | Torex Gold Resources Inc. | 4,656 | 56 | |||
Cominar REIT | 7,440 | 52 | ||||
* | Canfor Corp. | 2,478 | 51 | |||
Dream Office REIT | 3,179 | 50 | ||||
Transcontinental Inc. Class A | 2,624 | 45 | ||||
Mullen Group Ltd. | 5,514 | 43 | ||||
* | Celestica Inc. | 4,318 | 36 | |||
Winpak Ltd. | 1,013 | 32 | ||||
Martinrea International Inc. | 2,613 | 31 | ||||
Cogeco Communications Inc. | 300 | 27 | ||||
Restaurant Brands International Inc. (XNYS) | 322 | 19 | ||||
First National Financial Corp. | 384 | 13 | ||||
113,276 | ||||||
Chile (0.2%) | ||||||
Banco de Chile | 3,341,833 | 366 | ||||
Enel Americas SA | 2,069,127 | 315 | ||||
Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 4,959 | 266 | ||||
Banco Santander Chile | 4,523,958 | 258 | ||||
Empresas CMPC SA | 80,911 | 236 | ||||
Falabella SA | 56,426 | 233 | ||||
Sociedad Quimica y Minera de Chile SA ADR | 3,919 | 210 | ||||
Cencosud SA | 87,936 | 172 | ||||
Banco de Credito e Inversiones SA | 3,734 | 162 | ||||
Enel Chile SA | 1,759,607 | 130 | ||||
Colbun SA | 607,544 | 113 | ||||
CAP SA | 6,501 | 92 | ||||
Empresa Nacional de Telecomunicaciones SA | 13,152 | 89 | ||||
* | Cia Sud Americana de Vapores SA | 1,811,992 | 86 | |||
Parque Arauco SA | 46,911 | 86 | ||||
Cencosud Shopping SA | 34,260 | 68 | ||||
Besalco SA | 84,046 | 54 | ||||
Engie Energia Chile SA | 44,404 | 53 | ||||
* | Latam Airlines Group SA | 26,085 | 49 |
Shares | Market Value• ($000) | |||||
Itau CorpBanca Chile SA | 13,509,484 | 47 | ||||
Salfacorp SA | 60,776 | 45 | ||||
SMU SA | 300,135 | 44 | ||||
SONDA SA | 64,427 | 41 | ||||
Aguas Andinas SA Class A | 138,009 | 40 | ||||
Plaza SA | 20,224 | 37 | ||||
* | Forus SA | 18,698 | 36 | |||
Ripley Corp. SA | 107,037 | 34 | ||||
Inversiones Aguas Metropolitanas SA | 43,062 | 33 | ||||
Inversiones La Construccion SA | 4,372 | 31 | ||||
Embotelladora Andina SA Preference Shares Class B | 8,340 | 23 | ||||
3,449 | ||||||
China (12.6%) | ||||||
Tencent Holdings Ltd. | 458,300 | 39,871 | ||||
* | Alibaba Group Holding Ltd. ADR | 140,395 | 33,380 | |||
* | Meituan Class B | 287,100 | 12,895 | |||
* | JD.com Inc. ADR | 69,201 | 6,496 | |||
* | Baidu Inc. ADR | 22,340 | 6,332 | |||
Ping An Insurance Group Co. of China Ltd. Class H | 492,000 | 6,088 | ||||
China Construction Bank Corp. Class H | 7,264,000 | 5,831 | ||||
Industrial & Commercial Bank of China Ltd. Class H | 6,186,000 | 4,047 | ||||
* | NIO Inc. ADR | 88,146 | 4,035 | |||
* | Pinduoduo Inc. ADR | 23,083 | 3,951 | |||
*,3 | Xiaomi Corp. Class B | 973,308 | 3,236 | |||
*,3 | Wuxi Biologics Cayman Inc. | 247,737 | 3,069 | |||
China Merchants Bank Co. Ltd. Class H | 363,000 | 2,784 | ||||
* | TAL Education Group ADR | 31,009 | 2,404 | |||
* | New Oriental Education & Technology Group Inc. ADR | 11,926 | 2,118 | |||
Bank of China Ltd. Class H | 5,972,000 | 2,094 | ||||
BYD Co. Ltd. Class H | 66,000 | 1,692 | ||||
Sunny Optical Technology Group Co. Ltd. | 63,200 | 1,575 | ||||
Shenzhou International Group Holdings Ltd. | 72,984 | 1,513 | ||||
Geely Automobile Holdings Ltd. | 462,900 | 1,497 | ||||
* | Bilibili Inc. ADR | 11,775 | 1,483 | |||
China Resources Land Ltd. | 298,000 | 1,416 |
Shares | Market Value• ($000) | |||||
* | China Mengniu Dairy Co. Ltd. | 259,000 | 1,415 | |||
* | Vipshop Holdings Ltd. ADR | 36,876 | 1,376 | |||
* | Alibaba Health Information Technology Ltd. | 406,000 | 1,360 | |||
China Life Insurance Co. Ltd. Class H | 605,000 | 1,278 | ||||
ANTA Sports Products Ltd. | 82,000 | 1,256 | ||||
ENN Energy Holdings Ltd. | 79,600 | 1,217 | ||||
Longfor Group Holdings Ltd. | 193,800 | 1,149 | ||||
*,3 | Innovent Biologics Inc. | 109,500 | 1,127 | |||
Li Ning Co. Ltd. | 193,500 | 1,086 | ||||
China Overseas Land & Investment Ltd. | 427,500 | 1,083 | ||||
Sunac China Holdings Ltd. | 246,300 | 1,055 | ||||
Sino Biopharmaceutical Ltd. | 941,000 | 1,047 | ||||
ZTO Express Cayman Inc. ADR | 30,790 | 1,039 | ||||
Country Garden Services Holdings Co. Ltd. | 119,000 | 979 | ||||
China Conch Venture Holdings Ltd. | 209,500 | 931 | ||||
Country Garden Holdings Co. Ltd. | 726,000 | 904 | ||||
CSPC Pharmaceutical Group Ltd. | 811,280 | 848 | ||||
China Gas Holdings Ltd. | 205,600 | 829 | ||||
* | Kingdee International Software Group Co. Ltd. | 230,000 | 823 | |||
* | GDS Holdings Ltd. ADR | 8,060 | 823 | |||
* | Zai Lab Ltd. ADR | 5,334 | 787 | |||
Xinyi Solar Holdings Ltd. | 344,000 | 723 | ||||
Autohome Inc. ADR | 5,869 | 669 | ||||
China Pacific Insurance Group Co. Ltd. Class H | 143,000 | 657 | ||||
Agricultural Bank of China Ltd. Class H | 1,802,000 | 655 | ||||
Hengan International Group Co. Ltd. | 94,000 | 650 | ||||
China National Building Material Co. Ltd. Class H | 422,000 | 638 | ||||
JOYY Inc. ADR | 5,400 | 637 | ||||
Anhui Conch Cement Co. Ltd. Class H | 97,000 | 623 | ||||
PICC Property & Casualty Co. Ltd. Class H | 820,000 | 620 |
Shares | Market Value• ($000) | |||||
China Pacific Insurance Group Co. Ltd. Class A | 84,500 | 578 | ||||
Shimao Group Holdings Ltd. | 168,500 | 555 | ||||
3 | China Feihe Ltd. | 185,000 | 506 | |||
Agricultural Bank of China Ltd. Class A | 996,700 | 503 | ||||
* | iQIYI Inc. ADR | 19,604 | 497 | |||
* | Yihai International Holding Ltd. | 36,000 | 493 | |||
* | GCL-Poly Energy Holdings Ltd. | 1,333,594 | 489 | |||
3 | China Tower Corp. Ltd. Class H | 3,194,000 | 477 | |||
Far East Horizon Ltd. | 434,000 | 467 | ||||
China Cinda Asset Management Co. Ltd. Class H | 2,328,000 | 462 | ||||
*,3 | Ping An Healthcare & Technology Co. Ltd. | 31,730 | 458 | |||
* | Haier Smart Home Co. Ltd. Class H | 120,000 | 456 | |||
BYD Electronic International Co. Ltd. | 81,500 | 453 | ||||
Kingsoft Corp. Ltd. | 64,000 | 448 | ||||
Ping An Insurance Group Co. of China Ltd. Class A | 33,600 | 443 | ||||
China Taiping Insurance Holdings Co. Ltd. | 205,400 | 442 | ||||
China Evergrande Group | 216,000 | 442 | ||||
China Longyuan Power Group Corp. Ltd. Class H | 295,000 | 439 | ||||
Great Wall Motor Co. Ltd. Class A | 89,300 | 434 | ||||
China Vanke Co. Ltd. Class A | 81,100 | 416 | ||||
China Merchants Bank Co. Ltd. Class A | 52,300 | 413 | ||||
* | Daqo New Energy Corp. ADR | 3,851 | 401 | |||
China Vanke Co. Ltd. Class H | 93,600 | 397 | ||||
Sinopharm Group Co. Ltd. Class H | 168,500 | 395 | ||||
Industrial Bank Co. Ltd. Class A | 101,000 | 386 | ||||
*,2 | GSX Techedu Inc. ADR | 3,743 | 385 | |||
Weichai Power Co. Ltd. Class A | 111,900 | 382 | ||||
Guangdong Investment Ltd. | 202,000 | 361 | ||||
Great Wall Motor Co. Ltd. Class H | 120,500 | 349 | ||||
Industrial & Commercial Bank of China Ltd. Class A | 416,000 | 346 |
Shares | Market Value• ($000) | |||||
LONGi Green Energy Technology Co. Ltd. Class A | 20,200 | 326 | ||||
Muyuan Foods Co. Ltd. Class A | 17,780 | 314 | ||||
Ping An Bank Co. Ltd. Class A | 94,500 | 313 | ||||
Fuyao Glass Industry Group Co. Ltd. Class A | 41,600 | 305 | ||||
CITIC Securities Co. Ltd. Class H | 138,000 | 297 | ||||
People's Insurance Co. Group of China Ltd. Class H | 941,000 | 292 | ||||
Wanhua Chemical Group Co. Ltd. Class A | 13,900 | 282 | ||||
China Resources Gas Group Ltd. | 56,000 | 280 | ||||
3 | WuXi AppTec Co. Ltd. Class H | 13,280 | 277 | |||
China Minsheng Banking Corp. Ltd. Class A | 336,300 | 270 | ||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 156,000 | 268 | ||||
Zhuzhou CRRC Times Electric Co. Ltd. Class H | 60,400 | 262 | ||||
Zhongsheng Group Holdings Ltd. | 42,000 | 260 | ||||
* | 21Vianet Group Inc. ADR | 7,092 | 258 | |||
* | Canadian Solar Inc. | 5,470 | 257 | |||
*,3 | CanSino Biologics Inc. Class H | 5,200 | 248 | |||
Bank of Communications Co. Ltd. Class A | 349,500 | 247 | ||||
Hangzhou Tigermed Consulting Co. Ltd. Class A | 11,200 | 245 | ||||
*,3 | Hua Hong Semiconductor Ltd. | 38,757 | 236 | |||
Momo Inc. ADR | 14,718 | 233 | ||||
* | Baozun Inc. ADR | 5,072 | 233 | |||
China CITIC Bank Corp. Ltd. Class A | 282,700 | 229 | ||||
CITIC Securities Co. Ltd. Class A | 53,900 | 228 | ||||
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A | 31,900 | 227 | ||||
Luxshare Precision Industry Co. Ltd. Class A | 31,399 | 226 | ||||
Haitong Securities Co. Ltd. Class A | 119,200 | 223 |
Shares | Market Value• ($000) | |||||
*,3 | 3SBio Inc. | 224,000 | 223 | |||
China Hongqiao Group Ltd. | 178,500 | 221 | ||||
* | GOME Retail Holdings Ltd. | 748,000 | 219 | |||
WuXi AppTec Co. Ltd. Class A | 9,720 | 216 | ||||
*,3 | Akeso Inc. | 33,000 | 216 | |||
Huangshan Tourism Development Co. Ltd. Class B | 282,350 | 210 | ||||
Contemporary Amperex Technology Co. Ltd. Class A | 4,000 | 199 | ||||
Kingboard Holdings Ltd. | 43,000 | 198 | ||||
3 | China Resources Pharmaceutical Group Ltd. | 305,000 | 194 | |||
* | Weibo Corp. ADR | 3,450 | 190 | |||
Dongfeng Motor Group Co. Ltd. Class H | 206,000 | 189 | ||||
* | 360 DigiTech Inc. ADR | 8,026 | 188 | |||
* | COSCO SHIPPING Holdings Co. Ltd. Class H | 164,500 | 183 | |||
BYD Co. Ltd. Class A | 6,000 | 183 | ||||
Shanghai Pudong Development Bank Co. Ltd. Class A | 107,300 | 175 | ||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 25,900 | 174 | ||||
China Yangtze Power Co. Ltd. Class A | 56,000 | 171 | ||||
* | China Biologic Products Holdings Inc. | 1,431 | 171 | |||
China Jinmao Holdings Group Ltd. | 408,000 | 170 | ||||
Huatai Securities Co. Ltd. Class A | 63,800 | 170 | ||||
*,3 | ZhongAn Online P&C Insurance Co. Ltd. Class H | 25,000 | 168 | |||
China Life Insurance Co. Ltd. Class A | 32,200 | 165 | ||||
Nine Dragons Paper Holdings Ltd. | 101,000 | 163 | ||||
Brilliance China Automotive Holdings Ltd. | 180,000 | 161 | ||||
Bank of China Ltd. Class A | 318,600 | 160 | ||||
Tongwei Co. Ltd. Class A | 21,900 | 159 | ||||
China Construction Bank Corp. Class A | 139,600 | 157 | ||||
Weichai Power Co. Ltd. Class H | 53,000 | 156 |
Shares | Market Value• ($000) | |||||
GF Securities Co. Ltd. Class A | 63,000 | 156 | ||||
Bank of Communications Co. Ltd. Class H | 272,000 | 154 | ||||
* | JinkoSolar Holding Co. Ltd. ADR | 2,980 | 153 | |||
* | Chinasoft International Ltd. | 144,000 | 152 | |||
3 | Yadea Group Holdings Ltd. | 70,000 | 152 | |||
* | COSCO SHIPPING Holdings Co. Ltd. Class A | 76,900 | 151 | |||
China Molybdenum Co. Ltd. Class A | 145,300 | 151 | ||||
ZTE Corp. Class H | 58,600 | 149 | ||||
Jiangxi Copper Co. Ltd. Class A | 34,600 | 149 | ||||
Anhui Conch Cement Co. Ltd. Class A | 17,700 | 146 | ||||
China Resources Cement Holdings Ltd. | 122,000 | 145 | ||||
China Everbright Bank Co. Ltd. Class A | 228,900 | 145 | ||||
Hopson Development Holdings Ltd. | 44,000 | 144 | ||||
TravelSky Technology Ltd. Class H | 57,000 | 144 | ||||
Pharmaron Beijing Co. Ltd. Class A | 7,287 | 144 | ||||
SAIC Motor Corp. Ltd. Class A | 43,000 | 141 | ||||
BOE Technology Group Co. Ltd. Class A | 148,200 | 140 | ||||
China Molybdenum Co. Ltd. Class H | 180,000 | 139 | ||||
*,3 | China Literature Ltd. | 14,800 | 138 | |||
Will Semiconductor Co. Ltd. Shanghai Class A | 3,100 | 136 | ||||
Sungrow Power Supply Co. Ltd. Class A | 9,900 | 133 | ||||
Ganfeng Lithium Co. Ltd. Class A | 8,600 | 132 | ||||
* | Seazen Group Ltd. | 109,360 | 132 | |||
Jiangxi Copper Co. Ltd. Class H | 54,000 | 131 | ||||
* | Tongcheng-Elong Holdings Ltd. | 54,000 | 127 | |||
*,2 | HUYA Inc. ADR | 4,826 | 127 | |||
* | JD.com Inc. Class A | 2,686 | 126 | |||
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class A | 56,300 | 125 | ||||
* | Tianli Education International Holdings Ltd. | 109,000 | 124 |
Shares | Market Value• ($000) | |||||
* | Beijing Enterprises Water Group Ltd. | 310,000 | 123 | |||
China Medical System Holdings Ltd. | 79,000 | 123 | ||||
* | Alibaba Pictures Group Ltd. | 880,000 | 122 | |||
Guangzhou Automobile Group Co. Ltd. Class A | 74,500 | 122 | ||||
3 | Topsports International Holdings Ltd. | 83,000 | 122 | |||
China Minsheng Banking Corp. Ltd. Class H | 202,000 | 121 | ||||
Sinotruk Hong Kong Ltd. | 37,500 | 120 | ||||
China Merchants Securities Co. Ltd. Class A | 35,620 | 120 | ||||
Guangzhou Automobile Group Co. Ltd. Class H | 128,000 | 119 | ||||
Hangzhou Steam Turbine Co. Ltd. Class B | 80,600 | 119 | ||||
Haitian International Holdings Ltd. | 34,000 | 117 | ||||
China Meidong Auto Holdings Ltd. | 30,000 | 114 | ||||
Citic Pacific Special Steel Group Co. Ltd. Class A | 26,100 | 114 | ||||
Kingboard Laminates Holdings Ltd. | 66,500 | 113 | ||||
* | LexinFintech Holdings Ltd. ADR | 9,950 | 113 | |||
* | Noah Holdings Ltd. ADR | 2,476 | 111 | |||
Yunnan Baiyao Group Co. Ltd. Class A | 5,500 | 111 | ||||
*,3 | Shanghai Junshi Biosciences Co. Ltd. Class H | 10,600 | 109 | |||
3 | China Merchants Securities Co. Ltd. Class H | 75,660 | 106 | |||
KWG Group Holdings Ltd. | 69,000 | 105 | ||||
China Railway Tielong Container Logistics Co. Ltd. Class A | 131,600 | 105 | ||||
Huaneng Power International Inc. Class A | 166,500 | 104 | ||||
Ever Sunshine Lifestyle Services Group Ltd. | 42,000 | 104 | ||||
COSCO SHIPPING Ports Ltd. | 142,000 | 103 | ||||
* | Genscript Biotech Corp. | 60,000 | 103 | |||
* | Lifetech Scientific Corp. | 204,000 | 103 | |||
China Merchants Port Holdings Co. Ltd. | 70,000 | 102 |
Shares | Market Value• ($000) | |||||
China Everbright Environment Group Ltd. | 178,000 | 102 | ||||
3 | Ganfeng Lithium Co. Ltd. Class H | 8,000 | 102 | |||
China Yongda Automobiles Services Holdings Ltd. | 67,500 | 98 | ||||
COFCO Joycome Foods Ltd. | 145,000 | 97 | ||||
China Lesso Group Holdings Ltd. | 52,000 | 96 | ||||
Henan Shuanghui Investment & Development Co. Ltd. Class A | 13,400 | 96 | ||||
* | China Southern Airlines Co. Ltd. Class A | 101,900 | 96 | |||
Sihuan Pharmaceutical Holdings Group Ltd. | 304,000 | 94 | ||||
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class H | 61,400 | 94 | ||||
Agile Group Holdings Ltd. | 66,000 | 93 | ||||
*,3 | Venus MedTech Hangzhou Inc. Class H | 10,500 | 93 | |||
ZTE Corp. Class A | 18,700 | 92 | ||||
Xinjiang Goldwind Science & Technology Co. Ltd. Class A | 38,300 | 90 | ||||
3 | A-Living Smart City Services Co. Ltd. | 21,500 | 90 | |||
Tianneng Power International Ltd. | 46,000 | 89 | ||||
Baoshan Iron & Steel Co. Ltd. Class A | 75,800 | 88 | ||||
China CITIC Bank Corp. Ltd. Class H | 183,000 | 86 | ||||
Shandong Chenming Paper Holdings Ltd. Class B | 112,800 | 85 | ||||
China Education Group Holdings Ltd. | 45,000 | 84 | ||||
Air China Ltd. Class A | 66,700 | 84 | ||||
Wingtech Technology Co. Ltd. Class A | 5,300 | 83 | ||||
Shanghai Mechanical & Electrical Industry Co. Ltd. Class B | 57,700 | 82 | ||||
Shandong Nanshan Aluminum Co. Ltd. Class A | 128,400 | 82 | ||||
Guangdong Haid Group Co. Ltd. Class A | 6,500 | 80 | ||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 132,000 | 79 |
Shares | Market Value• ($000) | |||||
Guotai Junan Securities Co. Ltd. Class A | 30,100 | 78 | ||||
China Galaxy Securities Co. Ltd. Class H | 124,000 | 77 | ||||
Greentown China Holdings Ltd. | 51,500 | 77 | ||||
Shanghai International Airport Co. Ltd. Class A | 7,977 | 76 | ||||
Rongan Property Co. Ltd. Class A | 155,400 | 76 | ||||
3 | Hope Education Group Co. Ltd. | 222,000 | 76 | |||
Yangzijiang Shipbuilding Holdings Ltd. | 92,600 | 74 | ||||
China Grand Pharmaceutical & Healthcare Holdings Ltd. | 92,000 | 74 | ||||
Bosideng International Holdings Ltd. | 174,000 | 73 | ||||
Hengli Petrochemical Co. Ltd. Class A | 13,000 | 73 | ||||
* | Zhejiang Huayou Cobalt Co. Ltd. Class A | 5,200 | 72 | |||
3 | Luye Pharma Group Ltd. | 107,000 | 72 | |||
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 22,600 | 72 | ||||
* | Chongqing Changan Automobile Co. Ltd. Class A | 25,800 | 72 | |||
Powerlong Real Estate Holdings Ltd. | 94,000 | 71 | ||||
Sinotrans Ltd. Class A | 102,000 | 71 | ||||
Jiangsu Expressway Co. Ltd. Class A | 49,300 | 71 | ||||
China State Construction International Holdings Ltd. | 102,000 | 70 | ||||
3 | China Huarong Asset Management Co. Ltd. Class H | 588,000 | 70 | |||
New Hope Liuhe Co. Ltd. Class A | 18,800 | 70 | ||||
Bank of Shanghai Co. Ltd. Class A | 53,800 | 70 | ||||
3 | Dali Foods Group Co. Ltd. | 114,000 | 69 | |||
Shenzhen Kangtai Biological Products Co. Ltd. Class A | 2,900 | 69 | ||||
Shenzhen International Holdings Ltd. | 41,000 | 68 | ||||
*,3 | Zhou Hei Ya International Holdings Co. Ltd. | 59,000 | 68 |
Shares | Market Value• ($000) | |||||
Logan Group Co. Ltd. | 43,000 | 67 | ||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 9,150 | 67 | ||||
Shenwan Hongyuan Group Co. Ltd. Class A | 90,200 | 67 | ||||
Sinoma International Engineering Co. Class A | 46,000 | 67 | ||||
* | Shandong Airlines Co. Ltd. Class B | 85,110 | 66 | |||
GoerTek Inc. Class A | 13,400 | 66 | ||||
Qinhuangdao Port Co. Ltd. Class A | 162,100 | 66 | ||||
Zhaojin Mining Industry Co. Ltd. Class H | 65,000 | 65 | ||||
Beijing Capital International Airport Co. Ltd. Class H | 82,000 | 64 | ||||
* | Ausnutria Dairy Corp. Ltd. | 42,000 | 64 | |||
Sany Heavy Equipment International Holdings Co. Ltd. | 57,000 | 64 | ||||
NAURA Technology Group Co. Ltd. Class A | 2,304 | 64 | ||||
Shaanxi International Trust Co. Ltd. Class A | 118,700 | 62 | ||||
Bank of Chongqing Co. Ltd. Class H | 95,000 | 62 | ||||
Digital China Holdings Ltd. | 83,000 | 61 | ||||
3 | Shandong Gold Mining Co. Ltd. Class H | 30,600 | 61 | |||
China Eastern Airlines Corp. Ltd. Class A | 82,000 | 60 | ||||
Xinyi Energy Holdings Ltd. | 104,000 | 60 | ||||
Tiangong International Co. Ltd. | 106,000 | 59 | ||||
Xinjiang Goldwind Science & Technology Co. Ltd. Class H | 27,200 | 58 | ||||
China Everbright Ltd. | 44,000 | 57 | ||||
Haitong Securities Co. Ltd. Class H | 62,800 | 57 | ||||
Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 216,900 | 57 | ||||
Shenzhen Investment Ltd. | 158,000 | 57 | ||||
Huaxia Bank Co. Ltd. Class A | 58,800 | 57 | ||||
China Oriental Group Co. Ltd. | 180,000 | 56 | ||||
China Communications Services Corp. Ltd. Class H | 118,000 | 56 |
Shares | Market Value• ($000) | |||||
* | Kaisa Group Holdings Ltd. | 108,000 | 56 | |||
Times China Holdings Ltd. | 37,000 | 56 | ||||
China Galaxy Securities Co. Ltd. Class A | 33,800 | 56 | ||||
Chongqing Rural Commercial Bank Co. Ltd. Class H | 125,000 | 55 | ||||
China Aoyuan Group Ltd. | 58,000 | 55 | ||||
Jinduicheng Molybdenum Co. Ltd. Class A | 57,200 | 55 | ||||
Dashang Co. Ltd. Class A | 18,500 | 55 | ||||
Everbright Securities Co. Ltd. Class A | 23,000 | 55 | ||||
3 | Pharmaron Beijing Co. Ltd. Class H | 3,200 | 55 | |||
CSC Financial Co. Ltd. Class A | 9,800 | 54 | ||||
TCL Technology Group Corp. Class A | 41,200 | 53 | ||||
Fu Shou Yuan International Group Ltd. | 53,000 | 53 | ||||
* | ZTO Express Cayman Inc. | 1,572 | 53 | |||
Zhejiang Expressway Co. Ltd. Class H | 60,000 | 52 | ||||
* | Zhuguang Holdings Group Co. Ltd. | 234,000 | 52 | |||
Yuexiu REIT | 103,000 | 52 | ||||
Dongyue Group Ltd. | 66,000 | 52 | ||||
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 11,000 | 52 | ||||
Angang Steel Co. Ltd. Class A | 103,700 | 52 | ||||
Beijing North Star Co. Ltd. Class A | 148,800 | 52 | ||||
Yuexiu Property Co. Ltd. | 228,000 | 51 | ||||
* | Sohu.com Ltd. ADR | 2,768 | 51 | |||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class A | 8,800 | 51 | ||||
Shenzhen Airport Co. Ltd. Class A | 39,900 | 50 | ||||
Zhejiang Hailiang Co. Ltd. Class A | 35,700 | 50 | ||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 30,200 | 50 | ||||
* | China Modern Dairy Holdings Ltd. | 141,000 | 49 | |||
Shanxi Securities Co. Ltd. Class A | 43,300 | 49 |
Shares | Market Value• ($000) | |||||
Concord New Energy Group Ltd. | 680,000 | 49 | ||||
Southwest Securities Co. Ltd. Class A | 65,200 | 49 | ||||
China Power International Development Ltd. | 225,000 | 48 | ||||
SSY Group Ltd. | 90,000 | 48 | ||||
Anhui Expressway Co. Ltd. Class H | 74,000 | 48 | ||||
Shanghai Jin Jiang Capital Co. Ltd. Class H | 238,000 | 48 | ||||
*,3 | China Logistics Property Holdings Co. Ltd. | 83,000 | 48 | |||
3 | China Yuhua Education Corp. Ltd. | 58,000 | 48 | |||
Shanghai Mechanical & Electrical Industry Co. Ltd. Class A | 16,700 | 47 | ||||
Hisense Home Appliances Group Co. Ltd. Class A | 20,000 | 46 | ||||
Bank of Zhengzhou Co. Ltd. Class A | 78,210 | 46 | ||||
China Overseas Property Holdings Ltd. | 70,000 | 46 | ||||
*,3 | Koolearn Technology Holding Ltd. | 16,500 | 46 | |||
3 | BAIC Motor Corp. Ltd. Class H | 124,500 | 45 | |||
Sichuan Expressway Co. Ltd. Class H | 184,000 | 45 | ||||
Lonking Holdings Ltd. | 121,000 | 45 | ||||
Greentown Service Group Co. Ltd. | 44,000 | 45 | ||||
Iflytek Co. Ltd. Class A | 6,000 | 45 | ||||
Lomon Billions Group Co. Ltd. Class A | 7,200 | 45 | ||||
Huayu Automotive Systems Co. Ltd. Class A | 11,200 | 45 | ||||
Q Technology Group Co. Ltd. | 24,000 | 45 | ||||
Shanghai AJ Group Co. Ltd. Class A | 41,100 | 45 | ||||
Yuzhou Group Holdings Co. Ltd. | 113,000 | 44 | ||||
China South Publishing & Media Group Co. Ltd. Class A | 28,800 | 44 | ||||
* | New Oriental Education & Technology Group Inc. | 245 | 44 | |||
3 | CSC Financial Co. Ltd. Class H | 33,000 | 43 | |||
* | Beijing Enterprises Clean Energy Group Ltd. | 3,160,000 | 43 |
Shares | Market Value• ($000) | |||||
China International Marine Containers Group Co. Ltd. Class A | 19,300 | 43 | ||||
PAX Global Technology Ltd. | 46,000 | 42 | ||||
Air China Ltd. Class H | 50,000 | 41 | ||||
Xingda International Holdings Ltd. | 149,000 | 41 | ||||
NetDragon Websoft Holdings Ltd. | 17,000 | 41 | ||||
China Tian Lun Gas Holdings Ltd. | 44,000 | 41 | ||||
Western Securities Co. Ltd. Class A | 27,900 | 41 | ||||
* | Ecovacs Robotics Co. Ltd. Class A | 2,500 | 41 | |||
Skyfame Realty Holdings Ltd. | 328,000 | 41 | ||||
Anhui Expressway Co. Ltd. Class A | 43,500 | 41 | ||||
Orient Securities Co. Ltd. Class A | 27,500 | 41 | ||||
Tianjin Capital Environmental Protection Group Co. Ltd. Class A | 42,700 | 40 | ||||
Liaoning Port Co. Ltd. Class A | 149,600 | 40 | ||||
China Everbright Bank Co. Ltd. Class H | 91,000 | 39 | ||||
* | Alibaba Group Holding Ltd. | 1,300 | 39 | |||
* | Hi Sun Technology China Ltd. | 183,000 | 38 | |||
China Suntien Green Energy Corp. Ltd. Class H | 122,000 | 38 | ||||
3 | Huatai Securities Co. Ltd. Class H | 25,200 | 37 | |||
* | Shang Gong Group Co. Ltd. Class B | 108,322 | 37 | |||
3 | Genertec Universal Medical Group Co. Ltd. | 43,500 | 37 | |||
Guangxi Liugong Machinery Co. Ltd. Class A | 25,800 | 37 | ||||
Shenzhen Expressway Co. Ltd. Class A | 27,700 | 37 | ||||
3 | China New Higher Education Group Ltd. | 62,000 | 37 | |||
China Water Affairs Group Ltd. | 46,000 | 36 | ||||
Zhejiang NHU Co. Ltd. Class A | 5,400 | 36 | ||||
Changjiang Securities Co. Ltd. Class A | 31,900 | 36 | ||||
Health & Happiness H&H International Holdings Ltd. | 9,000 | 36 |
Shares | Market Value• ($000) | |||||
Ovctek China Inc. Class A | 2,500 | 36 | ||||
Zhejiang Dingli Machinery Co. Ltd. Class A | 2,000 | 36 | ||||
Beijing Chunlizhengda Medical Instruments Co. Ltd. Class H | 14,500 | 36 | ||||
* | Skyworth Group Ltd. | 111,111 | 35 | |||
China Dongxiang Group Co. Ltd. | 308,000 | 35 | ||||
Greatview Aseptic Packaging Co. Ltd. | 69,000 | 35 | ||||
Shenzhen Overseas Chinese Town Co. Ltd. Class A | 28,200 | 35 | ||||
Livzon Pharmaceutical Group Inc. Class A | 6,100 | 35 | ||||
Shandong Gold Mining Co. Ltd. Class A | 10,360 | 35 | ||||
* | Central China Securities Co. Ltd. Class A | 48,600 | 35 | |||
China Reinsurance Group Corp. Class H | 315,000 | 35 | ||||
CNHTC Jinan Truck Co. Ltd. Class A | 5,800 | 35 | ||||
* | Chongqing Changan Automobile Co. Ltd. Class B | 44,400 | 34 | |||
Yuexiu Transport Infrastructure Ltd. | 48,000 | 34 | ||||
Chaozhou Three-Circle Group Co. Ltd. Class A | 5,800 | 34 | ||||
China Machinery Engineering Corp. Class H | 73,000 | 33 | ||||
China Jushi Co. Ltd. Class A | 9,400 | 33 | ||||
China Resources Medical Holdings Co. Ltd. | 38,500 | 33 | ||||
GF Securities Co. Ltd. Class H | 22,600 | 32 | ||||
Xtep International Holdings Ltd. | 67,500 | 32 | ||||
Sealand Securities Co. Ltd. Class A | 44,000 | 32 | ||||
* | Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | 13,100 | 32 | |||
3 | Fuyao Glass Industry Group Co. Ltd. Class H | 5,200 | 32 | |||
* | So-Young International Inc. ADR | 2,153 | 32 | |||
3 | AK Medical Holdings Ltd. | 22,000 | 32 | |||
Qingling Motors Co. Ltd. Class H | 144,000 | 31 | ||||
* | Qudian Inc. ADR | 14,554 | 31 |
Shares | Market Value• ($000) | |||||
Beijing Jingneng Clean Energy Co. Ltd. Class H | 112,000 | 31 | ||||
* | China Maple Leaf Educational Systems Ltd. | 112,000 | 31 | |||
Shenzhen Gas Corp. Ltd. Class A | 30,200 | 31 | ||||
JNBY Design Ltd. | 20,500 | 31 | ||||
Sailun Group Co. Ltd. Class A | 21,800 | 31 | ||||
Shoucheng Holdings Ltd. | 123,600 | 31 | ||||
Sinopec Engineering Group Co. Ltd. Class H | 55,500 | 30 | ||||
Industrial Securities Co. Ltd. Class A | 21,600 | 30 | ||||
Sichuan Expressway Co. Ltd. Class A | 62,500 | 30 | ||||
Zhejiang Dahua Technology Co. Ltd. Class A | 8,900 | 29 | ||||
Xiamen Tungsten Co. Ltd. Class A | 9,600 | 29 | ||||
Xiamen International Airport Co. Ltd. Class A | 10,900 | 29 | ||||
* | CGN New Energy Holdings Co. Ltd. | 102,000 | 29 | |||
Shanghai Pudong Road & Bridge Construction Co. Ltd. Class A | 31,700 | 29 | ||||
Cinda Real Estate Co. Ltd. Class A | 47,600 | 29 | ||||
* | SOHO China Ltd. | 86,500 | 28 | |||
* | TCL Electronics Holdings Ltd. | 35,000 | 28 | |||
China Overseas Grand Oceans Group Ltd. | 51,000 | 28 | ||||
China Fangda Group Co. Ltd. Class B | 71,800 | 28 | ||||
China BlueChemical Ltd. Class H | 116,000 | 28 | ||||
China Lilang Ltd. | 39,000 | 28 | ||||
1 | Suning.com Co. Ltd. Class A | 25,800 | 28 | |||
Guangzhou Kingmed Diagnostics Group Co. Ltd. Class A | 1,300 | 28 | ||||
Guangshen Railway Co. Ltd. Class A | 83,800 | 28 | ||||
SooChow Securities Co. Ltd. Class A | 20,800 | 28 | ||||
Grandjoy Holdings Group Co. Ltd. Class A | 42,900 | 28 | ||||
*,3 | CStone Pharmaceuticals | 21,500 | 28 | |||
SG Micro Corp. Class A | 700 | 28 | ||||
Fanhua Inc. ADR | 2,063 | 27 |
Shares | Market Value• ($000) | |||||
Tongda Group Holdings Ltd. | 360,000 | 27 | ||||
Tianjin Port Development Holdings Ltd. | 316,000 | 27 | ||||
* | China Zhongwang Holdings Ltd. | 92,000 | 27 | |||
* | Inspur International Ltd. | 70,000 | 27 | |||
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. Class A | 3,900 | 27 | ||||
Yonghui Superstores Co. Ltd. Class A | 24,400 | 27 | ||||
Shengyi Technology Co. Ltd. Class A | 7,200 | 27 | ||||
China Harmony Auto Holding Ltd. | 64,000 | 27 | ||||
Chengdu Fusen Noble-House Industrial Co. Ltd. Class A | 12,900 | 27 | ||||
Shenzhen SC New Energy Technology Corp. Class A | 1,600 | 27 | ||||
263 Network Communications Co. Ltd. Class A | 30,500 | 27 | ||||
COFCO Capital Holdings Co. Ltd. Class A | 20,400 | 27 | ||||
China Eastern Airlines Corp. Ltd. Class H | 56,000 | 26 | ||||
Comba Telecom Systems Holdings Ltd. | 84,000 | 26 | ||||
* | Fantasia Holdings Group Co. Ltd. | 163,500 | 26 | |||
Huafon Chemical Co. Ltd. Class A | 12,100 | 26 | ||||
Chongqing Fuling Zhacai Group Co. Ltd. Class A | 3,700 | 26 | ||||
*,2 | Qutoutiao Inc. ADR | 7,413 | 26 | |||
Shenzhen Expressway Co. Ltd. Class H | 26,000 | 25 | ||||
CPMC Holdings Ltd. | 49,000 | 25 | ||||
* | Yunnan Tin Co. Ltd. Class A | 10,200 | 25 | |||
Zhongyu Gas Holdings Ltd. | 28,000 | 25 | ||||
Beijing Tiantan Biological Products Corp. Ltd. Class A | 4,580 | 25 | ||||
* | Pangang Group Vanadium Titanium & Resources Co. Ltd. Class A | 75,200 | 25 | |||
* | Tongdao Liepin Group | 10,200 | 25 | |||
* | First Tractor Co. Ltd. Class H | 48,000 | 24 |
Shares | Market Value• ($000) | |||||
Beijing Shiji Information Technology Co. Ltd. Class A | 4,500 | 24 | ||||
Guangzhou Shiyuan Electronic Technology Co. Ltd. Class A | 1,200 | 24 | ||||
3 | Qingdao Port International Co. Ltd. Class H | 43,000 | 24 | |||
Yantai Eddie Precision Machinery Co. Ltd. Class A | 2,100 | 24 | ||||
C&D International Investment Group Ltd. | 14,000 | 24 | ||||
Huaneng Power International Inc. Class H | 68,000 | 23 | ||||
* | China Southern Airlines Co. Ltd. Class H | 34,000 | 23 | |||
Tong Ren Tang Technologies Co. Ltd. Class H | 34,000 | 23 | ||||
INESA Intelligent Tech Inc. Class B | 50,600 | 23 | ||||
Hainan Strait Shipping Co. Ltd. Class A | 18,500 | 23 | ||||
Hunan Valin Steel Co. Ltd. Class A | 25,300 | 23 | ||||
Wisdom Education International Holdings Co. Ltd. | 48,000 | 23 | ||||
Consun Pharmaceutical Group Ltd. | 54,000 | 23 | ||||
Nanjing Iron & Steel Co. Ltd. Class A | 44,500 | 23 | ||||
3 | China Railway Signal & Communication Corp. Ltd. Class H | 55,000 | 23 | |||
* | Shanghai Fudan Microelectronics Group Co. Ltd. Class H | 16,000 | 23 | |||
Chacha Food Co. Ltd. Class A | 2,600 | 23 | ||||
Shanghai Environment Group Co. Ltd. Class A | 12,500 | 23 | ||||
Red Star Macalline Group Corp. Ltd. Class A | 16,280 | 23 | ||||
China SCE Group Holdings Ltd. | 56,000 | 23 | ||||
* | Baozun Inc. Class A | 1,493 | 23 | |||
Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 43,500 | 22 | ||||
West China Cement Ltd. | 132,000 | 22 | ||||
Chaowei Power Holdings Ltd. | 51,000 | 22 |
Shares | Market Value• ($000) | |||||
Zhejiang Communications Technology Co. Ltd. | 26,400 | 22 | ||||
Greenland Hong Kong Holdings Ltd. | 70,000 | 22 | ||||
China National Medicines Corp. Ltd. Class A | 3,700 | 22 | ||||
SDIC Capital Co. Ltd. Class A | 11,700 | 22 | ||||
China Merchants Energy Shipping Co. Ltd. Class A | 26,700 | 22 | ||||
Wasion Holdings Ltd. | 64,000 | 21 | ||||
Anhui Xinhua Media Co. Ltd. Class A | 28,500 | 21 | ||||
Zhuzhou Kibing Group Co. Ltd. Class A | 9,400 | 21 | ||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A | 700 | 21 | ||||
*,3 | Ascletis Pharma Inc. | 53,000 | 21 | |||
Beijing United Information Technology Co. Ltd. | 1,000 | 21 | ||||
* | BEST Inc. ADR | 9,006 | 20 | |||
* | Sogou Inc. ADR | 2,400 | 20 | |||
* | Fufeng Group Ltd. | 46,000 | 20 | |||
China International Marine Containers Group Co. Ltd. Class H | 13,300 | 20 | ||||
Shandong Sinocera Functional Material Co. Ltd. Class A | 2,800 | 20 | ||||
* | Estun Automation Co. Ltd. Class A | 4,300 | 20 | |||
Bestsun Energy Co. Ltd. Class A | 25,500 | 20 | ||||
BBMG Corp. Class A | 45,100 | 20 | ||||
Anhui Construction Engineering Group Co. Ltd. Class A | 35,000 | 20 | ||||
* | Ingenic Semiconductor Co. Ltd. Class A | 2,000 | 20 | |||
Skshu Paint Co. Ltd. Class A | 700 | 20 | ||||
Jiangsu Expressway Co. Ltd. Class H | 16,000 | 19 | ||||
3 | Guotai Junan Securities Co. Ltd. Class H | 13,800 | 19 | |||
Huadong Medicine Co. Ltd. Class A | 3,800 | 19 | ||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. Class A | 4,400 | 19 | ||||
Oceanwide Holdings Co. Ltd. Class A | 40,600 | 19 |
Shares | Market Value• ($000) | |||||
3 | China Everbright Greentech Ltd. | 44,000 | 19 | |||
Xinyu Iron & Steel Co. Ltd. Class A | 27,300 | 19 | ||||
China Merchants Land Ltd. | 124,000 | 19 | ||||
* | Colour Life Services Group Co. Ltd. | 39,000 | 19 | |||
Sinolink Securities Co. Ltd. Class A | 9,500 | 19 | ||||
Shanghai Jahwa United Co. Ltd. Class A | 2,700 | 19 | ||||
3 | Redco Properties Group Ltd. | 52,000 | 19 | |||
* | Grand Baoxin Auto Group Ltd. | 162,000 | 19 | |||
Winning Health Technology Group Co. Ltd. Class A | 7,150 | 19 | ||||
Chongqing Dima Industry Co. Ltd. Class A | 47,200 | 19 | ||||
Zhejiang Tianyu Pharmaceutical Co. Ltd. Class A | 1,200 | 19 | ||||
Jiayuan International Group Ltd. | 46,000 | 18 | ||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 9,000 | 18 | ||||
Shanghai International Port Group Co. Ltd. Class A | 24,900 | 18 | ||||
China Aluminum International Engineering Corp. Ltd. Class A | 33,900 | 18 | ||||
China Bester Group Telecom Co. Ltd. Class A | 9,300 | 18 | ||||
LVGEM China Real Estate Investment Co. Ltd. | 60,000 | 18 | ||||
Zhejiang Weiming Environment Protection Co. Ltd. Class A | 5,590 | 18 | ||||
Sanquan Food Co. Ltd. Class A | 4,300 | 18 | ||||
Guangxi Wuzhou Communications Co. Ltd. Class A | 34,300 | 18 | ||||
Sino-Ocean Group Holding Ltd. | 78,000 | 17 | ||||
Guangdong Provincial Expressway Development Co. Ltd. Class B | 29,900 | 17 |
Shares | Market Value• ($000) | |||||
China Shineway Pharmaceutical Group Ltd. | 24,000 | 17 | ||||
* | Sinofert Holdings Ltd. | 114,000 | 17 | |||
Chengdu Xingrong Environment Co. Ltd. Class A | 22,200 | 17 | ||||
Zhenro Properties Group Ltd. | 26,000 | 17 | ||||
* | CAR Inc. | 32,000 | 17 | |||
YTO Express Group Co. Ltd. Class A | 9,300 | 17 | ||||
Shandong New Beiyang Information Technology Co. Ltd. Class A | 10,800 | 17 | ||||
Tibet Tianlu Co. Ltd. Class A | 15,900 | 17 | ||||
Xinjiang Communications Construction Group Co. Ltd. Class A | 10,400 | 17 | ||||
Shanghai Tongji Science & Technology Industrial Co. Ltd. Class A | 11,400 | 17 | ||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | 16,700 | 16 | ||||
China South City Holdings Ltd. | 134,000 | 16 | ||||
GEM Co. Ltd. Class A | 13,300 | 16 | ||||
Guosen Securities Co. Ltd. Class A | 8,300 | 16 | ||||
Apeloa Pharmaceutical Co. Ltd. Class A | 4,000 | 16 | ||||
JSTI Group Class A | 18,000 | 16 | ||||
Qingdao Port International Co. Ltd. Class A | 15,500 | 16 | ||||
Gemdale Corp. Class A | 8,100 | 16 | ||||
Chengtun Mining Group Co. Ltd. Class A | 12,500 | 16 | ||||
3 | Shanghai Haohai Biological Technology Co. Ltd. Class H | 2,200 | 16 | |||
Tianshui Huatian Technology Co. Ltd. Class A | 8,000 | 16 | ||||
Shenzhen SDG Information Co. Ltd. Class A | 13,600 | 16 | ||||
Beibuwan Port Co. Ltd. Class A | 11,000 | 16 | ||||
YanTai Shuangta Food Co. Ltd. Class A | 8,100 | 16 | ||||
Proya Cosmetics Co. Ltd. Class A | 600 | 16 |
Shares | Market Value• ($000) | |||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H | 6,000 | 15 | ||||
Sinotrans Ltd. Class H | 41,000 | 15 | ||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 8,300 | 15 | ||||
3 | Orient Securities Co. Ltd. Class H | 22,400 | 15 | |||
Shenzhen Agricultural Products Group Co. Ltd. Class A | 16,100 | 15 | ||||
IKD Co. Ltd. Class A | 5,700 | 15 | ||||
Shanghai Weaver Network Co. Ltd. Class A | 1,100 | 15 | ||||
Jiangsu Yangnong Chemical Co. Ltd. Class A | 700 | 15 | ||||
Sinocare Inc. Class A | 2,700 | 15 | ||||
B-Soft Co. Ltd. Class A | 8,200 | 15 | ||||
Weihai Guangwei Composites Co. Ltd. Class A | 1,300 | 15 | ||||
Shanghai RAAS Blood Products Co. Ltd. Class A | 12,500 | 15 | ||||
Bethel Automotive Safety Systems Co. Ltd. Class A | 2,800 | 15 | ||||
* | Fullshare Holdings Ltd. | 685,000 | 14 | |||
Xinhua Winshare Publishing & Media Co. Ltd. Class H | 22,000 | 14 | ||||
Rongsheng Petro Chemical Co. Ltd. Class A | 2,600 | 14 | ||||
Anhui Zhongding Sealing Parts Co. Ltd. Class A | 9,000 | 14 | ||||
DHC Software Co. Ltd. Class A | 12,000 | 14 | ||||
* | Siasun Robot & Automation Co. Ltd. Class A | 7,600 | 14 | |||
Rainbow Digital Commercial Co. Ltd. Class A | 11,200 | 14 | ||||
Zheshang Securities Co. Ltd. Class A | 7,400 | 14 | ||||
Huizhou Desay Sv Automotive Co. Ltd. Class A | 1,000 | 14 | ||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. Class A | 1,200 | 14 |
Shares | Market Value• ($000) | |||||
Shanghai Dazhong Public Utilities Group Co. Ltd. Class A | 25,900 | 14 | ||||
Laobaixing Pharmacy Chain JSC Class A | 1,260 | 14 | ||||
Xiamen Kingdomway Group Co. Class A | 2,400 | 14 | ||||
* | TongFu Microelectronics Co. Ltd. Class A | 3,800 | 14 | |||
Zhejiang Satellite Petrochemical Co. Ltd. Class A | 2,100 | 14 | ||||
Jiangsu Yoke Technology Co. Ltd. Class A | 1,700 | 14 | ||||
Shanxi Taigang Stainless Steel Co. Ltd. Class A | 22,700 | 14 | ||||
Quectel Wireless Solutions Co. Ltd. Class A | 368 | 14 | ||||
Gansu Shangfeng Cement Co. Ltd. Class A | 4,100 | 14 | ||||
Eastern Communications Co. Ltd. Class B | 24,000 | 13 | ||||
China High Speed Transmission Equipment Group Co. Ltd. | 13,000 | 13 | ||||
Suzhou Gold Mantis Construction Decoration Co. Ltd. Class A | 9,000 | 13 | ||||
Anhui Jinhe Industrial Co. Ltd. Class A | 2,000 | 13 | ||||
* | Beijing Easpring Material Technology Co. Ltd. Class A | 1,800 | 13 | |||
* | Jointown Pharmaceutical Group Co. Ltd. Class A | 5,000 | 13 | |||
Hengdian Group DMEGC Magnetics Co. Ltd. Class A | 5,700 | 13 | ||||
Yifan Pharmaceutical Co. Ltd. Class A | 3,800 | 13 | ||||
Chongqing Pharscin Pharmaceutical Co. Ltd. Class A | 7,700 | 13 | ||||
Tianjin 712 Communication & Broadcasting Co. Ltd. Class A | 2,200 | 13 | ||||
Central China Real Estate Ltd. | 29,000 | 13 | ||||
Chongqing Rural Commercial Bank Co. Ltd. Class A | 20,400 | 13 |
Shares | Market Value• ($000) | |||||
* | Beijing Centergate Technologies Holding Co. Ltd. Class A | 11,100 | 13 | |||
Sino Wealth Electronic Ltd. Class A | 1,900 | 13 | ||||
Angang Steel Co. Ltd. Class H | 26,000 | 12 | ||||
Guizhou Space Appliance Co. Ltd. Class A | 1,400 | 12 | ||||
Huafon Microfibre Shanghai Technology Co. Ltd. Class A | 12,400 | 12 | ||||
Zhejiang Jiemei Electronic & Technology Co. Ltd. Class A | 2,700 | 12 | ||||
Heilongjiang Agriculture Co. Ltd. Class A | 4,800 | 12 | ||||
Red Avenue New Materials Group Co. Ltd. Class A | 2,100 | 12 | ||||
Han's Laser Technology Industry Group Co. Ltd. Class A | 1,800 | 12 | ||||
Ming Yang Smart Energy Group Ltd. Class A | 3,800 | 12 | ||||
Universal Scientific Industrial Shanghai Co. Ltd. Class A | 3,800 | 12 | ||||
Shenzhen Woer Heat-Shrinkable Material Co. Ltd. Class A | 12,800 | 12 | ||||
Beijing Tongtech Co. Ltd. Class A | 1,700 | 12 | ||||
Hebei Construction Group Corp. Ltd. Class H | 30,000 | 12 | ||||
Sieyuan Electric Co. Ltd. Class A | 2,800 | 11 | ||||
Ningbo Huaxiang Electronic Co. Ltd. Class A | 4,200 | 11 | ||||
* | Yuan Longping High-tech Agriculture Co. Ltd. Class A | 3,500 | 11 | |||
Jiangling Motors Corp. Ltd. Class A | 3,600 | 11 | ||||
C&S Paper Co. Ltd. Class A | 3,200 | 11 | ||||
BGI Genomics Co. Ltd. Class A | 500 | 11 | ||||
Hainan Poly Pharm Co. Ltd. Class A | 1,600 | 11 | ||||
Chongqing Water Group Co. Ltd. Class A | 14,300 | 11 |
Shares | Market Value• ($000) | |||||
Joincare Pharmaceutical Group Industry Co. Ltd. Class A | 5,900 | 11 | ||||
Wuxi Taiji Industry Co. Ltd. Class A | 7,600 | 11 | ||||
Shenzhen Kaifa Technology Co. Ltd. Class A | 3,300 | 11 | ||||
Xinjiang Tianshan Cement Co. Ltd. Class A | 4,500 | 11 | ||||
Titan Wind Energy Suzhou Co. Ltd. Class A | 9,100 | 11 | ||||
MLS Co. Ltd. Class A | 5,400 | 11 | ||||
Blue Sail Medical Co. Ltd. Class A | 3,100 | 11 | ||||
Biem.L.Fdlkk Garment Co. Ltd. Class A | 4,100 | 11 | ||||
Avary Holding Shenzhen Co. Ltd. Class A | 1,700 | 11 | ||||
* | Zhejiang Garden Bio-Chemical High-tech Co. Ltd. Class A | 5,500 | 11 | |||
Huaibei Mining Holdings Co. Ltd. Class A | 6,800 | 11 | ||||
Shanghai Shibei Hi-Tech Co. Ltd. Class B | 29,400 | 10 | ||||
Yango Group Co. Ltd. Class A | 10,200 | 10 | ||||
Inspur Electronic Information Industry Co. Ltd. Class A | 2,100 | 10 | ||||
* | CITIC Guoan Information Industry Co. Ltd. Class A | 28,700 | 10 | |||
STO Express Co. Ltd. Class A | 6,300 | 10 | ||||
* | Chengzhi Co. Ltd. Class A | 4,900 | 10 | |||
Beijing Strong Biotechnologies Inc. Class A | 2,900 | 10 | ||||
* | GCL System Integration Technology Co. Ltd. Class A | 17,900 | 10 | |||
* | Central China Securities Co. Ltd. Class H | 48,000 | 10 | |||
Oriental Pearl Group Co. Ltd. Class A | 7,400 | 10 | ||||
* | Chongqing Iron & Steel Co. Ltd. Class A | 44,000 | 10 | |||
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd. Class A | 3,700 | 10 | ||||
Xiamen Faratronic Co. Ltd. Class A | 700 | 10 |
Shares | Market Value• ($000) | |||||
3 | YiChang HEC ChangJiang Pharmaceutical Co. Ltd. Class H | 8,800 | 10 | |||
* | Ronshine China Holdings Ltd. | 14,000 | 10 | |||
Accelink Technologies Co. Ltd. Class A | 2,600 | 10 | ||||
* | Yunnan Copper Co. Ltd. Class A | 4,300 | 10 | |||
Victory Giant Technology Huizhou Co. Ltd. Class A | 2,800 | 10 | ||||
Xinhua Winshare Publishing & Media Co. Ltd. Class A | 7,700 | 10 | ||||
Sonoscape Medical Corp. Class A | 2,700 | 10 | ||||
Tianfeng Securities Co. Ltd. Class A | 12,400 | 10 | ||||
Guangxi Wuzhou Zhongheng Group Co. Ltd. Class A | 21,800 | 10 | ||||
Gansu Qilianshan Cement Group Co. Ltd. Class A | 4,300 | 10 | ||||
Xinhuanet Co. Ltd. Class A | 3,600 | 10 | ||||
Sichuan Languang Development Co. Ltd. Class A | 14,000 | 10 | ||||
Liaoning Wellhope Agri-Tech JSC Ltd. Class A | 5,100 | 10 | ||||
* | Innuovo Technology Co. Ltd. Class A | 12,000 | 10 | |||
Jiangxi Huangshanghuang Group Food Co. Ltd. Class A | 2,800 | 10 | ||||
Beijing Sinnet Technology Co. Ltd. Class A | 3,400 | 10 | ||||
Jiangsu Provincial Agricultural Reclamation & Development Corp. | 5,400 | 10 | ||||
Anhui Genuine New Materials Co. Ltd. Class A | 2,000 | 10 | ||||
