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: 811-04526
Name of Registrant: |
| Vanguard Quantitative Funds |
Address of Registrant: |
| P.O. Box 2600 |
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| Valley Forge, PA 19482 |
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Name and address of agent for service: |
| Anne E. Robinson, Esquire |
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| P.O. Box 876 |
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| Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: September 30
Date of reporting period: October 1, 2018—September 30, 2019
Item 1: Reports to Shareholders
Annual Report | September 30, 2019
Vanguard Growth and Income Fund
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See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.
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Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents |
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A Note From Our Chairman | 1 |
Your Fund’s Performance at a Glance | 2 |
Advisors’ Report | 3 |
About Your Fund’s Expenses | 9 |
Performance Summary | 11 |
Financial Statements | 13 |
Trustees Approve Advisory Arrangements | 43 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
A Note From Our Chairman
Tim Buckley
Chairman and Chief Executive Officer
Dear Shareholder,
Recent volatility in financial markets—affecting stocks, bonds, and commodities—has been a good reminder of the wise old adage, “Never keep all your eggs in one basket.” Maintaining balance and diversification in your investment portfolio can help to both limit risk and set you up for long-term success.
It’s understandable why some investors might become complacent after a long market run-up like the one that lifted stock prices, especially U.S. stock prices, in the years following the global financial crisis. But failing to rebalance regularly can leave a portfolio with a much different mix of assets than intended and, often, more risk than intended.
Balance across and diversification within asset classes are powerful tools for managing risk and achieving your investment goals. A portfolio’s allocation will determine a large portion of its long-term return and also the majority of its volatility risk. A well-diversified portfolio is less vulnerable to significant swings in the performance of any one segment of the asset classes in which it invests.
Balance and diversification will never eliminate the risk of loss, nor will they guarantee positive returns in a declining market. But they should reduce the chance that you’ll suffer disproportionate losses in one particular high-flying asset class or sector when it comes back to earth. And exposure to all key market components should give you at least some participation in the sectors that are performing best at any given time.
Vanguard is committed to helping you achieve balance and diversification in your portfolios to help meet your investment goals. We thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley
Chairman and Chief Executive Officer
October 14, 2019
Your Fund’s Performance at a Glance
· Vanguard Growth and Income Fund returned more than 2% for the 12 months ended September 30, 2019, behind its benchmark, which returned more than 4%.
· The fund invests in U.S. large- and mid-capitalization stocks and seeks a total return greater than that of the Standard & Poor’s 500 Index. Three independent advisors manage the fund, each responsible for its own portfolio.
· Two of the fund’s 11 industry sectors contributed positively to performance relative to the benchmark: communications services and consumer staples.
· Consumer discretionary, information technology, health care, and industrials detracted the most.
· For the ten years ended September 30, 2019, the fund’s average annual return was in line with that of its benchmark.
Market Barometer
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| Average Annual Total Returns |
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| Periods Ended September 30, 2019 |
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| One Year |
| Three Years |
| Five Years |
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Stocks |
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Russell 1000 Index (Large-caps) |
| 3.87% |
| 13.19% |
| 10.62% |
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Russell 2000 Index (Small-caps) |
| -8.89 |
| 8.23 |
| 8.19 |
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Russell 3000 Index (Broad U.S. market) |
| 2.92 |
| 12.83 |
| 10.44 |
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FTSE All-World ex US Index (International) |
| -1.12 |
| 6.46 |
| 3.24 |
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Bonds |
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Bloomberg Barclays U.S. Aggregate Bond Index |
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(Broad taxable market) |
| 10.30% |
| 2.92% |
| 3.38% |
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Bloomberg Barclays Municipal Bond Index |
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(Broad tax-exempt market) |
| 8.55 |
| 3.19 |
| 3.66 |
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FTSE Three-Month U.S. Treasury Bill Index |
| 2.36 |
| 1.52 |
| 0.95 |
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CPI |
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Consumer Price Index |
| 1.71% |
| 2.07% |
| 1.53% |
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Advisors’ Report
Vanguard Growth and Income Fund’s Investor Shares returned 2.21% for the 12 months ended September 30, 2019. The Admiral Shares returned 2.32%. The fund’s benchmark, the Standard & Poor’s 500 Index, returned 4.25%.
Your fund is managed by three independent advisors, a strategy that enhances the fund’s diversification by providing exposure to distinct yet complementary investment approaches. It is not uncommon for different advisors to have different views about individual securities or the broader investment environment.
The advisors, the percentage of fund assets each manages, and brief descriptions of their investment strategies are presented in the accompanying table. The advisors have also prepared a discussion of the investment environment that existed during the fiscal year and of how the portfolio’s positioning reflects this assessment. (Please note that Los Angeles Capital’s discussion refers to industry sectors as defined by Russell classifications, rather than by the Global Industry Classification Standard used elsewhere in this report.) These comments were prepared on October 16, 2019.
D. E. Shaw Investment Management, L.L.C.
Portfolio Manager:
Philip Kearns, Ph.D., Managing Director
The S&P 500 Index gained 4.3% over the period, though this result masks the somewhat volatile nature of this period for equity markets. The index lost almost 7% in October 2018, when many market participants expected the U.S. Federal Reserve would raise rates; largely stabilized in November; and then fell sharply in December, with intra-month peak-to-trough losses of almost 16%. This precipitous drop came amid continued uncertainty around U.S.-China trade talks, a Fed rate hike, and disagreements over the U.S. federal budget—the last development ultimately leading to a government shutdown on December 22. In all, the fourth quarter of 2018 saw the S&P 500 fall 13.5%, with all sectors posting negative returns.
U.S. stocks rebounded quickly in the first quarter of 2019, with the S&P 500 recovering all of its fourth-quarter losses by early April, and they continued to climb—but with significant volatility—in subsequent months. The market’s strong performance from January through September may have been driven by mostly positive U.S. economic data and dovish hints from the Fed. Still, the S&P 500 saw two notable reversals during these three quarters: drawdowns of 6.4% in May and 4.5% over the first three days of August. Both coincided with increased
tension in U.S.-China trade talks. Volatility in oil prices also may have contributed to that market instability, given the geopolitical strains between the United States and Iran, Saudi Arabia, Venezuela, and Russia. Tensions arising from tariffs, sanctions, embargoes, and small-scale military engagements may have been responsible for that volatility, as they disrupted normal supply and demand for petroleum.
We actively monitor market activity of the type described above. But with the exception of attempting to mitigate certain situation-specific risks identified by the firm, we generally do not make investment decisions within our benchmark-relative equity portfolios based on a subjective analysis of the investment environment.
Stock-specific exposures were the largest contributors to our portfolio’s performance during the period, with exposures to technical risk factors—in particular, overweight exposures to small-cap and to highly volatile stocks—detracting most. Sector exposures also detracted, with overweight exposures to oil and gas drillers and pharmaceuticals hurting most. The impact of exposure to other risk factors was small, although the portfolio benefited from its sensitivity to certain macroeconomic risks (such as an overweight to interest rates). No other risk category had a notable impact on performance.
The three largest single-stock contributors were underweight positions in Exxon Mobil, UnitedHealth Group, and Netflix.
The three largest single-stock detractors were overweight positions in Bristol-Myers Squibb, Occidental Petroleum, and DXC Technology.
In our view, the U.S. economy appears to be slowing and seems headed for a period of greater uncertainty. The yield curve remains convex, with 5-year U.S. Treasury rates below both short- and longer-term levels. During the period, the 10-year rate dropped below the 2-year rate, a much-discussed warning signal for economic growth and financial market returns. The “dot plots” from the U.S. Federal Reserve’s Open Market Committee indicate widening dispersion in expected future federal funds rates—echoing monetary policymakers’ public comments about the uncertainty for both U.S. growth and inflation.
We believe that global forces also present significant risks to the U.S. economy. The United States and China remain mired in a trade dispute, and economic growth in Europe appears tenuous following several months of negative and disappointing manufacturing reports.
Despite all of these concerns, U.S. equity indexes remain near their all-time highs, reflecting investor optimism and, perhaps, a paucity of other investment opportunities.
Los Angeles Capital
Portfolio Managers:
Thomas D. Stevens, CFA,
Chairman and Principal
Hal W. Reynolds, CFA,
Chief Investment Officer and Principal
Following its fourth-quarter decline in 2018 (—14%), the S&P 500 rebounded to return +21% for the first three quarters of 2019 as central banks reversed course to more accommodative polices in response to the global economic slowdown. In July, the Federal Reserve lowered rates for the first time in over a decade, following the unexpected drop in long-term rates and the inversion of the U.S. yield curve in March.
Long-term rates continued their steady descent. As recession fears and uncertainties around trade negotiations and Brexit dominated the headlines, the market value of negative-yielding debt surpassed its 2016 high at the end of June ($12.9 trillion) before topping off at $16.8 trillion on August 31. Historically, a collapse in long-term rates has suggested lower growth and rising recession risks. But investors outside the United States, whose ability to purchase fixed income securities with positive real yields in their home markets is quite limited, are driving demand for U.S. fixed income investments. This may explain why U.S. yields have fallen so far despite the sharp differences in economic activity between the United States, where employment is strong, and Europe and Japan, where the job markets are much weaker.
Value assets struggled throughout much of the period in a low-growth, low-interest-rate environment while lower-volatility assets rallied on falling rates. Conversely—and in a change from the previous fiscal year—mid-capitalization stocks outpaced mega caps, whose margins have begun to compress on rising costs. Stocks with strong momentum performed well, and our portfolio’s tilt toward these companies added value.
The portfolio’s tilt toward growth stocks also added value, while an overweight to stocks with strong analyst sentiment detracted. This suggests that more-speculative growth companies outpaced those with the better improvement in fundamentals. From a sector standpoint, an overweight to cyclical areas of the economy, such as real estate, helped returns, and an underweight to utilities hurt them.
Over the 12 months, we maintained an overweight to technology while shifting into consumer staples and financials and out of energy and health care. We increased the portfolio’s exposure to companies with strong management and earnings quality.
Today, our portfolio is positioned toward companies with strong one- and three-year price momentum and favorable quality metrics such as analyst sentiment, robust cash earnings, and companies with superior management and operational skill. It is positioned away from valuation metrics and risk. Our largest overweights are to capital goods, consumer staples, and retail; our largest underweights are to basic materials, energy, and utilities.
With concerns over economic stability lingering, investors continue to favor higher-quality growth stocks with lower levels of business and financial risk and strong cash earnings. Attractive segments include consumer-oriented cyclicals, consumer staples, and technology. Investors are paying close attention to economic indicators and interest rates to gauge the likelihood of a global recession. Our investment outlook remains steady heading into the final quarter of 2019, and we expect interest rate volatility to continue to drive equity valuations and factor returns as investors face the uncertainties that lie ahead.
Vanguard Quantitative Equity Group
Portfolio Managers:
James P. Stetler
Binbin Guo, Principal,
Head of Alpha Equity Investments
Our approach to investing focuses on fundamentals—not technical analysis of stock price movements. We use a strict quantitative approach to evaluate a stock’s attractiveness based on five characteristics: high quality—healthy balance sheets and steady cash-flow generation; management decisions—sound investment policies that favor internal over external funding; consistent earnings growth—the ability to increase earnings year after year; strong market sentiment—market confirmation of our view; and reasonable valuation—we strive to avoid overpriced stocks.
Using these five themes, we generate a daily composite stock ranking as we seek to capitalize on market inefficiencies. We then monitor our portfolio based on those rankings and adjust when appropriate to maximize expected returns while minimizing exposure to risks that our research indicates don’t improve returns (such as industry selection and other risks relative to our benchmark).
The recent macroeconomic environment—characterized by high economic and policy uncertainty, low GDP growth, and low interest rates—contributed to some distinct trends in the equity markets. These trends are not unusual at the late stage of a business cycle and include the following:
· Value underperformance. The markets have experienced the longest stretch of value underperformance since the dot-com bubble burst in 2000. Investors have flocked to high-growth-potential companies, hoping for higher expected returns without necessarily looking at the underlying earnings. Those companies then trade at inflated valuations that are increasingly diverging from those of value companies.
· Trading on sentiment. The equity market has been trading mostly on sentiment. Since the spring of 2018, investors have reacted to macroeconomic shocks such as tariffs and Federal Reserve rate announcements while largely ignoring fundamentals (such as quality and growth).
· “Junk” rally. A big junk rally, during which stocks with high valuations and low-quality earnings have outperformed, began in January 2019. It has been a risk-on and fundamentals-off market, with investors giving up safety for returns.
Against the fiscal year’s unusual backdrop, four of our five decision models did not perform as expected; sentiment was the only one to produce positive results. Communication services and utilities produced positive results, but the other nine industry sectors detracted. Our worst sector results were in health care, consumer discretionary, and information technology.
At the individual stock level, the largest contributions came from Cadence Design Systems in information technology, Chipotle Mexican Grill in consumer discretionary, Twitter in communication services, and Estee Lauder in consumer staples. The greatest shortfalls came from Marathon Oil in energy, Align Technology in health care, Mosaic in materials, and DXC Technology in information technology.
We continue to believe that constructing a portfolio focused on fundamentals will benefit investors over the long term, although we recognize that the market can reward or punish us in the near term. We feel our portfolio offers a strong mix of stocks with attractive valuations and growth characteristics relative to the benchmark.
Vanguard Growth and Income Fund Investment Advisors
|
| Fund Assets Managed |
|
| ||
Investment Advisor |
| % |
| $ Million |
| Investment Strategy |
D. E. Shaw Investment Management, L.L.C. |
| 33 |
| 3,691 |
| Employs quantitative models that seek to capture predominantly bottom-up stock-specific return opportunities. The portfolio’s sector weights, size, and style characteristics may differ modestly from the benchmark in a risk-controlled manner. |
Los Angeles Capital |
| 33 |
| 3,677 |
| Employs a quantitative model that emphasizes stocks with characteristics investors are currently seeking and underweights stocks with characteristics investors are currently avoiding. The portfolio’s sector weights, size, and style characteristics may differ modestly from the benchmark in a risk-controlled manner. |
Vanguard Quantitative Equity Group |
| 32 |
| 3,677 |
| Employs a quantitative fundamental management approach, using models that assess valuation, growth prospects, management decisions, market sentiment, and earnings and balance-sheet quality of companies as compared with their peers. |
Cash Investments |
| 2 |
| 227 |
| These short-term reserves are invested by Vanguard in equity index products to simulate investments in stocks. Each advisor also may maintain a modest cash position. |
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
· 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.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During 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.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
Six Months Ended September 30, 2019
| Beginning | Ending | Expenses |
| Account Value | Account Value | Paid During |
Growth and Income Fund | 3/31/2019 | 9/30/2019 | Period |
Based on Actual Fund Return |
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Investor Shares | $1,000.00 | $1,052.29 | $1.70 |
Admiral™ Shares | 1,000.00 | 1,052.68 | 1.18 |
Based on Hypothetical 5% Yearly Return |
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Investor Shares | $1,000.00 | $1,023.41 | $1.67 |
Admiral Shares | 1,000.00 | 1,023.92 | 1.17 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.33% for Investor Shares and 0.23% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/365).
Growth and Income Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: September 30, 2009, Through September 30, 2019
Initial Investment of $10,000
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| Average Annual Total Returns |
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| Periods Ended September 30, 2019 |
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| Final Value |
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| One | Five | Ten | of a $10,000 |
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| Year | Years | Years | Investment |
Growth and Income Fund Investor Shares | 2.21% | 10.40% | 13.11% | $34,289 | |
S&P 500 Index | 4.25 | 10.84 | 13.24 | 34,674 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 2.81 | 10.40 | 13.09 | 34,207 | |
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| Final Value |
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| One | Five | Ten | of a $50,000 |
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| Year | Years | Years | Investment |
Growth and Income Fund Admiral Shares | 2.32% | 10.52% | 13.24% | $173,302 | |
S&P 500 Index | 4.25 | 10.84 | 13.24 | 173,372 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 2.81 | 10.40 | 13.09 | 171,034 |
See Financial Highlights for dividend and capital gains information.
