Vanguard Tax-Managed Capital Appreciation Fund
Schedule of Investments (unaudited)
As of September 30, 2020
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | |||||
Common Stocks (100.0%) | ||||||
Basic Materials (1.8%) | ||||||
Linde plc | 184,824 | 44,012 | ||||
Ecolab Inc. | 124,671 | 24,914 | ||||
Newmont Corp. | 319,112 | 20,248 | ||||
Air Products & Chemicals Inc. | 64,373 | 19,174 | ||||
FMC Corp. | 139,839 | 14,810 | ||||
Fastenal Co. | 264,288 | 11,917 | ||||
Celanese Corp. Class A | 99,812 | 10,725 | ||||
Scotts Miracle-Gro Co. | 58,646 | 8,968 | ||||
LyondellBasell Industries NV Class A | 123,383 | 8,697 | ||||
Albemarle Corp. | 93,422 | 8,341 | ||||
Southern Copper Corp. | 151,668 | 6,866 | ||||
Dow Inc. | 129,023 | 6,071 | ||||
Freeport-McMoRan Inc. | 357,538 | 5,592 | ||||
Reliance Steel & Aluminum Co. | 47,511 | 4,848 | ||||
Mosaic Co. | 265,008 | 4,842 | ||||
* | Alcoa Corp. | 363,031 | 4,222 | |||
Nucor Corp. | 71,365 | 3,201 | ||||
* | Element Solutions Inc. | 176,547 | 1,856 | |||
International Paper Co. | 41,683 | 1,690 | ||||
Eastman Chemical Co. | 20,871 | 1,630 | ||||
* | AdvanSix Inc. | 90,394 | 1,164 | |||
Westlake Chemical Corp. | 18,022 | 1,139 | ||||
Hexcel Corp. | 33,002 | 1,107 | ||||
CF Industries Holdings Inc. | 35,526 | 1,091 | ||||
W R Grace & Co. | 22,732 | 916 | ||||
Royal Gold Inc. | 6,912 | 831 | ||||
Avery Dennison Corp. | 1,541 | 197 | ||||
Ashland Global Holdings Inc. | 2,523 | 179 | ||||
International Flavors & Fragrances Inc. | 1,345 | 165 | ||||
United States Steel Corp. | 22,107 | 162 | ||||
219,575 | ||||||
Consumer Discretionary (16.7%) | ||||||
* | Amazon.com Inc. | 168,755 | 531,364 | |||
* | Tesla Inc. | 291,805 | 125,187 | |||
Home Depot Inc. | 408,845 | 113,540 | ||||
Walt Disney Co. | 691,357 | 85,784 | ||||
* | Netflix Inc. | 168,110 | 84,060 | |||
Walmart Inc. | 527,802 | 73,845 | ||||
Costco Wholesale Corp. | 174,571 | 61,973 | ||||
McDonald's Corp. | 281,388 | 61,762 | ||||
NIKE Inc. Class B | 465,745 | 58,470 |
Shares | Market Value ($000) | |||||
Lowe's Cos. Inc. | 335,319 | 55,616 | ||||
Starbucks Corp. | 481,204 | 41,345 | ||||
* | Copart Inc. | 312,132 | 32,824 | |||
* | Booking Holdings Inc. | 15,692 | 26,844 | |||
Target Corp. | 168,692 | 26,555 | ||||
Estee Lauder Cos. Inc. Class A | 120,437 | 26,285 | ||||
Activision Blizzard Inc. | 314,746 | 25,479 | ||||
* | O'Reilly Automotive Inc. | 55,052 | 25,383 | |||
TJX Cos. Inc. | 420,379 | 23,394 | ||||
* | AutoZone Inc. | 19,261 | 22,683 | |||
Ross Stores Inc. | 212,711 | 19,850 | ||||
eBay Inc. | 374,857 | 19,530 | ||||
* | NVR Inc. | 4,451 | 18,174 | |||
Dollar General Corp. | 85,818 | 17,989 | ||||
Marriott International Inc. Class A | 190,777 | 17,662 | ||||
DR Horton Inc. | 223,326 | 16,890 | ||||
* | CarMax Inc. | 173,013 | 15,902 | |||
* | Electronic Arts Inc. | 115,721 | 15,091 | |||
Yum! Brands Inc. | 148,953 | 13,599 | ||||
* | Dollar Tree Inc. | 129,701 | 11,847 | |||
* | Lululemon Athletica Inc. | 35,968 | 11,847 | |||
Yum China Holdings Inc. | 219,948 | 11,646 | ||||
* | Spotify Technology SA | 47,026 | 11,407 | |||
Lennar Corp. Class A | 139,359 | 11,383 | ||||
* | Uber Technologies Inc. | 311,686 | 11,370 | |||
Southwest Airlines Co. | 284,914 | 10,684 | ||||
PulteGroup Inc. | 230,354 | 10,663 | ||||
* | Chipotle Mexican Grill Inc. Class A | 8,048 | 10,009 | |||
Delta Air Lines Inc. | 310,335 | 9,490 | ||||
General Motors Co. | 298,701 | 8,839 | ||||
* | Tempur Sealy International Inc. | 97,523 | 8,698 | |||
* | Zynga Inc. Class A | 926,065 | 8,446 | |||
Advance Auto Parts Inc. | 53,298 | 8,181 | ||||
Gentex Corp. | 302,760 | 7,796 | ||||
Dolby Laboratories Inc. Class A | 115,638 | 7,664 | ||||
Darden Restaurants Inc. | 71,885 | 7,242 | ||||
* | Wayfair Inc. Class A | 23,136 | 6,733 | |||
PVH Corp. | 112,051 | 6,683 | ||||
Hilton Worldwide Holdings Inc. | 76,165 | 6,498 | ||||
Hasbro Inc. | 76,898 | 6,361 | ||||
Expedia Group Inc. | 67,567 | 6,195 | ||||
* | Live Nation Entertainment Inc. | 114,264 | 6,157 | |||
VF Corp. | 85,904 | 6,035 | ||||
Royal Caribbean Cruises Ltd. | 90,926 | 5,886 | ||||
* | Carvana Co. Class A | 23,076 | 5,147 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 154,212 | 5,101 | |||
* | Capri Holdings Ltd. | 277,612 | 4,997 | |||
* | JetBlue Airways Corp. | 435,300 | 4,932 | |||
* | Burlington Stores Inc. | 23,758 | 4,896 | |||
MGM Resorts International | 224,393 | 4,881 | ||||
Best Buy Co. Inc. | 43,631 | 4,856 | ||||
Aptiv plc | 51,636 | 4,734 | ||||
Toll Brothers Inc. | 97,169 | 4,728 | ||||
Las Vegas Sands Corp. | 99,438 | 4,640 | ||||
* | IAA Inc. | 87,027 | 4,531 | |||
BorgWarner Inc. | 115,872 | 4,489 | ||||
* | AutoNation Inc. | 81,769 | 4,328 | |||
Interpublic Group of Cos. Inc. | 259,529 | 4,326 |
Shares | Market Value ($000) | |||||
* | Discovery Inc. Class C | 218,533 | 4,283 | |||
Hyatt Hotels Corp. Class A | 77,726 | 4,148 | ||||
American Airlines Group Inc. | 333,400 | 4,097 | ||||
* | Norwegian Cruise Line Holdings Ltd. | 234,147 | 4,006 | |||
* | United Airlines Holdings Inc. | 114,917 | 3,993 | |||
ViacomCBS Inc. Class B | 142,313 | 3,986 | ||||
* | Bright Horizons Family Solutions Inc. | 25,671 | 3,903 | |||
Brinker International Inc. | 88,019 | 3,760 | ||||
* | Murphy USA Inc. | 29,029 | 3,724 | |||