Xiamen Xiangyu Co. Ltd. Class A | 11,000 | 10 | ||||
Beijing North Star Co. Ltd. Class H | 44,000 | 9 | ||||
WUS Printed Circuit Kunshan Co. Ltd. Class A | 3,400 | 9 |
Shares | Market Value• ($000) | |||||
Guomai Technologies Inc. Class A | 8,600 | 9 | ||||
Unisplendour Corp. Ltd. Class A | 2,660 | 9 | ||||
* | Hand Enterprise Solutions Co. Ltd. Class A | 8,300 | 9 | |||
* | Tus Environmental Science & Technology Development Co. Ltd. Class A | 10,800 | 9 | |||
Dongjiang Environmental Co. Ltd. Class A | 6,900 | 9 | ||||
Yantai Dongcheng Pharmaceutical Co. Ltd. Class A | 2,900 | 9 | ||||
* | Topsec Technologies Group Inc. Class A | 2,900 | 9 | |||
* | Berry Genomics Co. Ltd. Class A | 1,500 | 9 | |||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | 2,100 | 9 | ||||
Zhongjin Gold Corp. Ltd. Class A | 6,300 | 9 | ||||
Fiberhome Telecommunication Technologies Co. Ltd. Class A | 3,100 | 9 | ||||
Hebei Chengde Lolo Co. Class A | 9,400 | 9 | ||||
* | Focused Photonics Hangzhou Inc. Class A | 4,000 | 9 | |||
* | Suzhou Anjie Technology Co. Ltd. Class A | 3,700 | 9 | |||
* | Goldenmax International Technology Ltd. Class A | 7,000 | 9 | |||
Maccura Biotechnology Co. Ltd. Class A | 1,500 | 9 | ||||
Konfoong Materials International Co. Ltd. Class A | 1,300 | 9 | ||||
Jiangxi Wannianqing Cement Co. Ltd. Class A | 4,200 | 9 | ||||
Guangzhou Wondfo Biotech Co. Ltd. Class A | 800 | 9 | ||||
* | Northeast Pharmaceutical Group Co. Ltd. Class A | 12,100 | 9 | |||
Shenzhen Megmeet Electrical Co. Ltd. Class A | 1,900 | 9 |
Shares | Market Value• ($000) | |||||
Huabao Flavours & Fragrances Co. Ltd. Class A | 1,200 | 9 | ||||
Mayinglong Pharmaceutical Group Co. Ltd. Class A | 3,000 | 9 | ||||
Sino-Platinum Metals Co. Ltd. Class A | 2,700 | 9 | ||||
Jiangxi Lianchuang Optoelectronic Science & Technology Co. Ltd. Class A | 2,700 | 9 | ||||
Everbright Jiabao Co. Ltd. Class A | 18,400 | 9 | ||||
Grinm Advanced Materials Co. Ltd. Class A | 4,600 | 9 | ||||
China Merchants Property Operation & Service Co. Ltd. Class A | 3,000 | 9 | ||||
Shanghai Sinyang Semiconductor Materials Co. Ltd. Class A | 1,400 | 9 | ||||
Shenzhen FRD Science & Technology Co. Ltd. | 3,300 | 9 | ||||
Yusys Technologies Co. Ltd. Class A | 1,800 | 9 | ||||
Zhongyuan Environment-Protection Co. Ltd. Class A | 9,400 | 9 | ||||
Sichuan Jiuyuan Yinhai Software Co. Ltd. Class A | 2,900 | 9 | ||||
Lianhe Chemical Technology Co. Ltd. Class A | 2,200 | 9 | ||||
Haohua Chemical Science & Technology Co. Ltd. Class A | 3,000 | 9 | ||||
* | GDS Holdings Ltd. Class A | 709 | 9 | |||
Shanghai Industrial Urban Development Group Ltd. | 80,000 | 8 | ||||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. Class H | 14,000 | 8 | ||||
Beijing Capital Land Ltd. Class H | 46,000 | 8 | ||||
Shanghai Ganglian E-Commerce Holdings Co. Ltd. Class A | 1,000 | 8 | ||||
Beijing Thunisoft Corp. Ltd. Class A | 2,600 | 8 |
Shares | Market Value• ($000) | |||||
* | Bluefocus Intelligent Communications Group Co. Ltd. Class A | 8,800 | 8 | |||
OFILM Group Co. Ltd. Class A | 4,800 | 8 | ||||
Beijing Originwater Technology Co. Ltd. Class A | 7,200 | 8 | ||||
Wuhu Token Science Co. Ltd. Class A | 6,400 | 8 | ||||
Taiji Computer Corp. Ltd. Class A | 2,400 | 8 | ||||
Jiangsu Nhwa Pharmaceutical Co. Ltd. Class A | 3,800 | 8 | ||||
Misho Ecology & Landscape Co. Ltd. Class A | 9,500 | 8 | ||||
Goldcard Smart Group Co. Ltd. | 4,700 | 8 | ||||
Longshine Technology Group Co. Ltd. Class A | 4,100 | 8 | ||||
Shinva Medical Instrument Co. Ltd. Class A | 4,200 | 8 | ||||
Inspur Software Co. Ltd. Class A | 3,900 | 8 | ||||
* | Shanghai Runda Medical Technology Co. Ltd. Class A | 4,900 | 8 | |||
Shandong Minhe Animal Husbandry Co. Ltd. Class A | 3,300 | 8 | ||||
Risen Energy Co. Ltd. Class A | 3,400 | 8 | ||||
Shanghai Industrial Development Co. Ltd. Class A | 10,300 | 7 | ||||
Beijing VRV Software Corp. Ltd. Class A | 10,400 | 7 | ||||
* | Wuhan P&S Information Technology Co. Ltd. Class A | 11,800 | 7 | |||
Hengtong Optic-electric Co. Ltd. Class A | 3,600 | 7 | ||||
Guangdong South New Media Co. Ltd. Class A | 800 | 7 | ||||
Yunda Holding Co. Ltd. Class A | 2,400 | 6 | ||||
* | Myhome Real Estate Development Group Co. Ltd. Class A | 19,100 | 5 | |||
Beijing Watertek Information Technology Co. Ltd. Class A | 9,800 | 5 | ||||
* | C&D Property Management Group Ltd. | 14,000 | 5 |
Shares | Market Value• ($000) | |||||
* | China ZhengTong Auto Services Holdings Ltd. | 41,000 | 4 | |||
Shandong Yisheng Livestock & Poultry Breeding Co. Ltd. Class A | 2,200 | 4 | ||||
Guorui Properties Ltd. | 47,000 | 4 | ||||
*,1 | Legend Holdings Corp. Rights Exp. 06/30/2021 | 207 | — | |||
224,212 | ||||||
Colombia (0.1%) | ||||||
Bancolombia SA Preference Shares | 40,940 | 348 | ||||
Interconexion Electrica SA ESP | 32,497 | 212 | ||||
Bancolombia SA | 15,518 | 133 | ||||
Grupo Energia Bogota SA ESP | 169,194 | 120 | ||||
Grupo Aval Acciones y Valores SA Preference Shares | 361,564 | 118 | ||||
Banco Davivienda SA Preference Shares | 11,322 | 98 | ||||
Grupo de Inversiones Suramericana SA | 15,036 | 97 | ||||
* | Corp. Financiera Colombiana SA | 9,268 | 83 | |||
Grupo de Inversiones Suramericana SA Preference Shares | 7,835 | 43 | ||||
1,252 | ||||||
Czech Republic (0.0%) | ||||||
* | Komercni banka A/S | 16,084 | 502 | |||
*,3 | Moneta Money Bank A/S | 15,973 | 58 | |||
560 | ||||||
Denmark (1.5%) | ||||||
Novo Nordisk A/S Class B | 126,864 | 9,050 | ||||
Vestas Wind Systems A/S | 17,426 | 3,268 | ||||
DSV PANALPINA A/S | 16,829 | 3,078 | ||||
* | Genmab A/S | 5,317 | 1,783 | |||
Coloplast A/S Class B | 11,297 | 1,720 | ||||
* | Novozymes A/S Class B | 20,139 | 1,240 | |||
GN Store Nord A/S | 14,144 | 1,185 | ||||
Pandora A/S | 8,796 | 854 | ||||
* | Chr Hansen Holding A/S | 9,271 | 795 | |||
Ambu A/S Class B | 16,432 | 757 | ||||
* | ISS A/S | 22,174 | 398 | |||
Tryg A/S | 10,240 | 322 | ||||
* | Demant A/S | 6,168 | 254 | |||
SimCorp A/S | 2,084 | 253 | ||||
*,3 | Netcompany Group A/S | 1,891 | 170 | |||
* | ALK-Abello A/S Class B | 333 | 140 |
Shares | Market Value• ($000) | |||||
Ringkjoebing Landbobank A/S | 1,431 | 140 | ||||
* | Bavarian Nordic A/S | 3,315 | 118 | |||
* | Jyske Bank A/S (Registered) | 2,593 | 112 | |||
Topdanmark A/S | 2,274 | 107 | ||||
* | NKT A/S | 2,460 | 96 | |||
ROCKWOOL International A/S Class B | 228 | 82 | ||||
* | Zealand Pharma A/S | 2,365 | 75 | |||
H Lundbeck A/S | 1,927 | 73 | ||||
* | Sydbank A/S | 3,162 | 72 | |||
* | Nilfisk Holding A/S | 1,682 | 40 | |||
Schouw & Co. A/S | 372 | 38 | ||||
* | Spar Nord Bank A/S | 3,305 | 34 | |||
Alm Brand A/S | 2,398 | 27 | ||||
D/S Norden A/S | 511 | 11 | ||||
26,292 | ||||||
Egypt (0.0%) | ||||||
Commercial International Bank Egypt SAE | 104,506 | 411 | ||||
Six of October Development & Investment | 72,335 | 73 | ||||
* | Egyptian Financial Group-Hermes Holding Co. | 49,292 | 49 | |||
Medinet Nasr Housing | 177,880 | 42 | ||||
* | Palm Hills Developments SAE | 300,010 | 32 | |||
* | Heliopolis Housing | 77,079 | 27 | |||
Oriental Weavers | 46,027 | 21 | ||||
* | Pioneers Holding for Financial Investments SAE | 49,653 | 18 | |||
Telecom Egypt Co. | 14,362 | 11 | ||||
684 | ||||||
Finland (0.8%) | ||||||
Nordea Bank Abp | 271,971 | 2,466 | ||||
* | Kone OYJ Class B | 30,771 | 2,456 | |||
* | Nokia OYJ | 445,485 | 1,775 | |||
Sampo OYJ Class A | 39,211 | 1,745 | ||||
Stora Enso OYJ | 58,058 | 1,144 | ||||
Elisa OYJ | 17,003 | 1,017 | ||||
Kesko OYJ Class B | 28,954 | 737 | ||||
Nokian Renkaat OYJ | 16,086 | 569 | ||||
Wartsila OYJ Abp | 48,957 | 562 | ||||
Orion OYJ Class B | 6,579 | 270 | ||||
Valmet OYJ | 7,367 | 248 | ||||
Kojamo OYJ | 12,480 | 240 | ||||
Huhtamaki OYJ | 5,233 | 235 | ||||
Cargotec OYJ Class B | 3,317 | 175 | ||||
TietoEVRY OYJ | 4,791 | 148 | ||||
Sanoma OYJ | 3,043 | 50 |
Shares | Market Value• ($000) | |||||
Uponor OYJ | 2,337 | 49 | ||||
Metsa Board OYJ | 3,789 | 42 | ||||
Kemira OYJ | 2,307 | 37 | ||||
* | F-Secure OYJ | 6,729 | 30 | |||
YIT OYJ | 3,951 | 22 | ||||
* | Finnair OYJ | 21,569 | 19 | |||
Raisio OYJ | 4,240 | 19 | ||||
Ahlstrom-Munksjo OYJ | 884 | 19 | ||||
Oriola OYJ Class B | 4,424 | 11 | ||||
14,085 | ||||||
France (4.3%) | ||||||
Sanofi | 84,907 | 7,792 | ||||
* | BNP Paribas SA | 84,195 | 5,005 | |||
EssilorLuxottica SA | 22,780 | 3,716 | ||||
AXA SA | 145,343 | 3,655 | ||||
Kering SA | 5,696 | 3,602 | ||||
Danone SA | 46,321 | 3,150 | ||||
* | L'Oreal SA (Registered) | 8,400 | 3,066 | |||
Hermes International | 2,289 | 2,550 | ||||
Vivendi SE | 68,155 | 2,359 | ||||
Cie Generale des Etablissements Michelin SCA | 14,805 | 2,141 | ||||
STMicroelectronics NV | 54,383 | 2,112 | ||||
Legrand SA | 24,018 | 2,088 | ||||
L'Oreal SA | 5,398 | 1,970 | ||||
Teleperformance | 5,202 | 1,843 | ||||
*,3 | Worldline SA | 19,198 | 1,712 | |||
* | L'Oreal SA (Registered) - French Loyalty Line | 4,639 | 1,693 | |||
Orange SA | 145,956 | 1,682 | ||||
* | Societe Generale SA | 58,130 | 1,438 | |||
Edenred | 23,606 | 1,308 | ||||
Veolia Environnement SA | 46,909 | 1,258 | ||||
* | Credit Agricole SA | 88,905 | 1,246 | |||
Publicis Groupe SA | 18,055 | 1,062 | ||||
Carrefour SA | 56,200 | 981 | ||||
* | Alstom SA | 19,619 | 978 | |||
Getlink SE | 56,075 | 919 | ||||
Arkema SA | 8,074 | 890 | ||||
* | Eurofins Scientific SE | 10,032 | 890 | |||
Gecina SA | 5,628 | 777 | ||||
Valeo SA | 21,826 | 771 | ||||
Suez SA | 35,639 | 741 | ||||
Sartorius Stedim Biotech | 1,654 | 723 | ||||
3 | Euronext NV | 6,003 | 645 | |||
* | Renault SA | 14,337 | 644 | |||
* | Orpea SA | 5,101 | 612 | |||
* | Rexel SA | 32,043 | 600 | |||
Wendel SE | 5,033 | 574 | ||||
* | Ubisoft Entertainment SA | 6,855 | 559 | |||
* | SCOR SE | 16,638 | 552 |
Shares | Market Value• ($000) | |||||
2 | Klepierre SA | 17,550 | 413 | |||
Covivio | 4,903 | 412 | ||||
BioMerieux | 3,031 | 384 | ||||
* | Aeroports de Paris | 2,829 | 359 | |||
* | Sodexo SA | 3,660 | 351 | |||
* | Sodexo SA | 3,434 | 329 | |||
* | SOITEC | 1,437 | 304 | |||
Ipsen SA | 3,518 | 300 | ||||
SES SA Class A FDR | 37,241 | 298 | ||||
* | Faurecia SE | 5,673 | 293 | |||
* | Eurazeo SE - French Loyalty Line | 3,775 | 280 | |||
* | Lagardere SCA | 9,859 | 265 | |||
*,3 | Amundi SA | 3,111 | 236 | |||
* | Elis SA | 13,390 | 231 | |||
* | Natixis SA | 47,070 | 229 | |||
* | SEB SA - French Loyalty Line | 1,208 | 217 | |||
Rubis SCA | 4,441 | 204 | ||||
Iliad SA | 1,081 | 192 | ||||
* | Eurazeo SE | 2,430 | 180 | |||
* | Sodexo SA | 1,731 | 166 | |||
SEB SA | 867 | 156 | ||||
* | SEB SA (Registered) | 842 | 151 | |||
* | CNP Assurances | 7,952 | 143 | |||
* | Sopra Steria Group | 873 | 142 | |||
ICADE | 1,783 | 132 | ||||
* | Korian SA | 3,615 | 126 | |||
Eutelsat Communications SA | 8,559 | 103 | ||||
* | JCDecaux SA | 4,045 | 96 | |||
Cie Plastic Omnium SA | 2,567 | 92 | ||||
Trigano SA | 470 | 88 | ||||
Nexity SA | 1,771 | 87 | ||||
* | Casino Guichard Perrachon SA | 2,164 | 69 | |||
IPSOS | 1,643 | 64 | ||||
*,2 | Air France-KLM | 9,371 | 63 | |||
Imerys SA | 1,232 | 63 | ||||
*,3 | Neoen SA | 1,086 | 63 | |||
* | Fnac Darty SA | 981 | 60 | |||
* | Virbac SA | 243 | 59 | |||
3 | Verallia SA | 1,547 | 57 | |||
* | Metropole Television SA | 2,704 | 54 | |||
* | Coface SA | 4,923 | 54 | |||
*,3 | Maisons du Monde SA | 2,904 | 52 | |||
3 | ALD SA | 3,352 | 49 | |||
* | Rothschild & Co. | 1,266 | 45 | |||
Societe BIC SA | 755 | 42 | ||||
* | Albioma SA - French Loyalty 2023 Line | 828 | 40 | |||
Quadient SA | 1,673 | 38 | ||||
Carmila SA | 2,200 | 33 | ||||
* | Television Francaise 1 | 3,516 | 31 | |||
3 | Elior Group SA | 3,703 | 30 | |||
* | Interparfums SA | 460 | 27 |
Shares | Market Value• ($000) | |||||
* | Tarkett SA | 1,778 | 27 | |||
* | Akka Technologies | 864 | 26 | |||
Vicat SA | 393 | 19 | ||||
* | DBV Technologies SA | 1,791 | 19 | |||
Mercialys SA | 1,640 | 18 | ||||
Albioma SA | 356 | 17 | ||||
Pharmagest Interactive | 145 | 17 | ||||
Robertet SA | 14 | 16 | ||||
* | Eramet SA | 190 | 14 | |||
* | Rallye SA | 1,426 | 12 | |||
* | Lisi SA | 498 | 12 | |||
Vilmorin & Cie SA | 169 | 11 | ||||
*,3 | X-Fab Silicon Foundries SE | 1,123 | 10 | |||
* | LISI | 376 | 9 | |||
* | Albioma SA - French Loyalty 2022 Line | 187 | 9 | |||
* | Beneteau SA | 430 | 6 | |||
*,3 | SMCP SA | 262 | 2 | |||
76,500 | ||||||
Germany (5.5%) | ||||||
SAP SE | 89,081 | 11,018 | ||||
Allianz SE (Registered) | 31,558 | 7,617 | ||||
* | adidas AG | 15,153 | 5,282 | |||
Daimler AG (Registered) | 63,737 | 5,110 | ||||
Bayer AG (Registered) | 77,759 | 4,723 | ||||
Infineon Technologies AG | 101,594 | 4,421 | ||||
Deutsche Post AG (Registered) | 83,285 | 4,137 | ||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 10,712 | 3,151 | ||||
Vonovia SE | 44,666 | 2,845 | ||||
Deutsche Boerse AG | 14,100 | 2,310 | ||||
* | Deutsche Bank AG (Registered) | 162,181 | 1,996 | |||
Merck KGaA | 12,163 | 1,977 | ||||
Bayerische Motoren Werke AG Preference Shares | 24,667 | 1,670 | ||||
Henkel AG & Co. KGaA | 18,185 | 1,611 | ||||
Sartorius AG Preference Shares | 3,090 | 1,587 | ||||
*,3 | Zalando SE | 14,994 | 1,541 | |||
*,3 | Delivery Hero SE | 11,866 | 1,516 | |||
Fresenius SE & Co. KGaA | 33,754 | 1,446 | ||||
Symrise AG Class A | 12,243 | 1,430 | ||||
Brenntag SE | 17,246 | 1,336 | ||||
Continental AG | 9,076 | 1,305 | ||||
Fresenius Medical Care AG & Co. KGaA | 18,661 | 1,292 | ||||
HeidelbergCement AG | 16,264 | 1,286 |
Shares | Market Value• ($000) | |||||
3 | Covestro AG | 17,124 | 1,240 | |||
Deutsche Wohnen SE | 25,626 | 1,205 | ||||
* | Puma SE | 9,710 | 1,034 | |||
* | Siemens Energy AG | 27,354 | 1,029 | |||
LEG Immobilien AG | 7,500 | 1,023 | ||||
Beiersdorf AG | 9,979 | 986 | ||||
3 | Scout24 AG | 13,002 | 981 | |||
* | HelloFresh SE | 12,043 | 936 | |||
* | QIAGEN NV | 18,776 | 928 | |||
LANXESS AG | 12,004 | 891 | ||||
Hannover Rueck SE | 5,212 | 882 | ||||
3 | Siemens Healthineers AG | 13,958 | 774 | |||
KION Group AG | 8,604 | 727 | ||||
GEA Group AG | 20,019 | 693 | ||||
FUCHS PETROLUB SE | 15,444 | 670 | ||||
* | Commerzbank AG | 101,774 | 667 | |||
* | TeamViewer AG | 12,324 | 661 | |||
Bayerische Motoren Werke AG | 7,211 | 623 | ||||
Aroundtown SA | 81,304 | 591 | ||||
Knorr-Bremse AG | 4,234 | 539 | ||||
* | ProSiebenSat.1 Media SE | 24,403 | 498 | |||
* | Evotec SE | 10,501 | 406 | |||
HUGO BOSS AG | 10,610 | 402 | ||||
* | Dialog Semiconductor plc | 5,119 | 398 | |||
* | MorphoSys AG | 3,830 | 384 | |||
United Internet AG (Registered) | 7,395 | 326 | ||||
K+S AG (Registered) | 28,642 | 320 | ||||
Carl Zeiss Meditec AG | 2,087 | 314 | ||||
Bechtle AG | 1,632 | 307 | ||||
* | Deutsche Lufthansa AG (Registered) | 18,626 | 278 | |||
Henkel AG & Co. KGaA Preference Shares | 2,750 | 271 | ||||
* | OSRAM Licht AG | 4,090 | 253 | |||
* | CTS Eventim AG & Co. KGaA | 3,650 | 249 | |||
* | Varta AG | 1,802 | 248 | |||
2 | Siltronic AG | 1,459 | 244 | |||
Evonik Industries AG | 6,980 | 235 | ||||
Nemetschek SE | 3,240 | 204 | ||||
* | Hypoport SE | 279 | 196 | |||
Freenet AG | 8,252 | 175 | ||||
Aurubis AG | 1,950 | 170 | ||||
* | TAG Immobilien AG | 5,599 | 159 | |||
* | AIXTRON SE | 6,737 | 153 | |||
* | Fraport AG Frankfurt Airport Services Worldwide | 2,244 | 142 | |||
Gerresheimer AG | 1,351 | 139 | ||||
Rational AG | 161 | 138 |
Shares | Market Value• ($000) | |||||
Jungheinrich AG Preference Shares | 3,097 | 134 | ||||
alstria office REIT-AG | 8,080 | 134 | ||||
Encavis AG | 6,004 | 127 | ||||
*,3 | ADLER Group SA | 4,441 | 126 | |||
CANCOM SE | 1,946 | 124 | ||||
3 | Befesa SA | 1,754 | 119 | |||
*,3 | Shop Apotheke Europe NV | 477 | 116 | |||
CompuGroup Medical SE & Co. KGaA | 1,313 | 113 | ||||
Stabilus SA | 1,460 | 110 | ||||
* | Nordex SE | 4,018 | 108 | |||
Software AG | 2,419 | 107 | ||||
* | Hella GmbH & Co. KGaA | 1,717 | 102 | |||
Stroeer SE & Co. KGaA | 1,124 | 101 | ||||
Duerr AG | 2,463 | 97 | ||||
* | Aareal Bank AG | 3,603 | 96 | |||
1&1 Drillisch AG | 3,146 | 89 | ||||
* | RTL Group SA | 1,505 | 85 | |||
* | zooplus AG | 349 | 85 | |||
Grand City Properties SA | 3,444 | 84 | ||||
Dermapharm Holding SE | 1,167 | 83 | ||||
METRO AG | 7,487 | 82 | ||||
Wacker Chemie AG | 587 | 76 | ||||
2 | GRENKE AG | 1,750 | 74 | |||
Norma Group SE | 1,475 | 70 | ||||
* | S&T AG | 2,569 | 69 | |||
Telefonica Deutschland Holding AG | 24,368 | 65 | ||||
Suedzucker AG | 4,134 | 65 | ||||
3 | DWS Group GmbH & Co. KGaA | 1,444 | 60 | |||
* | Fielmann AG | 747 | 59 | |||
*,3 | Deutsche Pfandbriefbank AG | 5,268 | 57 | |||
* | Deutsche EuroShop AG | 2,584 | 56 | |||
* | CECONOMY AG | 9,012 | 56 | |||
* | Salzgitter AG | 1,779 | 53 | |||
STRATEC SE | 359 | 51 | ||||
Pfeiffer Vacuum Technology AG | 249 | 48 | ||||
Krones AG | 560 | 47 | ||||
PATRIZIA AG | 1,664 | 45 | ||||
Talanx AG | 1,046 | 44 | ||||
* | Kloeckner & Co. SE | 4,052 | 43 | |||
Traton SE | 1,482 | 41 | ||||
* | Deutz AG | 5,356 | 39 | |||
Hornbach Holding AG & Co. KGaA | 361 | 34 | ||||
CropEnergies AG | 2,396 | 32 | ||||
* | SMA Solar Technology AG | 495 | 32 |
Shares | Market Value• ($000) | |||||
Deutsche Beteiligungs AG | 666 | 30 | ||||
DIC Asset AG | 1,490 | 27 | ||||
New Work SE | 100 | 27 | ||||
BayWa AG | 684 | 26 | ||||
* | Washtec AG | 418 | 25 | |||
* | ElringKlinger AG | 1,438 | 24 | |||
* | Takkt AG | 1,500 | 21 | |||
Schaeffler AG Preference Shares | 2,248 | 19 | ||||
Draegerwerk AG & Co. KGaA Preference Shares | 235 | 18 | ||||
KWS Saat SE & Co. KGaA | 157 | 14 | ||||
Hornbach Baumarkt AG | 308 | 13 | ||||
* | Wacker Neuson SE | 574 | 12 | |||
FUCHS PETROLUB SE Preference Shares | 203 | 11 | ||||
* | Koenig & Bauer AG | 378 | 11 | |||
* | Corestate Capital Holding SA | 693 | 11 | |||
Draegerwerk AG & Co. KGaA | 110 | 8 | ||||
TLG Immobilien AG | 62 | 2 | ||||
98,033 | ||||||
Greece (0.1%) | ||||||
* | Eurobank Ergasias Services & Holdings SA | 387,641 | 272 | |||
Hellenic Telecommunications Organization SA | 15,948 | 247 | ||||
* | Alpha Bank AE | 166,392 | 166 | |||
JUMBO SA | 7,191 | 118 | ||||
* | National Bank of Greece SA | 40,886 | 104 | |||
* | Fourlis Holdings SA | 15,005 | 73 | |||
Holding Co. ADMIE IPTO SA | 12,993 | 37 | ||||
Terna Energy SA | 2,372 | 35 | ||||
Sarantis SA | 2,845 | 32 | ||||
Viohalco SA | 4,507 | 21 | ||||
* | Piraeus Financial Holdings SA | 22,727 | 21 | |||
Hellenic Exchanges - Athens Stock Exchange SA | 4,540 | 20 | ||||
* | GEK Terna Holding Real Estate Construction SA | 1,145 | 12 | |||
Athens Water Supply & Sewage Co. SA | 1,103 | 9 | ||||
* | Ellaktor SA | 4,982 | 8 | |||
* | LAMDA Development SA | 930 | 8 | |||
* | Aegean Airlines SA | 945 | 6 | |||
1,189 |
Shares | Market Value• ($000) | |||||
Hong Kong (2.4%) | ||||||
AIA Group Ltd. | 954,200 | 12,034 | ||||
Hong Kong Exchanges & Clearing Ltd. | 101,100 | 6,216 | ||||
Sun Hung Kai Properties Ltd. | 120,500 | 1,956 | ||||
Techtronic Industries Co. Ltd. | 113,500 | 1,727 | ||||
Link REIT | 158,100 | 1,492 | ||||
CK Asset Holdings Ltd. | 239,500 | 1,408 | ||||
Hang Seng Bank Ltd. | 68,700 | 1,327 | ||||
BOC Hong Kong Holdings Ltd. | 356,500 | 1,184 | ||||
Lenovo Group Ltd. | 886,000 | 1,120 | ||||
New World Development Co. Ltd. | 192,750 | 980 | ||||
3 | WH Group Ltd. | 859,500 | 771 | |||
Sino Land Co. Ltd. | 484,000 | 732 | ||||
Wharf Real Estate Investment Co. Ltd. | 106,000 | 634 | ||||
Hang Lung Properties Ltd. | 238,000 | 617 | ||||
Hysan Development Co. Ltd. | 135,000 | 576 | ||||
Power Assets Holdings Ltd. | 100,000 | 555 | ||||
AAC Technologies Holdings Inc. | 87,000 | 468 | ||||
ASM Pacific Technology Ltd. | 32,700 | 454 | ||||
PCCW Ltd. | 758,590 | 435 | ||||
Swire Properties Ltd. | 130,600 | 420 | ||||
Wharf Holdings Ltd. | 177,000 | 418 | ||||
MTR Corp. Ltd. | 69,000 | 414 | ||||
Bank of East Asia Ltd. | 162,800 | 384 | ||||
Hongkong Land Holdings Ltd. | 60,900 | 293 | ||||
NWS Holdings Ltd. | 245,000 | 277 | ||||
* | HengTen Networks Group Ltd. | 160,000 | 268 | |||
Tingyi Cayman Islands Holding Corp. | 124,000 | 249 | ||||
Vitasoy International Holdings Ltd. | 50,000 | 220 | ||||
*,3 | Samsonite International SA | 112,800 | 219 | |||
Minth Group Ltd. | 48,000 | 211 | ||||
SITC International Holdings Co. Ltd. | 77,000 | 202 | ||||
Man Wah Holdings Ltd. | 91,200 | 199 | ||||
Microport Scientific Corp. | 33,000 | 194 | ||||
* | PRADA SpA | 31,500 | 187 | |||
Swire Pacific Ltd. Class B | 155,000 | 180 | ||||
* | Hong Kong Television Network Ltd. | 88,000 | 161 |
Shares | Market Value• ($000) | |||||
IGG Inc. | 105,000 | 157 | ||||
* | MMG Ltd. | 244,000 | 153 | |||
Chow Tai Fook Jewellery Group Ltd. | 100,000 | 137 | ||||
Henderson Land Development Co. Ltd. | 28,400 | 124 | ||||
CK Infrastructure Holdings Ltd. | 21,000 | 122 | ||||
Kerry Logistics Network Ltd. | 34,500 | 100 | ||||
Sun Art Retail Group Ltd. | 114,000 | 98 | ||||
Lee & Man Paper Manufacturing Ltd. | 85,000 | 79 | ||||
Uni-President China Holdings Ltd. | 66,000 | 79 | ||||
*,3 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 31,500 | 79 | |||
3 | BOC Aviation Ltd. | 8,000 | 77 | |||
Nexteer Automotive Group Ltd. | 57,000 | 75 | ||||
Swire Pacific Ltd. Class A | 9,500 | 70 | ||||
*,3 | Razer Inc. | 213,000 | 70 | |||
VTech Holdings Ltd. | 8,200 | 69 | ||||
Yue Yuen Industrial Holdings Ltd. | 32,000 | 68 | ||||
L'Occitane International SA | 25,750 | 68 | ||||
Dairy Farm International Holdings Ltd. | 13,900 | 60 | ||||
Gemdale Properties & Investment Corp. Ltd. | 314,000 | 49 | ||||
HKBN Ltd. | 34,000 | 49 | ||||
Hang Lung Group Ltd. | 19,000 | 48 | ||||
Canvest Environmental Protection Group Co. Ltd. | 117,000 | 48 | ||||
* | Glory Sun Financial Group Ltd. | 1,128,000 | 47 | |||
Luk Fook Holdings International Ltd. | 18,000 | 46 | ||||
Johnson Electric Holdings Ltd. | 16,000 | 46 | ||||
Vinda International Holdings Ltd. | 14,000 | 42 | ||||
First Pacific Co. Ltd. | 126,000 | 41 | ||||
Value Partners Group Ltd. | 62,000 | 41 | ||||
* | China Travel International Investment Hong Kong Ltd. | 228,000 | 40 | |||
Pacific Basin Shipping Ltd. | 157,000 | 39 | ||||
Prosperity REIT | 113,000 | 37 | ||||
Kerry Properties Ltd. | 10,500 | 34 |
Shares | Market Value• ($000) | |||||
Fortune REIT | 36,000 | 34 | ||||
Texhong Textile Group Ltd. | 23,000 | 34 | ||||
SUNeVision Holdings Ltd. | 33,000 | 33 | ||||
Haitong International Securities Group Ltd. | 101,000 | 31 | ||||
Cafe de Coral Holdings Ltd. | 14,000 | 31 | ||||
Champion REIT | 50,000 | 29 | ||||
* | Pou Sheng International Holdings Ltd. | 120,000 | 26 | |||
CMBC Capital Holdings Ltd. | 1,250,000 | 25 | ||||
*,3 | FIT Hon Teng Ltd. | 68,000 | 25 | |||
* | Cathay Pacific Airways Ltd. | 26,181 | 24 | |||
* | Towngas China Co. Ltd. | 45,000 | 20 | |||
3 | IMAX China Holding Inc. | 9,500 | 19 | |||
Stella International Holdings Ltd. | 15,500 | 19 | ||||
VSTECS Holdings Ltd. | 20,000 | 18 | ||||
Shui On Land Ltd. | 108,500 | 17 | ||||
United Laboratories International Holdings Ltd. | 24,000 | 17 | ||||
* | China LNG Group Ltd. | 276,000 | 17 | |||
* | Truly International Holdings Ltd. | 80,000 | 16 | |||
* | Digital Domain Holdings Ltd. | 1,460,000 | 16 | |||
* | Apollo Future Mobility Group Ltd. | 240,000 | 16 | |||
C-Mer Eye Care Holdings Ltd. | 20,000 | 15 | ||||
Asia Cement China Holdings Corp. | 15,000 | 14 | ||||
* | FIH Mobile Ltd. | 91,000 | 14 | |||
* | GCL New Energy Holdings Ltd. | 284,000 | 14 | |||
K Wah International Holdings Ltd. | 26,000 | 13 | ||||
Lee's Pharmaceutical Holdings Ltd. | 16,500 | 12 | ||||
Giordano International Ltd. | 48,000 | 10 | ||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 7,000 | 9 | ||||
* | New World Department Store China Ltd. | 52,000 | 8 | |||
3 | VPower Group International Holdings Ltd. | 24,000 | 7 | |||
* | Esprit Holdings Ltd. | 52,700 | 6 | |||
Guotai Junan International Holdings Ltd. | 25,000 | 5 |
Shares | Market Value• ($000) | |||||
* | Lifestyle China Group Ltd. | 29,500 | 5 | |||
CITIC Telecom International Holdings Ltd. | 12,000 | 4 | ||||
* | Lifestyle International Holdings Ltd. | 3,000 | 3 | |||
* | Sa Sa International Holdings Ltd. | 14,000 | 3 | |||
*,1 | MH Development Ltd. | 6,000 | 1 | |||
42,084 | ||||||
Hungary (0.1%) | ||||||
* | OTP Bank Nyrt. | 21,815 | 989 | |||
Richter Gedeon Nyrt. | 22,390 | 637 | ||||
1,626 | ||||||
India (2.7%) | ||||||
Infosys Ltd. | 283,525 | 4,862 | ||||
Housing Development Finance Corp. Ltd. | 136,869 | 4,737 | ||||
Hindustan Unilever Ltd. | 68,101 | 1,974 | ||||
* | Axis Bank Ltd. | 176,760 | 1,743 | |||
Bajaj Finance Ltd. | 16,086 | 1,152 | ||||
Bharti Airtel Ltd. | 143,770 | 1,087 | ||||
HCL Technologies Ltd. | 84,342 | 1,043 | ||||
* | ICICI Bank Ltd. | 118,925 | 978 | |||
Asian Paints Ltd. | 27,883 | 866 | ||||
Maruti Suzuki India Ltd. | 9,265 | 865 | ||||
* | State Bank of India | 136,255 | 723 | |||
UltraTech Cement Ltd. | 8,561 | 712 | ||||
Sun Pharmaceutical Industries Ltd. | 79,399 | 642 | ||||
Wipro Ltd. | 98,572 | 551 | ||||
Nestle India Ltd. | 2,256 | 494 | ||||
* | Adani Green Energy Ltd. | 31,121 | 490 | |||
Titan Co. Ltd. | 24,855 | 476 | ||||
*,3 | HDFC Life Insurance Co. Ltd. | 49,272 | 469 | |||
*,3 | Avenue Supermarts Ltd. | 11,340 | 462 | |||
Power Grid Corp. of India Ltd. | 155,968 | 455 | ||||
Dr Reddy's Laboratories Ltd. | 7,470 | 452 | ||||
Grasim Industries Ltd. | 24,742 | 404 | ||||
Hero MotoCorp Ltd. | 8,987 | 395 | ||||
Bajaj Finserv Ltd. | 2,875 | 378 | ||||
* | Divi's Laboratories Ltd. | 7,882 | 360 | |||
*,3 | SBI Life Insurance Co. Ltd. | 29,309 | 346 | |||
Britannia Industries Ltd. | 7,192 | 329 | ||||
*,3 | ICICI Lombard General Insurance Co. Ltd. | 16,837 | 327 | |||
Jubilant Foodworks Ltd. | 7,852 | 320 | ||||
Eicher Motors Ltd. | 9,259 | 314 | ||||
* | Info Edge India Ltd. | 4,675 | 312 | |||
UPL Ltd. | 40,252 | 308 | ||||
Cipla Ltd. | 28,519 | 306 |
Shares | Market Value• ($000) | |||||
Apollo Hospitals Enterprise Ltd. | 7,176 | 299 | ||||
Bajaj Auto Ltd. | 5,693 | 294 | ||||
*,3 | Bandhan Bank Ltd. | 62,648 | 294 | |||
Tata Consumer Products Ltd. | 33,701 | 279 | ||||
* | Shree Cement Ltd. | 752 | 271 | |||
* | Godrej Consumer Products Ltd. | 27,225 | 254 | |||
Shriram Transport Finance Co. Ltd. | 13,858 | 242 | ||||
Dabur India Ltd. | 34,755 | 238 | ||||
Havells India Ltd. | 15,292 | 230 | ||||
Motherson Sumi Systems Ltd. | 77,668 | 226 | ||||
Lupin Ltd. | 16,087 | 223 | ||||
Aurobindo Pharma Ltd. | 18,137 | 211 | ||||
Indus Towers Ltd. | 59,282 | 208 | ||||
Pidilite Industries Ltd. | 9,021 | 207 | ||||
*,3 | AU Small Finance Bank Ltd. | 13,139 | 201 | |||
Petronet LNG Ltd. | 56,769 | 197 | ||||
* | IDFC First Bank Ltd. | 223,854 | 194 | |||
Marico Ltd. | 33,570 | 182 | ||||
Indraprastha Gas Ltd. | 27,200 | 182 | ||||
*,3 | InterGlobe Aviation Ltd. | 8,239 | 182 | |||
Piramal Enterprises Ltd. | 7,237 | 180 | ||||
Ambuja Cements Ltd. | 48,293 | 180 | ||||
Colgate-Palmolive India Ltd. | 8,243 | 177 | ||||
3 | HDFC Asset Management Co. Ltd. | 4,358 | 174 | |||
*,3 | ICICI Prudential Life Insurance Co. Ltd. | 27,429 | 172 | |||
DLF Ltd. | 40,778 | 168 | ||||
Cholamandalam Investment & Finance Co. Ltd. | 22,636 | 160 | ||||
Zee Entertainment Enterprises Ltd. | 58,205 | 159 | ||||
Sundaram Finance Ltd. | 4,351 | 157 | ||||
Page Industries Ltd. | 405 | 155 | ||||
Voltas Ltd. | 11,139 | 154 | ||||
* | Biocon Ltd. | 28,795 | 153 | |||
* | Max Financial Services Ltd. | 12,863 | 152 | |||
Crompton Greaves Consumer Electricals Ltd. | 28,927 | 152 | ||||
Berger Paints India Ltd. | 16,250 | 150 | ||||
Muthoot Finance Ltd. | 8,070 | 143 | ||||
PI Industries Ltd. | 4,450 | 132 | ||||
Ipca Laboratories Ltd. | 5,231 | 131 | ||||
Mphasis Ltd. | 5,794 | 130 | ||||
Persistent Systems Ltd. | 5,774 | 130 | ||||
Manappuram Finance Ltd. | 52,916 | 127 |
Shares | Market Value• ($000) | |||||
Atul Ltd. | 1,369 | 122 | ||||
Supreme Industries Ltd. | 4,380 | 121 | ||||
* | Federal Bank Ltd. | 105,115 | 120 | |||
* | Mahindra & Mahindra Financial Services Ltd. | 42,831 | 119 | |||
Balkrishna Industries Ltd. | 5,572 | 118 | ||||
Container Corp. of India Ltd. | 15,422 | 117 | ||||
LIC Housing Finance Ltd. | 19,565 | 114 | ||||
* | Aavas Financiers Ltd. | 3,691 | 113 | |||
* | V-Mart Retail Ltd. | 3,086 | 111 | |||
Gujarat Gas Ltd. | 16,278 | 110 | ||||
* | Godrej Properties Ltd. | 5,136 | 108 | |||
Bajaj Holdings & Investment Ltd. | 2,162 | 107 | ||||
* | NMDC Ltd. | 61,961 | 107 | |||
Bosch Ltd. | 516 | 104 | ||||
Astral Poly Technik Ltd. | 3,585 | 104 | ||||
* | APL Apollo Tubes Ltd. | 7,095 | 103 | |||
Deepak Nitrite Ltd. | 5,481 | 102 | ||||
3 | Laurus Labs Ltd. | 20,895 | 99 | |||
REC Ltd. | 53,112 | 98 | ||||
3 | RBL Bank Ltd. | 30,184 | 97 | |||
ACC Ltd. | 4,037 | 95 | ||||
Escorts Ltd. | 5,306 | 94 | ||||
* | Karnataka Bank Ltd. | 101,832 | 94 | |||
* | Vodafone Idea Ltd. | 606,568 | 93 | |||
SRF Ltd. | 1,242 | 92 | ||||
Torrent Power Ltd. | 17,656 | 92 | ||||
Cadila Healthcare Ltd. | 15,404 | 91 | ||||
CRISIL Ltd. | 3,429 | 91 | ||||
Tata Communications Ltd. | 6,117 | 90 | ||||
Rajesh Exports Ltd. | 12,961 | 90 | ||||
3 | Dr Lal PathLabs Ltd. | 2,858 | 89 | |||
Emami Ltd. | 14,185 | 88 | ||||
Dhani Services Ltd. | 17,776 | 88 | ||||
Navin Fluorine International Ltd. | 2,536 | 88 | ||||
Torrent Pharmaceuticals Ltd. | 2,644 | 87 | ||||
AIA Engineering Ltd. | 3,489 | 86 | ||||
Tata Elxsi Ltd. | 2,379 | 86 | ||||
Gillette India Ltd. | 1,126 | 85 | ||||
* | Power Finance Corp. Ltd. | 49,820 | 84 | |||
Kajaria Ceramics Ltd. | 6,483 | 83 | ||||
* | Karur Vysya Bank Ltd. | 102,986 | 83 | |||
Tube Investments of India Ltd. | 5,679 | 83 | ||||
Aarti Industries Ltd. | 4,749 | 80 | ||||
* | KEC International Ltd. | 13,240 | 78 | |||
Ramco Cements Ltd. | 5,808 | 77 | ||||
Varun Beverages Ltd. | 5,460 | 77 |
Shares | Market Value• ($000) | |||||
JK Cement Ltd. | 2,115 | 77 | ||||
Sundram Fasteners Ltd. | 7,775 | 76 | ||||
* | Fortis Healthcare Ltd. | 35,319 | 76 | |||
GlaxoSmithKline Pharmaceuticals Ltd. | 3,777 | 75 | ||||
Oracle Financial Services Software Ltd. | 1,803 | 75 | ||||
Prestige Estates Projects Ltd. | 18,331 | 74 | ||||
Natco Pharma Ltd. | 6,742 | 74 | ||||
City Union Bank Ltd. | 32,614 | 73 | ||||
* | Phoenix Mills Ltd. | 6,585 | 73 | |||
* | Bank of Baroda | 62,678 | 73 | |||
Kansai Nerolac Paints Ltd. | 9,615 | 73 | ||||
Redington India Ltd. | 29,106 | 72 | ||||
IRB Infrastructure Developers Ltd. | 49,171 | 72 | ||||
Alkem Laboratories Ltd. | 1,926 | 71 | ||||
Schaeffler India Ltd. | 1,003 | 71 | ||||
Can Fin Homes Ltd. | 10,917 | 71 | ||||
* | South Indian Bank Ltd. | 522,267 | 70 | |||
* | Indian Bank | 37,677 | 70 | |||
3 | Godrej Agrovet Ltd. | 10,617 | 70 | |||
3 | Nippon Life India Asset Management Ltd. | 15,646 | 70 | |||
Glenmark Pharmaceuticals Ltd. | 10,923 | 69 | ||||
Minda Industries Ltd. | 9,005 | 69 | ||||
NHPC Ltd. | 206,627 | 68 | ||||
* | Indiabulls Housing Finance Ltd. | 22,740 | 68 | |||
3 | ICICI Securities Ltd. | 12,099 | 67 | |||
TVS Motor Co. Ltd. | 8,162 | 66 | ||||
Exide Industries Ltd. | 24,002 | 66 | ||||
Birlasoft Ltd. | 21,238 | 66 | ||||
*,3 | Syngene International Ltd. | 8,582 | 65 | |||
Coforge Ltd. | 1,841 | 64 | ||||
* | IDFC Ltd. | 85,619 | 64 | |||
Indian Hotels Co. Ltd. | 38,117 | 64 | ||||
Rallis India Ltd. | 18,273 | 64 | ||||
PTC India Ltd. | 62,288 | 62 | ||||
Bombay Burmah Trading Co. | 3,905 | 62 | ||||
* | Just Dial Ltd. | 6,393 | 62 | |||
Castrol India Ltd. | 35,394 | 62 | ||||
*,3 | Quess Corp. Ltd. | 6,083 | 62 | |||
Blue Star Ltd. | 5,208 | 62 | ||||
* | Oberoi Realty Ltd. | 8,172 | 61 | |||
Avanti Feeds Ltd. | 9,410 | 61 | ||||
* | Aditya Birla Capital Ltd. | 35,901 | 61 | |||
Mahanagar Gas Ltd. | 3,815 | 60 | ||||
Hindustan Zinc Ltd. | 14,556 | 59 | ||||
Ceat Ltd. | 2,725 | 59 | ||||
Thermax Ltd. | 3,199 | 59 |
Shares | Market Value• ($000) | |||||
Gujarat Pipavav Port Ltd. | 44,045 | 59 | ||||
* | Dalmia Bharat Ltd. | 3,043 | 59 | |||
Bata India Ltd. | 3,032 | 59 | ||||
Aegis Logistics Ltd. | 14,181 | 59 | ||||
Pfizer Ltd. | 938 | 58 | ||||
Balrampur Chini Mills Ltd. | 24,035 | 58 | ||||
Apollo Tyres Ltd. | 18,078 | 57 | ||||
Bayer CropScience Ltd. | 820 | 57 | ||||
Jubilant Pharmova Ltd. | 5,417 | 57 | ||||
* | TeamLease Services Ltd. | 1,237 | 57 | |||
Whirlpool of India Ltd. | 1,705 | 56 | ||||
Coromandel International Ltd. | 5,230 | 55 | ||||
Sterlite Technologies Ltd. | 18,935 | 54 | ||||
NCC Ltd. | 44,473 | 54 | ||||
Cholamandalam Financial Holdings Ltd. | 6,632 | 54 | ||||
India Cements Ltd. | 23,758 | 53 | ||||
Gateway Distriparks Ltd. | 21,953 | 53 | ||||
Graphite India Ltd. | 8,068 | 53 | ||||
* | Bank of India | 46,426 | 52 | |||
* | Union Bank of India | 93,939 | 52 | |||
* | EIH Ltd. | 39,604 | 52 | |||
Welspun Corp. Ltd. | 28,252 | 50 | ||||
3 | Endurance Technologies Ltd. | 2,546 | 50 | |||
Chambal Fertilizers & Chemicals Ltd. | 14,713 | 49 | ||||
Motilal Oswal Financial Services Ltd. | 5,924 | 49 | ||||
* | EID Parry India Ltd. | 11,391 | 49 | |||
* | DCB Bank Ltd. | 30,258 | 48 | |||
Strides Pharma Science Ltd. | 4,096 | 47 | ||||
eClerx Services Ltd. | 3,730 | 47 | ||||
Bajaj Consumer Care Ltd. | 14,146 | 47 | ||||
Kaveri Seed Co. Ltd. | 6,796 | 47 | ||||
JB Chemicals & Pharmaceuticals Ltd. | 3,090 | 47 | ||||
* | Canara Bank | 21,499 | 46 | |||
3 | Metropolis Healthcare Ltd. | 1,738 | 46 | |||
Granules India Ltd. | 10,510 | 46 | ||||
Orient Electric Ltd. | 11,571 | 43 | ||||
National Aluminium Co. Ltd. | 51,766 | 42 | ||||
PVR Ltd. | 2,246 | 42 | ||||
* | V-Guard Industries Ltd. | 13,586 | 42 | |||
NBCC India Ltd. | 72,697 | 42 | ||||
* | Godrej Industries Ltd. | 6,685 | 41 | |||
Alembic Pharmaceuticals Ltd. | 3,264 | 41 |
Shares | Market Value• ($000) | |||||
Amara Raja Batteries Ltd. | 3,417 | 41 | ||||
*,3 | PNB Housing Finance Ltd. | 6,699 | 40 | |||
* | Suzlon Energy Ltd. | 498,526 | 39 | |||
Vakrangee Ltd. | 53,438 | 39 | ||||
Rain Industries Ltd. | 16,752 | 38 | ||||
* | Edelweiss Financial Services Ltd. | 38,025 | 36 | |||
KRBL Ltd. | 13,119 | 35 | ||||
Vinati Organics Ltd. | 1,827 | 35 | ||||
JM Financial Ltd. | 27,010 | 34 | ||||
* | Mahindra CIE Automotive Ltd. | 13,997 | 34 | |||
Finolex Cables Ltd. | 6,462 | 34 | ||||
Equitas Holdings Ltd. | 28,995 | 34 | ||||
Ajanta Pharma Ltd. | 1,416 | 34 | ||||
Sobha Ltd. | 5,554 | 33 | ||||
* | Central Bank of India | 127,759 | 33 | |||
Welspun India Ltd. | 34,874 | 33 | ||||
TTK Prestige Ltd. | 317 | 31 | ||||
* | Aditya Birla Fashion & Retail Ltd. | 12,497 | 31 | |||
* | Punjab National Bank | 55,410 | 31 | |||
Polycab India Ltd. | 1,680 | 31 | ||||
3 | Dilip Buildcon Ltd. | 3,182 | 29 | |||
AstraZeneca Pharma India Ltd. | 578 | 27 | ||||
* | HEG Ltd. | 1,338 | 26 | |||
Century Textiles & Industries Ltd. | 3,910 | 25 | ||||
Care Ratings Ltd. | 3,910 | 25 | ||||
DCM Shriram Ltd. | 4,109 | 25 | ||||
* | Indiabulls Real Estate Ltd. | 20,012 | 24 | |||
* | Raymond Ltd. | 4,638 | 23 | |||
Multi Commodity Exchange of India Ltd. | 1,119 | 23 | ||||
Jindal Saw Ltd. | 20,589 | 22 | ||||
* | Future Consumer Ltd. | 189,936 | 21 | |||
* | IFCI Ltd. | 159,540 | 19 | |||
Symphony Ltd. | 1,144 | 17 | ||||
* | TV18 Broadcast Ltd. | 31,831 | 13 | |||
* | Future Retail Ltd. | 13,573 | 13 | |||
WABCO India Ltd. | 151 | 12 | ||||
* | Yes Bank Ltd. | 54,048 | 12 | |||
*,1 | Jubilant Ingrevia Ltd. | 5,417 | 10 | |||
* | Sun Pharma Advanced Research Co. Ltd. | 4,241 | 9 | |||
47,948 | ||||||
Indonesia (0.4%) | ||||||
Bank Central Asia Tbk. PT | 752,800 | 1,771 | ||||
* | Bank Rakyat Indonesia Persero Tbk. PT | 4,568,500 | 1,505 |
Shares | Market Value• ($000) | |||||
Telkom Indonesia Persero Tbk. PT | 4,650,300 | 1,138 | ||||
* | Bank Mandiri Persero Tbk. PT | 1,786,000 | 765 | |||
Bank Negara Indonesia Persero Tbk. PT | 994,100 | 414 | ||||
Charoen Pokphand Indonesia Tbk. PT | 730,500 | 315 | ||||
Unilever Indonesia Tbk. PT | 327,000 | 160 | ||||
Indah Kiat Pulp & Paper Corp. Tbk. PT | 171,700 | 158 | ||||
Sarana Menara Nusantara Tbk. PT | 1,558,700 | 138 | ||||
* | Barito Pacific Tbk. PT | 1,573,900 | 121 | |||
Indofood Sukses Makmur Tbk. PT | 280,800 | 119 | ||||
Kalbe Farma Tbk. PT | 1,128,900 | 116 | ||||
Tower Bersama Infrastructure Tbk. PT | 677,700 | 103 | ||||
Indofood CBP Sukses Makmur Tbk. PT | 132,300 | 80 | ||||
Ciputra Development Tbk. PT | 966,100 | 78 | ||||
Indocement Tunggal Prakarsa Tbk. PT | 64,900 | 57 | ||||
* | Surya Citra Media Tbk. PT | 386,600 | 53 | |||
* | Pakuwon Jati Tbk. PT | 1,250,600 | 48 | |||
Japfa Comfeed Indonesia Tbk. PT | 445,900 | 48 | ||||
* | Bumi Serpong Damai Tbk. PT | 586,000 | 47 | |||
Ace Hardware Indonesia Tbk. PT | 398,200 | 43 | ||||
Bank BTPN Syariah Tbk. PT | 145,900 | 42 | ||||
* | Mitra Adiperkasa Tbk. PT | 706,400 | 40 | |||
Bank Tabungan Negara Persero Tbk. PT | 258,100 | 37 | ||||
XL Axiata Tbk. PT | 228,900 | 35 | ||||
Waskita Karya Persero Tbk. PT | 346,900 | 35 | ||||
* | Summarecon Agung Tbk. PT | 522,800 | 30 | |||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 269,900 | 30 | ||||
Jasa Marga Persero Tbk. PT | 85,400 | 25 | ||||
Ramayana Lestari Sentosa Tbk. PT | 421,800 | 22 | ||||
Wijaya Karya Persero Tbk. PT | 143,900 | 18 | ||||
Astra Agro Lestari Tbk. PT | 20,000 | 16 |
Shares | Market Value• ($000) | |||||
* | Smartfren Telecom Tbk. PT | 2,394,600 | 13 | |||
* | Kresna Graha Investama Tbk. PT | 2,155,200 | 11 | |||
* | Media Nusantara Citra Tbk. PT | 131,500 | 10 | |||
Surya Semesta Internusa Tbk. PT | 209,500 | 8 | ||||
* | Matahari Department Store Tbk. PT | 71,000 | 6 | |||
* | Panin Financial Tbk. PT | 334,700 | 5 | |||
PP Persero Tbk. PT | 36,200 | 4 | ||||
* | Siloam International Hospitals Tbk. PT | 11,600 | 4 | |||
* | Global Mediacom Tbk. PT | 94,100 | 2 | |||
*,1 | Trada Alam Minera Tbk. PT | 477,100 | 2 | |||
7,672 | ||||||
Ireland (0.2%) | ||||||
Kerry Group plc Class A | 12,066 | 1,452 | ||||
* | Kingspan Group plc | 14,797 | 1,073 | |||
* | Bank of Ireland Group plc | 61,083 | 247 | |||
Glanbia plc | 9,689 | 125 | ||||
* | AIB Group plc | 42,550 | 95 | |||
* | Dalata Hotel Group plc | 8,381 | 42 | |||
* | Irish Continental Group plc | 4,398 | 23 | |||
* | Cairn Homes plc | 15,088 | 16 | |||
Hibernia REIT plc | 7,430 | 10 | ||||
3,083 | ||||||
Israel (0.3%) | ||||||
* | Nice Ltd. | 5,824 | 1,345 | |||
* | Bank Hapoalim BM | 100,809 | 710 | |||
Bank Leumi Le-Israel BM | 115,370 | 700 | ||||
Israel Discount Bank Ltd. Class A | 148,576 | 548 | ||||
ICL Group Ltd. | 75,891 | 437 | ||||
* | Tower Semiconductor Ltd. | 7,090 | 216 | |||
Mizrahi Tefahot Bank Ltd. | 8,571 | 204 | ||||
* | Nova Measuring Instruments Ltd. | 1,648 | 137 | |||
* | Bezeq The Israeli Telecommunication Corp. Ltd. | 131,377 | 128 | |||
Azrieli Group Ltd. | 1,904 | 115 | ||||
Mivne Real Estate KD Ltd. | 39,070 | 90 | ||||
* | Shikun & Binui Ltd. | 13,816 | 81 | |||
Harel Insurance Investments & Financial Services Ltd. | 7,808 | 71 | ||||
Strauss Group Ltd. | 2,397 | 65 |
Shares | Market Value• ($000) | |||||
* | Enlight Renewable Energy Ltd. | 34,426 | 60 | |||
* | Clal Insurance Enterprises Holdings Ltd. | 3,453 | 53 | |||
Electra Ltd. | 99 | 52 | ||||
Reit 1 Ltd. | 11,188 | 51 | ||||
Maytronics Ltd. | 3,225 | 51 | ||||
Matrix IT Ltd. | 2,289 | 50 | ||||
Shufersal Ltd. | 5,758 | 46 | ||||
Hilan Ltd. | 975 | 43 | ||||
Menora Mivtachim Holdings Ltd. | 2,250 | 43 | ||||
Sapiens International Corp. NV | 1,302 | 43 | ||||
Shapir Engineering & Industry Ltd. | 6,114 | 42 | ||||
* | Partner Communications Co. Ltd. | 8,126 | 41 | |||
AudioCodes Ltd. | 1,328 | 39 | ||||
Energix-Renewable Energies Ltd. | 10,379 | 36 | ||||
Kenon Holdings Ltd. | 1,215 | 34 | ||||
FIBI Holdings Ltd. | 1,143 | 34 | ||||
Formula Systems 1985 Ltd. | 398 | 33 | ||||
* | Cellcom Israel Ltd. | 8,441 | 33 | |||
Gazit-Globe Ltd. | 5,007 | 31 | ||||
* | Allot Ltd. | 1,939 | 28 | |||
Gilat Satellite Networks Ltd. | 1,745 | 25 | ||||
* | Big Shopping Centers Ltd. | 186 | 19 | |||
* | AFI Properties Ltd. | 587 | 18 | |||
IDI Insurance Co. Ltd. | 493 | 18 | ||||
Mega Or Holdings Ltd. | 623 | 18 | ||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 260 | 17 | ||||
Bayside Land Corp. Ltd. | 1,900 | 14 | ||||
Delta Galil Industries Ltd. | 578 | 14 | ||||
Sella Capital Real Estate Ltd. | 5,366 | 11 | ||||
* | Kamada Ltd. | 1,526 | 10 | |||
5,854 | ||||||
Italy (1.3%) | ||||||
* | Intesa Sanpaolo SpA | 1,228,244 | 3,158 | |||
Ferrari NV | 10,879 | 2,117 | ||||
* | UniCredit SpA | 177,368 | 1,825 | |||
Assicurazioni Generali SpA | 90,734 | 1,701 | ||||
Stellantis NV | 89,525 | 1,451 | ||||
* | Moncler SpA | 20,645 | 1,277 | |||
* | Stellantis NV | 73,590 | 1,192 |
Shares | Market Value• ($000) | |||||
Terna Rete Elettrica Nazionale SpA | 162,725 | 1,129 | ||||
* | FinecoBank Banca Fineco SpA | 63,604 | 1,116 | |||
