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—August 31, 2021
Item 1: Reports to Shareholders
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img4e61a23a1.jpg)
Your Fund’s Performance at a Glance | 1 |
Advisors’ Report | 2 |
About Your Fund’s Expenses | 7 |
Performance Summary | 9 |
Financial Statements | 11 |
Trustees Approve Advisory Arrangement | 29 |
Liquidity Risk Management | 31 |
• | Vanguard U.S. Growth Fund returned 27.52% for Investor Shares and 27.64% for Admiral Shares for the 12 months ended August 31, 2021. The fund’s benchmark returned 28.53%. |
• | Stocks finished the fiscal year significantly higher as the global economy rebounded faster than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that were more successful in containing the virus generally fared better economically. Swift and extensive fiscal and monetary support from policymakers has also been key to the rebound. |
• | Value stocks generally outperformed growth stocks and small-capitalization stocks outperformed mid- and large-cap stocks. The U.S. stock market rebounded more strongly than both developed markets outside the United States and emerging markets. |
• | Nine of the fund’s 11 sectors produced strong double-digit returns. Compared with the benchmark, industrials, consumer staples, and health care stocks contributed positively to relative performance. Communications services, information technology, and real estate were the fund’s biggest detractors. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Wellington Management Company LLP | 29 | 15,977 | Employs proprietary fundamental research and a rigorous valuation discipline in an effort to invest in high-quality, large-cap, sustainable-growth companies. The investment approach is based on the belief that stock prices often overreact to short-term trends and that bottom-up, intensive research focused on longer-term fundamentals can be used to identify stocks that will outperform the market over time. |
Jennison Associates LLC | 28 | 15,377 | Uses a research-driven, fundamental investment approach that relies on in-depth company knowledge gleaned through meetings with management, customers, and suppliers. |
Baillie Gifford Overseas Ltd. | 27 | 14,724 | Uses an active, bottom-up approach to identify exceptional growth companies and own them for long periods. Such companies have special cultures, address large market opportunities, and enjoy sustainable competitive advantages. This approach is based on the belief that these factors drive long-term returns, and a long investment horizon enables the inherent asymmetry of equity market returns to be captured. |
Vanguard Quantitative Equity Group | 15 | 8,361 | Employs a quantitative fundamental management approach, using models that assess valuation, market sentiment, earnings quality and growth, and management decisions of companies versus their peers. |
Cash Investments | 1 | 506 | These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor may also maintain a modest cash position. |
• | 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 August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
U.S. Growth Fund | |||
Investor Shares | $1,000.00 | $1,144.70 | $2.05 |
Admiral™ Shares | 1,000.00 | 1,145.30 | 1.51 |
Based on Hypothetical 5% Yearly Return | |||
U.S. Growth Fund | |||
Investor Shares | $1,000.00 | $1,023.29 | $1.94 |
Admiral Shares | 1,000.00 | 1,023.79 | 1.43 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img9edc30632.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | U.S. Growth Fund Investor Shares | 27.52% | 26.03% | 20.34% | $63,713 |
![]() | Russell 1000 Growth Index | 28.53 | 24.35 | 19.45 | 59,135 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
One Year | Five Years | Ten Years | Final Value of a $50,000 Investment | ||
U.S. Growth Fund Admiral Shares | 27.64% | 26.17% | 20.50% | $322,601 | |
Russell 1000 Growth Index | 28.53 | 24.35 | 19.45 | 295,674 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 223,607 |
Communication Services | 15.2% |
Consumer Discretionary | 20.9 |
Consumer Staples | 2.3 |
Energy | 0.1 |
Financials | 3.3 |
Health Care | 10.9 |
Industrials | 3.9 |
Information Technology | 42.4 |
Materials | 0.2 |
Real Estate | 0.8 |
Utilities | 0.0 |
Other | 0.0 |
Shares | Market Value• ($000) | ||
Common Stocks (98.4%) | |||
Communication Services (15.0%) | |||
* | Alphabet Inc. Class C | 679,994 | 1,978,266 |
* | Facebook Inc. Class A | 4,836,886 | 1,835,018 |
* | Netflix Inc. | 1,786,311 | 1,016,750 |
* | Alphabet Inc. Class A | 277,945 | 804,359 |
* | Snap Inc. Class A | 9,662,545 | 735,416 |
* | Roku Inc. | 1,624,524 | 572,482 |
* | Match Group Inc. | 2,644,834 | 363,506 |
* | ZoomInfo Technologies Inc. Class A | 3,874,740 | 252,594 |
* | Pinterest Inc. Class A | 3,005,696 | 167,027 |
* | Spotify Technology SA | 653,258 | 153,085 |
* | Zillow Group Inc. Class A | 1,314,557 | 125,672 |
* | Walt Disney Co. | 633,568 | 114,866 |
* | Bumble Inc. Class A | 986,081 | 53,741 |
Activision Blizzard Inc. | 268,449 | 22,112 | |
* | Take-Two Interactive Software Inc. | 71,237 | 11,485 |
* | Playtika Holding Corp. | 413,599 | 10,915 |
Nexstar Media Group Inc. Class A | 44,416 | 6,651 | |
* | Madison Square Garden Sports Corp. | 8,718 | 1,576 |
8,225,521 | |||
Consumer Discretionary (20.6%) | |||
* | Amazon.com Inc. | 975,887 | 3,387,099 |
* | Tesla Inc. | 2,363,740 | 1,739,051 |
* | Wayfair Inc. Class A | 2,553,077 | 716,776 |
* | Carvana Co. Class A | 1,497,390 | 491,234 |
* | Lululemon Athletica Inc. | 1,193,522 | 477,612 |
* | MercadoLibre Inc. | 221,827 | 414,251 |
TJX Cos. Inc. | 5,586,625 | 406,259 | |
* | Airbnb Inc. Class A | 2,533,616 | 392,685 |
* | Chegg Inc. | 4,094,066 | 340,708 |
LVMH Moet Hennessy Louis Vuitton SE | 443,843 | 328,804 | |
NIKE Inc. Class B | 1,908,812 | 314,458 | |
*,1 | Chewy Inc. Class A | 3,407,210 | 300,243 |
Home Depot Inc. | 704,847 | 229,907 | |
* | DraftKings Inc. Class A | 3,452,507 | 204,699 |
* | Peloton Interactive Inc. Class A | 1,895,845 | 189,945 |
* | Vroom Inc. | 5,437,653 | 146,055 |
* | Burlington Stores Inc. | 436,022 | 130,584 |
* | DoorDash Inc. Class A | 584,177 | 111,811 |
* | Booking Holdings Inc. | 48,526 | 111,594 |
Shares | Market Value• ($000) | ||
* | Coursera Inc. | 2,842,245 | 109,341 |
* | Stitch Fix Inc. Class A | 2,564,530 | 107,479 |
* | Hilton Worldwide Holdings Inc. | 835,131 | 104,274 |
Lowe's Cos. Inc. | 410,219 | 83,640 | |
Starbucks Corp. | 399,440 | 46,930 | |
* | Etsy Inc. | 186,737 | 40,384 |
H&R Block Inc. | 1,569,494 | 40,257 | |
Best Buy Co. Inc. | 325,865 | 37,967 | |
Bath & Body Works Inc. | 516,766 | 34,871 | |
* | Duolingo Inc. | 260,376 | 33,734 |
Yum! Brands Inc. | 247,964 | 32,491 | |
Polaris Inc. | 244,746 | 29,311 | |
Tempur Sealy International Inc. | 578,796 | 25,872 | |
* | Boyd Gaming Corp. | 371,113 | 22,775 |
* | Victoria's Secret & Co. | 267,039 | 17,705 |
Ross Stores Inc. | 139,955 | 16,571 | |
* | Tapestry Inc. | 408,559 | 16,473 |
Wendy's Co. | 506,215 | 11,653 | |
McDonald's Corp. | 40,898 | 9,712 | |
* | frontdoor Inc. | 201,139 | 8,774 |
* | AutoZone Inc. | 5,556 | 8,607 |
* | Deckers Outdoor Corp. | 19,476 | 8,150 |
* | NVR Inc. | 1,337 | 6,926 |
* | Ulta Beauty Inc. | 13,380 | 5,182 |
Darden Restaurants Inc. | 34,063 | 5,132 | |
Columbia Sportswear Co. | 42,538 | 4,339 | |
Williams-Sonoma Inc. | 19,409 | 3,624 | |
Travel + Leisure Co. | 46,857 | 2,566 | |
* | Chipotle Mexican Grill Inc. Class A | 1,294 | 2,463 |
Wyndham Hotels & Resorts Inc. | 30,016 | 2,182 | |
Domino's Pizza Inc. | 3,852 | 1,991 | |
Service Corp. International | 28,051 | 1,760 | |
* | Six Flags Entertainment Corp. | 41,035 | 1,733 |
Churchill Downs Inc. | 7,615 | 1,603 | |
11,320,247 | |||
Consumer Staples (2.3%) | |||
Estee Lauder Cos. Inc. Class A | 977,524 | 332,837 | |
Costco Wholesale Corp. | 581,111 | 264,690 |
Shares | Market Value• ($000) | ||
Constellation Brands Inc. Class A | 1,099,071 | 232,058 | |
* | Monster Beverage Corp. | 1,715,710 | 167,402 |
Altria Group Inc. | 1,234,348 | 62,001 | |
* | Herbalife Nutrition Ltd. | 813,758 | 41,778 |
Hershey Co. | 206,619 | 36,716 | |
* | Darling Ingredients Inc. | 447,367 | 33,329 |
Coca-Cola Co. | 358,442 | 20,184 | |
PepsiCo Inc. | 112,442 | 17,585 | |
1 | Albertsons Cos. Inc. Class A | 425,620 | 12,922 |
* | Pilgrim's Pride Corp. | 410,619 | 11,432 |
1,232,934 | |||
Energy (0.1%) | |||
Schlumberger NV | 1,872,635 | 52,509 | |
EOG Resources Inc. | 335,457 | 22,650 | |
Halliburton Co. | 178,553 | 3,567 | |
78,726 | |||
Financials (3.3%) | |||
MarketAxess Holdings Inc. | 855,165 | 406,990 | |
First Republic Bank | 1,919,504 | 381,866 | |
S&P Global Inc. | 341,305 | 151,478 | |
*,1 | Lemonade Inc. | 1,982,279 | 149,741 |
Blackstone Inc. | 1,143,411 | 143,761 | |
American Express Co. | 693,283 | 115,057 | |
Marsh & McLennan Cos. Inc. | 714,183 | 112,270 | |
* | Markel Corp. | 72,385 | 91,947 |
* | Coinbase Global Inc. Class A | 278,084 | 72,024 |
Goldman Sachs Group Inc. | 114,933 | 47,526 | |
Synchrony Financial | 815,870 | 40,590 | |
SLM Corp. | 2,005,764 | 37,608 | |
Discover Financial Services | 225,253 | 28,882 | |
Primerica Inc. | 68,234 | 10,436 | |
Citizens Financial Group Inc. | 183,066 | 8,016 | |
Everest Re Group Ltd. | 17,889 | 4,739 | |
* | Credit Acceptance Corp. | 5,034 | 2,918 |
Ameriprise Financial Inc. | 6,197 | 1,691 | |
Raymond James Financial Inc. | 11,996 | 1,678 | |
1,809,218 | |||
Health Care (10.7%) | |||
* | Moderna Inc. | 2,868,492 | 1,080,532 |
* | Illumina Inc. | 1,414,891 | 646,832 |
* | ABIOMED Inc. | 1,254,830 | 456,708 |
Danaher Corp. | 772,973 | 250,567 | |
* | 10X Genomics Inc. Class A | 1,359,625 | 239,185 |
UnitedHealth Group Inc. | 571,669 | 237,969 | |
* | Novocure Ltd. | 1,771,882 | 237,804 |
Eli Lilly & Co. | 916,427 | 236,704 | |
* | Alnylam Pharmaceuticals Inc. | 984,554 | 198,319 |
* | Boston Scientific Corp. | 4,303,172 | 194,288 |
* | Denali Therapeutics Inc. | 3,342,326 | 177,812 |
* | Intuitive Surgical Inc. | 156,928 | 165,333 |
* | Penumbra Inc. | 565,961 | 155,611 |
* | Teladoc Health Inc. | 1,024,306 | 147,930 |
Shares | Market Value• ($000) | ||
* | Seagen Inc. | 851,132 | 142,650 |
* | BioNTech SE ADR | 410,227 | 135,043 |
* | Glaukos Corp. | 1,951,471 | 116,366 |
Sartorius Stedim Biotech | 160,639 | 97,439 | |
Zoetis Inc. | 451,644 | 92,388 | |
* | Mettler-Toledo International Inc. | 47,466 | 73,707 |
HCA Healthcare Inc. | 251,749 | 63,687 | |
* | Sana Biotechnology Inc. | 2,456,509 | 58,932 |
Thermo Fisher Scientific Inc. | 102,225 | 56,730 | |
* | Avantor Inc. | 1,317,159 | 51,949 |
* | IQVIA Holdings Inc. | 194,835 | 50,604 |
* | Veeva Systems Inc. Class A | 146,401 | 48,602 |
* | Charles River Laboratories International Inc. | 102,030 | 45,287 |
*,1 | Recursion Pharmaceuticals Inc. Class A | 1,610,000 | 40,604 |
Cigna Corp. | 187,646 | 39,715 | |
* | Laboratory Corp. of America Holdings | 123,909 | 37,591 |
* | Regeneron Pharmaceuticals Inc. | 50,036 | 33,694 |
Agilent Technologies Inc. | 184,653 | 32,401 | |
AbbVie Inc. | 259,102 | 31,294 | |
Humana Inc. | 73,918 | 29,968 | |
* | Biogen Inc. | 59,753 | 20,251 |
McKesson Corp. | 90,846 | 18,545 | |
Johnson & Johnson | 95,230 | 16,487 | |
* | Align Technology Inc. | 22,255 | 15,779 |
Bruker Corp. | 176,981 | 15,629 | |
* | Waters Corp. | 37,383 | 15,477 |
Cardinal Health Inc. | 274,847 | 14,427 | |
PerkinElmer Inc. | 77,598 | 14,340 | |
Anthem Inc. | 33,408 | 12,532 | |
Bristol-Myers Squibb Co. | 162,721 | 10,880 | |
* | IDEXX Laboratories Inc. | 15,235 | 10,265 |
* | Tandem Diabetes Care Inc. | 47,870 | 5,370 |
* | Incyte Corp. | 60,515 | 4,629 |
West Pharmaceutical Services Inc. | 9,803 | 4,427 | |
* | Amedisys Inc. | 19,046 | 3,494 |
Chemed Corp. | 4,264 | 2,033 | |
* | Hologic Inc. | 25,418 | 2,012 |
* | DaVita Inc. | 14,356 | 1,877 |
* | Syneos Health Inc. | 18,588 | 1,725 |
Encompass Health Corp. | 21,308 | 1,672 | |
* | Centene Corp. | 20,264 | 1,276 |
5,897,372 | |||
Industrials (3.8%) | |||
TransUnion | 2,356,845 | 286,427 | |
* | Uber Technologies Inc. | 7,276,579 | 284,805 |
* | CoStar Group Inc. | 3,235,180 | 274,149 |
* | Copart Inc. | 1,372,858 | 198,131 |
Watsco Inc. | 703,107 | 195,759 | |
IHS Markit Ltd. | 1,037,532 | 125,126 | |
Northrop Grumman Corp. | 340,157 | 125,076 | |
* | Airbus SE ADR | 2,298,850 | 78,437 |
Shares | Market Value• ($000) | ||
United Parcel Service Inc. Class B | 352,052 | 68,872 | |
Lockheed Martin Corp. | 157,151 | 56,543 | |
Booz Allen Hamilton Holding Corp. Class A | 455,909 | 37,343 | |
Allison Transmission Holdings Inc. | 998,426 | 36,922 | |
IDEX Corp. | 149,572 | 33,504 | |
Allegion plc | 204,935 | 29,509 | |
* | United Rentals Inc. | 80,761 | 28,480 |
Union Pacific Corp. | 127,587 | 27,666 | |
Deere & Co. | 62,390 | 23,585 | |
WW Grainger Inc. | 48,677 | 21,111 | |
Landstar System Inc. | 121,866 | 20,477 | |
Nielsen Holdings plc | 783,905 | 16,823 | |
AGCO Corp. | 118,316 | 16,283 | |
* | Generac Holdings Inc. | 36,126 | 15,786 |
Robert Half International Inc. | 131,032 | 13,549 | |
Old Dominion Freight Line Inc. | 46,445 | 13,410 | |
Illinois Tool Works Inc. | 53,892 | 12,549 | |
FedEx Corp. | 37,701 | 10,017 | |
Caterpillar Inc. | 47,044 | 9,920 | |
*,1 | Legalzoom.com Inc. | 212,100 | 7,260 |
* | Middleby Corp. | 29,472 | 5,392 |
Lincoln Electric Holdings Inc. | 32,406 | 4,524 | |
Toro Co. | 37,833 | 4,159 | |
* | XPO Logistics Inc. | 46,076 | 4,004 |
* | GXO Logistics Inc. | 46,076 | 3,769 |
Expeditors International of Washington Inc. | 28,727 | 3,581 | |
Donaldson Co. Inc. | 35,024 | 2,373 | |
JB Hunt Transport Services Inc. | 12,722 | 2,257 | |
2,097,578 | |||
Information Technology (41.7%) | |||
Microsoft Corp. | 9,750,091 | 2,943,357 | |
Apple Inc. | 19,290,828 | 2,928,926 | |
* | Shopify Inc. Class A (XTSE) | 1,442,924 | 2,200,142 |
NVIDIA Corp. | 5,849,019 | 1,309,303 | |
* | Adobe Inc. | 1,536,421 | 1,019,723 |
* | Trade Desk Inc. Class A | 11,593,634 | 928,070 |
* | PayPal Holdings Inc. | 3,019,642 | 871,650 |
Mastercard Inc. Class A | 2,136,787 | 739,820 | |
* | Twilio Inc. Class A | 1,967,904 | 702,463 |
Visa Inc. Class A | 2,894,917 | 663,225 | |
* | salesforce.com Inc. | 2,411,109 | 639,595 |
* | Square Inc. Class A | 2,185,633 | 585,903 |
*,2 | Adyen NV | 159,439 | 515,319 |
* | Affirm Holdings Inc. | 5,284,578 | 509,116 |
* | Workday Inc. Class A | 1,734,837 | 473,888 |
* | Zoom Video Communications Inc. Class A | 1,477,616 | 427,770 |
* | Advanced Micro Devices Inc. | 3,831,981 | 424,277 |
* | Cloudflare Inc. Class A | 2,890,732 | 349,027 |
* | Snowflake Inc. Class A | 1,022,610 | 311,231 |
* | Atlassian Corp. plc Class A | 771,056 | 283,024 |
* | Crowdstrike Holdings Inc. Class A | 965,363 | 271,267 |
* | ServiceNow Inc. | 419,197 | 269,812 |
Shares | Market Value• ($000) | ||
* | Autodesk Inc. | 760,815 | 235,921 |
Global Payments Inc. | 1,411,196 | 229,517 | |
* | FleetCor Technologies Inc. | 844,303 | 222,288 |
Fidelity National Information Services Inc. | 1,734,584 | 221,628 | |
Microchip Technology Inc. | 1,334,082 | 209,931 | |
* | Appian Corp. Class A | 1,924,656 | 206,323 |
Intuit Inc. | 341,555 | 193,358 | |
* | Datadog Inc. Class A | 1,359,459 | 187,333 |
* | Avalara Inc. | 987,432 | 177,442 |
Accenture plc Class A | 337,029 | 113,430 | |
* | nCino Inc. | 1,699,483 | 105,385 |
QUALCOMM Inc. | 696,129 | 102,115 | |
Marvell Technology Inc. | 1,589,729 | 97,275 | |
Oracle Corp. | 1,002,157 | 89,322 | |
* | DocuSign Inc. Class A | 275,884 | 81,728 |
CDW Corp. | 385,902 | 77,416 | |
Texas Instruments Inc. | 372,392 | 71,093 | |
Lam Research Corp. | 114,645 | 69,340 | |
*,1 | UiPath Inc. Class A | 940,489 | 59,439 |
* | Cadence Design Systems Inc. | 343,019 | 56,077 |
Monolithic Power Systems Inc. | 112,476 | 55,668 | |
* | Gartner Inc. | 166,693 | 51,465 |
* | Manhattan Associates Inc. | 315,090 | 51,356 |
* | Teradata Corp. | 937,329 | 51,262 |
* | Synopsys Inc. | 152,813 | 50,771 |
* | Dropbox Inc. Class A | 1,529,225 | 48,492 |
* | Okta Inc. | 179,499 | 47,316 |
* | Fortinet Inc. | 146,412 | 46,140 |
Applied Materials Inc. | 329,284 | 44,496 | |
Jabil Inc. | 696,408 | 43,024 | |
HP Inc. | 1,201,279 | 35,726 | |
* | GoDaddy Inc. Class A | 425,655 | 31,205 |
Broadcom Inc. | 49,243 | 24,484 | |
KLA Corp. | 66,694 | 22,673 | |
* | Fair Isaac Corp. | 41,361 | 19,015 |
* | CommScope Holding Co. Inc. | 1,091,494 | 17,246 |
* | Micron Technology Inc. | 224,500 | 16,546 |
Teradyne Inc. | 135,660 | 16,475 | |
* | EPAM Systems Inc. | 24,086 | 15,242 |
MKS Instruments Inc. | 64,917 | 9,554 | |
* | Qualtrics International Inc. Class A | 208,064 | 9,421 |
* | Nutanix Inc. Class A | 181,625 | 6,704 |
* | ON Semiconductor Corp. | 131,415 | 5,830 |
* | FireEye Inc. | 114,003 | 2,074 |
* | Enphase Energy Inc. | 10,722 | 1,863 |
NXP Semiconductors NV | 7,613 | 1,638 | |
22,898,955 | |||
Materials (0.2%) | |||
Steel Dynamics Inc. | 399,906 | 26,990 | |
Louisiana-Pacific Corp. | 348,707 | 22,122 | |
Freeport-McMoRan Inc. | 264,953 | 9,642 | |
Olin Corp. | 170,082 | 8,477 | |
Westlake Chemical Corp. | 87,055 | 7,604 |
Shares | Market Value• ($000) | ||
LyondellBasell Industries NV Class A | 42,396 | 4,254 | |
Celanese Corp. Class A | 10,565 | 1,676 | |
Dow Inc. | 26,462 | 1,664 | |
RPM International Inc. | 19,536 | 1,608 | |
84,037 | |||
Real Estate (0.7%) | |||
* | Redfin Corp. | 4,224,220 | 205,170 |
Equinix Inc. | 78,451 | 66,169 | |
Iron Mountain Inc. | 992,955 | 47,414 | |
Simon Property Group Inc. | 343,939 | 46,243 | |
Extra Space Storage Inc. | 140,319 | 26,227 | |
Public Storage | 23,307 | 7,542 | |
Lamar Advertising Co. Class A | 38,955 | 4,434 | |
* | CBRE Group Inc. Class A | 17,628 | 1,698 |
404,897 | |||
Utilities (0.0%) | |||
NRG Energy Inc. | 200,865 | 9,173 | |
Brookfield Renewable Corp. Class A | 39,321 | 1,723 | |
10,896 | |||
Total Common Stocks (Cost $27,829,924) | 54,060,381 | ||
Preferred Stocks (0.0%) | |||
3 | Brookfield Property Pfd. L.P., 6.250% | 11,490 | 297 |
*,3,4 | WeWork Pfd. D1 PP (Acquired 12/8/14, Cost $2,412) | 144,857 | 1,074 |
*,3,4 | WeWork Pfd. D2 PP (Acquired 12/8/14, Cost $3,407) | 204,614 | 1,518 |
Total Preferred Stocks (Cost $6,103) | 2,889 | ||
Temporary Cash Investments (1.8%) | |||
Money Market Fund (1.6%) | |||
5,6 | Vanguard Market Liquidity Fund, 0.068% | 8,795,344 | 879,534 |
Face Amount ($000) | Market Value• ($000) | ||
Repurchase Agreement (0.2%) | |||
Fixed Income Clearing Corp. 0.050%, 9/1/21 (Dated 8/31/21, Repurchase Value $116,500,000, collateralized by Government National Mortgage Association 1.500%–8.500%, 1/20/24–8/20/51, with a value of $118,830,000) | 116,500 | 116,500 | |
Total Temporary Cash Investments (Cost $995,862) | 996,034 | ||
Total Investments (100.2%) (Cost $28,831,889) | 55,059,304 | ||
Other Assets and Liabilities—Net (-0.2%) | (114,768) | ||
Net Assets (100%) | 54,944,536 | ||
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 $172,086,000. |
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 August 31, 2021, the aggregate value was $515,319,000, representing 0.9% of net assets. |
3 | Perpetual security with no stated maturity date. |
4 | Restricted securities totaling $2,592,000, representing 0.0% of net assets. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $176,686,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
PP—Private Placement. |
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 | September 2021 | 1,981 | 447,756 | 21,476 |
E-mini S&P Mid-Cap 400 Index | September 2021 | 262 | 72,102 | 158 |
21,634 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $27,952,527) | 54,179,770 |
Affiliated Issuers (Cost $879,362) | 879,534 |
Total Investments in Securities | 55,059,304 |
Investment in Vanguard | 1,801 |
Cash | 3,099 |
Cash Collateral Pledged—Futures Contracts | 26,285 |
Receivables for Investment Securities Sold | 38,990 |
Receivables for Accrued Income | 15,957 |
Receivables for Capital Shares Issued | 47,237 |
Total Assets | 55,192,673 |
Liabilities | |
Payables for Investment Securities Purchased | 6,202 |
Collateral for Securities on Loan | 176,686 |
Payables to Investment Advisor | 20,601 |
Payables for Capital Shares Redeemed | 40,352 |
Payables to Vanguard | 3,648 |
Variation Margin Payable—Futures Contracts | 648 |
Total Liabilities | 248,137 |
Net Assets | 54,944,536 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 22,913,322 |
Total Distributable Earnings (Loss) | 32,031,214 |
Net Assets | 54,944,536 |
Investor Shares—Net Assets | |
Applicable to 175,436,785 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 13,405,380 |
Net Asset Value Per Share—Investor Shares | $76.41 |
Admiral Shares—Net Assets | |
Applicable to 209,766,262 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 41,539,156 |
Net Asset Value Per Share—Admiral Shares | $198.03 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 156,777 |
Interest2 | 898 |
Securities Lending—Net | 10,888 |
Total Income | 168,563 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 61,059 |
Performance Adjustment | 12,424 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 25,694 |
Management and Administrative—Admiral Shares | 41,932 |
Marketing and Distribution—Investor Shares | 696 |
Marketing and Distribution—Admiral Shares | 1,096 |
Custodian Fees | 196 |
Auditing Fees | 17 |
Shareholders’ Reports and Proxy—Investor Shares | 429 |
Shareholders’ Reports and Proxy—Admiral Shares | 426 |
Trustees’ Fees and Expenses | 43 |
Total Expenses | 144,012 |
Expenses Paid Indirectly | (444) |
Net Expenses | 143,568 |
Net Investment Income | 24,995 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 6,584,719 |
Futures Contracts | 214,368 |
Foreign Currencies | (858) |
Realized Net Gain (Loss) | 6,798,229 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 4,785,226 |
Futures Contracts | (25,791) |
Foreign Currencies | (9) |
Change in Unrealized Appreciation (Depreciation) | 4,759,426 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,582,650 |
1 | Dividends are net of foreign withholding taxes of $614,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $754,000, $21,000, and ($21,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 24,995 | 90,247 |
Realized Net Gain (Loss) | 6,798,229 | 1,427,385 |
Change in Unrealized Appreciation (Depreciation) | 4,759,426 | 13,015,813 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,582,650 | 14,533,445 |
Distributions | ||
Investor Shares | (441,153) | (357,080) |
Admiral Shares | (1,285,189) | (704,493) |
Total Distributions | (1,726,342) | (1,061,573) |
Capital Share Transactions | ||
Investor Shares | (1,442,718) | (747,873) |
Admiral Shares | 6,260,774 | 1,666,649 |
Net Increase (Decrease) from Capital Share Transactions | 4,818,056 | 918,776 |
Total Increase (Decrease) | 14,674,364 | 14,390,648 |
Net Assets | ||
Beginning of Period | 40,270,172 | 25,879,524 |
End of Period | 54,944,536 | 40,270,172 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $62.28 | $41.02 | $43.31 | $35.62 | $30.32 |
Investment Operations | |||||
Net Investment Income (Loss)1 | (.013) | .113 | .176 | .134 | .151 |
Net Realized and Unrealized Gain (Loss) on Investments | 16.700 | 22.856 | .771 | 9.394 | 5.590 |
Total from Investment Operations | 16.687 | 22.969 | .947 | 9.528 | 5.741 |
Distributions | |||||
Dividends from Net Investment Income | (.019) | (.119) | (.132) | (.146) | (.121) |
Distributions from Realized Capital Gains | (2.538) | (1.590) | (3.105) | (1.692) | (.320) |
Total Distributions | (2.557) | (1.709) | (3.237) | (1.838) | (.441) |
Net Asset Value, End of Period | $76.41 | $62.28 | $41.02 | $43.31 | $35.62 |
Total Return2 | 27.52% | 58.01% | 3.70% | 27.64% | 19.24% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $13,405 | $12,410 | $8,819 | $4,582 | $4,113 |
Ratio of Total Expenses to Average Net Assets3 | 0.38% | 0.38% | 0.39% | 0.42% | 0.43% |
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.02%) | 0.25% | 0.44% | 0.35% | 0.47% |
Portfolio Turnover Rate | 41% | 38% | 41% | 33% | 27% |
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 0.03%, 0.02%, 0.01%, 0.01%, and (0.01%). |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $161.42 | $106.30 | $112.28 | $92.24 | $78.52 |
Investment Operations | |||||
Net Investment Income1 | .138 | .410 | .572 | .476 | .502 |
Net Realized and Unrealized Gain (Loss) on Investments | 43.277 | 59.231 | 1.963 | 24.323 | 14.480 |
Total from Investment Operations | 43.415 | 59.641 | 2.535 | 24.799 | 14.982 |
Distributions | |||||
Dividends from Net Investment Income | (.224) | (.401) | (.464) | (.375) | (.433) |
Distributions from Realized Capital Gains | (6.581) | (4.120) | (8.051) | (4.384) | (.829) |
Total Distributions | (6.805) | (4.521) | (8.515) | (4.759) | (1.262) |
Net Asset Value, End of Period | $198.03 | $161.42 | $106.30 | $112.28 | $92.24 |
Total Return2 | 27.64% | 58.17% | 3.80% | 27.78% | 19.42% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $41,539 | $27,860 | $17,060 | $6,249 | $3,791 |
Ratio of Total Expenses to Average Net Assets3 | 0.28% | 0.28% | 0.28% | 0.30% | 0.30% |
Ratio of Net Investment Income to Average Net Assets | 0.08% | 0.35% | 0.55% | 0.47% | 0.60% |
Portfolio Turnover Rate | 41% | 38% | 41% | 33% | 27% |
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 0.03%, 0.02%, 0.01%, 0.01%, and (0.01%). |
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 Wellington Management Company llp, Jennison Associates LLC, 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 Wellington Management Company llp and Jennison Associates LLC 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 |
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 | 53,118,819 | 941,562 | — | 54,060,381 |
Preferred Stocks | 297 | 2,592 | — | 2,889 |
Temporary Cash Investments | 879,534 | 116,500 | — | 996,034 |
Total | 53,998,650 | 1,060,654 | — | 55,059,304 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 21,634 | — | — | 21,634 |
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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for foreign currency transactions and distributions in connection with fund share redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 518,140 |
Total Distributable Earnings (Loss) | (518,140) |
Amount ($000) | |
Undistributed Ordinary Income | 1,117,606 |
Undistributed Long-Term Gains | 4,871,239 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 26,042,369 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 131,261 | 146,931 |
Long-Term Capital Gains | 1,595,081 | 914,642 |
Total | 1,726,342 | 1,061,573 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 29,016,932 |
Gross Unrealized Appreciation | 27,226,225 |
Gross Unrealized Depreciation | (1,183,854) |
Net Unrealized Appreciation (Depreciation) | 26,042,371 |
G. | During the year ended August 31, 2021, the fund purchased $22,029,599,000 of investment securities and sold $18,545,135,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 2,627,798 | 40,047 | 2,060,722 | 44,973 | |
Issued in Lieu of Cash Distributions | 426,494 | 6,567 | 347,590 | 8,288 | |
Redeemed | (4,497,010) | (70,422) | (3,156,185) | (69,011) | |
Net Increase (Decrease)—Investor Shares | (1,442,718) | (23,808) | (747,873) | (15,750) | |
Admiral Shares | |||||
Issued | 11,750,262 | 69,089 | 5,160,714 | 42,335 | |
Issued in Lieu of Cash Distributions | 1,197,208 | 7,119 | 662,481 | 6,099 | |
Redeemed | (6,686,696) | (39,036) | (4,156,546) | (36,332) | |
Net Increase (Decrease)—Admiral Shares | 6,260,774 | 37,172 | 1,666,649 | 12,102 |
I. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 20, 2021
Matthew Benchener | Chris D. Mclsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img834116246.jpg)
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/imgb6f8eda11.jpg)
Your Fund’s Performance at a Glance | 1 |
Advisors’ Report | 2 |
About Your Fund’s Expenses | 6 |
Performance Summary | 8 |
Financial Statements | 10 |
Liquidity Risk Management | 28 |
• | For the 12 months ended August 31, 2021, Vanguard International Growth Fund returned 29.89% for Investor Shares and 30.01% for Admiral Shares, outperforming the 24.87% return of its benchmark. |
• | The global economy rebounded faster than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that were more successful in containing the virus generally fared better economically. |
• | Swift and extensive fiscal and monetary support from policymakers was also key to the rebound. As the 12 months under review reflect the recovery in stocks following the sharp downturn at the start of the pandemic, results were excellent. |
• | The fund outperformed its benchmark in three of the four major global economic regions in which it was invested. Stock selection was strong in Europe, North America, and the Pacific region, while selection in emerging markets detracted. |
• | The fund also outpaced its benchmark in most industry sectors. Stock selection in health care—particularly biotechnology—and information technology provided the biggest boosts to relative performance. Communication services and financials were the biggest detractors. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Baillie Gifford Overseas Ltd. | 69 | 50,644 | The advisor seeks stocks that can generate above-average growth in earnings and cash flow, producing a bottom-up, stock-driven approach to country and asset allocation. An in-depth view on each company is measured against the consensus view, leading to discrepancies and potential opportunities to add value. |
Schroder Investment Management North America Inc. | 30 | 22,215 | Equity analysts located around the world and an international team of global sector specialists help to identify reasonably priced companies with strong growth prospects and a sustainable competitive advantage. |
Cash Investments | 1 | 730 | These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor may also maintain a modest cash position. |
• | 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 August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
International Growth Fund | |||
Investor Shares | $1,000.00 | $1,057.20 | $2.23 |
Admiral™ Shares | 1,000.00 | 1,057.80 | 1.66 |
Based on Hypothetical 5% Yearly Return | |||
International Growth Fund | |||
Investor Shares | $1,000.00 | $1,023.04 | $2.19 |
Admiral Shares | 1,000.00 | 1,023.59 | 1.63 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img8e446bab2.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | International Growth Fund Investor Shares | 29.89% | 22.09% | 13.78% | $36,369 |
![]() | MSCI All Country World Index ex USA | 24.87 | 9.92 | 6.57 | 18,889 |
One Year | Five Years | Ten Years | Final Value of a $50,000 Investment | ||
International Growth Fund Admiral Shares | 30.01% | 22.24% | 13.92% | $184,103 | |
MSCI All Country World Index ex USA | 24.87 | 9.92 | 6.57 | 94,446 |
United States | 17.6% |
China | 14.0 |
Netherlands | 10.6 |
Germany | 8.6 |
Japan | 7.8 |
France | 6.5 |
United Kingdom | 5.5 |
Switzerland | 4.3 |
Denmark | 4.1 |
Italy | 3.4 |
Taiwan | 3.1 |
Belgium | 2.5 |
Sweden | 2.3 |
Hong Kong | 2.3 |
India | 1.3 |
Canada | 1.0 |
Other | 5.1 |
Shares | Market Value• ($000) | ||
Common Stocks (97.6%) | |||
Australia (0.9%) | |||
* | Afterpay Ltd. | 6,372,489 | 619,849 |
* | Xero Ltd. | 328,861 | 36,373 |
656,222 | |||
Austria (0.4%) | |||
Erste Group Bank AG | 8,138,256 | 324,954 | |
Belgium (2.5%) | |||
1 | Umicore SA | 14,023,435 | 922,770 |
* | Argenx SE | 1,978,464 | 660,101 |
UCB SA | 2,062,767 | 235,999 | |
1,818,870 | |||
Brazil (0.4%) | |||
B3 SA - Brasil Bolsa Balcao | 60,924,982 | 165,780 | |
Raia Drogasil SA | 25,537,937 | 126,238 | |
292,018 | |||
Canada (1.0%) | |||
Canadian National Railway Co. | 3,077,251 | 361,958 | |
Toronto-Dominion Bank | 5,501,654 | 357,271 | |
719,229 | |||
China (13.7%) | |||
Tencent Holdings Ltd. | 45,073,200 | 2,783,847 | |
* | Alibaba Group Holding Ltd. | 78,622,556 | 1,646,324 |
*,2 | Meituan Class B | 49,232,008 | 1,574,172 |
* | NIO Inc. ADR | 31,223,162 | 1,227,382 |
* | Alibaba Group Holding Ltd. ADR | 3,026,188 | 505,343 |
*,2 | Wuxi Biologics Cayman Inc. | 31,161,000 | 482,433 |
Ping An Insurance Group Co. of China Ltd. Class H | 55,229,000 | 427,643 | |
* | Baidu Inc. ADR | 2,041,992 | 320,634 |
* | Pinduoduo Inc. ADR | 2,838,422 | 283,899 |
China Mengniu Dairy Co. Ltd. | 43,759,000 | 263,200 | |
* | Full Truck Alliance Co. Ltd. ADR | 12,227,700 | 196,621 |
Shares | Market Value• ($000) | ||
* | JD.com Inc. ADR | 1,880,865 | 147,761 |
* | Kingdee International Software Group Co. Ltd. | 36,184,000 | 131,760 |
* | TAL Education Group ADR | 15,272,843 | 81,252 |
10,072,271 | |||
Denmark (4.0%) | |||
* | Genmab A/S | 2,548,873 | 1,207,486 |
Vestas Wind Systems A/S | 25,641,615 | 1,034,660 | |
Ambu A/S Class B | 13,909,666 | 439,907 | |
Novozymes A/S Class B | 2,401,809 | 194,155 | |
Pandora A/S | 466,757 | 55,948 | |
2,932,156 | |||
France (6.4%) | |||
Kering SA | 2,862,106 | 2,279,728 | |
L'Oreal SA | 2,633,485 | 1,235,472 | |
Schneider Electric SE | 4,473,096 | 799,193 | |
Alstom SA | 4,736,054 | 203,618 | |
Legrand SA | 1,623,923 | 186,319 | |
4,704,330 | |||
Germany (8.4%) | |||
*,1,2 | Zalando SE | 13,845,793 | 1,535,149 |
*,1 | HelloFresh SE | 10,552,945 | 1,139,379 |
*,2 | Delivery Hero SE | 7,334,216 | 1,064,421 |
Infineon Technologies AG | 9,866,857 | 420,109 | |
Bayerische Motoren Werke AG | 4,099,214 | 389,092 | |
adidas AG | 938,291 | 332,859 | |
Sartorius AG Preference Shares | 425,236 | 280,151 | |
Knorr-Bremse AG | 1,601,878 | 192,347 | |
*,3 | CureVac NV | 2,731,786 | 179,834 |
Daimler AG (Registered) | 1,978,487 | 166,895 | |
SAP SE | 1,085,866 | 163,108 | |
*,1,3 | Jumia Technologies AG ADR | 6,724,836 | 134,564 |
GEA Group AG | 2,017,952 | 93,144 | |
*,1,3 | Home24 SE | 2,066,394 | 41,075 |
Shares | Market Value• ($000) | ||
* | MorphoSys AG | 664,989 | 38,566 |
6,170,693 | |||
Hong Kong (2.2%) | |||
AIA Group Ltd. | 82,353,400 | 983,360 | |
Hong Kong Exchanges & Clearing Ltd. | 8,484,843 | 536,022 | |
BOC Hong Kong Holdings Ltd. | 40,990,500 | 124,044 | |
1,643,426 | |||
India (1.3%) | |||
Housing Development Finance Corp. Ltd. | 11,680,736 | 446,157 | |
HDFC Bank Ltd. | 17,537,153 | 378,246 | |
Larsen & Toubro Ltd. | 5,398,434 | 123,335 | |
*,4,5 | ANI Technologies Private Ltd. PP (Acquired 12/1/15, Cost $51,748) | 166,185 | 23,969 |
971,707 | |||
Indonesia (0.2%) | |||
Bank Central Asia Tbk PT | 75,212,500 | 172,644 | |
Israel (0.3%) | |||
* | Wix.com Ltd. | 1,136,985 | 252,502 |
Italy (3.3%) | |||
Ferrari NV | 4,523,102 | 981,155 | |
EXOR NV | 6,881,235 | 574,125 | |
Intesa Sanpaolo SPA | 116,521,912 | 329,740 | |
Stellantis NV | 13,737,294 | 274,802 | |
* | FinecoBank Banca Fineco SPA | 7,772,508 | 143,186 |
Stellantis NV (XNYS) | 6,876,542 | 137,845 | |
2,440,853 | |||
Japan (7.7%) | |||
M3 Inc. | 23,314,500 | 1,563,645 | |
Nidec Corp. | 11,414,800 | 1,303,899 | |
SMC Corp. | 1,078,900 | 690,333 | |
Recruit Holdings Co. Ltd. | 7,182,000 | 422,892 | |
Sony Group Corp. | 4,003,300 | 413,923 | |
Bridgestone Corp. | 6,467,600 | 297,727 | |
Takeda Pharmaceutical Co. Ltd. | 6,799,300 | 226,318 | |
Murata Manufacturing Co. Ltd. | 1,975,100 | 162,823 | |
Toyota Motor Corp. | 1,788,100 | 155,732 | |
Kubota Corp. | 7,174,000 | 148,227 | |
Sekisui Chemical Co. Ltd. | 7,883,200 | 134,915 | |
SBI Holdings Inc. | 4,470,400 | 108,304 | |
5,628,738 | |||
Netherlands (10.4%) | |||
ASML Holding NV | 5,690,293 | 4,745,637 | |
*,2 | Adyen NV | 903,347 | 2,919,687 |
7,665,324 |
Shares | Market Value• ($000) | ||
Norway (0.7%) | |||
Equinor ASA | 17,587,753 | 372,757 | |
DNB Bank ASA | 6,526,190 | 137,747 | |
510,504 | |||
Singapore (0.3%) | |||
* | Sea Ltd. ADR | 730,005 | 246,975 |
South Korea (0.8%) | |||
Samsung Electronics Co. Ltd. | 5,055,760 | 333,772 | |
Samsung SDI Co. Ltd. | 387,821 | 264,334 | |
598,106 | |||
Spain (0.9%) | |||
Iberdrola SA (XMAD) | 27,518,841 | 340,999 | |
* | Banco Bilbao Vizcaya Argentaria SA | 51,362,001 | 336,164 |
677,163 | |||
Sweden (2.3%) | |||
Atlas Copco AB Class A | 13,173,653 | 905,653 | |
* | Kinnevik AB Class B | 9,975,592 | 390,855 |
Assa Abloy AB Class B | 6,860,999 | 219,557 | |
Svenska Handelsbanken AB Class A | 15,025,956 | 168,842 | |
1,684,907 | |||
Switzerland (4.2%) | |||
Roche Holding AG | 1,838,790 | 738,376 | |
Nestle SA (Registered) | 5,320,742 | 671,950 | |
Temenos AG (Registered) | 2,177,560 | 345,495 | |
Lonza Group AG (Registered) | 346,404 | 292,963 | |
Alcon Inc. | 3,045,812 | 250,850 | |
Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 20,723 | 243,790 | |
Cie Financiere Richemont SA Class A (Registered) | 1,954,996 | 215,775 | |
Sika AG (Registered) | 488,250 | 175,920 | |
Straumann Holding AG (Registered) | 71,660 | 138,464 | |
3,073,583 | |||
Taiwan (3.0%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 101,279,000 | 2,221,579 | |
United Kingdom (5.1%) | |||
* | Ocado Group plc | 28,247,098 | 782,875 |
Diageo plc | 9,531,987 | 458,228 | |
AstraZeneca plc | 3,887,133 | 454,575 | |
Royal Dutch Shell plc Class A (XLON) | 20,620,000 | 410,192 |
Shares | Market Value• ($000) | ||
Royal Dutch Shell plc Class A | 11,500,265 | 228,439 | |
National Grid plc | 17,516,497 | 226,562 | |
Barclays plc | 86,965,269 | 220,493 | |
GlaxoSmithKline plc | 10,258,066 | 206,347 | |
Burberry Group plc | 7,985,972 | 204,487 | |
Bunzl plc | 5,626,352 | 203,862 | |
Reckitt Benckiser Group plc | 2,587,848 | 197,559 | |
* | Whitbread plc | 3,026,963 | 133,669 |
3,727,288 | |||
United States (17.2%) | |||
* | MercadoLibre Inc. | 1,981,391 | 3,700,148 |
* | Moderna Inc. | 9,357,573 | 3,524,904 |
* | Illumina Inc. | 3,890,075 | 1,778,387 |
* | Tesla Inc. | 2,341,180 | 1,722,453 |
* | Spotify Technology SA | 6,198,659 | 1,452,594 |
* | Oatly Group AB ADR | 13,654,735 | 248,789 |
* | Booking Holdings Inc. | 95,268 | 219,085 |
12,646,360 | |||
Total Common Stocks (Cost $36,145,209) | 71,852,402 | ||
Preferred Stock (0.3%) | |||
*,1,4,5,6 | You & Mr. Jones PP (Acquired 9/23/15) (Cost $44,800) | 44,800,000 | 200,032 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (2.2%) | |||
Money Market Fund (2.2%) | |||
7,8 | Vanguard Market Liquidity Fund, 0.068% (Cost $1,643,057) | 16,431,504 | 1,643,150 |
Total Investments (100.1%) (Cost $37,833,066) | 73,695,584 | ||
Other Assets and Liabilities—Net (-0.1%) | (106,818) | ||
Net Assets (100%) | 73,588,766 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
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 August 31, 2021, the aggregate value was $7,575,862,000, representing 10.3% of net assets. |
3 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $125,033,000. |
4 | Restricted securities totaling $224,001,000, representing 0.3% of net assets. |
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 $135,295,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
PP—Private Placement. | |
Ptg. Ctf.—Participating Certificates. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | September 2021 | 4,526 | 532,145 | 3,492 |
MSCI Emerging Markets Index | September 2021 | 3,542 | 230,088 | 2,122 |
5,614 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $34,473,076) | 68,079,465 |
Affiliated Issuers (Cost $3,359,990) | 5,616,119 |
Total Investments in Securities | 73,695,584 |
Investment in Vanguard | 2,401 |
Cash Collateral Pledged—Futures Contracts | 40,349 |
Foreign Currency, at Value (Cost $9,305) | 9,278 |
Receivables for Investment Securities Sold | 1,462 |
Receivables for Accrued Income | 90,432 |
Receivables for Capital Shares Issued | 31,908 |
Variation Margin Receivable—Futures Contracts | 2,867 |
Other Assets | 421 |
Total Assets | 73,874,702 |
Liabilities | |
Due to Custodian | 6,791 |
Payables for Investment Securities Purchased | 46,080 |
Collateral for Securities on Loan | 135,295 |
Payables to Investment Advisor | 30,569 |
Payables for Capital Shares Redeemed | 38,836 |
Payables to Vanguard | 5,283 |
Deferred Foreign Capital Gains Taxes | 23,082 |
Total Liabilities | 285,936 |
Net Assets | 73,588,766 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 30,227,231 |
Total Distributable Earnings (Loss) | 43,361,535 |
Net Assets | 73,588,766 |
Investor Shares—Net Assets | |
Applicable to 206,361,724 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,246,536 |
Net Asset Value Per Share—Investor Shares | $54.50 |
Admiral Shares—Net Assets | |
Applicable to 359,379,126 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 62,342,230 |
Net Asset Value Per Share—Admiral Shares | $173.47 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 765,157 |
Dividends—Affiliated Issuers | 7,821 |
Interest—Unaffiliated Issuers | 189 |
Interest—Affiliated Issuers | 792 |
Securities Lending—Net | 21,232 |
Total Income | 795,191 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 94,660 |
Performance Adjustment | 19,710 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 25,856 |
Management and Administrative—Admiral Shares | 80,862 |
Marketing and Distribution—Investor Shares | 682 |
Marketing and Distribution—Admiral Shares | 1,997 |
Custodian Fees | 2,616 |
Auditing Fees | 20 |
Shareholders’ Reports—Investor Shares | 147 |
Shareholders’ Reports—Admiral Shares | 312 |
Trustees’ Fees and Expenses | 60 |
Total Expenses | 226,922 |
Net Investment Income | 568,269 |
Realized Net Gain (Loss) | |
Investment Securities Sold—Unaffiliated Issuers | 7,603,649 |
Investment Securities Sold—Affiliated Issuers | 28,205 |
Futures Contracts | 165,740 |
Forward Currency Contracts | (520) |
Foreign Currencies | (4,209) |
Realized Net Gain (Loss) | 7,792,865 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers2 | 7,348,098 |
Investment Securities—Affiliated Issuers | 1,193,528 |
Futures Contracts | (6,821) |
Forward Currency Contracts | 519 |
Foreign Currencies | (587) |
Change in Unrealized Appreciation (Depreciation) | 8,534,737 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 16,895,871 |
1 | Dividends are net of foreign withholding taxes of $74,162,000. |
2 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $23,082,000. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 568,269 | 338,623 |
Realized Net Gain (Loss) | 7,792,865 | 1,295,635 |
Change in Unrealized Appreciation (Depreciation) | 8,534,737 | 17,702,794 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 16,895,871 | 19,337,052 |
Distributions | ||
Investor Shares | (233,496) | (94,219) |
Admiral Shares | (1,364,844) | (424,749) |
Total Distributions | (1,598,340) | (518,968) |
Capital Share Transactions | ||
Investor Shares | (756,373) | (760,869) |
Admiral Shares | 2,483,624 | 2,901,570 |
Net Increase (Decrease) from Capital Share Transactions | 1,727,251 | 2,140,701 |
Total Increase (Decrease) | 17,024,782 | 20,958,785 |
Net Assets | ||
Beginning of Period | 56,563,984 | 35,605,199 |
End of Period | 73,588,766 | 56,563,984 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $42.94 | $28.30 | $31.23 | $28.38 | $22.38 |
Investment Operations | |||||
Net Investment Income1 | .374 | .238 | .342 | .381 | .240 |
Net Realized and Unrealized Gain (Loss) on Investments | 12.336 | 14.791 | (1.941) | 2.722 | 6.028 |
Total from Investment Operations | 12.710 | 15.029 | (1.599) | 3.103 | 6.268 |
Distributions | |||||
Dividends from Net Investment Income | (.106) | (.389) | (.403) | (.253) | (.268) |
Distributions from Realized Capital Gains | (1.044) | — | (.928) | — | — |
Total Distributions | (1.150) | (.389) | (1.331) | (.253) | (.268) |
Net Asset Value, End of Period | $54.50 | $42.94 | $28.30 | $31.23 | $28.38 |
Total Return2 | 29.89% | 53.60% | -4.58% | 10.97% | 28.43% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $11,247 | $9,658 | $7,056 | $8,074 | $7,731 |
Ratio of Total Expenses to Average Net Assets3 | 0.43% | 0.44% | 0.43% | 0.45% | 0.45% |
Ratio of Net Investment Income to Average Net Assets | 0.75% | 0.74% | 1.23% | 1.25% | 1.01% |
Portfolio Turnover Rate | 25% | 20% | 13% | 16% | 15% |
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 0.03%, 0.04%, 0.03%, 0.03%, and 0.03%. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $136.68 | $90.05 | $99.45 | $90.24 | $71.19 |
Investment Operations | |||||
Net Investment Income1 | 1.367 | .863 | 1.203 | 1.365 | .879 |
Net Realized and Unrealized Gain (Loss) on Investments | 39.246 | 47.105 | (6.230) | 8.652 | 19.127 |
Total from Investment Operations | 40.613 | 47.968 | (5.027) | 10.017 | 20.006 |
Distributions | |||||
Dividends from Net Investment Income | (.497) | (1.338) | (1.418) | (.807) | (.956) |
Distributions from Realized Capital Gains | (3.326) | — | (2.955) | — | — |
Total Distributions | (3.823) | (1.338) | (4.373) | (.807) | (.956) |
Net Asset Value, End of Period | $173.47 | $136.68 | $90.05 | $99.45 | $90.24 |
Total Return2 | 30.01% | 53.81% | -4.50% | 11.14% | 28.57% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $62,342 | $46,906 | $28,549 | $29,170 | $23,101 |
Ratio of Total Expenses to Average Net Assets3 | 0.32% | 0.33% | 0.32% | 0.32% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 0.86% | 0.83% | 1.34% | 1.38% | 1.14% |
Portfolio Turnover Rate | 25% | 20% | 13% | 16% | 15% |
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 0.03%, 0.04%, 0.03%, 0.03%, and 0.03%. |
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 | 13,657,607 | — | — | 13,657,607 |
Common Stocks—Other | 3,576,767 | 54,594,059 | 23,969 | 58,194,795 |
Preferred Stock | — | — | 200,032 | 200,032 |
Temporary Cash Investments | 1,643,150 | — | — | 1,643,150 |
Total | 18,877,524 | 54,594,059 | 224,001 | 73,695,584 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 5,614 | — | — | 5,614 |
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 August 31, 2021, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 5,614 | 5,614 |
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 | 165,740 | — | 165,740 |
Forward Currency Contracts | — | (520) | (520) |
Realized Net Gain (Loss) on Derivatives | 165,740 | (520) | 165,220 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (6,821) | — | (6,821) |
Forward Currency Contracts | — | 519 | 519 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (6,821) | 519 | (6,302) |
F. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for foreign currency transactions, passive foreign investment companies, distributions in connection with fund share redemptions, and tax expense on capital gains were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 490,319 |
Total Distributable Earnings (Loss) | (490,319) |
Amount ($000) | |
Undistributed Ordinary Income | 966,699 |
Undistributed Long-Term Gains | 6,575,184 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 35,819,652 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 393,403 | 518,968 |
Long-Term Capital Gains | 1,204,937 | — |
Total | 1,598,340 | 518,968 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 37,854,541 |
Gross Unrealized Appreciation | 37,250,196 |
Gross Unrealized Depreciation | (1,409,153) |
Net Unrealized Appreciation (Depreciation) | 35,841,043 |
G. | During the year ended August 31, 2021, the fund purchased $17,215,707,000 of investment securities and sold $16,487,652,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 2,455,419 | 48,845 | 1,336,137 | 39,787 | |
Issued in Lieu of Cash Distributions | 223,098 | 4,530 | 90,043 | 2,857 | |
Redeemed | (3,434,890) | (71,899) | (2,187,049) | (67,132) | |
Net Increase (Decrease)—Investor Shares | (756,373) | (18,524) | (760,869) | (24,488) |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued | 13,212,176 | 83,917 | 7,810,043 | 74,363 | |
Issued in Lieu of Cash Distributions | 1,227,487 | 7,836 | 382,469 | 3,816 | |
Redeemed | (11,956,039) | (75,557) | (5,290,942) | (52,026) | |
Net Increase (Decrease)—Admiral Shares | 2,483,624 | 16,196 | 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) | Aug. 31, 2021 Market Value ($000) | |
HelloFresh SE | 543,702 | — | — | — | 595,677 | — | — | 1,139,379 |
Home24 SE | 23,358 | 4,336 | — | — | 13,381 | — | — | 41,075 |
Jumia Technologies AG ADR | 61,801 | — | — | — | 72,763 | — | — | 134,564 |
Umicore SA | NA1 | 192,880 | 45,274 | 12,501 | 222,773 | 7,821 | — | 922,770 |
Vanguard Market Liquidity Fund | 1,795,364 | NA2 | NA2 | 90 | (89) | 792 | — | 1,643,150 |
You & Mr. Jones PP | 143,808 | — | — | — | 56,224 | — | — | 200,032 |
Zalando SE | NA1 | 392,317 | 22,573 | 15,614 | 232,799 | — | — | 1,535,149 |
Total | 2,568,033 | 28,205 | 1,193,528 | 8,613 | — | 5,616,119 |
1 | Not applicable—at August 31, 2020, the issuer was not an affiliated company of the fund. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
J. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 20, 2021
Matthew Benchener | Chris D. Mclsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img0f527ca75.jpg)
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/imgeee25bb31.jpg)
Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
Performance Summary | 4 |
Financial Statements | 6 |
Trustees Approve Advisory Arrangement | 25 |
Liquidity Risk Management | 27 |
• | For the 12 months ended August 31, 2021, Vanguard FTSE Social Index Fund returned 31.04% for Admiral Shares and 31.09% for Institutional Shares. Those results were roughly in line with the expense-free 31.21% return of its benchmark. |
• | The global economy rebounded faster than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that were more successful in containing the virus generally fared better economically. Swift and extensive fiscal and monetary support from policymakers was also key to the rebound. |
• | As the 12 months under review reflect the recovery in stocks following the sharp downturn at the start of the pandemic, results were excellent. |
• | For the fund’s benchmark index, industry sector performances varied greatly over the period. Financials turned in an outstanding performance. Technology, which accounts for by far the largest slice of the index, also performed very well. Consumer staples was among the laggards. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
• | 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 August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
FTSE Social Index Fund | |||
Admiral™ Shares | $1,000.00 | $1,200.60 | $0.78 |
Institutional Shares | 1,000.00 | 1,201.10 | 0.67 |
Based on Hypothetical 5% Yearly Return | |||
FTSE Social Index Fund | |||
Admiral Shares | $1,000.00 | $1,024.50 | $0.71 |
Institutional Shares | 1,000.00 | 1,024.60 | 0.61 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img5fa22e562.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
![]() | FTSE Social Index Fund Institutional Shares | 31.09% | 19.92% | 17.79% | $25,715,711 |
![]() | FTSE4Good US Select Index | 31.21 | 20.03 | 17.93 | 26,009,780 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 22,360,680 |
One Year | Since Inception (2/7/2019) | Final Value of a $10,000 Investment | ||
FTSE Social Index Fund Admiral Shares | 31.04% | 26.88% | $18,400 | |
FTSE4Good US Select Index | 31.21 | 27.03 | 18,457 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 24.46 | 17,516 |
Basic Materials | 1.7% |
Consumer Discretionary | 16.8 |
Consumer Staples | 4.7 |
Energy | 0.2 |
Financials | 10.2 |
Health Care | 13.6 |
Industrials | 10.7 |
Real Estate | 3.1 |
Technology | 34.4 |
Telecommunications | 3.7 |
Utilities | 0.9 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Basic Materials (1.7%) | |||
Linde plc | 230,397 | 72,481 | |
Air Products and Chemicals Inc. | 97,267 | 26,214 | |
Dow Inc. | 328,862 | 20,685 | |
Newmont Corp. | 353,536 | 20,502 | |
International Flavors & Fragrances Inc. | 109,342 | 16,565 | |
Nucor Corp. | 132,369 | 15,561 | |
Fastenal Co. | 251,954 | 14,072 | |
Albemarle Corp. | 51,362 | 12,160 | |
LyondellBasell Industries NV Class A | 115,195 | 11,560 | |
International Paper Co. | 171,979 | 10,334 | |
Avery Dennison Corp. | 36,440 | 8,213 | |
Celanese Corp. Class A | 49,924 | 7,918 | |
Eastman Chemical Co. | 59,600 | 6,744 | |
Steel Dynamics Inc. | 87,800 | 5,926 | |
FMC Corp. | 57,410 | 5,375 | |
CF Industries Holdings Inc. | 93,739 | 4,258 | |
Westlake Chemical Corp. | 14,600 | 1,275 | |
259,843 | |||
Consumer Discretionary (16.7%) | |||
* | Amazon.com Inc. | 191,372 | 664,212 |
* | Tesla Inc. | 342,124 | 251,708 |
Home Depot Inc. | 474,041 | 154,623 | |
* | Walt Disney Co. | 800,609 | 145,150 |
* | Netflix Inc. | 190,523 | 108,444 |
NIKE Inc. Class B | 546,147 | 89,972 | |
Costco Wholesale Corp. | 194,965 | 88,805 | |
McDonald's Corp. | 329,276 | 78,190 | |
Lowe's Cos. Inc. | 316,484 | 64,528 | |
Starbucks Corp. | 519,736 | 61,064 | |
Target Corp. | 219,131 | 54,121 | |
* | Booking Holdings Inc. | 18,081 | 41,580 |
TJX Cos. Inc. | 532,128 | 38,696 | |
* | MercadoLibre Inc. | 20,179 | 37,683 |
Estee Lauder Cos. Inc. Class A | 101,062 | 34,411 | |
Activision Blizzard Inc. | 339,843 | 27,993 | |
* | Uber Technologies Inc. | 711,875 | 27,863 |
* | Chipotle Mexican Grill Inc. Class A | 12,397 | 23,596 |
Dollar General Corp. | 105,807 | 23,585 | |
eBay Inc. | 300,965 | 23,096 | |
* | Ford Motor Co. | 1,722,666 | 22,446 |
* | Lululemon Athletica Inc. | 50,241 | 20,105 |
Shares | Market Value• ($000) | ||
Electronic Arts Inc. | 125,972 | 18,292 | |
Ross Stores Inc. | 153,994 | 18,233 | |
* | Aptiv plc | 119,074 | 18,122 |
* | O'Reilly Automotive Inc. | 30,274 | 17,985 |
Yum! Brands Inc. | 131,375 | 17,214 | |
* | AutoZone Inc. | 9,704 | 15,033 |
* | Spotify Technology SA | 60,158 | 14,097 |
DR Horton Inc. | 147,212 | 14,076 | |
Best Buy Co. Inc. | 110,240 | 12,844 | |
Lennar Corp. Class A | 117,989 | 12,661 | |
* | Etsy Inc. | 55,544 | 12,012 |
Garmin Ltd. | 66,352 | 11,574 | |
Yum China Holdings Inc. | 186,223 | 11,464 | |
* | Carvana Co. Class A | 33,765 | 11,077 |
VF Corp. | 143,632 | 10,984 | |
ViacomCBS Inc. Class B | 255,562 | 10,593 | |
Tractor Supply Co. | 50,738 | 9,856 | |
* | Wayfair Inc. Class A | 33,072 | 9,285 |
* | Ulta Beauty Inc. | 23,797 | 9,217 |
* | Dollar Tree Inc. | 101,638 | 9,202 |
* | CarMax Inc. | 72,188 | 9,039 |
* | Expedia Group Inc. | 62,014 | 8,961 |
Domino's Pizza Inc. | 16,900 | 8,735 | |
* | Burlington Stores Inc. | 29,051 | 8,701 |
Darden Restaurants Inc. | 56,867 | 8,567 | |
Pool Corp. | 17,000 | 8,403 | |
* | Take-Two Interactive Software Inc. | 49,944 | 8,052 |
Genuine Parts Co. | 62,409 | 7,626 | |
* | NVR Inc. | 1,467 | 7,599 |
Omnicom Group Inc. | 94,833 | 6,944 | |
* | LKQ Corp. | 124,404 | 6,555 |
Interpublic Group of Cos. Inc. | 171,613 | 6,389 | |
PulteGroup Inc. | 114,280 | 6,155 | |
Whirlpool Corp. | 27,118 | 6,007 | |
* | Lyft Inc. Class A | 123,941 | 5,901 |
Advance Auto Parts Inc. | 28,825 | 5,847 | |
Hasbro Inc. | 56,300 | 5,535 | |
* | Vail Resorts Inc. | 17,600 | 5,365 |
Fox Corp. Class A | 142,814 | 5,347 | |
* | Live Nation Entertainment Inc. | 58,989 | 5,114 |
BorgWarner Inc. (XNYS) | 106,783 | 4,558 | |
Newell Brands Inc. | 169,227 | 4,300 | |
Lear Corp. | 26,156 | 4,183 | |
Rollins Inc. | 101,500 | 3,950 | |
* | Discovery Inc. Class C | 140,998 | 3,890 |
Shares | Market Value• ($000) | ||
* | Liberty Media Corp.- Liberty SiriusXM Class C | 74,600 | 3,682 |
Nielsen Holdings plc | 160,859 | 3,452 | |
Aramark | 98,587 | 3,430 | |
Autoliv Inc. | 37,745 | 3,336 | |
Gentex Corp. | 106,145 | 3,269 | |
* | Southwest Airlines Co. | 63,972 | 3,185 |
* | Delta Air Lines Inc. | 72,259 | 2,922 |
Sirius XM Holdings Inc. | 395,500 | 2,480 | |
Fox Corp. Class B | 65,772 | 2,278 | |
*,1 | Discovery Inc. Class A | 68,366 | 1,972 |
* | United Airlines Holdings Inc. | 35,741 | 1,662 |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 32,200 | 1,594 |
* | American Airlines Group Inc. | 67,994 | 1,356 |
Lennar Corp. Class B | 8,300 | 726 | |
2,542,759 | |||
Consumer Staples (4.7%) | |||
Procter & Gamble Co. | 1,073,174 | 152,809 | |
Coca-Cola Co. | 1,711,064 | 96,350 | |
PepsiCo Inc. | 608,965 | 95,236 | |
CVS Health Corp. | 580,112 | 50,116 | |
Mondelez International Inc. Class A | 616,109 | 38,242 | |
Colgate-Palmolive Co. | 368,903 | 28,756 | |
Kimberly-Clark Corp. | 148,532 | 20,469 | |
Sysco Corp. | 214,660 | 17,098 | |
Walgreens Boots Alliance Inc. | 316,738 | 16,075 | |
* | Monster Beverage Corp. | 163,141 | 15,918 |
General Mills Inc. | 268,799 | 15,539 | |
Kroger Co. | 328,337 | 15,113 | |
Corteva Inc. | 326,730 | 14,366 | |
McKesson Corp. | 69,976 | 14,285 | |
Hershey Co. | 64,092 | 11,389 | |
Keurig Dr Pepper Inc. | 309,736 | 11,048 | |
Kraft Heinz Co. | 292,059 | 10,511 | |
Tyson Foods Inc. Class A | 126,567 | 9,938 | |
McCormick & Co. Inc. | 109,928 | 9,486 | |
Clorox Co. | 54,586 | 9,173 | |
Church & Dwight Co. Inc. | 108,016 | 9,037 | |
AmerisourceBergen Corp. Class A | 64,948 | 7,937 | |
Kellogg Co. | 109,775 | 6,931 | |
Conagra Brands Inc. | 205,655 | 6,811 | |
J M Smucker Co. | 47,084 | 5,823 | |
Hormel Foods Corp. | 125,290 | 5,706 | |
Bunge Ltd. | 60,699 | 4,596 | |
Lamb Weston Holdings Inc. | 65,418 | 4,262 | |
Campbell Soup Co. | 87,608 | 3,656 | |
706,676 | |||
Energy (0.1%) | |||
* | Enphase Energy Inc. | 58,037 | 10,083 |
* | SolarEdge Technologies Inc. | 22,600 | 6,549 |
* | Plug Power Inc. | 217,782 | 5,675 |
22,307 | |||
Financials (10.2%) | |||
JPMorgan Chase & Co. | 1,326,024 | 212,098 | |
Bank of America Corp. | 3,325,733 | 138,849 | |
Citigroup Inc. | 911,500 | 65,546 |
Shares | Market Value• ($000) | ||
Morgan Stanley | 612,057 | 63,917 | |
Goldman Sachs Group Inc. | 145,486 | 60,160 | |
BlackRock Inc. | 63,070 | 59,493 | |
Charles Schwab Corp. | 691,738 | 50,393 | |
S&P Global Inc. | 106,077 | 47,079 | |
Chubb Ltd. | 197,719 | 36,364 | |
PNC Financial Services Group Inc. | 186,846 | 35,706 | |
Marsh & McLennan Cos. Inc. | 223,997 | 35,212 | |
U.S. Bancorp | 592,627 | 34,011 | |
Truist Financial Corp. | 591,190 | 33,733 | |
CME Group Inc. | 158,041 | 31,880 | |
Intercontinental Exchange Inc. | 245,204 | 29,309 | |
Aon plc Class A | 98,474 | 28,248 | |
Moody's Corp. | 71,517 | 27,232 | |
Progressive Corp. | 257,849 | 24,841 | |
MSCI Inc. Class A | 35,229 | 22,356 | |
T Rowe Price Group Inc. | 99,022 | 22,168 | |
American International Group Inc. | 379,513 | 20,706 | |
MetLife Inc. | 327,626 | 20,313 | |
Bank of New York Mellon Corp. | 355,075 | 19,607 | |
Prudential Financial Inc. | 173,273 | 18,346 | |
Allstate Corp. | 131,122 | 17,738 | |
Travelers Cos. Inc. | 110,308 | 17,617 | |
Discover Financial Services | 134,359 | 17,227 | |
Aflac Inc. | 296,356 | 16,797 | |
KKR & Co. Inc. | 243,334 | 15,644 | |
First Republic Bank | 77,440 | 15,406 | |
* | SVB Financial Group | 25,665 | 14,360 |
State Street Corp. | 152,852 | 14,201 | |
Ameriprise Financial Inc. | 51,404 | 14,029 | |
Arthur J Gallagher & Co. | 89,124 | 12,800 | |
Willis Towers Watson plc | 56,563 | 12,485 | |
Fifth Third Bancorp | 310,571 | 12,069 | |
Northern Trust Corp. | 90,234 | 10,695 | |
Hartford Financial Services Group Inc. | 156,524 | 10,522 | |
Huntington Bancshares Inc. | 642,437 | 9,977 | |
Nasdaq Inc. | 50,156 | 9,820 | |
Broadridge Financial Solutions Inc. | 51,032 | 8,789 | |
KeyCorp | 430,373 | 8,745 | |
Regions Financial Corp. | 425,583 | 8,695 | |
Ally Financial Inc. | 163,813 | 8,666 | |
Citizens Financial Group Inc. | 188,109 | 8,237 | |
Cincinnati Financial Corp. | 66,551 | 8,212 | |
M&T Bank Corp. | 57,039 | 7,986 | |
MarketAxess Holdings Inc. | 16,579 | 7,890 | |
Principal Financial Group Inc. | 117,172 | 7,828 | |
* | Markel Corp. | 5,966 | 7,578 |
Raymond James Financial Inc. | 53,966 | 7,550 | |
* | Arch Capital Group Ltd. | 170,347 | 7,001 |
FactSet Research Systems Inc. | 16,772 | 6,377 | |
Brown & Brown Inc. | 104,300 | 6,055 | |
Fidelity National Financial Inc. | 121,213 | 5,919 |
Shares | Market Value• ($000) | ||
Cboe Global Markets Inc. | 46,700 | 5,891 | |
Lincoln National Corp. | 83,610 | 5,740 | |
Annaly Capital Management Inc. | 622,633 | 5,411 | |
Equitable Holdings Inc. | 167,621 | 5,198 | |
Everest Re Group Ltd. | 17,401 | 4,610 | |
Comerica Inc. | 61,204 | 4,524 | |
W R Berkley Corp. | 59,865 | 4,508 | |
Assurant Inc. | 26,262 | 4,467 | |
Globe Life Inc. | 44,008 | 4,228 | |
Franklin Resources Inc. | 125,824 | 4,082 | |
Zions Bancorp NA | 70,346 | 4,073 | |
* | Alleghany Corp. | 5,968 | 4,038 |
AGNC Investment Corp. | 227,410 | 3,709 | |
Voya Financial Inc. | 53,508 | 3,477 | |
RenaissanceRe Holdings Ltd. | 22,018 | 3,451 | |
Commerce Bancshares Inc. | 46,277 | 3,273 | |
* | Credicorp Ltd. | 29,200 | 3,114 |
SEI Investments Co. | 48,151 | 3,024 | |
Santander Consumer USA Holdings Inc. | 28,098 | 1,173 | |
CNA Financial Corp. | 10,900 | 483 | |
1,552,956 | |||
Health Care (13.6%) | |||
UnitedHealth Group Inc. | 414,666 | 172,613 | |
Pfizer Inc. | 2,461,723 | 113,412 | |
Abbott Laboratories | 765,768 | 96,770 | |
Eli Lilly & Co. | 373,770 | 96,541 | |
Thermo Fisher Scientific Inc. | 173,185 | 96,109 | |
AbbVie Inc. | 778,739 | 94,056 | |
Danaher Corp. | 279,501 | 90,603 | |
Merck & Co. Inc. | 1,117,103 | 85,224 | |
Medtronic plc | 591,626 | 78,970 | |
Bristol-Myers Squibb Co. | 984,587 | 65,830 | |
Amgen Inc. | 253,365 | 57,141 | |
* | Moderna Inc. | 149,189 | 56,198 |
* | Intuitive Surgical Inc. | 52,104 | 54,895 |
Zoetis Inc. | 209,327 | 42,820 | |
Stryker Corp. | 153,552 | 42,549 | |
Anthem Inc. | 108,109 | 40,555 | |
Gilead Sciences Inc. | 554,360 | 40,346 | |
Becton Dickinson and Co. | 127,380 | 32,062 | |
* | Edwards Lifesciences Corp. | 272,076 | 31,882 |
Cigna Corp. | 150,122 | 31,773 | |
* | Regeneron Pharmaceuticals Inc. | 44,114 | 29,706 |
* | Illumina Inc. | 64,363 | 29,424 |
HCA Healthcare Inc. | 114,590 | 28,989 | |
* | Boston Scientific Corp. | 626,626 | 28,292 |
* | IDEXX Laboratories Inc. | ��� 37,370 | 25,179 |
* | Align Technology Inc. | 34,620 | 24,546 |
Agilent Technologies Inc. | 134,314 | 23,568 | |
Humana Inc. | 56,880 | 23,060 | |
* | Vertex Pharmaceuticals Inc. | 114,237 | 22,881 |
* | DexCom Inc. | 42,365 | 22,429 |
* | Biogen Inc. | 66,036 | 22,380 |
* | IQVIA Holdings Inc. | 84,298 | 21,895 |
* | Veeva Systems Inc. Class A | 60,300 | 20,018 |
ResMed Inc. | 63,382 | 18,414 | |
Baxter International Inc. | 222,480 | 16,958 | |
* | Centene Corp. | 255,799 | 16,110 |
Shares | Market Value• ($000) | ||
West Pharmaceutical Services Inc. | 32,300 | 14,587 | |
Zimmer Biomet Holdings Inc. | 91,816 | 13,814 | |
* | Laboratory Corp. of America Holdings | 43,122 | 13,082 |
* | Horizon Therapeutics plc | 96,496 | 10,430 |
* | Alnylam Pharmaceuticals Inc. | 51,605 | 10,395 |
* | Avantor Inc. | 256,424 | 10,113 |
Cerner Corp. | 132,134 | 10,089 | |
* | Seagen Inc. | 59,137 | 9,911 |
Cooper Cos. Inc. | 21,319 | 9,609 | |
STERIS plc | 43,531 | 9,360 | |
* | Teladoc Health Inc. | 64,437 | 9,306 |
* | Catalent Inc. | 71,200 | 9,287 |
PerkinElmer Inc. | 48,937 | 9,044 | |
* | Hologic Inc. | 112,433 | 8,899 |
Quest Diagnostics Inc. | 57,228 | 8,746 | |
* | Insulet Corp. | 28,965 | 8,626 |
Teleflex Inc. | 20,700 | 8,186 | |
* | Exact Sciences Corp. | 74,524 | 7,779 |
Viatris Inc. | 529,713 | 7,750 | |
* | Bio-Rad Laboratories Inc. Class A | 9,386 | 7,554 |
* | ABIOMED Inc. | 19,652 | 7,153 |
* | BioMarin Pharmaceutical Inc. | 79,814 | 6,721 |
Cardinal Health Inc. | 127,013 | 6,667 | |
* | Elanco Animal Health Inc. (XNYS) | 197,037 | 6,577 |
* | Incyte Corp. | 81,856 | 6,261 |
* | Novocure Ltd. | 45,558 | 6,114 |
* | Masimo Corp. | 22,158 | 6,017 |
DENTSPLY SIRONA Inc. | 95,299 | 5,880 | |
Universal Health Services Inc. Class B | 33,907 | 5,281 | |
* | Henry Schein Inc. | 62,836 | 4,750 |
* | DaVita Inc. | 30,947 | 4,047 |
Organon & Co. | 110,824 | 3,756 | |
* | Jazz Pharmaceuticals plc | 25,854 | 3,405 |
* | Sarepta Therapeutics Inc. | 33,900 | 2,648 |
Perrigo Co. plc | 58,907 | 2,412 | |
2,068,454 | |||
Industrials (10.7%) | |||
Visa Inc. Class A | 746,236 | 170,963 | |
* | PayPal Holdings Inc. | 518,187 | 149,580 |
Mastercard Inc. Class A | 385,779 | 133,568 | |
Accenture plc Class A | 280,149 | 94,287 | |
Union Pacific Corp. | 292,761 | 63,482 | |
United Parcel Service Inc. Class B | 319,060 | 62,418 | |
Caterpillar Inc. | 241,706 | 50,969 | |
American Express Co. | 287,235 | 47,669 | |
Deere & Co. | 124,349 | 47,008 | |
* | Square Inc. Class A | 172,375 | 46,209 |
Automatic Data Processing Inc. | 187,451 | 39,185 | |
Fidelity National Information Services Inc. | 273,506 | 34,946 | |
Capital One Financial Corp. | 197,350 | 32,754 | |
Sherwin-Williams Co. | 107,372 | 32,606 | |
CSX Corp. | 1,000,289 | 32,539 | |
Illinois Tool Works Inc. | 138,709 | 32,300 | |
* | Fiserv Inc. | 263,698 | 31,061 |
Shares | Market Value• ($000) | ||
FedEx Corp. | 108,238 | 28,758 | |
Johnson Controls International plc | 315,114 | 23,570 | |
Global Payments Inc. | 128,834 | 20,954 | |
Trane Technologies plc | 105,460 | 20,934 | |
IHS Markit Ltd. | 164,229 | 19,806 | |
DuPont de Nemours Inc. | 235,484 | 17,430 | |
Rockwell Automation Inc. | 51,268 | 16,685 | |
Paychex Inc. | 141,310 | 16,176 | |
* | Mettler-Toledo International Inc. | 10,073 | 15,642 |
Cintas Corp. | 39,172 | 15,503 | |
* | Keysight Technologies Inc. | 81,576 | 14,633 |
Equifax Inc. | 53,400 | 14,539 | |
Verisk Analytics Inc. Class A | 70,005 | 14,124 | |
Stanley Black & Decker Inc. | 71,449 | 13,809 | |
* | Zebra Technologies Corp. Class A | 23,379 | 13,727 |
Old Dominion Freight Line Inc. | 45,133 | 13,031 | |
Synchrony Financial | 254,153 | 12,644 | |
PACCAR Inc. | 150,575 | 12,328 | |
Kansas City Southern | 40,051 | 11,241 | |
* | Waters Corp. | 27,109 | 11,224 |
Dover Corp. | 63,007 | 10,986 | |
Vulcan Materials Co. | 57,906 | 10,766 | |
Xylem Inc. | 78,753 | 10,735 | |
Martin Marietta Materials Inc. | 27,590 | 10,519 | |
* | Trimble Inc. | 109,850 | �� 10,350 |
TransUnion | 83,800 | 10,184 | |
* | FleetCor Technologies Inc. | 35,951 | 9,465 |
Expeditors International of Washington Inc. | 74,176 | 9,245 | |
WW Grainger Inc. | 20,426 | 8,859 | |
* | Ingersoll Rand Inc. | 164,206 | 8,706 |
IDEX Corp. | 33,100 | 7,414 | |
Westinghouse Air Brake Technologies Corp. | 80,001 | 7,183 | |
Masco Corp. | 110,820 | 6,729 | |
JB Hunt Transport Services Inc. | 36,651 | 6,502 | |
Packaging Corp. of America | 41,120 | 6,238 | |
Westrock Co. | 114,700 | 5,969 | |
Fortune Brands Home & Security Inc. | 60,134 | 5,855 | |
Jack Henry & Associates Inc. | 32,744 | 5,775 | |
Allegion plc | 39,990 | 5,758 | |
* | Fair Isaac Corp. | 12,279 | 5,645 |
Snap-on Inc. | 23,819 | 5,358 | |
CH Robinson Worldwide Inc. | 58,597 | 5,277 | |
Robert Half International Inc. | 49,207 | 5,088 | |
* | Mohawk Industries Inc. | 25,094 | 4,963 |
* | StoneCo. Ltd. Class A | 98,455 | 4,582 |
Western Union Co. | 181,527 | 3,928 | |
* | XPO Logistics Inc. | 41,937 | 3,645 |
* | GXO Logistics Inc. | 41,937 | 3,430 |
1,627,456 | |||
Real Estate (3.1%) | |||
American Tower Corp. | 198,967 | 58,132 | |
Prologis Inc. | 325,603 | 43,846 |
Shares | Market Value• ($000) | ||
Crown Castle International Corp. | 189,556 | 36,905 | |
Equinix Inc. | 39,375 | 33,211 | |
Public Storage | 66,274 | 21,447 | |
Digital Realty Trust Inc. | 123,514 | 20,245 | |
SBA Communications Corp. Class A | 47,665 | 17,110 | |
Welltower Inc. | 184,030 | 16,108 | |
* | CoStar Group Inc. | 171,820 | 14,560 |
AvalonBay Communities Inc. | 61,665 | 14,157 | |
* | CBRE Group Inc. Class A | 146,701 | 14,127 |
Equity Residential | 161,814 | 13,604 | |
Alexandria Real Estate Equities Inc. | 64,531 | 13,317 | |
Realty Income Corp. | 164,802 | 11,902 | |
Extra Space Storage Inc. | 57,800 | 10,803 | |
Invitation Homes Inc. | 248,958 | 10,252 | |
Sun Communities Inc. | 49,044 | 9,882 | |
Mid-America Apartment Communities Inc. | 50,426 | 9,700 | |
Essex Property Trust Inc. | 28,672 | 9,483 | |
Ventas Inc. | 165,939 | 9,283 | |
Healthpeak Properties Inc. | 239,350 | 8,617 | |
Duke Realty Corp. | 163,515 | 8,586 | |
Boston Properties Inc. | 69,167 | 7,815 | |
* | Zillow Group Inc. Class C | 73,717 | 7,060 |
UDR Inc. | 130,246 | 7,036 | |
Equity LifeStyle Properties Inc. | 76,800 | 6,533 | |
WP Carey Inc. | 78,182 | 6,108 | |
Iron Mountain Inc. | 127,624 | 6,094 | |
Kimco Realty Corp. | 258,544 | 5,634 | |
* | Host Hotels & Resorts Inc. | 311,000 | 5,150 |
Regency Centers Corp. | 73,802 | 5,064 | |
VEREIT Inc. | 99,418 | 5,024 | |
Federal Realty Investment Trust | 33,924 | 4,131 | |
Vornado Realty Trust | 76,958 | 3,223 | |
* | Zillow Group Inc. Class A | 24,150 | 2,309 |
476,458 | |||
Technology (34.3%) | |||
Apple Inc. | 6,922,658 | 1,051,067 | |
Microsoft Corp. | 3,322,907 | 1,003,119 | |
* | Facebook Inc. Class A | 1,055,397 | 400,397 |
* | Alphabet Inc. Class A | 132,887 | 384,568 |
* | Alphabet Inc. Class C | 124,846 | 363,207 |
NVIDIA Corp. | 1,054,880 | 236,135 | |
* | Adobe Inc. | 210,494 | 139,705 |
* | salesforce.com Inc. | 407,560 | 108,113 |
Intel Corp. | 1,782,176 | 96,344 | |
Broadcom Inc. | 175,972 | 87,495 | |
Texas Instruments Inc. | 407,084 | 77,716 | |
QUALCOMM Inc. | 497,313 | 72,951 | |
Oracle Corp. | 767,564 | 68,413 | |
Intuit Inc. | 112,475 | 63,673 | |
* | Advanced Micro Devices Inc. | 533,770 | 59,099 |
* | ServiceNow Inc. | 86,984 | 55,986 |
Applied Materials Inc. | 403,495 | 54,524 | |
Analog Devices Inc. | 236,602 | 38,554 | |
Lam Research Corp. | 62,729 | 37,940 | |
* | Micron Technology Inc. | 494,607 | 36,453 |
* | Autodesk Inc. | 96,862 | 30,036 |
Shares | Market Value• ($000) | ||
* | Zoom Video Communications Inc. Class A | 93,931 | 27,193 |
NXP Semiconductors NV | 121,558 | 26,151 | |
* | Twilio Inc. Class A | 71,420 | 25,494 |
* | DocuSign Inc. Class A | 83,831 | 24,834 |
KLA Corp. | 67,601 | 22,982 | |
* | Synopsys Inc. | 67,080 | 22,287 |
* | Workday Inc. Class A | 81,287 | 22,204 |
* | Twitter Inc. | 343,529 | 22,158 |
Marvell Technology Inc. | 356,844 | 21,835 | |
* | Atlassian Corp. plc Class A | 58,200 | 21,363 |
* | Crowdstrike Holdings Inc. Class A | 70,844 | 19,907 |
* | Cadence Design Systems Inc. | 121,475 | 19,859 |
* | Palo Alto Networks Inc. | 41,890 | 19,313 |
* | Fortinet Inc. | 58,900 | 18,562 |
Cognizant Technology Solutions Corp. Class A | 231,457 | 17,662 | |
Microchip Technology Inc. | 109,782 | 17,275 | |
* | Xilinx Inc. | 108,099 | 16,819 |
HP Inc. | 548,966 | 16,326 | |
* | EPAM Systems Inc. | 23,779 | 15,048 |
* | Okta Inc. | 54,558 | 14,382 |
* | Datadog Inc. Class A | 100,203 | 13,808 |
* | HubSpot Inc. | 19,679 | 13,470 |
Skyworks Solutions Inc. | 73,057 | 13,403 | |
* | Cloudflare Inc. Class A | 110,703 | 13,366 |
* | Pinterest Inc. Class A | 240,013 | 13,338 |
CDW Corp. | 62,045 | 12,447 | |
* | Dell Technologies Inc. Class C | 121,363 | 11,828 |
* | Gartner Inc. | 36,858 | 11,380 |
* | Splunk Inc. | 71,982 | 11,004 |
* | Paycom Software Inc. | 22,300 | 10,902 |
* | Yandex NV Class A | 141,182 | 10,857 |
Monolithic Power Systems Inc. | 19,672 | 9,736 | |
* | Zscaler Inc. | 34,358 | 9,563 |
* | Qorvo Inc. | 50,100 | 9,420 |
* | VeriSign Inc. | 43,407 | 9,387 |
* | MongoDB Inc. Class A | 23,000 | 9,012 |
* | RingCentral Inc. Class A | 35,358 | 8,919 |
Teradyne Inc. | 73,300 | 8,902 | |
Hewlett Packard Enterprise Co. | 569,467 | 8,804 | |
NetApp Inc. | 98,565 | 8,765 | |
* | Tyler Technologies Inc. | 17,879 | 8,684 |
* | Western Digital Corp. | 135,498 | 8,563 |
* | Akamai Technologies Inc. | 70,327 | 7,965 |
* | Coupa Software Inc. | 32,258 | 7,897 |
Seagate Technology Holdings plc | 86,874 | 7,609 | |
* | Zendesk Inc. | 52,100 | 6,440 |
NortonLifeLock Inc. | 241,969 | 6,427 | |
* | Ceridian HCM Holding Inc. | 56,389 | 6,335 |
* | PTC Inc. | 46,100 | 6,070 |
* | Check Point Software Technologies Ltd. | 46,058 | 5,786 |
Citrix Systems Inc. | 54,962 | 5,654 | |
* | GoDaddy Inc. Class A | 74,900 | 5,491 |
*,1 | VMware Inc. Class A | 35,674 | 5,311 |
* | F5 Networks Inc. | 25,995 | 5,292 |
* | Wix.com Ltd. | 23,200 | 5,152 |
* | Clarivate plc | 182,646 | 4,601 |
Shares | Market Value• ($000) | ||
Amdocs Ltd. | 56,525 | 4,354 | |
* | Flex Ltd. | 215,800 | 4,010 |
* | Arrow Electronics Inc. | 31,988 | 3,878 |
5,210,979 | |||
Telecommunications (3.7%) | |||
Comcast Corp. Class A | 2,011,306 | 122,046 | |
Cisco Systems Inc. | 1,863,098 | 109,960 | |
Verizon Communications Inc. | 1,826,313 | 100,447 | |
AT&T Inc. | 3,150,958 | 86,399 | |
* | Charter Communications Inc. Class A | 57,991 | 47,359 |
* | T-Mobile U.S. Inc. | 260,036 | 35,630 |
Motorola Solutions Inc. | 73,530 | 17,958 | |
* | Arista Networks Inc. | 26,507 | 9,795 |
Lumen Technologies Inc. | 484,900 | 5,964 | |
* | DISH Network Corp. Class A | 108,872 | 4,746 |
* | Liberty Global plc Class C | 157,700 | 4,570 |
Juniper Networks Inc. | 142,825 | 4,139 | |
* | Altice USA Inc. Class A | 94,330 | 2,588 |
* | Liberty Global plc Class A | 72,200 | 2,075 |
Ubiquiti Inc. | 2,700 | 879 | |
554,555 | |||
Utilities (0.9%) | |||
Waste Management Inc. | 185,962 | 28,844 | |
Sempra Energy | 138,710 | 18,360 | |
American Water Works Co. Inc. | 80,041 | 14,587 | |
Republic Services Inc. Class A | 92,549 | 11,488 | |
Consolidated Edison Inc. | 151,225 | 11,410 | |
PPL Corp. | 339,837 | 9,974 | |
Edison International | 164,741 | 9,529 | |
CMS Energy Corp. | 127,205 | 8,158 | |
AES Corp. | 288,434 | 6,885 | |
Alliant Energy Corp. | 109,100 | 6,632 | |
CenterPoint Energy Inc. | 257,857 | 6,470 | |
Atmos Energy Corp. | 56,410 | 5,500 | |
NiSource Inc. | 169,805 | 4,186 | |
Avangrid Inc. | 24,239 | 1,325 | |
143,348 | |||
Total Common Stocks (Cost $8,277,026) | 15,165,791 | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.068% (Cost $58,580) | 585,795 | 58,580 |
Total Investments (100.1%) (Cost $8,335,606) | 15,224,371 | ||
Other Assets and Liabilities— Net (-0.1%) | (21,385) | ||
Net Assets (100%) | 15,202,986 | ||
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 $5,664,000. |
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 $5,806,000 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 | September 2021 | 143 | 32,322 | 123 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $8,277,026) | 15,165,791 |
Affiliated Issuers (Cost $58,580) | 58,580 |
Total Investments in Securities | 15,224,371 |
Investment in Vanguard | 487 |
Cash | 37 |
Cash Collateral Pledged—Futures Contracts | 635 |
Receivables for Investment Securities Sold | 27 |
Receivables for Accrued Income | 11,178 |
Receivables for Capital Shares Issued | 29,254 |
Total Assets | 15,265,989 |
Liabilities | |
Payables for Investment Securities Purchased | 52,733 |
Collateral for Securities on Loan | 5,806 |
Payables for Capital Shares Redeemed | 3,592 |
Payables to Vanguard | 859 |
Variation Margin Payable—Futures Contracts | 13 |
Total Liabilities | 63,003 |
Net Assets | 15,202,986 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 8,769,009 |
Total Distributable Earnings (Loss) | 6,433,977 |
Net Assets | 15,202,986 |
Admiral Shares—Net Assets | |
Applicable to 193,111,712 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 8,573,127 |
Net Asset Value Per Share—Admiral Shares | $44.39 |
Institutional Shares—Net Assets | |
Applicable to 207,453,855 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,629,859 |
Net Asset Value Per Share—Institutional Shares | $31.96 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 148,506 |
Interest2 | 24 |
Securities Lending—Net | 101 |
Total Income | 148,631 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,747 |
Management and Administrative—Admiral Shares | 7,922 |
Management and Administrative—Institutional Shares | 5,045 |
Marketing and Distribution—Admiral Shares | 282 |
Marketing and Distribution—Institutional Shares | 157 |
Custodian Fees | 70 |
Auditing Fees | 29 |
Shareholders’ Reports—Admiral Shares | 66 |
Shareholders’ Reports—Institutional Shares | 77 |
Trustees’ Fees and Expenses | 5 |
Total Expenses | 15,400 |
Net Investment Income | 133,231 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 23,991 |
Futures Contracts | 8,897 |
Realized Net Gain (Loss) | 32,888 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 3,136,291 |
Futures Contracts | (148) |
Change in Unrealized Appreciation (Depreciation) | 3,136,143 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,302,262 |
1 | Dividends are net of foreign withholding taxes of $31,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $23,000, $0, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $50,057,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 133,231 | 118,476 |
Realized Net Gain (Loss) | 32,888 | (431,510) |
Change in Unrealized Appreciation (Depreciation) | 3,136,143 | 2,226,427 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,302,262 | 1,913,393 |
Distributions | ||
Investor Shares | — | (124) |
Admiral Shares | (71,878) | (65,035) |
Institutional Shares | (55,315) | (50,308) |
Total Distributions | (127,193) | (115,467) |
Capital Share Transactions | ||
Investor Shares | — | (59,575) |
Admiral Shares | 1,467,446 | 804,650 |
Institutional Shares | 1,251,775 | 528,553 |
Net Increase (Decrease) from Capital Share Transactions | 2,719,221 | 1,273,628 |
Total Increase (Decrease) | 5,894,290 | 3,071,554 |
Net Assets | ||
Beginning of Period | 9,308,696 | 6,237,142 |
End of Period | 15,202,986 | 9,308,696 |
Admiral Shares | |||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | February 7, 20191 to August 31, 2019 | |
2021 | 2020 | ||
Net Asset Value, Beginning of Period | $34.27 | $27.27 | $25.00 |
Investment Operations | |||
Net Investment Income2 | .432 | .465 | .273 |
Net Realized and Unrealized Gain (Loss) on Investments | 10.110 | 6.996 | 2.183 |
Total from Investment Operations | 10.542 | 7.461 | 2.456 |
Distributions | |||
Dividends from Net Investment Income | (.422) | (.461) | (.186) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.422) | (.461) | (.186) |
Net Asset Value, End of Period | $44.39 | $34.27 | $27.27 |
Total Return3 | 31.04% | 27.83% | 9.85% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $8,573 | $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 | 1.13% | 1.60% | 1.79%4 |
Portfolio Turnover Rate | 4%5 | 18% | 11%5,6 |
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 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
6 | Reflects the fund’s portfolio turnover for the fiscal year ended August 31, 2019. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $24.67 | $19.63 | $19.28 | $16.15 | $13.96 |
Investment Operations | |||||
Net Investment Income1 | .317 | .339 | .314 | .305 | .271 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.282 | 5.037 | .351 | 3.105 | 2.175 |
Total from Investment Operations | 7.599 | 5.376 | .665 | 3.410 | 2.446 |
Distributions | |||||
Dividends from Net Investment Income | (.309) | (.336) | (.315) | (.280) | (.256) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.309) | (.336) | (.315) | (.280) | (.256) |
Net Asset Value, End of Period | $31.96 | $24.67 | $19.63 | $19.28 | $16.15 |
Total Return | 31.09% | 27.86% | 3.58% | 21.34% | 17.72% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $6,630 | $4,003 | $2,701 | $2,349 | $1,443 |
Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to Average Net Assets | 1.15% | 1.62% | 1.49% | 1.71% | 1.79% |
Portfolio Turnover Rate | 4%2 | 18% | 11%2 | 8%2 | 11%2 |
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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 50,045 |
Total Distributable Earnings (Loss) | (50,045) |
Amount ($000) | |
Undistributed Ordinary Income | 31,685 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (466,746) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 6,869,038 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 127,193 | 115,467 |
Long-Term Capital Gains | — | — |
Total | 127,193 | 115,467 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 8,355,333 |
Gross Unrealized Appreciation | 6,971,956 |
Gross Unrealized Depreciation | (102,918) |
Net Unrealized Appreciation (Depreciation) | 6,869,038 |
E. | During the year ended August 31, 2021, the fund purchased $3,282,987,000 of investment securities and sold $565,810,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $110,254,000, 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: |
Year Ended August 31, | |||||
2021 | 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) | |
Admiral Shares | |||||
Issued1 | 2,693,123 | 70,662 | 1,697,269 | 58,728 | |
Issued in Lieu of Cash Distributions | 62,679 | 1,718 | 56,851 | 2,114 | |
Redeemed | (1,288,356) | (34,072) | (949,470) | (33,560) | |
Net Increase (Decrease)—Admiral Shares | 1,467,446 | 38,308 | 804,650 | 27,282 |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued | 1,839,997 | 67,229 | 1,143,683 | 54,448 | |
Issued in Lieu of Cash Distributions | 54,024 | 2,056 | 48,991 | 2,528 | |
Redeemed | (642,246) | (24,102) | (664,121) | (32,286) | |
Net Increase (Decrease)—Institutional Shares | 1,251,775 | 45,183 | 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 August 31, 2021, that would require recognition or disclosure in these financial statements. |
Index Fund
Philadelphia, Pennsylvania
October 18, 2021
Matthew Benchener | Chris D. Mclsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img059899e46.jpg)
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img51c839341.jpg)
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 |
Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
Communication Services Index Fund | 5 |
Consumer Discretionary Index Fund | 18 |
Consumer Staples Index Fund | 31 |
Energy Index Fund | 42 |
Financials Index Fund | 54 |
Health Care Index Fund | 69 |
Industrials Index Fund | 84 |
Information Technology Index Fund | 98 |
Materials Index Fund | 112 |
Utilities Index Fund | 123 |
Trustees Approve Advisory Arrangements | 135 |
Liquidity Risk Management | 136 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img7fff732a2.gif)
• | All ten Vanguard U.S. Sector Index Funds had double-digit returns—ranging from about 15% to about 58%—for the 12 months ended August 31, 2021. Each fund closely tracked its target index. |
• | The global economy rebounded more quickly than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that were more successful in containing the virus generally fared better economically. Swift and extensive fiscal and monetary support from policymakers was also key to the rebound. Stocks rose broadly during the 12 months under review following the sharp contraction. |
• | Returns were strongest for Vanguard Financials Index, Energy Index, and Materials Index Funds. At the low end were Vanguard Consumer Staples Index and Utilities Index Funds. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
• | 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 August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Communication Services Index Fund | |||
ETF Shares | $1,000.00 | $1,170.20 | $0.55 |
Admiral™ Shares | 1,000.00 | 1,170.20 | 0.55 |
Consumer Discretionary Index Fund | |||
ETF Shares | $1,000.00 | $1,132.30 | $0.54 |
Admiral Shares | 1,000.00 | 1,132.40 | 0.54 |
Consumer Staples Index Fund | |||
ETF Shares | $1,000.00 | $1,145.40 | $0.54 |
Admiral Shares | 1,000.00 | 1,145.60 | 0.54 |
Energy Index Fund | |||
ETF Shares | $1,000.00 | $1,039.40 | $0.51 |
Admiral Shares | 1,000.00 | 1,040.00 | 0.51 |
Financials Index Fund | |||
ETF Shares | $1,000.00 | $1,192.70 | $0.55 |
Admiral Shares | 1,000.00 | 1,192.90 | 0.55 |
Health Care Index Fund | |||
ETF Shares | $1,000.00 | $1,173.80 | $0.55 |
Admiral Shares | 1,000.00 | 1,173.90 | 0.55 |
Industrials Index Fund | |||
ETF Shares | $1,000.00 | $1,136.70 | $0.54 |
Admiral Shares | 1,000.00 | 1,136.70 | 0.54 |
Information Technology Index Fund | |||
ETF Shares | $1,000.00 | $1,200.00 | $0.55 |
Admiral Shares | 1,000.00 | 1,200.00 | 0.55 |
Materials Index Fund | |||
ETF Shares | $1,000.00 | $1,175.50 | $0.55 |
Admiral Shares | 1,000.00 | 1,175.70 | 0.55 |
Utilities Index Fund | |||
ETF Shares | $1,000.00 | $1,182.40 | $0.55 |
Admiral Shares | 1,000.00 | 1,182.40 | 0.55 |
Six Months Ended August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Hypothetical 5% Yearly Return | |||
Communication Services Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
Consumer Discretionary Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
Consumer Staples Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
Energy Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
Financials Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
Health Care Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
Industrials Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
Information Technology Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
Materials Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
Utilities Index Fund | |||
ETF Shares | $1,000.00 | $1,024.70 | $0.51 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.51 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/imgcd2153f03.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Communication Services Index Fund ETF Shares Net Asset Value | 39.75% | 11.72% | 11.78% | $30,447 |
Communication Services Index Fund ETF Shares Market Price | 39.69 | 11.74 | 11.77 | 30,425 | |
![]() | Communication Services Spliced Index | 39.84 | 11.67 | 11.77 | 30,417 |
![]() | MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 45,188 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Communication Services Index Fund Admiral Shares | 39.76% | 11.72% | 11.79% | $304,873 | |
Communication Services Spliced Index | 39.84 | 11.67 | 11.77 | 304,173 | |
MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 451,882 |
One Year | Five Years | Ten Years | |
Communication Services Index Fund ETF Shares Market Price | 39.69% | 74.19% | 204.25% |
Communication Services Index Fund ETF Shares Net Asset Value | 39.75 | 74.02 | 204.47 |
Communication Services Spliced Index | 39.84 | 73.67 | 204.17 |
Diversified Telecommunication Services | 11.4% |
Entertainment | 18.5 |
Interactive Media & Services | 49.1 |
Media | 18.6 |
Wireless Telecommunication Services | 2.4 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Diversified Telecommunication Services (11.4%) | |||
AT&T Inc. | 7,633,382 | 209,307 | |
Verizon Communications Inc. | 3,793,945 | 208,667 | |
Lumen Technologies Inc. | 2,039,482 | 25,086 | |
* | Liberty Global plc Class C | 812,263 | 23,539 |
* | Iridium Communications Inc. | 440,074 | 19,588 |
* | Liberty Global plc Class A | 613,881 | 17,643 |
Cogent Communications Holdings Inc. | 171,990 | 12,483 | |
* | Liberty Latin America Ltd. Class C | 649,260 | 9,343 |
* | Bandwidth Inc. Class A | 87,385 | 8,992 |
* | Globalstar Inc. | 2,882,461 | 5,736 |
* | Radius Global Infrastructure Inc. Class A (XNMS) | 233,756 | 4,180 |
* | ORBCOMM Inc. | 317,831 | 3,652 |
* | Cincinnati Bell Inc. | 195,541 | 3,029 |
* | Anterix Inc. | 45,941 | 2,711 |
* | Consolidated Communications Holdings Inc. | 289,333 | 2,682 |
* | Liberty Latin America Ltd. Class A | 163,558 | 2,332 |
ATN International Inc. | 44,779 | 2,042 | |
561,012 | |||
Entertainment (18.5%) | |||
* | Walt Disney Co. | 1,474,181 | 267,269 |
* | Netflix Inc. | 386,056 | 219,739 |
Activision Blizzard Inc. | 930,293 | 76,628 | |
Electronic Arts Inc. | 377,370 | 54,798 | |
* | Roku Inc. | 151,985 | 53,560 |
1 | AMC Entertainment Holdings Inc. Class A | 1,003,600 | 47,300 |
* | Take-Two Interactive Software Inc. | 192,800 | 31,083 |
* | Live Nation Entertainment Inc. | 321,049 | 27,835 |
* | Liberty Media Corp.-Liberty Formula One Class C | 456,950 | 23,094 |
* | Zynga Inc. Class A | 2,415,198 | 21,375 |
Warner Music Group Corp. Class A | 399,829 | 15,193 | |
* | Madison Square Garden Sports Corp. | 59,042 | 10,674 |
World Wrestling Entertainment Inc. Class A | 181,882 | 9,478 | |
* | Playtika Holding Corp. | 329,329 | 8,691 |
* | Madison Square Garden Entertainment Corp. | 98,008 | 7,859 |
Cinemark Holdings Inc. | 408,437 | 7,282 | |
* | Lions Gate Entertainment Corp. Class A | 359,946 | 4,651 |
*,1 | Skillz Inc. Class A | 394,237 | 4,640 |
* | Liberty Media Corp.- Liberty Braves Class C | 155,682 | 4,024 |
Shares | Market Value• ($000) | ||
* | Lions Gate Entertainment Corp. Class B | 337,978 | 3,975 |
* | Imax Corp. | 202,725 | 3,185 |
*,1 | CuriosityStream Inc. | 116,198 | 1,452 |
Marcus Corp. | 87,079 | 1,358 | |
* | Liberty Media Corp.- Liberty Braves Class A | 33,901 | 881 |
* | Endeavor Group Holdings Inc. Class A | 1,177 | 31 |
906,055 | |||
Interactive Media & Services (49.0%) | |||
* | Facebook Inc. Class A | 2,236,440 | 848,461 |
* | Alphabet Inc. Class A | 196,773 | 569,451 |
* | Alphabet Inc. Class C | 188,143 | 547,353 |
* | Snap Inc. Class A | 1,134,450 | 86,343 |
* | Twitter Inc. | 1,002,277 | 64,647 |
* | Match Group Inc. | 351,078 | 48,252 |
* | ZoomInfo Technologies Inc. Class A | 604,836 | 39,429 |
* | Pinterest Inc. Class A | 679,453 | 37,757 |
* | Zillow Group Inc. Class C | 298,677 | 28,604 |
* | IAC/InterActiveCorp. | 177,245 | 23,405 |
* | Vimeo Inc. | 558,161 | 21,277 |
* | Zillow Group Inc. Class A | 195,421 | 18,682 |
TripAdvisor Inc. | 399,243 | 13,973 | |
* | Bumble Inc. Class A | 240,848 | 13,126 |
* | Yelp Inc. Class A | 299,512 | 11,534 |
* | Cargurus Inc. | 318,163 | 9,666 |
*,1 | fuboTV Inc. | 197,627 | 5,761 |
* | Eventbrite Inc. Class A | 286,122 | 5,059 |
* | QuinStreet Inc. | 204,758 | 3,667 |
* | Cars.com Inc. | 276,029 | 3,511 |
* | Angi Inc. Class A | 281,723 | 2,998 |
* | TrueCar Inc. | 357,313 | 1,501 |
* | Mediaalpha Inc. Class A | 62,106 | 1,378 |
* | EverQuote Inc. Class A | 67,424 | 1,328 |
* | Liberty TripAdvisor Holdings Inc. Class A | 290,688 | 1,087 |
2,408,250 | |||
Media (18.5%) | |||
Comcast Corp. Class A | 3,560,937 | 216,078 | |
* | Charter Communications Inc. Class A | 163,011 | 133,125 |
ViacomCBS Inc. Class B | 922,058 | 38,219 | |
* | Liberty Broadband Corp. Class C | 195,075 | 37,322 |
Interpublic Group of Cos. Inc. | 791,800 | 29,479 | |
Omnicom Group Inc. | 390,736 | 28,610 | |
Fox Corp. Class A | 683,912 | 25,606 | |
Cable One Inc. | 11,607 | 24,370 | |
* | Liberty Broadband Corp. Class A | 129,748 | 24,103 |
* | DISH Network Corp. Class A | 542,124 | 23,631 |
* | Discovery Inc. Class C | 782,437 | 21,587 |
Shares | Market Value• ($000) | ||
* | Liberty Media Corp.- Liberty SiriusXM Class C | 432,184 | 21,328 |
News Corp. Class A | 944,873 | 21,231 | |
New York Times Co. Class A | 406,977 | 20,666 | |
Nexstar Media Group Inc. Class A | 131,309 | 19,664 | |
* | Altice USA Inc. Class A | 680,638 | 18,677 |
*,1 | Discovery Inc. Class A | 620,252 | 17,888 |
Fox Corp. Class B | 510,231 | 17,669 | |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 336,072 | 16,636 |
1 | Sirius XM Holdings Inc. | 2,390,187 | 14,987 |
TEGNA Inc. | 843,253 | 14,943 | |
* | Magnite Inc. | 492,391 | 14,289 |
* | Cardlytics Inc. | 132,197 | 12,001 |
News Corp. Class B | 538,617 | 11,866 | |
* | iHeartMedia Inc. Class A | 449,589 | 11,186 |
John Wiley & Sons Inc. Class A | 178,765 | 10,386 | |
* | TechTarget Inc. | 101,825 | 8,612 |
Gray Television Inc. | 320,582 | 7,290 | |
Meredith Corp. | 163,157 | 7,017 | |
Sinclair Broadcast Group Inc. Class A | 196,881 | 5,908 | |
* | AMC Networks Inc. Class A | 111,191 | 5,285 |
* | WideOpenWest Inc. | 210,102 | 4,458 |
EW Scripps Co. Class A | 212,051 | 3,931 | |
Scholastic Corp. | 105,027 | 3,491 | |
* | Clear Channel Outdoor Holdings Inc. | 1,324,776 | 3,484 |
* | Gannett Co. Inc. | 544,225 | 3,456 |
* | Boston Omaha Corp. Class A | 68,795 | 2,459 |
* | Advantage Solutions Inc. | 255,880 | 2,229 |
* | Thryv Holdings Inc. | 60,936 | 1,888 |
Loral Space & Communications Inc. | 43,072 | 1,810 | |
Entercom Communications Corp. Class A | 495,606 | 1,759 | |
* | Hemisphere Media Group Inc. Class A | 65,586 | 808 |
* | PubMatic Inc. Class A | 21,739 | 634 |
910,066 | |||
Wireless Telecommunication Services (2.4%) | |||
* | T-Mobile U.S. Inc. | 714,785 | 97,940 |
Telephone and Data Systems Inc. | 387,439 | 7,873 | |
Shenandoah Telecommunications Co. | 190,727 | 5,689 | |
*,1 | Gogo Inc. | 198,420 | 2,669 |
* | U.S. Cellular Corp. | 53,301 | 1,703 |
115,874 | |||
Total Common Stocks (Cost $3,659,454) | 4,901,257 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (1.1%) | |||
Money Market Fund (1.1%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.068% (Cost $53,930) | 539,312 | 53,931 |
Total Investments (100.9%) (Cost $3,713,384) | 4,955,188 | ||
Other Assets and Liabilities—Net (-0.9%) | (43,519) | ||
Net Assets (100.0%) | 4,911,669 | ||
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 $45,517,000. |
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 $44,707,000 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) (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Pinterest Inc. | 8/31/22 | BOANA | 5,946 | (0.080)1 | — | — |
Sirius XM Holdings Inc. | 1/31/22 | GSI | 3,945 | (0.089)2 | 139 | — |
139 | — |
1 | Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
2 | 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 $3,659,454) | 4,901,257 |
Affiliated Issuers (Cost $53,930) | 53,931 |
Total Investments in Securities | 4,955,188 |
Investment in Vanguard | 158 |
Receivables for Investment Securities Sold | 134,855 |
Receivables for Accrued Income | 1,294 |
Receivables for Capital Shares Issued | 136 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 139 |
Total Assets | 5,091,770 |
Liabilities | |
Due to Custodian | 3,662 |
Payables for Investment Securities Purchased | 129,673 |
Collateral for Securities on Loan | 44,707 |
Payables for Capital Shares Redeemed | 1,848 |
Payables to Vanguard | 211 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | — |
Total Liabilities | 180,101 |
Net Assets | 4,911,669 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 4,028,240 |
Total Distributable Earnings (Loss) | 883,429 |
Net Assets | 4,911,669 |
ETF Shares—Net Assets | |
Applicable to 31,943,227 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,787,448 |
Net Asset Value Per Share—ETF Shares | $149.87 |
Admiral Shares—Net Assets | |
Applicable to 1,626,426 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 124,221 |
Net Asset Value Per Share—Admiral Shares | $76.38 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 32,191 |
Interest1 | 4 |
Securities Lending—Net | 504 |
Total Income | 32,699 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 547 |
Management and Administrative— ETF Shares | 2,669 |
Management and Administrative— Admiral Shares | 72 |
Marketing and Distribution— ETF Shares | 153 |
Marketing and Distribution— Admiral Shares | 4 |
Custodian Fees | 5 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 157 |
Shareholders’ Reports—Admiral Shares | 1 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 3,639 |
Net Investment Income | 29,060 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 375,611 |
Futures Contracts | (29) |
Swap Contracts | 1,088 |
Realized Net Gain (Loss) | 376,670 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 803,203 |
Swap Contracts | 212 |
Change in Unrealized Appreciation (Depreciation) | 803,415 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,209,145 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,000, $1,000, and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $371,541,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 29,060 | 24,581 |
Realized Net Gain (Loss) | 376,670 | 108,871 |
Change in Unrealized Appreciation (Depreciation) | 803,415 | 434,730 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,209,145 | 568,182 |
Distributions | ||
ETF Shares | (24,537) | (22,506) |
Admiral Shares | (631) | (540) |
Total Distributions | (25,168) | (23,046) |
Capital Share Transactions | ||
ETF Shares | 719,965 | 364,805 |
Admiral Shares | 26,851 | 4,709 |
Net Increase (Decrease) from Capital Share Transactions | 746,816 | 369,514 |
Total Increase (Decrease) | 1,930,793 | 914,650 |
Net Assets | ||
Beginning of Period | 2,980,876 | 2,066,226 |
End of Period | 4,911,669 | 2,980,876 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $108.04 | $87.24 | $86.83 | $93.54 | $95.16 |
Investment Operations | |||||
Net Investment Income1 | 1.018 | 1.005 | .917 | 3.067 | 3.108 |
Net Realized and Unrealized Gain (Loss) on Investments | 41.708 | 20.743 | .316 | (6.297) | (1.587) |
Total from Investment Operations | 42.726 | 21.748 | 1.233 | (3.230) | 1.521 |
Distributions | |||||
Dividends from Net Investment Income | (.896) | (.948) | (.823) | (3.480) | (3.141) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.896) | (.948) | (.823) | (3.480) | (3.141) |
Net Asset Value, End of Period | $149.87 | $108.04 | $87.24 | $86.83 | $93.54 |
Total Return | 39.75% | 25.15% | 1.47% | -3.50% | 1.62% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,787 | $2,914 | $2,016 | $1,015 | $1,388 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.80% | 1.09% | 1.09% | 3.48% | 3.26% |
Portfolio Turnover Rate2 | 15% | 15% | 33% | 84% | 18% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $55.06 | $44.46 | $44.25 | $47.67 | $48.50 |
Investment Operations | |||||
Net Investment Income1 | .519 | .512 | .470 | 1.554 | 1.601 |
Net Realized and Unrealized Gain (Loss) on Investments | 21.259 | 10.571 | .157 | (3.199) | (.829) |
Total from Investment Operations | 21.778 | 11.083 | .627 | (1.645) | .772 |
Distributions | |||||
Dividends from Net Investment Income | (.458) | (.483) | (.417) | (1.775) | (1.602) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.458) | (.483) | (.417) | (1.775) | (1.602) |
Net Asset Value, End of Period | $76.38 | $55.06 | $44.46 | $44.25 | $47.67 |
Total Return2 | 39.76% | 25.16% | 1.46% | -3.48% | 1.61% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $124 | $67 | $50 | $46 | $50 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.79% | 1.10% | 1.09% | 3.48% | 3.26% |
Portfolio Turnover Rate3 | 15% | 15% | 33% | 84% | 18% |
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 | 4,901,257 | — | — | 4,901,257 |
Temporary Cash Investments | 53,931 | — | — | 53,931 |
Total | 4,955,188 | — | — | 4,955,188 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 139 | — | 139 |
Liabilities | ||||
Swap Contracts | — | — | — | — |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 370,966 |
Total Distributable Earnings (Loss) | (370,966) |
Amount ($000) | |
Undistributed Ordinary Income | 11,792 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (364,946) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,236,583 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 25,168 | 23,046 |
Long-Term Capital Gains | — | — |
Total | 25,168 | 23,046 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,718,606 |
Gross Unrealized Appreciation | 1,360,440 |
Gross Unrealized Depreciation | (123,857) |
Net Unrealized Appreciation (Depreciation) | 1,236,583 |
E. | During the year ended August 31, 2021, the fund purchased $2,272,488,000 of investment securities and sold $1,526,320,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,651,055,000 and $976,726,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,693,617 | 12,776 | 1,330,015 | 14,802 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (973,652) | (7,800) | (965,210) | (10,950) | |
Net Increase (Decrease)—ETF Shares | 719,965 | 4,976 | 364,805 | 3,852 | |
Admiral Shares | |||||
Issued | 58,573 | 900 | 39,541 | 862 | |
Issued in Lieu of Cash Distributions | 544 | 9 | 448 | 10 | |
Redeemed | (32,266) | (504) | (35,280) | (771) | |
Net Increase (Decrease)—Admiral Shares | 26,851 | 405 | 4,709 | 101 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img29237b0b7.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Consumer Discretionary Index Fund ETF Shares Net Asset Value | 32.39% | 22.17% | 19.87% | $61,240 |
Consumer Discretionary Index Fund ETF Shares Market Price | 32.32 | 22.17 | 19.87 | 61,237 | |
![]() | Consumer Discretionary Spliced Index | 32.47 | 22.25 | 19.97 | 61,785 |
![]() | MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 45,188 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Consumer Discretionary Index Fund Admiral Shares | 32.39% | 22.18% | 19.87% | $612,572 | |
Consumer Discretionary Spliced Index | 32.47 | 22.25 | 19.97 | 617,855 | |
MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 451,882 |
One Year | Five Years | Ten Years | |
Consumer Discretionary Index Fund ETF Shares Market Price | 32.32% | 172.18% | 512.37% |
Consumer Discretionary Index Fund ETF Shares Net Asset Value | 32.39 | 172.18 | 512.40 |
Consumer Discretionary Spliced Index | 32.47 | 173.10 | 517.85 |
Auto Components | 2.5% |
Automobiles | 12.4 |
Distributors | 1.0 |
Diversified Consumer Services | 1.5 |
Hotels, Restaurants & Leisure | 17.0 |
Household Durables | 5.1 |
Internet & Direct Marketing Retail | 27.6 |
Leisure Products | 1.7 |
Multiline Retail | 4.2 |
Other | 0.0 |
Specialty Retail | 19.7 |
Textiles, Apparel & Luxury Goods | 7.3 |
Shares | Market Value• ($000) | ||
Common Stocks (100.1%) | |||
Auto Components (2.5%) | |||
* | Aptiv plc | 369,555 | 56,243 |
BorgWarner Inc. (XNYS) | 364,947 | 15,576 | |
Lear Corp. | 86,446 | 13,826 | |
Gentex Corp. | 373,849 | 11,515 | |
Autoliv Inc. | 128,472 | 11,356 | |
* | Fox Factory Holding Corp. | 67,982 | 10,447 |
* | Goodyear Tire & Rubber Co. | 500,280 | 7,924 |
* | Veoneer Inc. | 194,847 | 6,975 |
LCI Industries | 44,982 | 6,372 | |
* | Adient plc | 158,605 | 6,239 |
Dana Inc. | 260,158 | 6,051 | |
* | Gentherm Inc. | 66,494 | 5,706 |
* | Visteon Corp. | 48,827 | 5,160 |
* | Dorman Products Inc. | 52,579 | 4,935 |
* | Tenneco Inc. Class A | 230,129 | 3,590 |
* | American Axle & Manufacturing Holdings Inc. | 316,921 | 2,811 |
Standard Motor Products Inc. | 65,161 | 2,795 | |
* | Modine Manufacturing Co. | 172,898 | 2,151 |
* | Stoneridge Inc. | 87,859 | 2,047 |
* | Cooper-Standard Holdings Inc. | 65,976 | 1,536 |
* | XL Fleet Corp. | 40,059 | 272 |
* | XPEL Inc. | 3,181 | 242 |
Patrick Industries Inc. | 2,680 | 219 | |
* | Luminar Technologies Inc. Class A | 11,255 | 196 |
* | QuantumScape Corp. Class A | 8,858 | 195 |
184,379 | |||
Automobiles (12.4%) | |||
* | Tesla Inc. | 1,008,466 | 741,949 |
* | General Motors Co. | 1,752,236 | 85,877 |
* | Ford Motor Co. | 5,322,723 | 69,355 |
Thor Industries Inc. | 87,141 | 9,884 | |
Harley-Davidson Inc. | 243,344 | 9,619 | |
Winnebago Industries Inc. | 65,431 | 4,555 | |
*,1 | Fisker Inc. | 21,610 | 301 |
* | Workhorse Group Inc. | 29,507 | 290 |
*,1 | Canoo Inc. | 32,973 | 238 |
* | Lordstown Motors Corp. Class A | 28,826 | 190 |
922,258 | |||
Distributors (1.1%) | |||
Pool Corp. | 57,231 | 28,289 | |
Genuine Parts Co. | 207,612 | 25,368 | |
* | LKQ Corp. | 420,096 | 22,135 |
* | Funko Inc. Class A | 101,737 | 2,029 |
77,821 | |||
Diversified Consumer Services (1.5%) | |||
Service Corp. International | 255,200 | 16,016 | |
* | Chegg Inc. | 184,636 | 15,365 |
Shares | Market Value• ($000) | ||
* | Bright Horizons Family Solutions Inc. | 90,182 | 13,145 |
* | Terminix Global Holdings Inc. | 209,473 | 8,720 |
H&R Block Inc. | 324,829 | 8,332 | |
* | Grand Canyon Education Inc. | 78,128 | 6,964 |
* | frontdoor Inc. | 143,085 | 6,241 |
Graham Holdings Co. Class B | 8,080 | 4,984 | |
* | Houghton Mifflin Harcourt Co. | 335,607 | 4,521 |
* | Adtalem Global Education Inc. | 111,057 | 4,109 |
* | Laureate Education Inc. Class A | 246,868 | 3,933 |
* | Stride Inc. | 110,635 | 3,788 |
Strategic Education Inc. | 44,956 | 3,519 | |
Carriage Services Inc. Class A | 68,109 | 3,149 | |
* | OneSpaWorld Holdings Ltd. | 287,485 | 3,019 |
* | WW International Inc. | 120,134 | 2,601 |
* | Perdoceo Education Corp. | 205,315 | 2,254 |
* | American Public Education Inc. | 75,011 | 1,973 |
* | 2U Inc. | 6,949 | 257 |
* | Vivint Smart Home Inc. | 18,570 | 227 |
113,117 | |||
Hotels, Restaurants & Leisure (17.0%) | |||
McDonald's Corp. | 989,301 | 234,919 | |
Starbucks Corp. | 1,566,819 | 184,086 | |
* | Booking Holdings Inc. | 54,977 | 126,429 |
* | Chipotle Mexican Grill Inc. Class A | 36,246 | 68,988 |
Yum! Brands Inc. | 407,620 | 53,410 | |
* | Marriott International Inc. Class A | 380,383 | 51,405 |
* | Hilton Worldwide Holdings Inc. | 384,225 | 47,974 |
Domino's Pizza Inc. | 55,224 | 28,545 | |
Darden Restaurants Inc. | 187,333 | 28,222 | |
* | Expedia Group Inc. | 193,455 | 27,954 |
* | Caesars Entertainment Inc. | 268,007 | 27,238 |
* | Royal Caribbean Cruises Ltd. | 321,959 | 26,636 |
MGM Resorts International | 573,534 | 24,444 | |
* | Carnival Corp. | 997,694 | 24,084 |
* | Las Vegas Sands Corp. | 487,961 | 21,768 |
* | Vail Resorts Inc. | 59,398 | 18,107 |
* | Penn National Gaming Inc. | 222,568 | 18,050 |
* | Wynn Resorts Ltd. | 151,468 | 15,403 |
* | Norwegian Cruise Line Holdings Ltd. | 513,901 | 13,279 |
Aramark | 349,333 | 12,153 | |
Churchill Downs Inc. | 55,100 | 11,599 | |
Wyndham Hotels & Resorts Inc. | 149,298 | 10,854 | |
* | Planet Fitness Inc. Class A | 130,457 | 10,606 |
Shares | Market Value• ($000) | ||
Texas Roadhouse Inc. Class A | 106,423 | 10,110 | |
* | Marriott Vacations Worldwide Corp. | 65,126 | 9,740 |
* | Boyd Gaming Corp. | 139,585 | 8,566 |
Wingstop Inc. | 49,513 | 8,513 | |
* | Scientific Games Corp. Class A | 109,537 | 7,925 |
Travel + Leisure Co. | 143,445 | 7,855 | |
Wendy's Co. | 329,517 | 7,586 | |
Choice Hotels International Inc. | 63,059 | 7,527 | |
Papa John's International Inc. | 55,438 | 7,070 | |
* | Red Rock Resorts Inc. Class A | 139,294 | 6,520 |
* | Hilton Grand Vacations Inc. | 149,078 | 6,513 |
* | Six Flags Entertainment Corp. | 139,164 | 5,878 |
Cracker Barrel Old Country Store Inc. | 40,422 | 5,804 | |
* | Hyatt Hotels Corp. Class A | 72,020 | 5,300 |
* | Shake Shack Inc. Class A | 59,349 | 5,149 |
* | Everi Holdings Inc. | 219,993 | 5,005 |
* | SeaWorld Entertainment Inc. | 100,999 | 4,968 |
Jack in the Box Inc. | 43,431 | 4,602 | |
* | Brinker International Inc. | 84,967 | 4,526 |
* | Bloomin' Brands Inc. | 160,490 | 4,300 |
* | Cheesecake Factory Inc. | 88,424 | 4,125 |
* | Bally's Corp. | 73,891 | 3,712 |
* | Dave & Buster's Entertainment Inc. | 95,874 | 3,588 |
* | Golden Entertainment Inc. | 73,861 | 3,525 |
* | Dine Brands Global Inc. | 39,734 | 3,287 |
* | Denny's Corp. | 182,897 | 3,025 |
* | Playa Hotels & Resorts NV | 381,282 | 2,787 |
* | Monarch Casino & Resort Inc. | 43,161 | 2,735 |
* | BJ's Restaurants Inc. | 59,105 | 2,527 |
* | Accel Entertainment Inc. Class A | 210,916 | 2,430 |
* | Ruth's Hospitality Group Inc. | 114,294 | 2,342 |
* | Chuy's Holdings Inc. | 63,057 | 2,034 |
* | El Pollo Loco Holdings Inc. | 102,003 | 1,850 |
* | Lindblad Expeditions Holdings Inc. | 122,354 | 1,800 |
* | Red Robin Gourmet Burgers Inc. | 57,684 | 1,412 |
* | Golden Nugget Online Gaming Inc. | 21,213 | 458 |
* | DraftKings Inc. Class A | 5,604 | 332 |
* | Rush Street Interactive Inc. | 20,558 | 306 |
* | GAN Ltd. | 14,803 | 253 |
1,262,138 | |||
Household Durables (5.1%) | |||
DR Horton Inc. | 473,330 | 45,260 | |
Lennar Corp. Class A | 383,335 | 41,136 |
Shares | Market Value• ($000) | ||
Garmin Ltd. | 204,778 | 35,719 | |
* | NVR Inc. | 4,970 | 25,744 |
PulteGroup Inc. | 389,735 | 20,991 | |
Whirlpool Corp. | 91,602 | 20,293 | |
* | Mohawk Industries Inc. | 88,954 | 17,592 |
Newell Brands Inc. | 593,686 | 15,086 | |
Tempur Sealy International Inc. | 294,586 | 13,168 | |
Toll Brothers Inc. | 190,538 | 12,206 | |
* | TopBuild Corp. | 51,827 | 11,339 |
Leggett & Platt Inc. | 213,372 | 10,325 | |
* | Helen of Troy Ltd. | 41,255 | 9,868 |
* | Meritage Homes Corp. | 68,666 | 7,659 |
* | Skyline Champion Corp. | 104,144 | 6,532 |
* | Sonos Inc. | 164,254 | 6,526 |
KB Home | 145,839 | 6,275 | |
* | LGI Homes Inc. | 39,061 | 6,263 |
* | Taylor Morrison Home Corp. Class A | 220,975 | 6,207 |
* | Tri Pointe Homes Inc. | 247,824 | 5,891 |
MDC Holdings Inc. | 108,883 | 5,689 | |
Installed Building Products Inc. | 45,000 | 5,588 | |
* | Cavco Industries Inc. | 18,552 | 4,740 |
Century Communities Inc. | 65,297 | 4,577 | |
* | M/I Homes Inc. | 67,688 | 4,358 |
* | iRobot Corp. | 50,809 | 4,122 |
La-Z-Boy Inc. | 101,730 | 3,562 | |
* | GoPro Inc. Class A | 310,303 | 3,094 |
* | Green Brick Partners Inc. | 110,661 | 2,765 |
* | Tupperware Brands Corp. | 114,910 | 2,743 |
* | Universal Electronics Inc. | 46,694 | 2,359 |
* | Lovesac Co. | 41,255 | 2,333 |
* | Beazer Homes USA Inc. | 124,655 | 2,332 |
Ethan Allen Interiors Inc. | 91,710 | 2,203 | |
* | Purple Innovation Inc. Class A | 8,733 | 213 |
* | Vuzix Corp. | 15,554 | 206 |
*,1 | Aterian Inc. | 17,689 | 105 |
375,069 | |||
Internet & Direct Marketing Retail (27.6%) | |||
* | Amazon.com Inc. | 501,422 | 1,740,330 |
* | MercadoLibre Inc. | 60,176 | 112,376 |
eBay Inc. | 924,865 | 70,974 | |
* | Etsy Inc. | 173,494 | 37,520 |
* | Wayfair Inc. Class A | 92,927 | 26,089 |
* | Chewy Inc. Class A | 115,333 | 10,163 |
* | Stamps.com Inc. | 29,701 | 9,769 |
Qurate Retail Inc. Series A | 639,667 | 7,055 | |
Shutterstock Inc. | 44,477 | 5,126 | |
* | Overstock.com Inc. | 69,890 | 5,043 |
* | Revolve Group Inc. | 70,547 | 4,054 |
* | Stitch Fix Inc. Class A | 96,389 | 4,040 |
* | 1-800-Flowers.com Inc. Class A | 84,809 | 2,694 |
* | Lands' End Inc. | 68,013 | 2,302 |
PetMed Express Inc. | 69,853 | 1,924 | |
* | Groupon Inc. Class A | 69,924 | 1,732 |
* | Duluth Holdings Inc. Class B | 107,475 | 1,672 |
* | Quotient Technology Inc. | 213,389 | 1,549 |
* | RealReal Inc. | 86,174 | 1,072 |
* | Porch Group Inc. | 16,416 | 328 |
2,045,812 | |||
Leisure Products (1.7%) | |||
* | Peloton Interactive Inc. Class A | 277,816 | 27,834 |
Hasbro Inc. | 192,750 | 18,949 | |
* | YETI Holdings Inc. | 120,123 | 11,933 |
Shares | Market Value• ($000) | ||
Brunswick Corp. | 122,250 | 11,842 | |
* | Mattel Inc. | 552,037 | 11,786 |
Polaris Inc. | 90,903 | 10,887 | |
* | Vista Outdoor Inc. | 122,962 | 5,023 |
* | Callaway Golf Co. | 176,745 | 4,959 |
Acushnet Holdings Corp. | 85,144 | 4,254 | |
Smith & Wesson Brands Inc. | 160,130 | 3,864 | |
Sturm Ruger & Co. Inc. | 46,601 | 3,644 | |
* | Malibu Boats Inc. Class A | 48,527 | 3,475 |
Johnson Outdoors Inc. Class A | 19,537 | 2,243 | |
* | Master Craft Boat Holdings Inc. | 85,803 | 2,140 |
Clarus Corp. | 11,454 | 310 | |
* | AMMO Inc. | 38,165 | 280 |
123,423 | |||
Multiline Retail (4.2%) | |||
Target Corp. | 658,714 | 162,689 | |
Dollar General Corp. | 319,642 | 71,252 | |
* | Dollar Tree Inc. | 326,328 | 29,546 |
Kohl's Corp. | 242,724 | 13,932 | |
* | Macy's Inc. | 510,814 | 11,437 |
* | Ollie's Bargain Outlet Holdings Inc. | 93,950 | 6,800 |
* | Nordstrom Inc. | 192,641 | 5,512 |
Big Lots Inc. | 76,826 | 3,738 | |
Dillard's Inc. Class A | 19,535 | 3,721 | |
Franchise Group Inc. | 6,746 | 234 | |
308,861 | |||
Other (0.0%)2 | |||
*,3 | Media General Inc. CVR | 69,182 | 3 |
Specialty Retail (19.7%) | |||
Home Depot Inc. | 1,403,317 | 457,734 | |
Lowe's Cos. Inc. | 939,239 | 191,501 | |
TJX Cos. Inc. | 1,613,798 | 117,355 | |
Ross Stores Inc. | 485,701 | 57,507 | |
* | O'Reilly Automotive Inc. | 95,258 | 56,591 |
* | AutoZone Inc. | 29,736 | 46,066 |
Best Buy Co. Inc. | 315,952 | 36,812 | |
Tractor Supply Co. | 162,617 | 31,588 | |
* | Carvana Co. Class A | 90,745 | 29,770 |
* | CarMax Inc. | 231,928 | 29,040 |
* | Ulta Beauty Inc. | 74,394 | 28,814 |
* | Burlington Stores Inc. | 93,730 | 28,071 |
Bath & Body Works Inc. | 381,185 | 25,722 | |
Williams-Sonoma Inc. | 113,591 | 21,207 | |
* | GameStop Corp. Class A | 89,802 | 19,598 |
Advance Auto Parts Inc. | 96,448 | 19,564 | |
* | Five Below Inc. | 83,233 | 17,713 |
* | RH | 23,727 | 16,625 |
* | Floor & Decor Holdings Inc. Class A | 127,347 | 15,702 |
Dick's Sporting Goods Inc. | 106,934 | 15,057 | |
Lithia Motors Inc. Class A | 44,009 | 14,580 | |
* | AutoNation Inc. | 88,009 | 9,601 |
Gap Inc. | 355,925 | 9,514 | |
Foot Locker Inc. | 162,375 | 9,205 | |
* | Victoria's Secret & Co. | 128,541 | 8,522 |
* | National Vision Holdings Inc. | 140,491 | 8,427 |
American Eagle Outfitters Inc. | 261,331 | 7,976 | |
Signet Jewelers Ltd. | 99,824 | 7,906 | |
Murphy USA Inc. | 47,704 | 7,408 | |
* | Asbury Automotive Group Inc. | 34,377 | 6,402 |
Shares | Market Value• ($000) | ||
Rent-A-Center Inc. | 96,314 | 6,076 | |
* | Bed Bath & Beyond Inc. | 217,662 | 5,994 |
* | Boot Barn Holdings Inc. | 64,500 | 5,759 |
Penske Automotive Group Inc. | 63,073 | 5,672 | |
Group 1 Automotive Inc. | 33,851 | 5,600 | |
* | ODP Corp. | 107,135 | 5,054 |
* | Sleep Number Corp. | 50,351 | 4,658 |
* | Abercrombie & Fitch Co. Class A | 128,531 | 4,596 |
* | Sally Beauty Holdings Inc. | 238,561 | 4,435 |
Hibbett Inc. | 46,147 | 4,416 | |
* | Urban Outfitters Inc. | 133,375 | 4,404 |
Monro Inc. | 69,629 | 3,963 | |
Camping World Holdings Inc. Class A | 92,431 | 3,692 | |
* | Children's Place Inc. | 41,216 | 3,579 |
* | Genesco Inc. | 54,343 | 3,371 |
Sonic Automotive Inc. Class A | 65,002 | 3,285 | |
* | MarineMax Inc. | 64,909 | 3,156 |
Buckle Inc. | 80,817 | 3,130 | |
Caleres Inc. | 126,928 | 3,121 | |
Shoe Carnival Inc. | 81,149 | 3,106 | |
* | Conn's Inc. | 114,116 | 2,807 |
Guess? Inc. | 113,597 | 2,748 | |
* | Designer Brands Inc. Class A | 183,957 | 2,667 |
Winmark Corp. | 12,320 | 2,583 | |
* | America's Car-Mart Inc. | 19,841 | 2,566 |
* | Zumiez Inc. | 61,707 | 2,480 |
Haverty Furniture Cos. Inc. | 64,651 | 2,304 | |
* | Lumber Liquidators Holdings Inc. | 95,605 | 1,994 |
Aaron's Co. Inc. | 59,982 | 1,591 | |
* | Academy Sports & Outdoors Inc. | 6,961 | 308 |
* | Leslie's Inc. | 12,057 | 291 |
* | Arko Corp. | 23,458 | 243 |
* | Shift Technologies Inc. | 32,004 | 238 |
* | GrowGeneration Corp. | 6,449 | 206 |
* | Vroom Inc. | 6,118 | 164 |
1,461,835 | |||
Textiles, Apparel & Luxury Goods (7.3%) | |||
NIKE Inc. Class B | 1,664,896 | 274,275 | |
* | Lululemon Athletica Inc. | 168,153 | 67,290 |
VF Corp. | 462,834 | 35,393 | |
* | Deckers Outdoor Corp. | 41,655 | 17,430 |
* | Tapestry Inc. | 413,343 | 16,666 |
* | Crocs Inc. | 101,415 | 14,484 |
* | Capri Holdings Ltd. | 226,385 | 12,793 |
* | PVH Corp. | 111,910 | 11,727 |
* | Skechers USA Inc. Class A | 220,572 | 11,123 |
Hanesbrands Inc. | 555,340 | 10,374 | |
Ralph Lauren Corp. Class A | 79,078 | 9,183 | |
Carter's Inc. | 75,543 | 7,734 | |
* | Under Armour Inc. Class A | 324,008 | 7,498 |
* | Under Armour Inc. Class C | 351,240 | 7,046 |
Steven Madden Ltd. | 150,263 | 6,081 | |
Columbia Sportswear Co. | 55,624 | 5,674 | |
Wolverine World Wide Inc. | 153,975 | 5,522 | |
Kontoor Brands Inc. | 93,357 | 5,038 | |
Oxford Industries Inc. | 42,406 | 3,829 | |
Levi Strauss & Co. Class A | 142,993 | 3,748 | |
* | G-III Apparel Group Ltd. | 112,893 | 3,492 |
Movado Group Inc. | 77,992 | 2,819 |
Shares | Market Value• ($000) | ||
* | Fossil Group Inc. | 160,542 | 2,151 |
* | Unifi Inc. | 72,926 | 1,695 |
543,065 | |||
Total Common Stocks (Cost $4,999,135) | 7,417,781 | ||
Temporary Cash Investments (0.0%) | |||
Money Market Fund (0.0%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.068% (Cost $915) | 9,149 | 915 |
Total Investments (100.1%) (Cost $5,000,050) | 7,418,696 | ||
Other Assets and Liabilities—Net (-0.1%) | (7,878) | ||
Net Assets (100.0%) | 7,410,818 | ||
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 $843,000. |
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 $902,000 was received for securities on loan. |
CVR—Contingent Value Rights. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $4,999,135) | 7,417,781 |
Affiliated Issuers (Cost $915) | 915 |
Total Investments in Securities | 7,418,696 |
Investment in Vanguard | 245 |
Receivables for Investment Securities Sold | 58,778 |
Receivables for Accrued Income | 4,026 |
Receivables for Capital Shares Issued | 1,003 |
Total Assets | 7,482,748 |
Liabilities | |
Due to Custodian | 3,284 |
Payables for Investment Securities Purchased | 61,811 |
Collateral for Securities on Loan | 902 |
Payables for Capital Shares Redeemed | 5,614 |
Payables to Vanguard | 319 |
Total Liabilities | 71,930 |
Net Assets | 7,410,818 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 5,150,136 |
Total Distributable Earnings (Loss) | 2,260,682 |
Net Assets | 7,410,818 |
ETF Shares—Net Assets | |
Applicable to 20,742,318 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,658,089 |
Net Asset Value Per Share—ETF Shares | $320.99 |
Admiral Shares—Net Assets | |
Applicable to 4,530,499 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 752,729 |
Net Asset Value Per Share—Admiral Shares | $166.15 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 40,382 |
Interest1 | 23 |
Securities Lending—Net | 841 |
Total Income | 41,246 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 886 |
Management and Administrative— ETF Shares | 4,102 |
Management and Administrative— Admiral Shares | 482 |
Marketing and Distribution— ETF Shares | 184 |
Marketing and Distribution— Admiral Shares | 25 |
Custodian Fees | 16 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 155 |
Shareholders’ Reports—Admiral Shares | 8 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 5,890 |
Net Investment Income | 35,356 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 241,558 |
Futures Contracts | 484 |
Swap Contracts | 27,678 |
Realized Net Gain (Loss) | 269,720 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,260,549 |
Futures Contracts | 3 |
Swap Contracts | (19,676) |
Change in Unrealized Appreciation (Depreciation) | 1,240,876 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,545,952 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $23,000, $10,000, and ($17,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $306,235,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 35,356 | 35,195 |
Realized Net Gain (Loss) | 269,720 | 462,167 |
Change in Unrealized Appreciation (Depreciation) | 1,240,876 | 708,129 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,545,952 | 1,205,491 |
Distributions | ||
ETF Shares | (73,583) | (36,170) |
Admiral Shares | (7,931) | (3,859) |
Total Distributions | (81,514) | (40,029) |
Capital Share Transactions | ||
ETF Shares | 1,320,560 | (74,809) |
Admiral Shares | 162,859 | 2,845 |
Net Increase (Decrease) from Capital Share Transactions | 1,483,419 | (71,964) |
Total Increase (Decrease) | 2,947,857 | 1,093,498 |
Net Assets | ||
Beginning of Period | 4,462,961 | 3,369,463 |
End of Period | 7,410,818 | 4,462,961 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $246.86 | $178.51 | $180.85 | $141.74 | $126.45 |
Investment Operations | |||||
Net Investment Income1 | 1.724 | 1.998 | 2.052 | 2.066 | 2.068 |
Net Realized and Unrealized Gain (Loss) on Investments | 76.697 | 68.603 | (2.391) | 39.031 | 15.248 |
Total from Investment Operations | 78.421 | 70.601 | (.339) | 41.097 | 17.316 |
Distributions | |||||
Dividends from Net Investment Income | (4.291) | (2.251) | (2.001) | (1.987) | (2.026) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.291) | (2.251) | (2.001) | (1.987) | (2.026) |
Net Asset Value, End of Period | $320.99 | $246.86 | $178.51 | $180.85 | $141.74 |
Total Return | 32.39% | 39.98% | -0.14% | 29.22% | 13.81% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $6,658 | $4,026 | $3,049 | $3,199 | $2,198 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.60% | 1.06% | 1.20% | 1.28% | 1.53% |
Portfolio Turnover Rate2 | 8% | 10% | 9% | 28% | 6% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $127.78 | $92.40 | $93.61 | $73.36 | $65.45 |
Investment Operations | |||||
Net Investment Income1 | .889 | 1.033 | 1.058 | 1.073 | 1.071 |
Net Realized and Unrealized Gain (Loss) on Investments | 39.704 | 35.512 | (1.232) | 20.205 | 7.890 |
Total from Investment Operations | 40.593 | 36.545 | (.174) | 21.278 | 8.961 |
Distributions | |||||
Dividends from Net Investment Income | (2.223) | (1.165) | (1.036) | (1.028) | (1.051) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.223) | (1.165) | (1.036) | (1.028) | (1.051) |
Net Asset Value, End of Period | $166.15 | $127.78 | $92.40 | $93.61 | $73.36 |
Total Return2 | 32.39% | 40.01% | -0.14% | 29.24% | 13.81% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $753 | $437 | $321 | $328 | $204 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.60% | 1.06% | 1.20% | 1.28% | 1.53% |
Portfolio Turnover Rate3 | 8% | 10% | 9% | 28% | 6% |
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. 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 | 7,417,778 | — | 3 | 7,417,781 |
Temporary Cash Investments | 915 | — | — | 915 |
Total | 7,418,693 | — | 3 | 7,418,696 |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 306,232 |
Total Distributable Earnings (Loss) | (306,232) |
Amount ($000) | |
Undistributed Ordinary Income | 31,443 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (182,279) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 2,411,518 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 81,514 | 40,029 |
Long-Term Capital Gains | — | — |
Total | 81,514 | 40,029 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 5,007,179 |
Gross Unrealized Appreciation | 2,542,817 |
Gross Unrealized Depreciation | (131,299) |
Net Unrealized Appreciation (Depreciation) | 2,411,518 |
E. | During the year ended August 31, 2021, the fund purchased $2,568,135,000 of investment securities and sold $1,038,125,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,832,917,000 and $572,858,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,907,066 | 6,682 | 928,490 | 4,882 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (586,506) | (2,250) | (1,003,299) | (5,650) | |
Net Increase (Decrease)—ETF Shares | 1,320,560 | 4,432 | (74,809) | (768) | |
Admiral Shares | |||||
Issued | 361,180 | 2,448 | 134,048 | 1,375 | |
Issued in Lieu of Cash Distributions | 7,024 | 57 | 3,403 | 36 | |
Redeemed | (205,345) | (1,392) | (134,606) | (1,465) | |
Net Increase (Decrease)—Admiral Shares | 162,859 | 1,113 | 2,845 | (54) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/imgc9c776d58.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Consumer Staples Index Fund ETF Shares Net Asset Value | 15.01% | 8.81% | 11.90% | $30,773 |
Consumer Staples Index Fund ETF Shares Market Price | 14.95 | 8.81 | 11.90 | 30,780 | |
![]() | MSCI US Investable Market Consumer Staples 25/50 Index | 15.15 | 8.91 | 12.02 | 31,108 |
![]() | MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 45,188 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Consumer Staples Index Fund Admiral Shares | 15.04% | 8.82% | 11.91% | $308,089 | |
MSCI US Investable Market Consumer Staples 25/50 Index | 15.15 | 8.91 | 12.02 | 311,081 | |
MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 451,882 |
One Year | Five Years | Ten Years | |
Consumer Staples Index Fund ETF Shares Market Price | 14.95% | 52.55% | 207.80% |
Consumer Staples Index Fund ETF Shares Net Asset Value | 15.01 | 52.53 | 207.73 |
MSCI US Investable Market Consumer Staples 25/50 Index | 15.15 | 53.24 | 211.08 |
Beverages | 22.6% |
Food & Staples Retailing | 23.2 |
Food Products | 19.6 |
Household Products | 20.8 |
Personal Products | 4.9 |
Tobacco | 8.9 |
Shares | Market Value• ($000) | ||
Common Stocks (100.0%) | |||
Beverages (22.6%) | |||
Coca-Cola Co. | 9,955,603 | 560,600 | |
PepsiCo Inc. | 3,331,693 | 521,044 | |
* | Monster Beverage Corp. | 1,178,797 | 115,015 |
Constellation Brands Inc. Class A | 488,355 | 103,111 | |
Keurig Dr Pepper Inc. | 2,076,038 | 74,052 | |
Brown-Forman Corp. Class B | 916,066 | 64,326 | |
Molson Coors Beverage Co. Class B | 617,892 | 29,368 | |
* | Boston Beer Co. Inc. Class A | 34,931 | 19,918 |
* | Celsius Holdings Inc. | 158,506 | 12,959 |
Coca-Cola Consolidated Inc. | 26,624 | 10,814 | |
National Beverage Corp. | 170,745 | 7,948 | |
MGP Ingredients Inc. | 111,202 | 7,262 | |
1,526,417 | |||
Food & Staples Retailing (23.2%) | |||
Walmart Inc. | 3,759,707 | 556,813 | |
Costco Wholesale Corp. | 1,053,548 | 479,881 | |
Sysco Corp. | 1,480,571 | 117,927 | |
Walgreens Boots Alliance Inc. | 2,226,288 | 112,984 | |
Kroger Co. | 2,290,808 | 105,446 | |
* | Performance Food Group Co. | 544,099 | 27,325 |
* | BJ's Wholesale Club Holdings Inc. | 461,276 | 26,136 |
Casey's General Stores Inc. | 127,143 | 26,008 | |
* | U.S. Foods Holding Corp | 723,705 | 24,606 |
* | United Natural Foods Inc. | 352,634 | 12,977 |
* | Sprouts Farmers Market Inc. | 510,243 | 12,705 |
* | Grocery Outlet Holding Corp. | 414,632 | 10,793 |
PriceSmart Inc. | 124,776 | 10,557 | |
* | Rite Aid Corp. | 453,163 | 8,039 |
Ingles Markets Inc. Class A | 115,562 | 7,845 | |
* | Chefs' Warehouse Inc. | 259,182 | 7,835 |
Weis Markets Inc. | 129,252 | 7,361 | |
Andersons Inc. | 239,539 | 7,277 | |
SpartanNash Co. | 322,118 | 6,926 | |
1,569,441 | |||
Food Products (19.6%) | |||
Mondelez International Inc. Class A | 4,074,079 | 252,878 | |
General Mills Inc. | 1,750,086 | 101,173 | |
Archer-Daniels-Midland Co. | 1,684,406 | 101,064 |
Shares | Market Value• ($000) | ||
Hershey Co. | 433,135 | 76,968 | |
Kraft Heinz Co. | 1,970,420 | 70,915 | |
Tyson Foods Inc. Class A | 871,349 | 68,418 | |
McCormick & Co. Inc. | 735,641 | 63,478 | |
Conagra Brands Inc. | 1,499,811 | 49,674 | |
Kellogg Co. | 769,884 | 48,611 | |
* | Darling Ingredients Inc. | 594,581 | 44,296 |
J M Smucker Co. | 337,610 | 41,752 | |
Hormel Foods Corp. | 913,772 | 41,613 | |
Bunge Ltd. | 449,070 | 33,999 | |
Lamb Weston Holdings Inc. | 471,018 | 30,687 | |
* | Freshpet Inc. | 184,254 | 23,610 |
*,1 | Beyond Meat Inc. | 195,492 | 23,389 |
* | Post Holdings Inc. | 206,273 | 23,084 |
Ingredion Inc. | 237,323 | 20,851 | |
Campbell Soup Co. | 471,367 | 19,670 | |
Flowers Foods Inc. | 736,937 | 17,782 | |
Sanderson Farms Inc. | 88,593 | 17,409 | |
Lancaster Colony Corp. | 77,371 | 13,713 | |
* | Hain Celestial Group Inc. | 362,685 | 13,568 |
* | Simply Good Foods Co. | 375,042 | 13,359 |
J & J Snack Foods Corp. | 70,137 | 11,486 | |
* | TreeHouse Foods Inc. | 281,284 | 10,540 |
* | Hostess Brands Inc. Class A | 647,657 | 10,337 |
1 | B&G Foods Inc. | 332,407 | 10,092 |
* | Pilgrim's Pride Corp. | 302,028 | 8,408 |
*,1 | Tattooed Chef Inc. | 395,805 | 8,379 |
Utz Brands Inc. | 425,415 | 8,262 | |
Cal-Maine Foods Inc. | 228,261 | 8,254 | |
Fresh Del Monte Produce Inc. | 245,215 | 8,063 | |
John B Sanfilippo & Son Inc. | 77,394 | 6,578 | |
Calavo Growers Inc. | 140,120 | 6,574 | |
Tootsie Roll Industries Inc. | 175,636 | 5,559 | |
* | Whole Earth Brands Inc. | 379,662 | 4,761 |
* | Mission Produce Inc. | 154,901 | 3,213 |
* | Vital Farms Inc. | 175,494 | 3,155 |
1,325,622 | |||
Household Products (20.8%) | |||
Procter & Gamble Co. | 6,214,790 | 884,924 | |
Colgate-Palmolive Co. | 2,357,018 | 183,730 | |
Kimberly-Clark Corp. | 1,010,871 | 139,308 | |
Church & Dwight Co. Inc. | 768,807 | 64,318 | |
Clorox Co. | 374,931 | 63,007 | |
WD-40 Co. | 63,902 | 15,313 | |
Spectrum Brands Holdings Inc. | 188,405 | 14,707 | |
Energizer Holdings Inc. | 285,665 | 11,238 | |
* | Central Garden & Pet Co. Class A | 259,749 | 10,824 |
Reynolds Consumer Products Inc. | 329,375 | 9,315 |
Shares | Market Value• ($000) | ||
* | Central Garden & Pet Co. | 105,780 | 4,871 |
1,401,555 | |||
Personal Products (4.9%) | |||
Estee Lauder Cos. Inc. Class A | 650,396 | 221,453 | |
* | Herbalife Nutrition Ltd. | 416,314 | 21,374 |
Medifast Inc. | 66,686 | 15,198 | |
* | Coty Inc. Class A | 1,430,145 | 13,972 |
Nu Skin Enterprises Inc. Class A | 227,286 | 11,505 | |
Edgewell Personal Care Co. | 245,618 | 10,390 | |
Inter Parfums Inc. | 135,336 | 9,817 | |
* | elf Beauty Inc. | 285,425 | 8,834 |
* | BellRing Brands Inc. Class A | 251,973 | 8,509 |
* | USANA Health Sciences Inc. | 81,672 | 7,925 |
328,977 | |||
Tobacco (8.9%) | |||
Philip Morris International Inc. | 2,996,995 | 308,691 | |
Altria Group Inc. | 5,173,827 | 259,881 | |
Vector Group Ltd. | 682,537 | 10,252 | |
Universal Corp. | 161,910 | 8,193 | |
Turning Point Brands Inc. | 135,339 | 6,734 | |
* | 22nd Century Group Inc. | 1,673,501 | 5,974 |
599,725 | |||
Total Common Stocks (Cost $5,570,326) | 6,751,737 | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.068% (Cost $10,168) | 101,685 | 10,169 |
Total Investments (100.1%) (Cost $5,580,494) | 6,761,906 | ||
Other Assets and Liabilities—Net (-0.1%) | (7,905) | ||
Net Assets (100.0%) | 6,754,001 | ||
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 $9,940,000. |
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 $10,172,000 was received for securities on loan, of which $10,169,000 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 | 7,602 | (0.089) | — | (300) |
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 $5,570,326) | 6,751,737 |
Affiliated Issuers (Cost $10,168) | 10,169 |
Total Investments in Securities | 6,761,906 |
Investment in Vanguard | 223 |
Cash | 3 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 530 |
Receivables for Investment Securities Sold | 176,672 |
Receivables for Accrued Income | 8,503 |
Receivables for Capital Shares Issued | 619 |
Total Assets | 6,948,456 |
Liabilities | |
Due to Custodian | 1,378 |
Payables for Investment Securities Purchased | 177,918 |
Collateral for Securities on Loan | 10,172 |
Payables for Capital Shares Redeemed | 4,389 |
Payables to Vanguard | 298 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 300 |
Total Liabilities | 194,455 |
Net Assets | 6,754,001 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 5,720,183 |
Total Distributable Earnings (Loss) | 1,033,818 |
Net Assets | 6,754,001 |
ETF Shares—Net Assets | |
Applicable to 31,490,135 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,907,922 |
Net Asset Value Per Share—ETF Shares | $187.61 |
Admiral Shares—Net Assets | |
Applicable to 9,146,074 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 846,079 |
Net Asset Value Per Share—Admiral Shares | $92.51 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 166,786 |
Interest1 | 8 |
Securities Lending—Net | 234 |
Total Income | 167,028 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 965 |
Management and Administrative— ETF Shares | 4,215 |
Management and Administrative— Admiral Shares | 629 |
Marketing and Distribution— ETF Shares | 208 |
Marketing and Distribution— Admiral Shares | 36 |
Custodian Fees | 24 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 290 |
Shareholders’ Reports—Admiral Shares | 18 |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 6,418 |
Net Investment Income | 160,610 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 385,035 |
Swap Contracts | (2,955) |
Realized Net Gain (Loss) | 382,080 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 343,209 |
Swap Contracts | (649) |
Change in Unrealized Appreciation (Depreciation) | 342,560 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 885,250 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $8,000, $3,000, and ($2,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $429,542,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 160,610 | 156,532 |
Realized Net Gain (Loss) | 382,080 | 311,395 |
Change in Unrealized Appreciation (Depreciation) | 342,560 | 171,892 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 885,250 | 639,819 |
Distributions | ||
ETF Shares | (143,448) | (139,853) |
Admiral Shares | (20,463) | (19,295) |
Total Distributions | (163,911) | (159,148) |
Capital Share Transactions | ||
ETF Shares | (432,751) | (5,661) |
Admiral Shares | (37,372) | 22,460 |
Net Increase (Decrease) from Capital Share Transactions | (470,123) | 16,799 |
Total Increase (Decrease) | 251,216 | 497,470 |
Net Assets | ||
Beginning of Period | 6,502,785 | 6,005,315 |
End of Period | 6,754,001 | 6,502,785 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $167.31 | $154.72 | $140.13 | $140.15 | $139.97 |
Investment Operations | |||||
Net Investment Income1 | 4.385 | 3.992 | 3.896 | 3.603 | 3.651 |
Net Realized and Unrealized Gain (Loss) on Investments | 20.341 | 12.658 | 14.346 | (.033) | .212 |
Total from Investment Operations | 24.726 | 16.650 | 18.242 | 3.570 | 3.863 |
Distributions | |||||
Dividends from Net Investment Income | (4.427) | (4.060) | (3.652) | (3.590) | (3.683) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.427) | (4.060) | (3.652) | (3.590) | (3.683) |
Net Asset Value, End of Period | $187.61 | $167.31 | $154.72 | $140.13 | $140.15 |
Total Return | 15.01% | 11.01% | 13.24% | 2.60% | 2.83% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,908 | $5,712 | $5,296 | $3,983 | $3,780 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.50% | 2.58% | 2.71% | 2.60% | 2.63% |
Portfolio Turnover Rate2 | 8% | 3% | 6% | 8% | 5% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $82.50 | $76.29 | $69.09 | $69.10 | $69.02 |
Investment Operations | |||||
Net Investment Income1 | 2.160 | 1.973 | 1.923 | 1.776 | 1.797 |
Net Realized and Unrealized Gain (Loss) on Investments | 10.032 | 6.239 | 7.076 | (.018) | .101 |
Total from Investment Operations | 12.192 | 8.212 | 8.999 | 1.758 | 1.898 |
Distributions | |||||
Dividends from Net Investment Income | (2.183) | (2.002) | (1.799) | (1.768) | (1.818) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.183) | (2.002) | (1.799) | (1.768) | (1.818) |
Net Asset Value, End of Period | $92.51 | $82.50 | $76.29 | $69.09 | $69.10 |
Total Return2 | 15.04% | 11.03% | 13.24% | 2.59% | 2.81% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $846 | $791 | $710 | $587 | $742 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.50% | 2.59% | 2.71% | 2.60% | 2.63% |
Portfolio Turnover Rate3 | 8% | 3% | 6% | 8% | 5% |
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 | 6,751,737 | — | — | 6,751,737 |
Temporary Cash Investments | 10,169 | — | — | 10,169 |
Total | 6,761,906 | — | — | 6,761,906 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 300 | — | 300 |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 428,613 |
Total Distributable Earnings (Loss) | (428,613) |
Amount ($000) | |
Undistributed Ordinary Income | 23,842 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (168,707) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,178,683 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 163,911 | 159,148 |
Long-Term Capital Gains | — | — |
Total | 163,911 | 159,148 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 5,583,223 |
Gross Unrealized Appreciation | 1,442,847 |
Gross Unrealized Depreciation | (264,164) |
Net Unrealized Appreciation (Depreciation) | 1,178,683 |
E. | During the year ended August 31, 2021, the fund purchased $1,324,378,000 of investment securities and sold $1,779,304,000 of investment securities, other than temporary cash investments. Purchases and sales include $768,932,000 and $1,298,044,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 871,879 | 4,824 | 1,146,786 | 7,587 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,304,630) | (7,475) | (1,152,447) | (7,675) | |
Net Increase (Decrease)—ETF Shares | (432,751) | (2,651) | (5,661) | (88) | |
Admiral Shares | |||||
Issued | 211,742 | 2,456 | 294,479 | 3,969 | |
Issued in Lieu of Cash Distributions | 16,733 | 197 | 15,970 | 211 | |
Redeemed | (265,847) | (3,092) | (287,989) | (3,896) | |
Net Increase (Decrease)—Admiral Shares | (37,372) | (439) | 22,460 | 284 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/imgc80a109d9.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Energy Index Fund ETF Shares Net Asset Value | 48.07% | -3.21% | -1.01% | $9,036 |
Energy Index Fund ETF Shares Market Price | 47.91 | -3.21 | -1.01 | 9,034 | |
![]() | MSCI US Investable Market Energy 25/50 Index | 48.27 | -3.12 | -0.88 | 9,154 |
![]() | MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 45,188 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Energy Index Fund Admiral Shares | 48.18% | -3.18% | -0.98% | $90,583 | |
MSCI US Investable Market Energy 25/50 Index | 48.27 | -3.12 | -0.88 | 91,542 | |
MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 451,882 |
One Year | Five Years | Ten Years | |
Energy Index Fund ETF Shares Market Price | 47.91% | -15.07% | -9.66% |
Energy Index Fund ETF Shares Net Asset Value | 48.07 | -15.04 | -9.64 |
MSCI US Investable Market Energy 25/50 Index | 48.27 | -14.65 | -8.46 |
Coal & Consumable Fuels | 0.1% |
Integrated Oil & Gas | 39.7 |
Oil & Gas Drilling | 0.8 |
Oil & Gas Equipment & Services | 9.2 |
Oil & Gas Exploration & Production | 27.1 |
Oil & Gas Refining & Marketing | 10.9 |
Oil & Gas Storage & Transportation | 12.2 |
Shares | Market Value• ($000) | ||
Common Stocks (99.5%) | |||
Coal & Consumable Fuels (0.1%) | |||
* | Arch Resources Inc. | 101,406 | 7,675 |
Integrated Oil & Gas (39.6%) | |||
Exxon Mobil Corp. | 22,395,441 | 1,221,000 | |
Chevron Corp. | 10,181,045 | 985,220 | |
Occidental Petroleum Corp. | 5,061,047 | 130,018 | |
2,336,238 | |||
Oil & Gas Drilling (0.7%) | |||
Helmerich & Payne Inc. | 622,968 | 16,770 | |
* | Transocean Ltd. | 3,474,153 | 12,368 |
Patterson-UTI Energy Inc. | 1,208,883 | 9,381 | |
* | Nabors Industries Ltd. (XNYS) | 66,383 | 5,599 |
* | Nabors Industries Ltd. Warrants Exp. 6/11/26 | 26,520 | 154 |
44,272 | |||
Oil & Gas Equipment & Services (9.2%) | |||
Schlumberger NV | 7,596,136 | 212,996 | |
Halliburton Co. | 4,825,665 | 96,417 | |
Baker Hughes Co. Class A | 3,855,490 | 87,828 | |
NOV Inc. | 2,135,825 | 28,129 | |
* | ChampionX Corp. | 1,131,336 | 26,394 |
TechnipFMC plc | 2,374,735 | 15,744 | |
Cactus Inc. Class A | 314,814 | 11,809 | |
* | Oceaneering International Inc. | 624,717 | 7,684 |
Core Laboratories NV | 264,784 | 7,297 | |
Archrock Inc. | 789,756 | 6,065 | |
Liberty Oilfield Services Inc. Class A | 584,157 | 5,970 | |
* | Dril-Quip Inc. | 214,189 | 5,205 |
U.S. Silica Holdings Inc. | 580,142 | 5,094 | |
DMC Global Inc. | 119,668 | 4,807 | |
* | ProPetro Holding Corp. | 557,069 | 4,312 |
* | NexTier Oilfield Solutions Inc. | 1,101,379 | 3,965 |
* | Helix Energy Solutions Group Inc. | 942,782 | 3,545 |
* | Tidewater Inc. | 290,659 | 3,343 |
* | Frank's International NV | 830,736 | 2,392 |
RPC Inc. | 453,652 | 1,737 | |
540,733 | |||
Oil & Gas Exploration & Production (27.0%) | |||
ConocoPhillips | 6,702,404 | 372,184 | |
EOG Resources Inc. | 3,183,091 | 214,922 | |
Pioneer Natural Resources Co. | 1,233,826 | 184,667 | |
Devon Energy Corp. | 3,433,408 | 101,457 |
Shares | Market Value• ($000) | ||
Hess Corp. | 1,203,818 | 82,762 | |
Diamondback Energy Inc. | 975,181 | 75,225 | |
Marathon Oil Corp. | 4,500,069 | 52,876 | |
Texas Pacific Land Corp. | 34,694 | 47,175 | |
APA Corp. | 2,091,541 | 40,743 | |
Ovintiv Inc. | 1,474,380 | 40,192 | |
Cimarex Energy Co. | 572,338 | 36,756 | |
Cabot Oil & Gas Corp. | 2,231,238 | 35,454 | |
EQT Corp. | 1,442,670 | 26,444 | |
PDC Energy Inc. | 608,513 | 25,405 | |
* | Antero Resources Corp. | 1,525,871 | 20,935 |
* | Southwestern Energy Co. | 4,435,468 | 20,181 |
Continental Resources Inc. | 512,315 | 20,124 | |
Range Resources Corp. | 1,359,392 | 19,874 | |
Matador Resources Co. | 658,251 | 18,925 | |
Murphy Oil Corp. | 865,516 | 18,401 | |
* | Denbury Inc. | 234,688 | 16,506 |
* | CNX Resources Corp. | 1,328,549 | 15,092 |
SM Energy Co. | 708,596 | 13,534 | |
Magnolia Oil & Gas Corp. Class A | 853,007 | 13,375 | |
* | Callon Petroleum Co. | 275,406 | 9,411 |
* | Centennial Resource Development Inc. Class A | 1,519,193 | 7,748 |
* | Whiting Petroleum Corp. | 155,912 | 7,320 |
Oasis Petroleum Inc. | 82,026 | 7,103 | |
Viper Energy Partners LP | 377,343 | 6,988 | |
* | Tellurian Inc. | 2,046,633 | 6,529 |
Bonanza Creek Energy Inc. | 150,538 | 5,853 | |
Kosmos Energy Ltd. | 2,468,862 | 5,827 | |
Brigham Minerals Inc. Class A | 277,787 | 5,311 | |
* | California Resources Corp. | 147,971 | 5,065 |
Northern Oil and Gas Inc. | 275,471 | 4,573 | |
* | Talos Energy Inc. | 257,448 | 3,192 |
Berry Corp. | 430,780 | 2,585 | |
* | W&T Offshore Inc. | 702,044 | 2,289 |
* | Comstock Resources Inc. | 314,471 | 1,859 |
1,594,862 | |||
Oil & Gas Refining & Marketing (10.8%) | |||
Marathon Petroleum Corp. | 3,585,381 | 212,505 | |
Phillips 66 | 2,405,970 | 171,040 | |
Valero Energy Corp. | 2,249,560 | 149,168 | |
HollyFrontier Corp. | 880,329 | 28,461 | |
Green Plains Inc. | 381,386 | 13,387 |
Shares | Market Value• ($000) | ||
* | Renewable Energy Group Inc. | 270,856 | 13,115 |
World Fuel Services Corp. | 382,807 | 12,388 | |
* | Clean Energy Fuels Corp. | 1,090,777 | 8,650 |
Delek U.S. Holdings Inc. | 461,792 | 7,901 | |
PBF Energy Inc. Class A | 648,054 | 6,740 | |
* | Par Pacific Holdings Inc. | 259,298 | 4,276 |
* | Gevo Inc. | 632,746 | 3,942 |
* | REX American Resources Corp. | 39,592 | 3,356 |
CVR Energy Inc. | 185,977 | 2,678 | |
637,607 | |||
Oil & Gas Storage & Transportation (12.1%) | |||
Kinder Morgan Inc. | 11,117,691 | 180,885 | |
Williams Cos. Inc. | 6,619,682 | 163,440 | |
ONEOK Inc. | 2,409,225 | 126,533 | |
* | Cheniere Energy Inc. | 1,202,132 | 105,138 |
Targa Resources Corp. | 1,213,987 | 53,318 | |
* | DTE Midstream LLC | 471,450 | 21,908 |
Equitrans Midstream Corp. | 2,337,427 | 20,406 | |
Antero Midstream Corp. | 1,687,914 | 16,221 | |
Plains GP Holdings LP Class A | 998,271 | 9,743 | |
EnLink Midstream LLC | 1,689,546 | 9,107 | |
International Seaways Inc. | 248,961 | 4,282 | |
Hess Midstream LP Class A | 155,170 | 3,994 | |
Dorian LPG Ltd. | 213,097 | 2,817 | |
717,792 | |||
Total Common Stocks (Cost $7,063,427) | 5,879,179 | ||
Temporary Cash Investments (0.0%) | |||
Money Market Fund (0.0%) | |||
1 | Vanguard Market Liquidity Fund, 0.068% (Cost $8) | 83 | 8 |
Total Investments (99.5%) (Cost $7,063,435) | 5,879,187 | ||
Other Assets and Liabilities—Net (0.5%) | 26,726 | ||
Net Assets (100.0%) | 5,905,913 | ||
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) (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Cheniere Energy Inc. | 8/31/22 | BOANA | 6,122 | (0.080)1 | — | — |
Hess Corp. | 1/31/22 | GSI | 20,238 | (0.089)2 | 386 | — |
386 | — |
1 | Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
2 | 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 $7,063,427) | 5,879,179 |
Affiliated Issuers (Cost $8) | 8 |
