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 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: September 30
Date of reporting period: October 1, 2020—March 31, 2021
Item 1: Reports to Shareholders
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Liquidity Risk Management | 44 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended March 31, 2021 | |||
Growth and Income Fund | Beginning Account Value 9/30/2020 | Ending Account Value 3/31/2021 | Expenses Paid During Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,202.20 | $1.81 |
Admiral™ Shares | 1,000.00 | 1,202.80 | 1.26 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,023.29 | $1.66 |
Admiral Shares | 1,000.00 | 1,023.79 | 1.16 |
Communication Services | 11.3% |
Consumer Discretionary | 12.8 |
Consumer Staples | 7.3 |
Energy | 2.7 |
Financials | 11.1 |
Health Care | 13.0 |
Industrials | 8.1 |
Information Technology | 27.0 |
Materials | 2.7 |
Real Estate | 1.9 |
Utilities | 1.9 |
Other | 0.2 |
Shares | Market Value• ($000) | ||
Common Stocks (97.3%) | |||
Communication Services (11.0%) | |||
* | Facebook Inc. Class A | 989,052 | 291,305 |
* | Alphabet Inc. Class A | 125,140 | 258,104 |
* | Alphabet Inc. Class C | 110,317 | 228,205 |
Verizon Communications Inc. | 1,805,087 | 104,966 | |
* | Walt Disney Co. | 562,887 | 103,864 |
* | Netflix Inc. | 128,028 | 66,787 |
Comcast Corp. Class A | 1,155,692 | 62,534 | |
AT&T Inc. | 1,938,308 | 58,673 | |
Activision Blizzard Inc. | 562,710 | 52,332 | |
Electronic Arts Inc. | 210,403 | 28,482 | |
Lumen Technologies Inc. | 2,033,475 | 27,147 | |
* | Take-Two Interactive Software Inc. | 96,183 | 16,996 |
*,1 | Discovery Inc. Class A | 379,954 | 16,513 |
News Corp. Class A | 647,595 | 16,468 | |
* | DISH Network Corp. Class A | 341,430 | 12,360 |
Interpublic Group of Cos. Inc. | 394,435 | 11,518 | |
* | Twitter Inc. | 151,896 | 9,665 |
Omnicom Group Inc. | 114,121 | 8,462 | |
* | Snap Inc. Class A | 116,600 | 6,097 |
News Corp. Class B | 211,342 | 4,958 | |
Fox Corp. Class A | 131,356 | 4,743 | |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 68,900 | 3,039 |
* | Yelp Inc. Class A | 72,100 | 2,812 |
ViacomCBS Inc. Class B | 47,170 | 2,127 | |
* | TripAdvisor Inc. | 37,100 | 1,996 |
* | Discovery Inc. Class C | 46,033 | 1,698 |
Fox Corp. Class B | 44,680 | 1,561 | |
* | Zillow Group Inc. Class C | 10,900 | 1,413 |
* | Gogo Inc. | 78,100 | 754 |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 14,600 | 644 |
Cinemark Holdings Inc. | 13,200 | 269 | |
* | AMC Networks Inc. Class A | 4,200 | 223 |
* | Iridium Communications Inc. | 5,200 | 214 |
* | Anterix Inc. | 4,048 | 191 |
* | Altice USA Inc. Class A | 5,603 | 182 |
Cable One Inc. | 88 | 161 | |
* | Pinterest Inc. Class A | 1,600 | 118 |
TEGNA Inc. | 4,900 | 92 |
Shares | Market Value• ($000) | ||
* | Liberty Global plc Class A | 3,000 | 77 |
* | Liberty Media Corp.-Liberty Formula One Class C | 1,400 | 61 |
* | Hemisphere Media Group Inc. Class A | 3,488 | 41 |
* | Madison Square Garden Sports Corp. | 195 | 35 |
* | Cars.com Inc. | 2,300 | 30 |
Telephone and Data Systems Inc. | 1,100 | 25 | |
Entravision Communications Corp. Class A | 3,900 | 16 | |
* | Eventbrite Inc. Class A | 600 | 13 |
* | Liberty Broadband Corp. Class C | 58 | 9 |
New York Times Co. Class A | 95 | 5 | |
Spok Holdings Inc. | 432 | 5 | |
* | U.S. Cellular Corp. | 99 | 4 |
Scholastic Corp. | 100 | 3 | |
* | T-Mobile US Inc. | 20 | 3 |
* | ANGI Homeservices Inc. Class A | 200 | 3 |
* | Yandex NV Class A | 47 | 3 |
* | Consolidated Communications Holdings Inc. | 300 | 2 |
* | DHI Group Inc. | 602 | 2 |
* | Ooma Inc. | 100 | 2 |
* | ORBCOMM Inc. | 200 | 2 |
* | Sciplay Corp. Class A | 110 | 2 |
Manchester United plc Class A | 100 | 2 | |
* | Clear Channel Outdoor Holdings Inc. | 300 | 1 |
* | IDT Corp. Class B | 38 | 1 |
* | Liberty TripAdvisor Holdings Inc. Class A | 100 | 1 |
* | Lions Gate Entertainment Corp. Class A | 100 | 1 |
* | Lions Gate Entertainment Corp. Class B | 100 | 1 |
* | MDC Partners Inc. Class A | 416 | 1 |
National CineMedia Inc. | 300 | 1 | |
Sinclair Broadcast Group Inc. Class A | 50 | 1 | |
* | TrueCar Inc. | 300 | 1 |
* | Vonage Holdings Corp. | 100 | 1 |
* | Zynga Inc. Class A | 100 | 1 |
* | Gannett Co. Inc. | 208 | 1 |
* | Fluent Inc. | 99 | — |
* | Eros International plc | 200 | — |
* | Emerald Holding Inc. | 11 | — |
* | Liberty Latin America Ltd. Class A | 29 | — |
1,408,030 | |||
Consumer Discretionary (12.4%) | |||
* | Amazon.com Inc. | 143,719 | 444,678 |
* | Tesla Inc. | 287,168 | 191,808 |
Home Depot Inc. | 501,557 | 153,100 | |
Lowe's Cos. Inc. | 461,259 | 87,722 | |
Target Corp. | 245,336 | 48,594 | |
PulteGroup Inc. | 831,281 | 43,592 | |
Yum! Brands Inc. | 392,941 | 42,508 | |
McDonald's Corp. | 170,264 | 38,163 | |
Garmin Ltd. | 280,236 | 36,949 | |
eBay Inc. | 557,779 | 34,158 | |
Best Buy Co. Inc. | 268,072 | 30,777 | |
* | Ford Motor Co. | 2,452,760 | 30,046 |
* | Etsy Inc. | 120,165 | 24,234 |
Newell Brands Inc. | 882,254 | 23,627 | |
* | L Brands Inc. | 343,907 | 21,274 |
Shares | Market Value• ($000) | ||
TJX Cos. Inc. | 316,990 | 20,969 | |
H&R Block Inc. | 939,421 | 20,479 | |
* | AutoZone Inc. | 12,950 | 18,186 |
* | O'Reilly Automotive Inc. | 32,346 | 16,408 |
Dollar General Corp. | 78,810 | 15,968 | |
* | Dollar Tree Inc. | 123,868 | 14,178 |
NIKE Inc. Class B | 97,110 | 12,905 | |
Whirlpool Corp. | 56,826 | 12,522 | |
PVH Corp. | 116,950 | 12,362 | |
Domino's Pizza Inc. | 32,394 | 11,914 | |
* | Tapestry Inc. | 282,190 | 11,629 |
Expedia Group Inc. | 63,300 | 10,895 | |
Lennar Corp. Class A | 104,716 | 10,600 | |
* | Booking Holdings Inc. | 4,331 | 10,091 |
* | NVR Inc. | 2,069 | 9,747 |
* | LKQ Corp. | 223,190 | 9,448 |
Pool Corp. | 24,611 | 8,497 | |
* | Under Armour Inc. Class A | 323,500 | 7,169 |
* | Chipotle Mexican Grill Inc. Class A | 4,327 | 6,148 |
General Motors Co. | 106,216 | 6,103 | |
Darden Restaurants Inc. | 41,526 | 5,897 | |
* | Mohawk Industries Inc. | 29,950 | 5,760 |
BorgWarner Inc. | 119,936 | 5,560 | |
Ross Stores Inc. | 46,230 | 5,543 | |
* | Norwegian Cruise Line Holdings Ltd. | 189,040 | 5,216 |
Gap Inc. | 171,700 | 5,113 | |
DR Horton Inc. | 56,240 | 5,012 | |
* | Farfetch Ltd. Class A | 92,200 | 4,888 |
Kohl's Corp. | 72,700 | 4,334 | |
Polaris Inc. | 32,000 | 4,272 | |
Wynn Resorts Ltd. | 33,000 | 4,137 | |
Tractor Supply Co. | 20,260 | 3,588 | |
* | Signet Jewelers Ltd. | 51,300 | 2,974 |
* | Carvana Co. Class A | 11,000 | 2,886 |
Gentex Corp. | 74,800 | 2,668 | |
Las Vegas Sands Corp. | 43,600 | 2,649 | |
Royal Caribbean Cruises Ltd. | 29,160 | 2,496 | |
Harley-Davidson Inc. | 61,472 | 2,465 | |
* | GoPro Inc. Class A | 191,200 | 2,226 |
Travel + Leisure Co. | 34,400 | 2,104 | |
Starbucks Corp. | 18,538 | 2,026 | |
* | Sleep Number Corp. | 13,000 | 1,865 |
Leggett & Platt Inc. | 37,600 | 1,716 | |
* | Stamps.com Inc. | 7,100 | 1,417 |
* | Goodyear Tire & Rubber Co. | 77,100 | 1,355 |
* | Wayfair Inc. Class A | 4,100 | 1,290 |
Advance Auto Parts Inc. | 6,043 | 1,109 | |
* | Grubhub Inc. | 15,300 | 918 |
* | Groupon Inc. Class A | 13,600 | 687 |
* | RealReal Inc. | 30,200 | 683 |
Jack in the Box Inc. | 5,200 | 571 | |
Abercrombie & Fitch Co. Class A | 14,200 | 487 | |
* | Peloton Interactive Inc. Class A | 4,300 | 484 |
* | RH | 800 | 477 |
* | Fossil Group Inc. | 34,300 | 425 |
Shares | Market Value• ($000) | ||
Hanesbrands Inc. | 19,200 | 378 | |
* | Under Armour Inc. Class C | 19,499 | 360 |
* | Carnival Corp. | 13,100 | 348 |
* | Perdoceo Education Corp. | 28,888 | 346 |
Bloomin' Brands Inc. | 10,700 | 289 | |
Kontoor Brands Inc. | 5,900 | 286 | |
* | SeaWorld Entertainment Inc. | 5,500 | 273 |
* | Lindblad Expeditions Holdings Inc. | 14,200 | 268 |
* | Adient plc | 5,800 | 256 |
* | Hibbett Sports Inc. | 3,700 | 255 |
Callaway Golf Co. | 8,800 | 235 | |
* | Sonos Inc. | 6,200 | 232 |
* | iRobot Corp. | 1,800 | 220 |
Wyndham Hotels & Resorts Inc. | 3,000 | 209 | |
Group 1 Automotive Inc. | 1,300 | 205 | |
* | OneSpaWorld Holdings Ltd. | 15,100 | 161 |
* | Accel Entertainment Inc. Class A | 14,007 | 153 |
Sonic Automotive Inc. Class A | 2,900 | 144 | |
Wendy's Co. | 7,104 | 144 | |
* | American Axle & Manufacturing Holdings Inc. | 13,786 | 133 |
Qurate Retail Inc. Series A | 9,900 | 116 | |
Red Rock Resorts Inc. Class A | 3,148 | 103 | |
* | Lumber Liquidators Holdings Inc. | 3,800 | 95 |
Service Corp. International | 1,863 | 95 | |
Strategic Education Inc. | 900 | 83 | |
Graham Holdings Co. Class B | 128 | 72 | |
La-Z-Boy Inc. | 1,600 | 68 | |
* | Cavco Industries Inc. | 238 | 54 |
* | Modine Manufacturing Co. | 3,500 | 52 |
Shutterstock Inc. | 500 | 45 | |
* | Gentherm Inc. | 551 | 41 |
* | G-III Apparel Group Ltd. | 1,300 | 39 |
* | frontdoor Inc. | 700 | 38 |
* | Conn's Inc. | 1,900 | 37 |
* | Universal Electronics Inc. | 600 | 33 |
* | Michaels Cos. Inc. | 1,400 | 31 |
* | Superior Industries International Inc. | 5,179 | 29 |
Arcos Dorados Holdings Inc. Class A | 5,600 | 29 | |
Hamilton Beach Brands Holding Co. Class A | 1,428 | 26 | |
Buckle Inc. | 600 | 24 | |
Guess? Inc. | 1,000 | 24 | |
Churchill Downs Inc. | 100 | 23 | |
* | Select Interior Concepts Inc. Class A | 3,200 | 23 |
Movado Group Inc. | 700 | 20 | |