* | Mediobanca Banca di Credito Finanziario SpA | 86,255 | 896 | |||
Telecom Italia SpA (Bearer) | 1,411,380 | 757 | ||||
*,3 | Nexi SpA | 36,969 | 662 | |||
DiaSorin SpA | 2,027 | 397 | ||||
* | ASTM SpA | 11,630 | 356 | |||
Interpump Group SpA | 7,294 | 334 | ||||
Recordati Industria Chimica e Farmaceutica SpA | 6,004 | 305 | ||||
* | Amplifon SpA | 7,558 | 301 | |||
* | Biesse SpA | 10,100 | 266 | |||
3 | Poste Italiane SpA | 23,237 | 263 | |||
* | Banco BPM SpA | 88,998 | 228 | |||
3 | Infrastrutture Wireless Italiane SpA | 18,074 | 188 | |||
ERG SpA | 6,125 | 175 | ||||
Reply SpA | 1,415 | 164 | ||||
Azimut Holding SpA | 6,210 | 142 | ||||
* | Unipol Gruppo SpA | 26,897 | 139 | |||
Italgas SpA | 22,082 | 130 | ||||
* | BPER Banca | 58,188 | 127 | |||
*,3 | Pirelli & C SpA | 21,349 | 123 | |||
*,3 | doValue SpA | 9,811 | 121 | |||
Buzzi Unicem SpA | 4,390 | 111 | ||||
De' Longhi SpA | 2,882 | 106 | ||||
* | Banca Mediolanum SpA | 11,580 | 101 | |||
Hera SpA | 28,212 | 100 | ||||
* | Freni Brembo SpA | 6,867 | 89 | |||
* | Banca Popolare di Sondrio SCPA | 29,804 | 86 | |||
* | Banca Generali SpA | 2,385 | 81 | |||
* | Cerved Group SpA | 9,557 | 77 | |||
Webuild SpA | 39,750 | 75 | ||||
* | Salvatore Ferragamo SpA | 3,482 | 67 | |||
*,3 | Technogym SpA | 6,127 | 67 | |||
3 | Anima Holding SpA | 13,911 | 67 | |||
* | Brunello Cucinelli SpA | 1,493 | 61 | |||
* | Societa Cattolica di Assicurazioni SC | 10,832 | 59 | |||
3 | Carel Industries SpA | 2,767 | 57 | |||
Tamburi Investment Partners SpA | 6,237 | 53 | ||||
Iren SpA | 20,803 | 51 | ||||
A2A SpA | 29,717 | 50 | ||||
UnipolSai Assicurazioni SpA | 14,275 | 41 | ||||
3 | Enav SpA | 8,501 | 41 | |||
* | Credito Emiliano SpA | 6,294 | 36 | |||
*,3 | Banca Farmafactoring SpA | 5,077 | 33 |
Shares | Market Value• ($000) | |||||
Telecom Italia SpA (Registered) | 67,343 | 32 | ||||
* | MARR SpA | 1,358 | 31 | |||
* | CIR SpA-Compagnie Industriali | 48,772 | 29 | |||
* | Maire Tecnimont SpA | 11,004 | 29 | |||
Falck Renewables SpA | 3,939 | 27 | ||||
DeA Capital SpA | 16,523 | 25 | ||||
* | Autogrill SpA | 3,798 | 24 | |||
Piaggio & C SpA | 6,297 | 24 | ||||
Immobiliare Grande Distribuzione SIIQ SpA | 5,375 | 23 | ||||
Italmobiliare SpA | 736 | 23 | ||||
Danieli & C Officine Meccaniche SpA | 1,043 | 22 | ||||
Danieli & C Officine Meccaniche SpA Saving Shares | 1,406 | 19 | ||||
Zignago Vetro SpA | 1,065 | 18 | ||||
3 | RAI Way SpA | 3,084 | 17 | |||
* | Arnoldo Mondadori Editore SpA | 9,116 | 17 | |||
*,2 | Banca Monte dei Paschi di Siena SpA | 11,008 | 16 | |||
Datalogic SpA | 523 | 11 | ||||
* | Tod's SpA | 291 | 9 | |||
* | Juventus Football Club SpA | 8,956 | 9 | |||
* | Rizzoli Corriere Della Sera Mediagroup SpA | 8,503 | 6 | |||
* | Banca IFIS SpA | 199 | 2 | |||
22,962 | ||||||
Japan (17.7%) | ||||||
Toyota Motor Corp. | 193,700 | 14,313 | ||||
SoftBank Group Corp. | 117,000 | 10,920 | ||||
Sony Corp. | 98,700 | 10,423 | ||||
Keyence Corp. | 13,300 | 6,342 | ||||
Recruit Holdings Co. Ltd. | 108,549 | 5,424 | ||||
Nidec Corp. | 40,500 | 5,164 | ||||
Shin-Etsu Chemical Co. Ltd. | 30,400 | 4,982 | ||||
Mitsubishi UFJ Financial Group Inc. | 939,600 | 4,942 | ||||
Nintendo Co. Ltd. | 7,700 | 4,709 | ||||
Tokyo Electron Ltd. | 10,800 | 4,504 | ||||
Daiichi Sankyo Co. Ltd. | 153,800 | 4,367 | ||||
Takeda Pharmaceutical Co. Ltd. | 127,457 | 4,295 | ||||
Murata Manufacturing Co. Ltd. | 50,000 | 4,286 | ||||
KDDI Corp. | 134,500 | 4,193 | ||||
Honda Motor Co. Ltd. | 135,600 | 3,748 | ||||
Sumitomo Mitsui Financial Group Inc. | 100,000 | 3,531 | ||||
Fast Retailing Co. Ltd. | 3,500 | 3,470 | ||||
FANUC Corp. | 13,600 | 3,399 |
Shares | Market Value• ($000) | |||||
Hoya Corp. | 28,400 | 3,230 | ||||
Oriental Land Co. Ltd. | 18,100 | 3,048 | ||||
M3 Inc. | 37,500 | 2,980 | ||||
Mizuho Financial Group Inc. | 200,420 | 2,950 | ||||
SoftBank Corp. | 214,143 | 2,896 | ||||
Kao Corp. | 42,800 | 2,880 | ||||
Tokio Marine Holdings Inc. | 53,500 | 2,658 | ||||
Fujitsu Ltd. | 18,200 | 2,640 | ||||
Seven & i Holdings Co. Ltd. | 68,500 | 2,611 | ||||
Nippon Telegraph & Telephone Corp. | 97,600 | 2,528 | ||||
Astellas Pharma Inc. | 157,700 | 2,493 | ||||
Panasonic Corp. | 189,200 | 2,446 | ||||
Chugai Pharmaceutical Co. Ltd. | 53,700 | 2,411 | ||||
Kubota Corp. | 102,100 | 2,316 | ||||
SMC Corp. | 3,900 | 2,313 | ||||
Denso Corp. | 37,900 | 2,290 | ||||
Shiseido Co. Ltd. | 29,900 | 2,235 | ||||
Aeon Co. Ltd. | 69,200 | 2,090 | ||||
East Japan Railway Co. | 27,400 | 2,042 | ||||
Central Japan Railway Co. | 12,200 | 2,010 | ||||
Terumo Corp. | 53,900 | 2,005 | ||||
Sysmex Corp. | 19,100 | 1,989 | ||||
Olympus Corp. | 94,200 | 1,985 | ||||
ORIX Corp. | 113,200 | 1,932 | ||||
Canon Inc. | 85,200 | 1,848 | ||||
Mitsui Fudosan Co. Ltd. | 80,400 | 1,829 | ||||
Mitsubishi Estate Co. Ltd. | 105,000 | 1,827 | ||||
Dai-ichi Life Holdings Inc. | 99,900 | 1,776 | ||||
Suzuki Motor Corp. | 40,500 | 1,767 | ||||
Secom Co. Ltd. | 20,000 | 1,742 | ||||
Bridgestone Corp. | 43,900 | 1,734 | ||||
Kyocera Corp. | 26,500 | 1,715 | ||||
Nomura Holdings Inc. | 278,100 | 1,624 | ||||
Omron Corp. | 19,800 | 1,606 | ||||
FUJIFILM Holdings Corp. | 27,500 | 1,572 | ||||
Toyota Industries Corp. | 18,300 | 1,572 | ||||
Eisai Co. Ltd. | 22,700 | 1,565 | ||||
Advantest Corp. | 18,800 | 1,553 | ||||
Daiwa House Industry Co. Ltd. | 53,900 | 1,529 | ||||
Nitto Denko Corp. | 17,000 | 1,459 | ||||
Bandai Namco Holdings Inc. | 18,800 | 1,438 | ||||
Unicharm Corp. | 36,000 | 1,426 | ||||
Z Holdings Corp. | 216,100 | 1,319 | ||||
Shionogi & Co. Ltd. | 25,600 | 1,308 | ||||
Yaskawa Electric Corp. | 26,000 | 1,308 |
Shares | Market Value• ($000) | |||||
Sumitomo Electric Industries Ltd. | 88,100 | 1,291 | ||||
Ono Pharmaceutical Co. Ltd. | 45,700 | 1,233 | ||||
Shimano Inc. | 5,400 | 1,206 | ||||
Sumitomo Realty & Development Co. Ltd. | 34,500 | 1,197 | ||||
Pan Pacific International Holdings Corp. | 51,000 | 1,196 | ||||
Nexon Co. Ltd. | 37,000 | 1,165 | ||||
Asahi Kasei Corp. | 106,200 | 1,152 | ||||
MINEBEA MITSUMI Inc. | 46,200 | 1,144 | ||||
NEC Corp. | 20,900 | 1,143 | ||||
TDK Corp. | 7,900 | 1,138 | ||||
Sumitomo Mitsui Trust Holdings Inc. | 34,300 | 1,133 | ||||
West Japan Railway Co. | 18,400 | 1,133 | ||||
TOTO Ltd. | 18,600 | 1,128 | ||||
MS&AD Insurance Group Holdings Inc. | 39,300 | 1,116 | ||||
Sompo Holdings Inc. | 28,600 | 1,101 | ||||
Nippon Paint Holdings Co. Ltd. | 14,700 | 1,095 | ||||
NTT Data Corp. | 70,400 | 1,081 | ||||
Japan Exchange Group Inc. | 49,500 | 1,069 | ||||
Lixil Corp. | 36,900 | 1,041 | ||||
Hamamatsu Photonics KK | 17,300 | 1,022 | ||||
Sekisui House Ltd. | 53,000 | 1,000 | ||||
Yamaha Corp. | 17,600 | 987 | ||||
Ajinomoto Co. Inc. | 49,400 | 984 | ||||
Odakyu Electric Railway Co. Ltd. | 33,400 | 982 | ||||
Yamato Holdings Co. Ltd. | 37,000 | 976 | ||||
Sumitomo Chemical Co. Ltd. | 198,200 | 965 | ||||
Shimadzu Corp. | 26,400 | 958 | ||||
Resona Holdings Inc. | 231,900 | 937 | ||||
Daiwa Securities Group Inc. | 188,800 | 924 | ||||
Nitori Holdings Co. Ltd. | 4,900 | 915 | ||||
Kintetsu Group Holdings Co. Ltd. | 21,600 | 909 | ||||
Mitsubishi Chemical Holdings Corp. | 128,600 | 899 | ||||
T&D Holdings Inc. | 65,100 | 887 | ||||
Toray Industries Inc. | 132,300 | 873 | ||||
Sekisui Chemical Co. Ltd. | 47,400 | 849 | ||||
Bank of Kyoto Ltd. | 14,000 | 844 | ||||
Oji Holdings Corp. | 132,900 | 841 | ||||
Hisamitsu Pharmaceutical Co. Inc. | 13,100 | 821 |
Shares | Market Value• ($000) | |||||
Yakult Honsha Co. Ltd. | 16,338 | 810 | ||||
Aisin Seiki Co. Ltd. | 23,500 | 808 | ||||
Kyowa Kirin Co. Ltd. | 28,900 | 808 | ||||
Taiyo Yuden Co. Ltd. | 16,200 | 805 | ||||
SG Holdings Co. Ltd. | 35,034 | 804 | ||||
Dentsu Group Inc. | 22,900 | 800 | ||||
* | Nissan Motor Co. Ltd. | 140,800 | 770 | |||
Konami Holdings Corp. | 11,800 | 762 | ||||
Azbil Corp. | 17,500 | 745 | ||||
Chiba Bank Ltd. | 116,000 | 743 | ||||
Keihan Holdings Co. Ltd. | 16,200 | 730 | ||||
SBI Holdings Inc. | 25,600 | 716 | ||||
Tokyu Corp. | 51,200 | 707 | ||||
Yamaha Motor Co. Ltd. | 32,000 | 704 | ||||
Japan Post Holdings Co. Ltd. | 81,800 | 703 | ||||
Makita Corp. | 16,400 | 701 | ||||
Kurita Water Industries Ltd. | 17,100 | 695 | ||||
Tobu Railway Co. Ltd. | 24,300 | 695 | ||||
Mitsui Chemicals Inc. | 22,400 | 694 | ||||
NSK Ltd. | 69,200 | 683 | ||||
Hulic Co. Ltd. | 61,000 | 682 | ||||
Concordia Financial Group Ltd. | 176,000 | 682 | ||||
Brother Industries Ltd. | 34,100 | 676 | ||||
NH Foods Ltd. | 15,900 | 673 | ||||
Nomura Research Institute Ltd. | 21,400 | 664 | ||||
Stanley Electric Co. Ltd. | 22,200 | 662 | ||||
SUMCO Corp. | 28,700 | 660 | ||||
Ricoh Co. Ltd. | 75,400 | 659 | ||||
Keikyu Corp. | 41,000 | 652 | ||||
Toho Co. Ltd. (Tokyo) | 17,200 | 649 | ||||
Nisshin Seifun Group Inc. | 39,800 | 642 | ||||
Lasertec Corp. | 5,200 | 637 | ||||
Nagoya Railroad Co. Ltd. | 24,900 | 636 | ||||
COMSYS Holdings Corp. | 20,900 | 633 | ||||
Shizuoka Bank Ltd. | 86,000 | 631 | ||||
Toyo Suisan Kaisha Ltd. | 14,700 | 626 | ||||
Dai Nippon Printing Co. Ltd. | 33,900 | 613 | ||||
Sohgo Security Services Co. Ltd. | 13,500 | 610 | ||||
Teijin Ltd. | 35,100 | 606 | ||||
Mazda Motor Corp. | 75,700 | 602 | ||||
Daifuku Co. Ltd. | 6,100 | 586 | ||||
Santen Pharmaceutical Co. Ltd. | 41,600 | 573 | ||||
Seiko Epson Corp. | 34,400 | 570 | ||||
Kuraray Co. Ltd. | 50,200 | 565 | ||||
Showa Denko KK | 23,000 | 564 |
Shares | Market Value• ($000) | |||||
Haseko Corp. | 45,100 | 561 | ||||
Isuzu Motors Ltd. | 52,000 | 547 | ||||
Air Water Inc. | 32,700 | 540 | ||||
Disco Corp. | 1,700 | 536 | ||||
Pigeon Corp. | 14,800 | 536 | ||||
MEIJI Holdings Co. Ltd. | 8,200 | 522 | ||||
* | Renesas Electronics Corp. | 46,500 | 512 | |||
Kaken Pharmaceutical Co. Ltd. | 12,800 | 511 | ||||
Aozora Bank Ltd. | 23,900 | 508 | ||||
Rohm Co. Ltd. | 5,100 | 505 | ||||
Keio Corp. | 6,700 | 503 | ||||
Lion Corp. | 26,200 | 503 | ||||
MISUMI Group Inc. | 16,300 | 500 | ||||
Marui Group Co. Ltd. | 25,700 | 493 | ||||
Anritsu Corp. | 22,700 | 485 | ||||
Koito Manufacturing Co. Ltd. | 7,200 | 484 | ||||
Sumitomo Dainippon Pharma Co. Ltd. | 30,200 | 480 | ||||
Nihon M&A Center Inc. | 8,800 | 480 | ||||
Taiheiyo Cement Corp. | 18,900 | 474 | ||||
Daito Trust Construction Co. Ltd. | 4,100 | 458 | ||||
* | ANA Holdings Inc. | 18,541 | 448 | |||
MonotaRO Co. Ltd. | 7,700 | 443 | ||||
Fukuoka Financial Group Inc. | 24,400 | 441 | ||||
NGK Spark Plug Co. Ltd. | 25,400 | 434 | ||||
* | Japan Airlines Co. Ltd. | 18,123 | 434 | |||
Nissan Chemical Corp. | 7,800 | 427 | ||||
Nikon Corp. | 47,400 | 424 | ||||
Yamada Holdings Co. Ltd. | 87,500 | 420 | ||||
Coca-Cola Bottlers Japan Holdings Inc. | 24,000 | 415 | ||||
CyberAgent Inc. | 6,500 | 393 | ||||
Alfresa Holdings Corp. | 20,200 | 391 | ||||
Seibu Holdings Inc. | 31,800 | 383 | ||||
Capcom Co. Ltd. | 6,100 | 370 | ||||
Kobayashi Pharmaceutical Co. Ltd. | 3,800 | 360 | ||||
Hankyu Hanshin Holdings Inc. | 10,500 | 351 | ||||
Ryohin Keikaku Co. Ltd. | 15,200 | 344 | ||||
Sac's Bar Holdings Inc. | 57,800 | 342 | ||||
Trend Micro Inc. | 7,000 | 338 | ||||
GMO Payment Gateway Inc. | 2,500 | 331 | ||||
Nissin Foods Holdings Co. Ltd. | 4,200 | 317 | ||||
Miura Co. Ltd. | 6,000 | 312 | ||||
Sinanen Holdings Co. Ltd. | 10,600 | 306 | ||||
Konica Minolta Inc. | 59,400 | 303 |
Shares | Market Value• ($000) | |||||
Alps Alpine Co. Ltd. | 22,700 | 302 | ||||
TIS Inc. | 14,100 | 294 | ||||
Hirose Electric Co. Ltd. | 2,000 | 293 | ||||
Ibiden Co. Ltd. | 7,000 | 286 | ||||
Nabtesco Corp. | 6,700 | 286 | ||||
Nippon Express Co. Ltd. | 3,800 | 284 | ||||
* | Skylark Holdings Co. Ltd. | 18,000 | 280 | |||
Hikari Tsushin Inc. | 1,400 | 278 | ||||
Kose Corp. | 1,700 | 273 | ||||
Otsuka Corp. | 5,800 | 269 | ||||
Kansai Paint Co. Ltd. | 10,200 | 267 | ||||
Nippon Building Fund Inc. | 43 | 263 | ||||
* | PeptiDream Inc. | 5,500 | 262 | |||
Casio Computer Co. Ltd. | 13,100 | 254 | ||||
JSR Corp. | 8,400 | 252 | ||||
Kakaku.com Inc. | 7,900 | 252 | ||||
Hoshizaki Corp. | 2,800 | 247 | ||||
Tokyo Century Corp. | 3,600 | 237 | ||||
Keisei Electric Railway Co. Ltd. | 6,500 | 236 | ||||
Sushiro Global Holdings Ltd. | 5,900 | 221 | ||||
* | Fujita Kanko Inc. | 12,200 | 220 | |||
Nippon Shinyaku Co. Ltd. | 3,200 | 218 | ||||
Maezawa Kasei Industries Co. Ltd. | 23,900 | 214 | ||||
Oracle Corp. Japan | 2,100 | 213 | ||||
Koei Tecmo Holdings Co. Ltd. | 3,800 | 213 | ||||
Japan Post Insurance Co. Ltd. | 10,339 | 213 | ||||
Hakuhodo DY Holdings Inc. | 12,600 | 209 | ||||
Kyushu Railway Co. | 8,000 | 209 | ||||
THK Co. Ltd. | 6,300 | 205 | ||||
Japan Post Bank Co. Ltd. | 21,400 | 205 | ||||
USS Co. Ltd. | 10,500 | 200 | ||||
* | Right On Co. Ltd. | 34,400 | 198 | |||
GLP J-Reit | 120 | 194 | ||||
Nomura Real Estate Master Fund Inc. | 126 | 190 | ||||
Tokyu Fudosan Holdings Corp. | 30,000 | 189 | ||||
Persol Holdings Co. Ltd. | 9,300 | 186 | ||||
Nippon Prologis REIT Inc. | 61 | 186 | ||||
Welcia Holdings Co. Ltd. | 5,800 | 185 | ||||
BayCurrent Consulting Inc. | 900 | 182 | ||||
Asics Corp. | 11,000 | 181 | ||||
PC Depot Corp. | 38,100 | 181 |
Shares | Market Value• ($000) | |||||
Denka Co. Ltd. | 4,700 | 178 | ||||
Rinnai Corp. | 1,700 | 172 | ||||
NET One Systems Co. Ltd. | 5,500 | 171 | ||||
Amada Co. Ltd. | 13,900 | 170 | ||||
Matsumotokiyoshi Holdings Co. Ltd. | 4,200 | 166 | ||||
Open House Co. Ltd. | 4,300 | 165 | ||||
TechnoPro Holdings Inc. | 2,200 | 161 | ||||
Sharp Corp. | 8,400 | 160 | ||||
Iwatani Corp. | 2,800 | 160 | ||||
SCREEN Holdings Co. Ltd. | 2,000 | 157 | ||||
Itochu Techno-Solutions Corp. | 5,000 | 154 | ||||
Rohto Pharmaceutical Co. Ltd. | 5,700 | 153 | ||||
Nichirei Corp. | 5,800 | 151 | ||||
Ito En Ltd. | 2,700 | 149 | ||||
Nifco Inc. | 4,300 | 149 | ||||
Shinsei Bank Ltd. | 10,395 | 149 | ||||
Suzuken Co. Ltd. | 3,800 | 145 | ||||
Goldwin Inc. | 2,100 | 145 | ||||
Nippon Sanso Holdings Corp. | 7,400 | 140 | ||||
Hino Motors Ltd. | 14,300 | 135 | ||||
Tokyo Ohka Kogyo Co. Ltd. | 2,200 | 130 | ||||
Tokyo Tatemono Co. Ltd. | 9,000 | 129 | ||||
J Front Retailing Co. Ltd. | 13,400 | 129 | ||||
Isetan Mitsukoshi Holdings Ltd. | 17,600 | 129 | ||||
House Foods Group Inc. | 3,800 | 127 | ||||
Sumitomo Forestry Co. Ltd. | 7,000 | 126 | ||||
Fancl Corp. | 3,500 | 125 | ||||
Tokai Carbon Co. Ltd. | 9,100 | 124 | ||||
Kagome Co. Ltd. | 4,000 | 119 | ||||
K's Holdings Corp. | 8,700 | 117 | ||||
Advance Residence Investment Corp. | 38 | 116 | ||||
Medipal Holdings Corp. | 5,800 | 115 | ||||
Nankai Electric Railway Co. Ltd. | 4,600 | 111 | ||||
Yamazaki Baking Co. Ltd. | 6,600 | 111 | ||||
Taisho Pharmaceutical Holdings Co. Ltd. | 1,800 | 111 | ||||
Zensho Holdings Co. Ltd. | 4,100 | 110 | ||||
Shimamura Co. Ltd. | 1,100 | 110 | ||||
Calbee Inc. | 4,100 | 108 | ||||
DeNA Co. Ltd. | 5,400 | 107 | ||||
Kyowa Exeo Corp. | 4,100 | 105 | ||||
Ain Holdings Inc. | 1,600 | 104 |
Shares | Market Value• ($000) | |||||
Orix JREIT Inc. | 61 | 104 | ||||
Nihon Unisys Ltd. | 3,600 | 104 | ||||
Nihon Kohden Corp. | 3,800 | 103 | ||||
Cybozu Inc. | 4,700 | 103 | ||||
Shinko Electric Industries Co. Ltd. | 3,800 | 103 | ||||
Mebuki Financial Group Inc. | 47,800 | 102 | ||||
GMO internet Inc. | 3,400 | 101 | ||||
Ulvac Inc. | 2,200 | 100 | ||||
Hirogin Holdings Inc. | 16,900 | 100 | ||||
JTEKT Corp. | 9,100 | 97 | ||||
Kewpie Corp. | 4,500 | 97 | ||||
Tokyo Seimitsu Co. Ltd. | 2,200 | 96 | ||||
SCSK Corp. | 1,600 | 95 | ||||
Lawson Inc. | 2,000 | 94 | ||||
Ezaki Glico Co. Ltd. | 2,300 | 94 | ||||
Zenkoku Hosho Co. Ltd. | 2,000 | 92 | ||||
Morinaga Milk Industry Co. Ltd. | 2,000 | 91 | ||||
Sugi Holdings Co. Ltd. | 1,300 | 90 | ||||
As One Corp. | 700 | 90 | ||||
* | RENOVA Inc. | 2,900 | 90 | |||
Nomura Real Estate Holdings Inc. | 3,900 | 88 | ||||
JCR Pharmaceuticals Co. Ltd. | 2,600 | 88 | ||||
Outsourcing Inc. | 5,700 | 88 | ||||
Acom Co. Ltd. | 19,000 | 85 | ||||
FP Corp. | 2,200 | 85 | ||||
Industrial & Infrastructure Fund Investment Corp. | 49 | 85 | ||||
* | SHIFT Inc. | 700 | 85 | |||
Toyo Seikan Group Holdings Ltd. | 6,700 | 84 | ||||
Seino Holdings Co. Ltd. | 5,900 | 83 | ||||
Nishi-Nippon Railroad Co. Ltd. | 2,900 | 82 | ||||
AEON Financial Service Co. Ltd. | 6,300 | 81 | ||||
Zeon Corp. | 5,500 | 81 | ||||
Mabuchi Motor Co. Ltd. | 1,700 | 76 | ||||
NOK Corp. | 5,500 | 76 | ||||
Aica Kogyo Co. Ltd. | 2,200 | 76 | ||||
Fuji Oil Holdings Inc. | 2,700 | 75 | ||||
Kyushu Financial Group Inc. | 18,500 | 75 | ||||
Furukawa Electric Co. Ltd. | 2,800 | 74 | ||||
Intage Holdings Inc. | 6,900 | 74 | ||||
JAFCO Group Co. Ltd. | 1,200 | 74 | ||||
Japan Prime Realty Investment Corp. | 20 | 73 | ||||
Sanwa Holdings Corp. | 5,900 | 73 | ||||
Jeol Ltd. | 1,900 | 72 | ||||
Daido Steel Co. Ltd. | 1,700 | 71 |
Shares | Market Value• ($000) | |||||
H.U. Group Holdings Inc. | 2,300 | 71 | ||||
* | Mitsubishi Motors Corp. | 24,900 | 71 | |||
GS Yuasa Corp. | 2,400 | 71 | ||||
Toyo Tire Corp. | 4,000 | 70 | ||||
cocokara fine Inc. | 1,000 | 70 | ||||
Nippon Shokubai Co. Ltd. | 1,300 | 69 | ||||
Monex Group Inc. | 8,200 | 69 | ||||
Hachijuni Bank Ltd. | 20,300 | 67 | ||||
Izumi Co. Ltd. | 1,800 | 67 | ||||
Iyo Bank Ltd. | 11,600 | 67 | ||||
Toagosei Co. Ltd. | 6,100 | 67 | ||||
Asahi Holdings Inc. | 1,800 | 67 | ||||
* | Fujikura Ltd. | 13,500 | 66 | |||
Pola Orbis Holdings Inc. | 2,900 | 66 | ||||
* | Kawasaki Kisen Kaisha Ltd. | 3,400 | 65 | |||
Japan Logistics Fund Inc. | 22 | 65 | ||||
Dowa Holdings Co. Ltd. | 1,600 | 64 | ||||
Mitsui High-Tec Inc. | 1,600 | 64 | ||||
Chugoku Bank Ltd. | 7,900 | 63 | ||||
CKD Corp. | 2,900 | 63 | ||||
NEC Networks & System Integration Corp. | 3,800 | 63 | ||||
Topcon Corp. | 5,000 | 63 | ||||
Yamaguchi Financial Group Inc. | 9,900 | 61 | ||||
Sanken Electric Co. Ltd. | 1,200 | 61 | ||||
Daiichikosho Co. Ltd. | 1,500 | 60 | ||||
AEON REIT Investment Corp. | 43 | 60 | ||||
Sawai Pharmaceutical Co. Ltd. | 1,300 | 59 | ||||
Hazama Ando Corp. | 7,900 | 59 | ||||
Morinaga & Co. Ltd. | 1,600 | 58 | ||||
Nagase & Co. Ltd. | 3,700 | 58 | ||||
Systena Corp. | 3,300 | 58 | ||||
Mitsui Fudosan Logistics Park Inc. | 12 | 58 | ||||
Takara Bio Inc. | 2,100 | 57 | ||||
ADEKA Corp. | 3,400 | 57 | ||||
Maruichi Steel Tube Ltd. | 2,500 | 57 | ||||
Nitto Boseki Co. Ltd. | 1,500 | 57 | ||||
Shoei Co. Ltd. | 1,500 | 57 | ||||
LaSalle Logiport REIT | 38 | 57 | ||||
Aeon Mall Co. Ltd. | 3,300 | 56 | ||||
Ushio Inc. | 4,500 | 56 | ||||
Nippon Accommodations Fund Inc. | 10 | 56 | ||||
OSG Corp. | 3,000 | 54 | ||||
Sotetsu Holdings Inc. | 2,300 | 54 | ||||
Mori Hills REIT Investment Corp. | 39 | 54 |
Shares | Market Value• ($000) | |||||
Rengo Co. Ltd. | 6,700 | 54 | ||||
Seven Bank Ltd. | 23,500 | 53 | ||||
Kureha Corp. | 800 | 53 | ||||
Nippon Kanzai Co. Ltd. | 2,700 | 53 | ||||
Takuma Co. Ltd. | 2,700 | 53 | ||||
Kenedix Office Investment Corp. | 8 | 53 | ||||
DIC Corp. | 2,100 | 52 | ||||
DMG Mori Co. Ltd. | 3,400 | 52 | ||||
Toyoda Gosei Co. Ltd. | 2,000 | 52 | ||||
Colowide Co. Ltd. | 2,700 | 52 | ||||
Meitec Corp. | 1,000 | 52 | ||||
Takashimaya Co. Ltd. | 5,000 | 51 | ||||
* | UT Group Co. Ltd. | 1,600 | 51 | |||
Daicel Corp. | 6,800 | 50 | ||||
OKUMA Corp. | 900 | 50 | ||||
* | Yoshinoya Holdings Co. Ltd. | 2,500 | 50 | |||
Iriso Electronics Co. Ltd. | 1,100 | 50 | ||||
Benesse Holdings Inc. | 2,400 | 49 | ||||
Fujitsu General Ltd. | 1,800 | 49 | ||||
Nippon Kayaku Co. Ltd. | 5,000 | 49 | ||||
Tokuyama Corp. | 1,900 | 48 | ||||
Nippo Corp. | 1,800 | 47 | ||||
Gunma Bank Ltd. | 14,300 | 46 | ||||
Sankyu Inc. | 1,100 | 46 | ||||
Digital Garage Inc. | 1,200 | 46 | ||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 8,300 | 45 | ||||
Hokuhoku Financial Group Inc. | 5,000 | 45 | ||||
Wacoal Holdings Corp. | 2,100 | 45 | ||||
TS Tech Co. Ltd. | 1,600 | 45 | ||||
Fuji Seal International Inc. | 2,200 | 45 | ||||
en-japan Inc. | 1,500 | 45 | ||||
Nishimatsu Construction Co. Ltd. | 1,800 | 45 | ||||
Daio Paper Corp. | 2,400 | 45 | ||||
Ariake Japan Co. Ltd. | 700 | 44 | ||||
Hitachi Transport System Ltd. | 1,400 | 44 | ||||
Mitsubishi Logistics Corp. | 1,400 | 44 | ||||
Sumitomo Rubber Industries Ltd. | 3,900 | 44 | ||||
Yokohama Rubber Co. Ltd. | 2,500 | 44 | ||||
Daiseki Co. Ltd. | 1,400 | 44 | ||||
Maruwa Unyu Kikan Co. Ltd. | 2,400 | 44 | ||||
Activia Properties Inc. | 10 | 44 | ||||
Hitachi Capital Corp. | 1,600 | 43 | ||||
Kaneka Corp. | 1,100 | 43 | ||||
Shiga Bank Ltd. | 2,200 | 43 |
Shares | Market Value• ($000) | |||||
Tri Chemical Laboratories Inc. | 1,200 | 43 | ||||
Information Services International-Dentsu Ltd. | 1,200 | 42 | ||||
Kokuyo Co. Ltd. | 2,900 | 42 | ||||
Nojima Corp. | 1,600 | 42 | ||||
Anicom Holdings Inc. | 4,400 | 42 | ||||
Kansai Mirai Financial Group Inc. | 7,500 | 42 | ||||
Toyobo Co. Ltd. | 3,200 | 41 | ||||
Sanrio Co. Ltd. | 2,500 | 41 | ||||
Nippon Light Metal Holdings Co. Ltd. | 2,090 | 41 | ||||
Kenedix Residential Next Investment Corp. | 23 | 41 | ||||
77 Bank Ltd. | 3,000 | 40 | ||||
Musashi Seimitsu Industry Co. Ltd. | 2,400 | 40 | ||||
Fuji Soft Inc. | 800 | 40 | ||||
Hokkoku Bank Ltd. | 1,600 | 40 | ||||
MOS Food Services Inc. | 1,400 | 40 | ||||
Daishi Hokuetsu Financial Group Inc. | 1,800 | 40 | ||||
Milbon Co. Ltd. | 700 | 39 | ||||
Nisshin Oillio Group Ltd. | 1,300 | 39 | ||||
Curves Holdings Co. Ltd. | 4,200 | 39 | ||||
Mirait Holdings Corp. | 2,400 | 38 | ||||
ASKUL Corp. | 1,100 | 37 | ||||
Kiyo Bank Ltd. | 2,700 | 37 | ||||
Mitsuuroko Group Holdings Co. Ltd. | 3,200 | 37 | ||||
Yaoko Co. Ltd. | 600 | 37 | ||||
Starts Proceed Investment Corp. | 18 | 37 | ||||
NIPPON REIT Investment Corp. | 10 | 37 | ||||
Kyudenko Corp. | 1,100 | 36 | ||||
Nippon Electric Glass Co. Ltd. | 1,600 | 36 | ||||
Awa Bank Ltd. | 1,700 | 36 | ||||
Fujimori Kogyo Co. Ltd. | 900 | 36 | ||||
Heiwa Real Estate Co. Ltd. | 1,100 | 36 | ||||
Kisoji Co. Ltd. | 1,600 | 36 | ||||
Ogaki Kyoritsu Bank Ltd. | 1,900 | 36 | ||||
Sumitomo Bakelite Co. Ltd. | 900 | 36 | ||||
* | Create Restaurants Holdings Inc. | 4,500 | 36 | |||
Invesco Office J-Reit Inc. | 219 | 36 | ||||
Kenedix Retail REIT Corp. | 14 | 36 | ||||
Lintec Corp. | 1,600 | 35 | ||||
Nipro Corp. | 2,800 | 35 |
Shares | Market Value• ($000) | |||||
Kurimoto Ltd. | 2,200 | 35 | ||||
Bank of Nagoya Ltd. | 1,300 | 35 | ||||
Nextage Co. Ltd. | 2,200 | 35 | ||||
Daiwa Securities Living Investments Corp. | 36 | 35 | ||||
Takara Leben Real Estate Investment Corp. | 35 | 35 | ||||
Kyokuyo Co. Ltd. | 1,200 | 34 | ||||
Toyo Ink SC Holdings Co. Ltd. | 1,900 | 34 | ||||
S-Pool Inc. | 3,600 | 34 | ||||
Strike Co. Ltd. | 800 | 34 | ||||
* | Aiful Corp. | 12,400 | 33 | |||
Resorttrust Inc. | 1,900 | 33 | ||||
Glory Ltd. | 1,500 | 33 | ||||
* | NTN Corp. | 11,400 | 33 | |||
Fukui Bank Ltd. | 1,900 | 33 | ||||
Joshin Denki Co. Ltd. | 1,200 | 33 | ||||
Juroku Bank Ltd. | 1,800 | 33 | ||||
Ryoyo Electro Corp. | 1,300 | 33 | ||||
Tadano Ltd. | 3,500 | 33 | ||||
Insource Co. Ltd. | 1,600 | 33 | ||||
Comforia Residential REIT Inc. | 11 | 33 | ||||
NHK Spring Co. Ltd. | 4,300 | 32 | ||||
Fujikura Kasei Co. Ltd. | 6,600 | 32 | ||||
Ichikoh Industries Ltd. | 4,600 | 32 | ||||
Saibu Gas Co. Ltd. | 1,200 | 32 | ||||
Paramount Bed Holdings Co. Ltd. | 800 | 32 | ||||
Micronics Japan Co. Ltd. | 2,000 | 31 | ||||
Bank of Okinawa Ltd. | 1,200 | 31 | ||||
Citizen Watch Co. Ltd. | 8,300 | 30 | ||||
Megmilk Snow Brand Co. Ltd. | 1,500 | 30 | ||||
Japan Lifeline Co. Ltd. | 2,400 | 30 | ||||
Shinwa Co. Ltd. | 1,600 | 30 | ||||
Kohnan Shoji Co. Ltd. | 1,100 | 30 | ||||
Infocom Corp. | 1,200 | 30 | ||||
Sumitomo Osaka Cement Co. Ltd. | 900 | 30 | ||||
TKC Corp. | 500 | 30 | ||||
Transcosmos Inc. | 1,200 | 30 | ||||
Star Asia Investment Corp. | 59 | 30 | ||||
Megachips Corp. | 900 | 29 | ||||
Enplas Corp. | 700 | 29 | ||||
San-In Godo Bank Ltd. | 6,400 | 29 | ||||
Japan Material Co. Ltd. | 2,300 | 29 | ||||
Joyful Honda Co. Ltd. | 2,300 | 29 | ||||
Premier Investment Corp. | 21 | 29 | ||||
Toyota Boshoku Corp. | 1,800 | 28 | ||||
Aiphone Co. Ltd. | 1,700 | 28 |
Shares | Market Value• ($000) | |||||
Fuso Pharmaceutical Industries Ltd. | 1,200 | 28 | ||||
Shizuoka Gas Co. Ltd. | 3,200 | 28 | ||||
Organo Corp. | 500 | 28 | ||||
Key Coffee Inc. | 1,400 | 28 | ||||
Okura Industrial Co. Ltd. | 1,600 | 28 | ||||
* | Ringer Hut Co. Ltd. | 1,300 | 28 | |||
Valor Holdings Co. Ltd. | 1,300 | 28 | ||||
Zuiko Corp. | 2,800 | 28 | ||||
Hoshino Resorts REIT Inc. | 5 | 28 | ||||
Mitsubishi Estate Logistics REIT Investment Corp. | 7 | 28 | ||||
Samty Residential Investment Corp. | 26 | 28 | ||||
GMO GlobalSign Holdings KK | 400 | 28 | ||||
Tokai Tokyo Financial Holdings Inc. | 8,000 | 27 | ||||
Hiday Hidaka Corp. | 1,700 | 27 | ||||
Ichibanya Co. Ltd. | 600 | 27 | ||||
Hokkan Holdings Ltd. | 2,000 | 27 | ||||
Kumiai Chemical Industry Co. Ltd. | 3,400 | 27 | ||||
Nippon Seiki Co. Ltd. | 2,300 | 27 | ||||
Artnature Inc. | 4,400 | 27 | ||||
TOKAI Holdings Corp. | 3,100 | 27 | ||||
One REIT Inc. | 10 | 27 | ||||
Canon Marketing Japan Inc. | 1,200 | 26 | ||||
Kintetsu World Express Inc. | 1,000 | 26 | ||||
Mandom Corp. | 1,500 | 26 | ||||
Okamura Corp. | 2,500 | 26 | ||||
San-Ai Oil Co. Ltd. | 2,600 | 26 | ||||
Heiwa Real Estate REIT Inc. | 18 | 26 | ||||
Nippon Paper Industries Co. Ltd. | 1,900 | 25 | ||||
Chuo Spring Co. Ltd. | 900 | 25 | ||||
Tsubakimoto Chain Co. | 900 | 25 | ||||
ValueCommerce Co. Ltd. | 900 | 25 | ||||
North Pacific Bank Ltd. | 10,800 | 25 | ||||
I'll Inc. | 1,600 | 25 | ||||
Nisshinbo Holdings Inc. | 3,200 | 24 | ||||
Bank of the Ryukyus Ltd. | 3,300 | 24 | ||||
KFC Holdings Japan Ltd. | 900 | 24 | ||||
Nomura Co. Ltd. | 3,100 | 24 | ||||
Tocalo Co. Ltd. | 1,900 | 24 | ||||
Riken Technos Corp. | 5,300 | 24 | ||||
Showa Sangyo Co. Ltd. | 800 | 24 | ||||
Topre Corp. | 1,700 | 24 | ||||
Toho Holdings Co. Ltd. | 1,400 | 24 | ||||
Toyo Corp. | 2,400 | 24 |
Shares | Market Value• ($000) | |||||
Yokowo Co. Ltd. | 900 | 24 | ||||
Toridoll Holdings Corp. | 1,700 | 24 | ||||
Bell System24 Holdings Inc. | 1,500 | 24 | ||||
* | Raksul Inc. | 700 | 24 | |||
Tokyu REIT Inc. | 14 | 24 | ||||
Itoham Yonekyu Holdings Inc. | 3,400 | 23 | ||||
Fujiya Co. Ltd. | 1,100 | 23 | ||||
Kyodo Printing Co. Ltd. | 800 | 23 | ||||
Mitsubishi Pencil Co. Ltd. | 1,800 | 23 | ||||
Morita Holdings Corp. | 1,400 | 23 | ||||
Nippon Densetsu Kogyo Co. Ltd. | 1,300 | 23 | ||||
Rock Field Co. Ltd. | 1,600 | 23 | ||||
Yushiro Chemical Industry Co. Ltd. | 2,300 | 23 | ||||
KYORIN Holdings Inc. | 1,300 | 23 | ||||
Monogatari Corp. | 400 | 23 | ||||
Japan Aviation Electronics Industry Ltd. | 1,400 | 22 | ||||
Maeda Road Construction Co. Ltd. | 1,100 | 22 | ||||
Aomori Bank Ltd. | 1,000 | 22 | ||||
Furuno Electric Co. Ltd. | 2,200 | 22 | ||||
Nagaileben Co. Ltd. | 900 | 22 | ||||
Okasan Securities Group Inc. | 5,900 | 22 | ||||
Riken Keiki Co. Ltd. | 900 | 22 | ||||
* | Royal Holdings Co. Ltd. | 1,200 | 22 | |||
* | Toho Co. Ltd. (Kobe) | 1,300 | 22 | |||
Tsugami Corp. | 1,500 | 22 | ||||
Earth Corp. | 400 | 22 | ||||
Daito Pharmaceutical Co. Ltd. | 700 | 22 | ||||
United Arrows Ltd. | 1,100 | 21 | ||||
Chuetsu Pulp & Paper Co. Ltd. | 1,900 | 21 | ||||
Cosel Co. Ltd. | 2,100 | 21 | ||||
Central Sports Co. Ltd. | 900 | 21 | ||||
Adastria Co. Ltd. | 1,100 | 21 | ||||
Eizo Corp. | 600 | 21 | ||||
JP-Holdings Inc. | 7,800 | 21 | ||||
Ryoden Corp. | 1,400 | 21 | ||||
Sanyo Denki Co. Ltd. | 400 | 21 | ||||
Seiren Co. Ltd. | 1,200 | 21 | ||||
Taikisha Ltd. | 800 | 21 | ||||
Ohara Inc. | 1,100 | 21 | ||||
UACJ Corp. | 900 | 21 | ||||
Restar Holdings Corp. | 1,100 | 21 | ||||
Hulic Reit Inc. | 13 | 21 | ||||
Belluna Co. Ltd. | 2,000 | 20 | ||||
* | Kappa Create Co. Ltd. | 1,400 | 20 | |||
Kato Sangyo Co. Ltd. | 600 | 20 |
Shares | Market Value• ($000) | |||||
Achilles Corp. | 1,500 | 20 | ||||
Tokyo Electron Device Ltd. | 600 | 20 | ||||
Nihon Parkerizing Co. Ltd. | 2,000 | 20 | ||||
Mitsubishi Logisnext Co. Ltd. | 1,900 | 20 | ||||
Noritsu Koki Co. Ltd. | 900 | 20 | ||||
* | Sagami Holdings Corp. | 1,800 | 20 | |||
Senko Group Holdings Co. Ltd. | 2,100 | 20 | ||||
ASKA Pharmaceutical Co. Ltd. | 1,600 | 20 | ||||
Torishima Pump Manufacturing Co. Ltd. | 2,600 | 20 | ||||
Toyo Kanetsu KK | 800 | 20 | ||||
MCJ Co. Ltd. | 2,300 | 20 | ||||
Takamiya Co. Ltd. | 4,200 | 20 | ||||
SB Technology Corp. | 700 | 20 | ||||
TechMatrix Corp. | 1,300 | 20 | ||||
Japan Securities Finance Co. Ltd. | 3,400 | 19 | ||||
Keihanshin Building Co. Ltd. | 1,300 | 19 | ||||
Mitsubishi Paper Mills Ltd. | 5,800 | 19 | ||||
Mochida Pharmaceutical Co. Ltd. | 500 | 19 | ||||
Nissha Co. Ltd. | 1,500 | 19 | ||||
Totetsu Kogyo Co. Ltd. | 800 | 19 | ||||
Global One Real Estate Investment Corp. | 17 | 19 | ||||
Fukuoka REIT Corp. | 12 | 19 | ||||
Exedy Corp. | 1,200 | 18 | ||||
Nishi-Nippon Financial Holdings Inc. | 2,700 | 18 | ||||
Koa Corp. | 1,300 | 18 | ||||
Mitsui-Soko Holdings Co. Ltd. | 900 | 18 | ||||
Nichicon Corp. | 1,800 | 18 | ||||
Toshiba TEC Corp. | 500 | 18 | ||||
* | Vision Inc. | 1,600 | 18 | |||
Fujio Food Group Inc. | 1,400 | 18 | ||||
Argo Graphics Inc. | 600 | 17 | ||||
Studio Alice Co. Ltd. | 900 | 17 | ||||
Meiko Network Japan Co. Ltd. | 3,200 | 17 | ||||
* | Leopalace21 Corp. | 13,500 | 17 | |||
Nanto Bank Ltd. | 1,000 | 17 | ||||
Nippon Suisan Kaisha Ltd. | 3,600 | 17 | ||||
Noritake Co. Ltd. | 500 | 17 | ||||
Nissin Corp. | 1,300 | 17 | ||||
Daihen Corp. | 400 | 17 | ||||
Shinko Shoji Co. Ltd. | 2,400 | 17 | ||||
Tokushu Tokai Paper Co. Ltd. | 400 | 17 |
Shares | Market Value• ($000) | |||||
Broadleaf Co. Ltd. | 3,600 | 17 | ||||
Tokyo Kiraboshi Financial Group Inc. | 1,500 | 17 | ||||
Maxvalu Tokai Co. Ltd. | 700 | 17 | ||||
IDOM Inc. | 2,700 | 16 | ||||
Alpha Systems Inc. | 500 | 16 | ||||
Hanwa Co. Ltd. | 600 | 16 | ||||
Hokuto Corp. | 800 | 16 | ||||
Marudai Food Co. Ltd. | 1,000 | 16 | ||||
Mizuno Corp. | 800 | 16 | ||||
Oiles Corp. | 1,000 | 16 | ||||
Optex Group Co. Ltd. | 1,100 | 16 | ||||
* | Plenus Co. Ltd. | 900 | 16 | |||
Ryosan Co. Ltd. | 800 | 16 | ||||
ST Corp. | 900 | 16 | ||||
Japan Transcity Corp. | 3,200 | 16 | ||||
Mizuho Leasing Co. Ltd. | 500 | 16 | ||||
Taiko Pharmaceutical Co. Ltd. | 1,300 | 16 | ||||
Media Do Co. Ltd. | 300 | 16 | ||||
Okumura Corp. | 600 | 15 | ||||
Ehime Bank Ltd. | 1,600 | 15 | ||||
Eiken Chemical Co. Ltd. | 800 | 15 | ||||
Ichiyoshi Securities Co. Ltd. | 2,700 | 15 | ||||
Ines Corp. | 1,200 | 15 | ||||
Musashino Bank Ltd. | 1,000 | 15 | ||||
Nichi-iko Pharmaceutical Co. Ltd. | 1,700 | 15 | ||||
Nissan Shatai Co. Ltd. | 2,100 | 15 | ||||
Noritz Corp. | 1,000 | 15 | ||||
Shibuya Corp. | 500 | 15 | ||||
Tachibana Eletech Co. Ltd. | 1,000 | 15 | ||||
Yushin Precision Equipment Co. Ltd. | 1,700 | 15 | ||||
Yokogawa Bridge Holdings Corp. | 800 | 15 | ||||
Kyokuto Securities Co. Ltd. | 2,000 | 15 | ||||
Koshidaka Holdings Co. Ltd. | 2,800 | 15 | ||||
Create SD Holdings Co. Ltd. | 500 | 15 | ||||
Enigmo Inc. | 1,400 | 15 | ||||
* | Atrae Inc. | 500 | 15 | |||
Happinet Corp. | 1,000 | 14 | ||||
Avex Inc. | 1,000 | 14 | ||||
Aichi Bank Ltd. | 500 | 14 | ||||
Fuso Chemical Co. Ltd. | 400 | 14 | ||||
Hioki EE Corp. | 400 | 14 | ||||
Tsukuba Bank Ltd. | 7,900 | 14 | ||||
Kenko Mayonnaise Co. Ltd. | 800 | 14 | ||||
Kita-Nippon Bank Ltd. | 800 | 14 |
Shares | Market Value• ($000) | |||||
Maruzen Showa Unyu Co. Ltd. | 500 | 14 | ||||
Oita Bank Ltd. | 700 | 14 | ||||
WATAMI Co. Ltd. | 1,500 | 14 | ||||
World Holdings Co. Ltd. | 600 | 14 | ||||
Linical Co. Ltd. | 1,900 | 14 | ||||
Macromill Inc. | 1,700 | 14 | ||||
Hankyu Hanshin REIT Inc. | 10 | 14 | ||||
Japan Excellent Inc. | 11 | 14 | ||||
Autobacs Seven Co. Ltd. | 1,000 | 13 | ||||
Tomy Co. Ltd. | 1,400 | 13 | ||||
Toppan Forms Co. Ltd. | 1,400 | 13 | ||||
Relia Inc. | 1,000 | 13 | ||||
Keiyo Bank Ltd. | 3,100 | 13 | ||||
BML Inc. | 400 | 13 | ||||
* | FDK Corp. | 1,000 | 13 | |||
Axial Retailing Inc. | 300 | 13 | ||||
Hodogaya Chemical Co. Ltd. | 300 | 13 | ||||
Nitta Corp. | 600 | 13 | ||||
Sanshin Electronics Co. Ltd. | 700 | 13 | ||||
Shima Seiki Manufacturing Ltd. | 600 | 13 | ||||
Tochigi Bank Ltd. | 8,000 | 13 | ||||
Zojirushi Corp. | 800 | 13 | ||||
Fuyo General Lease Co. Ltd. | 200 | 13 | ||||
JCU Corp. | 400 | 13 | ||||
Alpen Co. Ltd. | 600 | 13 | ||||
Duskin Co. Ltd. | 500 | 13 | ||||
Link & Motivation Inc. | 2,600 | 13 | ||||
TOMONY Holdings Inc. | 4,400 | 13 | ||||
Feed One Co. Ltd. | 1,580 | 13 | ||||
Japan Medical Dynamic Marketing Inc. | 700 | 13 | ||||
Proto Corp. | 1,200 | 13 | ||||
Mori Trust Hotel Reit Inc. | 10 | 13 | ||||
Daiichi Jitsugyo Co. Ltd. | 300 | 12 | ||||
Roland DG Corp. | 700 | 12 | ||||
Geo Holdings Corp. | 1,100 | 12 | ||||
Hosokawa Micron Corp. | 200 | 12 | ||||
Kitagawa Corp. | 900 | 12 | ||||
Maeda Corp. | 1,400 | 12 | ||||
Marvelous Inc. | 1,400 | 12 | ||||
Matsuda Sangyo Co. Ltd. | 700 | 12 | ||||
Hyakugo Bank Ltd. | 4,200 | 12 | ||||
Prima Meat Packers Ltd. | 400 | 12 | ||||
Rokko Butter Co. Ltd. | 800 | 12 | ||||
Shimizu Bank Ltd. | 800 | 12 |
Shares | Market Value• ($000) | |||||
SWCC Showa Holdings Co. Ltd. | 800 | 12 | ||||
Shin Nippon Air Technologies Co. Ltd. | 600 | 12 | ||||
Sumida Corp. | 1,300 | 12 | ||||
Sumitomo Warehouse Co. Ltd. | 900 | 12 | ||||
Unipres Corp. | 1,400 | 12 | ||||
Yodogawa Steel Works Ltd. | 600 | 12 | ||||
Starzen Co. Ltd. | 300 | 12 | ||||
Yonex Co. Ltd. | 2,000 | 12 | ||||
Hirata Corp. | 200 | 12 | ||||
BeNEXT Group Inc. | 900 | 12 | ||||
Pasona Group Inc. | 700 | 12 | ||||
ARTERIA Networks Corp. | 800 | 12 | ||||
Maruha Nichiro Corp. | 500 | 12 | ||||
Yamashin-Filter Corp. | 1,500 | 12 | ||||
Moriroku Holdings Co. Ltd. | 600 | 12 | ||||
Mirai Corp. | 28 | 12 | ||||
Matsui Securities Co. Ltd. | 1,300 | 11 | ||||
Bank of Saga Ltd. | 800 | 11 | ||||
MTI Ltd. | 1,400 | 11 | ||||
Fukushima Galilei Co. Ltd. | 300 | 11 | ||||
Fujimi Inc. | 300 | 11 | ||||
Fujibo Holdings Inc. | 300 | 11 | ||||
Elematec Corp. | 1,200 | 11 | ||||
Miyazaki Bank Ltd. | 500 | 11 | ||||
Kaga Electronics Co. Ltd. | 500 | 11 | ||||
Komatsu Matere Co. Ltd. | 1,200 | 11 | ||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 800 | 11 | ||||
Kyosan Electric Manufacturing Co. Ltd. | 2,800 | 11 | ||||
Halows Co. Ltd. | 400 | 11 | ||||
Ichigo Inc. | 3,400 | 11 | ||||
Nichiha Corp. | 400 | 11 | ||||
* | Nippon Chemi-Con Corp. | 700 | 11 | |||
Nissin Electric Co. Ltd. | 900 | 11 | ||||
Nippon Koei Co. Ltd. | 400 | 11 | ||||
Okamoto Industries Inc. | 300 | 11 | ||||
Pacific Metals Co. Ltd. | 500 | 11 | ||||
Riso Kagaku Corp. | 900 | 11 | ||||
Shikoku Bank Ltd. | 1,600 | 11 | ||||
SMK Corp. | 400 | 11 | ||||
Toho Bank Ltd. | 5,700 | 11 | ||||
Shibaura Machine Co. Ltd. | 400 | 11 | ||||
Towa Bank Ltd. | 1,700 | 11 |
Shares | Market Value• ($000) | |||||
Japan Best Rescue System Co. Ltd. | 1,300 | 11 | ||||
Mie Kotsu Group Holdings Inc. | 2,300 | 11 | ||||
Fixstars Corp. | 1,200 | 11 | ||||
G-7 Holdings Inc. | 500 | 11 | ||||
SKY Perfect JSAT Holdings Inc. | 2,300 | 10 | ||||
Belc Co. Ltd. | 200 | 10 | ||||
Teikoku Electric Manufacturing Co. Ltd. | 900 | 10 | ||||
* | Descente Ltd. | 600 | 10 | |||
V Technology Co. Ltd. | 200 | 10 | ||||
DyDo Group Holdings Inc. | 200 | 10 | ||||
Itoki Corp. | 2,900 | 10 | ||||
Matsuyafoods Holdings Co. Ltd. | 300 | 10 | ||||
Michinoku Bank Ltd. | 1,000 | 10 | ||||
Miroku Jyoho Service Co. Ltd. | 500 | 10 | ||||
Nichiden Corp. | 500 | 10 | ||||
Valqua Ltd. | 500 | 10 | ||||
Hyakujushi Bank Ltd. | 700 | 10 | ||||
Honeys Holdings Co. Ltd. | 1,000 | 10 | ||||
Tosei Corp. | 1,100 | 10 | ||||
T-Gaia Corp. | 600 | 10 | ||||
Tachi-S Co. Ltd. | 1,000 | 10 | ||||
Takasago Thermal Engineering Co. Ltd. | 700 | 10 | ||||
Taiyo Holdings Co. Ltd. | 200 | 10 | ||||
TPR Co. Ltd. | 700 | 10 | ||||
Pack Corp. | 400 | 10 | ||||
Tonami Holdings Co. Ltd. | 200 | 10 | ||||
Toli Corp. | 4,500 | 10 | ||||
Tsurumi Manufacturing Co. Ltd. | 600 | 10 | ||||
Asahi Co. Ltd. | 700 | 10 | ||||
Gurunavi Inc. | 1,600 | 10 | ||||
San ju San Financial Group Inc. | 800 | 10 | ||||
CMK Corp. | 2,400 | 9 | ||||
Chugoku Marine Paints Ltd. | 1,000 | 9 | ||||
Godo Steel Ltd. | 500 | 9 | ||||
PIA Corp. | 300 | 9 | ||||
Kanaden Corp. | 800 | 9 | ||||
Piolax Inc. | 600 | 9 | ||||
Nippon Signal Co. Ltd. | 1,000 | 9 | ||||
Sekisui Jushi Corp. | 500 | 9 | ||||
Toa Corp. | 400 | 9 | ||||
Doutor Nichires Holdings Co. Ltd. | 600 | 9 | ||||
YAMABIKO Corp. | 900 | 9 |
Shares | Market Value• ($000) | |||||
Senshu Ikeda Holdings Inc. | 5,700 | 9 | ||||
* | CHIMNEY Co. Ltd. | 700 | 9 | |||
World Co. Ltd. | 700 | 9 | ||||
Nisso Corp. | 1,200 | 9 | ||||
* | Japan Display Inc. | 19,700 | 9 | |||
KH Neochem Co. Ltd. | 400 | 9 | ||||
Advan Co. Ltd. | 800 | 8 | ||||
Central Glass Co. Ltd. | 400 | 8 | ||||
Chukyo Bank Ltd. | 500 | 8 | ||||
Dai Nippon Toryo Co. Ltd. | 1,000 | 8 | ||||
* | Daisyo Corp. | 800 | 8 | |||
Idec Corp. | 500 | 8 | ||||
Kansai Super Market Ltd. | 800 | 8 | ||||
Koatsu Gas Kogyo Co. Ltd. | 1,200 | 8 | ||||
Okinawa Electric Power Co. Inc. | 630 | 8 | ||||
Dai-Dan Co. Ltd. | 300 | 8 | ||||
Tokai Corp. | 400 | 8 | ||||
Uchida Yoko Co. Ltd. | 200 | 8 | ||||
Gree Inc. | 1,600 | 8 | ||||
Orient Corp. | 5,000 | 7 | ||||
* | KNT-CT Holdings Co. Ltd. | 600 | 7 | |||
Neturen Co. Ltd. | 1,500 | 7 | ||||
Oki Electric Industry Co. Ltd. | 700 | 7 | ||||
Okuwa Co. Ltd. | 700 | 7 | ||||
Raito Kogyo Co. Ltd. | 400 | 7 | ||||
Sinko Industries Ltd. | 400 | 7 | ||||
Solasto Corp. | 500 | 7 | ||||
H2O Retailing Corp. | 700 | 6 | ||||
Gakken Holdings Co. Ltd. | 400 | 6 | ||||
PAL GROUP Holdings Co. Ltd. | 400 | 6 | ||||
Sumitomo Mitsui Construction Co. Ltd. | 1,300 | 6 | ||||
Nippon Soda Co. Ltd. | 200 | 6 | ||||
Nitto Kogyo Corp. | 300 | 6 | ||||
Riken Vitamin Co. Ltd. | 500 | 6 | ||||
Shinmaywa Industries Ltd. | 700 | 6 | ||||
NS United Kaiun Kaisha Ltd. | 400 | 6 | ||||
Taki Chemical Co. Ltd. | 100 | 6 | ||||
Towa Pharmaceutical Co. Ltd. | 300 | 6 | ||||
* | J Trust Co. Ltd. | 2,100 | 5 | |||
Chiyoda Integre Co. Ltd. | 300 | 5 | ||||
Computer Engineering & Consulting Ltd. | 400 | 5 | ||||
Kanematsu Corp. | 400 | 5 |
Shares | Market Value• ($000) | |||||
Ohsho Food Service Corp. | 100 | 5 | ||||
Pacific Industrial Co. Ltd. | 500 | 5 | ||||
Sanoh Industrial Co. Ltd. | 600 | 5 | ||||
* | Akebono Brake Industry Co. Ltd. | 2,700 | 4 | |||
Obara Group Inc. | 100 | 4 | ||||
Kameda Seika Co. Ltd. | 100 | 4 | ||||
Kanamoto Co. Ltd. | 200 | 4 | ||||
Sangetsu Corp. | 300 | 4 | ||||
* | Toho Zinc Co. Ltd. | 200 | 4 | |||
Yahagi Construction Co. Ltd. | 500 | 4 | ||||
KAWADA TECHNOLOGIES Inc. | 100 | 4 | ||||
Sankyo Tateyama Inc. | 500 | 4 | ||||
Japan Metropolitan Fund Investment | 3 | 3 | ||||
Future Corp. | 200 | 3 | ||||
Gunze Ltd. | 100 | 3 | ||||
Seiko Holdings Corp. | 200 | 3 | ||||
* | Nippon Sheet Glass Co. Ltd. | 600 | 3 | |||
Nippon Thompson Co. Ltd. | 500 | 3 | ||||
Press Kogyo Co. Ltd. | 1,000 | 3 | ||||
Qol Holdings Co. Ltd. | 200 | 3 | ||||
Futaba Industrial Co. Ltd. | 500 | 2 | ||||
Riken Corp. | 100 | 2 | ||||
Tamron Co. Ltd. | 100 | 2 | ||||
316,463 | ||||||
Kuwait (0.2%) | ||||||
National Bank of Kuwait SAKP | 464,854 | 1,266 | ||||
Kuwait Finance House KSCP | 271,688 | 645 | ||||
Mobile Telecommunications Co. KSCP | 138,233 | 285 | ||||
Agility Public Warehousing Co. KSC | 91,224 | 198 | ||||
Gulf Bank KSCP | 135,600 | 97 | ||||
* | Warba Bank KSCP | 97,960 | 75 | |||
Mabanee Co. KPSC | 30,322 | 70 | ||||
National Industries Group Holding SAK | 83,406 | 52 | ||||
Kuwait International Bank KSCP | 78,096 | 51 | ||||
Burgan Bank SAK | 64,356 | 47 |
Shares | Market Value• ($000) | |||||
* | Alimtiaz Investment Group KSC | 101,143 | 37 | |||
Integrated Holding Co. KCSC | 21,901 | 30 | ||||
2,853 | ||||||
Malaysia (0.6%) | ||||||
Public Bank Bhd. | 1,198,400 | 1,230 | ||||
Malayan Banking Bhd. | 441,400 | 875 | ||||
CIMB Group Holdings Bhd. | 524,100 | 560 | ||||
Top Glove Corp. Bhd. | 419,000 | 541 | ||||
Press Metal Aluminium Holdings Bhd. | 194,300 | 464 | ||||
Petronas Chemicals Group Bhd. | 197,200 | 361 | ||||
Axiata Group Bhd. | 350,700 | 307 | ||||
Sime Darby Plantation Bhd. | 235,400 | 284 | ||||
Hartalega Holdings Bhd. | 108,000 | 266 | ||||
DiGi.Com Bhd. | 276,700 | 253 | ||||
IOI Corp. Bhd. | 227,000 | 240 | ||||
Maxis Bhd. | 204,600 | 240 | ||||
IHH Healthcare Bhd. | 180,800 | 227 | ||||
MISC Bhd. | 133,874 | 224 | ||||
PPB Group Bhd. | 45,400 | 211 | ||||
Sime Darby Bhd. | 364,000 | 204 | ||||
Hong Leong Bank Bhd. | 43,900 | 195 | ||||
Kuala Lumpur Kepong Bhd. | 33,000 | 192 | ||||
AMMB Holdings Bhd. | 233,300 | 182 | ||||
Nestle Malaysia Bhd. | 4,900 | 167 | ||||
Petronas Gas Bhd. | 36,800 | 149 | ||||
RHB Bank Bhd. | 109,000 | 146 | ||||
HAP Seng Consolidated Bhd. | 67,400 | 142 | ||||
Supermax Corp. Bhd. | 116,108 | 138 | ||||
Inari Amertron Bhd. | 154,400 | 137 | ||||