Growth and Income Fund
Sector Diversification
As of September 30, 2019
Communication Services | 9.9% |
Consumer Discretionary | 12.0 |
Consumer Staples | 8.4 |
Energy | 3.6 |
Financials | 12.7 |
Health Care | 13.8 |
Industrials | 9.6 |
Information Technology | 22.0 |
Materials | 2.1 |
Other | 0.2 |
Real Estate | 3.0 |
Utilities | 2.7 |
The table reflects the fund’s equity exposure, based on its investments in stocks and stock index futures. Any holdings in short-term reserves are excluded. Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Growth and Income Fund
Financial Statements
Statement of Net Assets
As of September 30, 2019
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
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| Market |
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| Value· |
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| Shares |
| ($000 | ) |
Common Stocks (97.7%)1 |
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| |
Communication Services (9.7%) |
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| |
* | Alphabet Inc. Class A |
| 161,125 |
| 196,756 |
|
* | Facebook Inc. Class A |
| 1,041,824 |
| 185,528 |
|
* | Alphabet Inc. Class C |
| 139,467 |
| 170,010 |
|
| Verizon Communications Inc. |
| 2,262,534 |
| 136,567 |
|
| AT&T Inc. |
| 2,784,700 |
| 105,373 |
|
| Comcast Corp. Class A |
| 1,690,185 |
| 76,194 |
|
* | Twitter Inc. |
| 871,179 |
| 35,893 |
|
| Walt Disney Co. |
| 271,076 |
| 35,327 |
|
* | Charter Communications Inc. Class A |
| 67,113 |
| 27,659 |
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| CenturyLink Inc. |
| 1,427,297 |
| 17,813 |
|
* | Electronic Arts Inc. |
| 138,840 |
| 13,581 |
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* | Discovery Communications Inc. Class A |
| 499,843 |
| 13,311 |
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| News Corp. Class A |
| 855,768 |
| 11,912 |
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* | Netflix Inc. |
| 42,968 |
| 11,499 |
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| Interpublic Group of Cos. Inc. |
| 527,860 |
| 11,381 |
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* | Discovery Communications Inc. |
| 293,464 |
| 7,225 |
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* | TripAdvisor Inc. |
| 146,220 |
| 5,656 |
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| News Corp. Class B |
| 296,492 |
| 4,238 |
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* | Take-Two Interactive Software Inc. |
| 31,340 |
| 3,928 |
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* | Altice USA Inc. Class A |
| 118,400 |
| 3,396 |
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| Viacom Inc. Class B |
| 101,670 |
| 2,443 |
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| Match Group Inc. |
| 28,032 |
| 2,003 |
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* | Yelp Inc. Class A |
| 55,600 |
| 1,932 |
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* | Liberty Media Corp-Liberty SiriusXM Class C |
| 42,000 |
| 1,762 |
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* | Liberty Media Corp-Liberty SiriusXM Class A |
| 26,300 |
| 1,093 |
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* | SINA Corp. |
| 19,500 |
| 764 |
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* | Zynga Inc. Class A |
| 119,400 |
| 695 |
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* | GCI Liberty Inc. Class A |
| 7,700 |
| 478 |
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| Omnicom Group Inc. |
| 6,100 |
| 478 |
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* | Spotify Technology SA |
| 3,000 |
| 342 |
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| Fox Corp. Class B |
| 8,700 |
| 274 |
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* | Cargurus Inc. |
| 8,700 |
| 269 |
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| Telephone & Data Systems Inc. |
| 10,100 |
| 261 |
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* | Glu Mobile Inc. |
| 50,100 |
| 250 |
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| CBS Corp. Class B |
| 4,500 |
| 182 |
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* | Liberty Broadband Corp. |
| 1,500 |
| 157 |
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| Sinclair Broadcast Group Inc. Class A |
| 3,142 |
| 134 |
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*,^ | Eros International plc |
| 68,500 |
| 131 |
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| Cable One Inc. |
| 100 |
| 125 |
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* | Care.com Inc. |
| 10,200 |
| 107 |
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* | Lions Gate Entertainment Corp. Class B |
| 9,900 |
| 86 |
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| Emerald Expositions Events Inc. |
| 7,580 |
| 74 |
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* | Central European Media Enterprises Ltd. Class A |
| 15,700 |
| 71 |
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* | IMAX Corp. |
| 2,700 |
| 59 |
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* | Snap Inc. |
| 3,500 |
| 55 |
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* | DHI Group Inc. |
| 13,100 |
| 50 |
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* | Liberty TripAdvisor Holdings Inc. Class A |
| 5,300 |
| 50 |
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* | Yandex NV Class A |
| 1,400 |
| 49 |
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*,^ | Manchester United plc Class A |
| 2,685 |
| 44 |
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* | Anterix Inc. |
| 1,000 |
| 36 |
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| Entravision Communications Corp. Class A |
| 9,400 |
| 30 |
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* | IDT Corp. Class B |
| 2,800 |
| 29 |
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* | Live Nation Entertainment Inc. |
| 400 |
| 26 |
|
* | IAC/InterActiveCorp |
| 100 |
| 22 |
|
* | TrueCar Inc. |
| 5,500 |
| 19 |
|
* | ANGI Homeservices Inc. Class A |
| 2,500 |
| 18 |
|
*,^ | Globalstar Inc. |
| 41,267 |
| 17 |
|
* | DISH Network Corp. Class A |
| 400 |
| 14 |
|
* | T-Mobile US Inc. |
| 100 |
| 8 |
|
Growth and Income Fund
|
|
|
|
| Market |
|
|
|
|
|
| Value· |
|
|
|
| Shares |
| ($000 | ) |
| Activision Blizzard Inc. |
| 100 |
| 5 |
|
* | Hemisphere Media Group Inc. Class A |
| 371 |
| 4 |
|
| John Wiley & Sons Inc. Class A |
| 100 |
| 4 |
|
* | Eventbrite Inc. Class A |
| 200 |
| 4 |
|
* | Ooma Inc. |
| 300 |
| 3 |
|
* | Zillow Group Inc. Class A |
| 100 |
| 3 |
|
* | Pinterest Inc. Class A |
| 100 |
| 3 |
|
* | Liberty Global plc Class A |
| 100 |
| 2 |
|
| Gannett Co. Inc. |
| 200 |
| 2 |
|
* | Lions Gate Entertainment Corp. Class A |
| 200 |
| 2 |
|
* | MDC Partners Inc. Class A |
| 416 |
| 1 |
|
| New Media Investment Group Inc. |
| 100 |
| 1 |
|
|
|
|
|
| 1,087,918 |
|
Consumer Discretionary (11.7%) |
|
|
|
|
| |
* | Amazon.com Inc. |
| 168,852 |
| 293,112 |
|
| Home Depot Inc. |
| 594,854 |
| 138,018 |
|
| Starbucks Corp. |
| 974,820 |
| 86,194 |
|
* | Booking Holdings Inc. |
| 41,410 |
| 81,272 |
|
| McDonald’s Corp. |
| 334,944 |
| 71,916 |
|
| TJX Cos. Inc. |
| 1,092,650 |
| 60,904 |
|
| NIKE Inc. Class B |
| 462,420 |
| 43,431 |
|
* | AutoZone Inc. |
| 38,576 |
| 41,840 |
|
| Target Corp. |
| 371,452 |
| 39,712 |
|
| Yum! Brands Inc. |
| 342,136 |
| 38,809 |
|
| H&R Block Inc. |
| 1,574,044 |
| 37,179 |
|
| Garmin Ltd. |
| 397,568 |
| 33,670 |
|
| Darden Restaurants Inc. |
| 282,796 |
| 33,432 |
|
| eBay Inc. |
| 857,377 |
| 33,421 |
|
| Lowe’s Cos. Inc. |
| 282,624 |
| 31,077 |
|
| Expedia Group Inc. |
| 214,877 |
| 28,882 |
|
| PulteGroup Inc. |
| 642,628 |
| 23,488 |
|
| Whirlpool Corp. |
| 144,589 |
| 22,897 |
|
| Best Buy Co. Inc. |
| 289,692 |
| 19,986 |
|
| General Motors Co. |
| 492,532 |
| 18,460 |
|
* | O’Reilly Automotive Inc. |
| 29,987 |
| 11,950 |
|
| Ross Stores Inc. |
| 108,600 |
| 11,930 |
|
| Newell Brands Inc. |
| 580,864 |
| 10,874 |
|
| Royal Caribbean Cruises Ltd. |
| 91,885 |
| 9,954 |
|
| Advance Auto Parts Inc. |
| 52,130 |
| 8,622 |
|
* | Under Armour Inc. Class C |
| 377,919 |
| 6,852 |
|
| Dollar General Corp. |
| 39,980 |
| 6,354 |
|
| Hilton Worldwide Holdings Inc. |
| 61,960 |
| 5,769 |
|
* | Ulta Beauty Inc. |
| 20,400 |
| 5,113 |
|
| Las Vegas Sands Corp. |
| 82,000 |
| 4,736 |
|
| VF Corp. |
| 51,800 |
| 4,610 |
|
| L Brands Inc. |
| 191,560 |
| 3,753 |
|
| Goodyear Tire & Rubber Co. |
| 199,300 |
| 2,871 |
|
| BorgWarner Inc. |
| 73,400 |
| 2,692 |
|
| Tapestry Inc. |
| 99,800 |
| 2,600 |
|
* | Under Armour Inc. Class A |
| 129,901 |
| 2,590 |
|
* | Capri Holdings Ltd. |
| 77,600 |
| 2,573 |
|
| Wyndham Hotels & Resorts Inc. |
| 49,199 |
| 2,546 |
|
| Foot Locker Inc. |
| 52,400 |
| 2,262 |
|
| Aptiv plc |
| 25,220 |
| 2,205 |
|
* | NVR Inc. |
| 575 |
| 2,137 |
|
* | CarMax Inc. |
| 23,933 |
| 2,106 |
|
* | Stamps.com Inc. |
| 26,800 |
| 1,995 |
|
| Genuine Parts Co. |
| 16,900 |
| 1,683 |
|
* | WW International Inc. |
| 44,000 |
| 1,664 |
|
| Restaurant Brands International Inc. |
| 20,800 |
| 1,480 |
|
* | Chipotle Mexican Grill Inc. Class A |
| 1,740 |
| 1,462 |
|
* | Fossil Group Inc. |
| 103,700 |
| 1,297 |
|
| Tractor Supply Co. |
| 13,126 |
| 1,187 |
|
| Dick’s Sporting Goods Inc. |
| 27,600 |
| 1,126 |
|
| Hyatt Hotels Corp. Class A |
| 14,400 |
| 1,061 |
|
| DR Horton Inc. |
| 20,100 |
| 1,059 |
|
| Fiat Chrysler Automobiles NV |
| 73,548 |
| 952 |
|
* | Sleep Number Corp. |
| 21,500 |
| 888 |
|
* | Crocs Inc. |
| 30,900 |
| 858 |
|
* | Hibbett Sports Inc. |
| 33,200 |
| 760 |
|
| Delphi Technologies plc |
| 53,200 |
| 713 |
|
| Lennar Corp. Class A |
| 11,900 |
| 665 |
|
| La-Z-Boy Inc. |
| 17,600 |
| 591 |
|
* | Groupon Inc. Class A |
| 195,500 |
| 520 |
|
* | Sonos Inc. |
| 36,400 |
| 488 |
|
^ | GameStop Corp. Class A |
| 85,154 |
| 470 |
|
* | Etsy Inc. |
| 8,200 |
| 463 |
|
| Ford Motor Co. |
| 50,200 |
| 460 |
|
*,^ | GoPro Inc. Class A |
| 86,800 |
| 450 |
|
| Gentex Corp. |
| 15,050 |
| 414 |
|
* | K12 Inc. |
| 14,500 |
| 383 |
|
| PVH Corp. |
| 3,700 |
| 326 |
|
| Abercrombie & Fitch Co. |
| 20,400 |
| 318 |
|
* | Shutterstock Inc. |
| 7,100 |
| 256 |
|
* | LKQ Corp. |
| 7,900 |
| 248 |
|
* | Career Education Corp. |
| 15,400 |
| 245 |
|
| Strategic Education Inc. |
| 1,729 |
| 235 |
|
Growth and Income Fund
|
|
|
|
| Market |
|
|
|
|
|
| Value· |
|
|
|
| Shares |
| ($000 | ) |
| Designer Brands Inc. Class A |
| 12,598 |
| 216 |
|
| Brunswick Corp. |
| 4,000 |
| 209 |
|
| Core-Mark Holding Co. Inc. |
| 5,100 |
| 164 |
|
| Signet Jewelers Ltd. |
| 9,200 |
| 154 |
|
* | American Outdoor Brands Corp. |
| 24,700 |
| 145 |
|
* | Laureate Education Inc. Class A |
| 8,300 |
| 138 |
|
* | Murphy USA Inc. |
| 1,600 |
| 137 |
|
| Rent-A-Center Inc. |
| 4,800 |
| 124 |
|
* | Vitamin Shoppe Inc. |
| 18,000 |
| 117 |
|
| Columbia Sportswear Co. |
| 1,200 |
| 116 |
|
* | Deckers Outdoor Corp. |
| 700 |
| 103 |
|
* | Despegar.com Corp. |
| 8,300 |
| 94 |
|
| Dana Inc. |
| 6,200 |
| 90 |
|
| Tilly’s Inc. Class A |
| 9,400 |
| 89 |
|
* | MasterCraft Boat Holdings Inc. |
| 5,900 |
| 88 |
|
* | Adtalem Global Education Inc. |
| 2,200 |
| 84 |
|
| MGM Resorts International |
| 3,000 |
| 83 |
|
* | Vista Outdoor Inc. |
| 13,200 |
| 82 |
|
* | Nautilus Inc. |
| 59,500 |
| 80 |
|
* | PlayAGS Inc. |
| 7,700 |
| 79 |
|
| Buckle Inc. |
| 3,605 |
| 74 |
|
| Graham Holdings Co. Class B |
| 100 |
| 66 |
|
| Tenneco Inc. Class A |
| 5,200 |
| 65 |
|
^ | Tailored Brands Inc. |
| 14,600 |
| 64 |
|
* | Sally Beauty Holdings Inc. |
| 4,000 |
| 60 |
|
| Tupperware Brands Corp. |
| 3,710 |
| 59 |
|
| Office Depot Inc. |
| 30,300 |
| 53 |
|
* | SeaWorld Entertainment Inc. |
| 1,895 |
| 50 |
|
* | American Public Education Inc. |
| 1,800 |
| 40 |
|
| Kohl’s Corp. |
| 800 |
| 40 |
|
| Bloomin’ Brands Inc. |
| 2,000 |
| 38 |
|
| Adient plc |
| 1,600 |
| 37 |
|
* | Quotient Technology Inc. |
| 4,600 |
| 36 |
|
| Cato Corp. Class A |
| 2,000 |
| 35 |
|
* | Hudson Ltd. Class A |
| 2,800 |
| 34 |
|
* | Malibu Boats Inc. Class A |
| 1,000 |
| 31 |
|
