Vanguard® Tax-Managed Capital Appreciation Fund
Schedule of Investments (unaudited)
As of September 30, 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 (99.6%) | ||||||
| Basic Materials (1.9%) | ||||||
| Linde plc | 208,047 | 56,087 | ||||
| Albemarle Corp. | 98,961 | 26,169 | ||||
| Ecolab Inc. | 119,445 | 17,250 | ||||
| Freeport-McMoRan Inc. | 587,143 | 16,047 | ||||
| Air Products and Chemicals Inc. | 63,253 | 14,721 | ||||
| FMC Corp. | 138,121 | 14,599 | ||||
| Newmont Corp. | 314,138 | 13,203 | ||||
| Mosaic Co. | 259,163 | 12,525 | ||||
| Alcoa Corp. | 363,851 | 12,247 | ||||
| Fastenal Co. | 261,986 | 12,062 | ||||
| LyondellBasell Industries NV Class A | 122,525 | 9,224 | ||||
| Celanese Corp. Class A | 96,133 | 8,685 | ||||
| Reliance Steel & Aluminum Co. | 46,002 | 8,023 | ||||
| Nucor Corp. | 64,318 | 6,881 | ||||
| Southern Copper Corp. | 151,825 | 6,808 | ||||
| Dow Inc. | 125,666 | 5,521 | ||||
| International Flavors & Fragrances Inc. | 41,799 | 3,797 | ||||
| CF Industries Holdings Inc. | 32,141 | 3,094 | ||||
| Element Solutions Inc. | 178,298 | 2,901 | ||||
| * | Cleveland-Cliffs Inc. | 214,392 | 2,888 | |||
| Scotts Miracle-Gro Co. | 48,965 | 2,093 | ||||
| Hexcel Corp. | 34,752 | 1,797 | ||||
| Westlake Corp. | 18,450 | 1,603 | ||||
| Eastman Chemical Co. | 18,581 | 1,320 | ||||
| Avery Dennison Corp. | 7,027 | 1,143 | ||||
| International Paper Co. | 35,745 | 1,133 | ||||
| * | Univar Solutions Inc. | 46,786 | 1,064 | |||
| * | MP Materials Corp. | 37,534 | 1,025 | |||
| Royal Gold Inc. | 7,388 | 693 | ||||
| United States Steel Corp. | 24,784 | 449 | ||||
| Ashland Inc. | 2,950 | 280 | ||||
| Sylvamo Corp. | 3,516 | 119 | ||||
| Steel Dynamics Inc. | 232 | 17 | ||||
| Timken Co. | 248 | 15 | ||||
| Valvoline Inc. | 549 | 14 | ||||
| Olin Corp. | 307 | 13 | ||||
| NewMarket Corp. | 39 | 12 | ||||
| Huntsman Corp. | 376 | 9 | ||||
| Chemours Co. | 273 | 7 | ||||
| 265,538 | ||||||
| Shares | Market Value ($000) | |||||
| Consumer Discretionary (15.4%) | ||||||
| * | Amazon.com Inc. | 3,659,609 | 413,536 | |||
| * | Tesla Inc. | 1,048,383 | 278,084 | |||
| Home Depot Inc. | 401,901 | 110,901 | ||||
| Costco Wholesale Corp. | 185,713 | 87,707 | ||||
| Walmart Inc. | 605,758 | 78,567 | ||||
| * | Walt Disney Co. | 756,811 | 71,390 | |||
| McDonald's Corp. | 277,959 | 64,136 | ||||
| Lowe's Cos. Inc. | 300,602 | 56,456 | ||||
| * | Netflix Inc. | 181,437 | 42,717 | |||
| Starbucks Corp. | 477,271 | 40,215 | ||||
| NIKE Inc. Class B | 457,419 | 38,021 | ||||
| * | AutoZone Inc. | 17,502 | 37,488 | |||
| * | O'Reilly Automotive Inc. | 48,762 | 34,297 | |||
| * | Copart Inc. | 311,132 | 33,104 | |||
| Marriott International Inc. Class A | 190,315 | 26,671 | ||||
| Estee Lauder Cos. Inc. Class A | 120,274 | 25,967 | ||||
| TJX Cos. Inc. | 416,788 | 25,891 | ||||
| * | Booking Holdings Inc. | 15,161 | 24,913 | |||
| Activision Blizzard Inc. | 322,821 | 23,998 | ||||
| Target Corp. | 161,353 | 23,943 | ||||
| * | Uber Technologies Inc. | 765,166 | 20,277 | |||
| Dollar General Corp. | 81,281 | 19,496 | ||||
| General Motors Co. | 576,445 | 18,498 | ||||
| Ford Motor Co. | 1,603,761 | 17,962 | ||||
| Ross Stores Inc. | 210,521 | 17,741 | ||||
| * | Dollar Tree Inc. | 122,634 | 16,690 | |||
| * | Airbnb Inc. Class A | 154,969 | 16,278 | |||
| * | Chipotle Mexican Grill Inc. Class A | 10,446 | 15,698 | |||
| Yum! Brands Inc. | 143,513 | 15,261 | ||||
| DR Horton Inc. | 219,890 | 14,810 | ||||
| * | NVR Inc. | 3,412 | 13,604 | |||
| Electronic Arts Inc. | 113,009 | 13,076 | ||||
| eBay Inc. | 353,246 | 13,003 | ||||
| * | Warner Bros Discovery Inc. | 978,936 | 11,258 | |||
| * | CarMax Inc. | 163,757 | 10,811 | |||
| * | Capri Holdings Ltd. | 275,763 | 10,600 | |||
| Yum China Holdings Inc. | 220,892 | 10,455 | ||||
| * | Trade Desk Inc. Class A | 173,822 | 10,386 | |||
| Hilton Worldwide Holdings Inc. | 85,474 | 10,310 | ||||
| Lennar Corp. Class A | 135,883 | 10,130 | ||||
| * | Lululemon Athletica Inc. | 35,930 | 10,045 | |||
| Tempur Sealy International Inc. | 387,514 | 9,355 | ||||
| Darden Restaurants Inc. | 69,471 | 8,776 | ||||
| * | Southwest Airlines Co. | 284,152 | 8,763 | |||
| * | Delta Air Lines Inc. | 307,256 | 8,622 | |||
| PulteGroup Inc. | 225,049 | 8,439 | ||||
| * | Live Nation Entertainment Inc. | 110,419 | 8,396 | |||
| Advance Auto Parts Inc. | 51,534 | 8,057 | ||||
| * | AutoNation Inc. | 77,316 | 7,876 | |||
| * | Aptiv plc | 100,452 | 7,856 | |||
| * | Take-Two Interactive Software Inc. | 69,744 | 7,602 | |||
| Gentex Corp. | 304,013 | 7,248 | ||||
| * | Rivian Automotive Inc. Class A | 216,077 | 7,111 | |||
| Interpublic Group of Cos. Inc. | 260,110 | 6,659 | ||||
| * | ROBLOX Corp. Class A | 182,268 | 6,532 | |||
| * | Expedia Group Inc. | 67,567 | 6,330 | |||
| * | Hyatt Hotels Corp. Class A | 77,726 | 6,293 | |||
| Shares | Market Value ($000) | |||||
| * | Ulta Beauty Inc. | 15,135 | 6,072 | |||
| MGM Resorts International | 181,356 | 5,390 | ||||
| * | Liberty Media Corp.-Liberty Formula One Class C | 91,472 | 5,351 | |||
| Hasbro Inc. | 77,134 | 5,200 | ||||
| * | Las Vegas Sands Corp. | 137,692 | 5,166 | |||
| * | Liberty Media Corp.-Liberty SiriusXM Class C | 136,009 | 5,129 | |||
| * | Spotify Technology SA | 58,081 | 5,012 | |||
| PVH Corp. | 111,051 | 4,975 | ||||
| * | BJ's Wholesale Club Holdings Inc. | 67,123 | 4,887 | |||
| * | United Airlines Holdings Inc. | 135,198 | 4,398 | |||
| Tractor Supply Co. | 22,460 | 4,175 | ||||
| * | American Airlines Group Inc. | 339,925 | 4,093 | |||
| Toll Brothers Inc. | 95,872 | 4,027 | ||||
| Fox Corp. Class A | 128,594 | 3,945 | ||||
| BorgWarner Inc. | 113,602 | 3,567 | ||||
| * | Royal Caribbean Cruises Ltd. | 92,760 | 3,516 | |||
| * | Liberty Media Corp.-Liberty SiriusXM Class A | 90,822 | 3,458 | |||
| Vail Resorts Inc. | 16,007 | 3,452 | ||||
| * | Floor & Decor Holdings Inc. Class A | 48,673 | 3,420 | |||
| Omnicom Group Inc. | 50,701 | 3,199 | ||||
| * | Lucid Group Inc. | 219,892 | 3,072 | |||
| Sirius XM Holdings Inc. | 530,118 | 3,027 | ||||
| Lear Corp. | 24,522 | 2,935 | ||||
| LKQ Corp. | 61,459 | 2,898 | ||||
| Best Buy Co. Inc. | 43,840 | 2,777 | ||||
| * | Burlington Stores Inc. | 24,710 | 2,765 | |||
| Paramount Global Class B | 143,037 | 2,723 | ||||
| * | Norwegian Cruise Line Holdings Ltd. | 239,315 | 2,719 | |||