* | Gamuda Bhd. | 165,200 | 136 | |||
Frontken Corp. Bhd. | 96,400 | 123 | ||||
QL Resources Bhd. | 74,800 | 114 | ||||
Bursa Malaysia Bhd. | 49,900 | 112 | ||||
TIME dotCom Bhd. | 31,700 | 109 | ||||
Telekom Malaysia Bhd. | 70,582 | 107 | ||||
VS Industry Bhd. | 138,400 | 102 | ||||
IJM Corp. Bhd. | 260,700 | 101 | ||||
Genting Plantations Bhd. | 41,700 | 98 | ||||
Malaysia Airports Holdings Bhd. | 61,900 | 91 | ||||
IGB REIT | 211,300 | 88 | ||||
Kossan Rubber Industries | 89,100 | 87 | ||||
* | Alliance Bank Malaysia Bhd. | 128,600 | 84 | |||
Yinson Holdings Bhd. | 61,400 | 81 | ||||
Pentamaster Corp. Bhd. | 46,050 | 71 |
Shares | Market Value• ($000) | |||||
Malakoff Corp. Bhd. | 352,700 | 70 | ||||
Hong Leong Financial Group Bhd. | 15,600 | 65 | ||||
ViTrox Corp. Bhd. | 15,100 | 64 | ||||
My EG Services Bhd. | 119,600 | 62 | ||||
Pavilion REIT | 183,300 | 62 | ||||
Westports Holdings Bhd. | 56,800 | 57 | ||||
AEON Credit Service M Bhd. | 17,300 | 50 | ||||
Sunway Bhd. | 125,200 | 46 | ||||
KPJ Healthcare Bhd. | 163,000 | 40 | ||||
Scientex Bhd. | 38,400 | 38 | ||||
IOI Properties Group Bhd. | 113,600 | 38 | ||||
Bermaz Auto Bhd. | 110,700 | 37 | ||||
Sunway Construction Group Bhd. | 88,900 | 37 | ||||
* | YTL Corp. Bhd. | 215,863 | 35 | |||
Fraser & Neave Holdings Bhd. | 4,400 | 34 | ||||
Sime Darby Property Bhd. | 240,500 | 34 | ||||
Padini Holdings Bhd. | 40,200 | 29 | ||||
Muhibbah Engineering M Bhd. | 115,300 | 26 | ||||
Malaysia Building Society Bhd. | 145,400 | 24 | ||||
* | AirAsia Group Bhd. | 98,700 | 22 | |||
Cahya Mata Sarawak Bhd. | 36,800 | 21 | ||||
Malaysian Resources Corp. Bhd. | 157,800 | 16 | ||||
* | UEM Sunrise Bhd. | 131,300 | 13 | |||
SP Setia Bhd. Group | 54,100 | 12 | ||||
* | Pos Malaysia Bhd. | 56,800 | 12 | |||
Leong Hup International Bhd. | 68,700 | 12 | ||||
Astro Malaysia Holdings Bhd. | 44,400 | 10 | ||||
10,405 | ||||||
Mexico (0.6%) | ||||||
America Movil SAB de CV | 2,532,341 | 1,621 | ||||
* | Grupo Financiero Banorte SAB de CV | 267,100 | 1,341 | |||
Fomento Economico Mexicano SAB de CV | 183,023 | 1,252 | ||||
Wal-Mart de Mexico SAB de CV | 419,700 | 1,197 | ||||
* | Cemex SAB de CV | 1,513,300 | 1,008 | |||
Grupo Bimbo SAB de CV Class A | 290,234 | 545 | ||||
3 | Macquarie Mexico Real Estate Management SA de CV | 310,263 | 374 |
Shares | Market Value• ($000) | |||||
* | Grupo Aeroportuario del Pacifico SAB de CV Class B | 23,900 | 242 | |||
Grupo Elektra SAB de CV | 3,455 | 229 | ||||
Fibra Uno Administracion SA de CV | 200,100 | 226 | ||||
* | Grupo Aeroportuario del Sureste SAB de CV Class B | 10,565 | 198 | |||
PLA Administradora Industrial S de RL de CV | 104,100 | 147 | ||||
Gruma SAB de CV Class B | 11,925 | 130 | ||||
* | Grupo Aeroportuario del Centro Norte SAB de CV Class B | 22,200 | 129 | |||
Orbia Advance Corp. SAB de CV | 51,600 | 120 | ||||
* | Grupo Financiero Inbursa SAB de CV | 130,700 | 118 | |||
* | Industrias Penoles SAB de CV | 7,930 | 109 | |||
* | Infraestructura Energetica Nova SAB de CV | 29,600 | 103 | |||
Coca-Cola Femsa SAB de CV | 18,285 | 77 | ||||
* | Controladora Vuela Cia de Aviacion SAB de CV Class A | 49,600 | 75 | |||
Bolsa Mexicana de Valores SAB de CV | 33,500 | 69 | ||||
* | Telesites SAB de CV | 75,400 | 67 | |||
Prologis Property Mexico SA de CV | 32,474 | 66 | ||||
* | Regional SAB de CV | 14,000 | 63 | |||
La Comer SAB de CV | 30,000 | 61 | ||||
* | Grupo Carso SAB de CV | 23,600 | 58 | |||
Arca Continental SAB de CV | 12,900 | 58 | ||||
Corp. Inmobiliaria Vesta SAB de CV | 26,400 | 50 | ||||
Qualitas Controladora SAB de CV | 9,100 | 50 | ||||
Kimberly-Clark de Mexico SAB de CV Class A | 30,500 | 49 | ||||
Grupo Cementos de Chihuahua SAB de CV | 7,900 | 49 | ||||
*,3 | Banco del Bajio SA | 41,500 | 48 | |||
Grupo Herdez SAB de CV | 22,400 | 45 | ||||
* | Genomma Lab Internacional SAB de CV Class B | 40,500 | 41 | |||
* | Gentera SAB de CV | 76,600 | 39 |
Shares | Market Value• ($000) | |||||
* | Alsea SAB de CV | 29,400 | 36 | |||
* | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 34,300 | 32 | |||
Concentradora Fibra Danhos SA de CV | 25,700 | 32 | ||||
* | Axtel SAB de CV | 100,863 | 25 | |||
Grupo Comercial Chedraui SA de CV | 16,200 | 25 | ||||
* | Unifin Financiera SAB de CV | 19,474 | 23 | |||
* | Grupo Rotoplas SAB de CV | 16,769 | 22 | |||
El Puerto de Liverpool SAB de CV | 5,800 | 18 | ||||
* | Credito Real SAB de CV SOFOM ER | 32,300 | 17 | |||
Grupo Lala SAB de CV Class B | 22,900 | 16 | ||||
3 | Nemak SAB de CV | 33,200 | 10 | |||
10,310 | ||||||
Netherlands (2.9%) | ||||||
ASML Holding NV | 31,476 | 17,851 | ||||
*,3 | Adyen NV | 2,154 | 5,026 | |||
* | Prosus NV | 33,637 | 4,010 | |||
* | Koninklijke Philips NV | 72,513 | 3,959 | |||
ING Groep NV | 306,563 | 3,358 | ||||
Koninklijke DSM NV | 14,523 | 2,395 | ||||
Koninklijke Ahold Delhaize NV | 82,702 | 2,184 | ||||
Wolters Kluwer NV | 23,078 | 1,829 | ||||
Akzo Nobel NV | 16,983 | 1,756 | ||||
Koninklijke KPN NV | 331,697 | 1,087 | ||||
NN Group NV | 22,867 | 1,056 | ||||
ASM International NV | 3,837 | 1,035 | ||||
IMCD NV | 6,865 | 845 | ||||
* | Randstad NV | 12,161 | 813 | |||
Aegon NV | 152,804 | 732 | ||||
ASR Nederland NV | 16,487 | 689 | ||||
TKH Group NV | 7,433 | 371 | ||||
*,3 | ABN AMRO Bank NV | 29,805 | 343 | |||
*,3 | Signify NV | 7,617 | 332 | |||
* | Galapagos NV | 3,835 | 317 | |||
BE Semiconductor Industries NV | 4,094 | 309 | ||||
Koninklijke Vopak NV | 4,860 | 232 | ||||
Corbion NV | 3,441 | 196 | ||||
* | Boskalis Westminster | 4,957 | 153 | |||
* | PostNL NV | 26,890 | 114 | |||
*,3 | Basic-Fit NV | 2,409 | 102 | |||
* | OCI NV | 4,004 | 86 | |||
APERAM SA | 1,818 | 76 | ||||
*,3 | GrandVision NV | 2,361 | 72 |
Shares | Market Value• ($000) | |||||
* | Eurocommercial Properties NV | 3,038 | 64 | |||
*,3 | Intertrust NV | 3,923 | 64 | |||
3 | Flow Traders | 1,304 | 53 | |||
* | Sligro Food Group NV | 1,092 | 26 | |||
NSI NV | 593 | 24 | ||||
Vastned Retail NV | 701 | 20 | ||||
* | Wereldhave NV | 895 | 15 | |||
* | Accell Group NV | 378 | 14 | |||
* | TomTom NV | 1,235 | 12 | |||
51,620 | ||||||
New Zealand (0.3%) | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 50,928 | 1,083 | ||||
Spark New Zealand Ltd. | 251,012 | 832 | ||||
* | Auckland International Airport Ltd. | 139,564 | 762 | |||
* | a2 Milk Co. Ltd. | 73,620 | 518 | |||
Contact Energy Ltd. | 100,541 | 495 | ||||
Meridian Energy Ltd. | 90,581 | 373 | ||||
Ryman Healthcare Ltd. | 22,205 | 234 | ||||
Fletcher Building Ltd. | 41,932 | 196 | ||||
Infratil Ltd. | 30,393 | 162 | ||||
Mercury NZ Ltd. | 35,759 | 156 | ||||
Chorus Ltd. | 24,295 | 139 | ||||
EBOS Group Ltd. | 5,104 | 105 | ||||
* | Pushpay Holdings Ltd. | 74,424 | 92 | |||
Summerset Group Holdings Ltd. | 7,897 | 73 | ||||
Goodman Property Trust | 41,081 | 66 | ||||
Argosy Property Ltd. | 44,106 | 47 | ||||
Kiwi Property Group Ltd. | 52,969 | 46 | ||||
Freightways Ltd. | 4,706 | 36 | ||||
Precinct Properties New Zealand Ltd. | 28,678 | 34 | ||||
Vital Healthcare Property Trust | 14,834 | 33 | ||||
* | Air New Zealand Ltd. | 26,170 | 30 | |||
* | Kathmandu Holdings Ltd. | 32,990 | 30 | |||
Heartland Group Holdings Ltd. | 21,745 | 30 | ||||
Arvida Group Ltd. | 11,767 | 14 | ||||
* | Tourism Holdings Ltd. | 8,218 | 13 | |||
* | Vista Group International Ltd. | 9,184 | 11 | |||
Scales Corp. Ltd. | 3,089 | 10 | ||||
* | Synlait Milk Ltd. | 1,759 | 5 | |||
5,625 | ||||||
Norway (0.5%) | ||||||
DNB ASA | 86,165 | 1,674 | ||||
Mowi ASA | 42,569 | 1,027 | ||||
Yara International ASA | 19,417 | 933 | ||||
Telenor ASA | 57,486 | 929 |
Shares | Market Value• ($000) | |||||
Norsk Hydro ASA | 155,310 | 860 | ||||
* | Storebrand ASA | 80,918 | 690 | |||
* | Nordic Semiconductor ASA | 27,319 | 515 | |||
TOMRA Systems ASA | 11,827 | 505 | ||||
* | NEL ASA | 116,241 | 337 | |||
* | Schibsted ASA Class B | 8,701 | 298 | |||
3 | Scatec ASA | 8,545 | 247 | |||
3 | Entra ASA | 9,765 | 203 | |||
* | Adevinta ASA | 14,003 | 195 | |||
* | Bakkafrost P/F | 2,692 | 191 | |||
Salmar ASA | 2,436 | 160 | ||||
Gjensidige Forsikring ASA | 5,807 | 133 | ||||
* | Schibsted ASA Class A | 2,950 | 119 | |||
Borregaard ASA | 4,990 | 94 | ||||
* | Norwegian Finans Holding ASA | 8,395 | 74 | |||
Aker ASA Class A | 881 | 71 | ||||
* | SpareBank 1 SR-Bank ASA | 6,069 | 70 | |||
3 | BW LPG Ltd. | 11,690 | 69 | |||
SpareBank 1 SMN | 5,532 | 64 | ||||
* | Atea ASA | 3,166 | 53 | |||
Leroy Seafood Group ASA | 5,955 | 48 | ||||
Veidekke ASA | 3,082 | 40 | ||||
*,3 | Sbanken ASA | 3,743 | 36 | |||
* | Frontline Ltd. | 4,078 | 28 | |||
Austevoll Seafood ASA | 1,525 | 17 | ||||
3 | Elkem ASA | 4,052 | 14 | |||
* | Grieg Seafood ASA | 1,064 | 10 | |||
9,704 | ||||||
Pakistan (0.0%) | ||||||
* | Lucky Cement Ltd. | 16,400 | 92 | |||
Millat Tractors Ltd. | 9,500 | 77 | ||||
* | SUI Southern Gas Co. Ltd. | 865,102 | 74 | |||
Searle Co. Ltd. | 33,818 | 58 | ||||
MCB Bank Ltd. | 43,000 | 50 | ||||
Bank Alfalah Ltd. | 219,000 | 46 | ||||
* | Fauji Cement Co. Ltd. | 244,500 | 38 | |||
Fauji Fertilizer Co. Ltd. | 50,537 | 35 | ||||
* | National Bank of Pakistan | 134,500 | 31 | |||
Habib Bank Ltd. | 35,200 | 28 | ||||
Hub Power Co. Ltd. | 40,512 | 22 | ||||
* | DG Khan Cement Co. Ltd. | 23,500 | 20 | |||
Kot Addu Power Co. Ltd. | 77,500 | 18 | ||||
United Bank Ltd. | 21,032 | 17 |
Shares | Market Value• ($000) | |||||
SUI Northern Gas Pipeline | 41,500 | 10 | ||||
Engro Corp. Ltd. | 2,420 | 5 | ||||
621 | ||||||
Philippines (0.2%) | ||||||
Ayala Land Inc. | 673,300 | 542 | ||||
BDO Unibank Inc. | 210,960 | 458 | ||||
Bank of the Philippine Islands | 223,630 | 411 | ||||
Ayala Corp. | 20,270 | 313 | ||||
PLDT Inc. | 5,925 | 157 | ||||
International Container Terminal Services Inc. | 62,540 | 155 | ||||
Universal Robina Corp. | 53,440 | 141 | ||||
Metropolitan Bank & Trust Co. | 124,857 | 130 | ||||
Manila Electric Co. | 19,170 | 107 | ||||
Security Bank Corp. | 29,720 | 80 | ||||
Globe Telecom Inc. | 1,805 | 75 | ||||
Jollibee Foods Corp. | 20,430 | 75 | ||||
Metro Pacific Investments Corp. | 813,000 | 68 | ||||
GT Capital Holdings Inc. | 5,680 | 66 | ||||
Robinsons Retail Holdings Inc. | 43,330 | 51 | ||||
First Gen Corp. | 79,000 | 49 | ||||
Wilcon Depot Inc. | 130,900 | 48 | ||||
Century Pacific Food Inc. | 115,400 | 43 | ||||
Aboitiz Power Corp. | 79,100 | 39 | ||||
* | Manila Water Co. Inc. | 119,400 | 38 | |||
* | Cebu Air Inc. | 33,720 | 31 | |||
Puregold Price Club Inc. | 41,100 | 31 | ||||
Vista Land & Lifescapes Inc. | 258,100 | 23 | ||||
Nickel Asia Corp. | 163,700 | 20 | ||||
D&L Industries Inc. | 101,700 | 15 | ||||
Filinvest Land Inc. | 339,000 | 8 | ||||
*,3 | CEMEX Holdings Philippines Inc. | 186,933 | 5 | |||
*,1 | Cebu Air Inc. Rights Exp. 03/09/2021 | 18,476 | 2 | |||
3,181 | ||||||
Poland (0.2%) | ||||||
* | Powszechna Kasa Oszczednosci Bank Polski SA | 90,761 | 728 | |||
* | Powszechny Zaklad Ubezpieczen SA | 56,181 | 438 | |||
* | Bank Polska Kasa Opieki SA | 24,205 | 436 | |||
* | KGHM Polska Miedz SA | 8,525 | 428 | |||
* | CD Projekt SA | 4,937 | 310 | |||
*,3 | Dino Polska SA | 2,733 | 179 | |||
* | LPP SA | 47 | 98 | |||
Cyfrowy Polsat SA | 9,908 | 75 |
Shares | Market Value• ($000) | |||||
* | Santander Bank Polska SA | 1,183 | 67 | |||
* | Orange Polska SA | 35,360 | 60 | |||
* | KRUK SA | 1,119 | 54 | |||
* | Bank Millennium SA | 36,166 | 40 | |||
Asseco Poland SA | 2,077 | 37 | ||||
* | CCC SA | 1,414 | 36 | |||
* | Alior Bank SA | 5,709 | 33 | |||
* | mBank SA | 411 | 24 | |||
* | AmRest Holdings SE | 2,391 | 20 | |||
Warsaw Stock Exchange | 1,564 | 19 | ||||
* | Bank Handlowy w Warszawie SA | 1,155 | 12 | |||
3,094 | ||||||
Portugal (0.0%) | ||||||
EDP Renovaveis SA | 10,631 | 232 | ||||
Jeronimo Martins SGPS SA | 13,205 | 204 | ||||
REN - Redes Energeticas Nacionais SGPS SA | 46,945 | 129 | ||||
* | Banco Comercial Portugues SA | 534,629 | 75 | |||
* | CTT-Correios de Portugal SA | 16,621 | 50 | |||
NOS SGPS SA | 13,833 | 46 | ||||
Sonae SGPS SA | 24,794 | 20 | ||||
*,2 | Mota-Engil SGPS SA | 10,000 | 18 | |||
Corticeira Amorim SGPS SA | 1,299 | 17 | ||||
* | Navigator Co. SA | 4,298 | 15 | |||
Altri SGPS SA | 1,635 | 12 | ||||
818 | ||||||
Qatar (0.2%) | ||||||
Qatar National Bank QPSC | 335,850 | 1,578 | ||||
Masraf Al Rayan QSC | 270,610 | 321 | ||||
Commercial Bank PSQC | 151,448 | 177 | ||||
Qatar Fuel QSC | 37,089 | 171 | ||||
Qatar Gas Transport Co. Ltd. | 186,348 | 168 | ||||
Mesaieed Petrochemical Holding Co. | 245,876 | 126 | ||||
Ooredoo QPSC | 55,657 | 117 | ||||
Barwa Real Estate Co. | 105,199 | 93 | ||||
* | Doha Bank QPSC | 147,592 | 89 | |||
Vodafone Qatar QSC | 195,132 | 76 | ||||
United Development Co. QSC | 110,458 | 45 | ||||
* | Medicare Group | 18,270 | 43 | |||
3,004 | ||||||
Romania (0.0%) | ||||||
Banca Transilvania SA | 147,397 | 78 |
Shares | Market Value• ($000) | |||||
Russia (0.3%) | ||||||
Sberbank of Russia PJSC | 781,580 | 2,835 | ||||
Magnit PJSC | 4,481 | 296 | ||||
Polyus PJSC | 1,472 | 277 | ||||
Novolipetsk Steel PJSC | 87,720 | 263 | ||||
Moscow Exchange MICEX-RTS PJSC | 93,310 | 216 | ||||
Mobile TeleSystems PJSC | 47,820 | 202 | ||||
Inter RAO UES PJSC | 2,360,000 | 162 | ||||
Sistema PJSFC | 270,300 | 126 | ||||
Detsky Mir PJSC | 65,330 | 124 | ||||
PhosAgro PJSC | 2,035 | 111 | ||||
* | Aeroflot PJSC | 112,300 | 105 | |||
VTB Bank PJSC GDR | 98,925 | 94 | ||||
Rostelecom PJSC | 63,790 | 93 | ||||
ENEL RUSSIA PJSC | 7,609,000 | 85 | ||||
RusHydro PJSC | 6,697,000 | 70 | ||||
Mobile TeleSystems PJSC ADR | 8,336 | 69 | ||||
Polyus PJSC GDR | 736 | 69 | ||||
Unipro PJSC | 1,738,000 | 66 | ||||
M.Video PJSC | 4,770 | 52 | ||||
Mosenergo PJSC | 1,671,000 | 48 | ||||
VTB Bank PJSC | 92,410,000 | 46 | ||||
OGK-2 PJSC | 3,581,000 | 37 | ||||
Federal Grid Co. Unified Energy System PJSC | 12,120,000 | 35 | ||||
ROSSETI PJSC | 1,524,000 | 35 | ||||
Rosseti Lenenergo PJSC Preference Shares | 15,840 | 33 | ||||
TGC-1 PJSC | 209,400,000 | 31 | ||||
5,580 | ||||||
Saudi Arabia (0.4%) | ||||||
Al Rajhi Bank | 93,184 | 2,247 | ||||
Saudi Telecom Co. | 44,384 | 1,398 | ||||
National Commercial Bank | 103,409 | 1,295 | ||||
Saudi British Bank | 74,866 | 479 | ||||
* | Saudi Arabian Mining Co. | 29,003 | 390 | |||
* | Etihad Etisalat Co. | 30,868 | 233 | |||
Almarai Co. JSC | 15,676 | 212 | ||||
Savola Group | 18,588 | 185 | ||||
Arriyadh Development Co. | 29,645 | 143 | ||||
Saudi Airlines Catering Co. | 7,250 | 142 | ||||
Abdullah Al Othaim Markets Co. | 3,721 | 121 | ||||
Yanbu Cement Co. | 8,984 | 110 | ||||
Sahara International Petrochemical Co. | 18,493 | 93 |
Shares | Market Value• ($000) | |||||
* | Saudi Ground Services Co. | 9,971 | 78 | |||
* | Fawaz Abdulaziz Al Hokair & Co. | 14,562 | 75 | |||
Saudia Dairy & Foodstuff Co. | 1,690 | 70 | ||||
* | National Industrialization Co. | 17,469 | 69 | |||
Arabian Centres Co. Ltd. | 10,712 | 62 | ||||
* | Leejam Sports Co. JSC | 2,583 | 48 | |||
Eastern Province Cement Co. | 3,756 | 42 | ||||
Northern Region Cement Co. | 11,513 | 37 | ||||
Najran Cement Co. | 6,694 | 35 | ||||
Dur Hospitality Co. | 4,553 | 34 | ||||
City Cement Co. | 4,930 | 34 | ||||
* | Hail Cement Co. | 7,428 | 33 | |||
* | Mediterranean & Gulf Insurance & Reinsurance Co. | 5,236 | 31 | |||
United International Transportation Co. | 2,906 | 30 | ||||
* | Saudi Ceramic Co. | 2,077 | 29 | |||
* | Aseer Trading Tourism & Manufacturing Co. | 4,952 | 28 | |||
* | Astra Industrial Group | 3,920 | 28 | |||
* | Abdul Mohsen Al-Hokair Tourism & Development Co. | 5,005 | 28 | |||
* | Saudi Public Transport Co. | 2,136 | 13 | |||
7,852 | ||||||
Singapore (0.8%) | ||||||
DBS Group Holdings Ltd. | 147,800 | 2,929 | ||||
Oversea-Chinese Banking Corp. Ltd. | 267,900 | 2,192 | ||||
United Overseas Bank Ltd. | 106,700 | 1,959 | ||||
Singapore Telecommunications Ltd. | 556,600 | 976 | ||||
Singapore Exchange Ltd. | 100,500 | 748 | ||||
Wilmar International Ltd. | 167,487 | 659 | ||||
CapitaLand Ltd. | 276,900 | 656 | ||||
UOL Group Ltd. | 112,700 | 621 | ||||
City Developments Ltd. | 102,300 | 560 | ||||
ComfortDelGro Corp. Ltd. | 386,300 | 464 | ||||
Ascendas REIT | 179,900 | 393 | ||||
Singapore Press Holdings Ltd. | 322,800 | 337 | ||||
* | Singapore Airlines Ltd. | 64,700 | 240 |
Shares | Market Value• ($000) | |||||
Venture Corp. Ltd. | 13,200 | 188 | ||||
Frasers Logistics & Commercial Trust | 155,989 | 161 | ||||
Keppel DC REIT | 65,128 | 133 | ||||
Frasers Centrepoint Trust | 56,919 | 107 | ||||
* | Sembcorp Marine Ltd. | 883,631 | 101 | |||
NetLink NBN Trust | 132,300 | 94 | ||||
Hutchison Port Holdings Trust | 380,300 | 91 | ||||
Sembcorp Industries Ltd. | 62,400 | 81 | ||||
* | SATS Ltd. | 23,700 | 77 | |||
Ascott Residence Trust | 82,800 | 61 | ||||
ESR-REIT | 182,761 | 53 | ||||
Manulife US REIT | 70,694 | 47 | ||||
Keppel Infrastructure Trust | 113,200 | 46 | ||||
Cromwell European REIT | 70,200 | 39 | ||||
Keppel REIT | 43,700 | 38 | ||||
AIMS APAC REIT | 36,900 | 36 | ||||
Starhill Global REIT | 83,400 | 32 | ||||
Sabana Shari'ah Compliant Industrial REIT | 98,800 | 28 | ||||
Golden Agri-Resources Ltd. | 168,800 | 24 | ||||
Far East Hospitality Trust | 55,500 | 24 | ||||
Frasers Hospitality Trust | 56,500 | 21 | ||||
StarHub Ltd. | 21,100 | 20 | ||||
Singapore Post Ltd. | 36,200 | 19 | ||||
Soilbuild Business Space REIT | 47,100 | 19 | ||||
Raffles Medical Group Ltd. | 23,700 | 19 | ||||
Olam International Ltd. | 14,300 | 17 | ||||
First Resources Ltd. | 15,300 | 17 | ||||
* | Lippo Malls Indonesia Retail Trust | 377,780 | 17 | |||
Singapore Telecommunications Ltd. (XSES) | 6,300 | 11 | ||||
* | Yoma Strategic Holdings Ltd. | 71,400 | 9 | |||
*,1 | Eagle Hospitality Trust | 38,000 | 5 | |||
1 | Best World International Ltd. | 3,000 | 3 | |||
14,372 | ||||||
South Africa (1.2%) | ||||||
Naspers Ltd. | 33,508 | 7,907 | ||||
FirstRand Ltd. | 381,315 | 1,266 | ||||
�� | Impala Platinum Holdings Ltd. | 66,888 | 1,085 | |||
Standard Bank Group Ltd. | 108,169 | 949 |
Shares | Market Value• ($000) | |||||
* | Capitec Bank Holdings Ltd. | 6,901 | 611 | |||
Bid Corp. Ltd. | 30,890 | 577 | ||||
Sanlam Ltd. | 143,264 | 576 | ||||
Absa Group Ltd. | 71,623 | 573 | ||||
Gold Fields Ltd. | 68,758 | 568 | ||||
Anglo American Platinum Ltd. | 3,939 | 477 | ||||
Clicks Group Ltd. | 26,932 | 436 | ||||
Shoprite Holdings Ltd. | 48,557 | 427 | ||||
Bidvest Group Ltd. | 38,273 | 424 | ||||
Mr Price Group Ltd. | 36,007 | 415 | ||||
Remgro Ltd. | 59,473 | 407 | ||||
Vodacom Group Ltd. | 49,413 | 407 | ||||
SPAR Group Ltd. | 27,394 | 344 | ||||
* | Northam Platinum Ltd. | 22,649 | 331 | |||
Growthpoint Properties Ltd. | 352,729 | 320 | ||||
* | Foschini Group Ltd. | 44,900 | 310 | |||
Nedbank Group Ltd. | 34,747 | 300 | ||||
AVI Ltd. | 62,493 | 292 | ||||
Old Mutual Ltd. | 287,740 | 256 | ||||
MultiChoice Group | 28,007 | 237 | ||||
* | Aspen Pharmacare Holdings Ltd. | 23,157 | 218 | |||
Tiger Brands Ltd. | 16,213 | 216 | ||||
Discovery Ltd. | 22,725 | 213 | ||||
* | Harmony Gold Mining Co. Ltd. | 46,026 | 173 | |||
NEPI Rockcastle plc | 24,792 | 152 | ||||
Imperial Logistics Ltd. | 54,317 | 151 | ||||
Woolworths Holdings Ltd. | 44,809 | 137 | ||||
* | Redefine Properties Ltd. | 431,631 | 118 | |||
Kumba Iron Ore Ltd. | 2,524 | 108 | ||||
* | Life Healthcare Group Holdings Ltd. | 83,535 | 98 | |||
African Rainbow Minerals Ltd. | 4,474 | 87 | ||||
PSG Group Ltd. | 18,993 | 84 | ||||
* | Sappi Ltd. | 27,516 | 81 | |||
Truworths International Ltd. | 23,105 | 74 | ||||
* | Bytes Technology Group plc | 10,694 | 62 | |||
Pick n Pay Stores Ltd. | 17,483 | 60 | ||||
* | Barloworld Ltd. | 9,841 | 59 | |||
* | Netcare Ltd. | 58,579 | 53 | |||
* | Motus Holdings Ltd. | 10,104 | 52 | |||
Rand Merchant Investment Holdings Ltd. | 24,312 | 49 | ||||
Telkom SA SOC Ltd. | 16,420 | 45 | ||||
Ninety One Ltd. | 13,890 | 42 | ||||
* | Transaction Capital Ltd. | 22,385 | 39 | |||
Fortress REIT Ltd. Class A | 42,461 | 38 |
Shares | Market Value• ($000) | |||||
* | Omnia Holdings Ltd. | 12,166 | 36 | |||
Hyprop Investments Ltd. | 16,725 | 31 | ||||
* | Super Group Ltd. | 16,852 | 30 | |||
Momentum Metropolitan Holdings | 24,706 | 27 | ||||
* | KAP Industrial Holdings Ltd. | 97,644 | 26 | |||
Resilient REIT Ltd. | 8,354 | 24 | ||||
Cashbuild Ltd. | 1,125 | 23 | ||||
DRDGOLD Ltd. | 24,680 | 23 | ||||
SA Corporate Real Estate Ltd. | 192,130 | 23 | ||||
AECI Ltd. | 3,214 | 21 | ||||
JSE Ltd. | 2,651 | 21 | ||||
Fortress REIT Ltd. Class B | 128,098 | 21 | ||||
* | Advtech Ltd. | 24,227 | 19 | |||
* | Bytes Technology Group plc (XJSE) | 3,110 | 17 | |||
* | DataTec Ltd. | 9,473 | 16 | |||
Coronation Fund Managers Ltd. | 4,546 | 15 | ||||
Irongate Group | 15,996 | 15 | ||||
Attacq Ltd. | 41,176 | 14 | ||||
Equites Property Fund Ltd. | 11,335 | 14 | ||||
Liberty Holdings Ltd. | 2,847 | 13 | ||||
*,3 | Dis-Chem Pharmacies Ltd. | 8,756 | 13 | |||
Investec Property Fund Ltd. | 17,394 | 11 | ||||
Emira Property Fund Ltd. | 21,018 | 11 | ||||
Santam Ltd. | 637 | 10 | ||||
* | RMB Holdings Ltd. | 102,058 | 10 | |||
* | EPP NV | 15,500 | 10 | |||
* | Massmart Holdings Ltd. | 2,664 | 8 | |||
Raubex Group Ltd. | 3,971 | 6 | ||||
Allied Electronics Corp. Ltd. Class A | 8,295 | 6 | ||||
Astral Foods Ltd. | 453 | 4 | ||||
22,422 | ||||||
South Korea (4.4%) | ||||||
Samsung Electronics Co. Ltd. | 326,779 | 23,948 | ||||
Samsung Electronics Co. Ltd. Preference Shares | 114,796 | 7,425 | ||||
SK Hynix Inc. | 40,844 | 5,130 | ||||
NAVER Corp. | 10,026 | 3,338 | ||||
LG Chem Ltd. | 3,748 | 2,767 | ||||
Samsung SDI Co. Ltd. | 4,097 | 2,451 | ||||
* | Celltrion Inc. | 8,309 | 2,196 | |||
Kakao Corp. | 4,008 | 1,738 | ||||
Hyundai Mobis Co. Ltd. | 5,005 | 1,347 |
Shares | Market Value• ($000) | |||||
KB Financial Group Inc. | 30,139 | 1,167 | ||||
Shinhan Financial Group Co. Ltd. | 38,089 | 1,109 | ||||
LG Electronics Inc. | 7,310 | 951 | ||||
LG Household & Health Care Ltd. | 685 | 922 | ||||
Hana Financial Group Inc. | 21,896 | 719 | ||||
*,3 | Samsung Biologics Co. Ltd. | 1,012 | 674 | |||
Samsung Electro-Mechanics Co. Ltd. | 3,989 | 671 | ||||
* | Celltrion Healthcare Co. Ltd. | 5,527 | 617 | |||
LG Corp. | 6,636 | 553 | ||||
Samsung SDS Co. Ltd. | 2,334 | 403 | ||||
Mirae Asset Daewoo Co. Ltd. | 45,216 | 375 | ||||
* | HMM Co. Ltd. | 21,349 | 361 | |||
Amorepacific Corp. | 1,674 | 349 | ||||
Samsung Fire & Marine Insurance Co. Ltd. | 2,258 | 347 | ||||
Woori Financial Group Inc. | 37,854 | 322 | ||||
CJ CheilJedang Corp. | 847 | 306 | ||||
LG Display Co. Ltd. | 14,880 | 299 | ||||
Lotte Chemical Corp. | 1,042 | 294 | ||||
Samsung Life Insurance Co. Ltd. | 4,386 | 292 | ||||
Samsung Securities Co. Ltd. | 8,529 | 277 | ||||
* | Hanwha Solutions Corp. | 6,853 | 274 | |||
POSCO Chemical Co. Ltd. | 1,826 | 256 | ||||
Hyundai Glovis Co. Ltd. | 1,366 | 234 | ||||
* | Kumho Petrochemical Co. Ltd. | 1,242 | 233 | |||
SK Telecom Co. Ltd. ADR | 9,614 | 232 | ||||
Hankook Tire & Technology Co. Ltd. | 5,293 | 224 | ||||
BNK Financial Group Inc. | 41,100 | 215 | ||||
Coway Co. Ltd. | 3,679 | 211 | ||||
LG Electronics Inc. Preference Shares | 3,203 | 203 | ||||
* | Celltrion Pharm Inc. | 1,413 | 193 | |||
* | Samsung Heavy Industries Co. Ltd. | 31,983 | 186 | |||
Hyundai Steel Co. | 5,227 | 185 | ||||
DB HiTek Co. Ltd. | 3,431 | 172 | ||||
Amorepacific Corp. Preference Shares | 2,542 | 171 | ||||
LG Innotek Co. Ltd. | 933 | 165 | ||||
SK Telecom Co. Ltd. | 729 | 160 | ||||
* | Alteogen Inc. | 1,353 | 156 |
Shares | Market Value• ($000) | |||||
Industrial Bank of Korea | 20,978 | 155 | ||||
Green Cross Corp. | 457 | 154 | ||||
* | Hanjin Kal Corp. | 2,743 | 148 | |||
* | Samsung Engineering Co. Ltd. | 12,297 | 141 | |||
* | Hanmi Pharm Co. Ltd. | 464 | 141 | |||
Hanon Systems | 9,821 | 135 | ||||
DB Insurance Co. Ltd. | 3,507 | 129 | ||||
* | OCI Co. Ltd. | 1,166 | 129 | |||
* | Mando Corp. | 2,315 | 129 | |||
LG Uplus Corp. | 11,719 | 123 | ||||
* | Hyundai Bioscience Co. Ltd. | 2,471 | 120 | |||
3 | Netmarble Corp. | 1,080 | 118 | |||
Douzone Bizon Co. Ltd. | 1,188 | 116 | ||||
LEENO Industrial Inc. | 794 | 113 | ||||
SKC Co. Ltd. | 1,072 | 112 | ||||
Sam Young Electronics Co. Ltd. | 11,789 | 111 | ||||
Seegene Inc. | 992 | 109 | ||||
WONIK IPS Co. Ltd. | 2,477 | 109 | ||||
AMOREPACIFIC Group | 1,838 | 106 | ||||
* | Genexine Inc. | 1,234 | 105 | |||
KISCO Corp. | 14,830 | 104 | ||||
Hansol Chemical Co. Ltd. | 476 | 103 | ||||
* | SFA Semicon Co. Ltd. | 12,924 | 100 | |||
Koh Young Technology Inc. | 1,075 | 99 | ||||
Sebang Global Battery Co. Ltd. | 1,217 | 98 | ||||
Hyundai Marine & Fire Insurance Co. Ltd. | 4,993 | 97 | ||||
* | KIWOOM Securities Co. Ltd. | 817 | 94 | |||
Youlchon Chemical Co. Ltd. | 4,389 | 90 | ||||
* | DB Financial Investment Co. Ltd. | 17,248 | 88 | |||
Interpark Corp. | 19,256 | 86 | ||||
Lotte Shopping Co. Ltd. | 821 | 86 | ||||
* | Modetour Network Inc. | 3,999 | 84 | |||
Cheil Worldwide Inc. | 4,639 | 80 | ||||
S-1 Corp. | 1,089 | 80 | ||||
* | NH Investment & Securities Co. Ltd. | 8,235 | 79 | |||
Com2uSCorp | 643 | 79 | ||||
DGB Financial Group Inc. | 12,506 | 78 | ||||
JB Financial Group Co. Ltd. | 15,012 | 78 | ||||
SK Materials Co. Ltd. | 283 | 77 | ||||
Chong Kun Dang Pharmaceutical Corp. | 509 | 77 | ||||
Lotte Corp. | 2,544 | 76 | ||||
Hyosung TNC Co. Ltd. | 205 | 75 |
Shares | Market Value• ($000) | |||||
Hyundai Department Store Co. Ltd. | 1,007 | 73 | ||||
L&F Co. Ltd. | 1,129 | 71 | ||||
SK Securities Co. Ltd. | 95,836 | 71 | ||||
Green Cross Holdings Corp. | 2,115 | 70 | ||||
Eusu Holdings Co. Ltd. | 13,318 | 68 | ||||
* | CJ Logistics Corp. | 466 | 68 | |||
Korea Asset In Trust Co. Ltd. | 19,799 | 68 | ||||
BGF retail Co. Ltd. | 479 | 68 | ||||
* | Korea Line Corp. | 22,900 | 67 | |||
* | GemVax & Kael Co. Ltd. | 3,203 | 67 | |||
Samsung Card Co. Ltd. | 2,299 | 67 | ||||
Youngone Corp. | 1,785 | 67 | ||||
Korea Petrochemical Ind Co. Ltd. | 204 | 66 | ||||
Hansol Holdings Co. Ltd. | 21,213 | 66 | ||||
* | Eo Technics Co. Ltd. | 729 | 66 | |||
Maeil Dairies Co. Ltd. | 1,046 | 66 | ||||
* | Hugel Inc. | 426 | 65 | |||
* | Binggrae Co. Ltd. | 1,241 | 64 | |||
* | Sangsangin Co. Ltd. | 11,603 | 64 | |||
Meritz Securities Co. Ltd. | 18,743 | 63 | ||||
Bukwang Pharmaceutical Co. Ltd. | 2,512 | 62 | ||||
LG Chem Ltd. Preference Shares | 180 | 62 | ||||
Hanil Cement Co. Ltd. | 597 | 62 | ||||
KC Co. Ltd. | 2,474 | 61 | ||||
* | Hyundai Mipo Dockyard Co. Ltd. | 1,274 | 61 | |||
Namyang Dairy Products Co. Ltd. | 231 | 61 | ||||
* | Samchully Co. Ltd. | 817 | 61 | |||
Ecopro BM Co. Ltd. | 422 | 61 | ||||
Seoul Semiconductor Co. Ltd. | 3,314 | 58 | ||||
Posco ICT Co. Ltd. | 8,529 | 57 | ||||
Hyundai Elevator Co. Ltd. | 1,469 | 56 | ||||
* | Eugene Investment & Securities Co. Ltd. | 16,946 | 56 | |||
Meritz Fire & Marine Insurance Co. Ltd. | 3,925 | 56 | ||||
Ecopro Co. Ltd. | 976 | 56 | ||||
* | Kolmar Korea Co. Ltd. | 1,098 | 56 | |||
* | Lotte Tour Development Co. Ltd. | 2,873 | 56 | |||
Daishin Securities Co. Ltd. | 4,420 | 55 | ||||
KISWIRE Ltd. | 3,730 | 55 | ||||
Korean Reinsurance Co. | 7,895 | 55 |
Shares | Market Value• ($000) | |||||
Mirae Asset Life Insurance Co. Ltd. | 15,401 | 55 | ||||
* | Hanall Biopharma Co. Ltd. | 2,743 | 54 | |||
* | Hyosung Advanced Materials Corp. | 203 | 53 | |||
* | Inscobee Inc. | 20,202 | 52 | |||
* | Daewoong Co. Ltd. | 1,595 | 52 | |||
* | NICE Information Service Co. Ltd. | 2,655 | 52 | |||
LS Electric Co. Ltd. | 1,016 | 52 | ||||
Samyang Holdings Corp. | 688 | 52 | ||||
* | Oscotec Inc. | 1,654 | 52 | |||
* | Naturecell Co. Ltd. | 7,085 | 51 | |||
Tokai Carbon Korea Co. Ltd. | 378 | 51 | ||||
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 412 | 50 | ||||
* | Kolmar Korea Holdings Co. Ltd. | 2,068 | 50 | |||
* | JYP Entertainment Corp. | 1,555 | 50 | |||
Kyobo Securities Co. Ltd. | 7,606 | 49 | ||||
* | Jusung Engineering Co. Ltd. | 5,447 | 49 | |||
Ssangyong Cement Industrial Co. Ltd. | 8,347 | 49 | ||||
* | Pharmicell Co. Ltd. | 3,430 | 49 | |||
Young Poong Corp. | 88 | 49 | ||||
* | HLB Life Science Co. Ltd. | 3,015 | 49 | |||
* | Iljin Materials Co. Ltd. | 786 | 49 | |||
Hanwha Life Insurance Co. Ltd. | 17,142 | 49 | ||||
* | Samsung Pharmaceutical Co. Ltd. | 7,549 | 48 | |||
* | LegoChem Biosciences Inc. | 1,017 | 48 | |||
Silicon Works Co. Ltd. | 818 | 47 | ||||
LG Household & Health Care Ltd. Preference Shares | 73 | 46 | ||||
* | Daewoong Pharmaceutical Co. Ltd. | 383 | 46 | |||
* | NICE Holdings Co. Ltd. | 3,041 | 46 | |||
* | NHN KCP Corp. | 1,116 | 46 | |||
* | Dongjin Semichem Co. Ltd. | 1,655 | 45 | |||
F&F Co. Ltd. | 362 | 45 | ||||
Ahnlab Inc. | 576 | 45 | ||||
Innocean Worldwide Inc. | 818 | 45 |
Shares | Market Value• ($000) | |||||
Korea Electric Terminal Co. Ltd. | 619 | 44 | ||||
* | Asiana Airlines Inc. | 3,376 | 44 | |||
LOTTE Fine Chemical Co. Ltd. | 919 | 44 | ||||
* | Chabiotech Co. Ltd. | 2,562 | 44 | |||
* | GNCO Co. Ltd. | 52,562 | 43 | |||
* | Innox Advanced Materials Co. Ltd. | 1,024 | 43 | |||
Hanssem Co. Ltd. | 478 | 42 | ||||
Seobu T&D | 6,127 | 42 | ||||
* | ST Pharm Co. Ltd. | 603 | 42 | |||
* | Amicogen Inc. | 1,649 | 42 | |||
DoubleUGames Co. Ltd. | 858 | 42 | ||||
* | Hana Tour Service Inc. | 693 | 41 | |||
Hyundai Greenfood Co. Ltd. | 5,061 | 41 | ||||
* | Sam Chun Dang Pharm Co. Ltd. | 704 | 41 | |||
Kolon Industries Inc. | 846 | 41 | ||||
Samyang Corp. | 836 | 41 | ||||
KC Tech Co. Ltd. | 1,832 | 41 | ||||
* | Cuckoo Homesys Co. Ltd. | 1,127 | 41 | |||
* | Duk San Neolux Co. Ltd. | 1,094 | 41 | |||
Dongwon Industries Co. Ltd. | 174 | 40 | ||||
Huchems Fine Chemical Corp. | 1,974 | 40 | ||||
* | Able C&C Co. Ltd. | 5,869 | 40 | |||
* | Cosmax Inc. | 428 | 40 | |||
RFHIC Corp. | 1,172 | 40 | ||||
Dongwon F&B Co. Ltd. | 224 | 39 | ||||
KCC Corp. | 219 | 39 | ||||
* | Homecast Co. Ltd. | 14,960 | 39 | |||
Ilyang Pharmaceutical Co. Ltd. | 837 | 39 | ||||
DongKook Pharmaceutical Co. Ltd. | 1,527 | 39 | ||||
* | Gamevil Inc. | 1,234 | 39 | |||
ICD Co. Ltd. | 2,545 | 39 | ||||
Dongkuk Steel Mill Co. Ltd. | 4,757 | 38 | ||||
* | DIO Corp. | 1,074 | 37 | |||
Hyundai Home Shopping Network Corp. | 528 | 37 | ||||
Korea Real Estate Investment & Trust Co. Ltd. | 19,485 | 36 | ||||
KTB Investment & Securities Co. Ltd. | 10,035 | 36 | ||||
* | Kumho Tire Co. Inc. | 10,235 | 36 | |||
* | SBS Media Holdings Co. Ltd. | 21,095 | 36 |
Shares | Market Value• ($000) | |||||
* | Mezzion Pharma Co. Ltd. | 269 | 36 | |||
* | Ace Technologies Corp. | 1,828 | 36 | |||
Daeduck Co. Ltd. | 5,860 | 35 | ||||
* | IS Dongseo Co. Ltd. | 743 | 35 | |||
* | Binex Co. Ltd. | 1,451 | 35 | |||
* | Hanjin Transportation Co. Ltd. | 942 | 35 | |||
INTOPS Co. Ltd. | 1,295 | 35 | ||||
Osstem Implant Co. Ltd. | 544 | 35 | ||||
Mcnex Co. Ltd. | 719 | 35 | ||||
E1 Corp. | 958 | 34 | ||||
* | Wonik Holdings Co. Ltd. | 6,264 | 34 | |||
NS Shopping Co. Ltd. | 3,459 | 34 | ||||
Zinus Inc. | 413 | 34 | ||||
* | Doosan Bobcat Inc. | 1,158 | 33 | |||
Daekyo Co. Ltd. | 10,019 | 33 | ||||
KT Skylife Co. Ltd. | 4,403 | 33 | ||||
Hansol Paper Co. Ltd. | 2,818 | 33 | ||||
Daou Technology Inc. | 1,323 | 32 | ||||
* | Coreana Cosmetics Co. Ltd. | 7,389 | 32 | |||
i-SENS Inc. | 1,512 | 32 | ||||
Sungwoo Hitech Co. Ltd. | 5,271 | 31 | ||||
* | NEPES Corp. | 891 | 31 | |||
Dong-A Socio Holdings Co. Ltd. | 303 | 31 | ||||
* | Hanwha Investment & Securities Co. Ltd. | 12,582 | 31 | |||
* | Sindoh Co. Ltd. | 1,212 | 31 | |||
* | NKMax Co. Ltd. | 1,775 | 31 | |||
GS Home Shopping Inc. | 251 | 30 | ||||
Dae Han Flour Mills Co. Ltd. | 236 | 30 | ||||
* | Daesang Corp. | 1,361 | 30 | |||
* | Yuanta Securities Korea Co. Ltd. | 11,217 | 30 | |||
Humedix Co. Ltd. | 1,444 | 30 | ||||
AK Holdings Inc. | 1,051 | 29 | ||||
* | Webzen Inc. | 892 | 29 | |||
* | CJ CGV Co. Ltd. | 1,181 | 29 | |||
Meritz Financial Group Inc. | 2,644 | 29 | ||||
* | Hyosung Chemical Corp. | 146 | 29 | |||
* | Hyosung Heavy Industries Corp. | 457 | 29 | |||
Chunbo Co. Ltd. | 207 | 29 | ||||
* | Hansol Technics Co. Ltd. | 3,342 | 28 | |||
Cell Biotech Co. Ltd. | 1,670 | 28 | ||||
* | Yungjin Pharmaceutical Co. Ltd. | 4,897 | 28 | |||
* | Nexen Tire Corp. | 3,685 | 28 | |||
Vieworks Co. Ltd. | 977 | 28 |
Shares | Market Value• ($000) | |||||
Shinsegae International Inc. | 167 | 28 | ||||
SL Corp. | 1,287 | 27 | ||||
* | NHN Corp. | 442 | 27 | |||
* | Enzychem Lifesciences Corp. | 344 | 27 | |||
Hanil Holdings Co. Ltd. | 2,700 | 26 | ||||
* | SPC Samlip Co. Ltd. | 409 | 26 | |||
Taekwang Industrial Co. Ltd. | 31 | 26 | ||||
Taeyoung Engineering & Construction Co. Ltd. | 2,425 | 26 | ||||
Halla Holdings Corp. | 703 | 26 | ||||
* | SM Entertainment Co. Ltd. | 954 | 25 | |||
* | Tongyang Inc. | 22,743 | 25 | |||
* | CrystalGenomics Inc. | 2,105 | 25 | |||
* | YG Entertainment Inc. | 616 | 25 | |||
* | ABLBio Inc. | 1,360 | 25 | |||
* | CJ Freshway Corp. | 1,235 | 24 | |||
* | Telcon RF Pharmaceutical Inc. | 5,416 | 24 | |||
Samwha Capacitor Co. Ltd. | 380 | 23 | ||||
* | Aprogen pharmaceuticals Inc. | 23,400 | 23 | |||
* | Insun ENT Co. Ltd. | 2,089 | 23 | |||
* | Medipost Co. Ltd. | 756 | 23 | |||
* | GOLFZON Co. Ltd. | 418 | 23 | |||
* | CMG Pharmaceutical Co. Ltd. | 5,718 | 22 | |||
Partron Co. Ltd. | 2,262 | 22 | ||||
BH Co. Ltd. | 1,372 | 22 | ||||
* | Dentium Co. Ltd. | 406 | 22 | |||
KCC Glass Corp. | 553 | 22 | ||||
* | Hancom Inc. | 1,349 | 21 | |||
* | Foosung Co. Ltd. | 2,361 | 21 | |||
Toptec Co. Ltd. | 1,853 | 21 | ||||
* | Cafe24 Corp. | 726 | 21 | |||
Advanced Process Systems Corp. | 837 | 21 | ||||
SK Gas Ltd. | 252 | 20 | ||||
* | Ananti Inc. | 3,082 | 20 | |||
Daea TI Co. Ltd. | 4,255 | 20 | ||||
* | Hanwha General Insurance Co. Ltd. | 6,091 | 20 | |||
iMarketKorea Inc. | 2,649 | 20 | ||||
LG Hausys Ltd. | 309 | 20 | ||||
Harim Holdings Co. Ltd. | 2,625 | 20 | ||||
* | Feelux Co. Ltd. | 4,943 | 19 | |||
InBody Co. Ltd. | 1,128 | 19 | ||||
* | HS Industries Co. Ltd. | 2,693 | 19 | |||
* | CUROCOM Co. Ltd. | 15,418 | 19 | |||
LF Corp. | 1,385 | 19 | ||||
TES Co. Ltd. | 687 | 19 |
Shares | Market Value• ($000) | |||||
* | iNtRON Biotechnology Inc. | 1,100 | 19 | |||
* | Hyundai Construction Equipment Co. Ltd. | 572 | 19 | |||
PI Advanced Materials Co. Ltd. | 497 | 19 | ||||
Hankook & Co. Co. Ltd. | 1,208 | 18 | ||||
Handsome Co. Ltd. | 539 | 18 | ||||
Wemade Co. Ltd. | 534 | 18 | ||||
LG HelloVision Co. Ltd. | 4,383 | 18 | ||||
BGF Co. Ltd. | 3,740 | 18 | ||||
Jeil Pharmaceutical Co. Ltd. | 482 | 18 | ||||
JW Pharmaceutical Corp. | 656 | 17 | ||||
* | Komipharm International Co. Ltd. | 1,947 | 17 | |||
Huons Co. Ltd. | 346 | 17 | ||||
AfreecaTV Co. Ltd. | 268 | 17 | ||||
Kwang Dong Pharmaceutical Co. Ltd. | 1,993 | 16 | ||||
* | G-treeBNT Co. Ltd. | 926 | 16 | |||
* | Anterogen Co. Ltd. | 291 | 16 | |||
* | Peptron Inc. | 1,260 | 16 | |||
Daishin Securities Co. Ltd. Preference Shares | 1,713 | 15 | ||||
* | STCUBE | 1,613 | 15 | |||
* | Neowiz | 774 | 15 | |||
Woongjin Thinkbig Co. Ltd. | 6,611 | 15 | ||||
Dong-A ST Co. Ltd. | 211 | 15 | ||||
JW Holdings Corp. | 3,221 | 14 | ||||
* | KH Vatec Co. Ltd. | 759 | 13 | |||
Huons Global Co. Ltd. | 532 | 13 | ||||
* | Youngone Holdings Co. Ltd. | 323 | 12 | |||
* | Interflex Co. Ltd. | 1,048 | 12 | |||
* | Namsun Aluminum Co. Ltd. | 3,247 | 12 | |||
Byucksan Corp. | 5,036 | 11 | ||||
Songwon Industrial Co. Ltd. | 652 | 11 | ||||
* | Lutronic Corp. | 1,359 | 11 | |||
* | Kuk-il Paper Manufacturing Co. Ltd. | 2,899 | 11 | |||
Green Cross Cell Corp. | 286 | 10 | ||||
* | Vidente Co. Ltd. | 1,044 | 10 | |||
* | Dongsung Pharmaceutical Co. Ltd. | 893 | 10 | |||
* | Chongkundang Holdings Corp. | 97 | 9 | |||
* | Eutilex Co. Ltd. | 280 | 9 | |||
Dae Hwa Pharmaceutical Co. Ltd. | 783 | 8 |
Shares | Market Value• ($000) | |||||
* | Lock&Lock Co. Ltd. | 549 | 7 | |||
* | Soulbrain Holdings Co. Ltd. | 142 | 6 | |||
*,1 | Cellumed Co. Ltd. | 685 | 4 | |||
Hansae Co. Ltd. | 229 | 4 | ||||
*,1 | Yuyang DNU Co. Ltd. | 2,639 | 3 | |||
Namhae Chemical Corp. | 198 | 2 | ||||
* | Agabang&Company | 560 | 2 | |||
*,1 | APAM Corp. | 3,938 | 1 | |||
Hyundai Livart Furniture Co. Ltd. | 55 | 1 | ||||
* | Feelux Co. Ltd. Rights Exp. 03/15/2021 | 1,914 | 1 | |||
77,770 | ||||||
Spain (1.2%) | ||||||
* | Banco Santander SA (XMAD) | 1,340,065 | 4,660 | |||
Banco Bilbao Vizcaya Argentaria SA | 522,582 | 2,906 | ||||
Industria de Diseno Textil SA | 83,995 | 2,770 | ||||
* | Amadeus IT Group SA | 33,905 | 2,367 | |||
Telefonica SA | 389,737 | 1,664 | ||||
3 | Cellnex Telecom SA | 28,847 | 1,570 | |||
CaixaBank SA | 313,819 | 909 | ||||
*,3 | Aena SME SA | 5,305 | 900 | |||
Bankinter SA | 83,225 | 548 | ||||
Grifols SA | 18,955 | 475 | ||||
Merlin Properties Socimi SA | 38,947 | 403 | ||||
Grifols SA Preference Shares Class B | 17,297 | 276 | ||||
Viscofan SA | 3,147 | 221 | ||||
Banco de Sabadell SA | 417,212 | 208 | ||||
Bankia SA | 102,543 | 201 | ||||
Inmobiliaria Colonial Socimi SA | 19,369 | 188 | ||||
Fluidra SA | 5,933 | 160 | ||||
Pharma Mar SA | 953 | 126 | ||||
Acerinox SA | 8,528 | 99 | ||||
* | Solaria Energia y Medio Ambiente SA | 4,175 | 93 | |||
Mapfre SA | 43,646 | 83 | ||||
Faes Farma SA | 18,339 | 81 | ||||
3 | Euskaltel SA | 6,915 | 69 | |||
Sacyr SA | 20,660 | 52 | ||||
Zardoya Otis SA | 8,137 | 52 | ||||
Cia de Distribucion Integral Logista Holdings SA | 2,721 | 52 | ||||
* | Promotora de Informaciones SA Class A | 42,388 | 51 | |||
Construcciones y Auxiliar de Ferrocarriles SA | 1,148 | 51 | ||||
*,3 | Unicaja Banco SA | 50,649 | 44 |
Shares | Market Value• ($000) | |||||
*,3 | Neinor Homes SA | 3,136 | 40 | |||
Almirall SA | 2,799 | 37 | ||||
*,3 | Gestamp Automocion SA | 6,564 | 36 | |||
Lar Espana Real Estate Socimi SA | 6,008 | 36 | ||||
*,3 | Aedas Homes SA | 1,531 | 35 | |||
* | Banco Santander SA (XMEX) | 9,806 | 35 | |||
*,3 | Metrovacesa SA | 3,601 | 27 | |||
*,3 | Global Dominion Access SA | 4,542 | 22 | |||
Prosegur Cia de Seguridad SA | 6,488 | 20 | ||||
* | Distribuidora Internacional de Alimentacion SA | 116,250 | 17 | |||
3 | Prosegur Cash SA | 12,332 | 12 | |||
* | Ence Energia y Celulosa SA | 1,476 | 8 | |||
21,604 | ||||||
Sweden (2.5%) | ||||||
Atlas Copco AB Class B | 77,580 | 3,759 | ||||
* | Volvo AB Class B | 122,769 | 3,143 | |||
Telefonaktiebolaget LM Ericsson Class B | 251,372 | 3,141 | ||||
Investor AB Class A | 27,365 | 2,014 | ||||
Assa Abloy AB Class B | 79,248 | 1,988 | ||||
* | H & M Hennes & Mauritz AB Class B | 79,206 | 1,863 | |||
Essity AB Class B | 54,115 | 1,626 | ||||
* | Skandinaviska Enskilda Banken AB Class A | 129,251 | 1,485 | |||
* | Industrivarden AB Class A | 41,403 | 1,471 | |||
Epiroc AB Class A | 63,750 | 1,351 | ||||
* | Svenska Handelsbanken AB Class A | 120,176 | 1,267 | |||
Boliden AB | 31,775 | 1,258 | ||||
* | Kinnevik AB Class B | 26,305 | 1,221 | |||
SKF AB Class B | 44,652 | 1,217 | ||||
* | Svenska Cellulosa AB SCA Class B | 70,743 | 1,217 | |||
Investor AB Class B | 14,554 | 1,075 | ||||
Skanska AB Class B | 43,623 | 1,056 | ||||
* | Trelleborg AB Class B | 38,092 | 969 | |||
Telia Co. AB | 219,556 | 889 | ||||
Castellum AB | 34,832 | 812 | ||||
Tele2 AB Class B | 59,438 | 751 | ||||
Electrolux AB Class B | 30,859 | 728 | ||||
Securitas AB Class B | 46,285 | 710 | ||||
*,3 | Sinch AB | 3,334 | 622 | |||
Getinge AB Class B | 24,047 | 609 | ||||
Elekta AB Class B | 41,138 | 555 | ||||
Nibe Industrier AB Class B | 16,845 | 529 |
Shares | Market Value• ($000) | |||||
EQT AB | 14,471 | 401 | ||||
* | Swedish Orphan Biovitrum AB | 21,686 | 354 | |||
* | Fastighets AB Balder Class B | 5,718 | 273 | |||
* | Nordic Entertainment Group AB Class B | 5,822 | 265 | |||
Avanza Bank Holding AB | 7,885 | 247 | ||||
Atlas Copco AB Class A | 4,317 | 246 | ||||
*,3 | Dometic Group AB | 16,765 | 231 | |||
Husqvarna AB Class B | 18,047 | 221 | ||||
Beijer Ref AB Class B | 5,177 | 219 | ||||
AAK AB | 10,027 | 215 | ||||
Epiroc AB Class B | 10,721 | 211 | ||||
Fabege AB | 14,493 | 201 | ||||
Holmen AB Class B | 4,341 | 191 | ||||
*,3 | Thule Group AB | 4,411 | 184 | |||
Samhallsbyggnadsbolaget i Norden AB B Shares | 56,251 | 176 | ||||
AddTech AB Class B | 12,058 | 176 | ||||
* | SSAB AB Class B | 44,563 | 175 | |||
ICA Gruppen AB | 3,531 | 168 | ||||
BillerudKorsnas AB | 8,614 | 158 | ||||
* | L E Lundbergforetagen AB Class B | 3,149 | 157 | |||
Hexpol AB | 14,516 | 156 | ||||
* | Volvo AB Class A | 5,033 | 129 | |||
3 | Bravida Holding AB | 10,003 | 127 | |||
Wihlborgs Fastigheter AB | 6,288 | 122 | ||||
Intrum AB | 4,164 | 116 | ||||
* | Sectra AB Class B | 1,437 | 115 | |||
* | Vitrolife AB | 3,465 | 112 | |||
Bure Equity AB | 3,320 | 105 | ||||
Investment AB Latour Class B | 4,561 | 104 | ||||
Mycronic AB | 4,003 | 100 | ||||