* | Visteon Corp. | 52,868 | 3,660 | |||
* | Under Armour Inc. Class C | 365,732 | 3,599 | |||
* | Floor & Decor Holdings Inc. Class A | 47,227 | 3,533 | |||
Vail Resorts Inc. | 15,867 | 3,395 | ||||
Tractor Supply Co. | 23,667 | 3,392 | ||||
* | Liberty Media Corp.-Liberty Formula One Class C | 90,972 | 3,300 | |||
Sirius XM Holdings Inc. | 614,472 | 3,294 | ||||
Hanesbrands Inc. | 201,094 | 3,167 | ||||
* | Mohawk Industries Inc. | 32,130 | 3,136 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 93,616 | 3,105 | |||
Ford Motor Co. | 439,632 | 2,928 | ||||
* | AMC Networks Inc. Class A | 113,435 | 2,803 | |||
Lear Corp. | 24,271 | 2,647 | ||||
Omnicom Group Inc. | 52,664 | 2,607 | ||||
* | Ulta Beauty Inc. | 11,054 | 2,476 | |||
Pool Corp. | 7,269 | 2,432 | ||||
Foot Locker Inc. | 66,070 | 2,182 | ||||
Domino's Pizza Inc. | 5,111 | 2,174 | ||||
Polaris Inc. | 22,874 | 2,158 | ||||
* | ServiceMaster Global Holdings Inc. | 54,101 | 2,158 | |||
* | Five Below Inc. | 16,637 | 2,113 | |||
News Corp. Class A | 149,164 | 2,091 | ||||
* | LKQ Corp. | 74,828 | 2,075 | |||
Qurate Retail Inc. Class A | 287,788 | 2,066 | ||||
* | Etsy Inc. | 16,913 | 2,057 | |||
* | Peloton Interactive Inc. Class A | 19,400 | 1,925 | |||
* | Planet Fitness Inc. Class A | 30,743 | 1,894 | |||
Ralph Lauren Corp. Class A | 26,366 | 1,792 | ||||
Wynn Resorts Ltd. | 24,711 | 1,774 | ||||
* | Take-Two Interactive Software Inc. | 9,974 | 1,648 | |||
* | Liberty Media Corp.-Liberty Formula One Class A | 48,061 | 1,611 | |||
Carnival Corp. | 105,373 | 1,600 | ||||
* | Madison Square Garden Sports Corp. | 10,563 | 1,590 | |||
* | Skechers U.S.A. Inc. Class A | 50,066 | 1,513 | |||
Genuine Parts Co. | 15,808 | 1,504 | ||||
* | frontdoor Inc. | 36,832 | 1,433 | |||
Harley-Davidson Inc. | 53,991 | 1,325 | ||||
AMERCO | 3,700 | 1,317 | ||||
* | Mattel Inc. | 111,801 | 1,308 | |||
* | Urban Outfitters Inc. | 60,542 | 1,260 | |||
* | Lyft Inc. Class A | 43,861 | 1,208 | |||
Aramark | 45,301 | 1,198 | ||||
* | Trade Desk Inc. Class A | 2,301 | 1,194 | |||
TripAdvisor Inc. | 59,730 | 1,170 | ||||
* | Discovery Inc. Class A | 48,210 | 1,050 | |||
KAR Auction Services Inc. | 70,720 | 1,018 | ||||
* | Grand Canyon Education Inc. | 11,186 | 894 | |||
* | Lions Gate Entertainment Corp. Class B | 97,855 | 853 | |||
* | Madison Square Garden Entertainment Corp. | 11,299 | 774 |
Shares | Market Value ($000) | |||||
Lennar Corp. Class B | 10,425 | 685 | ||||
Tiffany & Co. | 5,492 | 636 | ||||
John Wiley & Sons Inc. Class A | 17,354 | 550 | ||||
New York Times Co. Class A | 10,912 | 467 | ||||
Nordstrom Inc. | 26,916 | 321 | ||||
* | 2U Inc. | 8,853 | 300 | |||
Garmin Ltd. | 2,897 | 275 | ||||
* | Under Armour Inc. Class A | 19,750 | 222 | |||
Thor Industries Inc. | 2,150 | 205 | ||||
Dunkin' Brands Group Inc. | 2,399 | 197 | ||||
Service Corp. International | 4,359 | 184 | ||||
Wendy's Co. | 7,938 | 177 | ||||
Fox Corp. Class A | 6,292 | 175 | ||||
Nexstar Media Group Inc. Class A | 1,169 | 105 | ||||
Warner Music Group Corp. Class A | 1,414 | 41 | ||||
Graham Holdings Co. Class B | 1 | — | ||||
2,083,267 | ||||||
Consumer Staples (5.6%) | ||||||
Procter & Gamble Co. | 954,158 | 132,618 | ||||
PepsiCo Inc. | 535,067 | 74,160 | ||||
Coca-Cola Co. | 1,464,748 | 72,315 | ||||
Philip Morris International Inc. | 562,458 | 42,179 | ||||
Mondelez International Inc. Class A | 613,781 | 35,262 | ||||
Colgate-Palmolive Co. | 383,803 | 29,610 | ||||
CVS Health Corp. | 442,343 | 25,833 | ||||
* | Monster Beverage Corp. | 298,547 | 23,943 | |||
McCormick & Co. Inc. (Non-Voting) | 86,333 | 16,757 | ||||
Church & Dwight Co. Inc. | 172,528 | 16,168 | ||||
Constellation Brands Inc. Class A | 83,261 | 15,779 | ||||
Clorox Co. | 72,758 | 15,292 | ||||
Altria Group Inc. | 380,314 | 14,695 | ||||
Kroger Co. | 430,206 | 14,588 | ||||
Kimberly-Clark Corp. | 97,965 | 14,466 | ||||
Brown-Forman Corp. Class B | 191,278 | 14,407 | ||||
Hershey Co. | 80,963 | 11,605 | ||||
Archer-Daniels-Midland Co. | 242,636 | 11,280 | ||||
Hormel Foods Corp. | 224,493 | 10,975 | ||||
McKesson Corp. | 71,832 | 10,698 | ||||
AmerisourceBergen Corp. Class A | 108,828 | 10,548 | ||||
Walgreens Boots Alliance Inc. | 274,260 | 9,851 | ||||
Tyson Foods Inc. Class A | 163,958 | 9,752 | ||||
General Mills Inc. | 150,379 | 9,275 | ||||
Corteva Inc. | 299,039 | 8,615 | ||||
Sysco Corp. | 122,705 | 7,635 | ||||
J M Smucker Co. | 51,896 | 5,995 | ||||
Campbell Soup Co. | 103,441 | 5,003 | ||||
Ingredion Inc. | 54,756 | 4,144 | ||||
Keurig Dr Pepper Inc. | 121,099 | 3,342 | ||||
* | Beyond Meat Inc. | 18,411 | 3,057 | |||
Kraft Heinz Co. | 83,022 | 2,487 | ||||
Molson Coors Beverage Co. Class B | 71,712 | 2,407 | ||||
* | US Foods Holding Corp. | 102,093 | 2,269 | |||
* | Post Holdings Inc. | 25,230 | 2,170 | |||
* | Hain Celestial Group Inc. | 62,113 | 2,130 | |||
Energizer Holdings Inc. | 44,751 | 1,752 | ||||
Kellogg Co. | 26,928 | 1,739 | ||||
Lamb Weston Holdings Inc. | 23,087 | 1,530 | ||||
* | Herbalife Nutrition Ltd. | 27,738 | 1,294 |
Shares | Market Value ($000) | |||||
Bunge Ltd. | 20,905 | 955 | ||||
* | Edgewell Personal Care Co. | 22,863 | 637 | |||
Conagra Brands Inc. | 13,899 | 496 | ||||
* | Pilgrim's Pride Corp. | 24,098 | 361 | |||
Casey's General Stores Inc. | 1,891 | 336 | ||||