| * | Wynn Resorts Ltd. | 42,329 | 2,668 | |||
| Nexstar Media Group Inc. Class A | 15,477 | 2,582 | ||||
| VF Corp. | 86,213 | 2,579 | ||||
| * | Liberty Media Corp.-Liberty Formula One Class A | 48,561 | 2,550 | |||
| * | GameStop Corp. Class A | 98,684 | 2,480 | |||
| * | Five Below Inc. | 17,579 | 2,420 | |||
| Genuine Parts Co. | 15,989 | 2,387 | ||||
| * | IAA Inc. | 73,720 | 2,348 | |||
| News Corp. Class A | 153,012 | 2,312 | ||||
| * | Terminix Global Holdings Inc. | 60,317 | 2,309 | |||
| Pool Corp. | 7,246 | 2,306 | ||||
| * | Mattel Inc. | 118,231 | 2,239 | |||
| Polaris Inc. | 23,114 | 2,211 | ||||
| Ralph Lauren Corp. Class A | 24,166 | 2,052 | ||||
| New York Times Co. Class A | 68,276 | 1,963 | ||||
| AMERCO | 3,800 | 1,935 | ||||
| Harley-Davidson Inc. | 54,931 | 1,916 | ||||
| Foot Locker Inc. | 60,495 | 1,883 | ||||
| * | Planet Fitness Inc. Class A | 32,390 | 1,868 | |||
| * | Skechers USA Inc. Class A | 55,679 | 1,766 | |||
| * | Etsy Inc. | 16,913 | 1,693 | |||
| Fox Corp. Class B | 59,280 | 1,689 | ||||
| * | Bright Horizons Family Solutions Inc. | 27,448 | 1,582 | |||
| Domino's Pizza Inc. | 4,900 | 1,520 | ||||
| * | AMC Entertainment Holdings Inc. Class A | 213,761 | 1,490 | |||
| Aramark | 46,461 | 1,450 | ||||
| * | TripAdvisor Inc. | 65,674 | 1,450 | |||
| * | Caesars Entertainment Inc. | 44,463 | 1,434 | |||
| Hanesbrands Inc. | 202,225 | 1,407 | ||||
| * | Alaska Air Group Inc. | 35,228 | 1,379 | |||
| Shares | Market Value ($000) | |||||
| * | Ollie's Bargain Outlet Holdings Inc. | 25,862 | 1,334 | |||
| World Wrestling Entertainment Inc. Class A | 17,870 | 1,254 | ||||
| * | Grand Canyon Education Inc. | 14,445 | 1,188 | |||
| * | Hertz Global Holdings Inc. | 69,735 | 1,135 | |||
| * | Madison Square Garden Sports Corp. | 7,890 | 1,078 | |||
| * | Coty Inc. Class A | 165,907 | 1,048 | |||
| Carter's Inc. | 15,864 | 1,040 | ||||
| Thor Industries Inc. | 13,531 | 947 | ||||
| Williams-Sonoma Inc. | 7,893 | 930 | ||||
| * | SiteOne Landscape Supply Inc. | 8,907 | 928 | |||
| * | JetBlue Airways Corp. | 132,922 | 881 | |||
| * | Avis Budget Group Inc. | 5,300 | 787 | |||
| News Corp. Class B | 50,143 | 773 | ||||
| * | Carnival Corp. | 108,650 | 764 | |||
| Lennar Corp. Class B | 10,972 | 653 | ||||
| Nielsen Holdings plc | 21,157 | 586 | ||||
| * | Lyft Inc. Class A | 43,861 | 578 | |||
| * | Leslie's Inc. | 37,152 | 546 | |||
| * | Under Armour Inc. Class C | 83,204 | 496 | |||
| Kohl's Corp. | 19,433 | 489 | ||||
| Nordstrom Inc. | 28,246 | 472 | ||||
| * | DraftKings Inc. Class A | 29,042 | 440 | |||
| * | Playtika Holding Corp. | 42,885 | 403 | |||
| * | Copa Holdings SA Class A | 5,903 | 396 | |||
| Paramount Global Class A | 16,937 | 365 | ||||
| Service Corp. International | 4,939 | 285 | ||||
| * | Wayfair Inc. Class A | 8,312 | 271 | |||
| Garmin Ltd. | 3,130 | 251 | ||||
| * | Under Armour Inc. Class A | 30,184 | 201 | |||
| * | Petco Health & Wellness Co. Inc. Class A | 17,166 | 192 | |||
| * | Carvana Co. Class A | 8,455 | 172 | |||
| Wendy's Co. | 9,127 | 171 | ||||
| Qurate Retail Inc. Class A | 66,349 | 133 | ||||
| * | Deckers Outdoor Corp. | 239 | 75 | |||
| * | Driven Brands Holdings Inc. | 2,623 | 73 | |||
| * | Mister Car Wash Inc. | 6,310 | 54 | |||
| * | Figs Inc. Class A | 6,157 | 51 | |||
| * | YETI Holdings Inc. | 1,583 | 45 | |||
| * | Victoria's Secret & Co. | 1,402 | 41 | |||
| * | Six Flags Entertainment Corp. | 2,181 | 39 | |||
| Boyd Gaming Corp. | 720 | 34 | ||||
| Rollins Inc. | 985 | 34 | ||||
| Churchill Downs Inc. | 180 | 33 | ||||
| Lithia Motors Inc. Class A | 130 | 28 | ||||
| Choice Hotels International Inc. | 227 | 25 | ||||
| Dick's Sporting Goods Inc. | 200 | 21 | ||||
| Columbia Sportswear Co. | 235 | 16 | ||||
| Wyndham Hotels & Resorts Inc. | 241 | 15 | ||||
| Penske Automotive Group Inc. | 140 | 14 | ||||
| Marriott Vacations Worldwide Corp. | 109 | 13 | ||||
| H&R Block Inc. | 250 | 11 | ||||
| Tapestry Inc. | 268 | 8 | ||||
| Whirlpool Corp. | 49 | 7 | ||||
| Travel + Leisure Co. | 213 | 7 | ||||
| Leggett & Platt Inc. | 188 | 6 | ||||
| Gap Inc. | 674 | 5 | ||||
| Newell Brands Inc. | 352 | 5 | ||||
| 2,151,369 | ||||||
| Shares | Market Value ($000) | |||||
| Consumer Staples (5.7%) | ||||||
| Procter & Gamble Co. | 941,125 | 118,817 | ||||
| PepsiCo Inc. | 524,304 | 85,598 | ||||
| Coca-Cola Co. | 1,448,534 | 81,147 | ||||
| Philip Morris International Inc. | 553,688 | 45,962 | ||||
| CVS Health Corp. | 442,664 | 42,217 | ||||
| Mondelez International Inc. Class A | 597,903 | 32,783 | ||||
| Colgate-Palmolive Co. | 376,028 | 26,416 | ||||
| * | Monster Beverage Corp. | 298,547 | 25,962 | |||
| McKesson Corp. | 70,391 | 23,924 | ||||
| Archer-Daniels-Midland Co. | 240,968 | 19,386 | ||||
| Constellation Brands Inc. Class A | 79,903 | 18,352 | ||||
| Kroger Co. | 412,774 | 18,059 | ||||
| Hershey Co. | 78,828 | 17,379 | ||||
| Corteva Inc. | 288,038 | 16,461 | ||||
| Altria Group Inc. | 366,090 | 14,783 | ||||
| AmerisourceBergen Corp. Class A | 108,183 | 14,640 | ||||
| Brown-Forman Corp. Class B | 192,667 | 12,826 | ||||
| Keurig Dr Pepper Inc. | 355,111 | 12,720 | ||||
| McCormick & Co. Inc. (Non-Voting) | 173,197 | 12,344 | ||||
| Church & Dwight Co. Inc. | 170,662 | 12,192 | ||||
| General Mills Inc. | 148,430 | 11,371 | ||||
| Kimberly-Clark Corp. | 98,134 | 11,044 | ||||
| Sysco Corp. | 153,358 | 10,844 | ||||
| Tyson Foods Inc. Class A | 164,318 | 10,833 | ||||
| Hormel Foods Corp. | 225,258 | 10,236 | ||||
| Clorox Co. | 69,726 | 8,952 | ||||
| Walgreens Boots Alliance Inc. | 267,713 | 8,406 | ||||
| J M Smucker Co. | 48,718 | 6,694 | ||||
| Casey's General Stores Inc. | 27,851 | 5,640 | ||||
| Lamb Weston Holdings Inc. | 71,576 | 5,538 | ||||
| * | Darling Ingredients Inc. | 78,771 | 5,211 | |||
| Campbell Soup Co. | 103,939 | 4,898 | ||||
| Bunge Ltd. | 56,862 | 4,695 | ||||
| Ingredion Inc. | 55,014 | 4,430 | ||||
| * | Performance Food Group Co. | 81,676 | 3,508 | |||
| Molson Coors Beverage Co. Class B | 72,858 | 3,496 | ||||
| Albertsons Cos. Inc. Class A | 126,210 | 3,138 | ||||
| * | Post Holdings Inc. | 36,003 | 2,949 | |||
| Kraft Heinz Co. | 83,527 | 2,786 | ||||
| * | Grocery Outlet Holding Corp. | 77,987 | 2,596 | |||
| * | US Foods Holding Corp. | 96,293 | 2,546 | |||