Loomis AB Class B | 3,625 | 95 | ||||
* | Electrolux Professional AB Class B | 16,566 | 88 | |||
JM AB | 2,472 | 86 | ||||
Wallenstam AB Class B | 5,999 | 84 | ||||
Axfood AB | 3,365 | 80 | ||||
* | Nolato AB Class B | 893 | 80 | |||
* | Peab AB Class B | 6,687 | 79 | |||
* | Pandox AB Class B | 4,474 | 79 | |||
Arjo AB Class B | 9,998 | 72 | ||||
* | Nyfosa AB | 6,516 | 63 | |||
* | Modern Times Group MTG AB Class B | 4,085 | 60 | |||
NCC AB Class B | 3,556 | 59 | ||||
Klovern AB Class B | 38,818 | 59 | ||||
* | Bilia AB Class A | 4,169 | 56 | |||
Kungsleden AB | 5,167 | 53 | ||||
* | SAS AB | 234,587 | 50 | |||
* | Hansa Biopharma AB | 2,635 | 50 |
Shares | Market Value• ($000) | |||||
Lindab International AB | 2,189 | 48 | ||||
Ratos AB Class B | 8,009 | 40 | ||||
Hufvudstaden AB Class A | 2,748 | 39 | ||||
Catena AB | 856 | 39 | ||||
Concentric AB | 1,692 | 37 | ||||
*,3 | Resurs Holding AB | 6,067 | 33 | |||
*,3 | Scandic Hotels Group AB | 6,706 | 31 | |||
*,3 | Munters Group AB | 3,422 | 29 | |||
* | Biotage AB | 1,595 | 29 | |||
* | SSAB AB Class A | 6,473 | 28 | |||
Klovern AB Preference Shares | 713 | 27 | ||||
* | Nobia AB | 3,638 | 26 | |||
* | Adapteo OYJ | 2,262 | 25 | |||
Investment AB Oresund | 1,595 | 24 | ||||
* | Mekonomen AB | 1,764 | 23 | |||
* | SkiStar AB | 1,521 | 23 | |||
* | Bonava AB Class B | 2,184 | 23 | |||
*,3 | Attendo AB | 3,806 | 21 | |||
* | Svenska Handelsbanken AB Class B | 1,415 | 17 | |||
Samhallsbyggnadsbolaget i Norden AB | 4,466 | 16 | ||||
* | Collector AB | 4,677 | 14 | |||
Dios Fastigheter AB | 1,570 | 13 | ||||
* | Karo Pharma AB | 2,117 | 13 | |||
Cloetta AB Class B | 4,552 | 12 | ||||
* | Clas Ohlson AB Class B | 967 | 9 | |||
* | Annehem Fastigheter AB Class B | 1,337 | 4 | |||
44,817 | ||||||
Switzerland (5.0%) | ||||||
Nestle SA (Registered) | 220,661 | 23,030 | ||||
Roche Holding AG (XVTX) | 55,635 | 18,252 | ||||
Zurich Insurance Group AG | 11,490 | 4,690 | ||||
Lonza Group AG (Registered) | 6,041 | 3,810 | ||||
Givaudan SA (Registered) | 772 | 2,908 | ||||
Credit Suisse Group AG (Registered) | 171,938 | 2,487 | ||||
* | Alcon Inc. | 34,232 | 2,358 | |||
Swiss Re AG | 21,651 | 2,034 | ||||
Geberit AG (Registered) | 3,149 | 1,857 | ||||
Partners Group Holding AG | 1,547 | 1,852 | ||||
Swiss Life Holding AG (Registered) | 3,255 | 1,618 | ||||
Logitech International SA (Registered) | 13,423 | 1,427 | ||||
Julius Baer Group Ltd. | 21,797 | 1,342 |
Shares | Market Value• ($000) | |||||
* | Sonova Holding AG (Registered) | 5,060 | 1,295 | |||
Schindler Holding AG | 4,308 | 1,176 | ||||
Kuehne + Nagel International AG (Registered) | 4,874 | 1,157 | ||||
Adecco Group AG (Registered) | 17,255 | 1,086 | ||||
Swisscom AG (Registered) | 2,023 | 1,016 | ||||
Baloise Holding AG (Registered) | 5,700 | 997 | ||||
Straumann Holding AG (Registered) | 756 | 913 | ||||
Swiss Prime Site AG (Registered) | 9,221 | 863 | ||||
Temenos AG (Registered) | 6,083 | 821 | ||||
Georg Fischer AG (Registered) | 601 | 772 | ||||
Chocoladefabriken Lindt & Spruengli AG | 90 | 755 | ||||
Clariant AG (Registered) | 28,137 | 589 | ||||
Vifor Pharma AG | 4,633 | 576 | ||||
* | ams AG | 24,283 | 570 | |||
Roche Holding AG (XSWX) | 1,687 | 564 | ||||
3 | Galenica AG | 8,686 | 559 | |||
Cembra Money Bank AG | 5,290 | 551 | ||||
* | Mobimo Holding AG (Registered) | 1,766 | 551 | |||
Helvetia Holding AG (Registered) | 4,828 | 529 | ||||
* | Flughafen Zurich AG (Registered) | 2,947 | 521 | |||
* | SIG Combibloc Group AG | 22,973 | 507 | |||
3 | VAT Group AG | 1,680 | 467 | |||
Chocoladefabriken Lindt & Spruengli AG (Registered) | 5 | 442 | ||||
Tecan Group AG (Registered) | 814 | 342 | ||||
Barry Callebaut AG (Registered) | 149 | 322 | ||||
* | Zur Rose Group AG | 562 | 265 | |||
* | Dufry AG (Registered) | 3,874 | 264 | |||
PSP Swiss Property AG (Registered) | 2,205 | 263 | ||||
* | Idorsia Ltd. | 7,675 | 210 | |||
* | Valora Holding AG (Registered) | 874 | 199 | |||
EMS-Chemie Holding AG (Registered) | 217 | 192 | ||||
* | Siegfried Holding AG (Registered) | 229 | 179 |
Shares | Market Value• ($000) | |||||
Belimo Holding AG (Registered) | 23 | 168 | ||||
Bachem Holding AG (Registered) Class B | �� 360 | 136 | ||||
Banque Cantonale Vaudoise (Registered) | 1,294 | 136 | ||||
Stadler Rail AG | 2,348 | 117 | ||||
Vontobel Holding AG (Registered) | 1,489 | 113 | ||||
Bucher Industries AG (Registered) | 211 | 102 | ||||
Comet Holding AG (Registered) | 417 | 98 | ||||
Interroll Holding AG (Registered) | 30 | 96 | ||||
DKSH Holding AG | 1,191 | 89 | ||||
Allreal Holding AG (Registered) | 433 | 88 | ||||
Emmi AG (Registered) | 88 | 87 | ||||
Valiant Holding AG (Registered) | 792 | 79 | ||||
* | Landis+Gyr Group AG | 1,145 | 79 | |||
Daetwyler Holding AG | 242 | 73 | ||||
Schindler Holding AG (Registered) | 272 | 72 | ||||
Inficon Holding AG (Registered) | 63 | 69 | ||||
Conzzeta AG (Registered) | 49 | 68 | ||||
Kardex Holding AG (Registered) | 264 | 56 | ||||
VZ Holding AG | 666 | 56 | ||||
Burckhardt Compression Holding AG | 136 | 50 | ||||
Swissquote Group Holding SA (Registered) | 421 | 49 | ||||
SFS Group AG | 377 | 47 | ||||
* | Aryzta AG | 54,601 | 47 | |||
OC Oerlikon Corp. AG (Registered) | 4,180 | 45 | ||||
Berner Kantonalbank AG (Registered) | 176 | 42 | ||||
Vetropack Holding AG (Registered) | 673 | 42 | ||||
Forbo Holding AG (Registered) | 24 | 41 | ||||
Zehnder Group AG | 531 | 40 | ||||
St. Galler Kantonalbank AG (Registered) | 77 | 36 | ||||
Schweiter Technologies AG | 21 | 35 | ||||
dormakaba Holding AG | 56 | 34 | ||||
Liechtensteinische Landesbank AG | 615 | 34 | ||||
* | Ascom Holding AG (Registered) | 1,893 | 30 |
Shares | Market Value• ($000) | |||||
Leonteq AG | 595 | 28 | ||||
Implenia AG (Registered) | 828 | 27 | ||||
* | Komax Holding AG (Registered) | 96 | 25 | |||
LEM Holding SA (Registered) | 11 | 22 | ||||
* | COSMO Pharmaceuticals NV | 242 | 22 | |||
* | EFG International AG | 2,726 | 20 | |||
Ypsomed Holding AG (Registered) | 120 | 20 | ||||
Bell Food Group AG (Registered) | 63 | 19 | ||||
* | Autoneum Holding AG | 101 | 18 | |||
Intershop Holding AG | 28 | 18 | ||||
* | u-blox Holding AG | 218 | 17 | |||
* | Basilea Pharmaceutica AG (Registered) | 300 | 15 | |||
* | ALSO Holding AG (Registered) | 55 | 15 | |||
* | GAM Holding AG | 5,627 | 15 | |||
* | Arbonia AG | 656 | 11 | |||
89,824 | ||||||
Taiwan (5.8%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,856,174 | 40,552 | ||||
Hon Hai Precision Industry Co. Ltd. | 932,400 | 3,746 | ||||
MediaTek Inc. | 115,104 | 3,694 | ||||
United Microelectronics Corp. | 913,000 | 1,780 | ||||
Delta Electronics Inc. | 167,000 | 1,681 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 10,600 | 1,335 | ||||
Formosa Plastics Corp. | 357,000 | 1,249 | ||||
Nan Ya Plastics Corp. | 433,000 | 1,129 | ||||
Chunghwa Telecom Co. Ltd. | 276,000 | 1,084 | ||||
ASE Technology Holding Co. Ltd. | 259,000 | 966 | ||||
Cathay Financial Holding Co. Ltd. | 583,052 | ��� 877 | ||||
China Steel Corp. | 970,000 | 861 | ||||
Mega Financial Holding Co. Ltd. | 807,000 | 846 | ||||
Largan Precision Co. Ltd. | 7,000 | 827 | ||||
E.Sun Financial Holding Co. Ltd. | 887,862 | 805 | ||||
Uni-President Enterprises Corp. | 332,000 | 800 | ||||
Novatek Microelectronics Corp. | 42,000 | 715 | ||||
Formosa Chemicals & Fibre Corp. | 227,000 | 700 |
Shares | Market Value• ($000) | |||||
Yageo Corp. | 32,000 | 680 | ||||
Quanta Computer Inc. | 219,000 | 668 | ||||
Yuanta Financial Holding Co. Ltd. | 762,320 | 581 | ||||
Realtek Semiconductor Corp. | 35,000 | 577 | ||||
Taiwan Cement Corp. | 363,376 | 548 | ||||
First Financial Holding Co. Ltd. | 731,616 | 547 | ||||
Chailease Holding Co. Ltd. | 87,040 | 538 | ||||
Asustek Computer Inc. | 48,000 | 523 | ||||
Taiwan Cooperative Financial Holding Co. Ltd. | 718,851 | 515 | ||||
Hotai Motor Co. Ltd. | 23,000 | 487 | ||||
Silergy Corp. | 5,000 | 480 | ||||
Hua Nan Financial Holdings Co. Ltd. | 736,026 | 479 | ||||
WPG Holdings Ltd. | 273,680 | 445 | ||||
* | AU Optronics Corp. | 646,000 | 438 | |||
Foxconn Technology Co. Ltd. | 172,000 | 432 | ||||
Globalwafers Co. Ltd. | 16,000 | 425 | ||||
Win Semiconductors Corp. | 30,000 | 409 | ||||
Lite-On Technology Corp. | 191,000 | 407 | ||||
Airtac International Group | 11,000 | 383 | ||||
* | Innolux Corp. | 621,000 | 378 | |||
Taiwan Mobile Co. Ltd. | 108,000 | 376 | ||||
Taishin Financial Holding Co. Ltd. | 791,354 | 368 | ||||
Accton Technology Corp. | 39,000 | 367 | ||||
Pegatron Corp. | 136,000 | 364 | ||||
Shanghai Commercial & Savings Bank Ltd. | 246,000 | 352 | ||||
China Development Financial Holding Corp. | 1,029,000 | 344 | ||||
SinoPac Financial Holdings Co. Ltd. | 821,000 | 343 | ||||
President Chain Store Corp. | 36,000 | 338 | ||||
Ruentex Development Co. Ltd. | 218,000 | 327 | ||||
Catcher Technology Co. Ltd. | 47,000 | 324 | ||||
Bank of Kaohsiung Co. Ltd. | 902,609 | 320 | ||||
Unimicron Technology Corp. | 90,000 | 315 | ||||
Synnex Technology International Corp. | 169,000 | 299 | ||||
Walsin Technology Corp. | 32,000 | 291 | ||||
Vanguard International Semiconductor Corp. | 68,000 | 283 |
Shares | Market Value• ($000) | |||||
Chang Hwa Commercial Bank Ltd. | 453,182 | 278 | ||||
Pou Chen Corp. | 252,000 | 273 | ||||
* | AGV Products Corp. | 837,000 | 266 | |||
Far EasTone Telecommunications Co. Ltd. | 118,000 | 262 | ||||
Hiwin Technologies Corp. | 17,858 | 256 | ||||
Shin Kong Financial Holding Co. Ltd. | 822,411 | 244 | ||||
Micro-Star International Co. Ltd. | 44,000 | 235 | ||||
Winbond Electronics Corp. | 215,000 | 235 | ||||
* | Evergreen Marine Corp. Taiwan Ltd. | 170,000 | 232 | |||
Sino-American Silicon Products Inc. | 36,000 | 216 | ||||
Parade Technologies Ltd. | 5,000 | 213 | ||||
Giant Manufacturing Co. Ltd. | 21,000 | 212 | ||||
Cheng Shin Rubber Industry Co. Ltd. | 132,000 | 204 | ||||
Macronix International | 119,000 | 201 | ||||
Compal Electronics Inc. | 249,000 | 198 | ||||
Chroma ATE Inc. | 26,000 | 191 | ||||
Feng TAY Enterprise Co. Ltd. | 28,400 | 190 | ||||
ASPEED Technology Inc. | 3,000 | 189 | ||||
Eclat Textile Co. Ltd. | 12,000 | 185 | ||||
Zhen Ding Technology Holding Ltd. | 43,000 | 185 | ||||
Merida Industry Co. Ltd. | 18,000 | 184 | ||||
Wistron Corp. | 160,000 | 184 | ||||
ASMedia Technology Inc. | 3,000 | 183 | ||||
Asia Cement Corp. | 119,000 | 182 | ||||
Inventec Corp. | 205,000 | 182 | ||||
Phison Electronics Corp. | 11,000 | 181 | ||||
Powertech Technology Inc. | 50,000 | 179 | ||||
Nanya Technology Corp. | 51,000 | 176 | ||||
Acer Inc. | 181,000 | 174 | ||||
Taiwan Business Bank | 508,160 | 173 | ||||
* | Sunplus Technology Co. Ltd. | 178,000 | 164 | |||
Tripod Technology Corp. | 31,000 | 154 | ||||
* | Yang Ming Marine Transport Corp. | 145,000 | 151 | |||
* | Nan Ya Printed Circuit Board Corp. | 14,000 | 150 | |||
Simplo Technology Co. Ltd. | 11,000 | 148 | ||||
Rich Development Co. Ltd. | 384,000 | 146 |
Shares | Market Value• ($000) | |||||
eMemory Technology Inc. | 5,000 | 146 | ||||
ENNOSTAR Inc. | 46,700 | 144 | ||||
Lien Hwa Industrial Holdings Corp. | 91,890 | 139 | ||||
Chicony Electronics Co. Ltd. | 41,000 | 138 | ||||
Radiant Opto-Electronics Corp. | 32,000 | 137 | ||||
Poya International Co. Ltd. | 6,000 | 135 | ||||
Advanced International Multitech Co. Ltd. | 66,000 | 133 | ||||
Walsin Lihwa Corp. | 200,000 | 133 | ||||
Taichung Commercial Bank Co. Ltd. | 331,494 | 132 | ||||
Voltronic Power Technology Corp. | 3,152 | 131 | ||||
King's Town Bank Co. Ltd. | 91,000 | 128 | ||||
Wowprime Corp. | 22,000 | 126 | ||||
Sonix Technology Co. Ltd. | 41,000 | 125 | ||||
Sinbon Electronics Co. Ltd. | 13,000 | 125 | ||||
Tyntek Corp. | 151,000 | 123 | ||||
Elan Microelectronics Corp. | 20,000 | 123 | ||||
Senao International Co. Ltd. | 105,000 | 121 | ||||
Pan-International Industrial Corp. | 78,000 | 119 | ||||
Infortrend Technology Inc. | 276,000 | 118 | ||||
Taiwan High Speed Rail Corp. | 109,000 | 118 | ||||
China Life Insurance Co. Ltd. | 142,574 | 116 | ||||
Elite Semiconductor Microelectronics Technology Inc. | 35,000 | 115 | ||||
IBF Financial Holdings Co. Ltd. | 228,864 | 114 | ||||
FSP Technology Inc. | 65,000 | 113 | ||||
Chipbond Technology Corp. | 42,000 | 112 | ||||
TA Chen Stainless Pipe | 97,222 | 109 | ||||
ITEQ Corp. | 20,950 | 108 | ||||
Wah Lee Industrial Corp. | 36,000 | 104 | ||||
momo.com Inc. | 3,000 | 104 | ||||
Wan Hai Lines Ltd. | 60,000 | 103 | ||||
King Yuan Electronics Co. Ltd. | 71,000 | 101 | ||||
Formosan Rubber Group Inc. | 116,000 | 100 | ||||
* | Via Technologies Inc. | 54,000 | 99 |
Shares | Market Value• ($000) | |||||
Great Wall Enterprise Co. Ltd. | 55,250 | 99 | ||||
Teco Electric & Machinery Co. Ltd. | 91,000 | 99 | ||||
Nien Made Enterprise Co. Ltd. | 7,000 | 98 | ||||
Taiwan Cogeneration Corp. | 70,000 | 97 | ||||
Global Unichip Corp. | 6,000 | 97 | ||||
Topco Scientific Co. Ltd. | 22,000 | 96 | ||||
Silicon Integrated Systems Corp. | 154,570 | 95 | ||||
Alchip Technologies Ltd. | 3,000 | 95 | ||||
Capital Securities Corp. | 182,000 | 92 | ||||
Genius Electronic Optical Co. Ltd. | 5,158 | 91 | ||||
Eva Airways Corp. | 157,932 | 90 | ||||
* | China Airlines Ltd. | 179,000 | 90 | |||
* | FocalTech Systems Co. Ltd. | 25,203 | 90 | |||
Far Eastern International Bank | 233,242 | 89 | ||||
International Games System Co. Ltd. | 3,000 | 89 | ||||
TXC Corp. | 25,000 | 88 | ||||
Taiyen Biotech Co. Ltd. | 76,000 | 88 | ||||
Cheng Loong Corp. | 76,000 | 86 | ||||
United Integrated Services Co. Ltd. | 10,000 | 85 | ||||
Compeq Manufacturing Co. Ltd. | 54,000 | 85 | ||||
Elite Material Co. Ltd. | 14,000 | 85 | ||||
E Ink Holdings Inc. | 47,000 | 85 | ||||
YC INOX Co. Ltd. | 85,476 | 84 | ||||
Taiwan Surface Mounting Technology Corp. | 20,000 | 84 | ||||
Flytech Technology Co. Ltd. | 38,000 | 83 | ||||
Tung Ho Steel Enterprise Corp. | 64,000 | 83 | ||||
Kinik Co. | 33,000 | 82 | ||||
Qisda Corp. | 72,000 | 79 | ||||
Gigabyte Technology Co. Ltd. | 25,000 | 78 | ||||
* | HannStar Display Corp. | 165,000 | 78 | |||
Hong Pu Real Estate Development Co. Ltd. | 96,000 | 78 | ||||
Sanyang Motor Co. Ltd. | 68,000 | 78 | ||||
Syncmold Enterprise Corp. | 26,000 | 78 | ||||
Cathay Real Estate Development Co. Ltd. | 110,000 | 77 | ||||
Charoen Pokphand Enterprise | 29,000 | 76 | ||||
Goldsun Building Materials Co. Ltd. | 85,753 | 76 |
Shares | Market Value• ($000) | |||||
Chong Hong Construction Co. Ltd. | 26,000 | 76 | ||||
* | Lingsen Precision Industries Ltd. | 129,000 | 74 | |||
Makalot Industrial Co. Ltd. | 10,100 | 74 | ||||
Lotes Co. Ltd. | 4,000 | 74 | ||||
Highwealth Construction Corp. | 45,000 | 73 | ||||
YFY Inc. | 75,000 | 73 | ||||
LandMark Optoelectronics Corp. | 7,000 | 72 | ||||
Standard Foods Corp. | 36,000 | 71 | ||||
Vivotek Inc. | 23,000 | 71 | ||||
Huaku Development Co. Ltd. | 22,000 | 70 | ||||
Far Eastern Department Stores Ltd. | 85,000 | 70 | ||||
Sampo Corp. | 73,000 | 70 | ||||
Merry Electronics Co. Ltd. | 14,000 | 69 | ||||
President Securities Corp. | 92,820 | 69 | ||||
Yulon Finance Corp. | 18,300 | 69 | ||||
Jih Sun Financial Holdings Co. Ltd. | 152,450 | 69 | ||||
CyberTAN Technology Inc. | 98,000 | 69 | ||||
* | United Renewable Energy Co. Ltd. | 135,287 | 69 | |||
Jentech Precision Industrial Co. Ltd. | 6,000 | 69 | ||||
* | D-Link Corp. | 78,000 | 68 | |||
Wafer Works Corp. | 42,000 | 68 | ||||
FLEXium Interconnect Inc. | 15,000 | 68 | ||||
Mitac Holdings Corp. | 60,248 | 67 | ||||
Mercuries & Associates Holding Ltd. | 88,100 | 66 | ||||
Aten International Co. Ltd. | 21,000 | 66 | ||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 36,000 | 65 | ||||
Test Research Inc. | 31,000 | 65 | ||||
Wei Chuan Foods Corp. | 87,000 | 65 | ||||
* | Microbio Co. Ltd. | 25,000 | 65 | |||
Tong Hsing Electronic Industries Ltd. | 8,310 | 64 | ||||
Bizlink Holding Inc. | 6,000 | 64 | ||||
Sercomm Corp. | 24,000 | 63 | ||||
Getac Technology Corp. | 31,000 | 63 | ||||
Wistron NeWeb Corp. | 23,000 | 63 | ||||
RichWave Technology Corp. | 3,000 | 63 | ||||
Coretronic Corp. | 36,000 | 62 | ||||
Systex Corp. | 20,000 | 62 |
Shares | Market Value• ($000) | |||||
Sheng Yu Steel Co. Ltd. | 79,000 | 62 | ||||
TSRC Corp. | 63,000 | 62 | ||||
Posiflex Technology Inc. | 22,000 | 62 | ||||
* | XinTec Inc. | 10,000 | 62 | |||
Greatek Electronics Inc. | 24,000 | 61 | ||||
Eternal Materials Co. Ltd. | 47,000 | 61 | ||||
Global Brands Manufacture Ltd. | 61,000 | 61 | ||||
Taiwan PCB Techvest Co. Ltd. | 35,000 | 61 | ||||
Holtek Semiconductor Inc. | 19,000 | 60 | ||||
Ruentex Industries Ltd. | 22,200 | 60 | ||||
Weltrend Semiconductor | 36,000 | 60 | ||||
* | Dynamic Electronics Co. Ltd. | 87,997 | 60 | |||
Sinyi Realty Inc. | 57,000 | 59 | ||||
* | Shining Building Business Co. Ltd. | 112,000 | 59 | |||
Pixart Imaging Inc. | 9,000 | 59 | ||||
Taiwan Union Technology Corp. | 14,000 | 59 | ||||
Taiwan Fertilizer Co. Ltd. | 30,000 | 58 | ||||
China Petrochemical Development Corp. | 150,200 | 58 | ||||
Hsin Kuang Steel Co. Ltd. | 41,000 | 58 | ||||
* | Yieh Phui Enterprise Co. Ltd. | 122,300 | 58 | |||
ChipMOS Technologies Inc. | 43,000 | 58 | ||||
* | PharmaEssentia Corp. | 14,437 | 58 | |||
Asia Polymer Corp. | 70,350 | 57 | ||||
U-Ming Marine Transport Corp. | 46,000 | 57 | ||||
* | Clevo Co. | 52,000 | 56 | |||
Evergreen International Storage & Transport Corp. | 91,000 | 56 | ||||
Sitronix Technology Corp. | 8,000 | 56 | ||||
Ardentec Corp. | 34,000 | 56 | ||||
Gloria Material Technology Corp. | 89,000 | 55 | ||||
* | Elitegroup Computer Systems Co. Ltd. | 50,000 | 55 | |||
Taiwan Hon Chuan Enterprise Co. Ltd. | 24,000 | 55 | ||||
Run Long Construction Co. Ltd. | 25,000 | 55 | ||||
ITE Technology Inc. | 17,000 | 55 | ||||
Nantex Industry Co. Ltd. | 24,000 | 55 | ||||
Alpha Networks Inc. | 43,772 | 55 | ||||
Formosa International Hotels Corp. | 10,000 | 54 |
Shares | Market Value• ($000) | |||||
* | Etron Technology Inc. | 65,085 | 54 | |||
* | Gold Circuit Electronics Ltd. | 27,000 | 53 | |||
Ichia Technologies Inc. | 84,000 | 53 | ||||
Formosa Taffeta Co. Ltd. | 49,000 | 53 | ||||
Advanced Ceramic X Corp. | 3,000 | 53 | ||||
KEE TAI Properties Co. Ltd. | 145,000 | 52 | ||||
Sincere Navigation Corp. | 71,900 | 52 | ||||
Li Cheng Enterprise Co. Ltd. | 53,846 | 52 | ||||
Machvision Inc. | 5,039 | 52 | ||||
* | ALI Corp. | 50,000 | 51 | |||
* | Lealea Enterprise Co. Ltd. | 118,000 | 51 | |||
Namchow Holdings Co. Ltd. | 31,000 | 51 | ||||
Fusheng Precision Co. Ltd. | 7,000 | 51 | ||||
* | Test Rite International Co. Ltd. | 55,000 | 50 | |||
Everlight Electronics Co. Ltd. | 31,000 | 49 | ||||
Hota Industrial Manufacturing Co. Ltd. | 11,810 | 49 | ||||
* | Unizyx Holding Corp. | 36,000 | 48 | |||
* | Gigastorage Corp. | 61,986 | 48 | |||
Lung Yen Life Service Corp. | 26,000 | 48 | ||||
SDI Corp. | 15,000 | 48 | ||||
* | Federal Corp. | 78,000 | 48 | |||
USI Corp. | 60,000 | 48 | ||||
Arcadyan Technology Corp. | 14,123 | 48 | ||||
TCI Co. Ltd. | 6,297 | 48 | ||||
China Metal Products | 41,000 | 47 | ||||
* | Gemtek Technology Corp. | 42,000 | 47 | |||
Nan Kang Rubber Tire Co. Ltd. | 31,000 | 47 | ||||
* | Tung Thih Electronic Co. Ltd. | 4,000 | 47 | |||
Cleanaway Co. Ltd. | 8,000 | 47 | ||||
Grape King Bio Ltd. | 7,000 | 46 | ||||
Kung Long Batteries Industrial Co. Ltd. | 9,000 | 46 | ||||
Jess-Link Products Co. Ltd. | 33,000 | 46 | ||||
Hu Lane Associate Inc. | 11,275 | 46 | ||||
Taiwan Styrene Monomer | 70,000 | 46 | ||||
* | Taiwan Glass Industry Corp. | 64,000 | 46 | |||
King Slide Works Co. Ltd. | 4,000 | 46 |
Shares | Market Value• ($000) | |||||
* | Ambassador Hotel | 42,000 | 46 | |||
Globe Union Industrial Corp. | 78,000 | 45 | ||||
Sporton International Inc. | 5,000 | 45 | ||||
China General Plastics Corp. | 41,100 | 44 | ||||
* | Zinwell Corp. | 66,000 | 44 | |||
* | Phihong Technology Co. Ltd. | 68,000 | 44 | |||
* | Nien Hsing Textile Co. Ltd. | 76,000 | 44 | |||
Oriental Union Chemical Corp. | 57,000 | 43 | ||||
Supreme Electronics Co. Ltd. | 31,000 | 43 | ||||
Dynapack International Technology Corp. | 11,000 | 43 | ||||
Foxsemicon Integrated Technology Inc. | 5,000 | 43 | ||||
Elite Advanced Laser Corp. | 19,000 | 43 | ||||
Cub Elecparts Inc. | 6,132 | 43 | ||||
* | TaiMed Biologics Inc. | 15,000 | 43 | |||
International CSRC Investment Holdings Co. | 43,990 | 42 | ||||
Transcend Information Inc. | 18,000 | 42 | ||||
TTY Biopharm Co. Ltd. | 18,000 | 42 | ||||
Hung Sheng Construction Ltd. | 62,600 | 42 | ||||
* | Li Peng Enterprise Co. Ltd. | 128,000 | 42 | |||
* | Motech Industries Inc. | 36,788 | 42 | |||
Prince Housing & Development Corp. | 102,000 | 42 | ||||
Shinkong Synthetic Fibers Corp. | 80,000 | 42 | ||||
Global Mixed Mode Technology Inc. | 6,000 | 42 | ||||
Advanced Wireless Semiconductor Co. | 7,370 | 42 | ||||
* | OptoTech Corp. | 45,000 | 41 | |||
Kinsus Interconnect Technology Corp. | 12,000 | 41 | ||||
Taiwan Secom Co. Ltd. | 13,000 | 41 | ||||
* | Wisdom Marine Lines Co. Ltd. | 40,543 | 41 | |||
WT Microelectronics Co. Ltd. | 25,000 | 40 | ||||
L&K Engineering Co. Ltd. | 36,000 | 40 | ||||
A-DATA Technology Co. Ltd. | 13,000 | 40 | ||||
Chlitina Holding Ltd. | 5,000 | 40 | ||||
Pan Jit International Inc. | 20,400 | 39 |
Shares | Market Value• ($000) | |||||
Tong-Tai Machine & Tool Co. Ltd. | 70,000 | 38 | ||||
Radium Life Tech Co. Ltd. | 96,200 | 38 | ||||
Soft-World International Corp. | 11,000 | 38 | ||||
* | Darwin Precisions Corp. | 75,000 | 38 | |||
Kindom Development Co. Ltd. | 29,000 | 38 | ||||
Sigurd Microelectronics Corp. | 21,000 | 38 | ||||
* | Taiwan TEA Corp. | 63,000 | 38 | |||
* | Mercuries Life Insurance Co. Ltd. | 125,973 | 38 | |||
Taiwan Sakura Corp. | 20,000 | 38 | ||||
Huang Hsiang Construction Corp. | 28,000 | 37 | ||||
Rechi Precision Co. Ltd. | 49,000 | 37 | ||||
Career Technology MFG. Co. Ltd. | 28,513 | 37 | ||||
Taiwan FamilyMart Co. Ltd. | 4,000 | 37 | ||||
Orient Semiconductor Electronics Ltd. | 56,000 | 36 | ||||
* | Center Laboratories Inc. | 14,788 | 36 | |||
* | Ton Yi Industrial Corp. | 92,000 | 36 | |||
YungShin Global Holding Corp. | 23,000 | 36 | ||||
Cheng Uei Precision Industry Co. Ltd. | 21,000 | 35 | ||||
* | Grand Pacific Petrochemical | 41,000 | 35 | |||
Firich Enterprises Co. Ltd. | 32,239 | 35 | ||||
Ta Ya Electric Wire & Cable | 48,000 | 35 | ||||
* | Asia Pacific Telecom Co. Ltd. | 100,779 | 35 | |||
PharmaEngine Inc. | 13,000 | 35 | ||||
* | OBI Pharma Inc. | 7,000 | 35 | |||
Holy Stone Enterprise Co. Ltd. | 8,000 | 34 | ||||
Visual Photonics Epitaxy Co. Ltd. | 9,000 | 34 | ||||
Taiflex Scientific Co. Ltd. | 18,000 | 34 | ||||
Yeong Guan Energy Technology Group Co. Ltd. | 11,468 | 34 | ||||
Topkey Corp. | 6,000 | 34 | ||||
China Steel Chemical Corp. | 9,000 | 33 | ||||
China Chemical & Pharmaceutical Co. Ltd. | 40,000 | 33 | ||||
* | Chung Hwa Pulp Corp. | 78,000 | 33 | |||
Asia Optical Co. Inc. | 10,000 | 33 | ||||
Longchen Paper & Packaging Co. Ltd. | 37,739 | 33 |
Shares | Market Value• ($000) | |||||
Asia Vital Components Co. Ltd. | 14,000 | 33 | ||||
Shin Zu Shing Co. Ltd. | 7,165 | 33 | ||||
Gourmet Master Co. Ltd. | 6,000 | 33 | ||||
Faraday Technology Corp. | 17,000 | 32 | ||||
Chin-Poon Industrial Co. Ltd. | 26,000 | 32 | ||||
Chilisin Electronics Corp. | 8,000 | 32 | ||||
Tainan Spinning Co. Ltd. | 60,000 | 32 | ||||
* | Yulon Motor Co. Ltd. | 21,615 | 32 | |||
Chunghwa Precision Test Tech Co. Ltd. | 1,000 | 32 | ||||
General Interface Solution Holding Ltd. | 8,000 | 32 | ||||
Swancor Holding Co. Ltd. | 6,000 | 32 | ||||
Rexon Industrial Corp. Ltd. | 11,000 | 32 | ||||
China Electric Manufacturing Corp. | 63,540 | 30 | ||||
Taiwan Paiho Ltd. | 10,000 | 30 | ||||
Depo Auto Parts Ind Co. Ltd. | 14,000 | 30 | ||||
* | Ho Tung Chemical Corp. | 85,000 | 29 | |||
Kuo Toong International Co. Ltd. | 24,330 | 29 | ||||
UPC Technology Corp. | 44,000 | 29 | ||||
Nan Pao Resins Chemical Co. Ltd. | 5,000 | 29 | ||||
TaiDoc Technology Corp. | 4,000 | 28 | ||||
CHC Healthcare Group | 21,000 | 28 | ||||
Chicony Power Technology Co. Ltd. | 10,000 | 28 | ||||
KMC Kuei Meng International Inc. | 4,000 | 28 | ||||
TYC Brother Industrial Co. Ltd. | 31,000 | 27 | ||||
* | Taiwan Land Development Corp. | 109,000 | 27 | |||
HannsTouch Solution Inc. | 73,000 | 27 | ||||
AcBel Polytech Inc. | 26,000 | 27 | ||||
Zeng Hsing Industrial Co. Ltd. | 5,000 | 27 | ||||
* | Brighton-Best International Taiwan Inc. | 27,000 | 27 | |||
* | China Motor Corp. | 15,200 | 26 | |||
CMC Magnetics Corp. | 87,114 | 26 | ||||
* | HTC Corp. | 24,000 | 25 | |||
Xxentria Technology Materials Corp. | 11,000 | 25 | ||||
Century Iron & Steel Industrial Co. Ltd. | 6,000 | 25 |
Shares | Market Value• ($000) | |||||
Unitech Printed Circuit Board Corp. | 32,000 | 24 | ||||
TA-I Technology Co. Ltd. | 8,000 | 24 | ||||
Taiwan Semiconductor Co. Ltd. | 12,000 | 24 | ||||
AURAS Technology Co. Ltd. | 3,000 | 24 | ||||
Nidec Chaun-Choung Technology Corp. | 3,000 | 23 | ||||
Cyberlink Corp. | 6,000 | 22 | ||||
* | TPK Holding Co. Ltd. | 12,000 | 22 | |||
Chief Telecom Inc. | 2,000 | 22 | ||||
* | Adlink Technology Inc. | 10,000 | 21 | |||
PChome Online Inc. | 7,000 | 21 | ||||
Ability Enterprise Co. Ltd. | 36,000 | 20 | ||||
* | China Man-Made Fiber Corp. | 56,000 | 20 | |||
Tong Yang Industry Co. Ltd. | 15,000 | 20 | ||||
Gigasolar Materials Corp. | 3,000 | 20 | ||||
Ennoconn Corp. | 2,196 | 20 | ||||
IEI Integration Corp. | 10,000 | 19 | ||||
* | Medigen Biotechnology Corp. | 8,000 | 19 | |||
Altek Corp. | 14,000 | 18 | ||||
Nan Liu Enterprise Co. Ltd. | 3,000 | 18 | ||||
Sunonwealth Electric Machine Industry Co. Ltd. | 9,000 | 18 | ||||
Innodisk Corp. | 3,000 | 18 | ||||
* | Roo Hsing Co. Ltd. | 49,000 | 17 | |||
WUS Printed Circuit Co. Ltd. | 14,940 | 17 | ||||
Egis Technology Inc. | 3,000 | 17 | ||||
Kinpo Electronics | 35,000 | 16 | ||||
Johnson Health Tech Co. Ltd. | 5,000 | 16 | ||||
* | Ritek Corp. | 43,214 | 16 | |||
Sunny Friend Environmental Technology Co. Ltd. | 2,000 | 16 | ||||
Fulgent Sun International Holding Co. Ltd. | 4,000 | 16 | ||||
* | Newmax Technology Co. Ltd. | 7,000 | 14 | |||
Everlight Chemical Industrial Corp. | 22,000 | 13 | ||||
*,1 | Unity Opto Technology Co. Ltd. | 90,000 | 13 | |||
Darfon Electronics Corp. | 8,000 | 13 | ||||
Basso Industry Corp. | 7,000 | 12 | ||||
ScinoPharm Taiwan Ltd. | 13,000 | 12 | ||||
Hannstar Board Corp. | 7,000 | 12 |
Shares | Market Value• ($000) | |||||
Iron Force Industrial Co. Ltd. | 4,000 | 11 | ||||
Formosa Sumco Technology Corp. | 2,000 | 11 | ||||
* | AmTRAN Technology Co. Ltd. | 24,000 | 10 | |||
St. Shine Optical Co. Ltd. | 1,000 | 10 | ||||
Concraft Holding Co. Ltd. | 3,449 | 10 | ||||
Quanta Storage Inc. | 6,000 | 9 | ||||
Brogent Technologies Inc. | 2,100 | 9 | ||||
* | Taigen Biopharmaceuticals Holdings Ltd. | 13,000 | 9 | |||
Toung Loong Textile Manufacturing | 7,000 | 7 | ||||
Primax Electronics Ltd. | 3,000 | 7 | ||||
Ginko International Co. Ltd. | 1,050 | 5 | ||||
* | Lotus Pharmaceutical Co. Ltd. | 1,000 | 3 | |||
*,1 | Pharmally International Holding Co. Ltd. | 1,282 | 3 | |||
* | Makalot Industrial Co. Ltd. Rights Exp. 03/11/2021 | 607 | — | |||
103,632 | ||||||
Thailand (0.7%) | ||||||
Siam Cement PCL (Foreign) | 90,600 | 1,091 | ||||
CP ALL PCL (Foreign) | 540,200 | 1,058 | ||||
Airports of Thailand PCL (Foreign) | 466,600 | 974 | ||||
Kasikornbank PCL (Foreign) | 174,600 | 804 | ||||
Siam Commercial Bank PCL (Foreign) | 239,500 | 804 | ||||
Energy Absolute PCL (Foreign) | 284,800 | 580 | ||||
* | Delta Electronics Thailand PCL (Foreign) | 40,500 | 526 | |||
Home Product Center PCL (Foreign) | 1,155,500 | 500 | ||||
Advanced Info Service PCL (Foreign) | 89,400 | 488 | ||||
Bangkok Dusit Medical Services PCL (Foreign) | 525,800 | 345 | ||||
Bangkok Bank PCL (Foreign) | 78,400 | 312 | ||||
Carabao Group PCL (Foreign) | 67,700 | 307 | ||||
Gulf Energy Development PCL (Foreign) | 251,850 | 275 | ||||
Central Pattana PCL (Foreign) | 159,300 | 274 |
Shares | Market Value• ($000) | |||||
* | BEC World PCL (Foreign) | 919,900 | 265 | |||
Global Power Synergy PCL (Foreign) | 101,392 | 249 | ||||
PTT Global Chemical PCL (Foreign) | 116,800 | 239 | ||||
Intouch Holdings PCL (Foreign) | 121,778 | 223 | ||||
Thaicom PCL (Foreign) | 720,100 | 214 | ||||
Sino-Thai Engineering & Construction PCL (Foreign) | 528,900 | 206 | ||||
Charoen Pokphand Foods PCL (Foreign) | 202,600 | 191 | ||||
Krungthai Card PCL (Foreign) | 84,100 | 175 | ||||
* | Central Retail Corp. PCL (Foreign) | 156,800 | 171 | |||
Com7 PCL (Foreign) | 87,900 | 147 | ||||
Krung Thai Bank PCL (Foreign) | 327,800 | 128 | ||||
Indorama Ventures PCL (Foreign) | 99,200 | 128 | ||||
Kiatnakin Phatra Bank PCL (Foreign) | 54,900 | 106 | ||||
BTS Group Holdings PCL (Foreign) | 340,600 | 105 | ||||
Sri Trang Agro-Industry PCL (Foreign) | 58,500 | 103 | ||||
KCE Electronics PCL (Foreign) | 52,800 | 93 | ||||
TMB Bank PCL (Foreign) | 2,207,124 | 81 | ||||
Tisco Financial Group PCL (Foreign) | 25,100 | 78 | ||||
Bumrungrad Hospital PCL (Foreign) | 17,800 | 74 | ||||
Asset World Corp. PCL (Foreign) | 460,000 | 73 | ||||
Muangthai Capital PCL (Foreign) | 33,200 | 71 | ||||
Thai Union Group PCL (Foreign) | 149,500 | 69 | ||||
VGI PCL (Foreign) | 294,730 | 65 | ||||
CPN Retail Growth Leasehold REIT | 106,400 | 64 | ||||
* | Central Plaza Hotel PCL (Foreign) | 57,900 | 63 | |||
Electricity Generating PCL (Foreign) | 11,300 | 62 | ||||
Bangkok Expressway & Metro PCL (Foreign) | 213,700 | 56 | ||||
Hana Microelectronics PCL (Foreign) | 32,500 | 53 | ||||
Siam Global House PCL (Foreign) | 75,094 | 50 | ||||
Jasmine Broadband Internet Infrastructure Fund | 161,472 | 50 |
Shares | Market Value• ($000) | |||||
Thoresen Thai Agencies PCL (Foreign) | 203,600 | 48 | ||||
Bangkok Commercial Asset Management PCL (Foreign) | 67,100 | 47 | ||||
Workpoint Entertainment PCL (Foreign) | 83,100 | 44 | ||||
TQM Corp. PCL (Foreign) | 10,900 | 43 | ||||
Berli Jucker PCL (Foreign) | 33,100 | 40 | ||||
Thai Vegetable Oil PCL (Foreign) | 35,700 | 40 | ||||
WHA Premium Growth Freehold & Leasehold REIT | 110,800 | 40 | ||||
B Grimm Power PCL (Foreign) | 25,300 | 40 | ||||
Thanachart Capital PCL (Foreign) | 37,100 | 39 | ||||
True Corp. PCL (Foreign) | 375,600 | 39 | ||||
AEON Thana Sinsap Thailand PCL (Foreign) | 5,700 | 37 | ||||
Beauty Community PCL (Foreign) | 622,700 | 36 | ||||
Osotspa PCL (Foreign) | 26,800 | 31 | ||||
Land & Houses PCL (Foreign) | 114,600 | 30 | ||||
Supalai PCL (Foreign) | 42,200 | 28 | ||||
Total Access Communication PCL (Foreign) | 26,900 | 28 | ||||
WHA Corp. PCL (Foreign) | 271,500 | 28 | ||||
Amata Corp. PCL (Foreign) | 45,993 | 27 | ||||
Samart Corp. PCL (Foreign) | 115,000 | 24 | ||||
Bangkok Land PCL (Foreign) | 675,700 | 24 | ||||
Mega Lifesciences PCL (Foreign) | 18,300 | 24 | ||||
Bangkok Airways PCL (Foreign) | 88,100 | 22 | ||||
Tipco Asphalt PCL (Foreign) | 32,600 | 22 | ||||
AP Thailand PCL (Foreign) | 88,200 | 21 | ||||
* | Super Energy Corp. PCL (Foreign) | 681,700 | 21 | |||
Jasmine International PCL (Foreign) | 208,700 | 21 | ||||
Plan B Media PCL (Foreign) | 96,400 | 21 | ||||
Thaifoods Group PCL (Foreign) | 114,700 | 19 | ||||
SPCG PCL (Foreign) | 26,500 | 17 |
Shares | Market Value• ($000) | |||||
BCPG PCL (Foreign) | 32,050 | 16 | ||||
TPI Polene PCL (Foreign) | 295,300 | 16 | ||||
*,3 | Central Retail Corp. PCL | 13,800 | 15 | |||
GFPT PCL (Foreign) | 36,300 | 14 | ||||
Siam Makro PCL (Foreign) | 11,900 | 14 | ||||
Major Cineplex Group PCL (Foreign) | 18,300 | 12 | ||||
Univentures PCL (Foreign) | 96,000 | 12 | ||||
Bangkok Life Assurance PCL NVDR | 14,000 | 11 | ||||
TTW PCL (Foreign) | 28,000 | 11 | ||||
LPN Development PCL (Foreign) | 67,300 | 10 | ||||
Chularat Hospital PCL (Foreign) | 122,800 | 10 | ||||
Gunkul Engineering PCL (Foreign) | 111,400 | 10 | ||||
Ratchthani Leasing PCL (Foreign) | 77,600 | 10 | ||||
* | Precious Shipping PCL (Foreign) | 24,700 | 9 | |||
TPI Polene Power PCL (Foreign) | 66,700 | 9 | ||||
Origin Property PCL (Foreign) | 38,000 | 9 | ||||
TOA Paint Thailand PCL (Foreign) | 6,800 | 7 | ||||
Advanced Info Service PCL | 1,200 | 7 | ||||
*,1 | Thai Airways International PCL (Foreign) | 33,800 | 5 | |||
Taokaenoi Food & Marketing PCL (Foreign) | 15,700 | 5 | ||||
Unique Engineering & Construction PCL (Foreign) | 17,300 | 2 | ||||
* | U City PCL (Foreign) | 64,000 | 2 | |||
* | Minor International PCL Warrants Exp. 09/30/2021 | 3,645 | — | |||
* | BCPG PCL Warrants Exp. 11/13/2022 | 1 | — | |||
* | BCPG PCL Warrants Exp. 11/13/2023 | 1 | — | |||
13,107 | ||||||
Turkey (0.1%) | ||||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S | 154,541 | 323 | ||||
* | Logo Yazilim Sanayi ve Ticaret A/S | 14,835 | 262 | |||
Tat Gida Sanayi A/S | 161,172 | 221 | ||||
Eregli Demir ve Celik Fabrikalari TAS | 84,330 | 166 |
Shares | Market Value• ($000) | |||||
* | Turkiye Garanti Bankasi A/S | 113,534 | 137 | |||
* | Gubre Fabrikalari TAS | 12,258 | 133 | |||
* | Akbank T.A.S. | 134,289 | 110 | |||
Turkiye Sise ve Cam Fabrikalari A/S | 95,073 | 92 | ||||
* | Aksa Enerji Uretim A/S Class B | 55,252 | 79 | |||
* | Bera Holding A/S | 22,125 | 74 | |||
Ford Otomotiv Sanayi A/S | 2,995 | 71 | ||||
Turk Traktor ve Ziraat Makineleri A/S | 2,379 | 69 | ||||
Haci Omer Sabanci Holding A/S | 33,553 | 48 | ||||
* | Turkiye Is Bankasi A/S Class C | 54,007 | 42 | |||
Alarko Holding A/S | 27,754 | 40 | ||||
* | Konya Cimento Sanayii A/S | 254 | 40 | |||
* | Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class A | 55,213 | 39 | |||
* | Petkim Petrokimya Holding A/S | 55,556 | 39 | |||
EGE Endustri ve Ticaret A/S | 181 | 38 | ||||
* | Zorlu Enerji Elektrik Uretim A/S | 109,551 | 38 | |||
* | Turk Hava Yollari AO | 19,932 | 36 | |||
* | Koza Anadolu Metal Madencilik Isletmeleri A/S | 14,046 | 33 | |||
Coca-Cola Icecek A/S | 3,293 | 32 | ||||
* | Koza Altin Isletmeleri A/S | 1,798 | 32 | |||
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | 101,754 | 31 | ||||
Brisa Bridgestone Sabanci Sanayi ve Ticaret A/S | 7,642 | 30 | ||||
AG Anadolu Grubu Holding A/S | 8,007 | 30 | ||||
3 | Enerjisa Enerji A/S | 18,394 | 28 | |||
��� | Aksa Akrilik Kimya Sanayii A/S | 11,264 | 24 | |||
* | Pegasus Hava Tasimaciligi A/S | 1,931 | 23 | |||
Aksigorta A/S | 17,334 | 22 | ||||
* | Cimsa Cimento Sanayi ve Ticaret A/S | 7,525 | 22 | |||
* | Sok Marketler Ticaret A/S | 13,618 | 21 | |||
*,3 | Mavi Giyim Sanayi ve Ticaret A/S Class B | 2,923 | 20 | |||
Aygaz A/S | 8,618 | 18 | ||||
Akcansa Cimento A/S | 6,754 | 17 |
Shares | Market Value• ($000) | |||||
* | Is Gayrimenkul Yatirim Ortakligi A/S | 58,322 | 17 | |||
* | Yapi ve Kredi Bankasi A/S | 48,161 | 17 | |||
* | Turkiye Vakiflar Bankasi TAO | 30,765 | 17 | |||
* | Sekerbank Turk A/S | 81,041 | 14 | |||
Dogan Sirketler Grubu Holding A/S | 31,140 | 13 | ||||
*,3 | MLP Saglik Hizmetleri A/S Class B | 3,921 | 13 | |||
* | Turkiye Sinai Kalkinma Bankasi A/S | 54,965 | 12 | |||
* | Ulker Biskuvi Sanayi A/S | 4,462 | 12 | |||
Turk Telekomunikasyon A/S | 9,896 | 10 | ||||
* | Torunlar Gayrimenkul Yatirim Ortakligi A/S | 22,142 | 10 | |||
Tekfen Holding A/S | 3,446 | 8 | ||||
Tofas Turk Otomobil Fabrikasi A/S | 1,547 | 7 | ||||
* | Arcelik A/S | 1,329 | 6 | |||
TAV Havalimanlari Holding A/S | 1,847 | 6 | ||||
2,642 | ||||||
United Arab Emirates (0.2%) | ||||||
First Abu Dhabi Bank PJSC | 327,870 | 1,290 | ||||
Emirates Telecommunications Group Co. PJSC | 129,369 | 694 | ||||
Emirates NBD Bank PJSC | 189,693 | 570 | ||||
Abu Dhabi Commercial Bank PJSC | 194,628 | 328 | ||||
Aldar Properties PJSC | 281,180 | 274 | ||||
Abu Dhabi Islamic Bank PJSC | 121,362 | 163 | ||||
Air Arabia PJSC | 269,974 | 91 | ||||
Dubai Financial Market PJSC | 269,740 | 72 | ||||
RAK Properties PJSC | 381,113 | 56 | ||||
Orascom Construction plc | 8,008 | 48 | ||||
* | DAMAC Properties Dubai Co. PJSC | 118,390 | 37 | |||
*,1 | Arabtec Holding PJSC | 101,139 | 15 | |||
3,638 | ||||||
United Kingdom (7.8%) | ||||||
AstraZeneca plc | 104,224 | 10,124 | ||||
GlaxoSmithKline plc | 382,426 | 6,381 | ||||
Unilever plc (XAMS) | 101,641 | 5,280 | ||||
Unilever plc (XLON) | 94,276 | 4,914 | ||||
Prudential plc | 205,112 | 4,086 | ||||
Reckitt Benckiser Group plc | 48,603 | 4,077 | ||||
Vodafone Group plc | 2,047,963 | 3,506 |
Shares | Market Value• ($000) | |||||
RELX plc | 143,417 | 3,394 | ||||
London Stock Exchange Group plc | 24,231 | 3,256 | ||||
Barclays plc | 1,350,377 | 3,014 | ||||
* | Lloyds Banking Group plc | 5,479,463 | 2,986 | |||
National Grid plc | 264,575 | 2,975 | ||||
* | Compass Group plc | 138,936 | 2,821 | |||
CRH plc (XLON) | 56,589 | 2,457 | ||||
Experian plc | 72,158 | 2,291 | ||||
Ferguson plc | 18,783 | 2,222 | ||||
Ashtead Group plc | 37,495 | 2,038 | ||||
Tesco plc | 611,738 | 1,923 | ||||
Legal & General Group plc | 459,926 | 1,672 | ||||
Smith & Nephew plc | 76,785 | 1,491 | ||||
Aviva plc | 291,816 | 1,478 | ||||
SSE plc | 78,874 | 1,462 | ||||
* | Standard Chartered plc | 206,772 | 1,338 | |||
WPP plc | 109,869 | 1,314 | ||||
Segro plc | 102,623 | 1,303 | ||||
3i Group plc | 83,268 | 1,293 | ||||
* | Next plc | 12,017 | 1,273 | |||
Halma plc | 38,877 | 1,231 | ||||
Smurfit Kappa Group plc | 25,467 | 1,210 | ||||
Croda International plc | 13,750 | 1,187 | ||||
* | Ocado Group plc | 38,218 | 1,174 | |||
* | BT Group plc | 663,124 | 1,148 | |||
Spirax-Sarco Engineering plc | 7,464 | 1,119 | ||||
* | Rentokil Initial plc | 171,246 | 1,116 | |||
Persimmon plc | 28,480 | 1,032 | ||||
Mondi plc | 41,825 | 1,009 | ||||
Bunzl plc | 32,027 | 1,000 | ||||
* | Informa plc | 128,745 | 988 | |||
Standard Life Aberdeen plc | 218,211 | 953 | ||||
St. James's Place plc | 56,545 | 933 | ||||
Admiral Group plc | 21,505 | 931 | ||||
* | Burberry Group plc | 36,366 | 926 | |||
* | Natwest Group plc | 357,324 | 923 | |||
Johnson Matthey plc | 20,384 | 871 | ||||
RSA Insurance Group plc | 90,504 | 854 | ||||
Smiths Group plc | 41,336 | 846 | ||||
* | Barratt Developments plc | 90,142 | 838 | |||
DCC plc | 10,031 | 810 | ||||
Sage Group plc | 102,971 | 805 | ||||
*,3 | Just Eat Takeaway.com NV (XLON) | 8,053 | 780 | |||
*,3 | Auto Trader Group plc | 98,715 | 759 | |||
Pearson plc | 71,455 | 753 | ||||
United Utilities Group plc | 62,749 | 751 | ||||
* | Kingfisher plc | 200,931 | 745 |
Shares | Market Value• ($000) | |||||
* | DS Smith plc | 132,159 | 734 | |||
* | Taylor Wimpey plc | 328,689 | 725 | |||
Tate & Lyle plc | 71,091 | 722 | ||||
Severn Trent plc | 23,135 | 709 | ||||
* | Rightmove plc | 89,414 | 705 | |||
* | Howden Joinery Group plc | 71,519 | 696 | |||
Spectris plc | 16,197 | 687 | ||||
British Land Co. plc | 99,921 | 683 | ||||
Intermediate Capital Group plc | 28,160 | 683 | ||||
Derwent London plc | 14,780 | 681 | ||||
Direct Line Insurance Group plc | 150,026 | 671 | ||||
* | Coca-Cola HBC AG | 20,928 | 656 | |||
* | ITV plc | 424,106 | 652 | |||
Berkeley Group Holdings plc | 11,271 | 639 | ||||
Hargreaves Lansdown plc | 30,152 | 637 | ||||
Wm Morrison Supermarkets plc | 248,738 | 594 | ||||
J Sainsbury plc | 187,000 | 592 | ||||
Pennon Group plc | 46,673 | 571 | ||||
Phoenix Group Holdings plc | 57,297 | 569 | ||||
Polymetal International plc | 28,664 | 567 | ||||
Britvic plc | 49,072 | 555 | ||||
Antofagasta plc | 21,090 | 526 | ||||
HomeServe plc | 35,645 | 518 | ||||
M&G plc | 201,160 | 518 | ||||
Bellway plc | 13,002 | 510 | ||||
CRH plc (XDUB) | 10,441 | 453 | ||||
* | JD Sports Fashion plc | 35,340 | 411 | |||
B&M European Value Retail SA | 53,035 | 406 | ||||
* | Royal Mail plc | 63,344 | 402 | |||
Hikma Pharmaceuticals plc | 12,275 | 384 | ||||
Schroders plc | 7,734 | 378 | ||||
* | Marks & Spencer Group plc | 189,247 | 377 | |||
* | Beazley plc | 68,126 | 329 | |||
Games Workshop Group plc | 2,389 | 318 | ||||
* | Signature Aviation plc | 54,916 | 307 | |||
* | Hiscox Ltd. | 22,741 | 300 | |||
Investec plc | 107,471 | 293 | ||||
Dechra Pharmaceuticals plc | 5,495 | 263 | ||||
Electrocomponents plc | 18,534 | 251 | ||||
Genus plc | 3,536 | 248 | ||||
* | UNITE Group plc | 17,790 | 241 | |||
*,3 | Trainline plc | 33,365 | 240 | |||
* | WH Smith plc | 8,935 | 238 | |||
IG Group Holdings plc | 21,732 | 237 |
Shares | Market Value• ($000) | |||||
* | IWG plc | 46,657 | 235 | |||
SSP Group plc | 47,670 | 230 | ||||
* | Inchcape plc | 22,775 | 226 | |||
Future plc | 7,810 | 213 | ||||
3 | Avast plc | 31,177 | 201 | |||
* | Countryside Properties plc | 30,670 | 200 | |||
3 | ConvaTec Group plc | 75,541 | 198 | |||
* | International Consolidated Airlines Group SA | 72,414 | 196 | |||
* | easyJet plc | 13,959 | 192 | |||
Pets at Home Group plc | 33,650 | 186 | ||||