Total Investments in Securities | 5,879,187 |
Investment in Vanguard | 206 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 20 |
Receivables for Investment Securities Sold | 65,592 |
Receivables for Accrued Income | 45,511 |
Receivables for Capital Shares Issued | 933 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 386 |
Total Assets | 5,991,835 |
Liabilities | |
Due to Custodian | 19,122 |
Payables for Investment Securities Purchased | 66,054 |
Payables for Capital Shares Redeemed | 491 |
Payables to Vanguard | 255 |
Total Liabilities | 85,922 |
Net Assets | 5,905,913 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 8,173,012 |
Total Distributable Earnings (Loss) | (2,267,099) |
Net Assets | 5,905,913 |
ETF Shares—Net Assets | |
Applicable to 70,676,629 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,805,573 |
Net Asset Value Per Share—ETF Shares | $67.99 |
Admiral Shares—Net Assets | |
Applicable to 32,394,551 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,100,340 |
Net Asset Value Per Share—Admiral Shares | $33.97 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 229,860 |
Interest1 | 15 |
Securities Lending—Net | 383 |
Total Income | 230,258 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 749 |
Management and Administrative— ETF Shares | 3,059 |
Management and Administrative— Admiral Shares | 691 |
Marketing and Distribution— ETF Shares | 173 |
Marketing and Distribution— Admiral Shares | 36 |
Custodian Fees | 13 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 202 |
Shareholders’ Reports—Admiral Shares | 9 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 4,964 |
Net Investment Income | 225,294 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 111,873 |
Futures Contracts | (1) |
Swap Contracts | 7,296 |
Foreign Currencies | 3 |
Realized Net Gain (Loss) | 119,171 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,393,849 |
Swap Contracts | 2,382 |
Change in Unrealized Appreciation (Depreciation) | 1,396,231 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,740,696 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $15,000, $7,000, and ($7,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $274,638,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 225,294 | 164,582 |
Realized Net Gain (Loss) | 119,171 | (111,862) |
Change in Unrealized Appreciation (Depreciation) | 1,396,231 | (1,055,673) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,740,696 | (1,002,953) |
Distributions | ||
ETF Shares | (165,567) | (125,010) |
Admiral Shares | (32,990) | (18,446) |
Total Distributions | (198,557) | (143,456) |
Capital Share Transactions | ||
ETF Shares | 812,839 | 693,979 |
Admiral Shares | 424,314 | 81,692 |
Net Increase (Decrease) from Capital Share Transactions | 1,237,153 | 775,671 |
Total Increase (Decrease) | 2,779,292 | (370,738) |
Net Assets | ||
Beginning of Period | 3,126,621 | 3,497,359 |
End of Period | 5,905,913 | 3,126,621 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $47.90 | $75.75 | $103.13 | $85.71 | $95.06 |
Investment Operations | |||||
Net Investment Income1 | 2.802 | 2.957 | 2.769 | 2.519 | 2.8192 |
Net Realized and Unrealized Gain (Loss) on Investments | 19.789 | (28.064) | (27.449) | 17.837 | (9.801) |
Total from Investment Operations | 22.591 | (25.107) | (24.680) | 20.356 | (6.982) |
Distributions | |||||
Dividends from Net Investment Income | (2.501) | (2.743) | (2.700) | (2.936) | (2.368) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.501) | (2.743) | (2.700) | (2.936) | (2.368) |
Net Asset Value, End of Period | $67.99 | $47.90 | $75.75 | $103.13 | $85.71 |
Total Return | 48.07% | -33.87% | -24.34% | 24.06% | -7.55% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,806 | $2,720 | $3,029 | $4,288 | $3,656 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 4.54% | 4.91% | 3.15% | 2.56% | 2.93%2 |
Portfolio Turnover Rate3 | 5% | 8% | 7% | 5% | 11% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $23.93 | $37.84 | $51.52 | $42.82 | $47.49 |
Investment Operations | |||||
Net Investment Income1 | 1.435 | 1.461 | 1.388 | 1.249 | 1.3752 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.855 | (14.001) | (13.720) | 8.916 | (4.863) |
Total from Investment Operations | 11.290 | (12.540) | (12.332) | 10.165 | (3.488) |
Distributions | |||||
Dividends from Net Investment Income | (1.250) | (1.370) | (1.348) | (1.465) | (1.182) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.250) | (1.370) | (1.348) | (1.465) | (1.182) |
Net Asset Value, End of Period | $33.97 | $23.93 | $37.84 | $51.52 | $42.82 |
Total Return3 | 48.18% | -33.82% | -24.33% | 24.06% | -7.56% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,100 | $407 | $468 | $642 | $523 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 4.52% | 4.84% | 3.15% | 2.56% | 2.93%2 |
Portfolio Turnover Rate4 | 5% | 8% | 7% | 5% | 11% |
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 | 5,866,811 | 12,368 | — | 5,879,179 |
Temporary Cash Investments | 8 | — | — | 8 |
Total | 5,866,819 | 12,368 | — | 5,879,187 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 386 | — | 386 |
Liabilities | ||||
Swap Contracts | — | — | — | — |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions, foreign currency transactions, and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 274,387 |
Total Distributable Earnings (Loss) | (274,387) |
Amount ($000) | |
Undistributed Ordinary Income | 72,459 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (1,086,540) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (1,253,018) |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 198,557 | 143,456 |
Long-Term Capital Gains | — | — |
Total | 198,557 | 143,456 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 7,132,206 |
Gross Unrealized Appreciation | 576,590 |
Gross Unrealized Depreciation | (1,829,608) |
Net Unrealized Appreciation (Depreciation) | (1,253,018) |
E. | During the year ended August 31, 2021, the fund purchased $2,353,846,000 of investment securities and sold $1,087,860,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,450,064,000 and $862,019,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,677,226 | 28,056 | 1,802,367 | 36,134 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (864,387) | (14,150) | (1,108,388) | (19,350) | |
Net Increase (Decrease)—ETF Shares | 812,839 | 13,906 | 693,979 | 16,784 | |
Admiral Shares | |||||
Issued | 770,533 | 26,470 | 415,739 | 16,420 | |
Issued in Lieu of Cash Distributions | 30,065 | 981 | 16,719 | 566 | |
Redeemed | (376,284) | (12,066) | (350,766) | (12,349) | |
Net Increase (Decrease)—Admiral Shares | 424,314 | 15,385 | 81,692 | 4,637 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img9f77aec310.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Financials Index Fund ETF Shares Net Asset Value | 58.26% | 15.69% | 15.25% | $41,356 |
Financials Index Fund ETF Shares Market Price | 58.22 | 15.69 | 15.25 | 41,340 | |
![]() | MSCI US Investable Market Financials 25/50 Index | 58.41 | 15.80 | 15.36 | 41,747 |
![]() | MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 45,188 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Financials Index Fund Admiral Shares | 58.32% | 15.70% | 15.26% | $413,815 | |
MSCI US Investable Market Financials 25/50 Index | 58.41 | 15.80 | 15.36 | 417,472 | |
MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 451,882 |
One Year | Five Years | Ten Years | |
Financials Index Fund ETF Shares Market Price | 58.22% | 107.27% | 313.40% |
Financials Index Fund ETF Shares Net Asset Value | 58.26 | 107.25 | 313.56 |
MSCI US Investable Market Financials 25/50 Index | 58.41 | 108.25 | 317.47 |
Banks | 37.5% |
Capital Markets | 27.9 |
Consumer Finance | 6.2 |
Diversified Financial Services | 7.7 |
Insurance | 18.1 |
IT Services | 0.0 |
Mortgage Real Estate Investment Trusts (REITs) | 1.4 |
Other | 0.0 |
Thrifts & Mortgage Finance | 1.2 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Banks (37.5%) | |||
JPMorgan Chase & Co. | 6,838,445 | 1,093,809 | |
Bank of America Corp. | 17,422,746 | 727,400 | |
Wells Fargo & Co. | 9,338,092 | 426,751 | |
Citigroup Inc. | 4,669,652 | 335,795 | |
U.S. Bancorp | 3,196,717 | 183,460 | |
PNC Financial Services Group Inc. | 959,754 | 183,409 | |
Truist Financial Corp. | 3,037,600 | 173,325 | |
First Republic Bank | 397,560 | 79,091 | |
* | SVB Financial Group | 126,189 | 70,603 |
Fifth Third Bancorp | 1,589,953 | 61,786 | |
Huntington Bancshares Inc. | 3,334,607 | 51,786 | |
KeyCorp | 2,191,488 | 44,531 | |
Regions Financial Corp. | 2,170,653 | 44,346 | |
Citizens Financial Group Inc. | 961,798 | 42,117 | |
M&T Bank Corp. | 290,517 | 40,675 | |
Signature Bank | 130,205 | 33,766 | |
East West Bancorp Inc. | 320,459 | 23,502 | |
Comerica Inc. | 315,379 | 23,310 | |
Western Alliance Bancorp | 233,897 | 22,819 | |
Zions Bancorp NA | 369,670 | 21,404 | |
First Horizon Corp. | 1,250,333 | 20,493 | |
Commerce Bancshares Inc. | 237,898 | 16,824 | |
Pinnacle Financial Partners Inc. | 172,343 | 16,703 | |
People's United Financial Inc. | 966,526 | 15,880 | |
Cullen/Frost Bankers Inc. | 136,663 | 15,610 | |
Prosperity Bancshares Inc. | 209,294 | 14,625 | |
First Financial Bankshares Inc. | 305,330 | 14,540 | |
Synovus Financial Corp. | 335,414 | 14,456 | |
Popular Inc. | 182,204 | 13,837 | |
CIT Group Inc. | 223,889 | 12,408 | |
Valley National Bancorp | 916,134 | 11,946 | |
Bank OZK | 274,993 | 11,668 | |
First Citizens BancShares Inc. Class A | 12,925 | 11,603 | |
Glacier Bancorp Inc. | 216,031 | 11,506 | |
PacWest Bancorp | 265,269 | 11,287 | |
South State Corp. | 160,711 | 11,022 | |
United Bankshares Inc. | 292,703 | 10,634 | |
Webster Financial Corp. | 203,894 | 10,301 | |
Sterling Bancorp | 437,005 | 10,003 | |
Umpqua Holdings Corp. | 501,509 | 9,764 | |
Wintrust Financial Corp. | 128,964 | 9,652 | |
UMB Financial Corp. | 104,337 | 9,555 | |
Hancock Whitney Corp. | 196,155 | 9,015 | |
Community Bank System Inc. | 121,209 | 8,969 | |
BankUnited Inc. | 210,512 | 8,848 | |
FNB Corp. | 724,442 | 8,461 |
Shares | Market Value• ($000) | ||
First Hawaiian Inc. | 294,513 | 8,220 | |
ServisFirst Bancshares Inc. | 110,432 | 8,108 | |
Home BancShares Inc. | 355,067 | 7,865 | |
Ameris Bancorp | 158,183 | 7,789 | |
* | Texas Capital Bancshares Inc. | 113,541 | 7,720 |
Bank of Hawaii Corp. | 91,472 | 7,666 | |
Pacific Premier Bancorp Inc. | 191,722 | 7,661 | |
Investors Bancorp Inc. | 534,870 | 7,654 | |
Eastern Bankshares Inc. | 382,330 | 7,562 | |
Associated Banc-Corp. | 347,398 | 7,163 | |
Simmons First National Corp. Class A | 246,586 | 7,163 | |
Cathay General Bancorp | 171,056 | 6,805 | |
BancorpSouth Bank | 231,495 | 6,790 | |
Atlantic Union Bankshares Corp. | 177,330 | 6,561 | |
Old National Bancorp | 377,015 | 6,281 | |
BOK Financial Corp. | 70,823 | 6,236 | |
First BanCorp. (XNYS) | 487,808 | 6,210 | |
* | Silvergate Capital Corp. Class A | 54,378 | 6,144 |
Cadence BanCorp. Class A | 283,684 | 6,102 | |
United Community Banks Inc. | 198,130 | 5,978 | |
CVB Financial Corp. | 290,140 | 5,907 | |
Columbia Banking System Inc. | 161,452 | 5,870 | |
Fulton Financial Corp. | 370,331 | 5,870 | |
Independent Bank Group Inc. | 83,293 | 5,866 | |
Independent Bank Corp. (XNGS) | 74,226 | 5,693 | |
WesBanco Inc. | 153,942 | 5,234 | |
First Financial Bancorp | 220,169 | 5,176 | |
First Merchants Corp. | 123,588 | 5,086 | |
International Bancshares Corp. | 121,329 | 5,081 | |
Towne Bank | 162,911 | 4,964 | |
Hilltop Holdings Inc. | 148,215 | 4,961 | |
First Midwest Bancorp Inc. | 261,934 | 4,906 | |
Sandy Spring Bancorp Inc. | 108,148 | 4,712 | |
Trustmark Corp. | 145,551 | 4,602 | |
Banner Corp. | 78,993 | 4,518 | |
Renasant Corp. | 126,364 | 4,435 | |
Live Oak Bancshares Inc. | 72,265 | 4,423 | |
* | Triumph Bancorp Inc. | 53,084 | 4,365 |
Heartland Financial USA Inc. | 91,955 | 4,325 | |
Eagle Bancorp Inc. | 73,184 | 4,223 | |
Park National Corp. | 35,735 | 4,190 | |
First Interstate BancSystem Inc. Class A | 95,063 | 4,188 | |
Veritex Holdings Inc. | 110,412 | 3,967 |
Shares | Market Value• ($000) | ||
Seacoast Banking Corp. of Florida | 123,679 | 3,950 | |
Great Western Bancorp Inc. | 123,463 | 3,822 | |
Hope Bancorp Inc. | 276,498 | 3,813 | |
Lakeland Financial Corp. | 56,410 | 3,746 | |
Enterprise Financial Services Corp. | 82,894 | 3,723 | |
NBT Bancorp Inc. | 97,942 | 3,512 | |
Westamerica BanCorp. | 60,043 | 3,407 | |
FB Financial Corp. | 74,142 | 3,054 | |
Berkshire Hills Bancorp Inc. | 113,855 | 2,918 | |
Stock Yards Bancorp Inc. | 56,579 | 2,918 | |
First Commonwealth Financial Corp. | 215,745 | 2,917 | |
Customers Bancorp Inc. | 70,152 | 2,905 | |
* | Bancorp Inc. | 116,670 | 2,877 |
OceanFirst Financial Corp. | 134,994 | 2,870 | |
City Holding Co. | 35,363 | 2,755 | |
OFG Bancorp | 115,171 | 2,742 | |
First Busey Corp. | 115,599 | 2,740 | |
First BanCorp. | 64,256 | 2,683 | |
Brookline Bancorp Inc. | 177,562 | 2,658 | |
Tompkins Financial Corp. | 33,362 | 2,655 | |
Southside Bancshares Inc. | 70,420 | 2,654 | |
TriCo Bancshares | 66,612 | 2,634 | |
S&T Bancorp Inc. | 87,857 | 2,618 | |
National Bank Holdings Corp. Class A | 68,729 | 2,577 | |
Dime Community Bancshares Inc. | 73,744 | 2,434 | |
ConnectOne Bancorp Inc. | 80,111 | 2,292 | |
BancFirst Corp. | 40,282 | 2,278 | |
Preferred Bank | 33,544 | 2,143 | |
German American Bancorp Inc. | 56,750 | 2,120 | |
Origin Bancorp Inc. | 50,262 | 2,068 | |
Washington Trust Bancorp Inc. | 38,600 | 2,056 | |
Heritage Financial Corp. | 80,299 | 2,044 | |
First Foundation Inc. | 84,898 | 2,040 | |
First Bancorp Inc. (XNMS) | 48,422 | 1,962 | |
Lakeland Bancorp Inc. | 113,087 | 1,909 | |
QCR Holdings Inc. | 36,149 | 1,878 | |
1st Source Corp. | 39,610 | 1,862 | |
Bryn Mawr Bank Corp. | 44,671 | 1,823 | |
Banc of California Inc. | 100,190 | 1,800 | |
Univest Financial Corp. | 65,428 | 1,772 | |
Harborone Bancorp Inc. | 117,801 | 1,665 | |
Allegiance Bancshares Inc. | 43,586 | 1,620 | |
Central Pacific Financial Corp. | 63,202 | 1,600 | |
Horizon Bancorp Inc. | 88,588 | 1,581 | |
Camden National Corp. | 33,747 | 1,575 |
Shares | Market Value• ($000) | ||
* | Nicolet Bankshares Inc. | 20,497 | 1,566 |
Heritage Commerce Corp. | 134,080 | 1,511 | |
Community Trust Bancorp Inc. | 35,783 | 1,491 | |
Peapack-Gladstone Financial Corp. | 43,723 | 1,456 | |
Peoples Bancorp Inc. | 45,701 | 1,428 | |
* | CrossFirst Bankshares Inc. | 105,509 | 1,395 |
Byline Bancorp Inc. | 56,027 | 1,378 | |
Great Southern Bancorp Inc. | 24,930 | 1,358 | |
Cambridge Bancorp | 15,535 | 1,332 | |
Hanmi Financial Corp. | 68,893 | 1,328 | |
Flushing Financial Corp. | 57,547 | 1,320 | |
* | Amerant Bancorp Inc. (XNGS) | 48,172 | 1,280 |
Arrow Financial Corp. | 34,706 | 1,279 | |
Bank of Marin Bancorp | 35,161 | 1,273 | |
* | TriState Capital Holdings Inc. | 62,702 | 1,267 |
Midland States Bancorp Inc. | 49,449 | 1,251 | |
First Mid Bancshares Inc. | 29,699 | 1,215 | |
Financial Institutions Inc. | 36,653 | 1,164 | |
Republic Bancorp Inc. Class A | 22,900 | 1,148 | |
First of Long Island Corp. | 53,895 | 1,143 | |
Altabancorp | 27,381 | 1,137 | |
First Community Bankshares Inc. | 35,614 | 1,113 | |
Bank First Corp. | 15,522 | 1,102 | |
Mercantile Bank Corp. | 34,922 | 1,090 | |
* | Atlantic Capital Bancshares Inc. | 44,240 | 1,072 |
First Financial Corp. | 25,997 | 1,051 | |
CBTX Inc. | 37,574 | 1,023 | |
MidWestOne Financial Group Inc. | 34,277 | 1,006 | |
Farmers National Banc Corp. | 63,371 | 989 | |
Independent Bank Corp. | 46,567 | 975 | |
Century Bancorp Inc. Class A | 6,487 | 742 | |
Amalgamated Financial Corp. | 31,576 | 491 | |
* | Amerant Bancorp Inc. | 17,830 | 396 |
4,409,975 | |||
Capital Markets (27.8%) | |||
Morgan Stanley | 3,152,444 | 329,210 | |
BlackRock Inc. | 344,537 | 324,998 | |
Goldman Sachs Group Inc. | 767,569 | 317,397 | |
S&P Global Inc. | 544,211 | 241,532 | |
Charles Schwab Corp. | 3,265,981 | 237,927 | |
Blackstone Inc. | 1,545,747 | 194,347 | |
CME Group Inc. | 811,240 | 163,643 | |
Intercontinental Exchange Inc. | 1,271,191 | 151,945 | |
Moody's Corp. | 380,588 | 144,916 | |
MSCI Inc. Class A | 186,199 | 118,158 | |
Bank of New York Mellon Corp. | 1,882,319 | 103,942 | |
T Rowe Price Group Inc. | 412,588 | 92,366 | |
KKR & Co. Inc. | 1,182,725 | 76,037 | |
State Street Corp. | 785,498 | 72,981 | |
Ameriprise Financial Inc. | 261,778 | 71,442 | |
Northern Trust Corp. | 446,570 | 52,927 |
Shares | Market Value• ($000) | ||
Nasdaq Inc. | 259,734 | 50,851 | |
MarketAxess Holdings Inc. | 85,800 | 40,834 | |
Raymond James Financial Inc. | 279,662 | 39,125 | |
FactSet Research Systems Inc. | 85,434 | 32,484 | |
Cboe Global Markets Inc. | 241,231 | 30,431 | |
LPL Financial Holdings Inc. | 180,544 | 26,693 | |
Apollo Global Management Inc. Class A | 393,736 | 23,537 | |
Franklin Resources Inc. | 683,241 | 22,164 | |
Ares Management Corp. Class A | 274,938 | 21,220 | |
Tradeweb Markets Inc. Class A | 236,603 | 20,587 | |
Invesco Ltd. | 781,873 | 19,797 | |
Carlyle Group Inc. | 360,283 | 17,791 | |
Jefferies Financial Group Inc. | 472,830 | 17,476 | |
SEI Investments Co. | 275,004 | 17,273 | |
Stifel Financial Corp. | 237,350 | 16,401 | |
Affiliated Managers Group Inc. | 94,070 | 16,002 | |
Janus Henderson Group plc | 350,723 | 15,207 | |
Morningstar Inc. | 53,542 | 14,349 | |
Evercore Inc. Class A | 92,485 | 12,915 | |
Interactive Brokers Group Inc. Class A | 184,866 | 11,950 | |
Houlihan Lokey Inc. Class A | 116,774 | 10,533 | |
Moelis & Co. Class A | 138,670 | 8,591 | |
Artisan Partners Asset Management Inc. Class A | 147,455 | 7,662 | |
* | Open Lending Corp. Class A | 200,949 | 7,429 |
Federated Hermes Inc. | 212,604 | 7,192 | |
Hamilton Lane Inc. Class A | 77,879 | 6,703 | |
* | Focus Financial Partners Inc. Class A | 120,514 | 6,252 |
Piper Sandler Cos. | 40,939 | 5,851 | |
Virtus Investment Partners Inc. | 17,380 | 5,435 | |
Virtu Financial Inc. Class A | 201,533 | 4,933 | |
Cohen & Steers Inc. | 55,007 | 4,825 | |
PJT Partners Inc. Class A | 52,784 | 4,169 | |
StepStone Group Inc. Class A | 86,007 | 4,117 | |
Brightsphere Investment Group Inc. | 134,188 | 3,649 | |
BGC Partners Inc. Class A | 688,525 | 3,546 | |
* | StoneX Group Inc. | 38,738 | 2,700 |
*,1 | Freedom Holding Corp. | 39,286 | 2,531 |
* | Donnelley Financial Solutions Inc. | 67,526 | 2,252 |
B Riley Financial Inc. | 33,030 | 2,165 | |
Cowen Inc. Class A | 53,614 | 1,932 | |
* | Blucora Inc. | 107,931 | 1,771 |
WisdomTree Investments Inc. | 250,229 | 1,579 | |
Victory Capital Holdings Inc. Class A | 36,378 | 1,274 |
Shares | Market Value• ($000) | ||
Diamond Hill Investment Group Inc. | 6,729 | 1,232 | |
Sculptor Capital Management Inc. Class A | 42,543 | 1,204 | |
* | Assetmark Financial Holdings Inc. | 40,512 | 1,089 |
Oppenheimer Holdings Inc. Class A | 20,974 | 977 | |
GAMCO Investors Inc. Class A | 12,313 | 336 | |
Associated Capital Group Inc. Class A | 7,240 | 267 | |
3,273,051 | |||
Consumer Finance (6.2%) | |||
American Express Co. | 1,542,240 | 255,950 | |
Capital One Financial Corp. | 1,019,954 | 169,282 | |
Discover Financial Services | 688,592 | 88,291 | |
Synchrony Financial | 1,313,877 | 65,365 | |
Ally Financial Inc. | 837,206 | 44,288 | |
SLM Corp. | 656,775 | 12,315 | |
* | Credit Acceptance Corp. | 20,742 | 12,024 |
OneMain Holdings Inc. | 182,609 | 10,560 | |
* | Upstart Holdings Inc. | 43,437 | 9,952 |
Navient Corp. | 405,387 | 9,409 | |
FirstCash Inc. | 93,248 | 7,990 | |
* | PROG Holdings Inc. | 152,846 | 7,233 |
* | LendingClub Corp. | 208,669 | 6,481 |
* | Green Dot Corp. Class A | 111,184 | 5,808 |
Santander Consumer USA Holdings Inc. | 137,778 | 5,750 | |
* | LendingTree Inc. | 27,160 | 4,526 |
* | PRA Group Inc. | 102,573 | 4,308 |
* | Encore Capital Group Inc. | 70,108 | 3,450 |
Nelnet Inc. Class A | 37,984 | 3,072 | |
* | Enova International Inc. | 83,546 | 2,755 |
* | World Acceptance Corp. | 9,121 | 1,732 |
* | Oportun Financial Corp. | 37,296 | 942 |
Curo Group Holdings Corp. | 41,119 | 673 | |
732,156 | |||
Diversified Financial Services (7.7%) | |||
* | Berkshire Hathaway Inc. Class B | 2,996,826 | 856,403 |
Equitable Holdings Inc. | 870,854 | 27,005 | |
Voya Financial Inc. | 273,895 | 17,798 | |
* | Cannae Holdings Inc. | 186,009 | 5,937 |
Alerus Financial Corp. | 34,830 | 1,040 | |
908,183 | |||
Insurance (18.0%) | |||
Chubb Ltd. | 1,015,911 | 186,846 | |
Marsh & McLennan Cos. Inc. | 1,148,633 | 180,565 | |
Aon plc Class A | 509,740 | 146,224 | |
Progressive Corp. | 1,321,959 | 127,358 | |
American International Group Inc. | 1,938,924 | 105,788 | |
MetLife Inc. | 1,680,912 | 104,217 | |
Prudential Financial Inc. | 890,228 | 94,257 | |
Allstate Corp. | 676,341 | 91,495 | |
Travelers Cos. Inc. | 568,201 | 90,747 | |
Aflac Inc. | 1,458,532 | 82,670 | |
Arthur J Gallagher & Co. | 465,882 | 66,910 | |
Willis Towers Watson plc | 291,327 | 64,302 | |
Hartford Financial Services Group Inc. | 807,348 | 54,270 |
Shares | Market Value• ($000) | ||
Cincinnati Financial Corp. | 345,787 | 42,670 | |
Principal Financial Group Inc. | 614,781 | 41,074 | |
* | Markel Corp. | 31,085 | 39,486 |
* | Arch Capital Group Ltd. | 911,211 | 37,451 |
Brown & Brown Inc. | 541,309 | 31,423 | |
Fidelity National Financial Inc. | 619,916 | 30,270 | |
Loews Corp. | 505,218 | 28,227 | |
Lincoln National Corp. | 408,556 | 28,047 | |
W R Berkley Corp. | 320,239 | 24,117 | |
Everest Re Group Ltd. | 90,497 | 23,973 | |
Assurant Inc. | 136,917 | 23,291 | |
American Financial Group Inc. | 163,613 | 22,569 | |
* | Alleghany Corp. | 31,538 | 21,341 |
Globe Life Inc. | 221,155 | 21,246 | |
* | Athene Holding Ltd. Class A | 303,916 | 20,353 |
Reinsurance Group of America Inc. | 153,132 | 17,736 | |
RenaissanceRe Holdings Ltd. | 111,598 | 17,491 | |
First American Financial Corp. | 247,806 | 17,478 | |
Old Republic International Corp. | 653,806 | 16,999 | |
Primerica Inc. | 88,923 | 13,600 | |
Unum Group | 462,640 | 12,315 | |
Hanover Insurance Group Inc. | 80,770 | 11,414 | |
Selective Insurance Group Inc. | 135,590 | 11,331 | |
Erie Indemnity Co. Class A | 57,561 | 10,193 | |
RLI Corp. | 92,189 | 10,070 | |
Kemper Corp. | 146,608 | 10,057 | |
* | Brighthouse Financial Inc. | 193,244 | 9,461 |
Kinsale Capital Group Inc. | 49,226 | 8,952 | |
Axis Capital Holdings Ltd. | 172,405 | 8,822 | |
Assured Guaranty Ltd. | 170,542 | 8,503 | |
White Mountains Insurance Group Ltd. | 6,985 | 7,829 | |
CNO Financial Group Inc. | 296,433 | 7,251 | |
* | Trupanion Inc. | 76,878 | 7,040 |
*,1 | Lemonade Inc. | 83,780 | 6,329 |
* | Enstar Group Ltd. | 27,079 | 6,246 |
Goosehead Insurance Inc. Class A | 41,885 | 6,148 | |
American Equity Investment Life Holding Co. | 192,898 | 6,113 | |
* | Palomar Holdings Inc. | 55,556 | 4,989 |
* | Genworth Financial Inc. Class A | 1,134,850 | 4,256 |
Argo Group International Holdings Ltd. | 77,681 | 4,109 | |
Horace Mann Educators Corp. | 95,105 | 3,899 | |
Stewart Information Services Corp. | 59,982 | 3,776 | |
Mercury General Corp. | 62,243 | 3,717 | |
* | BRP Group Inc. Class A | 94,638 | 3,563 |
American National Group Inc. | 18,222 | 3,508 | |
James River Group Holdings Ltd. | 85,079 | 3,130 |
Shares | Market Value• ($000) | ||
ProAssurance Corp. | 121,192 | 3,090 | |
Safety Insurance Group Inc. | 34,247 | 2,785 | |
Employers Holdings Inc. | 63,490 | 2,614 | |
AMERISAFE Inc. | 43,410 | 2,498 | |
* | eHealth Inc. | 55,169 | 2,132 |
* | SiriusPoint Ltd. | 204,440 | 2,006 |
State Auto Financial Corp. | 39,272 | 1,986 | |
HCI Group Inc. | 15,466 | 1,727 | |
* | Ambac Financial Group Inc. | 102,898 | 1,450 |
* | MBIA Inc. | 114,027 | 1,276 |
United Fire Group Inc. | 48,108 | 1,249 | |
* | Selectquote Inc. | 127,751 | 1,220 |
National Western Life Group Inc. Class A | 5,351 | 1,186 | |
* | GoHealth Inc. Class A | 110,068 | 535 |
Crawford & Co. Class A | 34,521 | 344 | |
* | Trean Insurance Group Inc. | 28,521 | 291 |
2,123,901 | |||
IT Services (0.0%) | |||
* | BM Technologies Inc. (XASE) | 8,896 | 87 |
Mortgage Real Estate Investment Trusts (REITs) (1.4%) | |||
Annaly Capital Management Inc. | 3,161,302 | 27,472 | |
AGNC Investment Corp. | 1,187,027 | 19,360 | |
Starwood Property Trust Inc. | 648,325 | 16,727 | |
New Residential Investment Corp. | 1,054,308 | 11,513 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 177,646 | 10,724 | |
Blackstone Mortgage Trust Inc. Class A | 316,403 | 10,381 | |
Chimera Investment Corp. | 524,004 | 8,028 | |
Arbor Realty Trust Inc. | 286,469 | 5,237 | |
Apollo Commercial Real Estate Finance Inc. | 313,157 | 4,870 | |
Two Harbors Investment Corp. | 703,779 | 4,645 | |
MFA Financial Inc. | 911,127 | 4,373 | |
PennyMac Mortgage Investment Trust | 221,208 | 4,294 | |
New York Mortgage Trust Inc. | 847,682 | 3,747 | |
Redwood Trust Inc. | 260,702 | 3,251 | |
Broadmark Realty Capital Inc. | 281,926 | 2,963 | |
Ladder Capital Corp. Class A | 258,019 | 2,944 | |
Ellington Financial Inc. | 107,232 | 1,986 | |
1 | Invesco Mortgage Capital Inc. | 636,575 | 1,986 |
Ready Capital Corp. | 128,682 | 1,970 | |
BrightSpire Capital Inc. Class A | 187,258 | 1,876 | |
ARMOUR Residential REIT Inc. | 162,576 | 1,766 | |
Granite Point Mortgage Trust Inc. | 123,623 | 1,701 | |
Ares Commercial Real Estate Corp. | 99,996 | 1,578 | |
Capstead Mortgage Corp. | 215,979 | 1,488 |
Shares | Market Value• ($000) | ||
KKR Real Estate Finance Trust Inc. | 68,588 | 1,463 | |
TPG RE Finance Trust Inc. | 112,093 | 1,412 | |
Dynex Capital Inc. | 68,228 | 1,212 | |
Orchid Island Capital Inc. | 209,824 | 1,053 | |
160,020 | |||
Other (0.0%)2 | |||
*,3 | NewStar Financial Inc. CVR | 42,593 | 4 |
Thrifts & Mortgage Finance (1.2%) | |||
New York Community Bancorp Inc. | 1,046,834 | 13,106 | |
Essent Group Ltd. | 255,321 | 12,021 | |
MGIC Investment Corp. | 769,567 | 11,751 | |
Radian Group Inc. | 430,903 | 10,182 | |
PennyMac Financial Services Inc. | 120,437 | 8,015 | |
Walker & Dunlop Inc. | 67,919 | 7,542 | |
* | Mr Cooper Group Inc. | 155,501 | 6,046 |
Flagstar Bancorp Inc. | 120,409 | 5,955 | |
* | Axos Financial Inc. | 119,667 | 5,802 |
Washington Federal Inc. | 163,190 | 5,434 | |
Rocket Cos. Inc. Class A | 309,966 | 5,378 | |
WSFS Financial Corp. | 106,838 | 4,852 | |
* | NMI Holdings Inc. Class A | 186,337 | 4,206 |
Provident Financial Services Inc. | 178,949 | 3,949 | |
Northwest Bancshares Inc. | 272,252 | 3,545 | |
Capitol Federal Financial Inc. | 294,717 | 3,401 | |
Meta Financial Group Inc. | 68,507 | 3,370 | |
Premier Financial Corp. | 83,741 | 2,546 | |
TFS Financial Corp. | 125,689 | 2,513 | |
Meridian Bancorp Inc. | 105,919 | 2,201 | |
Kearny Financial Corp. | 169,158 | 2,147 | |
* | Columbia Financial Inc. | 113,806 | 2,052 |
Federal Agricultural Mortgage Corp. Class C | 20,596 | 2,016 | |
HomeStreet Inc. | 48,974 | 2,001 | |
Northfield Bancorp Inc. | 107,416 | 1,815 | |
TrustCo Bank Corp. NY | 43,197 | 1,386 | |
Hingham Institution for Savings | 3,075 | 998 | |
Waterstone Financial Inc. | 48,276 | 979 | |
Merchants Bancorp | 22,413 | 822 | |
* | Bridgewater Bancshares Inc. | 47,061 | 769 |
Luther Burbank Corp. | 34,340 | 445 | |
137,245 | |||
Total Common Stocks (Cost $9,090,590) | 11,744,622 | ||
Face Amount ($000) | |||
Corporate Bonds (0.0%) | |||
Financials (0.0%) | |||
GAMCO Investors Inc. 4.000%, 10/30/2021 (Cost $25) | 25 | 25 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.068% (Cost $19,582) | 195,835 | 19,584 |
Total Investments (100.0%) (Cost $9,110,197) | 11,764,231 | ||
Other Assets and Liabilities—Net (0.0%) | 3,641 | ||
Net Assets (100.0%) | 11,767,872 | ||
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 $8,167,000. |
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 $8,398,000 was received for securities on loan. |
CVR—Contingent Value Rights. |
REIT—Real Estate Investment Trust. |
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. | 8/31/22 | BOANA | 22,387 | 0.020 | — | — |
1 | Based on 1M USD Overnight Bank Funding Rate 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 $9,090,615) | 11,744,647 |
Affiliated Issuers (Cost $19,582) | 19,584 |
Total Investments in Securities | 11,764,231 |
Investment in Vanguard | 378 |
Receivables for Investment Securities Sold | 52,228 |
Receivables for Accrued Income | 12,610 |
Receivables for Capital Shares Issued | 734 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | — |
Total Assets | 11,830,181 |
Liabilities | |
Due to Custodian | 1,168 |
Payables for Investment Securities Purchased | 50,270 |
Collateral for Securities on Loan | 8,398 |
Payables for Capital Shares Redeemed | 1,958 |
Payables to Vanguard | 515 |
Total Liabilities | 62,309 |
Net Assets | 11,767,872 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 9,212,074 |
Total Distributable Earnings (Loss) | 2,555,798 |
Net Assets | 11,767,872 |
ETF Shares—Net Assets | |
Applicable to 115,476,377 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 10,945,972 |
Net Asset Value Per Share—ETF Shares | $94.79 |
Admiral Shares—Net Assets | |
Applicable to 17,301,118 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 821,900 |
Net Asset Value Per Share—Admiral Shares | $47.51 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 202,330 |
Interest1 | 8 |
Securities Lending—Net | 421 |
Total Income | 202,759 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,384 |
Management and Administrative— ETF Shares | 6,588 |
Management and Administrative— Admiral Shares | 500 |
Marketing and Distribution— ETF Shares | 335 |
Marketing and Distribution— Admiral Shares | 27 |
Custodian Fees | 34 |
Auditing Fees | 31 |
Shareholders’ Reports—ETF Shares | 324 |
Shareholders’ Reports—Admiral Shares | 8 |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 9,234 |
Net Investment Income | 193,525 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 434,989 |
Futures Contracts | 204 |
Swap Contracts | 9,269 |
Realized Net Gain (Loss) | 444,462 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 3,301,996 |
Swap Contracts | (110) |
Change in Unrealized Appreciation (Depreciation) | 3,301,886 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,939,873 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $8,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $453,181,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 193,525 | 180,912 |
Realized Net Gain (Loss) | 444,462 | 371,643 |
Change in Unrealized Appreciation (Depreciation) | 3,301,886 | (1,036,102) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,939,873 | (483,547) |
Distributions | ||
ETF Shares | (169,520) | (175,958) |
Admiral Shares | (12,270) | (11,934) |
Total Distributions | (181,790) | (187,892) |
Capital Share Transactions | ||
ETF Shares | 1,303,483 | (454,049) |
Admiral Shares | 133,926 | (14,373) |
Net Increase (Decrease) from Capital Share Transactions | 1,437,409 | (468,422) |
Total Increase (Decrease) | 5,195,492 | (1,139,861) |
Net Assets | ||
Beginning of Period | 6,572,380 | 7,712,241 |
End of Period | 11,767,872 | 6,572,380 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $61.18 | $67.31 | $71.60 | $62.26 | $50.81 |
Investment Operations | |||||
Net Investment Income1 | 1.676 | 1.652 | 1.539 | 1.298 | 1.035 |
Net Realized and Unrealized Gain (Loss) on Investments | 33.519 | (6.081) | (4.338) | 9.307 | 11.387 |
Total from Investment Operations | 35.195 | (4.429) | (2.799) | 10.605 | 12.422 |
Distributions | |||||
Dividends from Net Investment Income | (1.585) | (1.701) | (1.491) | (1.265) | (.972) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.585) | (1.701) | (1.491) | (1.265) | (.972) |
Net Asset Value, End of Period | $94.79 | $61.18 | $67.31 | $71.60 | $62.26 |
Total Return | 58.26% | -6.73% | -3.85% | 17.15% | 24.65% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $10,946 | $6,140 | $7,222 | $8,512 | $6,127 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.09% | 2.53% | 2.30% | 1.87% | 1.75% |
Portfolio Turnover Rate2 | 4% | 5% | 5% | 3% | 5% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $30.66 | $33.73 | $35.88 | $31.20 | $25.47 |
Investment Operations | |||||
Net Investment Income1 | .841 | .828 | .771 | .651 | .514 |
Net Realized and Unrealized Gain (Loss) on Investments | 16.803 | (3.046) | (2.174) | 4.663 | 5.704 |
Total from Investment Operations | 17.644 | (2.218) | (1.403) | 5.314 | 6.218 |
Distributions | |||||
Dividends from Net Investment Income | (.794) | (.852) | (.747) | (.634) | (.488) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.794) | (.852) | (.747) | (.634) | (.488) |
Net Asset Value, End of Period | $47.51 | $30.66 | $33.73 | $35.88 | $31.20 |
Total Return2 | 58.32% | -6.70% | -3.87% | 17.16% | 24.62% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $822 | $432 | $490 | $690 | $518 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.09% | 2.53% | 2.30% | 1.87% | 1.75% |
Portfolio Turnover Rate3 | 4% | 5% | 5% | 3% | 5% |
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 | 11,744,618 | — | 4 | 11,744,622 |
Corporate Bonds | — | 25 | — | 25 |
Temporary Cash Investments | 19,584 | — | — | 19,584 |
Total | 11,764,202 | 25 | 4 | 11,764,231 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | — | — | — |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 453,162 |
Total Distributable Earnings (Loss) | (453,162) |
Amount ($000) | |
Undistributed Ordinary Income | 55,567 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (143,547) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 2,643,778 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 181,790 | 187,892 |
Long-Term Capital Gains | — | — |
Total | 181,790 | 187,892 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 9,120,453 |
Gross Unrealized Appreciation | 2,888,847 |
Gross Unrealized Depreciation | (245,069) |
Net Unrealized Appreciation (Depreciation) | 2,643,778 |
E. | During the year ended August 31, 2021, the fund purchased $3,370,489,000 of investment securities and sold $1,913,762,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,686,917,000 and $1,547,082,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 2,863,520 | 35,814 | 1,881,744 | 30,583 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,560,037) | (20,700) | (2,335,793) | (37,525) | |
Net Increase (Decrease)—ETF Shares | 1,303,483 | 15,114 | (454,049) | (6,942) | |
Admiral Shares | |||||
Issued | 407,353 | 10,001 | 245,111 | 8,139 | |
Issued in Lieu of Cash Distributions | 10,077 | 270 | 10,126 | 310 | |
Redeemed | (283,504) | (7,060) | (269,610) | (8,886) | |
Net Increase (Decrease)—Admiral Shares | 133,926 | 3,211 | (14,373) | (437) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/imgd23b9e7b11.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Health Care Index Fund ETF Shares Net Asset Value | 27.99% | 16.23% | 17.71% | $51,071 |
Health Care Index Fund ETF Shares Market Price | 27.93 | 16.23 | 17.71 | 51,075 | |
![]() | MSCI US Investable Market Health Care 25/50 Index | 28.11 | 16.31 | 17.80 | 51,444 |
![]() | MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 45,188 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Health Care Index Fund Admiral Shares | 28.01% | 16.24% | 17.72% | $511,046 | |
MSCI US Investable Market Health Care 25/50 Index | 28.11 | 16.31 | 17.80 | 514,441 | |
MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 451,882 |
One Year | Five Years | Ten Years | |
Health Care Index Fund ETF Shares Market Price | 27.93% | 112.15% | 410.75% |
Health Care Index Fund ETF Shares Net Asset Value | 27.99 | 112.13 | 410.71 |
MSCI US Investable Market Health Care 25/50 Index | 28.11 | 112.82 | 414.44 |
Biotechnology | 19.0% |
Health Care Equipment & Supplies | 26.6 |
Health Care Providers & Services | 18.0 |
Health Care Technology | 2.2 |
Life Sciences Tools & Services | 10.3 |
Pharmaceuticals | 23.9 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Biotechnology (19.0%) | |||
AbbVie Inc. | 5,633,686 | 680,437 | |
Amgen Inc. | 1,832,769 | 413,344 | |
* | Moderna Inc. | 1,088,750 | 410,121 |
Gilead Sciences Inc. | 3,800,834 | 276,625 | |
* | Regeneron Pharmaceuticals Inc. | 333,991 | 224,910 |
* | Vertex Pharmaceuticals Inc. | 825,888 | 165,417 |
* | Biogen Inc. | 480,423 | 162,820 |
* | Alnylam Pharmaceuticals Inc. | 374,876 | 75,511 |
* | Horizon Therapeutics plc | 681,116 | 73,622 |
* | Seagen Inc. | 434,047 | 72,746 |
* | Exact Sciences Corp. | 547,107 | 57,107 |
* | Novavax Inc. | 224,495 | 53,551 |
* | BioMarin Pharmaceutical Inc. | 582,723 | 49,071 |
* | Incyte Corp. | 596,090 | 45,595 |
* | Intellia Therapeutics Inc. | 195,622 | 31,403 |
* | United Therapeutics Corp. | 142,858 | 30,697 |
* | Natera Inc. | 252,445 | 29,897 |
* | Neurocrine Biosciences Inc. | 301,521 | 28,705 |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 186,792 | 24,515 |
* | CRISPR Therapeutics AG | 193,366 | 24,161 |
* | Acceleron Pharma Inc. | 174,240 | 23,327 |
* | Arrowhead Pharmaceuticals Inc. | 315,107 | 21,150 |
* | Ultragenyx Pharmaceutical Inc. | 204,566 | 19,698 |
* | Mirati Therapeutics Inc. | 114,862 | 19,496 |
* | Exelixis Inc. | 1,000,733 | 19,184 |
* | Sarepta Therapeutics Inc. | 241,978 | 18,903 |
* | Halozyme Therapeutics Inc. | 431,419 | 18,115 |
* | Fate Therapeutics Inc. | 239,646 | 17,554 |
* | Invitae Corp. | 573,694 | 16,999 |
* | Blueprint Medicines Corp. | 176,586 | 16,470 |
* | Ionis Pharmaceuticals Inc. | 404,678 | 16,090 |
* | Alkermes plc | 511,902 | 16,002 |
* | Twist Bioscience Corp. | 140,424 | 15,897 |
* | Editas Medicine Inc. Class A | 216,322 | 13,756 |
* | Denali Therapeutics Inc. | 251,269 | 13,368 |
* | Apellis Pharmaceuticals Inc. | 192,575 | 12,681 |
* | CareDx Inc. | 166,275 | 12,185 |
* | Beam Therapeutics Inc. | 99,802 | 11,070 |
* | Bridgebio Pharma Inc. | 214,330 | 10,740 |
* | Vir Biotechnology Inc. | 207,384 | 10,689 |
* | TG Therapeutics Inc. | 383,612 | 10,384 |
* | Veracyte Inc. | 214,506 | 10,320 |
Shares | Market Value• ($000) | ||
* | Turning Point Therapeutics Inc. | 133,288 | 10,266 |
* | Insmed Inc. | 362,103 | 10,153 |
* | Arena Pharmaceuticals Inc. | 183,964 | 9,735 |
* | Emergent BioSolutions Inc. | 154,174 | 9,725 |
* | Iovance Biotherapeutics Inc. | 390,023 | 9,388 |
* | Kodiak Sciences Inc. | 98,106 | 9,240 |
* | Allakos Inc. | 102,543 | 9,143 |
* | BioCryst Pharmaceuticals Inc. | 565,856 | 9,008 |
* | PTC Therapeutics Inc. | 202,098 | 8,822 |
* | Myriad Genetics Inc. | 245,744 | 8,793 |
* | Agios Pharmaceuticals Inc. | 176,752 | 7,897 |
*,1 | Sorrento Therapeutics Inc. | 871,018 | 7,839 |
* | Karuna Therapeutics Inc. | 65,784 | 7,822 |
* | Sage Therapeutics Inc. | 167,930 | 7,760 |
* | Amicus Therapeutics Inc. | 680,213 | 7,748 |
* | Cytokinetics Inc. | 234,786 | 7,741 |
* | Dynavax Technologies Corp. | 366,843 | 7,139 |
* | Ligand Pharmaceuticals Inc. | 52,931 | 7,003 |
* | Vericel Corp. | 125,670 | 6,808 |
* | ACADIA Pharmaceuticals Inc. | 383,792 | 6,720 |
* | Prothena Corp. plc | 98,644 | 6,621 |
* | Ironwood Pharmaceuticals Inc. Class A | 491,322 | 6,436 |
* | Protagonist Therapeutics Inc. | 125,719 | 6,097 |
* | Allogene Therapeutics Inc. | 248,625 | 5,930 |
*,1 | Inovio Pharmaceuticals Inc. | 664,871 | 5,745 |
* | Xencor Inc. | 167,726 | 5,681 |
* | Kymera Therapeutics Inc. | 87,389 | 5,430 |
* | Translate Bio Inc. | 144,220 | 5,394 |
* | OPKO Health Inc. | 1,389,306 | 5,363 |
* | Global Blood Therapeutics Inc. | 178,294 | 5,115 |
* | Cortexyme Inc. | 51,711 | 4,980 |
*,1 | Ocugen Inc. | 632,219 | 4,799 |
* | SpringWorks Therapeutics Inc. | 62,649 | 4,705 |
* | Avid Bioservices Inc. | 194,021 | 4,703 |
* | Dicerna Pharmaceuticals Inc. | 220,779 | 4,544 |
* | Zentalis Pharmaceuticals Inc. | 65,966 | 4,498 |
* | Alector Inc. | 165,233 | 4,466 |
* | REVOLUTION Medicines Inc. | 152,364 | 4,432 |
* | Cerevel Therapeutics Holdings Inc. | 135,355 | 4,285 |
Shares | Market Value• ($000) | ||
* | Rocket Pharmaceuticals Inc. | 121,409 | 4,153 |
* | Anavex Life Sciences Corp. | 212,419 | 4,140 |
* | Deciphera Pharmaceuticals Inc. | 129,059 | 4,065 |
* | Bluebird Bio Inc. | 213,767 | 3,912 |
* | Zymeworks Inc. | 118,169 | 3,898 |
* | ImmunoGen Inc. | 637,962 | 3,860 |
* | Sangamo Therapeutics Inc. | 388,080 | 3,846 |
* | Travere Thrapeutics Inc. | 173,553 | 3,789 |
* | Arcturus Therapeutics Holdings Inc. | 66,840 | 3,664 |
* | Morphic Holding Inc. | 57,713 | 3,637 |
* | MacroGenics Inc. | 153,270 | 3,619 |
* | Arcus Biosciences Inc. | 123,794 | 3,611 |
* | Heron Therapeutics Inc. | 308,731 | 3,603 |
* | Agenus Inc. | 567,748 | 3,503 |
* | MiMedx Group Inc. | 232,997 | 3,439 |
* | Atara Biotherapeutics Inc. | 227,867 | 3,413 |
* | Enanta Pharmaceuticals Inc. | 57,968 | 3,316 |
* | Relay Therapeutics Inc. | 103,203 | 3,306 |
* | Kura Oncology Inc. | 178,918 | 3,303 |
* | REGENXBIO Inc. | 101,631 | 3,283 |
* | UniQure N.V. | 110,182 | 3,195 |
* | Coherus Biosciences Inc. | 194,036 | 3,101 |
* | FibroGen Inc. | 265,242 | 3,085 |
* | Vanda Pharmaceuticals Inc. | 175,859 | 2,944 |
* | Generation Bio Co. | 116,553 | 2,914 |
* | Scholar Rock Holding Corp. | 71,868 | 2,841 |
* | Myovant Sciences Ltd. | 116,673 | 2,840 |
* | ImmunityBio Inc. | 245,047 | 2,789 |
* | Rubius Therapeutics Inc. | 128,229 | 2,785 |
* | Krystal Biotech Inc. | 45,785 | 2,653 |
* | Madrigal Pharmaceuticals Inc. | 31,750 | 2,627 |
* | Y-mAbs Therapeutics Inc. | 83,739 | 2,578 |
* | Avidity Biosciences Inc. | 109,063 | 2,491 |
* | ChemoCentryx Inc. | 155,582 | 2,460 |
* | Mersana Therapeutics Inc. | 176,187 | 2,454 |
* | Kadmon Holdings Inc. | 434,453 | 2,381 |
* | Sutro Biopharma Inc. | 103,907 | 2,257 |
* | Allovir Inc. | 113,401 | 2,183 |
* | Syndax Pharmaceuticals Inc. | 123,174 | 2,154 |
* | Replimune Group Inc. | 67,612 | 2,147 |
* | Rigel Pharmaceuticals Inc. | 548,671 | 2,085 |
* | Dermtech Inc. | 55,901 | 2,080 |
*,1 | VBI Vaccines Inc. | 568,605 | 2,053 |
* | BioAtla Inc. | 49,722 | 2,043 |
* | Nurix Therapeutics Inc. | 63,139 | 2,032 |
* | Anika Therapeutics Inc. | 46,049 | 1,986 |
Shares | Market Value• ($000) | ||
* | Rapt Therapeutics Inc. | 59,752 | 1,954 |
* | Eagle Pharmaceuticals Inc. | 36,007 | 1,922 |
* | Bioxcel Therapeutics Inc. | 62,789 | 1,849 |
* | Precision BioSciences Inc. | 144,761 | 1,820 |
* | ALX Oncology Holdings Inc. | 25,980 | 1,819 |
* | Radius Health Inc. | 129,892 | 1,800 |
* | Precigen Inc. | 297,077 | 1,797 |
* | Merus NV | 67,706 | 1,766 |
* | IGM Biosciences Inc. | 24,656 | 1,756 |
* | Vaxcyte Inc. | 66,396 | 1,742 |
*,1 | Humanigen Inc. | 104,597 | 1,734 |
* | Organogenesis Holdings Inc. Class A | 101,234 | 1,727 |
* | Crinetics Pharmaceuticals Inc. | 72,654 | 1,712 |
* | Arcutis Biotherapeutics Inc. | 80,164 | 1,697 |
* | ORIC Pharmaceuticals Inc. | 75,455 | 1,667 |
* | Xenon Pharmaceuticals Inc. | 90,435 | 1,596 |
* | Avita Medical Inc. | 78,512 | 1,587 |
* | Gossamer Bio Inc. | 155,866 | 1,549 |
*,1 | CEL-SCI Corp. | 132,813 | 1,538 |
*,1 | Clovis Oncology Inc. | 314,155 | 1,514 |
* | Rhythm Pharmaceuticals Inc. | 112,859 | 1,468 |
* | AnaptysBio Inc. | 56,740 | 1,453 |
* | G1 Therapeutics Inc. | 94,290 | 1,426 |
* | Seres Therapeutics Inc. | 218,935 | 1,403 |
* | Aligos Therapeutics Inc. | 80,901 | 1,379 |
* | Verastem Inc. | 516,952 | 1,370 |
* | Praxis Precision Medicines Inc. | 68,948 | 1,370 |
* | C4 Therapeutics Inc. | 34,073 | 1,367 |
* | Ideaya Biosciences Inc. | 57,803 | 1,358 |
* | Keros Therapeutics Inc. | 40,263 | 1,354 |
*,1 | Intercept Pharmaceuticals Inc. | 88,791 | 1,324 |
* | TCR2 Therapeutics Inc. | 78,141 | 1,310 |
* | 4D Molecular Therapeutics Inc. | 42,758 | 1,306 |
* | Forma Therapeutics Holdings Inc. | 53,010 | 1,274 |
* | Dyne Therapeutics Inc. | 73,135 | 1,238 |
* | KalVista Pharmaceuticals Inc. | 58,479 | 1,195 |
* | Akero Therapeutics Inc. | 49,292 | 1,170 |
* | Epizyme Inc. | 225,249 | 1,162 |
* | Kronos Bio Inc. | 53,197 | 1,112 |
* | ZIOPHARM Oncology Inc. | 678,395 | 1,106 |
* | Applied Molecular Transport Inc. | 36,706 | 1,104 |
* | Karyopharm Therapeutics Inc. | 188,003 | 1,090 |
* | PMV Pharmaceuticals Inc. | 35,457 | 1,076 |
* | Taysha Gene Therapies Inc. | 53,833 | 1,070 |
* | Stoke Therapeutics Inc. | 40,518 | 1,061 |
* | Prelude Therapeutics Inc. | 29,516 | 1,053 |
* | Repare Therapeutics Inc. | 29,740 | 1,011 |
* | Shattuck Labs Inc. | 46,206 | 976 |
* | Evelo Biosciences Inc. | 84,341 | 959 |
* | Passage Bio Inc. | 79,636 | 957 |
Shares | Market Value• ($000) | ||
* | Kiniksa Pharmaceuticals Ltd. Class A | 75,767 | 953 |
* | Immunovant Inc. | 108,479 | 939 |
* | MeiraGTx Holdings plc | 72,531 | 907 |
* | Lexicon Pharmaceuticals Inc. | 182,932 | 863 |
* | Inhibrx Inc. | 29,958 | 854 |
* | Nkarta Inc. | 26,010 | 841 |
* | CytomX Therapeutics Inc. | 163,809 | 839 |
* | Annexon Inc. | 48,268 | 789 |
*,2 | PDL BioPharma Inc. | 311,327 | 769 |
* | Kinnate Biopharma Inc. | 34,339 | 760 |
* | Silverback Therapeutics Inc. | 33,138 | 729 |
* | Molecular Templates Inc. | 106,291 | 693 |
* | Black Diamond Therapeutics Inc. | 68,319 | 690 |
* | Essa Pharma Inc. | 72,249 | 685 |
* | Akouos Inc. | 55,281 | 657 |
* | Mirum Pharmaceuticals Inc. | 38,055 | 618 |
* | Poseida Therapeutics Inc. | 68,712 | 594 |
* | Magenta Therapeutics Inc. | 86,576 | 554 |
* | Harpoon Therapeutics Inc. | 56,037 | 531 |
* | 89bio Inc. | 27,639 | 512 |
* | Solid Biosciences Inc. | 188,144 | 510 |
* | iTeos Therapeutics Inc. | 16,723 | 474 |
* | Adverum Biotechnologies Inc. | 185,056 | 450 |
* | Oyster Point Pharma Inc. | 24,622 | 325 |
* | Ardelyx Inc. | 171,313 | 242 |
*,2 | Alder Biopharmaceuticals Inc. CVR | 157,578 | 139 |
* | Geron Corp. Warrant Exp. 12/31/25 | 152,449 | 11 |
*,2 | Progenics Pharmaceuticals Inc. CVR | 215,826 | — |
* | Advaxis Inc. Warrants Exp. 9/11/24 | 7,710 | — |
*,2 | Prevail Therapeutics Inc. CVR | 78 | — |
3,768,801 | |||
Health Care Equipment & Supplies (26.6%) | |||
Abbott Laboratories | 5,667,315 | 716,179 | |
Danaher Corp. | 2,047,615 | 663,755 | |
Medtronic plc | 4,299,421 | 573,887 | |
* | Intuitive Surgical Inc. | 377,728 | 397,959 |
Stryker Corp. | 1,081,436 | 299,666 | |
Becton Dickinson and Co. | 927,564 | 233,468 | |
* | Edwards Lifesciences Corp. | 1,982,869 | 232,353 |
* | Boston Scientific Corp. | 4,532,938 | 204,662 |
* | IDEXX Laboratories Inc. | 272,013 | 183,271 |
* | Align Technology Inc. | 239,782 | 170,005 |
* | DexCom Inc. | 308,598 | 163,378 |
ResMed Inc. | 464,208 | 134,866 | |
Baxter International Inc. | 1,603,997 | 122,257 | |
West Pharmaceutical Services Inc. | 235,505 | 106,359 | |
Zimmer Biomet Holdings Inc. | 664,786 | 100,017 | |
Cooper Cos. Inc. | 156,833 | 70,686 |
Shares | Market Value• ($000) | ||
STERIS plc | 317,727 | 68,315 | |
* | Hologic Inc. | 817,117 | 64,675 |
* | Insulet Corp. | 211,357 | 62,944 |
Teleflex Inc. | 149,029 | 58,935 | |
* | ABIOMED Inc. | 144,451 | 52,574 |
* | Masimo Corp. | 166,621 | 45,244 |
DENTSPLY SIRONA Inc. | 696,196 | 42,955 | |
* | Novocure Ltd. | 296,825 | 39,837 |
Hill-Rom Holdings Inc. | 211,849 | 30,841 | |
* | Penumbra Inc. | 110,537 | 30,392 |
* | Tandem Diabetes Care Inc. | 199,787 | 22,410 |
* | Envista Holdings Corp. | 513,020 | 21,952 |
* | Shockwave Medical Inc. | 100,419 | 21,511 |
* | Globus Medical Inc. Class A | 248,197 | 20,253 |
* | STAAR Surgical Co. | 119,660 | 18,484 |
* | Integra LifeSciences Holdings Corp. | 230,109 | 17,311 |
* | Quidel Corp. | 122,148 | 15,751 |
* | Neogen Corp. | 342,479 | 14,994 |
* | Livanova plc | 155,802 | 12,883 |
* | Nevro Corp. | 105,504 | 12,872 |
* | ICU Medical Inc. | 64,251 | 12,808 |
CONMED Corp. | 92,733 | 12,180 | |
* | Merit Medical Systems Inc. | 160,713 | 11,534 |
* | Integer Holdings Corp. | 105,366 | 10,409 |
* | NuVasive Inc. | 164,797 | 10,241 |
* | Haemonetics Corp. | 162,323 | 10,186 |
* | AtriCure Inc. | 138,224 | 10,176 |
* | Glaukos Corp. | 147,620 | 8,803 |
* | Axonics Inc. | 108,618 | 8,144 |
* | Heska Corp. | 30,682 | 8,140 |
* | CryoPort Inc. | 116,597 | 7,412 |
* | Silk Road Medical Inc. | 104,528 | 6,196 |
* | Outset Medical Inc. | 125,086 | 6,166 |
* | Lantheus Holdings Inc. | 215,372 | 5,679 |
* | Inari Medical Inc. | 63,388 | 5,189 |
* | Avanos Medical Inc. | 153,226 | 5,056 |
* | Cardiovascular Systems Inc. | 128,339 | 4,593 |
* | Establishment Labs Holdings Inc. | 60,514 | 4,539 |
* | BioLife Solutions Inc. | 77,327 | 4,513 |
* | iRhythm Technologies Inc. | 93,486 | 4,469 |
Mesa Laboratories Inc. | 16,343 | 4,362 | |
* | Varex Imaging Corp. | 125,795 | 3,669 |
* | Inogen Inc. | 60,508 | 3,581 |
* | Cerus Corp. | 543,708 | 3,507 |
* | AngioDynamics Inc. | 121,172 | 3,429 |
LeMaitre Vascular Inc. | 59,501 | 3,369 | |
* | CryoLife Inc. | 125,007 | 3,280 |
Atrion Corp. | 4,662 | 3,236 | |
* | OrthoPediatrics Corp. | 44,069 | 3,089 |
* | Alphatec Holdings Inc. | 202,770 | 2,936 |
* | Natus Medical Inc. | 108,943 | 2,889 |
* | Tactile Systems Technology Inc. | 62,419 | 2,776 |
* | Intersect ENT Inc. | 100,357 | 2,731 |
* | Meridian Bioscience Inc. | 132,052 | 2,673 |
* | Surmodics Inc. | 44,420 | 2,668 |
* | Orthofix Medical Inc. | 61,759 | 2,619 |
* | TransMedics Group Inc. | 79,062 | 2,584 |
* | Pulmonx Corp. | 63,374 | 2,547 |
* | OraSure Technologies Inc. | 227,987 | 2,496 |
* | Cutera Inc. | 47,792 | 2,377 |
* | ViewRay Inc. | 388,126 | 2,344 |
Shares | Market Value• ($000) | ||
* | Axogen Inc. | 124,391 | 2,122 |
* | SI-BONE Inc. | 83,593 | 2,041 |
*,1 | SmileDirectClub Inc. | 339,659 | 1,868 |
* | Vapotherm Inc. | 49,719 | 1,375 |
* | Accuray Inc. | 293,051 | 1,193 |
* | Stereotaxis Inc. | 140,658 | 993 |
* | Zynex Inc. | 67,932 | 911 |
* | Eargo Inc. | 36,403 | 728 |
* | Accelerate Diagnostics Inc. | 107,532 | 672 |
* | Aspira Women's Health Inc. | 159,208 | 607 |
5,280,006 | |||
Health Care Providers & Services (18.0%) | |||
UnitedHealth Group Inc. | 3,009,963 | 1,252,957 | |
CVS Health Corp. | 4,199,802 | 362,821 | |
Anthem Inc. | 780,977 | 292,968 | |
Cigna Corp. | 1,094,685 | 231,690 | |
HCA Healthcare Inc. | 859,975 | 217,556 | |
Humana Inc. | 411,585 | 166,865 | |
* | Centene Corp. | 1,858,372 | 117,040 |
McKesson Corp. | 504,422 | 102,973 | |
* | Laboratory Corp. of America Holdings | 311,501 | 94,503 |
Quest Diagnostics Inc. | 416,561 | 63,663 | |
AmerisourceBergen Corp. Class A | 491,520 | 60,069 | |
* | Molina Healthcare Inc. | 186,240 | 50,056 |
Cardinal Health Inc. | 925,273 | 48,568 | |
Universal Health Services Inc. Class B | 248,646 | 38,729 | |
* | Guardant Health Inc. | 274,155 | 34,892 |
* | Henry Schein Inc. | 448,700 | 33,917 |
* | DaVita Inc. | 220,172 | 28,792 |
Encompass Health Corp. | 317,430 | 24,902 | |
Chemed Corp. | 50,857 | 24,243 | |
* | Tenet Healthcare Corp. | 289,519 | 21,815 |
* | Amedisys Inc. | 103,893 | 19,059 |
* | Acadia Healthcare Co. Inc. | 271,904 | 17,978 |
* | LHC Group Inc. | 95,967 | 17,923 |
* | AMN Healthcare Services Inc. | 150,713 | 17,109 |
* | HealthEquity Inc. | 265,945 | 17,066 |
Premier Inc. Class A | 389,849 | 14,495 | |
* | Oak Street Health Inc. | 307,250 | 14,358 |
Ensign Group Inc. | 166,662 | 13,611 | |
Select Medical Holdings Corp. | 344,103 | 11,896 | |
* | Option Care Health Inc. | 402,096 | 10,756 |
* | Progyny Inc. | 169,432 | 9,466 |
Patterson Cos. Inc. | 277,914 | 8,515 | |
Owens & Minor Inc. | 227,698 | 8,489 | |
* | MEDNAX Inc. | 247,451 | 7,946 |
* | ModivCare Inc. | 40,251 | 7,940 |
* | R1 RCM Inc. | 376,145 | 7,418 |
* | Covetrus Inc. | 325,945 | 7,363 |
* | Apollo Medical Holdings Inc. | 96,670 | 7,338 |
* | Magellan Health Inc. | 71,080 | 6,726 |
* | 1Life Healthcare Inc. | 262,877 | 6,443 |
* | AdaptHealth Corp. Class A | 247,424 | 5,948 |
*,1 | Fulgent Genetics Inc. | 60,140 | 5,487 |
* | Surgery Partners Inc. | 105,337 | 5,183 |
* | CorVel Corp. | 31,368 | 5,170 |
* | Castle Biosciences Inc. | 64,124 | 4,920 |
* | Accolade Inc. | 102,798 | 4,870 |
Shares | Market Value• ($000) | ||
U.S. Physical Therapy Inc. | 41,105 | 4,826 | |
* | Joint Corp. | 45,277 | 4,626 |
* | Addus HomeCare Corp. | 50,685 | 4,558 |
* | RadNet Inc. | 142,990 | 4,491 |
* | Community Health Systems Inc. | 358,346 | 4,411 |
* | Brookdale Senior Living Inc. | 593,689 | 4,334 |
National HealthCare Corp. | 41,458 | 3,062 | |
* | Hanger Inc. | 123,139 | 2,940 |
* | Tivity Health Inc. | 125,808 | 2,925 |
* | Triple-S Management Corp. Class B | 75,184 | 2,669 |
* | Pennant Group Inc. | 85,381 | 2,610 |
* | Cross Country Healthcare Inc. | 114,096 | 2,482 |
National Research Corp. | 44,375 | 2,396 | |
* | PetIQ Inc. Class A | 76,946 | 1,997 |
* | SOC Telemed Inc. Class A | 142,182 | 385 |
* | Ontrak Inc. | 25,682 | 311 |
3,581,515 | |||
Health Care Technology (2.1%) | |||
* | Veeva Systems Inc. Class A | 440,546 | 146,253 |
Cerner Corp. | 960,249 | 73,315 | |
* | Teladoc Health Inc. | 443,453 | 64,044 |
* | Omnicell Inc. | 137,573 | 21,361 |
* | Inspire Medical Systems Inc. | 86,783 | 19,401 |
* | Change Healthcare Inc. | 742,852 | 16,217 |
* | Phreesia Inc. | 144,839 | 10,363 |
* | Inovalon Holdings Inc. Class A | 247,910 | 10,127 |
* | Schrodinger Inc. | 156,466 | 9,340 |
* | Allscripts Healthcare Solutions Inc. | 448,832 | 6,894 |
* | Evolent Health Inc. Class A | 277,094 | 6,805 |
* | GoodRx Holdings Inc. Class A | 177,423 | 6,746 |
* | Health Catalyst Inc. | 120,513 | 6,581 |
*,1 | Doximity Inc. Class A | 62,883 | 5,785 |
* | Vocera Communications Inc. | 109,473 | 5,308 |
* | Certara Inc. | 147,015 | 4,935 |
* | OptimizeRx Corp. | 49,584 | 3,282 |
* | NextGen Healthcare Inc. | 179,498 | 2,739 |
* | Multiplan Corp. | 429,907 | 2,579 |
* | HealthStream Inc. | 79,696 | 2,422 |
* | Tabula Rasa HealthCare Inc. | 75,254 | 2,356 |
Simulations Plus Inc. | 51,622 | 2,287 | |
* | American Well Corp. Class A | 167,771 | 1,797 |
430,937 | |||
Life Sciences Tools & Services (10.3%) | |||
Thermo Fisher Scientific Inc. | 1,253,689 | 695,735 | |
* | Illumina Inc. | 465,827 | 212,957 |
Agilent Technologies Inc. | 971,792 | 170,520 | |
* | IQVIA Holdings Inc. | 611,376 | 158,793 |
* | Mettler-Toledo International Inc. | 74,230 | 115,266 |
* | Waters Corp. | 196,862 | 81,505 |
* | Charles River Laboratories International Inc. | 160,236 | 71,122 |
Shares | Market Value• ($000) | ||
PerkinElmer Inc. | 357,447 | 66,056 | |
* | Avantor Inc. | 1,670,586 | 65,888 |
Bio-Techne Corp. | 124,021 | 61,904 | |
* | Bio-Rad Laboratories Inc. Class A | 71,099 | 57,222 |
* | Repligen Corp. | 166,354 | 47,075 |
* | 10X Genomics Inc. Class A | 236,595 | 41,622 |
* | Syneos Health Inc. | 330,967 | 30,707 |
Bruker Corp. | 338,168 | 29,864 | |
* | Pacific Biosciences of California Inc. | 601,072 | 18,819 |
* | PPD Inc. | 392,071 | 18,157 |
* | NeoGenomics Inc. | 357,545 | 17,384 |
* | Maravai LifeSciences Holdings Inc. Class A | 291,785 | 17,268 |
* | Medpace Holdings Inc. | 91,910 | 16,760 |
* | Adaptive Biotechnologies Corp. | 291,064 | 10,571 |
* | NanoString Technologies Inc. | 144,237 | 8,394 |
* | Sotera Health Co. | 270,839 | 6,625 |
*,1 | Bionano Genomics Inc. | 888,205 | 5,178 |
* | Codexis Inc. | 184,518 | 4,986 |
* | Quanterix Corp. | 92,770 | 4,736 |
* | Seer Inc. Class A | 96,590 | 3,862 |
* | Personalis Inc. | 106,221 | 2,250 |
* | ChromaDex Corp. | 153,746 | 1,311 |
2,042,537 | |||
Pharmaceuticals (23.9%) | |||
Johnson & Johnson | 8,398,773 | 1,454,080 | |
Pfizer Inc. | 17,856,082 | 822,630 | |
Eli Lilly & Co. | 2,600,280 | 671,626 | |
Merck & Co. Inc. | 8,076,269 | 616,139 | |
Bristol-Myers Squibb Co. | 7,125,030 | 476,380 | |
Zoetis Inc. | 1,514,226 | 309,750 | |
* | Catalent Inc. | 543,180 | 70,852 |
Viatris Inc. | 3,854,709 | 56,394 | |
* | Elanco Animal Health Inc. (XNYS) | 1,357,477 | 45,313 |
Organon & Co. | 806,953 | 27,348 | |
* | Jazz Pharmaceuticals plc | 193,523 | 25,489 |
Royalty Pharma plc Class A | 563,764 | 21,789 | |
*,1 | Tilray Inc. Class 2 | 1,355,373 | 18,555 |
Perrigo Co. plc | 425,853 | 17,439 | |
* | Arvinas Inc. | 117,177 | 10,102 |
* | Prestige Consumer Healthcare Inc. | 159,427 | 9,150 |
* | Reata Pharmaceuticals Inc. Class A | 85,042 | 9,058 |
* | Nektar Therapeutics Class A | 581,492 | 9,001 |
* | Pacira BioSciences Inc. | 140,421 | 8,326 |
* | Corcept Therapeutics Inc. | 353,322 | 7,519 |
* | Intra-Cellular Therapies Inc. | 220,062 | 7,306 |
* | Revance Therapeutics Inc. | 216,068 | 5,786 |
* | Supernus Pharmaceuticals Inc. | 168,481 | 4,638 |
* | Innoviva Inc. | 210,052 | 3,205 |
* | Omeros Corp. | 189,000 | 3,081 |
* | Zogenix Inc. | 161,717 | 2,395 |
* | Amphastar Pharmaceuticals Inc. | 121,257 | 2,384 |
Shares | Market Value• ($000) | ||
* | NGM Biopharmaceuticals Inc. | 99,286 | 2,167 |
* | Aerie Pharmaceuticals Inc. | 143,824 | 2,144 |
* | Collegium Pharmaceutical Inc. | 101,084 | 2,075 |
* | Antares Pharma Inc. | 513,163 | 2,022 |
* | Cara Therapeutics Inc. | 126,092 | 1,990 |
*,1 | Axsome Therapeutics Inc. | 77,467 | 1,989 |
* | Harmony Biosciences Holdings Inc. | 54,029 | 1,831 |
* | Amneal Pharmaceuticals Inc. | 309,448 | 1,745 |
* | Endo International plc | 736,956 | 1,688 |
Phibro Animal Health Corp. Class A | 65,935 | 1,602 | |
* | Phathom Pharmaceuticals Inc. | 44,402 | 1,580 |
* | Atea Pharmaceuticals Inc. | 52,348 | 1,556 |
* | Theravance Biopharma Inc. | 175,102 | 1,453 |
* | Evolus Inc. | 103,653 | 1,099 |
* | Provention Bio Inc. | 150,173 | 1,008 |
*,1 | Esperion Therapeutics Inc. | 75,154 | 978 |
* | SIGA Technologies Inc. | 145,497 | 950 |
* | Athira Pharma Inc. | 89,082 | 943 |
*,1 | TherapeuticsMD Inc. | 1,181,452 | 939 |
* | Relmada Therapeutics Inc. | 37,969 | 908 |
* | Pliant Therapeutics Inc. | 40,958 | 747 |
4,747,149 | |||
Total Common Stocks (Cost $13,287,610) | 19,850,945 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.068% (Cost $45,193) | 452,030 | 45,203 |
Total Investments (100.2%) (Cost $13,332,803) | 19,896,148 | ||
Other Assets and Liabilities—Net (-0.2%) | (30,468) | ||
Net Assets (100.0%) | 19,865,680 | ||
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 $43,844,000. |
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 $45,177,000 was received for securities on loan. |
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. | 8/31/22 | BOANA | 14,556 | (0.080) | — | — |
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 $13,287,610) | 19,850,945 |
Affiliated Issuers (Cost $45,193) | 45,203 |
Total Investments in Securities | 19,896,148 |
Investment in Vanguard | 643 |
Cash | 287 |
Receivables for Investment Securities Sold | 66,445 |
Receivables for Accrued Income | 23,120 |
Receivables for Capital Shares Issued | 3,581 |
Total Assets | 19,990,224 |
Liabilities | |
Payables for Investment Securities Purchased | 73,906 |
Collateral for Securities on Loan | 45,177 |
Payables for Capital Shares Redeemed | 4,598 |
Payables to Vanguard | 863 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | — |
Total Liabilities | 124,544 |
Net Assets | 19,865,680 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 13,627,191 |
Total Distributable Earnings (Loss) | 6,238,489 |
Net Assets | 19,865,680 |
ETF Shares—Net Assets | |
Applicable to 64,378,176 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 16,893,520 |
Net Asset Value Per Share—ETF Shares | $262.41 |
Admiral Shares—Net Assets | |
Applicable to 22,642,633 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,972,160 |
Net Asset Value Per Share—Admiral Shares | $131.26 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 215,723 |
Interest1 | 15 |
Securities Lending—Net | 2,021 |
Total Income | 217,759 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,167 |
Management and Administrative— ETF Shares | 10,994 |
Management and Administrative— Admiral Shares | 1,867 |
Marketing and Distribution— ETF Shares | 465 |
Marketing and Distribution— Admiral Shares | 91 |
Custodian Fees | 24 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 407 |
Shareholders’ Reports—Admiral Shares | 18 |
Trustees’ Fees and Expenses | 6 |
Total Expenses | 16,069 |
Net Investment Income | 201,690 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 641,579 |
Futures Contracts | 8 |
Swap Contracts | 2,414 |
Realized Net Gain (Loss) | 644,001 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 3,188,827 |
Swap Contracts | 930 |
Change in Unrealized Appreciation (Depreciation) | 3,189,757 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,035,448 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $15,000, $1,000, and less than ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $746,428,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 201,690 | 165,819 |
Realized Net Gain (Loss) | 644,001 | 478,473 |
Change in Unrealized Appreciation (Depreciation) | 3,189,757 | 1,844,202 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,035,448 | 2,488,494 |
Distributions | ||
ETF Shares | (168,926) | (136,385) |
Admiral Shares | (27,075) | (19,956) |
Total Distributions | (196,001) | (156,341) |
Capital Share Transactions | ||
ETF Shares | 1,879,063 | 790,421 |
Admiral Shares | 746,601 | 63,737 |
Net Increase (Decrease) from Capital Share Transactions | 2,625,664 | 854,158 |
Total Increase (Decrease) | 6,465,111 | 3,186,311 |
Net Assets | ||
Beginning of Period | 13,400,569 | 10,214,258 |
End of Period | 19,865,680 | 13,400,569 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $207.65 | $169.74 | $177.07 | $151.13 | $133.25 |
Investment Operations | |||||
Net Investment Income1 | 2.893 | 2.702 | 3.6002 | 2.194 | 1.994 |
Net Realized and Unrealized Gain (Loss) on Investments | 54.714 | 37.758 | (7.457) | 25.846 | 17.846 |
Total from Investment Operations | 57.607 | 40.460 | (3.857) | 28.040 | 19.840 |
Distributions | |||||
Dividends from Net Investment Income | (2.846) | (2.550) | (3.473) | (2.100) | (1.960) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.846) | (2.550) | (3.473) | (2.100) | (1.960) |
Net Asset Value, End of Period | $262.41 | $207.65 | $169.74 | $177.07 | $151.13 |
Total Return | 27.99% | 24.05% | -2.22% | 18.75% | 15.06% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $16,894 | $11,724 | $8,899 | $8,594 | $7,002 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.25% | 1.45% | 2.12%2 | 1.38% | 1.46% |
Portfolio Turnover Rate3 | 5% | 7% | 5% | 6% | 4% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $103.87 | $84.91 | $88.57 | $75.60 | $66.65 |
Investment Operations | |||||
Net Investment Income1 | 1.450 | 1.351 | 1.8042 | 1.101 | .996 |
Net Realized and Unrealized Gain (Loss) on Investments | 27.365 | 18.884 | (3.727) | 12.920 | 8.934 |
Total from Investment Operations | 28.815 | 20.235 | (1.923) | 14.021 | 9.930 |
Distributions | |||||
Dividends from Net Investment Income | (1.425) | (1.275) | (1.737) | (1.051) | (.980) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.425) | (1.275) | (1.737) | (1.051) | (.980) |
Net Asset Value, End of Period | $131.26 | $103.87 | $84.91 | $88.57 | $75.60 |
Total Return3 | 28.01% | 24.06% | -2.21% | 18.74% | 15.07% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,972 | $1,676 | $1,316 | $1,248 | $924 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.25% | 1.45% | 2.12%2 | 1.38% | 1.46% |
Portfolio Turnover Rate4 | 5% | 7% | 5% | 6% | 4% |
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 | 19,850,026 | 11 | 908 | 19,850,945 |
Temporary Cash Investments | 45,203 | — | — | 45,203 |
Total | 19,895,229 | 11 | 908 | 19,896,148 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | — | — | — |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions, passive foreign investment companies, and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 745,708 |
Total Distributable Earnings (Loss) | (745,708) |
Amount ($000) | |
Undistributed Ordinary Income | 59,953 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (361,010) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 6,539,546 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 196,001 | 156,341 |
Long-Term Capital Gains | — | — |
Total | 196,001 | 156,341 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 13,356,603 |
Gross Unrealized Appreciation | 6,993,769 |
Gross Unrealized Depreciation | (454,223) |
Net Unrealized Appreciation (Depreciation) | 6,539,546 |
E. | During the year ended August 31, 2021, the fund purchased $4,924,342,000 of investment securities and sold $2,276,150,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,204,158,000 and $1,506,361,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 3,403,429 | 14,615 | 2,267,426 | 12,263 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,524,366) | (6,700) | (1,477,005) | (8,225) | |
Net Increase (Decrease)—ETF Shares | 1,879,063 | 7,915 | 790,421 | 4,038 | |
Admiral Shares | |||||
Issued | 1,140,545 | 9,947 | 453,890 | 4,915 | |
Issued in Lieu of Cash Distributions | 23,652 | 212 | 17,644 | 194 | |
Redeemed | (417,596) | (3,652) | (407,797) | (4,469) | |
Net Increase (Decrease)—Admiral Shares | 746,601 | 6,507 | 63,737 | 640 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img7dc558f812.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Industrials Index Fund ETF Shares Net Asset Value | 37.41% | 14.20% | 14.77% | $39,668 |
Industrials Index Fund ETF Shares Market Price | 37.29 | 14.19 | 14.77 | 39,660 | |
![]() | MSCI US Investable Market Industrials 25/50 Index | 37.55 | 14.31 | 14.89 | 40,065 |
![]() | MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 45,188 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Industrials Index Fund Admiral Shares | 37.43% | 14.20% | 14.78% | $396,979 | |
MSCI US Investable Market Industrials 25/50 Index | 37.55 | 14.31 | 14.89 | 400,651 | |
MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 451,882 |
One Year | Five Years | Ten Years | |
Industrials Index Fund ETF Shares Market Price | 37.29% | 94.17% | 296.60% |
Industrials Index Fund ETF Shares Net Asset Value | 37.41 | 94.21 | 296.68 |
MSCI US Investable Market Industrials 25/50 Index | 37.55 | 95.15 | 300.65 |
Aerospace & Defense | 14.9% |
Air Freight & Logistics | 6.1 |
Airlines | 2.5 |
Building Products | 7.2 |
Commercial Services & Supplies | 6.8 |
Construction & Engineering | 1.7 |
Electrical Equipment | 7.7 |
Industrial Conglomerates | 10.5 |
Machinery | 20.5 |
Marine | 0.2 |
Professional Services | 7.3 |
Road & Rail | 11.1 |
Trading Companies & Distributors | 3.4 |
Transportation Infrastructure | 0.1 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Aerospace & Defense (14.9%) | |||
Raytheon Technologies Corp. | 2,090,730 | 177,210 | |
* | Boeing Co. | 766,617 | 168,273 |
Lockheed Martin Corp. | 345,190 | 124,199 | |
Northrop Grumman Corp. | 211,020 | 77,592 | |
General Dynamics Corp. | 331,488 | 66,400 | |
L3Harris Technologies Inc. | 258,868 | 60,319 | |
* | TransDigm Group Inc. | 71,956 | 43,711 |
Textron Inc. | 311,444 | 22,633 | |
Howmet Aerospace Inc. | 539,348 | 17,124 | |
* | Axon Enterprise Inc. | 89,251 | 16,232 |
HEICO Corp. Class A | 100,490 | 11,480 | |
Huntington Ingalls Industries Inc. | 55,522 | 11,336 | |
HEICO Corp. | 59,921 | 7,599 | |
BWX Technologies Inc. | 131,357 | 7,544 | |
Curtiss-Wright Corp. | 56,456 | 6,875 | |
* | Hexcel Corp. | 115,775 | 6,566 |
Spirit AeroSystems Holdings Inc. Class A | 145,531 | 5,711 | |
* | Virgin Galactic Holdings Inc. | 182,659 | 4,952 |
* | Kratos Defense & Security Solutions Inc. | 170,597 | 4,217 |
* | Mercury Systems Inc. | 77,527 | 3,906 |
Aerojet Rocketdyne Holdings Inc. | 93,941 | 3,901 | |
* | AeroVironment Inc. | 32,339 | 3,310 |
Moog Inc. Class A | 40,334 | 3,204 | |
Maxar Technologies Inc. | 99,153 | 3,152 | |
* | Triumph Group Inc. | 88,531 | 1,634 |
* | AAR Corp. | 46,371 | 1,570 |
Kaman Corp. | 34,298 | 1,340 | |
* | Parsons Corp. | 35,264 | 1,249 |
* | Vectrus Inc. | 15,944 | 802 |
* | Ducommun Inc. | 14,557 | 767 |
* | PAE Inc. | 91,392 | 612 |
National Presto Industries Inc. | 7,243 | 605 | |
* | Astronics Corp. | 34,357 | 459 |
866,484 | |||
Air Freight & Logistics (6.1%) | |||
United Parcel Service Inc. Class B | 998,106 | 195,260 | |
FedEx Corp. | 347,831 | 92,415 | |
Expeditors International of Washington Inc. | 233,042 | 29,046 | |
CH Robinson Worldwide Inc. | 183,524 | 16,528 | |
* | GXO Logistics Inc. | 119,770 | 9,796 |
Forward Air Corp. | 37,814 | 3,334 | |
* | Hub Group Inc. Class A | 46,584 | 3,270 |
* | Atlas Air Worldwide Holdings Inc. | 39,903 | 2,920 |
* | Air Transport Services Group Inc. | 81,863 | 2,242 |
* | Echo Global Logistics Inc. | 37,099 | 1,220 |
356,031 |
Shares | Market Value• ($000) | ||
Airlines (2.5%) | |||
* | Southwest Airlines Co. | 816,081 | 40,625 |
* | Delta Air Lines Inc. | 882,487 | 35,688 |
* | United Airlines Holdings Inc. | 446,433 | 20,764 |
* | American Airlines Group Inc. | 884,916 | 17,645 |
* | Alaska Air Group Inc. | 171,579 | 9,838 |
* | JetBlue Airways Corp. | 436,963 | 6,611 |
* | Allegiant Travel Co. | 20,844 | 4,011 |
* | Spirit Airlines Inc. | 149,654 | 3,671 |
* | SkyWest Inc. | 69,700 | 3,252 |
* | Hawaiian Holdings Inc. | 70,477 | 1,425 |
143,530 | |||
Building Products (7.2%) | |||
Johnson Controls International plc | 988,976 | 73,975 | |
Carrier Global Corp. | 1,139,154 | 65,615 | |
Trane Technologies plc | 329,992 | 65,503 | |
Masco Corp. | 350,221 | 21,265 | |
Fortune Brands Home & Security Inc. | 191,009 | 18,599 | |
Allegion plc | 124,156 | 17,877 | |
* | Trex Co. Inc. | 159,174 | 17,471 |
Lennox International Inc. | 46,915 | 15,725 | |
Carlisle Cos. Inc. | 72,015 | 15,176 | |
* | Builders FirstSource Inc. | 271,273 | 14,456 |
Owens Corning | 144,151 | 13,774 | |
A O Smith Corp. | 185,546 | 13,493 | |
Advanced Drainage Systems Inc. | 74,083 | 8,457 | |
Armstrong World Industries Inc. | 66,144 | 6,874 | |
Simpson Manufacturing Co. Inc. | 59,906 | 6,778 | |
UFP Industries Inc. | 85,323 | 6,406 | |
* | Resideo Technologies Inc. | 188,546 | 6,079 |
* | AZEK Co. Inc. Class A | 128,291 | 5,451 |
AAON Inc. | 57,855 | 3,941 | |
* | Masonite International Corp. | 32,124 | 3,845 |
* | JELD-WEN Holding Inc. | 127,061 | 3,499 |
* | Gibraltar Industries Inc. | 45,120 | 3,369 |
CSW Industrials Inc. | 20,534 | 2,727 | |
* | PGT Innovations Inc. | 82,119 | 1,743 |
* | American Woodmark Corp. | 23,362 | 1,646 |
Griffon Corp. | 66,995 | 1,621 | |
Apogee Enterprises Inc. | 35,731 | 1,536 | |
* | Cornerstone Building Brands Inc. | 69,385 | 1,153 |
Quanex Building Products Corp. | 46,307 | 1,091 | |
Insteel Industries Inc. | 26,531 | 982 | |
420,127 | |||
Commercial Services & Supplies (6.7%) | |||
Waste Management Inc. | 582,522 | 90,355 | |
Cintas Corp. | 130,444 | 51,626 | |
Waste Connections Inc. (XTSE) | 361,133 | 46,662 |
Shares | Market Value• ($000) | ||
* | Copart Inc. | 293,808 | 42,402 |
Republic Services Inc. Class A | 308,198 | 38,257 | |
Rollins Inc. | 305,765 | 11,900 | |
Tetra Tech Inc. | 74,732 | 10,749 | |
* | IAA Inc. | 185,893 | 9,875 |
* | Stericycle Inc. | 126,583 | 8,810 |
MSA Safety Inc. | 51,350 | 8,362 | |
* | Clean Harbors Inc. | 71,519 | 7,339 |
Brink's Co. | 68,647 | 5,365 | |
* | Casella Waste Systems Inc. Class A | 69,586 | 5,149 |
UniFirst Corp. | 21,027 | 4,817 | |
ABM Industries Inc. | 92,583 | 4,585 | |
Herman Miller Inc. | 104,028 | 4,372 | |
Brady Corp. Class A | 67,109 | 3,579 | |
Covanta Holding Corp. | 165,738 | 3,323 | |
* | KAR Auction Services Inc. | 172,170 | 2,911 |
Healthcare Services Group Inc. | 102,679 | 2,686 | |
HNI Corp. | 60,107 | 2,277 | |
Deluxe Corp. | 58,374 | 2,239 | |
* | Cimpress plc | 23,227 | 2,206 |
* | Harsco Corp. | 109,795 | 2,003 |
Pitney Bowes Inc. | 242,097 | 1,809 | |
ADT Inc. | 210,587 | 1,803 | |
Steelcase Inc. Class A | 118,060 | 1,664 | |
* | CoreCivic Inc. | 166,354 | 1,617 |
Matthews International Corp. Class A | 43,537 | 1,612 | |
* | U.S. Ecology Inc. | 43,312 | 1,553 |
* | Montrose Environmental Group Inc. | 30,544 | 1,527 |
ACCO Brands Corp. | 131,073 | 1,228 | |
* | Viad Corp. | 28,313 | 1,223 |
Interface Inc. Class A | 80,625 | 1,159 | |
* | SP Plus Corp. | 31,790 | 1,030 |
* | BrightView Holdings Inc. | 57,775 | 886 |
VSE Corp. | 14,797 | 740 | |
Ennis Inc. | 36,122 | 701 | |
* | Heritage-Crystal Clean Inc. | 21,918 | 647 |
Kimball International Inc. Class B | 51,183 | 638 | |
391,686 | |||
Construction & Engineering (1.7%) | |||
Quanta Services Inc. | 192,285 | 19,632 | |
* | AECOM | 191,927 | 12,583 |
EMCOR Group Inc. | 75,284 | 9,147 | |
* | MasTec Inc. | 82,066 | 7,504 |
Valmont Industries Inc. | 29,353 | 7,305 | |
* | WillScot Mobile Mini Holdings Corp. | 238,028 | 7,046 |
*,1 | API Group Corp. | 194,578 | 4,512 |
Comfort Systems USA Inc. | 50,106 | 3,807 | |
Arcosa Inc. | 66,406 | 3,375 | |
* | Fluor Corp. | 194,940 | 3,248 |
* | Dycom Industries Inc. | 42,473 | 3,199 |
Granite Construction Inc. | 63,366 | 2,569 |
Shares | Market Value• ($000) | ||
* | Ameresco Inc. Class A | 36,710 | 2,539 |
* | MYR Group Inc. | 23,214 | 2,414 |
Primoris Services Corp. | 74,128 | 1,905 | |
* | NV5 Global Inc. | 17,799 | 1,880 |
* | Construction Partners Inc. Class A | 41,890 | 1,402 |
* | Great Lakes Dredge & Dock Corp. | 89,809 | 1,357 |
Argan Inc. | 21,577 | 999 | |
* | Sterling Construction Co. Inc. | 39,607 | 913 |
* | Tutor Perini Corp. | 62,950 | 908 |
* | IES Holdings Inc. | 12,833 | 628 |
98,872 | |||
Electrical Equipment (7.6%) | |||
Eaton Corp. plc | 549,913 | 92,583 | |
Emerson Electric Co. | 827,550 | 87,306 | |
Rockwell Automation Inc. | 160,181 | 52,131 | |
AMETEK Inc. | 318,669 | 43,329 | |
* | Generac Holdings Inc. | 86,868 | 37,960 |
* | Plug Power Inc. | 705,758 | 18,392 |
Hubbell Inc. Class B | 74,957 | 15,449 | |
* | Sensata Technologies Holding plc | 218,189 | 12,912 |
* | Sunrun Inc. | 239,181 | 10,584 |
Vertiv Holdings Co. Class A | 364,461 | 10,267 | |
Acuity Brands Inc. | 49,269 | 9,092 | |
Regal Beloit Corp. | 56,135 | 8,388 | |
nVent Electric plc | 231,135 | 7,942 | |
* | Atkore Inc. | 64,822 | 6,014 |
EnerSys | 58,918 | 4,984 | |
* | Bloom Energy Corp. Class A | 200,067 | 4,285 |
* | Vicor Corp. | 30,591 | 3,774 |
* | Array Technologies Inc. | 158,314 | 3,019 |
* | FuelCell Energy Inc. | 445,159 | 2,778 |
GrafTech International Ltd. | 238,644 | 2,642 | |
Encore Wire Corp. | 28,327 | 2,408 | |
* | TPI Composites Inc. | 50,823 | 1,845 |
AZZ Inc. | 34,386 | 1,841 | |
* | Blink Charging Co. | 52,067 | 1,689 |
* | Thermon Group Holdings Inc. | 45,802 | 765 |
* | Romeo Power Inc. | 127,125 | 619 |
Allied Motion Technologies Inc. | 15,940 | 551 | |
*,2 | Eos Energy Enterprises Inc. | 21,356 | 276 |
443,825 | |||
Industrial Conglomerates (10.5%) | |||
Honeywell International Inc. | 958,408 | 222,264 | |
General Electric Co. | 1,514,183 | 159,610 | |
3M Co. | 799,902 | 155,773 | |
Roper Technologies Inc. | 145,218 | 70,181 | |
* | Raven Industries Inc. | 49,700 | 2,900 |
610,728 | |||
Machinery (20.5%) | |||
Caterpillar Inc. | 755,879 | 159,392 | |
Deere & Co. | 410,871 | 155,322 | |
Illinois Tool Works Inc. | 435,910 | 101,506 | |
Parker-Hannifin Corp. | 178,057 | 52,824 | |
Otis Worldwide Corp. | 562,565 | 51,880 | |
Cummins Inc. | 201,745 | 47,608 | |
Stanley Black & Decker Inc. | 222,842 | 43,069 | |
PACCAR Inc. | 479,074 | 39,222 | |
Dover Corp. | 198,595 | 34,627 |
Shares | Market Value• ($000) | ||
Xylem Inc. | 248,422 | 33,862 | |
Fortive Corp. | 443,770 | 32,781 | |
* | Ingersoll Rand Inc. | 559,327 | 29,656 |
IDEX Corp. | 104,780 | 23,471 | |
Westinghouse Air Brake Technologies Corp. | 247,718 | 22,243 | |
Graco Inc. | 233,805 | 18,335 | |
Pentair plc | 229,392 | 17,700 | |
Nordson Corp. | 72,158 | 17,217 | |
Snap-on Inc. | 74,622 | 16,786 | |
Toro Co. | 148,502 | 16,326 | |
* | Middleby Corp. | 76,726 | 14,036 |
AGCO Corp. | 88,368 | 12,161 | |
Donaldson Co. Inc. | 173,946 | 11,785 | |
ITT Inc. | 118,784 | 11,364 | |
Lincoln Electric Holdings Inc. | 78,039 | 10,895 | |
Oshkosh Corp. | 94,672 | 10,848 | |
Rexnord Corp. | 165,245 | 10,040 | |
Woodward Inc. | 82,721 | 10,004 | |
* | Chart Industries Inc. | 50,148 | 9,447 |
* | Colfax Corp. | 168,377 | 8,111 |
* | RBC Bearings Inc. | 34,803 | 8,058 |
Flowserve Corp. | 179,594 | 6,981 | |
Timken Co. | 94,345 | 6,938 | |
Crane Co. | 64,452 | 6,559 | |
Watts Water Technologies Inc. Class A | 38,078 | 6,533 | |
* | Evoqua Water Technologies Corp. | 165,182 | 6,429 |
John Bean Technologies Corp. | 43,781 | 6,387 | |
Allison Transmission Holdings Inc. | 151,145 | �� 5,589 | |
Altra Industrial Motion Corp. | 89,315 | 5,230 | |
Terex Corp. | 96,306 | 4,916 | |
Hillenbrand Inc. | 103,675 | 4,813 | |
SPX FLOW Inc. | 58,260 | 4,692 | |
Franklin Electric Co. Inc. | 54,501 | 4,632 | |
* | Welbilt Inc. | 185,807 | 4,348 |
Kennametal Inc. | 109,774 | 4,081 | |
* | SPX Corp. | 62,418 | 3,900 |
Mueller Water Products Inc. Class A | 219,178 | 3,643 | |
Helios Technologies Inc. | 42,233 | 3,447 | |
Federal Signal Corp. | 83,806 | 3,405 | |
Kadant Inc. | 15,948 | 3,335 | |
Albany International Corp. Class A | 42,473 | 3,327 | |
Trinity Industries Inc. | 113,127 | 3,284 | |
ESCO Technologies Inc. | 35,876 | 3,233 | |
Mueller Industries Inc. | 71,158 | 3,174 | |
Barnes Group Inc. | 66,557 | 3,173 | |
* | Proto Labs Inc. | 38,200 | 2,833 |
Lindsay Corp. | 15,072 | 2,483 | |
* | Meritor Inc. | 99,673 | 2,364 |
EnPro Industries Inc. | 27,087 | 2,316 | |
*,2 | Nikola Corp. | 217,865 | 2,272 |
Alamo Group Inc. | 14,038 | 2,176 | |
Enerpac Tool Group Corp. Class A | 83,255 | 2,095 | |
Greenbrier Cos. Inc. | 45,089 | 1,988 | |
Shyft Group Inc. | 44,136 | 1,942 | |
* | TriMas Corp. | 59,868 | 1,922 |
Tennant Co. | 25,776 | 1,907 | |
Astec Industries Inc. | 29,920 | 1,829 | |
Columbus McKinnon Corp. | 39,088 | 1,800 |
Shares | Market Value• ($000) | ||
* | Desktop Metal Inc. Class A | 211,626 | 1,757 |
Standex International Corp. | 16,901 | 1,677 | |
* | Hydrofarm Holdings Group Inc. | 32,936 | 1,665 |
* | Lydall Inc. | 22,488 | 1,394 |
*,2 | Ideanomics Inc. | 530,785 | 1,332 |
* | Gates Industrial Corp. plc | 79,915 | 1,309 |
Douglas Dynamics Inc. | 31,603 | 1,256 | |
* | Manitowoc Co. Inc. | 48,256 | 1,170 |
*,2 | Hyliion Holdings Corp. | 131,356 | 1,160 |
Wabash National Corp. | 71,527 | 1,112 | |
* | Energy Recovery Inc. | 51,511 | 1,052 |
* | CIRCOR International Inc. | 28,166 | 1,007 |
Gorman-Rupp Co. | 28,690 | 1,006 | |
Luxfer Holdings plc | 39,850 | 851 | |
REV Group Inc. | 40,149 | 653 | |
* | Titan International Inc. | 76,353 | 635 |
Miller Industries Inc. | 15,937 | 593 | |
Hyster-Yale Materials Handling Inc. | 9,805 | 575 | |
* | Blue Bird Corp. | 22,357 | 484 |
1,191,240 | |||
Marine (0.2%) | |||
Matson Inc. | 59,916 | 4,744 | |
* | Kirby Corp. | 82,912 | 4,443 |
Genco Shipping & Trading Ltd. | 37,322 | 727 | |
* | Eagle Bulk Shipping Inc. | 8,011 | 396 |
10,310 | |||
Professional Services (7.3%) | |||
IHS Markit Ltd. | 522,412 | 63,003 | |
* | CoStar Group Inc. | 544,955 | 46,179 |
Equifax Inc. | 167,936 | 45,722 | |
Verisk Analytics Inc. Class A | 212,487 | 42,871 | |
TransUnion | 263,965 | 32,080 | |
Jacobs Engineering Group Inc. | 179,722 | 24,255 | |
Leidos Holdings Inc. | 185,394 | 18,189 | |
Robert Half International Inc. | 155,620 | 16,091 | |
Booz Allen Hamilton Holding Corp. Class A | 186,858 | 15,306 | |
* | Clarivate plc | 486,769 | 12,262 |
Nielsen Holdings plc | 470,399 | 10,095 | |
ManpowerGroup Inc. | 75,240 | 9,136 | |
Exponent Inc. | 71,917 | 8,407 | |
* | CACI International Inc. Class A | 32,502 | 8,371 |
* | ASGN Inc. | 73,402 | 8,235 |
KBR Inc. | 195,017 | 7,594 | |
* | Upwork Inc. | 156,631 | 7,003 |
Science Applications International Corp. | 79,951 | 6,734 | |
* | FTI Consulting Inc. | 47,239 | 6,600 |
Insperity Inc. | 50,699 | 5,594 | |
Korn Ferry | 74,556 | 5,270 | |
* | TriNet Group Inc. | 54,522 | 5,020 |
* | Dun & Bradstreet Holdings Inc. | 178,166 | 3,266 |
ManTech International Corp. Class A | 37,810 | 2,993 | |
ICF International Inc. | 25,914 | 2,427 | |
* | CBIZ Inc. | 66,050 | 2,253 |
Kforce Inc. | 27,145 | 1,586 | |
* | Huron Consulting Group Inc. | 31,271 | 1,544 |
* | TrueBlue Inc. | 49,008 | 1,339 |
Shares | Market Value• ($000) | ||
Heidrick & Struggles International Inc. | 26,753 | 1,156 | |
CRA International Inc. | 10,094 | 939 | |
Kelly Services Inc. Class A | 47,253 | �� 919 | |
Barrett Business Services Inc. | 10,513 | 815 | |
* | Forrester Research Inc. | 15,854 | 754 |
Resources Connection Inc. | 42,873 | 677 | |
* | Willdan Group Inc. | 17,531 | 663 |
425,348 | |||
Road & Rail (11.1%) | |||
Union Pacific Corp. | 916,699 | 198,777 | |
CSX Corp. | 3,135,506 | 101,998 | |
Norfolk Southern Corp. | 345,322 | 87,553 | |
* | Uber Technologies Inc. | 1,678,802 | 65,708 |
Old Dominion Freight Line Inc. | 136,021 | 39,272 | |
Kansas City Southern | 125,492 | 35,222 | |
JB Hunt Transport Services Inc. | 116,628 | 20,690 | |
* | Lyft Inc. Class A | 353,846 | 16,847 |
* | XPO Logistics Inc. | 130,999 | 11,385 |
Knight-Swift Transportation Holdings Inc. | 216,864 | 11,262 | |
AMERCO | 13,548 | 8,957 | |
Landstar System Inc. | 53,054 | 8,915 | |
* | Saia Inc. | 36,297 | 8,716 |
* | Avis Budget Group Inc. | 72,266 | 6,558 |
Ryder System Inc. | 74,406 | 5,915 | |
Werner Enterprises Inc. | 84,252 | 3,973 | |
ArcBest Corp. | 34,879 | 2,327 | |
* | TuSimple Holdings Inc. Class A | 51,063 | 2,137 |
Schneider National Inc. Class B | 78,830 | 1,777 | |
Marten Transport Ltd. | 85,233 | 1,329 | |
Heartland Express Inc. | 71,436 | 1,199 | |
* | Daseke Inc. | 62,738 | 593 |
* | U.S. Xpress Enterprises Inc. Class A | 34,956 | 305 |
Universal Logistics Holdings Inc. | 11,108 | 243 | |
641,658 | |||
Software (0.0%) | |||
* | Rekor Systems Inc. | 36 | — |
Trading Companies & Distributors (3.4%) | |||
Fastenal Co. | 792,578 | 44,266 | |
* | United Rentals Inc. | 99,865 | 35,217 |
WW Grainger Inc. | 61,118 | 26,507 | |
Watsco Inc. | 45,433 | 12,649 | |
* | SiteOne Landscape Supply Inc. | 61,298 | 12,266 |
* | WESCO International Inc. | 62,403 | 7,302 |
Air Lease Corp. Class A | 149,808 | 5,953 | |
* | Univar Solutions Inc. | 233,627 | 5,516 |
MSC Industrial Direct Co. Inc. Class A | 64,827 | 5,459 | |
Triton International Ltd. | 93,051 | 5,092 | |
Applied Industrial Technologies Inc. | 53,604 | 4,761 | |
GATX Corp. | 46,393 | 4,253 | |
* | Beacon Roofing Supply Inc. | 77,220 | 3,975 |
* | Herc Holdings Inc. | 28,686 | 3,771 |
Boise Cascade Co. | 54,334 | 3,143 | |
* | GMS Inc. | 53,261 | 2,632 |
Shares | Market Value• ($000) | ||
Rush Enterprises Inc. Class A | 59,298 | 2,615 | |
McGrath RentCorp. | 33,515 | 2,339 | |
* | Veritiv Corp. | 20,528 | 1,841 |
H&E Equipment Services Inc. | 44,653 | 1,520 | |
CAI International Inc. | 22,467 | 1,257 | |
* | NOW Inc. | 152,075 | 1,168 |
* | MRC Global Inc. | 107,176 | 879 |
* | Titan Machinery Inc. | 26,311 | 756 |
* | DXP Enterprises Inc. | 25,156 | 754 |
Global Industrial Co. | 18,239 | 702 | |
196,593 | |||
Transportation Infrastructure (0.1%) | |||
Macquarie Infrastructure Corp. | 102,976 | 4,104 | |
Total Common Stocks (Cost $4,725,312) | 5,800,536 | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.068% (Cost $5,732) | 57,317 | 5,732 |
Total Investments (99.9%) (Cost $4,731,044) | 5,806,268 | ||
Other Assets and Liabilities—Net (0.1%) | 3,868 | ||
Net Assets (100.0%) | 5,810,136 | ||
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 August 31, 2021, the aggregate value was $4,512,000, representing 0.1% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,629,000. |
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 $5,017,000 was received for securities on loan, of which $5,016,000 is held in Vanguard Market Liquidity Fund and $1,000 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 S&P 500 Index | September 2021 | 13 | 2,938 | 37 |
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. | 8/31/22 | BOANA | 5,592 | (0.080) | — | — |
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 $4,725,312) | 5,800,536 |
Affiliated Issuers (Cost $5,732) | 5,732 |
Total Investments in Securities | 5,806,268 |
Investment in Vanguard | 193 |
Cash | 1 |
Cash Collateral Pledged—Futures Contracts | 150 |
Receivables for Investment Securities Sold | 19,970 |
Receivables for Accrued Income | 9,533 |
Receivables for Capital Shares Issued | 321 |
Total Assets | 5,836,436 |
Liabilities | |
Due to Custodian | 2,631 |
Payables for Investment Securities Purchased | 17,294 |
Collateral for Securities on Loan | 5,017 |
Payables for Capital Shares Redeemed | 1,000 |
Payables to Vanguard | 254 |
Variation Margin Payable—Futures Contracts | 3 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | — |
Other Liabilities | 101 |
Total Liabilities | 26,300 |
Net Assets | 5,810,136 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 4,801,175 |
Total Distributable Earnings (Loss) | 1,008,961 |
Net Assets | 5,810,136 |
ETF Shares—Net Assets | |
Applicable to 27,288,562 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,437,680 |
Net Asset Value Per Share—ETF Shares | $199.27 |
Admiral Shares—Net Assets | |
Applicable to 3,638,358 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 372,456 |
Net Asset Value Per Share—Admiral Shares | $102.37 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 64,280 |
Interest1 | 6 |
Securities Lending—Net | 270 |
Total Income | 64,556 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 715 |
Management and Administrative— ETF Shares | 3,431 |
Management and Administrative— Admiral Shares | 237 |
Marketing and Distribution— ETF Shares | 170 |
Marketing and Distribution— Admiral Shares | 13 |
Custodian Fees | 14 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 142 |
Shareholders’ Reports—Admiral Shares | 6 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 4,760 |
Net Investment Income | 59,796 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 353,730 |
Futures Contracts | (30) |
Swap Contracts | 1,022 |
Realized Net Gain (Loss) | 354,722 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 957,785 |
Futures Contracts | 37 |
Swap Contracts | (508) |
Change in Unrealized Appreciation (Depreciation) | 957,314 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,371,832 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,000, $0, and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $362,206,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 59,796 | 56,595 |
Realized Net Gain (Loss) | 354,722 | 270,720 |
Change in Unrealized Appreciation (Depreciation) | 957,314 | (169,676) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,371,832 | 157,639 |
Distributions | ||
ETF Shares | (52,853) | (58,321) |
Admiral Shares | (3,611) | (3,648) |
Total Distributions | (56,464) | (61,969) |
Capital Share Transactions | ||
ETF Shares | 1,116,320 | (457,228) |
Admiral Shares | 78,505 | 2,094 |
Net Increase (Decrease) from Capital Share Transactions | 1,194,825 | (455,134) |
Total Increase (Decrease) | 2,510,193 | (359,464) |
Net Assets | ||
Beginning of Period | 3,299,943 | 3,659,407 |
End of Period | 5,810,136 | 3,299,943 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $146.89 | $142.53 | $146.12 | $128.70 | $111.57 |
Investment Operations | |||||
Net Investment Income1 | 2.264 | 2.366 | 2.597 | 2.263 | 2.383 |
Net Realized and Unrealized Gain (Loss) on Investments | 52.318 | 4.554 | (3.754) | 17.412 | 16.998 |
Total from Investment Operations | 54.582 | 6.920 | (1.157) | 19.675 | 19.381 |
Distributions | |||||
Dividends from Net Investment Income | (2.202) | (2.560) | (2.433) | (2.255) | (2.251) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.202) | (2.560) | (2.433) | (2.255) | (2.251) |
Net Asset Value, End of Period | $199.27 | $146.89 | $142.53 | $146.12 | $128.70 |
Total Return | 37.41% | 4.96% | -0.73% | 15.41% | 17.55% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,438 | $3,090 | $3,457 | $3,957 | $3,202 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.25% | 1.69% | 1.87% | 1.62% | 1.95% |
Portfolio Turnover Rate2 | 5% | 4% | 4% | 4% | 5% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $75.46 | $73.22 | $75.07 | $66.12 | $57.32 |
Investment Operations | |||||
Net Investment Income1 | 1.162 | 1.221 | 1.340 | 1.154 | 1.237 |
Net Realized and Unrealized Gain (Loss) on Investments | 26.880 | 2.336 | (1.941) | 8.955 | 8.721 |
Total from Investment Operations | 28.042 | 3.557 | (.601) | 10.109 | 9.958 |
Distributions | |||||
Dividends from Net Investment Income | (1.132) | (1.317) | (1.249) | (1.159) | (1.158) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.132) | (1.317) | (1.249) | (1.159) | (1.158) |
Net Asset Value, End of Period | $102.37 | $75.46 | $73.22 | $75.07 | $66.12 |
Total Return2 | 37.43% | 4.98% | -0.75% | 15.41% | 17.55% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $372 | $210 | $202 | $213 | $176 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.25% | 1.71% | 1.87% | 1.62% | 1.95% |
Portfolio Turnover Rate3 | 5% | 4% | 4% | 4% | 5% |
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 | 5,800,536 | — | — | 5,800,536 |
Temporary Cash Investments | 5,732 | — | — | 5,732 |
Total | 5,806,268 | — | — | 5,806,268 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 37 | — | — | 37 |
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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 361,801 |
Total Distributable Earnings (Loss) | (361,801) |
Amount ($000) | |
Undistributed Ordinary Income | 16,617 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (76,579) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,068,923 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 56,464 | 61,969 |
Long-Term Capital Gains | — | — |
Total | 56,464 | 61,969 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 4,737,346 |
Gross Unrealized Appreciation | 1,411,233 |
Gross Unrealized Depreciation | (342,310) |
Net Unrealized Appreciation (Depreciation) | 1,068,923 |
E. | During the year ended August 31, 2021, the fund purchased $2,305,160,000 of investment securities and sold $1,093,963,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,949,884,000 and $849,510,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 2,002,840 | 10,975 | 651,928 | 5,081 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (886,520) | (4,725) | (1,109,156) | (8,300) | |
Net Increase (Decrease)—ETF Shares | 1,116,320 | 6,250 | (457,228) | (3,219) | |
Admiral Shares | |||||
Issued | 203,805 | 2,209 | 99,484 | 1,405 | |
Issued in Lieu of Cash Distributions | 3,138 | 36 | 3,135 | 44 | |
Redeemed | (128,438) | (1,384) | (100,525) | (1,432) | |
Net Increase (Decrease)—Admiral Shares | 78,505 | 861 | 2,094 | 17 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img71548ce213.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Information Technology Index Fund ETF Shares Net Asset Value | 30.80% | 30.79% | 23.28% | $81,075 |
Information Technology Index Fund ETF Shares Market Price | 30.68 | 30.78 | 23.27 | 81,049 | |
![]() | Information Technology Spliced Index | 30.94 | 30.94 | 23.43 | 82,054 |
![]() | MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 45,188 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Information Technology Index Fund Admiral Shares | 30.81% | 30.80% | 23.29% | $811,544 | |
Information Technology Spliced Index | 30.94 | 30.94 | 23.43 | 820,538 | |
MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 451,882 |
One Year | Five Years | Ten Years | |
Information Technology Index Fund ETF Shares Market Price | 30.68% | 282.58% | 710.49% |
Information Technology Index Fund ETF Shares Net Asset Value | 30.80 | 282.67 | 710.75 |
Information Technology Spliced Index | 30.94 | 284.85 | 720.54 |
Communications Equipment | 3.0% |
Electronic Equipment, Instruments & Components | 3.3 |
IT Services | 17.9 |
Semiconductors & Semiconductor Equipment | 18.9 |
Software | 35.6 |
Technology Hardware, Storage & Peripherals | 21.3 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Communications Equipment (2.9%) | |||
Cisco Systems Inc. | 19,470,098 | 1,149,125 | |
Motorola Solutions Inc. | 783,863 | 191,435 | |
* | Arista Networks Inc. | 264,511 | 97,745 |
* | F5 Networks Inc. | 275,535 | 56,091 |
Juniper Networks Inc. | 1,514,474 | 43,889 | |
* | Ciena Corp. | 716,306 | 40,922 |
* | Lumentum Holdings Inc. | 349,840 | 30,310 |
* | Viavi Solutions Inc. | 1,056,849 | 17,216 |
* | CommScope Holding Co. Inc. | 943,348 | 14,905 |
* | ViaSat Inc. | 251,057 | 12,964 |
* | Calix Inc. | 259,607 | 12,098 |
* | NetScout Systems Inc. | 340,722 | 9,343 |
* | Infinera Corp. | 806,138 | 6,828 |
* | Extreme Networks Inc. | 583,457 | 6,319 |
* | Plantronics Inc. | 180,547 | 5,377 |
* | EchoStar Corp. Class A | 189,547 | 5,118 |
* | NETGEAR Inc. | 141,005 | 5,038 |
ADTRAN Inc. | 224,829 | 4,645 | |
* | Harmonic Inc. | 469,347 | 4,337 |
* | Digi International Inc. | 159,376 | 3,503 |
Comtech Telecommunications Corp. | 120,619 | 3,078 | |
*,1 | Inseego Corp. | 356,753 | 2,997 |
* | Ribbon Communications Inc. | 439,493 | 2,870 |
* | Cambium Networks Corp. | 42,761 | 1,602 |
* | Casa Systems Inc. | 157,257 | 1,107 |
1,728,862 | |||
Electronic Equipment, Instruments & Components (3.3%) | |||
TE Connectivity Ltd. | 1,525,829 | �� 229,210 | |
Amphenol Corp. Class A | 2,761,086 | 211,582 | |
* | Keysight Technologies Inc. | 852,474 | 152,917 |
Corning Inc. | 3,735,765 | 149,393 | |
* | Zebra Technologies Corp. Class A | 247,234 | 145,168 |
CDW Corp. | 647,857 | 129,967 | |
* | Trimble Inc. | 1,159,633 | 109,261 |
* | Teledyne Technologies Inc. | 213,616 | 98,985 |
Cognex Corp. | 816,083 | 72,321 | |
* | Flex Ltd. | 2,268,281 | 42,145 |
* | Arrow Electronics Inc. | 342,727 | 41,545 |
Jabil Inc. | 653,345 | 40,364 | |
Littelfuse Inc. | 113,503 | 32,394 | |
* | II-VI Inc. | 484,761 | 30,530 |
* | IPG Photonics Corp. | 173,357 | 29,589 |
* | Coherent Inc. | 113,355 | 28,641 |
Vontier Corp. | 779,787 | 28,361 | |
SYNNEX Corp. | 202,935 | 25,787 | |
National Instruments Corp. | 608,281 | 25,438 | |
* | Novanta Inc. | 162,731 | 24,934 |
Avnet Inc. | 459,875 | 18,607 |
Shares | Market Value• ($000) | ||
* | Rogers Corp. | 86,508 | 18,375 |
* | Fabrinet | 170,481 | 17,563 |
* | Itron Inc. | 208,493 | 17,516 |
* | Insight Enterprises Inc. | 162,934 | 16,764 |
Advanced Energy Industries Inc. | 177,620 | 16,018 | |
Badger Meter Inc. | 134,897 | 14,446 | |
Vishay Intertechnology Inc. | 613,680 | 13,483 | |
* | Plexus Corp. | 132,193 | 12,139 |
* | Sanmina Corp. | 300,798 | 11,876 |
Belden Inc. | 206,878 | 11,844 | |
*,1 | MicroVision Inc. | 720,362 | 10,611 |
* | Knowles Corp. | 428,693 | 8,574 |
Methode Electronics Inc. | 174,946 | 8,147 | |
* | OSI Systems Inc. | 79,770 | 7,892 |
* | PAR Technology Corp. | 114,017 | 7,745 |
* | ePlus Inc. | 62,423 | 6,755 |
* | TTM Technologies Inc. | 468,668 | 6,561 |
* | FARO Technologies Inc. | 83,975 | 5,789 |
* | nLight Inc. | 178,201 | 4,920 |
CTS Corp. | 134,259 | 4,710 | |
Benchmark Electronics Inc. | 165,710 | 4,479 | |
* | ScanSource Inc. | 120,219 | 4,277 |
*,1 | Velodyne Lidar Inc. | 431,261 | 2,846 |
* | Napco Security Technologies Inc. | 71,116 | 2,783 |
* | Kimball Electronics Inc. | 111,853 | 2,704 |
PC Connection Inc. | 52,482 | 2,541 | |
* | Arlo Technologies Inc. | 385,400 | 2,389 |
*,1 | 908 Devices Inc. | 30,576 | 1,101 |
1,911,987 | |||
IT Services (17.9%) | |||
Visa Inc. Class A | 7,316,418 | 1,676,191 | |
* | PayPal Holdings Inc. | 5,155,916 | 1,488,307 |
Mastercard Inc. Class A | 4,087,045 | 1,415,058 | |
Accenture plc Class A | 2,936,714 | 988,380 | |
International Business Machines Corp. | 4,128,196 | 579,351 | |
* | Square Inc. Class A | 1,811,069 | 485,493 |
Automatic Data Processing Inc. | 1,966,123 | 410,998 | |
Fidelity National Information Services Inc. | 2,865,093 | 366,073 | |
* | Fiserv Inc. | 2,772,627 | 326,588 |
* | Snowflake Inc. Class A | 884,217 | 269,111 |
* | Twilio Inc. Class A | 750,134 | 267,768 |
Global Payments Inc. | 1,363,987 | 221,839 | |
Cognizant Technology Solutions Corp. Class A | 2,436,918 | 185,961 | |
Paychex Inc. | 1,498,637 | 171,549 | |
* | EPAM Systems Inc. | 260,627 | 164,927 |
* | Okta Inc. | 577,702 | 152,282 |
* | Cloudflare Inc. Class A | 1,065,486 | 128,647 |
* | Gartner Inc. | 397,783 | 122,812 |
* | VeriSign Inc. | 468,256 | 101,265 |
Shares | Market Value• ($000) | ||
* | MongoDB Inc. Class A | 258,176 | 101,161 |
* | FleetCor Technologies Inc. | 365,842 | 96,319 |
Broadridge Financial Solutions Inc. | 536,470 | 92,391 | |
* | Akamai Technologies Inc. | 753,043 | 85,282 |
Jack Henry & Associates Inc. | 343,293 | 60,550 | |
* | GoDaddy Inc. Class A | 775,266 | 56,835 |
* | DXC Technology Co. | 1,176,501 | 43,201 |
Western Union Co. | 1,890,842 | 40,918 | |
* | WEX Inc. | 206,760 | 37,955 |
* | Concentrix Corp. | 204,496 | 35,458 |
* | Euronet Worldwide Inc. | 244,048 | 32,514 |
Maximus Inc. | 284,053 | 24,738 | |
Alliance Data Systems Corp. | 218,360 | 21,423 | |
*,1 | Fastly Inc. Class A | 464,446 | 20,250 |
* | ExlService Holdings Inc. | 153,533 | 18,906 |
* | Perficient Inc. | 151,801 | 18,098 |
* | Sabre Corp. | 1,403,192 | 15,758 |
* | LiveRamp Holdings Inc. | 316,193 | 15,493 |
* | Shift4 Payments Inc. Class A | 179,466 | 15,382 |
EVERTEC Inc. | 281,852 | 13,036 | |
Switch Inc. Class A | 458,307 | 11,371 | |
* | BigCommerce Holdings Inc. Series 1 | 175,679 | 10,460 |
* | Verra Mobility Corp. Class A | 638,248 | 9,899 |
TTEC Holdings Inc. | 85,600 | 9,027 | |
* | Repay Holdings Corp. Class A | 353,434 | 8,132 |
* | Unisys Corp. | 305,229 | 7,390 |
CSG Systems International Inc. | 151,950 | 7,325 | |
* | Conduent Inc. | 786,274 | 5,740 |
* | Evo Payments Inc. Class A | 217,691 | 5,538 |
* | Grid Dynamics Holdings Inc. | 177,855 | 4,761 |
SolarWinds Corp. | 182,645 | 3,118 | |
* | Paya Holdings Inc. Class A | 322,779 | 3,115 |
* | Tucows Inc. Class A | 41,166 | 3,051 |
* | I3 Verticals Inc. Class A | 101,685 | 2,940 |
Cass Information Systems Inc. | 63,347 | 2,856 | |
* | Rackspace Technology Inc. | 183,948 | 2,570 |
* | International Money Express Inc. | 139,117 | 2,537 |
* | Cantaloupe Inc. | 235,763 | 2,414 |
Hackett Group Inc. | 118,862 | 2,330 | |
* | Brightcove Inc. | 149,647 | 1,700 |
* | Marqeta Inc. Class A | 12,028 | 349 |
10,474,891 |
Shares | Market Value• ($000) | ||
Semiconductors & Semiconductor Equipment (18.8%) | |||
NVIDIA Corp. | 11,512,668 | 2,577,111 | |
Intel Corp. | 18,656,242 | 1,008,556 | |
Broadcom Inc. | 1,886,313 | 937,894 | |
Texas Instruments Inc. | 4,266,389 | 814,496 | |
QUALCOMM Inc. | 5,211,538 | 764,481 | |
* | Advanced Micro Devices Inc. | 5,613,351 | 621,510 |
Applied Materials Inc. | 4,239,692 | 572,910 | |
Analog Devices Inc. | 2,484,903 | 404,915 | |
Lam Research Corp. | 658,908 | 398,521 | |
* | Micron Technology Inc. | 5,180,998 | 381,840 |
NXP Semiconductors NV | 1,273,988 | 274,073 | |
KLA Corp. | 708,203 | 240,761 | |
Marvell Technology Inc. | 3,784,541 | 231,576 | |
Microchip Technology Inc. | 1,263,017 | 198,748 | |
Xilinx Inc. | 1,135,768 | 176,714 | |
Skyworks Solutions Inc. | 762,692 | 139,923 | |
* | Enphase Energy Inc. | 595,427 | 103,444 |
Monolithic Power Systems Inc. | 200,821 | 99,392 | |
* | Qorvo Inc. | 520,137 | 97,801 |
Teradyne Inc. | 768,169 | 93,286 | |
* | ON Semiconductor Corp. | 1,972,489 | 87,500 |
Entegris Inc. | 625,992 | 75,207 | |
* | SolarEdge Technologies Inc. | 240,138 | 69,587 |
* | Cree Inc. | 533,382 | 45,327 |
Universal Display Corp. | 206,889 | 43,155 | |
* | First Solar Inc. | 442,043 | 41,552 |
* | Lattice Semiconductor Corp. | 630,969 | 39,196 |
MKS Instruments Inc. | 255,723 | 37,637 | |
* | Silicon Laboratories Inc. | 206,645 | 32,571 |
* | Synaptics Inc. | 162,088 | 30,761 |
Power Integrations Inc. | 280,177 | 30,438 | |
Brooks Automation Inc. | 343,333 | 29,170 | |
* | Cirrus Logic Inc. | 265,683 | 22,230 |
* | Semtech Corp. | 299,893 | 20,969 |
Kulicke & Soffa Industries Inc. | 286,776 | 20,129 | |
* | Diodes Inc. | 206,102 | 19,957 |
CMC Materials Inc. | 135,049 | 17,910 | |
* | Ambarella Inc. | 167,347 | 17,332 |
* | MaxLinear Inc. | 330,915 | 17,284 |
* | Onto Innovation Inc. | 226,647 | 16,801 |
Amkor Technology Inc. | 507,693 | 13,946 | |
* | FormFactor Inc. | 355,076 | 13,805 |
* | MACOM Technology Solutions Holdings Inc. Class H | 222,061 | 13,481 |
* | Rambus Inc. | 519,406 | 12,362 |
* | Sitime Corp. | 56,869 | 12,104 |
* | Ultra Clean Holdings Inc. | 202,391 | 9,359 |
* | SunPower Corp. | 400,068 | 8,621 |
* | Cohu Inc. | 225,944 | 8,062 |
* | Allegro MicroSystems Inc. | 261,497 | 7,858 |
* | Axcelis Technologies Inc. | 157,825 | 7,845 |
* | Ichor Holdings Ltd. | 129,879 | 5,755 |
* | Veeco Instruments Inc. | 237,548 | 5,414 |
* | ACM Research Inc. Class A | 58,703 | 5,233 |
* | CEVA Inc. | 105,362 | 5,084 |
* | SMART Global Holdings Inc. | 101,950 | 4,940 |
Shares | Market Value• ($000) | ||
* | Impinj Inc. | 83,434 | 4,863 |
* | Photronics Inc. | 292,209 | 4,404 |
* | Magnachip Semiconductor Corp. | 198,105 | 3,615 |
* | PDF Solutions Inc. | 139,325 | 3,138 |
* | Alpha & Omega Semiconductor Ltd. | 101,189 | 2,940 |
* | NeoPhotonics Corp. | 230,635 | 2,154 |
11,007,648 | |||
Software (35.5%) | |||
Microsoft Corp. | 33,056,706 | 9,979,158 | |
* | Adobe Inc. | 2,208,400 | 1,465,715 |
* | salesforce.com Inc. | 4,488,527 | 1,190,672 |
Oracle Corp. | 8,660,531 | 771,913 | |
Intuit Inc. | 1,262,502 | 714,715 | |
* | ServiceNow Inc. | 912,206 | 587,132 |
* | Autodesk Inc. | 1,016,697 | 315,268 |
* | Zoom Video Communications Inc. Class A | 982,228 | 284,355 |
* | DocuSign Inc. Class A | 898,658 | 266,218 |
* | Crowdstrike Holdings Inc. Class A | 873,778 | 245,532 |
* | Workday Inc. Class A | 872,917 | 238,446 |
* | Synopsys Inc. | 704,795 | 234,161 |
* | Cadence Design Systems Inc. | 1,285,666 | 210,181 |
* | Palo Alto Networks Inc. | 449,970 | 207,454 |
* | Fortinet Inc. | 641,401 | 202,131 |
* | Palantir Technologies Inc. Class A | 7,058,544 | 185,922 |
* | Trade Desk Inc. Class A | 1,991,638 | 159,431 |
* | ANSYS Inc. | 402,638 | 147,108 |
* | HubSpot Inc. | 205,076 | 140,368 |
* | Datadog Inc. Class A | 864,346 | 119,107 |
* | Splunk Inc. | 757,211 | 115,755 |
* | Paycom Software Inc. | 236,346 | 115,550 |
* | Zscaler Inc. | 376,835 | 104,888 |
* | Tyler Technologies Inc. | 188,187 | 91,402 |
* | Bill.Com Holdings Inc. | 326,363 | 89,551 |
* | RingCentral Inc. Class A | 354,413 | 89,404 |
* | Coupa Software Inc. | 336,591 | 82,401 |
SS&C Technologies Holdings Inc. | 1,063,336 | 80,452 | |
* | Nuance Communications Inc. | 1,321,556 | 72,752 |
* | Avalara Inc. | 397,258 | 71,387 |
NortonLifeLock Inc. | 2,679,563 | 71,169 | |
* | Ceridian HCM Holding Inc. | 620,592 | 69,724 |
* | Zendesk Inc. | 548,196 | 67,757 |
* | PTC Inc. | 512,909 | 67,530 |
* | Fair Isaac Corp. | 132,966 | 61,130 |
Citrix Systems Inc. | 573,529 | 58,999 | |
* | Dynatrace Inc. | 848,711 | 58,332 |
*,1 | VMware Inc. Class A | 387,269 | 57,653 |
* | Black Knight Inc. | 724,902 | 54,853 |
Bentley Systems Inc. Class B | 796,183 | 51,346 | |
* | Five9 Inc. | 310,148 | 49,075 |
* | Manhattan Associates Inc. | 293,958 | 47,912 |
* | Paylocity Holding Corp. | 175,690 | 47,296 |
* | Dropbox Inc. Class A | 1,469,143 | 46,587 |
* | Elastic NV | 290,337 | 46,323 |
* | Smartsheet Inc. Class A | 548,453 | 43,640 |
* | Guidewire Software Inc. | 367,503 | 43,534 |
* | Aspen Technology Inc. | 313,953 | 40,657 |
* | Anaplan Inc. | 602,685 | 36,149 |
Shares | Market Value• ($000) | ||
* | Varonis Systems Inc. Class B | 490,558 | 33,853 |
* | Nutanix Inc. Class A | 894,197 | 33,005 |
* | Unity Software Inc. | 258,229 | 32,731 |
Dolby Laboratories Inc. Class A | 301,476 | 29,879 | |
* | Rapid7 Inc. | 241,360 | 29,330 |
* | Teradata Corp. | 506,446 | 27,698 |
* | Everbridge Inc. | 173,969 | 27,308 |
* | J2 Global Inc. | 198,186 | 27,290 |
* | Blackline Inc. | 241,357 | 26,332 |
Pegasystems Inc. | 187,717 | 25,835 | |
* | NCR Corp. | 605,425 | 25,718 |
* | Workiva Inc. Class A | 175,356 | 24,597 |
*,1 | MicroStrategy Inc. Class A | 35,207 | 24,444 |
CDK Global Inc. | 560,597 | 23,321 | |
* | Digital Turbine Inc. | 392,554 | 22,945 |
* | SPS Commerce Inc. | 165,715 | 22,459 |
* | Asana Inc. Class A | 296,605 | 22,409 |
* | Q2 Holdings Inc. | 247,121 | 21,769 |
* | Sprout Social Inc. Class A | 174,873 | 21,265 |
* | New Relic Inc. | 265,328 | 21,218 |
* | Alteryx Inc. Class A | 273,641 | 20,241 |
* | Envestnet Inc. | 251,404 | 20,080 |
* | FireEye Inc. | 1,102,047 | 20,046 |
* | Sailpoint Technologies Holdings Inc. | 426,746 | 19,997 |
* | Mimecast Ltd. | 285,930 | 19,961 |
* | LivePerson Inc. | 303,634 | 19,463 |
* | Box Inc. Class A | 751,924 | 19,385 |
* | Cerence Inc. | 174,780 | 18,953 |
*,1 | Marathon Digital Holdings Inc. | 456,035 | 18,510 |
* | Alarm.com Holdings Inc. | 218,471 | 18,424 |
* | Qualys Inc. | 153,728 | 18,045 |
* | Appian Corp. Class A | 163,654 | 17,544 |
* | Cloudera Inc. | 1,079,206 | 17,192 |
* | ACI Worldwide Inc. | 492,133 | 15,861 |
* | Medallia Inc. | 469,036 | 15,839 |
* | Altair Engineering Inc. Class A | 211,245 | 15,630 |
* | Vonage Holdings Corp. | 1,103,622 | 15,561 |
* | CommVault Systems Inc. | 191,526 | 15,508 |
* | Tenable Holdings Inc. | 340,306 | 15,099 |
* | Cornerstone OnDemand Inc. | 258,030 | 14,785 |
*,1 | Riot Blockchain Inc. | 387,095 | 14,446 |
* | Blackbaud Inc. | 203,022 | 14,149 |
* | Verint Systems Inc. | 299,504 | 13,370 |
* | PagerDuty Inc. | 308,583 | 13,207 |
* | Qualtrics International Inc. Class A | 290,168 | 13,139 |
*,2 | Proofpoint Inc. | 68,360 | 12,031 |
* | Domo Inc. Class B | 132,804 | 11,886 |
* | 8x8 Inc. | 486,421 | 11,747 |
* | SentinelOne Inc. Class A | 182,795 | 11,686 |
* | Momentive Global Inc. | 571,889 | 11,215 |
Xperi Holding Corp. | 483,538 | 10,333 | |
InterDigital Inc. | 142,250 | 10,258 | |
*,1 | C3.ai Inc. Class A | 184,295 | 9,499 |
Progress Software Corp. | 203,251 | 9,463 | |
* | Appfolio Inc. Class A | 78,804 | 9,307 |
* | Bottomline Technologies DE Inc. | 207,057 | 8,752 |
* | Zuora Inc. Class A | 514,317 | 8,733 |
Shares | Market Value• ($000) | ||
* | Duck Creek Technologies Inc. | 182,573 | 8,513 |
* | PROS Holdings Inc. | 194,431 | 8,407 |
* | nCino Inc. | 132,360 | 8,208 |
* | Avaya Holdings Corp. | 390,874 | 7,884 |
*,1 | JFrog Ltd. | 172,998 | 6,650 |
* | Yext Inc. | 466,523 | 6,307 |
* | Agilysys Inc. | 105,547 | 5,998 |
* | Jamf Holding Corp. | 163,341 | 5,741 |
* | Ping Identity Holding Corp. | 208,547 | 5,412 |
McAfee Corp.Class A | 189,351 | 5,029 | |
* | Model N Inc. | 148,033 | 5,020 |
QAD Inc. Class A | 54,949 | 4,781 | |
* | Upland Software Inc. | 116,255 | 4,532 |
* | Mitek Systems Inc. | 198,054 | 4,430 |
American Software Inc. Class A | 147,991 | 3,755 | |
* | A10 Networks Inc. | 268,509 | 3,730 |
Ebix Inc. | 121,621 | 3,500 | |
* | OneSpan Inc. | 145,589 | 2,805 |
* | N-Able Inc. | 206,839 | 2,799 |
* | Telos Corp. | 81,049 | 2,675 |
* | Vertex Inc. Class A | 120,749 | 2,499 |
* | Cleanspark Inc. | 154,031 | 2,126 |
*,1 | Digimarc Corp. | 58,847 | 1,721 |
* | Rimini Street Inc. | 168,062 | 1,605 |
* | Rekor Systems Inc. | 141,412 | 1,544 |
* | AppLovin Corp. Class A | 14,781 | 1,041 |
* | SecureWorks Corp. Class A | 35,836 | 733 |
20,788,391 | |||
Technology Hardware, Storage & Peripherals (21.3%) | |||
Apple Inc. | 77,100,626 | 11,706,188 | |
HP Inc. | 5,782,804 | 171,981 | |
* | Dell Technologies Inc. Class C | 1,281,758 | 124,920 |
Hewlett Packard Enterprise Co. | 6,010,634 | 92,924 | |
NetApp Inc. | 1,028,326 | 91,449 | |
* | Western Digital Corp. | 1,415,924 | 89,486 |
Seagate Technology Holdings plc | 951,961 | 83,382 | |
* | Pure Storage Inc. Class A | 1,243,111 | 32,110 |
* | 3D Systems Corp. | 577,857 | 17,590 |
Xerox Holdings Corp. | 753,743 | 16,967 | |
* | Super Micro Computer Inc. | 184,438 | 6,739 |
* | Avid Technology Inc. | 158,620 | 4,094 |
*,1 | Corsair Gaming Inc. | 132,093 | 3,824 |
* | Diebold Nixdorf Inc. | 348,386 | 3,791 |
12,445,445 | |||
Total Common Stocks (Cost $30,113,906) | 58,357,224 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.068% (Cost $245,185) | 2,452,287 | 245,229 |
Total Investments (100.1%) (Cost $30,359,091) | 58,602,453 | ||
Other Assets and Liabilities—Net (-0.1%) | (63,351) | ||
Net Assets (100.0%) | 58,539,102 | ||
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 $113,246,000. |
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 $116,748,000 was received for securities on loan, of which $116,424,000 is held in Vanguard Market Liquidity Fund and $324,000 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 | September 2021 | 252 | 78,536 | 2,796 |
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. Class A | 8/31/22 | BOANA | 114,550 | 0.020 | 160 | — |
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 $30,113,906) | 58,357,224 |
Affiliated Issuers (Cost $245,185) | 245,229 |
Total Investments in Securities | 58,602,453 |
Investment in Vanguard | 1,892 |
Cash | 324 |
Cash Collateral Pledged—Futures Contracts | 3,850 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 1,300 |
Receivables for Investment Securities Sold | 558,477 |
Receivables for Accrued Income | 41,850 |
Receivables for Capital Shares Issued | 28,426 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 160 |
Total Assets | 59,238,732 |
Liabilities | |
Due to Custodian | 3,140 |
Payables for Investment Securities Purchased | 565,787 |
Collateral for Securities on Loan | 116,748 |
Payables for Capital Shares Redeemed | 11,381 |
Payables to Vanguard | 2,506 |
Variation Margin Payable—Futures Contracts | 68 |
Total Liabilities | 699,630 |
Net Assets | 58,539,102 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 30,526,286 |
Total Distributable Earnings (Loss) | 28,012,816 |
Net Assets | 58,539,102 |
ETF Shares—Net Assets | |
Applicable to 120,141,710 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 51,237,926 |
Net Asset Value Per Share—ETF Shares | $426.48 |
Admiral Shares—Net Assets | |
Applicable to 33,433,861 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 7,301,176 |
Net Asset Value Per Share—Admiral Shares | $218.38 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 399,198 |
Interest1 | 112 |
Securities Lending—Net | 1,228 |
Total Income | 400,538 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,726 |
Management and Administrative— ETF Shares | 37,689 |
Management and Administrative— Admiral Shares | 5,238 |
Marketing and Distribution— ETF Shares | 1,283 |
Marketing and Distribution— Admiral Shares | 261 |
Custodian Fees | 91 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 858 |
Shareholders’ Reports—Admiral Shares | 33 |
Trustees’ Fees and Expenses | 18 |
Total Expenses | 48,227 |
Net Investment Income | 352,311 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 3,353,330 |
Futures Contracts | 10,774 |
Swap Contracts | 19,952 |
Realized Net Gain (Loss) | 3,384,056 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 9,686,603 |
Futures Contracts | (484) |
Swap Contracts | (10,781) |
Change in Unrealized Appreciation (Depreciation) | 9,675,338 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 13,411,705 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $110,000, $2,000, and ($2,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $3,420,649,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 352,311 | 353,521 |
Realized Net Gain (Loss) | 3,384,056 | 1,451,240 |
Change in Unrealized Appreciation (Depreciation) | 9,675,338 | 13,001,468 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 13,411,705 | 14,806,229 |
Distributions | ||
ETF Shares | (306,828) | (318,133) |
Admiral Shares | (42,093) | (38,529) |
Total Distributions | (348,921) | (356,662) |
Capital Share Transactions | ||
ETF Shares | 1,067,107 | 5,140,709 |
Admiral Shares | 549,053 | 1,061,125 |
Net Increase (Decrease) from Capital Share Transactions | 1,616,160 | 6,201,834 |
Total Increase (Decrease) | 14,678,944 | 20,651,401 |
Net Assets | ||
Beginning of Period | 43,860,158 | 23,208,757 |
End of Period | 58,539,102 | 43,860,158 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $328.54 | $213.66 | $202.82 | $151.19 | $117.82 |
Investment Operations | |||||
Net Investment Income1 | 2.634 | 2.926 | 2.572 | 1.921 | 1.646 |
Net Realized and Unrealized Gain (Loss) on Investments | 97.919 | 114.955 | 10.792 | 51.430 | 33.329 |
Total from Investment Operations | 100.553 | 117.881 | 13.364 | 53.351 | 34.975 |
Distributions | |||||
Dividends from Net Investment Income | (2.613) | (3.001) | (2.524) | (1.721) | (1.605) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.613) | (3.001) | (2.524) | (1.721) | (1.605) |
Net Asset Value, End of Period | $426.48 | $328.54 | $213.66 | $202.82 | $151.19 |
Total Return | 30.80% | 55.72% | 6.70% | 35.52% | 29.93% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $51,238 | $38,711 | $20,738 | $22,595 | $14,638 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.73% | 1.17% | 1.32% | 1.10% | 1.24% |
Portfolio Turnover Rate2 | 4% | 5% | 5% | 7% | 6% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $168.23 | $109.40 | $103.86 | $77.42 | $60.33 |
Investment Operations | |||||
Net Investment Income1 | 1.353 | 1.504 | 1.326 | 1.001 | .850 |
Net Realized and Unrealized Gain (Loss) on Investments | 50.136 | 58.864 | 5.509 | 26.324 | 17.062 |
Total from Investment Operations | 51.489 | 60.368 | 6.835 | 27.325 | 17.912 |
Distributions | |||||
Dividends from Net Investment Income | (1.339) | (1.538) | (1.295) | (.885) | (.822) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.339) | (1.538) | (1.295) | (.885) | (.822) |
Net Asset Value, End of Period | $218.38 | $168.23 | $109.40 | $103.86 | $77.42 |
Total Return2 | 30.81% | 55.78% | 6.70% | 35.54% | 29.94% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $7,301 | $5,149 | $2,470 | $2,033 | $933 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.73% | 1.17% | 1.32% | 1.10% | 1.24% |
Portfolio Turnover Rate3 | 4% | 5% | 5% | 7% | 6% |
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 | 58,345,193 | — | 12,031 | 58,357,224 |
Temporary Cash Investments | 245,229 | — | — | 245,229 |
Total | 58,590,422 | — | 12,031 | 58,602,453 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 2,796 | — | — | 2,796 |
Swap Contracts | — | 160 | — | 160 |
Total | 2,796 | 160 | — | 2,956 |
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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 3,420,643 |
Total Distributable Earnings (Loss) | (3,420,643) |
Amount ($000) | |
Undistributed Ordinary Income | 126,375 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (339,928) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 28,226,369 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 348,921 | 356,662 |
Long-Term Capital Gains | — | — |
Total | 348,921 | 356,662 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 30,376,083 |
Gross Unrealized Appreciation | 28,558,677 |
Gross Unrealized Depreciation | (332,308) |
Net Unrealized Appreciation (Depreciation) | 28,226,369 |
E. | During the year ended August 31, 2021, the fund purchased $8,895,071,000 of investment securities and sold $7,281,173,000 of investment securities, other than temporary cash investments. Purchases and sales include $5,932,242,000 and $5,203,447,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 6,291,821 | 16,864 | 7,928,607 | 32,065 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (5,224,714) | (14,550) | (2,787,898) | (11,300) | |
Net Increase (Decrease)—ETF Shares | 1,067,107 | 2,314 | 5,140,709 | 20,765 | |
Admiral Shares | |||||
Issued | 2,226,601 | 12,124 | 2,339,727 | 18,276 | |
Issued in Lieu of Cash Distributions | 38,227 | 218 | 35,023 | 293 | |
Redeemed | (1,715,775) | (9,519) | (1,313,625) | (10,540) | |
Net Increase (Decrease)—Admiral Shares | 549,053 | 2,823 | 1,061,125 | 8,029 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img026970f014.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Materials Index Fund ETF Shares Net Asset Value | 41.00% | 13.66% | 11.41% | $29,463 |
Materials Index Fund ETF Shares Market Price | 40.89 | 13.66 | 11.41 | 29,454 | |
![]() | MSCI US Investable Market Materials 25/50 Index | 41.15 | 13.74 | 11.51 | 29,738 |
![]() | MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 45,188 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Materials Index Fund Admiral Shares | 41.04% | 13.67% | 11.42% | $294,886 | |
MSCI US Investable Market Materials 25/50 Index | 41.15 | 13.74 | 11.51 | 297,380 | |
MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 451,882 |
One Year | Five Years | Ten Years | |
Materials Index Fund ETF Shares Market Price | 40.89% | 89.67% | 194.54% |
Materials Index Fund ETF Shares Net Asset Value | 41.00 | 89.70 | 194.63 |
MSCI US Investable Market Materials 25/50 Index | 41.15 | 90.39 | 197.38 |
Chemicals | 62.4% |
Construction Materials | 4.6 |
Containers & Packaging | 14.5 |
Metals & Mining | 17.4 |
Paper & Forest Products | 1.1 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Chemicals (62.3%) | |||
Linde plc | 2,031,923 | 639,223 | |
Sherwin-Williams Co. | 993,071 | 301,566 | |
Air Products and Chemicals Inc. | 864,458 | 232,980 | |
Ecolab Inc. | 1,005,190 | 226,530 | |
Dow Inc. | 2,917,943 | 183,539 | |
DuPont de Nemours Inc. | 2,078,729 | 153,868 | |
PPG Industries Inc. | 926,118 | 147,762 | |
International Flavors & Fragrances Inc. | 972,292 | 147,302 | |
Corteva Inc. | 2,879,305 | 126,603 | |
Albemarle Corp. | 455,945 | 107,940 | |
LyondellBasell Industries NV Class A | 1,044,953 | 104,861 | |
Celanese Corp. Class A | 440,051 | 69,792 | |
Eastman Chemical Co. | 533,442 | 60,364 | |
FMC Corp. | 503,670 | 47,159 | |
Mosaic Co. | 1,409,977 | 45,373 | |
RPM International Inc. | 505,627 | 41,608 | |
CF Industries Holdings Inc. | 837,408 | 38,035 | |
Olin Corp. | 559,255 | 27,873 | |
Scotts Miracle-Gro Co. | 163,294 | 25,609 | |
* | Axalta Coating Systems Ltd. | 818,429 | 24,995 |
Huntsman Corp. | 822,364 | 21,735 | |
Chemours Co. | 646,201 | 21,654 | |
Valvoline Inc. | 707,935 | 21,351 | |
Ashland Global Holdings Inc. | 225,144 | 20,513 | |
Element Solutions Inc. | 870,430 | 19,785 | |
Avient Corp. | 356,920 | 18,592 | |
Balchem Corp. | 126,627 | 17,781 | |
W R Grace & Co. | 220,110 | 15,329 | |
Sensient Technologies Corp. | 164,991 | 14,330 | |
* | Livent Corp. | 572,065 | 14,227 |
HB Fuller Co. | 204,121 | 13,792 | |
Quaker Chemical Corp. | 52,326 | 13,559 | |
Westlake Chemical Corp. | 150,300 | 13,129 | |
* | Ingevity Corp. | 156,236 | 12,560 |
NewMarket Corp. | 34,181 | 11,954 | |
Cabot Corp. | 221,244 | 11,814 | |
Minerals Technologies Inc. | 131,613 | 10,350 | |
Stepan Co. | 83,346 | 9,798 | |
Tronox Holdings plc Class A | 448,619 | 9,479 | |
* | Amyris Inc. | 625,731 | 9,417 |
Innospec Inc. | 96,161 | 9,001 | |
Trinseo SA | 120,928 | 6,280 | |
* | Ferro Corp. | 290,521 | 6,043 |
* | Kraton Corp. | 126,028 | 5,308 |
* | Danimer Scientific Inc. | 267,103 | 5,219 |
* | Orion Engineered Carbons SA | 237,588 | 4,198 |
* | GCP Applied Technologies Inc. | 171,387 | 4,086 |
Shares | Market Value• ($000) | ||
* | AdvanSix Inc. | 109,010 | 3,979 |
Chase Corp. | 29,354 | 3,361 | |
Hawkins Inc. | 73,626 | 2,789 | |
* | Koppers Holdings Inc. | 82,160 | 2,703 |
Ecovyst Inc. | 158,577 | 2,063 | |
* | Rayonier Advanced Materials Inc. | 236,890 | 1,672 |
American Vanguard Corp. | 107,936 | 1,655 | |
Tredegar Corp. | 107,110 | 1,422 | |
Kronos Worldwide Inc. | 89,240 | 1,182 | |
FutureFuel Corp. | 102,918 | 824 | |
* | Venator Materials plc | 247,265 | 809 |
3,116,725 | |||
Construction Materials (4.6%) | |||
Vulcan Materials Co. | 518,289 | 96,366 | |
Martin Marietta Materials Inc. | 243,664 | 92,897 | |
Eagle Materials Inc. | 157,159 | 24,649 | |
* | Summit Materials Inc. Class A | 458,067 | 15,423 |
* | Forterra Inc. | 116,630 | 2,687 |
232,022 | |||
Containers & Packaging (14.5%) | |||
Ball Corp. | 1,282,117 | 123,032 | |
International Paper Co. | 1,453,617 | 87,348 | |
Amcor plc | 6,022,531 | 77,390 | |
Avery Dennison Corp. | 324,144 | 73,059 | |
Crown Holdings Inc. | 527,009 | 57,860 | |
Packaging Corp. of America | 370,252 | 56,167 | |
Westrock Co. | 1,039,686 | 54,105 | |
Sealed Air Corp. | 594,096 | 36,258 | |
* | Berry Global Group Inc. | 527,307 | 35,419 |
AptarGroup Inc. | 256,504 | 34,577 | |
Sonoco Products Co. | 392,680 | 25,642 | |
Graphic Packaging Holding Co. | 1,109,131 | 22,759 | |
Silgan Holdings Inc. | 344,694 | 14,625 | |
* | O-I Glass Inc. | 617,369 | 9,341 |
Greif Inc. Class A | 98,578 | 6,242 | |
* | Ranpak Holdings Corp. Class A | 152,476 | 4,681 |
Myers Industries Inc. | 120,764 | 2,753 | |
Pactiv Evergreen Inc. | 174,463 | 2,399 | |
723,657 | |||
Metals & Mining (17.4%) | |||
Freeport-McMoRan Inc. | 5,724,850 | 208,327 | |
Newmont Corp. | 3,129,608 | 181,486 | |
Nucor Corp. | 1,169,055 | 137,434 | |
Steel Dynamics Inc. | 825,425 | 55,708 | |
* | Cleveland-Cliffs Inc. | 1,854,033 | 43,514 |
Reliance Steel & Aluminum Co. | 248,715 | 37,317 | |
* | Alcoa Corp. | 728,873 | 32,340 |
Royal Gold Inc. | 256,178 | 28,520 | |
U.S. Steel Corp. | 840,609 | 22,486 | |
Commercial Metals Co. | 470,448 | 15,346 |
Shares | Market Value• ($000) | ||
* | Arconic Corp. | 407,640 | 14,060 |
Hecla Mining Co. | 2,088,058 | 12,842 | |
Compass Minerals International Inc. | 132,684 | 8,881 | |
* | Allegheny Technologies Inc. | 496,705 | 8,871 |
* | MP Materials Corp. | 233,717 | 7,846 |
Kaiser Aluminum Corp. | 61,902 | 7,816 | |
Worthington Industries Inc. | 134,465 | 7,792 | |
* | Coeur Mining Inc. | 1,000,130 | 7,051 |
Carpenter Technology Corp. | 188,185 | 6,276 | |
Materion Corp. | 79,871 | 5,833 | |
Schnitzer Steel Industries Inc. Class A | 100,913 | 4,774 | |
Warrior Met Coal Inc. | 200,453 | 4,488 | |
* | Century Aluminum Co. | 211,686 | 2,714 |
SunCoke Energy Inc. | 320,632 | 2,228 | |
* | Gatos Silver Inc. | 143,184 | 2,053 |
* | TimkenSteel Corp. | 144,412 | 1,976 |
* | McEwen Mining Inc. | 1,506,857 | 1,733 |
Ryerson Holding Corp. | 67,776 | 1,569 | |
871,281 | |||
Paper & Forest Products (1.1%) | |||
Louisiana-Pacific Corp. | 399,172 | 25,324 | |
* | Domtar Corp. | 196,407 | 10,769 |
Schweitzer-Mauduit International Inc. | 122,244 | 4,678 | |
Neenah Inc. | 66,317 | 3,342 | |
Glatfelter Corp. | 173,937 | 2,748 | |
* | Clearwater Paper Corp. | 65,355 | 2,123 |
Verso Corp. Class A | 101,672 | 1,937 | |
Mercer International Inc. | 169,269 | 1,926 | |
52,847 | |||
Total Common Stocks (Cost $4,185,155) | 4,996,532 | ||
Temporary Cash Investments (0.0%) | |||
Money Market Fund (0.0%) | |||
1 | Vanguard Market Liquidity Fund 0.068% (Cost $1,168) | 11,676 | 1,168 |
Total Investments (99.9%) (Cost $4,186,323) | 4,997,700 | ||
Other Assets and Liabilities—Net (0.1%) | 4,582 | ||
Net Assets (100.0%) | 5,002,282 | ||
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) |
United States Steel Corp. | 8/31/22 | BOANA | 5,671 | (0.080) | — | — |
1 | Based on 1M USD Overnight Bank Funding Rate 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 $4,185,155) | 4,996,532 |
Affiliated Issuers (Cost $1,168) | 1,168 |
Total Investments in Securities | 4,997,700 |
Investment in Vanguard | 164 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 520 |
Receivables for Investment Securities Sold | 14,180 |
Receivables for Accrued Income | 8,233 |
Receivables for Capital Shares Issued | 592 |
Total Assets | 5,021,389 |
Liabilities | |
Payables for Investment Securities Purchased | 17,474 |
Payables for Capital Shares Redeemed | 1,415 |
Payables to Vanguard | 218 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | — |
Total Liabilities | 19,107 |
Net Assets | 5,002,282 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 4,291,554 |
Total Distributable Earnings (Loss) | 710,728 |
Net Assets | 5,002,282 |
ETF Shares—Net Assets | |
Applicable to 20,984,278 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,924,413 |
Net Asset Value Per Share—ETF Shares | $187.02 |
Admiral Shares—Net Assets | |
Applicable to 11,311,795 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,077,869 |
Net Asset Value Per Share—Admiral Shares | $95.29 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 64,126 |
Interest1 | 6 |
Securities Lending—Net | 473 |
Total Income | 64,605 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 551 |
Management and Administrative— ETF Shares | 2,116 |
Management and Administrative— Admiral Shares | 656 |
Marketing and Distribution— ETF Shares | 120 |
Marketing and Distribution— Admiral Shares | 36 |
Custodian Fees | 9 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 138 |
Shareholders’ Reports—Admiral Shares | 8 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 3,665 |
Net Investment Income | 60,940 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 106,984 |
Swap Contracts | 1,007 |
Realized Net Gain (Loss) | 107,991 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 931,985 |
Swap Contracts | (373) |
Change in Unrealized Appreciation (Depreciation) | 931,612 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,100,543 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,000, $0, and less than ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $136,396,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 60,940 | 45,709 |
Realized Net Gain (Loss) | 107,991 | 56,831 |
Change in Unrealized Appreciation (Depreciation) | 931,612 | 119,751 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,100,543 | 222,291 |
Distributions | ||
ETF Shares | (42,151) | (36,101) |
Admiral Shares | (12,760) | (10,501) |
Total Distributions | (54,911) | (46,602) |
Capital Share Transactions | ||
ETF Shares | 1,450,694 | (371,010) |
Admiral Shares | 247,410 | 50,384 |
Net Increase (Decrease) from Capital Share Transactions | 1,698,104 | (320,626) |
Total Increase (Decrease) | 2,743,736 | (144,937) |
Net Assets | ||
Beginning of Period | 2,258,546 | 2,403,483 |
End of Period | 5,002,282 | 2,258,546 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $134.84 | $122.80 | $134.33 | $124.29 | $108.16 |
Investment Operations | |||||
Net Investment Income1 | 2.801 | 2.522 | 2.501 | 2.285 | 2.175 |
Net Realized and Unrealized Gain (Loss) on Investments | 52.014 | 12.053 | (11.541) | 9.961 | 16.072 |
Total from Investment Operations | 54.815 | 14.575 | (9.040) | 12.246 | 18.247 |
Distributions | |||||
Dividends from Net Investment Income | (2.635) | (2.535) | (2.490) | (2.206) | (2.117) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.635) | (2.535) | (2.490) | (2.206) | (2.117) |
Net Asset Value, End of Period | $187.02 | $134.84 | $122.80 | $134.33 | $124.29 |
Total Return | 41.00% | 12.12% | -6.73% | 9.91% | 17.06% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,924 | $1,676 | $1,921 | $2,749 | $1,913 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.66% | 2.05% | 2.04% | 1.71% | 1.87% |
Portfolio Turnover Rate2 | 5% | 4% | 4% | 5% | 5% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $68.70 | $62.57 | $68.45 | $63.33 | $55.11 |
Investment Operations | |||||
Net Investment Income1 | 1.424 | 1.294 | 1.282 | 1.159 | 1.104 |
Net Realized and Unrealized Gain (Loss) on Investments | 26.507 | 6.130 | (5.892) | 5.084 | 8.195 |
Total from Investment Operations | 27.931 | 7.424 | (4.610) | 6.243 | 9.299 |
Distributions | |||||
Dividends from Net Investment Income | (1.341) | (1.294) | (1.270) | (1.123) | (1.079) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.341) | (1.294) | (1.270) | (1.123) | (1.079) |
Net Asset Value, End of Period | $95.29 | $68.70 | $62.57 | $68.45 | $63.33 |
Total Return2 | 41.04% | 12.14% | -6.74% | 9.91% | 17.06% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,078 | $583 | $482 | $452 | $372 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.67% | 2.08% | 2.04% | 1.71% | 1.87% |
Portfolio Turnover Rate3 | 5% | 4% | 4% | 5% | 5% |
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 | 4,996,532 | — | — | 4,996,532 |
Temporary Cash Investments | 1,168 | — | — | 1,168 |
Total | 4,997,700 | — | — | 4,997,700 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | — | — | — |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 136,377 |
Total Distributable Earnings (Loss) | (136,377) |
Amount ($000) | |
Undistributed Ordinary Income | 15,008 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (103,739) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 799,459 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 54,911 | 46,602 |
Long-Term Capital Gains | — | — |
Total | 54,911 | 46,602 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 4,198,241 |
Gross Unrealized Appreciation | 970,233 |
Gross Unrealized Depreciation | (170,774) |
Net Unrealized Appreciation (Depreciation) | 799,459 |
E. | During the year ended August 31, 2021, the fund purchased $2,293,060,000 of investment securities and sold $584,718,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,831,282,000 and $402,167,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,856,866 | 11,008 | 449,882 | 3,931 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (406,172) | (2,450) | (820,892) | (7,150) | |
Net Increase (Decrease)—ETF Shares | 1,450,694 | 8,558 | (371,010) | (3,219) | |
Admiral Shares | |||||
Issued | 454,856 | 5,232 | 170,584 | 2,794 | |
Issued in Lieu of Cash Distributions | 11,777 | 146 | 9,703 | 159 | |
Redeemed | (219,223) | (2,551) | (129,903) | (2,174) | |
Net Increase (Decrease)—Admiral Shares | 247,410 | 2,827 | 50,384 | 779 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/imgf0d8b31415.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Utilities Index Fund ETF Shares Net Asset Value | 19.19% | 10.27% | 11.18% | $28,867 |
Utilities Index Fund ETF Shares Market Price | 19.14 | 10.27 | 11.18 | 28,868 | |
![]() | MSCI US Investable Market Utilities 25/50 Index | 19.33 | 10.36 | 11.30 | 29,169 |
![]() | MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 45,188 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Utilities Index Fund Admiral Shares | 19.22% | 10.27% | 11.19% | $288,957 | |
MSCI US Investable Market Utilities 25/50 Index | 19.33 | 10.36 | 11.30 | 291,693 | |
MSCI US Investable Market 2500 Index | 33.59 | 18.08 | 16.28 | 451,882 |
One Year | Five Years | Ten Years | |
Utilities Index Fund ETF Shares Market Price | 19.14% | 63.05% | 188.68% |
Utilities Index Fund ETF Shares Net Asset Value | 19.19 | 63.03 | 188.67 |
MSCI US Investable Market Utilities 25/50 Index | 19.33 | 63.73 | 191.69 |
Electric Utilities | 60.2% |
Gas Utilities | 4.4 |
Independent Power and Renewable Electricity Producers | 3.6 |
Multi-Utilities | 26.7 |
Water Utilities | 5.1 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Electric Utilities (60.1%) | |||
NextEra Energy Inc. | 11,849,934 | 995,276 | |
Duke Energy Corp. | 4,647,249 | 486,381 | |
Southern Co. | 6,395,700 | 420,389 | |
Exelon Corp. | 5,903,530 | 289,391 | |
American Electric Power Co. Inc. | 3,019,285 | 270,437 | |
Xcel Energy Inc. | 3,251,597 | 223,547 | |
Eversource Energy | 2,075,026 | 188,267 | |
PPL Corp. | 4,648,370 | 136,430 | |
Entergy Corp. | 1,212,243 | 134,086 | |
Edison International | 2,292,298 | 132,587 | |
FirstEnergy Corp. | 3,285,999 | 127,727 | |
Evergy Inc. | 1,385,168 | 94,815 | |
Alliant Energy Corp. | 1,511,281 | 91,871 | |
* | PG&E Corp. | 8,994,324 | 82,478 |
NRG Energy Inc. | 1,479,295 | 67,559 | |
Pinnacle West Capital Corp. | 681,143 | 52,380 | |
OGE Energy Corp. | 1,209,284 | 42,821 | |
IDACORP Inc. | 304,974 | 32,129 | |
Hawaiian Electric Industries Inc. | 659,680 | 28,762 | |
Portland General Electric Co. | 541,087 | 27,785 | |
Avangrid Inc. | 467,857 | 25,568 | |
PNM Resources Inc. | 492,266 | 24,367 | |
ALLETE Inc. | 315,546 | 21,274 | |
MGE Energy Inc. | 218,108 | 17,567 | |
Otter Tail Corp. | 251,482 | 13,799 | |
4,027,693 | |||
Gas Utilities (4.4%) | |||
Atmos Energy Corp. | 789,486 | 76,983 | |
UGI Corp. | 1,260,890 | 58,392 | |
National Fuel Gas Co. | 523,311 | 27,113 | |
Southwest Gas Holdings Inc. | 350,406 | 24,637 | |
ONE Gas Inc. | 321,421 | 23,084 |
Shares | Market Value• ($000) | ||
New Jersey Resources Corp. | 582,795 | 21,762 | |
Spire Inc. | 312,212 | 20,824 | |
South Jersey Industries Inc. | 679,090 | 16,848 | |
Chesapeake Utilities Corp. | 105,844 | 13,834 | |
Northwest Natural Holding Co. | 185,013 | 9,519 | |
292,996 | |||
Independent Power and Renewable Electricity Producers (3.6%) | |||
AES Corp. | 4,025,085 | 96,079 | |
Vistra Corp. | 2,620,954 | 50,034 | |
NextEra Energy Partners LP | 458,490 | 36,647 | |
Ormat Technologies Inc. (XNYS) | 270,483 | 19,239 | |
* | Sunnova Energy International Inc. | 507,268 | 18,363 |
Clearway Energy Inc. Class C | 444,128 | 13,941 | |
Clearway Energy Inc. Class A | 225,505 | 6,707 | |
241,010 | |||
Multi-Utilities (26.6%) | |||
Dominion Energy Inc. | 4,872,566 | 379,281 | |
Sempra Energy | 1,833,650 | 242,702 | |
Public Service Enterprise Group Inc. | 3,051,553 | 195,116 | |
WEC Energy Group Inc. | 1,905,718 | 180,052 | |
Consolidated Edison Inc. | 2,071,087 | 156,264 | |
DTE Energy Co. | 1,170,420 | 140,848 | |
Ameren Corp. | 1,443,982 | 126,666 | |
CMS Energy Corp. | 1,748,780 | 112,149 | |
CenterPoint Energy Inc. | 3,506,990 | 87,990 | |
NiSource Inc. | 2,369,615 | 58,411 | |
MDU Resources Group Inc. | 1,214,882 | 39,083 |
Shares | Market Value• ($000) | ||
Black Hills Corp. | 380,142 | 26,736 | |
NorthWestern Corp. | 305,642 | 19,439 | |
Avista Corp. | 419,349 | 17,550 | |
Unitil Corp. | 90,646 | 4,496 | |
1,786,783 | |||
Water Utilities (5.0%) | |||
American Water Works Co. Inc. | 1,096,373 | 199,814 | |
Essential Utilities Inc. | 1,409,752 | 69,966 | |
American States Water Co. | 222,835 | 20,548 | |
California Water Service Group | 307,220 | 19,524 | |
SJW Group | 171,010 | 11,856 | |
Middlesex Water Co. | 105,342 | 11,525 | |
York Water Co. | 79,335 | 4,091 | |
337,324 | |||
Total Common Stocks (Cost $5,825,802) | 6,685,806 | ||
Temporary Cash Investments (0.0%) | |||
Money Market Fund (0.0%) | |||
1 | Vanguard Market Liquidity Fund, 0.068% (Cost $1) | 14 | 1 |
Total Investments (99.7%) (Cost $5,825,803) | 6,685,807 | ||
Other Assets and Liabilities—Net (0.3%) | 21,679 | ||
Net Assets (100.0%) | 6,707,486 | ||
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) (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Ameren Corp. | 1/31/22 | GSI | 8,961 | (0.089)1 | — | (189) |
Sempra Energy | 8/31/22 | BOANA | 10,589 | (0.080)2 | — | — |
— | (189) |
1 | Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly. |
2 | Based on 1M USD Overnight Bank Funding Rate 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 $5,825,802) | 6,685,806 |
Affiliated Issuers (Cost $1) | 1 |
Total Investments in Securities | 6,685,807 |
Investment in Vanguard | 215 |
Receivables for Investment Securities Sold | 11,327 |
Receivables for Accrued Income | 28,286 |
Receivables for Capital Shares Issued | 1,165 |
Total Assets | 6,726,800 |
Liabilities | |
Due to Custodian | 6,376 |
Payables for Investment Securities Purchased | 11,331 |
Payables for Capital Shares Redeemed | 1,122 |
Payables to Vanguard | 296 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 189 |
Total Liabilities | 19,314 |
Net Assets | 6,707,486 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 5,993,379 |
Total Distributable Earnings (Loss) | 714,107 |
Net Assets | 6,707,486 |
ETF Shares—Net Assets | |
Applicable to 34,281,480 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,125,729 |
Net Asset Value Per Share—ETF Shares | $149.52 |
Admiral Shares—Net Assets | |
Applicable to 21,085,956 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,581,757 |
Net Asset Value Per Share—Admiral Shares | $75.01 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 189,872 |
Interest1 | 8 |
Securities Lending—Net | 4 |
Total Income | 189,884 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 891 |
Management and Administrative— ETF Shares | 3,443 |
Management and Administrative— Admiral Shares | 1,105 |
Marketing and Distribution— ETF Shares | 190 |
Marketing and Distribution— Admiral Shares | 63 |
Custodian Fees | 26 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 173 |
Shareholders’ Reports—Admiral Shares | 18 |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 5,942 |
Net Investment Income | 183,942 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 149,271 |
Swap Contracts | 1,935 |
Realized Net Gain (Loss) | 151,206 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 722,919 |
Swap Contracts | 154 |
Change in Unrealized Appreciation (Depreciation) | 723,073 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,058,221 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $8,000, $0, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $180,574,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 183,942 | 174,764 |
Realized Net Gain (Loss) | 151,206 | 226,378 |
Change in Unrealized Appreciation (Depreciation) | 723,073 | (672,889) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,058,221 | (271,747) |
Distributions | ||
ETF Shares | (135,410) | (131,064) |
Admiral Shares | (42,248) | (41,364) |
Total Distributions | (177,658) | (172,428) |
Capital Share Transactions | ||
ETF Shares | 438,772 | 241,730 |
Admiral Shares | 92,887 | 124,351 |
Net Increase (Decrease) from Capital Share Transactions | 531,659 | 366,081 |
Total Increase (Decrease) | 1,412,222 | (78,094) |
Net Assets | ||
Beginning of Period | 5,295,264 | 5,373,358 |
End of Period | 6,707,486 | 5,295,264 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $129.35 | $139.09 | $119.32 | $120.75 | $107.35 |
Investment Operations | |||||
Net Investment Income1 | 4.310 | 4.306 | 4.087 | 3.757 | 3.697 |
Net Realized and Unrealized Gain (Loss) on Investments | 20.048 | (9.802) | 19.562 | (1.434) | 13.374 |
Total from Investment Operations | 24.358 | (5.496) | 23.649 | 2.323 | 17.071 |
Distributions | |||||
Dividends from Net Investment Income | (4.188) | (4.244) | (3.879) | (3.753) | (3.671) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.188) | (4.244) | (3.879) | (3.753) | (3.671) |
Net Asset Value, End of Period | $149.52 | $129.35 | $139.09 | $119.32 | $120.75 |
Total Return | 19.19% | -4.08% | 20.17% | 2.05% | 16.27% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,126 | $4,014 | $4,107 | $2,809 | $2,689 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 3.09% | 3.18% | 3.22% | 3.25% | 3.33% |
Portfolio Turnover Rate2 | 6% | 5% | 4% | 4% | 4% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $64.89 | $69.78 | $59.86 | $60.58 | $53.86 |
Investment Operations | |||||
Net Investment Income1 | 2.166 | 2.163 | 2.038 | 1.883 | 1.863 |
Net Realized and Unrealized Gain (Loss) on Investments | 10.055 | (4.924) | 9.828 | (.719) | 6.698 |
Total from Investment Operations | 12.221 | (2.761) | 11.866 | 1.164 | 8.561 |
Distributions | |||||
Dividends from Net Investment Income | (2.101) | (2.129) | (1.946) | (1.884) | (1.841) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.101) | (2.129) | (1.946) | (1.884) | (1.841) |
Net Asset Value, End of Period | $75.01 | $64.89 | $69.78 | $59.86 | $60.58 |
Total Return2 | 19.22% | -4.05% | 20.19% | 2.04% | 16.24% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,582 | $1,281 | $1,266 | $868 | $845 |
Ratio of Total Expenses to Average Net Assets | 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% |
Portfolio Turnover Rate3 | 6% | 5% | 4% | 4% | 4% |
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 | 6,685,806 | — | — | 6,685,806 |
Temporary Cash Investments | 1 | — | — | 1 |
Total | 6,685,807 | — | — | 6,685,807 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 189 | — | 189 |
D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 180,247 |
Total Distributable Earnings (Loss) | (180,247) |
Amount ($000) | |
Undistributed Ordinary Income | 39,131 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (174,481) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 849,457 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 177,658 | 172,428 |
Long-Term Capital Gains | — | — |
Total | 177,658 | 172,428 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 5,836,350 |
Gross Unrealized Appreciation | 1,044,367 |
Gross Unrealized Depreciation | (194,910) |
Net Unrealized Appreciation (Depreciation) | 849,457 |
E. | During the year ended August 31, 2021, the fund purchased $1,605,684,000 of investment securities and sold $1,070,813,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,063,422,000 and $717,121,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,157,689 | 8,423 | 1,271,911 | 9,330 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (718,917) | (5,175) | (1,030,181) | (7,825) | |
Net Increase (Decrease)—ETF Shares | 438,772 | 3,248 | 241,730 | 1,505 | |
Admiral Shares | |||||
Issued | 472,916 | 6,793 | 569,278 | 8,372 | |
Issued in Lieu of Cash Distributions | 33,142 | 489 | 33,444 | 493 | |
Redeemed | (413,171) | (5,940) | (478,371) | (7,268) | |
Net Increase (Decrease)—Admiral Shares | 92,887 | 1,342 | 124,351 | 1,597 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 20, 2021
Fund | ($000) |
Communication Services Index Fund | 25,167 |
Consumer Discretionary Index Fund | 38,890 |
Consumer Staples Index Fund | 163,911 |
Energy Index Fund | 196,797 |
Financials Index Fund | 176,949 |
Health Care Index Fund | 196,001 |
Industrials Index Fund | 56,032 |
Information Technology Index Fund | 348,921 |
Materials Index Fund | 54,911 |
Utilities Index Fund | 177,658 |
Fund | ($000) |
Communication Services Index Fund | — |
Consumer Discretionary Index Fund | — |
Consumer Staples Index Fund | — |
Energy Index Fund | — |
Financials Index Fund | 4,841 |
Health Care Index Fund | — |
Industrials Index Fund | — |
Information Technology Index Fund | — |
Materials Index Fund | — |
Utilities Index Fund | — |
Fund | Percentage |
Communication Services Index Fund | 100.0% |
Consumer Discretionary Index Fund | 91.9 |
Consumer Staples Index Fund | 98.5 |
Energy Index Fund | 92.9 |
Financials Index Fund | 90.7 |
Health Care Index Fund | 93.6 |
Industrials Index Fund | 97.0 |
Information Technology Index Fund | 100.0 |
Materials Index Fund | 79.9 |
Utilities Index Fund | 99.8 |
Matthew Benchener | Chris D. Mclsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img86f072dd16.jpg)
All rights reserved.