| * | Boston Beer Co. Inc. Class A | 6,705 | 2,170 | |||
| * | Freshpet Inc. | 40,985 | 2,053 | |||
| Kellogg Co. | 27,247 | 1,898 | ||||
| * | Pilgrim's Pride Corp. | 75,106 | 1,729 | |||
| * | Olaplex Holdings Inc. | 128,903 | 1,231 | |||
| Seaboard Corp. | 352 | 1,198 | ||||
| Brown-Forman Corp. Class A | 10,931 | 738 | ||||
| Spectrum Brands Holdings Inc. | 16,892 | 659 | ||||
| Flowers Foods Inc. | 8,974 | 222 | ||||
| Conagra Brands Inc. | 4,077 | 133 | ||||
| Reynolds Consumer Products Inc. | 413 | 11 | ||||
| 793,821 | ||||||
| Energy (4.8%) | ||||||
| Exxon Mobil Corp. | 1,593,738 | 139,149 | ||||
| Chevron Corp. | 665,903 | 95,670 | ||||
| ConocoPhillips | 525,024 | 53,731 | ||||
| Shares | Market Value ($000) | |||||
| Occidental Petroleum Corp. | 616,744 | 37,899 | ||||
| Devon Energy Corp. | 510,873 | 30,719 | ||||
| Cheniere Energy Inc. | 178,438 | 29,605 | ||||
| EOG Resources Inc. | 235,646 | 26,329 | ||||
| Marathon Petroleum Corp. | 237,331 | 23,574 | ||||
| Schlumberger NV | 583,237 | 20,938 | ||||
| EQT Corp. | 497,639 | 20,279 | ||||
| Pioneer Natural Resources Co. | 91,866 | 19,892 | ||||
| Valero Energy Corp. | 167,648 | 17,913 | ||||
| * | Enphase Energy Inc. | 53,459 | 14,833 | |||
| Phillips 66 | 163,489 | 13,197 | ||||
| Hess Corp. | 112,281 | 12,237 | ||||
| NOV Inc. | 695,715 | 11,257 | ||||
| Diamondback Energy Inc. | 90,915 | 10,952 | ||||
| Halliburton Co. | 396,957 | 9,773 | ||||
| Coterra Energy Inc. | 369,433 | 9,650 | ||||
| Marathon Oil Corp. | 413,165 | 9,329 | ||||
| Williams Cos. Inc. | 279,777 | 8,010 | ||||
| Continental Resources Inc. | 113,299 | 7,570 | ||||
| APA Corp. | 206,479 | 7,060 | ||||
| * | First Solar Inc. | 48,418 | 6,404 | |||
| Baker Hughes Co. Class A | 298,181 | 6,250 | ||||
| Targa Resources Corp. | 91,406 | 5,515 | ||||
| Texas Pacific Land Corp. | 2,411 | 4,285 | ||||
| * | Plug Power Inc. | 179,709 | 3,776 | |||
| * | Antero Resources Corp. | 121,578 | 3,712 | |||
| Ovintiv Inc. | 73,264 | 3,370 | ||||
| HF Sinclair Corp. | 61,012 | 3,285 | ||||
| * | Southwestern Energy Co. | 460,309 | 2,817 | |||
| Range Resources Corp. | 108,753 | 2,747 | ||||
| DT Midstream Inc. | 40,621 | 2,108 | ||||
| ONEOK Inc. | 18,367 | 941 | ||||
| Antero Midstream Corp. | 96,938 | 890 | ||||
| PDC Energy Inc. | 10,700 | 618 | ||||
| New Fortress Energy Inc. Class A | 11,602 | 507 | ||||
| * | Fluence Energy Inc. Class A | 4,896 | 71 | |||
| Kinder Morgan Inc. | 312 | 5 | ||||
| 676,867 | ||||||
| Financials (11.1%) | ||||||
| * | Berkshire Hathaway Inc. Class B | 751,785 | 200,742 | |||
| JPMorgan Chase & Co. | 1,164,487 | 121,689 | ||||
| Bank of America Corp. | 3,107,121 | 93,835 | ||||
| Morgan Stanley | 865,882 | 68,413 | ||||
| Wells Fargo & Co. | 1,571,233 | 63,195 | ||||
| Charles Schwab Corp. | 633,859 | 45,555 | ||||
| S&P Global Inc. | 138,971 | 42,435 | ||||
| Goldman Sachs Group Inc. | 132,748 | 38,902 | ||||
| MSCI Inc. Class A | 88,352 | 37,266 | ||||
| Aon plc Class A | 124,630 | 33,385 | ||||
| Citigroup Inc. | 778,874 | 32,456 | ||||
| Progressive Corp. | 273,358 | 31,767 | ||||
| BlackRock Inc. | 48,984 | 26,955 | ||||
| Marsh & McLennan Cos. Inc. | 175,372 | 26,181 | ||||
| Intercontinental Exchange Inc. | 255,235 | 23,060 | ||||
| Brown & Brown Inc. | 341,058 | 20,627 | ||||
| Ameriprise Financial Inc. | 81,162 | 20,449 | ||||
| CME Group Inc. | 109,349 | 19,369 | ||||
| Moody's Corp. | 77,633 | 18,873 | ||||
| Shares | Market Value ($000) | |||||
| Nasdaq Inc. | 319,797 | 18,126 | ||||
| PNC Financial Services Group Inc. | 120,152 | 17,953 | ||||
| Aflac Inc. | 314,417 | 17,670 | ||||
| Chubb Ltd. | 94,873 | 17,256 | ||||
| Discover Financial Services | 185,147 | 16,834 | ||||
| W R Berkley Corp. | 244,930 | 15,818 | ||||
| US Bancorp | 389,971 | 15,724 | ||||
| Truist Financial Corp. | 340,772 | 14,837 | ||||
| Travelers Cos. Inc. | 95,566 | 14,641 | ||||
| * | Arch Capital Group Ltd. | 303,617 | 13,827 | |||
| Allstate Corp. | 110,343 | 13,741 | ||||
| First Republic Bank | 104,501 | 13,643 | ||||
| Raymond James Financial Inc. | 132,707 | 13,114 | ||||
| M&T Bank Corp. | 72,268 | 12,742 | ||||
| Prudential Financial Inc. | 143,084 | 12,274 | ||||
| Assurant Inc. | 76,527 | 11,117 | ||||
| Popular Inc. | 153,668 | 11,073 | ||||
| Globe Life Inc. | 102,186 | 10,188 | ||||
| Fifth Third Bancorp | 314,536 | 10,053 | ||||
| Commerce Bancshares Inc. | 151,043 | 9,993 | ||||
| MetLife Inc. | 163,893 | 9,961 | ||||
| T. Rowe Price Group Inc. | 91,720 | 9,632 | ||||
| State Street Corp. | 157,461 | 9,575 | ||||
| * | Alleghany Corp. | 11,401 | 9,570 | |||
| KKR & Co. Inc. | 222,095 | 9,550 | ||||
| SLM Corp. | 646,586 | 9,046 | ||||
| East West Bancorp Inc. | 134,007 | 8,997 | ||||
| Arthur J Gallagher & Co. | 51,171 | 8,761 | ||||
| * | Markel Corp. | 8,076 | 8,756 | |||
| Zions Bancorp NA | 171,375 | 8,716 | ||||
| Broadridge Financial Solutions Inc. | 57,129 | 8,245 | ||||
| White Mountains Insurance Group Ltd. | 6,315 | 8,229 | ||||
| Principal Financial Group Inc. | 110,728 | 7,989 | ||||
| * | SVB Financial Group | 22,385 | 7,516 | |||
| Reinsurance Group of America Inc. | 59,104 | 7,436 | ||||
| Blackstone Inc. | 84,743 | 7,093 | ||||
| Citizens Financial Group Inc. | 203,567 | 6,995 | ||||
| American International Group Inc. | 141,663 | 6,726 | ||||
| KeyCorp | 411,095 | 6,586 | ||||
| Willis Towers Watson plc | 31,575 | 6,345 | ||||
| Hanover Insurance Group Inc. | 48,707 | 6,241 | ||||
| Cullen/Frost Bankers Inc. | 46,483 | 6,146 | ||||
| Lincoln National Corp. | 137,596 | 6,042 | ||||
| SEI Investments Co. | 122,255 | 5,997 | ||||
| LPL Financial Holdings Inc. | 27,341 | 5,973 | ||||
| Bank of New York Mellon Corp. | 154,389 | 5,947 | ||||
| Voya Financial Inc. | 97,876 | 5,921 | ||||
| Apollo Global Management Inc. | 125,719 | 5,846 | ||||
| Signature Bank | 38,546 | 5,820 | ||||
| Wintrust Financial Corp. | 61,743 | 5,035 | ||||
| Loews Corp. | 99,510 | 4,960 | ||||
| * | Brighthouse Financial Inc. | 112,962 | 4,905 | |||
| Hartford Financial Services Group Inc. | 72,998 | 4,521 | ||||
| Huntington Bancshares Inc. | 295,471 | 3,894 | ||||
| OneMain Holdings Inc. | 127,507 | 3,764 | ||||
| First Citizens BancShares Inc. Class A | 4,710 | 3,756 | ||||
| American Financial Group Inc. | 29,602 | 3,639 | ||||
| Interactive Brokers Group Inc. Class A | 55,424 | 3,542 | ||||
