Vanguard® Tax-Managed Capital Appreciation Fund
Schedule of Investments (unaudited)
As of March 31, 2022
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 (99.5%) | ||||||
Basic Materials (1.7%) | ||||||
Alcoa Corp. | 363,031 | 32,684 | ||||
Freeport-McMoRan Inc. | 585,921 | 29,144 | ||||
Newmont Corp. | 313,827 | 24,934 | ||||
Albemarle Corp. | 98,761 | 21,841 | ||||
Ecolab Inc. | 123,671 | 21,835 | ||||
FMC Corp. | 137,838 | 18,135 | ||||
Mosaic Co. | 265,008 | 17,623 | ||||
Air Products and Chemicals Inc. | 63,149 | 15,782 | ||||
Fastenal Co. | 261,457 | 15,531 | ||||
Celanese Corp. | 95,919 | 13,704 | ||||
LyondellBasell Industries NV Class A | 122,383 | 12,583 | ||||
Southern Copper Corp. | 151,668 | 11,512 | ||||
Nucor Corp. | 65,621 | 9,755 | ||||
Reliance Steel & Aluminum Co. | 46,511 | 8,528 | ||||
Dow Inc. | 129,023 | 8,221 | ||||
Scotts Miracle-Gro Co. | 57,646 | 7,088 | ||||
International Flavors & Fragrances Inc. | 41,595 | 5,463 | ||||
* | Hexcel Corp. | 68,320 | 4,063 | |||
Element Solutions Inc. | 176,547 | 3,866 | ||||
CF Industries Holdings Inc. | 35,526 | 3,661 | ||||
Eastman Chemical Co. | 20,871 | 2,339 | ||||
Westlake Corp. | 18,022 | 2,224 | ||||
International Paper Co. | 38,679 | 1,785 | ||||
United States Steel Corp. | 31,307 | 1,181 | ||||
Royal Gold Inc. | 6,912 | 976 | ||||
Ashland Global Holdings Inc. | 2,523 | 248 | ||||
Avery Dennison Corp. | 877 | 153 | ||||
* | Sylvamo Corp. | 3,516 | 117 | |||
294,976 | ||||||
Consumer Discretionary (15.5%) | ||||||
* | Amazon.com Inc. | 177,011 | 577,047 | |||
* | Tesla Inc. | 342,616 | 369,203 | |||
Home Depot Inc. | 401,814 | 120,275 | ||||
Costco Wholesale Corp. | 182,250 | 104,949 | ||||
* | Walt Disney Co. | 731,469 | 100,328 | |||
Walmart Inc. | 611,442 | 91,056 | ||||
McDonald's Corp. | 277,845 | 68,706 | ||||
* | Netflix Inc. | 175,410 | 65,707 | |||
Lowe's Cos. Inc. | 309,125 | 62,502 | ||||
NIKE Inc. Class B | 457,006 | 61,495 | ||||
Starbucks Corp. | 476,976 | 43,391 |
Shares | Market Value ($000) | |||||
* | Copart Inc. | 311,132 | 39,038 | |||
* | Booking Holdings Inc. | 15,498 | 36,396 | |||
* | AutoZone Inc. | 17,633 | 36,052 | |||
Target Corp. | 161,156 | 34,201 | ||||
* | O'Reilly Automotive Inc. | 49,581 | 33,961 | |||
* | Marriott International Inc. Class A | 189,777 | 33,353 | |||
Estee Lauder Cos. Inc. Class A | 120,072 | 32,698 | ||||
* | Ford Motor Co. | 1,601,743 | 27,085 | |||
TJX Cos. Inc. | 416,269 | 25,218 | ||||
Activision Blizzard Inc. | 314,746 | 25,214 | ||||
* | General Motors Co. | 567,866 | 24,838 | |||
* | Uber Technologies Inc. | 572,325 | 20,421 | |||
eBay Inc. | 356,557 | 20,416 | ||||
* | Dollar Tree Inc. | 122,634 | 19,640 | |||
Ross Stores Inc. | 210,030 | 18,999 | ||||
Dollar General Corp. | 80,994 | 18,032 | ||||
Yum! Brands Inc. | 143,255 | 16,980 | ||||
* | CarMax Inc. | 172,013 | 16,596 | |||
DR Horton Inc. | 220,842 | 16,455 | ||||
* | Chipotle Mexican Grill Inc. | 10,357 | 16,385 | |||
* | NVR Inc. | 3,412 | 15,242 | |||
Electronic Arts Inc. | 113,522 | 14,362 | ||||
* | Capri Holdings Ltd. | 277,612 | 14,266 | |||
* | Expedia Group Inc. | 67,567 | 13,221 | |||
* | Hilton Worldwide Holdings Inc. | 86,190 | 13,078 | |||
* | Live Nation Entertainment Inc. | 110,419 | 12,990 | |||
* | Lululemon Athletica Inc. | 35,485 | 12,960 | |||
* | Southwest Airlines Co. | 282,052 | 12,918 | |||
* | Delta Air Lines Inc. | 307,256 | 12,158 | |||
* | Trade Desk Inc. Class A | 172,480 | 11,944 | |||
* | Aptiv plc | 98,483 | 11,789 | |||
* | United Airlines Holdings Inc. | 244,917 | 11,354 | |||
Lennar Corp. Class A | 136,724 | 11,098 | ||||
Tempur Sealy International Inc. | 386,201 | 10,783 | ||||
Advance Auto Parts Inc. | 51,398 | 10,637 | ||||
PulteGroup Inc. | 224,228 | 9,395 | ||||
Darden Restaurants Inc. | 70,136 | 9,325 | ||||
Interpublic Group of Cos. Inc. | 259,529 | 9,200 | ||||
Yum China Holdings Inc. | 219,948 | 9,137 | ||||
Gentex Corp. | 302,760 | 8,832 | ||||
* | Zynga Inc. Class A | 926,065 | 8,557 | |||
* | PVH Corp. | 111,051 | 8,508 | |||
MGM Resorts International | 192,556 | 8,076 | ||||
* | AutoNation Inc. | 77,316 | 7,699 | |||
* | Royal Caribbean Cruises Ltd. | 90,926 | 7,618 | |||
* | Hyatt Hotels Corp. Class A | 77,726 | 7,419 | |||
* | Carnival Corp. | 366,773 | 7,416 | |||
* | Spotify Technology SA | 47,026 | 7,102 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 154,212 | 7,052 | |||
* | Discovery Inc. Class C | 277,933 | 6,940 | |||
* | JetBlue Airways Corp. | 435,300 | 6,508 | |||
Fox Corp. Class A | 161,400 | 6,367 | ||||
* | Liberty Media Corp.-Liberty Formula One Class C | 90,972 | 6,353 | |||
Hasbro Inc. | 76,898 | 6,299 | ||||
* | American Airlines Group Inc. | 333,400 | 6,085 | |||
* | Las Vegas Sands Corp. | 152,438 | 5,925 | |||
* | Ulta Beauty Inc. | 14,754 | 5,875 | |||
* | Under Armour Inc. Class C | 365,732 | 5,691 |
Shares | Market Value ($000) | |||||
Paramount Global Class B | 142,313 | 5,381 | ||||
Tractor Supply Co. | 22,265 | 5,196 | ||||
* | Norwegian Cruise Line Holdings Ltd. | 234,147 | 5,123 | |||
* | Etsy Inc. | 40,813 | 5,072 | |||
VF Corp. | 85,904 | 4,885 | ||||
* | Caesars Entertainment Inc. | 61,863 | 4,786 | |||
* | Take-Two Interactive Software Inc. | 30,974 | 4,762 | |||
Toll Brothers Inc. | 95,169 | 4,475 | ||||
BorgWarner Inc. | 112,717 | 4,385 | ||||
* | Burlington Stores Inc. | 23,758 | 4,328 | |||
Omnicom Group Inc. | 50,464 | 4,283 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 93,616 | 4,279 | |||