Close Brothers Group plc | 7,935 | 172 | ||||
Grafton Group plc | 12,100 | 167 | ||||
* | Hays plc | 75,490 | 161 | |||
Softcat plc | 7,858 | 160 | ||||
* | Dunelm Group plc | 9,001 | 158 | |||
* | OSB Group plc | 24,793 | 153 | |||
Spirent Communications plc | 46,121 | 151 | ||||
TP Icap Group plc | 45,386 | 151 | ||||
Ashmore Group plc | 24,722 | 143 | ||||
* | Greggs plc | 4,934 | 143 | |||
Fresnillo plc | 11,207 | 142 | ||||
* | Shaftesbury plc | 15,778 | 136 | |||
Man Group plc | 64,943 | 136 | ||||
KAZ Minerals plc | 11,528 | 135 | ||||
3 | Quilter plc | 66,108 | 135 | |||
Assura plc | 127,917 | 133 | ||||
* | National Express Group plc | 31,678 | 132 | |||
Aggreko plc | 11,744 | 132 | ||||
Cranswick plc | 2,720 | 129 | ||||
Big Yellow Group plc | 8,005 | 127 | ||||
3 | John Laing Group plc | 30,248 | 127 | |||
*,3 | Ascential plc | 25,440 | 127 | |||
*,3 | Watches of Switzerland Group plc | 14,013 | 125 | |||
Synthomer plc | 18,772 | 121 | ||||
Moneysupermarket.com Group plc | 29,728 | 120 | ||||
Plus500 Ltd. | 6,285 | 120 | ||||
Grainger plc | 31,517 | 118 | ||||
Computacenter plc | 4,049 | 118 | ||||
* | Vistry Group plc | 9,958 | 117 | |||
UDG Healthcare plc | 10,847 | 117 | ||||
Drax Group plc | 21,787 | 116 | ||||
* | Micro Focus International plc | 19,841 | 116 | |||
Lancashire Holdings Ltd. | 13,268 | 114 | ||||
Safestore Holdings plc | 10,084 | 112 | ||||
*,3 | Wizz Air Holdings plc | 1,454 | 108 |
Shares | Market Value• ($000) | |||||
*,3 | Just Eat Takeaway.com NV (XAMS) | 1,113 | 107 | |||
AJ Bell plc | 18,148 | 107 | ||||
* | Dixons Carphone plc | 58,669 | 104 | |||
LondonMetric Property plc | 33,628 | 103 | ||||
Paragon Banking Group plc | 16,286 | 102 | ||||
Great Portland Estates plc | 10,621 | 100 | ||||
*,3 | Aston Martin Lagonda Global Holdings plc | 3,569 | 100 | |||
* | Marshalls plc | 10,010 | 96 | |||
Capital & Counties Properties plc | 40,530 | 96 | ||||
Centamin plc | 67,757 | 95 | ||||
Victrex plc | 3,159 | 94 | ||||
* | Cineworld Group plc | 67,188 | 92 | |||
Domino's Pizza Group plc | 21,302 | 91 | ||||
* | Pagegroup plc | 13,511 | 90 | |||
IntegraFin Holdings plc | 12,584 | 88 | ||||
* | Savills plc | 5,376 | 87 | |||
* | Mediclinic International plc | 21,019 | 84 | |||
Jupiter Fund Management plc | 19,869 | 82 | ||||
* | Firstgroup plc | 62,898 | 79 | |||
* | AO World plc | 20,067 | 79 | |||
Workspace Group plc | 7,280 | 78 | ||||
* | Polypipe Group plc | 10,032 | 77 | |||
Vesuvius plc | 10,375 | 76 | ||||
RHI Magnesita NV | 1,389 | 76 | ||||
* | Mitie Group plc | 103,434 | 75 | |||
* | Just Group plc | 58,484 | 74 | |||
Daily Mail & General Trust plc Class A | 5,846 | 74 | ||||
3 | Airtel Africa plc | 66,541 | 74 | |||
Rathbone Brothers plc | 3,170 | 68 | ||||
* | Frasers Group plc | 10,406 | 68 | |||
Redrow plc | 8,986 | 68 | ||||
Sanne Group plc | 8,247 | 68 | ||||
* | Coats Group plc | 76,003 | 66 | |||
* | Petropavlovsk plc | 168,903 | 64 | |||
* | Provident Financial plc | 15,943 | 62 | |||
* | Crest Nicholson Holdings plc | 13,949 | 62 | |||
* | Greencore Group plc | 28,649 | 61 | |||
Kainos Group plc | 3,341 | 61 | ||||
* | Elementis plc | 34,082 | 60 | |||
Avon Rubber plc | 1,424 | 56 | ||||
* | Halfords Group plc | 13,553 | 55 | |||
Ferrexpo plc | 11,280 | 53 | ||||
Brewin Dolphin Holdings plc | 11,896 | 49 | ||||
Hochschild Mining plc | 16,405 | 49 |
Shares | Market Value• ($000) | |||||
TalkTalk Telecom Group plc | 35,847 | 49 | ||||
*,3 | Ibstock plc | 15,964 | 48 | |||
Euromoney Institutional Investor plc | 3,364 | 46 | ||||
* | Essentra plc | 11,008 | 45 | |||
Sirius Real Estate Ltd. | 34,318 | 44 | ||||
* | Vectura Group plc | 27,313 | 43 | |||
FDM Group Holdings plc | 2,927 | 41 | ||||
Clarkson plc | 1,045 | 37 | ||||
NCC Group plc | 9,887 | 36 | ||||
Redde Northgate plc | 9,423 | 36 | ||||
* | Restaurant Group plc | 22,839 | 35 | |||
* | Go-Ahead Group plc | 1,814 | 30 | |||
St. Modwen Properties plc | 5,519 | 30 | ||||
Helical plc | 5,379 | 29 | ||||
* | Bank of Georgia Group plc | 2,028 | 28 | |||
*,3 | Spire Healthcare Group plc | 13,463 | 28 | |||
3 | TI Fluid Systems plc | 6,919 | 26 | |||
Keller Group plc | 2,139 | 23 | ||||
Picton Property Income Ltd. | 17,007 | 21 | ||||
* | AG Barr plc | 2,978 | 21 | |||
*,3 | Equiniti Group plc | 10,203 | 20 | |||
PZ Cussons plc | 5,461 | 19 | ||||
Telecom Plus plc | 1,118 | 18 | ||||
Alfa Financial Software Holdings plc | 9,666 | 18 | ||||
* | TBC Bank Group plc | 1,188 | 18 | |||
Devro plc | 6,727 | 16 | ||||
* | Stagecoach Group plc | 9,115 | 12 | |||
RDI REIT plc | 5,397 | 9 | ||||
* | SIG plc | 14,852 | 7 | |||
*,3 | Funding Circle Holdings plc | 2,197 | 4 | |||
*,1 | NMC Health plc | 4,208 | — | |||
138,973 | ||||||
Total Common Stocks (Cost $1,463,055) | 1,778,524 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (0.3%) | ||||||
Money Market Fund (0.3%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 0.099% (Cost $4,933) | 49,339 | 4,934 | |||
Total Investments (99.9%) (Cost $1,467,988) | 1,783,458 | |||||
Other Assets and Liabilities—Net (0.1%) | 1,277 | |||||
Net Assets (100%) | 1,784,735 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security value determined using significant unobservable inputs. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $3,116,000. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, the aggregate value of these securities was $45,918,000, representing 2.6% of net assets. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $3,419,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
FDR—Fiduciary Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
NVDR—Non-Voting Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | March 2021 | 16 | 1,731 | (53) |
MSCI Emerging Market Index | March 2021 | 67 | 4,483 | (227) |
(280) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
BNP Paribas | 4/6/21 | JPY | 178,947 | USD | 1,698 | — | (19) |
J.P. Morgan Securities LLC | 3/2/21 | QAR | 51 | USD | 14 | — | — |
BNP Paribas | 4/6/21 | USD | 2,320 | JPY | 239,718 | 70 | — |
70 | (19) |
JPY—Japanese yen. |
QAR—Qatari riyal. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $1,463,055) | 1,778,524 |
Affiliated Issuers (Cost $4,933) | 4,934 |
Total Investments in Securities | 1,783,458 |
Investment in Vanguard | 62 |
Foreign Currency, at Value (Cost $3,950) | 3,936 |
Cash Collateral Pledged—Futures Contracts | 410 |
Receivables for Investment Securities Sold | 37 |
Receivables for Accrued Income | 3,242 |
Unrealized Appreciation—Forward Currency Contracts | 70 |
Total Assets | 1,791,215 |
Liabilities | |
Due to Custodian | 7 |
Payables for Investment Securities Purchased | 1,484 |
Collateral for Securities on Loan | 3,419 |
Payables to Vanguard | 129 |
Variation Margin Payable—Futures Contracts | 87 |
Unrealized Depreciation—Forward Currency Contracts | 19 |
Deferred Foreign Capital Gains Taxes | 1,335 |
Total Liabilities | 6,480 |
Net Assets | 1,784,735 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 1,483,082 |
Total Distributable Earnings (Loss) | 301,653 |
Net Assets | 1,784,735 |
Net Assets | |
Applicable to 29,500,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,784,735 |
Net Asset Value Per Share | $60.50 |
Six Months Ended February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 10,944 |
Interest2 | 3 |
Securities Lending—Net | 90 |
Total Income | 11,037 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 111 |
Management and Administrative | 834 |
Marketing and Distribution | 35 |
Custodian Fees | 118 |
Shareholders’ Reports | 9 |
Trustees’ Fees and Expenses | — |
Total Expenses | 1,107 |
Net Investment Income | 9,930 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (365) |
Futures Contracts | 2,073 |
Forward Currency Contracts | (53) |
Foreign Currencies | 146 |
Realized Net Gain (Loss) | 1,801 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,3 | 216,189 |
Futures Contracts | (316) |
Forward Currency Contracts | 57 |
Foreign Currencies | (65) |
Change in Unrealized Appreciation (Depreciation) | 215,865 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 227,596 |
1 | Dividends are net of foreign withholding taxes of $1,094,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,000, $0, and $0, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($1,164,000). |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 9,930 | 18,028 | |
Realized Net Gain (Loss) | 1,801 | (12,482) | |
Change in Unrealized Appreciation (Depreciation) | 215,865 | 101,315 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 227,596 | 106,861 | |
Distributions | |||
Total Distributions | (15,499) | (14,331) | |
Capital Share Transactions | |||
Issued | 367,806 | 693,888 | |
Issued in Lieu of Cash Distributions | — | — | |
Redeemed | — | — | |
Net Increase (Decrease) from Capital Share Transactions | 367,806 | 693,888 | |
Total Increase (Decrease) | 579,903 | 786,418 | |
Net Assets | |||
Beginning of Period | 1,204,832 | 418,414 | |
End of Period | 1,784,735 | 1,204,832 |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | September 18, 20181 to August 31, 2019 | |
For a Share Outstanding Throughout Each Period | |||
Net Asset Value, Beginning of Period | $52.38 | $48.09 | $50.00 |
Investment Operations | |||
Net Investment Income2 | .380 | 1.192 | 1.529 |
Net Realized and Unrealized Gain (Loss) on Investments | 8.354 | 4.138 | (2.714) |
Total from Investment Operations | 8.734 | 5.330 | (1.185) |
Distributions | |||
Dividends from Net Investment Income | (.614) | (1.040) | (.725) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.614) | (1.040) | (.725) |
Net Asset Value, End of Period | $60.50 | $52.38 | $48.09 |
Total Return | 16.80% | 11.23% | -2.36% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $1,785 | $1,205 | $418 |
Ratio of Total Expenses to Average Net Assets | 0.15% | 0.15% | 0.17%3,4 |
Ratio of Net Investment Income to Average Net Assets | 0.54% | 2.45% | 3.30%3 |
Portfolio Turnover Rate5 | 3% | 12% | 22% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Annualized. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.15%. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 145,565 | 7,293 | — | 152,858 |
Common Stocks—Other | 70,725 | 1,554,772 | 169 | 1,625,666 |
Temporary Cash Investments | 4,934 | — | — | 4,934 |
Total | 221,224 | 1,562,065 | 169 | 1,783,458 |
Derivative Financial Instruments | ||||
Assets | ||||
Forward Currency Contracts | — | 70 | — | 70 |
Liabilities | ||||
Futures Contracts1 | 280 | — | — | 280 |
Forward Currency Contracts | — | 19 | — | 19 |
Total | 280 | 19 | — | 299 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Statement of Assets and Liabilities Caption | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Forward Currency Contracts | — | 70 | 70 |
Total Assets | — | 70 | 70 |
Unrealized Depreciation—Futures Contracts1 | 280 | — | 280 |
Unrealized Depreciation—Forward Currency Contracts | — | 19 | 19 |
Total Liabilities | 280 | 19 | 299 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 2,073 | — | 2,073 |
Forward Currency Contracts | — | (53) | (53) |
Realized Net Gain (Loss) on Derivatives | 2,073 | (53) | 2,020 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (316) | — | (316) |
Forward Currency Contracts | — | 57 | 57 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (316) | 57 | (259) |
Amount ($000) | |
Tax Cost | 1,471,138 |
Gross Unrealized Appreciation | 374,040 |
Gross Unrealized Depreciation | (61,949) |
Net Unrealized Appreciation (Depreciation) | 312,091 |
Six Months Ended February 28, 2021 | Year Ended August 31, 2020 | ||
Shares (000) | Shares (000) | ||
Issued | 6,500 | 14,300 | |
Issued in Lieu of Cash Distributions | — | — | |
Redeemed | — | — | |
Net Increase (Decrease) in Shares Outstanding | 6,500 | 14,300 |
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• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Period Ended February 28, 2021 | |||
ESG U.S. Corporate Bond ETF | Beginning Account Value 9/22/2020 | Ending Account Value 2/28/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $986.10 | $0.52 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,021.26 | 0.53 |
Corporate Bonds – Communications | 14.4% |
Corporate Bonds – Consumer Discretionary | 6.5 |
Corporate Bonds – Consumer Staples | 3.9 |
Corporate Bonds – Financials | 37.9 |
Corporate Bonds – Health Care | 16.3 |
Corporate Bonds – Industrials | 3.7 |
Corporate Bonds – Materials | 1.6 |
Corporate Bonds – Real Estate | 2.0 |
Corporate Bonds – Technology | 13.7 |
Corporate Bonds – Utilities | 0.0 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Corporate Bonds (99.1%) | ||||||
Communications (14.2%) | ||||||
Activision Blizzard Inc. | 3.400% | 9/15/26 | 50 | 56 | ||
Activision Blizzard Inc. | 2.500% | 9/15/50 | 35 | 31 | ||
Alphabet Inc. | 3.375% | 2/25/24 | 40 | 43 | ||
Alphabet Inc. | 1.998% | 8/15/26 | 45 | 47 | ||
Alphabet Inc. | 0.800% | 8/15/27 | 60 | 58 | ||
Alphabet Inc. | 1.100% | 8/15/30 | 35 | 33 | ||
Alphabet Inc. | 1.900% | 8/15/40 | 70 | 63 | ||
Alphabet Inc. | 2.050% | 8/15/50 | 96 | 83 | ||
Alphabet Inc. | 2.250% | 8/15/60 | 40 | 34 | ||
America Movil SAB de CV | 3.125% | 7/16/22 | 5 | 5 | ||
America Movil SAB de CV | 3.625% | 4/22/29 | 85 | 94 | ||
America Movil SAB de CV | 2.875% | 5/7/30 | 65 | 68 | ||
America Movil SAB de CV | 6.125% | 3/30/40 | 60 | 84 | ||
America Movil SAB de CV | 4.375% | 7/16/42 | 45 | 53 | ||
America Movil SAB de CV | 4.375% | 4/22/49 | 20 | 24 | ||
AT&T Inc. | 3.000% | 6/30/22 | 75 | 77 | ||
AT&T Inc. | 2.625% | 12/1/22 | 5 | 5 | ||
AT&T Inc. | 4.450% | 4/1/24 | 25 | 28 | ||
AT&T Inc. | 3.400% | 5/15/25 | 125 | 136 | ||
AT&T Inc. | 4.125% | 2/17/26 | 50 | 57 | ||
AT&T Inc. | 3.800% | 2/15/27 | 50 | 56 | ||
AT&T Inc. | 2.300% | 6/1/27 | 160 | 166 | ||
AT&T Inc. | 1.650% | 2/1/28 | 65 | 64 | ||
AT&T Inc. | 4.350% | 3/1/29 | 75 | 86 | ||
1 | AT&T Inc. | 4.300% | 2/15/30 | 75 | 86 | |
AT&T Inc. | 2.750% | 6/1/31 | 85 | 86 | ||
AT&T Inc. | 2.250% | 2/1/32 | 75 | 72 | ||
AT&T Inc. | 4.500% | 5/15/35 | 65 | 74 | ||
AT&T Inc. | 5.250% | 3/1/37 | 70 | 87 | ||
AT&T Inc. | 4.850% | 3/1/39 | 84 | 98 | ||
AT&T Inc. | 5.350% | 9/1/40 | 80 | 101 | ||
AT&T Inc. | 3.500% | 6/1/41 | 275 | 275 | ||
AT&T Inc. | 3.100% | 2/1/43 | 155 | 146 | ||
AT&T Inc. | 4.350% | 6/15/45 | 10 | 11 | ||
AT&T Inc. | 4.750% | 5/15/46 | 50 | 58 | ||
AT&T Inc. | 4.500% | 3/9/48 | 20 | 22 | ||
AT&T Inc. | 4.550% | 3/9/49 | 175 | 196 | ||
AT&T Inc. | 3.650% | 6/1/51 | 100 | 96 | ||
AT&T Inc. | 3.300% | 2/1/52 | 25 | 23 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,2 | AT&T Inc. | 3.500% | 9/15/53 | 205 | 188 | |
1,2 | AT&T Inc. | 3.550% | 9/15/55 | 260 | 239 | |
1,2 | AT&T Inc. | 3.800% | 12/1/57 | 42 | 40 | |
1,2 | AT&T Inc. | 3.650% | 9/15/59 | 130 | 120 | |
AT&T Inc. | 3.850% | 6/1/60 | 100 | 94 | ||
AT&T Inc. | 3.500% | 2/1/61 | 25 | 22 | ||
Bell Canada | 4.464% | 4/1/48 | 40 | 47 | ||
Booking Holdings Inc. | 4.100% | 4/13/25 | 70 | 78 | ||
Booking Holdings Inc. | 4.500% | 4/13/27 | 20 | 23 | ||
Booking Holdings Inc. | 4.625% | 4/13/30 | 40 | 48 | ||
British Telecommunications plc | 9.625% | 12/15/30 | 40 | 63 | ||
Charter Communications Operating LLC | 4.464% | 7/23/22 | 76 | 80 | ||
Charter Communications Operating LLC | 4.908% | 7/23/25 | 125 | 143 | ||
Charter Communications Operating LLC | 3.750% | 2/15/28 | 25 | 27 | ||
Charter Communications Operating LLC | 4.200% | 3/15/28 | 75 | 84 | ||
Charter Communications Operating LLC | 5.050% | 3/30/29 | 20 | 23 | ||
Charter Communications Operating LLC | 2.800% | 4/1/31 | 50 | 51 | ||
Charter Communications Operating LLC | 2.300% | 2/1/32 | 40 | 38 | ||
Charter Communications Operating LLC | 6.384% | 10/23/35 | 95 | 127 | ||
Charter Communications Operating LLC | 5.375% | 4/1/38 | 75 | 90 | ||
3 | Charter Communications Operating LLC | 3.500% | 6/1/41 | 70 | 68 | |
Charter Communications Operating LLC | 6.484% | 10/23/45 | 105 | 141 | ||
Charter Communications Operating LLC | 5.375% | 5/1/47 | 30 | 35 | ||
Charter Communications Operating LLC | 5.750% | 4/1/48 | 53 | 65 | ||
Charter Communications Operating LLC | 5.125% | 7/1/49 | 25 | 29 | ||
Charter Communications Operating LLC | 4.800% | 3/1/50 | 40 | 44 | ||
Charter Communications Operating LLC | 3.700% | 4/1/51 | 115 | 110 | ||
3 | Charter Communications Operating LLC | 3.900% | 6/1/52 | 20 | 20 | |
Charter Communications Operating LLC | 3.850% | 4/1/61 | 85 | 79 | ||
Comcast Cable Communications Holdings Inc. | 9.455% | 11/15/22 | 60 | 69 | ||
Comcast Corp. | 3.000% | 2/1/24 | 25 | 27 | ||
Comcast Corp. | 3.600% | 3/1/24 | 25 | 27 | ||
Comcast Corp. | 3.700% | 4/15/24 | 50 | 55 | ||
Comcast Corp. | 3.375% | 2/15/25 | 100 | 109 | ||
Comcast Corp. | 3.375% | 8/15/25 | 25 | 27 | ||
Comcast Corp. | 3.950% | 10/15/25 | 115 | 129 | ||
Comcast Corp. | 3.150% | 3/1/26 | 25 | 27 | ||
Comcast Corp. | 2.350% | 1/15/27 | 60 | 63 | ||
Comcast Corp. | 3.300% | 2/1/27 | 100 | 111 | ||
Comcast Corp. | 3.300% | 4/1/27 | 50 | 55 | ||
Comcast Corp. | 3.150% | 2/15/28 | 25 | 27 | ||
Comcast Corp. | 3.550% | 5/1/28 | 15 | 17 | ||
Comcast Corp. | 4.150% | 10/15/28 | 50 | 58 | ||
Comcast Corp. | 2.650% | 2/1/30 | 50 | 52 | ||
Comcast Corp. | 3.400% | 4/1/30 | 25 | 28 | ||
Comcast Corp. | 4.250% | 10/15/30 | 20 | 24 | ||
Comcast Corp. | 1.950% | 1/15/31 | 75 | 74 | ||
Comcast Corp. | 4.250% | 1/15/33 | 15 | 18 | ||
Comcast Corp. | 7.050% | 3/15/33 | 75 | 110 | ||
Comcast Corp. | 4.400% | 8/15/35 | 15 | 18 | ||
Comcast Corp. | 6.500% | 11/15/35 | 100 | 145 | ||
Comcast Corp. | 3.200% | 7/15/36 | 75 | 81 | ||
Comcast Corp. | 6.450% | 3/15/37 | 15 | 22 | ||
Comcast Corp. | 6.950% | 8/15/37 | 20 | 30 | ||
Comcast Corp. | 4.600% | 10/15/38 | 40 | 50 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Comcast Corp. | 3.750% | 4/1/40 | 40 | 45 | ||
Comcast Corp. | 4.650% | 7/15/42 | 95 | �� 119 | ||
Comcast Corp. | 4.750% | 3/1/44 | 73 | 93 | ||
Comcast Corp. | 4.600% | 8/15/45 | 50 | 62 | ||
Comcast Corp. | 3.400% | 7/15/46 | 100 | 105 | ||
Comcast Corp. | 4.000% | 8/15/47 | 50 | 58 | ||
Comcast Corp. | 3.969% | 11/1/47 | 120 | 137 | ||
Comcast Corp. | 4.000% | 3/1/48 | 50 | 57 | ||
Comcast Corp. | 4.700% | 10/15/48 | 75 | 95 | ||
Comcast Corp. | 3.999% | 11/1/49 | 45 | 52 | ||
Comcast Corp. | 3.450% | 2/1/50 | 35 | 37 | ||
Comcast Corp. | 2.800% | 1/15/51 | 52 | 49 | ||
Comcast Corp. | 2.450% | 8/15/52 | 5 | 4 | ||
Comcast Corp. | 4.950% | 10/15/58 | 35 | 48 | ||
Comcast Corp. | 2.650% | 8/15/62 | 95 | 84 | ||
Deutsche Telekom International Finance BV | 8.750% | 6/15/30 | 140 | 212 | ||
Discovery Communications LLC | 2.950% | 3/20/23 | 18 | 19 | ||
Discovery Communications LLC | 3.950% | 3/20/28 | 100 | 112 | ||
Discovery Communications LLC | 3.625% | 5/15/30 | 5 | 5 | ||
Discovery Communications LLC | 5.200% | 9/20/47 | 55 | 68 | ||
Discovery Communications LLC | 5.300% | 5/15/49 | 60 | 75 | ||
Discovery Communications LLC | 4.650% | 5/15/50 | 35 | 41 | ||
1,2 | Discovery Communications LLC | 4.000% | 9/15/55 | 15 | 15 | |
1,2 | Expedia Group Inc. | 4.625% | 8/1/27 | 25 | 28 | |
Expedia Group Inc. | 3.800% | 2/15/28 | 70 | 75 | ||
Expedia Group Inc. | 3.250% | 2/15/30 | 15 | 15 | ||
Fox Corp. | 4.030% | 1/25/24 | 5 | 5 | ||
Fox Corp. | 4.709% | 1/25/29 | 90 | 105 | ||
Fox Corp. | 5.476% | 1/25/39 | 60 | 77 | ||
Fox Corp. | 5.576% | 1/25/49 | 28 | 37 | ||
NBCUniversal Media LLC | 5.950% | 4/1/41 | 100 | 143 | ||
NBCUniversal Media LLC | 4.450% | 1/15/43 | 20 | 24 | ||
Omnicom Group Inc. | 3.625% | 5/1/22 | 25 | 26 | ||
Omnicom Group Inc. | 3.650% | 11/1/24 | 60 | 66 | ||
Omnicom Group Inc. | 3.600% | 4/15/26 | 15 | 17 | ||
Orange SA | 9.000% | 3/1/31 | 75 | 119 | ||
Orange SA | 5.375% | 1/13/42 | 25 | 33 | ||
Orange SA | 5.500% | 2/6/44 | 20 | 27 | ||
Rogers Communications Inc. | 4.100% | 10/1/23 | 30 | 33 | ||
Rogers Communications Inc. | 5.000% | 3/15/44 | 20 | 25 | ||
Rogers Communications Inc. | 4.300% | 2/15/48 | 20 | 23 | ||
Rogers Communications Inc. | 4.350% | 5/1/49 | 45 | 53 | ||
Rogers Communications Inc. | 3.700% | 11/15/49 | 25 | 27 | ||
Telefonica Emisiones SA | 4.103% | 3/8/27 | 90 | 102 | ||
Telefonica Emisiones SA | 7.045% | 6/20/36 | 55 | 78 | ||
Telefonica Emisiones SA | 4.665% | 3/6/38 | 10 | 11 | ||
Telefonica Emisiones SA | 5.213% | 3/8/47 | 95 | 111 | ||
Telefonica Emisiones SA | 4.895% | 3/6/48 | 60 | 69 | ||
Telefonica Emisiones SA | 5.520% | 3/1/49 | 35 | 44 | ||
Telefonica Europe BV | 8.250% | 9/15/30 | 15 | 22 | ||
TELUS Corp. | 4.600% | 11/16/48 | 5 | 6 | ||
Time Warner Cable LLC | 6.550% | 5/1/37 | 75 | 101 | ||
Time Warner Cable LLC | 6.750% | 6/15/39 | 65 | 89 | ||
Time Warner Cable LLC | 5.875% | 11/15/40 | 40 | 51 | ||
Time Warner Cable LLC | 5.500% | 9/1/41 | 35 | 43 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Time Warner Cable LLC | 4.500% | 9/15/42 | 55 | 60 | ||
Time Warner Entertainment Co. LP | 8.375% | 3/15/23 | 20 | 23 | ||
Time Warner Entertainment Co. LP | 8.375% | 7/15/33 | 50 | 75 | ||
1,2 | T-Mobile USA Inc. | 3.500% | 4/15/25 | 70 | 76 | |
1,2 | T-Mobile USA Inc. | 1.500% | 2/15/26 | 25 | 25 | |
1,2 | T-Mobile USA Inc. | 3.750% | 4/15/27 | 145 | 160 | |
1,2 | T-Mobile USA Inc. | 2.050% | 2/15/28 | 55 | 55 | |
1,2 | T-Mobile USA Inc. | 3.875% | 4/15/30 | 200 | 220 | |
1,2 | T-Mobile USA Inc. | 2.550% | 2/15/31 | 125 | 125 | |
1,2 | T-Mobile USA Inc. | 2.250% | 11/15/31 | 35 | 34 | |
1,2 | T-Mobile USA Inc. | 4.375% | 4/15/40 | 50 | 56 | |
1,2 | T-Mobile USA Inc. | 3.000% | 2/15/41 | 70 | 66 | |
1,2 | T-Mobile USA Inc. | 4.500% | 4/15/50 | 80 | 90 | |
1,2 | T-Mobile USA Inc. | 3.300% | 2/15/51 | 110 | 103 | |
1,2 | T-Mobile USA Inc. | 3.600% | 11/15/60 | 30 | 29 | |
1 | TWDC Enterprises 18 Corp. | 2.350% | 12/1/22 | 10 | 10 | |
1 | TWDC Enterprises 18 Corp. | 3.150% | 9/17/25 | 20 | 22 | |
1 | TWDC Enterprises 18 Corp. | 2.950% | 6/15/27 | 20 | 22 | |
1 | TWDC Enterprises 18 Corp. | 4.125% | 6/1/44 | 45 | 53 | |
Verizon Communications Inc. | 5.150% | 9/15/23 | 225 | 251 | ||
Verizon Communications Inc. | 3.376% | 2/15/25 | 120 | 131 | ||
Verizon Communications Inc. | 2.625% | 8/15/26 | 25 | 27 | ||
Verizon Communications Inc. | 4.125% | 3/16/27 | 95 | 110 | ||
Verizon Communications Inc. | 3.000% | 3/22/27 | 105 | 113 | ||
Verizon Communications Inc. | 4.329% | 9/21/28 | 115 | 133 | ||
Verizon Communications Inc. | 4.016% | 12/3/29 | 85 | 97 | ||
Verizon Communications Inc. | 3.150% | 3/22/30 | 75 | 80 | ||
Verizon Communications Inc. | 1.500% | 9/18/30 | 10 | 9 | ||
1,2 | Verizon Communications Inc. | 1.680% | 10/30/30 | 100 | 95 | |
Verizon Communications Inc. | 1.750% | 1/20/31 | 50 | 47 | ||
Verizon Communications Inc. | 4.500% | 8/10/33 | 70 | 83 | ||
Verizon Communications Inc. | 4.400% | 11/1/34 | 85 | 101 | ||
Verizon Communications Inc. | 4.272% | 1/15/36 | 40 | 46 | ||
Verizon Communications Inc. | 5.250% | 3/16/37 | 50 | 64 | ||
Verizon Communications Inc. | 2.650% | 11/20/40 | 70 | 65 | ||
Verizon Communications Inc. | 3.850% | 11/1/42 | 150 | 165 | ||
Verizon Communications Inc. | 4.125% | 8/15/46 | 30 | 34 | ||
Verizon Communications Inc. | 4.862% | 8/21/46 | 126 | 156 | ||
Verizon Communications Inc. | 4.522% | 9/15/48 | 60 | 71 | ||
Verizon Communications Inc. | 5.012% | 4/15/49 | 75 | 95 | ||
Verizon Communications Inc. | 4.000% | 3/22/50 | 30 | 33 | ||
Verizon Communications Inc. | 2.875% | 11/20/50 | 120 | 109 | ||
Verizon Communications Inc. | 4.672% | 3/15/55 | 40 | 48 | ||
1,2 | Verizon Communications Inc. | 2.987% | 10/30/56 | 135 | 122 | |
Verizon Communications Inc. | 3.000% | 11/20/60 | 135 | 121 | ||
ViacomCBS Inc. | 4.250% | 9/1/23 | 25 | 27 | ||
ViacomCBS Inc. | 4.750% | 5/15/25 | 35 | 40 | ||
ViacomCBS Inc. | 4.000% | 1/15/26 | 25 | 28 | ||
ViacomCBS Inc. | 7.875% | 7/30/30 | 70 | 99 | ||
ViacomCBS Inc. | 4.950% | 1/15/31 | 50 | 60 | ||
ViacomCBS Inc. | 4.200% | 5/19/32 | 25 | 29 | ||
ViacomCBS Inc. | 4.375% | 3/15/43 | 60 | 68 | ||
ViacomCBS Inc. | 5.850% | 9/1/43 | 40 | 53 | ||
ViacomCBS Inc. | 4.950% | 5/19/50 | 25 | 30 | ||
Vodafone Group plc | 2.950% | 2/19/23 | 105 | 110 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Vodafone Group plc | 3.750% | 1/16/24 | 25 | 27 | ||
Vodafone Group plc | 4.125% | 5/30/25 | 60 | 67 | ||
Vodafone Group plc | 4.375% | 5/30/28 | 75 | 88 | ||
Vodafone Group plc | 6.150% | 2/27/37 | 30 | 41 | ||
Vodafone Group plc | 4.375% | 2/19/43 | 15 | 17 | ||
Vodafone Group plc | 5.250% | 5/30/48 | 100 | 129 | ||
Vodafone Group plc | 4.875% | 6/19/49 | 80 | 97 | ||
Vodafone Group plc | 4.250% | 9/17/50 | 90 | 100 | ||
Walt Disney Co. | 3.000% | 9/15/22 | 90 | 94 | ||
Walt Disney Co. | 3.350% | 3/24/25 | 50 | 55 | ||
Walt Disney Co. | 1.750% | 1/13/26 | 25 | 26 | ||
Walt Disney Co. | 2.200% | 1/13/28 | 80 | 83 | ||
Walt Disney Co. | 2.000% | 9/1/29 | 65 | 66 | ||
Walt Disney Co. | 3.800% | 3/22/30 | 30 | 34 | ||
Walt Disney Co. | 2.650% | 1/13/31 | 115 | 120 | ||
Walt Disney Co. | 6.200% | 12/15/34 | 60 | 86 | ||
Walt Disney Co. | 6.400% | 12/15/35 | 50 | 74 | ||
Walt Disney Co. | 6.650% | 11/15/37 | 25 | 37 | ||
Walt Disney Co. | 3.500% | 5/13/40 | 45 | 49 | ||
Walt Disney Co. | 4.700% | 3/23/50 | 60 | 77 | ||
Walt Disney Co. | 3.600% | 1/13/51 | 75 | 82 | ||
Walt Disney Co. | 3.800% | 5/13/60 | 80 | 90 | ||
Weibo Corp. | 3.500% | 7/5/24 | 50 | 53 | ||
Weibo Corp. | 3.375% | 7/8/30 | 10 | 10 | ||
WPP Finance 2010 | 3.750% | 9/19/24 | 20 | 22 | ||
15,706 | ||||||
Consumer Discretionary (6.4%) | ||||||
Alibaba Group Holding Ltd. | 3.600% | 11/28/24 | 75 | 82 | ||
Alibaba Group Holding Ltd. | 3.400% | 12/6/27 | 35 | 38 | ||
Alibaba Group Holding Ltd. | 2.125% | 2/9/31 | 45 | 44 | ||
Alibaba Group Holding Ltd. | 4.000% | 12/6/37 | 55 | 61 | ||
Alibaba Group Holding Ltd. | 2.700% | 2/9/41 | 35 | 32 | ||
Alibaba Group Holding Ltd. | 4.200% | 12/6/47 | 45 | 50 | ||
Alibaba Group Holding Ltd. | 3.150% | 2/9/51 | 45 | 43 | ||
Alibaba Group Holding Ltd. | 4.400% | 12/6/57 | 30 | 35 | ||
Amazon.com Inc. | 2.400% | 2/22/23 | 50 | 52 | ||
Amazon.com Inc. | 2.800% | 8/22/24 | 105 | 113 | ||
Amazon.com Inc. | 0.800% | 6/3/25 | 65 | 65 | ||
Amazon.com Inc. | 1.200% | 6/3/27 | 50 | 50 | ||
Amazon.com Inc. | 3.150% | 8/22/27 | 165 | 183 | ||
Amazon.com Inc. | 1.500% | 6/3/30 | 60 | 58 | ||
Amazon.com Inc. | 4.800% | 12/5/34 | 80 | 104 | ||
Amazon.com Inc. | 4.950% | 12/5/44 | 90 | 121 | ||
Amazon.com Inc. | 4.050% | 8/22/47 | 115 | 137 | ||
Amazon.com Inc. | 2.500% | 6/3/50 | 95 | 88 | ||
Amazon.com Inc. | 4.250% | 8/22/57 | 30 | 37 | ||
Amazon.com Inc. | 2.700% | 6/3/60 | 70 | 65 | ||
1 | American Honda Finance Corp. | 2.200% | 6/27/22 | 50 | 51 | |
1 | American Honda Finance Corp. | 2.050% | 1/10/23 | 20 | 21 | |
1 | American Honda Finance Corp. | 1.950% | 5/10/23 | 20 | 21 | |
1 | American Honda Finance Corp. | 0.875% | 7/7/23 | 60 | 61 | |
1 | American Honda Finance Corp. | 0.650% | 9/8/23 | 40 | 40 | |
1 | American Honda Finance Corp. | 1.200% | 7/8/25 | 20 | 20 | |
AutoZone Inc. | 4.000% | 4/15/30 | 65 | 74 | ||
BorgWarner Inc. | 2.650% | 7/1/27 | 35 | 37 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Cintas Corp. No. 2 | 3.700% | 4/1/27 | 70 | 79 | ||
Daimler Finance North America LLC | 8.500% | 1/18/31 | 30 | 46 | ||
eBay Inc. | 3.800% | 3/9/22 | 50 | 52 | ||
eBay Inc. | 2.600% | 7/15/22 | 35 | 36 | ||
eBay Inc. | 1.900% | 3/11/25 | 25 | 26 | ||
eBay Inc. | 3.600% | 6/5/27 | 70 | 78 | ||
eBay Inc. | 2.700% | 3/11/30 | 20 | 21 | ||
eBay Inc. | 4.000% | 7/15/42 | 20 | 22 | ||
General Motors Co. | 4.875% | 10/2/23 | 50 | 55 | ||
General Motors Co. | 6.125% | 10/1/25 | 70 | 83 | ||
General Motors Co. | 4.200% | 10/1/27 | 70 | 78 | ||
General Motors Co. | 5.000% | 10/1/28 | 50 | 58 | ||
General Motors Co. | 5.000% | 4/1/35 | 45 | 54 | ||
General Motors Co. | 6.250% | 10/2/43 | 35 | 47 | ||
General Motors Co. | 5.200% | 4/1/45 | 60 | 72 | ||
General Motors Co. | 6.750% | 4/1/46 | 20 | 28 | ||
General Motors Co. | 5.400% | 4/1/48 | 60 | 73 | ||
General Motors Co. | 5.950% | 4/1/49 | 10 | 13 | ||
General Motors Financial Co. Inc. | 3.450% | 4/10/22 | 25 | 26 | ||
General Motors Financial Co. Inc. | 3.150% | 6/30/22 | 55 | 57 | ||
General Motors Financial Co. Inc. | 3.550% | 7/8/22 | 50 | 52 | ||
General Motors Financial Co. Inc. | 5.200% | 3/20/23 | 85 | 93 | ||
General Motors Financial Co. Inc. | 3.700% | 5/9/23 | 75 | 79 | ||
General Motors Financial Co. Inc. | 5.100% | 1/17/24 | 35 | 39 | ||
General Motors Financial Co. Inc. | 3.950% | 4/13/24 | 20 | 22 | ||
General Motors Financial Co. Inc. | 4.000% | 1/15/25 | 100 | 109 | ||
General Motors Financial Co. Inc. | 2.900% | 2/26/25 | 75 | 80 | ||
General Motors Financial Co. Inc. | 4.350% | 4/9/25 | 25 | 28 | ||
General Motors Financial Co. Inc. | 2.750% | 6/20/25 | 25 | 26 | ||
General Motors Financial Co. Inc. | 4.300% | 7/13/25 | 25 | 28 | ||
General Motors Financial Co. Inc. | 5.250% | 3/1/26 | 45 | 52 | ||
General Motors Financial Co. Inc. | 4.000% | 10/6/26 | 10 | 11 | ||
General Motors Financial Co. Inc. | 4.350% | 1/17/27 | 85 | 96 | ||
General Motors Financial Co. Inc. | 2.700% | 8/20/27 | 40 | 42 | ||
General Motors Financial Co. Inc. | 3.600% | 6/21/30 | 65 | 70 | ||
Hasbro Inc. | 3.900% | 11/19/29 | 35 | 39 | ||
Home Depot Inc. | 2.625% | 6/1/22 | 54 | 55 | ||
Home Depot Inc. | 2.700% | 4/1/23 | 45 | 47 | ||
Home Depot Inc. | 3.350% | 9/15/25 | 75 | 83 | ||
Home Depot Inc. | 2.125% | 9/15/26 | 100 | 105 | ||
Home Depot Inc. | 2.500% | 4/15/27 | 25 | 27 | ||
Home Depot Inc. | 2.950% | 6/15/29 | 65 | 70 | ||
Home Depot Inc. | 2.700% | 4/15/30 | 65 | 69 | ||
Home Depot Inc. | 1.375% | 3/15/31 | 50 | 47 | ||
Home Depot Inc. | 5.875% | 12/16/36 | 50 | 72 | ||
Home Depot Inc. | 3.300% | 4/15/40 | 55 | 60 | ||
Home Depot Inc. | 4.200% | 4/1/43 | 20 | 24 | ||
Home Depot Inc. | 4.250% | 4/1/46 | 80 | 97 | ||
Home Depot Inc. | 3.900% | 6/15/47 | 75 | 86 | ||
Home Depot Inc. | 3.125% | 12/15/49 | 50 | 51 | ||
Home Depot Inc. | 3.350% | 4/15/50 | 90 | 96 | ||
Home Depot Inc. | 3.500% | 9/15/56 | 105 | 115 | ||
Lear Corp. | 3.800% | 9/15/27 | 10 | 11 | ||
Lennar Corp. | 4.750% | 11/29/27 | 25 | 29 | ||
Lowe's Cos. Inc. | 3.120% | 4/15/22 | 40 | 41 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Lowe's Cos. Inc. | 3.375% | 9/15/25 | 15 | 16 | ||
Lowe's Cos. Inc. | 2.500% | 4/15/26 | 75 | 80 | ||
Lowe's Cos. Inc. | 1.300% | 4/15/28 | 25 | 24 | ||
Lowe's Cos. Inc. | 3.650% | 4/5/29 | 85 | 95 | ||
Lowe's Cos. Inc. | 1.700% | 10/15/30 | 70 | 67 | ||
Lowe's Cos. Inc. | 3.700% | 4/15/46 | 20 | 22 | ||
Lowe's Cos. Inc. | 4.050% | 5/3/47 | 80 | 91 | ||
Lowe's Cos. Inc. | 3.000% | 10/15/50 | 25 | 24 | ||
Magna International Inc. | 3.625% | 6/15/24 | 15 | 16 | ||
Magna International Inc. | 2.450% | 6/15/30 | 30 | 31 | ||
1 | Marriott International Inc. | 5.750% | 5/1/25 | 55 | 63 | |
1 | Marriott International Inc. | 3.125% | 6/15/26 | 60 | 63 | |
1 | Marriott International Inc. | 4.625% | 6/15/30 | 20 | 23 | |
1 | Marriott International Inc. | 3.500% | 10/15/32 | 20 | 21 | |
1 | McDonald's Corp. | 3.700% | 1/30/26 | 25 | 28 | |
1 | McDonald's Corp. | 3.500% | 3/1/27 | 50 | 56 | |
1 | McDonald's Corp. | 3.500% | 7/1/27 | 55 | 61 | |
1 | McDonald's Corp. | 3.800% | 4/1/28 | 10 | 11 | |
1 | McDonald's Corp. | 2.625% | 9/1/29 | 160 | 167 | |
1 | McDonald's Corp. | 4.700% | 12/9/35 | 70 | 86 | |
1 | McDonald's Corp. | 4.875% | 12/9/45 | 50 | 63 | |
1 | McDonald's Corp. | 4.450% | 3/1/47 | 50 | 60 | |
1 | McDonald's Corp. | 4.450% | 9/1/48 | 32 | 39 | |
1 | McDonald's Corp. | 3.625% | 9/1/49 | 40 | 43 | |
1 | McDonald's Corp. | 4.200% | 4/1/50 | 10 | 12 | |
NIKE Inc. | 2.400% | 3/27/25 | 10 | 11 | ||
NIKE Inc. | 2.375% | 11/1/26 | 65 | 69 | ||
NIKE Inc. | 2.750% | 3/27/27 | 59 | 64 | ||
NIKE Inc. | 2.850% | 3/27/30 | 45 | 49 | ||
NIKE Inc. | 3.250% | 3/27/40 | 35 | 38 | ||
NIKE Inc. | 3.375% | 3/27/50 | 53 | 58 | ||
NVR Inc. | 3.000% | 5/15/30 | 7 | 7 | ||
O'Reilly Automotive Inc. | 3.600% | 9/1/27 | 25 | 28 | ||
Ralph Lauren Corp. | 2.950% | 6/15/30 | 15 | 16 | ||
Stanley Black & Decker Inc. | 2.300% | 3/15/30 | 20 | 21 | ||
Stanley Black & Decker Inc. | 2.750% | 11/15/50 | 20 | 19 | ||
1 | Stanley Black & Decker Inc. | 4.000% | 3/15/60 | 35 | 38 | |
Starbucks Corp. | 3.100% | 3/1/23 | 20 | 21 | ||
Starbucks Corp. | 3.800% | 8/15/25 | 50 | 56 | ||
Starbucks Corp. | 4.000% | 11/15/28 | 45 | 52 | ||
Starbucks Corp. | 3.550% | 8/15/29 | 30 | 34 | ||
Starbucks Corp. | 2.250% | 3/12/30 | 50 | 51 | ||
Starbucks Corp. | 2.550% | 11/15/30 | 45 | 47 | ||
Starbucks Corp. | 4.500% | 11/15/48 | 50 | 60 | ||
Starbucks Corp. | 3.500% | 11/15/50 | 20 | 21 | ||
TJX Cos. Inc. | 3.500% | 4/15/25 | 35 | 38 | ||
TJX Cos. Inc. | 2.250% | 9/15/26 | 75 | 79 | ||
TJX Cos. Inc. | 3.750% | 4/15/27 | 25 | 28 | ||
VF Corp. | 2.050% | 4/23/22 | 25 | 25 | ||
VF Corp. | 2.400% | 4/23/25 | 60 | 63 | ||
7,093 | ||||||
Consumer Staples (3.9%) | ||||||
Archer-Daniels-Midland Co. | 2.500% | 8/11/26 | 45 | 48 | ||
Archer-Daniels-Midland Co. | 3.250% | 3/27/30 | 25 | 28 | ||
Campbell Soup Co. | 4.150% | 3/15/28 | 15 | 17 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Coca-Cola Co. | 2.500% | 4/1/23 | 70 | 73 | ||
Coca-Cola Co. | 1.750% | 9/6/24 | 45 | 47 | ||
Coca-Cola Co. | 2.875% | 10/27/25 | 30 | 33 | ||
Coca-Cola Co. | 3.375% | 3/25/27 | 70 | 78 | ||
Coca-Cola Co. | 1.000% | 3/15/28 | 60 | 58 | ||
Coca-Cola Co. | 2.125% | 9/6/29 | 60 | 61 | ||
Coca-Cola Co. | 3.450% | 3/25/30 | 65 | 73 | ||
Coca-Cola Co. | 1.650% | 6/1/30 | 25 | 24 | ||
Coca-Cola Co. | 1.375% | 3/15/31 | 20 | 19 | ||
Coca-Cola Co. | 2.500% | 6/1/40 | 70 | 69 | ||
Coca-Cola Co. | 2.600% | 6/1/50 | 33 | 31 | ||
Coca-Cola Co. | 2.500% | 3/15/51 | 50 | 46 | ||
Coca-Cola Co. | 2.750% | 6/1/60 | 20 | 19 | ||
Conagra Brands Inc. | 4.600% | 11/1/25 | 25 | 29 | ||
Conagra Brands Inc. | 4.850% | 11/1/28 | 50 | 60 | ||
Conagra Brands Inc. | 5.300% | 11/1/38 | 25 | 32 | ||
Conagra Brands Inc. | 5.400% | 11/1/48 | 60 | 79 | ||
Dollar General Corp. | 3.250% | 4/15/23 | 80 | 84 | ||
Dollar General Corp. | 3.500% | 4/3/30 | 40 | 44 | ||
Dollar Tree Inc. | 3.700% | 5/15/23 | 70 | 75 | ||
Dollar Tree Inc. | 4.000% | 5/15/25 | 20 | 22 | ||
Dollar Tree Inc. | 4.200% | 5/15/28 | 25 | 29 | ||
General Mills Inc. | 3.700% | 10/17/23 | 25 | 27 | ||
General Mills Inc. | 4.000% | 4/17/25 | 10 | 11 | ||
General Mills Inc. | 4.200% | 4/17/28 | 60 | 69 | ||
General Mills Inc. | 2.875% | 4/15/30 | 25 | 26 | ||
Hormel Foods Corp. | 1.800% | 6/11/30 | 20 | 20 | ||
J M Smucker Co. | 3.500% | 3/15/25 | 10 | 11 | ||
Kellogg Co. | 3.250% | 4/1/26 | 25 | 28 | ||
Keurig Dr Pepper Inc. | 4.057% | 5/25/23 | 25 | 27 | ||
Keurig Dr Pepper Inc. | 4.417% | 5/25/25 | 70 | 79 | ||
Keurig Dr Pepper Inc. | 4.597% | 5/25/28 | 95 | 112 | ||
Keurig Dr Pepper Inc. | 3.200% | 5/1/30 | 10 | 11 | ||
Keurig Dr Pepper Inc. | 3.800% | 5/1/50 | 10 | 11 | ||
Kimberly-Clark Corp. | 3.100% | 3/26/30 | 25 | 28 | ||
McCormick & Co. Inc. | 2.700% | 8/15/22 | ���25 | 26 | ||
McCormick & Co. Inc. | 3.400% | 8/15/27 | 20 | 22 | ||
Mead Johnson Nutrition Co. | 4.125% | 11/15/25 | 66 | 74 | ||
Mondelez International Inc. | 0.625% | 7/1/22 | 50 | 50 | ||
Mondelez International Inc. | 1.500% | 5/4/25 | 20 | 20 | ||
Mondelez International Inc. | 2.750% | 4/13/30 | 25 | 26 | ||
Mondelez International Inc. | 2.625% | 9/4/50 | 30 | 27 | ||
PepsiCo Inc. | 2.750% | 3/5/22 | 35 | 36 | ||
PepsiCo Inc. | 2.250% | 5/2/22 | 25 | 26 | ||
PepsiCo Inc. | 3.100% | 7/17/22 | 70 | 72 | ||
PepsiCo Inc. | 2.750% | 3/1/23 | 25 | 26 | ||
PepsiCo Inc. | 3.600% | 3/1/24 | 21 | 23 | ||
PepsiCo Inc. | 2.250% | 3/19/25 | 75 | 79 | ||
PepsiCo Inc. | 2.375% | 10/6/26 | 80 | 85 | ||
PepsiCo Inc. | 3.000% | 10/15/27 | 50 | 55 | ||
PepsiCo Inc. | 2.750% | 3/19/30 | 90 | 96 | ||
PepsiCo Inc. | 1.625% | 5/1/30 | 25 | 25 | ||
PepsiCo Inc. | 3.500% | 3/19/40 | 50 | 56 | ||
PepsiCo Inc. | 4.000% | 3/5/42 | 25 | 30 | ||
PepsiCo Inc. | 4.450% | 4/14/46 | 40 | 51 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
PepsiCo Inc. | 3.450% | 10/6/46 | 35 | 38 | ||
PepsiCo Inc. | 3.375% | 7/29/49 | 80 | 87 | ||
PepsiCo Inc. | 3.625% | 3/19/50 | 50 | 56 | ||
PepsiCo Inc. | 3.875% | 3/19/60 | 18 | 21 | ||
Procter & Gamble Co. | 2.150% | 8/11/22 | 50 | 51 | ||
Procter & Gamble Co. | 3.100% | 8/15/23 | 30 | 32 | ||
Procter & Gamble Co. | 2.450% | 11/3/26 | 85 | 91 | ||
Procter & Gamble Co. | 2.850% | 8/11/27 | 5 | 5 | ||
Procter & Gamble Co. | 3.000% | 3/25/30 | 40 | 44 | ||
Procter & Gamble Co. | 1.200% | 10/29/30 | 25 | 24 | ||
Sysco Corp. | 5.650% | 4/1/25 | 35 | 41 | ||
Sysco Corp. | 3.300% | 7/15/26 | 25 | 27 | ||
Sysco Corp. | 3.250% | 7/15/27 | 75 | 83 | ||
Sysco Corp. | 5.950% | 4/1/30 | 25 | 32 | ||
Sysco Corp. | 6.600% | 4/1/50 | 50 | 74 | ||
Target Corp. | 3.500% | 7/1/24 | 5 | 5 | ||
Target Corp. | 2.250% | 4/15/25 | 75 | 79 | ||
Target Corp. | 2.500% | 4/15/26 | 10 | 11 | ||
Target Corp. | 3.375% | 4/15/29 | 50 | 56 | ||
Target Corp. | 2.350% | 2/15/30 | 10 | 10 | ||
Target Corp. | 4.000% | 7/1/42 | 45 | 56 | ||
Tyson Foods Inc. | 4.500% | 6/15/22 | 95 | 99 | ||
Tyson Foods Inc. | 4.000% | 3/1/26 | 5 | 6 | ||
Tyson Foods Inc. | 3.550% | 6/2/27 | 100 | 111 | ||
Tyson Foods Inc. | 4.550% | 6/2/47 | 25 | 31 | ||
Tyson Foods Inc. | 5.100% | 9/28/48 | 40 | 53 | ||
Unilever Capital Corp. | 2.200% | 5/5/22 | 65 | 66 | ||
Unilever Capital Corp. | 2.600% | 5/5/24 | 25 | 27 | ||
Unilever Capital Corp. | 2.900% | 5/5/27 | 55 | 60 | ||
Unilever Capital Corp. | 3.500% | 3/22/28 | 20 | 22 | ||
Unilever Capital Corp. | 2.125% | 9/6/29 | 25 | 26 | ||
Unilever Capital Corp. | 5.900% | 11/15/32 | 30 | 42 | ||
Walgreen Co. | 3.100% | 9/15/22 | 65 | 68 | ||
Walgreens Boots Alliance Inc. | 3.800% | 11/18/24 | 35 | 39 | ||
Walgreens Boots Alliance Inc. | 3.450% | 6/1/26 | 75 | 83 | ||
Walgreens Boots Alliance Inc. | 4.800% | 11/18/44 | 60 | 68 | ||
4,267 | ||||||
Financials (37.6%) | ||||||
1 | Aegon NV | 5.500% | 4/11/48 | 10 | 11 | |
AerCap Ireland Capital DAC | 4.500% | 9/15/23 | 10 | 11 | ||
AerCap Ireland Capital DAC | 3.150% | 2/15/24 | 50 | 52 | ||
AerCap Ireland Capital DAC | 6.500% | 7/15/25 | ���65 | 76 | ||
AerCap Ireland Capital DAC | 3.650% | 7/21/27 | 40 | 43 | ||
Aflac Inc. | 3.600% | 4/1/30 | 45 | 51 | ||
Air Lease Corp. | 3.000% | 9/15/23 | 45 | 47 | ||
1 | Air Lease Corp. | 2.300% | 2/1/25 | 25 | 26 | |
1 | Air Lease Corp. | 3.750% | 6/1/26 | 60 | 65 | |
Air Lease Corp. | 3.125% | 12/1/30 | 50 | 50 | ||
1 | Allstate Corp. | 5.750% | 8/15/53 | 30 | 32 | |
Ally Financial Inc. | 3.050% | 6/5/23 | 50 | 53 | ||
Ally Financial Inc. | 1.450% | 10/2/23 | 25 | 25 | ||
Ally Financial Inc. | 3.875% | 5/21/24 | 60 | 65 | ||
Ally Financial Inc. | 5.800% | 5/1/25 | 50 | 58 | ||
1 | Ally Financial Inc. | 8.000% | 11/1/31 | 43 | 61 | |
American Express Co. | 2.750% | 5/20/22 | 40 | 41 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
American Express Co. | 2.500% | 8/1/22 | 100 | 103 | ||
American Express Co. | 2.650% | 12/2/22 | 23 | 24 | ||
American Express Co. | 3.400% | 2/27/23 | 70 | 74 | ||
American Express Co. | 3.700% | 8/3/23 | 20 | 22 | ||
American Express Co. | 3.400% | 2/22/24 | 40 | 43 | ||
American Express Co. | 2.500% | 7/30/24 | 75 | 79 | ||
American Express Co. | 3.000% | 10/30/24 | 30 | 32 | ||
American Express Co. | 3.125% | 5/20/26 | 65 | 71 | ||
American Express Co. | 4.050% | 12/3/42 | 30 | 35 | ||
1 | American Express Credit Corp. | 2.700% | 3/3/22 | 25 | 26 | |
1 | American Express Credit Corp. | 3.300% | 5/3/27 | 60 | 67 | |
American International Group Inc. | 2.500% | 6/30/25 | 50 | 53 | ||
American International Group Inc. | 3.750% | 7/10/25 | 20 | 22 | ||
American International Group Inc. | 3.900% | 4/1/26 | 110 | 123 | ||
American International Group Inc. | 4.200% | 4/1/28 | 50 | 57 | ||
American International Group Inc. | 3.400% | 6/30/30 | 55 | 60 | ||
American International Group Inc. | 3.875% | 1/15/35 | 35 | 40 | ||
American International Group Inc. | 6.250% | 5/1/36 | 25 | 35 | ||
American International Group Inc. | 4.500% | 7/16/44 | 60 | 71 | ||
American International Group Inc. | 4.800% | 7/10/45 | 10 | 12 | ||
American International Group Inc. | 4.750% | 4/1/48 | 50 | 62 | ||
1 | American International Group Inc. | 5.750% | 4/1/48 | 10 | 11 | |
American International Group Inc. | 4.375% | 1/15/55 | 55 | 65 | ||
Ameriprise Financial Inc. | 4.000% | 10/15/23 | 50 | 55 | ||
Aon Corp. | 3.750% | 5/2/29 | 10 | 11 | ||
Aon Corp. | 2.800% | 5/15/30 | 25 | 26 | ||
Aon plc | 3.875% | 12/15/25 | 25 | 28 | ||
Arch Capital Group Ltd. | 3.635% | 6/30/50 | 10 | 10 | ||
Athene Holding Ltd. | 4.125% | 1/12/28 | 45 | 50 | ||
1 | Australia & New Zealand Banking Group Ltd. | 2.050% | 11/21/22 | 50 | 51 | |
