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, 2022—September 30, 2023
Item 1: Reports to Shareholders
Your Fund’s Performance at a Glance | 1 |
Advisors' Report | 2 |
About Your Fund’s Expenses | 5 |
Performance Summary | 7 |
Financial Statements | 9 |
Trustees Approve Advisory Arrangements | 32 |
• | For the 12 months ended September 30, 2023, Vanguard Growth and Income Fund returned 19.81% for Investor Shares and 19.93% for Admiral Shares. Fund performance trailed that of its benchmark, which returned 21.62%. |
• | Early on, inflation began to ease off multidecade highs amid aggressive interest rate hikes by the Federal Reserve. Unexpected resilience in the labor market and consumer spending helped dial back expectations of a sustained recession, but the prospect of higher rates for longer weighed on market sentiment toward the close of the period. |
• | The fund’s underweight to the poorly performing utilities sector was the greatest contributor to relative performance. Energy also contributed to relative performance because of a combination of security selection and a slight overweight to the sector. Real estate also contributed somewhat. The greatest detractor was information technology, due primarily to stock selection within the sector. A more moderate detractor was industrials. |
• | For the 10 years ended September 30, 2023, the fund’s average annual return was roughly in line with its benchmark. |
Average Annual Total Returns Periods Ended September 30, 2023 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 21.19% | 9.53% | 9.63% |
Russell 2000 Index (Small-caps) | 8.93 | 7.16 | 2.40 |
Russell 3000 Index (Broad U.S. market) | 20.46 | 9.38 | 9.14 |
FTSE All-World ex US Index (International) | 20.67 | 4.23 | 3.00 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | 0.78% | -5.18% | 0.18% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 2.66 | -2.30 | 1.05 |
FTSE Three-Month U.S. Treasury Bill Index | 4.71 | 1.78 | 1.74 |
CPI | |||
Consumer Price Index | 3.70% | 5.75% | 4.04% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
D. E. Shaw Investment Management, L.L.C. | 34 | 3,971 | 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 Management LLC | 33 | 3,949 | 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. |
Wellington Management Company LLP | 31 | 3,716 | Allocates the assets in its portion of the fund to a team of global analysts who seek to add value through in-depth fundamental research and understanding of their industries. By covering the same companies over a period of many years, these investment professionals gain comprehensive insight to guide decisions for their subportfolios. |
Cash Investments | 2 | 262 | These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor may also maintain a modest cash position. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended September 30, 2023 | |||
Beginning Account Value 3/31/2023 | Ending Account Value 9/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Growth and Income Fund | |||
Investor Shares | $1,000.00 | $1,050.20 | $1.64 |
Admiral™ Shares | 1,000.00 | 1,050.60 | 1.13 |
Based on Hypothetical 5% Yearly Return | |||
Growth and Income Fund | |||
Investor Shares | $1,000.00 | $1,023.46 | $1.62 |
Admiral Shares | 1,000.00 | 1,023.97 | 1.12 |
Average Annual Total Returns Periods Ended September 30, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Growth and Income Fund Investor Shares | 19.81% | 9.38% | 11.71% | $30,251 | |
S&P 500 Index | 21.62 | 9.92 | 11.91 | 30,821 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 20.49 | 9.01 | 11.19 | 28,891 |
One Year | Five Years | Ten Years | Final Value of a $50,000 Investment | ||
Growth and Income Fund Admiral Shares | 19.93% | 9.49% | 11.82% | $152,827 | |
S&P 500 Index | 21.62 | 9.92 | 11.91 | 154,103 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 20.49 | 9.01 | 11.19 | 144,456 |
Communication Services | 8.2% |
Consumer Discretionary | 14.6 |
Consumer Staples | 4.2 |
Energy | 5.2 |
Financials | 12.5 |
Health Care | 12.9 |
Industrials | 9.3 |
Information Technology | 28.7 |
Materials | 1.5 |
Real Estate | 1.1 |
Utilities | 1.3 |
Other | 0.5 |
Shares | Market Value• ($000) | ||
Common Stocks (97.5%) | |||
Communication Services (8.0%) | |||
* | Alphabet Inc. Class A | 2,824,925 | 369,670 |
* | Meta Platforms Inc. Class A | 532,107 | 159,744 |
* | Alphabet Inc. Class C | 1,132,102 | 149,268 |
* | T-Mobile US Inc. | 516,053 | 72,273 |
* | Spotify Technology SA | 286,176 | 44,254 |
AT&T Inc. | 2,636,300 | 39,597 | |
Omnicom Group Inc. | 525,283 | 39,123 | |
* | Netflix Inc. | 59,230 | 22,365 |
* | Live Nation Entertainment Inc. | 268,942 | 22,333 |
* | Snap Inc. Class A | 573,800 | 5,113 |
* | Match Group Inc. | 65,000 | 2,546 |
* | Warner Bros Discovery Inc. | 212,100 | 2,303 |
* | Yelp Inc. | 47,204 | 1,963 |
Fox Corp. Class A | 53,200 | 1,660 | |
* | Lumen Technologies Inc. | 974,100 | 1,383 |
* | Gogo Inc. | 89,800 | 1,071 |
* | Sciplay Corp. Class A | 43,123 | 982 |
* | Charter Communications Inc. Class A | 2,200 | 968 |
Iridium Communications Inc. | 18,900 | 860 | |
Fox Corp. Class B | 25,600 | 739 | |
* | Eventbrite Inc. Class A | 73,800 | 728 |
Paramount Global Class B | 55,400 | 715 | |
* | Vimeo Inc. | 163,682 | 579 |
* | AMC Networks Inc. Class A | 48,355 | 570 |
* | Liberty Media Corp. - Liberty Formula One Class C | 8,900 | 554 |
* | Lions Gate Entertainment Corp. Class A | 47,960 | 407 |
Warner Music Group Corp. Class A | 12,000 | 377 | |
* | Liberty Media Corp. - Liberty Formula One Class A | 5,800 | 328 |
* | Globalstar Inc. | 246,700 | 323 |
* | Altice USA Inc. Class A | 96,601 | 316 |
* | ZipRecruiter Inc. Class A | 23,574 | 283 |
* | QuinStreet Inc. | 30,800 | 276 |
* | IDT Corp. Class B | 11,907 | 263 |
* | Gannett Co. Inc. | 98,400 | 241 |
Shares | Market Value• ($000) | ||
* | Consolidated Communications Holdings Inc. | 31,700 | 108 |
* | Lions Gate Entertainment Corp. Class B | 13,700 | 108 |
* | Liberty Global plc Class A | 5,000 | 86 |
* | ZoomInfo Technologies Inc. | 2,800 | 46 |
Gray Television Inc. | 6,024 | 42 | |
* | DHI Group Inc. | 10,500 | 32 |
* | Liberty Media Corp. - Liberty Live Class C | 800 | 26 |
Entravision Communications Corp. Class A | 5,300 | 19 | |
* | WideOpenWest Inc. | 2,479 | 19 |
* | comScore Inc. | 11,898 | 7 |
Comcast Corp. Class A | 100 | 4 | |
Sinclair Inc. | 328 | 4 | |
* | TripAdvisor Inc. | 10 | — |
*,1 | Yandex NV Class A | 23,500 | — |
944,676 | |||
Consumer Discretionary (14.2%) | |||
* | Amazon.com Inc. | 3,818,702 | 485,433 |