| Bassett Furniture Industries Inc. |
| 2,000 |
| 31 |
|
| Brinker International Inc. |
| 700 |
| 30 |
|
| Acushnet Holdings Corp. |
| 1,076 |
| 28 |
|
* | 1-800-Flowers.com Inc. Class A |
| 1,900 |
| 28 |
|
| Wolverine World Wide Inc. |
| 900 |
| 25 |
|
* | Modine Manufacturing Co. |
| 2,000 |
| 23 |
|
* | Burlington Stores Inc. |
| 100 |
| 20 |
|
* | Lululemon Athletica Inc. |
| 100 |
| 19 |
|
* | frontdoor Inc. |
| 348 |
| 17 |
|
| Ethan Allen Interiors Inc. |
| 800 |
| 15 |
|
* | Rubicon Project Inc. |
| 1,722 |
| 15 |
|
* | Express Inc. |
| 4,000 |
| 14 |
|
* | Noodles & Co. Class A |
| 2,400 |
| 14 |
|
| Big 5 Sporting Goods Corp. |
| 5,500 |
| 11 |
|
| Wayfair Inc. |
| 100 |
| 11 |
|
| Wynn Resorts Ltd. |
| 100 |
| 11 |
|
| Ralph Lauren Corp. Class A |
| 100 |
| 10 |
|
| Tiffany & Co. |
| 100 |
| 9 |
|
* | America’s Car-Mart Inc. |
| 100 |
| 9 |
|
| Cooper Tire & Rubber Co. |
| 300 |
| 8 |
|
* | PDS Biotechnology Corp. |
| 2,090 |
| 7 |
|
* | Yatra Online Inc. |
| 1,500 |
| 6 |
|
* | Vera Bradley Inc. |
| 600 |
| 6 |
|
* | Ollie’s Bargain Outlet Holdings Inc. |
| 100 |
| 6 |
|
* | Biglari Holdings Inc. |
| 10 |
| 6 |
|
| Magna International Inc. |
| 100 |
| 5 |
|
| Movado Group Inc. |
| 210 |
| 5 |
|
| Wyndham Destinations Inc. |
| 100 |
| 5 |
|
| Yum China Holdings Inc. |
| 100 |
| 5 |
|
| International Speedway Corp. Class A |
| 100 |
| 5 |
|
| Lennar Corp. Class B |
| 100 |
| 4 |
|
| BBX Capital Corp. Class A |
| 900 |
| 4 |
|
* | Monarch Casino & Resort Inc. |
| 100 |
| 4 |
|
* | Cooper-Standard Holdings Inc. |
| 100 |
| 4 |
|
* | Genesco Inc. |
| 100 |
| 4 |
|
* | M/I Homes Inc. |
| 100 |
| 4 |
|
| Citi Trends Inc. |
| 200 |
| 4 |
|
| Kontoor Brands Inc. |
| 100 |
| 4 |
|
| American Eagle Outfitters Inc. |
| 200 |
| 3 |
|
| Shoe Carnival Inc. |
| 100 |
| 3 |
|
* | Hilton Grand Vacations Inc. |
| 100 |
| 3 |
|
* | Beazer Homes USA Inc. |
| 200 |
| 3 |
|
| Extended Stay America Inc. |
| 200 |
| 3 |
|
* | Urban Outfitters Inc. |
| 100 |
| 3 |
|
* | Playa Hotels & Resorts NV |
| 300 |
| 2 |
|
* | Biglari Holdings Inc. Class B |
| 20 |
| 2 |
|
Growth and Income Fund
|
|
|
|
| Market |
|
|
|
|
|
| Value· |
|
|
|
| Shares |
| ($000 | ) |
* | El Pollo Loco Holdings Inc. |
| 193 |
| 2 |
|
| Ruth’s Hospitality Group Inc. |
| 100 |
| 2 |
|
* | Stitch Fix Inc. Class A |
| 100 |
| 2 |
|
* | Carrols Restaurant Group Inc. |
| 229 |
| 2 |
|
| Tile Shop Holdings Inc. |
| 523 |
| 2 |
|
* | Kirkland’s Inc. |
| 900 |
| 1 |
|
| Pier 1 Imports Inc. |
| 100 |
| 1 |
|
* | Barnes & Noble Education Inc. |
| 300 |
| 1 |
|
| Superior Industries International Inc. |
| 275 |
| 1 |
|
* | Libbey Inc. |
| 200 |
| 1 |
|
* | Horizon Global Corp. |
| 160 |
| 1 |
|
* | Container Store Group Inc. |
| 100 |
| — |
|
| J. Jill Inc. |
| 200 |
| — |
|
* | Garrett Motion Inc. |
| 16 |
| — |
|
|
|
|
|
| 1,321,164 |
|
Consumer Staples (8.2%) |
|
|
|
|
| |
| Procter & Gamble Co. |
| 1,062,332 |
| 132,133 |
|
| Costco Wholesale Corp. |
| 318,389 |
| 91,731 |
|
| PepsiCo Inc. |
| 607,029 |
| 83,224 |
|
| Coca-Cola Co. |
| 1,527,507 |
| 83,158 |
|
| Walmart Inc. |
| 658,250 |
| 78,121 |
|
| Philip Morris International Inc. |
| 1,012,590 |
| 76,886 |
|
| Mondelez International Inc. Class A |
| 924,465 |
| 51,141 |
|
| Colgate-Palmolive Co. |
| 670,924 |
| 49,320 |
|
| Estee Lauder Cos. Inc. Class A |
| 232,617 |
| 46,279 |
|
| Kimberly-Clark Corp. |
| 293,878 |
| 41,745 |
|
| Sysco Corp. |
| 397,519 |
| 31,563 |
|
| General Mills Inc. |
| 506,594 |
| 27,923 |
|
| Kraft Heinz Co. |
| 804,874 |
| 22,484 |
|
| Molson Coors Brewing Co. Class B |
| 339,263 |
| 19,508 |
|
| Campbell Soup Co. |
| 374,571 |
| 17,575 |
|
| Altria Group Inc. |
| 284,575 |
| 11,639 |
|
* | Monster Beverage Corp. |
| 188,850 |
| 10,965 |
|
| Church & Dwight Co. Inc. |
| 120,060 |
| 9,033 |
|
| Coty Inc. Class A |
| 855,539 |
| 8,992 |
|
| Clorox Co. |
| 42,336 |
| 6,430 |
|
| Lamb Weston Holdings Inc. |
| 78,476 |
| 5,707 |
|
| Hershey Co. |
| 31,410 |
| 4,868 |
|
| Coca-Cola European Partners plc |
| 62,200 |
| 3,449 |
|
* | US Foods Holding Corp. |
| 65,600 |
| 2,696 |
|
| JM Smucker Co. |
| 12,241 |
| 1,347 |
|
| Walgreens Boots Alliance Inc. |
| 15,319 |
| 847 |
|
| Spectrum Brands Holdings Inc. |
| 15,743 |
| 830 |
|
* | Pilgrim’s Pride Corp. |
| 24,000 |
| 769 |
|
* | Post Holdings Inc. |
| 7,000 |
| 741 |
|
| Nu Skin Enterprises Inc. Class A |
| 16,104 |
| 685 |
|
* | Nomad Foods Ltd. |
| 30,900 |
| 633 |
|
* | Performance Food Group Co. |
| 12,800 |
| 589 |
|
* | USANA Health Sciences Inc. |
| 6,815 |
| 466 |
|
| Brown-Forman Corp. Class B |
| 4,800 |
| 301 |
|
* | TreeHouse Foods Inc. |
| 5,002 |
| 277 |
|
* | Central Garden & Pet Co. Class A |
| 6,400 |
| 177 |
|
| Cott Corp. |
| 8,900 |
| 111 |
|
* | Boston Beer Co. Inc. Class A |
| 200 |
| 73 |
|
* | Pyxus International Inc. |
| 5,500 |
| 72 |
|
| Cal-Maine Foods Inc. |
| 1,100 |
| 44 |
|
| Lancaster Colony Corp. |
| 176 |
| 24 |
|
* | Natural Grocers by Vitamin Cottage Inc. |
| 2,328 |
| 23 |
|
| Bunge Ltd. |
| 400 |
| 23 |
|
| Seaboard Corp. |
| 5 |
| 22 |
|
| Hormel Foods Corp. |
| 500 |
| 22 |
|
| J&J Snack Foods Corp. |
| 100 |
| 19 |
|
| McCormick & Co. Inc. |
| 100 |
| 16 |
|
| John B Sanfilippo & Son Inc. |
| 100 |
| 10 |
|
| Tyson Foods Inc. Class A |
| 100 |
| 9 |
|
* | BJ’s Wholesale Club Holdings Inc. |
| 292 |
| 8 |
|
* | Herbalife Nutrition Ltd. |
| 100 |
| 4 |
|
| Fresh Del Monte Produce Inc. |
| 100 |
| 3 |
|
* | Simply Good Foods Co. |
| 96 |
| 3 |
|
| Flowers Foods Inc. |
| 100 |
| 2 |
|
| Dean Foods Co. |
| 1,000 |
| 1 |
|
* | Castle Brands Inc. |
| 100 |
| — |
|
|
|
|
|
| 924,721 |
|
Energy (3.5%) |
|
|
|
|
| |
| Chevron Corp. |
| 961,364 |
| 114,018 |
|
| ConocoPhillips |
| 1,467,738 |
| 83,632 |
|
| Exxon Mobil Corp. |
| 662,014 |
| 46,745 |
|
| Schlumberger Ltd. |
| 666,720 |
| 22,782 |
|
| Devon Energy Corp. |
| 831,554 |
| 20,007 |
|
| Marathon Oil Corp. |
| 1,438,709 |
| 17,653 |
|
| Kinder Morgan Inc. |
| 843,500 |
| 17,385 |
|
| Cabot Oil & Gas Corp. |
| 815,597 |
| 14,330 |
|
| ONEOK Inc. |
| 167,450 |
| 12,339 |
|
Growth and Income Fund
|
|
|
|
| Market |
|
|
|
|
|
| Value· |
|
|
|
| Shares |
| ($000 | ) |
| Occidental Petroleum Corp. |
| 236,281 |
| 10,507 |
|
| EOG Resources Inc. |
| 125,781 |
| 9,335 |
|
| Phillips 66 |
| 71,291 |
| 7,300 |
|
| Pioneer Natural Resources Co. |
| 45,000 |
| 5,660 |
|
| HollyFrontier Corp. |
| 45,770 |
| 2,455 |
|
| Valero Energy Corp. |
| 22,120 |
| 1,886 |
|
| Hess Corp. |
| 27,662 |
| 1,673 |
|
* | Continental Resources Inc. |
| 51,800 |
| 1,595 |
|
| Halliburton Co. |
| 77,840 |
| 1,467 |
|
| TechnipFMC plc |
| 42,100 |
| 1,016 |
|
| Enbridge Inc. |
| 15,000 |
| 526 |
|
| Cameco Corp. |
| 54,900 |
| 522 |
|
| QEP Resources Inc. |
| 140,037 |
| 518 |
|
* | W&T Offshore Inc. |
| 83,868 |
| 367 |
|
| PBF Energy Inc. Class A |
| 11,700 |
| 318 |
|
| Peabody Energy Corp. |
| 20,800 |
| 306 |
|
| Equitrans Midstream Corp. |
| 17,800 |
| 259 |
|
* | McDermott International Inc. |
| 105,200 |
| 213 |
|
| Parsley Energy Inc. Class A |
| 11,000 |
| 185 |
|
* | C&J Energy Services Inc. |
| 13,900 |
| 149 |
|
* | Oceaneering International Inc. |
| 9,400 |
| 127 |
|
| Archrock Inc. |
| 12,484 |
| 124 |
|
* | Keane Group Inc. |
| 19,300 |
| 117 |
|
| SM Energy Co. |
| 10,600 |
| 103 |
|
| Concho Resources Inc. |
| 1,300 |
| 88 |
|
* | Helix Energy Solutions Group Inc. |
| 8,700 |
| 70 |
|
* | Exterran Corp. |
| 4,200 |
| 55 |
|
* | Cactus Inc. Class A |
| 1,700 |
| 49 |
|
| National Oilwell Varco Inc. |
| 2,260 |
| 48 |
|
* | Geopark Ltd. |
| 2,408 |
| 44 |
|
| Berry Petroleum Corp. |
| 4,500 |
| 42 |
|
| Mammoth Energy Services Inc. |
| 13,198 |
| 33 |
|
| Murphy Oil Corp. |
| 1,400 |
| 31 |
|
| Cenovus Energy Inc. |
| 2,700 |
| 25 |
|
| Evolution Petroleum Corp. |
| 3,400 |
| 20 |
|
* | Apergy Corp. |
| 600 |
| 16 |
|
* | Forum Energy Technologies Inc. |
| 9,800 |
| 15 |
|
* | Dril-Quip Inc. |
| 300 |
| 15 |
|
* | FTS International Inc. |
| 6,396 |
| 14 |
|
* | Era Group Inc. |
| 1,261 |
| 13 |
|
| Marathon Petroleum Corp. |
| 100 |
| 6 |
|
| Baker Hughes a GE Co. Class A |
| 200 |
| 5 |
|
| DMC Global Inc. |
| 100 |
| 4 |
|
* | SandRidge Energy Inc. |
| 812 |
| 4 |
|
| Helmerich & Payne Inc. |
| 91 |
| 4 |
|
* | Overseas Shipholding Group Inc. Class A |
| 2,000 |
| 4 |
|
* | PDC Energy Inc. |
| 100 |
| 3 |
|
| Apache Corp. |
| 100 |
| 3 |
|
*,^ | Tellurian Inc. |
| 300 |
| 2 |
|
* | Matrix Service Co. |
| 130 |
| 2 |
|
* | Magnolia Oil & Gas Corp. Class A |
| 200 |
| 2 |
|
| Plains GP Holdings LP Class A |
| 100 |
| 2 |
|
* | WPX Energy Inc. |
| 200 |
| 2 |
|
* | Superior Energy Services Inc. |
| 15,240 |
| 2 |
|
* | CONSOL Energy Inc. |
| 124 |
| 2 |
|
* | Earthstone Energy Inc. Class A |
| 400 |
| 1 |
|
| EQT Corp. |
| 100 |
| 1 |
|
* | Energy Fuels Inc. |
| 500 |
| 1 |
|
* | ION Geophysical Corp. |
| 100 |
| 1 |
|
| RPC Inc. |
| 100 |
| 1 |
|
* | Hornbeck Offshore Services Inc. |
| 700 |
| 1 |
|
* | CNX Resources Corp. |
| 5 |
| — |
|
* | SilverBow Resources Inc. |
| 3 |
| — |
|
|
|
|
|
| 396,250 |
|
Financials (12.4%) |
|
|
|
|
| |
| JPMorgan Chase & Co. |
| 1,125,660 |
| 132,479 |
|
| Bank of America Corp. |
| 4,110,216 |
| 119,895 |
|
* | Berkshire Hathaway Inc. Class B |
| 546,676 |
| 113,720 |
|
| Citigroup Inc. |
| 1,630,792 |
| 112,655 |
|
| Wells Fargo & Co. |
| 1,500,936 |
| 75,707 |
|
| Progressive Corp. |
| 788,921 |
| 60,944 |
|
| Synchrony Financial |
| 1,715,639 |
| 58,486 |
|
| American Express Co. |
| 407,883 |
| 48,244 |
|
| Intercontinental Exchange Inc. |
| 487,823 |
| 45,011 |
|
| S&P Global Inc. |
| 173,710 |
| 42,556 |
|
| MetLife Inc. |
| 780,058 |
| 36,788 |
|
| Capital One Financial Corp. |
| 373,762 |
| 34,005 |
|
| Allstate Corp. |
| 291,618 |
| 31,693 |
|
| Discover Financial Services |
| 370,779 |
| 30,066 |
|
| MSCI Inc. Class A |
| 137,770 |
| 29,999 |
|
| Cincinnati Financial Corp. |
| 251,874 |
| 29,386 |
|
| Morgan Stanley |
| 678,295 |
| 28,943 |
|
| Regions Financial Corp. |
| 1,750,915 |
| 27,699 |
|
| Comerica Inc. |
| 417,554 |
| 27,554 |
|
| Aflac Inc. |
| 499,924 |
| 26,156 |
|
Growth and Income Fund
|
|
|
|
| Market |
|
|
|
|
|
| Value· |
|
|
|
| Shares |
| ($000 | ) |
| Hartford Financial Services Group Inc. |
| 405,260 |
| 24,563 |
|
| Moody’s Corp. |
| 108,520 |
| 22,228 |
|
| T. Rowe Price Group Inc. |
| 169,749 |
| 19,394 |
|
| M&T Bank Corp. |
| 114,440 |
| 18,078 |
|
| Arthur J Gallagher & Co. |
| 171,960 |
| 15,402 |
|
| BlackRock Inc. |
| 33,010 |
| 14,711 |
|
| E*TRADE Financial Corp. |
| 302,500 |
| 13,216 |
|
| Jefferies Financial Group Inc. |
| 628,292 |
| 11,561 |
|
| Fifth Third Bancorp |
| 415,298 |
| 11,371 |
|
| PNC Financial Services Group Inc. |
| 77,550 |
| 10,869 |
|
| Unum Group |
| 330,749 |
| 9,830 |
|
| Zions Bancorp NA |
| 208,977 |
| 9,304 |
|
| US Bancorp |
| 141,315 |
| 7,820 |
|
| Cboe Global Markets Inc. |
| 64,041 |
| 7,359 |
|
| State Street Corp. |
| 117,100 |
| 6,931 |
|
| Citizens Financial Group Inc. |
| 183,790 |
| 6,501 |
|
| Ares Capital Corp. |
| 347,300 |
| 6,472 |
|
| Willis Towers Watson plc |
| 32,398 |
| 6,252 |
|
| Ameriprise Financial Inc. |
| 38,989 |
| 5,735 |
|
| Lincoln National Corp. |
| 79,125 |
| 4,773 |
|
| Aon plc |
| 24,200 |
| 4,684 |
|
| Bank of New York Mellon Corp. |
| 97,039 |
| 4,387 |
|
| Affiliated Managers Group Inc. |
| 50,210 |
| 4,185 |
|
| Northern Trust Corp. |
| 40,800 |
| 3,807 |
|
| Marsh & McLennan Cos. Inc. |
| 37,400 |
| 3,742 |
|
| KeyCorp |
| 190,480 |
| 3,398 |
|
| First American Financial Corp. |
| 49,300 |
| 2,909 |
|
| American International Group Inc. |
| 49,220 |
| 2,742 |
|
| Invesco Ltd. |
| 157,540 |
| 2,669 |
|
| CME Group Inc. |
| 9,100 |
| 1,923 |
|
| Voya Financial Inc. |
| 34,500 |
| 1,878 |
|
| East West Bancorp Inc. |
| 40,300 |
| 1,785 |
|
| First Hawaiian Inc. |
| 64,000 |
| 1,709 |
|
* | Green Dot Corp. Class A |
| 40,400 |
| 1,020 |
|
* | Brighthouse Financial Inc. |
| 22,010 |
| 891 |
|
* | Arch Capital Group Ltd. |
| 20,700 |
| 869 |
|
| Navient Corp. |
| 66,000 |
| 845 |
|
| Fidelity National Financial Inc. |
| 18,900 |
| 839 |
|
| Wintrust Financial Corp. |
| 10,500 |
| 679 |
|
| Nasdaq Inc. |
| 6,676 |