* | TreeHouse Foods Inc. | 7,588 | 308 | |||
* | Grocery Outlet Holding Corp. | 6,987 | 275 | |||
Flowers Foods Inc. | 8,141 | 198 | ||||
Brown-Forman Corp. Class A | 2,600 | 179 | ||||
Spectrum Brands Holdings Inc. | 10 | 1 | ||||
701,371 | ||||||
Energy (1.9%) | ||||||
Exxon Mobil Corp. | 1,633,681 | 56,084 | ||||
Chevron Corp. | 759,997 | 54,720 | ||||
ConocoPhillips | 457,409 | 15,021 | ||||
Phillips 66 | 175,747 | 9,111 | ||||
EOG Resources Inc. | 226,479 | 8,140 | ||||
Valero Energy Corp. | 175,202 | 7,590 | ||||
Kinder Morgan Inc. | 524,756 | 6,470 | ||||
Marathon Petroleum Corp. | 206,329 | 6,054 | ||||
Williams Cos. Inc. | 279,381 | 5,490 | ||||
Pioneer Natural Resources Co. | 57,047 | 4,905 | ||||
National Oilwell Varco Inc. | 519,976 | 4,711 | ||||
* | WPX Energy Inc. | 880,795 | 4,316 | |||
Hess Corp. | 99,652 | 4,079 | ||||
Schlumberger NV | 237,236 | 3,691 | ||||
Cabot Oil & Gas Corp. | 209,282 | 3,633 | ||||
Range Resources Corp. | 489,375 | 3,240 | ||||
* | First Solar Inc. | 45,956 | 3,042 | |||
Concho Resources Inc. | 66,922 | 2,953 | ||||
EQT Corp. | 224,460 | 2,902 | ||||
Marathon Oil Corp. | 696,654 | 2,849 | ||||
* | Antero Resources Corp. | 1,030,781 | 2,835 | |||
Diamondback Energy Inc. | 92,292 | 2,780 | ||||
Continental Resources Inc. | 223,006 | 2,739 | ||||
Parsley Energy Inc. Class A | 263,570 | 2,467 | ||||
*,1 | Transocean Ltd. | 3,013,163 | 2,431 | |||
* | Cheniere Energy Inc. | 47,717 | 2,208 | |||
* | ChampionX Corp. | 232,354 | 1,857 | |||
Patterson-UTI Energy Inc. | 406,477 | 1,158 | ||||
Apache Corp. | 107,295 | 1,016 | ||||
Devon Energy Corp. | 92,328 | 873 | ||||
* | Enphase Energy Inc. | 9,400 | 776 | |||
ONEOK Inc. | 29,311 | 761 | ||||
Noble Energy Inc. | 81,111 | 693 | ||||
* | Centennial Resource Development Inc. Class A | 1,030,380 | 621 | |||
HollyFrontier Corp. | 30,826 | 608 | ||||
Baker Hughes Co. Class A | 39,956 | 531 | ||||
Equitrans Midstream Corp. | 61,755 | 522 | ||||
Antero Midstream Corp. | 96,216 | 517 | ||||
Cimarex Energy Co. | 17,698 | 431 | ||||
Occidental Petroleum Corp. | 502 | 5 | ||||
234,830 | ||||||
Financials (9.5%) | ||||||
* | Berkshire Hathaway Inc. Class B | 760,275 | 161,893 | |||
JPMorgan Chase & Co. | 1,202,373 | 115,752 | ||||
Bank of America Corp. | 3,186,741 | 76,769 |
Shares | Market Value ($000) | |||||
S&P Global Inc. | 126,526 | 45,625 | ||||
Citigroup Inc. | 826,483 | 35,630 | ||||
MSCI Inc. Class A | 89,792 | 32,036 | ||||
Goldman Sachs Group Inc. | 137,848 | 27,703 | ||||
Aon plc Class A | 131,905 | 27,212 | ||||
Wells Fargo & Co. | 1,142,746 | 26,866 | ||||
Progressive Corp. | 276,677 | 26,193 | ||||
Intercontinental Exchange Inc. | 258,215 | 25,834 | ||||
Morgan Stanley | 517,127 | 25,003 | ||||
Moody's Corp. | 79,453 | 23,029 | ||||
BlackRock Inc. | 37,553 | 21,163 | ||||
CME Group Inc. | 109,179 | 18,267 | ||||
Charles Schwab Corp. | 488,147 | 17,686 | ||||
Marsh & McLennan Cos. Inc. | 151,096 | 17,331 | ||||
E*TRADE Financial Corp. | 313,916 | 15,712 | ||||
Brown & Brown Inc. | 339,907 | 15,388 | ||||
US Bancorp | 404,442 | 14,499 | ||||
PNC Financial Services Group Inc. | 122,468 | 13,460 | ||||
Truist Financial Corp. | 349,960 | 13,316 | ||||
Nasdaq Inc. | 108,085 | 13,263 | ||||
Ameriprise Financial Inc. | 85,696 | 13,207 | ||||
Aflac Inc. | 343,336 | 12,480 | ||||
T. Rowe Price Group Inc. | 94,267 | 12,087 | ||||
Chubb Ltd. | 103,207 | 11,984 | ||||
First Republic Bank | 104,915 | 11,442 | ||||
Discover Financial Services | 192,833 | 11,142 | ||||
Allstate Corp. | 115,698 | 10,892 | ||||
Travelers Cos. Inc. | 100,507 | 10,874 | ||||
W R Berkley Corp. | 163,287 | 9,985 | ||||
State Street Corp. | 161,007 | 9,553 | ||||
Assurant Inc. | 78,002 | 9,462 | ||||
Prudential Financial Inc. | 148,776 | 9,450 | ||||
* | Markel Corp. | 9,152 | 8,911 | |||
* | Arch Capital Group Ltd. | 303,636 | 8,881 | |||
Globe Life Inc. | 102,754 | 8,210 | ||||
Commerce Bancshares Inc. | 136,447 | 7,681 | ||||
Broadridge Financial Solutions Inc. | 57,899 | 7,643 | ||||
Fifth Third Bancorp | 324,179 | 6,912 | ||||
MetLife Inc. | 184,637 | 6,863 | ||||
Raymond James Financial Inc. | 89,742 | 6,530 | ||||
SEI Investments Co. | 123,446 | 6,261 | ||||
Alleghany Corp. | 12,001 | 6,246 | ||||
TD Ameritrade Holding Corp. | 156,917 | 6,143 | ||||
Bank of New York Mellon Corp. | 167,334 | 5,746 | ||||
Reinsurance Group of America Inc. | 59,891 | 5,701 | ||||
IHS Markit Ltd. | 72,004 | 5,653 | ||||
Popular Inc. | 153,360 | 5,562 | ||||
SLM Corp. | 676,250 | 5,471 | ||||
* | SVB Financial Group | 22,411 | 5,393 | |||
MFA Financial Inc. | 2,009,395 | 5,385 | ||||
American International Group Inc. | 188,166 | 5,180 | ||||
KeyCorp | 427,062 | 5,095 | ||||
Zions Bancorp NA | 173,074 | 5,057 | ||||
Willis Towers Watson plc | 23,242 | 4,853 | ||||
White Mountains Insurance Group Ltd. | 6,215 | 4,841 | ||||
* | Texas Capital Bancshares Inc. | 151,742 | 4,724 | |||
Hanover Insurance Group Inc. | 49,487 | 4,611 | ||||
Principal Financial Group Inc. | 113,203 | 4,559 |
Shares | Market Value ($000) | |||||
Lincoln National Corp. | 142,402 | 4,461 | ||||
East West Bancorp Inc. | 134,347 | 4,399 | ||||
M&T Bank Corp. | 46,002 | 4,236 | ||||
OneMain Holdings Inc. | 127,257 | 3,977 | ||||
Loews Corp. | 106,017 | 3,684 | ||||