* | Tesla Inc. | 628,945 | 157,375 |
* | Chipotle Mexican Grill Inc. | 71,722 | 131,382 |
* | Booking Holdings Inc. | 38,728 | 119,435 |
* | AutoZone Inc. | 35,577 | 90,365 |
Marriott International Inc. Class A | 384,750 | 75,626 | |
Ross Stores Inc. | 606,676 | 68,524 | |
McDonald's Corp. | 255,629 | 67,343 | |
Lennar Corp. Class A | 477,826 | 53,626 | |
TJX Cos. Inc. | 509,870 | 45,317 | |
Starbucks Corp. | 374,042 | 34,139 | |
Home Depot Inc. | 104,782 | 31,661 | |
Yum! Brands Inc. | 245,613 | 30,687 | |
Lowe's Cos. Inc. | 124,640 | 25,905 | |
* | Royal Caribbean Cruises Ltd. | 247,460 | 22,801 |
* | Airbnb Inc. Class A | 135,269 | 18,560 |
PulteGroup Inc. | 244,930 | 18,137 | |
DR Horton Inc. | 149,150 | 16,029 | |
NIKE Inc. Class B | 159,554 | 15,257 | |
* | Expedia Group Inc. | 122,805 | 12,658 |
Ford Motor Co. | 1,004,077 | 12,471 |
Shares | Market Value• ($000) | ||
Domino's Pizza Inc. | 31,343 | 11,872 | |
Darden Restaurants Inc. | 76,183 | 10,911 | |
* | O'Reilly Automotive Inc. | 9,430 | 8,571 |
* | CarMax Inc. | 120,169 | 8,500 |
Bath & Body Works Inc. | 238,080 | 8,047 | |
Las Vegas Sands Corp. | 172,941 | 7,928 | |
General Motors Co. | 202,700 | 6,683 | |
Hilton Worldwide Holdings Inc. | 43,910 | 6,594 | |
Advance Auto Parts Inc. | 89,500 | 5,006 | |
Penske Automotive Group Inc. | 29,800 | 4,978 | |
Genuine Parts Co. | 32,500 | 4,692 | |
Dick's Sporting Goods Inc. | 42,500 | 4,615 | |
VF Corp. | 240,800 | 4,255 | |
* | Duolingo Inc. | 23,100 | 3,832 |
* | Ulta Beauty Inc. | 9,200 | 3,675 |
Williams-Sonoma Inc. | 23,500 | 3,652 | |
* | Chegg Inc. | 340,400 | 3,036 |
* | Mohawk Industries Inc. | 35,128 | 3,014 |
H&R Block Inc. | 68,000 | 2,928 | |
Wynn Resorts Ltd. | 31,100 | 2,874 | |
Harley-Davidson Inc. | 85,900 | 2,840 | |
eBay Inc. | 61,000 | 2,689 | |
LKQ Corp. | 50,214 | 2,486 | |
* | Figs Inc. Class A | 396,700 | 2,341 |
* | DoorDash Inc. Class A | 29,000 | 2,305 |
* | Coupang Inc. | 130,600 | 2,220 |
* | Coursera Inc. | 111,000 | 2,075 |
* | Carnival Corp. | 145,470 | 1,996 |
* | Caesars Entertainment Inc. | 40,100 | 1,859 |
MGM Resorts International | 43,600 | 1,603 | |
Pool Corp. | 3,900 | 1,389 | |
Toll Brothers Inc. | 18,400 | 1,361 | |
* | Aptiv plc | 12,800 | 1,262 |
* | AutoNation Inc. | 8,000 | 1,211 |
* | Sleep Number Corp. | 47,800 | 1,175 |
Newell Brands Inc. | 127,100 | 1,148 | |
Tapestry Inc. | 39,200 | 1,127 | |
Yum China Holdings Inc. | 19,900 | 1,109 | |
* | GoPro Inc. Class A | 295,500 | 928 |
* | Floor & Decor Holdings Inc. Class A | 10,100 | 914 |
Group 1 Automotive Inc. | 3,336 | 896 | |
* | Under Armour Inc. Class C | 126,000 | 804 |
Laureate Education Inc. | 47,200 | 666 | |
Aaron's Co. Inc. | 57,700 | 604 | |
* | Playa Hotels & Resorts NV | 82,400 | 597 |
* | Genesco Inc. | 17,100 | 527 |
Acushnet Holdings Corp. | 8,395 | 445 | |
Phinia Inc. | 16,200 | 434 | |
Garmin Ltd. | 3,700 | 389 | |
* | Grand Canyon Education Inc. | 3,200 | 374 |
Bloomin' Brands Inc. | 14,800 | 364 | |
Best Buy Co. Inc. | 4,700 | 326 | |
* | Qurate Retail Inc. Series A | 458,700 | 278 |
* | CarParts.com Inc. | 66,400 | 274 |
* | Skechers USA Inc. Class A | 4,100 | 201 |
* | Zumiez Inc. | 9,500 | 169 |
* | Chewy Inc. Class A | 8,600 | 157 |
Shares | Market Value• ($000) | ||
Churchill Downs Inc. | 1,300 | 151 | |
Restaurant Brands International Inc. | 2,200 | 147 | |
Monarch Casino & Resort Inc. | 2,312 | 144 | |
* | ODP Corp. | 3,020 | 139 |
* | NVR Inc. | 21 | 125 |
* | Overstock.com Inc. | 7,200 | 114 |
* | LL Flooring Holdings Inc. | 35,100 | 111 |
* | Fossil Group Inc. | 50,191 | 103 |
* | Noodles & Co. | 40,200 | 99 |
* | American Public Education Inc. | 17,594 | 88 |
* | Universal Electronics Inc. | 8,200 | 74 |
* | 2U Inc. | 28,200 | 70 |
* | Green Brick Partners Inc. | 1,500 | 62 |
* | Skyline Champion Corp. | 900 | 57 |
* | Under Armour Inc. Class A | 7,600 | 52 |
Travel & Leisure Co. | 1,400 | 51 | |
* | Container Store Group Inc. | 17,600 | 40 |
* | G-III Apparel Group Ltd. | 1,500 | 37 |
Signet Jewelers Ltd. | 400 | 29 | |
Cato Corp. Class A | 2,200 | 17 | |
* | Duluth Holdings Inc. Class B | 2,768 | 17 |
Guess? Inc. | 800 | 17 | |
* | American Outdoor Brands Inc. | 1,728 | 17 |
El Pollo Loco Holdings Inc. | 1,600 | 14 | |
Build-A-Bear Workshop Inc. | 400 | 12 | |
* | Barnes & Noble Education Inc. | 9,507 | 10 |
1,691,734 | |||
Consumer Staples (4.1%) | |||
Procter & Gamble Co. | 544,683 | 79,447 | |
Coca-Cola Co. | 1,381,028 | 77,310 | |
Walmart Inc. | 425,692 | 68,081 | |
PepsiCo Inc. | 374,267 | 63,416 | |
Costco Wholesale Corp. | 48,721 | 27,525 | |
* | Monster Beverage Corp. | 458,350 | 24,270 |
Colgate-Palmolive Co. | 313,500 | 22,293 | |
Constellation Brands Inc. Class A | 64,108 | 16,112 | |
Hershey Co. | 74,198 | 14,846 | |
Kroger Co. | 249,400 | 11,161 | |
Kimberly-Clark Corp. | 75,402 | 9,112 | |
Clorox Co. | 65,700 | 8,611 | |
Sysco Corp. | 110,694 | 7,311 | |
Mondelez International Inc. Class A | 91,031 | 6,318 | |
Philip Morris International Inc. | 65,700 | 6,082 | |
Brown-Forman Corp. Class B | 103,304 | 5,960 | |
Dollar General Corp. | 54,100 | 5,724 | |
Estee Lauder Cos. Inc. Class A | 36,200 | 5,233 | |
Coca-Cola Europacific Partners plc | 74,000 | 4,624 | |
Molson Coors Beverage Co. Class B | 59,100 | 3,758 | |
Tyson Foods Inc. Class A | 70,100 | 3,539 | |
General Mills Inc. | 32,600 | 2,086 | |
* | United Natural Foods Inc. | 134,800 | 1,906 |
Shares | Market Value• ($000) | ||
Keurig Dr Pepper Inc. | 53,500 | 1,689 | |
Church & Dwight Co. Inc. | 16,800 | 1,539 | |
* | US Foods Holding Corp. | 31,900 | 1,266 |
* | Performance Food Group Co. | 14,900 | 877 |
Vector Group Ltd. | 79,600 | 847 | |
Coca-Cola Consolidated Inc. | 1,330 | 846 | |
SpartanNash Co. | 22,100 | 486 | |
* | Vita Coco Co. Inc. | 17,900 | 466 |
Altria Group Inc. | 9,700 | 408 | |
* | Olaplex Holdings Inc. | 184,600 | 360 |
* | Hain Celestial Group Inc. | 14,900 | 155 |
Reynolds Consumer Products Inc. | 5,800 | 149 | |
Spectrum Brands Holdings Inc. | 500 | 39 | |
Medifast Inc. | 399 | 30 | |
483,882 | |||
Energy (5.1%) | |||
Exxon Mobil Corp. | 1,040,191 | 122,306 | |
BP plc ADR | 2,511,852 | 97,259 | |
Shell plc ADR | 1,331,962 | 85,752 | |
Chevron Corp. | 371,065 | 62,569 | |
Marathon Petroleum Corp. | 174,530 | 26,413 | |
ConocoPhillips | 186,960 | 22,398 | |
Baker Hughes Co. | 611,620 | 21,602 | |
EQT Corp. | 491,850 | 19,959 | |
APA Corp. | 444,390 | 18,264 | |
Phillips 66 | 131,080 | 15,749 | |
Valero Energy Corp. | 108,714 | 15,406 | |
Targa Resources Corp. | 137,610 | 11,796 | |
Cheniere Energy Inc. | 63,500 | 10,538 | |