| Shares | Market Value ($000) | |||||
| BOK Financial Corp. | 38,778 | 3,446 | ||||
| Webster Financial Corp. | 73,560 | 3,325 | ||||
| First Horizon Corp. | 139,824 | 3,202 | ||||
| Rithm Capital Corp. | 426,170 | 3,120 | ||||
| * | Credit Acceptance Corp. | 6,696 | 2,933 | |||
| Jefferies Financial Group Inc. | 95,564 | 2,819 | ||||
| MGIC Investment Corp. | 202,775 | 2,600 | ||||
| RenaissanceRe Holdings Ltd. | 18,039 | 2,532 | ||||
| Northern Trust Corp. | 29,195 | 2,498 | ||||
| Pinnacle Financial Partners Inc. | 29,964 | 2,430 | ||||
| CNA Financial Corp. | 62,286 | 2,298 | ||||
| MarketAxess Holdings Inc. | 9,103 | 2,025 | ||||
| Starwood Property Trust Inc. | 111,103 | 2,024 | ||||
| Stifel Financial Corp. | 37,286 | 1,936 | ||||
| FNB Corp. | 141,348 | 1,640 | ||||
| Western Alliance Bancorp | 22,469 | 1,477 | ||||
| Bank of Hawaii Corp. | 15,884 | 1,209 | ||||
| Fidelity National Financial Inc. | 29,762 | 1,077 | ||||
| Ally Financial Inc. | 38,372 | 1,068 | ||||
| TFS Financial Corp. | 60,552 | 787 | ||||
| Assured Guaranty Ltd. | 13,487 | 653 | ||||
| Lazard Ltd. Class A | 18,791 | 598 | ||||
| FactSet Research Systems Inc. | 1,331 | 533 | ||||
| Cboe Global Markets Inc. | 4,214 | 495 | ||||
| Morningstar Inc. | 2,283 | 485 | ||||
| New York Community Bancorp Inc. | 50,648 | 432 | ||||
| Affiliated Managers Group Inc. | 2,288 | 256 | ||||
| Rocket Cos. Inc. Class A | 33,000 | 209 | ||||
| Kemper Corp. | 4,492 | 185 | ||||
| Primerica Inc. | 1,168 | 144 | ||||
| Erie Indemnity Co. Class A | 316 | 70 | ||||
| * | Corebridge Financial Inc. | 2,779 | 55 | |||
| Tradeweb Markets Inc. Class A | 683 | 39 | ||||
| Everest Re Group Ltd. | 52 | 14 | ||||
| Cincinnati Financial Corp. | 125 | 11 | ||||
| Prosperity Bancshares Inc. | 163 | 11 | ||||
| Bank OZK | 264 | 10 | ||||
| Unum Group | 264 | 10 | ||||
| Evercore Inc. Class A | 113 | 9 | ||||
| Regions Financial Corp. | 466 | 9 | ||||
| Synovus Financial Corp. | 234 | 9 | ||||
| Axis Capital Holdings Ltd. | 190 | 9 | ||||
| Ares Management Corp. Class A | 140 | 9 | ||||
| Comerica Inc. | 114 | 8 | ||||
| First American Financial Corp. | 166 | 8 | ||||
| First Hawaiian Inc. | 319 | 8 | ||||
| Old Republic International Corp. | 371 | 8 | ||||
| PacWest Bancorp | 319 | 7 | ||||
| Virtu Financial Inc. Class A | 339 | 7 | ||||
| Umpqua Holdings Corp. | 390 | 7 | ||||
| Carlyle Group Inc. | 269 | 7 | ||||
| Franklin Resources Inc. | 280 | 6 | ||||
| Invesco Ltd. | 453 | 6 | ||||
| Janus Henderson Group plc | 213 | 4 | ||||
| AGNC Investment Corp. | 283 | 2 | ||||
| Annaly Capital Management Inc. | 130 | 2 | ||||
| Equitable Holdings Inc. | 2 | — | ||||
| 1,552,232 | ||||||
| Shares | Market Value ($000) | |||||
| Health Care (13.7%) | ||||||
| UnitedHealth Group Inc. | 365,129 | 184,405 | ||||
| Johnson & Johnson | 1,037,615 | 169,505 | ||||
| Eli Lilly & Co. | 301,987 | 97,647 | ||||
| Pfizer Inc. | 2,097,770 | 91,798 | ||||
| Merck & Co. Inc. | 982,793 | 84,638 | ||||
| AbbVie Inc. | 626,702 | 84,110 | ||||
| Thermo Fisher Scientific Inc. | 152,047 | 77,117 | ||||
| Danaher Corp. | 259,597 | 67,051 | ||||
| Bristol-Myers Squibb Co. | 892,947 | 63,480 | ||||
| Abbott Laboratories | 636,917 | 61,628 | ||||
| Amgen Inc. | 237,310 | 53,490 | ||||
| Elevance Health Inc. | 101,440 | 46,078 | ||||
| Cigna Corp. | 157,932 | 43,821 | ||||
| Medtronic plc | 472,509 | 38,155 | ||||
| Zoetis Inc. Class A | 250,784 | 37,189 | ||||
| * | Vertex Pharmaceuticals Inc. | 115,911 | 33,561 | |||
| Humana Inc. | 64,083 | 31,092 | ||||
| * | Boston Scientific Corp. | 745,087 | 28,857 | |||
| Becton Dickinson & Co. | 127,636 | 28,441 | ||||
| * | Regeneron Pharmaceuticals Inc. | 40,725 | 28,054 | |||
| Gilead Sciences Inc. | 454,489 | 28,037 | ||||
| * | Intuitive Surgical Inc. | 144,524 | 27,090 | |||
| Agilent Technologies Inc. | 204,198 | 24,820 | ||||
| Stryker Corp. | 114,791 | 23,250 | ||||
| * | Edwards Lifesciences Corp. | 247,248 | 20,430 | |||
| * | Centene Corp. | 239,059 | 18,601 | |||
| * | Biogen Inc. | 68,788 | 18,366 | |||
| HCA Healthcare Inc. | 88,255 | 16,220 | ||||
| * | Moderna Inc. | 130,007 | 15,373 | |||
| * | Charles River Laboratories International Inc. | 74,470 | 14,656 | |||
| Laboratory Corp. of America Holdings | 69,785 | 14,293 | ||||
| * | IQVIA Holdings Inc. | 74,231 | 13,446 | |||
| PerkinElmer Inc. | 106,930 | 12,867 | ||||
| Bio-Techne Corp. | 45,151 | 12,823 | ||||
| * | Dexcom Inc. | 144,956 | 11,675 | |||
| * | Illumina Inc. | 60,634 | 11,568 | |||
| Cooper Cos. Inc. | 42,699 | 11,268 | ||||
| * | Alnylam Pharmaceuticals Inc. | 55,289 | 11,067 | |||
| * | IDEXX Laboratories Inc. | 32,934 | 10,730 | |||
| ResMed Inc. | 45,887 | 10,017 | ||||
| Zimmer Biomet Holdings Inc. | 95,477 | 9,982 | ||||
| Cardinal Health Inc. | 146,782 | 9,787 | ||||
| Baxter International Inc. | 180,128 | 9,702 | ||||
| * | QIAGEN NV | 227,726 | 9,401 | |||
| * | Seagen Inc. | 68,580 | 9,384 | |||
| * | Veeva Systems Inc. Class A | 53,563 | 8,831 | |||
| Bruker Corp. | 164,181 | 8,711 | ||||
| Quest Diagnostics Inc. | 70,613 | 8,664 | ||||
| * | Hologic Inc. | 130,395 | 8,413 | |||
| * | Henry Schein Inc. | 123,189 | 8,102 | |||
| * | Molina Healthcare Inc. | 24,479 | 8,074 | |||
| Teleflex Inc. | 37,695 | 7,594 | ||||
| * | Incyte Corp. | 92,035 | 6,133 | |||
| * | BioMarin Pharmaceutical Inc. | 70,394 | 5,967 | |||
| * | Insulet Corp. | 24,894 | 5,711 | |||
| * | Align Technology Inc. | 27,285 | 5,651 | |||
| * | Horizon Therapeutics plc | 90,775 | 5,618 | |||
| Shares | Market Value ($000) | |||||
| * | Bio-Rad Laboratories Inc. Class A | 12,813 | 5,345 | |||
| Universal Health Services Inc. Class B | 59,942 | 5,286 | ||||
| STERIS plc | 31,012 | 5,157 | ||||
| * | Sarepta Therapeutics Inc. | 46,100 | 5,096 | |||
| * | Avantor Inc. | 249,262 | 4,886 | |||
| * | United Therapeutics Corp. | 22,086 | 4,624 | |||
| * | ABIOMED Inc. | 18,700 | 4,594 | |||
| West Pharmaceutical Services Inc. | 17,994 | 4,428 | ||||
| * | Ionis Pharmaceuticals Inc. | 94,462 | 4,178 | |||
| * | Catalent Inc. | 57,307 | 4,147 | |||
| * | Repligen Corp. | 20,703 | 3,874 | |||
| * | Acadia Healthcare Co. Inc. | 46,732 | 3,654 | |||
| * | Penumbra Inc. | 16,898 | 3,204 | |||
| * | Neurocrine Biosciences Inc. | 29,271 | 3,109 | |||
| * | DaVita Inc. | 36,846 | 3,050 | |||
