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, 2021—August 31, 2022
Item 1: Reports to Shareholders
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img5458ff021.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 –35.32% for Investor Shares and –35.26% for Admiral Shares for the 12 months ended August 31, 2022. The fund’s benchmark returned –19.06%. |
• | The investment outlook grew more challenging during the 12 months. Sentiment deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. The Federal Reserve reacted by raising interest rates, which pushed borrowing costs higher and sparked fears of recession. |
• | Value stocks generally outperformed growth stocks for the period, while large-capitalization stocks outperformed small-caps. U.S. stocks generally declined, though not as much as international stocks did. |
• | Nine of the fund’s 11 sectors declined by double digits. Consumer staples was slightly negative, while the lone positive sector for the period was energy, which was underweight compared with the benchmark. Information technology, consumer discretionary, and health care were the fund’s largest relative detractors. |
Average Annual Total Returns Periods Ended August 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -12.96% | 12.14% | 11.61% |
Russell 2000 Index (Small-caps) | -17.88 | 8.59 | 6.95 |
Russell 3000 Index (Broad U.S. market) | -13.28 | 11.90 | 11.29 |
FTSE All-World ex US Index (International) | -19.00 | 3.48 | 2.12 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -11.65% | -2.01% | 0.54% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.63 | -0.83 | 1.28 |
FTSE Three-Month U.S. Treasury Bill Index | 0.44 | 0.56 | 1.10 |
CPI | |||
Consumer Price Index | 8.26% | 4.90% | 3.82% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Wellington Management Company LLP | 31 | 10,729 | 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 | 30 | 10,105 | Uses a research-driven, fundamental investment approach to identify and invest in companies with sustainable competitive advantages that we believe can create long-term growth in economic value and generate superior returns for shareholders. |
Baillie Gifford Overseas Ltd. | 19 | 6,645 | 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 | 19 | 6,636 | 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 | 367 | 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, 2022 | |||
Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
U.S. Growth Fund | |||
Investor Shares | $1,000.00 | $806.80 | $1.37 |
Admiral™ Shares | 1,000.00 | 807.20 | 0.91 |
Based on Hypothetical 5% Yearly Return | |||
U.S. Growth Fund | |||
Investor Shares | $1,000.00 | $1,023.69 | $1.53 |
Admiral Shares | 1,000.00 | 1,024.20 | 1.02 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/imge04f60ab2.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | U.S. Growth Fund Investor Shares | -35.32% | 11.52% | 13.59% | $35,764 |
![]() | Russell 1000 Growth Index | -19.06 | 14.78 | 15.09 | 40,783 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | -13.73 | 11.16 | 12.66 | 32,942 |
One Year | Five Years | Ten Years | Final Value of a $50,000 Investment | ||
U.S. Growth Fund Admiral Shares | -35.26% | 11.63% | 13.73% | $181,001 | |
Russell 1000 Growth Index | -19.06 | 14.78 | 15.09 | 203,915 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -13.73 | 11.16 | 12.66 | 164,710 |
Communication Services | 8.7% |
Consumer Discretionary | 21.7 |
Consumer Staples | 3.2 |
Energy | 1.0 |
Financials | 3.4 |
Health Care | 13.6 |
Industrials | 5.0 |
Information Technology | 41.8 |
Materials | 0.4 |
Real Estate | 1.2 |
Utilities | 0.0 |
Shares | Market Value• ($000) | ||
Common Stocks (96.9%) | |||
Communication Services (8.4%) | |||
* | Alphabet Inc. Class C | 11,546,416 | 1,260,291 |
* | Alphabet Inc. Class A | 5,440,193 | 588,738 |
* | Netflix Inc. | 1,375,782 | 307,570 |
* | Meta Platforms Inc. Class A | 932,979 | 152,010 |
* | ZoomInfo Technologies Inc. Class A | 3,014,188 | 136,905 |
* | Roku Inc. | 1,644,001 | 111,792 |
* | Roblox Corp. Class A | 2,641,014 | 103,290 |
* | Spotify Technology SA | 639,190 | 69,128 |
* | Pinterest Inc. Class A | 2,972,305 | 68,482 |
* | Snap Inc. Class A | 5,293,965 | 57,598 |
* | Charter Communications Inc. Class A | 46,166 | 19,050 |
Nexstar Media Group Inc. Class A | 42,969 | 8,221 | |
* | TripAdvisor Inc. | 251,473 | 5,985 |
* | Altice USA Inc. Class A | 511,427 | 5,114 |
* | Playtika Holding Corp. | 434,418 | 4,575 |
* | Madison Square Garden Sports Corp. | 20,006 | 3,206 |
World Wrestling Entertainment Inc. Class A | 20,619 | 1,402 | |
2,903,357 | |||
Consumer Discretionary (21.0%) | |||
* | Amazon.com Inc. | 18,458,019 | 2,339,923 |
* | Tesla Inc. | 7,285,269 | 2,007,893 |
LVMH Moet Hennessy Louis Vuitton SE | 424,146 | 273,688 | |
* | MercadoLibre Inc. | 314,710 | 269,190 |
* | Lululemon Athletica Inc. | 817,934 | 245,347 |
* | Airbnb Inc. Class A | 2,064,123 | 233,494 |
NIKE Inc. Class B | 2,170,021 | 230,999 | |
Home Depot Inc. | 738,738 | 213,067 | |
*,1 | Chewy Inc. Class A | 3,635,272 | 124,799 |
*,1 | Wayfair Inc. Class A | 2,292,785 | 120,853 |
Marriott International Inc. Class A | 755,194 | 116,104 | |
Hilton Worldwide Holdings Inc. | 854,088 | 108,777 | |
* | DoorDash Inc. Class A | 1,433,885 | 85,890 |
* | Chegg Inc. | 4,322,721 | 85,071 |
Lowe's Cos. Inc. | 405,950 | 78,811 | |
*,1 | Duolingo Inc. | 790,397 | 74,313 |
* | Etsy Inc. | 655,379 | 69,215 |
Shares | Market Value• ($000) | ||
* | Coursera Inc. | 5,183,577 | 59,611 |
TJX Cos. Inc. | 860,116 | 53,628 | |
* | Rivian Automotive Inc. Class A | 1,612,154 | 52,734 |
* | O'Reilly Automotive Inc. | 62,459 | 43,541 |
*,1 | Carvana Co. Class A | 1,163,576 | 38,386 |
H&R Block Inc. | 821,810 | 36,981 | |
Boyd Gaming Corp. | 642,616 | 34,978 | |
McDonald's Corp. | 125,755 | 31,725 | |
* | AutoZone Inc. | 14,528 | 30,788 |
* | Peloton Interactive Inc. Class A | 2,875,734 | 29,304 |
Tapestry Inc. | 778,415 | 27,034 | |
Toll Brothers Inc. | 490,917 | 21,497 | |
Bath & Body Works Inc. | 505,278 | 18,862 | |
* | Ulta Beauty Inc. | 43,905 | 18,434 |
* | Six Flags Entertainment Corp. | 416,962 | 9,236 |
* | NVR Inc. | 2,222 | 9,199 |
Tractor Supply Co. | 47,362 | 8,769 | |
PulteGroup Inc. | 169,549 | 6,894 | |
Travel + Leisure Co. | 133,145 | 5,645 | |
* | Expedia Group Inc. | 46,416 | 4,765 |
Starbucks Corp. | 51,567 | 4,335 | |
Wendy's Co. | 205,847 | 3,948 | |
* | Chipotle Mexican Grill Inc. Class A | 1,335 | 2,132 |
Williams-Sonoma Inc. | 11,186 | 1,664 | |
* | Dollar Tree Inc. | 10,894 | 1,478 |
* | Booking Holdings Inc. | 636 | 1,193 |
7,234,195 | |||
Consumer Staples (3.1%) | |||
Costco Wholesale Corp. | 716,355 | 374,009 | |
Constellation Brands Inc. Class A | 869,604 | 213,966 | |
Estee Lauder Cos. Inc. Class A | 808,161 | 205,580 | |
Procter & Gamble Co. | 355,461 | 49,032 | |
Coca-Cola Co. | 640,606 | 39,532 | |
Altria Group Inc. | 825,928 | 37,266 | |
PepsiCo Inc. | 209,883 | 36,156 | |
Hershey Co. | 143,711 | 32,288 | |
* | Darling Ingredients Inc. | 390,456 | 29,698 |
* | Herbalife Nutrition Ltd. | 971,348 | 25,342 |
Albertsons Cos. Inc. Class A | 386,252 | 10,626 | |
* | Pilgrim's Pride Corp. | 319,174 | 9,087 |
Church & Dwight Co. Inc. | 45,693 | 3,825 |
Shares | Market Value• ($000) | ||
Colgate-Palmolive Co. | 37,390 | 2,924 | |
Kimberly-Clark Corp. | 10,059 | 1,283 | |
1,070,614 | |||
Energy (1.0%) | |||
Schlumberger NV | 6,237,524 | 237,962 | |
EOG Resources Inc. | 387,967 | 47,060 | |
Devon Energy Corp. | 176,530 | 12,467 | |
Occidental Petroleum Corp. | 168,252 | 11,946 | |
Pioneer Natural Resources Co. | 16,608 | 4,205 | |
PDC Energy Inc. | 48,982 | 3,326 | |
Diamondback Energy Inc. | 23,283 | 3,103 | |
Hess Corp. | 22,810 | 2,755 | |
* | Antero Resources Corp. | 64,491 | 2,585 |
Continental Resources Inc. | 34,276 | 2,393 | |
* | Southwestern Energy Co. | 281,581 | 2,109 |
Halliburton Co. | 56,207 | 1,694 | |
331,605 | |||
Financials (3.3%) | |||
S&P Global Inc. | 481,767 | 169,669 | |
First Republic Bank | 1,079,338 | 163,876 | |
American Express Co. | 927,435 | 140,970 | |
Blackstone Inc. | 1,314,839 | 123,516 | |
MarketAxess Holdings Inc. | 414,867 | 103,132 | |
Marsh & McLennan Cos. Inc. | 635,566 | 102,561 | |
Progressive Corp. | 586,364 | 71,917 | |
Charles Schwab Corp. | 822,763 | 58,375 | |
*,1 | Lemonade Inc. | 2,122,348 | 46,946 |
Everest Re Group Ltd. | 106,860 | 28,751 | |
* | Arch Capital Group Ltd. | 570,058 | 26,063 |
Discover Financial Services | 247,326 | 24,854 | |
Goldman Sachs Group Inc. | 63,117 | 20,997 | |
Synchrony Financial | 599,262 | 19,626 | |
Aon plc Class A (XNYS) | 25,198 | 7,037 | |
Ameriprise Financial Inc. | 16,267 | 4,360 | |
*,1 | Upstart Holdings Inc. | 114,348 | 2,961 |
Brown & Brown Inc. | 43,286 | 2,729 | |
* | Credit Acceptance Corp. | 4,337 | 2,308 |
1,120,648 | |||
Health Care (13.2%) | |||
UnitedHealth Group Inc. | 1,221,764 | 634,499 | |
* | Moderna Inc. | 2,898,263 | 383,353 |
* | ABIOMED Inc. | 1,216,666 | 315,457 |
Eli Lilly & Co. | 964,855 | 290,643 | |
* | Illumina Inc. | 1,260,670 | 254,202 |
* | Alnylam Pharmaceuticals Inc. | 1,018,587 | 210,511 |
Danaher Corp. | 756,326 | 204,140 | |
* | Boston Scientific Corp. | 4,054,725 | 163,446 |
* | Vertex Pharmaceuticals Inc. | 577,418 | 162,693 |
* | Novocure Ltd. | 1,860,282 | 152,785 |
Novo Nordisk A/S | 1,269,620 | 134,707 | |
Agilent Technologies Inc. | 1,038,444 | 133,180 | |
Abbott Laboratories | 1,248,511 | 128,160 |
Shares | Market Value• ($000) | ||
Elevance Health Inc. | 231,432 | 112,270 | |
* | Intuitive Surgical Inc. | 498,731 | 102,609 |
* | Denali Therapeutics Inc. | 3,544,134 | 98,066 |
* | Penumbra Inc. | 596,424 | 97,915 |
Stryker Corp. | 453,107 | 92,978 | |
Zoetis Inc. | 541,186 | 84,712 | |
AbbVie Inc. | 494,680 | 66,515 | |
Merck & Co. Inc. | 772,069 | 65,904 | |
* | Align Technology Inc. | 231,636 | 56,450 |
* | Mettler-Toledo International Inc. | 44,366 | 53,792 |
* | 10X Genomics Inc. Class A | 1,428,504 | 47,126 |
McKesson Corp. | 127,265 | 46,706 | |
* | Teladoc Health Inc. | 1,476,503 | 45,860 |
* | IQVIA Holdings Inc. | 207,451 | 44,117 |
Cigna Corp. | 149,753 | 42,448 | |
Thermo Fisher Scientific Inc. | 77,166 | 42,080 | |
HCA Healthcare Inc. | 205,896 | 40,741 | |
* | Veeva Systems Inc. Class A | 171,594 | 34,202 |
*,1 | Recursion Pharmaceuticals Inc. Class A | 3,162,093 | 33,234 |
* | Regeneron Pharmaceuticals Inc. | 53,145 | 30,880 |
* | Insulet Corp. | 103,951 | 26,556 |
Laboratory Corp. of America Holdings | 89,117 | 20,075 | |
* | Avantor Inc. | 731,420 | 18,220 |
*,1 | Sana Biotechnology Inc. | 2,456,509 | 16,729 |
West Pharmaceutical Services Inc. | 41,369 | 12,274 | |
* | Waters Corp. | 39,326 | 11,743 |
* | Charles River Laboratories International Inc. | 45,589 | 9,357 |
Bruker Corp. | 127,268 | 7,127 | |
* | Edwards Lifesciences Corp. | 60,493 | 5,450 |
AmerisourceBergen Corp. Class A | 24,753 | 3,628 | |
Amgen Inc. | 13,319 | 3,201 | |
* | Exelixis Inc. | 129,051 | 2,289 |
Chemed Corp. | 4,264 | 2,030 | |
* | Centene Corp. | 20,264 | 1,819 |
* | DaVita Inc. | 19,555 | 1,668 |
Humana Inc. | 2,973 | 1,432 | |
* | Incyte Corp. | 19,295 | 1,359 |
* | Tandem Diabetes Care Inc. | 28,803 | 1,317 |
* | IDEXX Laboratories Inc. | 3,717 | 1,292 |
* | Biogen Inc. | 6,594 | 1,288 |
4,555,235 | |||
Industrials (4.9%) | |||
* | Uber Technologies Inc. | 9,805,596 | 282,009 |
* | CoStar Group Inc. | 3,422,002 | 238,308 |
Watsco Inc. | 746,578 | 203,092 | |
TransUnion | 2,201,400 | 162,617 | |
General Dynamics Corp. | 396,529 | 90,777 | |
Northrop Grumman Corp. | 187,642 | 89,691 | |
Equifax Inc. | 462,685 | 87,332 | |
Union Pacific Corp. | 288,583 | 64,790 | |
Airbus SE ADR | 2,162,544 | 52,896 |
Shares | Market Value• ($000) | ||
Lockheed Martin Corp. | 98,826 | 41,518 | |
* | United Rentals Inc. | 131,026 | 38,265 |
WW Grainger Inc. | 64,964 | 36,051 | |
Allison Transmission Holdings Inc. | 944,310 | 34,241 | |
Robert Half International Inc. | 439,330 | 33,815 | |
IDEX Corp. | 158,805 | 31,953 | |
Caterpillar Inc. | 149,946 | 27,696 | |
Waste Management Inc. | 154,785 | 26,163 | |
AGCO Corp. | 174,719 | 18,994 | |
Expeditors International of Washington Inc. | 156,589 | 16,111 | |
Landstar System Inc. | 102,634 | 15,049 | |
Old Dominion Freight Line Inc. | 47,624 | 12,926 | |
Deere & Co. | 31,509 | 11,509 | |
Allegion plc | 114,331 | 10,873 | |
United Parcel Service Inc. Class B | 53,313 | 10,370 | |
JB Hunt Transport Services Inc. | 58,699 | 10,215 | |
Republic Services Inc. Class A | 46,380 | 6,619 | |
Emerson Electric Co. | 70,976 | 5,802 | |
Fastenal Co. | 85,445 | 4,300 | |
CSX Corp. | 131,522 | 4,163 | |
Cintas Corp. | 9,798 | 3,986 | |
* | Delta Air Lines Inc. | 77,781 | 2,417 |
Carlisle Cos. Inc. | 8,166 | 2,414 | |
Lincoln Electric Holdings Inc. | 12,010 | 1,642 | |
Donaldson Co. Inc. | 30,880 | 1,586 | |
Fortune Brands Home & Security Inc. | 21,746 | 1,336 | |
Tetra Tech Inc. | 9,449 | 1,283 | |
1,682,809 | |||
Information Technology (40.5%) | |||
Apple Inc. | 18,300,859 | 2,877,261 | |
Microsoft Corp. | 9,676,298 | 2,530,062 | |
Mastercard Inc. Class A | 2,479,877 | 804,398 | |
NVIDIA Corp. | 5,078,253 | 766,512 | |
* | Trade Desk Inc. Class A | 11,330,081 | 710,396 |
Visa Inc. Class A | 2,767,212 | 549,873 | |
* | Salesforce Inc. | 2,828,331 | 441,559 |
* | Adobe Inc. | 1,124,598 | 419,970 |
* | Snowflake Inc. Class A | 1,758,501 | 318,201 |
* | Shopify Inc. Class A (XTSE) | 9,048,050 | 286,371 |
* | Atlassian Corp. plc Class A | 861,548 | 213,371 |
*,2 | Adyen NV | 133,277 | 205,666 |
Global Payments Inc. | 1,614,215 | 200,534 | |
* | Crowdstrike Holdings Inc. Class A | 1,057,593 | 193,127 |
* | Cloudflare Inc. Class A | 3,018,682 | 188,879 |
Fidelity National Information Services Inc. | 2,026,225 | 185,136 | |
* | FleetCor Technologies Inc. | 847,719 | 180,166 |
* | Workday Inc. Class A | 1,091,497 | 179,617 |
* | Datadog Inc. Class A | 1,491,327 | 156,515 |
*,1 | Affirm Holdings Inc. | 5,834,245 | 136,696 |
* | Autodesk Inc. | 656,329 | 132,408 |
Shares | Market Value• ($000) | ||
* | Zoom Video Communications Inc. Class A | 1,385,209 | 111,371 |
* | Twilio Inc. Class A | 1,570,868 | 109,301 |
Microchip Technology Inc. | 1,566,476 | 102,213 | |
Accenture plc Class A | 341,671 | 98,558 | |
* | Appian Corp. Class A | 2,038,946 | 95,627 |
Intuit Inc. | 219,111 | 94,608 | |
* | Block Inc. (XNYS) | 1,368,661 | 94,314 |
* | Advanced Micro Devices Inc. | 1,086,867 | 92,242 |
QUALCOMM Inc. | 673,433 | 89,075 | |
* | Ceridian HCM Holding Inc. | 1,360,025 | 81,112 |
Marvell Technology Inc. | 1,719,166 | 80,491 | |
* | ServiceNow Inc. | 174,325 | 75,765 |
* | Avalara Inc. | 800,339 | 73,303 |
Oracle Corp. | 895,038 | 66,367 | |
*,1 | HashiCorp Inc. Class A | 1,860,095 | 65,754 |
* | Synopsys Inc. | 161,283 | 55,807 |
* | Cadence Design Systems Inc. | 321,147 | 55,806 |
Lam Research Corp. | 123,004 | 53,865 | |
* | MongoDB Inc. Class A | 163,282 | 52,717 |
* | Okta Inc. | 572,222 | 52,301 |
Monolithic Power Systems Inc. | 114,177 | 51,743 | |
ASML Holding NV GDR (Registered) | 101,199 | 49,581 | |
* | Gartner Inc. | 165,877 | 47,328 |
* | nCino Inc. | 1,481,648 | 46,731 |
Jabil Inc. | 720,052 | 43,419 | |
* | Fortinet Inc. | 885,187 | 43,100 |
* | ON Semiconductor Corp. | 603,343 | 41,492 |
* | Manhattan Associates Inc. | 287,492 | 40,611 |
* | Dropbox Inc. Class A | 1,791,924 | 38,329 |
Broadcom Inc. | 74,914 | 37,390 | |
Applied Materials Inc. | 396,688 | 37,316 | |
Texas Instruments Inc. | 186,170 | 30,757 | |
KLA Corp. | 87,384 | 30,071 | |
HP Inc. | 968,083 | 27,794 | |
* | Teradata Corp. | 747,277 | 24,585 |
* | GoDaddy Inc. Class A | 295,497 | 22,405 |
* | Nutanix Inc. Class A | 799,038 | 13,823 |
* | Enphase Energy Inc. | 46,018 | 13,181 |
* | EPAM Systems Inc. | 29,606 | 12,627 |
* | CommScope Holding Co. Inc. | 753,597 | 8,516 |
* | Splunk Inc. | 75,593 | 6,806 |
Automatic Data Processing Inc. | 17,329 | 4,235 | |
* | Lattice Semiconductor Corp. | 72,597 | 3,913 |
* | Fair Isaac Corp. | 6,862 | 3,084 |
* | Arrow Electronics Inc. | 26,727 | 2,801 |
CDW Corp. | 15,046 | 2,568 | |
NXP Semiconductors NV | 12,996 | 2,139 | |
* | Pure Storage Inc. Class A | 50,277 | 1,457 |
* | RingCentral Inc. Class A | 27,677 | 1,191 |
13,966,308 |
Shares | Market Value• ($000) | ||
Materials (0.4%) | |||
*,1 | Ginkgo Bioworks Holdings Inc. | 18,079,672 | 48,634 |
Louisiana-Pacific Corp. | 436,304 | 23,661 | |
Steel Dynamics Inc. | 269,579 | 21,760 | |
Olin Corp. | 243,851 | 13,329 | |
Chemours Co. | 355,869 | 12,004 | |
Mosaic Co. | 130,038 | 7,005 | |
LyondellBasell Industries NV Class A | 51,915 | 4,309 | |
CF Industries Holdings Inc. | 37,416 | 3,871 | |
134,573 | |||
Real Estate (1.1%) | |||
American Tower Corp. | 810,082 | 205,801 | |
Equinix Inc. | 73,307 | 48,190 | |
Extra Space Storage Inc. | 199,921 | 39,730 | |
Simon Property Group Inc. | 380,258 | 38,779 | |
* | Redfin Corp. | 4,448,817 | 36,436 |
Iron Mountain Inc. | 277,809 | 14,615 | |
SBA Communications Corp. Class A | 28,175 | 9,164 | |
Equity LifeStyle Properties Inc. | 28,035 | 1,965 | |
Camden Property Trust | 9,840 | 1,265 | |
395,945 | |||
Utilities (0.0%) | |||
National Fuel Gas Co. | 82,638 | 5,890 | |
NRG Energy Inc. | 118,592 | 4,895 | |
10,785 | |||
Total Common Stocks (Cost $25,936,975) | 33,406,074 | ||
Temporary Cash Investments (4.0%) | |||
Money Market Fund (2.4%) | |||
3,4 | Vanguard Market Liquidity Fund, 2.284% | 8,432,993 | 843,046 |
Face Amount ($000) | Market Value• ($000) | ||
Repurchase Agreement (1.6%) | |||
Bank of America Securities, LLC 2.300%, 9/1/22 (Dated 8/31/22, Repurchase Value $545,835,000, collateralized by Fannie Mae 1.500%–6.000%, 8/1/32–9/1/52, and Freddie Mac 2.000%, 12/1/51, with a value of $556,716,000) | 545,800 | 545,800 | |
Total Temporary Cash Investments (Cost $1,388,742) | 1,388,846 | ||
Total Investments (100.9%) (Cost $27,325,717) | 34,794,920 | ||
Other Assets and Liabilities—Net (-0.9%) | (313,314) | ||
Net Assets (100%) | 34,481,606 | ||
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 $309,192,000. |
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, 2022, the aggregate value was $205,666,000, representing 0.6% of net assets. |
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 $333,834,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. |
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 2022 | 1,674 | 331,159 | (12,679) |
E-mini S&P Mid-Cap 400 Index | September 2022 | 262 | 63,674 | 815 |
(11,864) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $26,482,775) | 33,951,874 |
Affiliated Issuers (Cost $842,942) | 843,046 |
Total Investments in Securities | 34,794,920 |
Investment in Vanguard | 1,299 |
Cash Collateral Pledged—Futures Contracts | 20,427 |
Receivables for Investment Securities Sold | 6,339 |
Receivables for Accrued Income | 17,302 |
Receivables for Capital Shares Issued | 6,819 |
Total Assets | 34,847,106 |
Liabilities | |
Due to Custodian | 6,347 |
Payables for Investment Securities Purchased | 954 |
Collateral for Securities on Loan | 333,834 |
Payables to Investment Advisor | 5,438 |
Payables for Capital Shares Redeemed | 13,394 |
Payables to Vanguard | 2,464 |
Variation Margin Payable—Futures Contracts | 3,069 |
Total Liabilities | 365,500 |
Net Assets | 34,481,606 |
1 Includes $309,192 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 27,747,739 |
Total Distributable Earnings (Loss) | 6,733,867 |
Net Assets | 34,481,606 |
Investor Shares—Net Assets | |
Applicable to 182,034,313 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 7,935,085 |
Net Asset Value Per Share—Investor Shares | $43.59 |
Admiral Shares—Net Assets | |
Applicable to 234,937,114 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 26,546,521 |
Net Asset Value Per Share—Admiral Shares | $112.99 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 171,018 |
Interest2 | 6,095 |
Securities Lending—Net | 25,744 |
Total Income | 202,857 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 56,310 |
Performance Adjustment | (10,321) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 21,374 |
Management and Administrative—Admiral Shares | 41,269 |
Marketing and Distribution—Investor Shares | 866 |
Marketing and Distribution—Admiral Shares | 1,709 |
Custodian Fees | 189 |
Auditing Fees | 46 |
Shareholders’ Reports—Investor Shares | 194 |
Shareholders’ Reports—Admiral Shares | 188 |
Trustees’ Fees and Expenses | 18 |
Other Expenses | 5 |
Total Expenses | 111,847 |
Expenses Paid Indirectly | (263) |
Net Expenses | 111,584 |
Net Investment Income | 91,273 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (352,165) |
Futures Contracts | 15,769 |
Foreign Currencies | (238) |
Realized Net Gain (Loss) | (336,634) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (18,758,212) |
Futures Contracts | (33,498) |
Foreign Currencies | (83) |
Change in Unrealized Appreciation (Depreciation) | (18,791,793) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (19,037,154) |
1 | Dividends are net of foreign withholding taxes of $1,394,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $322,000, ($318,000), $27,000, and ($68,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 91,273 | 24,995 |
Realized Net Gain (Loss) | (336,634) | 6,798,229 |
Change in Unrealized Appreciation (Depreciation) | (18,791,793) | 4,759,426 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (19,037,154) | 11,582,650 |
Distributions | ||
Investor Shares | (1,376,782) | (441,153) |
Admiral Shares | (4,883,411) | (1,285,189) |
Total Distributions | (6,260,193) | (1,726,342) |
Capital Share Transactions | ||
Investor Shares | 131,521 | (1,442,718) |
Admiral Shares | 4,702,896 | 6,260,774 |
Net Increase (Decrease) from Capital Share Transactions | 4,834,417 | 4,818,056 |
Total Increase (Decrease) | (20,462,930) | 14,674,364 |
Net Assets | ||
Beginning of Period | 54,944,536 | 40,270,172 |
End of Period | 34,481,606 | 54,944,536 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $76.41 | $62.28 | $41.02 | $43.31 | $35.62 |
Investment Operations | |||||
Net Investment Income (Loss)1 | .074 | (.013) | .113 | .176 | .134 |
Net Realized and Unrealized Gain (Loss) on Investments | (24.184) | 16.700 | 22.856 | .771 | 9.394 |
Total from Investment Operations | (24.110) | 16.687 | 22.969 | .947 | 9.528 |
Distributions | |||||
Dividends from Net Investment Income | (.001) | (.019) | (.119) | (.132) | (.146) |
Distributions from Realized Capital Gains | (8.709) | (2.538) | (1.590) | (3.105) | (1.692) |
Total Distributions | (8.710) | (2.557) | (1.709) | (3.237) | (1.838) |
Net Asset Value, End of Period | $43.59 | $76.41 | $62.28 | $41.02 | $43.31 |
Total Return2 | -35.32% | 27.52% | 58.01% | 3.70% | 27.64% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $7,935 | $13,405 | $12,410 | $8,819 | $4,582 |
Ratio of Total Expenses to Average Net Assets3 | 0.33%4 | 0.38% | 0.38% | 0.39% | 0.42% |
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.13% | (0.02%) | 0.25% | 0.44% | 0.35% |
Portfolio Turnover Rate | 23% | 41% | 38% | 41% | 33% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.02%), 0.03%, 0.02%, 0.01%, and 0.01%. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.33%. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $198.03 | $161.42 | $106.30 | $112.28 | $92.24 |
Investment Operations | |||||
Net Investment Income1 | .338 | .138 | .410 | .572 | .476 |
Net Realized and Unrealized Gain (Loss) on Investments | (62.667) | 43.277 | 59.231 | 1.963 | 24.323 |
Total from Investment Operations | (62.329) | 43.415 | 59.641 | 2.535 | 24.799 |
Distributions | |||||
Dividends from Net Investment Income | (.135) | (.224) | (.401) | (.464) | (.375) |
Distributions from Realized Capital Gains | (22.576) | (6.581) | (4.120) | (8.051) | (4.384) |
Total Distributions | (22.711) | (6.805) | (4.521) | (8.515) | (4.759) |
Net Asset Value, End of Period | $112.99 | $198.03 | $161.42 | $106.30 | $112.28 |
Total Return2 | -35.26% | 27.64% | 58.17% | 3.80% | 27.78% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $26,547 | $41,539 | $27,860 | $17,060 | $6,249 |
Ratio of Total Expenses to Average Net Assets3 | 0.23%4 | 0.28% | 0.28% | 0.28% | 0.30% |
Ratio of Net Investment Income to Average Net Assets | 0.23% | 0.08% | 0.35% | 0.55% | 0.47% |
Portfolio Turnover Rate | 23% | 41% | 38% | 41% | 33% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.02%), 0.03%, 0.02%, 0.01%, and 0.01%. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.23%. |
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. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. For the year ended August 31, 2022, these arrangements reduced the fund’s expenses by $263,000 (an annual rate of less than 0.01% of average net assets). |
E. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 32,926,720 | 479,354 | — | 33,406,074 |
Temporary Cash Investments | 843,046 | 545,800 | — | 1,388,846 |
Total | 33,769,766 | 1,025,154 | — | 34,794,920 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 815 | — | — | 815 |
Liabilities | ||||
Futures Contracts1 | 12,679 | — | — | 12,679 |
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 applicable foreign currency transactions were reclassified between the individual components of total distributable earnings (loss). |
Amount ($000) | |
Undistributed Ordinary Income | 81,685 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | (507,579) |
Net Unrealized Gains (Losses) | 7,159,761 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 1,153,596 | 131,261 |
Long-Term Capital Gains | 5,106,597 | 1,595,081 |
Total | 6,260,193 | 1,726,342 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 27,635,075 |
Gross Unrealized Appreciation | 13,563,801 |
Gross Unrealized Depreciation | (6,403,956) |
Net Unrealized Appreciation (Depreciation) | 7,159,845 |
G. | During the year ended August 31, 2022, the fund purchased $9,879,053,000 of investment securities and sold $11,425,005,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 1,523,268 | 28,740 | 2,627,798 | 40,047 | |
Issued in Lieu of Cash Distributions | 1,326,967 | 20,374 | 426,494 | 6,567 | |
Redeemed | (2,718,714) | (42,517) | (4,497,010) | (70,422) | |
Net Increase (Decrease)—Investor Shares | 131,521 | 6,597 | (1,442,718) | (23,808) |
Year Ended August 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued | 5,943,274 | 38,050 | 11,750,262 | 69,089 | |
Issued in Lieu of Cash Distributions | 4,578,807 | 27,142 | 1,197,208 | 7,119 | |
Redeemed | (5,819,185) | (40,021) | (6,686,696) | (39,036) | |
Net Increase (Decrease)—Admiral Shares | 4,702,896 | 25,171 | 6,260,774 | 37,172 |
I. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 20, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img2ed959276.jpg)
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/imgf4182d681.jpg)
Your Fund’s Performance at a Glance | 1 |
Advisors' Report | 3 |
About Your Fund’s Expenses | 7 |
Performance Summary | 9 |
Financial Statements | 11 |
Liquidity Risk Management | 29 |
• | In a dismal market for stocks in general and growth stocks in particular during the 12 months through August 31, 2022, Vanguard International Growth Fund returned –36.53% for Investor Shares and –36.46% for Admiral Shares. In comparison, the benchmark index returned –19.52%. |
• | It was a challenging period for financial markets. The economic backdrop deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Many central banks reacted by raising interest rates, which pushed borrowing costs higher and sparked fears of recession. |
• | In the broad equity markets, the decline was almost universal across regions, market capitalizations, investment styles, and industry sectors, with a few notable exceptions. The energy sector posted strong gains amid a surge in demand for oil and gas stemming from supply constraints related to the conflict in Ukraine. Value stocks declined but held up better than their growth counterparts. |
• | The fund had superior stock selection relative to the benchmark in a few areas, such as energy. The fund’s energy stocks had an average return of 57%, versus 15% for those in the index. However, energy stocks represented only about 2% of the fund’s portfolio weighting, compared with more than 5% of the index. |
• | The bright spots were not enough to offset the double whammy of the fund’s overweight in poorly performing sectors and its stock selection within those sectors. This was the case for health care and information technology. |
Average Annual Total Returns Periods Ended August 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -12.96% | 12.14% | 11.61% |
Russell 2000 Index (Small-caps) | -17.88 | 8.59 | 6.95 |
Russell 3000 Index (Broad U.S. market) | -13.28 | 11.90 | 11.29 |
FTSE All-World ex US Index (International) | -19.00 | 3.48 | 2.12 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -11.65% | -2.01% | 0.54% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.63 | -0.83 | 1.28 |
FTSE Three-Month U.S. Treasury Bill Index | 0.44 | 0.56 | 1.10 |
CPI | |||
Consumer Price Index | 8.26% | 4.90% | 3.82% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Baillie Gifford Overseas Ltd. | 67 | 28,490 | 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. | 33 | 13,979 | 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 | 0 | 209 | 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, 2022 | |||
Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
International Growth Fund | |||
Investor Shares | $1,000.00 | $814.00 | $2.10 |
Admiral™ Shares | 1,000.00 | 814.60 | 1.60 |
Based on Hypothetical 5% Yearly Return | |||
International Growth Fund | |||
Investor Shares | $1,000.00 | $1,022.89 | $2.35 |
Admiral Shares | 1,000.00 | 1,023.44 | 1.79 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img1dd76dbb2.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | International Growth Fund Investor Shares | -36.53% | 6.04% | 8.85% | $23,348 |
![]() | MSCI All Country World Index ex USA Net | -19.52 | 1.67 | 4.48 | 15,499 |
One Year | Five Years | Ten Years | Final Value of a $50,000 Investment | ||
International Growth Fund Admiral Shares | -36.46% | 6.16% | 8.98% | $118,161 | |
MSCI All Country World Index ex USA Net | -19.52 | 1.67 | 4.48 | 77,496 |
United States | 15.9% |
China | 14.6 |
Netherlands | 9.0 |
Japan | 7.5 |
United Kingdom | 7.0 |
France | 6.1 |
Germany | 6.0 |
Denmark | 4.4 |
Italy | 3.6 |
Switzerland | 3.6 |
Belgium | 3.5 |
Taiwan | 3.4 |
Hong Kong | 2.3 |
Sweden | 2.1 |
India | 1.8 |
South Korea | 1.7 |
Canada | 1.6 |
Brazil | 1.2 |
Norway | 1.1 |
Other | 3.6 |
Shares | Market Value• ($000) | ||
Common Stocks (98.6%) | |||
Australia (0.9%) | |||
WiseTech Global Ltd. | 9,707,027 | 383,422 | |
Austria (0.4%) | |||
Erste Group Bank AG | 6,730,975 | 151,365 | |
Belgium (3.5%) | |||
* | Argenx SE | 2,330,881 | 877,721 |
1 | Umicore SA | 14,989,787 | 476,466 |
UCB SA | 1,906,149 | 133,939 | |
1,488,126 | |||
Brazil (1.2%) | |||
* | NU Holdings Ltd. Class A | 43,300,857 | 212,174 |
B3 SA - Brasil Bolsa Balcao | 63,985,612 | 145,746 | |
Raia Drogasil SA | 34,563,291 | 144,568 | |
502,488 | |||
Canada (1.6%) | |||
Toronto-Dominion Bank | 6,323,442 | 406,798 | |
Canadian National Railway Co. | 2,232,679 | 265,521 | |
672,319 | |||
China (14.4%) | |||
Tencent Holdings Ltd. | 39,322,100 | 1,625,213 | |
*,2 | Meituan Class B | 49,232,008 | 1,182,416 |
* | Alibaba Group Holding Ltd. | 76,622,632 | 914,150 |
* | NIO Inc. ADR | 30,557,076 | 608,391 |
Ping An Insurance Group Co. of China Ltd. Class H | 68,344,500 | 401,978 | |
*,2 | Wuxi Biologics Cayman Inc. | 40,802,500 | 359,964 |
* | Baidu Inc. ADR | 1,951,652 | 280,979 |
* | Pinduoduo Inc. ADR | 2,838,422 | 202,380 |
JD.com Inc. Class A | 6,297,939 | 199,362 | |
China Mengniu Dairy Co. Ltd. | 28,402,000 | 128,612 |
Shares | Market Value• ($000) | ||
Shenzhen Inovance Technology Co. Ltd. Class A | 11,193,469 | 96,952 | |
* | Full Truck Alliance Co. Ltd. ADR | 12,227,700 | 96,599 |
* | Kingdee International Software Group Co. Ltd. | 29,899,000 | 58,031 |
6,155,027 | |||
Denmark (4.4%) | |||
* | Genmab A/S | 2,548,873 | 907,313 |
Vestas Wind Systems A/S | 27,982,888 | 700,163 | |
3 | Ambu A/S Class B | 13,909,666 | 139,845 |
Novozymes A/S Class B | 2,228,941 | 127,927 | |
1,875,248 | |||
France (6.0%) | |||
Kering SA | 2,395,028 | 1,201,712 | |
L'Oreal SA (XPAR) | 1,738,327 | 597,018 | |
Schneider Electric SE | 2,764,337 | 328,562 | |
Sanofi | 2,542,621 | 207,859 | |
Carrefour SA | 7,953,353 | 132,745 | |
Legrand SA | 1,343,113 | 97,181 | |
2,565,077 | |||
Germany (5.9%) | |||
Sartorius AG Preference Shares | 1,154,927 | 481,172 | |
*,2 | Delivery Hero SE | 9,609,839 | 398,820 |
*,1,2 | Zalando SE | 14,622,106 | 338,543 |
Bayerische Motoren Werke AG | 4,430,940 | 326,466 | |
Infineon Technologies AG | 10,332,054 | 252,814 | |
*,1 | HelloFresh SE | 10,336,074 | 246,784 |
SAP SE | 2,527,353 | 215,253 | |
Siemens AG (Registered) | 1,508,233 | 152,775 | |
*,1,3 | Jumia Technologies AG ADR | 6,724,836 | 49,697 |
Knorr-Bremse AG | 854,669 | 41,421 | |
* | MorphoSys AG | 664,989 | 11,586 |
*,1,3 | Home24 SE | 2,066,394 | 5,957 |
2,521,288 |
Shares | Market Value• ($000) | ||
Hong Kong (2.2%) | |||
AIA Group Ltd. | 54,418,200 | 523,570 | |
Hong Kong Exchanges & Clearing Ltd. | 7,703,243 | 310,399 | |
BOC Hong Kong Holdings Ltd. | 36,084,500 | 124,196 | |
958,165 | |||
India (1.8%) | |||
Housing Development Finance Corp. Ltd. | 11,680,736 | 353,639 | |
HDFC Bank Ltd. | 14,490,606 | 265,640 | |
Larsen & Toubro Ltd. | 3,418,554 | 81,592 | |
*,4,5 | ANI Technologies Private Ltd. PP (Acquired 12/1/15, Cost $51,748) | 166,185 | 51,825 |
752,696 | |||
Indonesia (0.4%) | |||
Bank Central Asia Tbk PT | 310,733,600 | 171,594 | |
Israel (0.6%) | |||
*,1 | Wix.com Ltd. | 4,130,955 | 261,448 |
Italy (3.6%) | |||
Ferrari NV | 4,135,143 | 798,258 | |
EXOR NV | 7,925,234 | 477,140 | |
Intesa Sanpaolo SpA | 80,953,815 | 139,361 | |
FinecoBank Banca Fineco SpA | 11,131,768 | 120,360 | |
1,535,119 | |||
Japan (7.4%) | |||
M3 Inc. | 23,057,700 | 738,582 | |
Nidec Corp. | 10,933,300 | 726,321 | |
SMC Corp. | 1,008,200 | 478,320 | |
Sony Group Corp. | 3,307,900 | 262,989 | |
Bridgestone Corp. | 5,480,900 | 210,325 | |
Recruit Holdings Co. Ltd. | 5,978,000 | 190,044 | |
Murata Manufacturing Co. Ltd. | 1,890,600 | 101,802 | |
Kubota Corp. | 5,927,800 | 92,060 | |
Toyota Motor Corp. | 6,089,400 | 91,128 | |
Sekisui Chemical Co. Ltd. | 6,513,700 | 88,803 | |
SBI Holdings Inc. | 4,470,400 | 87,844 | |
MISUMI Group Inc. | 2,962,600 | 72,721 | |
3,140,939 | |||
Netherlands (8.9%) | |||
ASML Holding NV | 4,463,266 | 2,178,589 | |
*,2 | Adyen NV | 954,970 | 1,473,658 |
Universal Music Group NV | 6,329,800 | 125,697 | |
3,777,944 | |||
Norway (1.0%) | |||
Equinor ASA | 8,311,944 | 322,592 | |
DNB Bank ASA | 6,483,202 | 123,272 | |
445,864 |
Shares | Market Value• ($000) | ||
Singapore (0.4%) | |||
* | Sea Ltd. ADR | 2,479,980 | 153,759 |
South Korea (1.7%) | |||
Samsung Electronics Co. Ltd. | 7,285,341 | 322,746 | |
* | Coupang Inc. | 15,030,499 | 254,015 |
Samsung SDI Co. Ltd. | 358,991 | 158,711 | |
735,472 | |||
Spain (0.9%) | |||
Iberdrola SA (XMAD) | 25,166,817 | 262,029 | |
Banco Bilbao Vizcaya Argentaria SA | 28,714,929 | 128,850 | |
390,879 | |||
Sweden (2.0%) | |||
Atlas Copco AB Class A | 47,384,892 | 481,005 | |
* | Kinnevik AB Class B | 15,093,719 | 214,799 |
Svenska Handelsbanken AB Class A | 17,182,498 | 140,728 | |
Nibe Industrier AB Class B | 3,358,384 | 31,450 | |
867,982 | |||
Switzerland (3.5%) | |||
Nestle SA (Registered) | 3,438,476 | 402,381 | |
Roche Holding AG | 1,087,167 | 350,330 | |
Temenos AG (Registered) | 2,177,560 | 178,329 | |
Lonza Group AG (Registered) | 286,504 | 152,798 | |
Cie Financiere Richemont SA Class A (Registered) | 1,182,733 | 132,263 | |
Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 11,436 | 120,951 | |
Alcon Inc. | 1,591,446 | 104,786 | |
Sika AG (Registered) | 314,646 | 70,794 | |
1,512,632 | |||
Taiwan (3.4%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 87,518,000 | 1,432,652 | |
United Kingdom (6.9%) | |||
*,1 | Ocado Group plc | 47,079,148 | 395,659 |
AstraZeneca plc | 2,488,125 | 307,762 | |
Shell plc (XETR) | 11,500,265 | 304,908 | |
*,1,4,5 | Brandtech Group Class A PP (Acquired 9/23/15, Cost $44,800) | 33,633,606 | 273,441 |
Reckitt Benckiser Group plc | 3,156,980 | 243,598 | |
Shell plc | 8,397,021 | 222,329 | |
National Grid plc | 14,487,505 | 180,396 |
Shares | Market Value• ($000) | ||
HSBC Holdings plc | 28,056,590 | 171,898 | |
Diageo plc | 3,840,453 | 166,854 | |
Burberry Group plc | 6,351,747 | 128,488 | |
Bunzl plc | 3,578,763 | 118,687 | |
GSK plc | 6,979,814 | 111,572 | |
RELX plc | 4,233,765 | 111,031 | |
Vodafone Group plc | 78,152,747 | 104,635 | |
Whitbread plc | 2,503,541 | 72,561 | |
* | Haleon plc | 10,847,576 | 32,619 |
* | Wise plc Class A | 3,011,590 | 16,973 |
2,963,411 | |||
United States (15.6%) | |||
* | MercadoLibre Inc. | 1,977,798 | 1,691,729 |
* | Tesla Inc. | 4,824,666 | 1,329,726 |
* | Moderna Inc. | 9,903,909 | 1,309,990 |
* | Spotify Technology SA | 9,425,378 | 1,019,355 |
* | Illumina Inc. | 3,890,075 | 784,395 |
* | Elastic NV | 2,239,691 | 187,932 |
* | Booking Holdings Inc. | 81,389 | 152,670 |
* | Lululemon Athletica Inc. | 368,544 | 110,548 |
*,3 | Oatly Group AB ADR | 22,087,214 | 71,342 |
*,1 | Meli Kaszek Pioneer Corp. Class A | 1,884,672 | 18,753 |
6,676,440 | |||
Total Common Stocks (Cost $34,977,038) | 42,091,356 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (1.6%) | |||
Money Market Fund (1.6%) | |||
6,7 | Vanguard Market Liquidity Fund, 2.284% (Cost $669,664) | 6,699,508 | 669,750 |
Total Investments (100.2%) (Cost $35,646,702) | 42,761,106 | ||
Other Assets and Liabilities—Net (-0.2%) | (83,484) | ||
Net Assets (100%) | 42,677,622 | ||
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, 2022, the aggregate value was $3,753,401,000, representing 8.8% of net assets. |
3 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $129,612,000. |
4 | Restricted securities totaling $325,266,000, representing 0.8% of net assets. |
5 | Security value determined using significant unobservable inputs. |
6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
7 | Collateral of $145,327,000 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 2022 | 1,556 | 142,148 | (7,881) |
MSCI Emerging Markets Index | September 2022 | 1,325 | 65,051 | (512) |
(8,393) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $32,060,277) | 40,024,608 |
Affiliated Issuers (Cost $3,586,425) | 2,736,498 |
Total Investments in Securities | 42,761,106 |
Investment in Vanguard | 1,641 |
Cash Collateral Pledged—Futures Contracts | 11,629 |
Foreign Currency, at Value (Cost $33,383) | 31,308 |
Receivables for Investment Securities Sold | 83,179 |
Receivables for Accrued Income | 86,533 |
Receivables for Capital Shares Issued | 12,128 |
Other Assets | 421 |
Total Assets | 42,987,945 |
Liabilities | |
Due to Custodian | 3,666 |
Payables for Investment Securities Purchased | 62,040 |
Collateral for Securities on Loan | 145,327 |
Payables to Investment Advisor | 21,323 |
Payables for Capital Shares Redeemed | 61,967 |
Payables to Vanguard | 4,787 |
Variation Margin Payable—Futures Contracts | 1,123 |
Deferred Foreign Capital Gains Taxes | 10,090 |
Total Liabilities | 310,323 |
Net Assets | 42,677,622 |
1 Includes $129,612 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 33,521,448 |
Total Distributable Earnings (Loss) | 9,156,174 |
Net Assets | 42,677,622 |
Investor Shares—Net Assets | |
Applicable to 205,834,833 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,242,917 |
Net Asset Value Per Share—Investor Shares | $30.33 |
Admiral Shares—Net Assets | |
Applicable to 377,555,258 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 36,434,705 |
Net Asset Value Per Share—Admiral Shares | $96.50 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 638,904 |
Dividends—Affiliated Issuers2 | 8,838 |
Non-Cash Dividends | 108,135 |
Interest—Unaffiliated Issuers | 65 |
Interest—Affiliated Issuers | 3,148 |
Securities Lending—Net | 6,142 |
Total Income | 765,232 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 79,720 |
Performance Adjustment | 23,307 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 19,707 |
Management and Administrative—Admiral Shares | 66,049 |
Marketing and Distribution—Investor Shares | 742 |
Marketing and Distribution—Admiral Shares | 2,462 |
Custodian Fees | 4,079 |
Auditing Fees | 43 |
Shareholders’ Reports—Investor Shares | 169 |
Shareholders’ Reports—Admiral Shares | 430 |
Trustees’ Fees and Expenses | 23 |
Other Expenses | 1,580 |
Total Expenses | 198,311 |
Expenses Paid Indirectly | (3) |
Net Expenses | 198,308 |
Net Investment Income | 566,924 |
Realized Net Gain (Loss) | |
Capital Gains Distributions Received – Affiliated Issuers | 13 |
Investment Securities Sold—Unaffiliated Issuers | 2,438,528 |
Investment Securities Sold—Affiliated Issuers | (387) |
Futures Contracts | (65,641) |
Foreign Currencies | (7,682) |
Realized Net Gain (Loss) | 2,364,831 |
Statement of Operations (continued) | |
Year Ended August 31, 2022 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers3 | (25,212,961) |
Investment Securities—Affiliated Issuers | (3,522,161) |
Futures Contracts | (14,007) |
Foreign Currencies | (7,877) |
Change in Unrealized Appreciation (Depreciation) | (28,757,006) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (25,825,251) |
1 | Dividends include foreign tax reclaims of $39,291,000 and are net of foreign withholding taxes of $72,945,000. |
2 | Dividends are net of foreign withholding taxes of $1,894,000. |
3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($12,992,000). |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 566,924 | 568,269 |
Realized Net Gain (Loss) | 2,364,831 | 7,792,865 |
Change in Unrealized Appreciation (Depreciation) | (28,757,006) | 8,534,737 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (25,825,251) | 16,895,871 |
Distributions | ||
Investor Shares | (1,151,429) | (233,496) |
Admiral Shares | (7,014,600) | (1,364,844) |
Total Distributions | (8,166,029) | (1,598,340) |
Capital Share Transactions | ||
Investor Shares | (158,025) | (756,373) |
Admiral Shares | 3,238,161 | 2,483,624 |
Net Increase (Decrease) from Capital Share Transactions | 3,080,136 | 1,727,251 |
Total Increase (Decrease) | (30,911,144) | 17,024,782 |
Net Assets | ||
Beginning of Period | 73,588,766 | 56,563,984 |
End of Period | 42,677,622 | 73,588,766 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $54.50 | $42.94 | $28.30 | $31.23 | $28.38 |
Investment Operations | |||||
Net Investment Income1 | .362 | .374 | .238 | .342 | .381 |
Net Realized and Unrealized Gain (Loss) on Investments | (18.463) | 12.336 | 14.791 | (1.941) | 2.722 |
Total from Investment Operations | (18.101) | 12.710 | 15.029 | (1.599) | 3.103 |
Distributions | |||||
Dividends from Net Investment Income | (.407) | (.106) | (.389) | (.403) | (.253) |
Distributions from Realized Capital Gains | (5.662) | (1.044) | — | (.928) | — |
Total Distributions | (6.069) | (1.150) | (.389) | (1.331) | (.253) |
Net Asset Value, End of Period | $30.33 | $54.50 | $42.94 | $28.30 | $31.23 |
Total Return2 | -36.53% | 29.89% | 53.60% | -4.58% | 10.97% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $6,243 | $11,247 | $9,658 | $7,056 | $8,074 |
Ratio of Total Expenses to Average Net Assets3 | 0.45%4 | 0.43% | 0.44% | 0.43% | 0.45% |
Ratio of Net Investment Income to Average Net Assets | 0.91% | 0.75% | 0.74% | 1.23% | 1.25% |
Portfolio Turnover Rate | 15% | 25% | 20% | 13% | 16% |
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 0.04%, 0.03%, 0.04%, 0.03%, and 0.03%. |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.45%. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $173.47 | $136.68 | $90.05 | $99.45 | $90.24 |
Investment Operations | |||||
Net Investment Income1 | 1.290 | 1.367 | .863 | 1.203 | 1.365 |
Net Realized and Unrealized Gain (Loss) on Investments | (58.729) | 39.246 | 47.105 | (6.230) | 8.652 |
Total from Investment Operations | (57.439) | 40.613 | 47.968 | (5.027) | 10.017 |
Distributions | |||||
Dividends from Net Investment Income | (1.502) | (.497) | (1.338) | (1.418) | (.807) |
Distributions from Realized Capital Gains | (18.029) | (3.326) | — | (2.955) | — |
Total Distributions | (19.531) | (3.823) | (1.338) | (4.373) | (.807) |
Net Asset Value, End of Period | $96.50 | $173.47 | $136.68 | $90.05 | $99.45 |
Total Return2 | -36.46% | 30.01% | 53.81% | -4.50% | 11.14% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $36,435 | $62,342 | $46,906 | $28,549 | $29,170 |
Ratio of Total Expenses to Average Net Assets3 | 0.34%4 | 0.32% | 0.33% | 0.32% | 0.32% |
Ratio of Net Investment Income to Average Net Assets | 1.02% | 0.86% | 0.83% | 1.34% | 1.38% |
Portfolio Turnover Rate | 15% | 25% | 20% | 13% | 16% |
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 0.04%, 0.03%, 0.04%, 0.03%, and 0.03%. |
4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.34%. |
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. | The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. For the year ended August 31, 2022, these arrangements reduced the fund’s expenses by $3,000 (an annual rate of less than 0.01% of average net assets). |
E. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 7,851,247 | — | — | 7,851,247 |
Common Stocks—Other | 1,907,268 | 32,007,575 | 325,266 | 34,240,109 |
Temporary Cash Investments | 669,750 | — | — | 669,750 |
Total | 10,428,265 | 32,007,575 | 325,266 | 42,761,106 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 8,393 | — | — | 8,393 |
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, passive foreign investment companies, and distributions in connection with fund share redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 214,081 |
Total Distributable Earnings (Loss) | (214,081) |
Amount ($000) | |
Undistributed Ordinary Income | 518,472 |
Undistributed Long-Term Gains | 2,140,897 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | (430,768) |
Net Unrealized Gains (Losses) | 6,913,457 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 1,220,131 | 393,403 |
Long-Term Capital Gains | 6,945,898 | 1,204,937 |
Total | 8,166,029 | 1,598,340 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 35,831,372 |
Gross Unrealized Appreciation | 14,089,342 |
Gross Unrealized Depreciation | (7,159,608) |
Net Unrealized Appreciation (Depreciation) | 6,929,734 |
G. | During the year ended August 31, 2022, the fund purchased $8,566,864,000 of investment securities and sold $12,204,695,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 959,453 | 24,871 | 2,455,419 | 48,845 | |
Issued in Lieu of Cash Distributions | 1,096,647 | 25,374 | 223,098 | 4,530 | |
Redeemed | (2,214,125) | (50,772) | (3,434,890) | (71,899) | |
Net Increase (Decrease)—Investor Shares | (158,025) | (527) | (756,373) | (18,524) | |
Admiral Shares | |||||
Issued | 7,087,254 | 55,305 | 13,212,176 | 83,917 | |
Issued in Lieu of Cash Distributions | 6,273,065 | 45,655 | 1,227,487 | 7,836 | |
Redeemed | (10,122,158) | (82,784) | (11,956,039) | (75,557) | |
Net Increase (Decrease)—Admiral Shares | 3,238,161 | 18,176 | 2,483,624 | 16,196 |
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, 2021 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, 2022 Market Value ($000) | |
Brandtech Group | 200,032 | — | — | — | 73,409 | — | — | 273,441 |
HelloFresh SE | 1,139,379 | — | 17,086 | 12,165 | (887,674) | — | — | 246,784 |
Home24 SE | 41,075 | — | — | — | (35,118) | — | — | 5,957 |
Jumia Technologies AG ADR | 134,564 | — | — | — | (84,867) | — | — | 49,697 |
Meli Kaszek Pioneer Corp. Class A | — | 18,847 | — | — | (94) | — | — | 18,753 |
Ocado Group plc | NA1 | 282,953 | 55,098 | 14,680 | (629,751) | — | — | 395,659 |
Umicore SA | 922,770 | 104,402 | 32,184 | (6,995) | (511,527) | 8,838 | — | 476,466 |
Vanguard Market Liquidity Fund | 1,643,150 | NA2 | NA2 | (268) | (8) | 3,148 | 13 | 669,750 |
Wix.com Ltd. | NA1 | 223,826 | — | — | (214,880) | — | — | 261,448 |
Zalando SE | 1,535,149 | 72,417 | 17,403 | (19,969) | (1,231,651) | — | — | 338,543 |
Total | 5,616,119 | 702,445 | 121,771 | (387) | (3,522,161) | 11,986 | 13 | 2,736,498 |
1 | Not applicable—at August 31, 2021, 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, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 20, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
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All rights reserved.
Vanguard Marketing Corporation, Distributor.
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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 |
• | The 12 months ended August 31, 2022, were a challenging time for financial markets. For the period, Vanguard FTSE Social Index Fund returned –16.28% for Admiral Shares and –16.25% for Institutional Shares. Those results were roughly in line with the expense-free –16.17% return of its benchmark. |
• | Early in the period, pent-up demand helped spur global growth and push down unemployment rates. The economic backdrop deteriorated, however, as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. The Federal Reserve reacted by raising interest rates, which pushed borrowing costs higher and sparked fears of recession. |
• | For the fund’s benchmark index, industry sector performances varied greatly over the period. Six sectors declined by double digits. Telecommunications, which accounts for only a small slice of the index, fell the most, returning roughly –24%. Two much larger constituents, technology and consumer discretionary, also posted double-digit declines. |
Average Annual Total Returns Periods Ended August 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -12.96% | 12.14% | 11.61% |
Russell 2000 Index (Small-caps) | -17.88 | 8.59 | 6.95 |
Russell 3000 Index (Broad U.S. market) | -13.28 | 11.90 | 11.29 |
FTSE All-World ex US Index (International) | -19.00 | 3.48 | 2.12 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -11.65% | -2.01% | 0.54% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.63 | -0.83 | 1.28 |
FTSE Three-Month U.S. Treasury Bill Index | 0.44 | 0.56 | 1.10 |
CPI | |||
Consumer Price Index | 8.26% | 4.90% | 3.82% |
• | 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, 2022 | |||
Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
FTSE Social Index Fund | |||
Admiral™ Shares | $1,000.00 | $888.60 | $0.67 |
Institutional Shares | 1,000.00 | 888.90 | 0.57 |
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/0001104659-22-113005/imga5a92c9b2.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
![]() | FTSE Social Index Fund Institutional Shares | -16.25% | 12.03% | 14.11% | $18,716,375 |
![]() | FTSE4Good US Select Index | -16.17 | 12.13 | 14.24 | 18,924,532 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | -13.73 | 11.16 | 12.66 | 16,470,991 |
One Year | Since Inception (2/7/2019) | Final Value of a $10,000 Investment | ||
FTSE Social Index Fund Admiral Shares | -16.28% | 12.90% | $15,404 | |
FTSE4Good US Select Index | -16.17 | 13.04 | 15,472 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -13.73 | 12.29 | 15,451 |
Basic Materials | 1.6% |
Consumer Discretionary | 16.8 |
Consumer Staples | 6.2 |
Energy | 0.2 |
Financials | 10.6 |
Health Care | 14.8 |
Industrials | 10.0 |
Real Estate | 3.5 |
Technology | 32.7 |
Telecommunications | 3.1 |
Utilities | 0.5 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Basic Materials (1.6%) | |||
Linde plc | 237,797 | 67,263 | |
Air Products and Chemicals Inc. | 105,067 | 26,524 | |
Nucor Corp. | 125,569 | 16,693 | |
Newmont Corp. | 375,036 | 15,512 | |
Albemarle Corp. | 55,162 | 14,781 | |
Fastenal Co. | 271,154 | 13,647 | |
International Flavors & Fragrances Inc. | 120,742 | 13,340 | |
LyondellBasell Industries NV Class A | 122,295 | 10,150 | |
CF Industries Holdings Inc. | 97,939 | 10,133 | |
International Paper Co. | 173,479 | 7,220 | |
Avery Dennison Corp. | 38,840 | 7,132 | |
Steel Dynamics Inc. | 85,700 | 6,918 | |
FMC Corp. | 58,810 | 6,356 | |
Westlake Corp. | 14,200 | 1,401 | |
217,070 | |||
Consumer Discretionary (16.7%) | |||
* | Amazon.com Inc. | 4,209,440 | 533,631 |
* | Tesla Inc. | 1,204,572 | 331,992 |
Home Depot Inc. | 489,341 | 141,136 | |
Costco Wholesale Corp. | 209,865 | 109,570 | |
* | Walt Disney Co. | 861,809 | 96,592 |
McDonald's Corp. | 349,876 | 88,267 | |
NIKE Inc. Class B | 580,547 | 61,799 | |
Lowe's Cos. Inc. | 313,284 | 60,821 | |
* | Netflix Inc. | 207,323 | 46,349 |
Starbucks Corp. | 542,236 | 45,586 | |
* | Booking Holdings Inc. | 19,181 | 35,980 |
Target Corp. | 219,531 | 35,200 | |
TJX Cos. Inc. | 554,428 | 34,569 | |
Activision Blizzard Inc. | 367,743 | 28,864 | |
Ford Motor Co. | 1,860,566 | 28,355 | |
Estee Lauder Cos. Inc. Class A | 108,762 | 27,667 | |
Dollar General Corp. | 108,307 | 25,714 | |
* | Uber Technologies Inc. | 891,975 | 25,653 |
* | O'Reilly Automotive Inc. | 30,774 | 21,453 |
* | AutoZone Inc. | 9,404 | 19,929 |
Marriott International Inc. Class A | 129,600 | 19,925 | |
* | MercadoLibre Inc. | 21,779 | 18,629 |
Electronic Arts Inc. | 132,672 | 16,832 | |
Hilton Worldwide Holdings Inc. | 130,800 | 16,659 |
Shares | Market Value• ($000) | ||
* | Lululemon Athletica Inc. | 52,941 | 15,880 |
Yum! Brands Inc. | 136,675 | 15,204 | |
* | Warner Bros Discovery Inc. | 1,116,397 | 14,781 |
Ross Stores Inc. | 164,594 | 14,200 | |
* | Dollar Tree Inc. | 100,338 | 13,614 |
* | Aptiv plc | 129,174 | 12,069 |
* | Copart Inc. | 99,300 | 11,881 |
eBay Inc. | 264,665 | 11,680 | |
Genuine Parts Co. | 65,909 | 10,282 | |
* | Ulta Beauty Inc. | 23,997 | 10,076 |
Yum China Holdings Inc. | 201,023 | 10,073 | |
Tractor Supply Co. | 53,138 | 9,838 | |
Lennar Corp. Class A | 119,889 | 9,285 | |
* | Take-Two Interactive Software Inc. | 75,344 | 9,234 |
* | Expedia Group Inc. | 71,514 | 7,341 |
* | Spotify Technology SA | 66,358 | 7,177 |
Darden Restaurants Inc. | 57,467 | 7,109 | |
* | CarMax Inc. | 76,688 | 6,782 |
Best Buy Co. Inc. | 94,640 | 6,690 | |
VF Corp. | 161,332 | 6,687 | |
LKQ Corp. | 123,804 | 6,589 | |
Garmin Ltd. | 74,452 | 6,588 | |
* | Live Nation Entertainment Inc. | 72,789 | 6,577 |
Omnicom Group Inc. | 97,433 | 6,518 | |
Paramount Global Inc. Class B | 272,762 | 6,380 | |
Domino's Pizza Inc. | 17,100 | 6,359 | |
* | Etsy Inc. | 60,044 | 6,341 |
Pool Corp. | 18,600 | 6,309 | |
* | NVR Inc. | 1,307 | 5,411 |
Fox Corp. Class A | 150,814 | 5,155 | |
Hasbro Inc. | 63,800 | 5,029 | |
Interpublic Group of Cos. Inc. | 181,513 | 5,017 | |
Advance Auto Parts Inc. | 29,425 | 4,962 | |
PulteGroup Inc. | 117,380 | 4,773 | |
Nielsen Holdings plc | 168,359 | 4,687 | |
* | Coupang Inc. | 274,600 | 4,641 |
* | Burlington Stores Inc. | 31,351 | 4,395 |
Vail Resorts Inc. | 19,300 | 4,336 | |
* | Royal Caribbean Cruises Ltd. | 104,200 | 4,257 |
* | Carnival Corp. | 438,152 | 4,145 |
Bath & Body Works Inc. | 109,500 | 4,088 | |
Lear Corp. | 29,056 | 4,028 | |
Aramark | 111,487 | 3,981 |
Shares | Market Value• ($000) | ||
BorgWarner Inc. (XNYS) | 101,482 | 3,826 | |
Rollins Inc. | 110,500 | 3,730 | |
Whirlpool Corp. | 23,818 | 3,730 | |
News Corp. Class A | 218,800 | 3,702 | |
Autoliv Inc. | 42,845 | 3,333 | |
Newell Brands Inc. | 184,127 | 3,287 | |
Gentex Corp. | 114,845 | 3,134 | |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 70,500 | 2,916 |
* | Southwest Airlines Co. | 75,372 | 2,766 |
*,1 | AMC Entertainment Holdings Inc. Class A | 245,100 | 2,235 |
* | Lyft Inc. Class A | 145,641 | 2,145 |
Fox Corp. Class B | 66,572 | 2,105 | |
1 | Sirius XM Holdings Inc. | 320,300 | 1,951 |
* | Delta Air Lines Inc. | 61,241 | 1,903 |
* | Wayfair Inc. Class A | 35,972 | 1,896 |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 42,400 | 1,761 |
* | United Airlines Holdings Inc. | 44,341 | 1,552 |
* | Farfetch Ltd. Class A | 146,100 | 1,465 |
* | Peloton Interactive Inc. Class A | 136,500 | 1,391 |
* | Carvana Co. Class A | 42,134 | 1,390 |
* | American Airlines Group Inc. | 93,994 | 1,221 |
Lennar Corp. Class B | 12,400 | 765 | |
News Corp. Class B | 22,600 | 390 | |
2,254,215 | |||
Consumer Staples (6.2%) | |||
Procter & Gamble Co. | 1,131,974 | 156,145 | |
Coca-Cola Co. | 1,849,300 | 114,120 | |
PepsiCo Inc. | 654,265 | 112,710 | |
CVS Health Corp. | 620,712 | 60,923 | |
Mondelez International Inc. Class A | 654,009 | 40,457 | |
Colgate-Palmolive Co. | 390,403 | 30,533 | |
McKesson Corp. | 68,576 | 25,167 | |
Archer-Daniels-Midland Co. | 264,800 | 23,273 | |
General Mills Inc. | 285,699 | 21,942 | |
Corteva Inc. | 343,130 | 21,078 | |
Kimberly-Clark Corp. | 159,532 | 20,344 | |
Sysco Corp. | 240,260 | 19,754 | |
* | Monster Beverage Corp. | 176,041 | 15,638 |
Hershey Co. | 69,292 | 15,568 | |
Keurig Dr Pepper Inc. | 403,436 | 15,379 | |
Kroger Co. | 308,737 | 14,801 | |
Kraft Heinz Co. | 330,059 | 12,344 | |
Walgreens Boots Alliance Inc. | 339,838 | 11,915 | |
AmerisourceBergen Corp. Class A | 70,948 | 10,398 | |
Tyson Foods Inc. Class A | 134,067 | 10,106 | |
McCormick & Co. Inc. | 118,328 | 9,948 | |
Church & Dwight Co. Inc. | 114,416 | 9,578 | |
Kellogg Co. | 118,875 | 8,647 | |
Clorox Co. | 58,886 | 8,500 | |
Conagra Brands Inc. | 224,255 | 7,710 | |
J M Smucker Co. | 49,584 | 6,941 | |
Hormel Foods Corp. | 135,590 | 6,817 | |
Bunge Ltd. | 66,899 | 6,634 |
Shares | Market Value• ($000) | ||
Lamb Weston Holdings Inc. | 68,518 | 5,449 | |
Coca-Cola Europacific Partners plc | 96,900 | 4,765 | |
Campbell Soup Co. | 91,508 | 4,610 | |
832,194 | |||
Energy (0.2%) | |||
* | Enphase Energy Inc. | 62,037 | 17,770 |
* | SolarEdge Technologies Inc. | 26,200 | 7,230 |
*,1 | Plug Power Inc. | 245,282 | 6,878 |
31,878 | |||
Financials (10.5%) | |||
JPMorgan Chase & Co. | 1,380,624 | 157,018 | |
Bank of America Corp. | 3,323,433 | 111,701 | |
S&P Global Inc. | 161,102 | 56,737 | |
Goldman Sachs Group Inc. | 157,385 | 52,357 | |
Morgan Stanley | 603,557 | 51,435 | |
Charles Schwab Corp. | 719,438 | 51,044 | |
BlackRock Inc. | 71,070 | 47,360 | |
Citigroup Inc. | 932,800 | 45,530 | |
Marsh & McLennan Cos. Inc. | 237,197 | 38,276 | |
Chubb Ltd. | 199,719 | 37,757 | |
Progressive Corp. | 275,749 | 33,821 | |
CME Group Inc. | 169,741 | 33,203 | |
Blackstone Inc. | 330,400 | 31,038 | |
PNC Financial Services Group Inc. | 195,246 | 30,849 | |
Truist Financial Corp. | 631,890 | 29,598 | |
US Bancorp | 635,527 | 28,986 | |
Aon plc Class A (XNYS) | 99,274 | 27,723 | |
Intercontinental Exchange Inc. | 261,404 | 26,363 | |
Moody's Corp. | 75,817 | 21,571 | |
MetLife Inc. | 330,526 | 21,263 | |
American International Group Inc. | 370,713 | 19,184 | |
Travelers Cos. Inc. | 113,908 | 18,412 | |
Aflac Inc. | 306,456 | 18,210 | |
Arthur J Gallagher & Co. | 97,724 | 17,744 | |
MSCI Inc. Class A | 37,429 | 16,815 | |
Prudential Financial Inc. | 174,073 | 16,667 | |
Allstate Corp. | 130,122 | 15,680 | |
M&T Bank Corp. | 84,639 | 15,386 | |
Bank of New York Mellon Corp. | 348,775 | 14,485 | |
Ameriprise Financial Inc. | 51,904 | 13,911 | |
KKR & Co. Inc. | 269,134 | 13,607 | |
Discover Financial Services | 131,759 | 13,240 | |
T Rowe Price Group Inc. | 107,022 | 12,843 | |
First Republic Bank | 83,540 | 12,684 | |
State Street Corp. | 173,535 | 11,861 | |
* | SVB Financial Group | 27,465 | 11,165 |
Fifth Third Bancorp | 316,068 | 10,794 | |
Willis Towers Watson plc | 51,963 | 10,747 | |
Regions Financial Corp. | 453,983 | 9,838 | |
Hartford Financial Services Group Inc. | 152,624 | 9,815 | |
Raymond James Financial Inc. | 93,199 | 9,727 | |
Nasdaq Inc. | 161,568 | 9,618 | |
Broadridge Financial Solutions Inc. | 55,632 | 9,523 |
Shares | Market Value• ($000) | ||
Huntington Bancshares Inc. | 695,737 | 9,323 | |
Northern Trust Corp. | 97,434 | 9,265 | |
Principal Financial Group Inc. | 119,972 | 8,969 | |
Citizens Financial Group Inc. | 220,704 | 8,095 | |
* | Arch Capital Group Ltd. | 174,947 | 7,999 |
KeyCorp | 451,173 | 7,981 | |
FactSet Research Systems Inc. | 17,772 | 7,701 | |
* | Markel Corp. | 6,386 | 7,626 |
Brown & Brown Inc. | 113,900 | 7,180 | |
Cincinnati Financial Corp. | 73,051 | 7,083 | |
W R Berkley Corp. | 99,147 | 6,425 | |
Cboe Global Markets Inc. | 49,700 | 5,863 | |
* | Alleghany Corp. | 6,268 | 5,273 |
Fidelity National Financial Inc. | 134,413 | 5,256 | |
Comerica Inc. | 64,504 | 5,180 | |
Equitable Holdings Inc. | 173,921 | 5,174 | |
Signature Bank | 29,600 | 5,161 | |
Everest Re Group Ltd. | 18,901 | 5,085 | |
Annaly Capital Management Inc. | 783,152 | 5,051 | |
Ally Financial Inc. | 145,913 | 4,844 | |
MarketAxess Holdings Inc. | 17,879 | 4,445 | |
Credicorp Ltd. | 32,000 | 4,124 | |
Zions Bancorp NA | 72,346 | 3,981 | |
Globe Life Inc. | 40,108 | 3,898 | |
Assurant Inc. | 24,462 | 3,877 | |
Franklin Resources Inc. | 140,024 | 3,650 | |
Lincoln National Corp. | 77,610 | 3,575 | |
Commerce Bancshares Inc. | 48,495 | 3,335 | |
AGNC Investment Corp. | 256,510 | 3,065 | |
RenaissanceRe Holdings Ltd. | 20,918 | 2,829 | |
SEI Investments Co. | 50,651 | 2,771 | |
Voya Financial Inc. | 44,008 | 2,708 | |
CNA Financial Corp. | 14,600 | 562 | |
1,422,940 | |||
Health Care (14.8%) | |||
UnitedHealth Group Inc. | 442,966 | 230,046 | |
Pfizer Inc. | 2,675,923 | 121,032 | |
Eli Lilly & Co. | 398,970 | 120,182 | |
AbbVie Inc. | 836,839 | 112,521 | |
Merck & Co. Inc. | 1,198,103 | 102,270 | |
Thermo Fisher Scientific Inc. | 185,285 | 101,040 | |
Abbott Laboratories | 811,568 | 83,307 | |
Danaher Corp. | 306,801 | 82,809 | |
Bristol-Myers Squibb Co. | 1,008,787 | 68,002 | |
Amgen Inc. | 252,465 | 60,667 | |
Medtronic plc | 632,226 | 55,585 | |
Elevance Health Inc. | 114,109 | 55,355 | |
Cigna Corp. | 147,922 | 41,929 | |
Gilead Sciences Inc. | 594,360 | ��37,724 | |
Zoetis Inc. | 222,627 | 34,848 | |
* | Intuitive Surgical Inc. | 169,112 | 34,793 |
* | Vertex Pharmaceuticals Inc. | 121,137 | 34,132 |
Stryker Corp. | 165,652 | 33,992 | |
Becton Dickinson and Co. | 134,480 | 33,945 | |
Humana Inc. | 59,680 | 28,753 |
Shares | Market Value• ($000) | ||
* | Regeneron Pharmaceuticals Inc. | 48,914 | 28,422 |
* | Boston Scientific Corp. | 674,026 | 27,170 |
* | Edwards Lifesciences Corp. | 291,976 | 26,307 |
* | Centene Corp. | 275,299 | 24,705 |
* | Moderna Inc. | 162,889 | 21,545 |
HCA Healthcare Inc. | 106,790 | 21,131 | |
* | IQVIA Holdings Inc. | 88,998 | 18,926 |
Agilent Technologies Inc. | 142,014 | 18,213 | |
* | DexCom Inc. | 186,260 | 15,312 |
ResMed Inc. | 68,282 | 15,017 | |
* | Illumina Inc. | 74,263 | 14,974 |
* | IDEXX Laboratories Inc. | 39,470 | 13,721 |
Baxter International Inc. | 237,180 | 13,628 | |
* | Biogen Inc. | 68,336 | 13,352 |
* | Veeva Systems Inc. Class A | 65,900 | 13,135 |
* | Alnylam Pharmaceuticals Inc. | 57,205 | 11,823 |
Zimmer Biomet Holdings Inc. | 99,016 | 10,527 | |
West Pharmaceutical Services Inc. | 35,000 | 10,384 | |
Laboratory Corp. of America Holdings | 44,122 | 9,939 | |
* | Seagen Inc. | 64,237 | 9,911 |
Cardinal Health Inc. | 130,813 | 9,251 | |
* | Align Technology Inc. | 37,320 | 9,095 |
* | Insulet Corp. | 32,565 | 8,319 |
STERIS plc | 40,231 | 8,102 | |
PerkinElmer Inc. | 59,937 | 8,095 | |
* | ICON plc | 38,300 | 8,037 |
* | Hologic Inc. | 117,133 | 7,914 |
* | BioMarin Pharmaceutical Inc. | 87,314 | 7,788 |
* | Avantor Inc. | 289,124 | 7,202 |
Royalty Pharma plc Class A | 170,400 | 7,124 | |
* | Catalent Inc. | 80,300 | 7,066 |
Quest Diagnostics Inc. | 56,028 | 7,021 | |
Cooper Cos. Inc. | 23,219 | 6,674 | |
* | Horizon Therapeutics plc | 106,096 | 6,282 |
Bio-Techne Corp. | 18,600 | 6,172 | |
* | Incyte Corp. | 87,156 | 6,138 |
Viatris Inc. | 584,013 | 5,577 | |
* | ABIOMED Inc. | 21,252 | 5,510 |
Teleflex Inc. | 22,600 | 5,114 | |
* | Bio-Rad Laboratories Inc. Class A | 10,186 | 4,941 |
* | Charles River Laboratories International Inc. | 23,900 | 4,905 |
* | Henry Schein Inc. | 64,036 | 4,701 |
* | Jazz Pharmaceuticals plc | 29,254 | 4,541 |
* | Novocure Ltd. | 49,058 | 4,029 |
* | Masimo Corp. | 24,158 | 3,549 |
Organon & Co. | 119,824 | 3,419 | |
DENTSPLY SIRONA Inc. | 100,799 | 3,303 | |
* | Elanco Animal Health Inc. (XNYS) | 211,637 | 3,202 |
* | Exact Sciences Corp. | 84,824 | 3,016 |
Universal Health Services Inc. Class B | 29,507 | 2,887 | |
* | Teladoc Health Inc. | 76,237 | 2,368 |
* | DaVita Inc. | 25,547 | 2,179 |
Embecta Corp. | 29,296 | 935 |
Shares | Market Value• ($000) | ||
* | Zimvie Inc. | 13,021 | 198 |
1,995,728 | |||
Industrials (10.0%) | |||
Visa Inc. Class A | 779,736 | 154,941 | |
Mastercard Inc. Class A | 407,779 | 132,271 | |
Accenture plc Class A | 300,149 | 86,581 | |
United Parcel Service Inc. Class B | 348,360 | 67,759 | |
Union Pacific Corp. | 297,161 | 66,716 | |
* | PayPal Holdings Inc. | 548,387 | 51,241 |
Deere & Co. | 132,749 | 48,487 | |
Automatic Data Processing Inc. | 197,551 | 48,283 | |
Caterpillar Inc. | 252,506 | 46,640 | |
American Express Co. | 284,935 | 43,310 | |
CSX Corp. | 1,026,889 | 32,501 | |
* | Fiserv Inc. | 281,898 | 28,525 |
Illinois Tool Works Inc. | 146,109 | 28,466 | |
Fidelity National Information Services Inc. | 288,406 | 26,352 | |
Sherwin-Williams Co. | 113,072 | 26,244 | |
FedEx Corp. | 113,238 | 23,872 | |
Capital One Financial Corp. | 185,250 | 19,603 | |
Paychex Inc. | 152,410 | 18,798 | |
Johnson Controls International plc | 331,914 | 17,970 | |
Trane Technologies plc | 111,360 | 17,157 | |
Cintas Corp. | 41,672 | 16,954 | |
* | Block Inc. (XNYS) | 243,275 | 16,764 |
Global Payments Inc. | 131,834 | 16,378 | |
PACCAR Inc. | 161,675 | 14,148 | |
* | Keysight Technologies Inc. | 84,676 | 13,878 |
Verisk Analytics Inc. Class A | 73,505 | 13,757 | |
DuPont de Nemours Inc. | 242,984 | 13,520 | |
Old Dominion Freight Line Inc. | 48,233 | 13,091 | |
Rockwell Automation Inc. | 55,168 | 13,071 | |
* | Mettler-Toledo International Inc. | 10,473 | 12,698 |
Equifax Inc. | 57,800 | 10,910 | |
Vulcan Materials Co. | 63,206 | 10,523 | |
Martin Marietta Materials Inc. | 29,590 | 10,289 | |
Ingersoll Rand Inc. | 193,806 | 9,181 | |
Dover Corp. | 69,507 | 8,686 | |
* | Waters Corp. | 28,209 | 8,423 |
Expeditors International of Washington Inc. | 79,276 | 8,157 | |
Synchrony Financial | 246,153 | 8,061 | |
Xylem Inc. | 85,453 | 7,785 | |
Westinghouse Air Brake Technologies Corp. | 86,601 | 7,591 | |
* | Bill.com Holdings Inc. | 46,600 | 7,544 |
* | FleetCor Technologies Inc. | 35,451 | 7,534 |
* | Trimble Inc. | 118,650 | 7,505 |
* | Zebra Technologies Corp. Class A | 24,579 | 7,414 |
IDEX Corp. | 34,500 | 6,942 | |
JB Hunt Transport Services Inc. | 39,251 | 6,830 | |
TransUnion | 92,200 | 6,811 |
Shares | Market Value• ($000) | ||
CH Robinson Worldwide Inc. | 59,297 | 6,769 | |
Jack Henry & Associates Inc. | 34,444 | 6,620 | |
* | Generac Holdings Inc. | 29,600 | 6,524 |
Stanley Black & Decker Inc. | 70,949 | 6,251 | |
Packaging Corp. of America | 42,920 | 5,877 | |
Masco Corp. | 115,020 | 5,851 | |
Snap-on Inc. | 24,919 | 5,429 | |
* | Fair Isaac Corp. | 11,979 | 5,383 |
Westrock Co. | 115,900 | 4,704 | |
Allegion plc | 42,590 | 4,050 | |
Robert Half International Inc. | 51,607 | 3,972 | |
Fortune Brands Home & Security Inc. | 55,133 | 3,387 | |
* | Mohawk Industries Inc. | 26,294 | 2,902 |
* | XPO Logistics Inc. | 48,737 | 2,555 |
Western Union Co. | 170,227 | 2,523 | |
* | GXO Logistics Inc. | 52,137 | 2,314 |
1,345,273 | |||
Real Estate (3.5%) | |||
American Tower Corp. | 219,634 | 55,798 | |
Prologis Inc. | 348,903 | 43,442 | |
Crown Castle Inc. | 203,756 | 34,808 | |
Equinix Inc. | 42,975 | 28,250 | |
Public Storage | 74,074 | 24,506 | |
Realty Income Corp. | 283,106 | 19,331 | |
Digital Realty Trust Inc. | 133,814 | 16,543 | |
SBA Communications Corp. Class A | 50,465 | 16,414 | |
Welltower Inc. | 214,130 | 16,413 | |
Simon Property Group Inc. | 155,900 | 15,899 | |
AvalonBay Communities Inc. | 65,265 | 13,112 | |
Equity Residential | 177,514 | 12,990 | |
* | CoStar Group Inc. | 185,620 | 12,927 |
Extra Space Storage Inc. | 62,600 | 12,441 | |
* | CBRE Group Inc. Class A | 153,401 | 12,113 |
Alexandria Real Estate Equities Inc. | 75,231 | 11,540 | |
Duke Realty Corp. | 181,715 | 10,694 | |
Invitation Homes Inc. | 286,458 | 10,393 | |
Mid-America Apartment Communities Inc. | 54,726 | 9,066 | |
Ventas Inc. | 189,239 | 9,057 | |
Sun Communities Inc. | 55,544 | 8,538 | |
Essex Property Trust Inc. | 31,272 | 8,289 | |
WP Carey Inc. | 89,782 | 7,544 | |
Iron Mountain Inc. | 136,824 | 7,198 | |
UDR Inc. | 154,346 | 6,926 | |
Healthpeak Properties Inc. | 246,150 | 6,461 | |
Boston Properties Inc. | 76,167 | 6,050 | |
Kimco Realty Corp. | 285,044 | 6,009 | |
Host Hotels & Resorts Inc. | 337,100 | 5,990 | |
Equity LifeStyle Properties Inc. | 80,599 | 5,650 | |
Regency Centers Corp. | 83,202 | 5,062 | |
Federal Realty Investment Trust | 39,424 | 3,992 | |
* | Zillow Group Inc. Class C | 82,917 | 2,774 |
Vornado Realty Trust | 90,758 | 2,380 |
Shares | Market Value• ($000) | ||
* | Zillow Group Inc. Class A | 25,750 | 860 |
469,460 | |||
Technology (32.6%) | |||
Apple Inc. | 7,240,758 | 1,138,392 | |
Microsoft Corp. | 3,543,507 | 926,521 | |
* | Alphabet Inc. Class A | 2,837,440 | 307,068 |
* | Alphabet Inc. Class C | 2,612,720 | 285,178 |
* | Meta Platforms Inc. Class A | 1,085,797 | 176,909 |
NVIDIA Corp. | 1,140,180 | 172,099 | |
Broadcom Inc. | 189,072 | 94,368 | |
* | Adobe Inc. | 223,594 | 83,499 |
Texas Instruments Inc. | 437,084 | 72,211 | |
* | Salesforce Inc. | 455,960 | 71,184 |
QUALCOMM Inc. | 531,113 | 70,250 | |
* | Advanced Micro Devices Inc. | 764,388 | 64,874 |
Intel Corp. | 1,936,376 | 61,809 | |
Intuit Inc. | 130,275 | 56,250 | |
Oracle Corp. | 715,864 | 53,081 | |
* | ServiceNow Inc. | 94,784 | 41,195 |
Applied Materials Inc. | 417,195 | 39,246 | |
Micron Technology Inc. | 526,607 | 29,769 | |
Lam Research Corp. | 65,629 | 28,740 | |
* | Palo Alto Networks Inc. | 45,690 | 25,441 |
* | Synopsys Inc. | 72,180 | 24,976 |
KLA Corp. | 70,401 | 24,227 | |
* | Cadence Design Systems Inc. | 129,075 | 22,429 |
* | Autodesk Inc. | 103,062 | 20,792 |
NXP Semiconductors NV | 124,158 | 20,434 | |
Marvell Technology Inc. | 401,544 | 18,800 | |
* | Crowdstrike Holdings Inc. Class A | 99,144 | 18,105 |
* | Snowflake Inc. Class A | 92,100 | 16,665 |
Microchip Technology Inc. | 252,964 | 16,506 | |
* | Atlassian Corp. plc Class A | 64,900 | 16,073 |
Cognizant Technology Solutions Corp. Class A | 246,457 | 15,569 | |
* | Workday Inc. Class A | 91,787 | 15,104 |
* | Fortinet Inc. | 308,500 | 15,021 |
HP Inc. | 494,766 | 14,205 | |
* | ON Semiconductor Corp. | 205,500 | 14,132 |
* | Twitter Inc. | 351,929 | 13,637 |
* | Datadog Inc. Class A | 121,703 | 12,773 |
Corning Inc. | 357,700 | 12,276 | |
* | EPAM Systems Inc. | 25,879 | 11,037 |
CDW Corp. | 64,445 | 11,001 | |
* | Gartner Inc. | 36,858 | 10,516 |
VMware Inc. Class A | 84,549 | 9,810 | |
Monolithic Power Systems Inc. | 21,572 | 9,776 | |
* | MongoDB Inc. Class A | 29,800 | 9,621 |
* | Zoom Video Communications Inc. Class A | 118,831 | 9,554 |
Hewlett Packard Enterprise Co. | 629,467 | 8,561 | |
* | Paycom Software Inc. | 24,100 | 8,464 |
* | VeriSign Inc. | 45,607 | 8,310 |
* | Cloudflare Inc. Class A | 131,203 | 8,209 |
Skyworks Solutions Inc. | 76,357 | 7,525 | |
NetApp Inc. | 102,465 | 7,391 | |
* | HubSpot Inc. | 21,679 | 7,307 |
Shares | Market Value• ($000) | ||
* | Tyler Technologies Inc. | 19,279 | 7,162 |
* | DoorDash Inc. Class A | 116,800 | 6,996 |
* | Splunk Inc. | 76,482 | 6,886 |
* | Akamai Technologies Inc. | 75,627 | 6,828 |
* | Palantir Technologies Inc. Class A | 853,400 | 6,588 |
Teradyne Inc. | 76,700 | 6,492 | |
* | Pinterest Inc. Class A | 274,213 | 6,318 |
* | Western Digital Corp. | 149,498 | 6,318 |
* | Zscaler Inc. | 39,158 | 6,236 |
Citrix Systems Inc. | 59,762 | 6,142 | |
NortonLifeLock Inc. | 267,569 | 6,044 | |
Seagate Technology Holdings plc | 88,674 | 5,938 | |
SS&C Technologies Holdings Inc. | 106,300 | 5,927 | |
* | GoDaddy Inc. Class A | 77,200 | 5,853 |
* | PTC Inc. | 50,100 | 5,756 |
* | Check Point Software Technologies Ltd. | 47,658 | 5,730 |
* | Twilio Inc. Class A | 80,920 | 5,630 |
* | DocuSign Inc. Class A | 94,831 | 5,521 |
* | Okta Inc. | 59,258 | 5,416 |
Amdocs Ltd. | 58,825 | 5,028 | |
* | Qorvo Inc. | 51,700 | 4,642 |
* | F5 Inc. | 28,895 | 4,538 |
* | Zendesk Inc. | 57,100 | 4,384 |
*,1 | Unity Software Inc. | 96,800 | 4,135 |
* | Flex Ltd. | 223,800 | 3,986 |
* | Ceridian HCM Holding Inc. | 65,489 | 3,906 |
* | Arrow Electronics Inc. | 32,388 | 3,395 |
* | Clarivate plc | 231,746 | 2,704 |
* | Coupa Software Inc. | 36,758 | 2,147 |
* | RingCentral Inc. Class A | 41,158 | 1,771 |
* | Wix.com Ltd. | 25,300 | 1,601 |
*,2 | Yandex NV Class A | 149,782 | — |
4,396,908 | |||
Telecommunications (3.1%) | |||
Cisco Systems Inc. | 1,969,098 | 88,058 | |
Verizon Communications Inc. | 1,991,013 | 83,244 | |
Comcast Corp. Class A | 2,104,406 | 76,159 | |
AT&T Inc. | 3,387,358 | 59,414 | |
* | T-Mobile US Inc. | 282,236 | 40,631 |
* | Charter Communications Inc. Class A | 54,791 | 22,608 |
Motorola Solutions Inc. | 77,930 | 18,969 | |
* | Arista Networks Inc. | 117,928 | 14,137 |
Lumen Technologies Inc. | 485,300 | 4,834 | |
Juniper Networks Inc. | 150,325 | 4,272 | |
* | Roku Inc. | 57,300 | 3,896 |
* | Liberty Global plc Class C | 157,200 | 3,350 |
* | DISH Network Corp. Class A | 122,872 | 2,132 |
* | Liberty Global plc Class A | 72,200 | 1,459 |
Ubiquiti Inc. | 2,900 | 900 | |
424,063 | |||
Utilities (0.5%) | |||
Waste Management Inc. | 195,862 | 33,107 | |
Republic Services Inc. Class A | 96,849 | 13,822 | |
American Water Works Co. Inc. | 86,141 | 12,788 |
Shares | Market Value• ($000) | ||
Atmos Energy Corp. | 65,110 | 7,382 | |
67,099 | |||
Total Common Stocks (Cost $9,382,443) | 13,456,828 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
3,4 | Vanguard Market Liquidity Fund, 2.284% (Cost $40,975) | 409,912 | 40,979 |
Total Investments (100.0%) (Cost $9,423,418) | 13,497,807 | ||
Other Assets and Liabilities—Net (0.0%) | 6,361 | ||
Net Assets (100%) | 13,504,168 | ||
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 $10,538,000. |
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 $11,257,000 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 2022 | 252 | 49,852 | (783) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $9,382,443) | 13,456,828 |
Affiliated Issuers (Cost $40,975) | 40,979 |
Total Investments in Securities | 13,497,807 |
Investment in Vanguard | 507 |
Cash Collateral Pledged—Futures Contracts | 2,190 |
Receivables for Investment Securities Sold | 260 |
Receivables for Accrued Income | 14,355 |
Receivables for Capital Shares Issued | 5,222 |
Total Assets | 13,520,341 |
Liabilities | |
Due to Custodian | 218 |
Payables for Investment Securities Purchased | 55 |
Collateral for Securities on Loan | 11,257 |
Payables for Capital Shares Redeemed | 3,481 |
Payables to Vanguard | 820 |
Variation Margin Payable—Futures Contracts | 342 |
Total Liabilities | 16,173 |
Net Assets | 13,504,168 |
1 Includes $10,538 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 9,933,973 |
Total Distributable Earnings (Loss) | 3,570,195 |
Net Assets | 13,504,168 |
Admiral Shares—Net Assets | |
Applicable to 204,318,511 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 7,511,642 |
Net Asset Value Per Share—Admiral Shares | $36.76 |
Institutional Shares—Net Assets | |
Applicable to 226,427,289 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,992,526 |
Net Asset Value Per Share—Institutional Shares | $26.47 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 188,560 |
Interest2 | 105 |
Securities Lending—Net | 174 |
Total Income | 188,839 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,416 |
Management and Administrative—Admiral Shares | 10,182 |
Management and Administrative—Institutional Shares | 6,910 |
Marketing and Distribution—Admiral Shares | 451 |
Marketing and Distribution—Institutional Shares | 274 |
Custodian Fees | 91 |
Auditing Fees | 28 |
Shareholders’ Reports—Admiral Shares | 137 |
Shareholders’ Reports—Institutional Shares | 58 |
Trustees’ Fees and Expenses | 6 |
Other Expenses | 85 |
Total Expenses | 19,638 |
Net Investment Income | 169,201 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (6,474) |
Futures Contracts | (4,400) |
Realized Net Gain (Loss) | (10,874) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (2,814,376) |
Futures Contracts | (906) |
Change in Unrealized Appreciation (Depreciation) | (2,815,282) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,656,955) |
1 | Dividends are net of foreign withholding taxes of $53,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $101,000, ($15,000), less than $1,000, and $4,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $44,652,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 169,201 | 133,231 |
Realized Net Gain (Loss) | (10,874) | 32,888 |
Change in Unrealized Appreciation (Depreciation) | (2,815,282) | 3,136,143 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,656,955) | 3,302,262 |
Distributions | ||
Admiral Shares | (90,342) | (71,878) |
Institutional Shares | (71,904) | (55,315) |
Total Distributions | (162,246) | (127,193) |
Capital Share Transactions | ||
Admiral Shares | 515,627 | 1,467,446 |
Institutional Shares | 604,756 | 1,251,775 |
Net Increase (Decrease) from Capital Share Transactions | 1,120,383 | 2,719,221 |
Total Increase (Decrease) | (1,698,818) | 5,894,290 |
Net Assets | ||
Beginning of Period | 15,202,986 | 9,308,696 |
End of Period | 13,504,168 | 15,202,986 |
Admiral Shares | ||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | February 7, 20191 to August 31, 2019 | ||
2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $44.39 | $34.27 | $27.27 | $25.00 |
Investment Operations | ||||
Net Investment Income2 | .464 | .432 | .465 | .273 |
Net Realized and Unrealized Gain (Loss) on Investments | (7.647) | 10.110 | 6.996 | 2.183 |
Total from Investment Operations | (7.183) | 10.542 | 7.461 | 2.456 |
Distributions | ||||
Dividends from Net Investment Income | (.447) | (.422) | (.461) | (.186) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.447) | (.422) | (.461) | (.186) |
Net Asset Value, End of Period | $36.76 | $44.39 | $34.27 | $27.27 |
Total Return3 | -16.28% | 31.04% | 27.83% | 9.85% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $7,512 | $8,573 | $5,305 | $3,478 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14% | 0.14% | 0.14%4 |
Ratio of Net Investment Income to Average Net Assets | 1.12% | 1.13% | 1.60% | 1.79%4 |
Portfolio Turnover Rate | 8%5 | 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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $31.96 | $24.67 | $19.63 | $19.28 | $16.15 |
Investment Operations | |||||
Net Investment Income1 | .340 | .317 | .339 | .314 | .305 |
Net Realized and Unrealized Gain (Loss) on Investments | (5.502) | 7.282 | 5.037 | .351 | 3.105 |
Total from Investment Operations | (5.162) | 7.599 | 5.376 | .665 | 3.410 |
Distributions | |||||
Dividends from Net Investment Income | (.328) | (.309) | (.336) | (.315) | (.280) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.328) | (.309) | (.336) | (.315) | (.280) |
Net Asset Value, End of Period | $26.47 | $31.96 | $24.67 | $19.63 | $19.28 |
Total Return | -16.25% | 31.09% | 27.86% | 3.58% | 21.34% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,993 | $6,630 | $4,003 | $2,701 | $2,349 |
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 | 1.14% | 1.15% | 1.62% | 1.49% | 1.71% |
Portfolio Turnover Rate | 8%2 | 4%2 | 18% | 11%2 | 8%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. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 13,456,828 | — | — | 13,456,828 |
Temporary Cash Investments | 40,979 | — | — | 40,979 |
Total | 13,497,807 | — | — | 13,497,807 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 783 | — | — | 783 |
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 applicable in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 44,581 |
Total Distributable Earnings (Loss) | (44,581) |
Amount ($000) | |
Undistributed Ordinary Income | 37,047 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (483,039) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 4,016,187 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 162,246 | 127,193 |
Long-Term Capital Gains | — | — |
Total | 162,246 | 127,193 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 9,481,620 |
Gross Unrealized Appreciation | 4,900,516 |
Gross Unrealized Depreciation | (884,329) |
Net Unrealized Appreciation (Depreciation) | 4,016,187 |
E. | During the year ended August 31, 2022, the fund purchased $2,431,383,000 of investment securities and sold $1,316,931,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $129,344,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued | 2,331,265 | 55,224 | 2,693,123 | 70,662 | |
Issued in Lieu of Cash Distributions | 78,683 | 1,922 | 62,679 | 1,718 | |
Redeemed | (1,894,321) | (45,939) | (1,288,356) | (34,072) | |
Net Increase (Decrease)—Admiral Shares | 515,627 | 11,207 | 1,467,446 | 38,308 |
Year Ended August 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued | 1,604,543 | 52,921 | 1,839,997 | 67,229 | |
Issued in Lieu of Cash Distributions | 70,377 | 2,386 | 54,024 | 2,056 | |
Redeemed | (1,070,164) | (36,334) | (642,246) | (24,102) | |
Net Increase (Decrease)—Institutional Shares | 604,756 | 18,973 | 1,251,775 | 45,183 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 18, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img95e080806.jpg)
All rights reserved.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img8634fc431.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 | 16 |
Consumer Staples Index Fund | 29 |
Energy Index Fund | 40 |
Financials Index Fund | 51 |
Health Care Index Fund | 65 |
Industrials Index Fund | 78 |
Information Technology Index Fund | 91 |
Materials Index Fund | 104 |
Utilities Index Fund | 115 |
Trustees Approve Advisory Arrangements | 130 |
Liquidity Risk Management | 131 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/imgcfeea5342.gif)
• | For the 12 months ended August 31, 2022, returns for the Vanguard U.S. Sector Index Funds ranged from about –37% to about 74%. All 10 funds closely tracked their target indexes. |
• | The investment outlook grew more challenging during the fiscal year. Sentiment deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. The Federal Reserve reacted by raising interest rates, which pushed borrowing costs higher and sparked fears of recession. A bright spot was energy amid a pick-up in demand for oil and gas and supply constraints related to the conflict in Ukraine. |
• | Returns were strongest for Vanguard Energy Index (+73.97%) and Utilities Index (+11.22%) Funds. At the low end were Vanguard Communication Services Index (–36.61%), Consumer Discretionary Index (–19.11%), and Information Technology Index (–17.50%) Funds. (Returns listed are for Admiral Shares.) |
Average Annual Total Returns Periods Ended August 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -12.96% | 12.14% | 11.61% |
Russell 2000 Index (Small-caps) | -17.88 | 8.59 | 6.95 |
Russell 3000 Index (Broad U.S. market) | -13.28 | 11.90 | 11.29 |
FTSE All-World ex US Index (International) | -19.00 | 3.48 | 2.12 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -11.65% | -2.01% | 0.54% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.63 | -0.83 | 1.28 |
FTSE Three-Month U.S. Treasury Bill Index | 0.44 | 0.56 | 1.10 |
CPI | |||
Consumer Price Index | 8.26% | 4.90% | 3.82% |
• | 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, 2022 | |||
Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Communication Services Index Fund | |||
ETF Shares | $1,000.00 | $787.40 | $0.45 |
Admiral™ Shares | 1,000.00 | 787.60 | 0.45 |
Consumer Discretionary Index Fund | |||
ETF Shares | $1,000.00 | $870.10 | $0.47 |
Admiral Shares | 1,000.00 | 870.10 | 0.47 |
Consumer Staples Index Fund | |||
ETF Shares | $1,000.00 | $983.60 | $0.50 |
Admiral Shares | 1,000.00 | 983.90 | 0.50 |
Energy Index Fund | |||
ETF Shares | $1,000.00 | $1,177.50 | $0.55 |
Admiral Shares | 1,000.00 | 1,176.90 | 0.55 |
Financials Index Fund | |||
ETF Shares | $1,000.00 | $866.70 | $0.47 |
Admiral Shares | 1,000.00 | 866.80 | 0.47 |
Health Care Index Fund | |||
ETF Shares | $1,000.00 | $958.50 | $0.49 |
Admiral Shares | 1,000.00 | 958.50 | 0.49 |
Industrials Index Fund | |||
ETF Shares | $1,000.00 | $934.30 | $0.49 |
Admiral Shares | 1,000.00 | 934.30 | 0.49 |
Information Technology Index Fund | |||
ETF Shares | $1,000.00 | $867.60 | $0.47 |
Admiral Shares | 1,000.00 | 867.60 | 0.47 |
Materials Index Fund | |||
ETF Shares | $1,000.00 | $911.00 | $0.48 |
Admiral Shares | 1,000.00 | 911.00 | 0.48 |
Utilities Index Fund | |||
ETF Shares | $1,000.00 | $1,103.80 | $0.53 |
Admiral Shares | 1,000.00 | 1,104.00 | 0.53 |
Six Months Ended August 31, 2022 | |||
Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | 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/0001104659-22-113005/img5036bcf13.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Communication Services Index Fund ETF Shares Net Asset Value | -36.61% | 1.65% | 5.56% | $17,180 |
Communication Services Index Fund ETF Shares Market Price | -36.63 | 1.65 | 5.56 | 17,179 | |
![]() | Communication Services Spliced Index | -36.57 | 1.65 | 5.55 | 17,165 |
![]() | MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 33,443 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Communication Services Index Fund Admiral Shares | -36.61% | 1.66% | 5.58% | $172,055 | |
Communication Services Spliced Index | -36.57 | 1.65 | 5.55 | 171,652 | |
MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 334,426 |
One Year | Five Years | Ten Years | |
Communication Services Index Fund ETF Shares Market Price | -36.63% | 8.53% | 71.79% |
Communication Services Index Fund ETF Shares Net Asset Value | -36.61 | 8.55 | 71.80 |
Communication Services Spliced Index | -36.57 | 8.51 | 71.65 |
Diversified Telecommunication Services | 13.8% |
Entertainment | 22.4 |
Interactive Media & Services | 40.7 |
Internet & Direct Marketing Retail | 0.2 |
Media | 18.9 |
Wireless Telecommunication Services | 4.0 |
Shares | Market Value• ($000) | ||
Common Stocks (99.6%) | |||
Diversified Telecommunication Services (13.8%) | |||
Verizon Communications Inc. | 3,577,216 | 149,563 | |
AT&T Inc. | 6,875,893 | 120,603 | |
Lumen Technologies Inc. | 1,962,285 | 19,544 | |
* | Iridium Communications Inc. | 418,144 | 18,561 |
* | Liberty Global plc Class C | 784,364 | 16,715 |
* | Frontier Communications Parent Inc. | 570,571 | 14,698 |
* | Liberty Global plc Class A | 586,120 | 11,840 |
Cogent Communications Holdings Inc. | 155,269 | 8,268 | |
* | Globalstar Inc. | 2,619,815 | 5,240 |
* | Radius Global Infrastructure Inc. Class A (XNMS) | 286,766 | 3,949 |
* | Liberty Latin America Ltd. Class C | 552,653 | 3,852 |
* | EchoStar Corp. Class A | 128,718 | 2,370 |
* | Anterix Inc. | 48,200 | 2,046 |
ATN International Inc. | 40,213 | 1,884 | |
* | IDT Corp. Class B | 70,895 | 1,813 |
* | Consolidated Communications Holdings Inc. | 272,547 | 1,564 |
* | Bandwidth Inc. Class A | 84,828 | 1,315 |
* | Liberty Latin America Ltd. Class A | 141,500 | 991 |
384,816 | |||
Entertainment (22.2%) | |||
* | Walt Disney Co. | 1,402,747 | 157,220 |
* | Netflix Inc. | 431,852 | 96,545 |
Activision Blizzard Inc. | 922,145 | 72,379 | |
Electronic Arts Inc. | 359,349 | 45,591 | |
* | Warner Bros Discovery Inc. | 3,125,266 | 41,378 |
* | Take-Two Interactive Software Inc. | 313,340 | 38,403 |
* | Liberty Media Corp.-Liberty Formula One Class C | 417,824 | 26,607 |
* | Live Nation Entertainment Inc. | 277,618 | 25,086 |
* | Roblox Corp. Class A | 475,201 | 18,585 |
*,1 | AMC Entertainment Holdings Inc. Class A | 1,665,434 | 15,189 |
* | Roku Inc. | 198,071 | 13,469 |
Warner Music Group Corp. Class A | 442,524 | 11,846 | |
World Wrestling Entertainment Inc. Class A | 157,573 | 10,717 | |
* | Madison Square Garden Sports Corp. | 53,187 | 8,524 |
* | Endeavor Group Holdings Inc. Class A | 310,562 | 7,025 |
* | Cinemark Holdings Inc. | 395,299 | 5,566 |
* | Madison Square Garden Entertainment Corp. | 89,557 | 4,976 |
Shares | Market Value• ($000) | ||
* | Liberty Media Corp.- Liberty Braves Class C | 142,618 | 3,899 |
* | Lions Gate Entertainment Corp. Class B | 366,086 | 3,416 |
* | Playtika Holding Corp. | 300,120 | 3,160 |
* | Lions Gate Entertainment Corp. Class A | 282,557 | 2,783 |
* | Imax Corp. | 171,012 | 2,681 |
Marcus Corp. | 80,417 | 1,294 | |
* | Skillz Inc. Class A | 869,632 | 1,157 |
* | Liberty Media Corp.- Liberty Braves Class A | 29,158 | 819 |
618,315 | |||
Interactive Media & Services (40.6%) | |||
* | Meta Platforms Inc. Class A | 2,023,017 | 329,610 |
* | Alphabet Inc. Class A | 2,996,974 | 324,333 |
* | Alphabet Inc. Class C | 2,674,653 | 291,938 |
* | Twitter Inc. | 1,003,774 | 38,896 |
* | Match Group Inc. | 366,642 | 20,726 |
* | Pinterest Inc. Class A | 826,192 | 19,036 |
* | ZoomInfo Technologies Inc. Class A | 380,424 | 17,279 |
* | Snap Inc. Class A | 1,577,247 | 17,160 |
* | Ziff Davis Inc. | 153,799 | 11,886 |
* | IAC Inc. | 176,929 | 11,371 |
* | Yelp Inc. Class A | 257,920 | 8,813 |
* | TripAdvisor Inc. | 363,986 | 8,663 |
* | Bumble Inc. Class A | 259,221 | 6,494 |
* | Cargurus Inc. | 317,296 | 5,933 |
* | Vimeo Inc. | 542,439 | 3,211 |
* | Cars.com Inc. | 240,261 | 3,063 |
* | ZipRecruiter Inc. Class A | 143,292 | 2,390 |
*,1 | fuboTV Inc. | 639,101 | 2,314 |
* | QuinStreet Inc. | 189,489 | 2,276 |
* | Eventbrite Inc. Class A | 291,192 | 2,070 |
* | Angi Inc. Class A | 265,084 | 1,076 |
* | Mediaalpha Inc. Class A | 83,233 | 695 |
* | Nextdoor Holdings Inc. | 211,876 | 674 |
* | Outbrain Inc. | 41,416 | 183 |
1,130,090 | |||
Internet & Direct Marketing Retail (0.2%) | |||
Shutterstock Inc. | 92,480 | 5,124 | |
Media (18.8%) | |||
Comcast Corp. Class A | 3,449,838 | 124,850 | |
* | Charter Communications Inc. Class A | 140,183 | 57,844 |
Omnicom Group Inc. | 396,163 | 26,503 | |
Nexstar Media Group Inc. Class A | 121,123 | 23,173 | |
* | Liberty Broadband Corp. Class C | 217,602 | 22,130 |
Fox Corp. Class A | 638,680 | 21,830 | |
Interpublic Group of Cos. Inc. | 750,677 | 20,749 | |
Paramount Global Inc. Class B | 783,118 | 18,317 |
Shares | Market Value• ($000) | ||
* | Liberty Media Corp.- Liberty SiriusXM Class C | 416,944 | 17,245 |
TEGNA Inc. | 760,289 | 16,270 | |
Fox Corp. Class B | 507,076 | 16,034 | |
News Corp. Class A | 943,298 | 15,961 | |
Cable One Inc. | 12,662 | 14,371 | |
Sirius XM Holdings Inc. | 2,206,740 | 13,439 | |
New York Times Co. Class A | 440,189 | 13,421 | |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 270,545 | 11,238 |
* | DISH Network Corp. Class A | 621,781 | 10,788 |
News Corp. Class B | 467,203 | 8,055 | |
* | Liberty Broadband Corp. Class A | 79,354 | 8,000 |
* | Altice USA Inc. Class A | 786,926 | 7,869 |
John Wiley & Sons Inc. Class A | 161,620 | 7,439 | |
* | TechTarget Inc. | 102,152 | 6,630 |
Gray Television Inc. | 288,569 | 5,512 | |
Scholastic Corp. | 107,376 | 4,930 | |
* | iHeartMedia Inc. Class A | 418,245 | 3,701 |
Sinclair Broadcast Group Inc. Class A | 162,321 | 3,586 | |
* | WideOpenWest Inc. | 191,680 | 3,412 |
* | Magnite Inc. | 432,411 | 3,256 |
* | EW Scripps Co. Class A | 194,752 | 2,911 |
* | PubMatic Inc. Class A | 145,777 | 2,853 |
* | AMC Networks Inc. Class A | 102,944 | 2,758 |
* | Boston Omaha Corp. Class A | 72,961 | 1,957 |
* | Clear Channel Outdoor Holdings Inc. | 1,210,554 | 1,937 |
* | Thryv Holdings Inc. | 74,746 | 1,912 |
* | Cardlytics Inc. | 124,136 | 1,644 |
* | Gannett Co. Inc. | 506,772 | 1,176 |
* | Advantage Solutions Inc. | 291,677 | 1,062 |
* | Adtheorent Holdings Co. Inc. | 77,453 | 204 |
524,967 | |||
Wireless Telecommunication Services (4.0%) | |||
* | T-Mobile US Inc. | 681,729 | 98,141 |
Telephone and Data Systems Inc. | 370,756 | 6,032 | |
Shenandoah Telecommunications Co. | 173,037 | 3,857 | |
* | Gogo Inc. | 183,362 | 2,725 |
Shares | Market Value• ($000) | ||
* | United States Cellular Corp. | 57,284 | 1,638 |
112,393 | |||
Total Common Stocks (Cost $3,639,590) | 2,775,705 | ||
Preferred Stock (0.2%) | |||
Entertainment (0.2%) | |||
*,2 | AMC Entertainment Holdings Inc. Class A Preference, 0.000% (Cost $9,064) | 995,485 | 4,878 |
Temporary Cash Investments (0.6%) | |||
Money Market Fund (0.6%) | |||
3,4 | Vanguard Market Liquidity Fund, 2.284% (Cost $16,634) | 166,418 | 16,637 |
Total Investments (100.4%) (Cost $3,665,288) | 2,797,220 | ||
Other Assets and Liabilities—Net (-0.4%) | (9,803) | ||
Net Assets (100.0%) | 2,787,417 | ||
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 $8,617,000. |
2 | Perpetual security with no stated maturity date. |
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 $9,461,000 was received for securities on loan. |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Paramount Global | 8/31/23 | BANA | 3,859 | (0.023) | — | — |
Sirius XM Holdings Inc. | 1/31/23 | GSI | 4,401 | (2.320) | — | (432) |
— | (432) |
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. | |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $3,648,654) | 2,780,583 |
Affiliated Issuers (Cost $16,634) | 16,637 |
Total Investments in Securities | 2,797,220 |
Investment in Vanguard | 100 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 420 |
Receivables for Investment Securities Sold | 51,181 |
Receivables for Accrued Income | 1,272 |
Receivables for Capital Shares Issued | 85 |
Total Assets | 2,850,278 |
Liabilities | |
Due to Custodian | 1,309 |
Payables for Investment Securities Purchased | 51,347 |
Collateral for Securities on Loan | 9,461 |
Payables for Capital Shares Redeemed | 184 |
Payables to Vanguard | 128 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 432 |
Total Liabilities | 62,861 |
Net Assets | 2,787,417 |
1 Includes $8,617 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 4,112,534 |
Total Distributable Earnings (Loss) | (1,325,117) |
Net Assets | 2,787,417 |
ETF Shares—Net Assets | |
Applicable to 28,870,524 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,717,424 |
Net Asset Value Per Share—ETF Shares | $94.12 |
Admiral Shares—Net Assets | |
Applicable to 1,459,210 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 69,993 |
Net Asset Value Per Share—Admiral Shares | $47.97 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 34,007 |
Non-Cash Dividends | 4,147 |
Interest1 | 35 |
Securities Lending—Net | 743 |
Total Income | 38,932 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 441 |
Management and Administrative— ETF Shares | 2,865 |
Management and Administrative— Admiral Shares | 76 |
Marketing and Distribution— ETF Shares | 198 |
Marketing and Distribution— Admiral Shares | 5 |
Custodian Fees | 6 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 183 |
Shareholders’ Reports—Admiral Shares | 1 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 13 |
Total Expenses | 3,819 |
Net Investment Income | 35,113 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 305,273 |
Swap Contracts | (3,367) |
Realized Net Gain (Loss) | 301,906 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (2,109,872) |
Swap Contracts | (571) |
Change in Unrealized Appreciation (Depreciation) | (2,110,443) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,773,424) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $35,000, ($15,000), less than $1,000, and $2,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $397,917,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 35,113 | 29,060 |
Realized Net Gain (Loss) | 301,906 | 376,670 |
Change in Unrealized Appreciation (Depreciation) | (2,110,443) | 803,415 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,773,424) | 1,209,145 |
Distributions | ||
ETF Shares | (36,456) | (24,537) |
Admiral Shares | (937) | (631) |
Total Distributions | (37,393) | (25,168) |
Capital Share Transactions | ||
ETF Shares | (303,025) | 719,965 |
Admiral Shares | (10,410) | 26,851 |
Net Increase (Decrease) from Capital Share Transactions | (313,435) | 746,816 |
Total Increase (Decrease) | (2,124,252) | 1,930,793 |
Net Assets | ||
Beginning of Period | 4,911,669 | 2,980,876 |
End of Period | 2,787,417 | 4,911,669 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $149.87 | $108.04 | $87.24 | $86.83 | $93.54 |
Investment Operations | |||||
Net Investment Income1 | 1.110 | 1.018 | 1.005 | .917 | 3.067 |
Net Realized and Unrealized Gain (Loss) on Investments | (55.695) | 41.708 | 20.743 | .316 | (6.297) |
Total from Investment Operations | (54.585) | 42.726 | 21.748 | 1.233 | (3.230) |
Distributions | |||||
Dividends from Net Investment Income | (1.165) | (.896) | (.948) | (.823) | (3.480) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.165) | (.896) | (.948) | (.823) | (3.480) |
Net Asset Value, End of Period | $94.12 | $149.87 | $108.04 | $87.24 | $86.83 |
Total Return | -36.61% | 39.75% | 25.15% | 1.47% | -3.50% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,717 | $4,787 | $2,914 | $2,016 | $1,015 |
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 | 0.92% | 0.80% | 1.09% | 1.09% | 3.48% |
Portfolio Turnover Rate2 | 16% | 15% | 15% | 33% | 84% |
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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $76.38 | $55.06 | $44.46 | $44.25 | $47.67 |
Investment Operations | |||||
Net Investment Income1 | .572 | .519 | .512 | .470 | 1.554 |
Net Realized and Unrealized Gain (Loss) on Investments | (28.388) | 21.259 | 10.571 | .157 | (3.199) |
Total from Investment Operations | (27.816) | 21.778 | 11.083 | .627 | (1.645) |
Distributions | |||||
Dividends from Net Investment Income | (.594) | (.458) | (.483) | (.417) | (1.775) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.594) | (.458) | (.483) | (.417) | (1.775) |
Net Asset Value, End of Period | $47.97 | $76.38 | $55.06 | $44.46 | $44.25 |
Total Return2 | -36.61% | 39.76% | 25.16% | 1.46% | -3.48% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $70 | $124 | $67 | $50 | $46 |
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 | 0.93% | 0.79% | 1.10% | 1.09% | 3.48% |
Portfolio Turnover Rate3 | 16% | 15% | 15% | 33% | 84% |
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 | 2,775,705 | — | — | 2,775,705 |
Preferred Stock | 4,878 | — | — | 4,878 |
Temporary Cash Investments | 16,637 | — | — | 16,637 |
Total | 2,797,220 | — | — | 2,797,220 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 432 | — | 432 |
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 applicable in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 397,729 |
Total Distributable Earnings (Loss) | (397,729) |
Amount ($000) | |
Undistributed Ordinary Income | 5,574 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (450,224) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (880,467) |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 37,393 | 25,168 |
Long-Term Capital Gains | — | — |
Total | 37,393 | 25,168 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,677,687 |
Gross Unrealized Appreciation | 149,595 |
Gross Unrealized Depreciation | (1,030,062) |
Net Unrealized Appreciation (Depreciation) | (880,467) |
E. | During the year ended August 31, 2022, the fund purchased $2,185,944,000 of investment securities and sold $2,502,030,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,532,553,000 and $1,886,118,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,584,130 | 13,653 | 1,693,617 | 12,776 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,887,155) | (16,725) | (973,652) | (7,800) | |
Net Increase (Decrease)—ETF Shares | (303,025) | (3,072) | 719,965 | 4,976 | |
Admiral Shares | |||||
Issued | 39,208 | 630 | 58,573 | 900 | |
Issued in Lieu of Cash Distributions | 787 | 12 | 544 | 9 | |
Redeemed | (50,405) | (809) | (32,266) | (504) | |
Net Increase (Decrease)—Admiral Shares | (10,410) | (167) | 26,851 | 405 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img896cf3a87.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Consumer Discretionary Index Fund ETF Shares Net Asset Value | -19.11% | 14.11% | 15.03% | $40,544 |
Consumer Discretionary Index Fund ETF Shares Market Price | -19.12 | 14.11 | 15.02 | 40,519 | |
![]() | Consumer Discretionary Spliced Index | -19.05 | 14.19 | 15.12 | 40,883 |
![]() | MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 33,443 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Consumer Discretionary Index Fund Admiral Shares | -19.11% | 14.11% | 15.03% | $405,555 | |
Consumer Discretionary Spliced Index | -19.05 | 14.19 | 15.12 | 408,826 | |
MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 334,426 |
One Year | Five Years | Ten Years | |
Consumer Discretionary Index Fund ETF Shares Market Price | -19.12% | 93.46% | 305.19% |
Consumer Discretionary Index Fund ETF Shares Net Asset Value | -19.11 | 93.44 | 305.44 |
Consumer Discretionary Spliced Index | -19.05 | 94.15 | 308.83 |
Auto Components | 2.2% |
Automobiles | 19.0 |
Distributors | 1.2 |
Diversified Consumer Services | 1.3 |
Hotels, Restaurants & Leisure | 17.8 |
Household Durables | 3.8 |
Internet & Direct Marketing Retail | 24.5 |
Leisure Products | 1.2 |
Multiline Retail | 4.0 |
Specialty Retail | 19.3 |
Textiles, Apparel & Luxury Goods | 5.7 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Auto Components (2.2%) | |||
* | Aptiv plc | 309,882 | 28,952 |
BorgWarner Inc. (XNYS) | 285,016 | 10,745 | |
Lear Corp. | 71,652 | 9,934 | |
Autoliv Inc. | 101,548 | 7,899 | |
Gentex Corp. | 286,227 | 7,811 | |
* | Goodyear Tire & Rubber Co. | 370,128 | 5,193 |
* | Fox Factory Holding Corp. | 55,140 | 5,140 |
* | Visteon Corp. | 37,375 | 4,479 |
* | Adient plc | 125,524 | 4,167 |
LCI Industries | 34,287 | 3,973 | |
* | Dorman Products Inc. | 36,475 | 3,307 |
Dana Inc. | 185,861 | 2,875 | |
*,1 | QuantumScape Corp. Class A | 260,473 | 2,873 |
* | Gentherm Inc. | 46,415 | 2,780 |
* | Tenneco Inc. Class A | 131,277 | 2,476 |
* | American Axle & Manufacturing Holdings Inc. | 216,308 | 2,239 |
*,1 | Luminar Technologies Inc. Class A | 219,559 | 1,893 |
* | XPEL Inc. | 20,762 | 1,423 |
Standard Motor Products Inc. | 37,885 | 1,390 | |
Patrick Industries Inc. | 23,505 | 1,245 | |
* | Stoneridge Inc. | 63,247 | 1,202 |
* | Solid Power Inc. | 105,374 | 693 |
112,689 | |||
Automobiles (19.0%) | |||
* | Tesla Inc. | 2,951,841 | 813,557 |
Ford Motor Co. | 4,459,733 | 67,966 | |
General Motors Co. | 1,558,408 | 59,547 | |
* | Rivian Automotive Inc. Class A | 350,115 | 11,452 |
*,1 | Lucid Group Inc. | 465,386 | 7,139 |
Harley-Davidson Inc. | 183,331 | 7,071 | |
Thor Industries Inc. | 70,999 | 5,752 | |
Winnebago Industries Inc. | 48,813 | 2,811 | |
*,1 | Fisker Inc. | 177,237 | 1,600 |
* | Workhorse Group Inc. | 161,693 | 506 |
*,1 | Canoo Inc. | 100,553 | 321 |
* | Lordstown Motors Corp. Class A | 141,854 | 303 |
* | Faraday Future Intelligent Electric Inc. | 82,010 | 92 |
978,117 | |||
Distributors (1.2%) | |||
Genuine Parts Co. | 164,026 | 25,590 | |
LKQ Corp. | 316,435 | 16,841 | |
Pool Corp. | 46,664 | 15,828 | |
* | Funko Inc. Class A | 67,094 | 1,494 |
59,753 | |||
Diversified Consumer Services (1.3%) | |||
Service Corp. International | 190,552 | 11,759 | |
H&R Block Inc. | 203,253 | 9,146 |
Shares | Market Value• ($000) | ||
* | Terminix Global Holdings Inc. | 151,224 | 6,450 |
* | Bright Horizons Family Solutions Inc. | 73,991 | 5,046 |
* | Grand Canyon Education Inc. | 46,762 | 3,806 |
* | Chegg Inc. | 159,792 | 3,145 |
Graham Holdings Co. Class B | 5,455 | 3,084 | |
* | Adtalem Global Education Inc. | 75,391 | 2,841 |
* | frontdoor Inc. | 116,031 | 2,724 |
* | Stride Inc. | 62,714 | 2,392 |
Strategic Education Inc. | 36,007 | 2,330 | |
Laureate Education Inc. Class A | 180,208 | 1,986 | |
* | Duolingo Inc. | 17,834 | 1,677 |
* | Perdoceo Education Corp. | 138,753 | 1,607 |
ADT Inc. | 181,977 | 1,327 | |
* | OneSpaWorld Holdings Ltd. | 137,427 | 1,211 |
Carriage Services Inc. Class A | 33,188 | 1,175 | |
* | PowerSchool Holdings Inc. Class A | 49,145 | 885 |
* | Mister Car Wash Inc. | 77,810 | 771 |
* | Coursera Inc. | 58,458 | 672 |
European Wax Center Inc. Class A | 25,435 | 550 | |
* | 2U Inc. | 76,474 | 545 |
* | WW International Inc. | 104,400 | 545 |
* | Rover Group Inc. Class A | 62,541 | 238 |
* | Vivint Smart Home Inc. | 35,313 | 221 |
* | Beachbody Co. Inc. | 123,587 | 143 |
66,276 | |||
Hotels, Restaurants & Leisure (17.8%) | |||
McDonald's Corp. | 836,662 | 211,073 | |
Starbucks Corp. | 1,298,733 | 109,184 | |
* | Booking Holdings Inc. | 46,152 | 86,572 |
* | Chipotle Mexican Grill Inc. Class A | 31,456 | 50,229 |
Marriott International Inc. Class A | 315,045 | 48,435 | |
* | Airbnb Inc. Class A | 422,544 | 47,798 |
Hilton Worldwide Holdings Inc. | 317,758 | 40,470 | |
Yum! Brands Inc. | 329,731 | 36,679 | |
Darden Restaurants Inc. | 148,520 | 18,373 | |
* | Expedia Group Inc. | 170,022 | 17,453 |
Domino's Pizza Inc. | 42,640 | 15,856 | |
* | Las Vegas Sands Corp. | 404,585 | 15,225 |
MGM Resorts International | 412,729 | 13,471 | |
* | Royal Caribbean Cruises Ltd. | 267,895 | 10,944 |
Vail Resorts Inc. | 48,040 | 10,794 | |
* | Carnival Corp. | 1,098,980 | 10,396 |
* | Caesars Entertainment Inc. | 239,771 | 10,339 |
Aramark | 278,584 | 9,948 | |
Churchill Downs Inc. | 41,821 | 8,242 |
Shares | Market Value• ($000) | ||
* | Wynn Resorts Ltd. | 131,126 | 7,945 |
Texas Roadhouse Inc. Class A | 82,408 | 7,315 | |
Wyndham Hotels & Resorts Inc. | 111,683 | 7,297 | |
Marriott Vacations Worldwide Corp. | 49,559 | 7,058 | |
* | Planet Fitness Inc. Class A | 102,796 | 6,964 |
* | DraftKings Inc. Class A | 424,326 | 6,815 |
* | Norwegian Cruise Line Holdings Ltd. | 501,887 | 6,565 |
* | Penn Entertainment Inc. | 208,633 | 6,516 |
Boyd Gaming Corp. | 105,891 | 5,764 | |
* | Hyatt Hotels Corp. Class A | 64,110 | 5,746 |
Choice Hotels International Inc. | 45,604 | 5,231 | |
* | Scientific Games Corp. Class A | 100,944 | 4,969 |
Wingstop Inc. | 41,921 | 4,773 | |
Wendy's Co. | 248,793 | 4,772 | |
* | Hilton Grand Vacations Inc. | 115,497 | 4,710 |
Travel + Leisure Co. | 109,071 | 4,625 | |
Papa John's International Inc. | 46,513 | 3,760 | |
Cracker Barrel Old Country Store Inc. | 31,210 | 3,369 | |
* | SeaWorld Entertainment Inc. | 66,207 | 3,327 |
Red Rock Resorts Inc. Class A | 79,130 | 3,024 | |
* | Everi Holdings Inc. | 139,133 | 2,574 |
Jack in the Box Inc. | 32,063 | 2,561 | |
Bloomin' Brands Inc. | 126,084 | 2,549 | |
* | Dave & Buster's Entertainment Inc. | 61,138 | 2,527 |
* | Shake Shack Inc. Class A | 51,270 | 2,444 |
* | Six Flags Entertainment Corp. | 108,534 | 2,404 |
Cheesecake Factory Inc. | 73,526 | 2,251 | |
Dine Brands Global Inc. | 27,431 | 1,827 | |
* | Brinker International Inc. | 71,685 | 1,757 |
* | Monarch Casino & Resort Inc. | 25,482 | 1,539 |
*,1 | Bally's Corp. | 64,226 | 1,522 |
* | Playa Hotels & Resorts NV | 225,408 | 1,479 |
* | Golden Entertainment Inc. | 36,061 | 1,380 |
Ruth's Hospitality Group Inc. | 71,232 | 1,298 | |
* | Denny's Corp. | 135,697 | 1,282 |
* | BJ's Restaurants Inc. | 51,033 | 1,280 |
* | Accel Entertainment Inc. Class A | 129,710 | 1,221 |
* | Chuy's Holdings Inc. | 51,239 | 1,144 |
*,1 | Dutch Bros Inc. Class A | 27,055 | 987 |
Krispy Kreme Inc. | 69,072 | 812 | |
* | Lindblad Expeditions Holdings Inc. | 89,198 | 689 |
* | Portillo's Inc. Class A | 29,311 | 645 |
*,1 | Bowlero Corp. | 39,002 | 461 |
Shares | Market Value• ($000) | ||
* | Kura Sushi USA Inc. Class A | 4,606 | 344 |
* | Life Time Group Holdings Inc. | 27,259 | 323 |
* | First Watch Restaurant Group Inc. | 11,551 | 194 |
* | Membership Collective Group Inc. | 23,158 | 131 |
* | F45 Training Holdings Inc. | 26,227 | 66 |
919,717 | |||
Household Durables (3.8%) | |||
DR Horton Inc. | 387,091 | 27,541 | |
Lennar Corp. Class A | 301,851 | 23,378 | |
Garmin Ltd. | 177,385 | 15,697 | |
* | NVR Inc. | 3,504 | 14,507 |
PulteGroup Inc. | 294,137 | 11,960 | |
Whirlpool Corp. | 69,347 | 10,860 | |
Newell Brands Inc. | 485,150 | 8,660 | |
* | TopBuild Corp. | 40,251 | 7,396 |
* | Mohawk Industries Inc. | 62,857 | 6,937 |
Leggett & Platt Inc. | 166,967 | 6,381 | |
Toll Brothers Inc. | 138,223 | 6,053 | |
Tempur Sealy International Inc. | 217,958 | 5,451 | |
* | Skyline Champion Corp. | 72,220 | 4,093 |
* | Meritage Homes Corp. | 49,239 | 3,858 |
* | Taylor Morrison Home Corp. Class A | 152,158 | 3,821 |
* | Helen of Troy Ltd. | 30,573 | 3,780 |
Installed Building Products Inc. | 38,955 | 3,528 | |
KB Home | 108,317 | 3,103 | |
* | Cavco Industries Inc. | 12,511 | 2,928 |
* | LGI Homes Inc. | 30,526 | 2,897 |
* | Tri Pointe Homes Inc. | 150,861 | 2,614 |
* | iRobot Corp. | 43,900 | 2,585 |
MDC Holdings Inc. | 80,298 | 2,496 | |
Century Communities Inc. | 46,167 | 2,156 | |
* | Sonos Inc. | 142,032 | 2,136 |
* | M/I Homes Inc. | 45,454 | 1,965 |
La-Z-Boy Inc. | 73,030 | 1,927 | |
* | Green Brick Partners Inc. | 65,093 | 1,586 |
* | GoPro Inc. Class A | 238,716 | 1,454 |
Ethan Allen Interiors Inc. | 53,800 | 1,279 | |
* | Tupperware Brands Corp. | 98,769 | 1,110 |
* | Lovesac Co. | 35,292 | 1,089 |
* | Beazer Homes USA Inc. | 75,510 | 1,075 |
* | Dream Finders Homes Inc. Class A | 17,908 | 221 |
* | Snap One Holdings Corp. | 15,003 | 168 |
*,1 | Cricut Inc. Class A | 18,017 | 112 |
* | Traeger Inc. | 31,454 | 83 |
196,885 | |||
Internet & Direct Marketing Retail (24.5%) | |||
* | Amazon.com Inc. | 9,061,022 | 1,148,666 |
* | MercadoLibre Inc. | 44,862 | 38,373 |
eBay Inc. | 673,127 | 29,705 | |
* | Etsy Inc. | 150,294 | 15,873 |
* | DoorDash Inc. Class A | 215,923 | 12,934 |
*,1 | Wayfair Inc. Class A | 83,757 | 4,415 |
* | Chewy Inc. Class A | 102,940 | 3,534 |
Qurate Retail Inc. Series A | 556,121 | 1,724 | |
* | Overstock.com Inc. | 60,801 | 1,587 |
* | Revolve Group Inc. | 60,938 | 1,431 |
PetMed Express Inc. | 53,319 | 1,097 | |
* | Lands' End Inc. | 59,136 | 817 |
* | Xometry Inc. Class A | 13,271 | 650 |
* | 1-800-Flowers.com Inc. Class A | 74,158 | 644 |
Shares | Market Value• ($000) | ||
* | ContextLogic Inc. Class A | 484,772 | 630 |
*,1 | Groupon Inc. Class A | 60,473 | 599 |
* | Liquidity Services Inc. | 27,999 | 490 |
* | Stitch Fix Inc. Class A | 83,862 | 421 |
* | Quotient Technology Inc. | 184,193 | 343 |
* | Poshmark Inc. Class A | 15,664 | 169 |
* | RealReal Inc. | 75,687 | 162 |
Vivid Seats Inc. Class A | 19,813 | 160 | |
* | Porch Group Inc. | 63,011 | 135 |
* | BARK Inc. | 55,998 | 130 |
* | ThredUP Inc. Class A | 34,815 | 84 |
* | Boxed Inc. | 37,417 | 40 |
1,264,813 | |||
Leisure Products (1.1%) | |||
Hasbro Inc. | 155,097 | 12,225 | |
* | Mattel Inc. | 419,870 | 9,287 |
Polaris Inc. | 70,254 | 7,958 | |
Brunswick Corp. | 94,807 | 7,083 | |
* | YETI Holdings Inc. | 104,146 | 3,842 |
* | Callaway Golf Co. | 153,116 | 3,388 |
* | Peloton Interactive Inc. Class A | 322,204 | 3,283 |
Acushnet Holdings Corp. | 57,051 | 2,718 | |
* | Vista Outdoor Inc. | 79,459 | 2,234 |
* | Malibu Boats Inc. Class A | 34,851 | 2,092 |
Sturm Ruger & Co. Inc. | 29,581 | 1,546 | |
Smith & Wesson Brands Inc. | 100,295 | 1,334 | |
Johnson Outdoors Inc. Class A | 16,729 | 1,023 | |
Clarus Corp. | 24,370 | 370 | |
*,1 | AMMO Inc. | 79,518 | 303 |
* | Latham Group Inc. | 41,285 | 236 |
58,922 | |||
Multiline Retail (4.0%) | |||
Target Corp. | 541,371 | 86,803 | |
Dollar General Corp. | 262,948 | 62,429 | |
* | Dollar Tree Inc. | 256,821 | 34,845 |
Macy's Inc. | 359,882 | 6,233 | |
Kohl's Corp. | 170,158 | 4,836 | |
* | Ollie's Bargain Outlet Holdings Inc. | 78,286 | 4,330 |
Dillard's Inc. Class A | 9,216 | 2,730 | |
Nordstrom Inc. | 153,050 | 2,619 | |
Big Lots Inc. | 54,160 | 1,114 | |
Franchise Group Inc. | 29,610 | 1,004 | |
206,943 | |||
Specialty Retail (19.3%) | |||
Home Depot Inc. | 1,173,240 | 338,386 | |
Lowe's Cos. Inc. | 754,672 | 146,512 | |
TJX Cos. Inc. | 1,347,845 | 84,038 | |
* | O'Reilly Automotive Inc. | 76,204 | 53,123 |
* | AutoZone Inc. | 23,470 | 49,738 |
Ross Stores Inc. | 402,839 | 34,753 | |
* | Ulta Beauty Inc. | 62,447 | 26,220 |
Tractor Supply Co. | 129,802 | 24,033 | |
Best Buy Co. Inc. | 251,410 | 17,772 | |
* | CarMax Inc. | 188,293 | 16,653 |
Williams-Sonoma Inc. | 87,391 | 12,999 | |
Advance Auto Parts Inc. | 71,753 | 12,100 | |
Bath & Body Works Inc. | 304,552 | 11,369 | |
* | Burlington Stores Inc. | 78,416 | 10,993 |
* | Floor & Decor Holdings Inc. Class A | 118,351 | 9,629 |
Lithia Motors Inc. Class A | 35,276 | 9,364 | |
*,1 | GameStop Corp. Class A | 311,138 | 8,911 |
* | Five Below Inc. | 67,933 | 8,687 |
Murphy USA Inc. | 29,082 | 8,439 |
Shares | Market Value• ($000) | ||
Dick's Sporting Goods Inc. | 78,487 | 8,349 | |
* | AutoNation Inc. | 50,608 | 6,306 |
* | RH | 21,961 | 5,620 |
* | Asbury Automotive Group Inc. | 28,127 | 4,908 |
Penske Automotive Group Inc. | 40,383 | 4,761 | |
Signet Jewelers Ltd. | 70,215 | 4,590 | |
Foot Locker Inc. | 122,044 | 4,496 | |
Academy Sports & Outdoors Inc. | 90,614 | 3,904 | |
Group 1 Automotive Inc. | 21,662 | 3,869 | |
* | National Vision Holdings Inc. | 116,041 | 3,856 |
* | Victoria's Secret & Co. | 111,261 | 3,721 |
*,1 | Carvana Co. Class A | 99,378 | 3,278 |
* | Boot Barn Holdings Inc. | 41,534 | 2,767 |
Gap Inc. | 283,919 | 2,595 | |
American Eagle Outfitters Inc. | 226,111 | 2,546 | |
* | Sally Beauty Holdings Inc. | 168,968 | 2,514 |
Monro Inc. | 53,260 | 2,466 | |
* | Leslie's Inc. | 169,999 | 2,411 |
* | ODP Corp. | 64,423 | 2,303 |
Rent-A-Center Inc. | 83,696 | 2,163 | |
Camping World Holdings Inc. Class A | 70,616 | 2,127 | |
* | Urban Outfitters Inc. | 101,831 | 2,050 |
Sonic Automotive Inc. Class A | 38,316 | 2,038 | |
Designer Brands Inc. Class A | 115,076 | 1,963 | |
Buckle Inc. | 54,568 | 1,761 | |
Caleres Inc. | 68,479 | 1,748 | |
Hibbett Inc. | 29,129 | 1,707 | |
* | Sleep Number Corp. | 40,483 | 1,677 |
*,1 | Bed Bath & Beyond Inc. | 173,769 | 1,656 |
* | Genesco Inc. | 26,841 | 1,519 |
* | MarineMax Inc. | 40,270 | 1,463 |
* | Petco Health & Wellness Co. Inc. Class A | 97,395 | 1,453 |
Winmark Corp. | 6,721 | 1,387 | |
Guess? Inc. | 75,298 | 1,315 | |
* | Abercrombie & Fitch Co. Class A | 85,303 | 1,227 |
* | Children's Place Inc. | 28,539 | 1,204 |
* | America's Car-Mart Inc. | 14,745 | 1,189 |
Haverty Furniture Cos. Inc. | 41,307 | 1,108 | |
* | Zumiez Inc. | 41,938 | 1,089 |
Shoe Carnival Inc. | 44,553 | 1,060 | |
*,1 | Warby Parker Inc. Class A | 69,414 | 872 |
* | Conn's Inc. | 75,720 | 728 |
*,1 | EVgo Inc. | 65,635 | 623 |
Aaron's Co. Inc. | 51,820 | 617 | |
Arko Corp. | 47,063 | 448 | |
* | Sportsman's Warehouse Holdings Inc. | 40,988 | 326 |
995,497 | |||
Textiles, Apparel & Luxury Goods (5.7%) | |||
NIKE Inc. Class B | 1,437,239 | 152,994 | |
* | Lululemon Athletica Inc. | 134,499 | 40,344 |
VF Corp. | 384,811 | 15,951 | |
Tapestry Inc. | 316,363 | 10,987 | |
* | Deckers Outdoor Corp. | 33,306 | 10,710 |
* | Capri Holdings Ltd. | 180,443 | 8,513 |
* | Skechers USA Inc. Class A | 169,101 | 6,392 |
* | Crocs Inc. | 80,274 | 5,916 |
Shares | Market Value• ($000) | ||
Ralph Lauren Corp. Class A | 58,690 | 5,360 | |
PVH Corp. | 88,141 | 4,958 | |
Carter's Inc. | 53,948 | 3,984 | |
Hanesbrands Inc. | 445,911 | 3,884 | |
Columbia Sportswear Co. | 48,193 | 3,433 | |
Steven Madden Ltd. | 104,777 | 3,050 | |
Kontoor Brands Inc. | 74,617 | 2,778 | |
Oxford Industries Inc. | 25,469 | 2,718 | |
Wolverine World Wide Inc. | 124,242 | 2,428 | |
* | Under Armour Inc. Class A | 276,849 | 2,331 |
* | Under Armour Inc. Class C | 302,934 | 2,299 |
Levi Strauss & Co. Class A | 124,433 | 2,102 | |
* | G-III Apparel Group Ltd. | 75,767 | 1,596 |
Movado Group Inc. | 37,646 | 1,201 | |
* | Fossil Group Inc. | 138,774 | 587 |
* | Allbirds Inc. Class A | 87,779 | 361 |
* | PLBY Group Inc. | 17,235 | 78 |
294,955 | |||
Total Common Stocks (Cost $5,134,533) | 5,154,567 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
2,3 | Vanguard Market Liquidity Fund, 2.284% (Cost $20,321) | 203,289 | 20,323 |
Total Investments (100.3%) (Cost $5,154,854) | 5,174,890 | ||
Other Assets and Liabilities—Net (-0.3%) | (13,749) | ||
Net Assets (100.0%) | 5,161,141 | ||
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 $17,800,000. |
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 $19,459,000 was received for securities on loan. |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
MercadoLibre Inc. | 8/31/23 | BANA | 5,816 | (2.320) | — | — |
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. | |
BANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $5,134,533) | 5,154,567 |
Affiliated Issuers (Cost $20,321) | 20,323 |
Total Investments in Securities | 5,174,890 |
Investment in Vanguard | 196 |
Cash | 61 |
Receivables for Investment Securities Sold | 118,496 |
Receivables for Accrued Income | 6,627 |
Receivables for Capital Shares Issued | 65 |
Total Assets | 5,300,335 |
Liabilities | |
Payables for Investment Securities Purchased | 118,930 |
Collateral for Securities on Loan | 19,459 |
Payables for Capital Shares Redeemed | 563 |
Payables to Vanguard | 242 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | — |
Total Liabilities | 139,194 |
Net Assets | 5,161,141 |
1 Includes $17,800 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 5,483,030 |
Total Distributable Earnings (Loss) | (321,889) |
Net Assets | 5,161,141 |
ETF Shares—Net Assets | |
Applicable to 18,047,621 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,637,655 |
Net Asset Value Per Share—ETF Shares | $256.97 |
Admiral Shares—Net Assets | |
Applicable to 3,935,712 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 523,486 |
Net Asset Value Per Share—Admiral Shares | $133.01 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 57,830 |
Interest1 | 14 |
Securities Lending—Net | 900 |
Total Income | 58,744 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 797 |
Management and Administrative— ETF Shares | 4,751 |
Management and Administrative— Admiral Shares | 534 |
Marketing and Distribution— ETF Shares | 284 |
Marketing and Distribution— Admiral Shares | 36 |
Custodian Fees | 4 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 184 |
Shareholders’ Reports—Admiral Shares | 14 |
Trustees’ Fees and Expenses | 3 |
Other Expenses | 18 |
Total Expenses | 6,654 |
Net Investment Income | 52,090 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 930,207 |
Futures Contracts | 42 |
Swap Contracts | (2,446) |
Realized Net Gain (Loss) | 927,803 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (2,398,610) |
Swap Contracts | — |
Change in Unrealized Appreciation (Depreciation) | (2,398,610) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,418,717) |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $14,000, ($4,000), and $2,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $1,091,980,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 52,090 | 35,356 |
Realized Net Gain (Loss) | 927,803 | 269,720 |
Change in Unrealized Appreciation (Depreciation) | (2,398,610) | 1,240,876 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,418,717) | 1,545,952 |
Distributions | ||
ETF Shares | (64,707) | (73,583) |
Admiral Shares | (7,212) | (7,931) |
Total Distributions | (71,919) | (81,514) |
Capital Share Transactions | ||
ETF Shares | (678,371) | 1,320,560 |
Admiral Shares | (80,670) | 162,859 |
Net Increase (Decrease) from Capital Share Transactions | (759,041) | 1,483,419 |
Total Increase (Decrease) | (2,249,677) | 2,947,857 |
Net Assets | ||
Beginning of Period | 7,410,818 | 4,462,961 |
End of Period | 5,161,141 | 7,410,818 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $320.99 | $246.86 | $178.51 | $180.85 | $141.74 |
Investment Operations | |||||
Net Investment Income1 | 2.329 | 1.724 | 1.998 | 2.052 | 2.066 |
Net Realized and Unrealized Gain (Loss) on Investments | (63.227) | 76.697 | 68.603 | (2.391) | 39.031 |
Total from Investment Operations | (60.898) | 78.421 | 70.601 | (.339) | 41.097 |
Distributions | |||||
Dividends from Net Investment Income | (3.122) | (4.291) | (2.251) | (2.001) | (1.987) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.122) | (4.291) | (2.251) | (2.001) | (1.987) |
Net Asset Value, End of Period | $256.97 | $320.99 | $246.86 | $178.51 | $180.85 |
Total Return | -19.11% | 32.39% | 39.98% | -0.14% | 29.22% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,638 | $6,658 | $4,026 | $3,049 | $3,199 |
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 | 0.78% | 0.60% | 1.06% | 1.20% | 1.28% |
Portfolio Turnover Rate2 | 9% | 8% | 10% | 9% | 28% |
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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $166.15 | $127.78 | $92.40 | $93.61 | $73.36 |
Investment Operations | |||||
Net Investment Income1 | 1.211 | .889 | 1.033 | 1.058 | 1.073 |
Net Realized and Unrealized Gain (Loss) on Investments | (32.737) | 39.704 | 35.512 | (1.232) | 20.205 |
Total from Investment Operations | (31.526) | 40.593 | 36.545 | (.174) | 21.278 |
Distributions | |||||
Dividends from Net Investment Income | (1.614) | (2.223) | (1.165) | (1.036) | (1.028) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.614) | (2.223) | (1.165) | (1.036) | (1.028) |
Net Asset Value, End of Period | $133.01 | $166.15 | $127.78 | $92.40 | $93.61 |
Total Return2 | -19.11% | 32.39% | 40.01% | -0.14% | 29.24% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $523 | $753 | $437 | $321 | $328 |
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% | 0.60% | 1.06% | 1.20% | 1.28% |
Portfolio Turnover Rate3 | 9% | 8% | 10% | 9% | 28% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 5,154,567 | — | — | 5,154,567 |
Temporary Cash Investments | 20,323 | — | — | 20,323 |
Total | 5,174,890 | — | — | 5,174,890 |
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 applicable in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 1,091,935 |
Total Distributable Earnings (Loss) | (1,091,935) |
Amount ($000) | |
Undistributed Ordinary Income | 9,168 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (343,689) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 12,632 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 71,919 | 81,514 |
Long-Term Capital Gains | — | — |
Total | 71,919 | 81,514 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 5,162,258 |
Gross Unrealized Appreciation | 769,455 |
Gross Unrealized Depreciation | (756,823) |
Net Unrealized Appreciation (Depreciation) | 12,632 |
E. | During the year ended August 31, 2022, the fund purchased $2,073,605,000 of investment securities and sold $2,868,864,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,485,453,000 and $2,231,968,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,566,104 | 5,181 | 1,907,066 | 6,682 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (2,244,475) | (7,875) | (586,506) | (2,250) | |
Net Increase (Decrease)—ETF Shares | (678,371) | (2,694) | 1,320,560 | 4,432 | |
Admiral Shares | |||||
Issued | 200,157 | 1,252 | 361,180 | 2,448 | |
Issued in Lieu of Cash Distributions | 6,292 | 40 | 7,024 | 57 | |
Redeemed | (287,119) | (1,886) | (205,345) | (1,392) | |
Net Increase (Decrease)—Admiral Shares | (80,670) | (594) | 162,859 | 1,113 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/imgd619bd748.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Consumer Staples Index Fund ETF Shares Net Asset Value | 2.83% | 8.81% | 10.48% | $27,092 |
Consumer Staples Index Fund ETF Shares Market Price | 2.83 | 8.81 | 10.47 | 27,079 | |
![]() | MSCI US Investable Market Consumer Staples 25/50 Index | 2.92 | 8.92 | 10.60 | 27,376 |
![]() | MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 33,443 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Consumer Staples Index Fund Admiral Shares | 2.85% | 8.82% | 10.49% | $271,263 | |
MSCI US Investable Market Consumer Staples 25/50 Index | 2.92 | 8.92 | 10.60 | 273,756 | |
MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 334,426 |
One Year | Five Years | Ten Years | |
Consumer Staples Index Fund ETF Shares Market Price | 2.83% | 52.56% | 170.79% |
Consumer Staples Index Fund ETF Shares Net Asset Value | 2.83 | 52.53 | 170.92 |
MSCI US Investable Market Consumer Staples 25/50 Index | 2.92 | 53.27 | 173.76 |
Beverages | 24.6% |
Food & Staples Retailing | 22.7 |
Food Products | 21.2 |
Household Products | 19.2 |
Personal Products | 4.1 |
Tobacco | 8.2 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Beverages (24.6%) | |||
Coca-Cola Co. | 11,691,362 | 721,474 | |
PepsiCo Inc. | 3,883,644 | 669,035 | |
Constellation Brands Inc. Class A | 562,281 | 138,349 | |
* | Monster Beverage Corp. | 1,367,476 | 121,473 |
Keurig Dr Pepper Inc. | 2,682,577 | 102,260 | |
Brown-Forman Corp. Class B | 1,089,928 | 79,238 | |
Molson Coors Beverage Co. Class B | 728,937 | 37,664 | |
* | Celsius Holdings Inc. | 208,520 | 21,580 |
* | Boston Beer Co. Inc. Class A | 49,093 | 16,548 |
Coca-Cola Consolidated Inc. | 31,198 | 14,798 | |
MGP Ingredients Inc. | 121,571 | 13,307 | |
National Beverage Corp. | 213,258 | 11,827 | |
* | Duckhorn Portfolio Inc. | 471,544 | 8,601 |
* | Vita Coco Co. Inc. | 179,481 | 2,691 |
*,1 | Vintage Wine Estates Inc. | 393,505 | 2,326 |
1,961,171 | |||
Food & Staples Retailing (22.7%) | |||
Costco Wholesale Corp. | 1,241,761 | 648,324 | |
Walmart Inc. | 4,124,989 | 546,767 | |
Sysco Corp. | 1,732,487 | 142,445 | |
Kroger Co. | 2,410,116 | 115,541 | |
Walgreens Boots Alliance Inc. | 2,552,177 | 89,479 | |
* | BJ's Wholesale Club Holdings Inc. | 561,998 | 41,863 |
Casey's General Stores Inc. | 152,247 | 32,546 | |
* | Performance Food Group Co. | 639,762 | 31,975 |
* | US Foods Holding Corp | 854,212 | 26,156 |
* | Grocery Outlet Holding Corp. | 499,587 | 20,044 |
* | Sprouts Farmers Market Inc. | 599,964 | 17,339 |
* | United Natural Foods Inc. | 372,730 | 16,430 |
Albertsons Cos. Inc. Class A | 555,266 | 15,276 | |
Weis Markets Inc. | 152,166 | 11,825 | |
Ingles Markets Inc. Class A | 131,441 | 11,505 | |
PriceSmart Inc. | 178,469 | 11,292 | |
Andersons Inc. | 281,670 | 10,430 | |
SpartanNash Co. | 341,316 | 10,386 | |
* | Chefs' Warehouse Inc. | 304,898 | 10,165 |
1,809,788 |
Shares | Market Value• ($000) | ||
Food Products (21.2%) | |||
Mondelez International Inc. Class A | 4,604,847 | 284,856 | |
Archer-Daniels-Midland Co. | 1,903,860 | 167,330 | |
General Mills Inc. | 2,057,747 | 158,035 | |
Hershey Co. | 506,423 | 113,778 | |
Kraft Heinz Co. | 2,540,705 | 95,022 | |
Tyson Foods Inc. Class A | 1,024,545 | 77,230 | |
McCormick & Co. Inc. | 879,141 | 73,909 | |
Kellogg Co. | 919,137 | 66,858 | |
Conagra Brands Inc. | 1,763,486 | 60,629 | |
J M Smucker Co. | 397,132 | 55,595 | |
Hormel Foods Corp. | 1,095,879 | 55,101 | |
Bunge Ltd. | 555,296 | 55,069 | |
* | Darling Ingredients Inc. | 616,211 | 46,869 |
Lamb Weston Holdings Inc. | 560,766 | 44,598 | |
Campbell Soup Co. | 809,393 | 40,777 | |
Ingredion Inc. | 283,339 | 24,670 | |
Flowers Foods Inc. | 881,238 | 24,058 | |
* | Post Holdings Inc. | 250,078 | 22,197 |
Lancaster Colony Corp. | 106,593 | 17,966 | |
* | Hostess Brands Inc. Class A | 761,552 | 17,653 |
* | TreeHouse Foods Inc. | 330,868 | 15,418 |
* | Simply Good Foods Co. | 474,904 | 14,508 |
Cal-Maine Foods Inc. | 268,427 | 14,390 | |
J & J Snack Foods Corp. | 94,742 | 14,119 | |
* | Freshpet Inc. | 295,418 | 12,860 |
* | Hain Celestial Group Inc. | 547,144 | 11,085 |
1 | B&G Foods Inc. | 499,798 | 10,826 |
* | Pilgrim's Pride Corp. | 370,980 | 10,562 |
*,1 | Beyond Meat Inc. | 409,065 | 9,981 |
Utz Brands Inc. | 597,303 | 9,951 | |
Fresh Del Monte Produce Inc. | 349,566 | 9,557 | |
John B Sanfilippo & Son Inc. | 115,281 | 9,307 | |
* | Mission Produce Inc. | 533,088 | 8,583 |
Calavo Growers Inc. | 203,126 | 8,539 | |
Tootsie Roll Industries Inc. | 209,130 | 7,493 | |
* | Sovos Brands Inc. | 390,866 | 5,969 |
*,1 | Benson Hill Inc. | 1,457,351 | 5,174 |
*,1 | Tattooed Chef Inc. | 638,897 | 4,255 |
* | Vital Farms Inc. | 262,191 | 3,395 |
1,688,172 | |||
Household Products (19.1%) | |||
Procter & Gamble Co. | 7,047,664 | 972,155 | |
Colgate-Palmolive Co. | 2,677,260 | 209,389 | |
Kimberly-Clark Corp. | 1,145,727 | 146,103 | |
Church & Dwight Co. Inc. | 867,746 | 72,639 | |
Clorox Co. | 381,345 | 55,043 | |
WD-40 Co. | 75,936 | 14,364 | |
Spectrum Brands Holdings Inc. | 227,914 | 14,356 |
Shares | Market Value• ($000) | ||
Reynolds Consumer Products Inc. | 429,943 | 12,008 | |
Energizer Holdings Inc. | 425,767 | 11,964 | |
* | Central Garden & Pet Co. Class A | 306,272 | 11,565 |
* | Central Garden & Pet Co. | 130,931 | 5,227 |
1,524,813 | |||
Personal Products (4.1%) | |||
Estee Lauder Cos. Inc. Class A | 772,298 | 196,457 | |
* | BellRing Brands Inc. | 785,257 | 18,603 |
* | Coty Inc. Class A | 1,956,603 | 14,694 |
* | elf Beauty Inc. | 368,600 | 14,055 |
* | Herbalife Nutrition Ltd. | 533,205 | 13,911 |
Edgewell Personal Care Co. | 327,302 | 12,752 | |
Nu Skin Enterprises Inc. Class A | 305,726 | 12,516 | |
Inter Parfums Inc. | 159,129 | 12,495 | |
Medifast Inc. | 85,738 | 10,758 | |
* | Beauty Health Co. | 841,249 | 9,759 |
* | USANA Health Sciences Inc. | 129,784 | 8,374 |
324,374 | |||
Tobacco (8.2%) | |||
Philip Morris International Inc. | 3,765,793 | 359,596 | |
Altria Group Inc. | 6,013,859 | 271,345 | |
Universal Corp. | 203,321 | 10,377 | |
Vector Group Ltd. | 1,046,907 | 10,260 | |
Turning Point Brands Inc. | 199,070 | 4,642 | |
656,220 | |||
Total Common Stocks (Cost $7,196,111) | 7,964,538 | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
2,3 | Vanguard Market Liquidity Fund, 2.284% (Cost $17,561) | 175,684 | 17,563 |
Total Investments (100.1%) (Cost $7,213,672) | 7,982,101 | ||
Other Assets and Liabilities—Net (-0.1%) | (9,735) | ||
Net Assets (100.0%) | 7,972,366 | ||
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 $16,571,000. |
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 $17,567,000 was received for securities on loan, of which $17,560,000 is held in Vanguard Market Liquidity Fund and $7,000 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) |
Clorox Co. | 8/31/23 | BANA | 8,660 | (0.023) | 71 | — |
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. | |
BANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $7,196,111) | 7,964,538 |
Affiliated Issuers (Cost $17,561) | 17,563 |
Total Investments in Securities | 7,982,101 |
Investment in Vanguard | 290 |
Cash | 7 |
Receivables for Investment Securities Sold | 120,083 |
Receivables for Accrued Income | 10,004 |
Receivables for Capital Shares Issued | 604 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 71 |
Total Assets | 8,113,160 |
Liabilities | |
Due to Custodian | 799 |
Payables for Investment Securities Purchased | 119,510 |
Collateral for Securities on Loan | 17,567 |
Payables for Capital Shares Redeemed | 2,555 |
Payables to Vanguard | 363 |
Total Liabilities | 140,794 |
Net Assets | 7,972,366 |
1 Includes $16,571 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 7,391,002 |
Total Distributable Earnings (Loss) | 581,364 |
Net Assets | 7,972,366 |
ETF Shares—Net Assets | |
Applicable to 35,767,198 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,746,917 |
Net Asset Value Per Share—ETF Shares | $188.63 |
Admiral Shares—Net Assets | |
Applicable to 13,175,602 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,225,449 |
Net Asset Value Per Share—Admiral Shares | $93.01 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 176,665 |
Interest1 | 22 |
Securities Lending—Net | 2,018 |
Total Income | 178,705 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 931 |
Management and Administrative— ETF Shares | 5,152 |
Management and Administrative— Admiral Shares | 824 |
Marketing and Distribution— ETF Shares | 257 |
Marketing and Distribution— Admiral Shares | 56 |
Custodian Fees | 33 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 213 |
Shareholders’ Reports—Admiral Shares | 23 |
Trustees’ Fees and Expenses | 3 |
Other Expenses | 11 |
Total Expenses | 7,532 |
Net Investment Income | 171,173 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 423,382 |
Swap Contracts | (366) |
Realized Net Gain (Loss) | 423,016 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (412,983) |
Swap Contracts | 371 |
Change in Unrealized Appreciation (Depreciation) | (412,612) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 181,577 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $22,000, ($8,000), and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $469,777,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 171,173 | 160,610 |
Realized Net Gain (Loss) | 423,016 | 382,080 |
Change in Unrealized Appreciation (Depreciation) | (412,612) | 342,560 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 181,577 | 885,250 |
Distributions | ||
ETF Shares | (141,845) | (143,448) |
Admiral Shares | (22,409) | (20,463) |
Total Distributions | (164,254) | (163,911) |
Capital Share Transactions | ||
ETF Shares | 813,055 | (432,751) |
Admiral Shares | 387,987 | (37,372) |
Net Increase (Decrease) from Capital Share Transactions | 1,201,042 | (470,123) |
Total Increase (Decrease) | 1,218,365 | 251,216 |
Net Assets | ||
Beginning of Period | 6,754,001 | 6,502,785 |
End of Period | 7,972,366 | 6,754,001 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $187.61 | $167.31 | $154.72 | $140.13 | $140.15 |
Investment Operations | |||||
Net Investment Income1 | 4.356 | 4.385 | 3.992 | 3.896 | 3.603 |
Net Realized and Unrealized Gain (Loss) on Investments | .907 | 20.341 | 12.658 | 14.346 | (.033) |
Total from Investment Operations | 5.263 | 24.726 | 16.650 | 18.242 | 3.570 |
Distributions | |||||
Dividends from Net Investment Income | (4.243) | (4.427) | (4.060) | (3.652) | (3.590) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.243) | (4.427) | (4.060) | (3.652) | (3.590) |
Net Asset Value, End of Period | $188.63 | $187.61 | $167.31 | $154.72 | $140.13 |
Total Return | 2.83% | 15.01% | 11.01% | 13.24% | 2.60% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $6,747 | $5,908 | $5,712 | $5,296 | $3,983 |
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 | 2.27% | 2.50% | 2.58% | 2.71% | 2.60% |
Portfolio Turnover Rate2 | 5% | 8% | 3% | 6% | 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. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $92.51 | $82.50 | $76.29 | $69.09 | $69.10 |
Investment Operations | |||||
Net Investment Income1 | 2.147 | 2.160 | 1.973 | 1.923 | 1.776 |
Net Realized and Unrealized Gain (Loss) on Investments | .448 | 10.032 | 6.239 | 7.076 | (.018) |
Total from Investment Operations | 2.595 | 12.192 | 8.212 | 8.999 | 1.758 |
Distributions | |||||
Dividends from Net Investment Income | (2.095) | (2.183) | (2.002) | (1.799) | (1.768) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.095) | (2.183) | (2.002) | (1.799) | (1.768) |
Net Asset Value, End of Period | $93.01 | $92.51 | $82.50 | $76.29 | $69.09 |
Total Return2 | 2.85% | 15.04% | 11.03% | 13.24% | 2.59% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,225 | $846 | $791 | $710 | $587 |
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 | 2.27% | 2.50% | 2.59% | 2.71% | 2.60% |
Portfolio Turnover Rate3 | 5% | 8% | 3% | 6% | 8% |
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 | 7,964,538 | — | — | 7,964,538 |
Temporary Cash Investments | 17,563 | — | — | 17,563 |
Total | 7,982,101 | — | — | 7,982,101 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 71 | — | 71 |
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 applicable in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 469,777 |
Total Distributable Earnings (Loss) | (469,777) |
Amount ($000) | |
Undistributed Ordinary Income | 30,767 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (202,385) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 752,982 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 164,254 | 163,911 |
Long-Term Capital Gains | — | — |
Total | 164,254 | 163,911 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 7,229,118 |
Gross Unrealized Appreciation | 1,243,155 |
Gross Unrealized Depreciation | (490,173) |
Net Unrealized Appreciation (Depreciation) | 752,982 |
E. | During the year ended August 31, 2022, the fund purchased $2,965,340,000 of investment securities and sold $1,762,845,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,085,428,000 and $1,378,569,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 2,200,339 | 11,477 | 871,879 | 4,824 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,387,284) | (7,200) | (1,304,630) | (7,475) | |
Net Increase (Decrease)—ETF Shares | 813,055 | 4,277 | (432,751) | (2,651) | |
Admiral Shares | |||||
Issued | 636,063 | 6,644 | 211,742 | 2,456 | |
Issued in Lieu of Cash Distributions | 18,698 | 204 | 16,733 | 197 | |
Redeemed | (266,774) | (2,818) | (265,847) | (3,092) | |
Net Increase (Decrease)—Admiral Shares | 387,987 | 4,030 | (37,372) | (439) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/imgc633519d9.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Energy Index Fund ETF Shares Net Asset Value | 74.07% | 9.85% | 4.16% | $15,037 |
Energy Index Fund ETF Shares Market Price | 74.13 | 9.86 | 4.16 | 15,032 | |
![]() | MSCI US Investable Market Energy 25/50 Index | 74.14 | 9.95 | 4.30 | 15,233 |
![]() | MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 33,443 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Energy Index Fund Admiral Shares | 73.97% | 9.88% | 4.18% | $150,650 | |
MSCI US Investable Market Energy 25/50 Index | 74.14 | 9.95 | 4.30 | 152,334 | |
MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 334,426 |
One Year | Five Years | Ten Years | |
Energy Index Fund ETF Shares Market Price | 74.13% | 60.01% | 50.32% |
Energy Index Fund ETF Shares Net Asset Value | 74.07 | 59.97 | 50.37 |
MSCI US Investable Market Energy 25/50 Index | 74.14 | 60.68 | 52.33 |
Coal & Consumable Fuels | 0.6% |
Integrated Oil & Gas | 41.3 |
Oil & Gas Drilling | 0.8 |
Oil & Gas Equipment & Services | 7.5 |
Oil & Gas Exploration & Production | 31.0 |
Oil & Gas Refining & Marketing | 9.2 |
Oil & Gas Storage & Transportation | 9.6 |
Shares | Market Value• ($000) | ||
Common Stocks (99.5%) | |||
Coal & Consumable Fuels (0.6%) | |||
* | Peabody Energy Corp. | 607,089 | 14,971 |
CONSOL Energy Inc. | 175,128 | 12,571 | |
Enviva Inc. | 176,262 | 12,254 | |
1 | Arch Resources Inc. | 81,809 | 11,910 |
* | Uranium Energy Corp. | 1,780,656 | 8,048 |
* | Centrus Energy Corp. Class A | 58,062 | 2,892 |
62,646 | |||
Integrated Oil & Gas (41.1%) | |||
Exxon Mobil Corp. | 22,238,020 | 2,125,732 | |
Chevron Corp. | 9,853,628 | 1,557,465 | |
Occidental Petroleum Corp. | 4,947,357 | 351,262 | |
4,034,459 | |||
Oil & Gas Drilling (0.8%) | |||
Helmerich & Payne Inc. | 555,865 | 23,763 | |
Patterson-UTI Energy Inc. | 1,142,691 | 17,026 | |
* | Transocean Ltd. (XNYS) | 3,412,416 | 12,353 |
* | Noble Corp. | 257,342 | 7,810 |
* | Nabors Industries Ltd. (XNYS) | 47,184 | 6,253 |
* | Valaris Ltd. | 118,532 | 6,043 |
*,1 | Nabors Industries Ltd. Warrants Exp. 6/11/26 | 26,520 | 908 |
74,156 | |||
Oil & Gas Equipment & Services (7.4%) | |||
Schlumberger NV | 7,461,528 | 284,657 | |
Halliburton Co. | 4,761,162 | 143,454 | |
Baker Hughes Co. Class A | 5,197,803 | 131,296 | |
NOV Inc. | 2,073,338 | 36,636 | |
ChampionX Corp. | 1,074,038 | 23,425 | |
* | TechnipFMC plc | 2,269,054 | 18,561 |
Cactus Inc. Class A | 319,523 | 12,765 | |
* | Liberty Energy Inc. Class A | 690,444 | 10,357 |
* | NexTier Oilfield Solutions Inc. | 1,030,846 | 9,659 |
* | Weatherford International plc | 316,916 | 8,918 |
* | US Silica Holdings Inc. | 397,900 | 5,583 |
Archrock Inc. | 740,686 | 5,474 | |
* | Expro Group Holdings NV | 375,545 | 5,077 |
* | Oceaneering International Inc. | 528,626 | 4,678 |
* | Tidewater Inc. | 209,420 | 4,641 |
* | Dril-Quip Inc. | 181,959 | 4,027 |
Core Laboratories NV | 244,153 | 3,943 | |
* | ProPetro Holding Corp. | 412,183 | 3,776 |
* | Helix Energy Solutions Group Inc. | 759,356 | 3,280 |
RPC Inc. | 402,070 | 3,196 | |
* | DMC Global Inc. | 102,798 | 2,294 |
* | Bristow Group Inc. | 74,774 | 2,169 |
727,866 |
Shares | Market Value• ($000) | ||
Oil & Gas Exploration & Production (30.8%) | |||
ConocoPhillips | 6,828,047 | 747,330 | |
EOG Resources Inc. | 3,091,959 | 375,055 | |
Pioneer Natural Resources Co. | 1,213,430 | 307,265 | |
Devon Energy Corp. | 3,309,804 | 233,738 | |
Hess Corp. | 1,178,786 | 142,374 | |
Coterra Energy Inc. | 4,253,768 | 131,484 | |
Diamondback Energy Inc. | 891,573 | 118,829 | |
Marathon Oil Corp. | 3,735,549 | 95,593 | |
Ovintiv Inc. (XNYS) | 1,362,556 | 72,406 | |
APA Corp. | 1,785,335 | 69,825 | |
EQT Corp. | 1,455,580 | 69,577 | |
Chesapeake Energy Corp. | 604,992 | 60,796 | |
Texas Pacific Land Corp. | 32,693 | 60,170 | |
* | Antero Resources Corp. | 1,477,833 | 59,232 |
* | Range Resources Corp. | 1,424,354 | 46,804 |
Matador Resources Co. | 623,486 | 37,160 | |
PDC Energy Inc. | 524,041 | 35,588 | |
* | Southwestern Energy Co. | 4,714,848 | 35,314 |
Murphy Oil Corp. | 779,084 | 30,361 | |
Chord Energy Corp. | 212,040 | 30,014 | |
SM Energy Co. | 643,500 | 28,359 | |
Continental Resources Inc. | 383,244 | 26,762 | |
* | Denbury Inc. | 265,973 | 23,653 |
Magnolia Oil & Gas Corp. Class A | 890,190 | 21,249 | |
Civitas Resources Inc. | 291,355 | 19,576 | |
* | CNX Resources Corp. | 1,029,951 | 18,199 |
* | Kosmos Energy Ltd. | 2,401,608 | 16,979 |
California Resources Corp. | 286,898 | 14,333 | |
* | Callon Petroleum Co. | 260,690 | 11,095 |
Northern Oil and Gas Inc. | 346,726 | 10,970 | |
* | Tellurian Inc. | 2,549,011 | 10,196 |
Viper Energy Partners LP | 324,732 | 9,911 | |
* | Comstock Resources Inc. | 491,337 | 9,630 |
* | Centennial Resource Development Inc. Class A | 1,052,262 | 8,660 |
Brigham Minerals Inc. Class A | 262,166 | 7,799 | |
* | Gulfport Energy Corp. | 66,218 | 6,474 |
* | Talos Energy Inc. | 305,262 | 6,328 |
Kimbell Royalty Partners LP | 257,339 | 4,565 | |
Ranger Oil Corp. Class A | 111,961 | 4,365 | |
* | W&T Offshore Inc. | 527,519 | 3,429 |
Berry Corp. | 297,938 | 2,726 | |
3,024,173 | |||
Oil & Gas Refining & Marketing (9.2%) | |||
Marathon Petroleum Corp. | 2,855,887 | 287,731 | |
Valero Energy Corp. | 2,154,332 | 252,315 | |
Phillips 66 | 2,539,772 | 227,208 | |
HF Sinclair Corp. | 824,891 | 43,414 |
Shares | Market Value• ($000) | ||
* | PBF Energy Inc. Class A | 510,584 | 17,442 |
New Fortress Energy Inc. Class A | 219,805 | 12,606 | |
* | Green Plains Inc. | 283,788 | 10,395 |
Delek US Holdings Inc. | 335,621 | 9,481 | |
World Fuel Services Corp. | 332,282 | 8,573 | |
* | Archaea Energy Inc. Class A | 361,755 | 7,148 |
* | Clean Energy Fuels Corp. | 939,921 | 6,316 |
CVR Energy Inc. | 158,968 | 5,192 | |
* | Par Pacific Holdings Inc. | 253,596 | 4,768 |
*,1 | Gevo Inc. | 1,239,195 | 3,879 |
* | REX American Resources Corp. | 84,235 | 2,552 |
* | Vertex Energy Inc. | 256,237 | 2,178 |
901,198 | |||
Oil & Gas Storage & Transportation (9.6%) | |||
Williams Cos. Inc. | 6,429,984 | 218,812 | |
Kinder Morgan Inc. | 10,773,412 | 197,369 | |
Cheniere Energy Inc. | 1,207,405 | 193,402 | |
ONEOK Inc. | 2,357,695 | 144,362 | |
Targa Resources Corp. | 1,143,194 | 78,000 | |
* | DTE Midstream LLC | 510,689 | 28,195 |
Equitrans Midstream Corp. | 2,171,292 | 20,128 | |
Antero Midstream Corp. | 1,642,910 | 16,544 | |
EnLink Midstream LLC | 1,400,807 | 14,232 | |
Plains GP Holdings LP Class A | 1,024,446 | 12,273 | |
1 | Hess Midstream LP Class A | 232,020 | 6,568 |
International Seaways Inc. | 196,297 | 5,797 | |
* | NextDecade Corp. | 202,380 | 1,492 |
937,174 | |||
Total Common Stocks (Cost $8,252,541) | 9,761,672 | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
2,3 | Vanguard Market Liquidity Fund, 2.284% (Cost $9,813) | 98,172 | 9,814 |
Total Investments (99.6%) (Cost $8,262,354) | 9,771,486 | ||
Other Assets and Liabilities—Net (0.4%) | 34,772 | ||
Net Assets (100.0%) | 9,806,258 | ||
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 $7,300,000. |
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 $7,817,000 was received for securities on loan. |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Cheniere Energy Inc. | 8/31/23 | BANA | 14,340 | (0.023) | 45 | — |
Hess Corp. | 1/31/23 | GSI | 33,438 | (2.320) | 2,763 | — |
2,808 | — |
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. | |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $8,252,541) | 9,761,672 |
Affiliated Issuers (Cost $9,813) | 9,814 |
Total Investments in Securities | 9,771,486 |
Investment in Vanguard | 343 |
Cash | 4,397 |
Receivables for Investment Securities Sold | 135,106 |
Receivables for Accrued Income | 45,979 |
Receivables for Capital Shares Issued | 2,675 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 2,808 |
Total Assets | 9,962,794 |
Liabilities | |
Payables for Investment Securities Purchased | 144,344 |
Collateral for Securities on Loan | 7,817 |
Payables for Capital Shares Redeemed | 3,943 |
Payables to Vanguard | 432 |
Total Liabilities | 156,536 |
Net Assets | 9,806,258 |
1 Includes $7,300 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 9,557,711 |
Total Distributable Earnings (Loss) | 248,547 |
Net Assets | 9,806,258 |
ETF Shares—Net Assets | |
Applicable to 69,302,389 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 7,862,090 |
Net Asset Value Per Share—ETF Shares | $113.45 |
Admiral Shares—Net Assets | |
Applicable to 34,305,141 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,944,168 |
Net Asset Value Per Share—Admiral Shares | $56.67 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 338,326 |
Interest2 | 150 |
Securities Lending—Net | 102 |
Total Income | 338,578 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,070 |
Management and Administrative— ETF Shares | 5,592 |
Management and Administrative— Admiral Shares | 1,281 |
Marketing and Distribution— ETF Shares | 341 |
Marketing and Distribution— Admiral Shares | 83 |
Custodian Fees | 1 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 218 |
Shareholders’ Reports—Admiral Shares | 18 |
Trustees’ Fees and Expenses | 3 |
Other Expenses | 15 |
Total Expenses | 8,651 |
Net Investment Income | 329,927 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 1,330,063 |
Swap Contracts | 18,862 |
Realized Net Gain (Loss) | 1,348,925 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 2,693,380 |
Swap Contracts | 2,422 |
Change in Unrealized Appreciation (Depreciation) | 2,695,802 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,374,654 |
1 | Dividends are net of foreign withholding taxes of $2,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $150,000, ($1,000), less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $1,522,234,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 329,927 | 225,294 |
Realized Net Gain (Loss) | 1,348,925 | 119,171 |
Change in Unrealized Appreciation (Depreciation) | 2,695,802 | 1,396,231 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,374,654 | 1,740,696 |
Distributions | ||
ETF Shares | (276,138) | (165,567) |
Admiral Shares | (61,049) | (32,990) |
Total Distributions | (337,187) | (198,557) |
Capital Share Transactions | ||
ETF Shares | (248,367) | 812,839 |
Admiral Shares | 111,245 | 424,314 |
Net Increase (Decrease) from Capital Share Transactions | (137,122) | 1,237,153 |
Total Increase (Decrease) | 3,900,345 | 2,779,292 |
Net Assets | ||
Beginning of Period | 5,905,913 | 3,126,621 |
End of Period | 9,806,258 | 5,905,913 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $67.99 | $47.90 | $75.75 | $103.13 | $85.71 |
Investment Operations | |||||
Net Investment Income1 | 3.625 | 2.802 | 2.957 | 2.769 | 2.519 |
Net Realized and Unrealized Gain (Loss) on Investments | 45.526 | 19.789 | (28.064) | (27.449) | 17.837 |
Total from Investment Operations | 49.151 | 22.591 | (25.107) | (24.680) | 20.356 |
Distributions | |||||
Dividends from Net Investment Income | (3.691) | (2.501) | (2.743) | (2.700) | (2.936) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.691) | (2.501) | (2.743) | (2.700) | (2.936) |
Net Asset Value, End of Period | $113.45 | $67.99 | $47.90 | $75.75 | $103.13 |
Total Return | 74.07% | 48.07% | -33.87% | -24.34% | 24.06% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $7,862 | $4,806 | $2,720 | $3,029 | $4,288 |
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 | 3.80% | 4.54% | 4.91% | 3.15% | 2.56% |
Portfolio Turnover Rate2 | 6% | 5% | 8% | 7% | 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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $33.97 | $23.93 | $37.84 | $51.52 | $42.82 |
Investment Operations | |||||
Net Investment Income1 | 1.829 | 1.435 | 1.461 | 1.388 | 1.249 |
Net Realized and Unrealized Gain (Loss) on Investments | 22.715 | 9.855 | (14.001) | (13.720) | 8.916 |
Total from Investment Operations | 24.544 | 11.290 | (12.540) | (12.332) | 10.165 |
Distributions | |||||
Dividends from Net Investment Income | (1.844) | (1.250) | (1.370) | (1.348) | (1.465) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.844) | (1.250) | (1.370) | (1.348) | (1.465) |
Net Asset Value, End of Period | $56.67 | $33.97 | $23.93 | $37.84 | $51.52 |
Total Return2 | 73.97% | 48.18% | -33.82% | -24.33% | 24.06% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,944 | $1,100 | $407 | $468 | $642 |
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 | 3.83% | 4.52% | 4.84% | 3.15% | 2.56% |
Portfolio Turnover Rate3 | 6% | 5% | 8% | 7% | 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 | 9,761,672 | — | — | 9,761,672 |
Temporary Cash Investments | 9,814 | — | — | 9,814 |
Total | 9,771,486 | — | — | 9,771,486 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 2,808 | — | 2,808 |
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 applicable in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 1,521,821 |
Total Distributable Earnings (Loss) | (1,521,821) |
Amount ($000) | |
Undistributed Ordinary Income | 87,201 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (1,307,727) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,469,073 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 337,187 | 198,557 |
Long-Term Capital Gains | — | — |
Total | 337,187 | 198,557 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 8,302,413 |
Gross Unrealized Appreciation | 2,145,530 |
Gross Unrealized Depreciation | (676,457) |
Net Unrealized Appreciation (Depreciation) | 1,469,073 |
E. | During the year ended August 31, 2022, the fund purchased $3,918,077,000 of investment securities and sold $4,057,528,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,681,086,000 and $3,531,598,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 3,288,003 | 35,250 | 1,677,226 | 28,056 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (3,536,370) | (36,625) | (864,387) | (14,150) | |
Net Increase (Decrease)—ETF Shares | (248,367) | (1,375) | 812,839 | 13,906 | |
Admiral Shares | |||||
Issued | 1,232,945 | 24,911 | 770,533 | 26,470 | |
Issued in Lieu of Cash Distributions | 54,811 | 1,248 | 30,065 | 981 | |
Redeemed | (1,176,511) | (24,249) | (376,284) | (12,066) | |
Net Increase (Decrease)—Admiral Shares | 111,245 | 1,910 | 424,314 | 15,385 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/imgd152031510.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Financials Index Fund ETF Shares Net Asset Value | -12.43% | 7.80% | 12.07% | $31,258 |
Financials Index Fund ETF Shares Market Price | -12.41 | 7.81 | 12.07 | 31,243 | |
![]() | MSCI US Investable Market Financials 25/50 Index | -12.35 | 7.91 | 12.17 | 31,545 |
![]() | MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 33,443 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Financials Index Fund Admiral Shares | -12.43% | 7.82% | 12.08% | $312,841 | |
MSCI US Investable Market Financials 25/50 Index | -12.35 | 7.91 | 12.17 | 315,454 | |
MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 334,426 |
One Year | Five Years | Ten Years | |
Financials Index Fund ETF Shares Market Price | -12.41% | 45.62% | 212.43% |
Financials Index Fund ETF Shares Net Asset Value | -12.43 | 45.60 | 212.58 |
MSCI US Investable Market Financials 25/50 Index | -12.35 | 46.29 | 215.45 |
Banks | 35.6% |
Capital Markets | 27.6 |
Consumer Finance | 5.2 |
Diversified Financial Services | 9.2 |
Insurance | 20.1 |
Mortgage Real Estate Investment Trusts (REITs) | 1.3 |
Thrifts & Mortgage Finance | 1.0 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Banks (35.5%) | |||
JPMorgan Chase & Co. | 6,238,988 | 709,560 | |
Bank of America Corp. | 15,404,295 | 517,738 | |
Wells Fargo & Co. | 8,052,629 | 351,980 | |
Citigroup Inc. | 4,125,863 | 201,383 | |
PNC Financial Services Group Inc. | 878,794 | 138,849 | |
US Bancorp | 2,998,443 | 136,759 | |
Truist Financial Corp. | 2,829,560 | 132,537 | |
M&T Bank Corp. | 381,442 | 69,339 | |
First Republic Bank | 381,420 | 57,911 | |
* | SVB Financial Group | 124,968 | 50,802 |
Fifth Third Bancorp | 1,456,384 | 49,735 | |
Regions Financial Corp. | 1,983,625 | 42,985 | |
Huntington Bancshares Inc. | 3,054,196 | 40,926 | |
Citizens Financial Group Inc. | 1,051,962 | 38,586 | |
KeyCorp | 1,978,786 | 35,005 | |
First Horizon Corp. | 1,134,707 | 25,667 | |
Signature Bank | 133,650 | 23,303 | |
Comerica Inc. | 279,304 | 22,428 | |
East West Bancorp Inc. | 301,367 | 21,750 | |
First Citizens BancShares Inc. Class A | 25,481 | 20,690 | |
Webster Financial Corp. | 378,023 | 17,786 | |
Zions Bancorp NA | 321,322 | 17,682 | |
Western Alliance Bancorp | 229,956 | 17,642 | |
Cullen/Frost Bankers Inc. | 129,476 | 16,827 | |
Commerce Bancshares Inc. | 230,781 | 15,871 | |
Prosperity Bancshares Inc. | 196,547 | 13,931 | |
Pinnacle Financial Partners Inc. | 162,215 | 13,092 | |
Popular Inc. | 162,363 | 12,538 | |
SouthState Corp. | 159,944 | 12,482 | |
Synovus Financial Corp. | 308,657 | 12,396 | |
First Financial Bankshares Inc. | 288,565 | 12,267 | |
Glacier Bancorp Inc. | 234,305 | 11,875 | |
United Bankshares Inc. | 288,247 | 10,694 | |
Valley National Bancorp | 913,090 | 10,610 | |
Old National Bancorp | 623,902 | 10,413 | |
Wintrust Financial Corp. | 121,615 | 10,257 | |
Bank OZK | 251,090 | 10,177 | |
Cadence Bank | 392,229 | 9,994 | |
Home BancShares Inc. | 414,750 | 9,759 | |
FNB Corp. | 743,205 | 8,859 | |
Hancock Whitney Corp. | 183,320 | 8,842 | |
UMB Financial Corp. | 97,941 | 8,763 | |
ServisFirst Bancshares Inc. | 103,327 | 8,717 | |
Umpqua Holdings Corp. | 460,880 | 8,176 | |
First Interstate BancSystem Inc. Class A | 197,371 | 7,946 | |
CVB Financial Corp. | 298,276 | 7,827 |
Shares | Market Value• ($000) | ||
Independent Bank Corp. (XNGS) | 98,949 | 7,741 | |
United Community Banks Inc. | 225,238 | 7,552 | |
Community Bank System Inc. | 113,799 | 7,440 | |
First Hawaiian Inc. | 271,552 | 6,982 | |
Eastern Bankshares Inc. | 350,755 | 6,805 | |
Bank of Hawaii Corp. | 86,037 | 6,713 | |
Pacific Premier Bancorp Inc. | 202,828 | 6,645 | |
Simmons First National Corp. Class A | 278,515 | 6,570 | |
Ameris Bancorp | 140,215 | 6,545 | |
PacWest Bancorp | 248,329 | 6,538 | |
BankUnited Inc. | 173,560 | 6,430 | |
* | Texas Capital Bancshares Inc. | 108,456 | 6,402 |
Cathay General Bancorp | 152,399 | 6,392 | |
Associated Banc-Corp. | 317,498 | 6,363 | |
* | Silvergate Capital Corp. Class A | 67,225 | 6,126 |
First BanCorp. (XNYS) | 419,267 | 5,996 | |
BOK Financial Corp. | 64,617 | 5,742 | |
Fulton Financial Corp. | 352,720 | 5,725 | |
Independent Bank Group Inc. | 80,440 | 5,418 | |
Atlantic Union Bankshares Corp. | 159,567 | 5,178 | |
International Bancshares Corp. | 120,828 | 5,042 | |
Columbia Banking System Inc. | 166,843 | 4,997 | |
First Merchants Corp. | 125,151 | 4,983 | |
Park National Corp. | 34,446 | 4,541 | |
Banner Corp. | 73,317 | 4,455 | |
Washington Federal Inc. | 138,637 | 4,438 | |
WesBanco Inc. | 127,102 | 4,348 | |
First Financial Bancorp | 200,311 | 4,323 | |
Seacoast Banking Corp. of Florida | 129,734 | 4,193 | |
Towne Bank | 146,242 | 4,166 | |
BancFirst Corp. | 38,175 | 4,118 | |
Stock Yards Bancorp Inc. | 61,870 | 4,099 | |
Lakeland Financial Corp. | 54,222 | 4,085 | |
Heartland Financial USA Inc. | 89,682 | 4,006 | |
Renasant Corp. | 118,349 | 3,946 | |
Trustmark Corp. | 123,698 | 3,901 | |
Hope Bancorp Inc. | 255,774 | 3,701 | |
Sandy Spring Bancorp Inc. | 95,553 | 3,681 | |
Northwest Bancshares Inc. | 255,842 | 3,600 | |
NBT Bancorp Inc. | 91,786 | 3,559 | |
Enterprise Financial Services Corp. | 75,516 | 3,453 | |
Veritex Holdings Inc. | 114,620 | 3,451 | |
Eagle Bancorp Inc. | 68,353 | 3,317 | |
Westamerica BanCorp. | 57,767 | 3,232 | |
FB Financial Corp. | 80,824 | 3,202 |
Shares | Market Value• ($000) | ||
* | Triumph Bancorp Inc. | 50,224 | 3,109 |
TriCo Bancshares | 63,588 | 3,001 | |
Hilltop Holdings Inc. | 108,681 | 2,869 | |
OFG Bancorp | 101,529 | 2,762 | |
First Bancorp (XNGS) | 75,775 | 2,759 | |
First Commonwealth Financial Corp. | 203,292 | 2,740 | |
City Holding Co. | 32,101 | 2,729 | |
Berkshire Hills Bancorp Inc. | 94,376 | 2,662 | |
* | Bancorp Inc. | 110,056 | 2,611 |
National Bank Holdings Corp. Class A | 64,854 | 2,603 | |
First Busey Corp. | 111,069 | 2,555 | |
Live Oak Bancshares Inc. | 68,908 | 2,497 | |
S&T Bancorp Inc. | 83,040 | 2,461 | |
OceanFirst Financial Corp. | 125,171 | 2,433 | |
Southside Bancshares Inc. | 63,875 | 2,407 | |
* | Customers Bancorp Inc. | 65,818 | 2,283 |
Dime Community Bancshares Inc. | 71,999 | 2,251 | |
German American Bancorp Inc. | 58,975 | 2,215 | |
Preferred Bank | 31,794 | 2,157 | |
Banc of California Inc. | 125,307 | 2,115 | |
* | Nicolet Bankshares Inc. | 27,393 | 2,098 |
Lakeland Bancorp Inc. | 127,840 | 2,083 | |
Premier Financial Corp. | 75,995 | 2,053 | |
First Foundation Inc. | 107,919 | 2,046 | |
Pathward Financial Inc. | 61,900 | 2,040 | |
Brookline Bancorp Inc. | 161,401 | 2,013 | |
Tompkins Financial Corp. | 27,956 | 2,003 | |
QCR Holdings Inc. | 35,105 | 1,961 | |
Heritage Financial Corp. | 72,915 | 1,895 | |
Washington Trust Bancorp Inc. | 37,153 | 1,881 | |
ConnectOne Bancorp Inc. | 74,586 | 1,867 | |
1st Source Corp. | 39,509 | 1,864 | |
Origin Bancorp Inc. | 45,331 | 1,852 | |
Peoples Bancorp Inc. | 60,018 | 1,794 | |
Allegiance Bancshares Inc. | 41,912 | 1,775 | |
Hanmi Financial Corp. | 65,889 | 1,629 | |
Horizon Bancorp Inc. | 84,799 | 1,604 | |
Univest Financial Corp. | 63,712 | 1,580 | |
* | Metropolitan Bank Holding Corp. | 21,273 | 1,523 |
Heritage Commerce Corp. | 131,599 | 1,486 | |
Amerant Bancorp Inc. | 54,315 | 1,422 | |
Camden National Corp. | 31,385 | 1,420 | |
Community Trust Bancorp Inc. | 33,451 | 1,413 | |
First Mid Bancshares Inc. | 39,019 | 1,379 | |
HomeStreet Inc. | 39,581 | 1,378 | |
* | CrossFirst Bankshares Inc. | 103,354 | 1,362 |
HarborOne Bancorp Inc. | 99,124 | 1,352 |
Shares | Market Value• ($000) | ||
First Bancorp Inc. (XNMS) | 43,762 | 1,308 | |
Flushing Financial Corp. | 61,633 | 1,273 | |
Central Pacific Financial Corp. | 57,289 | 1,248 | |
Great Southern Bancorp Inc. | 20,979 | 1,233 | |
First Financial Corp. | 25,997 | 1,209 | |
Peapack-Gladstone Financial Corp. | 35,115 | 1,182 | |
Cambridge Bancorp | 14,321 | 1,178 | |
CBTX Inc. | 38,106 | 1,136 | |
Midland States Bancorp Inc. | 44,789 | 1,124 | |
Bank of Marin Bancorp | 35,262 | 1,090 | |
Arrow Financial Corp. | 33,866 | 1,087 | |
Mercantile Bank Corp. | 31,660 | 1,047 | |
Byline Bancorp Inc. | 46,901 | 1,023 | |
First Community Bankshares Inc. | 32,352 | 1,020 | |
* | Coastal Financial Corp. | 21,996 | 884 |
Republic Bancorp Inc. Class A | 20,756 | 882 | |
Amalgamated Financial Corp. | 33,887 | 762 | |
3,340,174 | |||
Capital Markets (27.6%) | |||
S&P Global Inc. | 737,317 | 259,668 | |
Goldman Sachs Group Inc. | 729,658 | 242,735 | |
Morgan Stanley | 2,787,225 | 237,527 | |
Charles Schwab Corp. | 3,088,286 | 219,114 | |
BlackRock Inc. | 322,001 | 214,578 | |
CME Group Inc. | 763,415 | 149,332 | |
Blackstone Inc. | 1,489,397 | 139,914 | |
Intercontinental Exchange Inc. | 1,186,109 | 119,619 | |
Moody's Corp. | 352,897 | 100,406 | |
MSCI Inc. Class A | 172,251 | 77,382 | |
Bank of New York Mellon Corp. | 1,631,285 | 67,747 | |
Ameriprise Financial Inc. | 233,306 | 62,528 | |
KKR & Co. Inc. | 1,195,440 | 60,442 | |
T Rowe Price Group Inc. | 482,565 | 57,908 | |
State Street Corp. | 779,427 | 53,274 | |
Nasdaq Inc. | 734,065 | 43,699 | |
Raymond James Financial Inc. | 412,706 | 43,074 | |
Northern Trust Corp. | 420,217 | 39,958 | |
LPL Financial Holdings Inc. | 169,773 | 37,576 | |
FactSet Research Systems Inc. | 80,442 | 34,859 | |
Cboe Global Markets Inc. | 225,290 | 26,578 | |
Ares Management Corp. Class A | 311,423 | 23,089 | |
MarketAxess Holdings Inc. | 80,072 | 19,905 | |
*,1 | Coinbase Global Inc. Class A | 258,236 | 17,250 |
Franklin Resources Inc. | 637,136 | 16,610 | |
Tradeweb Markets Inc. Class A | 228,329 | 15,889 | |
Carlyle Group Inc. | 422,618 | 13,748 | |
SEI Investments Co. | 248,805 | 13,610 | |
Stifel Financial Corp. | 226,789 | 13,451 | |
Jefferies Financial Group Inc. | 406,284 | 13,038 | |
Morningstar Inc. | 54,535 | 12,433 | |
Interactive Brokers Group Inc. Class A | 199,286 | 12,274 |
Shares | Market Value• ($000) | ||
Invesco Ltd. | 726,484 | 11,965 | |
Affiliated Managers Group Inc. | 82,210 | 10,470 | |
Houlihan Lokey Inc. Class A | 104,951 | 8,239 | |
Evercore Inc. Class A | 86,165 | 8,073 | |
Janus Henderson Group plc | 304,039 | 7,115 | |
Federated Hermes Inc. | 184,984 | 6,301 | |
Blue Owl Capital Inc. Class A | 535,832 | 5,948 | |
Moelis & Co. Class A | 137,543 | 5,730 | |
Hamilton Lane Inc. Class A | 75,536 | 5,256 | |
*,1 | Robinhood Markets Inc. Class A | 548,649 | 5,240 |
* | Focus Financial Partners Inc. Class A | 124,448 | 4,872 |
Artisan Partners Asset Management Inc. Class A | 143,511 | 4,845 | |
Piper Sandler Cos. | 38,049 | 4,359 | |
Virtu Financial Inc. Class A | 189,863 | 4,359 | |
Cohen & Steers Inc. | 57,443 | 4,100 | |
PJT Partners Inc. Class A | 49,614 | 3,434 | |
* | StoneX Group Inc. | 36,411 | 3,380 |
Virtus Investment Partners Inc. | 15,888 | 3,039 | |
StepStone Group Inc. Class A | 102,336 | 2,793 | |
BGC Partners Inc. Class A | 663,779 | 2,668 | |
* | Donnelley Financial Solutions Inc. | 60,511 | 2,569 |
* | Open Lending Corp. Class A | 227,054 | 2,205 |
*,1 | Freedom Holding Corp. | 37,396 | 2,166 |
Cowen Inc. Class A | 54,875 | 2,110 | |
* | Blucora Inc. | 88,119 | 1,769 |
B Riley Financial Inc. | 33,120 | 1,648 | |
Diamond Hill Investment Group Inc. | 6,886 | 1,178 | |
Brightsphere Investment Group Inc. | 68,476 | 1,170 | |
WisdomTree Investments Inc. | 227,005 | 1,137 | |
Victory Capital Holdings Inc. Class A | 35,983 | 964 | |
Bridge Investment Group Holdings Inc. Class A | 56,636 | 924 | |
Perella Weinberg Partners Class A | 103,431 | 744 | |
Associated Capital Group Inc. Class A | 6,774 | 268 | |
GAMCO Investors Inc. Class A | 11,381 | 230 | |
2,590,483 | |||
Consumer Finance (5.2%) | |||
American Express Co. | 1,360,138 | 206,741 | |
Capital One Financial Corp. | 836,434 | 88,511 | |
Discover Financial Services | 596,508 | 59,943 | |
Synchrony Financial | 1,064,753 | 34,871 | |
Ally Financial Inc. | 686,155 | 22,780 | |
OneMain Holdings Inc. | 252,592 | 8,823 | |
SLM Corp. | 571,712 | 8,736 | |
*,1 | SoFi Technologies Inc. | 1,269,025 | 7,513 |
* | Credit Acceptance Corp. | 13,947 | 7,421 |
FirstCash Holdings Inc. | 85,667 | 6,679 |
Shares | Market Value• ($000) | ||
Navient Corp. | 314,514 | 4,840 | |
*,1 | Upstart Holdings Inc. | 162,187 | 4,201 |
Bread Financial Holdings Inc. | 104,903 | 4,031 | |
* | PRA Group Inc. | 84,405 | 3,118 |
* | Encore Capital Group Inc. | 51,843 | 2,835 |
* | LendingClub Corp. | 213,949 | 2,796 |
Nelnet Inc. Class A | 30,953 | 2,607 | |
* | Enova International Inc. | 68,198 | 2,383 |
* | PROG Holdings Inc. | 116,762 | 2,165 |
* | Green Dot Corp. Class A | 104,367 | 2,118 |
* | World Acceptance Corp. | 7,466 | 868 |
* | LendingTree Inc. | 23,340 | 712 |
Curo Group Holdings Corp. | 37,508 | 247 | |
* | NerdWallet Inc. Class A | 22,414 | 233 |
485,172 | |||
Diversified Financial Services (9.2%) | |||
* | Berkshire Hathaway Inc. Class B | 2,730,998 | 766,864 |
Apollo Global Management Inc. | 853,970 | 47,464 | |
Equitable Holdings Inc. | 808,742 | 24,060 | |
Voya Financial Inc. | 216,999 | 13,352 | |
Jackson Financial Inc. Class A | 111,222 | 3,477 | |
* | Cannae Holdings Inc. | 160,145 | 3,461 |
Compass Diversified Holdings | 132,374 | 2,761 | |
* | A-Mark Precious Metals Inc. | 38,744 | 1,197 |
862,636 | |||
Insurance (20.1%) | |||
Marsh & McLennan Cos. Inc. | 1,066,465 | 172,095 | |
Chubb Ltd. | 905,212 | 171,130 | |
Progressive Corp. | 1,242,553 | 152,399 | |
Aon plc Class A (XNYS) | 451,287 | 126,026 | |
MetLife Inc. | 1,469,839 | 94,555 | |
American International Group Inc. | 1,684,788 | 87,188 | |
Travelers Cos. Inc. | 509,830 | 82,409 | |
Arthur J Gallagher & Co. | 445,987 | 80,978 | |
Aflac Inc. | 1,300,373 | 77,268 | |
Prudential Financial Inc. | 796,086 | 76,225 | |
Allstate Corp. | 583,722 | 70,339 | |
Willis Towers Watson plc | 236,649 | 48,946 | |
Hartford Financial Services Group Inc. | 698,040 | 44,891 | |
Principal Financial Group Inc. | 536,347 | 40,097 | |
* | Markel Corp. | 28,867 | 34,470 |
Brown & Brown Inc. | 509,576 | 32,124 | |
Cincinnati Financial Corp. | 323,546 | 31,371 | |
W R Berkley Corp. | 450,261 | 29,177 | |
Loews Corp. | 444,791 | 24,601 | |
* | Alleghany Corp. | 28,645 | 24,096 |
* | Arch Capital Group Ltd. | 522,300 | 23,880 |
Everest Re Group Ltd. | 83,705 | 22,521 | |
Fidelity National Financial Inc. | 566,024 | 22,132 | |
American Financial Group Inc. | 153,236 | 19,565 | |
Globe Life Inc. | 198,706 | 19,312 | |
Assurant Inc. | 114,788 | 18,193 | |
Reinsurance Group of America Inc. | 142,098 | 17,813 | |
Unum Group | 426,936 | 16,160 | |
Lincoln National Corp. | 346,399 | 15,955 |
Shares | Market Value• ($000) | ||
Old Republic International Corp. | 621,503 | 13,574 | |
RenaissanceRe Holdings Ltd. | 93,870 | 12,697 | |
First American Financial Corp. | 228,011 | 12,199 | |
Kinsale Capital Group Inc. | 46,215 | 11,719 | |
Erie Indemnity Co. Class A | 53,883 | 11,581 | |
Primerica Inc. | 81,733 | 10,360 | |
Selective Insurance Group Inc. | 128,610 | 10,214 | |
Hanover Insurance Group Inc. | 75,486 | 9,767 | |
RLI Corp. | 86,923 | 9,541 | |
Axis Capital Holdings Ltd. | 172,259 | 9,156 | |
White Mountains Insurance Group Ltd. | 6,336 | 8,680 | |
* | Brighthouse Financial Inc. | 159,227 | 7,571 |
* | Ryan Specialty Holdings Inc. | 175,341 | 7,427 |
Assured Guaranty Ltd. | 129,496 | 6,613 | |
American Equity Investment Life Holding Co. | 169,031 | 6,423 | |
Kemper Corp. | 135,671 | 6,241 | |
* | Trupanion Inc. | 73,256 | 5,170 |
* | Enstar Group Ltd. | 24,530 | 4,642 |
* | Genworth Financial Inc. Class A | 1,085,317 | 4,580 |
CNO Financial Group Inc. | 245,777 | 4,525 | |
* | Palomar Holdings Inc. | 53,797 | 4,266 |
* | BRP Group Inc. Class A | 125,776 | 3,949 |
Horace Mann Educators Corp. | 88,865 | 3,179 | |
Stewart Information Services Corp. | 57,410 | 2,907 | |
Safety Insurance Group Inc. | 30,978 | 2,790 | |
ProAssurance Corp. | 114,459 | 2,448 | |
Employers Holdings Inc. | 58,056 | 2,273 | |
* | Goosehead Insurance Inc. Class A | 40,590 | 2,111 |
*,1 | Lemonade Inc. | 93,780 | 2,074 |
AMERISAFE Inc. | 41,630 | 1,991 | |
James River Group Holdings Ltd. | 81,182 | 1,929 | |
Mercury General Corp. | 58,689 | 1,872 | |
Argo Group International Holdings Ltd. | 72,912 | 1,431 | |
United Fire Group Inc. | 44,041 | 1,296 | |
* | MBIA Inc. | 96,454 | 1,137 |
National Western Life Group Inc. Class A | 4,901 | 933 | |
HCI Group Inc. | 18,930 | 905 |
Shares | Market Value• ($000) | ||
* | SiriusPoint Ltd. | �� 185,118 | 828 |
* | Hagerty Inc. Class A | 52,524 | 590 |
* | Hippo Holdings Inc. | 600,964 | 583 |
* | Oscar Health Inc. Class A | 87,823 | 582 |
1,888,670 | |||
Mortgage Real Estate Investment Trusts (REITs) (1.3%) | |||
Annaly Capital Management Inc. | 3,657,133 | 23,589 | |
Starwood Property Trust Inc. | 651,368 | 14,936 | |
AGNC Investment Corp. | 1,112,384 | 13,293 | |
Blackstone Mortgage Trust Inc. Class A | 343,560 | 9,956 | |
Rithm Capital Corp. | 987,509 | 9,312 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 184,679 | 7,299 | |
Arbor Realty Trust Inc. | 306,280 | 4,588 | |
Chimera Investment Corp. | 508,203 | 4,320 | |
Two Harbors Investment Corp. | 734,020 | 3,560 | |
Apollo Commercial Real Estate Finance Inc. | 281,224 | 3,276 | |
PennyMac Mortgage Investment Trust | 196,475 | 2,918 | |
Ladder Capital Corp. Class A | 239,124 | 2,645 | |
Franklin BSP Realty Trust Inc. REIT | 178,215 | 2,299 | |
New York Mortgage Trust Inc. | 819,513 | 2,295 | |
MFA Financial Inc. REIT | 197,269 | 2,156 | |
KKR Real Estate Finance Trust Inc. | 108,112 | 2,082 | |
Redwood Trust Inc. | 257,326 | 1,994 | |
Ready Capital Corp. | 149,446 | 1,958 | |
Broadmark Realty Capital Inc. | 282,218 | 1,820 | |
Ellington Financial Inc. | 123,891 | 1,819 | |
Brightspire Capital Inc. Class A | 205,411 | 1,725 | |
ARMOUR Residential REIT Inc. | 221,034 | 1,569 | |
Ares Commercial Real Estate Corp. | 108,738 | 1,434 | |
Dynex Capital Inc. | 78,719 | 1,221 | |
Invesco Mortgage Capital REIT | 72,191 | 1,147 | |
Granite Point Mortgage Trust Inc. | 112,384 | 1,059 | |
TPG RE Finance Trust Inc. | 113,168 | 1,048 | |
1 | Orchid Island Capital Inc. REIT | 71,700 | 969 |
126,287 |
Shares | Market Value• ($000) | ||
Thrifts & Mortgage Finance (1.0%) | |||
New York Community Bancorp Inc. | 992,604 | 9,718 | |
MGIC Investment Corp. | 656,421 | 9,380 | |
Essent Group Ltd. | 227,817 | 9,110 | |
Radian Group Inc. | 365,890 | 7,724 | |
Walker & Dunlop Inc. | 67,142 | 6,745 | |
WSFS Financial Corp. | 137,966 | 6,671 | |
* | Mr Cooper Group Inc. | 148,542 | 6,283 |
PennyMac Financial Services Inc. | 98,669 | 5,241 | |
* | Axos Financial Inc. | 112,974 | 4,720 |
Flagstar Bancorp Inc. | 111,810 | 4,308 | |
* | NMI Holdings Inc. Class A | 174,716 | 3,587 |
Provident Financial Services Inc. | 150,422 | 3,494 | |
Capitol Federal Financial Inc. | 282,294 | 2,558 | |
Federal Agricultural Mortgage Corp. Class C | 19,732 | 2,156 | |
1 | Rocket Cos. Inc. Class A | 252,335 | 1,994 |
* | Columbia Financial Inc. | 83,851 | 1,789 |
Kearny Financial Corp. | 135,569 | 1,540 | |
TrustCo Bank Corp. NY | 42,058 | 1,402 | |
Northfield Bancorp Inc. | 93,407 | 1,377 | |
Merchants Bancorp | 36,607 | 987 | |
Hingham Institution for Savings | 3,076 | 913 | |
91,697 | |||
Total Common Stocks (Cost $9,525,616) | 9,385,119 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
2,3 | Vanguard Market Liquidity Fund, 2.284% (Cost $30,587) | 305,995 | 30,590 |
Total Investments (100.2%) (Cost $9,556,203) | 9,415,709 | ||
Other Assets and Liabilities—Net (-0.2%) | (18,174) | ||
Net Assets (100.0%) | 9,397,535 | ||
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 $24,750,000. |
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 $26,065,000 was received for securities on loan. |
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) |
Arch Capital Group Ltd. | 8/31/23 | BANA | 12,573 | (0.023) | — | — |
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. | |
BANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $9,525,616) | 9,385,119 |
Affiliated Issuers (Cost $30,587) | 30,590 |
Total Investments in Securities | 9,415,709 |
Investment in Vanguard | 347 |
Cash | 2,948 |
Receivables for Investment Securities Sold | 38,574 |
Receivables for Accrued Income | 13,820 |
Receivables for Capital Shares Issued | 348 |
Total Assets | 9,471,746 |
Liabilities | |
Payables for Investment Securities Purchased | 47,449 |
Collateral for Securities on Loan | 26,065 |
Payables for Capital Shares Redeemed | 265 |
Payables to Vanguard | 432 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | — |
Total Liabilities | 74,211 |
Net Assets | 9,397,535 |
1 Includes $24,750 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 9,739,250 |
Total Distributable Earnings (Loss) | (341,715) |
Net Assets | 9,397,535 |
ETF Shares—Net Assets | |
Applicable to 106,707,530 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 8,676,235 |
Net Asset Value Per Share—ETF Shares | $81.31 |
Admiral Shares—Net Assets | |
Applicable to 17,700,870 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 721,300 |
Net Asset Value Per Share—Admiral Shares | $40.75 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 244,609 |
Interest1 | 22 |
Securities Lending—Net | 2,056 |
Total Income | 246,687 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,297 |
Management and Administrative— ETF Shares | 8,629 |
Management and Administrative— Admiral Shares | 667 |
Marketing and Distribution— ETF Shares | 499 |
Marketing and Distribution— Admiral Shares | 44 |
Custodian Fees | 3 |
Auditing Fees | 30 |
Shareholders’ Reports—ETF Shares | 365 |
Shareholders’ Reports—Admiral Shares | 15 |
Trustees’ Fees and Expenses | 5 |
Other Expenses | 17 |
Total Expenses | 11,571 |
Net Investment Income | 235,116 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 992,267 |
Futures Contracts | 282 |
Swap Contracts | (9,315) |
Realized Net Gain (Loss) | 983,234 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (2,794,528) |
Swap Contracts | — |
Change in Unrealized Appreciation (Depreciation) | (2,794,528) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,576,178) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $21,000, ($6,000), less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $1,081,113,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 235,116 | 193,525 |
Realized Net Gain (Loss) | 983,234 | 444,462 |
Change in Unrealized Appreciation (Depreciation) | (2,794,528) | 3,301,886 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,576,178) | 3,939,873 |
Distributions | ||
ETF Shares | (223,491) | (169,520) |
Admiral Shares | (16,712) | (12,270) |
Total Distributions | (240,203) | (181,790) |
Capital Share Transactions | ||
ETF Shares | (585,784) | 1,303,483 |
Admiral Shares | 31,828 | 133,926 |
Net Increase (Decrease) from Capital Share Transactions | (553,956) | 1,437,409 |
Total Increase (Decrease) | (2,370,337) | 5,195,492 |
Net Assets | ||
Beginning of Period | 11,767,872 | 6,572,380 |
End of Period | 9,397,535 | 11,767,872 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $94.79 | $61.18 | $67.31 | $71.60 | $62.26 |
Investment Operations | |||||
Net Investment Income1 | 1.852 | 1.676 | 1.652 | 1.539 | 1.298 |
Net Realized and Unrealized Gain (Loss) on Investments | (13.457) | 33.519 | (6.081) | (4.338) | 9.307 |
Total from Investment Operations | (11.605) | 35.195 | (4.429) | (2.799) | 10.605 |
Distributions | |||||
Dividends from Net Investment Income | (1.875) | (1.585) | (1.701) | (1.491) | (1.265) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.875) | (1.585) | (1.701) | (1.491) | (1.265) |
Net Asset Value, End of Period | $81.31 | $94.79 | $61.18 | $67.31 | $71.60 |
Total Return | -12.43% | 58.26% | -6.73% | -3.85% | 17.15% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $8,676 | $10,946 | $6,140 | $7,222 | $8,512 |
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 | 2.03% | 2.09% | 2.53% | 2.30% | 1.87% |
Portfolio Turnover Rate2 | 6% | 4% | 5% | 5% | 3% |
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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $47.51 | $30.66 | $33.73 | $35.88 | $31.20 |
Investment Operations | �� | ||||
Net Investment Income1 | .931 | .841 | .828 | .771 | .651 |
Net Realized and Unrealized Gain (Loss) on Investments | (6.751) | 16.803 | (3.046) | (2.174) | 4.663 |
Total from Investment Operations | (5.820) | 17.644 | (2.218) | (1.403) | 5.314 |
Distributions | |||||
Dividends from Net Investment Income | (.940) | (.794) | (.852) | (.747) | (.634) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.940) | (.794) | (.852) | (.747) | (.634) |
Net Asset Value, End of Period | $40.75 | $47.51 | $30.66 | $33.73 | $35.88 |
Total Return2 | -12.43% | 58.32% | -6.70% | -3.87% | 17.16% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $721 | $822 | $432 | $490 | $690 |
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 | 2.05% | 2.09% | 2.53% | 2.30% | 1.87% |
Portfolio Turnover Rate3 | 6% | 4% | 5% | 5% | 3% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 9,385,119 | — | — | 9,385,119 |
Temporary Cash Investments | 30,590 | — | — | 30,590 |
Total | 9,415,709 | — | — | 9,415,709 |
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 applicable in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 1,081,132 |
Total Distributable Earnings (Loss) | (1,081,132) |
Amount ($000) | |
Undistributed Ordinary Income | 41,733 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (216,981) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (166,467) |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 240,203 | 181,790 |
Long-Term Capital Gains | — | — |
Total | 240,203 | 181,790 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 9,582,177 |
Gross Unrealized Appreciation | 922,463 |
Gross Unrealized Depreciation | (1,088,930) |
Net Unrealized Appreciation (Depreciation) | (166,467) |
E. | During the year ended August 31, 2022, the fund purchased $3,598,744,000 of investment securities and sold $4,148,240,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,617,693,000 and $3,494,671,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 2,918,740 | 30,807 | 2,863,520 | 35,814 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (3,504,524) | (39,575) | (1,560,037) | (20,700) | |
Net Increase (Decrease)—ETF Shares | (585,784) | (8,768) | 1,303,483 | 15,114 | |
Admiral Shares | |||||
Issued | 407,610 | 8,635 | 407,353 | 10,001 | |
Issued in Lieu of Cash Distributions | 14,052 | 311 | 10,077 | 270 | |
Redeemed | (389,834) | (8,546) | (283,504) | (7,060) | |
Net Increase (Decrease)—Admiral Shares | 31,828 | 400 | 133,926 | 3,211 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img5de482cb11.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Health Care Index Fund ETF Shares Net Asset Value | -10.60% | 10.51% | 14.29% | $38,024 |
Health Care Index Fund ETF Shares Market Price | -10.60 | 10.51 | 14.28 | 38,001 | |
![]() | MSCI US Investable Market Health Care 25/50 Index | -10.52 | 10.58 | 14.37 | 38,290 |
![]() | MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 33,443 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Health Care Index Fund Admiral Shares | -10.59% | 10.52% | 14.30% | $380,500 | |
MSCI US Investable Market Health Care 25/50 Index | -10.52 | 10.58 | 14.37 | 382,902 | |
MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 334,426 |
One Year | Five Years | Ten Years | |
Health Care Index Fund ETF Shares Market Price | -10.60% | 64.85% | 280.01% |
Health Care Index Fund ETF Shares Net Asset Value | -10.60 | 64.81 | 280.24 |
MSCI US Investable Market Health Care 25/50 Index | -10.52 | 65.36 | 282.90 |
Biotechnology | 17.6% |
Health Care Equipment & Supplies | 18.7 |
Health Care Providers & Services | 23.3 |
Health Care Technology | 1.2 |
Life Sciences Tools & Services | 12.6 |
Pharmaceuticals | 26.6 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Biotechnology (17.6%) | |||
AbbVie Inc. | 6,000,078 | 806,770 | |
Amgen Inc. | 1,813,707 | 435,834 | |
Gilead Sciences Inc. | 4,058,689 | 257,605 | |
* | Vertex Pharmaceuticals Inc. | 868,402 | 244,681 |
* | Regeneron Pharmaceuticals Inc. | 366,800 | 213,133 |
* | Moderna Inc. | 1,147,984 | 151,844 |
* | Biogen Inc. | 497,240 | 97,151 |
* | Alnylam Pharmaceuticals Inc. | 385,247 | 79,619 |
* | Seagen Inc. | 468,770 | 72,327 |
* | BioMarin Pharmaceutical Inc. | 628,202 | 56,036 |
* | Incyte Corp. | 639,221 | 45,020 |
* | Horizon Therapeutics plc | 741,527 | 43,906 |
* | United Therapeutics Corp. | 153,803 | 34,855 |
* | Neurocrine Biosciences Inc. | 324,509 | 33,953 |
* | Sarepta Therapeutics Inc. | 282,314 | 30,879 |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 205,045 | 30,623 |
* | Karuna Therapeutics Inc. | 90,667 | 23,126 |
* | Exact Sciences Corp. | 597,634 | 21,246 |
* | Exelixis Inc. | 1,089,147 | 19,321 |
* | Halozyme Therapeutics Inc. | 468,474 | 19,081 |
* | Ionis Pharmaceuticals Inc. | 433,479 | 18,432 |
* | Apellis Pharmaceuticals Inc. | 289,468 | 17,516 |
* | CRISPR Therapeutics AG | 249,929 | 16,268 |
* | Natera Inc. | 310,828 | 15,311 |
* | Blueprint Medicines Corp. | 202,339 | 14,815 |
* | Cytokinetics Inc. | 276,414 | 14,639 |
* | Global Blood Therapeutics Inc. | 210,024 | 14,261 |
* | Intellia Therapeutics Inc. | 231,946 | 13,931 |
* | Arrowhead Pharmaceuticals Inc. | 341,336 | 13,554 |
* | Alkermes plc | 554,925 | 13,135 |
* | PTC Therapeutics Inc. | 218,060 | 10,890 |
* | Ultragenyx Pharmaceutical Inc. | 225,633 | 10,760 |
* | Mirati Therapeutics Inc. | 131,830 | 10,682 |
Shares | Market Value• ($000) | ||
* | Beam Therapeutics Inc. | 191,039 | 10,431 |
* | Insmed Inc. | 406,172 | 10,000 |
* | ChemoCentryx Inc. | 193,428 | 9,861 |
*,1 | Novavax Inc. | 265,367 | 8,768 |
* | BioCryst Pharmaceuticals Inc. | 630,564 | 8,765 |
* | Denali Therapeutics Inc. | 292,483 | 8,093 |
* | Amicus Therapeutics Inc. | 714,649 | 8,025 |
* | Twist Bioscience Corp. | 181,998 | 7,302 |
* | Fate Therapeutics Inc. | 262,509 | 6,862 |
* | Sage Therapeutics Inc. | 180,031 | 6,780 |
* | ACADIA Pharmaceuticals Inc. | 412,605 | 6,779 |
* | Myriad Genetics Inc. | 272,858 | 6,096 |
* | Xenon Pharmaceuticals Inc. | 155,684 | 6,042 |
* | Vir Biotechnology Inc. | 247,254 | 5,872 |
* | Cerevel Therapeutics Holdings Inc. | 201,547 | 5,865 |
* | Ligand Pharmaceuticals Inc. | 57,317 | 5,296 |
* | Relay Therapeutics Inc. | 221,894 | 5,097 |
* | Xencor Inc. | 192,171 | 5,071 |
* | Ironwood Pharmaceuticals Inc. Class A | 469,280 | 5,049 |
* | Veracyte Inc. | 243,656 | 4,971 |
* | Travere Thrapeutics Inc. | 183,717 | 4,916 |
* | Dynavax Technologies Corp. | 407,589 | 4,675 |
* | Agios Pharmaceuticals Inc. | 168,024 | 4,285 |
* | Krystal Biotech Inc. | 61,024 | 4,278 |
* | Iovance Biotherapeutics Inc. | 398,550 | 4,272 |
* | REVOLUTION Medicines Inc. | 204,076 | 4,251 |
* | Verve Therapeutics Inc. | 108,764 | 4,172 |
* | Zentalis Pharmaceuticals Inc. | 154,471 | 4,141 |
* | Enanta Pharmaceuticals Inc. | 66,847 | 4,070 |
* | Allogene Therapeutics Inc. | 293,095 | 4,018 |
* | ImmunoGen Inc. | 670,960 | 3,898 |
* | Celldex Therapeutics Inc. | 126,559 | 3,847 |
Shares | Market Value• ($000) | ||
* | Syndax Pharmaceuticals Inc. | 162,367 | 3,833 |
* | Arcutis Biotherapeutics Inc. | 139,650 | 3,764 |
* | FibroGen Inc. | 301,320 | 3,748 |
* | Emergent BioSolutions Inc. | 153,547 | 3,688 |
* | REGENXBIO Inc. | 124,628 | 3,677 |
* | Vericel Corp. | 144,257 | 3,599 |
* | Avid Bioservices Inc. | 208,583 | 3,592 |
* | CareDx Inc. | 181,935 | 3,564 |
* | Arcus Biosciences Inc. | 146,291 | 3,523 |
* | Editas Medicine Inc. Class A | 233,706 | 3,435 |
* | TG Therapeutics Inc. | 466,587 | 3,327 |
* | Kymera Therapeutics Inc. | 114,779 | 3,245 |
* | Vaxcyte Inc. | 118,937 | 3,111 |
* | Prothena Corp. plc | 110,583 | 3,049 |
*,1 | Aurinia Pharmaceuticals Inc. | 409,157 | 3,011 |
* | MannKind Corp. | 818,650 | 2,988 |
* | Madrigal Pharmaceuticals Inc. | 40,477 | 2,919 |
* | UniQure NV | 143,092 | 2,796 |
* | IVERIC bio Inc. | 277,146 | 2,727 |
*,1 | Sorrento Therapeutics Inc. | 1,322,976 | 2,712 |
* | Kura Oncology Inc. | 192,776 | 2,672 |
* | Cogent Biosciences Inc. | 154,615 | 2,550 |
* | SpringWorks Therapeutics Inc. | 91,563 | 2,543 |
* | Anavex Life Sciences Corp. | 263,710 | 2,529 |
* | Myovant Sciences Ltd. | 145,977 | 2,495 |
* | Avidity Biosciences Inc. | 127,020 | 2,492 |
* | Gossamer Bio Inc. | 176,616 | 2,464 |
*,1 | EQRx Inc. | 494,891 | 2,420 |
* | Crinetics Pharmaceuticals Inc. | 126,308 | 2,385 |
* | Bridgebio Pharma Inc. | 224,880 | 2,361 |
* | Coherus Biosciences Inc. | 209,278 | 2,340 |
* | Sangamo Therapeutics Inc. | 426,761 | 2,304 |
* | Merus NV | 96,221 | 2,279 |
* | Rocket Pharmaceuticals Inc. | 145,688 | 2,245 |
* | Agenus Inc. | 829,803 | 2,240 |
* | Deciphera Pharmaceuticals Inc. | 135,118 | 2,193 |
Shares | Market Value• ($000) | ||
* | Viridian Therapeutics Inc. | 96,708 | 2,148 |
* | Rapt Therapeutics Inc. | 80,030 | 2,138 |
* | Vanda Pharmaceuticals Inc. | 189,606 | 2,006 |
* | Morphic Holding Inc. | 71,693 | 1,973 |
*,1 | Sana Biotechnology Inc. | 287,337 | 1,957 |
*,1 | Ocugen Inc. | 728,661 | 1,880 |
* | Alector Inc. | 180,206 | 1,865 |
* | Inovio Pharmaceuticals Inc. | 779,771 | 1,786 |
* | Y-mAbs Therapeutics Inc. | 110,894 | 1,783 |
* | Nurix Therapeutics Inc. | 113,318 | 1,782 |
* | 2seventy bio Inc. | 120,318 | 1,772 |
* | Recursion Pharmaceuticals Inc. Class A | 167,382 | 1,759 |
* | Keros Therapeutics Inc. | 49,079 | 1,736 |
* | Prometheus Biosciences Inc. | 32,979 | 1,725 |
* | Seres Therapeutics Inc. | 333,582 | 1,715 |
* | Heron Therapeutics Inc. | 400,352 | 1,637 |
*,1 | ImmunityBio Inc. | 404,132 | 1,617 |
* | Replimune Group Inc. | 83,723 | 1,596 |
* | iTeos Therapeutics Inc. | 65,675 | 1,457 |
* | Inhibrx Inc. | 79,900 | 1,417 |
*,1 | Intercept Pharmaceuticals Inc. | 80,122 | 1,392 |
* | AnaptysBio Inc. | 58,265 | 1,353 |
* | Eagle Pharmaceuticals Inc. | 40,483 | 1,327 |
*,1 | Vaxart Inc. | 424,447 | 1,316 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 103,709 | 1,215 |
* | Arcturus Therapeutics Holdings Inc. | 80,226 | 1,126 |
* | Protagonist Therapeutics Inc. | 126,192 | 1,100 |
* | Atara Biotherapeutics Inc. | 267,357 | 1,072 |
* | Vera Therapeutics Inc. Class A | 49,037 | 1,066 |
* | PMV Pharmaceuticals Inc. | 68,872 | 959 |
* | Erasca Inc. | 102,370 | 923 |
* | MiMedx Group Inc. | 245,955 | 868 |
* | Adicet Bio Inc. | 60,821 | 861 |
* | Rigel Pharmaceuticals Inc. | 578,174 | 821 |
* | Stoke Therapeutics Inc. | 53,469 | 805 |
* | ALX Oncology Holdings Inc. | 61,293 | 797 |
* | Repare Therapeutics Inc. | 63,523 | 757 |
* | MeiraGTx Holdings plc | 89,929 | 746 |
Shares | Market Value• ($000) | ||
* | Organogenesis Holdings Inc. Class A | 196,013 | 704 |
* | Immunovant Inc. | 135,637 | 699 |
* | Foghorn Therapeutics Inc. | 70,301 | 699 |
*,1 | Humacyte Inc. | 191,541 | 699 |
* | Imago Biosciences Inc. | 45,568 | 662 |
* | IGM Biosciences Inc. | 33,416 | 649 |
* | Nuvalent Inc. Class A | 36,199 | 611 |
* | Cullinan Oncology Inc. | 44,121 | 595 |
* | MacroGenics Inc. | 134,160 | 533 |
* | Monte Rosa Therapeutics Inc. | 62,798 | 497 |
*,2 | PDL BioPharma Inc. | 311,327 | 458 |
* | Tango Therapeutics Inc. | 103,569 | 425 |
*,1 | Century Therapeutics Inc. | 40,071 | 422 |
* | Janux Therapeutics Inc. | 28,082 | 304 |
*,1,2 | Contra Zogenix Inc. CVR | 93,751 | 187 |
* | Geron Corp. Warrant Exp. 12/31/25 | 152,449 | 102 |
*,2 | Progenics Pharmaceuticals Inc. CVR | 215,826 | — |
* | Advaxis Inc. Warrants Exp. 9/11/24 | 7,710 | — |
*,2 | Prevail Therapeutics Inc. CVR | 78 | — |
3,260,371 | |||
Health Care Equipment & Supplies (18.7%) | |||
Abbott Laboratories | 5,945,007 | 610,255 | |
Medtronic plc | 4,518,118 | 397,233 | |
* | Intuitive Surgical Inc. | 1,218,858 | 250,768 |
Becton Dickinson and Co. | 967,822 | 244,298 | |
Stryker Corp. | 1,155,576 | 237,124 | |
* | Boston Scientific Corp. | 4,853,707 | 195,653 |
* | Edwards Lifesciences Corp. | 2,111,126 | 190,212 |
* | DexCom Inc. | 1,332,850 | 109,574 |
ResMed Inc. | 496,663 | 109,226 | |
* | IDEXX Laboratories Inc. | 285,250 | 99,159 |
Baxter International Inc. | 1,709,366 | 98,220 | |
Zimmer Biomet Holdings Inc. | 711,438 | 75,640 | |
STERIS plc | 339,930 | 68,455 | |
* | Align Technology Inc. | 254,210 | 61,951 |
* | Insulet Corp. | 235,482 | 60,159 |
* | Hologic Inc. | 846,486 | 57,189 |
Cooper Cos. Inc. | 167,393 | 48,115 | |
* | ABIOMED Inc. | 154,752 | 40,124 |
* | Shockwave Medical Inc. | 121,547 | 36,082 |
Teleflex Inc. | 159,217 | 36,024 | |
* | Masimo Corp. | 179,050 | 26,301 |
* | Novocure Ltd. | 319,692 | 26,256 |
DENTSPLY SIRONA Inc. | 731,285 | 23,964 | |
* | Envista Holdings Corp. | 552,061 | 20,476 |
* | Penumbra Inc. | 121,608 | 19,964 |
Shares | Market Value• ($000) | ||
* | Lantheus Holdings Inc. | 233,144 | 18,372 |
* | Globus Medical Inc. Class A | 269,128 | 15,930 |
* | Omnicell Inc. | 150,027 | 15,346 |
* | iRhythm Technologies Inc. | 101,181 | 14,919 |
* | QuidelOrtho Corp. | 170,150 | 13,486 |
* | Haemonetics Corp. | 174,167 | 13,068 |
* | STAAR Surgical Co. | 137,813 | 13,036 |
* | Integra LifeSciences Holdings Corp. | 254,212 | 12,128 |
* | Merit Medical Systems Inc. | 192,350 | 11,393 |
* | ICU Medical Inc. | 68,942 | 10,962 |
* | LivaNova plc | 181,791 | 10,226 |
* | Inari Medical Inc. | 144,439 | 10,017 |
* | Tandem Diabetes Care Inc. | 216,886 | 9,920 |
* | Axonics Inc. | 127,925 | 9,243 |
CONMED Corp. | 100,205 | 8,875 | |
* | Enovis Corp. | 164,959 | 8,355 |
* | Glaukos Corp. | 160,734 | 7,804 |
*,1 | Neogen Corp. | 367,126 | 7,673 |
* | NuVasive Inc. | 176,650 | 7,509 |
* | Integer Holdings Corp. | 112,648 | 7,105 |
* | AtriCure Inc. | 149,401 | 6,816 |
* | CryoPort Inc. | 168,069 | 5,489 |
* | TransMedics Group Inc. | 100,721 | 5,240 |
* | Nevro Corp. | 113,882 | 5,161 |
* | Meridian Bioscience Inc. | 147,362 | 4,802 |
* | Silk Road Medical Inc. | 119,428 | 4,757 |
* | Establishment Labs Holdings Inc. | 65,934 | 4,100 |
* | Avanos Medical Inc. | 159,959 | 3,940 |
LeMaitre Vascular Inc. | 66,596 | 3,288 | |
* | Heska Corp. | 34,971 | 3,185 |
Mesa Laboratories Inc. | 17,784 | 3,039 | |
* | Artivion Inc. | 136,943 | 3,035 |
Atrion Corp. | 4,854 | 2,932 | |
* | AngioDynamics Inc. | 131,777 | 2,917 |
* | Varex Imaging Corp. | 135,459 | 2,857 |
* | Figs Inc. Class A | 242,376 | 2,802 |
* | BioLife Solutions Inc. | 108,220 | 2,555 |
* | Outset Medical Inc. | 138,522 | 2,534 |
* | Cerus Corp. | 602,622 | 2,477 |
* | Cutera Inc. | 49,656 | 2,371 |
* | OrthoPediatrics Corp. | 48,132 | 2,363 |
* | Butterfly Network Inc. | 377,444 | 2,351 |
* | Inogen Inc. | 72,885 | 2,087 |
* | Alphatec Holdings Inc. | 242,456 | 1,840 |
* | Cardiovascular Systems Inc. | 137,902 | 1,822 |
* | Pulmonx Corp. | 93,432 | 1,716 |
* | SI-BONE Inc. | 99,158 | 1,636 |
* | ViewRay Inc. | 465,625 | 1,592 |
*,1 | Paragon 28 Inc. | 90,669 | 1,591 |
* | Surmodics Inc. | 46,955 | 1,582 |
*,1 | PROCEPT BioRobotics Corp. | 37,360 | 1,512 |
* | Orthofix Medical Inc. | 67,134 | 1,336 |
* | Treace Medical Concepts Inc. | 56,464 | 1,131 |
* | Zimvie Inc. | 70,765 | 1,077 |
Shares | Market Value• ($000) | ||
* | OraSure Technologies Inc. | 230,764 | 944 |
3,466,666 | |||
Health Care Providers & Services (23.3%) | |||
UnitedHealth Group Inc. | 3,185,460 | 1,654,305 | |
CVS Health Corp. | 4,452,310 | 436,994 | |
Elevance Health Inc. | 818,568 | 397,096 | |
Cigna Corp. | 1,077,219 | 305,338 | |
Humana Inc. | 429,470 | 206,910 | |
McKesson Corp. | 493,580 | 181,144 | |
* | Centene Corp. | 1,985,899 | 178,215 |
HCA Healthcare Inc. | 802,626 | 158,816 | |
AmerisourceBergen Corp. Class A | 533,332 | 78,165 | |
Laboratory Corp. of America Holdings | 314,676 | 70,887 | |
* | Molina Healthcare Inc. | 199,284 | 67,232 |
Cardinal Health Inc. | 924,970 | 65,414 | |
Quest Diagnostics Inc. | 398,398 | 49,923 | |
* | Henry Schein Inc. | 468,560 | 34,397 |
* | Acadia Healthcare Co. Inc. | 307,429 | 25,188 |
Chemed Corp. | 50,863 | 24,220 | |
Universal Health Services Inc. Class B | 227,846 | 22,292 | |
* | Tenet Healthcare Corp. | 347,597 | 19,639 |
* | HealthEquity Inc. | 286,431 | 18,927 |
Encompass Health Corp. | 338,706 | 16,451 | |
* | DaVita Inc. | 192,715 | 16,437 |
* | LHC Group Inc. | 100,001 | 16,147 |
* | Guardant Health Inc. | 311,943 | 15,616 |
* | AMN Healthcare Services Inc. | 151,831 | 15,584 |
Ensign Group Inc. | 178,991 | 15,268 | |
* | Option Care Health Inc. | 489,354 | 15,150 |
* | agilon health Inc. | 690,989 | 14,359 |
Premier Inc. Class A | 400,288 | 14,106 | |
* | Amedisys Inc. | 110,718 | 13,115 |
* | R1 RCM Inc. | 475,340 | 10,386 |
* | Privia Health Group Inc. | 258,268 | 10,277 |
* | Progyny Inc. | 249,891 | 10,048 |
Select Medical Holdings Corp. | 377,036 | 9,667 | |
* | Oak Street Health Inc. | 368,814 | �� 9,663 |
Patterson Cos. Inc. | 298,608 | 8,328 | |
* | 1Life Healthcare Inc. | 461,445 | 7,942 |
* | Covetrus Inc. | 378,665 | 7,903 |
Owens & Minor Inc. | 245,545 | 7,246 | |
* | Signify Health Inc. Class A | 239,595 | 6,685 |
* | Apollo Medical Holdings Inc. | 133,670 | 5,765 |
* | CorVel Corp. | 32,783 | 5,094 |
* | Pediatrix Medical Group Inc. | 280,815 | 5,004 |
* | Addus HomeCare Corp. | 54,727 | 4,883 |
* | ModivCare Inc. | 43,112 | 4,670 |
* | Alignment Healthcare Inc. | 284,868 | 4,333 |
* | AdaptHealth Corp. Class A | 228,045 | 4,098 |
* | Surgery Partners Inc. | 137,712 | 3,791 |
Shares | Market Value• ($000) | ||
US Physical Therapy Inc. | 44,138 | 3,646 | |
National HealthCare Corp. | 49,464 | 3,435 | |
* | RadNet Inc. | 170,960 | 3,435 |
* | OPKO Health Inc. | 1,494,219 | 3,257 |
* | Cross Country Healthcare Inc. | 124,318 | 3,155 |
* | Cano Health Inc. | 495,679 | 3,058 |
*,1 | Fulgent Genetics Inc. | 67,167 | 2,920 |
* | Clover Health Investments Corp. Class A | 1,087,762 | 2,839 |
*,1 | 23andMe Holding Co. Class A | 836,651 | 2,820 |
* | Enhabit Inc. | 167,287 | 2,777 |
* | DocGo Inc. | 271,358 | 2,768 |
* | Hims & Hers Health Inc. | 399,114 | 2,538 |
* | Brookdale Senior Living Inc. | 564,742 | 2,485 |
* | Hanger Inc. | 132,277 | 2,464 |
*,1 | Invitae Corp. | 744,188 | 2,262 |
* | Castle Biosciences Inc. | 75,922 | 2,202 |
* | Accolade Inc. | 192,600 | 1,961 |
* | Agiliti Inc. | 111,722 | 1,794 |
* | Pennant Group Inc. | 90,688 | 1,421 |
* | CareMax Inc. | 163,896 | 1,121 |
* | Community Health Systems Inc. | 419,069 | 1,115 |
* | Joint Corp. | 49,346 | 900 |
* | PetIQ Inc. Class A | 88,700 | 828 |
* | Sema4 Holdings Corp. | 387,577 | 395 |
* | Aveanna Healthcare Holdings Inc. | 155,439 | 283 |
4,328,997 | |||
Health Care Technology (1.1%) | |||
* | Veeva Systems Inc. Class A | 475,344 | 94,746 |
* | Change Healthcare Inc. | 863,703 | 21,221 |
* | Inspire Medical Systems Inc. | 93,839 | 17,969 |
* | Teladoc Health Inc. | 547,323 | 17,000 |
*,1 | Doximity Inc. Class A | 317,675 | 10,544 |
* | Evolent Health Inc. Class A | 264,158 | 9,708 |
* | Allscripts Healthcare Solutions Inc. | 392,851 | 6,678 |
* | Certara Inc. | 353,533 | 5,540 |
* | Schrodinger Inc. | 199,771 | 5,482 |
* | Phreesia Inc. | 168,178 | 4,315 |
* | NextGen Healthcare Inc. | 193,761 | 3,321 |
Simulations Plus Inc. | 54,495 | 3,272 | |
* | American Well Corp. Class A | 673,366 | 3,064 |
* | Definitive Healthcare Corp. Class A | 115,367 | 2,317 |
* | Multiplan Corp. | 647,340 | 2,279 |
* | Health Catalyst Inc. | 165,341 | 1,984 |
* | HealthStream Inc. | 81,293 | 1,799 |
* | GoodRx Holdings Inc. Class A | 238,428 | 1,454 |
* | OptimizeRx Corp. | 54,474 | 864 |
213,557 |
Shares | Market Value• ($000) | ||
Life Sciences Tools & Services (12.6%) | |||
Thermo Fisher Scientific Inc. | 1,329,171 | 724,824 | |
Danaher Corp. | 2,345,298 | 633,019 | |
* | IQVIA Holdings Inc. | 642,649 | 136,666 |
Agilent Technologies Inc. | 1,015,160 | 130,194 | |
* | Illumina Inc. | 533,414 | 107,558 |
* | Mettler-Toledo International Inc. | 77,016 | 93,379 |
West Pharmaceutical Services Inc. | 251,473 | 74,609 | |
* | Waters Corp. | 204,505 | 61,065 |
PerkinElmer Inc. | 428,252 | 57,840 | |
* | Avantor Inc. | 2,071,994 | 51,613 |
Bio-Techne Corp. | 133,289 | 44,227 | |
* | Repligen Corp. | 178,830 | 39,230 |
* | Bio-Rad Laboratories Inc. Class A | 76,014 | 36,870 |
* | Charles River Laboratories International Inc. | 172,513 | 35,408 |
* | Syneos Health Inc. | 348,294 | 20,936 |
Bruker Corp. | 354,762 | 19,867 | |
Azenta Inc. | 254,511 | 13,415 | |
* | Medpace Holdings Inc. | 87,114 | 12,859 |
* | 10X Genomics Inc. Class A | 287,135 | 9,473 |
* | Maravai LifeSciences Holdings Inc. Class A | 380,186 | 7,934 |
* | Sotera Health Co. | 335,088 | 5,666 |
* | Pacific Biosciences of California Inc. | 724,560 | 4,246 |
* | NeoGenomics Inc. | 403,237 | 4,053 |
* | Adaptive Biotechnologies Corp. | 340,273 | 3,035 |
* | Cytek Biosciences Inc. | 227,095 | 2,646 |
*,1 | Bionano Genomics Inc. | 981,851 | 2,435 |
* | NanoString Technologies Inc. | 150,676 | 2,043 |
* | SomaLogic Inc. | 461,954 | 1,700 |
* | Codexis Inc. | 198,313 | 1,390 |
* | Seer Inc. Class A | 131,210 | 1,325 |
* | MaxCyte Inc. | 240,517 | 1,251 |
* | Quanterix Corp. | 117,790 | 1,101 |
*,1 | Quantum-Si Inc. | 290,500 | 906 |
* | Nautilus Biotechnology Inc. | 127,087 | 281 |
2,343,064 | |||
Pharmaceuticals (26.6%) | |||
Johnson & Johnson | 8,934,413 | 1,441,478 | |
Pfizer Inc. | 19,050,902 | 861,672 | |
Eli Lilly & Co. | 2,742,229 | 826,042 | |
Merck & Co. Inc. | 8,585,928 | 732,895 | |
Bristol-Myers Squibb Co. | 7,228,195 | 487,253 | |
Zoetis Inc. | 1,597,883 | 250,117 | |
* | Catalent Inc. | 578,025 | 50,866 |
Royalty Pharma plc Class A | 1,181,934 | 49,417 | |
Viatris Inc. | 4,114,869 | 39,297 | |
* | Jazz Pharmaceuticals plc | 211,516 | 32,832 |
Organon & Co. | 861,578 | 24,581 |
Shares | Market Value• ($000) | ||
* | Elanco Animal Health Inc. (XNYS) | 1,448,948 | 21,923 |
Perrigo Co. plc | 456,524 | 17,083 | |
* | Intra-Cellular Therapies Inc. | 288,269 | 14,488 |
* | Prestige Consumer Healthcare Inc. | 170,620 | 8,630 |
* | Corcept Therapeutics Inc. | 324,588 | 8,381 |
* | Pacira BioSciences Inc. | 154,160 | 8,090 |
* | Arvinas Inc. | 153,477 | 6,498 |
*,1 | Tilray Brands Inc. | 1,690,323 | 6,423 |
* | Axsome Therapeutics Inc. | 99,126 | 6,324 |
* | Supernus Pharmaceuticals Inc. | 181,489 | 6,212 |
* | Revance Therapeutics Inc. | 234,892 | 4,674 |
* | Amphastar Pharmaceuticals Inc. | 132,551 | 3,924 |
* | Harmony Biosciences Holdings Inc. | 80,304 | 3,526 |
*,1 | Cassava Sciences Inc. | 129,019 | 3,320 |
* | Innoviva Inc. | 213,114 | 2,805 |
* | Nektar Therapeutics Class A | 628,267 | 2,475 |
1 | SIGA Technologies Inc. | 151,736 | 2,288 |
* | Reata Pharmaceuticals Inc. Class A | 90,996 | 2,176 |
Shares | Market Value• ($000) | ||
* | Collegium Pharmaceutical Inc. | 107,978 | 1,898 |
* | Atea Pharmaceuticals Inc. | 252,668 | 1,895 |
*,1 | ATAI Life Sciences NV | 406,644 | 1,830 |
* | Theravance Biopharma Inc. | 195,337 | 1,760 |
* | Cara Therapeutics Inc. | 156,661 | 1,617 |
* | NGM Biopharmaceuticals Inc. | 95,143 | 1,342 |
* | Nuvation Bio Inc. | 404,162 | 1,132 |
Phibro Animal Health Corp. Class A | 68,932 | 1,021 | |
* | Fulcrum Therapeutics Inc. | 128,048 | 948 |
* | Ventyx Biosciences Inc. | 42,929 | 876 |
* | Amneal Pharmaceuticals Inc. | 326,699 | 709 |
* | Phathom Pharmaceuticals Inc. | 59,306 | 506 |
* | DICE Therapeutics Inc. | 32,197 | 505 |
4,941,729 | |||
Total Common Stocks (Cost $15,591,502) | 18,554,384 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 2.284% (Cost $34,262) | 342,778 | 34,268 |
Total Investments (100.1%) (Cost $15,625,764) | 18,588,652 | ||
Other Assets and Liabilities—Net (-0.1%) | (16,335) | ||
Net Assets (100.0%) | 18,572,317 | ||
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 $31,741,000. |
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 $34,254,000 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) |
Alnylam Pharmaceuticals Inc. | 8/31/23 | BANA | 5,167 | (0.023) | — | — |
Gilead Sciences Inc. | 8/31/23 | BANA | 12,694 | (2.320) | — | — |
— | — |
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. | |
BANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $15,591,502) | 18,554,384 |
Affiliated Issuers (Cost $34,262) | 34,268 |
Total Investments in Securities | 18,588,652 |
Investment in Vanguard | 705 |
Receivables for Investment Securities Sold | 60,633 |
Receivables for Accrued Income | 26,538 |
Receivables for Capital Shares Issued | 988 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | — |
Total Assets | 18,677,516 |
Liabilities | |
Due to Custodian | 6,396 |
Payables for Investment Securities Purchased | 62,308 |
Collateral for Securities on Loan | 34,254 |
Payables for Capital Shares Redeemed | 1,388 |
Payables to Vanguard | 853 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | — |
Total Liabilities | 105,199 |
Net Assets | 18,572,317 |
1 Includes $31,741 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 16,143,117 |
Total Distributable Earnings (Loss) | 2,429,200 |
Net Assets | 18,572,317 |
ETF Shares—Net Assets | |
Applicable to 68,348,681 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 15,828,533 |
Net Asset Value Per Share—ETF Shares | $231.59 |
Admiral Shares—Net Assets | |
Applicable to 23,685,001 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,743,784 |
Net Asset Value Per Share—Admiral Shares | $115.84 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 264,596 |
Interest1 | 22 |
Securities Lending—Net | 1,436 |
Total Income | 266,054 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,464 |
Management and Administrative— ETF Shares | 14,006 |
Management and Administrative— Admiral Shares | 2,463 |
Marketing and Distribution— ETF Shares | 665 |
Marketing and Distribution— Admiral Shares | 135 |
Custodian Fees | 127 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 421 |
Shareholders’ Reports—Admiral Shares | 29 |
Trustees’ Fees and Expenses | 7 |
Other Expenses | 7 |
Total Expenses | 19,353 |
Net Investment Income | 246,701 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 1,164,141 |
Swap Contracts | (1,941) |
Realized Net Gain (Loss) | 1,162,200 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (3,600,457) |
Swap Contracts | — |
Change in Unrealized Appreciation (Depreciation) | (3,600,457) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,191,556) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $22,000, ($5,000), less than $1,000, and ($4,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $1,370,224,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 246,701 | 201,690 |
Realized Net Gain (Loss) | 1,162,200 | 644,001 |
Change in Unrealized Appreciation (Depreciation) | (3,600,457) | 3,189,757 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,191,556) | 4,035,448 |
Distributions | ||
ETF Shares | (212,391) | (168,926) |
Admiral Shares | (36,855) | (27,075) |
Total Distributions | (249,246) | (196,001) |
Capital Share Transactions | ||
ETF Shares | 1,015,966 | 1,879,063 |
Admiral Shares | 131,473 | 746,601 |
Net Increase (Decrease) from Capital Share Transactions | 1,147,439 | 2,625,664 |
Total Increase (Decrease) | (1,293,363) | 6,465,111 |
Net Assets | ||
Beginning of Period | 19,865,680 | 13,400,569 |
End of Period | 18,572,317 | 19,865,680 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $262.41 | $207.65 | $169.74 | $177.07 | $151.13 |
Investment Operations | |||||
Net Investment Income1 | 3.157 | 2.893 | 2.702 | 3.6002 | 2.194 |
Net Realized and Unrealized Gain (Loss) on Investments | (30.771) | 54.714 | 37.758 | (7.457) | 25.846 |
Total from Investment Operations | (27.614) | 57.607 | 40.460 | (3.857) | 28.040 |
Distributions | |||||
Dividends from Net Investment Income | (3.206) | (2.846) | (2.550) | (3.473) | (2.100) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.206) | (2.846) | (2.550) | (3.473) | (2.100) |
Net Asset Value, End of Period | $231.59 | $262.41 | $207.65 | $169.74 | $177.07 |
Total Return | -10.60% | 27.99% | 24.05% | -2.22% | 18.75% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $15,829 | $16,894 | $11,724 | $8,899 | $8,594 |
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 | 1.27% | 1.25% | 1.45% | 2.12%2 | 1.38% |
Portfolio Turnover Rate3 | 3% | 5% | 7% | 5% | 6% |
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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $131.26 | $103.87 | $84.91 | $88.57 | $75.60 |
Investment Operations | |||||
Net Investment Income1 | 1.583 | 1.450 | 1.351 | 1.8042 | 1.101 |
Net Realized and Unrealized Gain (Loss) on Investments | (15.400) | 27.365 | 18.884 | (3.727) | 12.920 |
Total from Investment Operations | (13.817) | 28.815 | 20.235 | (1.923) | 14.021 |
Distributions | |||||
Dividends from Net Investment Income | (1.603) | (1.425) | (1.275) | (1.737) | (1.051) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.603) | (1.425) | (1.275) | (1.737) | (1.051) |
Net Asset Value, End of Period | $115.84 | $131.26 | $103.87 | $84.91 | $88.57 |
Total Return3 | -10.59% | 28.01% | 24.06% | -2.21% | 18.74% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,744 | $2,972 | $1,676 | $1,316 | $1,248 |
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 | 1.28% | 1.25% | 1.45% | 2.12%2 | 1.38% |
Portfolio Turnover Rate4 | 3% | 5% | 7% | 5% | 6% |
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 | 18,553,637 | 102 | 645 | 18,554,384 |
Temporary Cash Investments | 34,268 | — | — | 34,268 |
Total | 18,587,905 | 102 | 645 | 18,588,652 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | — | — | — |
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 applicable in-kind redemptions, passive foreign investment companies, and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 1,368,487 |
Total Distributable Earnings (Loss) | (1,368,487) |
Amount ($000) | |
Undistributed Ordinary Income | 49,529 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (541,854) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 2,921,525 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 249,246 | 196,001 |
Long-Term Capital Gains | — | — |
Total | 249,246 | 196,001 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 15,667,126 |
Gross Unrealized Appreciation | 4,479,782 |
Gross Unrealized Depreciation | (1,558,257) |
Net Unrealized Appreciation (Depreciation) | 2,921,525 |
E. | During the year ended August 31, 2022, the fund purchased $4,463,033,000 of investment securities and sold $3,323,538,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,532,329,000 and $2,653,143,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 3,682,327 | 14,971 | 3,403,429 | 14,615 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (2,666,361) | (11,000) | (1,524,366) | (6,700) | |
Net Increase (Decrease)—ETF Shares | 1,015,966 | 3,971 | 1,879,063 | 7,915 | |
Admiral Shares | |||||
Issued | 548,361 | 4,414 | 1,140,545 | 9,947 | |
Issued in Lieu of Cash Distributions | 31,635 | 257 | 23,652 | 212 | |
Redeemed | (448,523) | (3,629) | (417,596) | (3,652) | |
Net Increase (Decrease)—Admiral Shares | 131,473 | 1,042 | 746,601 | 6,507 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img4680c28012.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Industrials Index Fund ETF Shares Net Asset Value | -10.62% | 8.11% | 11.91% | $30,820 |
Industrials Index Fund ETF Shares Market Price | -10.60 | 8.11 | 11.91 | 30,805 | |
![]() | MSCI US Investable Market Industrials 25/50 Index | -10.54 | 8.23 | 12.02 | 31,117 |
![]() | MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 33,443 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Industrials Index Fund Admiral Shares | -10.62% | 8.12% | 11.92% | $308,462 | |
MSCI US Investable Market Industrials 25/50 Index | -10.54 | 8.23 | 12.02 | 311,166 | |
MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 334,426 |
One Year | Five Years | Ten Years | |
Industrials Index Fund ETF Shares Market Price | -10.60% | 47.70% | 208.05% |
Industrials Index Fund ETF Shares Net Asset Value | -10.62 | 47.67 | 208.20 |
MSCI US Investable Market Industrials 25/50 Index | -10.54 | 48.47 | 211.17 |
Aerospace & Defense | 17.4% |
Air Freight & Logistics | 6.7 |
Airlines | 2.2 |
Building Products | 6.6 |
Commercial Services & Supplies | 7.6 |
Construction & Engineering | 2.5 |
Electrical Equipment | 7.6 |
Industrial Conglomerates | 7.8 |
Machinery | 19.6 |
Marine | 0.2 |
Professional Services | 6.4 |
Road & Rail | 11.4 |
Trading Companies & Distributors | 4.0 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Aerospace & Defense (17.4%) | |||
Raytheon Technologies Corp. | 1,529,129 | 137,239 | |
Lockheed Martin Corp. | 246,236 | 103,446 | |
* | Boeing Co. | 577,939 | 92,615 |
Northrop Grumman Corp. | 151,840 | 72,578 | |
General Dynamics Corp. | 242,702 | 55,562 | |
L3Harris Technologies Inc. | 174,323 | 39,779 | |
TransDigm Group Inc. | 53,315 | 32,010 | |
Textron Inc. | 221,146 | 13,795 | |
Howmet Aerospace Inc. | 386,976 | 13,711 | |
Huntington Ingalls Industries Inc. | 41,177 | 9,481 | |
HEICO Corp. Class A | 75,172 | 9,215 | |
* | Axon Enterprise Inc. | 69,376 | 8,095 |
HEICO Corp. | 44,971 | 6,849 | |
Curtiss-Wright Corp. | 39,521 | 5,817 | |
Woodward Inc. | 59,254 | 5,515 | |
Hexcel Corp. | 86,440 | 5,071 | |
BWX Technologies Inc. | 93,984 | 4,899 | |
Spirit AeroSystems Holdings Inc. Class A | 108,256 | 3,259 | |
* | Aerojet Rocketdyne Holdings Inc. | 74,202 | 3,196 |
* | Mercury Systems Inc. | 53,402 | 2,570 |
Moog Inc. Class A | 29,664 | 2,224 | |
* | AeroVironment Inc. | 24,356 | 2,159 |
Maxar Technologies Inc. | 75,860 | 1,808 | |
* | Kratos Defense & Security Solutions Inc. | 129,168 | 1,620 |
* | AAR Corp. | 36,319 | 1,557 |
* | Parsons Corp. | 37,211 | 1,540 |
*,1 | Virgin Galactic Holdings Inc. | 211,280 | 1,249 |
* | Triumph Group Inc. | 65,862 | 856 |
Kaman Corp. | 25,738 | 816 | |
* | Rocket Lab USA Inc. | 143,819 | 791 |
* | Ducommun Inc. | 11,638 | 512 |
National Presto Industries Inc. | 5,485 | 374 | |
Cadre Holdings Inc. | 13,379 | 341 | |
* | Aersale Corp. | 15,986 | 308 |
* | Astra Space Inc. | 118,275 | 101 |
640,958 | |||
Air Freight & Logistics (6.7%) | |||
United Parcel Service Inc. Class B | 755,140 | 146,882 | |
FedEx Corp. | 253,164 | 53,370 | |
Expeditors International of Washington Inc. | 172,504 | 17,749 | |
CH Robinson Worldwide Inc. | 130,844 | 14,936 | |
* | GXO Logistics Inc. | 109,791 | 4,873 |
* | Hub Group Inc. Class A | 35,063 | 2,798 |
* | Atlas Air Worldwide Holdings Inc. | 27,535 | 2,751 |
Forward Air Corp. | 27,601 | 2,678 |
Shares | Market Value• ($000) | ||
* | Air Transport Services Group Inc. | 60,933 | 1,836 |
247,873 | |||
Airlines (2.2%) | |||
* | Southwest Airlines Co. | 609,797 | 22,379 |
* | Delta Air Lines Inc. | 659,297 | 20,484 |
* | United Airlines Holdings Inc. | 336,024 | 11,764 |
* | American Airlines Group Inc. | 668,095 | 8,679 |
* | Alaska Air Group Inc. | 129,717 | 5,650 |
* | JetBlue Airways Corp. | 328,432 | 2,558 |
* | Spirit Airlines Inc. | 111,224 | 2,523 |
* | Allegiant Travel Co. | 15,937 | 1,538 |
* | SkyWest Inc. | 51,945 | 1,106 |
* | Hawaiian Holdings Inc. | 52,026 | 780 |
* | Sun Country Airlines Holdings Inc. | 35,926 | 716 |
* | Frontier Group Holdings Inc. | 45,122 | 582 |
* | Wheels Up Experience Inc. | 164,539 | 308 |
* | Blade Air Mobility Inc. | 43,443 | 224 |
79,291 | |||
Building Products (6.6%) | |||
Johnson Controls International plc | 715,368 | 38,730 | |
Trane Technologies plc | 240,480 | 37,051 | |
Carrier Global Corp. | 872,223 | 34,121 | |
Carlisle Cos. Inc. | 53,131 | 15,709 | |
Masco Corp. | 242,584 | 12,340 | |
* | Builders FirstSource Inc. | 177,543 | 10,406 |
Advanced Drainage Systems Inc. | 69,379 | 9,415 | |
Allegion plc | 90,225 | 8,580 | |
Fortune Brands Home & Security Inc. | 134,546 | 8,265 | |
Owens Corning | 99,805 | 8,157 | |
Lennox International Inc. | 33,235 | 7,980 | |
A O Smith Corp. | 133,732 | 7,549 | |
* | Trex Co. Inc. | 116,423 | 5,447 |
UFP Industries Inc. | 64,481 | 5,119 | |
Simpson Manufacturing Co. Inc. | 44,451 | 4,118 | |
Armstrong World Industries Inc. | 48,187 | 4,047 | |
Zurn Elkay Water Solutions Corp. | 129,627 | 3,575 | |
* | Resideo Technologies Inc. | 149,612 | 3,115 |
AAON Inc. | 43,694 | 2,512 | |
* | AZEK Co. Inc. Class A | 119,163 | 2,175 |
CSW Industrials Inc. | 15,271 | 1,933 | |
* | Masonite International Corp. | 22,069 | 1,806 |
* | Gibraltar Industries Inc. | 33,642 | 1,408 |
Griffon Corp. | 43,967 | 1,378 | |
* | PGT Innovations Inc. | 61,986 | 1,297 |
* | JELD-WEN Holding Inc. | 89,731 | 1,001 |
Apogee Enterprises Inc. | 22,872 | 934 |
Shares | Market Value• ($000) | ||
* | American Woodmark Corp. | 17,010 | 882 |
* | Hayward Holdings Inc. | 81,678 | 859 |
* | Janus International Group Inc. | 82,514 | 852 |
Quanex Building Products Corp. | 33,913 | 756 | |
Insteel Industries Inc. | 19,999 | 578 | |
242,095 | |||
Commercial Services & Supplies (7.5%) | |||
Waste Management Inc. | 426,868 | 72,153 | |
Cintas Corp. | 94,686 | 38,522 | |
Waste Connections Inc. (XTSE) | 264,419 | 36,802 | |
Republic Services Inc. Class A | 227,349 | 32,447 | |
* | Copart Inc. | 219,955 | 26,318 |
Rollins Inc. | 227,876 | 7,693 | |
Tetra Tech Inc. | 55,212 | 7,498 | |
* | Clean Harbors Inc. | 53,157 | 6,242 |
* | IAA Inc. | 137,833 | 5,136 |
* | Stericycle Inc. | 94,744 | 4,746 |
MSA Safety Inc. | 38,442 | 4,569 | |
* | Casella Waste Systems Inc. Class A | 52,091 | 4,268 |
ABM Industries Inc. | 68,903 | 3,197 | |
UniFirst Corp. | 15,588 | 2,810 | |
Brink's Co. | 48,370 | 2,674 | |
Brady Corp. Class A | 48,086 | 2,238 | |
MillerKnoll Inc. | 78,334 | 2,168 | |
* | KAR Auction Services Inc. | 124,471 | 1,817 |
* | Driven Brands Holdings Inc. | 51,784 | 1,628 |
HNI Corp. | 43,599 | 1,395 | |
* | CoreCivic Inc. | 125,845 | 1,199 |
Healthcare Services Group Inc. | 75,580 | 1,063 | |
* | GEO Group Inc. | 127,086 | 1,040 |
* | Montrose Environmental Group Inc. | 24,218 | 974 |
Steelcase Inc. Class A | 85,226 | 953 | |
* | ACV Auctions Inc. Class A | 110,519 | 941 |
Deluxe Corp. | 43,958 | 846 | |
* | Viad Corp. | 21,223 | 810 |
* | SP Plus Corp. | 23,973 | 794 |
Matthews International Corp. Class A | 29,025 | 726 | |
Interface Inc. Class A | 60,207 | 672 | |
ACCO Brands Corp. | 98,730 | 585 | |
* | Cimpress plc | 17,303 | 581 |
* | Heritage-Crystal Clean Inc. | 16,446 | 536 |
Pitney Bowes Inc. | 177,729 | 514 | |
VSE Corp. | 11,170 | 467 | |
* | Harsco Corp. | 81,620 | 463 |
* | BrightView Holdings Inc. | 32,975 | 334 |
277,819 | |||
Construction & Engineering (2.5%) | |||
Quanta Services Inc. | 147,739 | 20,875 | |
AECOM | 137,815 | 10,081 |
Shares | Market Value• ($000) | ||
* | WillScot Mobile Mini Holdings Corp. | 228,817 | 9,185 |
MDU Resources Group Inc. | 209,221 | 6,308 | |
EMCOR Group Inc. | 52,547 | 6,249 | |
Valmont Industries Inc. | 21,897 | 6,061 | |
* | MasTec Inc. | 58,610 | 4,718 |
* | Fluor Corp. | 146,002 | 3,860 |
Comfort Systems USA Inc. | 37,015 | 3,714 | |
* | Dycom Industries Inc. | 30,369 | 3,405 |
Arcosa Inc. | 49,545 | 2,896 | |
* | API Group Corp. | 167,926 | 2,611 |
* | Ameresco Inc. Class A | 33,029 | 2,274 |
* | NV5 Global Inc. | 13,577 | 1,911 |
* | MYR Group Inc. | 17,459 | 1,623 |
Granite Construction Inc. | 46,652 | 1,399 | |
* | Construction Partners Inc. Class A | 42,166 | 1,234 |
Primoris Services Corp. | 55,159 | 1,118 | |
* | Sterling Infrastructure Inc. | 31,089 | 786 |
* | Great Lakes Dredge & Dock Corp. | 69,075 | 661 |
Argan Inc. | 15,370 | 532 | |
* | Infrastructure and Energy Alternatives Inc. | 32,152 | 457 |
* | Tutor Perini Corp. | 44,105 | 299 |
* | IES Holdings Inc. | 9,764 | 297 |
92,554 | |||
Electrical Equipment (7.6%) | |||
Eaton Corp. plc | 410,250 | 56,057 | |
Emerson Electric Co. | 610,735 | 49,921 | |
AMETEK Inc. | 237,326 | 28,517 | |
Rockwell Automation Inc. | 119,547 | 28,325 | |
* | Plug Power Inc. | 534,971 | 15,001 |
* | Generac Holdings Inc. | 65,634 | 14,466 |
Hubbell Inc. Class B | 55,160 | 11,379 | |
Regal Rexnord Corp. | 68,873 | 9,476 | |
Sensata Technologies Holding plc | 161,291 | 6,497 | |
* | Sunrun Inc. | 194,467 | 6,423 |
Acuity Brands Inc. | 35,548 | 5,827 | |
nVent Electric plc | 170,971 | 5,635 | |
* | Bloom Energy Corp. Class A | 166,949 | 4,242 |
Vertiv Holdings Co. Class A | 329,392 | 3,798 | |
* | Atkore Inc. | 44,316 | 3,741 |
*,1 | ChargePoint Holdings Inc. | 225,720 | 3,672 |
* | Array Technologies Inc. | 146,733 | 3,067 |
* | Shoals Technologies Group Inc. Class A | 115,620 | 3,049 |
Encore Wire Corp. | 20,276 | 2,638 | |
EnerSys | 41,791 | 2,606 | |
* | SunPower Corp. | 89,597 | 2,150 |
* | Vicor Corp. | 23,079 | 1,642 |
* | Enovix Corp. | 72,596 | 1,606 |
* | FuelCell Energy Inc. | 380,115 | 1,593 |
GrafTech International Ltd. | 215,773 | 1,269 | |
*,1 | FREYR Battery SA | 84,001 | 1,196 |
AZZ Inc. | 25,373 | 1,081 | |
* | Stem Inc. | 62,772 | 987 |
*,1 | Blink Charging Co. | 40,034 | 856 |
* | Fluence Energy Inc. | 40,986 | 818 |
* | TPI Composites Inc. | 38,330 | 713 |
* | Thermon Group Holdings Inc. | 34,561 | 607 |
* | Heliogen Inc. | 107,362 | 258 |
Shares | Market Value• ($000) | ||
* | ESS Tech Inc. | 54,945 | 244 |
279,357 | |||
Industrial Conglomerates (7.8%) | |||
Honeywell International Inc. | 699,928 | 132,531 | |
General Electric Co. | 1,131,741 | 83,115 | |
1 | 3M Co. | 585,154 | 72,764 |
288,410 | |||
Machinery (19.6%) | |||
Deere & Co. | 298,541 | 109,042 | |
Caterpillar Inc. | 548,416 | 101,298 | |
Illinois Tool Works Inc. | 320,220 | 62,389 | |
Parker-Hannifin Corp. | 131,989 | 34,977 | |
Otis Worldwide Corp. | 434,716 | 31,395 | |
PACCAR Inc. | 357,468 | 31,282 | |
Cummins Inc. | 145,083 | 31,247 | |
Fortive Corp. | 350,157 | 22,176 | |
Ingersoll Rand Inc. | 417,213 | 19,763 | |
Dover Corp. | 148,259 | 18,527 | |
Xylem Inc. | 185,193 | 16,871 | |
IDEX Corp. | 78,187 | 15,732 | |
Westinghouse Air Brake Technologies Corp. | 178,381 | 15,635 | |
Stanley Black & Decker Inc. | 155,234 | 13,676 | |
Nordson Corp. | 53,207 | 12,087 | |
Snap-on Inc. | 54,851 | 11,950 | |
Graco Inc. | 173,940 | 11,104 | |
Toro Co. | 107,608 | 8,924 | |
Lincoln Electric Holdings Inc. | 56,721 | 7,753 | |
* | Middleby Corp. | 53,125 | 7,640 |
Pentair plc | 170,137 | 7,571 | |
* | Chart Industries Inc. | 37,652 | 7,299 |
* | RBC Bearings Inc. | 29,692 | 7,146 |
AGCO Corp. | 65,151 | 7,083 | |
Donaldson Co. Inc. | 127,278 | 6,536 | |
ITT Inc. | 85,873 | 6,228 | |
Oshkosh Corp. | 67,708 | 5,400 | |
Crane Holdings Co. | 48,974 | 4,621 | |
* | Evoqua Water Technologies Corp. | 124,699 | 4,374 |
Timken Co. | 68,608 | 4,322 | |
Flowserve Corp. | 134,409 | 4,096 | |
Watts Water Technologies Inc. Class A | 28,225 | 3,910 | |
Allison Transmission Holdings Inc. | 100,037 | 3,627 | |
Franklin Electric Co. Inc. | 40,362 | 3,505 | |
John Bean Technologies Corp. | 32,704 | 3,377 | |
Mueller Industries Inc. | 52,606 | 3,323 | |
Hillenbrand Inc. | 73,775 | 3,074 | |
Albany International Corp. Class A | 32,320 | 2,850 | |
* | SPX Technologies Inc. | 47,038 | 2,684 |
Altra Industrial Motion Corp. | 67,040 | 2,544 | |
Federal Signal Corp. | 62,605 | 2,496 | |
Terex Corp. | 71,058 | 2,361 | |
ESCO Technologies Inc. | 26,622 | 2,168 | |
Kadant Inc. | 11,924 | 2,140 | |
Esab Corp. | 49,131 | 2,019 | |
Trinity Industries Inc. | 81,103 | 1,977 | |
Kennametal Inc. | 80,744 | 1,893 | |
EnPro Industries Inc. | 20,337 | 1,842 | |
Helios Technologies Inc. | 33,604 | 1,836 | |
Mueller Water Products Inc. Class A | 162,224 | 1,830 |
Shares | Market Value• ($000) | ||
Lindsay Corp. | 11,249 | 1,804 | |
Barnes Group Inc. | 49,284 | 1,530 | |
*,1 | Nikola Corp. | 281,727 | 1,510 |
Alamo Group Inc. | 11,008 | 1,439 | |
Enerpac Tool Group Corp. Class A | 62,834 | 1,219 | |
* | Energy Recovery Inc. | 52,483 | 1,204 |
Standex International Corp. | 12,502 | 1,130 | |
* | Gates Industrial Corp. plc | 104,669 | 1,122 |
* | Proterra Inc. | 183,768 | 1,110 |
Tennant Co. | 18,018 | 1,087 | |
* | Proto Labs Inc. | 28,077 | 1,078 |
Greenbrier Cos. Inc. | 33,347 | 951 | |
Columbus McKinnon Corp. | 29,648 | 908 | |
Astec Industries Inc. | 23,293 | 889 | |
Wabash National Corp. | 51,053 | 840 | |
* | Hillman Solutions Corp. | 100,105 | 840 |
Shyft Group Inc. | 34,044 | 815 | |
*,1 | Desktop Metal Inc. Class A | 222,553 | 708 |
Douglas Dynamics Inc. | 23,187 | 675 | |
Gorman-Rupp Co. | 21,565 | 570 | |
Luxfer Holdings plc | 29,010 | 477 | |
REV Group Inc. | 35,727 | 412 | |
* | Hyliion Holdings Corp. | 115,134 | 404 |
* | Manitowoc Co. Inc. | 36,440 | 348 |
* | CIRCOR International Inc. | 19,167 | 312 |
*,1 | Microvast Holdings Inc. | 123,965 | 305 |
Hyster-Yale Materials Handling Inc. | 9,302 | 271 | |
*,1 | Velo3D Inc. | 56,703 | 244 |
* | Blue Bird Corp. | 18,344 | 218 |
* | Markforged Holding Corp. | 86,790 | 211 |
*,1 | Hyzon Motors Inc. | 76,675 | 163 |
* | Hydrofarm Holdings Group Inc. | 31,218 | 106 |
722,500 | |||
Marine (0.2%) | |||
* | Kirby Corp. | 62,009 | 4,158 |
Matson Inc. | 41,805 | 3,079 | |
Genco Shipping & Trading Ltd. | 38,653 | 530 | |
Eagle Bulk Shipping Inc. | 9,777 | 425 | |
8,192 | |||
Professional Services (6.4%) | |||
Verisk Analytics Inc. Class A | 162,352 | 30,386 | |
* | CoStar Group Inc. | 407,422 | 28,373 |
Equifax Inc. | 125,801 | 23,745 | |
Jacobs Solutions Inc. | 132,199 | 16,469 | |
TransUnion | 197,860 | 14,616 | |
Booz Allen Hamilton Holding Corp. Class A | 135,894 | 13,005 | |
Leidos Holdings Inc. | 133,467 | 12,686 | |
Nielsen Holdings plc | 351,303 | 9,780 | |
Robert Half International Inc. | 113,659 | 8,748 | |
KBR Inc. | 143,472 | 6,930 | |
* | CACI International Inc. Class A | 24,068 | 6,760 |
* | FTI Consulting Inc. | 35,439 | 5,692 |
Science Applications International Corp. | 57,382 | 5,226 | |
* | ASGN Inc. | 52,549 | 5,081 |
Exponent Inc. | 53,217 | 4,995 | |
Insperity Inc. | 37,495 | 4,088 | |
ManpowerGroup Inc. | 54,283 | 3,980 | |
* | Clarivate plc | 311,268 | 3,633 |
Shares | Market Value• ($000) | ||
* | TriNet Group Inc. | 41,604 | 3,428 |
Korn Ferry | 55,572 | 3,385 | |
Dun & Bradstreet Holdings Inc. | 200,909 | 2,863 | |
ManTech International Corp. Class A | 28,261 | 2,711 | |
* | CBIZ Inc. | 48,505 | 2,118 |
* | Upwork Inc. | 120,097 | 2,090 |
* | Alight Inc. Class A | 263,223 | 2,074 |
ICF International Inc. | 19,309 | 1,961 | |
* | Sterling Check Corp. | 84,543 | 1,799 |
* | Huron Consulting Group Inc. | 21,962 | 1,469 |
Kforce Inc. | 20,838 | 1,140 | |
* | Planet Labs PBC | 165,385 | 906 |
* | First Advantage Corp. | 54,499 | 754 |
* | TrueBlue Inc. | 33,848 | 695 |
CRA International Inc. | 7,573 | 692 | |
Resources Connection Inc. | 32,282 | 631 | |
Barrett Business Services Inc. | 7,588 | 612 | |
Heidrick & Struggles International Inc. | 20,128 | 573 | |
Kelly Services Inc. Class A | 33,141 | 534 | |
* | Forrester Research Inc. | 11,345 | 472 |
* | Hireright Holdings Corp. | 24,552 | 399 |
* | Skillsoft Corp. | 84,709 | 273 |
235,772 | |||
Road & Rail (11.4%) | |||
Union Pacific Corp. | 646,084 | 145,052 | |
CSX Corp. | 2,235,528 | 70,754 | |
Norfolk Southern Corp. | 245,056 | 59,580 | |
* | Uber Technologies Inc. | 1,514,350 | 43,553 |
Old Dominion Freight Line Inc. | 99,069 | 26,888 | |
JB Hunt Transport Services Inc. | 86,196 | 15,000 | |
Knight-Swift Transportation Holdings Inc. | 159,786 | 8,071 |
Shares | Market Value• ($000) | ||
* | Saia Inc. | 27,158 | 5,617 |
Landstar System Inc. | 38,155 | 5,595 | |
* | XPO Logistics Inc. | 106,463 | 5,581 |
* | Avis Budget Group Inc. | 32,264 | 5,400 |
AMERCO | 10,079 | 5,298 | |
* | Lyft Inc. Class A | 313,366 | 4,616 |
* | Hertz Global Holdings Inc. | 233,017 | 4,302 |
Ryder System Inc. | 52,595 | 4,020 | |
Werner Enterprises Inc. | 59,986 | 2,387 | |
ArcBest Corp. | 25,157 | 2,026 | |
Marten Transport Ltd. | 67,981 | 1,347 | |
Schneider National Inc. Class B | 58,853 | 1,345 | |
Heartland Express Inc. | 60,695 | 920 | |
* | TuSimple Holdings Inc. Class A | 50,750 | 365 |
Universal Logistics Holdings Inc. | 8,318 | 304 | |
* | Daseke Inc. | 41,591 | 252 |
418,273 | |||
Trading Companies & Distributors (3.9%) | |||
Fastenal Co. | 591,825 | 29,787 | |
WW Grainger Inc. | 47,278 | 26,236 | |
* | United Rentals Inc. | 73,626 | 21,502 |
Watsco Inc. | 34,098 | 9,276 | |
* | WESCO International Inc. | 46,908 | 6,177 |
* | SiteOne Landscape Supply Inc. | 46,202 | 5,783 |
* | Univar Solutions Inc. | 174,463 | 4,400 |
Applied Industrial Technologies Inc. | 39,594 | 4,198 | |
Air Lease Corp. Class A | 108,328 | 3,939 | |
Triton International Ltd. | 65,993 | 3,932 | |
MSC Industrial Direct Co. Inc. Class A | 48,609 | 3,850 | |
GATX Corp. | 36,614 | 3,537 | |
* | Beacon Roofing Supply Inc. | 56,497 | 3,102 |
Herc Holdings Inc. | 24,589 | 2,767 | |
Boise Cascade Co. | 40,614 | 2,531 |
Shares | Market Value• ($000) | ||
McGrath RentCorp. | 25,027 | 2,115 | |
Rush Enterprises Inc. Class A | 43,795 | 2,061 | |
* | GMS Inc. | 39,705 | 1,914 |
* | Veritiv Corp. | 14,342 | 1,709 |
* | Core & Main Inc. Class A | 69,192 | 1,631 |
* | NOW Inc. | 114,327 | 1,386 |
H&E Equipment Services Inc. | 33,741 | 1,068 | |
* | MRC Global Inc. | 85,177 | 829 |
* | Titan Machinery Inc. | 20,816 | 641 |
Global Industrial Co. | 17,450 | 525 | |
* | DXP Enterprises Inc. | 16,282 | 433 |
145,329 | |||
Total Common Stocks (Cost $3,904,180) | 3,678,423 | ||
Temporary Cash Investments (2.2%) | |||
Money Market Fund (2.2%) | |||
2,3 | Vanguard Market Liquidity Fund, 2.284% (Cost $81,373) | 813,980 | 81,374 |
Total Investments (102.0%) (Cost $3,985,553) | 3,759,797 | ||
Other Assets and Liabilities—Net (-2.0%) | (73,848) | ||
Net Assets (100.0%) | 3,685,949 | ||
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 $78,749,000. |
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 $81,372,000 was received for securities on loan, of which $81,369,000 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) |
L3Harris Technologies Inc. | 8/31/23 | BANA | 5,477 | (2.320) | 74 | — |
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. | |
BANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $3,904,180) | 3,678,423 |
Affiliated Issuers (Cost $81,373) | 81,374 |
Total Investments in Securities | 3,759,797 |
Investment in Vanguard | 137 |
Cash | 70,682 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 30 |
Receivables for Investment Securities Sold | 14,516 |
Receivables for Accrued Income | 7,942 |
Receivables for Capital Shares Issued | 94 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 74 |
Total Assets | 3,853,272 |
Liabilities | |
Payables for Investment Securities Purchased | 85,643 |
Collateral for Securities on Loan | 81,372 |
Payables for Capital Shares Redeemed | 138 |
Payables to Vanguard | 170 |
Total Liabilities | 167,323 |
Net Assets | 3,685,949 |
1 Includes $78,749 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 4,041,524 |
Total Distributable Earnings (Loss) | (355,575) |
Net Assets | 3,685,949 |
ETF Shares—Net Assets | |
Applicable to 19,692,420 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,460,868 |
Net Asset Value Per Share—ETF Shares | $175.75 |
Admiral Shares—Net Assets | |
Applicable to 2,492,905 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 225,081 |
Net Asset Value Per Share—Admiral Shares | $90.29 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 65,869 |
Interest2 | 14 |
Securities Lending—Net | 338 |
Total Income | 66,221 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 573 |
Management and Administrative— ETF Shares | 3,452 |
Management and Administrative— Admiral Shares | 237 |
Marketing and Distribution— ETF Shares | 230 |
Marketing and Distribution— Admiral Shares | 16 |
Custodian Fees | 17 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 200 |
Shareholders’ Reports—Admiral Shares | 8 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 14 |
Total Expenses | 4,778 |
Net Investment Income | 61,443 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 686,882 |
Futures Contracts | 56 |
Swap Contracts | (34) |
Realized Net Gain (Loss) | 686,904 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (1,300,980) |
Futures Contracts | (37) |
Swap Contracts | 74 |
Change in Unrealized Appreciation (Depreciation) | (1,300,943) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (552,596) |
1 | Dividends are net of foreign withholding taxes of $42,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $14,000, ($2,000), less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $739,323,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 61,443 | 59,796 |
Realized Net Gain (Loss) | 686,904 | 354,722 |
Change in Unrealized Appreciation (Depreciation) | (1,300,943) | 957,314 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (552,596) | 1,371,832 |
Distributions | ||
ETF Shares | (60,577) | (52,853) |
Admiral Shares | (3,978) | (3,611) |
Total Distributions | (64,555) | (56,464) |
Capital Share Transactions | ||
ETF Shares | (1,397,561) | 1,116,320 |
Admiral Shares | (109,475) | 78,505 |
Net Increase (Decrease) from Capital Share Transactions | (1,507,036) | 1,194,825 |
Total Increase (Decrease) | (2,124,187) | 2,510,193 |
Net Assets | ||
Beginning of Period | 5,810,136 | 3,299,943 |
End of Period | 3,685,949 | 5,810,136 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $199.27 | $146.89 | $142.53 | $146.12 | $128.70 |
Investment Operations | |||||
Net Investment Income1 | 2.432 | 2.264 | 2.366 | 2.597 | 2.263 |
Net Realized and Unrealized Gain (Loss) on Investments | (23.486) | 52.318 | 4.554 | (3.754) | 17.412 |
Total from Investment Operations | (21.054) | 54.582 | 6.920 | (1.157) | 19.675 |
Distributions | |||||
Dividends from Net Investment Income | (2.466) | (2.202) | (2.560) | (2.433) | (2.255) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.466) | (2.202) | (2.560) | (2.433) | (2.255) |
Net Asset Value, End of Period | $175.75 | $199.27 | $146.89 | $142.53 | $146.12 |
Total Return | -10.62% | 37.41% | 4.96% | -0.73% | 15.41% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,461 | $5,438 | $3,090 | $3,457 | $3,957 |
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 | 1.29% | 1.25% | 1.69% | 1.87% | 1.62% |
Portfolio Turnover Rate2 | 4% | 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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $102.37 | $75.46 | $73.22 | $75.07 | $66.12 |
Investment Operations | |||||
Net Investment Income1 | 1.240 | 1.162 | 1.221 | 1.340 | 1.154 |
Net Realized and Unrealized Gain (Loss) on Investments | (12.056) | 26.880 | 2.336 | (1.941) | 8.955 |
Total from Investment Operations | (10.816) | 28.042 | 3.557 | (.601) | 10.109 |
Distributions | |||||
Dividends from Net Investment Income | (1.264) | (1.132) | (1.317) | (1.249) | (1.159) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.264) | (1.132) | (1.317) | (1.249) | (1.159) |
Net Asset Value, End of Period | $90.29 | $102.37 | $75.46 | $73.22 | $75.07 |
Total Return2 | -10.62% | 37.43% | 4.98% | -0.75% | 15.41% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $225 | $372 | $210 | $202 | $213 |
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 | 1.27% | 1.25% | 1.71% | 1.87% | 1.62% |
Portfolio Turnover Rate3 | 4% | 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. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 3,678,423 | — | — | 3,678,423 |
Temporary Cash Investments | 81,374 | — | — | 81,374 |
Total | 3,759,797 | — | — | 3,759,797 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 74 | — | 74 |
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 applicable in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 738,666 |
Total Distributable Earnings (Loss) | (738,666) |
Amount ($000) | |
Undistributed Ordinary Income | 14,028 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (133,026) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (236,577) |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 64,555 | 56,464 |
Long-Term Capital Gains | — | — |
Total | 64,555 | 56,464 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,996,374 |
Gross Unrealized Appreciation | 432,674 |
Gross Unrealized Depreciation | (669,251) |
Net Unrealized Appreciation (Depreciation) | (236,577) |
E. | During the year ended August 31, 2022, the fund purchased $1,018,004,000 of investment securities and sold $2,525,834,000 of investment securities, other than temporary cash investments. Purchases and sales include $808,701,000 and $2,252,656,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 858,213 | 4,528 | 2,002,840 | 10,975 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (2,255,774) | (12,125) | (886,520) | (4,725) | |
Net Increase (Decrease)—ETF Shares | (1,397,561) | (7,597) | 1,116,320 | 6,250 | |
Admiral Shares | |||||
Issued | 89,996 | 911 | 203,805 | 2,209 | |
Issued in Lieu of Cash Distributions | 3,384 | 35 | 3,138 | 36 | |
Redeemed | (202,855) | (2,091) | (128,438) | (1,384) | |
Net Increase (Decrease)—Admiral Shares | (109,475) | (1,145) | 78,505 | 861 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/imgce39a53913.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Information Technology Index Fund ETF Shares Net Asset Value | -17.50% | 19.43% | 18.39% | $54,095 |
Information Technology Index Fund ETF Shares Market Price | -17.51 | 19.42 | 18.38 | 54,060 | |
![]() | Information Technology Spliced Index | -17.38 | 19.58 | 18.53 | 54,729 |
![]() | MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 33,443 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Information Technology Index Fund Admiral Shares | -17.50% | 19.44% | 18.40% | $541,534 | |
Information Technology Spliced Index | -17.38 | 19.58 | 18.53 | 547,290 | |
MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 334,426 |
One Year | Five Years | Ten Years | |
Information Technology Index Fund ETF Shares Market Price | -17.51% | 142.90% | 440.60% |
Information Technology Index Fund ETF Shares Net Asset Value | -17.50 | 142.98 | 440.95 |
Information Technology Spliced Index | -17.38 | 144.48 | 447.29 |
Communications Equipment | 3.1% |
Electronic Equipment, Instruments & Components | 3.5 |
IT Services | 16.9 |
Semiconductors & Semiconductor Equipment | 18.5 |
Software | 34.2 |
Technology Hardware, Storage & Peripherals | 23.8 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Communications Equipment (3.1%) | |||
Cisco Systems Inc. | 19,938,631 | 891,656 | |
Motorola Solutions Inc. | 815,363 | 198,468 | |
* | Arista Networks Inc. | 1,207,827 | 144,794 |
* | F5 Inc. | 308,607 | 48,470 |
Juniper Networks Inc. | 1,656,709 | 47,084 | |
* | Ciena Corp. | 786,622 | 39,913 |
* | Lumentum Holdings Inc. | 365,256 | 30,517 |
* | Calix Inc. | 333,612 | 19,633 |
* | Viavi Solutions Inc. | 1,295,166 | 18,236 |
* | CommScope Holding Co. Inc. | 1,288,310 | 14,558 |
* | NetScout Systems Inc. | 450,264 | 14,291 |
* | ViaSat Inc. | 352,578 | 13,391 |
* | Extreme Networks Inc. | 856,581 | 12,275 |
Adtran Holdings Inc. | 477,265 | 11,092 | |
* | Harmonic Inc. | 780,024 | 8,783 |
* | Digi International Inc. | 259,934 | 8,606 |
* | Infinera Corp. | 1,493,575 | 8,185 |
* | NETGEAR Inc. | 262,955 | 6,203 |
* | Ribbon Communications Inc. | 1,255,034 | 4,405 |
* | Casa Systems Inc. | 813,254 | 3,155 |
1,543,715 | |||
Electronic Equipment, Instruments & Components (3.5%) | |||
Amphenol Corp. Class A | 2,905,678 | 213,655 | |
TE Connectivity Ltd. | 1,569,587 | 198,098 | |
* | Keysight Technologies Inc. | 891,252 | 146,067 |
Corning Inc. | 3,938,034 | 135,153 | |
CDW Corp. | 665,207 | 113,551 | |
* | Teledyne Technologies Inc. | 232,753 | 85,737 |
* | Zebra Technologies Corp. Class A | 261,630 | 78,918 |
* | Trimble Inc. | 1,245,555 | 78,781 |
* | Flex Ltd. | 2,366,249 | 42,143 |
Jabil Inc. | 693,756 | 41,833 | |
Cognex Corp. | 902,315 | 37,996 | |
* | Arrow Electronics Inc. | 349,656 | 36,647 |
* | II-VI Inc. | 675,572 | 31,907 |
Littelfuse Inc. | 131,503 | 31,195 | |
National Instruments Corp. | 703,738 | 27,981 | |
* | Novanta Inc. | 192,032 | 25,673 |
* | Rogers Corp. | 102,088 | 25,575 |
Avnet Inc. | 538,797 | 23,648 | |
TD SYNNEX Corp. | 237,716 | 22,887 | |
* | Fabrinet | 204,313 | 21,012 |
Vontier Corp. | 906,050 | 19,861 | |
Advanced Energy Industries Inc. | 213,408 | 19,162 | |
* | IPG Photonics Corp. | 205,988 | 18,660 |
* | Insight Enterprises Inc. | 201,144 | 18,328 |
* | Sanmina Corp. | 353,812 | 17,167 |
Belden Inc. | 257,655 | 16,871 | |
Badger Meter Inc. | 171,633 | 16,252 | |
* | Plexus Corp. | 166,057 | 15,565 |
Shares | Market Value• ($000) | ||
Vishay Intertechnology Inc. | 781,049 | 15,363 | |
* | Itron Inc. | 279,102 | 13,280 |
* | TTM Technologies Inc. | 651,401 | 10,247 |
Methode Electronics Inc. | 251,101 | 10,160 | |
CTS Corp. | 226,604 | 9,590 | |
* | Knowles Corp. | 631,689 | 9,570 |
* | OSI Systems Inc. | 110,968 | 9,246 |
* | ePlus Inc. | 187,778 | 8,848 |
* | Mirion Technologies Inc. | 1,048,597 | 7,938 |
* | Napco Security Technologies Inc. | 265,691 | 7,880 |
Benchmark Electronics Inc. | 280,148 | 7,690 | |
* | PAR Technology Corp. | 212,509 | 7,480 |
*,1 | MicroVision Inc. | 1,437,709 | 6,959 |
*,1 | Lightwave Logic Inc. | 845,666 | 6,740 |
* | ScanSource Inc. | 212,514 | 6,157 |
* | FARO Technologies Inc. | 174,075 | 5,840 |
* | nLight Inc. | 467,088 | 5,834 |
PC Connection Inc. | 116,927 | 5,809 | |
* | Arlo Technologies Inc. | 892,476 | 5,435 |
* | 908 Devices Inc. | 254,097 | 5,120 |
* | Aeva Technologies Inc. | 1,530,865 | 4,715 |
* | SmartRent Inc. | 1,283,616 | 4,146 |
*,1 | Focus Universal Inc. | 335,485 | 3,606 |
* | AEye Inc. | 1,962,446 | 3,022 |
* | Ouster Inc. | 1,333,433 | 2,000 |
1,742,998 | |||
IT Services (16.9%) | |||
Visa Inc. Class A | 7,435,651 | 1,477,538 | |
Mastercard Inc. Class A | 4,176,777 | 1,354,821 | |
Accenture plc Class A | 3,049,918 | 879,779 | |
International Business Machines Corp. | 4,339,491 | 557,408 | |
* | PayPal Holdings Inc. | 5,312,575 | 496,407 |
Automatic Data Processing Inc. | 2,028,081 | 495,683 | |
* | Fiserv Inc. | 2,975,930 | 301,134 |
Fidelity National Information Services Inc. | 2,962,810 | 270,712 | |
* | Snowflake Inc. Class A | 1,089,127 | 197,078 |
Paychex Inc. | 1,582,153 | 195,143 | |
* | Block Inc. (XNYS) | 2,532,345 | 174,504 |
Global Payments Inc. | 1,374,947 | 170,810 | |
Cognizant Technology Solutions Corp. Class A | 2,547,248 | 160,910 | |
* | EPAM Systems Inc. | 281,414 | 120,023 |
* | Gartner Inc. | 396,764 | 113,205 |
* | MongoDB Inc. Class A | 336,010 | 108,484 |
Broadridge Financial Solutions Inc. | 580,529 | 99,369 | |
* | VeriSign Inc. | 488,816 | 89,072 |
* | Cloudflare Inc. Class A | 1,260,940 | 78,897 |
* | FleetCor Technologies Inc. | 369,126 | 78,450 |
* | Akamai Technologies Inc. | 801,855 | 72,391 |
Shares | Market Value• ($000) | ||
Jack Henry & Associates Inc. | 365,127 | 70,177 | |
* | Okta Inc. | 756,276 | 69,124 |
SS&C Technologies Holdings Inc. | 1,152,128 | 64,243 | |
* | GoDaddy Inc. Class A | 815,167 | 61,806 |
* | Twilio Inc. Class A | 866,292 | 60,277 |
* | WEX Inc. | 234,837 | 36,224 |
* | DXC Technology Co. | 1,228,662 | 30,446 |
Western Union Co. | 2,044,591 | 30,301 | |
Concentrix Corp. | 237,523 | 29,876 | |
* | ExlService Holdings Inc. | 177,513 | 29,771 |
Switch Inc. Class A | 742,475 | 25,207 | |
* | Euronet Worldwide Inc. | 274,032 | 24,296 |
*,1 | Affirm Holdings Inc. | 1,025,047 | 24,017 |
* | Toast Inc. Class A | 1,123,684 | 21,271 |
Maximus Inc. | 344,357 | 20,865 | |
* | Marqeta Inc. Class A | 2,182,622 | 17,003 |
* | Perficient Inc. | 203,914 | 15,926 |
* | Shift4 Payments Inc. Class A | 313,912 | 14,217 |
* | Sabre Corp. | 1,917,726 | 13,788 |
* | Verra Mobility Corp. Class A | 864,520 | 13,780 |
EVERTEC Inc. | 383,390 | 12,882 | |
* | DigitalOcean Holdings Inc. | 293,196 | 12,341 |
CSG Systems International Inc. | 208,595 | 12,067 | |
* | Kyndryl Holdings Inc. | 1,143,680 | 11,917 |
* | Evo Payments Inc. Class A | 323,710 | 10,786 |
* | Payoneer Global Inc. | 1,486,561 | 9,841 |
* | Fastly Inc. Class A | 827,463 | 7,737 |
TTEC Holdings Inc. | 146,250 | 7,656 | |
* | Remitly Global Inc. | 688,761 | 7,576 |
* | BigCommerce Holdings Inc. Series 1 | 450,763 | 7,514 |
* | Grid Dynamics Holdings Inc. | 363,248 | 7,341 |
* | Flywire Corp. | 267,884 | 6,660 |
* | Repay Holdings Corp. Class A | 716,801 | 6,659 |
* | Squarespace Inc. Class A | 303,597 | 6,376 |
* | Conduent Inc. | 1,550,999 | 6,344 |
* | International Money Express Inc. | 280,716 | 6,288 |
* | Unisys Corp. | 636,500 | 5,926 |
* | I3 Verticals Inc. Class A | 240,262 | 5,612 |
* | Paya Holdings Inc. | 870,320 | 5,457 |
Hackett Group Inc. | 260,131 | 5,340 | |
Cass Information Systems Inc. | 143,960 | 5,280 | |
* | Tucows Inc. Class A | 109,174 | 5,130 |
* | TaskUS Inc. Class A | 334,138 | 4,972 |
* | AvidXchange Holdings Inc. | 611,823 | 4,766 |
* | SolarWinds Corp. | 509,523 | 4,621 |
* | Rackspace Technology Inc. | 835,037 | 3,724 |
Shares | Market Value• ($000) | ||
* | Paymentus Holdings Inc. Class A | 294,255 | 3,505 |
8,358,751 | |||
Semiconductors & Semiconductor Equipment (18.5%) | |||
NVIDIA Corp. | 12,035,317 | 1,816,611 | |
Broadcom Inc. | 1,960,022 | 978,267 | |
Texas Instruments Inc. | 4,443,508 | 734,112 | |
QUALCOMM Inc. | 5,396,588 | 713,807 | |
* | Advanced Micro Devices Inc. | 7,822,664 | 663,909 |
Intel Corp. | 19,713,722 | 629,262 | |
Applied Materials Inc. | 4,227,103 | 397,644 | |
Analog Devices Inc. | 2,513,486 | 380,869 | |
Micron Technology Inc. | 5,411,375 | 305,905 | |
Lam Research Corp. | 672,351 | 294,429 | |
KLA Corp. | 724,705 | 249,393 | |
NXP Semiconductors NV | 1,277,628 | 210,272 | |
Marvell Technology Inc. | 4,138,326 | 193,756 | |
* | Enphase Energy Inc. | 659,166 | 188,811 |
Microchip Technology Inc. | 2,705,751 | 176,550 | |
* | ON Semiconductor Corp. | 2,128,826 | 146,399 |
Monolithic Power Systems Inc. | 218,828 | 99,168 | |
Skyworks Solutions Inc. | 801,493 | 78,987 | |
* | SolarEdge Technologies Inc. | 276,330 | 76,259 |
Entegris Inc. | 744,597 | 70,647 | |
* | Wolfspeed Inc. | 622,066 | 70,586 |
Teradyne Inc. | 801,417 | 67,832 | |
* | First Solar Inc. | 487,698 | 62,206 |
* | Qorvo Inc. | 539,259 | 48,415 |
* | Lattice Semiconductor Corp. | 712,091 | 38,382 |
MKS Instruments Inc. | 315,908 | 31,468 | |
Universal Display Corp. | 241,358 | 26,967 | |
* | Silicon Laboratories Inc. | 198,399 | 24,865 |
* | Synaptics Inc. | 213,373 | 24,668 |
* | Cirrus Logic Inc. | 305,784 | 23,451 |
Power Integrations Inc. | 319,452 | 22,850 | |
* | Onto Innovation Inc. | 277,516 | 19,701 |
* | Diodes Inc. | 256,765 | 18,274 |
* | Semtech Corp. | 363,922 | 16,810 |
* | Rambus Inc. | 642,240 | 16,563 |
* | MACOM Technology Solutions Holdings Inc. Class H | 287,040 | 15,830 |
* | MaxLinear Inc. | 433,732 | 15,584 |
Kulicke & Soffa Industries Inc. | 350,179 | 14,722 | |
* | Ambarella Inc. | 210,186 | 14,267 |
* | FormFactor Inc. | 468,024 | 13,704 |
Amkor Technology Inc. | 672,496 | 13,537 | |
* | Axcelis Technologies Inc. | 200,959 | 13,452 |
* | Impinj Inc. | 137,134 | 12,243 |
* | Sitime Corp. | 101,542 | 10,805 |
* | Allegro MicroSystems Inc. | 444,135 | 10,357 |
* | Cohu Inc. | 341,802 | 9,171 |
* | Ultra Clean Holdings Inc. | 312,610 | 9,150 |
* | Veeco Instruments Inc. | 385,821 | 8,156 |
* | Photronics Inc. | 429,752 | 7,220 |
* | Alpha & Omega Semiconductor Ltd. | 185,786 | 7,182 |
* | SMART Global Holdings Inc. | 382,526 | 7,019 |
Shares | Market Value• ($000) | ||
* | Ichor Holdings Ltd. | 227,988 | 7,004 |
* | PDF Solutions Inc. | 258,501 | 6,819 |
* | ACM Research Inc. Class A | 397,911 | 6,721 |
*,1 | indie Semiconductor Inc. Class A | 751,542 | 6,396 |
* | CEVA Inc. | 209,180 | 6,123 |
* | Magnachip Semiconductor Corp. | 467,916 | 5,475 |
*,1 | Navitas Semiconductor Corp. | 710,204 | 4,197 |
9,143,229 | |||
Software (34.1%) | |||
Microsoft Corp. | 34,110,727 | 8,918,932 | |
* | Adobe Inc. | 2,275,113 | 849,618 |
* | Salesforce Inc. | 4,787,341 | 747,400 |
Oracle Corp. | 7,723,334 | 572,685 | |
Intuit Inc. | 1,292,889 | 558,244 | |
* | ServiceNow Inc. | 968,698 | 421,016 |
* | Palo Alto Networks Inc. | 484,330 | 269,680 |
* | Synopsys Inc. | 742,844 | 257,039 |
* | Cadence Design Systems Inc. | 1,340,226 | 232,891 |
* | Autodesk Inc. | 1,058,141 | 213,469 |
Roper Technologies Inc. | 515,590 | 207,566 | |
* | Crowdstrike Holdings Inc. Class A | 989,338 | 180,663 |
* | Fortinet Inc. | 3,335,784 | 162,419 |
* | Workday Inc. Class A | 973,832 | 160,254 |
* | Trade Desk Inc. Class A | 2,169,754 | 136,044 |
* | Datadog Inc. Class A | 1,184,801 | 124,345 |
VMware Inc. Class A | 1,037,154 | 120,341 | |
* | ANSYS Inc. | 429,102 | 106,546 |
* | Zoom Video Communications Inc. Class A | 1,118,930 | 89,962 |
* | Paycom Software Inc. | 254,167 | 89,263 |
* | Tyler Technologies Inc. | 206,983 | 76,896 |
* | HubSpot Inc. | 226,767 | 76,430 |
* | Bill.com Holdings Inc. | 468,468 | 75,836 |
* | Splunk Inc. | 801,093 | 72,122 |
* | Zscaler Inc. | 425,242 | 67,716 |
NortonLifeLock Inc. | 2,917,869 | 65,915 | |
Citrix Systems Inc. | 638,186 | 65,586 | |
* | PTC Inc. | 559,723 | 64,307 |
* | Palantir Technologies Inc. Class A | 8,312,065 | 64,169 |
* | Fair Isaac Corp. | 130,894 | 58,824 |
* | DocuSign Inc. Class A | 1,007,246 | 58,642 |
* | Black Knight Inc. | 795,419 | 52,625 |
* | Zendesk Inc. | 629,320 | 48,313 |
* | Paylocity Holding Corp. | 197,407 | 47,575 |
* | Manhattan Associates Inc. | 324,075 | 45,779 |
*,1 | Unity Software Inc. | 989,586 | 42,275 |
* | Ceridian HCM Holding Inc. | 707,969 | 42,223 |
* | Avalara Inc. | 456,014 | 41,766 |
* | Dynatrace Inc. | 1,043,228 | 39,830 |
Bentley Systems Inc. Class B | 1,007,928 | 37,062 | |
* | Five9 Inc. | 362,647 | 35,579 |
* | Elastic NV | 398,301 | 33,421 |
* | Dropbox Inc. Class A | 1,540,731 | 32,956 |
* | Aspen Technology Inc. | 143,702 | 30,264 |
* | Guidewire Software Inc. | 421,860 | 30,252 |
* | Mandiant Inc. | 1,269,865 | 29,029 |
* | Qualys Inc. | 188,268 | 28,598 |
Shares | Market Value• ($000) | ||
Dolby Laboratories Inc. Class A | 351,370 | 25,734 | |
* | SentinelOne Inc. Class A | 922,949 | 25,206 |
* | SPS Commerce Inc. | 197,536 | 24,123 |
* | Tenable Holdings Inc. | 606,960 | 24,042 |
* | Coupa Software Inc. | 406,802 | 23,757 |
* | NCR Corp. | 751,826 | 23,344 |
* | Smartsheet Inc. Class A | 677,478 | 22,540 |
* | Blackline Inc. | 314,596 | 21,374 |
* | Nutanix Inc. Class A | 1,232,611 | 21,324 |
* | Alteryx Inc. Class A | 340,627 | 21,228 |
* | New Relic Inc. | 338,832 | 20,571 |
* | Box Inc. Class A | 792,245 | 20,400 |
* | RingCentral Inc. Class A | 456,510 | 19,648 |
* | Teradata Corp. | 592,014 | 19,477 |
* | Rapid7 Inc. | 330,042 | 18,977 |
* | Verint Systems Inc. | 373,151 | 18,094 |
* | Alarm.com Holdings Inc. | 271,484 | 18,081 |
* | Workiva Inc. Class A | 264,203 | 17,937 |
* | Varonis Systems Inc. Class B | 633,705 | 17,332 |
* | AppLovin Corp. Class A | 691,828 | 17,040 |
* | Confluent Inc. Class A | 622,663 | 17,036 |
* | Sprout Social Inc. Class A | 275,035 | 16,513 |
* | Altair Engineering Inc. Class A | 307,261 | 15,981 |
* | ACI Worldwide Inc. | 648,627 | 15,372 |
* | Envestnet Inc. | 279,669 | 14,646 |
* | Gitlab Inc. Class A | 244,120 | 14,615 |
* | Blackbaud Inc. | 271,908 | 14,221 |
* | UiPath Inc. Class A | 840,962 | 13,834 |
* | Q2 Holdings Inc. | 347,460 | 13,801 |
* | CommVault Systems Inc. | 246,235 | 13,368 |
Progress Software Corp. | 272,313 | 13,106 | |
* | PagerDuty Inc. | 501,393 | 13,056 |
*,1 | MicroStrategy Inc. Class A | 55,936 | 12,953 |
* | Ping Identity Holding Corp. | 460,132 | 12,948 |
* | Appfolio Inc. Class A | 120,942 | 12,261 |
* | nCino Inc. | 358,758 | 11,315 |
* | Everbridge Inc. | 281,509 | 11,198 |
Xperi Holding Corp. | 691,153 | 10,996 | |
* | Appian Corp. Class A | 232,132 | 10,887 |
* | Digital Turbine Inc. | 589,441 | 10,887 |
InterDigital Inc. | 205,568 | 10,311 | |
Pegasystems Inc. | 277,104 | 10,145 | |
* | Procore Technologies Inc. | 183,701 | 10,030 |
* | KnowBe4 Inc. Class A | 503,562 | 9,678 |
* | C3.ai Inc. Class A | 529,538 | 9,532 |
* | LiveRamp Holdings Inc. | 472,695 | 9,383 |
* | Freshworks Inc. Class A | 677,639 | 9,223 |
* | Agilysys Inc. | 172,877 | 8,950 |
*,1 | HashiCorp Inc. Class A | 253,078 | 8,946 |
* | E2open Parent Holdings Inc. | 1,287,651 | 8,846 |
*,1 | Marathon Digital Holdings Inc. | 723,947 | 8,579 |
* | Asana Inc. Class A | 444,758 | 8,517 |
*,1 | Samsara Inc. Class A | 545,562 | 8,113 |
* | DoubleVerify Holdings Inc. | 313,699 | 8,109 |
* | Braze Inc. Class A | 195,921 | 8,068 |
* | Paycor HCM Inc. | 269,698 | 7,991 |
* | JFrog Ltd. | 373,410 | 7,898 |
* | Model N Inc. | 262,268 | 7,842 |
Shares | Market Value• ($000) | ||
* | Qualtrics International Inc. Class A | 631,173 | 7,732 |
*,1 | Matterport Inc. | 1,662,342 | 7,663 |
*,1 | Riot Blockchain Inc. | 1,044,626 | 7,490 |
* | Duck Creek Technologies Inc. | 621,393 | 7,395 |
* | Momentive Global Inc. | 1,038,713 | 7,365 |
* | Consensus Cloud Solutions Inc. | 145,725 | 7,337 |
* | Jamf Holding Corp. | 297,257 | 7,119 |
* | Zuora Inc. Class A | 926,322 | 7,114 |
* | Sumo Logic Inc. | 805,379 | 7,071 |
A10 Networks Inc. | 508,371 | 7,066 | |
* | Zeta Global Holdings Corp. Class A | 1,006,461 | 7,045 |
* | LivePerson Inc. | 599,178 | 6,950 |
* | Informatica Inc. Class A | 310,889 | 6,861 |
* | Cerence Inc. | 342,450 | 6,852 |
* | PROS Holdings Inc. | 327,575 | 6,830 |
Ebix Inc. | 249,284 | 6,486 | |
* | Amplitude Inc. Class A | 426,470 | 6,461 |
* | Olo Inc. Class A | 810,818 | 6,333 |
* | Sprinklr Inc. Class A | 532,265 | 6,313 |
* | Clear Secure Inc. Class A | 265,308 | 6,086 |
* | 8x8 Inc. | 1,132,639 | 5,901 |
* | Vertex Inc. Class A | 431,061 | 5,897 |
* | BTRS Holdings Inc. Class A | 831,197 | 5,619 |
American Software Inc. Class A | 320,481 | 5,426 | |
* | N-Able Inc. | 529,954 | 5,278 |
* | SEMrush Holdings Inc. Class A | 428,623 | 5,259 |
* | Yext Inc. | 1,180,309 | 5,252 |
* | Mitek Systems Inc. | 509,760 | 5,210 |
* | Clearwater Analytics Holdings Inc. Class A | 336,519 | 5,182 |
Shares | Market Value• ($000) | ||
* | ChannelAdvisor Corp. | 334,039 | 5,041 |
* | Domo Inc. Class B | 256,989 | 4,950 |
* | AvePoint Inc. | 1,025,508 | 4,799 |
* | OneSpan Inc. | 415,581 | 4,783 |
* | MeridianLink Inc. | 271,731 | 4,720 |
*,1 | Digimarc Corp. | 257,994 | 4,597 |
* | Telos Corp. | 458,384 | 4,538 |
*,1 | Veritone Inc. | 611,334 | 4,493 |
* | Upland Software Inc. | 428,994 | 4,492 |
* | Couchbase Inc. | 266,099 | 4,415 |
* | Alkami Technology Inc. | 298,041 | 4,322 |
* | Rimini Street Inc. | 829,482 | 4,181 |
* | ON24 Inc. | 449,732 | 4,030 |
* | Expensify Inc. Class A | 216,323 | 3,922 |
* | CS Disco Inc. | 280,532 | 3,871 |
* | Enfusion Inc. Class A | 298,861 | 3,703 |
* | Intapp Inc. | 238,498 | 3,456 |
* | WM Technology Inc. | 1,318,956 | 3,456 |
*,1 | Avaya Holdings Corp. | 1,647,487 | 2,620 |
* | SecureWorks Corp. Class A | 213,940 | 2,225 |
* | Latch Inc. | 1,946,106 | 2,082 |
* | Cipher Mining Inc. | 950,127 | 1,910 |
* | Embark Technology Inc. | 158,751 | 1,445 |
* | Terawulf Inc. | 401,475 | 598 |
16,908,993 | |||
Technology Hardware, Storage & Peripherals (23.7%) | |||
Apple Inc. | 70,850,953 | 11,139,187 | |
HP Inc. | 5,147,590 | 147,787 | |
Hewlett Packard Enterprise Co. | 6,451,994 | 87,747 | |
NetApp Inc. | 1,110,477 | 80,099 | |
Seagate Technology Holdings plc | 1,018,968 | 68,230 | |
* | Western Digital Corp. | 1,569,148 | 66,312 |
Dell Technologies Inc. Class C | 1,387,757 | 53,137 |
Shares | Market Value• ($000) | ||
* | Pure Storage Inc. Class A | 1,463,745 | 42,405 |
* | Super Micro Computer Inc. | 269,363 | 17,530 |
Xerox Holdings Corp. | 727,127 | 12,085 | |
* | 3D Systems Corp. | 909,349 | 9,212 |
* | Avid Technology Inc. | 290,321 | 7,940 |
* | Corsair Gaming Inc. | 381,331 | 5,869 |
*,1 | IonQ Inc. | 951,779 | 5,653 |
11,743,193 | |||
Total Common Stocks (Cost $38,629,891) | 49,440,879 | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
2,3 | Vanguard Market Liquidity Fund, 2.284% (Cost $119,619) | 1,196,799 | 119,644 |
Total Investments (100.0%) (Cost $38,749,510) | 49,560,523 | ||
Other Assets and Liabilities—Net (0.0%) | (8,169) | ||
Net Assets (100.0%) | 49,552,354 | ||
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 $44,543,000. |
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 $46,909,000 was received for securities on loan, of which $46,882,000 is held in Vanguard Market Liquidity Fund and $27,000 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 2022 | 43 | 10,565 | (1,110) |
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 | 8/31/23 | BANA | 99,355 | (2.220) | — | — |
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. | |
BANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $38,629,891) | 49,440,879 |
Affiliated Issuers (Cost $119,619) | 119,644 |
Total Investments in Securities | 49,560,523 |
Investment in Vanguard | 1,886 |
Cash | 27 |
Cash Collateral Pledged—Futures Contracts | 650 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 5,370 |
Receivables for Investment Securities Sold | 850,023 |
Receivables for Accrued Income | 51,528 |
Receivables for Capital Shares Issued | 3,093 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | — |
Total Assets | 50,473,100 |
Liabilities | |
Due to Custodian | 1,023 |
Payables for Investment Securities Purchased | 854,592 |
Collateral for Securities on Loan | 46,909 |
Payables for Capital Shares Redeemed | 15,826 |
Payables to Vanguard | 2,333 |
Variation Margin Payable—Futures Contracts | 63 |
Total Liabilities | 920,746 |
Net Assets | 49,552,354 |
1 Includes $44,543 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 39,758,044 |
Total Distributable Earnings (Loss) | 9,794,310 |
Net Assets | 49,552,354 |
ETF Shares—Net Assets | |
Applicable to 124,725,621 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 43,558,077 |
Net Asset Value Per Share—ETF Shares | $349.23 |
Admiral Shares—Net Assets | |
Applicable to 33,520,777 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,994,277 |
Net Asset Value Per Share—Admiral Shares | $178.82 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 472,905 |
Interest2 | 827 |
Securities Lending—Net | 1,621 |
Total Income | 475,353 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,712 |
Management and Administrative— ETF Shares | 44,383 |
Management and Administrative— Admiral Shares | 6,235 |
Marketing and Distribution— ETF Shares | 1,901 |
Marketing and Distribution— Admiral Shares | 374 |
Custodian Fees | 116 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 784 |
Shareholders’ Reports—Admiral Shares | 49 |
Trustees’ Fees and Expenses | 22 |
Other Expenses | 8 |
Total Expenses | 55,613 |
Expenses Paid Indirectly | (3) |
Net Expenses | 55,610 |
Net Investment Income | 419,743 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 6,488,545 |
Futures Contracts | 2,552 |
Swap Contracts | (14,753) |
Realized Net Gain (Loss) | 6,476,344 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (17,432,349) |
Futures Contracts | (3,906) |
Swap Contracts | (160) |
Change in Unrealized Appreciation (Depreciation) | (17,436,415) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (10,540,328) |
1 | Dividends are net of foreign withholding taxes of $527,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $817,000, ($34,000), $2,000, and ($19,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $7,263,796,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 419,743 | 352,311 |
Realized Net Gain (Loss) | 6,476,344 | 3,384,056 |
Change in Unrealized Appreciation (Depreciation) | (17,436,415) | 9,675,338 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (10,540,328) | 13,411,705 |
Distributions | ||
ETF Shares | (362,859) | (306,828) |
Admiral Shares | (51,539) | (42,093) |
Total Distributions | (414,398) | (348,921) |
Capital Share Transactions | ||
ETF Shares | 1,913,376 | 1,067,107 |
Admiral Shares | 54,602 | 549,053 |
Net Increase (Decrease) from Capital Share Transactions | 1,967,978 | 1,616,160 |
Total Increase (Decrease) | (8,986,748) | 14,678,944 |
Net Assets | ||
Beginning of Period | 58,539,102 | 43,860,158 |
End of Period | 49,552,354 | 58,539,102 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $426.48 | $328.54 | $213.66 | $202.82 | $151.19 |
Investment Operations | |||||
Net Investment Income1 | 3.003 | 2.634 | 2.926 | 2.572 | 1.921 |
Net Realized and Unrealized Gain (Loss) on Investments | (77.272) | 97.919 | 114.955 | 10.792 | 51.430 |
Total from Investment Operations | (74.269) | 100.553 | 117.881 | 13.364 | 53.351 |
Distributions | |||||
Dividends from Net Investment Income | (2.981) | (2.613) | (3.001) | (2.524) | (1.721) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.981) | (2.613) | (3.001) | (2.524) | (1.721) |
Net Asset Value, End of Period | $349.23 | $426.48 | $328.54 | $213.66 | $202.82 |
Total Return | -17.50% | 30.80% | 55.72% | 6.70% | 35.52% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $43,558 | $51,238 | $38,711 | $20,738 | $22,595 |
Ratio of Total Expenses to Average Net Assets | 0.10%2 | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.76% | 0.73% | 1.17% | 1.32% | 1.10% |
Portfolio Turnover Rate3 | 6% | 4% | 5% | 5% | 7% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $218.38 | $168.23 | $109.40 | $103.86 | $77.42 |
Investment Operations | |||||
Net Investment Income1 | 1.538 | 1.353 | 1.504 | 1.326 | 1.001 |
Net Realized and Unrealized Gain (Loss) on Investments | (39.572) | 50.136 | 58.864 | 5.509 | 26.324 |
Total from Investment Operations | (38.034) | 51.489 | 60.368 | 6.835 | 27.325 |
Distributions | |||||
Dividends from Net Investment Income | (1.526) | (1.339) | (1.538) | (1.295) | (.885) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.526) | (1.339) | (1.538) | (1.295) | (.885) |
Net Asset Value, End of Period | $178.82 | $218.38 | $168.23 | $109.40 | $103.86 |
Total Return2 | -17.50% | 30.81% | 55.78% | 6.70% | 35.54% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,994 | $7,301 | $5,149 | $2,470 | $2,033 |
Ratio of Total Expenses to Average Net Assets | 0.10%3 | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 0.75% | 0.73% | 1.17% | 1.32% | 1.10% |
Portfolio Turnover Rate4 | 6% | 4% | 5% | 5% | 7% |
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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
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. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended August 31, 2022, custodian fee offset arrangements reduced the fund’s expenses by $3,000 (an annual rate of less than 0.01% of average net assets). |
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 | 49,440,879 | — | — | 49,440,879 |
Temporary Cash Investments | 119,644 | — | — | 119,644 |
Total | 49,560,523 | — | — | 49,560,523 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | — | — | — |
Liabilities | ||||
Futures Contracts1 | 1,110 | — | — | 1,110 |
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. | 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 applicable in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 7,263,780 |
Total Distributable Earnings (Loss) | (7,263,780) |
Amount ($000) | |
Undistributed Ordinary Income | 97,123 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (1,041,103) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 10,738,290 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 414,398 | 348,921 |
Long-Term Capital Gains | — | — |
Total | 414,398 | 348,921 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 38,822,233 |
Gross Unrealized Appreciation | 14,750,236 |
Gross Unrealized Depreciation | (4,011,946) |
Net Unrealized Appreciation (Depreciation) | 10,738,290 |
F. | During the year ended August 31, 2022, the fund purchased $16,542,818,000 of investment securities and sold $14,528,323,000 of investment securities, other than temporary cash investments. Purchases and sales include $12,531,486,000 and $11,044,782,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended August 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 12,984,660 | 32,734 | 6,291,821 | 16,864 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (11,071,284) | (28,150) | (5,224,714) | (14,550) | |
Net Increase (Decrease)—ETF Shares | 1,913,376 | 4,584 | 1,067,107 | 2,314 | |
Admiral Shares | |||||
Issued | 1,802,529 | 8,692 | 2,226,601 | 12,124 | |
Issued in Lieu of Cash Distributions | 46,814 | 229 | 38,227 | 218 | |
Redeemed | (1,794,741) | (8,834) | (1,715,775) | (9,519) | |
Net Increase (Decrease)—Admiral Shares | 54,602 | 87 | 549,053 | 2,823 |
H. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/imgd459157114.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Materials Index Fund ETF Shares Net Asset Value | -9.55% | 7.95% | 9.75% | $25,358 |
Materials Index Fund ETF Shares Market Price | -9.54 | 7.96 | 9.75 | 25,347 | |
![]() | MSCI US Investable Market Materials 25/50 Index | -9.47 | 8.03 | 9.85 | 25,580 |
![]() | MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 33,443 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Materials Index Fund Admiral Shares | -9.56% | 7.95% | 9.76% | $253,766 | |
MSCI US Investable Market Materials 25/50 Index | -9.47 | 8.03 | 9.85 | 255,798 | |
MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 334,426 |
One Year | Five Years | Ten Years | |
Materials Index Fund ETF Shares Market Price | -9.54% | 46.64% | 153.47% |
Materials Index Fund ETF Shares Net Asset Value | -9.55 | 46.57 | 153.58 |
MSCI US Investable Market Materials 25/50 Index | -9.47 | 47.12 | 155.80 |
Chemicals | 63.8% |
Construction Materials | 4.6 |
Containers & Packaging | 13.0 |
Metals & Mining | 18.0 |
Paper & Forest Products | 0.6 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Chemicals (63.7%) | |||
Linde plc | 1,750,623 | 495,181 | |
Sherwin-Williams Co. | 860,554 | 199,735 | |
Air Products and Chemicals Inc. | 772,290 | 194,965 | |
Corteva Inc. | 2,520,283 | 154,821 | |
Ecolab Inc. | 895,269 | 146,672 | |
Dow Inc. | 2,535,676 | 129,320 | |
Albemarle Corp. | 407,842 | 109,285 | |
PPG Industries Inc. | 822,398 | 104,428 | |
DuPont de Nemours Inc. | 1,771,183 | 98,549 | |
International Flavors & Fragrances Inc. | 887,450 | 98,045 | |
LyondellBasell Industries NV Class A | 912,944 | 75,774 | |
CF Industries Holdings Inc. | 726,463 | 75,160 | |
Mosaic Co. | 1,260,685 | 67,913 | |
FMC Corp. | 438,703 | 47,415 | |
RPM International Inc. | 451,145 | 42,029 | |
Celanese Corp. Class A | 376,989 | 41,793 | |
Eastman Chemical Co. | 448,573 | 40,820 | |
Olin Corp. | 502,089 | 27,444 | |
* | Axalta Coating Systems Ltd. | 770,870 | 19,850 |
Chemours Co. | 541,190 | 18,254 | |
Ashland Inc. | 178,974 | 18,212 | |
* | Livent Corp. | 563,054 | 18,119 |
Valvoline Inc. | 620,659 | 18,043 | |
Huntsman Corp. | 620,735 | 17,393 | |
Element Solutions Inc. | 819,178 | 15,294 | |
Balchem Corp. | 111,724 | 14,727 | |
Cabot Corp. | 196,458 | 14,139 | |
Avient Corp. | 318,281 | 13,950 | |
Westlake Corp. | 134,019 | 13,218 | |
HB Fuller Co. | 184,654 | 11,977 | |
Sensient Technologies Corp. | 146,290 | 11,655 | |
Scotts Miracle-Gro Co. | 144,786 | 9,693 | |
* | Ingevity Corp. | 134,887 | 9,461 |
Stepan Co. | 77,921 | 8,122 | |
Innospec Inc. | 86,371 | 8,072 | |
NewMarket Corp. | 26,822 | 7,704 | |
Quaker Chemical Corp. | 43,656 | 7,610 | |
Minerals Technologies Inc. | 114,682 | 6,681 | |
Tronox Holdings plc Class A | 406,907 | 5,953 | |
*,1 | Ginkgo Bioworks Holdings Inc. | 2,094,022 | 5,633 |
* | GCP Applied Technologies Inc. | 167,395 | 5,260 |
*,1 | Perimeter Solutions SA | 512,134 | 4,993 |
Mativ Holdings Inc. | 188,732 | 4,458 | |
Orion Engineered Carbons SA | 211,715 | 3,570 | |
AdvanSix Inc. | 97,910 | 3,550 | |
Trinseo plc | 100,711 | 2,672 | |
* | PureCycle Technologies Inc. | 285,551 | 2,607 |
Shares | Market Value• ($000) | ||
Hawkins Inc. | 65,760 | 2,520 | |
Chase Corp. | 28,219 | 2,488 | |
* | Origin Materials Inc. | 369,603 | 2,310 |
* | LSB Industries Inc. | 130,756 | 2,063 |
* | Ecovyst Inc. | 217,343 | 2,008 |
*,1 | Amyris Inc. | 612,426 | 1,801 |
* | Intrepid Potash Inc. | 37,679 | 1,761 |
* | Diversey Holdings Ltd. | 279,980 | 1,716 |
Koppers Holdings Inc. | 73,499 | 1,678 | |
* | Aspen Aerogels Inc. | 113,150 | 1,472 |
*,1 | Danimer Scientific Inc. | 321,280 | 1,430 |
Kronos Worldwide Inc. | 79,889 | 1,029 | |
2,472,495 | |||
Construction Materials (4.6%) | |||
Vulcan Materials Co. | 462,874 | 77,064 | |
Martin Marietta Materials Inc. | 217,241 | 75,537 | |
Eagle Materials Inc. | 132,986 | 15,908 | |
* | Summit Materials Inc. Class A | 410,842 | 11,676 |
180,185 | |||
Containers & Packaging (13.0%) | |||
Amcor plc | 5,233,784 | 62,858 | |
Ball Corp. | 1,113,804 | 62,161 | |
Avery Dennison Corp. | 284,638 | 52,265 | |
International Paper Co. | 1,226,490 | 51,047 | |
Packaging Corp. of America | 326,414 | 44,693 | |
Crown Holdings Inc. | 427,924 | 38,766 | |
Westrock Co. | 887,060 | 36,006 | |
Sealed Air Corp. | 508,436 | 27,359 | |
* | Berry Global Group Inc. | 453,561 | 24,642 |
Graphic Packaging Holding Co. | 1,073,095 | 23,898 | |
AptarGroup Inc. | 228,231 | 23,464 | |
Sonoco Products Co. | 339,293 | 21,382 | |
Silgan Holdings Inc. | 308,501 | 14,052 | |
* | O-I Glass Inc. | 543,971 | 7,077 |
Greif Inc. Class A | 92,615 | 6,210 | |
TriMas Corp. | 147,459 | 4,058 | |
Myers Industries Inc. | 108,363 | 2,094 | |
Pactiv Evergreen Inc. | 155,237 | 1,723 | |
* | Ranpak Holdings Corp. Class A | 149,193 | 789 |
504,544 | |||
Metals & Mining (17.9%) | |||
Freeport-McMoRan Inc. | 5,047,253 | 149,399 | |
Nucor Corp. | 926,631 | 123,186 | |
Newmont Corp. | 2,763,814 | 114,311 | |
Steel Dynamics Inc. | 657,343 | 53,061 | |
Reliance Steel & Aluminum Co. | 215,830 | 40,572 | |
Alcoa Corp. | 642,032 | 31,768 | |
* | Cleveland-Cliffs Inc. | 1,826,536 | 31,544 |
Royal Gold Inc. | 228,431 | 20,993 | |
Commercial Metals Co. | 422,915 | 17,132 | |
US Steel Corp. | 695,240 | 15,900 | |
* | ATI Inc. | 432,082 | 12,932 |
Shares | Market Value• ($000) | ||
* | MP Materials Corp. | 278,118 | 9,731 |
Alpha Metallurgical Resources Inc. | 61,888 | 9,726 | |
* | Arconic Corp. | 368,212 | 9,283 |
Hecla Mining Co. | 1,876,409 | 7,393 | |
Materion Corp. | 71,392 | 6,162 | |
Warrior Met Coal Inc. | 179,812 | 5,853 | |
Worthington Industries Inc. | 113,421 | 5,783 | |
Carpenter Technology Corp. | 168,153 | 5,712 | |
Compass Minerals International Inc. | 118,882 | 4,813 | |
Kaiser Aluminum Corp. | 55,580 | 3,988 | |
*,1 | Piedmont Lithium Inc. ADR | 62,462 | 3,820 |
Schnitzer Steel Industries Inc. Class A | 90,830 | 3,001 | |
* | Coeur Mining Inc. | 977,770 | 2,699 |
* | TimkenSteel Corp. | 138,899 | 2,131 |
SunCoke Energy Inc. | 287,745 | 1,896 | |
Ryerson Holding Corp. | 60,140 | 1,714 | |
* | Century Aluminum Co. | 173,705 | 1,341 |
Ramaco Resources Inc. | 76,553 | 807 | |
696,651 | |||
Paper & Forest Products (0.6%) | |||
Louisiana-Pacific Corp. | 285,888 | 15,503 | |
Sylvamo Corp. | 122,863 | 5,460 | |
Mercer International Inc. | 148,999 | 2,417 | |
Glatfelter Corp. | 156,821 | 764 | |
24,144 | |||
Total Common Stocks (Cost $3,953,419) | 3,878,019 | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
2,3 | Vanguard Market Liquidity Fund, 2.284% (Cost $7,154) | 71,566 | 7,154 |
Total Investments (100.0%) (Cost $3,960,573) | 3,885,173 | ||
Other Assets and Liabilities—Net (0.0%) | (1,436) | ||
Net Assets (100.0%) | 3,883,737 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,624,000. |
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 $7,153,000 was received for securities on loan, of which $7,152,000 is held in Vanguard Market Liquidity Fund and $1,000 is held in cash. |
ADR—American Depositary Receipt. |
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) |
US Steel Corp. | 8/31/23 | BANA | 4,848 | (2.320) | — | — |
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. | |
BANA—Bank of America, N.A. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $3,953,419) | 3,878,019 |
Affiliated Issuers (Cost $7,154) | 7,154 |
Total Investments in Securities | 3,885,173 |
Investment in Vanguard | 145 |
Cash | 1 |
Receivables for Investment Securities Sold | 15,344 |
Receivables for Accrued Income | 7,682 |
Receivables for Capital Shares Issued | 394 |
Total Assets | 3,908,739 |
Liabilities | |
Due to Custodian | 62 |
Payables for Investment Securities Purchased | 17,218 |
Collateral for Securities on Loan | 7,153 |
Payables for Capital Shares Redeemed | 391 |
Payables to Vanguard | 178 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | — |
Total Liabilities | 25,002 |
Net Assets | 3,883,737 |
1 Includes $6,624 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 4,083,953 |
Total Distributable Earnings (Loss) | (200,216) |
Net Assets | 3,883,737 |
ETF Shares—Net Assets | |
Applicable to 17,396,026 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,889,272 |
Net Asset Value Per Share—ETF Shares | $166.09 |
Admiral Shares—Net Assets | |
Applicable to 11,751,795 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 994,465 |
Net Asset Value Per Share—Admiral Shares | $84.62 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 89,113 |
Interest2 | 13 |
Securities Lending—Net | 149 |
Total Income | 89,275 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 576 |
Management and Administrative— ETF Shares | 2,583 |
Management and Administrative— Admiral Shares | 857 |
Marketing and Distribution— ETF Shares | 192 |
Marketing and Distribution— Admiral Shares | 58 |
Custodian Fees | 22 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 205 |
Shareholders’ Reports—Admiral Shares | 19 |
Trustees’ Fees and Expenses | 2 |
Professional Services | 244 |
Other Expenses | 14 |
Total Expenses | 4,801 |
Net Investment Income | 84,474 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 316,328 |
Swap Contracts | (809) |
Realized Net Gain (Loss) | 315,519 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (886,777) |
Change in Unrealized Appreciation (Depreciation) | (886,777) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (486,784) |
1 | Dividends are net of foreign withholding taxes of $8,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $13,000, ($2,000), less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $338,436,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 84,474 | 60,940 |
Realized Net Gain (Loss) | 315,519 | 107,991 |
Change in Unrealized Appreciation (Depreciation) | (886,777) | 931,612 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (486,784) | 1,100,543 |
Distributions | ||
ETF Shares | (66,907) | (42,151) |
Admiral Shares | (19,170) | (12,760) |
Total Distributions | (86,077) | (54,911) |
Capital Share Transactions | ||
ETF Shares | (590,097) | 1,450,694 |
Admiral Shares | 44,413 | 247,410 |
Net Increase (Decrease) from Capital Share Transactions | (545,684) | 1,698,104 |
Total Increase (Decrease) | (1,118,545) | 2,743,736 |
Net Assets | ||
Beginning of Period | 5,002,282 | 2,258,546 |
End of Period | 3,883,737 | 5,002,282 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $187.02 | $134.84 | $122.80 | $134.33 | $124.29 |
Investment Operations | |||||
Net Investment Income1 | 3.213 | 2.801 | 2.522 | 2.501 | 2.285 |
Net Realized and Unrealized Gain (Loss) on Investments | (20.893) | 52.014 | 12.053 | (11.541) | 9.961 |
Total from Investment Operations | (17.680) | 54.815 | 14.575 | (9.040) | 12.246 |
Distributions | |||||
Dividends from Net Investment Income | (3.250) | (2.635) | (2.535) | (2.490) | (2.206) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.250) | (2.635) | (2.535) | (2.490) | (2.206) |
Net Asset Value, End of Period | $166.09 | $187.02 | $134.84 | $122.80 | $134.33 |
Total Return | -9.55% | 41.00% | 12.12% | -6.73% | 9.91% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,889 | $3,924 | $1,676 | $1,921 | $2,749 |
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 | 1.76% | 1.66% | 2.05% | 2.04% | 1.71% |
Portfolio Turnover Rate2 | 4% | 5% | 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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $95.29 | $68.70 | $62.57 | $68.45 | $63.33 |
Investment Operations | |||||
Net Investment Income1 | 1.652 | 1.424 | 1.294 | 1.282 | 1.159 |
Net Realized and Unrealized Gain (Loss) on Investments | (10.665) | 26.507 | 6.130 | (5.892) | 5.084 |
Total from Investment Operations | (9.013) | 27.931 | 7.424 | (4.610) | 6.243 |
Distributions | |||||
Dividends from Net Investment Income | (1.657) | (1.341) | (1.294) | (1.270) | (1.123) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.657) | (1.341) | (1.294) | (1.270) | (1.123) |
Net Asset Value, End of Period | $84.62 | $95.29 | $68.70 | $62.57 | $68.45 |
Total Return2 | -9.56% | 41.04% | 12.14% | -6.74% | 9.91% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $994 | $1,078 | $583 | $482 | $452 |
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 | 1.78% | 1.67% | 2.08% | 2.04% | 1.71% |
Portfolio Turnover Rate3 | 4% | 5% | 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, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 3,878,019 | — | — | 3,878,019 |
Temporary Cash Investments | 7,154 | — | — | 7,154 |
Total | 3,885,173 | — | — | 3,885,173 |
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 applicable in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 338,083 |
Total Distributable Earnings (Loss) | (338,083) |
Amount ($000) | |
Undistributed Ordinary Income | 12,595 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (123,718) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (89,093) |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 86,077 | 54,911 |
Long-Term Capital Gains | — | — |
Total | 86,077 | 54,911 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,974,266 |
Gross Unrealized Appreciation | 469,545 |
Gross Unrealized Depreciation | (558,638) |
Net Unrealized Appreciation (Depreciation) | (89,093) |
E. | During the year ended August 31, 2022, the fund purchased $775,252,000 of investment securities and sold $1,323,314,000 of investment securities, other than temporary cash investments. Purchases and sales include $475,580,000 and $1,112,734,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 524,091 | 2,812 | 1,856,866 | 11,008 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,114,188) | (6,400) | (406,172) | (2,450) | |
Net Increase (Decrease)—ETF Shares | (590,097) | (3,588) | 1,450,694 | 8,558 | |
Admiral Shares | |||||
Issued | 305,754 | 3,264 | 454,856 | 5,232 | |
Issued in Lieu of Cash Distributions | 17,067 | 189 | 11,777 | 146 | |
Redeemed | (278,408) | (3,013) | (219,223) | (2,551) | |
Net Increase (Decrease)—Admiral Shares | 44,413 | 440 | 247,410 | 2,827 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img67ab01cc15.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Utilities Index Fund ETF Shares Net Asset Value | 11.18% | 9.28% | 11.18% | $28,861 |
Utilities Index Fund ETF Shares Market Price | 11.19 | 9.29 | 11.18 | 28,858 | |
![]() | MSCI US Investable Market Utilities 25/50 Index | 11.34 | 9.40 | 11.30 | 29,161 |
![]() | MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 33,443 |
One Year | Five Years | Ten Years | Final Value of a $100,000 Investment | ||
Utilities Index Fund Admiral Shares | 11.22% | 9.30% | 11.19% | $288,960 | |
MSCI US Investable Market Utilities 25/50 Index | 11.34 | 9.40 | 11.30 | 291,607 | |
MSCI US Investable Market 2500 Index | -13.30 | 11.39 | 12.83 | 334,426 |
One Year | Five Years | Ten Years | |
Utilities Index Fund ETF Shares Market Price | 11.19% | 55.93% | 188.58% |
Utilities Index Fund ETF Shares Net Asset Value | 11.18 | 55.88 | 188.61 |
MSCI US Investable Market Utilities 25/50 Index | 11.34 | 56.71 | 191.61 |
Electric Utilities | 60.1% |
Gas Utilities | 4.6 |
Independent Power and Renewable Electricity Producers | 3.8 |
Multi-Utilities | 27.4 |
Water Utilities | 4.1 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Electric Utilities (59.9%) | |||
NextEra Energy Inc. | 12,917,390 | 1,098,753 | |
Duke Energy Corp. | 5,062,450 | 541,226 | |
Southern Co. | 6,986,534 | 538,452 | |
American Electric Power Co. Inc. | 3,376,782 | 338,354 | |
Exelon Corp. | 6,445,273 | 283,012 | |
Xcel Energy Inc. | 3,581,348 | 265,915 | |
Eversource Energy | 2,267,764 | 203,396 | |
Constellation Energy Corp. | 2,148,167 | 175,269 | |
Edison International | 2,506,545 | 169,868 | |
Entergy Corp. | 1,337,416 | 154,204 | |
FirstEnergy Corp. | 3,566,476 | 141,054 | |
PPL Corp. | 4,839,034 | 140,719 | |
* | PG&E Corp. | 8,701,354 | 107,288 |
Evergy Inc. | 1,509,007 | 103,412 | |
Alliant Energy Corp. | 1,648,655 | 100,634 | |
NRG Energy Inc. | 1,560,292 | 64,409 | |
Pinnacle West Capital Corp. | 742,824 | 55,972 | |
OGE Energy Corp. | 1,316,468 | 53,370 | |
IDACORP Inc. | 332,794 | 36,354 | |
Portland General Electric Co. | 586,744 | 30,317 | |
Hawaiian Electric Industries Inc. | 719,628 | 28,152 | |
PNM Resources Inc. | 535,667 | 25,407 | |
Avangrid Inc. | 507,905 | 25,090 | |
ALLETE Inc. | 374,767 | 22,179 | |
Otter Tail Corp. | 246,897 | 18,651 | |
MGE Energy Inc. | 237,438 | 18,287 | |
4,739,744 | |||
Gas Utilities (4.6%) | |||
Atmos Energy Corp. | 914,061 | 103,636 | |
UGI Corp. | 1,379,994 | 54,510 | |
National Fuel Gas Co. | 571,146 | 40,705 | |
Southwest Gas Holdings Inc. | 439,579 | 34,221 | |
New Jersey Resources Corp. | 632,932 | 27,938 | |
ONE Gas Inc. | 355,637 | 27,836 | |
South Jersey Industries Inc. | 804,801 | 27,242 | |
Spire Inc. | 342,704 | 23,952 | |
Chesapeake Utilities Corp. | 116,801 | 14,752 | |
Northwest Natural Holding Co. | 225,243 | 10,724 | |
365,516 | |||
Independent Power and Renewable Electricity Producers (3.8%) | |||
AES Corp. | 4,391,900 | 111,774 | |
Vistra Corp. | 2,555,707 | 63,254 | |
1 | NextEra Energy Partners LP | 551,474 | 45,270 |
Ormat Technologies Inc. (XNYS) | 294,647 | 27,544 |
Shares | Market Value• ($000) | ||
Clearway Energy Inc. Class C | 533,324 | 19,786 | |
* | Sunnova Energy International Inc. | 678,420 | 17,110 |
Clearway Energy Inc. Class A | 233,923 | 8,066 | |
*,1 | Altus Power Inc. | 302,865 | 3,174 |
295,978 | |||
Multi-Utilities (27.3%) | |||
Dominion Energy Inc. | 5,332,685 | 436,214 | |
Sempra Energy (XNYS) | 2,066,672 | 340,939 | |
Consolidated Edison Inc. | 2,329,589 | 227,694 | |
WEC Energy Group Inc. | 2,074,124 | 213,925 | |
Public Service Enterprise Group Inc. | 3,282,876 | 211,286 | |
DTE Energy Co. | 1,273,928 | 166,044 | |
Ameren Corp. | 1,597,724 | 147,981 | |
CenterPoint Energy Inc. | 4,138,904 | 130,500 | |
CMS Energy Corp. | 1,907,601 | 128,839 | |
NiSource Inc. | 2,667,686 | 78,724 | |
Black Hills Corp. | 426,476 | 32,190 | |
Avista Corp. | 476,353 | 19,354 | |
NorthWestern Corp. | 356,573 | 18,891 | |
Unitil Corp. | 105,164 | 5,478 | |
2,158,059 | |||
Water Utilities (4.1%) | |||
American Water Works Co. Inc. | 1,195,239 | 177,433 | |
Essential Utilities Inc. | 1,637,273 | 80,472 | |
California Water Service Group | 354,097 | 20,725 | |
American States Water Co. | 242,623 | 20,131 | |
Middlesex Water Co. | 115,133 | 10,220 | |
SJW Group | 158,880 | 10,216 | |
York Water Co. | 93,760 | 4,123 | |
323,320 | |||
Total Common Stocks (Cost $6,848,577) | 7,882,617 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.0%) | |||
Money Market Fund (0.0%) | |||
2,3 | Vanguard Market Liquidity Fund, 2.284% (Cost $1,405) | 14,050 | 1,404 |
Total Investments (99.7%) (Cost $6,849,982) | 7,884,021 | ||
Other Assets and Liabilities—Net (0.3%) | 23,173 | ||
Net Assets (100.0%) | 7,907,194 | ||
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 $1,324,000. |
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 $1,388,000 was received for securities on loan. |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Ameren Corp. | 1/31/23 | GSI | 9,599 | (2.320) | — | (347) |
PG&E Corp. | 8/31/23 | BANA | 13,563 | (0.023) | — | — |
— | (347) |
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. | |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $6,848,577) | 7,882,617 |
Affiliated Issuers (Cost $1,405) | 1,404 |
Total Investments in Securities | 7,884,021 |
Investment in Vanguard | 280 |
Receivables for Investment Securities Sold | 20,557 |
Receivables for Accrued Income | 32,504 |
Receivables for Capital Shares Issued | 1,096 |
Total Assets | 7,938,458 |
Liabilities | |
Due to Custodian | 10,080 |
Payables for Investment Securities Purchased | 18,730 |
Collateral for Securities on Loan | 1,388 |
Payables for Capital Shares Redeemed | 363 |
Payables to Vanguard | 356 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 347 |
Total Liabilities | 31,264 |
Net Assets | 7,907,194 |
1 Includes $1,324 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 7,025,214 |
Total Distributable Earnings (Loss) | 881,980 |
Net Assets | 7,907,194 |
ETF Shares—Net Assets | |
Applicable to 37,347,600 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,030,034 |
Net Asset Value Per Share—ETF Shares | $161.46 |
Admiral Shares—Net Assets | |
Applicable to 23,173,716 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,877,160 |
Net Asset Value Per Share—Admiral Shares | $81.00 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 216,565 |
Interest1 | 73 |
Securities Lending—Net | 1 |
Total Income | 216,639 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 892 |
Management and Administrative— ETF Shares | 4,424 |
Management and Administrative— Admiral Shares | 1,363 |
Marketing and Distribution— ETF Shares | 240 |
Marketing and Distribution— Admiral Shares | 86 |
Custodian Fees | 33 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 160 |
Shareholders’ Reports—Admiral Shares | 26 |
Trustees’ Fees and Expenses | 3 |
Other Expenses | 25 |
Total Expenses | 7,281 |
Net Investment Income | 209,358 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 369,620 |
Futures Contracts | (266) |
Swap Contracts | 4,765 |
Realized Net Gain (Loss) | 374,119 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 174,035 |
Swap Contracts | (158) |
Change in Unrealized Appreciation (Depreciation) | 173,877 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 757,354 |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $73,000, ($1,000), less than $1,000, and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $383,969,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 209,358 | 183,942 |
Realized Net Gain (Loss) | 374,119 | 151,206 |
Change in Unrealized Appreciation (Depreciation) | 173,877 | 723,073 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 757,354 | 1,058,221 |
Distributions | ||
ETF Shares | (157,667) | (135,410) |
Admiral Shares | (47,893) | (42,248) |
Total Distributions | (205,560) | (177,658) |
Capital Share Transactions | ||
ETF Shares | 486,753 | 438,772 |
Admiral Shares | 161,161 | 92,887 |
Net Increase (Decrease) from Capital Share Transactions | 647,914 | 531,659 |
Total Increase (Decrease) | 1,199,708 | 1,412,222 |
Net Assets | ||
Beginning of Period | 6,707,486 | 5,295,264 |
End of Period | 7,907,194 | 6,707,486 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $149.52 | $129.35 | $139.09 | $119.32 | $120.75 |
Investment Operations | |||||
Net Investment Income1 | 4.393 | 4.310 | 4.306 | 4.087 | 3.757 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.897 | 20.048 | (9.802) | 19.562 | (1.434) |
Total from Investment Operations | 16.290 | 24.358 | (5.496) | 23.649 | 2.323 |
Distributions | |||||
Dividends from Net Investment Income | (4.350) | (4.188) | (4.244) | (3.879) | (3.753) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.350) | (4.188) | (4.244) | (3.879) | (3.753) |
Net Asset Value, End of Period | $161.46 | $149.52 | $129.35 | $139.09 | $119.32 |
Total Return | 11.18% | 19.19% | -4.08% | 20.17% | 2.05% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $6,030 | $5,126 | $4,014 | $4,107 | $2,809 |
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 | 2.87% | 3.09% | 3.18% | 3.22% | 3.25% |
Portfolio Turnover Rate2 | 3% | 6% | 5% | 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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $75.01 | $64.89 | $69.78 | $59.86 | $60.58 |
Investment Operations | |||||
Net Investment Income1 | 2.212 | 2.166 | 2.163 | 2.038 | 1.883 |
Net Realized and Unrealized Gain (Loss) on Investments | 5.961 | 10.055 | (4.924) | 9.828 | (.719) |
Total from Investment Operations | 8.173 | 12.221 | (2.761) | 11.866 | 1.164 |
Distributions | |||||
Dividends from Net Investment Income | (2.183) | (2.101) | (2.129) | (1.946) | (1.884) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.183) | (2.101) | (2.129) | (1.946) | (1.884) |
Net Asset Value, End of Period | $81.00 | $75.01 | $64.89 | $69.78 | $59.86 |
Total Return2 | 11.22% | 19.22% | -4.05% | 20.19% | 2.04% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,877 | $1,582 | $1,281 | $1,266 | $868 |
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 | 2.88% | 3.10% | 3.18% | 3.22% | 3.25% |
Portfolio Turnover Rate3 | 3% | 6% | 5% | 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 | 7,882,617 | — | — | 7,882,617 |
Temporary Cash Investments | 1,404 | — | — | 1,404 |
Total | 7,884,021 | — | — | 7,884,021 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 347 | — | 347 |
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 applicable in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 383,921 |
Total Distributable Earnings (Loss) | (383,921) |
Amount ($000) | |
Undistributed Ordinary Income | 47,536 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (182,839) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,017,283 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 205,560 | 177,658 |
Long-Term Capital Gains | — | — |
Total | 205,560 | 177,658 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 6,866,738 |
Gross Unrealized Appreciation | 1,151,907 |
Gross Unrealized Depreciation | (134,624) |
Net Unrealized Appreciation (Depreciation) | 1,017,283 |
E. | During the year ended August 31, 2022, the fund purchased $2,289,778,000 of investment securities and sold $1,636,620,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,798,037,000 and $1,415,568,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,904,515 | 12,392 | 1,157,689 | 8,423 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,417,762) | (9,325) | (718,917) | (5,175) | |
Net Increase (Decrease)—ETF Shares | 486,753 | 3,067 | 438,772 | 3,248 | |
Admiral Shares | |||||
Issued | 493,216 | 6,363 | 472,916 | 6,793 | |
Issued in Lieu of Cash Distributions | 35,820 | 486 | 33,142 | 489 | |
Redeemed | (367,875) | (4,761) | (413,171) | (5,940) | |
Net Increase (Decrease)—Admiral Shares | 161,161 | 2,088 | 92,887 | 1,342 |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 20, 2022
Fund | Percentage |
Communication Services Index Fund | 100.0% |
Consumer Discretionary Index Fund | 100.0 |
Consumer Staples Index Fund | 100.0 |
Energy Index Fund | 95.1 |
Financials Index Fund | 100.0 |
Health Care Index Fund | 100.0 |
Industrials Index Fund | 98.5 |
Information Technology Index Fund | 100.0 |
Materials Index Fund | 80.2 |
Utilities Index Fund | 100.0 |
Fund | ($000) |
Communication Services Index Fund | 37,393 |
Consumer Discretionary Index Fund | 61,424 |
Consumer Staples Index Fund | 164,254 |
Energy Index Fund | 319,266 |
Financials Index Fund | 236,654 |
Health Care Index Fund | 249,246 |
Industrials Index Fund | 64,555 |
Information Technology Index Fund | 414,398 |
Materials Index Fund | 86,077 |
Utilities Index Fund | 205,560 |
Fund | ($000) |
Communication Services Index Fund | — |
Consumer Discretionary Index Fund | — |
Consumer Staples Index Fund | — |
Energy Index Fund | — |
Financials Index Fund | 3,359 |
Health Care Index Fund | — |
Industrials Index Fund | — |
Information Technology Index Fund | — |
Materials Index Fund | — |
Utilities Index Fund | — |
Fund | ($000) |
Communication Services Index Fund | 12 |
Consumer Discretionary Index Fund | 5 |
Consumer Staples Index Fund | 8 |
Energy Index Fund | 52 |
Financials Index Fund | 8 |
Health Care Index Fund | 8 |
Industrials Index Fund | 5 |
Information Technology Index Fund | 290 |
Materials Index Fund | 4 |
Utilities Index Fund | 26 |
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img9b96c40816.jpg)
All rights reserved.
U.S. Patent Nos. 6,879,964.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img3392d1781.jpg)
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26 |
• | Vanguard Extended Duration Treasury Index Fund returned –30.36% for Institutional Shares, –30.33% for Institutional Plus Shares, and –30.00% for ETF Shares (based on net asset value) for the 12 months ended August 31, 2022. The fund’s benchmark index returned –29.98%. |
• | The investment outlook grew more challenging during the 12-month period. Sentiment deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. The Federal Reserve reacted by raising interest rates, which weighed on bond prices and sparked fears of recession. |
• | The yield of the 30-year U.S. Treasury bond rose from 1.93% to 3.29% as inflation picked up. Long-term corporates underperformed 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, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -12.96% | 12.14% | 11.61% |
Russell 2000 Index (Small-caps) | -17.88 | 8.59 | 6.95 |
Russell 3000 Index (Broad U.S. market) | -13.28 | 11.90 | 11.29 |
FTSE All-World ex US Index (International) | -19.00 | 3.48 | 2.12 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -11.65% | -2.01% | 0.54% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.63 | -0.83 | 1.28 |
FTSE Three-Month U.S. Treasury Bill Index | 0.44 | 0.56 | 1.10 |
CPI | |||
Consumer Price Index | 8.26% | 4.90% | 3.82% |
• | 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, 2022 | |||
Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Extended Duration Treasury Index Fund | |||
ETF Shares | $1,000.00 | $752.70 | $0.27 |
Institutional Shares | 1,000.00 | 752.70 | 0.27 |
Institutional Plus Shares | 1,000.00 | 752.90 | 0.18 |
Based on Hypothetical 5% Yearly Return | |||
Extended Duration Treasury Index Fund | |||
ETF Shares | $1,000.00 | $1,024.90 | $0.31 |
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/0001104659-22-113005/imgf293ccf92.jpg)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Extended Duration Treasury Index Fund ETF Shares Net Asset Value | -30.00% | -1.17% | 1.08% | $11,135 |
Extended Duration Treasury Index Fund ETF Shares Market Price | -29.85 | -1.21 | 1.08 | 11,139 | |
![]() | Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index | -29.98 | -1.15 | 1.14 | 11,205 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Extended Duration Treasury Index Fund Institutional Shares | -30.36% | -1.27% | 1.04% | $5,547,571 | |
Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index | -29.98 | -1.15 | 1.14 | 5,602,599 |
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
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 | -30.33% | -1.25% | 4.07% | $143,194,520 | |
Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index | -29.98 | -1.15 | 4.16 | 144,304,980 |
Cumulative Returns of ETF Shares: August 31, 2012, Through August 31, 2022 | |||
One Year | Five Years | Ten Years | |
Extended Duration Treasury Index Fund ETF Shares Market Price | -29.85% | -5.91% | 11.39% |
Extended Duration Treasury Index Fund ETF Shares Net Asset Value | -30.00 | -5.73 | 11.35 |
Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index | -29.98 | -5.60 | 12.05 |
15 - 20 Years | 0.4% |
20 - 25 Years | 50.9 |
25 - 30 Years | 48.7 |
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% | 8/15/42 | 19,595 | 9,269 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/42 | 78,124 | 36,590 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/43 | 59,426 | 27,536 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/43 | 82,787 | 37,998 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/43 | 88,169 | 40,179 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/43 | 83,253 | 37,626 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/44 | 67,371 | 30,127 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/44 | 56,010 | 24,811 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/44 | 73,010 | 31,959 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/44 | 51,509 | 22,346 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/45 | 52,276 | 22,487 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/45 | 78,329 | 33,443 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/45 | 82,456 | 34,902 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/45 | 69,301 | 29,139 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/46 | 51,373 | 21,368 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/46 | 51,226 | 21,215 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/46 | 73,385 | 30,094 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/46 | 72,201 | 29,574 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/47 | 57,392 | 23,284 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/47 | 51,432 | 20,830 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/47 | 76,377 | 30,742 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/47 | 56,678 | 22,804 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/48 | 74,878 | 29,986 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/48 | 56,820 | 22,799 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/48 | 73,716 | 29,596 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/48 | 74,796 | 29,983 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/49 | 51,044 | 20,473 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/49 | 55,232 | 22,153 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/49 | 79,644 | 31,833 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/49 | 74,462 | 29,581 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/50 | 59,893 | 23,770 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/50 | 76,932 | 30,082 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/50 | 84,610 | 33,005 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/50 | 65,297 | 25,400 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/51 | 92,207 | 35,881 | ||
United States Treasury Strip Coupon | 0.000% | 5/15/51 | 63,568 | 24,702 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/51 | 63,738 | 24,569 | ||
United States Treasury Strip Coupon | 0.000% | 11/15/51 | 70,586 | 26,966 | ||
United States Treasury Strip Coupon | 0.000% | 2/15/52 | 28,371 | 10,839 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
United States Treasury Strip Coupon | 0.000% | 5/15/52 | 10,993 | 4,268 | ||
United States Treasury Strip Coupon | 0.000% | 8/15/52 | 859 | 333 | ||
United States Treasury Strip Principal | 0.000% | 8/15/42 | 448 | 217 | ||
United States Treasury Strip Principal | 0.000% | 11/15/42 | 61,599 | 29,505 | ||
United States Treasury Strip Principal | 0.000% | 2/15/43 | 57,164 | 27,086 | ||
United States Treasury Strip Principal | 0.000% | 5/15/43 | 63,059 | 29,579 | ||
United States Treasury Strip Principal | 0.000% | 8/15/43 | 62,568 | 29,275 | ||
United States Treasury Strip Principal | 0.000% | 11/15/43 | 49,528 | 22,984 | ||
United States Treasury Strip Principal | 0.000% | 2/15/44 | 40,502 | 18,568 | ||
United States Treasury Strip Principal | 0.000% | 5/15/44 | 52,359 | 23,770 | ||
United States Treasury Strip Principal | 0.000% | 8/15/44 | 82,482 | 36,988 | ||
United States Treasury Strip Principal | 0.000% | 11/15/44 | 49,218 | 21,848 | ||
United States Treasury Strip Principal | 0.000% | 2/15/45 | 38,827 | 17,093 | ||
United States Treasury Strip Principal | 0.000% | 5/15/45 | 76,344 | 33,335 | ||
United States Treasury Strip Principal | 0.000% | 8/15/45 | 76,547 | 33,202 | ||
United States Treasury Strip Principal | 0.000% | 11/15/45 | 69,533 | 29,997 | ||
United States Treasury Strip Principal | 0.000% | 2/15/46 | 52,283 | 22,335 | ||
United States Treasury Strip Principal | 0.000% | 5/15/46 | 51,384 | 21,802 | ||
United States Treasury Strip Principal | 0.000% | 8/15/46 | 71,482 | 30,089 | ||
United States Treasury Strip Principal | 0.000% | 11/15/46 | 81,116 | 34,132 | ||
United States Treasury Strip Principal | 0.000% | 2/15/47 | 61,308 | 25,644 | ||
United States Treasury Strip Principal | 0.000% | 5/15/47 | 53,140 | 22,124 | ||
United States Treasury Strip Principal | 0.000% | 8/15/47 | 53,371 | 22,161 | ||
United States Treasury Strip Principal | 0.000% | 11/15/47 | 67,422 | 27,885 | ||
United States Treasury Strip Principal | 0.000% | 2/15/48 | 72,153 | 29,921 | ||
United States Treasury Strip Principal | 0.000% | 5/15/48 | 59,611 | 24,785 | ||
United States Treasury Strip Principal | 0.000% | 8/15/48 | 57,861 | 23,949 | ||
United States Treasury Strip Principal | 0.000% | 11/15/48 | 56,557 | 23,555 | ||
United States Treasury Strip Principal | 0.000% | 2/15/49 | 83,756 | 34,922 | ||
United States Treasury Strip Principal | 0.000% | 5/15/49 | 58,013 | 24,075 | ||
United States Treasury Strip Principal | 0.000% | 8/15/49 | 66,188 | 27,266 | ||
United States Treasury Strip Principal | 0.000% | 11/15/49 | 53,386 | 21,926 | ||
United States Treasury Strip Principal | 0.000% | 2/15/50 | 68,806 | 27,969 | ||
United States Treasury Strip Principal | 0.000% | 5/15/50 | 82,705 | 32,940 | ||
United States Treasury Strip Principal | 0.000% | 8/15/50 | 100,254 | 39,710 | ||
United States Treasury Strip Principal | 0.000% | 11/15/50 | 72,350 | 28,578 | ||
United States Treasury Strip Principal | 0.000% | 2/15/51 | 108,984 | 42,946 | ||
United States Treasury Strip Principal | 0.000% | 5/15/51 | 79,705 | 31,552 | ||
United States Treasury Strip Principal | 0.000% | 8/15/51 | 72,643 | 28,302 | ||
United States Treasury Strip Principal | 0.000% | 11/15/51 | 85,942 | 33,296 | ||
United States Treasury Strip Principal | 0.000% | 2/15/52 | 84,333 | 32,692 | ||
United States Treasury Strip Principal | 0.000% | 5/15/52 | 65,631 | 25,806 | ||
United States Treasury Strip Principal | 0.000% | 8/15/52 | 75,050 | 29,516 | ||
Total U.S. Government and Agency Obligations (Cost $2,968,270) | 2,197,867 |
Coupon | Shares | Market Value• ($000) | ||||
Temporary Cash Investments (0.0%) | ||||||
Money Market Fund (0.0%) | ||||||
1 | Vanguard Market Liquidity Fund (Cost $282) | 2.284% | 2,820 | 282 | ||
Total Investments (100.0%) (Cost $2,968,552) | 2,198,149 | |||||
Other Assets and Liabilities—Net (0.0%) | 212 | |||||
Net Assets (100%) | 2,198,361 |
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 $2,968,270) | 2,197,867 |
Affiliated Issuers (Cost $282) | 282 |
Total Investments in Securities | 2,198,149 |
Investment in Vanguard | 82 |
Receivables for Investment Securities Sold | 62,009 |
Receivables for Accrued Income | 1 |
Total Assets | 2,260,241 |
Liabilities | |
Due to Custodian | 124 |
Payables for Investment Securities Purchased | 61,697 |
Payables for Capital Shares Redeemed | 3 |
Payables to Vanguard | 56 |
Total Liabilities | 61,880 |
Net Assets | 2,198,361 |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 3,066,789 |
Total Distributable Earnings (Loss) | (868,428) |
Net Assets | 2,198,361 |
ETF Shares—Net Assets | |
Applicable to 13,625,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,312,239 |
Net Asset Value Per Share—ETF Shares | $96.31 |
Institutional Shares—Net Assets | |
Applicable to 21,397,707 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 622,566 |
Net Asset Value Per Share—Institutional Shares | $29.09 |
Institutional Plus Shares—Net Assets | |
Applicable to 3,608,411 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 263,556 |
Net Asset Value Per Share—Institutional Plus Shares | $73.04 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Interest1 | 56,139 |
Total Income | 56,139 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 45 |
Management and Administrative—ETF Shares | 589 |
Management and Administrative—Institutional Shares | 354 |
Management and Administrative—Institutional Plus Shares | 147 |
Marketing and Distribution—ETF Shares | 70 |
Marketing and Distribution—Institutional Shares | 25 |
Marketing and Distribution—Institutional Plus Shares | 5 |
Custodian Fees | 5 |
Auditing Fees | 32 |
Shareholders’ Reports—ETF Shares | 52 |
Shareholders’ Reports—Institutional Shares | 1 |
Shareholders’ Reports—Institutional Plus Shares | — |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 14 |
Total Expenses | 1,340 |
Expenses Paid Indirectly | (1) |
Net Expenses | 1,339 |
Net Investment Income | 54,800 |
Realized Net Gain (Loss) on Investment Securities Sold1,2 | (64,318) |
Change in Unrealized Appreciation (Depreciation) of Investment Securities1 | (838,872) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (848,390) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,000, $1,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $16,910,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 54,800 | 50,680 |
Realized Net Gain (Loss) | (64,318) | 193,938 |
Change in Unrealized Appreciation (Depreciation) | (838,872) | (490,660) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (848,390) | (246,042) |
Distributions | ||
ETF Shares | (28,243) | (73,445) |
Institutional Shares | (15,042) | (44,948) |
Institutional Plus Shares | (9,537) | (26,453) |
Total Distributions | (52,822) | (144,846) |
Capital Share Transactions | ||
ETF Shares | 534,037 | (318,357) |
Institutional Shares | 83,248 | 19,832 |
Institutional Plus Shares | (88,387) | (128,823) |
Net Increase (Decrease) from Capital Share Transactions | 528,898 | (427,348) |
Total Increase (Decrease) | (372,314) | (818,236) |
Net Assets | ||
Beginning of Period | 2,570,675 | 3,388,911 |
End of Period | 2,198,361 | 2,570,675 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $140.69 | $163.11 | $146.43 | $113.39 | $120.92 |
Investment Operations | |||||
Net Investment Income1 | 2.769 | 2.795 | 3.146 | 3.347 | 3.353 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (44.418) | (17.061) | 18.113 | 32.972 | (7.272) |
Total from Investment Operations | (41.649) | (14.266) | 21.259 | 36.319 | (3.919) |
Distributions | |||||
Dividends from Net Investment Income | (2.731) | (2.820) | (3.329) | (3.279) | (3.314) |
Distributions from Realized Capital Gains | — | (5.334) | (1.250) | — | (.297) |
Total Distributions | (2.731) | (8.154) | (4.579) | (3.279) | (3.611) |
Net Asset Value, End of Period | $96.31 | $140.69 | $163.11 | $146.43 | $113.39 |
Total Return | -30.00% | -8.94% | 14.98% | 32.92% | -3.24% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,312 | $1,277 | $1,810 | $1,333 | $658 |
Ratio of Total Expenses to Average Net Assets | 0.06%3 | 0.06% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.33% | 1.93% | 2.06% | 2.87% | 2.93% |
Portfolio Turnover Rate4 | 15% | 23% | 17% | 20% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.03, $.07, $.07, $.04, and $.07. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
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 Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $42.50 | $49.27 | $44.24 | $34.25 | $36.52 |
Investment Operations | |||||
Net Investment Income1 | .835 | .842 | .959 | 1.015 | 1.016 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (13.425) | (5.143) | 5.459 | 9.967 | (2.191) |
Total from Investment Operations | (12.590) | (4.301) | 6.418 | 10.982 | (1.175) |
Distributions | |||||
Dividends from Net Investment Income | (.820) | (.857) | (1.010) | (.992) | (1.005) |
Distributions from Realized Capital Gains | — | (1.612) | (.378) | — | (.090) |
Total Distributions | (.820) | (2.469) | (1.388) | (.992) | (1.095) |
Net Asset Value, End of Period | $29.09 | $42.50 | $49.27 | $44.24 | $34.25 |
Total Return3 | -30.01% | -8.95% | 14.98% | 32.94% | -3.23% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $623 | $789 | $889 | $862 | $787 |
Ratio of Total Expenses to Average Net Assets | 0.06%4 | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 2.29% | 1.96% | 2.10% | 2.88% | 2.94% |
Portfolio Turnover Rate5 | 15% | 23% | 17% | 20% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.00, $.02, $.02, $.01, and $.02. |
3 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
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. |
Institutional Plus Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $106.68 | $123.70 | $111.06 | $85.99 | $91.68 |
Investment Operations | |||||
Net Investment Income1 | 2.114 | 2.140 | 2.432 | 2.564 | 2.568 |
Net Realized and Unrealized Gain (Loss) on Investments2 | (33.676) | (12.941) | 13.716 | 25.015 | (5.492) |
Total from Investment Operations | (31.562) | (10.801) | 16.148 | 27.579 | (2.924) |
Distributions | |||||
Dividends from Net Investment Income | (2.078) | (2.173) | (2.560) | (2.509) | (2.541) |
Distributions from Realized Capital Gains | — | (4.046) | (.948) | — | (.225) |
Total Distributions | (2.078) | (6.219) | (3.508) | (2.509) | (2.766) |
Net Asset Value, End of Period | $73.04 | $106.68 | $123.70 | $111.06 | $85.99 |
Total Return3 | -29.98% | -8.95% | 15.02% | 32.95% | -3.20% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $264 | $505 | $689 | $780 | $533 |
Ratio of Total Expenses to Average Net Assets | 0.04%4 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 2.29% | 1.96% | 2.12% | 2.90% | 2.96% |
Portfolio Turnover Rate5 | 15% | 23% | 17% | 20% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase fees of $.02, $.05, $.05, $.03, and $.06. |
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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
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 | ||||
U.S. Government and Agency Obligations | — | 2,197,867 | — | 2,197,867 |
Temporary Cash Investments | 282 | — | — | 282 |
Total | 282 | 2,197,867 | — | 2,198,149 |
Amount ($000) | |
Paid-in Capital | 16,634 |
Total Distributable Earnings (Loss) | (16,634) |
Amount ($000) | |
Undistributed Ordinary Income | 10,597 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (106,428) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (772,597) |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 52,822 | 75,404 |
Long-Term Capital Gains | — | 69,442 |
Total | 52,822 | 144,846 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,970,746 |
Gross Unrealized Appreciation | 155 |
Gross Unrealized Depreciation | (772,752) |
Net Unrealized Appreciation (Depreciation) | (772,597) |
Year Ended August 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 1,370,500 | 11,325 | 1,362,442 | 9,725 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (836,463) | (6,775) | (1,680,799) | (11,750) | |
Net Increase (Decrease)—ETF Shares | 534,037 | 4,550 | (318,357) | (2,025) | |
Institutional Shares | |||||
Issued1 | 131,583 | 4,011 | 267,929 | 6,594 | |
Issued in Lieu of Cash Distributions | 15,013 | 411 | 44,716 | 998 | |
Redeemed | (63,348) | (1,583) | (292,813) | (7,084) | |
Net Increase (Decrease)—Institutional Shares | 83,248 | 2,839 | 19,832 | 508 |
Year Ended August 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Plus Shares | |||||
Issued1 | — | — | 125,438 | 1,272 | |
Issued in Lieu of Cash Distributions | 9,537 | 103 | 26,453 | 234 | |
Redeemed | (97,924) | (1,231) | (280,714) | (2,340) | |
Net Increase (Decrease)—Institutional Plus Shares | (88,387) | (1,128) | (128,823) | (834) |
1 | Includes purchase fees for fiscal 2022 and 2021 of $535,000 and $1,200,000, respectively (fund totals). |
Philadelphia, Pennsylvania
October 18, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
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Vanguard Marketing Corporation, Distributor.
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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, 2022, returns for the three Vanguard Mega Cap Index Funds ranged from –21.08 for ETF Shares of Vanguard Mega Cap Growth Index Fund to –2.49 for Institutional Shares of Vanguard Mega Cap Value Index Fund. (Returns for ETF Shares are based on net asset value.) Each fund closely tracked its target index. |
• | The investment outlook grew more challenging during the 12 months. Sentiment deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. The Federal Reserve reacted by raising interest rates, which pushed borrowing costs higher and sparked fears of recession. |
• | Small- and large-capitalization stocks trailed their mid-cap counterparts for the period. Value and growth stocks both posted negative returns, but growth significantly underperformed value. |
• | The majority of sectors across all three funds posted negative returns. Technology and consumer discretionary stocks held back returns of the Mega Cap Growth Index Fund and Vanguard Mega Cap Index Fund. Financial stocks hurt the Mega Cap Value Index Fund most. |
Average Annual Total Returns Periods Ended August 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -12.96% | 12.14% | 11.61% |
Russell 2000 Index (Small-caps) | -17.88 | 8.59 | 6.95 |
Russell 3000 Index (Broad U.S. market) | -13.28 | 11.90 | 11.29 |
FTSE All-World ex US Index (International) | -19.00 | 3.48 | 2.12 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -11.65% | -2.01% | 0.54% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.63 | -0.83 | 1.28 |
FTSE Three-Month U.S. Treasury Bill Index | 0.44 | 0.56 | 1.10 |
CPI | |||
Consumer Price Index | 8.26% | 4.90% | 3.82% |
• | 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, 2022 | |||
Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Mega Cap Index Fund | |||
ETF Shares | $1,000.00 | $902.90 | $0.34 |
Institutional Shares | 1,000.00 | 903.00 | 0.29 |
Mega Cap Growth Index Fund | |||
ETF Shares | $1,000.00 | $866.90 | $0.33 |
Institutional Shares | 1,000.00 | 867.00 | 0.28 |
Mega Cap Value Index Fund | |||
ETF Shares | $1,000.00 | $945.60 | $0.34 |
Institutional Shares | 1,000.00 | 945.70 | 0.29 |
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/0001104659-22-113005/img4a6135722.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Mega Cap Index Fund ETF Shares Net Asset Value | -13.09% | 12.08% | 13.16% | $34,429 |
Mega Cap Index Fund ETF Shares Market Price | -13.10 | 12.09 | 13.14 | 34,381 | |
![]() | Spliced Mega Cap Index | -13.04 | 12.14 | 13.23 | 34,640 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | -13.73 | 11.16 | 12.66 | 32,942 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Mega Cap Index Fund Institutional Shares | -13.07% | 12.10% | 13.18% | $17,246,515 | |
Spliced Mega Cap Index | -13.04 | 12.14 | 13.23 | 17,320,183 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -13.73 | 11.16 | 12.66 | 16,470,991 |
One Year | Five Years | Ten Years | |
Mega Cap Index Fund ETF Shares Market Price | -13.10% | 76.92% | 243.81% |
Mega Cap Index Fund ETF Shares Net Asset Value | -13.09 | 76.88 | 244.29 |
Spliced Mega Cap Index | -13.04 | 77.31 | 246.40 |
Basic Materials | 1.2% |
Consumer Discretionary | 15.4 |
Consumer Staples | 6.1 |
Energy | 4.2 |
Financials | 10.2 |
Health Care | 14.1 |
Industrials | 11.5 |
Real Estate | 1.5 |
Technology | 30.7 |
Telecommunications | 2.6 |
Utilities | 2.5 |
Shares | Market Value• ($000) | ||
Common Stocks (99.4%) | |||
Basic Materials (1.2%) | |||
Linde plc | 68,846 | 19,474 | |
Air Products and Chemicals Inc. | 30,440 | 7,685 | |
Freeport-McMoRan Inc. | 198,734 | 5,882 | |
Ecolab Inc. | 35,287 | 5,781 | |
Dow Inc. | 99,795 | 5,090 | |
Newmont Corp. | 108,739 | 4,497 | |
48,409 | |||
Consumer Discretionary (15.3%) | |||
* | Amazon.com Inc. | 1,185,869 | 150,333 |
* | Tesla Inc. | 362,034 | 99,780 |
Home Depot Inc. | 140,907 | 40,640 | |
Costco Wholesale Corp. | 60,769 | 31,727 | |
* | Walt Disney Co. | 249,794 | 27,997 |
McDonald's Corp. | 101,356 | 25,570 | |
Walmart Inc. | 188,811 | 25,027 | |
NIKE Inc. Class B | 173,999 | 18,522 | |
Lowe's Cos. Inc. | 89,410 | 17,358 | |
* | Netflix Inc. | 60,902 | 13,615 |
Starbucks Corp. | 157,301 | 13,224 | |
* | Booking Holdings Inc. | 5,561 | 10,431 |
Target Corp. | 63,613 | 10,200 | |
TJX Cos. Inc. | 153,065 | 9,544 | |
Ford Motor Co. | 541,503 | 8,253 | |
Activision Blizzard Inc. | 96,546 | 7,578 | |
Dollar General Corp. | 31,329 | 7,438 | |
Estee Lauder Cos. Inc. Class A | 28,618 | 7,280 | |
* | Uber Technologies Inc. | 242,054 | 6,961 |
General Motors Co. | 180,060 | 6,880 | |
* | O'Reilly Automotive Inc. | 9,025 | 6,292 |
Marriott International Inc. Class A | 40,386 | 6,209 | |
* | Airbnb Inc. Class A | 47,177 | 5,337 |
Electronic Arts Inc. | 38,425 | 4,875 | |
* | Lululemon Athletica Inc. | 16,008 | 4,802 |
Yum! Brands Inc. | 39,042 | 4,343 | |
Ross Stores Inc. | 48,232 | 4,161 | |
* | Warner Bros Discovery Inc. | 298,957 | 3,958 |
* | Chipotle Mexican Grill Inc. Class A | 1,807 | 2,885 |
* | AutoZone Inc. | 1,320 | 2,797 |
Hilton Worldwide Holdings Inc. | 19,129 | 2,436 | |
* | Rivian Automotive Inc. Class A | 73,124 | 2,392 |
eBay Inc. | 38,965 | 1,720 |
Shares | Market Value• ($000) | ||
* | Las Vegas Sands Corp. | 23,643 | 890 |
*,1 | Lucid Group Inc. | 39,518 | 606 |
592,061 | |||
Consumer Staples (6.1%) | |||
Procter & Gamble Co. | 329,063 | 45,391 | |
Coca-Cola Co. | 535,061 | 33,019 | |
PepsiCo Inc. | 189,648 | 32,671 | |
Philip Morris International Inc. | 212,537 | 20,295 | |
CVS Health Corp. | 179,832 | 17,650 | |
Mondelez International Inc. Class A | 189,757 | 11,738 | |
Altria Group Inc. | 248,327 | 11,205 | |
Colgate-Palmolive Co. | 114,918 | 8,988 | |
General Mills Inc. | 82,468 | 6,334 | |
Kimberly-Clark Corp. | 46,225 | 5,895 | |
Sysco Corp. | 69,707 | 5,731 | |
Constellation Brands Inc. Class A | 20,086 | 4,942 | |
* | Monster Beverage Corp. | 50,800 | 4,513 |
Hershey Co. | 20,029 | 4,500 | |
Keurig Dr Pepper Inc. | 116,750 | 4,450 | |
McKesson Corp. | 9,985 | 3,664 | |
Walgreens Boots Alliance Inc. | 100,689 | 3,530 | |
Kraft Heinz Co. | 92,147 | 3,446 | |
Archer-Daniels-Midland Co. | 38,547 | 3,388 | |
Brown-Forman Corp. Class B | 39,259 | 2,854 | |
Brown-Forman Corp. Class A | 5,721 | 404 | |
234,608 | |||
Energy (4.2%) | |||
Exxon Mobil Corp. | 577,629 | 55,216 | |
Chevron Corp. | 242,641 | 38,352 | |
ConocoPhillips | 177,339 | 19,410 | |
EOG Resources Inc. | 80,357 | 9,747 | |
Pioneer Natural Resources Co. | 31,362 | 7,941 | |
Marathon Petroleum Corp. | 73,906 | 7,446 | |
Schlumberger NV | 193,779 | 7,393 | |
Kinder Morgan Inc. | 280,164 | 5,133 | |
Occidental Petroleum Corp. | 50,982 | 3,620 | |
Valero Energy Corp. | 27,745 | 3,249 | |
Phillips 66 | 32,937 | 2,946 | |
Williams Cos. Inc. | 83,743 | 2,850 | |
163,303 |
Shares | Market Value• ($000) | ||
Financials (10.1%) | |||
* | Berkshire Hathaway Inc. Class B | 217,654 | 61,117 |
JPMorgan Chase & Co. | 402,717 | 45,801 | |
Bank of America Corp. | 939,150 | 31,565 | |
Wells Fargo & Co. | 519,786 | 22,720 | |
S&P Global Inc. | 46,649 | 16,429 | |
Morgan Stanley | 191,940 | 16,357 | |
Goldman Sachs Group Inc. | 47,088 | 15,665 | |
Charles Schwab Corp. | 211,625 | 15,015 | |
BlackRock Inc. | 19,710 | 13,135 | |
Citigroup Inc. | 253,155 | 12,357 | |
Marsh & McLennan Cos. Inc. | 68,997 | 11,134 | |
Chubb Ltd. | 55,158 | 10,428 | |
Progressive Corp. | 80,167 | 9,832 | |
CME Group Inc. | 49,274 | 9,638 | |
Blackstone Inc. | 96,105 | 9,028 | |
PNC Financial Services Group Inc. | 56,716 | 8,961 | |
Truist Financial Corp. | 182,790 | 8,562 | |
US Bancorp | 183,082 | 8,350 | |
Aon plc Class A (XNYS) | 27,721 | 7,741 | |
Intercontinental Exchange Inc. | 76,586 | 7,724 | |
Moody's Corp. | 21,495 | 6,116 | |
* | Berkshire Hathaway Inc. Class A | 13 | 5,477 |
MetLife Inc. | 83,599 | 5,378 | |
Travelers Cos. Inc. | 32,890 | 5,316 | |
Prudential Financial Inc. | 51,379 | 4,920 | |
Aflac Inc. | 79,503 | 4,724 | |
Allstate Corp. | 37,746 | 4,548 | |
Bank of New York Mellon Corp. | 99,840 | 4,146 | |
KKR & Co. Inc. | 77,258 | 3,906 | |
T Rowe Price Group Inc. | 31,238 | 3,749 | |
American International Group Inc. | 54,357 | 2,813 | |
392,652 | |||
Health Care (14.0%) | |||
UnitedHealth Group Inc. | 128,678 | 66,826 | |
Johnson & Johnson | 360,828 | 58,216 | |
Eli Lilly & Co. | 117,300 | 35,334 | |
Pfizer Inc. | 769,395 | 34,800 | |
AbbVie Inc. | 242,354 | 32,587 | |
Merck & Co. Inc. | 346,725 | 29,596 | |
Thermo Fisher Scientific Inc. | 53,636 | 29,249 | |
Abbott Laboratories | 240,073 | 24,644 | |
Danaher Corp. | 89,756 | 24,226 | |
Bristol-Myers Squibb Co. | 291,962 | 19,681 | |
Amgen Inc. | 73,243 | 17,600 | |
Medtronic plc | 183,934 | 16,171 | |
Elevance Health Inc. | 33,048 | 16,032 | |
Cigna Corp. | 43,548 | 12,344 | |
Gilead Sciences Inc. | 171,994 | 10,916 | |
* | Intuitive Surgical Inc. | 49,250 | 10,133 |
* | Vertex Pharmaceuticals Inc. | 35,050 | 9,876 |
Becton Dickinson and Co. | 39,041 | 9,855 | |
Stryker Corp. | 46,700 | 9,583 | |
Zoetis Inc. | 58,132 | 9,099 | |
Humana Inc. | 17,337 | 8,353 | |
* | Regeneron Pharmaceuticals Inc. | 14,040 | 8,158 |
* | Boston Scientific Corp. | 195,867 | 7,895 |
Shares | Market Value• ($000) | ||
* | Edwards Lifesciences Corp. | 85,278 | 7,684 |
* | Moderna Inc. | 46,318 | 6,127 |
HCA Healthcare Inc. | 30,377 | 6,011 | |
Agilent Technologies Inc. | 40,997 | 5,258 | |
* | Illumina Inc. | 21,520 | 4,339 |
Baxter International Inc. | 69,112 | 3,971 | |
* | Biogen Inc. | 20,075 | 3,922 |
* | IDEXX Laboratories Inc. | 5,725 | 1,990 |
* | Align Technology Inc. | 5,445 | 1,327 |
541,803 | |||
Industrials (11.4%) | |||
Visa Inc. Class A | 225,710 | 44,851 | |
Mastercard Inc. Class A | 119,123 | 38,640 | |
Accenture plc Class A | 90,873 | 26,213 | |
United Parcel Service Inc. Class B | 100,719 | 19,591 | |
Union Pacific Corp. | 86,156 | 19,343 | |
Raytheon Technologies Corp. | 203,866 | 18,297 | |
Honeywell International Inc. | 93,371 | 17,680 | |
Lockheed Martin Corp. | 36,453 | 15,314 | |
* | PayPal Holdings Inc. | 158,813 | 14,839 |
Automatic Data Processing Inc. | 57,307 | 14,006 | |
Deere & Co. | 37,825 | 13,816 | |
Caterpillar Inc. | 73,138 | 13,509 | |
* | Boeing Co. | 81,096 | 12,996 |
American Express Co. | 77,416 | 11,767 | |
General Electric Co. | 150,815 | 11,076 | |
1 | 3M Co. | 78,065 | 9,707 |
CSX Corp. | 298,177 | 9,437 | |
Northrop Grumman Corp. | 19,196 | 9,176 | |
* | Fiserv Inc. | 79,763 | 8,071 |
Norfolk Southern Corp. | 32,689 | 7,948 | |
Fidelity National Information Services Inc. | 83,645 | 7,643 | |
Illinois Tool Works Inc. | 38,392 | 7,480 | |
Eaton Corp. plc | 54,721 | 7,477 | |
Sherwin-Williams Co. | 32,153 | 7,463 | |
General Dynamics Corp. | 32,384 | 7,414 | |
FedEx Corp. | 31,936 | 6,732 | |
Emerson Electric Co. | 81,422 | 6,655 | |
L3Harris Technologies Inc. | 26,464 | 6,039 | |
Capital One Financial Corp. | 53,932 | 5,707 | |
Paychex Inc. | 44,580 | 5,499 | |
Johnson Controls International plc | 95,436 | 5,167 | |
Trane Technologies plc | 32,027 | 4,934 | |
* | Block Inc. (XNYS) | 71,125 | 4,901 |
Global Payments Inc. | 38,653 | 4,802 | |
Parker-Hannifin Corp. | 17,634 | 4,673 | |
Cummins Inc. | 19,374 | 4,173 | |
PPG Industries Inc. | 32,315 | 4,103 | |
DuPont de Nemours Inc. | 62,738 | 3,491 | |
Otis Worldwide Corp. | 29,040 | 2,097 | |
442,727 | |||
Real Estate (1.5%) | |||
American Tower Corp. | 63,744 | 16,194 | |
Prologis Inc. | 101,419 | 12,628 | |
Crown Castle Inc. | 59,371 | 10,142 | |
Equinix Inc. | 12,479 | 8,203 | |
Public Storage | 20,479 | 6,775 | |
Simon Property Group Inc. | 22,570 | 2,302 | |
56,244 |
Shares | Market Value• ($000) | ||
Technology (30.5%) | |||
Apple Inc. | 2,108,619 | 331,517 | |
Microsoft Corp. | 1,025,575 | 268,157 | |
* | Alphabet Inc. Class A | 823,831 | 89,155 |
* | Alphabet Inc. Class C | 731,680 | 79,863 |
* | Meta Platforms Inc. Class A | 314,503 | 51,242 |
NVIDIA Corp. | 326,176 | 49,233 | |
Broadcom Inc. | 53,174 | 26,540 | |
* | Adobe Inc. | 64,737 | 24,175 |
Texas Instruments Inc. | 126,399 | 20,882 | |
QUALCOMM Inc. | 153,565 | 20,312 | |
* | Salesforce Inc. | 129,495 | 20,217 |
* | Advanced Micro Devices Inc. | 222,221 | 18,860 |
Intel Corp. | 560,649 | 17,896 | |
Intuit Inc. | 36,773 | 15,878 | |
International Business Machines Corp. | 123,294 | 15,837 | |
Oracle Corp. | 201,220 | 14,921 | |
* | ServiceNow Inc. | 27,467 | 11,938 |
Applied Materials Inc. | 121,159 | 11,397 | |
Analog Devices Inc. | 71,280 | 10,801 | |
Micron Technology Inc. | 153,142 | 8,657 | |
Lam Research Corp. | 19,071 | 8,351 | |
KLA Corp. | 20,495 | 7,053 | |
* | Snowflake Inc. Class A | 36,711 | 6,643 |
* | Autodesk Inc. | 29,871 | 6,026 |
Roper Technologies Inc. | 14,503 | 5,839 | |
TE Connectivity Ltd. | 44,165 | 5,574 | |
* | Crowdstrike Holdings Inc. Class A | 27,820 | 5,080 |
Cognizant Technology Solutions Corp. Class A | 71,449 | 4,513 | |
* | Workday Inc. Class A | 27,238 | 4,482 |
* | Palo Alto Networks Inc. | 6,844 | 3,811 |
HP Inc. | 127,742 | 3,668 | |
VMware Inc. Class A | 28,953 | 3,359 | |
Marvell Technology Inc. | 58,372 | 2,733 | |
* | Zoom Video Communications Inc. Class A | 29,351 | 2,360 |
* | Fortinet Inc. | 46,993 | 2,288 |
Dell Technologies Inc. Class C | 35,722 | 1,368 | |
* | DoorDash Inc. Class A | 17,782 | 1,065 |
* | Snap Inc. Class A | 71,950 | 783 |
1,182,474 | |||
Telecommunications (2.6%) | |||
Verizon Communications Inc. | 546,767 | 22,860 | |
Cisco Systems Inc. | 511,084 | 22,856 |
Shares | Market Value• ($000) | ||
Comcast Corp. Class A | 613,092 | 22,188 | |
AT&T Inc. | 981,835 | 17,222 | |
* | T-Mobile US Inc. | 85,970 | 12,376 |
* | Charter Communications Inc. Class A | 11,049 | 4,559 |
102,061 | |||
Utilities (2.5%) | |||
NextEra Energy Inc. | 269,396 | 22,915 | |
Duke Energy Corp. | 105,543 | 11,283 | |
Southern Co. | 145,812 | 11,238 | |
Waste Management Inc. | 56,868 | 9,612 | |
Dominion Energy Inc. | 111,218 | 9,098 | |
Sempra Energy (XNYS) | 43,034 | 7,099 | |
American Electric Power Co. Inc. | 70,439 | 7,058 | |
Exelon Corp. | 134,375 | 5,900 | |
Xcel Energy Inc. | 74,569 | 5,537 | |
Public Service Enterprise Group Inc. | 68,470 | 4,407 | |
Republic Services Inc. Class A | 28,224 | 4,028 | |
98,175 | |||
Total Common Stocks (Cost $2,878,516) | 3,854,517 | ||
Temporary Cash Investments (0.7%) | |||
Money Market Fund (0.7%) | |||
2,3 | Vanguard Market Liquidity Fund, 2.284% (Cost $27,095) | 271,044 | 27,096 |
Total Investments (100.1%) (Cost $2,905,611) | 3,881,613 | ||
Other Assets and Liabilities—Net (-0.1%) | (2,922) | ||
Net Assets (100%) | 3,878,691 | ||
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 $9,998,000. |
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 $10,299,000 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 2022 | 122 | 24,135 | 1 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $2,878,516) | 3,854,517 |
Affiliated Issuers (Cost $27,095) | 27,096 |
Total Investments in Securities | 3,881,613 |
Investment in Vanguard | 145 |
Cash Collateral Pledged—Futures Contracts | 1,175 |
Receivables for Investment Securities Sold | 112 |
Receivables for Accrued Income | 6,434 |
Total Assets | 3,889,479 |
Liabilities | |
Due to Custodian | 115 |
Payables for Investment Securities Purchased | 31 |
Collateral for Securities on Loan | 10,299 |
Payables for Capital Shares Redeemed | 36 |
Payables to Vanguard | 126 |
Variation Margin Payable—Futures Contracts | 181 |
Total Liabilities | 10,788 |
Net Assets | 3,878,691 |
1 Includes $9,998 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 2,991,968 |
Total Distributable Earnings (Loss) | 886,723 |
Net Assets | 3,878,691 |
ETF Shares—Net Assets | |
Applicable to 26,850,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,700,880 |
Net Asset Value Per Share—ETF Shares | $137.84 |
Institutional Shares—Net Assets | |
Applicable to 654,266 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 177,811 |
Net Asset Value Per Share—Institutional Shares | $271.77 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 61,935 |
Interest1 | 84 |
Securities Lending—Net | 90 |
Total Income | 62,109 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 501 |
Management and Administrative—ETF Shares | 1,972 |
Management and Administrative—Institutional Shares | 82 |
Marketing and Distribution—ETF Shares | 155 |
Marketing and Distribution—Institutional Shares | 4 |
Custodian Fees | 31 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 96 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 102 |
Total Expenses | 2,974 |
Net Investment Income | 59,135 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 335,792 |
Futures Contracts | (3,674) |
Realized Net Gain (Loss) | 332,118 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (989,939) |
Futures Contracts | (130) |
Change in Unrealized Appreciation (Depreciation) | (990,069) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (598,816) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $81,000, ($6,000), less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $381,584,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 59,135 | 52,307 |
Realized Net Gain (Loss) | 332,118 | 132,696 |
Change in Unrealized Appreciation (Depreciation) | (990,069) | 813,740 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (598,816) | 998,743 |
Distributions | ||
ETF Shares | (55,014) | (48,029) |
Institutional Shares | (2,467) | (2,599) |
Total Distributions | (57,481) | (50,628) |
Capital Share Transactions | ||
ETF Shares | 41,621 | 349,653 |
Institutional Shares | 15,237 | (36,024) |
Net Increase (Decrease) from Capital Share Transactions | 56,858 | 313,629 |
Total Increase (Decrease) | (599,439) | 1,261,744 |
Net Assets | ||
Beginning of Period | 4,478,130 | 3,216,386 |
End of Period | 3,878,691 | 4,478,130 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $160.74 | $125.47 | $101.36 | $100.26 | $85.02 |
Investment Operations | |||||
Net Investment Income1 | 2.109 | 1.961 | 1.992 | 2.045 | 1.790 |
Net Realized and Unrealized Gain (Loss) on Investments | (22.957) | 35.218 | 24.065 | 1.052 | 15.214 |
Total from Investment Operations | (20.848) | 37.179 | 26.057 | 3.097 | 17.004 |
Distributions | |||||
Dividends from Net Investment Income | (2.052) | (1.908) | (1.947) | (1.997) | (1.764) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.052) | (1.908) | (1.947) | (1.997) | (1.764) |
Net Asset Value, End of Period | $137.84 | $160.74 | $125.47 | $101.36 | $100.26 |
Total Return | -13.09% | 29.94% | 26.14% | 3.26% | 20.25% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,701 | $4,288 | $3,036 | $1,944 | $1,542 |
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 | 1.38% | 1.41% | 1.85% | 2.10% | 1.93% |
Portfolio Turnover Rate2 | 3% | 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. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $316.94 | $247.38 | $199.84 | $197.68 | $167.62 |
Investment Operations | |||||
Net Investment Income1 | 4.199 | 3.882 | 3.943 | 4.053 | 3.513 |
Net Realized and Unrealized Gain (Loss) on Investments | (45.292) | 69.463 | 47.454 | 2.062 | 30.038 |
Total from Investment Operations | (41.093) | 73.345 | 51.397 | 6.115 | 33.551 |
Distributions | |||||
Dividends from Net Investment Income | (4.077) | (3.785) | (3.857) | (3.955) | (3.491) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.077) | (3.785) | (3.857) | (3.955) | (3.491) |
Net Asset Value, End of Period | $271.77 | $316.94 | $247.38 | $199.84 | $197.68 |
Total Return | -13.07% | 29.97% | 26.19% | 3.25% | 20.26% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $178 | $190 | $180 | $150 | $122 |
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 | 1.40% | 1.42% | 1.86% | 2.11% | 1.94% |
Portfolio Turnover Rate2 | 3% | 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. |
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 applicable in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 381,588 |
Total Distributable Earnings (Loss) | (381,588) |
Amount ($000) | |
Undistributed Ordinary Income | 12,756 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (101,949) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 975,916 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 57,481 | 50,628 |
Long-Term Capital Gains | — | — |
Total | 57,481 | 50,628 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 2,905,696 |
Gross Unrealized Appreciation | 1,192,849 |
Gross Unrealized Depreciation | (216,933) |
Net Unrealized Appreciation (Depreciation) | 975,916 |
E. | During the year ended August 31, 2022, the fund purchased $739,612,000 of investment securities and sold $702,059,000 of investment securities, other than temporary cash investments. Purchases and sales include $587,889,000 and $571,309,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 623,865 | 4,075 | 598,960 | 4,325 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (582,244) | (3,900) | (249,307) | (1,850) | |
Net Increase (Decrease)—ETF Shares | 41,621 | 175 | 349,653 | 2,475 | |
Institutional Shares | |||||
Issued | 25,422 | 87 | 8,330 | 31 | |
Issued in Lieu of Cash Distributions | 2,465 | 8 | 1,860 | 7 | |
Redeemed | (12,650) | (41) | (46,214) | (166) | |
Net Increase (Decrease)—Institutional Shares | 15,237 | 54 | (36,024) | (128) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/imgb66ee7876.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Mega Cap Growth Index Fund ETF Shares Net Asset Value | -21.08% | 14.35% | 14.63% | $39,178 |
Mega Cap Growth Index Fund ETF Shares Market Price | -21.09 | 14.34 | 14.62 | 39,144 | |
![]() | Spliced Mega Cap Growth Index | -21.03 | 14.41 | 14.71 | 39,456 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | -13.73 | 11.16 | 12.66 | 32,942 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Mega Cap Growth Index Fund Institutional Shares | -21.07% | 14.36% | 14.65% | $19,613,070 | |
Spliced Mega Cap Growth Index | -21.03 | 14.41 | 14.71 | 19,728,217 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -13.73 | 11.16 | 12.66 | 16,470,991 |
One Year | Five Years | Ten Years | |
Mega Cap Growth Index Fund ETF Shares Market Price | -21.09% | 95.46% | 291.44% |
Mega Cap Growth Index Fund ETF Shares Net Asset Value | -21.08 | 95.50 | 291.78 |
Spliced Mega Cap Growth Index | -21.03 | 96.02 | 294.56 |
Basic Materials | 1.3% |
Consumer Discretionary | 26.2 |
Consumer Staples | 0.8 |
Energy | 0.4 |
Financials | 1.9 |
Health Care | 5.8 |
Industrials | 9.1 |
Real Estate | 2.0 |
Technology | 51.7 |
Telecommunications | 0.8 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Basic Materials (1.3%) | |||
Linde plc | 378,260 | 106,995 | |
Ecolab Inc. | 193,990 | 31,781 | |
138,776 | |||
Consumer Discretionary (26.1%) | |||
* | Amazon.com Inc. | 6,520,476 | 826,601 |
* | Tesla Inc. | 1,991,649 | 548,918 |
Home Depot Inc. | 774,765 | 223,458 | |
Costco Wholesale Corp. | 334,186 | 174,478 | |
* | Walt Disney Co. | 1,373,991 | 153,997 |
McDonald's Corp. | 557,445 | 140,632 | |
NIKE Inc. Class B | 956,108 | 101,778 | |
Lowe's Cos. Inc. | 491,628 | 95,445 | |
* | Netflix Inc. | 335,163 | 74,929 |
Starbucks Corp. | 865,092 | 72,728 | |
* | Booking Holdings Inc. | 30,591 | 57,383 |
TJX Cos. Inc. | 841,459 | 52,465 | |
Dollar General Corp. | 172,494 | 40,954 | |
Estee Lauder Cos. Inc. Class A | 157,379 | 40,034 | |
* | Uber Technologies Inc. | 1,331,020 | 38,280 |
* | O'Reilly Automotive Inc. | 49,610 | 34,584 |
Marriott International Inc. Class A | 222,324 | 34,180 | |
* | Airbnb Inc. Class A | 259,819 | 29,391 |
Electronic Arts Inc. | 211,161 | 26,790 | |
* | Lululemon Athletica Inc. | 87,988 | 26,393 |
Yum! Brands Inc. | 215,152 | 23,933 | |
Ross Stores Inc. | 265,081 | 22,869 | |
Activision Blizzard Inc. | 265,339 | 20,826 | |
* | Chipotle Mexican Grill Inc. Class A | 9,959 | 15,903 |
* | AutoZone Inc. | 7,402 | 15,686 |
Hilton Worldwide Holdings Inc. | 105,057 | 13,380 | |
* | Rivian Automotive Inc. Class A | 403,419 | 13,196 |
* | Las Vegas Sands Corp. | 130,266 | 4,902 |
2,924,113 | |||
Consumer Staples (0.8%) | |||
* | Monster Beverage Corp. | 279,597 | 24,837 |
Hershey Co. | 110,346 | 24,791 | |
Colgate-Palmolive Co. | 315,966 | 24,712 | |
Brown-Forman Corp. Class B | 218,577 | 15,890 |
Shares | Market Value• ($000) | ||
Brown-Forman Corp. Class A | 29,035 | 2,049 | |
92,279 | |||
Energy (0.4%) | |||
Pioneer Natural Resources Co. | 173,274 | 43,877 | |
Financials (1.9%) | |||
S&P Global Inc. | 256,420 | 90,306 | |
Blackstone Inc. | 527,887 | 49,589 | |
Aon plc Class A (XNYS) | 152,141 | 42,487 | |
Moody's Corp. | 118,318 | 33,664 | |
216,046 | |||
Health Care (5.8%) | |||
Thermo Fisher Scientific Inc. | 295,122 | 160,936 | |
Danaher Corp. | 246,916 | 66,645 | |
* | Intuitive Surgical Inc. | 270,919 | 55,739 |
* | Vertex Pharmaceuticals Inc. | 192,837 | 54,334 |
Zoetis Inc. | 319,476 | 50,008 | |
* | Regeneron Pharmaceuticals Inc. | 77,269 | 44,898 |
* | Boston Scientific Corp. | 1,077,670 | 43,441 |
* | Edwards Lifesciences Corp. | 469,011 | 42,258 |
* | Moderna Inc. | 255,198 | 33,755 |
Agilent Technologies Inc. | 225,493 | 28,919 | |
Stryker Corp. | 128,371 | 26,342 | |
* | Illumina Inc. | 118,489 | 23,892 |
* | IDEXX Laboratories Inc. | 31,746 | 11,035 |
* | Align Technology Inc. | 29,414 | 7,168 |
649,370 | |||
Industrials (9.1%) | |||
Visa Inc. Class A | 1,240,627 | 246,525 | |
Mastercard Inc. Class A | 654,695 | 212,363 | |
Accenture plc Class A | 499,292 | 144,026 | |
* | PayPal Holdings Inc. | 873,487 | 81,619 |
* | Boeing Co. | 446,323 | 71,523 |
United Parcel Service Inc. Class B | 277,019 | 53,883 | |
* | Fiserv Inc. | 438,742 | 44,396 |
Sherwin-Williams Co. | 176,573 | 40,982 | |
Automatic Data Processing Inc. | 157,617 | 38,523 | |
Paychex Inc. | 245,117 | 30,233 | |
* | Block Inc. (XNYS) | 391,407 | 26,972 |
Shares | Market Value• ($000) | ||
Global Payments Inc. | 212,450 | 26,393 | |
1,017,438 | |||
Real Estate (2.0%) | |||
American Tower Corp. | 350,105 | 88,944 | |
Crown Castle Inc. | 326,588 | 55,791 | |
Equinix Inc. | 68,673 | 45,144 | |
Public Storage | 112,575 | 37,243 | |
227,122 | |||
Technology (51.6%) | |||
Apple Inc. | 11,592,834 | 1,822,625 | |
Microsoft Corp. | 5,638,858 | 1,474,392 | |
* | Alphabet Inc. Class A | 4,537,139 | 491,009 |
* | Alphabet Inc. Class C | 4,015,560 | 438,298 |
* | Meta Platforms Inc. Class A | 1,729,117 | 281,725 |
NVIDIA Corp. | 1,793,306 | 270,682 | |
* | Adobe Inc. | 356,117 | 132,988 |
Texas Instruments Inc. | 694,844 | 114,795 | |
* | Salesforce Inc. | 711,699 | 111,111 |
* | Advanced Micro Devices Inc. | 1,222,374 | 103,743 |
Intuit Inc. | 202,088 | 87,258 | |
* | ServiceNow Inc. | 151,268 | 65,744 |
Applied Materials Inc. | 666,337 | 62,682 | |
Lam Research Corp. | 104,649 | 45,827 | |
KLA Corp. | 112,523 | 38,723 | |
* | Snowflake Inc. Class A | 201,776 | 36,511 |
* | Autodesk Inc. | 164,134 | 33,113 |
* | Crowdstrike Holdings Inc. Class A | 152,971 | 27,934 |
* | Workday Inc. Class A | 149,880 | 24,664 |
Micron Technology Inc. | 421,181 | 23,809 | |
* | Palo Alto Networks Inc. | 37,576 | 20,923 |
Roper Technologies Inc. | 39,850 | 16,043 | |
Marvell Technology Inc. | 320,916 | 15,025 |
Shares | Market Value• ($000) | ||
* | Zoom Video Communications Inc. Class A | 161,434 | 12,979 |
* | Fortinet Inc. | 257,017 | 12,514 |
* | DoorDash Inc. Class A | 95,855 | 5,742 |
* | Snap Inc. Class A | 384,979 | 4,189 |
5,775,048 | |||
Telecommunications (0.8%) | |||
* | T-Mobile US Inc. | 472,245 | 67,984 |
* | Charter Communications Inc. Class A | 60,300 | 24,882 |
92,866 | |||
Total Common Stocks (Cost $9,648,311) | 11,176,935 | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
1 | Vanguard Market Liquidity Fund 2.284% (Cost $8,705) | 87,084 | 8,706 |
Total Investments (99.9%) (Cost $9,657,016) | 11,185,641 | ||
Other Assets and Liabilities—Net (0.1%) | 9,312 | ||
Net Assets (100%) | 11,194,953 | ||
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 NASDAQ 100 Index | September 2022 | 67 | 16,462 | (533) |
E-mini S&P 500 Index | September 2022 | 7 | 1,385 | 20 |
(513) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $9,648,311) | 11,176,935 |
Affiliated Issuers (Cost $8,705) | 8,706 |
Total Investments in Securities | 11,185,641 |
Investment in Vanguard | 423 |
Cash | 6 |
Cash Collateral Pledged—Futures Contracts | 925 |
Receivables for Accrued Income | 8,463 |
Total Assets | 11,195,458 |
Liabilities | |
Payables for Investment Securities Purchased | 15 |
Payables for Capital Shares Redeemed | 26 |
Payables to Vanguard | 370 |
Variation Margin Payable—Futures Contracts | 94 |
Total Liabilities | 505 |
Net Assets | 11,194,953 |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 10,148,748 |
Total Distributable Earnings (Loss) | 1,046,205 |
Net Assets | 11,194,953 |
ETF Shares—Net Assets | |
Applicable to 57,214,192 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,168,152 |
Net Asset Value Per Share—ETF Shares | $195.20 |
Institutional Shares—Net Assets | |
Applicable to 69,121 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 26,801 |
Net Asset Value Per Share—Institutional Shares | $387.74 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 71,840 |
Interest1 | 43 |
Securities Lending—Net | 232 |
Total Income | 72,115 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,330 |
Management and Administrative—ETF Shares | 6,394 |
Management and Administrative—Institutional Shares | 2 |
Marketing and Distribution—ETF Shares | 573 |
Marketing and Distribution—Institutional Shares | 1 |
Custodian Fees | 21 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 290 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 5 |
Other Expenses | 36 |
Total Expenses | 8,681 |
Net Investment Income | 63,434 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 862,071 |
Futures Contracts | (3,284) |
Realized Net Gain (Loss) | 858,787 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (3,908,352) |
Futures Contracts | (2,041) |
Change in Unrealized Appreciation (Depreciation) | (3,910,393) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,988,172) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $42,000, ($4,000), $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $1,135,693,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 63,434 | 60,577 |
Realized Net Gain (Loss) | 858,787 | 1,329,075 |
Change in Unrealized Appreciation (Depreciation) | (3,910,393) | 1,201,098 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,988,172) | 2,590,750 |
Distributions | ||
ETF Shares | (57,769) | (61,584) |
Institutional Shares | (185) | (342) |
Total Distributions | (57,954) | (61,926) |
Capital Share Transactions | ||
ETF Shares | 1,490,053 | 2,252 |
Institutional Shares | (9,451) | (44,428) |
Net Increase (Decrease) from Capital Share Transactions | 1,480,602 | (42,176) |
Total Increase (Decrease) | (1,565,524) | 2,486,648 |
Net Assets | ||
Beginning of Period | 12,760,477 | 10,273,829 |
End of Period | 11,194,953 | 12,760,477 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $248.50 | $196.25 | $132.22 | $127.79 | $104.09 |
Investment Operations | |||||
Net Investment Income1 | 1.151 | 1.220 | 1.358 | 1.588 | 1.485 |
Net Realized and Unrealized Gain (Loss) on Investments | (53.389) | 52.279 | 64.007 | 3.860 | 23.677 |
Total from Investment Operations | (52.238) | 53.499 | 65.365 | 5.448 | 25.162 |
Distributions | |||||
Dividends from Net Investment Income | (1.062) | (1.249) | (1.335) | (1.018) | (1.462) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.062) | (1.249) | (1.335) | (1.018) | (1.462) |
Net Asset Value, End of Period | $195.20 | $248.50 | $196.25 | $132.22 | $127.79 |
Total Return | -21.08% | 27.41% | 49.84% | 4.32% | 24.38% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $11,168 | $12,714 | $10,193 | $4,388 | $4,152 |
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 | 0.51% | 0.58% | 0.90% | 1.30% | 1.29% |
Portfolio Turnover Rate2 | 5% | 8% | 6% | 14% | 9% |
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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $493.61 | $389.78 | $262.63 | $253.80 | $206.74 |
Investment Operations | |||||
Net Investment Income1 | 2.279 | 2.498 | 2.707 | 3.184 | 2.963 |
Net Realized and Unrealized Gain (Loss) on Investments | (106.001) | 103.822 | 127.126 | 7.684 | 47.023 |
Total from Investment Operations | (103.722) | 106.320 | 129.833 | 10.868 | 49.986 |
Distributions | |||||
Dividends from Net Investment Income | (2.148) | (2.489) | (2.683) | (2.038) | (2.926) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.148) | (2.489) | (2.683) | (2.038) | (2.926) |
Net Asset Value, End of Period | $387.74 | $493.61 | $389.78 | $262.63 | $253.80 |
Total Return | -21.07% | 27.43% | 49.87% | 4.34% | 24.39% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $27 | $46 | $81 | $43 | $43 |
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 | 0.50% | 0.62% | 0.91% | 1.31% | 1.30% |
Portfolio Turnover Rate2 | 5% | 8% | 6% | 14% | 9% |
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 applicable in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 1,135,705 |
Total Distributable Earnings (Loss) | (1,135,705) |
Amount ($000) | |
Undistributed Ordinary Income | 16,764 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (496,091) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 1,525,532 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 57,954 | 61,926 |
Long-Term Capital Gains | — | — |
Total | 57,954 | 61,926 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 9,660,110 |
Gross Unrealized Appreciation | 2,614,559 |
Gross Unrealized Depreciation | (1,089,027) |
Net Unrealized Appreciation (Depreciation) | 1,525,532 |
E. | During the year ended August 31, 2022, the fund purchased $4,135,852,000 of investment securities and sold $2,634,270,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,462,643,000 and $2,016,062,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 3,516,757 | 15,200 | 2,269,215 | 10,750 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (2,026,704) | (9,150) | (2,266,963) | (11,525) | |
Net Increase (Decrease)—ETF Shares | 1,490,053 | 6,050 | 2,252 | (775) | |
Institutional Shares | |||||
Issued | 1,938 | 5 | 13,626 | 29 | |
Issued in Lieu of Cash Distributions | 184 | — | 341 | 1 | |
Redeemed | (11,573) | (29) | (58,395) | (145) | |
Net Increase (Decrease)—Institutional Shares | (9,451) | (24) | (44,428) | (115) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img1b97a8017.gif)
Average Annual Total Returns Periods Ended August 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
![]() | Mega Cap Value Index Fund ETF Shares Net Asset Value | -2.51% | 9.67% | 11.71% | $30,263 |
Mega Cap Value Index Fund ETF Shares Market Price | -2.50 | 9.67 | 11.70 | 30,236 | |
![]() | Spliced Mega Cap Value Index | -2.44 | 9.72 | 11.78 | 30,446 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | -13.73 | 11.16 | 12.66 | 32,942 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Mega Cap Value Index Fund Institutional Shares | -2.49% | 9.69% | 11.73% | $15,162,608 | |
Spliced Mega Cap Value Index | -2.44 | 9.72 | 11.78 | 15,223,247 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -13.73 | 11.16 | 12.66 | 16,470,991 |
One Year | Five Years | Ten Years | |
Mega Cap Value Index Fund ETF Shares Market Price | -2.50% | 58.62% | 202.36% |
Mega Cap Value Index Fund ETF Shares Net Asset Value | -2.51 | 58.61 | 202.63 |
Spliced Mega Cap Value Index | -2.44 | 59.01 | 204.46 |
Basic Materials | 1.3% |
Consumer Discretionary | 3.3 |
Consumer Staples | 12.0 |
Energy | 8.5 |
Financials | 19.4 |
Health Care | 23.3 |
Industrials | 14.1 |
Real Estate | 0.8 |
Technology | 7.2 |
Telecommunications | 4.7 |
Utilities | 5.4 |
Shares | Market Value• ($000) | ||
Common Stocks (99.9%) | |||
Basic Materials (1.3%) | |||
Air Products and Chemicals Inc. | 95,122 | 24,013 | |
Freeport-McMoRan Inc. | 622,374 | 18,422 | |
Dow Inc. | 312,034 | 15,914 | |
Newmont Corp. | 339,697 | 14,050 | |
72,399 | |||
Consumer Discretionary (3.3%) | |||
Walmart Inc. | 590,295 | 78,244 | |
Target Corp. | 199,028 | 31,912 | |
Ford Motor Co. | 1,694,387 | 25,822 | |
General Motors Co. | 563,201 | 21,520 | |
* | Warner Bros Discovery Inc. | 936,069 | 12,394 |
Activision Blizzard Inc. | 150,827 | 11,838 | |
eBay Inc. | 120,114 | 5,301 | |
*,1 | Lucid Group Inc. | 125,031 | 1,918 |
188,949 | |||
Consumer Staples (12.0%) | |||
Procter & Gamble Co. | 1,029,067 | 141,949 | |
Coca-Cola Co. | 1,673,535 | 103,274 | |
PepsiCo Inc. | 593,033 | 102,162 | |
Philip Morris International Inc. | 665,080 | 63,508 | |
CVS Health Corp. | 562,614 | 55,221 | |
Mondelez International Inc. Class A | 593,672 | 36,725 | |
Altria Group Inc. | 776,896 | 35,054 | |
General Mills Inc. | 258,005 | 19,815 | |
Kimberly-Clark Corp. | 144,607 | 18,440 | |
Sysco Corp. | 218,869 | 17,995 | |
Constellation Brands Inc. Class A | 62,792 | 15,450 | |
Colgate-Palmolive Co. | 179,606 | 14,047 | |
Keurig Dr Pepper Inc. | 364,714 | 13,903 | |
McKesson Corp. | 31,150 | 11,432 | |
Walgreens Boots Alliance Inc. | 314,776 | 11,036 | |
Kraft Heinz Co. | 288,449 | 10,788 | |
Archer-Daniels-Midland Co. | 120,672 | 10,606 | |
681,405 | |||
Energy (8.5%) | |||
Exxon Mobil Corp. | 1,806,924 | 172,724 | |
Chevron Corp. | 758,521 | 119,892 | |
ConocoPhillips | 554,817 | 60,725 | |
EOG Resources Inc. | 251,245 | 30,476 | |
Marathon Petroleum Corp. | 232,233 | 23,397 | |
Schlumberger NV | 606,776 | 23,149 |
Shares | Market Value• ($000) | ||
Kinder Morgan Inc. | 874,391 | 16,019 | |
Occidental Petroleum Corp. | 160,531 | 11,398 | |
Valero Energy Corp. | 87,390 | 10,235 | |
Phillips 66 | 103,155 | 9,228 | |
Williams Cos. Inc. | 261,393 | 8,895 | |
486,138 | |||
Financials (19.4%) | |||
* | Berkshire Hathaway Inc. Class B | 618,319 | 173,624 |
JPMorgan Chase & Co. | 1,259,795 | 143,277 | |
Bank of America Corp. | 2,937,674 | 98,735 | |
Wells Fargo & Co. | 1,626,027 | 71,074 | |
Morgan Stanley | 600,111 | 51,142 | |
Goldman Sachs Group Inc. | 147,301 | 49,003 | |
Charles Schwab Corp. | 662,780 | 47,024 | |
BlackRock Inc. | 61,755 | 41,153 | |
Citigroup Inc. | 790,876 | 38,603 | |
Marsh & McLennan Cos. Inc. | 215,823 | 34,827 | |
* | Berkshire Hathaway Inc. Class A | 82 | 34,547 |
Chubb Ltd. | 172,765 | 32,661 | |
Progressive Corp. | 250,798 | 30,760 | |
CME Group Inc. | 154,021 | 30,128 | |
PNC Financial Services Group Inc. | 177,558 | 28,054 | |
Truist Financial Corp. | 570,758 | 26,734 | |
US Bancorp | 573,405 | 26,153 | |
Intercontinental Exchange Inc. | 239,696 | 24,173 | |
MetLife Inc. | 261,454 | 16,819 | |
Travelers Cos. Inc. | 102,837 | 16,623 | |
Prudential Financial Inc. | 160,713 | 15,388 | |
Aflac Inc. | 248,562 | 14,770 | |
Allstate Corp. | 117,916 | 14,209 | |
Bank of New York Mellon Corp. | 311,495 | 12,936 | |
KKR & Co. Inc. | 241,128 | 12,192 | |
T Rowe Price Group Inc. | 97,394 | 11,687 | |
American International Group Inc. | 169,889 | 8,792 | |
1,105,088 | |||
Health Care (23.2%) | |||
UnitedHealth Group Inc. | 402,364 | 208,960 | |
Johnson & Johnson | 1,128,679 | 182,101 | |
Eli Lilly & Co. | 366,771 | 110,482 | |
Pfizer Inc. | 2,406,586 | 108,850 | |
AbbVie Inc. | 757,882 | 101,905 | |
Merck & Co. Inc. | 1,084,717 | 92,591 |
Shares | Market Value• ($000) | ||
Abbott Laboratories | 751,127 | 77,103 | |
Bristol-Myers Squibb Co. | 913,295 | 61,565 | |
Amgen Inc. | 229,131 | 55,060 | |
Medtronic plc | 575,705 | 50,616 | |
Elevance Health Inc. | 103,386 | 50,154 | |
Cigna Corp. | 136,041 | 38,561 | |
Danaher Corp. | 140,320 | 37,874 | |
Gilead Sciences Inc. | 538,261 | 34,163 | |
Becton Dickinson and Co. | 122,239 | 30,856 | |
Humana Inc. | 54,289 | 26,155 | |
HCA Healthcare Inc. | 95,192 | 18,836 | |
Stryker Corp. | 72,880 | 14,955 | |
Baxter International Inc. | 215,897 | 12,405 | |
* | Biogen Inc. | 62,770 | 12,264 |
1,325,456 | |||
Industrials (14.1%) | |||
Union Pacific Corp. | 269,407 | 60,485 | |
Raytheon Technologies Corp. | 638,093 | 57,269 | |
Honeywell International Inc. | 291,803 | 55,253 | |
Lockheed Martin Corp. | 114,104 | 47,936 | |
Deere & Co. | 118,540 | 43,297 | |
Caterpillar Inc. | 228,881 | 42,277 | |
American Express Co. | 242,450 | 36,852 | |
General Electric Co. | 472,288 | 34,685 | |
United Parcel Service Inc. Class B | 157,447 | 30,625 | |
1 | 3M Co. | 244,331 | 30,383 |
CSX Corp. | 932,256 | 29,506 | |
Northrop Grumman Corp. | 60,014 | 28,686 | |
Norfolk Southern Corp. | 102,112 | 24,826 | |
Fidelity National Information Services Inc. | 261,971 | 23,936 | |
Illinois Tool Works Inc. | 120,338 | 23,445 | |
Eaton Corp. plc | 171,242 | 23,399 | |
General Dynamics Corp. | 101,280 | 23,186 | |
Automatic Data Processing Inc. | 89,650 | 21,911 | |
FedEx Corp. | 99,966 | 21,074 | |
Emerson Electric Co. | 254,844 | 20,831 | |
L3Harris Technologies Inc. | 82,685 | 18,868 | |
Capital One Financial Corp. | 168,453 | 17,826 | |
Johnson Controls International plc | 297,979 | 16,133 | |
Trane Technologies plc | 100,197 | 15,437 | |
Parker-Hannifin Corp. | 55,058 | 14,590 | |
Cummins Inc. | 60,484 | 13,026 | |
PPG Industries Inc. | 101,210 | 12,852 | |
DuPont de Nemours Inc. | 196,252 | 10,919 | |
Otis Worldwide Corp. | 90,627 | 6,545 | |
806,058 | |||
Real Estate (0.8%) | |||
Prologis Inc. | 317,130 | 39,486 | |
Simon Property Group Inc. | 70,366 | 7,176 | |
46,662 | |||
Technology (7.2%) | |||
Broadcom Inc. | 166,295 | 82,999 | |
QUALCOMM Inc. | 480,467 | 63,551 | |
Intel Corp. | 1,754,300 | 55,997 | |
International Business Machines Corp. | 385,937 | 49,574 |
Shares | Market Value• ($000) | ||
Oracle Corp. | 629,811 | 46,700 | |
Analog Devices Inc. | 223,057 | 33,800 | |
TE Connectivity Ltd. | 138,428 | 17,471 | |
Cognizant Technology Solutions Corp. Class A | 223,269 | 14,104 | |
Micron Technology Inc. | 239,399 | 13,533 | |
HP Inc. | 398,862 | 11,451 | |
VMware Inc. Class A | 90,267 | 10,474 | |
Roper Technologies Inc. | 22,690 | 9,135 | |
Dell Technologies Inc. Class C | 111,715 | 4,278 | |
413,067 | |||
Telecommunications (4.7%) | |||
Verizon Communications Inc. | 1,711,434 | 71,555 | |
Cisco Systems Inc. | 1,598,617 | 71,490 | |
Comcast Corp. Class A | 1,917,975 | 69,411 | |
AT&T Inc. | 3,069,075 | 53,832 | |
266,288 | |||
Utilities (5.4%) | |||
NextEra Energy Inc. | 842,820 | 71,690 | |
Duke Energy Corp. | 330,376 | 35,320 | |
Southern Co. | 455,769 | 35,126 | |
Waste Management Inc. | 177,948 | 30,079 | |
Dominion Energy Inc. | 348,125 | 28,477 | |
Sempra Energy (XNYS) | 134,874 | 22,250 | |
American Electric Power Co. Inc. | 220,141 | 22,058 | |
Exelon Corp. | 420,972 | 18,485 | |
Xcel Energy Inc. | 233,235 | 17,318 | |
Public Service Enterprise Group Inc. | 213,861 | 13,764 | |
Republic Services Inc. Class A | 88,020 | 12,562 | |
307,129 | |||
Total Common Stocks (Cost $4,972,117) | 5,698,639 | ||
Temporary Cash Investments (0.6%) | |||
Money Market Fund (0.6%) | |||
2,3 | Vanguard Market Liquidity Fund, 2.284% (Cost $32,579) | 325,890 | 32,579 |
Total Investments (100.5%) (Cost $5,004,696) | 5,731,218 | ||
Other Assets and Liabilities—Net (-0.5%) | (29,366) | ||
Net Assets (100%) | 5,701,852 | ||
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 $31,625,000. |
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 $32,578,000 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 2022 | 16 | 3,165 | (178) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $4,972,117) | 5,698,639 |
Affiliated Issuers (Cost $32,579) | 32,579 |
Total Investments in Securities | 5,731,218 |
Investment in Vanguard | 209 |
Cash | 24,012 |
Cash Collateral Pledged—Futures Contracts | 290 |
Receivables for Accrued Income | 14,490 |
Receivables for Capital Shares Issued | 155 |
Total Assets | 5,770,374 |
Liabilities | |
Payables for Investment Securities Purchased | 35,714 |
Collateral for Securities on Loan | 32,578 |
Payables for Capital Shares Redeemed | 8 |
Payables to Vanguard | 177 |
Variation Margin Payable—Futures Contracts | 45 |
Total Liabilities | 68,522 |
Net Assets | 5,701,852 |
1 Includes $31,625 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 5,093,764 |
Total Distributable Earnings (Loss) | 608,088 |
Net Assets | 5,701,852 |
ETF Shares—Net Assets | |
Applicable to 57,165,748 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,585,958 |
Net Asset Value Per Share—ETF Shares | $97.72 |
Institutional Shares—Net Assets | |
Applicable to 598,105 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 115,894 |
Net Asset Value Per Share—Institutional Shares | $193.77 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 132,494 |
Interest1 | 9 |
Securities Lending—Net | 93 |
Total Income | 132,596 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 640 |
Management and Administrative—ETF Shares | 2,547 |
Management and Administrative—Institutional Shares | 54 |
Marketing and Distribution—ETF Shares | 213 |
Marketing and Distribution—Institutional Shares | 3 |
Custodian Fees | 25 |
Auditing Fees | 29 |
Shareholders’ Reports—ETF Shares | 146 |
Shareholders’ Reports—Institutional Shares | 2 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 10 |
Total Expenses | 3,671 |
Net Investment Income | 128,925 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 246,505 |
Futures Contracts | (201) |
Realized Net Gain (Loss) | 246,304 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (552,917) |
Futures Contracts | (385) |
Change in Unrealized Appreciation (Depreciation) | (553,302) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (178,073) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $7,000, $2,000, $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $287,914,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 128,925 | 97,874 |
Realized Net Gain (Loss) | 246,304 | 126,813 |
Change in Unrealized Appreciation (Depreciation) | (553,302) | 878,724 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (178,073) | 1,103,411 |
Distributions | ||
ETF Shares | (119,211) | (89,173) |
Institutional Shares | (3,022) | (3,020) |
Total Distributions | (122,233) | (92,193) |
Capital Share Transactions | ||
ETF Shares | 1,294,327 | 592,269 |
Institutional Shares | (6,904) | (22,744) |
Net Increase (Decrease) from Capital Share Transactions | 1,287,423 | 569,525 |
Total Increase (Decrease) | 987,117 | 1,580,743 |
Net Assets | ||
Beginning of Period | 4,714,735 | 3,133,992 |
End of Period | 5,701,852 | 4,714,735 |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $102.64 | $78.96 | $78.94 | $79.89 | $70.19 |
Investment Operations | |||||
Net Investment Income1 | 2.519 | 2.271 | 2.271 | 2.261 | 1.893 |
Net Realized and Unrealized Gain (Loss) on Investments | (5.016) | 23.557 | (.044) | (1.027) | 9.668 |
Total from Investment Operations | (2.497) | 25.828 | 2.227 | 1.234 | 11.561 |
Distributions | |||||
Dividends from Net Investment Income | (2.423) | (2.148) | (2.207) | (2.184) | (1.861) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.423) | (2.148) | (2.207) | (2.184) | (1.861) |
Net Asset Value, End of Period | $97.72 | $102.64 | $78.96 | $78.94 | $79.89 |
Total Return | -2.51% | 33.17% | 2.94% | 1.69% | 16.71% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,586 | $4,587 | $3,017 | $2,448 | $2,120 |
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 | 2.45% | 2.47% | 2.90% | 2.90% | 2.50% |
Portfolio Turnover Rate2 | 8% | 11% | 9% | 10% | 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, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $203.54 | $156.56 | $156.53 | $158.41 | $139.18 |
Investment Operations | |||||
Net Investment Income1 | 4.999 | 4.492 | 4.522 | 4.467 | 3.743 |
Net Realized and Unrealized Gain (Loss) on Investments | (9.947) | 46.761 | (.102) | (2.002) | 19.188 |
Total from Investment Operations | (4.948) | 51.253 | 4.420 | 2.465 | 22.931 |
Distributions | |||||
Dividends from Net Investment Income | (4.822) | (4.274) | (4.390) | (4.345) | (3.701) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.822) | (4.274) | (4.390) | (4.345) | (3.701) |
Net Asset Value, End of Period | $193.77 | $203.54 | $156.56 | $156.53 | $158.41 |
Total Return | -2.49% | 33.22% | 3.00% | 1.68% | 16.71% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $116 | $128 | $117 | $134 | $131 |
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 | 2.45% | 2.49% | 2.89% | 2.91% | 2.51% |
Portfolio Turnover Rate2 | 8% | 11% | 9% | 10% | 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 applicable in-kind redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 287,822 |
Total Distributable Earnings (Loss) | (287,822) |
Amount ($000) | |
Undistributed Ordinary Income | 28,819 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (141,560) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 720,829 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 122,233 | 92,193 |
Long-Term Capital Gains | — | — |
Total | 122,233 | 92,193 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 5,010,388 |
Gross Unrealized Appreciation | 1,011,123 |
Gross Unrealized Depreciation | (290,294) |
Net Unrealized Appreciation (Depreciation) | 720,829 |
E. | During the year ended August 31, 2022, the fund purchased $2,406,255,000 of investment securities and sold $1,104,777,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,921,908,000 and $675,630,000, 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, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 1,983,469 | 19,305 | 985,809 | 10,826 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (689,142) | (6,825) | (393,540) | (4,350) | |
Net Increase (Decrease)—ETF Shares | 1,294,327 | 12,480 | 592,269 | 6,476 | |
Institutional Shares | |||||
Issued | 12,673 | 62 | 9,063 | 52 | |
Issued in Lieu of Cash Distributions | 939 | 5 | 1,668 | 10 | |
Redeemed | (20,516) | (99) | (33,475) | (180) | |
Net Increase (Decrease)—Institutional Shares | (6,904) | (32) | (22,744) | (118) |
G. | Management has determined that no events or transactions occurred subsequent to August 31, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
October 18, 2022
Fund | Percentage |
Mega Cap Index Fund | 98.6% |
Mega Cap Growth Index Fund | 97.3 |
Mega Cap Value Index Fund | 99.1 |
Fund | ($000) |
Mega Cap Index Fund | 57,481 |
Mega Cap Growth Index Fund | 57,954 |
Mega Cap Value Index Fund | 122,233 |
Fund | ($000) |
Mega Cap Index Fund | 29 |
Mega Cap Growth Index Fund | 15 |
Mega Cap Value Index Fund | 3 |
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/img7536e8488.jpg)
All rights reserved.
U.S. Patent Nos. 6,879,964.
Vanguard Marketing Corporation, Distributor.
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/g336735img7a6e0f1f1.jpg)
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8 | |
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• | For the 12 months ended August 31, 2022, Vanguard Global Wellington Fund returned –8.43% for Investor Shares and –8.33% for Admiral Shares. Its benchmark returned –14.13%. |
• | The investment outlook grew more challenging during the fiscal year. Sentiment deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Many central banks reacted by raising interest rates, which weighed on bond prices and sparked fears of recession. |
• | The fund’s performance in stocks relative to its benchmark was helped most by selection in industrials, consumer discretionary, and health care. Materials stocks detracted. By region, selection in North America, by far the largest weighting in the fund and the index, and Europe contributed most. |
• | In fixed income, relative performance was helped by underweight allocations to supranational, sovereign, and local agency bonds and by the fund’s positioning in consumer noncyclicals. The fund’s shorter duration compared with that of the benchmark also helped. Overweights to commercial mortgage-backed and asset-backed securities detracted most. |
Average Annual Total Returns Periods Ended August 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -12.96% | 12.14% | 11.61% |
Russell 2000 Index (Small-caps) | -17.88 | 8.59 | 6.95 |
Russell 3000 Index (Broad U.S. market) | -13.28 | 11.90 | 11.29 |
FTSE All-World ex US Index (International) | -19.00 | 3.48 | 2.12 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -11.65% | -2.01% | 0.54% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.63 | -0.83 | 1.28 |
FTSE Three-Month U.S. Treasury Bill Index | 0.44 | 0.56 | 1.10 |
CPI | |||
Consumer Price Index | 8.26% | 4.90% | 3.82% |
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, 2022 | |||
Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Wellington Fund | |||
Investor Shares | $1,000.00 | $ 919.30 | $2.23 |
Admiral™ Shares | 1,000.00 | 920.10 | 1.60 |
Based on Hypothetical 5% Yearly Return | |||
Global Wellington Fund | |||
Investor Shares | $1,000.00 | $1,022.89 | $2.35 |
Admiral Shares | 1,000.00 | 1,023.54 | 1.68 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/g336735img4a81512b2.jpg)
Average Annual Total Returns Periods Ended August 31, 2022 | ||||
One Year | Since Inception (11/2/2017) | Final Value of a $10,000 Investment | ||
![]() | Global Wellington Fund Investor Shares | -8.43% | 5.38% | $12,880 |
![]() | Global Wellington Composite Index | -14.13 | 5.22 | 12,783 |
![]() | Bloomberg Global Aggregate Bond Index | -17.61 | -1.27 | 9,402 |
![]() | FTSE Developed Net Tax Index | -15.14 | 7.26 | 14,024 |
One Year | Since Inception (11/2/2017) | Final Value of a $50,000 Investment | ||
Global Wellington Fund Admiral Shares | -8.33% | 5.50% | $64,753 | |
Global Wellington Composite Index | -14.13 | 5.22 | 63,913 | |
Bloomberg Global Aggregate Bond Index | -17.61 | -1.27 | 47,011 | |
FTSE Developed Net Tax Index | -15.14 | 7.26 | 70,118 |
United States | 63.7% |
Japan | 7.0 |
France | 6.0 |
United Kingdom | 5.5 |
Switzerland | 3.9 |
Sweden | 1.7 |
Spain | 1.7 |
Hong Kong | 1.5 |
Finland | 1.2 |
Canada | 1.1 |
Other | 6.7 |
Shares | Market Value• ($000) | |||||
Common Stocks (64.9%) | ||||||
Austria (0.6%) | ||||||
Erste Group Bank AG | 471,780 | 10,609 | ||||
Canada (0.2%) | ||||||
Dollarama Inc. | 58,679 | 3,573 | ||||
Finland (1.1%) | ||||||
Nokia OYJ | 3,973,359 | 20,023 | ||||
France (4.8%) | ||||||
TotalEnergies SE | 450,295 | 22,798 | ||||
Arkema SA | 145,679 | 12,298 | ||||
Safran SA | 115,690 | 11,795 | ||||
Engie SA | 958,177 | 11,380 | ||||
Schneider Electric SE | 75,020 | 8,917 | ||||
Vinci SA | 81,849 | 7,551 | ||||
BNP Paribas SA | 159,835 | 7,428 | ||||
1 | Amundi SA | 74,097 | 3,757 | |||
85,924 | ||||||
Germany (0.2%) | ||||||
Bayerische Motoren Werke AG | 41,003 | 3,021 | ||||
Hong Kong (1.4%) | ||||||
AIA Group Ltd. | 2,113,800 | 20,337 | ||||
Prudential plc | 475,421 | 4,990 | ||||
25,327 | ||||||
Japan (6.3%) | ||||||
Nippon Telegraph & Telephone Corp. | 775,844 | 21,029 | ||||
Tokio Marine Holdings Inc. | 326,097 | 18,072 | ||||
Resona Holdings Inc. | 3,622,000 | 13,333 | ||||
Isuzu Motors Ltd. | 979,614 | 12,167 | ||||
Mitsubishi Estate Co. Ltd. | 848,000 | 11,420 | ||||
Mitsubishi UFJ Financial Group Inc. | 1,887,722 | 9,786 | ||||
Marui Group Co. Ltd. | 535,765 | 9,609 | ||||
Honda Motor Co. Ltd. | 275,800 | 7,342 | ||||
BIPROGY Inc. | 245,400 | 5,435 | ||||
Astellas Pharma Inc. | 376,600 | 5,339 | ||||
113,532 | ||||||
Norway (0.3%) | ||||||
Aker BP ASA | 133,098 | 4,663 |
Shares | Market Value• ($000) | |||||
South Korea (0.8%) | ||||||
Samsung Electronics Co. Ltd. | 310,999 | 13,778 | ||||
Spain (1.4%) | ||||||
Iberdrola SA | 1,447,719 | 15,073 | ||||
CaixaBank SA | 3,495,444 | 10,555 | ||||
25,628 | ||||||
Sweden (1.6%) | ||||||
Autoliv Inc. | 225,888 | 17,572 | ||||
Alfa Laval AB | 435,238 | 11,607 | ||||
29,179 | ||||||
Switzerland (3.0%) | ||||||
Novartis AG (Registered) | 293,448 | 23,736 | ||||
Nestle SA (Registered) | 136,996 | 16,032 | ||||
Zurich Insurance Group AG | 20,584 | 9,137 | ||||
Julius Baer Group Ltd. | 108,318 | 5,234 | ||||
54,139 | ||||||
Taiwan (0.8%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 877,175 | 14,359 | ||||
United Kingdom (3.5%) | ||||||
AstraZeneca plc ADR | 440,708 | 27,491 | ||||
WPP plc | 1,312,956 | 11,308 | ||||
Rotork plc | 3,467,855 | 9,949 | ||||
Linde plc | 20,276 | 5,707 | ||||
BAE Systems plc | 540,807 | 4,871 | ||||
Derwent London plc | 90,627 | 2,557 | ||||
�� | 61,883 | |||||
United States (38.9%) | ||||||
Johnson & Johnson | 213,994 | 34,526 | ||||
Microsoft Corp. | 119,953 | 31,364 | ||||
TJX Cos. Inc. | 445,737 | 27,792 | ||||
United Parcel Service Inc. Class B | 129,491 | 25,187 | ||||
Colgate-Palmolive Co. | 318,358 | 24,899 | ||||
Cisco Systems Inc. | 547,836 | 24,499 | ||||
Northrop Grumman Corp. | 48,200 | 23,039 | ||||
Chubb Ltd. | 120,383 | 22,758 | ||||
Duke Energy Corp. | 209,365 | 22,383 | ||||
Sempra Energy | 127,342 | 21,008 | ||||
Texas Instruments Inc. | 125,103 | 20,668 | ||||
Merck & Co. Inc. | 235,728 | 20,122 | ||||
Visa Inc. Class A | 100,728 | 20,016 | ||||
* | Alphabet Inc. Class A | 181,180 | 19,607 | |||
Comcast Corp. Class A | 541,710 | 19,604 | ||||
Baxter International Inc. | 339,579 | 19,512 | ||||
Pioneer Natural Resources Co. | 76,940 | 19,483 | ||||
JPMorgan Chase & Co. | 169,013 | 19,222 | ||||
Home Depot Inc. | 62,914 | 18,146 | ||||
Mondelez International Inc. Class A | 287,818 | 17,804 | ||||
General Motors Co. | 460,078 | 17,580 | ||||
UnitedHealth Group Inc. | 32,777 | 17,022 | ||||
Medtronic plc | 168,682 | 14,831 | ||||
American Express Co. | 90,469 | 13,751 | ||||
PNC Financial Services Group Inc. | 84,431 | 13,340 | ||||
Union Pacific Corp. | 57,212 | 12,845 |
Shares | Market Value• ($000) | |||||
Deere & Co. | 35,133 | 12,832 | ||||
American Tower Corp. | 48,760 | 12,387 | ||||
Accenture plc Class A | 41,494 | 11,969 | ||||
Bank of America Corp. | 349,947 | 11,762 | ||||
Raytheon Technologies Corp. | 130,786 | 11,738 | ||||
Eli Lilly & Co. | 38,371 | 11,559 | ||||
Caterpillar Inc. | 62,014 | 11,455 | ||||
BlackRock Inc. | 16,531 | 11,016 | ||||
Coterra Energy Inc. | 349,544 | 10,804 | ||||
General Dynamics Corp. | 37,114 | 8,497 | ||||
KLA Corp. | 18,950 | 6,521 | ||||
Intel Corp. | 176,573 | 5,636 | ||||
Gilead Sciences Inc. | 84,381 | 5,356 | ||||
PepsiCo Inc. | 30,390 | 5,235 | ||||
Honeywell International Inc. | 27,492 | 5,206 | ||||
McDonald's Corp. | 20,021 | 5,051 | ||||
Lockheed Martin Corp. | 9,494 | 3,989 | ||||
Marsh & McLennan Cos. Inc. | 19,895 | 3,210 | ||||
695,231 | ||||||
Total Common Stocks (Cost $1,019,271) | 1,160,869 | |||||
Coupon | Maturity Date | Face Amount ($000) | ||||
U.S. Government and Agency Obligations (9.4%) | ||||||
2,3 | Fannie Mae REMICS | 2.000% | 9/25/40 | 36 | 35 | |
2,3 | Fannie Mae REMICS | 2.500% | 5/25/45 | 236 | 217 | |
2,3 | Fannie Mae REMICS | 3.000% | 3/25/45–2/25/49 | 1,677 | 1,506 | |
2,3 | Fannie Mae REMICS | 3.500% | 6/25/44 | 91 | 89 | |
2,3 | Freddie Mac REMICS | 1.750% | 9/15/42 | 610 | 566 | |
2,3 | Freddie Mac REMICS | 2.000% | 7/25/50 | 1,312 | 1,195 | |
2,3 | Freddie Mac REMICS | 3.500% | 11/15/40 | 16 | 16 | |
2,3 | Freddie Mac REMICS | 4.000% | 12/15/39–9/15/41 | 1,262 | 1,257 | |
2,4 | Ginnie Mae II Pool | 2.000% | 9/15/52 | 1,325 | 1,169 | |
2,4 | Ginnie Mae II Pool | 2.500% | 9/15/52 | 2,100 | 1,912 | |
2,4 | Ginnie Mae II Pool | 4.000% | 9/15/52 | 1,550 | 1,527 | |
2 | Ginnie Mae REMICS | 2.750% | 9/20/44 | 74 | 71 | |
2,3,4 | UMBS Pool | 2.000% | 4/01/41–9/25/52 | 9,214 | 7,983 | |
2,3 | UMBS Pool | 2.500% | 5/01/51–11/01/51 | 8,043 | 7,252 | |
2,3,4 | UMBS Pool | 3.000% | 10/01/51–10/25/52 | 4,185 | 3,902 | |
2,3,4 | UMBS Pool | 3.500% | 9/25/37–9/25/52 | 8,087 | 7,900 | |
2,3,4 | UMBS Pool | 4.000% | 9/25/52–10/25/52 | 4,050 | 3,951 | |
2,3,4 | UMBS Pool | 4.500% | 9/25/52–9/25/52 | 1,500 | 1,491 | |
2,3,4 | UMBS Pool | 5.000% | 9/25/52–9/25/52 | 500 | 504 | |
5 | United States Treasury Note/Bond | 0.250% | 3/15/24–5/15/24 | 11,260 | 10,707 | |
United States Treasury Note/Bond | 0.375% | 4/15/24–1/31/26 | 1,565 | 1,474 | ||
United States Treasury Note/Bond | 0.500% | 2/28/26 | 775 | 699 | ||
United States Treasury Note/Bond | 0.625% | 10/15/24–7/31/26 | 8,690 | 8,141 | ||
United States Treasury Note/Bond | 0.750% | 11/15/24 | 4,400 | 4,146 | ||
United States Treasury Note/Bond | 0.875% | 9/30/26 | 75 | 68 | ||
United States Treasury Note/Bond | 1.000% | 12/15/24 | 6,110 | 5,778 | ||
United States Treasury Note/Bond | 1.125% | 1/15/25 | 5,700 | 5,395 | ||
United States Treasury Note/Bond | 1.250% | 11/30/26–9/30/28 | 27,860 | 25,463 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
United States Treasury Note/Bond | 1.500% | 1/31/27 | 2,065 | 1,906 | ||
United States Treasury Note/Bond | 1.750% | 8/15/41 | 2,850 | 2,118 | ||
United States Treasury Note/Bond | 1.875% | 2/28/27–2/15/51 | 4,340 | 4,026 | ||
6 | United States Treasury Note/Bond | 2.000% | 11/15/41–8/15/51 | 13,475 | 10,461 | |
United States Treasury Note/Bond | 2.250% | 2/15/52 | 655 | 523 | ||
United States Treasury Note/Bond | 2.375% | 2/15/42–5/15/51 | 5,255 | 4,357 | ||
United States Treasury Note/Bond | 2.500% | 4/30/24–3/31/27 | 11,660 | 11,236 | ||
United States Treasury Note/Bond | 2.625% | 4/15/25–7/31/29 | 7,340 | 7,153 | ||
United States Treasury Note/Bond | 2.750% | 4/30/27–8/15/32 | 8,735 | 8,480 | ||
United States Treasury Note/Bond | 2.875% | 5/15/52 | 3,845 | 3,545 | ||
United States Treasury Note/Bond | 3.000% | 8/15/52 | 3,170 | 3,006 | ||
United States Treasury Note/Bond | 3.250% | 6/30/27–5/15/42 | 3,780 | 3,743 | ||
United States Treasury Note/Bond | 3.375% | 8/15/42 | 3,315 | 3,236 | ||
Total U.S. Government and Agency Obligations (Cost $179,743) | 168,204 | |||||
Asset-Backed/Commercial Mortgage-Backed Securities (0.8%) | ||||||
Bermuda (0.0%) | ||||||
1,2 | START Ireland Series 2019-1 | 4.089% | 3/15/44 | 126 | 112 | |
Cayman Islands (0.0%) | ||||||
1,2 | Horizon Aircraft Finance II Ltd. Series 2019-1 | 3.721% | 7/15/39 | 207 | 181 | |
United States (0.8%) | ||||||
1,2 | Aaset Trust Series 2019-1 | 3.844% | 5/15/39 | 146 | 101 | |
1,2 | Aligned Data Centers Issuer LLC Series 2021-1A | 1.937% | 8/15/46 | 1,260 | 1,112 | |
1,2 | Angel Oak Mortgage Trust I LLC Series 2018-3 | 3.649% | 9/25/48 | 13 | 13 | |
1,2,7 | BX Trust Series 2021-ARIA, 1M USD LIBOR + 1.297% | 3.688% | 10/15/36 | 1,290 | 1,218 | |
1,2,7 | BX Trust Series 2021-LGCY, 1M USD LIBOR + 0.506% | 2.897% | 10/15/23 | 2,930 | 2,793 | |
1,2 | Castlelake Aircraft Structured Trust Series 2019-1A | 3.967% | 4/15/39 | 169 | 151 | |
1,2,7 | Connecticut Avenue Securities Trust Series 2021-R01, SOFR30A + 1.550% | 3.733% | 10/25/41 | 250 | 242 | |
1,2 | Domino's Pizza Master Issuer LLC Series 2021-1A | 3.151% | 4/25/51 | 726 | 613 | |
2,3 | Fannie Mae-Aces Series 2021-M2S | 2.386% | 10/25/36 | 649 | 552 | |
2 | Ford Credit Auto Lease Trust Series 2021-A | 0.780% | 9/15/25 | 280 | 270 | |
2,3 | Freddie Mac Multifamily Structured Pass-Through Certificates Series K142 | 2.400% | 3/25/32 | 1,600 | 1,426 | |
1,2,3,7 | Freddie Mac STACR REMICS Trust Series 2020-DNA5, SOFR30A + 2.800% | 4.983% | 10/25/50 | 434 | 438 | |
1,2 | Home Partners of America Trust Series 2021-2 | 2.302% | 12/17/26 | 1,186 | 1,052 | |
1,2 | New Economy Assets Phase 1 Sponsor LLC Series 2021-1 | 2.410% | 10/20/61 | 425 | 365 | |
2 | Seasoned Credit Risk Transfer Trust Series 2019-3 | 3.500% | 10/25/58 | 138 | 135 | |
1,2,7 | SREIT Trust Series 2021-MFP, 1M USD LIBOR + 1.080% | 3.471% | 11/15/38 | 1,550 | 1,480 | |
1,2 | Taco Bell Funding LLC Series 2021-1A | 1.946% | 8/25/51 | 585 | 504 | |
1,2 | Taco Bell Funding LLC Series 2021-1A | 2.294% | 8/25/51 | 536 | 442 | |
1,2 | Towd Point Mortgage Trust Series 2018-1 | 3.000% | 1/25/58 | 83 | 82 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,2 | Vantage Data Centers Issuer LLC Series 2019-1A | 3.188% | 7/15/44 | 189 | 183 | |
1,2 | Vantage Data Centers Issuer LLC Series 2020-1A | 1.645% | 9/15/45 | 810 | 725 | |
13,897 | ||||||
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $15,432) | 14,190 | |||||
Corporate Bonds (18.8%) | ||||||
Australia (0.1%) | ||||||
1 | CSL Finance plc | 4.250% | 4/27/32 | 1,200 | 1,165 | |
Austria (0.1%) | ||||||
1 | JAB Holdings BV | 2.200% | 11/23/30 | 430 | 334 | |
1 | JAB Holdings BV | 3.750% | 5/28/51 | 805 | 529 | |
1 | JAB Holdings BV | 4.500% | 4/8/52 | 875 | 630 | |
1,493 | ||||||
Belgium (0.2%) | ||||||
2,8 | Anheuser-Busch InBev SA/NV | 2.875% | 4/2/32 | 650 | 629 | |
2,8 | Anheuser-Busch InBev SA/NV | 2.750% | 3/17/36 | 1,350 | 1,222 | |
Anheuser-Busch InBev Worldwide Inc. | 4.375% | 4/15/38 | 670 | 621 | ||
Anheuser-Busch InBev Worldwide Inc. | 4.600% | 4/15/48 | 170 | 155 | ||
Anheuser-Busch InBev Worldwide Inc. | 5.550% | 1/23/49 | 760 | 790 | ||
3,417 | ||||||
Canada (0.2%) | ||||||
9 | Bank of Montreal | 2.850% | 3/6/24 | 3,185 | 2,361 | |
Fortis Inc. | 3.055% | 10/4/26 | 775 | 725 | ||
TransCanada PipeLines Ltd. | 4.875% | 1/15/26 | 400 | 404 | ||
3,490 | ||||||
Denmark (0.3%) | ||||||
8 | Danske Bank A/S | 0.500% | 8/27/25 | 2,450 | 2,325 | |
1 | Danske Bank A/S | 1.621% | 9/11/26 | 1,320 | 1,168 | |
2,10 | Danske Bank A/S | 2.250% | 1/14/28 | 1,440 | 1,452 | |
4,945 | ||||||
France (1.0%) | ||||||
2,8 | Airbus SE | 2.375% | 6/9/40 | 155 | 129 | |
2,8 | APRR SA | 1.500% | 1/25/30 | 100 | 91 | |
2,8 | APRR SA | 1.625% | 1/13/32 | 100 | 89 | |
2,8 | AXA SA | 5.125% | 7/4/43 | 600 | 611 | |
1 | BNP Paribas SA | 2.819% | 11/19/25 | 470 | 447 | |
1 | BNP Paribas SA | 2.219% | 6/9/26 | 1,095 | 1,011 | |
2,8 | BNP Paribas SA | 0.125% | 9/4/26 | 600 | 527 | |
2,8 | BNP Paribas SA | 2.125% | 1/23/27 | 1,800 | 1,716 | |
1 | BNP Paribas SA | 2.591% | 1/20/28 | 2,065 | 1,833 | |
1 | BNP Paribas SA | 2.159% | 9/15/29 | 1,800 | 1,483 | |
2,8 | BNP Paribas SA | 1.125% | 1/15/32 | 800 | 680 | |
2,8 | BPCE SA | 1.125% | 1/18/23 | 700 | 702 | |
1 | BPCE SA | 3.250% | 1/11/28 | 525 | 480 | |
1 | BPCE SA | 2.277% | 1/20/32 | 1,100 | 854 | |
1 | Danone SA | 2.947% | 11/2/26 | 555 | 530 | |
2,8 | Orange SA | 1.000% | 5/12/25 | 1,300 | 1,258 | |
2,8 | Orange SA | 1.625% | 4/7/32 | 500 | 442 | |
2,8 | RCI Banque SA | 1.375% | 3/8/24 | 1,400 | 1,376 | |
2,8 | RCI Banque SA | 1.625% | 4/11/25 | 220 | 211 | |
8 | Societe Generale SFH SA | 0.750% | 1/29/27 | 1,500 | 1,407 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
2,8 | Suez SACA | 2.875% | 5/24/34 | 2,000 | 1,790 | |
2,8 | Veolia Environnement SA | 0.800% | 1/15/32 | 800 | 637 | |
18,304 | ||||||
Germany (0.4%) | ||||||
1 | Bayer US Finance II LLC | 4.250% | 12/15/25 | 1,000 | 984 | |
1 | Bayer US Finance LLC | 3.375% | 10/8/24 | 770 | 755 | |
2,8 | Deutsche Bank AG | 1.875% | 2/23/28 | 1,300 | 1,145 | |
2,8 | Volkswagen Leasing GmbH | 2.625% | 1/15/24 | 425 | 430 | |
2,8 | Volkswagen Leasing GmbH | 1.375% | 1/20/25 | 3,100 | 2,999 | |
8 | Wintershall Dea Finance BV | 1.823% | 9/25/31 | 1,900 | 1,501 | |
7,814 | ||||||
Hong Kong (0.0%) | ||||||
2,8 | AIA Group Ltd. | 0.880% | 9/9/33 | 190 | 154 | |
Ireland (0.2%) | ||||||
1 | Avolon Holdings Funding Ltd. | 2.125% | 2/21/26 | 642 | 556 | |
1 | Avolon Holdings Funding Ltd. | 2.528% | 11/18/27 | 1,770 | 1,449 | |
8 | CRH Finance DAC | 3.125% | 4/3/23 | 1,634 | 1,657 | |
3,662 | ||||||
Italy (0.2%) | ||||||
2,8 | Enel Finance International NV | 0.500% | 6/17/30 | 1,700 | 1,334 | |
1 | Enel Finance International NV | 2.250% | 7/12/31 | 590 | 448 | |
1 | Enel Finance International NV | 4.750% | 5/25/47 | 1,030 | 860 | |
2,8 | Hera SpA | 1.000% | 4/25/34 | 980 | 675 | |
1 | UniCredit SpA | 1.982% | 6/3/27 | 930 | 788 | |
4,105 | ||||||
Japan (0.3%) | ||||||
1 | NTT Finance Corp. | 1.162% | 4/3/26 | 1,180 | 1,059 | |
1 | NTT Finance Corp. | 2.065% | 4/3/31 | 4,470 | 3,754 | |
Takeda Pharmaceutical Co. Ltd. | 3.025% | 7/9/40 | 200 | 155 | ||
4,968 | ||||||
Kuwait (0.2%) | ||||||
1 | NBK SPC Ltd. | 1.625% | 9/15/27 | 3,000 | 2,682 | |
Mexico (0.0%) | ||||||
America Movil SAB de CV | 3.625% | 4/22/29 | 275 | 260 | ||
America Movil SAB de CV | 6.375% | 3/1/35 | 350 | 395 | ||
655 | ||||||
Netherlands (0.4%) | ||||||
1 | Cooperatieve Rabobank UA | 1.106% | 2/24/27 | 1,090 | 958 | |
2,10 | Cooperatieve Rabobank UA | 4.625% | 5/23/29 | 100 | 109 | |
2,8 | Cooperatieve Rabobank UA | 0.010% | 7/2/30 | 1,900 | 1,581 | |
8 | ING Groep NV | 0.250% | 2/18/29 | 1,100 | 907 | |
8 | ING Groep NV | 0.250% | 2/1/30 | 1,000 | 794 | |
2,8 | Koninklijke KPN NV | 0.875% | 11/15/33 | 1,100 | 834 | |
Shell International Finance BV | 4.000% | 5/10/46 | 300 | 265 | ||
Shell International Finance BV | 3.000% | 11/26/51 | 1,215 | 914 | ||
2,10 | Shell International Finance BV | 1.750% | 9/10/52 | 775 | 477 | |
6,839 | ||||||
Norway (0.1%) | ||||||
2,8 | Aker BP ASA | 1.125% | 5/12/29 | 1,950 | 1,630 | |
1 | Aker BP ASA | 4.000% | 1/15/31 | 1,090 | 984 | |
2,614 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Saudi Arabia (0.1%) | ||||||
1 | EIG Pearl Holdings Sarl | 3.545% | 8/31/36 | 1,940 | 1,701 | |
South Korea (0.0%) | ||||||
1 | SK Telecom Co. Ltd. | 3.750% | 4/16/23 | 200 | 200 | |
Spain (0.1%) | ||||||
2,8 | Iberdrola Finanzas SA | 1.250% | 10/28/26 | 1,300 | 1,248 | |
Telefonica Emisiones SA | 4.665% | 3/6/38 | 1,055 | 912 | ||
2,160 | ||||||
Switzerland (0.7%) | ||||||
1 | Alcon Finance Corp. | 3.000% | 9/23/29 | 5,400 | 4,780 | |
2,8 | Credit Suisse Group AG | 1.250% | 7/17/25 | 675 | 638 | |
1 | Credit Suisse Group AG | 6.442% | 8/11/28 | 2,525 | 2,470 | |
1 | Credit Suisse Group AG | 3.091% | 5/14/32 | 4,565 | 3,451 | |
8 | UBS Group AG | 0.250% | 2/24/28 | 1,600 | 1,335 | |
12,674 | ||||||
United Arab Emirates (0.3%) | ||||||
1 | DAE Funding LLC | 1.550% | 8/1/24 | 1,915 | 1,791 | |
1 | Galaxy Pipeline Assets Bidco Ltd. | 2.160% | 3/31/34 | 4,381 | 3,821 | |
5,612 | ||||||
United Kingdom (1.9%) | ||||||
1 | Ashtead Capital Inc. | 5.500% | 8/11/32 | 600 | 590 | |
AstraZeneca plc | 4.000% | 1/17/29 | 755 | 753 | ||
2,8 | Barclays plc | 1.125% | 3/22/31 | 2,075 | 1,789 | |
8 | Barclays plc | 1.106% | 5/12/32 | 890 | 675 | |
Barclays plc | 2.894% | 11/24/32 | 1,350 | 1,058 | ||
BAT Capital Corp. | 3.557% | 8/15/27 | 1,240 | 1,140 | ||
2,8 | BP Capital Markets BV | 0.933% | 12/4/40 | 2,355 | 1,460 | |
2,9 | BP Capital Markets plc | 3.470% | 5/15/25 | 1,350 | 1,000 | |
1 | CK Hutchison International 17 II Ltd. | 2.750% | 3/29/23 | 1,275 | 1,267 | |
2,8 | Diageo Finance plc | 2.500% | 3/27/32 | 1,635 | 1,575 | |
2,10 | Heathrow Funding Ltd. | 2.750% | 10/13/29 | 2,600 | 2,601 | |
2,10 | Heathrow Funding Ltd. | 2.750% | 8/9/49 | 575 | 422 | |
2,10 | HSBC Holdings plc | 2.256% | 11/13/26 | 600 | 632 | |
HSBC Holdings plc | 1.589% | 5/24/27 | 580 | 505 | ||
10 | HSBC Holdings plc | 1.750% | 7/24/27 | 500 | 504 | |
2 | HSBC Holdings plc | 4.041% | 3/13/28 | 1,160 | 1,091 | |
HSBC Holdings plc | 2.206% | 8/17/29 | 1,565 | 1,296 | ||
HSBC Holdings plc | 2.804% | 5/24/32 | 935 | 743 | ||
7 | HSBC Holdings plc, 3M USD LIBOR + 1.000% | 3.961% | 5/18/24 | 245 | 243 | |
2,10 | National Grid Electricity Transmission plc | 2.000% | 4/17/40 | 890 | 673 | |
2,8 | National Grid plc | 0.250% | 9/1/28 | 1,075 | 896 | |
2,8 | NatWest Group plc | 1.750% | 3/2/26 | 3,125 | 2,992 | |
2,8 | NatWest Group plc | 0.780% | 2/26/30 | 330 | 265 | |
10 | NatWest Group plc | 3.622% | 8/14/30 | 1,640 | 1,763 | |
2,8 | NatWest Group plc | 1.043% | 9/14/32 | 925 | 758 | |
Santander UK Group Holdings plc | 1.089% | 3/15/25 | 3,210 | 3,004 | ||
2,10 | Scottish Hydro Electric Transmission plc | 2.250% | 9/27/35 | 985 | 849 | |
1 | Sky Ltd. | 3.125% | 11/26/22 | 725 | 724 | |
2,8 | SSE plc | 1.750% | 4/16/30 | 885 | 784 | |
1 | Standard Chartered plc | 0.991% | 1/12/25 | 815 | 769 | |
10 | Tritax Big Box REIT plc | 1.500% | 11/27/33 | 385 | 321 | |
33,142 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
United States (12.0%) | ||||||
2 | Alabama Power Co. | 4.300% | 7/15/48 | 255 | 231 | |
Amazon.com Inc. | 4.800% | 12/5/34 | 300 | 316 | ||
American Electric Power Co. Inc. | 3.200% | 11/13/27 | 950 | 894 | ||
American International Group Inc. | 3.400% | 6/30/30 | 3,795 | 3,479 | ||
American International Group Inc. | 4.750% | 4/1/48 | 45 | 43 | ||
American International Group Inc. | 4.375% | 6/30/50 | 570 | 512 | ||
8 | American Tower Corp. | 0.450% | 1/15/27 | 1,220 | 1,072 | |
1 | American Transmission Systems Inc. | 2.650% | 1/15/32 | 1,070 | 901 | |
American Water Capital Corp. | 2.300% | 6/1/31 | 2,575 | 2,184 | ||
American Water Capital Corp. | 4.450% | 6/1/32 | 1,515 | 1,504 | ||
8 | AT&T Inc. | 2.050% | 5/19/32 | 475 | 422 | |
8 | AT&T Inc. | 3.150% | 9/4/36 | 575 | 523 | |
8 | AT&T Inc. | 2.600% | 5/19/38 | 425 | 357 | |
AT&T Inc. | 3.500% | 6/1/41 | 1,245 | 981 | ||
AT&T Inc. | 3.500% | 9/15/53 | 2,620 | 1,946 | ||
1 | Athene Global Funding | 2.500% | 3/24/28 | 2,555 | 2,186 | |
2 | Bank of America Corp. | 3.300% | 1/11/23 | 570 | 570 | |
Bank of America Corp. | 2.687% | 4/22/32 | 1,320 | 1,097 | ||
2,8 | Bank of America Corp. | 1.102% | 5/24/32 | 1,575 | 1,258 | |
Bank of America Corp. | 5.015% | 7/22/33 | 1,375 | 1,364 | ||
Bank of America Corp. | 2.482% | 9/21/36 | 3,585 | 2,773 | ||
Bank of America Corp. | 3.311% | �� 4/22/42 | 1,100 | 861 | ||
2,7 | Bank of New York Mellon Corp., 3M USD LIBOR + 1.050% | 3.856% | 10/30/23 | 415 | 415 | |
8 | Becton Dickinson Euro Finance Sarl | 0.334% | 8/13/28 | 1,600 | 1,349 | |
8 | Berkshire Hathaway Finance Corp. | 2.000% | 3/18/34 | 1,545 | 1,327 | |
2 | Bon Secours Mercy Health Inc. | 2.095% | 6/1/31 | 415 | 339 | |
1 | Boston Gas Co. | 3.001% | 8/1/29 | 130 | 114 | |
Boston Scientific Corp. | 4.550% | 3/1/39 | 294 | 273 | ||
BP Capital Markets America Inc. | 2.721% | 1/12/32 | 2,745 | 2,393 | ||
BP Capital Markets America Inc. | 2.939% | 6/4/51 | 1,930 | 1,392 | ||
Brandywine Operating Partnership LP | 3.950% | 11/15/27 | 890 | 821 | ||
Brixmor Operating Partnership LP | 2.500% | 8/16/31 | 805 | 623 | ||
1 | Broadcom Inc. | 2.600% | 2/15/33 | 3,355 | 2,581 | |
1 | Broadcom Inc. | 3.419% | 4/15/33 | 1,695 | 1,398 | |
1 | Brooklyn Union Gas Co. | 4.273% | 3/15/48 | 965 | 772 | |
Carrier Global Corp. | 2.722% | 2/15/30 | 648 | 560 | ||
Carrier Global Corp. | 3.377% | 4/5/40 | 250 | 197 | ||
Charles Schwab Corp. | 2.900% | 3/3/32 | 4,365 | 3,852 | ||
Charter Communications Operating LLC | 2.250% | 1/15/29 | 215 | 176 | ||
Charter Communications Operating LLC | 5.050% | 3/30/29 | 595 | 571 | ||
Charter Communications Operating LLC | 2.800% | 4/1/31 | 490 | 397 | ||
Charter Communications Operating LLC | 2.300% | 2/1/32 | 1,325 | 1,007 | ||
Charter Communications Operating LLC | 6.384% | 10/23/35 | 355 | 354 | ||
Charter Communications Operating LLC | 4.800% | 3/1/50 | 118 | 93 | ||
Charter Communications Operating LLC | 3.700% | 4/1/51 | 610 | 406 | ||
Cigna Corp. | 4.375% | 10/15/28 | 420 | 414 | ||
Cigna Corp. | 2.400% | 3/15/30 | 310 | 266 | ||
Citigroup Inc. | 4.600% | 3/9/26 | 535 | 534 | ||
Cleco Corporate Holdings LLC | 3.375% | 9/15/29 | 325 | 287 | ||
1 | CNO Global Funding | 2.650% | 1/6/29 | 1,975 | 1,705 | |
Comcast Corp. | 3.950% | 10/15/25 | 250 | 250 | ||
Comcast Corp. | 6.500% | 11/15/35 | 178 | 204 | ||
Comcast Corp. | 4.000% | 3/1/48 | 40 | 34 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Comcast Corp. | 3.999% | 11/1/49 | 120 | 103 | ||
Comcast Corp. | 2.887% | 11/1/51 | 1,417 | 1,000 | ||
Comcast Corp. | 4.049% | 11/1/52 | 11 | 9 | ||
Comcast Corp. | 2.937% | 11/1/56 | 190 | 130 | ||
Comcast Corp. | 2.650% | 8/15/62 | 25 | 16 | ||
Comcast Corp. | 2.987% | 11/1/63 | 11 | 7 | ||
CommonSpirit Health | 4.200% | 8/1/23 | 770 | 770 | ||
CommonSpirit Health | 3.347% | 10/1/29 | 355 | 317 | ||
CommonSpirit Health | 2.782% | 10/1/30 | 684 | 574 | ||
CommonSpirit Health | 4.187% | 10/1/49 | 395 | 326 | ||
CommonSpirit Health | 3.910% | 10/1/50 | 335 | 261 | ||
Commonwealth Edison Co. | 3.650% | 6/15/46 | 35 | 29 | ||
Commonwealth Edison Co. | 4.000% | 3/1/48 | 245 | 220 | ||
2 | Consolidated Edison Co. of New York Inc. | 6.300% | 8/15/37 | 75 | 83 | |
Consolidated Edison Co. of New York Inc. | 3.200% | 12/1/51 | 990 | 747 | ||
Consolidated Edison Co. of New York Inc. | 4.625% | 12/1/54 | 290 | 270 | ||
Consolidated Edison Co. of New York Inc. | 4.500% | 5/15/58 | 150 | 135 | ||
1 | Corebridge Financial Inc. | 3.900% | 4/5/32 | 5,510 | 4,953 | |
1 | Cox Communications Inc. | 3.500% | 8/15/27 | 2,665 | 2,522 | |
1 | Cox Communications Inc. | 4.800% | 2/1/35 | 100 | 94 | |
Crown Castle Inc. | 2.100% | 4/1/31 | 2,475 | 1,971 | ||
Crown Castle Inc. | 2.900% | 4/1/41 | 420 | 303 | ||
CubeSmart LP | 2.250% | 12/15/28 | 995 | 841 | ||
CVS Health Corp. | 2.875% | 6/1/26 | 1,455 | 1,390 | ||
CVS Health Corp. | 4.300% | 3/25/28 | 113 | 112 | ||
CVS Health Corp. | 4.125% | 4/1/40 | 235 | 205 | ||
CVS Health Corp. | 5.050% | 3/25/48 | 125 | 120 | ||
8 | DH Europe Finance II Sarl | 0.750% | 9/18/31 | 255 | 207 | |
Dignity Health | 3.812% | 11/1/24 | 594 | 587 | ||
Discovery Communications LLC | 4.125% | 5/15/29 | 186 | 170 | ||
Discovery Communications LLC | 3.625% | 5/15/30 | 995 | 868 | ||
Dominion Energy South Carolina Inc. | 6.625% | 2/1/32 | 156 | 179 | ||
Dominion Energy South Carolina Inc. | 5.300% | 5/15/33 | 113 | 120 | ||
Dominion Energy South Carolina Inc. | 5.450% | 2/1/41 | 300 | 311 | ||
Dominion Energy South Carolina Inc. | 4.600% | 6/15/43 | 230 | 218 | ||
Duke Energy Corp. | 2.550% | 6/15/31 | 900 | 751 | ||
Duke Energy Corp. | 4.500% | 8/15/32 | 2,770 | 2,670 | ||
Duke Energy Corp. | 5.000% | 8/15/52 | 350 | 333 | ||
Duke Energy Progress LLC | 3.400% | 4/1/32 | 475 | 441 | ||
2 | Eastern Gas Transmission & Storage Inc. | 4.600% | 12/15/44 | 660 | 596 | |
Eaton Corp. | 4.150% | 3/15/33 | 680 | 656 | ||
Eaton Corp. | 4.700% | 8/23/52 | 145 | 141 | ||
Elevance Health Inc. | 2.250% | 5/15/30 | 1,010 | 860 | ||
Energy Transfer LP | 4.900% | 3/15/35 | 1,075 | 978 | ||
1 | Equitable Financial Life Global Funding | 1.400% | 7/7/25 | 150 | 137 | |
1 | Equitable Financial Life Global Funding | 1.300% | 7/12/26 | 1,020 | 906 | |
1 | Equitable Financial Life Global Funding | 1.400% | 8/27/27 | 825 | 707 | |
1 | ERAC USA Finance LLC | 3.300% | 12/1/26 | 300 | 283 | |
1 | ERAC USA Finance LLC | 4.500% | 2/15/45 | 455 | 389 | |
Evergy Kansas Central Inc. | 3.250% | 9/1/49 | 235 | 181 | ||
2 | Evergy Metro Inc. | 2.250% | 6/1/30 | 245 | 209 | |
Exxon Mobil Corp. | 2.275% | 8/16/26 | 1,075 | 1,015 | ||
Exxon Mobil Corp. | 2.610% | 10/15/30 | 190 | 170 | ||
Fifth Third Bancorp | 2.550% | 5/5/27 | 555 | 511 | ||
1 | Five Corners Funding Trust II | 2.850% | 5/15/30 | 535 | 465 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
8 | General Mills Inc. | 0.450% | 1/15/26 | 1,275 | 1,185 | |
General Motors Co. | 4.200% | 10/1/27 | 475 | 456 | ||
General Motors Co. | 5.000% | 10/1/28 | 935 | 908 | ||
1 | Genting New York LLC | 3.300% | 2/15/26 | 1,668 | 1,491 | |
Georgia Power Co. | 4.700% | 5/15/32 | 2,505 | 2,492 | ||
Georgia Power Co. | 4.300% | 3/15/42 | 860 | 764 | ||
Georgia Power Co. | 5.125% | 5/15/52 | 2,285 | 2,301 | ||
2 | Goldman Sachs Group Inc. | 3.272% | 9/29/25 | 1,375 | 1,339 | |
Goldman Sachs Group Inc. | 1.431% | 3/9/27 | 3,610 | 3,211 | ||
Goldman Sachs Group Inc. | 2.615% | 4/22/32 | 885 | 729 | ||
Goldman Sachs Group Inc. | 2.383% | 7/21/32 | 960 | 775 | ||
Goldman Sachs Group Inc. | 2.650% | 10/21/32 | 2,075 | 1,706 | ||
1 | Gray Oak Pipeline LLC | 2.600% | 10/15/25 | 436 | 400 | |
1 | Gray Oak Pipeline LLC | 3.450% | 10/15/27 | 70 | 64 | |
2,8 | GSK Consumer Healthcare Capital NL BV | 2.125% | 3/29/34 | 1,225 | 1,040 | |
HCA Inc. | 5.250% | 6/15/49 | 575 | 514 | ||
1 | HCA Inc. | 4.625% | 3/15/52 | 665 | 550 | |
Healthpeak Properties Inc. | 3.500% | 7/15/29 | 335 | 309 | ||
Hess Corp. | 7.300% | 8/15/31 | 1,120 | 1,251 | ||
1 | Hyundai Capital America | 0.800% | 4/3/23 | 1,385 | 1,355 | |
Intel Corp. | 4.150% | 8/5/32 | 4,890 | 4,731 | ||
Intercontinental Exchange Inc. | 4.350% | 6/15/29 | 3,425 | 3,381 | ||
Intercontinental Exchange Inc. | 4.950% | 6/15/52 | 355 | 349 | ||
International Business Machines Corp. | 3.300% | 5/15/26 | 550 | 533 | ||
2 | John Deere Capital Corp. | 3.450% | 3/13/25 | 985 | 980 | |
JPMorgan Chase & Co. | 2.947% | 2/24/28 | 3,750 | 3,469 | ||
JPMorgan Chase & Co. | 4.912% | 7/25/33 | 4,355 | 4,317 | ||
2 | JPMorgan Chase & Co. | 3.964% | 11/15/48 | 975 | 816 | |
2 | Kaiser Foundation Hospitals | 2.810% | 6/1/41 | 1,200 | 916 | |
Kaiser Foundation Hospitals | 4.875% | 4/1/42 | 650 | 659 | ||
1 | KeySpan Gas East Corp. | 2.742% | 8/15/26 | 400 | 369 | |
Kroger Co. | 4.450% | 2/1/47 | 330 | 299 | ||
Kroger Co. | 5.400% | 1/15/49 | 290 | 300 | ||
1 | Kyndryl Holdings Inc. | 3.150% | 10/15/31 | 1,523 | 1,067 | |
1 | Liberty Mutual Group Inc. | 5.500% | 6/15/52 | 2,735 | 2,666 | |
Lowe's Cos. Inc. | 1.300% | 4/15/28 | 1,845 | 1,566 | ||
Marathon Oil Corp. | 6.800% | 3/15/32 | 1,000 | 1,069 | ||
Marathon Oil Corp. | 6.600% | 10/1/37 | 1,000 | 1,049 | ||
Marsh & McLennan Cos. Inc. | 4.375% | 3/15/29 | 1,010 | 1,004 | ||
1 | Massachusetts Mutual Life Insurance Co. | 3.375% | 4/15/50 | 550 | 420 | |
McCormick & Co. Inc. | 2.500% | 4/15/30 | 180 | 155 | ||
Memorial Sloan-Kettering Cancer Center | 4.125% | 7/1/52 | 150 | 137 | ||
Merck & Co. Inc. | 3.400% | 3/7/29 | 545 | 525 | ||
2 | Mercy Health | 3.555% | 8/1/27 | 410 | 384 | |
2 | Mercy Health | 4.302% | 7/1/28 | 140 | 138 | |
Microchip Technology Inc. | 0.972% | 2/15/24 | 1,630 | 1,549 | ||
Microsoft Corp. | 2.921% | 3/17/52 | 1,125 | 887 | ||
MidAmerican Energy Co. | 4.250% | 5/1/46 | 10 | 9 | ||
1 | Mid-Atlantic Interstate Transmission LLC | 4.100% | 5/15/28 | 1,385 | 1,336 | |
2,9 | Molson Coors International LP | 2.840% | 7/15/23 | 1,875 | 1,405 | |
2,8 | Mondelez International Holdings Netherlands BV | 0.875% | 10/1/31 | 775 | 634 | |
2,8 | Mondelez International Holdings Netherlands BV | 0.625% | 9/9/32 | 273 | 212 | |
8 | Mondelez International Inc. | 0.250% | 3/17/28 | 975 | 839 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
2 | Morgan Stanley | 3.125% | 7/27/26 | 1,850 | 1,763 | |
2 | Morgan Stanley | 3.772% | 1/24/29 | 570 | 537 | |
8 | Morgan Stanley | 0.497% | 2/7/31 | 1,050 | 834 | |
2 | Morgan Stanley | 2.511% | 10/20/32 | 4,650 | 3,813 | |
National Retail Properties Inc. | 3.900% | 6/15/24 | 805 | 798 | ||
2,10 | Nestle Holdings Inc. | 1.375% | 6/23/33 | 1,015 | 912 | |
1 | Niagara Mohawk Power Corp. | 1.960% | 6/27/30 | 985 | 805 | |
1 | Northwestern Mutual Life Insurance Co. | 3.850% | 9/30/47 | 230 | 194 | |
1 | Northwestern Mutual Life Insurance Co. | 3.625% | 9/30/59 | 36 | 28 | |
2 | Ochsner LSU Health System of North Louisiana | 2.510% | 5/15/31 | 925 | 748 | |
1 | Oglethorpe Power Corp. | 6.191% | 1/1/31 | 210 | 218 | |
1 | Oglethorpe Power Corp. | 4.500% | 4/1/47 | 655 | 565 | |
Oglethorpe Power Corp. | 5.050% | 10/1/48 | 161 | 148 | ||
1 | Oncor Electric Delivery Co. LLC | 4.600% | 6/1/52 | 1,970 | 1,940 | |
Oracle Corp. | 3.400% | 7/8/24 | 575 | 567 | ||
Oracle Corp. | 3.600% | 4/1/50 | 1,340 | 913 | ||
Oracle Corp. | 3.950% | 3/25/51 | 1,025 | 737 | ||
Oracle Corp. | 3.850% | 4/1/60 | 225 | 149 | ||
Pacific Gas & Electric Co. | 5.900% | 6/15/32 | 1,165 | 1,126 | ||
PacifiCorp | 2.700% | 9/15/30 | 205 | 180 | ||
1 | Pennsylvania Electric Co. | 3.600% | 6/1/29 | 208 | 194 | |
1 | Penske Truck Leasing Co. LP | 4.250% | 1/17/23 | 1,405 | 1,406 | |
1 | Penske Truck Leasing Co. LP | 2.700% | 11/1/24 | 170 | 163 | |
1 | Penske Truck Leasing Co. LP | 3.950% | 3/10/25 | 1,120 | 1,095 | |
1 | Penske Truck Leasing Co. LP | 4.000% | 7/15/25 | 180 | 176 | |
Pfizer Inc. | 1.700% | 5/28/30 | 275 | 233 | ||
Piedmont Natural Gas Co. Inc. | 5.050% | 5/15/52 | 665 | 650 | ||
2 | Providence St. Joseph Health Obligated Group | 3.930% | 10/1/48 | 225 | 189 | |
2 | Prudential Financial Inc. | 3.700% | 3/13/51 | 1,510 | 1,252 | |
8 | Public Storage | 0.500% | 9/9/30 | 1,035 | 825 | |
QUALCOMM Inc. | 4.250% | 5/20/32 | 1,105 | 1,115 | ||
QUALCOMM Inc. | 4.500% | 5/20/52 | 295 | 286 | ||
Raytheon Technologies Corp. | 3.950% | 8/16/25 | 285 | 285 | ||
Raytheon Technologies Corp. | 4.450% | 11/16/38 | 725 | 685 | ||
Realty Income Corp. | 3.400% | 1/15/28 | 535 | 502 | ||
Realty Income Corp. | 2.200% | 6/15/28 | 285 | 250 | ||
Realty Income Corp. | 3.100% | 12/15/29 | 830 | 755 | ||
Realty Income Corp. | 2.850% | 12/15/32 | 120 | 103 | ||
10 | Realty Income Corp. | 1.750% | 7/13/33 | 1,075 | 924 | |
1 | S&P Global Inc. | 2.700% | 3/1/29 | 700 | 637 | |
1 | S&P Global Inc. | 2.900% | 3/1/32 | 705 | 626 | |
1 | S&P Global Inc. | 3.700% | 3/1/52 | 245 | 211 | |
Sabine Pass Liquefaction LLC | 4.500% | 5/15/30 | 2,910 | 2,786 | ||
2 | San Diego Gas & Electric Co. | 4.100% | 6/15/49 | 261 | 231 | |
1 | SBA Tower Trust | 3.448% | 3/15/23 | 675 | 672 | |
1 | SBA Tower Trust | 1.884% | 1/15/26 | 245 | 220 | |
1 | SBA Tower Trust | 1.631% | 11/15/26 | 2,265 | 1,977 | |
2 | SCE Recovery Funding LLC | 0.861% | 11/15/31 | 366 | 317 | |
2 | SCE Recovery Funding LLC | 1.942% | 5/15/38 | 165 | 129 | |
2 | SCE Recovery Funding LLC | 2.510% | 11/15/43 | 95 | 67 | |
Sempra Energy | 3.250% | 6/15/27 | 1,050 | 994 | ||
Sierra Pacific Power Co. | 2.600% | 5/1/26 | 149 | 141 | ||
2 | Southern California Edison Co. | 3.700% | 8/1/25 | 30 | 30 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
2 | Southern California Edison Co. | 2.950% | 2/1/51 | 790 | 534 | |
Southern California Gas Co. | 2.950% | 4/15/27 | 1,150 | 1,096 | ||
Southern Co. | 4.400% | 7/1/46 | 5 | 4 | ||
1 | Sprint Spectrum Co. LLC | 4.738% | 3/20/25 | 553 | 555 | |
2 | SSM Health Care Corp. | 3.823% | 6/1/27 | 320 | 314 | |
2 | Sutter Health | 2.294% | 8/15/30 | 360 | 304 | |
Teledyne Technologies Inc. | 2.250% | 4/1/28 | 985 | 854 | ||
Teledyne Technologies Inc. | 2.750% | 4/1/31 | 790 | 657 | ||
1 | Texas Electric Market Stabilization Funding N LLC | 4.265% | 8/1/34 | 1,605 | 1,611 | |
8 | Thermo Fisher Scientific Finance I BV | 1.625% | 10/18/41 | 885 | 644 | |
T-Mobile USA Inc. | 2.050% | 2/15/28 | 1,975 | 1,716 | ||
T-Mobile USA Inc. | 3.375% | 4/15/29 | 1,140 | 1,026 | ||
T-Mobile USA Inc. | 2.700% | 3/15/32 | 2,160 | 1,799 | ||
Toledo Hospital | 5.750% | 11/15/38 | 205 | 196 | ||
Union Pacific Corp. | 2.800% | 2/14/32 | 1,645 | 1,464 | ||
Union Pacific Corp. | 3.600% | 9/15/37 | 910 | 811 | ||
Union Pacific Corp. | 3.750% | 2/5/70 | 285 | 228 | ||
2 | United Airlines Pass-Through Trust Class B Series 2018-1 | 4.600% | 3/1/26 | 48 | 44 | |
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 820 | 809 | ||
UnitedHealth Group Inc. | 2.000% | 5/15/30 | 240 | 205 | ||
UnitedHealth Group Inc. | 4.200% | 5/15/32 | 495 | 491 | ||
UnitedHealth Group Inc. | 4.625% | 7/15/35 | 75 | 75 | ||
UnitedHealth Group Inc. | 4.200% | 1/15/47 | 65 | 60 | ||
UnitedHealth Group Inc. | 4.750% | 5/15/52 | 90 | 89 | ||
US Bancorp | 2.491% | 11/3/36 | 996 | 803 | ||
8 | Verizon Communications Inc. | 1.250% | 4/8/30 | 1,380 | 1,206 | |
Verizon Communications Inc. | 1.680% | 10/30/30 | 307 | 244 | ||
Verizon Communications Inc. | 2.355% | 3/15/32 | 8,305 | 6,811 | ||
8 | Verizon Communications Inc. | 1.500% | 9/19/39 | 1,100 | 800 | |
8 | Visa Inc. | 2.375% | 6/15/34 | 805 | 755 | |
2,9 | Wells Fargo & Co. | 2.975% | 5/19/26 | 625 | 442 | |
2 | Wells Fargo & Co. | 4.100% | 6/3/26 | 920 | 903 | |
2 | Wells Fargo & Co. | 4.300% | 7/22/27 | 275 | 270 | |
2 | Wells Fargo & Co. | 3.526% | 3/24/28 | 3,070 | 2,899 | |
2 | Wells Fargo & Co. | 2.879% | 10/30/30 | 435 | 381 | |
2 | Wells Fargo & Co. | 4.897% | 7/25/33 | 1,495 | 1,473 | |
2 | Wells Fargo & Co. | 4.611% | 4/25/53 | 905 | 834 | |
214,663 | ||||||
Total Corporate Bonds (Cost $387,063) | 336,459 | |||||
Sovereign Bonds (2.3%) | ||||||
Australia (0.1%) | ||||||
2,11 | Commonwealth of Australia | 2.750% | 11/21/27 | 135 | 89 | |
2,11 | Commonwealth of Australia | 2.250% | 5/21/28 | 1,195 | 767 | |
2,11 | Commonwealth of Australia | 1.000% | 11/21/31 | 2,175 | 1,184 | |
2,040 | ||||||
Bermuda (0.0%) | ||||||
1,2 | Bermuda | 2.375% | 8/20/30 | 200 | 169 | |
1,2 | Bermuda | 3.375% | 8/20/50 | 200 | 147 | |
316 | ||||||
Canada (0.7%) | ||||||
9 | Canadian Government Bond | 0.750% | 10/1/24 | 4,565 | 3,278 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
9 | Canadian Government Bond | 2.750% | 9/1/27 | 850 | 632 | |
9 | Canadian Government Bond | 1.500% | 6/1/31 | 350 | 233 | |
9 | Canadian Government Bond | 1.500% | 12/1/31 | 1,500 | 993 | |
9 | Canadian Government Bond | 2.000% | 12/1/51 | 250 | 152 | |
9 | City of Montreal | 3.150% | 12/1/36 | 750 | 500 | |
9 | City of Montreal | 3.500% | 12/1/38 | 410 | 280 | |
9 | City of Montreal | 2.400% | 12/1/41 | 1,000 | 562 | |
9 | City of Toronto | 3.200% | 8/1/48 | 1,000 | 628 | |
9 | Municipal Finance Authority of British Columbia | 4.950% | 12/1/27 | 2,200 | 1,762 | |
9 | Province of Ontario | 2.900% | 6/2/28 | 1,910 | 1,389 | |
2,12 | Province of Ontario | 0.250% | 6/28/29 | 985 | 916 | |
9 | Regional Municipality of York | 2.150% | 6/22/31 | 800 | 528 | |
11,853 | ||||||
Chile (0.0%) | ||||||
2 | Corp. Nacional del Cobre de Chile | 3.625% | 8/1/27 | 650 | 617 | |
Colombia (0.1%) | ||||||
2 | Republic of Colombia | 4.000% | 2/26/24 | 1,350 | 1,322 | |
Germany (0.1%) | ||||||
2,8,13 | KFW | 0.000% | 11/9/28 | 2,265 | 2,011 | |
Japan (0.1%) | ||||||
2,14 | Japan | 0.700% | 6/20/51 | 301,250 | 1,913 | |
2,14 | Japan | 0.700% | 9/20/51 | 59,400 | 376 | |
2,289 | ||||||
Norway (0.1%) | ||||||
Equinor ASA | 3.000% | 4/6/27 | 1,545 | 1,479 | ||
Qatar (0.2%) | ||||||
1,2 | Qatar Energy | 2.250% | 7/12/31 | 820 | 715 | |
1,2 | Qatar Energy | 3.125% | 7/12/41 | 685 | 555 | |
1,2 | State of Qatar | 3.875% | 4/23/23 | 550 | 551 | |
1,2 | State of Qatar | 5.103% | 4/23/48 | 255 | 273 | |
1,2 | State of Qatar | 4.400% | 4/16/50 | 780 | 764 | |
2,858 | ||||||
Romania (0.0%) | ||||||
1,2,8 | Republic of Romania | 2.000% | 4/14/33 | 737 | 485 | |
2,8 | Republic of Romania | 2.625% | 12/2/40 | 525 | 303 | |
788 | ||||||
Saudi Arabia (0.2%) | ||||||
1,2 | Kingdom of Saudi Arabia | 2.875% | 3/4/23 | 2,020 | 2,009 | |
1,2 | Saudi Arabian Oil Co. | 2.875% | 4/16/24 | 500 | 490 | |
1,2 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 680 | 654 | |
3,153 | ||||||
Singapore (0.0%) | ||||||
1,2 | Temasek Financial I Ltd. | 3.625% | 8/1/28 | 510 | 505 | |
Spain (0.1%) | ||||||
1,8 | Kingdom of Spain | 0.600% | 10/31/29 | 1,050 | 937 | |
Supranational (0.6%) | ||||||
8 | European Investment Bank | 0.000% | 11/15/27 | 1,460 | 1,321 | |
8 | European Stability Mechanism | 0.000% | 12/15/26 | 1,425 | 1,311 | |
2,8 | European Union | 1.000% | 7/6/32 | 3,300 | 2,925 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
2,8 | European Union | 0.000% | 7/4/35 | 3,630 | 2,658 | |
2,8 | European Union | 0.200% | 6/4/36 | 4,110 | 3,031 | |
11,246 | ||||||
Total Sovereign Bonds (Cost $50,501) | 41,414 | |||||
Taxable Municipal Bonds (0.6%) | ||||||
United States (0.6%) | ||||||
Broward County FL Airport System Revenue | 3.477% | 10/1/43 | 100 | 85 | ||
California Health Facilities Financing Authority Revenue | 4.353% | 6/1/41 | 775 | 730 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/40 | 355 | 419 | ||
Connecticut GO | 2.000% | 7/1/23 | 190 | 187 | ||
Connecticut GO | 5.770% | 3/15/25 | 275 | 287 | ||
Dallas-Fort Worth TX International Airport Revenue | 3.089% | 11/1/40 | 90 | 74 | ||
Dallas-Fort Worth TX International Airport Revenue | 4.087% | 11/1/51 | 55 | 51 | ||
Dallas-Fort Worth TX International Airport Revenue | 4.507% | 11/1/51 | 355 | 340 | ||
Foothill-Eastern Transportation Corridor Agency CA Toll Road Revenue | 4.094% | 1/15/49 | 55 | 45 | ||
Georgia Municipal Electric Power Authority Revenue | 6.637% | 4/1/57 | 844 | 965 | ||
Golden State Tobacco Securitization Corp. California Revenue | 2.746% | 6/1/34 | 35 | 30 | ||
Golden State Tobacco Securitization Corp. California Revenue | 3.293% | ��� 6/1/42 | 65 | 52 | ||
Golden State Tobacco Securitization Corp. California Revenue | 3.000% | 6/1/46 | 145 | 127 | ||
Grand Parkway Transportation Corp. Texas System Toll Revenue | 3.236% | 10/1/52 | 290 | 224 | ||
Illinois GO | 5.100% | 6/1/33 | 4,670 | 4,648 | ||
15 | Kansas Development Finance Authority Revenue | 2.774% | 5/1/51 | 475 | 345 | |
16 | Kansas Development Finance Authority Revenue (Employees Retirement System) | 5.371% | 5/1/26 | 425 | 439 | |
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 3.395% | 10/15/40 | 175 | 149 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.200% | 11/15/26 | 20 | 20 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.668% | 11/15/39 | 170 | 195 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.814% | 11/15/40 | 805 | 931 | ||
New York State Dormitory Authority Revenue (Personal Income Tax) | 3.110% | 2/15/39 | 285 | 246 | ||
17 | Philadelphia PA Authority for Industrial Development Revenue | 6.550% | 10/15/28 | 635 | 698 | |
Port Authority of New York & New Jersey Revenue | 4.458% | 10/1/62 | 205 | 198 | ||
Total Taxable Municipal Bonds (Cost $12,875) | 11,485 |
Coupon | Shares | Market Value• ($000) | ||||
Temporary Cash Investments (2.3%) | ||||||
Money Market Fund (2.3%) | ||||||
18 | Vanguard Market Liquidity Fund (Cost $40,199) | 2.284% | 402,232 | 40,211 | ||
Total Investments (99.1%) (Cost $1,705,084) | 1,772,832 | |||||
Other Assets and Liabilities—Net (0.9%) | 16,116 | |||||
Net Assets (100%) | 1,788,948 |
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, 2022, the aggregate value was $114,247,000, representing 6.4% 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, 2022. |
5 | Securities with a value of $3,042,000 have been segregated as initial margin for open futures contracts. |
6 | Securities with a value of $1,000 have been segregated as initial margin for recently closed centrally cleared swap contracts. |
7 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
8 | Face amount denominated in euro. |
9 | Face amount denominated in Canadian dollars. |
10 | Face amount denominated in British pounds. |
11 | Face amount denominated in Australian dollars. |
12 | Face amount denominated in Swiss francs. |
13 | Guaranteed by the Federal Republic of Germany. |
14 | Face amount denominated in Japanese yen. |
15 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
16 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
17 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
18 | 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. | |
REIT—Real Estate Investment Trust. | |
REMICS—Real Estate Mortgage Investment Conduits. | |
SOFR30A—30 Day Average Secured Overnight Financing Rate. | |
UMBS—Uniform Mortgage-Backed Securities. | |
USD—U.S. dollar. |
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 2022 | 56 | 6,206 | (21) |
Euro-Bobl | September 2022 | 264 | 32,654 | (475) |
Euro-BTP | September 2022 | 21 | 2,522 | (38) |
Euro-Buxl | September 2022 | 21 | 3,474 | (155) |
Euro-OAT | September 2022 | 18 | 2,497 | (62) |
Euro-Schatz | September 2022 | 126 | 13,752 | (91) |
Long Gilt | December 2022 | 62 | 7,774 | (132) |
(974) | ||||
Short Futures Contracts | ||||
10-Year U.S. Treasury Note | December 2022 | (489) | (57,167) | 155 |
Euro-Bund | September 2022 | (51) | (7,584) | 338 |
Ultra 10-Year U.S. Treasury Note | December 2022 | (233) | (29,169) | 169 |
662 | ||||
(312) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
Goldman Sachs International | 9/30/22 | EUR | 5,793 | USD | 5,836 | — | (3) |
Bank of America, N.A. | 9/30/22 | GBP | 1,955 | USD | 2,289 | — | (16) |
Goldman Sachs International | 9/30/22 | GBP | 1,280 | USD | 1,490 | — | (2) |
JPMorgan Chase Bank, N.A. | 9/30/22 | USD | 6,650 | AUD | 9,512 | 138 | — |
JPMorgan Chase Bank, N.A. | 9/29/22 | USD | 15,988 | CAD | 20,691 | 237 | — |
Bank of America, N.A. | 9/29/22 | AUD | 900 | CAD | 813 | — | (2) |
JPMorgan Chase Bank, N.A. | 9/30/22 | USD | 4,436 | CHF | 4,259 | 69 | — |
Goldman Sachs International | 9/30/22 | USD | 88,862 | EUR | 89,090 | — | (839) |
Bank of America, N.A. | 9/30/22 | GBP | 2,921 | EUR | 3,458 | — | (87) |
JPMorgan Chase Bank, N.A. | 9/30/22 | USD | 25,086 | GBP | 21,311 | 315 | — |
Bank of America, N.A. | 9/30/22 | USD | 568 | HKD | 4,450 | — | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
JPMorgan Chase Bank, N.A. | 9/30/22 | USD | 5,243 | JPY | 716,973 | 71 | — |
Bank of America, N.A. | 9/30/22 | AUD | 3,897 | JPY | 366,900 | 20 | — |
Bank of America, N.A. | 9/30/22 | GBP | 1,169 | JPY | 188,082 | 2 | — |
Bank of America, N.A. | 9/30/22 | USD | 1,944 | SEK | 20,670 | 3 | — |
855 | (949) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
JPY—Japanese yen. |
SEK—Swedish krona. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $1,664,885) | 1,732,621 |
Affiliated Issuers (Cost $40,199) | 40,211 |
Total Investments in Securities | 1,772,832 |
Investment in Vanguard | 67 |
Cash | 1,404 |
Foreign Currency, at Value (Cost $28,714) | 28,706 |
Receivables for Investment Securities Sold | 8,126 |
Receivables for Accrued Income | 9,057 |
Receivables for Capital Shares Issued | 1,906 |
Variation Margin Receivable—Futures Contracts | 8 |
Unrealized Appreciation—Forward Currency Contracts | 855 |
Total Assets | 1,822,961 |
Liabilities | |
Payables for Investment Securities Purchased | 31,380 |
Payables for Capital Shares Redeemed | 852 |
Payables to Investment Advisor | 682 |
Payables to Vanguard | 150 |
Unrealized Depreciation—Forward Currency Contracts | 949 |
Total Liabilities | 34,013 |
Net Assets | 1,788,948 |
Statement of Assets and Liabilities (continued) | |
At August 31, 2022, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 1,674,784 |
Total Distributable Earnings (Loss) | 114,164 |
Net Assets | 1,788,948 |
Investor Shares—Net Assets | |
Applicable to 9,751,457 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 226,050 |
Net Asset Value Per Share—Investor Shares | $23.18 |
Admiral Shares—Net Assets | |
Applicable to 53,928,966 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,562,898 |
Net Asset Value Per Share—Admiral Shares | $28.98 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends 1 | 37,231 |
Interest 2 | 13,199 |
Securities Lending—Net | 71 |
Total Income | 50,501 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 2,800 |
Performance Adjustment | (96) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 665 |
Management and Administrative—Admiral Shares | 2,540 |
Marketing and Distribution—Investor Shares | 25 |
Marketing and Distribution—Admiral Shares | 87 |
Custodian Fees | 58 |
Auditing Fees | 36 |
Shareholders’ Reports—Investor Shares | 12 |
Shareholders’ Reports—Admiral Shares | 32 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 38 |
Total Expenses | 6,198 |
Expenses Paid Indirectly | (8) |
Net Expenses | 6,190 |
Net Investment Income | 44,311 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 16,502 |
Futures Contracts | 4,199 |
Swap Contracts | 13 |
Forward Currency Contracts | 26,268 |
Foreign Currencies | (4,092) |
Realized Net Gain (Loss) | 42,890 |
Statement of Operations (continued) | |
Year Ended August 31, 2022 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (251,584) |
Futures Contracts | (386) |
Forward Currency Contracts | 645 |
Foreign Currencies | (222) |
Change in Unrealized Appreciation (Depreciation) | (251,547) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (164,346) |
1 | Dividends are net of foreign withholding taxes of $1,280,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $246,000, ($9,000), $1,000, and ($9,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 44,311 | 27,722 |
Realized Net Gain (Loss) | 42,890 | 37,845 |
Change in Unrealized Appreciation (Depreciation) | (251,547) | 201,922 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (164,346) | 267,489 |
Distributions | ||
Investor Shares | (7,906) | (3,249) |
Admiral Shares | (56,296) | (22,988) |
Total Distributions | (64,202) | (26,237) |
Capital Share Transactions | ||
Investor Shares | 7,961 | 34,322 |
Admiral Shares | 185,242 | 238,122 |
Net Increase (Decrease) from Capital Share Transactions | 193,203 | 272,444 |
Total Increase (Decrease) | (35,345) | 513,696 |
Net Assets | ||
Beginning of Period | 1,824,293 | 1,310,597 |
End of Period | 1,788,948 | 1,824,293 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | October 18, 20171 to August 31, 2018 | |||
2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $26.18 | $22.29 | $21.41 | $20.51 | $20.00 |
Investment Operations | |||||
Net Investment Income2 | .566 | .410 | .430 | .443 | .392 |
Net Realized and Unrealized Gain (Loss) on Investments | (2.711) | 3.871 | .874 | .920 | .379 |
Total from Investment Operations | (2.145) | 4.281 | 1.304 | 1.363 | .771 |
Distributions | |||||
Dividends from Net Investment Income | (.446) | (.391) | (.389) | (.426) | (.261) |
Distributions from Realized Capital Gains | (.409) | — | (.035) | (.037) | — |
Total Distributions | (.855) | (.391) | (.424) | (.463) | (.261) |
Net Asset Value, End of Period | $23.18 | $26.18 | $22.29 | $21.41 | $20.51 |
Total Return3 | -8.43% | 19.36% | 6.22% | 6.80% | 3.88% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $226 | $247 | $181 | $176 | $172 |
Ratio of Total Expenses to Average Net Assets4 | 0.45% 5 | 0.42% | 0.44% | 0.46% | 0.46% 5,6 |
Ratio of Net Investment Income to Average Net Assets | 2.26% | 1.68% | 2.01% | 2.19% | 2.32% 6 |
Portfolio Turnover Rate | 77% 7 | 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 (0.01%), (0.03%), (0.01%), and 0.01%. Performance-based investment advisory fees did not apply before fiscal year 2019. |
5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.44% and 0.45%, respectively. |
6 | Annualized. |
7 | Includes 15%, 20%, and 10%, respectively, attributable to mortgage-dollar-roll activity. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | October 18, 20171 to August 31, 2018 | |||
2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $32.74 | $27.87 | $26.76 | $25.65 | $25.00 |
Investment Operations | |||||
Net Investment Income2 | .750 | .554 | .564 | .583 | .511 |
Net Realized and Unrealized Gain (Loss) on Investments | (3.398) | 4.842 | 1.104 | 1.132 | .480 |
Total from Investment Operations | (2.648) | 5.396 | 1.668 | 1.715 | .991 |
Distributions | |||||
Dividends from Net Investment Income | (.601) | (.526) | (.514) | (.559) | (.341) |
Distributions from Realized Capital Gains | (.511) | — | (.044) | (.046) | — |
Total Distributions | (1.112) | (.526) | (.558) | (.605) | (.341) |
Net Asset Value, End of Period | $28.98 | $32.74 | $27.87 | $26.76 | $25.65 |
Total Return3 | -8.33% | 19.53% | 6.38% | 6.85% | 3.99% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,563 | $1,577 | $1,129 | $826 | $715 |
Ratio of Total Expenses to Average Net Assets4 | 0.32% 5 | 0.29% | 0.34% | 0.36% | 0.36% 5,6 |
Ratio of Net Investment Income to Average Net Assets | 2.39% | 1.81% | 2.11% | 2.29% | 2.42% 6 |
Portfolio Turnover Rate | 77% 7 | 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 (0.01%), (0.03%), (0.01%), and 0.01%. Performance-based investment advisory fees did not apply before fiscal year 2019. |
5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.32% and 0.35%, respectively. |
6 | Annualized. |
7 | Includes 15%, 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 | 698,804 | — | — | 698,804 |
Common Stocks—Other | 45,063 | 417,002 | — | 462,065 |
U.S. Government and Agency Obligations | — | 168,204 | — | 168,204 |
Asset-Backed/Commercial Mortgage-Backed Securities | — | 14,190 | — | 14,190 |
Corporate Bonds | — | 336,459 | — | 336,459 |
Sovereign Bonds | — | 41,414 | — | 41,414 |
Taxable Municipal Bonds | — | 11,485 | — | 11,485 |
Temporary Cash Investments | 40,211 | — | — | 40,211 |
Total | 784,078 | 988,754 | — | 1,772,832 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 662 | — | — | 662 |
Forward Currency Contracts | — | 855 | — | 855 |
Total | 662 | 855 | — | 1,517 |
Liabilities | ||||
Futures Contracts1 | 974 | — | — | 974 |
Forward Currency Contracts | — | 949 | — | 949 |
Total | 974 | 949 | — | 1,923 |
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 | 662 | — | 662 |
Unrealized Appreciation—Forward Currency Contracts | — | 855 | 855 |
Total Assets | 662 | 855 | 1,517 |
Unrealized Depreciation—Futures Contracts1 | 974 | — | 974 |
Unrealized Depreciation—Forward Currency Contracts | — | 949 | 949 |
Total Liabilities | 974 | 949 | 1,923 |
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) | Credit Contracts ($000) | Total ($000) |
Futures Contracts | 4,199 | — | — | 4,199 |
Swap Contracts | — | — | 13 | 13 |
Forward Currency Contracts | — | 26,268 | — | 26,268 |
Realized Net Gain (Loss) on Derivatives | 4,199 | 26,268 | 13 | 30,480 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||
Futures Contracts | (386) | — | — | (386) |
Forward Currency Contracts | — | 645 | — | 645 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (386) | 645 | — | 259 |
Amount ($000) | |
Paid-in Capital | 3,509 |
Total Distributable Earnings (Loss) | (3,509) |
Amount ($000) | |
Undistributed Ordinary Income | 5,508 |
Undistributed Long-Term Gains | 42,909 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | (1,437) |
Net Unrealized Gains (Losses) | 66,408 |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 45,900 | 26,237 |
Long-Term Capital Gains | 18,302 | — |
Total | 64,202 | 26,237 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 1,706,247 |
Gross Unrealized Appreciation | 211,930 |
Gross Unrealized Depreciation | (145,345) |
Net Unrealized Appreciation (Depreciation) | 66,585 |
Year Ended August 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 82,726 | 3,263 | 101,873 | 4,118 | |
Issued in Lieu of Cash Distributions | 7,053 | 279 | 2,906 | 120 | |
Redeemed | (81,818) | (3,241) | (70,457) | (2,920) | |
Net Increase (Decrease)—Investor Shares | 7,961 | 301 | 34,322 | 1,318 | |
Admiral Shares | |||||
Issued | 428,463 | 13,556 | 498,135 | 16,206 | |
Issued in Lieu of Cash Distributions | 49,306 | 1,564 | 20,433 | 673 | |
Redeemed | (292,527) | (9,361) | (280,446) | (9,226) | |
Net Increase (Decrease)—Admiral Shares | 185,242 | 5,759 | 238,122 | 7,653 |
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October 20, 2022
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• | For the 12 months ended August 31, 2022, Vanguard Global Wellesley Income Fund returned –8.94% for Investor Shares and –8.81% for Admiral Shares. Its composite benchmark index returned –10.27%. |
• | The investment outlook grew more challenging during the 12 months. Sentiment deteriorated as inflation soared to multidecade highs, fueled in part by higher energy and food prices after Russia’s invasion of Ukraine. Many central banks reacted by raising interest rates, which weighed on bond prices and sparked fears of recession. |
• | The fund’s stock portfolio performed better than its benchmark. Relative performance received the biggest boost from stock selection in financials, industrials, and health care. By region, stock selection in Europe and emerging markets helped most. |
• | In fixed income, relative performance was helped by the portfolio’s shorter duration compared with the benchmark and underweightings to supranational, sovereign, and local agency bonds. Overweightings to commercial-mortgage-backed and asset-backed securities detracted from relative performance. |
• | The fund regularly uses derivatives to hedge portfolio risks. Its holdings of forward currency contracts and futures had a positive impact on performance over the period. |
Average Annual Total Returns Periods Ended August 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -12.96% | 12.14% | 11.61% |
Russell 2000 Index (Small-caps) | -17.88 | 8.59 | 6.95 |
Russell 3000 Index (Broad U.S. market) | -13.28 | 11.90 | 11.29 |
FTSE All-World ex US Index (International) | -19.00 | 3.48 | 2.12 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -11.65% | -2.01% | 0.54% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.63 | -0.83 | 1.28 |
FTSE Three-Month U.S. Treasury Bill Index | 0.44 | 0.56 | 1.10 |
CPI | |||
Consumer Price Index | 8.26% | 4.90% | 3.82% |
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, 2022 | |||
Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global Wellesley Income Fund | |||
Investor Shares | $1,000.00 | $ 925.50 | $2.09 |
Admiral™ Shares | 1,000.00 | 926.10 | 1.46 |
Based on Hypothetical 5% Yearly Return | |||
Global Wellesley Income Fund | |||
Investor Shares | $1,000.00 | $1,023.04 | $2.19 |
Admiral Shares | 1,000.00 | 1,023.69 | 1.53 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/g357465imgee8074972.jpg)
Average Annual Total Returns Periods Ended August 31, 2022 | ||||
One Year | Since Inception (11/2/2017) | Final Value of a $10,000 Investment | ||
![]() | Global Wellesley Income Fund Investor Shares | -8.94% | 2.25% | $11,135 |
![]() | Global Wellesley Income Composite Index | -10.27 | 2.30 | 11,160 |
![]() | Bloomberg Global Aggregate Bond Index | -17.61 | -1.27 | 9,402 |
![]() | FTSE Developed Net Tax Index | -15.14 | 7.26 | 14,024 |
Average Annual Total Returns Periods Ended August 31, 2022 | ||||
One Year | Since Inception (11/2/2017) | Final Value of a $50,000 Investment | ||
Global Wellesley Income Fund Admiral Shares | -8.81% | 2.37% | $55,981 | |
Global Wellesley Income Composite Index | -10.27 | 2.30 | 55,800 | |
Bloomberg Global Aggregate Bond Index | -17.61 | -1.27 | 47,011 | |
FTSE Developed Net Tax Index | -15.14 | 7.26 | 70,118 |
United States | 60.7% |
United Kingdom | 7.3 |
France | 5.6 |
Canada | 4.6 |
Switzerland | 3.6 |
Japan | 3.5 |
Germany | 1.8 |
Spain | 1.4 |
Norway | 1.2 |
Supranational | 1.2 |
Netherlands | 1.2 |
Australia | 1.0 |
Hong Kong | 1.0 |
Other | 5.9 |
Shares | Market Value• ($000) | |||||
Common Stocks (36.6%) | ||||||
Australia (0.7%) | ||||||
Rio Tinto plc | 63,532 | 3,508 | ||||
Canada (3.0%) | ||||||
Bank of Nova Scotia | 85,961 | 4,753 | ||||
TC Energy Corp. | 81,968 | 3,950 | ||||
Royal Bank of Canada | 41,513 | 3,860 | ||||
Enbridge Inc. | 81,834 | 3,375 | ||||
15,938 | ||||||
China (0.6%) | ||||||
ENN Energy Holdings Ltd. | 208,400 | 3,028 | ||||
France (3.2%) | ||||||
AXA SA | 217,095 | 5,113 | ||||
TotalEnergies SE | 97,241 | 4,923 | ||||
Bureau Veritas SA | 140,949 | 3,499 | ||||
Vinci SA | 35,143 | 3,242 | ||||
16,777 | ||||||
Greece (0.4%) | ||||||
Hellenic Telecommunications Organization SA | 142,839 | 2,272 | ||||
Hong Kong (0.9%) | ||||||
AIA Group Ltd. | 361,800 | 3,481 | ||||
* | Sands China Ltd. | 696,800 | 1,558 | |||
5,039 | ||||||
Japan (2.6%) | ||||||
Tokio Marine Holdings Inc. | 92,200 | 5,110 | ||||
KDDI Corp. | 105,300 | 3,222 | ||||
Mitsubishi UFJ Financial Group Inc. | 612,300 | 3,174 | ||||
Isuzu Motors Ltd. | 185,600 | 2,305 | ||||
13,811 | ||||||
Netherlands (0.5%) | ||||||
Koninklijke KPN NV | 781,923 | 2,488 | ||||
Norway (0.7%) | ||||||
DNB Bank ASA | 193,115 | 3,672 | ||||
Spain (1.1%) | ||||||
Industria de Diseno Textil SA | 146,604 | 3,165 | ||||
Iberdrola SA | 236,422 | 2,462 | ||||
5,627 |
Shares | Market Value• ($000) | |||||
Switzerland (2.1%) | ||||||
Novartis AG (Registered) | 55,976 | 4,528 | ||||
UBS Group AG (Registered) | 247,232 | 3,918 | ||||
Nestle SA (Registered) | 24,906 | 2,914 | ||||
11,360 | ||||||
Taiwan (0.6%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 191,000 | 3,127 | ||||
United Kingdom (3.2%) | ||||||
AstraZeneca plc | 46,911 | 5,803 | ||||
BAE Systems plc | 464,827 | 4,186 | ||||
National Grid plc | 329,460 | 4,102 | ||||
Standard Chartered plc | 433,617 | 3,003 | ||||
17,094 | ||||||
United States (17.0%) | ||||||
Philip Morris International Inc. | 59,471 | 5,679 | ||||
Pfizer Inc. | 123,102 | 5,568 | ||||
Merck & Co. Inc. | 57,332 | 4,894 | ||||
Elevance Health Inc. | 10,060 | 4,880 | ||||
Bank of America Corp. | 143,904 | 4,837 | ||||
Progressive Corp. | 36,337 | 4,457 | ||||
Johnson & Johnson | 26,273 | 4,239 | ||||
Cisco Systems Inc. | 93,745 | 4,192 | ||||
Exelon Corp. | 94,624 | 4,155 | ||||
Duke Energy Corp. | 38,540 | 4,120 | ||||
Ares Management Corp. Class A | 54,214 | 4,019 | ||||
Texas Instruments Inc. | 22,418 | 3,704 | ||||
Lockheed Martin Corp. | 8,588 | 3,608 | ||||
FMC Corp. | 32,948 | 3,561 | ||||
TJX Cos. Inc. | 55,377 | 3,453 | ||||
Johnson Controls International plc | 62,362 | 3,376 | ||||
Microsoft Corp. | 12,497 | 3,268 | ||||
Comcast Corp. Class A | 84,267 | 3,050 | ||||
Kellogg Co. | 40,710 | 2,961 | ||||
Edison International | 43,079 | 2,919 | ||||
Home Depot Inc. | 8,000 | 2,307 | ||||
Verizon Communications Inc. | 54,162 | 2,264 | ||||
Medtronic plc | 24,633 | 2,166 | ||||
Medical Properties Trust Inc. | 121,059 | 1,769 | ||||
89,446 | ||||||
Total Common Stocks (Cost $170,871) | 193,187 | |||||
Coupon | Maturity Date | Face Amount ($000) | ||||
U.S. Government and Agency Obligations (15.1%) | ||||||
1,2 | Fannie Mae REMICS | 2.000% | 9/25/40 | 43 | 42 | |
1,2 | Fannie Mae REMICS | 2.500% | 5/25/45 | 283 | 261 | |
1,2 | Fannie Mae REMICS | 3.000% | 2/25/49 | 73 | 71 | |
1,2 | Fannie Mae REMICS | 3.500% | 6/25/44 | 108 | 104 | |
1,2 | Freddie Mac REMICS | 1.750% | 9/15/42 | 718 | 667 | |
1,2 | Freddie Mac REMICS | 2.000% | 7/25/50 | 736 | 670 | |
1,2 | Freddie Mac REMICS | 3.500% | 11/15/40 | 19 | 19 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,2 | Freddie Mac REMICS | 4.000% | 12/15/39–9/15/41 | 1,035 | 1,030 | |
1,3 | Ginnie Mae II Pool | 2.000% | 9/15/52 | 775 | 684 | |
1,3 | Ginnie Mae II Pool | 2.500% | 9/15/52 | 1,225 | 1,115 | |
1,3 | Ginnie Mae II Pool | 4.000% | 9/15/52 | 850 | 837 | |
1 | Ginnie Mae REMICS | 2.750% | 9/20/44 | 88 | 85 | |
1,2,3 | UMBS Pool | 2.000% | 4/01/41–9/25/52 | 5,222 | 4,526 | |
1,2,3 | UMBS Pool | 2.500% | 5/01/51–10/25/52 | 4,629 | 4,171 | |
1,2,3 | UMBS Pool | 3.000% | 10/01/51–10/25/52 | 2,455 | 2,288 | |
1,2,3 | UMBS Pool | 3.500% | 9/25/37–9/25/52 | 4,028 | 3,933 | |
1,2,3 | UMBS Pool | 4.000% | 9/25/52–10/25/52 | 2,325 | 2,268 | |
1,2,3 | UMBS Pool | 4.500% | 9/25/52–9/25/52 | 875 | 870 | |
1,2,3 | UMBS Pool | 5.000% | 9/25/52–9/25/52 | 300 | 303 | |
United States Treasury Note/Bond | 0.375% | 9/15/24 | 985 | 925 | ||
United States Treasury Note/Bond | 0.750% | 11/15/24–4/30/26 | 3,985 | 3,718 | ||
United States Treasury Note/Bond | 0.875% | 6/30/26 | 845 | 767 | ||
United States Treasury Note/Bond | 1.000% | 12/15/24 | 870 | 823 | ||
United States Treasury Note/Bond | 1.125% | 10/31/26 | 145 | 132 | ||
United States Treasury Note/Bond | 1.250% | 11/30/26–12/31/26 | 12,845 | 11,743 | ||
4,5 | United States Treasury Note/Bond | 1.750% | 3/15/25–8/15/41 | 5,730 | 4,699 | |
United States Treasury Note/Bond | 1.875% | 2/28/27–11/15/51 | 2,840 | 2,537 | ||
United States Treasury Note/Bond | 2.000% | 11/15/41 | 6,405 | 4,975 | ||
United States Treasury Note/Bond | 2.250% | 2/15/52 | 2,280 | 1,822 | ||
United States Treasury Note/Bond | 2.375% | 2/15/42 | 2,080 | 1,725 | ||
United States Treasury Note/Bond | 2.500% | 4/30/24–3/31/27 | 4,530 | 4,366 | ||
United States Treasury Note/Bond | 2.625% | 4/15/25–7/31/29 | 2,690 | 2,607 | ||
United States Treasury Note/Bond | 2.750% | 4/30/27–8/15/32 | 6,030 | 5,859 | ||
United States Treasury Note/Bond | 2.875% | 5/15/52 | 2,145 | 1,977 | ||
United States Treasury Note/Bond | 3.000% | 8/15/52 | 660 | 626 | ||
United States Treasury Note/Bond | 3.250% | 6/30/27–5/15/42 | 3,855 | 3,825 | ||
United States Treasury Note/Bond | 3.375% | 8/15/42 | 2,705 | 2,640 | ||
Total U.S. Government and Agency Obligations (Cost $85,644) | 79,710 | |||||
Asset-Backed/Commercial Mortgage-Backed Securities (1.6%) | ||||||
Bermuda (0.0%) | ||||||
1,6 | START Ireland Series 2019-1 | 4.089% | 3/15/44 | 126 | 112 | |
United States (1.6%) | ||||||
1,6 | Aligned Data Centers Issuer LLC Series 2021-1A | 1.937% | 8/15/46 | 740 | 653 | |
1,6 | Angel Oak Mortgage Trust I LLC Series 2018-3 | 3.649% | 9/25/48 | 14 | 14 | |
1,6,7 | BX Trust Series 2021-ARIA, 1M USD LIBOR + 1.297% | 3.688% | 10/15/36 | 770 | 727 | |
1,6,7 | BX Trust Series 2021-LGCY, 1M USD LIBOR + 0.506% | 2.897% | 10/15/23 | 1,750 | 1,668 | |
1,6 | Castlelake Aircraft Structured Trust Series 2019-1A | 3.967% | 4/15/39 | 157 | 140 | |
1,6,7 | Connecticut Avenue Securities Trust Series 2021-R01, SOFR30A + 1.550% | 3.733% | 10/25/41 | 145 | 140 | |
1,6 | Domino's Pizza Master Issuer LLC Series 2021-1A | 3.151% | 4/25/51 | 434 | 367 | |
1,2 | Fannie Mae-Aces Series 2021-M2S | 2.386% | 10/25/36 | 364 | 309 | |
1 | Ford Credit Auto Lease Trust Series 2021-A | 0.780% | 9/15/25 | 180 | 174 | |
1,2 | Freddie Mac Multifamily Structured Pass-Through Certificates Series K142 | 2.400% | 3/25/32 | 820 | 731 | |
1,2,6,7 | Freddie Mac STACR REMICS Trust Series 2020-DNA5, SOFR30A + 2.800% | 4.983% | 10/25/50 | 253 | 256 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1,6 | Home Partners of America Trust Series 2021-2 | 2.302% | 12/17/26 | 693 | 615 | |
1,6 | New Economy Assets Phase 1 Sponsor LLC Series 2021-1 | 2.410% | 10/20/61 | 245 | 210 | |
1 | Seasoned Credit Risk Transfer Trust Series 2019-3 | 3.500% | 10/25/58 | 175 | 171 | |
1,6,7 | SREIT Trust Series 2021-MFP, 1M USD LIBOR + 1.080% | 3.471% | 11/15/38 | 875 | 836 | |
1,6 | Taco Bell Funding LLC Series 2021-1A | 1.946% | 8/25/51 | 342 | 295 | |
1,6 | Taco Bell Funding LLC Series 2021-1A | 2.294% | 8/25/51 | 312 | 258 | |
1,6 | Towd Point Mortgage Trust Series 2018-1 | 3.000% | 1/25/58 | 90 | 89 | |
1,6 | Vantage Data Centers Issuer LLC Series 2019-1A | 3.188% | 7/15/44 | 136 | 131 | |
1,6 | Vantage Data Centers Issuer LLC Series 2020-1A | 1.645% | 9/15/45 | 540 | 483 | |
8,267 | ||||||
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $9,086) | 8,379 | |||||
Corporate Bonds (37.7%) | ||||||
Australia (0.1%) | ||||||
6 | CSL Finance plc | 4.250% | 4/27/32 | 650 | 631 | |
Austria (0.2%) | ||||||
6 | JAB Holdings BV | 2.200% | 11/23/30 | 260 | 202 | |
6 | JAB Holdings BV | 3.750% | 5/28/51 | 500 | 328 | |
6 | JAB Holdings BV | 4.500% | 4/8/52 | 445 | 321 | |
851 | ||||||
Belgium (0.3%) | ||||||
1,8 | Anheuser-Busch InBev SA/NV | 2.875% | 4/2/32 | 350 | 339 | |
1,8 | Anheuser-Busch InBev SA/NV | 2.750% | 3/17/36 | 725 | 656 | |
Anheuser-Busch InBev Worldwide Inc. | 4.500% | 6/1/50 | 785 | 712 | ||
1,707 | ||||||
Canada (0.4%) | ||||||
9 | Bank of Montreal | 2.850% | 3/6/24 | 1,890 | 1,401 | |
Fortis Inc. | 3.055% | 10/4/26 | 625 | 585 | ||
1,986 | ||||||
Denmark (0.6%) | ||||||
8 | Danske Bank A/S | 0.500% | 8/27/25 | 1,650 | 1,566 | |
6 | Danske Bank A/S | 1.621% | 9/11/26 | 875 | 775 | |
1,10 | Danske Bank A/S | 2.250% | 1/14/28 | 560 | 564 | |
2,905 | ||||||
France (2.2%) | ||||||
1,8 | Airbus SE | 2.375% | 6/9/40 | 100 | 83 | |
1,8 | APRR SA | 1.500% | 1/25/30 | 100 | 91 | |
1,8 | APRR SA | 1.625% | 1/13/32 | 100 | 89 | |
1,8 | AXA SA | 5.125% | 7/4/43 | 750 | 764 | |
6 | BNP Paribas SA | 2.819% | 11/19/25 | 360 | 342 | |
6 | BNP Paribas SA | 2.219% | 6/9/26 | 770 | 711 | |
1,8 | BNP Paribas SA | 0.125% | 9/4/26 | 400 | 351 | |
6 | BNP Paribas SA | 2.591% | 1/20/28 | 1,145 | 1,017 | |
8 | BNP Paribas SA | 0.500% | 9/1/28 | 900 | 763 | |
6 | BNP Paribas SA | 2.159% | 9/15/29 | 935 | 770 | |
1,8 | BNP Paribas SA | 1.125% | 1/15/32 | 400 | 340 | |
1,8 | BPCE SA | 1.125% | 1/18/23 | 900 | 902 | |
6 | BPCE SA | 3.250% | 1/11/28 | 500 | 457 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
6 | BPCE SA | 2.277% | 1/20/32 | 760 | 590 | |
6 | Danone SA | 2.947% | 11/2/26 | 285 | 272 | |
1,8 | Orange SA | 1.000% | 5/12/25 | 1,200 | 1,162 | |
1,8 | RCI Banque SA | 1.375% | 3/8/24 | 575 | 565 | |
1,8 | RCI Banque SA | 1.625% | 4/11/25 | 305 | 292 | |
8 | Societe Generale SFH SA | 0.750% | 1/29/27 | 800 | 751 | |
1,8 | Suez SACA | 2.875% | 5/24/34 | 1,100 | 984 | |
1,8 | Veolia Environnement SA | 0.800% | 1/15/32 | 400 | 319 | |
11,615 | ||||||
Germany (1.0%) | ||||||
6 | Bayer US Finance II LLC | 4.250% | 12/15/25 | 660 | 649 | |
6 | Bayer US Finance LLC | 3.375% | 10/8/24 | 765 | 750 | |
1,8 | Deutsche Bank AG | 1.875% | 2/23/28 | 700 | 616 | |
6 | Volkswagen Group of America Finance LLC | 3.350% | 5/13/25 | 200 | 194 | |
1,8 | Volkswagen Leasing GmbH | 2.625% | 1/15/24 | 525 | 531 | |
1,8 | Volkswagen Leasing GmbH | 1.375% | 1/20/25 | 1,825 | 1,766 | |
8 | Wintershall Dea Finance BV | 1.823% | 9/25/31 | 1,000 | 790 | |
5,296 | ||||||
Hong Kong (0.0%) | ||||||
1,8 | AIA Group Ltd. | 0.880% | 9/9/33 | 125 | 101 | |
Ireland (0.6%) | ||||||
6 | Avolon Holdings Funding Ltd. | 2.125% | 2/21/26 | 178 | 154 | |
6 | Avolon Holdings Funding Ltd. | 2.528% | 11/18/27 | 1,881 | 1,540 | |
8 | CRH Finance DAC | 3.125% | 4/3/23 | 1,177 | 1,194 | |
2,888 | ||||||
Italy (0.5%) | ||||||
1,8 | Enel Finance International NV | 0.500% | 6/17/30 | 1,675 | 1,315 | |
6 | Enel Finance International NV | 2.250% | 7/12/31 | 320 | 243 | |
6 | Enel Finance International NV | 5.000% | 6/15/32 | 280 | 261 | |
1,8 | Hera SpA | 1.000% | 4/25/34 | 530 | 365 | |
6 | UniCredit SpA | 1.982% | 6/3/27 | 530 | 449 | |
2,633 | ||||||
Japan (0.5%) | ||||||
6 | NTT Finance Corp. | 1.162% | 4/3/26 | 700 | 628 | |
6 | NTT Finance Corp. | 2.065% | 4/3/31 | 2,395 | 2,011 | |
Takeda Pharmaceutical Co. Ltd. | 3.025% | ��� 7/9/40 | 200 | 155 | ||
2,794 | ||||||
Kuwait (0.3%) | ||||||
6 | NBK SPC Ltd. | 1.625% | 9/15/27 | 1,750 | 1,565 | |
Netherlands (0.7%) | ||||||
6 | Cooperatieve Rabobank UA | 1.106% | 2/24/27 | 530 | 466 | |
1,10 | Cooperatieve Rabobank UA | 4.625% | 5/23/29 | 100 | 109 | |
1,8 | Cooperatieve Rabobank UA | 0.010% | 7/2/30 | 1,100 | 915 | |
8 | ING Groep NV | 0.250% | 2/18/29 | 600 | 495 | |
8 | ING Groep NV | 0.250% | 2/1/30 | 400 | 318 | |
1,8 | Koninklijke KPN NV | 0.875% | 11/15/33 | 500 | 379 | |
Shell International Finance BV | 4.000% | 5/10/46 | 275 | 243 | ||
Shell International Finance BV | 3.000% | 11/26/51 | 340 | 256 | ||
1,10 | Shell International Finance BV | 1.750% | 9/10/52 | 425 | 261 | |
3,442 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Norway (0.3%) | ||||||
1,8 | Aker BP ASA | 1.125% | 5/12/29 | 1,090 | 911 | |
6 | Aker BP ASA | 4.000% | 1/15/31 | 725 | 655 | |
1,566 | ||||||
Saudi Arabia (0.2%) | ||||||
6 | EIG Pearl Holdings Sarl | 3.545% | 8/31/36 | 1,105 | 969 | |
South Korea (0.0%) | ||||||
6 | SK Telecom Co. Ltd. | 3.750% | 4/16/23 | 200 | 200 | |
Spain (0.1%) | ||||||
Telefonica Emisiones SA | 4.665% | 3/6/38 | 845 | 731 | ||
Switzerland (1.4%) | ||||||
6 | Alcon Finance Corp. | 3.000% | 9/23/29 | 2,965 | 2,624 | |
1,8 | Credit Suisse Group AG | 1.250% | 7/17/25 | 600 | 567 | |
6 | Credit Suisse Group AG | 6.442% | 8/11/28 | 1,460 | 1,428 | |
6 | Credit Suisse Group AG | 3.091% | 5/14/32 | 2,380 | 1,799 | |
8 | UBS Group AG | 0.250% | 2/24/28 | 950 | 793 | |
7,211 | ||||||
United Arab Emirates (0.6%) | ||||||
6 | DAE Funding LLC | 1.550% | 8/1/24 | 1,125 | 1,052 | |
6 | Galaxy Pipeline Assets Bidco Ltd. | 2.160% | 3/31/34 | 2,517 | 2,195 | |
3,247 | ||||||
United Kingdom (3.8%) | ||||||
6 | Ashtead Capital Inc. | 5.500% | 8/11/32 | 300 | 295 | |
AstraZeneca plc | 4.000% | 1/17/29 | 720 | 718 | ||
1,8 | Barclays plc | 1.125% | 3/22/31 | 1,125 | 970 | |
8 | Barclays plc | 1.106% | 5/12/32 | 525 | 398 | |
Barclays plc | 2.894% | 11/24/32 | 760 | 595 | ||
BAT Capital Corp. | 3.557% | 8/15/27 | 1,210 | 1,112 | ||
1,8 | BP Capital Markets BV | 0.933% | 12/4/40 | 780 | 483 | |
1,9 | BP Capital Markets plc | 3.470% | 5/15/25 | 1,325 | 982 | |
8 | BP Capital Markets plc | 1.104% | 11/15/34 | 525 | 396 | |
6 | CK Hutchison International 17 II Ltd. | 2.750% | 3/29/23 | 975 | 969 | |
1,8 | Diageo Finance plc | 2.500% | 3/27/32 | 885 | 852 | |
1,10 | Heathrow Funding Ltd. | 2.750% | 10/13/29 | 1,350 | 1,351 | |
1,10 | Heathrow Funding Ltd. | 2.750% | 8/9/49 | 350 | 257 | |
1,10 | HSBC Holdings plc | 2.256% | 11/13/26 | 1,725 | 1,818 | |
HSBC Holdings plc | 1.589% | 5/24/27 | 420 | 366 | ||
HSBC Holdings plc | 2.206% | 8/17/29 | 770 | 638 | ||
HSBC Holdings plc | 2.804% | 5/24/32 | 210 | 167 | ||
7 | HSBC Holdings plc, 3M USD LIBOR + 1.000% | 3.961% | 5/18/24 | 255 | 253 | |
1,10 | National Grid Electricity Transmission plc | 2.000% | 4/17/40 | 480 | 363 | |
1,8 | National Grid plc | 0.250% | 9/1/28 | 585 | 488 | |
1,8 | NatWest Group plc | 1.750% | 3/2/26 | 2,075 | 1,987 | |
10 | NatWest Group plc | 3.622% | 8/14/30 | 875 | 941 | |
1,8 | NatWest Group plc | 1.043% | 9/14/32 | 525 | 430 | |
Santander UK Group Holdings plc | 1.089% | 3/15/25 | 1,725 | 1,614 | ||
1,10 | Scottish Hydro Electric Transmission plc | 2.250% | 9/27/35 | 535 | 461 | |
1,8 | SSE plc | 1.750% | 4/16/30 | 490 | 434 | |
6 | Standard Chartered plc | 0.991% | 1/12/25 | 530 | 500 | |
10 | Tritax Big Box REIT plc | 1.500% | 11/27/33 | 210 | 175 | |
20,013 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
United States (23.9%) | ||||||
1 | Alabama Power Co. | 4.300% | 7/15/48 | 275 | 249 | |
American International Group Inc. | 3.400% | 6/30/30 | 2,315 | 2,122 | ||
8 | American Tower Corp. | 0.450% | 1/15/27 | 735 | 646 | |
6 | American Transmission Systems Inc. | 2.650% | 1/15/32 | 605 | 509 | |
American Water Capital Corp. | 2.300% | 6/1/31 | 1,395 | 1,183 | ||
American Water Capital Corp. | 4.450% | 6/1/32 | 825 | 819 | ||
AT&T Inc. | 2.250% | 2/1/32 | 2,420 | 1,957 | ||
8 | AT&T Inc. | 2.050% | 5/19/32 | 300 | 267 | |
8 | AT&T Inc. | 3.150% | 9/4/36 | 250 | 227 | |
8 | AT&T Inc. | 2.600% | 5/19/38 | 275 | 231 | |
AT&T Inc. | 3.500% | 9/15/53 | 1,172 | 870 | ||
6 | Athene Global Funding | 2.500% | 3/24/28 | 1,475 | 1,262 | |
1 | Bank of America Corp. | 3.593% | 7/21/28 | 1,090 | 1,026 | |
Bank of America Corp. | 2.687% | 4/22/32 | 745 | 619 | ||
1,8 | Bank of America Corp. | 1.102% | 5/24/32 | 850 | 679 | |
Bank of America Corp. | 5.015% | 7/22/33 | 655 | 650 | ||
Bank of America Corp. | 2.482% | 9/21/36 | 1,525 | 1,180 | ||
Bank of America Corp. | 3.311% | 4/22/42 | 625 | 489 | ||
8 | Becton Dickinson Euro Finance Sarl | 0.334% | 8/13/28 | 875 | 738 | |
8 | Berkshire Hathaway Finance Corp. | 2.000% | 3/18/34 | 850 | 730 | |
1 | Bon Secours Mercy Health Inc. | 2.095% | 6/1/31 | 275 | 224 | |
6 | Boston Gas Co. | 3.001% | 8/1/29 | 105 | 92 | |
Boston Scientific Corp. | 4.550% | 3/1/39 | 270 | 251 | ||
BP Capital Markets America Inc. | 2.721% | 1/12/32 | 1,915 | 1,669 | ||
Brixmor Operating Partnership LP | 2.500% | 8/16/31 | 475 | 368 | ||
6 | Broadcom Inc. | 2.450% | 2/15/31 | 1,570 | 1,253 | |
6 | Broadcom Inc. | 2.600% | 2/15/33 | 1,350 | 1,038 | |
6 | Broadcom Inc. | 3.469% | 4/15/34 | 1,110 | 899 | |
6 | Brooklyn Union Gas Co. | 4.273% | 3/15/48 | 760 | 608 | |
Charles Schwab Corp. | 2.900% | 3/3/32 | 1,395 | 1,231 | ||
Charter Communications Operating LLC | 2.250% | 1/15/29 | 65 | 53 | ||
Charter Communications Operating LLC | 5.050% | 3/30/29 | 435 | 418 | ||
Charter Communications Operating LLC | 2.800% | 4/1/31 | 150 | 121 | ||
Charter Communications Operating LLC | 2.300% | 2/1/32 | 1,205 | 916 | ||
Charter Communications Operating LLC | 6.384% | 10/23/35 | 305 | 304 | ||
Charter Communications Operating LLC | 4.800% | 3/1/50 | 60 | 47 | ||
Charter Communications Operating LLC | 3.700% | 4/1/51 | 40 | 27 | ||
Cigna Corp. | 4.375% | 10/15/28 | 435 | 429 | ||
Cigna Corp. | 2.400% | 3/15/30 | 220 | 188 | ||
Cleco Corporate Holdings LLC | 3.375% | 9/15/29 | 270 | 238 | ||
6 | CNO Global Funding | 2.650% | 1/6/29 | 1,115 | 963 | |
Comcast Corp. | 3.950% | 10/15/25 | 255 | 254 | ||
Comcast Corp. | 6.500% | 11/15/35 | 156 | 178 | ||
Comcast Corp. | 4.000% | 3/1/48 | 20 | 17 | ||
Comcast Corp. | 2.887% | 11/1/51 | 961 | 678 | ||
Comcast Corp. | 4.049% | 11/1/52 | 6 | 5 | ||
Comcast Corp. | 2.650% | 8/15/62 | 130 | 82 | ||
Comcast Corp. | 2.987% | 11/1/63 | 4 | 3 | ||
CommonSpirit Health | 4.200% | 8/1/23 | 895 | 895 | ||
CommonSpirit Health | 3.347% | 10/1/29 | 145 | 130 | ||
CommonSpirit Health | 2.782% | 10/1/30 | 411 | 345 | ||
CommonSpirit Health | 4.187% | 10/1/49 | 155 | 128 | ||
CommonSpirit Health | 3.910% | 10/1/50 | 20 | 16 | ||
Consolidated Edison Co. of New York Inc. | 3.200% | 12/1/51 | 705 | 532 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Consolidated Edison Co. of New York Inc. | 4.500% | 5/15/58 | 100 | 90 | ||
6 | Corebridge Financial Inc. | 3.900% | 4/5/32 | 2,990 | 2,688 | |
6 | Cox Communications Inc. | 3.500% | 8/15/27 | 1,255 | 1,188 | |
Crown Castle Inc. | 2.100% | 4/1/31 | 1,695 | 1,350 | ||
CubeSmart LP | 2.250% | 12/15/28 | 555 | 469 | ||
CVS Health Corp. | 2.875% | 6/1/26 | 1,000 | 955 | ||
CVS Health Corp. | 4.300% | 3/25/28 | 96 | 95 | ||
8 | DH Europe Finance II Sarl | 0.750% | 9/18/31 | 140 | 114 | |
Dignity Health | 3.812% | 11/1/24 | 659 | 651 | ||
Discovery Communications LLC | 3.625% | 5/15/30 | 565 | 493 | ||
Dominion Energy South Carolina Inc. | 6.625% | 2/1/32 | 156 | 179 | ||
Dominion Energy South Carolina Inc. | 5.300% | 5/15/33 | 129 | 137 | ||
Dominion Energy South Carolina Inc. | 5.450% | 2/1/41 | 250 | 259 | ||
Dominion Energy South Carolina Inc. | 4.600% | 6/15/43 | 280 | 266 | ||
Duke Energy Corp. | 2.550% | 6/15/31 | 530 | 442 | ||
Duke Energy Corp. | 4.500% | 8/15/32 | 1,520 | 1,465 | ||
Duke Energy Corp. | 5.000% | 8/15/52 | 190 | 181 | ||
Duke Energy Progress LLC | 3.400% | 4/1/32 | 185 | 172 | ||
Duke Energy Progress LLC | 4.200% | 8/15/45 | 350 | 314 | ||
1 | Eastern Gas Transmission & Storage Inc. | 4.600% | 12/15/44 | 625 | 564 | |
Eaton Corp. | 4.150% | 3/15/33 | 380 | 366 | ||
Eaton Corp. | 4.700% | 8/23/52 | 80 | 78 | ||
Energy Transfer LP | 4.900% | 3/15/35 | 975 | 887 | ||
6 | Equitable Financial Life Global Funding | 1.400% | 7/7/25 | 100 | 91 | |
6 | Equitable Financial Life Global Funding | 1.300% | 7/12/26 | 600 | 533 | |
6 | Equitable Financial Life Global Funding | 1.400% | 8/27/27 | 565 | 484 | |
6 | ERAC USA Finance LLC | 3.300% | 12/1/26 | 235 | 222 | |
6 | ERAC USA Finance LLC | 4.500% | 2/15/45 | 295 | 252 | |
1 | Evergy Metro Inc. | 2.250% | 6/1/30 | 180 | 154 | |
Exxon Mobil Corp. | 2.275% | 8/16/26 | 865 | 817 | ||
6 | Five Corners Funding Trust II | 2.850% | 5/15/30 | 100 | 87 | |
8 | General Mills Inc. | 0.450% | 1/15/26 | 900 | 836 | |
General Motors Co. | 4.200% | 10/1/27 | 550 | 528 | ||
General Motors Co. | 5.000% | 10/1/28 | 1,095 | 1,063 | ||
6 | Genting New York LLC | 3.300% | 2/15/26 | 1,002 | 896 | |
Georgia Power Co. | 4.700% | 5/15/32 | 1,510 | 1,502 | ||
Georgia Power Co. | 4.300% | 3/15/42 | 500 | 444 | ||
1 | Georgia Power Co. | 3.700% | 1/30/50 | 35 | 28 | |
Georgia Power Co. | 5.125% | 5/15/52 | 1,050 | 1,057 | ||
1 | Goldman Sachs Group Inc. | 3.272% | 9/29/25 | 1,425 | 1,388 | |
Goldman Sachs Group Inc. | 1.431% | 3/9/27 | 1,310 | 1,165 | ||
1 | Goldman Sachs Group Inc. | 3.814% | 4/23/29 | 235 | 220 | |
1 | Goldman Sachs Group Inc. | 4.223% | 5/1/29 | 285 | 272 | |
Goldman Sachs Group Inc. | 2.615% | 4/22/32 | 420 | 346 | ||
Goldman Sachs Group Inc. | 2.383% | 7/21/32 | 545 | 440 | ||
Goldman Sachs Group Inc. | 2.650% | 10/21/32 | 1,055 | 867 | ||
6 | Gray Oak Pipeline LLC | 2.600% | 10/15/25 | 291 | 267 | |
6 | Gray Oak Pipeline LLC | 3.450% | 10/15/27 | 45 | 41 | |
1,8 | GSK Consumer Healthcare Capital NL BV | 2.125% | 3/29/34 | 640 | 543 | |
6 | HCA Inc. | 4.625% | 3/15/52 | 460 | 381 | |
Hess Corp. | 4.300% | 4/1/27 | 810 | 791 | ||
Hess Corp. | 7.300% | 8/15/31 | 590 | 659 | ||
6 | Hyundai Capital America | 0.800% | 4/3/23 | 830 | 812 | |
Intel Corp. | 4.150% | 8/5/32 | 1,590 | 1,538 | ||
Intel Corp. | 3.050% | 8/12/51 | 730 | 524 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Intercontinental Exchange Inc. | 4.350% | 6/15/29 | 1,820 | 1,797 | ||
Intercontinental Exchange Inc. | 4.950% | 6/15/52 | 190 | 187 | ||
JPMorgan Chase & Co. | 0.563% | 2/16/25 | 1,735 | 1,639 | ||
JPMorgan Chase & Co. | 2.947% | 2/24/28 | 2,395 | 2,216 | ||
JPMorgan Chase & Co. | 4.912% | 7/25/33 | 1,815 | 1,799 | ||
1 | JPMorgan Chase & Co. | 3.964% | 11/15/48 | 500 | 419 | |
�� 1 | Kaiser Foundation Hospitals | 2.810% | 6/1/41 | 710 | 542 | |
Kaiser Foundation Hospitals | 4.875% | 4/1/42 | 235 | 238 | ||
6 | KeySpan Gas East Corp. | 2.742% | 8/15/26 | 500 | 461 | |
Kroger Co. | 4.450% | 2/1/47 | 220 | 199 | ||
Kroger Co. | 5.400% | 1/15/49 | 195 | 202 | ||
6 | Kyndryl Holdings Inc. | 3.150% | 10/15/31 | 865 | 606 | |
6 | Liberty Mutual Group Inc. | 5.500% | 6/15/52 | 1,500 | 1,462 | |
Marathon Oil Corp. | 6.600% | 10/1/37 | 820 | 860 | ||
Marsh & McLennan Cos. Inc. | 4.375% | 3/15/29 | 705 | 701 | ||
6 | Massachusetts Mutual Life Insurance Co. | 3.375% | 4/15/50 | 140 | 107 | |
McCormick & Co. Inc. | 2.500% | 4/15/30 | 140 | 121 | ||
Merck & Co. Inc. | 3.400% | 3/7/29 | 500 | 482 | ||
1 | Mercy Health | 3.555% | 8/1/27 | 535 | 501 | |
Microchip Technology Inc. | 0.972% | 2/15/24 | 1,080 | 1,027 | ||
Microsoft Corp. | 2.921% | 3/17/52 | 650 | 513 | ||
6 | Mid-Atlantic Interstate Transmission LLC | 4.100% | 5/15/28 | 913 | 881 | |
1,9 | Molson Coors International LP | 2.840% | 7/15/23 | 1,825 | 1,367 | |
1,8 | Mondelez International Holdings Netherlands BV | 0.875% | 10/1/31 | 425 | 348 | |
1,8 | Mondelez International Holdings Netherlands BV | 0.625% | 9/9/32 | 155 | 120 | |
8 | Mondelez International Inc. | 0.250% | 3/17/28 | 605 | 521 | |
1 | Morgan Stanley | 0.864% | 10/21/25 | 1,750 | 1,618 | |
1 | Morgan Stanley | 3.125% | 7/27/26 | 2,100 | 2,001 | |
1 | Morgan Stanley | 3.772% | 1/24/29 | 175 | 165 | |
8 | Morgan Stanley | 0.497% | 2/7/31 | 675 | 536 | |
1 | Morgan Stanley | 2.511% | 10/20/32 | 2,170 | 1,779 | |
National Retail Properties Inc. | 3.900% | 6/15/24 | 400 | 397 | ||
1,10 | Nestle Holdings Inc. | 1.375% | 6/23/33 | 560 | 503 | |
6 | Niagara Mohawk Power Corp. | 1.960% | 6/27/30 | 670 | 547 | |
6 | Northwestern Mutual Life Insurance Co. | 3.850% | 9/30/47 | 280 | 237 | |
6 | Northwestern Mutual Life Insurance Co. | 3.625% | 9/30/59 | 12 | 9 | |
1 | Ochsner LSU Health System of North Louisiana | 2.510% | 5/15/31 | 545 | 441 | |
6 | Oglethorpe Power Corp. | 6.191% | 1/1/31 | 285 | 296 | |
Oglethorpe Power Corp. | 4.550% | 6/1/44 | 20 | 17 | ||
Oglethorpe Power Corp. | 4.250% | 4/1/46 | 81 | 65 | ||
6 | Oglethorpe Power Corp. | 4.500% | 4/1/47 | 300 | 259 | |
6 | Oncor Electric Delivery Co. LLC | 4.600% | 6/1/52 | 1,070 | 1,054 | |
Oracle Corp. | 2.875% | 3/25/31 | 1,015 | 841 | ||
Oracle Corp. | 4.000% | 11/15/47 | 265 | 192 | ||
Oracle Corp. | 3.600% | 4/1/50 | 500 | 341 | ||
Oracle Corp. | 3.850% | 4/1/60 | 145 | 96 | ||
Pacific Gas & Electric Co. | 5.900% | 6/15/32 | 635 | 614 | ||
PacifiCorp | 2.700% | 9/15/30 | 160 | 141 | ||
6 | Pennsylvania Electric Co. | 3.600% | 6/1/29 | 124 | 116 | |
6 | Penske Truck Leasing Co. LP | 4.250% | 1/17/23 | 1,125 | 1,126 | |
6 | Penske Truck Leasing Co. LP | 2.700% | 11/1/24 | 180 | 172 | |
6 | Penske Truck Leasing Co. LP | 3.950% | 3/10/25 | 740 | 723 | |
6 | Penske Truck Leasing Co. LP | 4.000% | 7/15/25 | 140 | 137 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Pfizer Inc. | 1.700% | 5/28/30 | 195 | 165 | ||
Piedmont Natural Gas Co. Inc. | 5.050% | 5/15/52 | 360 | 352 | ||
1 | Providence St. Joseph Health Obligated Group | 3.930% | 10/1/48 | 245 | 206 | |
1 | Prudential Financial Inc. | 3.700% | 3/13/51 | 830 | 688 | |
8 | Public Storage | 0.500% | 9/9/30 | 615 | 490 | |
QUALCOMM Inc. | 4.250% | 5/20/32 | 600 | 605 | ||
QUALCOMM Inc. | 4.500% | 5/20/52 | 160 | 155 | ||
Raytheon Technologies Corp. | 3.950% | 8/16/25 | 310 | 310 | ||
Raytheon Technologies Corp. | 4.450% | 11/16/38 | 550 | 520 | ||
Realty Income Corp. | 3.400% | 1/15/28 | 365 | 342 | ||
Realty Income Corp. | 2.200% | 6/15/28 | 185 | 162 | ||
Realty Income Corp. | 3.100% | 12/15/29 | 550 | 500 | ||
Realty Income Corp. | 2.850% | 12/15/32 | 80 | 69 | ||
10 | Realty Income Corp. | 1.750% | 7/13/33 | 635 | 546 | |
6 | S&P Global Inc. | 2.700% | 3/1/29 | 385 | 351 | |
6 | S&P Global Inc. | 2.900% | 3/1/32 | 390 | 346 | |
6 | S&P Global Inc. | 3.700% | 3/1/52 | 135 | 116 | |
Sabine Pass Liquefaction LLC | 4.500% | 5/15/30 | 1,615 | 1,546 | ||
1 | San Diego Gas & Electric Co. | 4.100% | 6/15/49 | 174 | 154 | |
6 | SBA Tower Trust | 3.448% | 3/15/23 | 755 | 751 | |
6 | SBA Tower Trust | 1.884% | 1/15/26 | 110 | 99 | |
6 | SBA Tower Trust | 1.631% | 11/15/26 | 615 | 537 | |
1 | SCE Recovery Funding LLC | 0.861% | 11/15/31 | 229 | 198 | |
1 | SCE Recovery Funding LLC | 1.942% | 5/15/38 | 105 | 82 | |
1 | SCE Recovery Funding LLC | 2.510% | 11/15/43 | 60 | 42 | |
Sempra Energy | 3.250% | 6/15/27 | 1,000 | 946 | ||
Sierra Pacific Power Co. | 2.600% | 5/1/26 | 180 | 170 | ||
1 | Southern California Edison Co. | 3.700% | 8/1/25 | 30 | 30 | |
1 | Southern California Edison Co. | 2.950% | 2/1/51 | 515 | 348 | |
Southern California Gas Co. | 2.950% | 4/15/27 | 635 | 605 | ||
6 | Sprint Spectrum Co. LLC | 4.738% | 3/20/25 | 756 | 759 | |
1 | SSM Health Care Corp. | 3.823% | 6/1/27 | 380 | 373 | |
Teledyne Technologies Inc. | 2.750% | 4/1/31 | 490 | 408 | ||
6 | Texas Electric Market Stabilization Funding N LLC | 4.265% | 8/1/34 | 875 | 878 | |
8 | Thermo Fisher Scientific Finance I BV | 1.625% | 10/18/41 | 525 | 382 | |
T-Mobile USA Inc. | 3.375% | 4/15/29 | 1,685 | 1,517 | ||
T-Mobile USA Inc. | 2.700% | 3/15/32 | 1,155 | 962 | ||
Toledo Hospital | 5.750% | 11/15/38 | 150 | 144 | ||
Union Pacific Corp. | 2.800% | 2/14/32 | 1,240 | 1,104 | ||
Union Pacific Corp. | 3.750% | 2/5/70 | 190 | 152 | ||
1 | United Airlines Pass-Through Trust Class B Series 2018-1 | 4.600% | 3/1/26 | 51 | 48 | |
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 415 | 409 | ||
UnitedHealth Group Inc. | 2.000% | 5/15/30 | 215 | 183 | ||
UnitedHealth Group Inc. | 4.200% | 5/15/32 | 260 | 258 | ||
UnitedHealth Group Inc. | 4.625% | 7/15/35 | 90 | 90 | ||
UnitedHealth Group Inc. | 4.750% | 5/15/52 | 50 | 50 | ||
US Bancorp | 2.491% | 11/3/36 | 569 | 459 | ||
8 | Verizon Communications Inc. | 1.250% | 4/8/30 | 750 | 655 | |
Verizon Communications Inc. | 2.355% | 3/15/32 | 4,212 | 3,454 | ||
8 | Verizon Communications Inc. | 1.500% | 9/19/39 | 600 | 436 | |
8 | Visa Inc. | 2.375% | 6/15/34 | 420 | 394 | |
1,9 | Wells Fargo & Co. | 2.975% | 5/19/26 | 600 | 425 | |
1 | Wells Fargo & Co. | 4.300% | 7/22/27 | 325 | 319 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Wells Fargo & Co. | 3.526% | 3/24/28 | 1,695 | 1,601 | |
1 | Wells Fargo & Co. | 4.897% | 7/25/33 | 1,385 | 1,365 | |
1 | Wells Fargo & Co. | 4.611% | 4/25/53 | 575 | 530 | |
126,229 | ||||||
Total Corporate Bonds (Cost $227,106) | 198,580 | |||||
Sovereign Bonds (4.7%) | ||||||
Australia (0.2%) | ||||||
1,11 | Commonwealth of Australia | 2.750% | 11/21/27 | 160 | 106 | |
1,11 | Commonwealth of Australia | 2.250% | 5/21/28 | 870 | 558 | |
1,11 | Commonwealth of Australia | 1.000% | 11/21/31 | 955 | 520 | |
1,184 | ||||||
Bermuda (0.0%) | ||||||
1,6 | Bermuda | 2.375% | 8/20/30 | 200 | 169 | |
Canada (1.1%) | ||||||
9 | Canadian Government Bond | 1.000% | 9/1/26 | 1,065 | 740 | |
9 | Canadian Government Bond | 2.750% | 9/1/27 | 660 | 490 | |
9 | Canadian Government Bond | 1.500% | 12/1/31 | 1,000 | 662 | |
9 | City of Montreal | 3.500% | 12/1/38 | 910 | 621 | |
9 | City of Toronto | 3.200% | 8/1/48 | 1,000 | 628 | |
9 | Municipal Finance Authority of British Columbia | 4.950% | 12/1/27 | 600 | 481 | |
9 | Province of Ontario | 2.900% | 6/2/28 | 815 | 593 | |
1,12 | Province of Ontario | 0.250% | 6/28/29 | 1,075 | 999 | |
9 | Regional Municipality of York | 2.150% | 6/22/31 | 500 | 330 | |
5,544 | ||||||
Chile (0.2%) | ||||||
1 | Corp. Nacional del Cobre de Chile | 3.625% | 8/1/27 | 800 | 759 | |
Colombia (0.2%) | ||||||
1 | Republic of Colombia | 4.000% | 2/26/24 | 1,045 | 1,023 | |
Germany (0.7%) | ||||||
8 | Federal Republic of Germany | 1.250% | 8/15/48 | 1,940 | 1,801 | |
1,8,13 | KFW | 0.000% | 11/9/28 | 2,130 | 1,891 | |
3,692 | ||||||
Japan (0.2%) | ||||||
1,14 | Japan | 0.700% | 6/20/51 | 180,100 | 1,144 | |
Norway (0.2%) | ||||||
Equinor ASA | 3.000% | 4/6/27 | 1,215 | 1,163 | ||
Qatar (0.4%) | ||||||
1,6 | Qatar Energy | 2.250% | 7/12/31 | 480 | 418 | |
1,6 | Qatar Energy | 3.125% | 7/12/41 | 405 | 328 | |
1,6 | State of Qatar | 3.875% | 4/23/23 | 785 | 786 | |
1,6 | State of Qatar | 5.103% | 4/23/48 | 285 | 306 | |
1,6 | State of Qatar | 4.400% | 4/16/50 | 205 | 201 | |
2,039 | ||||||
Romania (0.1%) | ||||||
1,6,8 | Republic of Romania | 2.000% | 4/14/33 | 412 | 271 | |
1,8 | Republic of Romania | 2.625% | 12/2/40 | 280 | 162 | |
433 | ||||||
Saudi Arabia (0.1%) | ||||||
1,6 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 585 | 563 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Spain (0.1%) | ||||||
6,8 | Kingdom of Spain | 0.600% | 10/31/29 | 775 | 691 | |
Supranational (1.2%) | ||||||
8 | European Investment Bank | 0.000% | 11/15/27 | 795 | 719 | |
8 | European Stability Mechanism | 0.000% | 12/16/24 | 525 | 505 | |
8 | European Stability Mechanism | 0.000% | 12/15/26 | 775 | 713 | |
1,8 | European Union | 1.000% | 7/6/32 | 1,475 | 1,308 | |
1,8 | European Union | 0.000% | 7/4/35 | 1,815 | 1,329 | |
1,8 | European Union | 0.200% | 6/4/36 | 2,475 | 1,825 | |
6,399 | ||||||
Total Sovereign Bonds (Cost $30,274) | 24,803 | |||||
Taxable Municipal Bonds (1.3%) | ||||||
United States (1.3%) | ||||||
Broward County FL Airport System Revenue | 3.477% | 10/1/43 | 80 | 68 | ||
California Health Facilities Financing Authority Revenue | 4.353% | 6/1/41 | 430 | 405 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/40 | 40 | 47 | ||
Connecticut GO | 2.000% | 7/1/23 | 135 | 133 | ||
Connecticut GO | 5.770% | 3/15/25 | 250 | 261 | ||
Dallas-Fort Worth TX International Airport Revenue | 3.089% | 11/1/40 | 60 | 50 | ||
Dallas-Fort Worth TX International Airport Revenue | 4.087% | 11/1/51 | 30 | 28 | ||
Dallas-Fort Worth TX International Airport Revenue | 4.507% | 11/1/51 | 195 | 187 | ||
Foothill-Eastern Transportation Corridor Agency CA Toll Road Revenue | 4.094% | 1/15/49 | 45 | 37 | ||
Georgia Municipal Electric Power Authority Revenue | 6.637% | 4/1/57 | 532 | 608 | ||
Golden State Tobacco Securitization Corp. California Revenue | 2.746% | 6/1/34 | 20 | 17 | ||
Golden State Tobacco Securitization Corp. California Revenue | 3.293% | 6/1/42 | 40 | 32 | ||
Golden State Tobacco Securitization Corp. California Revenue | 3.000% | 6/1/46 | 85 | 75 | ||
Grand Parkway Transportation Corp. Texas System Toll Revenue | 3.236% | 10/1/52 | 210 | 162 | ||
Illinois GO | 5.100% | 6/1/33 | 2,485 | 2,473 | ||
15 | Kansas Development Finance Authority Revenue (Employees Retirement System) | 5.371% | 5/1/26 | 530 | 547 | |
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.200% | 11/15/26 | 15 | 15 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.668% | 11/15/39 | 155 | 178 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.814% | 11/15/40 | 380 | 439 | ||
New York State Dormitory Authority Revenue (Personal Income Tax) | 3.110% | 2/15/39 | 210 | 181 | ||
16 | Philadelphia PA Authority for Industrial Development Revenue | 6.550% | 10/15/28 | 525 | 577 | |
Port Authority of New York & New Jersey Revenue | 3.175% | 7/15/60 | 160 | 117 | ||
Total Taxable Municipal Bonds (Cost $7,301) | 6,637 |
Coupon | Shares | Market Value• ($000) | ||||
Temporary Cash Investments (2.6%) | ||||||
Money Market Fund (2.6%) | ||||||
17 | Vanguard Market Liquidity Fund (Cost $13,782) | 2.284% | 137,873 | 13,783 | ||
Total Investments (99.6%) (Cost $544,064) | 525,079 | |||||
Other Assets and Liabilities—Net (0.4%) | 2,304 | |||||
Net Assets (100%) | 527,383 |
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, 2022. |
4 | Securities with a value of $1,000 have been segregated as initial margin for recently closed centrally cleared swap contracts. |
5 | Securities with a value of $1,673,000 have been segregated as initial margin for open futures contracts. |
6 | 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, 2022, the aggregate value was $65,335,000, representing 12.4% of net assets. |
7 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
8 | Face amount denominated in euro. |
9 | Face amount denominated in Canadian dollars. |
10 | Face amount denominated in British pounds. |
11 | Face amount denominated in Australian dollars. |
12 | Face amount denominated in Swiss francs. |
13 | Guaranteed by the Federal Republic of Germany. |
14 | Face amount denominated in Japanese yen. |
15 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
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. | |
GO—General Obligation Bond. | |
LIBOR—London Interbank Offered Rate. | |
REIT—Real Estate Investment Trust. | |
REMICS—Real Estate Mortgage Investment Conduits. | |
SOFR30A—30 Day Average Secured Overnight Financing Rate. | |
UMBS—Uniform Mortgage-Backed Securities. | |
USD—U.S. dollar. |
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 2022 | 31 | 6,458 | (13) |
5-Year U.S. Treasury Note | December 2022 | 96 | 10,639 | (37) |
Euro-Bobl | September 2022 | 135 | 16,698 | (245) |
Euro-BTP | September 2022 | 12 | 1,441 | (24) |
Euro-Buxl | September 2022 | 2 | 331 | (11) |
Euro-OAT | September 2022 | 9 | 1,248 | (31) |
Euro-Schatz | September 2022 | 71 | 7,750 | (51) |
Long Gilt | December 2022 | 32 | 4,012 | (68) |
(480) | ||||
Short Futures Contracts | ||||
10-Year U.S. Treasury Note | December 2022 | (370) | (43,255) | 117 |
Euro-Bund | September 2022 | (31) | (4,610) | 199 |
Ultra 10-Year U.S. Treasury Note | December 2022 | (102) | (12,769) | 72 |
388 | ||||
(92) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
Goldman Sachs International | 9/30/22 | EUR | 3,145 | USD | 3,168 | — | (2) |
Bank of America, N.A. | 9/30/22 | GBP | 1,224 | USD | 1,433 | — | (10) |
Goldman Sachs International | 9/30/22 | GBP | 694 | USD | 808 | — | (1) |
JPMorgan Chase Bank, N.A. | 9/30/22 | USD | 4,542 | AUD | 6,497 | 94 | — |
JPMorgan Chase Bank, N.A. | 9/29/22 | USD | 10,364 | CAD | 13,413 | 154 | — |
JPMorgan Chase Bank, N.A. | 9/30/22 | USD | 1,877 | CHF | 1,802 | 29 | — |
Goldman Sachs International | 9/30/22 | USD | 55,514 | EUR | 55,656 | — | (524) |
JPMorgan Chase Bank, N.A. | 9/30/22 | USD | 10,976 | GBP | 9,325 | 138 | — |
Bank of America, N.A. | 9/30/22 | AUD | 1,970 | GBP | 1,162 | — | (2) |
Bank of America, N.A. | 9/30/22 | EUR | 289 | GBP | 244 | 7 | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
Bank of America, N.A. | 9/30/22 | USD | 259 | HKD | 2,030 | — | — |
Bank of America, N.A. | 9/30/22 | AUD | 2,224 | JPY | 209,400 | 12 | — |
JPMorgan Chase Bank, N.A. | 9/30/22 | USD | 518 | JPY | 70,857 | 7 | — |
Bank of America, N.A. | 9/30/22 | GBP | 404 | JPY | 65,000 | 1 | — |
442 | (539) |
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 $530,282) | 511,296 |
Affiliated Issuers (Cost $13,782) | 13,783 |
Total Investments in Securities | 525,079 |
Investment in Vanguard | 20 |
Cash | 238 |
Foreign Currency, at Value (Cost $11,175) | 11,167 |
Receivables for Investment Securities Sold | 4,681 |
Receivables for Accrued Income | 3,561 |
Receivables for Capital Shares Issued | 126 |
Variation Margin Receivable—Futures Contracts | 25 |
Unrealized Appreciation—Forward Currency Contracts | 442 |
Total Assets | 545,339 |
Liabilities | |
Payables for Investment Securities Purchased | 16,253 |
Payables for Capital Shares Redeemed | 944 |
Payables to Investment Advisor | 175 |
Payables to Vanguard | 45 |
Unrealized Depreciation—Forward Currency Contracts | 539 |
Total Liabilities | 17,956 |
Net Assets | 527,383 |
Statement of Assets and Liabilities (continued) | |
At August 31, 2022, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 547,109 |
Total Distributable Earnings (Loss) | (19,726) |
Net Assets | 527,383 |
Investor Shares—Net Assets | |
Applicable to 4,103,445 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 81,347 |
Net Asset Value Per Share—Investor Shares | $19.82 |
Admiral Shares—Net Assets | |
Applicable to 17,997,134 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 446,036 |
Net Asset Value Per Share—Admiral Shares | $24.78 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends 1 | 7,327 |
Interest 2 | 7,579 |
Securities Lending—Net | 6 |
Total Income | 14,912 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 675 |
Performance Adjustment | 23 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 226 |
Management and Administrative—Admiral Shares | 675 |
Marketing and Distribution—Investor Shares | 9 |
Marketing and Distribution—Admiral Shares | 25 |
Custodian Fees | 33 |
Auditing Fees | 32 |
Shareholders’ Reports—Investor Shares | 12 |
Shareholders’ Reports—Admiral Shares | 16 |
Trustees’ Fees and Expenses | — |
Other Expenses | 43 |
Total Expenses | 1,769 |
Expenses Paid Indirectly | (2) |
Net Expenses | 1,767 |
Net Investment Income | 13,145 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (7,561) |
Futures Contracts | 2,747 |
Swap Contracts | 6 |
Forward Currency Contracts | 14,793 |
Foreign Currencies | (1,484) |
Realized Net Gain (Loss) | 8,501 |
Statement of Operations (continued) | |
Year Ended August 31, 2022 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (73,811) |
Futures Contracts | (139) |
Forward Currency Contracts | 363 |
Foreign Currencies | (78) |
Change in Unrealized Appreciation (Depreciation) | (73,665) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (52,019) |
1 | Dividends are net of foreign withholding taxes of $213,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $93,000, ($9,000), less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 13,145 | 11,340 |
Realized Net Gain (Loss) | 8,501 | 11,762 |
Change in Unrealized Appreciation (Depreciation) | (73,665) | 29,660 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (52,019) | 52,762 |
Distributions | ||
Investor Shares | (1,799) | (1,540) |
Admiral Shares | (10,522) | (8,376) |
Total Distributions | (12,321) | (9,916) |
Capital Share Transactions | ||
Investor Shares | (48) | 3,358 |
Admiral Shares | 12,787 | 62,852 |
Net Increase (Decrease) from Capital Share Transactions | 12,739 | 66,210 |
Total Increase (Decrease) | (51,601) | 109,056 |
Net Assets | ||
Beginning of Period | 578,984 | 469,928 |
End of Period | 527,383 | 578,984 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | October 18, 20171 to August 31, 2018 | |||
2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $22.22 | $20.42 | $20.16 | $19.87 | $20.00 |
Investment Operations | |||||
Net Investment Income2 | .474 | .446 | .453 | .513 | .443 |
Net Realized and Unrealized Gain (Loss) on Investments | (2.430) | 1.747 | .263 | .529 | (.269) |
Total from Investment Operations | (1.956) | 2.193 | .716 | 1.042 | .174 |
Distributions | |||||
Dividends from Net Investment Income | (.444) | (.393) | (.456) | (.473) | (.304) |
Distributions from Realized Capital Gains | — | — | — | (.279) | — |
Total Distributions | (.444) | (.393) | (.456) | (.752) | (.304) |
Net Asset Value, End of Period | $19.82 | $22.22 | $20.42 | $20.16 | $19.87 |
Total Return3 | -8.94% | 10.83% | 3.66% | 5.50% | 0.88% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $81 | $91 | $81 | $85 | $93 |
Ratio of Total Expenses to Average Net Assets4 | 0.42% 5 | 0.41% | 0.41% | 0.42% | 0.43% 5,6 |
Ratio of Net Investment Income to Average Net Assets | 2.23% | 2.09% | 2.27% | 2.63% | 2.68% 6 |
Portfolio Turnover Rate | 119% 7 | 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 0.00%, (0.01%), (0.01%), and (0.01%). Performance-based investment advisory fees did not apply before fiscal year 2019. |
5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.42%. |
6 | Annualized. |
7 | Includes 27%, 33%, and 1%, respectively, attributable to mortgage-dollar-roll activity. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended August 31, | October 18, 20171 to August 31, 2018 | |||
2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $27.78 | $25.53 | $25.20 | $24.84 | $25.00 |
Investment Operations | |||||
Net Investment Income2 | .627 | .594 | .592 | .666 | .577 |
Net Realized and Unrealized Gain (Loss) on Investments | (3.035) | 2.178 | .334 | .658 | (.341) |
Total from Investment Operations | (2.408) | 2.772 | .926 | 1.324 | .236 |
Distributions | |||||
Dividends from Net Investment Income | (.592) | (.522) | (.596) | (.616) | (.396) |
Distributions from Realized Capital Gains | — | — | — | (.348) | — |
Total Distributions | (.592) | (.522) | (.596) | (.964) | (.396) |
Net Asset Value, End of Period | $24.78 | $27.78 | $25.53 | $25.20 | $24.84 |
Total Return3 | -8.81% | 10.96% | 3.79% | 5.60% | 0.96% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $446 | $488 | $389 | $379 | $408 |
Ratio of Total Expenses to Average Net Assets4 | 0.29% 5 | 0.28% | 0.31% | 0.32% | 0.33% 5,6 |
Ratio of Net Investment Income to Average Net Assets | 2.36% | 2.22% | 2.37% | 2.73% | 2.78% 6 |
Portfolio Turnover Rate | 119% 7 | 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 0.00%, (0.01%), (0.01%), and (0.01%). Performance-based investment advisory fees did not apply before fiscal year 2019. |
5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.29% and 0.32%, respectively. |
6 | Annualized. |
7 | Includes 27%, 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 | 105,384 | — | — | 105,384 |
Common Stocks—Other | — | 87,803 | — | 87,803 |
U.S. Government and Agency Obligations | — | 79,710 | — | 79,710 |
Asset-Backed/Commercial Mortgage-Backed Securities | — | 8,379 | — | 8,379 |
Corporate Bonds | — | 198,580 | — | 198,580 |
Sovereign Bonds | — | 24,803 | — | 24,803 |
Taxable Municipal Bonds | — | 6,637 | — | 6,637 |
Temporary Cash Investments | 13,783 | — | — | 13,783 |
Total | 119,167 | 405,912 | — | 525,079 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 388 | — | — | 388 |
Forward Currency Contracts | — | 442 | — | 442 |
Total | 388 | 442 | — | 830 |
Liabilities | ||||
Futures Contracts1 | 480 | — | — | 480 |
Forward Currency Contracts | — | 539 | — | 539 |
Total | 480 | 539 | — | 1,019 |
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 | 388 | — | 388 |
Unrealized Appreciation—Forward Currency Contracts | — | 442 | 442 |
Total Assets | 388 | 442 | 830 |
Unrealized Depreciation—Futures Contracts1 | 480 | — | 480 |
Unrealized Depreciation—Forward Currency Contracts | — | 539 | 539 |
Total Liabilities | 480 | 539 | 1,019 |
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) | Credit Contracts ($000) | Total ($000) |
Futures Contracts | 2,747 | — | — | 2,747 |
Swap Contracts | — | — | 6 | 6 |
Forward Currency Contracts | — | 14,793 | — | 14,793 |
Realized Net Gain (Loss) on Derivatives | 2,747 | 14,793 | 6 | 17,546 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||
Futures Contracts | (139) | — | — | (139) |
Forward Currency Contracts | — | 363 | — | 363 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (139) | 363 | — | 224 |
Amount ($000) | |
Undistributed Ordinary Income | — |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (345) |
Qualified Late-Year Losses | (150) |
Net Unrealized Gains (Losses) | (19,488) |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 12,321 | 9,916 |
Long-Term Capital Gains | — | — |
Total | 12,321 | 9,916 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 544,505 |
Gross Unrealized Appreciation | 29,407 |
Gross Unrealized Depreciation | (48,833) |
Net Unrealized Appreciation (Depreciation) | (19,426) |
Year Ended August 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 32,516 | 1,511 | 37,147 | 1,733 | |
Issued in Lieu of Cash Distributions | 1,541 | 72 | 1,323 | 62 | |
Redeemed | (34,105) | (1,597) | (35,112) | (1,653) | |
Net Increase (Decrease)—Investor Shares | (48) | (14) | 3,358 | 142 | |
Admiral Shares | |||||
Issued | 142,004 | 5,302 | 169,389 | 6,323 | |
Issued in Lieu of Cash Distributions | 8,418 | 315 | 7,025 | 263 | |
Redeemed | (137,635) | (5,166) | (113,562) | (4,268) | |
Net Increase (Decrease)—Admiral Shares | 12,787 | 451 | 62,852 | 2,318 |
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• | The 12 months ended August 31, 2022, were a very challenging period for financial markets. Vanguard ESG U.S. Stock ETF returned –16.61% (based on net asset value), roughly in line with the expense-free –16.57% return of its benchmark. |
• | Early on, pent-up demand helped spur global growth and push unemployment rates down. The economic backdrop deteriorated, however, as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. The Federal Reserve reacted by raising interest rates, which pushed borrowing costs higher and sparked fears of recession. |
• | For the fund’s benchmark index, industry sector performances varied greatly over the period. Seven industry sectors posted double-digit declines. Telecommunications fell the most, returning roughly –24%. At the other end of the performance spectrum, consumer staples and utilities finished in positive territory, and energy was up roughly 24%. |
Average Annual Total Returns Periods Ended August 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -12.96% | 12.14% | 11.61% |
Russell 2000 Index (Small-caps) | -17.88 | 8.59 | 6.95 |
Russell 3000 Index (Broad U.S. market) | -13.28 | 11.90 | 11.29 |
FTSE All-World ex US Index (International) | -19.00 | 3.48 | 2.12 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -11.65% | -2.01% | 0.54% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.63 | -0.83 | 1.28 |
FTSE Three-Month U.S. Treasury Bill Index | 0.44 | 0.56 | 1.10 |
CPI | |||
Consumer Price Index | 8.26% | 4.90% | 3.82% |
• | 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, 2022 | |||
ESG U.S. Stock ETF | Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $ 888.20 | $0.43 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.75 | 0.46 |
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Average Annual Total Returns Periods Ended August 31, 2022 | ||||
One Year | Since Inception (9/18/2018) | Final Value of a $10,000 Investment | ||
![]() | ESG U.S. Stock ETF Net Asset Value | -16.61% | 9.99% | $14,568 |
ESG U.S. Stock ETF Market Price | -16.62 | 9.99 | 14,569 | |
![]() | FTSE US All Cap Choice Index | -16.57 | 10.10 | 14,624 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | -13.73 | 9.12 | 14,116 |
Cumulative Returns of ETF Shares: September 18, 2018, Through August 31, 2022 | ||
One Year | Since Inception (9/18/2018) | |
ESG U.S. Stock ETF Market Price | -16.62% | 45.69% |
ESG U.S. Stock ETF Net Asset Value | -16.61 | 45.68 |
FTSE US All Cap Choice Index | -16.57 | 46.24 |
Basic Materials | 1.9% |
Consumer Discretionary | 16.6 |
Consumer Staples | 5.9 |
Energy | 0.3 |
Financials | 11.3 |
Health Care | 14.8 |
Industrials | 10.8 |
Real Estate | 4.1 |
Technology | 30.6 |
Telecommunications | 3.0 |
Utilities | 0.7 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.7%) | ||||||
Basic Materials (1.9%) | ||||||
Linde plc | 93,335 | 26,401 | ||||
Air Products and Chemicals Inc. | 41,068 | 10,368 | ||||
Nucor Corp. | 49,330 | 6,558 | ||||
Newmont Corp. | 147,664 | 6,107 | ||||
Albemarle Corp. | 21,781 | 5,836 | ||||
Fastenal Co. | 106,738 | 5,372 | ||||
International Flavors & Fragrances Inc. | 47,359 | 5,232 | ||||
CF Industries Holdings Inc. | 38,777 | 4,012 | ||||
LyondellBasell Industries NV Class A | 47,801 | 3,968 | ||||
Mosaic Co. | 67,312 | 3,626 | ||||
International Paper Co. | 68,837 | 2,865 | ||||
Avery Dennison Corp. | 15,047 | 2,763 | ||||
Steel Dynamics Inc. | 33,246 | 2,684 | ||||
FMC Corp. | 23,308 | 2,519 | ||||
Reliance Steel & Aluminum Co. | 11,378 | 2,139 | ||||
Royal Gold Inc. | 12,346 | 1,135 | ||||
United States Steel Corp. | 47,869 | 1,095 | ||||
Huntsman Corp. | 36,741 | 1,029 | ||||
Valvoline Inc. | 33,802 | 983 | ||||
* | Livent Corp. | 30,216 | 972 | |||
Ashland Inc. | 9,318 | 948 | ||||
UFP Industries Inc. | 11,164 | 886 | ||||
Element Solutions Inc. | 43,330 | 809 | ||||
* | Univar Solutions Inc. | 30,799 | 777 | |||
Balchem Corp. | 5,867 | 773 | ||||
Avient Corp. | 16,961 | 743 | ||||
Cabot Corp. | 10,260 | 738 | ||||
Sensient Technologies Corp. | 7,868 | 627 | ||||
* | MP Materials Corp. | 16,880 | 591 | |||
Westlake Corp. | 5,956 | 587 | ||||
* | Ingevity Corp. | 7,325 | 514 | |||
Scotts Miracle-Gro Co. | 7,549 | 505 | ||||
* | Arconic Corp. | 19,456 | 491 | |||
Boise Cascade Co. | 7,041 | 439 | ||||
Innospec Inc. | 4,562 | 426 |
Shares | Market Value• ($000) | |||||
Stepan Co. | 4,046 | 422 | ||||
Quaker Chemical Corp. | 2,366 | 412 | ||||
Hecla Mining Co. | 97,255 | 383 | ||||
Minerals Technologies Inc. | 6,241 | 364 | ||||
NewMarket Corp. | 1,114 | 320 | ||||
Tronox Holdings plc Class A | 21,815 | 319 | ||||
Sylvamo Corp. | 6,197 | 275 | ||||
* | GCP Applied Technologies Inc. | 8,705 | 274 | |||
Compass Minerals International Inc. | 6,228 | 252 | ||||
Kaiser Aluminum Corp. | 2,930 | 210 | ||||
* | Piedmont Lithium Inc. | 3,323 | 203 | |||
Orion Engineered Carbons SA | 11,541 | 195 | ||||
* | Coeur Mining Inc. | 47,019 | 130 | |||
* | Amyris Inc. | 30,400 | 89 | |||
* | Century Aluminum Co. | 9,132 | 71 | |||
109,437 | ||||||
Consumer Discretionary (16.5%) | ||||||
* | Amazon.com Inc. | 1,651,119 | 209,312 | |||
* | Tesla Inc. | 472,653 | 130,268 | |||
Home Depot Inc. | 191,903 | 55,349 | ||||
Costco Wholesale Corp. | 82,222 | 42,928 | ||||
* | Walt Disney Co. | 338,482 | 37,937 | |||
McDonald's Corp. | 137,212 | 34,616 | ||||
NIKE Inc. Class B | 227,590 | 24,227 | ||||
Lowe's Cos. Inc. | 122,785 | 23,837 | ||||
* | Netflix Inc. | 81,257 | 18,166 | |||
Starbucks Corp. | 213,119 | 17,917 | ||||
* | Booking Holdings Inc. | 7,502 | 14,072 | |||
Target Corp. | 86,093 | 13,804 | ||||
TJX Cos. Inc. | 218,173 | 13,603 | ||||
Activision Blizzard Inc. | 144,077 | 11,309 | ||||
Ford Motor Co. | 732,101 | 11,157 | ||||
Estee Lauder Cos. Inc. Class A | 42,700 | 10,862 | ||||
* | Uber Technologies Inc. | 351,331 | 10,104 | |||
Dollar General Corp. | 42,491 | 10,088 | ||||
* | O'Reilly Automotive Inc. | 12,110 | 8,442 |
Shares | Market Value• ($000) | |||||
Marriott International Inc. Class A | 51,108 | 7,857 | ||||
* | AutoZone Inc. | 3,691 | 7,822 | |||
* | MercadoLibre Inc. | 8,644 | 7,394 | |||
Electronic Arts Inc. | 52,085 | 6,608 | ||||
Hilton Worldwide Holdings Inc. | 50,819 | 6,472 | ||||
* | Lululemon Athletica Inc. | 20,746 | 6,223 | |||
Yum! Brands Inc. | 53,539 | 5,956 | ||||
* | Warner Bros Discovery Inc. | 438,466 | 5,805 | |||
Ross Stores Inc. | 64,156 | 5,535 | ||||
* | Dollar Tree Inc. | 39,516 | 5,362 | |||
* | Copart Inc. | 39,538 | 4,731 | |||
* | Aptiv plc | 50,135 | 4,684 | |||
eBay Inc. | 104,244 | 4,600 | ||||
Genuine Parts Co. | 25,810 | 4,027 | ||||
* | Ulta Beauty Inc. | 9,537 | 4,004 | |||
Yum China Holdings Inc. | 78,071 | 3,912 | ||||
Lennar Corp. Class A | 50,149 | 3,884 | ||||
Tractor Supply Co. | 20,716 | 3,836 | ||||
* | Take-Two Interactive Software Inc. | 29,465 | 3,611 | |||
* | Expedia Group Inc. | 27,987 | 2,873 | |||
Darden Restaurants Inc. | 23,026 | 2,849 | ||||
* | Spotify Technology SA | 25,916 | 2,803 | |||
VF Corp. | 64,892 | 2,690 | ||||
Best Buy Co. Inc. | 37,270 | 2,635 | ||||
* | CarMax Inc. | 29,649 | 2,622 | |||
LKQ Corp. | 48,875 | 2,601 | ||||
* | Live Nation Entertainment Inc. | 28,542 | 2,579 | |||
* | Liberty Media Corp.-Liberty Formula One Class C | 39,900 | 2,541 | |||
Paramount Global Class B | 108,561 | 2,539 | ||||
Omnicom Group Inc. | 37,885 | 2,534 | ||||
Garmin Ltd. | 28,524 | 2,524 | ||||
* | Etsy Inc. | 23,479 | 2,480 | |||
Domino's Pizza Inc. | 6,651 | 2,473 | ||||
Pool Corp. | 7,246 | 2,458 | ||||
Fox Corp. Class A | 69,818 | 2,386 | ||||
* | NVR Inc. | 550 | 2,277 | |||
Interpublic Group of Cos. Inc. | 72,474 | 2,003 | ||||
Hasbro Inc. | 24,424 | 1,925 | ||||
Williams-Sonoma Inc. | 12,886 | 1,917 | ||||
Advance Auto Parts Inc. | 11,249 | 1,897 | ||||
Nielsen Holdings plc | 66,396 | 1,848 | ||||
* | BJ's Wholesale Club Holdings Inc. | 24,706 | 1,840 | |||
* | Coupang Inc. Class A | 107,400 | 1,815 | |||
PulteGroup Inc. | 43,478 | 1,768 | ||||
Service Corp. International | 28,569 | 1,763 | ||||
* | Burlington Stores Inc. | 12,186 | 1,708 | |||
Tapestry Inc. | 48,763 | 1,694 | ||||
* | Carnival Corp. | 177,753 | 1,682 |
Shares | Market Value• ($000) | |||||
Vail Resorts Inc. | 7,435 | 1,670 | ||||
* | Royal Caribbean Cruises Ltd. | 40,748 | 1,665 | |||
Bath & Body Works Inc. | 44,280 | 1,653 | ||||
BorgWarner Inc. | 43,757 | 1,650 | ||||
* | Deckers Outdoor Corp. | 5,045 | 1,622 | |||
News Corp. Class A | 94,082 | 1,592 | ||||
Whirlpool Corp. | 10,167 | 1,592 | ||||
* | Floor & Decor Holdings Inc. Class A | 19,378 | 1,577 | |||
Aramark | 43,022 | 1,536 | ||||
Lear Corp. | 11,079 | 1,536 | ||||
Rollins Inc. | 42,703 | 1,442 | ||||
*,1 | GameStop Corp. Class A | 49,728 | 1,424 | |||
Lithia Motors Inc. Class A | 5,280 | 1,402 | ||||
Nexstar Media Group Inc. Class A | 7,187 | 1,375 | ||||
H&R Block Inc. | 30,545 | 1,375 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 31,380 | 1,304 | |||
Autoliv Inc. | 16,751 | 1,303 | ||||
* | Five Below Inc. | 10,138 | 1,296 | |||
Newell Brands Inc. | 71,111 | 1,269 | ||||
* | Capri Holdings Ltd. | 26,678 | 1,259 | |||
Gentex Corp. | 43,686 | 1,192 | ||||
Murphy USA Inc. | 4,104 | 1,191 | ||||
Texas Roadhouse Inc. Class A | 12,538 | 1,113 | ||||
Wyndham Hotels & Resorts Inc. | 16,759 | 1,095 | ||||
Marriott Vacations Worldwide Corp. | 7,584 | 1,080 | ||||
* | Planet Fitness Inc. Class A | 15,829 | 1,072 | |||
* | SiteOne Landscape Supply Inc. | 8,372 | 1,048 | |||
* | Norwegian Cruise Line Holdings Ltd. | 78,593 | 1,028 | |||
* | Southwest Airlines Co. | 27,572 | 1,012 | |||
Harley-Davidson Inc. | 25,002 | 964 | ||||
* | Terminix Global Holdings Inc. | 22,446 | 957 | |||
* | Skechers USA Inc. Class A | 25,108 | 949 | |||
* | Delta Air Lines Inc. | 30,079 | 935 | |||
Leggett & Platt Inc. | 24,336 | 930 | ||||
* | Avis Budget Group Inc. | 5,553 | 929 | |||
New York Times Co. Class A | 30,284 | 923 | ||||
* | IAA Inc. | 24,667 | 919 | |||
Macy's Inc. | 52,832 | 915 | ||||
* | AutoNation Inc. | 7,306 | 910 | |||
Toll Brothers Inc. | 20,217 | 885 | ||||
*,1 | AMC Entertainment Holdings Inc. Class A | 95,769 | 873 | |||
TEGNA Inc. | 40,711 | 871 | ||||
* | Hyatt Hotels Corp. Class A | 9,507 | 852 | |||
* | Lyft Inc. Class A | 57,189 | 842 |
Shares | Market Value• ($000) | |||||
AMERCO | 1,600 | 841 | ||||
* | RH | 3,241 | 829 | |||
* | Crocs Inc. | 11,220 | 827 | |||
Thor Industries Inc. | 9,952 | 806 | ||||
Tempur Sealy International Inc. | 31,865 | 797 | ||||
1 | Sirius XM Holdings Inc. | 129,869 | 791 | |||
Ralph Lauren Corp. Class A | 8,565 | 782 | ||||
* | Bright Horizons Family Solutions Inc. | 11,024 | 752 | |||
* | Wayfair Inc. Class A | 14,225 | 750 | |||
* | Fox Factory Holding Corp. | 7,905 | 737 | |||
* | Goodyear Tire & Rubber Co. | 52,346 | 734 | |||
* | Asbury Automotive Group Inc. | 4,153 | 725 | |||
Choice Hotels International Inc. | 6,260 | 718 | ||||
PVH Corp. | 12,445 | 700 | ||||
* | Hilton Grand Vacations Inc. | 16,678 | 680 | |||
Kohl's Corp. | 23,827 | 677 | ||||
Travel + Leisure Co. | 15,653 | 664 | ||||
* | Ollie's Bargain Outlet Holdings Inc. | 11,615 | 642 | |||
Wingstop Inc. | 5,584 | 636 | ||||
* | Madison Square Garden Sports Corp. | 3,955 | 634 | |||
* | Visteon Corp. | 5,202 | 623 | |||
Wendy's Co. | 32,404 | 621 | ||||
Penske Automotive Group Inc. | 5,103 | 602 | ||||
* | YETI Holdings Inc. | 16,211 | 598 | |||
* | Adient plc | 17,801 | 591 | |||
* | Farfetch Ltd. Class A | 58,865 | 590 | |||
* | Peloton Interactive Inc. Class A | 57,851 | 589 | |||
Foot Locker Inc. | 15,666 | 577 | ||||
* | Callaway Golf Co. | 26,060 | 577 | |||
Signet Jewelers Ltd. | 8,717 | 570 | ||||
* | Skyline Champion Corp. | 9,916 | 562 | |||
* | Carvana Co. Class A | 17,011 | 561 | |||
Hanesbrands Inc. | 64,303 | 560 | ||||
Carter's Inc. | 7,371 | 544 | ||||
* | Helen of Troy Ltd. | 4,372 | 541 | |||
* | Taylor Morrison Home Corp. Class A | 21,548 | 541 | |||
LCI Industries | 4,591 | 532 | ||||
World Wrestling Entertainment Inc. Class A | 7,820 | 532 | ||||
* | United Airlines Holdings Inc. | 15,130 | 530 | |||
* | Meritage Homes Corp. | 6,756 | 529 | |||
Group 1 Automotive Inc. | 2,935 | 524 | ||||
* | Victoria's Secret & Co. | 15,479 | 518 | |||
Papa John's International Inc. | 6,170 | 499 |
Shares | Market Value• ($000) | |||||
* | National Vision Holdings Inc. | 14,870 | 494 | |||
* | Grand Canyon Education Inc. | 6,054 | 493 | |||
*,1 | QuantumScape Corp. Class A | 43,791 | 483 | |||
Columbia Sportswear Co. | 6,706 | 478 | ||||
* | Coty Inc. Class A | 63,120 | 474 | |||
Cracker Barrel Old Country Store Inc. | 4,191 | 452 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 10,917 | 452 | |||
* | Chegg Inc. | 22,419 | 441 | |||
Fox Corp. Class B | 13,912 | 440 | ||||
KB Home | 15,284 | 438 | ||||
* | TripAdvisor Inc. | 18,301 | 436 | |||
* | Leslie's Inc. | 30,563 | 433 | |||
Steven Madden Ltd. | 14,687 | 428 | ||||
* | Dorman Products Inc. | 4,713 | 427 | |||
Graham Holdings Co. Class B | 735 | 416 | ||||
* | Sabre Corp. | 57,330 | 412 | |||
* | SeaWorld Entertainment Inc. | 8,074 | 406 | |||
* | Cavco Industries Inc. | 1,732 | 405 | |||
MillerKnoll Inc. | 14,572 | 403 | ||||
* | American Airlines Group Inc. | 30,762 | 400 | |||
Kontoor Brands Inc. | 10,088 | 376 | ||||
* | Under Armour Inc. Class C | 49,375 | 375 | |||
*,1 | Luminar Technologies Inc. Class A | 43,518 | 375 | |||
John Wiley & Sons Inc. Class A | 8,091 | 372 | ||||
* | LGI Homes Inc. | 3,921 | 372 | |||
* | Gentherm Inc. | 6,042 | 362 | |||
Rush Enterprises Inc. Class A | 7,685 | 362 | ||||
* | Frontdoor Inc. | 15,296 | 359 | |||
* | Boot Barn Holdings Inc. | 5,396 | 359 | |||
Dana Inc. | 22,967 | 355 | ||||
Nordstrom Inc. | 20,668 | 354 | ||||
* | Sonos Inc. | 23,185 | 349 | |||
* | Shake Shack Inc. Class A | 7,041 | 336 | |||
Winnebago Industries Inc. | 5,724 | 330 | ||||
Bloomin' Brands Inc. | 16,139 | 326 | ||||
* | Driven Brands Holdings Inc. | 10,300 | 324 | |||
* | KAR Auction Services Inc. | 21,869 | 319 | |||
Gap Inc. | 34,738 | 317 | ||||
American Eagle Outfitters Inc. | 28,176 | 317 | ||||
MDC Holdings Inc. | 9,998 | 311 | ||||
* | Tri Pointe Homes Inc. | 17,806 | 309 | |||
* | Six Flags Entertainment Corp. | 13,849 | 307 |
Shares | Market Value• ($000) | |||||
* | Adtalem Global Education Inc. | 8,068 | 304 | |||
* | Central Garden & Pet Co. Class A | 8,023 | 303 | |||
Oxford Industries Inc. | 2,741 | 293 | ||||
Jack in the Box Inc. | 3,657 | 292 | ||||
Acushnet Holdings Corp. | 6,065 | 289 | ||||
* | Sally Beauty Holdings Inc. | 19,344 | 288 | |||
Gray Television Inc. | 14,975 | 286 | ||||
* | Cinemark Holdings Inc. | 20,200 | 284 | |||
Monro Inc. | 6,061 | 281 | ||||
* | ODP Corp. | 7,806 | 279 | |||
PriceSmart Inc. | 4,379 | 277 | ||||
Wolverine World Wide Inc. | 14,180 | 277 | ||||
* | MakeMyTrip Ltd. | 8,263 | 276 | |||
Cheesecake Factory Inc. | 8,927 | 273 | ||||
*,1 | Fisker Inc. Class A | 29,998 | 271 | |||
* | Urban Outfitters Inc. | 13,427 | 270 | |||
* | iRobot Corp. | 4,568 | 269 | |||
Inter Parfums Inc. | 3,395 | 267 | ||||
* | Figs Inc. Class A | 22,812 | 264 | |||
Strategic Education Inc. | 4,061 | 263 | ||||
* | Madison Square Garden Entertainment Corp. | 4,500 | 250 | |||
* | Under Armour Inc. Class A | 29,261 | 246 | |||
HNI Corp. | 7,653 | 245 | ||||
* | Knowles Corp. | 16,164 | 245 | |||
Rent-A-Center Inc. | 9,448 | 244 | ||||
Century Communities Inc. | 5,200 | 243 | ||||
Dillard's Inc. Class A | 800 | 237 | ||||
* | Coursera Inc. | 20,400 | 235 | |||
* | Alaska Air Group Inc. | 5,337 | 232 | |||
Scholastic Corp. | 5,051 | 232 | ||||
* | Lions Gate Entertainment Corp. Class B | 24,272 | 226 | |||
* | Petco Health & Wellness Co. Inc. Class A | 14,400 | 215 | |||
La-Z-Boy Inc. | 8,038 | 212 | ||||
* | American Axle & Manufacturing Holdings Inc. | 20,365 | 211 | |||
* | Playtika Holding Corp. | 19,618 | 207 | |||
Qurate Retail Inc. Class A | 62,576 | 194 | ||||
* | Overstock.com Inc. | 7,377 | 193 | |||
* | Brinker International Inc. | 7,800 | 191 | |||
Dine Brands Global Inc. | 2,864 | 191 | ||||
* | PROG Holdings Inc. | 10,006 | 186 | |||
Buckle Inc. | 5,569 | 180 | ||||
* | iHeartMedia Inc. Class A | 20,306 | 180 | |||
* | G-III Apparel Group Ltd. | 7,885 | 166 | |||
* | Sleep Number Corp. | 3,929 | 163 | |||
Sinclair Broadcast Group Inc. Class A | 7,300 | 161 | ||||
Steelcase Inc. Class A | 14,301 | 160 | ||||
* | EW Scripps Co. Class A | 10,470 | 157 | |||
* | Mister Car Wash Inc. | 15,000 | 149 |
Shares | Market Value• ($000) | |||||
Matthews International Corp. Class A | 5,638 | 141 | ||||
* | AMC Networks Inc. Class A | 5,000 | 134 | |||
* | Abercrombie & Fitch Co. Class A | 9,306 | 134 | |||
* | IMAX Corp. | 8,488 | 133 | |||
* | Liberty Media Corp.-Liberty Braves Class C | 4,761 | 130 | |||
* | Allegiant Travel Co. | 1,283 | 124 | |||
*,1 | Bed Bath & Beyond Inc. | 13,053 | 124 | |||
* | Liberty Media Corp.-Liberty Braves Class A | 4,335 | 122 | |||
* | JetBlue Airways Corp. | 15,321 | 119 | |||
Big Lots Inc. | 5,168 | 106 | ||||
* | 2U Inc. | 14,600 | 104 | |||
* | Copa Holdings SA Class A | 1,435 | 102 | |||
* | Children's Place Inc. | 2,391 | 101 | |||
Guess? Inc. | 5,738 | 100 | ||||
* | Spirit Airlines Inc. | 4,356 | 99 | |||
* | Lions Gate Entertainment Corp. Class A | 9,196 | 91 | |||
* | Cardlytics Inc. | 5,485 | 73 | |||
* | Stitch Fix Inc. Class A | 14,000 | 70 | |||
* | Liberty Media Corp.-Liberty Formula One Class A | 1,158 | 67 | |||
Aaron's Co. Inc. | 4,894 | 58 | ||||
* | WW International Inc. | 8,700 | 45 | |||
* | SkyWest Inc. | 1,729 | 37 | |||
* | Selectquote Inc. | 20,100 | 22 | |||
976,675 | ||||||
Consumer Staples (5.9%) | ||||||
Procter & Gamble Co. | 443,781 | 61,215 | ||||
Coca-Cola Co. | 724,676 | 44,720 | ||||
PepsiCo Inc. | 256,574 | 44,200 | ||||
CVS Health Corp. | 243,453 | 23,895 | ||||
Mondelez International Inc. Class A | 256,352 | 15,858 | ||||
Colgate-Palmolive Co. | 153,502 | 12,005 | ||||
McKesson Corp. | 26,962 | 9,895 | ||||
Archer-Daniels-Midland Co. | 104,124 | 9,151 | ||||
General Mills Inc. | 111,571 | 8,569 | ||||
Corteva Inc. | 134,335 | 8,252 | ||||
Kimberly-Clark Corp. | 62,436 | 7,962 | ||||
Sysco Corp. | 94,303 | 7,754 | ||||
* | Monster Beverage Corp. | 69,380 | 6,163 | |||
Hershey Co. | 27,069 | 6,082 | ||||
Keurig Dr Pepper Inc. | 158,996 | 6,061 | ||||
Kroger Co. | 121,857 | 5,842 | ||||
Kraft Heinz Co. | 129,472 | 4,842 | ||||
Walgreens Boots Alliance Inc. | 133,323 | 4,674 |
Shares | Market Value• ($000) | |||||
AmerisourceBergen Corp. Class A | 27,652 | 4,053 | ||||
Tyson Foods Inc. Class A | 52,849 | 3,984 | ||||
McCormick & Co. Inc. (Non-Voting) | 46,502 | 3,909 | ||||
Church & Dwight Co. Inc. | 45,004 | 3,767 | ||||
Kellogg Co. | 46,800 | 3,404 | ||||
Clorox Co. | 22,836 | 3,296 | ||||
Conagra Brands Inc. | 86,915 | 2,988 | ||||
J M Smucker Co. | 19,539 | 2,735 | ||||
Hormel Foods Corp. | 52,894 | 2,660 | ||||
Bunge Ltd. | 25,934 | 2,572 | ||||
* | Darling Ingredients Inc. | 29,737 | 2,262 | |||
Lamb Weston Holdings Inc. | 26,840 | 2,135 | ||||
Coca-Cola Europacific Partners plc | 38,005 | 1,869 | ||||
Campbell Soup Co. | 36,007 | 1,814 | ||||
* | US Foods Holding Corp. | 41,021 | 1,256 | |||
Ingredion Inc. | 12,234 | 1,065 | ||||
* | Celsius Holdings Inc. | 10,265 | 1,062 | |||
* | Post Holdings Inc. | 10,953 | 972 | |||
Flowers Foods Inc. | 34,530 | 943 | ||||
Albertsons Cos. Inc. Class A | 29,934 | 824 | ||||
* | Grocery Outlet Holding Corp. | 16,487 | 661 | |||
Lancaster Colony Corp. | 3,682 | 621 | ||||
* | Hostess Brands Inc. Class A | 25,728 | 596 | |||
* | Sprouts Farmers Market Inc. | 20,547 | 594 | |||
* | Simply Good Foods Co. | 17,026 | 520 | |||
WD-40 Co. | 2,556 | 484 | ||||
Spectrum Brands Holdings Inc. | 7,573 | 477 | ||||
* | Herbalife Nutrition Ltd. | 18,033 | 470 | |||
* | Nomad Foods Ltd. | 26,575 | 470 | |||
J & J Snack Foods Corp. | 3,116 | 464 | ||||
* | United Natural Foods Inc. | 10,412 | 459 | |||
* | TreeHouse Foods Inc. | 9,060 | 422 | |||
Coca-Cola Consolidated Inc. | 832 | 395 | ||||
Edgewell Personal Care Co. | 9,863 | 384 | ||||
Energizer Holdings Inc. | 13,183 | 370 | ||||
Cal-Maine Foods Inc. | 6,779 | 363 | ||||
Nu Skin Enterprises Inc. Class A | 8,851 | 362 | ||||
* | Freshpet Inc. | 8,037 | 350 | |||
Reynolds Consumer Products Inc. | 9,900 | 277 | ||||
* | Hain Celestial Group Inc. | 13,490 | 273 | |||
*,1 | Beyond Meat Inc. | 11,012 | 269 | |||
National Beverage Corp. | 4,686 | 260 | ||||
Medifast Inc. | 2,065 | 259 | ||||
B&G Foods Inc. | 11,855 | 257 |
Shares | Market Value• ($000) | |||||
Weis Markets Inc. | 3,228 | 251 | ||||
* | Beauty Health Co. | 17,836 | 207 | |||
Fresh Del Monte Produce Inc. | 5,491 | 150 | ||||
Calavo Growers Inc. | 3,148 | 132 | ||||
* | USANA Health Sciences Inc. | 1,922 | 124 | |||
Tootsie Roll Industries Inc. | 2,940 | 105 | ||||
ACCO Brands Corp. | 15,486 | 92 | ||||
* | GrowGeneration Corp. | 9,600 | 46 | |||
345,874 | ||||||
Energy (0.3%) | ||||||
* | Enphase Energy Inc. | 24,317 | 6,965 | |||
* | SolarEdge Technologies Inc. | 10,252 | 2,829 | |||
* | Plug Power Inc. | 96,355 | 2,702 | |||
* | First Solar Inc. | 19,757 | 2,520 | |||
* | ChargePoint Holdings Inc. | 37,346 | 608 | |||
* | Array Technologies Inc. | 27,380 | 572 | |||
Arcosa Inc. | 9,103 | 532 | ||||
* | Stem Inc. | 25,906 | 407 | |||
* | Ameresco Inc. Class A | 5,806 | 400 | |||
* | SunPower Corp. | 14,971 | 359 | |||
* | FuelCell Energy Inc. | 70,090 | 294 | |||
18,188 | ||||||
Financials (11.3%) | ||||||
JPMorgan Chase & Co. | 541,656 | 61,603 | ||||
Bank of America Corp. | 1,304,086 | 43,830 | ||||
S&P Global Inc. | 63,037 | 22,200 | ||||
Goldman Sachs Group Inc. | 61,786 | 20,554 | ||||
Morgan Stanley | 236,934 | 20,192 | ||||
Charles Schwab Corp. | 282,370 | 20,034 | ||||
BlackRock Inc. | 27,857 | 18,564 | ||||
Citigroup Inc. | 366,144 | 17,871 | ||||
Marsh & McLennan Cos. Inc. | 92,977 | 15,004 | ||||
Chubb Ltd. | 78,195 | 14,783 | ||||
Progressive Corp. | 108,453 | 13,302 | ||||
CME Group Inc. | 66,623 | 13,032 | ||||
Blackstone Inc. | 130,097 | 12,221 | ||||
PNC Financial Services Group Inc. | 76,591 | 12,101 | ||||
Truist Financial Corp. | 246,612 | 11,551 | ||||
US Bancorp | 248,935 | 11,354 | ||||
Aon plc Class A | 39,085 | 10,915 | ||||
Intercontinental Exchange Inc. | 102,453 | 10,332 | ||||
Moody's Corp. | 29,721 | 8,456 | ||||
MetLife Inc. | 127,382 | 8,194 | ||||
American International Group Inc. | 147,028 | 7,609 | ||||
Travelers Cos. Inc. | 44,515 | 7,195 | ||||
Aflac Inc. | 118,417 | 7,036 | ||||
Arthur J Gallagher & Co. | 38,556 | 7,001 | ||||
Prudential Financial Inc. | 69,817 | 6,685 |
Shares | Market Value• ($000) | |||||
MSCI Inc. Class A | 14,695 | 6,602 | ||||
Allstate Corp. | 50,977 | 6,143 | ||||
M&T Bank Corp. | 33,194 | 6,034 | ||||
Bank of New York Mellon Corp. | 136,499 | 5,669 | ||||
Ameriprise Financial Inc. | 20,329 | 5,448 | ||||
KKR & Co. Inc. | 106,382 | 5,379 | ||||
Discover Financial Services | 52,241 | 5,250 | ||||
First Republic Bank | 33,236 | 5,046 | ||||
T. Rowe Price Group Inc. | 41,457 | 4,975 | ||||
Apollo Global Management Inc. | 85,114 | 4,731 | ||||
State Street Corp. | 67,926 | 4,643 | ||||
* | SVB Financial Group | 10,978 | 4,463 | |||
Fifth Third Bancorp | 126,205 | 4,310 | ||||
Willis Towers Watson plc | 20,519 | 4,244 | ||||
Hartford Financial Services Group Inc. | 61,022 | 3,924 | ||||
Raymond James Financial Inc. | 36,275 | 3,786 | ||||
Nasdaq Inc. | 63,528 | 3,782 | ||||
Regions Financial Corp. | 172,884 | 3,746 | ||||
Broadridge Financial Solutions Inc. | 21,707 | 3,716 | ||||
Northern Trust Corp. | 38,275 | 3,640 | ||||
Huntington Bancshares Inc. | 266,081 | 3,565 | ||||
Principal Financial Group Inc. | 46,313 | 3,462 | ||||
Citizens Financial Group Inc. | 90,380 | 3,315 | ||||
LPL Financial Holdings Inc. | 14,787 | 3,273 | ||||
* | Arch Capital Group Ltd. | 66,756 | 3,052 | |||
FactSet Research Systems Inc. | 7,023 | 3,043 | ||||
KeyCorp | 170,736 | 3,020 | ||||
* | Markel Corp. | 2,491 | 2,975 | |||
Cincinnati Financial Corp. | 29,026 | 2,814 | ||||
Brown & Brown Inc. | 43,696 | 2,755 | ||||
W R Berkley Corp. | 38,252 | 2,479 | ||||
Cboe Global Markets Inc. | 19,593 | 2,311 | ||||
First Horizon Corp. | 97,301 | 2,201 | ||||
Equitable Holdings Inc. | 70,740 | 2,105 | ||||
Ares Management Corp. Class A | 28,270 | 2,096 | ||||
* | Alleghany Corp. | 2,444 | 2,056 | |||
Signature Bank | 11,497 | 2,005 | ||||
Comerica Inc. | 24,776 | 1,990 | ||||
Ally Financial Inc. | 59,590 | 1,978 | ||||
Annaly Capital Management Inc. | 305,984 | 1,974 | ||||
Everest Re Group Ltd. | 7,220 | 1,943 | ||||
Fidelity National Financial Inc. | 49,233 | 1,925 | ||||
East West Bancorp Inc. | 26,297 | 1,898 | ||||
First Citizens BancShares Inc. Class A | 2,326 | 1,889 |
Shares | Market Value• ($000) | |||||
MarketAxess Holdings Inc. | 6,932 | 1,723 | ||||
Credicorp Ltd. | 12,652 | 1,631 | ||||
Globe Life Inc. | 16,665 | 1,620 | ||||
American Financial Group Inc. | 12,519 | 1,598 | ||||
Assurant Inc. | 10,030 | 1,590 | ||||
Reinsurance Group of America Inc. | 12,456 | 1,561 | ||||
Webster Financial Corp. | 32,902 | 1,548 | ||||
Western Alliance Bancorp | 19,665 | 1,509 | ||||
Zions Bancorp NA | 27,356 | 1,505 | ||||
Lincoln National Corp. | 31,862 | 1,468 | ||||
Unum Group | 37,139 | 1,406 | ||||
Tradeweb Markets Inc. Class A | 20,066 | 1,396 | ||||
Cullen/Frost Bankers Inc. | 10,732 | 1,395 | ||||
Franklin Resources Inc. | 53,381 | 1,392 | ||||
Commerce Bancshares Inc. | 19,763 | 1,359 | ||||
Starwood Property Trust Inc. | 53,501 | 1,227 | ||||
AGNC Investment Corp. | 96,562 | 1,154 | ||||
Voya Financial Inc. | 18,760 | 1,154 | ||||
Old Republic International Corp. | 52,538 | 1,147 | ||||
Prosperity Bancshares Inc. | 16,170 | 1,146 | ||||
Stifel Financial Corp. | 19,246 | 1,141 | ||||
Invesco Ltd. | 69,224 | 1,140 | ||||
Pinnacle Financial Partners Inc. | 13,759 | 1,110 | ||||
RenaissanceRe Holdings Ltd. | 8,145 | 1,102 | ||||
Synovus Financial Corp. | 27,020 | 1,085 | ||||
* | XP Inc. Class A | 56,059 | 1,079 | |||
SouthState Corp. | 13,738 | 1,072 | ||||
Interactive Brokers Group Inc. Class A | 17,277 | 1,064 | ||||
Popular Inc. | 13,553 | 1,047 | ||||
SEI Investments Co. | 19,026 | 1,041 | ||||
Glacier Bancorp Inc. | 20,441 | 1,036 | ||||
First American Financial Corp. | 19,314 | 1,033 | ||||
First Financial Bankshares Inc. | 23,841 | 1,013 | ||||
Kinsale Capital Group Inc. | 3,934 | 998 | ||||
* | Robinhood Markets Inc. Class A | 104,181 | 995 | |||
Wintrust Financial Corp. | 10,996 | 927 | ||||
Affiliated Managers Group Inc. | 7,191 | 916 | ||||
Primerica Inc. | 7,170 | 909 | ||||
United Bankshares Inc. | 24,110 | 894 | ||||
Valley National Bancorp | 76,822 | 893 | ||||
Selective Insurance Group Inc. | 11,118 | 883 | ||||
Old National Bancorp | 52,837 | 882 |
Shares | Market Value• ($000) | |||||
Blackstone Mortgage Trust Inc. Class A | 30,331 | 879 | ||||
* | SoFi Technologies Inc. | 147,914 | 876 | |||
Bank OZK | 21,590 | 875 | ||||
Cadence Bank | 33,228 | 847 | ||||
New York Community Bancorp Inc. | 85,715 | 839 | ||||
Hanover Insurance Group Inc. | 6,471 | 837 | ||||
Home BancShares Inc. | 35,365 | 832 | ||||
MGIC Investment Corp. | 56,803 | 812 | ||||
FNB Corp. | 67,086 | 800 | ||||
RLI Corp. | 7,175 | 788 | ||||
Axis Capital Holdings Ltd. | 14,596 | 776 | ||||
Hancock Whitney Corp. | 15,959 | 770 | ||||
Essent Group Ltd. | 19,237 | 769 | ||||
ServisFirst Bancshares Inc. | 9,114 | 769 | ||||
SLM Corp. | 50,199 | 767 | ||||
OneMain Holdings Inc. | 21,820 | 762 | ||||
White Mountains Insurance Group Ltd. | 550 | 754 | ||||
Houlihan Lokey Inc. Class A | 9,497 | 746 | ||||
Umpqua Holdings Corp. | 40,849 | 725 | ||||
UMB Financial Corp. | 8,035 | 719 | ||||
Independent Bank Corp. (Massachusetts) | 8,834 | 691 | ||||
Radian Group Inc. | 32,384 | 684 | ||||
United Community Banks Inc. | 20,408 | 684 | ||||
* | Brighthouse Financial Inc. | 14,147 | 673 | |||
Evercore Inc. Class A | 7,095 | 665 | ||||
Community Bank System Inc. | 9,994 | 653 | ||||
Lazard Ltd. Class A | 17,937 | 652 | ||||
CVB Financial Corp. | 24,119 | 633 | ||||
First Hawaiian Inc. | 24,381 | 627 | ||||
Janus Henderson Group plc | 25,782 | 603 | ||||
WSFS Financial Corp. | 12,353 | 597 | ||||
Assured Guaranty Ltd. | 11,653 | 595 | ||||
Bank of Hawaii Corp. | 7,543 | 589 | ||||
Pacific Premier Bancorp Inc. | 17,982 | 589 | ||||
Walker & Dunlop Inc. | 5,860 | 589 | ||||
Ameris Bancorp | 12,530 | 585 | ||||
Eastern Bankshares Inc. | 30,033 | 583 | ||||
PacWest Bancorp | 22,073 | 581 | ||||
Cathay General Bancorp | 13,689 | 574 | ||||
BankUnited Inc. | 15,465 | 573 | ||||
Associated Banc-Corp | 28,274 | 567 | ||||
Federated Hermes Inc. Class B | 16,465 | 561 | ||||
Kemper Corp. | 12,080 | 556 | ||||
* | Texas Capital Bancshares Inc. | 9,415 | 556 |
Shares | Market Value• ($000) | |||||
American Equity Investment Life Holding Co. | 14,552 | 553 | ||||
Simmons First National Corp. Class A | 23,237 | 548 | ||||
* | Mr Cooper Group Inc. | 12,900 | 546 | |||
First Bancorp | 37,054 | 530 | ||||
* | Silvergate Capital Corp. Class A | 5,751 | 524 | |||
* | Trupanion Inc. | 7,231 | 510 | |||
Fulton Financial Corp. | 30,706 | 498 | ||||
Moelis & Co. Class A | 11,454 | 477 | ||||
Independent Bank Group Inc. | 6,973 | 470 | ||||
Atlantic Union Bankshares Corp. | 14,326 | 465 | ||||
Hamilton Lane Inc. Class A | 6,623 | 461 | ||||
BOK Financial Corp. | 5,158 | 458 | ||||
Columbia Banking System Inc. | 15,099 | 452 | ||||
* | Axos Financial Inc. | 10,630 | 444 | |||
International Bancshares Corp. | 10,520 | 439 | ||||
Arbor Realty Trust Inc. | 29,274 | 439 | ||||
First Merchants Corp. | 10,782 | 429 | ||||
* | Enstar Group Ltd. | 2,235 | 423 | |||
Jackson Financial Inc. Class A | 13,406 | 419 | ||||
* | Focus Financial Partners Inc. Class A | 10,686 | 418 | |||
CNO Financial Group Inc. | 22,374 | 412 | ||||
Virtu Financial Inc. Class A | 17,747 | 407 | ||||
Banner Corp. | 6,558 | 398 | ||||
��� | Chimera Investment Corp. | 46,496 | 395 | |||
First Financial Bancorp | 18,218 | 393 | ||||
* | Genworth Financial Inc. Class A | 92,845 | 392 | |||
Artisan Partners Asset Management Inc. Class A | 11,530 | 389 | ||||
Washington Federal Inc. | 11,939 | 382 | ||||
BancFirst Corp. | 3,486 | 376 | ||||
Flagstar Bancorp Inc. | 9,447 | 364 | ||||
Piper Sandler Cos. | 3,178 | 364 | ||||
WesBanco Inc. | 10,448 | 357 | ||||
Towne Bank | 12,395 | 353 | ||||
Heartland Financial USA Inc. | 7,838 | 350 | ||||
Trustmark Corp. | 10,952 | 345 | ||||
*,1 | Upstart Holdings Inc. | 13,339 | 345 | |||
Provident Financial Services Inc. | 14,738 | 342 | ||||
Renasant Corp. | 10,148 | 338 | ||||
Stock Yards Bancorp Inc. | 5,092 | 337 | ||||
* | Palomar Holdings Inc. | 4,200 | 333 | |||
Hope Bancorp Inc. | 22,544 | 326 | ||||
Sandy Spring Bancorp Inc. | 8,445 | 325 | ||||
Cohen & Steers Inc. | 4,521 | 323 |
Shares | Market Value• ($000) | |||||
Navient Corp. | 20,672 | 318 | ||||
* | NMI Holdings Inc. Class A | 15,190 | 312 | |||
Northwest Bancshares Inc. | 22,098 | 311 | ||||
Two Harbors Investment Corp. | 62,300 | 302 | ||||
NBT Bancorp Inc. | 7,635 | 296 | ||||
Bank of NT Butterfield & Son Ltd. | 9,005 | 294 | ||||
Eagle Bancorp Inc. | 6,026 | 292 | ||||
* | Cannae Holdings Inc. | 13,470 | 291 | |||
Hilltop Holdings Inc. | 10,970 | 290 | ||||
* | Triumph Bancorp Inc. | 4,400 | 272 | |||
PennyMac Mortgage Investment Trust | 18,269 | 271 | ||||
PennyMac Financial Services Inc. | 5,097 | 271 | ||||
Horace Mann Educators Corp. | 7,544 | 270 | ||||
Westamerica Bancorp | 4,758 | 266 | ||||
* | PRA Group Inc. | 6,936 | 256 | |||
Virtus Investment Partners Inc. | 1,324 | 253 | ||||
Berkshire Hills Bancorp Inc. | 8,853 | 250 | ||||
Safety Insurance Group Inc. | 2,696 | 243 | ||||
First Commonwealth Financial Corp. | 17,806 | 240 | ||||
* | Encore Capital Group Inc. | 4,375 | 239 | |||
Ladder Capital Corp. Class A | 21,300 | 236 | ||||
*,1 | Marathon Digital Holdings Inc. | 19,582 | 232 | |||
S&T Bancorp Inc. | 7,632 | 226 | ||||
Live Oak Bancshares Inc. | 6,200 | 225 | ||||
City Holding Co. | 2,626 | 223 | ||||
Nelnet Inc. Class A | 2,613 | 220 | ||||
BGC Partners Inc. Class A | 53,709 | 216 | ||||
ProAssurance Corp. | 9,385 | 201 | ||||
Capitol Federal Financial Inc. | 22,123 | 200 | ||||
Employers Holdings Inc. | 5,084 | 199 | ||||
* | Open Lending Corp. Class A | 20,112 | 195 | |||
MFA Financial Inc. | 17,723 | 194 | ||||
* | Lemonade Inc. | 8,400 | 186 | |||
CNA Financial Corp. | 4,634 | 178 | ||||
Redwood Trust Inc. | 22,405 | 174 | ||||
Brookline Bancorp Inc. | 13,653 | 170 | ||||
* | Riot Blockchain Inc. | 23,118 | 166 | |||
*,1 | Freedom Holding Corp. | 2,800 | 162 | |||
* | Blucora Inc. | 7,924 | 159 | |||
iStar Inc. | 11,500 | 158 | ||||
1st Source Corp. | 3,283 | 155 | ||||
BrightSpire Capital Inc. Class A | 17,242 | 145 | ||||
Kearny Financial Corp. | 12,690 | 144 |
Shares | Market Value• ($000) | |||||
Washington Trust Bancorp Inc. | 2,831 | 143 | ||||
ARMOUR Residential REIT Inc. | 19,454 | 138 | ||||
* | Columbia Financial Inc. | 6,104 | 130 | |||
WisdomTree Investments Inc. | 24,328 | 122 | ||||
Community Trust Bancorp Inc. | 2,820 | 119 | ||||
TFS Financial Corp. | 8,236 | 118 | ||||
Argo Group International Holdings Ltd. | 5,738 | 113 | ||||
Brightsphere Investment Group Inc. | 5,593 | 96 | ||||
* | SiriusPoint Ltd. | 18,639 | 83 | |||
Republic Bancorp Inc. Class A | 1,848 | 79 | ||||
667,556 | ||||||
Health Care (14.7%) | ||||||
UnitedHealth Group Inc. | 173,696 | 90,206 | ||||
Pfizer Inc. | 1,049,924 | 47,488 | ||||
Eli Lilly & Co. | 156,549 | 47,157 | ||||
AbbVie Inc. | 328,254 | 44,137 | ||||
Merck & Co. Inc. | 469,820 | 40,104 | ||||
Thermo Fisher Scientific Inc. | 72,656 | 39,621 | ||||
Abbott Laboratories | 318,409 | 32,685 | ||||
Danaher Corp. | 120,164 | 32,433 | ||||
Bristol-Myers Squibb Co. | 395,402 | 26,654 | ||||
Amgen Inc. | 99,204 | 23,839 | ||||
Medtronic plc | 248,205 | 21,822 | ||||
Elevance Health Inc. | 44,735 | 21,701 | ||||
Cigna Corp. | 58,022 | 16,446 | ||||
Gilead Sciences Inc. | 233,242 | 14,804 | ||||
Zoetis Inc. Class A | 87,509 | 13,698 | ||||
* | Intuitive Surgical Inc. | 66,535 | 13,689 | |||
Stryker Corp. | 65,241 | 13,387 | ||||
* | Vertex Pharmaceuticals Inc. | 47,490 | 13,381 | |||
Becton Dickinson & Co. | 52,663 | 13,293 | ||||
Humana Inc. | 23,521 | 11,332 | ||||
* | Regeneron Pharmaceuticals Inc. | 19,268 | 11,196 | |||
* | Boston Scientific Corp. | 264,706 | 10,670 | |||
* | Edwards Lifesciences Corp. | 114,776 | 10,341 | |||
* | Centene Corp. | 108,046 | 9,696 | |||
* | Moderna Inc. | 63,856 | 8,446 | |||
HCA Healthcare Inc. | 41,980 | 8,307 | ||||
* | IQVIA Holdings Inc. | 34,958 | 7,434 | |||
Agilent Technologies Inc. | 55,733 | 7,148 | ||||
* | Dexcom Inc. | 72,798 | 5,985 | |||
ResMed Inc. | 26,837 | 5,902 | ||||
* | Illumina Inc. | 29,143 | 5,876 | |||
* | IDEXX Laboratories Inc. | 15,535 | 5,400 | |||
Baxter International Inc. | 93,431 | 5,369 |
Shares | Market Value• ($000) | |||||
* | Biogen Inc. | 27,164 | 5,307 | |||
* | Veeva Systems Inc. Class A | 25,825 | 5,147 | |||
* | Alnylam Pharmaceuticals Inc. | 22,373 | 4,624 | |||
Zimmer Biomet Holdings Inc. | 38,824 | 4,128 | ||||
West Pharmaceutical Services Inc. | 13,846 | 4,108 | ||||
* | Seagen Inc. | 25,268 | 3,899 | |||
Laboratory Corp. of America Holdings | 17,152 | 3,864 | ||||
* | Molina Healthcare Inc. | 10,724 | 3,618 | |||
Cardinal Health Inc. | 50,364 | 3,562 | ||||
* | Align Technology Inc. | 14,569 | 3,550 | |||
* | Insulet Corp. | 12,772 | 3,263 | |||
STERIS plc | 15,792 | 3,180 | ||||
PerkinElmer Inc. | 23,379 | 3,158 | ||||
* | ICON plc | 14,899 | 3,126 | |||
* | Hologic Inc. | 45,715 | 3,088 | |||
* | BioMarin Pharmaceutical Inc. | 34,279 | 3,058 | |||
Royalty Pharma plc Class A | 68,055 | 2,845 | ||||
* | Avantor Inc. | 112,806 | 2,810 | |||
* | Catalent Inc. | 31,619 | 2,782 | |||
Quest Diagnostics Inc. | 21,795 | 2,731 | ||||
Cooper Cos. Inc. | 9,004 | 2,588 | ||||
* | Horizon Therapeutics plc | 41,698 | 2,469 | |||
Bio-Techne Corp. | 7,202 | 2,390 | ||||
* | Incyte Corp. | 33,721 | 2,375 | |||
* | Repligen Corp. | 10,237 | 2,246 | |||
Viatris Inc. | 225,651 | 2,155 | ||||
* | ABIOMED Inc. | 8,283 | 2,148 | |||
Teleflex Inc. | 8,736 | 1,977 | ||||
* | Shockwave Medical Inc. | 6,590 | 1,956 | |||
* | Charles River Laboratories International Inc. | 9,410 | 1,931 | |||
* | Bio-Rad Laboratories Inc. Class A | 3,968 | 1,925 | |||
* | United Therapeutics Corp. | 8,301 | 1,881 | |||
* | Henry Schein Inc. | 25,498 | 1,872 | |||
* | Neurocrine Biosciences Inc. | 17,643 | 1,846 | |||
* | Jazz Pharmaceuticals plc | 11,343 | 1,761 | |||
* | Sarepta Therapeutics Inc. | 15,783 | 1,726 | |||
* | Biohaven Pharmaceutical Holding Co. Ltd. | 11,494 | 1,717 | |||
* | Novocure Ltd. | 19,338 | 1,588 | |||
* | Karuna Therapeutics Inc. | 5,445 | 1,389 | |||
* | Masimo Corp. | 9,412 | 1,382 | |||
* | Acadia Healthcare Co. Inc. | 16,480 | 1,350 | |||
Organon & Co. | 47,151 | 1,345 | ||||
Chemed Corp. | 2,763 | 1,316 | ||||
DENTSPLY SIRONA Inc. | 39,884 | 1,307 | ||||
* | Elanco Animal Health Inc. | 82,129 | 1,243 |
Shares | Market Value• ($000) | |||||
Universal Health Services Inc. Class B | 12,020 | 1,176 | ||||
* | Exact Sciences Corp. | 32,686 | 1,162 | |||
* | Syneos Health Inc. | 19,025 | 1,144 | |||
Bruker Corp. | 20,156 | 1,129 | ||||
* | Tenet Healthcare Corp. | 19,819 | 1,120 | |||
* | Envista Holdings Corp. | 30,063 | 1,115 | |||
* | Ionis Pharmaceuticals Inc. | 26,175 | 1,113 | |||
* | Penumbra Inc. | 6,732 | 1,105 | |||
* | Exelixis Inc. | 58,159 | 1,032 | |||
* | Apellis Pharmaceuticals Inc. | 16,901 | 1,023 | |||
* | Halozyme Therapeutics Inc. | 24,980 | 1,017 | |||
* | HealthEquity Inc. | 15,249 | 1,008 | |||
* | Inspire Medical Systems Inc. | 5,078 | 972 | |||
Perrigo Co. plc | 25,266 | 945 | ||||
* | Teladoc Health Inc. | 30,245 | 939 | |||
* | DaVita Inc. | 10,842 | 925 | |||
* | Guardant Health Inc. | 18,179 | 910 | |||
* | LHC Group Inc. | 5,535 | 894 | |||
Encompass Health Corp. | 18,300 | 889 | ||||
* | Option Care Health Inc. | 28,619 | 886 | |||
Ensign Group Inc. | 10,138 | 865 | ||||
* | Intellia Therapeutics Inc. | 14,213 | 854 | |||
* | Intra-Cellular Therapies Inc. | 16,939 | 851 | |||
* | STAAR Surgical Co. | 8,985 | 850 | |||
* | CRISPR Therapeutics AG | 12,967 | 844 | |||
* | Omnicell Inc. | 8,027 | 821 | |||
* | Blueprint Medicines Corp. | 11,133 | 815 | |||
* | iRhythm Technologies Inc. | 5,462 | 805 | |||
* | Cytokinetics Inc. | 15,023 | 796 | |||
* | Global Blood Therapeutics Inc. | 11,712 | 795 | |||
* | Natera Inc. | 16,015 | 789 | |||
* | Arrowhead Pharmaceuticals Inc. | 19,436 | 772 | |||
Premier Inc. Class A | 21,913 | 772 | ||||
* | Medpace Holdings Inc. | 5,123 | 756 | |||
* | Alkermes plc | 31,108 | 736 | |||
* | agilon health Inc. | 34,949 | 726 | |||
* | QuidelOrtho Corp. | 9,128 | 723 | |||
* | Amedisys Inc. | 6,001 | 711 | |||
* | Haemonetics Corp. | 9,251 | 694 | |||
* | Beam Therapeutics Inc. | 12,020 | 656 | |||
* | PTC Therapeutics Inc. | 12,995 | 649 | |||
* | Mirati Therapeutics Inc. | 7,990 | 647 | |||
* | Integra LifeSciences Holdings Corp. | 13,309 | 635 | |||
* | Merit Medical Systems Inc. | 10,524 | 623 | |||
* | Inari Medical Inc. | 8,986 | 623 | |||
* | Axonics Inc. | 8,563 | 619 | |||
* | Ultragenyx Pharmaceutical Inc. | 12,358 | 589 | |||
* | ICU Medical Inc. | 3,700 | 588 |
Shares | Market Value• ($000) | |||||
* | ChemoCentryx Inc. | 11,538 | 588 | |||
* | Amicus Therapeutics Inc. | 52,016 | 584 | |||
* | 1Life Healthcare Inc. | 33,169 | 571 | |||
* | 10X Genomics Inc. Class A | 17,025 | 562 | |||
* | Oak Street Health Inc. | 21,359 | 560 | |||
* | LivaNova plc | 9,905 | 557 | |||
* | Tandem Diabetes Care Inc. | 12,080 | 553 | |||
* | Progyny Inc. | 13,693 | 551 | |||
* | R1 RCM Inc. | 24,834 | 543 | |||
* | Insmed Inc. | 22,035 | 542 | |||
* | Evolent Health Inc. Class A | 14,599 | 536 | |||
* | Denali Therapeutics Inc. | 19,065 | 527 | |||
Select Medical Holdings Corp. | 20,485 | 525 | ||||
* | Novavax Inc. | 14,669 | 485 | |||
* | Prestige Consumer Healthcare Inc. | 9,544 | 483 | |||
CONMED Corp. | 5,348 | 474 | ||||
* | BioCryst Pharmaceuticals Inc. | 33,362 | 464 | |||
* | Inmode Ltd. | 14,312 | 457 | |||
Patterson Cos. Inc. | 16,308 | 455 | ||||
* | Pacira BioSciences Inc. | 8,665 | 455 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 20,378 | 425 | |||
*,1 | Neogen Corp. | 20,266 | 424 | |||
* | NuVasive Inc. | 9,901 | 421 | |||
* | Twist Bioscience Corp. | 10,447 | 419 | |||
* | Fate Therapeutics Inc. | 15,978 | 418 | |||
* | Corcept Therapeutics Inc. | 15,744 | 406 | |||
* | Glaukos Corp. | 8,345 | 405 | |||
* | Integer Holdings Corp. | 6,244 | 394 | |||
* | AtriCure Inc. | 8,469 | 386 | |||
Owens & Minor Inc. | 13,055 | 385 | ||||
* | Arvinas Inc. | 9,072 | 384 | |||
* | Axsome Therapeutics Inc. | 5,506 | 351 | |||
* | ACADIA Pharmaceuticals Inc. | 20,934 | 344 | |||
* | Sage Therapeutics Inc. | 9,023 | 340 | |||
Embecta Corp. | 10,652 | 340 | ||||
* | Myriad Genetics Inc. | 14,462 | 323 | |||
* | Relay Therapeutics Inc. | 14,018 | 322 | |||
* | Vir Biotechnology Inc. | 12,975 | 308 | |||
* | Certara Inc. | 19,566 | 307 | |||
* | Sotera Health Co. | 18,130 | 307 | |||
* | Iovance Biotherapeutics Inc. | 28,158 | 302 | |||
* | Supernus Pharmaceuticals Inc. | 8,399 | 287 | |||
* | Cerevel Therapeutics Holdings Inc. | 9,812 | 286 | |||
* | Nevro Corp. | 6,266 | 284 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 25,628 | 276 |
Shares | Market Value• ($000) | |||||
* | Pediatrix Medical Group Inc. | 15,418 | 275 | |||
* | Xencor Inc. | 10,289 | 271 | |||
* | Agios Pharmaceuticals Inc. | 10,588 | 270 | |||
* | Veracyte Inc. | 13,102 | 267 | |||
* | Recursion Pharmaceuticals Inc. Class A | 24,530 | 258 | |||
* | Ligand Pharmaceuticals Inc. | 2,774 | 256 | |||
* | CorVel Corp. | 1,643 | 255 | |||
* | REVOLUTION Medicines Inc. | 11,597 | 242 | |||
* | Alignment Healthcare Inc. | 15,906 | 242 | |||
* | AdaptHealth Corp. Class A | 13,400 | 241 | |||
* | Pacific Biosciences of California Inc. | 40,996 | 240 | |||
* | Multiplan Corp. | 67,250 | 237 | |||
* | Enanta Pharmaceuticals Inc. | 3,742 | 228 | |||
* | NeoGenomics Inc. | 22,588 | 227 | |||
* | Emergent BioSolutions Inc. | 9,353 | 225 | |||
* | Arcus Biosciences Inc. | 9,212 | 222 | |||
* | REGENXBIO Inc. | 7,439 | 219 | |||
* | Phreesia Inc. | 8,500 | 218 | |||
* | Kymera Therapeutics Inc. | 7,206 | 204 | |||
* | Avanos Medical Inc. | 8,122 | 200 | |||
* | Allogene Therapeutics Inc. | 14,600 | 200 | |||
* | Surgery Partners Inc. | 7,106 | 196 | |||
* | Zentalis Pharmaceuticals Inc. | 7,212 | 193 | |||
* | Bridgebio Pharma Inc. | 18,312 | 192 | |||
* | American Well Corp. Class A | 41,400 | 188 | |||
* | FibroGen Inc. | 14,706 | 183 | |||
Healthcare Services Group Inc. | 12,674 | 178 | ||||
* | SpringWorks Therapeutics Inc. | 6,400 | 178 | |||
* | Aurinia Pharmaceuticals Inc. | 24,060 | 177 | |||
* | Editas Medicine Inc. Class A | 11,806 | 174 | |||
* | Fulgent Genetics Inc. | 4,000 | 174 | |||
* | Madrigal Pharmaceuticals Inc. | 2,381 | 172 | |||
* | CareDx Inc. | 8,692 | 170 | |||
* | NextGen Healthcare Inc. | 9,904 | 170 | |||
* | Adaptive Biotechnologies Corp. | 18,906 | 169 | |||
*,1 | Cassava Sciences Inc. | 6,526 | 168 | |||
* | TG Therapeutics Inc. | 22,324 | 159 | |||
* | Varex Imaging Corp. | 7,388 | 156 | |||
* | OPKO Health Inc. | 68,636 | 150 | |||
* | Innoviva Inc. | 11,312 | 149 | |||
*,1 | Sorrento Therapeutics Inc. | 72,000 | 148 | |||
* | uniQure NV | 7,600 | 148 |
Shares | Market Value• ($000) | |||||
* | Enhabit Inc. | 8,823 | 146 | |||
* | Brookdale Senior Living Inc. | 31,910 | 140 | |||
* | Invitae Corp. | 44,410 | 135 | |||
* | Myovant Sciences Ltd. | 7,900 | 135 | |||
* | Nektar Therapeutics Class A | 33,400 | 132 | |||
* | Inogen Inc. | 4,469 | 128 | |||
* | Accolade Inc. | 11,400 | 116 | |||
* | Reata Pharmaceuticals Inc. Class A | 4,706 | 112 | |||
* | Theravance Biopharma Inc. | 12,406 | 112 | |||
* | Rocket Pharmaceuticals Inc. | 7,200 | 111 | |||
* | NanoString Technologies Inc. | 7,806 | 106 | |||
* | Alector Inc. | 10,100 | 105 | |||
*,1 | Sana Biotechnology Inc. | 15,100 | 103 | |||
* | CureVac NV | 9,112 | 90 | |||
* | Inovio Pharmaceuticals Inc. | 36,100 | 83 | |||
* | Taro Pharmaceutical Industries Ltd. | 1,852 | 62 | |||
* | Atara Biotherapeutics Inc. | 14,842 | 59 | |||
* | Heron Therapeutics Inc. | 13,934 | 57 | |||
* | Zimvie Inc. | 3,561 | 54 | |||
* | Kodiak Sciences Inc. | 5,146 | 51 | |||
* | Immunovant Inc. | 6,900 | 36 | |||
* | Precigen Inc. | 11,700 | 26 | |||
868,490 | ||||||
Industrials (10.8%) | ||||||
Visa Inc. Class A | 305,785 | 60,763 | ||||
Mastercard Inc. Class A | 159,846 | 51,849 | ||||
Accenture plc Class A | 117,713 | 33,955 | ||||
United Parcel Service Inc. Class B | 136,413 | 26,534 | ||||
Union Pacific Corp. | 116,561 | 26,169 | ||||
* | PayPal Holdings Inc. | 215,045 | 20,094 | |||
Deere & Co. | 52,093 | 19,027 | ||||
Automatic Data Processing Inc. | 77,584 | 18,962 | ||||
Caterpillar Inc. | 99,091 | 18,303 | ||||
American Express Co. | 111,853 | 17,002 | ||||
CSX Corp. | 403,272 | 12,764 | ||||
Illinois Tool Works Inc. | 57,436 | 11,190 | ||||
* | Fiserv Inc. | 110,576 | 11,189 | |||
Fidelity National Information Services Inc. | 113,328 | 10,355 | ||||
Sherwin-Williams Co. | 44,404 | 10,306 | ||||
FedEx Corp. | 44,578 | 9,397 | ||||
Capital One Financial Corp. | 73,616 | 7,790 | ||||
Paychex Inc. | 59,778 | 7,373 | ||||
Johnson Controls International plc | 129,284 | 6,999 | ||||
Trane Technologies plc | 43,372 | 6,682 | ||||
* | Block Inc. Class A | 96,286 | 6,635 | |||
Cintas Corp. | 16,232 | 6,604 |
Shares | Market Value• ($000) | |||||
Global Payments Inc. | 51,930 | 6,451 | ||||
PACCAR Inc. | 63,433 | 5,551 | ||||
* | Keysight Technologies Inc. | 33,850 | 5,548 | |||
Verisk Analytics Inc. Class A | 28,806 | 5,391 | ||||
DuPont de Nemours Inc. | 94,265 | 5,245 | ||||
Old Dominion Freight Line Inc. | 18,964 | 5,147 | ||||
Rockwell Automation Inc. | 21,607 | 5,120 | ||||
* | Mettler-Toledo International Inc. | 4,101 | 4,972 | |||
Equifax Inc. | 22,559 | 4,258 | ||||
Vulcan Materials Co. | 24,476 | 4,075 | ||||
Martin Marietta Materials Inc. | 11,497 | 3,998 | ||||
Ingersoll Rand Inc. | 75,641 | 3,583 | ||||
* | Waters Corp. | 11,159 | 3,332 | |||
Dover Corp. | 26,602 | 3,324 | ||||
Expeditors International of Washington Inc. | 31,008 | 3,190 | ||||
Synchrony Financial | 93,265 | 3,054 | ||||
Xylem Inc. | 33,210 | 3,025 | ||||
Westinghouse Air Brake Technologies Corp. | 33,743 | 2,958 | ||||
* | FleetCor Technologies Inc. | 13,893 | 2,953 | |||
* | Trimble Inc. | 46,594 | 2,947 | |||
* | Bill.com Holdings Inc. | 18,120 | 2,933 | |||
* | Zebra Technologies Corp. Class A | 9,681 | 2,920 | |||
IDEX Corp. | 14,164 | 2,850 | ||||
Carlisle Cos. Inc. | 9,590 | 2,835 | ||||
JB Hunt Transport Services Inc. | 15,503 | 2,698 | ||||
CH Robinson Worldwide Inc. | 23,206 | 2,649 | ||||
TransUnion | 35,623 | 2,631 | ||||
Jack Henry & Associates Inc. | 13,462 | 2,587 | ||||
* | Generac Holdings Inc. | 11,544 | 2,544 | |||
Stanley Black & Decker Inc. | 27,901 | 2,458 | ||||
Nordson Corp. | 10,759 | 2,444 | ||||
Packaging Corp. of America | 17,431 | 2,387 | ||||
Masco Corp. | 43,959 | 2,236 | ||||
RPM International Inc. | 23,745 | 2,212 | ||||
* | Fair Isaac Corp. | 4,729 | 2,125 | |||
Snap-on Inc. | 9,704 | 2,114 | ||||
Crown Holdings Inc. | 21,859 | 1,980 | ||||
Graco Inc. | 30,864 | 1,970 | ||||
Westrock Co. | 46,788 | 1,899 | ||||
* | Builders FirstSource Inc. | 32,028 | 1,877 | |||
* | Paylocity Holding Corp. | 7,425 | 1,789 | |||
Regal Rexnord Corp. | 12,822 | 1,764 | ||||
Watsco Inc. | 6,107 | 1,661 | ||||
* | WillScot Mobile Mini Holdings Corp. | 40,024 | 1,607 |
Shares | Market Value• ($000) | |||||
Toro Co. | 19,269 | 1,598 | ||||
Genpact Ltd. | 33,469 | 1,572 | ||||
Advanced Drainage Systems Inc. | 11,519 | 1,563 | ||||
Robert Half International Inc. | 20,090 | 1,546 | ||||
Allegion plc | 16,183 | 1,539 | ||||
Fortune Brands Home & Security Inc. | 24,231 | 1,489 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 29,336 | 1,482 | ||||
* | Axon Enterprise Inc. | 12,694 | 1,481 | |||
Owens Corning | 17,926 | 1,465 | ||||
Sealed Air Corp. | 27,175 | 1,462 | ||||
* | Middleby Corp. | 10,123 | 1,456 | |||
Lennox International Inc. | 5,979 | 1,436 | ||||
Cognex Corp. | 32,298 | 1,360 | ||||
A O Smith Corp. | 23,754 | 1,341 | ||||
* | Berry Global Group Inc. | 24,115 | 1,310 | |||
* | Chart Industries Inc. | 6,753 | 1,309 | |||
* | WEX Inc. | 8,295 | 1,280 | |||
AptarGroup Inc. | 12,311 | 1,266 | ||||
AGCO Corp. | 11,616 | 1,263 | ||||
Graphic Packaging Holding Co. | 56,333 | 1,255 | ||||
Donaldson Co. Inc. | 22,601 | 1,161 | ||||
Sonoco Products Co. | 17,851 | 1,125 | ||||
* | TopBuild Corp. | 6,093 | 1,120 | |||
* | WESCO International Inc. | 8,360 | 1,101 | |||
Western Union Co. | 74,039 | 1,097 | ||||
Valmont Industries Inc. | 3,890 | 1,077 | ||||
* | AerCap Holdings NV | 24,373 | 1,074 | |||
* | Mohawk Industries Inc. | 9,694 | 1,070 | |||
MKS Instruments Inc. | 10,702 | 1,066 | ||||
Brunswick Corp. | 14,238 | 1,064 | ||||
Littelfuse Inc. | 4,443 | 1,054 | ||||
* | Axalta Coating Systems Ltd. | 40,903 | 1,053 | |||
Acuity Brands Inc. | 6,333 | 1,038 | ||||
* | Saia Inc. | 4,922 | 1,018 | |||
* | FTI Consulting Inc. | 6,311 | 1,014 | |||
nVent Electric plc | 30,492 | ��� 1,005 | ||||
* | XPO Logistics Inc. | 19,146 | 1,004 | |||
Landstar System Inc. | 6,803 | 998 | ||||
* | Trex Co. Inc. | 21,241 | 994 | |||
* | ExlService Holdings Inc. | 5,916 | 992 | |||
* | ASGN Inc. | 9,182 | 888 | |||
* | MasTec Inc. | 10,991 | 885 | |||
Eagle Materials Inc. | 7,354 | 880 | ||||
* | GXO Logistics Inc. | 19,652 | 872 | |||
* | AMN Healthcare Services Inc. | 8,231 | 845 | |||
* | Bloom Energy Corp. Class A | 32,517 | 826 | |||
MSA Safety Inc. | 6,918 | 822 | ||||
Louisiana-Pacific Corp. | 14,997 | 813 |
Shares | Market Value• ($000) | |||||
* | Euronet Worldwide Inc. | 8,900 | 789 | |||
Franklin Electric Co. Inc. | 8,773 | 762 | ||||
Applied Industrial Technologies Inc. | 7,141 | 757 | ||||
Simpson Manufacturing Co. Inc. | 8,081 | 749 | ||||
* | Kirby Corp. | 11,000 | 738 | |||
Armstrong World Industries Inc. | 8,770 | 737 | ||||
Insperity Inc. | 6,714 | 732 | ||||
ManpowerGroup Inc. | 9,834 | 721 | ||||
Air Lease Corp. Class A | 19,505 | 709 | ||||
Ryder System Inc. | 9,238 | 706 | ||||
Triton International Ltd. | 11,773 | 702 | ||||
Maximus Inc. | 11,561 | 700 | ||||
Watts Water Technologies Inc. Class A | 4,992 | 691 | ||||
* | Atkore Inc. | 7,993 | 675 | |||
Comfort Systems USA Inc. | 6,641 | 666 | ||||
MSC Industrial Direct Co. Inc. Class A | 8,330 | 660 | ||||
HB Fuller Co. | 10,101 | 655 | ||||
Vontier Corp. | 29,874 | 655 | ||||
GATX Corp. | 6,722 | 649 | ||||
* | Summit Materials Inc. Class A | 22,225 | 632 | |||
Zurn Elkay Water Solutions Corp. | 22,537 | 622 | ||||
Korn Ferry | 10,103 | 615 | ||||
John Bean Technologies Corp. | 5,940 | 613 | ||||
* | API Group Corp. | 38,909 | 605 | |||
Hillenbrand Inc. | 13,843 | 577 | ||||
* | Dycom Industries Inc. | 5,111 | 573 | |||
* | Beacon Roofing Supply Inc. | 10,080 | 554 | |||
UniFirst Corp. | 3,058 | 551 | ||||
* | Pagseguro Digital Ltd. Class A | 35,340 | 549 | |||
* | TriNet Group Inc. | 6,605 | 544 | |||
Belden Inc. | 8,151 | 534 | ||||
Herc Holdings Inc. | 4,733 | 533 | ||||
* | Atlas Air Worldwide Holdings Inc. | 5,200 | 520 | |||
* | ACI Worldwide Inc. | 21,043 | 499 | |||
Badger Meter Inc. | 5,225 | 495 | ||||
* | Hub Group Inc. Class A | 6,174 | 493 | |||
Forward Air Corp. | 5,069 | 492 | ||||
Werner Enterprises Inc. | 12,175 | 484 | ||||
Brink's Co. | 8,711 | 482 | ||||
* | StoneCo Ltd. Class A | 50,536 | 479 | |||
* | Dlocal Ltd. Class A | 19,240 | 479 | |||
* | SPX Technologies Inc. | 8,388 | 479 | |||
* | Alight Inc. Class A | 60,554 | 477 | |||
AAON Inc. | 8,040 | 462 | ||||
Federal Signal Corp. | 11,582 | 462 |
Shares | Market Value• ($000) | |||||
Encore Wire Corp. | 3,452 | 449 | ||||
* | Enovix Corp. | 19,518 | 432 | |||
* | Shift4 Payments Inc. Class A | 9,502 | 430 | |||
Brady Corp. Class A | 8,974 | 418 | ||||
* | Verra Mobility Corp. Class A | 26,101 | 416 | |||
* | Itron Inc. | 8,574 | 408 | |||
Terex Corp. | 11,903 | 395 | ||||
Installed Building Products Inc. | 4,278 | 387 | ||||
* | CBIZ Inc. | 8,822 | 385 | |||
Scorpio Tankers Inc. | 9,167 | 381 | ||||
* | O-I Glass Inc. | 29,154 | 379 | |||
Kadant Inc. | 2,104 | 378 | ||||
* | AZEK Co. Inc. Class A | 20,528 | 375 | |||
EVERTEC Inc. | 10,967 | 368 | ||||
McGrath RentCorp | 4,310 | 364 | ||||
Trinity Industries Inc. | 14,880 | 363 | ||||
Bread Financial Holdings Inc. | 9,312 | 358 | ||||
ArcBest Corp. | 4,300 | 346 | ||||
* | Masonite International Corp. | 4,078 | 334 | |||
Helios Technologies Inc. | 5,799 | 317 | ||||
Lindsay Corp. | 1,928 | 309 | ||||
ADT Inc. | 38,028 | 277 | ||||
* | Kornit Digital Ltd. | 8,894 | 276 | |||
* | CryoPort Inc. | 8,100 | 265 | |||
* | Core & Main Inc. Class A | 10,800 | 255 | |||
* | Huron Consulting Group Inc. | 3,776 | 253 | |||
* | Gibraltar Industries Inc. | 5,906 | 247 | |||
* | OSI Systems Inc. | 2,959 | 247 | |||
Granite Construction Inc. | 8,197 | 246 | ||||
* | Virgin Galactic Holdings Inc. | 40,936 | 242 | |||
* | Flywire Corp. | 9,602 | 239 | |||
Schneider National Inc. Class B | 9,954 | 228 | ||||
SFL Corp. Ltd. | 21,019 | 225 | ||||
* | Gates Industrial Corp. plc | 19,800 | 212 | |||
Tennant Co. | 3,447 | 208 | ||||
TriMas Corp. | 7,262 | 200 | ||||
Primoris Services Corp. | 9,814 | 199 | ||||
* | TuSimple Holdings Inc. Class A | 26,206 | 188 | |||
* | Green Dot Corp. Class A | 9,001 | 183 | |||
H&E Equipment Services Inc. | 5,759 | 182 | ||||
* | Proto Labs Inc. | 4,700 | 180 | |||
Greenbrier Cos. Inc. | 6,262 | 179 | ||||
* | JELD-WEN Holding Inc. | 15,938 | 178 | |||
Trinseo plc | 6,543 | 174 | ||||
Apogee Enterprises Inc. | 4,245 | 173 | ||||
TTEC Holdings Inc. | 3,270 | 171 |
Shares | Market Value• ($000) | |||||
Ardagh Metal Packaging SA | 26,900 | 165 | ||||
* | American Woodmark Corp. | 3,062 | 159 | |||
*,1 | Desktop Metal Inc. Class A | 47,900 | 152 | |||
Astec Industries Inc. | 3,860 | 147 | ||||
Deluxe Corp. | 7,164 | 138 | ||||
* | Hayward Holdings Inc. | 12,500 | 131 | |||
Heartland Express Inc. | 8,511 | 129 | ||||
* | TrueBlue Inc. | 6,241 | 128 | |||
Matson Inc. | 1,719 | 127 | ||||
* | Cimpress plc | 3,728 | 125 | |||
* | FARO Technologies Inc. | 3,092 | 104 | |||
* | Vivint Smart Home Inc. | 15,400 | 96 | |||
* | Forrester Research Inc. | 2,169 | 90 | |||
* | Ranpak Holdings Corp. Class A | 6,500 | 34 | |||
638,065 | ||||||
Real Estate (4.1%) | ||||||
American Tower Corp. | 86,187 | 21,896 | ||||
Prologis Inc. | 137,129 | 17,074 | ||||
Crown Castle Inc. | 80,035 | 13,672 | ||||
Equinix Inc. | 16,921 | 11,123 | ||||
Public Storage | 28,989 | 9,590 | ||||
Realty Income Corp. | 111,594 | 7,620 | ||||
Digital Realty Trust Inc. | 52,771 | 6,524 | ||||
Welltower Inc. | 84,259 | 6,458 | ||||
SBA Communications Corp. Class A | 19,804 | 6,441 | ||||
Simon Property Group Inc. | 60,592 | 6,179 | ||||
AvalonBay Communities Inc. | 25,871 | 5,198 | ||||
* | CoStar Group Inc. | 73,422 | 5,113 | |||
Equity Residential | 68,554 | 5,017 | ||||
Extra Space Storage Inc. | 24,577 | 4,884 | ||||
* | CBRE Group Inc. Class A | 61,440 | 4,851 | |||
Alexandria Real Estate Equities Inc. | 30,114 | 4,620 | ||||
Duke Realty Corp. | 71,247 | 4,193 | ||||
Invitation Homes Inc. | 112,780 | 4,092 | ||||
Ventas Inc. | 73,912 | 3,537 | ||||
Mid-America Apartment Communities Inc. | 21,223 | 3,516 | ||||
Sun Communities Inc. | 22,219 | 3,415 | ||||
Essex Property Trust Inc. | 12,072 | 3,200 | ||||
WP Carey Inc. | 35,112 | 2,950 | ||||
Iron Mountain Inc. | 53,782 | 2,830 | ||||
Healthpeak Properties Inc. | 100,532 | 2,639 | ||||
UDR Inc. | 58,726 | 2,635 | ||||
Camden Property Trust | 19,207 | 2,468 | ||||
Kimco Realty Corp. | 111,300 | 2,346 | ||||
Host Hotels & Resorts Inc. | 131,900 | 2,344 | ||||
Boston Properties Inc. | 29,107 | 2,312 | ||||
Equity LifeStyle Properties Inc. | 32,685 | 2,291 | ||||
American Homes 4 Rent Class A | 56,198 | 1,998 |
Shares | Market Value• ($000) | |||||
Life Storage Inc. | 15,437 | 1,964 | ||||
Regency Centers Corp. | 31,666 | 1,927 | ||||
CubeSmart | 41,245 | 1,899 | ||||
Rexford Industrial Realty Inc. | 30,369 | 1,889 | ||||
Healthcare Realty Trust Inc. Class A | 69,760 | 1,697 | ||||
Medical Properties Trust Inc. | 110,325 | 1,612 | ||||
* | Jones Lang LaSalle Inc. | 9,179 | 1,588 | |||
Lamar Advertising Co. Class A | 16,149 | 1,516 | ||||
Federal Realty Investment Trust | 14,549 | 1,473 | ||||
Americold Realty Trust Inc. | 49,937 | 1,469 | ||||
National Retail Properties Inc. | 32,296 | 1,450 | ||||
Omega Healthcare Investors Inc. | 43,387 | 1,417 | ||||
STORE Capital Corp. | 46,554 | 1,256 | ||||
EastGroup Properties Inc. | 7,561 | 1,248 | ||||
First Industrial Realty Trust Inc. | 24,198 | 1,226 | ||||
Brixmor Property Group Inc. | 55,268 | 1,187 | ||||
Apartment Income REIT Corp. Class A | 28,662 | 1,171 | ||||
Kilroy Realty Corp. | 22,191 | 1,082 | ||||
STAG Industrial Inc. | 33,303 | 1,026 | ||||
Agree Realty Corp. | 13,538 | 1,020 | ||||
Spirit Realty Capital Inc. | 24,777 | 1,012 | ||||
Rayonier Inc. | 26,973 | 958 | ||||
* | Zillow Group Inc. Class C | 28,478 | 953 | |||
Vornado Realty Trust | 32,470 | 851 | ||||
Terreno Realty Corp. | 13,615 | 830 | ||||
* | Ryman Hospitality Properties Inc. | 10,049 | 826 | |||
Independence Realty Trust Inc. | 41,857 | 814 | ||||
National Storage Affiliates Trust | 15,865 | 802 | ||||
Kite Realty Group Trust | 40,582 | 786 | ||||
Cousins Properties Inc. | 27,623 | 742 | ||||
Physicians Realty Trust | 41,860 | 697 | ||||
Apple Hospitality REIT Inc. | 40,584 | 646 | ||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 15,942 | 630 | ||||
Douglas Emmett Inc. | 31,804 | 621 | ||||
Broadstone Net Lease Inc. | 32,061 | 614 | ||||
Park Hotels & Resorts Inc. | 43,648 | 611 | ||||
EPR Properties | 13,816 | 601 | ||||
Highwoods Properties Inc. | 19,596 | 596 | ||||
PotlatchDeltic Corp. | 12,699 | 590 | ||||
Essential Properties Realty Trust Inc. | 24,823 | 562 | ||||
* | Equity Commonwealth | 20,992 | 552 |
Shares | Market Value• ($000) | |||||
Corporate Office Properties Trust | 21,273 | 550 | ||||
National Health Investors Inc. | 8,334 | 546 | ||||
LXP Industrial Trust | 53,920 | 542 | ||||
SL Green Realty Corp. | 11,985 | 529 | ||||
* | DigitalBridge Group Inc. | 27,888 | 496 | |||
JBG SMITH Properties | 22,461 | 494 | ||||
Outfront Media Inc. | 27,569 | 488 | ||||
SITE Centers Corp. | 37,073 | 481 | ||||
Innovative Industrial Properties Inc. | 5,207 | 478 | ||||
* | Howard Hughes Corp. | 7,354 | 468 | |||
* | Zillow Group Inc. Class A | 12,838 | 429 | |||
Pebblebrook Hotel Trust | 24,242 | 427 | ||||
* | Sunstone Hotel Investors Inc. | 38,877 | 423 | |||
* | Cushman & Wakefield plc | 28,300 | 423 | |||
Uniti Group Inc. | 42,498 | 399 | ||||
Kennedy-Wilson Holdings Inc. | 22,689 | 398 | ||||
Retail Opportunity Investments Corp. | 23,487 | 393 | ||||
Four Corners Property Trust Inc. | 14,374 | 387 | ||||
CareTrust REIT Inc. | 17,931 | 386 | ||||
Macerich Co. | 40,055 | 383 | ||||
Hudson Pacific Properties Inc. | 27,221 | 360 | ||||
Urban Edge Properties | 22,671 | 357 | ||||
* | Opendoor Technologies Inc. | 82,275 | 356 | |||
RLJ Lodging Trust | 29,029 | 350 | ||||
* | DiamondRock Hospitality Co. | 38,909 | 340 | |||
Washington REIT | 16,791 | 329 | ||||
* | Xenia Hotels & Resorts Inc. | 20,338 | 323 | |||
Getty Realty Corp. | 10,527 | 317 | ||||
LTC Properties Inc. | 6,953 | 312 | ||||
Tanger Factory Outlet Centers Inc. | 18,800 | 290 | ||||
Newmark Group Inc. Class A | 26,236 | 269 | ||||
Acadia Realty Trust | 16,818 | 268 | ||||
Piedmont Office Realty Trust Inc. Class A | 22,371 | 264 | ||||
Global Net Lease Inc. | 19,042 | 262 | ||||
Brandywine Realty Trust | 31,193 | 251 | ||||
American Assets Trust Inc. | 8,928 | 248 | ||||
Alexander & Baldwin Inc. | 13,099 | 245 | ||||
St. Joe Co. | 6,211 | 237 | ||||
* | Apartment Investment & Management Co. Class A | 26,700 | 236 | |||
Paramount Group Inc. | 33,704 | 234 | ||||
Centerspace | 2,789 | 210 | ||||
* | Veris Residential Inc. | 14,614 | 196 |
Shares | Market Value• ($000) | |||||
* | Anywhere Real Estate Inc. | 19,737 | 193 | |||
Marcus & Millichap Inc. | 4,757 | 178 | ||||
Empire State Realty Trust Inc. Class A | 24,900 | 174 | ||||
eXp World Holdings Inc. | 12,400 | 160 | ||||
Summit Hotel Properties Inc. | 19,124 | 150 | ||||
RPT Realty | 15,423 | 149 | ||||
* | Redfin Corp. | 17,631 | 144 | |||
Universal Health Realty Income Trust | 2,415 | 123 | ||||
Saul Centers Inc. | 2,184 | 97 | ||||
* | WeWork Inc. | 23,608 | 97 | |||
Orion Office REIT Inc. | 9,700 | 96 | ||||
244,372 | ||||||
Technology (30.5%) | ||||||
Apple Inc. | 2,840,385 | 446,566 | ||||
Microsoft Corp. | 1,389,897 | 363,416 | ||||
* | Alphabet Inc. Class C | 1,116,943 | 121,914 | |||
* | Alphabet Inc. Class A | 1,020,699 | 110,460 | |||
* | Meta Platforms Inc. Class A | 426,007 | 69,409 | |||
NVIDIA Corp. | 447,382 | 67,528 | ||||
Broadcom Inc. | 74,124 | 36,996 | ||||
* | Adobe Inc. | 87,704 | 32,752 | |||
Texas Instruments Inc. | 171,042 | 28,258 | ||||
* | Salesforce Inc. | 178,775 | 27,910 | |||
QUALCOMM Inc. | 208,085 | 27,523 | ||||
* | Advanced Micro Devices Inc. | 300,072 | 25,467 | |||
Intel Corp. | 759,853 | 24,254 | ||||
Intuit Inc. | 51,198 | 22,106 | ||||
Oracle Corp. | 281,006 | 20,837 | ||||
* | ServiceNow Inc. | 37,238 | 16,184 | |||
Applied Materials Inc. | 163,781 | 15,407 | ||||
Micron Technology Inc. | 207,044 | 11,704 | ||||
Lam Research Corp. | 25,818 | 11,306 | ||||
* | Palo Alto Networks Inc. | 17,963 | 10,002 | |||
* | Synopsys Inc. | 28,336 | 9,805 | |||
KLA Corp. | 27,761 | 9,553 | ||||
* | Cadence Design Systems Inc. | 50,624 | 8,797 | |||
* | Autodesk Inc. | 40,425 | 8,155 | |||
NXP Semiconductors NV | 48,621 | 8,002 | ||||
Marvell Technology Inc. | 157,755 | 7,386 | ||||
* | Crowdstrike Holdings Inc. Class A | 39,168 | 7,152 | |||
* | Snowflake Inc. Class A | 36,486 | 6,602 | |||
Microchip Technology Inc. | 99,793 | 6,511 | ||||
* | Atlassian Corp. plc Class A | 25,379 | 6,285 | |||
Cognizant Technology Solutions Corp. Class A | 96,549 | 6,099 | ||||
* | Workday Inc. Class A | 36,233 | 5,962 | |||
* | Fortinet Inc. | 121,964 | 5,938 | |||
HP Inc. | 195,969 | 5,626 | ||||
* | ON Semiconductor Corp. | 80,555 | 5,540 |
Shares | Market Value• ($000) | |||||
* | Twitter Inc. | 138,635 | 5,372 | |||
* | Datadog Inc. Class A | 48,108 | 5,049 | |||
Corning Inc. | 140,286 | 4,815 | ||||
* | EPAM Systems Inc. | 10,149 | 4,329 | |||
CDW Corp. | 25,040 | 4,274 | ||||
* | Gartner Inc. | 14,528 | 4,145 | |||
Monolithic Power Systems Inc. | 8,492 | 3,848 | ||||
VMware Inc. Class A | 33,145 | 3,846 | ||||
* | Zoom Video Communications Inc. Class A | 46,949 | 3,775 | |||
* | MongoDB Inc. Class A | 11,679 | 3,771 | |||
* | Paycom Software Inc. | 9,464 | 3,324 | |||
Hewlett Packard Enterprise Co. | 240,952 | 3,277 | ||||
* | VeriSign Inc. | 17,858 | 3,254 | |||
* | Cloudflare Inc. Class A | 51,799 | 3,241 | |||
NetApp Inc. | 41,585 | 3,000 | ||||
Skyworks Solutions Inc. | 29,710 | 2,928 | ||||
* | HubSpot Inc. | 8,516 | 2,870 | |||
* | Tyler Technologies Inc. | 7,636 | 2,837 | |||
* | DoorDash Inc. Class A | 46,337 | 2,776 | |||
* | Splunk Inc. | 29,778 | 2,681 | |||
* | Akamai Technologies Inc. | 29,424 | 2,656 | |||
Entegris Inc. | 27,420 | 2,602 | ||||
* | Palantir Technologies Inc. Class A | 335,131 | 2,587 | |||
Teradyne Inc. | 29,727 | 2,516 | ||||
* | Western Digital Corp. | 58,372 | 2,467 | |||
* | Zscaler Inc. | 15,465 | 2,463 | |||
* | Pinterest Inc. Class A | 106,593 | 2,456 | |||
* | Wolfspeed Inc. | 21,400 | 2,428 | |||
Citrix Systems Inc. | 23,428 | 2,408 | ||||
NortonLifeLock Inc. | 105,103 | 2,374 | ||||
SS&C Technologies Holdings Inc. | 41,261 | 2,301 | ||||
Seagate Technology Holdings plc | 34,184 | 2,289 | ||||
* | GoDaddy Inc. Class A | 29,939 | 2,270 | |||
* | PTC Inc. | 19,591 | 2,251 | |||
* | Check Point Software Technologies Ltd. | 18,617 | 2,239 | |||
* | Twilio Inc. Class A | 31,863 | 2,217 | |||
* | DocuSign Inc. | 36,588 | 2,130 | |||
* | Okta Inc. Class A | 23,080 | 2,110 | |||
Amdocs Ltd. | 22,538 | 1,926 | ||||
* | Black Knight Inc. | 28,569 | 1,890 | |||
* | Qorvo Inc. | 20,089 | 1,804 | |||
* | F5 Inc. | 11,439 | 1,797 | |||
* | Zendesk Inc. | 22,650 | 1,739 | |||
* | Unity Software Inc. | 38,692 | 1,653 | |||
* | Manhattan Associates Inc. | 11,579 | 1,636 | |||
* | Globant SA | 7,607 | 1,603 | |||
* | Flex Ltd. | 86,222 | 1,536 | |||
* | Ceridian HCM Holding Inc. | 25,484 | 1,520 |
Shares | Market Value• ($000) | |||||
* | Pure Storage Inc. Class A | 52,205 | 1,512 | |||
* | Avalara Inc. | 15,962 | 1,462 | |||
* | Dynatrace Inc. | 36,797 | 1,405 | |||
* | Lattice Semiconductor Corp. | 24,971 | 1,346 | |||
* | Arrow Electronics Inc. | 12,240 | 1,283 | |||
* | Five9 Inc. | 12,749 | 1,251 | |||
* | Elastic NV | 14,040 | 1,178 | |||
* | Guidewire Software Inc. | 16,212 | 1,163 | |||
* | Change Healthcare Inc. | 46,900 | 1,152 | |||
* | DXC Technology Co. | 45,139 | 1,119 | |||
* | Dropbox Inc. Class A | 51,529 | 1,102 | |||
* | Qualys Inc. | 7,133 | 1,083 | |||
* | Aspen Technology Inc. | 5,139 | 1,082 | |||
* | CyberArk Software Ltd. | 7,337 | 1,059 | |||
* | Clarivate plc | 88,884 | 1,037 | |||
Concentrix Corp. | 7,963 | 1,002 | ||||
* | Mandiant Corp. | 42,801 | 978 | |||
National Instruments Corp. | 24,134 | 960 | ||||
Switch Inc. Class A | 27,048 | 918 | ||||
Universal Display Corp. | 8,172 | 913 | ||||
* | Novanta Inc. | 6,466 | 864 | |||
Dolby Laboratories Inc. Class A | 11,725 | 859 | ||||
* | Synaptics Inc. | 7,429 | 859 | |||
* | Rogers Corp. | 3,422 | 857 | |||
* | Silicon Laboratories Inc. | 6,625 | 830 | |||
* | SPS Commerce Inc. | 6,770 | 827 | |||
* | Coupa Software Inc. | 13,969 | 816 | |||
* | Cirrus Logic Inc. | 10,519 | 807 | |||
* | Tenable Holdings Inc. | 20,324 | 805 | |||
* | Smartsheet Inc. Class A | 23,666 | 787 | |||
Avnet Inc. | 17,824 | 782 | ||||
Power Integrations Inc. | 10,851 | 776 | ||||
* | NCR Corp. | 24,385 | 757 | |||
TD SYNNEX Corp. | 7,791 | 750 | ||||
Azenta Inc. | 13,705 | 722 | ||||
* | Procore Technologies Inc. | 13,065 | 713 | |||
* | Alteryx Inc. Class A | 11,213 | 699 | |||
* | Fabrinet | 6,798 | 699 | |||
* | Blackline Inc. | 10,227 | 695 | |||
* | RingCentral Inc. Class A | 15,854 | 682 | |||
* | Nutanix Inc. Class A | 39,209 | 678 | |||
Dun & Bradstreet Holdings Inc. | 46,807 | 667 | ||||
* | Wix.com Ltd. | 10,459 | 662 | |||
* | Ziff Davis Inc. | 8,509 | 658 | |||
Vertiv Holdings Co. Class A | 56,951 | 657 | ||||
* | Onto Innovation Inc. | 9,207 | 654 | |||
Advanced Energy Industries Inc. | 7,001 | 629 | ||||
* | Teradata Corp. | 19,060 | 627 | |||
* | Rapid7 Inc. | 10,862 | 625 | |||
* | Box Inc. Class A | 23,787 | 613 | |||
* | Workiva Inc. Class A | 8,918 | 605 | |||
* | Alarm.com Holdings Inc. | 9,069 | 604 |
Shares | Market Value• ($000) | |||||
* | Diodes Inc. | 8,462 | 602 | |||
* | DigitalOcean Holdings Inc. | 14,132 | 595 | |||
* | New Relic Inc. | 9,465 | 575 | |||
* | Varonis Systems Inc. Class A | 20,301 | 555 | |||
* | Verint Systems Inc. | 11,299 | 548 | |||
* | Semtech Corp. | 11,687 | 540 | |||
* | Rambus Inc. | 20,571 | 531 | |||
* | Envestnet Inc. | 10,041 | 526 | |||
* | Insight Enterprises Inc. | 5,744 | 523 | |||
* | Perficient Inc. | 6,502 | 508 | |||
* | Altair Engineering Inc. Class A | 9,680 | 503 | |||
Vishay Intertechnology Inc. | 25,119 | 494 | ||||
* | Sprout Social Inc. Class A | 8,139 | 489 | |||
* | Global-e Online Ltd. | 14,839 | 469 | |||
* | MaxLinear Inc. Class A | 13,025 | 468 | |||
* | Blackbaud Inc. | 8,655 | 453 | |||
* | Ambarella Inc. | 6,626 | 450 | |||
* | CommVault Systems Inc. | 8,020 | 435 | |||
Kulicke & Soffa Industries Inc. | 10,326 | 434 | ||||
* | FormFactor Inc. | 14,797 | 433 | |||
* | Yelp Inc. Class A | 12,486 | 427 | |||
* | NetScout Systems Inc. | 13,423 | 426 | |||
*,1 | MicroStrategy Inc. Class A | 1,767 | 409 | |||
* | Q2 Holdings Inc. | 10,124 | 402 | |||
* | PagerDuty Inc. | 15,218 | 396 | |||
* | Covetrus Inc. | 18,926 | 395 | |||
* | Bumble Inc. Class A | 15,602 | 391 | |||
* | Upwork Inc. | 21,513 | 374 | |||
Amkor Technology Inc. | 18,424 | 371 | ||||
Progress Software Corp. | 7,666 | 369 | ||||
* | Cargurus Inc. Class A | 18,925 | 354 | |||
* | Appfolio Inc. Class A | 3,400 | 345 | |||
Xerox Holdings Corp. | 20,568 | 342 | ||||
* | Allscripts Healthcare Solutions Inc. | 20,086 | 341 | |||
* | Appian Corp. Class A | 7,155 | 336 | |||
CSG Systems International Inc. | 5,601 | 324 | ||||
* | TechTarget Inc. | 4,900 | 318 | |||
* | SiTime Corp. | 2,913 | 310 | |||
Xperi Holding Corp. | 19,300 | 307 | ||||
* | Digital Turbine Inc. | 16,042 | 296 | |||
* | DoubleVerify Holdings Inc. | 11,406 | 295 | |||
* | Jamf Holding Corp. | 11,706 | 280 | |||
Pegasystems Inc. | 7,342 | 269 | ||||
* | Everbridge Inc. | 6,700 | 267 | |||
* | Schrodinger Inc. | 9,700 | 266 | |||
* | Monday.com Ltd. | 2,300 | 262 | |||
* | Asana Inc. Class A | 13,651 | 261 | |||
* | E2open Parent Holdings Inc. | 37,524 | 258 | |||
Methode Electronics Inc. | 6,300 | 255 | ||||
* | JFrog Ltd. | 11,800 | 250 |
Shares | Market Value• ($000) | |||||
* | LiveRamp Holdings Inc. | 12,247 | 243 | |||
CTS Corp. | 5,738 | 243 | ||||
Shutterstock Inc. | 4,358 | 241 | ||||
* | 3D Systems Corp. | 23,663 | 240 | |||
* | C3.ai Inc. Class A | 12,400 | 223 | |||
* | Stratasys Ltd. | 12,376 | 214 | |||
* | Thoughtworks Holding Inc. | 15,300 | 201 | |||
* | Allegro MicroSystems Inc. | 8,500 | 198 | |||
* | BigCommerce Holdings Inc. | 11,500 | 192 | |||
* | Fastly Inc. Class A | 20,340 | 190 | |||
* | Fiverr International Ltd. | 5,353 | 185 | |||
* | Matterport Inc. | 39,200 | 181 | |||
* | Momentive Global Inc. | 23,886 | 169 | |||
* | Magnite Inc. | 22,106 | 166 | |||
* | Duck Creek Technologies Inc. | 13,100 | 156 | |||
* | Consensus Cloud Solutions Inc. | 3,107 | 156 | |||
* | LivePerson Inc. | 13,006 | 151 | |||
* | IonQ Inc. | 25,184 | 150 | |||
* | PROS Holdings Inc. | 6,868 | 143 | |||
*,1 | MicroVision Inc. | 28,000 | 136 | |||
* | Cerence Inc. | 6,656 | 133 | |||
* | ScanSource Inc. | 4,196 | 122 | |||
* | N-able Inc. | 12,037 | 120 | |||
Ebix Inc. | 4,571 | 119 | ||||
* | Yext Inc. | 19,447 | 87 | |||
* | SolarWinds Corp. | 8,638 | 78 | |||
* | Bandwidth Inc. Class A | 3,900 | 60 | |||
* | Cognyte Software Ltd. | 11,300 | 59 | |||
*,1 | Vroom Inc. | 24,900 | 41 | |||
* | Avaya Holdings Corp. | 14,191 | 23 | |||
*,2 | Yandex NV Class A | 54,882 | — | |||
1,801,609 | ||||||
Telecommunications (3.0%) | ||||||
Cisco Systems Inc. | 772,140 | 34,530 | ||||
Verizon Communications Inc. | 780,783 | 32,645 | ||||
Comcast Corp. Class A | 825,954 | 29,891 | ||||
AT&T Inc. | 1,330,400 | 23,335 | ||||
* | T-Mobile US Inc. | 110,817 | 15,953 | |||
* | Charter Communications Inc. Class A | 21,479 | 8,863 | |||
Motorola Solutions Inc. | 30,535 | 7,432 | ||||
* | Arista Networks Inc. | 46,179 | 5,536 | |||
Lumen Technologies Inc. | 190,557 | 1,898 | ||||
Juniper Networks Inc. | 59,368 | 1,687 | ||||
* | Roku Inc. Class A | 22,229 | 1,512 | |||
* | Ciena Corp. | 28,020 | 1,422 | |||
Cable One Inc. | 1,116 | 1,267 | ||||
* | Frontier Communications Parent Inc. | 45,413 | 1,170 | |||
* | Lumentum Holdings Inc. | 12,745 | 1,065 | |||
* | Liberty Global plc Class A | 46,374 | 937 |
Shares | Market Value• ($000) | |||||
* | Liberty Global plc Class C | 41,496 | 884 | |||
* | DISH Network Corp. Class A | 47,010 | 816 | |||
* | Calix Inc. | 10,328 | 608 | |||
* | Viavi Solutions Inc. | 42,670 | 601 | |||
Cogent Communications Holdings Inc. | 8,285 | �� 441 | ||||
* | CommScope Holding Co. Inc. | 37,873 | 428 | |||
* | Altice USA Inc. Class A | 38,500 | 385 | |||
Ubiquiti Inc. | 1,100 | 341 | ||||
Telephone & Data Systems Inc. | 17,869 | 291 | ||||
InterDigital Inc. | 5,455 | 274 | ||||
Shenandoah Telecommunications Co. | 8,700 | 194 | ||||
* | Liberty Latin America Ltd. Class C | 26,571 | 185 | |||
* | NETGEAR Inc. | 5,364 | 126 | |||
*,1 | fuboTV Inc. | 31,306 | 113 | |||
* | EchoStar Corp. Class A | 6,100 | 112 | |||
* | 8x8 Inc. | 19,256 | 100 | |||
* | United States Cellular Corp. | 2,821 | 81 | |||
* | Liberty Latin America Ltd. Class A | 9,082 | 64 | |||
175,187 | ||||||
Utilities (0.7%) | ||||||
Waste Management Inc. | 77,062 | 13,026 | ||||
Republic Services Inc. Class A | 38,221 | 5,455 | ||||
American Water Works Co. Inc. | 33,797 | 5,017 | ||||
Atmos Energy Corp. | 25,512 | 2,893 | ||||
Essential Utilities Inc. | 42,550 | 2,091 | ||||
* | Sunrun Inc. | 38,475 | 1,271 | |||
* | Clean Harbors Inc. | 9,485 | 1,114 | |||
Southwest Gas Holdings Inc. | 12,112 | 943 | ||||
* | Stericycle Inc. | 17,159 | 860 | |||
New Jersey Resources Corp. | 17,952 | 792 | ||||
Ormat Technologies Inc. | 8,299 | 776 | ||||
ONE Gas Inc. | 9,866 | 772 | ||||
* | Casella Waste Systems Inc. Class A | 9,316 | 763 | |||
South Jersey Industries Inc. | 22,128 | 749 | ||||
Spire Inc. | 9,649 | 674 | ||||
California Water Service Group | 10,387 | 608 | ||||
* | Sunnova Energy International Inc. | 17,806 | 449 | |||
SJW Group | 4,868 | 313 |
Shares | Market Value• ($000) | |||||
Northwest Natural Holding Co. | 6,100 | 290 | ||||
* | Harsco Corp. | 13,234 | 75 | |||
38,931 | ||||||
Total Common Stocks (Cost $5,903,331) | 5,884,384 | |||||
Temporary Cash Investments (0.3%) | ||||||
Money Market Fund (0.3%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 2.284% (Cost $15,581) | 155,866 | 15,582 | |||
Total Investments (100.0%) (Cost $5,918,912) | 5,899,966 | |||||
Other Assets and Liabilities—Net (0.0%) | 292 | |||||
Net Assets (100%) | 5,900,258 |
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 $5,809,000. |
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 $6,274,000 was received for securities on loan, of which $6,273,000 is held in Vanguard Market Liquidity Fund and $1,000 is held in cash. |
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 2022 | 80 | 15,826 | (578) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $5,903,331) | 5,884,384 |
Affiliated Issuers (Cost $15,581) | 15,582 |
Total Investments in Securities | 5,899,966 |
Investment in Vanguard | 219 |
Cash | 1 |
Cash Collateral Pledged—Futures Contracts | 693 |
Receivables for Investment Securities Sold | 265 |
Receivables for Accrued Income | 6,048 |
Receivables for Capital Shares Issued | 1 |
Total Assets | 5,907,193 |
Liabilities | |
Due to Custodian | 296 |
Payables for Investment Securities Purchased | 14 |
Collateral for Securities on Loan | 6,274 |
Payables to Vanguard | 245 |
Variation Margin Payable—Futures Contracts | 106 |
Total Liabilities | 6,935 |
Net Assets | 5,900,258 |
1 Includes $5,809 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 6,002,862 |
Total Distributable Earnings (Loss) | (102,604) |
Net Assets | 5,900,258 |
Net Assets | |
Applicable to 84,775,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,900,258 |
Net Asset Value Per Share | $69.60 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends 1 | 74,841 |
Interest 2 | 59 |
Securities Lending—Net | 347 |
Total Income | 75,247 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 709 |
Management and Administrative | 4,080 |
Marketing and Distribution | 322 |
Custodian Fees | 62 |
Auditing Fees | 32 |
Shareholders’ Reports | 102 |
Trustees’ Fees and Expenses | 2 |
Other Expenses | 14 |
Total Expenses | 5,323 |
Net Investment Income | 69,924 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 23,192 |
Futures Contracts | (1,675) |
Realized Net Gain (Loss) | 21,517 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (1,198,611) |
Futures Contracts | (1,113) |
Change in Unrealized Appreciation (Depreciation) | (1,199,724) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,108,283) |
1 | Dividends are net of foreign withholding taxes of $23,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $59,000, ($10,000), less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $82,582,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 69,924 | 41,668 |
Realized Net Gain (Loss) | 21,517 | 214,169 |
Change in Unrealized Appreciation (Depreciation) | (1,199,724) | 783,171 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,108,283) | 1,039,008 |
Distributions | ||
Total Distributions | (64,814) | (34,446) |
Capital Share Transactions | ||
Issued | 2,042,647 | 2,829,322 |
Issued in Lieu of Cash Distributions | — | — |
Redeemed | (228,692) | (548,827) |
Net Increase (Decrease) from Capital Share Transactions | 1,813,955 | 2,280,495 |
Total Increase (Decrease) | 640,858 | 3,285,057 |
Net Assets | ||
Beginning of Period | 5,259,400 | 1,974,343 |
End of Period | 5,900,258 | 5,259,400 |
For a Share Outstanding Throughout Each Period | Year Ended August 31, | September 18, 20181 to August 31, 2019 | ||
2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $84.42 | $64.47 | $51.25 | $50.00 |
Investment Operations | ||||
Net Investment Income2 | .921 | .873 | .846 | .792 |
Net Realized and Unrealized Gain (Loss) on Investments | (14.856) | 19.844 | 13.146 | .868 |
Total from Investment Operations | (13.935) | 20.717 | 13.992 | 1.660 |
Distributions | ||||
Dividends from Net Investment Income | (.885) | (.767) | (.772) | (.410) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.885) | (.767) | (.772) | (.410) |
Net Asset Value, End of Period | $69.60 | $84.42 | $64.47 | $51.25 |
Total Return | -16.61% | 32.41% | 27.60% | 3.40% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $5,900 | $5,259 | $1,974 | $595 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.12% | 0.12% 3 |
Ratio of Net Investment Income to Average Net Assets | 1.18% | 1.18% | 1.54% | 1.67% 3 |
Portfolio Turnover Rate4 | 7% | 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 | 5,884,384 | — | — | 5,884,384 |
Temporary Cash Investments | 15,582 | — | — | 15,582 |
Total | 5,899,966 | — | — | 5,899,966 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 578 | — | — | 578 |
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 | 82,591 |
Total Distributable Earnings (Loss) | (82,591) |
Amount ($000) | |
Undistributed Ordinary Income | 17,500 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (95,408) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (24,696) |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 64,814 | 34,446 |
Long-Term Capital Gains | — | — |
Total | 64,814 | 34,446 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 5,924,662 |
Gross Unrealized Appreciation | 714,548 |
Gross Unrealized Depreciation | (739,244) |
Net Unrealized Appreciation (Depreciation) | (24,696) |
Year Ended August 31, | ||||
2022 Shares (000) | 2021 Shares (000) | |||
Issued | 25,425 | 39,175 | ||
Issued in Lieu of Cash Distributions | — | — | ||
Redeemed | (2,950) | (7,500) | ||
Net Increase (Decrease) in Shares Outstanding | 22,475 | 31,675 |
Philadelphia, Pennsylvania
October 18, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
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1 | |
2 | |
4 | |
7 | |
99 | |
101 |
• | The 12 months ended August 31, 2022, were a very challenging period for financial markets. Vanguard ESG International Stock ETF returned –22.38% (based on net asset value), roughly in line with the expense-free –22.05% return of its benchmark. |
• | Early on, pent-up demand helped spur global growth and push unemployment rates down. The economic backdrop deteriorated, however, as inflation soared to multidecade highs, fueled in part by higher energy and food prices after Russia’s invasion of Ukraine. Many central banks reacted by raising interest rates, which pushed borrowing costs higher and sparked fears of recession. |
• | For the fund’s benchmark, all 11 industry sectors posted negative returns. Utilities fared the best, with a return of about –1%. At the other end of the performance spectrum, technology, which is the second-largest component in the index, returned about –32%. |
• | By region, Europe weighed the most on performance. Sweden, the Netherlands, Germany, and Ireland all posted declines of more than –30%. Japan, the largest constituent in the index, returned about –21%. |
Average Annual Total Returns Periods Ended August 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -12.96% | 12.14% | 11.61% |
Russell 2000 Index (Small-caps) | -17.88 | 8.59 | 6.95 |
Russell 3000 Index (Broad U.S. market) | -13.28 | 11.90 | 11.29 |
FTSE All-World ex US Index (International) | -19.00 | 3.48 | 2.12 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -11.65% | -2.01% | 0.54% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.63 | -0.83 | 1.28 |
FTSE Three-Month U.S. Treasury Bill Index | 0.44 | 0.56 | 1.10 |
CPI | |||
Consumer Price Index | 8.26% | 4.90% | 3.82% |
• | 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, 2022 | |||
ESG International Stock ETF | Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $ 853.50 | $0.56 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.60 | 0.61 |
![](https://capedge.com/proxy/N-CSR/0001104659-22-113005/g295406imgc34cfa722.jpg)
Average Annual Total Returns Periods Ended August 31, 2022 | ||||
One Year | Since Inception (9/18/2018) | Final Value of a $10,000 Investment | ||
![]() | ESG International Stock ETF Net Asset Value | -22.38% | 1.42% | $10,575 |
ESG International Stock ETF Market Price | -22.48 | 1.41 | 10,569 | |
![]() | FTSE Global All Cap ex US Choice Index | -22.05 | 1.70 | 10,688 |
![]() | FTSE Global All Cap ex US Index | -19.39 | 1.92 | 10,779 |
Cumulative Returns of ETF Shares: September 18, 2018, Through August 31, 2022 | ||
One Year | Since Inception (9/18/2018) | |
ESG International Stock ETF Market Price | -22.48% | 5.69% |
ESG International Stock ETF Net Asset Value | -22.38 | 5.75 |
FTSE Global All Cap ex US Choice Index | -22.05 | 6.88 |
Japan | 16.9% |
China | 9.0 |
United Kingdom | 7.8 |
Canada | 7.0 |
Switzerland | 6.7 |
Taiwan | 6.0 |
Australia | 5.3 |
Germany | 4.8 |
India | 4.2 |
France | 4.0 |
South Korea | 3.8 |
Netherlands | 3.0 |
Sweden | 2.2 |
Hong Kong | 2.1 |
Denmark | 1.8 |
Brazil | 1.5 |
Italy | 1.4 |
Spain | 1.2 |
South Africa | 1.1 |
Singapore | 1.1 |
Saudi Arabia | 1.1 |
Other | 8.0 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.5%) | ||||||
Australia (5.3%) | ||||||
Commonwealth Bank of Australia | 259,114 | 17,123 | ||||
CSL Ltd. | 73,176 | 14,637 | ||||
National Australia Bank Ltd. | 492,549 | 10,214 | ||||
Westpac Banking Corp. | 539,932 | 7,925 | ||||
Australia & New Zealand Banking Group Ltd. | 443,499 | 6,856 | ||||
Macquarie Group Ltd. | 51,314 | 6,140 | ||||
Wesfarmers Ltd. | 164,918 | 5,276 | ||||
Transurban Group | 468,002 | 4,440 | ||||
Goodman Group | 294,873 | 3,921 | ||||
Fortescue Metals Group Ltd. | 247,728 | 3,079 | ||||
Amcor plc | 228,987 | 2,772 | ||||
QBE Insurance Group Ltd. | 249,218 | 2,043 | ||||
Brambles Ltd. | 242,136 | 2,038 | ||||
Sonic Healthcare Ltd. | 83,843 | 1,939 | ||||
Telstra Corp. Ltd. | 711,172 | 1,923 | ||||
Scentre Group | 937,615 | 1,863 | ||||
ASX Ltd. | 34,339 | 1,828 | ||||
James Hardie Industries plc | 73,315 | 1,662 | ||||
Suncorp Group Ltd. | 218,403 | 1,613 | ||||
Cochlear Ltd. | 11,044 | 1,608 | ||||
Newcrest Mining Ltd. (XASX) | 131,755 | 1,584 | ||||
Computershare Ltd. | 92,534 | 1,543 | ||||
Insurance Australia Group Ltd. | 447,650 | 1,415 | ||||
Ramsay Health Care Ltd. | 28,216 | 1,375 | ||||
Medibank Pvt Ltd. | 538,422 | 1,356 | ||||
Dexus | 206,666 | 1,222 | ||||
Stockland | 475,807 | 1,170 | ||||
* | Xero Ltd. | 19,063 | 1,121 | |||
Mirvac Group | 785,131 | 1,118 | ||||
GPT Group | 388,980 | 1,108 |
Shares | Market Value• ($000) | |||||
OZ Minerals Ltd. | 63,307 | 1,091 | ||||
* | Mineral Resources Ltd. | 24,346 | 1,037 | |||
Lendlease Corp. Ltd. | 142,576 | 994 | ||||
BlueScope Steel Ltd. | 87,746 | 984 | ||||
Northern Star Resources Ltd. | 186,072 | 983 | ||||
Vicinity Centres | 740,146 | 969 | ||||
IGO Ltd. | 105,059 | 940 | ||||
* | Pilbara Minerals Ltd. | 386,918 | 938 | |||
WiseTech Global Ltd. | 23,418 | 925 | ||||
Incitec Pivot Ltd. | 348,656 | 921 | ||||
SEEK Ltd. | 64,951 | 916 | ||||
Orica Ltd. | 87,403 | 914 | ||||
* | Lynas Rare Earths Ltd. | 149,895 | 895 | |||
Atlas Arteria Ltd. | 149,971 | 816 | ||||
Bank of Queensland Ltd. | 156,770 | 748 | ||||
carsales.com Ltd. | 48,885 | 745 | ||||
Charter Hall Group | 79,509 | 725 | ||||
ALS Ltd. | 84,869 | 683 | ||||
IDP Education Ltd. | 33,877 | 667 | ||||
Steadfast Group Ltd. | 187,830 | 643 | ||||
Bendigo & Adelaide Bank Ltd. | 104,533 | 642 | ||||
* | NEXTDC Ltd. | 89,370 | 632 | |||
JB Hi-Fi Ltd. | 21,318 | 588 | ||||
REA Group Ltd. | 6,783 | 585 | ||||
Downer EDI Ltd. | 163,165 | 558 | ||||
Aurizon Holdings Ltd. | 196,162 | 496 | ||||
Alumina Ltd. | 484,636 | 495 | ||||
Orora Ltd. | 218,968 | 493 | ||||
Challenger Ltd. | 104,825 | 452 | ||||
Evolution Mining Ltd. | 280,911 | 451 | ||||
nib holdings Ltd. | 80,923 | 450 | ||||
Domino's Pizza Enterprises Ltd. | 10,208 | 440 | ||||
Iluka Resources Ltd. | 56,176 | 395 | ||||
* | AMP Ltd. | 486,748 | 384 | |||
Altium Ltd. | 14,288 | 352 | ||||
Super Retail Group Ltd. | 45,863 | 328 | ||||
Reece Ltd. | 29,269 | 317 |
Shares | Market Value• ($000) | |||||
Domain Holdings Australia Ltd. | 119,878 | 288 | ||||
GDI Property Group Partnership | 447,691 | 276 | ||||
Eagers Automotive Ltd. | 30,261 | 272 | ||||
Data#3 Ltd. | 64,504 | 269 | ||||
Nine Entertainment Co. Holdings Ltd. | 178,453 | 265 | ||||
Qube Holdings Ltd. | 135,047 | 264 | ||||
* | Qantas Airways Ltd. | 73,142 | 263 | |||
InvoCare Ltd. | 35,066 | 263 | ||||
Breville Group Ltd. | 17,417 | 262 | ||||
Ansell Ltd. | 14,317 | 259 | ||||
Perpetual Ltd. | 13,796 | 257 | ||||
IRESS Ltd. | 31,279 | 239 | ||||
Credit Corp. Group Ltd. | 15,994 | 220 | ||||
Sims Ltd. | 21,298 | 220 | ||||
Reliance Worldwide Corp. Ltd. | 83,614 | 220 | ||||
Technology One Ltd. | 27,179 | 218 | ||||
Champion Iron Ltd. | 61,145 | 211 | ||||
*,1 | AVZ Minerals Ltd. | 358,175 | 191 | |||
* | Flight Centre Travel Group Ltd. | 15,412 | 186 | |||
Sandfire Resources Ltd. | 55,602 | 172 | ||||
* | West African Resources Ltd. | 201,913 | 172 | |||
Pro Medicus Ltd. | 4,639 | 171 | ||||
* | Webjet Ltd. | 45,434 | 169 | |||
ARB Corp. Ltd. | 8,256 | 169 | ||||
* | Syrah Resources Ltd. | 131,852 | 165 | |||
Pendal Group Ltd. | 45,075 | 158 | ||||
* | ioneer Ltd. | 350,386 | 156 | |||
Perseus Mining Ltd. | 146,709 | 155 | ||||
* | Corporate Travel Management Ltd. | 11,631 | 152 | |||
Magellan Financial Group Ltd. | 17,186 | 151 | ||||
Cleanaway Waste Management Ltd. | 78,211 | 149 | ||||
Link Administration Holdings Ltd. | 49,478 | 145 | ||||
GrainCorp Ltd. Class A | 24,863 | 141 | ||||
*,2 | Lake Resources NL | 180,233 | 140 | |||
Centuria Capital Group | 111,358 | 138 | ||||
Nufarm Ltd. | 35,909 | 130 | ||||
* | Chalice Mining Ltd. | 41,530 | 127 | |||
HUB24 Ltd. | 7,789 | 125 | ||||
* | Imugene Ltd. | 718,686 | 125 | |||
* | De Grey Mining Ltd. | 179,720 | 118 | |||
Tassal Group Ltd. | 32,757 | 116 | ||||
Nickel Industries Ltd. | 167,803 | 111 | ||||
Boral Ltd. | 54,758 | 110 | ||||
Healius Ltd. | 43,489 | 110 | ||||
* | EVENT Hospitality & Entertainment Ltd. | 10,902 | 110 |
Shares | Market Value• ($000) | |||||
* | Telix Pharmaceuticals Ltd. | 25,690 | 107 | |||
Lifestyle Communities Ltd. | 8,932 | 105 | ||||
Harvey Norman Holdings Ltd. | 36,113 | 104 | ||||
Bapcor Ltd. | 22,696 | 103 | ||||
Gold Road Resources Ltd. | 117,896 | 101 | ||||
Elders Ltd. | 12,589 | 99 | ||||
Insignia Financial Ltd. | 41,662 | 98 | ||||
Shopping Centres Australasia Property Group | 52,856 | 98 | ||||
Deterra Royalties Ltd. | 33,642 | 95 | ||||
* | Silver Lake Resources Ltd. | 104,630 | 94 | |||
Johns Lyng Group Ltd. | 18,617 | 90 | ||||
Clinuvel Pharmaceuticals Ltd. | 6,454 | 88 | ||||
* | Nearmap Ltd. | 62,582 | 88 | |||
Genworth Mortgage Insurance Australia Ltd. | 44,810 | 86 | ||||
* | Calix Ltd. | 19,160 | 86 | |||
Bega Cheese Ltd. | 31,399 | 85 | ||||
* | Capricorn Metals Ltd. | 33,636 | 83 | |||
NRW Holdings Ltd. | 48,672 | 81 | ||||
* | Megaport Ltd. | 16,725 | 81 | |||
CSR Ltd. | 25,944 | 80 | ||||
* | Omni Bridgeway Ltd. | 25,860 | 80 | |||
TPG Telecom Ltd. | 21,539 | 78 | ||||
Lovisa Holdings Ltd. | 4,923 | 77 | ||||
Costa Group Holdings Ltd. | 42,281 | 77 | ||||
* | Aurelia Metals Ltd. | 419,274 | 76 | |||
Monadelphous Group Ltd. | 8,117 | 72 | ||||
Pinnacle Investment Management Group Ltd. | 10,358 | 72 | ||||
* | Nanosonics Ltd. | 25,467 | 71 | |||
Regis Resources Ltd. | 66,656 | 70 | ||||
* | Bellevue Gold Ltd. | 123,881 | 70 | |||
* | PolyNovo Ltd. | 73,754 | 65 | |||
AUB Group Ltd. | 4,240 | 63 | ||||
*,3 | Life360 Inc. | 19,010 | 63 | |||
Newcrest Mining Ltd. (XTSE) | 5,301 | 62 | ||||
* | Mayne Pharma Group Ltd. | 298,792 | 61 | |||
Ramelius Resources Ltd. | 109,506 | 60 | ||||
* | Jervois Global Ltd. | 165,816 | 60 | |||
Premier Investments Ltd. | 4,095 | 59 | ||||
St. Barbara Ltd. | 93,071 | 57 |
Shares | Market Value• ($000) | |||||
Netwealth Group Ltd. | 6,176 | 55 | ||||
Arena REIT | 18,438 | 53 | ||||
Ingenia Communities Group | 18,150 | 52 | ||||
Infomedia Ltd. | 52,246 | 51 | ||||
* | Eclipx Group Ltd. | 30,424 | 49 | |||
GUD Holdings Ltd. | 8,418 | 47 | ||||
Australian Ethical Investment Ltd. | 10,797 | 47 | ||||
McMillan Shakespeare Ltd. | 4,540 | 44 | ||||
Collins Foods Ltd. | 6,647 | 44 | ||||
* | Audinate Group Ltd. | 7,468 | 44 | |||
Adbri Ltd. | 27,646 | 41 | ||||
IPH Ltd. | 6,288 | 41 | ||||
Hansen Technologies Ltd. | 12,162 | 41 | ||||
* | Tyro Payments Ltd. | 50,615 | 41 | |||
Imdex Ltd. | 27,946 | 38 | ||||
*,2 | Zip Co. Ltd. | 60,175 | 38 | |||
MyState Ltd. | 13,978 | 36 | ||||
* | Temple & Webster Group Ltd. | 10,755 | 36 | |||
* | Mesoblast Ltd. | 61,007 | 35 | |||
Home Consortium Ltd. | 10,266 | 35 | ||||
Cromwell Property Group | 61,810 | 34 | ||||
Myer Holdings Ltd. | 98,146 | 34 | ||||
Appen Ltd. | 13,536 | 34 | ||||
Blackmores Ltd. | 715 | 33 | ||||
* | Australian Agricultural Co. Ltd. | 26,373 | 33 | |||
* | 29Metals Ltd. | 24,684 | 33 | |||
G8 Education Ltd. | 46,012 | 32 | ||||
oOh!media Ltd. | 34,176 | 32 | ||||
Platinum Asset Management Ltd. | 25,787 | 31 | ||||
Sigma Healthcare Ltd. | 65,743 | 31 | ||||
SmartGroup Corp. Ltd. | 7,607 | 31 | ||||
Australian Clinical Labs Ltd. | 10,261 | 31 | ||||
Oceania Healthcare Ltd. | 49,307 | 30 | ||||
* | Opthea Ltd. | 38,906 | 30 | |||
Abacus Property Group | 15,527 | 29 | ||||
* | Bubs Australia Ltd. | 75,873 | 29 | |||
* | Aussie Broadband Ltd. | 15,404 | 29 | |||
Accent Group Ltd. | 27,592 | 28 | ||||
* | Seven West Media Ltd. | 69,834 | 25 | |||
Mount Gibson Iron Ltd. | 86,412 | 25 | ||||
Perenti Global Ltd. | 44,483 | 24 | ||||
* | Australian Strategic Materials Ltd. | 10,534 | 24 | |||
* | Nuix Ltd. | 51,812 | 24 | |||
* | Alkane Resources Ltd. | 46,844 | 23 | |||
* | Redbubble Ltd. | 46,071 | 22 | |||
Kelsian Group Ltd. | 6,017 | 22 |
Shares | Market Value• ($000) | |||||
* | PEXA Group Ltd. | 2,230 | 22 | |||
Select Harvests Ltd. | 6,347 | 21 | ||||
* | Service Stream Ltd. | 42,534 | 21 | |||
* | OFX Group Ltd. | 10,884 | 20 | |||
Emeco Holdings Ltd. | 28,238 | 18 | ||||
Westgold Resources Ltd. | 26,963 | 17 | ||||
Australian Finance Group Ltd. | 13,403 | 17 | ||||
* | Resolute Mining Ltd. | 74,415 | 14 | |||
Baby Bunting Group Ltd. | 4,663 | 14 | ||||
SG Fleet Group Ltd. | 6,490 | 12 | ||||
Waypoint REIT Ltd. | 6,695 | 12 | ||||
* | Andromeda Metals Ltd. | 324,268 | 12 | |||
Growthpoint Properties Australia Ltd. | 4,631 | 11 | ||||
MACA Ltd. | 15,474 | 11 | ||||
Estia Health Ltd. | 7,959 | 11 | ||||
Integral Diagnostics Ltd. | 5,401 | 11 | ||||
* | Dubber Corp. Ltd. | 28,503 | 11 | |||
* | Sierra Rutile Holdings Ltd. | 54,502 | 11 | |||
GWA Group Ltd. | 7,421 | 10 | ||||
Southern Cross Media Group Ltd. | 14,219 | 10 | ||||
* | Superloop Ltd. | 18,891 | 10 | |||
* | EML Payments Ltd. | �� 16,303 | 10 | |||
Jupiter Mines Ltd. | 74,019 | 10 | ||||
* | Fineos Corp. Ltd. | 9,886 | 10 | |||
Dicker Data Ltd. | 1,282 | 10 | ||||
Bravura Solutions Ltd. | 8,726 | 9 | ||||
* | Paradigm Biopharmaceuticals Ltd. | 10,110 | 9 | |||
* | Starpharma Holdings Ltd. Class A | 19,552 | 8 | |||
* | Dacian Gold Ltd. | 111,305 | 8 | |||
* | City Chic Collective Ltd. | 7,253 | 8 | |||
Navigator Global Investments Ltd. | 7,694 | 7 | ||||
Humm Group Ltd. | 18,121 | 7 | ||||
* | Kogan.com Ltd. | 1,985 | 5 | |||
1 | BWX Ltd. | 8,294 | 4 | |||
* | AMA Group Ltd. | 35,873 | 4 | |||
Pact Group Holdings Ltd. | 2,475 | 3 | ||||
* | Marley Spoon AG | 11,269 | 1 | |||
* | Paradigm Biopharmaceuticals Ltd. Rights Exp. 9/7/22 | 674 | — | |||
151,007 | ||||||
Austria (0.1%) | ||||||
Erste Group Bank AG | 53,332 | 1,199 | ||||
*,3 | BAWAG Group AG | 16,088 | 726 | |||
ANDRITZ AG | 9,721 | 448 |
Shares | Market Value• ($000) | |||||
Wienerberger AG | 16,218 | 379 | ||||
Raiffeisen Bank International AG | 23,677 | 299 | ||||
Oesterreichische Post AG | 5,524 | 154 | ||||
AT&S Austria Technologie & Systemtechnik AG | 3,188 | 142 | ||||
CA Immobilien Anlagen AG | 4,074 | 130 | ||||
Lenzing AG | 1,245 | 92 | ||||
* | Telekom Austria AG Class A | 12,522 | 78 | |||
* | IMMOFINANZ AG | 4,805 | 71 | |||
S IMMO AG | 2,547 | 58 | ||||
* | DO & CO AG | 675 | 53 | |||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,829 | 43 | ||||
* | Flughafen Wien AG | 868 | 29 | |||
UNIQA Insurance Group AG | 4,150 | 28 | ||||
Palfinger AG | 963 | 25 | ||||
Strabag SE | 534 | 21 | ||||
Porr AG | 657 | 8 | ||||
Agrana Beteiligungs AG | 168 | 3 | ||||
*,1 | S IMMO AG Rights Exp. 12/31/22 | 2,546 | — | |||
3,986 | ||||||
Belgium (0.6%) | ||||||
* | Argenx SE | 8,093 | 3,048 | |||
KBC Group NV | 45,614 | 2,175 | ||||
UCB SA | 19,511 | 1,371 | ||||
Ageas SA/NV | 32,931 | 1,336 | ||||
Solvay SA | 13,792 | 1,113 | ||||
Elia Group SA/NV | 6,806 | 989 | ||||
Groupe Bruxelles Lambert SA | 11,853 | 896 | ||||
Warehouses De Pauw CVA | 23,428 | 713 | ||||
Ackermans & van Haaren NV | 4,798 | 701 | ||||
Aedifica SA | 7,192 | 680 | ||||
Cofinimmo SA | 4,983 | 506 | ||||
D'ieteren Group | 3,035 | 458 | ||||
Euronav NV | 26,509 | 427 | ||||
Sofina SA | 1,937 | 388 | ||||
KBC Ancora | 11,406 | 376 | ||||
Proximus SADP | 25,171 | 320 | ||||
Xior Student Housing NV | 6,903 | 279 | ||||
Melexis NV | 2,438 | 184 | ||||
Barco NV | 8,094 | 180 | ||||
VGP NV | 1,023 | 149 | ||||
Bekaert SA | 4,289 | 132 | ||||
Montea NV | 1,034 | 93 |
Shares | Market Value• ($000) | |||||
Shurgard Self Storage SA | 1,882 | 91 | ||||
* | AGFA-Gevaert NV | 25,005 | 90 | |||
* | Deme Group NV | 677 | 77 | |||
Fagron | 5,238 | 67 | ||||
* | Kinepolis Group NV | 1,404 | 62 | |||
Retail Estates NV | 838 | 54 | ||||
* | Ontex Group NV | 8,272 | 48 | |||
Gimv NV | 870 | 45 | ||||
Telenet Group Holding NV | 3,096 | 44 | ||||
Wereldhave Belgium Comm VA | 768 | 40 | ||||
Befimmo SA | 784 | 37 | ||||
Econocom Group SA/NV | 12,005 | 37 | ||||
bpost SA | 5,723 | 35 | ||||
* | Orange Belgium SA | 1,695 | 32 | |||
Van de Velde NV | 515 | 18 | ||||
* | Mithra Pharmaceuticals SA | 1,612 | 12 | |||
* | Cie d'Entreprises CFE | 677 | 7 | |||
17,310 | ||||||
Brazil (1.5%) | ||||||
UBS Group AG (Registered) | 477,836 | 7,572 | ||||
* | Itau Unibanco Holding SA Preference Shares | 623,478 | 3,093 | |||
Banco Bradesco SA Preference Shares | 785,406 | 2,862 | ||||
B3 SA - Brasil Bolsa Balcao | 906,630 | 2,065 | ||||
Localiza Rent a Car SA | 112,021 | 1,310 | ||||
WEG SA | 227,462 | 1,237 | ||||
Itausa SA Preference Shares | 658,065 | 1,157 | ||||
Banco do Brasil SA | 128,204 | 1,027 | ||||
Suzano SA | 109,525 | 932 | ||||
*,3 | Hapvida Participacoes e Investimentos SA | 605,074 | 847 | |||
* | Banco BTG Pactual SA | 172,700 | 845 | |||
Rumo SA | 188,479 | 732 | ||||
* | Lojas Renner SA | 139,542 | 710 | |||
Equatorial Energia SA | 147,576 | 686 | ||||
* | Itau Unibanco Holding SA | 161,000 | 685 | |||
Gerdau SA Preference Shares | 152,100 | 682 | ||||
Raia Drogasil SA | 149,320 | 625 | ||||
BB Seguridade Participacoes SA | 99,500 | 541 | ||||
Banco Bradesco SA | 172,835 | 526 | ||||
Sendas Distribuidora SA | 133,700 | 473 | ||||
* | Hypera SA | 56,300 | 466 | |||
* | BRF SA | 149,580 | 456 |
Shares | Market Value• ($000) | |||||
* | Cia de Saneamento Basico do Estado de Sao Paulo | 48,130 | 455 | |||
Telefonica Brasil SA | 56,400 | 446 | ||||
3 | Rede D'Or Sao Luiz SA | 66,882 | 428 | |||
Natura & Co. Holding SA | 140,787 | 390 | ||||
Klabin SA | 106,800 | 387 | ||||
Transmissora Alianca de Energia Eletrica SA | 48,000 | 385 | ||||
Alupar Investimento SA | 70,300 | 384 | ||||
* | Magazine Luiza SA | 433,716 | 356 | |||
* | TOTVS SA | 64,388 | 353 | |||
CCR SA | 130,658 | 346 | ||||
Cia Energetica de Minas Gerais | 97,563 | 344 | ||||
* | Americanas SA | 94,116 | 296 | |||
Energisa SA | 35,800 | 291 | ||||
* | Sul America SA | 55,490 | 263 | |||
* | TIM SA | 110,500 | 251 | |||
Cia Energetica de Minas Gerais Preference Shares | 107,286 | 250 | ||||
* | M Dias Branco SA | 30,700 | 249 | |||
Cia Siderurgica Nacional SA | 89,034 | 236 | ||||
Banco Santander Brasil SA | 39,832 | 225 | ||||
BR Malls Participacoes SA | 137,700 | 218 | ||||
Sao Martinho SA | 31,500 | 193 | ||||
Santos Brasil Participacoes SA | 123,581 | 191 | ||||
Metalurgica Gerdau SA Preference Shares | 91,100 | 175 | ||||
* | Cielo SA | 158,700 | 168 | |||
Movida Participacoes SA | 63,000 | 166 | ||||
Instituto Hermes Pardini SA | 44,000 | 166 | ||||
* | Marcopolo SA Preference Shares | 296,900 | 150 | |||
Atacadao SA | 39,300 | 149 | ||||
* | Raizen SA Preference Shares | 155,400 | 145 | |||
* | Gol Linhas Aereas Inteligentes SA Preference Shares | 71,579 | 139 | |||
Grupo De Moda Soma SA | 50,688 | 132 | ||||
Porto Seguro SA | 32,200 | 131 | ||||
Pet Center Comercio e Participacoes SA | 62,300 | 130 | ||||
Omega Energia SA | 60,353 | 130 | ||||
Bradespar SA Preference Shares | 30,509 | 128 | ||||
Iguatemi SA | 33,220 | 126 |
Shares | Market Value• ($000) | |||||
Mahle-Metal Leve SA | 26,600 | 124 | ||||
Marfrig Global Foods SA | 48,705 | 123 | ||||
Camil Alimentos SA | 64,100 | 123 | ||||
* | Multiplan Empreendimentos Imobiliarios SA | 26,300 | 122 | |||
* | Azul SA Preference Shares | 38,463 | 122 | |||
* | Via SA | 197,700 | 122 | |||
SIMPAR SA | 58,300 | 120 | ||||
Arezzo Industria e Comercio SA | 6,700 | 119 | ||||
Unipar Carbocloro SA Preference Shares Class B | 5,921 | 117 | ||||
LOG Commercial Properties e Participacoes SA | 22,667 | 117 | ||||
* | Cogna Educacao | 238,500 | 114 | |||
JHSF Participacoes SA | 92,000 | 110 | ||||
Alpargatas SA Preference Shares | 27,100 | 108 | ||||
Auren Energia SA | 36,132 | 107 | ||||
* | Grupo Mateus SA | 85,700 | 106 | |||
Cia de Saneamento de Minas Gerais-COPASA | 40,200 | 104 | ||||
BR Properties SA | 65,481 | 103 | ||||
*,3 | Locaweb Servicos de Internet SA | 56,900 | 102 | |||
Cia Ferro Ligas da Bahia - FERBASA Preference Shares | 10,100 | 102 | ||||
YDUQS Participacoes SA | 40,900 | 97 | ||||
Dexco SA | 50,380 | 95 | ||||
Grupo SBF SA | 22,200 | 94 | ||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 34,200 | 93 | ||||
* | CVC Brasil Operadora e Agencia de Viagens SA | 63,210 | 93 | |||
Cia de Saneamento do Parana | 27,700 | 92 | ||||
* | Anima Holding SA | 94,213 | 92 | |||
Minerva SA | 30,707 | 91 | ||||
* | Lojas Quero Quero SA | 64,700 | 84 | |||
* | Cia Brasileira de Distribuicao | 19,800 | 83 | |||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 15,600 | 83 | ||||
Usinas Siderurgicas de Minas Gerais SA Usiminas Preference Shares Class A | 53,400 | 82 | ||||
* | Zamp SA | 54,706 | 82 |
Shares | Market Value• ($000) | |||||
Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 17,400 | 80 | ||||
AES Brasil Energia SA | 42,847 | 80 | ||||
CM Hospitalar SA | 23,000 | 79 | ||||
Fleury SA | 25,100 | 76 | ||||
Banco Pan SA Preference Shares | 53,100 | 75 | ||||
* | EcoRodovias Infraestrutura e Logistica SA | 63,100 | 71 | |||
Light SA | 62,200 | 68 | ||||
Grendene SA | 45,600 | 67 | ||||
MRV Engenharia e Participacoes SA | 31,900 | 63 | ||||
Aliansce Sonae Shopping Centers sa | 17,300 | 58 | ||||
Odontoprev SA | 33,110 | 57 | ||||
* | Hidrovias do Brasil SA | 121,500 | 57 | |||
* | IRB Brasil Resseguros SA | 179,000 | 56 | |||
Randon SA Implementos e Participacoes Preference Shares | 27,400 | 50 | ||||
Wiz Solucoes e Corretagem de Seguros SA | 31,400 | 49 | ||||
Usinas Siderurgicas de Minas Gerais SA Usiminas | 30,700 | 48 | ||||
Direcional Engenharia SA | 18,900 | 47 | ||||
Vivara Participacoes SA | 9,700 | 47 | ||||
Qualicorp Consultoria e Corretora de Seguros SA | 24,900 | 46 | ||||
* | Tupy SA | 8,800 | 45 | |||
Iochpe Maxion SA | 16,900 | 44 | ||||
Boa Vista Servicos SA | 33,200 | 43 | ||||
Ambipar Participacoes e Empreendimentos SA | 7,800 | 41 | ||||
Even Construtora e Incorporadora SA | 32,600 | 37 | ||||
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA | 82,700 | 37 | ||||
* | Infracommerce CXAAS SA | 33,600 | 37 | |||
* | C&A Modas SA | 56,600 | 35 | |||
Cia Brasileira de Aluminio | 14,300 | 35 | ||||
*,3 | Meliuz SA | 133,005 | 34 | |||
3 | Ser Educacional SA | 25,900 | 31 |
Shares | Market Value• ($000) | |||||
* | Sequoia Logistica e Transportes SA | 22,000 | 31 | |||
Blau Farmaceutica SA | 5,100 | 31 | ||||
Ez Tec Empreendimentos e Participacoes SA | 7,700 | 27 | ||||
Cia de Saneamento do Parana Preference Shares | 37,400 | 25 | ||||
Bradespar SA | 6,300 | 25 | ||||
Armac Locacao Logistica E Servicos SA | 8,200 | 25 | ||||
* | Guararapes Confeccoes SA | 13,700 | 24 | |||
Hospital Mater Dei SA | 13,300 | 23 | ||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 4,200 | 23 | ||||
* | Oncoclinicas do Brasil Servicos Medicos SA | 14,800 | 18 | |||
Multilaser Industrial SA | 13,200 | 12 | ||||
* | Construtora Tenda SA | 7,000 | 8 | |||
* | Infracommerce CXAAS SA Rights Exp. 9/15/22 | 9,533 | 1 | |||
* | AES Brasil Energia SA Rights Exp. 9/12/22 | 10,118 | — | |||
43,693 | ||||||
Canada (7.0%) | ||||||
Royal Bank of Canada | 213,966 | 19,897 | ||||
Toronto-Dominion Bank | 273,926 | 17,622 | ||||
Canadian National Railway Co. | 91,654 | 10,900 | ||||
Canadian Pacific Railway Ltd. | 141,080 | 10,562 | ||||
Bank of Nova Scotia | 179,291 | 9,914 | ||||
Bank of Montreal | 99,430 | 9,179 | ||||
Nutrien Ltd. | 84,398 | 7,748 | ||||
Canadian Imperial Bank of Commerce | 129,158 | 6,108 | ||||
Waste Connections Inc. | 40,655 | 5,660 | ||||
* | Shopify Inc. Class A (XNYS) | 166,769 | 5,280 | |||
Manulife Financial Corp. | 282,053 | 4,879 | ||||
Sun Life Financial Inc. | 83,389 | 3,674 | ||||
Franco-Nevada Corp. | 29,935 | 3,599 | ||||
National Bank of Canada | 48,816 | 3,230 | ||||
Restaurant Brands International Inc. | 51,771 | 3,056 | ||||
Thomson Reuters Corp. | 27,529 | 3,031 | ||||
Intact Financial Corp. | 20,126 | 2,915 | ||||
* | CGI Inc. | 36,430 | 2,885 | |||
Agnico Eagle Mines Ltd. | 69,365 | 2,860 | ||||
Dollarama Inc. | 45,243 | 2,755 | ||||
Magna International Inc. | 44,466 | 2,569 |
Shares | Market Value• ($000) | |||||
Rogers Communications Inc. Class B | 57,407 | 2,472 | ||||
Loblaw Cos. Ltd. | 25,704 | 2,272 | ||||
Wheaton Precious Metals Corp. | 72,756 | 2,221 | ||||
2 | BCE Inc. | 40,640 | 1,961 | |||
Shaw Communications Inc. Class B | 65,597 | 1,682 | ||||
Metro Inc. Class A | 31,599 | 1,662 | ||||
First Quantum Minerals Ltd. | 87,573 | 1,550 | ||||
Open Text Corp. | 48,133 | 1,516 | ||||
George Weston Ltd. | 13,150 | 1,503 | ||||
Fairfax Financial Holdings Ltd. | 2,902 | 1,447 | ||||
3 | Hydro One Ltd. | 52,002 | 1,408 | |||
West Fraser Timber Co. Ltd. | 15,239 | 1,363 | ||||
TELUS Corp. | 58,044 | 1,307 | ||||
CCL Industries Inc. Class B | 26,021 | 1,276 | ||||
Ritchie Bros Auctioneers Inc. | 18,176 | 1,259 | ||||
TFI International Inc. | 12,263 | 1,223 | ||||
Toromont Industries Ltd. | 15,643 | 1,211 | ||||
Canadian Apartment Properties REIT | 34,424 | 1,171 | ||||
Saputo Inc. | 45,746 | 1,162 | ||||
Gildan Activewear Inc. | 35,168 | 1,040 | ||||
RioCan REIT | 64,132 | 983 | ||||
Empire Co. Ltd. Class A | 33,456 | 953 | ||||
Element Fleet Management Corp. | 72,166 | 909 | ||||
* | Descartes Systems Group Inc. | 12,681 | 893 | |||
Brookfield Infrastructure Corp. Class A (XTSE) | 17,963 | 856 | ||||
Granite REIT | 14,051 | 798 | ||||
Canadian Utilities Ltd. Class A | 24,836 | 760 | ||||
FirstService Corp. | 5,827 | 729 | ||||
iA Financial Corp. Inc. | 13,538 | 727 | ||||
Yamana Gold Inc. | 160,648 | 709 | ||||
Great-West Lifeco Inc. | 30,073 | 706 | ||||
Choice Properties REIT | 67,326 | 697 | ||||
H&R REIT | 69,773 | 674 | ||||
Kinross Gold Corp. | 203,410 | 668 | ||||
TMX Group Ltd. | 6,460 | 649 | ||||
* | Kinaxis Inc. | 5,274 | 608 | |||
Lundin Mining Corp. | 111,698 | 581 | ||||
GFL Environmental Inc. (XTSE) | 20,080 | 566 | ||||
* | BlackBerry Ltd. | 93,877 | 558 | |||
* | Air Canada | 41,026 | 553 | |||
Alamos Gold Inc. Class A | 75,154 | 542 |
Shares | Market Value• ($000) | |||||
CI Financial Corp. | 47,460 | 520 | ||||
First Capital REIT | 44,868 | 517 | ||||
Chartwell Retirement Residences | 64,291 | 509 | ||||
Boardwalk REIT | 13,740 | 505 | ||||
SSR Mining Inc. | 37,187 | 502 | ||||
SmartCentres REIT | 23,581 | 502 | ||||
* | Ivanhoe Mines Ltd. Class A | 74,837 | 481 | |||
Colliers International Group Inc. | 3,976 | 463 | ||||
Innergex Renewable Energy Inc. | 29,217 | 442 | ||||
B2Gold Corp. | 143,900 | 442 | ||||
Canadian Western Bank | 23,084 | 430 | ||||
BRP Inc. | 6,138 | 426 | ||||
Laurentian Bank of Canada | 15,411 | 422 | ||||
Quebecor Inc. Class B | 17,577 | 380 | ||||
Boyd Group Services Inc. | 2,659 | 366 | ||||
* | Lightspeed Commerce Inc. | 18,870 | 361 | |||
Artis REIT | 42,546 | 358 | ||||
* | Lithium Americas Corp. | 12,472 | 357 | |||
* | Aritzia Inc. | 10,517 | 342 | |||
Onex Corp. | 6,818 | 337 | ||||
Primo Water Corp. | 25,477 | 335 | ||||
Linamar Corp. | 6,420 | 304 | ||||
* | Bausch Health Cos. Inc. | 49,342 | 296 | |||
*,3 | Nuvei Corp. | 9,243 | 283 | |||
First Majestic Silver Corp. | 37,749 | 276 | ||||
Tricon Residential Inc. | 25,235 | 263 | ||||
Methanex Corp. | 6,951 | 251 | ||||
* | Ballard Power Systems Inc. | 30,951 | 242 | |||
Premium Brands Holdings Corp. Class A | 3,044 | 226 | ||||
Cargojet Inc. | 2,036 | 214 | ||||
ECN Capital Corp. | 52,397 | 213 | ||||
Primaris REIT | 20,999 | 213 | ||||
Dream Office REIT | 14,680 | 204 | ||||
Summit Industrial Income REIT | 13,149 | 184 | ||||
* | Novagold Resources Inc. | 41,492 | 183 | |||
* | Shopify Inc. Class A (XTSE) | 5,080 | 161 | |||
* | Eldorado Gold Corp. | 28,302 | 156 | |||
Cascades Inc. | 22,753 | 155 | ||||
Dream Industrial REIT | 15,691 | 146 | ||||
* | Canada Goose Holdings Inc. | 7,896 | 142 | |||
Osisko Gold Royalties Ltd. (XTSE) | 14,579 | 141 |
Shares | Market Value• ($000) | |||||
Home Capital Group Inc. Class B | 6,477 | 138 | ||||
Stella-Jones Inc. | 4,242 | 129 | ||||
* | OceanaGold Corp. | 83,981 | 124 | |||
* | Equinox Gold Corp. | 34,736 | 122 | |||
Centerra Gold Inc. | 24,651 | 112 | ||||
NFI Group Inc. | 11,061 | 111 | ||||
Enghouse Systems Ltd. | 4,457 | 109 | ||||
* | IAMGOLD Corp. | 83,830 | 100 | |||
* | Canfor Corp. | 4,965 | 97 | |||
Maple Leaf Foods Inc. | 5,273 | 93 | ||||
IGM Financial Inc. | 3,371 | 92 | ||||
* | Celestica Inc. | 8,537 | 88 | |||
Hudbay Minerals Inc. | 18,714 | 83 | ||||
Russel Metals Inc. | 3,477 | 75 | ||||
Mullen Group Ltd. | 5,514 | 59 | ||||
GFL Environmental Inc. | 1,931 | 54 | ||||
Brookfield Infrastructure Corp. Class A | 1,050 | 50 | ||||
Superior Plus Corp. | 5,422 | 45 | ||||
* | Torex Gold Resources Inc. | 4,656 | 35 | |||
Winpak Ltd. | 1,013 | 34 | ||||
Transcontinental Inc. Class A | 2,624 | 33 | ||||
Osisko Gold Royalties Ltd. | 2,950 | 29 | ||||
Martinrea International Inc. | 2,613 | 21 | ||||
Cogeco Communications Inc. | 300 | 18 | ||||
First National Financial Corp. | 384 | 11 | ||||
199,260 | ||||||
Chile (0.2%) | ||||||
Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 13,981 | 1,398 | ||||
Banco de Chile | 6,986,440 | 663 | ||||
Sociedad Quimica y Minera de Chile SA ADR | 4,927 | 491 | ||||
Sociedad Quimica y Minera de Chile SA Class A | 4,795 | 399 | ||||
Empresas CMPC SA | 156,151 | 296 | ||||
Cia Sud Americana de Vapores SA | 2,903,876 | 273 | ||||
Banco Santander Chile | 6,642,005 | 267 | ||||
Falabella SA | 93,106 | 219 | ||||
Banco de Credito e Inversiones SA | 6,091 | 179 | ||||
Cencosud SA | 118,240 | 165 | ||||
Parque Arauco SA | 127,417 | 135 | ||||
Inversiones Aguas Metropolitanas SA | 261,548 | 132 |
Shares | Market Value• ($000) | |||||
CAP SA | 15,639 | 126 | ||||
SONDA SA | 278,933 | 114 | ||||
Salfacorp SA | 307,581 | 110 | ||||
Itau CorpBanca Chile SA | 38,914,730 | 87 | ||||
Aguas Andinas SA Class A | 389,042 | 85 | ||||
SMU SA | 775,148 | 85 | ||||
Empresa Nacional de Telecomunicaciones SA | 25,073 | 80 | ||||
Cencosud Shopping SA | 51,850 | 73 | ||||
Inversiones La Construccion SA | 13,884 | 54 | ||||
Ripley Corp. SA | 158,688 | 29 | ||||
Plaza SA | 20,224 | 23 | ||||
5,483 | ||||||
China (9.0%) | ||||||
Tencent Holdings Ltd. | 915,260 | 37,828 | ||||
*,3 | Meituan Class B | 626,755 | 15,053 | |||
JD.com Inc. Class A | 361,403 | 11,440 | ||||
China Construction Bank Corp. Class H | 14,246,000 | 8,807 | ||||
Industrial & Commercial Bank of China Ltd. Class H | 12,519,000 | 6,360 | ||||
* | Baidu Inc. Class A | 343,666 | 6,135 | |||
Ping An Insurance Group Co. of China Ltd. Class H | 854,500 | 5,026 | ||||
*,3 | Wuxi Biologics Cayman Inc. | 540,237 | 4,766 | |||
NetEase Inc. | 228,815 | 4,086 | ||||
* | Pinduoduo Inc. ADR | 56,951 | 4,061 | |||
* | NIO Inc. ADR | 201,886 | 4,020 | |||
Bank of China Ltd. Class H | 9,994,000 | 3,488 | ||||
*,3 | Xiaomi Corp. Class B | 2,285,400 | 3,338 | |||
China Merchants Bank Co. Ltd. Class H | 620,000 | 3,171 | ||||
Li Ning Co. Ltd. | 341,178 | 3,108 | ||||
*,3 | Kuaishou Technology | 293,600 | 2,544 | |||
BYD Co. Ltd. Class H | 79,500 | 2,450 | ||||
* | China Mengniu Dairy Co. Ltd. | 516,120 | 2,337 | |||
* | Li Auto Inc. ADR | 76,650 | 2,205 | |||
* | Trip.com Group Ltd. ADR | 84,162 | 2,165 | |||
BYD Co. Ltd. Class A | 51,052 | 2,116 | ||||
ANTA Sports Products Ltd. | 169,600 | 2,042 | ||||
China Resources Land Ltd. | 450,000 | 1,842 | ||||
Geely Automobile Holdings Ltd. | 896,900 | 1,802 | ||||
ENN Energy Holdings Ltd. | 122,900 | 1,785 |
Shares | Market Value• ($000) | |||||
China Life Insurance Co. Ltd. Class H | 1,230,000 | 1,763 | ||||
China Overseas Land & Investment Ltd. | 626,000 | 1,682 | ||||
* | Contemporary Amperex Technology Co. Ltd. Class A | 23,824 | 1,655 | |||
* | KE Holdings Inc. ADR | 91,349 | 1,648 | |||
3 | Nongfu Spring Co. Ltd. Class H | 259,000 | 1,540 | |||
CSPC Pharmaceutical Group Ltd. | 1,483,280 | 1,505 | ||||
Sunny Optical Technology Group Co. Ltd. | 106,200 | 1,450 | ||||
PICC Property & Casualty Co. Ltd. Class H | 1,244,000 | 1,346 | ||||
* | BeiGene Ltd. | 100,100 | 1,315 | |||
Shenzhou International Group Holdings Ltd. | 123,984 | 1,296 | ||||
H World Group Ltd. ADR | 33,290 | 1,253 | ||||
Haier Smart Home Co. Ltd. Class A | 310,300 | 1,159 | ||||
3 | China Tower Corp. Ltd. Class H | 9,030,000 | 1,126 | |||
Agricultural Bank of China Ltd. Class A | 2,658,800 | 1,098 | ||||
3 | Longfor Group Holdings Ltd. | 308,800 | 1,002 | |||
Sino Biopharmaceutical Ltd. | 1,901,000 | 998 | ||||
Ping An Insurance Group Co. of China Ltd. Class A | 156,500 | 991 | ||||
Xinyi Solar Holdings Ltd. | 708,000 | 974 | ||||
* | Bilibili Inc. | 37,803 | 940 | |||
3 | Postal Savings Bank of China Co. Ltd. Class H | 1,550,000 | 925 | |||
*,3 | Innovent Biologics Inc. | 217,000 | 915 | |||
* | Kingdee International Software Group Co. Ltd. | 429,000 | 833 | |||
China Merchants Bank Co. Ltd. Class A | 163,000 | 825 | ||||
COSCO SHIPPING Holdings Co. Ltd. Class H | 546,400 | 816 | ||||
Agricultural Bank of China Ltd. Class H | 2,447,000 | 800 | ||||
* | Vipshop Holdings Ltd. ADR | 68,558 | 796 | |||
China National Building Material Co. Ltd. Class H | 830,000 | 784 | ||||
ZTO Express Cayman Inc. | 28,793 | 762 |
Shares | Market Value• ($000) | |||||
*,3 | JD Health International Inc. | 110,000 | 758 | |||
Bank of China Ltd. Class A | 1,698,700 | 748 | ||||
China Gas Holdings Ltd. | 513,033 | 726 | ||||
CITIC Securities Co. Ltd. Class H | 355,537 | 721 | ||||
China Yangtze Power Co. Ltd. Class A | 197,600 | 686 | ||||
China Pacific Insurance Group Co. Ltd. Class H | 314,800 | 667 | ||||
Hengan International Group Co. Ltd. | 138,000 | 660 | ||||
Sinopharm Group Co. Ltd. Class H | 293,300 | 653 | ||||
Zhongsheng Group Holdings Ltd. | 131,000 | 619 | ||||
* | New Oriental Education & Technology Group Inc. ADR | 21,359 | 607 | |||
Country Garden Services Holdings Co. Ltd. | 297,000 | 584 | ||||
LONGi Green Energy Technology Co. Ltd. Class A | 74,132 | 547 | ||||
China Tourism Group Duty Free Corp. Ltd. Class A | 19,100 | 540 | ||||
China Conch Venture Holdings Ltd. | 251,500 | 513 | ||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A | 11,800 | 509 | ||||
Far East Horizon Ltd. | 669,000 | 507 | ||||
China Resources Gas Group Ltd. | 129,100 | 503 | ||||
Great Wall Motor Co. Ltd. Class A | 104,100 | 503 | ||||
Bank of Communications Co. Ltd. Class H | 880,000 | 501 | ||||
China Taiping Insurance Holdings Co. Ltd. | 486,400 | 497 | ||||
* | GDS Holdings Ltd. Class A | �� 143,641 | 491 | |||
Zhuzhou CRRC Times Electric Co. Ltd. | 101,000 | 488 | ||||
China CITIC Bank Corp. Ltd. Class H | 1,123,000 | 481 | ||||
3 | WuXi AppTec Co. Ltd. Class H | 42,536 | 480 | |||
China Vanke Co. Ltd. Class H | 245,600 | 479 | ||||
* | Alibaba Health Information Technology Ltd. | 828,000 | 474 |
Shares | Market Value• ($000) | |||||
* | Tencent Music Entertainment Group ADR | 92,828 | 474 | |||
Lufax Holding Ltd. ADR | 103,484 | 452 | ||||
* | Genscript Biotech Corp. | 140,000 | 450 | |||
Foshan Haitian Flavouring & Food Co. Ltd. Class A | 37,600 | 438 | ||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 322,000 | 437 | ||||
People's Insurance Co. Group of China Ltd. Class H | 1,397,000 | 432 | ||||
Kingsoft Corp. Ltd. | 141,600 | 430 | ||||
Industrial Bank Co. Ltd. Class A | 174,100 | 430 | ||||
Wanhua Chemical Group Co. Ltd. Class A | 33,372 | 427 | ||||
China Hongqiao Group Ltd. | 439,000 | 426 | ||||
Muyuan Foods Co. Ltd. Class A | 49,612 | 420 | ||||
Haitong Securities Co. Ltd. Class H | 637,200 | 417 | ||||
3 | China International Capital Corp. Ltd. Class H | 236,800 | 417 | |||
Yuexiu Property Co. Ltd. | 333,600 | 417 | ||||
WuXi AppTec Co. Ltd. Class A | 32,064 | 415 | ||||
* | TAL Education Group ADR | 70,568 | 408 | |||
New China Life Insurance Co. Ltd. Class H | 165,900 | 390 | ||||
Kingboard Holdings Ltd. | 123,000 | 388 | ||||
Bank of Communications Co. Ltd. Class A | 583,600 | 387 | ||||
China Pacific Insurance Group Co. Ltd. Class A | 126,800 | 384 | ||||
3 | Ganfeng Lithium Co. Ltd. Class H | 43,400 | 381 | |||
3 | China Resources Mixc Lifestyle Services Ltd. | 83,800 | 380 | |||
Country Garden Holdings Co. Ltd. | 1,283,000 | 379 | ||||
*,3 | Haidilao International Holding Ltd. | 155,000 | 365 | |||
* | JinkoSolar Holding Co. Ltd. ADR | 5,976 | 364 | |||
Luxshare Precision Industry Co. Ltd. Class A | 65,799 | 356 | ||||
Great Wall Motor Co. Ltd. Class H | 231,500 | 347 |
Shares | Market Value• ($000) | |||||
Zhejiang Expressway Co. Ltd. Class H | 450,000 | 343 | ||||
Fu Shou Yuan International Group Ltd. | 533,000 | 341 | ||||
China Cinda Asset Management Co. Ltd. Class H | 2,436,000 | 335 | ||||
* | Canadian Solar Inc. | 7,382 | 333 | |||
360 DigiTech Inc. ADR | 20,834 | 333 | ||||
3 | 3SBio Inc. | 488,000 | 324 | |||
Tongwei Co. Ltd. Class A | 42,108 | 322 | ||||
ZTE Corp. Class H | 150,400 | 318 | ||||
SF Holding Co. Ltd. Class A | 44,400 | 317 | ||||
*,3 | Hygeia Healthcare Holdings Co. Ltd. | 58,745 | 317 | |||
BYD Electronic International Co. Ltd. | 118,500 | 313 | ||||
Autohome Inc. ADR | 8,710 | 310 | ||||
3 | China Resources Pharmaceutical Group Ltd. | 450,500 | 309 | |||
Beijing Enterprises Water Group Ltd. | 1,200,000 | 308 | ||||
3 | Fuyao Glass Industry Group Co. Ltd. Class H | 63,600 | 303 | |||
*,3 | ZhongAn Online P&C Insurance Co. Ltd. Class H | 102,700 | 301 | |||
3 | CSC Financial Co. Ltd. Class H | 319,500 | 300 | |||
3 | Huatai Securities Co. Ltd. Class H | 222,400 | 297 | |||
Xtep International Holdings Ltd. | 212,000 | 294 | ||||
Hangzhou Tigermed Consulting Co. Ltd. Class A | 18,800 | 294 | ||||
Ping An Bank Co. Ltd. Class A | 159,800 | 294 | ||||
China Medical System Holdings Ltd. | 198,000 | 293 | ||||
Hangzhou Steam Turbine Co. Ltd. Class B | 191,514 | 288 | ||||
Aier Eye Hospital Group Co. Ltd. Class A | 67,296 | 286 | ||||
CITIC Securities Co. Ltd. Class A | 101,010 | 285 | ||||
Weichai Power Co. Ltd. Class H | 211,000 | 282 | ||||
3 | Pop Mart International Group Ltd. | 108,200 | 280 | |||
GF Securities Co. Ltd. Class A | 116,500 | 276 |
Shares | Market Value• ($000) | |||||
3 | Guotai Junan Securities Co. Ltd. Class H | 228,800 | 271 | |||
CMOC Group Ltd. Class A | 381,200 | 271 | ||||
China Merchants Port Holdings Co. Ltd. | 180,000 | 270 | ||||
Yuexiu REIT | 876,800 | 269 | ||||
Poly Developments & Holdings Group Co. Ltd. Class A | 107,600 | 269 | ||||
China Galaxy Securities Co. Ltd. Class H | 486,500 | 266 | ||||
Industrial & Commercial Bank of China Ltd. Class A | 416,000 | 264 | ||||
* | China Conch Environment Protection Holdings Ltd. | 296,000 | 264 | |||
Guangzhou Automobile Group Co. Ltd. Class H | 306,000 | 263 | ||||
China Minsheng Banking Corp. Ltd. Class H | 825,500 | 263 | ||||
Dongfeng Motor Group Co. Ltd. Class H | 414,000 | 262 | ||||
China Vanke Co. Ltd. Class A | 108,700 | 262 | ||||
Fuyao Glass Industry Group Co. Ltd. Class A | 46,000 | 260 | ||||
3 | Yadea Group Holdings Ltd. | 136,000 | 259 | |||
*,3 | Haichang Ocean Park Holdings Ltd. | 264,000 | 258 | |||
* | Tongcheng Travel Holdings Ltd. | 125,200 | 256 | |||
Weichai Power Co. Ltd. Class A | 149,000 | 250 | ||||
Eve Energy Co. Ltd. Class A | 18,300 | 249 | ||||
China Minsheng Banking Corp. Ltd. Class A | 477,700 | 249 | ||||
China Everbright Environment Group Ltd. | 499,000 | 247 | ||||
3 | Hansoh Pharmaceutical Group Co. Ltd. | 124,000 | 247 | |||
NAURA Technology Group Co. Ltd. Class A | 6,004 | 244 | ||||
*,3 | China Literature Ltd. | 60,000 | 243 | |||
* | Flat Glass Group Co. Ltd. Class A | 42,100 | 243 | |||
JOYY Inc. ADR | 7,904 | 240 | ||||
Sungrow Power Supply Co. Ltd. Class A | 14,780 | 237 | ||||
*,3 | Akeso Inc. | 74,000 | 237 |
Shares | Market Value• ($000) | |||||
Shanghai Pudong Development Bank Co. Ltd. Class A | 222,000 | 234 | ||||
Yangzijiang Shipbuilding Holdings Ltd. | 336,200 | 233 | ||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | 5,300 | 231 | ||||
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A | 39,300 | 230 | ||||
TravelSky Technology Ltd. Class H | 130,000 | 227 | ||||
China CITIC Bank Corp. Ltd. Class A | 340,800 | 221 | ||||
Greentown China Holdings Ltd. | 116,500 | 220 | ||||
Trina Solar Co. Ltd. Class A | 21,029 | 217 | ||||
Pharmaron Beijing Co. Ltd. Class A | 21,880 | 216 | ||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd. Class A | 31,000 | 215 | ||||
BOE Technology Group Co. Ltd. Class A | 398,100 | 213 | ||||
Haier Smart Home Co. Ltd. Class H | 65,200 | 213 | ||||
*,3 | Luye Pharma Group Ltd. | 735,000 | 212 | |||
CRRC Corp. Ltd. Class A | 291,400 | 211 | ||||
Shenzhen Inovance Technology Co. Ltd. Class A | 24,300 | 210 | ||||
Shanghai Baosight Software Co. Ltd. Class B | 69,030 | 209 | ||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 40,100 | 208 | ||||
China Everbright Bank Co. Ltd. Class H | 671,000 | 206 | ||||
Jiangxi Copper Co. Ltd. Class H | 168,000 | 206 | ||||
* | Weibo Corp. ADR | 9,974 | 206 | |||
Bosideng International Holdings Ltd. | 366,000 | 206 | ||||
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 63,500 | 204 | ||||
COSCO SHIPPING Holdings Co. Ltd. Class A | 99,780 | 204 | ||||
*,3 | Koolearn Technology Holding Ltd. | 53,500 | 203 | |||
3 | Topsports International Holdings Ltd. | 257,000 | 203 |
Shares | Market Value• ($000) | |||||
Unigroup Guoxin Microelectronics Co. Ltd. Class A | 8,959 | 202 | ||||
Haitian International Holdings Ltd. | 82,000 | 201 | ||||
JA Solar Technology Co. Ltd. Class A | 21,140 | 200 | ||||
Shenzhen International Holdings Ltd. | 228,500 | 197 | ||||
*,3 | Hua Hong Semiconductor Ltd. | 66,757 | 196 | |||
China Overseas Property Holdings Ltd. | 185,000 | 196 | ||||
China Jinmao Holdings Group Ltd. | 928,000 | 195 | ||||
Huangshan Tourism Development Co. Ltd. Class B | 251,460 | 193 | ||||
Haitong Securities Co. Ltd. Class A | 139,900 | 192 | ||||
Chongqing Changan Automobile Co. Ltd. Class A | 89,518 | 188 | ||||
* | Yihai International Holding Ltd. | 74,000 | 186 | |||
Guangzhou Automobile Group Co. Ltd. Class A | 92,000 | 185 | ||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 126,700 | 184 | ||||
Dongyue Group Ltd. | 163,000 | 183 | ||||
Zhejiang Huayou Cobalt Co. Ltd. Class A | 16,900 | 182 | ||||
Consun Pharmaceutical Group Ltd. | 355,000 | 182 | ||||
* | Air China Ltd. Class A | 120,000 | 179 | |||
* | iQIYI Inc. ADR | 48,417 | 177 | |||
Ganfeng Lithium Co. Ltd. Class A | 14,280 | 176 | ||||
3 | Jiumaojiu International Holdings Ltd. | 89,000 | 175 | |||
China Resources Cement Holdings Ltd. | 280,000 | 173 | ||||
*,1 | Sunac China Holdings Ltd. | 432,000 | 170 | |||
Grand Pharmaceutical Group Ltd. | 311,500 | 166 | ||||
FinVolution Group ADR | 33,549 | 165 | ||||
China Lesso Group Holdings Ltd. | 136,000 | 162 | ||||
Shandong Gold Mining Co. Ltd. Class A | 62,660 | 162 | ||||
*,3 | Weimob Inc. | 352,000 | 162 | |||
* | China Southern Airlines Co. Ltd. Class A | 170,700 | 159 | |||
* | Alibaba Pictures Group Ltd. | 2,010,000 | 158 |
Shares | Market Value• ($000) | |||||
* | HUTCHMED China Ltd. | 63,000 | 155 | |||
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd. Class A | 236,500 | 151 | ||||
COSCO SHIPPING Ports Ltd. | 230,000 | 149 | ||||
*,3 | Ping An Healthcare & Technology Co. Ltd. | 55,030 | 149 | |||
Chongqing Changan Automobile Co. Ltd. Class B | 275,392 | 148 | ||||
China Communications Services Corp. Ltd. Class H | 336,000 | 144 | ||||
CIFI Holdings Group Co. Ltd. | 566,800 | 143 | ||||
Xinte Energy Co. Ltd. Class H | 54,800 | 143 | ||||
* | Lifetech Scientific Corp. | 432,000 | 141 | |||
China Traditional Chinese Medicine Holdings Co. Ltd. | 324,000 | 140 | ||||
Shanghai Fudan Microelectronics Group Co. Ltd. Class H | 30,000 | 140 | ||||
GoerTek Inc. Class A | 29,700 | 139 | ||||
Ginlong Technologies Co. Ltd. Class A | 4,200 | 139 | ||||
Nine Dragons Paper Holdings Ltd. | 174,000 | 137 | ||||
Kingboard Laminates Holdings Ltd. | 143,500 | 137 | ||||
Citic Pacific Special Steel Group Co. Ltd. Class A | 48,000 | 137 | ||||
Huatai Securities Co. Ltd. Class A | 71,600 | 136 | ||||
Fufeng Group Ltd. | 239,000 | 134 | ||||
SAIC Motor Corp. Ltd. Class A | 59,900 | 134 | ||||
3 | Jinxin Fertility Group Ltd. | 206,500 | 134 | |||
* | COFCO Joycome Foods Ltd. | 344,000 | 132 | |||
*,3 | New Horizon Health Ltd. | 51,500 | 132 | |||
* | Beijing Capital International Airport Co. Ltd. Class H | 208,000 | 131 | |||
CMOC Group Ltd. Class H | 294,000 | 131 | ||||
China Suntien Green Energy Corp. Ltd. Class H | 286,000 | 128 | ||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 60,600 | 128 |
Shares | Market Value• ($000) | |||||
China Merchants Securities Co. Ltd. Class A | 66,620 | 128 | ||||
China Railway Tielong Container Logistics Co. Ltd. Class A | 171,300 | 128 | ||||
*,3 | InnoCare Pharma Ltd. | 92,000 | 127 | |||
China Yongda Automobiles Services Holdings Ltd. | 178,500 | 126 | ||||
Hopson Development Holdings Ltd. | 91,784 | 126 | ||||
Hello Group Inc. ADR | 24,391 | 126 | ||||
Guangdong Haid Group Co. Ltd. Class A | 14,100 | 125 | ||||
* | Zhaojin Mining Industry Co. Ltd. Class H | 147,000 | 124 | |||
* | Differ Group Auto Ltd. | 488,000 | 123 | |||
Sany Heavy Equipment International Holdings Co. Ltd. | 118,000 | 122 | ||||
Will Semiconductor Co. Ltd. Shanghai Class A | 9,045 | 122 | ||||
* | Shanghai International Airport Co. Ltd. Class A | 14,877 | 121 | |||
C&D Property Management Group Co. Ltd. | 263,000 | 120 | ||||
3 | Dali Foods Group Co. Ltd. | 258,000 | 118 | |||
* | Noah Holdings Ltd. ADR | 6,639 | 118 | |||
JCET Group Co. Ltd. Class A | 32,500 | 116 | ||||
Xinyi Energy Holdings Ltd. | 288,000 | 116 | ||||
Tianneng Power International Ltd. | 108,000 | 115 | ||||
CRRC Corp. Ltd. Class H | 302,000 | 113 | ||||
Shenwan Hongyuan Group Co. Ltd. Class A | 186,400 | 113 | ||||
Shoucheng Holdings Ltd. | 663,600 | 113 | ||||
Suzhou Dongshan Precision Manufacturing Co. Ltd. Class A | 30,200 | 113 | ||||
Imeik Technology Development Co. Ltd. Class A | 1,400 | 113 | ||||
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class H | 247,400 | 112 | ||||
China Construction Bank Corp. Class A | 139,600 | 112 | ||||
*,3 | Ocumension Therapeutics | 63,500 | 112 |
Shares | Market Value• ($000) | |||||
Baoshan Iron & Steel Co. Ltd. Class A | 143,900 | 111 | ||||
Poly Property Services Co. Ltd. Class H | 19,000 | 111 | ||||
Xinjiang Goldwind Science & Technology Co. Ltd. Class A | 59,100 | 109 | ||||
Qinhuangdao Port Co. Ltd. Class A | 264,400 | 108 | ||||
Everbright Securities Co. Ltd. Class A | 46,500 | 108 | ||||
Foxconn Industrial Internet Co. Ltd. Class A | 79,300 | 107 | ||||
* | XD Inc. | 43,000 | 107 | |||
China Water Affairs Group Ltd. | 116,000 | 106 | ||||
Wingtech Technology Co. Ltd. Class A | 11,400 | 106 | ||||
3 | China New Higher Education Group Ltd. | 339,000 | 106 | |||
China Everbright Bank Co. Ltd. Class A | 253,300 | 105 | ||||
*,3 | Remegen Co. Ltd. Class H | 18,500 | 105 | |||
Beijing Kingsoft Office Software Inc. Class A | 4,007 | 104 | ||||
*,3 | Shanghai Junshi Biosciences Co. Ltd. Class H | 28,000 | 103 | |||
3 | A-Living Smart City Services Co. Ltd. | 99,250 | 102 | |||
* | Seazen Group Ltd. | 308,567 | 102 | |||
C&D International Investment Group Ltd. | 51,000 | 102 | ||||
Sinotruk Hong Kong Ltd. | 101,500 | 101 | ||||
China Education Group Holdings Ltd. | 115,000 | 100 | ||||
*,1,3 | Evergrande Property Services Group Ltd. | 453,500 | 100 | |||
Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 373,500 | 99 | ||||
China United Network Communications Ltd. Class A | 192,300 | 99 | ||||
Iflytek Co. Ltd. Class A | 18,100 | 98 | ||||
Focus Media Information Technology Co. Ltd. Class A | 109,400 | 96 | ||||
* | China Ruyi Holdings Ltd. | 380,000 | 96 | |||
*,3 | Alphamab Oncology | 93,000 | 94 | |||
* | Yangzijiang Financial Holding Ltd. | 352,700 | 94 | |||
Beijing Easpring Material Technology Co. Ltd. Class A | 8,100 | 92 |
Shares | Market Value• ($000) | |||||
Jiangsu Zhongtian Technology Co. Ltd. Class A | 27,900 | 90 | ||||
*,3 | Venus MedTech Hangzhou Inc. Class H | 51,000 | 89 | |||
Digital China Holdings Ltd. | 198,000 | 88 | ||||
Joinn Laboratories China Co. Ltd. Class A | 7,784 | 88 | ||||
Anji Microelectronics Technology Shanghai Co. Ltd. Class A | 2,272 | 88 | ||||
Agile Group Holdings Ltd. | 248,000 | 87 | ||||
3 | BAIC Motor Corp. Ltd. Class H | 316,500 | 87 | |||
Skyworth Group Ltd. | 175,111 | 87 | ||||
Greentown Service Group Co. Ltd. | 120,000 | 87 | ||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 34,600 | 87 | ||||
3 | Shandong Gold Mining Co. Ltd. Class H | 51,100 | 87 | |||
*,3 | Linklogis Inc. Class B | 129,000 | 87 | |||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H | 36,000 | 86 | ||||
* | Pangang Group Vanadium Titanium & Resources Co. Ltd. Class A | 103,900 | 86 | |||
Jiangxi Copper Co. Ltd. Class A | 36,500 | 86 | ||||
MINISO Group Holding Ltd. ADR | 13,077 | 86 | ||||
Walvax Biotechnology Co. Ltd. Class A | 13,500 | 85 | ||||
ZTE Corp. Class A | 23,900 | 85 | ||||
Bethel Automotive Safety Systems Co. Ltd. Class A | 6,800 | 85 | ||||
NetDragon Websoft Holdings Ltd. | 38,500 | 84 | ||||
3 | Red Star Macalline Group Corp. Ltd. Class H | 234,200 | 84 | |||
SSY Group Ltd. | 176,000 | 83 | ||||
* | Vnet Group Inc. ADR | 15,472 | 83 | |||
Huadong Medicine Co. Ltd. Class A | 13,700 | 83 | ||||
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class A | 99,500 | 83 | ||||
*,3 | Yidu Tech Inc. | 92,600 | 83 | |||
* | Canaan Inc. ADR | 23,575 | 83 |
Shares | Market Value• ($000) | |||||
Lianhe Chemical Technology Co. Ltd. Class A | 26,100 | 82 | ||||
* | Hainan Meilan International Airport Co. Ltd. | 35,000 | 82 | |||
Shanghai Fudan Microelectronics Group Co. Ltd. Class A | 8,120 | 82 | ||||
YongXing Special Materials Technology Co. Ltd. Class A | 4,200 | 81 | ||||
Hundsun Technologies Inc. Class A | 16,380 | 80 | ||||
Beijing North Star Co. Ltd. Class A | 258,600 | 80 | ||||
PAX Global Technology Ltd. | 83,000 | 79 | ||||
Xinjiang Goldwind Science & Technology Co. Ltd. Class H | 52,800 | 79 | ||||
Guangzhou Great Power Energy & Technology Co. Ltd. Class A | 6,700 | 79 | ||||
*,3 | China Renaissance Holdings Ltd. | 70,200 | 79 | |||
GF Securities Co. Ltd. Class H | 59,400 | 78 | ||||
Chongqing Rural Commercial Bank Co. Ltd. Class H | 226,000 | 78 | ||||
Sinopec Engineering Group Co. Ltd. Class H | 175,500 | 78 | ||||
Guangdong Great River Smarter Logistics Co. Ltd. Class A | 24,500 | 78 | ||||
Sinomine Resource Group Co. Ltd. Class A | 5,740 | 78 | ||||
Shenzhen Transsion Holdings Co. Ltd. Class A | 7,892 | 78 | ||||
Yunnan Baiyao Group Co. Ltd. Class A | 10,100 | 77 | ||||
Guangzhou Restaurant Group Co. Ltd. Class A | 22,000 | 77 | ||||
China SCE Group Holdings Ltd. | 924,000 | 77 | ||||
3 | Blue Moon Group Holdings Ltd. | 101,000 | 77 | |||
* | Sohu.com Ltd. ADR | 4,291 | 76 | |||
* | Tangrenshen Group Co. Ltd. Class A | 55,800 | 76 | |||
Suzhou TA&A Ultra Clean Technology Co. Ltd. Class A | 6,800 | 76 | ||||
Sihuan Pharmaceutical Holdings Group Ltd. | 595,000 | 75 | ||||
*,1 | China Evergrande Group | 473,000 | 75 |
Shares | Market Value• ($000) | |||||
Henan Shuanghui Investment & Development Co. Ltd. Class A | 19,400 | 75 | ||||
Concord New Energy Group Ltd. | 820,000 | 75 | ||||
3 | Shenwan Hongyuan Group Co. Ltd. Class H | 394,400 | 75 | |||
* | China Eastern Airlines Corp. Ltd. Class H | 214,000 | 74 | |||
Zhejiang NHU Co. Ltd. Class A | 22,656 | 74 | ||||
Yonyou Network Technology Co. Ltd. Class A | 25,400 | 74 | ||||
COSCO SHIPPING Development Co. Ltd. Class A | 177,900 | 74 | ||||
China Resources Medical Holdings Co. Ltd. | 124,500 | 74 | ||||
Jiangxi Lianchuang Optoelectronic Science & Technology Co. Ltd. Class A | 17,500 | 74 | ||||
China Risun Group Ltd. | 189,000 | 74 | ||||
China BlueChemical Ltd. Class H | 280,000 | 73 | ||||
Huaxia Bank Co. Ltd. Class A | 97,600 | 73 | ||||
Yihai Kerry Arawana Holdings Co. Ltd. Class A | 11,100 | 73 | ||||
3 | CanSino Biologics Inc. Class H | 11,600 | 72 | |||
Shenzhen Kstar Science & Technology Co. Ltd. Class A | 12,600 | 72 | ||||
China Zhenhua Group Science & Technology Co. Ltd. Class A | 4,400 | 71 | ||||
3 | Yangtze Optical Fibre & Cable Joint Stock Ltd. Co. Class H | 31,500 | 71 | |||
Jiangsu Expressway Co. Ltd. Class A | 63,900 | 70 | ||||
*,2,3 | Kintor Pharmaceutical Ltd. | 37,500 | 70 | |||
3 | China Merchants Securities Co. Ltd. Class H | 75,660 | 69 | |||
Shanghai Pudong Construction Co. Ltd. Class A | 74,100 | 69 | ||||
COFCO Capital Holdings Co. Ltd. Class A | 70,300 | 69 |
Shares | Market Value• ($000) | |||||
Hangzhou Chang Chuan Technology Co. Ltd. Class A | 8,200 | 69 | ||||
3 | Simcere Pharmaceutical Group Ltd. | 69,000 | 69 | |||
Sun Art Retail Group Ltd. | 264,500 | 68 | ||||
China Oriental Group Co. Ltd. | 368,000 | 68 | ||||
* | Yeahka Ltd. | 33,200 | 68 | |||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 80,800 | 67 | ||||
* | Tongdao Liepin Group | 53,600 | 67 | |||
Zhongyu Energy Holdings Ltd. | 81,000 | 66 | ||||
China Reinsurance Group Corp. Class H | 899,000 | 66 | ||||
B-Soft Co. Ltd. Class A | 68,560 | 66 | ||||
Shandong Dawn Polymer Co. Ltd. Class A | 21,100 | 66 | ||||
Ming Yuan Cloud Group Holdings Ltd. | 81,000 | 66 | ||||
1 | Shimao Group Holdings Ltd. | 171,000 | 65 | |||
Sinoma International Engineering Co. Class A | 46,000 | 65 | ||||
Wuxi Taiji Industry Co. Ltd. Class A | 70,900 | 65 | ||||
Wuhan DR Laser Technology Corp. Ltd. Class A | 2,240 | 65 | ||||
Wuxi Shangji Automation Co. Ltd. Class A | 3,360 | 65 | ||||
* | Air China Ltd. Class H | 80,000 | 64 | |||
China Overseas Grand Oceans Group Ltd. | 136,000 | 64 | ||||
*,3 | Zhou Hei Ya International Holdings Co. Ltd. | 129,000 | 64 | |||
Guotai Junan Securities Co. Ltd. Class A | 30,100 | 64 | ||||
Western Region Gold Co. Ltd. Class A | 35,600 | 64 | ||||
Chengxin Lithium Group Co. Ltd. Class A | 8,400 | 64 | ||||
Shanghai Mechanical & Electrical Industry Co. Ltd. Class B | 57,700 | 63 | ||||
Tiangong International Co. Ltd. | 188,000 | 63 | ||||
Chaozhou Three-Circle Group Co. Ltd. Class A | 16,100 | 63 | ||||
Ninestar Corp. Class A | 9,900 | 63 |
Shares | Market Value• ($000) | |||||
* | China Minmetals Rare Earth Co. Ltd. Class A | 16,700 | 63 | |||
CQ Pharmaceutical Holding Co. Ltd. Class A | 87,500 | 63 | ||||
Universal Scientific Industrial Shanghai Co. Ltd. Class A | 26,100 | 63 | ||||
Shandong Nanshan Aluminum Co. Ltd. Class A | 128,400 | 63 | ||||
Sinotrans Ltd. Class A | 114,000 | 62 | ||||
*,2 | GOME Retail Holdings Ltd. | 1,964,000 | 61 | |||
3 | Hope Education Group Co. Ltd. | 706,000 | 61 | |||
3 | Legend Holdings Corp. Class H | 53,200 | 60 | |||
* | New Hope Liuhe Co. Ltd. Class A | 26,300 | 60 | |||
Bank of Shanghai Co. Ltd. Class A | 70,600 | 60 | ||||
* | LexinFintech Holdings Ltd. ADR | 29,641 | 60 | |||
Jiangxi Huangshanghuang Group Food Co. Ltd. Class A | 34,400 | 59 | ||||
* | China Eastern Airlines Corp. Ltd. Class A | 82,000 | 58 | |||
Zhejiang Hailiang Co. Ltd. Class A | 35,700 | 57 | ||||
Beibuwan Port Co. Ltd. Class A | 51,190 | 57 | ||||
China Everbright Ltd. | 76,000 | 56 | ||||
*,3 | China Yuhua Education Corp. Ltd. | 358,000 | 56 | |||
* | Gaotu Techedu Inc. ADR | 31,856 | 56 | |||
Shanghai Jinjiang International Hotels Co. Ltd. Class A | 6,700 | 56 | ||||
Jiangsu Jiejie Microelectronics Co. Ltd. Class A | 18,800 | 56 | ||||
Maxscend Microelectronics Co. Ltd. Class A | 3,840 | 56 | ||||
* | Kingsoft Cloud Holdings Ltd. ADR | 16,205 | 56 | |||
* | Yatsen Holding Ltd. ADR | 47,826 | 56 | |||
Gemdale Properties & Investment Corp. Ltd. | 644,000 | 55 | ||||
Shaanxi International Trust Co. Ltd. Class A | 118,700 | 55 | ||||
IReader Technology Co. Ltd. Class A | 24,200 | 55 | ||||
Orient Securities Co. Ltd. Class A | 44,032 | 55 |
Shares | Market Value• ($000) | |||||
* | Seazen Holdings Co. Ltd. Class A | 18,300 | 55 | |||
Grinm Advanced Materials Co. Ltd. Class A | 26,600 | 55 | ||||
* | DouYu International Holdings Ltd. ADR | 36,721 | 55 | |||
Anhui Expressway Co. Ltd. Class H | 74,000 | 54 | ||||
* | Wellhope Foods Co. Ltd. Class A | 35,500 | 54 | |||
Three's Co. Media Group Co. Ltd. Class A | 3,618 | 54 | ||||
* | CMGE Technology Group Ltd. | 218,000 | 54 | |||
Jiangsu Expressway Co. Ltd. Class H | 62,000 | 53 | ||||
Gemdale Corp. Class A | 31,500 | 53 | ||||
Lens Technology Co. Ltd. Class A | 33,500 | 53 | ||||
*,3 | Ascletis Pharma Inc. | 125,000 | 53 | |||
Ming Yang Smart Energy Group Ltd. Class A | 13,800 | 53 | ||||
Tianshan Aluminum Group Co. Ltd. Class A | 47,500 | 53 | ||||
Maanshan Iron & Steel Co. Ltd. Class H | 198,000 | 52 | ||||
Hubei Xingfa Chemicals Group Co. Ltd. Class A | 9,400 | 52 | ||||
Shanghai Tongji Science & Technology Industrial Co. Ltd. Class A | 44,700 | 52 | ||||
*,3 | Peijia Medical Ltd. | 65,000 | 52 | |||
CIFI Ever Sunshine Services Group Ltd. | 84,000 | 52 | ||||
Tong Ren Tang Technologies Co. Ltd. Class H | 72,000 | 51 | ||||
37 Interactive Entertainment Network Technology Group Co. Ltd. Class A | 17,400 | 51 | ||||
3 | China Railway Signal & Communication Corp. Ltd. Class H | 162,000 | 51 | |||
Hubei Feilihua Quartz Glass Co. Ltd. Class A | 6,300 | 51 | ||||
Jinke Smart Services Group Co. Ltd. Class H | 45,700 | 51 | ||||
* | Li Auto Inc. Class A | 3,506 | 51 | |||
Poly Property Group Co. Ltd. | 248,000 | 50 | ||||
Lonking Holdings Ltd. | 296,000 | 50 | ||||
3 | Orient Securities Co. Ltd. Class H | 110,000 | 50 | |||
MLS Co. Ltd. Class A | 34,200 | 50 | ||||
* | Risen Energy Co. Ltd. Class A | 11,800 | 50 |
Shares | Market Value• ($000) | |||||
* | Shanghai Liangxin Electrical Co. Ltd. Class A | 23,700 | 50 | |||
Ningbo Orient Wires & Cables Co. Ltd. Class A | 4,800 | 50 | ||||
3 | Joinn Laboratories China Co. Ltd. Class H | 9,380 | 50 | |||
* | Comba Telecom Systems Holdings Ltd. | 264,000 | 49 | |||
Angang Steel Co. Ltd. Class A | 118,000 | 49 | ||||
Perfect World Co. Ltd. Class A | 23,000 | 49 | ||||
Bank of Chongqing Co. Ltd. Class H | 95,000 | 49 | ||||
Sichuan Expressway Co. Ltd. Class A | 86,300 | 49 | ||||
Shanghai Baosight Software Co. Ltd. Class A | 8,840 | 49 | ||||
* | I-Mab ADR | 8,070 | 49 | |||
COSCO SHIPPING Development Co. Ltd. Class H | 320,000 | 48 | ||||
Shenzhen Overseas Chinese Town Co. Ltd. Class A | 62,100 | 48 | ||||
China Galaxy Securities Co. Ltd. Class A | 33,800 | 48 | ||||
Shanghai Sinyang Semiconductor Materials Co. Ltd. Class A | 10,200 | 48 | ||||
* | China Dili Group | 378,000 | 48 | |||
Guangzhou R&F Properties Co. Ltd. Class H | 227,200 | 47 | ||||
Xingda International Holdings Ltd. | 230,000 | 47 | ||||
Sieyuan Electric Co. Ltd. Class A | 7,900 | 47 | ||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A | 2,300 | 47 | ||||
* | Youngy Co. Ltd. Class A | 2,700 | 47 | |||
Sailun Group Co. Ltd. Class A | 28,500 | 47 | ||||
Luoxin Pharmaceuticals Group Stock Co. Ltd. Class A | 46,400 | 47 | ||||
Guangzhou GRG Metrology & Test Co. Ltd. Class A | 14,900 | 47 | ||||
Jiangsu Azure Corp. | 18,100 | 47 | ||||
Sino-Ocean Group Holding Ltd. | 318,000 | 46 |
Shares | Market Value• ($000) | |||||
Zhejiang Juhua Co. Ltd. Class A | 20,100 | 46 | ||||
Xiamen Faratronic Co. Ltd. Class A | 1,800 | 46 | ||||
*,3 | Redco Properties Group Ltd. | 202,000 | 46 | |||
Weihai Guangwei Composites Co. Ltd. Class A | 4,200 | 46 | ||||
3 | Pharmaron Beijing Co. Ltd. Class H | 6,900 | 46 | |||
*,3 | Ascentage Pharma Group International | 22,300 | 46 | |||
Zhejiang HangKe Technology Inc. Co. Class A | 5,180 | 46 | ||||
Tianjin Guangyu Development Co. Ltd. Class A | 20,800 | 45 | ||||
Konfoong Materials International Co. Ltd. Class A | 3,300 | 45 | ||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A | 26,300 | 45 | ||||
Sichuan Expressway Co. Ltd. Class H | 184,000 | 44 | ||||
3 | Everbright Securities Co. Ltd. Class H | 66,632 | 44 | |||
Chengtun Mining Group Co. Ltd. Class A | 42,200 | 44 | ||||
* | Topchoice Medical Corp. Class A | 2,604 | 44 | |||
YGSOFT Inc. Class A | 46,200 | 44 | ||||
* | Pengdu Agriculture & Animal Husbandry Co. Ltd. Class A | 95,300 | 44 | |||
Yangzhou Yangjie Electronic Technology Co. Ltd. Class A | 5,200 | 44 | ||||
3 | Medlive Technology Co. Ltd. | 27,500 | 44 | |||
* | KWG Group Holdings Ltd. | 238,500 | 43 | |||
* | Sinofert Holdings Ltd. | 316,000 | 43 | |||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 30,200 | 43 | ||||
Tianjin Capital Environmental Protection Group Co. Ltd. Class A | 42,700 | 43 | ||||
Anhui Expressway Co. Ltd. Class A | 43,500 | 43 |
Shares | Market Value• ($000) | |||||
*,3 | YiChang HEC ChangJiang Pharmaceutical Co. Ltd. Class H | 68,400 | 43 | |||
3 | Genertec Universal Medical Group Co. Ltd. | 77,000 | 43 | |||
China International Marine Containers Group Co. Ltd. Class A | 37,050 | 43 | ||||
* | OneConnect Financial Technology Co. Ltd. ADR | 39,698 | 43 | |||
Sino Wealth Electronic Ltd. Class A | 7,469 | 43 | ||||
China Modern Dairy Holdings Ltd. | 316,000 | 42 | ||||
Hengdian Group DMEGC Magnetics Co. Ltd. Class A | 13,800 | 42 | ||||
3 | Cathay Media & Education Group Inc. | 274,000 | 42 | |||
Shanghai Medicilon Inc. Class A | 911 | 42 | ||||
China South Publishing & Media Group Co. Ltd. Class A | 28,800 | 41 | ||||
China Harmony Auto Holding Ltd. | 157,000 | 41 | ||||
* | Shandong Hi-Speed New Energy Group Ltd. | 4,280,000 | 41 | |||
JNBY Design Ltd. | 37,500 | 41 | ||||
Kehua Data Co. Ltd. Class A | 8,100 | 41 | ||||
Yuexiu Transport Infrastructure Ltd. | 84,000 | 40 | ||||
Wuhan Guide Infrared Co. Ltd. Class A | 19,200 | 40 | ||||
LB Group Co. Ltd. Class A | 15,800 | 40 | ||||
Shanghai International Port Group Co. Ltd. Class A | 50,500 | 40 | ||||
Hongfa Technology Co. Ltd. Class A | 7,280 | 40 | ||||
Longshine Technology Group Co. Ltd. Class A | 10,300 | 40 | ||||
China International Marine Containers Group Co. Ltd. Class H | 46,950 | 39 | ||||
Livzon Pharmaceutical Group Inc. Class A | 8,500 | 39 | ||||
Yunnan Aluminium Co. Ltd. Class A | 27,100 | 39 | ||||
Chacha Food Co. Ltd. Class A | 5,700 | 39 | ||||
* | EHang Holdings Ltd. ADR | 5,893 | 39 | |||
CPMC Holdings Ltd. | 89,000 | 38 |
Shares | Market Value• ($000) | |||||
CSC Financial Co. Ltd. Class A | 9,800 | 38 | ||||
Foran Energy Group Co. Ltd. | 20,600 | 38 | ||||
Livzon Pharmaceutical Group Inc. Class H | 13,300 | 38 | ||||
Zhejiang Huahai Pharmaceutical Co. Ltd. Class A | 13,300 | 38 | ||||
3 | AK Medical Holdings Ltd. | 44,000 | 38 | |||
Suzhou TFC Optical Communication Co. Ltd. Class A | 8,700 | 38 | ||||
DeHua TB New Decoration Materials Co. Ltd. Class A | 30,200 | 38 | ||||
Shenzhen Expressway Corp. Ltd. Class H | 42,000 | 37 | ||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A | 6,500 | 37 | ||||
Yantai Dongcheng Pharmaceutical Co. Ltd. Class A | 18,700 | 37 | ||||
Hisense Home Appliances Group Co. Ltd. Class A | 20,000 | 37 | ||||
* | Cheng De Lolo Co. Ltd. Class A | 30,000 | 37 | |||
Titan Wind Energy Suzhou Co. Ltd. Class A | 18,600 | 37 | ||||
China Tianying Inc. Class A | 45,200 | 37 | ||||
Chongqing Zaisheng Technology Corp. Ltd. Class A | 41,300 | 37 | ||||
* | Niu Technologies ADR | 6,232 | 37 | |||
*,3 | Mobvista Inc. | 62,000 | 37 | |||
* | Hi Sun Technology China Ltd. | 321,000 | 36 | |||
Shanxi Securities Co. Ltd. Class A | 43,300 | 36 | ||||
Liaoning Port Co. Ltd. Class A | 149,600 | 36 | ||||
*,3 | Shimao Services Holdings Ltd. | 139,000 | 36 | |||
* | China Tungsten & Hightech Materials Co. Ltd. Class A | 19,100 | 36 | |||
* | Roshow Technology Co. Ltd. Class A | 20,400 | 36 | |||
Sinotrans Ltd. Class H | 123,000 | 35 | ||||
* | Zhuguang Holdings Group Co. Ltd. | 276,000 | 35 |
Shares | Market Value• ($000) | |||||
* | Beijing Dabeinong Technology Group Co. Ltd. Class A | 28,100 | 35 | |||
Changchun Faway Automobile Components Co. Ltd. Class A | 26,600 | 35 | ||||
*,3 | Maoyan Entertainment | 42,000 | 35 | |||
Jiangsu Shuangxing Color Plastic New Materials Co. Ltd. Class A | 12,600 | 35 | ||||
Shanghai Belling Co. Ltd. Class A | 12,400 | 35 | ||||
Shanxi Taigang Stainless Steel Co. Ltd. Class A | 49,600 | 35 | ||||
Haohua Chemical Science & Technology Co. Ltd. | 6,500 | 35 | ||||
* | Jiangsu Akcome Science & Technology Co. Ltd. Class A | 67,800 | 35 | |||
* | Central China Management Co. Ltd. | 355,000 | 35 | |||
Rongsheng Petrochemical Co. Ltd. Class A | 16,700 | 34 | ||||
Xiamen C & D Inc. Class A | 20,300 | 34 | ||||
Shenzhen Expressway Corp. Ltd. | 27,700 | 34 | ||||
* | Jiangsu Lihua Animal Husbandry Stock Co. Ltd. Class A | 5,100 | 34 | |||
3 | Sunac Services Holdings Ltd. | 113,000 | 34 | |||
Nantong Jianghai Capacitor Co. Ltd. Class A | 9,500 | 34 | ||||
Guangdong Provincial Expressway Development Co. Ltd. Class B | 44,700 | 33 | ||||
Tian Lun Gas Holdings Ltd. | 73,000 | 33 | ||||
Zhejiang Weixing New Building Materials Co. Ltd. Class A | 11,000 | 33 | ||||
Guangzhou Kingmed Diagnostics Group Co. Ltd. Class A | 3,400 | 33 | ||||
*,1 | Colour Life Services Group Co. Ltd. | 413,159 | 33 | |||
Shenzhen Gas Corp. Ltd. Class A | 30,200 | 33 | ||||
Shenzhen Megmeet Electrical Co. Ltd. Class A | 7,200 | 33 |
Shares | Market Value• ($000) | |||||
* | Innuovo Technology Co. Ltd. Class A | 32,800 | 33 | |||
West China Cement Ltd. | 260,000 | 32 | ||||
* | China TransInfo Technology Co. Ltd. Class A | 22,600 | 32 | |||
* | Bank of Zhengzhou Co. Ltd. Class A | 86,031 | 32 | |||
KWG Living Group Holdings Ltd. | 180,906 | 32 | ||||
Qingling Motors Co. Ltd. Class H | 196,000 | 31 | ||||
Shenzhen Kedali Industry Co. Ltd. Class A | 1,900 | 31 | ||||
Xi'an Triangle Defense Co. Ltd. Class A | 5,500 | 31 | ||||
Zhende Medical Co. Ltd. Class A | 5,200 | 31 | ||||
Kangji Medical Holdings Ltd. | 39,500 | 31 | ||||
Shenzhen Topband Co. Ltd. Class A | 17,100 | 31 | ||||
QuakeSafe Technologies Co. Ltd. | 3,839 | 31 | ||||
Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 43,700 | 30 | ||||
China Shineway Pharmaceutical Group Ltd. | 39,000 | 30 | ||||
Lepu Medical Technology Beijing Co. Ltd. Class A | 10,900 | 30 | ||||
China Resources Double Crane Pharmaceutical Co. Ltd. Class A | 11,000 | 30 | ||||
Beijing Tiantan Biological Products Corp. Ltd. Class A | 9,336 | 30 | ||||
Zhejiang Xinan Chemical Industrial Group Co. Ltd. Class A | 11,060 | 30 | ||||
*,3 | Viva Biotech Holdings | 128,500 | 30 | |||
3 | Hangzhou Tigermed Consulting Co. Ltd. Class H | 3,000 | 30 | |||
Shenzhen Senior Technology Material Co. Ltd. Class A | 8,990 | 30 | ||||
Shenzhen Investment Ltd. | 158,000 | 29 | ||||
Shanghai Jinjiang International Hotels Co. Ltd. Class B | 14,600 | 29 |
Shares | Market Value• ($000) | |||||
* | China High Speed Transmission Equipment Group Co. Ltd. | 51,000 | 29 | |||
*,1 | China Zhongwang Holdings Ltd. | 133,200 | 29 | |||
Greatview Aseptic Packaging Co. Ltd. | 154,000 | 29 | ||||
Anhui Construction Engineering Group Co. Ltd. Class A | 35,000 | 29 | ||||
Humanwell Healthcare Group Co. Ltd. Class A | 10,700 | 29 | ||||
* | Skshu Paint Co. Ltd. Class A | 2,180 | 29 | |||
Hengyi Petrochemical Co. Ltd. Class A | 22,400 | 29 | ||||
Zhongfu Information Inc. Class A | 11,300 | 29 | ||||
Shanghai Wanye Enterprises Co. Ltd. Class A | 9,200 | 29 | ||||
Yijiahe Technology Co. Ltd. Class A | 4,200 | 29 | ||||
Chengdu CORPRO Technology Co. Ltd. Class A | 7,900 | 28 | ||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd. | 23,900 | 28 | ||||
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. Class A | 5,700 | 28 | ||||
Sichuan Yahua Industrial Group Co. Ltd. Class A | 6,800 | 28 | ||||
Zhejiang Weiming Environment Protection Co. Ltd. Class A | 7,657 | 28 | ||||
Gaona Aero Material Co. Ltd. Class A | 4,300 | 28 | ||||
* | China Southern Airlines Co. Ltd. Class H | 50,000 | 27 | |||
China Lilang Ltd. | 55,000 | 27 | ||||
Central China Securities Co. Ltd. Class A | 48,600 | 27 | ||||
* | Shenzhen Everwin Precision Technology Co. Ltd. Class A | 14,200 | 27 | |||
*,3 | CStone Pharmaceuticals | 43,500 | 27 | |||
Shanghai Hanbell Precise Machinery Co. Ltd. Class A | 7,600 | 27 | ||||
* | Sichuan Development Lomon Co. Ltd. Class A | 15,400 | 27 | |||
Hisense Home Appliances Group Co. Ltd. | 24,000 | 26 |
Shares | Market Value• ($000) | |||||
GEM Co. Ltd. Class A | 21,700 | 26 | ||||
Western Securities Co. Ltd. Class A | 27,900 | 26 | ||||
Jiangsu Guotai International Group Co. Ltd. | 19,400 | 26 | ||||
Beijing Strong Biotechnologies Inc. Class A | 9,900 | 26 | ||||
3 | China Everbright Greentech Ltd. | 125,000 | 26 | |||
Red Avenue New Materials Group Co. Ltd. Class A | 6,100 | 26 | ||||
Victory Giant Technology Huizhou Co. Ltd. Class A | 11,000 | 26 | ||||
Bafang Electric Suzhou Co. Ltd. Class A | 1,200 | 26 | ||||
Qingdao Haier Biomedical Co. Ltd. Class A | 2,543 | 26 | ||||
Hangcha Group Co. Ltd. Class A | 12,600 | 26 | ||||
* | Burning Rock Biotech Ltd. ADR | 6,619 | 26 | |||
Angang Steel Co. Ltd. Class H | 80,000 | 25 | ||||
* | Brilliance China Automotive Holdings Ltd. | 90,000 | 25 | |||
Beijing Shiji Information Technology Co. Ltd. Class A | 13,440 | 25 | ||||
TCL Technology Group Corp. Class A | 41,200 | 25 | ||||
* | Industrial Securities Co. Ltd. Class A | 28,080 | 25 | |||
* | Guangshen Railway Co. Ltd. Class A | 83,800 | 25 | |||
Sanquan Food Co. Ltd. Class A | 9,630 | 25 | ||||
Beijing Chunlizhengda Medical Instruments Co. Ltd. Class H | 17,500 | 25 | ||||
3 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd. Class H | 31,000 | 25 | |||
WUS Printed Circuit Kunshan Co. Ltd. Class A | 13,640 | 24 | ||||
Health & Happiness H&H International Holdings Ltd. | 18,000 | 24 | ||||
Zhejiang Communications Technology Co. Ltd. | 26,400 | 24 |
Shares | Market Value• ($000) | |||||
New China Life Insurance Co. Ltd. Class A | 5,700 | 24 | ||||
*,3 | Meitu Inc. | 226,500 | 24 | |||
Shenzhen Yinghe Technology Co. Ltd. Class A | 6,200 | 24 | ||||
JL Mag Rare-Earth Co. Ltd. Class A | 4,500 | 24 | ||||
Beijing Bei Mo Gao Ke Friction Material Co. Ltd. Class A | 3,510 | 24 | ||||
Shanghai Industrial Urban Development Group Ltd. | 282,000 | 23 | ||||
INESA Intelligent Tech Inc. Class B | 50,600 | 23 | ||||
* | China Dongxiang Group Co. Ltd. | 514,000 | 23 | |||
Sealand Securities Co. Ltd. Class A | 44,000 | 23 | ||||
* | Zhejiang Narada Power Source Co. Ltd. Class A | 6,900 | 23 | |||
Guangxi Liugong Machinery Co. Ltd. Class A | 25,800 | 23 | ||||
Shenzhen Gongjin Electronics Co. Ltd. Class A | 20,000 | 23 | ||||
China Kepei Education Group Ltd. | 88,000 | 23 | ||||
Jiangsu Provincial Agricultural Reclamation & Development Corp. | 11,400 | 23 | ||||
Edan Instruments Inc. Class A | 13,000 | 23 | ||||
* | SOHO China Ltd. | 121,000 | 22 | |||
Guomai Technologies Inc. Class A | 27,000 | 22 | ||||
Hainan Strait Shipping Co. Ltd. Class A | 27,750 | 22 | ||||
China Jushi Co. Ltd. Class A | 10,744 | 22 | ||||
* | Advanced Technology & Materials Co. Ltd. Class A | 18,300 | 22 | |||
Sinocare Inc. Class A | 5,700 | 22 | ||||
CNHTC Jinan Truck Co. Ltd. Class A | 14,420 | 22 | ||||
PharmaBlock Sciences Nanjing Inc. Class A | 1,800 | 22 | ||||
Black Peony Group Co. Ltd. Class A | 19,800 | 22 | ||||
* | Hainan Development Holdings Nanhai Co. Ltd. Class A | 13,500 | 22 |
Shares | Market Value• ($000) | |||||
* | China Railway Materials Co. Ltd. Class A | 54,300 | 22 | |||
* | Jiangsu Hoperun Software Co. Ltd. Class A | 7,600 | 21 | |||
Hangxiao Steel Structure Co. Ltd. Class A | 28,100 | 21 | ||||
Zhejiang Wanma Co. Ltd. Class A | 15,000 | 21 | ||||
* | China Aluminum International Engineering Corp. Ltd. Class A | 33,900 | 21 | |||
Infore Environment Technology Group Co. Ltd. Class A | 29,500 | 21 | ||||
Xinjiang Communications Construction Group Co. Ltd. Class A | 10,400 | 21 | ||||
Shenzhen Fastprint Circuit Tech Co. Ltd. Class A | 12,300 | 21 | ||||
Jiangsu Nata Opto-electronic Material Co. Ltd. Class A | 4,160 | 21 | ||||
Chengdu Leejun Industrial Co. Ltd. Class A | 21,800 | 21 | ||||
Zhejiang Cfmoto Power Co. Ltd. Class A | 900 | 21 | ||||
* | Sichuan New Energy Power Co. Ltd. | 7,300 | 21 | |||
Yunnan Tin Co. Ltd. Class A | 10,200 | 20 | ||||
* | Wens Foodstuffs Group Co. Ltd. Class A | 5,800 | 20 | |||
* | Sunward Intelligent Equipment Co. Ltd. Class A | 20,700 | 20 | |||
* | Guocheng Mining Co. Ltd. Class A | 7,100 | 20 | |||
3 | Qingdao Port International Co. Ltd. Class H | 43,000 | 20 | |||
* | LVGEM China Real Estate Investment Co. Ltd. | 164,000 | 20 | |||
* | Flat Glass Group Co. Ltd. Class H | 6,000 | 20 | |||
* | Shandong Longda Meishi Co. Ltd. Class A | 14,700 | 20 | |||
First Tractor Co. Ltd. Class H | 48,000 | 19 |
Shares | Market Value• ($000) | |||||
Dongjiang Environmental Co. Ltd. Class A | 21,700 | 19 | ||||
3 | Midea Real Estate Holding Ltd. | 17,800 | 19 | |||
Nanjing Iron & Steel Co. Ltd. Class A | 44,500 | 19 | ||||
Telling Telecommunication Holding Co. Ltd. Class A | 10,900 | 19 | ||||
Taiji Computer Corp. Ltd. Class A | 7,400 | 19 | ||||
Proya Cosmetics Co. Ltd. Class A | 840 | 19 | ||||
GCL Energy Technology Co. Ltd. | 9,400 | 19 | ||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 18,800 | 18 | ||||
BBMG Corp. Class H | 133,000 | 18 | ||||
China South City Holdings Ltd. | 284,000 | 18 | ||||
Shanghai Ganglian E-Commerce Holdings Co. Ltd. Class A | 5,880 | 18 | ||||
JSTI Group Class A | 18,000 | 18 | ||||
Zhejiang Jiemei Electronic & Technology Co. Ltd. Class A | 5,000 | 18 | ||||
Sichuan Hexie Shuangma Co. Ltd. Class A | 6,000 | 18 | ||||
Times China Holdings Ltd. | 124,000 | 18 | ||||
CNNC Hua Yuan Titanium Dioxide Co. Ltd. Class A | 15,900 | 18 | ||||
Hubei Dinglong Co. Ltd. Class A | 5,600 | 18 | ||||
Shenzhen H&T Intelligent Control Co. Ltd. Class A | 7,500 | 18 | ||||
Sinofibers Technology Co. Ltd. Class A | 2,700 | 18 | ||||
Yankershop Food Co. Ltd. Class A | 1,300 | 18 | ||||
China Railway Signal & Communication Corp. Ltd. Class A | 27,659 | 18 | ||||
Goke Microelectronics Co. Ltd. Class A | 1,700 | 18 | ||||
* | TCL Electronics Holdings Ltd. | 35,000 | 17 | |||
Chengdu Xingrong Environment Co. Ltd. Class A | 22,200 | 17 |
Shares | Market Value• ($000) | |||||
Xinyu Iron & Steel Co. Ltd. Class A | 27,300 | 17 | ||||
BBMG Corp. Class A | 45,100 | 17 | ||||
Shengyi Technology Co. Ltd. Class A | 7,200 | 17 | ||||
Suzhou Anjie Technology Co. Ltd. Class A | 8,300 | 17 | ||||
* | Kunshan Kersen Science & Technology Co. Ltd. Class A | 15,000 | 17 | |||
Times Neighborhood Holdings Ltd. | 171,000 | 17 | ||||
Tofflon Science & Technology Group Co. Ltd. Class A | 4,500 | 17 | ||||
* | Yantai Zhenghai Magnetic Material Co. Ltd. Class A | 8,500 | 17 | |||
Yusys Technologies Co. Ltd. Class A | 7,680 | 17 | ||||
Nanjing Yunhai Special Metals Co. Ltd. Class A | 5,300 | 17 | ||||
Fujian Cement Inc. Class A | 19,900 | 17 | ||||
* | Youdao Inc. ADR | 3,215 | 17 | |||
CanSino Biologics Inc. Class A | 948 | 17 | ||||
Zhejiang Orient Gene Biotech Co. Ltd. Class A | 1,286 | 17 | ||||
Hunan Valin Steel Co. Ltd. Class A | 25,300 | 16 | ||||
* | Q Technology Group Co. Ltd. | 30,000 | 16 | |||
Laobaixing Pharmacy Chain JSC Class A | 3,328 | 16 | ||||
* | Zhejiang Jingu Co. Ltd. Class A | 15,900 | 16 | |||
Hangjin Technology Co. Ltd. Class A | 3,500 | 16 | ||||
3 | China East Education Holdings Ltd. | 37,000 | 16 | |||
State Grid Information & Communication Co. Ltd. | 8,100 | 16 | ||||
CETC Digital Technology Co. Ltd. Class A | 6,240 | 16 | ||||
* | China Express Airlines Co. Ltd. Class A | 9,600 | 16 | |||
Pacific Shuanglin Bio-pharmacy Co. Ltd. | 5,300 | 16 | ||||
* | Beijing Bohui Innovation Biotechnology Group Co. Ltd. Class A | 16,700 | 16 | |||
Luoyang Xinqianglian Slewing Bearing Co. Ltd. Class A | 1,480 | 16 |
Shares | Market Value• ($000) | |||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | 16,700 | 15 | ||||
Xinhua Winshare Publishing & Media Co. Ltd. Class H | 22,000 | 15 | ||||
* | Skyfame Realty Holdings Ltd. | 2,226,000 | 15 | |||
3 | Shanghai Haohai Biological Technology Co. Ltd. Class H | 4,400 | 15 | |||
Hunan Aihua Group Co. Ltd. Class A | 3,800 | 15 | ||||
Huagong Tech Co. Ltd. Class A | 4,800 | 15 | ||||
Guangdong Zhongsheng Pharmaceutical Co. Ltd. Class A | 7,700 | 15 | ||||
Shenzhen Sunline Tech Co. Ltd. Class A | 10,300 | 15 | ||||
Sonoscape Medical Corp. Class A | 2,700 | 15 | ||||
Beijing Aosaikang Pharmaceutical Co. Ltd. Class A | 11,600 | 15 | ||||
Canny Elevator Co. Ltd. Class A | 14,400 | 15 | ||||
Xiamen Xiangyu Co. Ltd. Class A | 11,000 | 15 | ||||
Shanghai Haohai Biological Technology Co. Ltd. Class A | 1,374 | 15 | ||||
Sunresin New Materials Co. Ltd. Class A | 1,300 | 15 | ||||
* | Ausnutria Dairy Corp. Ltd. | 17,000 | 14 | |||
Yuzhou Group Holdings Co. Ltd. | 319,000 | 14 | ||||
CETC Potevio Science&Technology Co. Ltd. Class A | 4,600 | 14 | ||||
Shenzhen Agricultural Products Group Co. Ltd. Class A | 16,100 | 14 | ||||
IKD Co. Ltd. Class A | 5,700 | 14 | ||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. Class A | 2,100 | 14 | ||||
Hainan Poly Pharm Co. Ltd. Class A | 3,500 | 14 | ||||
* | Wuhan Raycus Fiber Laser Technologies Co. Ltd. Class A | 3,315 | 14 | |||
Shenzhen Suntak Circuit Technology Co. Ltd. Class A | 7,900 | 14 |
Shares | Market Value• ($000) | |||||
Zhejiang Garden Bio-Chemical High-tech Co. Ltd. Class A | 5,500 | 14 | ||||
CTS International Logistics Corp. Ltd. Class A | 10,800 | 14 | ||||
Fibocom Wireless Inc. Class A | 4,350 | 14 | ||||
* | Zibo Qixiang Tengda Chemical Co. Ltd. Class A | 13,700 | 14 | |||
* | Xiamen Jihong Technology Co. Ltd. Class A | 7,400 | 14 | |||
Yunda Holding Co. Ltd. Class A | 5,200 | 13 | ||||
* | Zhenro Properties Group Ltd. | 272,000 | 13 | |||
PCI Technology Group Co. Ltd. Class A | 14,900 | 13 | ||||
Hexing Electrical Co. Ltd. Class A | 5,300 | 13 | ||||
Shandong Hi-Speed Road & Bridge Co. Ltd. Class A | 10,100 | 13 | ||||
Zhuzhou Hongda Electronics Corp. Ltd. Class A | 2,000 | 13 | ||||
Biem.L.Fdlkk Garment Co. Ltd. Class A | 4,100 | 13 | ||||
Shenzhen Woer Heat-Shrinkable Material Co. Ltd. Class A | 12,800 | 13 | ||||
Quectel Wireless Solutions Co. Ltd. Class A | 621 | 13 | ||||
Era Co. Ltd. Class A | 18,600 | 13 | ||||
Shenzhen Changhong Technology Co. Ltd. Class A | 5,000 | 13 | ||||
*,3 | Archosaur Games Inc. | 26,000 | 13 | |||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. Class H | 31,000 | 12 | ||||
Daan Gene Co. Ltd. Class A | 4,500 | 12 | ||||
* | Shandong Yisheng Livestock & Poultry Breeding Co. Ltd. Class A | 8,700 | 12 | |||
Anhui Jinhe Industrial Co. Ltd. Class A | 2,000 | 12 | ||||
Guangzhou Shiyuan Electronic Technology Co. Ltd. Class A | 1,200 | 12 |
Shares | Market Value• ($000) | |||||
Qingdao Port International Co. Ltd. Class A | 15,500 | 12 | ||||
Sinolink Securities Co. Ltd. Class A | 9,500 | 12 | ||||
Shanghai Dazhong Public Utilities Group Co. Ltd. Class A | 25,900 | 12 | ||||
* | Ronshine China Holdings Ltd. | 126,000 | 12 | |||
* | Jilin Electric Power Co. Ltd. Class A | 12,600 | 12 | |||
Wuhu Token Science Co. Ltd. Class A | 11,500 | 12 | ||||
Xinhua Winshare Publishing & Media Co. Ltd. Class A | 7,700 | 12 | ||||
Red Star Macalline Group Corp. Ltd. Class A | 16,280 | 12 | ||||
China CAMC Engineering Co. Ltd. Class A | 10,100 | 12 | ||||
Shandong Jincheng Pharmaceutical Group Co. Ltd. Class A | 2,800 | 12 | ||||
Guangdong Topstar Technology Co. Ltd. Class A | 6,400 | 12 | ||||
Streamax Technology Co. Ltd. Class A | 3,200 | 12 | ||||
Bluefocus Intelligent Communications Group Co. Ltd. Class A | 13,000 | 11 | ||||
Chongqing Water Group Co. Ltd. Class A | 14,300 | 11 | ||||
* | Chongqing Iron & Steel Co. Ltd. Class A | 44,000 | 11 | |||
* | Sichuan Haite High-tech Co. Ltd. Class A | 7,900 | 11 | |||
Beijing GeoEnviron Engineering & Technology Inc. Class A | 6,600 | 11 | ||||
Zhejiang Dingli Machinery Co. Ltd. Class A | 2,000 | 11 | ||||
Chongqing Rural Commercial Bank Co. Ltd. Class A | 20,400 | 11 | ||||
Anhui Truchum Advanced Materials & Technology Co. Ltd. Class A | 7,900 | 11 | ||||
Shanghai Pret Composites Co. Ltd. Class A | 4,800 | 11 |
Shares | Market Value• ($000) | |||||
Zhejiang Jiecang Linear Motion Technology Co. Ltd. Class A | 2,700 | 11 | ||||
Longhua Technology Group Luoyang Co. Ltd. Class A | 10,000 | 11 | ||||
Eastern Communications Co. Ltd. Class B | 24,000 | 10 | ||||
DHC Software Co. Ltd. Class A | 12,000 | 10 | ||||
* | STO Express Co. Ltd. Class A | 6,300 | 10 | |||
Heilongjiang Agriculture Co. Ltd. Class A | 4,800 | 10 | ||||
*,1 | China Aoyuan Group Ltd. | 91,000 | 10 | |||
* | Zhuhai Orbita Aerospace Science & Technology Co. Ltd. Class A | 7,400 | 10 | |||
Sai Micro Electronics Inc. Class A | 4,500 | 10 | ||||
Mayinglong Pharmaceutical Group Co. Ltd. Class A | 3,000 | 10 | ||||
Gansu Shangfeng Cement Co. Ltd. Class A | 4,920 | 10 | ||||
Zhuhai Bojay Electronics Co. Ltd. Class A | 1,800 | 10 | ||||
Hangzhou Electronic Soul Network Technology Co. Ltd. Class A | 3,100 | 10 | ||||
Shandong Head Group Co. Ltd. Class A | 2,000 | 10 | ||||
Ningbo Huaxiang Electronic Co. Ltd. Class A | 4,200 | 9 | ||||
* | Hand Enterprise Solutions Co. Ltd. Class A | 8,300 | 9 | |||
Shenzhen Ysstech Info-tech Co. Ltd. Class A | 7,600 | 9 | ||||
FAWER Automotive Parts Co. Ltd. Class A | 12,500 | 9 | ||||
Guangzhou Shangpin Home Collection Co. Ltd. Class A | 2,600 | 9 | ||||
Jointown Pharmaceutical Group Co. Ltd. Class A | 5,000 | 9 | ||||
Joincare Pharmaceutical Group Industry Co. Ltd. Class A | 5,900 | 9 |
Shares | Market Value• ($000) | |||||
Xuji Electric Co. Ltd. Class A | 3,100 | 9 | ||||
Goldenmax International Technology Ltd. Class A | 7,000 | 9 | ||||
Jiangsu Nhwa Pharmaceutical Co. Ltd. Class A | 3,800 | �� 9 | ||||
* | Guangdong Dongfang Precision Science & Technology Co. Ltd. Class A | 13,700 | 9 | |||
Xinhuanet Co. Ltd. Class A | 3,600 | 9 | ||||
* | YanTai Shuangta Food Co. Ltd. Class A | 8,100 | 9 | |||
* | Mianyang Fulin Precision Co. Ltd. | 3,750 | 9 | |||
Zhejiang Tianyu Pharmaceutical Co. Ltd. Class A | 2,660 | 9 | ||||
COFCO Biotechnology Co. Ltd. Class A | 7,000 | 9 | ||||
Milkyway Chemical Supply Chain Service Co. Ltd. Class A | 500 | 9 | ||||
Beijing Ctrowell Technology Corp. Ltd. Class A | 6,600 | 9 | ||||
* | Shanghai Junshi Biosciences Co. Ltd. Class A | 1,228 | 9 | |||
Guangdong Aofei Data Technology Co. Ltd. Class A | 6,840 | 9 | ||||
Lancy Co. Ltd. Class A | 2,300 | 9 | ||||
Shanghai Fullhan Microelectronics Co. Ltd. Class A | 1,000 | 9 | ||||
Shanghai Shibei Hi-Tech Co. Ltd. Class B | 29,400 | 8 | ||||
*,1 | Kaisa Group Holdings Ltd. | 98,000 | 8 | |||
Shandong Sun Paper Industry JSC Ltd. Class A | 4,800 | 8 | ||||
Beijing E-Hualu Information Technology Co. Ltd. Class A | 3,900 | 8 | ||||
* | Jinke Properties Group Co. Ltd. Class A | 22,100 | 8 | |||
* | Chengzhi Co. Ltd. Class A | 4,900 | 8 | |||
Qingdao Eastsoft Communication Technology Co. Ltd. Class A | 4,000 | 8 |
Shares | Market Value• ($000) | |||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | 2,100 | 8 | ||||
G-bits Network Technology Xiamen Co. Ltd. Class A | 200 | 8 | ||||
* | Luoniushan Co. Ltd. Class A | 7,800 | 8 | |||
Han's Laser Technology Industry Group Co. Ltd. Class A | 1,800 | 8 | ||||
Sino-Platinum Metals Co. Ltd. Class A | 3,510 | 8 | ||||
* | Shanghai Runda Medical Technology Co. Ltd. Class A | 4,900 | 8 | |||
Shenzhen FRD Science & Technology Co. Ltd. | 3,300 | 8 | ||||
Beijing Sinnet Technology Co. Ltd. Class A | 6,100 | 8 | ||||
PhiChem Corp. Class A | 2,600 | 8 | ||||
Hangzhou Dptech Technologies Co. Ltd. Class A | 4,350 | 8 | ||||
Zhejiang Starry Pharmaceutical Co. Ltd. Class A | 2,800 | 8 | ||||
Lushang Health Industry Development Co. Ltd. Class A | 5,800 | 8 | ||||
* | Jiayuan International Group Ltd. | 264,000 | 7 | |||
Unisplendour Corp. Ltd. Class A | 2,660 | 7 | ||||
Inspur Electronic Information Industry Co. Ltd. Class A | 2,100 | 7 | ||||
* | Suzhou Gold Mantis Construction Decoration Co. Ltd. Class A | 9,000 | 7 | |||
* | Huafon Microfibre Shanghai Technology Co. Ltd. | 12,400 | 7 | |||
Greenland Hong Kong Holdings Ltd. | 70,000 | 7 | ||||
BGI Genomics Co. Ltd. Class A | 800 | 7 | ||||
* | ChemPartner PharmaTech Co. Ltd. Class A | 3,700 | 7 | |||
Central China Securities Co. Ltd. Class H | 48,000 | 7 | ||||
Accelink Technologies Co. Ltd. Class A | 2,600 | 7 | ||||
Yunnan Copper Co. Ltd. Class A | 4,300 | 7 |
Shares | Market Value• ($000) | |||||
Xiamen Kingdomway Group Co. Class A | 2,400 | 7 | ||||
Electric Connector Technology Co. Ltd. Class A | 1,100 | 7 | ||||
Gansu Qilianshan Cement Group Co. Ltd. Class A | 4,300 | 7 | ||||
Beijing Tongtech Co. Ltd. Class A | 2,720 | 7 | ||||
China Publishing & Media Co. Ltd. Class A | 9,700 | 7 | ||||
* | Keshun Waterproof Technologies Co. Ltd. Class A | 4,860 | 7 | |||
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd. Class A | 8,200 | 7 | ||||
China Foods Ltd. | 20,000 | 6 | ||||
* | Guangshen Railway Co. Ltd. Class H | 38,000 | 6 | |||
* | Hytera Communications Corp. Ltd. Class A | 8,400 | 6 | |||
Beijing Originwater Technology Co. Ltd. Class A | 7,200 | 6 | ||||
Zhejiang Meida Industrial Co. Ltd. Class A | 3,300 | 6 | ||||
Fiberhome Telecommunication Technologies Co. Ltd. Class A | 3,100 | 6 | ||||
* | Beijing VRV Software Corp. Ltd. Class A | 10,400 | 6 | |||
* | Yifan Pharmaceutical Co. Ltd. Class A | 3,800 | 6 | |||
Shenzhen Kaifa Technology Co. Ltd. Class A | 3,300 | 6 | ||||
Xinjiang Tianshan Cement Co. Ltd. Class A | 4,500 | 6 | ||||
Jiangxi Wannianqing Cement Co. Ltd. Class A | 4,200 | 6 | ||||
* | Zhongliang Holdings Group Co. Ltd. | 66,500 | 6 | |||
Amoy Diagnostics Co. Ltd. Class A | 1,620 | 6 | ||||
* | YaGuang Technology Group Co. Ltd. | 6,400 | 6 | |||
Wuxi Boton Technology Co. Ltd. Class A | 2,600 | 6 | ||||
* | Client Service International Inc. Class A | 2,850 | 6 |
Shares | Market Value• ($000) | |||||
Tibet Rhodiola Pharmaceutical Holding Co. Class A | 1,200 | 6 | ||||
Shandong Bohui Paper Industrial Co. Ltd. Class A | 6,000 | 6 | ||||
China Automotive Engineering Research Institute Co. Ltd. Class A | 2,800 | 6 | ||||
Beijing North Star Co. Ltd. Class H | 44,000 | 5 | ||||
* | Yango Group Co. Ltd. Class A | 15,800 | 5 | |||
* | Lingyi iTech Guangdong Co. Class A | 6,300 | 5 | |||
Skyworth Digital Co. Ltd. Class A | 1,700 | 5 | ||||
Shandong Xinhua Pharmaceutical Co. Ltd. Class A | 1,800 | 5 | ||||
LianChuang Electronic Technology Co. Ltd. Class A | 2,100 | 5 | ||||
*,1 | Beijing Watertek Information Technology Co. Ltd. Class A | 9,800 | 5 | |||
Shandong Dongyue Organosilicon Material Co. Ltd. Class A | 2,200 | 5 | ||||
Chengdu Wintrue Holding Co. Ltd. Class A | 2,200 | 5 | ||||
* | Genetron Holdings Ltd. ADR | 4,491 | 5 | |||
* | Jinmao Property Services Co. Ltd. | 10,090 | 5 | |||
Jingjin Equipment Inc. Class A | 1,260 | 5 | ||||
Shandong Himile Mechanical Science & Technology Co. Ltd. Class A | 1,000 | 4 | ||||
* | OFILM Group Co. Ltd. Class A | 4,800 | 4 | |||
Shenzhen Desay Battery Technology Co. Class A | 600 | 4 | ||||
Maccura Biotechnology Co. Ltd. Class A | 1,500 | 4 | ||||
Shenzhen Leaguer Co. Ltd. Class A | 3,200 | 4 | ||||
* | Beijing Compass Technology Development Co. Ltd. Class A | 500 | 4 | |||
Guoyuan Securities Co. Ltd. Class A | 3,300 | 3 |
Shares | Market Value• ($000) | |||||
* | Berry Genomics Co. Ltd. Class A | 1,500 | 3 | |||
* | Zhejiang Jinke Tom Culture Industry Co. Ltd. Class A | 5,600 | 3 | |||
Wuhan Fingu Electronic Technology Co. Ltd. Class A | 2,100 | 3 | ||||
Eoptolink Technology Inc. Ltd. Class A | 800 | 3 | ||||
Shenyang Xingqi Pharmaceutical Co. Ltd. Class A | 200 | 3 | ||||
Guangdong Hybribio Biotech Co. Ltd. Class A | 1,050 | 3 | ||||
Guangdong Advertising Group Co. Ltd. Class A | 5,100 | 3 | ||||
BrightGene Bio-Medical Technology Co. Ltd. Class A | 889 | 3 | ||||
Foryou Corp. | 500 | 3 | ||||
* | Shengda Resources Co. Ltd. Class A | 1,100 | 2 | |||
Chengdu Kanghua Biological Products Co. Ltd. Class A | 150 | 2 | ||||
Xizi Clean Energy Equipment Manufacturing Co. Ltd. Class A | 900 | 2 | ||||
Guangdong Dowstone Technology Co. Ltd. Class A | 400 | 1 | ||||
* | Luoyang Glass Co. Ltd. Class A | 300 | 1 | |||
257,058 | ||||||
Colombia (0.0%) | ||||||
Bancolombia SA Preference Shares | 55,630 | 384 | ||||
Bancolombia SA | 44,791 | 346 | ||||
Interconexion Electrica SA ESP | 56,821 | 246 | ||||
Banco Davivienda SA Preference Shares | 19,293 | 135 | ||||
Grupo de Inversiones Suramericana SA | 14,720 | 123 | ||||
Grupo Aval Acciones y Valores SA Preference Shares | 638,547 | ��� 96 | ||||
Grupo de Inversiones Suramericana SA Preference Shares | 16,290 | 57 | ||||
* | BAC Holding International Corp. | 525,029 | 27 | |||
1,414 |
Shares | Market Value• ($000) | |||||
Czech Republic (0.0%) | ||||||
Komercni Banka A/S | 20,408 | 478 | ||||
3 | Moneta Money Bank A/S | 48,454 | 154 | |||
632 | ||||||
Denmark (1.8%) | ||||||
Novo Nordisk A/S Class B | 238,501 | 25,499 | ||||
DSV A/S | 30,413 | 4,494 | ||||
Vestas Wind Systems A/S | 154,212 | 3,859 | ||||
* | Genmab A/S | 9,913 | 3,529 | |||
Coloplast A/S Class B | 21,343 | 2,438 | ||||
Novozymes A/S Class B | 32,597 | 1,871 | ||||
Chr Hansen Holding A/S | 17,741 | 1,034 | ||||
Pandora A/S | 16,240 | 976 | ||||
Tryg A/S | 42,765 | 966 | ||||
GN Store Nord A/S | 22,336 | 632 | ||||
Ringkjoebing Landbobank A/S | 5,525 | 590 | ||||
* | ISS A/S | 32,895 | 576 | |||
* | Demant A/S | 16,180 | 498 | |||
SimCorp A/S | 5,488 | 401 | ||||
* | Bavarian Nordic A/S | 10,433 | 393 | |||
* | Jyske Bank A/S (Registered) | 7,788 | 390 | |||
Sydbank A/S | 10,371 | 300 | ||||
* | ALK-Abello A/S Class B | 15,691 | 292 | |||
Ambu A/S Class B | 28,565 | 287 | ||||
* | NKT A/S | 5,000 | 255 | |||
D/S Norden A/S | 4,308 | 201 | ||||
Chemometec A/S | 1,831 | 196 | ||||
Topdanmark A/S | 3,691 | 193 | ||||
*,3 | Netcompany Group A/S | 4,607 | 187 | |||
H Lundbeck A/S | 38,008 | 149 | ||||
ROCKWOOL A/S Class B | 679 | 140 | ||||
Dfds A/S | 2,955 | 102 | ||||
* | Zealand Pharma A/S | 5,167 | 92 | |||
* | NTG Nordic Transport Group A/S | 2,231 | 86 | |||
Alm Brand A/S | 49,798 | 73 | ||||
Spar Nord Bank A/S | 5,397 | 61 | ||||
Schouw & Co. A/S | 641 | 47 | ||||
* | Nilfisk Holding A/S | 2,057 | 46 | |||
* | H Lundbeck A/S Class A | 3,013 | 11 | |||
50,864 | ||||||
Egypt (0.0%) | ||||||
Commercial International Bank Egypt SAE | 207,915 | 412 | ||||
* | Egyptian Financial Group-Hermes Holding Co. | 179,578 | 119 | |||
* | Medinet Nasr Housing | 440,666 | 67 | |||
Telecom Egypt Co. | 67,366 | 55 |
Shares | Market Value• ($000) | |||||
Palm Hills Developments SAE | 647,185 | 51 | ||||
Oriental Weavers | 46,027 | 17 | ||||
721 | ||||||
Finland (0.8%) | ||||||
Nordea Bank Abp | 571,015 | 5,295 | ||||
Nokia OYJ | 892,433 | 4,497 | ||||
Sampo OYJ Class A | 74,621 | 3,376 | ||||
Kone OYJ Class B | 61,903 | 2,476 | ||||
Stora Enso OYJ | 98,499 | 1,466 | ||||
Elisa OYJ | 26,904 | 1,439 | ||||
Kesko OYJ Class B | 49,663 | 1,045 | ||||
Orion OYJ Class B | 15,007 | 680 | ||||
Valmet OYJ | 26,600 | 674 | ||||
Kojamo OYJ | 26,467 | 443 | ||||
Huhtamaki OYJ | 10,607 | 371 | ||||
TietoEVRY OYJ | 12,691 | 325 | ||||
Cargotec OYJ Class B | 7,541 | 257 | ||||
Nokian Renkaat OYJ | 22,781 | 236 | ||||
* | QT Group OYJ | 2,828 | 143 | |||
Sanoma OYJ | 8,012 | 109 | ||||
Uponor OYJ | 5,272 | 79 | ||||
Revenio Group OYJ | 1,565 | 71 | ||||
Tokmanni Group Corp. | 4,773 | 57 | ||||
3 | Terveystalo OYJ | 6,050 | 54 | |||
* | F-Secure OYJ | 15,991 | 40 | |||
Kemira OYJ | 2,307 | 28 | ||||
* | WithSecure OYJ | 15,991 | 27 | |||
* | Finnair OYJ | 62,177 | 26 | |||
*,1 | Ahlstrom-Munksjo OYJ | 884 | 16 | |||
YIT OYJ | 3,951 | 13 | ||||
Raisio OYJ | 4,240 | 9 | ||||
Oriola OYJ Class B | 4,424 | 8 | ||||
23,260 | ||||||
France (4.0%) | ||||||
Sanofi | 164,523 | 13,450 | ||||
BNP Paribas SA | 164,011 | 7,622 | ||||
EssilorLuxottica SA | 44,530 | 6,632 | ||||
AXA SA | 280,689 | 6,611 | ||||
Hermes International | 4,671 | 5,982 | ||||
Kering SA | 11,139 | 5,589 | ||||
L'Oreal SA | 16,072 | 5,520 | ||||
Danone SA | 86,222 | 4,537 | ||||
* | L'Oreal SA | 12,394 | 4,256 | |||
STMicroelectronics NV | 99,429 | 3,465 | ||||
Legrand SA | 43,827 | 3,171 | ||||
L'Oreal SA (Registered) | 8,400 | 2,885 | ||||
Teleperformance | 9,678 | 2,756 | ||||
Orange SA | 265,581 | 2,690 | ||||
Cie Generale des Etablissements Michelin SCA | 110,584 | 2,689 | ||||
Societe Generale SA | 119,176 | 2,627 | ||||
Edenred | 42,876 | 2,169 | ||||
Publicis Groupe SA | 39,407 | 1,924 |
Shares | Market Value• ($000) | |||||
Carrefour SA | 100,317 | 1,674 | ||||
*,3 | Worldline SA | 37,959 | 1,626 | |||
Getlink SE | 85,991 | 1,619 | ||||
Credit Agricole SA | 171,726 | 1,580 | ||||
Sartorius Stedim Biotech | 3,537 | 1,294 | ||||
Eurofins Scientific SE | 18,509 | 1,281 | ||||
Vivendi SE | 122,043 | 1,106 | ||||
Arkema SA | 12,249 | 1,034 | ||||
Gecina SA | 10,616 | 945 | ||||
* | Rexel SA | 56,639 | 920 | |||
Alstom SA | 44,349 | 909 | ||||
* | Renault SA | 31,588 | 900 | |||
Valeo | 42,025 | 803 | ||||
Sodexo SA | 10,394 | 795 | ||||
* | Ubisoft Entertainment SA | 15,561 | 718 | |||
* | Klepierre SA | 34,443 | 706 | |||
Wendel SE | 7,454 | 586 | ||||
* | Accor SA | 24,343 | 581 | |||
Covivio | 10,249 | 572 | ||||
Elis SA | 43,528 | 557 | ||||
SCOR SE | 33,187 | 549 | ||||
* | Aeroports de Paris | 3,999 | 548 | |||
Ipsen SA | 5,567 | 533 | ||||
BioMerieux | 5,750 | 526 | ||||
* | SOITEC | 3,581 | 506 | |||
* | Eurazeo SE | 8,356 | 499 | |||
SES SA Class A ADR | 66,482 | 467 | ||||
3 | Amundi SA | 7,827 | 397 | |||
* | Faurecia SE | 20,686 | 297 | |||
* | Sodexo SA | 3,622 | 277 | |||
Rubis SCA | 9,575 | 226 | ||||
Sopra Steria Group SACA | 1,530 | 211 | ||||
IPSOS | 4,466 | 203 | ||||
* | Air France-KLM | 133,435 | 195 | |||
3 | Verallia SA | 8,511 | 195 | |||
Eurazeo SE | 3,133 | 187 | ||||
Virbac SA | 505 | 187 | ||||
Eutelsat Communications SA | 19,569 | 177 | ||||
SEB SA | 2,299 | 171 | ||||
Lagardere SA | 10,069 | 162 | ||||
* | Orpea SA | 6,737 | 147 | |||
Sodexo SA French Loyalty Line | 1,731 | 132 | ||||
Coface SA | 12,613 | 126 | ||||
Somfy SA | 1,094 | 121 | ||||
*,2 | Valneva SE | 13,016 | 119 | |||
Nexity SA | 5,129 | 115 | ||||
* | JCDecaux SA | 7,797 | 108 | |||
Korian SA | 8,211 | 105 | ||||
* | Euroapi SA | 6,766 | 105 | |||
3 | Neoen SA | 2,525 | 104 |
Shares | Market Value• ($000) | |||||
SEB SA - French Loyalty 2023 Line | 1,328 | 98 | ||||
Societe BIC SA | 1,690 | 96 | ||||
ICADE | 1,982 | 87 | ||||
* | Carmila SA | 4,952 | 79 | |||
Cie Plastic Omnium SA | 4,085 | 76 | ||||
* | ID Logistics Group | 256 | 72 | |||
* | SES-imagotag SA | 718 | 72 | |||
* | SEB SA | 948 | 70 | |||
Rothschild & Co. | 1,761 | 63 | ||||
Imerys SA | 2,071 | 60 | ||||
* | Voltalia SA (Registered) | 2,715 | 58 | |||
Trigano SA | 617 | 53 | ||||
* | Casino Guichard Perrachon SA | 3,945 | 51 | |||
Derichebourg SA | 9,125 | 51 | ||||
Metropole Television SA | 4,019 | 50 | ||||
Vetoquinol SA | 410 | 48 | ||||
Television Francaise 1 | 7,087 | 45 | ||||
Interparfums SA | 917 | 43 | ||||
3 | ALD SA | 3,785 | 41 | |||
*,3 | Elior Group SA | 12,829 | 41 | |||
* | Faurecia SE | 2,833 | 40 | |||
Quadient SA | 2,243 | 38 | ||||
* | Solutions 30 SE | 12,386 | 36 | |||
Fnac Darty SA | 989 | 33 | ||||
3 | Maisons du Monde SA | 3,060 | 29 | |||
Mercialys SA | 3,403 | 27 | ||||
Beneteau SA | 1,768 | 19 | ||||
*,3 | SMCP SA | 3,555 | 19 | |||
*,3 | X-Fab Silicon Foundries SE | 2,926 | 18 | |||
Manitou BF SA | 983 | 16 | ||||
Altarea SCA | 93 | 12 | ||||
* | GL Events | 718 | 12 | |||
Equasens | 152 | 12 | ||||
Lisi SA | 498 | 11 | ||||
Jacquet Metals SACA | 618 | 10 | ||||
Vicat SA | 393 | 10 | ||||
* | OVH Groupe SAS | 818 | 10 | |||
LISI | 376 | 8 | ||||
Vilmorin & Cie SA | 169 | 7 | ||||
* | Tarkett SA | 445 | 6 | |||
Boiron SA | 65 | 3 | ||||
114,106 | ||||||
Germany (4.8%) | ||||||
SAP SE | 169,516 | 14,438 | ||||
Allianz SE (Registered) | 60,763 | 10,271 | ||||
Deutsche Telekom AG (Registered) | 502,657 | 9,474 | ||||
Bayer AG (Registered) | 151,834 | 8,030 | ||||
Mercedes-Benz Group AG | 128,108 | 7,182 | ||||
Deutsche Post AG (Registered) | 154,449 | 5,637 |
Shares | Market Value• ($000) | |||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 21,129 | 5,048 | ||||
Infineon Technologies AG | 201,763 | 4,937 | ||||
Deutsche Boerse AG | 27,563 | 4,660 | ||||
adidas AG | 29,062 | 4,309 | ||||
Merck KGaA | 20,638 | 3,545 | ||||
Vonovia SE | 118,068 | 3,196 | ||||
Bayerische Motoren Werke AG Preference Shares | 39,919 | 2,775 | ||||
Deutsche Bank AG (Registered) | 318,227 | 2,655 | ||||
Symrise AG Class A | 21,247 | 2,223 | ||||
3 | Siemens Healthineers AG | 38,911 | 1,901 | |||
Sartorius AG Preference Shares | 4,357 | 1,815 | ||||
Brenntag SE | 27,299 | 1,790 | ||||
* | QIAGEN NV | 38,816 | 1,761 | |||
Beiersdorf AG | 17,183 | 1,734 | ||||
* | Daimler Truck Holding AG | 65,460 | 1,674 | |||
Fresenius SE & Co. KGaA | 67,058 | 1,659 | ||||
Henkel AG & Co. KGaA | 25,987 | 1,625 | ||||
Hannover Rueck SE | 10,224 | 1,507 | ||||
Bayerische Motoren Werke AG | 19,707 | 1,452 | ||||
HeidelbergCement AG | 27,021 | 1,220 | ||||
Fresenius Medical Care AG & Co. KGaA | 34,874 | 1,194 | ||||
Puma SE | 19,337 | 1,182 | ||||
*,3 | Delivery Hero SE | 27,916 | 1,159 | |||
GEA Group AG | 33,082 | 1,151 | ||||
* | Commerzbank AG | 169,487 | 1,128 | |||
Continental AG | 18,978 | 1,093 | ||||
3 | Covestro AG | 33,806 | 1,019 | |||
LEG Immobilien SE | 13,314 | 1,006 | ||||
Henkel AG & Co. KGaA Preference Shares | 14,674 | 947 | ||||
Siemens Energy AG | 63,477 | 934 | ||||
*,3 | Zalando SE | 36,379 | 842 | |||
3 | Scout24 SE | 14,428 | 831 | |||
HUGO BOSS AG | 14,345 | 782 | ||||
K+S AG (Registered) | 30,966 | 705 | ||||
Carl Zeiss Meditec AG | 5,172 | 644 | ||||
Freenet AG | 28,513 | 622 | ||||
* | HelloFresh SE | 25,818 | 616 | |||
KION Group AG | 15,069 | 602 | ||||
Aroundtown SA | 205,750 | 600 | ||||
FUCHS PETROLUB SE | 25,322 | 590 | ||||
* | Evotec SE | 26,129 | 574 | |||
LANXESS AG | 15,663 | 529 |
Shares | Market Value• ($000) | |||||
*,2 | Deutsche Lufthansa AG (Registered) | 81,865 | 487 | |||
United Internet AG (Registered) | 20,916 | 473 | ||||
Bechtle AG | 12,089 | 463 | ||||
Nemetschek SE | 7,840 | 462 | ||||
ProSiebenSat.1 Media SE | 52,555 | 406 | ||||
Evonik Industries AG | 21,457 | 400 | ||||
AIXTRON SE | 16,688 | 391 | ||||
Knorr-Bremse AG | 7,979 | 387 | ||||
Encavis AG | 17,471 | 373 | ||||
Rational AG | 604 | 326 | ||||
Aurubis AG | 5,201 | 315 | ||||
Telefonica Deutschland Holding AG | 106,007 | 275 | ||||
Wacker Chemie AG | 1,919 | 273 | ||||
Vantage Towers AG | 10,478 | 272 | ||||
Stabilus SE | 5,198 | 266 | ||||
Gerresheimer AG | 4,761 | 249 | ||||
*,3 | TeamViewer AG | 23,223 | 232 | |||
Hella GmbH & Co. KGaA | 3,181 | 224 | ||||
* | Aareal Bank AG (XETR) | 6,893 | 220 | |||
3 | Befesa SA | 4,982 | 205 | |||
Sixt SE Preference Shares | 3,157 | 189 | ||||
CANCOM SE | 6,192 | 173 | ||||
VERBIO Vereinigte BioEnergie AG | 2,651 | 170 | ||||
Jungheinrich AG Preference Shares | 6,322 | 154 | ||||
* | Nordex SE | 16,034 | 154 | |||
TAG Immobilien AG | 16,302 | 150 | ||||
Siltronic AG | 2,192 | 150 | ||||
CompuGroup Medical SE & Co. KGaA | 3,973 | 149 | ||||
Software AG | 5,325 | 145 | ||||
Deutsche Wohnen SE | 6,329 | 144 | ||||
Synlab AG | 9,529 | 140 | ||||
* | Fraport AG Frankfurt Airport Services Worldwide | 3,203 | 139 | |||
* | Hypoport SE | 693 | 135 | |||
Suedzucker AG | 9,234 | 127 | ||||
* | Vitesco Technologies Group AG | 2,530 | 124 | |||
Salzgitter AG | 4,814 | 118 | ||||
3 | Deutsche Pfandbriefbank AG | 13,314 | 115 | |||
*,3 | Auto1 Group SE | 10,451 | 110 | |||
GRENKE AG | 4,528 | 109 | ||||
* | flatexDEGIRO AG | 10,964 | 106 | |||
Sixt SE | 1,046 | 102 | ||||
RTL Group SA | 2,634 | 98 | ||||
Jenoptik AG | 4,557 | 96 | ||||
Duerr AG | 4,304 | 95 |
Shares | Market Value• ($000) | |||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 2,398 | 95 | ||||
* | METRO AG | 10,901 | 87 | |||
Varta AG | 1,212 | 85 | ||||
Kontron AG | 5,155 | 78 | ||||
Talanx AG | 2,040 | 72 | ||||
Dermapharm Holding SE | 1,494 | 69 | ||||
Fielmann AG | 1,746 | 65 | ||||
Pfeiffer Vacuum Technology AG | 485 | 64 | ||||
GFT Technologies SE | 1,903 | 63 | ||||
Stroeer SE & Co. KGaA | 1,417 | 60 | ||||
Atoss Software AG | 423 | 56 | ||||
* | Nagarro SE | 542 | 55 | |||
* | MorphoSys AG | 3,082 | 54 | |||
1&1 AG | 3,146 | 51 | ||||
3 | Instone Real Estate Group SE | 5,402 | 48 | |||
Grand City Properties SA | 3,942 | 47 | ||||
Norma Group SE | 3,000 | 47 | ||||
Adesso SE | 385 | 47 | ||||
Krones AG | 560 | 46 | ||||
Hornbach Holding AG & Co. KGaA | 649 | 46 | ||||
STRATEC SE | 511 | 44 | ||||
* | SMA Solar Technology AG | 806 | 41 | |||
PATRIZIA SE | 3,200 | 40 | ||||
CropEnergies AG | 2,432 | 40 | ||||
*,3 | ADLER Group SA | 14,084 | 40 | |||
*,3 | Shop Apotheke Europe NV | 713 | 40 | |||
3 | DWS Group GmbH & Co. KGaA | 1,444 | 39 | |||
Secunet Security Networks AG | 181 | 39 | ||||
Basler AG | 1,584 | 39 | ||||
BayWa AG | 684 | 30 | ||||
Deutsche Beteiligungs AG | 832 | 23 | ||||
CECONOMY AG | 13,651 | 20 | ||||
Deutz AG | 5,356 | 20 | ||||
* | Aareal Bank AG | 600 | 20 | |||
* | About You Holding SE | 2,496 | 18 | |||
Washtec AG | 418 | 17 | ||||
Takkt AG | 1,500 | 15 | ||||
DIC Asset AG | 1,490 | 15 | ||||
Schaeffler AG Preference Shares | 2,248 | 12 | ||||
New Work SE | 100 | 12 | ||||
Draegerwerk AG & Co. KGaA Preference Shares | 235 | 11 |
Shares | Market Value• ($000) | |||||
KWS Saat SE & Co. KGaA | 157 | 10 | ||||
ElringKlinger AG | 1,438 | 10 | ||||
Wacker Neuson SE | 574 | 10 | ||||
* | Global Fashion Group SA | 7,102 | 10 | |||
FUCHS PETROLUB SE Preference Shares | 203 | 6 | ||||
Wuestenrot & Wuerttembergische AG | 318 | 5 | ||||
* | Koenig & Bauer AG | 378 | 4 | |||
Hamburger Hafen und Logistik AG | 346 | 4 | ||||
Draegerwerk AG & Co. KGaA | 110 | 4 | ||||
137,032 | ||||||
Greece (0.1%) | ||||||
Hellenic Telecommunications Organization SA | 42,026 | 669 | ||||
* | Eurobank Ergasias Services & Holdings SA | 613,263 | 569 | |||
* | Alpha Services & Holdings SA | 286,646 | 265 | |||
* | National Bank of Greece SA | 60,035 | 194 | |||
JUMBO SA | 11,450 | 164 | ||||
* | Piraeus Financial Holdings SA | 137,330 | 144 | |||
Fourlis Holdings SA | 41,041 | 123 | ||||
Terna Energy SA | 3,665 | 65 | ||||
Hellenic Exchanges - Athens Stock Exchange SA | 17,518 | 58 | ||||
* | Aegean Airlines SA | 11,804 | 58 | |||
Sarantis SA | 4,643 | 28 | ||||
Holding Co. ADMIE IPTO SA | 12,993 | 23 | ||||
Viohalco SA | 4,507 | 15 | ||||
Quest Holdings SA | 2,608 | 12 | ||||
* | GEK Terna Holding Real Estate Construction SA | 1,145 | 11 | |||
* | LAMDA Development SA | 930 | 6 | |||
2,404 | ||||||
Hong Kong (2.1%) | ||||||
AIA Group Ltd. | 1,856,200 | 17,859 | ||||
Hong Kong Exchanges & Clearing Ltd. | 196,600 | 7,922 | ||||
Sun Hung Kai Properties Ltd. | 241,000 | 2,831 | ||||
Link REIT | 332,300 | 2,572 | ||||
Techtronic Industries Co. Ltd. | 205,000 | 2,418 |
Shares | Market Value• ($000) | |||||
BOC Hong Kong Holdings Ltd. | 605,000 | 2,082 | ||||
Hang Seng Bank Ltd. | 122,400 | 1,916 | ||||
CK Asset Holdings Ltd. | 274,000 | 1,849 | ||||
Wharf Real Estate Investment Co. Ltd. | 289,000 | 1,315 | ||||
Lenovo Group Ltd. | 1,312,000 | 1,081 | ||||
Sino Land Co. Ltd. | 732,000 | 1,070 | ||||
MTR Corp. Ltd. | 187,000 | 958 | ||||
3 | WH Group Ltd. | 1,333,092 | 908 | |||
Wharf Holdings Ltd. | 232,000 | 874 | ||||
Hongkong Land Holdings Ltd. | 160,400 | 775 | ||||
Hang Lung Properties Ltd. | 422,000 | 702 | ||||
*,3 | ESR Group Ltd. | 246,800 | 691 | |||
Tingyi Cayman Islands Holding Corp. | 356,000 | 632 | ||||
SITC International Holdings Co. Ltd. | 228,000 | 578 | ||||
PCCW Ltd. | 1,142,590 | 572 | ||||
Orient Overseas International Ltd. | 19,500 | 544 | ||||
Want Want China Holdings Ltd. | 762,000 | 537 | ||||
Hysan Development Co. Ltd. | 185,000 | 521 | ||||
Chow Tai Fook Jewellery Group Ltd. | 236,400 | 476 | ||||
*,3 | Samsonite International SA | 187,800 | 459 | |||
Henderson Land Development Co. Ltd. | 133,400 | 446 | ||||
Swire Properties Ltd. | 182,600 | 421 | ||||
ASMPT Ltd. | 53,800 | 417 | ||||
Swire Pacific Ltd. Class B | 332,500 | 386 | ||||
PRADA SpA | 70,600 | 383 | ||||
Swire Pacific Ltd. Class A | 46,000 | 318 | ||||
Bank of East Asia Ltd. | 236,800 | 298 | ||||
Minth Group Ltd. | 102,000 | 289 | ||||
AAC Technologies Holdings Inc. | 144,000 | 267 | ||||
Canvest Environmental Protection Group Co. Ltd. | 431,000 | 258 | ||||
Pacific Basin Shipping Ltd. | 609,000 | 216 | ||||
3 | BOC Aviation Ltd. | 24,000 | 192 | |||
Fortune REIT | 220,000 | 179 | ||||
L'Occitane International SA | 53,750 | 169 | ||||
* | Vitasoy International Holdings Ltd. | 102,000 | 160 | |||
Uni-President China Holdings Ltd. | 156,000 | 134 |
Shares | Market Value• ($000) | |||||
* | Microport Scientific Corp. | 65,800 | 131 | |||
Kerry Properties Ltd. | 52,500 | 121 | ||||
Yue Yuen Industrial Holdings Ltd. | 79,500 | 119 | ||||
* | Cowell e Holdings Inc. | 58,000 | 118 | |||
First Pacific Co. Ltd. | 304,000 | 117 | ||||
Hong Kong Technology Venture Co. Ltd. | 148,000 | 112 | ||||
Luk Fook Holdings International Ltd. | 42,180 | 108 | ||||
Vinda International Holdings Ltd. | 38,000 | 106 | ||||
* | Vobile Group Ltd. | 221,000 | 106 | |||
3 | JS Global Lifestyle Co. Ltd. | 86,000 | 102 | |||
* | MMG Ltd. | 360,000 | 98 | |||
* | IGG Inc. | 219,000 | 94 | |||
* | Towngas Smart Energy Co. Ltd. | 211,000 | 93 | |||
VTech Holdings Ltd. | 13,600 | 92 | ||||
Kerry Logistics Network Ltd. | 39,500 | 87 | ||||
LK Technology Holdings Ltd. | 57,500 | 84 | ||||
Nexteer Automotive Group Ltd. | 109,000 | 81 | ||||
* | Cathay Pacific Airways Ltd. | 76,181 | 79 | |||
* | China Travel International Investment Hong Kong Ltd. | 412,000 | 75 | |||
3 | AsiaInfo Technologies Ltd. | 52,000 | 75 | |||
Giordano International Ltd. | 316,000 | 74 | ||||
Hang Lung Group Ltd. | 41,000 | 69 | ||||
DFI Retail Group Holdings Ltd. | 24,500 | 67 | ||||
HKBN Ltd. | 70,000 | 67 | ||||
*,3 | Hua Medicine | 118,000 | 59 | |||
Johnson Electric Holdings Ltd. | 48,500 | 57 | ||||
Shui On Land Ltd. | 446,000 | 56 | ||||
Lee & Man Paper Manufacturing Ltd. | 153,000 | 55 | ||||
* | OCI International Holdings Ltd. | 128,000 | 55 | |||
Stella International Holdings Ltd. | 46,000 | 54 | ||||
* | Realord Group Holdings Ltd. | 42,000 | 53 | |||
Truly International Holdings Ltd. | 234,000 | 51 | ||||
*,3 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 99,000 | 47 |
Shares | Market Value• ($000) | |||||
Cafe de Coral Holdings Ltd. | 32,000 | 46 | ||||
Texhong Textile Group Ltd. | 49,000 | 46 | ||||
*,3 | FIT Hon Teng Ltd. | 298,000 | 44 | |||
* | Lifestyle International Holdings Ltd. | 70,500 | 41 | |||
Vesync Co. Ltd. | 64,000 | 41 | ||||
*,3 | Jacobio Pharmaceuticals Group Co. Ltd. | 60,000 | 41 | |||
* | Shangri-La Asia Ltd. | 50,000 | 40 | |||
Pou Sheng International Holdings Ltd. | 370,000 | 37 | ||||
* | Esprit Holdings Ltd. | 292,471 | 36 | |||
* | Cosmopolitan International Holdings Ltd. | 270,000 | 35 | |||
CMBC Capital Holdings Ltd. | 164,250 | 35 | ||||
Prosperity REIT | 113,000 | 33 | ||||
* | FIH Mobile Ltd. | 243,000 | 31 | |||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 202,000 | 30 | ||||
Lee's Pharmaceutical Holdings Ltd. | 126,500 | 30 | ||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 19,000 | 24 | ||||
Champion REIT | 50,000 | 22 | ||||
SUNeVision Holdings Ltd. | 33,000 | 22 | ||||
EC Healthcare | 31,000 | 22 | ||||
Singamas Container Holdings Ltd. | 216,000 | 20 | ||||
*,3 | Antengene Corp. Ltd. | 38,000 | 20 | |||
Value Partners Group Ltd. | 62,000 | 18 | ||||
3 | IMAX China Holding Inc. | 24,100 | 18 | |||
*,3 | Everest Medicines Ltd. | 12,000 | 18 | |||
*,3 | JW Cayman Therapeutics Co. Ltd. | 22,000 | 17 | |||
Road King Infrastructure Ltd. | 28,000 | 15 | ||||
3 | Crystal International Group Ltd. | 45,000 | 15 | |||
* | Glory Sun Financial Group Ltd. | 3,360,000 | 15 | |||
Asia Cement China Holdings Corp. | 27,500 | 14 | ||||
Haitong International Securities Group Ltd. | 111,100 | 12 | ||||
United Laboratories International Holdings Ltd. | 24,000 | 12 |
Shares | Market Value• ($000) | |||||
K Wah International Holdings Ltd. | 26,000 | 10 | ||||
* | Apollo Future Mobility Group Ltd. | 240,000 | 10 | |||
* | C-Mer Eye Care Holdings Ltd. | 20,000 | 10 | |||
Powerlong Commercial Management Holdings Ltd. | 19,000 | 10 | ||||
*,3 | Frontage Holdings Corp. | 26,000 | 9 | |||
* | Digital Domain Holdings Ltd. | 191,000 | 9 | |||
Sun Hung Kai & Co. Ltd. | 11,000 | 5 | ||||
CITIC Telecom International Holdings Ltd. | 12,000 | 4 | ||||
* | Sa Sa International Holdings Ltd. | 14,000 | 2 | |||
Guotai Junan International Holdings Ltd. | 25,000 | 2 | ||||
*,1 | MH Development Ltd. | 6,000 | 1 | |||
60,359 | ||||||
Hungary (0.0%) | ||||||
OTP Bank Nyrt. | 36,800 | 783 | ||||
Richter Gedeon Nyrt. | 29,338 | 591 | ||||
* | Opus Global Nyrt. | 18,991 | 7 | |||
1,381 | ||||||
India (4.1%) | ||||||
Infosys Ltd. | 535,689 | 9,873 | ||||
Housing Development Finance Corp. Ltd. | 264,588 | 8,011 | ||||
Hindustan Unilever Ltd. | 131,400 | 4,350 | ||||
Bajaj Finance Ltd. | 36,032 | 3,252 | ||||
Axis Bank Ltd. | 339,838 | 3,167 | ||||
Bharti Airtel Ltd. | 329,688 | 2,986 | ||||
Asian Paints Ltd. | 67,710 | 2,851 | ||||
ICICI Bank Ltd. | 224,334 | 2,460 | ||||
Maruti Suzuki India Ltd. | 19,889 | 2,243 | ||||
Titan Co. Ltd. | 60,076 | 1,947 | ||||
Adani Total Gas Ltd. | 41,561 | 1,938 | ||||
HCL Technologies Ltd. | 160,952 | 1,872 | ||||
* | Adani Green Energy Ltd. | 58,593 | 1,770 | |||
Sun Pharmaceutical Industries Ltd. | 152,740 | 1,705 | ||||
State Bank of India | 252,001 | 1,659 | ||||
UltraTech Cement Ltd. | 16,527 | 1,374 | ||||
Nestle India Ltd. | 5,123 | 1,276 | ||||
Bajaj Finserv Ltd. | 5,963 | 1,250 | ||||
*,3 | Avenue Supermarts Ltd. | 21,713 | 1,221 | |||
Power Grid Corp. of India Ltd. | 425,351 | 1,218 | ||||
Grasim Industries Ltd. | 54,011 | 1,126 | ||||
3 | SBI Life Insurance Co. Ltd. | 61,506 | 1,016 |
Shares | Market Value• ($000) | |||||
3 | HDFC Life Insurance Co. Ltd. | 135,469 | 971 | |||
Wipro Ltd. | 180,969 | 927 | ||||
Dr Reddy's Laboratories Ltd. | 17,209 | 909 | ||||
Cipla Ltd. | 69,820 | 905 | ||||
Divi's Laboratories Ltd. | 19,275 | 870 | ||||
Tata Consumer Products Ltd. | 83,815 | 847 | ||||
Eicher Motors Ltd. | 18,824 | 786 | ||||
Pidilite Industries Ltd. | 22,992 | 785 | ||||
Britannia Industries Ltd. | 16,634 | 778 | ||||
Apollo Hospitals Enterprise Ltd. | 14,175 | 762 | ||||
Hero MotoCorp Ltd. | 18,335 | 646 | ||||
Cholamandalam Investment & Finance Co. Ltd. | 62,966 | 617 | ||||
Tata Elxsi Ltd. | 5,483 | 612 | ||||
SRF Ltd. | 19,150 | 604 | ||||
* | Godrej Consumer Products Ltd. | 50,720 | 584 | |||
Marico Ltd. | 88,230 | 579 | ||||
Info Edge India Ltd. | 10,733 | 577 | ||||
Havells India Ltd. | 33,236 | 575 | ||||
Dabur India Ltd. | 74,492 | 543 | ||||
* | Max Healthcare Institute Ltd. | 112,314 | 543 | |||
Shriram Transport Finance Co. Ltd. | 32,065 | 538 | ||||
3 | ICICI Lombard General Insurance Co. Ltd. | 33,152 | 533 | |||
Trent Ltd. | 30,106 | 527 | ||||
Page Industries Ltd. | 821 | 523 | ||||
SBI Cards & Payment Services Ltd. | 41,434 | 475 | ||||
Bajaj Auto Ltd. | 9,239 | 471 | ||||
Jubilant Foodworks Ltd. | 59,920 | 456 | ||||
Ambuja Cements Ltd. | 88,120 | 452 | ||||
Embassy Office Parks REIT | 97,996 | 446 | ||||
Voltas Ltd. | 35,772 | 445 | ||||
Tube Investments of India Ltd. | 15,302 | 431 | ||||
Indus Towers Ltd. | 172,755 | 430 | ||||
PI Industries Ltd. | 9,854 | 421 | ||||
* | Max Financial Services Ltd. | 39,267 | 404 | |||
* | Yes Bank Ltd. | 1,971,252 | 404 | |||
Indian Hotels Co. Ltd. Class A | 112,349 | 398 | ||||
*,3 | Bandhan Bank Ltd. | 111,346 | 384 | |||
Zee Entertainment Enterprises Ltd. | 119,688 | 381 | ||||
Ashok Leyland Ltd. | 195,975 | 375 | ||||
3 | ICICI Prudential Life Insurance Co. Ltd. | 49,194 | 363 |
Shares | Market Value• ($000) | |||||
Colgate-Palmolive India Ltd. | 16,953 | 356 | ||||
ACC Ltd. | 12,409 | 356 | ||||
Astral Ltd. | 13,364 | 347 | ||||
3 | Laurus Labs Ltd. | 47,766 | 344 | |||
3 | AU Small Finance Bank Ltd. | 42,944 | 338 | |||
*,3 | InterGlobe Aviation Ltd. | 13,517 | 338 | |||
DLF Ltd. | 69,777 | 337 | ||||
Indraprastha Gas Ltd. | 64,138 | 335 | ||||
Mphasis Ltd. | 12,476 | 328 | ||||
Federal Bank Ltd. | 224,781 | 326 | ||||
Berger Paints India Ltd. | 39,014 | 326 | ||||
Container Corp. of India Ltd. | 36,699 | 318 | ||||
* | IDFC First Bank Ltd. | 520,672 | 317 | |||
TVS Motor Co. Ltd. | 25,147 | 308 | ||||
Indian Railway Catering & Tourism Corp. Ltd. | 34,258 | 300 | ||||
Samvardhana Motherson International Ltd. | 194,783 | 297 | ||||
IIFL Finance Ltd. | 68,570 | 294 | ||||
Crompton Greaves Consumer Electricals Ltd. | 56,973 | 290 | ||||
Lupin Ltd. | 34,452 | 288 | ||||
Persistent Systems Ltd. | 6,594 | 287 | ||||
Schaeffler India Ltd. | 7,530 | 285 | ||||
* | APL Apollo Tubes Ltd. | 23,790 | 280 | |||
Tata Chemicals Ltd. | 19,541 | 275 | ||||
Balkrishna Industries Ltd. | 10,841 | 275 | ||||
LIC Housing Finance Ltd. | 53,107 | 270 | ||||
Tata Communications Ltd. | 17,870 | 267 | ||||
* | CG Power & Industrial Solutions Ltd. | 93,967 | 262 | |||
Finolex Industries Ltd. | 138,451 | 262 | ||||
City Union Bank Ltd. | 116,325 | 260 | ||||
Navin Fluorine International Ltd. | 4,694 | 250 | ||||
Biocon Ltd. | 64,479 | 249 | ||||
Torrent Pharmaceuticals Ltd. | 12,902 | 249 | ||||
Coromandel International Ltd. | 18,638 | 245 | ||||
Aarti Industries Ltd. | 23,434 | 242 | ||||
* | Fortis Healthcare Ltd. | 65,039 | 239 | |||
Aurobindo Pharma Ltd. | 34,962 | 238 | ||||
* | AIA Engineering Ltd. | 7,314 | 238 | |||
Dixon Technologies India Ltd. | 4,689 | 238 | ||||
Carborundum Universal Ltd. | 22,595 | 238 | ||||
Atul Ltd. | 2,070 | 237 |
Shares | Market Value• ($000) | |||||
3 | Mindspace Business Parks REIT | 50,203 | 233 | |||
KEI Industries Ltd. | 12,607 | 230 | ||||
Deepak Nitrite Ltd. | 9,317 | 229 | ||||
3 | HDFC Asset Management Co. Ltd. | 8,794 | 227 | |||
Bajaj Holdings & Investment Ltd. | 3,278 | 224 | ||||
Bosch Ltd. | 1,007 | 220 | ||||
Piramal Enterprises Ltd. | 16,564 | 219 | ||||
Blue Star Ltd. | 15,831 | 217 | ||||
Can Fin Homes Ltd. | 27,624 | 217 | ||||
Oberoi Realty Ltd. | 17,079 | 213 | ||||
Supreme Industries Ltd. | 8,648 | 212 | ||||
SKF India Ltd. | 3,474 | 211 | ||||
Dalmia Bharat Ltd. | 10,983 | 210 | ||||
Coforge Ltd. | 4,747 | 209 | ||||
Ipca Laboratories Ltd. | 18,440 | 209 | ||||
Emami Ltd. | 34,228 | 207 | ||||
Kajaria Ceramics Ltd. | 14,110 | 205 | ||||
Bank of Baroda | 126,839 | 205 | ||||
Polycab India Ltd. | 6,607 | 203 | ||||
KPIT Technologies Ltd. | 29,247 | 202 | ||||
Gujarat Fluorochemicals Ltd. | 4,820 | 200 | ||||
* | Affle India Ltd. | 12,443 | 200 | |||
Gillette India Ltd. | 2,892 | 199 | ||||
Mahindra & Mahindra Financial Services Ltd. | 77,702 | 198 | ||||
Gujarat Gas Ltd. | 32,791 | 193 | ||||
Bayer CropScience Ltd. | 2,800 | 191 | ||||
Prestige Estates Projects Ltd. | 33,210 | 189 | ||||
Cholamandalam Financial Holdings Ltd. | 22,498 | 188 | ||||
Avanti Feeds Ltd. | 32,443 | 187 | ||||
* | PVR Ltd. | 8,175 | 186 | |||
Redington India Ltd. | 99,304 | 185 | ||||
*,1 | Piramal Pharma Ltd. | 66,256 | 182 | |||
Thermax Ltd. | 6,011 | 181 | ||||
Power Finance Corp. Ltd. | 121,687 | 181 | ||||
IDFC Ltd. | 209,109 | 178 | ||||
Suven Pharmaceuticals Ltd. | 29,059 | 178 | ||||
Kansai Nerolac Paints Ltd. | 28,067 | 177 | ||||
Brigade Enterprises Ltd. | 27,656 | 176 | ||||
Amara Raja Batteries Ltd. | 27,205 | 173 | ||||
* | Aavas Financiers Ltd. | 6,115 | 173 | |||
Muthoot Finance Ltd. | 13,150 | 172 | ||||
Sumitomo Chemical India Ltd. | 27,465 | 168 | ||||
NMDC Ltd. | 110,124 | 167 | ||||
*,3 | Aster DM Healthcare Ltd. | 60,595 | 167 |
Shares | Market Value• ($000) | |||||
Bata India Ltd. | 6,838 | 165 | ||||
REC Ltd. | 120,588 | 164 | ||||
* | EIH Ltd. | 81,324 | 162 | |||
DCB Bank Ltd. | 137,020 | 161 | ||||
UNO Minda Ltd. | 22,490 | 161 | ||||
Phoenix Mills Ltd. | 9,110 | 159 | ||||
Grindwell Norton Ltd. | 5,744 | 158 | ||||
PTC India Ltd. | 148,498 | 157 | ||||
Natco Pharma Ltd. | 20,481 | 157 | ||||
JK Cement Ltd. | 4,602 | 155 | ||||
Sundram Fasteners Ltd. | 14,780 | 154 | ||||
Escorts Kubota Ltd. | 6,114 | 152 | ||||
3 | Dr Lal PathLabs Ltd. | 4,715 | 150 | |||
* | TeamLease Services Ltd. | 3,525 | 149 | |||
Computer Age Management Services Ltd. | 5,175 | 148 | ||||
Canara Bank | 48,953 | 146 | ||||
*,3 | RBL Bank Ltd. | 96,422 | 146 | |||
PNC Infratech Ltd. | 41,475 | 146 | ||||
Shriram City Union Finance Ltd. | 6,124 | 146 | ||||
IRB Infrastructure Developers Ltd. | 49,195 | 144 | ||||
Care Ratings Ltd. | 22,951 | 144 | ||||
V-Guard Industries Ltd. | 50,797 | 144 | ||||
Relaxo Footwears Ltd. | 11,513 | 144 | ||||
* | Aditya Birla Fashion & Retail Ltd. | 37,620 | 143 | |||
Bajaj Electricals Ltd. | 9,251 | 143 | ||||
Mahanagar Gas Ltd. | 12,969 | 141 | ||||
Narayana Hrudayalaya Ltd. | 16,140 | 141 | ||||
V-Mart Retail Ltd. | 3,833 | 140 | ||||
3 | Nippon Life India Asset Management Ltd. | 37,289 | 140 | |||
CRISIL Ltd. | 3,429 | 140 | ||||
Gateway Distriparks Ltd. | 164,237 | 140 | ||||
Rajesh Exports Ltd. | 18,931 | 139 | ||||
3 | Godrej Agrovet Ltd. | 21,051 | 137 | |||
Linde India Ltd. | 3,212 | 137 | ||||
* | Westlife Development Ltd. | 16,809 | 135 | |||
Central Depository Services India Ltd. | 8,717 | 135 | ||||
Akzo Nobel India Ltd. | 5,519 | 134 | ||||
Zydus Wellnes Ltd. | 6,698 | 134 | ||||
eClerx Services Ltd. | 5,045 | 132 | ||||
KEC International Ltd. | 26,052 | 132 | ||||
Apollo Tyres Ltd. | 41,760 | 130 | ||||
Hindustan Zinc Ltd. | 36,232 | 129 | ||||
Edelweiss Financial Services Ltd. | 169,856 | 129 | ||||
JB Chemicals & Pharmaceuticals Ltd. | 5,810 | 129 |
Shares | Market Value• ($000) | |||||
3 | Syngene International Ltd. | 17,179 | 128 | |||
Poly Medicure Ltd. | 12,009 | 128 | ||||
* | CreditAccess Grameen Ltd. | 10,221 | 127 | |||
Sobha Ltd. | 14,591 | 126 | ||||
* | Vodafone Idea Ltd. | 1,123,026 | 126 | |||
* | Aditya Birla Capital Ltd. | 88,884 | 126 | |||
Oracle Financial Services Software Ltd. | 3,124 | 123 | ||||
Manappuram Finance Ltd. | 93,394 | 123 | ||||
EPL Ltd. | 57,947 | 123 | ||||
Lakshmi Machine Works Ltd. | 806 | 121 | ||||
Bombay Burmah Trading Co. | 10,636 | 120 | ||||
Gujarat Pipavav Port Ltd. | 109,491 | 119 | ||||
Happiest Minds Technologies Ltd. | ��� 9,337 | 119 | ||||
NHPC Ltd. | 241,841 | 116 | ||||
Intellect Design Arena Ltd. | 15,767 | 116 | ||||
JM Financial Ltd. | 144,324 | 115 | ||||
* | Suzlon Energy Ltd. | 1,131,063 | 115 | |||
Alkem Laboratories Ltd. | 3,098 | 115 | ||||
3 | Brookfield India Real Estate Trust | 26,991 | 114 | |||
UTI Asset Management Co. Ltd. | 11,107 | 114 | ||||
Balrampur Chini Mills Ltd. | 25,755 | 112 | ||||
Birlasoft Ltd. | 28,130 | 111 | ||||
* | Equitas Holdings Ltd. | 89,466 | 111 | |||
* | Vinati Organics Ltd. | 3,971 | 109 | |||
Alkyl Amines Chemicals | 2,943 | 109 | ||||
Zydus Lifesciences Ltd. | 22,982 | 108 | ||||
3 | Indian Energy Exchange Ltd. | 54,105 | 108 | |||
Finolex Cables Ltd. | 18,603 | 107 | ||||
Ajanta Pharma Ltd. | 6,240 | 107 | ||||
EID Parry India Ltd. | 15,993 | 106 | ||||
VIP Industries Ltd. | 14,063 | 104 | ||||
Tanla Platforms Ltd. | 11,619 | 103 | ||||
*,3 | IndiaMart InterMesh Ltd. | 1,885 | 103 | |||
Exide Industries Ltd. | 50,415 | 101 | ||||
Kaveri Seed Co. Ltd. | 17,682 | 101 | ||||
National Aluminium Co. Ltd. | 100,264 | 100 | ||||
Granules India Ltd. | 26,332 | 100 | ||||
* | Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 10,720 | 100 | |||
NCC Ltd. | 113,086 | 98 | ||||
3 | ICICI Securities Ltd. | 15,669 | 98 | |||
Angel One Ltd. | 6,087 | 98 |
Shares | Market Value• ($000) | |||||
Castrol India Ltd. | 68,204 | 97 | ||||
AstraZeneca Pharma India Ltd. | 2,527 | 97 | ||||
Chambal Fertilisers & Chemicals Ltd. | 22,046 | 96 | ||||
Sterlite Technologies Ltd. | 45,252 | 96 | ||||
Karnataka Bank Ltd. | 101,832 | 95 | ||||
DCM Shriram Ltd. | 7,257 | 95 | ||||
3 | Eris Lifesciences Ltd. | 10,862 | 94 | |||
JK Lakshmi Cement Ltd. | 16,022 | 94 | ||||
Pfizer Ltd. | 1,775 | 93 | ||||
Motilal Oswal Financial Services Ltd. | 9,746 | 93 | ||||
Glenmark Pharmaceuticals Ltd. | 19,567 | 91 | ||||
Indian Bank | 37,677 | 91 | ||||
Orient Electric Ltd. | 27,671 | 90 | ||||
Sonata Software Ltd. | 10,220 | 90 | ||||
* | Godrej Industries Ltd. | 14,866 | 89 | |||
IIFL Wealth Management Ltd. | 4,282 | 89 | ||||
Karur Vysya Bank Ltd. | 102,986 | 87 | ||||
KPR Mill Ltd. | 11,616 | 87 | ||||
Balaji Amines Ltd. | 1,955 | 84 | ||||
KRBL Ltd. | 20,932 | 82 | ||||
GlaxoSmithKline Pharmaceuticals Ltd. | 4,423 | 81 | ||||
3 | Quess Corp. Ltd. | 11,436 | 81 | |||
Vaibhav Global Ltd. | 18,866 | 81 | ||||
Poonawalla Fincorp Ltd. | 21,437 | 81 | ||||
* | Sun Pharma Advanced Research Co. Ltd. | 28,046 | 80 | |||
3 | Metropolis Healthcare Ltd. | 4,469 | 80 | |||
Ceat Ltd. | 4,584 | 79 | ||||
Welspun Corp. Ltd. | 28,252 | 79 | ||||
KNR Constructions Ltd. | 24,359 | 79 | ||||
TTK Prestige Ltd. | 6,540 | 78 | ||||
Bank of India | 118,961 | 77 | ||||
* | Alok Industries Ltd. | 320,847 | 77 | |||
Hatsun Agro Product Ltd. | 6,002 | 77 | ||||
Clean Science & Technology Ltd. | 3,557 | 77 | ||||
3 | Endurance Technologies Ltd. | 4,052 | 76 | |||
BSE Ltd. | 9,401 | 76 | ||||
Century Textiles & Industries Ltd. | 6,847 | 73 | ||||
Rallis India Ltd. | 25,921 | 73 | ||||
BASF India Ltd. | 1,770 | 73 | ||||
Trident Ltd. | 161,627 | 73 | ||||
* | Indiabulls Housing Finance Ltd. | 42,776 | 72 | |||
* | IFCI Ltd. | 520,947 | 71 |
Shares | Market Value• ($000) | |||||
Union Bank of India Ltd. | 132,955 | 70 | ||||
Vardhman Textiles Ltd. | 16,852 | 70 | ||||
Jubilant Pharmova Ltd. Class A | 15,700 | 69 | ||||
*,3 | PNB Housing Finance Ltd. | 15,543 | 67 | |||
Zensar Technologies Ltd. | 23,716 | 67 | ||||
Rain Industries Ltd. | 26,663 | 66 | ||||
Bajaj Consumer Care Ltd. | 32,552 | 66 | ||||
Symphony Ltd. | 5,659 | 66 | ||||
Punjab National Bank | 148,444 | 66 | ||||
Whirlpool of India Ltd. | 2,819 | 64 | ||||
* | Strides Pharma Science Ltd. | 15,586 | 64 | |||
Alembic Pharmaceuticals Ltd. | 7,940 | 64 | ||||
* | Amber Enterprises India Ltd. | 2,203 | 62 | |||
* | Century Plyboards India Ltd. | 7,390 | 62 | |||
Jubilant Ingrevia Ltd. | 10,447 | 61 | ||||
Raymond Ltd. | 5,062 | 60 | ||||
Procter & Gamble Health Ltd. | 1,146 | 60 | ||||
* | Multi Commodity Exchange of India Ltd. | 3,581 | 57 | |||
Mastek Ltd. | 2,437 | 57 | ||||
Route Mobile Ltd. | 3,034 | 57 | ||||
* | South Indian Bank Ltd. | 522,267 | 54 | |||
Welspun India Ltd. | 56,513 | 54 | ||||
Firstsource Solutions Ltd. | 38,991 | 52 | ||||
Graphite India Ltd. | 9,586 | 49 | ||||
NIIT Ltd. | 11,333 | 49 | ||||
Mahindra CIE Automotive Ltd. | 13,997 | 48 | ||||
* | Dhani Services Ltd. | 59,058 | 48 | |||
ZF Commercial Vehicle Control Systems India Ltd. | 385 | 46 | ||||
Saregama India Ltd. | 9,130 | 46 | ||||
* | Jindal Saw Ltd. | 39,281 | 42 | |||
* | Just Dial Ltd. | 5,648 | 41 | |||
* | Indiabulls Real Estate Ltd. | 36,691 | 39 | |||
* | Nuvoco Vistas Corp. Ltd. | 8,620 | 39 | |||
* | TV18 Broadcast Ltd. | 71,623 | 36 | |||
NBCC India Ltd. | 85,173 | 36 | ||||
3 | New India Assurance Co. Ltd. | 29,106 | 35 | |||
* | Sheela Foam Ltd. | 944 | 35 | |||
*,3 | Krishna Institute of Medical Sciences Ltd. | 2,260 | 34 | |||
Infibeam Avenues Ltd. | 165,078 | 33 | ||||
3 | General Insurance Corp. of India | 20,787 | 32 |
Shares | Market Value• ($000) | |||||
* | Chemplast Sanmar Ltd. | 6,091 | 32 | |||
* | Vakrangee Ltd. | 86,136 | 30 | |||
3 | Indian Railway Finance Corp. Ltd. | 93,306 | 25 | |||
Birla Corp. Ltd. | 1,484 | 18 | ||||
* | Future Consumer Ltd. | 340,222 | 7 | |||
* | Future Retail Ltd. | 16,728 | 1 | |||
118,802 | ||||||
Indonesia (0.6%) | ||||||
Bank Central Asia Tbk. PT | 7,207,616 | 3,980 | ||||
Bank Rakyat Indonesia Persero Tbk. PT | 10,549,896 | 3,081 | ||||
Telkom Indonesia Persero Tbk. PT | 7,906,200 | 2,421 | ||||
Bank Mandiri Persero Tbk. PT | 3,120,900 | 1,857 | ||||
Bank Negara Indonesia Persero Tbk. PT | 1,421,700 | 815 | ||||
Charoen Pokphand Indonesia Tbk. PT | 1,208,900 | 478 | ||||
Sarana Menara Nusantara Tbk. PT | 3,764,100 | 315 | ||||
Unilever Indonesia Tbk. PT | 893,100 | 276 | ||||
Barito Pacific Tbk. PT | 3,941,000 | 218 | ||||
Kalbe Farma Tbk. PT | 1,932,000 | 218 | ||||
Tower Bersama Infrastructure Tbk. PT | 1,080,560 | 205 | ||||
Indofood Sukses Makmur Tbk. PT | 460,900 | 193 | ||||
Indah Kiat Pulp & Paper Tbk. PT | 306,500 | 172 | ||||
Summarecon Agung Tbk. PT | 4,030,906 | 163 | ||||
Matahari Department Store Tbk. PT | 522,200 | 135 | ||||
Indofood CBP Sukses Makmur Tbk. PT | 237,400 | 133 | ||||
XL Axiata Tbk. PT | 737,400 | 131 | ||||
Mitra Keluarga Karyasehat Tbk. PT | 728,600 | 131 | ||||
* | Smartfren Telecom Tbk. PT | 16,193,800 | 108 | |||
Ciputra Development Tbk. PT | 1,646,700 | 105 | ||||
Indocement Tunggal Prakarsa Tbk. PT | 165,000 | 105 | ||||
* | Vale Indonesia Tbk. PT | 256,700 | 105 | |||
Panin Financial Tbk. PT | 3,397,600 | 87 | ||||
Japfa Comfeed Indonesia Tbk. PT | 776,300 | 83 | ||||
Pakuwon Jati Tbk. PT | 2,457,700 | 80 | ||||
* | Bank Neo Commerce Tbk. PT | 945,500 | 78 | |||
Indosat Tbk. PT | 146,600 | 71 |
Shares | Market Value• ($000) | |||||
BFI Finance Indonesia Tbk. PT | 832,500 | 70 | ||||
Bank Pan Indonesia Tbk. PT | 495,100 | 67 | ||||
* | Waskita Karya Persero Tbk. PT | 1,573,219 | 60 | |||
* | Mitra Adiperkasa Tbk. PT | 798,400 | 54 | |||
* | Global Mediacom Tbk. PT | 2,154,300 | 52 | |||
* | Bumi Serpong Damai Tbk. PT | 715,500 | 44 | |||
* | Bank Bukopin Tbk. PT | 3,577,300 | 44 | |||
Bank BTPN Syariah Tbk. PT | 213,700 | 43 | ||||
Surya Citra Media Tbk. PT | 2,787,300 | 42 | ||||
* | Adhi Karya Persero Tbk. PT | 736,100 | 40 | |||
Ramayana Lestari Sentosa Tbk. PT | 945,400 | 38 | ||||
Media Nusantara Citra Tbk. PT | 608,900 | 38 | ||||
* | Wijaya Karya Persero Tbk. PT | 489,100 | 35 | |||
* | Lippo Karawaci Tbk. PT | 3,991,800 | 31 | |||
Mayora Indah Tbk. PT | 250,200 | 30 | ||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 288,626 | 27 | ||||
Ace Hardware Indonesia Tbk. PT | 552,200 | 27 | ||||
Bank Tabungan Negara Persero Tbk. PT | 258,100 | 26 | ||||
Astra Agro Lestari Tbk. PT | 38,600 | 24 | ||||
* | Surya Semesta Internusa Tbk. PT | 980,500 | 24 | |||
* | Jasa Marga Persero Tbk. PT | 97,000 | 22 | |||
* | Bank Raya Indonesia Tbk. PT | 373,851 | 18 | |||
*,1 | Trada Alam Minera Tbk. PT | 477,100 | 2 | |||
16,602 | ||||||
Ireland (0.2%) | ||||||
Kerry Group plc Class A | 23,434 | 2,417 | ||||
Kingspan Group plc | 22,702 | 1,285 | ||||
Bank of Ireland Group plc | 129,791 | 800 | ||||
AIB Group plc | 138,204 | 314 | ||||
Glanbia plc | 19,282 | 245 | ||||
Kingspan Group plc | 2,173 | 124 | ||||
* | Dalata Hotel Group plc | 22,784 | 80 | |||
Glanbia plc | 28 | — | ||||
5,265 |
Shares | Market Value• ($000) | |||||
Israel (0.6%) | ||||||
Bank Leumi Le-Israel BM | 255,124 | 2,697 | ||||
Bank Hapoalim BM | 234,405 | 2,430 | ||||
* | Nice Ltd. | 10,406 | 2,223 | |||
Israel Discount Bank Ltd. Class A | 235,856 | 1,442 | ||||
Mizrahi Tefahot Bank Ltd. | 19,016 | 773 | ||||
* | Tower Semiconductor Ltd. | 16,389 | 768 | |||
Bezeq The Israeli Telecommunication Corp. Ltd. | 279,655 | 471 | ||||
Azrieli Group Ltd. | 4,682 | 388 | ||||
* | Nova Ltd. | 3,910 | 384 | |||
* | Enlight Renewable Energy Ltd. | 153,775 | 375 | |||
Reit 1 Ltd. | 51,819 | 329 | ||||
Big Shopping Centers Ltd. | 1,934 | 277 | ||||
First International Bank of Israel Ltd. | 5,079 | 236 | ||||
* | Clal Insurance Enterprises Holdings Ltd. | 9,523 | 206 | |||
Alony Hetz Properties & Investments Ltd. | 11,996 | 193 | ||||
Phoenix Holdings Ltd. | 14,071 | 170 | ||||
Electra Ltd. | 245 | 156 | ||||
Harel Insurance Investments & Financial Services Ltd. | 12,948 | 147 | ||||
Mega Or Holdings Ltd. | 4,166 | 144 | ||||
Fox Wizel Ltd. | 893 | 130 | ||||
Strauss Group Ltd. | 4,641 | 121 | ||||
* | Partner Communications Co. Ltd. | 12,908 | 112 | |||
* | Perion Network Ltd. | 5,420 | 110 | |||
One Software Technologies Ltd. | 5,661 | 104 | ||||
Sella Capital Real Estate Ltd. | 29,757 | 95 | ||||
Shapir Engineering & Industry Ltd. | 9,608 | 92 | ||||
FIBI Holdings Ltd. | 1,731 | 91 | ||||
* | Hilan Ltd. | 1,425 | 87 | |||
Matrix IT Ltd. | 3,252 | 85 | ||||
Shufersal Ltd. | 12,362 | 85 | ||||
* | Camtek Ltd. | 3,164 | 85 | |||
AFI Properties Ltd. | 1,656 | 82 | ||||
Summit Real Estate Holdings Ltd. | 4,301 | 81 | ||||
Delta Galil Industries Ltd. | 1,506 | 80 | ||||
Israel Canada T.R Ltd. | 19,092 | 79 |
Shares | Market Value• ($000) | |||||
Sapiens International Corp. NV | 3,489 | 78 | ||||
* | Shikun & Binui Ltd. | 17,056 | 77 | |||
IDI Insurance Co. Ltd. | 2,191 | 72 | ||||
Danel Adir Yeoshua Ltd. | 572 | 70 | ||||
AudioCodes Ltd. | 2,515 | 56 | ||||
* | Cellcom Israel Ltd. | 8,894 | 56 | |||
Maytronics Ltd. | 3,657 | 53 | ||||
* | Menora Mivtachim Holdings Ltd. | 2,250 | 52 | |||
* | Kamada Ltd. | 10,240 | 51 | |||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 631 | 49 | ||||
Isracard Ltd. | 14,494 | 48 | ||||
G City Ltd. | 6,518 | 42 | ||||
* | Allot Ltd. | 5,846 | 26 | |||
* | Compugen Ltd. | 5,943 | 7 | |||
16,065 | ||||||
Italy (1.4%) | ||||||
Intesa Sanpaolo SpA | 2,481,252 | 4,272 | ||||
Ferrari NV | 19,191 | 3,705 | ||||
UniCredit SpA | 324,231 | 3,173 | ||||
Stellantis NV | 227,113 | 3,025 | ||||
Assicurazioni Generali SpA | 186,849 | 2,741 | ||||
CNH Industrial NV | 146,492 | 1,784 | ||||
Moncler SpA | 39,075 | 1,739 | ||||
Terna - Rete Elettrica Nazionale | 238,349 | 1,695 | ||||
Atlantia SpA | 72,873 | 1,669 | ||||
FinecoBank Banca Fineco SpA | 115,466 | 1,249 | ||||
Mediobanca Banca di Credito Finanziario SpA | 133,820 | 1,059 | ||||
Stellantis NV | 73,590 | 979 | ||||
*,3 | Nexi SpA | 106,945 | 877 | |||
EXOR NV | 12,282 | 739 | ||||
Banco BPM SpA | 250,314 | 622 | ||||
Recordati Industria Chimica e Farmaceutica SpA | 15,221 | 621 | ||||
Interpump Group SpA | 17,192 | 607 | ||||
* | Telecom Italia SpA (Bearer) | 2,540,439 | 504 | |||
Amplifon SpA | 18,476 | 482 | ||||
Reply SpA | 3,765 | 443 | ||||
DiaSorin SpA | 3,352 | 440 | ||||
3 | Poste Italiane SpA | 53,711 | 429 | |||
3 | Infrastrutture Wireless Italiane SpA | 41,255 | 382 | |||
Banca Popolare di Sondrio SPA | 115,338 | 369 | ||||
Azimut Holding SpA | 18,768 | 299 | ||||
Brunello Cucinelli SpA | 5,311 | 275 | ||||
Italgas SpA | 49,271 | 253 |
Shares | Market Value• ($000) | |||||
Unipol Gruppo SpA | 60,279 | 252 | ||||
Banca Mediolanum SpA | 33,476 | 213 | ||||
3 | Pirelli & C SpA | 55,881 | 211 | |||
BPER Banca | 136,466 | 205 | ||||
Brembo SpA | 18,380 | 169 | ||||
Buzzi Unicem SpA | 9,825 | 164 | ||||
3 | Carel Industries SpA | 7,446 | 160 | |||
3 | Anima Holding SpA | 46,105 | 157 | |||
* | Autogrill SpA | 23,801 | 156 | |||
De' Longhi SpA | 7,546 | 132 | ||||
* | Iveco Group NV | 25,222 | 128 | |||
Salvatore Ferragamo SpA | 7,840 | 126 | ||||
3 | BFF Bank SpA | 19,355 | 123 | |||
Biesse SpA | 9,629 | 122 | ||||
Arnoldo Mondadori Editore SpA | 73,257 | 120 | ||||
Tamburi Investment Partners SpA | 15,502 | 120 | ||||
Sesa SpA | 932 | 114 | ||||
Tinexta SpA | 5,052 | 112 | ||||
Rizzoli Corriere Della Sera Mediagroup SpA | 155,494 | 109 | ||||
Banca IFIS SpA | 8,740 | 104 | ||||
Italmobiliare SpA | 3,648 | 101 | ||||
Gruppo MutuiOnline SpA | 3,987 | 98 | ||||
Banca Generali SpA | 3,628 | 96 | ||||
Maire Tecnimont SpA | 37,554 | 95 | ||||
3 | Technogym SpA | 13,177 | 90 | |||
*,3 | GVS SpA | 9,878 | 89 | |||
Immobiliare Grande Distribuzione SIIQ SpA | 22,995 | 78 | ||||
3 | RAI Way SpA | 15,400 | 75 | |||
* | Telecom Italia SpA (Registered) | 349,575 | 72 | |||
Danieli & C Officine Meccaniche SpA Saving Shares | 5,269 | 67 | ||||
2 | Webuild SpA | 39,750 | 56 | |||
3 | doValue SpA | 9,811 | 56 | |||
* | CIR SpA-Compagnie Industriali | 129,617 | 54 | |||
El.En. SpA | 3,899 | 53 | ||||
SOL SpA | 2,908 | 52 | ||||
Sanlorenzo SpA | 1,303 | 41 | ||||
Credito Emiliano SpA | 6,294 | 36 | ||||
*,3 | Enav SpA | 8,501 | 35 | |||
UnipolSai Assicurazioni SpA | 14,275 | 32 | ||||
* | MFE-MediaForEurope NV Class B | 48,774 | 28 | |||
Piaggio & C SpA | 9,562 | 23 | ||||
Datalogic SpA | 2,377 | 20 | ||||
Danieli & C Officine Meccaniche SpA | 1,043 | 19 | ||||
* | Tod's SpA | 471 | 19 |
Shares | Market Value• ($000) | |||||
* | MFE-MediaForEurope NV Class A | 44,577 | 19 | |||
*,2 | Juventus Football Club SpA | 47,511 | 17 | |||
MARR SpA | 1,358 | 16 | ||||
Zignago Vetro SpA | 1,065 | 12 | ||||
* | Banca Monte dei Paschi di Siena SpA | 33,643 | 11 | |||
Cementir Holding NV | 1,388 | 8 | ||||
* | Webuild SpA Warrants Exp. 8/2/30 | 3,597 | 1 | |||
38,898 | ||||||
Japan (16.8%) | ||||||
Toyota Motor Corp. | ���1,855,600 | 27,769 | ||||
Sony Group Corp. | 189,300 | 15,050 | ||||
Keyence Corp. | 29,200 | 10,964 | ||||
Mitsubishi UFJ Financial Group Inc. | 1,860,200 | 9,643 | ||||
Daiichi Sankyo Co. Ltd. | 289,000 | 8,685 | ||||
KDDI Corp. | 256,500 | 7,849 | ||||
Honda Motor Co. Ltd. | 267,800 | 7,129 | ||||
Tokyo Electron Ltd. | 22,300 | 6,994 | ||||
Shin-Etsu Chemical Co. Ltd. | 59,400 | 6,898 | ||||
Recruit Holdings Co. Ltd. | 213,749 | 6,795 | ||||
SoftBank Group Corp. | 168,000 | 6,655 | ||||
Takeda Pharmaceutical Co. Ltd. | 240,157 | 6,638 | ||||
Nintendo Co. Ltd. | 15,700 | 6,427 | ||||
Sumitomo Mitsui Financial Group Inc. | 205,900 | 6,211 | ||||
Hoya Corp. | 55,600 | 5,670 | ||||
Tokio Marine Holdings Inc. | 99,700 | 5,525 | ||||
Nippon Telegraph & Telephone Corp. | 189,000 | 5,123 | ||||
FANUC Corp. | 31,600 | 5,091 | ||||
Murata Manufacturing Co. Ltd. | 91,800 | 4,943 | ||||
Nidec Corp. | 71,200 | 4,730 | ||||
SoftBank Corp. | 425,343 | 4,663 | ||||
Seven & i Holdings Co. Ltd. | 115,100 | 4,572 | ||||
Mizuho Financial Group Inc. | 397,520 | 4,552 | ||||
Fast Retailing Co. Ltd. | 7,700 | 4,502 | ||||
Oriental Land Co. Ltd. | 29,900 | 4,458 | ||||
Astellas Pharma Inc. | 292,700 | 4,150 | ||||
Olympus Corp. | 190,500 | 4,057 | ||||
Denso Corp. | 71,700 | 3,913 | ||||
Canon Inc. | 163,200 | 3,909 | ||||
SMC Corp. | 8,200 | 3,890 | ||||
Bridgestone Corp. | 93,600 | 3,592 | ||||
Central Japan Railway Co. | 30,500 | 3,591 |
Shares | Market Value• ($000) | |||||
Fujitsu Ltd. | 29,600 | 3,483 | ||||
Terumo Corp. | 107,500 | 3,451 | ||||
Kao Corp. | 78,500 | 3,399 | ||||
Mitsui Fudosan Co. Ltd. | 150,800 | 3,052 | ||||
East Japan Railway Co. | 55,700 | 2,885 | ||||
Kyocera Corp. | 51,700 | 2,874 | ||||
Panasonic Holdings Corp. | 350,900 | 2,847 | ||||
FUJIFILM Holdings Corp. | 55,800 | 2,833 | ||||
Chugai Pharmaceutical Co. Ltd. | 107,000 | 2,761 | ||||
Kubota Corp. | 176,900 | 2,747 | ||||
Dai-ichi Life Holdings Inc. | 158,200 | 2,733 | ||||
Suzuki Motor Corp. | 74,700 | 2,611 | ||||
Mitsubishi Estate Co. Ltd. | 189,200 | 2,548 | ||||
Daiwa House Industry Co. Ltd. | 109,100 | 2,439 | ||||
Bandai Namco Holdings Inc. | 32,300 | 2,424 | ||||
Shiseido Co. Ltd. | 63,200 | 2,387 | ||||
Ajinomoto Co. Inc. | 85,000 | 2,349 | ||||
Aeon Co. Ltd. | 120,300 | 2,347 | ||||
MS&AD Insurance Group Holdings Inc. | 78,300 | 2,336 | ||||
Japan Post Holdings Co. Ltd. | 337,367 | 2,327 | ||||
Sompo Holdings Inc. | 53,200 | 2,281 | ||||
Unicharm Corp. | 64,900 | 2,255 | ||||
M3 Inc. | 69,000 | 2,210 | ||||
Secom Co. Ltd. | 33,400 | 2,128 | ||||
Shionogi & Co. Ltd. | 43,500 | 2,124 | ||||
Sumitomo Mitsui Trust Holdings Inc. | 64,300 | 2,000 | ||||
Shimano Inc. | 11,000 | 1,946 | ||||
Eisai Co. Ltd. | 47,200 | 1,924 | ||||
Otsuka Holdings Co. Ltd. | 58,900 | 1,924 | ||||
TDK Corp. | 54,800 | 1,916 | ||||
Nomura Holdings Inc. | 523,700 | 1,896 | ||||
Sysmex Corp. | 30,600 | 1,870 | ||||
2 | Nippon Yusen KK | 24,200 | 1,846 | |||
Advantest Corp. | 32,500 | 1,841 | ||||
Ono Pharmaceutical Co. Ltd. | 73,800 | 1,762 | ||||
Omron Corp. | 33,400 | 1,758 | ||||
Sumitomo Realty & Development Co. Ltd. | 71,600 | 1,751 | ||||
Sekisui House Ltd. | 102,100 | 1,736 | ||||
West Japan Railway Co. | 43,151 | 1,679 | ||||
Nitto Denko Corp. | 27,000 | 1,664 | ||||
Toyota Industries Corp. | 29,700 | 1,660 | ||||
Asahi Kasei Corp. | 225,300 | 1,646 | ||||
Toray Industries Inc. | 286,000 | 1,632 | ||||
Lasertec Corp. | 11,700 | 1,620 |
Shares | Market Value• ($000) | |||||
NEC Corp. | 44,400 | 1,619 | ||||
Sumitomo Electric Industries Ltd. | 141,200 | 1,617 | ||||
Nomura Research Institute Ltd. | 58,200 | 1,566 | ||||
* | Renesas Electronics Corp. | 163,977 | 1,553 | |||
Yaskawa Electric Corp. | 47,600 | 1,550 | ||||
NTT Data Corp. | 105,700 | 1,487 | ||||
Yakult Honsha Co. Ltd. | 25,038 | 1,481 | ||||
Japan Exchange Group Inc. | 96,700 | 1,441 | ||||
Shimadzu Corp. | 49,300 | 1,440 | ||||
Resona Holdings Inc. | 387,050 | 1,425 | ||||
MINEBEA MITSUMI Inc. | 78,600 | 1,351 | ||||
Nissan Chemical Corp. | 26,000 | 1,310 | ||||
Z Holdings Corp. | 444,100 | 1,306 | ||||
SG Holdings Co. Ltd. | 78,134 | 1,296 | ||||
Mitsubishi Chemical Group Corp. | 243,800 | 1,280 | ||||
2 | Mitsui OSK Lines Ltd. | 49,000 | 1,277 | |||
Nissan Motor Co. Ltd. | 324,200 | 1,275 | ||||
Kintetsu Group Holdings Co. Ltd. | 37,400 | 1,270 | ||||
MEIJI Holdings Co. Ltd. | 26,500 | 1,262 | ||||
Pan Pacific International Holdings Corp. | 70,200 | 1,260 | ||||
Dentsu Group Inc. | 37,400 | 1,204 | ||||
Daiwa Securities Group Inc. | 275,000 | 1,200 | ||||
Yamaha Motor Co. Ltd. | 57,800 | 1,198 | ||||
Nippon Paint Holdings Co. Ltd. | 152,113 | 1,173 | ||||
Isuzu Motors Ltd. | 94,000 | 1,167 | ||||
Tokyu Corp. | 98,200 | 1,167 | ||||
Nippon Building Fund Inc. | 227 | 1,131 | ||||
Kyowa Kirin Co. Ltd. | 50,400 | 1,130 | ||||
Hamamatsu Photonics KK | 26,600 | 1,128 | ||||
Dai Nippon Printing Co. Ltd. | 52,600 | 1,107 | ||||
Trend Micro Inc. | 17,700 | 1,090 | ||||
TOTO Ltd. | 31,200 | 1,075 | ||||
MISUMI Group Inc. | 43,500 | 1,068 | ||||
Aisin Corp. | 35,800 | 1,065 | ||||
Sekisui Chemical Co. Ltd. | 73,400 | 1,001 | ||||
TIS Inc. | 35,000 | 997 | ||||
Nitori Holdings Co. Ltd. | 10,400 | 994 | ||||
Brother Industries Ltd. | 51,900 | 993 | ||||
Disco Corp. | 4,000 | 971 | ||||
Makita Corp. | 41,300 | 971 | ||||
T&D Holdings Inc. | 88,900 | 971 | ||||
Tobu Railway Co. Ltd. | 40,900 | 966 |
Shares | Market Value• ($000) | |||||
Yamato Holdings Co. Ltd. | �� 61,800 | 963 | ||||
Toho Co. Ltd. (Tokyo) | 25,300 | 961 | ||||
Mazda Motor Corp. | 108,100 | 957 | ||||
SBI Holdings Inc. | 47,500 | 933 | ||||
Lixil Corp. | 53,600 | 932 | ||||
Capcom Co. Ltd. | 33,400 | 912 | ||||
Odakyu Electric Railway Co. Ltd. | 65,500 | 895 | ||||
Mitsui Chemicals Inc. | 39,000 | 876 | ||||
Kurita Water Industries Ltd. | 22,300 | 868 | ||||
Azbil Corp. | 30,400 | 866 | ||||
Marui Group Co. Ltd. | 46,300 | 830 | ||||
Japan Real Estate Investment Corp. | 179 | 829 | ||||
Seiko Epson Corp. | 52,200 | 820 | ||||
Koito Manufacturing Co. Ltd. | 23,800 | 813 | ||||
Nomura Real Estate Master Fund Inc. | 662 | 810 | ||||
NGK Spark Plug Co. Ltd. | 39,200 | 804 | ||||
Nippon Prologis REIT Inc. | 319 | 803 | ||||
Concordia Financial Group Ltd. | 247,300 | 784 | ||||
Daifuku Co. Ltd. | 13,400 | 782 | ||||
Rohm Co. Ltd. | 10,400 | 778 | ||||
Kawasaki Kisen Kaisha Ltd. | 12,200 | 772 | ||||
Keio Corp. | 20,200 | 769 | ||||
Yamaha Corp. | 19,500 | 761 | ||||
Daito Trust Construction Co. Ltd. | 7,700 | 758 | ||||
Oji Holdings Corp. | 188,300 | 751 | ||||
USS Co. Ltd. | 42,400 | 748 | ||||
Toyo Suisan Kaisha Ltd. | 18,100 | 742 | ||||
Taiyo Yuden Co. Ltd. | 23,800 | 736 | ||||
NH Foods Ltd. | 25,200 | 721 | ||||
Hankyu Hanshin Holdings Inc. | 24,000 | 720 | ||||
JSR Corp. | 32,100 | 716 | ||||
Nisshin Seifun Group Inc. | 63,600 | 716 | ||||
Stanley Electric Co. Ltd. | 38,300 | 707 | ||||
Chiba Bank Ltd. | 130,700 | 706 | ||||
* | ANA Holdings Inc. | 36,441 | 701 | |||
CyberAgent Inc. | 71,900 | 701 | ||||
Nikon Corp. | 61,400 | 701 | ||||
Fukuoka Financial Group Inc. | 39,200 | 700 | ||||
SUMCO Corp. | 51,300 | 696 | ||||
Haseko Corp. | 59,800 | 685 | ||||
Ibiden Co. Ltd. | 21,500 | 682 | ||||
Kuraray Co. Ltd. | 89,000 | 676 | ||||
MatsukiyoCocokara & Co. | 16,900 | 671 |
Shares | Market Value• ($000) | |||||
Konami Group Corp. | 13,100 | 665 | ||||
Aozora Bank Ltd. | 34,100 | 658 | ||||
Daiwa House REIT Investment Corp. | 284 | 657 | ||||
Shizuoka Bank Ltd. | 111,800 | 647 | ||||
Hulic Co. Ltd. | 84,670 | 642 | ||||
Santen Pharmaceutical Co. Ltd. | 87,500 | 629 | ||||
Hirose Electric Co. Ltd. | 4,300 | 609 | ||||
Keisei Electric Railway Co. Ltd. | 21,600 | 603 | ||||
* | Japan Airlines Co. Ltd. | 32,823 | 600 | |||
Nissin Foods Holdings Co. Ltd. | 8,300 | 594 | ||||
Suntory Beverage & Food Ltd. | 15,900 | 581 | ||||
Keihan Holdings Co. Ltd. | 22,800 | 578 | ||||
Bank of Kyoto Ltd. | 14,700 | 573 | ||||
TOPPAN Inc. | 36,400 | 572 | ||||
NSK Ltd. | 104,600 | 567 | ||||
Nabtesco Corp. | 23,900 | 566 | ||||
Nagoya Railroad Co. Ltd. | 36,300 | 562 | ||||
Showa Denko KK | 36,567 | 562 | ||||
Keikyu Corp. | 54,600 | 561 | ||||
BayCurrent Consulting Inc. | 1,900 | 558 | ||||
Rakuten Group Inc. | 112,300 | 545 | ||||
Teijin Ltd. | 49,600 | 524 | ||||
COMSYS Holdings Corp. | 28,100 | 522 | ||||
Asahi Intecc Co. Ltd. | 29,100 | 518 | ||||
Persol Holdings Co. Ltd. | 25,600 | 514 | ||||
Iwatani Corp. | 12,600 | 514 | ||||
Nihon M&A Center Holdings Inc. | 40,500 | 502 | ||||
Nippon Express Holdings Inc. | 9,100 | 501 | ||||
Otsuka Corp. | 15,000 | 485 | ||||
Yamada Holdings Co. Ltd. | 139,700 | 484 | ||||
Toagosei Co. Ltd. | 60,100 | 468 | ||||
Sohgo Security Services Co. Ltd. | 18,000 | 466 | ||||
Zensho Holdings Co. Ltd. | 17,600 | 461 | ||||
Asics Corp. | 25,200 | 461 | ||||
Square Enix Holdings Co. Ltd. | 10,500 | 456 | ||||
Rohto Pharmaceutical Co. Ltd. | 15,100 | 455 | ||||
Taiheiyo Cement Corp. | 30,300 | 454 | ||||
Kobayashi Pharmaceutical Co. Ltd. | 8,000 | 453 | ||||
Seibu Holdings Inc. | 44,500 | 451 |
Shares | Market Value• ($000) | |||||
GMO Payment Gateway Inc. | 5,600 | 444 | ||||
Lion Corp. | 37,600 | 439 | ||||
Hisamitsu Pharmaceutical Co. Inc. | 18,100 | 438 | ||||
Amada Co. Ltd. | 54,200 | 424 | ||||
Tokyu Fudosan Holdings Corp. | 77,800 | 418 | ||||
Maruha Nichiro Corp. | 22,700 | 406 | ||||
Kansai Paint Co. Ltd. | 26,400 | 405 | ||||
Anritsu Corp. | 34,100 | 402 | ||||
Orix JREIT Inc. | 290 | 399 | ||||
Hoshizaki Corp. | 13,200 | 392 | ||||
* | Mitsubishi Motors Corp. | 97,200 | 389 | |||
Advance Residence Investment Corp. | 145 | 383 | ||||
Alfresa Holdings Corp. | 31,600 | 378 | ||||
Nippon Shinyaku Co. Ltd. | 6,800 | 372 | ||||
Konica Minolta Inc. | 107,000 | 370 | ||||
Kaken Pharmaceutical Co. Ltd. | 13,300 | 369 | ||||
Kose Corp. | 3,900 | 367 | ||||
Lintec Corp. | 21,900 | 365 | ||||
Pigeon Corp. | 24,500 | 365 | ||||
Zenkoku Hosho Co. Ltd. | 10,900 | 360 | ||||
Open House Group Co. Ltd. | 9,100 | 356 | ||||
Alps Alpine Co. Ltd. | 39,200 | 351 | ||||
Hakuhodo DY Holdings Inc. | 39,300 | 351 | ||||
ZOZO Inc. | 15,900 | 351 | ||||
Isetan Mitsukoshi Holdings Ltd. | 44,300 | 350 | ||||
Japan Post Bank Co. Ltd. | 48,000 | 350 | ||||
Koei Tecmo Holdings Co. Ltd. | 10,140 | 340 | ||||
Japan Post Insurance Co. Ltd. | 22,139 | 339 | ||||
Hikari Tsushin Inc. | 2,600 | 329 | ||||
United Urban Investment Corp. | 309 | 329 | ||||
Kakaku.com Inc. | 17,800 | 328 | ||||
Wacoal Holdings Corp. | 19,900 | 318 | ||||
Miura Co. Ltd. | 14,900 | 316 | ||||
TechnoPro Holdings Inc. | 14,000 | 315 | ||||
* | Right On Co. Ltd. | 62,900 | 314 | |||
Nagase & Co. Ltd. | 21,500 | 309 | ||||
Food & Life Cos. Ltd. | 19,500 | 307 | ||||
Rinnai Corp. | 4,000 | 306 | ||||
Tokyo Tatemono Co. Ltd. | 20,200 | 303 | ||||
Tsuruha Holdings Inc. | 5,400 | 300 | ||||
SCREEN Holdings Co. Ltd. | 4,500 | 299 |
Shares | Market Value• ($000) | |||||
Ito En Ltd. | 6,800 | 298 | ||||
Nifco Inc. | 13,200 | 298 | ||||
Kyushu Railway Co. | 14,000 | 295 | ||||
THK Co. Ltd. | 14,300 | 290 | ||||
Yokohama Rubber Co. Ltd. | 17,500 | 286 | ||||
Fuyo General Lease Co. Ltd. | 4,800 | 283 | ||||
Ryohin Keikaku Co. Ltd. | 30,100 | 279 | ||||
Daihen Corp. | 9,300 | 275 | ||||
Welcia Holdings Co. Ltd. | 13,100 | 274 | ||||
Shimamura Co. Ltd. | 3,000 | 272 | ||||
Hitachi Transport System Ltd. | 4,300 | 271 | ||||
Nippon Sanso Holdings Corp. | 14,900 | 271 | ||||
Kadokawa Corp. | 12,344 | 268 | ||||
Japan Prime Realty Investment Corp. | 89 | 264 | ||||
Medipal Holdings Corp. | 19,200 | 263 | ||||
Goldwin Inc. | 4,400 | 262 | ||||
Mitsubishi HC Capital Inc. | 52,960 | 257 | ||||
Tokyo Century Corp. | 7,200 | 257 | ||||
Fujikura Ltd. | 35,400 | 251 | ||||
Nippon Electric Glass Co. Ltd. | 13,300 | 250 | ||||
Industrial & Infrastructure Fund Investment Corp. | 187 | 247 | ||||
Japan Hotel REIT Investment Corp. | 498 | 246 | ||||
Fujitec Co. Ltd. | 12,000 | 242 | ||||
Kamigumi Co. Ltd. | 12,200 | 239 | ||||
Iida Group Holdings Co. Ltd. | 15,700 | 239 | ||||
Nomura Real Estate Holdings Inc. | 9,700 | 238 | ||||
Internet Initiative Japan Inc. | 6,600 | 238 | ||||
Kaneka Corp. | 8,800 | 236 | ||||
JP-Holdings Inc. | 129,900 | 234 | ||||
SCSK Corp. | 14,400 | 234 | ||||
Oracle Corp. Japan | 3,900 | 232 | ||||
Sumitomo Pharma Co. Ltd. | 31,100 | 232 | ||||
Toyo Seikan Group Holdings Ltd. | 19,600 | 232 | ||||
Credit Saison Co. Ltd. | 18,400 | 231 | ||||
Shinko Electric Industries Co. Ltd. | 8,300 | 231 | ||||
Casio Computer Co. Ltd. | 24,400 | 230 | ||||
Kewpie Corp. | 13,700 | 225 | ||||
NET One Systems Co. Ltd. | 10,200 | 225 |
Shares | Market Value• ($000) | |||||
J Front Retailing Co. Ltd. | 28,200 | 224 | ||||
Denka Co. Ltd. | 9,300 | 223 | ||||
Sanwa Holdings Corp. | 22,200 | 220 | ||||
Takashimaya Co. Ltd. | 19,900 | 220 | ||||
LaSalle Logiport REIT | 178 | 220 | ||||
Nippon Kayaku Co. Ltd. | 25,100 | 218 | ||||
Sanrio Co. Ltd. | 8,200 | 216 | ||||
* | Park24 Co. Ltd. | 15,100 | 215 | |||
Sumitomo Forestry Co. Ltd. | 12,700 | 215 | ||||
Mebuki Financial Group Inc. | 111,600 | 214 | ||||
Toyo Corp. | 22,500 | 214 | ||||
Tokyo Ohka Kogyo Co. Ltd. | 4,300 | 211 | ||||
Ulvac Inc. | 5,400 | 209 | ||||
OKUMA Corp. | 5,500 | 208 | ||||
Sekisui House Reit Inc. | 344 | 208 | ||||
Mitsui Fudosan Logistics Park Inc. | 53 | 208 | ||||
Dowa Holdings Co. Ltd. | 5,500 | 207 | ||||
Nippon Gas Co. Ltd. | 13,000 | 207 | ||||
Hachijuni Bank Ltd. | 59,900 | 205 | ||||
Sugi Holdings Co. Ltd. | 4,800 | 204 | ||||
Jeol Ltd. | 5,100 | 204 | ||||
Relo Group Inc. | 12,600 | 203 | ||||
Kagome Co. Ltd. | 9,200 | 203 | ||||
* | SHIFT Inc. | 1,400 | 201 | |||
DIC Corp. | 11,000 | 197 | ||||
BIPROGY Inc. | 8,900 | 197 | ||||
Ain Holdings Inc. | 3,400 | 194 | ||||
Hino Motors Ltd. | 41,200 | 188 | ||||
Topcon Corp. | 13,900 | 188 | ||||
Mitsui High-Tec Inc. | 3,000 | 186 | ||||
* | INFRONEER Holdings Inc. | 25,708 | 184 | |||
Daishi Hokuetsu Financial Group Inc. | 9,700 | 183 | ||||
Sinanen Holdings Co. Ltd. | 6,600 | 182 | ||||
SMS Co. Ltd. | 8,000 | 182 | ||||
Benesse Holdings Inc. | 11,300 | 178 | ||||
Iyo Bank Ltd. | 38,300 | 178 | ||||
Taisho Pharmaceutical Holdings Co. Ltd. | 4,700 | 175 | ||||
Dexerials Corp. | 6,300 | 175 | ||||
ADEKA Corp. | 10,300 | 174 | ||||
Suzuken Co. Ltd. | 7,100 | 170 | ||||
SHO-BOND Holdings Co. Ltd. | 3,900 | 168 | ||||
Hirogin Holdings Inc. | 38,100 | 168 | ||||
Tokai Carbon Co. Ltd. | 22,900 | 167 | ||||
Artnature Inc. | 31,800 | 167 | ||||
Sumitomo Rubber Industries Ltd. | 19,200 | 165 |
Shares | Market Value• ($000) | |||||
Nankai Electric Railway Co. Ltd. | 8,200 | 163 | ||||
Meitec Corp. | 9,200 | 162 | ||||
Yamazaki Baking Co. Ltd. | 13,700 | 161 | ||||
Calbee Inc. | 8,100 | 161 | ||||
JAFCO Group Co. Ltd. | 10,800 | 156 | ||||
Daicel Corp. | 24,700 | 155 | ||||
Kenedix Office Investment Corp. | 30 | 155 | ||||
Frontier Real Estate Investment Corp. | 40 | 153 | ||||
* | Fujita Kanko Inc. | 7,900 | 153 | |||
Daiseki Co. Ltd. | 5,080 | 152 | ||||
* | Money Forward Inc. | 6,100 | 150 | |||
EM Systems Co. Ltd. | 20,400 | 149 | ||||
Amano Corp. | 8,000 | 148 | ||||
JTEKT Corp. | 20,600 | 145 | ||||
Invincible Investment Corp. | 473 | 145 | ||||
Kanamoto Co. Ltd. | 9,400 | 145 | ||||
Nihon Kohden Corp. | 6,300 | 144 | ||||
Tomy Co. Ltd. | 14,900 | 141 | ||||
Kureha Corp. | 2,100 | 141 | ||||
Morinaga Milk Industry Co. Ltd. | 4,600 | 141 | ||||
Fuji Soft Inc. | 2,400 | 140 | ||||
Maruichi Steel Tube Ltd. | 6,500 | 139 | ||||
As One Corp. | 3,000 | 138 | ||||
Coca-Cola Bottlers Japan Holdings Inc. | 13,300 | 136 | ||||
Mabuchi Motor Co. Ltd. | 4,800 | 136 | ||||
GS Yuasa Corp. | 7,500 | 136 | ||||
Sankyu Inc. | 4,400 | 135 | ||||
Katitas Co. Ltd. | 5,600 | 135 | ||||
Canon Marketing Japan Inc. | 5,900 | 134 | ||||
DMG Mori Co. Ltd. | 10,300 | 134 | ||||
K's Holdings Corp. | 14,400 | 133 | ||||
Toyo Tire Corp. | 11,000 | 133 | ||||
* | RENOVA Inc. | 6,100 | 133 | |||
Nichirei Corp. | 7,300 | 131 | ||||
Gunma Bank Ltd. | 46,400 | 130 | ||||
Zeon Corp. | 13,500 | 130 | ||||
FP Corp. | 5,500 | 129 | ||||
Sharp Corp. | 18,000 | 129 | ||||
Pilot Corp. | 3,600 | 129 | ||||
DeNA Co. Ltd. | 9,300 | 127 | ||||
Fuji Corp. | 8,700 | 127 | ||||
Menicon Co. Ltd. | 5,300 | 127 | ||||
* | PeptiDream Inc. | 10,600 | 126 | |||
Milbon Co. Ltd. | 3,000 | 126 | ||||
Mochida Pharmaceutical Co. Ltd. | 5,100 | 126 | ||||
Fancl Corp. | 6,200 | 125 | ||||
Daiichikosho Co. Ltd. | 4,300 | 125 |
Shares | Market Value• ($000) | |||||
Yoshinoya Holdings Co. Ltd. | 7,100 | 125 | ||||
Descente Ltd. | 5,100 | 125 | ||||
Asahi Holdings Inc. | 8,400 | 125 | ||||
Resorttrust Inc. | 7,600 | 122 | ||||
H.U. Group Holdings Inc. | 6,000 | 122 | ||||
Ushio Inc. | 9,900 | 120 | ||||
* | Leopalace21 Corp. | 50,300 | 119 | |||
Mizuho Leasing Co. Ltd. | 4,900 | 118 | ||||
House Foods Group Inc. | 5,500 | 117 | ||||
Hazama Ando Corp. | 18,600 | 115 | ||||
GMO internet group Inc. | 6,200 | 114 | ||||
OSG Corp. | 8,200 | 113 | ||||
Mori Hills REIT Investment Corp. | 101 | 113 | ||||
Mitsubishi Estate Logistics REIT Investment Corp. | 33 | 113 | ||||
Nishi-Nippon Railroad Co. Ltd. | 5,400 | 112 | ||||
Morinaga & Co. Ltd. | 3,900 | 111 | ||||
Tokyo Individualized Educational Institute Inc. | 27,000 | 111 | ||||
Tokyo Seimitsu Co. Ltd. | 3,300 | 110 | ||||
ST Corp. | 9,800 | 109 | ||||
Daiwabo Holdings Co. Ltd. | 7,700 | 108 | ||||
Seino Holdings Co. Ltd. | 13,400 | 106 | ||||
Outsourcing Inc. | 12,100 | 105 | ||||
Daido Steel Co. Ltd. | 3,700 | 104 | ||||
Nextage Co. Ltd. | 4,800 | 104 | ||||
Shoei Co. Ltd. | 2,600 | 103 | ||||
Nissin Sugar Co. Ltd. | 8,100 | 103 | ||||
Citizen Watch Co. Ltd. | 23,800 | 102 | ||||
Shinsei Bank Ltd. | 7,277 | 102 | ||||
Kumiai Chemical Industry Co. Ltd. | 13,100 | 102 | ||||
Yushin Precision Equipment Co. Ltd. | 19,600 | 101 | ||||
J Trust Co. Ltd. | 22,400 | 99 | ||||
Sumitomo Warehouse Co. Ltd. | 6,300 | 99 | ||||
Hokkoku Financial Holdings Inc. | 2,800 | 99 | ||||
Fujimi Inc. | 2,000 | 96 | ||||
Heiwa Real Estate Co. Ltd. | 3,400 | 96 | ||||
Nippon Suisan Kaisha Ltd. | 23,400 | 96 | ||||
Nippon Shokubai Co. Ltd. | 2,400 | 95 | ||||
Digital Garage Inc. | 3,400 | 95 | ||||
Kaga Electronics Co. Ltd. | 3,200 | 95 | ||||
Systena Corp. | 31,000 | 95 |
Shares | Market Value• ($000) | |||||
NSD Co. Ltd. | 5,300 | 95 | ||||
Chugoku Bank Ltd. | 13,700 | 92 | ||||
Izumi Co. Ltd. | 4,200 | 91 | ||||
Sotetsu Holdings Inc. | 5,300 | 91 | ||||
JCR Pharmaceuticals Co. Ltd. | 5,900 | 91 | ||||
Sanyo Electric Railway Co. Ltd. | 5,400 | 88 | ||||
Kenedix Residential Next Investment Corp. | 54 | 88 | ||||
Toyoda Gosei Co. Ltd. | 5,000 | 87 | ||||
TS Tech Co. Ltd. | 7,800 | 87 | ||||
Shiga Bank Ltd. | 4,700 | 87 | ||||
NHK Spring Co. Ltd. | 12,800 | 86 | ||||
Nagatanien Holdings Co. Ltd. | 5,900 | 86 | ||||
PHC Holdings Corp. | 7,400 | 86 | ||||
* | NTN Corp. | 45,000 | 85 | |||
Sumitomo Bakelite Co. Ltd. | 2,700 | 85 | ||||
Toridoll Holdings Corp. | 4,000 | 85 | ||||
Kenedix Retail REIT Corp. | 41 | 84 | ||||
Nippon Soda Co. Ltd. | 2,500 | 83 | ||||
Torishima Pump Manufacturing Co. Ltd. | 7,900 | 83 | ||||
Sawai Group Holdings Co. Ltd. | 2,800 | 83 | ||||
BML Inc. | 3,200 | 82 | ||||
Tadano Ltd. | 12,000 | 82 | ||||
Hokuetsu Corp. | 15,000 | 81 | ||||
Sumitomo Osaka Cement Co. Ltd. | 3,200 | 81 | ||||
Takuma Co. Ltd. | 8,100 | 81 | ||||
Central Glass Co. Ltd. | 3,300 | 80 | ||||
Hulic Reit Inc. | 67 | 80 | ||||
Intage Holdings Inc. | 6,900 | 79 | ||||
Inabata & Co. Ltd. | 4,500 | 79 | ||||
LITALICO Inc. | 3,800 | 79 | ||||
77 Bank Ltd. | 6,000 | 77 | ||||
Monex Group Inc. | 21,600 | 77 | ||||
Nishimatsu Construction Co. Ltd. | 2,625 | 76 | ||||
Taikisha Ltd. | 3,300 | 76 | ||||
Japan Best Rescue System Co. Ltd. | 14,200 | 76 | ||||
Joyful Honda Co. Ltd. | 6,100 | 76 | ||||
PALTAC Corp. | 2,600 | 75 | ||||
DTS Corp. | 2,900 | 75 | ||||
MOS Food Services Inc. | 3,300 | 75 | ||||
Sanken Electric Co. Ltd. | 2,100 | 74 | ||||
Trusco Nakayama Corp. | 5,200 | 73 | ||||
* | Istyle Inc. | 19,800 | 73 | |||
Hanwa Co. Ltd. | 2,900 | 72 | ||||
TKC Corp. | 2,900 | 72 | ||||
EXEO Group Inc. | 4,600 | 71 |
Shares | Market Value• ($000) | |||||
Matsuyafoods Holdings Co. Ltd. | 2,600 | 71 | ||||
Ezaki Glico Co. Ltd. | 2,700 | 70 | ||||
Furukawa Electric Co. Ltd. | 4,000 | 70 | ||||
Okumura Corp. | 3,300 | 70 | ||||
Seven Bank Ltd. | 36,300 | 69 | ||||
Japan Material Co. Ltd. | 5,000 | 69 | ||||
Fujitsu General Ltd. | 3,200 | 68 | ||||
Mani Inc. | 5,400 | 68 | ||||
Kyokuyo Co. Ltd. | 2,600 | 68 | ||||
Nikkon Holdings Co. Ltd. | 4,000 | 68 | ||||
Nisshinbo Holdings Inc. | 8,600 | 67 | ||||
Rorze Corp. | 1,100 | 67 | ||||
en Japan Inc. | 3,900 | 67 | ||||
Toho Titanium Co. Ltd. | 4,200 | 67 | ||||
Kitz Corp. | 11,400 | 66 | ||||
AEON Financial Service Co. Ltd. | 6,300 | 65 | ||||
Nitto Kogyo Corp. | 3,500 | 65 | ||||
Toshiba TEC Corp. | 2,200 | 65 | ||||
BeNext-Yumeshin Group Co. | 5,500 | 65 | ||||
CKD Corp. | 4,900 | 64 | ||||
* | OSAKA Titanium Technologies Co. Ltd. | 2,800 | 64 | |||
Rengo Co. Ltd. | 10,900 | 64 | ||||
JCU Corp. | 2,700 | 64 | ||||
Yamaguchi Financial Group Inc. | 11,500 | 63 | ||||
Kyushu Financial Group Inc. | 23,000 | 63 | ||||
Riken Keiki Co. Ltd. | 2,000 | 63 | ||||
San-In Godo Bank Ltd. | 12,900 | 63 | ||||
Daio Paper Corp. | 6,700 | 63 | ||||
Hokuhoku Financial Group Inc. | 10,400 | 62 | ||||
Heiwa Real Estate REIT Inc. | 55 | 62 | ||||
UT Group Co. Ltd. | 3,100 | 62 | ||||
Tokuyama Corp. | 4,600 | 61 | ||||
UACJ Corp. | 3,500 | 60 | ||||
Japan Excellent Inc. | 64 | 60 | ||||
Bando Chemical Industries Ltd. | 8,200 | 59 | ||||
Fuji Kyuko Co. Ltd. | 2,000 | 59 | ||||
Takeuchi Manufacturing Co. Ltd. | 3,100 | 59 | ||||
* | Japan Display Inc. | 131,700 | 59 | |||
Kyudenko Corp. | 2,900 | 58 | ||||
Hokkan Holdings Ltd. | 6,000 | 58 | ||||
KFC Holdings Japan Ltd. | 2,900 | 58 | ||||
Nitto Boseki Co. Ltd. | 3,200 | 58 | ||||
Tsubakimoto Chain Co. | 2,500 | 58 | ||||
Pasona Group Inc. | 3,900 | 58 |
Shares | Market Value• ($000) | |||||
TOKAI Holdings Corp. | 9,000 | 58 | ||||
MIRAIT ONE Corp. | 5,200 | 58 | ||||
* | euglena Co. Ltd. | 8,300 | 58 | |||
Aica Kogyo Co. Ltd. | 2,600 | 57 | ||||
Iriso Electronics Co. Ltd. | 1,900 | 57 | ||||
Ai Holdings Corp. | 3,700 | 57 | ||||
Seiko Holdings Corp. | 2,700 | 56 | ||||
Achilles Corp. | 5,800 | 56 | ||||
Japan Aviation Electronics Industry Ltd. | 3,300 | 55 | ||||
Toyota Boshoku Corp. | 3,800 | 55 | ||||
NEC Networks & System Integration Corp. | 4,400 | 55 | ||||
Shibaura Machine Co. Ltd. | 2,500 | 55 | ||||
H2O Retailing Corp. | 7,600 | 54 | ||||
Idec Corp. | 2,600 | 54 | ||||
Simplex Holdings Inc. | 3,600 | 54 | ||||
Fuji Co. Ltd. | 3,700 | 53 | ||||
Organo Corp. | 800 | 53 | ||||
Miroku Jyoho Service Co. Ltd. | 4,800 | 53 | ||||
S-Pool Inc. | 6,900 | 53 | ||||
Change Inc. | 4,000 | 53 | ||||
Nagawa Co. Ltd. | 900 | 53 | ||||
Snow Peak Inc. | 3,400 | 53 | ||||
Asahi Diamond Industrial Co. Ltd. | 9,400 | 52 | ||||
Noritsu Koki Co. Ltd. | 2,800 | 52 | ||||
Mitani Sekisan Co. Ltd. | 2,000 | 52 | ||||
Pola Orbis Holdings Inc. | 4,600 | 51 | ||||
Future Corp. | 4,200 | 51 | ||||
Nippon Kanzai Co. Ltd. | 2,700 | 51 | ||||
TRE Holdings Corp. | 4,200 | 51 | ||||
Iino Kaiun Kaisha Ltd. | 8,500 | 50 | ||||
KH Neochem Co. Ltd. | 2,700 | 50 | ||||
Mirai Corp. | 135 | 50 | ||||
KeePer Technical Laboratory Co. Ltd. | 1,700 | 50 | ||||
Midac Holdings Co. Ltd. | 2,200 | 50 | ||||
NOK Corp. | 5,500 | 49 | ||||
Information Services International-Dentsu Ltd. | 1,500 | 49 | ||||
Nippn Corp. | 4,300 | 49 | ||||
Ichiyoshi Securities Co. Ltd. | 10,600 | 48 | ||||
Studio Alice Co. Ltd. | 3,000 | 48 | ||||
Optex Group Co. Ltd. | 3,200 | 48 | ||||
Tsurumi Manufacturing Co. Ltd. | 3,100 | 48 | ||||
Max Co. Ltd. | 3,300 | 47 | ||||
Takasago Thermal Engineering Co. Ltd. | 4,000 | 47 | ||||
Transcosmos Inc. | 1,700 | 47 |
Shares | Market Value• ($000) | |||||
Fuji Oil Holdings Inc. | 2,700 | 46 | ||||
Takara Bio Inc. | 3,300 | 46 | ||||
Mixi Inc. | 2,700 | 46 | ||||
Aichi Bank Ltd. | 1,100 | 46 | ||||
Ichibanya Co. Ltd. | 1,400 | 46 | ||||
Kameda Seika Co. Ltd. | 1,400 | 46 | ||||
EDION Corp. | 5,400 | 46 | ||||
Nojima Corp. | 2,300 | 46 | ||||
Tekken Corp. | 3,600 | 46 | ||||
Yaoko Co. Ltd. | 1,000 | 46 | ||||
* | Raksul Inc. | 3,000 | 46 | |||
Hankyu Hanshin REIT Inc. | 41 | 46 | ||||
Acom Co. Ltd. | 19,000 | 45 | ||||
Cybozu Inc. | 4,700 | 45 | ||||
Kohnan Shoji Co. Ltd. | 1,800 | 45 | ||||
Noritake Co. Ltd. | 1,500 | 45 | ||||
Token Corp. | 700 | 45 | ||||
Glory Ltd. | 2,800 | 44 | ||||
Fujiya Co. Ltd. | 2,600 | 44 | ||||
Makino Milling Machine Co. Ltd. | 1,400 | 44 | ||||
Mitsui-Soko Holdings Co. Ltd. | 1,800 | 44 | ||||
dip Corp. | 1,700 | 44 | ||||
Furukawa Co. Ltd. | 4,700 | 43 | ||||
Nissha Co. Ltd. | 3,300 | 43 | ||||
Toyo Construction Co. Ltd. | 7,000 | 43 | ||||
KOMEDA Holdings Co. Ltd. | 2,600 | 43 | ||||
San ju San Financial Group Inc. | 4,000 | 43 | ||||
ASKUL Corp. | 3,200 | 42 | ||||
Fujicco Co. Ltd. | 2,900 | 41 | ||||
Starzen Co. Ltd. | 2,700 | 41 | ||||
YAMABIKO Corp. | 5,000 | 41 | ||||
Solasto Corp. | 6,400 | 41 | ||||
Nishi-Nippon Financial Holdings Inc. | 7,600 | 40 | ||||
Weathernews Inc. | 700 | 40 | ||||
Nichicon Corp. | 3,800 | 40 | ||||
Okamura Corp. | 4,200 | 40 | ||||
Advance Logistics Investment Corp. | 35 | 40 | ||||
Aeon Mall Co. Ltd. | 3,300 | 39 | ||||
Sumitomo Mitsui Construction Co. Ltd. | 11,800 | 39 | ||||
Shin Nippon Biomedical Laboratories Ltd. | 2,300 | 39 | ||||
Rock Field Co. Ltd. | 3,500 | 39 | ||||
Feed One Co. Ltd. | 7,780 | 39 | ||||
Meiko Electronics Co. Ltd. | 1,700 | 39 | ||||
Megmilk Snow Brand Co. Ltd. | 3,100 | 38 |
Shares | Market Value• ($000) | |||||
Komori Corp. | 6,900 | 38 | ||||
Shima Seiki Manufacturing Ltd. | 2,400 | 38 | ||||
MCJ Co. Ltd. | 5,500 | 38 | ||||
DKS Co. Ltd. | 2,400 | 38 | ||||
Ichigo Office REIT Investment Corp. | 62 | 38 | ||||
Kissei Pharmaceutical Co. Ltd. | 2,100 | 37 | ||||
Kanematsu Corp. | 3,400 | 37 | ||||
Kokuyo Co. Ltd. | 2,900 | 37 | ||||
Komatsu Matere Co. Ltd. | 5,600 | 37 | ||||
Nippon Sharyo Ltd. | 2,400 | 37 | ||||
Sintokogio Ltd. | 7,200 | 37 | ||||
Showa Sangyo Co. Ltd. | 1,981 | 37 | ||||
Taiyo Holdings Co. Ltd. | 1,900 | 37 | ||||
* | WATAMI Co. Ltd. | 5,700 | 37 | |||
Genky DrugStores Co. Ltd. | 1,400 | 37 | ||||
Tokyo Kiraboshi Financial Group Inc. | 2,300 | 37 | ||||
Mitsubishi Logistics Corp. | 1,400 | 36 | ||||
Ines Corp. | 3,200 | 36 | ||||
Piolax Inc. | 2,500 | 36 | ||||
Riken Corp. | 2,100 | 36 | ||||
Tochigi Bank Ltd. | 17,200 | 36 | ||||
Uchida Yoko Co. Ltd. | 1,000 | 36 | ||||
Yodogawa Steel Works Ltd. | 2,000 | 36 | ||||
Direct Marketing MiX Inc. | 2,700 | 36 | ||||
Aiful Corp. | 12,400 | 35 | ||||
Aiphone Co. Ltd. | 2,300 | 35 | ||||
Hyakugo Bank Ltd. | 15,400 | 35 | ||||
Sanyo Denki Co. Ltd. | 900 | 35 | ||||
Arakawa Chemical Industries Ltd. | 4,600 | 34 | ||||
Hioki EE Corp. | 700 | 34 | ||||
Mitsubishi Logisnext Co. Ltd. | 5,600 | 34 | ||||
Riso Kagaku Corp. | 1,900 | 34 | ||||
Roland DG Corp. | 1,400 | 33 | ||||
Geo Holdings Corp. | 2,800 | 33 | ||||
Fuso Chemical Co. Ltd. | 1,300 | 33 | ||||
Nisshin Oillio Group Ltd. | 1,400 | 33 | ||||
Star Micronics Co. Ltd. | 2,500 | 33 | ||||
Towa Pharmaceutical Co. Ltd. | 2,100 | 33 | ||||
Yonex Co. Ltd. | 2,900 | 33 | ||||
KYORIN Holdings Inc. | 2,600 | 33 | ||||
ValueCommerce Co. Ltd. | 1,800 | 33 | ||||
Nippon Light Metal Holdings Co. Ltd. | 2,890 | 33 | ||||
TechMatrix Corp. | 2,700 | 33 |
Shares | Market Value• ($000) | |||||
United Arrows Ltd. | 2,400 | 32 | ||||
* | Godo Steel Ltd. | 2,400 | 32 | |||
PAL GROUP Holdings Co. Ltd. | 1,900 | 32 | ||||
Anest Iwata Corp. | 4,600 | 32 | ||||
Nihon Nohyaku Co. Ltd. | 5,200 | 32 | ||||
Broadleaf Co. Ltd. | 8,600 | 32 | ||||
Insource Co. Ltd. | 1,600 | 32 | ||||
Juroku Financial Group Inc. | 1,800 | 32 | ||||
Key Coffee Inc. | 2,000 | 31 | ||||
Hyakujushi Bank Ltd. | 2,500 | 31 | ||||
Topy Industries Ltd. | 3,100 | 31 | ||||
JINS Holdings Inc. | 1,000 | 31 | ||||
Carta Holdings Inc. | 2,500 | 31 | ||||
Avex Inc. | 2,700 | 30 | ||||
Chugoku Marine Paints Ltd. | 4,800 | 30 | ||||
Dai Nippon Toryo Co. Ltd. | 5,700 | 30 | ||||
Hokuto Corp. | 2,200 | 30 | ||||
Nichiban Co. Ltd. | 2,600 | 30 | ||||
San-Ai Obbli Co. Ltd. | 3,800 | 30 | ||||
Sanyo Special Steel Co. Ltd. | 2,000 | 30 | ||||
Senko Group Holdings Co. Ltd. | 4,400 | 30 | ||||
Tamura Corp. | 5,700 | 30 | ||||
Toyo Kanetsu KK | 1,600 | 30 | ||||
YA-MAN Ltd. | 2,600 | 30 | ||||
Paramount Bed Holdings Co. Ltd. | 1,600 | 30 | ||||
Macromill Inc. | 3,900 | 30 | ||||
JDC Corp. | 6,900 | 30 | ||||
Musashi Seimitsu Industry Co. Ltd. | 2,400 | 29 | ||||
Kiyo Bank Ltd. | 2,700 | 29 | ||||
Mitsuuroko Group Holdings Co. Ltd. | 4,100 | 29 | ||||
Bank of Nagoya Ltd. | 1,300 | 29 | ||||
Maruwa Unyu Kikan Co. Ltd. | 2,400 | 29 | ||||
RS Technologies Co. Ltd. | 600 | 29 | ||||
YAKUODO Holdings Co. Ltd. | 1,700 | 29 | ||||
* | SRE Holdings Corp. | 1,400 | 29 | |||
Chiyoda Integre Co. Ltd. | 1,800 | 28 | ||||
* | Matsuya Co. Ltd. | 4,400 | 28 | |||
Nippon Densetsu Kogyo Co. Ltd. | 2,200 | 28 | ||||
Pacific Metals Co. Ltd. | 1,600 | 28 | ||||
Press Kogyo Co. Ltd. | 8,800 | 28 | ||||
* | giftee Inc. | 1,900 | 28 | |||
Nippon Fine Chemical Co. Ltd. | 2,000 | 28 |
Shares | Market Value• ($000) | |||||
Computer Engineering & Consulting Ltd. | 2,900 | 27 | ||||
Ichigo Inc. | 12,400 | 27 | ||||
Nanto Bank Ltd. | 1,900 | 27 | ||||
Raito Kogyo Co. Ltd. | 2,000 | 27 | ||||
Shinko Shoji Co. Ltd. | 3,600 | 27 | ||||
Itoham Yonekyu Holdings Inc. | 5,400 | 26 | ||||
Aichi Corp. | 4,300 | 26 | ||||
Akita Bank Ltd. | 2,200 | 26 | ||||
Funai Soken Holdings Inc. | 1,500 | 26 | ||||
Kurimoto Ltd. | 2,200 | 26 | ||||
Tocalo Co. Ltd. | 2,800 | 26 | ||||
Toyo Ink SC Holdings Co. Ltd. | 1,900 | 26 | ||||
Tsubaki Nakashima Co. Ltd. | 3,100 | 26 | ||||
Medical Data Vision Co. Ltd. | 3,200 | 26 | ||||
Shinwa Co. Ltd. | 1,600 | 25 | ||||
Japan Pulp & Paper Co. Ltd. | 800 | 25 | ||||
Marudai Food Co. Ltd. | 2,200 | 25 | ||||
Tokyo Electron Device Ltd. | 600 | 25 | ||||
Plenus Co. Ltd. | 1,800 | 25 | ||||
MEC Co. Ltd. | 1,400 | 25 | ||||
Ariake Japan Co. Ltd. | 700 | 24 | ||||
Toyobo Co. Ltd. | 3,200 | 24 | ||||
Fuji Seal International Inc. | 2,200 | 24 | ||||
Chuo Spring Co. Ltd. | 4,700 | 24 | ||||
Shizuoka Gas Co. Ltd. | 3,200 | 24 | ||||
Kyodo Printing Co. Ltd. | 1,400 | 24 | ||||
Nissei ASB Machine Co. Ltd. | 800 | 24 | ||||
Nomura Co. Ltd. | 3,500 | 24 | ||||
Ogaki Kyoritsu Bank Ltd. | 1,900 | 24 | ||||
Pacific Industrial Co. Ltd. | 3,100 | 24 | ||||
Toho Zinc Co. Ltd. | 1,400 | 24 | ||||
T Hasegawa Co. Ltd. | 1,100 | 24 | ||||
Koshidaka Holdings Co. Ltd. | 3,900 | 24 | ||||
Autobacs Seven Co. Ltd. | 2,200 | 23 | ||||
Nipro Corp. | 2,800 | 23 | ||||
Awa Bank Ltd. | 1,700 | 23 | ||||
Fujimori Kogyo Co. Ltd. | 900 | 23 | ||||
Fukui Bank Ltd. | 2,300 | 23 | ||||
Digital Holdings Inc. | 2,500 | 23 | ||||
Tokai Tokyo Financial Holdings Inc. | 8,000 | 22 | ||||
Nippon Paper Industries Co. Ltd. | 3,300 | 22 | ||||
Jaccs Co. Ltd. | 800 | 22 |
Shares | Market Value• ($000) | |||||
* | KNT-CT Holdings Co. Ltd. | 1,800 | 22 | |||
Koa Corp. | 1,300 | 22 | ||||
Nippon Seiki Co. Ltd. | 3,800 | 22 | ||||
Riken Vitamin Co. Ltd. | 1,800 | 22 | ||||
Shin-Etsu Polymer Co. Ltd. | 2,300 | 22 | ||||
Mie Kotsu Group Holdings Inc. | 6,400 | 22 | ||||
Procrea Holdings Inc. | 1,400 | 22 | ||||
Aoyama Trading Co. Ltd. | 3,100 | 21 | ||||
Bunka Shutter Co. Ltd. | 2,700 | 21 | ||||
Teikoku Electric Manufacturing Co. Ltd. | 1,500 | 21 | ||||
Enplas Corp. | 700 | 21 | ||||
FULLCAST Holdings Co. Ltd. | 1,200 | 21 | ||||
* | Jamco Corp. | 2,200 | 21 | |||
Okura Industrial Co. Ltd. | 1,600 | 21 | ||||
Ryoyo Electro Corp. | 1,300 | 21 | ||||
NS United Kaiun Kaisha Ltd. | 600 | 21 | ||||
Mori Trust Sogo Reit Inc. | 19 | 20 | ||||
Furuno Electric Co. Ltd. | 2,500 | 20 | ||||
Riken Technos Corp. | 5,300 | 20 | ||||
Tachibana Eletech Co. Ltd. | 1,700 | 20 | ||||
Anicom Holdings Inc. | 4,400 | 20 | ||||
Keiyo Bank Ltd. | 5,600 | 19 | ||||
Hibiya Engineering Ltd. | 1,400 | 19 | ||||
KYB Corp. | 800 | 19 | ||||
Toho Bank Ltd. | 13,000 | 19 | ||||
Toho Holdings Co. Ltd. | 1,400 | 19 | ||||
Tsugami Corp. | 2,100 | 19 | ||||
Sankyo Tateyama Inc. | 4,400 | 19 | ||||
ASKA Pharmaceutical Holdings Co. Ltd. | 2,200 | 19 | ||||
Nippon Pillar Packing Co. Ltd. | 1,000 | 19 | ||||
Fuso Pharmaceutical Industries Ltd. | 1,200 | 18 | ||||
Aeon Fantasy Co. Ltd. | 700 | 18 | ||||
Kyosan Electric Manufacturing Co. Ltd. | 6,000 | 18 | ||||
CMIC Holdings Co. Ltd. | 1,500 | 18 | ||||
Mitsubishi Pencil Co. Ltd. | 1,800 | 18 | ||||
Nippon Road Co. Ltd. | 400 | 18 | ||||
Tosei Corp. | 1,800 | 18 | ||||
France Bed Holdings Co. Ltd. | 2,600 | 18 | ||||
Zuken Inc. | 700 | 18 | ||||
North Pacific Bank Ltd. | 10,800 | 18 | ||||
METAWATER Co. Ltd. | 1,200 | 18 | ||||
* | Vision Inc. | 1,900 | 18 | |||
Oro Co. Ltd. | 1,400 | 18 | ||||
Roland Corp. | 600 | 18 |
Shares | Market Value• ($000) | |||||
Japan Lifeline Co. Ltd. | 2,400 | 17 | ||||
Argo Graphics Inc. | 600 | 17 | ||||
Alpha Systems Inc. | 500 | 17 | ||||
Joshin Denki Co. Ltd. | 1,200 | 17 | ||||
Infocom Corp. | 1,200 | 17 | ||||
Nippon Yakin Kogyo Co. Ltd. | 800 | 17 | ||||
Nissin Corp. | 1,300 | 17 | ||||
Nitta Corp. | 800 | 17 | ||||
Towa Corp. | 1,300 | 17 | ||||
Valor Holdings Co. Ltd. | 1,300 | 17 | ||||
Belluna Co. Ltd. | 3,100 | 16 | ||||
Chukyo Bank Ltd. | 1,200 | 16 | ||||
Adastria Co. Ltd. | 1,100 | 16 | ||||
Elecom Co. Ltd. | 1,300 | 16 | ||||
J-Oil Mills Inc. | 1,400 | 16 | ||||
Mandom Corp. | 1,500 | 16 | ||||
Tokyu Construction Co. Ltd. | 3,300 | 16 | ||||
Ryoden Corp. | 1,400 | 16 | ||||
Saibu Gas Holdings Co. Ltd. | 1,200 | 16 | ||||
Earth Corp. | 400 | 16 | ||||
Duskin Co. Ltd. | 800 | 16 | ||||
Restar Holdings Corp. | 1,100 | 16 | ||||
Vector Inc. | 1,900 | 16 | ||||
Bell System24 Holdings Inc. | 1,500 | 16 | ||||
Exedy Corp. | 1,200 | 15 | ||||
Daido Metal Co. Ltd. | 4,000 | 15 | ||||
Kansai Food Market Ltd. | 1,700 | 15 | ||||
Mizuno Corp. | 800 | 15 | ||||
Nitto Kohki Co. Ltd. | 1,300 | 15 | ||||
Nippon Thompson Co. Ltd. | 3,600 | 15 | ||||
Nippon Steel Trading Corp. | 400 | 15 | ||||
Topre Corp. | 1,700 | 15 | ||||
FIDEA Holdings Co. Ltd. | 1,600 | 15 | ||||
Fixstars Corp. | 1,700 | 15 | ||||
* | Open Door Inc. | 1,000 | 15 | |||
Daiichi Jitsugyo Co. Ltd. | 500 | 14 | ||||
Daiken Corp. | 1,000 | 14 | ||||
Fuji Pharma Co. Ltd. | 1,900 | 14 | ||||
Nihon Parkerizing Co. Ltd. | 2,000 | 14 | ||||
Okasan Securities Group Inc. | 5,900 | 14 | ||||
Takasago International Corp. | 700 | 14 | ||||
Yokowo Co. Ltd. | 900 | 14 | ||||
Ohara Inc. | 1,400 | 14 | ||||
Daiki Aluminium Industry Co. Ltd. | 1,500 | 14 | ||||
Ki-Star Real Estate Co. Ltd. | 400 | �� 14 |
Shares | Market Value• ($000) | |||||
Cosel Co. Ltd. | 2,100 | 13 | ||||
Takara Leben Co. Ltd. | 4,800 | 13 | ||||
Ryosan Co. Ltd. | 800 | 13 | ||||
Sanki Engineering Co. Ltd. | 1,100 | 13 | ||||
Sumitomo Riko Co. Ltd. | 3,200 | 13 | ||||
Totetsu Kogyo Co. Ltd. | 800 | 13 | ||||
Takamiya Co. Ltd. | 4,200 | 13 | ||||
TSI Holdings Co. Ltd. | 4,500 | 13 | ||||
Daito Pharmaceutical Co. Ltd. | 700 | 13 | ||||
Aida Engineering Ltd. | 1,900 | 12 | ||||
Happinet Corp. | 1,000 | 12 | ||||
Ichikoh Industries Ltd. | 4,600 | 12 | ||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 1,200 | 12 | ||||
Matsuda Sangyo Co. Ltd. | 700 | 12 | ||||
Musashino Bank Ltd. | 1,000 | 12 | ||||
Japan Transcity Corp. | 3,200 | 12 | ||||
World Holdings Co. Ltd. | 600 | 12 | ||||
SB Technology Corp. | 700 | 12 | ||||
Inui Global Logistics Co. Ltd. | 800 | 12 | ||||
Eiken Chemical Co. Ltd. | 800 | 11 | ||||
Maruzen Showa Unyu Co. Ltd. | 500 | 11 | ||||
Noritz Corp. | 1,000 | 11 | ||||
Oiles Corp. | 1,000 | 11 | ||||
Yahagi Construction Co. Ltd. | 2,000 | 11 | ||||
Yokogawa Bridge Holdings Corp. | 800 | 11 | ||||
JAC Recruitment Co. Ltd. | 800 | 11 | ||||
Create SD Holdings Co. Ltd. | 500 | 11 | ||||
Raccoon Holdings Inc. | 1,100 | 11 | ||||
Tokai Rika Co. Ltd. | 900 | 10 | ||||
ASAHI YUKIZAI Corp. | 600 | 10 | ||||
Ishihara Sangyo Kaisha Ltd. | 1,200 | 10 | ||||
Nissin Electric Co. Ltd. | 900 | 10 | ||||
Nippon Koei Co. Ltd. | 400 | 10 | ||||
Shikoku Bank Ltd. | 1,600 | 10 | ||||
SWCC Showa Holdings Co. Ltd. | 800 | 10 | ||||
Union Tool Co. | 400 | 10 | ||||
Unipres Corp. | 1,400 | 10 | ||||
Doutor Nichires Holdings Co. Ltd. | 900 | 10 | ||||
Linical Co. Ltd. | 1,900 | 10 | ||||
Proto Corp. | 1,200 | 10 | ||||
* | TerraSky Co. Ltd. | 700 | 10 | |||
SKY Perfect JSAT Holdings Inc. | 2,300 | 9 | ||||
Aisan Industry Co. Ltd. | 1,700 | 9 |
Shares | Market Value• ($000) | |||||
Halows Co. Ltd. | 400 | 9 | ||||
* | Nichi-iko Pharmaceutical Co. Ltd. | 3,700 | 9 | |||
* | Nippon Chemi-Con Corp. | 700 | 9 | |||
Shibuya Corp. | 500 | 9 | ||||
Sumida Corp. | 1,300 | 9 | ||||
Tachi-S Co. Ltd. | 1,000 | 9 | ||||
Tsukishima Kikai Co. Ltd. | 1,400 | 9 | ||||
Zojirushi Corp. | 800 | 9 | ||||
Alpen Co. Ltd. | 600 | 9 | ||||
Tokushu Tokai Paper Co. Ltd. | 400 | 9 | ||||
Senshu Ikeda Holdings Inc. | 5,700 | 9 | ||||
Konoike Transport Co. Ltd. | 900 | 9 | ||||
Aeon Hokkaido Corp. | 1,100 | 9 | ||||
Belc Co. Ltd. | 200 | 8 | ||||
CMK Corp. | 2,400 | 8 | ||||
Fukushima Galilei Co. Ltd. | 300 | 8 | ||||
Hosokawa Micron Corp. | 400 | 8 | ||||
Mitsui DM Sugar Holdings Co. Ltd. | 600 | 8 | ||||
Nachi-Fujikoshi Corp. | 300 | 8 | ||||
Nichiha Corp. | 400 | 8 | ||||
Nissan Shatai Co. Ltd. | 1,500 | 8 | ||||
Okamoto Industries Inc. | 300 | 8 | ||||
Shin Nippon Air Technologies Co. Ltd. | 600 | 8 | ||||
Yuasa Trading Co. Ltd. | 300 | 8 | ||||
Moriroku Holdings Co. Ltd. | 600 | 8 | ||||
Matsui Securities Co. Ltd. | 1,300 | 7 | ||||
Takamatsu Construction Group Co. Ltd. | 500 | 7 | ||||
Relia Inc. | 1,000 | 7 | ||||
DyDo Group Holdings Inc. | 200 | 7 | ||||
Axial Retailing Inc. | 300 | 7 | ||||
Hodogaya Chemical Co. Ltd. | 300 | 7 | ||||
Marvelous Inc. | 1,400 | 7 | ||||
Neturen Co. Ltd. | 1,500 | 7 | ||||
Nichiden Corp. | 500 | 7 | ||||
Nippon Signal Co. Ltd. | 1,000 | 7 | ||||
T-Gaia Corp. | 600 | 7 | ||||
Sekisui Kasei Co. Ltd. | 2,400 | 7 | ||||
Pack Corp. | 400 | 7 | ||||
Toa Corp. | 400 | 7 | ||||
Hirata Corp. | 200 | 7 | ||||
* | World Co. Ltd. | 700 | 7 | |||
ARTERIA Networks Corp. | 800 | 7 |
Shares | Market Value• ($000) | |||||
Japan Medical Dynamic Marketing Inc. | 700 | 7 | ||||
* | FDK Corp. | 1,000 | 6 | |||
Gunze Ltd. | 200 | 6 | ||||
Inaba Denki Sangyo Co. Ltd. | 300 | 6 | ||||
Koatsu Gas Kogyo Co. Ltd. | 1,200 | 6 | ||||
Prima Meat Packers Ltd. | 400 | 6 | ||||
Ryobi Ltd. | 600 | 6 | ||||
Sekisui Jushi Corp. | 500 | 6 | ||||
Shikoku Chemicals Corp. | 700 | 6 | ||||
TPR Co. Ltd. | 700 | 6 | ||||
Towa Bank Ltd. | 1,700 | 6 | ||||
Osaka Organic Chemical Industry Ltd. | 300 | 6 | ||||
Usen-Next Holdings Co. Ltd. | 400 | 6 | ||||
Advan Group Co. Ltd. | 800 | 5 | ||||
MTI Ltd. | 1,400 | 5 | ||||
Kanto Denka Kogyo Co. Ltd. | 700 | 5 | ||||
Okuwa Co. Ltd. | 700 | 5 | ||||
Dai-Dan Co. Ltd. | 300 | 5 | ||||
Sinko Industries Ltd. | 400 | 5 | ||||
Tokai Corp. | 400 | 5 | ||||
* | Gurunavi Inc. | 1,600 | 5 | |||
KAWADA TECHNOLOGIES Inc. | 200 | 5 | ||||
Nisso Corp. | 1,200 | 5 | ||||
Orient Corp. | 5,000 | 4 | ||||
Taiho Kogyo Co. Ltd. | 700 | 4 | ||||
V Technology Co. Ltd. | 200 | 4 | ||||
Nippon Parking Development Co. Ltd. | 3,800 | 4 | ||||
Oki Electric Industry Co. Ltd. | 700 | 4 | ||||
Osaka Steel Co. Ltd. | 400 | 4 | ||||
SBS Holdings Inc. | 200 | 4 | ||||
Sangetsu Corp. | 300 | 4 | ||||
Taki Chemical Co. Ltd. | 100 | 4 | ||||
Noevir Holdings Co. Ltd. | 100 | 4 | ||||
Elan Corp. | 500 | 4 | ||||
* | Akebono Brake Industry Co. Ltd. | 2,700 | 3 | |||
Chori Co. Ltd. | 200 | 3 | ||||
Gakken Holdings Co. Ltd. | 400 | 3 | ||||
Sanoh Industrial Co. Ltd. | 600 | 3 | ||||
Shindengen Electric Manufacturing Co. Ltd. | 100 | 3 | ||||
Toenec Corp. | 100 | 3 | ||||
Kamakura Shinsho Ltd. | 700 | 3 | ||||
Media Do Co. Ltd. | 200 | 3 |
Shares | Market Value• ($000) | |||||
Fibergate Inc. | 400 | 3 | ||||
Tess Holdings Co. Ltd. | 300 | 3 | ||||
Obara Group Inc. | 100 | 2 | ||||
* | Nippon Sheet Glass Co. Ltd. | 600 | 2 | |||
Tamron Co. Ltd. | 100 | 2 | ||||
Qol Holdings Co. Ltd. | 200 | 2 | ||||
Futaba Industrial Co. Ltd. | 500 | 1 | ||||
482,588 | ||||||
Kuwait (0.3%) | ||||||
National Bank of Kuwait SAKP | 1,029,749 | 3,523 | ||||
Kuwait Finance House KSCP | 768,158 | 2,242 | ||||
Agility Public Warehousing Co. KSC | 201,323 | 549 | ||||
Mobile Telecommunications Co. KSCP | 262,657 | 516 | ||||
Boubyan Bank KSCP | 148,338 | 402 | ||||
National Industries Group Holding SAK | 333,595 | 303 | ||||
Gulf Bank KSCP | 261,831 | 297 | ||||
Mabanee Co. KPSC | 106,805 | 287 | ||||
* | Warba Bank KSCP | 203,045 | 165 | |||
Burgan Bank SAK | 157,891 | 124 | ||||
Alimtiaz Investment Group KSC | 393,277 | 119 | ||||
Boursa Kuwait Securities Co. KPSC | 13,959 | 104 | ||||
Kuwait International Bank KSCP | 104,421 | 73 | ||||
Qurain Petrochemical Industries Co. | 70,562 | 72 | ||||
Integrated Holding Co. KCSC | 46,810 | 63 | ||||
8,839 | ||||||
Malaysia (0.6%) | ||||||
Public Bank Bhd. | 1,995,200 | 2,095 | ||||
Malayan Banking Bhd. | 1,029,500 | 2,060 | ||||
CIMB Group Holdings Bhd. | 926,300 | 1,108 | ||||
Petronas Chemicals Group Bhd. | 377,300 | 740 | ||||
Press Metal Aluminium Holdings Bhd. | 502,100 | 532 | ||||
Sime Darby Plantation Bhd. | 491,300 | 488 | ||||
Axiata Group Bhd. | 615,700 | 418 | ||||
IHH Healthcare Bhd. | 298,700 | 412 | ||||
IOI Corp. Bhd. | 401,300 | 379 | ||||
MISC Bhd. | 234,674 | 371 | ||||
DiGi.Com Bhd. | 417,100 | 348 | ||||
Kuala Lumpur Kepong Bhd. | 62,400 | 322 |
Shares | Market Value• ($000) | |||||
PPB Group Bhd. | 81,700 | 321 | ||||
Hong Leong Bank Bhd. | 64,700 | 301 | ||||
TIME dotCom Bhd. | 273,500 | 291 | ||||
Maxis Bhd. | 325,400 | 279 | ||||
Gamuda Bhd. | 321,300 | 274 | ||||
AMMB Holdings Bhd. | 283,400 | 263 | ||||
* | Malaysia Airports Holdings Bhd. | 195,100 | 255 | |||
Sime Darby Bhd. | 471,200 | 240 | ||||
Telekom Malaysia Bhd. | 178,782 | 238 | ||||
My EG Services Bhd. | 1,276,300 | 226 | ||||
Inari Amertron Bhd. | 354,500 | 211 | ||||
AEON Credit Service M Bhd. | 65,700 | 207 | ||||
Alliance Bank Malaysia Bhd. | 261,000 | 205 | ||||
RHB Bank Bhd. | 157,300 | 201 | ||||
Nestle Malaysia Bhd. | 6,700 | 199 | ||||
Pentamaster Corp. Bhd. | 213,950 | 190 | ||||
Sunway Bhd. | 495,400 | 181 | ||||
Genting Plantations Bhd. | 101,500 | 152 | ||||
Mega First Corp. Bhd. | 187,000 | 151 | ||||
Bermaz Auto Bhd. | 364,300 | 148 | ||||
Bursa Malaysia Bhd. | 102,900 | 147 | ||||
Top Glove Corp. Bhd. | 786,000 | 141 | ||||
QL Resources Bhd. | 121,100 | 138 | ||||
Malaysian Pacific Industries Bhd. | 19,700 | 132 | ||||
FGV Holdings Bhd. | 378,900 | 129 | ||||
ViTrox Corp. Bhd. | 80,200 | 127 | ||||
Padini Holdings Bhd. | 159,600 | 119 | ||||
Hong Leong Financial Group Bhd. | 26,900 | 116 | ||||
3 | MR DIY Group M Bhd. | 241,200 | 116 | |||
D&O Green Technologies Bhd. | 129,900 | 111 | ||||
KPJ Healthcare Bhd. | 474,900 | 93 | ||||
Malaysia Building Society Bhd. | 716,600 | 92 | ||||
Scientex Bhd. | 111,400 | 88 | ||||
Westports Holdings Bhd. | 114,100 | 88 | ||||
Frontken Corp. Bhd. | 144,600 | 88 | ||||
UWC Bhd. | 98,400 | 85 | ||||
Syarikat Takaful Malaysia Keluarga Bhd. | 112,600 | 84 | ||||
Hartalega Holdings Bhd. | 219,900 | 81 | ||||
VS Industry Bhd. | 328,200 | 73 | ||||
3 | Lotte Chemical Titan Holding Bhd. | 192,400 | 73 | |||
Supermax Corp. Bhd. | 368,254 | 60 | ||||
Astro Malaysia Holdings Bhd. | 306,900 | 57 | ||||
Malaysian Resources Corp. Bhd. | 663,900 | 52 |
Shares | Market Value• ($000) | |||||
* | Leong Hup International Bhd. | 448,300 | 49 | |||
Fraser & Neave Holdings Bhd. | 8,900 | 44 | ||||
CTOS Digital Bhd. | 134,600 | 43 | ||||
* | Greatech Technology Bhd. | 48,600 | 38 | |||
Kossan Rubber Industries Bhd. | 147,200 | 33 | ||||
SP Setia Bhd. Group | 187,100 | 31 | ||||
Cahya Mata Sarawak Bhd. | 102,500 | 22 | ||||
UMW Holdings Bhd. | 18,200 | 12 | ||||
* | UEM Sunrise Bhd. | 131,300 | 9 | |||
16,377 | ||||||
Mexico (0.7%) | ||||||
America Movil SAB de CV | 4,571,141 | 3,896 | ||||
Wal-Mart de Mexico SAB de CV | 843,200 | 2,756 | ||||
Grupo Financiero Banorte SAB de CV | 454,400 | 2,684 | ||||
Fomento Economico Mexicano SAB de CV | 317,623 | 1,991 | ||||
Grupo Bimbo SAB de CV Class A | 371,634 | 1,222 | ||||
Grupo Aeroportuario del Pacifico SAB de CV Class B | 66,600 | 948 | ||||
* | Cemex SAB de CV | 2,554,900 | 947 | |||
Grupo Aeroportuario del Sureste SAB de CV Class B | 35,260 | 747 | ||||
Coca-Cola Femsa SAB de CV | 116,655 | 713 | ||||
PLA Administradora Industrial S de RL de CV | 375,700 | 503 | ||||
Grupo Televisa SAB | 348,500 | 439 | ||||
* | Grupo Financiero Inbursa SAB de CV | 274,600 | 433 | |||
Fibra Uno Administracion SA de CV | 372,000 | 389 | ||||
Grupo Elektra SAB de CV | 7,090 | 368 | ||||
3 | FIBRA Macquarie Mexico | 291,063 | 367 | |||
Arca Continental SAB de CV | 39,500 | 269 | ||||
Gruma SAB de CV Class B | 22,425 | 244 | ||||
Corp. Inmobiliaria Vesta SAB de CV | 123,700 | 228 | ||||
Orbia Advance Corp. SAB de CV | 113,900 | 215 | ||||
Grupo Carso SAB de CV | 57,093 | 196 |
Shares | Market Value• ($000) | |||||
Operadora De Sites Mexicanos SAB de CV | 181,600 | 181 | ||||
3 | Banco del Bajio SA | 82,400 | 172 | |||
Grupo Aeroportuario del Centro Norte SAB de CV Class B | 25,153 | 164 | ||||
Regional SAB de CV | 28,000 | 151 | ||||
* | Alsea SAB de CV | 82,600 | 150 | |||
Industrias Penoles SAB de CV | 15,230 | 125 | ||||
Prologis Property Mexico SA de CV | 45,874 | 119 | ||||
Grupo Comercial Chedraui SA de CV | 39,200 | 112 | ||||
* | Controladora Vuela Cia de Aviacion SAB de CV Class A | 119,600 | 107 | |||
Kimberly-Clark de Mexico SAB de CV Class A | 62,700 | 85 | ||||
Gentera SAB de CV | 92,800 | 72 | ||||
La Comer SAB de CV | 37,800 | 63 | ||||
Bolsa Mexicana de Valores SAB de CV | 33,500 | 61 | ||||
El Puerto de Liverpool SAB de CV | 13,300 | 59 | ||||
*,3 | Grupo Traxion SAB de CV | 53,400 | 58 | |||
Megacable Holdings SAB de CV | 25,300 | 53 | ||||
*,3 | Nemak SAB de CV | 228,000 | 48 | |||
Alpek SAB de CV Class A | 32,100 | 44 | ||||
Qualitas Controladora SAB de CV | 9,100 | 40 | ||||
Genomma Lab Internacional SAB de CV Class B | 40,500 | 33 | ||||
* | Grupo Rotoplas SAB de CV | 23,220 | 31 | |||
Concentradora Fibra Danhos SA de CV | 25,700 | 30 | ||||
* | Axtel SAB de CV | 100,863 | 6 | |||
21,519 | ||||||
Netherlands (3.0%) | ||||||
ASML Holding NV | 58,242 | 28,429 | ||||
* | Prosus NV | 133,822 | 8,271 | |||
*,3 | Adyen NV | 4,451 | 6,869 | |||
ING Groep NV | 585,147 | 5,129 | ||||
Koninklijke Ahold Delhaize NV | 149,684 | 4,117 | ||||
Wolters Kluwer NV | 41,425 | 4,051 | ||||
Koninklijke DSM NV | 26,676 | 3,402 | ||||
Koninklijke Philips NV | 135,237 | 2,246 | ||||
Universal Music Group NV | 109,893 | 2,182 | ||||
ASM International NV | 7,621 | 2,072 |
Shares | Market Value• ($000) | |||||
Akzo Nobel NV | 29,751 | 1,874 | ||||
Koninklijke KPN NV | 569,824 | 1,813 | ||||
NN Group NV | 42,370 | 1,741 | ||||
IMCD NV | 10,122 | 1,396 | ||||
2 | Aegon NV | 297,011 | 1,327 | |||
ASR Nederland NV | 27,479 | 1,122 | ||||
3 | Euronext NV | 15,151 | 1,120 | |||
Randstad NV | 20,934 | 975 | ||||
* | Unibail-Rodamco-Westfield | 14,261 | 733 | |||
3 | ABN AMRO Bank NV | 61,929 | 595 | |||
3 | Signify NV | 20,166 | 573 | |||
BE Semiconductor Industries NV | 11,537 | 548 | ||||
OCI NV | 13,221 | 496 | ||||
*,3 | Just Eat Takeaway.com NV | 28,084 | 467 | |||
TKH Group NV | 10,997 | 384 | ||||
* | Galapagos NV | 7,154 | 359 | |||
Boskalis Westminster | 10,588 | 351 | ||||
JDE Peet's NV | 10,975 | 338 | ||||
*,3 | Intertrust NV | 13,553 | 265 | |||
*,3 | Basic-Fit NV | 6,368 | 243 | |||
APERAM SA | 7,156 | 193 | ||||
Koninklijke Vopak NV | 7,844 | 173 | ||||
Corbion NV | 5,997 | 170 | ||||
* | InPost SA | 28,668 | 148 | |||
*,3 | Alfen Beheer BV | 1,308 | 148 | |||
3 | CTP NV | 7,205 | 98 | |||
Eurocommercial Properties NV | 4,391 | 92 | ||||
PostNL NV | 32,716 | 70 | ||||
Majorel Group Luxembourg SA | 1,898 | 43 | ||||
3 | Flow Traders | 1,994 | 40 | |||
* | TomTom NV | 4,558 | 37 | |||
NSI NV | 625 | 19 | ||||
Wereldhave NV | 1,276 | 17 | ||||
Vastned Retail NV | 701 | 16 | ||||
* | Ebusco Holding NV | 307 | 6 | |||
84,758 | ||||||
New Zealand (0.3%) | ||||||
Spark New Zealand Ltd. | 390,685 | 1,292 | ||||
Fisher & Paykel Healthcare Corp. Ltd. | 100,932 | 1,208 | ||||
* | Auckland International Airport Ltd. | 245,592 | 1,133 | |||
Meridian Energy Ltd. | 204,034 | 622 | ||||
* | a2 Milk Co. Ltd. | 139,281 | 530 | |||
Mainfreight Ltd. | 10,803 | 491 | ||||
EBOS Group Ltd. | 19,648 | 463 | ||||
Fletcher Building Ltd. | 120,526 | 411 | ||||
Ryman Healthcare Ltd. | 52,259 | 292 | ||||
Chorus Ltd. | 54,167 | 265 | ||||
Mercury NZ Ltd. | 61,241 | 217 |
Shares | Market Value• ($000) | |||||
Summerset Group Holdings Ltd. | 23,927 | 161 | ||||
Heartland Group Holdings Ltd. | 135,080 | 149 | ||||
Stride Property Group | 134,058 | 147 | ||||
* | SKY Network Television Ltd. | 73,542 | 111 | |||
Precinct Properties New Zealand Ltd. | 134,825 | 110 | ||||
Freightways Ltd. | 15,384 | 96 | ||||
* | Pushpay Holdings Ltd. | 108,908 | 85 | |||
Vital Healthcare Property Trust | 47,576 | 79 | ||||
Kiwi Property Group Ltd. | 113,401 | 71 | ||||
* | Air New Zealand Ltd. | 166,443 | 69 | |||
Arvida Group Ltd. | 73,478 | 68 | ||||
Skellerup Holdings Ltd. | 17,971 | 61 | ||||
Argosy Property Ltd. | 68,829 | 56 | ||||
* | Serko Ltd. | 21,106 | 46 | |||
KMD Brands Ltd. | 51,665 | 34 | ||||
* | Vista Group International Ltd. | 28,108 | 32 | |||
Scales Corp. Ltd. | 9,888 | 29 | ||||
Restaurant Brands New Zealand Ltd. | 3,624 | 18 | ||||
* | Pacific Edge Ltd. | 66,132 | 18 | |||
* | Synlait Milk Ltd. | 7,302 | 16 | |||
* | Tourism Holdings Ltd. | 8,218 | 14 | |||
8,394 | ||||||
Norway (0.6%) | ||||||
DNB Bank ASA | 158,625 | 3,016 | ||||
Mowi ASA | 77,026 | 1,579 | ||||
Norsk Hydro ASA | 225,290 | 1,548 | ||||
Yara International ASA | 29,154 | 1,233 | ||||
TOMRA Systems ASA | 45,287 | 1,032 | ||||
Telenor ASA | 88,106 | 964 | ||||
Storebrand ASA | 107,545 | 861 | ||||
Orkla ASA | 97,194 | 814 | ||||
Bakkafrost P/F | 8,795 | 515 | ||||
SpareBank 1 SMN | 42,223 | 514 | ||||
Salmar ASA | 7,022 | 464 | ||||
* | Nordic Semiconductor ASA | 30,293 | 463 | |||
Gjensidige Forsikring ASA | 20,826 | 423 | ||||
* | NEL ASA | 232,581 | 341 | |||
* | Adevinta ASA | 37,952 | 307 | |||
Schibsted ASA Class A | 16,425 | 301 | ||||
SpareBank 1 SR-Bank ASA | 22,579 | 258 | ||||
Aker ASA Class A | 2,567 | 202 | ||||
*,3 | Elkem ASA | 47,514 | 189 | |||
* | Frontline Ltd. | 16,043 | 188 | |||
Leroy Seafood Group ASA | 27,117 | 181 |
Shares | Market Value• ($000) | |||||
Schibsted ASA Class B | 10,185 | 175 | ||||
Borregaard ASA | 9,268 | 141 | ||||
3 | Scatec ASA | 13,806 | 140 | |||
3 | Entra ASA | 9,765 | 127 | |||
*,3 | Crayon Group Holding ASA | 11,022 | 119 | |||
* | Atea ASA | 8,061 | 89 | |||
3 | BW LPG Ltd. | 13,055 | 85 | |||
Bonheur ASA | 2,246 | 84 | ||||
Veidekke ASA | 7,816 | 80 | ||||
MPC Container Ships ASA | 38,954 | 80 | ||||
* | Kahoot! ASA | 39,339 | 78 | |||
Austevoll Seafood ASA | 6,440 | 69 | ||||
Grieg Seafood ASA | 5,168 | 63 | ||||
Wallenius Wilhelmsen ASA | 10,650 | 60 | ||||
Stolt-Nielsen Ltd. | 1,670 | 36 | ||||
* | Hexagon Composites ASA | 12,496 | 35 | |||
* | Norway Royal Salmon ASA | 1,268 | 32 | |||
* | Aker Horizons ASA | 14,160 | 25 | |||
16,911 | ||||||
Pakistan (0.0%) | ||||||
Millat Tractors Ltd. | 22,440 | 86 | ||||
* | Lucky Cement Ltd. | 23,964 | 57 | |||
United Bank Ltd. | 101,400 | 54 | ||||
Habib Bank Ltd. | 121,342 | 50 | ||||
Searle Co. Ltd. | 100,379 | 49 | ||||
Bank Alfalah Ltd. | 313,812 | 46 | ||||
* | TRG Pakistan | 98,500 | 40 | |||
MCB Bank Ltd. | 43,000 | 24 | ||||
* | National Bank of Pakistan | 134,500 | 18 | |||
DG Khan Cement Co. Ltd. | 23,500 | 6 | ||||
430 | ||||||
Philippines (0.2%) | ||||||
SM Prime Holdings Inc. | 1,696,900 | 1,141 | ||||
BDO Unibank Inc. | 398,710 | 912 | ||||
Ayala Land Inc. | 1,516,900 | 770 | ||||
International Container Terminal Services Inc. | 188,500 | 607 | ||||
Bank of the Philippine Islands | 344,540 | 582 | ||||
JG Summit Holdings Inc. | 380,580 | 346 | ||||
PLDT Inc. | 10,410 | 310 | ||||
Universal Robina Corp. | 125,750 | 273 | ||||
Metropolitan Bank & Trust Co. | 223,077 | 208 | ||||
Jollibee Foods Corp. | 37,400 | 159 | ||||
Wilcon Depot Inc. | 252,300 | 135 | ||||
Globe Telecom Inc. | 3,575 | 133 |
Shares | Market Value• ($000) | |||||
Robinsons Retail Holdings Inc. | 124,080 | 132 | ||||
Security Bank Corp. | 53,520 | 86 | ||||
Puregold Price Club Inc. | 136,700 | 83 | ||||
* | Converge Information & Communications Technology Solutions Inc. | 254,800 | 79 | |||
Nickel Asia Corp. | 756,400 | 77 | ||||
* | Cebu Air Inc. | 101,020 | 74 | |||
Century Pacific Food Inc. | 115,400 | 51 | ||||
GT Capital Holdings Inc. | 5,680 | 49 | ||||
Manila Water Co. Inc. | 166,400 | 46 | ||||
RL Commercial REIT Inc. | 249,800 | 27 | ||||
Robinsons Land Corp. | 77,800 | 26 | ||||
D&L Industries Inc. | 101,700 | 14 | ||||
Filinvest Land Inc. | 339,000 | 5 | ||||
6,325 | ||||||
Poland (0.1%) | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 161,751 | 807 | ||||
Powszechny Zaklad Ubezpieczen SA | 102,193 | 612 | ||||
*,3 | Dino Polska SA | 6,692 | 488 | |||
Bank Polska Kasa Opieki SA | 30,373 | 420 | ||||
*,3 | Allegro.eu SA | 61,513 | 323 | |||
LPP SA | 165 | 297 | ||||
Santander Bank Polska SA | 4,132 | 188 | ||||
CD Projekt SA | 9,407 | 168 | ||||
Cyfrowy Polsat SA | 31,836 | 131 | ||||
KRUK SA | 1,967 | 126 | ||||
Orange Polska SA | 56,733 | 72 | ||||
Asseco Poland SA | 4,458 | 68 | ||||
* | mBank SA | 1,329 | 61 | |||
* | Alior Bank SA | 10,426 | 58 | |||
* | Bank Millennium SA | 63,162 | 51 | |||
* | CCC SA | 5,109 | 41 | |||
* | Grupa Azoty SA | 4,644 | 32 | |||
Bank Handlowy w Warszawie SA | 1,155 | 15 | ||||
Warsaw Stock Exchange | 1,564 | 11 | ||||
* | AmRest Holdings SE | 2,391 | 10 | |||
3,979 | ||||||
Portugal (0.1%) | ||||||
EDP Renovaveis SA | 42,693 | 1,036 | ||||
Jeronimo Martins SGPS SA | 39,609 | 878 | ||||
NOS SGPS SA | 108,845 | 401 | ||||
Sonae SGPS SA | 197,943 | 199 |
Shares | Market Value• ($000) | |||||
CTT-Correios de Portugal SA | 39,640 | 129 | ||||
Banco Comercial Portugues SA | 888,946 | 129 | ||||
REN - Redes Energeticas Nacionais SGPS SA | 46,945 | 125 | ||||
Altri SGPS SA | 4,107 | 23 | ||||
Navigator Co. SA | 4,298 | 17 | ||||
* | Greenvolt-Energias Renovaveis SA | 862 | 8 | |||
2,945 | ||||||
Qatar (0.4%) | ||||||
Qatar National Bank QPSC | 664,860 | 3,762 | ||||
Qatar Islamic Bank SAQ | 237,196 | 1,665 | ||||
Masraf Al Rayan QSC | 908,902 | 1,127 | ||||
Industries Qatar QSC | 218,661 | 1,088 | ||||
Commercial Bank PSQC | 486,506 | 977 | ||||
Mesaieed Petrochemical Holding Co. | 617,392 | 440 | ||||
Qatar Gas Transport Co. Ltd. | 354,334 | 388 | ||||
Ooredoo QPSC | 137,432 | 343 | ||||
Barwa Real Estate Co. | 262,845 | 265 | ||||
Vodafone Qatar QSC | 466,805 | 211 | ||||
Qatar Aluminum Manufacturing Co. | 382,130 | 197 | ||||
United Development Co. QSC | 345,520 | 152 | ||||
Doha Bank QPSC | 208,334 | 144 | ||||
Medicare Group | 61,475 | 126 | ||||
10,885 | ||||||
Romania (0.0%) | ||||||
Banca Transilvania SA | 70,587 | 291 | ||||
One United Properties SA | 117,617 | 30 | ||||
Teraplast SA | 209,443 | 26 | ||||
347 | ||||||
Russia (0.0%) | ||||||
*,1 | Sberbank of Russia PJSC | 1,437,070 | — | |||
1 | Mobile TeleSystems PJSC ADR | 8,336 | — | |||
1 | Unipro PJSC | 2,240,000 | — | |||
*,1 | VTB Bank PJSC GDR | 17,656 | — | |||
1 | PhosAgro PJSC | 3,204 | — | |||
1 | OGK-2 PJSC | 6,493,000 | — | |||
1 | Polyus PJSC | 3,157 | — | |||
*,1 | TGC-1 PJSC | 698,000,000 | — | |||
1 | RusHydro PJSC | 6,697,000 | — | |||
*,1 | Aeroflot PJSC | 169,870 | — | |||
1 | Rostelecom PJSC | 108,980 | — |
Shares | Market Value• ($000) | |||||
1 | Rosseti Lenenergo PJSC Preference Shares | 25,440 | — | |||
1 | Novolipetsk Steel PJSC | 118,300 | — | |||
1 | Mobile TeleSystems PJSC | 72,320 | — | |||
1 | Magnit PJSC | 9,808 | — | |||
1 | Mosenergo PJSC | 1,671,000 | — | |||
*,1 | Federal Grid Co. Unified Energy System PJSC | 24,100,000 | — | |||
1 | M.Video PJSC | 15,392 | — | |||
*,1 | VTB Bank PJSC | 511,420,000 | — | |||
*,1 | ROSSETI PJSC | 5,225,000 | — | |||
1 | Inter RAO UES PJSC | 3,338,400 | — | |||
*,1 | ENEL RUSSIA PJSC | 20,838,000 | — | |||
*,1 | Sistema PJSFC | 466,300 | — | |||
*,1 | Moscow Exchange MICEX-RTS PJSC | 175,830 | — | |||
1,3 | Detsky Mir PJSC | 100,010 | — | |||
1 | Polyus PJSC GDR | 736 | — | |||
*,1 | Credit Bank of Moscow PJSC | 1,108,700 | — | |||
1 | Novorossiysk Commercial Sea Port PJSC | 1,721,500 | — | |||
1 | Cherkizovo Group PJSC | 1,432 | — | |||
1 | Samolet Group | 951 | — | |||
1 | IDGC of Centre & Volga Region PJSC | 13,690,000 | — | |||
— | ||||||
Saudi Arabia (1.0%) | ||||||
* | Al Rajhi Bank | 290,225 | 6,948 | |||
Saudi National Bank | 322,485 | 5,980 | ||||
Saudi Telecom Co. | 261,540 | 2,904 | ||||
* | Saudi Arabian Mining Co. | 120,575 | 2,379 | |||
Riyad Bank | 215,695 | 2,031 | ||||
Alinma Bank | 144,698 | 1,458 | ||||
Banque Saudi Fransi | 83,200 | 1,098 | ||||
Arab National Bank | 96,533 | 770 | ||||
Sahara International Petrochemical Co. | 47,873 | 605 | ||||
Etihad Etisalat Co. | 55,827 | 543 | ||||
Almarai Co. JSC | 27,721 | 390 | ||||
Jarir Marketing Co. | 8,364 | 382 | ||||
Abdullah Al Othaim Markets Co. | 9,997 | 340 | ||||
* | Mobile Telecommunications Co. Saudi Arabia | 100,837 | 310 | |||
Savola Group | 31,725 | 275 | ||||
* | Dar Al Arkan Real Estate Development Co. | 72,570 | 272 | |||
Astra Industrial Group | 17,425 | 239 | ||||
Jadwa REIT Saudi Fund | 67,503 | 237 | ||||
* | Saudi Airlines Catering Co. | 11,485 | 231 |
Shares | Market Value• ($000) | |||||
* | Methanol Chemicals Co. | 19,644 | 194 | |||
Saudia Dairy & Foodstuff Co. | 3,601 | 190 | ||||
Arriyadh Development Co. | 30,775 | 186 | ||||
* | Co. for Cooperative Insurance | 8,902 | 179 | |||
Arabian Centres Co. Ltd. | 27,779 | 148 | ||||
Bawan Co. | 13,336 | 138 | ||||
Leejam Sports Co. JSC | 6,175 | 137 | ||||
* | National Industrialization Co. | 31,843 | 134 | |||
Tabuk Cement Co. | 26,491 | 114 | ||||
Yanbu Cement Co. | 10,314 | 109 | ||||
Saudi Ceramic Co. | 9,332 | 107 | ||||
Northern Region Cement Co. | 30,836 | 99 | ||||
* | Sinad Holding Co. | 23,127 | 98 | |||
*,1 | Al Jouf Cement Co. | 36,242 | 97 | |||
Hail Cement Co. | 26,970 | 96 | ||||
* | Dur Hospitality Co. | 15,330 | 94 | |||
Eastern Province Cement Co. | 7,888 | 92 | ||||
* | Mediterranean & Gulf Cooperative Insurance & Reinsurance Co. | 28,462 | 87 | |||
City Cement Co. | 13,514 | 87 | ||||
United International Transportation Co. | 6,872 | 84 | ||||
BinDawood Holding Co. | 3,537 | 78 | ||||
Najran Cement Co. | 19,398 | 72 | ||||
* | Abdul Mohsen Al-Hokair Tourism & Development Co. | 10,676 | 33 | |||
* | Saudi Public Transport Co. | 4,324 | 20 | |||
* | Zamil Industrial Investment Co. | 2,495 | 14 | |||
30,079 | ||||||
Singapore (1.1%) | ||||||
DBS Group Holdings Ltd. | 272,400 | 6,342 | ||||
Oversea-Chinese Banking Corp. Ltd. | 511,000 | 4,404 | ||||
United Overseas Bank Ltd. | 191,800 | 3,740 | ||||
Singapore Telecommunications Ltd. | 1,263,400 | 2,372 | ||||
Capitaland Investment Ltd. | 464,900 | 1,224 | ||||
Wilmar International Ltd. | 413,487 | 1,194 | ||||
Singapore Exchange Ltd. | 166,700 | 1,131 |
Shares | Market Value• ($000) | |||||
CapitaLand Integrated Commercial Trust | 678,100 | 1,003 | ||||
Ascendas REIT | 466,400 | 940 | ||||
* | Singapore Airlines Ltd. | 202,600 | 769 | |||
UOL Group Ltd. | 125,900 | 623 | ||||
Venture Corp. Ltd. | 47,000 | 614 | ||||
ComfortDelGro Corp. Ltd. | 568,600 | 573 | ||||
Frasers Centrepoint Trust | 330,519 | 534 | ||||
Mapletree Logistics Trust | 349,900 | 417 | ||||
* | SATS Ltd. | 139,200 | 402 | |||
Frasers Logistics & Commercial Trust | 368,689 | 358 | ||||
Keppel DC REIT | 228,823 | 318 | ||||
Mapletree Pan Asia Commercial Trust | 240,300 | 316 | ||||
Sabana Industrial REIT | 954,800 | 304 | ||||
Mapletree Industrial Trust | 151,000 | 273 | ||||
City Developments Ltd. | 42,600 | 247 | ||||
ESR-LOGOS REIT | 717,978 | 210 | ||||
Raffles Medical Group Ltd. | 187,000 | 186 | ||||
* | Sembcorp Marine Ltd. | 2,209,077 | 185 | |||
Lendlease Global Commercial REIT | 310,632 | 183 | ||||
Golden Agri-Resources Ltd. | 828,500 | 166 | ||||
Keppel REIT | 207,800 | 160 | ||||
AIMS APAC REIT | 149,600 | 146 | ||||
Starhill Global REIT | 341,900 | 142 | ||||
NetLink NBN Management Pte. Ltd. | 204,800 | 137 | ||||
Hutchison Port Holdings Trust | 574,900 | 123 | ||||
AEM Holdings Ltd. | 36,300 | 118 | ||||
CapitaLand China Trust | 131,800 | 104 | ||||
First Resources Ltd. | 65,400 | 71 | ||||
Manulife US REIT | 128,194 | 61 | ||||
Olam Group Ltd. | 53,200 | 56 | ||||
iFAST Corp. Ltd. | 14,700 | 47 | ||||
Bumitama Agri Ltd. | 98,300 | 44 | ||||
Silverlake Axis Ltd. | 130,249 | 33 | ||||
Riverstone Holdings Ltd. | 52,900 | 27 | ||||
Haw Par Corp. Ltd. | 3,300 | 26 | ||||
StarHub Ltd. | 21,100 | 19 | ||||
Nanofilm Technologies International Ltd. | 11,500 | 19 | ||||
Singapore Post Ltd. | 36,200 | 15 | ||||
* | Lippo Malls Indonesia Retail Trust | 377,780 | 11 | |||
* | Yoma Strategic Holdings Ltd. | 71,400 | 7 |
Shares | Market Value• ($000) | |||||
*,1 | Eagle Hospitality Trust | 38,000 | 5 | |||
*,1 | Best World International Ltd. | 734 | 1 | |||
30,400 | ||||||
South Africa (1.1%) | ||||||
Naspers Ltd. | 32,621 | 4,600 | ||||
FirstRand Ltd. | 756,438 | 2,825 | ||||
Standard Bank Group Ltd. | 226,737 | 2,023 | ||||
Capitec Bank Holdings Ltd. | 14,198 | 1,688 | ||||
Absa Group Ltd. | 138,334 | 1,433 | ||||
Impala Platinum Holdings Ltd. | 128,112 | 1,342 | ||||
Shoprite Holdings Ltd. | 94,377 | 1,280 | ||||
Bid Corp. Ltd. | 64,455 | 1,221 | ||||
Gold Fields Ltd. | 136,785 | 1,105 | ||||
Sanlam Ltd. | 317,404 | 987 | ||||
Bidvest Group Ltd. | 71,641 | 897 | ||||
Clicks Group Ltd. | 47,022 | 818 | ||||
2 | Nedbank Group Ltd. | 67,736 | 799 | |||
Remgro Ltd. | 105,281 | 781 | ||||
Anglo American Platinum Ltd. | 9,201 | 642 | ||||
Mr Price Group Ltd. | 58,257 | 631 | ||||
Vodacom Group Ltd. | 76,431 | 563 | ||||
* | Northam Platinum Holdings Ltd. | 53,987 | 509 | |||
* | Discovery Ltd. | 70,376 | 504 | |||
Foschini Group Ltd. | 66,467 | 492 | ||||
Aspen Pharmacare Holdings Ltd. | 54,655 | 469 | ||||
AVI Ltd. | 104,575 | 449 | ||||
Growthpoint Properties Ltd. | 563,524 | 419 | ||||
SPAR Group Ltd. | 41,825 | 382 | ||||
Woolworths Holdings Ltd. | 114,768 | 374 | ||||
NEPI Rockcastle SA | 67,682 | 361 | ||||
Old Mutual Ltd. | 510,653 | 302 | ||||
MultiChoice Group | 41,230 | 278 | ||||
Harmony Gold Mining Co. Ltd. | 88,419 | 225 | ||||
Redefine Properties Ltd. | 964,963 | 214 | ||||
* | Sappi Ltd. | 76,661 | 204 | |||
3 | Pepkor Holdings Ltd. | 172,496 | 203 | |||
African Rainbow Minerals Ltd. | 13,980 | 193 | ||||
Life Healthcare Group Holdings Ltd. | 164,460 | 193 | ||||
Royal Bafokeng Platinum Ltd. | 20,493 | 174 | ||||
Kumba Iron Ore Ltd. | 7,335 | 162 | ||||
Tiger Brands Ltd. | 16,213 | 158 |
Shares | Market Value• ($000) | |||||
Rand Merchant Investment Holdings Ltd. | 80,600 | 127 | ||||
Truworths International Ltd. | 37,256 | 124 | ||||
Investec Ltd. | 26,316 | 124 | ||||
Momentum Metropolitan Holdings | 126,415 | 123 | ||||
Pick n Pay Stores Ltd. | 32,264 | 116 | ||||
Motus Holdings Ltd. | 16,791 | 114 | ||||
Transaction Capital Ltd. | 48,966 | 108 | ||||
Barloworld Ltd. | 20,248 | 103 | ||||
* | PSG Group Ltd. | 18,993 | 100 | |||
Netcare Ltd. | 117,162 | 100 | ||||
DataTec Ltd. | 31,485 | 78 | ||||
* | Telkom SA SOC Ltd. | 28,773 | 74 | |||
KAP Industrial Holdings Ltd. | 255,047 | 68 | ||||
Advtech Ltd. | 68,540 | 65 | ||||
Super Group Ltd. | 30,507 | 52 | ||||
Omnia Holdings Ltd. | 12,166 | 44 | ||||
Astral Foods Ltd. | 3,351 | 40 | ||||
* | Fortress REIT Ltd. Class B | 168,139 | 40 | |||
Ninety One Ltd. | 17,508 | 39 | ||||
Santam Ltd. | 2,634 | 37 | ||||
Hyprop Investments Ltd. | 16,725 | 35 | ||||
Cashbuild Ltd. | 2,490 | 33 | ||||
Equites Property Fund Ltd. | 27,807 | 29 | ||||
* | Blue Label Telecoms Ltd. | 72,465 | 26 | |||
Fortress REIT Ltd. Class A | 42,461 | 26 | ||||
Resilient REIT Ltd. | 8,354 | 26 | ||||
SA Corporate Real Estate Ltd. | 192,130 | 24 | ||||
Raubex Group Ltd. | 10,812 | 22 | ||||
3 | Dis-Chem Pharmacies Ltd. | 8,756 | 18 | |||
JSE Ltd. | 2,651 | 17 | ||||
MAS plc | 14,454 | 17 | ||||
AECI Ltd. | 3,214 | 16 | ||||
Famous Brands Ltd. | 4,836 | 16 | ||||
DRDGOLD Ltd. | 27,806 | 15 | ||||
Wilson Bayly Holmes-Ovcon Ltd. | 2,933 | 15 | ||||
* | Attacq Ltd. | 41,176 | 14 | |||
Alexander Forbes Group Holdings Ltd. | 31,573 | 9 | ||||
Emira Property Fund Ltd. | 14,713 | 9 | ||||
Coronation Fund Managers Ltd. | 4,546 | 8 | ||||
Brait plc | 24,943 | 6 |
Shares | Market Value• ($000) | |||||
Zeder Investments Ltd. | 46,813 | 5 | ||||
Hudaco Industries Ltd. | 484 | 4 | ||||
31,966 | ||||||
South Korea (3.8%) | ||||||
Samsung Electronics Co. Ltd. | 652,110 | 28,889 | ||||
Samsung Electronics Co. Ltd. Preference Shares | 193,393 | 7,823 | ||||
SK Hynix Inc. | 80,873 | 5,686 | ||||
NAVER Corp. | 21,313 | 3,782 | ||||
Samsung SDI Co. Ltd. | 7,464 | 3,300 | ||||
Hyundai Motor Co. | 20,751 | 3,015 | ||||
LG Chem Ltd. | 6,254 | 2,927 | ||||
Kakao Corp. | 43,878 | 2,383 | ||||
Celltrion Inc. | 16,056 | 2,260 | ||||
KB Financial Group Inc. | 56,066 | 2,058 | ||||
Shinhan Financial Group Co. Ltd. | 70,309 | 1,905 | ||||
*,3 | Samsung Biologics Co. Ltd. | 2,722 | 1,693 | |||
Hyundai Mobis Co. Ltd. | 8,929 | 1,424 | ||||
Hana Financial Group Inc. | 40,328 | 1,175 | ||||
HMM Co. Ltd. | 61,226 | 1,009 | ||||
LG Electronics Inc. | 12,714 | 951 | ||||
Samsung Electro-Mechanics Co. Ltd. | 7,674 | 795 | ||||
Woori Financial Group Inc. | 87,842 | 795 | ||||
Korea Zinc Co. Ltd. | 1,487 | 744 | ||||
LG Corp. | 12,195 | 744 | ||||
Celltrion Healthcare Co. Ltd. | 13,486 | 722 | ||||
LG Chem Ltd. Preference Shares | 3,007 | 672 | ||||
LG H&H Co. Ltd. | 1,187 | 629 | ||||
* | Hanwha Solutions Corp. | 15,722 | 613 | |||
* | L&F Co. Ltd. | 3,091 | 524 | |||
POSCO Chemical Co. Ltd. | 4,195 | 522 | ||||
* | KakaoBank Corp. | 25,686 | 520 | |||
Samsung Fire & Marine Insurance Co. Ltd. | 3,570 | 519 | ||||
LG Innotek Co. Ltd. | 1,942 | 494 | ||||
Ecopro BM Co. Ltd. | 5,436 | 450 | ||||
Samsung SDS Co. Ltd. | 4,643 | 443 | ||||
* | SK Square Co. Ltd. | 14,304 | 430 | |||
* | Samsung Heavy Industries Co. Ltd. | 87,784 | 389 | |||
* | Samsung Engineering Co. Ltd. | 21,209 | 369 | |||
CJ CheilJedang Corp. | 1,184 | 359 | ||||
Samsung Life Insurance Co. Ltd. | 7,496 | 346 |
Shares | Market Value• ($000) | |||||
BNK Financial Group Inc. | 67,705 | 338 | ||||
Samsung Securities Co. Ltd. | 12,794 | 322 | ||||
Hyundai Motor Co. Preference Shares | 4,667 | 317 | ||||
Hankook Tire & Technology Co. Ltd. | 11,261 | 317 | ||||
Mirae Asset Securities Co. Ltd. | 64,531 | 315 | ||||
LG Display Co. Ltd. | 26,730 | 309 | ||||
Amorepacific Corp. | 3,368 | 307 | ||||
Coway Co. Ltd. | 6,415 | 304 | ||||
Meritz Fire & Marine Insurance Co. Ltd. | 10,290 | 294 | ||||
Hyundai Glovis Co. Ltd. | 2,131 | 279 | ||||
ESR Kendall Square REIT Co. Ltd. | 67,551 | 279 | ||||
SK Telecom Co. Ltd. | 6,694 | 260 | ||||
DB Insurance Co. Ltd. | 5,828 | 260 | ||||
LOTTE Fine Chemical Co. Ltd. | 4,737 | 248 | ||||
Samsung SDI Co. Ltd. Preference Shares | 1,060 | 241 | ||||
Eusu Holdings Co. Ltd. | 47,998 | 234 | ||||
LG Electronics Inc. Preference Shares | 6,553 | 230 | ||||
SKC Co. Ltd. | 2,519 | 226 | ||||
LG Uplus Corp. | 26,370 | 226 | ||||
Hyundai Steel Co. | 9,251 | 226 | ||||
* | Hyundai Mipo Dockyard Co. Ltd. | 2,820 | 224 | |||
F&F Co. Ltd. | 2,115 | 223 | ||||
Ecopro Co. Ltd. | 2,390 | 203 | ||||
Industrial Bank of Korea | 27,382 | 195 | ||||
Hansol Chemical Co. Ltd. | 1,145 | 185 | ||||
Hyundai Motor Co. Preference Shares | 2,630 | 182 | ||||
Posco ICT Co. Ltd. | 36,354 | 179 | ||||
Hyundai Marine & Fire Insurance Co. Ltd. | 7,582 | 178 | ||||
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 1,490 | 177 | ||||
Binggrae Co. Ltd. | 5,042 | 172 | ||||
Fila Holdings Corp. | 7,352 | 170 | ||||
Mando Corp. | 4,209 | 168 | ||||
Hanmi Pharm Co. Ltd. | 722 | 165 | ||||
Hyosung Advanced Materials Corp. | 524 | 164 | ||||
Hotel Shilla Co. Ltd. | 2,858 | 157 | ||||
Amorepacific Corp. Preference Shares | 4,447 | 157 | ||||
JR Global REIT | 44,619 | 157 | ||||
* | SOLUM Co. Ltd. | 10,106 | 155 | |||
* | Kakao Games Corp. | 3,936 | 154 |
Shares | Market Value• ($000) | |||||
* | STCUBE | 9,878 | 152 | |||
LEENO Industrial Inc. | 1,429 | 152 | ||||
Kolmar Korea Co. Ltd. | 5,343 | 152 | ||||
JYP Entertainment Corp. | 3,252 | 147 | ||||
SK Telecom Co. Ltd. ADR | 6,827 | 146 | ||||
DB HiTek Co. Ltd. | 4,171 | 143 | ||||
KCC Corp. | 654 | 143 | ||||
MegaStudyEdu Co. Ltd. | 2,449 | 142 | ||||
Korea Investment Holdings Co. Ltd. | 3,338 | 141 | ||||
Maeil Dairies Co. Ltd. | 3,291 | 141 | ||||
* | Naturecell Co. Ltd. | 7,125 | 140 | |||
* | Celltrion Pharm Inc. | 2,399 | 140 | |||
Shinsegae International Inc. | 6,659 | 138 | ||||
Mcnex Co. Ltd. | 4,993 | 137 | ||||
SPC Samlip Co. Ltd. | 2,229 | 134 | ||||
CS Wind Corp. | 2,630 | 134 | ||||
Daeduck Electronics Co. Ltd. | 5,916 | 130 | ||||
LG H&H Co. Ltd. Preference Shares | 474 | 129 | ||||
* | HLB Life Science Co. Ltd. | 11,705 | 128 | |||
Ottogi Corp. | 353 | 126 | ||||
Meritz Securities Co. Ltd. | 34,740 | 125 | ||||
Korea Asset In Trust Co. Ltd. | 47,142 | 125 | ||||
JB Financial Group Co. Ltd. | 21,976 | 124 | ||||
Eugene Investment & Securities Co. Ltd. | 57,667 | 122 | ||||
DGB Financial Group Inc. | 21,571 | 120 | ||||
Iljin Materials Co. Ltd. | 2,168 | 119 | ||||
* | Hanjin Kal Corp. | 3,011 | 119 | |||
Daol Investment & Securities Co. Ltd. | 34,676 | 118 | ||||
Youngone Corp. | 3,563 | 118 | ||||
Dae Han Flour Mills Co. Ltd. | 1,068 | 117 | ||||
* | SK Biopharmaceuticals Co. Ltd. | 2,162 | 115 | |||
Cheil Worldwide Inc. | 7,009 | 114 | ||||
KC Co. Ltd. | 8,513 | 114 | ||||
* | Creative & Innovative System | 10,517 | 112 | |||
BGF retail Co. Ltd. | 929 | 111 | ||||
3 | Netmarble Corp. | 2,361 | 111 | |||
Foosung Co. Ltd. | 9,231 | 110 | ||||
* | Hyundai Bioscience Co. Ltd. | 4,211 | 108 | |||
SM Entertainment Co. Ltd. | 2,075 | 106 |
Shares | Market Value• ($000) | |||||
Kyobo Securities Co. Ltd. | 22,409 | 105 | ||||
NH Investment & Securities Co. Ltd. | 14,162 | 105 | ||||
Wemade Co. Ltd. | 2,284 | 105 | ||||
Hyosung TNC Corp. | 451 | 105 | ||||
Hanon Systems | 13,609 | 104 | ||||
* | Vaxcell-Bio Therapeutics Co. Ltd. | 1,976 | 104 | |||
Youlchon Chemical Co. Ltd. | 4,389 | 103 | ||||
KIWOOM Securities Co. Ltd. | 1,605 | 102 | ||||
WONIK IPS Co. Ltd. | 4,915 | 102 | ||||
GS Retail Co. Ltd. | 5,362 | 101 | ||||
Lotte Corp. | 3,252 | 100 | ||||
Sangsangin Co. Ltd. | 15,579 | 99 | ||||
i-SENS Inc. | 3,565 | 99 | ||||
* | CosmoAM&T Co. Ltd. | 2,067 | 99 | |||
KH Vatec Co. Ltd. | 6,977 | 98 | ||||
Cuckoo Homesys Co. Ltd. | 4,132 | 98 | ||||
SIMMTECH Co. Ltd. | 3,402 | 98 | ||||
Sam Young Electronics Co. Ltd. | 11,789 | 96 | ||||
Hansol Holdings Co. Ltd. | 37,913 | 96 | ||||
AMOREPACIFIC Group | 3,718 | 96 | ||||
Seoul Semiconductor Co. Ltd. | 11,036 | 94 | ||||
Koh Young Technology Inc. | 8,974 | 94 | ||||
DB Financial Investment Co. Ltd. | 24,968 | 93 | ||||
* | Hana Tour Service Inc. | 2,152 | 93 | |||
* | CJ Logistics Corp. | 1,059 | 93 | |||
* | Hansol Technics Co. Ltd. | 20,436 | 92 | |||
Sindoh Co. Ltd. | 3,764 | 92 | ||||
NICE Information Service Co. Ltd. | 8,409 | 90 | ||||
* | LegoChem Biosciences Inc. | 2,690 | 90 | |||
SK Securities Co. Ltd. | 157,579 | 88 | ||||
* | Shinsung E&G Co. Ltd. | 48,649 | 88 | |||
* | GemVax & Kael Co. Ltd. | 8,613 | 87 | |||
Harim Holdings Co. Ltd. | 13,962 | 87 | ||||
* | TY Holdings Co. Ltd. | 6,915 | 87 | |||
Samsung Card Co. Ltd. | 3,697 | 86 | ||||
Cosmax Inc. | 1,826 | 85 | ||||
* | Korea Line Corp. | 49,259 | 83 | |||
Hyundai Department Store Co. Ltd. | 1,805 | 83 | ||||
DoubleUGames Co. Ltd. | 2,609 | 83 | ||||
* | AbClon Inc. | 5,493 | 83 | |||
Daejoo Electronic Materials Co. Ltd. | 1,135 | 83 |
Shares | Market Value• ($000) | |||||
* | Hanwha Life Insurance Co. Ltd. | 48,048 | 82 | |||
Soulbrain Co. Ltd. | 509 | 82 | ||||
Park Systems Corp. | 1,116 | 80 | ||||
CJ ENM Co. Ltd. | 1,089 | 79 | ||||
Lotte Shopping Co. Ltd. | 1,075 | 79 | ||||
* | Asiana Airlines Inc. | 6,963 | 78 | |||
Dongjin Semichem Co. Ltd. | 3,046 | 78 | ||||
InBody Co. Ltd. | 4,674 | 78 | ||||
Daesang Corp. | 4,629 | 78 | ||||
CJ Freshway Corp. | 2,829 | 78 | ||||
Partron Co. Ltd. | 12,074 | 78 | ||||
Ecopro HN Co. Ltd. | 1,964 | 78 | ||||
* | Wysiwyg Studios Co. Ltd. | 4,508 | 76 | |||
* | Wonik Holdings Co. Ltd. | 26,653 | 75 | |||
Kolon Industries Inc. | 1,934 | 75 | ||||
Chunbo Co. Ltd. | 448 | 75 | ||||
Dongwon Industries Co. Ltd. | 438 | 74 | ||||
* | Pharmicell Co. Ltd. | 7,988 | 74 | |||
Hyundai Bioland Co. Ltd. | 6,027 | 74 | ||||
* | UniTest Inc. | 5,156 | 74 | |||
Daou Technology Inc. | 5,200 | 73 | ||||
Korean Reinsurance Co. | 11,813 | 73 | ||||
LX Semicon Co. Ltd. | 1,041 | 73 | ||||
* | Medipost Co. Ltd. | 4,996 | 72 | |||
* | Interflex Co. Ltd. | 7,695 | 71 | |||
Com2uSCorp | 1,190 | 71 | ||||
ST Pharm Co. Ltd. | 968 | 71 | ||||
Innox Advanced Materials Co. Ltd. | 2,730 | 70 | ||||
* | GeneOne Life Science Inc. | 8,767 | 70 | |||
Seobu T&D | 11,619 | 69 | ||||
Meritz Financial Group Inc. | 2,991 | 69 | ||||
* | Duk San Neolux Co. Ltd. | 2,518 | 67 | |||
* | Hugel Inc. | 742 | 67 | |||
* | Aprogen pharmaceuticals Inc. | 145,301 | 66 | |||
KT Skylife Co. Ltd. | 10,313 | 66 | ||||
YG Entertainment Inc. | 1,439 | 65 | ||||
* | NHN Corp. | 3,452 | 65 | |||
Hanil Cement Co. Ltd. | 5,724 | 65 | ||||
Jusung Engineering Co. Ltd. | 5,474 | 64 | ||||
Innocean Worldwide Inc. | 2,014 | 64 | ||||
Samwha Capacitor Co. Ltd. | 2,038 | 63 | ||||
Hanil Holdings Co. Ltd. | 7,572 | 63 | ||||
S&S Tech Corp. | 3,864 | 63 |
Shares | Market Value• ($000) | |||||
Youngone Holdings Co. Ltd. | 1,569 | 62 | ||||
KISWIRE Ltd. | 4,090 | 62 | ||||
Ahnlab Inc. | 1,001 | 62 | ||||
Kolmar Korea Holdings Co. Ltd. | 4,921 | 61 | ||||
* | SFA Semicon Co. Ltd. | 16,020 | 61 | |||
AfreecaTV Co. Ltd. | 1,066 | 61 | ||||
SK Gas Ltd. | 688 | 60 | ||||
CJ Corp. | 1,025 | 60 | ||||
Yuanta Securities Korea Co. Ltd. | 28,078 | 60 | ||||
* | Amicogen Inc. | 3,483 | 60 | |||
RFHIC Corp. | 3,212 | 60 | ||||
* | LX Holdings Corp. | 9,687 | 60 | |||
Daishin Securities Co. Ltd. | 5,185 | 59 | ||||
Dongwon F&B Co. Ltd. | 507 | 59 | ||||
Hanjin Transportation Co. Ltd. | 3,074 | 59 | ||||
Advanced Process Systems Corp. | 4,113 | 59 | ||||
* | ABLBio Inc. | 3,505 | 59 | |||
LOTTE Reit Co. Ltd. | 15,297 | 59 | ||||
ENF Technology Co. Ltd. | 2,744 | 59 | ||||
* | Toptec Co. Ltd. | 9,683 | 58 | |||
Eo Technics Co. Ltd. | 1,028 | 57 | ||||
* | CMG Pharmaceutical Co. Ltd. | 26,786 | 56 | |||
Namyang Dairy Products Co. Ltd. | 194 | 56 | ||||
iMarketKorea Inc. | 7,289 | 56 | ||||
* | Eutilex Co. Ltd. | 8,115 | 55 | |||
* | Bioneer Corp. | 2,464 | 55 | |||
Hyundai Greenfood Co. Ltd. | 9,454 | 54 | ||||
SSANGYONG C&E Co. Ltd. | 10,590 | 54 | ||||
BH Co. Ltd. | 2,308 | 54 | ||||
PharmaResearch Co. Ltd. | 1,081 | 54 | ||||
Gradiant Corp. | 3,857 | 53 | ||||
* | Modetour Network Inc. | 3,999 | 53 | |||
Vieworks Co. Ltd. | 1,793 | 53 | ||||
Eugene Technology Co. Ltd. | 2,626 | 53 | ||||
Daeduck Co. Ltd. | 10,366 | 52 | ||||
Dongkuk Steel Mill Co. Ltd. | 5,209 | 51 | ||||
* | Daea TI Co. Ltd. | 19,070 | 51 | |||
HS Industries Co. Ltd. | 13,845 | 51 | ||||
Daewoong Pharmaceutical Co. Ltd. | 383 | 50 | ||||
* | Webzen Inc. | 3,628 | 50 | |||
* | Genexine Inc. | 2,196 | 50 | |||
LS Electric Co. Ltd. | 1,180 | 49 |
Shares | Market Value• ($000) | |||||
Hanmi Semiconductor Co. Ltd. | 5,406 | 48 | ||||
Humasis Co. Ltd. | 3,996 | 48 | ||||
S-1 Corp. | 1,089 | 47 | ||||
Sebang Global Battery Co. Ltd. | 1,217 | 47 | ||||
*,1 | S-MAC Co. Ltd. | 18,713 | 47 | |||
Young Poong Corp. | 88 | 46 | ||||
* | Able C&C Co. Ltd. | 11,003 | 46 | |||
Taeyoung Engineering & Construction Co. Ltd. | 9,768 | 46 | ||||
* | GC Cell Corp. | 1,068 | 46 | |||
* | BNC Korea Co. Ltd. | 5,668 | 46 | |||
* | Myoung Shin Industrial Co. Ltd. | 2,881 | 46 | |||
Doosan Bobcat Inc. | 1,732 | 45 | ||||
* | Hanwha General Insurance Co. Ltd. | 12,867 | 45 | |||
* | Hyosung Heavy Industries Corp. | 814 | 45 | |||
TES Co. Ltd. | 2,992 | 44 | ||||
ICD Co. Ltd. | 6,320 | 44 | ||||
KC Tech Co. Ltd. | 3,625 | 44 | ||||
Chong Kun Dang Pharmaceutical Corp. | 695 | 44 | ||||
ITM Semiconductor Co. Ltd. | 1,835 | 44 | ||||
* | NEPES Corp. | 2,665 | 43 | |||
* | Homecast Co. Ltd. | 14,960 | 43 | |||
Woongjin Thinkbig Co. Ltd. | 22,181 | 43 | ||||
OptoElectronics Solutions Co. Ltd. | 2,577 | 43 | ||||
INTOPS Co. Ltd. | 1,883 | 42 | ||||
Dong-A ST Co. Ltd. | 996 | 42 | ||||
* | NKMax Co. Ltd. | 3,063 | 42 | |||
Tokai Carbon Korea Co. Ltd. | 508 | 42 | ||||
* | Eubiologics Co. Ltd. | 3,552 | 42 | |||
* | Insun ENT Co. Ltd. | 5,066 | 41 | |||
Hyundai Construction Equipment Co. Ltd. | 1,347 | 41 | ||||
Dentium Co. Ltd. | 628 | 41 | ||||
GOLFZON Co. Ltd. | 418 | 41 | ||||
Hyundai Autoever Corp. | 464 | 41 | ||||
* | SCM Lifescience Co. Ltd. | 4,397 | 41 | |||
IS Dongseo Co. Ltd. | 1,474 | 40 | ||||
PI Advanced Materials Co. Ltd. | 1,453 | 40 | ||||
Daishin Securities Co. Ltd. Preference Shares | 3,701 | 39 | ||||
Hyundai Elevator Co. Ltd. | 1,779 | 39 | ||||
NICE Holdings Co. Ltd. | 3,866 | 39 | ||||
* | Cafe24 Corp. | 4,294 | 39 | |||
Zinus Inc. | 1,220 | 39 |
Shares | Market Value• ($000) | |||||
Lutronic Corp. | 2,745 | 38 | ||||
Tongyang Life Insurance Co. Ltd. | 9,006 | 38 | ||||
* | Vidente Co. Ltd. | 5,860 | 38 | |||
* | Ananti Inc. | 7,379 | 37 | |||
SL Corp. | 1,287 | 37 | ||||
* | Hancom Inc. | 2,992 | 37 | |||
* | Neowiz | 1,279 | 37 | |||
HK inno N Corp. | 1,229 | 37 | ||||
Korea Electric Terminal Co. Ltd. | 722 | 36 | ||||
* | Hanall Biopharma Co. Ltd. | 2,743 | 36 | |||
Samyang Holdings Corp. | 694 | 35 | ||||
* | Com2uS Holdings Corp. | 778 | 35 | |||
Mirae Asset Life Insurance Co. Ltd. | 15,401 | 35 | ||||
Green Cross Holdings Corp. | 2,440 | 34 | ||||
Tongyang Inc. | 40,643 | 34 | ||||
* | Oscotec Inc. | 2,263 | 34 | |||
* | HLB Therapeutics Co. Ltd. | 3,896 | 34 | |||
Byucksan Corp. | 16,978 | 33 | ||||
Hansol Paper Co. Ltd. | 2,818 | 33 | ||||
Doosan Tesna Inc. | 1,544 | 33 | ||||
* | Eoflow Co. Ltd. | 2,336 | 33 | |||
* | Chabiotech Co. Ltd. | 2,562 | 32 | |||
* | Hana Micron Inc. | 3,388 | 32 | |||
TKG Huchems Co. Ltd. | 1,974 | 31 | ||||
KCC Glass Corp. | 840 | 31 | ||||
* | Inscobee Inc. | 20,202 | 30 | |||
Kwang Dong Pharmaceutical Co. Ltd. | 6,101 | 30 | ||||
HDC Holdings Co. Ltd. | 5,695 | 30 | ||||
* | CUROCOM Co. Ltd. | 36,732 | 30 | |||
Daewoong Co. Ltd. | 1,595 | 29 | ||||
Hanwha Investment & Securities Co. Ltd. | 12,702 | 29 | ||||
LF Corp. | 2,298 | 29 | ||||
Halla Holdings Corp. | 1,004 | 29 | ||||
Huons Co. Ltd. | 1,104 | 29 | ||||
* | Hyosung Chemical Corp. | 217 | 28 | |||
Boryung | 3,724 | 28 | ||||
* | DIO Corp. | 1,349 | 27 | |||
Hanssem Co. Ltd. | 663 | 27 | ||||
* | Kumho Tire Co. Inc. | 10,235 | 26 | |||
Handsome Co. Ltd. | 1,165 | 25 | ||||
Dong-A Socio Holdings Co. Ltd. | 303 | 25 | ||||
* | Binex Co. Ltd. | 2,235 | 25 | |||
Samyang Corp. | 836 | 25 | ||||
Humedix Co. Ltd. | 1,444 | 25 |
Shares | Market Value• ($000) | |||||
* | Cellivery Therapeutics Inc. | 2,360 | 25 | |||
Korea Real Estate Investment & Trust Co. Ltd. | 19,485 | 24 | ||||
* | Sam Chun Dang Pharm Co. Ltd. | 917 | 24 | |||
* | MedPacto Inc. | 1,102 | 24 | |||
Namhae Chemical Corp. | 2,835 | 23 | ||||
L&C Bio Co. Ltd. | 1,173 | 23 | ||||
Korea Petrochemical Ind Co. Ltd. | 249 | 22 | ||||
* | CJ CGV Co. Ltd. | 1,466 | 22 | |||
* | iNtRON Biotechnology Inc. | 2,567 | 22 | |||
* | NHN KCP Corp. | 2,311 | 22 | |||
JW Pharmaceutical Corp. | 1,264 | 21 | ||||
Sungwoo Hitech Co. Ltd. | 5,271 | 21 | ||||
DongKook Pharmaceutical Co. Ltd. | 1,527 | 21 | ||||
Hansae Co. Ltd. | 1,819 | 21 | ||||
* | Sambu Engineering & Construction Co. Ltd. | 14,237 | 21 | |||
Intellian Technologies Inc. | 376 | 21 | ||||
* | Samsung Pharmaceutical Co. Ltd. | 7,549 | 20 | |||
LX Hausys Ltd. | 610 | 20 | ||||
Hyundai Home Shopping Network Corp. | 528 | 20 | ||||
Taekwang Industrial Co. Ltd. | 31 | 19 | ||||
* | Mezzion Pharma Co. Ltd. | 1,412 | 19 | |||
* | Peptron Inc. | 2,777 | 19 | |||
* | Giantstep Inc. | 1,095 | 19 | |||
Nexen Tire Corp. | 3,685 | 18 | ||||
Bukwang Pharmaceutical Co. Ltd. | 2,512 | 17 | ||||
LG HelloVision Co. Ltd. | 4,383 | 17 | ||||
Korea United Pharm Inc. | 915 | 17 | ||||
Hyundai Livart Furniture Co. Ltd. | 2,006 | 16 | ||||
Huons Global Co. Ltd. | 996 | 16 | ||||
* | Dongsung Pharmaceutical Co. Ltd. | 2,818 | 16 | |||
* | Solid Inc. | 4,031 | 16 | |||
* | OliX Pharmaceuticals Inc. | 981 | 16 | |||
* | Studio Dragon Corp. | 265 | 15 |
Shares | Market Value• ($000) | |||||
* | Namsun Aluminum Co. Ltd. | 8,724 | 15 | |||
* | CrystalGenomics Inc. | 5,185 | 14 | |||
Ilyang Pharmaceutical Co. Ltd. | 837 | 14 | ||||
* | Enzychem Lifesciences Corp. | 5,028 | 14 | |||
Hankook & Co. Co. Ltd. | 1,208 | 12 | ||||
* | Yungjin Pharmaceutical Co. Ltd. | 4,897 | 12 | |||
* | Anterogen Co. Ltd. | 803 | 12 | |||
* | KH FEELUX Co. Ltd. | 10,707 | 11 | |||
BGF Co. Ltd. | 3,740 | 11 | ||||
* | Komipharm International Co. Ltd. | 1,947 | 10 | |||
Soulbrain Holdings Co. Ltd. | 579 | 10 | ||||
Songwon Industrial Co. Ltd. | 652 | 9 | ||||
* | Lock&Lock Co. Ltd. | 1,322 | 8 | |||
Jeil Pharmaceutical Co. Ltd. | 482 | 8 | ||||
Nature Holdings Co. Ltd. | 377 | 8 | ||||
Seojin System Co. Ltd. | 514 | 6 | ||||
Chongkundang Holdings Corp. | 97 | 4 | ||||
* | Ace Technologies Corp. | 366 | 2 | |||
108,604 | ||||||
Spain (1.2%) | ||||||
Banco Santander SA | 2,529,317 | 6,123 | ||||
Banco Bilbao Vizcaya Argentaria SA | 1,034,225 | 4,641 | ||||
* | Amadeus IT Group SA | 68,661 | 3,625 | |||
Industria de Diseno Textil SA | 164,064 | 3,542 | ||||
3 | Cellnex Telecom SA | 90,830 | 3,537 | |||
Telefonica SA | 844,072 | 3,483 | ||||
CaixaBank SA | 734,004 | 2,216 | ||||
*,3 | Aena SME SA | 11,224 | 1,378 | |||
Bankinter SA | 141,793 | 727 | ||||
Merlin Properties Socimi SA | 79,259 | 725 | ||||
Banco de Sabadell SA | 809,390 | 557 | ||||
Viscofan SA | 5,505 | 310 | ||||
Acerinox SA | 31,506 | 285 | ||||
Fluidra SA | 15,047 | 241 | ||||
3 | Unicaja Banco SA | 209,656 | 189 | |||
* | Solaria Energia y Medio Ambiente SA | 8,268 | 175 | |||
Faes Farma SA | 42,024 | 167 | ||||
Inmobiliaria Colonial Socimi SA | 27,406 | 162 | ||||
Mapfre SA | 95,361 | 158 | ||||
Laboratorios Farmaceuticos Rovi SA | 2,568 | 126 |
Shares | Market Value• ($000) | |||||
Grupo Catalana Occidente SA | 3,585 | 105 | ||||
Pharma Mar SA | 1,642 | 96 | ||||
Almirall SA | 8,631 | 78 | ||||
Ebro Foods SA | 3,271 | 52 | ||||
Sacyr SA | 22,201 | 50 | ||||
Corp. Financiera Alba SA | 892 | 45 | ||||
* | Melia Hotels International SA | 6,707 | 41 | |||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 37,182 | 40 | ||||
3 | Neinor Homes SA | 3,582 | 37 | |||
Ence Energia y Celulosa SA | 10,152 | 36 | ||||
3 | Aedas Homes SA | 1,931 | 34 | |||
Construcciones y Auxiliar de Ferrocarriles SA | 1,148 | 33 | ||||
Lar Espana Real Estate Socimi SA | 6,008 | 28 | ||||
* | Mediaset Espana Comunicacion SA | 9,907 | 27 | |||
3 | Gestamp Automocion SA | 6,564 | 24 | |||
3 | Global Dominion Access SA | 4,668 | 18 | |||
* | Distribuidora Internacional de Alimentacion SA | 1,053,042 | 14 | |||
Prosegur Cia de Seguridad SA | 6,488 | 12 | ||||
* | NH Hotel Group SA | 2,962 | 9 | |||
Atresmedia Corp. de Medios de Comunicacion SA | 2,847 | 8 | ||||
33,154 | ||||||
Sweden (2.2%) | ||||||
Atlas Copco AB Class B | 561,959 | 5,117 | ||||
Investor AB Class A | 238,047 | 3,956 | ||||
Telefonaktiebolaget LM Ericsson Class B | 470,385 | 3,518 | ||||
Assa Abloy AB Class B | 149,674 | 3,031 | ||||
Skandinaviska Enskilda Banken AB Class A | 239,172 | 2,384 | ||||
Essity AB Class B | 98,467 | 2,184 | ||||
Svenska Handelsbanken AB Class A | 242,850 | 1,989 | ||||
Epiroc AB Class A | 127,204 | 1,946 | ||||
Swedbank AB Class A | 149,516 | 1,932 | ||||
Nibe Industrier AB Class B | 176,542 | 1,653 | ||||
Svenska Cellulosa AB SCA Class B | 107,541 | 1,611 | ||||
Telia Co. AB | 456,130 | 1,605 |
Shares | Market Value• ($000) | |||||
Industrivarden AB Class A | 70,528 | 1,563 | ||||
Investor AB Class B | 97,021 | 1,529 | ||||
H & M Hennes & Mauritz AB Class B | 144,311 | 1,499 | ||||
Boliden AB | 45,648 | 1,462 | ||||
SKF AB Class B | 71,858 | 1,077 | ||||
Tele2 AB Class B | 99,527 | 1,060 | ||||
Skanska AB Class B | 67,400 | 996 | ||||
EQT AB | 44,445 | 995 | ||||
Trelleborg AB Class B | 42,585 | 885 | ||||
Atlas Copco AB Class A | 71,379 | 725 | ||||
Getinge AB Class B | 39,082 | 724 | ||||
* | Swedish Orphan Biovitrum AB | 32,410 | 716 | |||
* | Kinnevik AB Class B | 47,711 | 679 | |||
Castellum AB | 47,215 | 663 | ||||
SSAB AB Class B | 124,768 | 583 | ||||
Sagax AB Class B | 25,616 | 551 | ||||
Electrolux AB Class B | 43,076 | 545 | ||||
Securitas AB Class B | 62,137 | 544 | ||||
AddTech AB Class B | 38,354 | 538 | ||||
Holmen AB Class B | 12,386 | 531 | ||||
Beijer Ref AB Class B | 39,060 | 506 | ||||
* | Fastighets AB Balder Class B | 91,134 | 503 | |||
* | Volvo Car AB Class B | 77,276 | 471 | |||
3 | Thule Group AB | 18,690 | 456 | |||
Axfood AB | 14,724 | 444 | ||||
Elekta AB Class B | 75,218 | 431 | ||||
Investment AB Latour Class B | 18,869 | 372 | ||||
Husqvarna AB Class B | 55,176 | 371 | ||||
AAK AB | 24,072 | 369 | ||||
L E Lundbergforetagen AB Class B | 8,792 | 363 | ||||
Epiroc AB Class B | 25,119 | 342 | ||||
Avanza Bank Holding AB | 21,019 | 337 | ||||
Fabege AB | 37,282 | 330 | ||||
BillerudKorsnas AB | 24,782 | 322 | ||||
* | Sectra AB Class B | 19,192 | 286 | |||
3 | Dometic Group AB | 49,474 | 282 | |||
Vitrolife AB | 11,729 | 280 | ||||
Wihlborgs Fastigheter AB | 37,218 | 267 | ||||
Hexatronic Group AB | 27,402 | 267 | ||||
Nordnet AB publ | 22,001 | 263 | ||||
* | Viaplay Group AB Class B | 9,999 | 254 | |||
3 | Bravida Holding AB | 25,886 | 234 | |||
Storskogen Group AB Class B | 204,960 | 230 | ||||
Loomis AB Class B | 8,338 | 225 | ||||
Nyfosa AB | 24,028 | 202 | ||||
MIPS AB | 4,416 | 199 | ||||
AddLife AB Class B | 15,074 | 195 |
Shares | Market Value• ($000) | |||||
2 | Samhallsbyggnadsbolaget i Norden AB B Shares | 110,028 | 177 | |||
Wallenstam AB Class B | 38,441 | 173 | ||||
SSAB AB Class A | 35,066 | 169 | ||||
Bure Equity AB | 8,372 | 165 | ||||
*,3 | Sinch AB | 84,427 | 163 | |||
JM AB | 9,406 | 162 | ||||
Instalco AB | 30,105 | 150 | ||||
Intrum AB | 8,033 | 144 | ||||
Catena AB | 3,428 | 141 | ||||
Electrolux Professional AB Class B | 27,488 | 137 | ||||
HMS Networks AB | 3,771 | 137 | ||||
Biotage AB | 7,959 | 134 | ||||
3 | Munters Group AB | 18,247 | 131 | |||
Peab AB Class B | 21,094 | 130 | ||||
Samhallsbyggnadsbolaget i Norden AB | 65,869 | 130 | ||||
* | Stillfront Group AB | 58,627 | 125 | |||
* | Pandox AB Class B | 9,933 | 123 | |||
Corem Property Group AB Preference Shares | 4,544 | 120 | ||||
* | Cint Group AB | 19,804 | 118 | |||
Nolato AB Class B | 22,703 | 118 | ||||
Granges AB | 15,040 | 117 | ||||
* | Truecaller AB Class B | 21,781 | 114 | |||
* | Modern Times Group MTG AB Class B | 12,851 | 113 | |||
Addnode Group AB Class B | 11,720 | 107 | ||||
Arjo AB Class B | 23,602 | 106 | ||||
Bilia AB Class A | 8,320 | 103 | ||||
Vitec Software Group AB Class B | 2,688 | 100 | ||||
Hemnet Group AB | 7,233 | 96 | ||||
Lindab International AB | 6,235 | 89 | ||||
Concentric AB | 4,503 | 83 | ||||
NP3 Fastigheter AB | 3,741 | 82 | ||||
Ratos AB Class B | 19,022 | 80 | ||||
Beijer Alma AB | 5,273 | 80 | ||||
SkiStar AB | 6,073 | 78 | ||||
Mycronic AB | 6,235 | 74 | ||||
* | Sdiptech AB Class B | 3,494 | 74 | |||
Medicover AB Class B | 5,574 | 70 | ||||
Cibus Nordic Real Estate AB | 4,338 | 69 | ||||
Troax Group AB | 4,073 | 66 | ||||
*,3 | Boozt AB | 10,491 | 61 | |||
Bufab AB | 2,378 | 55 | ||||
*,3 | Scandic Hotels Group AB | 15,177 | 54 | |||
* | Cary Group AB | 8,187 | 49 | |||
Dios Fastigheter AB | 6,202 | 46 | ||||
Corem Property Group AB Class B | 34,951 | 41 |
Shares | Market Value• ($000) | |||||
Hufvudstaden AB Class A | 3,328 | 40 | ||||
* | VNV Global AB | 15,523 | 35 | |||
MEKO AB | 3,747 | 34 | ||||
* | Camurus AB | 1,622 | 34 | |||
NCC AB Class B | 3,556 | 33 | ||||
Systemair AB | 5,860 | 30 | ||||
Volati AB | 2,413 | 27 | ||||
Clas Ohlson AB Class B | 2,408 | 22 | ||||
* | Collector Bank AB | 7,003 | 22 | |||
* | BHG Group AB | 9,253 | 20 | |||
Atrium Ljungberg AB Class B | 1,263 | 18 | ||||
3 | Resurs Holding AB | 8,234 | 18 | |||
Investment AB Oresund | 1,595 | 16 | ||||
Fagerhult AB | 3,634 | 16 | ||||
* | Hansa Biopharma AB | 2,235 | 13 | |||
Svenska Handelsbanken AB Class B | 1,415 | 13 | ||||
NCC AB Class A | 926 | 11 | ||||
Sagax AB | 4,081 | 11 | ||||
Nobia AB | 3,638 | 9 | ||||
Cloetta AB Class B | 4,552 | 8 | ||||
*,3 | Attendo AB | 3,886 | 8 | |||
Bonava AB Class B | 2,184 | 8 | ||||
Platzer Fastigheter Holding AB Class B | 1,084 | 8 | ||||
* | BICO Group AB Class B | 2,315 | 8 | |||
62,908 | ||||||
Switzerland (6.6%) | ||||||
Nestle SA (Registered) | 420,227 | 49,176 | ||||
Roche Holding AG (XVTX) | 94,082 | 30,317 | ||||
Novartis AG (Registered) | 314,801 | 25,464 | ||||
Zurich Insurance Group AG | 22,067 | 9,796 | ||||
Lonza Group AG (Registered) | 11,656 | 6,216 | ||||
Roche Holding AG (XSWX) | 15,341 | 5,860 | ||||
Givaudan SA (Registered) | 1,469 | 4,687 | ||||
Alcon Inc. | 67,508 | 4,445 | ||||
Swiss Re AG | 41,924 | 3,260 | ||||
Partners Group Holding AG | 3,361 | 3,244 | ||||
Swiss Life Holding AG (Registered) | 5,225 | 2,731 | ||||
Geberit AG (Registered) | 5,687 | 2,628 | ||||
Chocoladefabriken Lindt & Spruengli AG | 247 | 2,612 | ||||
Sonova Holding AG (Registered) | 8,666 | 2,283 | ||||
Credit Suisse Group AG (Registered) | 383,860 | 1,981 |
Shares | Market Value• ($000) | |||||
Kuehne + Nagel International AG (Registered) | 8,205 | 1,896 | ||||
Julius Baer Group Ltd. | 37,669 | 1,820 | ||||
Swisscom AG (Registered) | 3,513 | 1,816 | ||||
Straumann Holding AG (Registered) | 16,199 | 1,775 | ||||
Schindler Holding AG | 7,982 | 1,391 | ||||
Swiss Prime Site AG (Registered) | 14,581 | 1,254 | ||||
Baloise Holding AG (Registered) | 8,685 | 1,253 | ||||
Logitech International SA (Registered) | 25,016 | 1,245 | ||||
* | SIG Group AG | 49,234 | 1,154 | |||
Barry Callebaut AG (Registered) | 530 | 1,084 | ||||
Chocoladefabriken Lindt & Spruengli AG (Registered) | 9 | 980 | ||||
Adecco Group AG (Registered) | 29,815 | 945 | ||||
3 | VAT Group AG | 3,936 | 941 | |||
Georg Fischer AG (Registered) | 17,360 | 941 | ||||
Helvetia Holding AG (Registered) | 7,960 | 877 | ||||
Tecan Group AG (Registered) | 2,275 | 837 | ||||
Temenos AG (Registered) | 10,187 | 834 | ||||
3 | Galenica AG | 11,647 | 819 | |||
* | Flughafen Zurich AG (Registered) | 4,842 | 815 | |||
* | Clariant AG (Registered) | 43,464 | 803 | |||
Swatch Group AG (Registered) | 15,514 | 706 | ||||
PSP Swiss Property AG (Registered) | 5,520 | 625 | ||||
Cembra Money Bank AG | 8,535 | 576 | ||||
Swatch Group AG | 2,377 | 576 | ||||
EMS-Chemie Holding AG (Registered) | 799 | 561 | ||||
Valiant Holding AG (Registered) | 5,862 | 555 | ||||
Belimo Holding AG (Registered) | 1,424 | 540 | ||||
* | Siegfried Holding AG (Registered) | 582 | 464 | |||
Mobimo Holding AG (Registered) | 1,816 | 446 | ||||
Bachem Holding AG Class B | 5,329 | 369 | ||||
* | ams-OSRAM AG | 44,137 | 323 | |||
�� | Banque Cantonale Vaudoise (Registered) | 3,298 | 313 |
Shares | Market Value• ($000) | |||||
Forbo Holding AG (Registered) | 205 | 256 | ||||
* | Idorsia Ltd. | 15,993 | 250 | |||
DKSH Holding AG | 3,186 | 237 | ||||
Bucher Industries AG (Registered) | 651 | 232 | ||||
Stadler Rail AG | 6,965 | 213 | ||||
Comet Holding AG (Registered) | 1,191 | 207 | ||||
Emmi AG (Registered) | 221 | 195 | ||||
* | Meyer Burger Technology AG | 353,094 | 176 | |||
* | Softwareone Holding AG | 13,351 | 176 | |||
Daetwyler Holding AG | 839 | 167 | ||||
* | Landis+Gyr Group AG | 2,828 | 165 | |||
Huber + Suhner AG (Registered) | 1,942 | 162 | ||||
Burckhardt Compression Holding AG | 382 | 160 | ||||
* | u-blox Holding AG | 1,114 | 154 | |||
Inficon Holding AG (Registered) | 217 | 151 | ||||
Schindler Holding AG (Registered) | 884 | 149 | ||||
Vontobel Holding AG (Registered) | 2,379 | 146 | ||||
Swissquote Group Holding SA (Registered) | 1,313 | 146 | ||||
VZ Holding AG | 1,803 | 144 | ||||
SFS Group AG | 1,530 | 143 | ||||
Interroll Holding AG (Registered) | 61 | 140 | ||||
Allreal Holding AG (Registered) | 851 | 133 | ||||
Kardex Holding AG (Registered) | 734 | 129 | ||||
* | Dottikon Es Holding AG (Registered) | 515 | 129 | |||
*,3 | Sensirion Holding AG | 1,275 | 118 | |||
* | Aryzta AG | 100,036 | 117 | |||
2 | Vifor Pharma AG | 516 | 96 | |||
dormakaba Holding AG | 223 | 94 | ||||
Bobst Group SA (Registered) | 972 | 78 | ||||
Bossard Holding AG (Registered) Class A | 380 | 76 | ||||
COSMO Pharmaceuticals NV | 1,312 | 69 | ||||
*,3 | PolyPeptide Group AG | 1,874 | 69 | |||
Komax Holding AG (Registered) | 253 | 66 | ||||
LEM Holding SA (Registered) | 40 | 66 | ||||
* | Zur Rose Group AG | 1,113 | 52 |
Shares | Market Value• ($000) | |||||
St. Galler Kantonalbank AG (Registered) | 109 | 51 | ||||
Intershop Holding AG | 77 | 50 | ||||
Arbonia AG | 3,407 | 45 | ||||
Zehnder Group AG | 768 | 45 | ||||
*,3 | Montana Aerospace AG | 2,826 | 44 | |||
*,3 | Medartis Holding AG | 540 | 39 | |||
Leonteq AG | 595 | 34 | ||||
OC Oerlikon Corp. AG (Registered) | 4,180 | 31 | ||||
Bystronic AG | 49 | 31 | ||||
Ascom Holding AG (Registered) | 4,486 | 29 | ||||
* | Basilea Pharmaceutica AG (Registered) | 739 | 29 | |||
* | Implenia AG (Registered) | 828 | 24 | |||
Hiag Immobilien Holding AG | 274 | 24 | ||||
Vetropack Holding AG (Registered) Class A | 673 | 24 | ||||
* | EFG International AG | 2,726 | 23 | |||
Schweiter Technologies AG | 21 | 22 | ||||
3 | Medacta Group SA | 245 | 22 | |||
Ypsomed Holding AG (Registered) | 129 | 20 | ||||
Bell Food Group AG (Registered) | 63 | 17 | ||||
Rieter Holding AG (Registered) | 160 | 16 | ||||
Autoneum Holding AG | 101 | 11 | ||||
* | ALSO Holding AG (Registered) | 55 | 9 | |||
APG SGA SA | 21 | 4 | ||||
189,939 | ||||||
Taiwan (6.0%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,547,631 | 58,074 | ||||
Hon Hai Precision Industry Co. Ltd. | 1,769,400 | 6,300 | ||||
MediaTek Inc. | 221,145 | 4,785 | ||||
Delta Electronics Inc. | 324,496 | 2,778 | ||||
* | United Microelectronics Corp. | 1,659,800 | 2,208 | |||
Chunghwa Telecom Co. Ltd. | 530,000 | 2,103 | ||||
Formosa Plastics Corp. | 684,000 | 2,039 | ||||
CTBC Financial Holding Co. Ltd. | 2,544,000 | 1,949 | ||||
Mega Financial Holding Co. Ltd. | 1,606,175 | 1,884 | ||||
Fubon Financial Holding Co. Ltd. | 1,000,000 | 1,875 | ||||
E.Sun Financial Holding Co. Ltd. | 1,999,137 | 1,842 | ||||
Nan Ya Plastics Corp. | 784,000 | 1,761 |
Shares | Market Value• ($000) | |||||
China Steel Corp. | 1,813,084 | 1,717 | ||||
Cathay Financial Holding Co. Ltd. | 1,176,052 | 1,711 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 18,453 | 1,538 | ||||
Uni-President Enterprises Corp. | 673,000 | 1,454 | ||||
ASE Technology Holding Co. Ltd. | 482,902 | 1,343 | ||||
Taiwan Cooperative Financial Holding Co. Ltd. | 1,467,480 | 1,325 | ||||
First Financial Holding Co. Ltd. | 1,470,095 | 1,275 | ||||
Chailease Holding Co. Ltd. | 196,656 | 1,263 | ||||
Yuanta Financial Holding Co. Ltd. | 1,643,179 | 1,091 | ||||
Evergreen Marine Corp. Taiwan Ltd. | 379,241 | 1,087 | ||||
Hua Nan Financial Holdings Co. Ltd. | 1,398,449 | 1,061 | ||||
E Ink Holdings Inc. | 128,000 | 995 | ||||
China Development Financial Holding Corp. | 2,256,308 | 986 | ||||
Quanta Computer Inc. | 374,000 | 970 | ||||
Formosa Chemicals & Fibre Corp. | 428,000 | 962 | ||||
Largan Precision Co. Ltd. | 15,000 | 954 | ||||
Unimicron Technology Corp. | 180,000 | 882 | ||||
Hotai Motor Co. Ltd. | 42,000 | 842 | ||||
SinoPac Financial Holdings Co. Ltd. | 1,383,250 | 784 | ||||
Asustek Computer Inc. | 94,000 | 782 | ||||
Taishin Financial Holding Co. Ltd. | 1,529,763 | 759 | ||||
Accton Technology Corp. | 80,000 | 737 | ||||
Realtek Semiconductor Corp. | 64,294 | 722 | ||||
Shanghai Commercial & Savings Bank Ltd. | 439,000 | 715 | ||||
Yageo Corp. | 66,791 | 714 | ||||
Taiwan Mobile Co. Ltd. | 215,000 | 703 | ||||
Novatek Microelectronics Corp. | 79,995 | 684 | ||||
Lite-On Technology Corp. | 312,000 | 671 | ||||
President Chain Store Corp. | 76,000 | 668 | ||||
AUO Corp. | 1,197,000 | 654 | ||||
Walsin Lihwa Corp. | 491,104 | 634 | ||||
Yang Ming Marine Transport Corp. | 247,000 | 633 | ||||
* | Airtac International Group | 22,603 | 606 |
Shares | Market Value• ($000) | |||||
Ruentex Development Co. Ltd. | 293,400 | 605 | ||||
WPG Holdings Ltd. | 358,680 | 603 | ||||
* | Catcher Technology Co. Ltd. | 96,000 | 582 | |||
Voltronic Power Technology Corp. | 9,152 | 516 | ||||
Shin Kong Financial Holding Co. Ltd. | 1,740,287 | 500 | ||||
Pegatron Corp. | 240,000 | 499 | ||||
Far Eastern New Century Corp. | 457,000 | 490 | ||||
Far EasTone Telecommunications Co. Ltd. | 199,000 | 488 | ||||
Innolux Corp. | 1,240,000 | 488 | ||||
Globalwafers Co. Ltd. | 30,000 | 475 | ||||
Synnex Technology International Corp. | 255,000 | 465 | ||||
eMemory Technology Inc. | 10,000 | 447 | ||||
Chang Hwa Commercial Bank Ltd. | 734,990 | 425 | ||||
Asia Cement Corp. | 296,000 | 419 | ||||
Sino-American Silicon Products Inc. | 72,000 | 393 | ||||
Eclat Textile Co. Ltd. | 27,000 | 391 | ||||
Wistron Corp. | 423,000 | 383 | ||||
China Petrochemical Development Corp. | 1,116,386 | 374 | ||||
Chroma ATE Inc. | 61,000 | 374 | ||||
* | Oneness Biotech Co. Ltd. | 38,000 | 368 | |||
Wan Hai Lines Ltd. | 129,260 | 364 | ||||
ASPEED Technology Inc. | 5,500 | 362 | ||||
Eva Airways Corp. | 321,932 | 352 | ||||
Compal Electronics Inc. | 473,000 | 352 | ||||
Win Semiconductors Corp. | 60,000 | 349 | ||||
Pou Chen Corp. | 362,000 | 343 | ||||
Taichung Commercial Bank Co. Ltd. | 749,249 | 335 | ||||
Radiant Opto-Electronics Corp. | 101,000 | 332 | ||||
Foxconn Technology Co. Ltd. | 200,000 | 331 | ||||
Zhen Ding Technology Holding Ltd. | 88,000 | 327 | ||||
Wiwynn Corp. | 13,000 | 325 | ||||
Acter Group Corp. Ltd. | 46,000 | 320 | ||||
Feng TAY Enterprise Co. Ltd. | 56,400 | 316 | ||||
Taiwan High Speed Rail Corp. | 330,000 | 316 | ||||
Micro-Star International Co. Ltd. | 84,000 | 314 | ||||
O-Bank Co. Ltd. | 1,086,000 | 308 |
Shares | Market Value• ($000) | |||||
* | Tatung Co. Ltd. | 272,000 | 307 | |||
Vanguard International Semiconductor Corp. | 126,000 | 305 | ||||
TA Chen Stainless Pipe | 227,303 | 293 | ||||
Taiwan Business Bank | 690,058 | 289 | ||||
Parade Technologies Ltd. | 10,000 | 280 | ||||
Charoen Pokphand Enterprise | 105,600 | 279 | ||||
Inventec Corp. | 369,000 | 279 | ||||
Alchip Technologies Ltd. | 10,000 | 277 | ||||
Winbond Electronics Corp. | 381,000 | 275 | ||||
Yulon Finance Corp. | 51,427 | 272 | ||||
Giant Manufacturing Co. Ltd. | 34,000 | 266 | ||||
China Airlines Ltd. | 354,000 | 262 | ||||
Bank of Kaohsiung Co. Ltd. | 570,493 | 260 | ||||
Sinbon Electronics Co. Ltd. | 28,000 | 259 | ||||
Hotai Finance Co. Ltd. | 75,000 | 257 | ||||
Macronix International Co. Ltd. | 236,000 | 253 | ||||
Nan Ya Printed Circuit Board Corp. | 29,000 | 253 | ||||
Senao International Co. Ltd. | 238,000 | 251 | ||||
Kindom Development Co. Ltd. | 270,100 | 250 | ||||
Merida Industry Co. Ltd. | 34,000 | 247 | ||||
Simplo Technology Co. Ltd. | 26,000 | 245 | ||||
Lien Hwa Industrial Holdings Corp. | 131,332 | 245 | ||||
Rich Development Co. Ltd. | 793,000 | 238 | ||||
Topco Scientific Co. Ltd. | 44,000 | 235 | ||||
IBF Financial Holdings Co. Ltd. | 534,317 | 234 | ||||
Powertech Technology Inc. | 84,000 | 234 | ||||
Hiwin Technologies Corp. | 34,504 | 233 | ||||
Acer Inc. | 322,000 | 231 | ||||
Test Research Inc. | 117,000 | 229 | ||||
Huaku Development Co. Ltd. | 74,000 | 225 | ||||
Cheng Shin Rubber Industry Co. Ltd. | 193,000 | 224 | ||||
Walsin Technology Corp. | 72,000 | 218 | ||||
Tripod Technology Corp. | 66,000 | 217 | ||||
Lotes Co. Ltd. | 9,115 | 216 | ||||
Compeq Manufacturing Co. Ltd. | 125,000 | 214 | ||||
Poya International Co. Ltd. | 15,331 | 214 |
Shares | Market Value• ($000) | |||||
Global Unichip Corp. | 12,000 | 210 | ||||
Elite Material Co. Ltd. | 39,000 | 205 | ||||
momo.com Inc. | 8,640 | 205 | ||||
Jess-Link Products Co. Ltd. | 158,000 | 203 | ||||
Advanced International Multitech Co. Ltd. | 61,000 | 202 | ||||
Sigurd Microelectronics Corp. | 121,000 | 202 | ||||
YungShin Global Holding Corp. | 148,000 | 201 | ||||
Bizlink Holding Inc. | 18,000 | 199 | ||||
Taiyen Biotech Co. Ltd. | 182,000 | 197 | ||||
Teco Electric & Machinery Co. Ltd. | 204,000 | 197 | ||||
Jih Sun Financial Holdings Co. Ltd. | 519,043 | 195 | ||||
International Games System Co. Ltd. | 16,000 | 195 | ||||
Phison Electronics Corp. | 19,000 | 193 | ||||
Xxentria Technology Materials Corp. | 89,000 | 190 | ||||
Aten International Co. Ltd. | 74,000 | 190 | ||||
Via Technologies Inc. | 64,000 | 188 | ||||
King Yuan Electronics Co. Ltd. | 154,000 | 188 | ||||
* | HTC Corp. | 93,000 | 188 | |||
Faraday Technology Corp. | 31,000 | 187 | ||||
Nanya Technology Corp. | 107,000 | 186 | ||||
Chicony Electronics Co. Ltd. | 68,000 | 182 | ||||
Radium Life Tech Co. Ltd. | 573,200 | 182 | ||||
Highwealth Construction Corp. | 114,000 | 181 | ||||
Microbio Co. Ltd. | 69,311 | 178 | ||||
Taiwan Fertilizer Co. Ltd. | 86,000 | 177 | ||||
Systex Corp. | 73,000 | 175 | ||||
Fusheng Precision Co. Ltd. | 27,000 | 174 | ||||
Gigabyte Technology Co. Ltd. | 61,000 | 170 | ||||
IEI Integration Corp. | 67,000 | 164 | ||||
King's Town Bank Co. Ltd. | 142,000 | 164 | ||||
King Slide Works Co. Ltd. | 11,000 | 164 | ||||
KEE TAI Properties Co. Ltd. | 341,000 | 162 | ||||
Sporton International Inc. | 21,450 | 161 | ||||
Chief Telecom Inc. | 17,000 | 161 | ||||
Tung Ho Steel Enterprise Corp. | 89,110 | 158 | ||||
Orient Semiconductor Electronics Ltd. | 256,000 | 155 |
Shares | Market Value• ($000) | |||||
Fulgent Sun International Holding Co. Ltd. | 25,000 | 155 | ||||
Kung Long Batteries Industrial Co. Ltd. | 33,000 | 153 | ||||
AGV Products Corp. | 466,000 | 152 | ||||
Great Wall Enterprise Co. Ltd. | 94,402 | 152 | ||||
Makalot Industrial Co. Ltd. | 25,707 | 151 | ||||
PharmaEngine Inc. | 36,000 | 151 | ||||
Ruentex Industries Ltd. | 70,560 | 150 | ||||
Hota Industrial Manufacturing Co. Ltd. | 51,810 | 149 | ||||
Wistron NeWeb Corp. | 53,000 | 147 | ||||
* | Hong Pu Real Estate Development Co. Ltd. | 191,000 | 145 | |||
Nichidenbo Corp. | 85,000 | 144 | ||||
Silicon Integrated Systems Corp. | 218,080 | 143 | ||||
CHC Healthcare Group | 93,000 | 142 | ||||
Taiwan Surface Mounting Technology Corp. | 42,000 | 140 | ||||
Sercomm Corp. | 44,000 | 139 | ||||
Nien Made Enterprise Co. Ltd. | 15,000 | 139 | ||||
* | Globe Union Industrial Corp. | 330,000 | 138 | |||
Chipbond Technology Corp. | 74,000 | 138 | ||||
Qisda Corp. | 142,000 | 136 | ||||
Feng Hsin Steel Co. Ltd. | 62,000 | 136 | ||||
Sunplus Technology Co. Ltd. | 158,000 | 135 | ||||
Taiwan Semiconductor Co. Ltd. | 43,000 | 134 | ||||
Posiflex Technology Inc. | 25,000 | 134 | ||||
Topkey Corp. | 23,000 | 134 | ||||
Kuo Yang Construction Co. Ltd. | 207,000 | 134 | ||||
Clevo Co. | 118,000 | 133 | ||||
Wisdom Marine Lines Co. Ltd. | 70,543 | 133 | ||||
Formosa Taffeta Co. Ltd. | 146,000 | 132 | ||||
* | Career Technology MFG. Co. Ltd. | 152,513 | 132 | |||
Standard Foods Corp. | 98,000 | 132 | ||||
* | Medigen Vaccine Biologics Corp. | 27,390 | 132 | |||
* | FLEXium Interconnect Inc. | 43,000 | 131 | |||
Kinsus Interconnect Technology Corp. | 33,000 | 131 | ||||
Sunny Friend Environmental Technology Co. Ltd. | 22,000 | 131 |
Shares | Market Value• ($000) | |||||
Shinkong Synthetic Fibers Corp. | 220,000 | 130 | ||||
Jentech Precision Industrial Co. Ltd. | 10,000 | 130 | ||||
YFY Inc. | 159,000 | 129 | ||||
Grape King Bio Ltd. | 26,000 | 127 | ||||
Tong Yang Industry Co. Ltd. | 71,000 | 127 | ||||
Tong Hsing Electronic Industries Ltd. | 18,310 | 127 | ||||
Wei Chuan Foods Corp. | 188,000 | 125 | ||||
Eternal Materials Co. Ltd. | 112,000 | 124 | ||||
Elan Microelectronics Corp. | 39,000 | 123 | ||||
FSP Technology Inc. | 95,000 | 123 | ||||
Flytech Technology Co. Ltd. | 44,000 | 123 | ||||
Ton Yi Industrial Corp. | 185,000 | 123 | ||||
* | Ambassador Hotel | 112,000 | 123 | |||
Gold Circuit Electronics Ltd. | 45,000 | 122 | ||||
WT Microelectronics Co. Ltd. | 58,000 | 122 | ||||
Greatek Electronics Inc. | 62,000 | 120 | ||||
* | Mercuries Life Insurance Co. Ltd. | 514,477 | 120 | |||
Wafer Works Corp. | 69,923 | 119 | ||||
Gloria Material Technology Corp. | 127,000 | 118 | ||||
Goldsun Building Materials Co. Ltd. | 141,753 | 118 | ||||
Ardentec Corp. | 79,000 | 118 | ||||
* | Unitech Printed Circuit Board Corp. | 154,363 | 117 | |||
XinTec Inc. | 27,000 | 116 | ||||
* | Kenda Rubber Industrial Co. Ltd. | 100,000 | 114 | |||
Prince Housing & Development Corp. | 282,000 | 111 | ||||
Pan Jit International Inc. | 48,400 | 110 | ||||
Wah Lee Industrial Corp. | 36,720 | 110 | ||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 45,000 | 110 | ||||
Taiwan Glass Industry Corp. | 191,000 | 110 | ||||
* | Shihlin Paper Corp. | 59,000 | 110 | |||
* | United Renewable Energy Co. Ltd. | 143,420 | 108 | |||
Capital Securities Corp. | 273,000 | 107 | ||||
Cheng Loong Corp. | 115,000 | 107 | ||||
* | Nan Kang Rubber Tire Co. Ltd. | 84,000 | 107 | |||
Foxsemicon Integrated Technology Inc. | 16,000 | 107 | ||||
Apex International Co. Ltd. | 53,000 | 107 |
Shares | Market Value• ($000) | |||||
AP Memory Technology Corp. | 16,000 | 105 | ||||
Iron Force Industrial Co. Ltd. | 41,000 | 104 | ||||
Rexon Industrial Corp. Ltd. | 93,000 | 104 | ||||
China Chemical & Pharmaceutical Co. Ltd. | 136,000 | 102 | ||||
Ichia Technologies Inc. | 202,000 | 102 | ||||
Asia Vital Components Co. Ltd. | 29,000 | 102 | ||||
Continental Holdings Corp. | 104,000 | 102 | ||||
Lung Yen Life Service Corp. | 74,000 | 101 | ||||
Far Eastern Department Stores Ltd. | 151,000 | 100 | ||||
China Steel Chemical Corp. | 26,000 | 99 | ||||
Sitronix Technology Corp. | 16,000 | 99 | ||||
Ennoconn Corp. | 13,710 | 99 | ||||
Bioteque Corp. | 27,000 | 99 | ||||
Yulon Motor Co. Ltd. | 71,615 | 97 | ||||
ITEQ Corp. | 43,466 | 96 | ||||
CyberTAN Technology Inc. | 98,000 | 95 | ||||
Chung Hung Steel Corp. | 113,000 | 95 | ||||
* | Etron Technology Inc. | 55,085 | 94 | |||
Taiwan PCB Techvest Co. Ltd. | 75,000 | 94 | ||||
Dyaco International Inc. | 66,000 | 94 | ||||
* | CMC Magnetics Corp. | 356,114 | 93 | |||
Gudeng Precision Industrial Co. Ltd. | 10,000 | 93 | ||||
Tyntek Corp. | 151,000 | 92 | ||||
Infortrend Technology Inc. | 170,000 | 92 | ||||
AcBel Polytech Inc. | 93,000 | 92 | ||||
Advanced Wireless Semiconductor Co. | 34,370 | 92 | ||||
Sunonwealth Electric Machine Industry Co. Ltd. | 67,000 | 92 | ||||
* | EirGenix Inc. | 22,000 | 92 | |||
Sinyi Realty Inc. | 89,000 | 91 | ||||
Tainan Spinning Co. Ltd. | 148,000 | 91 | ||||
TYC Brother Industrial Co. Ltd. | 90,000 | 90 | ||||
Elite Semiconductor Microelectronics Technology Inc. | 35,000 | 90 | ||||
HannStar Display Corp. | 229,000 | 89 | ||||
Evergreen International Storage & Transport Corp. | 91,000 | 88 |
Shares | Market Value• ($000) | |||||
Pan-International Industrial Corp. | 78,000 | 88 | ||||
Taiwan Paiho Ltd. | 42,000 | 87 | ||||
LandMark Optoelectronics Corp. | 15,000 | 87 | ||||
Egis Technology Inc. | 33,000 | 87 | ||||
Gamania Digital Entertainment Co. Ltd. | 44,000 | 87 | ||||
Fitipower Integrated Technology Inc. | 21,083 | 87 | ||||
YC INOX Co. Ltd. | 85,476 | 86 | ||||
* | Phihong Technology Co. Ltd. | 68,000 | 86 | |||
Soft-World International Corp. | 34,000 | 86 | ||||
KMC Kuei Meng International Inc. | 16,000 | 86 | ||||
President Securities Corp. | 155,532 | 85 | ||||
Merry Electronics Co. Ltd. | 30,298 | 84 | ||||
Quanta Storage Inc. | 58,000 | 84 | ||||
Ta Ya Electric Wire & Cable | 117,129 | 84 | ||||
USI Corp. | 108,000 | 84 | ||||
Chicony Power Technology Co. Ltd. | 36,000 | 84 | ||||
Primax Electronics Ltd. | 38,000 | 83 | ||||
TCI Co. Ltd. | 17,297 | 83 | ||||
Pegavision Corp. | 6,000 | 83 | ||||
Basso Industry Corp. | 59,000 | 82 | ||||
Coretronic Corp. | 40,000 | 82 | ||||
Sanyang Motor Co. Ltd. | 68,000 | 81 | ||||
Sampo Corp. | 86,000 | 80 | ||||
China Electric Manufacturing Corp. | 140,540 | 79 | ||||
Sonix Technology Co. Ltd. | 41,000 | 79 | ||||
TSRC Corp. | 86,000 | 79 | ||||
Mitac Holdings Corp. | 86,248 | 79 | ||||
RichWave Technology Corp. | 17,400 | 79 | ||||
Hung Sheng Construction Ltd. | 92,600 | 78 | ||||
Darfon Electronics Corp. | 58,000 | 78 | ||||
Taiwan Mask Corp. | 32,000 | 78 | ||||
Sheng Yu Steel Co. Ltd. | 92,000 | 77 | ||||
SDI Corp. | 20,000 | 77 | ||||
Nuvoton Technology Corp. | 19,000 | 77 | ||||
Holy Stone Enterprise Co. Ltd. | 26,000 | 76 | ||||
Yieh Phui Enterprise Co. Ltd. | 148,365 | 76 | ||||
Yeong Guan Energy Technology Group Co. Ltd. | 41,468 | 76 |
Shares | Market Value• ($000) | |||||
AURAS Technology Co. Ltd. | 15,000 | 76 | ||||
Machvision Inc. | 15,039 | 75 | ||||
Innodisk Corp. | 13,384 | 75 | ||||
* | Century Iron & Steel Industrial Co. Ltd. | 26,000 | 74 | |||
* | RDC Semiconductor Co. Ltd. | 7,000 | 74 | |||
Center Laboratories Inc. | 35,262 | 73 | ||||
Unizyx Holding Corp. | 79,000 | 72 | ||||
International CSRC Investment Holdings Co. | 104,990 | 72 | ||||
Arcadyan Technology Corp. | 19,123 | 72 | ||||
TXC Corp. | 25,000 | 71 | ||||
Pixart Imaging Inc. | 23,000 | 71 | ||||
Kuo Toong International Co. Ltd. | 91,330 | 70 | ||||
* | Mercuries & Associates Holding Ltd. | 118,100 | 70 | |||
Visual Photonics Epitaxy Co. Ltd. | 28,000 | 69 | ||||
HannsTouch Solution Inc. | 190,000 | 68 | ||||
Dynapack International Technology Corp. | 26,000 | 68 | ||||
ChipMOS Technologies Inc. | 58,000 | 68 | ||||
Lingsen Precision Industries Ltd. | 129,000 | 67 | ||||
Syncmold Enterprise Corp. | 30,000 | 67 | ||||
* | Savior Lifetec Corp. | 104,436 | 67 | |||
Johnson Health Tech Co. Ltd. | 36,000 | 66 | ||||
U-Ming Marine Transport Corp. | 53,000 | 66 | ||||
* | Weltrend Semiconductor | 36,000 | 66 | |||
Zeng Hsing Industrial Co. Ltd. | 15,000 | 66 | ||||
Universal Vision Biotechnology Co. Ltd. | 6,300 | 66 | ||||
Farglory Land Development Co. Ltd. | 31,000 | 65 | ||||
Lealea Enterprise Co. Ltd. | 173,000 | 65 | ||||
Asia Polymer Corp. | 71,757 | 64 | ||||
Taiwan Union Technology Corp. | 34,000 | 64 | ||||
* | Taiwan TEA Corp. | 98,000 | 64 | |||
FocalTech Systems Co. Ltd. | 25,203 | 63 | ||||
General Interface Solution Holding Ltd. | 24,000 | 63 | ||||
China Metal Products | 64,000 | 62 |
Shares | Market Value• ($000) | |||||
Cathay Real Estate Development Co. Ltd. | 110,000 | 62 | ||||
Rechi Precision Co. Ltd. | 98,000 | 62 | ||||
Taiflex Scientific Co. Ltd. | 46,000 | 62 | ||||
Chia Hsin Cement Corp. | 105,000 | 62 | ||||
Tong-Tai Machine & Tool Co. Ltd. | 128,000 | 61 | ||||
Hu Lane Associate Inc. | 11,275 | 61 | ||||
TTY Biopharm Co. Ltd. | 24,000 | 60 | ||||
Taiwan-Asia Semiconductor Corp. | 47,000 | 60 | ||||
Taiwan Secom Co. Ltd. | 18,000 | 60 | ||||
Shiny Chemical Industrial Co. Ltd. | 13,750 | 60 | ||||
TPK Holding Co. Ltd. | 49,000 | 58 | ||||
* | Brogent Technologies Inc. | 15,100 | 58 | |||
Dynamic Holding Co. Ltd. | 87,997 | 58 | ||||
Namchow Holdings Co. Ltd. | 37,000 | 56 | ||||
Thinking Electronic Industrial Co. Ltd. | 12,000 | 56 | ||||
Kinpo Electronics | 125,000 | 55 | ||||
Kaimei Electronic Corp. | 29,000 | 55 | ||||
Chun Yuan Steel Industry Co. Ltd. | 99,000 | 54 | ||||
Everlight Chemical Industrial Corp. | 77,000 | 53 | ||||
Global Brands Manufacture Ltd. | 56,120 | 53 | ||||
Longchen Paper & Packaging Co. Ltd. | 97,739 | 53 | ||||
ITE Technology Inc. | 23,000 | 53 | ||||
Motech Industries Inc. | 56,594 | 53 | ||||
Nan Liu Enterprise Co. Ltd. | 19,000 | 53 | ||||
Transcend Information Inc. | 24,000 | 52 | ||||
* | OBI Pharma Inc. | 18,354 | 52 | |||
Hannstar Board Corp. | 49,000 | 52 | ||||
Adimmune Corp. | 39,000 | 52 | ||||
Everlight Electronics Co. Ltd. | 40,000 | 51 | ||||
Hsin Kuang Steel Co. Ltd. | 41,000 | 51 | ||||
TaiDoc Technology Corp. | 7,000 | 51 | ||||
Chlitina Holding Ltd. | 9,000 | 51 | ||||
Solar Applied Materials Technology Corp. | 40,000 | 51 | ||||
Sincere Navigation Corp. | 71,900 | 50 | ||||
* | TaiMed Biologics Inc. | 21,000 | 50 | |||
Speed Tech Corp. | 26,000 | 50 | ||||
Sensortek Technology Corp. | 5,000 | 50 | ||||
Chung Hwa Pulp Corp. | 78,000 | 47 |
Shares | Market Value• ($000) | |||||
* | Asia Pacific Telecom Co. Ltd. | 204,779 | 47 | |||
Holtek Semiconductor Inc. | 19,000 | 46 | ||||
Cleanaway Co. Ltd. | 8,000 | 46 | ||||
T3EX Global Holdings Corp. | 18,000 | 46 | ||||
Oriental Union Chemical Corp. | 75,000 | 45 | ||||
Alpha Networks Inc. | 43,772 | 45 | ||||
* | Lotus Pharmaceutical Co. Ltd. | 8,000 | 45 | |||
Chunghwa Precision Test Tech Co. Ltd. | 3,000 | 45 | ||||
Co-Tech Development Corp. | 32,000 | 45 | ||||
Chin-Poon Industrial Co. Ltd. | 43,000 | 44 | ||||
China Motor Corp. | 29,200 | 44 | ||||
Genesys Logic Inc. | 11,000 | 44 | ||||
Elitegroup Computer Systems Co. Ltd. | 50,000 | 43 | ||||
Gemtek Technology Corp. | 42,000 | 43 | ||||
Federal Corp. | 61,000 | 43 | ||||
Supreme Electronics Co. Ltd. | 34,276 | 42 | ||||
UPC Technology Corp. | 91,000 | 42 | ||||
Taiwan Sakura Corp. | 20,000 | 42 | ||||
Formosa Sumco Technology Corp. | 7,000 | 41 | ||||
Chang Wah Electromaterials Inc. | 36,000 | 41 | ||||
Fittech Co. Ltd. | 10,000 | 40 | ||||
* | D-Link Corp. | 71,760 | 39 | |||
* | Li Peng Enterprise Co. Ltd. | 128,000 | 39 | |||
* | Zinwell Corp. | 66,000 | 38 | |||
L&K Engineering Co. Ltd. | 36,000 | 38 | ||||
AmTRAN Technology Co. Ltd. | 86,560 | 36 | ||||
Tung Thih Electronic Co. Ltd. | 6,000 | 36 | ||||
Marketech International Corp. | 9,000 | 36 | ||||
* | Shining Building Business Co. Ltd. | 112,000 | 34 | |||
ADATA Technology Co. Ltd. | 17,000 | 34 | ||||
* | Taiwan Styrene Monomer | 70,000 | 34 | |||
China General Plastics Corp. | 43,155 | 33 | ||||
Cub Elecparts Inc. | 6,132 | 33 | ||||
Swancor Holding Co. Ltd. | 10,000 | 33 | ||||
*,1 | Roo Hsing Co. Ltd. | 326,000 | 32 |
Shares | Market Value• ($000) | |||||
Shin Zu Shing Co. Ltd. | 11,165 | 32 | ||||
China Man-Made Fiber Corp. | 115,240 | 31 | ||||
Adlink Technology Inc. | 17,000 | 31 | ||||
Advanced Ceramic X Corp. | 5,000 | 31 | ||||
Gourmet Master Co. Ltd. | 9,000 | 30 | ||||
* | Taigen Biopharmaceuticals Holdings Ltd. | 49,000 | 30 | |||
* | Medigen Biotechnology Corp. | 18,000 | 28 | |||
PChome Online Inc. | 14,000 | 28 | ||||
91APP Inc. | 8,000 | 28 | ||||
Ability Enterprise Co. Ltd. | 36,000 | 27 | ||||
Anpec Electronics Corp. | 6,000 | 27 | ||||
Cheng Uei Precision Industry Co. Ltd. | 21,000 | 26 | ||||
Ho Tung Chemical Corp. | 85,000 | 26 | ||||
St. Shine Optical Co. Ltd. | 3,000 | 26 | ||||
1 | Chang Wah Technology Co. Ltd. | 9,000 | 26 | |||
Ultra Chip Inc. | 6,000 | 26 | ||||
Far Eastern International Bank | 62,000 | 25 | ||||
Grand Pacific Petrochemical | 41,000 | 25 | ||||
* | Darwin Precisions Corp. | 75,000 | 25 | |||
Elite Advanced Laser Corp. | 15,000 | 23 | ||||
���* | Gigasolar Materials Corp. | 5,000 | 23 | |||
Amazing Microelectronic Corp. | 6,000 | 21 | ||||
* | Ritek Corp. | 71,214 | 20 | |||
* | First Steamship Co. Ltd. | 59,000 | 19 | |||
Actron Technology Corp. | 3,000 | 18 | ||||
Altek Corp. | 14,000 | 17 | ||||
Shin Foong Specialty & Applied Materials Co. Ltd. | 7,000 | 16 | ||||
Dimerco Express Corp. | 5,000 | 13 | ||||
ScinoPharm Taiwan Ltd. | 13,000 | 12 | ||||
GeneReach Biotechnology Corp. | 4,117 | 12 | ||||
ASROCK Inc. | 3,000 | 9 | ||||
* | ALI Corp. | 3,000 | 2 | |||
*,1 | Pharmally International Holding Co. Ltd. | 1,282 | 2 | |||
*,1 | Unity Opto Technology Co. Ltd. | 90,000 | — | |||
*,1 | YungShin Global Holding Corp. Rights | 14,065 | — |
Shares | Market Value• ($000) | |||||
*,1 | RichWave Technology Corp. Rights Exp. 9/5/22 | 250 | — | |||
*,1 | Gigasolar Materials Corp. Rights Exp. 9/7/22 | 790 | — | |||
*,1 | OBI Pharma Inc. Rights Exp. 9/6/22 | 629 | — | |||
*,1 | Hotai Finance Co. Ltd. Rights Exp. 9/13/22 | 5,825 | — | |||
171,636 | ||||||
Thailand (0.8%) | ||||||
CP ALL PCL (Foreign) | 1,020,700 | 1,720 | ||||
Siam Cement PCL (Foreign) | 156,000 | 1,530 | ||||
* | Airports of Thailand PCL (Foreign) | 661,000 | 1,317 | |||
Kasikornbank PCL (Foreign) | 290,900 | 1,222 | ||||
Advanced Info Service PCL (Foreign) | 214,800 | 1,130 | ||||
Bangkok Dusit Medical Services PCL (Foreign) | 1,278,200 | 1,024 | ||||
Central Pattana PCL (Foreign) | 493,900 | 937 | ||||
SCB X PCL (Foreign) | 233,100 | 705 | ||||
Delta Electronics Thailand PCL (Foreign) | 45,800 | 656 | ||||
Energy Absolute PCL (Foreign) | 254,400 | 594 | ||||
Home Product Center PCL (Foreign) | 1,409,400 | 537 | ||||
* | Minor International PCL (Foreign) | 563,100 | 504 | |||
Kiatnakin Phatra Bank PCL (Foreign) | 251,000 | 498 | ||||
Central Retail Corp. PCL (Foreign) | 444,400 | 493 | ||||
PTT Global Chemical PCL (Foreign) | 347,000 | 451 | ||||
Charoen Pokphand Foods PCL (Foreign) | 603,200 | 430 | ||||
Indorama Ventures PCL (Foreign) | 358,500 | 425 | ||||
Intouch Holdings PCL (Foreign) | 206,556 | 411 | ||||
Tisco Financial Group PCL (Foreign) | 150,900 | 388 | ||||
Krung Thai Bank PCL (Foreign) | 819,100 | 379 | ||||
Bumrungrad Hospital PCL (Foreign) | 59,300 | 351 | ||||
Com7 PCL (Foreign) | 326,700 | 308 | ||||
Sino-Thai Engineering & Construction PCL (Foreign) | 888,400 | 299 | ||||
Bangkok Bank PCL (Foreign) | 78,400 | 294 |
Shares | Market Value• ($000) | |||||
SCG Packaging PCL (Foreign) | 188,000 | 292 | ||||
Thonburi Healthcare Group PCL (Foreign) | 142,400 | 266 | ||||
BEC World PCL (Foreign) | 687,200 | 263 | ||||
BTS Group Holdings PCL (Foreign) | 1,047,400 | 241 | ||||
Krungthai Card PCL (Foreign) | 142,700 | 235 | ||||
* | Central Plaza Hotel PCL (Foreign) | 142,800 | 167 | |||
Bangkok Expressway & Metro PCL (Foreign) | 694,600 | 167 | ||||
TMBThanachart Bank PCL (Foreign) | 4,589,424 | 160 | ||||
Thai Union Group PCL (Foreign) | 332,600 | 159 | ||||
Land & Houses PCL (Foreign) | 640,300 | 156 | ||||
JMT Network Services PCL (Foreign) | 70,492 | 151 | ||||
KCE Electronics PCL (Foreign) | 92,700 | 137 | ||||
Siam Makro PCL (Foreign) | 144,437 | 136 | ||||
Jay Mart PCL (Foreign) | 95,100 | 135 | ||||
True Corp. PCL (Foreign) | 1,069,100 | 134 | ||||
Supalai PCL (Foreign) | 246,800 | 132 | ||||
CPN Retail Growth Leasehold REIT | 217,300 | 116 | ||||
Singer Thailand PCL (Foreign) | 90,800 | 116 | ||||
* | Jasmine Technology Solution PCL (Foreign) | 51,700 | 113 | |||
Berli Jucker PCL (Foreign) | 111,600 | 103 | ||||
Asset World Corp. PCL (Foreign) | 636,700 | 98 | ||||
Workpoint Entertainment PCL (Foreign) | 178,900 | 95 | ||||
Ngern Tid Lor PCL (Foreign) | 118,800 | 93 | ||||
Siam Global House PCL (Foreign) | 167,259 | 90 | ||||
Dhipaya Group Holdings PCL (Foreign) | 50,400 | 86 | ||||
Osotspa PCL (Foreign) | 99,200 | 85 | ||||
Thaicom PCL (Foreign) | 285,200 | 81 | ||||
* | Unique Engineering & Construction PCL (Foreign) | 598,300 | 80 | |||
Hana Microelectronics PCL (Foreign) | 65,200 | 76 | ||||
Thaifoods Group PCL (Foreign) | 432,000 | 74 | ||||
IMPACT Growth REIT | 194,000 | 73 |
Shares | Market Value• ($000) | |||||
Total Access Communication PCL (Foreign) | 58,400 | 69 | ||||
* | U City plc (Foreign) | 1,838,200 | 68 | |||
* | Bangkok Airways PCL (Foreign) | 233,500 | 68 | |||
Thoresen Thai Agencies PCL (Foreign) | 289,000 | 66 | ||||
Srisawad Corp. PCL (Foreign) | 48,000 | 64 | ||||
VGI PCL (Foreign) | 527,949 | 63 | ||||
* | Samart Corp. PCL (Foreign) | 358,300 | 62 | |||
Muangthai Capital PCL (Foreign) | 53,300 | 62 | ||||
Sri Trang Agro-Industry PCL (Foreign) | 98,500 | 61 | ||||
Chularat Hospital PCL (Foreign) | 563,600 | 57 | ||||
Bangkok Life Assurance PCL NVDR | 58,000 | 56 | ||||
Thailand Future Fund | 226,300 | 48 | ||||
Dohome PCL (Foreign) | 112,980 | 47 | ||||
Bangkok Chain Hospital PCL (Foreign) | 85,600 | 44 | ||||
*,1 | Thai Airways International PCL (Foreign) | 469,000 | 43 | |||
AEON Thana Sinsap Thailand PCL (Foreign) | 9,400 | 43 | ||||
AP Thailand PCL (Foreign) | 157,900 | 43 | ||||
* | STARK Corp. PCL (Foreign) | 363,300 | 42 | |||
Thanachart Capital PCL (Foreign) | 37,100 | 41 | ||||
Sri Trang Gloves Thailand PCL (Foreign) | 103,300 | 40 | ||||
Precious Shipping PCL (Foreign) | 89,000 | 35 | ||||
Bangkok Commercial Asset Management PCL (Foreign) | 67,100 | 34 | ||||
Thai Vegetable Oil PCL (Foreign) | 39,270 | 33 | ||||
Super Energy Corp. PCL (Foreign) | 1,608,300 | 33 | ||||
TTW PCL (Foreign) | 113,900 | 33 | ||||
TQM Corp. PCL (Foreign) | 26,900 | 32 | ||||
Amata Corp. PCL (Foreign) | 45,993 | 26 | ||||
SPCG PCL (Foreign) | 57,800 | 25 | ||||
Mega Lifesciences PCL (Foreign) | 18,300 | 25 | ||||
LPN Development PCL (Foreign) | 190,300 | 24 |
Shares | Market Value• ($000) | |||||
* | Jasmine International PCL (Foreign) | 305,200 | 21 | |||
Quality Houses PCL (Foreign) | 343,200 | 20 | ||||
Bangkok Land PCL (Foreign) | 675,700 | 19 | ||||
* | Plan B Media PCL (Foreign) | 107,968 | 19 | |||
GFPT PCL (Foreign) | 36,300 | 17 | ||||
Taokaenoi Food & Marketing PCL (Foreign) | 77,500 | 16 | ||||
Tipco Asphalt PCL (Foreign) | 32,600 | 15 | ||||
Sansiri PCL (Foreign) | 393,500 | 12 | ||||
Origin Property PCL (Foreign) | 38,000 | 11 | ||||
Major Cineplex Group PCL (Foreign) | 18,300 | 10 | ||||
Ratchthani Leasing PCL (Foreign) | 77,600 | 10 | ||||
BCPG PCL (Foreign) | 32,051 | 9 | ||||
* | Italian-Thai Development PCL (Foreign) | 118,800 | 6 | |||
TOA Paint Thailand PCL (Foreign) | 6,800 | 6 | ||||
Advanced Info Service PCL | 1,200 | 6 | ||||
* | BCPG PCL Warrants Exp. 11/13/23 | 1 | — | |||
* | VGI PCL Warrants Exp. 5/23/27 | 88,419 | — | |||
22,497 | ||||||
Turkey (0.2%) | ||||||
Turkiye Sise ve Cam Fabrikalari A/S | 336,058 | 455 | ||||
BIM Birlesik Magazalar A/S | 61,365 | 368 | ||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S | 345,575 | 306 | ||||
Eregli Demir ve Celik Fabrikalari TAS | 171,884 | 272 | ||||
* | Turk Hava Yollari AO | 64,553 | 259 | |||
Akbank TAS | 320,251 | 206 | ||||
Tat Gida Sanayi A/S | 158,195 | 167 | ||||
Logo Yazilim Sanayi ve Ticaret A/S | 63,135 | 165 | ||||
Turkiye Is Bankasi A/S Class C | 373,991 | 162 | ||||
Turkcell Iletisim Hizmetleri A/S | 119,656 | 141 | ||||
* | Oyak Cimento Fabrikalari A/S | 157,929 | 128 | |||
Ford Otomotiv Sanayi A/S | 6,649 | 121 | ||||
* | Hektas Ticaret TAS | 53,390 | 120 |
Shares | Market Value• ($000) | |||||
* | Is Gayrimenkul Yatirim Ortakligi A/S | 117,847 | 117 | |||
AG Anadolu Grubu Holding A/S | 26,203 | 107 | ||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S | 162,844 | 105 | ||||
* | Sasa Polyester Sanayi A/S | 35,785 | 105 | |||
Turkiye Garanti Bankasi A/S | 77,464 | 98 | ||||
* | Is Finansal Kiralama A/S | 214,190 | 97 | |||
* | Ulker Biskuvi Sanayi A/S | 81,499 | 81 | |||
* | Gubre Fabrikalari TAS | 12,258 | 79 | |||
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S | 82,746 | 71 | ||||
Akcansa Cimento A/S | 41,084 | 67 | ||||
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | 297,714 | 65 | ||||
3 | Mavi Giyim Sanayi ve Ticaret A/S Class B | 16,836 | 65 | |||
* | Penta Teknoloji Urunleri Dagitim Ticaret A/S Class B | 2,912 | 60 | |||
Yapi ve Kredi Bankasi A/S | 144,231 | 56 | ||||
Is Yatirim Menkul Degerler A/S | 35,721 | 56 | ||||
* | Torunlar Gayrimenkul Yatirim Ortakligi A/S | 114,758 | 54 | |||
* | Migros Ticaret A/S | 12,093 | 54 | |||
Koza Altin Isletmeleri A/S | 6,080 | 53 | ||||
* | Petkim Petrokimya Holding A/S | 63,279 | 50 | |||
Coca-Cola Icecek A/S | 5,755 | 50 | ||||
* | Pegasus Hava Tasimaciligi A/S | 4,077 | 47 | |||
Kartonsan Karton Sanayi ve Ticaret A/S | 12,049 | 47 | ||||
Nuh Cimento Sanayi A/S | 11,154 | 47 | ||||
Arcelik A/S | 11,806 | 45 | ||||
Borusan Yatirim ve Pazarlama A/S | 1,912 | 45 | ||||
Bera Holding A/S | 45,231 | 44 | ||||
*,3 | MLP Saglik Hizmetleri A/S Class B | 18,700 | 42 | |||
Aygaz A/S | 15,112 | 38 | ||||
* | TAV Havalimanlari Holding A/S | 10,991 | 37 | |||
Turk Traktor ve Ziraat Makineleri A/S | 2,379 | 32 | ||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class A | 55,213 | 28 |
Shares | Market Value• ($000) | |||||
Tofas Turk Otomobil Fabrikasi A/S | 5,524 | 27 | ||||
Dogus Otomotiv Servis ve Ticaret A/S | 4,771 | 26 | ||||
Aksigorta A/S | 119,838 | 25 | ||||
* | Konya Cimento Sanayii A/S | 359 | 25 | |||
EGE Endustri ve Ticaret A/S | 190 | 24 | ||||
Cimsa Cimento Sanayi ve Ticaret A/S | 7,525 | 22 | ||||
* | Koza Anadolu Metal Madencilik Isletmeleri A/S | 14,046 | 21 | |||
* | Sekerbank Turk A/S | 82,034 | 17 | |||
3 | Enerjisa Enerji A/S | 18,394 | 17 | |||
Brisa Bridgestone Sabanci Sanayi ve Ticaret A/S | 7,642 | 15 | ||||
* | Turkiye Sinai Kalkinma Bankasi A/S | 56,606 | 15 | |||
* | Kizilbuk Gayrimenkul Yatirim Ortakligi A/S | 8,254 | 15 | |||
Dogan Sirketler Grubu Holding A/S | 32,910 | 9 | ||||
Iskenderun Demir ve Celik A/S | 6,646 | 9 | ||||
Tekfen Holding A/S | 3,446 | 6 | ||||
Turk Telekomunikasyon A/S | 9,896 | 6 | ||||
Ziraat Gayrimenkul Yatirim Ortakligi A/S | 29,025 | 5 | ||||
5,096 | ||||||
United Arab Emirates (0.4%) | ||||||
Emirates Telecommunications Group Co. PJSC | 503,887 | 3,531 | ||||
First Abu Dhabi Bank PJSC | 648,859 | 3,370 | ||||
Abu Dhabi Commercial Bank PJSC | 415,491 | 1,025 | ||||
Emaar Properties PJSC | 524,424 | 891 | ||||
Abu Dhabi Islamic Bank PJSC | 282,168 | 679 | ||||
Aldar Properties PJSC | 476,826 | 625 | ||||
Air Arabia PJSC | 655,248 | 395 | ||||
Dubai Investments PJSC | 305,176 | 203 | ||||
* | Emaar Development PJSC | 128,179 | 167 | |||
* | RAK Properties PJSC | 709,994 | 152 | |||
Dubai Financial Market PJSC | 271,148 | 132 | ||||
GFH Financial Group BSC | 390,935 | 119 | ||||
Aramex PJSC | 105,947 | 112 |
Shares | Market Value• ($000) | |||||
AL Yah Satellite Communications Co-Pjsc-Yah Sat | 85,359 | 63 | ||||
*,1 | Arabtec Holding PJSC | 101,139 | 15 | |||
11,479 | ||||||
United Kingdom (7.8%) | ||||||
AstraZeneca plc | 235,043 | 29,073 | ||||
Unilever plc (XLON) | 284,427 | 12,902 | ||||
GSK plc | 606,575 | 9,696 | ||||
Reckitt Benckiser Group plc | 95,545 | 7,372 | ||||
RELX plc | 273,126 | 7,163 | ||||
Compass Group plc | 281,408 | 6,053 | ||||
Vodafone Group plc | 4,184,719 | 5,603 | ||||
Lloyds Banking Group plc | 10,541,281 | 5,342 | ||||
London Stock Exchange Group plc | 55,398 | 5,196 | ||||
Barclays plc | 2,565,120 | 4,891 | ||||
Unilever plc (XAMS) | 101,641 | 4,628 | ||||
CRH plc | 118,174 | 4,342 | ||||
Prudential plc | 413,647 | 4,341 | ||||
Experian plc | 142,225 | 4,316 | ||||
Ferguson plc | 34,592 | 4,006 | ||||
Ashtead Group plc | 70,574 | 3,467 | ||||
Tesco plc | 1,161,139 | 3,354 | ||||
Standard Chartered plc | 386,510 | 2,677 | ||||
Legal & General Group plc | 906,894 | 2,656 | ||||
* | Haleon plc | 737,266 | 2,217 | |||
3i Group plc | 157,459 | 2,216 | ||||
NatWest Group plc | 729,394 | 2,081 | ||||
Aviva plc | 428,827 | 2,080 | ||||
Segro plc | 190,164 | 2,075 | ||||
BT Group plc | 1,122,709 | 1,964 | ||||
Bunzl plc | 59,007 | 1,957 | ||||
Rentokil Initial plc | 308,729 | 1,865 | ||||
Croda International plc | 22,617 | 1,763 | ||||
Smith & Nephew plc | 146,915 | 1,728 | ||||
Informa plc | 260,187 | 1,646 | ||||
Spirax-Sarco Engineering plc | 13,070 | 1,596 | ||||
WPP plc | 182,750 | 1,574 | ||||
Sage Group plc | 189,026 | 1,567 | ||||
Halma plc | 64,269 | 1,546 | ||||
Next plc | 22,361 | 1,506 | ||||
Smurfit Kappa Group plc | 44,832 | 1,502 | ||||
Burberry Group plc | 72,814 | 1,473 | ||||
Mondi plc | 81,396 | 1,382 | ||||
InterContinental Hotels Group plc | 24,521 | 1,331 | ||||
3 | Auto Trader Group plc | 172,670 | 1,304 | |||
St. James's Place plc | 97,901 | 1,253 | ||||
Pearson plc | 124,345 | 1,244 | ||||
Severn Trent plc | 37,295 | 1,205 |
Shares | Market Value• ($000) | |||||
United Utilities Group plc | 94,605 | 1,160 | ||||
Rightmove plc | 161,224 | 1,133 | ||||
DCC plc | 19,328 | 1,112 | ||||
M&G plc | 445,282 | 1,011 | ||||
Kingfisher plc | 365,675 | 982 | ||||
Persimmon plc | 57,389 | 982 | ||||
Barratt Developments plc | 193,543 | 958 | ||||
British Land Co. plc | 187,355 | 935 | ||||
Berkeley Group Holdings plc | 21,555 | 913 | ||||
Taylor Wimpey plc | 723,930 | 908 | ||||
Admiral Group plc | 36,543 | 899 | ||||
DS Smith plc | 274,957 | 852 | ||||
Associated British Foods plc | 47,463 | 838 | ||||
Tate & Lyle plc | 93,436 | 827 | ||||
Intermediate Capital Group plc | 51,948 | 821 | ||||
RS Group plc | 62,862 | 791 | ||||
abrdn plc | 450,989 | 766 | ||||
Phoenix Group Holdings plc | 109,625 | 766 | ||||
* | Coca-Cola HBC AG | 32,780 | 748 | |||
Howden Joinery Group plc | 112,816 | 746 | ||||
Whitbread plc | 25,464 | 738 | ||||
J Sainsbury plc | 311,900 | 736 | ||||
* | Ocado Group plc | 86,128 | 724 | |||
Johnson Matthey plc | 30,692 | 716 | ||||
Direct Line Insurance Group plc | 292,890 | 698 | ||||
Antofagasta plc | 52,156 | 664 | ||||
Bellway plc | 27,859 | 659 | ||||
Spectris plc | 20,391 | 659 | ||||
Britvic plc | 72,028 | 655 | ||||
UNITE Group plc | 53,508 | 652 | ||||
Games Workshop Group plc | 7,845 | 646 | ||||
Investec plc | 134,060 | 644 | ||||
Beazley plc | 95,083 | 642 | ||||
Land Securities Group plc | 85,119 | 642 | ||||
3 | Avast plc | 77,440 | 636 | |||
Endeavour Mining plc | 31,843 | 620 | ||||
Derwent London plc | 21,712 | 613 | ||||
Dechra Pharmaceuticals plc | 15,125 | 612 | ||||
HomeServe plc | 44,232 | 609 | ||||
Hargreaves Lansdown plc | 62,051 | 587 | ||||
B&M European Value Retail SA | 132,697 | 569 | ||||
JD Sports Fashion plc | 431,257 | 564 | ||||
Man Group plc | 191,795 | 542 | ||||
Pennon Group plc | 46,632 | 505 |
Shares | Market Value• ($000) | |||||
IG Group Holdings plc | 52,945 | 502 | ||||
3 | ConvaTec Group plc | 194,163 | 490 | |||
Hikma Pharmaceuticals plc | 32,106 | 489 | ||||
Diploma plc | 16,523 | 481 | ||||
* | Marks & Spencer Group plc | 335,865 | 475 | |||
ITV plc | 633,723 | 472 | ||||
Royal Mail plc | 142,640 | 455 | ||||
Inchcape plc | 50,025 | 439 | ||||
Hiscox Ltd. | 40,376 | 421 | ||||
* | WH Smith plc | 25,303 | 419 | |||
Close Brothers Group plc | 35,310 | 418 | ||||
Greggs plc | 18,593 | 397 | ||||
OSB Group plc | 61,177 | 390 | ||||
Schroders plc | 10,926 | 340 | ||||
Vistry Group plc | 36,902 | 331 | ||||
Genus plc | 11,041 | 322 | ||||
* | Darktrace plc | 53,971 | 320 | |||
3 | Airtel Africa plc | 207,911 | 319 | |||
Future plc | 17,208 | 311 | ||||
Brewin Dolphin Holdings plc | 50,752 | 302 | ||||
*,3 | Watches of Switzerland Group plc | 31,425 | 286 | |||
Safestore Holdings plc | 22,102 | 283 | ||||
Virgin Money UK plc | 163,223 | 282 | ||||
Euromoney Institutional Investor plc | 16,569 | 279 | ||||
* | Oxford Nanopore Technologies plc | 87,993 | 279 | |||
*,2 | TUI AG | 176,873 | 271 | |||
*,3 | Trainline plc | 66,721 | 268 | |||
*,3 | Countryside Partnerships plc | 87,300 | 245 | |||
Mediclinic International plc | 41,216 | 240 | ||||
Grainger plc | 76,840 | 239 | ||||
Micro Focus International plc | 38,667 | 233 | ||||
TP ICAP Group plc | 128,646 | 229 | ||||
3 | Quilter plc | 187,691 | 229 | |||
Redrow plc | 38,445 | 226 | ||||
*,3 | Network International Holdings plc | 80,843 | 226 | |||
Capital & Counties Properties plc | 161,623 | 225 | ||||
Softcat plc | 14,991 | 225 | ||||
Big Yellow Group plc | 14,180 | 218 | ||||
LondonMetric Property plc | 82,764 | 209 | ||||
Dr. Martens plc | 76,367 | 208 | ||||
Hays plc | 149,269 | 202 | ||||
Spirent Communications plc | 67,497 | 202 | ||||
Cranswick plc | 5,611 | 201 |
Shares | Market Value• ($000) | |||||
Pets at Home Group plc | 54,714 | 201 | ||||
Mitie Group plc | 238,464 | 200 | ||||
Fresnillo plc | 24,255 | 193 | ||||
Paragon Banking Group plc | 30,106 | 187 | ||||
Lancashire Holdings Ltd. | 32,351 | 186 | ||||
Plus500 Ltd. | 9,387 | 185 | ||||
* | Frasers Group plc | 19,499 | 182 | |||
Domino's Pizza Group plc | 65,609 | 180 | ||||
Bank of Georgia Group plc | 7,644 | 178 | ||||
Computacenter plc | 6,053 | 173 | ||||
Telecom Plus plc | 7,298 | 165 | ||||
Victrex plc | 8,091 | 164 | ||||
Ashmore Group plc | 69,207 | 163 | ||||
Grafton Group plc | 18,722 | 157 | ||||
Pagegroup plc | 29,993 | 151 | ||||
* | easyJet plc | 35,986 | 150 | |||
* | Carnival plc | 17,237 | 145 | |||
Savills plc | 13,241 | 145 | ||||
Hammerson plc | 574,845 | 145 | ||||
Moneysupermarket.com Group plc | 62,949 | 144 | ||||
3 | JTC plc | 16,112 | 143 | |||
Kainos Group plc | 8,769 | 138 | ||||
* | National Express Group plc | 66,519 | 135 | |||
Centamin plc | 126,219 | 132 | ||||
Dunelm Group plc | 16,399 | 131 | ||||
Coats Group plc | 188,307 | 131 | ||||
* | IWG plc | 70,328 | 131 | |||
Synthomer plc | 57,042 | 130 | ||||
*,2 | International Consolidated Airlines Group SA | 101,440 | 127 | |||
Workspace Group plc | 20,840 | 126 | ||||
Assura plc | 164,136 | 124 | ||||
* | S4 Capital plc | 76,126 | 117 | |||
Redde Northgate plc | 27,801 | 110 | ||||
* | Helios Towers plc | 75,270 | 108 | |||
Rathbones Group plc | 5,125 | 107 | ||||
3 | Biffa plc | 22,826 | 107 | |||
Firstgroup plc | 79,386 | 106 | ||||
AJ Bell plc | 30,875 | 105 | ||||
Bytes Technology Group plc | 21,742 | 105 | ||||
* | Auction Technology Group plc | 10,974 | 105 | |||
Marshalls plc | 24,700 | 96 | ||||
Premier Foods plc | 75,666 | 95 | ||||
* | Ascential plc | 39,867 | 94 | |||
TBC Bank Group plc | 4,372 | 90 | ||||
Picton Property Income Ltd. | 81,152 | 85 |
Shares | Market Value• ($000) | |||||
Ferrexpo plc | 48,315 | 83 | ||||
IntegraFin Holdings plc | 26,761 | 83 | ||||
Just Group plc | 97,712 | 82 | ||||
Ninety One plc | 35,925 | 82 | ||||
* | THG plc Class B | 127,113 | 81 | |||
* | Moonpig Group plc | 34,857 | 79 | |||
Clarkson plc | 2,199 | 77 | ||||
Primary Health Properties plc | 48,054 | 76 | ||||
Volution Group plc | 18,749 | 76 | ||||
Shaftesbury plc | 15,778 | 75 | ||||
Liontrust Asset Management plc | 7,017 | 75 | ||||
3 | Petershill Partners plc | 28,505 | 74 | |||
* | Molten Ventures plc | 16,838 | 73 | |||
* | PureTech Health plc | 24,429 | 70 | |||
3 | Bridgepoint Group plc | 23,273 | 68 | |||
* | Greencore Group plc | 64,694 | 64 | |||
Vesuvius plc | 15,181 | 61 | ||||
Great Portland Estates plc | 10,621 | 61 | ||||
IP Group plc | 75,484 | 61 | ||||
*,3 | Wizz Air Holdings plc | 2,261 | 56 | |||
NCC Group plc | 24,017 | 55 | ||||
Sirius Real Estate Ltd. | 56,792 | 54 | ||||
FDM Group Holdings plc | 6,191 | 54 | ||||
Currys plc | 72,398 | 53 | ||||
Provident Financial plc | 25,517 | 51 | ||||
3 | TI Fluid Systems plc | 28,543 | 48 | |||
* | Elementis plc | 34,082 | 44 | |||
*,3 | Spire Healthcare Group plc | 16,080 | 43 | |||
Hilton Food Group plc | 3,788 | 43 | ||||
Genuit Group plc | 10,032 | 42 | ||||
* | Alphawave IP Group plc | 27,105 | 42 | |||
3 | Alfa Financial Software Holdings plc | 19,452 | 39 | |||
Crest Nicholson Holdings plc | 13,949 | 38 | ||||
3 | Ibstock plc | 15,964 | 35 | |||
*,3 | Trustpilot Group plc | 46,226 | 34 | |||
Hochschild Mining plc | 39,324 | 30 | ||||
RHI Magnesita NV | 1,389 | 29 | ||||
XP Power Ltd. | 1,117 | 25 | ||||
Helical plc | 5,379 | 24 | ||||
3 | CMC Markets plc | 9,033 | 24 | |||
Jupiter Fund Management plc | 19,869 | 22 | ||||
* | Oxford Biomedica plc | 4,126 | 22 | |||
Halfords Group plc | 14,101 | 21 |
Shares | Market Value• ($000) | |||||
Wickes Group plc | 15,236 | 21 | ||||
*,3 | Aston Martin Lagonda Global Holdings plc | 3,569 | 18 | |||
Keller Group plc | 2,139 | 17 | ||||
AG Barr plc | 2,978 | 17 | ||||
Devro plc | 6,727 | 15 | ||||
* | AO World plc | 24,288 | 13 | |||
PZ Cussons plc | 5,461 | 12 | ||||
*,2 | Cineworld Group plc | 95,863 | 4 | |||
*,3 | Funding Circle Holdings plc | 9,121 | 3 | |||
* | SIG plc | 2,970 | 1 | |||
*,1 | NMC Health plc | 4,208 | — | |||
222,953 | ||||||
Total Common Stocks (Cost $3,210,757) | 2,850,610 | |||||
Temporary Cash Investments (0.5%) | ||||||
Money Market Fund (0.5%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 2.284% (Cost $13,955) | 139,607 | 13,957 | |||
Total Investments (100.0%) (Cost $3,224,712) | 2,864,567 | |||||
Other Assets and Liabilities—Net (0.0%) | (694) | |||||
Net Assets (100%) | 2,863,873 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security value determined using significant unobservable inputs. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $7,064,000. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2022, the aggregate value was $97,637,000, representing 3.4% 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 $10,254,000 was received for securities on loan, of which $10,250,000 is held in Vanguard Market Liquidity Fund and $4,000 is held in cash. |
ADR—American 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 | ||||
E-mini S&P 500 Index | September 2022 | 2 | 396 | (33) |
MSCI EAFE Index | September 2022 | 74 | 6,760 | (45) |
MSCI Emerging Market Index | September 2022 | 67 | 3,289 | (56) |
(134) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
BNP Paribas | 9/21/22 | AUD | 1,581 | USD | 1,111 | — | (28) |
JPMorgan Chase Bank, N.A. | 9/21/22 | EUR | 997 | USD | 1,026 | — | (23) |
JPMorgan Chase Bank, N.A. | 9/21/22 | GBP | 746 | USD | 915 | — | (48) |
UBS AG | 9/21/22 | HKD | 12,628 | USD | 1,611 | — | (1) |
Goldman Sachs International | 9/21/22 | INR | 107,647 | USD | 1,374 | — | (22) |
JPMorgan Chase Bank, N.A. | 9/21/22 | JPY | 261,209 | USD | 1,942 | — | (59) |
Toronto-Dominion Bank | 9/21/22 | JPY | 256,958 | USD | 1,859 | — | (7) |
BNP Paribas | 9/21/22 | TWD | 29,632 | USD | 983 | — | (8) |
Toronto-Dominion Bank | 9/21/22 | USD | 1,659 | AUD | 2,294 | 89 | — |
JPMorgan Chase Bank, N.A. | 9/21/22 | USD | 2,028 | CHF | 1,966 | 13 | — |
UBS AG | 9/21/22 | USD | 1,650 | EUR | 1,528 | 113 | — |
JPMorgan Chase Bank, N.A. | 9/21/22 | USD | 1,468 | GBP | 1,165 | 114 | — |
JPMorgan Chase Bank, N.A. | 9/21/22 | USD | 2,248 | HKD | 17,605 | 4 | — |
UBS AG | 9/21/22 | USD | 4,335 | JPY | 559,996 | 298 | — |
BNP Paribas | 9/21/22 | USD | 860 | KRW | 1,069,562 | 60 | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
JPMorgan Chase Bank, N.A. | 9/21/22 | USD | 909 | SGD | 1,256 | 10 | — |
BNP Paribas | 9/21/22 | USD | 2,953 | TWD | 87,694 | 69 | — |
770 | (196) |
AUD—Australian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
INR—Indian rupee. |
JPY—Japanese yen. |
KRW—Korean won. |
SGD—Singapore dollar. |
TWD—Taiwanese dollar. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $3,210,757) | 2,850,610 |
Affiliated Issuers (Cost $13,955) | 13,957 |
Total Investments in Securities | 2,864,567 |
Investment in Vanguard | 107 |
Cash | 4 |
Foreign Currency, at Value (Cost $1,614) | 1,598 |
Cash Collateral Pledged—Futures Contracts | 480 |
Receivables for Investment Securities Sold | 1,148 |
Receivables for Accrued Income | 8,017 |
Receivables for Capital Shares Issued | 2,915 |
Unrealized Appreciation—Forward Currency Contracts | 770 |
Total Assets | 2,879,606 |
Liabilities | |
Due to Custodian | 1,157 |
Payables for Investment Securities Purchased | 1,822 |
Collateral for Securities on Loan | 10,254 |
Payables to Vanguard | 154 |
Variation Margin Payable—Futures Contracts | 45 |
Unrealized Depreciation—Forward Currency Contracts | 196 |
Deferred Foreign Capital Gains Taxes | 2,105 |
Total Liabilities | 15,733 |
Net Assets | 2,863,873 |
1 Includes $7,064 of securities on loan. | |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 3,297,530 |
Total Distributable Earnings (Loss) | (433,657) |
Net Assets | 2,863,873 |
Net Assets | |
Applicable to 59,100,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,863,873 |
Net Asset Value Per Share | $48.46 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends 1 | 78,484 |
Non-Cash Dividends | 10,346 |
Interest 2 | 25 |
Securities Lending—Net | 582 |
Total Income | 89,437 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 336 |
Management and Administrative | 2,250 |
Marketing and Distribution | 160 |
Custodian Fees | 653 |
Auditing Fees | 45 |
Shareholders’ Reports | 64 |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 63 |
Total Expenses | 3,572 |
Net Investment Income | 85,865 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (66,660) |
Futures Contracts | (3,474) |
Forward Currency Contracts | 624 |
Foreign Currencies | (1,035) |
Realized Net Gain (Loss) | (70,545) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,4 | (789,554) |
Futures Contracts | (60) |
Forward Currency Contracts | 555 |
Foreign Currencies | (297) |
Change in Unrealized Appreciation (Depreciation) | (789,356) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (774,036) |
1 | Dividends are net of foreign withholding taxes of $9,475,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $25,000, ($9,000), less than $1,000, and $2,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized Gain (Loss) is net of foreign capital gains taxes of $25,000. |
4 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($552,000). |
Year Ended August 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 85,865 | 39,385 |
Realized Net Gain (Loss) | (70,545) | 6,542 |
Change in Unrealized Appreciation (Depreciation) | (789,356) | 329,233 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (774,036) | 375,160 |
Distributions | ||
Total Distributions | (87,251) | (37,086) |
Capital Share Transactions | ||
Issued | 1,164,332 | 1,017,922 |
Issued in Lieu of Cash Distributions | — | — |
Redeemed | — | — |
Net Increase (Decrease) from Capital Share Transactions | 1,164,332 | 1,017,922 |
Total Increase (Decrease) | 303,045 | 1,355,996 |
Net Assets | ||
Beginning of Period | 2,560,828 | 1,204,832 |
End of Period | 2,863,873 | 2,560,828 |
For a Share Outstanding Throughout Each Period | Year Ended August 31, | September 18, 20181 to August 31, 2019 | ||
2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $64.34 | $52.38 | $48.09 | $50.00 |
Investment Operations | ||||
Net Investment Income2 | 1.632 | 1.295 | 1.192 | 1.529 |
Net Realized and Unrealized Gain (Loss) on Investments | (15.837) | 11.907 | 4.138 | (2.714) |
Total from Investment Operations | (14.205) | 13.202 | 5.330 | (1.185) |
Distributions | ||||
Dividends from Net Investment Income | (1.675) | (1.242) | (1.040) | (.725) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (1.675) | (1.242) | (1.040) | (.725) |
Net Asset Value, End of Period | $48.46 | $64.34 | $52.38 | $48.09 |
Total Return | -22.38% | 25.45% | 11.23% | -2.36% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $2,864 | $2,561 | $1,205 | $418 |
Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.15% | 0.17% 3,4 |
Ratio of Net Investment Income to Average Net Assets | 2.89% | 2.14% | 2.45% | 3.30% 3 |
Portfolio Turnover Rate5 | 12% | 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 | 263,797 | 7,572 | — | 271,369 |
Common Stocks—Other | 26,068 | 2,552,014 | 1,159 | 2,579,241 |
Temporary Cash Investments | 13,957 | — | — | 13,957 |
Total | 303,822 | 2,559,586 | 1,159 | 2,864,567 |
Derivative Financial Instruments | ||||
Assets | ||||
Forward Currency Contracts | — | 770 | — | 770 |
Liabilities | ||||
Futures Contracts1 | 134 | — | — | 134 |
Forward Currency Contracts | — | 196 | — | 196 |
Total | 134 | 196 | — | 330 |
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—Forward Currency Contracts | — | 770 | 770 |
Total Assets | — | 770 | 770 |
Unrealized Depreciation—Futures Contracts1 | 134 | — | 134 |
Unrealized Depreciation—Forward Currency Contracts | — | 196 | 196 |
Total Liabilities | 134 | 196 | 330 |
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 | (3,474) | — | (3,474) |
Forward Currency Contracts | — | 624 | 624 |
Realized Net Gain (Loss) on Derivatives | (3,474) | 624 | (2,850) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (60) | — | (60) |
Forward Currency Contracts | — | 555 | 555 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (60) | 555 | 495 |
Amount ($000) | |
Undistributed Ordinary Income | 14,847 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (78,759) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (370,296) |
Year Ended August 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 87,251 | 37,086 |
Long-Term Capital Gains | — | — |
Total | 87,251 | 37,086 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 3,232,563 |
Gross Unrealized Appreciation | 226,405 |
Gross Unrealized Depreciation | (594,327) |
Net Unrealized Appreciation (Depreciation) | (367,922) |
Year Ended August 31, | ||||
2022 Shares (000) | 2021 Shares (000) | |||
Issued | 19,300 | 16,800 | ||
Issued in Lieu of Cash Distributions | — | — | ||
Redeemed | — | — | ||
Net Increase (Decrease) in Shares Outstanding | 19,300 | 16,800 |
Philadelphia, Pennsylvania
October 18, 2022
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Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
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• | The 12 months ended August 31, 2022, were a very challenging period for financial markets. Vanguard ESG U.S. Corporate Bond ETF returned –14.54% (based on net asset value), roughly in line with the expense-free –14.47% return of its benchmark. |
• | Early on, pent-up demand helped spur global growth and push unemployment rates down. The economic backdrop deteriorated, however, as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. The Federal Reserve reacted by raising interest rates, which weighed on bond prices and sparked fears of recession. |
• | The yield of the bellwether 10-year U.S. Treasury bond rose significantly over the period, from 1.31% to 3.19%. As yield spreads widened for corporate bonds, they underperformed both Treasuries and mortgage-backed securities. |
• | By sector, bonds issued by industrial companies and utilities weighed more on returns than those of financial institutions. |
• | By maturity, longer-term corporates suffered more than their shorter-term counterparts. By credit quality, results were mixed. |
Average Annual Total Returns Periods Ended August 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -12.96% | 12.14% | 11.61% |
Russell 2000 Index (Small-caps) | -17.88 | 8.59 | 6.95 |
Russell 3000 Index (Broad U.S. market) | -13.28 | 11.90 | 11.29 |
FTSE All-World ex US Index (International) | -19.00 | 3.48 | 2.12 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -11.65% | -2.01% | 0.54% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.63 | -0.83 | 1.28 |
FTSE Three-Month U.S. Treasury Bill Index | 0.44 | 0.56 | 1.10 |
CPI | |||
Consumer Price Index | 8.26% | 4.90% | 3.82% |
• | 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, 2022 | |||
ESG U.S. Corporate Bond ETF | Beginning Account Value 2/28/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $909.40 | $0.58 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.60 | 0.61 |
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Average Annual Total Returns Periods Ended August 31, 2022 | ||||
One Year | Since Inception (9/22/2020) | Final Value of a $10,000 Investment | ||
![]() | ESG U.S. Corporate Bond ETF Net Asset Value | -14.54% | -7.22% | $8,648 |
ESG U.S. Corporate Bond ETF Market Price | -14.81 | -7.34 | 8,626 | |
![]() | Bloomberg MSCI US Corporate SRI Select Index | -14.47 | -7.13 | 8,663 |
![]() | Bloomberg U.S. Corporate Bond Index | -14.91 | -6.98 | 8,690 |
Cumulative Returns of ETF Shares: September 22, 2020, Through August 31, 2022 | ||
One Year | Since Inception (9/22/2020) | |
ESG U.S. Corporate Bond ETF Market Price | -14.81% | -13.74% |
ESG U.S. Corporate Bond ETF Net Asset Value | -14.54 | -13.52 |
Bloomberg MSCI US Corporate SRI Select Index | -14.47 | -13.37 |
Corporate Bonds – Communications | 13.4% |
Corporate Bonds – Consumer Discretionary | 6.8 |
Corporate Bonds – Consumer Staples | 3.6 |
Corporate Bonds – Financials | 44.1 |
Corporate Bonds – Health Care | 14.1 |
Corporate Bonds – Industrials | 1.6 |
Corporate Bonds – Materials | 1.4 |
Corporate Bonds – Real Estate | 2.0 |
Corporate Bonds – Technology | 12.9 |
Corporate Bonds – Utilities | 0.1 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Corporate Bonds (98.6%) | ||||||
Communications (13.2%) | ||||||
Activision Blizzard Inc. | 3.400% | 9/15/26 | 85 | 83 | ||
Activision Blizzard Inc. | 2.500% | 9/15/50 | 190 | 127 | ||
Alphabet Inc. | 3.375% | 2/25/24 | 80 | 80 | ||
Alphabet Inc. | 0.450% | 8/15/25 | 100 | 91 | ||
Alphabet Inc. | 1.998% | 8/15/26 | 190 | 179 | ||
Alphabet Inc. | 0.800% | 8/15/27 | 95 | 83 | ||
Alphabet Inc. | 1.100% | 8/15/30 | 250 | 204 | ||
Alphabet Inc. | 1.900% | 8/15/40 | 120 | 85 | ||
Alphabet Inc. | 2.050% | 8/15/50 | 236 | 156 | ||
Alphabet Inc. | 2.250% | 8/15/60 | 150 | 96 | ||
America Movil SAB de CV | 3.625% | 4/22/29 | 225 | 213 | ||
America Movil SAB de CV | 2.875% | 5/7/30 | 125 | 111 | ||
America Movil SAB de CV | 4.700% | 7/21/32 | 40 | 40 | ||
America Movil SAB de CV | 6.375% | 3/1/35 | 75 | 85 | ||
America Movil SAB de CV | 6.125% | 3/30/40 | 160 | 175 | ||
America Movil SAB de CV | 4.375% | 7/16/42 | 55 | 49 | ||
America Movil SAB de CV | 4.375% | 4/22/49 | 145 | 133 | ||
AT&T Inc. | 0.900% | 3/25/24 | 170 | 163 | ||
AT&T Inc. | 1.700% | 3/25/26 | 300 | 275 | ||
AT&T Inc. | 3.800% | 2/15/27 | 70 | 68 | ||
AT&T Inc. | 4.250% | 3/1/27 | 210 | 208 | ||
AT&T Inc. | 2.300% | 6/1/27 | 340 | 309 | ||
AT&T Inc. | 1.650% | 2/1/28 | 125 | 107 | ||
1 | AT&T Inc. | 4.100% | 2/15/28 | 130 | 127 | |
AT&T Inc. | 4.350% | 3/1/29 | 380 | 370 | ||
1 | AT&T Inc. | 4.300% | 2/15/30 | 300 | 289 | |
AT&T Inc. | 2.750% | 6/1/31 | 195 | 167 | ||
AT&T Inc. | 2.250% | 2/1/32 | 290 | 235 | ||
AT&T Inc. | 2.550% | 12/1/33 | 500 | 399 | ||
AT&T Inc. | 4.500% | 5/15/35 | 130 | 122 | ||
AT&T Inc. | 4.850% | 3/1/39 | 104 | 98 | ||
AT&T Inc. | 3.500% | 6/1/41 | 230 | 181 | ||
AT&T Inc. | 4.300% | 12/15/42 | 170 | 147 | ||
AT&T Inc. | 4.350% | 6/15/45 | 155 | 133 | ||
AT&T Inc. | 4.750% | 5/15/46 | 250 | 230 | ||
AT&T Inc. | 4.500% | 3/9/48 | 200 | 174 | ||
AT&T Inc. | 4.550% | 3/9/49 | 115 | 103 | ||
AT&T Inc. | 3.650% | 6/1/51 | 370 | 283 | ||
AT&T Inc. | 3.500% | 9/15/53 | 780 | 579 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
AT&T Inc. | 3.550% | 9/15/55 | 750 | 548 | ||
AT&T Inc. | 3.800% | 12/1/57 | 492 | 372 | ||
AT&T Inc. | 3.650% | 9/15/59 | 600 | 435 | ||
AT&T Inc. | 3.850% | 6/1/60 | 220 | 165 | ||
Bell Telephone Co. of Canada or Bell Canada | 4.464% | 4/1/48 | 105 | 96 | ||
Bell Telephone Co. of Canada or Bell Canada | 3.650% | 8/15/52 | 10 | 8 | ||
Booking Holdings Inc. | 3.600% | 6/1/26 | 120 | 118 | ||
Booking Holdings Inc. | 4.625% | 4/13/30 | 165 | 166 | ||
British Telecommunications plc | 9.625% | 12/15/30 | 165 | 203 | ||
1 | Charter Communications Operating LLC | 4.500% | 2/1/24 | 110 | 110 | |
Charter Communications Operating LLC | 4.908% | 7/23/25 | 275 | 274 | ||
Charter Communications Operating LLC | 3.750% | 2/15/28 | 115 | 106 | ||
Charter Communications Operating LLC | 4.200% | 3/15/28 | 125 | 118 | ||
Charter Communications Operating LLC | 2.250% | 1/15/29 | 140 | 115 | ||
Charter Communications Operating LLC | 5.050% | 3/30/29 | 235 | 226 | ||
Charter Communications Operating LLC | 2.800% | 4/1/31 | 305 | 247 | ||
Charter Communications Operating LLC | 2.300% | 2/1/32 | 155 | 118 | ||
Charter Communications Operating LLC | 4.400% | 4/1/33 | 120 | 106 | ||
Charter Communications Operating LLC | 6.384% | 10/23/35 | 215 | 214 | ||
Charter Communications Operating LLC | 5.375% | 4/1/38 | 135 | 118 | ||
Charter Communications Operating LLC | 3.500% | 6/1/41 | 175 | 121 | ||
Charter Communications Operating LLC | 3.500% | 3/1/42 | 190 | 132 | ||
Charter Communications Operating LLC | 6.484% | 10/23/45 | 360 | 343 | ||
Charter Communications Operating LLC | 5.375% | 5/1/47 | 205 | 175 | ||
Charter Communications Operating LLC | 5.750% | 4/1/48 | 228 | 202 | ||
Charter Communications Operating LLC | 5.125% | 7/1/49 | 60 | 49 | ||
Charter Communications Operating LLC | 4.800% | 3/1/50 | 160 | 126 | ||
Charter Communications Operating LLC | 3.700% | 4/1/51 | 185 | 123 | ||
Charter Communications Operating LLC | 3.900% | 6/1/52 | 280 | 190 | ||
Charter Communications Operating LLC | 3.850% | 4/1/61 | 220 | 143 | ||
Charter Communications Operating LLC | 4.400% | 12/1/61 | 180 | 127 | ||
Charter Communications Operating LLC | 3.950% | 6/30/62 | 140 | 93 | ||
Charter Communications Operating LLC | 5.500% | 4/1/63 | 120 | 100 | ||
Comcast Corp. | 3.700% | 4/15/24 | 275 | 274 | ||
Comcast Corp. | 3.375% | 2/15/25 | 65 | 64 | ||
Comcast Corp. | 3.375% | 8/15/25 | 160 | 157 | ||
Comcast Corp. | 3.950% | 10/15/25 | 330 | 329 | ||
Comcast Corp. | 3.150% | 3/1/26 | 150 | 146 | ||
Comcast Corp. | 2.350% | 1/15/27 | 175 | 163 | ||
Comcast Corp. | 3.300% | 2/1/27 | 245 | 236 | ||
Comcast Corp. | 3.150% | 2/15/28 | 45 | 43 | ||
Comcast Corp. | 3.550% | 5/1/28 | 215 | 207 | ||
Comcast Corp. | 4.150% | 10/15/28 | 310 | 307 | ||
Comcast Corp. | 2.650% | 2/1/30 | 250 | 221 | ||
Comcast Corp. | 3.400% | 4/1/30 | 140 | 131 | ||
Comcast Corp. | 4.250% | 10/15/30 | 140 | 138 | ||
Comcast Corp. | 1.950% | 1/15/31 | 125 | 104 | ||
Comcast Corp. | 1.500% | 2/15/31 | 55 | 44 | ||
Comcast Corp. | 4.250% | 1/15/33 | 175 | 170 | ||
Comcast Corp. | 7.050% | 3/15/33 | 75 | 89 | ||
Comcast Corp. | 4.200% | 8/15/34 | 175 | 167 | ||
Comcast Corp. | 5.650% | 6/15/35 | 110 | 119 | ||
Comcast Corp. | 4.400% | 8/15/35 | 85 | 82 | ||
Comcast Corp. | 3.200% | 7/15/36 | 90 | 76 | ||
Comcast Corp. | 3.900% | 3/1/38 | 190 | 171 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Comcast Corp. | 4.600% | 10/15/38 | 60 | 58 | ||
Comcast Corp. | 3.250% | 11/1/39 | 70 | 57 | ||
Comcast Corp. | 3.750% | 4/1/40 | 185 | 160 | ||
Comcast Corp. | 3.400% | 7/15/46 | 140 | 109 | ||
Comcast Corp. | 4.000% | 8/15/47 | 135 | 117 | ||
Comcast Corp. | 3.969% | 11/1/47 | 210 | 180 | ||
Comcast Corp. | 4.000% | 3/1/48 | 145 | 124 | ||
Comcast Corp. | 4.700% | 10/15/48 | 108 | 103 | ||
Comcast Corp. | 3.999% | 11/1/49 | 340 | 291 | ||
Comcast Corp. | 3.450% | 2/1/50 | 65 | 51 | ||
Comcast Corp. | 2.800% | 1/15/51 | 217 | 150 | ||
Comcast Corp. | 2.887% | 11/1/51 | 379 | 267 | ||
Comcast Corp. | 2.450% | 8/15/52 | 225 | 146 | ||
Comcast Corp. | 4.049% | 11/1/52 | 140 | 120 | ||
Comcast Corp. | 2.937% | 11/1/56 | 472 | 322 | ||
Comcast Corp. | 4.950% | 10/15/58 | 140 | 137 | ||
Comcast Corp. | 2.650% | 8/15/62 | 120 | 76 | ||
Comcast Corp. | 2.987% | 11/1/63 | 398 | 267 | ||
Deutsche Telekom International Finance BV | 8.750% | 6/15/30 | 350 | 431 | ||
Discovery Communications LLC | 3.950% | 3/20/28 | 210 | 193 | ||
Discovery Communications LLC | 4.125% | 5/15/29 | 220 | 201 | ||
Discovery Communications LLC | 3.625% | 5/15/30 | 45 | 39 | ||
Discovery Communications LLC | 5.200% | 9/20/47 | 185 | 151 | ||
Discovery Communications LLC | 5.300% | 5/15/49 | 75 | 62 | ||
Discovery Communications LLC | 4.650% | 5/15/50 | 50 | 38 | ||
Discovery Communications LLC | 4.000% | 9/15/55 | 100 | 66 | ||
Electronic Arts Inc. | 1.850% | 2/15/31 | 120 | 98 | ||
Electronic Arts Inc. | 2.950% | 2/15/51 | 75 | 55 | ||
Expedia Group Inc. | 3.800% | 2/15/28 | 120 | 112 | ||
Expedia Group Inc. | 3.250% | 2/15/30 | 120 | 104 | ||
Expedia Group Inc. | 2.950% | 3/15/31 | 90 | 74 | ||
Fox Corp. | 4.030% | 1/25/24 | 60 | 60 | ||
Fox Corp. | 4.709% | 1/25/29 | 225 | 223 | ||
Fox Corp. | 5.476% | 1/25/39 | 165 | 161 | ||
Fox Corp. | 5.576% | 1/25/49 | 148 | 144 | ||
Grupo Televisa SAB | 5.000% | 5/13/45 | 30 | 28 | ||
Grupo Televisa SAB | 6.125% | 1/31/46 | 50 | 55 | ||
Grupo Televisa SAB | 5.250% | 5/24/49 | 100 | 98 | ||
2 | Magallanes Inc. | 3.428% | 3/15/24 | 210 | 205 | |
2 | Magallanes Inc. | 3.638% | 3/15/25 | 155 | 150 | |
2 | Magallanes Inc. | 3.755% | 3/15/27 | 370 | 346 | |
2 | Magallanes Inc. | 4.054% | 3/15/29 | 140 | 127 | |
2 | Magallanes Inc. | 4.279% | 3/15/32 | 445 | 387 | |
2 | Magallanes Inc. | 5.050% | 3/15/42 | 430 | 351 | |
2 | Magallanes Inc. | 5.141% | 3/15/52 | 710 | 572 | |
2 | Magallanes Inc. | 5.391% | 3/15/62 | 345 | 277 | |
2 | Meta Platforms Inc. | 3.500% | 8/15/27 | 270 | 262 | |
2 | Meta Platforms Inc. | 3.850% | 8/15/32 | 295 | 277 | |
2 | Meta Platforms Inc. | 4.450% | 8/15/52 | 270 | 246 | |
2 | Meta Platforms Inc. | 4.650% | 8/15/62 | 150 | 135 | |
Omnicom Group Inc. | 3.650% | 11/1/24 | 110 | 109 | ||
Omnicom Group Inc. | 3.600% | 4/15/26 | 75 | 73 | ||
Omnicom Group Inc. | 2.600% | 8/1/31 | 85 | 71 | ||
Orange SA | 9.000% | 3/1/31 | 244 | 312 | ||
Orange SA | 5.375% | 1/13/42 | 125 | 129 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Orange SA | 5.500% | 2/6/44 | 65 | 69 | ||
Paramount Global | 4.000% | 1/15/26 | 85 | 84 | ||
Paramount Global | 7.875% | 7/30/30 | 140 | 157 | ||
Paramount Global | 4.950% | 1/15/31 | 275 | 261 | ||
Paramount Global | 4.200% | 5/19/32 | 200 | 176 | ||
Paramount Global | 6.875% | 4/30/36 | 100 | 103 | ||
Paramount Global | 4.375% | 3/15/43 | 70 | 52 | ||
Paramount Global | 5.850% | 9/1/43 | 40 | 36 | ||
Paramount Global | 4.950% | 5/19/50 | 110 | 90 | ||
Rogers Communications Inc. | 4.100% | 10/1/23 | 135 | 135 | ||
2 | Rogers Communications Inc. | 2.950% | 3/15/25 | 50 | 48 | |
2 | Rogers Communications Inc. | 3.200% | 3/15/27 | 115 | 109 | |
2 | Rogers Communications Inc. | 3.800% | 3/15/32 | 245 | 223 | |
2 | Rogers Communications Inc. | 4.500% | 3/15/42 | 65 | 57 | |
Rogers Communications Inc. | 5.000% | 3/15/44 | 95 | 87 | ||
Rogers Communications Inc. | 4.300% | 2/15/48 | 75 | 62 | ||
Rogers Communications Inc. | 4.350% | 5/1/49 | 120 | 101 | ||
Rogers Communications Inc. | 3.700% | 11/15/49 | 105 | 80 | ||
2 | Rogers Communications Inc. | 4.550% | 3/15/52 | 220 | 194 | |
Take-Two Interactive Software Inc. | 3.300% | 3/28/24 | 185 | 182 | ||
Telefonica Emisiones SA | 4.103% | 3/8/27 | 120 | 116 | ||
Telefonica Emisiones SA | 7.045% | 6/20/36 | 150 | 164 | ||
Telefonica Emisiones SA | 4.665% | 3/6/38 | 90 | 78 | ||
Telefonica Emisiones SA | 5.213% | 3/8/47 | 270 | 233 | ||
Telefonica Emisiones SA | 4.895% | 3/6/48 | 85 | 71 | ||
Telefonica Emisiones SA | 5.520% | 3/1/49 | 165 | 148 | ||
Telefonica Europe BV | 8.250% | 9/15/30 | 150 | 175 | ||
TELUS Corp. | 3.400% | 5/13/32 | 60 | 53 | ||
Time Warner Cable LLC | 6.550% | 5/1/37 | 145 | 143 | ||
Time Warner Cable LLC | 7.300% | 7/1/38 | 55 | 57 | ||
Time Warner Cable LLC | 6.750% | 6/15/39 | 80 | 78 | ||
Time Warner Cable LLC | 5.875% | 11/15/40 | 145 | 130 | ||
Time Warner Cable LLC | 5.500% | 9/1/41 | 250 | 216 | ||
Time Warner Cable LLC | 4.500% | 9/15/42 | 235 | 178 | ||
Time Warner Entertainment Co. LP | 8.375% | 7/15/33 | 80 | 92 | ||
T-Mobile USA Inc. | 3.500% | 4/15/25 | 365 | 357 | ||
T-Mobile USA Inc. | 1.500% | 2/15/26 | 140 | 126 | ||
T-Mobile USA Inc. | 2.250% | 2/15/26 | 170 | 156 | ||
T-Mobile USA Inc. | 2.625% | 4/15/26 | 115 | 107 | ||
T-Mobile USA Inc. | 3.750% | 4/15/27 | 405 | 388 | ||
T-Mobile USA Inc. | 4.750% | 2/1/28 | 150 | 147 | ||
T-Mobile USA Inc. | 2.050% | 2/15/28 | 185 | 161 | ||
T-Mobile USA Inc. | 3.375% | 4/15/29 | 220 | 198 | ||
T-Mobile USA Inc. | 3.875% | 4/15/30 | 710 | 656 | ||
T-Mobile USA Inc. | 2.550% | 2/15/31 | 300 | 250 | ||
T-Mobile USA Inc. | 3.500% | 4/15/31 | 230 | 204 | ||
T-Mobile USA Inc. | 2.250% | 11/15/31 | 150 | 121 | ||
T-Mobile USA Inc. | 2.700% | 3/15/32 | 80 | 67 | ||
T-Mobile USA Inc. | 4.375% | 4/15/40 | 150 | 132 | ||
T-Mobile USA Inc. | 3.000% | 2/15/41 | 245 | 178 | ||
T-Mobile USA Inc. | 4.500% | 4/15/50 | 345 | 301 | ||
T-Mobile USA Inc. | 3.300% | 2/15/51 | 425 | 304 | ||
T-Mobile USA Inc. | 3.400% | 10/15/52 | 155 | 112 | ||
T-Mobile USA Inc. | 3.600% | 11/15/60 | 190 | 137 | ||
1 | TWDC Enterprises 18 Corp. | 3.150% | 9/17/25 | 70 | 68 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
TWDC Enterprises 18 Corp. | 3.000% | 2/13/26 | 74 | 72 | ||
1 | TWDC Enterprises 18 Corp. | 1.850% | 7/30/26 | 120 | 111 | |
1 | TWDC Enterprises 18 Corp. | 2.950% | 6/15/27 | 70 | 67 | |
1 | TWDC Enterprises 18 Corp. | 4.125% | 6/1/44 | 125 | 115 | |
VeriSign Inc. | 2.700% | 6/15/31 | 90 | 74 | ||
Verizon Communications Inc. | 0.750% | 3/22/24 | 40 | 38 | ||
Verizon Communications Inc. | 3.500% | 11/1/24 | 60 | 59 | ||
Verizon Communications Inc. | 3.376% | 2/15/25 | 155 | 153 | ||
Verizon Communications Inc. | 0.850% | 11/20/25 | 220 | 198 | ||
Verizon Communications Inc. | 1.450% | 3/20/26 | 280 | 255 | ||
Verizon Communications Inc. | 2.625% | 8/15/26 | 245 | 231 | ||
Verizon Communications Inc. | 4.125% | 3/16/27 | 370 | 368 | ||
Verizon Communications Inc. | 3.000% | 3/22/27 | 145 | 137 | ||
Verizon Communications Inc. | 2.100% | 3/22/28 | 345 | 305 | ||
Verizon Communications Inc. | 4.329% | 9/21/28 | 420 | 414 | ||
Verizon Communications Inc. | 3.875% | 2/8/29 | 65 | 62 | ||
Verizon Communications Inc. | 4.016% | 12/3/29 | 375 | 360 | ||
Verizon Communications Inc. | 3.150% | 3/22/30 | 155 | 139 | ||
Verizon Communications Inc. | 1.500% | 9/18/30 | 130 | 103 | ||
Verizon Communications Inc. | 1.680% | 10/30/30 | 250 | 199 | ||
Verizon Communications Inc. | 1.750% | 1/20/31 | 225 | 179 | ||
Verizon Communications Inc. | 2.550% | 3/21/31 | 370 | 313 | ||
Verizon Communications Inc. | 2.355% | 3/15/32 | 252 | 207 | ||
Verizon Communications Inc. | 4.500% | 8/10/33 | 260 | 251 | ||
Verizon Communications Inc. | 4.400% | 11/1/34 | 152 | 144 | ||
Verizon Communications Inc. | 4.272% | 1/15/36 | 92 | 85 | ||
Verizon Communications Inc. | 5.250% | 3/16/37 | 205 | 209 | ||
Verizon Communications Inc. | 2.650% | 11/20/40 | 250 | 181 | ||
Verizon Communications Inc. | 3.400% | 3/22/41 | 300 | 242 | ||
Verizon Communications Inc. | 2.850% | 9/3/41 | 155 | 115 | ||
Verizon Communications Inc. | 4.125% | 8/15/46 | 240 | 212 | ||
Verizon Communications Inc. | 4.862% | 8/21/46 | 140 | 137 | ||
Verizon Communications Inc. | 4.522% | 9/15/48 | 120 | 112 | ||
Verizon Communications Inc. | 4.000% | 3/22/50 | 250 | 213 | ||
Verizon Communications Inc. | 2.875% | 11/20/50 | 325 | 223 | ||
Verizon Communications Inc. | 3.550% | 3/22/51 | 610 | 479 | ||
Verizon Communications Inc. | 3.875% | 3/1/52 | 100 | 83 | ||
Verizon Communications Inc. | 2.987% | 10/30/56 | 325 | 219 | ||
Verizon Communications Inc. | 3.000% | 11/20/60 | 320 | 213 | ||
Verizon Communications Inc. | 3.700% | 3/22/61 | 350 | 270 | ||
Vodafone Group plc | 3.750% | 1/16/24 | 178 | 178 | ||
Vodafone Group plc | 4.125% | 5/30/25 | 225 | 224 | ||
Vodafone Group plc | 4.375% | 5/30/28 | 75 | 74 | ||
Vodafone Group plc | 6.150% | 2/27/37 | 190 | 199 | ||
Vodafone Group plc | 5.000% | 5/30/38 | 75 | 71 | ||
Vodafone Group plc | 4.375% | 2/19/43 | 125 | 107 | ||
Vodafone Group plc | 5.250% | 5/30/48 | 310 | 290 | ||
Vodafone Group plc | 4.875% | 6/19/49 | 160 | 142 | ||
Vodafone Group plc | 4.250% | 9/17/50 | 205 | 167 | ||
Walt Disney Co. | 1.750% | 8/30/24 | 140 | 134 | ||
Walt Disney Co. | 3.350% | 3/24/25 | 85 | 84 | ||
Walt Disney Co. | 1.750% | 1/13/26 | 170 | 158 | ||
Walt Disney Co. | 2.200% | 1/13/28 | 105 | 96 | ||
Walt Disney Co. | 2.000% | 9/1/29 | 205 | 177 | ||
Walt Disney Co. | 3.800% | 3/22/30 | 115 | 111 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Walt Disney Co. | 2.650% | 1/13/31 | 210 | 186 | ||
Walt Disney Co. | 6.200% | 12/15/34 | 115 | 130 | ||
Walt Disney Co. | 6.400% | 12/15/35 | 110 | 127 | ||
Walt Disney Co. | 6.650% | 11/15/37 | 110 | 131 | ||
Walt Disney Co. | 4.625% | 3/23/40 | 75 | 74 | ||
Walt Disney Co. | 3.500% | 5/13/40 | 155 | 133 | ||
Walt Disney Co. | 2.750% | 9/1/49 | 90 | 65 | ||
Walt Disney Co. | 4.700% | 3/23/50 | 175 | 175 | ||
Walt Disney Co. | 3.600% | 1/13/51 | 260 | 218 | ||
Walt Disney Co. | 3.800% | 5/13/60 | 130 | 109 | ||
Weibo Corp. | 3.500% | 7/5/24 | 75 | 72 | ||
Weibo Corp. | 3.375% | 7/8/30 | 10 | 8 | ||
WPP Finance 2010 | 3.750% | 9/19/24 | 105 | 103 | ||
44,837 | ||||||
Consumer Discretionary (6.7%) | ||||||
Alibaba Group Holding Ltd. | 3.600% | 11/28/24 | 210 | 207 | ||
Alibaba Group Holding Ltd. | 3.400% | 12/6/27 | 155 | 146 | ||
Alibaba Group Holding Ltd. | 2.125% | 2/9/31 | 180 | 150 | ||
Alibaba Group Holding Ltd. | 4.000% | 12/6/37 | 185 | 155 | ||
Alibaba Group Holding Ltd. | 2.700% | 2/9/41 | 220 | 149 | ||
Alibaba Group Holding Ltd. | 4.200% | 12/6/47 | 100 | 80 | ||
Alibaba Group Holding Ltd. | 3.150% | 2/9/51 | 65 | 43 | ||
Alibaba Group Holding Ltd. | 4.400% | 12/6/57 | 105 | 84 | ||
Alibaba Group Holding Ltd. | 3.250% | 2/9/61 | 60 | 39 | ||
Amazon.com Inc. | 2.730% | 4/13/24 | 135 | 133 | ||
Amazon.com Inc. | 0.450% | 5/12/24 | 170 | 161 | ||
Amazon.com Inc. | 2.800% | 8/22/24 | 255 | 252 | ||
Amazon.com Inc. | 3.800% | 12/5/24 | 150 | 151 | ||
Amazon.com Inc. | 3.000% | 4/13/25 | 100 | 98 | ||
Amazon.com Inc. | 0.800% | 6/3/25 | 190 | 176 | ||
Amazon.com Inc. | 5.200% | 12/3/25 | 20 | 21 | ||
Amazon.com Inc. | 1.000% | 5/12/26 | 445 | 403 | ||
Amazon.com Inc. | 3.300% | 4/13/27 | 125 | 122 | ||
Amazon.com Inc. | 1.200% | 6/3/27 | 165 | 147 | ||
Amazon.com Inc. | 3.150% | 8/22/27 | 330 | 319 | ||
Amazon.com Inc. | 1.650% | 5/12/28 | 130 | 115 | ||
Amazon.com Inc. | 3.450% | 4/13/29 | 165 | 160 | ||
Amazon.com Inc. | 1.500% | 6/3/30 | 225 | 187 | ||
Amazon.com Inc. | 2.100% | 5/12/31 | 185 | 159 | ||
Amazon.com Inc. | 3.600% | 4/13/32 | 240 | 231 | ||
Amazon.com Inc. | 4.800% | 12/5/34 | 130 | 137 | ||
Amazon.com Inc. | 3.875% | 8/22/37 | 290 | 272 | ||
Amazon.com Inc. | 2.875% | 5/12/41 | 130 | 104 | ||
Amazon.com Inc. | 4.950% | 12/5/44 | 175 | 183 | ||
Amazon.com Inc. | 4.050% | 8/22/47 | 310 | 287 | ||
Amazon.com Inc. | 2.500% | 6/3/50 | 170 | 118 | ||
Amazon.com Inc. | 3.100% | 5/12/51 | 335 | 262 | ||
Amazon.com Inc. | 3.950% | 4/13/52 | 255 | 232 | ||
Amazon.com Inc. | 4.250% | 8/22/57 | 230 | 217 | ||
Amazon.com Inc. | 2.700% | 6/3/60 | 278 | 186 | ||
Amazon.com Inc. | 3.250% | 5/12/61 | 160 | 122 | ||
Amazon.com Inc. | 4.100% | 4/13/62 | 75 | 68 | ||
1 | American Honda Finance Corp. | 0.650% | 9/8/23 | 75 | 73 | |
1 | American Honda Finance Corp. | 0.750% | 8/9/24 | 100 | 94 | |
1 | American Honda Finance Corp. | 1.500% | 1/13/25 | 100 | 95 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | American Honda Finance Corp. | 1.200% | 7/8/25 | 150 | 139 | |
1 | American Honda Finance Corp. | 1.000% | 9/10/25 | 10 | 9 | |
1 | American Honda Finance Corp. | 2.000% | 3/24/28 | 55 | 49 | |
Aptiv plc | 3.250% | 3/1/32 | 10 | 8 | ||
Aptiv plc | 3.100% | 12/1/51 | 250 | 156 | ||
Aptiv plc | 4.150% | 5/1/52 | 55 | 41 | ||
AutoZone Inc. | 4.000% | 4/15/30 | 100 | 95 | ||
AutoZone Inc. | 4.750% | 8/1/32 | 130 | 129 | ||
BorgWarner Inc. | 2.650% | 7/1/27 | 140 | 127 | ||
eBay Inc. | 3.450% | 8/1/24 | 65 | 64 | ||
eBay Inc. | 1.900% | 3/11/25 | 85 | 80 | ||
eBay Inc. | 1.400% | 5/10/26 | 95 | 86 | ||
eBay Inc. | 3.600% | 6/5/27 | 80 | 77 | ||
eBay Inc. | 2.700% | 3/11/30 | 90 | 78 | ||
eBay Inc. | 2.600% | 5/10/31 | 85 | 71 | ||
eBay Inc. | 4.000% | 7/15/42 | 62 | 51 | ||
eBay Inc. | 3.650% | 5/10/51 | 105 | 79 | ||
General Motors Co. | 4.875% | 10/2/23 | 200 | 201 | ||
General Motors Co. | 5.400% | 10/2/23 | 95 | 96 | ||
General Motors Co. | 6.125% | 10/1/25 | 165 | 170 | ||
General Motors Co. | 4.200% | 10/1/27 | 165 | 159 | ||
General Motors Co. | 6.800% | 10/1/27 | 200 | 212 | ||
General Motors Co. | 5.000% | 10/1/28 | 110 | 107 | ||
General Motors Co. | 5.400% | 10/15/29 | 50 | 49 | ||
General Motors Co. | 5.600% | 10/15/32 | 95 | 91 | ||
General Motors Co. | 5.000% | 4/1/35 | 115 | 103 | ||
General Motors Co. | 6.600% | 4/1/36 | 115 | 116 | ||
General Motors Co. | 5.150% | 4/1/38 | 80 | 70 | ||
General Motors Co. | 6.250% | 10/2/43 | 160 | 153 | ||
General Motors Co. | 5.200% | 4/1/45 | 165 | 140 | ||
General Motors Co. | 6.750% | 4/1/46 | 110 | 110 | ||
General Motors Co. | 5.400% | 4/1/48 | 85 | 75 | ||
General Motors Co. | 5.950% | 4/1/49 | 80 | 74 | ||
General Motors Financial Co. Inc. | 5.100% | 1/17/24 | 95 | 96 | ||
General Motors Financial Co. Inc. | 1.050% | 3/8/24 | 160 | 152 | ||
General Motors Financial Co. Inc. | 3.950% | 4/13/24 | 67 | 67 | ||
General Motors Financial Co. Inc. | 1.200% | 10/15/24 | 185 | 173 | ||
General Motors Financial Co. Inc. | 3.500% | 11/7/24 | 75 | 73 | ||
General Motors Financial Co. Inc. | 4.000% | 1/15/25 | 100 | 99 | ||
General Motors Financial Co. Inc. | 2.900% | 2/26/25 | 140 | 134 | ||
General Motors Financial Co. Inc. | 4.350% | 4/9/25 | 80 | 79 | ||
General Motors Financial Co. Inc. | 2.750% | 6/20/25 | 25 | 24 | ||
General Motors Financial Co. Inc. | 4.300% | 7/13/25 | 85 | 84 | ||
General Motors Financial Co. Inc. | 1.250% | 1/8/26 | 110 | 97 | ||
General Motors Financial Co. Inc. | 5.250% | 3/1/26 | 165 | 166 | ||
General Motors Financial Co. Inc. | 1.500% | 6/10/26 | 210 | 185 | ||
General Motors Financial Co. Inc. | 4.000% | 10/6/26 | 155 | 149 | ||
General Motors Financial Co. Inc. | 4.350% | 1/17/27 | 105 | 101 | ||
General Motors Financial Co. Inc. | 2.700% | 8/20/27 | 55 | 49 | ||
General Motors Financial Co. Inc. | 2.400% | 4/10/28 | 105 | 89 | ||
General Motors Financial Co. Inc. | 2.400% | 10/15/28 | 65 | 54 | ||
General Motors Financial Co. Inc. | 4.300% | 4/6/29 | 135 | 125 | ||
General Motors Financial Co. Inc. | 3.600% | 6/21/30 | 65 | 56 | ||
General Motors Financial Co. Inc. | 2.350% | 1/8/31 | 90 | 70 | ||
General Motors Financial Co. Inc. | 2.700% | 6/10/31 | 90 | 71 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
General Motors Financial Co. Inc. | 3.100% | 1/12/32 | 160 | 129 | ||
Hasbro Inc. | 3.900% | 11/19/29 | 115 | 106 | ||
Home Depot Inc. | 3.750% | 2/15/24 | 210 | 210 | ||
Home Depot Inc. | 3.350% | 9/15/25 | 75 | 74 | ||
Home Depot Inc. | 3.000% | 4/1/26 | 160 | 156 | ||
Home Depot Inc. | 2.125% | 9/15/26 | 120 | 112 | ||
Home Depot Inc. | 2.500% | 4/15/27 | 75 | 71 | ||
Home Depot Inc. | 2.875% | 4/15/27 | 90 | 86 | ||
Home Depot Inc. | 2.800% | 9/14/27 | 30 | 29 | ||
Home Depot Inc. | 1.500% | 9/15/28 | 65 | 57 | ||
Home Depot Inc. | 3.900% | 12/6/28 | 90 | 89 | ||
Home Depot Inc. | 2.950% | 6/15/29 | 150 | 140 | ||
Home Depot Inc. | 2.700% | 4/15/30 | 140 | 126 | ||
Home Depot Inc. | 1.375% | 3/15/31 | 70 | 56 | ||
Home Depot Inc. | 1.875% | 9/15/31 | 160 | 132 | ||
Home Depot Inc. | 3.250% | 4/15/32 | 135 | 125 | ||
Home Depot Inc. | 5.875% | 12/16/36 | 269 | 302 | ||
Home Depot Inc. | 3.300% | 4/15/40 | 131 | 110 | ||
Home Depot Inc. | 5.950% | 4/1/41 | 115 | 130 | ||
Home Depot Inc. | 4.200% | 4/1/43 | 40 | 37 | ||
Home Depot Inc. | 4.400% | 3/15/45 | 190 | 179 | ||
Home Depot Inc. | 4.250% | 4/1/46 | 275 | 255 | ||
Home Depot Inc. | 3.900% | 6/15/47 | 105 | 93 | ||
Home Depot Inc. | 4.500% | 12/6/48 | 145 | 140 | ||
Home Depot Inc. | 3.125% | 12/15/49 | 120 | 92 | ||
Home Depot Inc. | 3.350% | 4/15/50 | 160 | 127 | ||
Home Depot Inc. | 2.750% | 9/15/51 | 85 | 61 | ||
Home Depot Inc. | 3.625% | 4/15/52 | 155 | 130 | ||
Home Depot Inc. | 3.500% | 9/15/56 | 240 | 192 | ||
Honda Motor Co. Ltd. | 2.271% | 3/10/25 | 345 | 331 | ||
Honda Motor Co. Ltd. | 2.534% | 3/10/27 | 85 | 79 | ||
Honda Motor Co. Ltd. | 2.967% | 3/10/32 | 95 | 85 | ||
Hyatt Hotels Corp. | 1.800% | 10/1/24 | 80 | 76 | ||
Lennar Corp. | 4.750% | 11/29/27 | 20 | 20 | ||
Lowe's Cos. Inc. | 4.000% | 4/15/25 | 95 | 95 | ||
Lowe's Cos. Inc. | 3.375% | 9/15/25 | 60 | 59 | ||
Lowe's Cos. Inc. | 2.500% | 4/15/26 | 150 | 143 | ||
Lowe's Cos. Inc. | 3.100% | 5/3/27 | 280 | 266 | ||
Lowe's Cos. Inc. | 1.300% | 4/15/28 | 25 | 21 | ||
Lowe's Cos. Inc. | 1.700% | 9/15/28 | 70 | 60 | ||
Lowe's Cos. Inc. | 3.650% | 4/5/29 | 191 | 181 | ||
Lowe's Cos. Inc. | 4.500% | 4/15/30 | 165 | 163 | ||
Lowe's Cos. Inc. | 1.700% | 10/15/30 | 120 | 96 | ||
Lowe's Cos. Inc. | 2.625% | 4/1/31 | 135 | 116 | ||
Lowe's Cos. Inc. | 3.750% | 4/1/32 | 140 | 129 | ||
Lowe's Cos. Inc. | 2.800% | 9/15/41 | 60 | 43 | ||
Lowe's Cos. Inc. | 3.700% | 4/15/46 | 125 | 99 | ||
Lowe's Cos. Inc. | 4.050% | 5/3/47 | 195 | 162 | ||
Lowe's Cos. Inc. | 3.000% | 10/15/50 | 180 | 123 | ||
Lowe's Cos. Inc. | 4.250% | 4/1/52 | 140 | 119 | ||
Lowe's Cos. Inc. | 4.450% | 4/1/62 | 115 | 97 | ||
Magna International Inc. | 3.625% | 6/15/24 | 110 | 109 | ||
Magna International Inc. | 2.450% | 6/15/30 | 55 | 47 | ||
1 | Marriott International Inc. | 3.125% | 6/15/26 | 65 | 62 | |
1 | Marriott International Inc. | 4.625% | 6/15/30 | 155 | 148 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Marriott International Inc. | 2.850% | 4/15/31 | 85 | 71 | |
1 | Marriott International Inc. | 3.500% | 10/15/32 | 80 | 69 | |
1 | McDonald's Corp. | 3.300% | 7/1/25 | 75 | 74 | |
1 | McDonald's Corp. | 3.700% | 1/30/26 | 150 | 149 | |
1 | McDonald's Corp. | 3.500% | 3/1/27 | 50 | 49 | |
1 | McDonald's Corp. | 3.500% | 7/1/27 | 105 | 102 | |
1 | McDonald's Corp. | 3.800% | 4/1/28 | 105 | 103 | |
1 | McDonald's Corp. | 2.625% | 9/1/29 | 99 | 89 | |
1 | McDonald's Corp. | 2.125% | 3/1/30 | 50 | 43 | |
1 | McDonald's Corp. | 3.600% | 7/1/30 | 30 | 28 | |
1 | McDonald's Corp. | 4.700% | 12/9/35 | 145 | 144 | |
1 | McDonald's Corp. | 6.300% | 10/15/37 | 115 | 130 | |
1 | McDonald's Corp. | 6.300% | 3/1/38 | 130 | 148 | |
1 | McDonald's Corp. | 4.875% | 12/9/45 | 155 | 151 | |
1 | McDonald's Corp. | 4.450% | 3/1/47 | 145 | 134 | |
1 | McDonald's Corp. | 4.450% | 9/1/48 | 87 | 80 | |
1 | McDonald's Corp. | 3.625% | 9/1/49 | 50 | 41 | |
1 | McDonald's Corp. | 4.200% | 4/1/50 | 20 | 18 | |
Mercedes-Benz Finance North America LLC | 8.500% | 1/18/31 | 270 | 341 | ||
NIKE Inc. | 2.400% | 3/27/25 | 80 | 77 | ||
NIKE Inc. | 2.375% | 11/1/26 | 95 | 90 | ||
NIKE Inc. | 2.750% | 3/27/27 | 104 | 99 | ||
NIKE Inc. | 2.850% | 3/27/30 | 155 | 142 | ||
NIKE Inc. | 3.250% | 3/27/40 | 90 | 76 | ||
NIKE Inc. | 3.875% | 11/1/45 | 70 | 63 | ||
NIKE Inc. | 3.375% | 3/27/50 | 173 | 144 | ||
NVR Inc. | 3.000% | 5/15/30 | 117 | 100 | ||
O'Reilly Automotive Inc. | 3.600% | 9/1/27 | 115 | 111 | ||
O'Reilly Automotive Inc. | 4.700% | 6/15/32 | 70 | 69 | ||
Ralph Lauren Corp. | 2.950% | 6/15/30 | 90 | 80 | ||
Stanley Black & Decker Inc. | 2.300% | 3/15/30 | 70 | 60 | ||
Stanley Black & Decker Inc. | 2.750% | 11/15/50 | 45 | 31 | ||
1 | Stanley Black & Decker Inc. | 4.000% | 3/15/60 | 100 | 92 | |
Starbucks Corp. | 3.850% | 10/1/23 | 60 | 60 | ||
Starbucks Corp. | 3.800% | 8/15/25 | 150 | 149 | ||
Starbucks Corp. | 4.000% | 11/15/28 | 70 | 69 | ||
Starbucks Corp. | 3.550% | 8/15/29 | 180 | 170 | ||
Starbucks Corp. | 2.250% | 3/12/30 | 50 | 42 | ||
Starbucks Corp. | 2.550% | 11/15/30 | 85 | 73 | ||
Starbucks Corp. | 4.500% | 11/15/48 | 110 | 100 | ||
Starbucks Corp. | 4.450% | 8/15/49 | 125 | 112 | ||
Starbucks Corp. | 3.500% | 11/15/50 | 110 | 85 | ||
TJX Cos. Inc. | 2.250% | 9/15/26 | 135 | 127 | ||
VF Corp. | 2.400% | 4/23/25 | 150 | 143 | ||
VF Corp. | 2.950% | 4/23/30 | 35 | 30 | ||
22,629 | ||||||
Consumer Staples (3.6%) | ||||||
Archer-Daniels-Midland Co. | 2.500% | 8/11/26 | 170 | 162 | ||
Archer-Daniels-Midland Co. | 3.250% | 3/27/30 | 85 | 80 | ||
Archer-Daniels-Midland Co. | 2.700% | 9/15/51 | 120 | 90 | ||
Bunge Ltd. Finance Corp. | 2.750% | 5/14/31 | 125 | 105 | ||
Campbell Soup Co. | 3.950% | 3/15/25 | 90 | 89 | ||
Campbell Soup Co. | 4.150% | 3/15/28 | 105 | 103 | ||
Coca-Cola Co. | 1.750% | 9/6/24 | 60 | 58 | ||
Coca-Cola Co. | 3.375% | 3/25/27 | 105 | 104 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Coca-Cola Co. | 1.450% | 6/1/27 | 125 | 113 | ||
Coca-Cola Co. | 1.500% | 3/5/28 | 100 | 89 | ||
Coca-Cola Co. | 1.000% | 3/15/28 | 215 | 186 | ||
Coca-Cola Co. | 2.125% | 9/6/29 | 180 | 160 | ||
Coca-Cola Co. | 3.450% | 3/25/30 | 105 | 101 | ||
Coca-Cola Co. | 1.650% | 6/1/30 | 65 | 55 | ||
Coca-Cola Co. | 2.000% | 3/5/31 | 70 | 60 | ||
Coca-Cola Co. | 1.375% | 3/15/31 | 160 | 130 | ||
Coca-Cola Co. | 2.250% | 1/5/32 | 165 | 143 | ||
Coca-Cola Co. | 2.500% | 6/1/40 | 100 | 78 | ||
Coca-Cola Co. | 2.875% | 5/5/41 | 70 | 57 | ||
Coca-Cola Co. | 2.600% | 6/1/50 | 118 | 87 | ||
Coca-Cola Co. | 3.000% | 3/5/51 | 140 | 110 | ||
Coca-Cola Co. | 2.500% | 3/15/51 | 155 | 110 | ||
Coca-Cola Co. | 2.750% | 6/1/60 | 135 | 96 | ||
Conagra Brands Inc. | 4.300% | 5/1/24 | 115 | 115 | ||
Conagra Brands Inc. | 4.600% | 11/1/25 | 125 | 125 | ||
Conagra Brands Inc. | 1.375% | 11/1/27 | 25 | 21 | ||
Conagra Brands Inc. | 4.850% | 11/1/28 | 60 | 59 | ||
Conagra Brands Inc. | 5.300% | 11/1/38 | 80 | 76 | ||
Conagra Brands Inc. | 5.400% | 11/1/48 | 135 | 128 | ||
Dollar General Corp. | 3.500% | 4/3/30 | 125 | 115 | ||
Dollar Tree Inc. | 4.000% | 5/15/25 | 105 | 104 | ||
Dollar Tree Inc. | 4.200% | 5/15/28 | 150 | 146 | ||
Dollar Tree Inc. | 2.650% | 12/1/31 | 70 | 58 | ||
General Mills Inc. | 4.000% | 4/17/25 | 90 | 90 | ||
General Mills Inc. | 4.200% | 4/17/28 | 80 | 80 | ||
General Mills Inc. | 2.875% | 4/15/30 | 95 | 85 | ||
Hormel Foods Corp. | 0.650% | 6/3/24 | 150 | 142 | ||
Hormel Foods Corp. | 1.700% | 6/3/28 | 30 | 27 | ||
Hormel Foods Corp. | 1.800% | 6/11/30 | 120 | 101 | ||
J M Smucker Co. | 3.500% | 3/15/25 | 60 | 59 | ||
2 | JBS USA LUX SA | 5.500% | 1/15/30 | 240 | 240 | |
2 | JBS USA LUX SA | 3.000% | 5/15/32 | 100 | 82 | |
2 | JBS USA LUX SA | 6.500% | 12/1/52 | 165 | 172 | |
Kellogg Co. | 3.250% | 4/1/26 | 20 | 19 | ||
Keurig Dr Pepper Inc. | 0.750% | 3/15/24 | 100 | 95 | ||
Keurig Dr Pepper Inc. | 4.597% | 5/25/28 | 110 | 110 | ||
Keurig Dr Pepper Inc. | 3.950% | 4/15/29 | 90 | 86 | ||
Keurig Dr Pepper Inc. | 3.200% | 5/1/30 | 80 | 72 | ||
Keurig Dr Pepper Inc. | 4.050% | 4/15/32 | 75 | 70 | ||
Keurig Dr Pepper Inc. | 3.800% | 5/1/50 | 70 | 55 | ||
Keurig Dr Pepper Inc. | 4.500% | 4/15/52 | 125 | 109 | ||
Kimberly-Clark Corp. | 3.100% | 3/26/30 | 60 | 56 | ||
Kraft Heinz Foods Co. | 3.000% | 6/1/26 | 170 | 161 | ||
Kraft Heinz Foods Co. | 3.875% | 5/15/27 | 165 | 159 | ||
Kraft Heinz Foods Co. | 6.875% | 1/26/39 | 90 | 100 | ||
Kraft Heinz Foods Co. | 5.000% | 6/4/42 | 135 | 126 | ||
Kraft Heinz Foods Co. | 5.200% | 7/15/45 | 175 | 164 | ||
Kraft Heinz Foods Co. | 4.375% | 6/1/46 | 270 | 229 | ||
Kraft Heinz Foods Co. | 4.875% | 10/1/49 | 140 | 127 | ||
Kraft Heinz Foods Co. | 5.500% | 6/1/50 | 100 | 99 | ||
McCormick & Co. Inc. | 3.400% | 8/15/27 | 110 | 106 | ||
Mead Johnson Nutrition Co. | 4.125% | 11/15/25 | 106 | 106 | ||
Mondelez International Inc. | 1.500% | 5/4/25 | 155 | 145 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Mondelez International Inc. | 2.625% | 3/17/27 | 50 | 47 | ||
Mondelez International Inc. | 2.750% | 4/13/30 | 12 | 11 | ||
Mondelez International Inc. | 3.000% | 3/17/32 | 75 | 66 | ||
Mondelez International Inc. | 2.625% | 9/4/50 | 140 | 94 | ||
PepsiCo Inc. | 0.400% | 10/7/23 | 145 | 140 | ||
PepsiCo Inc. | 3.600% | 3/1/24 | 121 | 121 | ||
PepsiCo Inc. | 2.250% | 3/19/25 | 155 | 149 | ||
PepsiCo Inc. | 2.750% | 4/30/25 | 100 | 98 | ||
PepsiCo Inc. | 2.850% | 2/24/26 | 20 | 19 | ||
PepsiCo Inc. | 2.375% | 10/6/26 | 80 | 76 | ||
PepsiCo Inc. | 3.000% | 10/15/27 | 125 | 121 | ||
PepsiCo Inc. | 3.600% | 2/18/28 | 100 | 98 | ||
PepsiCo Inc. | 2.625% | 7/29/29 | 225 | 206 | ||
PepsiCo Inc. | 2.750% | 3/19/30 | 120 | 110 | ||
PepsiCo Inc. | 1.625% | 5/1/30 | 65 | 55 | ||
PepsiCo Inc. | 1.400% | 2/25/31 | 10 | 8 | ||
PepsiCo Inc. | 1.950% | 10/21/31 | 140 | 119 | ||
PepsiCo Inc. | 3.900% | 7/18/32 | 60 | 59 | ||
PepsiCo Inc. | 2.625% | 10/21/41 | 115 | 90 | ||
PepsiCo Inc. | 4.450% | 4/14/46 | 90 | 91 | ||
PepsiCo Inc. | 3.450% | 10/6/46 | 70 | 61 | ||
PepsiCo Inc. | 2.875% | 10/15/49 | 125 | 98 | ||
PepsiCo Inc. | 3.625% | 3/19/50 | 110 | 98 | ||
PepsiCo Inc. | 2.750% | 10/21/51 | 100 | 76 | ||
Procter & Gamble Co. | 0.550% | 10/29/25 | 145 | 132 | ||
Procter & Gamble Co. | 1.000% | 4/23/26 | 80 | 73 | ||
Procter & Gamble Co. | 2.450% | 11/3/26 | 205 | 196 | ||
Procter & Gamble Co. | 2.850% | 8/11/27 | 115 | 110 | ||
Procter & Gamble Co. | 3.000% | 3/25/30 | 65 | 61 | ||
Procter & Gamble Co. | 1.200% | 10/29/30 | 75 | 61 | ||
Procter & Gamble Co. | 1.950% | 4/23/31 | 120 | 104 | ||
Sysco Corp. | 3.750% | 10/1/25 | 35 | 34 | ||
Sysco Corp. | 3.300% | 7/15/26 | 160 | 155 | ||
Sysco Corp. | 3.250% | 7/15/27 | 115 | 109 | ||
Sysco Corp. | 5.950% | 4/1/30 | 37 | 39 | ||
Sysco Corp. | 6.600% | 4/1/50 | 140 | 164 | ||
Sysco Corp. | 3.150% | 12/14/51 | 45 | 32 | ||
Target Corp. | 3.500% | 7/1/24 | 55 | 55 | ||
Target Corp. | 2.250% | 4/15/25 | 185 | 178 | ||
Target Corp. | 2.500% | 4/15/26 | 35 | 34 | ||
Target Corp. | 1.950% | 1/15/27 | 140 | 130 | ||
Target Corp. | 2.350% | 2/15/30 | 70 | 62 | ||
Target Corp. | 4.000% | 7/1/42 | 85 | 78 | ||
Target Corp. | 2.950% | 1/15/52 | 140 | 106 | ||
Tyson Foods Inc. | 3.950% | 8/15/24 | 137 | 137 | ||
Tyson Foods Inc. | 4.000% | 3/1/26 | 45 | 44 | ||
Tyson Foods Inc. | 3.550% | 6/2/27 | 220 | 211 | ||
Tyson Foods Inc. | 4.550% | 6/2/47 | 55 | 50 | ||
Tyson Foods Inc. | 5.100% | 9/28/48 | 180 | 178 | ||
Unilever Capital Corp. | 2.600% | 5/5/24 | 165 | 162 | ||
Unilever Capital Corp. | 2.900% | 5/5/27 | 115 | 110 | ||
Unilever Capital Corp. | 3.500% | 3/22/28 | 45 | 44 | ||
Unilever Capital Corp. | 2.125% | 9/6/29 | 25 | 22 | ||
Unilever Capital Corp. | 1.750% | 8/12/31 | 90 | 74 | ||
Unilever Capital Corp. | 5.900% | 11/15/32 | 95 | 108 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Walgreens Boots Alliance Inc. | 0.950% | 11/17/23 | 60 | 58 | ||
Walgreens Boots Alliance Inc. | 3.800% | 11/18/24 | 125 | 124 | ||
Walgreens Boots Alliance Inc. | 3.450% | 6/1/26 | 110 | 107 | ||
Walgreens Boots Alliance Inc. | 4.800% | 11/18/44 | 105 | 93 | ||
Walgreens Boots Alliance Inc. | 4.100% | 4/15/50 | 50 | 40 | ||
12,171 | ||||||
Financials (43.5%) | ||||||
1 | Aegon NV | 5.500% | 4/11/48 | 80 | 77 | |
AerCap Ireland Capital DAC | 4.500% | 9/15/23 | 190 | 189 | ||
AerCap Ireland Capital DAC | 1.150% | 10/29/23 | 150 | 144 | ||
AerCap Ireland Capital DAC | 4.875% | 1/16/24 | 95 | 95 | ||
AerCap Ireland Capital DAC | 3.150% | 2/15/24 | 50 | 48 | ||
AerCap Ireland Capital DAC | 2.875% | 8/14/24 | 264 | 253 | ||
AerCap Ireland Capital DAC | 1.650% | 10/29/24 | 260 | 241 | ||
1 | AerCap Ireland Capital DAC | 1.750% | 10/29/24 | 100 | 93 | |
AerCap Ireland Capital DAC | 3.500% | 1/15/25 | 80 | 77 | ||
AerCap Ireland Capital DAC | 6.500% | 7/15/25 | 175 | 179 | ||
AerCap Ireland Capital DAC | 1.750% | 1/30/26 | 75 | 66 | ||
AerCap Ireland Capital DAC | 2.450% | 10/29/26 | 370 | 326 | ||
AerCap Ireland Capital DAC | 3.650% | 7/21/27 | 170 | 155 | ||
AerCap Ireland Capital DAC | 3.000% | 10/29/28 | 215 | 184 | ||
AerCap Ireland Capital DAC | 3.300% | 1/30/32 | 400 | 322 | ||
AerCap Ireland Capital DAC | 3.400% | 10/29/33 | 215 | 170 | ||
AerCap Ireland Capital DAC | 3.850% | 10/29/41 | 195 | 145 | ||
Aflac Inc. | 3.625% | 11/15/24 | 150 | 149 | ||
Aflac Inc. | 3.600% | 4/1/30 | 200 | 190 | ||
Air Lease Corp. | 3.000% | 9/15/23 | 120 | 118 | ||
1 | Air Lease Corp. | 0.700% | 2/15/24 | 45 | 42 | |
1 | Air Lease Corp. | 2.300% | 2/1/25 | 70 | 66 | |
Air Lease Corp. | 3.375% | 7/1/25 | 70 | 66 | ||
1 | Air Lease Corp. | 2.875% | 1/15/26 | 140 | 129 | |
1 | Air Lease Corp. | 3.750% | 6/1/26 | 80 | 76 | |
Air Lease Corp. | 1.875% | 8/15/26 | 35 | 31 | ||
Air Lease Corp. | 3.125% | 12/1/30 | 70 | 58 | ||
Ally Financial Inc. | 1.450% | 10/2/23 | 125 | 121 | ||
Ally Financial Inc. | 3.875% | 5/21/24 | 85 | 84 | ||
Ally Financial Inc. | 5.800% | 5/1/25 | 230 | 235 | ||
Ally Financial Inc. | 4.750% | 6/9/27 | 115 | 112 | ||
Ally Financial Inc. | 2.200% | 11/2/28 | 135 | 111 | ||
1 | Ally Financial Inc. | 8.000% | 11/1/31 | 168 | 187 | |
American Express Co. | 0.750% | 11/3/23 | 120 | 116 | ||
American Express Co. | 3.400% | 2/22/24 | 190 | 188 | ||
American Express Co. | 3.375% | 5/3/24 | 50 | 49 | ||
American Express Co. | 2.500% | 7/30/24 | 185 | 180 | ||
American Express Co. | 3.000% | 10/30/24 | 195 | 191 | ||
American Express Co. | 2.250% | 3/4/25 | 210 | 200 | ||
American Express Co. | 4.200% | 11/6/25 | 25 | 25 | ||
American Express Co. | 3.125% | 5/20/26 | 160 | 154 | ||
American Express Co. | 1.650% | 11/4/26 | 135 | 122 | ||
American Express Co. | 2.550% | 3/4/27 | 115 | 107 | ||
American Express Co. | 3.300% | 5/3/27 | 377 | 361 | ||
American Express Co. | 4.050% | 5/3/29 | 50 | 49 | ||
American Express Co. | 4.989% | 5/26/33 | 120 | 119 | ||
American Express Co. | 4.420% | 8/3/33 | 50 | 48 | ||
American Express Co. | 4.050% | 12/3/42 | 105 | 95 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
American International Group Inc. | 2.500% | 6/30/25 | 170 | 162 | ||
American International Group Inc. | 3.900% | 4/1/26 | 165 | 162 | ||
American International Group Inc. | 4.800% | 7/10/45 | 10 | 9 | ||
American International Group Inc. | 4.750% | 4/1/48 | 175 | 166 | ||
1 | American International Group Inc. | 5.750% | 4/1/48 | 10 | 9 | |
American International Group Inc. | 4.375% | 6/30/50 | 60 | 54 | ||
Ameriprise Financial Inc. | 4.000% | 10/15/23 | 90 | 90 | ||
Aon Corp. | 3.750% | 5/2/29 | 10 | 9 | ||
Aon Corp. | 2.800% | 5/15/30 | 115 | 100 | ||
Aon Corp. | 3.900% | 2/28/52 | 105 | 87 | ||
Aon Global Ltd. | 3.875% | 12/15/25 | 115 | 114 | ||
Arch Capital Group Ltd. | 3.635% | 6/30/50 | 115 | 89 | ||
Arthur J Gallagher & Co. | 3.500% | 5/20/51 | 100 | 76 | ||
Athene Holding Ltd. | 4.125% | 1/12/28 | 245 | 230 | ||
1 | Australia & New Zealand Banking Group Ltd. | 3.700% | 11/16/25 | 20 | 20 | |
AXA SA | 8.600% | 12/15/30 | 110 | 137 | ||
Banco Bilbao Vizcaya Argentaria SA | 1.125% | 9/18/25 | 85 | 77 | ||
Banco Santander SA | 2.706% | 6/27/24 | 290 | 281 | ||
Banco Santander SA | 3.496% | 3/24/25 | 200 | 195 | ||
Banco Santander SA | 2.746% | 5/28/25 | 135 | 127 | ||
Banco Santander SA | 5.147% | 8/18/25 | 200 | 199 | ||
Banco Santander SA | 5.179% | 11/19/25 | 60 | 59 | ||
Banco Santander SA | 1.849% | 3/25/26 | 65 | 58 | ||
Banco Santander SA | 4.250% | 4/11/27 | 160 | 154 | ||
Banco Santander SA | 5.294% | 8/18/27 | 200 | 196 | ||
Banco Santander SA | 1.722% | 9/14/27 | 20 | 17 | ||
Banco Santander SA | 3.800% | 2/23/28 | 115 | 105 | ||
Banco Santander SA | 4.175% | 3/24/28 | 50 | 47 | ||
Banco Santander SA | 4.379% | 4/12/28 | 25 | 24 | ||
Banco Santander SA | 3.306% | 6/27/29 | 105 | 95 | ||
Banco Santander SA | 3.490% | 5/28/30 | 190 | 163 | ||
Banco Santander SA | 2.749% | 12/3/30 | 75 | 58 | ||
Banco Santander SA | 2.958% | 3/25/31 | 100 | 82 | ||
Banco Santander SA | 3.225% | 11/22/32 | 190 | 145 | ||
1 | Bank of America Corp. | 4.125% | 1/22/24 | 185 | 186 | |
1 | Bank of America Corp. | 4.000% | 4/1/24 | 200 | 200 | |
1 | Bank of America Corp. | 4.200% | 8/26/24 | 365 | 365 | |
1 | Bank of America Corp. | 0.810% | 10/24/24 | 275 | 264 | |
1 | Bank of America Corp. | 4.000% | 1/22/25 | 250 | 248 | |
Bank of America Corp. | 1.843% | 2/4/25 | 300 | 288 | ||
1 | Bank of America Corp. | 3.458% | 3/15/25 | 225 | 221 | |
1 | Bank of America Corp. | 3.950% | 4/21/25 | 220 | 218 | |
Bank of America Corp. | 0.976% | 4/22/25 | 125 | 118 | ||
Bank of America Corp. | 3.841% | 4/25/25 | 150 | 148 | ||
1 | Bank of America Corp. | 3.875% | 8/1/25 | 230 | 230 | |
1 | Bank of America Corp. | 0.981% | 9/25/25 | 285 | 265 | |
1 | Bank of America Corp. | 3.093% | 10/1/25 | 210 | 203 | |
1 | Bank of America Corp. | 2.456% | 10/22/25 | 175 | 167 | |
1 | Bank of America Corp. | 1.530% | 12/6/25 | 220 | 205 | |
1 | Bank of America Corp. | 3.366% | 1/23/26 | 100 | 97 | |
1 | Bank of America Corp. | 2.015% | 2/13/26 | 310 | 290 | |
1 | Bank of America Corp. | 4.450% | 3/3/26 | 220 | 219 | |
1 | Bank of America Corp. | 3.384% | 4/2/26 | 540 | 522 | |
1 | Bank of America Corp. | 3.500% | 4/19/26 | 200 | 195 | |
1 | Bank of America Corp. | 1.319% | 6/19/26 | 330 | 300 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Bank of America Corp. | 4.827% | 7/22/26 | 200 | 200 | ||
1 | Bank of America Corp. | 4.250% | 10/22/26 | 183 | 180 | |
1 | Bank of America Corp. | 1.197% | 10/24/26 | 355 | 317 | |
1 | Bank of America Corp. | 1.658% | 3/11/27 | 150 | 134 | |
1 | Bank of America Corp. | 3.559% | 4/23/27 | 235 | 224 | |
Bank of America Corp. | 1.734% | 7/22/27 | 575 | 510 | ||
1 | Bank of America Corp. | 3.248% | 10/21/27 | 195 | 184 | |
1 | Bank of America Corp. | 4.183% | 11/25/27 | 250 | 244 | |
1 | Bank of America Corp. | 3.824% | 1/20/28 | 210 | 201 | |
Bank of America Corp. | 2.551% | 2/4/28 | 205 | 186 | ||
1 | Bank of America Corp. | 3.705% | 4/24/28 | 185 | 176 | |
Bank of America Corp. | 4.376% | 4/27/28 | 260 | 254 | ||
1 | Bank of America Corp. | 3.593% | 7/21/28 | 175 | 165 | |
Bank of America Corp. | 4.948% | 7/22/28 | 300 | 300 | ||
1 | Bank of America Corp. | 3.419% | 12/20/28 | 448 | 416 | |
1 | Bank of America Corp. | 3.970% | 3/5/29 | 425 | 401 | |
1 | Bank of America Corp. | 2.087% | 6/14/29 | 320 | 272 | |
1 | Bank of America Corp. | 4.271% | 7/23/29 | 298 | 286 | |
1 | Bank of America Corp. | 3.974% | 2/7/30 | 320 | 300 | |
1 | Bank of America Corp. | 3.194% | 7/23/30 | 200 | 178 | |
1 | Bank of America Corp. | 2.884% | 10/22/30 | 285 | 248 | |
1 | Bank of America Corp. | 2.496% | 2/13/31 | 300 | 252 | |
1 | Bank of America Corp. | 2.592% | 4/29/31 | 325 | 274 | |
1 | Bank of America Corp. | 1.898% | 7/23/31 | 225 | 178 | |
1 | Bank of America Corp. | 1.922% | 10/24/31 | 275 | 218 | |
1 | Bank of America Corp. | 2.651% | 3/11/32 | 165 | 137 | |
Bank of America Corp. | 2.687% | 4/22/32 | 310 | 258 | ||
Bank of America Corp. | 2.299% | 7/21/32 | 360 | 288 | ||
Bank of America Corp. | 2.572% | 10/20/32 | 205 | 168 | ||
Bank of America Corp. | 2.972% | 2/4/33 | 340 | 287 | ||
Bank of America Corp. | 4.571% | 4/27/33 | 410 | 392 | ||
Bank of America Corp. | 5.015% | 7/22/33 | 250 | 248 | ||
Bank of America Corp. | 2.482% | 9/21/36 | 260 | 201 | ||
Bank of America Corp. | 6.110% | 1/29/37 | 290 | 307 | ||
Bank of America Corp. | 3.846% | 3/8/37 | 50 | 43 | ||
1 | Bank of America Corp. | 4.244% | 4/24/38 | 275 | 248 | |
Bank of America Corp. | 7.750% | 5/14/38 | 340 | 420 | ||
1 | Bank of America Corp. | 4.078% | 4/23/40 | 140 | 122 | |
1 | Bank of America Corp. | 2.676% | 6/19/41 | 540 | 387 | |
1 | Bank of America Corp. | 5.875% | 2/7/42 | 170 | 185 | |
Bank of America Corp. | 3.311% | 4/22/42 | 265 | 207 | ||
1 | Bank of America Corp. | 5.000% | 1/21/44 | 130 | 126 | |
1 | Bank of America Corp. | 4.443% | 1/20/48 | 230 | 211 | |
1 | Bank of America Corp. | 3.946% | 1/23/49 | 140 | 118 | |
1 | Bank of America Corp. | 4.330% | 3/15/50 | 365 | 327 | |
1 | Bank of America Corp. | 4.083% | 3/20/51 | 355 | 304 | |
1 | Bank of America Corp. | 2.831% | 10/24/51 | 85 | 58 | |
1 | Bank of America Corp. | 3.483% | 3/13/52 | 215 | 166 | |
Bank of America Corp. | 2.972% | 7/21/52 | 365 | 255 | ||
1 | Bank of America NA | 6.000% | 10/15/36 | 195 | 210 | |
1 | Bank of Montreal | 0.400% | 9/15/23 | 65 | 63 | |
Bank of Montreal | 0.450% | 12/8/23 | 99 | 95 | ||
1 | Bank of Montreal | 3.300% | 2/5/24 | 75 | 74 | |
1 | Bank of Montreal | 2.150% | 3/8/24 | 50 | 49 | |
1 | Bank of Montreal | 2.500% | 6/28/24 | 115 | 112 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Bank of Montreal | 0.625% | 7/9/24 | 285 | 268 | |
1 | Bank of Montreal | 1.500% | 1/10/25 | 80 | 75 | |
1 | Bank of Montreal | 1.850% | 5/1/25 | 145 | 137 | |
1 | Bank of Montreal | 3.700% | 6/7/25 | 175 | 173 | |
1 | Bank of Montreal | 1.250% | 9/15/26 | 135 | 120 | |
1 | Bank of Montreal | 0.949% | 1/22/27 | 165 | 147 | |
1 | Bank of Montreal | 2.650% | 3/8/27 | 155 | 144 | |
1 | Bank of Montreal | 4.338% | 10/5/28 | 89 | 89 | |
1 | Bank of Montreal | 3.803% | 12/15/32 | 110 | 100 | |
Bank of Montreal | 3.088% | 1/10/37 | 115 | 93 | ||
1 | Bank of New York Mellon Corp. | 0.350% | 12/7/23 | 170 | 163 | |
1 | Bank of New York Mellon Corp. | 3.650% | 2/4/24 | 20 | 20 | |
1 | Bank of New York Mellon Corp. | 2.100% | 10/24/24 | 130 | 126 | |
1 | Bank of New York Mellon Corp. | 3.000% | 2/24/25 | 75 | 74 | |
1 | Bank of New York Mellon Corp. | 1.600% | 4/24/25 | 135 | 127 | |
1 | Bank of New York Mellon Corp. | 2.800% | 5/4/26 | 100 | 96 | |
Bank of New York Mellon Corp. | 4.414% | 7/24/26 | 50 | 50 | ||
1 | Bank of New York Mellon Corp. | 2.450% | 8/17/26 | 10 | 9 | |
Bank of New York Mellon Corp. | 2.050% | 1/26/27 | 60 | 55 | ||
1 | Bank of New York Mellon Corp. | 3.250% | 5/16/27 | 80 | 77 | |
1 | Bank of New York Mellon Corp. | 3.442% | 2/7/28 | 160 | 154 | |
1 | Bank of New York Mellon Corp. | 3.850% | 4/28/28 | 140 | 137 | |
1 | Bank of New York Mellon Corp. | 4.289% | 6/13/33 | 98 | 96 | |
Bank of Nova Scotia | 0.400% | 9/15/23 | 60 | 58 | ||
Bank of Nova Scotia | 3.400% | 2/11/24 | 90 | 89 | ||
Bank of Nova Scotia | 2.440% | 3/11/24 | 10 | 10 | ||
Bank of Nova Scotia | 0.700% | 4/15/24 | 140 | 133 | ||
Bank of Nova Scotia | 0.650% | 7/31/24 | 95 | 89 | ||
Bank of Nova Scotia | 1.450% | 1/10/25 | 140 | 132 | ||
Bank of Nova Scotia | 2.200% | 2/3/25 | 220 | 210 | ||
Bank of Nova Scotia | 3.450% | 4/11/25 | 160 | 156 | ||
Bank of Nova Scotia | 1.300% | 6/11/25 | 100 | 92 | ||
Bank of Nova Scotia | 4.500% | 12/16/25 | 160 | 160 | ||
Bank of Nova Scotia | 1.050% | 3/2/26 | 160 | 144 | ||
Bank of Nova Scotia | 1.350% | 6/24/26 | 65 | 58 | ||
Bank of Nova Scotia | 2.700% | 8/3/26 | 90 | 85 | ||
Bank of Nova Scotia | 1.300% | 9/15/26 | 125 | 111 | ||
Bank of Nova Scotia | 1.950% | 2/2/27 | 50 | 45 | ||
Bank of Nova Scotia | 2.450% | 2/2/32 | 75 | 62 | ||
Bank of Nova Scotia | 4.588% | 5/4/37 | 155 | 140 | ||
Barclays plc | 4.375% | 9/11/24 | 275 | 272 | ||
Barclays plc | 1.007% | 12/10/24 | 100 | 95 | ||
Barclays plc | 3.650% | 3/16/25 | 220 | 214 | ||
1 | Barclays plc | 3.932% | 5/7/25 | 180 | 176 | |
Barclays plc | 4.375% | 1/12/26 | 165 | 162 | ||
1 | Barclays plc | 2.852% | 5/7/26 | 50 | 47 | |
Barclays plc | 5.200% | 5/12/26 | 279 | 276 | ||
Barclays plc | 2.279% | 11/24/27 | 255 | 224 | ||
Barclays plc | 4.337% | 1/10/28 | 25 | 24 | ||
Barclays plc | 4.836% | 5/9/28 | 225 | 213 | ||
1 | Barclays plc | 4.972% | 5/16/29 | 215 | 205 | |
1 | Barclays plc | 5.088% | 6/20/30 | 185 | 173 | |
Barclays plc | 2.645% | 6/24/31 | 115 | 92 | ||
Barclays plc | 2.667% | 3/10/32 | 75 | 59 | ||
Barclays plc | 2.894% | 11/24/32 | 150 | 117 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Barclays plc | 3.564% | 9/23/35 | 45 | 36 | ||
Barclays plc | 3.811% | 3/10/42 | 85 | 62 | ||
Barclays plc | 3.330% | 11/24/42 | 90 | 65 | ||
Barclays plc | 5.250% | 8/17/45 | 190 | 178 | ||
Barclays plc | 4.950% | 1/10/47 | 130 | 119 | ||
BlackRock Inc. | 3.500% | 3/18/24 | 95 | 95 | ||
BlackRock Inc. | 3.250% | 4/30/29 | 90 | 86 | ||
BlackRock Inc. | 2.400% | 4/30/30 | 118 | 104 | ||
BlackRock Inc. | 1.900% | 1/28/31 | 65 | 54 | ||
BlackRock Inc. | 2.100% | 2/25/32 | 90 | 75 | ||
1 | BNP Paribas SA | 4.250% | 10/15/24 | 110 | 110 | |
BPCE SA | 4.000% | 4/15/24 | 155 | 154 | ||
Brighthouse Financial Inc. | 3.700% | 6/22/27 | 20 | 19 | ||
Brighthouse Financial Inc. | 4.700% | 6/22/47 | 53 | 42 | ||
1 | Canadian Imperial Bank of Commerce | 3.500% | 9/13/23 | 140 | 140 | |
Canadian Imperial Bank of Commerce | 0.500% | 12/14/23 | 75 | 72 | ||
Canadian Imperial Bank of Commerce | 3.100% | 4/2/24 | 165 | 163 | ||
Canadian Imperial Bank of Commerce | 2.250% | 1/28/25 | 75 | 72 | ||
Canadian Imperial Bank of Commerce | 3.300% | 4/7/25 | 115 | 112 | ||
Canadian Imperial Bank of Commerce | 3.945% | 8/4/25 | 300 | 296 | ||
Canadian Imperial Bank of Commerce | 1.250% | 6/22/26 | 155 | 139 | ||
Canadian Imperial Bank of Commerce | 3.450% | 4/7/27 | 65 | 62 | ||
Canadian Imperial Bank of Commerce | 3.600% | 4/7/32 | 90 | 82 | ||
Capital One Financial Corp. | 3.900% | 1/29/24 | 395 | 394 | ||
Capital One Financial Corp. | 3.750% | 4/24/24 | 55 | 55 | ||
Capital One Financial Corp. | 3.300% | 10/30/24 | 185 | 181 | ||
Capital One Financial Corp. | 3.200% | 2/5/25 | 110 | 107 | ||
Capital One Financial Corp. | 4.250% | 4/30/25 | 10 | 10 | ||
Capital One Financial Corp. | 4.166% | 5/9/25 | 50 | 50 | ||
Capital One Financial Corp. | 4.200% | 10/29/25 | 195 | 193 | ||
Capital One Financial Corp. | 2.636% | 3/3/26 | 60 | 57 | ||
Capital One Financial Corp. | 3.750% | 7/28/26 | 160 | 154 | ||
Capital One Financial Corp. | 3.750% | 3/9/27 | 150 | 144 | ||
Capital One Financial Corp. | 3.650% | 5/11/27 | 125 | 119 | ||
Capital One Financial Corp. | 1.878% | 11/2/27 | 100 | 88 | ||
Capital One Financial Corp. | 3.800% | 1/31/28 | 160 | 152 | ||
Capital One Financial Corp. | 3.273% | 3/1/30 | 115 | 101 | ||
Capital One Financial Corp. | 2.359% | 7/29/32 | 145 | 112 | ||
Capital One Financial Corp. | 5.268% | 5/10/33 | 150 | 146 | ||
Charles Schwab Corp. | 0.750% | 3/18/24 | 120 | 115 | ||
Charles Schwab Corp. | 3.850% | 5/21/25 | 55 | 55 | ||
Charles Schwab Corp. | 0.900% | 3/11/26 | 85 | 76 | ||
Charles Schwab Corp. | 1.150% | 5/13/26 | 175 | 158 | ||
Charles Schwab Corp. | 2.450% | 3/3/27 | 140 | 131 | ||
Charles Schwab Corp. | 2.000% | 3/20/28 | 150 | 135 | ||
Charles Schwab Corp. | 1.650% | 3/11/31 | 125 | 101 | ||
Charles Schwab Corp. | 2.300% | 5/13/31 | 35 | 30 | ||
Charles Schwab Corp. | 1.950% | 12/1/31 | 170 | 139 | ||
Charles Schwab Corp. | 2.900% | 3/3/32 | 75 | 66 | ||
Chubb Corp. | 6.000% | 5/11/37 | 110 | 124 | ||
Chubb INA Holdings Inc. | 3.150% | 3/15/25 | 95 | 94 | ||
Chubb INA Holdings Inc. | 3.350% | 5/3/26 | 180 | 176 | ||
Chubb INA Holdings Inc. | 1.375% | 9/15/30 | 80 | 64 | ||
Chubb INA Holdings Inc. | 4.350% | 11/3/45 | 105 | 99 | ||
Chubb INA Holdings Inc. | 3.050% | 12/15/61 | 100 | 71 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
CI Financial Corp. | 3.200% | 12/17/30 | 70 | 53 | ||
CI Financial Corp. | 4.100% | 6/15/51 | 115 | 75 | ||
1 | Citibank NA | 3.650% | 1/23/24 | 70 | 70 | |
Citigroup Inc. | 3.875% | 10/25/23 | 175 | 176 | ||
Citigroup Inc. | 4.000% | 8/5/24 | 65 | 65 | ||
Citigroup Inc. | 0.776% | 10/30/24 | 300 | 288 | ||
Citigroup Inc. | 3.875% | 3/26/25 | 100 | 99 | ||
1 | Citigroup Inc. | 3.352% | 4/24/25 | 295 | 289 | |
Citigroup Inc. | 3.300% | 4/27/25 | 210 | 205 | ||
Citigroup Inc. | 0.981% | 5/1/25 | 160 | 151 | ||
Citigroup Inc. | 4.140% | 5/24/25 | 195 | 194 | ||
Citigroup Inc. | 4.400% | 6/10/25 | 165 | 164 | ||
Citigroup Inc. | 5.500% | 9/13/25 | 175 | 180 | ||
Citigroup Inc. | 3.700% | 1/12/26 | 300 | 293 | ||
Citigroup Inc. | 2.014% | 1/25/26 | 330 | 310 | ||
Citigroup Inc. | 4.600% | 3/9/26 | 125 | 125 | ||
Citigroup Inc. | 3.290% | 3/17/26 | 100 | 96 | ||
1 | Citigroup Inc. | 3.106% | 4/8/26 | 350 | 336 | |
Citigroup Inc. | 3.400% | 5/1/26 | 225 | 217 | ||
Citigroup Inc. | 3.200% | 10/21/26 | 240 | 229 | ||
Citigroup Inc. | 4.300% | 11/20/26 | 125 | 123 | ||
Citigroup Inc. | 1.122% | 1/28/27 | 260 | 229 | ||
Citigroup Inc. | 1.462% | 6/9/27 | 510 | 450 | ||
Citigroup Inc. | 4.450% | 9/29/27 | 265 | 258 | ||
1 | Citigroup Inc. | 3.887% | 1/10/28 | 230 | 221 | |
1 | Citigroup Inc. | 3.070% | 2/24/28 | 50 | 46 | |
Citigroup Inc. | 4.658% | 5/24/28 | 225 | 222 | ||
1 | Citigroup Inc. | 3.668% | 7/24/28 | 210 | 197 | |
Citigroup Inc. | 4.125% | 7/25/28 | 160 | 153 | ||
1 | Citigroup Inc. | 3.520% | 10/27/28 | 340 | 317 | |
1 | Citigroup Inc. | 4.075% | 4/23/29 | 300 | 285 | |
1 | Citigroup Inc. | 3.980% | 3/20/30 | 285 | 266 | |
1 | Citigroup Inc. | 2.976% | 11/5/30 | 225 | 196 | |
1 | Citigroup Inc. | 2.666% | 1/29/31 | 290 | 246 | |
1 | Citigroup Inc. | 4.412% | 3/31/31 | 310 | 295 | |
1 | Citigroup Inc. | 2.572% | 6/3/31 | 175 | 146 | |
Citigroup Inc. | 2.561% | 5/1/32 | 185 | 152 | ||
Citigroup Inc. | 6.625% | 6/15/32 | 140 | 152 | ||
Citigroup Inc. | 2.520% | 11/3/32 | 260 | 210 | ||
Citigroup Inc. | 3.057% | 1/25/33 | 270 | 229 | ||
Citigroup Inc. | 3.785% | 3/17/33 | 290 | 261 | ||
Citigroup Inc. | 4.910% | 5/24/33 | 255 | 250 | ||
1 | Citigroup Inc. | 3.878% | 1/24/39 | 116 | 101 | |
Citigroup Inc. | 8.125% | 7/15/39 | 137 | 180 | ||
1 | Citigroup Inc. | 5.316% | 3/26/41 | 205 | 205 | |
Citigroup Inc. | 5.875% | 1/30/42 | 145 | 154 | ||
Citigroup Inc. | 2.904% | 11/3/42 | 50 | 36 | ||
Citigroup Inc. | 6.675% | 9/13/43 | 95 | 107 | ||
Citigroup Inc. | 5.300% | 5/6/44 | 140 | 136 | ||
Citigroup Inc. | 4.650% | 7/30/45 | 95 | 88 | ||
Citigroup Inc. | 4.750% | 5/18/46 | 220 | 198 | ||
1 | Citigroup Inc. | 4.281% | 4/24/48 | 50 | 45 | |
Citigroup Inc. | 4.650% | 7/23/48 | 290 | 273 | ||
1 | Citizens Bank NA | 2.250% | 4/28/25 | 10 | 9 | |
Citizens Financial Group Inc. | 3.250% | 4/30/30 | 50 | 44 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
CME Group Inc. | 3.000% | 3/15/25 | 80 | 78 | ||
CME Group Inc. | 2.650% | 3/15/32 | 50 | 44 | ||
CME Group Inc. | 5.300% | 9/15/43 | 53 | 58 | ||
Cooperatieve Rabobank UA | 0.375% | 1/12/24 | 205 | 195 | ||
Cooperatieve Rabobank UA | 1.375% | 1/10/25 | 50 | 47 | ||
1 | Cooperatieve Rabobank UA | 3.375% | 5/21/25 | 195 | 191 | |
Cooperatieve Rabobank UA | 4.375% | 8/4/25 | 35 | 34 | ||
1 | Cooperatieve Rabobank UA | 3.750% | 7/21/26 | 185 | 176 | |
1 | Cooperatieve Rabobank UA | 5.250% | 5/24/41 | 150 | 163 | |
Cooperatieve Rabobank UA | 5.750% | 12/1/43 | 185 | 192 | ||
Cooperatieve Rabobank UA | 5.250% | 8/4/45 | 85 | 83 | ||
2 | Corebridge Financial Inc. | 3.500% | 4/4/25 | 170 | 164 | |
2 | Corebridge Financial Inc. | 3.650% | 4/5/27 | 125 | 118 | |
2 | Corebridge Financial Inc. | 3.850% | 4/5/29 | 90 | 83 | |
2 | Corebridge Financial Inc. | 3.900% | 4/5/32 | 220 | 198 | |
2 | Corebridge Financial Inc. | 4.400% | 4/5/52 | 125 | 103 | |
1 | Credit Suisse AG | 3.625% | 9/9/24 | 385 | 376 | |
Credit Suisse AG | 3.700% | 2/21/25 | 250 | 242 | ||
Credit Suisse AG | 2.950% | 4/9/25 | 105 | 100 | ||
Credit Suisse AG | 1.250% | 8/7/26 | 175 | 151 | ||
Credit Suisse Group AG | 3.750% | 3/26/25 | 425 | 407 | ||
Credit Suisse Group AG | 4.550% | 4/17/26 | 195 | 187 | ||
Credit Suisse Group AG | 4.875% | 5/15/45 | 235 | 189 | ||
1 | Deutsche Bank AG | 0.962% | 11/8/23 | 220 | 211 | |
Deutsche Bank AG | 0.898% | 5/28/24 | 145 | 136 | ||
1 | Deutsche Bank AG | 3.700% | 5/30/24 | 100 | 98 | |
Deutsche Bank AG | 3.700% | 5/30/24 | 95 | 94 | ||
1 | Deutsche Bank AG | 2.222% | 9/18/24 | 115 | 111 | |
Deutsche Bank AG | 1.447% | 4/1/25 | 100 | 93 | ||
1 | Deutsche Bank AG | 3.961% | 11/26/25 | 40 | 38 | |
Deutsche Bank AG | 1.686% | 3/19/26 | 120 | 108 | ||
Deutsche Bank AG | 2.129% | 11/24/26 | 215 | 189 | ||
Deutsche Bank AG | 2.311% | 11/16/27 | 296 | 252 | ||
1 | Deutsche Bank AG | 3.547% | 9/18/31 | 185 | 152 | |
Discover Bank | 2.450% | 9/12/24 | 165 | 159 | ||
1 | Discover Bank | 3.450% | 7/27/26 | 120 | 114 | |
1 | Discover Bank | 4.650% | 9/13/28 | 105 | 101 | |
Discover Financial Services | 4.100% | 2/9/27 | 110 | 106 | ||
Equitable Holdings Inc. | 4.350% | 4/20/28 | 122 | 120 | ||
Equitable Holdings Inc. | 5.000% | 4/20/48 | 146 | 137 | ||
Everest Reinsurance Holdings Inc. | 3.500% | 10/15/50 | 90 | 67 | ||
Everest Reinsurance Holdings Inc. | 3.125% | 10/15/52 | 115 | 80 | ||
Fifth Third Bancorp | 3.650% | 1/25/24 | 100 | 99 | ||
Fifth Third Bancorp | 2.375% | 1/28/25 | 140 | 134 | ||
Fifth Third Bancorp | 2.550% | 5/5/27 | 80 | 74 | ||
Fifth Third Bancorp | 4.772% | 7/28/30 | 50 | 50 | ||
Fifth Third Bancorp | 8.250% | 3/1/38 | 45 | 58 | ||
1 | Fifth Third Bank NA | 3.850% | 3/15/26 | 135 | 131 | |
Franklin Resources Inc. | 1.600% | 10/30/30 | 90 | 71 | ||
Global Payments Inc. | 2.650% | 2/15/25 | 92 | 88 | ||
Global Payments Inc. | 1.200% | 3/1/26 | 120 | 106 | ||
Global Payments Inc. | 4.800% | 4/1/26 | 115 | 114 | ||
Global Payments Inc. | 2.150% | 1/15/27 | 70 | 62 | ||
Global Payments Inc. | 3.200% | 8/15/29 | 125 | 109 | ||
Global Payments Inc. | 2.900% | 5/15/30 | 95 | 80 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Global Payments Inc. | 2.900% | 11/15/31 | 70 | 57 | ||
Global Payments Inc. | 5.400% | 8/15/32 | 75 | 73 | ||
Global Payments Inc. | 4.150% | 8/15/49 | 140 | 107 | ||
Global Payments Inc. | 5.950% | 8/15/52 | 75 | 73 | ||
Goldman Sachs Capital I | 6.345% | 2/15/34 | 115 | 120 | ||
Goldman Sachs Group Inc. | 1.217% | 12/6/23 | 200 | 193 | ||
Goldman Sachs Group Inc. | 3.625% | 2/20/24 | 290 | 288 | ||
Goldman Sachs Group Inc. | 4.000% | 3/3/24 | 410 | 410 | ||
Goldman Sachs Group Inc. | 3.000% | 3/15/24 | 50 | 49 | ||
1 | Goldman Sachs Group Inc. | 3.850% | 7/8/24 | 235 | 234 | |
1 | Goldman Sachs Group Inc. | 0.657% | 9/10/24 | 210 | 201 | |
Goldman Sachs Group Inc. | 0.925% | 10/21/24 | 220 | 211 | ||
Goldman Sachs Group Inc. | 3.500% | 1/23/25 | 253 | 248 | ||
Goldman Sachs Group Inc. | 1.757% | 1/24/25 | 175 | 168 | ||
Goldman Sachs Group Inc. | 3.500% | 4/1/25 | 364 | 356 | ||
Goldman Sachs Group Inc. | 3.750% | 5/22/25 | 220 | 216 | ||
1 | Goldman Sachs Group Inc. | 3.272% | 9/29/25 | 240 | 234 | |
Goldman Sachs Group Inc. | 4.250% | 10/21/25 | 75 | 74 | ||
Goldman Sachs Group Inc. | 0.855% | 2/12/26 | 200 | 182 | ||
Goldman Sachs Group Inc. | 3.750% | 2/25/26 | 225 | 220 | ||
Goldman Sachs Group Inc. | 3.500% | 11/16/26 | 327 | 314 | ||
1 | Goldman Sachs Group Inc. | 1.093% | 12/9/26 | 265 | 235 | |
Goldman Sachs Group Inc. | 5.950% | 1/15/27 | 50 | 52 | ||
Goldman Sachs Group Inc. | 3.850% | 1/26/27 | 225 | 218 | ||
Goldman Sachs Group Inc. | 1.431% | 3/9/27 | 265 | 236 | ||
Goldman Sachs Group Inc. | 1.542% | 9/10/27 | 260 | 228 | ||
Goldman Sachs Group Inc. | 1.948% | 10/21/27 | 400 | 355 | ||
Goldman Sachs Group Inc. | 2.640% | 2/24/28 | 365 | 331 | ||
Goldman Sachs Group Inc. | 3.615% | 3/15/28 | 50 | 47 | ||
1 | Goldman Sachs Group Inc. | 3.691% | 6/5/28 | 240 | 227 | |
Goldman Sachs Group Inc. | 4.482% | 8/23/28 | 250 | 244 | ||
1 | Goldman Sachs Group Inc. | 3.814% | 4/23/29 | 380 | 357 | |
1 | Goldman Sachs Group Inc. | 4.223% | 5/1/29 | 333 | 318 | |
Goldman Sachs Group Inc. | 2.600% | 2/7/30 | 170 | 146 | ||
Goldman Sachs Group Inc. | 3.800% | 3/15/30 | 195 | 181 | ||
Goldman Sachs Group Inc. | 1.992% | 1/27/32 | 210 | 166 | ||
Goldman Sachs Group Inc. | 2.615% | 4/22/32 | 200 | 165 | ||
Goldman Sachs Group Inc. | 2.383% | 7/21/32 | 510 | 412 | ||
Goldman Sachs Group Inc. | 2.650% | 10/21/32 | 395 | 325 | ||
Goldman Sachs Group Inc. | 6.125% | 2/15/33 | 135 | 147 | ||
Goldman Sachs Group Inc. | 3.102% | 2/24/33 | 415 | 353 | ||
Goldman Sachs Group Inc. | 6.750% | 10/1/37 | 475 | 527 | ||
1 | Goldman Sachs Group Inc. | 4.017% | 10/31/38 | 345 | 301 | |
1 | Goldman Sachs Group Inc. | 4.411% | 4/23/39 | 125 | 114 | |
Goldman Sachs Group Inc. | 6.250% | 2/1/41 | 360 | 401 | ||
Goldman Sachs Group Inc. | 3.210% | 4/22/42 | 240 | 185 | ||
Goldman Sachs Group Inc. | 2.908% | 7/21/42 | 110 | 80 | ||
Goldman Sachs Group Inc. | 3.436% | 2/24/43 | 75 | 59 | ||
1 | Goldman Sachs Group Inc. | 4.800% | 7/8/44 | 210 | 201 | |
Goldman Sachs Group Inc. | 5.150% | 5/22/45 | 205 | 194 | ||
Goldman Sachs Group Inc. | 4.750% | 10/21/45 | 190 | 178 | ||
Hartford Financial Services Group Inc. | 3.600% | 8/19/49 | 80 | 63 | ||
HSBC Holdings plc | 4.250% | 3/14/24 | 75 | 75 | ||
HSBC Holdings plc | 1.162% | 11/22/24 | 260 | 248 | ||
1 | HSBC Holdings plc | 3.803% | 3/11/25 | 325 | 319 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
HSBC Holdings plc | 0.976% | 5/24/25 | 185 | 173 | ||
HSBC Holdings plc | 4.250% | 8/18/25 | 50 | 49 | ||
1 | HSBC Holdings plc | 2.633% | 11/7/25 | 185 | 176 | |
HSBC Holdings plc | 4.300% | 3/8/26 | 185 | 183 | ||
1 | HSBC Holdings plc | 1.645% | 4/18/26 | 125 | 114 | |
HSBC Holdings plc | 3.900% | 5/25/26 | 225 | 219 | ||
1 | HSBC Holdings plc | 2.099% | 6/4/26 | 230 | 211 | |
1 | HSBC Holdings plc | 4.292% | 9/12/26 | 275 | 267 | |
HSBC Holdings plc | 4.375% | 11/23/26 | 65 | 64 | ||
HSBC Holdings plc | 1.589% | 5/24/27 | 280 | 244 | ||
HSBC Holdings plc | 2.251% | 11/22/27 | 330 | 291 | ||
1 | HSBC Holdings plc | 4.041% | 3/13/28 | 195 | 183 | |
HSBC Holdings plc | 4.755% | 6/9/28 | 385 | 371 | ||
HSBC Holdings plc | 5.210% | 8/11/28 | 200 | 195 | ||
1 | HSBC Holdings plc | 2.013% | 9/22/28 | 125 | 105 | |
1 | HSBC Holdings plc | 4.583% | 6/19/29 | 275 | 260 | |
HSBC Holdings plc | 2.206% | 8/17/29 | 195 | 161 | ||
HSBC Holdings plc | 4.950% | 3/31/30 | 220 | 214 | ||
1 | HSBC Holdings plc | 3.973% | 5/22/30 | 285 | 258 | |
1 | HSBC Holdings plc | 2.848% | 6/4/31 | 185 | 153 | |
1 | HSBC Holdings plc | 2.357% | 8/18/31 | 130 | 103 | |
HSBC Holdings plc | 2.804% | 5/24/32 | 210 | 167 | ||
HSBC Holdings plc | 2.871% | 11/22/32 | 330 | 262 | ||
HSBC Holdings plc | 4.762% | 3/29/33 | 265 | 237 | ||
HSBC Holdings plc | 5.402% | 8/11/33 | 200 | 190 | ||
HSBC Holdings plc | 6.500% | 5/2/36 | 165 | 173 | ||
HSBC Holdings plc | 6.500% | 9/15/37 | 130 | 136 | ||
HSBC Holdings plc | 6.800% | 6/1/38 | 195 | 210 | ||
HSBC Holdings plc | 6.100% | 1/14/42 | 135 | 148 | ||
HSBC Holdings plc | 5.250% | 3/14/44 | 162 | 149 | ||
HSBC USA Inc. | 3.750% | 5/24/24 | 100 | 99 | ||
HSBC USA Inc. | 3.500% | 6/23/24 | 140 | 138 | ||
Huntington Bancshares Inc. | 2.625% | 8/6/24 | 70 | 68 | ||
Huntington Bancshares Inc. | 2.550% | 2/4/30 | 70 | 60 | ||
Huntington National Bank | 4.552% | 5/17/28 | 85 | 84 | ||
ING Groep NV | 4.100% | 10/2/23 | 135 | 135 | ||
ING Groep NV | 3.550% | 4/9/24 | 80 | 79 | ||
ING Groep NV | 3.869% | 3/28/26 | 100 | 97 | ||
ING Groep NV | 3.950% | 3/29/27 | 220 | 211 | ||
ING Groep NV | 1.726% | 4/1/27 | 160 | 142 | ||
ING Groep NV | 4.017% | 3/28/28 | 50 | 47 | ||
ING Groep NV | 4.550% | 10/2/28 | 70 | 68 | ||
ING Groep NV | 4.050% | 4/9/29 | 60 | 56 | ||
ING Groep NV | 2.727% | 4/1/32 | 135 | 112 | ||
ING Groep NV | 4.252% | 3/28/33 | 100 | 92 | ||
Intercontinental Exchange Inc. | 3.650% | 5/23/25 | 125 | 124 | ||
Intercontinental Exchange Inc. | 3.750% | 12/1/25 | 105 | 104 | ||
Intercontinental Exchange Inc. | 4.000% | 9/15/27 | 150 | 148 | ||
Intercontinental Exchange Inc. | 4.350% | 6/15/29 | 50 | 49 | ||
Intercontinental Exchange Inc. | 2.100% | 6/15/30 | 220 | 186 | ||
Intercontinental Exchange Inc. | 1.850% | 9/15/32 | 285 | 225 | ||
Intercontinental Exchange Inc. | 4.600% | 3/15/33 | 140 | 139 | ||
Intercontinental Exchange Inc. | 2.650% | 9/15/40 | 100 | 74 | ||
Intercontinental Exchange Inc. | 4.250% | 9/21/48 | 190 | 170 | ||
Intercontinental Exchange Inc. | 3.000% | 6/15/50 | 105 | 77 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Intercontinental Exchange Inc. | 4.950% | 6/15/52 | 165 | 162 | ||
Intercontinental Exchange Inc. | 3.000% | 9/15/60 | 175 | 119 | ||
Intercontinental Exchange Inc. | 5.200% | 6/15/62 | 50 | 49 | ||
JPMorgan Chase & Co. | 3.875% | 2/1/24 | 215 | 216 | ||
JPMorgan Chase & Co. | 3.625% | 5/13/24 | 50 | 50 | ||
JPMorgan Chase & Co. | 3.875% | 9/10/24 | 285 | 284 | ||
1 | JPMorgan Chase & Co. | 0.653% | 9/16/24 | 100 | 96 | |
1 | JPMorgan Chase & Co. | 4.023% | 12/5/24 | 385 | 383 | |
JPMorgan Chase & Co. | 3.125% | 1/23/25 | 310 | 305 | ||
JPMorgan Chase & Co. | 0.563% | 2/16/25 | 200 | 189 | ||
1 | JPMorgan Chase & Co. | 3.220% | 3/1/25 | 355 | 348 | |
JPMorgan Chase & Co. | 0.824% | 6/1/25 | 200 | 187 | ||
JPMorgan Chase & Co. | 3.845% | 6/14/25 | 50 | 49 | ||
JPMorgan Chase & Co. | 0.969% | 6/23/25 | 305 | 286 | ||
JPMorgan Chase & Co. | 3.900% | 7/15/25 | 375 | 373 | ||
JPMorgan Chase & Co. | 0.768% | 8/9/25 | 290 | 270 | ||
1 | JPMorgan Chase & Co. | 2.301% | 10/15/25 | 75 | 72 | |
JPMorgan Chase & Co. | 1.561% | 12/10/25 | 200 | 187 | ||
1 | JPMorgan Chase & Co. | 2.005% | 3/13/26 | 180 | 168 | |
JPMorgan Chase & Co. | 3.300% | 4/1/26 | 400 | 387 | ||
1 | JPMorgan Chase & Co. | 2.083% | 4/22/26 | 370 | 346 | |
JPMorgan Chase & Co. | 4.080% | 4/26/26 | 240 | 237 | ||
JPMorgan Chase & Co. | 3.200% | 6/15/26 | 160 | 154 | ||
JPMorgan Chase & Co. | 2.950% | 10/1/26 | 300 | 285 | ||
JPMorgan Chase & Co. | 1.045% | 11/19/26 | 430 | 382 | ||
JPMorgan Chase & Co. | 4.125% | 12/15/26 | 200 | 198 | ||
1 | JPMorgan Chase & Co. | 3.960% | 1/29/27 | 225 | 219 | |
JPMorgan Chase & Co. | 1.040% | 2/4/27 | 180 | 158 | ||
JPMorgan Chase & Co. | 1.578% | 4/22/27 | 350 | 313 | ||
JPMorgan Chase & Co. | 1.470% | 9/22/27 | 225 | 197 | ||
JPMorgan Chase & Co. | 4.250% | 10/1/27 | 170 | 168 | ||
JPMorgan Chase & Co. | 3.625% | 12/1/27 | 60 | 57 | ||
1 | JPMorgan Chase & Co. | 3.782% | 2/1/28 | 240 | 230 | |
JPMorgan Chase & Co. | 4.323% | 4/26/28 | 300 | 293 | ||
1 | JPMorgan Chase & Co. | 3.540% | 5/1/28 | 230 | 217 | |
1 | JPMorgan Chase & Co. | 2.182% | 6/1/28 | 200 | 177 | |
JPMorgan Chase & Co. | 4.851% | 7/25/28 | 350 | 350 | ||
1 | JPMorgan Chase & Co. | 3.509% | 1/23/29 | 275 | 255 | |
1 | JPMorgan Chase & Co. | 4.005% | 4/23/29 | 205 | 194 | |
JPMorgan Chase & Co. | 2.069% | 6/1/29 | 190 | 163 | ||
1 | JPMorgan Chase & Co. | 4.203% | 7/23/29 | 240 | 229 | |
1 | JPMorgan Chase & Co. | 4.452% | 12/5/29 | 305 | 295 | |
1 | JPMorgan Chase & Co. | 3.702% | 5/6/30 | 290 | 267 | |
JPMorgan Chase & Co. | 4.565% | 6/14/30 | 140 | 136 | ||
1 | JPMorgan Chase & Co. | 2.739% | 10/15/30 | 150 | 130 | |
1 | JPMorgan Chase & Co. | 4.493% | 3/24/31 | 395 | 383 | |
1 | JPMorgan Chase & Co. | 2.522% | 4/22/31 | 320 | 271 | |
1 | JPMorgan Chase & Co. | 2.956% | 5/13/31 | 250 | 215 | |
JPMorgan Chase & Co. | 1.764% | 11/19/31 | 185 | 145 | ||
JPMorgan Chase & Co. | 1.953% | 2/4/32 | 340 | 270 | ||
JPMorgan Chase & Co. | 2.580% | 4/22/32 | 290 | 242 | ||
JPMorgan Chase & Co. | 2.545% | 11/8/32 | 285 | 235 | ||
JPMorgan Chase & Co. | 2.963% | 1/25/33 | 330 | 280 | ||
JPMorgan Chase & Co. | 4.586% | 4/26/33 | 200 | 193 | ||
JPMorgan Chase & Co. | 4.912% | 7/25/33 | 50 | 50 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
JPMorgan Chase & Co. | 6.400% | 5/15/38 | 287 | 327 | ||
1 | JPMorgan Chase & Co. | 3.882% | 7/24/38 | 270 | 237 | |
JPMorgan Chase & Co. | 5.500% | 10/15/40 | 215 | 225 | ||
1 | JPMorgan Chase & Co. | 3.109% | 4/22/41 | 180 | 139 | |
JPMorgan Chase & Co. | 5.600% | 7/15/41 | 260 | 275 | ||
JPMorgan Chase & Co. | 2.525% | 11/19/41 | 210 | 147 | ||
JPMorgan Chase & Co. | 5.400% | 1/6/42 | 215 | 221 | ||
JPMorgan Chase & Co. | 3.157% | 4/22/42 | 135 | 105 | ||
JPMorgan Chase & Co. | 5.625% | 8/16/43 | 160 | 167 | ||
JPMorgan Chase & Co. | 4.850% | 2/1/44 | 170 | 169 | ||
JPMorgan Chase & Co. | 4.950% | 6/1/45 | 170 | 163 | ||
1 | JPMorgan Chase & Co. | 4.260% | 2/22/48 | 185 | 163 | |
1 | JPMorgan Chase & Co. | 4.032% | 7/24/48 | 230 | 197 | |
1 | JPMorgan Chase & Co. | 3.964% | 11/15/48 | 300 | 251 | |
1 | JPMorgan Chase & Co. | 3.897% | 1/23/49 | 280 | 234 | |
1 | JPMorgan Chase & Co. | 3.109% | 4/22/51 | 122 | 88 | |
JPMorgan Chase & Co. | 3.328% | 4/22/52 | 390 | 294 | ||
1 | KeyBank NA | 3.300% | 6/1/25 | 120 | 117 | |
1 | KeyCorp | 4.100% | 4/30/28 | 95 | 92 | |
1 | KeyCorp | 4.789% | 6/1/33 | 70 | 68 | |
Lloyds Banking Group plc | 4.050% | 8/16/23 | 200 | 200 | ||
Lloyds Banking Group plc | 3.900% | 3/12/24 | 95 | 95 | ||
Lloyds Banking Group plc | 4.500% | 11/4/24 | 25 | 25 | ||
Lloyds Banking Group plc | 4.450% | 5/8/25 | 180 | 179 | ||
1 | Lloyds Banking Group plc | 3.870% | 7/9/25 | 75 | 74 | |
Lloyds Banking Group plc | 4.582% | 12/10/25 | 100 | 98 | ||
1 | Lloyds Banking Group plc | 2.438% | 2/5/26 | 220 | 207 | |
Lloyds Banking Group plc | 3.511% | 3/18/26 | 50 | 48 | ||
Lloyds Banking Group plc | 4.650% | 3/24/26 | 185 | 181 | ||
Lloyds Banking Group plc | 3.750% | 1/11/27 | 125 | 119 | ||
Lloyds Banking Group plc | 1.627% | 5/11/27 | 250 | 221 | ||
Lloyds Banking Group plc | 4.375% | 3/22/28 | 190 | 183 | ||
Lloyds Banking Group plc | 4.550% | 8/16/28 | 245 | 237 | ||
1 | Lloyds Banking Group plc | 3.574% | 11/7/28 | 80 | 74 | |
Lloyds Banking Group plc | 5.300% | 12/1/45 | 60 | 55 | ||
Lloyds Banking Group plc | 4.344% | 1/9/48 | 150 | 121 | ||
1 | Manufacturers & Traders Trust Co. | 2.900% | 2/6/25 | 90 | 87 | |
Marsh & McLennan Cos. Inc. | 3.875% | 3/15/24 | 125 | 125 | ||
Marsh & McLennan Cos. Inc. | 4.375% | 3/15/29 | 145 | 144 | ||
Marsh & McLennan Cos. Inc. | 2.250% | 11/15/30 | 145 | 123 | ||
Marsh & McLennan Cos. Inc. | 4.900% | 3/15/49 | 85 | 85 | ||
Mastercard Inc. | 3.375% | 4/1/24 | 120 | 120 | ||
Mastercard Inc. | 2.950% | 11/21/26 | 60 | 58 | ||
Mastercard Inc. | 3.300% | 3/26/27 | 115 | 113 | ||
Mastercard Inc. | 2.950% | 6/1/29 | 61 | 57 | ||
Mastercard Inc. | 3.350% | 3/26/30 | 155 | 147 | ||
Mastercard Inc. | 2.000% | 11/18/31 | 100 | 84 | ||
Mastercard Inc. | 3.650% | 6/1/49 | 250 | 219 | ||
Mastercard Inc. | 3.850% | 3/26/50 | 115 | 104 | ||
1 | MetLife Inc. | 4.368% | 9/15/23 | 100 | 101 | |
MetLife Inc. | 3.600% | 4/10/24 | 80 | 80 | ||
MetLife Inc. | 4.550% | 3/23/30 | 155 | 157 | ||
MetLife Inc. | 6.375% | 6/15/34 | 35 | 40 | ||
MetLife Inc. | 5.700% | 6/15/35 | 90 | 98 | ||
1 | MetLife Inc. | 6.400% | 12/15/36 | 95 | 98 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
MetLife Inc. | 5.875% | 2/6/41 | 90 | 98 | ||
MetLife Inc. | 4.125% | 8/13/42 | 65 | 58 | ||
MetLife Inc. | 4.875% | 11/13/43 | 105 | 103 | ||
MetLife Inc. | 4.050% | 3/1/45 | 105 | 92 | ||
MetLife Inc. | 4.600% | 5/13/46 | 95 | 92 | ||
MetLife Inc. | 5.000% | 7/15/52 | 115 | 116 | ||
Mitsubishi UFJ Financial Group Inc. | 3.407% | 3/7/24 | 75 | 74 | ||
Mitsubishi UFJ Financial Group Inc. | 2.801% | 7/18/24 | 123 | 120 | ||
1 | Mitsubishi UFJ Financial Group Inc. | 0.848% | 9/15/24 | 120 | 116 | |
Mitsubishi UFJ Financial Group Inc. | 2.193% | 2/25/25 | 290 | 275 | ||
Mitsubishi UFJ Financial Group Inc. | 3.777% | 3/2/25 | 218 | 215 | ||
Mitsubishi UFJ Financial Group Inc. | 1.412% | 7/17/25 | 175 | 161 | ||
Mitsubishi UFJ Financial Group Inc. | 0.953% | 7/19/25 | 265 | 247 | ||
Mitsubishi UFJ Financial Group Inc. | 0.962% | 10/11/25 | 140 | 129 | ||
Mitsubishi UFJ Financial Group Inc. | 3.850% | 3/1/26 | 185 | 181 | ||
Mitsubishi UFJ Financial Group Inc. | 2.757% | 9/13/26 | 25 | 23 | ||
Mitsubishi UFJ Financial Group Inc. | 1.538% | 7/20/27 | 410 | 362 | ||
Mitsubishi UFJ Financial Group Inc. | 3.287% | 7/25/27 | 75 | 71 | ||
Mitsubishi UFJ Financial Group Inc. | 1.640% | 10/13/27 | 115 | 101 | ||
Mitsubishi UFJ Financial Group Inc. | 2.341% | 1/19/28 | 250 | 225 | ||
Mitsubishi UFJ Financial Group Inc. | 3.961% | 3/2/28 | 95 | 91 | ||
Mitsubishi UFJ Financial Group Inc. | 5.017% | 7/20/28 | 200 | 201 | ||
Mitsubishi UFJ Financial Group Inc. | 4.050% | 9/11/28 | 145 | 139 | ||
Mitsubishi UFJ Financial Group Inc. | 3.741% | 3/7/29 | 235 | 221 | ||
Mitsubishi UFJ Financial Group Inc. | 3.195% | 7/18/29 | 100 | 91 | ||
Mitsubishi UFJ Financial Group Inc. | 2.559% | 2/25/30 | 35 | 30 | ||
Mitsubishi UFJ Financial Group Inc. | 2.048% | 7/17/30 | 200 | 163 | ||
Mitsubishi UFJ Financial Group Inc. | 2.309% | 7/20/32 | 300 | 242 | ||
Mitsubishi UFJ Financial Group Inc. | 2.494% | 10/13/32 | 180 | 147 | ||
Mitsubishi UFJ Financial Group Inc. | 2.852% | 1/19/33 | 150 | 126 | ||
Mitsubishi UFJ Financial Group Inc. | 3.751% | 7/18/39 | 115 | 99 | ||
1 | Mizuho Financial Group Inc. | 2.226% | 5/25/26 | 155 | 144 | |
Mizuho Financial Group Inc. | 1.234% | 5/22/27 | 170 | 148 | ||
Mizuho Financial Group Inc. | 1.554% | 7/9/27 | 85 | 75 | ||
Mizuho Financial Group Inc. | 3.170% | 9/11/27 | 50 | 46 | ||
Mizuho Financial Group Inc. | 4.018% | 3/5/28 | 75 | 71 | ||
1 | Mizuho Financial Group Inc. | 4.254% | 9/11/29 | 150 | 142 | |
1 | Mizuho Financial Group Inc. | 3.153% | 7/16/30 | 100 | 88 | |
1 | Mizuho Financial Group Inc. | 2.201% | 7/10/31 | 115 | 92 | |
1 | Mizuho Financial Group Inc. | 1.979% | 9/8/31 | 75 | 59 | |
Mizuho Financial Group Inc. | 2.564% | 9/13/31 | 115 | 91 | ||
1 | Morgan Stanley | 3.875% | 4/29/24 | 260 | 260 | |
1 | Morgan Stanley | 3.700% | 10/23/24 | 305 | 303 | |
1 | Morgan Stanley | 0.791% | 1/22/25 | 80 | 76 | |
Morgan Stanley | 3.620% | 4/17/25 | 250 | 247 | ||
Morgan Stanley | 0.790% | 5/30/25 | 325 | 304 | ||
1 | Morgan Stanley | 2.720% | 7/22/25 | 275 | 266 | |
1 | Morgan Stanley | 4.000% | 7/23/25 | 285 | 283 | |
1 | Morgan Stanley | 0.864% | 10/21/25 | 100 | 92 | |
1 | Morgan Stanley | 1.164% | 10/21/25 | 235 | 218 | |
Morgan Stanley | 5.000% | 11/24/25 | 210 | 213 | ||
1 | Morgan Stanley | 3.875% | 1/27/26 | 310 | 306 | |
Morgan Stanley | 2.630% | 2/18/26 | 195 | 186 | ||
1 | Morgan Stanley | 2.188% | 4/28/26 | 375 | 352 | |
Morgan Stanley | 4.679% | 7/17/26 | 50 | 50 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
1 | Morgan Stanley | 3.125% | 7/27/26 | 470 | 448 | |
1 | Morgan Stanley | 4.350% | 9/8/26 | 285 | 282 | |
Morgan Stanley | 0.985% | 12/10/26 | 365 | 323 | ||
Morgan Stanley | 3.625% | 1/20/27 | 321 | 312 | ||
Morgan Stanley | 3.950% | 4/23/27 | 260 | 252 | ||
Morgan Stanley | 1.593% | 5/4/27 | 220 | 196 | ||
Morgan Stanley | 2.475% | 1/21/28 | 100 | 91 | ||
Morgan Stanley | 4.210% | 4/20/28 | 285 | 277 | ||
1 | Morgan Stanley | 3.591% | 7/22/28 | 375 | 354 | |
1 | Morgan Stanley | 3.772% | 1/24/29 | 525 | 494 | |
1 | Morgan Stanley | 4.431% | 1/23/30 | 380 | 370 | |
1 | Morgan Stanley | 2.699% | 1/22/31 | 265 | 229 | |
1 | Morgan Stanley | 3.622% | 4/1/31 | 255 | 234 | |
1 | Morgan Stanley | 1.794% | 2/13/32 | 95 | 75 | |
Morgan Stanley | 7.250% | 4/1/32 | 185 | 219 | ||
1 | Morgan Stanley | 1.928% | 4/28/32 | 150 | 118 | |
1 | Morgan Stanley | 2.239% | 7/21/32 | 245 | 198 | |
1 | Morgan Stanley | 2.511% | 10/20/32 | 265 | 217 | |
Morgan Stanley | 2.943% | 1/21/33 | 245 | 209 | ||
Morgan Stanley | 4.889% | 7/20/33 | 50 | 50 | ||
Morgan Stanley | 2.484% | 9/16/36 | 365 | 282 | ||
Morgan Stanley | 5.297% | 4/20/37 | 205 | 197 | ||
1 | Morgan Stanley | 3.971% | 7/22/38 | 280 | 250 | |
1 | Morgan Stanley | 4.457% | 4/22/39 | 120 | 112 | |
Morgan Stanley | 3.217% | 4/22/42 | 130 | 101 | ||
Morgan Stanley | 6.375% | 7/24/42 | 270 | 309 | ||
Morgan Stanley | 4.300% | 1/27/45 | 315 | 282 | ||
Morgan Stanley | 4.375% | 1/22/47 | 185 | 168 | ||
1 | Morgan Stanley | 5.597% | 3/24/51 | 165 | 178 | |
1 | Morgan Stanley | 2.802% | 1/25/52 | 280 | 190 | |
National Australia Bank Ltd. | 3.500% | 6/9/25 | 75 | 74 | ||
National Australia Bank Ltd. | 3.375% | 1/14/26 | 75 | 73 | ||
1 | National Australia Bank Ltd. | 2.500% | 7/12/26 | 163 | 153 | |
1 | National Bank of Canada | 0.550% | 11/15/24 | 110 | 105 | |
National Bank of Canada | 3.750% | 6/9/25 | 50 | 49 | ||
1 | NatWest Group plc | 4.269% | 3/22/25 | 225 | 222 | |
NatWest Group plc | 4.800% | 4/5/26 | 170 | 169 | ||
NatWest Group plc | 1.642% | 6/14/27 | 220 | 192 | ||
1 | NatWest Group plc | 3.073% | 5/22/28 | 180 | 163 | |
1 | NatWest Group plc | 4.892% | 5/18/29 | 160 | 154 | |
1 | NatWest Group plc | 3.754% | 11/1/29 | 220 | 209 | |
1 | NatWest Group plc | 5.076% | 1/27/30 | 265 | 257 | |
1 | NatWest Group plc | 4.445% | 5/8/30 | 145 | 135 | |
1 | NatWest Group plc | 3.032% | 11/28/35 | 100 | 78 | |
Nomura Holdings Inc. | 2.648% | 1/16/25 | 35 | 33 | ||
Nomura Holdings Inc. | 5.099% | 7/3/25 | 75 | 76 | ||
Nomura Holdings Inc. | 1.851% | 7/16/25 | 195 | 179 | ||
Nomura Holdings Inc. | 1.653% | 7/14/26 | 185 | 163 | ||
Nomura Holdings Inc. | 2.329% | 1/22/27 | 200 | 178 | ||
Nomura Holdings Inc. | 2.172% | 7/14/28 | 105 | 88 | ||
Nomura Holdings Inc. | 3.103% | 1/16/30 | 115 | 98 | ||
Nomura Holdings Inc. | 2.679% | 7/16/30 | 85 | 69 | ||
Nomura Holdings Inc. | 2.608% | 7/14/31 | 110 | 88 | ||
Nomura Holdings Inc. | 2.999% | 1/22/32 | 35 | 29 | ||
Northern Trust Corp. | 3.950% | 10/30/25 | 80 | 80 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Northern Trust Corp. | 4.000% | 5/10/27 | 110 | 110 | ||
PayPal Holdings Inc. | 2.400% | 10/1/24 | 155 | 151 | ||
PayPal Holdings Inc. | 1.650% | 6/1/25 | 85 | 80 | ||
PayPal Holdings Inc. | 2.650% | 10/1/26 | 135 | 128 | ||
PayPal Holdings Inc. | 2.850% | 10/1/29 | 115 | 104 | ||
PayPal Holdings Inc. | 2.300% | 6/1/30 | 95 | 82 | ||
PayPal Holdings Inc. | 4.400% | 6/1/32 | 90 | 89 | ||
PayPal Holdings Inc. | 3.250% | 6/1/50 | 120 | 91 | ||
PayPal Holdings Inc. | 5.050% | 6/1/52 | 95 | 93 | ||
1 | PNC Bank NA | 2.950% | 2/23/25 | 90 | 88 | |
1 | PNC Bank NA | 3.100% | 10/25/27 | 50 | 48 | |
1 | PNC Bank NA | 4.050% | 7/26/28 | 145 | 140 | |
1 | PNC Bank NA | 2.700% | 10/22/29 | 50 | 44 | |
PNC Financial Services Group Inc. | 3.500% | 1/23/24 | 105 | 105 | ||
PNC Financial Services Group Inc. | 3.900% | 4/29/24 | 115 | 115 | ||
PNC Financial Services Group Inc. | 2.600% | 7/23/26 | 135 | 128 | ||
PNC Financial Services Group Inc. | 3.150% | 5/19/27 | 70 | 67 | ||
PNC Financial Services Group Inc. | 3.450% | 4/23/29 | 355 | 336 | ||
PNC Financial Services Group Inc. | 2.550% | 1/22/30 | 70 | 61 | ||
PNC Financial Services Group Inc. | 2.307% | 4/23/32 | 25 | 21 | ||
PNC Financial Services Group Inc. | 4.626% | 6/6/33 | 120 | 114 | ||
Progressive Corp. | 4.125% | 4/15/47 | 215 | 196 | ||
1 | Prudential Financial Inc. | 5.700% | 12/14/36 | 210 | 226 | |
1 | Prudential Financial Inc. | 5.375% | 5/15/45 | 70 | 69 | |
1 | Prudential Financial Inc. | 4.500% | 9/15/47 | 50 | 48 | |
Prudential Financial Inc. | 3.905% | 12/7/47 | 130 | 113 | ||
1 | Prudential Financial Inc. | 5.700% | 9/15/48 | 120 | 118 | |
Prudential Financial Inc. | 3.935% | 12/7/49 | 110 | 95 | ||
1 | Prudential Financial Inc. | 4.350% | 2/25/50 | 95 | 87 | |
1 | Prudential Financial Inc. | 3.700% | 10/1/50 | 40 | 35 | |
1 | Prudential Financial Inc. | 3.700% | 3/13/51 | 135 | 112 | |
Prudential Financial Inc. | 5.125% | 3/1/52 | 50 | 47 | ||
Prudential plc | 3.125% | 4/14/30 | 115 | 102 | ||
Raymond James Financial Inc. | 4.950% | 7/15/46 | 85 | 83 | ||
Raymond James Financial Inc. | 3.750% | 4/1/51 | 110 | 89 | ||
Regions Financial Corp. | 2.250% | 5/18/25 | 105 | 100 | ||
1 | Royal Bank of Canada | 3.700% | 10/5/23 | 175 | 175 | |
1 | Royal Bank of Canada | 0.500% | 10/26/23 | 120 | 116 | |
1 | Royal Bank of Canada | 0.425% | 1/19/24 | 120 | 115 | |
1 | Royal Bank of Canada | 2.550% | 7/16/24 | 150 | 146 | |
Royal Bank of Canada | 0.650% | 7/29/24 | 155 | 146 | ||
1 | Royal Bank of Canada | 0.750% | 10/7/24 | 110 | 103 | |
1 | Royal Bank of Canada | 2.250% | 11/1/24 | 245 | 236 | |
1 | Royal Bank of Canada | 1.600% | 1/21/25 | 60 | 57 | |
Royal Bank of Canada | 3.375% | 4/14/25 | 85 | 83 | ||
1 | Royal Bank of Canada | 1.150% | 6/10/25 | 200 | 184 | |
1 | Royal Bank of Canada | 0.875% | 1/20/26 | 150 | 134 | |
1 | Royal Bank of Canada | 4.650% | 1/27/26 | 95 | 96 | |
Royal Bank of Canada | 1.200% | 4/27/26 | 145 | 130 | ||
1 | Royal Bank of Canada | 1.150% | 7/14/26 | 135 | 120 | |
1 | Royal Bank of Canada | 1.400% | 11/2/26 | 120 | 107 | |
Royal Bank of Canada | 3.625% | 5/4/27 | 135 | 130 | ||
1 | Royal Bank of Canada | 4.240% | 8/3/27 | 200 | 197 | |
1 | Royal Bank of Canada | 2.300% | 11/3/31 | 130 | 108 | |
Royal Bank of Canada | 3.875% | 5/4/32 | 95 | 90 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Santander Holdings USA Inc. | 3.500% | 6/7/24 | 115 | 113 | ||
Santander Holdings USA Inc. | 3.450% | 6/2/25 | 140 | 134 | ||
Santander Holdings USA Inc. | 4.500% | 7/17/25 | 70 | 69 | ||
Santander Holdings USA Inc. | 3.244% | 10/5/26 | 65 | 60 | ||
Santander Holdings USA Inc. | 4.400% | 7/13/27 | 150 | 144 | ||
Santander Holdings USA Inc. | 2.490% | 1/6/28 | 80 | 70 | ||
1 | Santander UK Group Holdings plc | 4.796% | 11/15/24 | 50 | 50 | |
Santander UK Group Holdings plc | 1.089% | 3/15/25 | 70 | 66 | ||
1 | Santander UK Group Holdings plc | 1.532% | 8/21/26 | 115 | 103 | |
Santander UK Group Holdings plc | 1.673% | 6/14/27 | 125 | 108 | ||
Santander UK Group Holdings plc | 2.469% | 1/11/28 | 100 | 88 | ||
1 | Santander UK Group Holdings plc | 3.823% | 11/3/28 | 120 | 110 | |
Santander UK plc | 4.000% | 3/13/24 | 160 | 160 | ||
State Street Corp. | 3.700% | 11/20/23 | 115 | 115 | ||
State Street Corp. | 3.300% | 12/16/24 | 75 | 74 | ||
State Street Corp. | 3.550% | 8/18/25 | 190 | 188 | ||
1 | State Street Corp. | 2.354% | 11/1/25 | 85 | 82 | |
State Street Corp. | 2.650% | 5/19/26 | 35 | 34 | ||
State Street Corp. | 2.400% | 1/24/30 | 100 | 88 | ||
State Street Corp. | 2.200% | 3/3/31 | 40 | 33 | ||
State Street Corp. | 4.164% | 8/4/33 | 30 | 29 | ||
Sumitomo Mitsui Financial Group Inc. | 3.936% | 10/16/23 | 245 | 245 | ||
Sumitomo Mitsui Financial Group Inc. | 2.696% | 7/16/24 | 195 | 189 | ||
Sumitomo Mitsui Financial Group Inc. | 2.448% | 9/27/24 | 100 | 96 | ||
Sumitomo Mitsui Financial Group Inc. | 2.348% | 1/15/25 | 80 | 76 | ||
Sumitomo Mitsui Financial Group Inc. | 1.474% | 7/8/25 | 180 | 166 | ||
Sumitomo Mitsui Financial Group Inc. | 0.948% | 1/12/26 | 50 | 44 | ||
Sumitomo Mitsui Financial Group Inc. | 3.784% | 3/9/26 | 120 | 117 | ||
Sumitomo Mitsui Financial Group Inc. | 2.632% | 7/14/26 | 125 | 116 | ||
Sumitomo Mitsui Financial Group Inc. | 1.402% | 9/17/26 | 365 | 322 | ||
Sumitomo Mitsui Financial Group Inc. | 3.010% | 10/19/26 | 200 | 188 | ||
Sumitomo Mitsui Financial Group Inc. | 3.446% | 1/11/27 | 60 | 57 | ||
Sumitomo Mitsui Financial Group Inc. | 3.364% | 7/12/27 | 125 | 118 | ||
Sumitomo Mitsui Financial Group Inc. | 3.352% | 10/18/27 | 125 | 117 | ||
Sumitomo Mitsui Financial Group Inc. | 3.544% | 1/17/28 | 110 | 104 | ||
Sumitomo Mitsui Financial Group Inc. | 3.944% | 7/19/28 | 25 | 24 | ||
Sumitomo Mitsui Financial Group Inc. | 1.902% | 9/17/28 | 120 | 101 | ||
Sumitomo Mitsui Financial Group Inc. | 3.040% | 7/16/29 | 295 | 262 | ||
Sumitomo Mitsui Financial Group Inc. | 2.750% | 1/15/30 | 50 | 43 | ||
Sumitomo Mitsui Financial Group Inc. | 2.130% | 7/8/30 | 190 | 156 | ||
Sumitomo Mitsui Financial Group Inc. | 2.142% | 9/23/30 | 95 | 76 | ||
Sumitomo Mitsui Financial Group Inc. | 2.222% | 9/17/31 | 101 | 82 | ||
Sumitomo Mitsui Financial Group Inc. | 2.930% | 9/17/41 | 55 | 40 | ||
1 | Svenska Handelsbanken AB | 3.900% | 11/20/23 | 290 | 290 | |
Synchrony Financial | 4.250% | 8/15/24 | 120 | 119 | ||
Synchrony Financial | 4.500% | 7/23/25 | 82 | 80 | ||
Synchrony Financial | 3.950% | 12/1/27 | 80 | 73 | ||
Synchrony Financial | 2.875% | 10/28/31 | 70 | 54 | ||
1 | Toronto-Dominion Bank | 0.450% | 9/11/23 | 150 | 145 | |
Toronto-Dominion Bank | 0.550% | 3/4/24 | 305 | 290 | ||
1 | Toronto-Dominion Bank | 2.350% | 3/8/24 | 140 | 137 | |
1 | Toronto-Dominion Bank | 3.250% | 3/11/24 | 110 | 109 | |
1 | Toronto-Dominion Bank | 2.650% | 6/12/24 | 75 | 73 | |
1 | Toronto-Dominion Bank | 0.700% | 9/10/24 | 10 | 9 | |
1 | Toronto-Dominion Bank | 1.450% | 1/10/25 | 230 | 217 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Toronto-Dominion Bank | 3.766% | 6/6/25 | 115 | 114 | ||
1 | Toronto-Dominion Bank | 1.150% | 6/12/25 | ���40 | 37 | |
1 | Toronto-Dominion Bank | 0.750% | 9/11/25 | 135 | 122 | |
1 | Toronto-Dominion Bank | 0.750% | 1/6/26 | 130 | 116 | |
1 | Toronto-Dominion Bank | 1.200% | 6/3/26 | 180 | 161 | |
1 | Toronto-Dominion Bank | 1.250% | 9/10/26 | 80 | 71 | |
1 | Toronto-Dominion Bank | 1.950% | 1/12/27 | 140 | 127 | |
1 | Toronto-Dominion Bank | 2.800% | 3/10/27 | 115 | 108 | |
Toronto-Dominion Bank | 4.108% | 6/8/27 | 150 | 148 | ||
1 | Toronto-Dominion Bank | 2.000% | 9/10/31 | 110 | 89 | |
1 | Toronto-Dominion Bank | 3.625% | 9/15/31 | 55 | 52 | |
1 | Toronto-Dominion Bank | 3.200% | 3/10/32 | 255 | 227 | |
Toronto-Dominion Bank | 4.456% | 6/8/32 | 190 | 186 | ||
1 | Travelers Cos. Inc. | 6.250% | 6/15/37 | 110 | 129 | |
Travelers Cos. Inc. | 3.050% | 6/8/51 | 55 | 42 | ||
1 | Truist Bank | 3.200% | 4/1/24 | 150 | 148 | |
1 | Truist Bank | 2.150% | 12/6/24 | 100 | 96 | |
1 | Truist Bank | 1.500% | 3/10/25 | 70 | 66 | |
1 | Truist Bank | 3.625% | 9/16/25 | 155 | 152 | |
1 | Truist Bank | 3.300% | 5/15/26 | 130 | 125 | |
1 | Truist Bank | 3.800% | 10/30/26 | 115 | 112 | |
1 | Truist Bank | 2.636% | 9/17/29 | 100 | 95 | |
1 | Truist Bank | 2.250% | 3/11/30 | 155 | 129 | |
1 | Truist Financial Corp. | 3.750% | 12/6/23 | 136 | 136 | |
1 | Truist Financial Corp. | 2.500% | 8/1/24 | 105 | 102 | |
1 | Truist Financial Corp. | 2.850% | 10/26/24 | 125 | 123 | |
1 | Truist Financial Corp. | 3.700% | 6/5/25 | 80 | 79 | |
1 | Truist Financial Corp. | 1.200% | 8/5/25 | 65 | 60 | |
1 | Truist Financial Corp. | 1.267% | 3/2/27 | 105 | 94 | |
1 | Truist Financial Corp. | 1.125% | 8/3/27 | 85 | 73 | |
1 | Truist Financial Corp. | 4.123% | 6/6/28 | 50 | 49 | |
1 | Truist Financial Corp. | 1.887% | 6/7/29 | 35 | 30 | |
1 | Truist Financial Corp. | 1.950% | 6/5/30 | 80 | 66 | |
1 | US Bancorp | 3.700% | 1/30/24 | 50 | 50 | |
US Bancorp | 3.375% | 2/5/24 | 120 | 119 | ||
US Bancorp | 2.400% | 7/30/24 | 125 | 122 | ||
1 | US Bancorp | 3.600% | 9/11/24 | 100 | 100 | |
US Bancorp | 1.450% | 5/12/25 | 75 | 70 | ||
1 | US Bancorp | 3.950% | 11/17/25 | 175 | 175 | |
1 | US Bancorp | 3.100% | 4/27/26 | 170 | 164 | |
1 | US Bancorp | 2.375% | 7/22/26 | 70 | 66 | |
1 | US Bancorp | 3.150% | 4/27/27 | 120 | 116 | |
1 | US Bancorp | 2.215% | 1/27/28 | 120 | 110 | |
1 | US Bancorp | 3.900% | 4/26/28 | 90 | 88 | |
US Bancorp | 4.548% | 7/22/28 | 100 | 100 | ||
1 | US Bancorp | 3.000% | 7/30/29 | 130 | 117 | |
1 | US Bancorp | 1.375% | 7/22/30 | 133 | 106 | |
1 | US Bancorp | 2.677% | 1/27/33 | 65 | 56 | |
US Bancorp | 2.491% | 11/3/36 | 70 | 56 | ||
1 | US Bank NA | 2.050% | 1/21/25 | 100 | 96 | |
1 | US Bank NA | 2.800% | 1/27/25 | 105 | 102 | |
Visa Inc. | 3.150% | 12/14/25 | 240 | 235 | ||
Visa Inc. | 1.900% | 4/15/27 | 225 | 208 | ||
Visa Inc. | 2.750% | 9/15/27 | 150 | 143 | ||
Visa Inc. | 2.050% | 4/15/30 | 140 | 123 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Visa Inc. | 1.100% | 2/15/31 | 110 | 88 | ||
Visa Inc. | 4.150% | 12/14/35 | 140 | 139 | ||
Visa Inc. | 2.700% | 4/15/40 | 10 | 8 | ||
Visa Inc. | 4.300% | 12/14/45 | 310 | 299 | ||
Visa Inc. | 3.650% | 9/15/47 | 165 | 146 | ||
Visa Inc. | 2.000% | 8/15/50 | 130 | 85 | ||
1 | Wells Fargo & Co. | 3.300% | 9/9/24 | 540 | 534 | |
1 | Wells Fargo & Co. | 3.550% | 9/29/25 | 870 | 854 | |
1 | Wells Fargo & Co. | 2.406% | 10/30/25 | 665 | 635 | |
1 | Wells Fargo & Co. | 2.164% | 2/11/26 | 765 | 719 | |
1 | Wells Fargo & Co. | 4.100% | 6/3/26 | 50 | ��� 49 | |
1 | Wells Fargo & Co. | 4.540% | 8/15/26 | 140 | 139 | |
1 | Wells Fargo & Co. | 3.196% | 6/17/27 | 150 | 141 | |
1 | Wells Fargo & Co. | 3.526% | 3/24/28 | 620 | 585 | |
1 | Wells Fargo & Co. | 3.584% | 5/22/28 | 555 | 523 | |
1 | Wells Fargo & Co. | 2.393% | 6/2/28 | 600 | 537 | |
1 | Wells Fargo & Co. | 4.808% | 7/25/28 | 405 | 403 | |
1 | Wells Fargo & Co. | 2.879% | 10/30/30 | 425 | 373 | |
1 | Wells Fargo & Co. | 2.572% | 2/11/31 | 385 | 328 | |
1 | Wells Fargo & Co. | 4.478% | 4/4/31 | 300 | 289 | |
1 | Wells Fargo & Co. | 3.350% | 3/2/33 | 370 | 323 | |
1 | Wells Fargo & Co. | 4.897% | 7/25/33 | 470 | 463 | |
1 | Wells Fargo & Co. | 3.068% | 4/30/41 | 445 | 342 | |
Wells Fargo & Co. | 5.375% | 11/2/43 | 185 | 184 | ||
Wells Fargo & Co. | 5.606% | 1/15/44 | 220 | 222 | ||
1 | Wells Fargo & Co. | 4.650% | 11/4/44 | 180 | 163 | |
Wells Fargo & Co. | 3.900% | 5/1/45 | 185 | 155 | ||
1 | Wells Fargo & Co. | 4.900% | 11/17/45 | 250 | 232 | |
1 | Wells Fargo & Co. | 4.400% | 6/14/46 | 210 | 183 | |
1 | Wells Fargo & Co. | 4.750% | 12/7/46 | 105 | 96 | |
1 | Wells Fargo & Co. | 5.013% | 4/4/51 | 510 | 504 | |
1 | Wells Fargo & Co. | 4.611% | 4/25/53 | 350 | 323 | |
1 | Wells Fargo Bank NA | 6.600% | 1/15/38 | 250 | 288 | |
Westpac Banking Corp. | 3.300% | 2/26/24 | 150 | 149 | ||
Westpac Banking Corp. | 1.019% | 11/18/24 | 80 | 75 | ||
Westpac Banking Corp. | 2.350% | 2/19/25 | 90 | 87 | ||
Westpac Banking Corp. | 2.850% | 5/13/26 | 200 | 191 | ||
Westpac Banking Corp. | 1.150% | 6/3/26 | 100 | 90 | ||
Westpac Banking Corp. | 2.700% | 8/19/26 | 80 | 76 | ||
Westpac Banking Corp. | 3.350% | 3/8/27 | 95 | 92 | ||
Westpac Banking Corp. | 3.400% | 1/25/28 | 150 | 143 | ||
Westpac Banking Corp. | 1.953% | 11/20/28 | 240 | 209 | ||
Westpac Banking Corp. | 2.650% | 1/16/30 | 15 | 13 | ||
1 | Westpac Banking Corp. | 2.894% | 2/4/30 | 100 | 94 | |
Westpac Banking Corp. | 2.150% | 6/3/31 | 80 | 67 | ||
1 | Westpac Banking Corp. | 4.322% | 11/23/31 | 180 | 171 | |
Westpac Banking Corp. | 5.405% | 8/10/33 | 95 | 92 | ||
Westpac Banking Corp. | 4.110% | 7/24/34 | 125 | 113 | ||
Westpac Banking Corp. | 2.668% | 11/15/35 | 120 | 95 | ||
Westpac Banking Corp. | 3.020% | 11/18/36 | 90 | 72 | ||
Westpac Banking Corp. | 4.421% | 7/24/39 | 110 | 97 | ||
Westpac Banking Corp. | 2.963% | 11/16/40 | 90 | 64 | ||
Westpac Banking Corp. | 3.133% | 11/18/41 | 65 | 47 | ||
Willis North America Inc. | 4.650% | 6/15/27 | 105 | 103 | ||
147,042 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Health Care (13.9%) | ||||||
Abbott Laboratories | 3.400% | 11/30/23 | 90 | 90 | ||
Abbott Laboratories | 2.950% | 3/15/25 | 110 | 108 | ||
Abbott Laboratories | 3.750% | 11/30/26 | 90 | 90 | ||
3 | Abbott Laboratories | 4.750% | 11/30/36 | 185 | 195 | |
Abbott Laboratories | 4.900% | 11/30/46 | 285 | 300 | ||
AbbVie Inc. | 3.750% | 11/14/23 | 230 | 230 | ||
AbbVie Inc. | 3.850% | 6/15/24 | 195 | 194 | ||
AbbVie Inc. | 2.600% | 11/21/24 | 445 | 430 | ||
AbbVie Inc. | 3.800% | 3/15/25 | 265 | 261 | ||
AbbVie Inc. | 3.600% | 5/14/25 | 402 | 395 | ||
AbbVie Inc. | 3.200% | 5/14/26 | 235 | 225 | ||
AbbVie Inc. | 2.950% | 11/21/26 | 200 | 189 | ||
AbbVie Inc. | 4.250% | 11/14/28 | 170 | 167 | ||
AbbVie Inc. | 3.200% | 11/21/29 | 450 | 411 | ||
AbbVie Inc. | 4.550% | 3/15/35 | 245 | 235 | ||
AbbVie Inc. | 4.500% | 5/14/35 | 290 | 276 | ||
AbbVie Inc. | 4.300% | 5/14/36 | 170 | 159 | ||
AbbVie Inc. | 4.050% | 11/21/39 | 195 | 172 | ||
AbbVie Inc. | 4.400% | 11/6/42 | 230 | 208 | ||
AbbVie Inc. | 4.850% | 6/15/44 | 105 | 100 | ||
AbbVie Inc. | 4.750% | 3/15/45 | 185 | 173 | ||
AbbVie Inc. | 4.700% | 5/14/45 | 315 | 295 | ||
AbbVie Inc. | 4.450% | 5/14/46 | 320 | 290 | ||
AbbVie Inc. | 4.875% | 11/14/48 | 130 | 125 | ||
AbbVie Inc. | 4.250% | 11/21/49 | 575 | 506 | ||
Aetna Inc. | 3.500% | 11/15/24 | 80 | 79 | ||
Aetna Inc. | 6.625% | 6/15/36 | 85 | 95 | ||
Aetna Inc. | 3.875% | 8/15/47 | 80 | 65 | ||
Agilent Technologies Inc. | 2.300% | 3/12/31 | 110 | 91 | ||
AmerisourceBergen Corp. | 3.450% | 12/15/27 | 125 | 119 | ||
AmerisourceBergen Corp. | 2.700% | 3/15/31 | 320 | 272 | ||
Amgen Inc. | 3.625% | 5/22/24 | 150 | 149 | ||
Amgen Inc. | 3.125% | 5/1/25 | 70 | 69 | ||
Amgen Inc. | 2.600% | 8/19/26 | 140 | 133 | ||
Amgen Inc. | 2.200% | 2/21/27 | 290 | 267 | ||
Amgen Inc. | 3.200% | 11/2/27 | 135 | 129 | ||
Amgen Inc. | 1.650% | 8/15/28 | 75 | 65 | ||
Amgen Inc. | 3.000% | 2/22/29 | 105 | 97 | ||
Amgen Inc. | 4.050% | 8/18/29 | 70 | 68 | ||
Amgen Inc. | 2.450% | 2/21/30 | 130 | 114 | ||
Amgen Inc. | 2.300% | 2/25/31 | 125 | 106 | ||
Amgen Inc. | 2.000% | 1/15/32 | 115 | 93 | ||
Amgen Inc. | 3.350% | 2/22/32 | 40 | 36 | ||
Amgen Inc. | 4.200% | 3/1/33 | 50 | 48 | ||
Amgen Inc. | 3.150% | 2/21/40 | 200 | 158 | ||
Amgen Inc. | 2.800% | 8/15/41 | 120 | 90 | ||
Amgen Inc. | 4.400% | 5/1/45 | 310 | 279 | ||
Amgen Inc. | 4.563% | 6/15/48 | 175 | 162 | ||
Amgen Inc. | 3.375% | 2/21/50 | 150 | 114 | ||
Amgen Inc. | 4.663% | 6/15/51 | 350 | 328 | ||
Amgen Inc. | 3.000% | 1/15/52 | 170 | 120 | ||
Amgen Inc. | 4.200% | 2/22/52 | 100 | 87 | ||
Amgen Inc. | 2.770% | 9/1/53 | 230 | 153 | ||
Amgen Inc. | 4.400% | 2/22/62 | 140 | 121 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
AstraZeneca Finance LLC | 0.700% | 5/28/24 | 180 | 171 | ||
AstraZeneca Finance LLC | 1.200% | 5/28/26 | 65 | 59 | ||
AstraZeneca Finance LLC | 1.750% | 5/28/28 | 145 | 128 | ||
AstraZeneca Finance LLC | 2.250% | 5/28/31 | 45 | 39 | ||
AstraZeneca plc | 3.375% | 11/16/25 | 150 | 147 | ||
AstraZeneca plc | 0.700% | 4/8/26 | 100 | 89 | ||
AstraZeneca plc | 3.125% | 6/12/27 | 125 | 121 | ||
AstraZeneca plc | 4.000% | 1/17/29 | 110 | 110 | ||
AstraZeneca plc | 1.375% | 8/6/30 | 100 | 82 | ||
AstraZeneca plc | 6.450% | 9/15/37 | 310 | 365 | ||
AstraZeneca plc | 4.000% | 9/18/42 | 170 | 156 | ||
AstraZeneca plc | 4.375% | 11/16/45 | 100 | 96 | ||
AstraZeneca plc | 4.375% | 8/17/48 | 77 | 75 | ||
AstraZeneca plc | 3.000% | 5/28/51 | 70 | 54 | ||
Baxalta Inc. | 4.000% | 6/23/25 | 155 | 154 | ||
Baxter International Inc. | 0.868% | 12/1/23 | 180 | 173 | ||
Baxter International Inc. | 1.322% | 11/29/24 | 100 | 94 | ||
Baxter International Inc. | 2.600% | 8/15/26 | 96 | 90 | ||
Baxter International Inc. | 1.915% | 2/1/27 | 165 | 148 | ||
Baxter International Inc. | 2.272% | 12/1/28 | 95 | 82 | ||
Baxter International Inc. | 2.539% | 2/1/32 | 250 | 207 | ||
Baxter International Inc. | 3.132% | 12/1/51 | 140 | 98 | ||
Becton Dickinson & Co. | 3.363% | 6/6/24 | 57 | 56 | ||
Becton Dickinson & Co. | 3.734% | 12/15/24 | 100 | 99 | ||
Becton Dickinson & Co. | 3.700% | 6/6/27 | 169 | 164 | ||
Becton Dickinson & Co. | 2.823% | 5/20/30 | 120 | 106 | ||
Becton Dickinson & Co. | 1.957% | 2/11/31 | 145 | 118 | ||
Becton Dickinson & Co. | 4.685% | 12/15/44 | 55 | 52 | ||
Becton Dickinson & Co. | 4.669% | 6/6/47 | 140 | 133 | ||
Biogen Inc. | 4.050% | 9/15/25 | 55 | 55 | ||
Biogen Inc. | 2.250% | 5/1/30 | 200 | 164 | ||
Biogen Inc. | 3.150% | 5/1/50 | 140 | 95 | ||
Bio-Rad Laboratories Inc. | 3.700% | 3/15/32 | 105 | 94 | ||
Boston Scientific Corp. | 2.650% | 6/1/30 | 145 | 127 | ||
Bristol-Myers Squibb Co. | 0.537% | 11/13/23 | 130 | 126 | ||
Bristol-Myers Squibb Co. | 2.900% | 7/26/24 | 215 | 212 | ||
Bristol-Myers Squibb Co. | 0.750% | 11/13/25 | 105 | 96 | ||
Bristol-Myers Squibb Co. | 3.200% | 6/15/26 | 197 | 193 | ||
Bristol-Myers Squibb Co. | 1.125% | 11/13/27 | 65 | 57 | ||
Bristol-Myers Squibb Co. | 3.900% | 2/20/28 | 175 | 174 | ||
Bristol-Myers Squibb Co. | 3.400% | 7/26/29 | 257 | 245 | ||
Bristol-Myers Squibb Co. | 1.450% | 11/13/30 | 115 | 94 | ||
Bristol-Myers Squibb Co. | 2.950% | 3/15/32 | 205 | 186 | ||
Bristol-Myers Squibb Co. | 4.125% | 6/15/39 | 190 | 178 | ||
Bristol-Myers Squibb Co. | 2.350% | 11/13/40 | 70 | 51 | ||
Bristol-Myers Squibb Co. | 3.550% | 3/15/42 | 125 | 108 | ||
Bristol-Myers Squibb Co. | 4.350% | 11/15/47 | 115 | 108 | ||
Bristol-Myers Squibb Co. | 4.550% | 2/20/48 | 132 | 128 | ||
Bristol-Myers Squibb Co. | 4.250% | 10/26/49 | 375 | 347 | ||
Bristol-Myers Squibb Co. | 2.550% | 11/13/50 | 105 | 72 | ||
Bristol-Myers Squibb Co. | 3.700% | 3/15/52 | 225 | 191 | ||
Bristol-Myers Squibb Co. | 3.900% | 3/15/62 | 100 | 84 | ||
Cardinal Health Inc. | 3.079% | 6/15/24 | 50 | 49 | ||
Cardinal Health Inc. | 3.410% | 6/15/27 | 10 | 10 | ||
1 | Cigna Corp. | 3.250% | 4/15/25 | 145 | 141 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Cigna Corp. | 4.125% | 11/15/25 | 110 | 109 | ||
1 | Cigna Corp. | 4.500% | 2/25/26 | 162 | 163 | |
Cigna Corp. | 1.250% | 3/15/26 | 145 | 131 | ||
1 | Cigna Corp. | 3.400% | 3/1/27 | 75 | 72 | |
Cigna Corp. | 4.375% | 10/15/28 | 295 | 291 | ||
Cigna Corp. | 2.400% | 3/15/30 | 211 | 181 | ||
Cigna Corp. | 2.375% | 3/15/31 | 230 | 194 | ||
Cigna Corp. | 4.800% | 8/15/38 | 210 | 203 | ||
Cigna Corp. | 3.200% | 3/15/40 | 65 | 51 | ||
1 | Cigna Corp. | 4.800% | 7/15/46 | 150 | 140 | |
1 | Cigna Corp. | 3.875% | 10/15/47 | 140 | 113 | |
Cigna Corp. | 4.900% | 12/15/48 | 220 | 209 | ||
Cigna Corp. | 3.400% | 3/15/50 | 145 | 109 | ||
Cigna Corp. | 3.400% | 3/15/51 | 140 | 106 | ||
CVS Health Corp. | 2.625% | 8/15/24 | 20 | 20 | ||
CVS Health Corp. | 4.100% | 3/25/25 | 100 | 100 | ||
CVS Health Corp. | 3.875% | 7/20/25 | 300 | 298 | ||
CVS Health Corp. | 2.875% | 6/1/26 | 200 | 191 | ||
CVS Health Corp. | 3.000% | 8/15/26 | 175 | 168 | ||
CVS Health Corp. | 3.625% | 4/1/27 | 200 | 195 | ||
CVS Health Corp. | 1.300% | 8/21/27 | 145 | 126 | ||
CVS Health Corp. | 4.300% | 3/25/28 | 245 | 242 | ||
CVS Health Corp. | 3.250% | 8/15/29 | 300 | 275 | ||
CVS Health Corp. | 3.750% | 4/1/30 | 250 | 235 | ||
CVS Health Corp. | 1.750% | 8/21/30 | 180 | 145 | ||
CVS Health Corp. | 1.875% | 2/28/31 | 35 | 28 | ||
CVS Health Corp. | 2.125% | 9/15/31 | 50 | 41 | ||
CVS Health Corp. | 4.780% | 3/25/38 | 485 | 464 | ||
CVS Health Corp. | 4.125% | 4/1/40 | 135 | 118 | ||
CVS Health Corp. | 2.700% | 8/21/40 | 135 | 97 | ||
CVS Health Corp. | 5.300% | 12/5/43 | 50 | 50 | ||
CVS Health Corp. | 5.125% | 7/20/45 | 345 | 330 | ||
CVS Health Corp. | 5.050% | 3/25/48 | 780 | 751 | ||
CVS Health Corp. | 4.250% | 4/1/50 | 70 | 60 | ||
Danaher Corp. | 2.600% | 10/1/50 | 145 | 100 | ||
Danaher Corp. | 2.800% | 12/10/51 | 20 | 14 | ||
DENTSPLY SIRONA Inc. | 3.250% | 6/1/30 | 85 | 70 | ||
DH Europe Finance II Sarl | 2.600% | 11/15/29 | 75 | 67 | ||
DH Europe Finance II Sarl | 3.250% | 11/15/39 | 105 | 87 | ||
DH Europe Finance II Sarl | 3.400% | 11/15/49 | 115 | 93 | ||
Elevance Health Inc. | 3.500% | 8/15/24 | 75 | 74 | ||
Elevance Health Inc. | 3.350% | 12/1/24 | 75 | 74 | ||
Elevance Health Inc. | 2.375% | 1/15/25 | 150 | 144 | ||
Elevance Health Inc. | 1.500% | 3/15/26 | 50 | 46 | ||
Elevance Health Inc. | 3.650% | 12/1/27 | 122 | 118 | ||
Elevance Health Inc. | 4.101% | 3/1/28 | 125 | 122 | ||
Elevance Health Inc. | 2.875% | 9/15/29 | 80 | 72 | ||
Elevance Health Inc. | 2.250% | 5/15/30 | 135 | 115 | ||
Elevance Health Inc. | 2.550% | 3/15/31 | 60 | 51 | ||
Elevance Health Inc. | 4.625% | 5/15/42 | 125 | 119 | ||
Elevance Health Inc. | 4.650% | 1/15/43 | 135 | 128 | ||
Elevance Health Inc. | 4.650% | 8/15/44 | 90 | 84 | ||
Elevance Health Inc. | 4.375% | 12/1/47 | 225 | 208 | ||
Elevance Health Inc. | 4.550% | 3/1/48 | 55 | 52 | ||
Elevance Health Inc. | 3.700% | 9/15/49 | 75 | 61 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Elevance Health Inc. | 3.125% | 5/15/50 | 80 | 60 | ||
Elevance Health Inc. | 3.600% | 3/15/51 | 50 | 40 | ||
Eli Lilly & Co. | 3.375% | 3/15/29 | 67 | 65 | ||
Eli Lilly & Co. | 2.250% | 5/15/50 | 126 | 87 | ||
Eli Lilly & Co. | 2.500% | 9/15/60 | 130 | 88 | ||
Gilead Sciences Inc. | 2.500% | 9/1/23 | 110 | 109 | ||
Gilead Sciences Inc. | 3.700% | 4/1/24 | 265 | 264 | ||
Gilead Sciences Inc. | 3.500% | 2/1/25 | 130 | 128 | ||
Gilead Sciences Inc. | 3.650% | 3/1/26 | 45 | 44 | ||
Gilead Sciences Inc. | 2.950% | 3/1/27 | 125 | 118 | ||
Gilead Sciences Inc. | 1.200% | 10/1/27 | 135 | 116 | ||
Gilead Sciences Inc. | 1.650% | 10/1/30 | 135 | 110 | ||
Gilead Sciences Inc. | 4.600% | 9/1/35 | 130 | 127 | ||
Gilead Sciences Inc. | 4.000% | 9/1/36 | 65 | 59 | ||
Gilead Sciences Inc. | 2.600% | 10/1/40 | 50 | 36 | ||
Gilead Sciences Inc. | 5.650% | 12/1/41 | 70 | 74 | ||
Gilead Sciences Inc. | 4.800% | 4/1/44 | 250 | 237 | ||
Gilead Sciences Inc. | 4.500% | 2/1/45 | 150 | 136 | ||
Gilead Sciences Inc. | 4.750% | 3/1/46 | 210 | 201 | ||
Gilead Sciences Inc. | 4.150% | 3/1/47 | 175 | 152 | ||
Gilead Sciences Inc. | 2.800% | 10/1/50 | 130 | 89 | ||
GlaxoSmithKline Capital Inc. | 3.625% | 5/15/25 | 110 | 109 | ||
GlaxoSmithKline Capital Inc. | 3.875% | 5/15/28 | 165 | 162 | ||
GlaxoSmithKline Capital Inc. | 6.375% | 5/15/38 | 280 | 329 | ||
GlaxoSmithKline Capital plc | 0.534% | 10/1/23 | 110 | 107 | ||
GlaxoSmithKline Capital plc | 3.000% | 6/1/24 | 110 | 109 | ||
GlaxoSmithKline Capital plc | 3.375% | 6/1/29 | 90 | 86 | ||
HCA Inc. | 5.000% | 3/15/24 | 165 | 166 | ||
HCA Inc. | 5.375% | 2/1/25 | 275 | 277 | ||
HCA Inc. | 5.250% | 4/15/25 | 190 | 192 | ||
HCA Inc. | 5.875% | 2/15/26 | 120 | 122 | ||
HCA Inc. | 5.250% | 6/15/26 | 145 | 145 | ||
HCA Inc. | 5.375% | 9/1/26 | 50 | 50 | ||
HCA Inc. | 4.500% | 2/15/27 | 85 | 83 | ||
2 | HCA Inc. | 3.125% | 3/15/27 | 270 | 248 | |
HCA Inc. | 5.625% | 9/1/28 | 80 | 80 | ||
HCA Inc. | 5.875% | 2/1/29 | 95 | 97 | ||
HCA Inc. | 4.125% | 6/15/29 | 175 | 162 | ||
HCA Inc. | 3.500% | 9/1/30 | 265 | 231 | ||
HCA Inc. | 2.375% | 7/15/31 | 85 | 67 | ||
2 | HCA Inc. | 3.625% | 3/15/32 | 195 | 169 | |
HCA Inc. | 5.125% | 6/15/39 | 105 | 95 | ||
HCA Inc. | 5.500% | 6/15/47 | 160 | 148 | ||
HCA Inc. | 5.250% | 6/15/49 | 200 | 179 | ||
HCA Inc. | 3.500% | 7/15/51 | 155 | 106 | ||
2 | HCA Inc. | 4.625% | 3/15/52 | 185 | 153 | |
Humana Inc. | 1.350% | 2/3/27 | 85 | 74 | ||
Humana Inc. | 3.700% | 3/23/29 | 40 | 38 | ||
Humana Inc. | 2.150% | 2/3/32 | 35 | 28 | ||
Humana Inc. | 4.950% | 10/1/44 | 108 | 104 | ||
Johnson & Johnson | 3.375% | 12/5/23 | 80 | 80 | ||
Johnson & Johnson | 2.625% | 1/15/25 | 25 | 25 | ||
Johnson & Johnson | 0.550% | 9/1/25 | 90 | 82 | ||
Johnson & Johnson | 2.450% | 3/1/26 | 240 | 231 | ||
Johnson & Johnson | 2.950% | 3/3/27 | 115 | 112 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Johnson & Johnson | 2.900% | 1/15/28 | 235 | 225 | ||
Johnson & Johnson | 1.300% | 9/1/30 | 135 | 113 | ||
Johnson & Johnson | 4.375% | 12/5/33 | 115 | 117 | ||
Johnson & Johnson | 3.550% | 3/1/36 | 50 | 47 | ||
Johnson & Johnson | 3.625% | 3/3/37 | 180 | 167 | ||
Johnson & Johnson | 5.950% | 8/15/37 | 90 | 105 | ||
Johnson & Johnson | 3.400% | 1/15/38 | 100 | 90 | ||
Johnson & Johnson | 2.100% | 9/1/40 | 120 | 87 | ||
Johnson & Johnson | 3.700% | 3/1/46 | 195 | 174 | ||
Johnson & Johnson | 3.750% | 3/3/47 | 40 | 36 | ||
Johnson & Johnson | 3.500% | 1/15/48 | 70 | 61 | ||
Johnson & Johnson | 2.250% | 9/1/50 | 100 | 69 | ||
Johnson & Johnson | 2.450% | 9/1/60 | 135 | 90 | ||
Laboratory Corp. of America Holdings | 3.600% | 2/1/25 | 105 | 103 | ||
Laboratory Corp. of America Holdings | 4.700% | 2/1/45 | 85 | 77 | ||
McKesson Corp. | 3.796% | 3/15/24 | 125 | 125 | ||
Medtronic Inc. | 4.375% | 3/15/35 | 195 | 194 | ||
Medtronic Inc. | 4.625% | 3/15/45 | 180 | 181 | ||
Merck & Co. Inc. | 2.900% | 3/7/24 | 70 | 69 | ||
Merck & Co. Inc. | 2.750% | 2/10/25 | 240 | 235 | ||
Merck & Co. Inc. | 0.750% | 2/24/26 | 135 | 122 | ||
Merck & Co. Inc. | 1.700% | 6/10/27 | 215 | 195 | ||
Merck & Co. Inc. | 1.900% | 12/10/28 | 75 | 66 | ||
Merck & Co. Inc. | 3.400% | 3/7/29 | 130 | 125 | ||
Merck & Co. Inc. | 1.450% | 6/24/30 | 115 | 95 | ||
Merck & Co. Inc. | 2.150% | 12/10/31 | 195 | 166 | ||
Merck & Co. Inc. | 3.900% | 3/7/39 | 90 | 83 | ||
Merck & Co. Inc. | 2.350% | 6/24/40 | 115 | 85 | ||
Merck & Co. Inc. | 4.150% | 5/18/43 | 115 | 107 | ||
Merck & Co. Inc. | 3.700% | 2/10/45 | 195 | 169 | ||
Merck & Co. Inc. | 4.000% | 3/7/49 | 115 | 104 | ||
Merck & Co. Inc. | 2.450% | 6/24/50 | 140 | 97 | ||
Merck & Co. Inc. | 2.750% | 12/10/51 | 240 | 174 | ||
Merck & Co. Inc. | 2.900% | 12/10/61 | 130 | 90 | ||
Mylan Inc. | 4.550% | 4/15/28 | 25 | 24 | ||
Mylan Inc. | 5.200% | 4/15/48 | 210 | 162 | ||
Novartis Capital Corp. | 3.400% | 5/6/24 | 245 | 244 | ||
Novartis Capital Corp. | 1.750% | 2/14/25 | 35 | 34 | ||
Novartis Capital Corp. | 3.000% | 11/20/25 | 90 | 88 | ||
Novartis Capital Corp. | 2.000% | 2/14/27 | 95 | 88 | ||
Novartis Capital Corp. | 3.100% | 5/17/27 | 210 | 204 | ||
Novartis Capital Corp. | 2.200% | 8/14/30 | 185 | 163 | ||
Novartis Capital Corp. | 4.400% | 5/6/44 | 230 | 226 | ||
Novartis Capital Corp. | 4.000% | 11/20/45 | 100 | 92 | ||
Novartis Capital Corp. | 2.750% | 8/14/50 | 80 | 61 | ||
PerkinElmer Inc. | 0.850% | 9/15/24 | 50 | 47 | ||
PerkinElmer Inc. | 3.300% | 9/15/29 | 85 | 76 | ||
Pfizer Inc. | 3.200% | 9/15/23 | 100 | 100 | ||
Pfizer Inc. | 2.950% | 3/15/24 | 75 | 74 | ||
Pfizer Inc. | 3.400% | 5/15/24 | 100 | 100 | ||
Pfizer Inc. | 0.800% | 5/28/25 | 100 | 93 | ||
Pfizer Inc. | 2.750% | 6/3/26 | 60 | 58 | ||
Pfizer Inc. | 3.000% | 12/15/26 | 110 | 107 | ||
Pfizer Inc. | 3.600% | 9/15/28 | 85 | 84 | ||
Pfizer Inc. | 3.450% | 3/15/29 | 170 | 164 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Pfizer Inc. | 2.625% | 4/1/30 | 83 | 75 | ||
Pfizer Inc. | 1.700% | 5/28/30 | 60 | 51 | ||
Pfizer Inc. | 1.750% | 8/18/31 | 230 | 191 | ||
Pfizer Inc. | 4.000% | 12/15/36 | 160 | 153 | ||
Pfizer Inc. | 3.900% | 3/15/39 | 70 | 65 | ||
Pfizer Inc. | 7.200% | 3/15/39 | 50 | 64 | ||
Pfizer Inc. | 2.550% | 5/28/40 | 215 | 165 | ||
Pfizer Inc. | 4.300% | 6/15/43 | 105 | 101 | ||
Pfizer Inc. | 4.400% | 5/15/44 | 130 | 126 | ||
Pfizer Inc. | 4.125% | 12/15/46 | 170 | 161 | ||
Pfizer Inc. | 4.200% | 9/15/48 | 90 | 87 | ||
Pfizer Inc. | 4.000% | 3/15/49 | 110 | 103 | ||
Pfizer Inc. | 2.700% | 5/28/50 | 130 | 97 | ||
1 | Providence St. Joseph Health Obligated Group | 2.700% | 10/1/51 | 20 | 13 | |
Quest Diagnostics Inc. | 2.950% | 6/30/30 | 80 | 71 | ||
Regeneron Pharmaceuticals Inc. | 1.750% | 9/15/30 | 140 | 111 | ||
Regeneron Pharmaceuticals Inc. | 2.800% | 9/15/50 | 75 | 50 | ||
Royalty Pharma plc | 0.750% | 9/2/23 | 103 | 99 | ||
Royalty Pharma plc | 1.200% | 9/2/25 | 105 | 95 | ||
Royalty Pharma plc | 1.750% | 9/2/27 | 145 | 126 | ||
Royalty Pharma plc | 2.200% | 9/2/30 | 40 | 32 | ||
Royalty Pharma plc | 3.300% | 9/2/40 | 30 | 22 | ||
Royalty Pharma plc | 3.550% | 9/2/50 | 170 | 117 | ||
Sanofi | 3.625% | 6/19/28 | 100 | 97 | ||
Shire Acquisitions Investments Ireland DAC | 2.875% | 9/23/23 | 80 | 79 | ||
Shire Acquisitions Investments Ireland DAC | 3.200% | 9/23/26 | 185 | 177 | ||
Smith & Nephew plc | 2.032% | 10/14/30 | 100 | 79 | ||
Stryker Corp. | 3.375% | 11/1/25 | 20 | 20 | ||
Stryker Corp. | 3.500% | 3/15/26 | 75 | 73 | ||
Stryker Corp. | 1.950% | 6/15/30 | 35 | 29 | ||
Takeda Pharmaceutical Co. Ltd. | 4.400% | 11/26/23 | 105 | 105 | ||
Takeda Pharmaceutical Co. Ltd. | 5.000% | 11/26/28 | 295 | 299 | ||
Takeda Pharmaceutical Co. Ltd. | 2.050% | 3/31/30 | 275 | 230 | ||
Takeda Pharmaceutical Co. Ltd. | 3.025% | 7/9/40 | 205 | 159 | ||
Takeda Pharmaceutical Co. Ltd. | 3.175% | 7/9/50 | 205 | 151 | ||
Takeda Pharmaceutical Co. Ltd. | 3.375% | 7/9/60 | 70 | 51 | ||
Thermo Fisher Scientific Inc. | 0.797% | 10/18/23 | 180 | 174 | ||
Thermo Fisher Scientific Inc. | 1.215% | 10/18/24 | 245 | 232 | ||
Thermo Fisher Scientific Inc. | 2.600% | 10/1/29 | 110 | 100 | ||
Thermo Fisher Scientific Inc. | 2.000% | 10/15/31 | 175 | 147 | ||
Thermo Fisher Scientific Inc. | 2.800% | 10/15/41 | 145 | 112 | ||
Thermo Fisher Scientific Inc. | 4.100% | 8/15/47 | 80 | 75 | ||
UnitedHealth Group Inc. | 3.500% | 2/15/24 | 130 | 130 | ||
UnitedHealth Group Inc. | 0.550% | 5/15/24 | 120 | 114 | ||
UnitedHealth Group Inc. | 2.375% | 8/15/24 | 50 | 49 | ||
UnitedHealth Group Inc. | 3.750% | 7/15/25 | 210 | 209 | ||
UnitedHealth Group Inc. | 3.100% | 3/15/26 | 50 | 49 | ||
UnitedHealth Group Inc. | 1.150% | 5/15/26 | 100 | 91 | ||
UnitedHealth Group Inc. | 3.450% | 1/15/27 | 10 | 10 | ||
UnitedHealth Group Inc. | 2.950% | 10/15/27 | 125 | 119 | ||
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 135 | 133 | ||
UnitedHealth Group Inc. | 3.875% | 12/15/28 | 105 | 103 | ||
UnitedHealth Group Inc. | 4.000% | 5/15/29 | 25 | 25 | ||
UnitedHealth Group Inc. | 2.875% | 8/15/29 | 165 | 151 | ||
UnitedHealth Group Inc. | 2.000% | 5/15/30 | 150 | 128 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
UnitedHealth Group Inc. | 2.300% | 5/15/31 | 190 | 163 | ||
UnitedHealth Group Inc. | 4.200% | 5/15/32 | 95 | 94 | ||
UnitedHealth Group Inc. | 4.625% | 7/15/35 | 95 | 95 | ||
UnitedHealth Group Inc. | 5.800% | 3/15/36 | 127 | 140 | ||
UnitedHealth Group Inc. | 6.875% | 2/15/38 | 180 | 219 | ||
UnitedHealth Group Inc. | 3.500% | 8/15/39 | 90 | 77 | ||
UnitedHealth Group Inc. | 3.050% | 5/15/41 | 75 | 60 | ||
UnitedHealth Group Inc. | 4.250% | 3/15/43 | 25 | 23 | ||
UnitedHealth Group Inc. | 4.750% | 7/15/45 | 190 | 188 | ||
UnitedHealth Group Inc. | 4.200% | 1/15/47 | 190 | 176 | ||
UnitedHealth Group Inc. | 3.750% | 10/15/47 | 135 | 116 | ||
UnitedHealth Group Inc. | 4.250% | 6/15/48 | 185 | 170 | ||
UnitedHealth Group Inc. | 4.450% | 12/15/48 | 150 | 143 | ||
UnitedHealth Group Inc. | 3.700% | 8/15/49 | 50 | 43 | ||
UnitedHealth Group Inc. | 2.900% | 5/15/50 | 50 | 37 | ||
UnitedHealth Group Inc. | 3.250% | 5/15/51 | 215 | 168 | ||
UnitedHealth Group Inc. | 4.750% | 5/15/52 | 150 | 149 | ||
UnitedHealth Group Inc. | 3.875% | 8/15/59 | 50 | 43 | ||
UnitedHealth Group Inc. | 3.125% | 5/15/60 | 65 | 48 | ||
UnitedHealth Group Inc. | 4.950% | 5/15/62 | 200 | 201 | ||
Utah Acquisition Sub Inc. | 3.950% | 6/15/26 | 115 | 108 | ||
Utah Acquisition Sub Inc. | 5.250% | 6/15/46 | 115 | 91 | ||
Viatris Inc. | 1.650% | 6/22/25 | 185 | 169 | ||
Viatris Inc. | 2.700% | 6/22/30 | 80 | 63 | ||
Viatris Inc. | 3.850% | 6/22/40 | 45 | 31 | ||
Viatris Inc. | 4.000% | 6/22/50 | 105 | 68 | ||
Wyeth LLC | 6.500% | 2/1/34 | 205 | 240 | ||
Wyeth LLC | 5.950% | 4/1/37 | 145 | 165 | ||
Zimmer Biomet Holdings Inc. | 1.450% | 11/22/24 | 100 | 94 | ||
Zimmer Biomet Holdings Inc. | 3.550% | 4/1/25 | 50 | 49 | ||
Zimmer Biomet Holdings Inc. | 2.600% | 11/24/31 | 90 | 75 | ||
Zoetis Inc. | 4.500% | 11/13/25 | 100 | 101 | ||
Zoetis Inc. | 3.000% | 9/12/27 | 50 | 47 | ||
Zoetis Inc. | 2.000% | 5/15/30 | 80 | 67 | ||
Zoetis Inc. | 4.700% | 2/1/43 | 110 | 105 | ||
47,106 | ||||||
Industrials (1.5%) | ||||||
Amphenol Corp. | 2.800% | 2/15/30 | 130 | 114 | ||
Amphenol Corp. | 2.200% | 9/15/31 | 40 | 33 | ||
Carrier Global Corp. | 2.242% | 2/15/25 | 200 | 190 | ||
Carrier Global Corp. | 2.493% | 2/15/27 | 125 | 115 | ||
Carrier Global Corp. | 2.722% | 2/15/30 | 150 | 130 | ||
Carrier Global Corp. | 2.700% | 2/15/31 | 10 | 9 | ||
Carrier Global Corp. | 3.377% | 4/5/40 | 125 | 99 | ||
Carrier Global Corp. | 3.577% | 4/5/50 | 260 | 198 | ||
Deere & Co. | 3.900% | 6/9/42 | 145 | 136 | ||
Deere & Co. | 3.750% | 4/15/50 | 80 | 74 | ||
FedEx Corp. | 3.250% | 4/1/26 | 110 | 107 | ||
FedEx Corp. | 3.100% | 8/5/29 | 45 | 41 | ||
FedEx Corp. | 4.250% | 5/15/30 | 145 | 142 | ||
FedEx Corp. | 2.400% | 5/15/31 | 35 | 30 | ||
FedEx Corp. | 3.250% | 5/15/41 | 125 | 97 | ||
FedEx Corp. | 5.100% | 1/15/44 | 50 | 48 | ||
FedEx Corp. | 4.750% | 11/15/45 | 120 | 111 | ||
FedEx Corp. | 4.550% | 4/1/46 | 230 | 207 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
FedEx Corp. | 4.400% | 1/15/47 | 20 | 18 | ||
FedEx Corp. | 4.050% | 2/15/48 | 95 | 80 | ||
FedEx Corp. | 4.950% | 10/17/48 | 75 | 72 | ||
FedEx Corp. | 5.250% | 5/15/50 | 90 | 89 | ||
Illinois Tool Works Inc. | 2.650% | 11/15/26 | 140 | 134 | ||
Illinois Tool Works Inc. | 3.900% | 9/1/42 | 100 | 88 | ||
1 | John Deere Capital Corp. | 0.450% | 1/17/24 | 60 | 57 | |
1 | John Deere Capital Corp. | 1.250% | 1/10/25 | 10 | 10 | |
1 | John Deere Capital Corp. | 3.450% | 3/13/25 | 115 | 114 | |
John Deere Capital Corp. | 3.400% | 6/6/25 | 180 | 178 | ||
1 | John Deere Capital Corp. | 0.700% | 1/15/26 | 75 | 68 | |
Otis Worldwide Corp. | 2.056% | 4/5/25 | 128 | 121 | ||
Otis Worldwide Corp. | 2.565% | 2/15/30 | 150 | 129 | ||
Otis Worldwide Corp. | 3.362% | 2/15/50 | 70 | 52 | ||
Republic Services Inc. | 2.500% | 8/15/24 | 70 | 68 | ||
Republic Services Inc. | 3.950% | 5/15/28 | 75 | 73 | ||
Republic Services Inc. | 1.750% | 2/15/32 | 30 | 24 | ||
Southwest Airlines Co. | 5.250% | 5/4/25 | 130 | 133 | ||
Southwest Airlines Co. | 5.125% | 6/15/27 | 255 | 260 | ||
Trane Technologies Luxembourg Finance SA | 3.800% | 3/21/29 | 50 | 47 | ||
United Parcel Service Inc. | 3.900% | 4/1/25 | 129 | 129 | ||
United Parcel Service Inc. | 3.050% | 11/15/27 | 75 | 73 | ||
United Parcel Service Inc. | 3.400% | 3/15/29 | 82 | 79 | ||
United Parcel Service Inc. | 4.450% | 4/1/30 | 67 | 69 | ||
United Parcel Service Inc. | 6.200% | 1/15/38 | 135 | 159 | ||
United Parcel Service Inc. | 3.750% | 11/15/47 | 50 | 45 | ||
United Parcel Service Inc. | 4.250% | 3/15/49 | 75 | 72 | ||
United Parcel Service Inc. | 5.300% | 4/1/50 | 185 | 206 | ||
United Rentals North America Inc. | 3.875% | 11/15/27 | 120 | 111 | ||
Waste Connections Inc. | 4.200% | 1/15/33 | 65 | 62 | ||
Waste Connections Inc. | 2.950% | 1/15/52 | 100 | 72 | ||
Waste Management Inc. | 3.150% | 11/15/27 | 65 | 62 | ||
Waste Management Inc. | 1.500% | 3/15/31 | 70 | 56 | ||
Waste Management Inc. | 4.150% | 4/15/32 | 20 | 20 | ||
Westinghouse Air Brake Technologies Corp. | 3.450% | 11/15/26 | 70 | 66 | ||
Westinghouse Air Brake Technologies Corp. | 4.950% | 9/15/28 | 130 | 126 | ||
WW Grainger Inc. | 4.600% | 6/15/45 | 115 | 111 | ||
5,214 | ||||||
Materials (1.4%) | ||||||
Air Products and Chemicals Inc. | 2.050% | 5/15/30 | 195 | 168 | ||
Air Products and Chemicals Inc. | 2.700% | 5/15/40 | 35 | 28 | ||
Air Products and Chemicals Inc. | 2.800% | 5/15/50 | 80 | 60 | ||
Amcor Flexibles North America Inc. | 2.690% | 5/25/31 | 75 | 62 | ||
AngloGold Ashanti Holdings plc | 3.375% | 11/1/28 | 60 | 53 | ||
Berry Global Inc. | 0.950% | 2/15/24 | 115 | 109 | ||
Berry Global Inc. | 1.570% | 1/15/26 | 210 | 187 | ||
Carlisle Cos. Inc. | 2.750% | 3/1/30 | 80 | 68 | ||
Celanese US Holdings LLC | 5.900% | 7/5/24 | 120 | 121 | ||
Celanese US Holdings LLC | 6.050% | 3/15/25 | 270 | 271 | ||
Celanese US Holdings LLC | 6.165% | 7/15/27 | 190 | 190 | ||
Celanese US Holdings LLC | 6.330% | 7/15/29 | 75 | 75 | ||
Celanese US Holdings LLC | 6.379% | 7/15/32 | 95 | 94 | ||
CF Industries Inc. | 5.150% | 3/15/34 | 100 | 97 | ||
CF Industries Inc. | 4.950% | 6/1/43 | 80 | 71 | ||
CF Industries Inc. | 5.375% | 3/15/44 | 65 | 61 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
DuPont de Nemours Inc. | 4.205% | 11/15/23 | 225 | 226 | ||
DuPont de Nemours Inc. | 4.493% | 11/15/25 | 205 | 207 | ||
DuPont de Nemours Inc. | 4.725% | 11/15/28 | 125 | 126 | ||
DuPont de Nemours Inc. | 5.319% | 11/15/38 | 155 | 154 | ||
DuPont de Nemours Inc. | 5.419% | 11/15/48 | 210 | 207 | ||
Eagle Materials Inc. | 2.500% | 7/1/31 | 95 | 74 | ||
Ecolab Inc. | 2.700% | 11/1/26 | 95 | 91 | ||
Ecolab Inc. | 2.700% | 12/15/51 | 80 | 57 | ||
Huntsman International LLC | 4.500% | 5/1/29 | 105 | 97 | ||
International Flavors & Fragrances Inc. | 5.000% | 9/26/48 | 20 | 19 | ||
Martin Marietta Materials Inc. | 2.400% | 7/15/31 | 100 | 82 | ||
Martin Marietta Materials Inc. | 3.200% | 7/15/51 | 85 | 60 | ||
Mosaic Co. | 4.250% | 11/15/23 | 105 | 105 | ||
Newmont Corp. | 2.250% | 10/1/30 | 155 | 127 | ||
Newmont Corp. | 2.600% | 7/15/32 | 80 | 65 | ||
Newmont Corp. | 6.250% | 10/1/39 | 70 | 75 | ||
Newmont Corp. | 4.875% | 3/15/42 | 105 | 100 | ||
Nutrien Ltd. | 4.200% | 4/1/29 | 105 | 102 | ||
Nutrien Ltd. | 5.000% | 4/1/49 | 69 | 68 | ||
Rio Tinto Alcan Inc. | 6.125% | 12/15/33 | 120 | 136 | ||
Sherwin-Williams Co. | 3.450% | 6/1/27 | 130 | 124 | ||
Sherwin-Williams Co. | 2.950% | 8/15/29 | 84 | 75 | ||
Sherwin-Williams Co. | 4.500% | 6/1/47 | 120 | 107 | ||
Suzano Austria GmbH | 6.000% | 1/15/29 | 215 | 215 | ||
Suzano Austria GmbH | 5.000% | 1/15/30 | 110 | 103 | ||
Suzano Austria GmbH | 3.750% | 1/15/31 | 125 | 106 | ||
1 | Suzano Austria GmbH | 3.125% | 1/15/32 | 40 | 32 | |
Vulcan Materials Co. | 3.500% | 6/1/30 | 80 | 72 | ||
WRKCo Inc. | 4.900% | 3/15/29 | 100 | 100 | ||
4,827 | ||||||
Real Estate (2.0%) | ||||||
Alexandria Real Estate Equities Inc. | 3.375% | 8/15/31 | 90 | 80 | ||
Alexandria Real Estate Equities Inc. | 2.000% | 5/18/32 | 95 | 75 | ||
Alexandria Real Estate Equities Inc. | 1.875% | 2/1/33 | 113 | 85 | ||
Alexandria Real Estate Equities Inc. | 2.950% | 3/15/34 | 60 | 51 | ||
Alexandria Real Estate Equities Inc. | 3.000% | 5/18/51 | 85 | 57 | ||
Alexandria Real Estate Equities Inc. | 3.550% | 3/15/52 | 95 | 72 | ||
American Tower Corp. | 5.000% | 2/15/24 | 65 | 66 | ||
American Tower Corp. | 2.400% | 3/15/25 | 100 | 95 | ||
American Tower Corp. | 4.000% | 6/1/25 | 90 | 89 | ||
American Tower Corp. | 3.375% | 10/15/26 | 85 | 80 | ||
American Tower Corp. | 2.750% | 1/15/27 | 70 | 64 | ||
American Tower Corp. | 3.550% | 7/15/27 | 65 | 61 | ||
American Tower Corp. | 3.800% | 8/15/29 | 245 | 226 | ||
American Tower Corp. | 2.900% | 1/15/30 | 50 | 43 | ||
American Tower Corp. | 2.100% | 6/15/30 | 65 | 53 | ||
American Tower Corp. | 1.875% | 10/15/30 | 120 | 95 | ||
American Tower Corp. | 3.100% | 6/15/50 | 100 | 70 | ||
American Tower Corp. | 2.950% | 1/15/51 | 75 | 51 | ||
Boston Properties LP | 3.200% | 1/15/25 | 45 | 44 | ||
Boston Properties LP | 3.650% | 2/1/26 | 180 | 175 | ||
Boston Properties LP | 2.750% | 10/1/26 | 70 | 65 | ||
Boston Properties LP | 4.500% | 12/1/28 | 50 | 49 | ||
Boston Properties LP | 3.400% | 6/21/29 | 133 | 119 | ||
Boston Properties LP | 3.250% | 1/30/31 | 120 | 103 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Boston Properties LP | 2.550% | 4/1/32 | 90 | 72 | ||
Boston Properties LP | 2.450% | 10/1/33 | 90 | 68 | ||
Brixmor Operating Partnership LP | 4.125% | 5/15/29 | 75 | 68 | ||
Brixmor Operating Partnership LP | 4.050% | 7/1/30 | 140 | 125 | ||
Camden Property Trust | 2.800% | 5/15/30 | 80 | 71 | ||
Crown Castle Inc. | 3.200% | 9/1/24 | 70 | 69 | ||
Crown Castle Inc. | 4.450% | 2/15/26 | 60 | 60 | ||
Crown Castle Inc. | 3.700% | 6/15/26 | 70 | 68 | ||
Crown Castle Inc. | 1.050% | 7/15/26 | 130 | 114 | ||
Crown Castle Inc. | 2.900% | 3/15/27 | 50 | 46 | ||
Crown Castle Inc. | 3.650% | 9/1/27 | 60 | 57 | ||
Crown Castle Inc. | 3.800% | 2/15/28 | 100 | 94 | ||
Crown Castle Inc. | 3.300% | 7/1/30 | 180 | 160 | ||
Crown Castle Inc. | 2.250% | 1/15/31 | 65 | 53 | ||
Crown Castle Inc. | 2.100% | 4/1/31 | 140 | 112 | ||
Crown Castle Inc. | 2.500% | 7/15/31 | 60 | 49 | ||
Crown Castle Inc. | 2.900% | 4/1/41 | 125 | 90 | ||
Crown Castle Inc. | 3.250% | 1/15/51 | 92 | 65 | ||
Digital Realty Trust LP | 3.700% | 8/15/27 | 90 | 86 | ||
Digital Realty Trust LP | 3.600% | 7/1/29 | 120 | 111 | ||
Equinix Inc. | 2.625% | 11/18/24 | 110 | 106 | ||
Equinix Inc. | 3.200% | 11/18/29 | 165 | 148 | ||
Equinix Inc. | 2.150% | 7/15/30 | 80 | 65 | ||
Equinix Inc. | 3.900% | 4/15/32 | 140 | 127 | ||
ERP Operating LP | 4.500% | 7/1/44 | 50 | 47 | ||
GLP Capital LP | 5.250% | 6/1/25 | 75 | 74 | ||
GLP Capital LP | 5.375% | 4/15/26 | 90 | 89 | ||
GLP Capital LP | 5.300% | 1/15/29 | 70 | 68 | ||
GLP Capital LP | 3.250% | 1/15/32 | 70 | 57 | ||
Healthcare Realty Holdings LP | 2.000% | 3/15/31 | 75 | 58 | ||
Healthpeak Properties Inc. | 3.000% | 1/15/30 | 70 | 62 | ||
1 | Host Hotels & Resorts LP | 3.500% | 9/15/30 | 20 | 17 | |
Prologis LP | 2.250% | 4/15/30 | 125 | 108 | ||
Prologis LP | 1.250% | 10/15/30 | 40 | 32 | ||
Realty Income Corp. | 3.250% | 1/15/31 | 85 | 76 | ||
Sabra Health Care LP | 3.200% | 12/1/31 | 70 | 56 | ||
Simon Property Group LP | 2.000% | 9/13/24 | 55 | 53 | ||
Simon Property Group LP | 3.375% | 10/1/24 | 100 | 99 | ||
Simon Property Group LP | 3.500% | 9/1/25 | 45 | 44 | ||
Simon Property Group LP | 3.300% | 1/15/26 | 160 | 155 | ||
Simon Property Group LP | 3.250% | 11/30/26 | 50 | 48 | ||
Simon Property Group LP | 3.375% | 6/15/27 | 35 | 33 | ||
Simon Property Group LP | 3.375% | 12/1/27 | 120 | 113 | ||
Simon Property Group LP | 2.450% | 9/13/29 | 120 | 103 | ||
Simon Property Group LP | 2.650% | 7/15/30 | 110 | 95 | ||
Simon Property Group LP | 3.250% | 9/13/49 | 98 | 71 | ||
Simon Property Group LP | 3.800% | 7/15/50 | 60 | 48 | ||
Sun Communities Operating LP | 2.700% | 7/15/31 | 155 | 124 | ||
Ventas Realty LP | 4.400% | 1/15/29 | 20 | 19 | ||
VICI Properties LP | 4.750% | 2/15/28 | 130 | 125 | ||
VICI Properties LP | 4.950% | 2/15/30 | 105 | 100 | ||
VICI Properties LP | 5.125% | 5/15/32 | 160 | 152 | ||
VICI Properties LP | 5.625% | 5/15/52 | 85 | 79 | ||
Welltower Inc. | 3.625% | 3/15/24 | 130 | 129 | ||
Welltower Inc. | 4.000% | 6/1/25 | 96 | 95 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Welltower Inc. | 4.250% | 4/15/28 | 130 | 126 | ||
Welltower Inc. | 3.100% | 1/15/30 | 115 | 101 | ||
Welltower Inc. | 2.800% | 6/1/31 | 10 | 8 | ||
6,716 | ||||||
Technology (12.7%) | ||||||
Adobe Inc. | 3.250% | 2/1/25 | 110 | 109 | ||
Adobe Inc. | 2.150% | 2/1/27 | 85 | 80 | ||
Adobe Inc. | 2.300% | 2/1/30 | 115 | 102 | ||
Analog Devices Inc. | 1.700% | 10/1/28 | 110 | 96 | ||
Analog Devices Inc. | 2.100% | 10/1/31 | 95 | 81 | ||
Analog Devices Inc. | 2.950% | 10/1/51 | 95 | 72 | ||
Apple Inc. | 3.000% | 2/9/24 | 180 | 179 | ||
Apple Inc. | 3.450% | 5/6/24 | 205 | 205 | ||
Apple Inc. | 2.850% | 5/11/24 | 228 | 225 | ||
Apple Inc. | 1.800% | 9/11/24 | 120 | 116 | ||
Apple Inc. | 2.750% | 1/13/25 | 160 | 157 | ||
Apple Inc. | 2.500% | 2/9/25 | 160 | 156 | ||
Apple Inc. | 1.125% | 5/11/25 | 185 | 173 | ||
Apple Inc. | 3.200% | 5/13/25 | 25 | 25 | ||
Apple Inc. | 0.550% | 8/20/25 | 115 | 105 | ||
Apple Inc. | 0.700% | 2/8/26 | 150 | 136 | ||
Apple Inc. | 3.250% | 2/23/26 | 490 | 482 | ||
Apple Inc. | 2.450% | 8/4/26 | 250 | 238 | ||
Apple Inc. | 2.050% | 9/11/26 | 232 | 217 | ||
Apple Inc. | 3.350% | 2/9/27 | 205 | 202 | ||
Apple Inc. | 3.200% | 5/11/27 | 185 | 180 | ||
Apple Inc. | 3.000% | 6/20/27 | 110 | 107 | ||
Apple Inc. | 2.900% | 9/12/27 | 280 | 268 | ||
Apple Inc. | 3.000% | 11/13/27 | 90 | 86 | ||
Apple Inc. | 1.200% | 2/8/28 | 70 | 61 | ||
Apple Inc. | 1.400% | 8/5/28 | 210 | 183 | ||
Apple Inc. | 3.250% | 8/8/29 | 100 | 96 | ||
Apple Inc. | 2.200% | 9/11/29 | 210 | 188 | ||
Apple Inc. | 1.650% | 5/11/30 | 250 | 212 | ||
Apple Inc. | 1.250% | 8/20/30 | 50 | 41 | ||
Apple Inc. | 1.650% | 2/8/31 | 310 | 258 | ||
Apple Inc. | 1.700% | 8/5/31 | 90 | 75 | ||
Apple Inc. | 3.350% | 8/8/32 | 150 | 142 | ||
Apple Inc. | 4.500% | 2/23/36 | 163 | 168 | ||
Apple Inc. | 2.375% | 2/8/41 | 110 | 83 | ||
Apple Inc. | 3.850% | 5/4/43 | 200 | 184 | ||
Apple Inc. | 4.450% | 5/6/44 | 25 | 25 | ||
Apple Inc. | 3.450% | 2/9/45 | 100 | 87 | ||
Apple Inc. | 4.375% | 5/13/45 | 110 | 108 | ||
Apple Inc. | 4.650% | 2/23/46 | 315 | 322 | ||
Apple Inc. | 3.850% | 8/4/46 | 185 | 168 | ||
Apple Inc. | 4.250% | 2/9/47 | 175 | 171 | ||
Apple Inc. | 3.750% | 9/12/47 | 215 | 193 | ||
Apple Inc. | 3.750% | 11/13/47 | 260 | 233 | ||
Apple Inc. | 2.950% | 9/11/49 | 165 | 129 | ||
Apple Inc. | 2.650% | 5/11/50 | 205 | 150 | ||
Apple Inc. | 2.400% | 8/20/50 | 145 | 101 | ||
Apple Inc. | 2.650% | 2/8/51 | 305 | 223 | ||
Apple Inc. | 2.700% | 8/5/51 | 195 | 144 | ||
Apple Inc. | 3.950% | 8/8/52 | 175 | 161 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Apple Inc. | 2.550% | 8/20/60 | 100 | 68 | ||
Apple Inc. | 2.800% | 2/8/61 | 225 | 158 | ||
Apple Inc. | 2.850% | 8/5/61 | 155 | 110 | ||
Apple Inc. | 4.100% | 8/8/62 | 125 | 115 | ||
Applied Materials Inc. | 3.300% | 4/1/27 | 141 | 138 | ||
Applied Materials Inc. | 1.750% | 6/1/30 | 30 | 25 | ||
Applied Materials Inc. | 4.350% | 4/1/47 | 145 | 140 | ||
Autodesk Inc. | 2.400% | 12/15/31 | 100 | 83 | ||
Automatic Data Processing Inc. | 3.375% | 9/15/25 | 110 | 109 | ||
Automatic Data Processing Inc. | 1.700% | 5/15/28 | 90 | 81 | ||
Automatic Data Processing Inc. | 1.250% | 9/1/30 | 130 | 106 | ||
Broadcom Corp. | 3.625% | 1/15/24 | 95 | 94 | ||
Broadcom Corp. | 3.875% | 1/15/27 | 265 | 255 | ||
Broadcom Corp. | 3.500% | 1/15/28 | 50 | 46 | ||
Broadcom Inc. | 3.150% | 11/15/25 | 82 | 79 | ||
Broadcom Inc. | 3.459% | 9/15/26 | 40 | 38 | ||
2 | Broadcom Inc. | 1.950% | 2/15/28 | 110 | 94 | |
Broadcom Inc. | 4.110% | 9/15/28 | 230 | 219 | ||
2 | Broadcom Inc. | 4.000% | 4/15/29 | 50 | 46 | |
Broadcom Inc. | 4.750% | 4/15/29 | 145 | 143 | ||
Broadcom Inc. | 4.150% | 11/15/30 | 185 | 169 | ||
2 | Broadcom Inc. | 2.450% | 2/15/31 | 280 | 223 | |
2 | Broadcom Inc. | 4.150% | 4/15/32 | 160 | 143 | |
Broadcom Inc. | 4.300% | 11/15/32 | 175 | 158 | ||
2 | Broadcom Inc. | 2.600% | 2/15/33 | 170 | 131 | |
2 | Broadcom Inc. | 3.419% | 4/15/33 | 203 | 167 | |
2 | Broadcom Inc. | 3.469% | 4/15/34 | 225 | 182 | |
2 | Broadcom Inc. | 3.137% | 11/15/35 | 180 | 136 | |
2 | Broadcom Inc. | 3.187% | 11/15/36 | 445 | 330 | |
2 | Broadcom Inc. | 4.926% | 5/15/37 | 217 | 194 | |
2 | Broadcom Inc. | 3.500% | 2/15/41 | 340 | 256 | |
2 | Broadcom Inc. | 3.750% | 2/15/51 | 195 | 144 | |
Broadridge Financial Solutions Inc. | 2.900% | 12/1/29 | 80 | 70 | ||
Broadridge Financial Solutions Inc. | 2.600% | 5/1/31 | 115 | 97 | ||
CDW LLC | 2.670% | 12/1/26 | 100 | 90 | ||
CDW LLC | 3.569% | 12/1/31 | 100 | 84 | ||
Cintas Corp. No. 2 | 3.700% | 4/1/27 | 105 | 104 | ||
Cintas Corp. No. 2 | 4.000% | 5/1/32 | 75 | 73 | ||
Cisco Systems Inc. | 2.200% | 9/20/23 | 95 | 94 | ||
Cisco Systems Inc. | 3.625% | 3/4/24 | 125 | 125 | ||
Cisco Systems Inc. | 2.950% | 2/28/26 | 105 | 103 | ||
Cisco Systems Inc. | 2.500% | 9/20/26 | 145 | 139 | ||
Cisco Systems Inc. | 5.900% | 2/15/39 | 180 | 204 | ||
Cisco Systems Inc. | 5.500% | 1/15/40 | 125 | 136 | ||
Citrix Systems Inc. | 1.250% | 3/1/26 | 105 | 103 | ||
Citrix Systems Inc. | 4.500% | 12/1/27 | 70 | 70 | ||
Citrix Systems Inc. | 3.300% | 3/1/30 | 40 | 39 | ||
Corning Inc. | 4.375% | 11/15/57 | 115 | 94 | ||
Corning Inc. | 5.450% | 11/15/79 | 90 | 83 | ||
Dell International LLC | 4.000% | 7/15/24 | 110 | 110 | ||
Dell International LLC | 5.850% | 7/15/25 | 90 | 93 | ||
Dell International LLC | 6.020% | 6/15/26 | 475 | 494 | ||
Dell International LLC | 4.900% | 10/1/26 | 217 | 218 | ||
Dell International LLC | 5.300% | 10/1/29 | 130 | 129 | ||
Dell International LLC | 8.100% | 7/15/36 | 50 | 58 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
2 | Dell International LLC | 3.375% | 12/15/41 | 170 | 119 | |
Dell International LLC | 8.350% | 7/15/46 | 91 | 111 | ||
2 | Dell International LLC | 3.450% | 12/15/51 | 150 | 98 | |
Equifax Inc. | 2.600% | 12/1/24 | 145 | 140 | ||
Equifax Inc. | 2.350% | 9/15/31 | 170 | 137 | ||
Fidelity National Information Services Inc. | 0.600% | 3/1/24 | 80 | 76 | ||
Fidelity National Information Services Inc. | 1.150% | 3/1/26 | 160 | 142 | ||
Fidelity National Information Services Inc. | 1.650% | 3/1/28 | 70 | 60 | ||
Fidelity National Information Services Inc. | 2.250% | 3/1/31 | 40 | 32 | ||
Fidelity National Information Services Inc. | 3.100% | 3/1/41 | 70 | 51 | ||
Fiserv Inc. | 3.800% | 10/1/23 | 160 | 160 | ||
Fiserv Inc. | 2.750% | 7/1/24 | 210 | 205 | ||
Fiserv Inc. | 3.850% | 6/1/25 | 60 | 59 | ||
Fiserv Inc. | 3.200% | 7/1/26 | 135 | 128 | ||
Fiserv Inc. | 2.250% | 6/1/27 | 140 | 126 | ||
Fiserv Inc. | 4.200% | 10/1/28 | 135 | 131 | ||
Fiserv Inc. | 3.500% | 7/1/29 | 215 | 196 | ||
Fiserv Inc. | 2.650% | 6/1/30 | 100 | 85 | ||
Fiserv Inc. | 4.400% | 7/1/49 | 212 | 183 | ||
Hewlett Packard Enterprise Co. | 4.450% | 10/2/23 | 50 | 50 | ||
Hewlett Packard Enterprise Co. | 1.450% | 4/1/24 | 120 | 115 | ||
Hewlett Packard Enterprise Co. | 4.900% | 10/15/25 | 175 | 178 | ||
Hewlett Packard Enterprise Co. | 1.750% | 4/1/26 | 60 | 55 | ||
Hewlett Packard Enterprise Co. | 6.350% | 10/15/45 | 140 | 140 | ||
HP Inc. | 2.200% | 6/17/25 | 210 | 198 | ||
HP Inc. | 1.450% | 6/17/26 | 105 | 94 | ||
HP Inc. | 3.000% | 6/17/27 | 100 | 93 | ||
HP Inc. | 4.000% | 4/15/29 | 140 | 131 | ||
HP Inc. | 3.400% | 6/17/30 | 90 | 78 | ||
HP Inc. | 2.650% | 6/17/31 | 140 | 111 | ||
HP Inc. | 4.200% | 4/15/32 | 90 | 79 | ||
HP Inc. | 5.500% | 1/15/33 | 55 | 53 | ||
HP Inc. | 6.000% | 9/15/41 | 158 | 153 | ||
Intel Corp. | 2.875% | 5/11/24 | 60 | 59 | ||
Intel Corp. | 3.400% | 3/25/25 | 150 | 148 | ||
Intel Corp. | 3.700% | 7/29/25 | 150 | 149 | ||
Intel Corp. | 2.600% | 5/19/26 | 65 | 62 | ||
Intel Corp. | 3.750% | 3/25/27 | 75 | 74 | ||
Intel Corp. | 3.150% | 5/11/27 | 180 | 174 | ||
Intel Corp. | 3.750% | 8/5/27 | 150 | 147 | ||
Intel Corp. | 1.600% | 8/12/28 | 105 | 91 | ||
Intel Corp. | 4.000% | 8/5/29 | 85 | 83 | ||
Intel Corp. | 2.450% | 11/15/29 | 170 | 149 | ||
Intel Corp. | 3.900% | 3/25/30 | 160 | 155 | ||
Intel Corp. | 2.000% | 8/12/31 | 125 | 103 | ||
Intel Corp. | 4.150% | 8/5/32 | 120 | 116 | ||
Intel Corp. | 4.000% | 12/15/32 | 205 | 197 | ||
Intel Corp. | 4.600% | 3/25/40 | 50 | 48 | ||
Intel Corp. | 2.800% | 8/12/41 | 120 | 89 | ||
Intel Corp. | 4.800% | 10/1/41 | 75 | 74 | ||
Intel Corp. | 4.900% | 7/29/45 | 35 | 34 | ||
Intel Corp. | 4.100% | 5/19/46 | 90 | 80 | ||
Intel Corp. | 4.100% | 5/11/47 | 155 | 136 | ||
Intel Corp. | 3.734% | 12/8/47 | 320 | 261 | ||
Intel Corp. | 3.250% | 11/15/49 | 285 | 212 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Intel Corp. | 4.750% | 3/25/50 | 70 | 67 | ||
Intel Corp. | 3.050% | 8/12/51 | 110 | 79 | ||
Intel Corp. | 4.900% | 8/5/52 | 95 | 93 | ||
Intel Corp. | 3.100% | 2/15/60 | 40 | 27 | ||
Intel Corp. | 4.950% | 3/25/60 | 50 | 48 | ||
Intel Corp. | 3.200% | 8/12/61 | 90 | 63 | ||
Intel Corp. | 5.050% | 8/5/62 | 185 | 179 | ||
International Business Machines Corp. | 3.625% | 2/12/24 | 360 | 359 | ||
International Business Machines Corp. | 3.000% | 5/15/24 | 215 | 212 | ||
International Business Machines Corp. | 3.450% | 2/19/26 | 163 | 160 | ||
International Business Machines Corp. | 3.300% | 5/15/26 | 195 | 189 | ||
International Business Machines Corp. | 1.700% | 5/15/27 | 155 | 139 | ||
International Business Machines Corp. | 4.150% | 7/27/27 | 100 | 99 | ||
International Business Machines Corp. | 3.500% | 5/15/29 | 325 | 307 | ||
International Business Machines Corp. | 1.950% | 5/15/30 | 180 | 150 | ||
International Business Machines Corp. | 4.150% | 5/15/39 | 225 | 203 | ||
International Business Machines Corp. | 4.000% | 6/20/42 | 135 | 117 | ||
International Business Machines Corp. | 4.250% | 5/15/49 | 230 | 204 | ||
International Business Machines Corp. | 2.950% | 5/15/50 | 125 | 88 | ||
KLA Corp. | 4.650% | 11/1/24 | 88 | 89 | ||
KLA Corp. | 4.100% | 3/15/29 | 145 | 144 | ||
KLA Corp. | 4.650% | 7/15/32 | 100 | 102 | ||
KLA Corp. | 3.300% | 3/1/50 | 95 | 74 | ||
KLA Corp. | 4.950% | 7/15/52 | 155 | 156 | ||
KLA Corp. | 5.250% | 7/15/62 | 80 | 82 | ||
Lam Research Corp. | 3.750% | 3/15/26 | 85 | 85 | ||
Lam Research Corp. | 4.000% | 3/15/29 | 165 | 162 | ||
Lam Research Corp. | 1.900% | 6/15/30 | 65 | 55 | ||
Lam Research Corp. | 4.875% | 3/15/49 | 105 | 107 | ||
Lam Research Corp. | 2.875% | 6/15/50 | 170 | 125 | ||
Marvell Technology Inc. | 2.950% | 4/15/31 | 90 | 74 | ||
Microchip Technology Inc. | 2.670% | 9/1/23 | 60 | 59 | ||
Microchip Technology Inc. | 0.972% | 2/15/24 | 220 | 209 | ||
Microchip Technology Inc. | 4.250% | 9/1/25 | 145 | 144 | ||
Micron Technology Inc. | 4.663% | 2/15/30 | 80 | 75 | ||
Micron Technology Inc. | 2.703% | 4/15/32 | 100 | 78 | ||
Microsoft Corp. | 3.625% | 12/15/23 | 180 | 180 | ||
Microsoft Corp. | 2.875% | 2/6/24 | 290 | 287 | ||
Microsoft Corp. | 2.700% | 2/12/25 | 165 | 162 | ||
Microsoft Corp. | 3.125% | 11/3/25 | 270 | 266 | ||
Microsoft Corp. | 2.400% | 8/8/26 | 345 | 330 | ||
Microsoft Corp. | 3.300% | 2/6/27 | 420 | 413 | ||
Microsoft Corp. | 3.500% | 2/12/35 | 140 | 134 | ||
Microsoft Corp. | 3.450% | 8/8/36 | 215 | 202 | ||
Microsoft Corp. | 4.100% | 2/6/37 | 65 | 65 | ||
Microsoft Corp. | 4.450% | 11/3/45 | 35 | 36 | ||
Microsoft Corp. | 3.700% | 8/8/46 | 216 | 199 | ||
Microsoft Corp. | 4.250% | 2/6/47 | 160 | 160 | ||
Microsoft Corp. | 2.525% | 6/1/50 | 530 | 386 | ||
Microsoft Corp. | 2.921% | 3/17/52 | 654 | 516 | ||
Microsoft Corp. | 4.500% | 2/6/57 | 85 | 88 | ||
Microsoft Corp. | 2.675% | 6/1/60 | 365 | 260 | ||
Microsoft Corp. | 3.041% | 3/17/62 | 190 | 145 | ||
Motorola Solutions Inc. | 4.600% | 5/23/29 | 100 | 96 | ||
Motorola Solutions Inc. | 2.300% | 11/15/30 | 90 | 72 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Motorola Solutions Inc. | 2.750% | 5/24/31 | 65 | 53 | ||
NetApp Inc. | 1.875% | 6/22/25 | 100 | 93 | ||
NVIDIA Corp. | 0.584% | 6/14/24 | 120 | 114 | ||
NVIDIA Corp. | 3.200% | 9/16/26 | 150 | 148 | ||
NVIDIA Corp. | 1.550% | 6/15/28 | 60 | 52 | ||
NVIDIA Corp. | 2.850% | 4/1/30 | 130 | 117 | ||
NVIDIA Corp. | 2.000% | 6/15/31 | 80 | 68 | ||
NVIDIA Corp. | 3.500% | 4/1/40 | 140 | 120 | ||
NVIDIA Corp. | 3.500% | 4/1/50 | 155 | 129 | ||
NXP BV | 4.875% | 3/1/24 | 95 | 95 | ||
NXP BV | 4.300% | 6/18/29 | 145 | 137 | ||
NXP BV | 3.400% | 5/1/30 | 115 | 102 | ||
NXP BV | 2.500% | 5/11/31 | 110 | 89 | ||
NXP BV | 2.650% | 2/15/32 | 20 | 16 | ||
NXP BV | 5.000% | 1/15/33 | 125 | 121 | ||
NXP BV | 3.250% | 5/11/41 | 95 | 69 | ||
Oracle Corp. | 2.400% | 9/15/23 | 381 | 374 | ||
Oracle Corp. | 3.400% | 7/8/24 | 235 | 232 | ||
Oracle Corp. | 2.950% | 11/15/24 | 170 | 165 | ||
Oracle Corp. | 2.500% | 4/1/25 | 300 | 285 | ||
Oracle Corp. | 2.950% | 5/15/25 | 255 | 245 | ||
Oracle Corp. | 1.650% | 3/25/26 | 275 | 248 | ||
Oracle Corp. | 2.650% | 7/15/26 | 295 | 272 | ||
Oracle Corp. | 2.800% | 4/1/27 | 265 | 243 | ||
Oracle Corp. | 3.250% | 11/15/27 | 175 | 162 | ||
Oracle Corp. | 2.300% | 3/25/28 | 205 | 178 | ||
Oracle Corp. | 2.950% | 4/1/30 | 315 | 268 | ||
Oracle Corp. | 2.875% | 3/25/31 | 170 | 141 | ||
Oracle Corp. | 4.300% | 7/8/34 | 255 | 222 | ||
Oracle Corp. | 3.900% | 5/15/35 | 35 | 28 | ||
Oracle Corp. | 3.850% | 7/15/36 | 130 | 104 | ||
Oracle Corp. | 3.800% | 11/15/37 | 160 | 125 | ||
Oracle Corp. | 6.500% | 4/15/38 | 155 | 159 | ||
Oracle Corp. | 6.125% | 7/8/39 | 160 | 158 | ||
Oracle Corp. | 3.600% | 4/1/40 | 325 | 237 | ||
Oracle Corp. | 5.375% | 7/15/40 | 245 | 221 | ||
Oracle Corp. | 3.650% | 3/25/41 | 175 | 128 | ||
Oracle Corp. | 4.500% | 7/8/44 | 160 | 128 | ||
Oracle Corp. | 4.125% | 5/15/45 | 195 | 146 | ||
Oracle Corp. | 4.000% | 7/15/46 | 310 | 227 | ||
Oracle Corp. | 4.000% | 11/15/47 | 140 | 102 | ||
Oracle Corp. | 3.600% | 4/1/50 | 396 | 270 | ||
Oracle Corp. | 3.950% | 3/25/51 | 370 | 266 | ||
Oracle Corp. | 4.375% | 5/15/55 | 200 | 150 | ||
Oracle Corp. | 3.850% | 4/1/60 | 285 | 189 | ||
Oracle Corp. | 4.100% | 3/25/61 | 155 | 108 | ||
Qorvo Inc. | 4.375% | 10/15/29 | 100 | 89 | ||
QUALCOMM Inc. | 2.900% | 5/20/24 | 95 | 94 | ||
QUALCOMM Inc. | 3.450% | 5/20/25 | 75 | 74 | ||
QUALCOMM Inc. | 3.250% | 5/20/27 | 122 | 119 | ||
QUALCOMM Inc. | 1.300% | 5/20/28 | 20 | 17 | ||
QUALCOMM Inc. | 2.150% | 5/20/30 | 285 | 249 | ||
QUALCOMM Inc. | 4.650% | 5/20/35 | 60 | 61 | ||
QUALCOMM Inc. | 4.800% | 5/20/45 | 135 | 136 | ||
QUALCOMM Inc. | 4.300% | 5/20/47 | 180 | 169 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
QUALCOMM Inc. | 3.250% | 5/20/50 | 125 | 102 | ||
QUALCOMM Inc. | 4.500% | 5/20/52 | 25 | 24 | ||
Quanta Services Inc. | 2.900% | 10/1/30 | 110 | 93 | ||
RELX Capital Inc. | 4.000% | 3/18/29 | 135 | 130 | ||
RELX Capital Inc. | 3.000% | 5/22/30 | 55 | 49 | ||
Roper Technologies Inc. | 4.200% | 9/15/28 | 75 | 73 | ||
Roper Technologies Inc. | 1.750% | 2/15/31 | 20 | 16 | ||
2 | S&P Global Inc. | 2.450% | 3/1/27 | 150 | 140 | |
2 | S&P Global Inc. | 2.700% | 3/1/29 | 130 | 118 | |
2 | S&P Global Inc. | 4.250% | 5/1/29 | 70 | 69 | |
2 | S&P Global Inc. | 2.900% | 3/1/32 | 135 | 120 | |
2 | S&P Global Inc. | 3.700% | 3/1/52 | 110 | 95 | |
Salesforce Inc. | 0.625% | 7/15/24 | 110 | 104 | ||
Salesforce Inc. | 3.700% | 4/11/28 | 175 | 173 | ||
Salesforce Inc. | 1.500% | 7/15/28 | 45 | 39 | ||
Salesforce Inc. | 1.950% | 7/15/31 | 155 | 131 | ||
Salesforce Inc. | 2.700% | 7/15/41 | 130 | 99 | ||
Salesforce Inc. | 2.900% | 7/15/51 | 205 | 152 | ||
Salesforce Inc. | 3.050% | 7/15/61 | 120 | 86 | ||
ServiceNow Inc. | 1.400% | 9/1/30 | 163 | 128 | ||
Texas Instruments Inc. | 1.375% | 3/12/25 | 90 | 85 | ||
Texas Instruments Inc. | 2.250% | 9/4/29 | 70 | 62 | ||
Texas Instruments Inc. | 3.875% | 3/15/39 | 70 | 65 | ||
Texas Instruments Inc. | 4.150% | 5/15/48 | 145 | 139 | ||
TSMC Arizona Corp. | 1.750% | 10/25/26 | 150 | 136 | ||
TSMC Arizona Corp. | 3.875% | 4/22/27 | 70 | 69 | ||
TSMC Arizona Corp. | 2.500% | 10/25/31 | 125 | 106 | ||
TSMC Arizona Corp. | 4.250% | 4/22/32 | 130 | 128 | ||
TSMC Arizona Corp. | 3.250% | 10/25/51 | 140 | 112 | ||
TSMC Arizona Corp. | 4.500% | 4/22/52 | 100 | 98 | ||
Verisk Analytics Inc. | 4.000% | 6/15/25 | 211 | 209 | ||
VMware Inc. | 1.000% | 8/15/24 | 90 | 84 | ||
VMware Inc. | 4.500% | 5/15/25 | 40 | 40 | ||
VMware Inc. | 1.400% | 8/15/26 | 175 | 154 | ||
VMware Inc. | 3.900% | 8/21/27 | 160 | 153 | ||
VMware Inc. | 1.800% | 8/15/28 | 95 | 79 | ||
VMware Inc. | 4.700% | 5/15/30 | 125 | 119 | ||
VMware Inc. | 2.200% | 8/15/31 | 70 | 55 | ||
Western Digital Corp. | 4.750% | 2/15/26 | 240 | 231 | ||
Workday Inc. | 3.500% | 4/1/27 | 135 | 129 | ||
Workday Inc. | 3.700% | 4/1/29 | 180 | 169 | ||
Workday Inc. | 3.800% | 4/1/32 | 170 | 155 | ||
Xilinx Inc. | 2.950% | 6/1/24 | 80 | 79 | ||
Xilinx Inc. | 2.375% | 6/1/30 | 85 | 74 | ||
42,884 | ||||||
Utilities (0.1%) | ||||||
American Water Capital Corp. | 6.593% | 10/15/37 | 62 | 71 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
American Water Capital Corp. | 3.750% | 9/1/47 | 85 | 72 | ||
Commonwealth Edison Co. | 4.000% | 3/1/48 | 75 | 67 | ||
210 | ||||||
Total Investments (98.6%) (Cost $379,675) | 333,636 | |||||
Other Assets and Liabilities—Net (1.4%) | 4,672 | |||||
Net Assets (100%) | 338,308 |
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, 2022, the aggregate value was $8,501,000, representing 2.5% of net assets. |
3 | Securities with a value of $37,000 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 2022 | 1 | 208 | — |
Ultra 10-Year U.S. Treasury Note | December 2022 | 7 | 876 | (5) |
(5) | ||||
Short Futures Contracts | ||||
10-Year U.S. Treasury Note | December 2022 | (1) | (117) | 1 |
Long U.S. Treasury Bond | December 2022 | (3) | (407) | 4 |
5 | ||||
— |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Unaffiliated Issuers (Cost $379,675) | 333,636 |
Investment in Vanguard | 12 |
Cash | 523 |
Receivables for Investment Securities Sold | 3,274 |
Receivables for Accrued Income | 3,529 |
Variation Margin Receivable—Futures Contracts | 3 |
Total Assets | 340,977 |
Liabilities | |
Payables for Investment Securities Purchased | 2,651 |
Payables to Vanguard | 18 |
Total Liabilities | 2,669 |
Net Assets | 338,308 |
At August 31, 2022, net assets consisted of: | |
Paid-in Capital | 389,893 |
Total Distributable Earnings (Loss) | (51,585) |
Net Assets | 338,308 |
Net Assets | |
Applicable to 5,400,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 338,308 |
Net Asset Value Per Share | $62.65 |
Year Ended August 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Interest | 6,861 |
Total Income | 6,861 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 5 |
Management and Administrative | 255 |
Marketing and Distribution | 16 |
Custodian Fees | 15 |
Auditing Fees | 38 |
Shareholders’ Reports | 11 |
Trustees’ Fees and Expenses | — |
Other Expenses | 8 |
Total Expenses | 348 |
Expenses Paid Indirectly | (2) |
Net Expenses | 346 |
Net Investment Income | 6,515 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (6,320) |
Futures Contracts | 45 |
Realized Net Gain (Loss) | (6,275) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | (47,712) |
Futures Contracts | (6) |
Change in Unrealized Appreciation (Depreciation) | (47,718) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (47,478) |
Year Ended August 31, 2022 | September 22, 20201 to August 31, 2021 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 6,515 | 1,987 | |
Realized Net Gain (Loss) | (6,275) | (97) | |
Change in Unrealized Appreciation (Depreciation) | (47,718) | 1,679 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (47,478) | 3,569 | |
Distributions | |||
Total Distributions | (6,003) | (1,673) | |
Capital Share Transactions | |||
Issued | 174,694 | 215,199 | |
Issued in Lieu of Cash Distributions | — | — | |
Redeemed | — | — | |
Net Increase (Decrease) from Capital Share Transactions | 174,694 | 215,199 | |
Total Increase (Decrease) | 121,213 | 217,095 | |
Net Assets | |||
Beginning of Period | 217,095 | — | |
End of Period | 338,308 | 217,095 |
1 | Inception. |
Year Ended August 31, 2022 | September 22 20201 to August 31, 2021 | |
For a Share Outstanding Throughout Each Period | ||
Net Asset Value, Beginning of Period | $74.86 | $75.00 |
Investment Operations | ||
Net Investment Income2 | 1.542 | 1.211 |
Net Realized and Unrealized Gain (Loss) on Investments | (12.307) | (.330) |
Total from Investment Operations | (10.765) | .881 |
Distributions | ||
Dividends from Net Investment Income | (1.445) | (1.021) |
Distributions from Realized Capital Gains | — | — |
Total Distributions | (1.445) | (1.021) |
Net Asset Value, End of Period | $62.65 | $74.86 |
Total Return | -14.54% | 1.20% |
Ratios/Supplemental Data | ||
Net Assets, End of Period (Millions) | $338 | $217 |
Ratio of Total Expenses to Average Net Assets | 0.12%3 | 0.12%4 |
Ratio of Net Investment Income to Average Net Assets | 2.26% | 1.74%4 |
Portfolio Turnover Rate5 | 34% | 24% |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.12%. |
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, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Corporate Bonds | — | 333,636 | — | 333,636 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 5 | — | — | 5 |
Liabilities | ||||
Futures Contracts1 | 5 | — | — | 5 |
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 | 826 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (6,372) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | (46,039) |
Year Ended August 31, 2022 | Period Ended August 31, 2021 | ||
Amount ($000) | Amount ($000) | ||
Ordinary Income* | 6,003 | 1,673 | |
Long-Term Capital Gains | — | — | |
Total | 6,003 | 1,673 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 379,675 |
Gross Unrealized Appreciation | 96 |
Gross Unrealized Depreciation | (46,135) |
Net Unrealized Appreciation (Depreciation) | (46,039) |
Year Ended August 31, | September 22, 20201 to August 31, | ||
2022 | 2021 | ||
Shares (000) | Shares (000) | ||
Issued | 2,500 | 2,900 | |
Issued in Lieu of Cash Distributions | — | — | |
Redeemed | — | — | |
Net Increase (Decrease) in Shares Outstanding | 2,500 | 2,900 |
1 | Inception. |
Philadelphia, Pennsylvania
October 20, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
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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, 2022: $714,000
Fiscal Year Ended August 31, 2021: $687,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended August 31, 2022: $10,494,508
Fiscal Year Ended August 31, 2021: $11,244,694
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, 2022: $2,757,764
Fiscal Year Ended August 31, 2021: $2,955,181
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, 2022: $5,202,689
Fiscal Year Ended August 31, 2021: $2,047,574
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, 2022: $298,000
Fiscal Year Ended August 31, 2021: $280,000
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, 2022: $5,500,689
Fiscal Year Ended August 31, 2021: $2,327,574
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 18, 2022
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 18, 2022
VANGUARD WORLD FUND | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: October 18, 2022
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on October 11, 2022 (see File Number 333-11763), Incorporated by Reference.