Schlumberger NV | 164,380 | 9,583 | |
Halliburton Co. | 218,770 | 8,860 | |
* | Southwestern Energy Co. | 1,353,500 | 8,730 |
Hess Corp. | 53,800 | 8,231 | |
Range Resources Corp. | 242,630 | 7,864 | |
Occidental Petroleum Corp. | 117,170 | 7,602 | |
* | Transocean Ltd. (XNYS) | 486,100 | 3,991 |
* | CNX Resources Corp. | 154,000 | 3,477 |
EOG Resources Inc. | 23,900 | 3,030 | |
Equitrans Midstream Corp. | 278,100 | 2,606 | |
Marathon Oil Corp. | 88,510 | 2,368 | |
PBF Energy Inc. Class A | 41,200 | 2,205 | |
* | Denbury Inc. | 21,600 | 2,117 |
* | Antero Resources Corp. | 70,500 | 1,789 |
*,2 | Tellurian Inc. | 874,201 | 1,014 |
SM Energy Co. | 22,700 | 900 | |
Comstock Resources Inc. | 73,500 | 811 | |
Peabody Energy Corp. | 22,400 | 582 | |
* | Oceaneering International Inc. | 20,900 | 538 |
* | Par Pacific Holdings Inc. | 13,800 | 496 |
California Resources Corp. | 5,600 | 314 | |
* | Green Plains Inc. | 9,200 | 277 |
*,2 | Gevo Inc. | 170,300 | 203 |
* | Teekay Corp. | 28,853 | 178 |
Golar LNG Ltd. | 6,800 | 165 | |
* | US Silica Holdings Inc. | 7,000 | 98 |
Shares | Market Value• ($000) | ||
* | TETRA Technologies Inc. | 15,100 | 96 |
ONEOK Inc. | 1,500 | 95 | |
Patterson-UTI Energy Inc. | 5,700 | 79 | |
* | Diamond Offshore Drilling Inc. | 2,689 | 40 |
Delek US Holdings Inc. | 1,002 | 29 | |
608,379 | |||
Financials (12.2%) | |||
Visa Inc. Class A | 1,026,451 | 236,094 | |
* | Berkshire Hathaway Inc. Class B | 326,672 | 114,433 |
Ares Management Corp. Class A | 1,064,569 | 109,512 | |
Mastercard Inc. Class A | 220,130 | 87,152 | |
JPMorgan Chase & Co. | 534,661 | 77,536 | |
* | Arch Capital Group Ltd. | 902,975 | 71,976 |
Wells Fargo & Co. | 1,724,831 | 70,477 | |
Chubb Ltd. | 248,000 | 51,629 | |
American Express Co. | 269,790 | 40,250 | |
CME Group Inc. | 191,520 | 38,346 | |
Tradeweb Markets Inc. Class A | 477,228 | 38,274 | |
S&P Global Inc. | 101,760 | 37,184 | |
KKR & Co. Inc. | 594,714 | 36,634 | |
American International Group Inc. | 453,714 | 27,495 | |
Progressive Corp. | 183,271 | 25,530 | |
Everest Group Ltd. | 68,589 | 25,492 | |
* | PayPal Holdings Inc. | 408,190 | 23,863 |
MSCI Inc. | 42,240 | 21,672 | |
Charles Schwab Corp. | 378,160 | 20,761 | |
Cboe Global Markets Inc. | 118,600 | 18,526 | |
MetLife Inc. | 293,538 | 18,466 | |
W R Berkley Corp. | 287,235 | 18,237 | |
Marsh & McLennan Cos. Inc. | 91,860 | 17,481 | |
Cincinnati Financial Corp. | 152,510 | 15,600 | |
Travelers Cos. Inc. | 87,130 | 14,229 | |
Allstate Corp. | 118,134 | 13,161 | |
Moody's Corp. | 36,933 | 11,677 | |
Fidelity National Information Services Inc. | 200,200 | 11,065 | |
Loews Corp. | 154,897 | 9,806 | |
Bank of America Corp. | 350,700 | 9,602 | |
* | NU Holdings Ltd. Class A | 1,301,000 | 9,432 |
Morgan Stanley | 115,200 | 9,408 | |
Bank of New York Mellon Corp. | 216,500 | 9,234 | |
* | FleetCor Technologies Inc. | 33,850 | 8,643 |
Zions Bancorp NA | 214,890 | 7,497 | |
Affiliated Managers Group Inc. | 54,710 | 7,131 | |
MarketAxess Holdings Inc. | 28,338 | 6,054 | |
* | Fiserv Inc. | 48,600 | 5,490 |
Assurant Inc. | 33,799 | 4,853 | |
First Horizon Corp. | 362,300 | 3,993 | |
Virtu Financial Inc. Class A | 223,800 | 3,865 | |
Globe Life Inc. | 35,358 | 3,844 | |
FS KKR Capital Corp. | 184,300 | 3,629 | |
Western Union Co. | 264,300 | 3,483 | |
PNC Financial Services Group Inc. | 27,300 | 3,352 |
Shares | Market Value• ($000) | ||
Aflac Inc. | 42,800 | 3,285 | |
Truist Financial Corp. | 111,600 | 3,193 | |
* | StoneCo. Ltd. Class A | 270,000 | 2,881 |
Lincoln National Corp. | 111,400 | 2,750 | |
* | Flywire Corp. | 81,300 | 2,593 |
LPL Financial Holdings Inc. | 8,100 | 1,925 | |
Invesco Ltd. | 127,800 | 1,856 | |
Discover Financial Services | 19,900 | 1,724 | |
Apollo Global Management Inc. | 18,400 | 1,652 | |
Nasdaq Inc. | 27,700 | 1,346 | |
Rithm Capital Corp. | 142,600 | 1,325 | |
Franklin Resources Inc. | 51,700 | 1,271 | |
BlackRock Inc. | 1,800 | 1,164 | |
* | UBS Group AG (Registered) | 43,200 | 1,065 |
Ameriprise Financial Inc. | 3,100 | 1,022 | |
Arthur J Gallagher & Co. | 4,400 | 1,003 | |
* | Payoneer Global Inc. | 147,200 | 901 |
Burford Capital Ltd. | 62,946 | 881 | |
Reinsurance Group of America Inc. | 5,834 | 847 | |
Enact Holdings Inc. | 29,700 | 809 | |
Northern Trust Corp. | 11,500 | 799 | |
* | Encore Capital Group Inc. | 15,500 | 740 |
Raymond James Financial Inc. | 6,369 | 640 | |
* | Ryan Specialty Holdings Inc. | 13,100 | 634 |
Federated Hermes Inc. | 18,000 | 610 | |
American Financial Group Inc. | 5,300 | 592 | |
Jefferies Financial Group Inc. | 15,600 | 571 | |
BOK Financial Corp. | 7,100 | 568 | |
Hartford Financial Services Group Inc. | 7,200 | 511 | |
AGNC Investment Corp. | 48,200 | 455 | |
East West Bancorp Inc. | 8,300 | 437 | |
MGIC Investment Corp. | 25,500 | 426 | |
Unum Group | 8,000 | 393 | |
Fifth Third Bancorp | 14,500 | 367 | |
Aon plc Class A (XNYS) | 1,100 | 357 | |
SLM Corp. | 21,700 | 296 | |
* | LendingClub Corp. | 48,100 | 293 |
Live Oak Bancshares Inc. | 8,927 | 258 | |
First Foundation Inc. | 40,200 | 244 | |
Western Alliance Bancorp | 4,800 | 221 | |
Mercury General Corp. | 7,200 | 202 | |
Carlyle Secured Lending Inc. | 12,800 | 186 | |
Ladder Capital Corp. | 17,500 | 180 | |
Comerica Inc. | 4,200 | 174 | |
* | Donnelley Financial Solutions Inc. | 3,000 | 169 |
Hanmi Financial Corp. | 10,201 | 166 | |
Stifel Financial Corp. | 2,600 | 160 | |
Granite Point Mortgage Trust Inc. | 27,100 | 132 | |
Equitable Holdings Inc. | 4,400 | 125 | |
Carlyle Group Inc. | 4,000 | 121 | |
First Internet Bancorp | 7,048 | 114 | |
* | Marqeta Inc. Class A | 18,600 | 111 |
Shares | Market Value• ($000) | ||
Invesco Mortgage Capital Inc. REIT | 11,100 | 111 | |
* | MBIA Inc. | 13,400 | 97 |
Pathward Financial Inc. | 2,100 | 97 | |
Berkshire Hills Bancorp Inc. | 4,500 | 90 | |
Eagle Bancorp Inc. | 4,100 | 88 | |
* | Brighthouse Financial Inc. | 1,700 | 83 |
* | Customers Bancorp Inc. | 2,135 | 74 |
* | AvidXchange Holdings Inc. | 7,800 | 74 |
Central Pacific Financial Corp. | 4,400 | 73 | |
* | Green Dot Corp. Class A | 4,900 | 68 |
* | PRA Group Inc. | 3,215 | 62 |
* | Repay Holdings Corp. | 7,900 | 60 |
* | EZCorp. Inc. Class A | 5,670 | 47 |
Two Harbors Investment Corp. | 3,400 | 45 | |
Banc of California Inc. | 3,100 | 38 | |
Bank of NT Butterfield & Son Ltd. | 1,300 | 35 | |
HomeTrust Bancshares Inc. | 1,462 | 32 | |
Greenhill & Co. Inc. | 1,416 | 21 | |
Victory Capital Holdings Inc. Class A | 51 | 2 | |
1,448,010 | |||
Health Care (12.6%) | |||
Merck & Co. Inc. | 1,382,359 | 142,314 | |