New Residential Investment Corp. | 438,693 | 3,488 | ||||
Eaton Vance Corp. | 85,976 | 3,280 | ||||
Signature Bank | 38,591 | 3,203 | ||||
Cullen/Frost Bankers Inc. | 47,275 | 3,023 | ||||
* | Athene Holding Ltd. Class A | 87,204 | 2,972 | |||
Hartford Financial Services Group Inc. | 77,281 | 2,849 | ||||
Interactive Brokers Group Inc. Class A | 54,320 | 2,625 | ||||
Two Harbors Investment Corp. | 512,367 | 2,608 | ||||
Wintrust Financial Corp. | 61,293 | 2,455 | ||||
Voya Financial Inc. | 49,756 | 2,385 | ||||
Northern Trust Corp. | 28,975 | 2,259 | ||||
American Financial Group Inc. | 32,116 | 2,151 | ||||
BOK Financial Corp. | 38,470 | 1,982 | ||||
CNA Financial Corp. | 61,718 | 1,851 | ||||
Jefferies Financial Group Inc. | 99,994 | 1,800 | ||||
MGIC Investment Corp. | 200,841 | 1,779 | ||||
CIT Group Inc. | 99,556 | 1,763 | ||||
Starwood Property Trust Inc. | 110,744 | 1,671 | ||||
Chimera Investment Corp. | 172,128 | 1,411 | ||||
Ally Financial Inc. | 52,542 | 1,317 | ||||
First Horizon National Corp. | 138,758 | 1,309 | ||||
Arthur J Gallagher & Co. | 11,257 | 1,189 | ||||
* | Credit Acceptance Corp. | 3,350 | 1,134 | |||
Pinnacle Financial Partners Inc. | 29,247 | 1,041 | ||||
* | Brighthouse Financial Inc. | 36,791 | 990 | |||
Fidelity National Financial Inc. | 29,371 | 920 | ||||
TFS Financial Corp. | 59,947 | 881 | ||||
Sterling Bancorp | 76,528 | 805 | ||||
Bank of Hawaii Corp. | 15,647 | 790 | ||||
Associated Banc-Corp | 60,223 | 760 | ||||
People's United Financial Inc. | 68,742 | 709 | ||||
Western Alliance Bancorp | 22,046 | 697 | ||||
* | Rocket Cos. Inc. Class A | 33,000 | 658 | |||
Lazard Ltd. Class A | 18,454 | 610 | ||||
Santander Consumer USA Holdings Inc. | 30,462 | 554 | ||||
MarketAxess Holdings Inc. | 871 | 419 | ||||
New York Community Bancorp Inc. | 49,670 | 411 | ||||
FactSet Research Systems Inc. | 1,172 | 392 | ||||
Morningstar Inc. | 1,993 | 320 | ||||
RenaissanceRe Holdings Ltd. | 1,648 | 280 | ||||
Kemper Corp. | 3,979 | 266 | ||||
* | Lemonade Inc. | 4,300 | 214 | |||
Navient Corp. | 24,311 | 205 | ||||
Affiliated Managers Group Inc. | 2,736 | 187 | ||||
Primerica Inc. | 877 | 99 | ||||
Unum Group | 3,563 | 60 | ||||
Erie Indemnity Co. Class A | 166 | 35 | ||||
First Citizens BancShares Inc. Class A | 100 | 32 | ||||
1,183,896 | ||||||
Health Care (13.4%) | ||||||
Johnson & Johnson | 1,054,235 | 156,954 | ||||
UnitedHealth Group Inc. | 365,357 | 113,907 | ||||
Merck & Co. Inc. | 982,523 | 81,500 |
Shares | Market Value ($000) | |||||
Pfizer Inc. | 2,125,285 | 77,998 | ||||
Abbott Laboratories | 643,664 | 70,050 | ||||
Thermo Fisher Scientific Inc. | 155,049 | 68,457 | ||||
Amgen Inc. | 247,879 | 63,001 | ||||
Bristol-Myers Squibb Co. | 928,530 | 55,981 | ||||
AbbVie Inc. | 635,184 | 55,636 | ||||
Danaher Corp. | 234,546 | 50,505 | ||||
Medtronic plc | 464,846 | 48,307 | ||||
Eli Lilly & Co. | 304,769 | 45,112 | ||||
Zoetis Inc. Class A | 254,386 | 42,068 | ||||
* | Vertex Pharmaceuticals Inc. | 114,915 | 31,271 | |||
Cigna Corp. | 178,369 | 30,217 | ||||
Gilead Sciences Inc. | 476,202 | 30,091 | ||||
Becton Dickinson & Co. | 127,458 | 29,657 | ||||
Anthem Inc. | 107,426 | 28,854 | ||||
* | Boston Scientific Corp. | 752,501 | 28,753 | |||
Humana Inc. | 66,624 | 27,575 | ||||
* | Intuitive Surgical Inc. | 36,109 | 25,621 | |||
Stryker Corp. | 115,763 | 24,122 | ||||
* | Biogen Inc. | 74,675 | 21,184 | |||
Agilent Technologies Inc. | 207,812 | 20,977 | ||||
* | Regeneron Pharmaceuticals Inc. | 34,720 | 19,436 | |||
* | Charles River Laboratories International Inc. | 75,470 | 17,090 | |||
Cooper Cos. Inc. | 45,386 | 15,301 | ||||
* | Illumina Inc. | 48,292 | 14,926 | |||
* | DexCom Inc. | 35,827 | 14,769 | |||
* | Edwards Lifesciences Corp. | 182,538 | 14,570 | |||
Baxter International Inc. | 179,475 | 14,433 | ||||
Teleflex Inc. | 42,189 | 14,362 | ||||
Zimmer Biomet Holdings Inc. | 99,842 | 13,592 | ||||
* | Laboratory Corp. of America Holdings | 71,685 | 13,496 | |||
PerkinElmer Inc. | 107,266 | 13,463 | ||||
* | Centene Corp. | 230,494 | 13,445 | |||
* | Seattle Genetics Inc. | 67,982 | 13,303 | |||
* | QIAGEN NV | 227,726 | 11,901 | |||
Bio-Techne Corp. | 44,945 | 11,134 | ||||
* | Veeva Systems Inc. Class A | 37,867 | 10,648 | |||
* | IQVIA Holdings Inc. | 66,306 | 10,452 | |||
* | IDEXX Laboratories Inc. | 22,213 | 8,732 | |||
* | Exelixis Inc. | 353,309 | 8,638 | |||
* | Moderna Inc. | 121,626 | 8,605 | |||
* | Incyte Corp. | 94,863 | 8,513 | |||
Quest Diagnostics Inc. | 73,465 | 8,411 | ||||
* | Varian Medical Systems Inc. | 47,186 | 8,116 | |||
* | Alnylam Pharmaceuticals Inc. | 53,959 | 7,856 | |||
Universal Health Services Inc. Class B | 69,799 | 7,470 | ||||
* | Henry Schein Inc. | 123,189 | 7,241 | |||
* | Bio-Rad Laboratories Inc. Class A | 13,813 | 7,120 | |||
Cardinal Health Inc. | 146,440 | 6,875 | ||||
* | Hologic Inc. | 97,853 | 6,504 | |||
Bruker Corp. | 162,910 | 6,476 | ||||
Cerner Corp. | 89,396 | 6,462 | ||||
HCA Healthcare Inc. | 46,897 | 5,847 | ||||
* | Immunomedics Inc. | 64,700 | 5,501 | |||
DENTSPLY SIRONA Inc. | 110,655 | 4,839 | ||||
* | Catalent Inc. | 56,383 | 4,830 | |||
* | Ionis Pharmaceuticals Inc. | 95,586 | 4,536 | |||
STERIS plc | 20,974 | 3,695 |
Shares | Market Value ($000) | |||||