* | GameStop Corp. Class A | 83 | 16 |
MGM Resorts International | 400 | 15 | |
* | Laureate Education Inc. Class A | 1,000 | 14 |
Aaron's Co. Inc. | 550 | 14 | |
Wingstop Inc. | 100 | 13 | |
Carter's Inc. | 98 | 9 | |
PetMed Express Inc. | 200 | 7 | |
Sturm Ruger & Co. Inc. | 84 | 6 | |
* | XPEL Inc. | 99 | 5 |
* | Cooper-Standard Holdings Inc. | 100 | 4 |
* | Hilton Worldwide Holdings Inc. | 35 | 4 |
Shares | Market Value• ($000) | ||
Standard Motor Products Inc. | 99 | 4 | |
* | Biglari Holdings Inc. Class B | 20 | 3 |
Designer Brands Inc. Class A | 196 | 3 | |
* | Golden Entertainment Inc. | 100 | 3 |
* | Turtle Beach Corp. | 97 | 3 |
International Game Technology plc | 193 | 3 | |
* | Bluegreen Vacations Holding Class A | 160 | 3 |
Acushnet Holdings Corp. | 46 | 2 | |
* | Adtalem Global Education Inc. | 39 | 2 |
* | Barnes & Noble Education Inc. | 278 | 2 |
Cato Corp. Class A | 127 | 2 | |
Clarus Corp. | 131 | 2 | |
* | Container Store Group Inc. | 100 | 2 |
* | El Pollo Loco Holdings Inc. | 93 | 2 |
* | Quotient Technology Inc. | 100 | 2 |
* | Sally Beauty Holdings Inc. | 100 | 2 |
* | Target Hospitality Corp. | 888 | 2 |
Winnebago Industries Inc. | 30 | 2 | |
Bassett Furniture Industries Inc. | 71 | 2 | |
Smith & Wesson Brands Inc. | 100 | 2 | |
* | Veoneer Inc. | 98 | 2 |
* | Blue Apron Holdings Inc. Class A | 200 | 1 |
* | Carrols Restaurant Group Inc. | 229 | 1 |
* | Express Inc. | 200 | 1 |
* | Mattel Inc. | 44 | 1 |
* | Noodles & Co. Class A | 100 | 1 |
* | Party City Holdco Inc. | 200 | 1 |
* | Revolve Group Inc. | 13 | 1 |
* | Tenneco Inc. Class A | 128 | 1 |
* | Urban Outfitters Inc. | 39 | 1 |
* | Vera Bradley Inc. | 100 | 1 |
* | Visteon Corp. | 4 | 1 |
* | Magnite Inc. | 26 | 1 |
* | American Outdoor Brands Inc. | 47 | 1 |
* | Despegar.com Corp. | 99 | 1 |
* | Yatra Online Inc. | 400 | 1 |
Big 5 Sporting Goods Corp. | 16 | — | |
Magna International Inc. | 5 | — | |
ODP Corp. | 10 | — | |
* | J Jill Inc. | 40 | — |
* | Kandi Technologies Group Inc. | 34 | — |
1,599,013 | |||
Consumer Staples (7.1%) | |||
Procter & Gamble Co. | 1,066,167 | 144,391 | |
Coca-Cola Co. | 1,832,316 | 96,581 | |
Walmart Inc. | 632,135 | 85,863 | |
Altria Group Inc. | 1,620,210 | 82,890 | |
Costco Wholesale Corp. | 227,890 | 80,327 | |
Philip Morris International Inc. | 571,050 | 50,675 | |
Colgate-Palmolive Co. | 616,113 | 48,568 | |
PepsiCo Inc. | 309,452 | 43,772 | |
General Mills Inc. | 647,522 | 39,706 | |
Kimberly-Clark Corp. | 203,202 | 28,255 | |
Campbell Soup Co. | 548,129 | 27,554 | |
Hershey Co. | 171,032 | 27,050 |
Shares | Market Value• ($000) | ||
* | Monster Beverage Corp. | 274,797 | 25,031 |
Mondelez International Inc. Class A | 375,800 | 21,996 | |
Constellation Brands Inc. Class A | 69,590 | 15,867 | |
Clorox Co. | 66,226 | 12,774 | |
Estee Lauder Cos. Inc. Class A | 43,779 | 12,733 | |
Conagra Brands Inc. | 319,592 | 12,017 | |
Kroger Co. | 298,864 | 10,756 | |
Lamb Weston Holdings Inc. | 122,820 | 9,516 | |
Tyson Foods Inc. Class A | 117,478 | 8,729 | |
Church & Dwight Co. Inc. | 95,410 | 8,334 | |
Sysco Corp. | 75,050 | 5,909 | |
McCormick & Co. Inc. | 59,990 | 5,349 | |
Kellogg Co. | 61,039 | 3,864 | |
Kraft Heinz Co. | 41,800 | 1,672 | |
* | Performance Food Group Co. | 23,300 | 1,342 |
Molson Coors Beverage Co. Class B | 21,040 | 1,076 | |
* | Nomad Foods Ltd. | 21,083 | 579 |
J M Smucker Co. | 3,528 | 446 | |
* | U.S. Foods Holding Corp | 8,100 | 309 |
Brown-Forman Corp. Class B | 4,100 | 283 | |
* | USANA Health Sciences Inc. | 1,850 | 181 |
* | Sprouts Farmers Market Inc. | 4,200 | 112 |
* | Herbalife Nutrition Ltd. | 1,000 | 44 |
Flowers Foods Inc. | 1,200 | 29 | |
* | Chefs' Warehouse Inc. | 700 | 21 |
Lancaster Colony Corp. | 94 | 17 | |
Seaboard Corp. | 1 | 4 | |
Albertsons Cos. Inc. Class A | 186 | 4 | |
PriceSmart Inc. | 28 | 3 | |
Coty Inc. Class A | 200 | 2 | |
* | Hostess Brands Inc. Class A | 171 | 2 |
Natural Grocers by Vitamin Cottage Inc. | 100 | 2 | |
* | Simply Good Foods Co. | 79 | 2 |
* | United Natural Foods Inc. | 43 | 1 |
Vector Group Ltd. | 100 | 1 | |
* | Cal-Maine Foods Inc. | 9 | — |
914,639 | |||
Energy (2.6%) | |||
Exxon Mobil Corp. | 1,635,806 | 91,327 | |
Chevron Corp. | 681,919 | 71,458 | |
Halliburton Co. | 1,784,089 | 38,287 | |
Schlumberger NV | 1,380,888 | 37,546 | |
Kinder Morgan Inc. | 1,872,620 | 31,179 | |
EOG Resources Inc. | 144,181 | 10,457 | |
NOV Inc. | 715,893 | 9,822 | |
Devon Energy Corp. | 421,360 | 9,207 | |
Baker Hughes Co. Class A | 347,470 | 7,509 | |
Diamondback Energy Inc. | 98,835 | 7,263 | |
APA Corp. | 298,843 | 5,349 | |
Marathon Petroleum Corp. | 71,846 | 3,843 | |
Hess Corp. | 39,534 | 2,797 | |
Valero Energy Corp. | 35,700 | 2,556 | |
Targa Resources Corp. | 73,200 | 2,324 | |
HollyFrontier Corp. | 55,600 | 1,989 | |
Occidental Petroleum Corp. | 45,545 | 1,212 |
Shares | Market Value• ($000) | ||
Ovintiv Inc. (XNYS) | 47,700 | 1,136 | |
ONEOK Inc. | 17,720 | 898 | |
Pioneer Natural Resources Co. | 5,150 | 818 | |
* | Green Plains Inc. | 19,700 | 533 |
Geopark Ltd. | 10,364 | 166 | |
World Fuel Services Corp. | 3,900 | 137 | |
* | ChampionX Corp. | 4,200 | 91 |
Delek US Holdings Inc. | 3,600 | 78 | |
* | Talos Energy Inc. | 5,700 | 69 |
* | Exterran Corp. | 9,300 | 31 |
* | Oceaneering International Inc. | 1,500 | 17 |
Arch Resources Inc. | 400 | 17 | |
NACCO Industries Inc. Class A | 631 | 16 | |
* | Range Resources Corp. | 1,500 | 16 |
* | CNX Resources Corp. | 700 | 10 |
* | ProPetro Holding Corp. | 963 | 10 |
* | Magnolia Oil & Gas Corp. Class A | 700 | 8 |
Cactus Inc. Class A | 200 | 6 | |
Helmerich & Payne Inc. | 104 | 3 | |
Phillips 66 | 32 | 3 | |
Brigham Minerals Inc. Class A | 100 | 2 | |
Cabot Oil & Gas Corp. | 100 | 2 | |
Equitrans Midstream Corp. | 200 | 2 | |
Murphy Oil Corp. | 100 | 2 | |
* | Par Pacific Holdings Inc. | 108 | 2 |
* | Peabody Energy Corp. | 700 | 2 |
Solaris Oilfield Infrastructure Inc. Class A | 143 | 2 | |
* | NexTier Oilfield Solutions Inc. | 495 | 2 |
SFL Corp. Ltd. | 200 | 2 | |
* | Diamond S Shipping Inc. | 196 | 2 |
* | Plains GP Holdings LP Class A | 200 | 2 |
Cameco Corp. | 100 | 2 | |
Archrock Inc. | 100 | 1 | |
* | Centennial Resource Development Inc. Class A | 200 | 1 |
* | CONSOL Energy Inc. | 100 | 1 |
* | Energy Fuels Inc. | 100 | 1 |
* | Helix Energy Solutions Group Inc. | 146 | 1 |
Marathon Oil Corp. | 100 | 1 | |
* | Natural Gas Services Group Inc. | 100 | 1 |
* | Overseas Shipholding Group Inc. Class A | 400 | 1 |
* | PBF Energy Inc. Class A | 100 | 1 |
Patterson-UTI Energy Inc. | 200 | 1 | |
* | RPC Inc. | 100 | 1 |
* | SandRidge Energy Inc. | 371 | 1 |
* | Southwestern Energy Co. | 100 | 1 |
* | Tellurian Inc. | 300 | 1 |
* | Transocean Ltd. | 300 | 1 |
Frontline Ltd. | 100 | 1 | |
* | Dorian LPG Ltd. | 100 | 1 |
Cenovus Energy Inc. | 100 | 1 | |
* | Golar LNG Ltd. | 100 | 1 |
* | FTS International Inc. Class A | 23 | 1 |
* | Navigator Holdings Ltd. | 100 | 1 |
Evolution Petroleum Corp. | 90 | — | |
* | ION Geophysical Corp. | 100 | — |
Shares | Market Value• ($000) | ||
* | Newpark Resources Inc. | 137 | — |
SM Energy Co. | 20 | — | |
* | SilverBow Resources Inc. | 3 | — |
Nordic American Tankers Ltd. | 100 | — | |
* | Frank's International NV | 100 | — |
* | Kosmos Energy Ltd. | 100 | — |
* | Independence Contract Drilling Inc. | 100 | — |
* | FTS International Inc. Warrants Exp. 11/19/23 | 28 | — |
* | FTS International Inc. Warrants Exp. 11/19/23 (XASE) | 70 | — |
338,233 | |||
Financials (10.9%) | |||
* | Berkshire Hathaway Inc. Class B | 572,512 | 146,260 |
JPMorgan Chase & Co. | 926,514 | 141,043 | |
Bank of America Corp. | 3,500,868 | 135,449 | |
Wells Fargo & Co. | 2,007,973 | 78,452 | |
Citigroup Inc. | 1,000,016 | 72,751 | |
Synchrony Financial | 1,236,016 | 50,256 | |
Goldman Sachs Group Inc. | 126,258 | 41,286 | |
U.S. Bancorp | 717,244 | 39,671 | |
Morgan Stanley | 489,849 | 38,042 | |
Progressive Corp. | 352,672 | 33,719 | |
Intercontinental Exchange Inc. | 273,700 | 30,567 | |
Capital One Financial Corp. | 237,614 | 30,232 | |
Allstate Corp. | 253,699 | 29,150 | |
Regions Financial Corp. | 1,372,736 | 28,361 | |
S&P Global Inc. | 76,485 | 26,989 | |
Hartford Financial Services Group Inc. | 397,790 | 26,568 | |
Truist Financial Corp. | 419,660 | 24,475 | |
Aflac Inc. | 460,005 | 23,543 | |
M&T Bank Corp. | 140,610 | 21,318 | |
T Rowe Price Group Inc. | 116,181 | 19,937 | |
Cboe Global Markets Inc. | 198,537 | 19,594 | |
Discover Financial Services | 200,514 | 19,047 | |
American Express Co. | 133,627 | 18,900 | |
Fifth Third Bancorp | 480,111 | 17,980 | |
Comerica Inc. | 247,374 | 17,747 | |
Bank of New York Mellon Corp. | 363,600 | 17,195 | |
Unum Group | 583,572 | 16,241 | |
Everest Re Group Ltd. | 61,144 | 15,152 | |
Moody's Corp. | 50,641 | 15,122 | |
W R Berkley Corp. | 182,821 | 13,776 | |
State Street Corp. | 153,364 | 12,884 | |
Marsh & McLennan Cos. Inc. | 102,390 | 12,471 | |
Huntington Bancshares Inc. | 750,790 | 11,802 | |
People's United Financial Inc. | 491,280 | 8,794 | |
MetLife Inc. | 142,087 | 8,637 | |
American International Group Inc. | 176,010 | 8,133 | |
Chubb Ltd. | 50,700 | 8,009 | |
Globe Life Inc. | 81,751 | 7,900 | |
Affiliated Managers Group Inc. | 50,110 | 7,468 | |