UnitedHealth Group Inc. | 271,221 | 136,747 | |
Eli Lilly & Co. | 252,344 | 135,542 | |
Pfizer Inc. | 3,191,751 | 105,870 | |
Johnson & Johnson | 594,562 | 92,603 | |
* | Centene Corp. | 1,103,985 | 76,043 |
* | Vertex Pharmaceuticals Inc. | 200,930 | 69,871 |
Humana Inc. | 137,998 | 67,139 | |
* | Boston Scientific Corp. | 1,251,854 | 66,098 |
Laboratory Corp. of America Holdings | 314,776 | 63,286 | |
Amgen Inc. | 227,036 | 61,018 | |
AbbVie Inc. | 372,537 | 55,530 | |
* | Edwards Lifesciences Corp. | 778,537 | 53,937 |
Stryker Corp. | 105,130 | 28,729 | |
Gilead Sciences Inc. | 346,600 | 25,974 | |
Becton Dickinson and Co. | 93,700 | 24,224 | |
Thermo Fisher Scientific Inc. | 47,548 | 24,067 | |
* | Intuitive Surgical Inc. | 76,722 | 22,425 |
Elevance Health Inc. | 39,116 | 17,032 | |
Danaher Corp. | 67,900 | 16,846 | |
CVS Health Corp. | 210,057 | 14,666 | |
* | Align Technology Inc. | 44,496 | 13,586 |
* | Molina Healthcare Inc. | 41,370 | 13,565 |
Abbott Laboratories | 134,128 | 12,990 | |
* | Incyte Corp. | 223,030 | 12,884 |
* | IQVIA Holdings Inc. | 63,070 | 12,409 |
* | Regeneron Pharmaceuticals Inc. | 14,700 | 12,098 |
Zoetis Inc. | 67,890 | 11,812 | |
Bristol-Myers Squibb Co. | 193,028 | 11,203 | |
HCA Healthcare Inc. | 31,344 | 7,710 | |
Agilent Technologies Inc. | 60,100 | 6,720 |
Shares | Market Value• ($000) | ||
Baxter International Inc. | 172,400 | 6,506 | |
* | DexCom Inc. | 67,146 | 6,265 |
* | ACADIA Pharmaceuticals Inc. | 272,208 | 5,673 |
* | Biogen Inc. | 20,857 | 5,360 |
* | Hologic Inc. | 54,400 | 3,775 |
Cigna Group | 12,000 | 3,433 | |
Medtronic plc | 40,900 | 3,205 | |
* | BioMarin Pharmaceutical Inc. | 30,200 | 2,672 |
ResMed Inc. | 16,500 | 2,440 | |
McKesson Corp. | 5,600 | 2,435 | |
* | Inspire Medical Systems Inc. | 11,500 | 2,282 |
* | Mettler-Toledo International Inc. | 2,057 | 2,279 |
* | Intercept Pharmaceuticals Inc. | 113,000 | 2,095 |
* | Veradigm Inc. | 135,791 | 1,784 |
Patterson Cos. Inc. | 56,300 | 1,669 | |
* | Neogen Corp. | 89,000 | 1,650 |
* | Medpace Holdings Inc. | 6,800 | 1,647 |
* | Nevro Corp. | 79,425 | 1,527 |
* | Corcept Therapeutics Inc. | 55,100 | 1,501 |
* | Alkermes plc | 48,000 | 1,345 |
* | Alnylam Pharmaceuticals Inc. | 6,800 | 1,204 |
* | Vir Biotechnology Inc. | 126,105 | 1,182 |
Alcon Inc. | 13,804 | 1,064 | |
* | LivaNova plc | 19,621 | 1,038 |
* | Myriad Genetics Inc. | 64,400 | 1,033 |
* | Exelixis Inc. | 44,900 | 981 |
Embecta Corp. | 60,464 | 910 | |
* | PTC Therapeutics Inc. | 38,300 | 858 |
* | Sarepta Therapeutics Inc. | 7,000 | 849 |
* | Bio-Rad Laboratories Inc. Class A | 2,299 | 824 |
* | iRhythm Technologies Inc. | 8,600 | 811 |
* | R1 RCM Inc. | 51,600 | 778 |
* | Lantheus Holdings Inc. | 11,100 | 771 |
* | Quanterix Corp. | 25,800 | 700 |
Zimmer Biomet Holdings Inc. | 6,200 | 696 | |
* | Amylyx Pharmaceuticals Inc. | 38,000 | 696 |
* | Integra LifeSciences Holdings Corp. | 15,999 | 611 |
Revvity Inc. | 5,500 | 609 | |
* | Maravai LifeSciences Holdings Inc. Class A | 60,100 | 601 |
DENTSPLY SIRONA Inc. | 17,400 | 594 | |
* | ImmunoGen Inc. | 36,800 | 584 |
* | Owens & Minor Inc. | 29,600 | 478 |
* | REVOLUTION Medicines Inc. | 16,300 | 451 |
* | Travere Therapeutics Inc. | 40,000 | 358 |
* | Zimvie Inc. | 37,540 | 353 |
* | DaVita Inc. | 3,300 | 312 |
* | Henry Schein Inc. | 4,100 | 304 |
* | QIAGEN NV | 6,700 | 271 |
* | Tandem Diabetes Care Inc. | 12,800 | 266 |
* | Elanco Animal Health Inc. (XNYS) | 22,854 | 257 |
* | Atara Biotherapeutics Inc. | 173,130 | 256 |
Shares | Market Value• ($000) | ||
* | Pediatrix Medical Group Inc. | 19,400 | 247 |
* | Community Health Systems Inc. | 84,610 | 245 |
* | OmniAb Inc. | 46,900 | 243 |
* | OptimizeRx Corp. | 30,932 | 241 |
* | Semler Scientific Inc. | 9,400 | 239 |
* | Aurinia Pharmaceuticals Inc. | 28,200 | 219 |
* | Sotera Health Co. | 13,300 | 199 |
* | Moderna Inc. | 1,900 | 196 |
* | Revance Therapeutics Inc. | 17,000 | 195 |
Bruker Corp. | 2,600 | 162 | |
* | Novocure Ltd. | 9,600 | 155 |
* | Fulcrum Therapeutics Inc. | 34,300 | 152 |
* | 10X Genomics Inc. Class A | 3,568 | 147 |
* | Ideaya Biosciences Inc. | 5,400 | 146 |
* | uniQure NV | 21,300 | 143 |
* | CareDx Inc. | 20,300 | 142 |
* | Cross Country Healthcare Inc. | 5,700 | 141 |
* | Accuray Inc. | 49,600 | 135 |
* | Coherus Biosciences Inc. | 34,600 | 129 |
* | Codexis Inc. | 64,600 | 122 |
* | MiMedx Group Inc. | 16,300 | 119 |
* | Enanta Pharmaceuticals Inc. | 10,602 | 118 |
* | Immunovant Inc. | 2,900 | 111 |
* | AngioDynamics Inc. | 15,100 | 110 |
* | OPKO Health Inc. | 66,700 | 107 |
* | Sage Therapeutics Inc. | 5,136 | 106 |
* | Nuvalent Inc. Class A | 2,223 | 102 |
* | Enhabit Inc. | 8,302 | 93 |
* | Stoke Therapeutics Inc. | 20,000 | 79 |
* | Silk Road Medical Inc. | 5,200 | 78 |
* | ADMA Biologics Inc. | 21,446 | 77 |
* | Avidity Biosciences Inc. | 11,900 | 76 |
* | C4 Therapeutics Inc. | 37,800 | 70 |
* | CorMedix Inc. | 17,600 | 65 |
* | Vanda Pharmaceuticals Inc. | 14,100 | 61 |
* | Kodiak Sciences Inc. | 30,889 | 56 |
* | Allakos Inc. | 20,949 | 48 |
* | Option Care Health Inc. | 1,400 | 45 |
* | NanoString Technologies Inc. | 24,700 | 43 |
* | Fate Therapeutics Inc. | 16,800 | 36 |
* | Joint Corp. | 3,500 | 32 |
* | Brookdale Senior Living Inc. | 7,400 | 31 |
* | Lexicon Pharmaceuticals Inc. | 27,900 | 30 |
* | Taro Pharmaceutical Industries Ltd. | 500 | 19 |
* | Pacific Biosciences of California Inc. | 1,400 | 12 |
* | Neurocrine Biosciences Inc. | 100 | 11 |
*,1 | Radius Health Inc. CVR | 17,800 | 1 |
* | Scilex Holding Co. (XNCM) | 65 | — |
1,500,515 |
Shares | Market Value• ($000) | ||
Industrials (9.1%) | |||
General Dynamics Corp. | 439,357 | 97,085 | |
Caterpillar Inc. | 194,188 | 53,013 | |
Trane Technologies plc | 242,375 | 49,180 | |
Fortive Corp. | 617,310 | 45,780 | |
Automatic Data Processing Inc. | 178,388 | 42,917 | |
Deere & Co. | 113,711 | 42,912 | |
Westinghouse Air Brake Technologies Corp. | 401,405 | 42,657 | |
* | Builders FirstSource Inc. | 335,086 | 41,715 |
Leidos Holdings Inc. | 411,727 | 37,945 | |
Paychex Inc. | 326,510 | 37,656 | |
Lockheed Martin Corp. | 85,800 | 35,089 | |
WW Grainger Inc. | 47,237 | 32,680 | |
PACCAR Inc. | 364,019 | 30,949 | |
* | Uber Technologies Inc. | 557,100 | 25,621 |
Otis Worldwide Corp. | 314,186 | 25,232 | |
Textron Inc. | 304,890 | 23,824 | |
Fastenal Co. | 421,131 | 23,011 | |
Cintas Corp. | 42,362 | 20,377 | |
Parker-Hannifin Corp. | 50,367 | 19,619 | |
Eaton Corp. plc | 84,241 | 17,967 | |
* | Boeing Co. | 93,560 | 17,934 |
Johnson Controls International plc | 322,100 | 17,139 | |