* | Alexion Pharmaceuticals Inc. | 31,406 | 3,594 | |||
* | DaVita Inc. | 40,030 | 3,429 | |||
West Pharmaceutical Services Inc. | 12,440 | 3,420 | ||||
* | BioMarin Pharmaceutical Inc. | 43,646 | 3,321 | |||
* | Align Technology Inc. | 9,439 | 3,090 | |||
* | Insulet Corp. | 12,068 | 2,855 | |||
* | Sage Therapeutics Inc. | 44,900 | 2,744 | |||
* | Horizon Therapeutics plc | 35,313 | 2,743 | |||
* | Masimo Corp. | 11,382 | 2,687 | |||
* | Molina Healthcare Inc. | 14,204 | 2,600 | |||
* | Neurocrine Biosciences Inc. | 26,196 | 2,519 | |||
* | Penumbra Inc. | 11,973 | 2,327 | |||
* | Exact Sciences Corp. | 22,681 | 2,312 | |||
* | Bluebird Bio Inc. | 42,171 | 2,275 | |||
* | Livongo Health Inc. | 11,700 | 1,639 | |||
* | Teladoc Health Inc. | 7,300 | 1,600 | |||
* | Jazz Pharmaceuticals plc | 10,251 | 1,462 | |||
* | Envista Holdings Corp. | 57,545 | 1,420 | |||
* | Integra LifeSciences Holdings Corp. | 28,188 | 1,331 | |||
* | Acadia Healthcare Co. Inc. | 43,965 | 1,296 | |||
* | Elanco Animal Health Inc. | 46,390 | 1,296 | |||
* | MEDNAX Inc. | 78,243 | 1,274 | |||
Cantel Medical Corp. | 28,876 | 1,269 | ||||
* | United Therapeutics Corp. | 12,486 | 1,261 | |||
Hill-Rom Holdings Inc. | 14,895 | 1,244 | ||||
* | Quidel Corp. | 4,800 | 1,053 | |||
Chemed Corp. | 1,705 | 819 | ||||
* | PRA Health Sciences Inc. | 7,939 | 805 | |||
Premier Inc. Class A | 23,021 | 756 | ||||
* | Guardant Health Inc. | 6,582 | 736 | |||
* | Avantor Inc. | 29,947 | 673 | |||
* | Brookdale Senior Living Inc. | 262,173 | 666 | |||
* | ICU Medical Inc. | 3,463 | 633 | |||
* | Agios Pharmaceuticals Inc. | 15,198 | 532 | |||
* | ABIOMED Inc. | 1,539 | 426 | |||
* | Varex Imaging Corp. | 29,310 | 373 | |||
* | Adaptive Biotechnologies Corp. | 7,594 | 369 | |||
Encompass Health Corp. | 4,425 | 288 | ||||
Perrigo Co. plc | 3,816 | 175 | ||||
* | Alkermes plc | 10,236 | 170 | |||
* | Nektar Therapeutics Class A | 10,151 | 168 | |||
ResMed Inc. | 785 | 135 | ||||
* | Sarepta Therapeutics Inc. | 940 | 132 | |||
* | GoodRx Holdings Inc. Class A | 303 | 17 | |||
1,664,320 | ||||||
Industrials (14.0%) | ||||||
Visa Inc. Class A | 652,984 | 130,577 | ||||
Mastercard Inc. Class A | 350,780 | 118,623 | ||||
* | PayPal Holdings Inc. | 530,612 | 104,546 | |||
Accenture plc Class A | 237,433 | 53,657 | ||||
Union Pacific Corp. | 268,758 | 52,910 | ||||
Global Payments Inc. | 240,244 | 42,663 | ||||
United Parcel Service Inc. Class B | 231,441 | 38,565 | ||||
Boeing Co. | 220,687 | 36,471 | ||||
Fidelity National Information Services Inc. | 244,418 | 35,981 | ||||
Honeywell International Inc. | 205,312 | 33,796 | ||||
* | Fiserv Inc. | 322,884 | 33,273 | |||
3M Co. | 192,197 | 30,786 |
Shares | Market Value ($000) | |||||
Sherwin-Williams Co. | 43,850 | 30,552 | ||||
American Express Co. | 278,851 | 27,955 | ||||
FedEx Corp. | 110,809 | 27,871 | ||||
CSX Corp. | 354,891 | 27,564 | ||||
Illinois Tool Works Inc. | 140,698 | 27,184 | ||||
Raytheon Technologies Corp. | 467,597 | 26,906 | ||||
Norfolk Southern Corp. | 124,683 | 26,681 | ||||
Caterpillar Inc. | 176,137 | 26,271 | ||||
Verisk Analytics Inc. Class A | 139,675 | 25,883 | ||||
* | Mettler-Toledo International Inc. | 26,317 | 25,416 | |||
Cintas Corp. | 75,609 | 25,165 | ||||
Northrop Grumman Corp. | 73,450 | 23,173 | ||||
Old Dominion Freight Line Inc. | 124,615 | 22,545 | ||||
Lockheed Martin Corp. | 57,607 | 22,080 | ||||
General Electric Co. | 3,388,827 | 21,112 | ||||
TransDigm Group Inc. | 42,034 | 19,971 | ||||
* | Square Inc. Class A | 122,426 | 19,900 | |||
Deere & Co. | 83,352 | 18,473 | ||||
Ball Corp. | 221,978 | 18,451 | ||||
General Dynamics Corp. | 114,543 | 15,856 | ||||
AMETEK Inc. | 153,098 | 15,218 | ||||
IDEX Corp. | 78,733 | 14,362 | ||||
Parker-Hannifin Corp. | 67,177 | 13,593 | ||||
Eaton Corp. plc | 132,269 | 13,495 | ||||
Jacobs Engineering Group Inc. | 141,129 | 13,093 | ||||
Expeditors International of Washington Inc. | 139,607 | 12,637 | ||||
* | Keysight Technologies Inc. | 127,690 | 12,613 | |||
* | Waters Corp. | 64,206 | 12,564 | |||
Automatic Data Processing Inc. | 89,374 | 12,467 | ||||
PACCAR Inc. | 146,055 | 12,456 | ||||
Vulcan Materials Co. | 90,102 | 12,212 | ||||
Toro Co. | 139,713 | 11,729 | ||||
Equifax Inc. | 74,207 | 11,643 | ||||
Martin Marietta Materials Inc. | 48,394 | 11,390 | ||||
Lennox International Inc. | 40,714 | 11,099 | ||||
Cummins Inc. | 52,527 | 11,092 | ||||
* | Crown Holdings Inc. | 142,855 | 10,980 | |||
Emerson Electric Co. | 163,699 | 10,734 | ||||
* | Zebra Technologies Corp. Class A | 40,590 | 10,247 | |||
JB Hunt Transport Services Inc. | 78,704 | 9,947 | ||||
Landstar System Inc. | 78,365 | 9,834 | ||||
Otis Worldwide Corp. | 157,191 | 9,812 | ||||
Carrier Global Corp. | 314,383 | 9,601 | ||||
DuPont de Nemours Inc. | 164,198 | 9,110 | ||||
Fortive Corp. | 117,845 | 8,981 | ||||
WW Grainger Inc. | 24,754 | 8,832 | ||||
Capital One Financial Corp. | 119,995 | 8,623 | ||||
Jack Henry & Associates Inc. | 51,040 | 8,299 | ||||
BWX Technologies Inc. | 143,634 | 8,088 | ||||
* | HD Supply Holdings Inc. | 190,888 | 7,872 | |||
CoreLogic Inc. | 115,740 | 7,832 | ||||
AGCO Corp. | 105,204 | 7,814 | ||||
Xylem Inc. | 91,046 | 7,659 | ||||
Eagle Materials Inc. | 88,370 | 7,628 | ||||
Genpact Ltd. | 193,618 | 7,541 | ||||