Zions Bancorp NA | 126,490 | 6,952 | |
Citizens Financial Group Inc. | 151,230 | 6,677 | |
KeyCorp. | 323,192 | 6,457 | |
Aon plc Class A | 25,490 | 5,866 | |
Invesco Ltd. | 222,480 | 5,611 |
Shares | Market Value• ($000) | ||
First Republic Bank | 29,500 | 4,919 | |
Prudential Financial Inc. | 53,400 | 4,865 | |
Cincinnati Financial Corp. | 47,023 | 4,848 | |
BlackRock Inc. | 6,066 | 4,574 | |
First American Financial Corp. | 74,600 | 4,226 | |
Raymond James Financial Inc. | 33,297 | 4,081 | |
Nasdaq Inc. | 23,380 | 3,448 | |
Principal Financial Group Inc. | 56,300 | 3,376 | |
* | Arch Capital Group Ltd. | 71,600 | 2,747 |
Interactive Brokers Group Inc. Class A | 34,900 | 2,549 | |
Arthur J Gallagher & Co. | 11,410 | 1,424 | |
Navient Corp. | 95,167 | 1,362 | |
Popular Inc. | 18,700 | 1,315 | |
Equitable Holdings Inc. | 37,300 | 1,217 | |
Owl Rock Capital Corp. | 86,872 | 1,196 | |
Jefferies Financial Group Inc. | 36,100 | 1,087 | |
Janus Henderson Group plc | 32,200 | 1,003 | |
* | Brighthouse Financial Inc. | 22,090 | 977 |
PROG Holdings Inc. | 21,800 | 944 | |
* | Markel Corp. | 700 | 798 |
Bank of NT Butterfield & Son Ltd. | 19,900 | 761 | |
Ally Financial Inc. | 14,400 | 651 | |
American Financial Group Inc. | 5,300 | 605 | |
Ares Management Corp. Class A | 10,700 | 600 | |
* | Green Dot Corp. Class A | 13,100 | 600 |
Radian Group Inc. | 25,800 | 600 | |
American Equity Investment Life Holding Co. | 19,000 | 599 | |
* | Texas Capital Bancshares Inc. | 7,400 | 525 |
PacWest Bancorp | 13,300 | 507 | |
* | Genworth Financial Inc. Class A | 147,400 | 489 |
Banner Corp. | 8,700 | 464 | |
Central Pacific Financial Corp. | 15,592 | 416 | |
Washington Federal Inc. | 11,900 | 367 | |
Sixth Street Specialty Lending Inc. | 16,900 | 355 | |
* | Cannae Holdings Inc. | 8,900 | 353 |
FS KKR Capital Corp. | 17,100 | 339 | |
Federated Hermes Inc. | 10,300 | 322 | |
Cowen Inc. Class A | 8,700 | 306 | |
Solar Capital Ltd. | 16,844 | 299 | |
Cohen & Steers Inc. | 4,219 | 276 | |
* | Encore Capital Group Inc. | 6,800 | 274 |
Wintrust Financial Corp. | 3,585 | 272 | |
* | Blucora Inc. | 15,400 | 256 |
Carlyle Group Inc. | 6,500 | 239 | |
* | Enova International Inc. | 6,600 | 234 |
B Riley Financial Inc. | 4,000 | 226 | |
KKR & Co. Inc. | 4,500 | 220 | |
International Bancshares Corp. | 4,700 | 218 | |
Apollo Investment Corp. | 15,900 | 218 | |
Flagstar Bancorp Inc. | 4,300 | 194 | |
* | World Acceptance Corp. | 1,463 | 190 |
United Community Banks Inc. | 5,400 | 184 | |
SEI Investments Co. | 2,800 | 171 | |
* | Mr Cooper Group Inc. | 4,900 | 170 |
Great Western Bancorp Inc. | 5,505 | 167 |
Shares | Market Value• ($000) | ||
Hanmi Financial Corp. | 7,731 | 153 | |
Peapack-Gladstone Financial Corp. | 4,830 | 149 | |
Lincoln National Corp. | 2,300 | 143 | |
TCG BDC Inc. | 10,842 | 143 | |
First BanCorp. | 11,791 | 133 | |
TPG RE Finance Trust Inc. | 11,900 | 133 | |
* | SiriusPoint Ltd. | 12,949 | 132 |
BlackRock TCP Capital Corp. | 9,200 | 127 | |
* | Donnelley Financial Solutions Inc. | 4,500 | 125 |
Washington Trust Bancorp Inc. | 2,400 | 124 | |
* | Ocwen Financial Corp. | 3,901 | 111 |
Sculptor Capital Management Inc. Class A | 4,700 | 103 | |
First Hawaiian Inc. | 3,702 | 101 | |
AMERISAFE Inc. | 1,570 | 100 | |
Westamerica BanCorp. | 1,600 | 100 | |
Primerica Inc. | 655 | 97 | |
Universal Insurance Holdings Inc. | 6,700 | 96 | |
Main Street Capital Corp. | 2,405 | 94 | |
Horizon Bancorp Inc. | 4,820 | 90 | |
Fidelity National Financial Inc. | 2,200 | 89 | |
First Financial Bancorp | 3,700 | 89 | |
State Auto Financial Corp. | 4,352 | 86 | |
Great Southern Bancorp Inc. | 1,500 | 85 | |
CVB Financial Corp. | 3,800 | 84 | |
FS KKR Capital Corp. II | 4,309 | 84 | |
HomeTrust Bancshares Inc. | 3,420 | 83 | |
Kearny Financial Corp. | 6,905 | 83 | |
SLM Corp. | 4,000 | 72 | |
CBTX Inc. | 2,220 | 68 | |
* | Assetmark Financial Holdings Inc. | 2,700 | 63 |
TriCo Bancshares | 1,340 | 63 | |
* | TriState Capital Holdings Inc. | 2,700 | 62 |
Meridian Bancorp Inc. | 3,000 | 55 | |
Independent Bank Corp. | 2,300 | 54 | |
MGIC Investment Corp. | 3,900 | 54 | |
Community Trust Bancorp Inc. | 1,200 | 53 | |
HomeStreet Inc. | 1,100 | 48 | |
PCSB Financial Corp. | 2,794 | 46 | |
Barings BDC Inc. | 4,500 | 45 | |
TriplePoint Venture Growth BDC Corp. | 2,900 | 42 | |
Park National Corp. | 270 | 35 | |
Sierra Bancorp | 1,290 | 35 | |
* | Patria Investments Ltd. Class A | 2,000 | 35 |
Heritage Commerce Corp. | 2,800 | 34 | |
Heartland Financial USA Inc. | 600 | 30 | |
Apollo Commercial Real Estate Finance Inc. | 2,000 | 28 | |
First Community Bankshares Inc. | 888 | 27 | |
Employers Holdings Inc. | 548 | 24 | |
Northfield Bancorp Inc. | 1,502 | 24 | |
BlackRock Capital Investment Corp. | 6,857 | 23 | |
Lakeland Bancorp Inc. | 1,184 | 21 | |
Golub Capital BDC Inc. | 1,300 | 19 | |
First Financial Corp. | 407 | 18 | |
TrustCo Bank Corp. | 2,400 | 18 | |
Saratoga Investment Corp. | 723 | 18 |
Shares | Market Value• ($000) | ||
MFA Financial Inc. | 4,300 | 17 | |
NBT Bancorp Inc. | 400 | 16 | |
Spirit of Texas Bancshares Inc. | 701 | 16 | |
HBT Financial Inc. | 880 | 15 | |
Financial Institutions Inc. | 468 | 14 | |
First Financial Bankshares Inc. | 300 | 14 | |
Charles Schwab Corp. | 222 | 14 | |
Bank of Marin Bancorp | 300 | 12 | |
Old National Bancorp | 600 | 12 | |
Berkshire Hills Bancorp Inc. | 500 | 11 | |
Univest Financial Corp. | 400 | 11 | |
First Busey Corp. | 400 | 10 | |
First Financial Northwest Inc. | 686 | 10 | |
* | ACRES Commercial Realty Corp. | 700 | 10 |
Columbia Banking System Inc. | 200 | 9 | |
Cathay General Bancorp | 200 | 8 | |
Territorial Bancorp Inc. | 300 | 8 | |
American National Group Inc. | 70 | 8 | |
* | Elevate Credit Inc. | 2,499 | 7 |
Primis Financial Corp. | 477 | 7 | |
Bank of Hawaii Corp. | 62 | 6 | |
Community Bank System Inc. | 82 | 6 | |
PJT Partners Inc. Class A | 83 | 6 | |
Preferred Bank | 100 | 6 | |
ServisFirst Bancshares Inc. | 100 | 6 | |
Tompkins Financial Corp. | 74 | 6 | |
Willis Towers Watson plc | 26 | 6 | |
Artisan Partners Asset Management Inc. Class A | 99 | 5 | |
Civista Bancshares Inc. | 200 | 5 | |
* | LendingTree Inc. | 25 | 5 |
Moelis & Co. Class A | 88 | 5 | |
Argo Group International Holdings Ltd. | 98 | 5 | |
Amalgamated Financial Corp. | 305 | 5 | |
* | Bancorp Inc. | 200 | 4 |
Banc of California Inc. | 200 | 4 | |
Byline Bancorp Inc. | 200 | 4 | |
City Holding Co. | 45 | 4 | |
First Bancorp | 100 | 4 | |
First Interstate BancSystem Inc. Class A | 92 | 4 | |
Flushing Financial Corp. | 202 | 4 | |
Luther Burbank Corp. | 300 | 4 | |
OneMain Holdings Inc. | 77 | 4 | |
* | PRA Group Inc. | 100 | 4 |
Sandy Spring Bancorp Inc. | 100 | 4 | |
South State Corp. | 55 | 4 | |
Southside Bancshares Inc. | 100 | 4 | |
Blackstone Group Inc. Class A | 50 | 4 | |
BancorpSouth Bank | 100 | 3 | |
Bryn Mawr Bank Corp. | 64 | 3 | |
Cadence BanCorp. Class A | 132 | 3 | |
Capitol Federal Financial Inc. | 198 | 3 | |
Curo Group Holdings Corp. | 199 | 3 | |
Hilltop Holdings Inc. | 100 | 3 | |
Home BancShares Inc. | 99 | 3 | |
Home Bancorp Inc. | 76 | 3 |
Shares | Market Value• ($000) | ||
Nelnet Inc. Class A | 38 | 3 | |
Stifel Financial Corp. | 50 | 3 | |
Stock Yards Bancorp Inc. | 55 | 3 | |
Horizon Technology Finance Corp. | 200 | 3 | |
Allegiance Bancshares Inc. | 60 | 2 | |
Arbor Realty Trust Inc. | 100 | 2 | |
Ares Commercial Real Estate Corp. | 111 | 2 | |
Camden National Corp. | 46 | 2 | |
Colony Credit Real Estate Inc. | 200 | 2 | |
* | Columbia Financial Inc. | 100 | 2 |
ConnectOne Bancorp Inc. | 82 | 2 | |
First Midwest Bancorp Inc. | 100 | 2 | |
Great Ajax Corp. | 188 | 2 | |
Greenhill & Co. Inc. | 110 | 2 | |
KKR Real Estate Finance Trust Inc. | 100 | 2 | |
* | LendingClub Corp. | 100 | 2 |
* | MBIA Inc. | 220 | 2 |
PennyMac Mortgage Investment Trust | 100 | 2 | |
TCF Financial Corp. | 50 | 2 | |
Trustmark Corp. | 66 | 2 | |
Umpqua Holdings Corp. | 100 | 2 | |
WesBanco Inc. | 57 | 2 | |
WisdomTree Investments Inc. | 400 | 2 | |
Broadmark Realty Capital Inc. | 145 | 2 | |
First Eagle Alternative Capital BDC Inc. | 600 | 2 | |
Oxford Square Capital Corp. | 352 | 2 | |
PennantPark Investment Corp. | 300 | 2 | |
Annaly Capital Management Inc. | 100 | 1 | |
ARMOUR Residential REIT Inc. | 100 | 1 | |
BGC Partners Inc. Class A | 300 | 1 | |
Boston Private Financial Holdings Inc. | 101 | 1 | |
Commerce Bancshares Inc. | 11 | 1 | |
FNB Corp. | 100 | 1 | |
Granite Point Mortgage Trust Inc. | 100 | 1 | |
Heritage Insurance Holdings Inc. | 100 | 1 | |
Investors Bancorp Inc. | 100 | 1 | |
Ladder Capital Corp. Class A | 100 | 1 | |
New Residential Investment Corp. | 118 | 1 | |
New York Community Bancorp Inc. | 100 | 1 | |
Northwest Bancshares Inc. | 100 | 1 | |
OFG Bancorp | 58 | 1 | |
Old Second Bancorp Inc. | 100 | 1 | |
Oppenheimer Holdings Inc. Class A | 13 | 1 | |
* | Republic First Bancorp Inc. | 369 | 1 |
United Bankshares Inc. | 18 | 1 | |
Valley National Bancorp | 100 | 1 | |
* | ProSight Global Inc. | 100 | 1 |
* | XP Inc. | 38 | 1 |
Premier Financial Corp. | 23 | 1 | |
Gladstone Investment Corp. | 100 | 1 | |
Prospect Capital Corp. | 100 | 1 | |
BancFirst Corp. | 5 | — | |
Evercore Inc. Class A | 1 | — | |
First of Long Island Corp. | 21 | — | |