* | Vail Resorts Inc. | 15,867 | 4,130 | |||
* | GameStop Corp. Class A | 24,000 | 3,998 | |||
Best Buy Co. Inc. | 43,631 | 3,966 | ||||
* | Floor & Decor Holdings Inc. Class A | 47,227 | 3,825 | |||
* | Ollie's Bargain Outlet Holdings Inc. | 81,300 | 3,493 | |||
Lear Corp. | 24,271 | 3,461 | ||||
Sirius XM Holdings Inc. | 522,678 | 3,460 | ||||
* | IAA Inc. | 87,027 | 3,329 | |||
News Corp. Class A | 149,164 | 3,304 | ||||
* | Bright Horizons Family Solutions Inc. | 24,671 | 3,274 | |||
* | Wynn Resorts Ltd. | 40,587 | 3,236 | |||
* | Carvana Co. | 26,876 | 3,206 | |||
* | Wayfair Inc. Class A | 28,636 | 3,172 | |||
* | Madison Square Garden Entertainment Corp. | 36,999 | 3,082 | |||
* | Liberty Media Corp.-Liberty Formula One Class A | 48,061 | 3,034 | |||
* | Peloton Interactive Inc. Class A | 114,254 | 3,019 | |||
Pool Corp. | 7,112 | 3,007 | ||||
Hanesbrands Inc. | 201,094 | 2,994 | ||||
Fox Corp. Class B | 80,265 | 2,912 | ||||
* | LKQ Corp. | 63,834 | 2,899 | |||
Ralph Lauren Corp. | 25,366 | 2,878 | ||||
* | Skechers USA Inc. Class A | 64,966 | 2,648 | |||
* | Five Below Inc. | 16,637 | 2,635 | |||
* | Planet Fitness Inc. Class A | 30,743 | 2,597 | |||
Carter's Inc. | 27,200 | 2,502 | ||||
* | Mattel Inc. | 111,801 | 2,483 | |||
* | Terminix Global Holdings Inc. | 54,101 | 2,469 | |||
Polaris Inc. | 22,874 | 2,409 | ||||
AMERCO | 3,700 | 2,209 | ||||
* | DraftKings Inc. Class A | 111,200 | 2,165 | |||
Harley-Davidson Inc. | 53,991 | 2,127 | ||||
Genuine Parts Co. | 15,808 | 1,992 | ||||
Domino's Pizza Inc. | 4,778 | 1,945 | ||||
New York Times Co. Class A | 42,002 | 1,925 | ||||
* | Lyft Inc. Class A | 49,861 | 1,915 | |||
* | Madison Square Garden Sports Corp. | 10,563 | 1,895 | |||
* | Alaska Air Group Inc. | 30,859 | 1,790 | |||
Foot Locker Inc. | 59,997 | 1,780 | ||||
* | Chegg Inc. | 48,000 | 1,741 | |||
Aramark | 45,301 | 1,703 | ||||
* | TripAdvisor Inc. | 59,730 | 1,620 | |||
Qurate Retail Inc. Class A | 287,788 | 1,370 | ||||
* | Coty Inc. Class A | 144,200 | 1,296 | |||
* | Discovery Inc. Class A | 48,210 | 1,201 | |||
Kohl's Corp. | 18,924 | 1,144 | ||||
Williams-Sonoma Inc. | 7,700 | 1,116 |
Shares | Market Value ($000) | |||||
* | Frontdoor Inc. | 36,832 | 1,099 | |||
* | Grand Canyon Education Inc. | 11,186 | 1,086 | |||
Thor Industries Inc. | 13,150 | 1,035 | ||||
* | Sabre Corp. | 82,000 | 937 | |||
* | Penn National Gaming Inc. | 17,800 | 755 | |||
* | Nordstrom Inc. | 26,916 | 730 | |||
Lennar Corp. Class B | 10,425 | 713 | ||||
Paramount Global Class A | 16,261 | 657 | ||||
* | QuantumScape Corp. Class A | 31,200 | 624 | |||
* | Leslie's Inc. | 30,535 | 591 | |||
Nielsen Holdings plc | 18,906 | 515 | ||||
* | Copa Holdings SA Class A | 5,503 | 460 | |||
Garmin Ltd. | 2,897 | 344 | ||||
* | Under Armour Inc. Class A | 19,750 | 336 | |||
* | RH | 1,000 | 326 | |||
Service Corp. International | 4,359 | 287 | ||||
Wendy's Co. | 7,938 | 174 | ||||
* | Rivian Automotive Inc. Class A | 3,446 | 173 | |||
* | Petco Health & Wellness Co. Inc. Class A | 8,200 | 160 | |||
* | ROBLOX Corp. Class A | 1,578 | 73 | |||
Nexstar Media Group Inc. Class A | 357 | 67 | ||||
Warner Music Group Corp. Class A | 1,414 | 54 | ||||
* | Playtika Holding Corp. | 1,652 | 32 | |||
* | Endeavor Group Holdings Inc. Class A | 509 | 15 | |||
Graham Holdings Co. Class B | 1 | 1 | ||||
2,723,371 | ||||||
Consumer Staples (5.0%) | ||||||
Procter & Gamble Co. | 926,853 | 141,623 | ||||
Coca-Cola Co. | 1,448,114 | 89,783 | ||||
PepsiCo Inc. | 524,138 | 87,730 | ||||
Philip Morris International Inc. | 553,512 | 51,997 | ||||
CVS Health Corp. | 442,343 | 44,770 | ||||
Mondelez International Inc. Class A | 597,386 | 37,504 | ||||
Colgate-Palmolive Co. | 375,615 | 28,483 | ||||
* | Monster Beverage Corp. | 298,547 | 23,854 | |||
Kroger Co. | 412,017 | 23,637 | ||||
Archer-Daniels-Midland Co. | 240,555 | 21,712 | ||||
McKesson Corp. | 70,132 | 21,469 | ||||
Altria Group Inc. | 365,860 | 19,116 | ||||
Constellation Brands Inc. Class A | 80,947 | 18,644 | ||||
McCormick & Co. Inc. (Non-Voting) | 172,666 | 17,232 | ||||
Hershey Co. | 78,631 | 17,034 | ||||
Church & Dwight Co. Inc. | 169,883 | 16,883 | ||||
AmerisourceBergen Corp. | 107,828 | 16,682 | ||||
Corteva Inc. | 287,081 | 16,501 | ||||
Tyson Foods Inc. Class A | 163,958 | 14,696 | ||||
Brown-Forman Corp. Class B | 191,278 | 12,819 | ||||
Kimberly-Clark Corp. | 97,965 | 12,065 | ||||
Walgreens Boots Alliance Inc. | 267,344 | 11,969 | ||||
Hormel Foods Corp. | 224,493 | 11,570 | ||||
General Mills Inc. | 150,379 | 10,184 | ||||
Molson Coors Beverage Co. Class B | 190,545 | 10,171 | ||||
Clorox Co. | 70,336 | 9,779 | ||||
Sysco Corp. | 93,436 | 7,629 | ||||
* | Grocery Outlet Holding Corp. | 211,887 | 6,946 | |||
J M Smucker Co. | 48,525 | 6,571 | ||||
Bunge Ltd. | 56,565 | 6,268 | ||||
Casey's General Stores Inc. | 27,458 | 5,441 |
Shares | Market Value ($000) | |||||
* | Darling Ingredients Inc. | 65,770 | 5,287 | |||
Ingredion Inc. | 54,756 | 4,772 | ||||
Campbell Soup Co. | 103,441 | 4,610 | ||||
Keurig Dr Pepper Inc. | 116,679 | 4,422 | ||||
Albertsons Cos. Inc. Class A | 124,900 | 4,153 | ||||
* | US Foods Holding Corp. | 102,093 | 3,842 | |||
* | Hain Celestial Group Inc. | 107,989 | 3,715 | |||
Lamb Weston Holdings Inc. | 58,150 | 3,484 | ||||
Kraft Heinz Co. | 83,022 | 3,270 | ||||
* | Post Holdings Inc. | 34,703 | 2,404 | |||
* | TreeHouse Foods Inc. | 74,488 | 2,403 | |||