Carlisle Cos. Inc. | 60,277 | 7,376 | ||||
Owens Corning | 104,712 | 7,205 | ||||
* | FleetCor Technologies Inc. | 28,478 | 6,781 |
Shares | Market Value ($000) | |||||
Huntington Ingalls Industries Inc. | 44,901 | 6,320 | ||||
Synchrony Financial | 241,273 | 6,314 | ||||
Armstrong World Industries Inc. | 90,528 | 6,229 | ||||
Graco Inc. | 98,621 | 6,050 | ||||
Oshkosh Corp. | 80,575 | 5,922 | ||||
FLIR Systems Inc. | 164,529 | 5,898 | ||||
Textron Inc. | 148,787 | 5,370 | ||||
Johnson Controls International plc | 127,676 | 5,216 | ||||
Robert Half International Inc. | 91,824 | 4,861 | ||||
Donaldson Co. Inc. | 102,283 | 4,748 | ||||
Stanley Black & Decker Inc. | 29,193 | 4,735 | ||||
Westinghouse Air Brake Technologies Corp. | 71,671 | 4,435 | ||||
PPG Industries Inc. | 34,752 | 4,243 | ||||
ITT Inc. | 68,646 | 4,054 | ||||
CH Robinson Worldwide Inc. | 39,317 | 4,018 | ||||
ManpowerGroup Inc. | 54,157 | 3,971 | ||||
Rockwell Automation Inc. | 17,102 | 3,774 | ||||
Trane Technologies plc | 30,477 | 3,695 | ||||
Sealed Air Corp. | 93,708 | 3,637 | ||||
Valmont Industries Inc. | 27,975 | 3,474 | ||||
Quanta Services Inc. | 62,470 | 3,302 | ||||
* | Teledyne Technologies Inc. | 10,446 | 3,240 | |||
* | Trimble Inc. | 62,991 | 3,068 | |||
HEICO Corp. | 28,866 | 3,021 | ||||
* | Euronet Worldwide Inc. | 33,136 | 3,019 | |||
Packaging Corp. of America | 27,444 | 2,993 | ||||
* | Virgin Galactic Holdings Inc. | 146,500 | 2,817 | |||
MSC Industrial Direct Co. Inc. Class A | 41,610 | 2,633 | ||||
Flowserve Corp. | 87,321 | 2,383 | ||||
Allison Transmission Holdings Inc. | 62,972 | 2,213 | ||||
* | StoneCo Ltd. Class A | 39,800 | 2,105 | |||
* | Livent Corp. | 226,166 | 2,029 | |||
MDU Resources Group Inc. | 85,867 | 1,932 | ||||
Howmet Aerospace Inc. | 108,682 | 1,817 | ||||
Cognex Corp. | 27,531 | 1,792 | ||||
* | AECOM | 42,191 | 1,765 | |||
* | Berry Global Group Inc. | 35,739 | 1,727 | |||
* | Resideo Technologies Inc. | 142,255 | 1,565 | |||
O-I Glass Inc. | 143,312 | 1,518 | ||||
TransUnion | 17,546 | 1,476 | ||||
* | Sensata Technologies Holding plc | 31,461 | 1,357 | |||
* | WESCO International Inc. | 30,666 | 1,350 | |||
Allegion plc | 13,639 | 1,349 | ||||
* | Axalta Coating Systems Ltd. | 58,104 | 1,288 | |||
* | WEX Inc. | 8,803 | 1,223 | |||
* | Fair Isaac Corp. | 2,573 | 1,095 | |||
* | Coherent Inc. | 9,143 | 1,014 | |||
* | Ingersoll Rand Inc. | 26,893 | 957 | |||
Spirit AeroSystems Holdings Inc. Class A | 41,506 | 785 | ||||
Booz Allen Hamilton Holding Corp. Class A | 8,520 | 707 | ||||
* | Kirby Corp. | 17,699 | 640 | |||
MKS Instruments Inc. | 5,395 | 589 | ||||
* | Pluralsight Inc. Class A | 33,207 | 569 | |||
RPM International Inc. | 5,251 | 435 | ||||
Silgan Holdings Inc. | 10,388 | 382 | ||||
AptarGroup Inc. | 2,836 | 321 | ||||
Littelfuse Inc. | 1,596 | 283 | ||||
* | Paylocity Holding Corp. | 1,635 | 264 |
Shares | Market Value ($000) | |||||
Brunswick Corp. | 3,484 | 205 | ||||
Sonoco Products Co. | 2,414 | 123 | ||||
* | Middleby Corp. | 198 | 18 | |||
1,741,649 | ||||||
Other (0.0%) | ||||||
*,1 | American International Group Inc. Warrants Exp. 01/19/2021 | 6,859 | — | |||
Real Estate (3.1%) | ||||||
American Tower Corp. | 191,001 | 46,171 | ||||
SBA Communications Corp. Class A | 108,028 | 34,405 | ||||
Equinix Inc. | 35,362 | 26,880 | ||||
Crown Castle International Corp. | 159,136 | 26,496 | ||||
Prologis Inc. | 238,915 | 24,040 | ||||
* | CoStar Group Inc. | 18,223 | 15,462 | |||
Public Storage | 58,955 | 13,130 | ||||
* | CBRE Group Inc. Class A | 273,143 | 12,829 | |||
Equity LifeStyle Properties Inc. | 191,794 | 11,757 | ||||
Digital Realty Trust Inc. | 69,624 | 10,218 | ||||
American Homes 4 Rent Class A | 341,378 | 9,722 | ||||
Extra Space Storage Inc. | 80,139 | 8,574 | ||||
AvalonBay Communities Inc. | 55,429 | 8,278 | ||||
Welltower Inc. | 149,170 | 8,218 | ||||
Equity Residential | 151,097 | 7,756 | ||||
Alexandria Real Estate Equities Inc. | 48,265 | 7,722 | ||||
Mid-America Apartment Communities Inc. | 64,098 | 7,432 | ||||
Essex Property Trust Inc. | 34,528 | 6,933 | ||||
* | Zillow Group Inc. Class C | 65,681 | 6,673 | |||
Boston Properties Inc. | 78,095 | 6,271 | ||||
* | Howard Hughes Corp. | 103,266 | 5,948 | |||
Simon Property Group Inc. | 84,491 | 5,465 | ||||
Sun Communities Inc. | 36,053 | 5,069 | ||||
Jones Lang LaSalle Inc. | 49,345 | 4,720 | ||||
Invitation Homes Inc. | 160,663 | 4,497 | ||||
Realty Income Corp. | 73,970 | 4,494 | ||||
* | Zillow Group Inc. Class A | 40,603 | 4,123 | |||
Douglas Emmett Inc. | 159,344 | 4,000 | ||||
Weyerhaeuser Co. | 133,802 | 3,816 | ||||
Camden Property Trust | 41,323 | 3,677 | ||||
Apartment Investment & Management Co. Class A | 104,834 | 3,535 | ||||
Equity Commonwealth | 131,401 | 3,499 | ||||
Lamar Advertising Co. Class A | 49,553 | 3,279 | ||||
Host Hotels & Resorts Inc. | 279,419 | 3,015 | ||||
SL Green Realty Corp. | 49,442 | 2,293 | ||||
Duke Realty Corp. | 55,872 | 2,062 | ||||
Ventas Inc. | 48,188 | 2,022 | ||||
Federal Realty Investment Trust | 22,503 | 1,653 | ||||
Hudson Pacific Properties Inc. | 74,201 | 1,627 | ||||
* | RealPage Inc. | 26,577 | 1,532 | |||
Empire State Realty Trust Inc. Class A | 228,476 | 1,398 | ||||
Americold Realty Trust | 37,960 | 1,357 | ||||