Invesco Mortgage Capital Inc. | 109 | — |
Shares | Market Value• ($000) | ||
Lakeland Financial Corp. | 1 | — | |
* | NMI Holdings Inc. Class A | 15 | — |
* | Trupanion Inc. | 1 | — |
Veritex Holdings Inc. | 11 | — | |
Western Alliance Bancorp | 1 | — | |
Westwood Holdings Group Inc. | 25 | — | |
AG Mortgage Investment Trust Inc. | 38 | — | |
1,394,621 | |||
Health Care (12.6%) | |||
Johnson & Johnson | 1,179,384 | 193,832 | |
UnitedHealth Group Inc. | 319,441 | 118,854 | |
Merck & Co. Inc. | 1,541,607 | 118,843 | |
Thermo Fisher Scientific Inc. | 172,937 | 78,925 | |
Abbott Laboratories | 607,652 | 72,821 | |
CVS Health Corp. | 879,577 | 66,171 | |
Medtronic plc | 508,792 | 60,104 | |
Eli Lilly and Co. | 315,634 | 58,967 | |
HCA Healthcare Inc. | 311,515 | 58,671 | |
McKesson Corp. | 285,580 | 55,700 | |
Cigna Corp. | 196,162 | 47,420 | |
Cardinal Health Inc. | 680,111 | 41,317 | |
AbbVie Inc. | 340,768 | 36,878 | |
Gilead Sciences Inc. | 545,336 | 35,245 | |
Anthem Inc. | 96,253 | 34,550 | |
* | IQVIA Holdings Inc. | 169,897 | 32,814 |
Zoetis Inc. | 203,532 | 32,052 | |
Bristol-Myers Squibb Co. | 424,222 | 26,781 | |
Danaher Corp. | 117,443 | 26,434 | |
Pfizer Inc. | 707,626 | 25,637 | |
* | Biogen Inc. | 83,459 | 23,348 |
Humana Inc. | 55,243 | 23,161 | |
* | Vertex Pharmaceuticals Inc. | 105,412 | 22,652 |
* | IDEXX Laboratories Inc. | 42,112 | 20,606 |
Agilent Technologies Inc. | 153,644 | 19,534 | |
Baxter International Inc. | 204,000 | 17,205 | |
* | DaVita Inc. | 137,548 | 14,824 |
Amgen Inc. | 58,835 | 14,639 | |
* | Boston Scientific Corp. | 367,361 | 14,199 |
* | Waters Corp. | 48,655 | 13,826 |
Becton Dickinson and Co. | 52,224 | 12,698 | |
* | Centene Corp. | 186,962 | 11,949 |
Zimmer Biomet Holdings Inc. | 73,200 | 11,718 | |
* | Hologic Inc. | 155,461 | 11,563 |
* | Edwards Lifesciences Corp. | 133,096 | 11,132 |
ResMed Inc. | 57,250 | 11,108 | |
AmerisourceBergen Corp. Class A | 93,113 | 10,994 | |
STERIS plc | 53,660 | 10,221 | |
Cerner Corp. | 119,880 | 8,617 | |
* | Align Technology Inc. | 15,796 | 8,554 |
* | Sage Therapeutics Inc. | 109,200 | 8,174 |
* | Illumina Inc. | 20,986 | 8,060 |
* | Mettler-Toledo International Inc. | 6,849 | 7,915 |
* | DexCom Inc. | 21,060 | 7,569 |
PerkinElmer Inc. | 54,262 | 6,961 | |
* | Laboratory Corp. of America Holdings | 24,623 | 6,280 |
Shares | Market Value• ($000) | ||
* | Henry Schein Inc. | 79,700 | 5,518 |
Quest Diagnostics Inc. | 38,330 | 4,919 | |
* | Incyte Corp. | 51,930 | 4,220 |
Stryker Corp. | 17,129 | 4,172 | |
* | Regeneron Pharmaceuticals Inc. | 8,007 | 3,788 |
* | ABIOMED Inc. | 10,003 | 3,188 |
Bruker Corp. | 47,500 | 3,053 | |
* | ACADIA Pharmaceuticals Inc. | 107,900 | 2,784 |
* | Intuitive Surgical Inc. | 2,828 | 2,090 |
* | Amedisys Inc. | 7,836 | 2,075 |
* | Myriad Genetics Inc. | 61,800 | 1,882 |
* | Ultragenyx Pharmaceutical Inc. | 13,400 | 1,526 |
* | TG Therapeutics Inc. | 27,200 | 1,311 |
*,1 | CEL-SCI Corp. | 80,900 | 1,231 |
* | Molina Healthcare Inc. | 5,222 | 1,221 |
* | Shockwave Medical Inc. | 9,300 | 1,211 |
* | Viatris Inc. | 77,286 | 1,080 |
*,1 | Omeros Corp. | 55,700 | 991 |
* | Lexicon Pharmaceuticals Inc. | 165,994 | 974 |
* | Allscripts Healthcare Solutions Inc. | 63,800 | 958 |
* | Fate Therapeutics Inc. | 11,500 | 948 |
* | Tenet Healthcare Corp. | 17,100 | 889 |
* | Envista Holdings Corp. | 21,200 | 865 |
* | Pacira BioSciences Inc. | 11,300 | 792 |
* | QIAGEN NV | 13,580 | 661 |
* | Altimmune Inc. | 44,600 | 630 |
* | Neogen Corp. | 7,000 | 622 |
* | Travere Thrapeutics Inc. | 23,100 | 577 |
* | Sotera Health Co. | 20,700 | 517 |
* | Biohaven Pharmaceutical Holding Co. Ltd. | 7,399 | 506 |
* | Heron Therapeutics Inc. | 30,800 | 499 |
* | Amicus Therapeutics Inc. | 50,077 | 495 |
* | Syndax Pharmaceuticals Inc. | 20,400 | 456 |
* | Triple-S Management Corp. Class B | 17,350 | 452 |
* | Brookdale Senior Living Inc. | 65,600 | 397 |
* | Vir Biotechnology Inc. | 7,600 | 390 |
* | Halozyme Therapeutics Inc. | 9,300 | 388 |
* | United Therapeutics Corp. | 2,300 | 385 |
* | Corcept Therapeutics Inc. | 15,200 | 362 |
Perrigo Co. plc | 8,900 | 360 | |
* | Taro Pharmaceutical Industries Ltd. | 4,733 | 349 |
* | Xeris Pharmaceuticals Inc. | 76,300 | 344 |
* | CareDx Inc. | 4,900 | 334 |
* | Lannett Co. Inc. | 62,000 | 327 |
* | WaVe Life Sciences Ltd. | 53,900 | 302 |
Owens & Minor Inc. | 7,423 | 279 | |
* | NuVasive Inc. | 4,100 | 269 |
* | AcelRx Pharmaceuticals Inc. | 152,500 | 259 |
* | Ovid therapeutics Inc. | 55,300 | 222 |
* | Rubius Therapeutics Inc. | 5,900 | 156 |
* | Intra-Cellular Therapies Inc. | 4,429 | 150 |
* | Dynavax Technologies Corp. | 14,500 | 143 |
* | Tricida Inc. | 26,284 | 139 |
* | 1Life Healthcare Inc. | 3,456 | 135 |
* | 10X Genomics Inc. Class A | 700 | 127 |
Shares | Market Value• ($000) | ||
* | Nevro Corp. | 900 | 126 |
* | AnaptysBio Inc. | 5,800 | 125 |
* | Ardelyx Inc. | 18,700 | 124 |
* | Eagle Pharmaceuticals Inc. | 2,938 | 123 |
* | La Jolla Pharmaceutical Co. | 29,075 | 123 |
* | Arcus Biosciences Inc. | 4,100 | 115 |
* | Rocket Pharmaceuticals Inc. | 2,512 | 111 |
* | Fluidigm Corp. | 23,700 | 107 |
* | Radius Health Inc. | 5,000 | 104 |
* | Horizon Therapeutics plc | 1,100 | 101 |
* | Assertio Holdings Inc. | 136,200 | 93 |
* | Tivity Health Inc. | 3,900 | 87 |
* | Denali Therapeutics Inc. | 1,500 | 86 |
* | Odonate Therapeutics Inc. | 24,400 | 83 |
* | Corbus Pharmaceuticals Holdings Inc. | 39,800 | 78 |
* | Evofem Biosciences Inc. | 42,500 | 74 |
* | Editas Medicine Inc. Class A | 1,700 | 71 |
* | Recro Pharma Inc. | 24,683 | 69 |
* | Gritstone Oncology Inc. | 6,200 | 58 |
* | Insulet Corp. | 200 | 52 |
* | Natera Inc. | 500 | 51 |
* | Axsome Therapeutics Inc. | 888 | 50 |
* | AngioDynamics Inc. | 1,900 | 44 |
* | Evolus Inc. | 3,100 | 40 |
* | Karyopharm Therapeutics Inc. | 3,700 | 39 |
* | ChemoCentryx Inc. | 700 | 36 |
* | Arcturus Therapeutics Holdings Inc. | 700 | 29 |
* | Bluebird Bio Inc. | 900 | 27 |
* | Vocera Communications Inc. | 700 | 27 |
* | PTC Therapeutics Inc. | 500 | 24 |
* | Dicerna Pharmaceuticals Inc. | 900 | 23 |
* | Vanda Pharmaceuticals Inc. | 1,500 | 23 |
Patterson Cos. Inc. | 700 | 22 | |
* | Zogenix Inc. | 956 | 19 |
* | Surgery Partners Inc. | 400 | 18 |
* | Bio-Rad Laboratories Inc. Class A | 28 | 16 |
* | CytomX Therapeutics Inc. | 2,100 | 16 |
* | Arvinas Inc. | 200 | 13 |
* | Paratek Pharmaceuticals Inc. | 1,900 | 13 |
* | Viemed Healthcare Inc. | 1,300 | 13 |
* | NextGen Healthcare Inc. | 684 | 12 |
* | PRA Health Sciences Inc. | 80 | 12 |
* | GlycoMimetics Inc. | 3,700 | 11 |
* | Twist Bioscience Corp. | 85 | 11 |
* | Catalent Inc. | 99 | 10 |
* | Concert Pharmaceuticals Inc. | 2,100 | 10 |
Hill-Rom Holdings Inc. | 86 | 10 | |
* | Jazz Pharmaceuticals plc | 62 | 10 |
* | Cymabay Therapeutics Inc. | 1,900 | 9 |
* | Magellan Health Inc. | 91 | 9 |
* | ICON plc | 47 | 9 |
* | Chimerix Inc. | 800 | 8 |
* | Repligen Corp. | 39 | 8 |
* | Catalyst Pharmaceuticals Inc. | 1,600 | 7 |
* | Joint Corp. | 145 | 7 |
Shares | Market Value• ($000) | ||
* | Moderna Inc. | 55 | 7 |
* | Pulse Biosciences Inc. | 300 | 7 |
* | Exact Sciences Corp. | 45 | 6 |
* | Mersana Therapeutics Inc. | 400 | 6 |
* | Surmodics Inc. | 100 | 6 |
* | iCAD Inc. | 300 | 6 |
* | Hanger Inc. | 200 | 5 |
* | Inogen Inc. | 90 | 5 |
* | Medpace Holdings Inc. | 32 | 5 |
* | Optinose Inc. | 1,400 | 5 |
* | Prothena Corp. plc | 200 | 5 |
* | Alnylam Pharmaceuticals Inc. | 29 | 4 |
* | HMS Holdings Corp. | 99 | 4 |
* | Penumbra Inc. | 13 | 4 |
* | Varex Imaging Corp. | 181 | 4 |
* | NextCure Inc. | 400 | 4 |
* | Accelerate Diagnostics Inc. | 300 | 3 |
* | BioMarin Pharmaceutical Inc. | 46 | 3 |
* | CorVel Corp. | 30 | 3 |
* | Orthofix Medical Inc. | 60 | 3 |
* | REGENXBIO Inc. | 100 | 3 |
* | Liquidia Corp. | 1,000 | 3 |
* | Immunovant Inc. | 180 | 3 |
* | Akebia Therapeutics Inc. | 498 | 2 |
* | AtriCure Inc. | 35 | 2 |
* | BioDelivery Sciences International Inc. | 400 | 2 |
* | Cara Therapeutics Inc. | 90 | 2 |
* | Cerus Corp. | 300 | 2 |
* | Constellation Pharmaceuticals Inc. | 84 | 2 |
* | Enzo Biochem Inc. | 500 | 2 |
* | Evolent Health Inc. Class A | 100 | 2 |
* | FONAR Corp. | 100 | 2 |
* | Homology Medicines Inc. | 200 | 2 |
* | ImmunoGen Inc. | 194 | 2 |
* | Integer Holdings Corp. | 24 | 2 |
* | Intersect ENT Inc. | 100 | 2 |
Invacare Corp. | 200 | 2 | |
* | IVERIC bio Inc. | 300 | 2 |
* | Kindred Biosciences Inc. | 300 | 2 |
* | Nektar Therapeutics Class A | 100 | 2 |
* | Pacific Biosciences of California Inc. | 70 | 2 |
Phibro Animal Health Corp. Class A | 82 | 2 | |
* | Selecta Biosciences Inc. | 400 | 2 |
* | Sientra Inc. | 206 | 2 |
* | Tandem Diabetes Care Inc. | 26 | 2 |
* | Affimed NV | 200 | 2 |
* | CRISPR Therapeutics AG | 16 | 2 |
* | Marinus Pharmaceuticals Inc. | 125 | 2 |
* | Compugen Ltd. | 193 | 2 |
* | Abeona Therapeutics Inc. | 700 | 1 |
* | Accuray Inc. | 246 | 1 |
* | Aeglea BioTherapeutics Inc. | 100 | 1 |
* | Adverum Biotechnologies Inc. | 100 | 1 |
* | Agenus Inc. | 300 | 1 |
* | Amneal Pharmaceuticals Inc. | 200 | 1 |
Shares | Market Value• ($000) | ||
* | Athenex Inc. | 173 | 1 |
* | BioCryst Pharmaceuticals Inc. | 100 | 1 |
* | CTI BioPharma Corp. | 200 | 1 |
* | Calithera Biosciences Inc. | 300 | 1 |