1 | Australia & New Zealand Banking Group Ltd. | 3.700% | 11/16/25 | 25 | 28 | |
AXA SA | 8.600% | 12/15/30 | 10 | 16 | ||
Banco Bilbao Vizcaya Argentaria SA | 0.875% | 9/18/23 | 25 | 25 | ||
Banco Bilbao Vizcaya Argentaria SA | 1.125% | 9/18/25 | 20 | 20 | ||
Banco Santander SA | 3.500% | 4/11/22 | 10 | 10 | ||
Banco Santander SA | 3.125% | 2/23/23 | 5 | 5 | ||
Banco Santander SA | 3.848% | 4/12/23 | 35 | 37 | ||
Banco Santander SA | 2.746% | 5/28/25 | 110 | 117 | ||
Banco Santander SA | 5.179% | 11/19/25 | 40 | 46 | ||
Banco Santander SA | 4.250% | 4/11/27 | 75 | 86 | ||
Banco Santander SA | 3.800% | 2/23/28 | 40 | 44 | ||
Banco Santander SA | 4.379% | 4/12/28 | 25 | 29 | ||
Banco Santander SA | 3.306% | 6/27/29 | 10 | 11 | ||
Banco Santander SA | 3.490% | 5/28/30 | 75 | 81 | ||
Bancolombia SA | 3.000% | 1/29/25 | 15 | 16 | ||
1 | Bank of America Corp. | 2.503% | 10/21/22 | 10 | 10 | |
1 | Bank of America Corp. | 3.300% | 1/11/23 | 100 | 105 | |
1 | Bank of America Corp. | 2.881% | 4/24/23 | 125 | 129 | |
1 | Bank of America Corp. | 2.816% | 7/21/23 | 150 | 155 | |
Bank of America Corp. | 4.100% | 7/24/23 | 150 | 164 | ||
1 | Bank of America Corp. | 3.004% | 12/20/23 | 150 | 157 | |
1 | Bank of America Corp. | 4.125% | 1/22/24 | 25 | 28 | |
1 | Bank of America Corp. | 3.550% | 3/5/24 | 130 | 137 | |
1 | Bank of America Corp. | 4.000% | 4/1/24 | 75 | 82 | |
1 | Bank of America Corp. | 3.864% | 7/23/24 | 100 | 107 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Bank of America Corp. | 4.200% | 8/26/24 | 100 | 111 | |
1 | Bank of America Corp. | 0.810% | 10/24/24 | 95 | 96 | |
1 | Bank of America Corp. | 4.000% | 1/22/25 | 50 | 55 | |
1 | Bank of America Corp. | 3.458% | 3/15/25 | 50 | 54 | |
1 | Bank of America Corp. | 3.950% | 4/21/25 | 25 | 28 | |
1 | Bank of America Corp. | 3.875% | 8/1/25 | 80 | 89 | |
1 | Bank of America Corp. | 0.981% | 9/25/25 | 75 | 75 | |
1 | Bank of America Corp. | 2.456% | 10/22/25 | 75 | 79 | |
1 | Bank of America Corp. | 3.366% | 1/23/26 | 50 | 54 | |
1 | Bank of America Corp. | 2.015% | 2/13/26 | 100 | 103 | |
1 | Bank of America Corp. | 3.500% | 4/19/26 | 100 | 111 | |
1 | Bank of America Corp. | 1.319% | 6/19/26 | 85 | 85 | |
1 | Bank of America Corp. | 4.250% | 10/22/26 | 58 | 67 | |
1 | Bank of America Corp. | 1.197% | 10/24/26 | 175 | 174 | |
1 | Bank of America Corp. | 3.559% | 4/23/27 | 25 | 28 | |
1 | Bank of America Corp. | 3.248% | 10/21/27 | 75 | 82 | |
1 | Bank of America Corp. | 4.183% | 11/25/27 | 75 | 85 | |
1 | Bank of America Corp. | 3.419% | 12/20/28 | 153 | 169 | |
1 | Bank of America Corp. | 3.970% | 3/5/29 | 25 | 28 | |
1 | Bank of America Corp. | 4.271% | 7/23/29 | 88 | 102 | |
1 | Bank of America Corp. | 3.974% | 2/7/30 | 100 | 114 | |
1 | Bank of America Corp. | 3.194% | 7/23/30 | 100 | 108 | |
1 | Bank of America Corp. | 2.884% | 10/22/30 | 50 | 53 | |
1 | Bank of America Corp. | 2.496% | 2/13/31 | 265 | 271 | |
1 | Bank of America Corp. | 2.592% | 4/29/31 | 75 | 77 | |
1 | Bank of America Corp. | 1.898% | 7/23/31 | 25 | 24 | |
Bank of America Corp. | 6.110% | 1/29/37 | 50 | 69 | ||
1 | Bank of America Corp. | 4.244% | 4/24/38 | 85 | 101 | |
Bank of America Corp. | 7.750% | 5/14/38 | 90 | 144 | ||
1 | Bank of America Corp. | 4.078% | 4/23/40 | 10 | 12 | |
1 | Bank of America Corp. | 2.676% | 6/19/41 | 135 | 130 | |
1 | Bank of America Corp. | 5.875% | 2/7/42 | 60 | 84 | |
1 | Bank of America Corp. | 5.000% | 1/21/44 | 25 | 33 | |
1 | Bank of America Corp. | 4.443% | 1/20/48 | 50 | 61 | |
1 | Bank of America Corp. | 3.946% | 1/23/49 | 55 | 63 | |
1 | Bank of America Corp. | 4.330% | 3/15/50 | 80 | 95 | |
1 | Bank of America Corp. | 4.083% | 3/20/51 | 170 | 195 | |
1 | Bank of America Corp. | 2.831% | 10/24/51 | 55 | 52 | |
1 | Bank of America NA | 6.000% | 10/15/36 | 195 | 279 | |
1 | Bank of Montreal | 2.900% | 3/26/22 | 23 | 24 | |
1 | Bank of Montreal | 2.550% | 11/6/22 | 50 | 52 | |
Bank of Montreal | 0.450% | 12/8/23 | 45 | 45 | ||
1 | Bank of Montreal | 3.300% | 2/5/24 | 25 | 27 | |
1 | Bank of Montreal | 2.500% | 6/28/24 | 25 | 27 | |
1 | Bank of Montreal | 1.850% | 5/1/25 | 95 | 98 | |
1 | Bank of Montreal | 0.949% | 1/22/27 | 25 | 25 | |
1 | Bank of Montreal | 4.338% | 10/5/28 | 24 | 26 | |
1 | Bank of Montreal | 3.803% | 12/15/32 | 60 | 67 | |
1 | Bank of New York Mellon Corp. | 1.950% | 8/23/22 | 45 | 46 | |
1 | Bank of New York Mellon Corp. | 1.850% | 1/27/23 | 20 | 21 | |
1 | Bank of New York Mellon Corp. | 2.950% | 1/29/23 | 50 | 52 | |
1 | Bank of New York Mellon Corp. | 2.661% | 5/16/23 | 35 | 36 | |
1 | Bank of New York Mellon Corp. | 2.200% | 8/16/23 | 86 | 90 | |
1 | Bank of New York Mellon Corp. | 0.350% | 12/7/23 | 50 | 50 | |
1 | Bank of New York Mellon Corp. | 2.100% | 10/24/24 | 20 | 21 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Bank of New York Mellon Corp. | 1.600% | 4/24/25 | 25 | 26 | |
1 | Bank of New York Mellon Corp. | 2.800% | 5/4/26 | 20 | 22 | |
1 | Bank of New York Mellon Corp. | 3.250% | 5/16/27 | 55 | 61 | |
1 | Bank of New York Mellon Corp. | 3.400% | 1/29/28 | 25 | 28 | |
1 | Bank of New York Mellon Corp. | 3.850% | 4/28/28 | 25 | 29 | |
1 | Bank of New York Mellon Corp. | 3.300% | 8/23/29 | 60 | 66 | |
Bank of Nova Scotia | 2.700% | 3/7/22 | 20 | 21 | ||
Bank of Nova Scotia | 2.000% | 11/15/22 | 115 | 118 | ||
Bank of Nova Scotia | 1.950% | 2/1/23 | 15 | 15 | ||
Bank of Nova Scotia | 1.625% | 5/1/23 | 50 | 51 | ||
Bank of Nova Scotia | 3.400% | 2/11/24 | 40 | 43 | ||
Bank of Nova Scotia | 2.200% | 2/3/25 | 15 | 16 | ||
Bank of Nova Scotia | 1.300% | 6/11/25 | 25 | 25 | ||
Bank of Nova Scotia | 4.500% | 12/16/25 | 15 | 17 | ||
Bank of Nova Scotia | 2.700% | 8/3/26 | 65 | 70 | ||
Barclays Bank plc | 1.700% | 5/12/22 | 29 | 29 | ||
1 | Barclays plc | 4.338% | 5/16/24 | 50 | 54 | |
Barclays plc | 4.375% | 9/11/24 | 175 | 192 | ||
Barclays plc | 3.650% | 3/16/25 | 50 | 54 | ||
1 | Barclays plc | 3.932% | 5/7/25 | 10 | 11 | |
Barclays plc | 4.375% | 1/12/26 | 65 | 74 | ||
1 | Barclays plc | 2.852% | 5/7/26 | 50 | 53 | |
Barclays plc | 5.200% | 5/12/26 | 100 | 114 | ||
Barclays plc | 4.836% | 5/9/28 | 90 | 103 | ||
1 | Barclays plc | 4.972% | 5/16/29 | 25 | 29 | |
Barclays plc | 2.645% | 6/24/31 | 100 | 101 | ||
Barclays plc | 5.250% | 8/17/45 | 55 | 71 | ||
Barclays plc | 4.950% | 1/10/47 | 15 | 19 | ||
1 | BBVA USA | 2.875% | 6/29/22 | 35 | 36 | |
BlackRock Inc. | 3.500% | 3/18/24 | 20 | 22 | ||
BlackRock Inc. | 3.250% | 4/30/29 | 25 | 28 | ||
BlackRock Inc. | 2.400% | 4/30/30 | 58 | 61 | ||
BlackRock Inc. | 1.900% | 1/28/31 | 45 | 45 | ||
1 | BNP Paribas SA | 3.250% | 3/3/23 | 5 | 5 | |
1 | BNP Paribas SA | 4.250% | 10/15/24 | 65 | 73 | |
BPCE SA | 4.000% | 4/15/24 | 45 | 50 | ||
Brighthouse Financial Inc. | 3.700% | 6/22/27 | 19 | 21 | ||
Brighthouse Financial Inc. | 4.700% | 6/22/47 | 40 | 41 | ||
Canadian Imperial Bank of Commerce | 2.550% | 6/16/22 | 25 | 26 | ||
Canadian Imperial Bank of Commerce | 0.950% | 6/23/23 | 10 | 10 | ||
1 | Canadian Imperial Bank of Commerce | 2.606% | 7/22/23 | 25 | 26 | |
1 | Canadian Imperial Bank of Commerce | 3.500% | 9/13/23 | 80 | 86 | |
Canadian Imperial Bank of Commerce | 3.100% | 4/2/24 | 40 | 43 | ||
Canadian Imperial Bank of Commerce | 2.250% | 1/28/25 | 15 | 16 | ||
Capital One Bank USA NA | 3.375% | 2/15/23 | 25 | 26 | ||
Capital One Financial Corp. | 3.050% | 3/9/22 | 25 | 26 | ||
Capital One Financial Corp. | 3.200% | 1/30/23 | 80 | 84 | ||
Capital One Financial Corp. | 2.600% | 5/11/23 | 50 | 52 | ||
Capital One Financial Corp. | 3.500% | 6/15/23 | 15 | 16 | ||
Capital One Financial Corp. | 3.900% | 1/29/24 | 15 | 16 | ||
Capital One Financial Corp. | 3.750% | 4/24/24 | 15 | 16 | ||
Capital One Financial Corp. | 3.300% | 10/30/24 | 75 | 81 | ||
Capital One Financial Corp. | 4.200% | 10/29/25 | 45 | 50 | ||
Capital One Financial Corp. | 3.750% | 7/28/26 | 85 | 93 | ||
Capital One Financial Corp. | 3.750% | 3/9/27 | 40 | 45 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Capital One Financial Corp. | 3.650% | 5/11/27 | 20 | 22 | ||
Capital One Financial Corp. | 3.800% | 1/31/28 | 40 | 45 | ||
Charles Schwab Corp. | 2.650% | 1/25/23 | 75 | 78 | ||
Charles Schwab Corp. | 3.850% | 5/21/25 | 20 | 22 | ||
Charles Schwab Corp. | 0.900% | 3/11/26 | 25 | 25 | ||
Chubb Corp. | 6.000% | 5/11/37 | 35 | 49 | ||
Chubb INA Holdings Inc. | 2.875% | 11/3/22 | 95 | 99 | ||
Chubb INA Holdings Inc. | 3.150% | 3/15/25 | 25 | 27 | ||
Chubb INA Holdings Inc. | 3.350% | 5/3/26 | 10 | 11 | ||
Chubb INA Holdings Inc. | 1.375% | 9/15/30 | 50 | 48 | ||
Chubb INA Holdings Inc. | 4.350% | 11/3/45 | 30 | 37 | ||
1 | Citibank NA | 3.650% | 1/23/24 | 20 | 22 | |
Citigroup Inc. | 2.750% | 4/25/22 | 125 | 128 | ||
Citigroup Inc. | 4.050% | 7/30/22 | 25 | 26 | ||
Citigroup Inc. | 2.700% | 10/27/22 | 50 | 52 | ||
Citigroup Inc. | 3.500% | 5/15/23 | 125 | 133 | ||
1 | Citigroup Inc. | 2.876% | 7/24/23 | 50 | 52 | |
Citigroup Inc. | 3.875% | 10/25/23 | 50 | 54 | ||
1 | Citigroup Inc. | 1.678% | 5/15/24 | 50 | 51 | |
Citigroup Inc. | 0.776% | 10/30/24 | 60 | 60 | ||
1 | Citigroup Inc. | 3.352% | 4/24/25 | 35 | 38 | |
Citigroup Inc. | 3.300% | 4/27/25 | 100 | 109 | ||
Citigroup Inc. | 4.400% | 6/10/25 | 75 | 84 | ||
Citigroup Inc. | 5.500% | 9/13/25 | 25 | 29 | ||
Citigroup Inc. | 3.700% | 1/12/26 | 100 | 111 | ||
Citigroup Inc. | 4.600% | 3/9/26 | 75 | 86 | ||
1 | Citigroup Inc. | 3.106% | 4/8/26 | 75 | 81 | |
Citigroup Inc. | 3.400% | 5/1/26 | 50 | 55 | ||
Citigroup Inc. | 3.200% | 10/21/26 | 50 | 54 | ||
Citigroup Inc. | 1.122% | 1/28/27 | 25 | 25 | ||
Citigroup Inc. | 4.450% | 9/29/27 | 215 | 247 | ||
1 | Citigroup Inc. | 3.887% | 1/10/28 | 40 | 45 | |
1 | Citigroup Inc. | 3.668% | 7/24/28 | 50 | 55 | |
Citigroup Inc. | 4.125% | 7/25/28 | 100 | 113 | ||
1 | Citigroup Inc. | 3.520% | 10/27/28 | 80 | 88 | |
1 | Citigroup Inc. | 4.075% | 4/23/29 | 75 | 85 | |
1 | Citigroup Inc. | 3.980% | 3/20/30 | 125 | 141 | |
1 | Citigroup Inc. | 2.976% | 11/5/30 | 100 | 106 | |
1 | Citigroup Inc. | 2.666% | 1/29/31 | 25 | 26 | |
1 | Citigroup Inc. | 4.412% | 3/31/31 | 50 | 58 | |
1 | Citigroup Inc. | 2.572% | 6/3/31 | 120 | 122 | |
Citigroup Inc. | 6.625% | 6/15/32 | 65 | 89 | ||
1 | Citigroup Inc. | 3.878% | 1/24/39 | 6 | 7 | |
Citigroup Inc. | 8.125% | 7/15/39 | 72 | 121 | ||
1 | Citigroup Inc. | 5.316% | 3/26/41 | 35 | 47 | |
Citigroup Inc. | 5.875% | 1/30/42 | 50 | 71 | ||
Citigroup Inc. | 6.675% | 9/13/43 | 40 | 61 | ||
Citigroup Inc. | 5.300% | 5/6/44 | 45 | 59 | ||
Citigroup Inc. | 4.650% | 7/30/45 | 45 | 56 | ||
Citigroup Inc. | 4.750% | 5/18/46 | 25 | 31 | ||
1 | Citigroup Inc. | 4.281% | 4/24/48 | 25 | 30 | |
Citigroup Inc. | 4.650% | 7/23/48 | 50 | 64 | ||
1 | Citizens Bank NA | 2.250% | 4/28/25 | 20 | 21 | |
CME Group Inc. | 3.000% | 3/15/25 | 50 | 54 | ||
CME Group Inc. | 5.300% | 9/15/43 | 13 | 18 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Comerica Inc. | 3.700% | 7/31/23 | 35 | 38 | ||
Cooperatieve Rabobank UA | 2.750% | 1/10/23 | 50 | 52 | ||
Cooperatieve Rabobank UA | 4.625% | 12/1/23 | 50 | 55 | ||
Cooperatieve Rabobank UA | 4.375% | 8/4/25 | 35 | 40 | ||
1 | Cooperatieve Rabobank UA | 3.750% | 7/21/26 | 25 | 28 | |
1 | Cooperatieve Rabobank UA | 5.250% | 5/24/41 | 95 | 129 | |
Cooperatieve Rabobank UA | 5.750% | 12/1/43 | 50 | 70 | ||
Cooperatieve Rabobank UA | 5.250% | 8/4/45 | 25 | 33 | ||
Credit Suisse AG | 2.800% | 4/8/22 | 60 | 62 | ||
Credit Suisse AG | 1.000% | 5/5/23 | 125 | 127 | ||
1 | Credit Suisse AG | 3.625% | 9/9/24 | 85 | 93 | |
Credit Suisse AG | 2.950% | 4/9/25 | 45 | 49 | ||
Credit Suisse Group AG | 3.800% | 6/9/23 | 65 | 70 | ||
Credit Suisse Group AG | 3.750% | 3/26/25 | 25 | 27 | ||
Credit Suisse Group AG | 4.550% | 4/17/26 | 75 | 87 | ||
Credit Suisse Group AG | 4.875% | 5/15/45 | 55 | 71 | ||
Credit Suisse Group Funding Guernsey Ltd. | 3.800% | 9/15/22 | 60 | 63 | ||
Deutsche Bank AG | 3.950% | 2/27/23 | 50 | 53 | ||
Deutsche Bank AG | 3.700% | 5/30/24 | 20 | 22 | ||
1 | Deutsche Bank AG | 2.222% | 9/18/24 | 50 | 51 | |
1 | Deutsche Bank AG | 3.961% | 11/26/25 | 40 | 44 | |
Deutsche Bank AG | 2.129% | 11/24/26 | 45 | 45 | ||
1 | Deutsche Bank AG | 3.547% | 9/18/31 | 60 | 63 | |
1 | Discover Bank | 4.200% | 8/8/23 | 40 | 43 | |
Discover Bank | 2.450% | 9/12/24 | 65 | 69 | ||
1 | Discover Bank | 3.450% | 7/27/26 | 25 | 27 | |
1 | Discover Bank | 4.650% | 9/13/28 | 65 | 76 | |
Discover Financial Services | 4.100% | 2/9/27 | 25 | 28 | ||
Equitable Holdings Inc. | 4.350% | 4/20/28 | 35 | 40 | ||
Equitable Holdings Inc. | 5.000% | 4/20/48 | 31 | 39 | ||
Everest Reinsurance Holdings Inc. | 3.500% | 10/15/50 | 15 | 15 | ||
Fifth Third Bancorp | 3.650% | 1/25/24 | 25 | 27 | ||
Fifth Third Bancorp | 2.375% | 1/28/25 | 75 | 78 | ||
Fifth Third Bancorp | 2.550% | 5/5/27 | 50 | 53 | ||
Fifth Third Bancorp | 8.250% | 3/1/38 | 15 | 25 | ||
1 | Fifth Third Bank NA | 3.950% | 7/28/25 | 35 | 39 | |
Franklin Resources Inc. | 1.600% | 10/30/30 | 65 | 61 | ||
Global Payments Inc. | 2.650% | 2/15/25 | 2 | 2 | ||
Global Payments Inc. | 4.800% | 4/1/26 | 15 | 17 | ||
Global Payments Inc. | 3.200% | 8/15/29 | 50 | 53 | ||
Global Payments Inc. | 2.900% | 5/15/30 | 65 | 68 | ||
Global Payments Inc. | 4.150% | 8/15/49 | 15 | 17 | ||
Goldman Sachs Capital I | 6.345% | 2/15/34 | 35 | 47 | ||
Goldman Sachs Group Inc. | 3.000% | 4/26/22 | 50 | 50 | ||
Goldman Sachs Group Inc. | 3.625% | 1/22/23 | 125 | 132 | ||
1 | Goldman Sachs Group Inc. | 0.481% | 1/27/23 | 25 | 25 | |
Goldman Sachs Group Inc. | 3.200% | 2/23/23 | 50 | 53 | ||
1 | Goldman Sachs Group Inc. | 2.908% | 6/5/23 | 100 | 103 | |
1 | Goldman Sachs Group Inc. | 0.627% | 11/17/23 | 50 | 50 | |
Goldman Sachs Group Inc. | 3.625% | 2/20/24 | 125 | 136 | ||
Goldman Sachs Group Inc. | 4.000% | 3/3/24 | 100 | 110 | ||
1 | Goldman Sachs Group Inc. | 3.850% | 7/8/24 | 150 | 164 | |
Goldman Sachs Group Inc. | 3.500% | 1/23/25 | 63 | 69 | ||
Goldman Sachs Group Inc. | 3.500% | 4/1/25 | 74 | 81 | ||
Goldman Sachs Group Inc. | 3.750% | 5/22/25 | 110 | 121 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Goldman Sachs Group Inc. | 3.272% | 9/29/25 | 25 | 27 | |
Goldman Sachs Group Inc. | 4.250% | 10/21/25 | 75 | 84 | ||
Goldman Sachs Group Inc. | 0.855% | 2/12/26 | 30 | 30 | ||
Goldman Sachs Group Inc. | 3.750% | 2/25/26 | 150 | 167 | ||
Goldman Sachs Group Inc. | 3.500% | 11/16/26 | 37 | 41 | ||
1 | Goldman Sachs Group Inc. | 1.093% | 12/9/26 | 25 | 25 | |
Goldman Sachs Group Inc. | 5.950% | 1/15/27 | 50 | 62 | ||
Goldman Sachs Group Inc. | 3.850% | 1/26/27 | 65 | 73 | ||
1 | Goldman Sachs Group Inc. | 3.691% | 6/5/28 | 55 | 62 | |
1 | Goldman Sachs Group Inc. | 3.814% | 4/23/29 | 100 | 112 | |
1 | Goldman Sachs Group Inc. | 4.223% | 5/1/29 | 100 | 115 | |
Goldman Sachs Group Inc. | 2.600% | 2/7/30 | 25 | 26 | ||
Goldman Sachs Group Inc. | 3.800% | 3/15/30 | 30 | 34 | ||
Goldman Sachs Group Inc. | 1.992% | 1/27/32 | 25 | 24 | ||
Goldman Sachs Group Inc. | 6.125% | 2/15/33 | 125 | 172 | ||
Goldman Sachs Group Inc. | 6.750% | 10/1/37 | 50 | 73 | ||
1 | Goldman Sachs Group Inc. | 4.017% | 10/31/38 | 50 | 58 | |
1 | Goldman Sachs Group Inc. | 4.411% | 4/23/39 | 45 | 54 | |
Goldman Sachs Group Inc. | 6.250% | 2/1/41 | 100 | 148 | ||
1 | Goldman Sachs Group Inc. | 4.800% | 7/8/44 | 50 | 65 | |
Goldman Sachs Group Inc. | 5.150% | 5/22/45 | 145 | 191 | ||
Goldman Sachs Group Inc. | 4.750% | 10/21/45 | 70 | 90 | ||
Hartford Financial Services Group Inc. | 3.600% | 8/19/49 | 50 | 54 | ||
1 | HSBC Holdings plc | 3.262% | 3/13/23 | 140 | 144 | |
HSBC Holdings plc | 3.600% | 5/25/23 | 70 | 75 | ||
1 | HSBC Holdings plc | 3.033% | 11/22/23 | 50 | 52 | |
HSBC Holdings plc | 4.250% | 3/14/24 | 25 | 27 | ||
1 | HSBC Holdings plc | 3.950% | 5/18/24 | 25 | 27 | |
1 | HSBC Holdings plc | 3.803% | 3/11/25 | 25 | 27 | |
HSBC Holdings plc | 4.250% | 8/18/25 | 50 | 56 | ||
HSBC Holdings plc | 4.300% | 3/8/26 | 50 | 57 | ||
1 | HSBC Holdings plc | 1.645% | 4/18/26 | 75 | 76 | |
HSBC Holdings plc | 3.900% | 5/25/26 | 25 | 28 | ||
1 | HSBC Holdings plc | 2.099% | 6/4/26 | 50 | 52 | |
1 | HSBC Holdings plc | 4.292% | 9/12/26 | 125 | 140 | |
HSBC Holdings plc | 4.375% | 11/23/26 | 65 | 74 | ||
HSBC Holdings plc | 1.589% | 5/24/27 | 105 | 105 | ||
1 | HSBC Holdings plc | 2.013% | 9/22/28 | 100 | 101 | |
1 | HSBC Holdings plc | 4.583% | 6/19/29 | 95 | 109 | |
HSBC Holdings plc | 4.950% | 3/31/30 | 135 | 163 | ||
1 | HSBC Holdings plc | 3.973% | 5/22/30 | 100 | 111 | |
1 | HSBC Holdings plc | 2.848% | 6/4/31 | 35 | 36 | |
1 | HSBC Holdings plc | 2.357% | 8/18/31 | 50 | 50 | |
HSBC Holdings plc | 6.500% | 5/2/36 | 55 | 76 | ||
HSBC Holdings plc | 6.500% | 9/15/37 | 20 | 28 | ||
HSBC Holdings plc | 6.800% | 6/1/38 | 55 | 79 | ||
HSBC Holdings plc | 6.100% | 1/14/42 | 65 | 93 | ||
HSBC Holdings plc | 5.250% | 3/14/44 | 67 | 86 | ||
HSBC USA Inc. | 3.500% | 6/23/24 | 90 | 98 | ||
Huntington Bancshares Inc. | 2.625% | 8/6/24 | 50 | 53 | ||
Huntington Bancshares Inc. | 2.550% | 2/4/30 | 35 | 36 | ||
1 | Huntington National Bank | 3.550% | 10/6/23 | 10 | 11 | |
ING Groep NV | 3.150% | 3/29/22 | 35 | 36 | ||
ING Groep NV | 4.100% | 10/2/23 | 25 | 27 | ||
ING Groep NV | 3.550% | 4/9/24 | 75 | 82 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
ING Groep NV | 3.950% | 3/29/27 | 95 | 108 | ||
ING Groep NV | 4.050% | 4/9/29 | 25 | 29 | ||
Intercontinental Exchange Inc. | 4.000% | 10/15/23 | 35 | 38 | ||
Intercontinental Exchange Inc. | 3.750% | 12/1/25 | 45 | 50 | ||
Intercontinental Exchange Inc. | 2.100% | 6/15/30 | 45 | 45 | ||
Intercontinental Exchange Inc. | 1.850% | 9/15/32 | 95 | 90 | ||
Intercontinental Exchange Inc. | 2.650% | 9/15/40 | 25 | 24 | ||
Intercontinental Exchange Inc. | 4.250% | 9/21/48 | 20 | 23 | ||
Intercontinental Exchange Inc. | 3.000% | 6/15/50 | 15 | 14 | ||
Intercontinental Exchange Inc. | 3.000% | 9/15/60 | 55 | 52 | ||
International Lease Finance Corp. | 5.875% | 8/15/22 | 95 | 101 | ||
JPMorgan Chase & Co. | 3.250% | 9/23/22 | 100 | 105 | ||
JPMorgan Chase & Co. | 3.200% | 1/25/23 | 120 | 126 | ||
1 | JPMorgan Chase & Co. | 3.207% | 4/1/23 | 50 | 51 | |
1 | JPMorgan Chase & Co. | 2.776% | 4/25/23 | 45 | 46 | |
JPMorgan Chase & Co. | 2.700% | 5/18/23 | 14 | 15 | ||
JPMorgan Chase & Co. | 3.875% | 2/1/24 | 215 | 236 | ||
1 | JPMorgan Chase & Co. | 1.514% | 6/1/24 | 150 | 154 | |
1 | JPMorgan Chase & Co. | 3.797% | 7/23/24 | 190 | 205 | |
JPMorgan Chase & Co. | 3.875% | 9/10/24 | 50 | 55 | ||
1 | JPMorgan Chase & Co. | 0.653% | 9/16/24 | 50 | 50 | |
1 | JPMorgan Chase & Co. | 4.023% | 12/5/24 | 125 | 136 | |
JPMorgan Chase & Co. | 3.125% | 1/23/25 | 75 | 81 | ||
JPMorgan Chase & Co. | 0.563% | 2/16/25 | 30 | 30 | ||
1 | JPMorgan Chase & Co. | 3.220% | 3/1/25 | 40 | 43 | |
JPMorgan Chase & Co. | 3.900% | 7/15/25 | 25 | 28 | ||
1 | JPMorgan Chase & Co. | 2.301% | 10/15/25 | 75 | 79 | |
JPMorgan Chase & Co. | 3.300% | 4/1/26 | 50 | 55 | ||
1 | JPMorgan Chase & Co. | 2.083% | 4/22/26 | 260 | 270 | |
JPMorgan Chase & Co. | 3.200% | 6/15/26 | 100 | 109 | ||
JPMorgan Chase & Co. | 2.950% | 10/1/26 | 100 | 108 | ||
JPMorgan Chase & Co. | 4.125% | 12/15/26 | 30 | 34 | ||
1 | JPMorgan Chase & Co. | 3.960% | 1/29/27 | 95 | 107 | |
1 | JPMorgan Chase & Co. | 3.782% | 2/1/28 | 70 | 79 | |
1 | JPMorgan Chase & Co. | 3.540% | 5/1/28 | 105 | 117 | |
1 | JPMorgan Chase & Co. | 2.182% | 6/1/28 | 100 | 103 | |
1 | JPMorgan Chase & Co. | 3.509% | 1/23/29 | 25 | 27 | |
1 | JPMorgan Chase & Co. | 4.005% | 4/23/29 | 105 | 119 | |
1 | JPMorgan Chase & Co. | 4.203% | 7/23/29 | 85 | 98 | |
1 | JPMorgan Chase & Co. | 4.452% | 12/5/29 | 80 | 94 | |
1 | JPMorgan Chase & Co. | 3.702% | 5/6/30 | 25 | 28 | |
1 | JPMorgan Chase & Co. | 2.739% | 10/15/30 | 115 | 121 | |
1 | JPMorgan Chase & Co. | 4.493% | 3/24/31 | 165 | 196 | |
1 | JPMorgan Chase & Co. | 2.522% | 4/22/31 | 150 | 153 | |
1 | JPMorgan Chase & Co. | 2.956% | 5/13/31 | 100 | 104 | |
JPMorgan Chase & Co. | 1.764% | 11/19/31 | 65 | 62 | ||
JPMorgan Chase & Co. | 6.400% | 5/15/38 | 65 | 96 | ||
1 | JPMorgan Chase & Co. | 3.882% | 7/24/38 | 50 | 57 | |
JPMorgan Chase & Co. | 5.500% | 10/15/40 | 70 | 97 | ||
1 | JPMorgan Chase & Co. | 3.109% | 4/22/41 | 70 | 73 | |
JPMorgan Chase & Co. | 5.600% | 7/15/41 | 65 | 92 | ||
JPMorgan Chase & Co. | 2.525% | 11/19/41 | 40 | 38 | ||
JPMorgan Chase & Co. | 5.625% | 8/16/43 | 25 | 35 | ||
JPMorgan Chase & Co. | 4.850% | 2/1/44 | 55 | 72 | ||
JPMorgan Chase & Co. | 4.950% | 6/1/45 | 5 | 7 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | JPMorgan Chase & Co. | 4.260% | 2/22/48 | 90 | 110 | |
1 | JPMorgan Chase & Co. | 4.032% | 7/24/48 | 100 | 117 | |
1 | JPMorgan Chase & Co. | 3.964% | 11/15/48 | 60 | 70 | |
1 | JPMorgan Chase & Co. | 3.897% | 1/23/49 | 105 | 121 | |
1 | JPMorgan Chase & Co. | 3.109% | 4/22/51 | 50 | 50 | |
1 | KeyBank NA | 2.300% | 9/14/22 | 50 | 52 | |
1 | KeyBank NA | 3.300% | 6/1/25 | 15 | 16 | |
1 | KeyCorp | 2.250% | 4/6/27 | 20 | 21 | |
1 | KeyCorp | 2.550% | 10/1/29 | 25 | 26 | |
1 | Lloyds Banking Group plc | 2.858% | 3/17/23 | 75 | 77 | |
Lloyds Banking Group plc | 4.050% | 8/16/23 | 100 | 108 | ||
1 | Lloyds Banking Group plc | 2.907% | 11/7/23 | 25 | 26 | |
Lloyds Banking Group plc | 4.500% | 11/4/24 | 25 | 28 | ||
1 | Lloyds Banking Group plc | 3.870% | 7/9/25 | 75 | 82 | |
Lloyds Banking Group plc | 4.582% | 12/10/25 | 100 | 113 | ||
1 | Lloyds Banking Group plc | 2.438% | 2/5/26 | 80 | 83 | |
Lloyds Banking Group plc | 4.650% | 3/24/26 | 75 | 85 | ||
Lloyds Banking Group plc | 3.750% | 1/11/27 | 25 | 28 | ||
Lloyds Banking Group plc | 4.550% | 8/16/28 | 55 | 64 | ||
1 | Lloyds Banking Group plc | 3.574% | 11/7/28 | 25 | 28 | |
Lloyds Banking Group plc | 5.300% | 12/1/45 | 25 | 33 | ||
Lloyds Banking Group plc | 4.344% | 1/9/48 | 50 | 58 | ||
1 | Manufacturers & Traders Trust Co. | 2.900% | 2/6/25 | 60 | 65 | |
Marsh & McLennan Cos. Inc. | 3.875% | 3/15/24 | 45 | 49 | ||
Marsh & McLennan Cos. Inc. | 4.375% | 3/15/29 | 55 | 64 | ||
Marsh & McLennan Cos. Inc. | 2.250% | 11/15/30 | 25 | 25 | ||
Marsh & McLennan Cos. Inc. | 4.900% | 3/15/49 | 30 | 39 | ||
Mastercard Inc. | 3.375% | 4/1/24 | 20 | 22 | ||
Mastercard Inc. | 2.950% | 11/21/26 | 35 | 38 | ||
Mastercard Inc. | 3.300% | 3/26/27 | 40 | 44 | ||
Mastercard Inc. | 3.350% | 3/26/30 | 70 | 78 | ||
Mastercard Inc. | 3.650% | 6/1/49 | 35 | 40 | ||
Mastercard Inc. | 3.850% | 3/26/50 | 35 | 41 | ||
1 | MetLife Inc. | 4.368% | 9/15/23 | 50 | 55 | |
MetLife Inc. | 3.600% | 4/10/24 | 10 | 11 | ||
MetLife Inc. | 4.550% | 3/23/30 | 70 | 84 | ||
MetLife Inc. | 5.700% | 6/15/35 | 90 | 125 | ||
1 | MetLife Inc. | 6.400% | 12/15/36 | 45 | 57 | |
MetLife Inc. | 5.875% | 2/6/41 | 10 | 14 | ||
MetLife Inc. | 4.125% | 8/13/42 | 5 | 6 | ||
MetLife Inc. | 4.875% | 11/13/43 | 35 | 46 | ||
MetLife Inc. | 4.050% | 3/1/45 | 25 | 30 | ||
Mitsubishi UFJ Financial Group Inc. | 2.623% | 7/18/22 | 150 | 155 | ||
Mitsubishi UFJ Financial Group Inc. | 2.665% | 7/25/22 | 47 | 49 | ||
Mitsubishi UFJ Financial Group Inc. | 3.455% | 3/2/23 | 50 | 53 | ||
Mitsubishi UFJ Financial Group Inc. | 3.761% | 7/26/23 | 105 | 113 | ||
Mitsubishi UFJ Financial Group Inc. | 3.407% | 3/7/24 | 75 | 81 | ||
Mitsubishi UFJ Financial Group Inc. | 2.801% | 7/18/24 | 50 | 53 | ||
Mitsubishi UFJ Financial Group Inc. | 2.193% | 2/25/25 | 125 | 130 | ||
Mitsubishi UFJ Financial Group Inc. | 3.777% | 3/2/25 | 18 | 20 | ||
Mitsubishi UFJ Financial Group Inc. | 1.412% | 7/17/25 | 25 | 25 | ||
Mitsubishi UFJ Financial Group Inc. | 3.850% | 3/1/26 | 70 | 79 | ||
Mitsubishi UFJ Financial Group Inc. | 2.757% | 9/13/26 | 25 | 27 | ||
Mitsubishi UFJ Financial Group Inc. | 3.961% | 3/2/28 | 45 | 51 | ||
Mitsubishi UFJ Financial Group Inc. | 3.741% | 3/7/29 | 75 | 84 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Mitsubishi UFJ Financial Group Inc. | 2.559% | 2/25/30 | 70 | 72 | ||
Mitsubishi UFJ Financial Group Inc. | 2.048% | 7/17/30 | 75 | 75 | ||
Mitsubishi UFJ Financial Group Inc. | 3.751% | 7/18/39 | 25 | 28 | ||
Mizuho Financial Group Inc. | 2.601% | 9/11/22 | 60 | 62 | ||
Mizuho Financial Group Inc. | 3.549% | 3/5/23 | 100 | 106 | ||
1 | Mizuho Financial Group Inc. | 1.241% | 7/10/24 | 100 | 101 | |
1 | Mizuho Financial Group Inc. | 2.226% | 5/25/26 | 45 | 47 | |
Mizuho Financial Group Inc. | 4.018% | 3/5/28 | 20 | 23 | ||
1 | Mizuho Financial Group Inc. | 4.254% | 9/11/29 | 45 | 52 | |
1 | Mizuho Financial Group Inc. | 3.153% | 7/16/30 | 50 | 54 | |
1 | Mizuho Financial Group Inc. | 2.201% | 7/10/31 | 50 | 50 | |
1 | Mizuho Financial Group Inc. | 1.979% | 9/8/31 | 25 | 24 | |
Morgan Stanley | 2.750% | 5/19/22 | 150 | 154 | ||
Morgan Stanley | 4.875% | 11/1/22 | 60 | 64 | ||
1 | Morgan Stanley | 3.125% | 1/23/23 | 50 | 53 | |
1 | Morgan Stanley | 3.750% | 2/25/23 | 75 | 80 | |
1 | Morgan Stanley | 4.100% | 5/22/23 | 100 | 108 | |
1 | Morgan Stanley | 0.560% | 11/10/23 | 50 | 50 | |
1 | Morgan Stanley | 0.529% | 1/25/24 | 25 | 25 | |
1 | Morgan Stanley | 3.875% | 4/29/24 | 75 | 82 | |
1 | Morgan Stanley | 2.720% | 7/22/25 | 150 | 159 | |
1 | Morgan Stanley | 0.864% | 10/21/25 | 50 | 50 | |
Morgan Stanley | 5.000% | 11/24/25 | 100 | 117 | ||
1 | Morgan Stanley | 3.875% | 1/27/26 | 100 | 113 | |
1 | Morgan Stanley | 2.188% | 4/28/26 | 200 | 208 | |
1 | Morgan Stanley | 3.125% | 7/27/26 | 100 | 109 | |
1 | Morgan Stanley | 4.350% | 9/8/26 | 25 | 29 | |
Morgan Stanley | 0.985% | 12/10/26 | 125 | 123 | ||
Morgan Stanley | 3.625% | 1/20/27 | 25 | 28 | ||
Morgan Stanley | 3.950% | 4/23/27 | 200 | 225 | ||
1 | Morgan Stanley | 3.591% | 7/22/28 | 65 | 73 | |
1 | Morgan Stanley | 3.772% | 1/24/29 | 110 | 123 | |
1 | Morgan Stanley | 4.431% | 1/23/30 | 90 | 105 | |
1 | Morgan Stanley | 2.699% | 1/22/31 | 75 | 78 | |
1 | Morgan Stanley | 3.622% | 4/1/31 | 90 | 100 | |
1 | Morgan Stanley | 1.794% | 2/13/32 | 35 | 33 | |
Morgan Stanley | 7.250% | 4/1/32 | 100 | 146 | ||
1 | Morgan Stanley | 3.971% | 7/22/38 | 25 | 29 | |
1 | Morgan Stanley | 4.457% | 4/22/39 | 10 | 12 | |
Morgan Stanley | 6.375% | 7/24/42 | 70 | 107 | ||
Morgan Stanley | 4.300% | 1/27/45 | 95 | 117 | ||
Morgan Stanley | 4.375% | 1/22/47 | 110 | 137 | ||
1 | Morgan Stanley | 5.597% | 3/24/51 | 65 | 95 | |
1 | Morgan Stanley | 2.802% | 1/25/52 | 25 | 24 | |
1 | MUFG Union Bank NA | 3.150% | 4/1/22 | 60 | 62 | |
1 | National Australia Bank Ltd. | 2.500% | 5/22/22 | 25 | 26 | |
National Australia Bank Ltd. | 3.000% | 1/20/23 | 75 | 79 | ||
National Australia Bank Ltd. | 3.375% | 1/14/26 | 25 | 28 | ||
1 | National Australia Bank Ltd. | 2.500% | 7/12/26 | 75 | 80 | |
1 | National Bank of Canada | 2.100% | 2/1/23 | 50 | 51 | |
Natwest Group plc | 6.125% | 12/15/22 | 75 | 82 | ||
1 | Natwest Group plc | 3.498% | 5/15/23 | 50 | 52 | |
Natwest Group plc | 3.875% | 9/12/23 | 75 | 81 | ||
Natwest Group plc | 6.000% | 12/19/23 | 61 | 69 | ||
Natwest Group plc | 5.125% | 5/28/24 | 15 | 17 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Natwest Group plc | 4.269% | 3/22/25 | 75 | 82 | |
Natwest Group plc | 4.800% | 4/5/26 | 25 | 29 | ||
1 | Natwest Group plc | 3.073% | 5/22/28 | 50 | 53 | |
1 | Natwest Group plc | 4.892% | 5/18/29 | 40 | 47 | |
1 | Natwest Group plc | 3.754% | 11/1/29 | 85 | 90 | |
1 | Natwest Group plc | 5.076% | 1/27/30 | 65 | 77 | |
1 | Natwest Group plc | 3.032% | 11/28/35 | 50 | 49 | |
Nomura Holdings Inc. | 1.851% | 7/16/25 | 100 | 102 | ||
Nomura Holdings Inc. | 3.103% | 1/16/30 | 5 | 5 | ||
Nomura Holdings Inc. | 2.679% | 7/16/30 | 65 | 67 | ||
Northern Trust Corp. | 3.950% | 10/30/25 | 25 | 28 | ||
Northern Trust Corp. | 1.950% | 5/1/30 | 40 | 40 | ||
PayPal Holdings Inc. | 2.200% | 9/26/22 | 70 | 72 | ||
PayPal Holdings Inc. | 1.350% | 6/1/23 | 35 | 36 | ||
PayPal Holdings Inc. | 2.400% | 10/1/24 | 10 | 11 | ||
PayPal Holdings Inc. | 1.650% | 6/1/25 | 25 | 26 | ||
PayPal Holdings Inc. | 2.650% | 10/1/26 | 75 | 80 | ||
PayPal Holdings Inc. | 2.850% | 10/1/29 | 20 | 21 | ||
PayPal Holdings Inc. | 2.300% | 6/1/30 | 25 | 26 | ||
PayPal Holdings Inc. | 3.250% | 6/1/50 | 25 | 26 | ||
1 | PNC Bank NA | 2.450% | 7/28/22 | 75 | 77 | |
1 | PNC Bank NA | 2.700% | 11/1/22 | 25 | 26 | |
1 | PNC Bank NA | 2.950% | 1/30/23 | 75 | 79 | |
1 | PNC Bank NA | 3.500% | 6/8/23 | 15 | 16 | |
1 | PNC Bank NA | 3.100% | 10/25/27 | 25 | 28 | |
1 | PNC Bank NA | 4.050% | 7/26/28 | 65 | 75 | |
1 | PNC Bank NA | 2.700% | 10/22/29 | 75 | 78 | |
PNC Financial Services Group Inc. | 3.300% | 3/8/22 | 20 | 21 | ||
PNC Financial Services Group Inc. | 3.500% | 1/23/24 | 45 | 49 | ||
PNC Financial Services Group Inc. | 3.900% | 4/29/24 | 45 | 49 | ||
PNC Financial Services Group Inc. | 2.600% | 7/23/26 | 25 | 27 | ||
PNC Financial Services Group Inc. | 3.150% | 5/19/27 | 10 | 11 | ||
PNC Financial Services Group Inc. | 3.450% | 4/23/29 | 35 | 39 | ||
PNC Financial Services Group Inc. | 2.550% | 1/22/30 | 15 | 16 | ||
Progressive Corp. | 4.125% | 4/15/47 | 55 | 66 | ||
1 | Prudential Financial Inc. | 5.700% | 12/14/36 | 35 | 48 | |
1 | Prudential Financial Inc. | 5.625% | 6/15/43 | 65 | 69 | |
1 | Prudential Financial Inc. | 5.375% | 5/15/45 | 25 | 28 | |
Prudential Financial Inc. | 3.905% | 12/7/47 | 35 | 39 | ||
1 | Prudential Financial Inc. | 5.700% | 9/15/48 | 25 | 28 | |
Prudential Financial Inc. | 3.935% | 12/7/49 | 25 | 29 | ||
1 | Prudential Financial Inc. | 4.350% | 2/25/50 | 45 | 54 | |
1 | Prudential Financial Inc. | 3.700% | 10/1/50 | 25 | 26 | |
1 | Prudential Financial Inc. | 3.700% | 3/13/51 | 50 | 55 | |
Prudential plc | 3.125% | 4/14/30 | 35 | 38 | ||
Raymond James Financial Inc. | 4.950% | 7/15/46 | 35 | 45 | ||
Regions Financial Corp. | 3.800% | 8/14/23 | 20 | 22 | ||
1 | Royal Bank of Canada | 2.800% | 4/29/22 | 10 | 10 | |
1 | Royal Bank of Canada | 1.950% | 1/17/23 | 65 | 67 | |
1 | Royal Bank of Canada | 1.600% | 4/17/23 | 85 | 87 | |
1 | Royal Bank of Canada | 3.700% | 10/5/23 | 50 | 54 | |
1 | Royal Bank of Canada | 0.500% | 10/26/23 | 75 | 75 | |
1 | Royal Bank of Canada | 0.425% | 1/19/24 | 25 | 25 | |
1 | Royal Bank of Canada | 2.250% | 11/1/24 | 50 | 53 | |
1 | Royal Bank of Canada | 1.150% | 6/10/25 | 50 | 50 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Royal Bank of Canada | 4.650% | 1/27/26 | 15 | 17 | |
Santander Holdings USA Inc. | 3.400% | 1/18/23 | 75 | 78 | ||
Santander Holdings USA Inc. | 4.500% | 7/17/25 | 20 | 22 | ||
Santander Holdings USA Inc. | 3.244% | 10/5/26 | 50 | 54 | ||
Santander Holdings USA Inc. | 4.400% | 7/13/27 | 65 | 73 | ||
Santander UK Group Holdings plc | 3.571% | 1/10/23 | 50 | 51 | ||
1 | Santander UK Group Holdings plc | 3.373% | 1/5/24 | 70 | 74 | |
1 | Santander UK Group Holdings plc | 3.823% | 11/3/28 | 15 | 17 | |
Santander UK plc | 2.100% | 1/13/23 | 50 | 52 | ||
Santander UK plc | 4.000% | 3/13/24 | 45 | 50 | ||
Santander UK plc | 2.875% | 6/18/24 | 30 | 32 | ||
1 | State Street Corp. | 2.653% | 5/15/23 | 50 | 51 | |
State Street Corp. | 3.100% | 5/15/23 | 45 | 48 | ||
State Street Corp. | 3.700% | 11/20/23 | 45 | 49 | ||
State Street Corp. | 3.300% | 12/16/24 | 25 | 28 | ||
State Street Corp. | 3.550% | 8/18/25 | 25 | 28 | ||
State Street Corp. | 2.650% | 5/19/26 | 35 | 38 | ||
Sumitomo Mitsui Financial Group Inc. | 2.784% | 7/12/22 | 125 | 129 | ||
Sumitomo Mitsui Financial Group Inc. | 3.102% | 1/17/23 | 75 | 79 | ||
Sumitomo Mitsui Financial Group Inc. | 3.748% | 7/19/23 | 50 | 54 | ||
Sumitomo Mitsui Financial Group Inc. | 3.936% | 10/16/23 | 75 | 82 | ||
Sumitomo Mitsui Financial Group Inc. | 2.696% | 7/16/24 | 25 | 27 | ||
Sumitomo Mitsui Financial Group Inc. | 2.348% | 1/15/25 | 50 | 52 | ||
Sumitomo Mitsui Financial Group Inc. | 1.474% | 7/8/25 | 50 | 51 | ||
Sumitomo Mitsui Financial Group Inc. | 3.784% | 3/9/26 | 45 | 50 | ||
Sumitomo Mitsui Financial Group Inc. | 2.632% | 7/14/26 | 25 | 27 | ||
Sumitomo Mitsui Financial Group Inc. | 3.010% | 10/19/26 | 45 | 49 | ||
Sumitomo Mitsui Financial Group Inc. | 3.364% | 7/12/27 | 50 | 55 | ||
Sumitomo Mitsui Financial Group Inc. | 3.352% | 10/18/27 | 100 | 111 | ||
Sumitomo Mitsui Financial Group Inc. | 3.040% | 7/16/29 | 25 | 27 | ||
Sumitomo Mitsui Financial Group Inc. | 2.750% | 1/15/30 | 75 | 79 | ||
Sumitomo Mitsui Financial Group Inc. | 2.130% | 7/8/30 | 105 | 104 | ||
Sumitomo Mitsui Financial Group Inc. | 2.142% | 9/23/30 | 10 | 10 | ||
1 | Svenska Handelsbanken AB | 3.900% | 11/20/23 | 45 | 49 | |
1 | Synchrony Bank | 3.000% | 6/15/22 | 10 | 10 | |
Synchrony Financial | 2.850% | 7/25/22 | 25 | 26 | ||
Synchrony Financial | 4.250% | 8/15/24 | 75 | 82 | ||
Synchrony Financial | 4.500% | 7/23/25 | 20 | 22 | ||
Synchrony Financial | 3.950% | 12/1/27 | 10 | 11 | ||
TD Ameritrade Holding Corp. | 2.950% | 4/1/22 | 15 | 15 | ||
TD Ameritrade Holding Corp. | 3.300% | 4/1/27 | 40 | 44 | ||
1 | Toronto-Dominion Bank | 1.900% | 12/1/22 | 105 | 108 | |
1 | Toronto-Dominion Bank | 0.750% | 6/12/23 | 25 | 25 | |
1 | Toronto-Dominion Bank | 3.500% | 7/19/23 | 50 | 54 | |
1 | Toronto-Dominion Bank | 0.450% | 9/11/23 | 50 | 50 | |
1 | Toronto-Dominion Bank | 3.250% | 3/11/24 | 60 | 65 | |
1 | Toronto-Dominion Bank | 1.150% | 6/12/25 | 40 | 40 | |
1 | Toronto-Dominion Bank | 0.750% | 1/6/26 | 50 | 49 | |
1 | Toronto-Dominion Bank | 3.625% | 9/15/31 | 25 | 28 | |
Travelers Cos. Inc. | 5.350% | 11/1/40 | 45 | 61 | ||
1 | Truist Bank | 2.800% | 5/17/22 | 105 | 108 | |
1 | Truist Bank | 2.450% | 8/1/22 | 55 | 57 | |
1 | Truist Bank | 1.250% | 3/9/23 | 75 | 76 | |
1 | Truist Bank | 3.200% | 4/1/24 | 25 | 27 | |
1 | Truist Bank | 2.150% | 12/6/24 | 25 | 26 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Truist Bank | 3.625% | 9/16/25 | 25 | 28 | |
1 | Truist Bank | 3.800% | 10/30/26 | 55 | 62 | |
1 | Truist Bank | 2.250% | 3/11/30 | 65 | 66 | |
1 | Truist Financial Corp. | 2.750% | 4/1/22 | 20 | 20 | |
1 | Truist Financial Corp. | 3.050% | 6/20/22 | 25 | 26 | |
1 | Truist Financial Corp. | 3.750% | 12/6/23 | 25 | 27 | |
1 | Truist Financial Corp. | 2.500% | 8/1/24 | 55 | 58 | |
1 | Truist Financial Corp. | 2.850% | 10/26/24 | 75 | 81 | |
1,3 | Truist Financial Corp. | 1.267% | 3/2/27 | 30 | 30 | |
1 | Truist Financial Corp. | 1.125% | 8/3/27 | 75 | 74 | |
1 | Truist Financial Corp. | 1.950% | 6/5/30 | 25 | 25 | |
1 | US Bancorp | 3.000% | 3/15/22 | 30 | 31 | |
1 | US Bancorp | 2.950% | 7/15/22 | 20 | 21 | |
1 | US Bancorp | 3.700% | 1/30/24 | 25 | 27 | |
US Bancorp | 3.375% | 2/5/24 | 70 | 76 | ||
1 | US Bancorp | 3.600% | 9/11/24 | 70 | 77 | |
US Bancorp | 1.450% | 5/12/25 | 75 | 76 | ||
1 | US Bancorp | 3.950% | 11/17/25 | 75 | 85 | |
1 | US Bancorp | 3.100% | 4/27/26 | 25 | 27 | |
1 | US Bancorp | 2.375% | 7/22/26 | 20 | 21 | |
1 | US Bancorp | 3.900% | 4/26/28 | 50 | 57 | |
1 | US Bancorp | 3.000% | 7/30/29 | 20 | 22 | |
1 | US Bancorp | 1.375% | 7/22/30 | 25 | 24 | |
1 | US Bank NA | 2.650% | 5/23/22 | 15 | 15 | |
US Bank NA | 1.950% | 1/9/23 | 25 | 26 | ||
1 | US Bank NA | 2.850% | 1/23/23 | 75 | 78 | |
1 | US Bank NA | 3.400% | 7/24/23 | 20 | 21 | |
1 | US Bank NA | 2.800% | 1/27/25 | 35 | 38 | |
Visa Inc. | 2.800% | 12/14/22 | 115 | 120 | ||
Visa Inc. | 3.150% | 12/14/25 | 60 | 66 | ||
Visa Inc. | 1.900% | 4/15/27 | 25 | 26 | ||
Visa Inc. | 2.050% | 4/15/30 | 90 | 92 | ||
Visa Inc. | 1.100% | 2/15/31 | 50 | 47 | ||
Visa Inc. | 4.150% | 12/14/35 | 45 | 55 | ||
Visa Inc. | 4.300% | 12/14/45 | 70 | 88 | ||
Visa Inc. | 3.650% | 9/15/47 | 75 | 86 | ||
Visa Inc. | 2.000% | 8/15/50 | 70 | 59 | ||
Westpac Banking Corp. | 2.500% | 6/28/22 | 25 | 26 | ||
Westpac Banking Corp. | 2.750% | 1/11/23 | 100 | 105 | ||
Westpac Banking Corp. | 3.300% | 2/26/24 | 20 | 22 | ||
Westpac Banking Corp. | 2.850% | 5/13/26 | 125 | 136 | ||
Westpac Banking Corp. | 3.350% | 3/8/27 | 25 | 28 | ||
Westpac Banking Corp. | 3.400% | 1/25/28 | 50 | 56 | ||
Westpac Banking Corp. | 2.650% | 1/16/30 | 15 | 16 | ||
1 | Westpac Banking Corp. | 2.894% | 2/4/30 | 25 | 26 | |
1 | Westpac Banking Corp. | 4.322% | 11/23/31 | 80 | 89 | |
Westpac Banking Corp. | 4.110% | 7/24/34 | 25 | 28 | ||
Westpac Banking Corp. | 2.668% | 11/15/35 | 60 | 59 | ||
Westpac Banking Corp. | 4.421% | 7/24/39 | 35 | 41 | ||
41,491 | ||||||
Health Care (16.1%) | ||||||
Abbott Laboratories | 2.550% | 3/15/22 | 15 | 15 | ||
Abbott Laboratories | 3.750% | 11/30/26 | 60 | 68 | ||
Abbott Laboratories | 4.750% | 11/30/36 | 110 | 143 | ||
Abbott Laboratories | 4.900% | 11/30/46 | 80 | 108 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
AbbVie Inc. | 3.450% | 3/15/22 | 55 | 56 | ||
AbbVie Inc. | 3.250% | 10/1/22 | 155 | 161 | ||
AbbVie Inc. | 2.900% | 11/6/22 | 150 | 156 | ||
AbbVie Inc. | 3.200% | 11/6/22 | 75 | 78 | ||
AbbVie Inc. | 2.300% | 11/21/22 | 70 | 72 | ||
AbbVie Inc. | 3.850% | 6/15/24 | 25 | 27 | ||
AbbVie Inc. | 2.600% | 11/21/24 | 25 | 27 | ||
AbbVie Inc. | 3.800% | 3/15/25 | 100 | 110 | ||
AbbVie Inc. | 3.600% | 5/14/25 | 25 | 27 | ||
AbbVie Inc. | 3.200% | 5/14/26 | 15 | 16 | ||
AbbVie Inc. | 2.950% | 11/21/26 | 175 | 190 | ||
AbbVie Inc. | 4.250% | 11/14/28 | 50 | 58 | ||
AbbVie Inc. | 3.200% | 11/21/29 | 125 | 136 | ||
AbbVie Inc. | 4.550% | 3/15/35 | 145 | 175 | ||
AbbVie Inc. | 4.500% | 5/14/35 | 95 | 114 | ||
AbbVie Inc. | 4.050% | 11/21/39 | 25 | 29 | ||
AbbVie Inc. | 4.400% | 11/6/42 | 75 | 89 | ||
AbbVie Inc. | 4.850% | 6/15/44 | 75 | 93 | ||
AbbVie Inc. | 4.750% | 3/15/45 | 100 | 121 | ||
AbbVie Inc. | 4.700% | 5/14/45 | 120 | 145 | ||
AbbVie Inc. | 4.450% | 5/14/46 | 50 | 59 | ||
AbbVie Inc. | 4.875% | 11/14/48 | 10 | 13 | ||
AbbVie Inc. | 4.250% | 11/21/49 | 155 | 180 | ||
Aetna Inc. | 2.800% | 6/15/23 | 20 | 21 | ||
Aetna Inc. | 3.500% | 11/15/24 | 50 | 55 | ||
Aetna Inc. | 6.625% | 6/15/36 | 25 | 36 | ||
Aetna Inc. | 3.875% | 8/15/47 | 45 | 49 | ||
AmerisourceBergen Corp. | 3.450% | 12/15/27 | 45 | 50 | ||
Amgen Inc. | 2.650% | 5/11/22 | 125 | 128 | ||
Amgen Inc. | 3.625% | 5/15/22 | 25 | 26 | ||
Amgen Inc. | 2.250% | 8/19/23 | 50 | 52 | ||
Amgen Inc. | 3.125% | 5/1/25 | 15 | 16 | ||
Amgen Inc. | 2.600% | 8/19/26 | 40 | 43 | ||
Amgen Inc. | 2.200% | 2/21/27 | 20 | 21 | ||
Amgen Inc. | 2.450% | 2/21/30 | 20 | 21 | ||
Amgen Inc. | 2.300% | 2/25/31 | 75 | 76 | ||
Amgen Inc. | 3.150% | 2/21/40 | 115 | 118 | ||
Amgen Inc. | 4.400% | 5/1/45 | 30 | 36 | ||
Amgen Inc. | 4.563% | 6/15/48 | 50 | 61 | ||
Amgen Inc. | 3.375% | 2/21/50 | 40 | 41 | ||
Amgen Inc. | 4.663% | 6/15/51 | 85 | 107 | ||
1,2 | Amgen Inc. | 2.770% | 9/1/53 | 80 | 73 | |
Anthem Inc. | 3.125% | 5/15/22 | 20 | 21 | ||
Anthem Inc. | 3.300% | 1/15/23 | 30 | 32 | ||
Anthem Inc. | 3.500% | 8/15/24 | 75 | 82 | ||
Anthem Inc. | 3.650% | 12/1/27 | 112 | 126 | ||
Anthem Inc. | 4.101% | 3/1/28 | 5 | 6 | ||
Anthem Inc. | 2.875% | 9/15/29 | 45 | 48 | ||
Anthem Inc. | 2.250% | 5/15/30 | 10 | 10 | ||
Anthem Inc. | 4.625% | 5/15/42 | 30 | 37 | ||
Anthem Inc. | 4.650% | 1/15/43 | 20 | 25 | ||
Anthem Inc. | 4.650% | 8/15/44 | 5 | 6 | ||
Anthem Inc. | 4.375% | 12/1/47 | 35 | 42 | ||
Anthem Inc. | 4.550% | 3/1/48 | 30 | 37 | ||
Anthem Inc. | 3.700% | 9/15/49 | 30 | 32 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Anthem Inc. | 3.125% | 5/15/50 | 80 | 79 | ||
AstraZeneca plc | 3.500% | 8/17/23 | 20 | 21 | ||
AstraZeneca plc | 3.375% | 11/16/25 | 85 | 94 | ||
AstraZeneca plc | 0.700% | 4/8/26 | 50 | 49 | ||
AstraZeneca plc | 3.125% | 6/12/27 | 15 | 16 | ||
AstraZeneca plc | 4.000% | 1/17/29 | 50 | 57 | ||
AstraZeneca plc | 1.375% | 8/6/30 | 20 | 19 | ||
AstraZeneca plc | 6.450% | 9/15/37 | 40 | 58 | ||
AstraZeneca plc | 4.000% | 9/18/42 | 35 | 40 | ||
AstraZeneca plc | 4.375% | 11/16/45 | 25 | 30 | ||
AstraZeneca plc | 4.375% | 8/17/48 | 47 | 56 | ||
Baxalta Inc. | 4.000% | 6/23/25 | 20 | 22 | ||
Baxter International Inc. | 2.600% | 8/15/26 | 36 | 38 | ||
Becton Dickinson & Co. | 2.894% | 6/6/22 | 68 | 70 | ||
Becton Dickinson & Co. | 3.700% | 6/6/27 | 34 | 38 | ||
Becton Dickinson & Co. | 2.823% | 5/20/30 | 70 | 73 | ||
Becton Dickinson & Co. | 4.669% | 6/6/47 | 55 | 68 | ||
Becton Dickinson & Co. | 3.794% | 5/20/50 | 60 | 66 | ||
Biogen Inc. | 3.625% | 9/15/22 | 75 | 79 | ||
Biogen Inc. | 4.050% | 9/15/25 | 30 | 34 | ||
Biogen Inc. | 3.150% | 5/1/50 | 45 | 42 | ||
1,2 | Biogen Inc. | 3.250% | 2/15/51 | 72 | 70 | |
Boston Scientific Corp. | 3.450% | 3/1/24 | 25 | 27 | ||
Boston Scientific Corp. | 3.750% | 3/1/26 | 70 | 78 | ||
Boston Scientific Corp. | 2.650% | 6/1/30 | 25 | 26 | ||
Boston Scientific Corp. | 4.550% | 3/1/39 | 30 | 36 | ||
Boston Scientific Corp. | 4.700% | 3/1/49 | 46 | 57 | ||
Bristol-Myers Squibb Co. | 2.600% | 5/16/22 | 40 | 41 | ||
Bristol-Myers Squibb Co. | 3.250% | 8/15/22 | 115 | 119 | ||
Bristol-Myers Squibb Co. | 3.550% | 8/15/22 | 30 | 31 | ||
Bristol-Myers Squibb Co. | 0.537% | 11/13/23 | 45 | 45 | ||