* | Beyond Meat Inc. | 42,611 | 2,059 | |||
* | Pilgrim's Pride Corp. | 72,006 | 1,807 | |||
Kellogg Co. | 26,928 | 1,737 | ||||
* | Freshpet Inc. | 16,612 | 1,705 | |||
* | Boston Beer Co. Inc. Class A | 4,305 | 1,672 | |||
Spectrum Brands Holdings Inc. | 16,478 | 1,462 | ||||
* | Herbalife Nutrition Ltd. | 41,326 | 1,255 | |||
* | Olaplex Holdings Inc. | 36,636 | 573 | |||
Brown-Forman Corp. Class A | 3,600 | 226 | ||||
Flowers Foods Inc. | 8,141 | 209 | ||||
Conagra Brands Inc. | 3,482 | 117 | ||||
Seaboard Corp. | 22 | 92 | ||||
876,038 | ||||||
Energy (3.9%) | ||||||
Exxon Mobil Corp. | 1,609,154 | 132,900 | ||||
Chevron Corp. | 665,782 | 108,409 | ||||
ConocoPhillips | 532,228 | 53,223 | ||||
Occidental Petroleum Corp. | 615,664 | 34,933 | ||||
Devon Energy Corp. | 510,623 | 30,193 | ||||
EOG Resources Inc. | 235,362 | 28,062 | ||||
* | Cheniere Energy Inc. | 179,725 | 24,919 | |||
Schlumberger NV | 582,126 | 24,048 | ||||
Pioneer Natural Resources Co. | 92,999 | 23,253 | ||||
Marathon Petroleum Corp. | 254,300 | 21,743 | ||||
Valero Energy Corp. | 173,093 | 17,576 | ||||
* | EQT Corp. | 496,689 | 17,091 | |||
Halliburton Co. | 395,337 | 14,972 | ||||
Phillips 66 | 163,306 | 14,108 | ||||
* | NOV Inc. | 690,587 | 13,543 | |||
Diamondback Energy Inc. | 92,292 | 12,651 | ||||
Hess Corp. | 111,858 | 11,973 | ||||
Baker Hughes Co. | 297,226 | 10,822 | ||||
* | Enphase Energy Inc. | 52,995 | 10,693 | |||
Marathon Oil Corp. | 423,676 | 10,639 | ||||
Coterra Energy Inc. | 372,021 | 10,033 | ||||
Williams Cos. Inc. | 279,381 | 9,334 | ||||
APA Corp. | 210,049 | 8,681 | ||||
Continental Resources Inc. | 112,740 | 6,914 | ||||
Targa Resources Corp. | 90,860 | 6,857 | ||||
* | Plug Power Inc. | 174,200 | 4,984 | |||
* | First Solar Inc. | 45,956 | 3,848 | |||
Texas Pacific Land Corp. | 2,372 | 3,207 | ||||
HF Sinclair Corp. | 59,819 | 2,384 | ||||
* | DT Midstream Inc. | 40,285 | 2,186 | |||
* | SolarEdge Technologies Inc. | 6,500 | 2,095 | |||
* | ChargePoint Holdings Inc. | 91,900 | 1,827 | |||
ONEOK Inc. | 18,192 | 1,285 |
Shares | Market Value ($000) | |||||
Antero Midstream Corp. | 96,216 | 1,046 | ||||
* | Shoals Technologies Group Inc. Class A | 37,500 | 639 | |||
Equitrans Midstream Corp. | 61,755 | 521 | ||||
New Fortress Energy Inc. Class A | 10,679 | 455 | ||||
682,047 | ||||||
Financials (11.0%) | ||||||
* | Berkshire Hathaway Inc. Class B | 755,175 | 266,509 | |||
JPMorgan Chase & Co. | 1,164,321 | 158,720 | ||||
Bank of America Corp. | 3,106,341 | 128,043 | ||||
Wells Fargo & Co. | 1,791,546 | 86,818 | ||||
Morgan Stanley | 874,564 | 76,437 | ||||
S&P Global Inc. | 152,411 | 62,516 | ||||
Charles Schwab Corp. | 633,197 | 53,385 | ||||
MSCI Inc. | 88,246 | 44,377 | ||||
Goldman Sachs Group Inc. | 132,667 | 43,793 | ||||
Citigroup Inc. | 791,942 | 42,290 | ||||
Aon plc Class A | 124,391 | 40,505 | ||||
BlackRock Inc. | 48,950 | 37,406 | ||||
Intercontinental Exchange Inc. | 254,800 | 33,664 | ||||
Progressive Corp. | 273,036 | 31,123 | ||||
Marsh & McLennan Cos. Inc. | 175,092 | 29,839 | ||||
Moody's Corp. | 77,427 | 26,125 | ||||
CME Group Inc. | 109,179 | 25,969 | ||||
Brown & Brown Inc. | 339,907 | 24,565 | ||||
Ameriprise Financial Inc. | 81,744 | 24,553 | ||||
PNC Financial Services Group Inc. | 120,031 | 22,140 | ||||
Chubb Ltd. | 96,878 | 20,722 | ||||
Discover Financial Services | 187,970 | 20,712 | ||||
US Bancorp | 389,596 | 20,707 | ||||
Aflac Inc. | 318,577 | 20,513 | ||||
Truist Financial Corp. | 340,426 | 19,302 | ||||
Nasdaq Inc. | 106,332 | 18,948 | ||||
Travelers Cos. Inc. | 96,384 | 17,612 | ||||
Prudential Financial Inc. | 142,942 | 16,892 | ||||
First Republic Bank | 103,915 | 16,845 | ||||
W R Berkley Corp. | 244,930 | 16,310 | ||||
Allstate Corp. | 111,950 | 15,506 | ||||
Raymond James Financial Inc. | 132,270 | 14,538 | ||||
* | Arch Capital Group Ltd. | 295,942 | 14,330 | |||
Assurant Inc. | 76,302 | 13,874 | ||||
T. Rowe Price Group Inc. | 91,575 | 13,845 | ||||
State Street Corp. | 157,178 | 13,693 | ||||
Fifth Third Bancorp | 313,995 | 13,514 | ||||
KKR & Co. Inc. | 221,320 | 12,941 | ||||
Popular Inc. | 153,360 | 12,536 | ||||
SLM Corp. | 653,142 | 11,992 | ||||
* | SVB Financial Group | 21,411 | 11,978 | |||
* | Markel Corp. | 8,076 | 11,914 | |||
MetLife Inc. | 168,964 | 11,875 | ||||
Signature Bank | 38,333 | 11,250 | ||||
Zions Bancorp NA | 170,974 | 11,209 | ||||
Commerce Bancshares Inc. | 150,432 | 10,769 | ||||
Blackstone Inc. | 84,617 | 10,741 | ||||
East West Bancorp Inc. | 133,603 | 10,557 | ||||
Globe Life Inc. | 101,484 | 10,209 | ||||
American International Group Inc. | 153,878 | 9,659 | ||||
* | Alleghany Corp. | 11,001 | 9,318 | |||
KeyCorp | 410,238 | 9,181 |
Shares | Market Value ($000) | |||||
Lincoln National Corp. | 137,252 | 8,971 | ||||
Arthur J Gallagher & Co. | 50,876 | 8,883 | ||||
Broadridge Financial Solutions Inc. | 56,899 | 8,860 | ||||
Principal Financial Group Inc. | 110,482 | 8,111 | ||||
M&T Bank Corp. | 46,002 | 7,797 | ||||
Apollo Global Management Inc. | 125,245 | 7,764 | ||||
Bank of New York Mellon Corp. | 153,934 | 7,640 | ||||
Willis Towers Watson plc | 31,393 | 7,416 | ||||
SEI Investments Co. | 121,525 | 7,317 | ||||
Hanover Insurance Group Inc. | 48,487 | 7,250 | ||||
White Mountains Insurance Group Ltd. | 6,215 | 7,062 | ||||
Voya Financial Inc. | 98,879 | 6,561 | ||||
Loews Corp. | 99,510 | 6,450 | ||||
Reinsurance Group of America Inc. | 58,891 | 6,446 | ||||