* | Change Healthcare Inc. | 57 | 1 |
* | Clovis Oncology Inc. | 100 | 1 |
* | Coherus Biosciences Inc. | 38 | 1 |
* | Cross Country Healthcare Inc. | 100 | 1 |
* | Cutera Inc. | 32 | 1 |
* | Eiger BioPharmaceuticals Inc. | 100 | 1 |
* | ElectroCore Inc. | 386 | 1 |
* | Flexion Therapeutics Inc. | 100 | ��� 1 |
* | Inovio Pharmaceuticals Inc. | 97 | 1 |
* | Innoviva Inc. | 100 | 1 |
* | Ironwood Pharmaceuticals Inc. Class A | 100 | 1 |
* | Jounce Therapeutics Inc. | 100 | 1 |
* | Kura Oncology Inc. | 33 | 1 |
LeMaitre Vascular Inc. | 27 | 1 | |
* | MediciNova Inc. | 200 | 1 |
* | Meridian Bioscience Inc. | 50 | 1 |
* | Natus Medical Inc. | 30 | 1 |
* | OraSure Technologies Inc. | 100 | 1 |
* | Puma Biotechnology Inc. | 100 | 1 |
* | Rockwell Medical Inc. | 436 | 1 |
* | Sangamo Therapeutics Inc. | 100 | 1 |
* | Sesen Bio Inc. | 500 | 1 |
* | Sorrento Therapeutics Inc. | 100 | 1 |
* | Spectrum Pharmaceuticals Inc. | 400 | 1 |
* | Syros Pharmaceuticals Inc. | 100 | 1 |
* | Tactile Systems Technology Inc. | 14 | 1 |
* | vTv Therapeutics Inc. Class A | 406 | 1 |
* | Voyager Therapeutics Inc. | 200 | 1 |
* | SmileDirectClub Inc. | 100 | 1 |
* | Tyme Technologies Inc. | 408 | 1 |
* | MeiraGTx Holdings plc | 100 | 1 |
* | Aquestive Therapeutics Inc. | 181 | 1 |
* | Bellicum Pharmaceuticals Inc. | 175 | 1 |
* | Precigen Inc. | 200 | 1 |
* | PDS Biotechnology Corp. | 165 | 1 |
* | Quotient Ltd. | 200 | 1 |
* | Strongbridge Biopharma plc | 335 | 1 |
* | Genocea Biosciences Inc. | 300 | 1 |
* | IMARA Inc. | 160 | 1 |
* | Aptinyx Inc. Class A | 200 | 1 |
* | Aurinia Pharmaceuticals Inc. | 100 | 1 |
* | Chinook Therapeutics Inc. | 67 | 1 |
* | Cronos Group Inc. | 100 | 1 |
* | Xenon Pharmaceuticals Inc. | 62 | 1 |
* | ProQR Therapeutics NV | 205 | 1 |
* | VYNE Therapeutics Inc. | 84 | 1 |
* | Assembly Biosciences Inc. | 80 | — |
* | Calyxt Inc. | 41 | — |
Computer Programs and Systems Inc. | 5 | — | |
* | Durect Corp. | 100 | — |
* | Fortress Biotech Inc. | 100 | — |
Shares | Market Value• ($000) | ||
* | Insmed Inc. | 6 | — |
* | Iovance Biotherapeutics Inc. | 7 | — |
* | MannKind Corp. | 100 | — |
* | PolarityTE Inc. | 283 | — |
* | Select Medical Holdings Corp. | 4 | — |
* | Seres Therapeutics Inc. | 22 | — |
* | Varian Medical Systems Inc. | 2 | — |
* | Arbutus Biopharma Corp. | 100 | — |
* | Baudax Bio Inc. | 4 | — |
* | Five Star Senior Living Inc. | 6 | — |
* | VBI Vaccines Inc. | 100 | — |
* | Neoleukin Therapeutics Inc. | 15 | — |
* | Surgalign Holdings Inc. | 195 | — |
1,625,249 | |||
Industrials (7.9%) | |||
Lockheed Martin Corp. | 249,998 | 92,374 | |
Union Pacific Corp. | 221,648 | 48,853 | |
Illinois Tool Works Inc. | 195,216 | 43,244 | |
Masco Corp. | 715,240 | 42,843 | |
United Parcel Service Inc. Class B | 238,666 | 40,571 | |
Otis Worldwide Corp. | 556,716 | 38,107 | |
Dover Corp. | 260,760 | 35,758 | |
Expeditors International of Washington Inc. | 330,075 | 35,546 | |
3M Co. | 175,420 | 33,800 | |
Trane Technologies plc | 203,314 | 33,661 | |
Raytheon Technologies Corp. | 412,869 | 31,902 | |
AMETEK Inc. | 243,890 | 31,152 | |
Deere & Co. | 77,912 | 29,150 | |
FedEx Corp. | 101,579 | 28,853 | |
Cummins Inc. | 109,938 | 28,486 | |
Republic Services Inc. Class A | 282,513 | 28,068 | |
WW Grainger Inc. | 69,624 | 27,914 | |
Nielsen Holdings plc | 919,136 | 23,116 | |
Allegion plc | 177,219 | 22,262 | |
Old Dominion Freight Line Inc. | 84,799 | 20,387 | |
Northrop Grumman Corp. | 58,129 | 18,813 | |
* | Ingersoll Rand Inc. | 293,450 | 14,441 |
Rockwell Automation Inc. | 51,503 | 13,671 | |
JB Hunt Transport Services Inc. | 80,960 | 13,607 | |
PACCAR Inc. | 144,550 | 13,432 | |
Alaska Air Group Inc. | 191,463 | 13,251 | |
Johnson Controls International plc | 214,424 | 12,795 | |
Carrier Global Corp. | 289,734 | 12,233 | |
Parker-Hannifin Corp. | 38,660 | 12,195 | |
A O Smith Corp. | 176,750 | 11,950 | |
Emerson Electric Co. | 126,353 | 11,400 | |
Honeywell International Inc. | 51,406 | 11,159 | |
L3Harris Technologies Inc. | 52,000 | 10,539 | |
* | United Rentals Inc. | 31,868 | 10,494 |
Fortune Brands Home & Security Inc. | 98,220 | 9,411 | |
General Electric Co. | 629,153 | 8,261 | |
* | Delta Air Lines Inc. | 165,200 | 7,976 |
Robert Half International Inc. | 93,801 | 7,323 | |
CH Robinson Worldwide Inc. | 66,477 | 6,344 | |
TransUnion | 62,300 | 5,607 |
Shares | Market Value• ($000) | ||
* | Boeing Co. | 21,486 | 5,473 |
Cintas Corp. | 15,531 | 5,301 | |
nVent Electric plc | 153,500 | 4,284 | |
Eaton Corp. plc | 29,700 | 4,107 | |
Caterpillar Inc. | 17,507 | 4,059 | |
Fastenal Co. | 80,300 | 4,037 | |
Allison Transmission Holdings Inc. | 97,700 | 3,989 | |
* | CACI International Inc. Class A | 15,402 | 3,799 |
Knight-Swift Transportation Holdings Inc. | 69,200 | 3,328 | |
* | Plug Power Inc. | 86,900 | 3,114 |
American Airlines Group Inc. | 123,900 | 2,961 | |
* | Lyft Inc. Class A | 45,300 | 2,862 |
Huntington Ingalls Industries Inc. | 12,200 | 2,511 | |
Norfolk Southern Corp. | 7,478 | 2,008 | |
Waste Management Inc. | 15,400 | 1,987 | |
Leidos Holdings Inc. | 15,450 | 1,488 | |
* | IAA Inc. | 19,101 | 1,053 |
Waste Connections Inc. | 9,600 | 1,037 | |
Fluor Corp. | 43,300 | 1,000 | |
Werner Enterprises Inc. | 20,400 | 962 | |
* | Uber Technologies Inc. | 16,700 | 910 |
ArcBest Corp. | 12,197 | 858 | |
CSX Corp. | 8,821 | 851 | |
Rollins Inc. | 24,527 | 844 | |
KBR Inc. | 21,800 | 837 | |
* | Resideo Technologies Inc. | 25,000 | 706 |
Kansas City Southern | 2,400 | 633 | |
Nordson Corp. | 2,800 | 556 | |
Stanley Black & Decker Inc. | 2,734 | 546 | |
* | Great Lakes Dredge & Dock Corp. | 36,800 | 537 |
Lindsay Corp. | 3,200 | 533 | |
MSA Safety Inc. | 2,700 | 405 | |
Pitney Bowes Inc. | 47,700 | 393 | |
Donaldson Co. Inc. | 5,405 | 314 | |
Rexnord Corp. | 5,038 | 237 | |
Moog Inc. Class A | 2,681 | 223 | |
Howmet Aerospace Inc. | 6,600 | 212 | |
Maxar Technologies Inc. | 5,300 | 200 | |
* | Manitowoc Co. Inc. | 9,301 | 192 |
Arcosa Inc. | 2,900 | 189 | |
ManpowerGroup Inc. | 1,900 | 188 | |
* | Mercury Systems Inc. | 2,500 | 177 |
Healthcare Services Group Inc. | 6,100 | 171 | |
Quanta Services Inc. | 1,900 | 167 | |
* | Tutor Perini Corp. | 8,681 | 165 |
* | Clarivate Analytics plc | 6,200 | 164 |
Ritchie Bros Auctioneers Inc. | 2,500 | 146 | |
CoreLogic Inc. | 1,700 | 135 | |
*,2 | API Group Corp. | 6,400 | 132 |
ManTech International Corp. Class A | 1,371 | 119 | |
Wabash National Corp. | 6,300 | 118 | |
* | American Superconductor Corp. | 5,500 | 104 |
* | Astronics Corp. | 5,500 | 99 |
EnPro Industries Inc. | 1,077 | 92 | |
Rush Enterprises Inc. Class A | 1,800 | 90 |
Shares | Market Value• ($000) | ||
ADT Inc. | 10,600 | 89 | |
Hawaiian Holdings Inc. | 3,300 | 88 | |
* | Middleby Corp. | 500 | 83 |
* | CoStar Group Inc. | 94 | 77 |
* | Yellow Corp. | 8,500 | 75 |
* | Allegiant Travel Co. Class A | 300 | 73 |
McGrath RentCorp. | 700 | 56 | |
Matthews International Corp. Class A | 1,400 | 55 | |
Triumph Group Inc. | 2,800 | 51 | |
Schneider National Inc. Class B | 1,600 | 40 | |
Roper Technologies Inc. | 95 | 38 | |
Quad/Graphics Inc. | 9,900 | 35 | |
Advanced Drainage Systems Inc. | 300 | 31 | |
* | Northwest Pipe Co. | 910 | 30 |
AAON Inc. | 400 | 28 | |
* | Univar Solutions Inc. | ��1,200 | 26 |
Heartland Express Inc. | 1,300 | 25 | |
* | Avis Budget Group Inc. | 300 | 22 |
REV Group Inc. | 1,007 | 19 | |
Omega Flex Inc. | 100 | 16 | |
* | Gates Industrial Corp. plc | 1,000 | 16 |
Curtiss-Wright Corp. | 100 | 12 | |
* | Franklin Covey Co. | 400 | 11 |
Knoll Inc. | 600 | 10 | |
Primoris Services Corp. | 300 | 10 | |
Xylem Inc. | 94 | 10 | |
Canadian Pacific Railway Ltd. | 26 | 10 | |
Applied Industrial Technologies Inc. | 98 | 9 | |
Oshkosh Corp. | 73 | 9 | |
Forward Air Corp. | 87 | 8 | |
Insperity Inc. | 94 | 8 | |
Snap-on Inc. | 36 | 8 | |
Brink's Co. | 92 | 7 | |
CRA International Inc. | 100 | 7 | |
Graco Inc. | 100 | 7 | |
Resources Connection Inc. | 412 | 6 | |
Greenbrier Cos. Inc. | 100 | 5 | |
Textron Inc. | 98 | 5 | |
IHS Markit Ltd. | 54 | 5 | |
Federal Signal Corp. | 95 | 4 | |
HNI Corp. | 100 | 4 | |
Heidrick & Struggles International Inc. | 100 | 4 | |
* | Huron Consulting Group Inc. | 81 | 4 |
* | CBIZ Inc. | 91 | 3 |
* | Cornerstone Building Brands Inc. | 198 | 3 |
* | L B Foster Co. Class A | 194 | 3 |
Marten Transport Ltd. | 150 | 3 | |
* | Matrix Service Co. | 192 | 3 |
Tetra Tech Inc. | 23 | 3 | |
AZZ Inc. | 41 | 2 | |
Aerojet Rocketdyne Holdings Inc. | 38 | 2 | |
* | Babcock & Wilcox Enterprises Inc. | 200 | 2 |
Brady Corp. Class A | 38 | 2 | |
* | BrightView Holdings Inc. | 112 | 2 |
* | CECO Environmental Corp. | 225 | 2 |
Shares | Market Value• ($000) | ||
* | DXP Enterprises Inc. | 57 | 2 |
Ennis Inc. | 100 | 2 | |
* | Evoqua Water Technologies Corp. | 63 | 2 |
* | Forrester Research Inc. | 40 | 2 |
KAR Auction Services Inc. | 100 | 2 | |
Kelly Services Inc. Class A | 84 | 2 | |
Kimball International Inc. Class B | 132 | 2 | |
* | MRC Global Inc. | 200 | 2 |
* | Radiant Logistics Inc. | 282 | 2 |
* | Titan Machinery Inc. | 66 | 2 |
* | TrueBlue Inc. | 100 | 2 |
* | USA Truck Inc. | 124 | 2 |
Universal Logistics Holdings Inc. | 86 | 2 | |
Westinghouse Air Brake Technologies Corp. | 28 | 2 | |