Kilroy Realty Corp. | 25,667 | 1,334 | ||||
JBG SMITH Properties | 48,596 | 1,299 | ||||
Paramount Group Inc. | 150,986 | 1,069 | ||||
Vornado Realty Trust | 23,013 | 776 | ||||
VICI Properties Inc. | 32,219 | 753 | ||||
Iron Mountain Inc. | 23,460 | 628 | ||||
CoreSite Realty Corp. | 3,856 | 458 | ||||
CyrusOne Inc. | 5,522 | 387 |
Shares | Market Value ($000) | |||||
CubeSmart | 8,137 | 263 | ||||
Life Storage Inc. | 2,246 | 236 | ||||
Rayonier Inc. | 5,784 | 153 | ||||
379,404 | ||||||
Technology (27.5%) | ||||||
Apple Inc. | 6,625,422 | 767,290 | ||||
Microsoft Corp. | 2,982,070 | 627,219 | ||||
* | Facebook Inc. Class A | 955,491 | 250,243 | |||
* | Alphabet Inc. Class A | 119,427 | 175,032 | |||
* | Alphabet Inc. Class C | 117,201 | 172,239 | |||
NVIDIA Corp. | 240,682 | 130,262 | ||||
* | Adobe Inc. | 214,882 | 105,385 | |||
* | salesforce.com Inc. | 357,633 | 89,880 | |||
Intel Corp. | 1,660,152 | 85,963 | ||||
QUALCOMM Inc. | 463,222 | 54,512 | ||||
Texas Instruments Inc. | 364,394 | 52,032 | ||||
Broadcom Inc. | 135,881 | 49,504 | ||||
Oracle Corp. | 763,334 | 45,571 | ||||
Intuit Inc. | 126,429 | 41,242 | ||||
* | Advanced Micro Devices Inc. | 415,974 | 34,106 | |||
* | Cadence Design Systems Inc. | 319,022 | 34,017 | |||
* | ServiceNow Inc. | 67,517 | 32,746 | |||
* | Synopsys Inc. | 152,426 | 32,616 | |||
International Business Machines Corp. | 266,290 | 32,399 | ||||
Lam Research Corp. | 96,753 | 32,098 | ||||
* | Autodesk Inc. | 137,631 | 31,794 | |||
Applied Materials Inc. | 533,823 | 31,736 | ||||
* | Zoom Video Communications Inc. Class A | 62,300 | 29,288 | |||
Roper Technologies Inc. | 54,880 | 21,684 | ||||
Teradyne Inc. | 262,921 | 20,892 | ||||
* | Micron Technology Inc. | 425,885 | 20,000 | |||
Amphenol Corp. Class A | 175,784 | 19,032 | ||||
KLA Corp. | 97,261 | 18,843 | ||||
Cognizant Technology Solutions Corp. Class A | 249,738 | 17,337 | ||||
* | Match Group Inc. | 155,145 | 17,167 | |||
Analog Devices Inc. | 135,294 | 15,794 | ||||
Corning Inc. | 448,584 | 14,539 | ||||
* | Workday Inc. Class A | 54,903 | 11,811 | |||
* | DocuSign Inc. Class A | 52,897 | 11,386 | |||
Citrix Systems Inc. | 82,541 | 11,367 | ||||
* | Twitter Inc. | 245,298 | 10,916 | |||
* | Fortinet Inc. | 90,195 | 10,626 | |||
* | Atlassian Corp. plc Class A | 55,455 | 10,081 | |||
* | ANSYS Inc. | 30,794 | 10,077 | |||
* | Twilio Inc. Class A | 38,961 | 9,627 | |||
* | Black Knight Inc. | 108,710 | 9,463 | |||
Xilinx Inc. | 89,071 | 9,285 | ||||
* | VeriSign Inc. | 44,478 | 9,111 | |||
* | Palo Alto Networks Inc. | 34,244 | 8,381 | |||
* | Arrow Electronics Inc. | 106,274 | 8,359 | |||
HP Inc. | 434,070 | 8,243 | ||||
Hewlett Packard Enterprise Co. | 711,355 | 6,665 | ||||
Marvell Technology Group Ltd. | 166,294 | 6,602 | ||||
* | Okta Inc. Class A | 30,391 | 6,499 | |||
SS&C Technologies Holdings Inc. | 101,768 | 6,159 | ||||
* | Gartner Inc. | 49,072 | 6,132 | |||
NetApp Inc. | 137,603 | 6,032 | ||||
* | Splunk Inc. | 30,305 | 5,701 |
Shares | Market Value ($000) | |||||
* | GoDaddy Inc. Class A | 73,840 | 5,610 | |||
Microchip Technology Inc. | 54,585 | 5,609 | ||||
NortonLifeLock Inc. | 266,482 | 5,553 | ||||
* | IAC/InterActiveCorp | 45,781 | 5,484 | |||
* | Dell Technologies Inc. Class C | 77,738 | 5,262 | |||
* | Guidewire Software Inc. | 47,991 | 5,004 | |||
* | Qorvo Inc. | 37,483 | 4,836 | |||
Skyworks Solutions Inc. | 32,649 | 4,750 | ||||
* | Nuance Communications Inc. | 139,537 | 4,631 | |||
* | Crowdstrike Holdings Inc. Class A | 33,700 | 4,628 | |||
* | VMware Inc. Class A | 27,456 | 3,945 | |||
Western Digital Corp. | 106,868 | 3,906 | ||||
* | Pinterest Inc. Class A | 92,300 | 3,831 | |||
* | Manhattan Associates Inc. | 33,339 | 3,183 | |||
* | Fastly Inc. Class A | 33,300 | 3,119 | |||
* | Akamai Technologies Inc. | 28,114 | 3,108 | |||
* | Zendesk Inc. | 29,758 | 3,063 | |||
* | Tyler Technologies Inc. | 8,729 | 3,043 | |||
* | ON Semiconductor Corp. | 132,764 | 2,880 | |||
* | RingCentral Inc. Class A | 10,051 | 2,760 | |||
Avnet Inc. | 105,416 | 2,724 | ||||
Universal Display Corp. | 15,011 | 2,713 | ||||
* | Slack Technologies Inc. Class A | 99,100 | 2,662 | |||
* | PTC Inc. | 31,366 | 2,595 | |||
* | Alteryx Inc. Class A | 22,246 | 2,526 | |||
* | NCR Corp. | 107,900 | 2,389 | |||
* | Ceridian HCM Holding Inc. | 27,055 | 2,236 | |||
Leidos Holdings Inc. | 24,871 | 2,217 | ||||
CDK Global Inc. | 48,394 | 2,109 | ||||
* | Grubhub Inc. | 27,361 | 1,979 | |||
* | HubSpot Inc. | 6,425 | 1,878 | |||
* | Paycom Software Inc. | 5,741 | 1,787 | |||
* | EPAM Systems Inc. | 5,004 | 1,618 | |||
* | IPG Photonics Corp. | 8,932 | 1,518 | |||
Perspecta Inc. | 71,796 | 1,396 | ||||
* | SolarWinds Corp. | 67,236 | 1,368 | |||
* | FireEye Inc. | 108,421 | 1,338 | |||
DXC Technology Co. | 74,093 | 1,323 | ||||
Xerox Holdings Corp. | 68,021 | 1,277 | ||||
* | Arista Networks Inc. | 6,087 | 1,260 | |||
* | Avalara Inc. | 9,649 | 1,229 | |||
* | Cerence Inc. | 24,199 | 1,183 | |||
* | Teradata Corp. | 49,671 | 1,127 | |||
* | Change Healthcare Inc. | 75,615 | 1,097 | |||
* | Datadog Inc. Class A | 10,500 | 1,073 | |||
* | Proofpoint Inc. | 9,697 | 1,023 | |||
* | Covetrus Inc. | 41,807 | 1,020 | |||
* | CACI International Inc. Class A | 4,244 | 905 | |||
* | Pure Storage Inc. Class A | 58,388 | 899 | |||