U.S. Patent Nos. 6,879,964 and 7,720,749.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/imga08fbdff1.jpg)
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• | Vanguard Extended Duration Treasury Index Fund returned –9.40% for Institutional and Institutional Plus Shares and –8.94% for ETF Shares for the 12 months ended August 31, 2021. The fund’s benchmark index returned –9.83%. |
• | Bond returns were dampened as yields rose amid unprecedented actions from policymakers and a faster-than-expected rebound of the global economy after the sharp pandemic-induced contraction in the spring of 2020. |
• | The yield of the 30-year U.S. Treasury bond rose from 1.47% to 1.93% as inflation picked up. Long-term corporates outperformed both short- and long-term Treasuries. |
• | Because the fund invests in zero-coupon U.S. Treasuries with maturities ranging from 20 to 30 years and the prices of such securities are very sensitive to interest rate changes, its interest rate risk is extremely high. As a result, the fund may exhibit substantial short-term volatility and is best used by long-term investors. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
• | 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 August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Extended Duration Treasury Index Fund | |||
ETF Shares | $1,000.00 | $1,062.70 | $0.26 |
Institutional Shares | 1,000.00 | 1,062.80 | 0.31 |
Institutional Plus Shares | 1,000.00 | 1,062.80 | 0.21 |
Based on Hypothetical 5% Yearly Return | |||
Extended Duration Treasury Index Fund | |||
ETF Shares | $1,000.00 | $1,024.95 | $0.26 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Institutional Plus Shares | 1,000.00 | 1,025.00 | 0.20 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img15676b5b2.jpg)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Extended Duration Treasury Index Fund ETF Shares Net Asset Value | -8.94% | 4.18% | 8.17% | $21,936 |
Extended Duration Treasury Index Fund ETF Shares Market Price | -9.14 | 4.07 | 8.15 | 21,900 | |
![]() | Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index | -9.83 | 4.13 | 8.16 | 21,902 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Extended Duration Treasury Index Fund Institutional Shares | -9.40% | 4.08% | 8.14% | $10,932,150 | |
Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index | -9.83 | 4.13 | 8.16 | 10,951,211 |
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Years | Since Inception (8/28/2013) | Final Value of a $100,000,000 Investment | ||
Extended Duration Treasury Index Fund Institutional Plus Shares | -9.40% | 4.10% | 9.34% | $204,495,050 | |
Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index | -9.83 | 4.13 | 9.45 | 206,099,390 |
Cumulative Returns of ETF Shares: August 31, 2011, Through August 31, 2021 | |||
One Year | Five Years | Ten Years | |
Extended Duration Treasury Index Fund ETF Shares Market Price | -9.14% | 22.10% | 119.00% |
Extended Duration Treasury Index Fund ETF Shares Net Asset Value | -8.94 | 22.74 | 119.36 |
Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index | -9.83 | 22.43 | 119.02 |
20 - 25 Years | 52.0% |
25 - 30 Years | 48.0 |
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% | 11/15/41 | 59,798 | 39,817 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/42 | 70,423 | 46,661 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/42 | 54,485 | 35,786 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/42 | 78,164 | 50,965 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/42 | 54,820 | 35,552 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/43 | 56,400 | 36,290 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/43 | 78,265 | 50,194 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/43 | 56,956 | 36,301 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/43 | 52,238 | 33,134 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/44 | 66,562 | 42,043 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/44 | 48,827 | 30,727 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/44 | 46,796 | 29,280 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/44 | 51,860 | 32,263 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/45 | 51,467 | 31,861 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/45 | 57,687 | 35,572 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/45 | 54,264 | 33,245 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/45 | 49,927 | 30,475 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/46 | 51,373 | 31,181 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/46 | 53,320 | 32,196 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/46 | 56,098 | 33,650 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/46 | 51,435 | 30,744 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/47 | 50,080 | 29,747 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/47 | 50,432 | 29,822 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/47 | 57,370 | 33,696 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/47 | 61,678 | 36,072 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/48 | 55,516 | 32,299 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/48 | 50,080 | 28,976 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/48 | 57,936 | 33,336 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/48 | 52,460 | 30,107 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/49 | 48,623 | 27,734 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/49 | 53,549 | 30,372 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/49 | 49,550 | 27,969 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/49 | 54,272 | 30,676 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/50 | 56,319 | 31,662 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/50 | 54,122 | 30,321 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/50 | 51,269 | 28,610 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/50 | 31,994 | 17,794 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/51 | 29,061 | 16,081 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/51 | 3,146 | 1,733 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
United States Treasury Strip Coupon | 0.000% | 8/15/51 | 976 | 539 | ||
United States Treasury Strip Principal | 0.000% | 11/15/41 | 47,961 | 32,842 | ||
United States Treasury Strip Principal | 0.000% | 2/15/42 | 48,877 | 33,336 | ||
United States Treasury Strip Principal | 0.000% | 5/15/42 | 52,613 | 35,526 | ||
United States Treasury Strip Principal | 0.000% | 8/15/42 | 37,923 | 25,400 | ||
United States Treasury Strip Principal | 0.000% | 11/15/42 | 47,002 | 31,282 | ||
United States Treasury Strip Principal | 0.000% | 2/15/43 | 49,172 | 32,527 | ||
United States Treasury Strip Principal | 0.000% | 5/15/43 | 34,736 | 22,823 | ||
United States Treasury Strip Principal | 0.000% | 8/15/43 | 41,015 | 26,823 | ||
United States Treasury Strip Principal | 0.000% | 11/15/43 | 49,528 | 32,243 | ||
United States Treasury Strip Principal | 0.000% | 2/15/44 | 40,502 | 26,228 | ||
United States Treasury Strip Principal | 0.000% | 5/15/44 | 35,930 | 23,116 | ||
United States Treasury Strip Principal | 0.000% | 8/15/44 | 53,497 | 34,184 | ||
United States Treasury Strip Principal | 0.000% | 11/15/44 | 45,868 | 29,119 | ||
United States Treasury Strip Principal | 0.000% | 2/15/45 | 38,827 | 24,519 | ||
United States Treasury Strip Principal | 0.000% | 5/15/45 | 49,122 | 30,924 | ||
United States Treasury Strip Principal | 0.000% | 8/15/45 | 54,470 | 34,086 | ||
United States Treasury Strip Principal | 0.000% | 11/15/45 | 54,791 | 34,159 | ||
United States Treasury Strip Principal | 0.000% | 2/15/46 | 57,965 | 35,879 | ||
United States Treasury Strip Principal | 0.000% | 5/15/46 | 51,384 | 31,649 | ||
United States Treasury Strip Principal | 0.000% | 8/15/46 | 52,864 | 32,371 | ||
United States Treasury Strip Principal | 0.000% | 11/15/46 | 57,584 | 35,153 | ||
United States Treasury Strip Principal | 0.000% | 2/15/47 | 57,080 | 34,689 | ||
United States Treasury Strip Principal | 0.000% | 5/15/47 | 48,940 | 29,616 | ||
United States Treasury Strip Principal | 0.000% | 8/15/47 | 53,571 | 32,172 | ||
United States Treasury Strip Principal | 0.000% | 11/15/47 | 64,294 | 38,406 | ||
United States Treasury Strip Principal | 0.000% | 2/15/48 | 55,198 | 32,847 | ||
United States Treasury Strip Principal | 0.000% | 5/15/48 | 53,298 | 31,592 | ||
United States Treasury Strip Principal | 0.000% | 8/15/48 | 40,947 | 24,104 | ||
United States Treasury Strip Principal | 0.000% | 11/15/48 | 42,111 | 24,770 | ||
United States Treasury Strip Principal | 0.000% | 2/15/49 | 55,858 | 32,620 | ||
United States Treasury Strip Principal | 0.000% | 5/15/49 | 51,592 | 29,952 | ||
United States Treasury Strip Principal | 0.000% | 8/15/49 | 59,222 | 34,150 | ||
United States Treasury Strip Principal | 0.000% | 11/15/49 | 53,386 | 30,705 | ||
United States Treasury Strip Principal | 0.000% | 2/15/50 | 64,127 | 36,638 | ||
United States Treasury Strip Principal | 0.000% | 5/15/50 | 68,121 | 38,707 | ||
United States Treasury Strip Principal | 0.000% | 8/15/50 | 88,221 | 49,859 | ||
United States Treasury Strip Principal | 0.000% | 11/15/50 | 52,350 | 29,447 | ||
United States Treasury Strip Principal | 0.000% | 2/15/51 | 79,276 | 44,388 | ||
United States Treasury Strip Principal | 0.000% | 5/15/51 | 81,076 | 45,270 | ||
United States Treasury Strip Principal | 0.000% | 8/15/51 | 92,688 | 51,420 | ||
Total U.S. Government and Agency Obligations (Cost $2,502,555) | 2,571,024 |
Coupon | Shares | Market Value• ($000) | ||||
Temporary Cash Investments (0.0%) | ||||||
Money Market Fund (0.0%) | ||||||
1 | Vanguard Market Liquidity Fund (Cost $551) | 0.068% | 5,514 | 551 | ||
Total Investments (100.0%) (Cost $2,503,106) | 2,571,575 | |||||
Other Assets and Liabilities—Net (0.0%) | (900) | |||||
Net Assets (100%) | 2,570,675 |
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 $2,502,555) | 2,571,024 |
Affiliated Issuers (Cost $551) | 551 |
Total Investments in Securities | 2,571,575 |
Investment in Vanguard | 88 |
Receivables for Investment Securities Sold | 71,722 |
Total Assets | 2,643,385 |
Liabilities | |
Due to Custodian | 159 |
Payables for Investment Securities Purchased | 68,236 |
Payables for Capital Shares Redeemed | 4,284 |
Payables to Vanguard | 31 |
Total Liabilities | 72,710 |
Net Assets | 2,570,675 |
Statement of Assets and Liabilities (continued) | |
At August 31, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 2,521,257 |
Total Distributable Earnings (Loss) | 49,418 |
Net Assets | 2,570,675 |
ETF Shares—Net Assets | |
Applicable to 9,075,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,276,736 |
Net Asset Value Per Share—ETF Shares | $140.69 |
Institutional Shares—Net Assets | |
Applicable to 18,558,563 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 788,658 |
Net Asset Value Per Share—Institutional Shares | $42.50 |
Institutional Plus Shares—Net Assets | |
Applicable to 4,736,388 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 505,281 |
Net Asset Value Per Share—Institutional Plus Shares | $106.68 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 52,148 |
Total Income | 52,148 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 60 |
Management and Administrative—ETF Shares | 622 |
Management and Administrative—Institutional Shares | 438 |
Management and Administrative—Institutional Plus Shares | 159 |
Marketing and Distribution—ETF Shares | 60 |
Marketing and Distribution—Institutional Shares | 22 |
Marketing and Distribution—Institutional Plus Shares | 5 |
Custodian Fees | 5 |
Auditing Fees | 32 |
Shareholders’ Reports—ETF Shares | 64 |
Shareholders’ Reports—Institutional Shares | — |
Shareholders’ Reports—Institutional Plus Shares | — |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,468 |
Net Investment Income | 50,680 |
Realized Net Gain (Loss) on Investment Securities Sold1,2 | 193,938 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities1 | (490,660) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (246,042) |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $220,752,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 50,680 | 63,819 |
Realized Net Gain (Loss) | 193,938 | 405,593 |
Change in Unrealized Appreciation (Depreciation) | (490,660) | (49,993) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (246,042) | 419,419 |
Distributions | ||
ETF Shares | (73,445) | (39,381) |
Institutional Shares | (44,948) | (26,547) |
Institutional Plus Shares | (26,453) | (23,883) |
Total Distributions | (144,846) | (89,811) |
Capital Share Transactions | ||
ETF Shares | (318,357) | 343,500 |
Institutional Shares | 19,832 | (76,455) |
Institutional Plus Shares | (128,823) | (182,509) |
Net Increase (Decrease) from Capital Share Transactions | (427,348) | 84,536 |
Total Increase (Decrease) | (818,236) | 414,144 |
Net Assets | ||
Beginning of Period | 3,388,911 | 2,974,767 |
End of Period | 2,570,675 | 3,388,911 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $163.11 | $146.43 | $113.39 | $120.92 | $139.77 |
Investment Operations | |||||
Net Investment Income1 | 2.795 | 3.146 | 3.347 | 3.353 | 3.383 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (17.061) | 18.113 | 32.972 | (7.272) | (16.377) |
Total from Investment Operations | (14.266) | 21.259 | 36.319 | (3.919) | (12.994) |
Distributions | |||||
Dividends from Net Investment Income | (2.820) | (3.329) | (3.279) | (3.314) | (3.402) |
Distributions from Realized Capital Gains | (5.334) | (1.250) | — | (.297) | (2.454) |
Total Distributions | (8.154) | (4.579) | (3.279) | (3.611) | (5.856) |
Net Asset Value, End of Period | $140.69 | $163.11 | $146.43 | $113.39 | $120.92 |
Total Return | -8.94% | 14.98% | 32.92% | -3.24% | -8.86% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,277 | $1,810 | $1,333 | $658 | $623 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 1.93% | 2.06% | 2.87% | 2.93% | 2.90% |
Portfolio Turnover Rate3 | 23% | 17% | 20% | 18% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.07, $.07, $.04, $.07, and $.16. |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $49.27 | $44.24 | $34.25 | $36.52 | $42.20 |
Investment Operations | |||||
Net Investment Income1 | .842 | .959 | 1.015 | 1.016 | 1.024 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (5.143) | 5.459 | 9.967 | (2.191) | (4.934) |
Total from Investment Operations | (4.301) | 6.418 | 10.982 | (1.175) | (3.910) |
Distributions | |||||
Dividends from Net Investment Income | (.857) | (1.010) | (.992) | (1.005) | (1.030) |
Distributions from Realized Capital Gains | (1.612) | (.378) | — | (.090) | (.740) |
Total Distributions | (2.469) | (1.388) | (.992) | (1.095) | (1.770) |
Net Asset Value, End of Period | $42.50 | $49.27 | $44.24 | $34.25 | $36.52 |
Total Return3 | -8.95% | 14.98% | 32.94% | -3.23% | -8.86% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $789 | $889 | $862 | $787 | $682 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 1.96% | 2.10% | 2.88% | 2.94% | 2.91% |
Portfolio Turnover Rate4 | 23% | 17% | 20% | 18% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.02, $.02, $.01, $.02, 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. |
Institutional Plus Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $123.70 | $111.06 | $85.99 | $91.68 | $105.93 |
Investment Operations | |||||
Net Investment Income1 | 2.140 | 2.432 | 2.564 | 2.568 | 2.588 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (12.941) | 13.716 | 25.015 | (5.492) | (12.375) |
Total from Investment Operations | (10.801) | 16.148 | 27.579 | (2.924) | (9.787) |
Distributions | |||||
Dividends from Net Investment Income | (2.173) | (2.560) | (2.509) | (2.541) | (2.603) |
Distributions from Realized Capital Gains | (4.046) | (.948) | — | (.225) | (1.860) |
Total Distributions | (6.219) | (3.508) | (2.509) | (2.766) | (4.463) |
Net Asset Value, End of Period | $106.68 | $123.70 | $111.06 | $85.99 | $91.68 |
Total Return3 | -8.95% | 15.02% | 32.95% | -3.20% | -8.84% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $505 | $689 | $780 | $533 | $367 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.96% | 2.12% | 2.90% | 2.96% | 2.93% |
Portfolio Turnover Rate4 | 23% | 17% | 20% | 18% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.05, $.05, $.03, $.06, and $.12. |
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 | — | 2,571,024 | — | 2,571,024 |
Temporary Cash Investments | 551 | — | — | 551 |
Total | 551 | 2,571,024 | — | 2,571,575 |
Amount ($000) | |
Paid-in Capital | 219,983 |
Total Distributable Earnings (Loss) | (219,983) |
Amount ($000) | |
Undistributed Ordinary Income | 8,619 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | (26,472) |
Net Unrealized Gains (Losses) | 67,271 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 75,404 | 75,429 |
Long-Term Capital Gains | 69,442 | 14,382 |
Total | 144,846 | 89,811 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,504,304 |
Gross Unrealized Appreciation | 185,163 |
Gross Unrealized Depreciation | (117,892) |
Net Unrealized Appreciation (Depreciation) | 67,271 |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 1,362,442 | 9,725 | 1,411,503 | 8,875 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,680,799) | (11,750) | (1,068,003) | (6,875) | |
Net Increase (Decrease)—ETF Shares | (318,357) | (2,025) | 343,500 | 2,000 | |
Institutional Shares | |||||
Issued1 | 267,929 | 6,594 | 166,646 | 3,592 | |
Issued in Lieu of Cash Distributions | 44,716 | 998 | 26,362 | 611 | |
Redeemed | (292,813) | (7,084) | (269,463) | (5,642) | |
Net Increase (Decrease)—Institutional Shares | 19,832 | 508 | (76,455) | (1,439) | |
Institutional Plus Shares | |||||
Issued1 | 125,438 | 1,272 | 332 | — | |
Issued in Lieu of Cash Distributions | 26,453 | 234 | 23,883 | 221 | |
Redeemed | (280,714) | (2,340) | (206,724) | (1,674) | |
Net Increase (Decrease)—Institutional Plus Shares | (128,823) | (834) | (182,509) | (1,453) |
1 | Includes purchase fees for fiscal 2021 and 2020 of $1,200,000 and $1,324,000, respectively (fund totals). |
Philadelphia, Pennsylvania
October 18, 2021
Index Fund
Matthew Benchener | Chris D. McIsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
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Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
U.S. Patent Nos. 6,879,964 and 7,720,749.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img3f80f3dd1.jpg)
Vanguard Mega Cap Index Fund |
Vanguard Mega Cap Growth Index Fund |
Vanguard Mega Cap Value Index Fund |
Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
Mega Cap Index Fund | 4 |
Mega Cap Growth Index Fund | 21 |
Mega Cap Value Index Fund | 36 |
Trustees Approve Advisory Arrangements | 54 |
Liquidity Risk Management | 56 |
• | For the 12 months ended August 31, 2021, returns for the three Vanguard Mega Cap Index Funds (based on net asset value) ranged from 27.41% for ETF Shares of the Growth Index Fund to 33.22% for Institutional Shares of the Value Index Fund. Each fund closely tracked its target index. |
• | The global economy rebounded faster than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that have been more successful in containing the virus have generally fared better economically. Swift and extensive fiscal and monetary support from policymakers has also been key to the rebound. |
• | As the 12 months under review reflect the recovery in stocks following the sharp downturn at the start of the pandemic, results were excellent. |
• | Large-capitalization stocks trailed their mid- and small-cap counterparts for the period, and value stocks surpassed growth. |
• | All 11 sectors for the three funds generated positive returns. Technology stocks contributed the most to the Mega Cap Index Fund and the Growth Index Fund, while financial stocks led the Value Index Fund. All three funds also benefited significantly from exposure to health care and industrials. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
• | 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 August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Mega Cap Index Fund | |||
ETF Shares | $1,000.00 | $1,198.60 | $0.39 |
Institutional Shares | 1,000.00 | 1,198.70 | 0.33 |
Mega Cap Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,231.00 | $0.39 |
Institutional Shares | 1,000.00 | 1,231.10 | 0.34 |
Mega Cap Value Index Fund | |||
ETF Shares | $1,000.00 | $1,155.30 | $0.38 |
Institutional Shares | 1,000.00 | 1,155.60 | 0.33 |
Based on Hypothetical 5% Yearly Return | |||
Mega Cap Index Fund | |||
ETF Shares | $1,000.00 | $1,024.85 | $0.36 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Mega Cap Growth Index Fund | |||
ETF Shares | $1,000.00 | $1,024.85 | $0.36 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Mega Cap Value Index Fund | |||
ETF Shares | $1,000.00 | $1,024.85 | $0.36 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/imgd09f7c132.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Mega Cap Index Fund ETF Shares Net Asset Value | 29.94% | 18.95% | 16.73% | $46,973 |
Mega Cap Index Fund ETF Shares Market Price | 29.83 | 18.95 | 16.73 | 46,989 | |
![]() | Spliced Mega Cap Index | 30.01 | 19.01 | 16.81 | 47,292 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Mega Cap Index Fund Institutional Shares | 29.97% | 18.97% | 16.76% | $23,536,259 | |
Spliced Mega Cap Index | 30.01 | 19.01 | 16.81 | 23,646,020 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 22,360,680 |
One Year | Five Years | Ten Years | |
Mega Cap Index Fund ETF Shares Market Price | 29.83% | 138.14% | 369.89% |
Mega Cap Index Fund ETF Shares Net Asset Value | 29.94 | 138.14 | 369.73 |
Spliced Mega Cap Index | 30.01 | 138.72 | 372.92 |
Basic Materials | 1.4% |
Consumer Discretionary | 15.7 |
Consumer Staples | 5.1 |
Energy | 2.0 |
Financials | 10.5 |
Health Care | 12.9 |
Industrials | 12.3 |
Real Estate | 1.4 |
Technology | 33.3 |
Telecommunications | 3.4 |
Utilities | 2.0 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Basic Materials (1.4%) | |||
Linde plc | 70,633 | 22,220 | |
Air Products and Chemicals Inc. | 30,124 | 8,119 | |
Ecolab Inc. | 34,929 | 7,872 | |
Freeport-McMoRan Inc. | 202,934 | 7,385 | |
Dow Inc. | 103,661 | 6,520 | |
Newmont Corp. | 108,960 | 6,318 | |
LyondellBasell Industries NV Class A | 20,865 | 2,094 | |
60,528 | |||
Consumer Discretionary (15.7%) | |||
* | Amazon.com Inc. | 58,243 | 202,149 |
* | Tesla Inc. | 104,818 | 77,117 |
Home Depot Inc. | 144,540 | 47,146 | |
* | Walt Disney Co. | 246,811 | 44,747 |
* | Netflix Inc. | 60,270 | 34,305 |
NIKE Inc. Class B | 173,348 | 28,557 | |
Walmart Inc. | 191,248 | 28,324 | |
Costco Wholesale Corp. | 60,137 | 27,392 | |
McDonald's Corp. | 101,436 | 24,087 | |
Lowe's Cos. Inc. | 97,211 | 19,820 | |
Starbucks Corp. | 160,200 | 18,822 | |
Target Corp. | 67,429 | 16,654 | |
* | Booking Holdings Inc. | 5,521 | 12,696 |
TJX Cos. Inc. | 155,844 | 11,333 | |
Estee Lauder Cos. Inc. Class A | 29,928 | 10,190 | |
* | General Motors Co. | 178,153 | 8,731 |
Activision Blizzard Inc. | 105,700 | 8,707 | |
Dollar General Corp. | 32,501 | 7,245 | |
* | Uber Technologies Inc. | 180,629 | 7,070 |
* | Ford Motor Co. | 541,938 | 7,061 |
eBay Inc. | 88,004 | 6,753 | |
Ross Stores Inc. | 48,484 | 5,741 | |
Electronic Arts Inc. | 38,935 | 5,654 | |
* | O'Reilly Automotive Inc. | 9,458 | 5,619 |
Yum! Brands Inc. | 40,478 | 5,304 | |
* | Marriott International Inc. Class A | 35,336 | 4,775 |
* | Carvana Co. Class A | 11,148 | 3,657 |
VF Corp. | 45,802 | 3,503 | |
* | Lululemon Athletica Inc. | 8,085 | 3,235 |
* | Airbnb Inc. Class A | 20,375 | 3,158 |
* | Roblox Corp. Class A | 36,161 | 2,967 |
* | Las Vegas Sands Corp. | 59,419 | 2,651 |
* | Hilton Worldwide Holdings Inc. | 18,993 | 2,371 |
Shares | Market Value• ($000) | ||
* | AutoZone Inc. | 1,412 | 2,187 |
* | Southwest Airlines Co. | 42,421 | 2,112 |
701,840 | |||
Consumer Staples (5.1%) | |||
Procter & Gamble Co. | 332,617 | 47,361 | |
Coca-Cola Co. | 527,615 | 29,710 | |
PepsiCo Inc. | 187,600 | 29,339 | |
Philip Morris International Inc. | 211,923 | 21,828 | |
CVS Health Corp. | 179,059 | 15,469 | |
Altria Group Inc. | 251,697 | 12,643 | |
Mondelez International Inc. Class A | 190,934 | 11,851 | |
Colgate-Palmolive Co. | 114,992 | 8,964 | |
Kimberly-Clark Corp. | 45,897 | 6,325 | |
Sysco Corp. | 70,345 | 5,603 | |
* | Monster Beverage Corp. | 50,340 | 4,912 |
General Mills Inc. | 82,873 | 4,791 | |
Constellation Brands Inc. Class A | 22,032 | 4,652 | |
Hershey Co. | 19,885 | 3,534 | |
Keurig Dr Pepper Inc. | 96,387 | 3,438 | |
Kraft Heinz Co. | 92,589 | 3,332 | |
Walgreens Boots Alliance Inc. | 63,182 | 3,206 | |
Brown-Forman Corp. Class B | 42,165 | 2,961 | |
Kroger Co. | 54,368 | 2,503 | |
Archer-Daniels-Midland Co. | 38,175 | 2,290 | |
McKesson Corp. | 10,810 | 2,207 | |
Brown-Forman Corp. Class A | 5,686 | 376 | |
227,295 | |||
Energy (2.0%) | |||
Exxon Mobil Corp. | 545,561 | 29,744 | |
Chevron Corp. | 270,224 | 26,149 | |
ConocoPhillips | 194,468 | 10,799 | |
EOG Resources Inc. | 84,478 | 5,704 | |
Kinder Morgan Inc. | 282,431 | 4,595 | |
Schlumberger NV | 131,192 | 3,679 | |
Marathon Petroleum Corp. | 52,634 | 3,120 | |
Phillips 66 | 38,717 | 2,752 | |
Williams Cos. Inc. | 94,646 | 2,337 | |
88,879 | |||
Financials (10.5%) | |||
* | Berkshire Hathaway Inc. Class B | 235,495 | 67,297 |
JPMorgan Chase & Co. | 411,176 | 65,768 |
Shares | Market Value• ($000) | ||
Bank of America Corp. | 1,048,679 | 43,782 | |
Wells Fargo & Co. | 564,560 | 25,800 | |
Morgan Stanley | 202,414 | 21,138 | |
Citigroup Inc. | 282,446 | 20,311 | |
Goldman Sachs Group Inc. | 46,064 | 19,048 | |
BlackRock Inc. | 18,673 | 17,614 | |
Charles Schwab Corp. | 208,811 | 15,212 | |
S&P Global Inc. | 32,748 | 14,534 | |
Blackstone Inc. | 93,081 | 11,703 | |
PNC Financial Services Group Inc. | 57,725 | 11,031 | |
Marsh & McLennan Cos. Inc. | 69,307 | 10,895 | |
Truist Financial Corp. | 184,485 | 10,527 | |
U.S. Bancorp | 183,074 | 10,507 | |
CME Group Inc. | 48,822 | 9,848 | |
Chubb Ltd. | 51,984 | 9,561 | |
Intercontinental Exchange Inc. | 76,533 | 9,148 | |
Aon plc Class A | 29,137 | 8,358 | |
Moody's Corp. | 21,643 | 8,241 | |
Progressive Corp. | 79,586 | 7,667 | |
T Rowe Price Group Inc. | 30,884 | 6,914 | |
Bank of New York Mellon Corp. | 108,215 | 5,976 | |
Prudential Financial Inc. | 54,993 | 5,823 | |
MetLife Inc. | 90,495 | 5,611 | |
Allstate Corp. | 40,672 | 5,502 | |
Travelers Cos. Inc. | 34,253 | 5,471 | |
Aflac Inc. | 83,235 | 4,718 | |
* | Coinbase Global Inc. Class A | 16,664 | 4,316 |
American International Group Inc. | 61,575 | 3,359 | |
KKR & Co. Inc. | 37,620 | 2,419 | |
* | Berkshire Hathaway Inc. Class A | 5 | 2,149 |
Rocket Cos. Inc. Class A | 21,878 | 380 | |
470,628 | |||
Health Care (12.9%) | |||
Johnson & Johnson | 357,845 | 61,954 | |
UnitedHealth Group Inc. | 128,258 | 53,390 | |
Pfizer Inc. | 760,167 | 35,021 | |
Abbott Laboratories | 241,244 | 30,486 | |
Eli Lilly & Co. | 117,164 | 30,262 | |
Thermo Fisher Scientific Inc. | 53,352 | 29,608 | |
AbbVie Inc. | 239,813 | 28,965 | |
Danaher Corp. | 87,102 | 28,235 | |
Merck & Co. Inc. | 344,268 | 26,264 | |
Medtronic plc | 183,311 | 24,468 | |
Bristol-Myers Squibb Co. | 303,606 | 20,299 | |
Amgen Inc. | 78,117 | 17,618 | |
* | Moderna Inc. | 46,429 | 17,489 |
* | Intuitive Surgical Inc. | 16,070 | 16,931 |
Zoetis Inc. | 64,512 | 13,197 | |
Anthem Inc. | 33,221 | 12,462 | |
Gilead Sciences Inc. | 170,567 | 12,414 | |
Stryker Corp. | 43,559 | 12,070 | |
Becton Dickinson and Co. | 39,558 | 9,957 | |
* | Edwards Lifesciences Corp. | 84,570 | 9,910 |
Cigna Corp. | 46,634 | 9,870 | |
HCA Healthcare Inc. | 36,706 | 9,286 | |
* | Illumina Inc. | 19,871 | 9,084 |
* | Regeneron Pharmaceuticals Inc. | 13,443 | 9,052 |
Shares | Market Value• ($000) | ||
* | Boston Scientific Corp. | 193,165 | 8,721 |
Agilent Technologies Inc. | 41,601 | 7,300 | |
Humana Inc. | 17,514 | 7,100 | |
* | Vertex Pharmaceuticals Inc. | 35,190 | 7,048 |
* | Biogen Inc. | 20,431 | 6,924 |
Baxter International Inc. | 68,323 | 5,208 | |
Zimmer Biomet Holdings Inc. | 28,309 | 4,259 | |
* | Align Technology Inc. | 5,093 | 3,611 |
578,463 | |||
Industrials (12.3%) | |||
Visa Inc. Class A | 229,822 | 52,652 | |
* | PayPal Holdings Inc. | 159,682 | 46,094 |
Mastercard Inc. Class A | 120,265 | 41,639 | |
Accenture plc Class A | 86,354 | 29,063 | |
Honeywell International Inc. | 95,397 | 22,124 | |
Union Pacific Corp. | 90,311 | 19,583 | |
United Parcel Service Inc. Class B | 98,182 | 19,207 | |
Raytheon Technologies Corp. | 210,063 | 17,805 | |
Caterpillar Inc. | 75,104 | 15,837 | |
* | Boeing Co. | 71,756 | 15,750 |
3M Co. | 79,004 | 15,385 | |
Deere & Co. | 38,453 | 14,536 | |
* | Square Inc. Class A | 53,516 | 14,346 |
General Electric Co. | 132,726 | 13,991 | |
American Express Co. | 81,944 | 13,599 | |
Automatic Data Processing Inc. | 57,879 | 12,099 | |
Lockheed Martin Corp. | 32,428 | 11,668 | |
Fidelity National Information Services Inc. | 84,317 | 10,773 | |
Capital One Financial Corp. | 61,415 | 10,193 | |
CSX Corp. | 308,883 | 10,048 | |
Sherwin-Williams Co. | 32,521 | 9,876 | |
* | Fiserv Inc. | 81,572 | 9,608 |
Eaton Corp. plc | 54,227 | 9,130 | |
Illinois Tool Works Inc. | 38,506 | 8,967 | |
FedEx Corp. | 32,611 | 8,664 | |
Emerson Electric Co. | 81,539 | 8,602 | |
Norfolk Southern Corp. | 33,870 | 8,587 | |
Northrop Grumman Corp. | 20,245 | 7,444 | |
Johnson Controls International plc | 97,434 | 7,288 | |
General Dynamics Corp. | 34,152 | 6,841 | |
Global Payments Inc. | 40,166 | 6,533 | |
L3Harris Technologies Inc. | 27,868 | 6,494 | |
Trane Technologies plc | 32,495 | 6,450 | |
DuPont de Nemours Inc. | 74,467 | 5,512 | |
Parker-Hannifin Corp. | 17,406 | 5,164 | |
PPG Industries Inc. | 32,283 | 5,151 | |
Paychex Inc. | 44,069 | 5,045 | |
Cummins Inc. | 20,634 | 4,869 | |
Stanley Black & Decker Inc. | 21,968 | 4,246 | |
PACCAR Inc. | 48,794 | 3,995 | |
Otis Worldwide Corp. | 29,132 | 2,687 | |
Rockwell Automation Inc. | 7,908 | 2,574 | |
550,119 | |||
Real Estate (1.4%) | |||
American Tower Corp. | 61,693 | 18,025 | |
Prologis Inc. | 100,577 | 13,544 | |
Crown Castle International Corp. | 58,747 | 11,437 | |
Equinix Inc. | 12,094 | 10,201 |
Shares | Market Value• ($000) | ||
Public Storage | 20,235 | 6,548 | |
Simon Property Group Inc. | 22,687 | 3,050 | |
62,805 | |||
Technology (33.2%) | |||
Apple Inc. | 2,154,507 | 327,119 | |
Microsoft Corp. | 1,023,409 | 308,947 | |
* | Facebook Inc. Class A | 325,586 | 123,521 |
* | Alphabet Inc. Class A | 40,996 | 118,640 |
* | Alphabet Inc. Class C | 37,317 | 108,564 |
NVIDIA Corp. | 321,746 | 72,023 | |
* | Adobe Inc. | 64,973 | 43,123 |
* | salesforce.com Inc. | 124,601 | 33,053 |
Intel Corp. | 549,068 | 29,683 | |
Broadcom Inc. | 52,638 | 26,172 | |
Texas Instruments Inc. | 125,600 | 23,978 | |
QUALCOMM Inc. | 153,442 | 22,508 | |
Oracle Corp. | 235,229 | 20,966 | |
Intuit Inc. | 35,284 | 19,975 | |
* | Advanced Micro Devices Inc. | 165,213 | 18,292 |
* | ServiceNow Inc. | 26,774 | 17,233 |
International Business Machines Corp. | 121,498 | 17,051 | |
Applied Materials Inc. | 124,821 | 16,867 | |
Analog Devices Inc. | 73,011 | 11,897 | |
* | Snap Inc. Class A | 155,162 | 11,809 |
Lam Research Corp. | 19,435 | 11,755 | |
* | Micron Technology Inc. | 153,511 | 11,314 |
* | Snowflake Inc. Class A | 34,481 | 10,494 |
* | Autodesk Inc. | 29,955 | 9,289 |
* | Twilio Inc. Class A | 22,360 | 7,982 |
* | Zoom Video Communications Inc. Class A | 27,248 | 7,888 |
* | Crowdstrike Holdings Inc. Class A | 27,027 | 7,595 |
* | Workday Inc. Class A | 25,660 | 7,009 |
Roper Technologies Inc. | 14,299 | 6,910 | |
TE Connectivity Ltd. | 44,946 | 6,752 | |
Cognizant Technology Solutions Corp. Class A | 71,737 | 5,474 | |
HP Inc. | 171,028 | 5,086 | |
KLA Corp. | 10,360 | 3,522 | |
* | Dell Technologies Inc. Class C | 35,856 | 3,495 |
* | Twitter Inc. | 51,433 | 3,317 |
* | Palantir Technologies Inc. Class A | 112,330 | 2,959 |
* | DoorDash Inc. Class A | 14,319 | 2,741 |
* | Pinterest Inc. Class A | 37,205 | 2,067 |
*,1 | VMware Inc. Class A | 10,750 | 1,600 |
* | UiPath Inc. Class A | 320 | 20 |
1,488,690 |
Shares | Market Value• ($000) | ||
Telecommunications (3.4%) | |||
Comcast Corp. Class A | 623,415 | 37,829 | |
Cisco Systems Inc. | 514,961 | 30,393 | |
Verizon Communications Inc. | 534,770 | 29,412 | |
AT&T Inc. | 969,512 | 26,584 | |
* | Charter Communications Inc. Class A | 16,636 | 13,586 |
* | T-Mobile U.S. Inc. | 76,257 | 10,449 |
* | Roku Inc. | 7,974 | 2,810 |
151,063 | |||
Utilities (2.0%) | |||
NextEra Energy Inc. | 266,154 | 22,354 | |
Duke Energy Corp. | 104,585 | 10,946 | |
Southern Co. | 144,061 | 9,469 | |
Waste Management Inc. | 57,357 | 8,897 | |
Dominion Energy Inc. | 109,635 | 8,534 | |
Exelon Corp. | 132,805 | 6,510 | |
American Electric Power Co. Inc. | 67,825 | 6,075 | |
Sempra Energy | 41,126 | 5,444 | |
Xcel Energy Inc. | 73,224 | 5,034 | |
Public Service Enterprise Group Inc. | 68,774 | 4,397 | |
Republic Services Inc. Class A | 28,224 | 3,504 | |
91,164 | |||
Total Common Stocks (Cost $2,505,534) | 4,471,474 | ||
Temporary Cash Investments (0.0%) | |||
Money Market Fund (0.0%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.068% (Cost $2,249) | 22,497 | 2,250 |
Total Investments (99.9%) (Cost $2,507,783) | 4,473,724 | ||
Other Assets and Liabilities—Net (0.1%) | 4,406 | ||
Net Assets (100%) | 4,478,130 | ||
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 $1,340,000. |
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 $1,377,000 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 | September 2021 | 26 | 5,877 | 131 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,505,534) | 4,471,474 |
Affiliated Issuers (Cost $2,249) | 2,250 |
Total Investments in Securities | 4,473,724 |
Investment in Vanguard | 145 |
Cash | 6 |
Cash Collateral Pledged—Futures Contracts | 300 |
Receivables for Accrued Income | 5,483 |
Receivables for Capital Shares Issued | 1 |
Total Assets | 4,479,659 |
Liabilities | |
Payables for Investment Securities Purchased | 9 |
Collateral for Securities on Loan | 1,377 |
Payables for Capital Shares Redeemed | 2 |
Payables to Vanguard | 135 |
Variation Margin Payable—Futures Contracts | 6 |
Total Liabilities | 1,529 |
Net Assets | 4,478,130 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 2,553,522 |
Total Distributable Earnings (Loss) | 1,924,608 |
Net Assets | 4,478,130 |
ETF Shares—Net Assets | |
Applicable to 26,675,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,287,839 |
Net Asset Value Per Share—ETF Shares | $160.74 |
Institutional Shares—Net Assets | |
Applicable to 600,400 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 190,291 |
Net Asset Value Per Share—Institutional Shares | $316.94 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 54,844 |
Interest1 | 4 |
Securities Lending—Net | 36 |
Total Income | 54,884 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 557 |
Management and Administrative—ETF Shares | 1,658 |
Management and Administrative—Institutional Shares | 76 |
Marketing and Distribution—ETF Shares | 122 |
Marketing and Distribution—Institutional Shares | 4 |
Custodian Fees | 26 |
Auditing Fees | 40 |
Shareholders’ Reports—ETF Shares | 93 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 2,577 |
Net Investment Income | 52,307 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 131,115 |
Futures Contracts | 1,581 |
Realized Net Gain (Loss) | 132,696 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 814,065 |
Futures Contracts | (325) |
Change in Unrealized Appreciation (Depreciation) | 813,740 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 998,743 |
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 $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $154,067,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 52,307 | 46,077 |
Realized Net Gain (Loss) | 132,696 | 121,553 |
Change in Unrealized Appreciation (Depreciation) | 813,740 | 472,864 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 998,743 | 640,494 |
Distributions | ||
ETF Shares | (48,029) | (41,365) |
Institutional Shares | (2,599) | (2,886) |
Total Distributions | (50,628) | (44,251) |
Capital Share Transactions | ||
ETF Shares | 349,653 | 532,703 |
Institutional Shares | (36,024) | (5,958) |
Net Increase (Decrease) from Capital Share Transactions | 313,629 | 526,745 |
Total Increase (Decrease) | 1,261,744 | 1,122,988 |
Net Assets | ||
Beginning of Period | 3,216,386 | 2,093,398 |
End of Period | 4,478,130 | 3,216,386 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $125.47 | $101.36 | $100.26 | $85.02 | $74.19 |
Investment Operations | |||||
Net Investment Income1 | 1.961 | 1.992 | 2.045 | 1.790 | 1.676 |
Net Realized and Unrealized Gain (Loss) on Investments | 35.218 | 24.065 | 1.052 | 15.214 | 10.788 |
Total from Investment Operations | 37.179 | 26.057 | 3.097 | 17.004 | 12.464 |
Distributions | |||||
Dividends from Net Investment Income | (1.908) | (1.947) | (1.997) | (1.764) | (1.634) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.908) | (1.947) | (1.997) | (1.764) | (1.634) |
Net Asset Value, End of Period | $160.74 | $125.47 | $101.36 | $100.26 | $85.02 |
Total Return | 29.94% | 26.14% | 3.26% | 20.25% | 17.01% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,288 | $3,036 | $1,944 | $1,542 | $1,233 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 1.41% | 1.85% | 2.10% | 1.93% | 2.12% |
Portfolio Turnover Rate2 | 5% | 4% | 4% | 4% | 6% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $247.38 | $199.84 | $197.68 | $167.62 | $146.25 |
Investment Operations | |||||
Net Investment Income1 | 3.882 | 3.943 | 4.053 | 3.513 | 3.362 |
Net Realized and Unrealized Gain (Loss) on Investments | 69.463 | 47.454 | 2.062 | 30.038 | 21.220 |
Total from Investment Operations | 73.345 | 51.397 | 6.115 | 33.551 | 24.582 |
Distributions | |||||
Dividends from Net Investment Income | (3.785) | (3.857) | (3.955) | (3.491) | (3.212) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.785) | (3.857) | (3.955) | (3.491) | (3.212) |
Net Asset Value, End of Period | $316.94 | $247.38 | $199.84 | $197.68 | $167.62 |
Total Return | 29.97% | 26.19% | 3.25% | 20.26% | 17.02% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $190 | $180 | $150 | $122 | $132 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 1.42% | 1.86% | 2.11% | 1.94% | 2.13% |
Portfolio Turnover Rate2 | 5% | 4% | 4% | 4% | 6% |
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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 154,071 |
Total Distributable Earnings (Loss) | (154,071) |
Amount ($000) | |
Undistributed Ordinary Income | 11,102 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (52,352) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,965,858 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 50,628 | 44,251 |
Long-Term Capital Gains | — | — |
Total | 50,628 | 44,251 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,507,866 |
Gross Unrealized Appreciation | 2,016,574 |
Gross Unrealized Depreciation | (50,716) |
Net Unrealized Appreciation (Depreciation) | 1,965,858 |
E. | During the year ended August 31, 2021, the fund purchased $722,000,000 of investment securities and sold $401,695,000 of investment securities, other than temporary cash investments. Purchases and sales include $552,923,000 and $235,014,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 598,960 | 4,325 | 767,900 | 7,475 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (249,307) | (1,850) | (235,197) | (2,450) | |
Net Increase (Decrease)—ETF Shares | 349,653 | 2,475 | 532,703 | 5,025 | |
Institutional Shares | |||||
Issued | 8,330 | 31 | 14,779 | 73 | |
Issued in Lieu of Cash Distributions | 1,860 | 7 | 1,311 | 7 | |
Redeemed | (46,214) | (166) | (22,048) | (102) | |
Net Increase (Decrease)—Institutional Shares | (36,024) | (128) | (5,958) | (22) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img80f2cbef6.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Mega Cap Growth Index Fund ETF Shares Net Asset Value | 27.41% | 24.59% | 19.63% | $60,057 |
Mega Cap Growth Index Fund ETF Shares Market Price | 27.32 | 24.58 | 19.63 | 60,027 | |
![]() | Spliced Mega Cap Growth Index | 27.49 | 24.66 | 19.73 | 60,516 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Mega Cap Growth Index Fund Institutional Shares | 27.43% | 24.60% | 19.65% | $30,064,937 | |
Spliced Mega Cap Growth Index | 27.49 | 24.66 | 19.73 | 30,257,871 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 22,360,680 |
One Year | Five Years | Ten Years | |
Mega Cap Growth Index Fund ETF Shares Market Price | 27.32% | 200.12% | 500.27% |
Mega Cap Growth Index Fund ETF Shares Net Asset Value | 27.41 | 200.15 | 500.57 |
Spliced Mega Cap Growth Index | 27.49 | 201.00 | 505.16 |
Basic Materials | 1.7% |
Consumer Discretionary | 24.0 |
Consumer Staples | 0.8 |
Financials | 1.5 |
Health Care | 6.4 |
Industrials | 11.3 |
Real Estate | 1.8 |
Technology | 51.9 |
Telecommunications | 0.6 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Basic Materials (1.7%) | |||
Linde plc | 346,255 | 108,928 | |
Ecolab Inc. | 171,441 | 38,636 | |
Freeport-McMoRan Inc. | 974,615 | 35,466 | |
Newmont Corp. | 532,794 | 30,897 | |
213,927 | |||
Consumer Discretionary (23.9%) | |||
* | Amazon.com Inc. | 285,387 | 990,518 |
* | Tesla Inc. | 513,144 | 377,530 |
Home Depot Inc. | 708,086 | 230,964 | |
* | Walt Disney Co. | 1,208,260 | 219,058 |
* | Netflix Inc. | 295,271 | 168,065 |
NIKE Inc. Class B | 848,927 | 139,852 | |
Costco Wholesale Corp. | 294,729 | 134,246 | |
McDonald's Corp. | 496,876 | 117,988 | |
Lowe's Cos. Inc. | 476,096 | 97,071 | |
Starbucks Corp. | 784,570 | 92,179 | |
* | Booking Holdings Inc. | 27,298 | 62,777 |
TJX Cos. Inc. | 762,876 | 55,476 | |
Estee Lauder Cos. Inc. Class A | 146,715 | 49,955 | |
Activision Blizzard Inc. | 517,395 | 42,618 | |
Dollar General Corp. | 159,399 | 35,532 | |
* | Uber Technologies Inc. | 872,074 | 34,133 |
Ross Stores Inc. | 237,458 | 28,115 | |
Electronic Arts Inc. | 190,517 | 27,665 | |
* | O'Reilly Automotive Inc. | 46,460 | 27,601 |
Yum! Brands Inc. | 198,312 | 25,985 | |
* | Carvana Co. Class A | 53,829 | 17,659 |
* | Lululemon Athletica Inc. | 39,519 | 15,814 |
* | Airbnb Inc. Class A | 96,318 | 14,928 |
* | Roblox Corp. Class A | 171,734 | 14,091 |
* | Marriott International Inc. Class A | 86,503 | 11,690 |
* | Hilton Worldwide Holdings Inc. | 92,732 | 11,579 |
* | AutoZone Inc. | 7,415 | 11,487 |
Sirius XM Holdings Inc. | 653 | 4 | |
3,054,580 | |||
Consumer Staples (0.8%) | |||
Colgate-Palmolive Co. | 563,246 | 43,905 | |
* | Monster Beverage Corp. | 246,328 | 24,034 |
Hershey Co. | 97,483 | 17,323 | |
Brown-Forman Corp. Class B | 207,411 | 14,564 |
Shares | Market Value• ($000) | ||
Brown-Forman Corp. Class A | 26,749 | 1,771 | |
101,597 | |||
Financials (1.5%) | |||
S&P Global Inc. | 160,349 | 71,166 | |
Aon plc Class A | 142,785 | 40,959 | |
Moody's Corp. | 105,972 | 40,351 | |
Intercontinental Exchange Inc. | 187,826 | 22,451 | |
* | Coinbase Global Inc. Class A | 80,207 | 20,774 |
195,701 | |||
Health Care (6.4%) | |||
Thermo Fisher Scientific Inc. | 261,686 | 145,223 | |
* | Moderna Inc. | 227,188 | 85,579 |
* | Intuitive Surgical Inc. | 78,826 | 83,048 |
Danaher Corp. | 213,713 | 69,277 | |
Zoetis Inc. | 316,088 | 64,659 | |
Stryker Corp. | 213,299 | 59,105 | |
* | Edwards Lifesciences Corp. | 413,941 | 48,506 |
* | Regeneron Pharmaceuticals Inc. | 66,208 | 44,584 |
* | Illumina Inc. | 97,221 | 44,446 |
* | Boston Scientific Corp. | 946,090 | 42,716 |
Agilent Technologies Inc. | 203,730 | 35,748 | |
* | Vertex Pharmaceuticals Inc. | 172,307 | 34,511 |
Becton Dickinson and Co. | 97,033 | 24,423 | |
* | Align Technology Inc. | 25,015 | 17,736 |
Baxter International Inc. | 167,393 | 12,759 | |
Bristol-Myers Squibb Co. | 1,766 | 118 | |
812,438 | |||
Industrials (11.3%) | |||
Visa Inc. Class A | 1,126,496 | 258,080 | |
* | PayPal Holdings Inc. | 782,189 | 225,787 |
Mastercard Inc. Class A | 589,064 | 203,952 | |
Accenture plc Class A | 423,323 | 142,474 | |
* | Boeing Co. | 389,395 | 85,472 |
* | Square Inc. Class A | 260,981 | 69,961 |
Automatic Data Processing Inc. | 283,299 | 59,221 | |
Fidelity National Information Services Inc. | 412,934 | 52,760 | |
Sherwin-Williams Co. | 159,379 | 48,399 | |
Union Pacific Corp. | 221,173 | 47,959 |
Shares | Market Value• ($000) | ||
United Parcel Service Inc. Class B | 240,871 | 47,122 | |
* | Fiserv Inc. | 399,468 | 47,053 |
General Electric Co. | 365,326 | 38,509 | |
Global Payments Inc. | 196,562 | 31,969 | |
Lockheed Martin Corp. | 78,614 | 28,285 | |
Paychex Inc. | 215,900 | 24,714 | |
L3Harris Technologies Inc. | 68,395 | 15,937 | |
Rockwell Automation Inc. | 38,688 | 12,591 | |
1,440,245 | |||
Real Estate (1.8%) | |||
American Tower Corp. | 302,326 | 88,331 | |
Crown Castle International Corp. | 287,787 | 56,029 | |
Equinix Inc. | 59,633 | 50,298 | |
Public Storage | 98,972 | 32,028 | |
226,686 | |||
Technology (51.7%) | |||
Apple Inc. | 10,554,926 | 1,602,554 | |
Microsoft Corp. | 5,015,063 | 1,513,947 | |
* | Facebook Inc. Class A | 1,595,457 | 605,284 |
* | Alphabet Inc. Class A | 200,179 | 579,308 |
* | Alphabet Inc. Class C | 183,235 | 533,075 |
NVIDIA Corp. | 1,576,327 | 352,861 | |
* | Adobe Inc. | 318,213 | 211,198 |
* | salesforce.com Inc. | 610,486 | 161,944 |
Texas Instruments Inc. | 614,923 | 117,395 | |
Intuit Inc. | 172,852 | 97,853 | |
* | Advanced Micro Devices Inc. | 809,007 | 89,573 |
* | ServiceNow Inc. | 131,481 | 84,626 |
Applied Materials Inc. | 611,044 | 82,570 | |
Broadcom Inc. | 129,514 | 64,396 | |
* | Snap Inc. Class A | 759,965 | 57,841 |
Lam Research Corp. | 94,899 | 57,397 | |
* | Snowflake Inc. Class A | 167,272 | 50,909 |
* | Autodesk Inc. | 146,556 | 45,446 |
* | Zoom Video Communications Inc. Class A | 133,681 | 38,701 |
* | Twilio Inc. Class A | 108,096 | 38,586 |
* | Crowdstrike Holdings Inc. Class A | 132,458 | 37,221 |
Shares | Market Value• ($000) | ||
* | Workday Inc. Class A | 125,810 | 34,366 |
Roper Technologies Inc. | 70,091 | 33,874 | |
* | Micron Technology Inc. | 373,327 | 27,514 |
KLA Corp. | 51,080 | 17,365 | |
* | Twitter Inc. | 252,407 | 16,280 |
* | Palantir Technologies Inc. Class A | 539,811 | 14,219 |
* | DoorDash Inc. Class A | 68,519 | 13,115 |
* | Pinterest Inc. Class A | 182,508 | 10,142 |
*,1 | VMware Inc. Class A | 52,156 | 7,764 |
Analog Devices Inc. | 292 | 48 | |
* | UiPath Inc. Class A | 760 | 48 |
6,597,420 | |||
Telecommunications (0.6%) | |||
* | Charter Communications Inc. Class A | 81,711 | 66,730 |
* | Roku Inc. | 38,426 | 13,541 |
80,271 | |||
Total Common Stocks (Cost $7,285,888) | 12,722,865 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.068% (Cost $33,411) | 334,115 | 33,411 |
Total Investments (100.0%) (Cost $7,319,299) | 12,756,276 | ||
Other Assets and Liabilities— Net (0.0%) | 4,201 | ||
Net Assets (100%) | 12,760,477 | ||
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 $7,235,000. |
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 $7,436,000 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 | September 2021 | 106 | 33,035 | 1,375 |
E-mini S&P 500 Index | September 2021 | 20 | 4,520 | 153 |
1,528 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $7,285,888) | 12,722,865 |
Affiliated Issuers (Cost $33,411) | 33,411 |
Total Investments in Securities | 12,756,276 |
Investment in Vanguard | 410 |
Cash | 48 |
Cash Collateral Pledged—Futures Contracts | 1,730 |
Receivables for Accrued Income | 6,141 |
Receivables for Capital Shares Issued | 3,802 |
Total Assets | 12,768,407 |
Liabilities | |
Payables for Investment Securities Purchased | 50 |
Collateral for Securities on Loan | 7,436 |
Payables for Capital Shares Redeemed | 30 |
Payables to Vanguard | 383 |
Variation Margin Payable—Futures Contracts | 31 |
Total Liabilities | 7,930 |
Net Assets | 12,760,477 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 7,532,441 |
Total Distributable Earnings (Loss) | 5,228,036 |
Net Assets | 12,760,477 |
ETF Shares—Net Assets | |
Applicable to 51,164,192 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 12,714,331 |
Net Asset Value Per Share—ETF Shares | $248.50 |
Institutional Shares—Net Assets | |
Applicable to 93,487 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 46,146 |
Net Asset Value Per Share—Institutional Shares | $493.61 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 67,815 |
Interest1 | 6 |
Securities Lending—Net | 45 |
Total Income | 67,866 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,566 |
Management and Administrative—ETF Shares | 5,066 |
Management and Administrative—Institutional Shares | 21 |
Marketing and Distribution—ETF Shares | 382 |
Marketing and Distribution—Institutional Shares | 1 |
Custodian Fees | 1 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 218 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 4 |
Total Expenses | 7,289 |
Net Investment Income | 60,577 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 1,326,673 |
Futures Contracts | 2,402 |
Realized Net Gain (Loss) | 1,329,075 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,199,591 |
Futures Contracts | 1,507 |
Change in Unrealized Appreciation (Depreciation) | 1,201,098 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,590,750 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,000, less than ($1,000), and less than ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $1,352,226,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 60,577 | 55,154 |
Realized Net Gain (Loss) | 1,329,075 | 263,771 |
Change in Unrealized Appreciation (Depreciation) | 1,201,098 | 2,767,434 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,590,750 | 3,086,359 |
Distributions | ||
ETF Shares | (61,584) | (51,457) |
Institutional Shares | (342) | (515) |
Total Distributions | (61,926) | (51,972) |
Capital Share Transactions | ||
ETF Shares | 2,252 | 2,801,123 |
Institutional Shares | (44,428) | 6,716 |
Net Increase (Decrease) from Capital Share Transactions | (42,176) | 2,807,839 |
Total Increase (Decrease) | 2,486,648 | 5,842,226 |
Net Assets | ||
Beginning of Period | 10,273,829 | 4,431,603 |
End of Period | 12,760,477 | 10,273,829 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $196.25 | $132.22 | $127.79 | $104.09 | $87.15 |
Investment Operations | |||||
Net Investment Income1 | 1.220 | 1.358 | 1.588 | 1.485 | 1.351 |
Net Realized and Unrealized Gain (Loss) on Investments | 52.279 | 64.007 | 3.860 | 23.677 | 16.920 |
Total from Investment Operations | 53.499 | 65.365 | 5.448 | 25.162 | 18.271 |
Distributions | |||||
Dividends from Net Investment Income | (1.249) | (1.335) | (1.018) | (1.462) | (1.331) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.249) | (1.335) | (1.018) | (1.462) | (1.331) |
Net Asset Value, End of Period | $248.50 | $196.25 | $132.22 | $127.79 | $104.09 |
Total Return | 27.41% | 49.84% | 4.32% | 24.38% | 21.17% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $12,714 | $10,193 | $4,388 | $4,152 | $3,135 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.58% | 0.90% | 1.30% | 1.29% | 1.43% |
Portfolio Turnover Rate2 | 8% | 6% | 14% | 9% | 8% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $389.78 | $262.63 | $253.80 | $206.74 | $173.07 |
Investment Operations | |||||
Net Investment Income1 | 2.498 | 2.707 | 3.184 | 2.963 | 2.699 |
Net Realized and Unrealized Gain (Loss) on Investments | 103.822 | 127.126 | 7.684 | 47.023 | 33.622 |
Total from Investment Operations | 106.320 | 129.833 | 10.868 | 49.986 | 36.321 |
Distributions | |||||
Dividends from Net Investment Income | (2.489) | (2.683) | (2.038) | (2.926) | (2.651) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.489) | (2.683) | (2.038) | (2.926) | (2.651) |
Net Asset Value, End of Period | $493.61 | $389.78 | $262.63 | $253.80 | $206.74 |
Total Return | 27.43% | 49.87% | 4.34% | 24.39% | 21.20% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $46 | $81 | $43 | $43 | $35 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 0.62% | 0.91% | 1.31% | 1.30% | 1.44% |
Portfolio Turnover Rate2 | 8% | 6% | 14% | 9% | 8% |
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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 1,352,246 |
Total Distributable Earnings (Loss) | (1,352,246) |
Amount ($000) | |
Undistributed Ordinary Income | 11,284 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (220,110) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 5,436,862 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 61,926 | 51,972 |
Long-Term Capital Gains | — | — |
Total | 61,926 | 51,972 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 7,319,414 |
Gross Unrealized Appreciation | 5,499,931 |
Gross Unrealized Depreciation | (63,069) |
Net Unrealized Appreciation (Depreciation) | 5,436,862 |
E. | During the year ended August 31, 2021, the fund purchased $2,994,853,000 of investment securities and sold $3,068,961,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,156,587,000 and $2,267,357,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 2,269,215 | 10,750 | 3,379,154 | 22,750 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (2,266,963) | (11,525) | (578,031) | (4,000) | |
Net Increase (Decrease)—ETF Shares | 2,252 | (775) | 2,801,123 | 18,750 | |
Institutional Shares | |||||
Issued | 13,626 | 29 | 41,327 | 157 | |
Issued in Lieu of Cash Distributions | 341 | 1 | 515 | 2 | |
Redeemed | (58,395) | (145) | (35,126) | (116) | |
Net Increase (Decrease)—Institutional Shares | (44,428) | (115) | 6,716 | 43 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img8eec2c497.gif)
Average Annual Total Returns Periods Ended August 31, 2021 | |||||
One Year | Five Year | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Mega Cap Value Index Fund ETF Shares Net Asset Value | 33.17% | 13.03% | 13.68% | $36,049 |
Mega Cap Value Index Fund ETF Shares Market Price | 33.09 | 13.03 | 13.68 | 36,051 | |
![]() | Spliced Mega Cap Value Index | 33.27 | 13.08 | 13.76 | 36,286 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 44,721 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Mega Cap Value Index Fund Institutional Shares | 33.22% | 13.05% | 13.71% | $18,068,437 | |
Spliced Mega Cap Value Index | 33.27 | 13.08 | 13.76 | 18,142,969 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 17.95 | 16.16 | 22,360,680 |
One Year | Five Years | Ten Years | |
Mega Cap Value Index Fund ETF Shares Market Price | 33.09% | 84.45% | 260.51% |
Mega Cap Value Index Fund ETF Shares Net Asset Value | 33.17 | 84.49 | 260.49 |
Spliced Mega Cap Value Index | 33.27 | 84.93 | 262.86 |
Basic Materials | 0.9% |
Consumer Discretionary | 4.1 |
Consumer Staples | 11.1 |
Energy | 4.7 |
Financials | 22.9 |
Health Care | 22.0 |
Industrials | 13.7 |
Real Estate | 0.9 |
Technology | 7.6 |
Telecommunications | 7.2 |
Utilities | 4.9 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Basic Materials (0.9%) | |||
Air Products and Chemicals Inc. | 75,570 | 20,367 | |
Dow Inc. | 254,383 | 16,001 | |
LyondellBasell Industries NV Class A | 45,609 | 4,577 | |
40,945 | |||
Consumer Discretionary (4.1%) | |||
Walmart Inc. | 479,789 | 71,057 | |
Target Corp. | 169,248 | 41,801 | |
* | General Motors Co. | 445,580 | 21,838 |
* | Ford Motor Co. | 1,336,009 | 17,408 |
eBay Inc. | 220,451 | 16,917 | |
VF Corp. | 113,496 | 8,679 | |
* | Las Vegas Sands Corp. | 143,154 | 6,386 |
* | Marriott International Inc. Class A | 44,496 | 6,013 |
* | Southwest Airlines Co. | 100,757 | 5,016 |
195,115 | |||
Consumer Staples (11.0%) | |||
Procter & Gamble Co. | 835,030 | 118,900 | |
Coca-Cola Co. | 1,323,582 | 74,531 | |
PepsiCo Inc. | 471,234 | 73,696 | |
Philip Morris International Inc. | 531,575 | 54,752 | |
CVS Health Corp. | 449,057 | 38,794 | |
Altria Group Inc. | 631,369 | 31,714 | |
Mondelez International Inc. Class A | 479,134 | 29,740 | |
Kimberly-Clark Corp. | 115,185 | 15,874 | |
Sysco Corp. | 165,606 | 13,190 | |
Walgreens Boots Alliance Inc. | 250,460 | 12,711 | |
General Mills Inc. | 207,771 | 12,011 | |
Constellation Brands Inc. Class A | 55,074 | 11,628 | |
Keurig Dr Pepper Inc. | 241,484 | 8,614 | |
Kraft Heinz Co. | 229,239 | 8,250 | |
Archer-Daniels-Midland Co. | 95,202 | 5,712 | |
McKesson Corp. | 26,932 | 5,498 | |
Kroger Co. | 116,007 | 5,340 | |
520,955 | |||
Energy (4.7%) | |||
Exxon Mobil Corp. | 1,443,969 | 78,725 | |
Chevron Corp. | 659,207 | 63,791 | |
ConocoPhillips | 460,380 | 25,565 | |
EOG Resources Inc. | 199,164 | 13,447 |
Shares | Market Value• ($000) | ||
Schlumberger NV | 477,064 | 13,377 | |
Kinder Morgan Inc. | 655,908 | 10,672 | |
Marathon Petroleum Corp. | 111,181 | 6,590 | |
Phillips 66 | 74,566 | 5,301 | |
Williams Cos. Inc. | 206,908 | 5,109 | |
222,577 | |||
Financials (22.9%) | |||
* | Berkshire Hathaway Inc. Class B | 608,239 | 173,816 |
JPMorgan Chase & Co. | 1,032,396 | 165,132 | |
Bank of America Corp. | 2,630,366 | 109,818 | |
Wells Fargo & Co. | 1,409,801 | 64,428 | |
Morgan Stanley | 507,745 | 53,024 | |
Citigroup Inc. | 705,065 | 50,701 | |
Goldman Sachs Group Inc. | 115,900 | 47,926 | |
BlackRock Inc. | 46,823 | 44,168 | |
Charles Schwab Corp. | 523,953 | 38,170 | |
Blackstone Inc. | 233,399 | 29,345 | |
PNC Financial Services Group Inc. | 144,921 | 27,694 | |
Marsh & McLennan Cos. Inc. | 173,841 | 27,328 | |
U.S. Bancorp | 457,336 | 26,246 | |
Truist Financial Corp. | 458,794 | 26,179 | |
CME Group Inc. | 122,480 | 24,707 | |
Chubb Ltd. | 130,535 | 24,008 | |
Progressive Corp. | 199,406 | 19,211 | |
T Rowe Price Group Inc. | 77,259 | 17,296 | |
Bank of New York Mellon Corp. | 268,477 | 14,825 | |
Prudential Financial Inc. | 134,464 | 14,237 | |
MetLife Inc. | 224,470 | 13,917 | |
Allstate Corp. | 102,004 | 13,799 | |
Travelers Cos. Inc. | 85,679 | 13,684 | |
Aflac Inc. | 208,435 | 11,814 | |
Intercontinental Exchange Inc. | 96,119 | 11,489 | |
American International Group Inc. | 146,160 | 7,974 | |
KKR & Co. Inc. | 94,410 | 6,070 | |
Rocket Cos. Inc. Class A | 46,560 | 808 | |
* | Berkshire Hathaway Inc. Class A | 1 | 430 |
1,078,244 | |||
Health Care (22.0%) | |||
Johnson & Johnson | 898,098 | 155,488 | |
UnitedHealth Group Inc. | 321,879 | 133,989 | |
Pfizer Inc. | 1,909,175 | 87,956 | |
Abbott Laboratories | 606,067 | 76,589 |
Shares | Market Value• ($000) | ||
Eli Lilly & Co. | 294,361 | 76,030 | |
AbbVie Inc. | 602,404 | 72,758 | |
Merck & Co. Inc. | 863,657 | 65,888 | |
Medtronic plc | 459,749 | 61,367 | |
Bristol-Myers Squibb Co. | 761,552 | 50,917 | |
Amgen Inc. | 195,943 | 44,191 | |
Danaher Corp. | 109,482 | 35,490 | |
Anthem Inc. | 83,530 | 31,335 | |
Gilead Sciences Inc. | 427,790 | 31,134 | |
Cigna Corp. | 117,078 | 24,780 | |
HCA Healthcare Inc. | 91,849 | 23,236 | |
Humana Inc. | 44,018 | 17,846 | |
* | Biogen Inc. | 51,322 | 17,393 |
Becton Dickinson and Co. | 49,585 | 12,480 | |
Zimmer Biomet Holdings Inc. | 71,039 | 10,688 | |
Baxter International Inc. | 85,707 | 6,533 | |
1,036,088 | |||
Industrials (13.7%) | |||
Honeywell International Inc. | 236,888 | 54,937 | |
Raytheon Technologies Corp. | 516,638 | 43,790 | |
Caterpillar Inc. | 186,876 | 39,407 | |
3M Co. | 197,723 | 38,505 | |
Deere & Co. | 96,200 | 36,366 | |
American Express Co. | 205,476 | 34,101 | |
Capital One Financial Corp. | 154,141 | 25,583 | |
CSX Corp. | 775,311 | 25,221 | |
Union Pacific Corp. | 113,270 | 24,561 | |
United Parcel Service Inc. Class B | 123,309 | 24,123 | |
Eaton Corp. plc | 136,015 | 22,899 | |
Illinois Tool Works Inc. | 97,061 | 22,602 | |
FedEx Corp. | 81,521 | 21,659 | |
Norfolk Southern Corp. | 85,257 | 21,616 | |
Emerson Electric Co. | 204,334 | 21,557 | |
General Electric Co. | 186,955 | 19,707 | |
Johnson Controls International plc | 244,151 | 18,263 | |
Northrop Grumman Corp. | 49,421 | 18,172 | |
General Dynamics Corp. | 81,865 | 16,398 | |
Trane Technologies plc | 81,618 | 16,201 | |
Lockheed Martin Corp. | 40,267 | 14,488 | |
DuPont de Nemours Inc. | 181,249 | 13,416 | |
Parker-Hannifin Corp. | 44,125 | 13,091 | |
PPG Industries Inc. | 80,820 | 12,895 | |
Cummins Inc. | 49,791 | 11,750 | |
Stanley Black & Decker Inc. | 55,039 | 10,637 | |
PACCAR Inc. | 118,324 | 9,687 | |
L3Harris Technologies Inc. | 35,036 | 8,164 | |
Otis Worldwide Corp. | 73,131 | 6,744 | |
646,540 | |||
Real Estate (0.9%) | |||
Prologis Inc. | 252,357 | 33,982 | |
Simon Property Group Inc. | 56,004 | 7,530 | |
41,512 | |||
Technology (7.5%) | |||
Intel Corp. | 1,377,182 | 74,450 | |
QUALCOMM Inc. | 384,717 | 56,434 |
Shares | Market Value• ($000) | ||
Oracle Corp. | 590,113 | 52,597 | |
International Business Machines Corp. | 304,819 | 42,778 | |
Broadcom Inc. | 66,143 | 32,887 | |
Analog Devices Inc. | 182,900 | 29,804 | |
TE Connectivity Ltd. | 112,651 | 16,922 | |
* | Micron Technology Inc. | 190,995 | 14,076 |
Cognizant Technology Solutions Corp. Class A | 179,797 | 13,720 | |
HP Inc. | 424,868 | 12,636 | |
* | Dell Technologies Inc. Class C | 89,900 | 8,762 |
* | UiPath Inc. Class A | 408 | 26 |
355,092 | |||
Telecommunications (7.2%) | |||
Comcast Corp. Class A | 1,563,799 | 94,891 | |
Cisco Systems Inc. | 1,293,519 | 76,344 | |
Verizon Communications Inc. | 1,341,347 | 73,774 | |
AT&T Inc. | 2,435,369 | 66,778 | |
* | T-Mobile U.S. Inc. | 191,428 | 26,229 |
338,016 | |||
Utilities (4.9%) | |||
NextEra Energy Inc. | 668,995 | 56,189 | |
Duke Energy Corp. | 262,394 | 27,462 | |
Southern Co. | 361,442 | 23,758 | |
Waste Management Inc. | 143,808 | 22,306 | |
Dominion Energy Inc. | 275,348 | 21,433 | |
Exelon Corp. | 332,838 | 16,316 | |
American Electric Power Co. Inc. | 170,253 | 15,250 | |
Sempra Energy | 103,350 | 13,679 | |
Xcel Energy Inc. | 183,309 | 12,602 | |
Public Service Enterprise Group Inc. | 172,215 | 11,011 | |
Republic Services Inc. Class A | 70,697 | 8,776 | |
228,782 | |||
Total Common Stocks (Cost $3,424,427) | 4,703,866 | ||
Temporary Cash Investments (0.0%) | |||
Money Market Fund (0.0%) | |||
1 | Vanguard Market Liquidity Fund, 0.068% (Cost $1,690) | 16,897 | 1,690 |
Total Investments (99.8%) (Cost $3,426,117) | 4,705,556 | ||
Other Assets and Liabilities—Net (0.2%) | 9,179 | ||
Net Assets (100%) | 4,714,735 | ||
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. |
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 | September 2021 | 48 | 10,849 | 207 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $3,424,427) | 4,703,866 |
Affiliated Issuers (Cost $1,690) | 1,690 |
Total Investments in Securities | 4,705,556 |
Investment in Vanguard | 154 |
Cash Collateral Pledged—Futures Contracts | 480 |
Receivables for Accrued Income | 10,707 |
Receivables for Capital Shares Issued | 43 |
Total Assets | 4,716,940 |
Liabilities | |
Payables for Investment Securities Purchased | 2,029 |
Payables for Capital Shares Redeemed | 22 |
Payables to Vanguard | 144 |
Variation Margin Payable—Futures Contracts | 10 |
Total Liabilities | 2,205 |
Net Assets | 4,714,735 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 3,518,519 |
Total Distributable Earnings (Loss) | 1,196,216 |
Net Assets | 4,714,735 |
ETF Shares—Net Assets | |
Applicable to 44,685,539 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,586,603 |
Net Asset Value Per Share—ETF Shares | $102.64 |
Institutional Shares—Net Assets | |
Applicable to 629,530 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 128,132 |
Net Asset Value Per Share—Institutional Shares | $203.54 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 100,564 |
Interest1 | 2 |
Securities Lending—Net | 61 |
Total Income | 100,627 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 593 |
Management and Administrative—ETF Shares | 1,826 |
Management and Administrative—Institutional Shares | 51 |
Marketing and Distribution—ETF Shares | 140 |
Marketing and Distribution—Institutional Shares | 3 |
Custodian Fees | 10 |
Auditing Fees | 40 |
Shareholders’ Reports—ETF Shares | 88 |
Shareholders’ Reports—Institutional Shares | 1 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 2,753 |
Net Investment Income | 97,874 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 125,514 |
Futures Contracts | 1,299 |
Realized Net Gain (Loss) | 126,813 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 878,741 |
Futures Contracts | (17) |
Change in Unrealized Appreciation (Depreciation) | 878,724 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,103,411 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,000, less than ($1000), and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $165,982,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 97,874 | 80,365 |
Realized Net Gain (Loss) | 126,813 | 21,714 |
Change in Unrealized Appreciation (Depreciation) | 878,724 | 18,262 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,103,411 | 120,341 |
Distributions | ||
ETF Shares | (89,173) | (74,008) |
Institutional Shares | (3,020) | (3,648) |
Total Distributions | (92,193) | (77,656) |
Capital Share Transactions | ||
ETF Shares | 592,269 | 526,191 |
Institutional Shares | (22,744) | (17,219) |
Net Increase (Decrease) from Capital Share Transactions | 569,525 | 508,972 |
Total Increase (Decrease) | 1,580,743 | 551,657 |
Net Assets | ||
Beginning of Period | 3,133,992 | 2,582,335 |
End of Period | 4,714,735 | 3,133,992 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $78.96 | $78.94 | $79.89 | $70.19 | $63.52 |
Investment Operations | |||||
Net Investment Income1 | 2.271 | 2.271 | 2.261 | 1.893 | 1.843 |
Net Realized and Unrealized Gain (Loss) on Investments | 23.557 | (.044) | (1.027) | 9.668 | 6.557 |
Total from Investment Operations | 25.828 | 2.227 | 1.234 | 11.561 | 8.400 |
Distributions | |||||
Dividends from Net Investment Income | (2.148) | (2.207) | (2.184) | (1.861) | (1.730) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.148) | (2.207) | (2.184) | (1.861) | (1.730) |
Net Asset Value, End of Period | $102.64 | $78.96 | $78.94 | $79.89 | $70.19 |
Total Return | 33.17% | 2.94% | 1.69% | 16.71% | 13.40% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,587 | $3,017 | $2,448 | $2,120 | $1,717 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.47% | 2.90% | 2.90% | 2.50% | 2.73% |
Portfolio Turnover Rate2 | 11% | 9% | 10% | 8% | 8% |
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 | Year Ended August 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $156.56 | $156.53 | $158.41 | $139.18 | $125.94 |
Investment Operations | |||||
Net Investment Income1 | 4.492 | 4.522 | 4.467 | 3.743 | 3.596 |
Net Realized and Unrealized Gain (Loss) on Investments | 46.761 | (.102) | (2.002) | 19.188 | 13.077 |
Total from Investment Operations | 51.253 | 4.420 | 2.465 | 22.931 | 16.673 |
Distributions | |||||
Dividends from Net Investment Income | (4.274) | (4.390) | (4.345) | (3.701) | (3.433) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.274) | (4.390) | (4.345) | (3.701) | (3.433) |
Net Asset Value, End of Period | $203.54 | $156.56 | $156.53 | $158.41 | $139.18 |
Total Return | 33.22% | 3.00% | 1.68% | 16.71% | 13.41% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $128 | $117 | $134 | $131 | $125 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 2.49% | 2.89% | 2.91% | 2.51% | 2.74% |
Portfolio Turnover Rate2 | 11% | 9% | 10% | 8% | 8% |
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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 165,979 |
Total Distributable Earnings (Loss) | (165,979) |
Amount ($000) | |
Undistributed Ordinary Income | 22,126 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (104,115) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,278,205 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 92,193 | 77,656 |
Long-Term Capital Gains | — | — |
Total | 92,193 | 77,656 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,427,351 |
Gross Unrealized Appreciation | 1,356,596 |
Gross Unrealized Depreciation | (78,391) |
Net Unrealized Appreciation (Depreciation) | 1,278,205 |
E. | During the year ended August 31, 2021, the fund purchased $1,396,298,000 of investment securities and sold $824,326,000 of investment securities, other than temporary cash investments. Purchases and sales include $915,418,000 and $404,209,000, 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: |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 985,809 | 10,826 | 673,200 | 9,075 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (393,540) | (4,350) | (147,009) | (1,875) | |
Net Increase (Decrease)—ETF Shares | 592,269 | 6,476 | 526,191 | 7,200 | |
Institutional Shares | |||||
Issued | 9,063 | 52 | 7,676 | 51 | |
Issued in Lieu of Cash Distributions | 1,668 | 10 | 2,292 | 15 | |
Redeemed | (33,475) | (180) | (27,187) | (177) | |
Net Increase (Decrease)—Institutional Shares | (22,744) | (118) | (17,219) | (111) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 18, 2021
Fund | ($000) |
Mega Cap Index Fund | 50,628 |
Mega Cap Growth Index Fund | 61,926 |
Mega Cap Value Index Fund | 92,193 |
Fund | Percentage |
Mega Cap Index Fund | 97.6% |
Mega Cap Growth Index Fund | 99.1 |
Mega Cap Value Index Fund | 97.2 |
Matthew Benchener | Chris D. Mclsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/imgb03e8e0c8.jpg)
All rights reserved.