* | WESCO International Inc. | 23 | 2 |
Luxfer Holdings plc | 94 | 2 | |
AAR Corp. | 37 | 2 | |
ACCO Brands Corp. | 204 | 2 | |
ARC Document Solutions Inc. | 857 | 2 | |
CNH Industrial NV | 100 | 2 | |
* | Corp. America Airports SA | 400 | 2 |
Atlas Corp. | 111 | 2 | |
CoreCivic Inc. | 99 | 1 | |
* | Energous Corp. | 142 | 1 |
* | General Finance Corp. | 100 | 1 |
GrafTech International Ltd. | 59 | 1 | |
Interface Inc. Class A | 100 | 1 | |
* | Masonite International Corp. | 6 | 1 |
* | Mistras Group Inc. | 100 | 1 |
* | NOW Inc. | 146 | 1 |
* | Orion Group Holdings Inc. | 200 | 1 |
* | SEACOR Holdings Inc. | 16 | 1 |
Steelcase Inc. Class A | 100 | 1 | |
Titan International Inc. | 100 | 1 | |
Caesarstone Ltd. | 62 | 1 | |
Genco Shipping & Trading Ltd. | 100 | 1 | |
* | Westport Fuel Systems Inc. | 100 | 1 |
* | Armstrong Flooring Inc. | 25 | — |
* | Covenant Logistics Group Inc. Class A | 14 | — |
Southwest Airlines Co. | 8 | — | |
Shyft Group Inc. | 1 | — | |
Eneti Inc. | 2 | — | |
1,013,777 | |||
Information Technology (26.2%) | |||
Apple Inc. | 6,337,218 | 774,091 | |
Microsoft Corp. | 2,995,248 | 706,190 | |
NVIDIA Corp. | 234,572 | 125,245 | |
Mastercard Inc. Class A | 306,447 | 109,110 | |
Cisco Systems Inc. | 1,892,909 | 97,882 | |
QUALCOMM Inc. | 720,482 | 95,529 | |
* | Adobe Inc. | 198,990 | 94,594 |
Accenture plc Class A | 297,658 | 82,228 | |
Intel Corp. | 1,282,416 | 82,075 | |
Texas Instruments Inc. | 384,386 | 72,645 | |
Oracle Corp. | 957,592 | 67,194 |
Shares | Market Value• ($000) | ||
Visa Inc. Class A | 311,728 | 66,002 | |
HP Inc. | 1,841,540 | 58,469 | |
Lam Research Corp. | 89,287 | 53,147 | |
Applied Materials Inc. | 397,749 | 53,139 | |
* | Advanced Micro Devices Inc. | 673,141 | 52,842 |
* | PayPal Holdings Inc. | 213,247 | 51,785 |
* | Fortinet Inc. | 279,009 | 51,455 |
Intuit Inc. | 108,485 | 41,556 | |
* | Micron Technology Inc. | 432,540 | 38,154 |
* | Autodesk Inc. | 132,808 | 36,808 |
* | Qorvo Inc. | 198,176 | 36,207 |
International Business Machines Corp. | 228,387 | 30,435 | |
* | Cadence Design Systems Inc. | 209,743 | 28,733 |
* | Synopsys Inc. | 108,780 | 26,953 |
Teradyne Inc. | 210,881 | 25,660 | |
* | VeriSign Inc. | 126,800 | 25,203 |
Cognizant Technology Solutions Corp. Class A | 319,972 | 24,996 | |
Fidelity National Information Services Inc. | 166,300 | 23,383 | |
Motorola Solutions Inc. | 116,285 | 21,867 | |
* | ServiceNow Inc. | 39,310 | 19,659 |
CDW Corp. | 113,929 | 18,884 | |
NetApp Inc. | 258,937 | 18,817 | |
Western Digital Corp. | 272,001 | 18,156 | |
Broadcom Inc. | 34,739 | 16,107 | |
* | Vontier Corp. | 481,300 | 14,569 |
Microchip Technology Inc. | 89,894 | 13,953 | |
DXC Technology Co. | 430,009 | 13,442 | |
Skyworks Solutions Inc. | 73,030 | 13,399 | |
* | Gartner Inc. | 70,720 | 12,910 |
Maxim Integrated Products Inc. | 138,326 | 12,639 | |
* | salesforce.com Inc. | 57,922 | 12,272 |
Automatic Data Processing Inc. | 62,099 | 11,704 | |
Citrix Systems Inc. | 79,080 | 11,100 | |
KLA Corp. | 31,749 | 10,490 | |
Western Union Co. | 375,000 | 9,247 | |
Jack Henry & Associates Inc. | 50,374 | 7,643 | |
* | Square Inc. Class A | 31,300 | 7,107 |
Paychex Inc. | 71,032 | 6,963 | |
* | F5 Networks Inc. | 27,173 | 5,669 |
Xilinx Inc. | 42,300 | 5,241 | |
NortonLifeLock Inc. | 214,601 | 4,562 | |
Xerox Holdings Corp. | 178,400 | 4,330 | |
* | Keysight Technologies Inc. | 30,000 | 4,302 |
* | StoneCo. Ltd. Class A | 48,600 | 2,975 |
Juniper Networks Inc. | 115,100 | 2,915 | |
* | FleetCor Technologies Inc. | 10,000 | 2,686 |
InterDigital Inc. | 38,173 | 2,422 | |
* | 3D Systems Corp. | 79,900 | 2,192 |
* | Shopify Inc. Class A (XTSE) | 1,800 | 1,992 |
Amphenol Corp. Class A | 29,890 | 1,972 | |
* | Black Knight Inc. | 25,500 | 1,887 |
* | Enphase Energy Inc. | 9,978 | 1,618 |
* | Zoom Video Communications Inc. Class A | 5,000 | 1,606 |
* | Anaplan Inc. | 29,600 | 1,594 |
Broadridge Financial Solutions Inc. | 9,469 | 1,450 |
Shares | Market Value• ($000) | ||
Cognex Corp. | 15,700 | 1,303 | |
* | Workiva Inc. Class A | 14,100 | 1,244 |
Kulicke & Soffa Industries Inc. | 24,800 | 1,218 | |
* | Tenable Holdings Inc. | 30,900 | 1,118 |
* | Tower Semiconductor Ltd. | 37,700 | 1,057 |
* | Synaptics Inc. | 7,472 | 1,012 |
SS&C Technologies Holdings Inc. | 14,400 | 1,006 | |
Monolithic Power Systems Inc. | 2,695 | 952 | |
NXP Semiconductors NV | 4,400 | 886 | |
Analog Devices Inc. | 5,246 | 814 | |
* | SunPower Corp. | 23,913 | 800 |
* | Ciena Corp. | 13,700 | 750 |
* | Lattice Semiconductor Corp. | 16,643 | 749 |
* | Rambus Inc. | 38,400 | 746 |
Genpact Ltd. | 14,400 | 617 | |
* | Unisys Corp. | 20,300 | 516 |
* | Nuance Communications Inc. | 11,500 | 502 |
* | TTM Technologies Inc. | 29,633 | 430 |
* | Palo Alto Networks Inc. | 1,300 | 419 |
* | Inphi Corp. | 2,300 | 410 |
* | Ambarella Inc. | 4,000 | 402 |
* | Cirrus Logic Inc. | 4,200 | 356 |
* | SVMK Inc. | 19,000 | 348 |
Entegris Inc. | 2,795 | 312 | |
* | New Relic Inc. | 4,600 | 283 |
* | Digimarc Corp. | 8,505 | 252 |
Vishay Intertechnology Inc. | 10,031 | 242 | |
* | Proofpoint Inc. | 1,900 | 239 |
* | FireEye Inc. | 11,700 | 229 |
* | 8x8 Inc. | 6,600 | 214 |
* | Stratasys Ltd. | 7,100 | 184 |
Ebix Inc. | 4,100 | 131 | |
* | Knowles Corp. | 5,600 | 117 |
* | GoDaddy Inc. Class A | 1,500 | 116 |
National Instruments Corp. | 2,000 | 86 | |
* | Conduent Inc. | 11,500 | 77 |
* | Impinj Inc. | 1,303 | 74 |
* | J2 Global Inc. | 600 | 72 |
NIC Inc. | 2,000 | 68 | |
* | Blackline Inc. | 600 | 65 |
ADTRAN Inc. | 3,834 | 64 | |
* | Extreme Networks Inc. | 7,100 | 62 |
* | Domo Inc. Class B | 1,000 | 56 |
Hackett Group Inc. | 3,400 | 56 | |
Sapiens International Corp. NV | 1,759 | 56 | |
Hollysys Automation Technologies Ltd. | 4,200 | 53 | |
* | Photronics Inc. | 3,700 | 48 |
Jabil Inc. | 900 | 47 | |
* | Celestica Inc. | 5,600 | 47 |
Seagate Technology plc | 600 | 46 | |
* | MaxLinear Inc. | 1,300 | 44 |
* | Crowdstrike Holdings Inc. Class A | 200 | 36 |
Avnet Inc. | 600 | 25 | |
* | SolarWinds Corp. | 1,442 | 25 |
* | Perficient Inc. | 400 | 23 |
Shares | Market Value• ($000) | ||
* | SMART Global Holdings Inc. | 502 | 23 |
* | Veeco Instruments Inc. | 1,000 | 21 |
Logitech International SA (Registered) | 200 | 21 | |
American Software Inc. Class A | 800 | 17 | |
* | Concentrix Corp. | 99 | 15 |
* | Diebold Nixdorf Inc. | 1,000 | 14 |
Ituran Location and Control Ltd. | 600 | 13 | |
* | NetScout Systems Inc. | 416 | 12 |
Advanced Energy Industries Inc. | 98 | 11 | |
SYNNEX Corp. | 99 | 11 | |
NVE Corp. | 149 | 10 | |
Global Payments Inc. | 45 | 9 | |
* | GreenSky Inc. Class A | 1,400 | 9 |
* | Trimble Inc. | 90 | 7 |
* | Tucows Inc. Class A | 97 | 7 |
* | DSP Group Inc. | 400 | 6 |
Daktronics Inc. | 998 | 6 | |
* | Euronet Worldwide Inc. | 45 | 6 |
* | MACOM Technology Solutions Holdings Inc. Class H | 100 | 6 |
* | Bill.Com Holdings Inc. | 39 | 6 |
* | Arista Networks Inc. | 16 | 5 |
* | CommVault Systems Inc. | 72 | 5 |
QAD Inc. Class A | 75 | 5 | |
Belden Inc. | 88 | 4 | |
* | ePlus Inc. | 37 | 4 |
* | PDF Solutions Inc. | 200 | 4 |
* | PROS Holdings Inc. | 98 | 4 |
* | Zendesk Inc. | 32 | 4 |
* | Benefitfocus Inc. | 200 | 3 |
* | Digital Turbine Inc. | 40 | 3 |
* | Model N Inc. | 94 | 3 |
Progress Software Corp. | 58 | 3 | |
* | Sabre Corp. | 185 | 3 |
* | ScanSource Inc. | 100 | 3 |
* | Applied Optoelectronics Inc. | 200 | 2 |
Benchmark Electronics Inc. | 55 | 2 | |
* | CalAmp Corp. | 200 | 2 |
* | Cornerstone OnDemand Inc. | 37 | 2 |
* | Evo Payments Inc. Class A | 81 | 2 |
* | eGain Corp. | 174 | 2 |
* | Harmonic Inc. | 200 | 2 |
* | Infinera Corp. | 190 | 2 |
* | Mitek Systems Inc. | 137 | 2 |
* | Pure Storage Inc. Class A | 72 | 2 |
Switch Inc. Class A | 100 | 2 | |
* | Viavi Solutions Inc. | 100 | 2 |
* | Flex Ltd. | 100 | 2 |
* | Net 1 UEPS Technologies Inc. | 372 | 2 |
* | Arlo Technologies Inc. | 200 | 1 |
* | Asure Software Inc. | 75 | 1 |
* | Casa Systems Inc. | 100 | 1 |
* | Ceridian HCM Holding Inc. | 8 | 1 |
* | Comm Scope Holding Co. Inc. | 100 | 1 |
* | Iteris Inc. | 151 | 1 |
* | Kopin Corp. | 114 | 1 |
Shares | Market Value• ($000) | ||
* | NeoPhotonics Corp. | 100 | 1 |
* | Ribbon Communications Inc. | 100 | 1 |
* | Smartsheet Inc. Class A | 14 | 1 |
* | Verra Mobility Corp. Class A | 100 | 1 |
* | ViaSat Inc. | 26 | 1 |
VirnetX Holding Corp. | 100 | 1 | |
* | Zix Corp. | 100 | 1 |
* | Zuora Inc. Class A | 100 | 1 |
* | Tufin Software Technologies Ltd. | 105 | 1 |
* | A10 Networks Inc. | 26 | — |
* | Axcelis Technologies Inc. | 10 | — |
* | Calix Inc. | 9 | — |
* | Eastman Kodak Co. | 29 | — |
* | Immersion Corp. | 2 | — |
* | Vishay Precision Group Inc. | 2 | — |
* | Yext Inc. | 7 | — |
* | Ideanomics Inc. | 100 | — |
* | Maxeon Solar Technologies Ltd. | 12 | — |
* | Sierra Wireless Inc. | 15 | — |
3,373,482 | |||
Materials (2.6%) | |||
Dow Inc. | 806,192 | 51,548 | |
* | Linde plc | 138,289 | 38,740 |
Sherwin-Williams Co. | 40,759 | 30,081 | |
Newmont Corp. | 492,691 | 29,695 | |
Nucor Corp. | 343,790 | 27,596 | |
Sealed Air Corp. | 551,367 | 25,264 | |
Avery Dennison Corp. | 133,968 | 24,603 | |
CF Industries Holdings Inc. | 311,332 | 14,128 | |
FMC Corp. | 121,980 | 13,492 | |
DuPont de Nemours Inc. | 152,993 | 11,823 | |