* | Nutanix Inc. Class A | 36,620 | 812 | |||
* | MongoDB Inc. Class A | 2,965 | 686 | |||
Amdocs Ltd. | 11,856 | 681 | ||||
* | Zscaler Inc. | 4,355 | 613 | |||
* | Aspen Technology Inc. | 4,300 | 544 | |||
* | F5 Networks Inc. | 3,138 | 385 | |||
* | Dynatrace Inc. | 9,146 | 375 | |||
* | Coupa Software Inc. | 1,284 | 352 | |||
* | Elastic NV | 3,124 | 337 |
Shares | Market Value ($000) | |||||
Monolithic Power Systems Inc. | 1,130 | 316 | ||||
Pegasystems Inc. | 2,595 | 314 | ||||
Entegris Inc. | 4,076 | 303 | ||||
CDW Corp. | 2,225 | 266 | ||||
* | Smartsheet Inc. Class A | 4,621 | 228 | |||
* | Dropbox Inc. Class A | 11,393 | 219 | |||
* | Snowflake Inc. Class A | 246 | 62 | |||
* | Palantir Technologies Inc. Class A | 3,398 | 32 | |||
* | Unity Software Inc. | 333 | 29 | |||
* | ZoomInfo Technologies Inc. Class A | 593 | 25 | |||
3,424,238 | ||||||
Telecommunications (3.5%) | ||||||
Verizon Communications Inc. | 1,607,909 | 95,654 | ||||
Comcast Corp. Class A | 1,624,374 | 75,144 | ||||
AT&T Inc. | 2,533,965 | 72,243 | ||||
Cisco Systems Inc. | 1,631,686 | 64,272 | ||||
* | Charter Communications Inc. Class A | 54,799 | 34,213 | |||
* | T-Mobile US Inc. | 292,807 | 33,485 | |||
L3Harris Technologies Inc. | 87,964 | 14,940 | ||||
* | Roku Inc. Class A | 40,709 | 7,686 | |||
Motorola Solutions Inc. | 42,782 | 6,709 | ||||
Juniper Networks Inc. | 273,671 | 5,884 | ||||
* | Liberty Broadband Corp. Class C | 37,151 | 5,308 | |||
* | GCI Liberty Inc. Class A | 58,613 | 4,804 | |||
* | DISH Network Corp. Class A | 115,135 | 3,342 | |||
* | Liberty Broadband Corp. Class A | 20,734 | 2,940 | |||
* | United States Cellular Corp. | 89,770 | 2,651 | |||
* | Ciena Corp. | 36,136 | 1,434 | |||
* | CommScope Holding Co. Inc. | 153,970 | 1,386 | |||
* | Altice USA Inc. Class A | 38,075 | 990 | |||
* | ViaSat Inc. | 28,470 | 979 | |||
Telephone & Data Systems Inc. | 39,839 | 735 | ||||
* | EchoStar Corp. Class A | 18,800 | 468 | |||
Cable One Inc. | 219 | 413 | ||||
435,680 | ||||||
Utilities (3.0%) | ||||||
NextEra Energy Inc. | 187,696 | 52,097 | ||||
Duke Energy Corp. | 308,844 | 27,351 | ||||
Dominion Energy Inc. | 327,595 | 25,857 | ||||
WEC Energy Group Inc. | 202,181 | 19,591 | ||||
Southern Co. | 338,442 | 18,350 | ||||
American Water Works Co. Inc. | 124,293 | 18,008 | ||||
Waste Management Inc. | 149,550 | 16,925 | ||||
Eversource Energy | 183,279 | 15,313 | ||||
Sempra Energy | 124,369 | 14,720 | ||||
Exelon Corp. | 386,434 | 13,819 | ||||
CMS Energy Corp. | 211,659 | 12,998 | ||||
Consolidated Edison Inc. | 156,591 | 12,183 | ||||
American Electric Power Co. Inc. | 135,702 | 11,091 | ||||
DTE Energy Co. | 93,595 | 10,767 | ||||
Xcel Energy Inc. | 128,690 | 8,881 | ||||
Atmos Energy Corp. | 89,294 | 8,536 | ||||
Public Service Enterprise Group Inc. | 151,363 | 8,311 | ||||
Essential Utilities Inc. | 193,616 | 7,793 | ||||
Edison International | 139,688 | 7,102 | ||||
AES Corp. | 388,888 | 7,043 | ||||
FirstEnergy Corp. | 231,746 | 6,653 |
Shares | Market Value ($000) | |||||
NiSource Inc. | 276,272 | 6,078 | ||||
Alliant Energy Corp. | 91,615 | 4,732 | ||||
Ameren Corp. | 58,997 | 4,665 | ||||
Entergy Corp. | 43,998 | 4,335 | ||||
CenterPoint Energy Inc. | 213,200 | 4,125 | ||||
Evergy Inc. | 67,360 | 3,423 | ||||
* | PG&E Corp. | 360,672 | 3,387 | |||
PPL Corp. | 122,981 | 3,346 | ||||
NRG Energy Inc. | 100,396 | 3,086 | ||||
Republic Services Inc. Class A | 31,721 | 2,961 | ||||
UGI Corp. | 82,918 | 2,735 | ||||
Vistra Corp. | 141,247 | 2,664 | ||||
* | Stericycle Inc. | 40,057 | 2,526 | |||
* | Clean Harbors Inc. | 20,375 | 1,142 | |||
National Fuel Gas Co. | 9,448 | 384 | ||||
IDACORP Inc. | 3,514 | 281 | ||||
373,259 | ||||||
Total Common Stocks (Cost $4,573,371) | 12,441,489 | |||||
Preferred Stocks (0.0%) | ||||||
Qurate Retail Inc. Pfd., 8.000%, 9/15/25 (Cost $373) | 8,633 | 851 | ||||
Coupon | ||||||
Temporary Cash Investments (0.0%) | ||||||
Money Market Fund (0.0%) | ||||||
2 | Vanguard Market Liquidity Fund | 0.117% | 23 | 2 | ||
Maturity Date | Face Amount ($000) | |||||
U.S. Government and Agency Obligations (0.0%) | ||||||
3 | United States Treasury Bill | 0.145% | 12/15/20 | 900 | 900 | |
Total Temporary Cash Investments (Cost $902) | 902 | |||||
Total Investments (100.0%) (Cost $4,574,646) | 12,443,242 | |||||
Other Assets and Liabilities—Net (0.0%) | 5,239 | |||||
Net Assets (100%) | 12,448,481 |
Cost is in $000. | |
* | Non-income-producing security. |
1 | Security value determined using significant unobservable inputs. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Securities with a value of $611,000 have been segregated as initial margin for open futures contracts. |
Derivative Financial Instruments Outstanding as of Period End
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 2020 | 32 | 5,363 | 42 |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of September 30, 2020, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 12,439,058 | — | 2,431 | 12,441,489 |
Preferred Stocks | 851 | — | — | 851 |
Temporary Cash Investments | 2 | 900 | — | 902 |
Total | 12,439,911 | 900 | 2,431 | 12,443,242 |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 42 | — | — | 42 |
1 | Represents variation margin on the last day of the reporting period. |