| * | Jazz Pharmaceuticals plc | 21,746 | 2,899 | |||
| DENTSPLY SIRONA Inc. | 89,184 | 2,528 | ||||
| * | Novocure Ltd. | 32,388 | 2,461 | |||
| * | Exact Sciences Corp. | 72,536 | 2,357 | |||
| Organon & Co. | 98,840 | 2,313 | ||||
| * | Tenet Healthcare Corp. | 43,940 | 2,266 | |||
| * | Masimo Corp. | 15,705 | 2,217 | |||
| * | Syneos Health Inc. | 43,760 | 2,063 | |||
| * | Exelixis Inc. | 131,511 | 2,062 | |||
| * | Envista Holdings Corp. | 61,734 | 2,025 | |||
| Royalty Pharma plc Class A | 49,228 | 1,978 | ||||
| Viatris Inc. | 206,750 | 1,762 | ||||
| * | Elanco Animal Health Inc. | 131,740 | 1,635 | |||
| * | Teladoc Health Inc. | 62,004 | 1,572 | |||
| * | QuidelOrtho Corp. | 20,474 | 1,463 | |||
| * | Globus Medical Inc. Class A | 23,719 | 1,413 | |||
| * | Integra LifeSciences Holdings Corp. | 31,728 | 1,344 | |||
| * | Amedisys Inc. | 13,268 | 1,284 | |||
| * | Maravai LifeSciences Holdings Inc. Class A | 44,546 | 1,137 | |||
| * | Ginkgo Bioworks Holdings Inc. | 339,520 | 1,059 | |||
| * | Enovis Corp. | 21,071 | 971 | |||
| Embecta Corp. | 30,882 | 889 | ||||
| Chemed Corp. | 1,985 | 867 | ||||
| Premier Inc. Class A | 23,831 | 809 | ||||
| * | ICU Medical Inc. | 4,530 | 682 | |||
| * | Tandem Diabetes Care Inc. | 13,826 | 662 | |||
| * | Oak Street Health Inc. | 14,604 | 358 | |||
| * | Guardant Health Inc. | 6,582 | 354 | |||
| Encompass Health Corp. | 4,985 | 225 | ||||
| * | Signify Health Inc. Class A | 5,826 | 170 | |||
| Perrigo Co. plc | 4,469 | 159 | ||||
| * | Zimvie Inc. | 7,776 | 77 | |||
| * | agilon health Inc. | 3,158 | 74 | |||
| * | Ultragenyx Pharmaceutical Inc. | 1,517 | 63 | |||
| * | Certara Inc. | 3,035 | 40 | |||
| * | Enhabit Inc. | 2,492 | 35 | |||
| * | Sotera Health Co. | 3,096 | 21 | |||
| 1,921,365 | ||||||
| Industrials (12.7%) | ||||||
| Visa Inc. Class A | 683,104 | 121,353 | ||||
| Mastercard Inc. Class A | 357,470 | 101,643 | ||||
| Accenture plc Class A | 258,904 | 66,616 | ||||
| Union Pacific Corp. | 259,204 | 50,498 | ||||
| Shares | Market Value ($000) | |||||
| * | PayPal Holdings Inc. | 514,506 | 44,284 | |||
| Honeywell International Inc. | 229,942 | 38,393 | ||||
| Raytheon Technologies Corp. | 461,510 | 37,779 | ||||
| United Parcel Service Inc. Class B | 230,234 | 37,192 | ||||
| American Express Co. | 267,257 | 36,056 | ||||
| Northrop Grumman Corp. | 68,694 | 32,308 | ||||
| Deere & Co. | 92,093 | 30,749 | ||||
| Old Dominion Freight Line Inc. | 123,305 | 30,675 | ||||
| * | Fiserv Inc. | 321,631 | 30,095 | |||
| Cintas Corp. | 74,348 | 28,861 | ||||
| General Electric Co. | 454,373 | 28,130 | ||||
| Caterpillar Inc. | 171,339 | 28,113 | ||||
| * | Mettler-Toledo International Inc. | 25,027 | 27,132 | |||
| CSX Corp. | 1,010,551 | 26,921 | ||||
| * | Boeing Co. | 217,573 | 26,344 | |||
| Automatic Data Processing Inc. | 115,159 | 26,048 | ||||
| Sherwin-Williams Co. | 124,801 | 25,553 | ||||
| Global Payments Inc. | 234,508 | 25,339 | ||||
| Illinois Tool Works Inc. | 137,869 | 24,906 | ||||
| Norfolk Southern Corp. | 117,915 | 24,721 | ||||
| Verisk Analytics Inc. Class A | 138,233 | 23,573 | ||||
| General Dynamics Corp. | 110,221 | 23,386 | ||||
| Lockheed Martin Corp. | 57,668 | 22,277 | ||||
| TransDigm Group Inc. | 40,774 | 21,399 | ||||
| 3M Co. | 192,318 | 21,251 | ||||
| * | Keysight Technologies Inc. | 125,516 | 19,751 | |||
| Fidelity National Information Services Inc. | 244,766 | 18,497 | ||||
| Eaton Corp. plc | 129,381 | 17,254 | ||||
| AMETEK Inc. | 151,988 | 17,237 | ||||
| * | Waters Corp. | 62,836 | 16,936 | |||
| Carlisle Cos. Inc. | 58,725 | 16,467 | ||||
| L3Harris Technologies Inc. | 78,949 | 16,408 | ||||
| FedEx Corp. | 109,576 | 16,269 | ||||
| Parker-Hannifin Corp. | 65,817 | 15,948 | ||||
| IDEX Corp. | 77,994 | 15,587 | ||||
| Jacobs Solutions Inc. | 140,836 | 15,279 | ||||
| Martin Marietta Materials Inc. | 47,278 | 15,228 | ||||
| Vulcan Materials Co. | 88,751 | 13,997 | ||||
| Equifax Inc. | 72,898 | 12,497 | ||||
| JB Hunt Transport Services Inc. | 78,035 | 12,206 | ||||
| PACCAR Inc. | 145,164 | 12,149 | ||||
| Expeditors International of Washington Inc. | 137,419 | 12,135 | ||||
| Toro Co. | 140,216 | 12,126 | ||||
| Emerson Electric Co. | 161,076 | 11,794 | ||||
| WW Grainger Inc. | 23,844 | 11,664 | ||||
| Crown Holdings Inc. | 142,174 | 11,520 | ||||
| Landstar System Inc. | 77,810 | 11,233 | ||||
| Carrier Global Corp. | 310,903 | 11,056 | ||||
| Cummins Inc. | 51,256 | 10,431 | ||||
| Ball Corp. | 215,187 | 10,398 | ||||
| * | Zebra Technologies Corp. Class A | 39,590 | 10,373 | |||
| AGCO Corp. | 104,696 | 10,069 | ||||
| Otis Worldwide Corp. | 156,299 | 9,972 | ||||
| * | Block Inc. Class A | 179,560 | 9,874 | |||
| Huntington Ingalls Industries Inc. | 43,737 | 9,688 | ||||
| Eagle Materials Inc. | 87,864 | 9,417 | ||||
| Capital One Financial Corp. | 101,944 | 9,396 | ||||
| Jack Henry & Associates Inc. | 51,317 | 9,354 | ||||
| Shares | Market Value ($000) | |||||
| Lennox International Inc. | 39,471 | 8,789 | ||||
| Fortive Corp. | 148,709 | 8,670 | ||||
| Genpact Ltd. | 194,732 | 8,523 | ||||
| Textron Inc. | 144,654 | 8,428 | ||||
| Owens Corning | 103,439 | 8,131 | ||||
| Quanta Services Inc. | 63,452 | 8,083 | ||||
| Xylem Inc. | 89,582 | 7,826 | ||||
| DuPont de Nemours Inc. | 153,582 | 7,741 | ||||
| Valmont Industries Inc. | 27,229 | 7,314 | ||||
| BWX Technologies Inc. | 144,342 | 7,271 | ||||
| Armstrong World Industries Inc. | 91,138 | 7,221 | ||||
| Robert Half International Inc. | 91,429 | 6,994 | ||||
| * | Teledyne Technologies Inc. | 20,579 | 6,945 | |||
| * | United Rentals Inc. | 24,859 | 6,715 | |||
| Synchrony Financial | 221,045 | 6,231 | ||||
| Graco Inc. | 99,359 | 5,957 | ||||
| Westinghouse Air Brake Technologies Corp. | 72,508 | 5,899 | ||||
| Oshkosh Corp. | 79,990 | 5,623 | ||||
| Ingersoll Rand Inc. | 127,975 | 5,536 | ||||
| Johnson Controls International plc | 111,527 | 5,489 | ||||
| * | FleetCor Technologies Inc. | 29,279 | 5,158 | |||
| Donaldson Co. Inc. | 101,876 | 4,993 | ||||
| * | Generac Holdings Inc. | 25,765 | 4,590 | |||
| ITT Inc. | 69,239 | 4,524 | ||||
| Paychex Inc. | 40,215 | 4,513 | ||||
| Trane Technologies plc | 29,260 | 4,237 | ||||
| Sealed Air Corp. | 92,139 | 4,101 | ||||
| HEICO Corp. | 28,466 | 4,099 | ||||
| * | Bill.com Holdings Inc. | 29,578 | 3,915 | |||