Cullen/Frost Bankers Inc. | 46,275 | 6,405 | ||||
OneMain Holdings Inc. | 127,257 | 6,033 | ||||
Wintrust Financial Corp. | 61,293 | 5,696 | ||||
* | Brighthouse Financial Inc. | 104,906 | 5,419 | |||
Hartford Financial Services Group Inc. | 74,781 | 5,370 | ||||
RenaissanceRe Holdings Ltd. | 31,800 | 5,041 | ||||
LPL Financial Holdings Inc. | 27,000 | 4,932 | ||||
New Residential Investment Corp. | 425,479 | 4,672 | ||||
Huntington Bancshares Inc. | 294,306 | 4,303 | ||||
American Financial Group Inc. | 29,323 | 4,270 | ||||
Webster Financial Corp. | 72,962 | 4,095 | ||||
* | Credit Acceptance Corp. | 6,696 | 3,685 | |||
BOK Financial Corp. | 38,470 | 3,614 | ||||
Interactive Brokers Group Inc. Class A | 54,320 | 3,580 | ||||
Northern Trust Corp. | 28,975 | 3,374 | ||||
First Horizon Corp. | 138,758 | 3,259 | ||||
Jefferies Financial Group Inc. | 94,994 | 3,121 | ||||
MarketAxess Holdings Inc. | 8,909 | 3,031 | ||||
CNA Financial Corp. | 61,718 | 3,001 | ||||
First Citizens BancShares Inc. Class A | 4,498 | 2,994 | ||||
MGIC Investment Corp. | 200,841 | 2,721 | ||||
Pinnacle Financial Partners Inc. | 29,247 | 2,693 | ||||
Starwood Property Trust Inc. | 110,744 | 2,677 | ||||
Stifel Financial Corp. | 36,689 | 2,491 | ||||
Ally Financial Inc. | 43,643 | 1,898 | ||||
Western Alliance Bancorp | 22,046 | 1,826 | ||||
FNB Corp. | 139,880 | 1,742 | ||||
Fidelity National Financial Inc. | 29,371 | 1,435 | ||||
Bank of Hawaii Corp. | 15,647 | 1,313 | ||||
Rocket Cos. Inc. Class A | 99,800 | 1,110 | ||||
TFS Financial Corp. | 59,947 | 995 | ||||
Assured Guaranty Ltd. | 12,876 | 820 | ||||
Lazard Ltd. Class A | 18,454 | 637 | ||||
* | Upstart Holdings Inc. | 5,621 | 613 | |||
Morningstar Inc. | 1,993 | 544 | ||||
New York Community Bancorp Inc. | 49,670 | 533 | ||||
* | LendingTree Inc. | 4,403 | 527 | |||
FactSet Research Systems Inc. | 1,172 | 509 | ||||
* | Lemonade Inc. | 17,600 | 464 | |||
Cboe Global Markets Inc. | 3,900 | 446 | ||||
* | Coinbase Global Inc. Class A | 1,663 | 316 | |||
Kemper Corp. | 3,979 | 225 | ||||
* | GoHealth Inc. Class A | 140,100 | 165 | |||
Affiliated Managers Group Inc. | 1,072 | 151 |
Shares | Market Value ($000) | |||||
UWM Holdings Corp. Class A | 31,000 | 140 | ||||
Primerica Inc. | 877 | 120 | ||||
Erie Indemnity Co. Class A | 166 | 29 | ||||
1,932,332 | ||||||
Health Care (12.4%) | ||||||
Johnson & Johnson | 1,037,448 | 183,867 | ||||
UnitedHealth Group Inc. | 357,345 | 182,235 | ||||
Pfizer Inc. | 2,097,338 | 108,579 | ||||
AbbVie Inc. | 626,570 | 101,573 | ||||
Thermo Fisher Scientific Inc. | 151,842 | 89,685 | ||||
Eli Lilly & Co. | 301,811 | 86,430 | ||||
Merck & Co. Inc. | 982,523 | 80,616 | ||||
Abbott Laboratories | 636,600 | 75,348 | ||||
Danaher Corp. | 233,975 | 68,632 | ||||
Bristol-Myers Squibb Co. | 892,613 | 65,188 | ||||
Amgen Inc. | 237,221 | 57,365 | ||||
Medtronic plc | 472,235 | 52,394 | ||||
Anthem Inc. | 101,321 | 49,771 | ||||
Zoetis Inc. | 250,316 | 47,207 | ||||
* | Intuitive Surgical Inc. | 135,024 | 40,734 | |||
Cigna Corp. | 162,988 | 39,054 | ||||
Becton Dickinson & Co. | 127,458 | 33,904 | ||||
* | Boston Scientific Corp. | 739,821 | 32,767 | |||
Stryker Corp. | 114,580 | 30,633 | ||||
* | Vertex Pharmaceuticals Inc. | 114,915 | 29,989 | |||
* | Regeneron Pharmaceuticals Inc. | 40,120 | 28,021 | |||
Humana Inc. | 63,904 | 27,809 | ||||
Gilead Sciences Inc. | 454,242 | 27,005 | ||||
Agilent Technologies Inc. | 203,712 | 26,957 | ||||
* | Edwards Lifesciences Corp. | 226,013 | 26,606 | |||
HCA Healthcare Inc. | 90,586 | 22,703 | ||||
* | Moderna Inc. | 128,726 | 22,174 | |||
* | Charles River Laboratories International Inc. | 74,470 | 21,147 | |||
* | Illumina Inc. | 60,082 | 20,993 | |||
* | Centene Corp. | 242,959 | 20,455 | |||
Bio-Techne Corp. | 44,945 | 19,463 | ||||
* | Laboratory Corp. of America Holdings | 70,685 | 18,637 | |||
PerkinElmer Inc. | 106,266 | 18,539 | ||||
Cooper Cos. Inc. | 44,386 | 18,535 | ||||
* | Dexcom Inc. | 35,827 | 18,329 | |||
* | IDEXX Laboratories Inc. | 28,956 | 15,841 | |||
* | IQVIA Holdings Inc. | 65,444 | 15,131 | |||
Teleflex Inc. | 41,189 | 14,615 | ||||
* | Biogen Inc. | 66,888 | 14,087 | |||
Baxter International Inc. | 179,475 | 13,916 | ||||
Zimmer Biomet Holdings Inc. | 98,842 | 12,642 | ||||
* | Align Technology Inc. | 26,436 | 11,526 | |||
* | QIAGEN NV | 227,726 | 11,159 | |||
* | Henry Schein Inc. | 123,189 | 10,741 | |||
Bruker Corp. | 162,910 | 10,475 | ||||
Universal Health Services Inc. Class B | 69,799 | 10,117 | ||||
* | Hologic Inc. | 129,253 | 9,929 | |||
* | Seagen Inc. | 66,982 | 9,649 | |||
Quest Diagnostics Inc. | 70,369 | 9,631 | ||||
* | Horizon Therapeutics plc | 89,775 | 9,445 | |||
ResMed Inc. | 38,871 | 9,427 | ||||
* | Alnylam Pharmaceuticals Inc. | 53,959 | 8,811 | |||
* | Veeva Systems Inc. Class A | 41,266 | 8,767 |
Shares | Market Value ($000) | |||||
Cardinal Health Inc. | 146,440 | 8,303 | ||||
* | Avantor Inc. | 244,959 | 8,284 | |||
Cerner Corp. | 86,490 | 8,092 | ||||
* | Exelixis Inc. | 353,309 | 8,010 | |||
* | Molina Healthcare Inc. | 23,711 | 7,910 | |||
* | Incyte Corp. | 94,863 | 7,534 | |||
STERIS plc | 30,730 | 7,430 | ||||
* | Bio-Rad Laboratories Inc. Class A | 12,813 | 7,217 | |||
* | Catalent Inc. | 55,426 | 6,147 | |||
* | ABIOMED Inc. | 18,233 | 6,039 | |||
* | Teladoc Health Inc. | 83,326 | 6,010 | |||
Viatris Inc. | 549,512 | 5,979 | ||||
DENTSPLY SIRONA Inc. | 110,655 | 5,446 | ||||
* | Exact Sciences Corp. | 71,481 | 4,998 | |||