U.S. Patent Nos. 6,879,964 and 7,720,749.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img07e92aa51.jpg)
1 | |
2 | |
7 | |
9 | |
11 | |
46 |
• | For the 12 months ended August 31, 2021, Vanguard Global Wellington Fund returned 19.36% for Investor Shares and 19.53% for Admiral Shares. Its benchmark returned 19.73%. |
• | The global economy rebounded faster than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that were more successful in containing the virus generally fared better economically. |
• | Swift and extensive fiscal and monetary support from policymakers has also been key to the rebound. As the 12 months under review reflect the recovery in stocks following the sharp downturn at the start of the pandemic, results were excellent. Bond returns were dampened by rising bond yields across much of the developed world, notably in the United States. |
• | The fund’s performance relative to the stock benchmark was hampered by selection in health care and industrials. Information technology was a bright spot. By region, the fund benefited from selection in North America, by far the largest weighting in the fund and the index, and emerging markets. |
• | In fixed income, the fund’s relative performance was helped by an overweighting and security selection in industrial sectors, particularly consumer noncyclical and consumer cyclical. Security selection in financials, especially within banking, detracted. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
Equity Portfolio Manager
Fixed Income Portfolio Manager
• | 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 August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Wellington Fund | |||
Investor Shares | $1,000.00 | $1,092.30 | $2.27 |
AdmiralTM Shares | 1,000.00 | 1,093.20 | 1.42 |
Based on Hypothetical 5% Yearly Return | |||
Global Wellington Fund | |||
Investor Shares | $1,000.00 | $1,023.04 | $2.19 |
Admiral Shares | 1,000.00 | 1,023.84 | 1.38 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img6be97b3f2.jpg)
Average Annual Total Returns Periods Ended August 31, 2021 | ||||
One Year | Since Inception (11/2/2017) | Final Value of a $10,000 Investment | ||
![]() | Global Wellington Fund Investor Shares | 19.36% | 9.32% | $14,067 |
![]() | Global Wellington Composite Index | 19.73 | 10.95 | 14,885 |
![]() | Bloomberg Global Aggregate Bond Index | 0.52 | 3.51 | 11,412 |
![]() | FTSE Developed Net Tax Index | 30.06 | 14.03 | 16,526 |
One Year | Since Inception (11/2/2017) | Final Value of a $50,000 Investment | ||
Global Wellington Fund Admiral Shares | 19.53% | 9.45% | $70,639 | |
Global Wellington Composite Index | 19.73 | 10.95 | 74,427 | |
Bloomberg Global Aggregate Bond Index | 0.52 | 3.51 | 57,060 | |
FTSE Developed Net Tax Index | 30.06 | 14.03 | 82,630 |
United States | 57.6% |
United Kingdom | 7.7 |
Japan | 7.3 |
France | 5.9 |
Switzerland | 4.1 |
Sweden | 2.1 |
Canada | 1.7 |
Spain | 1.6 |
Taiwan | 1.4 |
Germany | 1.2 |
South Korea | 1.0 |
Other | 8.4 |
Shares | Market Value• ($000) | |||||
Common Stocks (65.1%) | ||||||
Austria (0.7%) | ||||||
Erste Group Bank AG | 339,395 | 13,552 | ||||
Canada (0.8%) | ||||||
Dollarama Inc. | 273,742 | 12,482 | ||||
Suncor Energy Inc. | 124,865 | 2,332 | ||||
14,814 | ||||||
Finland (0.8%) | ||||||
* | Nokia OYJ | 2,285,379 | 13,729 | |||
France (4.3%) | ||||||
Safran SA | 109,637 | 13,754 | ||||
Arkema SA | 93,689 | 12,452 | ||||
BNP Paribas SA | 156,232 | 9,897 | ||||
Engie SA | 689,698 | 9,883 | ||||
TotalEnergies SE | 218,017 | 9,643 | ||||
Vinci SA | 79,230 | 8,501 | ||||
1 | Amundi SA | 82,141 | 7,774 | |||
Schneider Electric SE | 33,673 | 6,016 | ||||
77,920 | ||||||
Germany (0.2%) | ||||||
Bayerische Motoren Werke AG | 40,079 | 3,804 | ||||
Japan (5.7%) | ||||||
Tokio Marine Holdings Inc. | 348,297 | 17,042 | ||||
Astellas Pharma Inc. | 945,100 | 15,925 | ||||
Nippon Telegraph & Telephone Corp. | 565,244 | 15,060 | ||||
Isuzu Motors Ltd. | 904,314 | 11,432 | ||||
Marui Group Co. Ltd. | 523,265 | 9,309 | ||||
Honda Motor Co. Ltd. | 307,100 | 9,295 | ||||
Mitsubishi UFJ Financial Group Inc. | 1,466,522 | 7,956 | ||||
Nihon Unisys Ltd. | 265,700 | 7,220 | ||||
Sumitomo Mitsui Financial Group Inc. | 182,101 | 6,285 | ||||
Mitsubishi Estate Co. Ltd. | 333,500 | 5,221 | ||||
104,745 | ||||||
Netherlands (0.1%) | ||||||
ING Groep NV | 109,779 | 1,514 | ||||
South Korea (1.0%) | ||||||
Samsung Electronics Co. Ltd. | 268,886 | 17,751 |
Shares | Market Value• ($000) | |||||
Spain (1.3%) | ||||||
Iberdrola SA | 1,201,381 | 14,887 | ||||
CaixaBank SA | 3,149,198 | 9,783 | ||||
24,670 | ||||||
Sweden (2.1%) | ||||||
Autoliv Inc. | 221,634 | 19,590 | ||||
Lundin Energy AB | 405,397 | 12,389 | ||||
Alfa Laval AB | 137,706 | 5,592 | ||||
37,571 | ||||||
Switzerland (3.4%) | ||||||
Novartis AG (Registered) | 284,059 | 26,273 | ||||
Nestle SA (Registered) | 142,298 | 17,970 | ||||
Zurich Insurance Group AG | 22,013 | 9,659 | ||||
Julius Baer Group Ltd. | 124,048 | 8,467 | ||||
62,369 | ||||||
Taiwan (1.4%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,133,175 | 24,857 | ||||
United Kingdom (5.0%) | ||||||
AstraZeneca plc ADR | 577,760 | 33,672 | ||||
WPP plc | 905,730 | 12,281 | ||||
Linde plc | 32,121 | 10,125 | ||||
Prudential plc | 440,313 | 9,174 | ||||
Diageo plc | 169,138 | 8,131 | ||||
Rotork plc | 1,482,518 | 6,805 | ||||
BAE Systems plc | 756,809 | 5,913 | ||||
Derwent London plc | 88,584 | 4,620 | ||||
90,721 | ||||||
United States (38.3%) | ||||||
Microsoft Corp. | 118,115 | 35,657 | ||||
Johnson & Johnson | 188,525 | 32,639 | ||||
Cisco Systems Inc. | 527,167 | 31,113 | ||||
United Parcel Service Inc. Class B | 152,160 | 29,767 | ||||
Bank of America Corp. | 712,979 | 29,767 | ||||
Comcast Corp. Class A | 438,976 | 26,637 | ||||
Chubb Ltd. | 143,021 | 26,304 | ||||
Northrop Grumman Corp. | 62,506 | 22,983 | ||||
Medtronic plc | 163,283 | 21,795 | ||||
Merck & Co. Inc. | 275,256 | 20,999 | ||||
TJX Cos. Inc. | 285,894 | 20,790 | ||||
Eli Lilly & Co. | 77,972 | 20,139 | ||||
JPMorgan Chase & Co. | 120,765 | 19,316 | ||||
Mondelez International Inc. Class A | 310,860 | 19,295 | ||||
Sempra Energy | 144,804 | 19,166 | ||||
Deere & Co. | 47,508 | 17,959 | ||||
Baxter International Inc. | 212,825 | 16,222 | ||||
Texas Instruments Inc. | 84,507 | 16,133 | ||||
Raytheon Technologies Corp. | 189,237 | 16,040 | ||||
UnitedHealth Group Inc. | 36,761 | 15,303 | ||||
PepsiCo Inc. | 95,575 | 14,947 | ||||
Duke Energy Corp. | 142,261 | 14,889 | ||||
* | General Motors Co. | 295,282 | 14,472 | |||
American Express Co. | 87,042 | 14,446 | ||||
Colgate-Palmolive Co. | 183,927 | 14,337 |
Shares | Market Value• ($000) | |||||
McDonald's Corp. | 58,477 | 13,886 | ||||
PNC Financial Services Group Inc. | 71,489 | 13,662 | ||||
Lockheed Martin Corp. | 37,555 | 13,512 | ||||
Broadcom Inc. | 26,924 | 13,387 | ||||
American Tower Corp. | 39,076 | 11,417 | ||||
Pioneer Natural Resources Co. | 74,906 | 11,211 | ||||
General Dynamics Corp. | 52,258 | 10,468 | ||||
KLA Corp. | 29,395 | 9,993 | ||||
* | Alphabet Inc. Class A | 3,271 | 9,466 | |||
Union Pacific Corp. | 43,150 | 9,357 | ||||
Caterpillar Inc. | 34,927 | 7,365 | ||||
RenaissanceRe Holdings Ltd. | 39,987 | 6,267 | ||||
Marsh & McLennan Cos. Inc. | 39,171 | 6,158 | ||||
Gilead Sciences Inc. | 81,681 | 5,945 | ||||
Verizon Communications Inc. | 107,380 | 5,906 | ||||
Accenture plc Class A | 14,592 | 4,911 | ||||
Intel Corp. | 87,491 | 4,730 | ||||
BlackRock Inc. | 4,689 | 4,423 | ||||
Honeywell International Inc. | 15,054 | 3,491 | ||||
Abbott Laboratories | 21,236 | 2,684 | ||||
699,354 | ||||||
Total Common Stocks (Cost $887,787) | 1,187,371 | |||||
Coupon | Maturity Date | Face Amount ($000) | ||||
U.S. Government and Agency Obligations (5.1%) | ||||||
2,3 | Fannie Mae Pool | 3.070% | 2/1/25 | 150 | 161 | |
2,3 | Fannie Mae REMICS | 2.000% | 9/25/40 | 72 | 73 | |
2,3 | Fannie Mae REMICS | 2.500% | 5/25/45–3/25/53 | 678 | 701 | |
2,3 | Fannie Mae REMICS | 3.000% | 2/25/49 | 152 | 159 | |
2,3 | Fannie Mae REMICS | 3.500% | 6/25/44–2/25/48 | 583 | 617 | |
2,3 | Freddie Mac REMICS | 1.750% | 9/15/42 | 785 | 799 | |
2,3 | Freddie Mac REMICS | 3.500% | 9/15/40–11/15/40 | 69 | 70 | |
2,3 | Freddie Mac REMICS | 4.000% | 12/15/39–8/15/40 | 711 | 772 | |
2,4 | Ginnie Mae II Pool | 2.000% | 9/15/51–10/15/51 | 2,000 | 2,040 | |
2,4 | Ginnie Mae II Pool | 2.500% | 9/15/51–10/15/51 | 2,100 | 2,176 | |
2 | Ginnie Mae REMICS | 2.750% | 9/20/44 | 118 | 121 | |
2,3,4 | UMBS Pool | 1.500% | 9/25/36–10/25/36 | 1,700 | 1,725 | |
2,3,4 | UMBS Pool | 2.000% | 9/25/36–10/25/51 | 4,400 | 4,469 | |
2,3,4 | UMBS Pool | 2.500% | 9/25/36–10/25/51 | 14,725 | 15,277 | |
2,3,4 | UMBS Pool | 3.000% | 9/25/51–10/25/51 | 7,100 | 7,425 | |
United States Treasury Note/Bond | 0.125% | 3/31/23–2/15/24 | 15,450 | 15,412 | ||
5 | United States Treasury Note/Bond | 0.250% | 3/15/24–5/31/25 | 18,255 | 18,197 | |
United States Treasury Note/Bond | 0.375% | 4/15/24–1/31/26 | 2,135 | 2,131 | ||
United States Treasury Note/Bond | 0.500% | 2/28/26 | 775 | 768 | ||
United States Treasury Note/Bond | 0.625% | 7/31/26 | 1,630 | 1,619 | ||
United States Treasury Note/Bond | 0.750% | 4/30/26 | 1,070 | 1,071 | ||
United States Treasury Note/Bond | 0.875% | 6/30/26 | 585 | 588 | ||
United States Treasury Note/Bond | 1.125% | 2/15/31 | 315 | 311 | ||
United States Treasury Note/Bond | 1.625% | 5/15/31 | 245 | 253 | ||
United States Treasury Note/Bond | 1.875% | 2/15/41 | 1,275 | 1,285 | ||
United States Treasury Note/Bond | 2.000% | 8/15/51 | 1,200 | 1,222 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
United States Treasury Note/Bond | 2.250% | 5/15/41 | 9,195 | 9,840 | ||
United States Treasury Note/Bond | 2.375% | 5/15/51 | 2,555 | 2,822 | ||
Total U.S. Government and Agency Obligations (Cost $91,397) | 92,104 | |||||
Asset-Backed/Commercial Mortgage-Backed Securities (1.2%) | ||||||
Bermuda (0.0%) | ||||||
1,2 | START Ireland Series 2019-1 | 4.089% | 3/15/44 | 151 | 152 | |
Canada (0.1%) | ||||||
1,2 | Chesapeake Funding II LLC Series 2018-2A | 3.230% | 8/15/30 | 214 | 216 | |
1,2,6 | Ford Auto Securitization Trust Series 2019-AA | 2.354% | 6/15/23 | 421 | 335 | |
1,2,7 | Master Credit Card Trust II Series 2018-1A, 1M USD LIBOR + 0.490% | 0.578% | 7/21/24 | 765 | 768 | |
1,319 | ||||||
Cayman Islands (0.6%) | ||||||
1,2,4,7,8 | BlueMountain CLO XXXII Ltd. Series 2021-32A, 3M USD LIBOR + 1.170% | 1.290% | 10/15/34 | 1,900 | 1,900 | |
1,2,7 | Columbia Cent CLO 31 Ltd. Series 2021-31A, 3M USD LIBOR + 1.550% | 1.684% | 4/20/34 | 575 | 571 | |
1,2 | Horizon Aircraft Finance II Ltd. Series 2019-1 | 3.721% | 7/15/39 | 220 | 220 | |
1,2,7 | KKR CLO 16 Ltd., 3M USD LIBOR + 1.250% | 1.384% | 1/20/29 | 271 | 271 | |
1,2,4,7 | KKR CLO 16 Ltd., 3M USD LIBOR + 1.210% | 1.330% | 10/20/34 | 360 | 360 | |
1,2,7 | Madison Park Funding XI Ltd. Series 2013-11A, 3M USD LIBOR + 1.450% | 1.588% | 7/23/29 | 300 | 300 | |
1,2,7 | Madison Park Funding XVIII Ltd. Series 2015-18A, 3M USD LIBOR + 1.190% | 1.324% | 10/21/30 | 730 | 730 | |
1,2,7 | Madison Park Funding XXX Ltd. Series 2018-30A, 3M USD LIBOR + 0.750% | 0.876% | 4/15/29 | 1,396 | 1,395 | |
1,2,7 | Magnetite VII Ltd. Series 2012-7A, 3M USD LIBOR + 0.800% | 0.926% | 1/15/28 | 1,358 | 1,358 | |
1,2,7 | OHA Credit Funding 3 Ltd. Series 2019-3A, 3M USD LIBOR + 1.140% | 1.286% | 7/2/35 | 1,335 | 1,334 | |
1,2,7 | Rockland Park CLO Ltd. Series 2021-1A, 3M USD LIBOR + 1.120% | 1.251% | 4/20/34 | 1,600 | 1,599 | |
1,2,7 | Rockland Park CLO Ltd. Series 2021-1A, 3M USD LIBOR + 1.650% | 1.781% | 4/20/34 | 800 | 801 | |
1,2,4,7,8 | RR 18 Ltd. Series 2021-18A, 3M USD LIBOR + 1.600% | 1.720% | 10/15/34 | 600 | 600 | |
1,2,4,7 | Sound Point CLO XXXI Ltd. Series 2021-3A, 3M USD LIBOR + 1.650% | 1.770% | 10/25/34 | 395 | 394 | |
1,2,4,7,8 | Symphony CLO XXVIII Ltd. Series 2021-28A, 3M USD LIBOR + 1.650% | 1.770% | 10/23/34 | 350 | 350 | |
12,183 | ||||||
United States (0.5%) | ||||||
1,2 | Aaset Trust Series 2019-1 | 3.844% | 5/15/39 | 194 | 194 | |
1,2 | Aligned Data Centers Issuer LLC Series 2021-1A | 1.937% | 8/15/46 | 1,260 | 1,266 | |
1,2 | Angel Oak Mortgage Trust I LLC Series 2018-3 | 3.649% | 9/25/48 | 115 | 116 | |
1,2 | Castlelake Aircraft Structured Trust Series 2019-1A | 3.967% | 4/15/39 | 205 | 205 | |
1,2 | CF Hippolyta LLC Series 2020-1 | 1.690% | 7/15/60 | 778 | 793 | |
1,2 | DB Master Finance LLC Series 2019-1A | 3.787% | 5/20/49 | 142 | 143 | |
1,2 | DB Master Finance LLC Series 2019-1A | 4.021% | 5/20/49 | 123 | 129 | |
1,2 | Domino's Pizza Master Issuer LLC Series 2021-1A | 2.662% | 4/25/51 | 524 | 544 | |
1,2 | Domino's Pizza Master Issuer LLC Series 2021-1A | 3.151% | 4/25/51 | 733 | 781 | |
2 | Ford Credit Auto Lease Trust Series 2021-A | 0.780% | 9/15/25 | 280 | 280 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,2,3 | Freddie Mac STACR REMIC Trust Series 2021-DNA1 | 0.700% | 1/25/51 | 352 | 352 | |
2,3,7 | Freddie Mac Structured Agency Credit Risk Debt Notes, 1M USD LIBOR + 5.000% | 5.084% | 12/25/28 | 389 | 406 | |
2,3,7 | Freddie Mac Structured Agency Credit Risk Debt Notes, 1M USD LIBOR + 2.500% | 2.584% | 3/25/30 | 945 | 966 | |
1,2 | GreatAmerica Leasing Receivables Funding LLC Series 2018-1 | 2.830% | 6/17/24 | 54 | 54 | |
2 | Seasoned Credit Risk Transfer Trust Series 2019-3 | 3.500% | 10/25/58 | 194 | 210 | |
1,2 | SoFi Consumer Loan Program Trust Series 2019-3 | 2.900% | 5/25/28 | 75 | 75 | |
1,2 | Taco Bell Funding LLC Series 2021-1A | 1.946% | 8/25/51 | 590 | 591 | |
1,2 | Taco Bell Funding LLC Series 2021-1A | 2.294% | 8/25/51 | 540 | 543 | |
1,2 | Towd Point Mortgage Trust Series 2018-1 | 3.000% | 1/25/58 | 141 | 143 | |
1,2 | Vantage Data Centers Issuer LLC Series 2019-1A | 3.188% | 7/15/44 | 191 | 198 | |
1,2 | Vantage Data Centers LLC Series 2020-1A | 1.645% | 9/15/45 | 810 | 809 | |
8,798 | ||||||
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $22,302) | 22,452 | |||||
Corporate Bonds (20.2%) | ||||||
Australia (0.5%) | ||||||
1 | Commonwealth Bank of Australia | 2.688% | 3/11/31 | 3,150 | 3,181 | |
1 | National Australia Bank Ltd. | 2.400% | 12/7/21 | 575 | 578 | |
1 | National Australia Bank Ltd. | 2.332% | 8/21/30 | 2,020 | 1,976 | |
1 | National Australia Bank Ltd. | 2.990% | 5/21/31 | 795 | 817 | |
1 | National Australia Bank Ltd. | 3.933% | 8/2/34 | 1,050 | 1,146 | |
1 | Scentre Group Trust 1 | 3.625% | 1/28/26 | 809 | 884 | |
1 | Scentre Group Trust 1 | 4.375% | 5/28/30 | 1,230 | 1,444 | |
10,026 | ||||||
Austria (0.1%) | ||||||
1 | JAB Holdings BV | 2.200% | 11/23/30 | 430 | 426 | |
1 | JAB Holdings BV | 3.750% | 5/28/51 | 805 | 890 | |
1,316 | ||||||
Belgium (0.2%) | ||||||
2 | Anheuser-Busch Cos. LLC | 4.900% | 2/1/46 | 925 | 1,182 | |
2,9 | Anheuser-Busch InBev SA/NV | 2.000% | 3/17/28 | 217 | 287 | |
2,9 | Anheuser-Busch InBev SA/NV | 2.875% | 4/2/32 | 800 | 1,155 | |
Anheuser-Busch InBev Worldwide Inc. | 4.375% | 4/15/38 | 670 | 801 | ||
Anheuser-Busch InBev Worldwide Inc. | 4.600% | 4/15/48 | 170 | 210 | ||
3,635 | ||||||
Canada (0.3%) | ||||||
6 | Bank of Montreal | 2.850% | 3/6/24 | 3,185 | 2,636 | |
2,6 | Bell Telephone Co. of Canada or Bell Canada | 3.350% | 3/22/23 | 975 | 798 | |
Fortis Inc. | 3.055% | 10/4/26 | 775 | 836 | ||
Nutrien Ltd. | 4.125% | 3/15/35 | 650 | 751 | ||
TransCanada PipeLines Ltd. | 4.875% | 1/15/26 | 400 | 459 | ||
5,480 | ||||||
Denmark (0.4%) | ||||||
2,9 | Danfoss Finance I BV | 0.375% | 10/28/28 | 1,325 | 1,570 | |
9 | Danske Bank A/S | 0.500% | 8/27/25 | 2,450 | 2,928 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Danske Bank A/S | 1.621% | 9/11/26 | 1,320 | 1,327 | |
2,10 | Danske Bank A/S | 2.250% | 1/14/28 | 1,440 | 2,040 | |
7,865 | ||||||
France (1.4%) | ||||||
2,9 | Airbus SE | 2.375% | 4/7/32 | 600 | 829 | |
2,9 | Airbus SE | 2.375% | 6/9/40 | 700 | 976 | |
2,9 | AXA SA | 5.125% | 7/4/43 | 600 | 774 | |
1 | BNP Paribas SA | 2.819% | 11/19/25 | 470 | 494 | |
1 | BNP Paribas SA | 2.219% | 6/9/26 | 1,095 | 1,128 | |
2,9 | BNP Paribas SA | 0.125% | 9/4/26 | 600 | 708 | |
2,9 | BNP Paribas SA | 2.125% | 1/23/27 | 1,800 | 2,297 | |
2,9 | BPCE SA | 1.125% | 1/18/23 | 700 | 842 | |
2,9 | BPCE SA | 0.500% | 9/15/27 | 3,600 | 4,289 | |
1 | BPCE SA | 3.250% | 1/11/28 | 525 | 574 | |
9 | Cie de Saint-Gobain | 2.375% | 10/4/27 | 1,000 | 1,348 | |
2,9 | Credit Mutuel Arkea SA | 1.625% | 4/15/26 | 1,500 | 1,886 | |
1 | Danone SA | 2.947% | 11/2/26 | 555 | 597 | |
2,9 | Engie SA | 0.000% | 3/4/27 | 1,300 | 1,534 | |
2,9 | Orange SA | 1.000% | 5/12/25 | 1,300 | 1,598 | |
2,9 | RCI Banque SA | 0.750% | 9/26/22 | 500 | 595 | |
2,9 | RCI Banque SA | 1.375% | 3/8/24 | 1,400 | 1,706 | |
2,9 | RCI Banque SA | 1.625% | 4/11/25 | 2,325 | 2,874 | |
25,049 | ||||||
Germany (1.0%) | ||||||
1 | Bayer US Finance II LLC | 4.250% | 12/15/25 | 1,000 | 1,113 | |
1 | Bayer US Finance LLC | 3.375% | 10/8/24 | 770 | 824 | |
2,10 | E.ON International Finance BV | 4.750% | 1/31/34 | 200 | 355 | |
2,10 | E.ON International Finance BV | 5.875% | 10/30/37 | 250 | 513 | |
2,9 | Vantage Towers AG | 0.375% | 3/31/27 | 300 | 357 | |
2,9 | Vantage Towers AG | 0.750% | 3/31/30 | 1,800 | 2,157 | |
2,10 | Volkswagen Financial Services NV | 0.875% | 2/20/25 | 700 | 959 | |
2,9 | Volkswagen International Finance NV | 1.500% | 1/21/41 | 700 | 830 | |
2,9 | Volkswagen Leasing GmbH | 2.625% | 1/15/24 | 425 | 534 | |
2,9 | Volkswagen Leasing GmbH | 1.375% | 1/20/25 | 3,100 | 3,823 | |
2,9 | Volkswagen Leasing GmbH | 0.625% | 7/19/29 | 825 | 979 | |
2,9 | Vonovia Finance BV | 1.000% | 7/9/30 | 400 | 490 | |
2,9 | Vonovia Finance BV | 1.625% | 10/7/39 | 600 | 736 | |
9 | Wintershall Dea Finance BV | 0.840% | 9/25/25 | 1,300 | 1,569 | |
9 | Wintershall Dea Finance BV | 1.823% | 9/25/31 | 1,900 | 2,378 | |
17,617 | ||||||
Ireland (0.7%) | ||||||
AerCap Ireland Capital DAC | 4.625% | 10/15/27 | 1,410 | 1,572 | ||
AerCap Ireland Capital DAC | 3.875% | 1/23/28 | 2,665 | 2,857 | ||
1 | Avolon Holdings Funding Ltd. | 2.125% | 2/21/26 | 939 | 936 | |
1 | Avolon Holdings Funding Ltd. | 4.375% | 5/1/26 | 646 | 703 | |
9 | CRH Finance DAC | 3.125% | 4/3/23 | 1,634 | 2,032 | |
2,9 | CRH SMW Finance DAC | 1.250% | 11/5/26 | 1,200 | 1,506 | |
1 | Park Aerospace Holdings Ltd. | 5.500% | 2/15/24 | 2,991 | 3,281 | |
12,887 | ||||||
Italy (0.3%) | ||||||
1 | Enel Finance International NV | 3.625% | 5/25/27 | 880 | 978 | |
2,9 | Enel Finance International NV | 0.500% | 6/17/30 | 675 | 805 | |
1 | Enel Finance International NV | 4.750% | 5/25/47 | 1,030 | 1,307 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | UniCredit SpA | 1.982% | 6/3/27 | 1,505 | 1,508 | |
1 | UniCredit SpA | 3.127% | 6/3/32 | 1,130 | 1,153 | |
5,751 | ||||||
Japan (0.1%) | ||||||
1 | NTT Finance Corp. | 1.162% | 4/3/26 | 1,180 | 1,179 | |
Takeda Pharmaceutical Co. Ltd. | 3.025% | 7/9/40 | 200 | 206 | ||
1,385 | ||||||
Mexico (0.0%) | ||||||
America Movil SAB de CV | 3.625% | 4/22/29 | 275 | 303 | ||
America Movil SAB de CV | 6.375% | 3/1/35 | 350 | 503 | ||
806 | ||||||
Netherlands (0.3%) | ||||||
1 | Cooperatieve Rabobank UA | 1.106% | 2/24/27 | 1,090 | 1,081 | |
2,10 | Cooperatieve Rabobank UA | 4.625% | 5/23/29 | 100 | 164 | |
9 | Euronext NV | 1.125% | 6/12/29 | 1,125 | 1,408 | |
9 | ING Groep NV | 0.250% | 2/18/29 | 2,600 | 3,035 | |
Shell International Finance BV | 4.000% | 5/10/46 | 300 | 358 | ||
6,046 | ||||||
Norway (0.2%) | ||||||
2,9 | Aker BP ASA | 1.125% | 5/12/29 | 1,950 | 2,369 | |
1 | Aker BP ASA | 4.000% | 1/15/31 | 1,090 | 1,200 | |
3,569 | ||||||
South Korea (0.0%) | ||||||
1 | SK Telecom Co. Ltd. | 3.750% | 4/16/23 | 200 | 210 | |
Spain (0.2%) | ||||||
2,9 | Iberdrola Finanzas SA | 1.250% | 10/28/26 | 1,300 | 1,638 | |
Telefonica Emisiones SA | 4.665% | 3/6/38 | 1,055 | 1,253 | ||
2,891 | ||||||
Switzerland (0.6%) | ||||||
1 | Alcon Finance Corp. | 3.000% | 9/23/29 | 1,280 | 1,364 | |
1 | Alcon Finance Corp. | 2.600% | 5/27/30 | 625 | 645 | |
2,9 | Credit Suisse Group AG | 1.250% | 7/17/25 | 675 | 821 | |
1 | Credit Suisse Group AG | 3.091% | 5/14/32 | 3,730 | 3,890 | |
1 | UBS Group AG | 1.494% | 8/10/27 | 1,495 | 1,493 | |
9 | UBS Group AG | 0.250% | 2/24/28 | 1,600 | 1,890 | |
�� | 10,103 | |||||
United Arab Emirates (0.4%) | ||||||
1 | DAE Funding LLC | 1.550% | 8/1/24 | 1,915 | 1,911 | |
1 | Galaxy Pipeline Assets Bidco Ltd. | 2.160% | 3/31/34 | 5,155 | 5,136 | |
7,047 | ||||||
United Kingdom (2.3%) | ||||||
1 | Ashtead Capital Inc. | 2.450% | 8/12/31 | 1,995 | 1,983 | |
AstraZeneca plc | 4.000% | 1/17/29 | 755 | 872 | ||
1 | BAE Systems plc | 3.400% | 4/15/30 | 200 | 219 | |
2,9 | Barclays plc | 1.375% | 1/24/26 | 1,675 | 2,060 | |
2 | Barclays plc | 4.972% | 5/16/29 | 1,875 | 2,204 | |
Barclays plc | 2.645% | 6/24/31 | 815 | 831 | ||
BAT Capital Corp. | 3.557% | 8/15/27 | 1,240 | 1,342 | ||
2,6 | BP Capital Markets plc | 3.470% | 5/15/25 | 1,350 | 1,149 | |
1 | CK Hutchison International 17 II Ltd. | 2.750% | 3/29/23 | 1,275 | 1,319 | |
2,10 | CPUK Finance Ltd. | 3.588% | 8/28/25 | 1,400 | 2,082 | |
2,9 | FCE Bank plc | 0.869% | 9/13/21 | 1,800 | 2,124 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
2,10 | Heathrow Funding Ltd. | 2.750% | 10/13/29 | 1,700 | 2,441 | |
2,10 | Heathrow Funding Ltd. | 2.750% | 8/9/49 | 250 | 347 | |
7 | HSBC Holdings plc, 3M USD LIBOR + 1.000% | 1.124% | 5/18/24 | 245 | 248 | |
2,10 | HSBC Holdings plc | 2.256% | 11/13/26 | 600 | 854 | |
HSBC Holdings plc | 1.589% | 5/24/27 | 580 | 582 | ||
10 | HSBC Holdings plc | 1.750% | 7/24/27 | 2,000 | 2,773 | |
2 | HSBC Holdings plc | 4.041% | 3/13/28 | 1,160 | 1,294 | |
HSBC Holdings plc | 2.206% | 8/17/29 | 1,565 | 1,579 | ||
HSBC Holdings plc | 2.804% | 5/24/32 | 935 | 965 | ||
2,9 | Natwest Group plc | 1.750% | 3/2/26 | 3,125 | 3,891 | |
10 | Natwest Group plc | 3.622% | 8/14/30 | 2,500 | 3,669 | |
Prudential plc | 3.125% | 4/14/30 | 540 | 589 | ||
1 | Sky Ltd. | 3.125% | 11/26/22 | 725 | 750 | |
1 | Standard Chartered plc | 2.744% | 9/10/22 | 1,095 | 1,095 | |
1 | Standard Chartered plc | 0.991% | 1/12/25 | 815 | 814 | |
2,9 | Vodafone Group plc | 1.625% | 11/24/30 | 2,675 | 3,473 | |
Vodafone Group plc | 5.250% | 5/30/48 | 400 | 533 | ||
42,082 | ||||||
United States (11.2%) | ||||||
AbbVie Inc. | 3.800% | 3/15/25 | 1,060 | 1,156 | ||
AbbVie Inc. | 4.050% | 11/21/39 | 275 | 323 | ||
2 | Alabama Power Co. | 4.300% | 7/15/48 | 255 | 322 | |
Altria Group Inc. | 3.875% | 9/16/46 | 400 | 404 | ||
Amazon.com Inc. | 4.800% | 12/5/34 | 300 | 389 | ||
American Electric Power Co. Inc. | 3.200% | 11/13/27 | 950 | 1,035 | ||
9 | American Express Credit Corp. | 0.625% | 11/22/21 | 1,900 | 2,247 | |
10 | American Honda Finance Corp. | 0.750% | 11/25/26 | 1,855 | 2,513 | |
9 | American International Group Inc. | 1.500% | 6/8/23 | 975 | 1,180 | |
American International Group Inc. | 4.250% | 3/15/29 | 1,072 | 1,240 | ||
American International Group Inc. | 3.400% | 6/30/30 | 785 | 864 | ||
American International Group Inc. | 4.500% | 7/16/44 | 73 | 90 | ||
American International Group Inc. | 4.750% | 4/1/48 | 45 | 59 | ||
American International Group Inc. | 4.375% | 6/30/50 | 570 | 716 | ||
American Tower Corp. | 5.000% | 2/15/24 | 380 | 419 | ||
American Tower Corp. | 4.400% | 2/15/26 | 300 | 338 | ||
9 | American Tower Corp. | 0.450% | 1/15/27 | 3,120 | 3,711 | |
Amgen Inc. | 4.663% | 6/15/51 | 350 | 454 | ||
Amgen Inc. | 2.770% | 9/1/53 | 590 | 565 | ||
Anthem Inc. | 2.250% | 5/15/30 | 1,010 | 1,028 | ||
9 | AT&T Inc. | 2.050% | 5/19/32 | 475 | 628 | |
9 | AT&T Inc. | 3.150% | 9/4/36 | 575 | 836 | |
9 | AT&T Inc. | 2.600% | 5/19/38 | 425 | 581 | |
AT&T Inc. | 3.300% | 2/1/52 | 155 | 154 | ||
1 | AT&T Inc. | 3.500% | 9/15/53 | 2,620 | 2,689 | |
1 | Athene Global Funding | 2.500% | 3/24/28 | 2,555 | 2,643 | |
2 | Bank of America Corp. | 3.300% | 1/11/23 | 570 | 594 | |
Bank of America Corp. | 1.734% | 7/22/27 | 1,325 | 1,343 | ||
2 | Bank of America Corp. | 3.593% | 7/21/28 | 1,885 | 2,084 | |
2 | Bank of America Corp. | 4.271% | 7/23/29 | 1,640 | 1,884 | |
2 | Bank of America Corp. | 2.496% | 2/13/31 | 770 | 792 | |
Bank of America Corp. | 2.687% | 4/22/32 | 1,165 | 1,212 | ||
Bank of America Corp. | 2.299% | 7/21/32 | 990 | 996 | ||
Bank of America Corp. | 3.311% | 4/22/42 | 635 | 685 | ||
2,7 | Bank of New York Mellon Corp., 3M USD LIBOR + 1.050% | 1.178% | 10/30/23 | 415 | 420 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
9 | Becton Dickinson Euro Finance Sarl | 0.334% | 8/13/28 | 705 | 832 | |
Boeing Co. | 1.433% | 2/4/24 | 805 | 807 | ||
Boeing Co. | 2.196% | 2/4/26 | 1,145 | 1,154 | ||
Boeing Co. | 3.250% | 3/1/28 | 632 | 666 | ||
Boeing Co. | 3.450% | 11/1/28 | 230 | 246 | ||
2 | Bon Secours Mercy Health Inc. | 2.095% | 6/1/31 | 415 | 417 | |
9 | Booking Holdings Inc. | 0.100% | 3/8/25 | 110 | 131 | |
9 | Booking Holdings Inc. | 0.500% | 3/8/28 | 445 | 535 | |
9 | BorgWarner Inc. | 1.000% | 5/19/31 | 875 | 1,052 | |
1 | Boston Gas Co. | 3.001% | 8/1/29 | 130 | 137 | |
Boston Scientific Corp. | 4.000% | 3/1/29 | 60 | 69 | ||
Boston Scientific Corp. | 4.550% | 3/1/39 | 600 | 739 | ||
BP Capital Markets America Inc. | 3.379% | 2/8/61 | 1,090 | 1,130 | ||
Brandywine Operating Partnership LP | 3.950% | 11/15/27 | 890 | 975 | ||
Brixmor Operating Partnership LP | 2.500% | 8/16/31 | 805 | 809 | ||
Broadcom Inc. | 4.700% | 4/15/25 | 1,510 | 1,690 | ||
1 | Brooklyn Union Gas Co. | 4.273% | ��� 3/15/48 | 965 | 1,119 | |
1 | Cargill Inc. | 4.760% | 11/23/45 | 340 | 457 | |
Carrier Global Corp. | 2.722% | 2/15/30 | 648 | 680 | ||
Carrier Global Corp. | 3.377% | 4/5/40 | 250 | 267 | ||
Charter Communications Operating LLC | 5.050% | 3/30/29 | 595 | 705 | ||
Charter Communications Operating LLC | 2.300% | 2/1/32 | 1,325 | 1,292 | ||
Charter Communications Operating LLC | 6.384% | 10/23/35 | 355 | 474 | ||
Charter Communications Operating LLC | 5.375% | 5/1/47 | 110 | 135 | ||
Charter Communications Operating LLC | 5.125% | 7/1/49 | 90 | 108 | ||
Charter Communications Operating LLC | 4.800% | 3/1/50 | 118 | 138 | ||
Charter Communications Operating LLC | 3.700% | 4/1/51 | 610 | 613 | ||
Cigna Corp. | 4.375% | 10/15/28 | 420 | 490 | ||
Cigna Corp. | 2.400% | 3/15/30 | 310 | 320 | ||
Citigroup Inc. | 4.600% | 3/9/26 | 535 | 610 | ||
Cleco Corporate Holdings LLC | 3.743% | 5/1/26 | 475 | 519 | ||
Cleco Corporate Holdings LLC | 3.375% | 9/15/29 | 325 | 340 | ||
Comcast Corp. | 3.950% | 10/15/25 | 250 | 279 | ||
Comcast Corp. | 6.500% | 11/15/35 | 178 | 260 | ||
Comcast Corp. | 4.000% | 3/1/48 | 40 | 47 | ||
Comcast Corp. | 3.999% | 11/1/49 | 120 | 143 | ||
1 | Comcast Corp. | 2.887% | 11/1/51 | 1,852 | 1,844 | |
Comcast Corp. | 4.049% | 11/1/52 | 11 | 13 | ||
1 | Comcast Corp. | 2.937% | 11/1/56 | 190 | 188 | |
Comcast Corp. | 2.650% | 8/15/62 | 25 | 23 | ||
1 | Comcast Corp. | 2.987% | 11/1/63 | 11 | 11 | |
CommonSpirit Health | 4.200% | 8/1/23 | 770 | 821 | ||
CommonSpirit Health | 3.347% | 10/1/29 | 355 | 386 | ||
CommonSpirit Health | 4.187% | 10/1/49 | 435 | 507 | ||
Commonwealth Edison Co. | 3.650% | 6/15/46 | 35 | 40 | ||
Commonwealth Edison Co. | 4.000% | 3/1/48 | 245 | 295 | ||
Conagra Brands Inc. | 4.600% | 11/1/25 | 200 | 226 | ||
Conagra Brands Inc. | 1.375% | 11/1/27 | 640 | 628 | ||
Conagra Brands Inc. | 5.300% | 11/1/38 | 990 | 1,281 | ||
2 | Consolidated Edison Co. of New York Inc. | 6.300% | 8/15/37 | 75 | 107 | |
Consolidated Edison Co. of New York Inc. | 4.625% | 12/1/54 | 290 | 371 | ||
Constellation Brands Inc. | 2.875% | 5/1/30 | 115 | 121 | ||
1 | Cox Communications Inc. | 3.500% | 8/15/27 | 2,665 | 2,940 | |
1 | Cox Communications Inc. | 4.800% | 2/1/35 | 100 | 121 | |
Crown Castle International Corp. | 2.100% | 4/1/31 | 2,475 | 2,426 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Crown Castle International Corp. | 2.900% | 4/1/41 | 420 | 413 | ||
CSX Corp. | 4.300% | 3/1/48 | 495 | 610 | ||
CVS Health Corp. | 2.875% | 6/1/26 | 1,455 | 1,562 | ||
CVS Health Corp. | 4.300% | 3/25/28 | 113 | 130 | ||
CVS Health Corp. | 4.125% | 4/1/40 | 235 | 275 | ||
CVS Health Corp. | 5.050% | 3/25/48 | 125 | 165 | ||
Dignity Health | 3.812% | 11/1/24 | 594 | 641 | ||
Dignity Health | 4.500% | 11/1/42 | 166 | 201 | ||
Discovery Communications LLC | 3.950% | 3/20/28 | 424 | 474 | ||
Discovery Communications LLC | 4.125% | 5/15/29 | 186 | 210 | ||
Discovery Communications LLC | 3.625% | 5/15/30 | 995 | 1,092 | ||
Discovery Communications LLC | 4.650% | 5/15/50 | 588 | 696 | ||
Discovery Communications LLC | 4.000% | 9/15/55 | 497 | 533 | ||
Dominion Energy South Carolina Inc. | 6.625% | 2/1/32 | 156 | 219 | ||
Dominion Energy South Carolina Inc. | 5.300% | 5/15/33 | 113 | 149 | ||
Dominion Energy South Carolina Inc. | 5.450% | 2/1/41 | 300 | 418 | ||
Dominion Energy South Carolina Inc. | 4.600% | 6/15/43 | 230 | 297 | ||
Duke Energy Corp. | 2.550% | 6/15/31 | 900 | 926 | ||
1 | Eastern Gas Transmission & Storage Inc. | 4.600% | 12/15/44 | 660 | 804 | |
Energy Transfer LP | 4.900% | 3/15/35 | 1,075 | 1,238 | ||
1 | Equitable Financial Life Global Funding | 1.400% | 7/7/25 | 150 | 152 | |
1 | Equitable Financial Life Global Funding | 1.300% | 7/12/26 | 1,020 | 1,020 | |
1 | Equitable Financial Life Global Funding | 1.400% | 8/27/27 | 825 | 822 | |
1 | ERAC USA Finance LLC | 3.300% | 12/1/26 | 300 | 328 | |
1 | ERAC USA Finance LLC | 4.500% | 2/15/45 | 455 | 565 | |
Evergy Kansas Central Inc. | 3.250% | 9/1/49 | 235 | 252 | ||
2 | Evergy Metro Inc. | 2.250% | 6/1/30 | 245 | 251 | |
Exxon Mobil Corp. | 2.275% | 8/16/26 | 1,075 | 1,133 | ||
Exxon Mobil Corp. | 2.610% | 10/15/30 | 190 | 201 | ||
FedEx Corp. | 4.100% | 2/1/45 | 85 | 99 | ||
FedEx Corp. | 4.750% | 11/15/45 | 227 | 286 | ||
FedEx Corp. | 4.550% | 4/1/46 | 117 | 144 | ||
FedEx Corp. | 4.050% | 2/15/48 | 33 | 38 | ||
9 | Fidelity National Information Services Inc. | 1.500% | 5/21/27 | 1,820 | 2,296 | |
Fifth Third Bancorp | 2.550% | 5/5/27 | 555 | 589 | ||
Fiserv Inc. | 3.200% | 7/1/26 | 355 | 386 | ||
9 | Fiserv Inc. | 1.625% | 7/1/30 | 1,125 | 1,445 | |
10 | Fiserv Inc. | 3.000% | 7/1/31 | 775 | 1,182 | |
9 | General Mills Inc. | 0.450% | 1/15/26 | 1,275 | 1,535 | |
General Motors Co. | 4.200% | 10/1/27 | 475 | 532 | ||
General Motors Co. | 5.000% | 10/1/28 | 935 | 1,093 | ||
1 | Genting New York LLC | 3.300% | 2/15/26 | 1,668 | 1,669 | |
Georgia Power Co. | 4.300% | 3/15/42 | 860 | 1,023 | ||
Gilead Sciences Inc. | 2.800% | 10/1/50 | 1,735 | 1,691 | ||
2 | Goldman Sachs Group Inc. | 3.272% | 9/29/25 | 1,375 | 1,473 | |
Goldman Sachs Group Inc. | 1.431% | 3/9/27 | 3,610 | 3,618 | ||
Goldman Sachs Group Inc. | 2.615% | 4/22/32 | 885 | 912 | ||
2 | Goldman Sachs Group Inc. | 2.383% | 7/21/32 | 960 | 971 | |
1 | Gray Oak Pipeline LLC | 2.600% | 10/15/25 | 436 | 449 | |
1 | Gray Oak Pipeline LLC | 3.450% | 10/15/27 | 70 | 75 | |
HCA Inc. | 5.250% | 6/15/49 | 575 | 750 | ||
Healthpeak Properties Inc. | 3.500% | 7/15/29 | 335 | 372 | ||
Hess Corp. | 7.300% | 8/15/31 | 1,750 | 2,380 | ||
Hess Corp. | 5.600% | 2/15/41 | 1,245 | 1,554 | ||
1 | Hyundai Capital America | 0.800% | 4/3/23 | 1,385 | 1,387 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Intercontinental Exchange Inc. | 1.850% | 9/15/32 | 1,425 | 1,375 | ||
International Business Machines Corp. | 3.300% | 5/15/26 | 550 | 606 | ||
International Business Machines Corp. | 1.950% | 5/15/30 | 1,510 | 1,516 | ||
International Business Machines Corp. | 4.250% | 5/15/49 | 420 | 525 | ||
International Paper Co. | 4.350% | 8/15/48 | 322 | 404 | ||
1 | ITC Holdings Corp. | 2.950% | 5/14/30 | 965 | 1,026 | |
2 | John Deere Capital Corp. | 3.450% | 3/13/25 | 985 | 1,077 | |
2 | Johnson Controls International plc | 4.950% | 7/2/64 | 692 | 956 | |
JPMorgan Chase & Co. | 2.580% | 4/22/32 | 1,910 | 1,975 | ||
2 | JPMorgan Chase & Co. | 3.964% | 11/15/48 | 975 | 1,157 | |
2 | Kaiser Foundation Hospitals | 2.810% | 6/1/41 | 1,200 | 1,237 | |
Kaiser Foundation Hospitals | 4.875% | 4/1/42 | 45 | 62 | ||
1 | KeySpan Gas East Corp. | 2.742% | 8/15/26 | 400 | 421 | |
Kroger Co. | 4.450% | 2/1/47 | 330 | 402 | ||
Kroger Co. | 5.400% | 1/15/49 | 290 | 403 | ||
Lowe's Cos. Inc. | 1.300% | 4/15/28 | 1,845 | 1,811 | ||
Marsh & McLennan Cos. Inc. | 4.375% | 3/15/29 | 1,010 | 1,187 | ||
1 | Marvell Technology Inc. | 2.950% | 4/15/31 | 1,130 | 1,173 | |
1 | Massachusetts Mutual Life Insurance Co. | 3.375% | 4/15/50 | 550 | 592 | |
McCormick & Co. Inc. | 2.500% | 4/15/30 | 180 | 187 | ||
2 | McDonald's Corp. | 4.450% | 9/1/48 | 475 | 596 | |
2 | McDonald's Corp. | 3.625% | 9/1/49 | 50 | 56 | |
Memorial Sloan-Kettering Cancer Center | 4.125% | 7/1/52 | 150 | 193 | ||
Merck & Co. Inc. | 3.400% | 3/7/29 | 545 | 613 | ||
2 | Mercy Health | 3.555% | 8/1/27 | 410 | 447 | |
2 | Mercy Health | 4.302% | 7/1/28 | 140 | 162 | |
1 | Microchip Technology Inc. | 0.972% | 2/15/24 | 1,630 | 1,631 | |
Microsoft Corp. | 2.921% | 3/17/52 | 1,125 | 1,208 | ||
MidAmerican Energy Co. | 4.250% | 5/1/46 | 10 | 12 | ||
1 | Mid-Atlantic Interstate Transmission LLC | 4.100% | 5/15/28 | 1,385 | 1,570 | |
2,6 | Molson Coors International LP | 2.840% | 7/15/23 | 1,875 | 1,530 | |
9 | Mondelez International Inc. | 0.250% | 3/17/28 | 975 | 1,151 | |
9 | Mondelez International Inc. | 1.375% | 3/17/41 | 910 | 1,075 | |
2 | Morgan Stanley | 3.125% | 7/27/26 | 1,850 | 2,007 | |
2 | Morgan Stanley | 3.772% | 1/24/29 | 570 | 638 | |
9 | Morgan Stanley | 0.497% | 2/7/31 | 1,050 | 1,224 | |
National Retail Properties Inc. | 3.900% | 6/15/24 | 805 | 868 | ||
1 | Nationwide Mutual Insurance Co. | 4.350% | 4/30/50 | 1,330 | 1,520 | |
NextEra Energy Capital Holdings Inc. | 1.900% | 6/15/28 | 1,120 | 1,135 | ||
1 | Niagara Mohawk Power Corp. | 1.960% | 6/27/30 | 985 | 976 | |
Norfolk Southern Corp. | 2.550% | 11/1/29 | 1,165 | 1,224 | ||
1 | Northwestern Mutual Life Insurance Co. | 3.850% | 9/30/47 | 230 | 267 | |
1 | Northwestern Mutual Life Insurance Co. | 3.625% | 9/30/59 | 36 | 41 | |
NVIDIA Corp. | 3.500% | 4/1/40 | 445 | 507 | ||
2 | Ochsner LSU Health System of North Louisiana | 2.510% | 5/15/31 | 925 | 927 | |
1 | Oglethorpe Power Corp. | 6.191% | 1/1/31 | 210 | 264 | |
Oglethorpe Power Corp. | 5.050% | 10/1/48 | 161 | 204 | ||
Oglethorpe Power Corp. | 5.250% | 9/1/50 | 305 | 396 | ||
Oracle Corp. | 3.400% | 7/8/24 | 575 | 616 | ||
Oracle Corp. | 3.600% | 4/1/50 | 850 | 887 | ||
Oracle Corp. | 3.950% | 3/25/51 | 1,505 | 1,668 | ||
Oracle Corp. | 3.850% | 4/1/60 | 225 | 242 | ||
Otis Worldwide Corp. | 2.565% | 2/15/30 | 85 | 89 | ||
Otis Worldwide Corp. | 3.112% | 2/15/40 | 195 | 205 | ||
PacifiCorp | 2.700% | 9/15/30 | 205 | 217 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Pennsylvania Electric Co. | 3.600% | 6/1/29 | 208 | 224 | |
1 | Penske Truck Leasing Co. LP | 3.375% | 2/1/22 | 145 | 146 | |
1 | Penske Truck Leasing Co. LP | 4.250% | 1/17/23 | 1,405 | 1,476 | |
1 | Penske Truck Leasing Co. LP | 2.700% | 11/1/24 | 170 | 179 | |
1 | Penske Truck Leasing Co. LP | 3.950% | 3/10/25 | 1,120 | 1,223 | |
1 | Penske Truck Leasing Co. LP | 4.000% | 7/15/25 | 180 | 198 | |
Pfizer Inc. | 1.700% | 5/28/30 | 275 | 275 | ||
2 | PNC Bank NA | 3.250% | 1/22/28 | 910 | 1,008 | |
2 | Providence St. Joseph Health Obligated Group | 3.930% | 10/1/48 | 225 | 269 | |
Raytheon Technologies Corp. | 3.950% | 8/16/25 | 285 | 316 | ||
Raytheon Technologies Corp. | 4.450% | 11/16/38 | 725 | 887 | ||
10 | Realty Income Corp. | 1.750% | 7/13/33 | 1,075 | 1,483 | |
Royalty Pharma plc | 3.300% | 9/2/40 | 315 | 319 | ||
Royalty Pharma plc | 3.550% | 9/2/50 | 765 | 766 | ||
2 | San Diego Gas & Electric Co. | 1.700% | 10/1/30 | 1,360 | 1,324 | |
2 | San Diego Gas & Electric Co. | 4.100% | 6/15/49 | 261 | 317 | |
Santander Holdings USA Inc. | 3.700% | 3/28/22 | 2,400 | 2,437 | ||
1 | SBA Tower Trust | 3.448% | 3/15/23 | 675 | 687 | |
1 | SBA Tower Trust | 1.884% | 1/15/26 | 245 | 248 | |
1 | SBA Tower Trust | 1.631% | 11/15/26 | 540 | 540 | |
2 | SCE Recovery Funding LLC | 0.861% | 11/15/31 | 400 | 393 | |
2 | SCE Recovery Funding LLC | 1.942% | 5/15/38 | 165 | 162 | |
2 | SCE Recovery Funding LLC | 2.510% | 11/15/43 | 95 | 93 | |
Sempra Energy | 3.250% | 6/15/27 | 1,050 | 1,143 | ||
Sherwin-Williams Co. | 3.450% | 6/1/27 | 2,055 | 2,272 | ||
Sierra Pacific Power Co. | 2.600% | 5/1/26 | 149 | 158 | ||
2 | Southern California Edison Co. | 3.700% | 8/1/25 | 30 | 33 | |
2 | Southern California Edison Co. | 2.950% | 2/1/51 | 790 | 722 | |
Southern Co. | 4.400% | 7/1/46 | 5 | 6 | ||
1 | Sprint Spectrum Co. LLC | 4.738% | 3/20/25 | 755 | 805 | |
2 | SSM Health Care Corp. | 3.823% | 6/1/27 | 320 | 362 | |
Starbucks Corp. | 4.500% | 11/15/48 | 730 | 925 | ||
Starbucks Corp. | 3.350% | 3/12/50 | 60 | 64 | ||
2 | Sutter Health | 2.294% | 8/15/30 | 360 | 369 | |
Sysco Corp. | 2.400% | 2/15/30 | 1,495 | 1,541 | ||
1 | Teachers Insurance & Annuity Association of America | 4.900% | 9/15/44 | 860 | 1,136 | |
Teledyne Technologies Inc. | 2.250% | 4/1/28 | 985 | 1,013 | ||
Teledyne Technologies Inc. | 2.750% | 4/1/31 | 790 | 825 | ||
Thermo Fisher Scientific Inc. | 1.750% | 10/15/28 | 495 | 500 | ||
T-Mobile USA Inc. | 2.050% | 2/15/28 | 1,975 | 2,009 | ||
T-Mobile USA Inc. | 4.375% | 4/15/40 | 515 | 603 | ||
2 | Toledo Hospital | 5.325% | 11/15/28 | 555 | 639 | |
Toledo Hospital | 5.750% | 11/15/38 | 205 | 247 | ||
Trinity Acquisition plc | 4.400% | 3/15/26 | 1,274 | 1,434 | ||
2 | Truist Bank | 3.300% | 5/15/26 | 450 | 495 | |
2 | Truist Financial Corp. | 3.700% | 6/5/25 | 970 | 1,070 | |
Union Pacific Corp. | 3.600% | 9/15/37 | 910 | 1,029 | ||
Union Pacific Corp. | 3.750% | 2/5/70 | 285 | 324 | ||
2 | United Airlines Pass-Through Trust Class B Series 2018-1 | 4.600% | 3/1/26 | 54 | 56 | |
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 820 | 940 | ||
UnitedHealth Group Inc. | 2.000% | 5/15/30 | 240 | 244 | ||
UnitedHealth Group Inc. | 4.625% | 7/15/35 | 75 | 95 | ||
UnitedHealth Group Inc. | 4.200% | 1/15/47 | 65 | 80 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
VEREIT Operating Partnership LP | 3.400% | 1/15/28 | 535 | 584 | ||
VEREIT Operating Partnership LP | 2.200% | 6/15/28 | 285 | 292 | ||
VEREIT Operating Partnership LP | 3.100% | 12/15/29 | 830 | 893 | ||
VEREIT Operating Partnership LP | 2.850% | 12/15/32 | 120 | 127 | ||
9 | Verizon Communications Inc. | 1.250% | 4/8/30 | 1,100 | 1,381 | |
Verizon Communications Inc. | 1.680% | 10/30/30 | 307 | 296 | ||
10 | Verizon Communications Inc. | 3.375% | 10/27/36 | 200 | 324 | |
Verizon Communications Inc. | 4.522% | 9/15/48 | 720 | 907 | ||
Verizon Communications Inc. | 5.012% | 8/21/54 | 475 | 654 | ||
Verizon Communications Inc. | 2.987% | 10/30/56 | 185 | 178 | ||
VF Corp. | 2.800% | 4/23/27 | 185 | 198 | ||
VF Corp. | 2.950% | 4/23/30 | 1,765 | 1,883 | ||
2,6 | Wells Fargo & Co. | 2.975% | 5/19/26 | 625 | 523 | |
2 | Wells Fargo & Co. | 4.100% | 6/3/26 | 920 | 1,033 | |
2 | Wells Fargo & Co. | 4.300% | 7/22/27 | 275 | 315 | |
2 | Wells Fargo & Co. | 2.879% | 10/30/30 | 435 | 463 | |
2 | Wells Fargo & Co. | 4.750% | 12/7/46 | 800 | 1,021 | |
Welltower Inc. | 4.000% | 6/1/25 | 275 | 302 | ||
204,995 | ||||||
Total Corporate Bonds (Cost $352,904) | 368,760 | |||||
Sovereign Bonds (4.5%) | ||||||
Australia (0.1%) | ||||||
2,11 | Commonwealth of Australia | 2.750% | 11/21/27 | 135 | 110 | |
2,11 | Commonwealth of Australia | 2.250% | 5/21/28 | 1,195 | 955 | |
2,11 | Commonwealth of Australia | 1.000% | 11/21/31 | 2,175 | 1,562 | |
2,627 | ||||||
Bermuda (0.0%) | ||||||
1,2 | Bermuda | 2.375% | 8/20/30 | 200 | 202 | |
1,2 | Bermuda | 3.375% | 8/20/50 | 200 | 209 | |
411 | ||||||
Canada (0.4%) | ||||||
6 | City of Montreal | 3.150% | 12/1/36 | 750 | 649 | |
6 | City of Montreal | 3.500% | 12/1/38 | 410 | 370 | |
6 | City of Montreal | 2.400% | 12/1/41 | 1,000 | 764 | |
6 | City of Toronto | 3.200% | 8/1/48 | 1,000 | 853 | |
6 | Municipal Finance Authority of British Columbia | 4.950% | 12/1/27 | 2,200 | 2,105 | |
6 | Province of Ontario | 2.900% | 6/2/28 | 1,910 | 1,652 | |
2,12 | Province of Ontario | 0.250% | 6/28/29 | 985 | 1,114 | |
6 | Regional Municipality of York | 2.150% | 6/22/31 | 800 | 642 | |
8,149 | ||||||
Chile (0.2%) | ||||||
2 | Corp. Nacional del Cobre de Chile | 3.625% | 8/1/27 | 650 | 710 | |
2 | Republic of Chile | 2.550% | 7/27/33 | 2,215 | 2,257 | |
9 | Republic of Chile | 1.250% | 1/22/51 | 670 | 729 | |
3,696 | ||||||
China (0.1%) | ||||||
1,2 | State Grid Overseas Investment BVI Ltd. | 2.750% | 5/4/22 | 2,135 | 2,165 | |
Colombia (0.1%) | ||||||
2 | Republic of Colombia | 4.000% | 2/26/24 | 1,350 | 1,421 | |
Croatia (0.1%) | ||||||
9 | Republic of Croatia | 1.500% | 6/17/31 | 1,815 | 2,297 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Japan (1.2%) | ||||||
2,13 | Japan | 0.100% | 3/20/31 | 2,013,000 | 18,443 | |
2,13 | Japan | 0.100% | 6/20/31 | 353,200 | 3,233 | |
21,676 | ||||||
Mexico (0.1%) | ||||||
2 | United Mexican States | 4.280% | 8/14/41 | 2,210 | 2,370 | |
Norway (0.1%) | ||||||
Equinor ASA | 3.000% | 4/6/27 | 1,545 | 1,677 | ||
Panama (0.2%) | ||||||
1,2 | Empresa de Transmision Electrica SA | 5.125% | 5/2/49 | 470 | 539 | |
2 | Republic of Panama | 2.252% | 9/29/32 | 2,765 | 2,698 | |
3,237 | ||||||
Qatar (0.2%) | ||||||
1 | Qatar Petroleum | 2.250% | 7/12/31 | 820 | 826 | |
1 | Qatar Petroleum | 3.125% | 7/12/41 | 685 | 707 | |
1,2 | State of Qatar | 3.875% | 4/23/23 | 550 | 581 | |
1,2 | State of Qatar | 5.103% | 4/23/48 | 255 | 344 | |
1,2 | State of Qatar | 4.400% | 4/16/50 | 780 | 968 | |
3,426 | ||||||
Romania (0.3%) | ||||||
1,9 | Republic of Romania | 1.375% | 12/2/29 | 299 | 353 | |
2,9 | Republic of Romania | 2.500% | 2/8/30 | 1,225 | 1,547 | |
2,9 | Republic of Romania | 3.624% | 5/26/30 | 1,150 | 1,570 | |
2,9 | Republic of Romania | 2.124% | 7/16/31 | 725 | 880 | |
1,9 | Republic of Romania | 2.000% | 4/14/33 | 410 | 482 | |
4,832 | ||||||
Saudi Arabia (0.2%) | ||||||
1,2 | Kingdom of Saudi Arabia | 2.875% | 3/4/23 | 2,020 | 2,088 | |
1,2 | Saudi Arabian Oil Co. | 2.875% | 4/16/24 | 500 | 524 | |
1,2 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 680 | 741 | |
3,353 | ||||||
Singapore (0.0%) | ||||||
1,2 | Temasek Financial I Ltd. | 3.625% | 8/1/28 | 510 | 581 | |
Spain (0.1%) | ||||||
1,9 | Kingdom of Spain | 0.600% | 10/31/29 | 1,050 | 1,294 | |
Supranational (0.8%) | ||||||
2,9 | European Union | 0.000% | 7/4/35 | 4,825 | 5,592 | |
2,9 | European Union | 0.200% | 6/4/36 | 5,100 | 6,027 | |
2,9 | European Union | 0.100% | 10/4/40 | 2,175 | 2,459 | |
14,078 | ||||||
United Arab Emirates (0.1%) | ||||||
2 | Emirate of Abu Dhabi | 3.125% | 10/11/27 | 1,235 | 1,368 | |
United Kingdom (0.2%) | ||||||
10 | United Kingdom | 0.625% | 6/7/25 | 700 | 975 | |
10 | United Kingdom | 1.250% | 7/22/27 | 655 | 944 | |
10 | United Kingdom | 3.500% | 1/22/45 | 735 | 1,513 | |
3,432 | ||||||
Total Sovereign Bonds (Cost $80,213) | 82,090 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Taxable Municipal Bonds (0.6%) | ||||||
United States (0.6%) | ||||||
Broward County FL Airport System Revenue | 3.477% | 10/1/43 | 100 | 106 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.300% | 12/1/21 | 20 | 20 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/40 | 805 | 1,165 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/40 | 55 | 79 | ||
Dallas/Fort Worth International Airport Revenue | 3.089% | 11/1/40 | 90 | 93 | ||
Foothill-Eastern Transportation Corridor Agency CA Toll Road Revenue | 4.094% | 1/15/49 | 55 | 59 | ||
14 | Foothill-Eastern Transportation Corridor Agency CA Toll Road Revenue | 3.924% | 1/15/53 | 405 | 432 | |
Georgia Municipal Electric Power Authority Revenue | 6.637% | 4/1/57 | 747 | 1,143 | ||
Grand Parkway Transportation Corp. Texas System Toll Revenue | 3.236% | 10/1/52 | 290 | 301 | ||
Illinois GO | 5.100% | 6/1/33 | 1,345 | 1,598 | ||
15 | Kansas Development Finance Authority Revenue | 2.774% | 5/1/51 | 475 | 475 | |
14 | Kansas Development Finance Authority Revenue (Employees Retirement System) | 5.371% | 5/1/26 | 520 | 586 | |
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 3.395% | 10/15/40 | 175 | 188 | ||
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 | 248 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.814% | 11/15/40 | 805 | 1,185 | ||
New York Metropolitan Transportation Authority Revenue (Climate Bond Certified) | 5.175% | 11/15/49 | 445 | 613 | ||
New York State Dormitory Authority Revenue (Personal Income Tax) | 3.110% | 2/15/39 | 285 | 317 | ||
16 | Philadelphia PA Authority for Industrial Development Revenue | 6.550% | 10/15/28 | 635 | 828 | |
Port Authority of New York & New Jersey Revenue | 3.175% | 7/15/60 | 295 | 301 | ||
Port Authority of New York & New Jersey Revenue | 4.458% | 10/1/62 | 305 | 419 | ||
Sales Tax Securitization Corp. Illinois Revenue | 4.787% | 1/1/48 | 650 | 838 | ||
State of Connecticut GO | 2.000% | 7/1/23 | 190 | 196 | ||
State of Connecticut GO | 5.770% | 3/15/25 | 275 | 324 | ||
Total Taxable Municipal Bonds (Cost $10,400) | 11,537 |
Coupon | Shares | Market Value• ($000) | ||||
Temporary Cash Investments (4.0%) | ||||||
Money Market Fund (4.0%) | ||||||
17 | Vanguard Market Liquidity Fund (Cost $73,278) | 0.068% | 732,990 | 73,299 | ||
Total Investments (100.7%) (Cost $1,518,281) | 1,837,613 | |||||
Other Assets and Liabilities—Net (-0.7%) | (13,320) | |||||
Net Assets (100%) | 1,824,293 |
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 August 31, 2021, the aggregate value was $128,285,000, representing 7.0% of net assets. |
2 | 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. |
3 | 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. |
4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of August 31, 2021. |
5 | Securities with a value of $963,000 have been segregated as initial margin for open futures contracts. |
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 | Security value determined using significant unobservable inputs. |
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 Build America Mutual Assurance Co. |
16 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
17 | 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. | |
ADR—American Depositary Receipt. | |
GO—General 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 | December 2021 | 93 | 11,506 | 22 |
Euro-Bobl | September 2021 | 72 | 11,475 | 29 |
Euro-BTP | September 2021 | 11 | 1,991 | 38 |
Euro-Buxl | September 2021 | 14 | 3,513 | 125 |
Euro-OAT | September 2021 | 17 | 3,235 | 55 |
Euro-Schatz | September 2021 | 110 | 14,583 | 15 |
Long Gilt | December 2021 | 18 | 3,174 | (23) |
261 | ||||
Short Futures Contracts | ||||
10-Year U.S. Treasury Note | December 2021 | (220) | (29,360) | (25) |
Euro-Bund | September 2021 | (85) | (17,609) | (146) |
Ultra 10-Year U.S. Treasury Note | December 2021 | (138) | (20,426) | (16) |
(187) | ||||
74 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
Goldman Sachs International | 9/30/21 | EUR | 5,250 | USD | 6,198 | 5 | — |
Goldman Sachs International | 9/30/21 | USD | 6,495 | AUD | 8,957 | — | (58) |
Bank of America, N.A. | 9/30/21 | USD | 405 | AUD | 555 | — | (1) |
Bank of America, N.A. | 9/29/21 | USD | 13,992 | CAD | 17,721 | — | (53) |
Bank of America, N.A. | 9/29/21 | AUD | 900 | CAD | 824 | 5 | — |
Goldman Sachs International | 9/30/21 | USD | 3,052 | CHF | 2,784 | 9 | — |
J.P. Morgan Securities LLC | 9/30/21 | USD | 125,569 | EUR | 106,852 | — | (671) |
J.P. Morgan Securities LLC | 9/30/21 | GBP | 2,624 | EUR | 3,065 | — | (13) |
J.P. Morgan Securities LLC | 9/30/21 | USD | 33,036 | GBP | 24,057 | — | (41) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
J.P. Morgan Securities LLC | 9/30/21 | USD | 20,701 | JPY | 2,272,473 | 39 | — |
Goldman Sachs International | 9/30/21 | AUD | 4,608 | JPY | 366,900 | 36 | — |
Bank of America, N.A. | 9/30/21 | GBP | 1,169 | JPY | 176,157 | 6 | — |
Bank of America, N.A. | 9/30/21 | USD | 529 | SEK | 4,600 | — | (4) |
Goldman Sachs International | 9/30/21 | USD | 450 | TWD | 12,415 | 2 | — |
102 | (841) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
JPY—Japanese yen. |
SEK—Swedish krona. |
TWD—Taiwanese dollar. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $1,445,003) | 1,764,314 |
Affiliated Issuers (Cost $73,278) | 73,299 |
Total Investments in Securities | 1,837,613 |
Investment in Vanguard | 61 |
Cash | 15 |
Foreign Currency, at Value (Cost $18,991) | 18,995 |
Receivables for Investment Securities Sold | 16,053 |
Receivables for Accrued Income | 6,544 |
Receivables for Capital Shares Issued | 1,356 |
Variation Margin Receivable—Futures Contracts | 37 |
Unrealized Appreciation—Forward Currency Contracts | 102 |
Total Assets | 1,880,776 |
Liabilities | |
Payables for Investment Securities Purchased | 53,760 |
Payables for Capital Shares Redeemed | 1,219 |
Payables to Investment Advisor | 534 |
Payables to Vanguard | 129 |
Unrealized Depreciation—Forward Currency Contracts | 841 |
Total Liabilities | 56,483 |
Net Assets | 1,824,293 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 1,478,072 |
Total Distributable Earnings (Loss) | 346,221 |
Net Assets | 1,824,293 |
Investor Shares—Net Assets | |
Applicable to 9,450,072 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 247,422 |
Net Asset Value Per Share—Investor Shares | $26.18 |
Admiral Shares—Net Assets | |
Applicable to 48,170,140 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,576,871 |
Net Asset Value Per Share—Admiral Shares | $32.74 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 23,097 |
Interest2 | 9,399 |
Securities Lending—Net | 30 |
Total Income | 32,526 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 2,317 |
Performance Adjustment | (414) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 579 |
Management and Administrative—Admiral Shares | 2,149 |
Marketing and Distribution—Investor Shares | 18 |
Marketing and Distribution—Admiral Shares | 52 |
Custodian Fees | 45 |
Auditing Fees | 36 |
Shareholders’ Reports—Investor Shares | 8 |
Shareholders’ Reports—Admiral Shares | 13 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 4,804 |
Net Investment Income | 27,722 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 35,255 |
Futures Contracts | 142 |
Forward Currency Contracts | 1,870 |
Foreign Currencies | 578 |
Realized Net Gain (Loss) | 37,845 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 201,624 |
Futures Contracts | (94) |
Forward Currency Contracts | 779 |
Foreign Currencies | (387) |
Change in Unrealized Appreciation (Depreciation) | 201,922 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 267,489 |
1 | Dividends are net of foreign withholding taxes of $1,316,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $53,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 27,722 | 24,282 |
Realized Net Gain (Loss) | 37,845 | (7,459) |
Change in Unrealized Appreciation (Depreciation) | 201,922 | 57,999 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 267,489 | 74,822 |
Distributions | ||
Investor Shares | (3,249) | (3,574) |
Admiral Shares | (22,988) | (19,722) |
Total Distributions | (26,237) | (23,296) |
Capital Share Transactions | ||
Investor Shares | 34,322 | (728) |
Admiral Shares | 238,122 | 257,012 |
Net Increase (Decrease) from Capital Share Transactions | 272,444 | 256,284 |
Total Increase (Decrease) | 513,696 | 307,810 |
Net Assets | ||
Beginning of Period | 1,310,597 | 1,002,787 |
End of Period | 1,824,293 | 1,310,597 |
Investor Shares | ||||
For a Share Outstanding Throughout Each Period | Oct. 18, 20171 to August 31, 2018 | Year Ended August 31, | ||
2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $22.29 | $21.41 | $20.51 | $20.00 |
Investment Operations | ||||
Net Investment Income2 | .410 | .430 | .443 | .392 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.871 | .874 | .920 | .379 |
Total from Investment Operations | 4.281 | 1.304 | 1.363 | .771 |
Distributions | ||||
Dividends from Net Investment Income | (.391) | (.389) | (.426) | (.261) |
Distributions from Realized Capital Gains | — | (.035) | (.037) | — |
Total Distributions | (.391) | (.424) | (.463) | (.261) |
Net Asset Value, End of Period | $26.18 | $22.29 | $21.41 | $20.51 |
Total Return3 | 19.36% | 6.22% | 6.80% | 3.88% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $247 | $181 | $176 | $172 |
Ratio of Total Expenses to Average Net Assets4 | 0.42% | 0.44% | 0.46% | 0.46%5,6 |
Ratio of Net Investment Income to Average Net Assets | 1.68% | 2.01% | 2.19% | 2.32%5 |
Portfolio Turnover Rate | 68%7 | 58%7 | 54% | 44% |
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%), (0.01%), and 0.01%. Performance-based investment advisory fees did not apply before fiscal year 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 20% and 10%, respectively, attributable to mortgage-dollar-roll activity. |
Admiral Shares | ||||
For a Share Outstanding Throughout Each Period | Oct.18, 20171 to August 31, 2018 | Year Ended August 31, | ||
2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $27.87 | $26.76 | $25.65 | $25.00 |
Investment Operations | ||||
Net Investment Income2 | .554 | .564 | .583 | .511 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.842 | 1.104 | 1.132 | .480 |
Total from Investment Operations | 5.396 | 1.668 | 1.715 | .991 |
Distributions | ||||
Dividends from Net Investment Income | (.526) | (.514) | (.559) | (.341) |
Distributions from Realized Capital Gains | — | (.044) | (.046) | — |
Total Distributions | (.526) | (.558) | (.605) | (.341) |
Net Asset Value, End of Period | $32.74 | $27.87 | $26.76 | $25.65 |
Total Return3 | 19.53% | 6.38% | 6.85% | 3.99% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $1,577 | $1,129 | $826 | $715 |
Ratio of Total Expenses to Average Net Assets4 | 0.29% | 0.34% | 0.36% | 0.36%5,6 |
Ratio of Net Investment Income to Average Net Assets | 1.81% | 2.11% | 2.29% | 2.42%5 |
Portfolio Turnover Rate | 68%7 | 58%7 | 54% | 44% |
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%), (0.01%), and 0.01%. Performance-based investment advisory fees did not apply before fiscal year 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 20% 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 | 714,168 | — | — | 714,168 |
Common Stocks—Other | 53,262 | 419,941 | — | 473,203 |
U.S. Government and Agency Obligations | — | 92,104 | — | 92,104 |
Asset-Backed/Commercial Mortgage-Backed Securities | — | 19,602 | 2,850 | 22,452 |
Corporate Bonds | — | 368,760 | — | 368,760 |
Sovereign Bonds | — | 82,090 | — | 82,090 |
Taxable Municipal Bonds | — | 11,537 | — | 11,537 |
Temporary Cash Investments | 73,299 | — | — | 73,299 |
Total | 840,729 | 994,034 | 2,850 | 1,837,613 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 284 | — | — | 284 |
Forward Currency Contracts | — | 102 | — | 102 |
Total | 284 | 102 | — | 386 |
Liabilities | ||||
Futures Contracts1 | 210 | — | — | 210 |
Forward Currency Contracts | — | 841 | — | 841 |
Total | 210 | 841 | — | 1,051 |
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 | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 284 | — | 284 |
Unrealized Appreciation—Forward Currency Contracts | — | 102 | 102 |
Total Assets | 284 | 102 | 386 |
Unrealized Depreciation—Futures Contracts1 | 210 | — | 210 |
Unrealized Depreciation—Forward Currency Contracts | — | 841 | 841 |
Total Liabilities | 210 | 841 | 1,051 |
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 | 142 | — | 142 |
Forward Currency Contracts | — | 1,870 | 1,870 |
Realized Net Gain (Loss) on Derivatives | 142 | 1,870 | 2,012 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (94) | — | (94) |
Forward Currency Contracts | — | 779 | 779 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (94) | 779 | 685 |
Amount ($000) | |
Paid-in Capital | 1,457 |
Total Distributable Earnings (Loss) | (1,457) |
Amount ($000) | |
Undistributed Ordinary Income | 15,875 |
Undistributed Long-Term Gains | 11,542 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 318,804 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 26,237 | 23,296 |
Long-Term Capital Gains | — | — |
Total | 26,237 | 23,296 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 1,518,854 |
Gross Unrealized Appreciation | 336,692 |
Gross Unrealized Depreciation | (17,933) |
Net Unrealized Appreciation (Depreciation) | 318,759 |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 101,873 | 4,118 | 69,272 | 3,217 | |
Issued in Lieu of Cash Distributions | 2,906 | 120 | 3,177 | 151 | |
Redeemed | (70,457) | (2,920) | (73,177) | (3,475) | |
Net Increase (Decrease)—Investor Shares | 34,322 | 1,318 | (728) | (107) | |
Admiral Shares | |||||
Issued | 498,135 | 16,206 | 572,797 | 21,800 | |
Issued in Lieu of Cash Distributions | 20,433 | 673 | 17,237 | 659 | |
Redeemed | (280,446) | (9,226) | (333,022) | (12,820) | |
Net Increase (Decrease)—Admiral Shares | 238,122 | 7,653 | 257,012 | 9,639 |
Philadelphia, Pennsylvania
October 20, 2021
Matthew Benchener | Chris D. McIsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
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John T. Marcante | Lauren Valente |
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• | For the 12 months ended August 31, 2021, Vanguard Global Wellesley Income Fund returned 10.83% for Investor Shares and 10.96% for Admiral Shares. Its composite benchmark index returned 11.45%. |
• | The global economy rebounded faster than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that have been more successful in containing the virus have generally fared better economically. |
• | Swift and extensive fiscal and monetary support from policymakers has also been key to the rebound. As the 12-month period reflects the recovery in stocks that followed the sharp contraction, results were excellent. Bond returns were dampened by rising bond yields across much of the developed world, and notably in the United States. |
• | The fund’s stock portfolio underperformed its benchmark. Relative performance was hampered most by stock selection in financials, consumer discretionary, and energy. By region, North America and the Pacific were the biggest relative detractors. The fixed income portfolio outperformed its benchmark, thanks in part to selection among industrial companies, particularly consumer noncyclical and consumer cyclical. Selection among financial securities detracted. |
• | The fund regularly uses derivatives to hedge portfolio risks. Its holdings of forward currency contracts had a positive impact on performance over the period. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
Fixed Income Portfolio Manager
Equity Portfolio Manager
• | 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 August 31, 2021 | |||
Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Wellesley Income Fund | |||
Investor Shares | $1,000.00 | $1,062.10 | $2.08 |
AdmiralTM Shares | 1,000.00 | 1,063.10 | 1.30 |
Based on Hypothetical 5% Yearly Return | |||
Global Wellesley Income Fund | |||
Investor Shares | $1,000.00 | $1,023.19 | $2.04 |
Admiral Shares | 1,000.00 | 1,023.94 | 1.28 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img9db4383d2.jpg)
Average Annual Total Returns Periods Ended August 31, 2021 | ||||
One Year | Since Inception (11/2/2017) | Final Value of a $10,000 Investment | ||
![]() | Global Wellesley Income Fund Investor Shares | 10.83% | 5.40% | $12,228 |
![]() | Global Wellesley Income Composite Index | 11.45 | 5.86 | 12,437 |
![]() | Bloomberg Global Aggregate Bond Index | 0.52 | 3.51 | 11,412 |
![]() | FTSE Developed Net Tax Index | 30.06 | 14.03 | 16,526 |
Average Annual Total Returns Periods Ended August 31, 2021 | ||||
One Year | Since Inception (11/2/2017) | Final Value of a $50,000 Investment | ||
Global Wellesley Income Fund Admiral Shares | 10.96% | 5.51% | $61,387 | |
Global Wellesley Income Composite Index | 11.45 | 5.86 | 62,185 | |
Bloomberg Global Aggregate Bond Index | 0.52 | 3.51 | 57,060 | |
FTSE Developed Net Tax Index | 30.06 | 14.03 | 82,630 |
United States | 49.7% |
United Kingdom | 8.6 |
France | 7.1 |
Japan | 4.9 |
Canada | 4.9 |
Switzerland | 3.4 |
Germany | 2.7 |
Supranational | 1.5 |
Norway | 1.4 |
Australia | 1.4 |
Ireland | 1.4 |
Netherlands | 1.4 |
Cayman Islands | 1.3 |
Taiwan | 1.2 |
United Arab Emirates | 1.0 |
Other | 8.1 |
Shares | Market Value• ($000) | |||||
Common Stocks (37.3%) | ||||||
Australia (0.3%) | ||||||
Rio Tinto plc | 26,996 | 1,997 | ||||
Canada (3.2%) | ||||||
Bank of Nova Scotia | 91,574 | 5,672 | ||||
Royal Bank of Canada | 44,432 | 4,564 | ||||
TC Energy Corp. | 93,028 | 4,417 | ||||
Enbridge Inc. | 95,041 | 3,740 | ||||
18,393 | ||||||
China (0.7%) | ||||||
ENN Energy Holdings Ltd. | 192,800 | 3,815 | ||||
France (4.0%) | ||||||
AXA SA | 227,834 | 6,401 | ||||
TotalEnergies SE | 104,182 | 4,608 | ||||
Bureau Veritas SA | 126,533 | 4,205 | ||||
Vinci SA | 37,157 | 3,987 | ||||
Nexity SA | 71,525 | 3,694 | ||||
22,895 | ||||||
Germany (0.6%) | ||||||
Volkswagen AG Preference Shares | 15,574 | 3,704 | ||||
Greece (0.7%) | ||||||
Hellenic Telecommunications Organization SA | 193,824 | 3,815 | ||||
Hong Kong (0.8%) | ||||||
AIA Group Ltd. | 201,200 | 2,403 | ||||
* | Sands China Ltd. | 731,600 | 2,350 | |||
4,753 | ||||||
Japan (2.4%) | ||||||
Tokio Marine Holdings Inc. | 94,500 | 4,624 | ||||
Mitsubishi UFJ Financial Group Inc. | 637,500 | 3,459 | ||||
KDDI Corp. | 106,000 | 3,240 | ||||
Isuzu Motors Ltd. | 189,900 | 2,400 | ||||
13,723 | ||||||
Netherlands (0.6%) | ||||||
Koninklijke KPN NV | 1,161,807 | 3,722 | ||||
Norway (0.7%) | ||||||
DNB Bank ASA | 205,438 | 4,336 |
Shares | Market Value• ($000) | |||||
Spain (0.5%) | ||||||
Industria de Diseno Textil SA | 90,518 | 3,092 | ||||
Switzerland (2.3%) | ||||||
Novartis AG (Registered) | 58,765 | 5,435 | ||||
UBS Group AG (Registered) | 259,857 | 4,335 | ||||
Nestle SA (Registered) | 26,020 | 3,286 | ||||
13,056 | ||||||
Taiwan (1.1%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 296,000 | 6,493 | ||||
United Kingdom (3.1%) | ||||||
AstraZeneca plc | 52,888 | 6,185 | ||||
BAE Systems plc | 573,388 | 4,480 | ||||
National Grid plc | 346,200 | 4,478 | ||||
Standard Chartered plc | 463,772 | 2,892 | ||||
18,035 | ||||||
United States (16.3%) | ||||||
Pfizer Inc. | 150,022 | 6,912 | ||||
Philip Morris International Inc. | 63,374 | 6,528 | ||||
Bank of America Corp. | 151,021 | 6,305 | ||||
Cisco Systems Inc. | 100,077 | 5,907 | ||||
Comcast Corp. Class A | 88,431 | 5,366 | ||||
Anthem Inc. | 13,962 | 5,238 | ||||
Microsoft Corp. | 16,352 | 4,936 | ||||
Progressive Corp. | 48,706 | 4,692 | ||||
Verizon Communications Inc. | 79,273 | 4,360 | ||||
Duke Energy Corp. | 40,154 | 4,203 | ||||
Lockheed Martin Corp. | 10,635 | 3,826 | ||||
Exelon Corp. | 72,991 | 3,578 | ||||
Texas Instruments Inc. | 18,702 | 3,570 | ||||
Medtronic plc | 26,277 | 3,507 | ||||
TJX Cos. Inc. | 47,387 | 3,446 | ||||
Boston Properties Inc. | 28,054 | 3,170 | ||||
Chubb Ltd. | 15,029 | 2,764 | ||||
Kellogg Co. | 43,381 | 2,739 | ||||
Edison International | 46,288 | 2,677 | ||||
Home Depot Inc. | 8,120 | 2,649 | ||||
Medical Properties Trust Inc. | 129,179 | 2,646 | ||||
FMC Corp. | 27,292 | 2,555 | ||||
Merck & Co. Inc. | 33,458 | 2,552 | ||||
94,126 | ||||||
Total Common Stocks (Cost $174,673) | 215,955 | |||||
Coupon | Maturity Date | Face Amount ($000) | ||||
U.S. Government and Agency Obligations (7.6%) | ||||||
1,2 | Fannie Mae Pool | 3.070% | 2/1/25 | 125 | 134 | |
1,2 | Fannie Mae REMICS | 2.000% | 9/25/40 | 87 | 89 | |
1,2 | Fannie Mae REMICS | 2.500% | 5/25/45–3/25/53 | 685 | 709 | |
1,2 | Fannie Mae REMICS | 3.000% | 2/25/49 | 112 | 117 | |
1,2 | Fannie Mae REMICS | 3.500% | 6/25/44–2/25/48 | 621 | 656 | |
1,2 | Freddie Mac REMICS | 1.750% | 9/15/42 | 924 | 941 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,2 | Freddie Mac REMICS | 3.500% | 9/15/40–11/15/40 | 84 | 85 | |
1,2 | Freddie Mac REMICS | 4.000% | 12/15/39–8/15/40 | 857 | 931 | |
1,3 | Ginnie Mae II Pool | 2.000% | 9/15/51–10/15/51 | 1,175 | 1,198 | |
1,3 | Ginnie Mae II Pool | 2.500% | 9/15/51–10/15/51 | 1,225 | 1,269 | |
1 | Ginnie Mae REMICS | 2.750% | 9/20/44 | 140 | 144 | |
1,2,3 | UMBS Pool | 1.500% | 9/25/36–10/25/36 | 1,000 | 1,015 | |
1,2,3 | UMBS Pool | 2.000% | 9/25/36–10/25/51 | 2,600 | 2,640 | |
1,2,3 | UMBS Pool | 2.500% | 9/25/36–10/25/51 | 7,150 | 7,419 | |
1,2,3 | UMBS Pool | 3.000% | 9/25/51–10/25/51 | 4,100 | 4,287 | |
United States Treasury Note/Bond | 0.125% | 7/31/23 | 500 | 499 | ||
United States Treasury Note/Bond | 0.250% | 5/15/24 | 4,475 | 4,462 | ||
4 | United States Treasury Note/Bond | 0.375% | 4/15/24–8/15/24 | 3,045 | 3,048 | |
United States Treasury Note/Bond | 0.625% | 7/31/26 | 740 | 735 | ||
United States Treasury Note/Bond | 0.750% | 4/30/26 | 1,345 | 1,346 | ||
United States Treasury Note/Bond | 0.875% | 6/30/26 | 845 | 850 | ||
United States Treasury Note/Bond | 1.250% | 4/30/28 | 160 | 162 | ||
United States Treasury Note/Bond | 1.375% | 8/15/50 | 585 | 512 | ||
United States Treasury Note/Bond | 1.625% | 5/15/31–11/15/50 | 830 | 799 | ||
United States Treasury Note/Bond | 1.875% | 2/15/41–2/15/51 | 1,420 | 1,418 | ||
United States Treasury Note/Bond | 2.000% | 8/15/51 | 875 | 891 | ||
United States Treasury Note/Bond | 2.250% | 5/15/41 | 4,810 | 5,147 | ||
United States Treasury Note/Bond | 2.375% | 5/15/51 | 2,035 | 2,248 | ||
Total U.S. Government and Agency Obligations (Cost $43,234) | 43,751 | |||||
Asset-Backed/Commercial Mortgage-Backed Securities (2.4%) | ||||||
Bermuda (0.0%) | ||||||
1,5 | START Ireland Series 2019-1 | 4.089% | 3/15/44 | 151 | 152 | |
Canada (0.1%) | ||||||
1,5 | Chesapeake Funding II LLC Series 2018-2A | 3.230% | 8/15/30 | 213 | 214 | |
1,5,6 | Ford Auto Securitization Trust Series 2019-AA | 2.354% | 6/15/23 | 382 | 305 | |
519 | ||||||
Cayman Islands (1.3%) | ||||||
1,3,5,7,8 | BlueMountain CLO XXXII Ltd. Series 2021-32A, 3M USD LIBOR + 1.170% | 1.290% | 10/15/34 | 470 | 470 | |
1,5,8 | Columbia Cent CLO 31 Ltd. Series 2021-31A, 3M USD LIBOR + 1.550% | 1.684% | 4/20/34 | 340 | 338 | |
1,5,8 | KKR CLO 16 Ltd., 3M USD LIBOR + 1.250% | 1.384% | 1/20/29 | 327 | 327 | |
1,3,5,8 | KKR CLO 16 Ltd., 3M USD LIBOR + 1.210% | 1.330% | 10/20/34 | 435 | 435 | |
1,5,8 | Madison Park Funding XI Ltd. Series 2013-11A, 3M USD LIBOR + 1.450% | 1.588% | 7/23/29 | 300 | 300 | |
1,5,8 | Madison Park Funding XVIII Ltd. Series 2015-18A, 3M USD LIBOR + 1.190% | 1.324% | 10/21/30 | 875 | 875 | |
1,5,8 | Madison Park Funding XXX Ltd. Series 2018-30A, 3M USD LIBOR + 0.750% | 0.876% | 4/15/29 | 1,566 | 1,564 | |
1,5,8 | Magnetite VII Ltd. Series 2012-7A, 3M USD LIBOR + 0.800% | 0.926% | 1/15/28 | 1,492 | 1,491 | |
1,5,8 | Rockland Park CLO Ltd. Series 2021-1A, 3M USD LIBOR + 1.120% | 1.251% | 4/20/34 | 475 | 475 | |
1,5,8 | Rockland Park CLO Ltd. Series 2021-1A, 3M USD LIBOR + 1.650% | 1.781% | 4/20/34 | 475 | 475 | |
1,3,5,7,8 | RR 18 Ltd. Series 2021-18A, 3M USD LIBOR + 1.600% | 1.720% | 10/15/34 | 350 | 350 | |
1,3,5,8 | Sound Point CLO XXXI Ltd. Series 2021-3A, 3M USD LIBOR + 1.650% | 1.770% | 10/25/34 | 250 | 250 | |
7,350 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
United States (1.0%) | ||||||
1,5 | Aligned Data Centers Issuer LLC Series 2021-1A | 1.937% | 8/15/46 | 740 | 743 | |
1,5 | Angel Oak Mortgage Trust I LLC Series 2018-3 | 3.649% | 9/25/48 | 121 | 122 | |
1,5 | Castlelake Aircraft Structured Trust Series 2019-1A | 3.967% | 4/15/39 | 190 | 190 | |
1,5 | CF Hippolyta LLC Series 2020-1 | 1.690% | 7/15/60 | 529 | 540 | |
1,5 | DB Master Finance LLC Series 2019-1A | 3.787% | 5/20/49 | 127 | 128 | |
1,5 | DB Master Finance LLC Series 2019-1A | 4.021% | 5/20/49 | 113 | 118 | |
1,5 | Domino's Pizza Master Issuer LLC Series 2021-1A | 2.662% | 4/25/51 | 314 | 327 | |
1,5 | Domino's Pizza Master Issuer LLC Series 2021-1A | 3.151% | 4/25/51 | 439 | 468 | |
1 | 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 | 0.700% | 1/25/51 | 230 | 230 | |
1,2,8 | Freddie Mac Structured Agency Credit Risk Debt Notes, 1M USD LIBOR + 5.000% | 5.084% | 12/25/28 | 233 | 243 | |
1,2,8 | Freddie Mac Structured Agency Credit Risk Debt Notes, 1M USD LIBOR + 2.500% | 2.584% | 3/25/30 | 615 | 629 | |
1,5 | GreatAmerica Leasing Receivables Funding LLC Series 2018-1 | 2.830% | 6/17/24 | 59 | 59 | |
1 | Seasoned Credit Risk Transfer Trust Series 2019-3 | 3.500% | 10/25/58 | 247 | 266 | |
1,5 | SoFi Consumer Loan Program Trust Series 2019-3 | 2.900% | 5/25/28 | 69 | 69 | |
1,5 | Taco Bell Funding LLC Series 2021-1A | 1.946% | 8/25/51 | 345 | 346 | |
1,5 | Taco Bell Funding LLC Series 2021-1A | 2.294% | 8/25/51 | 315 | 317 | |
1,5 | Towd Point Mortgage Trust Series 2018-1 | 3.000% | 1/25/58 | 153 | 155 | |
1,5 | Vantage Data Centers Issuer LLC Series 2019-1A | 3.188% | 7/15/44 | 137 | 142 | |
1,5 | Vantage Data Centers LLC Series 2020-1A | 1.645% | 9/15/45 | 540 | 539 | |
5,811 | ||||||
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $13,725) | 13,832 | |||||
Corporate Bonds (39.1%) | ||||||
Australia (0.7%) | ||||||
5 | Commonwealth Bank of Australia | 2.688% | 3/11/31 | 1,140 | 1,151 | |
5 | National Australia Bank Ltd. | 2.332% | 8/21/30 | 1,065 | 1,042 | |
5 | National Australia Bank Ltd. | 2.990% | 5/21/31 | 430 | 442 | |
5 | National Australia Bank Ltd. | 3.933% | 8/2/34 | 850 | 927 | |
5 | Scentre Group Trust 1 | 3.625% | 1/28/26 | 549 | 600 | |
4,162 | ||||||
Austria (0.1%) | ||||||
5 | JAB Holdings BV | 2.200% | 11/23/30 | 260 | 257 | |
5 | JAB Holdings BV | 3.750% | 5/28/51 | 500 | 553 | |
810 | ||||||
Belgium (0.3%) | ||||||
1 | Anheuser-Busch Cos. LLC | 4.900% | 2/1/46 | 700 | 894 | |
1,9 | Anheuser-Busch InBev SA/NV | 2.000% | 3/17/28 | 167 | 221 | |
Anheuser-Busch InBev Worldwide Inc. | 4.375% | 4/15/38 | 480 | 574 | ||
1,689 | ||||||
Canada (0.7%) | ||||||
6 | Bank of Montreal | 2.850% | 3/6/24 | 1,890 | 1,564 | |
1,6 | Bell Telephone Co. of Canada or Bell Canada | 3.350% | 3/22/23 | 950 | 777 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Fortis Inc. | 3.055% | 10/4/26 | 625 | 674 | ||
Nutrien Ltd. | 4.125% | 3/15/35 | 750 | 867 | ||
3,882 | ||||||
Denmark (0.8%) | ||||||
1,9 | Danfoss Finance I BV | 0.375% | 10/28/28 | 775 | 918 | |
9 | Danske Bank A/S | 0.500% | 8/27/25 | 1,650 | 1,972 | |
5 | Danske Bank A/S | 1.621% | 9/11/26 | 875 | 880 | |
1,10 | Danske Bank A/S | 2.250% | 1/14/28 | 560 | 793 | |
4,563 | ||||||
France (2.9%) | ||||||
1,9 | Airbus SE | 2.375% | 4/7/32 | 475 | 656 | |
1,9 | Airbus SE | 2.375% | 6/9/40 | 300 | 418 | |
1,9 | AXA SA | 5.125% | 7/4/43 | 750 | 967 | |
5 | BNP Paribas SA | 2.819% | 11/19/25 | 360 | 378 | |
5 | BNP Paribas SA | 2.219% | 6/9/26 | 770 | 793 | |
1,9 | BNP Paribas SA | 0.125% | 9/4/26 | 400 | 472 | |
9 | BNP Paribas SA | 0.500% | 9/1/28 | 900 | 1,070 | |
1,9 | BPCE SA | 1.125% | 1/18/23 | 900 | 1,083 | |
1,9 | BPCE SA | 0.500% | 9/15/27 | 1,600 | 1,906 | |
5 | BPCE SA | 3.250% | 1/11/28 | 500 | 546 | |
9 | Cie de Saint-Gobain | 2.375% | 10/4/27 | 700 | 944 | |
1,9 | Credit Mutuel Arkea SA | 1.625% | 4/15/26 | 1,100 | 1,383 | |
5 | Danone SA | 2.947% | 11/2/26 | 285 | 307 | |
1,9 | Engie SA | 0.000% | 3/4/27 | 1,000 | 1,180 | |
1,9 | Orange SA | 1.000% | 5/12/25 | 1,200 | 1,475 | |
1,9 | RCI Banque SA | 0.750% | 9/26/22 | 625 | 744 | |
1,9 | RCI Banque SA | 1.375% | 3/8/24 | 575 | 701 | |
1,9 | RCI Banque SA | 1.625% | 4/11/25 | 1,375 | 1,700 | |
16,723 | ||||||
Germany (2.0%) | ||||||
5 | Bayer US Finance II LLC | 4.250% | 12/15/25 | 660 | 734 | |
5 | Bayer US Finance LLC | 3.375% | 10/8/24 | 765 | 818 | |
1,10 | E.ON International Finance BV | 4.750% | 1/31/34 | 100 | 178 | |
1,10 | E.ON International Finance BV | 5.875% | 10/30/37 | 200 | 410 | |
1,9 | Vantage Towers AG | 0.375% | 3/31/27 | 200 | 238 | |
1,9 | Vantage Towers AG | 0.750% | 3/31/30 | 1,100 | 1,318 | |
1,10 | Volkswagen Financial Services NV | 0.875% | 2/20/25 | 400 | 548 | |
5 | Volkswagen Group of America Finance LLC | 3.350% | 5/13/25 | 200 | 215 | |
1,9 | Volkswagen International Finance NV | 1.500% | 1/21/41 | 200 | 237 | |
1,9 | Volkswagen Leasing GmbH | 2.625% | 1/15/24 | 525 | 660 | |
1,9 | Volkswagen Leasing GmbH | 1.375% | 1/20/25 | 1,825 | 2,251 | |
1,9 | Volkswagen Leasing GmbH | 0.625% | 7/19/29 | 825 | 979 | |
1,9 | Vonovia Finance BV | 1.000% | 7/9/30 | 100 | 123 | |
1,9 | Vonovia Finance BV | 1.625% | 10/7/39 | 400 | 491 | |
9 | Wintershall Dea Finance BV | 0.840% | 9/25/25 | 900 | 1,086 | |
9 | Wintershall Dea Finance BV | 1.823% | 9/25/31 | 900 | 1,126 | |
11,412 | ||||||
Ireland (1.3%) | ||||||
AerCap Ireland Capital DAC | 4.625% | 10/15/27 | 880 | 981 | ||
AerCap Ireland Capital DAC | 3.875% | 1/23/28 | 1,515 | 1,624 | ||
5 | Avolon Holdings Funding Ltd. | 2.125% | 2/21/26 | 260 | 259 | |
9 | CRH Finance DAC | 3.125% | 4/3/23 | 1,177 | 1,464 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,9 | CRH SMW Finance DAC | 1.250% | 11/5/26 | 800 | 1,004 | |
5 | Park Aerospace Holdings Ltd. | 5.500% | 2/15/24 | 2,072 | 2,273 | |
7,605 | ||||||
Italy (0.8%) | ||||||
5 | Enel Finance International NV | 3.625% | 5/25/27 | 1,870 | 2,079 | |
1,9 | Enel Finance International NV | 0.500% | 6/17/30 | 800 | 954 | |
5 | UniCredit SpA | 1.982% | 6/3/27 | 900 | 902 | |
5 | UniCredit SpA | 3.127% | �� 6/3/32 | 645 | 658 | |
4,593 | ||||||
Japan (0.1%) | ||||||
5 | NTT Finance Corp. | 1.162% | 4/3/26 | 700 | 700 | |
Takeda Pharmaceutical Co. Ltd. | 3.025% | 7/9/40 | 200 | 205 | ||
905 | ||||||
Netherlands (0.7%) | ||||||
5 | Cooperatieve Rabobank UA | 1.106% | 2/24/27 | 530 | 526 | |
1,10 | Cooperatieve Rabobank UA | 4.625% | 5/23/29 | 100 | 164 | |
9 | Euronext NV | 1.125% | 6/12/29 | 675 | 845 | |
9 | ING Groep NV | 0.250% | 2/18/29 | 1,700 | 1,984 | |
Shell International Finance BV | 4.000% | 5/10/46 | 275 | 328 | ||
3,847 | ||||||
Norway (0.4%) | ||||||
1,9 | Aker BP ASA | 1.125% | 5/12/29 | 1,090 | 1,324 | |
5 | Aker BP ASA | 4.000% | 1/15/31 | 725 | 799 | |
2,123 | ||||||
South Korea (0.0%) | ||||||
5 | SK Telecom Co. Ltd. | 3.750% | 4/16/23 | 200 | 210 | |
Spain (0.2%) | ||||||
Telefonica Emisiones SA | 4.665% | 3/6/38 | 845 | 1,003 | ||
Switzerland (1.0%) | ||||||
5 | Alcon Finance Corp. | 3.000% | 9/23/29 | 1,005 | 1,071 | |
1,9 | Credit Suisse Group AG | 1.250% | 7/17/25 | 600 | 730 | |
5 | Credit Suisse Group AG | 3.091% | 5/14/32 | 2,115 | 2,206 | |
5 | UBS Group AG | 1.494% | 8/10/27 | 875 | 874 | |
9 | UBS Group AG | 0.250% | 2/24/28 | 950 | 1,122 | |
6,003 | ||||||
United Arab Emirates (0.7%) | ||||||
5 | DAE Funding LLC | 1.550% | 8/1/24 | 1,125 | 1,123 | |
5 | Galaxy Pipeline Assets Bidco Ltd. | 2.160% | 3/31/34 | 3,020 | 3,009 | |
4,132 | ||||||
United Kingdom (4.8%) | ||||||
5 | Ashtead Capital Inc. | 2.450% | 8/12/31 | 1,030 | 1,024 | |
AstraZeneca plc | 4.000% | 1/17/29 | 720 | 831 | ||
1,9 | Barclays plc | 1.375% | 1/24/26 | 1,000 | 1,230 | |
1 | Barclays plc | 4.972% | 5/16/29 | 1,415 | 1,663 | |
Barclays plc | 2.645% | 6/24/31 | 480 | 489 | ||
BAT Capital Corp. | 3.557% | 8/15/27 | 1,210 | 1,310 | ||
1,6 | BP Capital Markets plc | 3.470% | 5/15/25 | 1,325 | 1,128 | |
9 | BP Capital Markets plc | 1.104% | 11/15/34 | 525 | 632 | |
5 | CK Hutchison International 17 II Ltd. | 2.750% | 3/29/23 | 975 | 1,009 | |
1,10 | CPUK Finance Ltd. | 3.588% | 8/28/25 | 1,200 | 1,784 | |
1,9 | FCE Bank plc | 0.869% | 9/13/21 | 500 | 590 | |
1,10 | Heathrow Funding Ltd. | 2.750% | 10/13/29 | 700 | 1,005 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,10 | Heathrow Funding Ltd. | 2.750% | 8/9/49 | 150 | 208 | |
8 | HSBC Holdings plc, 3M USD LIBOR + 1.000% | 1.124% | 5/18/24 | 255 | 258 | |
1,10 | HSBC Holdings plc | 2.256% | 11/13/26 | 1,725 | 2,455 | |
HSBC Holdings plc | 1.589% | 5/24/27 | 420 | 421 | ||
10 | HSBC Holdings plc | 1.750% | 7/24/27 | 1,095 | 1,519 | |
HSBC Holdings plc | 2.206% | 8/17/29 | 770 | 777 | ||
HSBC Holdings plc | 2.804% | 5/24/32 | 210 | 217 | ||
5 | LSEGA Financing plc | 2.500% | 4/6/31 | 1,205 | 1,243 | |
1,9 | Natwest Group plc | 1.750% | 3/2/26 | 2,075 | 2,584 | |
10 | Natwest Group plc | 3.622% | 8/14/30 | 875 | 1,284 | |
Prudential plc | 3.125% | 4/14/30 | 430 | 469 | ||
5 | Standard Chartered plc | 2.744% | 9/10/22 | 905 | 905 | |
5 | Standard Chartered plc | 0.991% | 1/12/25 | 530 | 529 | |
1,9 | Vodafone Group plc | 1.625% | 11/24/30 | 1,825 | 2,370 | |
27,934 | ||||||
United States (21.6%) | ||||||
AbbVie Inc. | 3.800% | 3/15/25 | 550 | 600 | ||
AbbVie Inc. | 4.050% | 11/21/39 | 210 | 246 | ||
AbbVie Inc. | 4.750% | 3/15/45 | 275 | 347 | ||
AbbVie Inc. | 4.250% | 11/21/49 | 340 | 413 | ||
1 | Alabama Power Co. | 4.300% | 7/15/48 | 275 | 347 | |
10 | American Honda Finance Corp. | 0.750% | 11/25/26 | 1,235 | 1,673 | |
9 | American International Group Inc. | 1.500% | 6/8/23 | 875 | 1,059 | |
American International Group Inc. | 4.250% | 3/15/29 | 1,255 | 1,452 | ||
American International Group Inc. | 3.400% | 6/30/30 | 645 | 710 | ||
American Tower Corp. | 5.000% | 2/15/24 | 200 | 220 | ||
American Tower Corp. | 4.400% | 2/15/26 | 325 | 366 | ||
9 | American Tower Corp. | 0.450% | 1/15/27 | 1,860 | 2,212 | |
Amgen Inc. | 2.770% | 9/1/53 | 290 | 278 | ||
Anthem Inc. | 2.550% | 3/15/31 | 990 | 1,030 | ||
9 | AT&T Inc. | 2.050% | 5/19/32 | 300 | 397 | |
9 | AT&T Inc. | 3.150% | 9/4/36 | 250 | 363 | |
9 | AT&T Inc. | 2.600% | 5/19/38 | 275 | 376 | |
AT&T Inc. | 3.300% | 2/1/52 | 525 | 523 | ||
5 | AT&T Inc. | 3.500% | 9/15/53 | 1,172 | 1,203 | |
5 | Athene Global Funding | 2.500% | 3/24/28 | 1,475 | 1,526 | |
Bank of America Corp. | 1.734% | 7/22/27 | 785 | 796 | ||
1 | Bank of America Corp. | 3.593% | 7/21/28 | 1,550 | 1,714 | |
1 | Bank of America Corp. | 4.271% | 7/23/29 | 980 | 1,126 | |
1 | Bank of America Corp. | 2.496% | 2/13/31 | 300 | 308 | |
Bank of America Corp. | 2.687% | 4/22/32 | 690 | 718 | ||
Bank of America Corp. | 2.299% | 7/21/32 | 725 | 729 | ||
Bank of America Corp. | 3.311% | 4/22/42 | 215 | 232 | ||
9 | Becton Dickinson Euro Finance Sarl | 0.334% | 8/13/28 | 410 | 484 | |
Boeing Co. | 1.433% | 2/4/24 | 540 | 541 | ||
Boeing Co. | 2.196% | 2/4/26 | 680 | 685 | ||
Boeing Co. | 3.250% | 3/1/28 | 567 | 598 | ||
Boeing Co. | 3.450% | 11/1/28 | 175 | 187 | ||
1 | Bon Secours Mercy Health Inc. | 2.095% | 6/1/31 | 275 | 276 | |
9 | Booking Holdings Inc. | 0.100% | 3/8/25 | 140 | 166 | |
9 | Booking Holdings Inc. | 0.500% | 3/8/28 | 225 | 271 | |
9 | BorgWarner Inc. | 1.000% | 5/19/31 | 515 | 619 | |
5 | Boston Gas Co. | 3.001% | 8/1/29 | 105 | 111 | |
Boston Scientific Corp. | 4.000% | 3/1/29 | 55 | 63 | ||
Boston Scientific Corp. | 4.550% | 3/1/39 | 550 | 678 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Brixmor Operating Partnership LP | 2.500% | 8/16/31 | 475 | 477 | ||
Broadcom Inc. | 4.700% | 4/15/25 | 1,190 | 1,332 | ||
5 | Brooklyn Union Gas Co. | 4.273% | 3/15/48 | 760 | 881 | |
5 | Cargill Inc. | 4.760% | 11/23/45 | 275 | 370 | |
Charter Communications Operating LLC | 5.050% | 3/30/29 | 435 | 515 | ||
Charter Communications Operating LLC | 2.300% | 2/1/32 | 1,205 | 1,175 | ||
Charter Communications Operating LLC | 6.384% | 10/23/35 | 305 | 407 | ||
Charter Communications Operating LLC | 5.375% | 5/1/47 | 55 | 68 | ||
Charter Communications Operating LLC | 5.125% | 7/1/49 | 47 | 57 | ||
Charter Communications Operating LLC | 4.800% | 3/1/50 | 60 | 70 | ||
Charter Communications Operating LLC | 3.700% | 4/1/51 | 40 | 40 | ||
Cigna Corp. | 4.375% | 10/15/28 | 435 | 508 | ||
Cigna Corp. | 2.400% | 3/15/30 | 220 | 227 | ||
1 | Citigroup Inc. | 3.520% | 10/27/28 | 1,105 | 1,214 | |
Cleco Corporate Holdings LLC | 3.743% | 5/1/26 | 675 | 737 | ||
Cleco Corporate Holdings LLC | 3.375% | 9/15/29 | 270 | 282 | ||
Comcast Corp. | 3.950% | 10/15/25 | 255 | 284 | ||
Comcast Corp. | 6.500% | 11/15/35 | 156 | 228 | ||
Comcast Corp. | 4.000% | 3/1/48 | 20 | 24 | ||
5 | Comcast Corp. | 2.887% | 11/1/51 | 1,406 | 1,400 | |
Comcast Corp. | 4.049% | 11/1/52 | 6 | 7 | ||
Comcast Corp. | 2.650% | 8/15/62 | 130 | 121 | ||
5 | Comcast Corp. | 2.987% | 11/1/63 | 4 | 4 | |
CommonSpirit Health | 4.200% | 8/1/23 | 895 | 954 | ||
CommonSpirit Health | 3.347% | 10/1/29 | 145 | 157 | ||
CommonSpirit Health | 4.187% | 10/1/49 | 175 | 204 | ||
Conagra Brands Inc. | 1.375% | 11/1/27 | 420 | 412 | ||
Conagra Brands Inc. | 5.300% | 11/1/38 | 600 | 776 | ||
Constellation Brands Inc. | 2.875% | 5/1/30 | 90 | 95 | ||
5 | Cox Communications Inc. | 3.500% | 8/15/27 | 1,255 | 1,384 | |
Crown Castle International Corp. | 2.100% | 4/1/31 | 1,695 | 1,661 | ||
CSX Corp. | 4.300% | 3/1/48 | 405 | 499 | ||
CVS Health Corp. | 2.875% | 6/1/26 | 1,000 | 1,074 | ||
CVS Health Corp. | 4.300% | 3/25/28 | 96 | 111 | ||
Dignity Health | 3.812% | 11/1/24 | 659 | 712 | ||
Dignity Health | 4.500% | 11/1/42 | 202 | 244 | ||
Discovery Communications LLC | 3.625% | 5/15/30 | 565 | 620 | ||
Discovery Communications LLC | 4.650% | 5/15/50 | 532 | 630 | ||
Discovery Communications LLC | 4.000% | 9/15/55 | 288 | 309 | ||
Dominion Energy South Carolina Inc. | 6.625% | 2/1/32 | 156 | 219 | ||
Dominion Energy South Carolina Inc. | 5.300% | 5/15/33 | 129 | 170 | ||
Dominion Energy South Carolina Inc. | 5.450% | 2/1/41 | 250 | 348 | ||
Dominion Energy South Carolina Inc. | 4.600% | 6/15/43 | 280 | 361 | ||
Duke Energy Corp. | 2.550% | 6/15/31 | 530 | 545 | ||
Duke Energy Progress LLC | 4.200% | 8/15/45 | 350 | 427 | ||
5 | Eastern Gas Transmission & Storage Inc. | 4.600% | 12/15/44 | 625 | 761 | |
Energy Transfer LP | 4.900% | 3/15/35 | 975 | 1,123 | ||
5 | Equitable Financial Life Global Funding | 1.400% | 7/7/25 | 100 | 101 | |
5 | Equitable Financial Life Global Funding | 1.300% | 7/12/26 | 600 | 600 | |
5 | Equitable Financial Life Global Funding | 1.400% | 8/27/27 | 565 | 563 | |
5 | ERAC USA Finance LLC | 3.300% | 12/1/26 | 235 | 257 | |
5 | ERAC USA Finance LLC | 4.500% | 2/15/45 | 295 | 366 | |
1 | Evergy Metro Inc. | 2.250% | 6/1/30 | 180 | 184 | |
Exxon Mobil Corp. | 2.275% | 8/16/26 | 865 | 912 | ||
FedEx Corp. | 4.100% | 2/1/45 | 65 | 75 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
FedEx Corp. | 4.750% | 11/15/45 | 187 | 236 | ||
FedEx Corp. | 4.550% | 4/1/46 | 95 | 117 | ||
FedEx Corp. | 4.050% | 2/15/48 | 28 | 33 | ||
FedEx Corp. | 4.950% | 10/17/48 | 175 | 230 | ||
9 | Fidelity National Information Services Inc. | 1.500% | 5/21/27 | 1,405 | 1,773 | |
Fiserv Inc. | 3.200% | 7/1/26 | 320 | 348 | ||
9 | Fiserv Inc. | 1.625% | 7/1/30 | 750 | 963 | |
10 | Fiserv Inc. | 3.000% | 7/1/31 | 525 | 801 | |
9 | General Mills Inc. | 0.450% | 1/15/26 | 900 | 1,083 | |
General Motors Co. | 4.200% | 10/1/27 | 550 | 616 | ||
General Motors Co. | 5.000% | 10/1/28 | 1,095 | 1,280 | ||
5 | Genting New York LLC | 3.300% | 2/15/26 | 1,002 | 1,003 | |
Georgia Power Co. | 4.300% | 3/15/42 | 500 | 595 | ||
1 | Georgia Power Co. | 3.700% | 1/30/50 | 35 | 39 | |
Gilead Sciences Inc. | 4.600% | 9/1/35 | 420 | 518 | ||
Gilead Sciences Inc. | 2.800% | 10/1/50 | 670 | 653 | ||
1 | Goldman Sachs Group Inc. | 3.272% | 9/29/25 | 1,425 | 1,527 | |
Goldman Sachs Group Inc. | 1.431% | 3/9/27 | 1,310 | 1,313 | ||
1 | Goldman Sachs Group Inc. | 3.814% | 4/23/29 | 235 | 263 | |
1 | Goldman Sachs Group Inc. | 4.223% | 5/1/29 | 285 | 327 | |
Goldman Sachs Group Inc. | 2.615% | 4/22/32 | 420 | 433 | ||
1 | Goldman Sachs Group Inc. | 2.383% | 7/21/32 | 545 | 551 | |
5 | Gray Oak Pipeline LLC | 2.600% | 10/15/25 | 291 | 300 | |
5 | Gray Oak Pipeline LLC | 3.450% | 10/15/27 | 45 | 48 | |
Hess Corp. | 4.300% | 4/1/27 | 810 | 900 | ||
Hess Corp. | 7.300% | 8/15/31 | 925 | 1,258 | ||
Hess Corp. | 5.600% | 2/15/41 | 515 | 643 | ||
5 | Hyundai Capital America | 0.800% | 4/3/23 | 830 | 831 | |
Intercontinental Exchange Inc. | 1.850% | 9/15/32 | 975 | 941 | ||
International Business Machines Corp. | 3.300% | 5/15/26 | 500 | 550 | ||
International Business Machines Corp. | 1.950% | 5/15/30 | 570 | 572 | ||
International Business Machines Corp. | 4.250% | 5/15/49 | 315 | 394 | ||
5 | ITC Holdings Corp. | 2.950% | 5/14/30 | 690 | 734 | |
JPMorgan Chase & Co. | 2.580% | 4/22/32 | 1,225 | 1,267 | ||
1 | JPMorgan Chase & Co. | 3.964% | 11/15/48 | 500 | 593 | |
1 | Kaiser Foundation Hospitals | 2.810% | 6/1/41 | 710 | 732 | |
Kaiser Foundation Hospitals | 4.875% | 4/1/42 | 55 | 75 | ||
5 | KeySpan Gas East Corp. | 2.742% | 8/15/26 | 500 | 526 | |
Kroger Co. | 4.450% | 2/1/47 | 220 | 268 | ||
Kroger Co. | 5.400% | 1/15/49 | 195 | 271 | ||
Marsh & McLennan Cos. Inc. | 4.375% | 3/15/29 | 705 | 829 | ||
5 | Marvell Technology Inc. | 2.950% | 4/15/31 | 680 | 706 | |
5 | Massachusetts Mutual Life Insurance Co. | 3.375% | 4/15/50 | 140 | 151 | |
McCormick & Co. Inc. | 2.500% | 4/15/30 | 140 | 145 | ||
1 | McDonald's Corp. | 4.450% | 9/1/48 | 250 | 314 | |
1 | McDonald's Corp. | 3.625% | 9/1/49 | 40 | 45 | |
Merck & Co. Inc. | 3.400% | 3/7/29 | 500 | 562 | ||
1 | Mercy Health | 3.555% | 8/1/27 | 535 | 583 | |
5 | Microchip Technology Inc. | 0.972% | 2/15/24 | 1,080 | 1,080 | |
Microsoft Corp. | 2.921% | 3/17/52 | 650 | 698 | ||
5 | Mid-Atlantic Interstate Transmission LLC | 4.100% | 5/15/28 | 913 | 1,035 | |
1,6 | Molson Coors International LP | 2.840% | 7/15/23 | 1,825 | 1,489 | |
9 | Mondelez International Inc. | 0.250% | 3/17/28 | 605 | 714 | |
9 | Mondelez International Inc. | 1.375% | 3/17/41 | 525 | 620 | |
1 | Morgan Stanley | 3.125% | 7/27/26 | 2,100 | 2,278 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Morgan Stanley | 3.772% | 1/24/29 | 175 | 196 | |
9 | Morgan Stanley | 0.497% | 2/7/31 | 675 | 787 | |
National Retail Properties Inc. | 3.900% | 6/15/24 | 400 | 431 | ||
5 | Nationwide Mutual Insurance Co. | 4.350% | 4/30/50 | 890 | 1,017 | |
NextEra Energy Capital Holdings Inc. | 1.900% | 6/15/28 | 665 | 674 | ||
5 | Niagara Mohawk Power Corp. | 1.960% | 6/27/30 | 670 | 664 | |
Norfolk Southern Corp. | 2.550% | 11/1/29 | 915 | 962 | ||
5 | Northwestern Mutual Life Insurance Co. | 3.850% | 9/30/47 | 280 | 325 | |
5 | Northwestern Mutual Life Insurance Co. | 3.625% | 9/30/59 | 12 | 14 | |
1 | Ochsner LSU Health System of North Louisiana | 2.510% | 5/15/31 | 545 | 546 | |
5 | Oglethorpe Power Corp. | 6.191% | 1/1/31 | 285 | 359 | |
Oglethorpe Power Corp. | 4.550% | 6/1/44 | 20 | 23 | ||
Oglethorpe Power Corp. | 4.250% | 4/1/46 | 81 | 92 | ||
Oglethorpe Power Corp. | 5.250% | 9/1/50 | 190 | 247 | ||
Oracle Corp. | 2.875% | 3/25/31 | 1,015 | 1,069 | ||
Oracle Corp. | 4.000% | 11/15/47 | 265 | 291 | ||
Oracle Corp. | 3.600% | 4/1/50 | 390 | 407 | ||
Oracle Corp. | 3.950% | 3/25/51 | 340 | 377 | ||
Oracle Corp. | 3.850% | 4/1/60 | 145 | 156 | ||
Otis Worldwide Corp. | 2.565% | 2/15/30 | 65 | 68 | ||
Otis Worldwide Corp. | 3.112% | 2/15/40 | 140 | 147 | ||
PacifiCorp | 2.700% | 9/15/30 | 160 | 170 | ||
5 | Pennsylvania Electric Co. | 3.600% | 6/1/29 | 124 | 134 | |
5 | Penske Truck Leasing Co. LP | 4.250% | 1/17/23 | 1,125 | 1,182 | |
5 | Penske Truck Leasing Co. LP | 2.700% | 11/1/24 | 180 | 189 | |
5 | Penske Truck Leasing Co. LP | 3.950% | 3/10/25 | 740 | 808 | |
5 | Penske Truck Leasing Co. LP | 4.000% | 7/15/25 | 140 | 154 | |
Pfizer Inc. | 1.700% | 5/28/30 | 195 | 195 | ||
1 | PNC Bank NA | 3.250% | 1/22/28 | 600 | 665 | |
1 | Providence St. Joseph Health Obligated Group | 3.930% | 10/1/48 | 245 | 293 | |
Raytheon Technologies Corp. | 3.950% | 8/16/25 | 310 | 344 | ||
Raytheon Technologies Corp. | 4.450% | 11/16/38 | 550 | 673 | ||
10 | Realty Income Corp. | 1.750% | 7/13/33 | 635 | 876 | |
Royalty Pharma plc | 3.300% | 9/2/40 | 210 | 213 | ||
Royalty Pharma plc | 3.550% | 9/2/50 | 505 | 506 | ||
1 | San Diego Gas & Electric Co. | 1.700% | 10/1/30 | 710 | 691 | |
1 | San Diego Gas & Electric Co. | 4.100% | 6/15/49 | 174 | 211 | |
5 | SBA Tower Trust | 3.448% | 3/15/23 | 755 | 769 | |
5 | SBA Tower Trust | 1.884% | 1/15/26 | 110 | 111 | |
5 | SBA Tower Trust | 1.631% | 11/15/26 | 270 | 270 | |
1 | SCE Recovery Funding LLC | 0.861% | 11/15/31 | 250 | 246 | |
1 | SCE Recovery Funding LLC | 1.942% | 5/15/38 | 105 | 103 | |
1 | SCE Recovery Funding LLC | 2.510% | 11/15/43 | 60 | 59 | |
Sempra Energy | 3.250% | 6/15/27 | 1,000 | 1,089 | ||
Sierra Pacific Power Co. | 2.600% | 5/1/26 | 180 | 191 | ||
1 | Southern California Edison Co. | 3.700% | 8/1/25 | 30 | 33 | |
1 | Southern California Edison Co. | 2.950% | 2/1/51 | 515 | 470 | |
5 | Sprint Spectrum Co. LLC | 4.738% | 3/20/25 | 1,031 | 1,100 | |
1 | SSM Health Care Corp. | 3.823% | 6/1/27 | 380 | 429 | |
Starbucks Corp. | 4.500% | 11/15/48 | 335 | 425 | ||
Starbucks Corp. | 3.350% | 3/12/50 | 90 | 96 | ||
5 | Teachers Insurance & Annuity Association of America | 4.900% | 9/15/44 | 635 | 839 | |
Teledyne Technologies Inc. | 2.750% | 4/1/31 | 490 | 511 | ||
Thermo Fisher Scientific Inc. | 1.750% | 10/15/28 | 290 | 293 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
T-Mobile USA Inc. | 2.050% | 2/15/28 | 1,185 | 1,205 | ||
T-Mobile USA Inc. | 4.375% | 4/15/40 | 270 | 316 | ||
1 | Toledo Hospital | 5.325% | 11/15/28 | 410 | 472 | |
Toledo Hospital | 5.750% | 11/15/38 | 150 | 181 | ||
Trinity Acquisition plc | 4.400% | 3/15/26 | 888 | 1,000 | ||
1 | Truist Bank | 3.300% | 5/15/26 | 975 | 1,072 | |
Union Pacific Corp. | 3.750% | 2/5/70 | 190 | 216 | ||
1 | United Airlines Pass-Through Trust Class B Series 2018-1 | 4.600% | 3/1/26 | 58 | 60 | |
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 415 | 476 | ||
UnitedHealth Group Inc. | 2.000% | 5/15/30 | 215 | 219 | ||
UnitedHealth Group Inc. | 4.625% | 7/15/35 | 90 | 114 | ||
VEREIT Operating Partnership LP | 3.400% | 1/15/28 | 365 | 399 | ||
VEREIT Operating Partnership LP | 2.200% | 6/15/28 | 185 | 190 | ||
VEREIT Operating Partnership LP | 3.100% | 12/15/29 | 550 | 592 | ||
VEREIT Operating Partnership LP | 2.850% | 12/15/32 | 80 | 85 | ||
9 | Verizon Communications Inc. | 1.250% | 4/8/30 | 750 | 942 | |
10 | Verizon Communications Inc. | 3.375% | 10/27/36 | 175 | 283 | |
Verizon Communications Inc. | 4.522% | 9/15/48 | 390 | 491 | ||
Verizon Communications Inc. | 5.012% | 8/21/54 | 380 | 523 | ||
VF Corp. | 2.800% | 4/23/27 | 145 | 155 | ||
VF Corp. | 2.950% | 4/23/30 | 875 | 934 | ||
1,6 | Wells Fargo & Co. | 2.975% | 5/19/26 | 600 | 502 | |
1 | Wells Fargo & Co. | 4.300% | 7/22/27 | 325 | 373 | |
1 | Wells Fargo & Co. | 4.750% | 12/7/46 | 700 | 893 | |
Welltower Inc. | 4.000% | 6/1/25 | 325 | 357 | ||
125,019 | ||||||
Total Corporate Bonds (Cost $216,047) | 226,615 | |||||
Sovereign Bonds (8.3%) | ||||||
Australia (0.3%) | ||||||
1,11 | Commonwealth of Australia | 2.750% | 11/21/27 | 160 | 131 | |
1,11 | Commonwealth of Australia | 2.250% | 5/21/28 | 870 | 695 | |
1,11 | Commonwealth of Australia | 1.000% | 11/21/31 | 955 | 686 | |
1,512 | ||||||
Bermuda (0.0%) | ||||||
5 | Bermuda | 2.375% | 8/20/30 | 200 | 202 | |
Canada (0.8%) | ||||||
6 | City of Montreal | 3.500% | 12/1/38 | 910 | 822 | |
6 | City of Toronto | 3.200% | 8/1/48 | 1,000 | 853 | |
6 | Municipal Finance Authority of British Columbia | 4.950% | 12/1/27 | 600 | 574 | |
6 | Province of Ontario | 2.900% | 6/2/28 | 815 | 705 | |
1,12 | Province of Ontario | 0.250% | 6/28/29 | 1,075 | 1,216 | |
6 | Regional Municipality of York | 2.150% | 6/22/31 | 500 | 401 | |
4,571 | ||||||
Chile (0.4%) | ||||||
1 | Corp. Nacional del Cobre de Chile | 3.625% | 8/1/27 | 800 | 874 | |
1 | Republic of Chile | 2.550% | 7/27/33 | 1,215 | 1,238 | |
9 | Republic of Chile | 1.250% | 1/22/51 | 435 | 473 | |
2,585 | ||||||
China (0.2%) | ||||||
5 | State Grid Overseas Investment BVI Ltd. | 2.750% | 5/4/22 | 1,110 | 1,126 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Colombia (0.2%) | ||||||
1 | Republic of Colombia | 4.000% | 2/26/24 | 1,045 | 1,100 | |
Croatia (0.2%) | ||||||
9 | Republic of Croatia | 1.500% | 6/17/31 | 1,125 | 1,424 | |
Japan (2.2%) | ||||||
1,13 | Japan | 0.100% | 3/20/31 | 1,191,300 | 10,915 | |
1,13 | Japan | 0.100% | 6/20/31 | 200,100 | 1,831 | |
12,746 | ||||||
Mexico (0.2%) | ||||||
1 | United Mexican States | 4.280% | 8/14/41 | 1,325 | 1,421 | |
Norway (0.2%) | ||||||
Equinor ASA | 3.000% | 4/6/27 | 1,215 | 1,319 | ||
Panama (0.3%) | ||||||
5 | Empresa de Transmision Electrica SA | 5.125% | 5/2/49 | 415 | 476 | |
1 | Republic of Panama | 2.252% | 9/29/32 | 995 | 971 | |
1,447 | ||||||
Qatar (0.4%) | ||||||
5 | Qatar Petroleum | 2.250% | 7/12/31 | 480 | 484 | |
5 | Qatar Petroleum | 3.125% | 7/12/41 | 405 | 418 | |
5 | State of Qatar | 3.875% | 4/23/23 | 785 | 830 | |
5 | State of Qatar | 5.103% | 4/23/48 | 285 | 384 | |
5 | State of Qatar | 4.400% | 4/16/50 | 205 | 254 | |
2,370 | ||||||
Romania (0.5%) | ||||||
5,9 | Republic of Romania | 1.375% | 12/2/29 | 199 | 235 | |
1,9 | Republic of Romania | 2.500% | 2/8/30 | 850 | 1,073 | |
1,9 | Republic of Romania | 3.624% | 5/26/30 | 500 | 683 | |
1,9 | Republic of Romania | 2.124% | 7/16/31 | 475 | 576 | |
5,9 | Republic of Romania | 2.000% | 4/14/33 | 245 | 288 | |
2,855 | ||||||
Saudi Arabia (0.1%) | ||||||
5 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 585 | 637 | |
Spain (0.2%) | ||||||
5,9 | Kingdom of Spain | 0.600% | 10/31/29 | 775 | 955 | |
Supranational (1.4%) | ||||||
1,9 | European Union | 0.000% | 7/4/35 | 2,850 | 3,303 | |
1,9 | European Union | 0.200% | 6/4/36 | 3,025 | 3,575 | |
1,9 | European Union | 0.100% | 10/4/40 | 1,300 | 1,470 | |
8,348 | ||||||
United Arab Emirates (0.3%) | ||||||
1 | Emirate of Abu Dhabi | 3.125% | 10/11/27 | 1,435 | 1,589 | |
United Kingdom (0.4%) | ||||||
10 | United Kingdom | 3.500% | 1/22/45 | 990 | 2,038 | |
Total Sovereign Bonds (Cost $46,760) | 48,245 | |||||
Taxable Municipal Bonds (1.4%) | ||||||
United States (1.4%) | ||||||
Broward County FL Airport System Revenue | 3.477% | 10/1/43 | 80 | 85 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.300% | 12/1/21 | 25 | 25 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/40 | 645 | 933 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/40 | 40 | 58 | ||
Dallas/Fort Worth International Airport Revenue | 3.089% | 11/1/40 | 60 | 63 | ||
Foothill-Eastern Transportation Corridor Agency CA Toll Road Revenue | 4.094% | 1/15/49 | 45 | 48 | ||
14 | Foothill-Eastern Transportation Corridor Agency CA Toll Road Revenue | 3.924% | 1/15/53 | 315 | 336 | |
Georgia Municipal Electric Power Authority Revenue | 6.637% | 4/1/57 | 478 | 731 | ||
Grand Parkway Transportation Corp. Texas System Toll Revenue | 3.236% | 10/1/52 | 210 | 218 | ||
��� | Illinois GO | 5.100% | 6/1/33 | 855 | 1,016 | |
14 | Kansas Development Finance Authority Revenue (Employees Retirement System) | 5.371% | 5/1/26 | 645 | 727 | |
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 | 226 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.814% | 11/15/40 | 380 | 559 | ||
New York Metropolitan Transportation Authority Revenue (Climate Bond Certified) | 5.175% | 11/15/49 | 315 | 434 | ||
New York State Dormitory Authority Revenue (Personal Income Tax) | 3.110% | 2/15/39 | 210 | 234 | ||
15 | Philadelphia PA Authority for Industrial Development Revenue | 6.550% | 10/15/28 | 525 | 685 | |
Port Authority of New York & New Jersey Revenue | 3.175% | 7/15/60 | 440 | 450 | ||
Sales Tax Securitization Corp. Illinois Revenue | 4.787% | 1/1/48 | 545 | 702 | ||
State of Connecticut GO | 2.000% | 7/1/23 | 135 | 139 | ||
State of Connecticut GO | 5.770% | 3/15/25 | 250 | 294 | ||
Total Taxable Municipal Bonds (Cost $7,113) | 7,980 |
Coupon | Shares | Market Value• ($000) | ||||
Temporary Cash Investments (5.4%) | ||||||
Money Market Fund (5.4%) | ||||||
16 | Vanguard Market Liquidity Fund (Cost $31,177) | 0.068% | 311,775 | 31,177 | ||
Total Investments (101.5%) (Cost $532,729) | 587,555 | |||||
Other Assets and Liabilities—Net (-1.5%) | (8,571) | |||||
Net Assets (100%) | 578,984 |
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 August 31, 2021. |
4 | Securities with a value of $657,000 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 August 31, 2021, the aggregate value was $73,721,000, representing 12.7% of net assets. |
6 | Face amount denominated in Canadian dollars. |
7 | Security value determined using significant unobservable inputs. |
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. |
1M—1-month. | |
3M—3-month. | |
GO—General 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 | December 2021 | 97 | 12,001 | 23 |
Euro-Bobl | September 2021 | 31 | 4,940 | 20 |
Euro-BTP | September 2021 | 7 | 1,267 | 24 |
Euro-Buxl | September 2021 | 10 | 2,509 | 82 |
Euro-OAT | September 2021 | 10 | 1,903 | 32 |
Euro-Schatz | September 2021 | 65 | 8,617 | 9 |
190 | ||||
Short Futures Contracts | ||||
10-Year U.S. Treasury Note | December 2021 | (210) | (28,025) | (23) |
Euro-Bund | September 2021 | (61) | (12,637) | (118) |
Long Gilt | December 2021 | (5) | (881) | 6 |
Ultra 10-Year U.S. Treasury Note | December 2021 | (72) | (10,657) | (8) |
(143) | ||||
47 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
J.P. Morgan Securities LLC | 9/29/21 | CAD | 1,260 | USD | 992 | 7 | — |
Goldman Sachs International | 9/30/21 | EUR | 2,116 | USD | 2,498 | 2 | — |
Goldman Sachs International | 9/30/21 | USD | 5,114 | AUD | 7,052 | — | (46) |
Bank of America, N.A. | 9/29/21 | USD | 11,585 | CAD | 14,673 | — | (44) |
Goldman Sachs International | 9/30/21 | USD | 1,668 | CHF | 1,522 | 5 | — |
J.P. Morgan Securities LLC | 9/30/21 | USD | 77,588 | EUR | 66,023 | — | (415) |
J.P. Morgan Securities LLC | 9/30/21 | USD | 15,775 | GBP | 11,489 | — | (22) |
Goldman Sachs International | 9/30/21 | AUD | 1,970 | GBP | 1,042 | 9 | — |
J.P. Morgan Securities LLC | 9/30/21 | EUR | 285 | GBP | 244 | 1 | — |
Bank of America, N.A. | 9/30/21 | USD | 261 | HKD | 2,030 | — | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
J.P. Morgan Securities LLC | 9/30/21 | USD | 11,043 | JPY | 1,212,257 | 21 | — |
Goldman Sachs International | 9/30/21 | AUD | 2,630 | JPY | 209,400 | 20 | — |
Bank of America, N.A. | 9/30/21 | GBP | 432 | JPY | 65,000 | 2 | — |
67 | (527) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
JPY—Japanese yen. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $501,552) | 556,378 |
Affiliated Issuers (Cost $31,177) | 31,177 |
Total Investments in Securities | 587,555 |
Investment in Vanguard | 19 |
Cash | 9 |
Foreign Currency, at Value (Cost $8,666) | 8,669 |
Receivables for Investment Securities Sold | 8,676 |
Receivables for Accrued Income | 2,993 |
Receivables for Capital Shares Issued | 638 |
Variation Margin Receivable—Futures Contracts | 42 |
Unrealized Appreciation—Forward Currency Contracts | 67 |
Total Assets | 608,668 |
Liabilities | |
Payables for Investment Securities Purchased | 28,703 |
Payables for Capital Shares Redeemed | 262 |
Payables to Investment Advisor | 150 |
Payables to Vanguard | 42 |
Unrealized Depreciation—Forward Currency Contracts | 527 |
Total Liabilities | 29,684 |
Net Assets | 578,984 |
Statement of Assets and Liabilities (continued) | |
At August 31, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 534,370 |
Total Distributable Earnings (Loss) | 44,614 |
Net Assets | 578,984 |
Investor Shares—Net Assets | |
Applicable to 4,116,942 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 91,484 |
Net Asset Value Per Share—Investor Shares | $22.22 |
Admiral Shares—Net Assets | |
Applicable to 17,546,332 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 487,500 |
Net Asset Value Per Share—Admiral Shares | $27.78 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 6,553 |
Interest2 | 6,309 |
Securities Lending—Net | 8 |
Total Income | 12,870 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 619 |
Performance Adjustment | (75) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 230 |
Management and Administrative—Admiral Shares | 658 |
Marketing and Distribution—Investor Shares | 8 |
Marketing and Distribution—Admiral Shares | 19 |
Custodian Fees | 29 |
Auditing Fees | 33 |
Shareholders’ Reports—Investor Shares | 4 |
Shareholders’ Reports—Admiral Shares | 4 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,530 |
Net Investment Income | 11,340 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 10,674 |
Futures Contracts | (136) |
Forward Currency Contracts | 702 |
Foreign Currencies | 522 |
Realized Net Gain (Loss) | 11,762 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 29,307 |
Futures Contracts | (73) |
Forward Currency Contracts | 645 |
Foreign Currencies | (219) |
Change in Unrealized Appreciation (Depreciation) | 29,660 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 52,762 |
1 | Dividends are net of foreign withholding taxes of $550,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $20,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 11,340 | 11,025 |
Realized Net Gain (Loss) | 11,762 | (9,178) |
Change in Unrealized Appreciation (Depreciation) | 29,660 | 11,303 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 52,762 | 13,150 |
Distributions | ||
Investor Shares | (1,540) | (1,891) |
Admiral Shares | (8,376) | (9,124) |
Total Distributions | (9,916) | (11,015) |
Capital Share Transactions | ||
Investor Shares | 3,358 | (4,268) |
Admiral Shares | 62,852 | 7,647 |
Net Increase (Decrease) from Capital Share Transactions | 66,210 | 3,379 |
Total Increase (Decrease) | 109,056 | 5,514 |
Net Assets | ||
Beginning of Period | 469,928 | 464,414 |
End of Period | 578,984 | 469,928 |
Investor Shares | ||||
For a Share Outstanding Throughout Each Period | Oct. 18, 20171 to August 31, 2018 | Year Ended August 31, | ||
2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $20.42 | $20.16 | $19.87 | $20.00 |
Investment Operations | ||||
Net Investment Income2 | .446 | .453 | .513 | .443 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.747 | .263 | .529 | (.269) |
Total from Investment Operations | 2.193 | .716 | 1.042 | .174 |
Distributions | ||||
Dividends from Net Investment Income | (.393) | (.456) | (.473) | (.304) |
Distributions from Realized Capital Gains | — | — | (.279) | — |
Total Distributions | (.393) | (.456) | (.752) | (.304) |
Net Asset Value, End of Period | $22.22 | $20.42 | $20.16 | $19.87 |
Total Return3 | 10.83% | 3.66% | 5.50% | 0.88% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $91 | $81 | $85 | $93 |
Ratio of Total Expenses to Average Net Assets4 | 0.41% | 0.41% | 0.42% | 0.43%5,6 |
Ratio of Net Investment Income to Average Net Assets | 2.09% | 2.27% | 2.63% | 2.68%5 |
Portfolio Turnover Rate | 99%7 | 72%7 | 90% | 39% |
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%). Performance-based investment advisory fees did not apply before fiscal year 2019. |
5 | Annualized. |
6 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.42%. |
7 | Includes 33% and 1%, respectively, attributable to mortgage-dollar-roll activity. |
Admiral Shares | ||||
For a Share Outstanding Throughout Each Period | Oct. 18, 20171 to August 31, 2018 | Year Ended August 31, | ||
2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $25.53 | $25.20 | $24.84 | $25.00 |
Investment Operations | ||||
Net Investment Income2 | .594 | .592 | .666 | .577 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.178 | .334 | .658 | (.341) |
Total from Investment Operations | 2.772 | .926 | 1.324 | .236 |
Distributions | ||||
Dividends from Net Investment Income | (.522) | (.596) | (.616) | (.396) |
Distributions from Realized Capital Gains | — | — | (.348) | — |
Total Distributions | (.522) | (.596) | (.964) | (.396) |
Net Asset Value, End of Period | $27.78 | $25.53 | $25.20 | $24.84 |
Total Return3 | 10.96% | 3.79% | 5.60% | 0.96% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $488 | $389 | $379 | $408 |
Ratio of Total Expenses to Average Net Assets4 | 0.28% | 0.31% | 0.32% | 0.33%5,6 |
Ratio of Net Investment Income to Average Net Assets | 2.22% | 2.37% | 2.73% | 2.78%5 |
Portfolio Turnover Rate | 99%7 | 72%7 | 90% | 39% |
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%). Performance-based investment advisory fees did not apply before fiscal year 2019. |
5 | Annualized. |
6 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.32%. |
7 | Includes 33% 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 | 112,519 | — | — | 112,519 |
Common Stocks—Other | — | 103,436 | — | 103,436 |
U.S. Government and Agency Obligations | — | 43,751 | — | 43,751 |
Asset-Backed/Commercial Mortgage-Backed Securities | — | 13,012 | 820 | 13,832 |
Corporate Bonds | — | 226,615 | — | 226,615 |
Sovereign Bonds | — | 48,245 | — | 48,245 |
Taxable Municipal Bonds | — | 7,980 | — | 7,980 |
Temporary Cash Investments | 31,177 | — | — | 31,177 |
Total | 143,696 | 443,039 | 820 | 587,555 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 196 | — | — | 196 |
Forward Currency Contracts | — | 67 | — | 67 |
Total | 196 | 67 | — | 263 |
Liabilities | ||||
Futures Contracts1 | 149 | — | — | 149 |
Forward Currency Contracts | — | 527 | — | 527 |
Total | 149 | 527 | — | 676 |
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 | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 196 | — | 196 |
Unrealized Appreciation—Forward Currency Contracts | — | 67 | 67 |
Total Assets | 196 | 67 | 263 |
Unrealized Depreciation—Futures Contracts1 | 149 | — | 149 |
Unrealized Depreciation—Forward Currency Contracts | — | 527 | 527 |
Total Liabilities | 149 | 527 | 676 |
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 | (136) | — | (136) |
Forward Currency Contracts | — | 702 | 702 |
Realized Net Gain (Loss) on Derivatives | (136) | 702 | 566 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (73) | — | (73) |
Forward Currency Contracts | — | 645 | 645 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (73) | 645 | 572 |
Amount ($000) | |
Undistributed Ordinary Income | 4,308 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (13,979) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 54,285 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 9,916 | 11,015 |
Long-Term Capital Gains | — | — |
Total | 9,916 | 11,015 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 533,287 |
Gross Unrealized Appreciation | 58,817 |
Gross Unrealized Depreciation | (4,549) |
Net Unrealized Appreciation (Depreciation) | 54,268 |
Year Ended August 31, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 37,147 | 1,733 | 34,659 | 1,733 | |
Issued in Lieu of Cash Distributions | 1,323 | 62 | 1,619 | 82 | |
Redeemed | (35,112) | (1,653) | (40,546) | (2,058) | |
Net Increase (Decrease)—Investor Shares | 3,358 | 142 | (4,268) | (243) | |
Admiral Shares | |||||
Issued | 169,389 | 6,323 | 164,236 | 6,588 | |
Issued in Lieu of Cash Distributions | 7,025 | 263 | 7,760 | 316 | |
Redeemed | (113,562) | (4,268) | (164,349) | (6,729) | |
Net Increase (Decrease)—Admiral Shares | 62,852 | 2,318 | 7,647 | 175 |
Philadelphia, Pennsylvania
October 20, 2021
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• | Vanguard ESG U.S. Stock ETF returned 32.41% based on net asset value for the 12 months ended August 31, 2021, in line with the expense-free 32.57% return of its benchmark. |
• | The global economy rebounded faster than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that have been more successful in containing the virus have generally fared better economically. Swift and extensive fiscal and monetary support from policymakers has also been key to the rebound. |
• | As the 12 months under review reflect the recovery in stocks following the sharp downturn at the start of the pandemic, results were excellent. |
• | All 11 industry sectors in the fund’s benchmark index posted double-digit gains. Financials turned in an outstanding performance of over 50%. Technology, which accounts for the largest slice of the index, also performed very well and contributed the most to return. Consumer staples, telecommunications, and utilities returned the least. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
• | 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 August 31, 2021 | |||
ESG U.S. Stock ETF | Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,186.10 | $0.44 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.80 | 0.41 |
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Average Annual Total Returns Periods Ended August 31, 2021 | ||||
One Year | Since Inception (9/18/2018) | Final Value of a $10,000 Investment | ||
![]() | ESG U.S. Stock ETF Net Asset Value | 32.41% | 20.81% | $17,470 |
ESG U.S. Stock ETF Market Price | 32.27 | 20.82 | 17,472 | |
![]() | FTSE US All Cap Choice Index | 32.57 | 20.95 | 17,529 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 33.32 | 18.16 | 16,363 |
Cumulative Returns of ETF Shares: September 18, 2018, Through August 31, 2021 | ||
One Year | Since Inception (9/18/2018) | |
ESG U.S. Stock ETF Market Price | 32.27% | 74.72% |
ESG U.S. Stock ETF Net Asset Value | 32.41 | 74.70 |
FTSE US All Cap Choice Index | 32.57 | 75.29 |
Basic Materials | 1.9% |
Consumer Discretionary | 16.7 |
Consumer Staples | 4.5 |
Energy | 0.2 |
Financials | 10.8 |
Health Care | 13.9 |
Industrials | 11.4 |
Real Estate | 3.8 |
Technology | 32.2 |
Telecommunications | 3.4 |
Utilities | 1.2 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.7%) | ||||||
Basic Materials (1.9%) | ||||||
Linde plc | 70,964 | 22,325 | ||||
Air Products and Chemicals Inc. | 29,928 | 8,066 | ||||
Dow Inc. | 101,438 | 6,380 | ||||
Newmont Corp. | 108,588 | 6,297 | ||||
International Flavors & Fragrances Inc. | 33,736 | 5,111 | ||||
Nucor Corp. | 40,569 | 4,769 | ||||
Fastenal Co. | 77,584 | 4,333 | ||||
Albemarle Corp. | 15,753 | 3,729 | ||||
LyondellBasell Industries NV Class A | 35,629 | 3,575 | ||||
International Paper Co. | 53,504 | 3,215 | ||||
Avery Dennison Corp. | 11,146 | 2,512 | ||||
Celanese Corp. | 15,308 | 2,428 | ||||
Eastman Chemical Co. | 18,340 | 2,075 | ||||
Steel Dynamics Inc. | 27,219 | 1,837 | ||||
FMC Corp. | 17,349 | 1,624 | ||||
Mosaic Co. | 46,784 | 1,505 | ||||
* | Cleveland-Cliffs Inc. | 62,004 | 1,455 | |||
CF Industries Holdings Inc. | 29,013 | 1,318 | ||||
Reliance Steel & Aluminum Co. | 8,506 | 1,276 | ||||
* | Alcoa Corp. | 25,321 | 1,123 | |||
Royal Gold Inc. | 8,914 | 992 | ||||
United States Steel Corp. | 36,975 | 989 | ||||
Scotts Miracle-Gro Co. | 5,434 | 852 | ||||
Huntsman Corp. | 29,078 | 769 | ||||
Element Solutions Inc. | 31,930 | 726 | ||||
Valvoline Inc. | 24,024 | 725 | ||||
Ashland Global Holdings Inc. | 7,519 | 685 | ||||
Avient Corp. | 12,922 | 673 | ||||
UFP Industries Inc. | 8,445 | 634 | ||||
Balchem Corp. | 4,485 | 630 | ||||
* | Univar Solutions Inc. | 23,457 | 554 | |||
W R Grace & Co. | 7,569 | 527 | ||||
Sensient Technologies Corp. | 6,014 | 522 | ||||
* | Arconic Corp. | 15,065 | 520 | |||
* | Livent Corp. | 20,554 | 511 | |||
Quaker Chemical Corp. | 1,866 | 484 | ||||
* | Ingevity Corp. | 5,693 | 458 | |||
Hecla Mining Co. | 71,684 | 441 |
Shares | Market Value• ($000) | |||||
Cabot Corp. | 8,179 | 437 | ||||
* | Domtar Corp. | 6,995 | 384 | |||
Westlake Chemical Corp. | 4,317 | 377 | ||||
Tronox Holdings plc Class A | 16,915 | 357 | ||||
Minerals Technologies Inc. | 4,204 | 331 | ||||
Mueller Industries Inc. | 7,410 | 331 | ||||
Stepan Co. | 2,797 | 329 | ||||
NewMarket Corp. | 914 | 320 | ||||
* | Constellium SE Class A | 15,620 | 316 | |||
Compass Minerals International Inc. | 4,528 | 303 | ||||
Innospec Inc. | 3,184 | 298 | ||||
Boise Cascade Co. | 4,860 | 281 | ||||
Trinseo SA | 4,943 | 257 | ||||
Kaiser Aluminum Corp. | 2,030 | 256 | ||||
* | Coeur Mining Inc. | 30,784 | 217 | |||
* | Kraton Corp. | 4,501 | 190 | |||
Schweitzer-Mauduit International Inc. | 4,127 | 158 | ||||
* | Orion Engineered Carbons SA | 7,841 | 139 | |||
* | Century Aluminum Co. | 10,726 | 137 | |||
* | GCP Applied Technologies Inc. | 5,705 | 136 | |||
Neenah Inc. | 2,144 | 108 | ||||
102,307 | ||||||
Consumer Discretionary (16.6%) | ||||||
* | Amazon.com Inc. | 58,903 | 204,440 | |||
* | Tesla Inc. | 105,311 | 77,479 | |||
Home Depot Inc. | 145,749 | 47,540 | ||||
* | Walt Disney Co. | 246,529 | 44,696 | |||
* | Netflix Inc. | 58,767 | 33,450 | |||
NIKE Inc. Class B | 168,230 | 27,714 | ||||
Costco Wholesale Corp. | 60,042 | 27,349 | ||||
McDonald's Corp. | 101,211 | 24,034 | ||||
Lowe's Cos. Inc. | 97,420 | 19,863 | ||||
Starbucks Corp. | 160,086 | 18,809 | ||||
Target Corp. | 67,557 | 16,685 | ||||
* | Booking Holdings Inc. | 5,610 | 12,901 | |||
TJX Cos. Inc. | 163,309 | 11,876 | ||||
* | MercadoLibre Inc. | 6,265 | 11,700 | |||
Estee Lauder Cos. Inc. Class A | 31,043 | 10,570 | ||||
Activision Blizzard Inc. | 105,280 | 8,672 | ||||
* | Uber Technologies Inc. | 219,866 | 8,606 |
Shares | Market Value• ($000) | |||||
* | Chipotle Mexican Grill Inc. | 3,875 | 7,375 | |||
Dollar General Corp. | 32,356 | 7,212 | ||||
eBay Inc. | 92,281 | 7,082 | ||||
* | Ford Motor Co. | 531,216 | 6,922 | |||
* | Lululemon Athletica Inc. | 15,476 | 6,193 | |||
Electronic Arts Inc. | 38,799 | 5,634 | ||||
Ross Stores Inc. | 47,488 | 5,623 | ||||
* | Aptiv plc | 36,558 | 5,564 | |||
* | O'Reilly Automotive Inc. | 9,330 | 5,543 | |||
Yum! Brands Inc. | 40,282 | 5,278 | ||||
* | AutoZone Inc. | 2,996 | 4,641 | |||
* | Spotify Technology SA | 18,813 | 4,409 | |||
DR Horton Inc. | 45,203 | 4,322 | ||||
Lennar Corp. Class A | 38,484 | 4,130 | ||||
Best Buy Co. Inc. | 33,878 | 3,947 | ||||
* | Etsy Inc. | 17,406 | 3,764 | |||
Garmin Ltd. | 20,472 | 3,571 | ||||
Yum China Holdings Inc. | 57,089 | 3,514 | ||||
* | Carvana Co. | 10,405 | 3,413 | |||
VF Corp. | 44,110 | 3,373 | ||||
ViacomCBS Inc. Class B | 73,370 | 3,041 | ||||
Tractor Supply Co. | 15,652 | 3,040 | ||||
* | Wayfair Inc. Class A | 10,344 | 2,904 | |||
* | Ulta Beauty Inc. | 7,352 | 2,848 | |||
* | Dollar Tree Inc. | 31,393 | 2,842 | |||
* | Expedia Group Inc. | 19,270 | 2,785 | |||
* | CarMax Inc. | 22,094 | 2,766 | |||
Domino's Pizza Inc. | 5,261 | 2,719 | ||||
* | Burlington Stores Inc. | 9,006 | 2,697 | |||
Darden Restaurants Inc. | 17,669 | 2,662 | ||||
Pool Corp. | 5,256 | 2,598 | ||||
* | Take-Two Interactive Software Inc. | 15,440 | 2,489 | |||
Genuine Parts Co. | 19,284 | 2,356 | ||||
Bath & Body Works Inc. | 34,131 | 2,303 | ||||
* | NVR Inc. | 440 | 2,279 | |||
Omnicom Group Inc. | 28,576 | 2,092 | ||||
* | LKQ Corp. | 37,964 | 2,000 | |||
Interpublic Group of Cos. Inc. | 53,699 | 1,999 | ||||