Martin Marietta Materials Inc. | 33,793 | 11,348 | |
Corteva Inc. | 197,607 | 9,212 | |
Mosaic Co. | 266,971 | 8,439 | |
Steel Dynamics Inc. | 113,400 | 5,756 | |
Amcor plc | 385,020 | 4,497 | |
Huntsman Corp. | 107,100 | 3,088 | |
Air Products and Chemicals Inc. | 10,700 | 3,010 | |
Louisiana-Pacific Corp. | 49,600 | 2,751 | |
LyondellBasell Industries NV Class A | 25,650 | 2,669 | |
Barrick Gold Corp. | 125,800 | 2,491 | |
Ball Corp. | 28,800 | 2,441 | |
Commercial Metals Co. | 74,600 | 2,301 | |
Reliance Steel & Aluminum Co. | 15,000 | 2,284 | |
Celanese Corp. Class A | 11,127 | 1,667 | |
Westlake Chemical Corp. | 11,600 | 1,030 | |
International Paper Co. | 16,300 | 881 | |
* | Allegheny Technologies Inc. | 41,400 | 872 |
Freeport-McMoRan Inc. | 26,359 | 868 | |
Ashland Global Holdings Inc. | 7,300 | 648 | |
* | Ingevity Corp. | 8,200 | 619 |
Crown Holdings Inc. | 5,200 | 505 | |
Valvoline Inc. | 12,400 | 323 | |
W R Grace & Co. | 5,200 | 311 | |
Warrior Met Coal Inc. | 12,700 | 218 |
Shares | Market Value• ($000) | ||
Graphic Packaging Holding Co. | 10,300 | 187 | |
Kirkland Lake Gold Ltd. | 4,000 | 135 | |
Yamana Gold Inc. | 24,700 | 107 | |
Alamos Gold Inc. Class A | 13,500 | 105 | |
Albemarle Corp. | 700 | 102 | |
Schnitzer Steel Industries Inc. Class A | 2,000 | 84 | |
Carpenter Technology Corp. | 2,000 | 82 | |
Avient Corp. | 900 | 43 | |
* | Arconic Corp. | 1,500 | 38 |
Royal Gold Inc. | 300 | 32 | |
Neenah Inc. | 500 | 26 | |
Myers Industries Inc. | 971 | 19 | |
Vulcan Materials Co. | 98 | 17 | |
* | LSB Industries Inc. | 3,105 | 16 |
* | Resolute Forest Products Inc. | 900 | 10 |
RPM International Inc. | 92 | 8 | |
Innospec Inc. | 35 | 4 | |
* | Kraton Corp. | 100 | 4 |
Haynes International Inc. | 95 | 3 | |
Olin Corp. | 88 | 3 | |
U.S. Steel Corp. | 100 | 3 | |
Verso Corp. Class A | 199 | 3 | |
Mercer International Inc. | 200 | 3 | |
Cleveland-Cliffs Inc. | 120 | 2 | |
PQ Group Holdings Inc. | 130 | 2 | |
* | Ryerson Holding Corp. | 137 | 2 |
Tredegar Corp. | 100 | 2 | |
* | Pretium Resources Inc. | 165 | 2 |
* | Orion Engineered Carbons SA | 80 | 2 |
* | Intrepid Potash Inc. | 50 | 2 |
* | Equinox Gold Corp. | 200 | 2 |
* | First Majestic Silver Corp. | 100 | 2 |
* | Seabridge Gold Inc. | 100 | 2 |
Advanced Emissions Solutions Inc. | 191 | 1 | |
Chemours Co. | 44 | 1 | |
* | Flotek Industries Inc. | 653 | 1 |
Hecla Mining Co. | 200 | 1 | |
SunCoke Energy Inc. | 200 | 1 | |
Tronox Holdings plc Class A | 42 | 1 | |
O-I Glass Inc. | 100 | 1 | |
Osisko Gold Royalties Ltd. | 100 | 1 | |
* | Novagold Resources Inc. | 100 | 1 |
* | Gold Standard Ventures Corp. | 1,776 | 1 |
* | Constellium SE Class A | 100 | 1 |
* | Ferroglobe plc | 200 | 1 |
Nexa Resources SA | 116 | 1 | |
ICL Group Ltd. | 227 | 1 | |
* | Alpha Metallurgical Resources Inc. | 100 | 1 |
* | IAMGOLD Corp. | 100 | — |
336,268 | |||
Other (0.2%) | |||
SPDR S&P 500 ETF Trust | 52,000 | 20,609 | |
*,3 | Achillion Pharma CVR Alexion Pharmaceuticals Inc. | 400 | 1 |
*,3 | Alder Biopharmaceuticals CVR Exp. 12/31/24 | 200 | — |
*,3 | Biosante Pharmaceutical Inc. CVR | 4,189 | — |
Shares | Market Value• ($000) | ||
*,3 | Aduro Biotech Inc. | 67 | — |
*,3 | Contra Pfenex Inc. | 200 | — |
*,3 | Stemline Therapeutics Inc. | 200 | — |
*,3 | Ferroglobe Unit | 48,731 | — |
* | Ion Geophysical Corp. Right Exp. 4/8/21 | 100 | — |
20,610 | |||
Real Estate (1.9%) | |||
American Tower Corp. | 131,916 | 31,536 | |
Weyerhaeuser Co. | 758,936 | 27,018 | |
Iron Mountain Inc. | 715,892 | 26,495 | |
Regency Centers Corp. | 433,140 | 24,563 | |
Crown Castle International Corp. | 103,087 | 17,744 | |
Kimco Realty Corp. | 819,361 | 15,363 | |
SBA Communications Corp. Class A | 47,560 | 13,200 | |
Ventas Inc. | 244,523 | 13,043 | |
Prologis Inc. | 95,300 | 10,102 | |
Equinix Inc. | 13,498 | 9,173 | |
Simon Property Group Inc. | 58,545 | 6,661 | |
Extra Space Storage Inc. | 50,018 | 6,630 | |
Healthpeak Properties Inc. | 189,800 | 6,024 | |
Apartment Income REIT Corp. | 135,662 | 5,801 | |
Duke Realty Corp. | 128,900 | 5,405 | |
Mid-America Apartment Communities Inc. | 37,196 | 5,370 | |
SL Green Realty Corp. | 57,720 | 4,040 | |
Public Storage | 13,747 | 3,392 | |
Equity LifeStyle Properties Inc. | 40,200 | 2,558 | |
Welltower Inc. | 30,900 | 2,213 | |
First Industrial Realty Trust Inc. | 30,300 | 1,387 | |
MGM Growth Properties LLC Class A | 35,300 | 1,151 | |
UDR Inc. | 23,900 | 1,048 | |
American Homes 4 Rent Class A | 21,800 | 727 | |
Invitation Homes Inc. | 18,500 | 592 | |
PotlatchDeltic Corp. | 7,100 | 376 | |
Park Hotels & Resorts Inc. | 16,300 | 352 | |
Realty Income Corp. | 5,300 | 337 | |
Colony Capital Inc. | 48,400 | 314 | |
Corporate Office Properties Trust | 10,000 | 263 | |
Outfront Media Inc. | 10,900 | 238 | |
CareTrust REIT Inc. | 9,603 | 224 | |
* | Hersha Hospitality Trust Class A | 20,000 | 211 |
* | Realogy Holdings Corp. | 12,100 | 183 |
Omega Healthcare Investors Inc. | 3,981 | 146 | |
* | DiamondRock Hospitality Co. | 10,900 | 112 |
JBG SMITH Properties | 3,145 | 100 | |
VICI Properties Inc. | 3,300 | 93 | |
New Senior Investment Group Inc. | 11,400 | 71 | |
Highwoods Properties Inc. | 1,500 | 64 | |
Boston Properties Inc. | 400 | 41 | |
Gladstone Commercial Corp. | 1,873 | 37 | |
American Assets Trust Inc. | 1,000 | 32 | |
National Storage Affiliates Trust | 700 | 28 | |
CubeSmart | 700 | 26 | |
Getty Realty Corp. | 894 | 25 | |
Service Properties Trust | 1,900 | 23 | |
Apartment Investment and Management Co. Class A | 3,018 | 19 |
Shares | Market Value• ($000) | ||
VEREIT Inc. | 500 | 19 | |
NETSTREIT Corp. | 863 | 16 | |
Uniti Group Inc. | 1,000 | 11 | |
Federal Realty Investment Trust | 73 | 7 | |
Agree Realty Corp. | 94 | 6 | |
Acadia Realty Trust | 198 | 4 | |
St. Joe Co. | 88 | 4 | |
* | Altisource Portfolio Solutions SA | 400 | 4 |
Retail Value Inc. | 175 | 3 | |
Sun Communities Inc. | 23 | 3 | |
Urban Edge Properties | 171 | 3 | |
Urstadt Biddle Properties Inc. Class A | 199 | 3 | |
Broadstone Net Lease Inc. | 180 | 3 | |
* | Alexander & Baldwin Inc. | 100 | 2 |
* | CBRE Group Inc. Class A | 26 | 2 |
City Office REIT Inc. | 195 | 2 | |
CorEnergy Infrastructure Trust Inc. | 274 | 2 | |
CorePoint Lodging Inc. | 189 | 2 | |
GEO Group Inc. | 200 | 2 | |
iStar Inc. | 100 | 2 | |
Monmouth Real Estate Investment Corp. | 100 | 2 | |
Plymouth Industrial REIT Inc. | 146 | 2 | |
RLJ Lodging Trust | 100 | 2 | |
RMR Group Inc. Class A | 40 | 2 | |
Retail Opportunity Investments Corp. | 100 | 2 | |
Sabra Health Care REIT Inc. | 100 | 2 | |
* | Summit Hotel Properties Inc. | 158 | 2 |
UMH Properties Inc. | 100 | 2 | |
Vornado Realty Trust | 36 | 2 | |
* | Cushman & Wakefield plc | 100 | 2 |
Armada Hoffler Properties Inc. | 100 | 1 | |
Brandywine Realty Trust | 100 | 1 | |
Empire State Realty Trust Inc. Class A | 100 | 1 | |
Newmark Group Inc. Class A | 100 | 1 | |
Retail Properties of America Inc. Class A | 100 | 1 | |
SITE Centers Corp. | 100 | 1 | |
Sunstone Hotel Investors Inc. | 100 | 1 | |
* | Ashford Hospitality Trust Inc. | 280 | 1 |
Host Hotels & Resorts Inc. | 7 | — | |
Hudson Pacific Properties Inc. | 6 | — | |
Diversified Healthcare Trust | 100 | — | |
CIM Commercial Trust Corp. | 25 | — | |
244,679 | |||
Utilities (1.9%) | |||
CenterPoint Energy Inc. | 1,387,719 | 31,432 | |
AES Corp. | 957,140 | 25,661 | |
Dominion Energy Inc. | 321,310 | 24,407 | |
Entergy Corp. | 238,710 | 23,744 | |
Exelon Corp. | 523,713 | 22,907 | |
Sempra Energy | 153,074 | 20,295 | |
NRG Energy Inc. | 521,810 | 19,688 | |
Evergy Inc. | 300,991 | 17,918 | |
FirstEnergy Corp. | 443,200 | 15,375 | |
CMS Energy Corp. | 142,000 | 8,693 | |
Duke Energy Corp. | 71,189 | 6,872 |
Shares | Market Value• ($000) | ||
PPL Corp. | 224,858 | 6,485 | |
Alliant Energy Corp. | 73,000 | 3,954 | |
NiSource Inc. | 141,450 | 3,410 | |
Edison International | 39,600 | 2,321 | |
NextEra Energy Inc. | 25,184 | 1,904 | |
IDACORP Inc. | 14,300 | 1,430 | |
Public Service Enterprise Group Inc. | 14,141 | 851 | |
Southern Co. | 11,000 | 684 | |
* | Atlantic Power Corp. | 84,600 | 244 |
MDU Resources Group Inc. | 5,200 | 164 | |
Otter Tail Corp. | 841 | 39 | |
OGE Energy Corp. | 1,000 | 32 | |
Ameren Corp. | 96 | 8 | |
Black Hills Corp. | 91 | 6 | |
Xcel Energy Inc. | 88 | 6 | |
ALLETE Inc. | 70 | 5 | |
American States Water Co. | 58 | 4 | |
Portland General Electric Co. | 94 | 4 | |
Brookfield Renewable Corp. Class A | 70 | 3 | |
Spark Energy Inc. Class A | 162 | 2 | |
238,548 | |||
Total Common Stocks (Cost $7,974,982) | 12,507,149 | ||
Temporary Cash Investments (3.0%) | |||
Money Market Fund (3.0%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.081% | 3,893,841 | 389,384 |
Face Amount ($000) | |||
U.S. Government and Agency Obligations (0.0%) | |||
U.S. Treasury Bill, 0.020%, 8/26/21 | 800 | 800 | |
Total Temporary Cash Investments (Cost $390,077) | 390,184 | ||
Total Investments (100.3%) (Cost $8,365,059) | 12,897,333 | ||
Other Assets and Liabilities—Net (-0.3%) | (41,654) | ||
Net Assets (100%) | 12,855,679 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $17,323,000. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, the aggregate value was $132,000, representing 0.0% of net assets. |