* | United Airlines Holdings Inc. | 392,640 | 16,609 |
United Parcel Service Inc. Class B (XNYS) | 106,185 | 16,551 | |
Xylem Inc. | 177,200 | 16,130 | |
FedEx Corp. | 60,540 | 16,038 | |
Delta Air Lines Inc. | 391,832 | 14,498 | |
Republic Services Inc. | 98,100 | 13,980 | |
Union Pacific Corp. | 67,600 | 13,765 | |
A O Smith Corp. | 197,620 | 13,069 | |
RTX Corp. | 152,895 | 11,004 | |
Snap-on Inc. | 42,000 | 10,712 | |
* | Alaska Air Group Inc. | 286,145 | 10,610 |
General Electric Co. | 95,500 | 10,558 | |
United Rentals Inc. | 23,650 | 10,514 | |
Carrier Global Corp. | 182,902 | 10,096 | |
* | American Airlines Group Inc. | 764,200 | 9,789 |
L3Harris Technologies Inc. | 46,600 | 8,114 | |
Verisk Analytics Inc. | 31,561 | 7,456 | |
AMETEK Inc. | 46,270 | 6,837 | |
Waste Management Inc. | 44,510 | 6,785 | |
Emerson Electric Co. | 61,200 | 5,910 | |
Ingersoll Rand Inc. (XYNS) | 86,400 | 5,505 | |
3M Co. | 53,645 | 5,022 | |
Honeywell International Inc. | 26,900 | 4,969 | |
Illinois Tool Works Inc. | 20,725 | 4,773 | |
* | Fluor Corp. | 111,600 | 4,096 |
* | Copart Inc. | 90,040 | 3,880 |
Northrop Grumman Corp. | 8,700 | 3,830 | |
Pentair plc | 54,900 | 3,555 | |
Southwest Airlines Co. | 127,841 | 3,461 | |
* | Masterbrand Inc. | 199,600 | 2,425 |
* | WillScot Mobile Mini Holdings Corp. | 49,800 | 2,071 |
Encore Wire Corp. | 10,902 | 1,989 | |
Rockwell Automation Inc. | 6,100 | 1,744 |
Shares | Market Value• ($000) | ||
* | Parsons Corp. | 31,505 | 1,712 |
Valmont Industries Inc. | 6,152 | 1,478 | |
* | Legalzoom.com Inc. | 116,300 | 1,272 |
* | AerCap Holdings NV | 18,800 | 1,178 |
Wabash National Corp. | 54,700 | 1,155 | |
Allegion plc | 10,099 | 1,052 | |
* | Atkore Inc. | 7,000 | 1,044 |
Copa Holdings SA Class A | 11,600 | 1,034 | |
Expeditors International of Washington Inc. | 7,800 | 894 | |
WESCO International Inc. | 5,900 | 849 | |
* | Gates Industrial Corp. plc | 71,800 | 834 |
KBR Inc. | 14,100 | 831 | |
* | Array Technologies Inc. | 32,800 | 728 |
Shyft Group Inc. | 47,819 | 716 | |
* | Trex Co. Inc. | 11,190 | 690 |
Hexcel Corp. | 9,700 | 632 | |
REV Group Inc. | 38,800 | 621 | |
* | Core & Main Inc. Class A | 21,277 | 614 |
Forward Air Corp. | 8,517 | 585 | |
* | Conduent Inc. | 142,000 | 494 |
Paycom Software Inc. | 1,900 | 493 | |
Allison Transmission Holdings Inc. | 8,200 | 484 | |
* | Triumph Group Inc. | 57,800 | 443 |
CH Robinson Worldwide Inc. | 4,900 | 422 | |
Dover Corp. | 2,900 | 405 | |
Pitney Bowes Inc. | 122,100 | 369 | |
* | Enviri Corp. | 46,443 | 335 |
* | PGT Innovations Inc. | 11,525 | 320 |
* | Verra Mobility Corp. | 14,700 | 275 |
Schneider National Inc. Class B | 9,900 | 274 | |
Textainer Group Holdings Ltd. | 7,100 | 264 | |
* | American Superconductor Corp. | 33,700 | 254 |
Enerpac Tool Group Corp. | 8,188 | 216 | |
Marten Transport Ltd. | 10,700 | 211 | |
* | Driven Brands Holdings Inc. | 16,800 | 211 |
Rollins Inc. | 5,400 | 202 | |
Jacobs Solutions Inc. | 1,200 | 164 | |
Watsco Inc. | 400 | 151 | |
* | Fluence Energy Inc. | 5,906 | 136 |
* | Babcock & Wilcox Enterprises Inc. | 25,910 | 109 |
BWX Technologies Inc. | 1,400 | 105 | |
* | TELUS International CDA Inc. | 12,800 | 98 |
Rush Enterprises Inc. Class A | 2,300 | 94 | |
Werner Enterprises Inc. | 2,400 | 93 | |
Mueller Industries Inc. | 1,200 | 90 | |
* | Upwork Inc. | 7,400 | 84 |
* | Resideo Technologies Inc. | 4,619 | 73 |
MillerKnoll Inc. | 2,900 | 71 | |
Advanced Drainage Systems Inc. | 600 | 68 | |
* | Stericycle Inc. | 1,500 | 67 |
* | Great Lakes Dredge & Dock Corp. | 8,195 | 65 |
* | Northwest Pipe Co. | 1,800 | 54 |
Steelcase Inc. Class A | 4,711 | 53 |
Shares | Market Value• ($000) | ||
* | Air Transport Services Group Inc. | 2,400 | 50 |
* | IBEX Holdings Ltd. | 2,700 | 42 |
* | Titan International Inc. | 3,068 | 41 |
Sensata Technologies Holding plc | 1,000 | 38 | |
* | Kornit Digital Ltd. | 2,000 | 38 |
* | Quad/Graphics Inc. | 6,268 | 32 |
Covenant Logistics Group Inc. | 700 | 31 | |
Mueller Water Products Inc. Class A | 1,785 | 23 | |
GrafTech International Ltd. | 5,671 | 22 | |
* | Franklin Covey Co. | 459 | 20 |
1,082,150 | |||
Information Technology (28.0%) | |||
Microsoft Corp. | 2,432,750 | 768,141 | |
Apple Inc. | 4,087,015 | 699,738 | |
NVIDIA Corp. | 620,498 | 269,910 | |
Texas Instruments Inc. | 692,054 | 110,044 | |
* | Advanced Micro Devices Inc. | 935,072 | 96,144 |
Accenture plc Class A | 299,468 | 91,970 | |
Cisco Systems Inc. | 1,629,698 | 87,613 | |
* | ServiceNow Inc. | 146,695 | 81,997 |
KLA Corp. | 175,187 | 80,351 | |
Intuit Inc. | 140,901 | 71,992 | |
Broadcom Inc. | 77,399 | 64,286 | |
* | Synopsys Inc. | 130,439 | 59,868 |
* | ON Semiconductor Corp. | 609,859 | 56,686 |
* | Arista Networks Inc. | 306,472 | 56,369 |
* | Adobe Inc. | 98,269 | 50,107 |
* | Salesforce Inc. | 244,360 | 49,551 |
* | VMware Inc. Class A | 267,083 | 44,464 |
* | MongoDB Inc. | 127,182 | 43,987 |
* | ANSYS Inc. | 136,384 | 40,581 |
Micron Technology Inc. | 594,578 | 40,449 | |
Marvell Technology Inc. | 683,605 | 37,004 | |
* | Autodesk Inc. | 175,550 | 36,323 |
* | VeriSign Inc. | 150,586 | 30,498 |
Applied Materials Inc. | 202,460 | 28,031 | |
* | Palo Alto Networks Inc. | 118,740 | 27,837 |
NXP Semiconductors NV | 121,640 | 24,318 | |
* | Cadence Design Systems Inc. | 100,110 | 23,456 |
International Business Machines Corp. | 159,200 | 22,336 | |
* | Fortinet Inc. | 377,580 | 22,156 |
* | Akamai Technologies Inc. | 193,388 | 20,604 |
QUALCOMM Inc. | 185,500 | 20,602 | |
Roper Technologies Inc. | 28,377 | 13,742 | |
Vontier Corp. | 403,000 | 12,461 | |
Oracle Corp. | 113,890 | 12,063 | |
Microchip Technology Inc. | 119,300 | 9,311 | |
* | DocuSign Inc. | 179,500 | 7,539 |
* | Enphase Energy Inc. | 62,100 | 7,461 |
Gen Digital Inc. (XNGS) | 369,710 | 6,536 | |
* | Check Point Software Technologies Ltd. | 38,800 | 5,171 |
Teradyne Inc. | 50,000 | 5,023 | |
InterDigital Inc. | 60,600 | 4,863 | |
* | Keysight Technologies Inc. | 33,747 | 4,465 |
Shares | Market Value• ($000) | ||
Cognizant Technology Solutions Corp. Class A | 64,380 | 4,361 | |
* | Flex Ltd. | 160,300 | 4,325 |
Amphenol Corp. Class A | 49,363 | 4,146 | |
Amdocs Ltd. | 46,796 | 3,954 | |
HP Inc. | 149,600 | 3,845 | |
* | Fair Isaac Corp. | 4,400 | 3,822 |
Lam Research Corp. | 5,580 | 3,497 | |
* | Kyndryl Holdings Inc. | 227,302 | 3,432 |
* | Gartner Inc. | 9,290 | 3,192 |
* | Lattice Semiconductor Corp. | 31,800 | 2,733 |
NetApp Inc. | 35,110 | 2,664 | |
* | Teradata Corp. | 56,500 | 2,544 |
* | Canadian Solar Inc. | 97,600 | 2,402 |
* | Qorvo Inc. | 24,700 | 2,358 |
Intel Corp. | 66,300 | 2,357 | |
* | Dynatrace Inc. | 43,900 | 2,051 |
* | Tower Semiconductor Ltd. | 78,800 | 1,935 |
* | MaxLinear Inc. | 86,200 | 1,918 |
* | DXC Technology Co. | 83,400 | 1,737 |
* | Box Inc. Class A | 69,900 | 1,692 |
* | First Solar Inc. | 9,900 | 1,600 |
* | Varonis Systems Inc. | 51,400 | 1,570 |
* | Pure Storage Inc. Class A | 35,600 | 1,268 |
Analog Devices Inc. | 7,182 | 1,257 | |
* | NetScout Systems Inc. | 41,476 | 1,162 |
Amkor Technology Inc. | 44,300 | 1,001 | |
* | Axcelis Technologies Inc. | 6,100 | 995 |
* | Digital Turbine Inc. | 164,100 | 993 |
* | Workiva Inc. | 9,500 | 963 |
* | Trimble Inc. | 17,300 | 932 |
* | Photronics Inc. | 41,900 | 847 |
* | Palantir Technologies Inc. Class A | 52,900 | 846 |
* | Appian Corp. Class A | 16,400 | 748 |
* | ACI Worldwide Inc. | 31,900 | 720 |
* | Zoom Video Communications Inc. Class A | 9,000 | 629 |
Seagate Technology Holdings plc | 9,451 | 623 | |
* | Q2 Holdings Inc. | 19,023 | 614 |
* | Shopify Inc. Class A (XTSE) | 10,991 | 600 |
* | Maxeon Solar Technologies Ltd. | 51,200 | 593 |
* | Rapid7 Inc. | 12,200 | 559 |
* | Sanmina Corp. | 9,700 | 527 |
* | Yext Inc. | 82,300 | 521 |
* | Infinera Corp. | 111,700 | 467 |
* | Nutanix Inc. Class A | 13,099 | 457 |
* | Asana Inc. Class A | 23,589 | 432 |
Vishay Intertechnology Inc. | 17,200 | 425 | |
* | LiveRamp Holdings Inc. | 14,500 | 418 |
* | Allegro MicroSystems Inc. | 12,800 | 409 |
Badger Meter Inc. | 2,500 | 360 | |
Jabil Inc. | 2,500 | 317 | |
Ebix Inc. | 30,200 | 298 | |
* | TTM Technologies Inc. | 22,089 | 284 |
* | EPAM Systems Inc. | 1,100 | 281 |
Corning Inc. | 9,200 | 280 | |
* | PTC Inc. | 1,800 | 255 |
Shares | Market Value• ($000) | ||
* | CommScope Holding Co. Inc. | 65,387 | 220 |
* | HashiCorp Inc. Class A | 9,500 | 217 |
* | HubSpot Inc. | 400 | 197 |
* | Upland Software Inc. | 41,100 | 190 |
AudioCodes Ltd. | 18,100 | 183 | |
* | MACOM Technology Solutions Holdings Inc. | 2,200 | 179 |
* | PDF Solutions Inc. | 5,500 | 178 |
* | Verint Systems Inc. | 7,300 | 168 |
* | Everbridge Inc. | 6,594 | 148 |
* | Rimini Street Inc. | 64,300 | 141 |
* | Unisys Corp. | 37,400 | 129 |
* | Itron Inc. | 1,900 | 115 |
* | Zuora Inc. Class A | 13,700 | 113 |
* | Expensify Inc. Class A | 33,516 | 109 |
* | Grid Dynamics Holdings Inc. | 8,500 | 104 |
* | WM Technology Inc. | 72,585 | 96 |
* | Domo Inc. Class B | 9,648 | 95 |
* | Appfolio Inc. Class A | 500 | 91 |
* | Cognyte Software Ltd. | 18,700 | 90 |
* | Synaptics Inc. | 1,000 | 89 |
* | Kopin Corp. | 70,100 | 86 |
Immersion Corp. | 12,500 | 83 | |
* | Celestica Inc. | 2,900 | 71 |
* | Model N Inc. | 2,700 | 66 |
* | Lightspeed Commerce Inc. (XTSE) | 4,519 | 63 |
* | Daktronics Inc. | 6,300 | 56 |
* | Viavi Solutions Inc. | 5,800 | 53 |
* | NETGEAR Inc. | 3,900 | 49 |
* | Zeta Global Holdings Corp. Class A | 5,796 | 48 |
* | 8x8 Inc. | 18,533 | 47 |
* | Consensus Cloud Solutions Inc. | 1,852 | 47 |
Logitech International SA (Registered) | 665 | 46 | |
* | Brightcove Inc. | 12,100 | 40 |
* | SecureWorks Corp. Class A | 4,850 | 30 |
* | Everspin Technologies Inc. | 2,808 | 28 |
3,332,929 | |||
Materials (1.4%) | |||
Celanese Corp. | 270,263 | 33,923 | |
Linde plc | 84,533 | 31,476 | |
FMC Corp. | 467,395 | 31,301 | |
Corteva Inc. | 198,700 | 10,166 | |
Sherwin-Williams Co. | 39,200 | 9,998 | |
Newmont Corp. | 268,700 | 9,928 | |
Dow Inc. | 144,900 | 7,471 | |
Nucor Corp. | 43,860 | 6,858 | |
CF Industries Holdings Inc. | 49,200 | 4,218 | |
Mosaic Co. | 114,100 | 4,062 | |
Nutrien Ltd. | 56,400 | 3,483 | |
Southern Copper Corp. | 41,100 | 3,094 | |
Freeport-McMoRan Inc. | 73,400 | 2,737 | |
LyondellBasell Industries NV Class A | 22,800 | 2,159 | |
Vulcan Materials Co. | 5,500 | 1,111 | |
* | LSB Industries Inc. | 80,000 | 818 |
Franco-Nevada Corp. | 5,000 | 667 | |
* | O-I Glass Inc. | 33,700 | 564 |
* | Intrepid Potash Inc. | 21,610 | 544 |
Shares | Market Value• ($000) | ||
* | Summit Materials Inc. Class A | 16,300 | 508 |
Warrior Met Coal Inc. | 9,800 | 501 | |
Steel Dynamics Inc. | 4,400 | 472 | |
Louisiana-Pacific Corp. | 8,500 | 470 | |
Martin Marietta Materials Inc. | 1,060 | 435 | |
* | ATI Inc. | 10,300 | 424 |
Huntsman Corp. | 12,800 | 312 | |
Sealed Air Corp. | 7,963 | 262 | |
Orion SA | 11,247 | 239 | |
Trinseo plc | 19,700 | 161 | |
Westrock Co. | 3,700 | 132 | |
* | Cleveland-Cliffs Inc. | 8,400 | 131 |
American Vanguard Corp. | 10,700 | 117 | |
PPG Industries Inc. | 900 | 117 | |
* | Alto Ingredients Inc. | 19,600 | 87 |
SunCoke Energy Inc. | 8,308 | 84 | |
Alamos Gold Inc. Class A | 6,539 | 74 | |
Wheaton Precious Metals Corp. | 1,389 | 56 | |
Tronox Holdings plc | 4,000 | 54 | |
* | Glatfelter Corp. | 20,300 | 41 |
* | Century Aluminum Co. | 4,397 | 32 |
Ryerson Holding Corp. | 1,100 | 32 | |
Valhi Inc. | 895 | 12 | |
* | Coeur Mining Inc. | 3,474 | 8 |
Alcoa Corp. | 200 | 6 | |
169,345 | |||
Other (0.5%) | |||
SPDR S&P 500 ETF Trust | 137,479 | 58,770 | |
*,1 | Paratek Pharmaceuticals Inc. CVR | 15,782 | 1 |
*,1 | Aduro Biotech Inc. CVR | 67 | — |
*,1 | Achillion Pharmaceuticals Inc. CVR | 400 | — |
*,1 | Strongbridge Biopharm CVR | 335 | — |
*,1 | GCI Liberty Inc. | 100 | — |
58,771 | |||
Real Estate (1.0%) | |||
Welltower Inc. | 417,192 | 34,176 | |
SBA Communications Corp. | 50,950 | 10,199 | |
Host Hotels & Resorts Inc. | 623,350 | 10,017 | |
Crown Castle Inc. | 94,100 | 8,660 | |
Mid-America Apartment Communities Inc. | 53,538 | 6,888 | |
Regency Centers Corp. | 115,137 | 6,844 | |
Prologis Inc. | 50,700 | 5,689 | |
* | CBRE Group Inc. Class A | 69,756 | 5,152 |
Ventas Inc. | 111,024 | 4,677 | |
Federal Realty Investment Trust | 51,417 | 4,660 | |
* | CoStar Group Inc. | 47,000 | 3,614 |
Camden Property Trust | 35,743 | 3,381 | |
Healthpeak Properties Inc. | 130,600 | 2,398 | |
Iron Mountain Inc. | 35,063 | 2,084 | |
NNN REIT Inc. | 55,900 | 1,975 | |
Simon Property Group Inc. | 18,278 | 1,975 | |
Alexandria Real Estate Equities Inc. | 17,890 | 1,791 | |
Equity Residential | 20,600 | 1,209 | |
Public Storage | 3,000 | 791 |
Shares | Market Value• ($000) | ||
* | Anywhere Real Estate Inc. | 119,700 | 770 |
Phillips Edison & Co. Inc. | 22,469 | 754 | |
Newmark Group Inc. Class A | 94,700 | 609 | |
Agree Realty Corp. | 11,000 | 608 | |
Brixmor Property Group Inc. | 26,800 | 557 | |
Hudson Pacific Properties Inc. | 81,400 | 541 | |
Apartment Income REIT Corp. | 15,503 | 476 | |
Veris Residential Inc. | 24,619 | 406 | |
* | Jones Lang LaSalle Inc. | 2,200 | 311 |
VICI Properties Inc. | 10,500 | 306 | |
* | Zillow Group Inc. Class C | 5,400 | 249 |
American Tower Corp. | 1,400 | 230 | |