Bristol-Myers Squibb Co. | 2.900% | 7/26/24 | 40 | 43 | ||
Bristol-Myers Squibb Co. | 3.875% | 8/15/25 | 145 | 162 | ||
Bristol-Myers Squibb Co. | 0.750% | 11/13/25 | 100 | 99 | ||
Bristol-Myers Squibb Co. | 3.200% | 6/15/26 | 40 | 44 | ||
Bristol-Myers Squibb Co. | 3.450% | 11/15/27 | 50 | 57 | ||
Bristol-Myers Squibb Co. | 3.900% | 2/20/28 | 75 | 86 | ||
Bristol-Myers Squibb Co. | 3.400% | 7/26/29 | 80 | 90 | ||
Bristol-Myers Squibb Co. | 1.450% | 11/13/30 | 90 | 87 | ||
Bristol-Myers Squibb Co. | 4.125% | 6/15/39 | 50 | 60 | ||
Bristol-Myers Squibb Co. | 2.350% | 11/13/40 | 25 | 24 | ||
Bristol-Myers Squibb Co. | 5.000% | 8/15/45 | 54 | 72 | ||
Bristol-Myers Squibb Co. | 4.350% | 11/15/47 | 20 | 24 | ||
Bristol-Myers Squibb Co. | 4.550% | 2/20/48 | 55 | 70 | ||
Bristol-Myers Squibb Co. | 4.250% | 10/26/49 | 95 | 115 | ||
Bristol-Myers Squibb Co. | 2.550% | 11/13/50 | 80 | 75 | ||
Cardinal Health Inc. | 2.616% | 6/15/22 | 50 | 51 | ||
Cardinal Health Inc. | 3.079% | 6/15/24 | 25 | 27 | ||
Cigna Corp. | 3.750% | 7/15/23 | 140 | 151 | ||
1 | Cigna Corp. | 3.250% | 4/15/25 | 75 | 81 | |
Cigna Corp. | 4.125% | 11/15/25 | 25 | 28 | ||
1 | Cigna Corp. | 4.500% | 2/25/26 | 50 | 57 | |
1 | Cigna Corp. | 3.400% | 3/1/27 | 75 | 82 | |
Cigna Corp. | 4.375% | 10/15/28 | 35 | 41 | ||
Cigna Corp. | 2.400% | 3/15/30 | 11 | 11 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Cigna Corp. | 4.800% | 8/15/38 | 60 | 74 | ||
Cigna Corp. | 3.200% | 3/15/40 | 5 | 5 | ||
1 | Cigna Corp. | 4.800% | 7/15/46 | 60 | 75 | |
1 | Cigna Corp. | 3.875% | 10/15/47 | 25 | 27 | |
Cigna Corp. | 4.900% | 12/15/48 | 90 | 113 | ||
Cigna Corp. | 3.400% | 3/15/50 | 85 | 87 | ||
CVS Health Corp. | 3.500% | 7/20/22 | 50 | 52 | ||
CVS Health Corp. | 2.750% | 12/1/22 | 25 | 26 | ||
CVS Health Corp. | 3.700% | 3/9/23 | 90 | 96 | ||
CVS Health Corp. | 2.625% | 8/15/24 | 10 | 11 | ||
CVS Health Corp. | 3.875% | 7/20/25 | 150 | 166 | ||
CVS Health Corp. | 2.875% | 6/1/26 | 50 | 54 | ||
CVS Health Corp. | 3.000% | 8/15/26 | 75 | 81 | ||
CVS Health Corp. | 3.625% | 4/1/27 | 50 | 56 | ||
CVS Health Corp. | 1.300% | 8/21/27 | 25 | 24 | ||
CVS Health Corp. | 4.300% | 3/25/28 | 140 | 161 | ||
CVS Health Corp. | 3.250% | 8/15/29 | 90 | 97 | ||
CVS Health Corp. | 1.750% | 8/21/30 | 80 | 76 | ||
CVS Health Corp. | 4.780% | 3/25/38 | 210 | 256 | ||
CVS Health Corp. | 2.700% | 8/21/40 | 25 | 24 | ||
CVS Health Corp. | 5.300% | 12/5/43 | 40 | 51 | ||
CVS Health Corp. | 5.125% | 7/20/45 | 130 | 164 | ||
CVS Health Corp. | 5.050% | 3/25/48 | 215 | 272 | ||
CVS Health Corp. | 4.250% | 4/1/50 | 45 | 52 | ||
DENTSPLY SIRONA Inc. | 3.250% | 6/1/30 | 10 | 11 | ||
DH Europe Finance II Sarl | 2.600% | 11/15/29 | 80 | 83 | ||
DH Europe Finance II Sarl | 3.250% | 11/15/39 | 30 | 31 | ||
DH Europe Finance II Sarl | 3.400% | 11/15/49 | 25 | 26 | ||
Eli Lilly & Co. | 3.375% | 3/15/29 | 65 | 72 | ||
Eli Lilly & Co. | 2.250% | 5/15/50 | 35 | 31 | ||
Eli Lilly & Co. | 4.150% | 3/15/59 | 20 | 24 | ||
Eli Lilly & Co. | 2.500% | 9/15/60 | 90 | 79 | ||
Gilead Sciences Inc. | 3.250% | 9/1/22 | 50 | 52 | ||
Gilead Sciences Inc. | 2.500% | 9/1/23 | 60 | 63 | ||
Gilead Sciences Inc. | 3.700% | 4/1/24 | 75 | 81 | ||
Gilead Sciences Inc. | 3.500% | 2/1/25 | 50 | 54 | ||
Gilead Sciences Inc. | 3.650% | 3/1/26 | 25 | 28 | ||
Gilead Sciences Inc. | 2.950% | 3/1/27 | 100 | 108 | ||
Gilead Sciences Inc. | 1.200% | 10/1/27 | 35 | 34 | ||
Gilead Sciences Inc. | 1.650% | 10/1/30 | 60 | 57 | ||
Gilead Sciences Inc. | 4.600% | 9/1/35 | 20 | 24 | ||
Gilead Sciences Inc. | 2.600% | 10/1/40 | 20 | 19 | ||
Gilead Sciences Inc. | 5.650% | 12/1/41 | 15 | 20 | ||
Gilead Sciences Inc. | 4.800% | 4/1/44 | 35 | 43 | ||
Gilead Sciences Inc. | 4.500% | 2/1/45 | 35 | 42 | ||
Gilead Sciences Inc. | 4.750% | 3/1/46 | 95 | 117 | ||
Gilead Sciences Inc. | 4.150% | 3/1/47 | 55 | 63 | ||
Gilead Sciences Inc. | 2.800% | 10/1/50 | 95 | 87 | ||
GlaxoSmithKline Capital Inc. | 2.800% | 3/18/23 | 15 | 16 | ||
GlaxoSmithKline Capital Inc. | 3.375% | 5/15/23 | 50 | 53 | ||
GlaxoSmithKline Capital Inc. | 3.625% | 5/15/25 | 50 | 55 | ||
GlaxoSmithKline Capital Inc. | 3.875% | 5/15/28 | 80 | 92 | ||
GlaxoSmithKline Capital Inc. | 6.375% | 5/15/38 | 105 | 158 | ||
GlaxoSmithKline Capital plc | 2.850% | 5/8/22 | 60 | 62 | ||
GlaxoSmithKline Capital plc | 2.875% | 6/1/22 | 60 | 62 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
GlaxoSmithKline Capital plc | 3.000% | 6/1/24 | 10 | 11 | ||
HCA Inc. | 4.750% | 5/1/23 | 50 | 54 | ||
HCA Inc. | 5.000% | 3/15/24 | 55 | 62 | ||
HCA Inc. | 5.250% | 6/15/26 | 50 | 58 | ||
HCA Inc. | 4.500% | 2/15/27 | 50 | 57 | ||
HCA Inc. | 4.125% | 6/15/29 | 50 | 56 | ||
HCA Inc. | 5.500% | 6/15/47 | 90 | 113 | ||
HCA Inc. | 5.250% | 6/15/49 | 70 | 87 | ||
Humana Inc. | 4.950% | 10/1/44 | 13 | 16 | ||
Johnson & Johnson | 2.250% | 3/3/22 | 45 | 46 | ||
Johnson & Johnson | 2.625% | 1/15/25 | 25 | 27 | ||
Johnson & Johnson | 2.450% | 3/1/26 | 125 | 134 | ||
Johnson & Johnson | 2.950% | 3/3/27 | 25 | 28 | ||
Johnson & Johnson | 2.900% | 1/15/28 | 95 | 104 | ||
Johnson & Johnson | 1.300% | 9/1/30 | 75 | 72 | ||
Johnson & Johnson | 3.625% | 3/3/37 | 25 | 29 | ||
Johnson & Johnson | 5.950% | 8/15/37 | 70 | 102 | ||
Johnson & Johnson | 2.100% | 9/1/40 | 50 | 47 | ||
Johnson & Johnson | 3.700% | 3/1/46 | 40 | 46 | ||
Johnson & Johnson | 3.500% | 1/15/48 | 20 | 22 | ||
Johnson & Johnson | 2.250% | 9/1/50 | 60 | 54 | ||
Johnson & Johnson | 2.450% | 9/1/60 | 75 | 67 | ||
Laboratory Corp. of America Holdings | 3.600% | 2/1/25 | 50 | 54 | ||
Laboratory Corp. of America Holdings | 4.700% | 2/1/45 | 25 | 31 | ||
McKesson Corp. | 3.796% | 3/15/24 | 25 | 27 | ||
Medtronic Inc. | 3.500% | 3/15/25 | 102 | 112 | ||
Medtronic Inc. | 4.375% | 3/15/35 | 25 | 31 | ||
Medtronic Inc. | 4.625% | 3/15/45 | 60 | 78 | ||
Merck & Co. Inc. | 2.400% | 9/15/22 | 30 | 31 | ||
Merck & Co. Inc. | 2.800% | 5/18/23 | 75 | 79 | ||
Merck & Co. Inc. | 2.750% | 2/10/25 | 80 | 85 | ||
Merck & Co. Inc. | 0.750% | 2/24/26 | 75 | 74 | ||
Merck & Co. Inc. | 3.400% | 3/7/29 | 30 | 34 | ||
Merck & Co. Inc. | 1.450% | 6/24/30 | 20 | 19 | ||
Merck & Co. Inc. | 3.900% | 3/7/39 | 25 | 29 | ||
Merck & Co. Inc. | 2.350% | 6/24/40 | 15 | 14 | ||
Merck & Co. Inc. | 4.150% | 5/18/43 | 20 | 24 | ||
Merck & Co. Inc. | 3.700% | 2/10/45 | 40 | 45 | ||
Merck & Co. Inc. | 4.000% | 3/7/49 | 50 | 60 | ||
Merck & Co. Inc. | 2.450% | 6/24/50 | 95 | 86 | ||
Mylan Inc. | 5.200% | 4/15/48 | 65 | 78 | ||
Novartis Capital Corp. | 2.400% | 5/17/22 | 40 | 41 | ||
Novartis Capital Corp. | 3.400% | 5/6/24 | 105 | 114 | ||
Novartis Capital Corp. | 3.000% | 11/20/25 | 40 | 44 | ||
Novartis Capital Corp. | 2.000% | 2/14/27 | 85 | 89 | ||
Novartis Capital Corp. | 2.200% | 8/14/30 | 70 | 72 | ||
Novartis Capital Corp. | 4.400% | 5/6/44 | 65 | 81 | ||
Novartis Capital Corp. | 4.000% | 11/20/45 | 45 | 53 | ||
Novartis Capital Corp. | 2.750% | 8/14/50 | 20 | 20 | ||
PerkinElmer Inc. | 3.300% | 9/15/29 | 25 | 27 | ||
Perrigo Finance Unlimited Co. | 3.150% | 6/15/30 | 25 | 26 | ||
Pfizer Inc. | 3.200% | 9/15/23 | 75 | 80 | ||
Pfizer Inc. | 2.950% | 3/15/24 | 75 | 80 | ||
Pfizer Inc. | 3.400% | 5/15/24 | 50 | 54 | ||
Pfizer Inc. | 0.800% | 5/28/25 | 25 | 25 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Pfizer Inc. | 2.750% | 6/3/26 | 25 | 27 | ||
Pfizer Inc. | 3.000% | 12/15/26 | 25 | 28 | ||
Pfizer Inc. | 3.600% | 9/15/28 | 20 | 23 | ||
Pfizer Inc. | 3.450% | 3/15/29 | 20 | 22 | ||
Pfizer Inc. | 2.625% | 4/1/30 | 58 | 62 | ||
Pfizer Inc. | 7.200% | 3/15/39 | 25 | 40 | ||
Pfizer Inc. | 2.550% | 5/28/40 | 75 | 74 | ||
Pfizer Inc. | 4.300% | 6/15/43 | 50 | 61 | ||
Pfizer Inc. | 4.125% | 12/15/46 | 75 | 89 | ||
Pfizer Inc. | 4.200% | 9/15/48 | 30 | 36 | ||
Pfizer Inc. | 4.000% | 3/15/49 | 25 | 30 | ||
Pfizer Inc. | 2.700% | 5/28/50 | 110 | 105 | ||
Quest Diagnostics Inc. | 2.950% | 6/30/30 | 15 | 16 | ||
Regeneron Pharmaceuticals Inc. | 1.750% | 9/15/30 | 25 | 24 | ||
Regeneron Pharmaceuticals Inc. | 2.800% | 9/15/50 | 20 | 18 | ||
1,2 | Royalty Pharma plc | 0.750% | 9/2/23 | 103 | 103 | |
1,2 | Royalty Pharma plc | 1.200% | 9/2/25 | 50 | 50 | |
1,2 | Royalty Pharma plc | 1.750% | 9/2/27 | 10 | 10 | |
1,2 | Royalty Pharma plc | 3.300% | 9/2/40 | 20 | 20 | |
1,2 | Royalty Pharma plc | 3.550% | 9/2/50 | 10 | 10 | |
Sanofi | 3.625% | 6/19/28 | 65 | 73 | ||
Shire Acquisitions Investments Ireland DAC | 2.875% | 9/23/23 | 105 | 111 | ||
Shire Acquisitions Investments Ireland DAC | 3.200% | 9/23/26 | 75 | 82 | ||
Stryker Corp. | 3.375% | 11/1/25 | 25 | 27 | ||
Stryker Corp. | 3.500% | 3/15/26 | 15 | 17 | ||
Stryker Corp. | 1.950% | 6/15/30 | 10 | 10 | ||
Stryker Corp. | 4.625% | 3/15/46 | 25 | 31 | ||
Takeda Pharmaceutical Co. Ltd. | 4.400% | 11/26/23 | 45 | 50 | ||
Takeda Pharmaceutical Co. Ltd. | 5.000% | 11/26/28 | 25 | 30 | ||
Takeda Pharmaceutical Co. Ltd. | 2.050% | 3/31/30 | 150 | 147 | ||
Takeda Pharmaceutical Co. Ltd. | 3.025% | 7/9/40 | 25 | 25 | ||
Takeda Pharmaceutical Co. Ltd. | 3.175% | 7/9/50 | 75 | 73 | ||
Takeda Pharmaceutical Co. Ltd. | 3.375% | 7/9/60 | 25 | 25 | ||
Thermo Fisher Scientific Inc. | 4.133% | 3/25/25 | 75 | 84 | ||
Thermo Fisher Scientific Inc. | 2.950% | 9/19/26 | 75 | 81 | ||
Thermo Fisher Scientific Inc. | 3.200% | 8/15/27 | 6 | 7 | ||
Thermo Fisher Scientific Inc. | 4.497% | 3/25/30 | 10 | 12 | ||
Thermo Fisher Scientific Inc. | 4.100% | 8/15/47 | 10 | 12 | ||
UnitedHealth Group Inc. | 3.350% | 7/15/22 | 40 | 42 | ||
UnitedHealth Group Inc. | 2.375% | 10/15/22 | 40 | 41 | ||
UnitedHealth Group Inc. | 2.875% | 3/15/23 | 25 | 26 | ||
UnitedHealth Group Inc. | 3.500% | 6/15/23 | 25 | 27 | ||
UnitedHealth Group Inc. | 3.500% | 2/15/24 | 20 | 22 | ||
UnitedHealth Group Inc. | 2.375% | 8/15/24 | 50 | 53 | ||
UnitedHealth Group Inc. | 3.750% | 7/15/25 | 80 | 89 | ||
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 75 | 85 | ||
UnitedHealth Group Inc. | 3.875% | 12/15/28 | 15 | 17 | ||
UnitedHealth Group Inc. | 2.875% | 8/15/29 | 50 | 54 | ||
UnitedHealth Group Inc. | 2.000% | 5/15/30 | 25 | 25 | ||
UnitedHealth Group Inc. | 4.625% | 7/15/35 | 35 | 44 | ||
UnitedHealth Group Inc. | 5.800% | 3/15/36 | 35 | 48 | ||
UnitedHealth Group Inc. | 6.875% | 2/15/38 | 75 | 115 | ||
UnitedHealth Group Inc. | 4.250% | 3/15/43 | 25 | 30 | ||
UnitedHealth Group Inc. | 4.750% | 7/15/45 | 25 | 32 | ||
UnitedHealth Group Inc. | 4.200% | 1/15/47 | 15 | 17 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
UnitedHealth Group Inc. | 3.750% | 10/15/47 | 75 | 84 | ||
UnitedHealth Group Inc. | 4.250% | 6/15/48 | 65 | 79 | ||
UnitedHealth Group Inc. | 4.450% | 12/15/48 | 75 | 93 | ||
UnitedHealth Group Inc. | 3.700% | 8/15/49 | 30 | 33 | ||
UnitedHealth Group Inc. | 2.900% | 5/15/50 | 50 | 49 | ||
UnitedHealth Group Inc. | 3.125% | 5/15/60 | 20 | 20 | ||
1,2 | Universal Health Services Inc. | 2.650% | 10/15/30 | 25 | 25 | |
Utah Acquisition Sub Inc. | 3.950% | 6/15/26 | 55 | 61 | ||
Utah Acquisition Sub Inc. | 5.250% | 6/15/46 | 55 | 66 | ||
1,2 | Viatris Inc. | 1.125% | 6/22/22 | 55 | 55 | |
1,2 | Viatris Inc. | 1.650% | 6/22/25 | 65 | 66 | |
1,2 | Viatris Inc. | 2.700% | 6/22/30 | 40 | 40 | |
1,2 | Viatris Inc. | 3.850% | 6/22/40 | 20 | 21 | |
1,2 | Viatris Inc. | 4.000% | 6/22/50 | 40 | 42 | |
Wyeth LLC | 6.500% | 2/1/34 | 10 | 15 | ||
Wyeth LLC | 5.950% | 4/1/37 | 60 | 85 | ||
Zimmer Biomet Holdings Inc. | 3.150% | 4/1/22 | 65 | 67 | ||
Zimmer Biomet Holdings Inc. | 3.550% | 4/1/25 | 20 | 22 | ||
Zimmer Biomet Holdings Inc. | 3.550% | 3/20/30 | 25 | 27 | ||
Zoetis Inc. | 3.250% | 2/1/23 | 70 | 73 | ||
Zoetis Inc. | 3.000% | 9/12/27 | 75 | 82 | ||
Zoetis Inc. | 4.700% | 2/1/43 | 35 | 44 | ||
17,813 | ||||||
Industrials (3.7%) | ||||||
1 | 3M Co. | 3.250% | 2/14/24 | 25 | 27 | |
3M Co. | 2.000% | 2/14/25 | 10 | 10 | ||
3M Co. | 2.875% | 10/15/27 | 45 | 49 | ||
1 | 3M Co. | 3.375% | 3/1/29 | 25 | 28 | |
3M Co. | 2.375% | 8/26/29 | 25 | 26 | ||
3M Co. | 3.250% | 8/26/49 | 50 | 53 | ||
ABB Finance USA Inc. | 2.875% | 5/8/22 | 35 | 36 | ||
Amphenol Corp. | 2.800% | 2/15/30 | 35 | 37 | ||
Burlington Northern Santa Fe LLC | 3.850% | 9/1/23 | 35 | 38 | ||
Burlington Northern Santa Fe LLC | 5.750% | 5/1/40 | 80 | 111 | ||
Burlington Northern Santa Fe LLC | 4.900% | 4/1/44 | 30 | 39 | ||
Burlington Northern Santa Fe LLC | 4.550% | 9/1/44 | 25 | 31 | ||
Burlington Northern Santa Fe LLC | 4.150% | 4/1/45 | 10 | 12 | ||
Burlington Northern Santa Fe LLC | 3.900% | 8/1/46 | 15 | 17 | ||
Burlington Northern Santa Fe LLC | 4.125% | 6/15/47 | 20 | 24 | ||
Burlington Northern Santa Fe LLC | 4.050% | 6/15/48 | 50 | 59 | ||
Burlington Northern Santa Fe LLC | 3.550% | 2/15/50 | 15 | 17 | ||
Canadian Pacific Railway Co. | 6.125% | 9/15/15 | 30 | 47 | ||
Carrier Global Corp. | 2.242% | 2/15/25 | 45 | 47 | ||
Carrier Global Corp. | 2.493% | 2/15/27 | 25 | 26 | ||
Carrier Global Corp. | 2.722% | 2/15/30 | 60 | 62 | ||
Carrier Global Corp. | 3.377% | 4/5/40 | 50 | 52 | ||
Carrier Global Corp. | 3.577% | 4/5/50 | 85 | 88 | ||
1 | Caterpillar Financial Services Corp. | 0.950% | 5/13/22 | 50 | 50 | |
1 | Caterpillar Financial Services Corp. | 1.900% | 9/6/22 | 15 | 15 | |
1 | Caterpillar Financial Services Corp. | 1.950% | 11/18/22 | 15 | 15 | |
Caterpillar Financial Services Corp. | 0.650% | 7/7/23 | 25 | 25 | ||
1 | Caterpillar Financial Services Corp. | 0.450% | 9/14/23 | 25 | 25 | |
1 | Caterpillar Financial Services Corp. | 2.150% | 11/8/24 | 40 | 42 | |
1 | Caterpillar Financial Services Corp. | 0.800% | 11/13/25 | 25 | 25 | |
1 | Caterpillar Financial Services Corp. | 1.100% | 9/14/27 | 10 | 10 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Caterpillar Inc. | 3.400% | 5/15/24 | 20 | 22 | ||
Caterpillar Inc. | 2.600% | 4/9/30 | 45 | 47 | ||
Caterpillar Inc. | 3.803% | 8/15/42 | 45 | 53 | ||
Caterpillar Inc. | 3.250% | 9/19/49 | 55 | 59 | ||
Caterpillar Inc. | 3.250% | 4/9/50 | 45 | 48 | ||
CSX Corp. | 3.250% | 6/1/27 | 50 | 55 | ||
CSX Corp. | 3.800% | 3/1/28 | 45 | 51 | ||
CSX Corp. | 4.100% | 3/15/44 | 50 | 57 | ||
CSX Corp. | 3.800% | 11/1/46 | 30 | 33 | ||
Cummins Inc. | 1.500% | 9/1/30 | 30 | 29 | ||
Deere & Co. | 2.600% | 6/8/22 | 35 | 36 | ||
Deere & Co. | 3.900% | 6/9/42 | 55 | 65 | ||
Deere & Co. | 3.750% | 4/15/50 | 65 | 77 | ||
Eaton Corp. | 2.750% | 11/2/22 | 90 | 94 | ||
Eaton Corp. | 4.150% | 11/2/42 | 15 | 18 | ||
Emerson Electric Co. | 0.875% | 10/15/26 | 25 | 25 | ||
FedEx Corp. | 3.800% | 5/15/25 | 30 | 33 | ||
FedEx Corp. | 3.250% | 4/1/26 | 50 | 55 | ||
FedEx Corp. | 3.100% | 8/5/29 | 30 | 32 | ||
FedEx Corp. | 4.250% | 5/15/30 | 20 | 23 | ||
FedEx Corp. | 4.750% | 11/15/45 | 50 | 60 | ||
FedEx Corp. | 4.550% | 4/1/46 | 30 | 35 | ||
FedEx Corp. | 4.950% | 10/17/48 | 65 | 81 | ||
FedEx Corp. | 5.250% | 5/15/50 | 65 | 84 | ||
1 | FedEx Corp. Pass-Through Trust Class AA Series 2020-1 | 1.875% | 2/20/34 | 19 | 19 | |
Fortive Corp. | 3.150% | 6/15/26 | 35 | 38 | ||
Illinois Tool Works Inc. | 2.650% | 11/15/26 | 40 | 43 | ||
Illinois Tool Works Inc. | 3.900% | 9/1/42 | 35 | 42 | ||
1 | John Deere Capital Corp. | 3.450% | 3/13/25 | 20 | 22 | |
Otis Worldwide Corp. | 2.056% | 4/5/25 | 73 | 76 | ||
Otis Worldwide Corp. | 2.565% | 2/15/30 | 30 | 31 | ||
Parker-Hannifin Corp. | 3.250% | 6/14/29 | 20 | 22 | ||
Parker-Hannifin Corp. | 4.000% | 6/14/49 | 25 | 29 | ||
Republic Services Inc. | 2.500% | 8/15/24 | 10 | 11 | ||
Republic Services Inc. | 3.950% | 5/15/28 | 70 | 80 | ||
Roper Technologies Inc. | 4.200% | 9/15/28 | 20 | 23 | ||
Roper Technologies Inc. | 1.750% | 2/15/31 | 25 | 24 | ||
Southwest Airlines Co. | 5.250% | 5/4/25 | 45 | 52 | ||
Southwest Airlines Co. | 5.125% | 6/15/27 | 90 | 105 | ||
Trane Technologies Luxembourg Finance SA | 3.800% | 3/21/29 | 30 | 34 | ||
Union Pacific Corp. | 3.950% | 9/10/28 | 70 | 80 | ||
Union Pacific Corp. | 3.700% | 3/1/29 | 30 | 34 | ||
Union Pacific Corp. | 2.400% | 2/5/30 | 55 | 57 | ||
Union Pacific Corp. | 3.250% | 2/5/50 | 53 | 55 | ||
Union Pacific Corp. | 3.799% | 10/1/51 | 35 | 39 | ||
Union Pacific Corp. | 3.839% | 3/20/60 | 20 | 22 | ||
Union Pacific Corp. | 3.750% | 2/5/70 | 60 | 65 | ||
1 | United Airlines Pass-Through Trust Class A Series 2020-1 | 5.875% | 10/15/27 | 59 | 66 | |
United Parcel Service Inc. | 2.450% | 10/1/22 | 20 | 21 | ||
United Parcel Service Inc. | 2.500% | 4/1/23 | 25 | 26 | ||
United Parcel Service Inc. | 3.900% | 4/1/25 | 4 | 4 | ||
United Parcel Service Inc. | 3.050% | 11/15/27 | 15 | 17 | ||
United Parcel Service Inc. | 3.400% | 3/15/29 | 37 | 41 | ||
United Parcel Service Inc. | 4.450% | 4/1/30 | 50 | 60 | ||
United Parcel Service Inc. | 6.200% | 1/15/38 | 60 | 87 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
United Parcel Service Inc. | 3.750% | 11/15/47 | 20 | 23 | ||
United Parcel Service Inc. | 5.300% | 4/1/50 | 70 | 96 | ||
Waste Management Inc. | 3.150% | 11/15/27 | 25 | 28 | ||
Waste Management Inc. | 1.500% | 3/15/31 | 50 | 47 | ||
Waste Management Inc. | 4.100% | 3/1/45 | 15 | 17 | ||
Waste Management Inc. | 4.150% | 7/15/49 | 45 | 54 | ||
Westinghouse Air Brake Technologies Corp. | 3.450% | 11/15/26 | 85 | 92 | ||
Westinghouse Air Brake Technologies Corp. | 4.950% | 9/15/28 | 20 | 23 | ||
WW Grainger Inc. | 4.600% | 6/15/45 | 45 | 56 | ||
4,076 | ||||||
Materials (1.6%) | ||||||
Air Products and Chemicals Inc. | 2.050% | 5/15/30 | 40 | 41 | ||
Air Products and Chemicals Inc. | 2.800% | 5/15/50 | 45 | 44 | ||
Carlisle Cos. Inc. | 2.750% | 3/1/30 | 30 | 31 | ||
Dow Chemical Co. | 3.500% | 10/1/24 | 25 | 27 | ||
Dow Chemical Co. | 7.375% | 11/1/29 | 72 | 100 | ||
Dow Chemical Co. | 2.100% | 11/15/30 | 55 | 54 | ||
Dow Chemical Co. | 9.400% | 5/15/39 | 15 | 26 | ||
Dow Chemical Co. | 5.250% | 11/15/41 | 25 | 32 | ||
Dow Chemical Co. | 4.375% | 11/15/42 | 90 | 106 | ||
DuPont de Nemours Inc. | 2.169% | 5/1/23 | 70 | 70 | ||
DuPont de Nemours Inc. | 4.205% | 11/15/23 | 55 | 60 | ||
DuPont de Nemours Inc. | 4.493% | 11/15/25 | 25 | 29 | ||
DuPont de Nemours Inc. | 4.725% | 11/15/28 | 75 | 89 | ||
DuPont de Nemours Inc. | 5.319% | 11/15/38 | 50 | 64 | ||
DuPont de Nemours Inc. | 5.419% | 11/15/48 | 70 | 92 | ||
Eastman Chemical Co. | 3.600% | 8/15/22 | 55 | 57 | ||
Eastman Chemical Co. | 4.650% | 10/15/44 | 30 | 36 | ||
Huntsman International LLC | 4.500% | 5/1/29 | 15 | 17 | ||
International Flavors & Fragrances Inc. | 5.000% | 9/26/48 | 10 | 13 | ||
International Paper Co. | 4.800% | 6/15/44 | 41 | 51 | ||
International Paper Co. | 4.400% | 8/15/47 | 15 | 18 | ||
International Paper Co. | 4.350% | 8/15/48 | 40 | 49 | ||
Mosaic Co. | 4.250% | 11/15/23 | 45 | 49 | ||
Newmont Corp. | 2.250% | 10/1/30 | 50 | 49 | ||
Newmont Corp. | 6.250% | 10/1/39 | 25 | 36 | ||
Newmont Corp. | 4.875% | 3/15/42 | 10 | 13 | ||
Nutrien Ltd. | 4.200% | 4/1/29 | 40 | 46 | ||
Nutrien Ltd. | 5.000% | 4/1/49 | 9 | 12 | ||
PPG Industries Inc. | 3.750% | 3/15/28 | 25 | 29 | ||
Rohm & Haas Co. | 7.850% | 7/15/29 | 15 | 21 | ||
Sherwin-Williams Co. | 3.450% | 6/1/27 | 60 | 66 | ||
Sherwin-Williams Co. | 2.950% | 8/15/29 | 25 | 26 | ||
Sherwin-Williams Co. | 4.500% | 6/1/47 | 45 | 54 | ||
Suzano Austria GmbH | 6.000% | 1/15/29 | 110 | 132 | ||
Suzano Austria GmbH | 5.000% | 1/15/30 | 25 | 28 | ||
Vulcan Materials Co. | 3.500% | 6/1/30 | 20 | 22 | ||
WRKCo Inc. | 4.900% | 3/15/29 | 25 | 30 | ||
1,719 | ||||||
Real Estate (2.0%) | ||||||
Alexandria Real Estate Equities Inc. | 3.375% | 8/15/31 | 25 | 27 | ||
Alexandria Real Estate Equities Inc. | 1.875% | 2/1/33 | 78 | 73 | ||
American Tower Corp. | 3.500% | 1/31/23 | 35 | 37 | ||
American Tower Corp. | 5.000% | 2/15/24 | 25 | 28 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
American Tower Corp. | 4.000% | 6/1/25 | 50 | 55 | ||
American Tower Corp. | 3.375% | 10/15/26 | 10 | 11 | ||
American Tower Corp. | 2.750% | 1/15/27 | 35 | 37 | ||
American Tower Corp. | 3.550% | 7/15/27 | 10 | 11 | ||
American Tower Corp. | 3.800% | 8/15/29 | 25 | 28 | ||
American Tower Corp. | 2.900% | 1/15/30 | 30 | 31 | ||
American Tower Corp. | 2.100% | 6/15/30 | 20 | 20 | ||
American Tower Corp. | 1.875% | 10/15/30 | 50 | 48 | ||
American Tower Corp. | 3.100% | 6/15/50 | 40 | 38 | ||
Boston Properties LP | 3.850% | 2/1/23 | 20 | 21 | ||
Boston Properties LP | 3.200% | 1/15/25 | 20 | 21 | ||
Boston Properties LP | 3.650% | 2/1/26 | 35 | 39 | ||
Boston Properties LP | 2.750% | 10/1/26 | 45 | 48 | ||
Boston Properties LP | 3.400% | 6/21/29 | 63 | 67 | ||
Boston Properties LP | 3.250% | 1/30/31 | 25 | 26 | ||
Brixmor Operating Partnership LP | 4.125% | 5/15/29 | 15 | 17 | ||
Brixmor Operating Partnership LP | 4.050% | 7/1/30 | 80 | 88 | ||
Camden Property Trust | 2.800% | 5/15/30 | 35 | 37 | ||
CC Holdings GS V LLC | 3.849% | 4/15/23 | 15 | 16 | ||
Crown Castle International Corp. | 5.250% | 1/15/23 | 75 | 81 | ||
Crown Castle International Corp. | 3.150% | 7/15/23 | 20 | 21 | ||
Crown Castle International Corp. | 3.200% | 9/1/24 | 20 | 22 | ||
Crown Castle International Corp. | 4.450% | 2/15/26 | 50 | 57 | ||
Crown Castle International Corp. | 3.700% | 6/15/26 | 45 | 50 | ||
Crown Castle International Corp. | 3.800% | 2/15/28 | 5 | 6 | ||
Crown Castle International Corp. | 3.300% | 7/1/30 | 50 | 54 | ||
Crown Castle International Corp. | 2.250% | 1/15/31 | 5 | 5 | ||
Crown Castle International Corp. | 3.250% | 1/15/51 | 37 | 35 | ||
Digital Realty Trust LP | 3.700% | 8/15/27 | 10 | 11 | ||
Digital Realty Trust LP | 3.600% | 7/1/29 | 35 | 39 | ||
Equinix Inc. | 2.625% | 11/18/24 | 90 | 95 | ||
Equinix Inc. | 5.375% | 5/15/27 | 20 | 22 | ||
Equinix Inc. | 3.200% | 11/18/29 | 25 | 27 | ||
Equinix Inc. | 2.150% | 7/15/30 | 20 | 20 | ||
GLP Capital LP | 5.250% | 6/1/25 | 10 | 11 | ||
GLP Capital LP | 5.375% | 4/15/26 | 30 | 35 | ||
GLP Capital LP | 5.300% | 1/15/29 | 25 | 29 | ||
Healthpeak Properties Inc. | 4.000% | 6/1/25 | 10 | 11 | ||
Healthpeak Properties Inc. | 3.000% | 1/15/30 | 75 | 79 | ||
1 | Host Hotels & Resorts LP | 3.500% | 9/15/30 | 12 | 12 | |
Prologis LP | 3.750% | 11/1/25 | 10 | 11 | ||
Prologis LP | 2.250% | 4/15/30 | 75 | 76 | ||
Prologis LP | 1.250% | 10/15/30 | 20 | 19 | ||
Realty Income Corp. | 4.650% | 8/1/23 | 50 | 54 | ||
Realty Income Corp. | 3.250% | 1/15/31 | 40 | 43 | ||
Simon Property Group LP | 3.375% | 10/1/24 | 20 | 22 | ||
Simon Property Group LP | 3.500% | 9/1/25 | 35 | 38 | ||
Simon Property Group LP | 3.250% | 11/30/26 | 30 | 33 | ||
Simon Property Group LP | 3.375% | 6/15/27 | 35 | 38 | ||
Simon Property Group LP | 3.375% | 12/1/27 | 85 | 93 | ||
Simon Property Group LP | 2.450% | 9/13/29 | 5 | 5 | ||
Simon Property Group LP | 2.650% | 7/15/30 | 50 | 51 | ||
Simon Property Group LP | 3.250% | 9/13/49 | 18 | 17 | ||
Simon Property Group LP | 3.800% | 7/15/50 | 35 | 37 | ||
Ventas Realty LP | 4.400% | 1/15/29 | 5 | 6 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Welltower Inc. | 3.625% | 3/15/24 | 15 | 16 | ||
Welltower Inc. | 4.000% | 6/1/25 | 6 | 7 | ||
Welltower Inc. | 4.250% | 4/15/28 | 10 | 11 | ||
Welltower Inc. | 3.100% | 1/15/30 | 65 | 69 | ||
2,192 | ||||||
Technology (13.6%) | ||||||
Adobe Inc. | 3.250% | 2/1/25 | 75 | 82 | ||
Adobe Inc. | 2.150% | 2/1/27 | 25 | 26 | ||
Adobe Inc. | 2.300% | 2/1/30 | 25 | 26 | ||
Analog Devices Inc. | 3.900% | 12/15/25 | 55 | 62 | ||
Apple Inc. | 2.300% | 5/11/22 | 50 | 51 | ||
Apple Inc. | 2.700% | 5/13/22 | 50 | 51 | ||
Apple Inc. | 1.700% | 9/11/22 | 15 | 15 | ||
Apple Inc. | 2.100% | 9/12/22 | 50 | 51 | ||
Apple Inc. | 2.400% | 1/13/23 | 175 | 182 | ||
Apple Inc. | 2.400% | 5/3/23 | 175 | 183 | ||
Apple Inc. | 0.750% | 5/11/23 | 25 | 25 | ||
Apple Inc. | 3.000% | 2/9/24 | 50 | 54 | ||
Apple Inc. | 3.450% | 5/6/24 | 25 | 27 | ||
Apple Inc. | 2.750% | 1/13/25 | 50 | 54 | ||
Apple Inc. | 2.500% | 2/9/25 | 50 | 53 | ||
Apple Inc. | 3.200% | 5/13/25 | 25 | 27 | ||
Apple Inc. | 0.550% | 8/20/25 | 75 | 74 | ||
Apple Inc. | 3.250% | 2/23/26 | 290 | 319 | ||
Apple Inc. | 2.450% | 8/4/26 | 25 | 27 | ||
Apple Inc. | 2.050% | 9/11/26 | 75 | 78 | ||
Apple Inc. | 3.350% | 2/9/27 | 215 | 239 | ||
Apple Inc. | 3.200% | 5/11/27 | 75 | 83 | ||
Apple Inc. | 3.000% | 6/20/27 | 50 | 55 | ||
Apple Inc. | 2.900% | 9/12/27 | 25 | 27 | ||
Apple Inc. | 3.000% | 11/13/27 | 20 | 22 | ||
Apple Inc. | 2.200% | 9/11/29 | 50 | 51 | ||
Apple Inc. | 1.650% | 5/11/30 | 50 | 49 | ||
Apple Inc. | 1.650% | 2/8/31 | 110 | 107 | ||
Apple Inc. | 4.500% | 2/23/36 | 138 | 175 | ||
Apple Inc. | 3.850% | 5/4/43 | 140 | 164 | ||
Apple Inc. | 4.375% | 5/13/45 | 110 | 137 | ||
Apple Inc. | 4.650% | 2/23/46 | 50 | 64 | ||
Apple Inc. | 3.850% | 8/4/46 | 75 | 86 | ||
Apple Inc. | 4.250% | 2/9/47 | 50 | 61 | ||
Apple Inc. | 3.750% | 9/12/47 | 20 | 23 | ||
Apple Inc. | 3.750% | 11/13/47 | 75 | 85 | ||
Apple Inc. | 2.950% | 9/11/49 | 50 | 50 | ||
Apple Inc. | 2.650% | 5/11/50 | 145 | 136 | ||
Apple Inc. | 2.650% | 2/8/51 | 105 | 99 | ||
Apple Inc. | 2.800% | 2/8/61 | 60 | 56 | ||
Applied Materials Inc. | 3.300% | 4/1/27 | 71 | 79 | ||
Applied Materials Inc. | 4.350% | 4/1/47 | 45 | 56 | ||
Applied Materials Inc. | 2.750% | 6/1/50 | 15 | 15 | ||
Automatic Data Processing Inc. | 3.375% | 9/15/25 | 55 | 61 | ||
Automatic Data Processing Inc. | 1.250% | 9/1/30 | 35 | 33 | ||
Broadcom Corp. | 3.625% | 1/15/24 | 40 | 43 | ||
Broadcom Corp. | 3.875% | 1/15/27 | 175 | 192 | ||
Broadcom Corp. | 3.500% | 1/15/28 | 45 | 48 | ||
Broadcom Inc. | 3.625% | 10/15/24 | 30 | 33 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Broadcom Inc. | 4.700% | 4/15/25 | 50 | 56 | ||
Broadcom Inc. | 3.150% | 11/15/25 | 100 | 107 | ||
Broadcom Inc. | 4.250% | 4/15/26 | 130 | 146 | ||
Broadcom Inc. | 3.459% | 9/15/26 | 30 | 32 | ||
Broadcom Inc. | 4.110% | 9/15/28 | 110 | 122 | ||
Broadcom Inc. | 4.750% | 4/15/29 | 100 | 114 | ||
Broadcom Inc. | 5.000% | 4/15/30 | 25 | 29 | ||
Broadcom Inc. | 4.150% | 11/15/30 | 75 | 83 | ||
1,2 | Broadcom Inc. | 2.450% | 2/15/31 | 85 | 83 | |
Broadcom Inc. | 4.300% | 11/15/32 | 90 | 101 | ||
1,2 | Broadcom Inc. | 2.600% | 2/15/33 | 55 | 53 | |
1,2 | Broadcom Inc. | 3.500% | 2/15/41 | 90 | 90 | |
Broadridge Financial Solutions Inc. | 2.900% | 12/1/29 | 25 | 26 | ||
Cisco Systems Inc. | 2.200% | 9/20/23 | 25 | 26 | ||
Cisco Systems Inc. | 3.625% | 3/4/24 | 50 | 55 | ||
Cisco Systems Inc. | 2.500% | 9/20/26 | 45 | 49 | ||
Cisco Systems Inc. | 5.900% | 2/15/39 | 10 | 14 | ||
Cisco Systems Inc. | 5.500% | 1/15/40 | 105 | 149 | ||
Citrix Systems Inc. | 4.500% | 12/1/27 | 45 | 52 | ||
Corning Inc. | 4.375% | 11/15/57 | 80 | 91 | ||
1,2 | Dell International LLC | 5.450% | 6/15/23 | 85 | 93 | |
1,2 | Dell International LLC | 4.000% | 7/15/24 | 5 | 5 | |
1,2 | Dell International LLC | 5.850% | 7/15/25 | 25 | 29 | |
1,2 | Dell International LLC | 6.020% | 6/15/26 | 160 | 191 | |
1,2 | Dell International LLC | 4.900% | 10/1/26 | 75 | 86 | |
1,2 | Dell International LLC | 5.300% | 10/1/29 | 35 | 41 | |
1,2 | Dell International LLC | 6.200% | 7/15/30 | 45 | 57 | |
1,2 | Dell International LLC | 8.100% | 7/15/36 | 54 | 80 | |
1,2 | Dell International LLC | 8.350% | 7/15/46 | 65 | 99 | |
Equifax Inc. | 2.600% | 12/1/24 | 60 | 64 | ||
3 | Fidelity National Information Services Inc. | 0.600% | 3/1/24 | 75 | 75 | |
Fidelity National Information Services Inc. | 3.000% | 8/15/26 | 50 | 55 | ||
Fidelity National Information Services Inc. | 3.750% | 5/21/29 | 55 | 62 | ||
3 | Fidelity National Information Services Inc. | 2.250% | 3/1/31 | 40 | 40 | |
3 | Fidelity National Information Services Inc. | 3.100% | 3/1/41 | 25 | 25 | |
Fiserv Inc. | 3.800% | 10/1/23 | 50 | 54 | ||
Fiserv Inc. | 2.750% | 7/1/24 | 75 | 80 | ||
Fiserv Inc. | 3.850% | 6/1/25 | 30 | 33 | ||
Fiserv Inc. | 3.200% | 7/1/26 | 50 | 54 | ||
Fiserv Inc. | 2.250% | 6/1/27 | 55 | 57 | ||
Fiserv Inc. | 4.200% | 10/1/28 | 25 | 29 | ||
Fiserv Inc. | 3.500% | 7/1/29 | 55 | 60 | ||
Fiserv Inc. | 2.650% | 6/1/30 | 15 | 16 | ||
Fiserv Inc. | 4.400% | 7/1/49 | 92 | 110 | ||
Hewlett Packard Enterprise Co. | 4.400% | 10/15/22 | 75 | 79 | ||
Hewlett Packard Enterprise Co. | 2.250% | 4/1/23 | 50 | 52 | ||
Hewlett Packard Enterprise Co. | 4.450% | 10/2/23 | 25 | 27 | ||
Hewlett Packard Enterprise Co. | 1.450% | 4/1/24 | 20 | 20 | ||
Hewlett Packard Enterprise Co. | 4.650% | 10/1/24 | 25 | 28 | ||
Hewlett Packard Enterprise Co. | 4.900% | 10/15/25 | 15 | 17 | ||
Hewlett Packard Enterprise Co. | 1.750% | 4/1/26 | 25 | 25 | ||
Hewlett Packard Enterprise Co. | 6.350% | 10/15/45 | 60 | 79 | ||
HP Inc. | 2.200% | 6/17/25 | 35 | 37 | ||
HP Inc. | 3.000% | 6/17/27 | 40 | 43 | ||
HP Inc. | 3.400% | 6/17/30 | 40 | 43 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
HP Inc. | 6.000% | 9/15/41 | 23 | 30 | ||
IBM Credit LLC | 3.000% | 2/6/23 | 25 | 26 | ||
Intel Corp. | 2.350% | 5/11/22 | 60 | 61 | ||
Intel Corp. | 2.700% | 12/15/22 | 50 | 52 | ||
Intel Corp. | 2.875% | 5/11/24 | 25 | 27 | ||
Intel Corp. | 3.400% | 3/25/25 | 25 | 27 | ||
Intel Corp. | 3.700% | 7/29/25 | 50 | 56 | ||
Intel Corp. | 3.750% | 3/25/27 | 55 | 62 | ||
Intel Corp. | 3.150% | 5/11/27 | 50 | 55 | ||
Intel Corp. | 2.450% | 11/15/29 | 50 | 52 | ||
Intel Corp. | 3.900% | 3/25/30 | 60 | 70 | ||
Intel Corp. | 4.000% | 12/15/32 | 35 | 41 | ||
Intel Corp. | 4.600% | 3/25/40 | 25 | 32 | ||
Intel Corp. | 4.800% | 10/1/41 | 25 | 32 | ||
Intel Corp. | 4.900% | 7/29/45 | 25 | 33 | ||
Intel Corp. | 4.100% | 5/11/47 | 20 | 24 | ||
Intel Corp. | 3.734% | 12/8/47 | 100 | 112 | ||
Intel Corp. | 3.250% | 11/15/49 | 40 | 42 | ||
Intel Corp. | 4.750% | 3/25/50 | 60 | 77 | ||
Intel Corp. | 3.100% | 2/15/60 | 40 | 40 | ||
Intel Corp. | 4.950% | 3/25/60 | 45 | 62 | ||
International Business Machines Corp. | 2.850% | 5/13/22 | 50 | 52 | ||
International Business Machines Corp. | 1.875% | 8/1/22 | 50 | 51 | ||
International Business Machines Corp. | 2.875% | 11/9/22 | 50 | 52 | ||
International Business Machines Corp. | 3.375% | 8/1/23 | 50 | 54 | ||
International Business Machines Corp. | 3.625% | 2/12/24 | 50 | 55 | ||
International Business Machines Corp. | 3.000% | 5/15/24 | 65 | 70 | ||
International Business Machines Corp. | 3.450% | 2/19/26 | 63 | 70 | ||
International Business Machines Corp. | 3.300% | 5/15/26 | 85 | 94 | ||
International Business Machines Corp. | 1.700% | 5/15/27 | 55 | 56 | ||
International Business Machines Corp. | 3.500% | 5/15/29 | 80 | 88 | ||
International Business Machines Corp. | 1.950% | 5/15/30 | 100 | 99 | ||
International Business Machines Corp. | 4.150% | 5/15/39 | 50 | 59 | ||
International Business Machines Corp. | 4.000% | 6/20/42 | 20 | 23 | ||
International Business Machines Corp. | 4.250% | 5/15/49 | 70 | 83 | ||
International Business Machines Corp. | 2.950% | 5/15/50 | 45 | 43 | ||
KLA Corp. | 4.100% | 3/15/29 | 65 | 75 | ||
KLA Corp. | 3.300% | 3/1/50 | 20 | 21 | ||
Lam Research Corp. | 3.750% | 3/15/26 | 15 | 17 | ||
Lam Research Corp. | 4.000% | 3/15/29 | 75 | 87 | ||
Lam Research Corp. | 1.900% | 6/15/30 | 15 | 15 | ||
Lam Research Corp. | 4.875% | 3/15/49 | 5 | 7 | ||
Lam Research Corp. | 2.875% | 6/15/50 | 25 | 25 | ||
Microchip Technology Inc. | 4.333% | 6/1/23 | 60 | 65 | ||
Micron Technology Inc. | 4.185% | 2/15/27 | 30 | 34 | ||
Micron Technology Inc. | 4.663% | 2/15/30 | 25 | 29 | ||
Microsoft Corp. | 2.125% | 11/15/22 | 30 | 31 | ||
Microsoft Corp. | 2.000% | 8/8/23 | 105 | 109 | ||
Microsoft Corp. | 3.625% | 12/15/23 | 55 | 60 | ||
Microsoft Corp. | 2.875% | 2/6/24 | 150 | 160 | ||
Microsoft Corp. | 2.700% | 2/12/25 | 30 | 32 | ||
Microsoft Corp. | 3.125% | 11/3/25 | 75 | 83 | ||
Microsoft Corp. | 2.400% | 8/8/26 | 160 | 171 | ||
Microsoft Corp. | 3.300% | 2/6/27 | 100 | 111 | ||
Microsoft Corp. | 4.200% | 11/3/35 | 50 | 63 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Microsoft Corp. | 3.450% | 8/8/36 | 95 | 111 | ||
Microsoft Corp. | 4.100% | 2/6/37 | 10 | 12 | ||
Microsoft Corp. | 5.300% | 2/8/41 | 20 | 29 | ||
Microsoft Corp. | 3.500% | 11/15/42 | 50 | 58 | ||
Microsoft Corp. | 4.450% | 11/3/45 | 60 | 78 | ||
Microsoft Corp. | 3.700% | 8/8/46 | 95 | 112 | ||
Microsoft Corp. | 4.250% | 2/6/47 | 55 | 71 | ||
Microsoft Corp. | 2.525% | 6/1/50 | 150 | 141 | ||
Microsoft Corp. | 4.000% | 2/12/55 | 50 | 61 | ||
Microsoft Corp. | 3.950% | 8/8/56 | 120 | 149 | ||
Microsoft Corp. | 4.500% | 2/6/57 | 25 | 34 | ||
Microsoft Corp. | 2.675% | 6/1/60 | 85 | 79 | ||
Motorola Solutions Inc. | 4.600% | 5/23/29 | 65 | 75 | ||
NetApp Inc. | 1.875% | 6/22/25 | 35 | 36 | ||
NVIDIA Corp. | 3.200% | 9/16/26 | 40 | 44 | ||
NVIDIA Corp. | 2.850% | 4/1/30 | 50 | 54 | ||
NVIDIA Corp. | 3.500% | 4/1/40 | 30 | 33 | ||
NVIDIA Corp. | 3.500% | 4/1/50 | 70 | 76 | ||
1,2 | NXP BV | 3.875% | 6/18/26 | 65 | 73 | |
1,2 | NXP BV | 4.300% | 6/18/29 | 35 | 40 | |
1,2 | NXP BV | 3.400% | 5/1/30 | 15 | 16 | |
Oracle Corp. | 2.500% | 5/15/22 | 50 | 51 | ||
Oracle Corp. | 2.500% | 10/15/22 | 90 | 93 | ||
Oracle Corp. | 2.625% | 2/15/23 | 50 | 52 | ||
Oracle Corp. | 3.625% | 7/15/23 | 75 | 81 | ||
Oracle Corp. | 2.400% | 9/15/23 | 50 | 52 | ||
Oracle Corp. | 2.950% | 11/15/24 | 50 | 54 | ||
Oracle Corp. | 2.500% | 4/1/25 | 25 | 26 | ||
Oracle Corp. | 2.950% | 5/15/25 | 50 | 54 | ||
Oracle Corp. | 2.650% | 7/15/26 | 15 | 16 | ||
Oracle Corp. | 2.800% | 4/1/27 | 225 | 242 | ||
Oracle Corp. | 3.250% | 11/15/27 | 75 | 83 | ||
Oracle Corp. | 2.950% | 4/1/30 | 105 | 112 | ||
Oracle Corp. | 4.300% | 7/8/34 | 150 | 180 | ||
Oracle Corp. | 3.850% | 7/15/36 | 60 | 69 | ||
Oracle Corp. | 3.800% | 11/15/37 | 20 | 22 | ||
Oracle Corp. | 6.500% | 4/15/38 | 40 | 59 | ||
Oracle Corp. | 6.125% | 7/8/39 | 25 | 36 | ||
Oracle Corp. | 3.600% | 4/1/40 | 140 | 153 | ||
Oracle Corp. | 5.375% | 7/15/40 | 110 | 145 | ||
Oracle Corp. | 4.500% | 7/8/44 | 25 | 30 | ||
Oracle Corp. | 4.000% | 7/15/46 | 130 | 146 | ||
Oracle Corp. | 4.000% | 11/15/47 | 50 | 56 | ||
Oracle Corp. | 3.600% | 4/1/50 | 150 | 157 | ||
Oracle Corp. | 4.375% | 5/15/55 | 10 | 12 | ||
Oracle Corp. | 3.850% | 4/1/60 | 85 | 92 | ||
QUALCOMM Inc. | 3.000% | 5/20/22 | 53 | 55 | ||
QUALCOMM Inc. | 2.900% | 5/20/24 | 25 | 27 | ||
QUALCOMM Inc. | 3.450% | 5/20/25 | 50 | 55 | ||
QUALCOMM Inc. | 3.250% | 5/20/27 | 47 | 52 | ||
QUALCOMM Inc. | 2.150% | 5/20/30 | 125 | 126 | ||
QUALCOMM Inc. | 4.650% | 5/20/35 | 25 | 31 | ||
QUALCOMM Inc. | 4.800% | 5/20/45 | 20 | 26 | ||
QUALCOMM Inc. | 4.300% | 5/20/47 | 45 | 55 | ||
QUALCOMM Inc. | 3.250% | 5/20/50 | 55 | 57 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
RELX Capital Inc. | 4.000% | 3/18/29 | 15 | 17 | ||
RELX Capital Inc. | 3.000% | 5/22/30 | 50 | 53 | ||
salesforce.com Inc. | 3.250% | 4/11/23 | 10 | 11 | ||
salesforce.com Inc. | 3.700% | 4/11/28 | 65 | 74 | ||
ServiceNow Inc. | 1.400% | 9/1/30 | 15 | 14 | ||
Telefonaktiebolaget LM Ericsson | 4.125% | 5/15/22 | 25 | 26 | ||
Texas Instruments Inc. | 2.250% | 9/4/29 | 45 | 46 | ||
Texas Instruments Inc. | 1.750% | 5/4/30 | 50 | 49 | ||
Texas Instruments Inc. | 4.150% | 5/15/48 | 55 | 67 | ||
Verisk Analytics Inc. | 4.000% | 6/15/25 | 41 | 46 | ||
VMware Inc. | 2.950% | 8/21/22 | 45 | 47 | ||
VMware Inc. | 3.900% | 8/21/27 | 60 | 67 | ||
VMware Inc. | 4.700% | 5/15/30 | 60 | 70 | ||
Xilinx Inc. | 2.375% | 6/1/30 | 60 | 61 | ||
14,963 | ||||||
Utilities (0.0%) | ||||||
American Water Capital Corp. | 6.593% | 10/15/37 | 32 | 47 | ||
American Water Capital Corp. | 3.750% | 9/1/47 | 10 | 11 | ||
58 | ||||||
Total Investments (99.1%) (Cost $111,757) | 109,378 | |||||
Other Assets and Liabilities—Net (0.9%) | 964 | |||||
Net Assets (100%) | 110,342 |
Cost is in $000. | |
• | See Note A in Notes to Financial Statements. |
1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, the aggregate value of these securities was $3,507,000, representing 3.2% of net assets. |
3 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of February 28, 2021. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Unaffiliated Issuers (Cost $111,757) | 109,378 |
Investment in Vanguard | 4 |
Cash | 188 |
Receivables for Investment Securities Sold | 1,402 |
Receivables for Accrued Income | 952 |
Total Assets | 111,924 |
Liabilities | |
Payables for Investment Securities Purchased | 1,572 |
Payables to Vanguard | 6 |
Variation Margin Payable—Futures Contracts1 | 4 |
Total Liabilities | 1,582 |
Net Assets | 110,342 |
At February 28, 2021, net assets consisted of: | |
Paid-in Capital | 112,563 |
Total Distributable Earnings (Loss) | (2,221) |
Net Assets | 110,342 |
Net Assets | |
Applicable to 1,500,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 110,342 |
Net Asset Value Per Share | $73.56 |
1 | Represents variation margin on the last day of the reporting period for recently closed futures contracts. |
September 22, 20201 to February 28, 2021 | |
($000) | |
Investment Income | |
Income | |
Interest | 589 |
Total Income | 589 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | — |
Management and Administrative | 33 |
Marketing and Distribution | 1 |
Custodian Fees | 6 |
Trustees’ Fees and Expenses | — |
Total Expenses | 40 |
Net Investment Income | 549 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (3) |
Futures Contracts | 17 |
Realized Net Gain (Loss) | 14 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | (2,379) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,816) |
1 | Inception. |
September 22, 20201 to February 28, 2021 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Income | 549 |
Realized Net Gain (Loss) | 14 |
Change in Unrealized Appreciation (Depreciation) | (2,379) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,816) |
Distributions | |
Total Distributions | (405) |
Capital Share Transactions | |
Issued | 112,563 |
Issued in Lieu of Cash Distributions | — |
Redeemed | — |
Net Increase (Decrease) from Capital Share Transactions | 112,563 |
Total Increase (Decrease) | 110,342 |
Net Assets | |
Beginning of Period | — |
End of Period | 110,342 |
1 | Inception. |
September 22, 20201 to February 28, 2021 | |
For a Share Outstanding Throughout Each Period | |
Net Asset Value, Beginning of Period | $75.00 |
Investment Operations | |
Net Investment Income2 | .540 |
Net Realized and Unrealized Gain (Loss) on Investments | (1.578) |
Total from Investment Operations | (1.038) |
Distributions | |
Dividends from Net Investment Income | (.402) |
Distributions from Realized Capital Gains | — |
Total Distributions | (.402) |
Net Asset Value, End of Period | $73.56 |
Total Return | -1.39% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $110 |
Ratio of Total Expenses to Average Net Assets | 0.12% |
Ratio of Net Investment Income to Average Net Assets | 1.65% |
Portfolio Turnover Rate3 | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Amount ($000) | |
Tax Cost | 111,757 |
Gross Unrealized Appreciation | 232 |
Gross Unrealized Depreciation | (2,611) |
Net Unrealized Appreciation (Depreciation) | (2,379) |
September 22, 20201 to February 28, 2021 | |
Shares (000) | |
Issued | 1,500 |
Issued in Lieu of Cash Distributions | — |
Redeemed | — |
Net Increase (Decrease) in Shares Outstanding | 1,500 |
1 | Inception. |
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Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. In 2020, a third-party service provider began performing certain administrative and accounting services for Vanguard U.S. Growth Fund, Vanguard International Growth Fund, Vanguard FTSE Social Index Fund, Vanguard Communication Services Index Fund, Vanguard Consumer Discretionary Index Fund, Vanguard Consumer Staples Index Fund, Vanguard Energy Index Fund, Vanguard Financials Index Fund, Vanguard Health Care Index Fund, Vanguard Industrials Index Fund, Vanguard Information Technology Index Fund, Vanguard Materials Index Fund, Vanguard Utilities Index Fund, Vanguard Extended Duration Treasury Index Fund, Vanguard Mega Cap Index Fund
Vanguard Mega Cap Growth Index Fund, Vanguard Mega Cap Value Index Fund, Vanguard Global Wellington Fund, Vanguard Global Wellesley Income Fund, and Vanguard ESG U.S. Corporate Bond. There were no other significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a) | Certifications. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD WORLD FUND
BY: /s/ MORTIMER J. BUCKLEY*
___________________________
MORTIMER J. BUCKLEY
CHIEF EXECUTIVE OFFICER
Date: April 20, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD WORLD FUND
BY: /s/ MORTIMER J. BUCKLEY*
___________________________
MORTIMER J. BUCKLEY
CHIEF EXECUTIVE OFFICER
Date: April 20, 2021
VANGUARD WORLD FUND
BY: /s/ JOHN BENDL*
___________________________
JOHN BENDL
CHIEF FINANCIAL OFFICER
Date: April 20, 2021
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on December 18, 2020 (see File Number 33-64845), Incorporated by Reference