| 663 |
|
| OneMain Holdings Inc. |
| 12,900 |
| 473 |
|
| MFA Financial Inc. |
| 61,400 |
| 452 |
|
| Signature Bank |
| 3,400 |
| 405 |
|
| Hanover Insurance Group Inc. |
| 2,981 |
| 404 |
|
| Investors Bancorp Inc. |
| 34,300 |
| 390 |
|
| FS KKR Capital Corp. |
| 66,000 |
| 385 |
|
| Bank of NT Butterfield & Son Ltd. |
| 12,946 |
| 384 |
|
| Argo Group International Holdings Ltd. |
| 5,300 |
| 372 |
|
| Credicorp Ltd. |
| 1,700 |
| 354 |
|
* | Globe Life Inc. |
| 3,400 |
| 326 |
|
| IBERIABANK Corp. |
| 4,200 |
| 317 |
|
* | Third Point Reinsurance Ltd. |
| 31,100 |
| 311 |
|
| Huntington Bancshares Inc. |
| 21,722 |
| 310 |
|
| American Financial Group Inc. |
| 2,800 |
| 302 |
|
* | Athene Holding Ltd. Class A |
| 6,486 |
| 273 |
|
| SEI Investments Co. |
| 4,500 |
| 267 |
|
| BankUnited Inc. |
| 7,400 |
| 249 |
|
| American Equity Investment Life Holding Co. |
| 10,100 |
| 244 |
|
| Popular Inc. |
| 4,400 |
| 238 |
|
| Community Bank System Inc. |
| 3,600 |
| 222 |
|
| CNO Financial Group Inc. |
| 12,860 |
| 204 |
|
| Primerica Inc. |
| 1,381 |
| 176 |
|
| Westamerica Bancorporation |
| 2,800 |
| 174 |
|
| Mercury General Corp. |
| 3,000 |
| 168 |
|
| CVB Financial Corp. |
| 7,948 |
| 166 |
|
| Brightsphere Investment Group Inc. |
| 12,700 |
| 126 |
|
| Franklin Resources Inc. |
| 4,175 |
| 121 |
|
* | On Deck Capital Inc. |
| 35,508 |
| 119 |
|
| Everest Re Group Ltd. |
| 420 |
| 112 |
|
| Washington Federal Inc. |
| 3,000 |
| 111 |
|
| Apollo Investment Corp. |
| 6,700 |
| 108 |
|
| Umpqua Holdings Corp. |
| 6,300 |
| 104 |
|
| Associated Banc-Corp |
| 4,900 |
| 99 |
|
| Hilltop Holdings Inc. |
| 4,152 |
| 99 |
|
* | PRA Group Inc. |
| 2,700 |
| 91 |
|
| Meridian Bancorp Inc. |
| 4,800 |
| 90 |
|
| MGIC Investment Corp. |
| 6,816 |
| 86 |
|
| Hancock Whitney Corp. |
| 2,197 |
| 84 |
|
| International Bancshares Corp. |
| 2,104 |
| 81 |
|
| United Bankshares Inc. |
| 2,101 |
| 80 |
|
* | MBIA Inc. |
| 8,600 |
| 79 |
|
| First BanCorp |
| 7,700 |
| 77 |
|
* | Markel Corp. |
| 60 |
| 71 |
|
| Evercore Inc. Class A |
| 873 |
| 70 |
|
Growth and Income Fund
|
|
|
| Market |
|
|
|
| Value• |
|
| Shares |
| ($000) |
| Boston Private Financial Holdings Inc. | 5,800 |
| 68 |
| WesBanco Inc. | 1,800 |
| 67 |
| Kearny Financial Corp. | 5,100 |
| 67 |
| OFG Bancorp | 2,959 |
| 65 |
| TCG BDC Inc. | 4,500 |
| 65 |
| UMB Financial Corp. | 1,000 |
| 65 |
| Flagstar Bancorp Inc. | 1,726 |
| 64 |
| FNB Corp. | 5,300 |
| 61 |
| Capitol Federal Financial Inc. | 4,300 |
| 59 |
| LPL Financial Holdings Inc. | 700 |
| 57 |
| Exantas Capital Corp. | 4,700 |
| 53 |
| AMERISAFE Inc. | 800 |
| 53 |
| Waddell & Reed Financial Inc. Class A | 3,047 |
| 52 |
* | Bancorp Inc. | 4,946 |
| 49 |
| First Interstate BancSystem Inc. Class A | 1,205 |
| 49 |
* | Credit Acceptance Corp. | 100 |
| 46 |
* | Blucora Inc. | 2,100 |
| 45 |
| Morningstar Inc. | 300 |
| 44 |
| Moelis & Co. Class A | 1,300 |
| 43 |
| Sterling Bancorp | 2,000 |
| 40 |
| United Community Banks Inc. | 1,400 |
| 40 |
| Stock Yards Bancorp Inc. | 1,022 |
| 38 |
| Western Alliance Bancorp | 791 |
| 36 |
| New York Community Bancorp Inc. | 2,900 |
| 36 |
| Oaktree Specialty Lending Corp. | 6,900 |
| 36 |
* | Cowen Inc. Class A | 2,174 |
| 33 |
| Federated Investors Inc. Class B | 1,000 |
| 32 |
| First Busey Corp. | 1,200 |
| 30 |
| TriCo Bancshares | 800 |
| 29 |
| Central Pacific Financial Corp. | 1,000 |
| 28 |
| United Community Financial Corp. | 2,500 |
| 27 |
| TPG RE Finance Trust Inc. | 1,357 |
| 27 |
| People’s United Financial Inc. | 1,700 |
| 27 |
| First Defiance Financial Corp. | 908 |
| 26 |
| Hanmi Financial Corp. | 1,374 |
| 26 |
| United Financial Bancorp Inc. | 1,860 |
| 25 |
| Flushing Financial Corp. | 1,250 |
| 25 |
* | Cannae Holdings Inc. | 917 |
| 25 |
| Golub Capital BDC Inc. | 1,301 |
| 25 |
| 1st Source Corp. | 500 |
| 23 |
| First Bancorp | 600 |
| 22 |
* | SVB Financial Group | 100 |
| 21 |
| First Financial Northwest Inc. | 1,386 |
| 21 |
| Ares Commercial Real Estate Corp. | 1,326 |
| 20 |
| First Financial Bankshares Inc. | 600 |
| 20 |
| Ally Financial Inc. | 600 |
| 20 |
| Peapack Gladstone Financial Corp. | 700 |
| 20 |
| Independent Bank Corp. | 900 |
| 19 |
| Solar Capital Ltd. | 900 |
| 19 |
| Erie Indemnity Co. Class A | 100 |
| 19 |
| Southern National Bancorp of Virginia Inc. | 1,200 |
| 18 |
* | Elevate Credit Inc. | 4,220 |
| 18 |
| State Auto Financial Corp. | 500 |
| 16 |
| FGL Holdings | 2,026 |
| 16 |
| National General Holdings Corp. | 700 |
| 16 |
| Reinsurance Group of America Inc. Class A | 100 |
| 16 |
| Prosperity Bancshares Inc. | 200 |
| 14 |
| KKR Real Estate Finance Trust Inc. | 700 |
| 14 |
* | World Acceptance Corp. | 100 |
| 13 |
| Northwest Bancshares Inc. | 763 |
| 13 |
* | Atlantic Capital Bancshares Inc. | 700 |
| 12 |
| PJT Partners Inc. | 294 |
| 12 |
| OceanFirst Financial Corp. | 500 |
| 12 |
| Stewart Information Services Corp. | 300 |
| 12 |
| WisdomTree Investments Inc. | 2,200 |
| 12 |
| Preferred Bank | 200 |
| 11 |
| BlackRock TCP Capital Corp. | 700 |
| 10 |
| Westwood Holdings Group Inc. | 325 |
| 9 |
| Independent Bank Corp. | 100 |
| 7 |
| Amalgamated Bank Class A | 405 |
| 7 |
| Peoples Bancorp Inc. | 200 |
| 6 |
| Prudential Financial Inc. | 70 |
| 6 |
| TPG Specialty Lending Inc. | 300 |
| 6 |
| Axis Capital Holdings Ltd. | 89 |
| 6 |
| Lakeland Bancorp Inc. | 380 |
| 6 |
| Walker & Dunlop Inc. | 100 |
| 6 |
* | Texas Capital Bancshares Inc. | 100 |
| 5 |
Growth and Income Fund
|
|
|
| Market |
|
|
|
| Value• |
|
| Shares |
| ($000) |
| Charles Schwab Corp. | 130 |
| 5 |
| WSFS Financial Corp. | 100 |
| 4 |
| Ameris Bancorp | 100 |
| 4 |
* | eHealth Inc. | 59 |
| 4 |
| QCR Holdings Inc. | 100 |
| 4 |
| Granite Point Mortgage Trust Inc. | 200 |
| 4 |
| PacWest Bancorp | 100 |
| 4 |
| First Mid Bancshares Inc. | 100 |
| 3 |
| Sandy Spring Bancorp Inc. | 100 |
| 3 |
| ARMOUR Residential REIT Inc. | 200 |
| 3 |
| Great Western Bancorp Inc. | 100 |
| 3 |
| Meta Financial Group Inc. | 100 |
| 3 |
| HomeTrust Bancshares Inc. | 122 |
| 3 |
| AG Mortgage Investment Trust Inc. | 200 |
| 3 |
| Heritage Insurance Holdings Inc. | 200 |
| 3 |
| Home Bancorp Inc. | 76 |
| 3 |
| Old Line Bancshares Inc. | 100 |
| 3 |
* | HomeStreet Inc. | 100 |
| 3 |
| Annaly Capital Management Inc. | 300 |
| 3 |
| Nelnet Inc. Class A | 38 |
| 2 |
| Cadence BanCorp Class A | 132 |
| 2 |
| Trustmark Corp. | 66 |
| 2 |
| Janus Henderson Group plc | 100 |
| 2 |
| Eagle Bancorp Inc. | 50 |
| 2 |
| Oxford Square Capital Corp. | 352 |
| 2 |
| First Midwest Bancorp Inc. | 100 |
| 2 |
| TCF Financial Corp. | 50 |
| 2 |
| PennantPark Investment Corp. | 300 |
| 2 |
| Opus Bank | 83 |
| 2 |
| BGC Partners Inc. Class A | 300 |
| 2 |
* | Columbia Financial Inc. | 100 |
| 2 |
* | LendingClub Corp. | 100 |
| 1 |
| Old Second Bancorp Inc. | 100 |
| 1 |
| Prospect Capital Corp. | 100 |
| 1 |
| Oppenheimer Holdings Inc. Class A | 13 |
| — |
| Veritex Holdings Inc. | 11 |
| — |
| Medley Capital Corp. | 100 |
| — |
* | Spirit of Texas Bancshares Inc. | 1 |
| — |
|
|
|
| 1,401,652 |
|
|
|
|
|
Health Care (13.5%) |
|
|
| |
| Johnson & Johnson | 1,327,167 |
| 171,709 |
| Merck & Co. Inc. | 1,583,281 |
| 133,281 |
| AbbVie Inc. | 1,420,591 |
| 107,567 |
| UnitedHealth Group Inc. | 311,616 |
| 67,720 |
| Abbott Laboratories | 730,659 |
| 61,134 |
| Pfizer Inc. | 1,648,920 |
| 59,246 |
| Bristol-Myers Squibb Co. | 1,110,922 |
| 56,335 |
| Medtronic plc | 498,742 |
| 54,173 |
| Eli Lilly & Co. | 478,580 |
| 53,520 |
| Amgen Inc. | 211,661 |
| 40,959 |
| Thermo Fisher Scientific Inc. | 139,381 |
| 40,598 |
| Agilent Technologies Inc. | 499,702 |
| 38,292 |
| HCA Healthcare Inc. | 297,818 |
| 35,863 |
| Becton Dickinson and Co. | 138,343 |
| 34,995 |
| Cardinal Health Inc. | 717,657 |
| 33,866 |
* | IQVIA Holdings Inc. | 210,971 |
| 31,515 |
| Gilead Sciences Inc. | 493,301 |
| 31,265 |
| Stryker Corp. | 126,790 |
| 27,425 |
| McKesson Corp. | 191,440 |
| 26,162 |
* | Centene Corp. | 586,091 |
| 25,354 |
* | Vertex Pharmaceuticals Inc. | 133,520 |
| 22,621 |
| CVS Health Corp. | 316,848 |
| 19,984 |
* | Biogen Inc. | 85,670 |
| 19,946 |
| Humana Inc. | 75,251 |
| 19,239 |
* | Hologic Inc. | 359,899 |
| 18,171 |
* | Edwards Lifesciences Corp. | 73,400 |
| 16,141 |
* | Waters Corp. | 70,054 |
| 15,638 |
| Cerner Corp. | 229,334 |
| 15,634 |
* | Intuitive Surgical Inc. | 27,861 |
| 15,043 |
* | Incyte Corp. | 192,056 |
| 14,256 |
| Allergan plc | 84,500 |
| 14,221 |
| Cooper Cos. Inc. | 45,518 |
| 13,519 |
| Danaher Corp. | 90,062 |
| 13,008 |
| Universal Health Services Inc. Class B | 86,429 |
| 12,856 |
| Zoetis Inc. | 98,600 |
| 12,285 |
* | Varian Medical Systems Inc. | 101,840 |
| 12,128 |
* | Henry Schein Inc. | 190,232 |
| 12,080 |
| Anthem Inc. | 45,136 |
| 10,837 |
* | Boston Scientific Corp. | 247,531 |
| 10,072 |
* | Mettler-Toledo International Inc. | 13,468 |
| 9,487 |
| Baxter International Inc. | 105,270 |
| 9,208 |
| Cigna Corp. | 60,022 |
| 9,111 |
* | IDEXX Laboratories Inc. | 26,296 |
| 7,151 |
Growth and Income Fund
|
|
|
| Market |
|
|
|
| Value• |
|
| Shares |
| ($000) |
* | Alexion Pharmaceuticals Inc. | 61,240 |
| 5,998 |
| ResMed Inc. | 30,480 |
| 4,118 |
| Dentsply Sirona Inc. | 72,816 |
| 3,882 |
| AmerisourceBergen Corp. Class A | 43,400 |
| 3,573 |
* | Mylan NV | 162,592 |
| 3,216 |
* | Horizon Therapeutics plc | 114,500 |
| 3,118 |
* | Regeneron Pharmaceuticals Inc. | 11,080 |
| 3,074 |
* | Molina Healthcare Inc. | 27,500 |
| 3,017 |
* | QIAGEN NV | 83,100 |
| 2,740 |
| Zimmer Biomet Holdings Inc. | 19,610 |
| 2,692 |
* | Align Technology Inc. | 14,522 |
| 2,627 |
* | Celgene Corp. | 25,300 |
| 2,512 |
| Bruker Corp. | 55,000 |
| 2,416 |
* | Nevro Corp. | 26,400 |
| 2,270 |
* | ABIOMED Inc. | 12,350 |
| 2,197 |
*,^ | Lannett Co. Inc. | 165,100 |
| 1,849 |
* | Elanco Animal Health Inc. | 52,600 |
| 1,399 |
| Encompass Health Corp. | 16,600 |
| 1,050 |
* | Allscripts Healthcare Solutions Inc. | 91,100 |
| 1,000 |
* | Pacira BioSciences Inc. | 25,300 |
| 963 |
* | ICON plc | 5,000 |
| 737 |
* | Myriad Genetics Inc. | 23,966 |
| 686 |
* | Ionis Pharmaceuticals Inc. | 10,700 |
| 641 |
* | MyoKardia Inc. | 11,600 |
| 605 |
* | Sage Therapeutics Inc. | 4,300 |
| 603 |
* | Premier Inc. Class A | 18,900 |
| 547 |
* | AMAG Pharmaceuticals Inc. | 44,700 |
| 516 |
* | Magellan Health Inc. | 7,678 |
| 477 |
* | MEDNAX Inc. | 21,000 |
| 475 |
* | PTC Therapeutics Inc. | 14,000 |
| 474 |
* | Arrowhead Pharmaceuticals Inc. | 16,563 |
| 467 |
* | United Therapeutics Corp. | 5,300 |
| 423 |
* | Wright Medical Group NV | 18,600 |
| 384 |
* | Neogen Corp. | 5,300 |
| 361 |
* | Insmed Inc. | 19,300 |
| 341 |
* | Editas Medicine Inc. | 14,700 |
| 334 |
* | LivaNova plc | 4,500 |
| 332 |
*,^ | Karyopharm Therapeutics Inc. | 31,300 |
| 301 |
* | OraSure Technologies Inc. | 36,999 |
| 276 |
*,^ | Omeros Corp. | 16,400 |
| 268 |
* | Catalent Inc. | 5,300 |
| 253 |
| Patterson Cos. Inc. | 12,800 |
| 228 |
| Quest Diagnostics Inc. | 2,100 |
| 225 |
*,^ | Cronos Group Inc. | 23,100 |
| 209 |
* | Triple-S Management Corp. Class B | 15,300 |
| 205 |
* | Neurocrine Biosciences Inc. | 2,085 |
| 188 |
* | Exelixis Inc. | 10,600 |
| 188 |
* | Assertio Therapeutics Inc. | 145,300 |
| 186 |
* | Amedisys Inc. | 1,400 |
| 183 |
* | Radius Health Inc. | 6,500 |
| 167 |
* | Integer Holdings Corp. | 2,100 |
| 159 |
* | Eagle Pharmaceuticals Inc. | 2,794 |
| 158 |
* | Haemonetics Corp. | 1,200 |
| 151 |
* | Halozyme Therapeutics Inc. | 8,280 |
| 128 |
| PerkinElmer Inc. | 1,500 |
| 128 |
* | Ardelyx Inc. | 26,600 |
| 125 |
* | Zogenix Inc. | 3,000 |
| 120 |
* | Masimo Corp. | 800 |
| 119 |
* | Medpace Holdings Inc. | 1,400 |
| 118 |
* | Accuray Inc. | 38,368 |
| 106 |
| Taro Pharmaceutical Industries Ltd. | 1,400 |
| 106 |
* | CytomX Therapeutics Inc. | 13,300 |
| 98 |
*,^ | AcelRx Pharmaceuticals Inc. | 42,156 |
| 93 |
* | Momenta Pharmaceuticals Inc. | 6,900 |
| 89 |
* | Cerus Corp. | 17,300 |
| 89 |
| Chemed Corp. | 200 |
| 84 |
* | Global Blood Therapeutics Inc. | 1,689 |
| 82 |
*,^ | Corbus Pharmaceuticals Holdings Inc. | 16,500 |
| 80 |
* | HMS Holdings Corp. | 2,300 |