Essential Properties Realty Trust Inc. | 9,800 | 212 | |
Kimco Realty Corp. | 11,700 | 206 | |
Office Properties Income Trust | 43,000 | 176 | |
Vornado Realty Trust | 6,000 | 136 | |
Ryman Hospitality Properties Inc. | 1,300 | 108 | |
Safehold Inc. | 5,900 | 105 | |
Douglas Elliman Inc. | 40,490 | 91 | |
CareTrust REIT Inc. | 4,269 | 88 | |
Tanger Factory Outlet Centers Inc. | 3,899 | 88 | |
First Industrial Realty Trust Inc. | 1,800 | 86 | |
Hersha Hospitality Trust Class A | 8,240 | 81 | |
LXP Industrial Trust | 6,600 | 59 | |
Macerich Co. | 4,900 | 53 | |
Pebblebrook Hotel Trust | 3,700 | 50 | |
Retail Opportunity Investments Corp. | 3,840 | 48 | |
* | Apartment Investment and Management Co. Class A | 5,300 | 36 |
Industrial Logistics Properties Trust | 11,900 | 34 | |
Park Hotels & Resorts Inc. | 2,800 | 34 | |
National Storage Affiliates Trust | 908 | 29 | |
* | Cushman & Wakefield plc | 800 | 6 |
* | Five Point Holdings LLC Class A | 1,622 | 5 |
123,728 | |||
Utilities (1.3%) | |||
Exelon Corp. | 3,011,043 | 113,787 | |
Consolidated Edison Inc. | 136,800 | 11,701 | |
Dominion Energy Inc. | 97,600 | 4,360 | |
Constellation Energy Corp. | 38,600 | 4,211 |
Shares | Market Value• ($000) | ||
* | PG&E Corp. | 173,400 | 2,797 |
Sempra | 40,900 | 2,782 | |
Duke Energy Corp. | 29,500 | 2,604 | |
CenterPoint Energy Inc. | 45,600 | 1,224 | |
Entergy Corp. | 11,700 | 1,082 | |
DTE Energy Co. | 8,700 | 864 | |
UGI Corp. | 35,700 | 821 | |
AES Corp. | 48,000 | 730 | |
Evergy Inc. | 12,800 | 649 | |
National Fuel Gas Co. | 11,000 | 571 | |
WEC Energy Group Inc. | 5,318 | 428 | |
Pinnacle West Capital Corp. | 5,500 | 405 | |
Alliant Energy Corp. | 6,800 | 329 | |
Xcel Energy Inc. | 5,600 | 320 | |
Southern Co. | 3,700 | 239 | |
PPL Corp. | 8,900 | 210 | |
Clearway Energy Inc. Class C | 9,600 | 203 | |
PNM Resources Inc. | 3,400 | 152 | |
* | Montauk Renewables Inc. | 13,900 | 127 |
FirstEnergy Corp. | 3,700 | 126 | |
150,722 | |||
Total Common Stocks (Cost $9,002,141) | 11,594,841 | ||
Temporary Cash Investments (2.5%) | |||
Money Market Fund (2.5%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.391% (Cost $297,097) | 2,972,267 | 297,197 |
Total Investments (100.0%) (Cost $9,299,238) | 11,892,038 | ||
Other Assets and Liabilities—Net (0.0%) | 5,614 | ||
Net Assets (100%) | 11,897,652 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security value determined using significant unobservable inputs. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $586,000. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $1,009,000 was received for securities on loan, of which $1,002,000 is held in Vanguard Market Liquidity Fund and $7,000 is held in cash. |
ADR—American Depositary Receipt. | |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2023 | 1,217 | 263,207 | (11,298) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $9,002,141) | 11,594,841 |
Affiliated Issuers (Cost $297,097) | 297,197 |
Total Investments in Securities | 11,892,038 |
Investment in Vanguard | 418 |
Cash | 11,199 |
Cash Collateral Pledged—Futures Contracts | 13,942 |
Receivables for Investment Securities Sold | 46,531 |
Receivables for Accrued Income | 7,221 |
Receivables for Capital Shares Issued | 3,652 |
Total Assets | 11,975,001 |
Liabilities | |
Payables for Investment Securities Purchased | 65,519 |
Collateral for Securities on Loan | 1,009 |
Payables to Investment Advisor | 2,713 |
Payables for Capital Shares Redeemed | 6,544 |
Payables to Vanguard | 819 |
Variation Margin Payable—Futures Contracts | 745 |
Total Liabilities | 77,349 |
Net Assets | 11,897,652 |
1 Includes $586,000 of securities on loan. | |
At September 30, 2023, net assets consisted of: | |
Paid-in Capital | 8,436,442 |
Total Distributable Earnings (Loss) | 3,461,210 |
Net Assets | 11,897,652 |
Investor Shares—Net Assets | |
Applicable to 55,189,350 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,955,481 |
Net Asset Value Per Share—Investor Shares | $53.55 |
Admiral Shares—Net Assets | |
Applicable to 102,308,976 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 8,942,171 |
Net Asset Value Per Share—Admiral Shares | $87.40 |
Year Ended September 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 176,907 |
Interest2 | 14,315 |
Securities Lending—Net | 43 |
Total Income | 191,265 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 11,309 |
Performance Adjustment | (1,039) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 6,366 |
Management and Administrative—Admiral Shares | 10,868 |
Marketing and Distribution—Investor Shares | 143 |
Marketing and Distribution—Admiral Shares | 325 |
Custodian Fees | 184 |
Auditing Fees | 36 |
Shareholders’ Reports—Investor Shares | 115 |
Shareholders’ Reports—Admiral Shares | 73 |
Trustees’ Fees and Expenses | 7 |
Other Expenses | 19 |
Total Expenses | 28,406 |
Fees Waived/Expenses Reimbursed—Note B | (107) |
Net Expenses | 28,299 |
Net Investment Income | 162,966 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 1,014,165 |
Futures Contracts | 23,930 |
Realized Net Gain (Loss) | 1,038,095 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 796,332 |
Futures Contracts | 17,099 |
Change in Unrealized Appreciation (Depreciation) | 813,431 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,014,492 |
1 | Dividends are net of foreign withholding taxes of $155,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $13,638,000, $23,000, $1,000, and $35,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended September 30, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 162,966 | 165,162 |
Realized Net Gain (Loss) | 1,038,095 | 869,130 |
Change in Unrealized Appreciation (Depreciation) | 813,431 | (2,647,244) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,014,492 | (1,612,952) |
Distributions | ||
Investor Shares | (243,419) | (464,158) |
Admiral Shares | (740,469) | (1,454,297) |
Total Distributions | (983,888) | (1,918,455) |
Capital Share Transactions | ||
Investor Shares | 127,575 | 244,229 |
Admiral Shares | 492,457 | 508,275 |
Net Increase (Decrease) from Capital Share Transactions | 620,032 | 752,504 |
Total Increase (Decrease) | 1,650,636 | (2,778,903) |
Net Assets | ||
Beginning of Period | 10,247,016 | 13,025,919 |
End of Period | 11,897,652 | 10,247,016 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $49.02 | $66.16 | $54.15 | $49.46 | $52.17 |
Investment Operations | |||||
Net Investment Income1 | .701 | .746 | .761 | .787 | .823 |
Net Realized and Unrealized Gain (Loss) on Investments | 8.483 | (8.155) | 14.991 | 6.024 | (.204) |