| PPG Industries Inc. | 33,974 | 3,761 | ||||
| CH Robinson Worldwide Inc. | 37,225 | 3,585 | ||||
| Rockwell Automation Inc. | 16,634 | 3,578 | ||||
| * | Trimble Inc. | 64,624 | 3,507 | |||
| * | WillScot Mobile Mini Holdings Corp. | 86,113 | 3,473 | |||
| ManpowerGroup Inc. | 52,638 | 3,405 | ||||
| Howmet Aerospace Inc. | 108,701 | 3,362 | ||||
| * | Axon Enterprise Inc. | 28,116 | 3,254 | |||
| Packaging Corp. of America | 27,608 | 3,100 | ||||
| * | Builders FirstSource Inc. | 52,228 | 3,077 | |||
| MSC Industrial Direct Co. Inc. Class A | 41,833 | 3,046 | ||||
| AECOM | 42,351 | 2,896 | ||||
| Tetra Tech Inc. | 22,037 | 2,832 | ||||
| * | Mohawk Industries Inc. | 29,588 | 2,698 | |||
| * | Fair Isaac Corp. | 6,340 | 2,612 | |||
| * | Paylocity Holding Corp. | 10,479 | 2,532 | |||
| * | Berry Global Group Inc. | 52,116 | 2,425 | |||
| MDU Resources Group Inc. | 80,878 | 2,212 | ||||
| Stanley Black & Decker Inc. | 29,402 | 2,211 | ||||
| Allison Transmission Holdings Inc. | 63,742 | 2,152 | ||||
| Flowserve Corp. | 88,132 | 2,142 | ||||
| Nordson Corp. | 9,571 | 2,032 | ||||
| * | Axalta Coating Systems Ltd. | 91,354 | 1,924 | |||
| * | FTI Consulting Inc. | 11,497 | 1,905 | |||
| Sensata Technologies Holding plc | 45,484 | 1,696 | ||||
| * | Middleby Corp. | 12,825 | 1,644 | |||
| * | MasTec Inc. | 24,670 | 1,567 | |||
| * | GXO Logistics Inc. | 43,966 | 1,541 | |||
| * | Euronet Worldwide Inc. | 19,654 | 1,489 | |||
| Shares | Market Value ($000) | |||||
| Acuity Brands Inc. | 8,642 | 1,361 | ||||
| * | WEX Inc. | 9,801 | 1,244 | |||
| Cognex Corp. | 29,135 | 1,208 | ||||
| * | Kirby Corp. | 19,315 | 1,174 | |||
| Allegion plc | 12,560 | 1,126 | ||||
| TransUnion | 18,646 | 1,109 | ||||
| * | WESCO International Inc. | 8,900 | 1,062 | |||
| Spirit AeroSystems Holdings Inc. Class A | 45,036 | 987 | ||||
| Vontier Corp. | 59,035 | 986 | ||||
| * | Mercury Systems Inc. | 23,195 | 942 | |||
| Booz Allen Hamilton Holding Corp. Class A | 8,916 | 823 | ||||
| * | XPO Logistics Inc. | 18,318 | 816 | |||
| * | Trex Co. Inc. | 17,798 | 782 | |||
| Esab Corp. | 21,096 | 704 | ||||
| * | AZEK Co. Inc. Class A | 41,338 | 687 | |||
| MKS Instruments Inc. | 5,873 | 485 | ||||
| Silgan Holdings Inc. | 11,464 | 482 | ||||
| RPM International Inc. | 5,644 | 470 | ||||
| Littelfuse Inc. | 1,812 | 360 | ||||
| AptarGroup Inc. | 3,262 | 310 | ||||
| * | Gates Industrial Corp. plc | 31,536 | 308 | |||
| Brunswick Corp. | 3,917 | 256 | ||||
| Sonoco Products Co. | 2,778 | 158 | ||||
| HEICO Corp. Class A | 992 | 114 | ||||
| Ardagh Metal Packaging SA | 23,385 | 113 | ||||
| * | Core & Main Inc. Class A | 2,932 | 67 | |||
| * | TopBuild Corp. | 321 | 53 | |||
| * | Affirm Holdings Inc. Class A | 2,812 | 53 | |||
| * | Shift4 Payments Inc. Class A | 1,086 | 48 | |||
| Curtiss-Wright Corp. | 317 | 44 | ||||
| * | Hayward Holdings Inc. | 4,948 | 44 | |||
| Advanced Drainage Systems Inc. | 348 | 43 | ||||
| Regal Rexnord Corp. | 247 | 35 | ||||
| Knight-Swift Transportation Holdings Inc. Class A | 584 | 29 | ||||
| Woodward Inc. | 366 | 29 | ||||
| Schneider National Inc. Class B | 995 | 20 | ||||
| Graphic Packaging Holding Co. | 974 | 19 | ||||
| Dover Corp. | 156 | 18 | ||||
| Lincoln Electric Holdings Inc. | 143 | 18 | ||||
| MSA Safety Inc. | 165 | 18 | ||||
| Hubbell Inc. Class B | 77 | 17 | ||||
| Louisiana-Pacific Corp. | 303 | 16 | ||||
| ADT Inc. | 2,106 | 16 | ||||
| Pentair plc | 369 | 15 | ||||
| Fortune Brands Home & Security Inc. | 261 | 14 | ||||
| Crane Holdings Co. | 164 | 14 | ||||
| Air Lease Corp. Class A | 423 | 13 | ||||
| Masco Corp. | 287 | 13 | ||||
| A O Smith Corp. | 273 | 13 | ||||
| nVent Electric plc | 424 | 13 | ||||
| Snap-on Inc. | 60 | 12 | ||||
| Watsco Inc. | 47 | 12 | ||||
| Ryder System Inc. | 128 | 10 | ||||
| Westrock Co. | 333 | 10 | ||||
| Amcor plc | 685 | 7 | ||||
| Western Union Co. | 339 | 5 | ||||
| 1,771,784 | ||||||
| Shares | Market Value ($000) | |||||
| Real Estate (3.2%) | ||||||
| American Tower Corp. | 194,192 | 41,693 | ||||
| Prologis Inc. | 306,725 | 31,163 | ||||
| SBA Communications Corp. Class A | 105,666 | 30,078 | ||||
| Crown Castle Inc. | 164,987 | 23,849 | ||||
| Equinix Inc. | 38,250 | 21,758 | ||||
| Public Storage | 65,984 | 19,321 | ||||
| * | CBRE Group Inc. Class A | 267,649 | 18,069 | |||
| Extra Space Storage Inc. | 80,265 | 13,863 | ||||
| * | CoStar Group Inc. | 173,645 | 12,094 | |||
| Equity LifeStyle Properties Inc. | 192,195 | 12,078 | ||||
| Welltower Inc. | 179,910 | 11,572 | ||||
| American Homes 4 Rent Class A | 342,614 | 11,241 | ||||
| Digital Realty Trust Inc. | 110,826 | 10,992 | ||||
| VICI Properties Inc. | 348,140 | 10,392 | ||||
| Realty Income Corp. | 177,321 | 10,320 | ||||
| AvalonBay Communities Inc. | 54,525 | 10,043 | ||||
| Equity Residential | 146,175 | 9,826 | ||||
| Mid-America Apartment Communities Inc. | 62,574 | 9,703 | ||||
| Weyerhaeuser Co. | 309,925 | 8,851 | ||||
| Invitation Homes Inc. | 261,545 | 8,832 | ||||
| Alexandria Real Estate Equities Inc. | 62,907 | 8,819 | ||||
| Essex Property Trust Inc. | 33,068 | 8,010 | ||||
| Duke Realty Corp. | 164,984 | 7,952 | ||||
| Host Hotels & Resorts Inc. | 500,678 | 7,951 | ||||
| Simon Property Group Inc. | 82,364 | 7,392 | ||||
| * | Jones Lang LaSalle Inc. | 47,645 | 7,198 | |||
| Sun Communities Inc. | 50,697 | 6,861 | ||||
| Ventas Inc. | 149,709 | 6,014 | ||||
| Camden Property Trust | 45,420 | 5,425 | ||||
| UDR Inc. | 116,501 | 4,859 | ||||
| Lamar Advertising Co. Class A | 49,778 | 4,106 | ||||
| Apartment Income REIT Corp. Class A | 104,636 | 4,041 | ||||
| Rexford Industrial Realty Inc. | 76,315 | 3,968 | ||||
| * | Howard Hughes Corp. | 71,084 | 3,937 | |||
| Healthcare Realty Trust Inc. Class A | 170,557 | 3,556 | ||||
| Kimco Realty Corp. | 183,756 | 3,383 | ||||
| Life Storage Inc. | 28,822 | 3,192 | ||||
| CubeSmart | 76,750 | 3,075 | ||||
| Medical Properties Trust Inc. | 227,761 | 2,701 | ||||
| First Industrial Realty Trust Inc. | 54,828 | 2,457 | ||||
| EastGroup Properties Inc. | 17,002 | 2,454 | ||||
| Americold Realty Trust Inc. | 96,008 | 2,362 | ||||
| Douglas Emmett Inc. | 130,493 | 2,340 | ||||
| STORE Capital Corp. | 74,605 | 2,337 | ||||
| * | Zillow Group Inc. Class C | 71,865 | 2,056 | |||
| Kilroy Realty Corp. | 46,946 | 1,977 | ||||
| Rayonier Inc. | 52,654 | 1,578 | ||||