PulteGroup Inc. | 35,508 | 1,912 | ||||
Fox Corp. Class A | 49,960 | 1,870 | ||||
Williams-Sonoma Inc. | 10,006 | 1,868 | ||||
Whirlpool Corp. | 8,182 | 1,813 | ||||
* | Lyft Inc. Class A | 38,002 | 1,809 | |||
Advance Auto Parts Inc. | 8,786 | 1,782 | ||||
* | Floor & Decor Holdings Inc. Class A | 13,786 | 1,700 | |||
Hasbro Inc. | 17,084 | 1,680 | ||||
* | Vail Resorts Inc. | 5,445 | 1,660 | |||
* | RH | 2,346 | 1,644 | |||
* | Deckers Outdoor Corp. | 3,798 | 1,589 | |||
* | Live Nation Entertainment Inc. | 18,314 | 1,588 | |||
* | Chegg Inc. | 18,960 | 1,578 | |||
* | Five Below Inc. | 7,402 | 1,575 | |||
* | Liberty Media Corp.-Liberty Formula One Class C | 30,680 | 1,551 | |||
* | Tapestry Inc. | 38,217 | 1,541 |
Shares | Market Value• ($000) | |||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 29,776 | 1,474 | |||
BorgWarner Inc. | 32,494 | 1,387 | ||||
Service Corp. International | 22,064 | 1,385 | ||||
Newell Brands Inc. | 52,192 | 1,326 | ||||
Lithia Motors Inc. Class A | 3,990 | 1,322 | ||||
Lear Corp. | 8,205 | 1,312 | ||||
* | Discovery Inc. Class A | 44,999 | 1,298 | |||
* | Crocs Inc. | 8,713 | 1,244 | |||
Kohl's Corp. | 21,200 | 1,217 | ||||
* | Bright Horizons Family Solutions Inc. | 8,344 | 1,216 | |||
Rollins Inc. | 31,120 | 1,211 | ||||
Dick's Sporting Goods Inc. | 8,538 | 1,202 | ||||
* | Zynga Inc. Class A | 134,941 | 1,194 | |||
Tempur Sealy International Inc. | 26,525 | 1,186 | ||||
* | SiteOne Landscape Supply Inc. | 5,917 | 1,184 | |||
* | YETI Holdings Inc. | 11,796 | 1,172 | |||
New York Times Co. Class A | 22,807 | 1,158 | ||||
* | Capri Holdings Ltd. | 20,328 | 1,149 | |||
Aramark | 30,790 | 1,071 | ||||
Autoliv Inc. | 12,030 | 1,063 | ||||
* | BJ's Wholesale Club Holdings Inc. | 18,574 | 1,052 | |||
Nielsen Holdings plc | 47,881 | 1,028 | ||||
* | PVH Corp. | 9,715 | 1,018 | |||
Gentex Corp. | 32,982 | 1,016 | ||||
Toll Brothers Inc. | 15,720 | 1,007 | ||||
* | Southwest Airlines Co. | 20,160 | 1,004 | |||
* | Macy's Inc. | 44,688 | 1,001 | |||
* | Mattel Inc. | 46,828 | 1,000 | |||
* | IAA Inc. | 18,422 | 979 | |||
* | Delta Air Lines Inc. | 23,147 | 936 | |||
* | Planet Fitness Inc. Class A | 11,130 | 905 | |||
* | Fox Factory Holding Corp. | 5,825 | 895 | |||
* | Skechers U.S.A. Inc. Class A | 17,657 | 890 | |||
Texas Roadhouse Inc. Class A | 9,306 | 884 | ||||
Thor Industries Inc. | 7,717 | 875 | ||||
Leggett & Platt Inc. | 17,890 | 866 | ||||
Hanesbrands Inc. | 46,329 | 865 | ||||
Nexstar Media Group Inc. Class A | 5,638 | 844 | ||||
* | Stamps.com Inc. | 2,556 | 841 | |||
Harley-Davidson Inc. | 20,963 | 829 | ||||
* | Helen of Troy Ltd. | 3,418 | 818 | |||
Sirius XM Holdings Inc. | 124,587 | 781 | ||||
* | AutoNation Inc. | 6,943 | 757 | |||
* | Victoria's Secret & Co. | 11,419 | 757 | |||
Ralph Lauren Corp. | 6,480 | 753 | ||||
Gap Inc. | 27,483 | 735 | ||||
* | Terminix Global Holdings Inc. | 17,588 | 732 | |||
* | Under Armour Inc. Class C | 35,772 | 718 | |||
Wingstop Inc. | 4,098 | 705 | ||||
Foot Locker Inc. | 12,310 | 698 |
Shares | Market Value• ($000) | |||||
* | Ollie's Bargain Outlet Holdings Inc. | 9,463 | 685 | |||
* | Sonos Inc. | 16,761 | 666 | |||
* | National Vision Holdings Inc. | 11,007 | 660 | |||
H&R Block Inc. | 25,128 | 645 | ||||
Carter's Inc. | 6,113 | 626 | ||||
American Eagle Outfitters Inc. | 20,231 | 617 | ||||
* | Avis Budget Group Inc. | 6,794 | 617 | |||
* | United Airlines Holdings Inc. | 13,019 | 606 | |||
* | Discovery Inc. Class C | 21,874 | 604 | |||
* | Goodyear Tire & Rubber Co. | 37,724 | 598 | |||
Papa John's International Inc. | 4,552 | 581 | ||||
* | Grand Canyon Education Inc. | 6,469 | 577 | |||
* | Meritage Homes Corp. | 5,167 | 576 | |||
Rent-A-Center Inc. | 9,106 | 574 | ||||
Signet Jewelers Ltd. | 7,211 | 571 | ||||
Wendy's Co. | 24,344 | 560 | ||||
TEGNA Inc. | 31,528 | 559 | ||||
Columbia Sportswear Co. | 5,458 | 557 | ||||
Qurate Retail Inc. Class A | 50,242 | 554 | ||||
KB Home | 12,390 | 533 | ||||
* | Frontdoor Inc. | 11,948 | 521 | |||
* | Asbury Automotive Group Inc. | 2,741 | 510 | |||
* | Adient plc | 12,895 | 507 | |||
* | Hilton Grand Vacations Inc. | 11,408 | 498 | |||
* | Taylor Morrison Home Corp. Class A | 17,738 | 498 | |||
* | Sabre Corp. | 44,129 | 496 | |||
* | Madison Square Garden Sports Corp. | 2,731 | 494 | |||
Fox Corp. Class B | 14,212 | 492 | ||||
* | TripAdvisor Inc. | 14,039 | 491 | |||
* | Veoneer Inc. | 13,700 | 490 | |||
Dana Inc. | 21,003 | 489 | ||||
Cracker Barrel Old Country Store Inc. | 3,358 | 482 | ||||
LCI Industries | 3,401 | 482 | ||||
* | American Airlines Group Inc. | 23,550 | 470 | |||
* | Shake Shack Inc. Class A | 5,345 | 464 | |||
* | LGI Homes Inc. | 2,878 | 461 | |||
Steven Madden Ltd. | 11,220 | 454 | ||||
* | Nordstrom Inc. | 15,776 | 451 | |||
* | Six Flags Entertainment Corp. | 10,334 | 437 | |||
* | Bed Bath & Beyond Inc. | 15,806 | 435 | |||
* | Callaway Golf Co. | 15,466 | 434 | |||
Herman Miller Inc. | 9,660 | 406 | ||||
Kontoor Brands Inc. | 7,488 | 404 | ||||
PROG Holdings Inc. | 8,542 | 404 | ||||
* | Under Armour Inc. Class A | 17,038 | 394 | |||
* | Cardlytics Inc. | 4,246 | 385 | |||
MDC Holdings Inc. | 7,198 | 376 | ||||
Penske Automotive Group Inc. | 4,138 | 372 |
Shares | Market Value• ($000) | |||||
* | Tri Pointe Homes Inc. | 15,606 | 371 | |||
* | Visteon Corp. | 3,490 | 369 | |||
* | Gentherm Inc. | 4,276 | 367 | |||
* | Stitch Fix Inc. Class A | 8,760 | 367 | |||
* | Coty Inc. Class A | 37,239 | 364 | |||
Group 1 Automotive Inc. | 2,184 | 361 | ||||
Wolverine World Wide Inc. | 9,980 | 358 | ||||
* | Academy Sports & Outdoors Inc. | 7,900 | 350 | |||
* | 2U Inc. | 9,289 | 344 | |||
John Wiley & Sons Inc. Class A | 5,832 | 339 | ||||
* | Leslie's Inc. | 14,000 | 338 | |||
Winnebago Industries Inc. | 4,724 | 329 | ||||
Graham Holdings Co. Class B | 520 | 321 | ||||
* | Dorman Products Inc. | 3,405 | 320 | |||
Jack in the Box Inc. | 2,957 | 313 | ||||
* | SeaWorld Entertainment Inc. | 6,322 | 311 | |||
* | Brinker International Inc. | 5,762 | 307 | |||
World Wrestling Entertainment Inc. Class A | 5,727 | 298 | ||||
* | Bloomin' Brands Inc. | 11,139 | 298 | |||
* | Abercrombie & Fitch Co. Class A | 8,206 | 293 | |||
* | ODP Corp. | 6,200 | 292 | |||
* | Cavco Industries Inc. | 1,132 | 289 | |||
* | Urban Outfitters Inc. | 8,727 | 288 | |||
* | Cinemark Holdings Inc. | 15,894 | 283 | |||
* | iRobot Corp. | 3,468 | 281 | |||
* | Sleep Number Corp. | 3,029 | 280 | |||
* | Sally Beauty Holdings Inc. | 14,538 | 270 | |||
* | KAR Auction Services Inc. | 15,757 | 266 | |||
* | Playtika Holding Corp. | 9,700 | 256 | |||
PriceSmart Inc. | 2,998 | 254 | ||||
* | Cheesecake Factory Inc. | 5,376 | 251 | |||
Monro Inc. | 4,361 | 248 | ||||
Gray Television Inc. | 10,775 | 245 | ||||
* | Knowles Corp. | 12,164 | 243 | |||
Strategic Education Inc. | 3,061 | 240 | ||||
* | Alaska Air Group Inc. | 4,137 | 237 | |||
Rush Enterprises Inc. Class A | 5,385 | 237 | ||||
* | Adtalem Global Education Inc. | 6,262 | 232 | |||
Big Lots Inc. | 4,702 | 229 | ||||
* | Central Garden & Pet Co. Class A | 5,506 | 229 | |||
Acushnet Holdings Corp. | 4,365 | 218 | ||||
* | Meredith Corp. | 5,055 | 217 | |||
* | Laureate Education Inc. Class A | 13,355 | 213 | |||
La-Z-Boy Inc. | 5,938 | 208 | ||||
* | Dave & Buster's Entertainment Inc. | 5,542 | 207 | |||
HNI Corp. | 5,453 | 207 | ||||
* | Petco Health & Wellness Co. Inc. Class A | 9,500 | 205 | |||
* | Lions Gate Entertainment Corp. Class B | 16,972 | 200 |
Shares | Market Value• ($000) | |||||
* | Dine Brands Global Inc. | 2,164 | 179 | |||
* | AMC Networks Inc. Class A | 3,700 | 176 | |||
Oxford Industries Inc. | 1,841 | 166 | ||||
* | JetBlue Airways Corp. | 10,721 | 162 | |||
Steelcase Inc. Class A | 11,401 | 161 | ||||
* | MakeMyTrip Ltd. | 6,063 | 157 | |||
* | Children's Place Inc. | 1,791 | 156 | |||
* | G-III Apparel Group Ltd. | 4,985 | 154 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 3,066 | 151 | |||
EW Scripps Co. Class A | 8,070 | 150 | ||||
Matthews International Corp. Class A | 3,938 | 146 | ||||
Inter Parfums Inc. | 1,995 | 145 | ||||
* | WW International Inc. | 6,703 | 145 | |||
Guess? Inc. | 5,738 | 139 | ||||
Buckle Inc. | 3,469 | 134 | ||||
* | American Axle & Manufacturing Holdings Inc. | 14,365 | 127 | |||
* | Liberty Media Corp.-Liberty Braves Class C | 4,761 | 123 | |||
Scholastic Corp. | 3,651 | 121 | ||||
* | Afya Ltd. Class A | 5,400 | 117 | |||
Aaron's Co. Inc. | 4,294 | 114 | ||||
* | SkyWest Inc. | 1,729 | 81 | |||
* | Lions Gate Entertainment Corp. Class A | 5,342 | 69 | |||
* | Copa Holdings SA Class A | 735 | 55 | |||
* | Allegiant Travel Co. | 283 | 54 | |||
* | IMAX Corp. | 3,088 | 49 | |||
* | Spirit Airlines Inc. | 1,656 | 41 | |||
* | Liberty Media Corp.-Liberty Braves Class A | 1,135 | 30 | |||
* | Copart Inc. | 192 | 28 | |||
News Corp. Class A | 480 | 11 | ||||
* | Farfetch Ltd. Class A | 224 | 9 | |||
874,090 | ||||||
Consumer Staples (4.5%) | ||||||
Procter & Gamble Co. | 329,590 | 46,930 | ||||
Coca-Cola Co. | 526,004 | 29,619 | ||||
PepsiCo Inc. | 187,152 | 29,269 | ||||
CVS Health Corp. | 178,709 | 15,439 | ||||
Mondelez International Inc. Class A | 189,055 | 11,735 | ||||
Colgate-Palmolive Co. | 113,425 | 8,841 | ||||
Kimberly-Clark Corp. | 45,707 | 6,299 | ||||
Sysco Corp. | 66,162 | 5,270 | ||||
Walgreens Boots Alliance Inc. | 97,443 | 4,945 | ||||
* | Monster Beverage Corp. | 50,447 | 4,922 | |||
General Mills Inc. | 82,621 | 4,776 | ||||
Kroger Co. | 101,632 | 4,678 | ||||
McKesson Corp. | 21,582 | 4,406 | ||||
Corteva Inc. | 100,134 | 4,403 | ||||
Hershey Co. | 19,870 | 3,531 | ||||
Keurig Dr Pepper Inc. | 94,834 | 3,383 | ||||
Kraft Heinz Co. | 90,416 | 3,254 |
Shares | Market Value• ($000) | |||||
Tyson Foods Inc. Class A | 39,039 | 3,065 | ||||
McCormick & Co. Inc. (Non-Voting) | 33,938 | 2,929 | ||||
Clorox Co. | 17,012 | 2,859 | ||||
Church & Dwight Co. Inc. | 33,762 | 2,825 | ||||
AmerisourceBergen Corp. | 19,876 | 2,429 | ||||
Kellogg Co. | 34,539 | 2,181 | ||||
Conagra Brands Inc. | 63,223 | 2,094 | ||||
J M Smucker Co. | 14,314 | 1,770 | ||||
Hormel Foods Corp. | 38,479 | 1,752 | ||||
* | Darling Ingredients Inc. | 22,065 | 1,644 | |||
Bunge Ltd. | 18,756 | 1,420 | ||||
Lamb Weston Holdings Inc. | 19,737 | 1,286 | ||||
Campbell Soup Co. | 26,648 | 1,112 | ||||
* | US Foods Holding Corp. | 30,663 | 1,043 | |||
Casey's General Stores Inc. | 5,000 | 1,023 | ||||
*,1 | Beyond Meat Inc. | 8,267 | 989 | |||
* | Post Holdings Inc. | 8,059 | 902 | |||
* | Performance Food Group Co. | 17,781 | 893 | |||
Ingredion Inc. | 9,092 | 799 | ||||
* | Herbalife Nutrition Ltd. | 14,782 | 759 | |||
* | Freshpet Inc. | 5,630 | 721 | |||
Flowers Foods Inc. | 25,500 | 615 | ||||
Sanderson Farms Inc. | 2,831 | 556 | ||||
* | Nomad Foods Ltd. | 19,941 | 526 | |||
* | Celsius Holdings Inc. | 5,910 | 483 | |||
Spectrum Brands Holdings Inc. | 6,018 | 470 | ||||
* | Sprouts Farmers Market Inc. | 18,407 | 458 | |||
Lancaster Colony Corp. | 2,573 | 456 | ||||
* | Hain Celestial Group Inc. | 11,868 | 444 | |||
WD-40 Co. | 1,797 | 431 | ||||
* | Simply Good Foods Co. | 10,906 | 388 | |||
Energizer Holdings Inc. | 8,804 | 346 | ||||
Edgewell Personal Care Co. | 8,151 | 345 | ||||
Medifast Inc. | 1,465 | 334 | ||||
Nu Skin Enterprises Inc. Class A | 6,439 | 326 | ||||
J & J Snack Foods Corp. | 1,906 | 312 | ||||
B&G Foods Inc. | 9,555 | 290 | ||||
* | Grocery Outlet Holding Corp. | 10,913 | 284 | |||
Core-Mark Holding Co. Inc. | 5,905 | 272 | ||||
* | Hostess Brands Inc. Class A | 17,026 | 272 | |||
Coca-Cola Consolidated Inc. | 632 | 257 | ||||
* | TreeHouse Foods Inc. | 6,754 | 253 | |||
Reynolds Consumer Products Inc. | 6,900 | 195 | ||||
Cal-Maine Foods Inc. | 4,579 | 166 | ||||
* | USANA Health Sciences Inc. | 1,622 | 157 | |||
Fresh Del Monte Produce Inc. | 4,291 | 141 | ||||
National Beverage Corp. | 2,886 | 134 | ||||
Weis Markets Inc. | 2,128 | 121 |
Shares | Market Value• ($000) | |||||
ACCO Brands Corp. | 11,986 | 112 | ||||
Tootsie Roll Industries Inc. | 2,078 | 66 | ||||
Coca-Cola Europacific Partners plc | 224 | 13 | ||||
Calavo Growers Inc. | 248 | 12 | ||||
235,430 | ||||||
Energy (0.2%) | ||||||
* | Enphase Energy Inc. | 17,818 | 3,096 | |||
* | SolarEdge Technologies Inc. | 7,167 | 2,077 | |||
* | Plug Power Inc. | 59,208 | 1,543 | |||
* | First Solar Inc. | 14,387 | 1,353 | |||
* | Array Technologies Inc. | 21,200 | 404 | |||
Arcosa Inc. | 6,300 | 320 | ||||
* | Renewable Energy Group Inc. | 6,530 | 316 | |||
* | SunPower Corp. | 10,165 | 219 | |||
* | Maxeon Solar Technologies Ltd. | 5,800 | 99 | |||
* | FuelCell Energy Inc. | 4,689 | 29 | |||
9,456 | ||||||
Financials (10.8%) | ||||||
JPMorgan Chase & Co. | 407,438 | 65,170 | ||||
Bank of America Corp. | 1,022,500 | 42,689 | ||||
Citigroup Inc. | 280,453 | 20,167 | ||||
Morgan Stanley | 188,414 | 19,676 | ||||
Goldman Sachs Group Inc. | 44,747 | 18,503 | ||||
BlackRock Inc. | 19,397 | 18,297 | ||||
Charles Schwab Corp. | 213,328 | 15,541 | ||||
S&P Global Inc. | 32,680 | 14,504 | ||||
Chubb Ltd. | 60,569 | 11,140 | ||||
PNC Financial Services Group Inc. | 57,391 | 10,967 | ||||
Marsh & McLennan Cos. Inc. | 68,837 | 10,821 | ||||
US Bancorp | 181,492 | 10,416 | ||||
Truist Financial Corp. | 181,828 | 10,375 | ||||
CME Group Inc. | 48,683 | 9,820 | ||||
Intercontinental Exchange Inc. | 75,175 | 8,986 | ||||
Aon plc Class A | 30,315 | 8,696 | ||||
Moody's Corp. | 22,022 | 8,385 | ||||
Progressive Corp. | 79,128 | 7,623 | ||||
MSCI Inc. | 10,897 | 6,915 | ||||
T. Rowe Price Group Inc. | 30,490 | 6,826 | ||||
American International Group Inc. | 116,810 | 6,373 | ||||
MetLife Inc. | 100,546 | 6,234 | ||||
Bank of New York Mellon Corp. | 108,742 | 6,005 | ||||
Prudential Financial Inc. | 53,590 | 5,674 | ||||
Allstate Corp. | 40,400 | 5,465 | ||||
Travelers Cos. Inc. | 34,074 | 5,442 | ||||
Discover Financial Services | 41,479 | 5,318 | ||||
Aflac Inc. | 90,835 | 5,149 | ||||
KKR & Co. Inc. | 74,691 | 4,802 | ||||
First Republic Bank | 23,698 | 4,714 | ||||
* | SVB Financial Group | 7,893 | 4,416 | |||
State Street Corp. | 47,252 | 4,390 | ||||
Ameriprise Financial Inc. | 15,819 | 4,317 | ||||
Arthur J Gallagher & Co. | 27,300 | 3,921 |
Shares | Market Value• ($000) | |||||
Willis Towers Watson plc | 17,358 | 3,831 | ||||
Fifth Third Bancorp | 95,460 | 3,710 | ||||
Northern Trust Corp. | 27,965 | 3,314 | ||||
Hartford Financial Services Group Inc. | 48,522 | 3,262 | ||||
Huntington Bancshares Inc. | 201,811 | 3,134 | ||||
Nasdaq Inc. | 15,417 | 3,018 | ||||
Broadridge Financial Solutions Inc. | 15,744 | 2,711 | ||||
KeyCorp | 131,460 | 2,671 | ||||
Regions Financial Corp. | 130,598 | 2,668 | ||||
Ally Financial Inc. | 49,965 | 2,643 | ||||
Citizens Financial Group Inc. | 57,875 | 2,534 | ||||
Cincinnati Financial Corp. | 20,187 | 2,491 | ||||
M&T Bank Corp. | 17,347 | 2,429 | ||||
Principal Financial Group Inc. | 36,179 | 2,417 | ||||
MarketAxess Holdings Inc. | 5,042 | 2,400 | ||||
* | Markel Corp. | 1,866 | 2,370 | |||
Raymond James Financial Inc. | 16,743 | 2,342 | ||||
* | Arch Capital Group Ltd. | 51,713 | 2,125 | |||
Signature Bank | 7,537 | 1,955 | ||||
FactSet Research Systems Inc. | 5,133 | 1,952 | ||||
Brown & Brown Inc. | 31,497 | 1,828 | ||||
Cboe Global Markets Inc. | 14,463 | 1,825 | ||||
Fidelity National Financial Inc. | 37,055 | 1,809 | ||||
Lincoln National Corp. | 25,825 | 1,773 | ||||
Annaly Capital Management Inc. | 186,652 | 1,622 | ||||
Equitable Holdings Inc. | 52,199 | 1,619 | ||||
LPL Financial Holdings Inc. | 10,850 | 1,604 | ||||
Apollo Global Management Inc. | 24,323 | 1,454 | ||||
Everest Re Group Ltd. | 5,430 | 1,438 | ||||
Ares Management Corp. Class A | 18,526 | 1,430 | ||||
East West Bancorp Inc. | 19,028 | 1,396 | ||||
W R Berkley Corp. | 18,535 | 1,396 | ||||
Comerica Inc. | 18,834 | 1,392 | ||||
Assurant Inc. | 8,163 | 1,389 | ||||
Western Alliance Bancorp | 13,853 | 1,351 | ||||
Globe Life Inc. | 13,619 | 1,308 | ||||
* | XP Inc. Class A | 26,489 | 1,289 | |||
Franklin Resources Inc. | 39,629 | 1,286 | ||||
* | Alleghany Corp. | 1,893 | 1,281 | |||
Zions Bancorp NA | 21,879 | 1,267 | ||||
American Financial Group Inc. | 9,132 | 1,260 | ||||
Tradeweb Markets Inc. Class A | 14,218 | 1,237 | ||||
First Horizon Corp. | 74,303 | 1,218 | ||||
AGNC Investment Corp. | 70,998 | 1,158 | ||||
Invesco Ltd. | 45,326 | 1,148 | ||||
Voya Financial Inc. | 16,386 | 1,065 | ||||
RenaissanceRe Holdings Ltd. | 6,741 | 1,057 |
Shares | Market Value• ($000) | |||||
Reinsurance Group of America Inc. | 9,111 | 1,055 | ||||
First American Financial Corp. | 14,724 | 1,038 | ||||
* | Athene Holding Ltd. Class A | 15,349 | 1,028 | |||
Commerce Bancshares Inc. | 14,125 | 999 | ||||
Janus Henderson Group plc | 23,033 | 999 | ||||
* | Credicorp Ltd. | 9,246 | 986 | |||
Starwood Property Trust Inc. | 37,913 | 978 | ||||
Stifel Financial Corp. | 14,146 | 977 | ||||
Pinnacle Financial Partners Inc. | 10,037 | 973 | ||||
Affiliated Managers Group Inc. | 5,635 | 959 | ||||
Old Republic International Corp. | 36,558 | 951 | ||||
SEI Investments Co. | 15,107 | 949 | ||||
People's United Financial Inc. | 57,546 | 945 | ||||
Cullen/Frost Bankers Inc. | 7,566 | 864 | ||||
Popular Inc. | 11,358 | 863 | ||||
Prosperity Bancshares Inc. | 12,267 | 857 | ||||
First Financial Bankshares Inc. | 17,963 | 855 | ||||
Morningstar Inc. | 3,173 | 850 | ||||
Synovus Financial Corp. | 19,598 | 845 | ||||
Primerica Inc. | 5,408 | 827 | ||||
New York Community Bancorp Inc. | 65,992 | 826 | ||||
SLM Corp. | 43,863 | 822 | ||||
OneMain Holdings Inc. | 14,103 | 816 | ||||
Evercore Inc. Class A | 5,383 | 752 | ||||
Unum Group | 28,251 | 752 | ||||
First Citizens BancShares Inc. Class A | 823 | 739 | ||||
MGIC Investment Corp. | 47,818 | 730 | ||||
CIT Group Inc. | 12,996 | 720 | ||||
Glacier Bancorp Inc. | 13,413 | 714 | ||||
Valley National Bancorp | 54,459 | 710 | ||||
Interactive Brokers Group Inc. Class A | 10,884 | 704 | ||||
Bank OZK | 16,498 | 700 | ||||
Selective Insurance Group Inc. | 8,372 | 700 | ||||
Hanover Insurance Group Inc. | 4,949 | 699 | ||||
Essent Group Ltd. | 14,817 | 698 | ||||
PacWest Bancorp | 16,092 | 685 | ||||
FNB Corp. | 58,101 | 679 | ||||
Lazard Ltd. Class A | 14,148 | 671 | ||||
South State Corp. | 9,677 | 664 | ||||
Radian Group Inc. | 27,611 | 652 | ||||
Blackstone Mortgage Trust Inc. Class A | 19,437 | 638 | ||||
United Bankshares Inc. | 17,547 | 637 | ||||
Webster Financial Corp. | 12,567 | 635 | ||||
Wintrust Financial Corp. | 8,175 | 612 |
Shares | Market Value• ($000) | |||||
Houlihan Lokey Inc. Class A | 6,782 | 612 | ||||
Sterling Bancorp | 26,679 | 611 | ||||
* | Brighthouse Financial Inc. | 12,362 | 605 | |||
Umpqua Holdings Corp. | 30,965 | 603 | ||||
RLI Corp. | 5,488 | 599 | ||||
Hancock Whitney Corp. | 12,781 | 587 | ||||
Kemper Corp. | 8,558 | 587 | ||||
Community Bank System Inc. | 7,861 | 582 | ||||
UMB Financial Corp. | 6,350 | 582 | ||||
BankUnited Inc. | 13,592 | 571 | ||||
Axis Capital Holdings Ltd. | 11,105 | 568 | ||||
ServisFirst Bancshares Inc. | 7,663 | 563 | ||||
Navient Corp. | 23,418 | 544 | ||||
Kinsale Capital Group Inc. | 2,974 | 541 | ||||
Pacific Premier Bancorp Inc. | 13,324 | 532 | ||||
First Hawaiian Inc. | 18,846 | 526 | ||||
* | Open Lending Corp. Class A | 14,098 | 521 | |||
Chimera Investment Corp. | 33,395 | 512 | ||||
White Mountains Insurance Group Ltd. | 450 | 504 | ||||
* | Texas Capital Bancshares Inc. | 7,400 | 503 | |||
Assured Guaranty Ltd. | 10,097 | 503 | ||||
Home BancShares Inc. | 22,540 | 499 | ||||
FirstCash Inc. | 5,825 | 499 | ||||
Bank of Hawaii Corp. | 5,905 | 495 | ||||
Moelis & Co. Class A | 7,916 | 490 | ||||
Walker & Dunlop Inc. | 4,409 | 490 | ||||
* | Trupanion Inc. | 5,251 | 481 | |||
CNO Financial Group Inc. | 19,447 | 476 | ||||
Associated Banc-Corp | 22,711 | 468 | ||||
Eastern Bankshares Inc. | 23,614 | 467 | ||||
Cathay General Bancorp | 11,688 | 465 | ||||
Federated Hermes Inc. Class B | 13,304 | 450 | ||||
Artisan Partners Asset Management Inc. Class A | 8,636 | 449 | ||||
* | Enstar Group Ltd. | 1,887 | 435 | |||
BancorpSouth Bank | 14,756 | 433 | ||||
Ameris Bancorp | 8,727 | 430 | ||||
Hamilton Lane Inc. Class A | 4,900 | 422 | ||||
Investors Bancorp Inc. | 29,326 | 420 | ||||
* | Lemonade Inc. | 5,506 | 416 | |||
Simmons First National Corp. Class A | 13,972 | 406 | ||||
Old National Bancorp | 24,103 | 402 | ||||
CVB Financial Corp. | 18,892 | 385 | ||||
* | Cannae Holdings Inc. | 11,934 | 381 | |||
Atlantic Union Bankshares Corp. | 10,232 | 379 | ||||
Columbia Banking System Inc. | 10,338 | 376 | ||||
* | Upstart Holdings Inc. | 1,600 | 367 | |||
American Equity Investment Life Holding Co. | 11,196 | 355 | ||||
* | Axos Financial Inc. | 7,324 | 355 |
Shares | Market Value• ($000) | |||||
Santander Consumer USA Holdings Inc. | 8,505 | 355 | ||||
* | Mr Cooper Group Inc. | 9,000 | 350 | |||
BOK Financial Corp. | 3,880 | 342 | ||||
Independent Bank Group Inc. | 4,804 | 338 | ||||
Cadence Bancorp Class A | 15,683 | 337 | ||||
United Community Banks Inc. | 11,075 | 334 | ||||
Independent Bank Corp. (Massachusetts) | 4,324 | 332 | ||||
Piper Sandler Cos. | 2,326 | 332 | ||||
First Bancorp | 25,761 | 328 | ||||
Fulton Financial Corp. | 20,170 | 320 | ||||
Virtus Investment Partners Inc. | 1,024 | 320 | ||||
Washington Federal Inc. | 9,526 | 317 | ||||
Flagstar Bancorp Inc. | 6,247 | 309 | ||||
PennyMac Financial Services Inc. | 4,497 | 299 | ||||
Virtu Financial Inc. Class A | 11,941 | 292 | ||||
International Bancshares Corp. | 6,853 | 287 | ||||
First Financial Bancorp | 12,206 | 287 | ||||
First Merchants Corp. | 6,871 | 283 | ||||
WesBanco Inc. | 8,320 | 283 | ||||
* | PRA Group Inc. | 6,636 | 279 | |||
* | Palomar Holdings Inc. | 3,100 | 278 | |||
Hilltop Holdings Inc. | 8,270 | 277 | ||||
MFA Financial Inc. | 57,493 | 276 | ||||
Cohen & Steers Inc. | 3,146 | 276 | ||||
Towne Bank | 9,071 | 276 | ||||
Sandy Spring Bancorp Inc. | 6,276 | 273 | ||||
WSFS Financial Corp. | 5,995 | 272 | ||||
First Midwest Bancorp Inc. | 14,402 | 270 | ||||
Apollo Commercial Real Estate Finance Inc. | 17,161 | 267 | ||||
PennyMac Mortgage Investment Trust | 13,475 | 262 | ||||
Banner Corp. | 4,438 | 254 | ||||
Trustmark Corp. | 7,952 | 251 | ||||
Renasant Corp. | 6,989 | 245 | ||||
* | NMI Holdings Inc. Class A | 10,790 | 244 | |||
* | Genworth Financial Inc. Class A | 64,345 | 241 | |||
Heartland Financial USA Inc. | 5,096 | 240 | ||||
Mercury General Corp. | 4,008 | 239 | ||||
iStar Inc. | 9,000 | 238 | ||||
Eagle Bancorp Inc. | 4,006 | 231 | ||||
Great Western Bancorp Inc. | 7,083 | 219 | ||||
Provident Financial Services Inc. | 9,849 | 217 | ||||
Horace Mann Educators Corp. | 5,244 | 215 | ||||
Argo Group International Holdings Ltd. | 4,038 | 214 | ||||
Bank of NT Butterfield & Son Ltd. | 6,405 | 213 | ||||
BGC Partners Inc. Class A | 40,309 | 208 | ||||
Hope Bancorp Inc. | 15,075 | 208 |
Shares | Market Value• ($000) | |||||
Northwest Bancshares Inc. | 15,698 | 204 | ||||
Nelnet Inc. Class A | 2,413 | 195 | ||||
Capitol Federal Financial Inc. | 16,723 | 193 | ||||
Brightsphere Investment Group Inc. | 7,093 | 193 | ||||
American National Group Inc. | 1,000 | 193 | ||||
* | Encore Capital Group Inc. | 3,875 | 191 | |||
NBT Bancorp Inc. | 5,335 | 191 | ||||
Redwood Trust Inc. | 15,005 | 187 | ||||
Westamerica Bancorp | 3,258 | 185 | ||||
CNA Financial Corp. | 4,034 | 179 | ||||
ProAssurance Corp. | 6,885 | 176 | ||||
Berkshire Hills Bancorp Inc. | 6,493 | 166 | ||||
First Commonwealth Financial Corp. | 12,156 | 164 | ||||
Ladder Capital Corp. | 13,700 | 156 | ||||
Employers Holdings Inc. | 3,684 | 152 | ||||
Safety Insurance Group Inc. | 1,873 | 152 | ||||
City Holding Co. | 1,926 | 150 | ||||
S&T Bancorp Inc. | 4,973 | 148 | ||||
Brookline Bancorp Inc. | 9,753 | 146 | ||||
Stock Yards Bancorp Inc. | 2,692 | 139 | ||||
TFS Financial Corp. | 6,536 | 131 | ||||
BancFirst Corp. | 2,186 | 124 | ||||
Kearny Financial Corp. | 9,449 | 120 | ||||
* | eHealth Inc. | 3,084 | 119 | |||
Washington Trust Bancorp Inc. | 2,231 | 119 | ||||
State Auto Financial Corp. | 2,314 | 117 | ||||
1st Source Corp. | 2,429 | 114 | ||||
BrightSpire Capital Inc. Class A | 10,542 | 106 | ||||
* | Blucora Inc. | 6,224 | 102 | |||
* | SiriusPoint Ltd. | 10,139 | 99 | |||
Community Trust Bancorp Inc. | 2,220 | 92 | ||||
WisdomTree Investments Inc. | 14,628 | 92 | ||||
ARMOUR Residential REIT Inc. | 7,754 | 84 | ||||
* | Columbia Financial Inc. | 4,104 | 74 | |||
Republic Bancorp Inc. Class A | 1,248 | 63 | ||||
566,558 | ||||||
Health Care (13.8%) | ||||||
UnitedHealth Group Inc. | 127,665 | 53,143 | ||||
Pfizer Inc. | 757,396 | 34,893 | ||||
Abbott Laboratories | 235,807 | 29,799 | ||||
Eli Lilly & Co. | 115,079 | 29,724 | ||||
Thermo Fisher Scientific Inc. | 53,461 | 29,668 | ||||
AbbVie Inc. | 240,062 | 28,995 | ||||
Danaher Corp. | 86,130 | 27,920 | ||||
Merck & Co. Inc. | 343,948 | 26,240 | ||||
Medtronic plc | 182,140 | 24,312 | ||||
Bristol-Myers Squibb Co. | 303,288 | 20,278 | ||||
Amgen Inc. | 78,293 | 17,657 | ||||
* | Moderna Inc. | 46,046 | 17,345 |
Shares | Market Value• ($000) | |||||
* | Intuitive Surgical Inc. | 15,982 | 16,838 | |||
Zoetis Inc. | 64,456 | 13,185 | ||||
Stryker Corp. | 47,236 | 13,089 | ||||
Anthem Inc. | 33,232 | 12,466 | ||||
Gilead Sciences Inc. | 170,285 | 12,393 | ||||
Becton Dickinson & Co. | 39,198 | 9,866 | ||||
Cigna Corp. | 46,372 | 9,815 | ||||
* | Edwards Lifesciences Corp. | 83,657 | 9,803 | |||
* | Regeneron Pharmaceuticals Inc. | 13,738 | 9,251 | |||
* | Illumina Inc. | 19,779 | 9,042 | |||
HCA Healthcare Inc. | 35,260 | 8,920 | ||||
* | Boston Scientific Corp. | 192,162 | 8,676 | |||
* | IDEXX Laboratories Inc. | 11,560 | 7,789 | |||
* | Align Technology Inc. | 10,654 | 7,554 | |||
Agilent Technologies Inc. | 41,054 | 7,204 | ||||
* | Vertex Pharmaceuticals Inc. | 35,408 | 7,092 | |||
Humana Inc. | 17,456 | 7,077 | ||||
* | Biogen Inc. | 20,455 | 6,932 | |||
* | Dexcom Inc. | 13,022 | 6,894 | |||
* | IQVIA Holdings Inc. | 26,010 | 6,756 | |||
* | Veeva Systems Inc. Class A | 18,596 | 6,173 | |||
ResMed Inc. | 19,477 | 5,659 | ||||
Baxter International Inc. | 68,070 | 5,188 | ||||
* | Centene Corp. | 78,362 | 4,935 | |||
West Pharmaceutical Services Inc. | 9,966 | 4,501 | ||||
Zimmer Biomet Holdings Inc. | 28,421 | 4,276 | ||||
* | Laboratory Corp. of America Holdings | 13,170 | 3,996 | |||
* | Alnylam Pharmaceuticals Inc. | 16,308 | 3,285 | |||
* | Horizon Therapeutics plc | 30,163 | 3,260 | |||
Cerner Corp. | 40,749 | 3,111 | ||||
* | Avantor Inc. | 78,629 | 3,101 | |||
* | Seagen Inc. | 18,412 | 3,086 | |||
* | Teladoc Health Inc. | 20,737 | 2,995 | |||
Cooper Cos. Inc. | 6,561 | 2,957 | ||||
* | Charles River Laboratories International Inc. | 6,625 | 2,941 | |||
* | Catalent Inc. | 22,169 | 2,892 | |||
STERIS plc | 13,295 | 2,859 | ||||
PerkinElmer Inc. | 15,057 | 2,783 | ||||
* | ICON plc | 10,683 | 2,732 | |||
* | Hologic Inc. | 34,386 | 2,722 | |||
* | Insulet Corp. | 9,092 | 2,708 | |||
Quest Diagnostics Inc. | 17,628 | 2,694 | ||||
Bio-Techne Corp. | 5,212 | 2,602 | ||||
Teleflex Inc. | 6,366 | 2,517 | ||||
* | Exact Sciences Corp. | 23,599 | 2,463 | |||
* | Novavax Inc. | 10,296 | 2,456 | |||
Viatris Inc. | 164,469 | 2,406 | ||||
* | Bio-Rad Laboratories Inc. Class A | 2,873 | 2,312 | |||
* | ABIOMED Inc. | 6,280 | 2,286 | |||
* | Repligen Corp. | 7,452 | 2,109 | |||
* | BioMarin Pharmaceutical Inc. | 24,850 | 2,093 |
Shares | Market Value• ($000) | |||||
* | Molina Healthcare Inc. | 7,739 | 2,080 | |||
Cardinal Health Inc. | 39,489 | 2,073 | ||||
* | 10X Genomics Inc. Class A | 11,715 | 2,061 | |||
* | Elanco Animal Health Inc. | 60,417 | 2,017 | |||
* | Incyte Corp. | 25,151 | 1,924 | |||
* | Novocure Ltd. | 13,869 | 1,861 | |||
* | Masimo Corp. | 6,727 | 1,827 | |||
DENTSPLY SIRONA Inc. | 29,382 | 1,813 | ||||
* | Guardant Health Inc. | 12,543 | 1,596 | |||
Universal Health Services Inc. Class B | 10,184 | 1,586 | ||||
* | Intellia Therapeutics Inc. | 9,144 | 1,468 | |||
* | Henry Schein Inc. | 18,818 | 1,422 | |||
* | Natera Inc. | 11,733 | 1,390 | |||
Hill-Rom Holdings Inc. | 8,883 | 1,293 | ||||
* | United Therapeutics Corp. | 6,019 | 1,293 | |||
* | Penumbra Inc. | 4,649 | 1,278 | |||
* | Neurocrine Biosciences Inc. | 13,273 | 1,264 | |||
* | Syneos Health Inc. | 13,455 | 1,248 | |||
* | DaVita Inc. | 9,433 | 1,234 | |||
* | CRISPR Therapeutics AG | 9,747 | 1,218 | |||
Bruker Corp. | 13,647 | 1,205 | ||||
Organon & Co. | 34,904 | 1,183 | ||||
* | Tenet Healthcare Corp. | 14,324 | 1,079 | |||
* | Jazz Pharmaceuticals plc | 8,063 | 1,062 | |||
Encompass Health Corp. | 13,207 | 1,036 | ||||
Chemed Corp. | 2,168 | 1,033 | ||||
* | Acceleron Pharma Inc. | 7,710 | 1,032 | |||
* | PPD Inc. | 21,841 | 1,011 | |||
* | Biohaven Pharmaceutical Holding Co. Ltd. | 7,659 | 1,005 | |||
* | Mirati Therapeutics Inc. | 5,896 | 1,001 | |||
* | Tandem Diabetes Care Inc. | 8,856 | 993 | |||
* | Shockwave Medical Inc. | 4,600 | 985 | |||
* | Arrowhead Pharmaceuticals Inc. | 14,506 | 974 | |||
* | STAAR Surgical Co. | 6,254 | 966 | |||
* | Envista Holdings Corp. | 22,423 | 959 | |||
* | Omnicell Inc. | 5,742 | 892 | |||
* | Exelixis Inc. | 45,657 | 875 | |||
* | Inspire Medical Systems Inc. | 3,788 | 847 | |||
* | Blueprint Medicines Corp. | 9,005 | 840 | |||
* | Globus Medical Inc. Class A | 10,244 | 836 | |||
* | Pacific Biosciences of California Inc. | 26,537 | 831 | |||
* | Acadia Healthcare Co. Inc. | 12,401 | 820 | |||
* | Amedisys Inc. | 4,437 | 814 | |||
* | Fate Therapeutics Inc. | 11,096 | 813 | |||
* | Halozyme Therapeutics Inc. | 19,093 | 802 | |||
* | NeoGenomics Inc. | 16,090 | 782 | |||
* | LHC Group Inc. | 4,171 | 779 | |||
* | Bridgebio Pharma Inc. | 15,502 | 777 | |||
* | Twist Bioscience Corp. | 6,826 | 773 | |||
* | Integra LifeSciences Holdings Corp. | 10,255 | 771 | |||
Perrigo Co. plc | 18,361 | 752 | ||||
* | Beam Therapeutics Inc. | 6,708 | 744 | |||
* | HealthEquity Inc. | 11,349 | 728 |
Shares | Market Value• ($000) | |||||
* | Medpace Holdings Inc. | 3,933 | 717 | |||
* | Alkermes plc | 22,479 | 703 | |||
* | Oak Street Health Inc. | 14,760 | 690 | |||
* | Neogen Corp. | 15,108 | 661 | |||
* | Editas Medicine Inc. | 10,056 | 639 | |||
Ensign Group Inc. | 7,570 | 618 | ||||
* | Apellis Pharmaceuticals Inc. | 9,358 | 616 | |||
Premier Inc. Class A | 16,534 | 615 | ||||
* | Adaptive Biotechnologies Corp. | 16,727 | 608 | |||
* | Nevro Corp. | 4,974 | 607 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 10,214 | 604 | |||
* | LivaNova plc | 7,236 | 598 | |||
* | Ultragenyx Pharmaceutical Inc. | 5,840 | 562 | |||
* | ICU Medical Inc. | 2,741 | 546 | |||
* | Sarepta Therapeutics Inc. | 6,989 | 546 | |||
* | Arvinas Inc. | 6,110 | 527 | |||
CONMED Corp. | 4,012 | 527 | ||||
* | Arena Pharmaceuticals Inc. | 9,776 | 517 | |||
* | TG Therapeutics Inc. | 19,091 | 517 | |||
* | Merit Medical Systems Inc. | 7,191 | 516 | |||
* | Ionis Pharmaceuticals Inc. | 12,903 | 513 | |||
Select Medical Holdings Corp. | 14,809 | 512 | ||||
* | Invitae Corp. | 17,132 | 508 | |||
* | CareDx Inc. | 6,923 | 507 | |||
*,1 | CureVac NV | 7,661 | 504 | |||
* | Allakos Inc. | 5,541 | 494 | |||
* | Amicus Therapeutics Inc. | 41,498 | 473 | |||
* | Progyny Inc. | 8,329 | 465 | |||
* | Vir Biotechnology Inc. | 8,975 | 463 | |||
* | Emergent BioSolutions Inc. | 7,114 | 449 | |||
* | PTC Therapeutics Inc. | 10,230 | 447 | |||
* | AtriCure Inc. | 5,948 | 438 | |||
* | Quidel Corp. | 3,382 | 436 | |||
* | Reata Pharmaceuticals Inc. Class A | 4,067 | 433 | |||
* | Insmed Inc. | 15,399 | 432 | |||
* | 1Life Healthcare Inc. | 17,421 | 427 | |||
* | Agios Pharmaceuticals Inc. | 9,489 | 424 | |||
* | Integer Holdings Corp. | 4,228 | 418 | |||
* | NuVasive Inc. | 6,693 | 416 | |||
* | Denali Therapeutics Inc. | 7,653 | 407 | |||
* | Myriad Genetics Inc. | 11,144 | 399 | |||
* | Inari Medical Inc. | 4,850 | 397 | |||
* | Karuna Therapeutics Inc. | 3,300 | 392 | |||
* | Prestige Consumer Healthcare Inc. | 6,579 | 378 | |||
* | NanoString Technologies Inc. | 6,500 | 378 | |||
* | R1 RCM Inc. | 17,638 | 348 | |||
* | Intra-Cellular Therapies Inc. | 10,197 | 339 | |||
* | Pacira BioSciences Inc. | 5,645 | 335 | |||
* | ACADIA Pharmaceuticals Inc. | 19,081 | 334 | |||
* | SpringWorks Therapeutics Inc. | 4,400 | 330 |
Shares | Market Value• ($000) | |||||
* | Ligand Pharmaceuticals Inc. | 2,474 | 327 | |||
Patterson Cos. Inc. | 10,558 | 323 | ||||
* | MEDNAX Inc. | 9,818 | 315 | |||
* | American Well Corp. Class A | 29,000 | 311 | |||
* | Magellan Health Inc. | 3,188 | 302 | |||
Healthcare Services Group Inc. | 11,174 | 292 | ||||
* | Ironwood Pharmaceuticals Inc. Class A | 22,228 | 291 | |||
* | Relay Therapeutics Inc. | 9,000 | 288 | |||
* | Corcept Therapeutics Inc. | 13,320 | 283 | |||
*,1 | Inovio Pharmaceuticals Inc. | 31,900 | 276 | |||
* | REVOLUTION Medicines Inc. | 9,385 | 273 | |||
* | Berkeley Lights Inc. | 7,140 | 254 | |||
* | Enanta Pharmaceuticals Inc. | 4,342 | 248 | |||
* | OPKO Health Inc. | 62,894 | 243 | |||
* | CorVel Corp. | 1,443 | 238 | |||
* | Atara Biotherapeutics Inc. | 15,742 | 236 | |||
* | Alector Inc. | 8,700 | 235 | |||
* | Iovance Biotherapeutics Inc. | 9,614 | 231 | |||
* | Ortho Clinical Diagnostics Holdings plc | 11,300 | 231 | |||
* | Evolent Health Inc. Class A | 9,275 | 228 | |||
* | Sotera Health Co. | 9,200 | 225 | |||
* | Deciphera Pharmaceuticals Inc. | 7,012 | 221 | |||
* | REGENXBIO Inc. | 6,833 | 221 | |||
* | Rocket Pharmaceuticals Inc. | 6,400 | 219 | |||
* | uniQure NV | 7,500 | 217 | |||
* | Certara Inc. | 6,100 | 205 | |||
* | Avanos Medical Inc. | 6,166 | 203 | |||
* | Kodiak Sciences Inc. | 2,159 | 203 | |||
* | Turning Point Therapeutics Inc. | 2,617 | 202 | |||
* | Heron Therapeutics Inc. | 16,934 | 198 | |||
* | Myovant Sciences Ltd. | 8,100 | 197 | |||
* | ChemoCentryx Inc. | 11,070 | 175 | |||
* | Brookdale Senior Living Inc. | 23,492 | 171 | |||
* | Supernus Pharmaceuticals Inc. | 6,199 | 171 | |||
* | Inogen Inc. | 2,625 | 155 | |||
* | Haemonetics Corp. | 2,407 | 151 | |||
* | Zogenix Inc. | 10,000 | 148 | |||
* | Tivity Health Inc. | 6,254 | 145 | |||
* | Varex Imaging Corp. | 4,888 | 143 | |||
* | Axsome Therapeutics Inc. | 4,852 | 125 | |||
* | Innoviva Inc. | 8,112 | 124 | |||
* | Veracyte Inc. | 2,512 | 121 | |||
* | Radius Health Inc. | 8,120 | 113 | |||
* | Precigen Inc. | 17,556 | 106 | |||
* | Epizyme Inc. | 20,200 | 104 | |||
* | Natus Medical Inc. | 3,938 | 104 | |||
* | Orthofix Medical Inc. | 2,432 | 103 | |||
* | NextGen Healthcare Inc. | 6,532 | 100 |
Shares | Market Value• ($000) | |||||
* | Pennant Group Inc. | 3,270 | 100 | |||
* | Intercept Pharmaceuticals Inc. | 6,500 | 97 | |||
* | Endo International plc | 38,605 | 88 | |||
* | Taro Pharmaceutical Industries Ltd. | 1,152 | 78 | |||
* | Xencor Inc. | 2,189 | 74 | |||
* | Amneal Pharmaceuticals Inc. | 12,169 | 69 | |||
* | Sage Therapeutics Inc. | 1,205 | 56 | |||
* | Glaukos Corp. | 833 | 50 | |||
* | Madrigal Pharmaceuticals Inc. | 281 | 23 | |||
* | Allogene Therapeutics Inc. | 657 | 16 | |||
*,2 | Alder Biopharmaceuticals Inc. CVR Exp. 12/31/24 | 767 | 1 | |||
728,037 | ||||||
Industrials (11.4%) | ||||||
Visa Inc. Class A | 229,518 | 52,583 | ||||
* | PayPal Holdings Inc. | 159,641 | 46,082 | |||
Mastercard Inc. Class A | 118,712 | 41,102 | ||||
Accenture plc Class A | 86,181 | 29,005 | ||||
Union Pacific Corp. | 90,058 | 19,528 | ||||
United Parcel Service Inc. Class B | 98,410 | 19,252 | ||||
Caterpillar Inc. | 74,636 | 15,738 | ||||
American Express Co. | 88,241 | 14,644 | ||||
Deere & Co. | 38,168 | 14,429 | ||||
* | Square Inc. Class A | 53,117 | 14,239 | |||
Automatic Data Processing Inc. | 57,599 | 12,040 | ||||
Fidelity National Information Services Inc. | 84,119 | 10,748 | ||||
Capital One Financial Corp. | 60,749 | 10,083 | ||||
Sherwin-Williams Co. | 33,169 | 10,072 | ||||
CSX Corp. | 306,507 | 9,971 | ||||
Illinois Tool Works Inc. | 42,606 | 9,921 | ||||
* | Fiserv Inc. | 80,972 | 9,538 | |||
FedEx Corp. | 33,280 | 8,842 | ||||
Johnson Controls International plc | 96,906 | 7,249 | ||||
Global Payments Inc. | 39,720 | 6,460 | ||||
Trane Technologies plc | 32,246 | 6,401 | ||||
IHS Markit Ltd. | 50,544 | 6,096 | ||||
DuPont de Nemours Inc. | 72,364 | 5,356 | ||||
Rockwell Automation Inc. | 15,722 | 5,117 | ||||
Paychex Inc. | 43,706 | 5,003 | ||||
* | Mettler-Toledo International Inc. | 3,093 | 4,803 | |||
Cintas Corp. | 12,057 | 4,772 | ||||
* | Keysight Technologies Inc. | 25,084 | 4,500 | |||
Equifax Inc. | 16,494 | 4,491 | ||||
Verisk Analytics Inc. | 21,551 | 4,348 | ||||
* | Zebra Technologies Corp. Class A | 7,196 | 4,225 | |||
Stanley Black & Decker Inc. | 21,846 | 4,222 | ||||
Old Dominion Freight Line Inc. | 13,924 | 4,020 | ||||
Synchrony Financial | 79,295 | 3,945 | ||||
PACCAR Inc. | 46,242 | 3,786 |
Shares | Market Value• ($000) | |||||
* | Generac Holdings Inc. | 8,373 | 3,659 | |||
Kansas City Southern | 12,237 | 3,435 | ||||
* | Waters Corp. | 8,252 | 3,416 | |||
Dover Corp. | 19,542 | 3,407 | ||||
Vulcan Materials Co. | 17,911 | 3,330 | ||||
Xylem Inc. | 24,413 | 3,328 | ||||
Martin Marietta Materials Inc. | 8,412 | 3,207 | ||||
* | Trimble Inc. | 33,776 | 3,182 | |||
TransUnion | 25,789 | 3,134 | ||||
* | FleetCor Technologies Inc. | 11,072 | 2,915 | |||
Expeditors International of Washington Inc. | 22,738 | 2,834 | ||||
* | Bill.com Holdings Inc. | 10,225 | 2,806 | |||
WW Grainger Inc. | 6,348 | 2,753 | ||||
* | Ingersoll Rand Inc. | 51,019 | 2,705 | |||
IDEX Corp. | 10,156 | 2,275 | ||||
Westinghouse Air Brake Technologies Corp. | 24,314 | 2,183 | ||||
Masco Corp. | 34,122 | 2,072 | ||||
Cognex Corp. | 23,366 | 2,071 | ||||
JB Hunt Transport Services Inc. | 11,245 | 1,995 | ||||
Crown Holdings Inc. | 17,814 | 1,956 | ||||
Packaging Corp. of America | 12,556 | 1,905 | ||||
Nordson Corp. | 7,874 | 1,879 | ||||
Westrock Co. | 35,221 | 1,833 | ||||
Fortune Brands Home & Security Inc. | 18,529 | 1,804 | ||||
Jack Henry & Associates Inc. | 9,999 | 1,764 | ||||
Graco Inc. | 22,427 | 1,759 | ||||
Allegion plc | 12,027 | 1,732 | ||||
* | Trex Co. Inc. | 15,692 | 1,722 | |||
* | Fair Isaac Corp. | 3,650 | 1,678 | |||
Snap-on Inc. | 7,319 | 1,646 | ||||
CH Robinson Worldwide Inc. | 17,858 | 1,608 | ||||
Toro Co. | 14,538 | 1,598 | ||||
* | Axon Enterprise Inc. | 8,775 | 1,596 | |||
* | Pagseguro Digital Ltd. Class A | 26,754 | 1,591 | |||
Robert Half International Inc. | 14,911 | 1,542 | ||||
Lennox International Inc. | 4,589 | 1,538 | ||||
* | Mohawk Industries Inc. | 7,680 | 1,519 | |||
* | Builders FirstSource Inc. | 28,169 | 1,501 | |||
RPM International Inc. | 17,657 | 1,453 | ||||
* | StoneCo Ltd. Class A | 29,999 | 1,396 | |||
* | Middleby Corp. | 7,447 | 1,362 | |||
* | Paylocity Holding Corp. | 5,057 | 1,361 | |||
Owens Corning | 13,970 | 1,335 | ||||
A O Smith Corp. | 17,940 | 1,305 | ||||
Genpact Ltd. | 24,633 | 1,278 | ||||
* | Berry Global Group Inc. | 18,550 | 1,246 | |||
Sealed Air Corp. | 20,406 | 1,245 | ||||
Watsco Inc. | 4,385 | 1,221 | ||||
AptarGroup Inc. | 9,031 | 1,217 | ||||
Western Union Co. | 55,589 | 1,203 | ||||
AGCO Corp. | 8,431 | 1,160 | ||||
* | WEX Inc. | 6,210 | 1,140 |
Shares | Market Value• ($000) | |||||
* | XPO Logistics Inc. | 13,116 | 1,140 | |||
Donaldson Co. Inc. | 16,626 | 1,126 | ||||
* | GXO Logistics Inc. | 13,178 | 1,078 | |||
Brunswick Corp. | 10,545 | 1,021 | ||||
* | TopBuild Corp. | 4,503 | 985 | |||
Rexnord Corp. | 15,840 | 962 | ||||
Littelfuse Inc. | 3,363 | 960 | ||||
* | Chart Industries Inc. | 4,963 | 935 | |||
* | Euronet Worldwide Inc. | 6,921 | 922 | |||
ManpowerGroup Inc. | 7,374 | 895 | ||||
Acuity Brands Inc. | 4,843 | 894 | ||||
Louisiana-Pacific Corp. | 14,070 | 893 | ||||
* | Saia Inc. | 3,662 | 879 | |||
Landstar System Inc. | 5,213 | 876 | ||||
Eagle Materials Inc. | 5,564 | 873 | ||||
MDU Resources Group Inc. | 27,126 | 873 | ||||
Sonoco Products Co. | 13,339 | 871 | ||||
Advanced Drainage Systems Inc. | 7,469 | 853 | ||||
* | Axalta Coating Systems Ltd. | 27,606 | 843 | |||
MSA Safety Inc. | 5,061 | 824 | ||||
Regal Beloit Corp. | 5,461 | 816 | ||||
* | ASGN Inc. | 7,104 | 797 | |||
nVent Electric plc | 23,108 | 794 | ||||
* | Kornit Digital Ltd. | 5,945 | 775 | |||
Graphic Packaging Holding Co. | 37,723 | 774 | ||||
* | WillScot Mobile Mini Holdings Corp. | 25,410 | 752 | |||
Valmont Industries Inc. | 2,922 | 727 | ||||
Maximus Inc. | 8,233 | 717 | ||||
* | AMN Healthcare Services Inc. | 6,307 | 716 | |||
* | WESCO International Inc. | 6,039 | 707 | |||
* | MasTec Inc. | 7,698 | 704 | |||
Simpson Manufacturing Co. Inc. | 6,068 | 687 | ||||
Alliance Data Systems Corp. | 6,878 | 675 | ||||
Armstrong World Industries Inc. | 6,469 | 672 | ||||
Watts Water Technologies Inc. Class A | 3,860 | 662 | ||||
* | AZEK Co. Inc. Class A | 15,384 | 654 | |||
* | FTI Consulting Inc. | 4,635 | 648 | |||
John Bean Technologies Corp. | 4,419 | 645 | ||||
Franklin Electric Co. Inc. | 6,958 | 591 | ||||
Ryder System Inc. | 7,335 | 583 | ||||
*,3 | API Group Corp. | 24,804 | 575 | |||
* | ExlService Holdings Inc. | 4,644 | 572 | |||
* | Virgin Galactic Holdings Inc. | 21,063 | 571 | |||
Air Lease Corp. Class A | 14,290 | 568 | ||||
Allison Transmission Holdings Inc. | 15,179 | 561 | ||||
MSC Industrial Direct Co. Inc. Class A | 6,558 | 552 | ||||
Insperity Inc. | 4,901 | 541 | ||||
Brink's Co. | 6,797 | 531 |
Shares | Market Value• ($000) | |||||
Korn Ferry | 7,483 | 529 | ||||
* | Itron Inc. | 6,265 | 526 | |||
* | Summit Materials Inc. Class A | 15,564 | 524 | |||
* | ACI Worldwide Inc. | 16,125 | 520 | |||
* | TriNet Group Inc. | 5,615 | 517 | |||
HB Fuller Co. | 7,607 | 514 | ||||
Hillenbrand Inc. | 10,863 | 504 | ||||
UniFirst Corp. | 2,193 | 502 | ||||
Applied Industrial Technologies Inc. | 5,604 | 498 | ||||
Triton International Ltd. | 8,643 | 473 | ||||
GATX Corp. | 5,050 | 463 | ||||
Terex Corp. | 8,860 | 452 | ||||
* | Kirby Corp. | 8,316 | 446 | |||
* | Bloom Energy Corp. Class A | 19,860 | 425 | |||
* | Herc Holdings Inc. | 3,197 | 420 | |||
Macquarie Infrastructure Corp. | 9,764 | 389 | ||||
Badger Meter Inc. | 3,604 | 386 | ||||
* | Welbilt Inc. | 16,314 | 382 | |||
Werner Enterprises Inc. | 8,059 | 380 | ||||
Installed Building Products Inc. | 3,054 | 379 | ||||
Trinity Industries Inc. | 12,970 | 377 | ||||
* | Masonite International Corp. | 3,131 | 375 | |||
AAON Inc. | 5,478 | 373 | ||||
* | Beacon Roofing Supply Inc. | 7,112 | 366 | |||
* | Green Dot Corp. Class A | 6,801 | 355 | |||
EVERTEC Inc. | 7,643 | 353 | ||||
* | Vicor Corp. | 2,800 | 345 | |||
Comfort Systems USA Inc. | 4,474 | 340 | ||||
* | SPX Corp. | 5,382 | 336 | |||
Brady Corp. Class A | 6,258 | 334 | ||||
Helios Technologies Inc. | 3,977 | 325 | ||||
Belden Inc. | 5,645 | 323 | ||||
* | Gibraltar Industries Inc. | 4,306 | 321 | |||
Forward Air Corp. | 3,533 | 311 | ||||
* | JELD-WEN Holding Inc. | 11,238 | 309 | |||
* | Proto Labs Inc. | 4,166 | 309 | |||
Albany International Corp. Class A | 3,925 | 307 | ||||
Federal Signal Corp. | 7,433 | 302 | ||||
* | Hub Group Inc. Class A | 4,259 | 299 | |||
ESCO Technologies Inc. | 3,303 | 298 | ||||
* | O-I Glass Inc. | 19,654 | 297 | |||
Otter Tail Corp. | 5,283 | 290 | ||||
* | Dycom Industries Inc. | 3,787 | 285 | |||
TTEC Holdings Inc. | 2,570 | 271 | ||||
* | Meritor Inc. | 11,209 | 266 | |||
* | Verra Mobility Corp. Class A | 16,971 | 263 | |||
Lindsay Corp. | 1,528 | 252 | ||||
* | CBIZ Inc. | 7,322 | 250 | |||
Deluxe Corp. | 6,364 | 244 | ||||
Granite Construction Inc. | 5,797 | 235 | ||||
Patrick Industries Inc. | 2,858 | 233 | ||||
* | OSI Systems Inc. | 2,259 | 224 | |||
* | Ferro Corp. | 10,554 | 220 |
Shares | Market Value• ($000) | |||||
McGrath RentCorp | 3,110 | 217 | ||||
* | Cimpress plc | 2,228 | 212 | |||
Greif Inc. Class A | 3,282 | 208 | ||||
Encore Wire Corp. | 2,352 | 200 | ||||
Greenbrier Cos. Inc. | 4,362 | 192 | ||||
Astec Industries Inc. | 2,960 | 181 | ||||
* | TriMas Corp. | 5,462 | 175 | |||
Tennant Co. | 2,347 | 174 | ||||
* | American Woodmark Corp. | 2,452 | 173 | |||
Primoris Services Corp. | 6,514 | 167 | ||||
ADT Inc. | 18,928 | 162 | ||||
SFL Corp. Ltd. | 20,119 | 162 | ||||
H&E Equipment Services Inc. | 4,659 | 159 | ||||
* | FARO Technologies Inc. | 2,292 | 158 | |||
Schneider National Inc. Class B | 6,554 | 148 | ||||
* | AAR Corp. | 4,309 | 146 | |||
* | Huron Consulting Group Inc. | 2,876 | 142 | |||
Apogee Enterprises Inc. | 3,245 | 139 | ||||
Atlas Corp. | 8,416 | 126 | ||||
* | TrueBlue Inc. | 4,341 | 119 | |||
Heartland Express Inc. | 5,966 | 100 | ||||
Scorpio Tankers Inc. | 6,161 | 100 | ||||
* | Tutor Perini Corp. | 6,637 | 96 | |||
Kelly Services Inc. Class A | 4,164 | 81 | ||||
Matson Inc. | 1,019 | 81 | ||||
* | Forrester Research Inc. | 1,069 | 51 | |||
597,767 | ||||||
Real Estate (3.8%) | ||||||
American Tower Corp. | 61,323 | 17,917 | ||||
Prologis Inc. | 100,155 | 13,487 | ||||
Crown Castle International Corp. | 58,605 | 11,410 | ||||
Equinix Inc. | 12,146 | 10,245 | ||||
Public Storage | 20,429 | 6,611 | ||||
Digital Realty Trust Inc. | 38,067 | 6,240 | ||||
SBA Communications Corp. | 14,834 | 5,325 | ||||
Welltower Inc. | 56,754 | 4,968 | ||||
* | CoStar Group Inc. | 53,146 | 4,504 | |||
* | CBRE Group Inc. Class A | 45,392 | 4,371 | |||
AvalonBay Communities Inc. | 18,963 | 4,353 | ||||
Equity Residential | 50,028 | 4,206 | ||||
Alexandria Real Estate Equities Inc. | 20,036 | 4,135 | ||||
Realty Income Corp. | 50,798 | 3,669 | ||||
Extra Space Storage Inc. | 17,867 | 3,339 | ||||
Invitation Homes Inc. | 76,840 | 3,164 | ||||
Sun Communities Inc. | 15,172 | 3,057 | ||||
Mid-America Apartment Communities Inc. | 15,350 | 2,953 | ||||
Essex Property Trust Inc. | 8,792 | 2,908 | ||||
Ventas Inc. | 50,996 | 2,853 | ||||
Duke Realty Corp. | 49,975 | 2,624 | ||||
Healthpeak Properties Inc. | 72,511 | 2,610 | ||||
Boston Properties Inc. | 20,930 | 2,365 | ||||
* | Zillow Group Inc. Class A | 23,275 | 2,225 | |||
UDR Inc. | 39,493 | 2,133 |
Shares | Market Value• ($000) | |||||
Equity LifeStyle Properties Inc. | 23,386 | 1,989 | ||||
Camden Property Trust | 12,670 | 1,901 | ||||
WP Carey Inc. | 23,573 | 1,841 | ||||
Iron Mountain Inc. | 38,540 | 1,840 | ||||
Kimco Realty Corp. | 79,004 | 1,721 | ||||
* | Jones Lang LaSalle Inc. | 6,894 | 1,671 | |||
Medical Properties Trust Inc. | 78,813 | 1,614 | ||||
* | Host Hotels & Resorts Inc. | 94,975 | 1,573 | |||
Regency Centers Corp. | 22,919 | 1,573 | ||||
American Homes 4 Rent Class A | 37,265 | 1,563 | ||||
VEREIT Inc. | 30,709 | 1,552 | ||||
CubeSmart | 26,700 | 1,428 | ||||
Lamar Advertising Co. Class A | 11,906 | 1,355 | ||||
Life Storage Inc. | 10,262 | 1,277 | ||||
CyrusOne Inc. | 16,493 | 1,270 | ||||
Americold Realty Trust | 34,179 | 1,256 | ||||
Federal Realty Investment Trust | 10,269 | 1,250 | ||||
STORE Capital Corp. | 33,072 | 1,193 | ||||
National Retail Properties Inc. | 23,731 | 1,130 | ||||
Rexford Industrial Realty Inc. | 18,178 | 1,126 | ||||
Apartment Income REIT Corp. | 21,514 | 1,093 | ||||
Omega Healthcare Investors Inc. | 31,954 | 1,071 | ||||
Kilroy Realty Corp. | 15,810 | 1,038 | ||||
Vornado Realty Trust | 24,068 | 1,008 | ||||
EastGroup Properties Inc. | 5,305 | 956 | ||||
American Campus Communities Inc. | 18,795 | 956 | ||||
First Industrial Realty Trust Inc. | 17,056 | 955 | ||||
Brixmor Property Group Inc. | 40,198 | 943 | ||||
STAG Industrial Inc. | 21,706 | 917 | ||||
Healthcare Trust of America Inc. Class A | 29,570 | 897 | ||||
CoreSite Realty Corp. | 5,683 | 843 | ||||
Innovative Industrial Properties Inc. | 3,284 | 808 | ||||
Spirit Realty Capital Inc. | 15,529 | 804 | ||||
Cousins Properties Inc. | 19,685 | 759 | ||||
Douglas Emmett Inc. | 22,792 | 752 | ||||
* | Zillow Group Inc. Class C | 7,712 | 739 | |||
* | Redfin Corp. | 14,996 | 728 | |||
Rayonier Inc. | 19,374 | 713 | ||||
QTS Realty Trust Inc. Class A | 8,949 | 698 | ||||
Agree Realty Corp. | 9,258 | 690 | ||||
SL Green Realty Corp. | 9,633 | 675 | ||||
Highwoods Properties Inc. | 14,714 | 672 | ||||
Terreno Realty Corp. | 9,961 | 665 | ||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 10,639 | 642 | ||||
* | Park Hotels & Resorts Inc. | 32,635 | 625 |
Shares | Market Value• ($000) | |||||
* | Ryman Hospitality Properties Inc. | 7,487 | 622 | |||
Healthcare Realty Trust Inc. | 20,153 | 605 | ||||
National Storage Affiliates Trust | 10,167 | 582 | ||||
Physicians Realty Trust | 30,811 | 570 | ||||
Hudson Pacific Properties Inc. | 21,378 | 564 | ||||
JBG SMITH Properties | 18,047 | 544 | ||||
Lexington Realty Trust | 40,195 | 544 | ||||
EPR Properties | 10,283 | 522 | ||||
* | Howard Hughes Corp. | 5,635 | 510 | |||
Essential Properties Realty Trust Inc. | 15,306 | 496 | ||||
PotlatchDeltic Corp. | 8,950 | 465 | ||||
* | Outfront Media Inc. | 18,599 | 460 | |||
PS Business Parks Inc. | 2,897 | 455 | ||||
* | DigitalBridge Group Inc. | 65,742 | 454 | |||
Macerich Co. | 26,513 | 453 | ||||
Corporate Office Properties Trust | 16,049 | 452 | ||||
Equity Commonwealth | 16,278 | 429 | ||||
National Health Investors Inc. | 6,320 | 378 | ||||
Retail Properties of America Inc. Class A | 28,384 | 375 | ||||
Pebblebrook Hotel Trust | 16,462 | 363 | ||||
eXp World Holdings Inc. | 7,913 | 363 | ||||
SITE Centers Corp. | 22,035 | 355 | ||||
Kennedy-Wilson Holdings Inc. | 15,428 | 339 | ||||
CareTrust REIT Inc. | 14,812 | 326 | ||||
* | Sunstone Hotel Investors Inc. | 28,026 | 325 | |||
Uniti Group Inc. | 24,698 | 323 | ||||
Brandywine Realty Trust | 22,193 | 308 | ||||
Urban Edge Properties | 15,512 | 294 | ||||
Piedmont Office Realty Trust Inc. Class A | 16,371 | 292 | ||||
* | Cushman & Wakefield plc | 15,875 | 288 | |||
RLJ Lodging Trust | 19,572 | 282 | ||||
Washington REIT | 11,166 | 281 | ||||
Four Corners Property Trust Inc. | 9,674 | 277 | ||||
Retail Opportunity Investments Corp. | 15,213 | 275 | ||||
Newmark Group Inc. Class A | 19,636 | 267 | ||||
* | DiamondRock Hospitality Co. | 28,579 | 258 | |||
* | Realogy Holdings Corp. | 14,637 | 257 | |||
* | Xenia Hotels & Resorts Inc. | 14,518 | 253 | |||
American Assets Trust Inc. | 6,328 | 252 | ||||
Columbia Property Trust Inc. | 14,538 | 243 | ||||
Acadia Realty Trust | 10,818 | 230 | ||||
Kite Realty Group Trust | 11,100 | 225 | ||||
Tanger Factory Outlet Centers Inc. | 12,600 | 211 | ||||
Paramount Group Inc. | 23,604 | 209 | ||||
Global Net Lease Inc. | 11,942 | 203 |
Shares | Market Value• ($000) | |||||
* | Mack-Cali Realty Corp. | 11,214 | 200 | |||
St. Joe Co. | 4,211 | 195 | ||||
Alexander & Baldwin Inc. | 9,299 | 194 | ||||
Safehold Inc. | 2,100 | 188 | ||||
Empire State Realty Trust Inc. Class A | 18,200 | 187 | ||||
LTC Properties Inc. | 5,353 | 185 | ||||
Centerspace | 1,689 | 171 | ||||
Getty Realty Corp. | 5,126 | 162 | ||||
Apartment Investment & Management Co. Class A | 18,900 | 136 | ||||
* | Summit Hotel Properties Inc. | 13,224 | 123 | |||
* | Marcus & Millichap Inc. | 2,957 | 116 | |||
RPT Realty | 8,623 | 112 | ||||
Universal Health Realty Income Trust | 1,699 | 101 | ||||
Saul Centers Inc. | 1,584 | 73 | ||||
Alexander's Inc. | 207 | 55 | ||||
201,419 | ||||||
Technology (32.1%) | ||||||
Apple Inc. | 2,130,625 | 323,493 | ||||
Microsoft Corp. | 1,022,636 | 308,713 | ||||
* | Alphabet Inc. Class C | 47,201 | 137,319 | |||
* | Facebook Inc. Class A | 324,934 | 123,273 | |||
* | Alphabet Inc. Class A | 31,872 | 92,236 | |||
NVIDIA Corp. | 325,114 | 72,777 | ||||
* | Adobe Inc. | 64,848 | 43,040 | |||
* | salesforce.com Inc. | 125,488 | 33,288 | |||
Intel Corp. | 548,577 | 29,656 | ||||
Broadcom Inc. | 54,159 | 26,928 | ||||
Texas Instruments Inc. | 125,193 | 23,901 | ||||
QUALCOMM Inc. | 153,169 | 22,468 | ||||
Oracle Corp. | 236,339 | 21,065 | ||||
Intuit Inc. | 34,605 | 19,590 | ||||
* | Advanced Micro Devices Inc. | 164,584 | 18,223 | |||
* | ServiceNow Inc. | 26,893 | 17,309 | |||
Applied Materials Inc. | 124,866 | 16,873 | ||||
Analog Devices Inc. | 72,839 | 11,869 | ||||
Lam Research Corp. | 19,358 | 11,708 | ||||
* | Micron Technology Inc. | 151,756 | 11,184 | |||
* | Autodesk Inc. | 29,785 | 9,236 | |||
* | Zoom Video Communications Inc. Class A | 29,034 | 8,405 | |||
NXP Semiconductors NV | 37,306 | 8,026 | ||||
* | Twilio Inc. Class A | 22,060 | 7,875 | |||
* | DocuSign Inc. | 26,012 | 7,706 | |||
KLA Corp. | 20,838 | 7,084 | ||||
* | Twitter Inc. | 106,525 | 6,871 | |||
* | Synopsys Inc. | 20,615 | 6,849 | |||
* | Workday Inc. Class A | 24,993 | 6,827 | |||
Marvell Technology Inc. | 109,334 | 6,690 | ||||
* | Atlassian Corp. plc Class A | 17,779 | 6,526 | |||
* | Crowdstrike Holdings Inc. Class A | 22,007 | 6,184 | |||
* | Cadence Design Systems Inc. | 37,288 | 6,096 | |||
* | Palo Alto Networks Inc. | 12,888 | 5,942 | |||
* | Fortinet Inc. | 18,102 | 5,705 |
Shares | Market Value• ($000) | |||||
Cognizant Technology Solutions Corp. Class A | 71,237 | 5,436 | ||||
Microchip Technology Inc. | 33,821 | 5,322 | ||||
Xilinx Inc. | 33,404 | 5,197 | ||||
HP Inc. | 169,049 | 5,028 | ||||
* | EPAM Systems Inc. | 7,264 | 4,597 | |||
* | Okta Inc. | 17,044 | 4,493 | |||
* | Datadog Inc. Class A | 31,138 | 4,291 | |||
* | HubSpot Inc. | 6,131 | 4,196 | |||
* | Pinterest Inc. Class A | 74,663 | 4,149 | |||
Skyworks Solutions Inc. | 22,356 | 4,101 | ||||
* | Cloudflare Inc. Class A | 33,822 | 4,084 | |||
CDW Corp. | 18,919 | 3,795 | ||||
* | Dell Technologies Inc. Class C | 37,170 | 3,623 | |||
* | Gartner Inc. | 11,319 | 3,495 | |||
* | Splunk Inc. | 22,807 | 3,486 | |||
* | Yandex NV Class A | 43,740 | 3,364 | |||
* | Paycom Software Inc. | 6,879 | 3,363 | |||
Monolithic Power Systems Inc. | 6,011 | 2,975 | ||||
* | Zscaler Inc. | 10,503 | 2,923 | |||
* | Qorvo Inc. | 15,444 | 2,904 | |||
* | VeriSign Inc. | 13,398 | 2,897 | |||
* | RingCentral Inc. Class A | 11,109 | 2,802 | |||
* | MongoDB Inc. | 7,125 | 2,792 | |||
Hewlett Packard Enterprise Co. | 176,627 | 2,731 | ||||
Teradyne Inc. | 22,480 | 2,730 | ||||
NetApp Inc. | 30,348 | 2,699 | ||||
* | Tyler Technologies Inc. | 5,546 | 2,694 | |||
* | Western Digital Corp. | 41,702 | 2,636 | |||
* | ON Semiconductor Corp. | 57,238 | 2,539 | |||
* | Akamai Technologies Inc. | 21,664 | 2,453 | |||
Seagate Technology Holdings plc | 27,012 | 2,366 | ||||
Entegris Inc. | 18,171 | 2,183 | ||||
* | Coupa Software Inc. | 8,810 | 2,157 | |||
* | Nuance Communications Inc. | 38,620 | 2,126 | |||
* | Avalara Inc. | 11,769 | 2,115 | |||
NortonLifeLock Inc. | 74,925 | 1,990 | ||||
* | Zendesk Inc. | 15,994 | 1,977 | |||
* | Ceridian HCM Holding Inc. | 17,389 | 1,954 | |||
* | PTC Inc. | 14,221 | 1,872 | |||
* | Check Point Software Technologies Ltd. | 14,242 | 1,789 | |||
* | Dynatrace Inc. | 25,252 | 1,736 | |||
Citrix Systems Inc. | 16,870 | 1,735 | ||||
* | Globant SA | 5,282 | 1,702 | |||
* | GoDaddy Inc. Class A | 22,750 | 1,668 | |||
* | Wix.com Ltd. | 7,431 | 1,650 | |||
* | F5 Networks Inc. | 7,946 | 1,618 | |||
*,1 | VMware Inc. Class A | 10,832 | 1,613 | |||
* | Black Knight Inc. | 20,728 | 1,568 | |||
* | Elastic NV | 9,248 | 1,476 | |||
* | Five9 Inc. | 9,169 | 1,451 | |||
* | Clarivate plc | 55,786 | 1,405 | |||
* | Manhattan Associates Inc. | 8,535 | 1,391 | |||
* | Guidewire Software Inc. | 11,343 | 1,344 | |||
Amdocs Ltd. | 17,361 | 1,337 | ||||
* | Cree Inc. | 15,635 | 1,329 |
Shares | Market Value• ($000) | |||||
*,2 | Proofpoint Inc. | 7,520 | 1,324 | |||
* | Dropbox Inc. Class A | 40,933 | 1,298 | |||
* | Smartsheet Inc. Class A | 15,979 | 1,271 | |||
* | DXC Technology Co. | 34,328 | 1,261 | |||
* | Flex Ltd. | 67,321 | 1,251 | |||
Universal Display Corp. | 5,887 | 1,228 | ||||
* | Arrow Electronics Inc. | 10,042 | 1,217 | |||
* | Aspen Technology Inc. | 9,358 | 1,212 | |||
* | Anaplan Inc. | 19,311 | 1,158 | |||
* | Lattice Semiconductor Corp. | 18,226 | 1,132 | |||
Vertiv Holdings Co. Class A | 38,255 | 1,078 | ||||
* | Varonis Systems Inc. | 14,312 | 988 | |||
* | Concentrix Corp. | 5,700 | 988 | |||
* | Pure Storage Inc. Class A | 37,957 | 980 | |||
* | Silicon Laboratories Inc. | 6,198 | 977 | |||
* | Nutanix Inc. Class A | 26,149 | 965 | |||
* | Synaptics Inc. | 4,834 | 917 | |||
* | Rapid7 Inc. | 7,542 | 916 | |||
* | CyberArk Software Ltd. | 5,447 | 915 | |||
Power Integrations Inc. | 8,186 | 889 | ||||
Brooks Automation Inc. | 10,007 | 850 | ||||
Dolby Laboratories Inc. Class A | 8,557 | 848 | ||||
* | Teradata Corp. | 15,163 | 829 | |||
* | Everbridge Inc. | 5,249 | 824 | |||
* | J2 Global Inc. | 5,743 | 791 | |||
Pegasystems Inc. | 5,723 | 788 | ||||
* | Workiva Inc. Class A | 5,611 | 787 | |||
* | Novanta Inc. | 5,080 | 778 | |||
* | Blackline Inc. | 7,092 | 774 | |||
National Instruments Corp. | 18,401 | 770 | ||||
* | Change Healthcare Inc. | 34,149 | 745 | |||
* | NCR Corp. | 17,462 | 742 | |||
* | Fiverr International Ltd. | 4,134 | 742 | |||
SYNNEX Corp. | 5,615 | 713 | ||||
* | Upwork Inc. | 15,740 | 704 | |||
* | MicroStrategy Inc. Class A | 1,006 | 698 | |||
* | Cirrus Logic Inc. | 8,196 | 686 | |||
* | SPS Commerce Inc. | 5,033 | 682 | |||
CDK Global Inc. | 16,222 | 675 | ||||
* | Digital Turbine Inc. | 11,410 | 667 | |||
* | Q2 Holdings Inc. | 7,490 | 660 | |||
* | Semtech Corp. | 8,972 | 627 | |||
* | Envestnet Inc. | 7,732 | 618 | |||
* | Sailpoint Technologies Holdings Inc. | 13,023 | 610 | |||
* | New Relic Inc. | 7,608 | 608 | |||
* | LivePerson Inc. | 9,384 | 602 | |||
* | FireEye Inc. | 32,975 | 600 | |||
* | Diodes Inc. | 6,136 | 594 | |||
* | Appian Corp. | 5,529 | 593 | |||
* | Cerence Inc. | 5,267 | 571 | |||
* | Mimecast Ltd. | 8,118 | 567 | |||
Avnet Inc. | 13,986 | 566 | ||||
Kulicke & Soffa Industries Inc. | 7,995 | 561 | ||||
* | Rogers Corp. | 2,607 | 554 | |||
* | Qualys Inc. | 4,683 | 550 | |||
* | Tenable Holdings Inc. | 12,205 | 542 | |||
* | Alarm.com Holdings Inc. | 6,345 | 535 | |||
* | Fabrinet | 5,185 | 534 |
Shares | Market Value• ($000) | |||||
* | Medallia Inc. | 15,485 | 523 | |||
CMC Materials Inc. | 3,939 | 522 | ||||
* | Perficient Inc. | 4,264 | 508 | |||
* | Cornerstone OnDemand Inc. | 8,845 | 507 | |||
* | Ambarella Inc. | 4,887 | 506 | |||
* | Box Inc. Class A | 19,549 | 504 | |||
* | 3D Systems Corp. | 16,543 | 504 | |||
* | Cloudera Inc. | 31,074 | 495 | |||
Xerox Holdings Corp. | 21,560 | 485 | ||||
* | MaxLinear Inc. Class A | 9,281 | 485 | |||
Advanced Energy Industries Inc. | 5,268 | 475 | ||||
* | LiveRamp Holdings Inc. | 9,559 | 468 | |||
* | Blackbaud Inc. | 6,659 | 464 | |||
* | Insight Enterprises Inc. | 4,497 | 463 | |||
* | Altair Engineering Inc. Class A | �� 6,212 | 460 | |||
* | CommVault Systems Inc. | 5,430 | 440 | |||
* | Duck Creek Technologies Inc. | 9,302 | 434 | |||
* | Vroom Inc. | 15,843 | 426 | |||
* | nCino Inc. | 6,800 | 422 | |||
* | Fastly Inc. Class A | 9,631 | 420 | |||
* | Cargurus Inc. Class A | 13,618 | 414 | |||
* | Schrodinger Inc. | 6,791 | 405 | |||
* | Dun & Bradstreet Holdings Inc. | 21,566 | 395 | |||
Vishay Intertechnology Inc. | 17,279 | 380 | ||||
* | MACOM Technology Solutions Holdings Inc. | 6,203 | 377 | |||
* | Alteryx Inc. Class A | 4,987 | 369 | |||
* | FormFactor Inc. | 9,500 | 369 | |||
* | Verint Systems Inc. | 8,181 | 365 | |||
* | Rambus Inc. | 15,144 | 360 | |||
* | Yelp Inc. Class A | 9,281 | 357 | |||
Amkor Technology Inc. | 12,924 | 355 | ||||
* | Bandwidth Inc. Class A | 3,304 | 340 | |||
Shutterstock Inc. | 2,858 | 329 | ||||
* | Plexus Corp. | 3,502 | 322 | |||
* | Momentive Global Inc. | 16,174 | 317 | |||
* | Sanmina Corp. | 7,954 | 314 | |||
* | Covetrus Inc. | 13,423 | 303 | |||
* | Allscripts Healthcare Solutions Inc. | 18,568 | 285 | |||
Xperi Holding Corp. | 13,300 | 284 | ||||
* | Appfolio Inc. Class A | 2,400 | 283 | |||
Progress Software Corp. | 5,766 | 268 | ||||
* | Yext Inc. | 18,347 | 248 | |||
* | Bottomline Technologies DE Inc. | 5,808 | 245 | |||
* | NetScout Systems Inc. | 8,773 | 241 | |||
* | PROS Holdings Inc. | 5,468 | 236 | |||
* | Cognyte Software Ltd. | 8,286 | 228 | |||
* | Stratasys Ltd. | 10,676 | 225 | |||
* | Avaya Holdings Corp. | 10,491 | 212 | |||
* | TTM Technologies Inc. | 14,906 | 209 | |||
* | Allegro MicroSystems Inc. | 6,600 | 198 | |||
CSG Systems International Inc. | 4,001 | 193 | ||||
* | Magnite Inc. | 6,502 | 189 | |||
CTS Corp. | 4,038 | 142 |
Shares | Market Value• ($000) | |||||
Benchmark Electronics Inc. | 4,445 | 120 | ||||
* | ScanSource Inc. | 3,196 | 114 | |||
International Business Machines Corp. | 768 | 108 | ||||
Ebix Inc. | 3,371 | 97 | ||||
SolarWinds Corp. | 4,438 | 76 | ||||
* | N-Able Inc. | 4,437 | 60 | |||
* | Just Eat Takeaway.com NV ADR | 1 | — | |||
1,689,675 | ||||||
Telecommunications (3.4%) | ||||||
Comcast Corp. Class A | 618,842 | 37,551 | ||||
Cisco Systems Inc. | 573,562 | 33,852 | ||||
Verizon Communications Inc. | 561,364 | 30,875 | ||||
AT&T Inc. | 968,960 | 26,569 | ||||
* | Charter Communications Inc. Class A | 17,818 | 14,551 | |||
* | T-Mobile US Inc. | 79,996 | 10,961 | |||
Motorola Solutions Inc. | 22,466 | 5,487 | ||||
* | Arista Networks Inc. | 8,095 | 2,991 | |||
Lumen Technologies Inc. | 149,744 | 1,842 | ||||
* | DISH Network Corp. Class A | 34,643 | 1,510 | |||
Cable One Inc. | 716 | 1,503 | ||||
* | Liberty Global plc Class A | 47,288 | 1,359 | |||
Juniper Networks Inc. | 43,572 | 1,263 | ||||
* | Ciena Corp. | 21,266 | 1,215 | |||
* | Lumentum Holdings Inc. | 10,620 | 920 | |||
* | Altice USA Inc. Class A | 29,006 | 796 | |||
* | Iridium Communications Inc. | 16,541 | 736 | |||
* | Liberty Global plc Class C | 24,509 | 710 | |||
* | Viavi Solutions Inc. | 32,233 | 525 | |||
* | Vonage Holdings Corp. | 33,229 | 469 | |||
* | CommScope Holding Co. Inc. | 27,631 | 437 | |||
Cogent Communications Holdings Inc. | 6,013 | 437 | ||||
* | Viasat Inc. | 8,212 | 424 | |||
* | 8x8 Inc. | 14,415 | 348 | |||
Telephone & Data Systems Inc. | 15,169 | 308 | ||||
* | Liberty Latin America Ltd. Class C | 21,071 | 303 | |||
InterDigital Inc. | 4,055 | 292 | ||||
Ubiquiti Inc. | 800 | 260 | ||||
Shenandoah Telecommunications Co. | 6,359 | 190 | ||||
* | Plantronics Inc. | 4,841 | 144 | |||
* | EchoStar Corp. Class A | 5,200 | 140 | |||
* | NETGEAR Inc. | 3,764 | 135 | |||
* | Liberty Latin America Ltd. Class A | 4,549 | 65 | |||
ATN International Inc. | 1,400 | 64 | ||||
* | United States Cellular Corp. | 1,921 | 61 | |||
179,293 | ||||||
Utilities (1.2%) | ||||||
Waste Management Inc. | 57,142 | 8,863 |
Shares | Market Value• ($000) | |||||
Sempra Energy | 42,706 | 5,653 | ||||
American Water Works Co. Inc. | 24,565 | 4,477 | ||||
Republic Services Inc. | 28,562 | 3,545 | ||||
Consolidated Edison Inc. | 46,474 | 3,507 | ||||
PPL Corp. | 104,576 | 3,069 | ||||
Edison International | 50,615 | 2,928 | ||||
CMS Energy Corp. | 38,383 | 2,462 | ||||
AES Corp. | 89,747 | 2,142 | ||||
Alliant Energy Corp. | 33,169 | 2,016 | ||||
CenterPoint Energy Inc. | 77,837 | 1,953 | ||||
Atmos Energy Corp. | 17,345 | 1,691 | ||||
Essential Utilities Inc. | 29,724 | 1,475 | ||||
NiSource Inc. | 52,103 | 1,284 | ||||
UGI Corp. | 27,410 | 1,269 | ||||
* | Sunrun Inc. | 28,607 | 1,266 | |||
OGE Energy Corp. | 26,369 | 934 | ||||
* | Stericycle Inc. | 12,730 | 886 | |||
IDACORP Inc. | 7,006 | 738 | ||||
* | Clean Harbors Inc. | 6,999 | 718 | |||
Hawaiian Electric Industries Inc. | 14,783 | 645 | ||||
Portland General Electric Co. | 12,530 | 643 | ||||
* | Evoqua Water Technologies Corp. | 16,026 | 624 | |||
Southwest Gas Holdings Inc. | 8,406 | 591 | ||||
ONE Gas Inc. | 7,674 | 551 | ||||
* | Casella Waste Systems Inc. Class A | 7,183 | 532 | |||
New Jersey Resources Corp. | 13,810 | 516 | ||||
Spire Inc. | 7,352 | 490 | ||||
American States Water Co. | 5,228 | 482 | ||||
NorthWestern Corp. | 7,434 | 473 | ||||
* | Sunnova Energy International Inc. | 12,900 | 467 | |||
Avangrid Inc. | 8,363 | 457 | ||||
California Water Service Group | 7,178 | 456 | ||||
Clearway Energy Inc. Class C | 14,513 | 456 | ||||
MGE Energy Inc. | 5,296 | 427 | ||||
Ormat Technologies Inc. | 5,826 | 414 | ||||
Avista Corp. | 9,349 | 391 | ||||
South Jersey Industries Inc. | 13,441 | 334 |
Shares | Market Value• ($000) | |||||
Covanta Holding Corp. | 15,199 | 305 | ||||
Atlantica Sustainable Infrastructure plc | 7,747 | 291 | ||||
SJW Group | 3,468 | 240 | ||||
Northwest Natural Holding Co. | 3,900 | 201 | ||||
* | Harsco Corp. | 9,934 | 181 | |||
* | US Ecology Inc. | 3,988 | 143 | |||
Clearway Energy Inc. Class A | 1,924 | 57 | ||||
61,243 | ||||||
Total Common Stocks (Cost $4,065,610) | 5,245,275 | |||||
Temporary Cash Investments (0.3%) | ||||||
Money Market Fund (0.3%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 0.068% (Cost $12,873) | 128,734 | 12,873 | |||
Total Investments (100.0%) (Cost $4,078,483) | 5,258,148 | |||||
Other Assets and Liabilities—Net (0.0%) | 1,252 | |||||
Net Assets (100%) | 5,259,400 |
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 $3,139,000. |
2 | Security value determined using significant unobservable inputs. |
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 August 31, 2021, the aggregate value was $575,000, representing 0.0% 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 $3,268,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
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 | September 2021 | 72 | 16,274 | 535 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $4,065,610) | 5,245,275 |
Affiliated Issuers (Cost $12,873) | 12,873 |
Total Investments in Securities | 5,258,148 |
Investment in Vanguard | 165 |
Cash Collateral Pledged—Futures Contracts | 733 |
Receivables for Investment Securities Sold | 60 |
Receivables for Accrued Income | 3,706 |
Receivables for Capital Shares Issued | 4 |
Total Assets | 5,262,816 |
Liabilities | |
Due to Custodian | 129 |
Payables for Investment Securities Purchased | 3 |
Collateral for Securities on Loan | 3,268 |
Payables to Vanguard | 2 |
Variation Margin Payable—Futures Contracts | 14 |
Total Liabilities | 3,416 |
Net Assets | 5,259,400 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 4,106,316 |
Total Distributable Earnings (Loss) | 1,153,084 |
Net Assets | 5,259,400 |
Net Assets | |
Applicable to 62,300,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,259,400 |
Net Asset Value Per Share | $84.42 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends | 44,845 |
Interest1 | 4 |
Securities Lending—Net | 72 |
Total Income | 44,921 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 530 |
Management and Administrative | 2,425 |
Marketing and Distribution | 152 |
Custodian Fees | 67 |
Auditing Fees | 30 |
Shareholders’ Reports | 48 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 3,253 |
Net Investment Income | 41,668 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 212,843 |
Futures Contracts | 1,326 |
Realized Net Gain (Loss) | 214,169 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 782,855 |
Futures Contracts | 316 |
Change in Unrealized Appreciation (Depreciation) | 783,171 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,039,008 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $229,866,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 41,668 | 17,157 |
Realized Net Gain (Loss) | 214,169 | (16,325) |
Change in Unrealized Appreciation (Depreciation) | 783,171 | 366,944 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,039,008 | 367,776 |
Distributions | ||
Total Distributions | (34,446) | (14,177) |
Capital Share Transactions | ||
Issued | 2,829,322 | 1,046,350 |
Issued in Lieu of Cash Distributions | — | — |
Redeemed | (548,827) | (20,140) |
Net Increase (Decrease) from Capital Share Transactions | 2,280,495 | 1,026,210 |
Total Increase (Decrease) | 3,285,057 | 1,379,809 |
Net Assets | ||
Beginning of Period | 1,974,343 | 594,534 |
End of Period | 5,259,400 | 1,974,343 |
For a Share Outstanding Throughout Each Period | September 18, 20181 to August 31, 2019 | Year Ended August 31, | |
2021 | 2020 | ||
Net Asset Value, Beginning of Period | $64.47 | $51.25 | $50.00 |
Investment Operations | |||
Net Investment Income2 | .873 | .846 | .792 |
Net Realized and Unrealized Gain (Loss) on Investments | 19.844 | 13.146 | .868 |
Total from Investment Operations | 20.717 | 13.992 | 1.660 |
Distributions | |||
Dividends from Net Investment Income | (.767) | (.772) | (.410) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.767) | (.772) | (.410) |
Net Asset Value, End of Period | $84.42 | $64.47 | $51.25 |
Total Return | 32.41% | 27.60% | 3.40% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $5,259 | $1,974 | $595 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.12% | 0.12%3 |
Ratio of Net Investment Income to Average Net Assets | 1.18% | 1.54% | 1.67%3 |
Portfolio Turnover Rate4 | 6% | 6% | 6% |
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 | 5,243,950 | — | 1,325 | 5,245,275 |
Temporary Cash Investments | 12,873 | — | — | 12,873 |
Total | 5,256,823 | — | 1,325 | 5,258,148 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 535 | — | — | 535 |
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) | |
Paid-in Capital | 229,881 |
Total Distributable Earnings (Loss) | (229,881) |
Amount ($000) | |
Undistributed Ordinary Income | 12,192 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (36,022) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,176,914 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 34,446 | 14,177 |
Long-Term Capital Gains | — | — |
Total | 34,446 | 14,177 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 4,081,234 |
Gross Unrealized Appreciation | 1,233,464 |
Gross Unrealized Depreciation | (56,550) |
Net Unrealized Appreciation (Depreciation) | 1,176,914 |
Year Ended August 31, | ||||
2021 Shares (000) | 2020 Shares (000) | |||
Issued | 39,175 | 19,400 | ||
Issued in Lieu of Cash Distributions | — | — | ||
Redeemed | (7,500) | (375) | ||
Net Increase (Decrease) in Shares Outstanding | 31,675 | 19,025 |
Philadelphia, Pennsylvania
October 18, 2021
Matthew Benchener | Chris D. McIsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
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1 | |
2 | |
4 | |
7 | |
95 | |
97 |
• | Vanguard ESG International Stock ETF returned 25.45% (based on net asset value) for the 12 months ended August 31, 2021, roughly in line with the expense-free 25.67% return of its benchmark index. |
• | The global economy rebounded faster than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that have been more successful in containing the virus have generally fared better economically. Swift and extensive fiscal and monetary support from policymakers has also been key to the rebound. |
• | With the 12 months under review reflecting the recovery in stocks that followed the sharp downturn at the start of the pandemic, the fund’s results were excellent. |
• | For the fund’s benchmark, all 11 industry sectors posted positive returns. Technology and financials returned more than 35%. Consumer staples, telecommunications, and health care lagged. |
• | Canada and a number of European countries, including the Netherlands and Sweden, were among the index’s top performers. Two Asian heavyweights—Japan and especially China—underperformed. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
• | 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 August 31, 2021 | |||
ESG International Stock ETF | Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,074.10 | $0.52 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.70 | 0.51 |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/img43962c7a2.jpg)
Average Annual Total Returns Periods Ended August 31, 2021 | ||||
One Year | Since Inception (9/18/2018) | Final Value of a $10,000 Investment | ||
![]() | ESG International Stock ETF Net Asset Value | 25.45% | 11.05% | $13,625 |
ESG International Stock ETF Market Price | 25.36 | 11.08 | 13,633 | |
![]() | FTSE Global All Cap ex US Choice Index | 25.67 | 11.29 | 13,711 |
![]() | FTSE Global All Cap ex US Index | 26.45 | 10.35 | 13,373 |
Cumulative Returns of ETF Shares: September 18, 2018, Through August 31, 2021 | ||
One Year | Since Inception (9/18/2018) | |
ESG International Stock ETF Market Price | 25.36% | 36.33% |
ESG International Stock ETF Net Asset Value | 25.45 | 36.25 |
FTSE Global All Cap ex US Choice Index | 25.67 | 37.11 |
Japan | 16.8% |
China | 10.3 |
United Kingdom | 8.4 |
Canada | 6.8 |
Taiwan | 5.9 |
Switzerland | 5.7 |
Germany | 5.3 |
Australia | 5.0 |
France | 4.5 |
South Korea | 4.1 |
Netherlands | 3.6 |
India | 3.4 |
Sweden | 2.6 |
Hong Kong | 2.1 |
Denmark | 1.8 |
Brazil | 1.5 |
Italy | 1.3 |
South Africa | 1.1 |
Spain | 1.0 |
Other | 8.8 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.2%) | ||||||
Australia (5.0%) | ||||||
Commonwealth Bank of Australia | 181,933 | 13,256 | ||||
CSL Ltd. | 48,840 | 11,108 | ||||
Westpac Banking Corp. | 385,205 | 7,247 | ||||
National Australia Bank Ltd. | 351,565 | 7,088 | ||||
Australia & New Zealand Banking Group Ltd. | 303,716 | 6,147 | ||||
Wesfarmers Ltd. | 108,736 | 4,749 | ||||
Macquarie Group Ltd. | 33,098 | 4,017 | ||||
Goodman Group | 219,268 | 3,703 | ||||
Transurban Group | 291,492 | 3,017 | ||||
Fortescue Metals Group Ltd. | 179,214 | 2,732 | ||||
James Hardie Industries plc NA | 62,054 | 2,392 | ||||
* | Afterpay Ltd. | 24,334 | 2,367 | |||
Sonic Healthcare Ltd. | 65,115 | 2,062 | ||||
Amcor plc NA | 156,271 | 1,994 | ||||
ASX Ltd. | 27,545 | 1,763 | ||||
Brambles Ltd. | 198,480 | 1,754 | ||||
Newcrest Mining Ltd. | 94,993 | 1,715 | ||||
QBE Insurance Group Ltd. | 182,388 | 1,570 | ||||
Suncorp Group Ltd. | 162,000 | 1,474 | ||||
BlueScope Steel Ltd. | 79,934 | 1,461 | ||||
Cochlear Ltd. | 8,519 | 1,447 | ||||
Scentre Group | 678,640 | 1,412 | ||||
Telstra Corp. Ltd. | 486,595 | 1,364 | ||||
Dexus | 170,143 | 1,324 | ||||
SEEK Ltd. | 54,946 | 1,302 | ||||
Ramsay Health Care Ltd. | 25,777 | 1,294 | ||||
* | Xero Ltd. | 11,534 | 1,276 | |||
Mirvac Group | 533,431 | 1,215 | ||||
Computershare Ltd. | 96,289 | 1,157 | ||||
Medibank Pvt Ltd. | 439,754 | 1,139 | ||||
GPT Group | 319,696 | 1,132 | ||||
Stockland | 333,345 | 1,123 |
Shares | Market Value• ($000) | |||||
Insurance Australia Group Ltd. | 289,584 | 1,106 | ||||
* | Sydney Airport | 183,580 | 1,066 | |||
Northern Star Resources Ltd. | 131,770 | 937 | ||||
Bank of Queensland Ltd. | 130,920 | 902 | ||||
Vicinity Centres | 682,804 | 862 | ||||
Downer EDI Ltd. | 178,477 | 844 | ||||
Lendlease Corp. Ltd. | 95,098 | 826 | ||||
Bendigo & Adelaide Bank Ltd. | 104,264 | 761 | ||||
OZ Minerals Ltd. | 43,651 | 746 | ||||
Orora Ltd. | 299,320 | 743 | ||||
Domino's Pizza Enterprises Ltd. | 6,368 | 728 | ||||
Alumina Ltd. | 558,141 | 721 | ||||
Orica Ltd. | 72,085 | 690 | ||||
Incitec Pivot Ltd. | 338,871 | 665 | ||||
GDI Property Group | 674,860 | 597 | ||||
Evolution Mining Ltd. | 206,887 | 590 | ||||
Domain Holdings Australia Ltd. | 135,725 | 535 | ||||
Charter Hall Group | 38,057 | 497 | ||||
nib holdings Ltd. | 97,701 | 482 | ||||
Challenger Ltd. | 100,901 | 474 | ||||
* | Lynas Rare Earths Ltd. | 94,141 | 470 | |||
Metcash Ltd. | 158,082 | 470 | ||||
Mineral Resources Ltd. | 11,181 | 445 | ||||
United Malt Grp Ltd. | 125,964 | 414 | ||||
* | Pilbara Minerals Ltd. | 250,465 | 404 | |||
IDP Education Ltd. | 19,112 | 401 | ||||
AMP Ltd. | 466,540 | 374 | ||||
* | Orocobre Ltd. | 52,792 | 351 | |||
Eagers Automotive Ltd. | 28,809 | 343 | ||||
IGO Ltd. | 42,860 | 299 | ||||
* | NEXTDC Ltd. | 30,826 | 297 | |||
Data#3 Ltd. | 75,263 | 294 | ||||
ALS Ltd. | 30,348 | 282 | ||||
Aurizon Holdings Ltd. | 101,718 | 280 | ||||
* | Virgin Money UK plc | 95,666 | 280 |
Shares | Market Value• ($000) | |||||
Magellan Financial Group Ltd. | 8,204 | 259 | ||||
* | Zip Co. Ltd. | 51,497 | 255 | |||
Atlas Arteria Ltd. | 50,478 | 252 | ||||
REA Group Ltd. | 2,074 | 232 | ||||
JB Hi-Fi Ltd. | 6,830 | 228 | ||||
* | Boral Ltd. | 50,978 | 227 | |||
Reliance Worldwide Corp. Ltd. | 46,940 | 200 | ||||
WiseTech Global Ltd. | 5,158 | 181 | ||||
* | Chalice Mining Ltd. | 35,494 | 181 | |||
Ansell Ltd. | 6,612 | 173 | ||||
Breville Group Ltd. | 7,190 | 168 | ||||
Qube Holdings Ltd. | 71,968 | 165 | ||||
Steadfast Group Ltd. | 45,036 | 164 | ||||
Altium Ltd. | 7,379 | ��� 161 | ||||
* | Qantas Airways Ltd. | 42,527 | 157 | |||
Iluka Resources Ltd. | 21,546 | 156 | ||||
* | West African Resources Ltd. | 201,913 | 156 | |||
carsales.com Ltd. | 8,163 | 149 | ||||
Nine Entertainment Co. Holdings Ltd. | 74,037 | 147 | ||||
IOOF Holdings Ltd. | 40,515 | 140 | ||||
Cleanaway Waste Management Ltd. | 69,633 | 134 | ||||
Centuria Capital Group | 53,292 | 134 | ||||
Aurelia Metals Ltd. | 498,016 | 129 | ||||
ARB Corp. Ltd. | 3,342 | 126 | ||||
* | Syrah Resources Ltd. | 133,174 | 125 | |||
* | Uniti Group Ltd. | 39,513 | 125 | |||
* | Champion Iron Ltd. | 28,043 | 120 | |||
Reece Ltd. | 7,821 | 119 | ||||
Harvey Norman Holdings Ltd. | 29,036 | 114 | ||||
* | Corporate Travel Management Ltd. | 6,734 | 111 | |||
Healius Ltd. | 31,342 | 111 | ||||
AusNet Services Ltd. | 78,429 | 111 | ||||
Shopping Centres Australasia Property Group | 52,856 | 104 | ||||
National Storage REIT | 58,930 | 101 | ||||
Pro Medicus Ltd. | 2,111 | 97 | ||||
TPG Telecom Ltd. | 21,539 | 97 | ||||
CSR Ltd. | 24,170 | 96 | ||||
Link Administration Holdings Ltd. | 28,529 | 91 | ||||
* | Temple & Webster Group Ltd. | 8,165 | 88 | |||
* | Flight Centre Travel Group Ltd. | 7,310 | 87 | |||
* | Megaport Ltd. | 6,994 | 87 | |||
Premier Investments Ltd. | 4,095 | 85 | ||||
* | Webjet Ltd. | 19,517 | 81 | |||
Pendal Group Ltd. | 12,652 | 80 |
Shares | Market Value• ($000) | |||||
Codan Ltd. | 7,258 | 80 | ||||
HUB24 Ltd. | 3,625 | 79 | ||||
Sims Ltd. | 7,140 | 78 | ||||
CIMIC Group Ltd. | 5,063 | 78 | ||||
Perpetual Ltd. | 2,496 | 77 | ||||
Bapcor Ltd. | 14,467 | 76 | ||||
* | Bellevue Gold Ltd. | 108,164 | 76 | |||
* | Perseus Mining Ltd. | 66,708 | 75 | |||
Super Retail Group Ltd. | 8,187 | 73 | ||||
Credit Corp. Group Ltd. | 3,178 | 71 | ||||
Adbri Ltd. | 27,646 | 69 | ||||
Ingenia Communities Group | 14,686 | 69 | ||||
Nickel Mines Ltd. | 90,492 | 67 | ||||
* | De Grey Mining Ltd. | 75,536 | 66 | |||
Elders Ltd. | 7,156 | 64 | ||||
AUB Group Ltd. | 3,556 | 62 | ||||
Pinnacle Investment Management Group Ltd. | 4,886 | 61 | ||||
* | PolyNovo Ltd. | 36,969 | 60 | |||
* | Piedmont Lithium Ltd. | 102,001 | 59 | |||
* | Mayne Pharma Group Ltd. | 267,136 | 56 | |||
Arena REIT | 18,438 | 56 | ||||
Appen Ltd. | 7,109 | 56 | ||||
* | Eclipx Group Ltd. | 30,424 | 56 | |||
MyState Ltd. | 13,978 | 55 | ||||
Regis Resources Ltd. | 30,025 | 54 | ||||
Ramelius Resources Ltd. | 47,713 | 54 | ||||
Collins Foods Ltd. | 5,870 | 53 | ||||
Blackmores Ltd. | 715 | 52 | ||||
Costa Group Holdings Ltd. | 22,436 | 52 | ||||
IRESS Ltd. | 4,726 | 51 | ||||
Netwealth Group Ltd. | 4,523 | 51 | ||||
InvoCare Ltd. | 5,597 | 50 | ||||
* | EML Payments Ltd. | 16,303 | 49 | |||
St. Barbara Ltd. | 41,818 | 48 | ||||
* | Tyro Payments Ltd. | 17,724 | 48 | |||
GrainCorp Ltd. Class A | 10,221 | 47 | ||||
Gold Road Resources Ltd. | 48,819 | 46 | ||||
* | Nanosonics Ltd. | 9,467 | 46 | |||
Monadelphous Group Ltd. | 5,827 | 45 | ||||
Lovisa Holdings Ltd. | 3,122 | 45 | ||||
Aventus Group | 18,495 | 45 | ||||
* | Mesoblast Ltd. | 34,468 | 43 | |||
* | oOh!media Ltd. | 33,518 | 43 | |||
Cromwell Property Group | 61,810 | 42 | ||||
Select Harvests Ltd. | 6,347 | 40 | ||||
Abacus Property Group | 15,527 | 40 |
Shares | Market Value• ($000) | |||||
SeaLink Travel Group Ltd. | 6,017 | 40 | ||||
Clinuvel Pharmaceuticals Ltd. | 1,412 | 39 | ||||
Genworth Mortgage Insurance Australia Ltd. | 24,057 | 39 | ||||
Sandfire Resources Ltd. | 7,623 | 36 | ||||
NRW Holdings Ltd. | 25,309 | 35 | ||||
* | Nufarm Ltd. | 10,332 | 34 | |||
Kogan.com Ltd. | 4,082 | 34 | ||||
Platinum Asset Management Ltd. | 11,273 | 33 | ||||
* | G8 Education Ltd. | 44,983 | 33 | |||
Bega Cheese Ltd. | 8,184 | 33 | ||||
* | City Chic Collective Ltd. | 7,253 | 32 | |||
Accent Group Ltd. | 19,467 | 31 | ||||
Lifestyle Communities Ltd. | 2,146 | 31 | ||||
Australian Finance Group Ltd. | 13,403 | 30 | ||||
Hansen Technologies Ltd. | 6,467 | 29 | ||||
Perenti Global Ltd. | 44,483 | 28 | ||||
Omni Bridgeway Ltd. | 9,325 | 28 | ||||
Australian Ethical Investment Ltd. | 3,651 | 28 | ||||
* | Southern Cross Media Group Ltd. | 16,719 | 27 | |||
* | Nearmap Ltd. | 17,505 | 27 | |||
Western Areas Ltd. | 11,417 | 26 | ||||
Technology One Ltd. | 3,371 | 24 | ||||
IPH Ltd. | 3,562 | 24 | ||||
* | EVENT Hospitality & Entertainment Ltd. | 2,209 | 24 | |||
* | Audinate Group Ltd. | 3,334 | 24 | |||
* | Emeco Holdings Ltd. | 28,238 | 23 | |||
BWX Ltd. | 6,210 | 23 | ||||
APN Industria REIT | 8,428 | 22 | ||||
* | Redbubble Ltd. | 6,778 | 21 | |||
* | Seven West Media Ltd. | 54,169 | 20 | |||
Virtus Health Ltd. | 4,070 | 20 | ||||
* | Westgold Resources Ltd. | 15,645 | 20 | |||
GUD Holdings Ltd. | 2,503 | 19 | ||||
Sigma Healthcare Ltd. | 41,235 | 19 | ||||
Bravura Solutions Ltd. | 8,726 | 19 | ||||
Baby Bunting Group Ltd. | 4,663 | 18 | ||||
* | Starpharma Holdings Ltd. Class A | 19,552 | 17 | |||
* | Australian Agricultural Co. Ltd. | 16,440 | 17 | |||
* | Resolute Mining Ltd. | 48,975 | 17 | |||
* | Andromeda Metals Ltd. | 141,867 | 17 | |||
Integral Diagnostics Ltd. | 4,784 | 16 | ||||
GWA Group Ltd. | 7,421 | 15 |
Shares | Market Value• ($000) | |||||
* | Paradigm Biopharmaceuticals Ltd. | 10,110 | 15 | |||
Growthpoint Properties Australia Ltd. | 4,631 | 14 | ||||
SG Fleet Group Ltd. | 6,490 | 14 | ||||
* | Superloop Ltd. | 18,891 | 14 | |||
Jupiter Mines Ltd. | 74,019 | 14 | ||||
* | Telix Pharmaceuticals Ltd. | 2,785 | 14 | |||
* | Humm Group Ltd. | 18,121 | 13 | |||
Vita Group Ltd. | 18,632 | 12 | ||||
Infomedia Ltd. | 8,559 | 11 | ||||
Mount Gibson Iron Ltd. | 22,959 | 10 | ||||
MACA Ltd. | 15,474 | 10 | ||||
Navigator Global Investments Ltd. | 7,694 | 10 | ||||
* | Marley Spoon AG | 6,635 | 10 | |||
* | Nuix Ltd. | 4,888 | 9 | |||
* | Myer Holdings Ltd. | 20,551 | 8 | |||
* | AMA Group Ltd. | 26,433 | 8 | |||
Pact Group Holdings Ltd. | 2,475 | 7 | ||||
* | Bubs Australia Ltd. | 24,806 | 7 | |||
McMillan Shakespeare Ltd. | 588 | 5 | ||||
* | Dacian Gold Ltd. | 28,853 | 5 | |||
Service Stream Ltd. | 5,780 | 4 | ||||
* | BWX Ltd. | 769 | 3 | |||
* | Juno Minerals Ltd. | 4,534 | 1 | |||
127,254 | ||||||
Austria (0.2%) | ||||||
Erste Group Bank AG | 44,468 | 1,776 | ||||
Raiffeisen Bank International AG | 38,054 | 912 | ||||
Verbund AG | 6,577 | 721 | ||||
ANDRITZ AG | 4,228 | 243 | ||||
Wienerberger AG | 6,055 | 238 | ||||
*,1 | BAWAG Group AG | 3,351 | 201 | |||
CA Immobilien Anlagen AG | 4,074 | 177 | ||||
* | IMMOFINANZ AG | 4,293 | 109 | |||
* | Lenzing AG | 778 | 103 | |||
Mayr Melnhof Karton AG | 437 | 92 | ||||
AT&S Austria Technologie & Systemtechnik AG | 1,913 | 83 | ||||
Oesterreichische Post AG | 1,401 | 64 | ||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,829 | 53 | ||||
* | DO & CO AG | 639 | 51 | |||
Palfinger AG | 963 | 43 | ||||
UNIQA Insurance Group AG | 4,150 | 39 |
Shares | Market Value• ($000) | |||||
* | Telekom Austria AG Class A | 3,162 | 28 | |||
EVN AG | 933 | 25 | ||||
Strabag SE | 534 | 24 | ||||
* | Porr AG | 657 | 13 | |||
*,2 | CA Immobilien Anlagen AG Rights Exp. 3/30/22 | 3,557 | — | |||
4,995 | ||||||
Belgium (0.6%) | ||||||
KBC Group NV | 32,122 | 2,700 | ||||
* | Argenx SE | 5,635 | 1,880 | |||
UCB SA | 14,601 | 1,671 | ||||
Solvay SA | 9,590 | 1,255 | ||||
Ageas SA/NV | 24,946 | 1,247 | ||||
Ackermans & van Haaren NV | 5,892 | 1,084 | ||||
KBC Ancora | 15,901 | 759 | ||||
Groupe Bruxelles Lambert SA | 6,043 | 692 | ||||
* | Warehouses De Pauw CVA | 10,922 | 502 | |||
Aedifica SA | 3,391 | 499 | ||||
Proximus SADP | 24,115 | 473 | ||||
Elia Group SA/NV | 3,565 | 448 | ||||
Xior Student Housing NV | 6,483 | 398 | ||||
Sofina SA | 794 | 351 | ||||
Etablissements Franz Colruyt NV | 5,748 | 322 | ||||
Cofinimmo SA | 1,699 | 281 | ||||
D'ieteren Group | 1,342 | 210 | ||||
Montea NV | 1,034 | 153 | ||||
Melexis NV | 1,119 | 132 | ||||
Barco NV | 4,253 | 104 | ||||
Euronav NV | 11,403 | 93 | ||||
Befimmo SA | 2,034 | 84 | ||||
Bekaert SA | 1,577 | 75 | ||||
Telenet Group Holding NV | 1,974 | 75 | ||||
Fagron | 3,571 | 75 | ||||
* | AGFA-Gevaert NV | 14,224 | 72 | |||
Retail Estates NV | 838 | 69 | ||||
Shurgard Self Storage SA | 1,007 | 60 | ||||
Gimv NV | 870 | 57 | ||||
* | bpost SA | 5,723 | 55 | |||
VGP NV | 226 | 54 | ||||
Econocom Group SA/NV | 11,140 | 47 | ||||
* | Ontex Group NV | 3,969 | 44 | |||
Wereldhave Belgium Comm VA | 768 | 43 | ||||
Orange Belgium SA | 1,695 | 40 | ||||
* | Kinepolis Group NV | 550 | 30 | |||
Cie d'Entreprises CFE | 216 | 25 |
Shares | Market Value• ($000) | |||||
* | Tessenderlo Group SA | 292 | 12 | |||
* | Mithra Pharmaceuticals SA | 173 | 4 | |||
16,175 | ||||||
Brazil (1.4%) | ||||||
UBS Group AG (Registered) | 348,298 | 5,810 | ||||
Itau Unibanco Holding SA Preference Shares | 507,678 | 3,038 | ||||
* | Banco Bradesco SA Preference Shares | 505,624 | 2,264 | |||
B3 SA - Brasil Bolsa Balcao | 594,630 | 1,618 | ||||
WEG SA | 153,262 | 1,054 | ||||
* | Magazine Luiza SA | 280,216 | 988 | |||
* | Natura & Co. Holding SA | 87,387 | 872 | |||
Itausa SA Preference Shares | 375,500 | 839 | ||||
Notre Dame Intermedica Participacoes SA | 51,107 | 790 | ||||
* | Suzano SA | 66,325 | 782 | |||
Lojas Renner SA | 89,620 | 660 | ||||
Gerdau SA Preference Shares | 101,300 | 555 | ||||
Localiza Rent a Car SA | 51,621 | 554 | ||||
* | Banco Bradesco SA | 139,923 | 540 | |||
Itau Unibanco Holding SA | 93,000 | 515 | ||||
* | Raia Drogasil SA | 91,520 | 452 | |||
Equatorial Energia SA | 90,700 | 446 | ||||
Cia Siderurgica Nacional SA | 64,534 | 435 | ||||
* | Klabin SA | 80,100 | 408 | |||
Banco do Brasil SA | 68,204 | 401 | ||||
* | Banco Inter SA Ordinary Shares | 82,120 | 377 | |||
* | Banco BTG Pactual SA | 68,000 | 372 | |||
* | Rumo SA | 102,579 | 371 | |||
*,1 | Banco Inter SA Preference Shares | 85,581 | 363 | |||
TOTVS SA | 47,041 | 360 | ||||
Telefonica Brasil SA | 40,400 | 342 | ||||
* | BRF SA | 71,884 | 326 | |||
* | Via SA | 158,227 | 318 | |||
* | Americanas SA | 37,198 | 298 | |||
1 | Hapvida Participacoes e Investimentos SA | 101,574 | 289 | |||
Bradespar SA Preference Shares | 21,700 | 265 | ||||
Banco Santander Brasil SA | 32,232 | 261 | ||||
Transmissora Alianca de Energia Eletrica SA | 35,100 | 257 | ||||
CCR SA | 105,858 | 251 | ||||
* | Hypera SA | 34,600 | 238 |
Shares | Market Value• ($000) | |||||
* | Azul SA Preference Shares | 30,163 | 220 | |||
BB Seguridade Participacoes SA | 59,300 | 219 | ||||
Cia Energetica de Minas Gerais | 66,649 | 215 | ||||
Mahle-Metal Leve SA | 26,600 | 204 | ||||
* | BR Malls Participacoes SA | 113,700 | 199 | |||
* | Cia de Saneamento Basico do Estado de Sao Paulo | 27,730 | 194 | |||
Alupar Investimento SA | 38,400 | 188 | ||||
* | TIM SA | 77,500 | 187 | |||
*,1 | Rede D'Or Sao Luiz SA | 13,728 | 183 | |||
* | Braskem SA Preference Shares Class A | 13,700 | 175 | |||
* | Omega Geracao SA | 26,668 | 171 | |||
Sul America SA | 29,690 | 169 | ||||
Energisa SA | 19,400 | 166 | ||||
* | Cia de Locacao das Americas | 33,600 | 162 | |||
Metalurgica Gerdau SA Preference Shares | 62,200 | 156 | ||||
Cia Hering | 21,700 | 156 | ||||
EDP - Energias do Brasil SA | 43,000 | 153 | ||||
YDUQS Participacoes SA | 30,600 | 151 | ||||
* | Alpargatas SA Preference Shares | 12,800 | 148 | |||
Marfrig Global Foods SA | 37,305 | 148 | ||||
* | Gol Linhas Aereas Inteligentes SA Preference Shares | 37,979 | 147 | |||
Pet Center Comercio e Participacoes SA | 27,200 | 139 | ||||
* | Santos Brasil Participacoes SA | 85,981 | 131 | |||
AES Brasil Energia SA | 42,847 | 126 | ||||
LOG Commercial Properties e Participacoes SA | 22,667 | 124 | ||||
Engie Brasil Energia SA | 17,000 | 123 | ||||
Porto Seguro SA | 10,600 | 117 | ||||
Banco Pan SA Preference Shares | 32,100 | 117 | ||||
Fleury SA | 25,100 | 115 | ||||
Dexco SA | 28,400 | 113 | ||||
Usinas Siderurgicas de Minas Gerais SA Usiminas | 30,700 | 109 | ||||
Light SA | 40,100 | 107 | ||||
* | Multiplan Empreendimentos Imobiliarios SA | 26,300 | 107 | |||
* | Cogna Educacao | 172,030 | 107 |
Shares | Market Value• ($000) | |||||
Cia Energetica de Sao Paulo Preference Shares Class B | 23,400 | 106 | ||||
BR Properties SA | 65,481 | 106 | ||||
Atacadao SA | 29,700 | 104 | ||||
Sao Martinho SA | 16,500 | 103 | ||||
* | BK Brasil Operacao e Assessoria a Restaurantes SA | 54,706 | 99 | |||
JHSF Participacoes SA | 76,700 | 98 | ||||
* | Lojas Americanas SA | 86,586 | 97 | |||
Arezzo Industria e Comercio SA | 5,600 | 97 | ||||
* | Instituto Hermes Pardini SA | 19,400 | 96 | |||
* | IRB Brasil Resseguros SA | 91,807 | 95 | |||
Unipar Carbocloro SA Preference Shares Class B | 5,383 | 94 | ||||
Grendene SA | 45,600 | 94 | ||||
SIMPAR SA | 32,000 | 92 | ||||
Cia Energetica de Minas Gerais Preference Shares | 34,128 | 89 | ||||
* | Anima Holding SA | 47,613 | 89 | |||
Cia Paranaense de Energia Preference Shares | 66,700 | 88 | ||||
Wiz Solucoes e Corretagem de Seguros SA | 31,400 | 85 | ||||
Usinas Siderurgicas de Minas Gerais SA Usiminas Preference Shares Class A | 23,600 | 84 | ||||
* | CVC Brasil Operadora e Agencia de Viagens SA | 20,300 | 84 | |||
Aliansce Sonae Shopping Centers sa | 17,300 | 84 | ||||
Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 17,400 | 83 | ||||
Banco do Estado do Rio Grande do Sul SA Preference Shares Class B | 34,300 | 83 | ||||
Ambipar Participacoes e Empreendimentos SA | 6,200 | 80 | ||||
Lojas Quero Quero SA | 20,400 | 78 | ||||
Odontoprev SA | 30,100 | 73 | ||||
Iguatemi Empresa de Shopping Centers SA | 10,700 | 71 | ||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 17,600 | 69 | ||||
Cia Brasileira de Distribuicao | 12,600 | 69 |
Shares | Market Value• ($000) | |||||
Qualicorp Consultoria e Corretora de Seguros SA | 16,200 | 67 | ||||
Neoenergia SA | 20,700 | 67 | ||||
1 | Ser Educacional SA | 25,900 | 65 | |||
* | Camil Alimentos SA | 35,200 | 65 | |||
CPFL Energia SA | 11,500 | 65 | ||||
Jereissati Participacoes SA | 11,300 | 65 | ||||
* | Grupo SBF SA | 9,700 | 65 | |||
Randon SA Implementos e Participacoes Preference Shares | 27,400 | 61 | ||||
Cia Paranaense de Energia | 51,600 | 59 | ||||
* | Movida Participacoes SA | 16,400 | 59 | |||
* | M Dias Branco SA | 9,100 | 56 | |||
Boa Vista Servicos SA | 22,200 | 56 | ||||
Even Construtora e Incorporadora SA | 32,600 | 53 | ||||
* | Iochpe Maxion SA | 16,900 | 51 | |||
* | Banco Inter SA unit | 3,900 | 51 | |||
* | EcoRodovias Infraestrutura e Logistica SA | 24,000 | 46 | |||
Direcional Engenharia SA | 18,900 | 46 | ||||
Vivara Participacoes SA | 7,200 | 46 | ||||
* | Marcopolo SA Preference Shares | 83,200 | 45 | |||
Cielo SA | 81,800 | 45 | ||||
* | Grupo De Moda Soma SA | 12,300 | 42 | |||
* | Guararapes Confeccoes SA | 13,700 | 41 | |||
Ez Tec Empreendimentos e Participacoes SA | 7,700 | 40 | ||||
MRV Engenharia e Participacoes SA | 15,100 | 40 | ||||
* | Hidrovias do Brasil SA | 46,200 | 40 | |||
* | Tupy SA | 8,800 | 38 | |||
Cia de Saneamento de Minas Gerais-COPASA | 13,800 | 37 | ||||
Minerva SA | 22,507 | 36 | ||||
* | C&A Modas Ltda. | 18,700 | 32 | |||
* | Lojas Americanas SA Preference Shares | 25,002 | 29 | |||
* | Cia de Saneamento do Parana Preference Shares | 37,400 | 28 | |||
* | Cia de Saneamento do Parana | 7,500 | 28 |
Shares | Market Value• ($000) | |||||
Construtora Tenda SA | 7,000 | 27 | ||||
* | CVC Brasil Operadora e Agencia de Viagens SA (BVMF) | 2,283 | 9 | |||
37,045 | ||||||
Canada (6.8%) | ||||||
* | Shopify Inc. Class A (XNYS) | 11,442 | 17,472 | |||
Royal Bank of Canada | 144,851 | 14,879 | ||||
Toronto-Dominion Bank | 185,613 | 12,054 | ||||
Canadian National Railway Co. | 63,614 | 7,483 | ||||
Bank of Nova Scotia | 120,690 | 7,476 | ||||
Bank of Montreal | 67,153 | 6,683 | ||||
Canadian Imperial Bank of Commerce | 44,686 | 5,141 | ||||
Canadian Pacific Railway Ltd. | 71,675 | 4,925 | ||||
Manulife Financial Corp. | 204,341 | 3,979 | ||||
Waste Connections Inc. | 29,999 | 3,876 | ||||
Nutrien Ltd. | 63,225 | 3,844 | ||||
Alimentation Couche-Tard Inc. Class B | 87,822 | 3,549 | ||||
Franco-Nevada Corp. | 21,535 | 3,142 | ||||
Sun Life Financial Inc. | 59,718 | 3,075 | ||||
National Bank of Canada | 36,879 | 2,927 | ||||
* | CGI Inc. | 28,201 | 2,520 | |||
Thomson Reuters Corp. | 21,413 | 2,502 | ||||
Magna International Inc. | 31,256 | 2,468 | ||||
Wheaton Precious Metals Corp. | 51,698 | 2,330 | ||||
Fortis Inc. | 47,779 | 2,189 | ||||
Restaurant Brands International Inc. | 33,508 | 2,153 | ||||
Intact Financial Corp. | 15,590 | 2,123 | ||||
Open Text Corp. | 37,029 | 2,031 | ||||
Rogers Communications Inc. Class B | 38,949 | 1,984 | ||||
Dollarama Inc. | 37,016 | 1,688 | ||||
Agnico Eagle Mines Ltd. | 27,928 | 1,607 | ||||
Shaw Communications Inc. Class B | 49,535 | 1,458 | ||||
Loblaw Cos. Ltd. | 20,658 | 1,455 | ||||
3 | BCE Inc. | 26,003 | 1,356 | |||
First Quantum Minerals Ltd. | 64,503 | 1,344 | ||||
Canadian Apartment Properties REIT | 26,814 | 1,299 | ||||
Algonquin Power & Utilities Corp. | 82,363 | 1,279 | ||||
1 | Hydro One Ltd. | 50,295 | 1,252 | |||
Kirkland Lake Gold Ltd. | 31,091 | 1,240 | ||||
George Weston Ltd. | 11,120 | 1,199 |
Shares | Market Value• ($000) | |||||
CCL Industries Inc. Class B | 20,573 | 1,174 | ||||
Toromont Industries Ltd. | 13,370 | 1,124 | ||||
RioCan REIT | 62,318 | 1,107 | ||||
* | Bausch Health Cos. Inc. | 36,656 | 1,068 | |||
Gildan Activewear Inc. | 26,822 | 1,031 | ||||
* | Lightspeed Commerce Inc. | 9,160 | 1,017 | |||
* | CAE Inc. | 34,413 | 994 | |||
Granite REIT | 13,745 | 992 | ||||
Saputo Inc. | 32,460 | 913 | ||||
Kinross Gold Corp. | 150,077 | 903 | ||||
Ritchie Bros Auctioneers Inc. | 14,372 | 901 | ||||
Empire Co. Ltd. Class A | 26,224 | 848 | ||||
Finning International Inc. | 30,400 | 791 | ||||
H&R REIT | 59,928 | 789 | ||||
Choice Properties REIT | 63,248 | 748 | ||||
CI Financial Corp. | 36,005 | 699 | ||||
Metro Inc. Class A | 13,602 | 693 | ||||
Northland Power Inc. | 20,797 | 688 | ||||
Lundin Mining Corp. | 84,821 | 686 | ||||
Canadian Utilities Ltd. Class A | 24,008 | 680 | ||||
* | Shopify Inc. Class A (XTSE) | 445 | 679 | |||
Emera Inc. | 14,189 | 670 | ||||
* | Kinaxis Inc. | 4,010 | 651 | |||
Atco Ltd. | 19,220 | 647 | ||||
* | BlackBerry Ltd. | 55,200 | 629 | |||
West Fraser Timber Co. Ltd. | 8,037 | 621 | ||||
Yamana Gold Inc. | 139,710 | 617 | ||||
Chartwell Retirement Residences | 57,116 | 583 | ||||
SSR Mining Inc. | 32,130 | 537 | ||||
B2Gold Corp. | 134,910 | 522 | ||||
Alamos Gold Inc. Class A | 64,874 | 512 | ||||
BRP Inc. | 6,026 | 505 | ||||
TELUS Corp. | 20,932 | 482 | ||||
FirstService Corp. | 2,587 | 480 | ||||
3 | Great-West Lifeco Inc. | 14,809 | 458 | |||
* | Bombardier Inc. Class B | 309,092 | 451 | |||
* | Descartes Systems Group Inc. | 5,528 | 433 | |||
Endeavour Mining plc | 15,963 | 390 | ||||
GFL Environmental Inc. (XTSE) | 10,821 | 381 | ||||
iA Financial Corp. Inc. | 6,510 | 361 | ||||
TMX Group Ltd. | 3,096 | 341 | ||||
First Majestic Silver Corp. | 26,388 | 340 | ||||
* | Ivanhoe Mines Ltd. Class A | 40,708 | 328 | |||
Colliers International Group Inc. | 2,304 | 321 |
Shares | Market Value• ($000) | |||||
AltaGas Ltd. | 15,541 | 311 | ||||
Element Fleet Management Corp. | 27,769 | 306 | ||||
Cascades Inc. | 24,163 | 300 | ||||
Brookfield Renewable Corp. | 6,736 | 295 | ||||
* | Canada Goose Holdings Inc. | 7,598 | 291 | |||
Boardwalk REIT | 7,762 | 290 | ||||
* | Novagold Resources Inc. | 39,644 | 286 | |||
Artis REIT | 29,484 | 269 | ||||
Innergex Renewable Energy Inc. | 16,647 | 265 | ||||
NFI Group Inc. | 10,413 | 251 | ||||
Dream Office REIT | 13,132 | 243 | ||||
* | Air Canada | 12,218 | 237 | |||
* | Eldorado Gold Corp. | 26,514 | 232 | |||
* | IAMGOLD Corp. | 90,865 | 216 | |||
Boyd Group Services Inc. | 1,024 | 200 | ||||
Quebecor Inc. Class B | 7,347 | 183 | ||||
Canadian Western Bank | 5,733 | 168 | ||||
First Capital REIT | 11,038 | 158 | ||||
* | Equinox Gold Corp. | 20,686 | 149 | |||
Primo Water Corp. | 8,302 | 148 | ||||
Capital Power Corp. | 4,259 | 146 | ||||
Methanex Corp. | 3,790 | 139 | ||||
Brookfield Infrastructure Corp. Class A | 2,087 | 133 | ||||
Linamar Corp. | 2,326 | 132 | ||||
IGM Financial Inc. | 3,371 | 123 | ||||
Centerra Gold Inc. | 16,098 | 120 | ||||
Osisko Gold Royalties Ltd. | 9,083 | 111 | ||||
SmartCentres REIT | 4,581 | 111 | ||||
* | Pretium Resources Inc. | 10,652 | 108 | |||
* | Home Capital Group Inc. Class B | 3,295 | 103 | |||
Premium Brands Holdings Corp. Class A | 959 | 102 | ||||
Boralex Inc. Class A | 3,323 | 102 | ||||
* | OceanaGold Corp. | 44,042 | 82 | |||
ECN Capital Corp. | 9,977 | 81 | ||||
Hudbay Minerals Inc. | 12,934 | 79 | ||||
Laurentian Bank of Canada | 2,237 | 75 | ||||
Stella-Jones Inc. | 2,122 | 73 | ||||
Maple Leaf Foods Inc. | 3,285 | 72 | ||||
Dye & Durham Ltd. | 1,915 | 72 | ||||
Cominar REIT | 7,440 | 64 | ||||
Mullen Group Ltd. | 5,514 | 58 | ||||
* | Canfor Corp. | 2,478 | 53 | |||
* | Torex Gold Resources Inc. | 4,656 | 52 | |||
Transcontinental Inc. Class A | 2,624 | 51 |
Shares | Market Value• ($000) | |||||
* | Celestica Inc. | 4,318 | 41 | |||
GFL Environmental Inc. | 1,110 | 39 | ||||
Winpak Ltd. | 1,013 | 34 | ||||
Cogeco Communications Inc. | 300 | 28 | ||||
Martinrea International Inc. | 2,613 | 25 | ||||
First National Financial Corp. | 384 | 14 | ||||
172,988 | ||||||
Chile (0.2%) | ||||||
Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 7,943 | 415 | ||||
Banco de Chile | 3,745,883 | 366 | ||||
Banco Santander Chile | 6,049,187 | 320 | ||||
Enel Americas SA | 2,004,029 | 282 | ||||
Falabella SA | 68,965 | 273 | ||||
Sociedad Quimica y Minera de Chile SA ADR | 4,927 | 257 | ||||
Empresas CMPC SA | 111,296 | 247 | ||||
Cia Sud Americana de Vapores SA | 2,903,876 | 218 | ||||
Banco de Credito e Inversiones SA | 4,013 | 174 | ||||
Cencosud SA | 87,936 | 166 | ||||
Colbun SA | 794,450 | 131 | ||||
Empresa Nacional de Telecomunicaciones SA | 25,073 | 122 | ||||
CAP SA | 7,738 | 110 | ||||
* | Latam Airlines Group SA | 46,607 | 110 | |||
Enel Chile SA | 1,759,607 | 90 | ||||
Salfacorp SA | 145,652 | 72 | ||||
* | Parque Arauco SA | 59,264 | 71 | |||
Inversiones La Construccion SA | 13,884 | 66 | ||||
* | SONDA SA | 95,489 | �� 51 | |||
Cencosud Shopping SA | 34,260 | 49 | ||||
* | Itau CorpBanca Chile SA | 17,484,799 | 48 | |||
Besalco SA | 129,725 | 46 | ||||
Engie Energia Chile SA | 61,702 | 43 | ||||
SMU SA | 300,135 | 33 | ||||
Aguas Andinas SA Class A | 138,009 | 31 | ||||
Inversiones Aguas Metropolitanas SA | 43,062 | 26 | ||||
Plaza SA | 20,224 | 25 | ||||
* | Ripley Corp. SA | 107,037 | 24 | |||
Embotelladora Andina SA Preference Shares Class B | 8,340 | 20 | ||||
3,886 |
Shares | Market Value• ($000) | |||||
China (10.2%) | ||||||
Tencent Holdings Ltd. | 631,860 | 39,025 | ||||
* | Alibaba Group Holding Ltd. | 1,499,432 | 31,397 | |||
*,1 | Meituan Class B | 409,755 | 13,102 | |||
China Construction Bank Corp. Class H | 9,823,000 | 7,078 | ||||
* | JD.com Inc. ADR | 70,265 | 5,520 | |||
*,1 | Wuxi Biologics Cayman Inc. | 354,737 | 5,492 | |||
* | NIO Inc. ADR | 136,351 | 5,360 | |||
Ping An Insurance Group Co. of China Ltd. Class H | 659,000 | 5,103 | ||||
Industrial & Commercial Bank of China Ltd. Class H | 8,350,000 | 4,650 | ||||
* | Baidu Inc. ADR | 29,183 | 4,582 | |||
*,1 | Xiaomi Corp. Class B | 1,379,800 | 4,448 | |||
China Merchants Bank Co. Ltd. Class H | 483,000 | 3,984 | ||||
* | Pinduoduo Inc. ADR | 38,667 | 3,867 | |||
Li Ning Co. Ltd. | 249,500 | 3,346 | ||||
NetEase Inc. ADR | 30,341 | 2,956 | ||||
Bank of China Ltd. Class H | 8,105,000 | 2,840 | ||||
Sunny Optical Technology Group Co. Ltd. | 84,200 | 2,548 | ||||
Geely Automobile Holdings Ltd. | 637,900 | 2,312 | ||||
* | China Mengniu Dairy Co. Ltd. | 384,120 | 2,310 | |||
BYD Co. Ltd. Class H | 66,000 | 2,219 | ||||
ENN Energy Holdings Ltd. | 108,300 | 2,143 | ||||
* | Bilibili Inc. ADR | 26,127 | 2,096 | |||
Shenzhou International Group Holdings Ltd. | 95,984 | 2,081 | ||||
ANTA Sports Products Ltd. | 101,000 | 2,075 | ||||
* | Trip.com Group Ltd. ADR | 54,820 | 1,671 | |||
* | Li Auto Inc. ADR | 49,082 | 1,515 | |||
China Life Insurance Co. Ltd. Class H | 883,000 | 1,481 | ||||
China Resources Land Ltd. | 388,000 | 1,441 | ||||
CSPC Pharmaceutical Group Ltd. | 1,083,280 | 1,374 | ||||
China Overseas Land & Investment Ltd. | 579,000 | 1,334 | ||||
Country Garden Services Holdings Co. Ltd. | 172,000 | 1,312 | ||||
*,1 | Innovent Biologics Inc. | 160,500 | 1,296 | |||
Xinyi Solar Holdings Ltd. | 532,000 | 1,288 |
Shares | Market Value• ($000) | |||||
Great Wall Motor Co. Ltd. Class A | 122,200 | 1,253 | ||||
China Conch Venture Holdings Ltd. | 301,500 | 1,234 | ||||
* | Kingdee International Software Group Co. Ltd. | 332,000 | 1,209 | |||
Country Garden Holdings Co. Ltd. | 1,032,000 | 1,141 | ||||
1 | Longfor Group Holdings Ltd. | 254,300 | 1,100 | |||
BYD Co. Ltd. Class A | 23,852 | 1,026 | ||||
* | Zai Lab Ltd. ADR | 7,049 | 1,019 | |||
Sino Biopharmaceutical Ltd. | 1,215,000 | 1,016 | ||||
* | Alibaba Health Information Technology Ltd. | 604,000 | 997 | |||
China Gas Holdings Ltd. | 326,233 | 944 | ||||
PICC Property & Casualty Co. Ltd. Class H | 1,038,000 | 938 | ||||
China Longyuan Power Group Corp. Ltd. Class H | 438,000 | 893 | ||||
Sunac China Holdings Ltd. | 348,300 | 891 | ||||
Hengan International Group Co. Ltd. | 145,000 | 840 | ||||
China National Building Material Co. Ltd. Class H | 612,000 | 836 | ||||
Far East Horizon Ltd. | 712,000 | 809 | ||||
Anhui Conch Cement Co. Ltd. Class H | 148,000 | 801 | ||||
* | COSCO SHIPPING Holdings Co. Ltd. Class H | 391,400 | 739 | |||
* | Vipshop Holdings Ltd. ADR | 48,074 | 711 | |||
LONGi Green Energy Technology Co. Ltd. Class A | 48,680 | 675 | ||||
Agricultural Bank of China Ltd. Class A | 1,462,300 | 670 | ||||
* | GDS Holdings Ltd. ADR | 11,377 | 665 | |||
Great Wall Motor Co. Ltd. Class H | 142,500 | 657 | ||||
Sinopharm Group Co. Ltd. Class H | 250,100 | 644 | ||||
ZTO Express Cayman Inc. ADR | 22,069 | 623 | ||||
China Merchants Bank Co. Ltd. Class A | 82,300 | 623 | ||||
China Cinda Asset Management Co. Ltd. Class H | 3,450,000 | 612 | ||||
Agricultural Bank of China Ltd. Class H | 1,802,000 | 604 |
Shares | Market Value• ($000) | |||||
1 | Postal Savings Bank of China Co. Ltd. Class H | 831,000 | 599 | |||
Ping An Insurance Group Co. of China Ltd. Class A | 75,500 | 583 | ||||
Shimao Group Holdings Ltd. | 270,500 | 559 | ||||
1 | China Tower Corp. Ltd. Class H | 4,224,000 | 554 | |||
China Pacific Insurance Group Co. Ltd. Class H | 194,600 | 548 | ||||
Zhongsheng Group Holdings Ltd. | 65,500 | 548 | ||||
CITIC Securities Co. Ltd. Class H | 214,500 | 543 | ||||
* | Tencent Music Entertainment Group ADR | 60,318 | 533 | |||
* | Chinasoft International Ltd. | 306,000 | 519 | |||
BYD Electronic International Co. Ltd. | 111,000 | 508 | ||||
* | Zhuzhou CRRC Times Electric Co. Ltd. Class H | 83,500 | 502 | |||
JOYY Inc. ADR | 7,803 | 494 | ||||
China Hongqiao Group Ltd. | 328,500 | 487 | ||||
1 | China Feihe Ltd. | 263,000 | 475 | |||
Weichai Power Co. Ltd. Class A | 146,300 | 454 | ||||
* | KE Holdings Inc. ADR | 24,313 | 440 | |||
China Taiping Insurance Holdings Co. Ltd. | 293,800 | 429 | ||||
People's Insurance Co. Group of China Ltd. Class H | 1,349,000 | 416 | ||||
China Resources Gas Group Ltd. | 68,000 | 412 | ||||
*,2 | GCL-Poly Energy Holdings Ltd. | 1,563,594 | 398 | |||
WuXi AppTec Co. Ltd. Class A | 18,764 | 386 | ||||
*,1 | Ping An Healthcare & Technology Co. Ltd. | 52,130 | 385 | |||
Dongyue Group Ltd. | 112,000 | 385 | ||||
China Pacific Insurance Group Co. Ltd. Class A | 94,200 | 383 | ||||
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A | 39,000 | 382 | ||||
ZTE Corp. Class H | 108,000 | 380 | ||||
Kingboard Holdings Ltd. | 77,000 | 379 | ||||
Autohome Inc. ADR | 8,557 | 379 | ||||
* | New Oriental Education & Technology Group Inc. ADR | 166,190 | 376 |
Shares | Market Value• ($000) | |||||
Contemporary Amperex Technology Co. Ltd. Class A | 4,900 | 376 | ||||
* | Daqo New Energy Corp. ADR | 6,104 | 374 | |||
* | Genscript Biotech Corp. | 78,000 | 371 | |||
*,1 | China Literature Ltd. | 43,400 | 365 | |||
*,1 | 3SBio Inc. | 327,500 | 365 | |||
Kingsoft Corp. Ltd. | 90,800 | 364 | ||||
1 | Haidilao International Holding Ltd. | 87,000 | 355 | |||
Ganfeng Lithium Co. Ltd. Class A | 10,100 | 344 | ||||
BOE Technology Group Co. Ltd. Class A | 371,100 | 334 | ||||
Fuyao Glass Industry Group Co. Ltd. Class A | 44,800 | 332 | ||||
* | 360 DigiTech Inc. ADR | 14,288 | 326 | |||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 196,000 | 322 | ||||
Flat Glass Group Co. Ltd. Class A | 35,200 | 320 | ||||
* | Kingsoft Cloud Holdings Ltd. ADR | 9,895 | 319 | |||
1 | WuXi AppTec Co. Ltd. Class H | 15,936 | 318 | |||
Jiangxi Copper Co. Ltd. Class H | 156,000 | 316 | ||||
Yuexiu REIT | 604,000 | 316 | ||||
China Vanke Co. Ltd. Class A | 103,000 | 315 | ||||
Hangzhou Steam Turbine Co. Ltd. Class B | 149,988 | 312 | ||||
CRRC Corp. Ltd. Class A | 291,400 | 304 | ||||
1 | Ganfeng Lithium Co. Ltd. Class H | 13,200 | 304 | |||
NAURA Technology Group Co. Ltd. Class A | 5,504 | 303 | ||||
Bank of Communications Co. Ltd. Class A | 442,800 | 303 | ||||
* | Huangshan Tourism Development Co. Ltd. Class B | 430,900 | 301 | |||
* | Weibo Corp. ADR | 5,949 | 301 | |||
Ping An Bank Co. Ltd. Class A | 109,000 | 300 | ||||
Hello Group Inc. ADR | 22,747 | 299 | ||||
Industrial & Commercial Bank of China Ltd. Class A | 416,000 | 297 | ||||
Guangdong Investment Ltd. | 212,000 | 294 |
Shares | Market Value• ($000) | |||||
* | COSCO SHIPPING Holdings Co. Ltd. Class A | 91,780 | 294 | |||
Pharmaron Beijing Co. Ltd. Class A | 9,787 | 292 | ||||
* | Canadian Solar Inc. | 7,858 | 290 | |||
Industrial Bank Co. Ltd. Class A | 101,000 | 289 | ||||
* | iQIYI Inc. ADR | 31,606 | 286 | |||
Hangzhou Tigermed Consulting Co. Ltd. Class A | 13,500 | 280 | ||||
China Vanke Co. Ltd. Class H | 103,400 | 279 | ||||
China Medical System Holdings Ltd. | 140,000 | 275 | ||||
Haitong Securities Co. Ltd. Class A | 139,900 | 275 | ||||
Wanhua Chemical Group Co. Ltd. Class A | 15,800 | 260 | ||||
Hopson Development Holdings Ltd. | 66,800 | 260 | ||||
* | TAL Education Group ADR | 48,650 | 259 | |||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A | 5,100 | 259 | ||||
Guangzhou Automobile Group Co. Ltd. Class A | 89,400 | 256 | ||||
Tongwei Co. Ltd. Class A | 26,800 | 253 | ||||
1 | Topsports International Holdings Ltd. | 189,000 | 249 | |||
* | 21Vianet Group Inc. ADR | 12,545 | 248 | |||
Sungrow Power Supply Co. Ltd. Class A | 10,200 | 248 | ||||
China CITIC Bank Corp. Ltd. Class A | 340,800 | 242 | ||||
*,1 | Hua Hong Semiconductor Ltd. | 40,757 | 240 | |||
China Yongda Automobiles Services Holdings Ltd. | 141,000 | 236 | ||||
CITIC Securities Co. Ltd. Class A | 59,200 | 235 | ||||
* | Yihai International Holding Ltd. | 43,000 | 233 | |||
China Minsheng Banking Corp. Ltd. Class A | 375,500 | 231 | ||||
*,1 | CanSino Biologics Inc. Class H | 5,800 | 229 | |||
Dongfeng Motor Group Co. Ltd. Class H | 206,000 | 226 | ||||
Xtep International Holdings Ltd. | 131,000 | 223 |
Shares | Market Value• ($000) | |||||
* | Colour Life Services Group Co. Ltd. | 646,000 | 223 | |||
* | Lifetech Scientific Corp. | 408,000 | 221 | |||
China Molybdenum Co. Ltd. Class A | 181,800 | 220 | ||||
* | Tongcheng-Elong Holdings Ltd. | 93,600 | 218 | |||
*,1 | Akeso Inc. | 42,000 | 218 | |||
*,1 | Jinxin Fertility Group Ltd. | 134,000 | 213 | |||
1 | Jiumaojiu International Holdings Ltd. | 63,000 | 211 | |||
* | Baozun Inc. ADR | 8,735 | 210 | |||
GF Securities Co. Ltd. Class A | 70,600 | 207 | ||||
Muyuan Foods Co. Ltd. Class A | 31,512 | 206 | ||||
China Meidong Auto Holdings Ltd. | 40,000 | 201 | ||||
1 | China New Higher Education Group Ltd. | 373,000 | 201 | |||
Kingboard Laminates Holdings Ltd. | 101,000 | 199 | ||||
* | JinkoSolar Holding Co. Ltd. ADR | 4,051 | 199 | |||
Huaneng Power International Inc. Class A | 214,500 | 184 | ||||
Luxshare Precision Industry Co. Ltd. Class A | 34,799 | 182 | ||||
Consun Pharmaceutical Group Ltd. | 384,000 | 181 | ||||
Haitian International Holdings Ltd. | 47,000 | 180 | ||||
China Evergrande Group | 318,000 | 178 | ||||
* | GOME Retail Holdings Ltd. | 1,637,000 | 177 | |||
Henan Zhongyuan Expressway Co. Ltd. Class A | 342,100 | 174 | ||||
1 | Hansoh Pharmaceutical Group Co. Ltd. | 64,000 | 174 | |||
JCET Group Co. Ltd. Class A | 32,500 | 172 | ||||
China Yangtze Power Co. Ltd. Class A | 56,000 | 168 | ||||
1 | Hygeia Healthcare Holdings Co. Ltd. | 21,600 | 168 | |||
Nine Dragons Paper Holdings Ltd. | 120,000 | 164 | ||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class A | 13,600 | 163 | ||||
Huatai Securities Co. Ltd. Class A | 63,800 | 162 | ||||
Xinyi Energy Holdings Ltd. | 264,000 | 161 |
Shares | Market Value• ($000) | |||||
1 | China Resources Pharmaceutical Group Ltd. | 305,000 | 159 | |||
Bank of Communications Co. Ltd. Class H | 272,000 | 156 | ||||
China Jinmao Holdings Group Ltd. | 476,000 | 155 | ||||
*,1 | Weimob Inc. | 106,000 | 155 | |||
Zhejiang Huayou Cobalt Co. Ltd. Class A | 7,100 | 154 | ||||
Shenzhen Inovance Technology Co. Ltd. Class A | 13,900 | 153 | ||||
Shanghai Pudong Development Bank Co. Ltd. Class A | 107,300 | 150 | ||||
Bank of China Ltd. Class A | 318,600 | 149 | ||||
Chongqing Changan Automobile Co. Ltd. Class A | 45,560 | 145 | ||||
*,1 | InnoCare Pharma Ltd. | 52,000 | 145 | |||
China Life Insurance Co. Ltd. Class A | 32,200 | 144 | ||||
Bosideng International Holdings Ltd. | 174,000 | 142 | ||||
Jiangxi Copper Co. Ltd. Class A | 34,600 | 142 | ||||
* | Dada Nexus Ltd. ADR | 5,981 | 142 | |||
New China Life Insurance Co. Ltd. Class H | 47,800 | 141 | ||||
China Molybdenum Co. Ltd. Class H | 180,000 | 140 | ||||
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd. Class A | 236,500 | 139 | ||||
1 | Yadea Group Holdings Ltd. | 78,000 | 139 | |||
*,1 | Alphamab Oncology | 54,000 | 139 | |||
China Everbright Environment Group Ltd. | 200,000 | 138 | ||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 25,900 | 136 | ||||
China Merchants Securities Co. Ltd. Class A | 48,420 | 136 | ||||
Weichai Power Co. Ltd. Class H | 53,000 | 134 | ||||
*,1 | Ascletis Pharma Inc. | 370,000 | 134 | |||
* | Seazen Group Ltd. | 151,360 | 134 | |||
COSCO SHIPPING Ports Ltd. | 160,000 | 133 | ||||
China Power International Development Ltd. | 329,000 | 133 |
Shares | Market Value• ($000) | |||||
China Everbright Bank Co. Ltd. Class A | 253,300 | 131 | ||||
China Railway Tielong Container Logistics Co. Ltd. Class A | 171,300 | 131 | ||||
* | Niu Technologies ADR | 4,844 | 130 | |||
Guangzhou Automobile Group Co. Ltd. Class H | 128,000 | 129 | ||||
SAIC Motor Corp. Ltd. Class A | 43,000 | 129 | ||||
* | Beijing Enterprises Water Group Ltd. | 310,000 | 128 | |||
CIFI Holdings Group Co. Ltd. | 188,000 | 126 | ||||
China Construction Bank Corp. Class A | 139,600 | 126 | ||||
China Lesso Group Holdings Ltd. | 58,000 | 124 | ||||
Citic Pacific Special Steel Group Co. Ltd. Class A | 31,500 | 124 | ||||
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 19,000 | 122 | ||||
*,1 | ZhongAn Online P&C Insurance Co. Ltd. Class H | 25,000 | 122 | |||
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class A | 99,500 | 121 | ||||
China Resources Cement Holdings Ltd. | 122,000 | 120 | ||||
*,1 | Zhou Hei Ya International Holdings Co. Ltd. | 117,000 | 120 | |||
Baoshan Iron & Steel Co. Ltd. Class A | 75,800 | 119 | ||||
China Merchants Port Holdings Co. Ltd. | 70,000 | 118 | ||||
TravelSky Technology Ltd. Class H | 63,000 | 118 | ||||
* | XD Inc. | 22,200 | 118 | |||
* | Alibaba Pictures Group Ltd. | 1,090,000 | 116 | |||
Will Semiconductor Co. Ltd. Shanghai Class A | 3,100 | 116 | ||||
CIFI Ever Sunshine Services Group Ltd. | 56,000 | 116 | ||||
Shandong Nanshan Aluminum Co. Ltd. Class A | 128,400 | 115 | ||||
1 | China Merchants Securities Co. Ltd. Class H | 75,660 | 114 | |||
*,1 | Venus MedTech Hangzhou Inc. Class H | 24,000 | 114 | |||
Yangzijiang Shipbuilding Holdings Ltd. | 92,600 | 113 |
Shares | Market Value• ($000) | |||||
* | Noah Holdings Ltd. ADR | 2,912 | 113 | |||
Sihuan Pharmaceutical Holdings Group Ltd. | 378,000 | 112 | ||||
China Suntien Green Energy Corp. Ltd. Class H | 177,000 | 112 | ||||
Fu Shou Yuan International Group Ltd. | 121,000 | 109 | ||||
Anhui Conch Cement Co. Ltd. Class A | 17,700 | 109 | ||||
Qinhuangdao Port Co. Ltd. Class A | 264,400 | 106 | ||||
COSCO SHIPPING Development Co. Ltd. Class A | 177,900 | 106 | ||||
* | JD.com Inc. Class A | 2,686 | 106 | |||
* | China Southern Airlines Co. Ltd. Class A | 117,600 | 105 | |||
Angang Steel Co. Ltd. Class A | 118,000 | 104 | ||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 34,100 | 101 | ||||
* | Sohu.com Ltd. ADR | 4,291 | 100 | |||
* | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 373,500 | 99 | |||
Sany Heavy Equipment International Holdings Co. Ltd. | 77,000 | 99 | ||||
* | LexinFintech Holdings Ltd. ADR | 14,172 | 99 | |||
China Overseas Property Holdings Ltd. | 115,000 | 98 | ||||
* | HUYA Inc. ADR | 9,139 | 98 | |||
*,1 | Shanghai Junshi Biosciences Co. Ltd. Class H | 17,200 | 97 | |||
GoerTek Inc. Class A | 13,400 | 96 | ||||
ZTE Corp. Class A | 18,700 | 96 | ||||
1 | A-Living Smart City Services Co. Ltd. | 24,250 | 96 | |||
SG Micro Corp. Class A | 1,950 | 96 | ||||
SF Holding Co. Ltd. Class A | 10,600 | 95 | ||||
Sinoma International Engineering Co. Class A | 46,000 | 95 | ||||
Walvax Biotechnology Co. Ltd. Class A | 7,800 | 94 | ||||
Guangdong Haid Group Co. Ltd. Class A | 9,500 | 94 | ||||
* | Shanghai Fudan Microelectronics Group Co. Ltd. Class H | 30,000 | 93 | |||
Beijing North Star Co. Ltd. Class A | 258,600 | 92 |
Shares | Market Value• ($000) | |||||
Jiangsu Eastern Shenghong Co. Ltd. Class A | 18,000 | 90 | ||||
*,1 | China Logistics Property Holdings Co. Ltd. | 174,000 | 90 | |||
Jiangxi Lianchuang Optoelectronic Science & Technology Co. Ltd. Class A | 17,500 | 90 | ||||
China Oriental Group Co. Ltd. | 240,000 | 89 | ||||
1 | Fuyao Glass Industry Group Co. Ltd. Class H | 14,400 | 89 | |||
* | Air China Ltd. Class A | 79,100 | 89 | |||
Ginlong Technologies Co. Ltd. Class A | 2,100 | 89 | ||||
China SCE Group Holdings Ltd. | 219,000 | 88 | ||||
*,1 | Peijia Medical Ltd. | 30,000 | 88 | |||
Agile Group Holdings Ltd. | 76,000 | 87 | ||||
Sinotruk Hong Kong Ltd. | 44,000 | 87 | ||||
Xinjiang Goldwind Science & Technology Co. Ltd. Class A | 38,300 | 87 | ||||
Dashang Co. Ltd. Class A | 28,900 | 87 | ||||
Tianneng Power International Ltd. | 64,000 | 86 | ||||
Jinduicheng Molybdenum Co. Ltd. Class A | 57,200 | 86 | ||||
China Education Group Holdings Ltd. | 45,000 | 85 | ||||
Jiangsu Expressway Co. Ltd. Class A | 63,900 | 85 | ||||
Wuxi Shangji Automation Co. Ltd. Class A | 1,700 | 85 | ||||
*,2 | Brilliance China Automotive Holdings Ltd. | 90,000 | 84 | |||
China CITIC Bank Corp. Ltd. Class H | 183,000 | 84 | ||||
China Minsheng Banking Corp. Ltd. Class H | 202,000 | 84 | ||||
PAX Global Technology Ltd. | 68,000 | 84 | ||||
Powerlong Real Estate Holdings Ltd. | ��� 104,000 | 84 | ||||
* | Shenzhen Kangtai Biological Products Co. Ltd. Class A | 4,500 | 84 | |||
Guotai Junan Securities Co. Ltd. Class A | 30,100 | 83 | ||||
Zhejiang Expressway Co. Ltd. Class H | 94,000 | 82 |
Shares | Market Value• ($000) | |||||
China State Construction International Holdings Ltd. | 102,000 | 82 | ||||
KWG Group Holdings Ltd. | 77,500 | 82 | ||||
Concord New Energy Group Ltd. | 820,000 | 82 | ||||
* | Baidu Inc. Class A | 4,156 | 82 | |||
Greentown Service Group Co. Ltd. | 76,000 | 81 | ||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 10,850 | 81 | ||||
* | Tongdao Liepin Group | 45,600 | 81 | |||
Orient Securities Co. Ltd. Class A | 34,400 | 80 | ||||
Greentown China Holdings Ltd. | 51,500 | 79 | ||||
Guangzhou Restaurant Group Co. Ltd. Class A | 22,000 | 78 | ||||
Sinotrans Ltd. Class A | 102,000 | 78 | ||||
*,1,2 | China Huarong Asset Management Co. Ltd. Class H | 588,000 | 77 | |||
1 | Orient Securities Co. Ltd. Class H | 77,200 | 76 | |||
Mango Excellent Media Co. Ltd. Class A | 10,800 | 76 | ||||
* | Hainan Meilan International Airport Co. Ltd. | 24,000 | 76 | |||
China Everbright Ltd. | 60,000 | 75 | ||||
Iflytek Co. Ltd. Class A | 9,200 | 75 | ||||
Yunnan Baiyao Group Co. Ltd. Class A | 5,500 | 75 | ||||
China Minmetals Rare Earth Co. Ltd. Class A | 8,500 | 75 | ||||
* | Sogou Inc. ADR | 8,357 | 74 | |||
Jiangxi Huangshanghuang Group Food Co. Ltd. Class A | 34,400 | 74 | ||||
Shanghai Mechanical & Electrical Industry Co. Ltd. Class B | 57,700 | 73 | ||||
China Grand Pharmaceutical & Healthcare Holdings Ltd. | 92,000 | 73 | ||||
Shandong Chenming Paper Holdings Ltd. Class B | 128,500 | 71 | ||||
1 | Pharmaron Beijing Co. Ltd. Class H | 3,200 | 71 | |||
China Galaxy Securities Co. Ltd. Class H | 124,000 | 70 | ||||
Digital China Holdings Ltd. | 112,000 | 70 |
Shares | Market Value• ($000) | |||||
Zhaojin Mining Industry Co. Ltd. Class H | 85,500 | 70 | ||||
Tiangong International Co. Ltd. | 106,000 | 70 | ||||
Sichuan Expressway Co. Ltd. Class A | 140,700 | 70 | ||||
China Harmony Auto Holding Ltd. | 124,000 | 70 | ||||
China International Marine Containers Group Co. Ltd. Class A | 24,700 | 70 | ||||
Zhongyu Gas Holdings Ltd. | 81,000 | 69 | ||||
Shanghai Mechanical & Electrical Industry Co. Ltd. Class A | 27,800 | 67 | ||||
SSY Group Ltd. | 106,000 | 66 | ||||
Shenwan Hongyuan Group Co. Ltd. Class A | 90,200 | 66 | ||||
* | Yeahka Ltd. | 16,000 | 66 | |||
*,1 | Ascentage Pharma Group International | 13,000 | 65 | |||
* | Beijing Capital International Airport Co. Ltd. Class H | 106,000 | 64 | |||
1 | Dali Foods Group Co. Ltd. | 114,000 | 64 | |||
Zhejiang Hailiang Co. Ltd. Class A | 35,700 | 64 | ||||
Zhejiang Chint Electrics Co. Ltd. Class A | 6,600 | 64 | ||||
* | DouYu International Holdings Ltd. ADR | 14,884 | 64 | |||
* | China Traditional Chinese Medicine Holdings Co. Ltd. | 132,000 | 63 | |||
China Communications Services Corp. Ltd. Class H | 118,000 | 63 | ||||
Hengli Petrochemical Co. Ltd. Class A | 15,500 | 63 | ||||
Hebei Chengde Lolo Co. Class A | 30,000 | 63 | ||||
Guangdong Great River Smarter Logistics Co. Ltd. Class A | 24,500 | 63 | ||||
CGN New Energy Holdings Co. Ltd. | 102,000 | 62 | ||||
Zhuguang Holdings Group Co. Ltd. | 276,000 | 61 | ||||
Shenzhen Kstar Science & Technology Co. Ltd. Class A | 12,600 | 61 | ||||
Shaanxi International Trust Co. Ltd. Class A | 118,700 | 60 | ||||
Bank of Shanghai Co. Ltd. Class A | 53,800 | 60 | ||||
COFCO Joycome Foods Ltd. | 203,000 | 60 |
Shares | Market Value• ($000) | |||||
Rongan Property Co. Ltd. Class A | 155,400 | 60 | ||||
* | China Eastern Airlines Corp. Ltd. Class A | 82,000 | 60 | |||
Shanghai Tongji Science & Technology Industrial Co. Ltd. Class A | 44,700 | 60 | ||||
* | Ausnutria Dairy Corp. Ltd. | 61,000 | 59 | |||
Chongqing Zaisheng Technology Corp. Ltd. Class A | 29,500 | 59 | ||||
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. Class A | 2,500 | 59 | ||||
Haitong Securities Co. Ltd. Class H | 62,800 | 58 | ||||
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class H | 61,400 | 58 | ||||
*,1 | Luye Pharma Group Ltd. | 107,000 | 57 | |||
Everbright Securities Co. Ltd. Class A | 23,000 | 57 | ||||
* | CanSino Biologics Inc. Class A | 948 | 57 | |||
Bank of Chongqing Co. Ltd. Class H | 95,000 | 55 | ||||
Skyfame Realty Holdings Ltd. | 464,000 | 55 | ||||
* | Topchoice Medical Corp. Class A | 1,500 | 55 | |||
*,1 | Maoyan Entertainment | 42,000 | 55 | |||
KWG Living Group Holdings Ltd. | 65,906 | 55 | ||||
Chaowei Power Holdings Ltd. | 175,000 | 54 | ||||
China Galaxy Securities Co. Ltd. Class A | 33,800 | 54 | ||||
*,1 | Meitu Inc. | 226,500 | 54 | |||
* | Pangang Group Vanadium Titanium & Resources Co. Ltd. Class A | 75,200 | 54 | |||
Shenzhen International Holdings Ltd. | 41,000 | 53 | ||||
Greatview Aseptic Packaging Co. Ltd. | 128,000 | 53 | ||||
* | Shanghai International Airport Co. Ltd. Class A | 7,977 | 53 | |||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 30,200 | 53 | ||||
Q Technology Group Co. Ltd. | 30,000 | 53 |
Shares | Market Value• ($000) | |||||
Powerlong Commercial Management Holdings Ltd. | 19,000 | 53 | ||||
Xinjiang Goldwind Science & Technology Co. Ltd. Class H | 27,200 | 52 | ||||
Livzon Pharmaceutical Group Inc. Class A | 8,500 | 52 | ||||
Southwest Securities Co. Ltd. Class A | 65,200 | 52 | ||||
1 | Hope Education Group Co. Ltd. | 308,000 | 52 | |||
263 Network Communications Co. Ltd. Class A | 84,300 | 52 | ||||
China Kepei Education Group Ltd. | 88,000 | 52 | ||||
Beijing Bei Mo Gao Ke Friction Material Co. Ltd. Class A | 2,700 | 52 | ||||
Qingdao Haier Biomedical Co. Ltd. Class A | 2,543 | 52 | ||||
* | Li Auto Inc. Class A | 3,506 | 52 | |||
Logan Group Co. Ltd. | 43,000 | 51 | ||||
Huaxia Bank Co. Ltd. Class A | 58,800 | 51 | ||||
*,1 | CStone Pharmaceuticals | 30,000 | 51 | |||
Shenzhen SC New Energy Technology Corp. Class A | 1,600 | 51 | ||||
* | C&D International Investment Group Ltd. | 25,000 | 51 | |||
* | SOHO China Ltd. | 121,000 | 50 | |||
Jiayuan International Group Ltd. | 126,000 | 50 | ||||
Henan Shuanghui Investment & Development Co. Ltd. Class A | 13,400 | 50 | ||||
Shenzhen Gas Corp. Ltd. Class A | 30,200 | 50 | ||||
Tangrenshen Group Co. Ltd. Class A | 55,800 | 50 | ||||
Yantai Eddie Precision Machinery Co. Ltd. Class A | 8,540 | 50 | ||||
Wellhope Foods Co. Ltd. Class A | 35,500 | 50 | ||||
ZheJiang Dali Technology Co. Ltd. Class A | 14,400 | 50 | ||||
Chengdu Leejun Industrial Co. Ltd. Class A | 21,800 | 50 | ||||
* | Beijing Enterprises Clean Energy Group Ltd. | 4,280,000 | 49 | |||
JNBY Design Ltd. | 20,500 | 49 |
Shares | Market Value• ($000) | |||||
Zhejiang Satellite Petrochemical Co. Ltd. Class A | 7,560 | 49 | ||||
1 | Shandong Gold Mining Co. Ltd. Class H | 30,600 | 49 | |||
Bethel Automotive Safety Systems Co. Ltd. Class A | 6,800 | 49 | ||||
�� | Beijing United Information Technology Co. Ltd. Class A | 2,900 | 49 | |||
Skshu Paint Co. Ltd. Class A | 2,180 | 49 | ||||
Chongqing Rural Commercial Bank Co. Ltd. Class H | 125,000 | 48 | ||||
Zhejiang Dahua Technology Co. Ltd. Class A | 13,400 | 48 | ||||
Shenzhen Investment Ltd. | 158,000 | 47 | ||||
Shanghai Jin Jiang Capital Co. Ltd. Class H | 238,000 | 47 | ||||
* | OneConnect Financial Technology Co. Ltd. ADR | 9,971 | 47 | |||
Shanghai Jinjiang International Hotels Co. Ltd. Class A | 6,700 | 47 | ||||
Kehua Data Co. Ltd. Class A | 8,100 | 47 | ||||
China Water Affairs Group Ltd. | 46,000 | 46 | ||||
* | Estun Automation Co. Ltd. Class A | 9,700 | 46 | |||
1 | BAIC Motor Corp. Ltd. Class H | 124,500 | 45 | |||
Anhui Expressway Co. Ltd. Class H | 74,000 | 45 | ||||
China Tian Lun Gas Holdings Ltd. | 44,000 | 45 | ||||
Sunwoda Electronic Co. Ltd. Class A | 7,400 | 45 | ||||
GEM Co. Ltd. Class A | 21,700 | 45 | ||||
TCL Technology Group Corp. Class A | 41,200 | 45 | ||||
* | Tianli Education International Holdings Ltd. | 173,000 | 45 | |||
Shanghai AJ Group Co. Ltd. Class A | 41,100 | 45 | ||||
Shanghai Pudong Construction Co. Ltd. Class A | 47,900 | 45 | ||||
Xi'an Triangle Defense Co. Ltd. Class A | 5,500 | 45 | ||||
Shanxi Securities Co. Ltd. Class A | 43,300 | 44 |
Shares | Market Value• ($000) | |||||
* | New Hope Liuhe Co. Ltd. Class A | 26,300 | 44 | |||
Yantai Dongcheng Pharmaceutical Co. Ltd. Class A | 18,700 | 44 | ||||
Jiangsu Guotai International Group Co. Ltd. | 19,400 | 44 | ||||
Shandong Gold Mining Co. Ltd. Class A | 15,860 | 44 | ||||
Sailun Group Co. Ltd. Class A | 28,500 | 44 | ||||
ZTO Express Cayman Inc. | 1,572 | 44 | ||||
* | Beijing Chunlizhengda Medical Instruments Co. Ltd. Class H | 17,500 | 44 | |||
China Modern Dairy Holdings Ltd. | 213,000 | 43 | ||||
1 | China Everbright Greentech Ltd. | 125,000 | 43 | |||
1 | China Yuhua Education Corp. Ltd. | 80,000 | 43 | |||
Suzhou TA&A Ultra Clean Technology Co. Ltd. Class A | 2,900 | 43 | ||||
* | China Tungsten & Hightech Materials Co. Ltd. Class A | 19,100 | 43 | |||
Yuexiu Property Co. Ltd. | 45,600 | 43 | ||||
Sichuan Expressway Co. Ltd. Class H | 184,000 | 42 | ||||
Chongqing Changan Automobile Co. Ltd. Class B | 62,440 | 42 | ||||
* | Fufeng Group Ltd. | 109,000 | 42 | |||
Yuzhou Group Holdings Co. Ltd. | 216,123 | 42 | ||||
LB Group Co. Ltd. Class A | 7,200 | 42 | ||||
CSC Financial Co. Ltd. Class A | 9,800 | 42 | ||||
Anhui Expressway Co. Ltd. Class A | 43,500 | 42 | ||||
Tofflon Science & Technology Group Co. Ltd. Class A | 4,500 | 42 | ||||
Guangxi Wuzhou Communications Co. Ltd. Class A | 69,400 | 42 | ||||
Tong Ren Tang Technologies Co. Ltd. Class H | 55,000 | 41 | ||||
* | Hi Sun Technology China Ltd. | 240,000 | 41 | |||
* | Kaisa Group Holdings Ltd. | 123,496 | 41 | |||
* | Bank of Zhengzhou Co. Ltd. Class A | 78,210 | 41 |
Shares | Market Value• ($000) | |||||
Tianjin Capital Environmental Protection Group Co. Ltd. Class A | 42,700 | 41 | ||||
* | Gaotu Techedu Inc. ADR | 14,118 | 41 | |||
GF Securities Co. Ltd. Class H | 22,600 | 40 | ||||
Hoshine Silicon Industry Co. Ltd. Class A | 1,200 | 40 | ||||
Huayu Automotive Systems Co. Ltd. Class A | 11,200 | 40 | ||||
Xiamen Faratronic Co. Ltd. Class A | 1,600 | 40 | ||||
CNHTC Jinan Truck Co. Ltd. Class A | 10,300 | 40 | ||||
* | SPIC Dongfang New Energy Corp. Class A | 56,700 | 40 | |||
Bafang Electric Suzhou Co. Ltd. Class A | 1,200 | 40 | ||||
Hubei Feilihua Quartz Glass Co. Ltd. Class A | 4,200 | 40 | ||||
*,1 | Yidu Tech Inc. | 9,200 | 40 | |||
* | Yunnan Tin Co. Ltd. Class A | 10,200 | 39 | |||
Hisense Home Appliances Group Co. Ltd. Class A | 20,000 | 39 | ||||
China South Publishing & Media Group Co. Ltd. Class A | 28,800 | 39 | ||||
Liaoning Port Co. Ltd. Class A | 149,600 | 39 | ||||
Victory Giant Technology Huizhou Co. Ltd. Class A | 11,000 | 39 | ||||
Shenzhen Expressway Co. Ltd. Class A | 27,700 | 39 | ||||
Lonking Holdings Ltd. | 121,000 | 38 | ||||
NetDragon Websoft Holdings Ltd. | 17,000 | 38 | ||||
Sinopec Engineering Group Co. Ltd. Class H | 72,000 | 38 | ||||
Huadong Medicine Co. Ltd. Class A | 7,900 | 38 | ||||
Times China Holdings Ltd. | 37,000 | 38 | ||||
* | LVGEM China Real Estate Investment Co. Ltd. | 164,000 | 38 | |||
Qingling Motors Co. Ltd. Class H | 144,000 | 37 | ||||
* | Sinofert Holdings Ltd. | 180,000 | 37 | |||
Changjiang Securities Co. Ltd. Class A | 31,900 | 37 | ||||
Sunward Intelligent Equipment Co. Ltd. Class A | 20,700 | 37 |
Shares | Market Value• ($000) | |||||
Huafon Chemical Co. Ltd. Class A | 17,100 | 37 | ||||
Xinyu Iron & Steel Co. Ltd. Class A | 27,300 | 37 | ||||
Huizhou Desay Sv Automotive Co. Ltd. Class A | 2,700 | 37 | ||||
Central China Securities Co. Ltd. Class A | 48,600 | 37 | ||||
Shoucheng Holdings Ltd. | 171,600 | 37 | ||||
1 | Viva Biotech Holdings | 42,500 | 37 | |||
Zhejiang HangKe Technology Inc. Co. Class A | 2,384 | 37 | ||||
Shanghai Haohai Biological Technology Co. Ltd. Class A | 1,374 | 37 | ||||
1 | Huatai Securities Co. Ltd. Class H | 25,200 | 36 | |||
China BlueChemical Ltd. Class H | 116,000 | 36 | ||||
China Dongxiang Group Co. Ltd. | 308,000 | 36 | ||||
1 | CSC Financial Co. Ltd. Class H | 33,000 | 36 | |||
Jafron Biomedical Co. Ltd. Class A | 4,700 | 36 | ||||
* | Jinko Power Technology Co. Ltd. Class A | 24,300 | 36 | |||
Hangcha Group Co. Ltd. Class A | 12,600 | 36 | ||||
* | Skyworth Group Ltd. | 111,111 | 35 | |||
Gemdale Properties & Investment Corp. Ltd. | 314,000 | 35 | ||||
Shanghai Ganglian E-Commerce Holdings Co. Ltd. Class A | 4,200 | 35 | ||||
Western Securities Co. Ltd. Class A | 27,900 | 35 | ||||
China Aoyuan Group Ltd. | 58,000 | 35 | ||||
1 | Genertec Universal Medical Group Co. Ltd. | 43,500 | 35 | |||
* | Pengdu Agriculture & Animal Husbandry Co. Ltd. Class A | 95,300 | 35 | |||
Shenzhen Megmeet Electrical Co. Ltd. Class A | 7,200 | 35 | ||||
Shanxi Taigang Stainless Steel Co. Ltd. Class A | 22,700 | 35 | ||||
1 | AK Medical Holdings Ltd. | 34,000 | 35 | |||
Guangdong Kinlong Hardware Products Co. Ltd. Class A | 1,400 | 35 | ||||
Yijiahe Technology Co. Ltd. Class A | 4,200 | 35 |
Shares | Market Value• ($000) | |||||
YongXing Special Materials Technology Co. Ltd. Class A | 2,000 | 35 | ||||
* | Air China Ltd. Class H | 50,000 | 34 | |||
Comba Telecom Systems Holdings Ltd. | 144,000 | 34 | ||||
China Overseas Grand Oceans Group Ltd. | 51,000 | 34 | ||||
Xingda International Holdings Ltd. | 149,000 | 34 | ||||
China Lilang Ltd. | 55,000 | 34 | ||||
Chaozhou Three-Circle Group Co. Ltd. Class A | 5,800 | 34 | ||||
Zhejiang Weixing New Building Materials Co. Ltd. Class A | 11,000 | 34 | ||||
China Resources Medical Holdings Co. Ltd. | 38,500 | 34 | ||||
Guangxi Liugong Machinery Co. Ltd. Class A | 25,800 | 34 | ||||
Chongqing Dima Industry Co. Ltd. Class A | 90,000 | 34 | ||||
Huaneng Power International Inc. Class H | 68,000 | 33 | ||||
China Everbright Bank Co. Ltd. Class H | 91,000 | 33 | ||||
Foran Energy Group Co. Ltd. | 20,600 | 33 | ||||
* | China Merchants Land Ltd. | 254,000 | 33 | |||
Industrial Securities Co. Ltd. Class A | 21,600 | 33 | ||||
China Reinsurance Group Corp. Class H | 315,000 | 33 | ||||
*,1 | China East Education Holdings Ltd. | 31,000 | 33 | |||
Risen Energy Co. Ltd. Class A | 8,700 | 33 | ||||
Intco Medical Technology Co. Ltd. Class A | 2,100 | 33 | ||||
*,1 | JW Cayman Therapeutics Co. Ltd. | 15,500 | 33 | |||
Advanced Technology & Materials Co. Ltd. Class A | 18,300 | 32 | ||||
Chacha Food Co. Ltd. Class A | 5,700 | 32 | ||||
Times Neighborhood Holdings Ltd. | 51,000 | 32 | ||||
Beijing Cisri-Gaona Materials & Technology Co. Ltd. Class A | 4,300 | 32 | ||||
* | Innuovo Technology Co. Ltd. Class A | 32,800 | 32 |
Shares | Market Value• ($000) | |||||
* | China Maple Leaf Educational Systems Ltd. | 154,000 | 31 | |||
Hunan Valin Steel Co. Ltd. Class A | 25,300 | 31 | ||||
* | Hongli Zhihui Group Co. Ltd. Class A | 13,900 | 31 | |||
Longshine Technology Group Co. Ltd. Class A | 10,200 | 31 | ||||
Shanghai Hanbell Precise Machinery Co. Ltd. Class A | 7,600 | 31 | ||||
1 | Archosaur Games Inc. | 26,000 | 31 | |||
* | Hainan Development Holdings Nanhai Co. Ltd. Class A | 13,500 | 31 | |||
Fanhua Inc. ADR | 2,063 | 30 | ||||
Guangdong Provincial Expressway Development Co. Ltd. Class B | 44,700 | 30 | ||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 33,200 | 30 | ||||
China Zhenhua Group Science & Technology Co. Ltd. Class A | 1,700 | 30 | ||||
SooChow Securities Co. Ltd. Class A | 20,800 | 30 | ||||
Nanjing Iron & Steel Co. Ltd. Class A | 44,500 | 30 | ||||
*,2 | China Zhongwang Holdings Ltd. | 133,200 | 29 | |||
CPMC Holdings Ltd. | 49,000 | 29 | ||||
Beijing Jingneng Clean Energy Co. Ltd. Class H | 112,000 | 29 | ||||
China International Marine Containers Group Co. Ltd. Class H | 13,300 | 29 | ||||
Zhejiang NHU Co. Ltd. Class A | 6,480 | 29 | ||||
Shenzhen Overseas Chinese Town Co. Ltd. Class A | 28,200 | 29 | ||||
China Jushi Co. Ltd. Class A | 10,744 | 29 | ||||
Yuexiu Transport Infrastructure Ltd. | 48,000 | 28 | ||||
Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 43,500 | 28 | ||||
Sealand Securities Co. Ltd. Class A | 44,000 | 28 | ||||
Shanghai Weaver Network Co. Ltd. Class A | 2,420 | 28 |
Shares | Market Value• ($000) | |||||
* | Guangshen Railway Co. Ltd. Class A | 83,800 | 28 | |||
Telling Telecommunication Holding Co. Ltd. Class A | 8,200 | 28 | ||||
Joinn Laboratories China Co. Ltd. Class A | 1,260 | 28 | ||||
Jiangsu Nata Opto-electronic Material Co. Ltd. Class A | 3,200 | 28 | ||||
* | Youdao Inc. ADR | 2,253 | 28 | |||
Hainan Strait Shipping Co. Ltd. Class A | 27,750 | 27 | ||||
Winning Health Technology Group Co. Ltd. Class A | 12,450 | 27 | ||||
COFCO Capital Holdings Co. Ltd. Class A | 20,400 | 27 | ||||
Black Peony Group Co. Ltd. Class A | 19,800 | 27 | ||||
Nantong Jianghai Capacitor Co. Ltd. Class A | 9,500 | 27 | ||||
First Tractor Co. Ltd. Class H | 48,000 | 26 | ||||
* | China Fangda Group Co. Ltd. Class B | 71,800 | 26 | |||
Shanghai Jinjiang International Hotels Co. Ltd. Class B | 14,600 | 26 | ||||
China Shineway Pharmaceutical Group Ltd. | 24,000 | 26 | ||||
Beijing Strong Biotechnologies Inc. Class A | 9,900 | 26 | ||||
Health & Happiness H&H International Holdings Ltd. | 9,000 | 26 | ||||
Shengyi Technology Co. Ltd. Class A | 7,200 | 26 | ||||
SDIC Capital Co. Ltd. Class A | 17,784 | 26 | ||||
* | Shenzhen Chengxin Lithium Group Co. Ltd. Class A | 2,800 | 26 | |||
Shenzhen Expressway Co. Ltd. Class H | 26,000 | 25 | ||||
* | China High Speed Transmission Equipment Group Co. Ltd. | 35,000 | 25 | |||
Anhui Zhongding Sealing Parts Co. Ltd. Class A | 9,000 | 25 |
Shares | Market Value• ($000) | |||||
Dongjiang Environmental Co. Ltd. Class A | 21,700 | 25 | ||||
Zhejiang Jiemei Electronic & Technology Co. Ltd. Class A | 5,000 | 25 | ||||
Wuhan Raycus Fiber Laser Technologies Co. Ltd. Class A | 2,550 | 25 | ||||
Taiji Computer Corp. Ltd. Class A | 7,400 | 25 | ||||
Shenzhen Sunline Tech Co. Ltd. Class A | 10,300 | 25 | ||||
Chengdu Fusen Noble-House Industrial Co. Ltd. Class A | 12,900 | 25 | ||||
* | Kunshan Kersen Science & Technology Co. Ltd. Class A | 15,000 | 25 | |||
* | Red Star Macalline Group Corp. Ltd. Class A | 16,280 | 25 | |||
CTS International Logistics Corp. Ltd. Class A | 10,800 | 25 | ||||
Zhejiang Weiming Environment Protection Co. Ltd. Class A | 5,590 | 25 | ||||
* | Pacific Shuanglin Bio-pharmacy Co. Ltd. | 5,300 | 25 | |||
Guomai Technologies Inc. Class A | 27,000 | 24 | ||||
Chengtun Mining Group Co. Ltd. Class A | 12,500 | 24 | ||||
* | China Aluminum International Engineering Corp. Ltd. Class A | 33,900 | 24 | |||
Guizhou Gas Group Corp. Ltd. Class A | 15,300 | 24 | ||||
Shanghai Industrial Urban Development Group Ltd. | 282,000 | 23 | ||||
INESA Intelligent Tech Inc. Class B | 50,600 | 23 | ||||
Shanghai Environment Group Co. Ltd. Class A | 12,500 | 23 | ||||
Guangdong Topstar Technology Co. Ltd. Class A | 6,400 | 23 | ||||
Fujian Cement Inc. Class A | 19,900 | 23 | ||||
Shandong Longda Meat Foodstuff Co. Ltd. Class A | 14,700 | 23 |
Shares | Market Value• ($000) | |||||
Edan Instruments Inc. Class A | 13,000 | 23 | ||||
Kangji Medical Holdings Ltd. | 16,500 | 23 | ||||
* | Beijing Bohui Innovation Biotechnology Group Co. Ltd. Class A | 16,700 | 23 | |||
* | Jiangsu Hoperun Software Co. Ltd. Class A | 4,800 | 22 | |||
Beijing Easpring Material Technology Co. Ltd. Class A | 1,800 | 22 | ||||
Zhejiang Communications Technology Co. Ltd. | 26,400 | 22 | ||||
Guangzhou Shangpin Home Collection Co. Ltd. Class A | 2,600 | 22 | ||||
* | Beijing Forever Technology Co. Ltd. Class A | 14,600 | 22 | |||
1 | Qingdao Port International Co. Ltd. Class H | 43,000 | 22 | |||
Shanghai International Port Group Co. Ltd. Class A | 24,900 | 22 | ||||
Beijing Tiantan Biological Products Corp. Ltd. Class A | 4,580 | 22 | ||||
Anhui Construction Engineering Group Co. Ltd. Class A | 35,000 | 22 | ||||
Sinocare Inc. Class A | 5,700 | 22 | ||||
Jiangsu Yoke Technology Co. Ltd. Class A | 1,700 | 22 | ||||
Beijing Aosaikang Pharmaceutical Co. Ltd. Class A | 11,600 | 22 | ||||
Zhejiang Dingli Machinery Co. Ltd. Class A | 2,000 | 22 | ||||
Sanquan Food Co. Ltd. Class A | 9,630 | 22 | ||||
Shandong Xiantan Co. Ltd. Class A | 20,550 | 22 | ||||
Sino Wealth Electronic Ltd. Class A | 2,090 | 22 | ||||
Shanghai Bailian Group Co. Ltd. Class A | 10,100 | 22 | ||||
CITIC Press Corp. Class A | 4,700 | 22 | ||||
Shenzhen Changhong Technology Co. Ltd. Class A | 5,000 | 22 | ||||
China Railway Signal & Communication Corp. Ltd. Class A | 27,659 | 22 |
Shares | Market Value• ($000) | |||||
* | China Eastern Airlines Corp. Ltd. Class H | 56,000 | 21 | |||
West China Cement Ltd. | 132,000 | 21 | ||||
* | Suning.com Co. Ltd. Class A | 25,800 | 21 | |||
Wisdom Education International Holdings Co. Ltd. | 106,000 | 21 | ||||
Sichuan Shuangma Cement Co. Ltd. Class A | 6,000 | 21 | ||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A | 700 | 21 | ||||
Yusys Technologies Co. Ltd. Class A | 7,680 | 21 | ||||
Zhejiang Jiecang Linear Motion Technology Co. Ltd. Class A | 2,700 | 21 | ||||
Anhui Genuine New Materials Co. Ltd. Class A | 6,200 | 21 | ||||
Anhui Honglu Steel Construction Group Co. Ltd. Class A | 2,600 | 21 | ||||
Angang Steel Co. Ltd. Class H | 26,000 | 20 | ||||
* | China Southern Airlines Co. Ltd. Class H | 34,000 | 20 | |||
Apeloa Pharmaceutical Co. Ltd. Class A | 4,000 | 20 | ||||
JSTI Group Class A | 18,000 | 20 | ||||
Shanghai Jahwa United Co. Ltd. Class A | 2,700 | 20 | ||||
Anhui Xinhua Media Co. Ltd. Class A | 28,500 | 20 | ||||
1 | China Railway Signal & Communication Corp. Ltd. Class H | 55,000 | 20 | |||
Laobaixing Pharmacy Chain JSC Class A | 2,560 | 20 | ||||
Huagong Tech Co. Ltd. Class A | 4,800 | 20 | ||||
Fujian Aonong Biological Technology Group Inc. Ltd. Class A | 16,200 | 20 | ||||
Jiangsu Lihua Animal Husbandry Stock Co. Ltd. Class A | 5,100 | 20 | ||||
Sichuan Jiuyuan Yinhai Software Co. Ltd. Class A | 6,400 | 20 | ||||
Luoxin Pharmaceuticals Group Stock Co. Ltd. Class A | 13,600 | 20 | ||||
CETC Digital Technology Co. Ltd. Class A | 4,800 | 20 |
Shares | Market Value• ($000) | |||||
Longhua Technology Group Luoyang Co. Ltd. Class A | 10,000 | 20 | ||||
* | TCL Electronics Holdings Ltd. | 35,000 | 19 | |||
1 | Guotai Junan Securities Co. Ltd. Class H | 13,800 | 19 | |||
Chengdu Xingrong Environment Co. Ltd. Class A | 22,200 | 19 | ||||
Greenland Hong Kong Holdings Ltd. | 70,000 | 19 | ||||
Red Avenue New Materials Group Co. Ltd. Class A | 2,100 | 19 | ||||
BBMG Corp. Class A | 45,100 | 19 | ||||
* | Chongqing Iron & Steel Co. Ltd. Class A | 44,000 | 19 | |||
1 | Shanghai Haohai Biological Technology Co. Ltd. Class H | 2,200 | 19 | |||
* | Sichuan Haite High-tech Co. Ltd. Class A | 7,900 | 19 | |||
Shinva Medical Instrument Co. Ltd. Class A | 4,200 | 19 | ||||
* | So-Young International Inc. ADR | 3,209 | 19 | |||
Yantai Zhenghai Magnetic Material Co. Ltd. Class A | 8,500 | 19 | ||||
Canny Elevator Co. Ltd. Class A | 14,400 | 19 | ||||
Hangzhou Dptech Technologies Co. Ltd. Class A | 2,900 | 19 | ||||
PCI Technology Group Co. Ltd. Class A | 14,900 | 18 | ||||
Hunan Aihua Group Co. Ltd. Class A | 3,800 | 18 | ||||
1 | Redco Properties Group Ltd. | 52,000 | 18 | |||
Titan Wind Energy Suzhou Co. Ltd. Class A | 9,100 | 18 | ||||
Goldenmax International Technology Ltd. Class A | 7,000 | 18 | ||||
Xinjiang Communications Construction Group Co. Ltd. Class A | 10,400 | 18 | ||||
Jiangsu Provincial Agricultural Reclamation & Development Corp. | 11,400 | 18 | ||||
Guangdong Shaoneng Group Co. Ltd. Class A | 25,000 | 18 |
Shares | Market Value• ($000) | |||||
Zhejiang Cfmoto Power Co. Ltd. Class A | 900 | 18 | ||||
Central China Management Co. Ltd. | 83,000 | 18 | ||||
Jiangsu Expressway Co. Ltd. Class H | 16,000 | 17 | ||||
Sinotrans Ltd. Class H | 41,000 | 17 | ||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 18,800 | 17 | ||||
Beijing Shiji Information Technology Co. Ltd. Class A | 6,300 | 17 | ||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. Class A | 2,100 | 17 | ||||
China National Medicines Corp. Ltd. Class A | 3,700 | 17 | ||||
Hangxiao Steel Structure Co. Ltd. Class A | 28,100 | 17 | ||||
Sino-Platinum Metals Co. Ltd. Class A | 3,510 | 17 | ||||
Shenzhen Woer Heat-Shrinkable Material Co. Ltd. Class A | 12,800 | 17 | ||||
Anhui Korrun Co. Ltd. Class A | 5,900 | 17 | ||||
Anhui Truchum Advanced Materials & Technology Co. Ltd. Class A | 7,900 | 17 | ||||
Haohua Chemical Science & Technology Co. Ltd. | 3,000 | 17 | ||||
* | C&D Property Management Group Ltd. | 31,000 | 17 | |||
Shanghai Kelai Mechatronics Engineering Co. Ltd. Class A | 3,700 | 17 | ||||
Sino-Ocean Group Holding Ltd. | 78,000 | 16 | ||||
* | Beijing Capital Land Ltd. Class H | 46,000 | 16 | |||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 8,300 | 16 | ||||
Guosen Securities Co. Ltd. Class A | 8,300 | 16 | ||||
Guangzhou Shiyuan Electronic Technology Co. Ltd. Class A | 1,200 | 16 |
Shares | Market Value• ($000) | |||||
Sinolink Securities Co. Ltd. Class A | 9,500 | 16 | ||||
Hongfa Technology Co. Ltd. Class A | 1,700 | 16 | ||||
* | Shenzhen SDG Information Co. Ltd. Class A | 13,600 | 16 | |||
Suzhou Anjie Technology Co. Ltd. Class A | 8,300 | 16 | ||||
Jiangsu Shuangxing Color Plastic New Materials Co. Ltd. Class A | 3,700 | 16 | ||||
Biem.L.Fdlkk Garment Co. Ltd. Class A | 4,100 | 16 | ||||
Tibet Tianlu Co. Ltd. Class A | 15,900 | 16 | ||||
Western Region Gold Co. Ltd. Class A | 8,900 | 16 | ||||
By-health Co. Ltd. Class A | 4,200 | 16 | ||||
State Grid Information & Communication Co. Ltd. | 8,100 | 16 | ||||
Shenzhen Senior Technology Material Co. Ltd. Class A | 2,400 | 16 | ||||
* | Autohome Inc. Class A | 1,508 | 16 | |||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H | 6,000 | 15 | ||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | 16,700 | 15 | ||||
Xinhua Winshare Publishing & Media Co. Ltd. Class H | 22,000 | 15 | ||||
* | Fantasia Holdings Group Co. Ltd. | 163,500 | 15 | |||
Ningbo Huaxiang Electronic Co. Ltd. Class A | 4,200 | 15 | ||||
Shenzhen Agricultural Products Group Co. Ltd. Class A | 16,100 | 15 | ||||
* | GCL System Integration Technology Co. Ltd. Class A | 17,900 | 15 | |||
Zhenro Properties Group Ltd. | 26,000 | 15 | ||||
Shanghai Dazhong Public Utilities Group Co. Ltd. Class A | 25,900 | 15 | ||||
* | Zhejiang Jingu Co. Ltd. Class A | 15,900 | 15 | |||
Shenzhen Suntak Circuit Technology Co. Ltd. Class A | 7,900 | 15 |
Shares | Market Value• ($000) | |||||
Weihai Guangwei Composites Co. Ltd. Class A | 1,300 | 15 | ||||
Lakala Payment Co. Ltd. Class A | 3,700 | 15 | ||||
Riyue Heavy Industry Co. Ltd. Class A | 3,000 | 15 | ||||
Ningbo Orient Wires & Cables Co. Ltd. Class A | 3,800 | 15 | ||||
Tianshan Aluminum Group Co. Ltd. Class A | 8,300 | 15 | ||||
Sieyuan Electric Co. Ltd. Class A | 2,800 | 14 | ||||
* | CITIC Guoan Information Industry Co. Ltd. Class A | 28,700 | 14 | |||
DHC Software Co. Ltd. Class A | 12,000 | 14 | ||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 9,000 | 14 | ||||
Shenzhen Ysstech Info-tech Co. Ltd. Class A | 7,600 | 14 | ||||
* | Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | 13,100 | 14 | |||
E-House China Enterprise Holdings Ltd. | 48,000 | 14 | ||||
* | Zheshang Securities Co. Ltd. Class A | 7,400 | 14 | |||
Qingdao Port International Co. Ltd. Class A | 15,500 | 14 | ||||
Yonghui Superstores Co. Ltd. Class A | 24,400 | 14 | ||||
YTO Express Group Co. Ltd. Class A | 9,300 | 14 | ||||
Shandong New Beiyang Information Technology Co. Ltd. Class A | 10,800 | 14 | ||||
Hengdian Group DMEGC Magnetics Co. Ltd. Class A | 5,700 | 14 | ||||
MLS Co. Ltd. Class A | 5,400 | 14 | ||||
Beijing GeoEnviron Engineering & Technology Inc. Class A | 5,500 | 14 | ||||
Beijing Tongtech Co. Ltd. Class A | 2,720 | 14 | ||||
Zhejiang Tianyu Pharmaceutical Co. Ltd. Class A | 2,160 | 14 | ||||
Xiamen Xiangyu Co. Ltd. Class A | 11,000 | 14 |
Shares | Market Value• ($000) | |||||
Nanjing Yunhai Special Metals Co. Ltd. Class A | 5,300 | 14 | ||||
Yonggao Co. Ltd. Class A | 18,600 | 14 | ||||
China Express Airlines Co. Ltd. Class A | 9,600 | 14 | ||||
Daan Gene Co. Ltd. Class A | 4,500 | 13 | ||||
* | Oceanwide Holdings Co. Ltd. Class A | 40,600 | 13 | |||
Shandong Yisheng Livestock & Poultry Breeding Co. Ltd. Class A | 8,700 | 13 | ||||
* | Chengzhi Co. Ltd. Class A | 4,900 | 13 | |||
Gemdale Corp. Class A | 8,100 | 13 | ||||
Chongqing Water Group Co. Ltd. Class A | 14,300 | 13 | ||||
Jiangsu Yangnong Chemical Co. Ltd. Class A | 700 | 13 | ||||
Beibuwan Port Co. Ltd. Class A | 11,000 | 13 | ||||
* | Guangdong Dongfang Precision Science & Technology Co. Ltd. Class A | 13,700 | 13 | |||
* | Sonoscape Medical Corp. Class A | 2,700 | 13 | |||
Ming Yang Smart Energy Group Ltd. Class A | 3,800 | 13 | ||||
Mayinglong Pharmaceutical Group Co. Ltd. Class A | 3,000 | 13 | ||||
*,1 | Koolearn Technology Holding Ltd. | 24,000 | 13 | |||
YanTai Shuangta Food Co. Ltd. Class A | 8,100 | 13 | ||||
Keshun Waterproof Technologies Co. Ltd. Class A | 4,860 | 13 | ||||
Hwa Create Co. Ltd. Class A | 8,100 | 13 | ||||
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd. Class A | 8,200 | 13 | ||||
Zhende Medical Co. Ltd. Class A | 2,700 | 13 | ||||
1 | Cathay Media & Education Group Inc. | 33,000 | 13 | |||
* | Brilliance China Automotive Holdings Ltd. ADR | 3,254 | 13 | |||
* | BEST Inc. ADR | 9,006 | 12 | |||
* | Tongda Group Holdings Ltd. | 360,000 | 12 |
Shares | Market Value• ($000) | |||||
China South City Holdings Ltd. | 134,000 | 12 | ||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. Class A | 4,400 | 12 | ||||
Qingdao Eastsoft Communication Technology Co. Ltd. Class A | 4,000 | 12 | ||||
FAWER Automotive Parts Co. Ltd. Class A | 12,500 | 12 | ||||
IKD Co. Ltd. Class A | 5,700 | 12 | ||||
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. Class A | 3,900 | 12 | ||||
Jointown Pharmaceutical Group Co. Ltd. Class A | 5,000 | 12 | ||||
* | Zhuhai Orbita Aerospace Science & Technology Co. Ltd. Class A | 7,400 | 12 | |||
* | Jilin Electric Power Co. Ltd. Class A | 12,600 | 12 | |||
Han's Laser Technology Industry Group Co. Ltd. Class A | 1,800 | 12 | ||||
B-Soft Co. Ltd. Class A | 10,660 | 12 | ||||
TongFu Microelectronics Co. Ltd. Class A | 3,800 | 12 | ||||
Zhejiang Garden Bio-Chemical High-tech Co. Ltd. Class A | 5,500 | 12 | ||||
Grinm Advanced Materials Co. Ltd. Class A | 4,600 | 12 | ||||
Chongqing Rural Commercial Bank Co. Ltd. Class A | 20,400 | 12 | ||||
Quectel Wireless Solutions Co. Ltd. Class A | 478 | 12 | ||||
Gansu Shangfeng Cement Co. Ltd. Class A | 4,100 | 12 | ||||
Beijing Ctrowell Technology Corp. Ltd. Class A | 6,600 | 12 | ||||
* | Baozun Inc. Class A | 1,493 | 12 | |||
Shenzhen Comix Group Co. Ltd. Class A | 10,300 | 12 | ||||
Xianhe Co. Ltd. Class A | 2,100 | 12 | ||||
Eastern Communications Co. Ltd. Class B | 24,000 | 11 |
Shares | Market Value• ($000) | |||||
Rongsheng Petrochemical Co. Ltd. Class A | 3,900 | 11 | ||||
Anhui Jinhe Industrial Co. Ltd. Class A | 2,000 | 11 | ||||
Heilongjiang Agriculture Co. Ltd. Class A | 4,800 | 11 | ||||
Liuzhou Iron & Steel Co. Ltd. Class A | 9,700 | 11 | ||||
Hexing Electrical Co. Ltd. Class A | 5,300 | 11 | ||||
Beijing VRV Software Corp. Ltd. Class A | 10,400 | 11 | ||||
Yunnan Copper Co. Ltd. Class A | 4,300 | 11 | ||||
Xiamen Kingdomway Group Co. Class A | 2,400 | 11 | ||||
* | China CAMC Engineering Co. Ltd. Class A | 10,100 | 11 | |||
* | YaGuang Technology Group Co. Ltd. | 6,400 | 11 | |||
Zhongfu Information Inc. Class A | 1,700 | 11 | ||||
Lushang Health Industry Development Co. Ltd. Class A | 5,800 | 11 | ||||
Yankershop Food Co. Ltd. Class A | 1,300 | 11 | ||||
* | Shanghai Junshi Biosciences Co. Ltd. Class A | 1,228 | 11 | |||
Guangdong Aofei Data Technology Co. Ltd. Class A | 3,800 | 11 | ||||
Poly Property Group Co. Ltd. | 37,000 | 10 | ||||
Unisplendour Corp. Ltd. Class A | 2,660 | 10 | ||||
Inspur Electronic Information Industry Co. Ltd. Class A | 2,100 | 10 | ||||
Suzhou Gold Mantis Construction Decoration Co. Ltd. Class A | 9,000 | 10 | ||||
Rainbow Digital Commercial Co. Ltd. Class A | 11,200 | 10 | ||||
* | Huafon Microfibre Shanghai Technology Co. Ltd. Class A | 12,400 | 10 | |||
Hainan Poly Pharm Co. Ltd. Class A | 1,600 | 10 | ||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | 2,100 | 10 |
Shares | Market Value• ($000) | |||||
Joincare Pharmaceutical Group Industry Co. Ltd. Class A | 5,900 | 10 | ||||
Wuxi Taiji Industry Co. Ltd. Class A | 7,600 | 10 | ||||
Accelink Technologies Co. Ltd. Class A | 2,600 | 10 | ||||
Shenzhen Everwin Precision Technology Co. Ltd. Class A | 3,700 | 10 | ||||
Xinjiang Tianshan Cement Co. Ltd. Class A | 4,500 | 10 | ||||
Xinhua Winshare Publishing & Media Co. Ltd. Class A | 7,700 | 10 | ||||
Konfoong Materials International Co. Ltd. Class A | 1,300 | 10 | ||||
Blue Sail Medical Co. Ltd. Class A | 3,100 | 10 | ||||
Guangxi Wuzhou Zhongheng Group Co. Ltd. Class A | 21,800 | 10 | ||||
Xinhuanet Co. Ltd. Class A | 3,600 | 10 | ||||
Shanghai Sinyang Semiconductor Materials Co. Ltd. Class A | 1,400 | 10 | ||||
Amoy Diagnostics Co. Ltd. Class A | 900 | 10 | ||||
Shenzhen FRD Science & Technology Co. Ltd. | 3,300 | 10 | ||||
COFCO Biotechnology Co. Ltd. Class A | 7,000 | 10 | ||||
Sinofibers Technology Co. Ltd. Class A | 1,400 | 10 | ||||
Hangzhou Electronic Soul Network Technology Co. Ltd. Class A | 3,100 | 10 | ||||
* | Fullshare Holdings Ltd. | 685,000 | 9 | |||
Shanghai Shibei Hi-Tech Co. Ltd. Class B | 29,400 | 9 | ||||
Shandong Sun Paper Industry JSC Ltd. Class A | 4,800 | 9 | ||||
Hand Enterprise Solutions Co. Ltd. Class A | 8,300 | 9 | ||||
Beijing Global Safety Technology Co. Ltd. Class A | 2,600 | 9 | ||||
Central China Securities Co. Ltd. Class H | 48,000 | 9 | ||||
Zhongjin Gold Corp. Ltd. Class A | 6,300 | 9 |
Shares | Market Value• ($000) | |||||
Fiberhome Telecommunication Technologies Co. Ltd. Class A | 3,100 | 9 | ||||
Yifan Pharmaceutical Co. Ltd. Class A | 3,800 | 9 | ||||
GRG Banking Equipment Co. Ltd. Class A | 5,300 | 9 | ||||
Zhongyuan Environment-Protection Co. Ltd. Class A | 9,400 | 9 | ||||
Shanghai Pret Composites Co. Ltd. Class A | 4,800 | 9 | ||||
Hebei Construction Group Corp. Ltd. Class H | 30,000 | 9 | ||||
Yifeng Pharmacy Chain Co. Ltd. Class A | 1,100 | 9 | ||||
Guolian Securities Co. Ltd. Class A | 4,400 | 9 | ||||
Beijing Wanji Technology Co. Ltd. Class A | 2,100 | 9 | ||||
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. Class A | 1,500 | 9 | ||||
Tibet Rhodiola Pharmaceutical Holding Co. Class A | 1,200 | 9 | ||||
Beijing North Star Co. Ltd. Class H | 44,000 | 8 | ||||
Bluefocus Intelligent Communications Group Co. Ltd. Class A | 8,800 | 8 | ||||
* | Tus Environmental Science & Technology Development Co. Ltd. Class A | 10,800 | 8 | |||
Beijing Originwater Technology Co. Ltd. Class A | 7,200 | 8 | ||||
Zhejiang Meida Industrial Co. Ltd. Class A | 3,300 | 8 | ||||
New China Life Insurance Co. Ltd. Class A | 1,300 | 8 | ||||
* | Ronshine China Holdings Ltd. | 14,000 | 8 | |||
* | Luoniushan Co. Ltd. Class A | 7,800 | 8 | |||
Shenzhen Kaifa Technology Co. Ltd. Class A | 3,300 | 8 | ||||
Hainan Ruize New Building Material Co. Ltd. Class A | 14,000 | 8 |
Shares | Market Value• ($000) | |||||
Jiangsu Nhwa Pharmaceutical Co. Ltd. Class A | 3,800 | 8 | ||||
Jiangxi Wannianqing Cement Co. Ltd. Class A | 4,200 | 8 | ||||
Huabao Flavours & Fragrances Co. Ltd. Class A | 1,200 | 8 | ||||
* | Tianfeng Securities Co. Ltd. Class A | 12,400 | 8 | |||
Universal Scientific Industrial Shanghai Co. Ltd. Class A | 3,800 | 8 | ||||
Shanghai Runda Medical Technology Co. Ltd. Class A | 4,900 | 8 | ||||
Infore Environment Technology Group Co. Ltd. Class A | 8,200 | 8 | ||||
China Publishing & Media Co. Ltd. Class A | 9,700 | 8 | ||||
Humanwell Healthcare Group Co. Ltd. Class A | 2,400 | 8 | ||||
Lianhe Chemical Technology Co. Ltd. Class A | 2,200 | 8 | ||||
Milkyway Chemical Supply Chain Service Co. Ltd. Class A | 500 | 8 | ||||
Client Service International Inc. Class A | 2,850 | 8 | ||||
* | Guangzhou GRG Metrology & Test Co. Ltd. Class A | 1,500 | 8 | |||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. Class H | 14,000 | 7 | ||||
* | STO Express Co. Ltd. Class A | 6,300 | 7 | |||
BGI Genomics Co. Ltd. Class A | 500 | 7 | ||||
Wuhu Token Science Co. Ltd. Class A | 6,400 | 7 | ||||
Maccura Biotechnology Co. Ltd. Class A | 1,500 | 7 | ||||
Gansu Qilianshan Cement Group Co. Ltd. Class A | 4,300 | 7 | ||||
Central China Real Estate Ltd. | 29,000 | 7 | ||||
Double Medical Technology Inc. Class A | 900 | 7 | ||||
Xiamen Jihong Technology Co. Ltd. Class A | 2,600 | 7 |
Shares | Market Value• ($000) | |||||
WUS Printed Circuit Kunshan Co. Ltd. Class A | 3,740 | 6 | ||||
OFILM Group Co. Ltd. Class A | 4,800 | 6 | ||||
Yunda Holding Co. Ltd. Class A | 2,400 | 6 | ||||
1 | YiChang HEC ChangJiang Pharmaceutical Co. Ltd. Class H | 8,800 | 6 | |||
China Merchants Property Operation & Service Co. Ltd. Class A | 3,000 | 6 | ||||
Guangdong South New Media Co. Ltd. Class A | 800 | 6 | ||||
* | Bilibili Inc. | 75 | 6 | |||
Beijing Thunisoft Corp. Ltd. Class A | 2,600 | 5 | ||||
* | Berry Genomics Co. Ltd. Class A | 1,500 | 5 | |||
* | Myhome Real Estate Development Group Co. Ltd. Class A | 19,100 | 5 | |||
* | Beijing Watertek Information Technology Co. Ltd. Class A | 9,800 | 5 | |||
* | GDS Holdings Ltd. Class A | 709 | 5 | |||
* | New Oriental Education & Technology Group Inc. | 2,450 | 5 | |||
* | Sichuan Languang Development Co. Ltd. Class A | 14,000 | 4 | |||
* | Tongda Group Holdings Ltd. Rights Exp. 9/6/21 | 180,000 | — | |||
262,322 | ||||||
Colombia (0.0%) | ||||||
Bancolombia SA Preference Shares | 52,182 | 435 | ||||
Interconexion Electrica SA ESP | 34,458 | 208 | ||||
Banco Davivienda SA Preference Shares | 19,293 | 167 | ||||
Bancolombia SA | 17,526 | 144 | ||||
Grupo Aval Acciones y Valores SA Preference Shares | 361,564 | 107 | ||||
Grupo de Inversiones Suramericana SA | 15,036 | 77 | ||||
* | Corp. Financiera Colombiana SA | 9,268 | 70 | |||
Grupo de Inversiones Suramericana SA Preference Shares | 7,835 | 37 | ||||
1,245 |
Shares | Market Value• ($000) | |||||
Czech Republic (0.0%) | ||||||
* | Komercni banka A/S | 22,702 | 873 | |||
Denmark (1.7%) | ||||||
Novo Nordisk A/S Class B | 172,522 | 17,271 | ||||
DSV PANALPINA A/S | 22,845 | 5,819 | ||||
Vestas Wind Systems A/S | 110,542 | 4,460 | ||||
* | Genmab A/S | 6,993 | 3,313 | |||
Coloplast A/S Class B | 15,377 | 2,664 | ||||
Novozymes A/S Class B | 26,467 | 2,140 | ||||
Pandora A/S | 12,178 | 1,460 | ||||
GN Store Nord A/S | 18,949 | 1,426 | ||||
Chr Hansen Holding A/S | 12,850 | 1,185 | ||||
* | ISS A/S | 29,653 | 682 | |||
Ambu A/S Class B | 19,943 | 631 | ||||
Tryg A/S | 23,000 | 570 | ||||
* | Demant A/S | 7,946 | 451 | |||
SimCorp A/S | 2,552 | 348 | ||||
* | Bavarian Nordic A/S | 7,016 | 344 | |||
1 | Netcompany Group A/S | 1,891 | 244 | |||
Chemometec A/S | 1,089 | 173 | ||||
Ringkjoebing Landbobank A/S | 1,431 | 170 | ||||
* | ALK-Abello A/S Class B | 333 | 163 | |||
ROCKWOOL International A/S Class B | 228 | 121 | ||||
Topdanmark A/S | 2,274 | 120 | ||||
* | Jyske Bank A/S (Registered) | 2,593 | 113 | |||
* | NKT A/S | 2,460 | 111 | |||
Sydbank A/S | 3,162 | 93 | ||||
D/S Norden A/S | 3,163 | 82 | ||||
* | Zealand Pharma A/S | 2,365 | 73 | |||
* | Nilfisk Holding A/S | 1,682 | 62 | |||
H Lundbeck A/S | 1,927 | 57 | ||||
Schouw & Co. A/S | 372 | 40 | ||||
Spar Nord Bank A/S | 3,305 | 38 | ||||
Alm Brand A/S | 2,398 | 19 | ||||
44,443 | ||||||
Egypt (0.0%) | ||||||
* | Commercial International Bank Egypt SAE | 182,252 | 543 | |||
Six of October Development & Investment | 72,335 | 82 | ||||
Palm Hills Developments SAE | 647,185 | 81 | ||||
* | Egyptian Financial Group-Hermes Holding Co. | 94,908 | 75 | |||
Heliopolis Housing | 188,424 | 69 | ||||
Medinet Nasr Housing | 314,259 | 61 |
Shares | Market Value• ($000) | |||||
* | Pioneers Holding for Financial Investments SAE | 116,388 | 42 | |||
Oriental Weavers | 46,027 | 25 | ||||
Telecom Egypt Co. | 14,362 | 14 | ||||
992 | ||||||
Finland (0.9%) | ||||||
Nordea Bank Abp | 379,744 | 4,455 | ||||
* | Nokia OYJ | 611,013 | 3,670 | |||
Kone OYJ Class B | 43,080 | 3,575 | ||||
Sampo OYJ Class A | 54,511 | 2,817 | ||||
Kesko OYJ Class B | 39,766 | 1,645 | ||||
Stora Enso OYJ | 80,090 | 1,571 | ||||
Elisa OYJ | 24,366 | 1,562 | ||||
Wartsila OYJ Abp | 68,548 | 972 | ||||
Nokian Renkaat OYJ | 23,838 | 908 | ||||
* | QT Group OYJ | 2,183 | 402 | |||
Kojamo OYJ | 12,480 | 304 | ||||
Valmet OYJ | 7,367 | 296 | ||||
Huhtamaki OYJ | 5,233 | 280 | ||||
Orion OYJ Class B | 6,579 | 268 | ||||
Cargotec OYJ Class B | 3,317 | 184 | ||||
TietoEVRY OYJ | 4,791 | 171 | ||||
Uponor OYJ | 4,708 | 152 | ||||
Revenio Group OYJ | 1,565 | 120 | ||||
Metsa Board OYJ | 7,101 | 74 | ||||
Sanoma OYJ | ��� 3,043 | 56 | ||||
Kemira OYJ | 2,307 | 39 | ||||
F-Secure OYJ | 6,729 | 38 | ||||
* | Finnair OYJ | 33,177 | 26 | |||
YIT OYJ | 3,951 | 24 | ||||
Raisio OYJ | 4,240 | 19 | ||||
*,2 | Ahlstrom-Munksjo OYJ | 884 | 19 | |||
Oriola OYJ Class B | 4,424 | 10 | ||||
23,657 | ||||||
France (4.5%) | ||||||
Sanofi | 114,488 | 11,865 | ||||
BNP Paribas SA | 114,086 | 7,227 | ||||
Kering SA | 7,708 | 6,140 | ||||
EssilorLuxottica SA | 30,978 | 6,087 | ||||
L'Oreal SA | 11,694 | 5,486 | ||||
AXA SA | 192,881 | 5,419 | ||||
Danone SA | 62,641 | 4,574 | ||||
Hermes International | 3,105 | 4,570 | ||||
* | L'Oreal SA (Registered) | 8,400 | 3,941 | |||
Legrand SA | 32,621 | 3,743 | ||||
STMicroelectronics NV | 74,586 | 3,323 | ||||
Cie Generale des Etablissements Michelin SCA | 20,489 | 3,317 | ||||
Vivendi SE | 82,739 | 3,152 | ||||
Teleperformance | 7,126 | 3,152 | ||||
Societe Generale SA | 78,138 | 2,459 | ||||
Orange SA | 200,730 | 2,282 | ||||
*,1 | Worldline SA | 25,018 | 2,228 |
Shares | Market Value• ($000) | |||||
Veolia Environnement SA | 63,434 | 2,177 | ||||
* | L'Oreal SA (Registered) - French Loyalty 2022 Line | 4,639 | 2,176 | |||
Edenred | 33,524 | 1,901 | ||||
Eurofins Scientific SE | 12,230 | 1,735 | ||||
Publicis Groupe SA | 24,991 | 1,641 | ||||
Arkema SA | 10,289 | 1,367 | ||||
Carrefour SA | 68,144 | 1,357 | ||||
Sartorius Stedim Biotech | 2,206 | 1,338 | ||||
1 | Euronext NV | 11,056 | 1,283 | |||
Getlink SE | 79,421 | 1,279 | ||||
Gecina SA | 7,872 | 1,224 | ||||
3 | Alstom SA | 26,307 | 1,131 | |||
Suez SA | 48,461 | 1,125 | ||||
Wendel SE | 7,032 | 1,020 | ||||
* | Rexel SA | 46,717 | 978 | |||
Orpea SA | 7,243 | 913 | ||||
Valeo | 30,533 | 872 | ||||
* | Renault SA | 20,153 | 750 | |||
Covivio | 6,882 | 656 | ||||
* | Sodexo SA | 7,722 | 640 | |||
3 | SCOR SE | 20,431 | 627 | |||
* | Ubisoft Entertainment SA | 9,541 | 606 | |||
* | Klepierre SA | 22,831 | 560 | |||
Eurazeo SE | 5,286 | 544 | ||||
Ipsen SA | 5,100 | 510 | ||||
SES SA Class A FDR | 54,564 | 455 | ||||
* | Aeroports de Paris | 3,867 | 455 | |||
* | SOITEC | 1,831 | 439 | |||
* | Eurazeo SE - French Loyalty 2023 Line | 3,775 | 388 | |||
BioMerieux | 3,071 | 376 | ||||
Faurecia SE | 7,374 | 356 | ||||
Iliad SA | 1,632 | 351 | ||||
SEB SA | 2,177 | 343 | ||||
1 | Amundi SA | 3,111 | 294 | |||
* | Sodexo SA | 3,434 | 285 | |||
* | Lagardere SA | 10,069 | 279 | |||
* | Elis SA | 13,390 | 237 | |||
* | SEB SA - French Loyalty 2023 Line | 1,328 | 209 | |||
1 | Verallia SA | 5,098 | 186 | |||
Sopra Steria Group SACA | 873 | 178 | ||||
Rubis SCA | 4,441 | 172 | ||||
ICADE | 1,982 | 170 | ||||
* | SEB SA (Registered) | 926 | 146 | |||
* | Sodexo SA French Loyalty Line | 1,731 | 143 | |||
Korian SA | 3,615 | 140 | ||||
CNP Assurances | 7,952 | 136 | ||||
Faurecia SE | 2,833 | 136 |
Shares | Market Value• ($000) | |||||
* | JCDecaux SA | 4,045 | 113 | |||
Virbac SA | 243 | 103 | ||||
Eutelsat Communications SA | 8,559 | 99 | ||||
Trigano SA | 470 | 98 | ||||
Nexity SA | 1,771 | 91 | ||||
IPSOS | 1,643 | 80 | ||||
*,3 | Solutions 30 SE | 7,251 | 80 | |||
Cie Plastic Omnium SA | 2,567 | 77 | ||||
Fnac Darty SA | 989 | 67 | ||||
1 | Maisons du Monde SA | 2,904 | 67 | |||
Quadient SA | 2,243 | 64 | ||||
* | Casino Guichard Perrachon SA | 2,164 | 63 | |||
* | Air France-KLM | 13,438 | 63 | |||
Coface SA | 4,923 | 61 | ||||
Metropole Television SA | 2,704 | 58 | ||||
*,1 | Neoen SA | 1,359 | 58 | |||
Imerys SA | 1,232 | 57 | ||||
Rothschild & Co. | 1,266 | 50 | ||||
Societe BIC SA | 755 | 50 | ||||
* | Akka Technologies | 864 | 48 | |||
1 | ALD SA | 3,352 | 47 | |||
Mercialys SA | 3,403 | 40 | ||||
* | Albioma SA - French Loyalty 2023 Line | 828 | 37 | |||
Interparfums SA | 506 | 36 | ||||
Television Francaise 1 | 3,516 | 35 | ||||
* | Eramet SA | 398 | 32 | |||
Carmila SA | 2,200 | 31 | ||||
*,1 | X-Fab Silicon Foundries SE | 2,926 | 31 | |||
*,1 | Elior Group SA | 3,703 | 26 | |||
* | Voltalia SA (Registered) | 863 | 24 | |||
Vicat SA | 393 | 20 | ||||
Pharmagest Interactive | 145 | 17 | ||||
Robertet SA | 14 | 17 | ||||
Albioma SA | 356 | 16 | ||||
* | Lisi SA | 498 | 16 | |||
Jacquet Metals SACA | 618 | 15 | ||||
LISI | 376 | 12 | ||||
Vilmorin & Cie SA | 169 | 11 | ||||
* | Tarkett SA | 445 | 11 | |||
* | Rallye SA | 1,426 | 10 | |||
* | Albioma SA - French Loyalty 2022 Line | 187 | 8 | |||
* | Beneteau SA | 430 | 7 | |||
*,1 | SMCP SA | 262 | 2 | |||
115,197 | ||||||
Germany (5.3%) | ||||||
SAP SE | 119,128 | 17,894 | ||||
Deutsche Post AG (Registered) | 109,444 | 7,695 | ||||
Daimler AG (Registered) | 89,206 | 7,525 | ||||
adidas AG | 20,698 | 7,343 |
Shares | Market Value• ($000) | |||||
Infineon Technologies AG | 139,087 | 5,922 | ||||
Bayer AG (Registered) | 105,101 | 5,847 | ||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 14,792 | 4,317 | ||||
Vonovia SE | 60,986 | 4,117 | ||||
Merck KGaA | 16,007 | 3,803 | ||||
Deutsche Boerse AG | 19,302 | 3,329 | ||||
*,1 | Zalando SE | 26,640 | 2,954 | |||
Bayerische Motoren Werke AG Preference Shares | 33,896 | 2,838 | ||||
* | Deutsche Bank AG (Registered) | 221,911 | 2,744 | |||
*,1 | Delivery Hero SE | 18,543 | 2,691 | |||
Symrise AG Class A | 17,277 | 2,459 | ||||
Fresenius SE & Co. KGaA | 46,550 | 2,420 | ||||
Brenntag SE | 23,009 | 2,322 | ||||
Henkel AG & Co. KGaA | 25,147 | 2,263 | ||||
Deutsche Wohnen SE | 35,622 | 2,211 | ||||
Sartorius AG Preference Shares | 3,207 | 2,113 | ||||
Fresenius Medical Care AG & Co. KGaA | 24,799 | 1,907 | ||||
HeidelbergCement AG | 21,840 | 1,894 | ||||
* | HelloFresh SE | 16,799 | 1,814 | |||
Puma SE | 14,600 | 1,773 | ||||
LEG Immobilien SE | 10,866 | 1,733 | ||||
Beiersdorf AG | 13,948 | 1,693 | ||||
* | Continental AG | 12,366 | 1,662 | |||
1 | Covestro AG | 23,856 | 1,546 | |||
1 | Siemens Healthineers AG | 20,843 | 1,450 | |||
* | QIAGEN NV | 25,074 | 1,387 | |||
Hannover Rueck SE | 7,252 | 1,335 | ||||
KION Group AG | 12,476 | 1,335 | ||||
1 | Scout24 AG | 15,722 | 1,322 | |||
GEA Group AG | 28,495 | 1,315 | ||||
LANXESS AG | 16,684 | 1,216 | ||||
* | Siemens Energy AG | 36,847 | 1,069 | |||
Aroundtown SA | 118,647 | 909 | ||||
FUCHS PETROLUB SE | 22,584 | 890 | ||||
* | Commerzbank AG | 134,662 | 843 | |||
* | Evotec SE | 15,701 | 781 | |||
Bayerische Motoren Werke AG | 7,211 | 684 | ||||
ProSiebenSat.1 Media SE | 35,574 | 679 | ||||
*,2 | Dialog Semiconductor plc | 7,653 | 609 | |||
*,1 | TeamViewer AG | 18,091 | 603 | |||
Knorr-Bremse AG | 4,907 | 589 | ||||
HUGO BOSS AG | 9,478 | 529 |
Shares | Market Value• ($000) | |||||
Carl Zeiss Meditec AG | 2,087 | 461 | ||||
* | K+S AG (Registered) | 29,635 | 422 | |||
AIXTRON SE | 13,455 | 388 | ||||
1 | Befesa SA | 4,570 | 371 | |||
Bechtle AG | 4,896 | 354 | ||||
* | MorphoSys AG | 6,000 | 348 | |||
United Internet AG (Registered) | 7,395 | 320 | ||||
Nemetschek SE | 3,240 | 318 | ||||
Encavis AG | 15,875 | 289 | ||||
* | zooplus AG | 581 | 273 | |||
Henkel AG & Co. KGaA Preference Shares | 2,750 | 269 | ||||
* | Hypoport SE | 373 | 258 | |||
Siltronic AG | 1,459 | 241 | ||||
Evonik Industries AG | 6,980 | 236 | ||||
Freenet AG | 8,252 | 204 | ||||
TAG Immobilien AG | 5,599 | 190 | ||||
*,3 | Deutsche Lufthansa AG (Registered) | 18,626 | 187 | |||
Rational AG | 161 | 184 | ||||
Varta AG | 1,140 | 182 | ||||
Jungheinrich AG Preference Shares | 3,147 | 170 | ||||
Aurubis AG | 1,950 | 166 | ||||
alstria office REIT-AG | 8,080 | 165 | ||||
* | Fraport AG Frankfurt Airport Services Worldwide | 2,244 | 145 | |||
Gerresheimer AG | 1,351 | 143 | ||||
CANCOM SE | 1,946 | 128 | ||||
Software AG | 2,419 | 123 | ||||
* | Hella GmbH & Co. KGaA | 1,717 | 123 | |||
CompuGroup Medical SE & Co. KGaA | 1,313 | 123 | ||||
Duerr AG | 2,463 | 121 | ||||
1 | ADLER Group SA | 4,441 | 118 | |||
* | Global Fashion Group SA | 9,252 | 118 | |||
Stabilus SA | 1,460 | 115 | ||||
Dermapharm Holding SE | 1,167 | 108 | ||||
Wacker Chemie AG | 587 | 104 | ||||
* | Nordex SE | 5,479 | 103 | |||
VERBIO Vereinigte BioEnergie AG | 1,695 | 103 | ||||
METRO AG | 7,487 | 100 | ||||
1&1 AG | 3,146 | 99 | ||||
Aareal Bank AG | 3,603 | 95 | ||||
Grand City Properties SA | 3,444 | 94 | ||||
RTL Group SA | 1,505 | 93 | ||||
Stroeer SE & Co. KGaA | 1,124 | 93 | ||||
*,1 | Shop Apotheke Europe NV | 513 | 91 | |||
GRENKE AG | 1,750 | 78 |
Shares | Market Value• ($000) | |||||
Norma Group SE | 1,475 | 74 | ||||
Suedzucker AG | 4,134 | 71 | ||||
Telefonica Deutschland Holding AG | 24,368 | 68 | ||||
* | Salzgitter AG | 1,779 | 67 | |||
S&T AG | 2,657 | 61 | ||||
1 | DWS Group GmbH & Co. KGaA | 1,444 | 61 | |||
Deutsche EuroShop AG | 2,584 | 60 | ||||
Siltronic AG | 366 | 60 | ||||
1 | Deutsche Pfandbriefbank AG | 5,268 | 60 | |||
STRATEC SE | 359 | 59 | ||||
* | CECONOMY AG | 12,329 | 58 | |||
Fielmann AG | 747 | 57 | ||||
Krones AG | 560 | 57 | ||||
* | Kloeckner & Co. SE | 4,052 | 55 | |||
Pfeiffer Vacuum Technology AG | 249 | 52 | ||||
* | Deutz AG | 5,356 | 49 | |||
Talanx AG | 1,046 | 48 | ||||
Traton SE | 1,482 | 44 | ||||
* | PATRIZIA AG | 1,664 | 41 | |||
Hornbach Holding AG & Co. KGaA | 361 | 39 | ||||
IP Group plc | 21,027 | 37 | ||||
Deutsche Beteiligungs AG | 832 | 36 | ||||
Secunet Security Networks AG | 59 | 33 | ||||
Atoss Software AG | 153 | 33 | ||||
BayWa AG | 684 | 30 | ||||
Washtec AG | 418 | 29 | ||||
CropEnergies AG | 2,396 | 29 | ||||
New Work SE | 100 | 29 | ||||
DIC Asset AG | 1,490 | 27 | ||||
SMA Solar Technology AG | 545 | 26 | ||||
Takkt AG | 1,500 | 25 | ||||
* | ElringKlinger AG | 1,438 | 23 | |||
Draegerwerk AG & Co. KGaA Preference Shares | 235 | 20 | ||||
Schaeffler AG Preference Shares | 2,248 | 19 | ||||
Wacker Neuson SE | 574 | 17 | ||||
KWS Saat SE & Co. KGaA | 157 | 13 | ||||
* | Koenig & Bauer AG | 378 | 13 | |||
Hornbach Baumarkt AG | 308 | 12 | ||||
* | Corestate Capital Holding SA | 693 | 11 |
Shares | Market Value• ($000) | |||||
FUCHS PETROLUB SE Preference Shares | 203 | 10 | ||||
Draegerwerk AG & Co. KGaA | 110 | 9 | ||||
134,410 | ||||||
Greece (0.1%) | ||||||
* | Eurobank Ergasias Services & Holdings SA | 579,911 | 553 | |||
* | Alpha Services & Holdings SA | 228,429 | 317 | |||
Hellenic Telecommunications Organization SA | 15,948 | 314 | ||||
* | Fourlis Holdings SA | 30,061 | 159 | |||
* | National Bank of Greece SA | 40,886 | 123 | |||
JUMBO SA | 7,191 | 113 | ||||
Hellenic Exchanges - Athens Stock Exchange SA | 17,518 | 81 | ||||
* | Piraeus Financial Holdings SA | 46,635 | 79 | |||
* | Holding Co. ADMIE IPTO SA | 12,993 | 41 | |||
Terna Energy SA | 2,372 | 34 | ||||
Sarantis SA | 2,845 | 30 | ||||
Viohalco SA | 4,507 | 25 | ||||
Athens Water Supply & Sewage Co. SA | 1,803 | 18 | ||||
* | GEK Terna Holding Real Estate Construction SA | 1,145 | 13 | |||
* | Ellaktor SA (XATH) | 5,001 | ��� 9 | |||
* | LAMDA Development SA | 930 | 9 | |||
* | Aegean Airlines SA | 945 | 6 | |||
* | Ellaktor SA | 3,113 | 6 | |||
1,930 | ||||||
Hong Kong (2.1%) | ||||||
AIA Group Ltd. | 1,281,200 | 15,298 | ||||
Hong Kong Exchanges & Clearing Ltd. | 139,900 | 8,838 | ||||
Techtronic Industries Co. Ltd. | 151,000 | 3,342 | ||||
Sun Hung Kai Properties Ltd. | 171,500 | 2,419 | ||||
Link REIT | 219,300 | 2,016 | ||||
Hang Seng Bank Ltd. | 91,400 | 1,634 | ||||
BOC Hong Kong Holdings Ltd. | 504,000 | 1,525 | ||||
New World Development Co. Ltd. | 238,750 | 1,123 | ||||
1 | WH Group Ltd. | 1,199,500 | 1,040 | |||
Lenovo Group Ltd. | 930,000 | 1,026 | ||||
Sino Land Co. Ltd. | 688,000 | 1,013 | ||||
Power Assets Holdings Ltd. | 151,000 | 948 |
Shares | Market Value• ($000) | |||||
Wharf Holdings Ltd. | 279,000 | 942 | ||||
Hang Lung Properties Ltd. | 340,000 | 817 | ||||
SITC International Holdings Co. Ltd. | 177,000 | 771 | ||||
Hysan Development Co. Ltd. | 192,000 | 685 | ||||
Wharf Real Estate Investment Co. Ltd. | 131,000 | 649 | ||||
AAC Technologies Holdings Inc. | 115,000 | 638 | ||||
PCCW Ltd. | 1,118,590 | 583 | ||||
ASM Pacific Technology Ltd. | 41,500 | 493 | ||||
Swire Properties Ltd. | 175,400 | 474 | ||||
MTR Corp. Ltd. | 69,000 | 388 | ||||
Bank of East Asia Ltd. | 227,200 | 381 | ||||
NWS Holdings Ltd. | 365,000 | 354 | ||||
Man Wah Holdings Ltd. | 164,800 | 308 | ||||
*,1 | Samsonite International SA | 135,600 | 284 | |||
Microport Scientific Corp. | 44,600 | 277 | ||||
Chow Tai Fook Jewellery Group Ltd. | 135,200 | 274 | ||||
Hongkong Land Holdings Ltd. | 60,900 | 256 | ||||
* | Hong Kong Technology Venture Co. Ltd. | 190,000 | 255 | |||
Canvest Environmental Protection Group Co. Ltd. | 407,000 | 226 | ||||
Tingyi Cayman Islands Holding Corp. | 124,000 | 221 | ||||
PRADA SpA | 34,500 | 203 | ||||
Minth Group Ltd. | 48,000 | 199 | ||||
Pacific Basin Shipping Ltd. | 363,000 | 198 | ||||
IGG Inc. | 207,000 | 198 | ||||
* | MMG Ltd. | 360,000 | 173 | |||
Swire Pacific Ltd. Class B | 155,000 | 168 | ||||
Henderson Land Development Co. Ltd. | 30,400 | 138 | ||||
*,1 | Razer Inc. | 514,000 | 131 | |||
Vitasoy International Holdings Ltd. | 50,000 | 129 | ||||
CK Infrastructure Holdings Ltd. | 21,000 | 127 | ||||
Kerry Logistics Network Ltd. | 39,500 | 126 | ||||
* | Vobile Group Ltd. | 112,000 | 112 | |||
1 | JS Global Lifestyle Co. Ltd. | 42,000 | 106 | |||
* | HengTen Networks Group Ltd. | 216,000 | 106 | |||
L'Occitane International SA | 25,750 | 88 |
Shares | Market Value• ($000) | |||||
VTech Holdings Ltd. | 8,200 | 80 | ||||
* | Yue Yuen Industrial Holdings Ltd. | 38,000 | 77 | |||
Lee & Man Paper Manufacturing Ltd. | 85,000 | 75 | ||||
Sun Art Retail Group Ltd. | 124,000 | 75 | ||||
Nexteer Automotive Group Ltd. | 63,000 | 71 | ||||
Swire Pacific Ltd. Class A | 9,500 | 64 | ||||
Uni-President China Holdings Ltd. | 66,000 | 62 | ||||
1 | BOC Aviation Ltd. | 8,000 | 60 | |||
*,1 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 57,500 | 51 | |||
Luk Fook Holdings International Ltd. | 18,000 | 50 | ||||
Dairy Farm International Holdings Ltd. | 13,900 | 49 | ||||
First Pacific Co. Ltd. | 126,000 | 47 | ||||
Hang Lung Group Ltd. | 19,000 | 47 | ||||
* | Truly International Holdings Ltd. | 124,000 | 47 | |||
Prosperity REIT | 113,000 | 45 | ||||
Vinda International Holdings Ltd. | 14,000 | 41 | ||||
Fortune REIT | 36,000 | 39 | ||||
HKBN Ltd. | 34,000 | 39 | ||||
* | Pou Sheng International Holdings Ltd. | 186,000 | 38 | |||
Johnson Electric Holdings Ltd. | 16,000 | 37 | ||||
Kerry Properties Ltd. | 10,500 | 36 | ||||
SUNeVision Holdings Ltd. | 33,000 | 35 | ||||
Texhong Textile Group Ltd. | 23,000 | 35 | ||||
Value Partners Group Ltd. | 62,000 | 34 | ||||
* | Glory Sun Financial Group Ltd. | 1,128,000 | 34 | |||
* | Towngas China Co. Ltd. | 45,000 | 33 | |||
* | China Travel International Investment Hong Kong Ltd. | 228,000 | 32 | |||
1 | AsiaInfo Technologies Ltd. | 19,600 | 32 | |||
Haitong International Securities Group Ltd. | 101,000 | 29 | ||||
Champion REIT | 50,000 | 28 | ||||
* | Singamas Container Holdings Ltd. | 186,000 | 28 | |||
Cafe de Coral Holdings Ltd. | 14,000 | 25 |
Shares | Market Value• ($000) | |||||
* | Cathay Pacific Airways Ltd. | 26,181 | 22 | |||
* | Stella International Holdings Ltd. | 15,500 | 21 | |||
C-Mer Eye Care Holdings Ltd. | 20,000 | 20 | ||||
VSTECS Holdings Ltd. | 20,000 | 19 | ||||
Lee's Pharmaceutical Holdings Ltd. | 36,000 | 19 | ||||
* | Shui On Land Ltd. | 108,500 | 18 | |||
1 | Crystal International Group Ltd. | 45,000 | 18 | |||
Sunlight REIT | 28,000 | 17 | ||||
CMBC Capital Holdings Ltd. | 1,250,000 | 17 | ||||
*,1 | Frontage Holdings Corp. | 26,000 | 17 | |||
United Laboratories International Holdings Ltd. | 24,000 | 16 | ||||
* | Apollo Future Mobility Group Ltd. | 240,000 | 15 | |||
* | FIH Mobile Ltd. | 91,000 | 14 | |||
*,1 | FIT Hon Teng Ltd. | 68,000 | 14 | |||
1 | IMAX China Holding Inc. | 9,500 | 14 | |||
* | China LNG Group Ltd. | 276,000 | 13 | |||
* | GCL New Energy Holdings Ltd. | 284,000 | 13 | |||
K Wah International Holdings Ltd. | 26,000 | 11 | ||||
Asia Cement China Holdings Corp. | 15,000 | 11 | ||||
* | Digital Domain Holdings Ltd. | 1,460,000 | 11 | |||
Giordano International Ltd. | 48,000 | 10 | ||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 7,000 | 10 | ||||
* | Esprit Holdings Ltd. | 79,050 | 8 | |||
1 | VPower Group International Holdings Ltd. | 24,000 | 5 | |||
CITIC Telecom International Holdings Ltd. | 12,000 | 4 | ||||
Guotai Junan International Holdings Ltd. | 25,000 | 4 | ||||
* | Sa Sa International Holdings Ltd. | 14,000 | 3 | |||
* | Lifestyle International Holdings Ltd. | 3,000 | 2 | |||
*,2 | MH Development Ltd. | 6,000 | 1 | |||
53,542 |
Shares | Market Value• ($000) | |||||
Hungary (0.1%) | ||||||
* | OTP Bank Nyrt. | 28,678 | 1,732 | |||
Richter Gedeon Nyrt. | 27,951 | 838 | ||||
2,570 | ||||||
India (3.3%) | ||||||
Infosys Ltd. | 379,120 | 8,848 | ||||
Housing Development Finance Corp. Ltd. | 180,574 | 6,897 | ||||
Hindustan Unilever Ltd. | 93,423 | 3,479 | ||||
* | Axis Bank Ltd. | 234,147 | 2,514 | |||
Bajaj Finance Ltd. | 23,476 | 2,412 | ||||
* | Bharti Airtel Ltd. | 222,531 | 2,019 | |||
Asian Paints Ltd. | 44,153 | 1,934 | ||||
HCL Technologies Ltd. | 113,532 | 1,836 | ||||
ICICI Bank Ltd. | 162,699 | 1,593 | ||||
UltraTech Cement Ltd. | 12,732 | 1,364 | ||||
Maruti Suzuki India Ltd. | 13,970 | 1,307 | ||||
Sun Pharmaceutical Industries Ltd. | 110,593 | 1,201 | ||||
Wipro Ltd. | 131,637 | 1,154 | ||||
State Bank of India | 172,405 | 1,003 | ||||
Nestle India Ltd. | 3,723 | 991 | ||||
Titan Co. Ltd. | 37,473 | 984 | ||||
Divi's Laboratories Ltd. | 13,658 | 967 | ||||
Bajaj Finserv Ltd. | 3,747 | 878 | ||||
Dr Reddy's Laboratories Ltd. | 12,562 | 809 | ||||
*,1 | Avenue Supermarts Ltd. | 14,087 | 762 | |||
Grasim Industries Ltd. | 35,764 | 733 | ||||
Info Edge India Ltd. | 8,607 | 727 | ||||
1 | HDFC Life Insurance Co. Ltd. | 71,552 | 702 | |||
Power Grid Corp. of India Ltd. | 286,636 | 687 | ||||
Tata Consumer Products Ltd. | 55,879 | 661 | ||||
Jubilant Foodworks Ltd. | 11,424 | 624 | ||||
Apollo Hospitals Enterprise Ltd. | 9,056 | 615 | ||||
Britannia Industries Ltd. | 10,362 | 566 | ||||
* | Adani Green Energy Ltd. | 38,728 | 566 | |||
Cipla Ltd. | 42,919 | 557 | ||||
1 | SBI Life Insurance Co. Ltd. | 33,307 | 543 | |||
* | Godrej Consumer Products Ltd. | 34,871 | 524 | |||
UPL Ltd. | 51,542 | 522 | ||||
Piramal Enterprises Ltd. | 13,359 | 476 | ||||
Hero MotoCorp Ltd. | 12,551 | 470 | ||||
Pidilite Industries Ltd. | 15,051 | 470 | ||||
* | Mphasis Ltd. | 11,369 | 451 | |||
Havells India Ltd. | 25,325 | 439 | ||||
1 | ICICI Lombard General Insurance Co. Ltd. | 18,619 | 406 | |||
Shree Cement Ltd. | 1,013 | 392 | ||||
SRF Ltd. | 2,710 | 376 |
Shares | Market Value• ($000) | |||||
Indus Towers Ltd. | 120,396 | 354 | ||||
Shriram Transport Finance Co. Ltd. | 18,834 | 348 | ||||
Eicher Motors Ltd. | 9,259 | 339 | ||||
* | Motherson Sumi Systems Ltd. | 111,673 | 333 | |||
* | SBI Cards & Payment Services Ltd. | 21,286 | 332 | |||
1 | Laurus Labs Ltd. | 34,657 | 316 | |||
Colgate-Palmolive India Ltd. | 13,374 | 310 | ||||
* | Max Financial Services Ltd. | 20,719 | 308 | |||
Cholamandalam Investment & Finance Co. Ltd. | 40,533 | 307 | ||||
Embassy Office Parks REIT | 62,713 | 307 | ||||
1 | Bandhan Bank Ltd. | 76,996 | 300 | |||
Persistent Systems Ltd. | 6,594 | 299 | ||||
Dabur India Ltd. | 34,755 | 296 | ||||
Bajaj Auto Ltd. | 5,693 | 290 | ||||
Marico Ltd. | 38,099 | 284 | ||||
Crompton Greaves Consumer Electricals Ltd. | 43,897 | 284 | ||||
1 | HDFC Asset Management Co. Ltd. | 6,633 | 279 | |||
Ambuja Cements Ltd. | 48,293 | 278 | ||||
PI Industries Ltd. | 5,844 | 271 | ||||
Voltas Ltd. | 19,638 | 267 | ||||
*,1 | InterGlobe Aviation Ltd. | 9,888 | 258 | |||
Astral Ltd. | 9,139 | 255 | ||||
Indraprastha Gas Ltd. | 33,776 | 252 | ||||
Tata Elxsi Ltd. | 3,850 | 251 | ||||
Avanti Feeds Ltd. | 32,443 | 250 | ||||
1 | ICICI Prudential Life Insurance Co. Ltd. | 27,429 | 247 | |||
Sundaram Finance Ltd. | 6,759 | 241 | ||||
Deepak Nitrite Ltd. | 7,734 | 241 | ||||
Tata Communications Ltd. | 12,276 | 238 | ||||
*,1 | AU Small Finance Bank Ltd. | 15,175 | 234 | |||
DLF Ltd. | 52,160 | 228 | ||||
Lupin Ltd. | 17,200 | 225 | ||||
Aurobindo Pharma Ltd. | 22,296 | 222 | ||||
Atul Ltd. | 1,769 | 221 | ||||
* | APL Apollo Tubes Ltd. | 9,553 | 217 | |||
PTC India Ltd. | 147,766 | 209 | ||||
* | Dixon Technologies India Ltd. | 3,670 | 209 | |||
1 | Dr Lal PathLabs Ltd. | 3,735 | 207 | |||
Gujarat Gas Ltd. | 20,808 | 206 | ||||
Petronet LNG Ltd. | 64,900 | 202 | ||||
Balkrishna Industries Ltd. | 6,406 | 201 |
Shares | Market Value• ($000) | |||||
Supreme Industries Ltd. | 6,613 | 198 | ||||
Page Industries Ltd. | 457 | 197 | ||||
Torrent Power Ltd. | 28,607 | 188 | ||||
* | V-Mart Retail Ltd. | 3,833 | 188 | |||
Ipca Laboratories Ltd. | 5,231 | 184 | ||||
ACC Ltd. | 5,536 | 183 | ||||
Berger Paints India Ltd. | 16,250 | 183 | ||||
Tube Investments of India Ltd. | 9,642 | 180 | ||||
IIFL Finance Ltd. | 45,377 | 175 | ||||
* | Fortis Healthcare Ltd. | 43,570 | 173 | |||
Zee Entertainment Enterprises Ltd. | 73,421 | 172 | ||||
Container Corp. of India Ltd. | 18,491 | 172 | ||||
Indian Railway Catering & Tourism Corp. Ltd. | 4,557 | 172 | ||||
LIC Housing Finance Ltd. | 31,153 | 171 | ||||
Kajaria Ceramics Ltd. | 10,503 | 169 | ||||
Emami Ltd. | 20,603 | 168 | ||||
Muthoot Finance Ltd. | 8,070 | 167 | ||||
* | Godrej Properties Ltd. | 8,074 | 164 | |||
Can Fin Homes Ltd. | 20,902 | 163 | ||||
eClerx Services Ltd. | 5,251 | 162 | ||||
* | IDFC First Bank Ltd. | 276,556 | 162 | |||
* | Biocon Ltd. | 32,540 | 160 | |||
* | Prestige Estates Projects Ltd. | 33,210 | 160 | |||
Navin Fluorine International Ltd. | 2,912 | 160 | ||||
Tata Chemicals Ltd. | 13,757 | 159 | ||||
Aarti Industries Ltd. | 12,366 | 159 | ||||
Birlasoft Ltd. | 27,878 | 159 | ||||
Cholamandalam Financial Holdings Ltd. | 16,938 | 159 | ||||
* | Dalmia Bharat Ltd. | 5,301 | 159 | |||
Indian Hotels Co. Ltd. | 82,347 | 158 | ||||
Redington India Ltd. | 74,736 | 158 | ||||
Coforge Ltd. | 2,208 | 157 | ||||
* | Aavas Financiers Ltd. | 4,731 | 156 | |||
1 | ICICI Securities Ltd. | 15,669 | 155 | |||
NMDC Ltd. | 73,313 | 154 | ||||
JK Cement Ltd. | 3,367 | 151 | ||||
Zydus Wellnes Ltd. | 4,760 | 151 | ||||
Schaeffler India Ltd. | 1,506 | 150 | ||||
1 | Mindspace Business Parks REIT | 37,200 | 148 | |||
Zensar Technologies Ltd. | 23,716 | 146 | ||||
Federal Bank Ltd. | 130,813 | 145 | ||||
Equitas Holdings Ltd. | 89,466 | 144 | ||||
Glenmark Pharmaceuticals Ltd. | 19,567 | 142 | ||||
Central Depository Services India Ltd. | 8,717 | 142 | ||||
Ramco Cements Ltd. | 10,181 | 140 |
Shares | Market Value• ($000) | |||||
Kaveri Seed Co. Ltd. | 17,682 | 140 | ||||
*,1 | Syngene International Ltd. | 15,714 | 138 | |||
Manappuram Finance Ltd. | 62,175 | 136 | ||||
* | Oberoi Realty Ltd. | 13,830 | 133 | |||
Bata India Ltd. | 5,396 | 131 | ||||
Balrampur Chini Mills Ltd. | 25,755 | 130 | ||||
Bajaj Holdings & Investment Ltd. | 2,162 | 129 | ||||
Varun Beverages Ltd. | 11,023 | 128 | ||||
Blue Star Ltd. | 12,058 | 128 | ||||
CRISIL Ltd. | 3,429 | 128 | ||||
AIA Engineering Ltd. | 4,577 | 127 | ||||
Brigade Enterprises Ltd. | 27,656 | 127 | ||||
* | Westlife Development Ltd. | 16,809 | 127 | |||
REC Ltd. | 60,872 | 126 | ||||
Mahindra & Mahindra Financial Services Ltd. | 57,604 | 126 | ||||
Sobha Ltd. | 14,591 | 124 | ||||
KEC International Ltd. | 21,337 | 124 | ||||
1 | Indian Energy Exchange Ltd. | 17,931 | 124 | |||
1 | Quess Corp. Ltd. | 10,600 | 123 | |||
Escorts Ltd. | 6,614 | 122 | ||||
*,1 | PNB Housing Finance Ltd. | 13,620 | 122 | |||
Power Finance Corp. Ltd. | 68,158 | 120 | ||||
1 | Godrej Agrovet Ltd. | 13,841 | 120 | |||
1 | Nippon Life India Asset Management Ltd. | 20,660 | 120 | |||
Cadila Healthcare Ltd. | 15,404 | 117 | ||||
Sonata Software Ltd. | 10,220 | 117 | ||||
Oracle Financial Services Software Ltd. | 1,803 | 116 | ||||
Indiabulls Housing Finance Ltd. | 37,928 | 116 | ||||
* | Sun Pharma Advanced Research Co. Ltd. | 28,046 | 115 | |||
* | Affle India Ltd. | 1,771 | 115 | |||
* | EIH Ltd. | 81,324 | 114 | |||
Mahanagar Gas Ltd. | 7,263 | 114 | ||||
Sundram Fasteners Ltd. | 10,349 | 113 | ||||
Torrent Pharmaceuticals Ltd. | 2,644 | 112 | ||||
* | Bombay Burmah Trading Co. | 6,870 | 112 | |||
Exide Industries Ltd. | 50,415 | 111 | ||||
* | IRB Infrastructure Developers Ltd. | 49,171 | 111 | |||
Honeywell Automation India Ltd. | 205 | 111 | ||||
Motilal Oswal Financial Services Ltd. | 9,857 | 110 |
Shares | Market Value• ($000) | |||||
* | Phoenix Mills Ltd. | 9,110 | 108 | |||
City Union Bank Ltd. | 51,682 | 107 | ||||
National Aluminium Co. Ltd. | 85,287 | 106 | ||||
Tanla Platforms Ltd. | 8,685 | 106 | ||||
1 | IndiaMart InterMesh Ltd. | 988 | 106 | |||
Rajesh Exports Ltd. | 12,961 | 104 | ||||
Gujarat Pipavav Port Ltd. | 74,776 | 104 | ||||
Alkem Laboratories Ltd. | 1,926 | 102 | ||||
Suven Pharmaceuticals Ltd. | 13,974 | 102 | ||||
JB Chemicals & Pharmaceuticals Ltd. | 4,295 | 100 | ||||
Rallis India Ltd. | 25,921 | 100 | ||||
1 | Eris Lifesciences Ltd. | 9,880 | 99 | |||
Bosch Ltd. | 516 | 98 | ||||
* | CreditAccess Grameen Ltd. | 10,221 | 98 | |||
TVS Motor Co. Ltd. | 13,557 | 97 | ||||
Kansai Nerolac Paints Ltd. | 11,478 | 97 | ||||
Welspun India Ltd. | 56,037 | 97 | ||||
1 | Metropolis Healthcare Ltd. | 2,510 | 97 | |||
* | TeamLease Services Ltd. | 1,680 | 95 | |||
Chambal Fertilizers & Chemicals Ltd. | 21,196 | 93 | ||||
GlaxoSmithKline Pharmaceuticals Ltd. | 4,423 | 93 | ||||
Pfizer Ltd. | 1,177 | 92 | ||||
Relaxo Footwears Ltd. | 5,604 | 91 | ||||
Gillette India Ltd. | 1,126 | 90 | ||||
* | Intellect Design Arena Ltd. | 10,088 | 90 | |||
* | Dhani Services Ltd. | 32,769 | 89 | |||
Minda Industries Ltd. | 9,005 | 88 | ||||
* | EID Parry India Ltd. | 15,993 | 88 | |||
Vaibhav Global Ltd. | 8,862 | 88 | ||||
Natco Pharma Ltd. | 6,742 | 87 | ||||
* | Amber Enterprises India Ltd. | 2,203 | 87 | |||
Karnataka Bank Ltd. | 101,832 | 86 | ||||
DCM Shriram Ltd. | 6,943 | 85 | ||||
Procter & Gamble Health Ltd. | 1,146 | 85 | ||||
Apollo Tyres Ltd. | 29,008 | 84 | ||||
* | IDFC Ltd. | 121,682 | 84 | |||
Graphite India Ltd. | 9,586 | 84 | ||||
* | Just Dial Ltd. | 6,393 | 83 | |||
Bayer CropScience Ltd. | 1,083 | 82 | ||||
Coromandel International Ltd. | 7,576 | 82 | ||||
* | Bank of Baroda | 77,684 | 82 | |||
Akzo Nobel India Ltd. | 2,707 | 82 | ||||
Castrol India Ltd. | 44,309 | 81 |
Shares | Market Value• ($000) | |||||
Vinati Organics Ltd. | 3,284 | 81 | ||||
Orient Electric Ltd. | 17,947 | 81 | ||||
Gateway Distriparks Ltd. | 21,983 | 79 | ||||
* | PVR Ltd. | 4,379 | 79 | |||
Firstsource Solutions Ltd. | 31,927 | 79 | ||||
Jubilant Pharmova Ltd. | 8,597 | 78 | ||||
* | Aditya Birla Fashion & Retail Ltd. | 27,268 | 78 | |||
JM Financial Ltd. | 61,225 | 77 | ||||
1 | Endurance Technologies Ltd. | 3,406 | 77 | |||
NHPC Ltd. | 206,627 | 76 | ||||
*,1 | RBL Bank Ltd. | 33,567 | 76 | |||
Finolex Cables Ltd. | 11,702 | 75 | ||||
Amara Raja Batteries Ltd. | 7,834 | 75 | ||||
Care Ratings Ltd. | 8,072 | 75 | ||||
Multi Commodity Exchange of India Ltd. | 3,581 | 74 | ||||
* | Aditya Birla Capital Ltd. | 50,354 | 74 | |||
Century Textiles & Industries Ltd. | 6,847 | 73 | ||||
* | South Indian Bank Ltd. | 522,267 | 70 | |||
* | KRBL Ltd. | 20,792 | 70 | |||
* | Narayana Hrudayalaya Ltd. | 9,520 | 70 | |||
* | Indiabulls Real Estate Ltd. | 36,691 | 68 | |||
EPL Ltd. | 21,442 | 68 | ||||
Sterlite Technologies Ltd. | 18,935 | 67 | ||||
* | Godrej Industries Ltd. | 8,746 | 67 | |||
Granules India Ltd. | 14,837 | 67 | ||||
NCC Ltd. | 61,337 | 66 | ||||
Ajanta Pharma Ltd. | 2,128 | 65 | ||||
Hindustan Zinc Ltd. | 14,556 | 64 | ||||
Indian Bank | 37,677 | 64 | ||||
Jindal Saw Ltd. | 39,281 | 63 | ||||
* | Vodafone Idea Ltd. | 750,820 | 63 | |||
Aegis Logistics Ltd. | 17,303 | 63 | ||||
Thermax Ltd. | 3,199 | 62 | ||||
Karur Vysya Bank Ltd. | 102,986 | 62 | ||||
* | DCB Bank Ltd. | 48,318 | 61 | |||
Edelweiss Financial Services Ltd. | 54,929 | 61 | ||||
Polycab India Ltd. | 2,084 | 59 | ||||
Bajaj Consumer Care Ltd. | 16,678 | 56 | ||||
V-Guard Industries Ltd. | 16,310 | 54 | ||||
India Cements Ltd. | 23,758 | 53 | ||||
AstraZeneca Pharma India Ltd. | 1,245 | 53 | ||||
* | Infibeam Avenues Ltd. | 82,539 | 53 | |||
Rain Industries Ltd. | 16,752 | 52 | ||||
Whirlpool of India Ltd. | 1,705 | 50 |
Shares | Market Value• ($000) | |||||
* | Suzlon Energy Ltd. | 605,357 | 50 | |||
Ceat Ltd. | 2,725 | 48 | ||||
Strides Pharma Science Ltd. | 5,749 | 48 | ||||
* | Canara Bank | 21,499 | 47 | |||
Welspun Corp. Ltd. | 28,252 | 46 | ||||
* | Mahindra CIE Automotive Ltd. | 13,997 | 46 | |||
Vakrangee Ltd. | 86,136 | 46 | ||||
* | Union Bank of India | 93,939 | 45 | |||
NBCC India Ltd. | 72,697 | 44 | ||||
* | Bank of India | 46,426 | 42 | |||
HEG Ltd. | 1,356 | 42 | ||||
*,1 | General Insurance Corp. of India | 20,787 | 42 | |||
TTK Prestige Ltd. | 317 | 38 | ||||
1 | Dilip Buildcon Ltd. | 5,118 | 36 | |||
* | IFCI Ltd. | 214,427 | 34 | |||
* | TV18 Broadcast Ltd. | 70,819 | 34 | |||
Alembic Pharmaceuticals Ltd. | 3,264 | 34 | ||||
* | Alok Industries Ltd. | 107,914 | 33 | |||
* | Future Consumer Ltd. | 338,766 | 31 | |||
* | Punjab National Bank | 55,410 | 28 | |||
* | Raymond Ltd. | 4,638 | 26 | |||
Symphony Ltd. | 1,826 | 24 | ||||
* | Future Retail Ltd. | 35,224 | 21 | |||
Sumitomo Chemical India Ltd. | 3,586 | 21 | ||||
* | WABCO India Ltd. | 151 | 14 | |||
* | Yes Bank Ltd. | 54,048 | 8 | |||
85,400 | ||||||
Indonesia (0.4%) | ||||||
Bank Central Asia Tbk. PT | 1,052,400 | 2,416 | ||||
Bank Rakyat Indonesia Persero Tbk. PT | 6,336,400 | 1,743 | ||||
Telkom Indonesia Persero Tbk. PT | 6,331,000 | 1,511 | ||||
Bank Mandiri Persero Tbk. PT | 2,500,000 | 1,069 | ||||
Bank Negara Indonesia Persero Tbk. PT | 1,415,200 | 535 | ||||
Charoen Pokphand Indonesia Tbk. PT | 1,125,200 | 504 | ||||
Tower Bersama Infrastructure Tbk. PT | 1,017,700 | 223 | ||||
Sarana Menara Nusantara Tbk. PT | 1,841,600 | 173 | ||||
* | Indofood Sukses Makmur Tbk. PT | 280,800 | 121 | |||
Barito Pacific Tbk. PT | 1,573,900 | 117 | ||||
Indah Kiat Pulp & Paper Tbk. PT | 198,000 | 110 | ||||
Kalbe Farma Tbk. PT | 1,128,900 | 106 | ||||
Unilever Indonesia Tbk. PT | 327,000 | 93 |
Shares | Market Value• ($000) | |||||
* | Indofood CBP Sukses Makmur Tbk. PT | 132,300 | 78 | |||
* | Smartfren Telecom Tbk. PT | 8,309,500 | 78 | |||
Ciputra Development Tbk. PT | 1,212,800 | 74 | ||||
* | Summarecon Agung Tbk. PT | 1,023,006 | 57 | |||
Japfa Comfeed Indonesia Tbk. PT | 445,900 | 56 | ||||
* | Surya Citra Media Tbk. PT | 386,600 | 55 | |||
Indocement Tunggal Prakarsa Tbk. PT | 64,900 | 51 | ||||
XL Axiata Tbk. PT | 228,900 | 43 | ||||
* | Kresna Graha Investama Tbk. PT | 3,407,700 | 41 | |||
* | Pakuwon Jati Tbk. PT | 1,250,600 | 40 | |||
* | Bumi Serpong Damai Tbk. PT | 586,000 | 39 | |||
Ace Hardware Indonesia Tbk. PT | 398,200 | 39 | ||||
* | Indosat Tbk. PT | 85,600 | 38 | |||
* | Mitra Adiperkasa Tbk. PT | 706,400 | 37 | |||
* | Bank Syariah Indonesia Tbk. PT | 232,400 | 36 | |||
Bank BTPN Syariah Tbk. PT | 145,900 | 29 | ||||
* | Bank Bukopin Tbk. PT | 838,700 | 28 | |||
* | Wijaya Karya Persero Tbk. PT | 377,800 | 25 | |||
* | Bank Tabungan Negara Persero Tbk. PT | 258,100 | 25 | |||
* | Jasa Marga Persero Tbk. PT | 85,400 | 24 | |||
Mitra Keluarga Karyasehat Tbk. PT | 145,200 | 24 | ||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 269,900 | 23 | ||||
* | Adhi Karya Persero Tbk. PT | 423,300 | 22 | |||
* | Waskita Karya Persero Tbk. PT | 346,900 | 20 | |||
* | Ramayana Lestari Sentosa Tbk. PT | 421,800 | 19 | |||
* | Eagle High Plantations Tbk. PT | 3,561,500 | 19 | |||
* | Krakatau Steel Persero Tbk. PT | 423,700 | 16 | |||
* | Matahari Department Store Tbk. PT | 71,000 | 14 | |||
* | PP Persero Tbk. PT | 217,800 | 14 | |||
Astra Agro Lestari Tbk. PT | 20,000 | 12 | ||||
* | Media Nusantara Citra Tbk. PT | 131,500 | 8 |
Shares | Market Value• ($000) | |||||
* | Surya Semesta Internusa Tbk. PT | 209,500 | 7 | |||
* | Panin Financial Tbk. PT | 334,700 | 4 | |||
* | Global Mediacom Tbk. PT | 94,100 | 2 | |||
*,2 | Trada Alam Minera Tbk. PT | 477,100 | 2 | |||
9,820 | ||||||
Ireland (0.2%) | ||||||
Kerry Group plc Class A | 16,554 | 2,428 | ||||
Kingspan Group plc | 16,132 | 1,842 | ||||
* | Bank of Ireland Group plc | 61,083 | 383 | |||
Kingspan Group plc | 2,173 | 247 | ||||
Glanbia plc | 9,689 | 173 | ||||
* | AIB Group plc | 42,550 | 128 | |||
* | Dalata Hotel Group plc | 13,277 | 59 | |||
Hibernia REIT plc | 27,346 | 41 | ||||
* | Irish Continental Group plc | 4,398 | 22 | |||
* | Cairn Homes plc | 15,088 | 20 | |||
5,343 | ||||||
Israel (0.4%) | ||||||
* | Nice Ltd. | 8,272 | 2,402 | |||
Bank Leumi Le-Israel BM | 166,537 | 1,376 | ||||
Bank Hapoalim BM | 146,124 | 1,257 | ||||
* | Israel Discount Bank Ltd. Class A | 226,307 | 1,169 | |||
ICL Group Ltd. | 112,620 | 797 | ||||
Mizrahi Tefahot Bank Ltd. | 8,571 | 285 | ||||
Reit 1 Ltd. | 46,937 | 275 | ||||
* | Tower Semiconductor Ltd. | 7,120 | 210 | |||
* | Nova Ltd. | 2,034 | 204 | |||
Azrieli Group Ltd. | 2,113 | 197 | ||||
* | Bezeq The Israeli Telecommunication Corp. Ltd. | 154,213 | 183 | |||
* | Enlight Renewable Energy Ltd. | 78,550 | 170 | |||
Mivne Real Estate KD Ltd. | 43,432 | 147 | ||||
Alony Hetz Properties & Investments Ltd. | 7,474 | 110 | ||||
Fox Wizel Ltd. | 791 | 105 | ||||
Energix-Renewable Energies Ltd. | 20,246 | 84 | ||||
Maytronics Ltd. | 3,657 | 84 | ||||
Gav-Yam Lands Corp. Ltd. | 7,392 | 83 | ||||
Sella Capital Real Estate Ltd. | 28,244 | 82 | ||||
* | Shikun & Binui Ltd. | 13,816 | 81 | |||
* | Allot Ltd. | 4,874 | 80 |
Shares | Market Value• ($000) | |||||
Harel Insurance Investments & Financial Services Ltd. | 7,808 | 77 | ||||
Danel Adir Yeoshua Ltd. | 378 | 77 | ||||
* | Clal Insurance Enterprises Holdings Ltd. | 3,453 | 72 | |||
* | AFI Properties Ltd. | 1,404 | 72 | |||
* | Big Shopping Centers Ltd. | 489 | 72 | |||
Hilan Ltd. | 1,236 | 70 | ||||
Strauss Group Ltd. | 2,397 | 69 | ||||
Matrix IT Ltd. | 2,289 | 62 | ||||
Electra Ltd. | 99 | 59 | ||||
* | Summit Real Estate Holdings Ltd. | 3,302 | 52 | |||
Menora Mivtachim Holdings Ltd. | 2,250 | 50 | ||||
* | Partner Communications Co. Ltd. | 10,263 | 49 | |||
Shapir Engineering & Industry Ltd. | 6,114 | 49 | ||||
Kenon Holdings Ltd. | 1,215 | 48 | ||||
Shufersal Ltd. | 5,758 | 47 | ||||
* | FIBI Holdings Ltd. | 1,143 | 47 | |||
Delta Galil Industries Ltd. | 841 | 44 | ||||
AudioCodes Ltd. | 1,328 | 43 | ||||
* | OPC Energy Ltd. | 4,484 | 42 | |||
Formula Systems 1985 Ltd. | 398 | 40 | ||||
* | Compugen Ltd. | 5,849 | 40 | |||
Sapiens International Corp. NV | 1,302 | 37 | ||||
Gazit-Globe Ltd. | 5,007 | 36 | ||||
* | Cellcom Israel Ltd. | 8,441 | 32 | |||
Mega Or Holdings Ltd. | 623 | 23 | ||||
Gilat Satellite Networks Ltd. | 1,865 | 19 | ||||
* | Kamada Ltd. | 3,643 | 19 | |||
First International Bank of Israel Ltd. | 505 | 18 | ||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 260 | 18 | ||||
IDI Insurance Co. Ltd. | 493 | 18 | ||||
Ashtrom Group Ltd. | 605 | 13 | ||||
10,795 | ||||||
Italy (1.3%) | ||||||
Intesa Sanpaolo SpA | 1,687,244 | 4,775 | ||||
Ferrari NV | 14,779 | 3,206 | ||||
UniCredit SpA | 236,706 | 2,951 | ||||
Stellantis NV | 132,538 | 2,651 | ||||
Moncler SpA | 29,629 | 1,897 | ||||
Terna - Rete Elettrica Nazionale | 223,210 | 1,766 |
Shares | Market Value• ($000) | |||||
* | FinecoBank Banca Fineco SpA | 90,838 | 1,673 | |||
Stellantis NV | 73,590 | 1,475 | ||||
* | Mediobanca Banca di Credito Finanziario SpA | 122,630 | 1,446 | |||
*,1 | Nexi SpA | 54,239 | 1,131 | |||
Telecom Italia SpA (Bearer) | 2,027,978 | 980 | ||||
Interpump Group SpA | 12,895 | 916 | ||||
DiaSorin SpA | 3,149 | 718 | ||||
Amplifon SpA | 8,834 | 462 | ||||
* | Biesse SpA | 12,833 | 460 | |||
Recordati Industria Chimica e Farmaceutica SpA | 6,004 | 394 | ||||
Reply SpA | 1,677 | 338 | ||||
1 | Poste Italiane SpA | 23,237 | 315 | |||
Banco BPM SpA | 88,998 | 295 | ||||
Gruppo MutuiOnline SpA | 3,759 | 227 | ||||
Falck Renewables SpA | 26,299 | 217 | ||||
1 | Infrastrutture Wireless Italiane SpA | 18,074 | 215 | |||
Banca Popolare di Sondrio SCPA | 43,932 | 200 | ||||
1 | Carel Industries SpA | 6,786 | 195 | |||
* | Cerved Group SpA | 16,293 | 190 | |||
ERG SpA | 6,125 | 181 | ||||
1 | BFF Bank SpA | 19,355 | 177 | |||
Azimut Holding SpA | 6,210 | 174 | ||||
De' Longhi SpA | 3,827 | 173 | ||||
* | Sesa SpA | 848 | 169 | |||
Unipol Gruppo SpA | 26,897 | 160 | ||||
* | Arnoldo Mondadori Editore SpA | 65,973 | 146 | |||
Italgas SpA | 22,082 | 146 | ||||
1 | Technogym SpA | 12,193 | 144 | |||
Tinexta Spa | 3,084 | 143 | ||||
* | Brunello Cucinelli SpA | 2,376 | 140 | |||
DeA Capital SpA | 88,592 | 138 | ||||
Maire Tecnimont SpA | 33,594 | 131 | ||||
1 | Pirelli & C SpA | 21,349 | 128 | |||
1 | GVS SpA | 6,699 | 128 | |||
BPER Banca | 58,188 | 127 | ||||
* | Autogrill SpA | 16,360 | 123 | |||
1 | doValue SpA | 9,811 | 123 | |||
Hera SpA | 28,212 | 122 | ||||
Banca Mediolanum SpA | 11,580 | 120 | ||||
Buzzi Unicem SpA | 4,390 | 117 | ||||
Rizzoli Corriere Della Sera Mediagroup SpA | 133,954 | 113 | ||||
Webuild SpA | 39,750 | 106 | ||||
* | Banca Generali SpA | 2,385 | 106 | |||
Brembo SpA | 6,867 | 99 | ||||
* | Immobiliare Grande Distribuzione SIIQ SpA | 19,659 | 92 |
Shares | Market Value• ($000) | |||||
* | Societa Cattolica Di Assicurazione SpA | 10,832 | 90 | |||
1 | Anima Holding SpA | 13,911 | 72 | |||
* | Salvatore Ferragamo SpA | 3,482 | 71 | |||
Tamburi Investment Partners SpA | 6,237 | 68 | ||||
A2A SpA | 29,717 | 65 | ||||
Iren SpA | 20,803 | 64 | ||||
Datalogic SpA | 2,377 | 57 | ||||
Banca IFIS SpA | 3,170 | 55 | ||||
Credito Emiliano SpA | 6,294 | 42 | ||||
UnipolSai Assicurazioni SpA | 14,275 | 41 | ||||
*,1 | Enav SpA | 8,501 | 37 | |||
* | Juventus Football Club SpA | 40,257 | 36 | |||
* | MARR SpA | 1,358 | 33 | |||
Telecom Italia SpA (Registered) | 67,343 | 30 | ||||
Danieli & C Officine Meccaniche SpA | 1,043 | 30 | ||||
* | CIR SpA-Compagnie Industriali | 48,772 | 28 | |||
Danieli & C Officine Meccaniche SpA Saving Shares | 1,406 | 27 | ||||
Italmobiliare SpA | 736 | 27 | ||||
* | Tod's SpA | 471 | 26 | |||
Piaggio & C SpA | 6,297 | 24 | ||||
Zignago Vetro SpA | 1,065 | 23 | ||||
1 | RAI Way SpA | 3,084 | 19 | |||
SOL SpA | 843 | 19 | ||||
Cementir Holding NV | 1,388 | 16 | ||||
*,3 | Banca Monte dei Paschi di Siena SpA | 11,008 | 15 | |||
* | Webuild SpA Warrants Exp. 8/2/30 | 3,597 | 5 | |||
33,639 | ||||||
Japan (16.7%) | ||||||
Toyota Motor Corp. | 265,100 | 23,088 | ||||
Sony Group Corp. | 133,300 | 13,783 | ||||
Keyence Corp. | 17,100 | 10,266 | ||||
Recruit Holdings Co. Ltd. | 149,349 | 8,794 | ||||
SoftBank Group Corp. | 149,400 | 8,419 | ||||
Mitsubishi UFJ Financial Group Inc. | 1,296,300 | 7,033 | ||||
Shin-Etsu Chemical Co. Ltd. | 40,600 | 6,706 | ||||
Hoya Corp. | 38,600 | 6,233 | ||||
Takeda Pharmaceutical Co. Ltd. | 178,457 | 5,940 | ||||
Nidec Corp. | 51,900 | 5,928 | ||||
Tokyo Electron Ltd. | 13,400 | 5,740 | ||||
KDDI Corp. | 185,500 | 5,670 | ||||
Honda Motor Co. Ltd. | 186,600 | 5,648 |
Shares | Market Value• ($000) | |||||
Murata Manufacturing Co. Ltd. | 68,400 | 5,639 | ||||
Daiichi Sankyo Co. Ltd. | 214,200 | 5,088 | ||||
Nintendo Co. Ltd. | 10,500 | 5,045 | ||||
Sumitomo Mitsui Financial Group Inc. | 140,800 | 4,860 | ||||
Fujitsu Ltd. | 24,700 | 4,547 | ||||
FANUC Corp. | 20,600 | 4,488 | ||||
SoftBank Corp. | 301,243 | 4,031 | ||||
Seven & i Holdings Co. Ltd. | 92,100 | 4,019 | ||||
Mizuho Financial Group Inc. | 282,520 | 3,959 | ||||
Denso Corp. | 55,000 | 3,850 | ||||
Astellas Pharma Inc. | 218,900 | 3,688 | ||||
Nippon Telegraph & Telephone Corp. | 136,400 | 3,634 | ||||
Tokio Marine Holdings Inc. | 73,900 | 3,616 | ||||
Kao Corp. | 59,700 | 3,606 | ||||
SMC Corp. | 5,300 | 3,391 | ||||
M3 Inc. | 49,400 | 3,313 | ||||
Panasonic Corp. | 260,600 | 3,115 | ||||
FUJIFILM Holdings Corp. | 37,700 | 3,102 | ||||
Terumo Corp. | 74,300 | 3,101 | ||||
Shiseido Co. Ltd. | 45,100 | 2,989 | ||||
Fast Retailing Co. Ltd. | 4,500 | 2,964 | ||||
Bridgestone Corp. | 64,300 | 2,960 | ||||
Sysmex Corp. | 25,900 | 2,943 | ||||
Kubota Corp. | 142,000 | 2,934 | ||||
ORIX Corp. | 155,400 | 2,899 | ||||
Canon Inc. | 121,700 | 2,895 | ||||
Chugai Pharmaceutical Co. Ltd. | 74,100 | 2,895 | ||||
Omron Corp. | 27,800 | 2,619 | ||||
Olympus Corp. | 124,100 | 2,608 | ||||
Suzuki Motor Corp. | 60,000 | 2,593 | ||||
Mitsui Fudosan Co. Ltd. | 111,000 | 2,547 | ||||
East Japan Railway Co. | 37,600 | 2,527 | ||||
Eisai Co. Ltd. | 30,100 | 2,482 | ||||
Dai-ichi Life Holdings Inc. | 124,500 | 2,464 | ||||
Aeon Co. Ltd. | 93,000 | 2,462 | ||||
Advantest Corp. | 27,900 | 2,404 | ||||
Central Japan Railway Co. | 16,300 | 2,386 | ||||
Unicharm Corp. | 52,100 | 2,323 | ||||
Mitsubishi Estate Co. Ltd. | 145,800 | 2,283 | ||||
Kyocera Corp. | 36,700 | 2,282 | ||||
Daiwa House Industry Co. Ltd. | 74,300 | 2,266 | ||||
Shionogi & Co. Ltd. | 35,800 | 2,249 | ||||
Secom Co. Ltd. | 28,400 | 2,154 | ||||
Toyota Industries Corp. | 24,600 | 2,077 |
Shares | Market Value• ($000) | |||||
Ajinomoto Co. Inc. | 69,800 | 2,057 | ||||
Bandai Namco Holdings Inc. | 29,000 | 2,011 | ||||
Sompo Holdings Inc. | 45,500 | 2,000 | ||||
Z Holdings Corp. | 305,800 | 1,988 | ||||
MS&AD Insurance Group Holdings Inc. | 59,700 | 1,932 | ||||
Nitto Denko Corp. | 24,200 | 1,836 | ||||
Nomura Holdings Inc. | 377,500 | 1,823 | ||||
NTT Data Corp. | 100,100 | 1,801 | ||||
Sumitomo Mitsui Trust Holdings Inc. | 54,700 | 1,787 | ||||
Yaskawa Electric Corp. | 36,200 | 1,767 | ||||
Shimano Inc. | 6,000 | 1,761 | ||||
Sumitomo Realty & Development Co. Ltd. | 53,000 | 1,711 | ||||
Japan Exchange Group Inc. | 69,900 | 1,665 | ||||
MINEBEA MITSUMI Inc. | 64,500 | 1,658 | ||||
Shimadzu Corp. | 36,600 | 1,640 | ||||
NEC Corp. | 31,100 | 1,632 | ||||
Mitsubishi Chemical Holdings Corp. | 181,400 | 1,593 | ||||
Ono Pharmaceutical Co. Ltd. | 66,100 | 1,587 | ||||
Asahi Kasei Corp. | 153,800 | 1,586 | ||||
Yamaha Corp. | 26,900 | 1,586 | ||||
Sumitomo Electric Industries Ltd. | 118,200 | 1,579 | ||||
SG Holdings Co. Ltd. | 55,434 | 1,505 | ||||
West Japan Railway Co. | 27,100 | 1,480 | ||||
Sekisui House Ltd. | 73,400 | 1,462 | ||||
Lasertec Corp. | 6,700 | 1,457 | ||||
Yamato Holdings Co. Ltd. | 57,000 | 1,449 | ||||
Yakult Honsha Co. Ltd. | 24,638 | 1,421 | ||||
Daiwa Securities Group Inc. | 251,000 | 1,420 | ||||
Hamamatsu Photonics KK | 23,800 | 1,387 | ||||
TOTO Ltd. | 25,100 | 1,366 | ||||
Pan Pacific International Holdings Corp. | 71,400 | 1,358 | ||||
Lixil Corp. | 46,400 | 1,350 | ||||
Makita Corp. | 23,200 | 1,333 | ||||
Toray Industries Inc. | 194,600 | 1,312 | ||||
Resona Holdings Inc. | 338,650 | 1,310 | ||||
Sumitomo Chemical Co. Ltd. | 257,700 | 1,306 | ||||
Taiyo Yuden Co. Ltd. | 22,400 | 1,266 | ||||
Odakyu Electric Railway Co. Ltd. | 53,800 | 1,254 | ||||
Dentsu Group Inc. | 33,100 | 1,230 | ||||
Azbil Corp. | 27,700 | 1,201 | ||||
Kyowa Kirin Co. Ltd. | 36,600 | 1,198 |
Shares | Market Value• ($000) | |||||
Nippon Paint Holdings Co. Ltd. | 96,104 | 1,194 | ||||
Nomura Research Institute Ltd. | 31,600 | 1,185 | ||||
* | Renesas Electronics Corp. | 108,177 | 1,158 | |||
Aisin Corp. | 30,000 | 1,145 | ||||
Kurita Water Industries Ltd. | 24,000 | 1,126 | ||||
Sekisui Chemical Co. Ltd. | 65,400 | 1,119 | ||||
Toho Co. Ltd. (Tokyo) | 25,800 | 1,118 | ||||
* | Nissan Motor Co. Ltd. | 212,000 | 1,112 | |||
Dai Nippon Printing Co. Ltd. | 45,700 | 1,086 | ||||
* | Kintetsu Group Holdings Co. Ltd. | 31,800 | 1,086 | |||
Mitsui Chemicals Inc. | 31,000 | 1,070 | ||||
Yamaha Motor Co. Ltd. | 40,700 | 1,035 | ||||
Brother Industries Ltd. | 50,300 | 1,032 | ||||
T&D Holdings Inc. | 84,700 | 1,031 | ||||
Seiko Epson Corp. | 54,800 | 1,021 | ||||
Hulic Co. Ltd. | 86,600 | 1,016 | ||||
Toyo Suisan Kaisha Ltd. | 24,400 | 1,011 | ||||
MISUMI Group Inc. | 25,400 | 1,008 | ||||
Konami Holdings Corp. | 15,900 | 1,006 | ||||
Nisshin Seifun Group Inc. | 60,200 | 989 | ||||
Tokyu Corp. | 71,600 | 985 | ||||
Concordia Financial Group Ltd. | 251,800 | 976 | ||||
Nitori Holdings Co. Ltd. | 5,200 | 973 | ||||
NH Foods Ltd. | 25,000 | 970 | ||||
Shizuoka Bank Ltd. | 122,000 | 956 | ||||
Oji Holdings Corp. | 178,900 | 937 | ||||
Nexon Co. Ltd. | 51,400 | 937 | ||||
Chiba Bank Ltd. | 149,000 | 930 | ||||
Santen Pharmaceutical Co. Ltd. | 62,000 | 927 | ||||
Sohgo Security Services Co. Ltd. | 20,400 | 924 | ||||
Haseko Corp. | 65,500 | 906 | ||||
TDK Corp. | 8,600 | 901 | ||||
Tobu Railway Co. Ltd. | 34,500 | 899 | ||||
Bank of Kyoto Ltd. | 19,600 | 867 | ||||
SBI Holdings Inc. | 35,800 | 867 | ||||
Ricoh Co. Ltd. | 85,000 | 865 | ||||
SUMCO Corp. | 41,100 | 865 | ||||
Air Water Inc. | 53,100 | 856 | ||||
Isuzu Motors Ltd. | 67,200 | 849 | ||||
COMSYS Holdings Corp. | 30,400 | 817 | ||||
Kaken Pharmaceutical Co. Ltd. | 17,900 | 809 | ||||
Stanley Electric Co. Ltd. | 32,400 | 809 | ||||
Aozora Bank Ltd. | 34,100 | 799 |
Shares | Market Value• ($000) | |||||
Hisamitsu Pharmaceutical Co. Inc. | 19,700 | 789 | ||||
Teijin Ltd. | 53,800 | 774 | ||||
NSK Ltd. | 103,700 | 728 | ||||
Nihon M&A Center Inc. | 23,900 | 713 | ||||
Keihan Holdings Co. Ltd. | 24,500 | 703 | ||||
* | Japan Post Holdings Co. Ltd. | 81,800 | 703 | |||
* | Mazda Motor Corp. | 80,400 | 698 | |||
CyberAgent Inc. | 37,500 | 686 | ||||
Nippon Prologis REIT Inc. | 190 | 683 | ||||
* | ANA Holdings Inc. | 28,741 | 681 | |||
Nippon Building Fund Inc. | 104 | 675 | ||||
Pigeon Corp. | 23,300 | 675 | ||||
Kuraray Co. Ltd. | 71,500 | 672 | ||||
Daifuku Co. Ltd. | 7,600 | 671 | ||||
Taiheiyo Cement Corp. | 29,100 | 666 | ||||
Sinanen Holdings Co. Ltd. | 20,800 | 661 | ||||
Showa Denko KK | 29,600 | 658 | ||||
Keikyu Corp. | 53,400 | 651 | ||||
Nissan Chemical Corp. | 11,600 | 650 | ||||
GLP J-Reit | 357 | 648 | ||||
MEIJI Holdings Co. Ltd. | 10,500 | 646 | ||||
Marui Group Co. Ltd. | 35,900 | 639 | ||||
Fukuoka Financial Group Inc. | 34,600 | 639 | ||||
Nikon Corp. | 59,100 | 621 | ||||
Lion Corp. | 36,400 | 619 | ||||
* | Nagoya Railroad Co. Ltd. | 35,100 | 617 | |||
* | Japan Airlines Co. Ltd. | 28,323 | 603 | |||
BayCurrent Consulting Inc. | 1,200 | 595 | ||||
Anritsu Corp. | 32,900 | 570 | ||||
Yamada Holdings Co. Ltd. | 132,600 | 569 | ||||
Nomura Real Estate Master Fund Inc. | 358 | 552 | ||||
Daito Trust Construction Co. Ltd. | 5,000 | 549 | ||||
NGK Spark Plug Co. Ltd. | 35,600 | 547 | ||||
Rohm Co. Ltd. | 5,600 | 538 | ||||
Sumitomo Dainippon Pharma Co. Ltd. | 29,900 | 537 | ||||
Disco Corp. | 1,800 | 523 | ||||
* | Seibu Holdings Inc. | 43,300 | 521 | |||
Capcom Co. Ltd. | 18,100 | 504 | ||||
JSR Corp. | 14,000 | 485 | ||||
Alfresa Holdings Corp. | 30,400 | 481 | ||||
Sac's Bar Holdings Inc. | 96,900 | 479 | ||||
TIS Inc. | 16,900 | 477 |
Shares | Market Value• ($000) | |||||
Koito Manufacturing Co. Ltd. | 7,500 | 459 | ||||
Asahi Intecc Co. Ltd. | 14,800 | 448 | ||||
* | Skylark Holdings Co. Ltd. | 31,114 | 447 | |||
* | Right On Co. Ltd. | 67,800 | 440 | |||
Alps Alpine Co. Ltd. | 41,200 | 432 | ||||
Ibiden Co. Ltd. | 7,700 | 414 | ||||
* | Fujita Kanko Inc. | 20,000 | 406 | |||
Trend Micro Inc. | 7,000 | 383 | ||||
Asics Corp. | 18,000 | 382 | ||||
Food & Life Cos. Ltd. | 8,900 | 382 | ||||
Hirose Electric Co. Ltd. | 2,200 | 366 | ||||
Nabtesco Corp. | 9,200 | 364 | ||||
Keio Corp. | 6,700 | 361 | ||||
GMO Payment Gateway Inc. | 2,600 | 341 | ||||
PC Depot Corp. | 78,200 | 334 | ||||
Nissin Foods Holdings Co. Ltd. | 4,200 | 327 | ||||
Otsuka Corp. | 6,100 | 316 | ||||
Hankyu Hanshin Holdings Inc. | 10,500 | 314 | ||||
ZOZO Inc. | 8,100 | 309 | ||||
Konica Minolta Inc. | 59,400 | 301 | ||||
Kobayashi Pharmaceutical Co. Ltd. | 3,800 | 297 | ||||
* | Kawasaki Kisen Kaisha Ltd. | 5,600 | 280 | |||
Miura Co. Ltd. | 6,000 | 269 | ||||
Kansai Paint Co. Ltd. | 10,200 | 264 | ||||
Hoshizaki Corp. | 2,800 | 263 | ||||
Nippon Shinyaku Co. Ltd. | 3,200 | 260 | ||||
Nippon Express Co. Ltd. | 3,800 | 258 | ||||
Taisho Pharmaceutical Holdings Co. Ltd. | 4,400 | 257 | ||||
Orix JREIT Inc. | 143 | 255 | ||||
Advance Residence Investment Corp. | 75 | 255 | ||||
Industrial & Infrastructure Fund Investment Corp. | 124 | 249 | ||||
Kakaku.com Inc. | 7,900 | 246 | ||||
Hikari Tsushin Inc. | 1,400 | 245 | ||||
Jeol Ltd. | 3,100 | 229 | ||||
* | PeptiDream Inc. | 6,400 | 226 | |||
Koei Tecmo Holdings Co. Ltd. | 5,140 | 219 | ||||
Persol Holdings Co. Ltd. | 9,300 | 217 | ||||
SCREEN Holdings Co. Ltd. | 2,500 | 213 | ||||
Open House Co. Ltd. | 4,300 | 209 | ||||
Tokyo Century Corp. | 3,600 | 206 | ||||
Kose Corp. | 1,700 | 205 |
Shares | Market Value• ($000) | |||||
Welcia Holdings Co. Ltd. | 5,800 | 205 | ||||
Casio Computer Co. Ltd. | 13,100 | 202 | ||||
Keisei Electric Railway Co. Ltd. | 6,500 | 200 | ||||
Hakuhodo DY Holdings Inc. | 12,600 | 199 | ||||
Matsumotokiyoshi Holdings Co. Ltd. | 4,200 | 194 | ||||
Japan Post Insurance Co. Ltd. | 10,339 | 188 | ||||
Japan Post Bank Co. Ltd. | 21,400 | 187 | ||||
Rinnai Corp. | 1,700 | 183 | ||||
* | SHIFT Inc. | 800 | 182 | |||
Kyushu Railway Co. | 8,000 | 181 | ||||
Nippon Sanso Holdings Corp. | 7,400 | 179 | ||||
Rohto Pharmaceutical Co. Ltd. | 5,700 | 179 | ||||
TechnoPro Holdings Inc. | 6,600 | 177 | ||||
Tokyu Fudosan Holdings Corp. | 30,000 | 174 | ||||
NET One Systems Co. Ltd. | 5,500 | 174 | ||||
USS Co. Ltd. | 10,500 | 173 | ||||
Oracle Corp. Japan | 2,100 | 172 | ||||
Mitsui Fudosan Logistics Park Inc. | 29 | 172 | ||||
Ito En Ltd. | 2,700 | 171 | ||||
Iwatani Corp. | 3,100 | 171 | ||||
Denka Co. Ltd. | 4,700 | 165 | ||||
Japan Prime Realty Investment Corp. | 44 | 164 | ||||
Japan Logistics Fund Inc. | 51 | 163 | ||||
Sekisui House Reit Inc. | 187 | 160 | ||||
Sharp Corp. | 12,000 | 158 | ||||
Tokai Carbon Co. Ltd. | 11,700 | 155 | ||||
Activia Properties Inc. | 37 | 155 | ||||
Itochu Techno-Solutions Corp. | 5,000 | 154 | ||||
Nichirei Corp. | 5,800 | 148 | ||||
JP-Holdings Inc. | 59,800 | 148 | ||||
THK Co. Ltd. | 6,300 | 146 | ||||
Amada Co. Ltd. | 13,900 | 141 | ||||
Tokyo Tatemono Co. Ltd. | 9,000 | 138 | ||||
Tokyo Ohka Kogyo Co. Ltd. | 2,200 | 138 | ||||
Sumitomo Forestry Co. Ltd. | 7,000 | 137 | ||||
Nifco Inc. | 4,300 | 136 | ||||
* | RENOVA Inc. | 3,600 | 135 | |||
Shinsei Bank Ltd. | 10,395 | 129 |
Shares | Market Value• ($000) | |||||
Japan Best Rescue System Co. Ltd. | 13,000 | 129 | ||||
Nihon Kohden Corp. | 3,800 | 128 | ||||
Goldwin Inc. | 2,100 | 128 | ||||
Shinko Electric Industries Co. Ltd. | 3,800 | 128 | ||||
Tokyo Individualized Educational Institute Inc. | 23,400 | 126 | ||||
Morinaga Milk Industry Co. Ltd. | 2,000 | 126 | ||||
Kanamic Network Co. Ltd. | 21,800 | 126 | ||||
Hino Motors Ltd. | 14,300 | 124 | ||||
House Foods Group Inc. | 3,800 | 122 | ||||
Outsourcing Inc. | 7,100 | 121 | ||||
Fancl Corp. | 3,500 | 118 | ||||
Ulvac Inc. | 2,200 | 118 | ||||
Isetan Mitsukoshi Holdings Ltd. | 17,600 | 118 | ||||
J Front Retailing Co. Ltd. | 13,400 | 116 | ||||
Kenedix Residential Next Investment Corp. | 54 | 116 | ||||
Kadokawa Corp. | 2,500 | 115 | ||||
Nippon Accommodations Fund Inc. | 19 | 114 | ||||
Suzuken Co. Ltd. | 3,800 | 113 | ||||
Kewpie Corp. | 4,500 | 111 | ||||
Medipal Holdings Corp. | 5,800 | 111 | ||||
Kenedix Office Investment Corp. | 15 | 110 | ||||
Ain Holdings Inc. | 1,600 | 108 | ||||
Yamazaki Baking Co. Ltd. | 6,600 | 108 | ||||
Cybozu Inc. | 4,700 | 108 | ||||
Mebuki Financial Group Inc. | 47,800 | 107 | ||||
Kagome Co. Ltd. | 4,000 | 106 | ||||
Systena Corp. | 5,200 | 106 | ||||
Comforia Residential REIT Inc. | 33 | 106 | ||||
As One Corp. | 700 | 104 | ||||
Internet Initiative Japan Inc. | 3,000 | 104 | ||||
Kyowa Exeo Corp. | 4,100 | 103 | ||||
JAFCO Group Co. Ltd. | 1,700 | 103 | ||||
Zensho Holdings Co. Ltd. | 4,100 | 102 | ||||
Calbee Inc. | 4,100 | 102 | ||||
Topcon Corp. | 6,000 | 102 | ||||
Nippon Gas Co. Ltd. | 7,100 | 101 | ||||
SCSK Corp. | 1,600 | 101 | ||||
Toyo Corp. | 9,300 | 101 | ||||
Sugi Holdings Co. Ltd. | 1,300 | 100 |
Shares | Market Value• ($000) | |||||
Nomura Real Estate Holdings Inc. | 3,900 | 100 | ||||
Nankai Electric Railway Co. Ltd. | 4,600 | 99 | ||||
GMO internet Inc. | 3,800 | 99 | ||||
Nihon Unisys Ltd. | 3,600 | 98 | ||||
Shimamura Co. Ltd. | 1,100 | 97 | ||||
Hirogin Holdings Inc. | 16,900 | 97 | ||||
Lawson Inc. | 2,000 | 96 | ||||
Tokyo Seimitsu Co. Ltd. | 2,200 | 96 | ||||
K's Holdings Corp. | 8,700 | 95 | ||||
DeNA Co. Ltd. | 5,400 | 95 | ||||
Zenkoku Hosho Co. Ltd. | 2,000 | 95 | ||||
Intage Holdings Inc. | 6,900 | 95 | ||||
Toyo Seikan Group Holdings Ltd. | 6,700 | 93 | ||||
Mori Hills REIT Investment Corp. | 64 | 93 | ||||
Mitsui High-Tec Inc. | 1,600 | 92 | ||||
Frontier Real Estate Investment Corp. | 21 | 91 | ||||
NTT UD REIT Investment Corp. | 63 | 91 | ||||
Hoshino Resorts REIT Inc. | 14 | 90 | ||||
Mitsubishi HC Capital Inc. | 16,460 | 88 | ||||
AEON REIT Investment Corp. | 64 | 88 | ||||
Ezaki Glico Co. Ltd. | 2,300 | 87 | ||||
JCR Pharmaceuticals Co. Ltd. | 3,300 | 87 | ||||
Heiwa Real Estate REIT Inc. | 55 | 85 | ||||
FP Corp. | 2,200 | 84 | ||||
Hulic Reit Inc. | 50 | 84 | ||||
Asahi Holdings Inc. | 4,100 | 83 | ||||
JTEKT Corp. | 9,100 | 82 | ||||
Menicon Co. Ltd. | 1,000 | 82 | ||||
* | Park24 Co. Ltd. | 4,200 | 81 | |||
Ushio Inc. | 4,500 | 81 | ||||
Mitsubishi Estate Logistics REIT Investment Corp. | 17 | 80 | ||||
KFC Holdings Japan Ltd. | 2,900 | 79 | ||||
* | Sanken Electric Co. Ltd. | 1,600 | 79 | |||
cocokara fine Inc. | 1,000 | 79 | ||||
Starts Proceed Investment Corp. | 34 | 79 | ||||
Daido Steel Co. Ltd. | 1,700 | 78 | ||||
* | Fujikura Ltd. | 13,500 | 78 | |||
Sanwa Holdings Corp. | 5,900 | 78 | ||||
Monex Group Inc. | 14,500 | 77 | ||||
AEON Financial Service Co. Ltd. | 6,300 | 74 | ||||
Aica Kogyo Co. Ltd. | 2,200 | 74 | ||||
ADEKA Corp. | 3,400 | 74 |
Shares | Market Value• ($000) | |||||
Acom Co. Ltd. | 19,000 | 73 | ||||
Zeon Corp. | 5,500 | 73 | ||||
Seino Holdings Co. Ltd. | 5,900 | 73 | ||||
Digital Garage Inc. | 1,600 | 73 | ||||
Fukuoka REIT Corp. | 46 | 73 | ||||
Nishi-Nippon Railroad Co. Ltd. | 2,900 | 72 | ||||
Kyushu Financial Group Inc. | 18,500 | 72 | ||||
NEC Networks & System Integration Corp. | 3,800 | 72 | ||||
Toyo Tire Corp. | 4,000 | 71 | ||||
Dowa Holdings Co. Ltd. | 1,600 | 70 | ||||
Hachijuni Bank Ltd. | 20,300 | 70 | ||||
Toagosei Co. Ltd. | 6,100 | 70 | ||||
Nippon Shokubai Co. Ltd. | 1,300 | 69 | ||||
Japan Excellent Inc. | 52 | 69 | ||||
SOSiLA Logistics REIT Inc. | 41 | 69 | ||||
Mirai Corp. | 135 | 69 | ||||
H.U. Group Holdings Inc. | 2,300 | 68 | ||||
Daiseki Co. Ltd. | 1,680 | 68 | ||||
NOK Corp. | 5,500 | 67 | ||||
Kenedix Retail REIT Corp. | 25 | 67 | ||||
Shoei Co. Ltd. | 1,500 | 66 | ||||
Dexerials Corp. | 3,400 | 66 | ||||
One REIT Inc. | 22 | 66 | ||||
NIPPON REIT Investment Corp. | 16 | 66 | ||||
Nippon Kanzai Co. Ltd. | 2,700 | 65 | ||||
Takara Leben Real Estate Investment Corp. | 63 | 65 | ||||
Chugoku Bank Ltd. | 7,900 | 64 | ||||
* | Mitsubishi Motors Corp. | 24,900 | 64 | |||
Pola Orbis Holdings Inc. | 2,900 | 63 | ||||
Daiwa Securities Living Investments Corp. | 56 | 63 | ||||
Iyo Bank Ltd. | 11,600 | 62 | ||||
Ichiyoshi Securities Co. Ltd. | 10,600 | 62 | ||||
Tokyu REIT Inc. | 35 | 62 | ||||
Star Asia Investment Corp. | 114 | 62 | ||||
Fuji Oil Holdings Inc. | 2,700 | 61 | ||||
DMG Mori Co. Ltd. | 3,400 | 61 | ||||
Nagase & Co. Ltd. | 3,700 | 61 | ||||
Takara Bio Inc. | 2,100 | 61 | ||||
CKD Corp. | 2,900 | 61 | ||||
Studio Alice Co. Ltd. | 3,000 | 61 | ||||
Maruichi Steel Tube Ltd. | 2,500 | 61 | ||||
Hankyu Hanshin REIT Inc. | 41 | 61 |
Shares | Market Value• ($000) | |||||
DIC Corp. | 2,100 | 60 | ||||
Furukawa Electric Co. Ltd. | 2,800 | 60 | ||||
BeNext-Yumeshin Group Co. | 5,500 | 60 | ||||
Katitas Co. Ltd. | 1,800 | 60 | ||||
Hitachi Transport System Ltd. | 1,400 | 59 | ||||
Izumi Co. Ltd. | 1,800 | 59 | ||||
Mabuchi Motor Co. Ltd. | 1,700 | 59 | ||||
Hazama Ando Corp. | 7,900 | 59 | ||||
Samty Residential Investment Corp. | 54 | 59 | ||||
Sawai Group Holdings Co. Ltd. | 1,300 | 59 | ||||
Kaneka Corp. | 1,400 | 58 | ||||
Yamaguchi Financial Group Inc. | 9,900 | 58 | ||||
Heiwa Real Estate Co. Ltd. | 1,500 | 58 | ||||
Meitec Corp. | 1,000 | 58 | ||||
Global One Real Estate Investment Corp. | 51 | 58 | ||||
Nishimatsu Construction Co. Ltd. | 1,800 | 57 | ||||
Morinaga & Co. Ltd. | 1,600 | 56 | ||||
GS Yuasa Corp. | 2,400 | 56 | ||||
Daicel Corp. | 6,800 | 55 | ||||
Nippon Kayaku Co. Ltd. | 5,000 | 55 | ||||
Kureha Corp. | 800 | 55 | ||||
Rengo Co. Ltd. | 6,700 | 55 | ||||
Ichigo Office REIT Investment Corp. | 62 | 55 | ||||
OSG Corp. | 3,000 | 54 | ||||
Seven Bank Ltd. | 23,500 | 54 | ||||
MOS Food Services Inc. | 1,800 | 54 | ||||
Itochu Advance Logistics Investment Corp. | 35 | 54 | ||||
* | MedPeer Inc. | 1,400 | 54 | |||
Nippo Corp. | 1,800 | 53 | ||||
Benesse Holdings Inc. | 2,400 | 52 | ||||
Daiichikosho Co. Ltd. | 1,500 | 51 | ||||
Sankyu Inc. | 1,100 | 51 | ||||
en Japan Inc. | 1,500 | 51 | ||||
Kokuyo Co. Ltd. | 2,900 | 51 | ||||
* | Sagami Holdings Corp. | 5,400 | 51 | |||
Aeon Mall Co. Ltd. | 3,300 | 50 | ||||
Takashimaya Co. Ltd. | 5,000 | 50 | ||||
Daiwa Office Investment Corp. | 7 | 50 | ||||
* | Sanrio Co. Ltd. | 2,500 | 50 | |||
Fuji Seal International Inc. | 2,200 | 49 | ||||
Rock Field Co. Ltd. | 3,500 | 49 | ||||
Mitsuuroko Group Holdings Co. Ltd. | 4,100 | 48 |
Shares | Market Value• ($000) | |||||
Mirait Holdings Corp. | 2,400 | 48 | ||||
Sumitomo Rubber Industries Ltd. | 3,900 | 47 | ||||
Information Services International-Dentsu Ltd. | 1,200 | 47 | ||||
Nitto Boseki Co. Ltd. | 1,500 | 47 | ||||
Oro Co. Ltd. | 1,400 | 47 | ||||
Gunma Bank Ltd. | 14,300 | 46 | ||||
Sotetsu Holdings Inc. | 2,300 | 46 | ||||
* | Yoshinoya Holdings Co. Ltd. | 2,500 | 46 | |||
Iriso Electronics Co. Ltd. | 1,100 | 46 | ||||
Fujitsu General Ltd. | 1,800 | 45 | ||||
Daio Paper Corp. | 2,400 | 45 | ||||
Wacoal Holdings Corp. | 2,100 | 44 | ||||
Hioki EE Corp. | 600 | 44 | ||||
Nextage Co. Ltd. | 2,200 | 44 | ||||
Daishi Hokuetsu Financial Group Inc. | 1,800 | 44 | ||||
UT Group Co. Ltd. | 1,600 | 44 | ||||
OKUMA Corp. | 900 | 43 | ||||
Toyoda Gosei Co. Ltd. | 2,000 | 43 | ||||
Yokohama Rubber Co. Ltd. | 2,500 | 43 | ||||
TS Tech Co. Ltd. | 3,200 | 43 | ||||
Colowide Co. Ltd. | 2,700 | 43 | ||||
Ichibanya Co. Ltd. | 1,000 | 43 | ||||
Milbon Co. Ltd. | 700 | 43 | ||||
Optex Group Co. Ltd. | 3,200 | 43 | ||||
Mori Trust Hotel Reit Inc. | 35 | 43 | ||||
Yamato Kogyo Co. Ltd. | 1,100 | 42 | ||||
Musashi Seimitsu Industry Co. Ltd. | 2,400 | 42 | ||||
Fuji Soft Inc. | 800 | 41 | ||||
Takuma Co. Ltd. | 2,700 | 41 | ||||
Enigmo Inc. | 3,100 | 41 | ||||
Pharma Foods International Co. Ltd. | 1,500 | 41 | ||||
* | Oisix ra daichi Inc. | 1,200 | 41 | |||
Aiful Corp. | 12,400 | 40 | ||||
Ariake Japan Co. Ltd. | 700 | 40 | ||||
Kyudenko Corp. | 1,100 | 40 | ||||
Mitsubishi Logistics Corp. | 1,400 | 40 | ||||
Toyobo Co. Ltd. | 3,200 | 40 | ||||
Kiyo Bank Ltd. | 2,700 | 39 | ||||
Nojima Corp. | 1,600 | 39 | ||||
Sumitomo Bakelite Co. Ltd. | 900 | 39 | ||||
Yaoko Co. Ltd. | 600 | 39 | ||||
Artnature Inc. | 6,100 | 39 | ||||
Monogatari Corp. | 700 | 39 | ||||
Juroku Bank Ltd. | 1,800 | 38 | ||||
Nichicon Corp. | 3,800 | 38 |
Shares | Market Value• ($000) | |||||
Okamura Corp. | 2,500 | 38 | ||||
Shiga Bank Ltd. | 2,200 | 38 | ||||
Tadano Ltd. | 3,500 | 38 | ||||
Tokuyama Corp. | 1,900 | 38 | ||||
Megachips Corp. | 1,200 | 37 | ||||
Fujimori Kogyo Co. Ltd. | 900 | 37 | ||||
Shizuoka Gas Co. Ltd. | 3,200 | 37 | ||||
Transcosmos Inc. | 1,200 | 37 | ||||
ValueCommerce Co. Ltd. | 900 | 37 | ||||
Nippon Light Metal Holdings Co. Ltd. | 2,090 | 37 | ||||
KOMEDA Holdings Co. Ltd. | 2,000 | 37 | ||||
Citizen Watch Co. Ltd. | 8,300 | 36 | ||||
Lintec Corp. | 1,600 | 36 | ||||
Chuo Spring Co. Ltd. | 3,600 | 36 | ||||
Kohnan Shoji Co. Ltd. | 1,100 | 36 | ||||
Nisshin Oillio Group Ltd. | 1,300 | 36 | ||||
Toridoll Holdings Corp. | 1,700 | 36 | ||||
Japan Securities Finance Co. Ltd. | 4,700 | 35 | ||||
Toyo Ink SC Holdings Co. Ltd. | 1,900 | 35 | ||||
Anicom Holdings Inc. | 4,400 | 35 | ||||
Nippon Electric Glass Co. Ltd. | 1,600 | 34 | ||||
77 Bank Ltd. | 3,000 | 34 | ||||
Toyota Boshoku Corp. | 1,800 | 34 | ||||
Aiphone Co. Ltd. | 1,700 | 34 | ||||
Awa Bank Ltd. | 1,700 | 34 | ||||
ASKUL Corp. | 2,200 | 34 | ||||
Kisoji Co. Ltd. | 1,600 | 34 | ||||
Ogaki Kyoritsu Bank Ltd. | 1,900 | 34 | ||||
TKC Corp. | 1,000 | 34 | ||||
* | Create Restaurants Holdings Inc. | 4,500 | 34 | |||
RS Technologies Co. Ltd. | 600 | 34 | ||||
Resorttrust Inc. | 1,900 | 33 | ||||
Nipro Corp. | 2,800 | 33 | ||||
Shinwa Co. Ltd. | 1,600 | 33 | ||||
Kurimoto Ltd. | 2,200 | 33 | ||||
Kyokuyo Co. Ltd. | 1,200 | 33 | ||||
Okura Industrial Co. Ltd. | 1,600 | 33 | ||||
San-In Godo Bank Ltd. | 6,400 | 33 | ||||
Fujikura Kasei Co. Ltd. | 6,600 | 32 | ||||
San-Ai Oil Co. Ltd. | 2,600 | 32 | ||||
Maruwa Unyu Kikan Co. Ltd. | 2,400 | 32 | ||||
Base Co. Ltd. | 700 | 32 | ||||
Glory Ltd. | 1,500 | 31 | ||||
NHK Spring Co. Ltd. | 4,300 | 31 | ||||
Megmilk Snow Brand Co. Ltd. | 1,500 | 31 | ||||
Fujibo Holdings Inc. | 800 | 31 |
Shares | Market Value• ($000) | |||||
Hokkoku Bank Ltd. | 1,600 | 31 | ||||
Bank of Nagoya Ltd. | 1,300 | 31 | ||||
S-Pool Inc. | 3,600 | 31 | ||||
Paramount Bed Holdings Co. Ltd. | 1,600 | 31 | ||||
Insource Co. Ltd. | 1,600 | 31 | ||||
Tokyo Electron Device Ltd. | 600 | 30 | ||||
Bank of Okinawa Ltd. | 1,200 | 30 | ||||
* | Royal Holdings Co. Ltd. | 1,700 | 30 | |||
Tsugami Corp. | 2,100 | 30 | ||||
Tokai Tokyo Financial Holdings Inc. | 8,000 | 29 | ||||
Japan Lifeline Co. Ltd. | 2,400 | 29 | ||||
Ines Corp. | 2,000 | 29 | ||||
Organo Corp. | 500 | 29 | ||||
* | Leopalace21 Corp. | 13,500 | 29 | |||
Valor Holdings Co. Ltd. | 1,300 | 29 | ||||
Joyful Honda Co. Ltd. | 2,300 | 29 | ||||
KeePer Technical Laboratory Co. Ltd. | 900 | 29 | ||||
Ichikoh Industries Ltd. | 4,600 | 28 | ||||
Key Coffee Inc. | 1,400 | 28 | ||||
Kumiai Chemical Industry Co. Ltd. | 3,400 | 28 | ||||
Riken Technos Corp. | 5,300 | 28 | ||||
Tsubakimoto Chain Co. | 900 | 28 | ||||
V-Cube Inc. | 1,700 | 28 | ||||
Canon Marketing Japan Inc. | 1,200 | 27 | ||||
Nisshinbo Holdings Inc. | 3,200 | 27 | ||||
Fukui Bank Ltd. | 1,900 | 27 | ||||
Funai Soken Holdings Inc. | 1,100 | 27 | ||||
Fuso Pharmaceutical Industries Ltd. | 1,200 | 27 | ||||
Joshin Denki Co. Ltd. | 1,200 | 27 | ||||
Infocom Corp. | 1,200 | 27 | ||||
Ryoyo Electro Corp. | 1,300 | 27 | ||||
Saibu Gas Holdings Co. Ltd. | 1,200 | 27 | ||||
EM Systems Co. Ltd. | 3,700 | 27 | ||||
CRE Logistics REIT Inc. | 13 | 27 | ||||
* | NTN Corp. | 11,400 | 26 | |||
Hokkan Holdings Ltd. | 2,000 | 26 | ||||
Nippon Seiki Co. Ltd. | 2,300 | 26 | ||||
Ringer Hut Co. Ltd. | 1,300 | 26 | ||||
Sanyo Denki Co. Ltd. | 400 | 26 | ||||
Taikisha Ltd. | 800 | 26 | ||||
MCJ Co. Ltd. | 2,300 | 26 | ||||
TOKAI Holdings Corp. | 3,100 | 26 | ||||
Japan Material Co. Ltd. | 2,300 | 26 | ||||
Hiday Hidaka Corp. | 1,700 | 25 | ||||
Nomura Co. Ltd. | 3,100 | 25 | ||||
North Pacific Bank Ltd. | 10,800 | 25 | ||||
KH Neochem Co. Ltd. | 900 | 25 |
Shares | Market Value• ($000) | |||||
Kintetsu World Express Inc. | 1,000 | 24 | ||||
Fujiya Co. Ltd. | 1,100 | 24 | ||||
Mitsubishi Pencil Co. Ltd. | 1,800 | 24 | ||||
Nissha Co. Ltd. | 1,500 | 24 | ||||
Sumitomo Osaka Cement Co. Ltd. | 900 | 24 | ||||
Toho Holdings Co. Ltd. | 1,400 | 24 | ||||
Earth Corp. | 400 | 24 | ||||
Gree Inc. | 4,000 | 24 | ||||
Itoham Yonekyu Holdings Inc. | 3,400 | 23 | ||||
Belluna Co. Ltd. | 3,100 | 23 | ||||
IDOM Inc. | 2,700 | 23 | ||||
Daiwabo Holdings Co. Ltd. | 1,200 | 23 | ||||
Eizo Corp. | 600 | 23 | ||||
Mandom Corp. | 1,500 | 23 | ||||
Tocalo Co. Ltd. | 1,900 | 23 | ||||
Riken Keiki Co. Ltd. | 900 | 23 | ||||
Ryoden Corp. | 1,400 | 23 | ||||
Daito Pharmaceutical Co. Ltd. | 700 | 23 | ||||
TechMatrix Corp. | 1,300 | 23 | ||||
* | Atom Corp. | 3,000 | 22 | |||
Furuno Electric Co. Ltd. | 2,200 | 22 | ||||
Mitsui-Soko Holdings Co. Ltd. | 900 | 22 | ||||
Nippon Densetsu Kogyo Co. Ltd. | 1,300 | 22 | ||||
Okasan Securities Group Inc. | 5,900 | 22 | ||||
Torishima Pump Manufacturing Co. Ltd. | 2,600 | 22 | ||||
Yokowo Co. Ltd. | 900 | 22 | ||||
* | UACJ Corp. | 900 | 22 | |||
KYORIN Holdings Inc. | 1,300 | 22 | ||||
Bell System24 Holdings Inc. | 1,500 | 22 | ||||
Nippon Paper Industries Co. Ltd. | 1,900 | 21 | ||||
* | Chuetsu Pulp & Paper Co. Ltd. | 1,900 | 21 | |||
Nagaileben Co. Ltd. | 900 | 21 | ||||
Nihon Parkerizing Co. Ltd. | 2,000 | 21 | ||||
Seiren Co. Ltd. | 1,200 | 21 | ||||
Toshiba TEC Corp. | 500 | 21 | ||||
Topre Corp. | 1,700 | 21 | ||||
* | Istyle Inc. | 5,500 | 21 | |||
Japan Aviation Electronics Industry Ltd. | 1,400 | 20 | ||||
Aomori Bank Ltd. | 1,000 | 20 | ||||
Cosel Co. Ltd. | 2,100 | 20 | ||||
Enplas Corp. | 700 | 20 |
Shares | Market Value• ($000) | |||||
CMIC Holdings Co. Ltd. | 1,500 | 20 | ||||
Nippon Suisan Kaisha Ltd. | 3,600 | 20 | ||||
Showa Sangyo Co. Ltd. | 800 | 20 | ||||
Takihyo Co. Ltd. | 1,200 | 20 | ||||
SB Technology Corp. | 700 | 20 | ||||
gremz Inc. | 800 | 20 | ||||
Koa Corp. | 1,300 | 19 | ||||
Kyodo Printing Co. Ltd. | 800 | 19 | ||||
Matsuda Sangyo Co. Ltd. | 700 | 19 | ||||
Mizuno Corp. | 800 | 19 | ||||
Noritake Co. Ltd. | 500 | 19 | ||||
Nippon Thompson Co. Ltd. | 3,600 | 19 | ||||
Noritsu Koki Co. Ltd. | 900 | 19 | ||||
Riso Kagaku Corp. | 900 | 19 | ||||
* | Toho Co. Ltd. (Kobe) | 1,300 | 19 | |||
Alpen Co. Ltd. | 600 | 19 | ||||
Restar Holdings Corp. | 1,100 | 19 | ||||
Exedy Corp. | 1,200 | 18 | ||||
Maeda Road Construction Co. Ltd. | 1,100 | 18 | ||||
Argo Graphics Inc. | 600 | 18 | ||||
Alpha Systems Inc. | 500 | 18 | ||||
* | United Arrows Ltd. | 1,100 | 18 | |||
* | Descente Ltd. | 600 | 18 | |||
Roland DG Corp. | 700 | 18 | ||||
Adastria Co. Ltd. | 1,100 | 18 | ||||
Hanwa Co. Ltd. | 600 | 18 | ||||
Kato Sangyo Co. Ltd. | 600 | 18 | ||||
Keihanshin Building Co. Ltd. | 1,300 | 18 | ||||
Achilles Corp. | 1,500 | 18 | ||||
Nanto Bank Ltd. | 1,000 | 18 | ||||
Nissin Corp. | 1,300 | 18 | ||||
Senko Group Holdings Co. Ltd. | 2,100 | 18 | ||||
Totetsu Kogyo Co. Ltd. | 800 | 18 | ||||
Toyo Kanetsu KK | 800 | 18 | ||||
Takamiya Co. Ltd. | 4,200 | 18 | ||||
Create SD Holdings Co. Ltd. | 500 | 18 | ||||
* | Vision Inc. | 1,600 | 18 | |||
Ebase Co. Ltd. | 2,600 | 18 | ||||
Mori Trust Sogo Reit Inc. | 12 | 17 | ||||
Nishi-Nippon Financial Holdings Inc. | 2,700 | 17 | ||||
Fujimi Inc. | 300 | 17 | ||||
Mochida Pharmaceutical Co. Ltd. | 500 | 17 | ||||
Mitsubishi Logisnext Co. Ltd. | 1,900 | 17 | ||||
Noritz Corp. | 1,000 | 17 | ||||
Daihen Corp. | 400 | 17 | ||||
Shinko Shoji Co. Ltd. | 2,400 | 17 |
Shares | Market Value• ($000) | |||||
SWCC Showa Holdings Co. Ltd. | 800 | 17 | ||||
Japan Transcity Corp. | 3,200 | 17 | ||||
Pasona Group Inc. | 700 | 17 | ||||
Broadleaf Co. Ltd. | 3,600 | 17 | ||||
Fujio Food Group Inc. | 1,400 | 17 | ||||
GMO GlobalSign Holdings KK | 400 | 17 | ||||
Okumura Corp. | 600 | 16 | ||||
Aichi Bank Ltd. | 500 | 16 | ||||
BML Inc. | 400 | 16 | ||||
Future Corp. | 700 | 16 | ||||
Eiken Chemical Co. Ltd. | 800 | 16 | ||||
Fuso Chemical Co. Ltd. | 400 | 16 | ||||
Marudai Food Co. Ltd. | 1,000 | 16 | ||||
Musashino Bank Ltd. | 1,000 | 16 | ||||
Ryosan Co. Ltd. | 800 | 16 | ||||
Yokogawa Bridge Holdings Corp. | 800 | 16 | ||||
Mizuho Leasing Co. Ltd. | 500 | 16 | ||||
Tokushu Tokai Paper Co. Ltd. | 400 | 16 | ||||
* | Open Door Inc. | 800 | 16 | |||
Proto Corp. | 1,200 | 16 | ||||
Maxvalu Tokai Co. Ltd. | 700 | 16 | ||||
Maruzen Showa Unyu Co. Ltd. | 500 | 15 | ||||
Nitta Corp. | 600 | 15 | ||||
Oiles Corp. | 1,000 | 15 | ||||
ST Corp. | 900 | 15 | ||||
Sumida Corp. | 1,300 | 15 | ||||
Sumitomo Warehouse Co. Ltd. | 900 | 15 | ||||
Kyokuto Securities Co. Ltd. | 2,000 | 15 | ||||
JCU Corp. | 400 | 15 | ||||
Japan Medical Dynamic Marketing Inc. | 700 | 15 | ||||
ASKA Pharmaceutical Holdings Co. Ltd. | 1,600 | 15 | ||||
Autobacs Seven Co. Ltd. | 1,000 | 14 | ||||
Tomy Co. Ltd. | 1,400 | 14 | ||||
Avex Inc. | 1,000 | 14 | ||||
Hodogaya Chemical Co. Ltd. | 300 | 14 | ||||
Hokuto Corp. | 800 | 14 | ||||
* | Nippon Chemi-Con Corp. | 700 | 14 | |||
Shibuya Corp. | 500 | 14 | ||||
Tachibana Eletech Co. Ltd. | 1,000 | 14 | ||||
Takasago Thermal Engineering Co. Ltd. | 700 | 14 | ||||
Yodogawa Steel Works Ltd. | 600 | 14 | ||||
Yonex Co. Ltd. | 2,000 | 14 |
Shares | Market Value• ($000) | |||||
Fuyo General Lease Co. Ltd. | 200 | 14 | ||||
World Holdings Co. Ltd. | 600 | 14 | ||||
Koshidaka Holdings Co. Ltd. | 2,800 | 14 | ||||
Linical Co. Ltd. | 1,900 | 14 | ||||
* | TerraSky Co. Ltd. | 700 | 14 | |||
Ubicom Holdings Inc. | 500 | 14 | ||||
Nippon Rietec Co. Ltd. | 900 | 14 | ||||
Happinet Corp. | 1,000 | 13 | ||||
Toppan Forms Co. Ltd. | 1,400 | 13 | ||||
Keiyo Bank Ltd. | 3,100 | 13 | ||||
Daiichi Jitsugyo Co. Ltd. | 300 | 13 | ||||
Fukushima Galilei Co. Ltd. | 300 | 13 | ||||
Kaga Electronics Co. Ltd. | 500 | 13 | ||||
Nichi-iko Pharmaceutical Co. Ltd. | 1,700 | 13 | ||||
Dip Corp. | 400 | 13 | ||||
NS United Kaiun Kaisha Ltd. | 400 | 13 | ||||
Shin Nippon Air Technologies Co. Ltd. | 600 | 13 | ||||
Tochigi Bank Ltd. | 8,000 | 13 | ||||
* | WATAMI Co. Ltd. | 1,500 | 13 | |||
Yushin Precision Equipment Co. Ltd. | 1,700 | 13 | ||||
Zojirushi Corp. | 800 | 13 | ||||
Ohara Inc. | 1,100 | 13 | ||||
JAC Recruitment Co. Ltd. | 800 | 13 | ||||
TOMONY Holdings Inc. | 4,400 | 13 | ||||
ARTERIA Networks Corp. | 800 | 13 | ||||
* | Heroz Inc. | 700 | 13 | |||
Geo Holdings Corp. | 1,100 | 12 | ||||
Elematec Corp. | 1,200 | 12 | ||||
Hosokawa Micron Corp. | 200 | 12 | ||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 800 | 12 | ||||
Kyosan Electric Manufacturing Co. Ltd. | 2,800 | 12 | ||||
Nichiha Corp. | 400 | 12 | ||||
Hyakugo Bank Ltd. | 4,200 | 12 | ||||
Tosei Corp. | 1,100 | 12 | ||||
Shimizu Bank Ltd. | 800 | 12 | ||||
Tachi-S Co. Ltd. | 1,000 | 12 | ||||
Unipres Corp. | 1,400 | 12 | ||||
Starzen Co. Ltd. | 600 | 12 | ||||
Duskin Co. Ltd. | 500 | 12 | ||||
Hirata Corp. | 200 | 12 | ||||
Maruha Nichiro Corp. | 500 | 12 | ||||
Macromill Inc. | 1,700 | 12 | ||||
Moriroku Holdings Co. Ltd. | 600 | 12 | ||||
Relia Inc. | 1,000 | 11 |
Shares | Market Value• ($000) | |||||
Teikoku Electric Manufacturing Co. Ltd. | 900 | 11 | ||||
Ehime Bank Ltd. | 1,600 | 11 | ||||
* | FDK Corp. | 1,000 | 11 | |||
Axial Retailing Inc. | 300 | 11 | ||||
Kansai Super Market Ltd. | 800 | 11 | ||||
Kenko Mayonnaise Co. Ltd. | 800 | 11 | ||||
Kita-Nippon Bank Ltd. | 800 | 11 | ||||
Komatsu Matere Co. Ltd. | 1,200 | 11 | ||||
Halows Co. Ltd. | 400 | 11 | ||||
Ichigo Inc. | 3,400 | 11 | ||||
Nichiden Corp. | 500 | 11 | ||||
Nippon Koei Co. Ltd. | 400 | 11 | ||||
Okamoto Industries Inc. | 300 | 11 | ||||
Prima Meat Packers Ltd. | 400 | 11 | ||||
T-Gaia Corp. | 600 | 11 | ||||
Shikoku Bank Ltd. | 1,600 | 11 | ||||
Shima Seiki Manufacturing Ltd. | 600 | 11 | ||||
Taiyo Holdings Co. Ltd. | 200 | 11 | ||||
Pack Corp. | 400 | 11 | ||||
Toho Bank Ltd. | 5,700 | 11 | ||||
Union Tool Co. | 300 | 11 | ||||
San ju San Financial Group Inc. | 800 | 11 | ||||
Feed One Co. Ltd. | 1,580 | 11 | ||||
Osaka Organic Chemical Industry Ltd. | 300 | 11 | ||||
Direct Marketing MiX Inc. | 300 | 11 | ||||
Bank of Saga Ltd. | 800 | 10 | ||||
Belc Co. Ltd. | 200 | 10 | ||||
DyDo Group Holdings Inc. | 200 | 10 | ||||
Idec Corp. | 500 | 10 | ||||
Maeda Corp. | 1,400 | 10 | ||||
Matsuyafoods Holdings Co. Ltd. | 300 | 10 | ||||
Nissin Electric Co. Ltd. | 900 | 10 | ||||
Valqua Ltd. | 500 | 10 | ||||
Hyakujushi Bank Ltd. | 700 | 10 | ||||
Honeys Holdings Co. Ltd. | 1,000 | 10 | ||||
Sekisui Jushi Corp. | 500 | 10 | ||||
Shibaura Machine Co. Ltd. | 400 | 10 | ||||
Mie Kotsu Group Holdings Inc. | 2,300 | 10 | ||||
YAMABIKO Corp. | 900 | 10 | ||||
Matsui Securities Co. Ltd. | 1,300 | 9 | ||||
SKY Perfect JSAT Holdings Inc. | 2,300 | 9 |
Shares | Market Value• ($000) | |||||
* | CMK Corp. | 2,400 | 9 | |||
MTI Ltd. | 1,400 | 9 | ||||
Miyazaki Bank Ltd. | 500 | 9 | ||||
* | PIA Corp. | 300 | 9 | |||
Anest Iwata Corp. | 1,000 | 9 | ||||
Kojima Co. Ltd. | 1,500 | 9 | ||||
Marvelous Inc. | 1,400 | 9 | ||||
Neturen Co. Ltd. | 1,500 | 9 | ||||
TPR Co. Ltd. | 700 | 9 | ||||
Tokai Corp. | 400 | 9 | ||||
Tsurumi Manufacturing Co. Ltd. | 600 | 9 | ||||
Uchida Yoko Co. Ltd. | 200 | 9 | ||||
Doutor Nichires Holdings Co. Ltd. | 600 | 9 | ||||
Senshu Ikeda Holdings Inc. | 5,700 | 9 | ||||
* | CHIMNEY Co. Ltd. | 700 | 9 | |||
* | World Co. Ltd. | 700 | 9 | |||
Fixstars Corp. | 1,200 | 9 | ||||
Central Glass Co. Ltd. | 400 | 8 | ||||
Chugoku Marine Paints Ltd. | 1,000 | 8 | ||||
Dai Nippon Toryo Co. Ltd. | 1,000 | 8 | ||||
V Technology Co. Ltd. | 200 | 8 | ||||
Piolax Inc. | 600 | 8 | ||||
Koatsu Gas Kogyo Co. Ltd. | 1,200 | 8 | ||||
Michinoku Bank Ltd. | 1,000 | 8 | ||||
Nippon Signal Co. Ltd. | 1,000 | 8 | ||||
Okinawa Electric Power Co. Inc. | 630 | 8 | ||||
Pacific Metals Co. Ltd. | 500 | 8 | ||||
Riken Vitamin Co. Ltd. | 500 | 8 | ||||
Sinko Industries Ltd. | 400 | 8 | ||||
SMK Corp. | 400 | 8 | ||||
Toa Corp. | 400 | 8 | ||||
Towa Bank Ltd. | 1,700 | 8 | ||||
Towa Pharmaceutical Co. Ltd. | 300 | 8 | ||||
Nisso Corp. | 1,200 | 8 | ||||
Orient Corp. | 5,000 | 7 | ||||
Advan Group Co. Ltd. | 800 | 7 | ||||
* | J Trust Co. Ltd. | 2,100 | 7 | |||
* | Daisyo Corp. | 800 | 7 | |||
Godo Steel Ltd. | 500 | 7 | ||||
* | KNT-CT Holdings Co. Ltd. | 600 | 7 | |||
Miroku Jyoho Service Co. Ltd. | 500 | 7 | ||||
Okuwa Co. Ltd. | 700 | 7 | ||||
Dai-Dan Co. Ltd. | 300 | 7 | ||||
Raito Kogyo Co. Ltd. | 400 | 7 | ||||
* | Gurunavi Inc. | 1,600 | 7 | |||
Solasto Corp. | 500 | 7 |
Shares | Market Value• ($000) | |||||
Grace Technology Inc. | 600 | 7 | ||||
Chukyo Bank Ltd. | 500 | 6 | ||||
Computer Engineering & Consulting Ltd. | 400 | 6 | ||||
PAL GROUP Holdings Co. Ltd. | 400 | 6 | ||||
Sumitomo Mitsui Construction Co. Ltd. | 1,300 | 6 | ||||
Nippon Soda Co. Ltd. | 200 | 6 | ||||
Oki Electric Industry Co. Ltd. | 700 | 6 | ||||
Pacific Industrial Co. Ltd. | 500 | 6 | ||||
Digital Holdings Inc. | 400 | 6 | ||||
Sanoh Industrial Co. Ltd. | 600 | 6 | ||||
Shinmaywa Industries Ltd. | 700 | 6 | ||||
Taki Chemical Co. Ltd. | 100 | 6 | ||||
* | Japan Display Inc. | 19,700 | 6 | |||
H2O Retailing Corp. | 700 | 5 | ||||
* | Akebono Brake Industry Co. Ltd. | 2,700 | 5 | |||
Chiyoda Integre Co. Ltd. | 300 | 5 | ||||
Gakken Holdings Co. Ltd. | 400 | 5 | ||||
Kanamoto Co. Ltd. | 200 | 5 | ||||
Kanematsu Corp. | 400 | 5 | ||||
Nitto Kogyo Corp. | 300 | 5 | ||||
Ohsho Food Service Corp. | 100 | 5 | ||||
Obara Group Inc. | 100 | 4 | ||||
Gunze Ltd. | 100 | 4 | ||||
Seiko Holdings Corp. | 200 | 4 | ||||
Kameda Seika Co. Ltd. | 100 | 4 | ||||
Sangetsu Corp. | 300 | 4 | ||||
Toho Zinc Co. Ltd. | 200 | 4 | ||||
* | Nippon Sheet Glass Co. Ltd. | 600 | 3 | |||
Press Kogyo Co. Ltd. | 1,000 | 3 | ||||
Yahagi Construction Co. Ltd. | 500 | 3 | ||||
Qol Holdings Co. Ltd. | 200 | 3 | ||||
KAWADA TECHNOLOGIES Inc. | 100 | 3 | ||||
Sankyo Tateyama Inc. | 500 | 3 | ||||
Futaba Industrial Co. Ltd. | 500 | 2 | ||||
Riken Corp. | 100 | 2 | ||||
Tamron Co. Ltd. | 100 | 2 | ||||
426,744 | ||||||
Kuwait (0.2%) | ||||||
National Bank of Kuwait SAKP | 654,043 | 2,035 | ||||
Kuwait Finance House KSCP | 298,856 | 821 |
Shares | Market Value• ($000) | |||||
Agility Public Warehousing Co. KSC | 125,581 | 417 | ||||
Mobile Telecommunications Co. KSCP | 153,049 | ��� 311 | ||||
Mabanee Co. KPSC | 67,788 | 174 | ||||
* | Warba Bank KSCP | 159,738 | 142 | |||
Gulf Bank KSCP | 156,761 | 125 | ||||
Qurain Petrochemical Industries Co. | 66,443 | 85 | ||||
* | National Industries Group Holding SAK | 100,890 | 77 | |||
* | Kuwait International Bank KSCP | 100,405 | 75 | |||
* | Alimtiaz Investment Group KSC | 155,614 | 64 | |||
* | Integrated Holding Co. KCSC | 46,810 | 58 | |||
Burgan Bank SAK | 67,573 | 51 | ||||
4,435 | ||||||
Malaysia (0.5%) | ||||||
Public Bank Bhd. | 1,530,500 | 1,539 | ||||
Malayan Banking Bhd. | 568,900 | 1,149 | ||||
CIMB Group Holdings Bhd. | 703,700 | 831 | ||||
Tenaga Nasional Bhd. | 216,700 | 545 | ||||
Press Metal Aluminium Holdings Bhd. | 388,600 | 505 | ||||
Top Glove Corp. Bhd. | 503,900 | 485 | ||||
Petronas Chemicals Group Bhd. | 240,600 | 480 | ||||
Axiata Group Bhd. | 427,500 | 426 | ||||
DiGi.Com Bhd. | 343,300 | 363 | ||||
IHH Healthcare Bhd. | 215,400 | 331 | ||||
Hong Leong Bank Bhd. | 64,700 | 299 | ||||
Maxis Bhd. | 250,200 | 282 | ||||
IGB REIT | 674,100 | 275 | ||||
MISC Bhd. | 150,774 | 262 | ||||
PPB Group Bhd. | 58,800 | 262 | ||||
Hartalega Holdings Bhd. | 134,900 | 239 | ||||
Sime Darby Plantation Bhd. | 235,400 | 228 | ||||
IOI Corp. Bhd. | 227,000 | 225 | ||||
* | AMMB Holdings Bhd. | 283,400 | 207 | |||
Sime Darby Bhd. | 364,000 | 206 | ||||
ViTrox Corp. Bhd. | 40,100 | 181 | ||||
Kuala Lumpur Kepong Bhd. | 33,000 | 170 | ||||
TIME dotCom Bhd. | 149,400 | 166 | ||||
RHB Bank Bhd. | 120,800 | 163 | ||||
Alliance Bank Malaysia Bhd. | 261,000 | 161 | ||||
Nestle Malaysia Bhd. | 4,900 | 159 | ||||
Inari Amertron Bhd. | 180,600 | 150 | ||||
Petronas Gas Bhd. | 36,800 | 149 |
Shares | Market Value• ($000) | |||||
AEON Credit Service M Bhd. | 50,900 | 148 | ||||
Bermaz Auto Bhd. | 364,300 | 143 | ||||
HAP Seng Consolidated Bhd. | 67,400 | 138 | ||||
Bursa Malaysia Bhd. | 75,400 | 136 | ||||
Supermax Corp. Bhd. | 152,208 | 121 | ||||
Mega First Corp. Bhd. | 141,200 | 121 | ||||
Malaysian Pacific Industries Bhd. | 11,400 | 121 | ||||
* | Gamuda Bhd. | 165,200 | 120 | |||
IJM Corp. Bhd. | 260,700 | 118 | ||||
Frontken Corp. Bhd. | 144,600 | 118 | ||||
* | Malaysia Airports Holdings Bhd. | 73,200 | 117 | |||
VS Industry Bhd. | 328,200 | 114 | ||||
Pentamaster Corp. Bhd. | 87,050 | 111 | ||||
My EG Services Bhd. | 239,800 | 107 | ||||
Telekom Malaysia Bhd. | 70,582 | 104 | ||||
QL Resources Bhd. | 74,800 | 100 | ||||
D&O Green Technologies Bhd. | 67,500 | 85 | ||||
Kossan Rubber Industries | 110,400 | 82 | ||||
Genting Plantations Bhd. | 41,700 | 77 | ||||
Malakoff Corp. Bhd. | 352,700 | 75 | ||||
Yinson Holdings Bhd. | 61,400 | 72 | ||||
Westports Holdings Bhd. | 66,500 | 70 | ||||
Hong Leong Financial Group Bhd. | 15,600 | 68 | ||||
IOI Properties Group Bhd. | 218,300 | 67 | ||||
UWC Bhd. | 49,800 | 66 | ||||
KPJ Healthcare Bhd. | 267,700 | 64 | ||||
Scientex Bhd. | 59,100 | 64 | ||||
Malaysia Building Society Bhd. | 382,200 | 59 | ||||
Padini Holdings Bhd. | 73,900 | 56 | ||||
Sunway Bhd. | 125,200 | 54 | ||||
Sime Darby Property Bhd. | 330,100 | 49 | ||||
* | AirAsia Group Bhd. | 173,000 | 38 | |||
YTL Power International Bhd. | 210,700 | 36 | ||||
* | YTL Corp. Bhd. | 215,863 | 35 | |||
Muhibbah Engineering M Bhd. | 155,300 | 35 | ||||
Cahya Mata Sarawak Bhd. | 102,500 | 31 | ||||
FGV Holdings Bhd. | 86,200 | 31 | ||||
Fraser & Neave Holdings Bhd. | 4,400 | 30 | ||||
* | Pos Malaysia Bhd. | 148,200 | 28 | |||
Malaysian Resources Corp. Bhd. | 157,800 | 15 |
Shares | Market Value• ($000) | |||||
* | SP Setia Bhd. Group | 54,100 | 15 | |||
* | UEM Sunrise Bhd. | 131,300 | 12 | |||
Astro Malaysia Holdings Bhd. | 44,400 | 12 | ||||
Leong Hup International Bhd. | 68,700 | 11 | ||||
* | WCT Holdings Bhd. | 75,548 | 10 | |||
13,722 | ||||||
Mexico (0.7%) | ||||||
America Movil SAB de CV Series L | 3,582,241 | 3,526 | ||||
Grupo Financiero Banorte SAB de CV | 361,100 | 2,384 | ||||
Fomento Economico Mexicano SAB de CV | 255,623 | 2,226 | ||||
Wal-Mart de Mexico SAB de CV | 600,900 | 2,138 | ||||
* | Cemex SAB de CV | 1,863,200 | 1,531 | |||
Grupo Bimbo SAB de CV Series A Class A | 459,834 | 1,164 | ||||
1 | Macquarie Mexico Real Estate Management SA de CV | 555,063 | 719 | |||
PLA Administradora Industrial S de RL de CV | 284,900 | 450 | ||||
* | Grupo Aeroportuario del Pacifico SAB de CV Class B | 23,900 | 278 | |||
Grupo Elektra SAB de CV | 3,455 | 275 | ||||
Fibra Uno Administracion SA de CV | 214,600 | 244 | ||||
* | Grupo Aeroportuario del Sureste SAB de CV Class B | 12,900 | 232 | |||
* | Controladora Vuela Cia de Aviacion SAB de CV Class A | 81,500 | 163 | |||
Orbia Advance Corp. SAB de CV | 51,600 | 147 | ||||
Grupo Herdez SAB de CV Series BLANK | 65,700 | 142 | ||||
Gruma SAB de CV Class B | 11,925 | 136 | ||||
* | Grupo Financiero Inbursa SAB de CV | 130,700 | 125 | |||
* | Grupo Aeroportuario del Centro Norte SAB de CV Class B | 20,253 | 122 | |||
* | Industrias Penoles SAB de CV | 7,930 | 112 | |||
Coca-Cola Femsa SAB de CV | 18,285 | 106 | ||||
Regional SAB de CV | 14,000 | 86 | ||||
Arca Continental SAB de CV | 12,900 | 83 |
Shares | Market Value• ($000) | |||||
Grupo Carso SAB de CV Series A1 | 23,600 | 80 | ||||
1 | Banco del Bajio SA | 41,500 | 79 | |||
Prologis Property Mexico SA de CV | 32,474 | 75 | ||||
Bolsa Mexicana de Valores SAB de CV | 33,500 | 69 | ||||
* | Telesites SAB de CV | 75,400 | 69 | |||
GCC SAB de CV | 7,900 | 64 | ||||
* | Alsea SAB de CV | 29,400 | 58 | |||
Kimberly-Clark de Mexico SAB de CV Class A | 30,500 | 54 | ||||
La Comer SAB de CV | 30,000 | 54 | ||||
Corp. Inmobiliaria Vesta SAB de CV | 26,400 | 49 | ||||
Qualitas Controladora SAB de CV | 9,100 | 43 | ||||
* | Gentera SAB de CV | 76,600 | 42 | |||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 34,300 | 40 | ||||
* | Genomma Lab Internacional SAB de CV Class B | 40,500 | 39 | |||
* | Grupo Rotoplas SAB de CV | 21,769 | 36 | |||
Concentradora Fibra Danhos SA de CV | 25,700 | 32 | ||||
* | Axtel SAB de CV | 100,863 | 29 | |||
* | Unifin Financiera SAB de CV | 20,124 | 29 | |||
* | Credito Real SAB de CV SOFOM ER | 35,500 | 27 | |||
El Puerto de Liverpool SAB de CV | 5,800 | 26 | ||||
Grupo Comercial Chedraui SA de CV | 16,200 | 25 | ||||
Grupo Lala SAB de CV Class B | 22,900 | 20 | ||||
*,1 | Nemak SAB de CV | 33,200 | 11 | |||
17,439 | ||||||
Netherlands (3.6%) | ||||||
ASML Holding NV | 41,924 | 34,964 | ||||
*,1 | Adyen NV | 2,970 | 9,599 | |||
* | Prosus NV | 92,082 | 8,151 | |||
ING Groep NV | 414,303 | 5,715 | ||||
Koninklijke Philips NV | 98,109 | 4,521 | ||||
Koninklijke DSM NV | 19,503 | 4,152 | ||||
Koninklijke Ahold Delhaize NV | 107,563 | 3,629 | ||||
Wolters Kluwer NV | 31,538 | 3,627 | ||||
Akzo Nobel NV | 22,509 | 2,774 | ||||
ASM International NV | 5,507 | 2,137 | ||||
IMCD NV | 9,175 | 1,807 |
Shares | Market Value• ($000) | |||||
3 | NN Group NV | 29,134 | 1,511 | |||
Koninklijke KPN NV | 440,307 | 1,410 | ||||
Randstad NV | 16,729 | 1,232 | ||||
ASR Nederland NV | 21,745 | 994 | ||||
3 | Aegon NV | 178,383 | 881 | |||
TKH Group NV NA | 10,296 | 631 | ||||
1 | Signify NV | 9,152 | 513 | |||
BE Semiconductor Industries NV | 5,325 | 484 | ||||
*,1 | ABN AMRO Bank NV NA | 29,805 | 415 | |||
* | Galapagos NV | 5,739 | 339 | |||
Koninklijke Vopak NV | 7,388 | 320 | ||||
Corbion NV | 3,441 | 185 | ||||
Boskalis Westminster | 4,957 | 163 | ||||
PostNL NV | 26,890 | 141 | ||||
APERAM SA | 2,130 | 131 | ||||
*,1 | Basic-Fit NV | 2,409 | 112 | |||
* | OCI NV | 4,004 | 98 | |||
Eurocommercial Properties NV NA | 3,206 | 81 | ||||
1 | GrandVision NV | 2,361 | 79 | |||
*,1 | Intertrust NV | 3,923 | 61 | |||
1 | Flow Traders | 1,304 | 53 | |||
* | Sligro Food Group NV | 1,092 | 31 | |||
NSI NV | 625 | 26 | ||||
*,1 | Alfen Beheer BV | 239 | 26 | |||
Vastned Retail NV | 701 | 20 | ||||
* | Accell Group NV | 378 | 18 | |||
Wereldhave NV | 895 | 14 | ||||
* | TomTom NV | 1,235 | 10 | |||
91,055 | ||||||
New Zealand (0.3%) | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 70,998 | 1,657 | ||||
Spark New Zealand Ltd. | 359,402 | 1,234 | ||||
* | Auckland International Airport Ltd. | 193,420 | 983 | |||
Contact Energy Ltd. | 159,905 | 918 | ||||
Meridian Energy Ltd. | 129,247 | 477 | ||||
* | a2 Milk Co. Ltd. | 104,239 | 444 | |||
Ryman Healthcare Ltd. | 22,205 | 243 | ||||
Fletcher Building Ltd. | 41,932 | 221 | ||||
Mercury NZ Ltd. | 45,847 | 215 | ||||
Infratil Ltd. | 30,393 | 160 | ||||
Precinct Properties New Zealand Ltd. | 114,569 | 138 | ||||
EBOS Group Ltd. | 5,104 | 129 | ||||
Chorus Ltd. | 24,295 | 120 | ||||
* | Pushpay Holdings Ltd. | 74,424 | 93 | |||
Summerset Group Holdings Ltd. | 7,897 | 84 | ||||
Argosy Property Ltd. | 68,829 | 80 | ||||
Goodman Property Trust | 41,081 | 75 | ||||
Kiwi Property Group Ltd. | 80,968 | 66 |
Shares | Market Value• ($000) | |||||
Heartland Group Holdings Ltd. | 36,880 | 60 | ||||
Vital Healthcare Property Trust | 24,388 | 57 | ||||
Freightways Ltd. | 4,706 | 42 | ||||
Skellerup Holdings Ltd. | 10,567 | 41 | ||||
* | Pacific Edge Ltd. | 33,079 | 33 | |||
Kathmandu Holdings Ltd. | 32,990 | 32 | ||||
* | Air New Zealand Ltd. | 26,170 | 28 | |||
Arvida Group Ltd. | 11,767 | 17 | ||||
* | Vista Group International Ltd. | 9,316 | 16 | |||
* | Tourism Holdings Ltd. | 8,218 | 14 | |||
Scales Corp. Ltd. | 3,089 | 11 | ||||
* | Synlait Milk Ltd. | 1,759 | 4 | |||
7,692 | ||||||
Norway (0.6%) | ||||||
DNB Bank ASA | 117,008 | 2,470 | ||||
Mowi ASA | 59,531 | 1,595 | ||||
Norsk Hydro ASA | 217,596 | 1,502 | ||||
Telenor ASA | 79,620 | 1,395 | ||||
Yara International ASA | 27,140 | 1,363 | ||||
TOMRA Systems ASA | 18,621 | 1,144 | ||||
Storebrand ASA | 108,842 | 966 | ||||
* | Nordic Semiconductor ASA | 25,369 | 825 | |||
Schibsted ASA Class B | 8,725 | 405 | ||||
* | Adevinta ASA | 15,939 | 321 | |||
Bakkafrost P/F | 3,548 | 312 | ||||
Schibsted ASA Class A | 5,831 | 311 | ||||
* | NEL ASA | 187,791 | 308 | |||
1 | Scatec ASA | 13,230 | 273 | |||
1 | Entra ASA | 9,765 | 221 | |||
Salmar ASA | 2,436 | 163 | ||||
Gjensidige Forsikring ASA | 5,807 | 136 | ||||
Borregaard ASA | 4,990 | 130 | ||||
Bank Norwegian ASA | 9,711 | 115 | ||||
Aker ASA Class A | 1,171 | 84 | ||||
SpareBank 1 SR-Bank ASA | 6,069 | 82 | ||||
SpareBank 1 SMN | 5,532 | 79 | ||||
1 | BW LPG Ltd. | 13,046 | 69 | |||
* | Atea ASA | 3,166 | 65 | |||
*,1 | Crayon Group Holding ASA | 3,375 | 65 | |||
Leroy Seafood Group ASA | 5,955 | 53 | ||||
1 | Sbanken ASA | 3,743 | 44 | |||
Veidekke ASA | 3,082 | 40 | ||||
* | Frontline Ltd. | 4,078 | 29 | |||
* | Hexagon Composites ASA | 6,571 | 25 | |||
Austevoll Seafood ASA | 1,525 | 20 |
Shares | Market Value• ($000) | |||||
*,1 | Elkem ASA | 4,052 | 17 | |||
* | Grieg Seafood ASA | 1,064 | 11 | |||
14,638 | ||||||
Pakistan (0.0%) | ||||||
Searle Co. Ltd. | 77,215 | 106 | ||||
* | Lucky Cement Ltd. | 16,400 | 82 | |||
* | SUI Southern Gas Co. Ltd. | 960,102 | 73 | |||
Millat Tractors Ltd. | 10,687 | 71 | ||||
Bank Alfalah Ltd. | 313,812 | 61 | ||||
MCB Bank Ltd. | 43,000 | 43 | ||||
Habib Bank Ltd. | 54,867 | 41 | ||||
Hub Power Co. Ltd. | 68,436 | 33 | ||||
Fauji Fertilizer Co. Ltd. | 50,537 | 32 | ||||
* | Fauji Cement Co. Ltd. | 244,500 | 31 | |||
United Bank Ltd. | 40,658 | 30 | ||||
* | National Bank of Pakistan | 134,500 | 27 | |||
Kot Addu Power Co. Ltd. | 77,500 | 18 | ||||
* | DG Khan Cement Co. Ltd. | 23,500 | 15 | |||
SUI Northern Gas Pipeline | 41,500 | 12 | ||||
Engro Corp. Ltd. | 2,420 | 4 | ||||
679 | ||||||
Philippines (0.2%) | ||||||
Ayala Land Inc. | 1,002,700 | 680 | ||||
BDO Unibank Inc. | 295,940 | 654 | ||||
Bank of the Philippine Islands | 333,110 | 558 | ||||
Ayala Corp. | 20,270 | 322 | ||||
International Container Terminal Services Inc. | 69,190 | 259 | ||||
JG Summit Holdings Inc. | 183,920 | 240 | ||||
PLDT Inc. | 5,925 | 174 | ||||
Universal Robina Corp. | 57,240 | 173 | ||||
Metropolitan Bank & Trust Co. | 124,857 | 113 | ||||
Wilcon Depot Inc. | 222,400 | 112 | ||||
Manila Electric Co. | 19,170 | 109 | ||||
Globe Telecom Inc. | 1,805 | 99 | ||||
Jollibee Foods Corp. | 20,430 | 83 | ||||
Security Bank Corp. | 29,720 | 68 | ||||
Metro Pacific Investments Corp. | 813,000 | 63 | ||||
GT Capital Holdings Inc. | 5,680 | 62 | ||||
Century Pacific Food Inc. | 115,400 | 59 | ||||
AC Energy Corp. | 264,300 | 51 | ||||
* | Manila Water Co. Inc. | 135,400 | 49 | |||
2 | First Gen Corp. | 79,400 | 45 | |||
Aboitiz Power Corp. | 79,100 | 45 | ||||
Robinsons Retail Holdings Inc. | 43,330 | 44 |
Shares | Market Value• ($000) | |||||
Nickel Asia Corp. | 306,300 | 35 | ||||
Puregold Price Club Inc. | 41,700 | 35 | ||||
* | Cebu Air Inc. | 33,720 | 30 | |||
Vista Land & Lifescapes Inc. | 258,100 | 18 | ||||
D&L Industries Inc. | 101,700 | 16 | ||||
Filinvest Land Inc. | 339,000 | 8 | ||||
*,1 | CEMEX Holdings Philippines Inc. | 222,933 | 5 | |||
4,209 | ||||||
Poland (0.2%) | ||||||
* | Powszechna Kasa Oszczednosci Bank Polski SA | 121,373 | 1,332 | |||
* | Bank Polska Kasa Opieki SA | 33,645 | 941 | |||
* | Powszechny Zaklad Ubezpieczen SA | 78,213 | 829 | |||
*,1 | Allegro.eu SA | 38,704 | 718 | |||
KGHM Polska Miedz SA | 11,251 | 524 | ||||
CD Projekt SA | 6,820 | 303 | ||||
*,1 | Dino Polska SA | 2,789 | 236 | |||
LPP SA | 47 | 171 | ||||
KRUK SA | 1,165 | 96 | ||||
Cyfrowy Polsat SA | 9,908 | 95 | ||||
* | Santander Bank Polska SA | 1,183 | 93 | |||
* | Orange Polska SA | 35,360 | 76 | |||
* | Bank Millennium SA | 38,812 | 67 | |||
* | Alior Bank SA | 5,709 | 65 | |||
* | mBank SA | 483 | 47 | |||
* | CCC SA | 1,468 | 47 | |||
Asseco Poland SA | 2,077 | 46 | ||||
* | AmRest Holdings SE | 2,391 | 20 | |||
Warsaw Stock Exchange | 1,564 | 18 | ||||
* | Bank Handlowy w Warszawie SA | 1,155 | 14 | |||
5,738 | ||||||
Portugal (0.1%) | ||||||
EDP Renovaveis SA | 26,290 | 699 | ||||
Jeronimo Martins SGPS SA | 13,205 | 280 | ||||
CTT-Correios de Portugal SA | 36,082 | 196 | ||||
REN - Redes Energeticas Nacionais SGPS SA | 46,945 | 137 | ||||
* | Banco Comercial Portugues SA | 534,629 | 83 | |||
NOS SGPS SA | 13,833 | 58 | ||||
Sonae SGPS SA | 24,794 | 27 | ||||
Altri SGPS SA | 4,107 | 27 | ||||
Corticeira Amorim SGPS SA | 1,299 | 18 | ||||
Navigator Co. SA | 4,298 | 16 |
Shares | Market Value• ($000) | |||||
*,3 | Mota-Engil SGPS SA | 10,000 | 16 | |||
* | Greenvolt-Energias Renovaveis SA | 74 | — | |||
1,557 | ||||||
Qatar (0.2%) | ||||||
Qatar National Bank QPSC | 426,678 | 2,246 | ||||
Masraf Al Rayan QSC | 270,610 | 338 | ||||
Commercial Bank PSQC | 151,448 | 251 | ||||
Qatar Gas Transport Co. Ltd. | 236,546 | 201 | ||||
Mesaieed Petrochemical Holding Co. | 245,876 | 135 | ||||
Vodafone Qatar QSC | 293,215 | 128 | ||||
Doha Bank QPSC | 147,592 | 117 | ||||
Qatar Aluminum Manufacturing Co. | 258,347 | 116 | ||||
Ooredoo QPSC | 55,657 | 105 | ||||
United Development Co. QSC | 233,213 | 97 | ||||
Barwa Real Estate Co. | 105,199 | 88 | ||||
Medicare Group | 35,152 | 81 | ||||
3,903 | ||||||
Romania (0.0%) | ||||||
Banca Transilvania SA | 157,207 | 112 | ||||
Russia (0.3%) | ||||||
Sberbank of Russia PJSC | 1,026,890 | 4,608 | ||||
Magnit PJSC | 4,481 | 339 | ||||
Polyus PJSC | 1,688 | 305 | ||||
Novolipetsk Steel PJSC | 87,720 | 296 | ||||
Moscow Exchange MICEX-RTS PJSC | 118,160 | 296 | ||||
Mobile TeleSystems PJSC | 63,420 | 287 | ||||
* | ENEL RUSSIA PJSC | 20,128,000 | 236 | |||
Sistema PJSFC | 466,300 | 193 | ||||
VTB Bank PJSC GDR | 131,516 | 183 | ||||
* | Aeroflot PJSC | 169,870 | 161 | |||
Inter RAO UES PJSC | 2,360,000 | 149 | ||||
1 | Detsky Mir PJSC | 76,250 | 144 | |||
Rostelecom PJSC | 108,980 | 140 | ||||
PhosAgro PJSC | 2,035 | 135 | ||||
Unipro PJSC | 2,240,000 | 86 | ||||
Mobile TeleSystems PJSC ADR | 8,336 | 78 | ||||
VTB Bank PJSC | 104,470,000 | 76 | ||||
RusHydro PJSC | 6,697,000 | 75 | ||||
M.Video PJSC | 8,029 | 68 | ||||
Polyus PJSC GDR | 736 | 65 | ||||
OGK-2 PJSC | 6,493,000 | 63 | ||||
Rosseti Lenenergo PJSC Preference Shares | 25,440 | 61 |
Shares | Market Value• ($000) | |||||
Mosenergo PJSC | 1,671,000 | 57 | ||||
TGC-1 PJSC | 307,000,000 | 48 | ||||
Federal Grid Co. Unified Energy System PJSC | 12,120,000 | 33 | ||||
ROSSETI PJSC | 1,524,000 | 27 | ||||
8,209 | ||||||
Saudi Arabia (0.6%) | ||||||
Al Rajhi Bank | 119,577 | 3,857 | ||||
Saudi National Bank | 210,122 | 3,405 | ||||
Saudi Telecom Co. | 53,957 | 1,942 | ||||
* | Saudi Arabian Mining Co. | 37,266 | 723 | |||
Saudi British Bank | 77,915 | 715 | ||||
Alinma Bank | 57,598 | 352 | ||||
Arab National Bank | 54,745 | 334 | ||||
Jarir Marketing Co. | 5,362 | 310 | ||||
Arriyadh Development Co. | 30,775 | 256 | ||||
Savola Group | 23,933 | 256 | ||||
* | Saudi Airlines Catering Co. | 11,485 | 251 | |||
Almarai Co. JSC | 15,676 | 243 | ||||
Sahara International Petrochemical Co. | 25,361 | 225 | ||||
Jadwa REIT Saudi Fund | 53,929 | 218 | ||||
* | Mobile Telecommunications Co. Saudi Arabia | 48,465 | 187 | |||
Leejam Sports Co. JSC | 6,175 | 156 | ||||
Abdullah Al Othaim Markets Co. | 4,801 | 148 | ||||
* | Dur Hospitality Co. | 15,330 | 133 | |||
Hail Cement Co. | 26,970 | 126 | ||||
* | Mediterranean & Gulf Insurance & Reinsurance Co. | 18,975 | 124 | |||
* | Saudi Ground Services Co. | 13,127 | 123 | |||
Arabian Centres Co. Ltd. | 18,033 | 120 | ||||
Yanbu Cement Co. | 10,314 | 118 | ||||
Eastern Province Cement Co. | 7,888 | 109 | ||||
Saudia Dairy & Foodstuff Co. | 2,368 | 106 | ||||
Saudi Ceramic Co. | 5,858 | 103 | ||||
* | National Industrialization Co. | 17,469 | 97 | |||
* | Tabuk Cement Co. | 16,208 | 96 | |||
Najran Cement Co. | 16,282 | 92 | ||||
Bawan Co. | 8,321 | 89 | ||||
Astra Industrial Group | 7,493 | 87 | ||||
City Cement Co. | 11,193 | 87 | ||||
Northern Region Cement Co. | 15,518 | 72 |
Shares | Market Value• ($000) | |||||
* | Abdul Mohsen Al-Hokair Tourism & Development Co. | 10,676 | 69 | |||
* | Aseer Trading Tourism & Manufacturing Co. | 7,942 | 53 | |||
United International Transportation Co. | 2,906 | 39 | ||||
* | Saudi Public Transport Co. | 4,324 | 33 | |||
* | Zamil Industrial Investment Co. | 2,495 | 25 | |||
* | Al Jouf Cement Co. | 2,686 | 9 | |||
15,488 | ||||||
Singapore (0.8%) | ||||||
DBS Group Holdings Ltd. | 198,800 | 4,408 | ||||
Oversea-Chinese Banking Corp. Ltd. | 369,900 | 3,130 | ||||
United Overseas Bank Ltd. | 146,400 | 2,772 | ||||
Singapore Telecommunications Ltd. | 778,000 | 1,339 | ||||
CapitaLand Ltd. | 371,500 | 1,102 | ||||
Singapore Exchange Ltd. | 145,400 | 1,067 | ||||
UOL Group Ltd. | 142,900 | 742 | ||||
Wilmar International Ltd. | 236,787 | 727 | ||||
ComfortDelGro Corp. Ltd. | 564,300 | 678 | ||||
Singapore Press Holdings Ltd. | 287,900 | 415 | ||||
Ascendas REIT | 179,900 | 406 | ||||
Sabana Shari'ah Compliant Industrial REIT | 904,400 | 302 | ||||
* | Singapore Airlines Ltd. | 68,300 | 256 | |||
Frasers Logistics & Commercial Trust | 172,889 | 193 | ||||
Venture Corp. Ltd. | 13,200 | 188 | ||||
AIMS APAC REIT | 132,800 | 153 | ||||
Keppel DC REIT | 80,423 | 149 | ||||
Lendlease Global Commercial REIT | 212,000 | 140 | ||||
Starhill Global REIT | 299,900 | 133 | ||||
ESR-REIT | 355,878 | 123 | ||||
Far East Hospitality Trust | 233,600 | 102 | ||||
Frasers Centrepoint Trust | 56,919 | 98 | ||||
NetLink NBN Trust | 132,300 | 95 | ||||
Manulife US REIT | 128,194 | 94 | ||||
Sembcorp Industries Ltd. | 62,400 | 89 | ||||
Hutchison Port Holdings Trust | 420,000 | 86 | ||||
Frasers Hospitality Trust | 214,200 | 79 |
Shares | Market Value• ($000) | |||||
* | SATS Ltd. | 23,700 | 72 | |||
Cromwell European REIT | 24,540 | 71 | ||||
Ascott Residence Trust | 82,800 | 62 | ||||
Golden Agri-Resources Ltd. | 341,300 | 58 | ||||
* | Sembcorp Marine Ltd. | 883,631 | 56 | |||
Keppel Infrastructure Trust | 136,900 | 55 | ||||
Keppel REIT | 43,700 | 34 | ||||
Riverstone Holdings Ltd. | 36,000 | 34 | ||||
AEM Holdings Ltd. | 10,200 | 31 | ||||
Raffles Medical Group Ltd. | 23,700 | 25 | ||||
StarHub Ltd. | 21,100 | 19 | ||||
Singapore Post Ltd. | 36,200 | 18 | ||||
Olam International Ltd. | 14,300 | 17 | ||||
First Resources Ltd. | 15,300 | 17 | ||||
* | Lippo Malls Indonesia Retail Trust | 377,780 | 17 | |||
Silverlake Axis Ltd. | 54,100 | 11 | ||||
* | Yoma Strategic Holdings Ltd. | 71,400 | 7 | |||
*,2 | Eagle Hospitality Trust | 38,000 | 5 | |||
*,2 | Best World International Ltd. | 3,000 | 3 | |||
* | Sembcorp Marine Ltd. Rights Exp. 9/14/21 | 1,325,446 | 3 | |||
19,681 | ||||||
South Africa (1.1%) | ||||||
Naspers Ltd. | 22,745 | 3,924 | ||||
FirstRand Ltd. | 507,795 | 2,162 | ||||
Standard Bank Group Ltd. | 149,785 | 1,530 | ||||
Impala Platinum Holdings Ltd. | 92,990 | 1,425 | ||||
Capitec Bank Holdings Ltd. | 9,553 | 1,250 | ||||
* | Absa Group Ltd. | 101,767 | 1,102 | |||
* | Bid Corp. Ltd. | 43,640 | 959 | |||
Gold Fields Ltd. | 95,074 | 903 | ||||
Sanlam Ltd. | 197,426 | 875 | ||||
Shoprite Holdings Ltd. | 68,345 | 864 | ||||
Bidvest Group Ltd. | 55,409 | 781 | ||||
Clicks Group Ltd. | 36,108 | 753 | ||||
Remgro Ltd. | 82,423 | 685 | ||||
Vodacom Group Ltd. | 68,385 | 675 | ||||
Mr Price Group Ltd. | 45,014 | 674 | ||||
Anglo American Platinum Ltd. | 5,355 | 607 | ||||
* | Nedbank Group Ltd. | 47,524 | 606 | |||
Growthpoint Properties Ltd. | 542,932 | 578 | ||||
SPAR Group Ltd. | 40,073 | 572 | ||||
* | Foschini Group Ltd. | 52,833 | 544 |
Shares | Market Value• ($000) | |||||
AVI Ltd. | 96,808 | 507 | ||||
Imperial Logistics Ltd. | 101,741 | 439 | ||||
* | Northam Platinum Ltd. | 29,612 | 408 | |||
* | Aspen Pharmacare Holdings Ltd. | 23,157 | 312 | |||
Old Mutual Ltd. | 287,740 | 304 | ||||
Harmony Gold Mining Co. Ltd. | 73,642 | 275 | ||||
MultiChoice Group | 28,007 | 222 | ||||
Tiger Brands Ltd. | 16,213 | 208 | ||||
* | Discovery Ltd. | 22,725 | 202 | |||
* | Woolworths Holdings Ltd. | 44,809 | 195 | |||
NEPI Rockcastle plc | 24,792 | 179 | ||||
* | Life Healthcare Group Holdings Ltd. | 83,535 | 142 | |||
* | Redefine Properties Ltd. | 431,631 | 136 | |||
Irongate Group | 108,424 | 126 | ||||
* | Bytes Technology Group plc | 17,206 | 121 | |||
Kumba Iron Ore Ltd. | 2,524 | 113 | ||||
Truworths International Ltd. | 23,105 | 106 | ||||
PSG Group Ltd. | 18,993 | 99 | ||||
* | Sappi Ltd. | 32,005 | 97 | |||
African Rainbow Minerals Ltd. | 4,474 | 80 | ||||
Barloworld Ltd. | 9,841 | 73 | ||||
Pick n Pay Stores Ltd. | 17,483 | 70 | ||||
* | Netcare Ltd. | 58,579 | 68 | |||
Motus Holdings Ltd. | 10,104 | 65 | ||||
Transaction Capital Ltd. | 24,092 | 63 | ||||
Royal Bafokeng Platinum Ltd. | 8,826 | 54 | ||||
Rand Merchant Investment Holdings Ltd. | 24,312 | 53 | ||||
Ninety One Ltd. | 13,890 | 48 | ||||
Fortress REIT Ltd. Class A | 42,461 | 47 | ||||
Omnia Holdings Ltd. | 12,166 | 45 | ||||
* | Telkom SA SOC Ltd. | 16,420 | 43 | |||
Equites Property Fund Ltd. | 27,807 | 39 | ||||
* | Super Group Ltd. | 16,852 | 38 | |||
Momentum Metropolitan Holdings | 24,706 | 34 | ||||
Resilient REIT Ltd. | 8,354 | 33 | ||||
* | KAP Industrial Holdings Ltd. | 97,644 | 31 | |||
Hyprop Investments Ltd. | 16,725 | 31 | ||||
*,1 | Pepkor Holdings Ltd. | 18,741 | 30 | |||
SA Corporate Real Estate Ltd. | 192,130 | 29 | ||||
Advtech Ltd. | 24,227 | 28 |
Shares | Market Value• ($000) | |||||
* | Fortress REIT Ltd. Class B | 128,098 | 26 | |||
DRDGOLD Ltd. | 24,680 | 24 | ||||
AECI Ltd. | 3,214 | 23 | ||||
Cashbuild Ltd. | 1,125 | 22 | ||||
* | Attacq Ltd. | 41,176 | 21 | |||
DataTec Ltd. | 9,473 | 20 | ||||
JSE Ltd. | 2,651 | 19 | ||||
1 | Dis-Chem Pharmacies Ltd. | 8,756 | 19 | |||
* | Liberty Holdings Ltd. | 2,847 | 18 | |||
* | Famous Brands Ltd. | 4,683 | 18 | |||
Coronation Fund Managers Ltd. | 4,546 | 16 | ||||
Emira Property Fund Ltd. | 21,018 | 15 | ||||
Investec Property Fund Ltd. | 17,394 | 13 | ||||
* | EPP NV | 15,500 | 12 | |||
* | Santam Ltd. | 637 | 11 | |||
* | Massmart Holdings Ltd. | 2,664 | 11 | |||
Raubex Group Ltd. | 3,971 | 8 | ||||
Altron Ltd. Class A | 8,295 | 6 | ||||
Astral Foods Ltd. | 453 | 5 | ||||
26,969 | ||||||
South Korea (4.1%) | ||||||
Samsung Electronics Co. Ltd. | 442,428 | 29,208 | ||||
Samsung Electronics Co. Ltd. Preference Shares | 136,391 | 8,315 | ||||
NAVER Corp. | 13,866 | 5,250 | ||||
SK Hynix Inc. | 52,953 | 4,848 | ||||
Kakao Corp. | 28,271 | 3,772 | ||||
Samsung SDI Co. Ltd. | 5,405 | 3,684 | ||||
LG Chem Ltd. | 4,910 | 3,199 | ||||
* | Celltrion Inc. | 10,680 | 2,692 | |||
KB Financial Group Inc. | 39,296 | 1,788 | ||||
Shinhan Financial Group Co. Ltd. | 50,317 | 1,676 | ||||
Hyundai Mobis Co. Ltd. | 6,258 | 1,494 | ||||
LG Electronics Inc. | 10,751 | 1,313 | ||||
LG Household & Health Care Ltd. | 928 | 1,169 | ||||
Hana Financial Group Inc. | 28,060 | 1,087 | ||||
* | HMM Co. Ltd. | 28,667 | 1,036 | |||
*,1 | Samsung Biologics Co. Ltd. | 1,246 | 1,036 | |||
Samsung Electro-Mechanics Co. Ltd. | 5,959 | 946 | ||||
* | Celltrion Healthcare Co. Ltd. | 6,717 | 714 | |||
LG Corp. | 7,507 | 616 | ||||
Amorepacific Corp. | 3,064 | 600 |
Shares | Market Value• ($000) | |||||
SK Telecom Co. Ltd. | 2,315 | 595 | ||||
Samsung Fire & Marine Insurance Co. Ltd. | 2,708 | 527 | ||||
Samsung Securities Co. Ltd. | 12,298 | 523 | ||||
Mirae Asset Securities Co. Ltd. | 61,275 | 465 | ||||
CJ CheilJedang Corp. | 1,120 | 438 | ||||
Woori Financial Group Inc. | 44,855 | 434 | ||||
BNK Financial Group Inc. | 56,891 | 380 | ||||
* | LG Display Co. Ltd. | 21,221 | 373 | |||
Samsung SDS Co. Ltd. | 2,429 | 361 | ||||
LG Electronics Inc. Preference Shares | 5,921 | 356 | ||||
Samsung Life Insurance Co. Ltd. | 5,168 | 331 | ||||
SK Telecom Co. Ltd. ADR | 11,241 | 324 | ||||
POSCO Chemical Co. Ltd. | 2,417 | 323 | ||||
Amorepacific Corp. Preference Shares | 4,447 | 304 | ||||
Coway Co. Ltd. | 4,432 | 299 | ||||
Lotte Chemical Corp. | 1,258 | 271 | ||||
Hankook Tire & Technology Co. Ltd. | 6,710 | 269 | ||||
Kumho Petrochemical Co. Ltd. | 1,551 | 259 | ||||
* | Samsung Engineering Co. Ltd. | 13,291 | 255 | |||
* | Hanwha Solutions Corp. | 7,209 | 253 | |||
* | Celltrion Pharm Inc. | 1,664 | 247 | |||
Industrial Bank of Korea | 26,828 | 238 | ||||
Hyundai Steel Co. | 5,227 | 229 | ||||
Hyundai Glovis Co. Ltd. | 1,366 | 228 | ||||
DB Insurance Co. Ltd. | 4,477 | 226 | ||||
LG Chem Ltd. Preference Shares | 753 | 224 | ||||
DB HiTek Co. Ltd. | 4,171 | 214 | ||||
LG Innotek Co. Ltd. | 1,101 | 204 | ||||
Hyosung TNC Corp. | 298 | 199 | ||||
L&F Co. Ltd. | 1,951 | 194 | ||||
SKC Co. Ltd. | 1,399 | 191 | ||||
* | Alteogen Inc. | 2,573 | 188 | |||
* | Coreana Cosmetics Co. Ltd. | 46,043 | 182 | |||
* | Samsung Heavy Industries Co. Ltd. | 31,983 | 173 | |||
JR Reit XXVII | 37,997 | 173 | ||||
* | Kakao Games Corp. | 2,472 | 173 | |||
Ecopro Co. Ltd. | 1,772 | 170 | ||||
LG Uplus Corp. | 13,363 | 162 | ||||
Osstem Implant Co. Ltd. | 1,176 | 162 | ||||
Ecopro BM Co. Ltd. | 582 | 160 |
Shares | Market Value• ($000) | |||||
Interpark Corp. | 19,286 | 159 | ||||
Hansol Chemical Co. Ltd. | 629 | 157 | ||||
* | Hanjin Kal Corp. | 2,743 | 156 | |||
* | OCI Co. Ltd. | 1,402 | 153 | |||
Hanon Systems | 10,770 | 153 | ||||
Green Cross Corp. | 457 | 151 | ||||
* | F&F Co. Ltd. | 239 | 149 | |||
Seegene Inc. | 2,606 | 148 | ||||
CJ ENM Co. Ltd. | 1,089 | 143 | ||||
* | Hyosung Advanced Materials Corp. | 268 | 143 | |||
LEENO Industrial Inc. | 911 | 140 | ||||
* | Naturecell Co. Ltd. | 7,085 | 139 | |||
* | Ecopro HN Co. Ltd. | 1,357 | 139 | |||
Hanmi Pharm Co. Ltd. | 518 | 138 | ||||
Sam Young Electronics Co. Ltd. | 11,789 | 134 | ||||
* | SK Biopharmaceuticals Co. Ltd. | 1,210 | 131 | |||
* | Mando Corp. | 2,488 | 130 | |||
WONIK IPS Co. Ltd. | 3,326 | 129 | ||||
Korea Asset In Trust Co. Ltd. | 33,048 | 128 | ||||
Hanil Cement Co. Ltd. | 599 | 122 | ||||
1 | Netmarble Corp. | 1,080 | 120 | |||
Cell Biotech Co. Ltd. | 7,149 | 117 | ||||
Koh Young Technology Inc. | 5,834 | 113 | ||||
Samwha Capacitor Co. Ltd. | 2,038 | 110 | ||||
* | Sangsangin Co. Ltd. | 15,579 | 110 | |||
Hyundai Marine & Fire Insurance Co. Ltd. | 4,993 | 110 | ||||
CS Wind Corp. | 1,586 | 109 | ||||
KIWOOM Securities Co. Ltd. | 1,064 | 108 | ||||
Eo Technics Co. Ltd. | 1,028 | 107 | ||||
JB Financial Group Co. Ltd. | 15,012 | 107 | ||||
Meritz Securities Co. Ltd. | 22,792 | 105 | ||||
Partron Co. Ltd. | 12,074 | 104 | ||||
* | Innox Advanced Materials Co. Ltd. | 1,365 | 104 | |||
KCC Corp. | 330 | 102 | ||||
Innocean Worldwide Inc. | 2,014 | 102 | ||||
DB Financial Investment Co. Ltd. | 17,248 | 100 | ||||
* | Hyundai Mipo Dockyard Co. Ltd. | 1,525 | 100 | |||
i-SENS Inc. | 3,565 | 100 | ||||
SK Materials Co. Ltd. | 283 | 98 | ||||
DGB Financial Group Inc. | 12,506 | 98 |
Shares | Market Value• ($000) | |||||
* | GeneOne Life Science Inc. | 3,433 | 97 | |||
KISWIRE Ltd. | 4,090 | 95 | ||||
* | SFA Semicon Co. Ltd. | 16,020 | 95 | |||
AfreecaTV Co. Ltd. | 722 | 95 | ||||
NH Investment & Securities Co. Ltd. | 8,235 | 94 | ||||
Namyang Dairy Products Co. Ltd. | 194 | 94 | ||||
Cheil Worldwide Inc. | 4,639 | 92 | ||||
Dongkuk Steel Mill Co. Ltd. | 5,209 | 91 | ||||
AMOREPACIFIC Group | 1,838 | 91 | ||||
* | Genexine Inc. | 1,412 | 91 | |||
Meritz Fire & Marine Insurance Co. Ltd. | 3,925 | 90 | ||||
SIMMTECH Co. Ltd. | 3,402 | 90 | ||||
Binggrae Co. Ltd. | 1,797 | 89 | ||||
Sebang Global Battery Co. Ltd. | 1,217 | 88 | ||||
Seobu T&D | 11,392 | 87 | ||||
* | LegoChem Biosciences Inc. | 1,849 | 86 | |||
* | Modetour Network Inc. | 3,999 | 85 | |||
LX Semicon Co. Ltd. | 847 | 84 | ||||
* | Able C&C Co. Ltd. | 11,003 | 81 | |||
Maeil Dairies Co. Ltd. | 1,288 | 81 | ||||
Kolon Industries Inc. | 1,055 | 79 | ||||
* | ST Pharm Co. Ltd. | 900 | 79 | |||
Youlchon Chemical Co. Ltd. | 4,389 | 78 | ||||
* | Hyundai Bioscience Co. Ltd. | 2,910 | 78 | |||
S-1 Corp. | 1,089 | 77 | ||||
SSANGYONG C&E Co. Ltd. | 10,590 | 77 | ||||
* | HLB Life Science Co. Ltd. | 6,030 | 77 | |||
Youngone Corp. | 2,153 | 77 | ||||
* | Korea Line Corp. | 29,880 | 76 | |||
SK Securities Co. Ltd. | 95,836 | 76 | ||||
Lotte Shopping Co. Ltd. | 821 | 76 | ||||
iMarketKorea Inc. | 7,289 | 76 | ||||
* | CosmoAM&T Co. Ltd. | 2,067 | 76 | |||
NICE Information Service Co. Ltd. | 4,090 | 75 | ||||
* | Inscobee Inc. | 20,202 | 74 | |||
Hansol Holdings Co. Ltd. | 21,213 | 74 | ||||
* | Oscotec Inc. | 2,263 | 74 | |||
BGF retail Co. Ltd. | 479 | 74 | ||||
PI Advanced Materials Co. Ltd. | 1,453 | 74 | ||||
Tokai Carbon Korea Co. Ltd. | 508 | 74 | ||||
Daishin Securities Co. Ltd. | 4,420 | 73 |
Shares | Market Value• ($000) | |||||
Green Cross Holdings Corp. | 2,440 | 73 | ||||
Iljin Materials Co. Ltd. | 1,127 | 73 | ||||
Wemade Co. Ltd. | 896 | 73 | ||||
Chong Kun Dang Pharmaceutical Corp. | 662 | 73 | ||||
Hanmi Semiconductor Co. Ltd. | 2,451 | 73 | ||||
* | Cafe24 Corp. | 2,182 | 72 | |||
ITM Semiconductor Co. Ltd. | 1,835 | 72 | ||||
* | Ananti Inc. | 7,379 | 71 | |||
KTB Investment & Securities Co. Ltd. | 11,237 | 71 | ||||
Eusu Holdings Co. Ltd. | 13,318 | 71 | ||||
* | Hugel Inc. | 426 | 71 | |||
Hyundai Department Store Co. Ltd. | 1,007 | 70 | ||||
KC Tech Co. Ltd. | 3,051 | 70 | ||||
* | Duk San Neolux Co. Ltd. | 1,124 | 70 | |||
* | Asiana Airlines Inc. | 3,376 | 69 | |||
* | CJ Logistics Corp. | 466 | 69 | |||
ICD Co. Ltd. | 5,723 | 69 | ||||
JYP Entertainment Corp. | 1,847 | 68 | ||||
Samsung Card Co. Ltd. | 2,299 | 68 | ||||
Vieworks Co. Ltd. | 1,793 | 68 | ||||
* | UniTest Inc. | 3,192 | 68 | |||
Tesna Inc. | 1,544 | 68 | ||||
Daeduck Co. Ltd. | 10,366 | 67 | ||||
Kyobo Securities Co. Ltd. | 9,015 | 66 | ||||
Com2uSCorp | 740 | 66 | ||||
Park Systems Corp. | 631 | 66 | ||||
Meritz Financial Group Inc. | 2,644 | 65 | ||||
IS Dongseo Co. Ltd. | 1,474 | 64 | ||||
InBody Co. Ltd. | 2,512 | 64 | ||||
Ottogi Corp. | 144 | 64 | ||||
Korean Reinsurance Co. | 7,895 | 64 | ||||
Hyundai Elevator Co. Ltd. | 1,469 | 63 | ||||
Seoul Semiconductor Co. Ltd. | 4,423 | 63 | ||||
Samyang Holdings Corp. | 694 | 63 | ||||
* | Vaxcell-Bio Therapeutics Co. Ltd. | 927 | 63 | |||
Samchully Co. Ltd. | 817 | 62 | ||||
* | Hyosung Chemical Corp. | 187 | 62 | |||
* | Cosmax Inc. | 557 | 62 | |||
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 412 | 61 | ||||
Tongyang Inc. | 40,643 | 61 |
Shares | Market Value• ($000) | |||||
* | Mezzion Pharma Co. Ltd. | 387 | 61 | |||
* | Cellivery Therapeutics Inc. | 1,071 | 61 | |||
Dae Han Flour Mills Co. Ltd. | 425 | 60 | ||||
LS Electric Co. Ltd. | 1,016 | 60 | ||||
NICE Holdings Co. Ltd. | 3,866 | 60 | ||||
DoubleUGames Co. Ltd. | 1,107 | 60 | ||||
* | Doosan Bobcat Inc. | 1,570 | 59 | |||
* | GemVax & Kael Co. Ltd. | 3,203 | 59 | |||
* | Gamevil Inc. | 2,094 | 59 | |||
* | MedPacto Inc. | 1,102 | 59 | |||
Byucksan Corp. | 16,978 | 58 | ||||
Eugene Investment & Securities Co. Ltd. | 16,946 | 58 | ||||
* | SM Entertainment Co. Ltd. | 954 | 57 | |||
Mirae Asset Life Insurance Co. Ltd. | 15,401 | 57 | ||||
* | NHN KCP Corp. | 1,376 | 57 | |||
* | Jusung Engineering Co. Ltd. | 5,474 | 56 | |||
* | DIO Corp. | 1,349 | 56 | |||
* | Hanall Biopharma Co. Ltd. | 2,743 | 56 | |||
LOTTE Fine Chemical Co. Ltd. | 919 | 55 | ||||
Daewoong Pharmaceutical Co. Ltd. | 383 | 55 | ||||
Huons Global Co. Ltd. | 949 | 55 | ||||
S&S Tech Corp. | 2,020 | 55 | ||||
* | Hanwha Investment & Securities Co. Ltd. | 12,702 | 54 | |||
Young Poong Corp. | 88 | 54 | ||||
Posco ICT Co. Ltd. | 8,529 | 54 | ||||
KCC Glass Corp. | 840 | 54 | ||||
* | Insun ENT Co. Ltd. | 5,066 | 53 | |||
* | Amicogen Inc. | 1,649 | 53 | |||
* | Chabiotech Co. Ltd. | 2,562 | 53 | |||
KC Co. Ltd. | 2,474 | 52 | ||||
* | Kumho Tire Co. Inc. | 10,235 | 52 | |||
Yuanta Securities Korea Co. Ltd. | 13,439 | 51 | ||||
* | Hancom Inc. | 2,686 | 51 | |||
GOLFZON Co. Ltd. | 418 | 51 | ||||
NS Shopping Co. Ltd. | 3,459 | 51 | ||||
Daejoo Electronic Materials Co. Ltd. | 1,047 | 51 | ||||
Green Cross LabCell Corp. | 560 | 51 | ||||
Daewoong Co. Ltd. | 1,595 | 50 | ||||
Korea Petrochemical Ind Co. Ltd. | 249 | 50 | ||||
SPC Samlip Co. Ltd. | 705 | 50 |
Shares | Market Value• ($000) | |||||
Eugene Technology Co. Ltd. | 1,312 | 50 | ||||
Hanwha Life Insurance Co. Ltd. | 17,142 | 49 | ||||
Huons Co. Ltd. | 1,004 | 49 | ||||
Hanssem Co. Ltd. | 478 | 48 | ||||
* | Pharmicell Co. Ltd. | 3,430 | 48 | |||
* | iNtRON Biotechnology Inc. | 2,567 | 48 | |||
Soulbrain Co. Ltd. | 195 | 48 | ||||
Bukwang Pharmaceutical Co. Ltd. | 2,512 | 47 | ||||
Daea TI Co. Ltd. | 8,472 | 47 | ||||
* | Samsung Pharmaceutical Co. Ltd. | 7,549 | 47 | |||
Dentium Co. Ltd. | 628 | 47 | ||||
* | Lotte Tour Development Co. Ltd. | 2,873 | 47 | |||
Hyundai Autoever Corp. | 464 | 47 | ||||
E1 Corp. | 958 | 46 | ||||
* | Hana Tour Service Inc. | 693 | 46 | |||
* | CUROCOM Co. Ltd. | 36,732 | 46 | |||
LX Hausys Ltd. | 610 | 46 | ||||
Samyang Corp. | 836 | 46 | ||||
Kolmar Korea Co. Ltd. | 1,098 | 46 | ||||
Hanjin Transportation Co. Ltd. | 1,345 | 45 | ||||
Huchems Fine Chemical Corp. | 1,974 | 45 | ||||
* | Homecast Co. Ltd. | 14,960 | 45 | |||
Taeyoung Engineering & Construction Co. Ltd. | 4,319 | 45 | ||||
Korea Electric Terminal Co. Ltd. | 619 | 44 | ||||
Green Cross Cell Corp. | 1,263 | 44 | ||||
Kolmar Korea Holdings Co. Ltd. | 2,068 | 44 | ||||
Daesang Corp. | 2,023 | 44 | ||||
* | Sam Chun Dang Pharm Co. Ltd. | 917 | 44 | |||
* | Lutronic Corp. | 2,745 | 44 | |||
Daou Technology Inc. | 1,925 | 43 | ||||
LG Household & Health Care Ltd. Preference Shares | 73 | 43 | ||||
INTOPS Co. Ltd. | 1,883 | 43 | ||||
Hyundai Greenfood Co. Ltd. | 5,061 | 43 | ||||
* | NKMax Co. Ltd. | 2,590 | 43 | |||
Mcnex Co. Ltd. | 1,158 | 43 | ||||
Chunbo Co. Ltd. | 207 | 43 | ||||
* | Wonik Holdings Co. Ltd. | 8,657 | 42 | |||
* | CMG Pharmaceutical Co. Ltd. | 10,939 | 42 | |||
BH Co. Ltd. | 2,308 | 42 |
Shares | Market Value• ($000) | |||||
Humedix Co. Ltd. | 1,444 | 42 | ||||
Hansol Paper Co. Ltd. | 2,818 | 42 | ||||
Handsome Co. Ltd. | 1,165 | 41 | ||||
* | NHN Corp. | 680 | 41 | |||
Advanced Process Systems Corp. | 1,653 | 41 | ||||
Cuckoo Homesys Co. Ltd. | 1,127 | 41 | ||||
* | Eoflow Co. Ltd. | 928 | 41 | |||
Dongwon F&B Co. Ltd. | 224 | 40 | ||||
* | Medipost Co. Ltd. | 1,674 | 40 | |||
* | SBS Media Holdings Co. Ltd. | 21,095 | 40 | |||
* | OliX Pharmaceuticals Inc. | 981 | 40 | |||
CJ Corp. | 444 | 39 | ||||
Korea Real Estate Investment & Trust Co. Ltd. | 19,485 | 39 | ||||
KT Skylife Co. Ltd. | 4,403 | 39 | ||||
Samsung SDI Co. Ltd. Preference Shares | 105 | 39 | ||||
* | S-MAC Co. Ltd. | 33,377 | 39 | |||
Dongjin Semichem Co. Ltd. | 1,655 | 38 | ||||
Dongwon Industries Co. Ltd. | 174 | 37 | ||||
* | CJ Freshway Corp. | 1,235 | 37 | |||
* | Binex Co. Ltd. | 2,235 | 37 | |||
Daekyo Co. Ltd. | 10,019 | 37 | ||||
Shinsegae International Inc. | 217 | 37 | ||||
RFHIC Corp. | 1,310 | 37 | ||||
* | Sambu Engineering & Construction Co. Ltd. | 14,237 | 37 | |||
Youngone Holdings Co. Ltd. | 899 | 36 | ||||
* | NEPES Corp. | 1,186 | 36 | |||
* | Hansol Technics Co. Ltd. | 5,666 | 36 | |||
* | Interflex Co. Ltd. | 2,982 | 36 | |||
* | Webzen Inc. | 1,534 | 36 | |||
LF Corp. | 2,298 | 36 | ||||
L&C Bio Co. Ltd. | 1,173 | 36 | ||||
* | SCM Lifescience Co. Ltd. | 1,516 | 36 | |||
Dong-A ST Co. Ltd. | 528 | 35 | ||||
Kwang Dong Pharmaceutical Co. Ltd. | 4,715 | 34 | ||||
* | Sindoh Co. Ltd. | 1,212 | 34 | |||
* | CrystalGenomics Inc. | 5,185 | 34 | |||
Hyundai Home Shopping Network Corp. | 528 | 34 | ||||
* | ABLBio Inc. | 2,004 | 34 | |||
Ahnlab Inc. | 576 | 33 |
Shares | Market Value• ($000) | |||||
* | Hyundai Construction Equipment Co. Ltd. | 780 | 33 | |||
Zinus Inc. | 454 | 33 | ||||
* | Shinsung E&G Co. Ltd. | 16,770 | 33 | |||
Hanil Holdings Co. Ltd. | 2,700 | 32 | ||||
* | Neowiz | 1,279 | 32 | |||
DongKook Pharmaceutical Co. Ltd. | 1,527 | 32 | ||||
Hansae Co. Ltd. | 1,819 | 32 | ||||
* | YG Entertainment Inc. | 616 | 32 | |||
* | Hyosung Heavy Industries Corp. | 457 | 32 | |||
* | CJ CGV Co. Ltd. | 1,181 | 31 | |||
Hyundai Livart Furniture Co. Ltd. | 2,006 | 31 | ||||
* | KH FEELUX Co. Ltd. | 10,707 | 30 | |||
Dong-A Socio Holdings Co. Ltd. | 303 | 30 | ||||
* | STCUBE | 3,798 | 30 | |||
HS Industries Co. Ltd. | 4,836 | 30 | ||||
SL Corp. | 1,287 | 30 | ||||
Taekwang Industrial Co. Ltd. | 31 | 30 | ||||
* | Eutilex Co. Ltd. | 1,177 | 30 | |||
JW Pharmaceutical Corp. | 1,228 | 29 | ||||
* | Foosung Co. Ltd. | 2,361 | 29 | |||
Toptec Co. Ltd. | 3,169 | 29 | ||||
LG HelloVision Co. Ltd. | 4,383 | 29 | ||||
* | Peptron Inc. | 2,777 | 29 | |||
Sungwoo Hitech Co. Ltd. | 5,271 | 28 | ||||
Halla Holdings Corp. | 703 | 28 | ||||
* | Vidente Co. Ltd. | 3,368 | 28 | |||
* | Namsun Aluminum Co. Ltd. | 8,724 | 28 | |||
Namhae Chemical Corp. | 2,835 | 27 | ||||
Nexen Tire Corp. | 3,685 | 27 | ||||
* | Ace Technologies Corp. | 1,828 | 27 | |||
* | Kuk-il Paper Manufacturing Co. Ltd. | 5,682 | 26 | |||
* | AbClon Inc. | 1,503 | 26 | |||
* | TY Holdings Co. Ltd. | 995 | 26 | |||
Korea United Pharm Inc. | 573 | 26 | ||||
* | LX Holdings Corp. | 3,015 | 26 | |||
AK Holdings Inc. | 1,051 | 25 | ||||
Daishin Securities Co. Ltd. Preference Shares | 1,713 | 25 | ||||
Dae Hwa Pharmaceutical Co. Ltd. | 2,662 | 25 | ||||
Ilyang Pharmaceutical Co. Ltd. | 837 | 25 |
Shares | Market Value• ($000) | |||||
HDC Hyundai Development Co-Engineering & Construction | 992 | 25 | ||||
* | Dongsung Pharmaceutical Co. Ltd. | 2,818 | 25 | |||
OptoElectronics Solutions Co. Ltd. | 760 | 25 | ||||
* | Solid Inc. | 4,031 | 25 | |||
* | Enzychem Lifesciences Corp. | 344 | 24 | |||
Daeduck Electronics Co. Ltd. | 1,489 | 24 | ||||
* | Aprogen pharmaceuticals Inc. | 23,400 | 23 | |||
* | Yungjin Pharmaceutical Co. Ltd. | 4,897 | 23 | |||
* | Telcon RF Pharmaceutical Inc. | 5,416 | 23 | |||
Harim Holdings Co. Ltd. | 2,625 | 23 | ||||
* | Hanwha General Insurance Co. Ltd. | 6,091 | 22 | |||
Woongjin Thinkbig Co. Ltd. | 6,999 | 22 | ||||
SK Gas Ltd. | 199 | 20 | ||||
* | Studio Dragon Corp. | 265 | 20 | |||
BGF Co. Ltd. | 3,740 | 20 | ||||
* | Anterogen Co. Ltd. | 291 | 20 | |||
* | Komipharm International Co. Ltd. | 1,947 | 19 | |||
* | G-treeBNT Co. Ltd. | 2,125 | 19 | |||
Hankook & Co. Co. Ltd. | 1,208 | 18 | ||||
* | KH Vatec Co. Ltd. | 759 | 18 | |||
Jeil Pharmaceutical Co. Ltd. | 482 | 17 | ||||
TES Co. Ltd. | 687 | 16 | ||||
* | Lock&Lock Co. Ltd. | 1,322 | 14 | |||
Songwon Industrial Co. Ltd. | 652 | 10 | ||||
F&F Holdings Co. Ltd. | 242 | 9 | ||||
ENF Technology Co. Ltd. | 309 | 9 | ||||
Chongkundang Holdings Corp. | 97 | 8 | ||||
* | Seojin System Co. Ltd. | 257 | 8 | |||
* | Soulbrain Holdings Co. Ltd. | 142 | 4 | |||
*,2 | Y2 Solution Co. Ltd. | 2,639 | 3 | |||
103,883 | ||||||
Spain (1.0%) | ||||||
* | Banco Bilbao Vizcaya Argentaria SA | 708,052 | 4,634 | |||
1 | Cellnex Telecom SA | 60,820 | 4,163 | |||
Industria de Diseno Textil SA | 114,380 | 3,907 | ||||
* | Amadeus IT Group SA | 46,415 | 2,835 | |||
Telefonica SA | 555,836 | 2,750 |
Shares | Market Value• ($000) | |||||
CaixaBank SA | 507,660 | 1,577 | ||||
*,1 | Aena SME SA | 7,345 | 1,174 | |||
Bankinter SA | 124,433 | 728 | ||||
Grifols SA | 29,066 | 711 | ||||
Merlin Properties Socimi SA | 55,993 | 654 | ||||
Fluidra SA | 12,225 | 499 | ||||
* | Banco de Sabadell SA | 530,131 | 378 | |||
Viscofan SA | 5,193 | 367 | ||||
Grifols SA Preference Shares Class B | 17,297 | 251 | ||||
Acerinox SA | 17,992 | 245 | ||||
Inmobiliaria Colonial Socimi SA | 19,369 | 210 | ||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 96,961 | 205 | ||||
* | Solaria Energia y Medio Ambiente SA | 7,692 | 153 | |||
Mapfre SA | 43,646 | 94 | ||||
Pharma Mar SA | 1,085 | 94 | ||||
Faes Farma SA | 18,339 | 72 | ||||
1 | Aedas Homes SA | 1,931 | 63 | |||
Cia de Distribucion Integral Logista Holdings SA | 2,721 | 59 | ||||
Zardoya Otis SA | 8,137 | 54 | ||||
Sacyr SA | 21,176 | 52 | ||||
Construcciones y Auxiliar de Ferrocarriles SA | 1,148 | 49 | ||||
Almirall SA | 2,839 | 48 | ||||
1 | Unicaja Banco SA | 50,649 | 47 | |||
*,1 | Neinor Homes SA | 3,136 | 45 | |||
Lar Espana Real Estate Socimi SA | 6,008 | 39 | ||||
* | Promotora de Informaciones SA Class A | 48,076 | 37 | |||
*,1 | Gestamp Automocion SA | 6,564 | 31 | |||
1 | Metrovacesa SA | 3,601 | 31 | |||
1 | Global Dominion Access SA | 4,668 | 25 | |||
* | Distribuidora Internacional de Alimentacion SA | 1,025,486 | 24 | |||
Laboratorios Farmaceuticos Rovi SA | 367 | 23 | ||||
Prosegur Cia de Seguridad SA | 6,488 | 21 | ||||
1 | Prosegur Cash SA | 15,716 | 15 | |||
* | Ence Energia y Celulosa SA | 1,476 | 4 | |||
26,368 | ||||||
Sweden (2.6%) | ||||||
Atlas Copco AB Class B | 102,860 | 5,957 |
Shares | Market Value• ($000) | |||||
Telefonaktiebolaget LM Ericsson Class B | 345,434 | 4,092 | ||||
Investor AB Class A | 155,859 | 3,739 | ||||
Assa Abloy AB Class B | 110,148 | 3,525 | ||||
Essity AB Class B | 77,962 | 2,502 | ||||
Skandinaviska Enskilda Banken AB Class A | 183,442 | 2,460 | ||||
* | H & M Hennes & Mauritz AB Class B | 109,691 | 2,203 | |||
Epiroc AB Class A | 91,800 | 2,014 | ||||
Svenska Handelsbanken AB Class A | 173,661 | 1,951 | ||||
Industrivarden AB Class A | 52,799 | 1,944 | ||||
Svenska Cellulosa AB SCA Class B | 97,764 | 1,728 | ||||
Skanska AB Class B | 57,029 | 1,644 | ||||
Investor AB Class B | 67,645 | 1,618 | ||||
SKF AB Class B | 60,700 | 1,550 | ||||
Getinge AB Class B | 36,898 | 1,514 | ||||
Boliden AB | 41,838 | 1,461 | ||||
Nibe Industrier AB Class B | 103,387 | 1,441 | ||||
* | Kinnevik AB Class B | 36,153 | 1,417 | |||
Castellum AB | 48,493 | 1,414 | ||||
Telia Co. AB | 321,556 | 1,382 | ||||
Tele2 AB Class B | 84,938 | 1,275 | ||||
*,1 | Sinch AB | 54,794 | 1,232 | |||
Trelleborg AB Class B | 49,619 | 1,208 | ||||
Securitas AB Class B | 65,858 | 1,096 | ||||
Electrolux AB Class B | 42,736 | 1,086 | ||||
EQT AB | 20,942 | 1,069 | ||||
Elekta AB Class B | 62,798 | 787 | ||||
* | Swedish Orphan Biovitrum AB | 34,410 | 751 | |||
1 | Dometic Group AB | 29,971 | 475 | |||
1 | Thule Group AB | 8,152 | 445 | |||
* | Nordic Entertainment Group AB Class B | 7,368 | 428 | |||
* | Fastighets AB Balder Class B | 5,718 | 409 | |||
Avanza Bank Holding AB | 10,550 | 406 | ||||
MIPS AB | 3,572 | 398 | ||||
Atlas Copco AB Class A | 5,450 | 375 | ||||
Beijer Ref AB Class B | 16,223 | 372 | ||||
Vitrolife AB | 5,775 | 356 | ||||
AddTech AB Class B | 15,945 | 335 | ||||
Sagax AB Class B | 8,914 | 333 | ||||
Samhallsbyggnadsbolaget i Norden AB B Shares | 56,251 | 321 | ||||
Husqvarna AB Class B | 20,172 | 271 | ||||
Instalco AB | 4,797 | 264 | ||||
Fabege AB | 14,493 | 263 | ||||
* | SSAB AB Class B | 50,659 | 242 | |||
AAK AB | 10,027 | 240 | ||||
Holmen AB Class B | 4,341 | 221 |
Shares | Market Value• ($000) | |||||
Intrum AB | 7,354 | 220 | ||||
Investment AB Latour Class B | 5,958 | 208 | ||||
Epiroc AB Class B | 10,721 | 204 | ||||
* | Sectra AB Class B | 2,010 | 203 | |||
*,1 | Boozt AB | 9,927 | 203 | |||
L E Lundbergforetagen AB Class B | 3,149 | 201 | ||||
Biotage AB | 6,873 | 192 | ||||
* | BICO Group AB Class B | 2,857 | 190 | |||
BillerudKorsnas AB | 8,614 | 189 | ||||
Hexpol AB | 14,516 | 187 | ||||
Nordnet AB publ | 10,170 | 184 | ||||
Mycronic AB | 5,803 | 179 | ||||
ICA Gruppen AB | 3,531 | 176 | ||||
* | SSAB AB Class A | 29,990 | 164 | |||
1 | Bravida Holding AB | 10,003 | 159 | |||
Bure Equity AB | 3,320 | 155 | ||||
Wihlborgs Fastigheter AB | 6,288 | 153 | ||||
* | BHG Group AB | 8,557 | 145 | |||
Medicover AB Class B | 4,523 | 133 | ||||
* | Electrolux Professional AB Class B | 16,944 | 132 | |||
Arjo AB Class B | 9,998 | 128 | ||||
Bilia AB Class A | 6,238 | 125 | ||||
Loomis AB Class B | 3,625 | 113 | ||||
Vitec Software Group AB Class B | 1,865 | 108 | ||||
Samhallsbyggnadsbolaget i Norden AB | 27,427 | 105 | ||||
Corem Property Group AB Class B | 34,825 | 104 | ||||
Wallenstam AB Class B | 5,999 | 103 | ||||
Nolato AB Class B | 8,930 | 103 | ||||
Nyfosa AB | 6,516 | 101 | ||||
JM AB | 2,472 | 96 | ||||
INVISIO AB | 4,608 | 96 | ||||
* | Pandox AB Class B | 5,577 | 93 | |||
Axfood AB | 3,365 | 89 | ||||
Lindab International AB | 3,117 | 88 | ||||
Granges AB | 6,783 | 84 | ||||
Peab AB Class B | 6,687 | 80 | ||||
* | Modern Times Group MTG AB Class B | 5,579 | 80 | |||
Kungsleden AB | 5,167 | 78 | ||||
* | Mekonomen AB | 3,747 | 70 | |||
Troax Group AB | 1,699 | 70 | ||||
* | SAS AB | 300,386 | 67 | |||
NCC AB Class B | 3,556 | 64 | ||||
Ratos AB Class B | 9,539 | 63 | ||||
* | SkiStar AB | 2,860 | 60 | |||
* | VNV Global AB | 4,885 | 58 | |||
Concentric AB | 2,640 | 56 | ||||
Catena AB | 856 | 55 | ||||
* | Hansa Biopharma AB | 3,809 | 55 |
Shares | Market Value• ($000) | |||||
1 | Munters Group AB | 5,539 | 51 | |||
Hufvudstaden AB Class A | 2,748 | 50 | ||||
1 | Resurs Holding AB | 6,371 | 33 | |||
Investment AB Oresund | 1,595 | 31 | ||||
Nobia AB | 3,638 | 30 | ||||
Corem Property Group AB Preference Shares | 713 | 28 | ||||
*,1 | Scandic Hotels Group AB | 6,706 | 26 | |||
Bonava AB Class B | 2,184 | 23 | ||||
* | Collector AB | 4,677 | 21 | |||
Adapteo OYJ | 1,046 | 20 | ||||
*,1 | Attendo AB | 3,886 | 19 | |||
Dios Fastigheter AB | 1,570 | 19 | ||||
* | Camurus AB | 817 | 19 | |||
Svenska Handelsbanken AB Class B | 1,415 | 17 | ||||
Cloetta AB Class B | 4,552 | 16 | ||||
* | Karo Pharma AB | 2,117 | 13 | |||
* | Clas Ohlson AB Class B | 1,031 | 12 | |||
*,1 | Oncopeptides AB | 1,752 | 10 | |||
* | Annehem Fastigheter AB Class B | 733 | 4 | |||
Klovern AB Class B | 144 | — | ||||
66,625 | ||||||
Switzerland (5.6%) | ||||||
Nestle SA (Registered) | 296,297 | 37,419 | ||||
Roche Holding AG (XVTX) | 75,417 | 30,284 | ||||
Lonza Group AG (Registered) | 8,275 | 6,998 | ||||
Zurich Insurance Group AG | 15,756 | 6,914 | ||||
Givaudan SA (Registered) | 1,078 | 5,408 | ||||
Partners Group Holding AG | 2,159 | 3,828 | ||||
Alcon Inc. | 45,164 | 3,720 | ||||
Geberit AG (Registered) | 4,373 | 3,652 | ||||
Swiss Re AG | 29,301 | 2,694 | ||||
Credit Suisse Group AG (Registered) | 235,117 | 2,491 | ||||
Sonova Holding AG (Registered) | 6,400 | 2,466 | ||||
Swiss Life Holding AG (Registered) | 4,427 | 2,307 | ||||
Kuehne + Nagel International AG (Registered) | 6,290 | 2,299 | ||||
Julius Baer Group Ltd. | 30,750 | 2,099 | ||||
Schindler Holding AG | 5,940 | 1,918 | ||||
Logitech International SA (Registered) | 18,367 | 1,881 | ||||
Straumann Holding AG (Registered) | 888 | 1,716 |
Shares | Market Value• ($000) | |||||
Swisscom AG (Registered) | 2,839 | 1,666 | ||||
Swiss Prime Site AG (Registered) | 13,187 | 1,411 | ||||
Chocoladefabriken Lindt & Spruengli AG | 118 | 1,388 | ||||
Adecco Group AG (Registered) | 23,658 | 1,316 | ||||
Baloise Holding AG (Registered) | 8,077 | 1,288 | ||||
Georg Fischer AG (Registered) | 780 | 1,280 | ||||
Chocoladefabriken Lindt & Spruengli AG (Registered) | 10 | 1,221 | ||||
Temenos AG (Registered) | 7,367 | 1,169 | ||||
1 | Galenica AG | 12,773 | 1,001 | |||
1 | VAT Group AG | 2,105 | 882 | |||
* | Mobimo Holding AG (Registered) | 2,403 | 847 | |||
* | Clariant AG (Registered) | 39,261 | 826 | |||
* | SIG Combibloc Group AG | 26,749 | 819 | |||
Barry Callebaut AG (Registered) | 315 | 802 | ||||
Helvetia Holding AG (Registered) | 6,922 | 793 | ||||
* | Flughafen Zurich AG (Registered) | 4,625 | 769 | |||
Vifor Pharma AG | 5,304 | 755 | ||||
Roche Holding AG (XSWX) | 1,687 | 755 | ||||
* | ams AG | 33,632 | 684 | |||
Tecan Group AG (Registered) | 984 | 600 | ||||
Cembra Money Bank AG | 7,860 | 574 | ||||
* | Valora Holding AG (Registered) | 2,149 | 441 | |||
* | Zur Rose Group AG | 844 | 363 | |||
* | Dufry AG (Registered) | 5,761 | 311 | |||
PSP Swiss Property AG (Registered) | 2,205 | 296 | ||||
Bachem Holding AG (Registered) Class B | 360 | 264 | ||||
Belimo Holding AG (Registered) | 460 | 240 | ||||
EMS-Chemie Holding AG (Registered) | 217 | 235 | ||||
* | Siegfried Holding AG (Registered) | 229 | 221 | |||
* | Idorsia Ltd. | 7,675 | 181 | |||
Comet Holding AG (Registered) | 417 | 158 | ||||
Interroll Holding AG (Registered) | 34 | 151 |
Shares | Market Value• ($000) | |||||
Vontobel Holding AG (Registered) | 1,489 | 139 | ||||
Banque Cantonale Vaudoise (Registered) | 1,294 | 110 | ||||
Bucher Industries AG (Registered) | 211 | 107 | ||||
Emmi AG (Registered) | 88 | 102 | ||||
Stadler Rail AG | 2,348 | 102 | ||||
Swissquote Group Holding SA (Registered) | 527 | 99 | ||||
DKSH Holding AG | 1,191 | 93 | ||||
Allreal Holding AG (Registered) | 433 | 91 | ||||
* | Landis+Gyr Group AG | 1,145 | 88 | |||
Daetwyler Holding AG | 242 | 86 | ||||
Schindler Holding AG (Registered) | 272 | 85 | ||||
Valiant Holding AG (Registered) | 792 | 80 | ||||
Inficon Holding AG (Registered) | 63 | 79 | ||||
* | Aryzta AG | 54,601 | 76 | |||
Kardex Holding AG (Registered) | 264 | 71 | ||||
Bystronic AG | 49 | 69 | ||||
* | u-blox Holding AG | 946 | 68 | |||
* | Ascom Holding AG (Registered) | 4,024 | 64 | |||
VZ Holding AG | 666 | 63 | ||||
* | Softwareone Holding AG | 2,179 | 62 | |||
Zehnder Group AG | 531 | 57 | ||||
SFS Group AG | 377 | 54 | ||||
Burckhardt Compression Holding AG | 136 | 54 | ||||
Forbo Holding AG (Registered) | 24 | 51 | ||||
OC Oerlikon Corp. AG (Registered) | 4,180 | 47 | ||||
Vetropack Holding AG (Registered) | 673 | 46 | ||||
dormakaba Holding AG | 56 | 40 | ||||
Leonteq AG | 595 | 40 | ||||
St. Galler Kantonalbank AG (Registered) | 77 | 36 | ||||
Schweiter Technologies AG | 21 | 32 | ||||
LEM Holding SA (Registered) | 11 | 28 | ||||
* | Komax Holding AG (Registered) | 96 | 27 | |||
* | COSMO Pharmaceuticals NV | 242 | 22 | |||
* | EFG International AG | 2,726 | 21 | |||
Bell Food Group AG (Registered) | 63 | 20 |
Shares | Market Value• ($000) | |||||
Ypsomed Holding AG (Registered) | 120 | 19 | ||||
* | Implenia AG (Registered) | 828 | 19 | |||
* | Autoneum Holding AG | 101 | 19 | |||
Intershop Holding AG | 28 | 19 | ||||
* | ALSO Holding AG (Registered) | 55 | 18 | |||
* | Basilea Pharmaceutica AG (Registered) | 300 | 16 | |||
Arbonia AG | 656 | 14 | ||||
* | GAM Holding AG | 5,627 | 11 | |||
144,245 | ||||||
Taiwan (5.8%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,465,630 | 54,085 | ||||
Hon Hai Precision Industry Co. Ltd. | 1,273,400 | 5,085 | ||||
MediaTek Inc. | 150,145 | 4,869 | ||||
United Microelectronics Corp. | 1,220,800 | 2,766 | ||||
Delta Electronics Inc. | 216,496 | 2,109 | ||||
Nan Ya Plastics Corp. | 626,000 | 2,023 | ||||
Formosa Plastics Corp. | 483,000 | 1,783 | ||||
China Steel Corp. | 1,282,084 | 1,761 | ||||
Cathay Financial Holding Co. Ltd. | 819,052 | 1,759 | ||||
* | ASE Technology Holding Co. Ltd. | 342,902 | 1,579 | |||
Chunghwa Telecom Co. Ltd. | 386,000 | 1,561 | ||||
* | Uni-President Enterprises Corp. | 507,000 | 1,321 | |||
Evergreen Marine Corp. Taiwan Ltd. | 270,241 | 1,319 | ||||
Mega Financial Holding Co. Ltd. | 1,108,000 | 1,310 | ||||
Chailease Holding Co. Ltd. | 136,292 | 1,307 | ||||
E.Sun Financial Holding Co. Ltd. | 1,348,527 | 1,293 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 10,600 | 1,262 | ||||
Yuanta Financial Holding Co. Ltd. | 1,233,320 | 1,111 | ||||
Formosa Chemicals & Fibre Corp. | 345,000 | 1,045 | ||||
Quanta Computer Inc. | 332,000 | 939 | ||||
Realtek Semiconductor Corp. | 46,294 | 923 | ||||
Novatek Microelectronics Corp. | 56,995 | 920 | ||||
Taiwan Cement Corp. | 512,376 | 895 | ||||
Largan Precision Co. Ltd. | 9,000 | 868 | ||||
Silergy Corp. | 6,000 | 858 |
Shares | Market Value• ($000) | |||||
Asustek Computer Inc. | 72,000 | 841 | ||||
Taiwan Cooperative Financial Holding Co. Ltd. | 1,011,851 | 815 | ||||
First Financial Holding Co. Ltd. | 965,172 | 797 | ||||
* | Hua Nan Financial Holdings Co. Ltd. | 995,026 | 750 | |||
* | Taishin Financial Holding Co. Ltd. | 1,062,354 | 741 | |||
Yageo Corp. | 42,785 | 737 | ||||
* | Yang Ming Marine Transport Corp. | 153,000 | 733 | |||
Ruentex Development Co. Ltd. | 271,000 | 677 | ||||
WPG Holdings Ltd. | 383,680 | 669 | ||||
* | Wan Hai Lines Ltd. | 74,000 | 662 | |||
Hotai Motor Co. Ltd. | 31,000 | 650 | ||||
Unimicron Technology Corp. | 122,000 | 647 | ||||
China Development Financial Holding Corp. | 1,193,000 | 610 | ||||
Globalwafers Co. Ltd. | 19,000 | 594 | ||||
Lite-On Technology Corp. | 268,000 | 591 | ||||
* | President Chain Store Corp. | 56,000 | 577 | |||
AU Optronics Corp. | 868,000 | 547 | ||||
Vanguard International Semiconductor Corp. | 102,000 | 543 | ||||
Bank of Kaohsiung Co. Ltd. | 1,275,609 | 531 | ||||
Taiwan Mobile Co. Ltd. | 142,000 | 517 | ||||
Innolux Corp. | 835,000 | 517 | ||||
Accton Technology Corp. | 46,000 | 466 | ||||
Pegatron Corp. | 196,000 | 458 | ||||
Synnex Technology International Corp. | 233,000 | 452 | ||||
Foxconn Technology Co. Ltd. | 188,000 | 448 | ||||
Parade Technologies Ltd. | 7,000 | 440 | ||||
Catcher Technology Co. Ltd. | 73,000 | 439 | ||||
Win Semiconductors Corp. | 37,000 | 439 | ||||
SinoPac Financial Holdings Co. Ltd. | 821,000 | 422 | ||||
Pou Chen Corp. | 338,000 | 401 | ||||
Shanghai Commercial & Savings Bank Ltd. | 246,000 | 399 | ||||
Airtac International Group | 13,000 | 396 | ||||
Shin Kong Financial Holding Co. Ltd. | 1,141,287 | 391 | ||||
momo.com Inc. | 6,200 | 385 | ||||
Asia Cement Corp. | 227,000 | 367 |
Shares | Market Value• ($000) | |||||
eMemory Technology Inc. | 6,000 | 351 | ||||
Eclat Textile Co. Ltd. | 16,000 | 321 | ||||
Sino-American Silicon Products Inc. | 46,000 | 319 | ||||
Far EasTone Telecommunications Co. Ltd. | 142,000 | 316 | ||||
Giant Manufacturing Co. Ltd. | 25,000 | 302 | ||||
ASMedia Technology Inc. | 4,000 | 298 | ||||
Winbond Electronics Corp. | 263,000 | 279 | ||||
Micro-Star International Co. Ltd. | 59,000 | 277 | ||||
Chang Hwa Commercial Bank Ltd. | 457,714 | 272 | ||||
Nan Ya Printed Circuit Board Corp. | 18,000 | 272 | ||||
China Life Insurance Co. Ltd. | 251,574 | 262 | ||||
Orient Semiconductor Electronics Ltd. | 256,000 | 262 | ||||
Cheng Shin Rubber Industry Co. Ltd. | 193,000 | 259 | ||||
Walsin Lihwa Corp. | 268,000 | 259 | ||||
ASPEED Technology Inc. | 3,000 | 253 | ||||
Hiwin Technologies Corp. | 20,858 | 244 | ||||
Merida Industry Co. Ltd. | 21,000 | 241 | ||||
Compal Electronics Inc. | 290,000 | 239 | ||||
Chroma ATE Inc. | 35,000 | 226 | ||||
Sunplus Technology Co. Ltd. | 158,000 | 223 | ||||
Feng TAY Enterprise Co. Ltd. | 28,400 | 221 | ||||
* | TA Chen Stainless Pipe | 115,222 | 210 | |||
Wiwynn Corp. | 6,000 | 209 | ||||
* | Walsin Technology Corp. | 32,000 | 207 | |||
Sigurd Microelectronics Corp. | 88,000 | 206 | ||||
Chipbond Technology Corp. | 74,000 | 205 | ||||
* | Ardentec Corp. | 79,000 | 204 | |||
Powertech Technology Inc. | 50,000 | 203 | ||||
Phison Electronics Corp. | 13,000 | 199 | ||||
* | Macronix International Co. Ltd. | 134,000 | 194 | |||
Acer Inc. | 210,000 | 191 | ||||
* | Medigen Vaccine Biologics Corp. | 17,000 | 186 | |||
Voltronic Power Technology Corp. | 4,152 | 185 | ||||
Silicon Integrated Systems Corp. | 198,256 | 183 | ||||
Acter Group Corp. Ltd. | 27,000 | 183 |
Shares | Market Value• ($000) | |||||
* | Oneness Biotech Co. Ltd. | 26,000 | 181 | |||
Kinsus Interconnect Technology Corp. | 25,000 | 180 | ||||
Inventec Corp. | 205,000 | 179 | ||||
* | AGV Products Corp. | 458,000 | 178 | |||
* | Taiwan Business Bank | 508,160 | 178 | |||
Taiwan Glass Industry Corp. | 138,000 | 178 | ||||
Tripod Technology Corp. | 43,000 | 177 | ||||
Elite Semiconductor Microelectronics Technology Inc. | 35,000 | 176 | ||||
* | Alchip Technologies Ltd. | 7,000 | 176 | |||
Lien Hwa Industrial Holdings Corp. | 91,890 | 174 | ||||
E Ink Holdings Inc. | 62,000 | 174 | ||||
* | FocalTech Systems Co. Ltd. | 25,203 | 173 | |||
King's Town Bank Co. Ltd. | 109,000 | 172 | ||||
Advanced International Multitech Co. Ltd. | 61,000 | 170 | ||||
Sitronix Technology Corp. | 16,000 | 170 | ||||
Wisdom Marine Lines Co. Ltd. | 52,543 | 170 | ||||
Nien Made Enterprise Co. Ltd. | 11,000 | 164 | ||||
Elite Material Co. Ltd. | 19,000 | 160 | ||||
Wistron Corp. | 160,000 | 158 | ||||
Pan Jit International Inc. | 40,400 | 157 | ||||
KEE TAI Properties Co. Ltd. | 341,000 | 156 | ||||
Zhen Ding Technology Holding Ltd. | 43,000 | 154 | ||||
Sheng Yu Steel Co. Ltd. | 92,000 | 147 | ||||
Taichung Commercial Bank Co. Ltd. | 346,411 | 147 | ||||
* | Yieh Phui Enterprise Co. Ltd. | 122,300 | 144 | |||
* | China Airlines Ltd. | 229,000 | 142 | |||
* | Lingsen Precision Industries Ltd. | 129,000 | 141 | |||
King Yuan Electronics Co. Ltd. | 85,000 | 139 | ||||
Nanya Technology Corp. | 57,000 | 136 | ||||
Elan Microelectronics Corp. | 24,000 | 136 | ||||
Jess-Link Products Co. Ltd. | ��� 107,000 | 135 | ||||
Taiwan Cogeneration Corp. | 99,000 | 134 | ||||
Tyntek Corp. | 151,000 | 133 | ||||
Sonix Technology Co. Ltd. | 41,000 | 133 | ||||
U-Ming Marine Transport Corp. | 53,000 | 133 |
Shares | Market Value• ($000) | |||||
Chung Hung Steel Corp. | 79,000 | 133 | ||||
Sinbon Electronics Co. Ltd. | 17,000 | 132 | ||||
IBF Financial Holdings Co. Ltd. | 228,864 | 132 | ||||
Nantex Industry Co. Ltd. | 34,000 | 132 | ||||
* | Taiyen Biotech Co. Ltd. | 111,000 | 132 | |||
AP Memory Technology Corp. | 6,000 | 132 | ||||
YFY Inc. | 102,000 | 131 | ||||
Eva Airways Corp. | 186,932 | 129 | ||||
* | Rich Development Co. Ltd. | 384,000 | 128 | |||
YungShin Global Holding Corp. | 84,000 | 128 | ||||
Yulon Finance Corp. | 21,045 | 126 | ||||
Simplo Technology Co. Ltd. | 11,000 | 125 | ||||
Gloria Material Technology Corp. | 127,000 | 124 | ||||
ChipMOS Technologies Inc. | 58,000 | 123 | ||||
Senao International Co. Ltd. | 105,000 | 120 | ||||
Topco Scientific Co. Ltd. | 25,000 | 119 | ||||
Taiwan High Speed Rail Corp. | 109,000 | 119 | ||||
HannStar Display Corp. | 202,000 | 117 | ||||
Lotes Co. Ltd. | 6,000 | 117 | ||||
Chicony Electronics Co. Ltd. | 41,000 | 116 | ||||
Tong Hsing Electronic Industries Ltd. | 12,310 | 116 | ||||
* | Wah Lee Industrial Corp. | 36,000 | 115 | |||
Radium Life Tech Co. Ltd. | 301,200 | 115 | ||||
Wowprime Corp. | 22,000 | 115 | ||||
* | YC INOX Co. Ltd. | 85,476 | 114 | |||
Radiant Opto-Electronics Corp. | 32,000 | 114 | ||||
* | Ambassador Hotel | 112,000 | 114 | |||
* | Etron Technology Inc. | 75,085 | 113 | |||
ITEQ Corp. | 23,466 | 112 | ||||
Via Technologies Inc. | 64,000 | 111 | ||||
Great Wall Enterprise Co. Ltd. | 56,907 | 111 | ||||
* | Episil Holdings Inc. | 28,366 | 111 | |||
Highwealth Construction Corp. | 63,000 | 110 | ||||
Evergreen International Storage & Transport Corp. | 91,000 | 110 | ||||
Pan-International Industrial Corp. | 78,000 | 110 | ||||
Poya International Co. Ltd. | 6,000 | 109 |
Shares | Market Value• ($000) | |||||
Makalot Industrial Co. Ltd. | 12,707 | 109 | ||||
Innodisk Corp. | 13,000 | 109 | ||||
Far Eastern International Bank | 273,242 | 108 | ||||
Systex Corp. | 35,000 | 108 | ||||
Fitipower Integrated Technology Inc. | 13,083 | 108 | ||||
Qisda Corp. | 100,000 | 107 | ||||
Wafer Works Corp. | 42,000 | 106 | ||||
Sensortek Technology Corp. | 4,000 | 106 | ||||
Sincere Navigation Corp. | 71,900 | 105 | ||||
Gigabyte Technology Co. Ltd. | 33,000 | 104 | ||||
Capital Securities Corp. | 182,000 | 104 | ||||
Test Research Inc. | 51,000 | 104 | ||||
Hsin Kuang Steel Co. Ltd. | 41,000 | 104 | ||||
Taiwan FamilyMart Co. Ltd. | 11,000 | 104 | ||||
Aten International Co. Ltd. | 35,000 | 104 | ||||
TXC Corp. | 25,000 | 103 | ||||
Flytech Technology Co. Ltd. | 44,000 | 102 | ||||
Teco Electric & Machinery Co. Ltd. | 91,000 | 102 | ||||
Tung Ho Steel Enterprise Corp. | 64,000 | 102 | ||||
Charoen Pokphand Enterprise | 35,000 | 101 | ||||
Formosan Rubber Group Inc. | 127,000 | 101 | ||||
Sinyi Realty Inc. | 89,000 | 100 | ||||
Grape King Bio Ltd. | 17,000 | 100 | ||||
* | Infortrend Technology Inc. | 170,000 | 100 | |||
Cheng Loong Corp. | 76,000 | 99 | ||||
Mercuries & Associates Holding Ltd. | 118,100 | 97 | ||||
* | Asia Polymer Corp. | 70,350 | 95 | |||
Hong Pu Real Estate Development Co. Ltd. | 121,000 | 94 | ||||
* | Wei Chuan Foods Corp. | 125,000 | 94 | |||
Gamania Digital Entertainment Co. Ltd. | 44,000 | 94 | ||||
Faraday Technology Corp. | 26,000 | 93 | ||||
* | Jih Sun Financial Holdings Co. Ltd. | 199,000 | 93 | |||
FSP Technology Inc. | 65,000 | 93 | ||||
Weltrend Semiconductor | 36,000 | 93 | ||||
Global Unichip Corp. | 6,000 | 93 | ||||
* | Formosa International Hotels Corp. | 17,000 | 90 |
Shares | Market Value• ($000) | |||||
Genius Electronic Optical Co. Ltd. | 5,158 | 90 | ||||
Ruentex Industries Ltd. | 22,200 | 89 | ||||
Andes Technology Corp. | 5,000 | 89 | ||||
* | Phihong Technology Co. Ltd. | 68,000 | 88 | |||
Holtek Semiconductor Inc. | 19,000 | 88 | ||||
Sercomm Corp. | 37,000 | 87 | ||||
Prince Housing & Development Corp. | 177,000 | 87 | ||||
United Integrated Services Co. Ltd. | 12,000 | 86 | ||||
Kindom Development Co. Ltd. | 56,100 | 86 | ||||
* | RDC Semiconductor Co. Ltd. | 6,000 | 86 | |||
Kinik Co. | 33,000 | 84 | ||||
Machvision Inc. | 9,039 | 84 | ||||
Thinking Electronic Industrial Co. Ltd. | 12,000 | 84 | ||||
* | ALI Corp. | 78,000 | 83 | |||
President Securities Corp. | 96,533 | 82 | ||||
Run Long Construction Co. Ltd. | 39,000 | 82 | ||||
* | Sampo Corp. | 73,000 | 82 | |||
* | RichWave Technology Corp. | 6,000 | 82 | |||
Everlight Electronics Co. Ltd. | 40,000 | 80 | ||||
Clevo Co. | 76,000 | 80 | ||||
* | Tong-Tai Machine & Tool Co. Ltd. | 128,000 | 80 | |||
USI Corp. | 68,000 | 80 | ||||
Posiflex Technology Inc. | 28,000 | 80 | ||||
Compeq Manufacturing Co. Ltd. | 54,000 | 79 | ||||
* | SDI Corp. | 15,000 | 79 | |||
* | Federal Corp. | 78,000 | 79 | |||
Sporton International Inc. | 9,450 | 78 | ||||
Fusheng Precision Co. Ltd. | 12,000 | 78 | ||||
Cathay Real Estate Development Co. Ltd. | 110,000 | 77 | ||||
Greatek Electronics Inc. | 24,000 | 77 | ||||
China Metal Products | 64,000 | 76 | ||||
* | Chong Hong Construction Co. Ltd. | 26,000 | 75 | |||
* | FLEXium Interconnect Inc. | 18,000 | 75 | |||
Taiwan Surface Mounting Technology Corp. | 20,000 | 74 | ||||
* | Adimmune Corp. | 39,000 | 74 | |||
Coretronic Corp. | 36,000 | 73 |
Shares | Market Value• ($000) | |||||
WT Microelectronics Co. Ltd. | 34,000 | 73 | ||||
Global Brands Manufacture Ltd. | 61,000 | 73 | ||||
Dynamic Electronics Co. Ltd. | 87,997 | 73 | ||||
International Games System Co. Ltd. | 3,000 | 72 | ||||
Elite Advanced Laser Corp. | 36,000 | 72 | ||||
Gold Circuit Electronics Ltd. | 27,000 | 71 | ||||
Lung Yen Life Service Corp. | 42,000 | 71 | ||||
* | Taiwan TEA Corp. | 98,000 | 71 | |||
China Chemical & Pharmaceutical Co. Ltd. | 84,000 | 70 | ||||
* | China Petrochemical Development Corp. | 150,200 | 70 | |||
Huaku Development Co. Ltd. | 22,000 | 70 | ||||
* | Lealea Enterprise Co. Ltd. | 173,000 | 70 | |||
TSRC Corp. | 63,000 | 70 | ||||
* | Chung Hwa Pulp Corp. | 78,000 | 69 | |||
Goldsun Building Materials Co. Ltd. | 85,753 | 69 | ||||
Hung Sheng Construction Ltd. | 92,600 | 69 | ||||
ITE Technology Inc. | 17,000 | 69 | ||||
Tainan Spinning Co. Ltd. | 82,000 | 69 | ||||
CHC Healthcare Group | 56,000 | 69 | ||||
Standard Foods Corp. | 36,000 | 68 | ||||
KMC Kuei Meng International Inc. | 9,000 | 68 | ||||
Sanyang Motor Co. Ltd. | 68,000 | 67 | ||||
King Slide Works Co. Ltd. | 5,000 | 67 | ||||
XinTec Inc. | 13,000 | 67 | ||||
Far Eastern Department Stores Ltd. | 85,000 | 66 | ||||
Syncmold Enterprise Corp. | 26,000 | 66 | ||||
Jentech Precision Industrial Co. Ltd. | 6,000 | 66 | ||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 24,000 | 65 | ||||
CyberTAN Technology Inc. | 98,000 | 65 | ||||
* | Microbio Co. Ltd. | 33,000 | 65 | |||
Bizlink Holding Inc. | 8,000 | 65 | ||||
Chlitina Holding Ltd. | 9,000 | 65 | ||||
Pegavision Corp. | 3,000 | 65 | ||||
Taiwan Secom Co. Ltd. | 18,000 | 64 | ||||
* | Advanced Ceramic X Corp. | 4,000 | 64 | |||
Vivotek Inc. | 23,000 | 64 |
Shares | Market Value• ($000) | |||||
* | Kuo Yang Construction Co. Ltd. | 63,000 | 64 | |||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 36,000 | 63 | ||||
WUS Printed Circuit Co. Ltd. | 62,940 | 63 | ||||
Advanced Wireless Semiconductor Co. | 10,370 | 63 | ||||
* | CMC Magnetics Corp. | 172,114 | 62 | |||
Eternal Materials Co. Ltd. | 47,000 | 62 | ||||
* | Chief Telecom Inc. | 6,000 | 62 | |||
Taiwan Fertilizer Co. Ltd. | 30,000 | 61 | ||||
* | Asia Pacific Telecom Co. Ltd. | 204,779 | 61 | |||
* | TCI Co. Ltd. | 6,297 | 61 | |||
Mitac Holdings Corp. | 60,248 | 61 | ||||
Transcend Information Inc. | 24,000 | 60 | ||||
Wistron NeWeb Corp. | 23,000 | 60 | ||||
Globe Union Industrial Corp. | 103,000 | 59 | ||||
* | PharmaEssentia Corp. | 18,437 | 59 | |||
* | China General Plastics Corp. | 41,100 | 58 | |||
Hota Industrial Manufacturing Co. Ltd. | 16,810 | 58 | ||||
Getac Technology Corp. | 31,000 | 58 | ||||
Motech Industries Inc. | 52,788 | 58 | ||||
Taiwan PCB Techvest Co. Ltd. | 35,000 | 58 | ||||
* | United Renewable Energy Co. Ltd. | 76,547 | 58 | |||
Cyberlink Corp. | 19,000 | 57 | ||||
Asia Vital Components Co. Ltd. | 23,000 | 57 | ||||
Shinkong Synthetic Fibers Corp. | 80,000 | 57 | ||||
Taiwan Styrene Monomer | 70,000 | 57 | ||||
Taiwan Semiconductor Co. Ltd. | 21,000 | 56 | ||||
Nan Kang Rubber Tire Co. Ltd. | 41,000 | 56 | ||||
OptoTech Corp. | 45,000 | 56 | ||||
Global Mixed Mode Technology Inc. | 6,000 | 56 | ||||
Topkey Corp. | 12,000 | 56 | ||||
Formosa Taffeta Co. Ltd. | 49,000 | 55 | ||||
Taiwan Union Technology Corp. | 14,000 | 55 | ||||
LandMark Optoelectronics Corp. | 7,000 | 55 | ||||
Nan Pao Resins Chemical Co. Ltd. | 11,000 | 55 | ||||
* | Gigastorage Corp. | 61,986 | 54 | |||
Taiwan Paiho Ltd. | 18,000 | 54 |
Shares | Market Value• ($000) | |||||
Supreme Electronics Co. Ltd. | 34,276 | 54 | ||||
PChome Online Inc. | 14,000 | 54 | ||||
Everlight Chemical Industrial Corp. | 77,000 | 53 | ||||
* | Rechi Precision Co. Ltd. | 74,000 | 53 | |||
Kenda Rubber Industrial Co. Ltd. | 44,000 | 53 | ||||
* | Firich Enterprises Co. Ltd. | 47,239 | 53 | |||
* | Li Cheng Enterprise Co. Ltd. | 74,846 | 53 | |||
* | TaiDoc Technology Corp. | 7,000 | 53 | |||
Ichia Technologies Inc. | 84,000 | 52 | ||||
* | TTY Biopharm Co. Ltd. | 18,000 | 52 | |||
Pixart Imaging Inc. | 9,000 | 52 | ||||
Taiwan Sakura Corp. | 20,000 | 52 | ||||
Bioteque Corp. | 14,000 | 52 | ||||
Century Iron & Steel Industrial Co. Ltd. | 13,000 | 52 | ||||
Xxentria Technology Materials Corp. | 20,000 | 51 | ||||
Chin-Poon Industrial Co. Ltd. | 43,000 | 50 | ||||
* | Li Peng Enterprise Co. Ltd. | 128,000 | 50 | |||
Taiflex Scientific Co. Ltd. | 29,000 | 50 | ||||
Merry Electronics Co. Ltd. | 14,000 | 49 | ||||
* | Shining Building Business Co. Ltd. | 112,000 | 49 | |||
Test Rite International Co. Ltd. | 55,000 | 49 | ||||
* | Iron Force Industrial Co. Ltd. | 19,000 | 49 | |||
Cleanaway Co. Ltd. | 8,000 | 49 | ||||
D-Link Corp. | 78,000 | 48 | ||||
Hu Lane Associate Inc. | 11,275 | 48 | ||||
* | TaiMed Biologics Inc. | 21,000 | 48 | |||
Gourmet Master Co. Ltd. | 9,000 | 48 | ||||
Solar Applied Materials Technology Corp. | 27,000 | 48 | ||||
Arcadyan Technology Corp. | 14,123 | 47 | ||||
* | Kaimei Electronic Corp. | 13,000 | 47 | |||
* | HTC Corp. | 36,000 | 46 | |||
* | Ta Ya Electric Wire & Cable | 48,000 | 46 | |||
Ton Yi Industrial Corp. | 92,000 | 46 | ||||
* | Elitegroup Computer Systems Co. Ltd. | 50,000 | 45 | |||
Grand Pacific Petrochemical | 41,000 | 45 | ||||
Kung Long Batteries Industrial Co. Ltd. | 9,000 | 45 |
Shares | Market Value• ($000) | |||||
Nidec Chaun-Choung Technology Corp. | 7,000 | 45 | ||||
* | Oriental Union Chemical Corp. | 57,000 | 45 | |||
Universal Vision Biotechnology Co. Ltd. | 4,000 | 45 | ||||
Chang Wah Electromaterials Inc. | 36,000 | 45 | ||||
* | Tung Thih Electronic Co. Ltd. | 6,000 | 44 | |||
* | Mercuries Life Insurance Co. Ltd. | 130,882 | 44 | |||
Yeong Guan Energy Technology Group Co. Ltd. | 18,468 | 44 | ||||
* | OBI Pharma Inc. | 12,000 | 44 | |||
* | Zinwell Corp. | 66,000 | 43 | |||
Shin Zu Shing Co. Ltd. | 11,165 | 43 | ||||
Chunghwa Precision Test Tech Co. Ltd. | 2,000 | 42 | ||||
Visual Photonics Epitaxy Co. Ltd. | 9,000 | 41 | ||||
ADATA Technology Co. Ltd. | 13,000 | 41 | ||||
Alpha Networks Inc. | 43,772 | 41 | ||||
Sunonwealth Electric Machine Industry Co. Ltd. | 29,000 | 41 | ||||
Gemtek Technology Corp. | 42,000 | 40 | ||||
* | Adlink Technology Inc. | 17,000 | 40 | |||
Formosa Sumco Technology Corp. | 6,000 | 40 | ||||
Huang Hsiang Construction Corp. | 28,000 | 39 | ||||
IEI Integration Corp. | 23,000 | 39 | ||||
* | L&K Engineering Co. Ltd. | 36,000 | 39 | |||
* | Medigen Biotechnology Corp. | 18,000 | 39 | |||
UPC Technology Corp. | 44,000 | 39 | ||||
Foxsemicon Integrated Technology Inc. | 5,000 | 39 | ||||
Nichidenbo Corp. | 21,000 | 39 | ||||
Soft-World International Corp. | 11,000 | 38 | ||||
Longchen Paper & Packaging Co. Ltd. | 37,739 | 38 | ||||
* | Center Laboratories Inc. | 14,788 | 38 | |||
Rexon Industrial Corp. Ltd. | 15,000 | 38 | ||||
* | TSEC Corp. | 33,000 | 38 | |||
* | International CSRC Investment Holdings Co. | 43,990 | 37 | |||
China Motor Corp. | 15,200 | 37 | ||||
Johnson Health Tech Co. Ltd. | 15,000 | 37 |
Shares | Market Value• ($000) | |||||
St. Shine Optical Co. Ltd. | 3,000 | 37 | ||||
Dynapack International Technology Corp. | 11,000 | 37 | ||||
Ennoconn Corp. | 5,196 | 37 | ||||
AURAS Technology Co. Ltd. | 6,000 | 37 | ||||
Chicony Power Technology Co. Ltd. | 15,000 | 37 | ||||
TYC Brother Industrial Co. Ltd. | 49,000 | 35 | ||||
China Steel Chemical Corp. | 9,000 | 35 | ||||
Holy Stone Enterprise Co. Ltd. | 8,000 | 35 | ||||
Gudeng Precision Industrial Co. Ltd. | 4,000 | 35 | ||||
* | China Electric Manufacturing Corp. | 89,540 | 34 | |||
Tong Yang Industry Co. Ltd. | 27,000 | 34 | ||||
* | Cub Elecparts Inc. | 6,132 | 34 | |||
Primax Electronics Ltd. | 18,000 | 34 | ||||
Co-Tech Development Corp. | 13,000 | 34 | ||||
* | Unizyx Holding Corp. | 36,000 | 33 | |||
Gigasolar Materials Corp. | 5,000 | 33 | ||||
Swancor Holding Co. Ltd. | 10,000 | 33 | ||||
Ho Tung Chemical Corp. | 85,000 | 32 | ||||
* | Darwin Precisions Corp. | 75,000 | 32 | |||
Kuo Toong International Co. Ltd. | 35,330 | 32 | ||||
Darfon Electronics Corp. | 20,000 | 32 | ||||
General Interface Solution Holding Ltd. | 8,000 | 31 | ||||
Kinpo Electronics | 65,000 | 30 | ||||
* | Asia Optical Co. Inc. | 10,000 | 30 | |||
HannsTouch Solution Inc. | 73,000 | 30 | ||||
Sunny Friend Environmental Technology Co. Ltd. | 4,000 | 30 | ||||
Speed Tech Corp. | 10,000 | 30 | ||||
Cheng Uei Precision Industry Co. Ltd. | 21,000 | 29 | ||||
Depo Auto Parts Ind Co. Ltd. | 14,000 | 29 | ||||
Yulon Motor Co. Ltd. | 21,615 | 29 | ||||
* | PharmaEngine Inc. | 13,000 | 29 | |||
Apex International Co. Ltd. | 13,000 | 29 | ||||
Toung Loong Textile Manufacturing | 21,000 | 28 | ||||
Fulgent Sun International Holding Co. Ltd. | 9,000 | 28 |
Shares | Market Value• ($000) | |||||
Dyaco International Inc. | 11,000 | 28 | ||||
Quanta Storage Inc. | 20,000 | 27 | ||||
* | Career Technology MFG. Co. Ltd. | 28,513 | 27 | |||
Zeng Hsing Industrial Co. Ltd. | 5,000 | 27 | ||||
* | Roo Hsing Co. Ltd. | 91,000 | 26 | |||
Chilisin Electronics Corp. | 8,000 | 26 | ||||
Farglory Land Development Co. Ltd. | 11,000 | 25 | ||||
AcBel Polytech Inc. | 26,000 | 25 | ||||
* | Ritek Corp. | 71,214 | 25 | |||
* | AmTRAN Technology Co. Ltd. | 40,000 | 24 | |||
* | Unitech Printed Circuit Board Corp. | 32,000 | 23 | |||
* | Nan Liu Enterprise Co. Ltd. | 5,000 | 23 | |||
* | Savior Lifetec Corp. | 27,000 | 23 | |||
Egis Technology Inc. | 5,000 | 22 | ||||
Hotai Finance Co. Ltd. | 7,000 | 22 | ||||
* | China Man-Made Fiber Corp. | 56,000 | 21 | |||
* | Ability Enterprise Co. Ltd. | 36,000 | 20 | |||
TA-I Technology Co. Ltd. | 8,000 | 19 | ||||
* | Newmax Technology Co. Ltd. | 13,000 | 19 | |||
Altek Corp. | 14,000 | 18 | ||||
* | Chia Hsin Cement Corp. | 22,000 | 18 | |||
TPK Holding Co. Ltd. | 12,000 | 17 | ||||
* | GeneReach Biotechnology Corp. | 4,000 | 16 | |||
* | Fittech Co. Ltd. | 2,000 | 14 | |||
*,2 | Unity Opto Technology Co. Ltd. | 90,000 | 13 | |||
* | Basso Industry Corp. | 7,000 | 12 | |||
ScinoPharm Taiwan Ltd. | 13,000 | 12 | ||||
Hannstar Board Corp. | 7,000 | 11 | ||||
* | Brogent Technologies Inc. | 2,100 | 9 | |||
* | Concraft Holding Co. Ltd. | 3,449 | 8 | |||
Ginko International Co. Ltd. | 1,050 | 8 | ||||
* | Taigen Biopharmaceuticals Holdings Ltd. | 13,000 | 8 | |||
Lotus Pharmaceutical Co. Ltd. | 1,000 | 4 | ||||
*,2 | Pharmally International Holding Co. Ltd. | 1,282 | 3 |
Shares | Market Value• ($000) | |||||
*,2 | Wafer Works Optronics Corp. Rights Exp. 10/4/21 | 1,923 | — | |||
*,2 | LOTES Co. Ltd. Rights Exp. 9/13/21 | 115 | — | |||
148,715 | ||||||
Thailand (0.7%) | ||||||
Siam Cement PCL (Foreign) | 121,200 | 1,616 | ||||
CP ALL PCL (Foreign) | 699,600 | 1,410 | ||||
Airports of Thailand PCL (Foreign) | 660,400 | 1,305 | ||||
Siam Commercial Bank PCL (Foreign) | 346,800 | 1,144 | ||||
Kasikornbank PCL (Foreign) | 251,700 | 958 | ||||
Home Product Center PCL (Foreign) | 1,839,200 | 815 | ||||
Advanced Info Service PCL (Foreign) | 136,300 | 795 | ||||
Energy Absolute PCL (Foreign) | 309,100 | 628 | ||||
Delta Electronics Thailand PCL (Foreign) | 29,100 | 527 | ||||
Bangkok Dusit Medical Services PCL (Foreign) | 645,600 | 468 | ||||
Global Power Synergy PCL (Foreign) | 170,092 | 439 | ||||
Carabao Group PCL (Foreign) | 85,700 | 372 | ||||
Sino-Thai Engineering & Construction PCL (Foreign) | 862,100 | 358 | ||||
Gulf Energy Development PCL (Foreign) | 251,850 | 326 | ||||
Com7 PCL (Foreign) | 145,700 | 315 | ||||
Central Pattana PCL (Foreign) | 176,900 | 294 | ||||
* | BEC World PCL (Foreign) | 707,500 | 289 | |||
Bangkok Bank PCL (Foreign) | 78,400 | 277 | ||||
Intouch Holdings PCL (Foreign) | 93,156 | 247 | ||||
Krungthai Card PCL (Foreign) | 119,500 | 245 | ||||
PTT Global Chemical PCL (Foreign) | 116,800 | 232 | ||||
Central Retail Corp. PCL (Foreign) | 170,600 | 181 | ||||
Charoen Pokphand Foods PCL (Foreign) | 202,600 | 170 | ||||
KCE Electronics PCL (Foreign) | 65,000 | 154 | ||||
Thoresen Thai Agencies PCL (Foreign) | 289,000 | 149 |
Shares | Market Value• ($000) | |||||
* | CPN Retail Growth Leasehold REIT | 217,300 | 147 | |||
Indorama Ventures PCL (Foreign) | 99,200 | 134 | ||||
Jasmine Broadband Internet Infrastructure Fund | 383,972 | 117 | ||||
Krung Thai Bank PCL (Foreign) | 327,800 | 114 | ||||
Workpoint Entertainment PCL (Foreign) | 164,500 | ��� 114 | ||||
IMPACT Growth REIT | 194,000 | 114 | ||||
* | Unique Engineering & Construction PCL (Foreign) | 550,300 | 113 | |||
BTS Group Holdings PCL (Foreign) | 340,600 | 99 | ||||
Kiatnakin Phatra Bank PCL (Foreign) | 54,900 | 96 | ||||
Thai Union Group PCL (Foreign) | 149,500 | 92 | ||||
Thaicom PCL (Foreign) | 285,200 | 88 | ||||
Frasers Property Thailand Industrial Freehold & Leasehold REIT | 207,100 | 87 | ||||
Hana Microelectronics PCL (Foreign) | 37,300 | 82 | ||||
* | Bangkok Airways PCL (Foreign) | 220,500 | 81 | |||
Sri Trang Agro-Industry PCL (Foreign) | 67,600 | 80 | ||||
Bangkok Expressway & Metro PCL (Foreign) | 279,800 | 75 | ||||
* | Samart Corp. PCL (Foreign) | 321,100 | 74 | |||
TMBThanachart Bank PCL (Foreign) | 2,207,124 | 73 | ||||
Bumrungrad Hospital PCL (Foreign) | 17,800 | 73 | ||||
Tisco Financial Group PCL (Foreign) | 25,100 | 73 | ||||
* | Central Plaza Hotel PCL (Foreign) | 66,800 | 69 | |||
Muangthai Capital PCL (Foreign) | 33,200 | 67 | ||||
Srisawad Corp. PCL (Foreign) | 28,600 | 64 | ||||
Electricity Generating PCL (Foreign) | 11,300 | 63 | ||||
Dohome PCL (Foreign) | 79,900 | 63 | ||||
* | Asset World Corp. PCL (Foreign) | 460,000 | 62 | |||
Precious Shipping PCL (Foreign) | 84,200 | 60 | ||||
AEON Thana Sinsap Thailand PCL (Foreign) | 9,400 | 58 |
Shares | Market Value• ($000) | |||||
VGI PCL (Foreign) | 294,730 | 57 | ||||
WHA Premium Growth Freehold & Leasehold REIT | 134,900 | 57 | ||||
Siam Global House PCL (Foreign) | 75,094 | 51 | ||||
*,2 | Thai Airways International PCL (Foreign) | 469,000 | 48 | |||
Super Energy Corp. PCL (Foreign) | 1,608,300 | 48 | ||||
TQM Corp. PCL (Foreign) | 12,400 | 45 | ||||
Thanachart Capital PCL (Foreign) | 37,100 | 42 | ||||
JMT Network Services PCL (Foreign) | 28,900 | 41 | ||||
True Corp. PCL (Foreign) | 375,600 | 39 | ||||
Bangkok Commercial Asset Management PCL (Foreign) | 67,100 | 39 | ||||
Berli Jucker PCL (Foreign) | 33,100 | 37 | ||||
Supalai PCL (Foreign) | 57,200 | 37 | ||||
Thai Vegetable Oil PCL (Foreign) | 35,700 | 36 | ||||
B Grimm Power PCL (Foreign) | 25,300 | 36 | ||||
TPI Polene PCL (Foreign) | 631,700 | 35 | ||||
Univentures PCL (Foreign) | 248,900 | 33 | ||||
SPCG PCL (Foreign) | 57,800 | 32 | ||||
Total Access Communication PCL (Foreign) | 26,900 | 31 | ||||
LPN Development PCL (Foreign) | 190,300 | 30 | ||||
Osotspa PCL (Foreign) | 26,800 | 30 | ||||
Land & Houses PCL (Foreign) | 114,600 | 29 | ||||
Mega Lifesciences PCL (Foreign) | 18,300 | 28 | ||||
Amata Corp. PCL (Foreign) | 45,993 | 27 | ||||
WHA Corp. PCL (Foreign) | 271,500 | 27 | ||||
Quality Houses PCL (Foreign) | 343,200 | 24 | ||||
Chularat Hospital PCL (Foreign) | 210,700 | 24 | ||||
AP Thailand PCL (Foreign) | 88,200 | 23 | ||||
Bangkok Land PCL (Foreign) | 675,700 | 23 | ||||
TPI Polene Power PCL (Foreign) | 160,300 | 22 | ||||
Thailand Future Fund | 90,900 | 22 |
Shares | Market Value• ($000) | |||||
Tipco Asphalt PCL (Foreign) | 32,600 | 19 | ||||
Jasmine International PCL (Foreign) | 208,700 | 19 | ||||
Taokaenoi Food & Marketing PCL (Foreign) | 77,500 | 18 | ||||
Plan B Media PCL (Foreign) | 96,400 | 18 | ||||
Thaifoods Group PCL (Foreign) | 114,700 | 17 | ||||
Sansiri PCL (Foreign) | 393,500 | 16 | ||||
Gunkul Engineering PCL (Foreign) | 111,400 | 16 | ||||
BCPG PCL (Foreign) | 32,051 | 15 | ||||
Siam Makro PCL (Foreign) | 11,900 | 15 | ||||
GFPT PCL (Foreign) | 36,300 | 14 | ||||
* | Major Cineplex Group PCL (Foreign) | 18,300 | 12 | |||
Bangkok Life Assurance PCL NVDR | 14,000 | 12 | ||||
Origin Property PCL (Foreign) | 38,000 | 12 | ||||
Ratchthani Leasing PCL (Foreign) | 77,600 | 11 | ||||
TTW PCL (Foreign) | 28,000 | 10 | ||||
* | Italian-Thai Development PCL (Foreign) | 118,800 | 9 | |||
TOA Paint Thailand PCL (Foreign) | 6,800 | 7 | ||||
Advanced Info Service PCL | 1,200 | 7 | ||||
* | U City PCL (Foreign) | 64,000 | 2 | |||
* | Minor International PCL Warrants Exp. 9/30/21 | 3,645 | — | |||
* | BCPG PCL Warrants Exp. 11/13/23 | 1 | — | |||
* | BTS Group Holdings PCL Warrants Exp. 12/31/25 | 119,210 | 0 | |||
17,448 | ||||||
Turkey (0.1%) | ||||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S | 294,972 | 504 | ||||
Tat Gida Sanayi A/S | 319,333 | 339 | ||||
Logo Yazilim Sanayi ve Ticaret A/S | 59,532 | 284 | ||||
Eregli Demir ve Celik Fabrikalari TAS | 97,106 | 220 | ||||
Turkiye Garanti Bankasi A/S | 113,534 | 135 | ||||
Turkiye Sise ve Cam Fabrikalari A/S | 95,073 | 102 | ||||
* | Aksa Enerji Uretim A/S Class B | 55,252 | 96 | |||
Akbank TAS | 134,289 | 95 |
Shares | Market Value• ($000) | |||||
Ford Otomotiv Sanayi A/S | 4,262 | 88 | ||||
* | Gubre Fabrikalari TAS | 12,258 | 76 | |||
Is Yatirim Menkul Degerler A/S | 31,920 | 59 | ||||
* | Is Gayrimenkul Yatirim Ortakligi A/S | 259,225 | 57 | |||
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | 245,706 | 54 | ||||
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S | 31,669 | 51 | ||||
Turk Traktor ve Ziraat Makineleri A/S | 2,379 | 49 | ||||
* | Torunlar Gayrimenkul Yatirim Ortakligi A/S | 92,930 | 47 | |||
Nuh Cimento Sanayi A/S | 11,154 | 47 | ||||
* | Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class A | 55,213 | 46 | |||
Haci Omer Sabanci Holding A/S | 33,553 | 42 | ||||
* | Petkim Petrokimya Holding A/S | 55,556 | 41 | |||
* | Sasa Polyester Sanayi A/S | 12,192 | 40 | |||
* | Konya Cimento Sanayii A/S | 359 | 38 | |||
* | Bera Holding A/S | 32,688 | 38 | |||
Turkiye Is Bankasi A/S Class C | 54,007 | 37 | ||||
Coca-Cola Icecek A/S | 3,293 | 35 | ||||
* | Turk Hava Yollari AO | 19,932 | 30 | |||
Alarko Holding A/S | 27,754 | 30 | ||||
* | Hektas Ticaret TAS | 29,370 | 30 | |||
Kartonsan Karton Sanayi ve Ticaret A/S | 4,643 | 28 | ||||
EGE Endustri ve Ticaret A/S | 181 | 27 | ||||
* | Koza Anadolu Metal Madencilik Isletmeleri A/S | 14,046 | 27 | |||
Aksa Akrilik Kimya Sanayii A/S | 11,264 | 26 | ||||
* | Zorlu Enerji Elektrik Uretim A/S | 136,939 | 26 | |||
1 | Enerjisa Enerji A/S | 18,394 | 25 | |||
AG Anadolu Grubu Holding A/S | 8,187 | 24 | ||||
*,1 | MLP Saglik Hizmetleri A/S Class B | 7,804 | 24 | |||
* | Cimsa Cimento Sanayi ve Ticaret A/S | 7,525 | 23 | |||
* | Koza Altin Isletmeleri A/S | 1,798 | 22 |
Shares | Market Value• ($000) | |||||
* | Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S | 22,224 | 21 | |||
Sok Marketler Ticaret A/S | 13,986 | 21 | ||||
Brisa Bridgestone Sabanci Sanayi ve Ticaret A/S | 7,642 | 20 | ||||
1 | Mavi Giyim Sanayi ve Ticaret A/S Class B | 2,923 | 20 | |||
Aksigorta A/S | 19,310 | 18 | ||||
Aygaz A/S | 8,618 | 16 | ||||
Dogus Otomotiv Servis ve Ticaret A/S | 4,771 | 16 | ||||
* | Pegasus Hava Tasimaciligi A/S | 1,931 | 16 | |||
Yapi ve Kredi Bankasi A/S | 48,161 | 15 | ||||
* | Turkiye Vakiflar Bankasi TAO | 30,765 | 13 | |||
Akcansa Cimento A/S | 6,754 | 12 | ||||
Dogan Sirketler Grubu Holding A/S | 31,140 | 10 | ||||
* | Sekerbank Turk A/S | 81,041 | 10 | |||
Ulker Biskuvi Sanayi A/S | 4,462 | 10 | ||||
Turkiye Sinai Kalkinma Bankasi A/S | 54,965 | 9 | ||||
Turk Telekomunikasyon A/S | 9,896 | 9 | ||||
Tofas Turk Otomobil Fabrikasi A/S | 1,547 | 8 | ||||
Tekfen Holding A/S | 3,446 | 6 | ||||
Arcelik A/S | 1,329 | 5 | ||||
* | TAV Havalimanlari Holding A/S | 1,847 | 5 | |||
3,222 | ||||||
United Arab Emirates (0.2%) | ||||||
First Abu Dhabi Bank PJSC | 423,822 | 1,961 | ||||
Emirates Telecommunications Group Co. PJSC | 154,571 | 993 | ||||
Emirates NBD Bank PJSC | 214,614 | 809 | ||||
Abu Dhabi Commercial Bank PJSC | 258,905 | 529 | ||||
Aldar Properties PJSC | 390,728 | 441 | ||||
Emaar Properties PJSC | 306,150 | 349 | ||||
Abu Dhabi Islamic Bank PJSC | 147,435 | 226 | ||||
* | Air Arabia PJSC | 516,938 | 200 | |||
* | RAK Properties PJSC | 709,994 | 142 | |||
* | Emaar Malls PJSC | 236,942 | 133 | |||
Orascom Construction plc | 20,861 | 100 | ||||
Dubai Investments PJSC | 193,510 | 96 |
Shares | Market Value• ($000) | |||||
* | Dubai Financial Market PJSC | 269,740 | 83 | |||
GFH Financial Group BSC | 286,334 | 58 | ||||
Aramex PJSC | 41,095 | 45 | ||||
* | DAMAC Properties Dubai Co. PJSC | 118,390 | 41 | |||
*,2 | Arabtec Holding PJSC | 101,139 | 15 | |||
6,221 | ||||||
United Kingdom (8.3%) | ||||||
AstraZeneca plc | 162,899 | 19,050 | ||||
GlaxoSmithKline plc | 519,137 | 10,443 | ||||
Unilever plc (XLON) | 165,204 | 9,199 | ||||
RELX plc | 198,052 | 5,944 | ||||
Prudential plc | 276,482 | 5,760 | ||||
Unilever plc (XAMS) | 101,641 | 5,657 | ||||
Reckitt Benckiser Group plc | 65,776 | 5,021 | ||||
Barclays plc | 1,832,639 | 4,646 | ||||
National Grid plc | 359,085 | 4,644 | ||||
Vodafone Group plc | 2,713,428 | 4,557 | ||||
Lloyds Banking Group plc | 7,407,263 | 4,434 | ||||
Experian plc | 99,364 | 4,383 | ||||
London Stock Exchange Group plc | 38,088 | 4,172 | ||||
CRH plc (XLON) | 75,963 | 4,041 | ||||
Ashtead Group plc | 51,182 | 4,001 | ||||
* | Compass Group plc | 190,100 | 3,927 | |||
Ferguson plc | 25,572 | 3,696 | ||||
Tesco plc | 861,411 | 3,024 | ||||
Segro plc | 142,007 | 2,510 | ||||
SSE plc | 109,474 | 2,459 | ||||
Legal & General Group plc | 631,694 | 2,347 | ||||
Croda International plc | 18,327 | 2,307 | ||||
Aviva plc | 404,016 | 2,246 | ||||
* | BT Group plc | 917,002 | 2,144 | |||
Spirax-Sarco Engineering plc | 9,606 | 2,130 | ||||
Halma plc | 51,428 | 2,124 | ||||
3i Group plc | 114,990 | 2,115 | ||||
WPP plc | 150,395 | 2,039 | ||||
Smith & Nephew plc | 103,932 | 1,990 | ||||
Smurfit Kappa Group plc | 33,754 | 1,935 | ||||
Rentokil Initial plc | 239,233 | 1,911 | ||||
Next plc | 16,732 | 1,820 | ||||
St. James's Place plc | 80,519 | 1,783 | ||||
Standard Chartered plc | 282,579 | 1,762 | ||||
Bunzl plc | 45,261 | 1,640 | ||||
*,1 | Just Eat Takeaway.com NV (XLON) | 17,976 | 1,622 | |||
Persimmon plc | 39,679 | 1,606 | ||||
Mondi plc | 57,941 | 1,598 | ||||
Natwest Group plc | 533,545 | 1,558 | ||||
* | Ocado Group plc | 53,419 | 1,481 |
Shares | Market Value• ($000) | |||||
Sage Group plc | 144,710 | 1,478 | ||||
Kingfisher plc | 291,002 | 1,401 | ||||
Howden Joinery Group plc | 104,098 | 1,354 | ||||
Wm Morrison Supermarkets plc | 339,092 | 1,349 | ||||
* | Informa plc | 178,113 | 1,302 | |||
Burberry Group plc | 50,538 | 1,294 | ||||
Admiral Group plc | 25,929 | 1,288 | ||||
Rightmove plc | 132,643 | 1,280 | ||||
Barratt Developments plc | 125,035 | 1,272 | ||||
United Utilities Group plc | 87,399 | 1,271 | ||||
1 | Auto Trader Group plc | 145,392 | 1,257 | |||
Spectris plc | 23,170 | 1,256 | ||||
Severn Trent plc | 32,207 | 1,224 | ||||
DCC plc | 14,075 | 1,196 | ||||
Intermediate Capital Group plc | 39,449 | 1,193 | ||||
Smiths Group plc | 59,717 | 1,185 | ||||
Taylor Wimpey plc | 460,071 | 1,158 | ||||
DS Smith plc | 187,423 | 1,140 | ||||
Abrdn plc | 310,845 | 1,136 | ||||
Derwent London plc | 21,014 | 1,096 | ||||
Johnson Matthey plc | 26,660 | 1,078 | ||||
* | Coca-Cola HBC AG | 29,496 | 1,068 | |||
British Land Co. plc | 140,475 | 1,026 | ||||
J Sainsbury plc | 245,574 | 1,026 | ||||
* | Berkeley Group Holdings plc | 15,177 | 1,008 | |||
Pearson plc | 94,468 | 996 | ||||
Tate & Lyle plc | 94,484 | 918 | ||||
Britvic plc | 67,592 | 907 | ||||
Direct Line Insurance Group plc | 212,371 | 902 | ||||
Bellway plc | 18,371 | 890 | ||||
* | ITV plc | 553,305 | 882 | |||
Hargreaves Lansdown plc | 40,352 | 838 | ||||
Polymetal International plc | 41,618 | 829 | ||||
M&G plc | 282,760 | 801 | ||||
Pennon Group plc | 44,880 | 771 | ||||
Phoenix Group Holdings plc | 85,708 | 734 | ||||
* | Marks & Spencer Group plc | 281,251 | 695 | |||
CRH plc (XDUB) | 12,990 | 688 | ||||
JD Sports Fashion plc | 49,354 | 685 | ||||
Antofagasta plc | 31,416 | 629 | ||||
HomeServe plc | 47,877 | 616 | ||||
Games Workshop Group plc | 3,769 | 600 | ||||
Hikma Pharmaceuticals plc | 17,016 | 594 | ||||
Investec plc | 139,701 | 588 |
Shares | Market Value• ($000) | |||||
Royal Mail plc | 82,018 | 559 | ||||
Schroders plc | 10,590 | 551 | ||||
Future plc | 9,743 | 516 | ||||
* | Beazley plc | 90,148 | 485 | |||
B&M European Value Retail SA | 53,035 | 408 | ||||
Dechra Pharmaceuticals plc | 5,495 | 396 | ||||
* | SSP Group plc | 88,758 | 333 | |||
UNITE Group plc | 18,858 | 317 | ||||
* | WH Smith plc | 14,074 | 316 | |||
1 | Avast plc | 35,993 | 296 | |||
Genus plc | 3,536 | 289 | ||||
Inchcape plc | 22,775 | 288 | ||||
Hiscox Ltd. | 22,741 | 287 | ||||
IG Group Holdings plc | 21,732 | 280 | ||||
Dunelm Group plc | 15,595 | 276 | ||||
* | Greggs plc | 6,584 | 275 | |||
Electrocomponents plc | 18,534 | 271 | ||||
Pets at Home Group plc | 34,650 | 239 | ||||
*,1 | Countryside Properties plc | 30,670 | 237 | |||
1 | ConvaTec Group plc | 75,541 | 234 | |||
Grafton Group plc | 12,100 | 233 | ||||
Softcat plc | 7,939 | 231 | ||||
* | THG plc | 27,028 | 228 | |||
*,1 | Trainline plc | 44,708 | 225 | |||
*,1 | Network International Holdings plc | 41,380 | 223 | |||
Spirent Communications plc | 48,893 | 200 | ||||
*,1 | Watches of Switzerland Group plc | 14,040 | 196 | |||
Man Group plc | 64,943 | 193 | ||||
* | IWG plc | 46,657 | 192 | |||
Safestore Holdings plc | 11,936 | 190 | ||||
Vistry Group plc | 11,170 | 186 | ||||
OSB Group plc | 24,865 | 174 | ||||
Big Yellow Group plc | 8,005 | 168 | ||||
Close Brothers Group plc | 7,935 | 168 | ||||
1 | John Laing Group plc | 30,248 | 167 | |||
* | Hays plc | 75,490 | 165 | |||
Computacenter plc | 4,049 | 164 | ||||
* | International Consolidated Airlines Group SA | 72,414 | 159 | |||
Hammerson plc | 310,997 | 156 | ||||
* | easyJet plc | 13,959 | 153 | |||
Cranswick plc | 2,720 | 149 | ||||
* | Ascential plc | 25,440 | 146 | |||
Micro Focus International plc | 23,219 | 142 | ||||
Shaftesbury plc | 15,778 | 140 | ||||
Assura plc | 128,797 | 140 | ||||
Grainger plc | 31,517 | 139 |
Shares | Market Value• ($000) | |||||
Synthomer plc | 18,772 | 138 | ||||
1 | Quilter plc | 66,108 | 137 | |||
Ashmore Group plc | 24,722 | 136 | ||||
Fresnillo plc | 11,207 | 132 | ||||
Plus500 Ltd. | 6,285 | 129 | ||||
TP ICAP Group plc | 45,386 | 127 | ||||
Paragon Banking Group plc | 16,286 | 126 | ||||
Drax Group plc | 21,787 | 124 | ||||
LondonMetric Property plc | 33,628 | 121 | ||||
Domino's Pizza Group plc | 21,302 | 121 | ||||
* | Pagegroup plc | 13,511 | 117 | |||
Dixons Carphone plc | 60,869 | 117 | ||||
Victrex plc | 3,159 | 115 | ||||
Lancashire Holdings Ltd. | 13,268 | 114 | ||||
Great Portland Estates plc | 10,621 | 114 | ||||
* | National Express Group plc | 31,678 | 112 | |||
Marshalls plc | 10,010 | 111 | ||||
* | Mitie Group plc | 104,804 | 109 | |||
Genuit Group plc | 10,032 | 109 | ||||
AJ Bell plc | 18,148 | 107 | ||||
Sanne Group plc | 8,247 | 105 | ||||
Moneysupermarket.com Group plc | 29,728 | 104 | ||||
*,1 | Just Eat Takeaway.com NV (XAMS) | 1,113 | 101 | |||
Savills plc | 5,376 | 101 | ||||
IntegraFin Holdings plc | 12,584 | 100 | ||||
Capital & Counties Properties plc | 40,898 | 98 | ||||
*,1 | Aston Martin Lagonda Global Holdings plc | 3,569 | 98 | |||
*,1 | Wizz Air Holdings plc | 1,454 | 97 | |||
* | Frasers Group plc | 10,406 | 96 | |||
Centamin plc | 67,757 | 93 | ||||
Workspace Group plc | 7,280 | 93 | ||||
* | Mediclinic International plc | 21,019 | 91 | |||
Picton Property Income Ltd. | 65,924 | 90 | ||||
Kainos Group plc | 3,341 | 90 | ||||
Rathbone Brothers plc | 3,170 | 89 | ||||
Redrow plc | 8,986 | 88 | ||||
1 | Airtel Africa plc | 66,541 | 85 | |||
Coats Group plc | 76,003 | 80 | ||||
Vesuvius plc | 10,375 | 80 | ||||
* | Crest Nicholson Holdings plc | 13,949 | 80 | |||
* | Firstgroup plc | 62,898 | 78 | |||
* | Provident Financial plc | 15,943 | 78 | |||
* | Just Group plc | 58,484 | 75 |
Shares | Market Value• ($000) | |||||
Jupiter Fund Management plc | 19,869 | 73 | ||||
RHI Magnesita NV | 1,389 | 73 | ||||
* | Elementis plc | 34,082 | 72 | |||
* | Restaurant Group plc | 42,987 | 71 | |||
* | AO World plc | 21,876 | 70 | |||
Halfords Group plc | 13,825 | 69 | ||||
Brewin Dolphin Holdings plc | 11,896 | 65 | ||||
* | Cineworld Group plc | 67,588 | 62 | |||
Vectura Group plc | 27,313 | 62 | ||||
Ferrexpo plc | 11,280 | 59 | ||||
Sirius Real Estate Ltd. | 34,318 | 59 | ||||
Redde Northgate plc | 9,423 | 57 | ||||
* | Greencore Group plc | 28,649 | 56 | |||
Clarkson plc | 1,045 | 55 | ||||
1 | Ibstock plc | 15,964 | 53 | |||
FDM Group Holdings plc | 2,927 | 51 | ||||
* | Petropavlovsk plc | 168,903 | 49 | |||
Euromoney Institutional Investor plc | 3,364 | 48 | ||||
* | Bank of Georgia Group plc | 2,028 | 47 | |||
Avon Protection plc | 1,736 | 45 | ||||
NCC Group plc | 9,895 | 44 | ||||
Essentra plc | 11,008 | 44 | ||||
*,1 | Spire Healthcare Group plc | 13,463 | 44 | |||
Helical plc | 5,379 | 35 | ||||
Hochschild Mining plc | 16,405 | 34 | ||||
Keller Group plc | 2,139 | 29 | ||||
1 | TI Fluid Systems plc Class B | 6,919 | 29 | |||
1 | Alfa Financial Software Holdings plc | 13,860 | 28 | |||
*,1 | Equiniti Group plc | 10,203 | 25 | |||
* | Go-Ahead Group plc | 1,814 | 23 | |||
* | AG Barr plc | 2,978 | 23 | |||
TBC Bank Group plc | 1,188 | 23 | ||||
Devro plc | 6,727 | 21 | ||||
PZ Cussons plc | 5,461 | 18 | ||||
Telecom Plus plc | 1,118 | 16 | ||||
* | SIG plc | 18,866 | 14 | |||
* | PureTech Health plc | 2,578 | 12 | |||
* | Stagecoach Group plc | 9,115 | 9 | |||
*,1 | Funding Circle Holdings plc | 2,197 | 5 | |||
*,2 | NMC Health plc | 4,208 | — | |||
��� 212,283 | ||||||
Total Common Stocks (Cost $2,109,840) | 2,539,801 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (0.6%) | ||||||
Money Market Fund (0.6%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 0.068% (Cost $15,384) | 153,841 | 15,384 | |||
Total Investments (99.8%) (Cost $2,125,224) | 2,555,185 | |||||
Other Assets and Liabilities—Net (0.2%) | 5,643 | |||||
Net Assets (100%) | 2,560,828 |
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 August 31, 2021, the aggregate value was $92,511,000, representing 3.6% of net assets. |
2 | Security value determined using significant unobservable inputs. |
3 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,978,000. |
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 $2,104,000 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 | September 2021 | 68 | 7,995 | 73 |
MSCI Emerging Market Index | September 2021 | 190 | 12,343 | (147) |
(74) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
BNP Paribas | 9/15/21 | INR | 107,647 | USD | 1,456 | 17 | — |
BNP Paribas | 9/15/21 | USD | 555 | JPY | 60,771 | 2 | — |
19 | — |
INR—Indian rupee. |
JPY—Japanese yen. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $2,109,840) | 2,539,801 |
Affiliated Issuers (Cost $15,384) | 15,384 |
Total Investments in Securities | 2,555,185 |
Investment in Vanguard | 80 |
Cash | 11 |
Foreign Currency, at Value (Cost $4,780) | 4,776 |
Cash Collateral Pledged—Futures Contracts | 1,110 |
Receivables for Investment Securities Sold | 5 |
Receivables for Accrued Income | 5,207 |
Variation Margin Receivable—Futures Contracts | 173 |
Unrealized Appreciation—Forward Currency Contracts | 19 |
Total Assets | 2,566,566 |
Liabilities | |
Payables for Investment Securities Purchased | 976 |
Collateral for Securities on Loan | 2,104 |
Payables to Vanguard | 1 |
Deferred Foreign Capital Gains Taxes | 2,657 |
Total Liabilities | 5,738 |
Net Assets | 2,560,828 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 2,133,198 |
Total Distributable Earnings (Loss) | 427,630 |
Net Assets | 2,560,828 |
Net Assets | |
Applicable to 39,800,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,560,828 |
Net Asset Value Per Share | $64.34 |
Year Ended August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 41,388 |
Interest2 | 4 |
Securities Lending—Net | 201 |
Total Income | 41,593 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 276 |
Management and Administrative | 1,419 |
Marketing and Distribution | 79 |
Custodian Fees | 359 |
Auditing Fees | 43 |
Shareholders’ Reports | 31 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 2,208 |
Net Investment Income | 39,385 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 4,698 |
Futures Contracts | 1,846 |
Forward Currency Contracts | 54 |
Foreign Currencies | (56) |
Realized Net Gain (Loss) | 6,542 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,3 | 329,358 |
Futures Contracts | (110) |
Forward Currency Contracts | 25 |
Foreign Currencies | (40) |
Change in Unrealized Appreciation (Depreciation) | 329,233 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 375,160 |
1 | Dividends are net of foreign withholding taxes of $4,572,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,000, less than $1,000, and ($1,000), 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 $2,486,000. |
Year Ended August 31, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 39,385 | 18,028 |
Realized Net Gain (Loss) | 6,542 | (12,482) |
Change in Unrealized Appreciation (Depreciation) | 329,233 | 101,315 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 375,160 | 106,861 |
Distributions | ||
Total Distributions | (37,086) | (14,331) |
Capital Share Transactions | ||
Issued | 1,017,922 | 693,888 |
Issued in Lieu of Cash Distributions | — | — |
Redeemed | — | — |
Net Increase (Decrease) from Capital Share Transactions | 1,017,922 | 693,888 |
Total Increase (Decrease) | 1,355,996 | 786,418 |
Net Assets | ||
Beginning of Period | 1,204,832 | 418,414 |
End of Period | 2,560,828 | 1,204,832 |
For a Share Outstanding Throughout Each Period | September 18, 20181 to August 31, 2019 | Year Ended August 31, | |
2021 | 2020 | ||
Net Asset Value, Beginning of Period | $52.38 | $48.09 | $50.00 |
Investment Operations | |||
Net Investment Income2 | 1.295 | 1.192 | 1.529 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.907 | 4.138 | (2.714) |
Total from Investment Operations | 13.202 | 5.330 | (1.185) |
Distributions | |||
Dividends from Net Investment Income | (1.242) | (1.040) | (.725) |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (1.242) | (1.040) | (.725) |
Net Asset Value, End of Period | $64.34 | $52.38 | $48.09 |
Total Return | 25.45% | 11.23% | -2.36% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $2,561 | $1,205 | $418 |
Ratio of Total Expenses to Average Net Assets | 0.12% | 0.15% | 0.17%3,4 |
Ratio of Net Investment Income to Average Net Assets | 2.14% | 2.45% | 3.30%3 |
Portfolio Turnover Rate5 | 7% | 12% | 22% |
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 | 226,793 | 5,810 | — | 232,603 |
Common Stocks—Other | 38,765 | 2,267,079 | 1,354 | 2,307,198 |
Temporary Cash Investments | 15,384 | — | — | 15,384 |
Total | 280,942 | 2,272,889 | 1,354 | 2,555,185 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 73 | — | — | 73 |
Forward Currency Contracts | — | 19 | — | 19 |
Total | 73 | 19 | — | 92 |
Liabilities | ||||
Futures Contracts1 | 147 | — | — | 147 |
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 | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 73 | — | 73 |
Unrealized Appreciation—Forward Currency Contracts | — | 19 | 19 |
Total Assets | 73 | 19 | 92 |
Unrealized Depreciation—Futures Contracts1 | 147 | — | 147 |
Unrealized Depreciation—Forward Currency Contracts | — | — | — |
Total Liabilities | 147 | — | 147 |
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 | 1,846 | — | 1,846 |
Forward Currency Contracts | — | 54 | 54 |
Realized Net Gain (Loss) on Derivatives | 1,846 | 54 | 1,900 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (110) | — | (110) |
Forward Currency Contracts | — | 25 | 25 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (110) | 25 | (85) |
Amount ($000) | |
Undistributed Ordinary Income | 19,648 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (8,598) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 416,580 |
Year Ended August 31, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 37,086 | 14,331 |
Long-Term Capital Gains | — | — |
Total | 37,086 | 14,331 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,135,976 |
Gross Unrealized Appreciation | 527,697 |
Gross Unrealized Depreciation | (108,488) |
Net Unrealized Appreciation (Depreciation) | 419,209 |
Year Ended August 31, | ||||
2021 Shares (000) | 2020 Shares (000) | |||
Issued | 16,800 | 14,300 | ||
Issued in Lieu of Cash Distributions | — | — | ||
Redeemed | — | — | ||
Net Increase (Decrease) in Shares Outstanding | 16,800 | 14,300 |
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October 18, 2021
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57 | |
59 |
• | From its inception on September 22, 2020, to August 31, 2021, Vanguard ESG U.S. Corporate Bond ETF returned 1.20%, a performance roughly in line with the 1.29% return of its benchmark index. |
• | The global economy rebounded faster during the ETF’s fiscal year than many had expected after the sharp pandemic-induced contraction in the spring of 2020. Countries that have been more successful in containing the virus have generally fared better economically. Swift and extensive fiscal and monetary support from policymakers has also been key to the rebound. |
• | Bond returns for the period were dampened by rising yields across much of the developed world, notably in the United States. |
• | For the fund’s benchmark index, bonds issued by financial institutions outperformed those of industrial and utility companies. By credit quality, lower-rated corporate bonds generally outperformed higher-rated ones, and by maturity, results were mixed. |
Average Annual Total Returns Periods Ended August 31, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 32.25% | 18.42% | 18.24% |
Russell 2000 Index (Small-caps) | 47.08 | 10.75 | 14.38 |
Russell 3000 Index (Broad U.S. market) | 33.04 | 17.85 | 17.97 |
FTSE All-World ex US Index (International) | 25.74 | 9.82 | 10.23 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.08% | 5.43% | 3.11% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 3.40 | 5.09 | 3.30 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.20 | 1.13 |
CPI | |||
Consumer Price Index | 5.25% | 2.76% | 2.58% |
• | 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 August 31, 2021 | |||
ESG U.S. Corporate Bond ETF | Beginning Account Value 2/28/2021 | Ending Account Value 8/31/2021 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,026.30 | $0.61 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.60 | 0.61 |
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Total Returns Period Ended August 31, 2021 | |||
Since Inception (9/22/2020) | Final Value of a $10,000 Investment | ||
![]() | ESG U.S. Corporate Bond ETF Net Asset Value | 1.20% | $10,120 |
ESG U.S. Corporate Bond ETF Market Price | 1.25 | 10,125 | |
![]() | Bloomberg MSCI US Corporate SRI Select Index | 1.29 | 10,129 |
![]() | Bloomberg U.S. Corporate Bond Index | 2.14 | 10,214 |
Corporate Bonds – Communications | 14.9% |
Corporate Bonds – Consumer Discretionary | 6.6 |
Corporate Bonds – Consumer Staples | 3.6 |
Corporate Bonds – Financials | 38.9 |
Corporate Bonds – Health Care | 16.0 |
Corporate Bonds – Industrials | 2.5 |
Corporate Bonds – Materials | 1.5 |
Corporate Bonds – Real Estate | 1.9 |
Corporate Bonds – Technology | 13.9 |
Corporate Bonds – Utilities | 0.1 |
U.S. Government and Agency Obligations | 0.1 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
U.S. Government and Agency Obligations (0.0%) | ||||||
U.S. Government Securities (0.0%) | ||||||
United States Treasury Note/Bond (Cost $118) | 1.875% | 2/15/51 | 120 | 119 | ||
Corporate Bonds (99.0%) | ||||||
Communications (14.7%) | ||||||
Activision Blizzard Inc. | 3.400% | 9/15/26 | 60 | 66 | ||
Activision Blizzard Inc. | 2.500% | 9/15/50 | 85 | 76 | ||
Alphabet Inc. | 3.375% | 2/25/24 | 90 | 97 | ||
Alphabet Inc. | 0.450% | 8/15/25 | 50 | 50 | ||
Alphabet Inc. | 1.998% | 8/15/26 | 120 | 126 | ||
Alphabet Inc. | 0.800% | 8/15/27 | 110 | 108 | ||
Alphabet Inc. | 1.100% | 8/15/30 | 195 | 187 | ||
Alphabet Inc. | 1.900% | 8/15/40 | 70 | 65 | ||
Alphabet Inc. | 2.050% | 8/15/50 | 156 | 142 | ||
Alphabet Inc. | 2.250% | 8/15/60 | 90 | 82 | ||
America Movil SAB de CV | 3.625% | 4/22/29 | 95 | 105 | ||
America Movil SAB de CV | 2.875% | 5/7/30 | 65 | 69 | ||
America Movil SAB de CV | 6.125% | 3/30/40 | 160 | 230 | ||
America Movil SAB de CV | 4.375% | 7/16/42 | 45 | 55 | ||
America Movil SAB de CV | 4.375% | 4/22/49 | 120 | 151 | ||
AT&T Inc. | 2.625% | 12/1/22 | 30 | 31 | ||
AT&T Inc. | 0.900% | 3/25/24 | 60 | 60 | ||
AT&T Inc. | 4.450% | 4/1/24 | 25 | 27 | ||
AT&T Inc. | 3.400% | 5/15/25 | 250 | 271 | ||
AT&T Inc. | 4.125% | 2/17/26 | 200 | 224 | ||
AT&T Inc. | 1.700% | 3/25/26 | 240 | 243 | ||
AT&T Inc. | 3.800% | 2/15/27 | 100 | 112 | ||
AT&T Inc. | 4.250% | 3/1/27 | 50 | 57 | ||
AT&T Inc. | 2.300% | 6/1/27 | 160 | 167 | ||
AT&T Inc. | 1.650% | 2/1/28 | 65 | 65 | ||
1 | AT&T Inc. | 4.100% | 2/15/28 | 110 | 126 | |
AT&T Inc. | 4.350% | 3/1/29 | 100 | 116 | ||
1 | AT&T Inc. | 4.300% | 2/15/30 | 245 | 285 | |
AT&T Inc. | 2.750% | 6/1/31 | 135 | 141 | ||
AT&T Inc. | 2.250% | 2/1/32 | 75 | 75 | ||
2 | AT&T Inc. | 2.550% | 12/1/33 | 50 | 50 | |
AT&T Inc. | 4.500% | 5/15/35 | 65 | 77 | ||
AT&T Inc. | 5.250% | 3/1/37 | 70 | 89 | ||
AT&T Inc. | 4.850% | 3/1/39 | 134 | 164 | ||
AT&T Inc. | 5.350% | 9/1/40 | 105 | 136 | ||
AT&T Inc. | 3.500% | 6/1/41 | 195 | 206 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
AT&T Inc. | 4.300% | 12/15/42 | 50 | 58 | ||
AT&T Inc. | 3.100% | 2/1/43 | 180 | 179 | ||
AT&T Inc. | 4.350% | 6/15/45 | 85 | 98 | ||
AT&T Inc. | 4.750% | 5/15/46 | 125 | 153 | ||
AT&T Inc. | 5.650% | 2/15/47 | 90 | 123 | ||
AT&T Inc. | 4.500% | 3/9/48 | 200 | 238 | ||
AT&T Inc. | 4.550% | 3/9/49 | 250 | 300 | ||
AT&T Inc. | 5.150% | 2/15/50 | 125 | 162 | ||
AT&T Inc. | 3.650% | 6/1/51 | 150 | 159 | ||
AT&T Inc. | 3.300% | 2/1/52 | 130 | 129 | ||
2 | AT&T Inc. | 3.500% | 9/15/53 | 430 | 441 | |
2 | AT&T Inc. | 3.550% | 9/15/55 | 395 | 404 | |
2 | AT&T Inc. | 3.800% | 12/1/57 | 142 | 151 | |
2 | AT&T Inc. | 3.650% | 9/15/59 | 185 | 190 | |
AT&T Inc. | 3.850% | 6/1/60 | 125 | 133 | ||
AT&T Inc. | 3.500% | 2/1/61 | 98 | 97 | ||
Bell Telephone Co. of Canada or Bell Canada | 4.464% | 4/1/48 | 65 | 81 | ||
Booking Holdings Inc. | 3.600% | 6/1/26 | 50 | 55 | ||
Booking Holdings Inc. | 4.625% | 4/13/30 | 110 | 132 | ||
British Telecommunications plc | 9.625% | 12/15/30 | 145 | 224 | ||
1 | Charter Communications Operating LLC | 4.500% | 2/1/24 | 50 | 54 | |
Charter Communications Operating LLC | 4.908% | 7/23/25 | 125 | 142 | ||
Charter Communications Operating LLC | 3.750% | 2/15/28 | 75 | 83 | ||
Charter Communications Operating LLC | 4.200% | 3/15/28 | 125 | 141 | ||
Charter Communications Operating LLC | 5.050% | 3/30/29 | 145 | 172 | ||
Charter Communications Operating LLC | 2.800% | 4/1/31 | 175 | 179 | ||
Charter Communications Operating LLC | 2.300% | 2/1/32 | 100 | 98 | ||
Charter Communications Operating LLC | 6.384% | 10/23/35 | 145 | 194 | ||
Charter Communications Operating LLC | 5.375% | 4/1/38 | 115 | 142 | ||
Charter Communications Operating LLC | 3.500% | 6/1/41 | 130 | 131 | ||
Charter Communications Operating LLC | 6.484% | 10/23/45 | 235 | 328 | ||
Charter Communications Operating LLC | 5.375% | 5/1/47 | 95 | 117 | ||
Charter Communications Operating LLC | 5.750% | 4/1/48 | 78 | 101 | ||
Charter Communications Operating LLC | 5.125% | 7/1/49 | 50 | 60 | ||
Charter Communications Operating LLC | 4.800% | 3/1/50 | 120 | 141 | ||
Charter Communications Operating LLC | 3.700% | 4/1/51 | 140 | 141 | ||
Charter Communications Operating LLC | 3.900% | 6/1/52 | 95 | 98 | ||
Charter Communications Operating LLC | 3.850% | 4/1/61 | 160 | 159 | ||
Charter Communications Operating LLC | 4.400% | 12/1/61 | 50 | 55 | ||
Comcast Cable Communications Holdings Inc. | 9.455% | 11/15/22 | 65 | 72 | ||
Comcast Corp. | 3.600% | 3/1/24 | 65 | 70 | ||
Comcast Corp. | 3.700% | 4/15/24 | 185 | 200 | ||
Comcast Corp. | 3.375% | 2/15/25 | 125 | 135 | ||
Comcast Corp. | 3.375% | 8/15/25 | 25 | 27 | ||
Comcast Corp. | 3.950% | 10/15/25 | 215 | 240 | ||
Comcast Corp. | 3.150% | 3/1/26 | 150 | 163 | ||
Comcast Corp. | 2.350% | 1/15/27 | 110 | 116 | ||
Comcast Corp. | 3.300% | 2/1/27 | 100 | 110 | ||
Comcast Corp. | 3.150% | 2/15/28 | 25 | 27 | ||
Comcast Corp. | 3.550% | 5/1/28 | 125 | 140 | ||
Comcast Corp. | 4.150% | 10/15/28 | 100 | 116 | ||
Comcast Corp. | 2.650% | 2/1/30 | 180 | 190 | ||
Comcast Corp. | 3.400% | 4/1/30 | 25 | 28 | ||
Comcast Corp. | 4.250% | 10/15/30 | 145 | 171 | ||
Comcast Corp. | 1.950% | 1/15/31 | 75 | 75 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Comcast Corp. | 1.500% | 2/15/31 | 25 | 24 | ||
Comcast Corp. | 4.250% | 1/15/33 | 75 | 90 | ||
Comcast Corp. | 7.050% | 3/15/33 | 75 | 110 | ||
Comcast Corp. | 4.200% | 8/15/34 | 125 | 149 | ||
Comcast Corp. | 4.400% | 8/15/35 | 65 | 79 | ||
Comcast Corp. | 6.500% | 11/15/35 | 21 | 31 | ||
Comcast Corp. | 3.200% | 7/15/36 | 85 | 93 | ||
Comcast Corp. | 3.900% | 3/1/38 | 60 | 70 | ||
Comcast Corp. | 4.600% | 10/15/38 | 40 | 50 | ||
Comcast Corp. | 3.250% | 11/1/39 | 70 | 76 | ||
Comcast Corp. | 3.750% | 4/1/40 | 115 | 132 | ||
Comcast Corp. | 3.400% | 7/15/46 | 75 | 82 | ||
Comcast Corp. | 4.000% | 8/15/47 | 180 | 213 | ||
Comcast Corp. | 3.969% | 11/1/47 | 120 | 141 | ||
Comcast Corp. | 4.000% | 3/1/48 | 140 | 166 | ||
Comcast Corp. | 4.700% | 10/15/48 | 38 | 50 | ||
Comcast Corp. | 3.999% | 11/1/49 | 225 | 268 | ||
Comcast Corp. | 3.450% | 2/1/50 | 35 | 38 | ||
Comcast Corp. | 2.800% | 1/15/51 | 52 | 51 | ||
2 | Comcast Corp. | 2.887% | 11/1/51 | 224 | 223 | |
Comcast Corp. | 2.450% | 8/15/52 | 200 | 184 | ||
2 | Comcast Corp. | 2.937% | 11/1/56 | 282 | 279 | |
Comcast Corp. | 4.950% | 10/15/58 | 30 | 43 | ||
Comcast Corp. | 2.650% | 8/15/62 | 105 | 97 | ||
2 | Comcast Corp. | 2.987% | 11/1/63 | 258 | 254 | |
Deutsche Telekom International Finance BV | 8.750% | 6/15/30 | 245 | 369 | ||
Discovery Communications LLC | 2.950% | 3/20/23 | 68 | 70 | ||
Discovery Communications LLC | 3.950% | 3/20/28 | 125 | 140 | ||
Discovery Communications LLC | 4.125% | 5/15/29 | 85 | 96 | ||
Discovery Communications LLC | 3.625% | 5/15/30 | 5 | 5 | ||
Discovery Communications LLC | 5.200% | 9/20/47 | 115 | 145 | ||
Discovery Communications LLC | 5.300% | 5/15/49 | 85 | 109 | ||
Discovery Communications LLC | 4.650% | 5/15/50 | 35 | 41 | ||
Discovery Communications LLC | 4.000% | 9/15/55 | 40 | 43 | ||
Electronic Arts Inc. | 1.850% | 2/15/31 | 35 | 34 | ||
Electronic Arts Inc. | 2.950% | 2/15/51 | 60 | 59 | ||
Expedia Group Inc. | 3.800% | 2/15/28 | 120 | 129 | ||
Expedia Group Inc. | 3.250% | 2/15/30 | 100 | 104 | ||
Fox Corp. | 4.030% | 1/25/24 | 15 | 16 | ||
Fox Corp. | 4.709% | 1/25/29 | 190 | 224 | ||
Fox Corp. | 5.476% | 1/25/39 | 125 | 162 | ||
Fox Corp. | 5.576% | 1/25/49 | 53 | 73 | ||
Grupo Televisa SAB | 5.250% | 5/24/49 | 100 | 132 | ||
Omnicom Group Inc. | 3.650% | 11/1/24 | 140 | 152 | ||
Omnicom Group Inc. | 3.600% | 4/15/26 | 40 | 44 | ||
Omnicom Group Inc. | 2.600% | 8/1/31 | 50 | 52 | ||
Orange SA | 9.000% | 3/1/31 | 159 | 251 | ||
Orange SA | 5.375% | 1/13/42 | 25 | 34 | ||
Orange SA | 5.500% | 2/6/44 | 65 | 91 | ||
Rogers Communications Inc. | 4.100% | 10/1/23 | 80 | 85 | ||
Rogers Communications Inc. | 5.000% | 3/15/44 | 30 | 38 | ||
Rogers Communications Inc. | 4.300% | 2/15/48 | 30 | 35 | ||
Rogers Communications Inc. | 4.350% | 5/1/49 | 95 | 111 | ||
Rogers Communications Inc. | 3.700% | 11/15/49 | 85 | 91 | ||
Telefonica Emisiones SA | 4.103% | 3/8/27 | 150 | 169 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Telefonica Emisiones SA | 7.045% | 6/20/36 | 130 | 189 | ||
Telefonica Emisiones SA | 4.665% | 3/6/38 | 90 | 107 | ||
Telefonica Emisiones SA | 5.213% | 3/8/47 | 95 | 120 | ||
Telefonica Emisiones SA | 4.895% | 3/6/48 | 60 | 73 | ||
Telefonica Emisiones SA | 5.520% | 3/1/49 | 35 | 46 | ||
Telefonica Europe BV | 8.250% | 9/15/30 | 115 | 168 | ||
TELUS Corp. | 4.600% | 11/16/48 | 60 | 77 | ||
Time Warner Cable LLC | 6.550% | 5/1/37 | 90 | 123 | ||
Time Warner Cable LLC | 6.750% | 6/15/39 | 80 | 112 | ||
Time Warner Cable LLC | 5.875% | 11/15/40 | 115 | 148 | ||
Time Warner Cable LLC | 5.500% | 9/1/41 | 65 | 81 | ||
Time Warner Cable LLC | 4.500% | 9/15/42 | 115 | 129 | ||
Time Warner Entertainment Co. LP | 8.375% | 3/15/23 | 85 | 95 | ||
Time Warner Entertainment Co. LP | 8.375% | 7/15/33 | 95 | 142 | ||
T-Mobile USA Inc. | 3.500% | 4/15/25 | 170 | 184 | ||
T-Mobile USA Inc. | 1.500% | 2/15/26 | 175 | 176 | ||
T-Mobile USA Inc. | 3.750% | 4/15/27 | 195 | 216 | ||
T-Mobile USA Inc. | 2.050% | 2/15/28 | 105 | ��107 | ||
T-Mobile USA Inc. | 3.875% | 4/15/30 | 325 | 364 | ||
T-Mobile USA Inc. | 2.550% | 2/15/31 | 200 | 204 | ||
T-Mobile USA Inc. | 2.250% | 11/15/31 | 35 | 35 | ||
T-Mobile USA Inc. | 4.375% | 4/15/40 | 75 | 88 | ||
T-Mobile USA Inc. | 3.000% | 2/15/41 | 95 | 94 | ||
T-Mobile USA Inc. | 4.500% | 4/15/50 | 205 | 246 | ||
T-Mobile USA Inc. | 3.300% | 2/15/51 | 185 | 186 | ||
2 | T-Mobile USA Inc. | 3.400% | 10/15/52 | 75 | 76 | |
T-Mobile USA Inc. | 3.600% | 11/15/60 | 80 | 82 | ||
1 | TWDC Enterprises 18 Corp. | 2.350% | 12/1/22 | 85 | 87 | |
1 | TWDC Enterprises 18 Corp. | 3.150% | 9/17/25 | 80 | 87 | |
1 | TWDC Enterprises 18 Corp. | 2.950% | 6/15/27 | 45 | 49 | |
1 | TWDC Enterprises 18 Corp. | 4.125% | 6/1/44 | 45 | 55 | |
VeriSign Inc. | 2.700% | 6/15/31 | 10 | 10 | ||
Verizon Communications Inc. | 0.750% | 3/22/24 | 25 | 25 | ||
Verizon Communications Inc. | 3.500% | 11/1/24 | 205 | 222 | ||
Verizon Communications Inc. | 3.376% | 2/15/25 | 170 | 184 | ||
Verizon Communications Inc. | 0.850% | 11/20/25 | 100 | 99 | ||
Verizon Communications Inc. | 1.450% | 3/20/26 | 280 | 284 | ||
Verizon Communications Inc. | 2.625% | 8/15/26 | 105 | 112 | ||
Verizon Communications Inc. | 4.125% | 3/16/27 | 225 | 257 | ||
Verizon Communications Inc. | 3.000% | 3/22/27 | 105 | 114 | ||
Verizon Communications Inc. | 2.100% | 3/22/28 | 250 | 257 | ||
Verizon Communications Inc. | 4.329% | 9/21/28 | 195 | 227 | ||
Verizon Communications Inc. | 4.016% | 12/3/29 | 215 | 248 | ||
Verizon Communications Inc. | 3.150% | 3/22/30 | 125 | 135 | ||
Verizon Communications Inc. | 1.500% | 9/18/30 | 90 | 87 | ||
Verizon Communications Inc. | 1.680% | 10/30/30 | 100 | 97 | ||
Verizon Communications Inc. | 1.750% | 1/20/31 | 50 | 48 | ||
Verizon Communications Inc. | 2.550% | 3/21/31 | 230 | 238 | ||
Verizon Communications Inc. | 4.500% | 8/10/33 | 70 | 85 | ||
Verizon Communications Inc. | 4.400% | 11/1/34 | 152 | 183 | ||
Verizon Communications Inc. | 4.272% | 1/15/36 | 105 | 125 | ||
Verizon Communications Inc. | 5.250% | 3/16/37 | 100 | 132 | ||
Verizon Communications Inc. | 2.650% | 11/20/40 | 200 | 194 | ||
Verizon Communications Inc. | 3.400% | 3/22/41 | 130 | 139 | ||
Verizon Communications Inc. | 4.125% | 8/15/46 | 105 | 123 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Verizon Communications Inc. | 4.862% | 8/21/46 | 226 | 295 | ||
Verizon Communications Inc. | 4.522% | 9/15/48 | 215 | 271 | ||
Verizon Communications Inc. | 5.012% | 4/15/49 | 125 | 167 | ||
Verizon Communications Inc. | 4.000% | 3/22/50 | 170 | 198 | ||
Verizon Communications Inc. | 2.875% | 11/20/50 | 195 | 188 | ||
Verizon Communications Inc. | 3.550% | 3/22/51 | 300 | 326 | ||
Verizon Communications Inc. | 4.672% | 3/15/55 | 120 | 156 | ||
Verizon Communications Inc. | 2.987% | 10/30/56 | 160 | 154 | ||
Verizon Communications Inc. | 3.000% | 11/20/60 | 235 | 226 | ||
Verizon Communications Inc. | 3.700% | 3/22/61 | 210 | 231 | ||
ViacomCBS Inc. | 4.750% | 5/15/25 | 85 | 96 | ||
ViacomCBS Inc. | 4.000% | 1/15/26 | 35 | 39 | ||
ViacomCBS Inc. | 7.875% | 7/30/30 | 90 | 128 | ||
ViacomCBS Inc. | 4.950% | 1/15/31 | 100 | 121 | ||
ViacomCBS Inc. | 4.200% | 5/19/32 | 110 | 127 | ||
ViacomCBS Inc. | 6.875% | 4/30/36 | 100 | 144 | ||
ViacomCBS Inc. | 4.375% | 3/15/43 | 60 | 70 | ||
ViacomCBS Inc. | 5.850% | 9/1/43 | 40 | 55 | ||
ViacomCBS Inc. | 4.950% | 5/19/50 | 25 | 32 | ||
Vodafone Group plc | 3.750% | 1/16/24 | 108 | 116 | ||
Vodafone Group plc | 4.125% | 5/30/25 | 110 | 122 | ||
Vodafone Group plc | 4.375% | 5/30/28 | 75 | 87 | ||
Vodafone Group plc | 6.150% | 2/27/37 | 115 | 161 | ||
Vodafone Group plc | 5.000% | 5/30/38 | 50 | 64 | ||
Vodafone Group plc | 4.375% | 2/19/43 | 65 | 77 | ||
Vodafone Group plc | 5.250% | 5/30/48 | 220 | 293 | ||
Vodafone Group plc | 4.875% | 6/19/49 | 90 | 115 | ||
Vodafone Group plc | 4.250% | 9/17/50 | 90 | 106 | ||
Walt Disney Co. | 3.000% | 9/15/22 | 115 | 118 | ||
Walt Disney Co. | 1.750% | 8/30/24 | 120 | 124 | ||
Walt Disney Co. | 3.350% | 3/24/25 | 50 | 54 | ||
Walt Disney Co. | 1.750% | 1/13/26 | 25 | 26 | ||
Walt Disney Co. | 2.200% | 1/13/28 | 105 | 109 | ||
Walt Disney Co. | 2.000% | 9/1/29 | 65 | 66 | ||
Walt Disney Co. | 3.800% | 3/22/30 | 105 | 121 | ||
Walt Disney Co. | 2.650% | 1/13/31 | 140 | 149 | ||
Walt Disney Co. | 6.200% | 12/15/34 | 70 | 99 | ||
Walt Disney Co. | 6.400% | 12/15/35 | 125 | 184 | ||
Walt Disney Co. | 6.650% | 11/15/37 | 60 | 92 | ||
Walt Disney Co. | 3.500% | 5/13/40 | 125 | 141 | ||
Walt Disney Co. | 4.700% | 3/23/50 | 85 | 114 | ||
Walt Disney Co. | 3.600% | 1/13/51 | 235 | 272 | ||
Walt Disney Co. | 3.800% | 5/13/60 | 90 | 108 | ||
Weibo Corp. | 3.500% | 7/5/24 | 75 | 79 | ||
Weibo Corp. | 3.375% | 7/8/30 | 10 | 10 | ||
WPP Finance 2010 | 3.750% | 9/19/24 | 45 | 49 | ||
32,002 | ||||||
Consumer Discretionary (6.6%) | ||||||
Alibaba Group Holding Ltd. | 3.600% | 11/28/24 | 100 | 108 | ||
Alibaba Group Holding Ltd. | 3.400% | 12/6/27 | 35 | 38 | ||
Alibaba Group Holding Ltd. | 2.125% | 2/9/31 | 105 | 103 | ||
Alibaba Group Holding Ltd. | 4.000% | 12/6/37 | 115 | 129 | ||
Alibaba Group Holding Ltd. | 2.700% | 2/9/41 | 160 | 152 | ||
Alibaba Group Holding Ltd. | 4.200% | 12/6/47 | 85 | 98 | ||
Alibaba Group Holding Ltd. | 3.150% | 2/9/51 | 45 | 44 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Alibaba Group Holding Ltd. | 4.400% | 12/6/57 | 80 | 95 | ||
Amazon.com Inc. | 2.500% | 11/29/22 | 140 | 143 | ||
Amazon.com Inc. | 2.400% | 2/22/23 | 150 | 155 | ||
Amazon.com Inc. | 0.450% | 5/12/24 | 170 | 170 | ||
Amazon.com Inc. | 2.800% | 8/22/24 | 105 | 112 | ||
Amazon.com Inc. | 3.800% | 12/5/24 | 50 | 55 | ||
Amazon.com Inc. | 0.800% | 6/3/25 | 65 | 65 | ||
Amazon.com Inc. | 1.000% | 5/12/26 | 130 | 131 | ||
Amazon.com Inc. | 1.200% | 6/3/27 | 130 | 130 | ||
Amazon.com Inc. | 3.150% | 8/22/27 | 240 | 266 | ||
Amazon.com Inc. | 1.650% | 5/12/28 | 20 | 20 | ||
Amazon.com Inc. | 1.500% | 6/3/30 | 190 | 187 | ||
Amazon.com Inc. | 2.100% | 5/12/31 | 145 | 149 | ||
Amazon.com Inc. | 4.800% | 12/5/34 | 80 | 104 | ||
Amazon.com Inc. | 3.875% | 8/22/37 | 190 | 227 | ||
Amazon.com Inc. | 2.875% | 5/12/41 | 20 | 21 | ||
Amazon.com Inc. | 4.950% | 12/5/44 | 205 | 282 | ||
Amazon.com Inc. | 4.050% | 8/22/47 | 200 | 247 | ||
Amazon.com Inc. | 2.500% | 6/3/50 | 145 | 139 | ||
Amazon.com Inc. | 3.100% | 5/12/51 | 165 | 178 | ||
Amazon.com Inc. | 4.250% | 8/22/57 | 150 | 195 | ||
Amazon.com Inc. | 2.700% | 6/3/60 | 153 | 148 | ||
Amazon.com Inc. | 3.250% | 5/12/61 | 75 | 82 | ||
1 | American Honda Finance Corp. | 2.050% | 1/10/23 | 20 | 20 | |
1 | American Honda Finance Corp. | 1.950% | 5/10/23 | 20 | 21 | |
1 | American Honda Finance Corp. | 0.875% | 7/7/23 | 120 | 121 | |
1 | American Honda Finance Corp. | 0.650% | 9/8/23 | 65 | 65 | |
1 | American Honda Finance Corp. | 1.200% | 7/8/25 | 45 | 45 | |
1 | American Honda Finance Corp. | 2.000% | 3/24/28 | 110 | 113 | |
AutoZone Inc. | 4.000% | 4/15/30 | 75 | 86 | ||
BorgWarner Inc. | 2.650% | 7/1/27 | 65 | 69 | ||
Daimler Finance North America LLC | 8.500% | 1/18/31 | 106 | 162 | ||
eBay Inc. | 2.750% | 1/30/23 | 25 | 26 | ||
eBay Inc. | 3.450% | 8/1/24 | 10 | 11 | ||
eBay Inc. | 1.900% | 3/11/25 | 35 | 36 | ||
eBay Inc. | 1.400% | 5/10/26 | 30 | 30 | ||
eBay Inc. | 3.600% | 6/5/27 | 70 | 78 | ||
eBay Inc. | 2.700% | 3/11/30 | 70 | 73 | ||
eBay Inc. | 2.600% | 5/10/31 | 35 | 36 | ||
eBay Inc. | 4.000% | 7/15/42 | 62 | 71 | ||
eBay Inc. | 3.650% | 5/10/51 | 40 | 44 | ||
General Motors Co. | 4.875% | 10/2/23 | 50 | 54 | ||
General Motors Co. | 6.125% | 10/1/25 | 70 | 83 | ||
General Motors Co. | 4.200% | 10/1/27 | 145 | 162 | ||
General Motors Co. | 6.800% | 10/1/27 | 150 | 189 | ||
General Motors Co. | 5.000% | 10/1/28 | 100 | 117 | ||
General Motors Co. | 5.000% | 4/1/35 | 45 | 54 | ||
General Motors Co. | 6.600% | 4/1/36 | 25 | 34 | ||
General Motors Co. | 5.150% | 4/1/38 | 20 | 24 | ||
General Motors Co. | 6.250% | 10/2/43 | 120 | 164 | ||
General Motors Co. | 5.200% | 4/1/45 | 100 | 124 | ||
General Motors Co. | 6.750% | 4/1/46 | 60 | 87 | ||
General Motors Co. | 5.400% | 4/1/48 | 75 | 95 | ||
General Motors Co. | 5.950% | 4/1/49 | 10 | 14 | ||
General Motors Financial Co. Inc. | 5.200% | 3/20/23 | 110 | 117 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
General Motors Financial Co. Inc. | 3.700% | 5/9/23 | 75 | 78 | ||
General Motors Financial Co. Inc. | 5.100% | 1/17/24 | 50 | 55 | ||
General Motors Financial Co. Inc. | 1.050% | 3/8/24 | 160 | 161 | ||
General Motors Financial Co. Inc. | 3.950% | 4/13/24 | 42 | 45 | ||
General Motors Financial Co. Inc. | 3.500% | 11/7/24 | 50 | 54 | ||
General Motors Financial Co. Inc. | 4.000% | 1/15/25 | 100 | 109 | ||
General Motors Financial Co. Inc. | 2.900% | 2/26/25 | 75 | 79 | ||
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 | 75 | 83 | ||
General Motors Financial Co. Inc. | 5.250% | 3/1/26 | 125 | 144 | ||
General Motors Financial Co. Inc. | 1.500% | 6/10/26 | 100 | 100 | ||
General Motors Financial Co. Inc. | 4.000% | 10/6/26 | 105 | 116 | ||
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 | 71 | ||
Hasbro Inc. | 3.900% | 11/19/29 | 55 | 61 | ||
Home Depot Inc. | 2.700% | 4/1/23 | 45 | 46 | ||
Home Depot Inc. | 3.750% | 2/15/24 | 150 | 161 | ||
Home Depot Inc. | 3.350% | 9/15/25 | 75 | 82 | ||
Home Depot Inc. | 3.000% | 4/1/26 | 50 | 54 | ||
Home Depot Inc. | 2.125% | 9/15/26 | 100 | 105 | ||
Home Depot Inc. | 2.500% | 4/15/27 | 75 | 80 | ||
Home Depot Inc. | 3.900% | 12/6/28 | 80 | 93 | ||
Home Depot Inc. | 2.950% | 6/15/29 | 65 | 71 | ||
Home Depot Inc. | 2.700% | 4/15/30 | 140 | 150 | ||
Home Depot Inc. | 1.375% | 3/15/31 | 50 | 48 | ||
Home Depot Inc. | 5.875% | 12/16/36 | 59 | 85 | ||
Home Depot Inc. | 3.300% | 4/15/40 | 66 | 73 | ||
Home Depot Inc. | 5.950% | 4/1/41 | 15 | 22 | ||
Home Depot Inc. | 4.200% | 4/1/43 | 20 | 25 | ||
Home Depot Inc. | 4.400% | 3/15/45 | 85 | 109 | ||
Home Depot Inc. | 4.250% | 4/1/46 | 105 | 132 | ||
Home Depot Inc. | 3.900% | 6/15/47 | 75 | 90 | ||
Home Depot Inc. | 4.500% | 12/6/48 | 135 | 177 | ||
Home Depot Inc. | 3.125% | 12/15/49 | 110 | 118 | ||
Home Depot Inc. | 3.350% | 4/15/50 | 115 | 128 | ||
Home Depot Inc. | 3.500% | 9/15/56 | 140 | 160 | ||
Lear Corp. | 3.800% | 9/15/27 | 45 | 50 | ||
Lennar Corp. | 4.750% | 11/29/27 | 85 | 99 | ||
Lowe's Cos. Inc. | 3.375% | 9/15/25 | 15 | 16 | ||
Lowe's Cos. Inc. | 2.500% | 4/15/26 | 150 | 159 | ||
Lowe's Cos. Inc. | 1.300% | 4/15/28 | 25 | 25 | ||
Lowe's Cos. Inc. | 3.650% | 4/5/29 | 126 | 141 | ||
Lowe's Cos. Inc. | 4.500% | 4/15/30 | 15 | 18 | ||
Lowe's Cos. Inc. | 1.700% | 10/15/30 | 70 | 68 | ||
Lowe's Cos. Inc. | 2.625% | 4/1/31 | 110 | 115 | ||
Lowe's Cos. Inc. | 3.700% | 4/15/46 | 80 | 89 | ||
Lowe's Cos. Inc. | 4.050% | 5/3/47 | 90 | 105 | ||
Lowe's Cos. Inc. | 3.000% | 10/15/50 | 105 | 105 | ||
Magna International Inc. | 3.625% | 6/15/24 | 50 | 54 | ||
Magna International Inc. | 2.450% | 6/15/30 | 40 | 41 | ||
1 | Marriott International Inc. | 5.750% | 5/1/25 | 105 | 121 | |
1 | Marriott International Inc. | 3.125% | 6/15/26 | 60 | 64 | |
1 | Marriott International Inc. | 4.625% | 6/15/30 | 105 | 121 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Marriott International Inc. | 2.850% | 4/15/31 | 15 | 15 | |
1 | Marriott International Inc. | 3.500% | 10/15/32 | 55 | 59 | |
1 | McDonald's Corp. | 3.700% | 1/30/26 | 25 | 28 | |
1 | McDonald's Corp. | 3.500% | 3/1/27 | 50 | 55 | |
1 | McDonald's Corp. | 3.500% | 7/1/27 | 55 | 61 | |
1 | McDonald's Corp. | 3.800% | 4/1/28 | 110 | 124 | |
1 | McDonald's Corp. | 2.625% | 9/1/29 | 194 | 205 | |
1 | McDonald's Corp. | 2.125% | 3/1/30 | 50 | 51 | |
1 | McDonald's Corp. | 4.700% | 12/9/35 | 95 | 119 | |
1 | McDonald's Corp. | 6.300% | 10/15/37 | 50 | 72 | |
1 | McDonald's Corp. | 6.300% | 3/1/38 | 95 | 138 | |
1 | McDonald's Corp. | 4.875% | 12/9/45 | 50 | 66 | |
1 | McDonald's Corp. | 4.450% | 3/1/47 | 100 | 125 | |
1 | McDonald's Corp. | 4.450% | 9/1/48 | 42 | 53 | |
1 | McDonald's Corp. | 3.625% | 9/1/49 | 40 | 45 | |
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 | 115 | 123 | ||
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 | 95 | 106 | ||
NIKE Inc. | 3.375% | 3/27/50 | 128 | 147 | ||
Nordstrom Inc. | 5.000% | 1/15/44 | 40 | 40 | ||
NVR Inc. | 3.000% | 5/15/30 | 62 | 66 | ||
O'Reilly Automotive Inc. | 3.600% | 9/1/27 | 60 | 67 | ||
Ralph Lauren Corp. | 2.950% | 6/15/30 | 50 | 54 | ||
Stanley Black & Decker Inc. | 2.300% | 3/15/30 | 40 | 42 | ||
Stanley Black & Decker Inc. | 2.750% | 11/15/50 | 30 | 30 | ||
1 | Stanley Black & Decker Inc. | 4.000% | 3/15/60 | 85 | 91 | |
Starbucks Corp. | 3.100% | 3/1/23 | 80 | 83 | ||
Starbucks Corp. | 3.800% | 8/15/25 | 50 | 55 | ||
Starbucks Corp. | 4.000% | 11/15/28 | 70 | 81 | ||
Starbucks Corp. | 3.550% | 8/15/29 | 55 | 62 | ||
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 | 63 | ||
Starbucks Corp. | 4.450% | 8/15/49 | 75 | 95 | ||
Starbucks Corp. | 3.500% | 11/15/50 | 70 | 77 | ||
Stellantis NV | 5.250% | 4/15/23 | 95 | 102 | ||
TJX Cos. Inc. | 2.250% | 9/15/26 | 160 | 169 | ||
VF Corp. | 2.400% | 4/23/25 | 80 | 84 | ||
VF Corp. | 2.950% | 4/23/30 | 35 | 37 | ||
14,270 | ||||||
Consumer Staples (3.6%) | ||||||
Archer-Daniels-Midland Co. | 2.500% | 8/11/26 | 115 | 122 | ||
Archer-Daniels-Midland Co. | 3.250% | 3/27/30 | 35 | 39 | ||
Bunge Ltd. Finance Corp. | 2.750% | 5/14/31 | 10 | 10 | ||
Campbell Soup Co. | 3.950% | 3/15/25 | 110 | 121 | ||
Campbell Soup Co. | 4.150% | 3/15/28 | 35 | 40 | ||
Coca-Cola Co. | 1.750% | 9/6/24 | 45 | 47 | ||
Coca-Cola Co. | 3.375% | 3/25/27 | 70 | 78 | ||
Coca-Cola Co. | 1.450% | 6/1/27 | 25 | 25 | ||
Coca-Cola Co. | 1.500% | 3/5/28 | 100 | 101 | ||
Coca-Cola Co. | 1.000% | 3/15/28 | 120 | 117 | ||
Coca-Cola Co. | 2.125% | 9/6/29 | 60 | 62 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Coca-Cola Co. | 3.450% | 3/25/30 | 90 | 102 | ||
Coca-Cola Co. | 1.650% | 6/1/30 | 65 | 64 | ||
Coca-Cola Co. | 2.000% | 3/5/31 | 85 | 87 | ||
Coca-Cola Co. | 1.375% | 3/15/31 | 20 | 19 | ||
Coca-Cola Co. | 2.250% | 1/5/32 | 115 | 119 | ||
Coca-Cola Co. | 2.500% | 6/1/40 | 130 | 130 | ||
Coca-Cola Co. | 2.875% | 5/5/41 | 30 | 32 | ||
Coca-Cola Co. | 2.600% | 6/1/50 | 58 | 57 | ||
Coca-Cola Co. | 3.000% | 3/5/51 | 75 | 80 | ||
Coca-Cola Co. | 2.500% | 3/15/51 | 75 | 73 | ||
Coca-Cola Co. | 2.750% | 6/1/60 | 100 | 101 | ||
Conagra Brands Inc. | 4.300% | 5/1/24 | 65 | 71 | ||
Conagra Brands Inc. | 4.600% | 11/1/25 | 125 | 141 | ||
Conagra Brands Inc. | 1.375% | 11/1/27 | 25 | 25 | ||
Conagra Brands Inc. | 4.850% | 11/1/28 | 50 | 60 | ||
Conagra Brands Inc. | 5.300% | 11/1/38 | 40 | 52 | ||
Conagra Brands Inc. | 5.400% | 11/1/48 | 65 | 89 | ||
Dollar General Corp. | 3.250% | 4/15/23 | 85 | 88 | ||
Dollar General Corp. | 3.500% | 4/3/30 | 60 | 67 | ||
Dollar Tree Inc. | 3.700% | 5/15/23 | 95 | 100 | ||
Dollar Tree Inc. | 4.000% | 5/15/25 | 55 | 60 | ||
Dollar Tree Inc. | 4.200% | 5/15/28 | 50 | 57 | ||
General Mills Inc. | 3.700% | 10/17/23 | 75 | 80 | ||
General Mills Inc. | 4.000% | 4/17/25 | 60 | 66 | ||
General Mills Inc. | 4.200% | 4/17/28 | 60 | 69 | ||
General Mills Inc. | 2.875% | 4/15/30 | 85 | 91 | ||
Hormel Foods Corp. | 0.650% | 6/3/24 | 50 | 50 | ||
Hormel Foods Corp. | 1.800% | 6/11/30 | 40 | 40 | ||
J M Smucker Co. | 3.500% | 3/15/25 | 60 | 65 | ||
Kellogg Co. | 3.250% | 4/1/26 | 60 | 66 | ||
Keurig Dr Pepper Inc. | 4.057% | 5/25/23 | 13 | 14 | ||
Keurig Dr Pepper Inc. | 4.417% | 5/25/25 | 85 | 95 | ||
Keurig Dr Pepper Inc. | 4.597% | 5/25/28 | 145 | 170 | ||
Keurig Dr Pepper Inc. | 3.200% | 5/1/30 | 60 | 65 | ||
Keurig Dr Pepper Inc. | 3.800% | 5/1/50 | 30 | 34 | ||
Kimberly-Clark Corp. | 3.100% | 3/26/30 | 70 | 78 | ||
McCormick & Co. Inc. | 3.400% | 8/15/27 | 50 | 56 | ||
Mead Johnson Nutrition Co. | 4.125% | 11/15/25 | 136 | 153 | ||
Mondelez International Inc. | 1.500% | 5/4/25 | 95 | 97 | ||
Mondelez International Inc. | 2.750% | 4/13/30 | 25 | 26 | ||
Mondelez International Inc. | 2.625% | 9/4/50 | 105 | 100 | ||
PepsiCo Inc. | 2.750% | 3/1/23 | 85 | 88 | ||
PepsiCo Inc. | 0.400% | 10/7/23 | 85 | 85 | ||
PepsiCo Inc. | 3.600% | 3/1/24 | 21 | 22 | ||
PepsiCo Inc. | 2.250% | 3/19/25 | 75 | 79 | ||
PepsiCo Inc. | 2.750% | 4/30/25 | 100 | 107 | ||
PepsiCo Inc. | 2.375% | 10/6/26 | 80 | 86 | ||
PepsiCo Inc. | 3.000% | 10/15/27 | 75 | 83 | ||
PepsiCo Inc. | 2.625% | 7/29/29 | 80 | 86 | ||
PepsiCo Inc. | 2.750% | 3/19/30 | 90 | 98 | ||
PepsiCo Inc. | 1.625% | 5/1/30 | 50 | 50 | ||
PepsiCo Inc. | 3.500% | 3/19/40 | 50 | 57 | ||
PepsiCo Inc. | 4.000% | 3/5/42 | 50 | 61 | ||
PepsiCo Inc. | 4.450% | 4/14/46 | 100 | 131 | ||
PepsiCo Inc. | 3.450% | 10/6/46 | 110 | 125 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
PepsiCo Inc. | 3.375% | 7/29/49 | 90 | 102 | ||
PepsiCo Inc. | 3.625% | 3/19/50 | 80 | 95 | ||
PepsiCo Inc. | 3.875% | 3/19/60 | 93 | 117 | ||
Procter & Gamble Co. | 3.100% | 8/15/23 | 40 | 42 | ||
Procter & Gamble Co. | 0.550% | 10/29/25 | 160 | 159 | ||
Procter & Gamble Co. | 2.450% | 11/3/26 | 135 | 145 | ||
Procter & Gamble Co. | 2.850% | 8/11/27 | 5 | 5 | ||
Procter & Gamble Co. | 3.000% | 3/25/30 | 65 | 72 | ||
Procter & Gamble Co. | 1.200% | 10/29/30 | 75 | 72 | ||
Sysco Corp. | 5.650% | 4/1/25 | 35 | 40 | ||
Sysco Corp. | 3.750% | 10/1/25 | 25 | 27 | ||
Sysco Corp. | 3.300% | 7/15/26 | 110 | 120 | ||
Sysco Corp. | 3.250% | 7/15/27 | 75 | 82 | ||
Sysco Corp. | 5.950% | 4/1/30 | 17 | 22 | ||
Sysco Corp. | 6.600% | 4/1/50 | 100 | 160 | ||
Target Corp. | 3.500% | 7/1/24 | 55 | 60 | ||
Target Corp. | 2.250% | 4/15/25 | 75 | 79 | ||
Target Corp. | 2.500% | 4/15/26 | 35 | 38 | ||
Target Corp. | 3.375% | 4/15/29 | 175 | 197 | ||
Target Corp. | 2.350% | 2/15/30 | 10 | 11 | ||
Target Corp. | 4.000% | 7/1/42 | 45 | 57 | ||
Tyson Foods Inc. | 3.950% | 8/15/24 | 57 | 62 | ||
Tyson Foods Inc. | 4.000% | 3/1/26 | 5 | 6 | ||
Tyson Foods Inc. | 3.550% | 6/2/27 | 110 | 123 | ||
Tyson Foods Inc. | 4.550% | 6/2/47 | 25 | 31 | ||
Tyson Foods Inc. | 5.100% | 9/28/48 | 115 | 157 | ||
Unilever Capital Corp. | 2.600% | 5/5/24 | 25 | 26 | ||
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 | 125 | 129 | ||
Unilever Capital Corp. | 5.900% | 11/15/32 | 130 | 180 | ||
Walgreens Boots Alliance Inc. | 3.800% | 11/18/24 | 35 | 38 | ||
Walgreens Boots Alliance Inc. | 3.450% | 6/1/26 | 75 | 82 | ||
Walgreens Boots Alliance Inc. | 4.800% | 11/18/44 | 85 | 105 | ||
Walgreens Boots Alliance Inc. | 4.100% | 4/15/50 | 25 | 28 | ||
7,760 | ||||||
Financials (38.5%) | ||||||
1 | Aegon NV | 5.500% | 4/11/48 | 10 | 12 | |
AerCap Ireland Capital DAC | 4.500% | 9/15/23 | 20 | 21 | ||
AerCap Ireland Capital DAC | 4.875% | 1/16/24 | 25 | 27 | ||
AerCap Ireland Capital DAC | 3.150% | 2/15/24 | 50 | 52 | ||
AerCap Ireland Capital DAC | 2.875% | 8/14/24 | 165 | 172 | ||
AerCap Ireland Capital DAC | 6.500% | 7/15/25 | 125 | 146 | ||
AerCap Ireland Capital DAC | 3.650% | 7/21/27 | 100 | 106 | ||
Aflac Inc. | 3.625% | 11/15/24 | 70 | 77 | ||
Aflac Inc. | 3.600% | 4/1/30 | 95 | 108 | ||
Air Lease Corp. | 3.000% | 9/15/23 | 45 | 47 | ||
1 | Air Lease Corp. | 0.700% | 2/15/24 | 10 | 10 | |
1 | Air Lease Corp. | 2.300% | 2/1/25 | 25 | 26 | |
1 | Air Lease Corp. | 2.875% | 1/15/26 | 25 | 26 | |
1 | Air Lease Corp. | 3.750% | 6/1/26 | 175 | 191 | |
Air Lease Corp. | 3.125% | 12/1/30 | 70 | 72 | ||
Ally Financial Inc. | 3.050% | 6/5/23 | 100 | 104 | ||
Ally Financial Inc. | 1.450% | 10/2/23 | 40 | 41 | ||
Ally Financial Inc. | 3.875% | 5/21/24 | 60 | 65 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Ally Financial Inc. | 5.800% | 5/1/25 | 160 | 185 | ||
1 | Ally Financial Inc. | 8.000% | 11/1/31 | 93 | 136 | |
American Express Co. | 2.650% | 12/2/22 | 73 | 75 | ||
American Express Co. | 3.400% | 2/27/23 | 85 | 89 | ||
American Express Co. | 3.700% | 8/3/23 | 45 | 48 | ||
American Express Co. | 3.400% | 2/22/24 | 100 | 107 | ||
American Express Co. | 2.500% | 7/30/24 | 90 | 95 | ||
American Express Co. | 3.000% | 10/30/24 | 120 | 129 | ||
American Express Co. | 4.200% | 11/6/25 | 25 | 28 | ||
American Express Co. | 3.125% | 5/20/26 | 90 | 98 | ||
American Express Co. | 4.050% | 12/3/42 | 105 | 128 | ||
1 | American Express Credit Corp. | 3.300% | 5/3/27 | 60 | 66 | |
American International Group Inc. | 4.125% | 2/15/24 | 25 | 27 | ||
American International Group Inc. | 2.500% | 6/30/25 | 110 | 116 | ||
American International Group Inc. | 3.750% | 7/10/25 | 20 | 22 | ||
American International Group Inc. | 3.900% | 4/1/26 | 135 | 150 | ||
American International Group Inc. | 4.200% | 4/1/28 | 75 | 86 | ||
American International Group Inc. | 3.400% | 6/30/30 | 65 | 72 | ||
American International Group Inc. | 3.875% | 1/15/35 | 85 | 97 | ||
American International Group Inc. | 6.250% | 5/1/36 | 60 | 84 | ||
American International Group Inc. | 4.500% | 7/16/44 | 60 | 74 | ||
American International Group Inc. | 4.800% | 7/10/45 | 10 | 13 | ||
American International Group Inc. | 4.750% | 4/1/48 | 135 | 176 | ||
1 | American International Group Inc. | 5.750% | 4/1/48 | 10 | 12 | |
American International Group Inc. | 4.375% | 1/15/55 | 105 | 132 | ||
Ameriprise Financial Inc. | 4.000% | 10/15/23 | 60 | 65 | ||
Aon Corp. | 3.750% | 5/2/29 | 10 | 11 | ||
Aon Corp. | 2.800% | 5/15/30 | 95 | 101 | ||
Aon plc | 3.875% | 12/15/25 | 25 | 28 | ||
Arch Capital Group Ltd. | 3.635% | 6/30/50 | 65 | 72 | ||
Arthur J Gallagher & Co. | 3.500% | 5/20/51 | 35 | 38 | ||
Athene Holding Ltd. | 4.125% | 1/12/28 | 140 | 157 | ||
1 | Australia & New Zealand Banking Group Ltd. | 2.625% | 11/9/22 | 75 | 77 | |
1 | Australia & New Zealand Banking Group Ltd. | 2.050% | 11/21/22 | 85 | 87 | |
1 | Australia & New Zealand Banking Group Ltd. | 3.700% | 11/16/25 | 75 | 84 | |
AXA SA | 8.600% | 12/15/30 | 30 | 45 | ||
Banco Bilbao Vizcaya Argentaria SA | 0.875% | 9/18/23 | 25 | 25 | ||
Banco Bilbao Vizcaya Argentaria SA | 1.125% | 9/18/25 | 70 | 70 | ||
Banco Santander SA | 3.125% | 2/23/23 | 105 | 109 | ||
Banco Santander SA | 3.848% | 4/12/23 | 110 | 116 | ||
Banco Santander SA | 2.706% | 6/27/24 | 130 | 137 | ||
Banco Santander SA | 2.746% | 5/28/25 | 110 | 116 | ||
Banco Santander SA | 5.179% | 11/19/25 | 60 | 69 | ||
Banco Santander SA | 4.250% | 4/11/27 | 160 | 181 | ||
Banco Santander SA | 3.800% | 2/23/28 | 65 | 72 | ||
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 | 155 | 169 | ||
Banco Santander SA | 2.749% | 12/3/30 | 25 | 25 | ||
1 | Bank of America Corp. | 2.503% | 10/21/22 | 70 | 70 | |
1 | Bank of America Corp. | 3.300% | 1/11/23 | 301 | 313 | |
Bank of America Corp. | 4.100% | 7/24/23 | 150 | 161 | ||
1 | Bank of America Corp. | 3.004% | 12/20/23 | 260 | 268 | |
1 | Bank of America Corp. | 4.125% | 1/22/24 | 185 | 201 | |
1 | Bank of America Corp. | 3.550% | 3/5/24 | 230 | 240 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Bank of America Corp. | 4.000% | 4/1/24 | 75 | 82 | |
1 | Bank of America Corp. | 1.486% | 5/19/24 | 50 | 51 | |
1 | Bank of America Corp. | 0.523% | 6/14/24 | 50 | 50 | |
1 | Bank of America Corp. | 3.864% | 7/23/24 | 100 | 106 | |
1 | Bank of America Corp. | 4.200% | 8/26/24 | 285 | 313 | |
1 | Bank of America Corp. | 0.810% | 10/24/24 | 175 | 176 | |
1 | Bank of America Corp. | 4.000% | 1/22/25 | 140 | 153 | |
1 | Bank of America Corp. | 3.458% | 3/15/25 | 50 | 53 | |
1 | Bank of America Corp. | 3.950% | 4/21/25 | 150 | 164 | |
Bank of America Corp. | 0.976% | 4/22/25 | 75 | 75 | ||
1 | Bank of America Corp. | 3.875% | 8/1/25 | 80 | 89 | |
1 | Bank of America Corp. | 0.981% | 9/25/25 | 125 | 125 | |
1 | Bank of America Corp. | 3.093% | 10/1/25 | 50 | 53 | |
1 | Bank of America Corp. | 2.456% | 10/22/25 | 175 | 183 | |
1 | Bank of America Corp. | 3.366% | 1/23/26 | 50 | 54 | |
1 | Bank of America Corp. | 2.015% | 2/13/26 | 180 | 185 | |
1 | Bank of America Corp. | 4.450% | 3/3/26 | 100 | 113 | |
1 | Bank of America Corp. | 3.500% | 4/19/26 | 150 | 165 | |
1 | Bank of America Corp. | 1.319% | 6/19/26 | 235 | 236 | |
1 | Bank of America Corp. | 4.250% | 10/22/26 | 133 | 151 | |
1 | Bank of America Corp. | 1.197% | 10/24/26 | 225 | 224 | |
1 | Bank of America Corp. | 1.658% | 3/11/27 | 50 | 51 | |
1 | Bank of America Corp. | 3.559% | 4/23/27 | 225 | 247 | |
Bank of America Corp. | 1.734% | 7/22/27 | 270 | 274 | ||
1 | Bank of America Corp. | 3.248% | 10/21/27 | 75 | 82 | |
1 | Bank of America Corp. | 4.183% | 11/25/27 | 150 | 169 | |
1 | Bank of America Corp. | 3.824% | 1/20/28 | 160 | 178 | |
1 | Bank of America Corp. | 3.705% | 4/24/28 | 75 | 83 | |
1 | Bank of America Corp. | 3.593% | 7/21/28 | 75 | 83 | |
1 | Bank of America Corp. | 3.419% | 12/20/28 | 263 | 289 | |
1 | Bank of America Corp. | 3.970% | 3/5/29 | 255 | 287 | |
1 | Bank of America Corp. | 2.087% | 6/14/29 | 100 | 102 | |
1 | Bank of America Corp. | 4.271% | 7/23/29 | 188 | 216 | |
1 | Bank of America Corp. | 3.974% | 2/7/30 | 210 | 238 | |
1 | Bank of America Corp. | 3.194% | 7/23/30 | 150 | 162 | |
1 | Bank of America Corp. | 2.884% | 10/22/30 | 125 | 132 | |
1 | Bank of America Corp. | 2.496% | 2/13/31 | 265 | 272 | |
1 | Bank of America Corp. | 2.592% | 4/29/31 | 125 | 129 | |
1 | Bank of America Corp. | 1.898% | 7/23/31 | 205 | 201 | |
1 | Bank of America Corp. | 1.922% | 10/24/31 | 200 | 196 | |
1 | Bank of America Corp. | 2.651% | 3/11/32 | 165 | 171 | |
Bank of America Corp. | 2.687% | 4/22/32 | 200 | 208 | ||
Bank of America Corp. | 2.299% | 7/21/32 | 95 | 96 | ||
Bank of America Corp. | 6.110% | 1/29/37 | 155 | 213 | ||
1 | Bank of America Corp. | 4.244% | 4/24/38 | 110 | 130 | |
Bank of America Corp. | 7.750% | 5/14/38 | 170 | 269 | ||
1 | Bank of America Corp. | 4.078% | 4/23/40 | 10 | 12 | |
1 | Bank of America Corp. | 2.676% | 6/19/41 | 240 | 236 | |
1 | Bank of America Corp. | 5.875% | 2/7/42 | 60 | 88 | |
Bank of America Corp. | 3.311% | 4/22/42 | 165 | 178 | ||
1 | Bank of America Corp. | 5.000% | 1/21/44 | 50 | 67 | |
1 | Bank of America Corp. | 4.443% | 1/20/48 | 100 | 126 | |
1 | Bank of America Corp. | 3.946% | 1/23/49 | 55 | 65 | |
1 | Bank of America Corp. | 4.330% | 3/15/50 | 255 | 319 | |
1 | Bank of America Corp. | 4.083% | 3/20/51 | 245 | 296 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Bank of America Corp. | 2.831% | 10/24/51 | 55 | 54 | |
1 | Bank of America Corp. | 3.483% | 3/13/52 | 185 | 205 | |
Bank of America Corp. | 2.972% | 7/21/52 | 95 | 96 | ||
1 | Bank of America NA | 6.000% | 10/15/36 | 195 | 272 | |
1 | Bank of Montreal | 2.350% | 9/11/22 | 50 | 51 | |
1 | Bank of Montreal | 2.550% | 11/6/22 | 50 | 51 | |
Bank of Montreal | 0.450% | 12/8/23 | 105 | 105 | ||
1 | Bank of Montreal | 3.300% | 2/5/24 | 75 | 80 | |
1 | Bank of Montreal | 2.500% | 6/28/24 | 25 | 26 | |
1 | Bank of Montreal | 0.625% | 7/9/24 | 75 | 75 | |
1 | Bank of Montreal | 1.850% | 5/1/25 | 95 | 98 | |
1 | Bank of Montreal | 4.338% | 10/5/28 | 74 | 79 | |
1 | Bank of Montreal | 3.803% | 12/15/32 | 85 | 94 | |
1 | Bank of New York Mellon Corp. | 1.850% | 1/27/23 | 95 | 97 | |
1 | Bank of New York Mellon Corp. | 2.950% | 1/29/23 | 100 | 104 | |
1 | Bank of New York Mellon Corp. | 3.500% | 4/28/23 | 25 | 26 | |
1 | Bank of New York Mellon Corp. | 2.200% | 8/16/23 | 86 | 89 | |
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 | |
1 | Bank of New York Mellon Corp. | 3.000% | 2/24/25 | 50 | 54 | |
1 | Bank of New York Mellon Corp. | 1.600% | 4/24/25 | 135 | 139 | |
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 | 80 | 88 | |
1 | Bank of New York Mellon Corp. | 3.400% | 1/29/28 | 79 | 88 | |
1 | Bank of New York Mellon Corp. | 3.442% | 2/7/28 | 15 | 17 | |
1 | Bank of New York Mellon Corp. | 3.850% | 4/28/28 | 35 | 40 | |
1 | Bank of New York Mellon Corp. | 3.300% | 8/23/29 | 20 | 22 | |
Bank of Nova Scotia | 2.000% | 11/15/22 | 70 | 71 | ||
Bank of Nova Scotia | 1.950% | 2/1/23 | 115 | 118 | ||
Bank of Nova Scotia | 1.625% | 5/1/23 | 150 | 153 | ||
Bank of Nova Scotia | 3.400% | 2/11/24 | 90 | 96 | ||
Bank of Nova Scotia | 0.650% | 7/31/24 | 35 | 35 | ||
Bank of Nova Scotia | 2.200% | 2/3/25 | 75 | 78 | ||
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 | 1.050% | 3/2/26 | 80 | 80 | ||
Bank of Nova Scotia | 1.350% | 6/24/26 | 65 | 66 | ||
Bank of Nova Scotia | 2.700% | 8/3/26 | 90 | 96 | ||
Barclays plc | 3.684% | 1/10/23 | 10 | 10 | ||
1 | Barclays plc | 4.338% | 5/16/24 | 50 | 53 | |
Barclays plc | 4.375% | 9/11/24 | 275 | 300 | ||
Barclays plc | 3.650% | 3/16/25 | 50 | 54 | ||
1 | Barclays plc | 3.932% | 5/7/25 | 60 | 65 | |
Barclays plc | 4.375% | 1/12/26 | 165 | 186 | ||
1 | Barclays plc | 2.852% | 5/7/26 | 50 | 53 | |
Barclays plc | 5.200% | 5/12/26 | 179 | 206 | ||
Barclays plc | 4.337% | 1/10/28 | 25 | 28 | ||
Barclays plc | 4.836% | 5/9/28 | 90 | 102 | ||
1 | Barclays plc | 4.972% | 5/16/29 | 155 | 182 | |
1 | Barclays plc | 5.088% | 6/20/30 | 50 | 58 | |
Barclays plc | 2.645% | 6/24/31 | 100 | 102 | ||
Barclays plc | 2.667% | 3/10/32 | 85 | 86 | ||
Barclays plc | 3.564% | 9/23/35 | 45 | 47 | ||
Barclays plc | 5.250% | 8/17/45 | 115 | 156 | ||
Barclays plc | 4.950% | 1/10/47 | 65 | 86 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
BlackRock Inc. | 3.500% | 3/18/24 | 45 | 49 | ||
BlackRock Inc. | 3.250% | 4/30/29 | 50 | 56 | ||
BlackRock Inc. | 2.400% | 4/30/30 | 83 | 87 | ||
BlackRock Inc. | 1.900% | 1/28/31 | 55 | 55 | ||
1 | BNP Paribas SA | 3.250% | 3/3/23 | 80 | 84 | |
1 | BNP Paribas SA | 4.250% | 10/15/24 | 115 | 126 | |
BPCE SA | 4.000% | 4/15/24 | 95 | 104 | ||
Brighthouse Financial Inc. | 3.700% | 6/22/27 | 89 | 98 | ||
Brighthouse Financial Inc. | 4.700% | 6/22/47 | 55 | 62 | ||
Canadian Imperial Bank of Commerce | 0.950% | 6/23/23 | 10 | 10 | ||
1 | Canadian Imperial Bank of Commerce | 3.500% | 9/13/23 | 80 | 85 | |
Canadian Imperial Bank of Commerce | 0.500% | 12/14/23 | 25 | 25 | ||
Canadian Imperial Bank of Commerce | 3.100% | 4/2/24 | 135 | 143 | ||
Canadian Imperial Bank of Commerce | 2.250% | 1/28/25 | 75 | 78 | ||
Canadian Imperial Bank of Commerce | 1.250% | 6/22/26 | 50 | 50 | ||
Capital One Bank USA NA | 3.375% | 2/15/23 | 25 | 26 | ||
Capital One Financial Corp. | 3.200% | 1/30/23 | 105 | 109 | ||
Capital One Financial Corp. | 2.600% | 5/11/23 | 50 | 52 | ||
Capital One Financial Corp. | 3.500% | 6/15/23 | 25 | 26 | ||
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 | 125 | 134 | ||
Capital One Financial Corp. | 3.200% | 2/5/25 | 100 | 108 | ||
Capital One Financial Corp. | 4.250% | 4/30/25 | 10 | 11 | ||
Capital One Financial Corp. | 4.200% | 10/29/25 | 105 | 117 | ||
Capital One Financial Corp. | 3.750% | 7/28/26 | 70 | 77 | ||
Capital One Financial Corp. | 3.750% | 3/9/27 | 40 | 45 | ||
Capital One Financial Corp. | 3.650% | 5/11/27 | 45 | 50 | ||
Capital One Financial Corp. | 3.800% | 1/31/28 | 160 | 180 | ||
Capital One Financial Corp. | 2.359% | 7/29/32 | 50 | 50 | ||
Charles Schwab Corp. | 2.650% | 1/25/23 | 75 | 77 | ||
Charles Schwab Corp. | 0.750% | 3/18/24 | 70 | 70 | ||
Charles Schwab Corp. | 3.850% | 5/21/25 | 20 | 22 | ||
Charles Schwab Corp. | 0.900% | 3/11/26 | 75 | 75 | ||
Charles Schwab Corp. | 1.150% | 5/13/26 | 125 | 126 | ||
Charles Schwab Corp. | 2.000% | 3/20/28 | 110 | 113 | ||
Charles Schwab Corp. | 1.650% | 3/11/31 | 50 | 49 | ||
Charles Schwab Corp. | 2.300% | 5/13/31 | 25 | 26 | ||
Chubb Corp. | 6.000% | 5/11/37 | 60 | 88 | ||
Chubb INA Holdings Inc. | 2.875% | 11/3/22 | 105 | 108 | ||
Chubb INA Holdings Inc. | 3.150% | 3/15/25 | 25 | 27 | ||
Chubb INA Holdings Inc. | 3.350% | 5/3/26 | 145 | 159 | ||
Chubb INA Holdings Inc. | 1.375% | 9/15/30 | 50 | 48 | ||
Chubb INA Holdings Inc. | 4.350% | 11/3/45 | 70 | 90 | ||
CI Financial Corp. | 3.200% | 12/17/30 | 30 | 31 | ||
CI Financial Corp. | 4.100% | 6/15/51 | 50 | 54 | ||
1 | Citibank NA | 3.650% | 1/23/24 | 20 | 21 | |
Citigroup Inc. | 2.700% | 10/27/22 | 110 | 113 | ||
Citigroup Inc. | 3.500% | 5/15/23 | 125 | 131 | ||
Citigroup Inc. | 3.875% | 10/25/23 | 175 | 188 | ||
1 | Citigroup Inc. | 1.678% | 5/15/24 | 160 | 163 | |
1 | Citigroup Inc. | 4.044% | 6/1/24 | 110 | 117 | |
Citigroup Inc. | 4.000% | 8/5/24 | 65 | 71 | ||
Citigroup Inc. | 0.776% | 10/30/24 | 60 | 60 | ||
Citigroup Inc. | 3.875% | 3/26/25 | 100 | 109 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Citigroup Inc. | 3.352% | 4/24/25 | 135 | 144 | |
Citigroup Inc. | 3.300% | 4/27/25 | 100 | 108 | ||
Citigroup Inc. | 0.981% | 5/1/25 | 100 | 100 | ||
Citigroup Inc. | 4.400% | 6/10/25 | 75 | 84 | ||
Citigroup Inc. | 5.500% | 9/13/25 | 125 | 145 | ||
Citigroup Inc. | 3.700% | 1/12/26 | 200 | 221 | ||
Citigroup Inc. | 4.600% | 3/9/26 | 75 | 85 | ||
1 | Citigroup Inc. | 3.106% | 4/8/26 | 175 | 187 | |
Citigroup Inc. | 3.400% | 5/1/26 | 175 | 192 | ||
Citigroup Inc. | 3.200% | 10/21/26 | 190 | 207 | ||
Citigroup Inc. | 4.300% | 11/20/26 | 75 | 85 | ||
Citigroup Inc. | 1.122% | 1/28/27 | 25 | 25 | ||
Citigroup Inc. | 1.462% | 6/9/27 | 50 | 50 | ||
Citigroup Inc. | 4.450% | 9/29/27 | 265 | 304 | ||
1 | Citigroup Inc. | 3.887% | 1/10/28 | 40 | 45 | |
1 | Citigroup Inc. | 3.668% | 7/24/28 | 110 | 122 | |
Citigroup Inc. | 4.125% | 7/25/28 | 100 | 113 | ||
1 | Citigroup Inc. | 3.520% | 10/27/28 | 180 | 198 | |
1 | Citigroup Inc. | 4.075% | 4/23/29 | 75 | 85 | |
1 | Citigroup Inc. | 3.980% | 3/20/30 | 150 | 171 | |
1 | Citigroup Inc. | 2.976% | 11/5/30 | 225 | 240 | |
1 | Citigroup Inc. | 2.666% | 1/29/31 | 200 | 208 | |
1 | Citigroup Inc. | 4.412% | 3/31/31 | 215 | 252 | |
1 | Citigroup Inc. | 2.572% | 6/3/31 | 120 | 124 | |
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 | 137 | 236 | ||
1 | Citigroup Inc. | 5.316% | 3/26/41 | 120 | 162 | |
Citigroup Inc. | 5.875% | 1/30/42 | 150 | 217 | ||
Citigroup Inc. | 6.675% | 9/13/43 | 50 | 78 | ||
Citigroup Inc. | 5.300% | 5/6/44 | 110 | 149 | ||
Citigroup Inc. | 4.650% | 7/30/45 | 95 | 124 | ||
Citigroup Inc. | 4.750% | 5/18/46 | 50 | 64 | ||
1 | Citigroup Inc. | 4.281% | 4/24/48 | 25 | 32 | |
Citigroup Inc. | 4.650% | 7/23/48 | 100 | 133 | ||
1 | Citizens Bank NA | 2.250% | 4/28/25 | 85 | 89 | |
Citizens Financial Group Inc. | 3.250% | 4/30/30 | 60 | 65 | ||
CME Group Inc. | 3.000% | 3/15/25 | 75 | 80 | ||
CME Group Inc. | 5.300% | 9/15/43 | 43 | 62 | ||
Comerica Inc. | 3.700% | 7/31/23 | 60 | 64 | ||
Cooperatieve Rabobank UA | 3.950% | 11/9/22 | 110 | 115 | ||
Cooperatieve Rabobank UA | 2.750% | 1/10/23 | 90 | 93 | ||
Cooperatieve Rabobank UA | 4.625% | 12/1/23 | 150 | 163 | ||
Cooperatieve Rabobank UA | 0.375% | 1/12/24 | 75 | 75 | ||
Cooperatieve Rabobank UA | 4.375% | 8/4/25 | 35 | 39 | ||
1 | Cooperatieve Rabobank UA | 3.750% | 7/21/26 | 50 | 55 | |
1 | Cooperatieve Rabobank UA | 5.250% | 5/24/41 | 105 | 148 | |
Cooperatieve Rabobank UA | 5.750% | 12/1/43 | 135 | 192 | ||
Cooperatieve Rabobank UA | 5.250% | 8/4/45 | 25 | 34 | ||
Credit Suisse AG | 1.000% | 5/5/23 | 200 | 202 | ||
1 | Credit Suisse AG | 3.625% | 9/9/24 | 285 | 309 | |
Credit Suisse AG | 2.950% | 4/9/25 | 45 | 48 | ||
Credit Suisse Group AG | 3.800% | 6/9/23 | 65 | 69 | ||
Credit Suisse Group AG | 3.750% | 3/26/25 | 25 | 27 | ||
Credit Suisse Group AG | 4.550% | 4/17/26 | 195 | 221 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Credit Suisse Group AG | 4.875% | 5/15/45 | 105 | 135 | ||
Credit Suisse Group Funding Guernsey Ltd. | 3.800% | 9/15/22 | 105 | 109 | ||
1 | Deutsche Bank AG | 3.300% | 11/16/22 | 100 | 103 | |
Deutsche Bank AG | 3.950% | 2/27/23 | 75 | 79 | ||
1 | Deutsche Bank AG | 3.700% | 5/30/24 | 170 | 182 | |
1 | Deutsche Bank AG | 2.222% | 9/18/24 | 115 | 118 | |
Deutsche Bank AG | 1.447% | 4/1/25 | 100 | 101 | ||
1 | Deutsche Bank AG | 3.961% | 11/26/25 | 40 | 43 | |
Deutsche Bank AG | 1.686% | 3/19/26 | 80 | 81 | ||
Deutsche Bank AG | 2.129% | 11/24/26 | 45 | 46 | ||
1 | Deutsche Bank AG | 3.547% | 9/18/31 | 185 | 200 | |
1 | Discover Bank | 3.350% | 2/6/23 | 30 | 31 | |
Discover Bank | 2.450% | 9/12/24 | 115 | 120 | ||
1 | Discover Bank | 3.450% | 7/27/26 | 150 | 164 | |
1 | Discover Bank | 4.650% | 9/13/28 | 115 | 135 | |
Discover Financial Services | 4.100% | 2/9/27 | 50 | 56 | ||
Equitable Holdings Inc. | 4.350% | 4/20/28 | 127 | 146 | ||
Equitable Holdings Inc. | 5.000% | 4/20/48 | 86 | 112 | ||
Everest Reinsurance Holdings Inc. | 3.500% | 10/15/50 | 45 | 49 | ||
Fifth Third Bancorp | 3.650% | 1/25/24 | 25 | 27 | ||
Fifth Third Bancorp | 2.375% | 1/28/25 | 100 | 105 | ||
Fifth Third Bancorp | 2.550% | 5/5/27 | 50 | 53 | ||
Fifth Third Bancorp | 8.250% | 3/1/38 | 55 | 93 | ||
1 | Fifth Third Bank NA | 3.950% | 7/28/25 | 135 | 151 | |
1 | Fifth Third Bank NA | 3.850% | 3/15/26 | 25 | 28 | |
Franklin Resources Inc. | 1.600% | 10/30/30 | 50 | 48 | ||
Global Payments Inc. | 2.650% | 2/15/25 | 2 | 2 | ||
Global Payments Inc. | 4.800% | 4/1/26 | 65 | 74 | ||
Global Payments Inc. | 3.200% | 8/15/29 | 75 | 81 | ||
Global Payments Inc. | 2.900% | 5/15/30 | 65 | 68 | ||
Global Payments Inc. | 4.150% | 8/15/49 | 75 | 86 | ||
Goldman Sachs Capital I | 6.345% | 2/15/34 | 35 | 50 | ||
Goldman Sachs Group Inc. | 3.625% | 1/22/23 | 115 | 120 | ||
1 | Goldman Sachs Group Inc. | 0.481% | 1/27/23 | 50 | 50 | |
Goldman Sachs Group Inc. | 3.200% | 2/23/23 | 50 | 52 | ||
1 | Goldman Sachs Group Inc. | 0.627% | 11/17/23 | 200 | 200 | |
Goldman Sachs Group Inc. | 3.625% | 2/20/24 | 200 | 214 | ||
Goldman Sachs Group Inc. | 4.000% | 3/3/24 | 300 | 325 | ||
Goldman Sachs Group Inc. | 0.673% | 3/8/24 | 170 | 170 | ||
1 | Goldman Sachs Group Inc. | 3.850% | 7/8/24 | 150 | 162 | |
1 | Goldman Sachs Group Inc. | 0.657% | 9/10/24 | 50 | 50 | |
Goldman Sachs Group Inc. | 3.500% | 1/23/25 | 73 | 79 | ||
Goldman Sachs Group Inc. | 3.500% | 4/1/25 | 124 | 134 | ||
Goldman Sachs Group Inc. | 3.750% | 5/22/25 | 110 | 120 | ||
1 | Goldman Sachs Group Inc. | 3.272% | 9/29/25 | 125 | 134 | |
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 | 166 | ||
Goldman Sachs Group Inc. | 3.500% | 11/16/26 | 147 | 160 | ||
1 | Goldman Sachs Group Inc. | 1.093% | 12/9/26 | 75 | 74 | |
Goldman Sachs Group Inc. | 5.950% | 1/15/27 | 50 | 61 | ||
Goldman Sachs Group Inc. | 3.850% | 1/26/27 | 215 | 238 | ||
Goldman Sachs Group Inc. | 1.431% | 3/9/27 | 145 | 145 | ||
Goldman Sachs Group Inc. | 1.542% | 9/10/27 | 150 | 151 | ||
1 | Goldman Sachs Group Inc. | 3.691% | 6/5/28 | 180 | 200 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Goldman Sachs Group Inc. | 3.814% | 4/23/29 | 200 | 224 | |
1 | Goldman Sachs Group Inc. | 4.223% | 5/1/29 | 148 | 170 | |
Goldman Sachs Group Inc. | 2.600% | 2/7/30 | 100 | 104 | ||
Goldman Sachs Group Inc. | 3.800% | 3/15/30 | 110 | 124 | ||
Goldman Sachs Group Inc. | 1.992% | 1/27/32 | 190 | 186 | ||
Goldman Sachs Group Inc. | 2.615% | 4/22/32 | 50 | 52 | ||
1 | Goldman Sachs Group Inc. | 2.383% | 7/21/32 | 195 | 197 | |
Goldman Sachs Group Inc. | 6.125% | 2/15/33 | 135 | 183 | ||
Goldman Sachs Group Inc. | 6.750% | 10/1/37 | 165 | 241 | ||
1 | Goldman Sachs Group Inc. | 4.017% | 10/31/38 | 170 | 199 | |
1 | Goldman Sachs Group Inc. | 4.411% | 4/23/39 | 125 | 153 | |
Goldman Sachs Group Inc. | 6.250% | 2/1/41 | 275 | 409 | ||
Goldman Sachs Group Inc. | 3.210% | 4/22/42 | 50 | 53 | ||
Goldman Sachs Group Inc. | 2.908% | 7/21/42 | 30 | 30 | ||
1 | Goldman Sachs Group Inc. | 4.800% | 7/8/44 | 155 | 202 | |
Goldman Sachs Group Inc. | 5.150% | 5/22/45 | 145 | 194 | ||
Goldman Sachs Group Inc. | 4.750% | 10/21/45 | 120 | 158 | ||
Hartford Financial Services Group Inc. | 3.600% | 8/19/49 | 50 | 56 | ||
HSBC Holdings plc | 3.600% | 5/25/23 | 195 | 206 | ||
1 | HSBC Holdings plc | 3.033% | 11/22/23 | 150 | 155 | |
HSBC Holdings plc | 4.250% | 3/14/24 | 55 | 59 | ||
1 | HSBC Holdings plc | 3.950% | 5/18/24 | 75 | 79 | |
1 | HSBC Holdings plc | 3.803% | 3/11/25 | 225 | 241 | |
HSBC Holdings plc | 0.976% | 5/24/25 | 100 | 100 | ||
HSBC Holdings plc | 4.250% | 8/18/25 | 50 | 55 | ||
1 | HSBC Holdings plc | 2.633% | 11/7/25 | 100 | 105 | |
HSBC Holdings plc | 4.300% | 3/8/26 | 100 | 113 | ||
1 | HSBC Holdings plc | 1.645% | 4/18/26 | 75 | 76 | |
HSBC Holdings plc | 3.900% | 5/25/26 | 125 | 139 | ||
1 | HSBC Holdings plc | 2.099% | 6/4/26 | 50 | 51 | |
1 | HSBC Holdings plc | 4.292% | 9/12/26 | 175 | 194 | |
HSBC Holdings plc | 4.375% | 11/23/26 | 65 | 73 | ||
HSBC Holdings plc | 1.589% | 5/24/27 | 155 | 156 | ||
1 | HSBC Holdings plc | 4.041% | 3/13/28 | 75 | 84 | |
1 | HSBC Holdings plc | 2.013% | 9/22/28 | 125 | 126 | |
1 | HSBC Holdings plc | 4.583% | 6/19/29 | 195 | 225 | |
HSBC Holdings plc | 4.950% | 3/31/30 | 195 | 236 | ||
1 | HSBC Holdings plc | 3.973% | 5/22/30 | 210 | 236 | |
1 | HSBC Holdings plc | 2.848% | 6/4/31 | 85 | 89 | |
1 | HSBC Holdings plc | 2.357% | 8/18/31 | 50 | 50 | |
HSBC Holdings plc | 2.804% | 5/24/32 | 100 | 103 | ||
HSBC Holdings plc | 6.500% | 5/2/36 | 110 | 153 | ||
HSBC Holdings plc | 6.500% | 9/15/37 | 45 | 63 | ||
HSBC Holdings plc | 6.800% | 6/1/38 | 160 | 231 | ||
HSBC Holdings plc | 6.100% | 1/14/42 | 115 | 170 | ||
HSBC Holdings plc | 5.250% | 3/14/44 | 102 | 135 | ||
HSBC USA Inc. | 3.500% | 6/23/24 | 140 | 151 | ||
Huntington Bancshares Inc. | 2.625% | 8/6/24 | 50 | 53 | ||
Huntington Bancshares Inc. | 2.550% | 2/4/30 | 85 | 89 | ||
1 | Huntington National Bank | 3.550% | 10/6/23 | 85 | 90 | |
ING Groep NV | 4.100% | 10/2/23 | 85 | 91 | ||
ING Groep NV | 3.550% | 4/9/24 | 100 | 107 | ||
ING Groep NV | 3.950% | 3/29/27 | 120 | 135 | ||
ING Groep NV | 1.726% | 4/1/27 | 50 | 51 | ||
ING Groep NV | 4.550% | 10/2/28 | 60 | 71 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
ING Groep NV | 4.050% | 4/9/29 | 25 | 29 | ||
ING Groep NV | 2.727% | 4/1/32 | 50 | 52 | ||
Intercontinental Exchange Inc. | 4.000% | 10/15/23 | 35 | 38 | ||
Intercontinental Exchange Inc. | 3.750% | 12/1/25 | 70 | 77 | ||
Intercontinental Exchange Inc. | 2.100% | 6/15/30 | 45 | 45 | ||
Intercontinental Exchange Inc. | 1.850% | 9/15/32 | 145 | 140 | ||
Intercontinental Exchange Inc. | 2.650% | 9/15/40 | 25 | 24 | ||
Intercontinental Exchange Inc. | 4.250% | 9/21/48 | 100 | 122 | ||
Intercontinental Exchange Inc. | 3.000% | 6/15/50 | 65 | 66 | ||
Intercontinental Exchange Inc. | 3.000% | 9/15/60 | 80 | 79 | ||
JPMorgan Chase & Co. | 3.250% | 9/23/22 | 130 | 134 | ||
JPMorgan Chase & Co. | 2.972% | 1/15/23 | 85 | 86 | ||
JPMorgan Chase & Co. | 3.200% | 1/25/23 | 120 | 125 | ||
JPMorgan Chase & Co. | 3.375% | 5/1/23 | 210 | 220 | ||
JPMorgan Chase & Co. | 2.700% | 5/18/23 | 114 | 118 | ||
JPMorgan Chase & Co. | 3.875% | 2/1/24 | 215 | 232 | ||
JPMorgan Chase & Co. | 0.697% | 3/16/24 | 140 | 140 | ||
1 | JPMorgan Chase & Co. | 3.559% | 4/23/24 | 110 | 116 | |
1 | JPMorgan Chase & Co. | 1.514% | 6/1/24 | 200 | 204 | |
1 | JPMorgan Chase & Co. | 3.797% | 7/23/24 | 340 | 361 | |
JPMorgan Chase & Co. | 3.875% | 9/10/24 | 50 | 54 | ||
1 | JPMorgan Chase & Co. | 0.653% | 9/16/24 | 50 | 50 | |
1 | JPMorgan Chase & Co. | 4.023% | 12/5/24 | 225 | 242 | |
JPMorgan Chase & Co. | 3.125% | 1/23/25 | 125 | 134 | ||
JPMorgan Chase & Co. | 0.563% | 2/16/25 | 30 | 30 | ||
1 | JPMorgan Chase & Co. | 3.220% | 3/1/25 | 165 | 175 | |
JPMorgan Chase & Co. | 3.900% | 7/15/25 | 375 | 413 | ||
1 | JPMorgan Chase & Co. | 2.301% | 10/15/25 | 75 | 78 | |
1 | JPMorgan Chase & Co. | 2.005% | 3/13/26 | 80 | 83 | |
JPMorgan Chase & Co. | 3.300% | 4/1/26 | 350 | 382 | ||
1 | JPMorgan Chase & Co. | 2.083% | 4/22/26 | 260 | 269 | |
JPMorgan Chase & Co. | 3.200% | 6/15/26 | 100 | 109 | ||
JPMorgan Chase & Co. | 2.950% | 10/1/26 | 250 | 270 | ||
JPMorgan Chase & Co. | 1.045% | 11/19/26 | 255 | 253 | ||
JPMorgan Chase & Co. | 4.125% | 12/15/26 | 30 | 34 | ||
1 | JPMorgan Chase & Co. | 3.960% | 1/29/27 | 95 | 106 | |
JPMorgan Chase & Co. | 1.040% | 2/4/27 | 60 | 59 | ||
JPMorgan Chase & Co. | 1.578% | 4/22/27 | 50 | 50 | ||
JPMorgan Chase & Co. | 3.625% | 12/1/27 | 60 | 66 | ||
1 | JPMorgan Chase & Co. | 3.782% | 2/1/28 | 130 | 145 | |
1 | JPMorgan Chase & Co. | 3.540% | 5/1/28 | 130 | 143 | |
1 | JPMorgan Chase & Co. | 2.182% | 6/1/28 | 100 | 103 | |
1 | JPMorgan Chase & Co. | 3.509% | 1/23/29 | 125 | 138 | |
1 | JPMorgan Chase & Co. | 4.005% | 4/23/29 | 155 | 176 | |
1 | JPMorgan Chase & Co. | 4.203% | 7/23/29 | 160 | 184 | |
1 | JPMorgan Chase & Co. | 4.452% | 12/5/29 | 130 | 152 | |
1 | JPMorgan Chase & Co. | 3.702% | 5/6/30 | 165 | 185 | |
1 | JPMorgan Chase & Co. | 2.739% | 10/15/30 | 115 | 121 | |
1 | JPMorgan Chase & Co. | 4.493% | 3/24/31 | 245 | 291 | |
1 | JPMorgan Chase & Co. | 2.522% | 4/22/31 | 150 | 155 | |
1 | JPMorgan Chase & Co. | 2.956% | 5/13/31 | 100 | 106 | |
JPMorgan Chase & Co. | 1.764% | 11/19/31 | 65 | 63 | ||
JPMorgan Chase & Co. | 1.953% | 2/4/32 | 300 | 295 | ||
JPMorgan Chase & Co. | 2.580% | 4/22/32 | 115 | 119 | ||
JPMorgan Chase & Co. | 6.400% | 5/15/38 | 227 | 337 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | JPMorgan Chase & Co. | 3.882% | 7/24/38 | 50 | 58 | |
JPMorgan Chase & Co. | 5.500% | 10/15/40 | 165 | 229 | ||
1 | JPMorgan Chase & Co. | 3.109% | 4/22/41 | 70 | 74 | |
JPMorgan Chase & Co. | 5.600% | 7/15/41 | 175 | 246 | ||
JPMorgan Chase & Co. | 2.525% | 11/19/41 | 40 | 39 | ||
JPMorgan Chase & Co. | 5.400% | 1/6/42 | 125 | 175 | ||
JPMorgan Chase & Co. | 5.625% | 8/16/43 | 75 | 106 | ||
JPMorgan Chase & Co. | 4.850% | 2/1/44 | 130 | 173 | ||
JPMorgan Chase & Co. | 4.950% | 6/1/45 | 55 | 74 | ||
1 | JPMorgan Chase & Co. | 4.260% | 2/22/48 | 135 | 167 | |
1 | JPMorgan Chase & Co. | 4.032% | 7/24/48 | 100 | 119 | |
1 | JPMorgan Chase & Co. | 3.964% | 11/15/48 | 210 | 249 | |
1 | JPMorgan Chase & Co. | 3.897% | 1/23/49 | 180 | 211 | |
1 | JPMorgan Chase & Co. | 3.109% | 4/22/51 | 62 | 65 | |
JPMorgan Chase & Co. | 3.328% | 4/22/52 | 150 | 163 | ||
1 | KeyBank NA | 2.300% | 9/14/22 | 90 | 92 | |
1 | KeyBank NA | 0.423% | 1/3/24 | 50 | 50 | |
1 | KeyBank NA | 0.433% | 6/14/24 | 50 | 50 | |
1 | KeyBank NA | 3.300% | 6/1/25 | 90 | 98 | |
1 | KeyCorp | 2.250% | 4/6/27 | 45 | 47 | |
1 | KeyCorp | 4.100% | 4/30/28 | 25 | 29 | |
1 | KeyCorp | 2.550% | 10/1/29 | 25 | 26 | |
Lloyds Banking Group plc | 4.050% | 8/16/23 | 100 | 107 | ||
1 | Lloyds Banking Group plc | 2.907% | 11/7/23 | 160 | 164 | |
Lloyds Banking Group plc | 3.900% | 3/12/24 | 75 | 81 | ||
Lloyds Banking Group plc | 4.500% | 11/4/24 | 25 | 28 | ||
1 | Lloyds Banking Group plc | 3.870% | 7/9/25 | 75 | 81 | |
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 | 150 | 170 | ||
Lloyds Banking Group plc | 3.750% | 1/11/27 | 50 | 55 | ||
Lloyds Banking Group plc | 4.375% | 3/22/28 | 120 | 138 | ||
Lloyds Banking Group plc | 4.550% | 8/16/28 | 105 | 123 | ||
1 | Lloyds Banking Group plc | 3.574% | 11/7/28 | 25 | 27 | |
Lloyds Banking Group plc | 5.300% | 12/1/45 | 50 | 67 | ||
Lloyds Banking Group plc | 4.344% | 1/9/48 | 75 | 90 | ||
1 | Manufacturers & Traders Trust Co. | 2.900% | 2/6/25 | 150 | 160 | |
Marsh & McLennan Cos. Inc. | 3.875% | 3/15/24 | 95 | 103 | ||
Marsh & McLennan Cos. Inc. | 4.375% | 3/15/29 | 90 | 106 | ||
Marsh & McLennan Cos. Inc. | 2.250% | 11/15/30 | 105 | 108 | ||
Marsh & McLennan Cos. Inc. | 4.900% | 3/15/49 | 40 | 55 | ||
Mastercard Inc. | 3.375% | 4/1/24 | 70 | 75 | ||
Mastercard Inc. | 2.950% | 11/21/26 | 60 | 66 | ||
Mastercard Inc. | 3.300% | 3/26/27 | 65 | 72 | ||
Mastercard Inc. | 3.350% | 3/26/30 | 145 | 164 | ||
Mastercard Inc. | 3.650% | 6/1/49 | 95 | 112 | ||
Mastercard Inc. | 3.850% | 3/26/50 | 85 | 104 | ||
1 | MetLife Inc. | 4.368% | 9/15/23 | 100 | 108 | |
MetLife Inc. | 3.600% | 4/10/24 | 10 | 11 | ||
MetLife Inc. | 4.550% | 3/23/30 | 115 | 138 | ||
MetLife Inc. | 5.700% | 6/15/35 | 90 | 125 | ||
1 | MetLife Inc. | 6.400% | 12/15/36 | 70 | 90 | |
MetLife Inc. | 5.875% | 2/6/41 | 20 | 29 | ||
MetLife Inc. | 4.125% | 8/13/42 | 30 | 36 | ||
MetLife Inc. | 4.875% | 11/13/43 | 85 | 114 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
MetLife Inc. | 4.050% | 3/1/45 | 50 | 61 | ||
MetLife Inc. | 4.600% | 5/13/46 | 60 | 79 | ||
Mitsubishi UFJ Financial Group Inc. | 3.455% | 3/2/23 | 160 | 167 | ||
Mitsubishi UFJ Financial Group Inc. | 3.761% | 7/26/23 | 105 | 112 | ||
Mitsubishi UFJ Financial Group Inc. | 3.407% | 3/7/24 | 75 | 80 | ||
Mitsubishi UFJ Financial Group Inc. | 2.801% | 7/18/24 | 100 | 106 | ||
1 | Mitsubishi UFJ Financial Group Inc. | 0.848% | 9/15/24 | 100 | 100 | |
Mitsubishi UFJ Financial Group Inc. | 2.193% | 2/25/25 | 175 | 182 | ||
Mitsubishi UFJ Financial Group Inc. | 3.777% | 3/2/25 | 18 | 20 | ||
Mitsubishi UFJ Financial Group Inc. | 1.412% | 7/17/25 | 175 | 177 | ||
Mitsubishi UFJ Financial Group Inc. | 3.850% | 3/1/26 | 70 | 78 | ||
Mitsubishi UFJ Financial Group Inc. | 2.757% | 9/13/26 | 25 | 27 | ||
Mitsubishi UFJ Financial Group Inc. | 1.538% | 7/20/27 | 200 | 201 | ||
Mitsubishi UFJ Financial Group Inc. | 3.287% | 7/25/27 | 50 | 55 | ||
Mitsubishi UFJ Financial Group Inc. | 3.961% | 3/2/28 | 45 | 51 | ||
Mitsubishi UFJ Financial Group Inc. | 3.741% | 3/7/29 | 150 | 169 | ||
Mitsubishi UFJ Financial Group Inc. | 3.195% | 7/18/29 | 50 | 54 | ||
Mitsubishi UFJ Financial Group Inc. | 2.559% | 2/25/30 | 175 | 182 | ||
Mitsubishi UFJ Financial Group Inc. | 2.048% | 7/17/30 | 150 | 150 | ||
Mitsubishi UFJ Financial Group Inc. | 2.309% | 7/20/32 | 120 | 121 | ||
Mitsubishi UFJ Financial Group Inc. | 3.751% | 7/18/39 | 95 | 109 | ||
Mizuho Financial Group Inc. | 2.601% | 9/11/22 | 60 | 61 | ||
Mizuho Financial Group Inc. | 3.549% | 3/5/23 | 100 | 105 | ||
1 | Mizuho Financial Group Inc. | 1.241% | 7/10/24 | 125 | 126 | |
1 | Mizuho Financial Group Inc. | 2.226% | 5/25/26 | 45 | 47 | |
Mizuho Financial Group Inc. | 1.234% | 5/22/27 | 100 | 99 | ||
Mizuho Financial Group Inc. | 3.170% | 9/11/27 | 50 | 54 | ||
Mizuho Financial Group Inc. | 4.018% | 3/5/28 | 45 | 52 | ||
1 | Mizuho Financial Group Inc. | 4.254% | 9/11/29 | 45 | 52 | |
1 | Mizuho Financial Group Inc. | 3.153% | 7/16/30 | 100 | 108 | |
1 | Mizuho Financial Group Inc. | 2.201% | 7/10/31 | 110 | 110 | |
1 | Mizuho Financial Group Inc. | 1.979% | 9/8/31 | 25 | 25 | |
Morgan Stanley | 4.875% | 11/1/22 | 285 | 300 | ||
1 | Morgan Stanley | 3.125% | 1/23/23 | 50 | 52 | |
1 | Morgan Stanley | 3.750% | 2/25/23 | 185 | 194 | |
1 | Morgan Stanley | 4.100% | 5/22/23 | 100 | 106 | |
1 | Morgan Stanley | 0.560% | 11/10/23 | 100 | 100 | |
1 | Morgan Stanley | 0.529% | 1/25/24 | 185 | 185 | |
1 | Morgan Stanley | 3.737% | 4/24/24 | 265 | 279 | |
1 | Morgan Stanley | 3.875% | 4/29/24 | 75 | 81 | |
1 | Morgan Stanley | 3.700% | 10/23/24 | 100 | 109 | |
Morgan Stanley | 0.790% | 5/30/25 | 200 | 200 | ||
1 | Morgan Stanley | 2.720% | 7/22/25 | 150 | 158 | |
1 | Morgan Stanley | 4.000% | 7/23/25 | 100 | 111 | |
1 | Morgan Stanley | 0.864% | 10/21/25 | 50 | 50 | |
Morgan Stanley | 5.000% | 11/24/25 | 100 | 115 | ||
1 | Morgan Stanley | 3.875% | 1/27/26 | 150 | 167 | |
1 | Morgan Stanley | 2.188% | 4/28/26 | 250 | 260 | |
1 | Morgan Stanley | 3.125% | 7/27/26 | 470 | 510 | |
1 | Morgan Stanley | 4.350% | 9/8/26 | 225 | 256 | |
Morgan Stanley | 0.985% | 12/10/26 | 225 | 222 | ||
Morgan Stanley | 3.625% | 1/20/27 | 226 | 251 | ||
Morgan Stanley | 3.950% | 4/23/27 | 200 | 225 | ||
1 | Morgan Stanley | 3.591% | 7/22/28 | 165 | 183 | |
1 | Morgan Stanley | 3.772% | 1/24/29 | 170 | 190 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Morgan Stanley | 4.431% | 1/23/30 | 220 | 257 | |
1 | Morgan Stanley | 2.699% | 1/22/31 | 155 | 162 | |
1 | Morgan Stanley | 3.622% | 4/1/31 | 225 | 252 | |
1 | Morgan Stanley | 1.794% | 2/13/32 | 35 | 34 | |
Morgan Stanley | 7.250% | 4/1/32 | 125 | 183 | ||
1 | Morgan Stanley | 1.928% | 4/28/32 | 25 | 24 | |
1 | Morgan Stanley | 3.971% | 7/22/38 | 175 | 205 | |
1 | Morgan Stanley | 4.457% | 4/22/39 | 10 | 12 | |
Morgan Stanley | 6.375% | 7/24/42 | 180 | 278 | ||
Morgan Stanley | 4.300% | 1/27/45 | 225 | 280 | ||
Morgan Stanley | 4.375% | 1/22/47 | 145 | 183 | ||
1 | Morgan Stanley | 5.597% | 3/24/51 | 125 | 189 | |
1 | Morgan Stanley | 2.802% | 1/25/52 | 140 | 140 | |
National Australia Bank Ltd. | 1.875% | 12/13/22 | 100 | 102 | ||
National Australia Bank Ltd. | 3.000% | 1/20/23 | 35 | 36 | ||
National Australia Bank Ltd. | 3.625% | 6/20/23 | 100 | 106 | ||
National Australia Bank Ltd. | 3.375% | 1/14/26 | 25 | 28 | ||
1 | National Australia Bank Ltd. | 2.500% | 7/12/26 | 93 | 99 | |
1 | National Bank of Canada | 2.100% | 2/1/23 | 100 | 102 | |
Natwest Group plc | 6.125% | 12/15/22 | 45 | 48 | ||
Natwest Group plc | 3.875% | 9/12/23 | 75 | 80 | ||
Natwest Group plc | 6.000% | 12/19/23 | 54 | 60 | ||
Natwest Group plc | 5.125% | 5/28/24 | 35 | 39 | ||
1 | Natwest Group plc | 4.519% | 6/25/24 | 50 | 53 | |
1 | Natwest Group plc | 4.269% | 3/22/25 | 125 | 135 | |
Natwest Group plc | 4.800% | 4/5/26 | 150 | 172 | ||
1 | Natwest Group plc | 3.073% | 5/22/28 | 80 | 85 | |
1 | Natwest Group plc | 4.892% | 5/18/29 | 40 | 47 | |
1 | Natwest Group plc | 3.754% | 11/1/29 | 135 | 144 | |
1 | Natwest Group plc | 5.076% | 1/27/30 | 190 | 228 | |
1 | Natwest Group plc | 4.445% | 5/8/30 | 25 | 29 | |
1 | Natwest Group plc | 3.032% | 11/28/35 | 50 | 50 | |
Nomura Holdings Inc. | 2.648% | 1/16/25 | 75 | 79 | ||
Nomura Holdings Inc. | 1.851% | 7/16/25 | 125 | 128 | ||
Nomura Holdings Inc. | 3.103% | 1/16/30 | 65 | 69 | ||
Nomura Holdings Inc. | 2.679% | 7/16/30 | 115 | 117 | ||
Nomura Holdings Inc. | 2.608% | 7/14/31 | 100 | 101 | ||
Northern Trust Corp. | 3.950% | 10/30/25 | 75 | 85 | ||
Northern Trust Corp. | 1.950% | 5/1/30 | 90 | 92 | ||
PayPal Holdings Inc. | 2.200% | 9/26/22 | 120 | 122 | ||
PayPal Holdings Inc. | 1.350% | 6/1/23 | 60 | 61 | ||
PayPal Holdings Inc. | 2.400% | 10/1/24 | 20 | 21 | ||
PayPal Holdings Inc. | 1.650% | 6/1/25 | 25 | 26 | ||
PayPal Holdings Inc. | 2.650% | 10/1/26 | 75 | 81 | ||
PayPal Holdings Inc. | 2.850% | 10/1/29 | 70 | 76 | ||
PayPal Holdings Inc. | 2.300% | 6/1/30 | 25 | 26 | ||
PayPal Holdings Inc. | 3.250% | 6/1/50 | 80 | 88 | ||
1 | PNC Bank NA | 2.700% | 11/1/22 | 25 | 26 | |
1 | PNC Bank NA | 2.950% | 1/30/23 | 75 | 78 | |
1 | PNC Bank NA | 3.500% | 6/8/23 | 15 | 16 | |
1 | PNC Bank NA | 2.950% | 2/23/25 | 70 | 75 | |
1 | PNC Bank NA | 3.100% | 10/25/27 | 50 | 55 | |
1 | PNC Bank NA | 4.050% | 7/26/28 | 90 | 104 | |
1 | PNC Bank NA | 2.700% | 10/22/29 | 100 | 107 | |
PNC Financial Services Group Inc. | 3.500% | 1/23/24 | 45 | 48 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
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 | 110 | 121 | ||
PNC Financial Services Group Inc. | 3.450% | 4/23/29 | 170 | 190 | ||
PNC Financial Services Group Inc. | 2.550% | 1/22/30 | 15 | 16 | ||
Progressive Corp. | 4.125% | 4/15/47 | 85 | 106 | ||
1 | Prudential Financial Inc. | 5.700% | 12/14/36 | 125 | 173 | |
1 | Prudential Financial Inc. | 5.625% | 6/15/43 | 65 | 69 | |
1 | Prudential Financial Inc. | 5.375% | 5/15/45 | 25 | 28 | |
1 | Prudential Financial Inc. | 4.500% | 9/15/47 | 50 | 55 | |
Prudential Financial Inc. | 3.905% | 12/7/47 | 45 | 53 | ||
1 | Prudential Financial Inc. | 5.700% | 9/15/48 | 75 | 88 | |
Prudential Financial Inc. | 3.935% | 12/7/49 | 75 | 90 | ||
1 | Prudential Financial Inc. | 4.350% | 2/25/50 | 70 | 90 | |
1 | Prudential Financial Inc. | 3.700% | 10/1/50 | 40 | 42 | |
1 | Prudential Financial Inc. | 3.700% | 3/13/51 | 50 | 58 | |
Prudential plc | 3.125% | 4/14/30 | 65 | 71 | ||
Raymond James Financial Inc. | 4.950% | 7/15/46 | 35 | 46 | ||
Raymond James Financial Inc. | 3.750% | 4/1/51 | 60 | 68 | ||
Regions Financial Corp. | 2.250% | 5/18/25 | 75 | 78 | ||
1 | Royal Bank of Canada | 1.950% | 1/17/23 | 60 | 61 | |
1 | Royal Bank of Canada | 1.600% | 4/17/23 | 85 | 87 | |
1 | Royal Bank of Canada | 3.700% | 10/5/23 | 125 | 134 | |
1 | Royal Bank of Canada | 0.500% | 10/26/23 | 120 | 120 | |
1 | Royal Bank of Canada | 0.425% | 1/19/24 | 75 | 75 | |
1 | Royal Bank of Canada | 2.550% | 7/16/24 | 50 | 53 | |
1 | Royal Bank of Canada | 2.250% | 11/1/24 | 185 | 194 | |
1 | Royal Bank of Canada | 1.150% | 6/10/25 | 100 | 101 | |
1 | Royal Bank of Canada | 0.875% | 1/20/26 | 130 | 129 | |
1 | Royal Bank of Canada | 4.650% | 1/27/26 | 40 | 46 | |
Royal Bank of Canada | 1.200% | 4/27/26 | 30 | 30 | ||
Santander Holdings USA Inc. | 3.400% | 1/18/23 | 135 | 140 | ||
Santander Holdings USA Inc. | 4.500% | 7/17/25 | 20 | 22 | ||
Santander Holdings USA Inc. | 3.244% | 10/5/26 | 110 | 118 | ||
Santander Holdings USA Inc. | 4.400% | 7/13/27 | 115 | 130 | ||
Santander UK Group Holdings plc | 3.571% | 1/10/23 | 100 | 101 | ||
1 | Santander UK Group Holdings plc | 3.373% | 1/5/24 | 120 | 124 | |
Santander UK Group Holdings plc | 1.089% | 3/15/25 | 30 | 30 | ||
1 | Santander UK Group Holdings plc | 3.823% | 11/3/28 | 115 | 127 | |
Santander UK plc | 4.000% | 3/13/24 | 120 | 130 | ||
State Street Corp. | 3.100% | 5/15/23 | 45 | 47 | ||
State Street Corp. | 3.700% | 11/20/23 | 95 | 102 | ||
State Street Corp. | 3.300% | 12/16/24 | 75 | 81 | ||
State Street Corp. | 3.550% | 8/18/25 | 25 | 28 | ||
1 | State Street Corp. | 2.354% | 11/1/25 | 50 | 53 | |
State Street Corp. | 2.650% | 5/19/26 | 35 | 38 | ||
State Street Corp. | 2.400% | 1/24/30 | 120 | 126 | ||
State Street Corp. | 2.200% | 3/3/31 | 25 | 26 | ||
Sumitomo Mitsui Financial Group Inc. | 2.778% | 10/18/22 | 50 | 51 | ||
Sumitomo Mitsui Financial Group Inc. | 3.102% | 1/17/23 | 200 | 208 | ||
Sumitomo Mitsui Financial Group Inc. | 3.748% | 7/19/23 | 135 | 143 | ||
Sumitomo Mitsui Financial Group Inc. | 3.936% | 10/16/23 | 150 | 161 | ||
Sumitomo Mitsui Financial Group Inc. | 2.696% | 7/16/24 | 25 | 26 | ||
Sumitomo Mitsui Financial Group Inc. | 2.448% | 9/27/24 | 50 | 52 | ||
Sumitomo Mitsui Financial Group Inc. | 2.348% | 1/15/25 | 50 | 52 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Sumitomo Mitsui Financial Group Inc. | 1.474% | 7/8/25 | 50 | 51 | ||
Sumitomo Mitsui Financial Group Inc. | 3.784% | 3/9/26 | 95 | 106 | ||
Sumitomo Mitsui Financial Group Inc. | 2.632% | 7/14/26 | 75 | 80 | ||
Sumitomo Mitsui Financial Group Inc. | 3.010% | 10/19/26 | 70 | 76 | ||
Sumitomo Mitsui Financial Group Inc. | 3.446% | 1/11/27 | 60 | 66 | ||
Sumitomo Mitsui Financial Group Inc. | 3.364% | 7/12/27 | 50 | 55 | ||
Sumitomo Mitsui Financial Group Inc. | 3.352% | 10/18/27 | 100 | 110 | ||
Sumitomo Mitsui Financial Group Inc. | 3.040% | 7/16/29 | 125 | 134 | ||
Sumitomo Mitsui Financial Group Inc. | 2.750% | 1/15/30 | 75 | 79 | ||
Sumitomo Mitsui Financial Group Inc. | 2.130% | 7/8/30 | 145 | 146 | ||
Sumitomo Mitsui Financial Group Inc. | 2.142% | 9/23/30 | 160 | 157 | ||
1 | Svenska Handelsbanken AB | 3.900% | 11/20/23 | 170 | 183 | |
Synchrony Financial | 4.250% | 8/15/24 | 75 | 81 | ||
Synchrony Financial | 3.950% | 12/1/27 | 55 | 61 | ||
TD Ameritrade Holding Corp. | 3.300% | 4/1/27 | 45 | 50 | ||
1 | Toronto-Dominion Bank | 1.900% | 12/1/22 | 105 | 107 | |
1 | Toronto-Dominion Bank | 0.250% | 1/6/23 | 110 | 110 | |
1 | Toronto-Dominion Bank | 0.750% | 6/12/23 | 135 | 136 | |
1 | Toronto-Dominion Bank | 3.500% | 7/19/23 | 175 | 186 | |
1 | Toronto-Dominion Bank | 0.450% | 9/11/23 | 50 | 50 | |
Toronto-Dominion Bank | 0.550% | 3/4/24 | 165 | 165 | ||
1 | Toronto-Dominion Bank | 3.250% | 3/11/24 | 110 | 117 | |
1 | Toronto-Dominion Bank | 2.650% | 6/12/24 | 25 | 26 | |
1 | Toronto-Dominion Bank | 1.150% | 6/12/25 | 40 | 40 | |
1 | Toronto-Dominion Bank | 0.750% | 1/6/26 | 130 | 129 | |
1 | Toronto-Dominion Bank | 3.625% | 9/15/31 | 25 | 28 | |
1 | Travelers Cos. Inc. | 6.250% | 6/15/37 | 30 | 44 | |
Travelers Cos. Inc. | 5.350% | 11/1/40 | 65 | 92 | ||
Travelers Cos. Inc. | 3.050% | 6/8/51 | 35 | 38 | ||
1 | Truist Bank | 1.250% | 3/9/23 | 75 | 76 | |
1 | Truist Bank | 3.200% | 4/1/24 | 75 | 80 | |
1 | Truist Bank | 2.150% | 12/6/24 | 100 | 105 | |
1 | Truist Bank | 3.625% | 9/16/25 | 25 | 28 | |
1 | Truist Bank | 3.800% | 10/30/26 | 55 | 62 | |
1 | Truist Bank | 2.636% | 9/17/29 | 85 | 89 | |
1 | Truist Bank | 2.250% | 3/11/30 | 165 | 169 | |
1 | Truist Financial Corp. | 2.200% | 3/16/23 | 75 | 77 | |
1 | Truist Financial Corp. | 3.750% | 12/6/23 | 25 | 27 | |
1 | Truist Financial Corp. | 2.500% | 8/1/24 | 105 | 111 | |
1 | Truist Financial Corp. | 2.850% | 10/26/24 | 125 | 133 | |
1 | Truist Financial Corp. | 1.267% | 3/2/27 | 105 | 105 | |
1 | Truist Financial Corp. | 1.125% | 8/3/27 | 75 | 74 | |
1 | Truist Financial Corp. | 1.887% | 6/7/29 | 25 | 25 | |
1 | Truist Financial Corp. | 1.950% | 6/5/30 | 50 | 51 | |
1 | US Bancorp | 3.700% | 1/30/24 | 40 | 43 | |
US Bancorp | 3.375% | 2/5/24 | 70 | 75 | ||
US Bancorp | 2.400% | 7/30/24 | 100 | 105 | ||
1 | US Bancorp | 3.600% | 9/11/24 | 70 | 76 | |
US Bancorp | 1.450% | 5/12/25 | 75 | 77 | ||
1 | US Bancorp | 3.950% | 11/17/25 | 125 | 140 | |
1 | US Bancorp | 3.100% | 4/27/26 | 25 | 27 | |
1 | US Bancorp | 2.375% | 7/22/26 | 20 | 21 | |
1 | US Bancorp | 3.150% | 4/27/27 | 70 | 77 | |
1 | US Bancorp | 3.900% | 4/26/28 | 70 | 81 | |
1 | US Bancorp | 3.000% | 7/30/29 | 70 | 76 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | US Bancorp | 1.375% | 7/22/30 | 103 | 100 | |
US Bank NA | 1.950% | 1/9/23 | 75 | 77 | ||
1 | US Bank NA | 2.850% | 1/23/23 | 95 | 98 | |
1 | US Bank NA | 3.400% | 7/24/23 | 20 | 21 | |
1 | US Bank NA | 2.800% | 1/27/25 | 35 | 37 | |
Visa Inc. | 2.800% | 12/14/22 | 220 | 226 | ||
Visa Inc. | 3.150% | 12/14/25 | 110 | 120 | ||
Visa Inc. | 1.900% | 4/15/27 | 150 | 156 | ||
Visa Inc. | 2.750% | 9/15/27 | 25 | 27 | ||
Visa Inc. | 2.050% | 4/15/30 | 140 | 144 | ||
Visa Inc. | 1.100% | 2/15/31 | 50 | 48 | ||
Visa Inc. | 4.150% | 12/14/35 | 55 | 68 | ||
Visa Inc. | 4.300% | 12/14/45 | 210 | 269 | ||
Visa Inc. | 3.650% | 9/15/47 | 100 | 118 | ||
Visa Inc. | 2.000% | 8/15/50 | 70 | 62 | ||
Westpac Banking Corp. | 2.750% | 1/11/23 | 110 | 114 | ||
Westpac Banking Corp. | 2.000% | 1/13/23 | 50 | 51 | ||
Westpac Banking Corp. | 3.650% | 5/15/23 | 50 | 53 | ||
Westpac Banking Corp. | 3.300% | 2/26/24 | 20 | 21 | ||
Westpac Banking Corp. | 2.850% | 5/13/26 | 125 | 136 | ||
Westpac Banking Corp. | 1.150% | 6/3/26 | 50 | 50 | ||
Westpac Banking Corp. | 2.700% | 8/19/26 | 50 | 54 | ||
Westpac Banking Corp. | 3.350% | 3/8/27 | 160 | 178 | ||
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 | 180 | 200 | |
Westpac Banking Corp. | 4.110% | 7/24/34 | 75 | 83 | ||
Westpac Banking Corp. | 2.668% | 11/15/35 | 70 | 69 | ||
Westpac Banking Corp. | 4.421% | 7/24/39 | 110 | 132 | ||
83,540 | ||||||
Health Care (15.8%) | ||||||
Abbott Laboratories | 3.400% | 11/30/23 | 125 | 133 | ||
Abbott Laboratories | 2.950% | 3/15/25 | 50 | 54 | ||
Abbott Laboratories | 3.750% | 11/30/26 | 85 | 96 | ||
3 | Abbott Laboratories | 4.750% | 11/30/36 | 135 | 175 | |
Abbott Laboratories | 4.900% | 11/30/46 | 185 | 257 | ||
AbbVie Inc. | 3.250% | 10/1/22 | 155 | 159 | ||
AbbVie Inc. | 2.900% | 11/6/22 | 150 | 154 | ||
AbbVie Inc. | 3.200% | 11/6/22 | 75 | 77 | ||
AbbVie Inc. | 2.300% | 11/21/22 | 70 | 72 | ||
AbbVie Inc. | 3.750% | 11/14/23 | 150 | 160 | ||
AbbVie Inc. | 3.850% | 6/15/24 | 125 | 135 | ||
AbbVie Inc. | 2.600% | 11/21/24 | 275 | 290 | ||
AbbVie Inc. | 3.800% | 3/15/25 | 100 | 109 | ||
AbbVie Inc. | 3.600% | 5/14/25 | 297 | 323 | ||
AbbVie Inc. | 3.200% | 5/14/26 | 165 | 179 | ||
AbbVie Inc. | 2.950% | 11/21/26 | 175 | 189 | ||
AbbVie Inc. | 4.250% | 11/14/28 | 50 | 58 | ||
AbbVie Inc. | 3.200% | 11/21/29 | 175 | 191 | ||
AbbVie Inc. | 4.550% | 3/15/35 | 145 | 176 | ||
AbbVie Inc. | 4.500% | 5/14/35 | 210 | 255 | ||
AbbVie Inc. | 4.300% | 5/14/36 | 110 | 131 | ||
AbbVie Inc. | 4.050% | 11/21/39 | 25 | 29 | ||
AbbVie Inc. | 4.400% | 11/6/42 | 175 | 213 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
AbbVie Inc. | 4.850% | 6/15/44 | 75 | 96 | ||
AbbVie Inc. | 4.750% | 3/15/45 | 125 | 157 | ||
AbbVie Inc. | 4.700% | 5/14/45 | 205 | 258 | ||
AbbVie Inc. | 4.450% | 5/14/46 | 150 | 184 | ||
AbbVie Inc. | 4.875% | 11/14/48 | 120 | 157 | ||
AbbVie Inc. | 4.250% | 11/21/49 | 255 | 310 | ||
Aetna Inc. | 2.750% | 11/15/22 | 60 | 61 | ||
Aetna Inc. | 2.800% | 6/15/23 | 20 | 21 | ||
Aetna Inc. | 3.500% | 11/15/24 | 50 | 54 | ||
Aetna Inc. | 6.625% | 6/15/36 | 70 | 102 | ||
Aetna Inc. | 3.875% | 8/15/47 | 55 | 62 | ||
Agilent Technologies Inc. | 2.300% | 3/12/31 | 55 | 56 | ||
AmerisourceBergen Corp. | 0.737% | 3/15/23 | 120 | 120 | ||
AmerisourceBergen Corp. | 3.450% | 12/15/27 | 55 | 60 | ||
AmerisourceBergen Corp. | 2.700% | 3/15/31 | 100 | 104 | ||
Amgen Inc. | 2.250% | 8/19/23 | 50 | 52 | ||
Amgen Inc. | 3.625% | 5/22/24 | 50 | 54 | ||
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 | 80 | 83 | ||
Amgen Inc. | 1.650% | 8/15/28 | 50 | 50 | ||
Amgen Inc. | 2.450% | 2/21/30 | 120 | 124 | ||
Amgen Inc. | 2.300% | 2/25/31 | 135 | 138 | ||
Amgen Inc. | 2.000% | 1/15/32 | 50 | 49 | ||
Amgen Inc. | 3.150% | 2/21/40 | 115 | 120 | ||
Amgen Inc. | 2.800% | 8/15/41 | 50 | 49 | ||
Amgen Inc. | 4.400% | 5/1/45 | 125 | 152 | ||
Amgen Inc. | 4.563% | 6/15/48 | 100 | 126 | ||
Amgen Inc. | 3.375% | 2/21/50 | 150 | 159 | ||
Amgen Inc. | 4.663% | 6/15/51 | 150 | 195 | ||
Amgen Inc. | 3.000% | 1/15/52 | 50 | 50 | ||
Amgen Inc. | 2.770% | 9/1/53 | 130 | 125 | ||
Anthem Inc. | 3.300% | 1/15/23 | 30 | 31 | ||
Anthem Inc. | 3.500% | 8/15/24 | 75 | 81 | ||
Anthem Inc. | 3.350% | 12/1/24 | 50 | 54 | ||
Anthem Inc. | 2.375% | 1/15/25 | 200 | 209 | ||
Anthem Inc. | 3.650% | 12/1/27 | 122 | 137 | ||
Anthem Inc. | 4.101% | 3/1/28 | 5 | 6 | ||
Anthem Inc. | 2.875% | 9/15/29 | 70 | 75 | ||
Anthem Inc. | 2.250% | 5/15/30 | 135 | 137 | ||
Anthem Inc. | 4.625% | 5/15/42 | 80 | 100 | ||
Anthem Inc. | 4.650% | 1/15/43 | 50 | 63 | ||
Anthem Inc. | 4.650% | 8/15/44 | 15 | 19 | ||
Anthem Inc. | 4.375% | 12/1/47 | 135 | 167 | ||
Anthem Inc. | 4.550% | 3/1/48 | 30 | 38 | ||
Anthem Inc. | 3.700% | 9/15/49 | 90 | 102 | ||
Anthem Inc. | 3.125% | 5/15/50 | 80 | 83 | ||
Astrazeneca Finance LLC | 0.700% | 5/28/24 | 60 | 60 | ||
Astrazeneca Finance LLC | 1.200% | 5/28/26 | 45 | 45 | ||
Astrazeneca Finance LLC | 1.750% | 5/28/28 | 45 | 46 | ||
Astrazeneca Finance LLC | 2.250% | 5/28/31 | 45 | 46 | ||
AstraZeneca plc | 0.300% | 5/26/23 | 45 | 45 | ||
AstraZeneca plc | 3.500% | 8/17/23 | 20 | 21 | ||
AstraZeneca plc | 3.375% | 11/16/25 | 135 | 148 | ||
AstraZeneca plc | 0.700% | 4/8/26 | 100 | 98 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
AstraZeneca plc | 3.125% | 6/12/27 | 115 | 126 | ||
AstraZeneca plc | 4.000% | 1/17/29 | 100 | 115 | ||
AstraZeneca plc | 1.375% | 8/6/30 | 70 | 67 | ||
AstraZeneca plc | 6.450% | 9/15/37 | 160 | 241 | ||
AstraZeneca plc | 4.000% | 9/18/42 | 60 | 73 | ||
AstraZeneca plc | 4.375% | 11/16/45 | 75 | 97 | ||
AstraZeneca plc | 4.375% | 8/17/48 | 47 | 61 | ||
AstraZeneca plc | 3.000% | 5/28/51 | 35 | 37 | ||
Baxalta Inc. | 4.000% | 6/23/25 | 20 | 22 | ||
Baxter International Inc. | 2.600% | 8/15/26 | 46 | 49 | ||
Becton Dickinson & Co. | 3.363% | 6/6/24 | 32 | 34 | ||
Becton Dickinson & Co. | 3.700% | 6/6/27 | 94 | 105 | ||
Becton Dickinson & Co. | 2.823% | 5/20/30 | 120 | 127 | ||
Becton Dickinson & Co. | 1.957% | 2/11/31 | 50 | 49 | ||
Becton Dickinson & Co. | 4.669% | 6/6/47 | 90 | 114 | ||
Becton Dickinson & Co. | 3.794% | 5/20/50 | 85 | 96 | ||
Biogen Inc. | 3.625% | 9/15/22 | 75 | 78 | ||
Biogen Inc. | 4.050% | 9/15/25 | 30 | 33 | ||
Biogen Inc. | 2.250% | 5/1/30 | 165 | 167 | ||
Biogen Inc. | 3.150% | 5/1/50 | 125 | 124 | ||
Boston Scientific Corp. | 3.450% | 3/1/24 | 25 | 27 | ||
Boston Scientific Corp. | 3.750% | 3/1/26 | 70 | 77 | ||
Boston Scientific Corp. | 4.000% | 3/1/29 | 50 | 57 | ||
Boston Scientific Corp. | 2.650% | 6/1/30 | 25 | 26 | ||
Boston Scientific Corp. | 4.550% | 3/1/39 | 40 | 49 | ||
Boston Scientific Corp. | 4.700% | 3/1/49 | 71 | 92 | ||
Bristol-Myers Squibb Co. | 3.250% | 2/20/23 | 100 | 104 | ||
Bristol-Myers Squibb Co. | 0.537% | 11/13/23 | 130 | 130 | ||
Bristol-Myers Squibb Co. | 2.900% | 7/26/24 | 115 | 123 | ||
Bristol-Myers Squibb Co. | 3.875% | 8/15/25 | 145 | 161 | ||
Bristol-Myers Squibb Co. | 0.750% | 11/13/25 | 100 | 100 | ||
Bristol-Myers Squibb Co. | 3.200% | 6/15/26 | 40 | 44 | ||
Bristol-Myers Squibb Co. | 3.450% | 11/15/27 | 130 | 146 | ||
Bristol-Myers Squibb Co. | 3.900% | 2/20/28 | 75 | 86 | ||
Bristol-Myers Squibb Co. | 3.400% | 7/26/29 | 130 | 146 | ||
Bristol-Myers Squibb Co. | 1.450% | 11/13/30 | 115 | 112 | ||
Bristol-Myers Squibb Co. | 4.125% | 6/15/39 | 130 | 158 | ||
Bristol-Myers Squibb Co. | 2.350% | 11/13/40 | 75 | 73 | ||
Bristol-Myers Squibb Co. | 5.000% | 8/15/45 | 114 | 157 | ||
Bristol-Myers Squibb Co. | 4.350% | 11/15/47 | 120 | 153 | ||
Bristol-Myers Squibb Co. | 4.550% | 2/20/48 | 155 | 204 | ||
Bristol-Myers Squibb Co. | 4.250% | 10/26/49 | 120 | 153 | ||
Bristol-Myers Squibb Co. | 2.550% | 11/13/50 | 105 | 102 | ||
Cardinal Health Inc. | 3.079% | 6/15/24 | 50 | 53 | ||
Cardinal Health Inc. | 3.410% | 6/15/27 | 45 | 49 | ||
1 | Cigna Corp. | 3.000% | 7/15/23 | 100 | 104 | |
Cigna Corp. | 3.750% | 7/15/23 | 76 | 80 | ||
1 | Cigna Corp. | 3.250% | 4/15/25 | 85 | 91 | |
Cigna Corp. | 4.125% | 11/15/25 | 75 | 84 | ||
1 | Cigna Corp. | 4.500% | 2/25/26 | 150 | 170 | |
1 | Cigna Corp. | 3.400% | 3/1/27 | 75 | 83 | |
Cigna Corp. | 4.375% | 10/15/28 | 35 | 41 | ||
Cigna Corp. | 2.400% | 3/15/30 | 86 | 89 | ||
Cigna Corp. | 2.375% | 3/15/31 | 180 | 185 | ||
Cigna Corp. | 4.800% | 8/15/38 | 95 | 119 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Cigna Corp. | 3.200% | 3/15/40 | 55 | 58 | ||
1 | Cigna Corp. | 4.800% | 7/15/46 | 135 | 173 | |
1 | Cigna Corp. | 3.875% | 10/15/47 | 50 | 57 | |
Cigna Corp. | 4.900% | 12/15/48 | 90 | 118 | ||
Cigna Corp. | 3.400% | 3/15/50 | 135 | 144 | ||
Cigna Corp. | 3.400% | 3/15/51 | 80 | 85 | ||
CVS Health Corp. | 2.750% | 12/1/22 | 200 | 205 | ||
CVS Health Corp. | 3.700% | 3/9/23 | 90 | 94 | ||
CVS Health Corp. | 2.625% | 8/15/24 | 10 | 11 | ||
CVS Health Corp. | 3.875% | 7/20/25 | 300 | 330 | ||
CVS Health Corp. | 2.875% | 6/1/26 | 50 | 54 | ||
CVS Health Corp. | 3.000% | 8/15/26 | 125 | 135 | ||
CVS Health Corp. | 3.625% | 4/1/27 | 200 | 222 | ||
CVS Health Corp. | 1.300% | 8/21/27 | 25 | 25 | ||
CVS Health Corp. | 4.300% | 3/25/28 | 55 | 63 | ||
CVS Health Corp. | 3.250% | 8/15/29 | 140 | 153 | ||
CVS Health Corp. | 3.750% | 4/1/30 | 50 | 56 | ||
CVS Health Corp. | 1.750% | 8/21/30 | 80 | 78 | ||
CVS Health Corp. | 4.780% | 3/25/38 | 260 | 323 | ||
CVS Health Corp. | 4.125% | 4/1/40 | 75 | 88 | ||
CVS Health Corp. | 2.700% | 8/21/40 | 25 | 25 | ||
CVS Health Corp. | 5.300% | 12/5/43 | 125 | 168 | ||
CVS Health Corp. | 5.125% | 7/20/45 | 190 | 251 | ||
CVS Health Corp. | 5.050% | 3/25/48 | 475 | 628 | ||
CVS Health Corp. | 4.250% | 4/1/50 | 110 | 134 | ||
Danaher Corp. | 2.600% | 10/1/50 | 25 | 24 | ||
DENTSPLY SIRONA Inc. | 3.250% | 6/1/30 | 45 | 49 | ||
DH Europe Finance II Sarl | 2.600% | 11/15/29 | 110 | 116 | ||
DH Europe Finance II Sarl | 3.250% | 11/15/39 | 80 | 87 | ||
DH Europe Finance II Sarl | 3.400% | 11/15/49 | 25 | 28 | ||
Eli Lilly & Co. | 3.375% | 3/15/29 | 165 | 186 | ||
Eli Lilly & Co. | 3.950% | 3/15/49 | 25 | 31 | ||
Eli Lilly & Co. | 2.250% | 5/15/50 | 35 | 32 | ||
Eli Lilly & Co. | 4.150% | 3/15/59 | 20 | 26 | ||
Eli Lilly & Co. | 2.500% | 9/15/60 | 100 | 94 | ||
Gilead Sciences Inc. | 3.250% | 9/1/22 | 50 | 51 | ||
Gilead Sciences Inc. | 2.500% | 9/1/23 | 60 | 62 | ||
Gilead Sciences Inc. | 3.700% | 4/1/24 | 175 | 188 | ||
Gilead Sciences Inc. | 3.500% | 2/1/25 | 100 | 108 | ||
Gilead Sciences Inc. | 3.650% | 3/1/26 | 25 | 28 | ||
Gilead Sciences Inc. | 2.950% | 3/1/27 | 125 | 135 | ||
Gilead Sciences Inc. | 1.200% | 10/1/27 | 35 | 34 | ||
Gilead Sciences Inc. | 1.650% | 10/1/30 | 135 | 132 | ||
Gilead Sciences Inc. | 4.600% | 9/1/35 | 20 | 25 | ||
Gilead Sciences Inc. | 4.000% | 9/1/36 | 110 | 129 | ||
Gilead Sciences Inc. | 2.600% | 10/1/40 | 20 | 19 | ||
Gilead Sciences Inc. | 5.650% | 12/1/41 | 40 | 56 | ||
Gilead Sciences Inc. | 4.800% | 4/1/44 | 60 | 77 | ||
Gilead Sciences Inc. | 4.500% | 2/1/45 | 110 | 136 | ||
Gilead Sciences Inc. | 4.750% | 3/1/46 | 120 | 154 | ||
Gilead Sciences Inc. | 4.150% | 3/1/47 | 115 | 138 | ||
Gilead Sciences Inc. | 2.800% | 10/1/50 | 95 | 93 | ||
GlaxoSmithKline Capital Inc. | 2.800% | 3/18/23 | 90 | 93 | ||
GlaxoSmithKline Capital Inc. | 3.375% | 5/15/23 | 75 | 79 | ||
GlaxoSmithKline Capital Inc. | 3.625% | 5/15/25 | 50 | 55 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
GlaxoSmithKline Capital Inc. | 3.875% | 5/15/28 | 105 | 121 | ||
GlaxoSmithKline Capital Inc. | 6.375% | 5/15/38 | 160 | 241 | ||
GlaxoSmithKline Capital plc | 0.534% | 10/1/23 | 60 | 60 | ||
GlaxoSmithKline Capital plc | 3.000% | 6/1/24 | 35 | 37 | ||
GlaxoSmithKline Capital plc | 3.375% | 6/1/29 | 75 | 84 | ||
HCA Inc. | 4.750% | 5/1/23 | 125 | 133 | ||
HCA Inc. | 5.000% | 3/15/24 | 145 | 160 | ||
HCA Inc. | 5.250% | 4/15/25 | 50 | 57 | ||
HCA Inc. | 5.250% | 6/15/26 | 85 | 98 | ||
HCA Inc. | 4.500% | 2/15/27 | 75 | 85 | ||
HCA Inc. | 4.125% | 6/15/29 | 75 | 85 | ||
HCA Inc. | 2.375% | 7/15/31 | 45 | 45 | ||
HCA Inc. | 5.125% | 6/15/39 | 25 | 31 | ||
HCA Inc. | 5.500% | 6/15/47 | 90 | 119 | ||
HCA Inc. | 5.250% | 6/15/49 | 145 | 189 | ||
HCA Inc. | 3.500% | 7/15/51 | 85 | 87 | ||
Humana Inc. | 0.650% | 8/3/23 | 75 | 75 | ||
Humana Inc. | 1.350% | 2/3/27 | 35 | 35 | ||
Humana Inc. | 2.150% | 2/3/32 | 10 | 10 | ||
Humana Inc. | 4.950% | 10/1/44 | 58 | 76 | ||
Johnson & Johnson | 2.625% | 1/15/25 | 25 | 27 | ||
Johnson & Johnson | 0.550% | 9/1/25 | 100 | 99 | ||
Johnson & Johnson | 2.450% | 3/1/26 | 125 | 133 | ||
Johnson & Johnson | 2.950% | 3/3/27 | 105 | 115 | ||
Johnson & Johnson | 2.900% | 1/15/28 | 120 | 131 | ||
Johnson & Johnson | 1.300% | 9/1/30 | 125 | 122 | ||
Johnson & Johnson | 3.550% | 3/1/36 | 50 | 59 | ||
Johnson & Johnson | 3.625% | 3/3/37 | 150 | 176 | ||
Johnson & Johnson | 5.950% | 8/15/37 | 70 | 103 | ||
Johnson & Johnson | 2.100% | 9/1/40 | 50 | 48 | ||
Johnson & Johnson | 3.700% | 3/1/46 | 120 | 145 | ||
Johnson & Johnson | 3.500% | 1/15/48 | 80 | 95 | ||
Johnson & Johnson | 2.250% | 9/1/50 | 60 | 58 | ||
Johnson & Johnson | 2.450% | 9/1/60 | 75 | 73 | ||
Laboratory Corp. of America Holdings | 3.600% | 2/1/25 | 60 | 65 | ||
Laboratory Corp. of America Holdings | 4.700% | 2/1/45 | 50 | 62 | ||
McKesson Corp. | 3.796% | 3/15/24 | 35 | 38 | ||
Medtronic Inc. | 3.500% | 3/15/25 | 127 | 139 | ||
Medtronic Inc. | 4.375% | 3/15/35 | 100 | 125 | ||
Medtronic Inc. | 4.625% | 3/15/45 | 110 | 147 | ||
Merck & Co. Inc. | 2.400% | 9/15/22 | 80 | 81 | ||
Merck & Co. Inc. | 2.800% | 5/18/23 | 115 | 120 | ||
Merck & Co. Inc. | 2.900% | 3/7/24 | 50 | 53 | ||
Merck & Co. Inc. | 2.750% | 2/10/25 | 80 | 85 | ||
Merck & Co. Inc. | 0.750% | 2/24/26 | 135 | 134 | ||
Merck & Co. Inc. | 3.400% | 3/7/29 | 55 | 62 | ||
Merck & Co. Inc. | 1.450% | 6/24/30 | 20 | 20 | ||
Merck & Co. Inc. | 3.900% | 3/7/39 | 85 | 101 | ||
Merck & Co. Inc. | 2.350% | 6/24/40 | 115 | 113 | ||
Merck & Co. Inc. | 4.150% | 5/18/43 | 45 | 56 | ||
Merck & Co. Inc. | 3.700% | 2/10/45 | 100 | 117 | ||
Merck & Co. Inc. | 4.000% | 3/7/49 | 75 | 93 | ||
Merck & Co. Inc. | 2.450% | 6/24/50 | 95 | 91 | ||
Mylan Inc. | 4.550% | 4/15/28 | 25 | 29 | ||
Mylan Inc. | 5.200% | 4/15/48 | 130 | 162 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Novartis Capital Corp. | 2.400% | 9/21/22 | 25 | 26 | ||
Novartis Capital Corp. | 3.400% | 5/6/24 | 105 | 113 | ||
Novartis Capital Corp. | 3.000% | 11/20/25 | 40 | 43 | ||
Novartis Capital Corp. | 2.000% | 2/14/27 | 85 | 89 | ||
Novartis Capital Corp. | 3.100% | 5/17/27 | 100 | 110 | ||
Novartis Capital Corp. | 2.200% | 8/14/30 | 175 | 182 | ||
Novartis Capital Corp. | 4.400% | 5/6/44 | 125 | 163 | ||
Novartis Capital Corp. | 4.000% | 11/20/45 | 65 | 80 | ||
Novartis Capital Corp. | 2.750% | 8/14/50 | 45 | 47 | ||
PerkinElmer Inc. | 3.300% | 9/15/29 | 55 | 60 | ||
Perrigo Finance Unlimited Co. | 3.150% | 6/15/30 | 50 | 52 | ||
Pfizer Inc. | 3.000% | 6/15/23 | 60 | 63 | ||
Pfizer Inc. | 3.200% | 9/15/23 | 100 | 106 | ||
Pfizer Inc. | 2.950% | 3/15/24 | 75 | 80 | ||
Pfizer Inc. | 3.400% | 5/15/24 | 100 | 108 | ||
Pfizer Inc. | 0.800% | 5/28/25 | 50 | 50 | ||
Pfizer Inc. | 2.750% | 6/3/26 | 110 | 119 | ||
Pfizer Inc. | 3.000% | 12/15/26 | 25 | 28 | ||
Pfizer Inc. | 3.600% | 9/15/28 | 70 | 80 | ||
Pfizer Inc. | 3.450% | 3/15/29 | 100 | 113 | ||
Pfizer Inc. | 2.625% | 4/1/30 | 83 | 89 | ||
Pfizer Inc. | 1.750% | 8/18/31 | 50 | 50 | ||
Pfizer Inc. | 7.200% | 3/15/39 | 25 | 41 | ||
Pfizer Inc. | 2.550% | 5/28/40 | 110 | 112 | ||
Pfizer Inc. | 4.300% | 6/15/43 | 125 | 158 | ||
Pfizer Inc. | 4.400% | 5/15/44 | 40 | 51 | ||
Pfizer Inc. | 4.125% | 12/15/46 | 75 | 94 | ||
Pfizer Inc. | 4.200% | 9/15/48 | 135 | 171 | ||
Pfizer Inc. | 4.000% | 3/15/49 | 25 | 31 | ||
Pfizer Inc. | 2.700% | 5/28/50 | 110 | 111 | ||
Quest Diagnostics Inc. | 2.950% | 6/30/30 | 60 | 64 | ||
Regeneron Pharmaceuticals Inc. | 1.750% | 9/15/30 | 110 | 106 | ||
Regeneron Pharmaceuticals Inc. | 2.800% | 9/15/50 | 20 | 19 | ||
Royalty Pharma plc | 0.750% | 9/2/23 | 103 | 103 | ||
Royalty Pharma plc | 1.200% | 9/2/25 | 50 | 50 | ||
Royalty Pharma plc | 1.750% | 9/2/27 | 35 | 35 | ||
Royalty Pharma plc | 3.300% | 9/2/40 | 20 | 20 | ||
Royalty Pharma plc | 3.550% | 9/2/50 | 55 | 55 | ||
Sanofi | 3.625% | 6/19/28 | 90 | 103 | ||
Shire Acquisitions Investments Ireland DAC | 2.875% | 9/23/23 | 155 | 162 | ||
Shire Acquisitions Investments Ireland DAC | 3.200% | 9/23/26 | 90 | 98 | ||
Smith & Nephew plc | 2.032% | 10/14/30 | 75 | 74 | ||
Stryker Corp. | 3.375% | 11/1/25 | 110 | 120 | ||
Stryker Corp. | 3.500% | 3/15/26 | 25 | 27 | ||
Stryker Corp. | 1.950% | 6/15/30 | 10 | 10 | ||
Stryker Corp. | 4.625% | 3/15/46 | 75 | 98 | ||
Takeda Pharmaceutical Co. Ltd. | 4.400% | 11/26/23 | 45 | 49 | ||
Takeda Pharmaceutical Co. Ltd. | 5.000% | 11/26/28 | 180 | 217 | ||
Takeda Pharmaceutical Co. Ltd. | 2.050% | 3/31/30 | 225 | 224 | ||
Takeda Pharmaceutical Co. Ltd. | 3.025% | 7/9/40 | 95 | 98 | ||
Takeda Pharmaceutical Co. Ltd. | 3.175% | 7/9/50 | 100 | 104 | ||
Takeda Pharmaceutical Co. Ltd. | 3.375% | 7/9/60 | 60 | 64 | ||
Thermo Fisher Scientific Inc. | 4.133% | 3/25/25 | 85 | 94 | ||
Thermo Fisher Scientific Inc. | 2.950% | 9/19/26 | 75 | 81 | ||
Thermo Fisher Scientific Inc. | 3.200% | 8/15/27 | 6 | 7 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Thermo Fisher Scientific Inc. | 4.497% | 3/25/30 | 120 | 143 | ||
Thermo Fisher Scientific Inc. | 2.800% | 10/15/41 | 125 | 128 | ||
Thermo Fisher Scientific Inc. | 4.100% | 8/15/47 | 35 | 43 | ||
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 | 26 | ||
UnitedHealth Group Inc. | 3.500% | 2/15/24 | 120 | 129 | ||
UnitedHealth Group Inc. | 2.375% | 8/15/24 | 50 | 53 | ||
UnitedHealth Group Inc. | 3.750% | 7/15/25 | 80 | 89 | ||
UnitedHealth Group Inc. | 3.100% | 3/15/26 | 50 | 55 | ||
UnitedHealth Group Inc. | 1.150% | 5/15/26 | 50 | 50 | ||
UnitedHealth Group Inc. | 2.950% | 10/15/27 | 100 | 110 | ||
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 75 | 86 | ||
UnitedHealth Group Inc. | 3.875% | 12/15/28 | 65 | 75 | ||
UnitedHealth Group Inc. | 2.875% | 8/15/29 | 75 | 81 | ||
UnitedHealth Group Inc. | 2.000% | 5/15/30 | 150 | 153 | ||
UnitedHealth Group Inc. | 2.300% | 5/15/31 | 50 | 52 | ||
UnitedHealth Group Inc. | 4.625% | 7/15/35 | 60 | 76 | ||
UnitedHealth Group Inc. | 5.800% | 3/15/36 | 57 | 81 | ||
UnitedHealth Group Inc. | 6.875% | 2/15/38 | 135 | 210 | ||
UnitedHealth Group Inc. | 3.500% | 8/15/39 | 25 | 28 | ||
UnitedHealth Group Inc. | 4.250% | 3/15/43 | 25 | 31 | ||
UnitedHealth Group Inc. | 4.750% | 7/15/45 | 85 | 113 | ||
UnitedHealth Group Inc. | 4.200% | 1/15/47 | 115 | 142 | ||
UnitedHealth Group Inc. | 3.750% | 10/15/47 | 75 | 88 | ||
UnitedHealth Group Inc. | 4.250% | 6/15/48 | 160 | 202 | ||
UnitedHealth Group Inc. | 4.450% | 12/15/48 | 110 | 143 | ||
UnitedHealth Group Inc. | 3.700% | 8/15/49 | 30 | 35 | ||
UnitedHealth Group Inc. | 2.900% | 5/15/50 | 50 | 52 | ||
UnitedHealth Group Inc. | 3.250% | 5/15/51 | 50 | 55 | ||
UnitedHealth Group Inc. | 3.875% | 8/15/59 | 50 | 60 | ||
UnitedHealth Group Inc. | 3.125% | 5/15/60 | 55 | 58 | ||
2 | Universal Health Services Inc. | 2.650% | 10/15/30 | 55 | 56 | |
Utah Acquisition Sub Inc. | 3.950% | 6/15/26 | 115 | 127 | ||
Utah Acquisition Sub Inc. | 5.250% | 6/15/46 | 55 | 68 | ||
2 | Viatris Inc. | 1.650% | 6/22/25 | 150 | 152 | |
2 | Viatris Inc. | 2.300% | 6/22/27 | 40 | 41 | |
2 | Viatris Inc. | 2.700% | 6/22/30 | 40 | 41 | |
2 | Viatris Inc. | 3.850% | 6/22/40 | 45 | 49 | |
2 | Viatris Inc. | 4.000% | 6/22/50 | 75 | 82 | |
Wyeth LLC | 6.500% | 2/1/34 | 120 | 175 | ||
Wyeth LLC | 5.950% | 4/1/37 | 85 | 122 | ||
Zimmer Biomet Holdings Inc. | 3.550% | 4/1/25 | 140 | 151 | ||
Zimmer Biomet Holdings Inc. | 3.550% | 3/20/30 | 60 | 66 | ||
Zoetis Inc. | 3.250% | 2/1/23 | 70 | 72 | ||
Zoetis Inc. | 3.000% | 9/12/27 | 75 | 81 | ||
Zoetis Inc. | 2.000% | 5/15/30 | 10 | 10 | ||
Zoetis Inc. | 4.700% | 2/1/43 | 95 | 123 | ||
34,336 | ||||||
Industrials (2.5%) | ||||||
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 | 50 | 56 | |
3M Co. | 2.375% | 8/26/29 | 100 | 105 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | 3M Co. | 4.000% | 9/14/48 | 60 | 74 | |
3M Co. | 3.250% | 8/26/49 | 50 | 55 | ||
Amphenol Corp. | 2.800% | 2/15/30 | 55 | 58 | ||
Carrier Global Corp. | 2.242% | 2/15/25 | 180 | 187 | ||
Carrier Global Corp. | 2.493% | 2/15/27 | 125 | 132 | ||
Carrier Global Corp. | 2.722% | 2/15/30 | 120 | 126 | ||
Carrier Global Corp. | 3.377% | 4/5/40 | 50 | 54 | ||
Carrier Global Corp. | 3.577% | 4/5/50 | 160 | 174 | ||
1 | Caterpillar Financial Services Corp. | 1.900% | 9/6/22 | 15 | 15 | |
1 | Caterpillar Financial Services Corp. | 1.950% | 11/18/22 | 150 | 153 | |
Caterpillar Financial Services Corp. | 0.250% | 3/1/23 | 60 | 60 | ||
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 | 115 | 121 | |
1 | Caterpillar Financial Services Corp. | 0.800% | 11/13/25 | 35 | 35 | |
1 | Caterpillar Financial Services Corp. | 1.100% | 9/14/27 | 95 | 95 | |
Caterpillar Inc. | 3.400% | 5/15/24 | 20 | 21 | ||
Caterpillar Inc. | 2.600% | 4/9/30 | 45 | 48 | ||
Caterpillar Inc. | 5.200% | 5/27/41 | 30 | 42 | ||
Caterpillar Inc. | 3.803% | 8/15/42 | 145 | 174 | ||
Caterpillar Inc. | 3.250% | 9/19/49 | 55 | 61 | ||
Caterpillar Inc. | 3.250% | 4/9/50 | 45 | 50 | ||
Cummins Inc. | 1.500% | 9/1/30 | 55 | 53 | ||
Deere & Co. | 3.900% | 6/9/42 | 65 | 79 | ||
Deere & Co. | 3.750% | 4/15/50 | 65 | 79 | ||
Eaton Corp. | 2.750% | 11/2/22 | 125 | 129 | ||
Eaton Corp. | 4.150% | 11/2/42 | 50 | 60 | ||
FedEx Corp. | 3.250% | 4/1/26 | 45 | 49 | ||
FedEx Corp. | 3.100% | 8/5/29 | 45 | 49 | ||
FedEx Corp. | 4.250% | 5/15/30 | 105 | 123 | ||
FedEx Corp. | 3.250% | 5/15/41 | 20 | 21 | ||
FedEx Corp. | 5.100% | 1/15/44 | 50 | 65 | ||
FedEx Corp. | 4.750% | 11/15/45 | 100 | 126 | ||
FedEx Corp. | 4.550% | 4/1/46 | 95 | 117 | ||
FedEx Corp. | 4.050% | 2/15/48 | 35 | 41 | ||
FedEx Corp. | 4.950% | 10/17/48 | 75 | 99 | ||
FedEx Corp. | 5.250% | 5/15/50 | 75 | 104 | ||
Fortive Corp. | 3.150% | 6/15/26 | 35 | 38 | ||
Illinois Tool Works Inc. | 2.650% | 11/15/26 | 120 | 129 | ||
Illinois Tool Works Inc. | 3.900% | 9/1/42 | 45 | 54 | ||
1 | John Deere Capital Corp. | 2.800% | 3/6/23 | 60 | 62 | |
1 | John Deere Capital Corp. | 0.450% | 1/17/24 | 60 | 60 | |
1 | John Deere Capital Corp. | 3.450% | 3/13/25 | 45 | 49 | |
1 | John Deere Capital Corp. | 0.700% | 1/15/26 | 50 | 50 | |
Otis Worldwide Corp. | 2.056% | 4/5/25 | 98 | 102 | ||
Otis Worldwide Corp. | 2.565% | 2/15/30 | 75 | 78 | ||
Parker-Hannifin Corp. | 3.250% | 6/14/29 | 20 | 22 | ||
Parker-Hannifin Corp. | 4.000% | 6/14/49 | 74 | 87 | ||
Republic Services Inc. | 2.500% | 8/15/24 | 30 | 32 | ||
Republic Services Inc. | 3.950% | 5/15/28 | 95 | 108 | ||
Republic Services Inc. | 1.750% | 2/15/32 | 20 | 19 | ||
Southwest Airlines Co. | 4.750% | 5/4/23 | 10 | 11 | ||
Southwest Airlines Co. | 5.250% | 5/4/25 | 45 | 51 | ||
Southwest Airlines Co. | 5.125% | 6/15/27 | 160 | 187 | ||
Trane Technologies Luxembourg Finance SA | 3.800% | 3/21/29 | 40 | 45 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
United Parcel Service Inc. | 2.450% | 10/1/22 | 20 | 20 | ||
United Parcel Service Inc. | 2.500% | 4/1/23 | 50 | 52 | ||
United Parcel Service Inc. | 3.900% | 4/1/25 | 14 | 15 | ||
United Parcel Service Inc. | 3.050% | 11/15/27 | 65 | 72 | ||
United Parcel Service Inc. | 3.400% | 3/15/29 | 72 | 81 | ||
United Parcel Service Inc. | 4.450% | 4/1/30 | 67 | 81 | ||
United Parcel Service Inc. | 6.200% | 1/15/38 | 85 | 127 | ||
United Parcel Service Inc. | 3.750% | 11/15/47 | 20 | 24 | ||
United Parcel Service Inc. | 4.250% | 3/15/49 | 25 | 32 | ||
United Parcel Service Inc. | 5.300% | 4/1/50 | 130 | 193 | ||
Waste Management Inc. | 3.150% | 11/15/27 | 25 | 27 | ||
Waste Management Inc. | 1.500% | 3/15/31 | 60 | 58 | ||
Westinghouse Air Brake Technologies Corp. | 3.450% | 11/15/26 | 65 | 70 | ||
Westinghouse Air Brake Technologies Corp. | 4.950% | 9/15/28 | 70 | 82 | ||
WW Grainger Inc. | 4.600% | 6/15/45 | 55 | 72 | ||
5,416 | ||||||
Materials (1.5%) | ||||||
Air Products and Chemicals Inc. | 2.050% | 5/15/30 | 90 | 93 | ||
Air Products and Chemicals Inc. | 2.800% | 5/15/50 | 45 | 46 | ||
2 | Berry Global Inc. | 0.950% | 2/15/24 | 145 | 145 | |
2 | Berry Global Inc. | 1.570% | 1/15/26 | 10 | 10 | |
Carlisle Cos. Inc. | 2.750% | 3/1/30 | 50 | 52 | ||
CF Industries Inc. | 3.450% | 6/1/23 | 45 | 47 | ||
CF Industries Inc. | 5.150% | 3/15/34 | 45 | 56 | ||
CF Industries Inc. | 4.950% | 6/1/43 | 45 | 56 | ||
CF Industries Inc. | 5.375% | 3/15/44 | 45 | 58 | ||
Dow Chemical Co. | 7.375% | 11/1/29 | 45 | 63 | ||
Dow Chemical Co. | 2.100% | 11/15/30 | 15 | 15 | ||
Dow Chemical Co. | 9.400% | 5/15/39 | 15 | 27 | ||
Dow Chemical Co. | 5.250% | 11/15/41 | 135 | 178 | ||
Dow Chemical Co. | 4.375% | 11/15/42 | 140 | 169 | ||
Dow Chemical Co. | 5.550% | 11/30/48 | 35 | 50 | ||
DuPont de Nemours Inc. | 4.205% | 11/15/23 | 85 | 92 | ||
DuPont de Nemours Inc. | 4.493% | 11/15/25 | 95 | 107 | ||
DuPont de Nemours Inc. | 4.725% | 11/15/28 | 125 | 149 | ||
DuPont de Nemours Inc. | 5.319% | 11/15/38 | 100 | 132 | ||
DuPont de Nemours Inc. | 5.419% | 11/15/48 | 120 | 170 | ||
Eagle Materials Inc. | 2.500% | 7/1/31 | 10 | 10 | ||
Eastman Chemical Co. | 4.650% | 10/15/44 | 30 | 37 | ||
Huntsman International LLC | 4.500% | 5/1/29 | 45 | 52 | ||
International Flavors & Fragrances Inc. | 5.000% | 9/26/48 | 45 | 60 | ||
Martin Marietta Materials Inc. | 2.400% | 7/15/31 | 70 | 72 | ||
Martin Marietta Materials Inc. | 3.200% | 7/15/51 | 40 | 41 | ||
Mosaic Co. | 4.250% | 11/15/23 | 135 | 144 | ||
Newmont Corp. | 2.250% | 10/1/30 | 60 | 60 | ||
Newmont Corp. | 6.250% | 10/1/39 | 35 | 51 | ||
Newmont Corp. | 4.875% | 3/15/42 | 100 | 128 | ||
Nutrien Ltd. | 4.200% | 4/1/29 | 55 | 63 | ||
Nutrien Ltd. | 5.000% | 4/1/49 | 29 | 39 | ||
PPG Industries Inc. | 3.750% | 3/15/28 | 45 | 51 | ||
Rio Tinto Alcan Inc. | 6.125% | 12/15/33 | 10 | 14 | ||
Sherwin-Williams Co. | 3.450% | 6/1/27 | 110 | 122 | ||
Sherwin-Williams Co. | 2.950% | 8/15/29 | 49 | 53 | ||
Sherwin-Williams Co. | 4.500% | 6/1/47 | 70 | 88 | ||
Suzano Austria GmbH | 6.000% | 1/15/29 | 190 | 227 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Suzano Austria GmbH | 5.000% | 1/15/30 | 100 | 114 | ||
Vulcan Materials Co. | 3.500% | 6/1/30 | 40 | 45 | ||
WRKCo Inc. | 4.900% | 3/15/29 | 85 | 102 | ||
3,288 | ||||||
Real Estate (1.9%) | ||||||
Alexandria Real Estate Equities Inc. | 3.375% | 8/15/31 | 35 | 39 | ||
Alexandria Real Estate Equities Inc. | 2.000% | 5/18/32 | 70 | 69 | ||
Alexandria Real Estate Equities Inc. | 1.875% | 2/1/33 | 128 | 123 | ||
Alexandria Real Estate Equities Inc. | 3.000% | 5/18/51 | 25 | 25 | ||
American Tower Corp. | 3.500% | 1/31/23 | 35 | 37 | ||
American Tower Corp. | 5.000% | 2/15/24 | 25 | 28 | ||
American Tower Corp. | 4.000% | 6/1/25 | 50 | 55 | ||
American Tower Corp. | 3.375% | 10/15/26 | 60 | 65 | ||
American Tower Corp. | 2.750% | 1/15/27 | 35 | 37 | ||
American Tower Corp. | 3.550% | 7/15/27 | 95 | 104 | ||
American Tower Corp. | 3.800% | 8/15/29 | 50 | 56 | ||
American Tower Corp. | 2.900% | 1/15/30 | 30 | 32 | ||
American Tower Corp. | 2.100% | 6/15/30 | 125 | 124 | ||
American Tower Corp. | 1.875% | 10/15/30 | 60 | 58 | ||
American Tower Corp. | 3.100% | 6/15/50 | 40 | 40 | ||
Boston Properties LP | 3.850% | 2/1/23 | 30 | 31 | ||
Boston Properties LP | 3.200% | 1/15/25 | 20 | 21 | ||
Boston Properties LP | 3.650% | 2/1/26 | 95 | 105 | ||
Boston Properties LP | 2.750% | 10/1/26 | 45 | 48 | ||
Boston Properties LP | 3.400% | 6/21/29 | 113 | 124 | ||
Boston Properties LP | 3.250% | 1/30/31 | 100 | 108 | ||
Brixmor Operating Partnership LP | 4.125% | 5/15/29 | 15 | 17 | ||
Brixmor Operating Partnership LP | 4.050% | 7/1/30 | 80 | 91 | ||
Camden Property Trust | 2.800% | 5/15/30 | 80 | 85 | ||
CC Holdings GS V LLC | 3.849% | 4/15/23 | 15 | 16 | ||
Crown Castle International Corp. | 3.150% | 7/15/23 | 70 | 73 | ||
Crown Castle International Corp. | 3.200% | 9/1/24 | 20 | 21 | ||
Crown Castle International Corp. | 4.450% | 2/15/26 | 50 | 56 | ||
Crown Castle International Corp. | 3.700% | 6/15/26 | 95 | 105 | ||
Crown Castle International Corp. | 3.650% | 9/1/27 | 60 | 66 | ||
Crown Castle International Corp. | 3.800% | 2/15/28 | 115 | 128 | ||
Crown Castle International Corp. | 3.300% | 7/1/30 | 135 | 146 | ||
Crown Castle International Corp. | 2.250% | 1/15/31 | 5 | 5 | ||
Crown Castle International Corp. | 2.900% | 4/1/41 | 75 | 74 | ||
Crown Castle International Corp. | 3.250% | 1/15/51 | 62 | 63 | ||
Digital Realty Trust LP | 3.700% | 8/15/27 | 10 | 11 | ||
Digital Realty Trust LP | 3.600% | 7/1/29 | 95 | 106 | ||
Equinix Inc. | 2.625% | 11/18/24 | 115 | 121 | ||
Equinix Inc. | 3.200% | 11/18/29 | 85 | 92 | ||
Equinix Inc. | 2.150% | 7/15/30 | 70 | 70 | ||
ERP Operating LP | 4.500% | 7/1/44 | 45 | 58 | ||
GLP Capital LP | 5.250% | 6/1/25 | 35 | 39 | ||
GLP Capital LP | 5.375% | 4/15/26 | 30 | 34 | ||
GLP Capital LP | 5.300% | 1/15/29 | 70 | 82 | ||
Healthcare Trust of America Holdings LP | 2.000% | 3/15/31 | 50 | 49 | ||
Healthpeak Properties Inc. | 3.000% | 1/15/30 | 75 | 80 | ||
1 | Host Hotels & Resorts LP | 3.500% | 9/15/30 | 42 | 44 | |
Prologis LP | 2.250% | 4/15/30 | 80 | 82 | ||
Prologis LP | 1.250% | 10/15/30 | 20 | 19 | ||
Realty Income Corp. | 4.650% | 8/1/23 | 50 | 53 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Realty Income Corp. | 3.250% | 1/15/31 | 65 | 72 | ||
Simon Property Group LP | 3.375% | 10/1/24 | 20 | 21 | ||
Simon Property Group LP | 3.500% | 9/1/25 | 35 | 38 | ||
Simon Property Group LP | 3.300% | 1/15/26 | 100 | 108 | ||
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 | 110 | 121 | ||
Simon Property Group LP | 2.450% | 9/13/29 | 115 | 119 | ||
Simon Property Group LP | 2.650% | 7/15/30 | 50 | 52 | ||
Simon Property Group LP | 3.250% | 9/13/49 | 68 | 70 | ||
Simon Property Group LP | 3.800% | 7/15/50 | 40 | 45 | ||
Ventas Realty LP | 4.400% | 1/15/29 | 35 | 40 | ||
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 | 60 | 69 | ||
Welltower Inc. | 3.100% | 1/15/30 | 115 | 123 | ||
4,187 | ||||||
Technology (13.8%) | ||||||
Adobe Inc. | 3.250% | 2/1/25 | 150 | 162 | ||
Adobe Inc. | 2.150% | 2/1/27 | 50 | 53 | ||
Adobe Inc. | 2.300% | 2/1/30 | 35 | 37 | ||
Analog Devices Inc. | 3.900% | 12/15/25 | 130 | 145 | ||
Analog Devices Inc. | 3.500% | 12/5/26 | 15 | 17 | ||
Apple Inc. | 1.700% | 9/11/22 | 40 | 41 | ||
Apple Inc. | 2.100% | 9/12/22 | 100 | 102 | ||
Apple Inc. | 2.400% | 1/13/23 | 175 | 180 | ||
Apple Inc. | 2.850% | 2/23/23 | 150 | 155 | ||
Apple Inc. | 2.400% | 5/3/23 | 225 | 233 | ||
Apple Inc. | 0.750% | 5/11/23 | 75 | 76 | ||
Apple Inc. | 3.000% | 2/9/24 | 100 | 106 | ||
Apple Inc. | 3.450% | 5/6/24 | 75 | 81 | ||
Apple Inc. | 2.850% | 5/11/24 | 38 | 40 | ||
Apple Inc. | 1.800% | 9/11/24 | 100 | 104 | ||
Apple Inc. | 2.750% | 1/13/25 | 100 | 106 | ||
Apple Inc. | 2.500% | 2/9/25 | 100 | 106 | ||
Apple Inc. | 3.200% | 5/13/25 | 25 | 27 | ||
Apple Inc. | 0.550% | 8/20/25 | 125 | 124 | ||
Apple Inc. | 0.700% | 2/8/26 | 80 | 80 | ||
Apple Inc. | 3.250% | 2/23/26 | 390 | 427 | ||
Apple Inc. | 2.450% | 8/4/26 | 175 | 187 | ||
Apple Inc. | 2.050% | 9/11/26 | 75 | 79 | ||
Apple Inc. | 3.350% | 2/9/27 | 230 | 256 | ||
Apple Inc. | 3.200% | 5/11/27 | 125 | 138 | ||
Apple Inc. | 3.000% | 6/20/27 | 110 | 121 | ||
Apple Inc. | 2.900% | 9/12/27 | 200 | 218 | ||
Apple Inc. | 3.000% | 11/13/27 | 20 | 22 | ||
Apple Inc. | 1.400% | 8/5/28 | 110 | 110 | ||
Apple Inc. | 2.200% | 9/11/29 | 50 | 52 | ||
Apple Inc. | 1.650% | 5/11/30 | 100 | 100 | ||
Apple Inc. | 1.250% | 8/20/30 | 25 | 24 | ||
Apple Inc. | 1.650% | 2/8/31 | 220 | 218 | ||
Apple Inc. | 1.700% | 8/5/31 | 50 | 50 | ||
Apple Inc. | 4.500% | 2/23/36 | 153 | 194 | ||
Apple Inc. | 3.850% | 5/4/43 | 200 | 239 | ||
Apple Inc. | 4.450% | 5/6/44 | 25 | 32 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Apple Inc. | 4.375% | 5/13/45 | 110 | 141 | ||
Apple Inc. | 4.650% | 2/23/46 | 155 | 207 | ||
Apple Inc. | 3.850% | 8/4/46 | 155 | 185 | ||
Apple Inc. | 4.250% | 2/9/47 | 100 | 126 | ||
Apple Inc. | 3.750% | 9/12/47 | 105 | 124 | ||
Apple Inc. | 3.750% | 11/13/47 | 150 | 177 | ||
Apple Inc. | 2.950% | 9/11/49 | 50 | 52 | ||
Apple Inc. | 2.650% | 5/11/50 | 145 | 144 | ||
Apple Inc. | 2.400% | 8/20/50 | 130 | 123 | ||
Apple Inc. | 2.650% | 2/8/51 | 155 | 153 | ||
Apple Inc. | 2.700% | 8/5/51 | 85 | 85 | ||
Apple Inc. | 2.550% | 8/20/60 | 100 | 94 | ||
Apple Inc. | 2.800% | 2/8/61 | 145 | 143 | ||
Apple Inc. | 2.850% | 8/5/61 | 70 | 70 | ||
Applied Materials Inc. | 3.300% | 4/1/27 | 91 | 101 | ||
Applied Materials Inc. | 1.750% | 6/1/30 | 20 | 20 | ||
Applied Materials Inc. | 4.350% | 4/1/47 | 55 | 70 | ||
Applied Materials Inc. | 2.750% | 6/1/50 | 90 | 90 | ||
Automatic Data Processing Inc. | 3.375% | 9/15/25 | 80 | 88 | ||
Automatic Data Processing Inc. | 1.700% | 5/15/28 | 70 | 71 | ||
Automatic Data Processing Inc. | 1.250% | 9/1/30 | 70 | 67 | ||
Broadcom Corp. | 3.625% | 1/15/24 | 75 | 80 | ||
Broadcom Corp. | 3.875% | 1/15/27 | 300 | 331 | ||
Broadcom Corp. | 3.500% | 1/15/28 | 70 | 76 | ||
Broadcom Inc. | 4.700% | 4/15/25 | 50 | 56 | ||
Broadcom Inc. | 3.150% | 11/15/25 | 62 | 66 | ||
Broadcom Inc. | 4.250% | 4/15/26 | 130 | 145 | ||
Broadcom Inc. | 3.459% | 9/15/26 | 40 | 43 | ||
2 | Broadcom Inc. | 1.950% | 2/15/28 | 50 | 50 | |
Broadcom Inc. | 4.110% | 9/15/28 | 160 | 180 | ||
Broadcom Inc. | 4.750% | 4/15/29 | 100 | 116 | ||
Broadcom Inc. | 5.000% | 4/15/30 | 105 | 125 | ||
Broadcom Inc. | 4.150% | 11/15/30 | 75 | 84 | ||
2 | Broadcom Inc. | 2.450% | 2/15/31 | 250 | 248 | |
Broadcom Inc. | 4.300% | 11/15/32 | 175 | 200 | ||
2 | Broadcom Inc. | 2.600% | 2/15/33 | 55 | 54 | |
2 | Broadcom Inc. | 3.419% | 4/15/33 | 38 | 40 | |
2 | Broadcom Inc. | 3.469% | 4/15/34 | 70 | 74 | |
2 | Broadcom Inc. | 3.500% | 2/15/41 | 205 | 210 | |
2 | Broadcom Inc. | 3.750% | 2/15/51 | 165 | 172 | |
Broadridge Financial Solutions Inc. | 2.900% | 12/1/29 | 50 | 53 | ||
Broadridge Financial Solutions Inc. | 2.600% | 5/1/31 | 60 | 62 | ||
Cintas Corp. No. 2 | 3.700% | 4/1/27 | 95 | 107 | ||
Cisco Systems Inc. | 2.200% | 9/20/23 | 60 | 62 | ||
Cisco Systems Inc. | 3.625% | 3/4/24 | 75 | 81 | ||
Cisco Systems Inc. | 2.950% | 2/28/26 | 50 | 55 | ||
Cisco Systems Inc. | 2.500% | 9/20/26 | 95 | 102 | ||
Cisco Systems Inc. | 5.900% | 2/15/39 | 100 | 146 | ||
Cisco Systems Inc. | 5.500% | 1/15/40 | 105 | 149 | ||
Citrix Systems Inc. | 1.250% | 3/1/26 | 35 | 35 | ||
Citrix Systems Inc. | 4.500% | 12/1/27 | 70 | 80 | ||
Citrix Systems Inc. | 3.300% | 3/1/30 | 25 | 26 | ||
Corning Inc. | 4.375% | 11/15/57 | 100 | 123 | ||
Corning Inc. | 5.450% | 11/15/79 | 20 | 28 | ||
Dell International LLC | 5.450% | 6/15/23 | 260 | 280 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Dell International LLC | 4.000% | 7/15/24 | 5 | 5 | ||
Dell International LLC | 5.850% | 7/15/25 | 25 | 29 | ||
Dell International LLC | 6.020% | 6/15/26 | 205 | 245 | ||
Dell International LLC | 4.900% | 10/1/26 | 167 | 193 | ||
Dell International LLC | 5.300% | 10/1/29 | 85 | 103 | ||
Dell International LLC | 8.100% | 7/15/36 | 54 | 83 | ||
Dell International LLC | 8.350% | 7/15/46 | 122 | 201 | ||
Equifax Inc. | 2.600% | 12/1/24 | 85 | 89 | ||
Equifax Inc. | 2.350% | 9/15/31 | 50 | 50 | ||
Fidelity National Information Services Inc. | 0.375% | 3/1/23 | 25 | 25 | ||
Fidelity National Information Services Inc. | 0.600% | 3/1/24 | 125 | 125 | ||
Fidelity National Information Services Inc. | 1.150% | 3/1/26 | 105 | 105 | ||
Fidelity National Information Services Inc. | 1.650% | 3/1/28 | 75 | 75 | ||
Fidelity National Information Services Inc. | 2.250% | 3/1/31 | 40 | 40 | ||
Fidelity National Information Services Inc. | 3.100% | 3/1/41 | 60 | 62 | ||
Fiserv Inc. | 3.800% | 10/1/23 | 130 | 139 | ||
Fiserv Inc. | 2.750% | 7/1/24 | 75 | 79 | ||
Fiserv Inc. | 3.850% | 6/1/25 | 30 | 33 | ||
Fiserv Inc. | 3.200% | 7/1/26 | 135 | 147 | ||
Fiserv Inc. | 2.250% | 6/1/27 | 55 | 57 | ||
Fiserv Inc. | 4.200% | 10/1/28 | 60 | 69 | ||
Fiserv Inc. | 3.500% | 7/1/29 | 55 | 61 | ||
Fiserv Inc. | 2.650% | 6/1/30 | 90 | 93 | ||
Fiserv Inc. | 4.400% | 7/1/49 | 152 | 186 | ||
Hewlett Packard Enterprise Co. | 4.400% | 10/15/22 | 110 | 114 | ||
Hewlett Packard Enterprise Co. | 2.250% | 4/1/23 | 150 | 154 | ||
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 | 165 | 188 | ||
Hewlett Packard Enterprise Co. | 1.750% | 4/1/26 | 50 | 51 | ||
Hewlett Packard Enterprise Co. | 6.350% | 10/15/45 | 80 | 111 | ||
HP Inc. | 2.200% | 6/17/25 | 95 | 99 | ||
2 | HP Inc. | 1.450% | 6/17/26 | 45 | 45 | |
HP Inc. | 3.000% | 6/17/27 | 40 | 43 | ||
HP Inc. | 3.400% | 6/17/30 | 40 | 43 | ||
2 | HP Inc. | 2.650% | 6/17/31 | 10 | 10 | |
HP Inc. | 6.000% | 9/15/41 | 73 | 96 | ||
Intel Corp. | 2.700% | 12/15/22 | 110 | 113 | ||
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 | 150 | 165 | ||
Intel Corp. | 2.600% | 5/19/26 | 25 | 27 | ||
Intel Corp. | 3.750% | 3/25/27 | 55 | 62 | ||
Intel Corp. | 3.150% | 5/11/27 | 130 | 143 | ||
Intel Corp. | 1.600% | 8/12/28 | 55 | 55 | ||
Intel Corp. | 2.450% | 11/15/29 | 150 | 158 | ||
Intel Corp. | 3.900% | 3/25/30 | 85 | 99 | ||
Intel Corp. | 2.000% | 8/12/31 | 85 | 85 | ||
Intel Corp. | 4.000% | 12/15/32 | 35 | 42 | ||
Intel Corp. | 4.600% | 3/25/40 | 50 | 64 | ||
Intel Corp. | 2.800% | 8/12/41 | 40 | 41 | ||
Intel Corp. | 4.800% | 10/1/41 | 25 | 33 | ||
Intel Corp. | 4.900% | 7/29/45 | 25 | 33 | ||
Intel Corp. | 4.100% | 5/11/47 | 105 | 127 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Intel Corp. | 3.734% | 12/8/47 | 150 | 172 | ||
Intel Corp. | 3.250% | 11/15/49 | 225 | 240 | ||
Intel Corp. | 4.750% | 3/25/50 | 70 | 94 | ||
Intel Corp. | 3.050% | 8/12/51 | 70 | 72 | ||
Intel Corp. | 3.100% | 2/15/60 | 40 | 41 | ||
Intel Corp. | 4.950% | 3/25/60 | 35 | 49 | ||
Intel Corp. | 3.200% | 8/12/61 | 40 | 41 | ||
International Business Machines Corp. | 2.875% | 11/9/22 | 125 | 129 | ||
International Business Machines Corp. | 3.375% | 8/1/23 | 50 | 53 | ||
International Business Machines Corp. | 3.625% | 2/12/24 | 110 | 118 | ||
International Business Machines Corp. | 3.000% | 5/15/24 | 115 | 122 | ||
International Business Machines Corp. | 3.450% | 2/19/26 | 163 | 180 | ||
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 | 110 | 123 | ||
International Business Machines Corp. | 1.950% | 5/15/30 | 125 | 125 | ||
International Business Machines Corp. | 4.150% | 5/15/39 | 100 | 120 | ||
International Business Machines Corp. | 4.000% | 6/20/42 | 45 | 53 | ||
International Business Machines Corp. | 4.250% | 5/15/49 | 155 | 194 | ||
International Business Machines Corp. | 2.950% | 5/15/50 | 80 | 81 | ||
KLA Corp. | 4.650% | 11/1/24 | 40 | 44 | ||
KLA Corp. | 4.100% | 3/15/29 | 125 | 144 | ||
KLA Corp. | 3.300% | 3/1/50 | 20 | 22 | ||
Lam Research Corp. | 3.750% | 3/15/26 | 65 | 73 | ||
Lam Research Corp. | 4.000% | 3/15/29 | 100 | 116 | ||
Lam Research Corp. | 1.900% | 6/15/30 | 15 | 15 | ||
Lam Research Corp. | 4.875% | 3/15/49 | 55 | 76 | ||
Lam Research Corp. | 2.875% | 6/15/50 | 25 | 26 | ||
2 | Marvell Technology Inc. | 2.450% | 4/15/28 | 10 | 10 | |
2 | Marvell Technology Inc. | 2.950% | 4/15/31 | 60 | 62 | |
Microchip Technology Inc. | 4.333% | 6/1/23 | 80 | 85 | ||
Micron Technology Inc. | 4.185% | 2/15/27 | 55 | 62 | ||
Micron Technology Inc. | 4.663% | 2/15/30 | 85 | 100 | ||
Microsoft Corp. | 2.650% | 11/3/22 | 25 | 26 | ||
Microsoft Corp. | 2.125% | 11/15/22 | 80 | 82 | ||
Microsoft Corp. | 2.375% | 5/1/23 | 100 | 103 | ||
Microsoft Corp. | 2.000% | 8/8/23 | 25 | 26 | ||
Microsoft Corp. | 3.625% | 12/15/23 | 55 | 59 | ||
Microsoft Corp. | 2.875% | 2/6/24 | 150 | 158 | ||
Microsoft Corp. | 2.700% | 2/12/25 | 105 | 112 | ||
Microsoft Corp. | 3.125% | 11/3/25 | 175 | 191 | ||
Microsoft Corp. | 2.400% | 8/8/26 | 210 | 225 | ||
Microsoft Corp. | 3.300% | 2/6/27 | 250 | 279 | ||
Microsoft Corp. | 3.500% | 2/12/35 | 95 | 112 | ||
Microsoft Corp. | 3.450% | 8/8/36 | 155 | 181 | ||
Microsoft Corp. | 4.100% | 2/6/37 | 5 | 6 | ||
Microsoft Corp. | 4.450% | 11/3/45 | 25 | 34 | ||
Microsoft Corp. | 3.700% | 8/8/46 | 101 | 123 | ||
Microsoft Corp. | 2.525% | 6/1/50 | 325 | 324 | ||
Microsoft Corp. | 2.921% | 3/17/52 | 369 | 396 | ||
Microsoft Corp. | 4.500% | 2/6/57 | 85 | 121 | ||
Microsoft Corp. | 2.675% | 6/1/60 | 155 | 156 | ||
Microsoft Corp. | 3.041% | 3/17/62 | 205 | 223 | ||
Motorola Solutions Inc. | 4.600% | 5/23/29 | 75 | 88 | ||
Motorola Solutions Inc. | 2.300% | 11/15/30 | 25 | 25 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Motorola Solutions Inc. | 2.750% | 5/24/31 | 50 | 52 | ||
NetApp Inc. | 1.875% | 6/22/25 | 45 | 46 | ||
NVIDIA Corp. | 0.309% | 6/15/23 | 10 | 10 | ||
NVIDIA Corp. | 0.584% | 6/14/24 | 60 | 60 | ||
NVIDIA Corp. | 3.200% | 9/16/26 | 140 | 154 | ||
NVIDIA Corp. | 2.850% | 4/1/30 | 75 | 81 | ||
NVIDIA Corp. | 2.000% | 6/15/31 | 60 | 61 | ||
NVIDIA Corp. | 3.500% | 4/1/40 | 30 | 34 | ||
NVIDIA Corp. | 3.500% | 4/1/50 | 145 | 166 | ||
2 | NXP BV | 4.875% | 3/1/24 | 10 | 11 | |
2 | NXP BV | 3.875% | 6/18/26 | 65 | 72 | |
2 | NXP BV | 4.300% | 6/18/29 | 95 | 109 | |
2 | NXP BV | 3.400% | 5/1/30 | 130 | 143 | |
2 | NXP BV | 2.500% | 5/11/31 | 50 | 51 | |
2 | NXP BV | 3.250% | 5/11/41 | 20 | 21 | |
Oracle Corp. | 2.500% | 10/15/22 | 138 | 141 | ||
Oracle Corp. | 2.625% | 2/15/23 | 100 | 103 | ||
Oracle Corp. | 3.625% | 7/15/23 | 150 | 159 | ||
Oracle Corp. | 2.400% | 9/15/23 | 76 | 79 | ||
Oracle Corp. | 3.400% | 7/8/24 | 25 | 27 | ||
Oracle Corp. | 2.950% | 11/15/24 | 50 | 53 | ||
Oracle Corp. | 2.500% | 4/1/25 | 205 | 215 | ||
Oracle Corp. | 2.950% | 5/15/25 | 130 | 138 | ||
Oracle Corp. | 1.650% | 3/25/26 | 105 | 107 | ||
Oracle Corp. | 2.650% | 7/15/26 | 195 | 207 | ||
Oracle Corp. | 2.800% | 4/1/27 | 225 | 240 | ||
Oracle Corp. | 3.250% | 11/15/27 | 175 | 191 | ||
Oracle Corp. | 2.300% | 3/25/28 | 100 | 103 | ||
Oracle Corp. | 2.950% | 4/1/30 | 135 | 143 | ||
Oracle Corp. | 2.875% | 3/25/31 | 140 | 147 | ||
Oracle Corp. | 4.300% | 7/8/34 | 150 | 175 | ||
Oracle Corp. | 3.900% | 5/15/35 | 35 | 39 | ||
Oracle Corp. | 3.850% | 7/15/36 | 85 | 94 | ||
Oracle Corp. | 3.800% | 11/15/37 | 120 | 132 | ||
Oracle Corp. | 6.500% | 4/15/38 | 115 | 164 | ||
Oracle Corp. | 6.125% | 7/8/39 | 75 | 104 | ||
Oracle Corp. | 3.600% | 4/1/40 | 215 | 229 | ||
Oracle Corp. | 5.375% | 7/15/40 | 190 | 246 | ||
Oracle Corp. | 3.650% | 3/25/41 | 85 | 91 | ||
Oracle Corp. | 4.500% | 7/8/44 | 25 | 30 | ||
Oracle Corp. | 4.125% | 5/15/45 | 45 | 51 | ||
Oracle Corp. | 4.000% | 7/15/46 | 180 | 198 | ||
Oracle Corp. | 4.000% | 11/15/47 | 130 | 143 | ||
Oracle Corp. | 3.600% | 4/1/50 | 256 | 267 | ||
Oracle Corp. | 3.950% | 3/25/51 | 245 | 272 | ||
Oracle Corp. | 4.375% | 5/15/55 | 160 | 188 | ||
Oracle Corp. | 3.850% | 4/1/60 | 220 | 237 | ||
QUALCOMM Inc. | 2.600% | 1/30/23 | 100 | 103 | ||
QUALCOMM Inc. | 2.900% | 5/20/24 | 25 | 27 | ||
QUALCOMM Inc. | 3.450% | 5/20/25 | 75 | 82 | ||
QUALCOMM Inc. | 3.250% | 5/20/27 | 72 | 80 | ||
QUALCOMM Inc. | 2.150% | 5/20/30 | 225 | 230 | ||
QUALCOMM Inc. | 4.650% | 5/20/35 | 50 | 64 | ||
QUALCOMM Inc. | 4.800% | 5/20/45 | 80 | 107 | ||
QUALCOMM Inc. | 4.300% | 5/20/47 | 45 | 57 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
QUALCOMM Inc. | 3.250% | 5/20/50 | 105 | 115 | ||
Quanta Services Inc. | 2.900% | 10/1/30 | 60 | 63 | ||
RELX Capital Inc. | 4.000% | 3/18/29 | 35 | 40 | ||
RELX Capital Inc. | 3.000% | 5/22/30 | 75 | 80 | ||
Roper Technologies Inc. | 4.200% | 9/15/28 | 55 | 63 | ||
Roper Technologies Inc. | 1.750% | 2/15/31 | 75 | 73 | ||
salesforce.com Inc. | 3.250% | 4/11/23 | 120 | 125 | ||
salesforce.com Inc. | 0.625% | 7/15/24 | 50 | 50 | ||
salesforce.com Inc. | 3.700% | 4/11/28 | 115 | 131 | ||
salesforce.com Inc. | 1.500% | 7/15/28 | 45 | 45 | ||
salesforce.com Inc. | 1.950% | 7/15/31 | 70 | 71 | ||
salesforce.com Inc. | 2.700% | 7/15/41 | 60 | 61 | ||
salesforce.com Inc. | 2.900% | 7/15/51 | 95 | 98 | ||
salesforce.com Inc. | 3.050% | 7/15/61 | 85 | 89 | ||
ServiceNow Inc. | 1.400% | 9/1/30 | 88 | 84 | ||
Texas Instruments Inc. | 1.375% | 3/12/25 | 60 | 61 | ||
Texas Instruments Inc. | 2.250% | 9/4/29 | 95 | 99 | ||
Texas Instruments Inc. | 1.750% | 5/4/30 | 50 | 50 | ||
Texas Instruments Inc. | 3.875% | 3/15/39 | 20 | 24 | ||
Texas Instruments Inc. | 4.150% | 5/15/48 | 90 | 114 | ||
Verisk Analytics Inc. | 4.000% | 6/15/25 | 71 | 78 | ||
VMware Inc. | 0.600% | 8/15/23 | 50 | 50 | ||
VMware Inc. | 1.400% | 8/15/26 | 85 | 85 | ||
VMware Inc. | 3.900% | 8/21/27 | 135 | 151 | ||
VMware Inc. | 1.800% | 8/15/28 | 35 | 35 | ||
VMware Inc. | 4.700% | 5/15/30 | 110 | 131 | ||
Xilinx Inc. | 2.950% | 6/1/24 | 50 | 53 | ||
Xilinx Inc. | 2.375% | 6/1/30 | 85 | 87 | ||
29,918 | ||||||
Utilities (0.1%) | ||||||
American Water Capital Corp. | 6.593% | 10/15/37 | 52 | 78 | ||
American Water Capital Corp. | 3.750% | 9/1/47 | 35 | 40 | ||
118 | ||||||
Total Corporate Bonds (Cost $213,163) | 214,835 | |||||
Total Investments (99.0%) (Cost $213,281) | 214,954 | |||||
Other Assets and Liabilities—Net (1.0%) | 2,141 | |||||
Net Assets (100%) | 217,095 |
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 August 31, 2021, the aggregate value was $4,026,000, representing 1.9% of net assets. |
3 | Securities with a value of $33,000 have been segregated as initial margin for open futures contracts. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
2-Year U.S. Treasury Note | December 2021 | 4 | 881 | — |
5-Year U.S. Treasury Note | December 2021 | 4 | 495 | 1 |
Long U.S. Treasury Bond | December 2021 | 1 | 163 | 1 |
Ultra 10-Year U.S. Treasury Note | December 2021 | 8 | 1,184 | 2 |
4 | ||||
Short Futures Contracts | ||||
10-Year U.S. Treasury Note | December 2021 | (7) | (934) | — |
Ultra Long U.S. Treasury Bond | December 2021 | (3) | (592) | 2 |
2 | ||||
6 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Unaffiliated Issuers (Cost $213,281) | 214,954 |
Investment in Vanguard | 6 |
Cash | 585 |
Receivables for Investment Securities Sold | 1,294 |
Receivables for Accrued Income | 1,855 |
Variation Margin Receivable—Futures Contracts | 3 |
Total Assets | 218,697 |
Liabilities | |
Payables for Investment Securities Purchased | 1,591 |
Payables to Vanguard | 11 |
Total Liabilities | 1,602 |
Net Assets | 217,095 |
At August 31, 2021, net assets consisted of: | |
Paid-in Capital | 215,199 |
Total Distributable Earnings (Loss) | 1,896 |
Net Assets | 217,095 |
Net Assets | |
Applicable to 2,900,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 217,095 |
Net Asset Value Per Share | $74.86 |
September 22, 20201 to August 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Interest | 2,124 |
Total Income | 2,124 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2 |
Management and Administrative | 80 |
Marketing and Distribution | 4 |
Custodian Fees | 10 |
Auditing Fees | 36 |
Shareholders’ Reports | 5 |
Trustees’ Fees and Expenses | — |
Total Expenses | 137 |
Net Investment Income | 1,987 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (95) |
Futures Contracts | (2) |
Realized Net Gain (Loss) | (97) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 1,673 |
Futures Contracts | 6 |
Change in Unrealized Appreciation (Depreciation) | 1,679 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,569 |
1 | Inception. |
September 22, 20201 to August 31, 2021 | |
($000) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net Investment Income | 1,987 |
Realized Net Gain (Loss) | (97) |
Change in Unrealized Appreciation (Depreciation) | 1,679 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,569 |
Distributions | |
Total Distributions | (1,673) |
Capital Share Transactions | |
Issued | 215,199 |
Issued in Lieu of Cash Distributions | — |
Redeemed | — |
Net Increase (Decrease) from Capital Share Transactions | 215,199 |
Total Increase (Decrease) | 217,095 |
Net Assets | |
Beginning of Period | — |
End of Period | 217,095 |
1 | Inception. |
September 22, 20201 to August 31, 2021 | |
For a Share Outstanding Throughout the Period | |
Net Asset Value, Beginning of Period | $75.00 |
Investment Operations | |
Net Investment Income2 | 1.211 |
Net Realized and Unrealized Gain (Loss) on Investments | (.330) |
Total from Investment Operations | .881 |
Distributions | |
Dividends from Net Investment Income | (1.021) |
Distributions from Realized Capital Gains | — |
Total Distributions | (1.021) |
Net Asset Value, End of Period | $74.86 |
Total Return | 1.20% |
Ratios/Supplemental Data | |
Net Assets, End of Period (Millions) | $217 |
Ratio of Total Expenses to Average Net Assets | 0.12%3 |
Ratio of Net Investment Income to Average Net Assets | 1.74%3 |
Portfolio Turnover Rate4 | 24% |
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 | ||||
U.S. Government and Agency Obligations | — | 119 | — | 119 |
Corporate Bonds | — | 214,835 | — | 214,835 |
Total | — | 214,954 | — | 214,954 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 6 | — | — | 6 |
Liabilities | ||||
Futures Contracts1 | — | — | — | — |
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) | |
Undistributed Ordinary Income | 314 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (88) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,670 |
Period Ended August 31, 2021 | |
Amount ($000) | |
Ordinary Income* | 1,673 |
Long-Term Capital Gains | — |
Total | 1,673 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 213,284 |
Gross Unrealized Appreciation | 2,817 |
Gross Unrealized Depreciation | (1,147) |
Net Unrealized Appreciation (Depreciation) | 1,670 |
September 22, 20201 to August 31, 2021 | |
Shares (000) | |
Issued | 2,900 |
Issued in Lieu of Cash Distributions | — |
Redeemed | — |
Net Increase (Decrease) in Shares Outstanding | 2,900 |
1 | Inception. |
Philadelphia, Pennsylvania
October 20, 2021
Matthew Benchener | Chris D. McIsaac |
Joseph Brennan | Thomas M. Rampulla |
Mortimer J. Buckley | Karin A. Risi |
Gregory Davis | Anne E. Robinson |
John James | Michael Rollings |
John T. Marcante | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-21-132251/imgdd70f5d96.jpg)
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) | Audit Fees. |
Audit Fees of the Registrant.
Fiscal Year Ended August 31, 2021: $687,000
Fiscal Year Ended August 31, 2020: $720,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended August 31, 2021: $11,244,694
Fiscal Year Ended August 31, 2020: $10,761,407
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) | Audit-Related Fees. |
Fiscal Year Ended August 31, 2021: $2,955,181
Fiscal Year Ended August 31, 2020: $2,915,863
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) | Tax Fees. |
Fiscal Year Ended August 31, 2021: $2,047,574
Fiscal Year Ended August 31, 2020: $247,168
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) | All Other Fees. |
Fiscal Year Ended August 31, 2021: $280,000
Fiscal Year Ended August 31, 2020: $115,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended August 31, 2021: $2,327,574
Fiscal Year Ended August 31, 2020: $362,168
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
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. There were no significant changes in the 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)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications field herewith. |
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: October 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: October 20, 2021 | ||
VANGUARD WORLD FUND | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: October 20, 2021
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on October 12, 2021 (see File Number 33-23444), and a Power of Attorney filed on August 26, 2021 (see file Number 811-02652), Incorporated by Reference.