Total from Investment Operations | 9.184 | (7.409) | 15.752 | 6.811 | .619 |
Distributions | |||||
Dividends from Net Investment Income | (.775) | (.777) | (.770) | (.815) | (.766) |
Distributions from Realized Capital Gains | (3.879) | (8.954) | (2.972) | (1.306) | (2.563) |
Total Distributions | (4.654) | (9.731) | (3.742) | (2.121) | (3.329) |
Net Asset Value, End of Period | $53.55 | $49.02 | $66.16 | $54.15 | $49.46 |
Total Return2 | 19.81% | -13.94% | 30.22% | 14.07% | 2.21% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,955 | $2,570 | $3,205 | $2,779 | $2,860 |
Ratio of Total Expenses to Average Net Assets3 | 0.32%4 | 0.32% | 0.32% | 0.32% | 0.33% |
Ratio of Net Investment Income to Average Net Assets | 1.34% | 1.25% | 1.22% | 1.57% | 1.73% |
Portfolio Turnover Rate | 94% | 62% | 62% | 58% | 68% |
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%), (0.01%), (0.00%), 0.00%, and 0.01%. |
4 | The ratio of total expenses to average net assets before basic fees waived was 0.32% for 2023. See Note B in the Notes to Financial Statements. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $80.01 | $108.01 | $88.40 | $80.74 | $85.16 |
Investment Operations | |||||
Net Investment Income1 | 1.230 | 1.315 | 1.344 | 1.364 | 1.421 |
Net Realized and Unrealized Gain (Loss) on Investments | 13.845 | (13.315) | 24.466 | 9.842 | (.330) |
Total from Investment Operations | 15.075 | (12.000) | 25.810 | 11.206 | 1.091 |
Distributions | |||||
Dividends from Net Investment Income | (1.353) | (1.380) | (1.347) | (1.414) | (1.326) |
Distributions from Realized Capital Gains | (6.332) | (14.620) | (4.853) | (2.132) | (4.185) |
Total Distributions | (7.685) | (16.000) | (6.200) | (3.546) | (5.511) |
Net Asset Value, End of Period | $87.40 | $80.01 | $108.01 | $88.40 | $80.74 |
Total Return2 | 19.93% | -13.85% | 30.34% | 14.19% | 2.32% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $8,942 | $7,677 | $9,821 | $9,086 | $8,412 |
Ratio of Total Expenses to Average Net Assets3 | 0.22%4 | 0.22% | 0.22% | 0.22% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 1.44% | 1.34% | 1.33% | 1.66% | 1.83% |
Portfolio Turnover Rate | 94% | 62% | 62% | 58% | 68% |
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%), (0.01%), (0.00%), 0.00%, and 0.01%. |
4 | The ratio of total expenses to average net assets before basic fees waived was 0.22% for 2023. See Note B in the Notes to Financial Statements. |
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 D. E. Shaw Investment Management, L.L.C., Los Angeles Capital Management LLC, and, beginning August 2023, Wellington Management Company llp 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 LLC is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding five years. In accordance with the advisory contract entered into with Wellington Management Company llp, beginning October 1, 2024, the investment advisory fee will be subject to quarterly adjustment based on performance relative to the S&P 500 Index since September 30, 2023. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash management 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 | 11,594,839 | — | 2 | 11,594,841 |
Temporary Cash Investments | 297,197 | — | — | 297,197 |
Total | 11,892,036 | — | 2 | 11,892,038 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 11,298 | — | — | 11,298 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable passive foreign investment companies, and distributions in connection with fund share redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 8,898 |
Total Distributable Earnings (Loss) | (8,898) |
Amount ($000) | |
Undistributed Ordinary Income | 36,578 |
Undistributed Long-Term Gains | 907,191 |
Net Unrealized Gains (Losses) | 2,517,441 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 3,461,210 |
Year Ended September 30, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 174,913 | 630,157 |
Long-Term Capital Gains | 808,975 | 1,288,298 |
Total | 983,888 | 1,918,455 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 9,374,597 |
Gross Unrealized Appreciation | 2,984,673 |
Gross Unrealized Depreciation | (467,232) |
Net Unrealized Appreciation (Depreciation) | 2,517,441 |
F. | During the year ended September 30, 2023, the fund purchased $10,547,230,000 of investment securities and sold $10,783,092,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Year Ended September 30, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 263,616 | 5,018 | 391,145 | 6,383 | |
Issued in Lieu of Cash Distributions | 233,527 | 4,825 | 443,121 | 7,314 | |
Redeemed | (369,568) | (7,075) | (590,037) | (9,716) | |
Net Increase (Decrease)—Investor Shares | 127,575 | 2,768 | 244,229 | 3,981 | |
Admiral Shares | |||||
Issued | 779,730 | 9,121 | 954,123 | 9,627 | |
Issued in Lieu of Cash Distributions | 674,540 | 8,535 | 1,336,857 | 13,524 | |
Redeemed | (961,813) | (11,299) | (1,782,705) | (18,122) | |
Net Increase (Decrease)—Admiral Shares | 492,457 | 6,357 | 508,275 | 5,029 |
H. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
I. | Management has determined that no events or transactions occurred subsequent to September 30, 2023, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
November 16, 2023
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) | Audit Fees. |
Audit Fees of the Registrant.
Fiscal Year Ended September 30, 2023: $36,000
Fiscal Year Ended September 30, 2022: $35,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended September 30, 2023: $9,326,156
Fiscal Year Ended September 30, 2022: $10,494,508
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, 2023: $3,295,934
Fiscal Year Ended September 30, 2022: $2,757,764
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, 2023: $1,678,928
Fiscal Year Ended September 30, 2022: $5,202,689
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, 2023: $25,000
Fiscal Year Ended September 30, 2022: $298,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended September 30, 2023: $1,703,928
Fiscal Year Ended September 30, 2022: $5,500,689
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(a)(2) | Certifications filed 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: November 21, 2023
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: November 21, 2023
VANGUARD QUANTITATIVE FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: November 21, 2023
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on July 21, 2023 (see File Number 33-53683) and to a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.