West Pharmaceutical Services Inc. | 12,061 | 4,954 | ||||
* | DaVita Inc. | 36,846 | 4,168 | |||
* | Insulet Corp. | 15,168 | 4,041 | |||
* | United Therapeutics Corp. | 22,086 | 3,962 | |||
* | Quidel Corp. | 34,800 | 3,914 | |||
* | Sarepta Therapeutics Inc. | 46,740 | 3,651 | |||
* | Penumbra Inc. | 16,007 | 3,556 | |||
* | Ionis Pharmaceuticals Inc. | 93,209 | 3,452 | |||
Organon & Co. | 98,252 | 3,432 | ||||
* | Syneos Health Inc. | 41,843 | 3,387 | |||
* | BioMarin Pharmaceutical Inc. | 43,646 | 3,365 | |||
* | Elanco Animal Health Inc. | 117,047 | 3,054 | |||
* | Acadia Healthcare Co. Inc. | 43,965 | 2,881 | |||
* | Envista Holdings Corp. | 57,545 | 2,803 | |||
* | Novocure Ltd. | 31,069 | 2,574 | |||
* | Neurocrine Biosciences Inc. | 26,196 | 2,456 | |||
* | Guardant Health Inc. | 32,268 | 2,137 | |||
* | Masimo Corp. | 14,482 | 2,108 | |||
* | Novavax Inc. | 26,400 | 1,944 | |||
* | Jazz Pharmaceuticals plc | 12,304 | 1,915 | |||
* | Repligen Corp. | 10,100 | 1,900 | |||
Royalty Pharma plc Class A | 48,300 | 1,882 | ||||
* | Integra LifeSciences Holdings Corp. | 28,188 | 1,811 | |||
* | Sage Therapeutics Inc. | 44,900 | 1,486 | |||
* | Global Blood Therapeutics Inc. | 42,600 | 1,476 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 40,990 | 1,446 | |||
* | Iovance Biotherapeutics Inc. | 85,300 | 1,420 | |||
* | Tandem Diabetes Care Inc. | 12,000 | 1,395 | |||
* | Nektar Therapeutics | 202,500 | 1,091 | |||
* | Mirati Therapeutics Inc. | 13,100 | 1,077 | |||
Chemed Corp. | 1,705 | 864 | ||||
Premier Inc. Class A | 23,021 | 819 | ||||
* | Oak Street Health Inc. | 29,198 | 785 | |||
* | ICU Medical Inc. | 3,463 | 771 | |||
* | 10X Genomics Inc. Class A | 6,700 | 510 | |||
* | American Well Corp. Class A | 120,200 | 506 | |||
Encompass Health Corp. | 4,425 | 315 | ||||
* | Zimvie Inc. | 9,884 | 226 | |||
* | Natera Inc. | 5,100 | 207 | |||
Perrigo Co. plc | 3,816 | 147 | ||||
* | Adaptive Biotechnologies Corp. | 7,594 | 105 | |||
* | CureVac NV | 1,700 | 33 | |||
* | GoodRx Holdings Inc. Class A | 303 | 6 | |||
2,180,684 |
Shares | Market Value ($000) | |||||
Industrials (12.6%) | ||||||
Visa Inc. Class A | 691,123 | 153,270 | ||||
Mastercard Inc. Class A | 357,254 | 127,675 | ||||
Accenture plc Class A | 258,764 | 87,263 | ||||
Union Pacific Corp. | 259,071 | 70,781 | ||||
* | PayPal Holdings Inc. | 514,789 | 59,535 | |||
American Express Co. | 266,962 | 49,922 | ||||
United Parcel Service Inc. Class B | 230,102 | 49,348 | ||||
Raytheon Technologies Corp. | 461,197 | 45,691 | ||||
Honeywell International Inc. | 232,161 | 45,174 | ||||
General Electric Co. | 467,685 | 42,793 | ||||
* | Boeing Co. | 217,073 | 41,569 | |||
Caterpillar Inc. | 173,096 | 38,569 | ||||
CSX Corp. | 1,021,206 | 38,244 | ||||
Old Dominion Freight Line Inc. | 123,615 | 36,921 | ||||
* | Mettler-Toledo International Inc. | 25,027 | 34,367 | |||
Norfolk Southern Corp. | 119,085 | 33,965 | ||||
Deere & Co. | 80,657 | 33,510 | ||||
* | Fiserv Inc. | 321,884 | 32,639 | |||
Global Payments Inc. | 235,676 | 32,250 | ||||
Cintas Corp. | 74,609 | 31,738 | ||||
Sherwin-Williams Co. | 124,560 | 31,093 | ||||
Northrop Grumman Corp. | 68,597 | 30,678 | ||||
Verisk Analytics Inc. | 137,812 | 29,579 | ||||
Illinois Tool Works Inc. | 137,731 | 28,841 | ||||
3M Co. | 192,197 | 28,614 | ||||
* | TransDigm Group Inc. | 41,274 | 26,892 | |||
General Dynamics Corp. | 111,185 | 26,816 | ||||
* | Block Inc. Class A | 196,519 | 26,648 | |||
Automatic Data Processing Inc. | 115,011 | 26,170 | ||||
Lockheed Martin Corp. | 57,607 | 25,428 | ||||
FedEx Corp. | 109,365 | 25,306 | ||||
Fidelity National Information Services Inc. | 244,418 | 24,544 | ||||
AMETEK Inc. | 151,305 | 20,151 | ||||
Ball Corp. | 220,478 | 19,843 | ||||
* | Keysight Technologies Inc. | 124,946 | 19,738 | |||
Eaton Corp. plc | 129,172 | 19,603 | ||||
L3Harris Technologies Inc. | 78,801 | 19,580 | ||||
* | Waters Corp. | 62,836 | 19,504 | |||
Jacobs Engineering Group Inc. | 140,325 | 19,338 | ||||
Parker-Hannifin Corp. | 65,681 | 18,638 | ||||
Martin Marietta Materials Inc. | 47,052 | 18,110 | ||||
Crown Holdings Inc. | 141,555 | 17,707 | ||||
Equifax Inc. | 72,586 | 17,210 | ||||
* | Zebra Technologies Corp. Class A | 39,590 | 16,378 | |||
Vulcan Materials Co. | 88,366 | 16,233 | ||||
Emerson Electric Co. | 160,755 | 15,762 | ||||
JB Hunt Transport Services Inc. | 77,704 | 15,602 | ||||
AGCO Corp. | 104,204 | 15,217 | ||||
IDEX Corp. | 77,733 | 14,904 | ||||
Fortive Corp. | 244,245 | 14,882 | ||||
Carlisle Cos. Inc. | 58,515 | 14,390 | ||||
Expeditors International of Washington Inc. | 138,416 | 14,279 | ||||
Carrier Global Corp. | 309,834 | 14,212 | ||||
Capital One Financial Corp. | 107,609 | 14,128 | ||||
PACCAR Inc. | 144,705 | 12,744 | ||||
* | Teledyne Technologies Inc. | 26,185 | 12,376 | |||
WW Grainger Inc. | 23,754 | 12,252 |
Shares | Market Value ($000) | |||||
Otis Worldwide Corp. | 155,691 | 11,980 | ||||
Toro Co. | 139,713 | 11,944 | ||||
Landstar System Inc. | 77,365 | 11,669 | ||||
DuPont de Nemours Inc. | 155,897 | 11,471 | ||||
Eagle Materials Inc. | 87,370 | 11,215 | ||||
Textron Inc. | 144,654 | 10,759 | ||||
Cummins Inc. | 51,145 | 10,490 | ||||
Robert Half International Inc. | 91,054 | 10,397 | ||||
Lennox International Inc. | 39,309 | 10,136 | ||||
Jack Henry & Associates Inc. | 51,040 | 10,057 | ||||
Owens Corning | 103,018 | 9,426 | ||||
Huntington Ingalls Industries Inc. | 43,600 | 8,696 | ||||
Genpact Ltd. | 193,618 | 8,424 | ||||
Quanta Services Inc. | 62,470 | 8,222 | ||||
Armstrong World Industries Inc. | 90,528 | 8,148 | ||||
Oshkosh Corp. | 79,575 | 8,009 | ||||
Synchrony Financial | 228,156 | 7,942 | ||||
BWX Technologies Inc. | 143,634 | 7,736 | ||||
Xylem Inc. | 89,079 | 7,595 | ||||
* | United Rentals Inc. | 20,502 | 7,283 | |||
Johnson Controls International plc | 111,029 | 7,280 | ||||
* | FleetCor Technologies Inc. | 28,478 | 7,093 | |||
Westinghouse Air Brake Technologies Corp. | 71,671 | 6,893 | ||||
Graco Inc. | 98,621 | 6,876 | ||||
* | Bill.com Holdings Inc. | 29,000 | 6,577 | |||
Valmont Industries Inc. | 26,975 | 6,436 | ||||
* | Ingersoll Rand Inc. | 124,585 | 6,273 | |||
Sealed Air Corp. | 91,392 | 6,120 | ||||
Paychex Inc. | 40,000 | 5,459 | ||||
* | Generac Holdings Inc. | 17,713 | 5,265 | |||
Donaldson Co. Inc. | 101,191 | 5,255 | ||||
ITT Inc. | 68,646 | 5,163 | ||||
ManpowerGroup Inc. | 52,389 | 4,920 | ||||
Rockwell Automation Inc. | 16,494 | 4,619 | ||||
* | Mercury Systems Inc. | 70,400 | 4,537 | |||
* | Trimble Inc. | 61,981 | 4,471 | |||
Trane Technologies plc | 29,014 | 4,430 | ||||
PPG Industries Inc. | 33,704 | 4,418 | ||||
* | Colfax Corp. | 110,500 | 4,397 | |||
Packaging Corp. of America | 27,444 | 4,284 | ||||
HEICO Corp. | 27,866 | 4,279 | ||||
* | Axon Enterprise Inc. | 30,579 | 4,212 | |||
* | Euronet Worldwide Inc. | 32,136 | 4,182 | |||
CH Robinson Worldwide Inc. | 38,217 | 4,116 | ||||
Stanley Black & Decker Inc. | 29,193 | 4,081 | ||||
Howmet Aerospace Inc. | 105,270 | 3,783 | ||||
* | Berry Global Group Inc. | 64,335 | 3,729 | |||
* | Mohawk Industries Inc. | 29,588 | 3,675 | |||
MSC Industrial Direct Co. Inc. Class A | 41,610 | 3,546 | ||||
* | AECOM | 40,880 | 3,140 | |||
Flowserve Corp. | 87,321 | 3,135 | ||||
* | Fair Isaac Corp. | 5,973 | 2,786 | |||
* | Coherent Inc. | 9,143 | 2,499 | |||
Allison Transmission Holdings Inc. | 62,972 | 2,472 | ||||
* | Sensata Technologies Holding plc | 42,612 | 2,167 | |||
MDU Resources Group Inc. | 80,095 | 2,135 | ||||
Cognex Corp. | 27,531 | 2,124 | ||||
Nordson Corp. | 9,300 | 2,112 |
Shares | Market Value ($000) | |||||
Spirit AeroSystems Holdings Inc. Class A | 41,506 | 2,029 | ||||
TransUnion | 17,546 | 1,813 | ||||
* | Middleby Corp. | 10,998 | 1,803 | |||
* | FTI Consulting Inc. | 11,197 | 1,760 | |||
* | WEX Inc. | 8,803 | 1,571 | |||
Acuity Brands Inc. | 7,955 | 1,506 | ||||
* | Virgin Galactic Holdings Inc. | 146,500 | 1,447 | |||
* | Axalta Coating Systems Ltd. | 58,104 | 1,428 | |||
Vontier Corp. | 55,048 | 1,398 | ||||
* | Kirby Corp. | 18,615 | 1,344 | |||
Allegion plc | 12,165 | 1,335 | ||||
* | XPO Logistics Inc. | 15,647 | 1,139 | |||
* | GXO Logistics Inc. | 15,647 | 1,116 | |||
* | Trex Co. Inc. | 15,441 | 1,009 | |||
* | AZEK Co. Inc. Class A | 35,971 | 894 | |||
MKS Instruments Inc. | 5,395 | 809 | ||||
Booz Allen Hamilton Holding Corp. | 8,520 | 748 | ||||
Silgan Holdings Inc. | 10,388 | 480 | ||||
* | StoneCo Ltd. Class A | 39,800 | 466 | |||
RPM International Inc. | 5,251 | 428 | ||||
Littelfuse Inc. | 1,596 | 398 | ||||
* | Paysafe Ltd. | 116,100 | 394 | |||
* | Paylocity Holding Corp. | 1,635 | 336 | |||
AptarGroup Inc. | 2,836 | 333 | ||||
Brunswick Corp. | 3,484 | 282 | ||||
Sonoco Products Co. | 2,414 | 151 | ||||
* | Affirm Holdings Inc. Class A | 475 | 22 | |||
* | Marqeta Inc. Class A | 969 | 11 | |||
* | Gates Industrial Corp. plc | 447 | 7 | |||
2,215,609 | ||||||
Real Estate (3.4%) | ||||||
Prologis Inc. | 306,496 | 49,493 | ||||
American Tower Corp. | 188,791 | 47,428 | ||||
SBA Communications Corp. | 105,484 | 36,297 | ||||
Crown Castle International Corp. | 164,871 | 30,435 | ||||
Equinix Inc. | 37,499 | 27,810 | ||||
* | CBRE Group Inc. Class A | 271,349 | 24,834 | |||
Public Storage | 61,358 | 23,947 | ||||
Welltower Inc. | 179,631 | 17,270 | ||||
Extra Space Storage Inc. | 80,139 | 16,477 | ||||
Digital Realty Trust Inc. | 110,688 | 15,695 | ||||
Equity LifeStyle Properties Inc. | 191,794 | 14,668 | ||||
American Homes 4 Rent Class A | 341,378 | 13,665 | ||||
AvalonBay Communities Inc. | 54,421 | 13,516 | ||||
Equity Residential | 145,906 | 13,120 | ||||
Mid-America Apartment Communities Inc. | 62,424 | 13,075 | ||||
Alexandria Real Estate Equities Inc. | 62,758 | 12,630 | ||||
Weyerhaeuser Co. | 324,181 | 12,286 | ||||
Realty Income Corp. | 177,057 | 12,270 | ||||
* | Jones Lang LaSalle Inc. | 48,345 | 11,577 | |||
Essex Property Trust Inc. | 32,988 | 11,397 | ||||
* | CoStar Group Inc. | 170,700 | 11,370 | |||
Simon Property Group Inc. | 82,253 | 10,821 | ||||
Invitation Homes Inc. | 260,757 | 10,477 | ||||
* | Host Hotels & Resorts Inc. | 500,678 | 9,728 | |||
Ventas Inc. | 149,332 | 9,223 | ||||
Duke Realty Corp. | 154,714 | 8,983 | ||||
Sun Communities Inc. | 50,511 | 8,854 |
Shares | Market Value ($000) | |||||
* | Howard Hughes Corp. | 69,984 | 7,251 | |||
Camden Property Trust | 40,323 | 6,702 | ||||
UDR Inc. | 116,035 | 6,657 | ||||
Lamar Advertising Co. Class A | 49,553 | 5,757 | ||||
Apartment Income REIT Corp. | 104,262 | 5,574 | ||||
Douglas Emmett Inc. | 159,344 | 5,325 | ||||
Medical Properties Trust Inc. | 227,141 | 4,802 | ||||
Rexford Industrial Realty Inc. | 61,698 | 4,602 | ||||
Kimco Realty Corp. | 182,776 | 4,515 | ||||
Life Storage Inc. | 28,641 | 4,022 | ||||
First Industrial Realty Trust Inc. | 64,232 | 3,977 | ||||
CubeSmart | 76,313 | 3,971 | ||||
* | Park Hotels & Resorts Inc. | 189,400 | 3,699 | |||
EPR Properties | 65,946 | 3,608 | ||||
Kilroy Realty Corp. | 46,621 | 3,563 | ||||
* | Zillow Group Inc. Class C | 68,903 | 3,396 | |||
Equity Commonwealth | 120,065 | 3,387 | ||||
Americold Realty Trust | 95,299 | 2,657 | ||||
Cousins Properties Inc. | 58,449 | 2,355 | ||||
STORE Capital Corp. | 74,155 | 2,167 | ||||
Rayonier Inc. | 52,081 | 2,142 | ||||
American Campus Communities Inc. | 37,690 | 2,109 | ||||
* | Opendoor Technologies Inc. | 237,500 | 2,054 | |||
* | Zillow Group Inc. Class A | 39,603 | 1,910 | |||
Hudson Pacific Properties Inc. | 62,320 | 1,729 | ||||
JBG SMITH Properties | 48,572 | 1,419 | ||||
Iron Mountain Inc. | 23,460 | 1,300 | ||||
Federal Realty Investment Trust | 8,082 | 987 | ||||
VICI Properties Inc. | 32,219 | 917 | ||||
* | Orion Office REIT Inc. | 64,006 | 896 | |||
SL Green Realty Corp. | 7,620 | 619 | ||||
591,415 | ||||||
Technology (28.6%) | ||||||
Apple Inc. | 6,374,682 | 1,113,083 | ||||
Microsoft Corp. | 3,087,808 | 952,002 | ||||
* | Alphabet Inc. Class A | 123,119 | 342,437 | |||
* | Alphabet Inc. Class C | 114,862 | 320,808 | |||
NVIDIA Corp. | 976,847 | 266,542 | ||||
* | Meta Platforms Inc. Class A | 965,655 | 214,723 | |||
* | Adobe Inc. | 200,533 | 91,367 | |||
Broadcom Inc. | 135,198 | 85,132 | ||||
* | Salesforce Inc. | 380,526 | 80,793 | |||
Intel Corp. | 1,551,079 | 76,872 | ||||
* | Advanced Micro Devices Inc. | 645,951 | 70,628 | |||
QUALCOMM Inc. | 456,471 | 69,758 | ||||
Applied Materials Inc. | 521,740 | 68,765 | ||||
Texas Instruments Inc. | 361,142 | 66,262 | ||||
Intuit Inc. | 125,214 | 60,208 | ||||
Oracle Corp. | 664,347 | 54,961 | ||||
* | Cadence Design Systems Inc. | 316,071 | 51,981 | |||
Lam Research Corp. | 94,192 | 50,639 | ||||
* | Synopsys Inc. | 150,750 | 50,240 | |||
* | ServiceNow Inc. | 80,185 | 44,654 | |||
KLA Corp. | 94,020 | 34,417 | ||||
International Business Machines Corp. | 263,012 | 34,197 | ||||
* | Micron Technology Inc. | 422,580 | 32,915 | |||
Teradyne Inc. | 260,082 | 30,750 | ||||
* | Fortinet Inc. | 88,817 | 30,352 |
Shares | Market Value ($000) | |||||
Analog Devices Inc. | 181,482 | 29,977 | ||||
* | Autodesk Inc. | 135,680 | 29,083 | |||
Amphenol Corp. Class A | 348,261 | 26,241 | ||||
Roper Technologies Inc. | 53,563 | 25,294 | ||||
* | Palo Alto Networks Inc. | 39,735 | 24,735 | |||
Cognizant Technology Solutions Corp. Class A | 240,533 | 21,569 | ||||
* | Workday Inc. Class A | 78,829 | 18,876 | |||
* | Crowdstrike Holdings Inc. Class A | 81,899 | 18,598 | |||
* | Snowflake Inc. Class A | 75,444 | 17,287 | |||
* | Match Group Inc. | 154,145 | 16,762 | |||
Corning Inc. | 448,584 | 16,557 | ||||
* | Atlassian Corp. plc Class A | 54,002 | 15,867 | |||
* | Datadog Inc. Class A | 104,518 | 15,831 | |||
Marvell Technology Inc. | 196,863 | 14,117 | ||||
* | Gartner Inc. | 45,956 | 13,670 | |||
* | Arrow Electronics Inc. | 104,474 | 12,394 | |||
* | Cloudflare Inc. Class A | 100,999 | 12,090 | |||
HP Inc. | 331,111 | 12,019 | ||||
Hewlett Packard Enterprise Co. | 711,355 | 11,887 | ||||
* | MongoDB Inc. | 26,154 | 11,602 | |||
NetApp Inc. | 136,795 | 11,354 | ||||
* | Twitter Inc. | 287,635 | 11,129 | |||
* | Twilio Inc. Class A | 65,479 | 10,792 | |||
* | VMware Inc. Class A | 91,739 | 10,446 | |||
* | VeriSign Inc. | 44,478 | 9,895 | |||
* | ANSYS Inc. | 30,794 | 9,782 | |||
Microchip Technology Inc. | 127,768 | 9,601 | ||||
* | Zoom Video Communications Inc. Class A | 77,959 | 9,139 | |||
Dolby Laboratories Inc. Class A | 115,638 | 9,045 | ||||
* | Palantir Technologies Inc. Class A | 621,498 | 8,533 | |||
* | HubSpot Inc. | 17,944 | 8,522 | |||
* | Splunk Inc. | 57,314 | 8,517 | |||
* | ON Semiconductor Corp. | 132,764 | 8,312 | |||
Citrix Systems Inc. | 81,541 | 8,228 | ||||
NXP Semiconductors NV | 42,465 | 7,859 | ||||
* | Okta Inc. | 51,969 | 7,845 | |||
SS&C Technologies Holdings Inc. | 101,768 | 7,635 | ||||
* | Zscaler Inc. | 31,105 | 7,505 | |||
* | DocuSign Inc. | 66,146 | 7,086 | |||
NortonLifeLock Inc. | 266,482 | 7,067 | ||||
* | Paycom Software Inc. | 20,362 | 7,053 | |||
* | Akamai Technologies Inc. | 58,214 | 6,950 | |||
* | DoorDash Inc. Class A | 58,310 | 6,833 | |||
* | Western Digital Corp. | 127,552 | 6,333 | |||
* | Black Knight Inc. | 108,710 | 6,304 | |||
* | GoDaddy Inc. Class A | 73,840 | 6,180 | |||
* | F5 Inc. | 25,788 | 5,388 | |||
* | EPAM Systems Inc. | 18,104 | 5,370 | |||
* | Wolfspeed Inc. | 40,000 | 4,554 | |||
* | Aspen Technology Inc. | 27,515 | 4,550 | |||
* | Guidewire Software Inc. | 47,991 | 4,541 | |||
* | Qorvo Inc. | 36,388 | 4,516 | |||
* | IAC/InterActiveCorp | 44,781 | 4,491 | |||
* | Manhattan Associates Inc. | 32,339 | 4,486 | |||
* | Unity Software Inc. | 43,833 | 4,349 | |||
* | NCR Corp. | 107,900 | 4,337 | |||
Avnet Inc. | 105,416 | 4,279 | ||||
Skyworks Solutions Inc. | 31,731 | 4,229 |
Shares | Market Value ($000) | |||||
* | Dell Technologies Inc. Class C | 77,738 | 3,902 | |||
* | Tyler Technologies Inc. | 8,729 | 3,883 | |||
* | Anaplan Inc. | 59,077 | 3,843 | |||
* | Pinterest Inc. Class A | 145,761 | 3,587 | |||
* | Zendesk Inc. | 29,758 | 3,580 | |||
* | PTC Inc. | 31,366 | 3,379 | |||
CDW Corp. | 17,242 | 3,084 | ||||
* | Dun & Bradstreet Holdings Inc. | 175,400 | 3,073 | |||
* | Clarivate plc | 180,200 | 3,020 | |||
Leidos Holdings Inc. | 24,871 | 2,687 | ||||
* | RingCentral Inc. Class A | 22,650 | 2,655 | |||
Universal Display Corp. | 15,011 | 2,506 | ||||
* | Teradata Corp. | 49,671 | 2,448 | |||
* | Mandiant Corp. | 108,421 | 2,419 | |||
* | DXC Technology Co. | 74,093 | 2,418 | |||
* | Wix.com Ltd. | 23,100 | 2,413 | |||
CDK Global Inc. | 48,394 | 2,356 | ||||
Monolithic Power Systems Inc. | 4,730 | 2,297 | ||||
* | CACI International Inc. Class A | 7,044 | 2,122 | |||
* | Pure Storage Inc. Class A | 58,388 | 2,062 | |||
* | Coupa Software Inc. | 20,214 | 2,054 | |||
* | Ceridian HCM Holding Inc. | 27,055 | 1,850 | |||
* | Change Healthcare Inc. | 75,615 | 1,648 | |||
* | Alteryx Inc. Class A | 22,246 | 1,591 | |||
* | Five9 Inc. | 10,994 | 1,214 | |||
* | Dynatrace Inc. | 25,006 | 1,178 | |||
Xerox Holdings Corp. | 55,907 | 1,128 | ||||
* | Fastly Inc. Class A | 57,000 | 991 | |||
* | Nutanix Inc. Class A | 36,620 | 982 | |||
* | IPG Photonics Corp. | 8,932 | 980 | |||
Amdocs Ltd. | 11,856 | 975 | ||||
Bentley Systems Inc. Class B | 21,907 | 968 | ||||
* | Avalara Inc. | 9,649 | 960 | |||
* | Vimeo Inc. | 72,701 | 864 | |||
* | Kyndryl Holdings Inc. | 52,602 | 690 | |||
* | Allegro MicroSystems Inc. | 18,900 | 537 | |||
Entegris Inc. | 4,076 | 535 | ||||
Vertiv Holdings Co. Class A | 29,000 | 406 | ||||
* | Skillz Inc. Class A | 113,300 | 340 | |||
* | Elastic NV | 3,124 | 278 | |||
* | C3.ai Inc. Class A | 11,900 | 270 | |||
* | Dropbox Inc. Class A | 11,393 | 265 | |||
* | Smartsheet Inc. Class A | 4,621 | 253 | |||
Pegasystems Inc. | 2,595 | 209 | ||||
* | Vroom Inc. | 33,500 | 89 | |||
* | AppLovin Corp. Class A | 1,198 | 66 | |||
* | ZoomInfo Technologies Inc. Class A | 593 | 35 | |||
* | Qualtrics International Inc. Class A | 1,075 | 31 | |||
* | UiPath Inc. Class A | 936 | 20 | |||
* | Bumble Inc. Class A | 516 | 15 | |||
* | Toast Inc. Class A | 96 | 2 | |||
* | Just Eat Takeaway.com NV ADR | 2 | — | |||
5,011,135 | ||||||
Telecommunications (2.6%) | ||||||
Cisco Systems Inc. | 1,597,843 | 89,096 | ||||
Comcast Corp. Class A | 1,796,063 | 84,092 | ||||
Verizon Communications Inc. | 1,607,909 | 81,907 | ||||
AT&T Inc. | 2,533,965 | 59,877 |
Shares | Market Value ($000) | |||||
* | T-Mobile US Inc. | 331,507 | 42,549 | |||
* | Charter Communications Inc. Class A | 48,031 | 26,202 | |||
* | Arista Networks Inc. | 98,958 | 13,753 | |||
Juniper Networks Inc. | 273,671 | 10,170 | ||||
Motorola Solutions Inc. | 40,243 | 9,747 | ||||
* | Liberty Broadband Corp. Class C | 63,589 | 8,605 | |||
* | Roku Inc. | 40,709 | 5,100 | |||
* | DISH Network Corp. Class A | 125,591 | 3,975 | |||
* | Lumentum Holdings Inc. | 38,400 | 3,748 | |||
* | Ciena Corp. | 43,130 | 2,615 | |||
* | Liberty Broadband Corp. Class A | 19,734 | 2,586 | |||
* | Viasat Inc. | 25,754 | 1,257 | |||
* | CommScope Holding Co. Inc. | 153,970 | 1,213 | |||
Cable One Inc. | 819 | 1,199 | ||||
* | Altice USA Inc. Class A | 72,643 | 906 | |||
448,597 | ||||||
Utilities (2.8%) | ||||||
NextEra Energy Inc. | 792,325 | 67,118 | ||||
Duke Energy Corp. | 308,844 | 34,486 | ||||
Dominion Energy Inc. | 323,987 | 27,529 | ||||
Southern Co. | 338,442 | 24,540 | ||||
Waste Management Inc. | 146,985 | 23,297 | ||||
American Water Works Co. Inc. | 131,114 | 21,703 | ||||
Sempra Energy | 124,369 | 20,909 | ||||
WEC Energy Group Inc. | 199,699 | 19,932 | ||||
* | PG&E Corp. | 1,576,881 | 18,828 | |||
Exelon Corp. | 386,434 | 18,406 | ||||
Eversource Energy | 183,279 | 16,163 | ||||
Atmos Energy Corp. | 128,834 | 15,394 | ||||
Xcel Energy Inc. | 210,170 | 15,168 | ||||
CMS Energy Corp. | 211,659 | 14,804 | ||||
American Electric Power Co. Inc. | 135,702 | 13,539 | ||||
Consolidated Edison Inc. | 133,006 | 12,593 | ||||
DTE Energy Co. | 80,571 | 10,652 | ||||
Public Service Enterprise Group Inc. | 151,363 | 10,595 | ||||
AES Corp. | 384,857 | 9,902 | ||||
Essential Utilities Inc. | 193,616 | 9,900 | ||||
FirstEnergy Corp. | 215,147 | 9,867 | ||||
Edison International | 139,688 | 9,792 | ||||
Ameren Corp. | 98,455 | 9,231 | ||||
NiSource Inc. | 276,272 | 8,786 | ||||
* | Constellation Energy Corp. | 128,811 | 7,246 | |||
CenterPoint Energy Inc. | 213,200 | 6,533 | ||||
Alliant Energy Corp. | 91,615 | 5,724 | ||||
Entergy Corp. | 43,027 | 5,023 | ||||
Evergy Inc. | 67,360 | 4,603 | ||||
Republic Services Inc. | 31,721 | 4,203 | ||||
NRG Energy Inc. | 98,641 | 3,784 | ||||
PPL Corp. | 122,981 | 3,512 | ||||
* | Sunrun Inc. | 102,400 | 3,110 | |||
UGI Corp. | 82,918 | 3,003 | ||||
* | Stericycle Inc. | 40,057 | 2,360 | |||
* | Clean Harbors Inc. | 20,375 | 2,275 | |||
IDACORP Inc. | 16,354 | 1,887 | ||||
National Fuel Gas Co. | 9,448 | 649 | ||||
497,046 | ||||||
Total Common Stocks (Cost $5,759,965) | 17,453,250 |
Shares | Market Value ($000) | |||||
Preferred Stock (0.0%) | ||||||
Qurate Retail Inc. Pfd., 8.000%, 9/15/25 (Cost $373) | 8,633 | 742 | ||||
Coupon | ||||||
Temporary Cash Investments (0.4%) | ||||||
Money Market Fund (0.4%) | ||||||
1 | Vanguard Market Liquidity Fund (Cost $64,660) | 0.312% | 646,692 | 64,663 | ||
Total Investments (99.9%) (Cost $5,824,998) | 17,518,655 | |||||
Other Assets and Liabilities—Net (0.1%) | 13,517 | |||||
Net Assets (100%) | 17,532,172 |
Cost is in $000. | |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
ADR—American Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
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 | June 2022 | 352 | 79,741 | 4,046 |
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.
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.
At March 31, 2022, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.