| 79 |
* | Innoviva Inc. | 7,502 |
| 79 |
* | CorVel Corp. | 1,030 |
| 78 |
* | Heron Therapeutics Inc. | 4,100 |
| 76 |
* | IVERIC bio Inc. | 66,480 |
| 75 |
| Hill-Rom Holdings Inc. | 700 |
| 74 |
* | AngioDynamics Inc. | 3,948 |
| 73 |
* | Alkermes plc | 3,600 |
| 70 |
* | ACADIA Pharmaceuticals Inc. | 1,900 |
| 68 |
* | Retrophin Inc. | 5,800 |
| 67 |
* | ImmunoGen Inc. | 27,600 |
| 67 |
* | Avantor Inc. | 4,400 |
| 65 |
| Owens & Minor Inc. | 11,000 |
| 64 |
* | CareDx Inc. | 2,700 |
| 61 |
* | Immunomedics Inc. | 4,600 |
| 61 |
Growth and Income Fund
|
|
|
| Market |
|
|
|
| Value• |
|
| Shares |
| ($000) |
*,^ | Dynavax Technologies Corp. Class A | 15,699 |
| 56 |
* | Coherus Biosciences Inc. | 2,600 |
| 53 |
| Luminex Corp. | 2,545 |
| 53 |
* | NextGen Healthcare Inc. | 3,277 |
| 51 |
* | Nektar Therapeutics Class A | 2,800 |
| 51 |
* | Cutera Inc. | 1,658 |
| 49 |
* | Cymabay Therapeutics Inc. | 9,430 |
| 48 |
* | uniQure NV | 1,200 |
| 47 |
* | BioMarin Pharmaceutical Inc. | 700 |
| 47 |
* | Neoleukin Therapeutics Inc. | 16,329 |
| 47 |
* | OPKO Health Inc. | 20,700 |
| 43 |
* | Tivity Health Inc. | 2,467 |
| 41 |
* | Akebia Therapeutics Inc. | 10,000 |
| 39 |
* | Protagonist Therapeutics Inc. | 3,225 |
| 39 |
* | GenMark Diagnostics Inc. | 6,128 |
| 37 |
* | ANI Pharmaceuticals Inc. | 500 |
| 36 |
* | BioDelivery Sciences International Inc. | 8,200 |
| 35 |
* | Anika Therapeutics Inc. | 600 |
| 33 |
* | HealthStream Inc. | 1,200 |
| 31 |
* | Alder Biopharmaceuticals Inc. | 1,600 |
| 30 |
* | Select Medical Holdings Corp. | 1,810 |
| 30 |
| Meridian Bioscience Inc. | 3,100 |
| 29 |
* | Fluidigm Corp. | 6,100 |
| 28 |
* | Audentes Therapeutics Inc. | 1,000 |
| 28 |
| Perrigo Co. plc | 500 |
| 28 |
* | Akcea Therapeutics Inc. | 1,806 |
| 28 |
* | Aurinia Pharmaceuticals Inc. | 5,119 |
| 27 |
* | Strongbridge Biopharma plc | 11,099 |
| 27 |
* | Agenus Inc. | 10,113 |
| 26 |
* | WellCare Health Plans Inc. | 100 |
| 26 |
* | BioCryst Pharmaceuticals Inc. | 8,700 |
| 25 |
* | Clovis Oncology Inc. | 6,300 |
| 25 |
* | Oxford Immunotec Global plc | 1,400 |
| 23 |
* | AtriCure Inc. | 861 |
| 22 |
* | Achillion Pharmaceuticals Inc. | 5,868 |
| 21 |
* | Genomic Health Inc. | 300 |
| 20 |
*,^ | MannKind Corp. | 15,900 |
| 20 |
* | Chimerix Inc. | 8,044 |
| 19 |
* | Insulet Corp. | 100 |
| 17 |
* | Illumina Inc. | 51 |
| 16 |
* | Veeva Systems Inc. Class A | 100 |
| 15 |
| LeMaitre Vascular Inc. | 427 |
| 15 |
* | Flexion Therapeutics Inc. | 1,000 |
| 14 |
* | Intra-Cellular Therapies Inc. | 1,800 |
| 13 |
* | Diplomat Pharmacy Inc. | 2,608 |
| 13 |
* | Solid Biosciences Inc. | 1,200 |
| 12 |
* | Abeona Therapeutics Inc. | 5,300 |
| 12 |
* | Voyager Therapeutics Inc. | 680 |
| 12 |
* | Prothena Corp. plc | 1,400 |
| 11 |
* | Compugen Ltd. | 2,402 |
| 10 |
*,^ | CEL-SCI Corp. | 1,000 |
| 9 |
* | Five Prime Therapeutics Inc. | 2,300 |
| 9 |
* | Assembly Biosciences Inc. | 900 |
| 9 |
* | Dicerna Pharmaceuticals Inc. | 600 |
| 9 |
* | Alnylam Pharmaceuticals Inc. | 100 |
| 8 |
* | Zymeworks Inc. | 300 |
| 7 |
* | Omnicell Inc. | 100 |
| 7 |
| Computer Programs & Systems Inc. | 305 |
| 7 |
* | Otonomy Inc. | 2,600 |
| 6 |
* | Quidel Corp. | 100 |
| 6 |
* | Hanger Inc. | 300 |
| 6 |
* | Calithera Biosciences Inc. | 1,900 |
| 6 |
* | DaVita Inc. | 100 |
| 6 |
* | Corcept Therapeutics Inc. | 400 |
| 6 |
* | Jounce Therapeutics Inc. | 1,600 |
| 5 |
* | Syneos Health Inc. | 100 |
| 5 |
* | La Jolla Pharmaceutical Co. | 500 |
| 4 |
* | Vanda Pharmaceuticals Inc. | 327 |
| 4 |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 100 |
| 4 |
* | Avanos Medical Inc. | 100 |
| 4 |
* | REGENXBIO Inc. | 100 |
| 4 |
* | GlycoMimetics Inc. | 800 |
| 3 |
* | Collegium Pharmaceutical Inc. | 300 |
| 3 |
* | Intersect ENT Inc. | 200 |
| 3 |
* | CTI BioPharma Corp. | 3,994 |
| 3 |
* | Moderna Inc. | 200 |
| 3 |
* | Merit Medical Systems Inc. | 100 |
| 3 |
* | Affimed NV | 980 |
| 3 |
Growth and Income Fund
|
|
|
| Market |
|
|
|
| Value• |
|
| Shares |
| ($000) |
* | Varex Imaging Corp. | 100 |
| 3 |
* | MacroGenics Inc. | 200 |
| 3 |
* | Apellis Pharmaceuticals Inc. | 100 |
| 2 |
* | Veracyte Inc. | 100 |
| 2 |
* | RTI Surgical Holdings Inc. | 802 |
| 2 |
| Invacare Corp. | 300 |
| 2 |
* | Tenet Healthcare Corp. | 100 |
| 2 |
* | Puma Biotechnology Inc. | 200 |
| 2 |
* | Aimmune Therapeutics Inc. | 100 |
| 2 |
* | WaVe Life Sciences Ltd. | 100 |
| 2 |
* | ChemoCentryx Inc. | 300 |
| 2 |
* | Aduro Biotech Inc. | 1,840 |
| 2 |
* | Enzo Biochem Inc. | 500 |
| 2 |
* | Menlo Therapeutics Inc. | 400 |
| 2 |
* | Concert Pharmaceuticals Inc. | 300 |
| 2 |
* | Rockwell Medical Inc. | 636 |
| 2 |
* | ArQule Inc. | 200 |
| 1 |
* | Sientra Inc. | 206 |
| 1 |
* | ElectroCore Inc. | 600 |
| 1 |
* | Sesen Bio Inc. | 1,100 |
| 1 |
* | Option Care Health Inc. | 400 |
| 1 |
* | Covetrus Inc. | 100 |
| 1 |
* | Adverum Biotechnologies Inc. | 200 |
| 1 |
* | XBiotech Inc. | 100 |
| 1 |
* | Cross Country Healthcare Inc. | 100 |
| 1 |
* | Mallinckrodt plc | 400 |
| 1 |
* | Endo International plc | 300 |
| 1 |
* | Foamix Pharmaceuticals Ltd. | 300 |
| 1 |
* | Genocea Biosciences Inc. | 300 |
| 1 |
* | Inovio Pharmaceuticals Inc. | 397 |
| 1 |
* | Myovant Sciences Ltd. | 132 |
| 1 |
* | Dermira Inc. | 100 |
| 1 |
* | vTv Therapeutics Inc. Class A | 406 |
| 1 |
* | Oncternal Therapeutics Inc. | 100 |
| 1 |
* | Senseonics Holdings Inc. | 400 |
| — |
* | PolarityTE Inc. | 100 |
| — |
* | Durect Corp. | 100 |
| — |
* | Arbutus Biopharma Corp. | 100 |
| — |
* | Fortress Biotech Inc. | 100 |
| — |
* | Viveve Medical Inc. | 1 |
| — |
|
|
|
| 1,523,378 |
Industrials (9.4%) |
|
|
| |
| Honeywell International Inc. | 477,353 |
| 80,768 |
| Lockheed Martin Corp. | 182,695 |
| 71,262 |
| Boeing Co. | 128,525 |
| 48,900 |
| Caterpillar Inc. | 342,947 |
| 43,318 |
| Union Pacific Corp. | 246,890 |
| 39,991 |
| L3Harris Technologies Inc. | 173,563 |
| 36,212 |
| Johnson Controls International plc | 796,283 |
| 34,949 |
* | United Airlines Holdings Inc. | 380,099 |
| 33,605 |
| United Technologies Corp. | 245,040 |
| 33,453 |
| Northrop Grumman Corp. | 88,743 |
| 33,260 |
| Raytheon Co. | 167,994 |
| 32,959 |
| Expeditors International of Washington Inc. | 410,270 |
| 30,479 |
| Waste Management Inc. | 238,441 |
| 27,421 |
| Cummins Inc. | 154,923 |
| 25,201 |
| AMETEK Inc. | 268,834 |
| 24,684 |
| Dover Corp. | 244,961 |
| 24,388 |
| WW Grainger Inc. | 77,997 |
| 23,177 |
| Nielsen Holdings plc | 1,076,163 |
| 22,868 |
| Illinois Tool Works Inc. | 139,288 |
| 21,797 |
| General Electric Co. | 2,346,957 |
| 20,982 |
| Southwest Airlines Co. | 362,660 |
| 19,587 |
| PACCAR Inc. | 273,647 |
| 19,158 |
| Pentair plc | 504,648 |
| 19,076 |
| Roper Technologies Inc. | 52,924 |
| 18,873 |
| CH Robinson Worldwide Inc. | 213,665 |
| 18,115 |
| Eaton Corp. plc | 216,830 |
| 18,029 |
| Quanta Services Inc. | 443,580 |
| 16,767 |
| Ingersoll-Rand plc | 135,040 |
| 16,638 |
| Delta Air Lines Inc. | 279,678 |
| 16,109 |
| CSX Corp. | 228,800 |
| 15,849 |
| 3M Co. | 93,500 |
| 15,371 |
| United Parcel Service Inc. Class B | 121,100 |
| 14,510 |
* | Copart Inc. | 148,693 |
| 11,945 |
| Emerson Electric Co. | 162,756 |
| 10,882 |
| Cintas Corp. | 38,360 |
| 10,284 |
| Masco Corp. | 233,000 |
| 9,711 |
| Rockwell Automation Inc. | 55,713 |
| 9,182 |
| Republic Services Inc. Class A | 92,060 |
| 7,968 |
| Spirit AeroSystems Holdings Inc. Class A | 93,048 |
| 7,652 |
| Allison Transmission Holdings Inc. | 143,700 |
| 6,761 |
Growth and Income Fund
|
|
| Shares |
| Market | ) |
| Fortune Brands Home & Security Inc. |
| 100,800 |
| 5,514 |
|
| Verisk Analytics Inc. Class A |
| 32,890 |
| 5,201 |
|
| Norfolk Southern Corp. |
| 28,260 |
| 5,077 |
|
| General Dynamics Corp. |
| 25,534 |
| 4,666 |
|
| TransDigm Group Inc. |
| 8,120 |
| 4,228 |
|
| Alaska Air Group Inc. |
| 61,420 |
| 3,987 |
|
* | IAA Inc. |
| 93,100 |
| 3,885 |
|
| Fastenal Co. |
| 110,701 |
| 3,617 |
|
| Robert Half International Inc. |
| 56,518 |
| 3,146 |
|
| nVent Electric plc |
| 124,900 |
| 2,753 |
|
| Allegion plc |
| 26,350 |
| 2,731 |
|
* | HD Supply Holdings Inc. |
| 62,500 |
| 2,448 |
|
| Parker-Hannifin Corp. |
| 13,260 |
| 2,395 |
|
| KAR Auction Services Inc. |
| 63,700 |
| 1,564 |
|
| Acuity Brands Inc. |
| 11,200 |
| 1,510 |
|
| Insperity Inc. |
| 11,056 |
| 1,090 |
|
| Oshkosh Corp. |
| 12,500 |
| 948 |
|
| Fluor Corp. |
| 49,100 |
| 939 |
|
* | Aerojet Rocketdyne Holdings Inc. |
| 17,393 |
| 879 |
|
| ManpowerGroup Inc. |
| 9,600 |
| 809 |
|
| Macquarie Infrastructure Corp. |
| 18,572 |
| 733 |
|
| Curtiss-Wright Corp. |
| 5,381 |
| 696 |
|
* | Continental Building Products Inc. |
| 24,100 |
| 658 |
|
* | Resideo Technologies Inc. |
| 45,600 |
| 654 |
|
| Moog Inc. Class A |
| 7,700 |
| 625 |
|
| Canadian Pacific Railway Ltd. |
| 2,000 |
| 445 |
|
| Graco Inc. |
| 8,105 |
| 373 |
|
| Korn Ferry |
| 9,275 |
| 358 |
|
* | Great Lakes Dredge & Dock Corp. |
| 33,900 |
| 354 |
|
| Snap-on Inc. |
| 2,200 |
| 344 |
|
| ArcBest Corp. |
| 10,880 |
| 331 |
|
| Armstrong World Industries Inc. |
| 3,300 |
| 319 |
|
| Altra Industrial Motion Corp. |
| 11,400 |
| 316 |
|
* | TriNet Group Inc. |
| 4,900 |
| 305 |
|
| MSC Industrial Direct Co. Inc. Class A |
| 4,000 |
| 290 |
|
| American Airlines Group Inc. |
| 8,920 |
| 241 |
|
| Tetra Tech Inc. |
| 2,649 |
| 230 |
|
| Brady Corp. Class A |
| 4,300 |
| 228 |
|
* | MasTec Inc. |
| 3,300 |
| 214 |
|
* | Gardner Denver Holdings Inc. |
| 5,939 |
| 168 |
|
| Hillenbrand Inc. |
| 5,300 |
| 164 |
|
| Deluxe Corp. |
| 3,300 |
| 162 |
|
* | Milacron Holdings Corp. |
| 9,600 |
| 160 |
|
| Arconic Inc. |
| 6,010 |
| 156 |
|
| Timken Co. |
| 3,500 |
| 152 |
|
| Ritchie Bros Auctioneers Inc. |
| 3,800 |
| 152 |
|
* | Generac Holdings Inc. |
| 1,900 |
| 149 |
|
| Huntington Ingalls Industries Inc. |
| 700 |
| 148 |
|
* | Atkore International Group Inc. |
| 4,703 |
| 143 |
|
* | AECOM |
| 3,634 |
| 137 |
|
* | NOW Inc. |
| 10,600 |
| 122 |
|
| HNI Corp. |
| 3,300 |
| 117 |
|
* | Masonite International Corp. |
| 1,900 |
| 110 |
|
| Knoll Inc. |
| 3,700 |
| 94 |
|
| Hexcel Corp. |
| 1,100 |
| 90 |
|
* | Harsco Corp. |
| 4,400 |
| 83 |
|
| Owens Corning |
| 1,300 |
| 82 |
|
| Werner Enterprises Inc. |
| 2,300 |
| 81 |
|
| Flowserve Corp. |
| 1,700 |
| 79 |
|
| Mobile Mini Inc. |
| 2,100 |
| 77 |
|
* | BrightView Holdings Inc. |
| 4,482 |
| 77 |
|
| Applied Industrial Technologies Inc. |
| 1,300 |
| 74 |
|
| Heidrick & Struggles International Inc. |
| 2,700 |
| 74 |
|
| Schneider National Inc. Class B |
| 3,100 |
| 67 |
|
| Toro Co. |
| 900 |
| 66 |
|
* | Rexnord Corp. |
| 2,419 |
| 65 |
|
* | TrueBlue Inc. |
| 2,700 |
| 57 |
|
* | Cimpress NV |
| 400 |
| 53 |
|
* | American Superconductor Corp. |
| 6,454 |
| 51 |
|
* | Civeo Corp. |
| 39,600 |
| 50 |
|
| Kforce Inc. |
| 1,300 |
| 49 |
|
* | LB Foster Co. Class A |
| 2,194 |
| 48 |
|
| Barnes Group Inc. |
| 800 |
| 41 |
|
| Comfort Systems USA Inc. |
| 900 |
| 40 |
|
* | Cornerstone Building Brands Inc. |
| 6,500 |
| 39 |
|
| EnPro Industries Inc. |
| 500 |
| 34 |
|
* | Titan Machinery Inc. |
| 2,120 |
| 30 |
|
* | Textainer Group Holdings Ltd. |
| 3,013 |
| 30 |
|
* | Gibraltar Industries Inc. |
| 600 |
| 28 |
|
* | Thermon Group Holdings Inc. |
| 1,180 |
| 27 |
|
Growth and Income Fund
|
|
| Shares |
| Market | ) |
* | Builders FirstSource Inc. |
| 1,100 |
| 23 |
|
| Forrester Research Inc. |
| 700 |
| 23 |
|
| Pitney Bowes Inc. |
| 4,800 |
| 22 |
|
* | Covenant Transportation Group Inc. Class A |
| 1,300 |
| 21 |
|
* | Meritor Inc. |
| 1,100 |
| 20 |
|
| Kimball International Inc. Class B |
| 1,000 |
| 19 |
|
* | TriMas Corp. |
| 620 |
| 19 |
|
* | Hub Group Inc. Class A |
| 400 |
| 19 |
|
* | CBIZ Inc. |
| 791 |
| 19 |
|
* | Corp America Airports SA |
| 4,015 |
| 18 |
|
* | Gates Industrial Corp. plc |
| 1,800 |
| 18 |
|
| Spartan Motors Inc. |
| 1,280 |
| 18 |
|
| Advanced Drainage Systems Inc. |
| 500 |
| 16 |
|
| REV Group Inc. |
| 1,400 |
| 16 |
|
| Wabash National Corp. |
| 1,100 |
| 16 |
|
* | ARC Document Solutions Inc. |
| 11,400 |
| 16 |
|
| Stanley Black & Decker Inc. |
| 100 |
| 14 |
|
^ | ADT Inc. |
| 2,200 |