3 | Security value determined using significant unobservable inputs. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $17,986,000 was received for securities on loan, of which $5,294,000 is held in Vanguard Market Liquidity Fund and $12,692,000 is held in cash. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2021 | 1,641 | 325,525 | 1,952 |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $7,975,782) | 12,507,949 |
Affiliated Issuers (Cost $389,277) | 389,384 |
Total Investments in Securities | 12,897,333 |
Investment in Vanguard | 460 |
Cash | 12,692 |
Cash Collateral Pledged—Futures Contracts | 21,520 |
Receivables for Investment Securities Sold | 56,976 |
Receivables for Accrued Income | 11,275 |
Receivables for Capital Shares Issued | 3,669 |
Variation Margin Receivable—Futures Contracts | 1,943 |
Total Assets | 13,005,868 |
Liabilities | |
Due to Custodian | 22,125 |
Payables for Investment Securities Purchased | 36,572 |
Collateral for Securities on Loan | 17,986 |
Payables to Investment Advisor | 2,885 |
Payables for Capital Shares Redeemed | 70,155 |
Payables to Vanguard | 466 |
Total Liabilities | 150,189 |
Net Assets | 12,855,679 |
At March 31, 2021, net assets consisted of: | |
Paid-in Capital | 7,691,199 |
Total Distributable Earnings (Loss) | 5,164,480 |
Net Assets | 12,855,679 |
Investor Shares—Net Assets | |
Applicable to 54,064,233 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,318,692 |
Net Asset Value Per Share—Investor Shares | $61.38 |
Admiral Shares—Net Assets | |
Applicable to 95,171,107 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 9,536,987 |
Net Asset Value Per Share—Admiral Shares | $100.21 |
Six Months Ended March 31, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 102,623 |
Interest2 | 166 |
Securities Lending—Net | 197 |
Total Income | 102,986 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 5,772 |
Performance Adjustment | 534 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 3,352 |
Management and Administrative—Admiral Shares | 5,633 |
Marketing and Distribution—Investor Shares | 116 |
Marketing and Distribution—Admiral Shares | 159 |
Custodian Fees | 82 |
Shareholders’ Reports—Investor Shares | 2 |
Shareholders’ Reports—Admiral Shares | 30 |
Trustees’ Fees and Expenses | 4 |
Total Expenses | 15,684 |
Net Investment Income | 87,302 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 788,585 |
Futures Contracts | 40,864 |
Realized Net Gain (Loss) | 829,449 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 1,319,915 |
Futures Contracts | (2,067) |
Change in Unrealized Appreciation (Depreciation) | 1,317,848 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,234,599 |
1 | Dividends are net of foreign withholding taxes of $6,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $142,000, $5,000, and ($5,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended March 31, 2021 | Year Ended September 30, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 87,302 | 185,256 | |
Realized Net Gain (Loss) | 829,449 | 486,613 | |
Change in Unrealized Appreciation (Depreciation) | 1,317,848 | 831,423 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,234,599 | 1,503,292 | |
Distributions | |||
Investor Shares | (174,499) | (121,067) | |
Admiral Shares | (522,793) | (362,694) | |
Total Distributions | (697,292) | (483,761) | |
Capital Share Transactions | |||
Investor Shares | 157,246 | (346,621) | |
Admiral Shares | (703,821) | (79,597) | |
Net Increase (Decrease) from Capital Share Transactions | (546,575) | (426,218) | |
Total Increase (Decrease) | 990,732 | 593,313 | |
Net Assets | |||
Beginning of Period | 11,864,947 | 11,271,634 | |
End of Period | 12,855,679 | 11,864,947 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2021 | Year Ended September 30, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $54.15 | $49.46 | $52.17 | $46.50 | $42.16 | $39.55 |
Investment Operations | ||||||
Net Investment Income | .3951 | .7871 | .8231 | .7111 | .7921 | .852 |
Net Realized and Unrealized Gain (Loss) on Investments | 10.260 | 6.024 | (.204) | 7.650 | 6.346 | 4.813 |
Total from Investment Operations | 10.655 | 6.811 | .619 | 8.361 | 7.138 | 5.665 |
Distributions | ||||||
Dividends from Net Investment Income | (.453) | (.815) | (.766) | (.668) | (.799) | (.790) |
Distributions from Realized Capital Gains | (2.972) | (1.306) | (2.563) | (2.023) | (1.999) | (2.265) |
Total Distributions | (3.425) | (2.121) | (3.329) | (2.691) | (2.798) | (3.055) |
Net Asset Value, End of Period | $61.38 | $54.15 | $49.46 | $52.17 | $46.50 | $42.16 |
Total Return2 | 20.22% | 14.07% | 2.21% | 18.56% | 17.66% | 14.79% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,319 | $2,779 | $2,860 | $2,932 | $2,982 | $2,801 |
Ratio of Total Expenses to Average Net Assets3 | 0.33% | 0.32% | 0.33% | 0.33% | 0.34% | 0.34% |
Ratio of Net Investment Income to Average Net Assets | 1.39% | 1.57% | 1.73% | 1.45% | 1.80% | 2.09% |
Portfolio Turnover Rate | 29% | 58% | 68% | 83% | 96% | 96% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of 0.01%, 0.00%, 0.01%, 0.00%, 0.00%, and 0.00%. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2021 | Year Ended September 30, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $88.40 | $80.74 | $85.16 | $75.93 | $68.83 | $64.57 |
Investment Operations | ||||||
Net Investment Income | .6911 | 1.3641 | 1.4211 | 1.2421 | 1.3621 | 1.466 |
Net Realized and Unrealized Gain (Loss) on Investments | 16.757 | 9.842 | (.330) | 12.473 | 10.384 | 7.855 |
Total from Investment Operations | 17.448 | 11.206 | 1.091 | 13.715 | 11.746 | 9.321 |
Distributions | ||||||
Dividends from Net Investment Income | (.785) | (1.414) | (1.326) | (1.182) | (1.384) | (1.364) |
Distributions from Realized Capital Gains | (4.853) | (2.132) | (4.185) | (3.303) | (3.262) | (3.697) |
Total Distributions | (5.638) | (3.546) | (5.511) | (4.485) | (4.646) | (5.061) |
Net Asset Value, End of Period | $100.21 | $88.40 | $80.74 | $85.16 | $75.93 | $68.83 |
Total Return2 | 20.28% | 14.19% | 2.32% | 18.65% | 17.81% | 14.91% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $9,537 | $9,086 | $8,412 | $8,491 | $7,015 | $3,833 |
Ratio of Total Expenses to Average Net Assets3 | 0.23% | 0.22% | 0.23% | 0.23% | 0.23% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 1.49% | 1.66% | 1.83% | 1.55% | 1.91% | 2.20% |
Portfolio Turnover Rate | 29% | 58% | 68% | 83% | 96% | 96% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of 0.01%, 0.00%, 0.01%, 0.00%, 0.00%, and 0.00%. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Los Angeles Capital Management LLC (formerly Los Angeles Capital Management and Equity Research, Inc.) and D. E. Shaw Investment Management, L.L.C., 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 Los Angeles Capital Management LLC is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding five years. 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. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 12,507,148 | — | 1 | 12,507,149 |
Temporary Cash Investments | 389,384 | 800 | — | 390,184 |
Total | 12,896,532 | 800 | 1 | 12,897,333 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,952 | — | — | 1,952 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | As of March 31, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 8,397,202 |
Gross Unrealized Appreciation | 4,559,935 |
Gross Unrealized Depreciation | (57,852) |
Net Unrealized Appreciation (Depreciation) | 4,502,083 |
F. | During the six months ended March 31, 2021, the fund purchased $3,407,560,000 of investment securities and sold $4,568,365,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended March 31, 2021 | Year Ended September 30, 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 260,092 | 4,453 | 364,628 | 7,412 | |
Issued in Lieu of Cash Distributions | 166,787 | 2,949 | 116,087 | 2,281 | |
Redeemed | (269,633) | (4,656) | (827,336) | (16,197) | |
Net Increase (Decrease)—Investor Shares | 157,246 | 2,746 | (346,621) | (6,504) | |
Admiral Shares | |||||
Issued | 559,690 | 5,915 | 1,327,369 | 16,185 | |
Issued in Lieu of Cash Distributions | 485,156 | 5,256 | 339,569 | 4,090 | |
Redeemed | (1,748,667) | (18,779) | (1,746,535) | (21,683) | |
Net Increase (Decrease)—Admiral Shares | (703,821) | (7,608) | (79,597) | (1,408) |
H. | Management has determined that no events or transactions occurred subsequent to March 31, 2021, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. In 2020, a third-party service provider began performing certain administrative and accounting services for Vanguard Growth and Income Fund. There were no other significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications field herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD QUANTITATIVE FUNDS
BY: /s/ MORTIMER J. BUCKLEY*
MORTIMER J. BUCKLEY
CHIEF EXECUTIVE OFFICER
Date: May 19, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD QUANTITATIVE FUNDS
BY: /s/ MORTIMER J. BUCKLEY*
MORTIMER J. BUCKLEY
CHIEF EXECUTIVE OFFICER
Date: May 19, 2021
VANGUARD QUANTITATIVE FUNDS
BY: /s/ JOHN BENDL*
JOHN BENDL
CHIEF FINANCIAL OFFICER
Date: May 19, 2021
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on December 18, 2020 (see File Number 33-64845), Incorporated by Reference