| Cousins Properties Inc. | 58,986 | 1,377 | ||||
| EPR Properties | 30,812 | 1,105 | ||||
| Park Hotels & Resorts Inc. | 95,874 | 1,080 | ||||
| Iron Mountain Inc. | 23,721 | 1,043 | ||||
| JBG SMITH Properties | 49,278 | 916 | ||||
| * | Opendoor Technologies Inc. | 265,437 | 826 | |||
| Federal Realty Investment Trust | 8,239 | 742 | ||||
| Hudson Pacific Properties Inc. | 63,001 | 690 | ||||
| * | Zillow Group Inc. Class A | 23,762 | 680 | |||
| * | WeWork Inc. | 137,008 | 363 | |||
| Shares | Market Value ($000) | |||||
| SL Green Realty Corp. | 7,810 | 314 | ||||
| Boston Properties Inc. | 87 | 7 | ||||
| Brixmor Property Group Inc. | 356 | 7 | ||||
| Regency Centers Corp. | 135 | 7 | ||||
| Healthpeak Properties Inc. | 291 | 7 | ||||
| National Retail Properties Inc. | 158 | 6 | ||||
| WP Carey Inc. | 82 | 6 | ||||
| Gaming & Leisure Properties Inc. | 124 | 5 | ||||
| Highwoods Properties Inc. | 172 | 5 | ||||
| Spirit Realty Capital Inc. | 144 | 5 | ||||
| Omega Healthcare Investors Inc. | 127 | 4 | ||||
| Vornado Realty Trust | 165 | 4 | ||||
| 454,938 | ||||||
| Technology (25.6%) | ||||||
| Apple Inc. | 6,371,344 | 880,520 | ||||
| Microsoft Corp. | 3,088,002 | 719,196 | ||||
| * | Alphabet Inc. Class A | 2,463,960 | 235,678 | |||
| * | Alphabet Inc. Class C | 2,251,014 | 216,435 | |||
| * | Meta Platforms Inc. Class A | 951,417 | 129,088 | |||
| NVIDIA Corp. | 977,320 | 118,637 | ||||
| Broadcom Inc. | 133,638 | 59,337 | ||||
| Texas Instruments Inc. | 361,282 | 55,919 | ||||
| * | Adobe Inc. | 199,895 | 55,011 | |||
| * | Salesforce Inc. | 381,215 | 54,834 | |||
| * | Cadence Design Systems Inc. | 316,655 | 51,751 | |||
| QUALCOMM Inc. | 456,665 | 51,594 | ||||
| Intuit Inc. | 125,342 | 48,547 | ||||
| * | Synopsys Inc. | 151,031 | 46,141 | |||
| Applied Materials Inc. | 517,263 | 42,379 | ||||
| * | Advanced Micro Devices Inc. | 646,926 | 40,989 | |||
| Oracle Corp. | 664,786 | 40,598 | ||||
| Intel Corp. | 1,551,541 | 39,983 | ||||
| Lam Research Corp. | 93,570 | 34,247 | ||||
| International Business Machines Corp. | 263,114 | 31,261 | ||||
| * | ServiceNow Inc. | 80,391 | 30,356 | |||
| KLA Corp. | 91,136 | 27,580 | ||||
| * | Autodesk Inc. | 135,680 | 25,345 | |||
| Analog Devices Inc. | 181,701 | 25,318 | ||||
| Amphenol Corp. Class A | 349,011 | 23,370 | ||||
| * | Fortinet Inc. | 441,595 | 21,696 | |||
| * | Snowflake Inc. Class A | 127,284 | 21,633 | |||
| Micron Technology Inc. | 418,954 | 20,990 | ||||
| * | Palo Alto Networks Inc. | 119,784 | 19,619 | |||
| Teradyne Inc. | 259,429 | 19,496 | ||||
| Roper Technologies Inc. | 53,739 | 19,327 | ||||
| Cognizant Technology Solutions Corp. Class A | 241,083 | 13,848 | ||||
| * | Crowdstrike Holdings Inc. Class A | 82,421 | 13,584 | |||
| * | Twitter Inc. | 308,728 | 13,535 | |||
| Corning Inc. | 449,200 | 13,036 | ||||
| * | Gartner Inc. | 45,914 | 12,704 | |||
| * | Workday Inc. Class A | 79,539 | 12,107 | |||
| * | Atlassian Corp. Class A | 54,443 | 11,465 | |||
| * | Arrow Electronics Inc. | 104,474 | 9,631 | |||
| * | Datadog Inc. Class A | 105,235 | 9,343 | |||
| VMware Inc. Class A | 86,975 | 9,259 | ||||
| * | ON Semiconductor Corp. | 141,431 | 8,815 | |||
| Hewlett Packard Enterprise Co. | 712,810 | 8,539 | ||||
| 1 | Citrix Systems Inc. | 82,043 | 8,532 | |||
| Shares | Market Value ($000) | |||||
| Marvell Technology Inc. | 197,973 | 8,495 | ||||
| NetApp Inc. | 137,113 | 8,480 | ||||
| HP Inc. | 324,533 | 8,087 | ||||
| Microchip Technology Inc. | 128,282 | 7,829 | ||||
| Dolby Laboratories Inc. Class A | 116,172 | 7,569 | ||||
| * | VeriSign Inc. | 41,429 | 7,196 | |||
| * | Black Knight Inc. | 108,710 | 7,037 | |||
| * | ANSYS Inc. | 31,274 | 6,933 | |||
| * | Paycom Software Inc. | 20,709 | 6,834 | |||
| * | EPAM Systems Inc. | 18,415 | 6,670 | |||
| * | Match Group Inc. | 121,596 | 5,806 | |||
| * | Zoom Video Communications Inc. Class A | 78,400 | 5,769 | |||
| NortonLifeLock Inc. | 267,673 | 5,391 | ||||
| * | Pinterest Inc. Class A | 226,703 | 5,282 | |||
| * | MongoDB Inc. Class A | 26,442 | 5,250 | |||
| * | Zscaler Inc. | 31,649 | 5,202 | |||
| * | Palantir Technologies Inc. Class A | 629,028 | 5,114 | |||
| * | HubSpot Inc. | 18,185 | 4,912 | |||
| * | ZoomInfo Technologies Inc. Class A | 114,204 | 4,758 | |||
| * | Akamai Technologies Inc. | 59,114 | 4,748 | |||
| * | GoDaddy Inc. Class A | 65,133 | 4,617 | |||
| * | Manhattan Associates Inc. | 33,371 | 4,439 | |||
| SS&C Technologies Holdings Inc. | 92,885 | 4,435 | ||||
| * | Splunk Inc. | 58,261 | 4,381 | |||
| * | Western Digital Corp. | 131,077 | 4,267 | |||
| * | Wolfspeed Inc. | 41,213 | 4,260 | |||
| Avnet Inc. | 106,031 | 3,830 | ||||
| * | F5 Inc. | 26,288 | 3,805 | |||
| * | PTC Inc. | 32,482 | 3,398 | |||
| * | Cloudflare Inc. Class A | 58,700 | 3,247 | |||
| * | Tyler Technologies Inc. | 9,077 | 3,154 | |||
| * | Qorvo Inc. | 38,017 | 3,019 | |||
| * | Aspen Technology Inc. | 11,948 | 2,846 | |||
| * | Lattice Semiconductor Corp. | 56,117 | 2,762 | |||
| CDW Corp. | 17,522 | 2,735 | ||||
| Skyworks Solutions Inc. | 31,988 | 2,728 | ||||
| * | Twilio Inc. Class A | 38,961 | 2,694 | |||
| Dell Technologies Inc. Class C | 75,945 | 2,595 | ||||
| * | IAC Inc. | 44,781 | 2,480 | |||
| * | Zendesk Inc. | 31,200 | 2,374 | |||
| Leidos Holdings Inc. | 25,301 | 2,213 | ||||
| * | Change Healthcare Inc. | 80,415 | 2,211 | |||
| * | CACI International Inc. Class A | 8,282 | 2,162 | |||
| * | Guidewire Software Inc. | 34,659 | 2,134 | |||
| * | DocuSign Inc. Class A | 37,710 | 2,016 | |||
| * | DXC Technology Co. | 79,394 | 1,944 | |||
| * | NCR Corp. | 99,313 | 1,888 | |||
| * | Globant SA | 9,758 | 1,826 | |||
| * | Clarivate plc | 190,230 | 1,786 | |||
| Monolithic Power Systems Inc. | 4,851 | 1,763 | ||||
| * | Pure Storage Inc. Class A | 63,380 | 1,735 | |||
| * | Okta Inc. Class A | 30,391 | 1,728 | |||
| * | Teradata Corp. | 52,950 | 1,645 | |||
| * | Ceridian HCM Holding Inc. | 28,978 | 1,619 | |||
| Universal Display Corp. | 15,466 | 1,459 | ||||
| * | Unity Software Inc. | 43,089 | 1,373 | |||
| * | Alteryx Inc. Class A | 24,065 | 1,344 | |||
| Dun & Bradstreet Holdings Inc. | 104,194 | 1,291 | ||||
| Shares | Market Value ($000) | |||||
| * | Avalara Inc. | 10,790 | 991 | |||
| Amdocs Ltd. | 12,261 | 974 | ||||
| * | Dynatrace Inc. | 27,571 | 960 | |||