| 14 |
|
* | Vivint Solar Inc. |
| 2,062 |
| 14 |
|
* | Upwork Inc. |
| 1,000 |
| 13 |
|
* | Armstrong Flooring Inc. |
| 2,060 |
| 13 |
|
| Hubbell Inc. Class B |
| 100 |
| 13 |
|
* | Echo Global Logistics Inc. |
| 514 |
| 12 |
|
| Landstar System Inc. |
| 100 |
| 11 |
|
| Briggs & Stratton Corp. |
| 1,800 |
| 11 |
|
* | BMC Stock Holdings Inc. |
| 400 |
| 10 |
|
* | JELD-WEN Holding Inc. |
| 540 |
| 10 |
|
* | Foundation Building Materials Inc. |
| 600 |
| 9 |
|
| Lincoln Electric Holdings Inc. |
| 100 |
| 9 |
|
| EMCOR Group Inc. |
| 100 |
| 9 |
|
| Luxfer Holdings plc |
| 498 |
| 8 |
|
| AGCO Corp. |
| 100 |
| 8 |
|
| Exponent Inc. |
| 100 |
| 7 |
|
| Fortive Corp. |
| 100 |
| 7 |
|
| EnerSys |
| 100 |
| 7 |
|
* | Commercial Vehicle Group Inc. |
| 900 |
| 7 |
|
* | ASGN Inc. |
| 100 |
| 6 |
|
| Raven Industries Inc. |
| 157 |
| 5 |
|
| Donaldson Co. Inc. |
| 100 |
| 5 |
|
| GrafTech International Ltd. |
| 400 |
| 5 |
|
| Textron Inc. |
| 100 |
| 5 |
|
| Ennis Inc. |
| 239 |
| 5 |
|
* | WESCO International Inc. |
| 100 |
| 5 |
|
| AO Smith Corp. |
| 100 |
| 5 |
|
* | Evoqua Water Technologies Corp. |
| 263 |
| 4 |
|
| Universal Logistics Holdings Inc. |
| 186 |
| 4 |
|
| CRA International Inc. |
| 100 |
| 4 |
|
| Insteel Industries Inc. |
| 200 |
| 4 |
|
* | SPX Corp. |
| 100 |
| 4 |
|
* | SPX FLOW Inc. |
| 100 |
| 4 |
|
| Rush Enterprises Inc. Class A |
| 100 |
| 4 |
|
| Maxar Technologies Inc. |
| 500 |
| 4 |
|
| Columbus McKinnon Corp. |
| 100 |
| 4 |
|
| Arcosa Inc. |
| 100 |
| 3 |
|
| Federal Signal Corp. |
| 100 |
| 3 |
|
* | Advanced Disposal Services Inc. |
| 100 |
| 3 |
|
| Caesarstone Ltd. |
| 195 |
| 3 |
|
* | Roadrunner Transportation Systems Inc. |
| 300 |
| 3 |
|
* | Kornit Digital Ltd. |
| 100 |
| 3 |
|
| LSC Communications Inc. |
| 2,200 |
| 3 |
|
* | GMS Inc. |
| 100 |
| 3 |
|
* | Manitex International Inc. |
| 400 |
| 3 |
|
* | MRC Global Inc. |
| 200 |
| 2 |
|
| Resources Connection Inc. |
| 134 |
| 2 |
|
| Marten Transport Ltd. |
| 100 |
| 2 |
|
| ACCO Brands Corp. |
| 204 |
| 2 |
|
* | DXP Enterprises Inc. |
| 57 |
| 2 |
|
| Trinity Industries Inc. |
| 100 |
| 2 |
|
* | General Finance Corp. |
| 215 |
| 2 |
|
* | Genco Shipping & Trading Ltd. |
| 200 |
| 2 |
|
| Quanex Building Products Corp. |
| 100 |
| 2 |
|
* | USA Truck Inc. |
| 224 |
| 2 |
|
* | Huron Consulting Group Inc. |
| 26 |
| 2 |
|
* | CECO Environmental Corp. |
| 225 |
| 2 |
|
* | YRC Worldwide Inc. |
| 500 |
| 2 |
|
| Quad/Graphics Inc. |
| 100 |
| 1 |
|
* | Babcock & Wilcox Enterprises Inc. |
| 200 |
| 1 |
|
* | Mistras Group Inc. |
| 28 |
| — |
|
* | Orion Group Holdings Inc. |
| 100 |
| — |
|
| Titan International Inc. |
| 100 |
| — |
|
|
|
|
|
| 1,061,509 |
|
Information Technology (21.5%) |
|
|
|
|
| |
| Microsoft Corp. |
| 3,782,916 |
| 525,939 |
|
| Apple Inc. |
| 2,009,907 |
| 450,159 |
|
| Visa Inc. Class A |
| 934,471 |
| 160,738 |
|
Growth and Income Fund
|
|
| Shares |
| Market | ) |
| Mastercard Inc. Class A |
| 409,901 |
| 111,317 |
|
| Intel Corp. |
| 1,420,584 |
| 73,203 |
|
| Cisco Systems Inc. |
| 1,385,449 |
| 68,455 |
|
| Texas Instruments Inc. |
| 420,705 |
| 54,372 |
|
| Accenture plc Class A |
| 265,862 |
| 51,139 |
|
| Oracle Corp. |
| 909,585 |
| 50,054 |
|
* | PayPal Holdings Inc. |
| 406,865 |
| 42,147 |
|
| QUALCOMM Inc. |
| 549,239 |
| 41,896 |
|
* | Cadence Design Systems Inc. |
| 631,483 |
| 41,728 |
|
| Fidelity National Information Services Inc. |
| 287,240 |
| 38,134 |
|
| NVIDIA Corp. |
| 203,708 |
| 35,459 |
|
| HP Inc. |
| 1,858,502 |
| 35,163 |
|
* | Adobe Inc. |
| 122,029 |
| 33,710 |
|
* | VeriSign Inc. |
| 164,980 |
| 31,120 |
|
| Automatic Data Processing Inc. |
| 187,343 |
| 30,241 |
|
* | Fortinet Inc. |
| 364,638 |
| 27,990 |
|
| International Business Machines Corp. |
| 187,757 |
| 27,304 |
|
| Xilinx Inc. |
| 273,861 |
| 26,263 |
|
* | Synopsys Inc. |
| 188,572 |
| 25,881 |
|
| Broadcom Inc. |
| 85,209 |
| 23,524 |
|
* | Advanced Micro Devices Inc. |
| 790,105 |
| 22,905 |
|
| Lam Research Corp. |
| 96,072 |
| 22,203 |
|
* | salesforce.com Inc. |
| 128,519 |
| 19,077 |
|
| Seagate Technology plc |
| 344,407 |
| 18,526 |
|
* | Qorvo Inc. |
| 247,931 |
| 18,382 |
|
| Analog Devices Inc. |
| 143,970 |
| 16,086 |
|
| DXC Technology Co. |
| 534,800 |
| 15,777 |
|
| Citrix Systems Inc. |
| 162,019 |
| 15,638 |
|
| Broadridge Financial Solutions Inc. |
| 123,853 |
| 15,411 |
|
| Motorola Solutions Inc. |
| 86,295 |
| 14,705 |
|
* | Akamai Technologies Inc. |
| 157,500 |
| 14,392 |
|
| Paychex Inc. |
| 158,732 |
| 13,138 |
|
* | Micron Technology Inc. |
| 296,100 |
| 12,688 |
|
| Leidos Holdings Inc. |
| 147,538 |
| 12,671 |
|
| Applied Materials Inc. |
| 250,100 |
| 12,480 |
|
| Intuit Inc. |
| 44,632 |
| 11,869 |
|
| NetApp Inc. |
| 194,800 |
| 10,229 |
|
* | Keysight Technologies Inc. |
| 103,933 |
| 10,107 |
|
| Western Union Co. |
| 423,587 |
| 9,814 |
|
| Maxim Integrated Products Inc. |
| 147,445 |
| 8,539 |
|
* | F5 Networks Inc. |
| 60,800 |
| 8,537 |
|
* | Fiserv Inc. |
| 76,502 |
| 7,925 |
|
| Juniper Networks Inc. |
| 319,800 |
| 7,915 |
|
| Symantec Corp. |
| 332,250 |
| 7,851 |
|
| Hewlett Packard Enterprise Co. |
| 503,067 |
| 7,631 |
|
* | Autodesk Inc. |
| 42,510 |
| 6,279 |
|
| FLIR Systems Inc. |
| 106,400 |
| 5,596 |
|
* | Dropbox Inc. Class A |
| 261,600 |
| 5,276 |
|
| KLA Corp. |
| 33,013 |
| 5,264 |
|
* | Palo Alto Networks Inc. |
| 22,500 |
| 4,586 |
|
* | Arista Networks Inc. |
| 16,798 |
| 4,013 |
|
| Teradyne Inc. |
| 57,100 |
| 3,307 |
|
* | ANSYS Inc. |
| 14,540 |
| 3,219 |
|
| Cognizant Technology Solutions Corp. Class A |
| 52,336 |
| 3,154 |
|
* | GoDaddy Inc. Class A |
| 42,200 |
| 2,784 |
|
* | CoreLogic Inc. |
| 49,600 |
| 2,295 |
|
* | Black Knight Inc. |
| 35,500 |
| 2,168 |
|
| Corning Inc. |
| 72,637 |
| 2,072 |
|
* | FleetCor Technologies Inc. |
| 6,760 |
| 1,939 |
|
| Amdocs Ltd. |
| 26,500 |
| 1,752 |
|
* | Pure Storage Inc. Class A |
| 103,300 |
| 1,750 |
|
* | Flex Ltd. |
| 164,200 |
| 1,718 |
|
| Global Payments Inc. |
| 8,171 |
| 1,299 |
|
| VMware Inc. Class A |
| 8,200 |
| 1,230 |
|
| InterDigital Inc. |
| 23,300 |
| 1,223 |
|
* | CommVault Systems Inc. |
| 24,900 |
| 1,113 |
|
| Xerox Holdings Corp. |
| 30,660 |
| 917 |
|
| Perspecta Inc. |
| 34,600 |
| 904 |
|
| Kulicke & Soffa Industries Inc. |
| 37,407 |
| 878 |
|
* | Tower Semiconductor Ltd. |
| 45,200 |
| 870 |
|
* | New Relic Inc. |
| 13,391 |
| 823 |
|
| j2 Global Inc. |
| 9,000 |
| 817 |
|
* | Ambarella Inc. |
| 12,000 |
| 754 |
|
* | Square Inc. |
| 11,900 |
| 737 |
|
| National Instruments Corp. |
| 16,900 |
| 710 |
|
| Genpact Ltd. |
| 18,200 |
| 705 |
|
* | Cirrus Logic Inc. |
| 10,700 |
| 573 |
|
| Sabre Corp. |
| 24,600 |
| 551 |
|
* | Manhattan Associates Inc. |
| 6,800 |
| 549 |
|
* | Ciena Corp. |
| 13,100 |
| 514 |
|
* | Semtech Corp. |
| 10,100 |
| 491 |
|
* | BlackBerry Ltd. |
| 91,800 |
| 482 |
|
| Xperi Corp. |
| 22,800 |
| 471 |
|
* | Extreme Networks Inc. |
| 63,600 |
| 463 |
|
* | Rambus Inc. |
| 35,100 |
| 461 |
|
* | Fitbit Inc. Class A |
| 120,800 |
| 460 |
|
* | Cardtronics plc Class A |
| 15,000 |
| 454 |
|
* | Pluralsight Inc. Class A |
| 25,868 |
| 434 |
|
* | Inphi Corp. |
| 6,500 |
| 397 |
|
Growth and Income Fund
|
|
| Shares |
| Market | ) |
* | MACOM Technology Solutions Holdings Inc. |
| 17,400 |
| 374 |
|
* | CommScope Holding Co. Inc. |
| 27,800 |
| 327 |
|
* | Tenable Holdings Inc. |
| 14,600 |
| 327 |
|
* | Workiva Inc. Class A |
| 7,200 |
| 316 |
|
* | Synaptics Inc. |
| 7,800 |
| 312 |
|
| Skyworks Solutions Inc. |
| 3,900 |
| 309 |
|
* | Knowles Corp. |
| 14,856 |
| 302 |
|
* | NetScout Systems Inc. |
| 13,000 |
| 300 |
|
| Dolby Laboratories Inc. Class A |
| 4,400 |
| 284 |
|
* | SunPower Corp. Class A |
| 25,400 |
| 279 |
|
| LogMeIn Inc. |
| 3,900 |
| 277 |
|
* | Ceridian HCM Holding Inc. |
| 5,600 |
| 276 |
|
* | Conduent Inc. |
| 41,500 |
| 258 |
|
* | NCR Corp. |
| 7,200 |
| 227 |
|
| CDK Global Inc. |
| 4,700 |
| 226 |
|
* | Blackline Inc. |
| 4,700 |
| 225 |
|
*,^ | GreenSky Inc. Class A |
| 32,600 |
| 223 |
|
* | Pivotal Software Inc. Class A |
| 14,600 |
| 218 |
|
* | Viavi Solutions Inc. |
| 15,500 |
| 217 |
|
| SS&C Technologies Holdings Inc. |
| 4,200 |
| 217 |
|
* | First Solar Inc. |
| 3,600 |
| 209 |
|
* | Box Inc. |
| 12,000 |
| 199 |
|
* | Cornerstone OnDemand Inc. |
| 3,600 |
| 197 |
|
| NIC Inc. |
| 8,700 |
| 180 |
|
* | Radware Ltd. |
| 7,200 |
| 175 |
|
| ADTRAN Inc. |
| 14,900 |
| 169 |
|
| Hollysys Automation Technologies Ltd. |
| 11,000 |
| 167 |
|
| Progress Software Corp. |
| 4,300 |
| 164 |
|
| Workday Inc. Class A |
| 900 |
| 153 |
|
* | Cision Ltd. |
| 18,900 |
| 145 |
|
* | NeoPhotonics Corp. |
| 23,000 |
| 140 |
|
* | Smartsheet Inc. Class A |
| 3,700 |
| 133 |
|
* | Teradata Corp. |
| 4,100 |
| 127 |
|
* | Photronics Inc. |
| 11,663 |
| 127 |
|
* | Nutanix Inc. |
| 4,500 |
| 118 |
|
* | FireEye Inc. |
| 7,800 |
| 104 |
|
* | Casa Systems Inc. |
| 12,900 |
| 101 |
|
* | Trimble Inc. |
| 2,500 |
| 97 |
|
* | Mimecast Ltd. |
| 2,600 |
| 93 |
|
* | Enphase Energy Inc. |
| 3,900 |
| 87 |
|
| ManTech International Corp. Class A |
| 1,145 |
| 82 |
|
| Blackbaud Inc. |
| 900 |
| 81 |
|
* | SMART Global Holdings Inc. |
| 3,100 |
| 79 |
|
* | SVMK Inc. |
| 4,500 |
| 77 |
|
* | Yext Inc. |
| 4,745 |
| 75 |
|
* | 3D Systems Corp. |
| 8,400 |
| 68 |
|
* | Bottomline Technologies DE Inc. |
| 1,700 |
| 67 |
|
* | Sanmina Corp. |
| 2,041 |
| 66 |
|
* | Verra Mobility Corp. Class A |
| 4,200 |
| 60 |
|
* | SolarWinds Corp. |
| 3,200 |
| 59 |
|
| NVE Corp. |
| 882 |
| 58 |
|
| Avnet Inc. |
| 1,300 |
| 58 |
|
* | Nuance Communications Inc. |
| 3,500 |
| 57 |
|
| Ituran Location and Control Ltd. |
| 2,297 |
| 57 |
|
* | Anaplan Inc. |
| 1,100 |
| 52 |
|
* | ServiceNow Inc. |
| 200 |
| 51 |
|
* | Model N Inc. |
| 1,700 |
| 47 |
|
* | Calix Inc. |
| 7,100 |
| 45 |
|
* | Nova Measuring Instruments Ltd. |
| 1,413 |
| 45 |
|
* | Unisys Corp. |
| 4,446 |
| 33 |
|
| Versum Materials Inc. |
| 600 |
| 32 |
|
* | Zuora Inc. Class A |
| 2,100 |
| 32 |
|
* | Cree Inc. |
| 600 |
| 29 |
|
* | DocuSign Inc. Class A |
| 400 |
| 25 |
|
| Amphenol Corp. Class A |
| 256 |
| 25 |
|
| Daktronics Inc. |
| 3,198 |
| 24 |
|
| Camtek Ltd. |
| 2,400 |
| 22 |
|
| Jabil Inc. |
| 600 |
| 21 |
|
* | eGain Corp. |
| 2,600 |
| 21 |
|
* | Zebra Technologies Corp. |
| 100 |
| 21 |
|
* | A10 Networks Inc. |
| 2,830 |
| 20 |
|
| QAD Inc. Class A |
| 385 |
| 18 |
|
* | Evo Payments Inc. Class A |
| 600 |
| 17 |
|
* | MicroStrategy Inc. Class A |
| 100 |
| 15 |
|
| Benchmark Electronics Inc. |
| 507 |
| 15 |
|
* | Immersion Corp. |
| 1,900 |
| 14 |
|
* | Mitek Systems Inc. |
| 1,421 |
| 14 |
|
* | SPS Commerce Inc. |
| 280 |
| 13 |
|
| Cohu Inc. |
| 972 |
| 13 |
|
* | Proofpoint Inc. |
| 100 |
| 13 |
|
| Hackett Group Inc. |
| 719 |
| 12 |
|
| Splunk Inc. |
| 100 |
| 12 |
|
* | Check Point Software Technologies Ltd. |
| 100 |
| 11 |
|
| NXP Semiconductors NV |
| 100 |
| 11 |
|
* | Endurance International Group Holdings Inc. |
| 2,890 |
| 11 |
|
* | CyberArk Software Ltd. |
| 100 |
| 10 |
|
| TE Connectivity Ltd. |
| 100 |
| 9 |
|
| MKS Instruments Inc. |
| 100 |
| 9 |
|
Growth and Income Fund
|
|
| Shares |
| Market | ) |
* | Gartner Inc. |
| 63 |
| 9 |
|
* | InterXion Holding NV |
| 100 |
| 8 |
|
* | VirnetX Holding Corp. |
| 1,502 |
| 8 |
|
* | SailPoint Technologies Holding Inc. |
| 400 |
| 7 |
|
| Booz Allen Hamilton Holding Corp. Class A |
| 100 |
| 7 |
|
* | Anixter International Inc. |
| 100 |
| 7 |
|
* | Kopin Corp. |
| 10,157 |
| 7 |
|
* | Acacia Communications Inc. |
| 100 |
| 7 |
|
* | Advanced Energy Industries Inc. |
| 100 |
| 6 |
|
* | Dell Technologies Inc. |
| 100 |
| 5 |
|
| CSG Systems International Inc. |
| 100 |
| 5 |
|
* | Arlo Technologies Inc. |
| 1,500 |
| 5 |
|
| Belden Inc. |
| 88 |
| 5 |
|
| Monotype Imaging Holdings Inc. |
| 200 |
| 4 |
|
* | EchoStar Corp. Class A |
| 100 |
| 4 |
|
* | Net 1 UEPS Technologies Inc. |
| 1,072 |
| 4 |
|
* | Axcelis Technologies Inc. |
| 210 |
| 4 |
|
* | LivePerson Inc. |
| 100 |
| 4 |
|
* | Harmonic Inc. |
| 500 |
| 3 |
|
* | Nanometrics Inc. |
| 100 |
| 3 |
|
* | Impinj Inc. |
| 100 |
| 3 |
|
* | ePlus Inc. |
| 37 |
| 3 |
|
* | ChannelAdvisor Corp. |
| 300 |
| 3 |
|
* | Amkor Technology Inc. |
| 300 |
| 3 |
|
* | Rudolph Technologies Inc. |
| 100 |
| 3 |
|
* | Alpha & Omega Semiconductor Ltd. |
| 200 |
| 2 |
|
* | CalAmp Corp. |
| 200 |
| 2 |
|
* | Zix Corp. |
| 300 |
| 2 |
|
* | Celestica Inc. |
| 300 |
| 2 |
|
* | MobileIron Inc. |
| 300 |
| 2 |
|
| Presidio Inc. |
| 100 |
| 2 |
|
* | MoneyGram International Inc. |
| 400 |
| 2 |
|
* | Carbonite Inc. |
| 100 |
| 2 |
|
* | Benefitfocus Inc. |
| 62 |
| 1 |
|
* | Telaria Inc. |
| 200 |
| 1 |
|
* | Ribbon Communications Inc. |
| 215 |
| 1 |
|
* | Sierra Wireless Inc. |
| 88 |
| 1 |
|
* | Carbon Black Inc. |
| 32 |
| 1 |
|
* | Telenav Inc. |
| 100 |
| — |
|
* | Ideanomics Inc. |
| 100 |
| — |
|
* | EMCORE Corp. |
| 20 |
| — |
|
|
|
|
|
| 2,427,117 |
|
|
|
|
|
|
|
|
Materials (2.0%) |
|
|
|
|
| |
| Vulcan Materials Co. |
| 251,182 |
| 37,989 |
|
| Sealed Air Corp. |
| 753,580 |
| 31,281 |
|
| CF Industries Holdings Inc. |
| 628,016 |
| 30,898 |
|
| Ball Corp. |
| 342,661 |
| 24,949 |
|
| Linde plc |
| 113,795 |
| 22,044 |
|
| Air Products & Chemicals Inc. |
| 81,909 |
| 18,172 |
|
| DuPont de Nemours Inc. |
| 147,887 |
| 10,546 |
|
| Dow Inc. |
| 205,422 |
| 9,788 |
|
| Martin Marietta Materials Inc. |
| 25,503 |
| 6,990 |
|
| Sherwin-Williams Co. |
| 10,190 |
| 5,603 |
|
| Eastman Chemical Co. |
| 62,800 |
| 4,637 |
|
| Ashland Global Holdings Inc. |
| 37,500 |
| 2,889 |
|
| Westrock Co. |
| 75,800 |
| 2,763 |
|
| Steel Dynamics Inc. |
| 90,800 |
| 2,706 |
|
| Mosaic Co. |
| 127,748 |
| 2,619 |
|
| Huntsman Corp. |
| 81,100 |
| 1,886 |
|
| Agnico Eagle Mines Ltd. |
| 24,126 |
| 1,293 |
|
| WR Grace & Co. |
| 15,400 |
| 1,028 |
|
| Louisiana-Pacific Corp. |
| 38,200 |
| 939 |
|
| PPG Industries Inc. |
| 7,040 |
| 834 |
|
* | Berry Global Group Inc. |
| 16,600 |
| 652 |
|
| Valvoline Inc. |
| 28,600 |
| 630 |
|
| Methanex Corp. |
| 14,700 |
| 521 |
|
| Ecolab Inc. |
| 2,460 |
| 487 |
|
| FMC Corp. |
| 4,980 |
| 437 |
|
| Amcor plc |
| 37,000 |
| 361 |
|
* | AdvanSix Inc. |
| 8,599 |
| 221 |
|
* | Alcoa Corp. |
| 10,900 |
| 219 |
|
| Trinseo SA |
| 3,900 |
| 168 |
|
| Warrior Met Coal Inc. |
| 7,700 |
| 150 |
|
* | Constellium SE Class A |
| 8,400 |
| 107 |
|
| Orion Engineered Carbons SA |
| 4,800 |
| 80 |
|
| Olin Corp. |
| 3,900 |
| 73 |
|
* | Flotek Industries Inc. |
| 29,768 |
| 66 |
|
| Mercer International Inc. |
| 4,900 |
| 61 |
|
| Myers Industries Inc. |
| 3,171 |
| 56 |
|
| Resolute Forest Products Inc. |
| 11,464 |
| 54 |
|
* | Pretium Resources Inc. |
| 4,101 |
| 47 |
|
| Chemours Co. |
| 3,000 |
| 45 |
|
| Wheaton Precious Metals Corp. |
| 1,500 |
| 39 |
|
* | Axalta Coating Systems Ltd. |
| 1,300 |
| 39 |
|
* | AK Steel Holding Corp. |
| 13,600 |
| 31 |
|
| Nexa Resources SA |
| 2,900 |
| 27 |
|
| PolyOne Corp. |
| 700 |
| 23 |
|
* | Ryerson Holding Corp. |
| 2,400 |
| 21 |
|
* | Novagold Resources Inc. |
| 3,200 |
| 19 |
|
Growth and Income Fund
|
|
| Shares |
| Market | ) |
| Silgan Holdings Inc. |
| 600 |
| 18 |
|
| Celanese Corp. Class A |
| 100 |
| 12 |
|
| Reliance Steel & Aluminum Co. |
| 100 |
| 10 |
|
| LyondellBasell Industries NV Class A |
| 100 |
| 9 |
|
* | Seabridge Gold Inc. |
| 550 |
| 7 |
|
| Materion Corp. |
| 100 |
| 6 |
|
* | Intrepid Potash Inc. |
| 1,400 |
| 5 |
|
| Owens-Illinois Inc. |
| 400 |
| 4 |
|
| Newmont Goldcorp Corp. |
| 100 |
| 4 |
|
| Israel Chemicals Ltd. |
| 727 |
| 4 |
|
| Avery Dennison Corp. |
| 30 |
| 3 |
|
| Graphic Packaging Holding Co. |
| 180 |
| 3 |
|
| Corteva Inc. |
| 89 |
| 3 |
|
* | Verso Corp. |
| 199 |
| 2 |
|
* | Allegheny Technologies Inc. |
| 100 |
| 2 |
|
* | First Majestic Silver Corp. |
| 200 |
| 2 |
|
* | Ferroglobe plc |
| 1,600 |
| 2 |
|
| Advanced Emissions Solutions Inc. |
| 100 |
| 2 |
|
* | OMNOVA Solutions Inc. |
| 100 |
| 1 |
|
| Freeport-McMoRan Inc. |
| 100 |
| 1 |
|
* | SunCoke Energy Inc. |
| 100 |
| 1 |
|
*,§ | Ferroglobe R&W Trust |
| 48,731 |
| — |
|
|
|
|
|
| 224,589 |
|
Other (0.2%) |
|
|
|
|
| |
| SPDR S&P 500 ETF Trust |
| 62,300 |
| 18,489 |
|
*,§ | Biosante Pharmaceutical Inc. CVR |
| 4,189 |
| — |
|
|
|
|
|
| 18,489 |
|
Real Estate (3.0%) |
|
|
|
|
| |
| Simon Property Group Inc. |
| 172,156 |
| 26,796 |
|
| Essex Property Trust Inc. |
| 72,863 |
| 23,801 |
|
| Crown Castle International Corp. |
| 170,519 |
| 23,704 |
|
| American Tower Corp. |
| 104,195 |
| 23,041 |
|
| Extra Space Storage Inc. |
| 170,295 |
| 19,894 |
|
| Ventas Inc. |
| 271,884 |
| 19,856 |
|
| Regency Centers Corp. |
| 271,116 |
| 18,840 |
|
| SBA Communications Corp. Class A |
| 77,349 |
| 18,653 |
|
| AvalonBay Communities Inc. |
| 84,933 |
| 18,289 |
|
| Apartment Investment & Management Co. |
| 282,739 |
| 14,742 |
|
| HCP Inc. |
| 409,810 |
| 14,602 |
|
| Boston Properties Inc. |
| 106,390 |
| 13,795 |
|
| Mid-America Apartment Communities Inc. |
| 102,648 |
| 13,345 |
|
| Kimco Realty Corp. |
| 639,095 |
| 13,344 |
|
| Public Storage |
| 52,087 |
| 12,775 |
|
| UDR Inc. |
| 255,795 |
| 12,401 |
|
| Equity Residential |
| 91,117 |
| 7,860 |
|
| Host Hotels & Resorts Inc. |
| 401,070 |
| 6,935 |
|
| Federal Realty Investment Trust |
| 47,240 |
| 6,431 |
|
* | CBRE Group Inc. Class A |
| 90,762 |
| 4,811 |
|
| Duke Realty Corp. |
| 131,668 |
| 4,473 |
|
| Macerich Co. |
| 122,470 |
| 3,869 |
|
| Equinix Inc. |
| 4,712 |
| 2,718 |
|
| Vornado Realty Trust |
| 32,100 |
| 2,044 |
|
| CoreCivic Inc. |
| 56,634 |
| 979 |
|
| SL Green Realty Corp. |
| 8,900 |
| 728 |
|
| Digital Realty Trust Inc. |
| 5,300 |
| 688 |
|
| Uniti Group Inc. |
| 54,500 |
| 423 |
|
| Equity Commonwealth |
| 11,500 |
| 394 |
|
| Prologis Inc. |
| 4,000 |
| 341 |
|
| American Campus Communities Inc. |
| 6,900 |
| 332 |
|
| Iron Mountain Inc. |
| 9,800 |
| 317 |
|
| MGM Growth Properties LLC Class A |
| 8,200 |
| 246 |
|
* | Cushman & Wakefield plc |
| 13,200 |
| 245 |
|
| Brandywine Realty Trust |
| 15,565 |
| 236 |
|
| Equity LifeStyle Properties Inc. |
| 1,400 |
| 187 |
|
| CubeSmart |
| 4,600 |
| 161 |
|
| Life Storage Inc. |
| 1,425 |
| 150 |
|
| VICI Properties Inc. |
| 6,600 |
| 149 |
|
| Invitation Homes Inc. |
| 4,300 |
| 127 |
|
| Sunstone Hotel Investors Inc. |
| 6,901 |
| 95 |
|
| STORE Capital Corp. |
| 2,200 |
| 82 |
|
| Urban Edge Properties |
| 3,500 |
| 69 |
|
| Brixmor Property Group Inc. |
| 3,400 |
| 69 |
|
| GEO Group Inc. |
| 3,295 |
| 57 |
|
| Liberty Property Trust |
| 1,000 |
| 51 |
|
| Corporate Office Properties Trust |
| 1,400 |
| 42 |
|
| Healthcare Trust of America Inc. Class A |
| 1,299 |
| 38 |
|
| RLJ Lodging Trust |
| 2,200 |
| 37 |
|
| Retail Value Inc. |
| 934 |
| 35 |
|
| Weingarten Realty Investors |
| 900 |
| 26 |
|
| CorePoint Lodging Inc. |
| 2,300 |
| 23 |
|
| Spirit MTA REIT |
| 2,314 |
| 20 |
|
| Colony Capital Inc. |
| 2,900 |
| 17 |
|
| Sun Communities Inc. |
| 100 |
| 15 |
|
* | Howard Hughes Corp. |
| 100 |
| 13 |
|
| Camden Property Trust |
| 100 |
| 11 |
|
Growth and Income Fund
|
|
| Shares |
| Market | ) | |
| QTS Realty Trust Inc. Class A |
| 193 |
| 10 |
| |
| Retail Properties of America Inc. |
| 800 |
| 10 |
| |
| Realty Income Corp. |
| 101 |
| 8 |
| |
| Agree Realty Corp. |
| 100 |
| 7 |
| |
| Cedar Realty Trust Inc. |
| 2,300 |
| 7 |
| |
| American Finance Trust Inc. |
| 400 |
| 6 |
| |
| American Assets Trust Inc. |
| 100 |
| 5 |
| |
| Highwoods Properties Inc. |
| 100 |
| 4 |
| |
| Rexford Industrial Realty Inc. |
| 100 |
| 4 |
| |
| Monmouth Real Estate Investment Corp. |
| 300 |
| 4 |
| |
| Douglas Emmett Inc. |
| 100 |
| 4 |
| |
* | St. Joe Co. |
| 200 |
| 3 |
| |
| CareTrust REIT Inc. |
| 100 |
| 2 |
| |
| Essential Properties Realty Trust Inc. |
| 100 |
| 2 |
| |
| Easterly Government Properties Inc. |
| 100 |
| 2 |
| |
| Newmark Group Inc. Class A |
| 200 |
| 2 |
| |
| Empire State Realty Trust Inc. |
| 100 |
| 1 |
| |
| UMH Properties Inc. |
| 100 |
| 1 |
| |
| Senior Housing Properties Trust |
| 100 |
| 1 |
| |
| Park Hotels & Resorts Inc. |
| 17 |
| — |
| |
|
|
|
|
| 333,505 |
| |
Utilities (2.6%) |
|
|
|
|
| ||
| NRG Energy Inc. |
| 1,616,947 |
| 64,031 |
| |
| Southern Co. |
| 823,686 |
| 50,879 |
| |
| Exelon Corp. |
| 556,062 |
| 26,863 |
| |
| AES Corp. |
| 1,282,334 |
| 20,953 |
| |
| American Electric Power Co. Inc. |
| 209,300 |
| 19,609 |
| |
| Pinnacle West Capital Corp. |
| 200,346 |
| 19,448 |
| |
| NextEra Energy Inc. |
| 59,570 |
| 13,879 |
| |
| Sempra Energy |
| 88,474 |
| 13,060 |
| |
| Consolidated Edison Inc. |
| 132,200 |
| 12,489 |
| |
| FirstEnergy Corp. |
| 232,160 |
| 11,197 |
| |
| Evergy Inc. |
| 156,100 |
| 10,390 |
| |
| Ameren Corp. |
| 127,840 |
| 10,234 |
| |
| Duke Energy Corp. |
| 84,500 |
| 8,100 |
| |
| Dominion Energy Inc. |
| 57,053 |
| 4,624 |
| |
| Avangrid Inc. |
| 34,200 |
| 1,787 |
| |
| PPL Corp. |
| 55,550 |
| 1,749 |
| |
| DTE Energy Co. |
| 8,070 |
| 1,073 |
| |
| Portland General Electric Co. |
| 16,900 |
| 953 |
| |
| Public Service Enterprise Group Inc. |
| 13,594 |
| 844 |
| |
| Alliant Energy Corp. |
| 11,100 |
| 599 |
| |
| MDU Resources Group Inc. |
| 19,756 |
| 557 |
| |
| Fortis Inc. |
| 12,000 |
| 508 |
| |
| TerraForm Power Inc. Class A |
| 21,500 |
| 392 |
| |
| IDACORP Inc. |
| 3,218 |
| 363 |
| |
| Pattern Energy Group Inc. Class A |
| 9,300 |
| 250 |
| |
*,^ | Atlantic Power Corp. |
| 99,700 |
| 233 |
| |
| Avista Corp. |
| 3,500 |
| 170 |
| |
| Black Hills Corp. |
| 1,800 |
| 138 |
| |
| Atlantica Yield plc |
| 3,600 |
| 87 |
| |
| Hawaiian Electric Industries Inc. |
| 1,800 |
| 82 |
| |
^ | Spark Energy Inc. Class A |
| 2,368 |
| 25 |
| |
| Chesapeake Utilities Corp. |
| 100 |
| 9 |
| |
| MGE Energy Inc. |
| 100 |
| 8 |
| |
| Entergy Corp. |
| 64 |
| 7 |
| |
| El Paso Electric Co. |
| 100 |
| 7 |
| |
| Xcel Energy Inc. |
| 100 |
| 6 |
| |
| UGI Corp. |
| 100 |
| 5 |
| |
| National Fuel Gas Co. |
| 100 |
| 5 |
| |
|
|
|
|
| 295,613 |
| |
Total Common Stocks |
|
|
|
|
| ||
(Cost $8,628,558) |
|
|
| 11,015,905 |
| ||
Temporary Cash Investments (2.4%)1 |
|
|
|
|
| ||
Money Market Fund (2.3%) |
|
|
|
|
| ||
2,3 | Vanguard Market Liquidity Fund, 2.098% |
| 2,514,119 |
| 251,437 |
| |
|
|
|
|
|
|
| |
|
|
| Face |
|
|
| |
|
|
| Amount |
|
|
| |
|
|
| ($000 | ) |
|
|
|
U.S. Government and Agency Obligations (0.1%) |
|
|
|
|
| ||
| United States Treasury Bill, 1.954%–1.981%, 11/7/19 |
| 1,600 |
| 1,597 |
| |
4 | United States Treasury Bill, 1.946%–2.275%, 11/29/19 |
| 8,000 |
| 7,976 |
| |
4 | United States Treasury Bill, 1.872%, 2/20/20 |
| 3,600 |
| 3,575 |
| |
|
|
|
|
| 13,148 |
| |
Total Temporary Cash Investments |
|
|
| 264,585 |
| ||
Total Investments (100.1%) |
|
|
| 11,280,490 |
| ||
Growth and Income Fund
|
| Amount |
|
|
| ($000 | ) |
Other Assets and Liabilities (-0.1%) |
|
|
|
Other Assets |
|
|
|
Investment in Vanguard |
| 530 |
|
Receivables for Investment Securities Sold |
| 53,069 |
|
Receivables for Accrued Income |
| 10,634 |
|
Receivables for Capital Shares Issued |
| 2,627 |
|
Variation Margin Receivables—Futures Contracts |
| 1,214 |
|
Other Assets |
| 76 |
|
Total Other Assets |
| 68,150 |
|
Liabilities |
|
|
|
Payables for Investment Securities Purchased |
| (55,088 | ) |
Collateral for Securities on Loan |
| (3,609 | ) |
Payables for Capital Shares Redeemed |
| (9,149 | ) |
Payables to Investment Advisor |
| (2,404 | ) |
Payables to Vanguard |
| (6,753 | ) |
Variation Margin Payables—Futures Contracts |
| (3 | ) |
Total Liabilities |
| (77,006 | ) |
Net Assets (100%) |
| 11,271,634 |
|
|
|
|
|
At September 30, 2019, net assets consisted of: |
|
|
|
|
| Amount |
|
|
| ($000 | ) |
Paid-in Capital |
| 8,619,019 |
|
Total Distributable Earnings (Loss) |
| 2,652,615 |
|
Net Assets |
| 11,271,634 |
|
|
| Amount |
|
|
| ($000 | ) |
Investor Shares—Net Assets |
|
|
|
Applicable to 57,821,403 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
| 2,859,690 |
|
Net Asset Value Per Share—Investor Shares |
| $49.46 |
|
|
|
|
|
Admiral Shares—Net Assets |
|
|
|
Applicable to 104,187,085 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
| 8,411,944 |
|
Net Asset Value Per Share—Admiral Shares |
| $80.74 |
|
· See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $3,235,000.
§ Security value determined using significant unobservable inputs.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 99.9% and 0.2%, respectively, of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Collateral of $3,609,000 was received for securities on loan.
4 Securities with a value of $11,003,000 have been segregated as initial margin for open futures contracts.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
Derivative Financial Instruments Outstanding as of Period End |
Futures Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ($000 | ) |
|
|
|
| Number of |
|
|
| Unrealized |
|
|
|
|
| Long (Short | ) | Notional |
| Appreciation |
|
|
| Expiration |
| Contracts |
| Amount |
| (Depreciation | ) |
Long Futures Contracts |
|
|
|
|
|
|
|
|
|
E-mini S&P 500 Index |
| December 2019 |
| 1,619 |
| 241,110 |
| (2,433 | ) |
Micro E-mini S&P 500 Index |
| December 2019 |
| 2 |
| 30 |
| (1 | ) |
|
|
|
|
|
|
|
| (2,434 | ) |
See accompanying Notes, which are an integral part of the Financial Statements.
Growth and Income Fund
Statement of Operations
| Year Ended |
| September 30, 2019 |
| ($000) |
Investment Income |
|
Income |
|
Dividends1 | 216,711 |
Interest2 | 6,596 |
Securities Lending—Net | 241 |
Total Income | 223,548 |
Expenses |
|
Investment Advisory Fees—Note B |
|
Basic Fee | 10,663 |
Performance Adjustment | 541 |
The Vanguard Group—Note C |
|
Management and Administrative—Investor Shares | 5,892 |
Management and Administrative—Admiral Shares | 9,561 |
Marketing and Distribution—Investor Shares | 264 |
Marketing and Distribution—Admiral Shares | 496 |
Custodian Fees | 132 |
Auditing Fees | 21 |
Shareholders’ Reports—Investor Shares | 64 |
Shareholders’ Reports—Admiral Shares | 66 |
Trustees’ Fees and Expenses | 13 |
Total Expenses | 27,713 |
Net Investment Income | 195,835 |
Realized Net Gain (Loss) |
|
Investment Securities Sold2 | 266,970 |
Futures Contracts | 12,171 |
Realized Net Gain (Loss) | 279,141 |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities2 | (236,611) |
Futures Contracts | (3,144) |
Change in Unrealized Appreciation (Depreciation) | (239,755) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 235,221 |
1 Dividends are net of foreign withholding taxes of $17.000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,290,000, ($8,000), and $50,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
Growth and Income Fund
Statement of Changes in Net Assets
| Year Ended September 30, | |
| 2019 | 2018 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 195,835 | 164,611 |
Realized Net Gain (Loss) | 279,141 | 602,616 |
Change in Unrealized Appreciation (Depreciation) | (239,755) | 1,062,004 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 235,221 | 1,829,231 |
Distributions |
|
|
Net Investment Income |
|
|
Investor Shares | (43,544) | (39,117) |
Admiral Shares | (134,670) | (115,046) |
Realized Capital Gain1 |
|
|
Investor Shares | (142,280) | (119,262) |
Admiral Shares | (416,765) | (313,418) |
Total Distributions | (737,259) | (586,843) |
Capital Share Transactions |
|
|
Investor Shares | 60,225 | (386,108) |
Admiral Shares | 290,497 | 569,816 |
Net Increase (Decrease) from Capital Share Transactions | 350,722 | 183,708 |
Total Increase (Decrease) | (151,316) | 1,426,096 |
Net Assets |
|
|
Beginning of Period | 11,422,950 | 9,996,854 |
End of Period | 11,271,634 | 11,422,950 |
1 Includes fiscal 2019 and 2018 short-term gain distributions totaling $192,165,000 and $184,624,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
Growth and Income Fund
Financial Highlights
Investor Shares
For a Share Outstanding | Year Ended September 30, | ||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $52.17 | $46.50 | $42.16 | $39.55 | $42.69 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .8231 | .7111 | .7921 | .852 | .729 |
Net Realized and Unrealized Gain (Loss) on Investments | (.204) | 7.650 | 6.346 | 4.813 | (.541) |
Total from Investment Operations | .619 | 8.361 | 7.138 | 5.665 | .188 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.766) | (.668) | (.799) | (.790) | (.724) |
Distributions from Realized Capital Gains | (2.563) | (2.023) | (1.999) | (2.265) | (2.604) |
Total Distributions | (3.329) | (2.691) | (2.798) | (3.055) | (3.328) |
Net Asset Value, End of Period | $49.46 | $52.17 | $46.50 | $42.16 | $39.55 |
|
|
|
|
|
|
Total Return2 | 2.21% | 18.56% | 17.66% | 14.79% | 0.22% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $2,860 | $2,932 | $2,982 | $2,801 | $2,691 |
Ratio of Total Expenses to Average Net Assets3 | 0.33% | 0.33% | 0.34% | 0.34% | 0.34% |
Ratio of Net Investment Income to Average Net Assets | 1.73% | 1.45% | 1.80% | 2.09% | 1.70% |
Portfolio Turnover Rate | 68% | 83% | 96% | 96% | 116% |
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 0.01%, 0.00%, 0.00%, 0.00%, and 0.00%.
See accompanying Notes, which are an integral part of the Financial Statements.
Growth and Income Fund
Financial Highlights
Admiral Shares
For a Share Outstanding | Year Ended September 30, | ||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $85.16 | $75.93 | $68.83 | $64.57 | $69.71 |
Investment Operations |
|
|
|
|
|
Net Investment Income | 1.4211 | 1.2421 | 1.3621 | 1.466 | 1.272 |
Net Realized and Unrealized Gain (Loss) on Investments | (.330) | 12.473 | 10.384 | 7.855 | (.897) |
Total from Investment Operations | 1.091 | 13.715 | 11.746 | 9.321 | .375 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (1.326) | (1.182) | (1.384) | (1.364) | (1.264) |
Distributions from Realized Capital Gains | (4.185) | (3.303) | (3.262) | (3.697) | (4.251) |
Total Distributions | (5.511) | (4.485) | (4.646) | (5.061) | (5.515) |
Net Asset Value, End of Period | $80.74 | $85.16 | $75.93 | $68.83 | $64.57 |
|
|
|
|
|
|
Total Return2 | 2.32% | 18.65% | 17.81% | 14.91% | 0.31% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $8,412 | $8,491 | $7,015 | $3,833 | $3,177 |
Ratio of Total Expenses to Average Net Assets3 | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 1.83% | 1.55% | 1.91% | 2.20% | 1.81% |
Portfolio Turnover Rate | 68% | 83% | 96% | 96% | 116% |
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 0.01%, 0.00%, 0.00%, 0.00%, and 0.00%.
See accompanying Notes, which are an integral part of the Financial Statements.
Growth and Income Fund
Notes to Financial Statements
Vanguard Growth and Income Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
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.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended September 30, 2019, the fund’s average investments in long and short futures contracts represented 3% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (September 30, 2016–2019), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
Growth and Income Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at September 30, 2019, or at any time during the period then ended.
7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution
Growth and Income Fund
expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The investment advisory firms D. E. Shaw Investment Management, L.L.C., and Los Angeles Capital Management and Equity Research, 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 fee of D. E. Shaw Investment Management, L.L.C. is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding three years. The basic fee of Los Angeles Capital Management and Equity Research, Inc. is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding five years.
Vanguard provides investment advisory services to a portion of the fund as described below; the fund paid Vanguard advisory fees of $1,426,000 for the year ended September 30, 2019.
For the year ended September 30, 2019, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.10% of the fund’s average net assets, before an increase of $541,000 (0.01%) based on performance.
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. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At September 30, 2019, the fund had contributed to Vanguard capital in the amount of $530,000, representing less than 0.01% of the fund’s net assets and 0.21% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
D. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
Growth and Income Fund
The following table summarizes the market value of the fund’s investments and derivatives as of September 30, 2019, based on the inputs used to value them:
|
| Level 1 |
| Level 2 |
| Level 3 |
|
Investments |
| ($000 | ) | ($000 | ) | ($000 | ) |
Common Stocks |
| 11,015,905 |
| — |
| —1 |
|
Temporary Cash Investments |
| 251,437 |
| 13,148 |
| — |
|
Futures Contracts—Assets2 |
| 1,214 |
| — |
| — |
|
Futures Contracts—Liabilities2 |
| (3 | ) | — |
| — |
|
Total |
| 11,268,553 |
| 13,148 |
| — |
|
1 Amount is less than $500.
2 Represents variation margin on the last day of the reporting period.
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 passive foreign investment companies and distributions in connection with fund share redemptions were reclassified between the following accounts:
|
| Amount |
|
|
| ($000 | ) |
Paid-in Capital |
| 10,192 |
|
Total Distributable Earnings (Loss) |
| (10,192 | ) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales; the realization of unrealized gains or losses on certain futures contracts; and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
|
| Amount |
|
|
| ($000 | ) |
Undistributed Ordinary Income |
| 64,264 |
|
Undistributed Long-Term Gains |
| 221,974 |
|
Capital Loss Carryforwards (Non-expiring) |
| — |
|
Net Unrealized Gains (Losses) |
| 2,372,206 |
|
Growth and Income Fund
As of September 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
|
| Amount |
|
|
| ($000 | ) |
Tax Cost |
| 8,908,284 |
|
Gross Unrealized Appreciation |
| 2,646,024 |
|
Gross Unrealized Depreciation |
| (273,818 | ) |
Net Unrealized Appreciation (Depreciation) |
| 2,372,206 |
|
F. During the year ended September 30, 2019, the fund purchased $7,202,415,000 of investment securities and sold $7,345,692,000 of investment securities, other than temporary cash investments.
G. Capital share transactions for each class of shares were:
|
|
|
|
|
| Year Ended September 30, |
| ||
|
|
|
| 2019 |
|
|
| 2018 |
|
|
| Amount |
| Shares |
| Amount |
| Shares |
|
|
| ($000 | ) | (000 | ) | ($000 | ) | (000 | ) |
Investor Shares |
|
|
|
|
|
|
|
|
|
Issued |
| 299,833 |
| 6,284 |
| 291,736 |
| 5,976 |
|
Issued in Lieu of Cash Distributions |
| 178,632 |
| 4,162 |
| 152,825 |
| 3,204 |
|
Redeemed |
| (418,240 | ) | (8,824 | ) | (830,669 | ) | (17,104 | ) |
Net Increase (Decrease)—Investor Shares |
| 60,225 |
| 1,622 |
| (386,108 | ) | (7,924 | ) |
Admiral Shares |
|
|
|
|
|
|
|
|
|
Issued |
| 931,635 |
| 12,131 |
| 1,319,661 |
| 16,602 |
|
Issued in Lieu of Cash Distributions |
| 520,688 |
| 7,431 |
| 407,603 |
| 5,233 |
|
Redeemed |
| (1,161,826 | ) | (15,079 | ) | (1,157,448 | ) | (14,518 | ) |
Net Increase (Decrease)—Admiral Shares |
| 290,497 |
| 4,483 |
| 569,816 |
| 7,317 |
|
H. Management has determined that no events or transactions occurred subsequent to September 30, 2019, that would require recognition or disclosure in these financial statements.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Quantitative Funds and Shareholders of Vanguard Growth and Income Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets of Vanguard Growth and Income Fund (constituting Vanguard Quantitative Funds, referred to hereafter as the “Fund”) as of September 30, 2019, the related statement of operations for the year ended September 30, 2019, the statement of changes in net assets for each of the two years in the period ended September 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2019 and the financial highlights for each of the five years in the period ended September 30, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2019 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
November 19, 2019
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
Special 2019 tax information (unaudited) for Vanguard Growth and Income Fund
This information for the fiscal year ended September 30, 2019, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $377,131,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year .
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund are qualified short-term capital gains.
The fund distributed $190,322,000 of qualified dividend income to shareholders during the fiscal year.
For corporate shareholders, 100% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.
Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Growth and Income Fund has renewed the fund’s investment advisory arrangements with D. E. Shaw Investment Management, L.L.C. (DESIM); Los Angeles Capital Management and Equity Research, Inc. (LA Capital); and The Vanguard Group, Inc. (Vanguard), through its Quantitative Equity Group. The board determined that renewing the fund’s advisory arrangements was in the best interest of the fund and its shareholders.
The board based its decision upon an evaluation of each advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisors and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each advisor’s investment management services provided to the fund since 2011, and took into account the organizational depth and stability of each advisor. The board considered the following:
DESIM. Founded in 2005, DESIM is a global investment management and technology development firm. The advisor employs quantitative models that seek to capture predominantly “bottom-up” stock-specific return opportunities while aiming to control overall portfolio risk and characteristics, such as size, sector weights, and style, to be similar to those of the benchmark. DESIM focuses on return drivers that it considers “idiosyncratic,” or those that other quantitative managers tend to overlook, and de-emphasizes the use of traditional factors such as value, growth, and momentum, as these factors are more subject to crowding from other quantitative managers. DESIM has managed a portion of the fund since 2011.
LA Capital. LA Capital was formed in 2002 from the equity portion of Wilshire Asset Management. The advisor employs a controlled, dynamic investment model, gradually assigning new prices to key equity risks as market conditions evolve and investor preferences shift. The price of factor risk evolves over time in a way that can be captured in a model, similar to changes in cost of capital. The model uses more than 50 factors to actively weight stocks, including value, momentum, quality, sector, and market capitalization factors. The advisor applies statistical techniques to reduce noise in the factor returns and it looks for velocity and acceleration of the cleansed factor performance over the prior six months. LA Capital has managed a portion of the fund since 2011.
Vanguard. Vanguard has been managing investments for more than four decades. The Quantitative Equity Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth. Vanguard has managed a portion of the fund since 2011.
The board concluded that each advisor’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.
Investment performance
The board considered the investment performance of each advisor’s subportfolio since each advisor began managing a portion of the fund in 2011, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangements should continue.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory expense rates were also well below the peer-group average.
The board did not consider the profitability of DESIM and LA Capital in determining whether to approve the advisory fees, because the firms are independent of Vanguard, and the advisory fees are the result of arm’s-length negotiations. The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that the fund’s shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules for DESIM and LA Capital. The breakpoints reduce the effective rate of the fees as the fund’s assets managed by each advisor increase. The board also concluded that the fund’s arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as the fund’s assets managed by Vanguard increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 212 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; trustee (2018–present) of The Shipley School.
Independent Trustees
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), and the Lumina Foundation.
1 Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
Director of the V Foundation and Oxfam America. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies LLC (private investment firm). Board of advisors and investment committee member of the Museum of Fine Arts Boston. Board member (2018–present) of RIT Capital Partners (investment firm); investment committee member of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments, LLC; director (2017–present) of Reserve Trust. Rubinstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
John E. Schadl
Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (May 2019–present) of Vanguard Marketing Corporation.
Vanguard Senior Management Team
Joseph Brennan | Chris D. McIsaac |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
|
P.O. Box 2600 Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
Source for Bloomberg Barclays indexes: Bloomberg Index Services Limited. Copyright 2019, Bloomberg. All rights reserved.
CFA® is a registered trademark owned by CFA Institute.
| © 2019 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.
Q930 112019 |
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 September 30, 2019: $21,000
Fiscal Year Ended September 30, 2018: $27,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended September 30, 2019: $9,568,215
Fiscal Year Ended September 30, 2018: $9,734,277
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 September 30, 2019: $3,012,031
Fiscal Year Ended September 30, 2018: $5,581,336
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 September 30, 2019: $357,238
Fiscal Year Ended September 30, 2018: $347,985
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 September 30, 2019: $0
Fiscal Year Ended September 30, 2018: $0
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 September 30, 2019: $357,238
Fiscal Year Ended September 30, 2018: $347,985
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.
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 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) Code of Ethics.
(b) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VANGUARD QUANTITATIVE FUNDS | |
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BY: | /s/ MORTIMER J. BUCKLEY* |
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| MORTIMER J. BUCKLEY |
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| CHIEF EXECUTIVE OFFICER |
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Date: November 15, 2019
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 QUANTITATIVE FUNDS | |
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BY: | /s/ MORTIMER J. BUCKLEY* |
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| MORTIMER J. BUCKLEY |
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| CHIEF EXECUTIVE OFFICER |
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Date: November 15, 2019 | ||
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| VANGUARD QUANTITATIVE FUNDS | |
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BY: | /s/ JOHN BENDL* |
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| JOHN BENDL |
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| CHIEF FINANCIAL OFFICER |
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Date: November 15, 2019 |
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* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 (see file Number 33-32216) and a Power of Attorney filed on October 30, 2019 (see file Number 811-02554), Incorporated by Reference.