| * | IPG Photonics Corp. | 10,945 | 923 | |||
| * | Five9 Inc. | 12,094 | 907 | |||
| * | DoorDash Inc. Class A | 18,306 | 905 | |||
| * | Nutanix Inc. Class A | 42,407 | 883 | |||
| Bentley Systems Inc. Class B | 24,059 | 736 | ||||
| Xerox Holdings Corp. | 54,007 | 706 | ||||
| * | Kyndryl Holdings Inc. | 63,602 | 526 | |||
| * | Allegro MicroSystems Inc. | 23,935 | 523 | |||
| Entegris Inc. | 4,789 | 398 | ||||
| * | Dropbox Inc. Class A | 17,999 | 373 | |||
| * | Coherent Corp. | 9,230 | 322 | |||
| * | Elastic NV | 4,330 | 311 | |||
| * | RingCentral Inc. Class A | 7,454 | 298 | |||
| * | Smartsheet Inc. Class A | 6,965 | 239 | |||
| * | Vimeo Inc. | 38,120 | 152 | |||
| Pegasystems Inc. | 4,160 | 134 | ||||
| * | Toast Inc. Class A | 5,141 | 86 | |||
| * | Cirrus Logic Inc. | 1,137 | 78 | |||
| * | Coupa Software Inc. | 1,284 | 76 | |||
| * | New Relic Inc. | 1,139 | 65 | |||
| * | AppLovin Corp. Class A | 3,354 | 65 | |||
| * | DoubleVerify Holdings Inc. | 2,149 | 59 | |||
| * | Paycor HCM Inc. | 1,956 | 58 | |||
| * | Procore Technologies Inc. | 1,058 | 52 | |||
| * | Informatica Inc. Class A | 2,356 | 47 | |||
| * | nCino Inc. | 1,324 | 45 | |||
| * | Jamf Holding Corp. | 1,915 | 42 | |||
| * | Definitive Healthcare Corp. Class A | 2,711 | 42 | |||
| * | GLOBALFOUNDRIES Inc. | 864 | 42 | |||
| Jabil Inc. | 588 | 34 | ||||
| * | Thoughtworks Holding Inc. | 3,110 | 33 | |||
| Switch Inc. Class A | 948 | 32 | ||||
| Concentrix Corp. | 239 | 27 | ||||
| TD SYNNEX Corp. | 281 | 23 | ||||
| Azenta Inc. | 488 | 21 | ||||
| Science Applications International Corp. | 203 | 18 | ||||
| National Instruments Corp. | 281 | 11 | ||||
| 3,591,055 | ||||||
| Telecommunications (2.3%) | ||||||
| Cisco Systems Inc. | 1,598,308 | 63,932 | ||||
| Verizon Communications Inc. | 1,608,258 | 61,065 | ||||
| Comcast Corp. Class A | 1,796,701 | 52,697 | ||||
| * | T-Mobile US Inc. | 294,307 | 39,487 | |||
| AT&T Inc. | 2,534,393 | 38,877 | ||||
| * | Charter Communications Inc. Class A | 46,104 | 13,986 | |||
| * | Arista Networks Inc. | 100,496 | 11,345 | |||
| Motorola Solutions Inc. | 40,433 | 9,056 | ||||
| Juniper Networks Inc. | 274,434 | 7,168 | ||||
| * | Liberty Broadband Corp. Class C | 51,393 | 3,793 | |||
| * | Roku Inc. Class A | 49,590 | 2,797 | |||
| * | Frontier Communications Parent Inc. | 101,230 | 2,372 | |||
| Cable One Inc. | 2,422 | 2,066 | ||||
| * | Lumentum Holdings Inc. | 28,695 | 1,968 | |||
| * | Ciena Corp. | 47,751 | 1,930 | |||
| * | DISH Network Corp. Class A | 102,301 | 1,415 | |||
| Shares | Market Value ($000) | |||||
| * | Viasat Inc. | 31,710 | 959 | |||
| * | Liberty Broadband Corp. Class A | 12,284 | 916 | |||
| * | Altice USA Inc. Class A | 86,559 | 505 | |||
| Ubiquiti Inc. | 102 | 30 | ||||
| Lumen Technologies Inc. | 386 | 3 | ||||
| 316,367 | ||||||
| Utilities (3.2%) | ||||||
| NextEra Energy Inc. | 820,860 | 64,364 | ||||
| Duke Energy Corp. | 309,026 | 28,746 | ||||
| Waste Management Inc. | 147,248 | 23,591 | ||||
| Southern Co. | 338,705 | 23,032 | ||||
| Dominion Energy Inc. | 324,271 | 22,410 | ||||
| Sempra Energy | 133,030 | 19,947 | ||||
| * | PG&E Corp. | 1,584,081 | 19,801 | |||
| WEC Energy Group Inc. | 199,959 | 17,882 | ||||
| American Water Works Co. Inc. | 123,293 | 16,048 | ||||
| Exelon Corp. | 386,906 | 14,493 | ||||
| Xcel Energy Inc. | 225,840 | 14,454 | ||||
| Eversource Energy | 183,559 | 14,310 | ||||
| Atmos Energy Corp. | 129,145 | 13,153 | ||||
| CMS Energy Corp. | 212,061 | 12,350 | ||||
| American Electric Power Co. Inc. | 135,933 | 11,751 | ||||
| Constellation Energy Corp. | 140,113 | 11,656 | ||||
| Consolidated Edison Inc. | 133,236 | 11,426 | ||||
| DTE Energy Co. | 80,769 | 9,292 | ||||
| AES Corp. | 385,856 | 8,720 | ||||
| Ameren Corp. | 106,579 | 8,585 | ||||
| Public Service Enterprise Group Inc. | 151,716 | 8,531 | ||||
| Essential Utilities Inc. | 194,378 | 8,043 | ||||
| FirstEnergy Corp. | 215,613 | 7,978 | ||||
| Edison International | 139,937 | 7,918 | ||||
| CenterPoint Energy Inc. | 260,871 | 7,351 | ||||
| NiSource Inc. | 277,058 | 6,979 | ||||
| Alliant Energy Corp. | 92,022 | 4,876 | ||||
| Republic Services Inc. Class A | 32,062 | 4,362 | ||||
| Entergy Corp. | 43,203 | 4,348 | ||||
| Evergy Inc. | 67,666 | 4,019 | ||||
| NRG Energy Inc. | 99,120 | 3,793 | ||||
| PPL Corp. | 123,450 | 3,129 | ||||
| UGI Corp. | 83,440 | 2,698 | ||||
| * | Clean Harbors Inc. | 20,775 | 2,285 | |||
| National Fuel Gas Co. | 36,286 | 2,233 | ||||
| * | Stericycle Inc. | 47,965 | 2,020 | |||
| IDACORP Inc. | 16,591 | 1,643 | ||||
| * | Sunrun Inc. | 48,098 | 1,327 | |||
| Vistra Corp. | 465 | 10 | ||||
| Hawaiian Electric Industries Inc. | 253 | 9 | ||||
| Brookfield Renewable Corp. Class A | 262 | 9 | ||||
| OGE Energy Corp. | 211 | 8 | ||||
| Avangrid Inc. | 198 | 8 | ||||
| Pinnacle West Capital Corp. | 103 | 7 | ||||
| 449,595 | ||||||
| Total Common Stocks (Cost $5,731,620) | 13,944,931 | |||||
| Preferred Stock (0.0%) | ||||||
| Qurate Retail Inc. Pfd., 8.000%, 9/15/25 (Cost $293) | 7,649 | 348 | ||||
| Coupon | Shares | Market Value ($000) | ||||
| Temporary Cash Investments (0.3%) | ||||||
| Money Market Fund (0.3%) | ||||||
| 2 | Vanguard Market Liquidity Fund (Cost $41,342) | 2.828% | 413,559 | 41,344 | ||
| Total Investments (99.9%) (Cost $5,773,255) | 13,986,623 | |||||
| Other Assets and Liabilities—Net (0.1%) | 14,648 | |||||
| Net Assets (100%) | 14,001,271 | |||||
| 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. |
| 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 | December 2022 | 348 | 62,666 | (6,259) |
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 valuation designee to represent fair value and subject to oversight by the board of trustees.
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.
The following table summarizes the market value of the fund's investments and derivatives as of September 30, 2022, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 13,936,399 | — | 8,532 | 13,944,931 |
| Preferred Stock | 348 | — | — | 348 |
| Temporary Cash Investments | 41,344 | — | — | 41,344 |
| Total | 13,978,091 | — | 8,532 | 13,986,623 |
| Derivative Financial Instruments | ||||
| Liabilities | ||||
| Futures Contracts1 | 6,259 | — | — | 6,259 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |