Vanguard® Tax-Managed Capital Appreciation Fund
Schedule of Investments (unaudited)
As of March 31, 2023
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 (99.3%) | ||||||
Basic Materials (2.1%) | ||||||
Linde plc | 205,547 | 73,060 | ||||
Freeport-McMoRan Inc. | 587,143 | 24,020 | ||||
Albemarle Corp. | 98,961 | 21,874 | ||||
Ecolab Inc. | 113,298 | 18,754 | ||||
Air Products and Chemicals Inc. | 63,253 | 18,167 | ||||
FMC Corp. | 138,121 | 16,869 | ||||
Alcoa Corp. | 363,851 | 15,485 | ||||
Newmont Corp. | 314,138 | 15,399 | ||||
Fastenal Co. | 261,986 | 14,131 | ||||
Mosaic Co. | 259,163 | 11,890 | ||||
Reliance Steel & Aluminum Co. | 45,502 | 11,682 | ||||
Southern Copper Corp. | 151,825 | 11,577 | ||||
LyondellBasell Industries NV Class A | 122,525 | 11,504 | ||||
Nucor Corp. | 73,100 | 11,292 | ||||
Celanese Corp. Class A | 96,133 | 10,468 | ||||
Steel Dynamics Inc. | 61,902 | 6,999 | ||||
Dow Inc. | 121,066 | 6,637 | ||||
* | Cleveland-Cliffs Inc. | 214,392 | 3,930 | |||
International Flavors & Fragrances Inc. | 41,799 | 3,844 | ||||
Element Solutions Inc. | 178,298 | 3,443 | ||||
Scotts Miracle-Gro Co. | 48,965 | 3,415 | ||||
CF Industries Holdings Inc. | 45,426 | 3,293 | ||||
Hexcel Corp. | 34,752 | 2,372 | ||||
Westlake Corp. | 18,450 | 2,140 | ||||
* | Univar Solutions Inc. | 46,786 | 1,639 | |||
Eastman Chemical Co. | 18,581 | 1,567 | ||||
International Paper Co. | 35,745 | 1,289 | ||||
Avery Dennison Corp. | 7,027 | 1,257 | ||||
* | MP Materials Corp. | 37,534 | 1,058 | |||
Royal Gold Inc. | 7,388 | 958 | ||||
United States Steel Corp. | 24,784 | 647 | ||||
Ashland Inc. | 2,950 | 303 | ||||
Sylvamo Corp. | 3,516 | 163 | ||||
Timken Co. | 248 | 20 | ||||
Valvoline Inc. | 549 | 19 | ||||
Olin Corp. | 307 | 17 | ||||
NewMarket Corp. | 39 | 14 | ||||
Huntsman Corp. | 376 | 10 | ||||
Chemours Co. | 273 | 8 | ||||
331,214 |
Shares | Market Value ($000) | |||||
Consumer Discretionary (14.4%) | ||||||
* | Amazon.com Inc. | 3,659,609 | 378,001 | |||
* | Tesla Inc. | 1,048,383 | 217,498 | |||
Home Depot Inc. | 401,901 | 118,609 | ||||
Costco Wholesale Corp. | 185,713 | 92,275 | ||||
Walmart Inc. | 600,158 | 88,493 | ||||
McDonald's Corp. | 277,959 | 77,720 | ||||
* | Walt Disney Co. | 756,811 | 75,780 | |||
* | Netflix Inc. | 181,437 | 62,683 | |||
Lowe's Cos. Inc. | 294,102 | 58,812 | ||||
NIKE Inc. Class B | 457,419 | 56,098 | ||||
Starbucks Corp. | 477,271 | 49,698 | ||||
* | Copart Inc. | 622,264 | 46,800 | |||
* | AutoZone Inc. | 17,302 | 42,531 | |||
* | O'Reilly Automotive Inc. | 48,562 | 41,228 | |||
* | Booking Holdings Inc. | 14,861 | 39,417 | |||
TJX Cos. Inc. | 413,488 | 32,401 | ||||
Marriott International Inc. Class A | 187,115 | 31,069 | ||||
Estee Lauder Cos. Inc. Class A | 120,274 | 29,643 | ||||
Activision Blizzard Inc. | 322,821 | 27,630 | ||||
Target Corp. | 161,353 | 26,725 | ||||
* | Uber Technologies Inc. | 765,166 | 24,256 | |||
Ross Stores Inc. | 209,421 | 22,226 | ||||
DR Horton Inc. | 219,890 | 21,481 | ||||
General Motors Co. | 576,445 | 21,144 | ||||
Ford Motor Co. | 1,603,761 | 20,207 | ||||
* | Airbnb Inc. Class A | 154,969 | 19,278 | |||
* | NVR Inc. | 3,412 | 19,012 | |||
Yum! Brands Inc. | 142,313 | 18,797 | ||||
* | Chipotle Mexican Grill Inc. Class A | 10,446 | 17,845 | |||
* | Dollar Tree Inc. | 122,634 | 17,604 | |||
Dollar General Corp. | 80,381 | 16,917 | ||||
eBay Inc. | 353,246 | 15,674 | ||||
Tempur Sealy International Inc. | 387,514 | 15,303 | ||||
* | Warner Bros Discovery Inc. | 978,936 | 14,782 | |||
Lennar Corp. Class A | 135,883 | 14,283 | ||||
Yum China Holdings Inc. | 220,892 | 14,002 | ||||
Electronic Arts Inc. | 113,009 | 13,612 | ||||
PulteGroup Inc. | 225,049 | 13,116 | ||||
* | Lululemon Athletica Inc. | 35,930 | 13,085 | |||
* | Capri Holdings Ltd. | 272,263 | 12,796 | |||
Hilton Worldwide Holdings Inc. | 85,474 | 12,041 | ||||
* | Aptiv plc | 100,452 | 11,270 | |||
Darden Restaurants Inc. | 69,471 | 10,779 | ||||
* | Delta Air Lines Inc. | 307,256 | 10,729 | |||
* | Trade Desk Inc. Class A | 173,822 | 10,588 | |||
* | AutoNation Inc. | 75,516 | 10,146 | |||
PVH Corp. | 111,051 | 9,901 | ||||
Interpublic Group of Cos. Inc. | 260,110 | 9,687 | ||||
Southwest Airlines Co. | 284,152 | 9,246 | ||||
* | CarMax Inc. | 141,087 | 9,069 | |||
* | Hyatt Hotels Corp. Class A | 77,726 | 8,689 | |||
Gentex Corp. | 304,013 | 8,521 | ||||
* | Take-Two Interactive Software Inc. | 69,744 | 8,320 | |||
* | ROBLOX Corp. Class A | 182,268 | 8,198 | |||
* | Ulta Beauty Inc. | 14,835 | 8,095 | |||
MGM Resorts International | 181,356 | 8,056 | ||||
* | Las Vegas Sands Corp. | 137,692 | 7,910 |
Shares | Market Value ($000) | |||||
* | Spotify Technology SA | 58,081 | 7,761 | |||
* | Live Nation Entertainment Inc. | 110,419 | 7,729 | |||
* | Liberty Media Corp.-Liberty Formula One Class C | 91,472 | 6,845 | |||
* | Expedia Group Inc. | 67,567 | 6,556 | |||
Advance Auto Parts Inc. | 51,534 | 6,267 | ||||
* | Royal Caribbean Cruises Ltd. | 92,760 | 6,057 | |||
* | United Airlines Holdings Inc. | 135,198 | 5,983 | |||
Toll Brothers Inc. | 95,872 | 5,755 | ||||
BorgWarner Inc. | 113,602 | 5,579 | ||||
Tractor Supply Co. | 22,460 | 5,279 | ||||
* | BJ's Wholesale Club Holdings Inc. | 67,123 | 5,106 | |||
* | American Airlines Group Inc. | 339,925 | 5,014 | |||
* | Burlington Stores Inc. | 24,710 | 4,994 | |||
Omnicom Group Inc. | 50,701 | 4,783 | ||||
* | Floor & Decor Holdings Inc. Class A | 48,673 | 4,781 | |||
* | Wynn Resorts Ltd. | 42,329 | 4,737 | |||
Fox Corp. Class A | 128,594 | 4,379 | ||||
Hasbro Inc. | 77,134 | 4,141 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 136,009 | 3,807 | |||
Vail Resorts Inc. | 16,007 | 3,741 | ||||
* | Five Below Inc. | 17,579 | 3,621 | |||
Best Buy Co. Inc. | 43,840 | 3,431 | ||||
Lear Corp. | 24,522 | 3,421 | ||||
* | Rivian Automotive Inc. Class A | 220,577 | 3,415 | |||
LKQ Corp. | 59,159 | 3,358 | ||||
* | Liberty Media Corp.-Liberty Formula One Class A | 48,561 | 3,278 | |||
* | Norwegian Cruise Line Holdings Ltd. | 239,315 | 3,219 | |||
Paramount Global Class B | 143,037 | 3,191 | ||||
Ralph Lauren Corp. Class A | 24,166 | 2,819 | ||||
Genuine Parts Co. | 15,989 | 2,675 | ||||
Nexstar Media Group Inc. Class A | 15,477 | 2,672 | ||||
New York Times Co. Class A | 68,276 | 2,655 | ||||
* | Skechers USA Inc. Class A | 55,679 | 2,646 | |||
News Corp. Class A | 153,012 | 2,643 | ||||
Polaris Inc. | 23,114 | 2,557 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 90,822 | 2,551 | |||
* | Planet Fitness Inc. Class A | 32,390 | 2,516 | |||
Pool Corp. | 7,246 | 2,481 | ||||
Foot Locker Inc. | 60,495 | 2,401 | ||||
* | GameStop Corp. Class A | 98,684 | 2,272 | |||
Ritchie Bros Auctioneers Inc. | 38,717 | 2,179 | ||||
* | Mattel Inc. | 118,231 | 2,177 | |||
* | Caesars Entertainment Inc. | 44,463 | 2,170 | |||
* | Bright Horizons Family Solutions Inc. | 27,448 | 2,113 | |||
Sirius XM Holdings Inc. | 530,118 | 2,105 | ||||
Harley-Davidson Inc. | 54,931 | 2,086 | ||||
* | Coty Inc. Class A | 165,907 | 2,001 | |||
VF Corp. | 86,213 | 1,975 | ||||
* | Etsy Inc. | 16,913 | 1,883 | |||
Fox Corp. Class B | 59,280 | 1,856 | ||||
U-Haul Holding Co. (XNYS) | 34,200 | 1,773 | ||||
* | Lucid Group Inc. | 219,892 | 1,768 | |||
Aramark | 46,461 | 1,663 | ||||
* | Grand Canyon Education Inc. | 14,445 | 1,645 | |||
World Wrestling Entertainment Inc. Class A | 17,870 | 1,631 | ||||
Domino's Pizza Inc. | 4,900 | 1,616 | ||||
Madison Square Garden Sports Corp. | 7,890 | 1,537 | ||||
* | Ollie's Bargain Outlet Holdings Inc. | 25,862 | 1,498 |
Shares | Market Value ($000) | |||||
* | Alaska Air Group Inc. | 35,228 | 1,478 | |||
* | TripAdvisor Inc. | 65,674 | 1,304 | |||
* | SiteOne Landscape Supply Inc. | 8,907 | 1,219 | |||
Carter's Inc. | 15,864 | 1,141 | ||||
* | Hertz Global Holdings Inc. | 69,735 | 1,136 | |||
* | Carnival Corp. | 108,650 | 1,103 | |||
Thor Industries Inc. | 13,531 | 1,078 | ||||
* | AMC Entertainment Holdings Inc. Class A | 213,761 | 1,071 | |||
Hanesbrands Inc. | 202,225 | 1,064 | ||||
Lennar Corp. Class B | 10,972 | 980 | ||||
* | JetBlue Airways Corp. | 132,922 | 968 | |||
Williams-Sonoma Inc. | 7,893 | 960 | ||||
News Corp. Class B | 50,143 | 874 | ||||
* | Under Armour Inc. Class C | 83,204 | 710 | |||
* | Avis Budget Group Inc. | 3,600 | 701 | |||
* | DraftKings Inc. Class A | 29,042 | 562 | |||
* | Copa Holdings SA Class A | 5,903 | 545 | |||
* | Playtika Holding Corp. | 42,885 | 483 | |||
Nordstrom Inc. | 28,246 | 460 | ||||
Kohl's Corp. | 19,433 | 457 | ||||
Paramount Global Class A | 16,937 | 438 | ||||
* | Leslie's Inc. | 37,152 | 409 | |||
* | Lyft Inc. Class A | 43,861 | 407 | |||
Garmin Ltd. | 3,130 | 316 | ||||
* | Under Armour Inc. Class A | 30,184 | 286 | |||
* | Wayfair Inc. Class A | 8,312 | 285 | |||
U-Haul Holding Co. | 3,800 | 227 | ||||
Service Corp. International | 3,239 | 223 | ||||
Wendy's Co. | 9,127 | 199 | ||||
* | Petco Health & Wellness Co. Inc. Class A | 17,166 | 155 | |||
* | Deckers Outdoor Corp. | 239 | 107 | |||
* | Carvana Co. Class A | 8,455 | 83 | |||
* | Driven Brands Holdings Inc. | 2,623 | 80 | |||
* | Qurate Retail Inc. Class A | 66,349 | 66 | |||
* | YETI Holdings Inc. | 1,583 | 63 | |||
* | Six Flags Entertainment Corp. | 2,181 | 58 | |||
* | Mister Car Wash Inc. | 6,310 | 54 | |||
* | Victoria's Secret & Co. | 1,402 | 48 | |||
Boyd Gaming Corp. | 720 | 46 | ||||
Churchill Downs Inc. | 180 | 46 | ||||
* | Figs Inc. Class A | 6,157 | 38 | |||
Rollins Inc. | 985 | 37 | ||||
Lithia Motors Inc. Class A | 130 | 30 | ||||
Dick's Sporting Goods Inc. | 200 | 28 | ||||
Choice Hotels International Inc. | 227 | 27 | ||||
Columbia Sportswear Co. | 235 | 21 | ||||
Penske Automotive Group Inc. | 140 | 20 | ||||
Wyndham Hotels & Resorts Inc. | 241 | 16 | ||||
Marriott Vacations Worldwide Corp. | 109 | 15 | ||||
Tapestry Inc. | 268 | 12 | ||||
H&R Block Inc. | 250 | 9 | ||||
Travel + Leisure Co. | 213 | 8 | ||||
Gap Inc. | 674 | 7 | ||||
Leggett & Platt Inc. | 188 | 6 | ||||
Whirlpool Corp. | 49 | 6 | ||||
Newell Brands Inc. | 352 | 4 | ||||
2,322,742 |
Shares | Market Value ($000) | |||||
Consumer Staples (5.5%) | ||||||
Procter & Gamble Co. | 975,969 | 145,117 | ||||
PepsiCo Inc. | 549,475 | 100,169 | ||||
Coca-Cola Co. | 1,448,534 | 89,853 | ||||
Philip Morris International Inc. | 553,688 | 53,846 | ||||
Mondelez International Inc. Class A | 593,003 | 41,344 | ||||
CVS Health Corp. | 442,664 | 32,894 | ||||
* | Monster Beverage Corp. | 593,894 | 32,076 | |||
Colgate-Palmolive Co. | 376,028 | 28,259 | ||||
McKesson Corp. | 69,291 | 24,671 | ||||
Kroger Co. | 412,774 | 20,379 | ||||
Hershey Co. | 78,828 | 20,055 | ||||
Archer-Daniels-Midland Co. | 236,468 | 18,837 | ||||
Constellation Brands Inc. Class A | 79,903 | 18,049 | ||||
AmerisourceBergen Corp. | 108,183 | 17,321 | ||||
Corteva Inc. | 285,638 | 17,227 | ||||
Altria Group Inc. | 361,990 | 16,152 | ||||
Church & Dwight Co. Inc. | 170,662 | 15,088 | ||||
McCormick & Co. Inc. (Non-Voting) | 173,197 | 14,412 | ||||
Sysco Corp. | 180,105 | 13,910 | ||||
Kimberly-Clark Corp. | 98,134 | 13,172 | ||||
General Mills Inc. | 148,430 | 12,685 | ||||
Keurig Dr Pepper Inc. | 355,111 | 12,528 | ||||
Brown-Forman Corp. Class B | 186,683 | 11,998 | ||||
Clorox Co. | 69,726 | 11,033 | ||||
Tyson Foods Inc. Class A | 164,318 | 9,747 | ||||
Walgreens Boots Alliance Inc. | 267,713 | 9,258 | ||||
Hormel Foods Corp. | 225,258 | 8,983 | ||||
J M Smucker Co. | 48,718 | 7,667 | ||||
Lamb Weston Holdings Inc. | 71,576 | 7,481 | ||||
Spectrum Brands Holdings Inc. | 94,610 | 6,265 | ||||
Casey's General Stores Inc. | 27,851 | 6,029 | ||||
Campbell Soup Co. | 103,939 | 5,715 | ||||
Ingredion Inc. | 55,014 | 5,597 | ||||
Bunge Ltd. | 56,862 | 5,431 | ||||
* | Performance Food Group Co. | 81,676 | 4,928 | |||
* | Darling Ingredients Inc. | 78,771 | 4,600 | |||
Molson Coors Beverage Co. Class B | 72,858 | 3,765 | ||||
* | US Foods Holding Corp. | 96,293 | 3,557 | |||
* | Post Holdings Inc. | 36,003 | 3,236 | |||
Kraft Heinz Co. | 83,527 | 3,230 | ||||
Albertsons Cos. Inc. Class A | 126,210 | 2,623 | ||||
* | Boston Beer Co. Inc. Class A | 6,705 | 2,204 | |||
Kellogg Co. | 27,247 | 1,824 | ||||
* | Pilgrim's Pride Corp. | 75,106 | 1,741 | |||
* | Freshpet Inc. | 24,373 | 1,613 | |||
Seaboard Corp. | 352 | 1,327 | ||||
Brown-Forman Corp. Class A | 18,956 | 1,236 | ||||
* | Grocery Outlet Holding Corp. | 36,693 | 1,037 | |||
* | Olaplex Holdings Inc. | 128,903 | 550 | |||
Flowers Foods Inc. | 8,974 | 246 | ||||
Conagra Brands Inc. | 4,077 | 153 | ||||
Reynolds Consumer Products Inc. | 413 | 11 | ||||
891,129 | ||||||
Energy (4.7%) | ||||||
Exxon Mobil Corp. | 1,581,338 | 173,410 | ||||
Chevron Corp. | 733,703 | 119,711 | ||||
ConocoPhillips | 523,695 | 51,956 |
Shares | Market Value ($000) | |||||
Occidental Petroleum Corp. | 608,144 | 37,966 | ||||
Marathon Petroleum Corp. | 225,731 | 30,435 | ||||
Schlumberger NV | 583,237 | 28,637 | ||||
Cheniere Energy Inc. | 178,438 | 28,122 | ||||
EOG Resources Inc. | 235,646 | 27,012 | ||||
Devon Energy Corp. | 509,073 | 25,764 | ||||
Valero Energy Corp. | 164,848 | 23,013 | ||||
Pioneer Natural Resources Co. | 91,866 | 18,763 | ||||
Phillips 66 | 160,889 | 16,311 | ||||
EQT Corp. | 497,639 | 15,880 | ||||
Hess Corp. | 118,201 | 15,643 | ||||
NOV Inc. | 695,715 | 12,878 | ||||
Halliburton Co. | 396,957 | 12,560 | ||||
Diamondback Energy Inc. | 90,915 | 12,289 | ||||
* | Enphase Energy Inc. | 53,459 | 11,241 | |||
* | First Solar Inc. | 48,418 | 10,531 | |||
Baker Hughes Co. Class A | 349,011 | 10,072 | ||||
Marathon Oil Corp. | 396,765 | 9,506 | ||||
Coterra Energy Inc. | 369,433 | 9,066 | ||||
Williams Cos. Inc. | 279,777 | 8,354 | ||||
APA Corp. | 206,479 | 7,446 | ||||
Targa Resources Corp. | 91,406 | 6,668 | ||||
Texas Pacific Land Corp. | 2,411 | 4,101 | ||||
Range Resources Corp. | 108,753 | 2,879 | ||||
* | Antero Resources Corp. | 121,578 | 2,807 | |||
HF Sinclair Corp. | 56,712 | 2,744 | ||||
Ovintiv Inc. | 70,964 | 2,560 | ||||
* | Southwestern Energy Co. | 460,309 | 2,302 | |||
* | Plug Power Inc. | 179,709 | 2,106 | |||
DT Midstream Inc. | 40,621 | 2,005 | ||||
PDC Energy Inc. | 30,692 | 1,970 | ||||
ONEOK Inc. | 18,367 | 1,167 | ||||
Antero Midstream Corp. | 96,938 | 1,017 | ||||
New Fortress Energy Inc. | 11,602 | 341 | ||||
Vitesse Energy Inc. | 11,247 | 214 | ||||
* | Fluence Energy Inc. Class A | 4,896 | 99 | |||
Kinder Morgan Inc. | 312 | 5 | ||||
749,551 | ||||||
Financials (10.2%) | ||||||
* | Berkshire Hathaway Inc. Class B | 751,785 | 232,129 | |||
JPMorgan Chase & Co. | 1,169,087 | 152,344 | ||||
Bank of America Corp. | 3,107,121 | 88,864 | ||||
Morgan Stanley | 860,182 | 75,524 | ||||
Wells Fargo & Co. | 1,571,233 | 58,733 | ||||
MSCI Inc. Class A | 88,052 | 49,282 | ||||
S&P Global Inc. | 136,371 | 47,017 | ||||
Goldman Sachs Group Inc. | 131,448 | 42,998 | ||||
Progressive Corp. | 273,358 | 39,107 | ||||
Aon plc Class A | 122,730 | 38,696 | ||||
Citigroup Inc. | 778,874 | 36,521 | ||||
Charles Schwab Corp. | 633,859 | 33,202 | ||||
BlackRock Inc. | 48,984 | 32,776 | ||||
Marsh & McLennan Cos. Inc. | 173,872 | 28,958 | ||||
Intercontinental Exchange Inc. | 255,235 | 26,618 | ||||
Chubb Ltd. | 127,383 | 24,735 | ||||
Ameriprise Financial Inc. | 80,662 | 24,723 | ||||
Moody's Corp. | 77,633 | 23,757 | ||||
CME Group Inc. | 109,349 | 20,943 |
Shares | Market Value ($000) | |||||
* | Arch Capital Group Ltd. | 303,617 | 20,606 | |||
Aflac Inc. | 311,417 | 20,093 | ||||
Brown & Brown Inc. | 341,058 | 19,584 | ||||
Discover Financial Services | 185,147 | 18,300 | ||||
Nasdaq Inc. | 319,797 | 17,483 | ||||
American International Group Inc. | 327,648 | 16,500 | ||||
Travelers Cos. Inc. | 94,766 | 16,244 | ||||
W R Berkley Corp. | 244,930 | 15,249 | ||||
PNC Financial Services Group Inc. | 116,652 | 14,826 | ||||
US Bancorp | 389,971 | 14,058 | ||||
Raymond James Financial Inc. | 132,707 | 12,378 | ||||
Allstate Corp. | 108,743 | 12,050 | ||||
State Street Corp. | 157,461 | 11,918 | ||||
KKR & Co. Inc. | 222,095 | 11,664 | ||||
Prudential Financial Inc. | 140,884 | 11,657 | ||||
Truist Financial Corp. | 340,772 | 11,620 | ||||
Globe Life Inc. | 102,186 | 11,242 | ||||
* | Markel Corp. | 8,076 | 10,316 | |||
T. Rowe Price Group Inc. | 90,620 | 10,231 | ||||
Arthur J Gallagher & Co. | 51,171 | 9,790 | ||||
MetLife Inc. | 160,593 | 9,305 | ||||
Commerce Bancshares Inc. | 158,595 | 9,254 | ||||
Assurant Inc. | 76,527 | 9,189 | ||||
Popular Inc. | 153,668 | 8,822 | ||||
M&T Bank Corp. | 72,268 | 8,641 | ||||
White Mountains Insurance Group Ltd. | 6,215 | 8,561 | ||||
Fifth Third Bancorp | 314,536 | 8,379 | ||||
Broadridge Financial Solutions Inc. | 57,129 | 8,373 | ||||
Principal Financial Group Inc. | 109,328 | 8,125 | ||||
SLM Corp. | 646,586 | 8,011 | ||||
Apollo Global Management Inc. | 125,719 | 7,940 | ||||
Reinsurance Group of America Inc. | 59,104 | 7,847 | ||||
Blackstone Inc. | 84,743 | 7,444 | ||||
East West Bancorp Inc. | 134,007 | 7,437 | ||||
Willis Towers Watson plc | 31,075 | 7,221 | ||||
SEI Investments Co. | 122,255 | 7,036 | ||||
Bank of New York Mellon Corp. | 154,389 | 7,015 | ||||
Voya Financial Inc. | 97,876 | 6,994 | ||||
Hanover Insurance Group Inc. | 48,707 | 6,259 | ||||
Citizens Financial Group Inc. | 203,567 | 6,182 | ||||
Loews Corp. | 99,510 | 5,774 | ||||
LPL Financial Holdings Inc. | 27,341 | 5,534 | ||||
KeyCorp | 411,095 | 5,147 | ||||
Zions Bancorp NA | 171,375 | 5,129 | ||||
* | Brighthouse Financial Inc. | 112,962 | 4,983 | |||
Hartford Financial Services Group Inc. | 71,498 | 4,983 | ||||
Cullen/Frost Bankers Inc. | 46,483 | 4,897 | ||||
OneMain Holdings Inc. | 127,507 | 4,728 | ||||
First Citizens BancShares Inc. Class A | 4,710 | 4,583 | ||||
Interactive Brokers Group Inc. Class A | 55,424 | 4,576 | ||||
Wintrust Financial Corp. | 61,743 | 4,504 | ||||
RenaissanceRe Holdings Ltd. | 18,039 | 3,614 | ||||
American Financial Group Inc. | 29,602 | 3,597 | ||||
MarketAxess Holdings Inc. | 9,103 | 3,562 | ||||
Rithm Capital Corp. | 426,170 | 3,409 | ||||
Huntington Bancshares Inc. | 295,471 | 3,309 | ||||
BOK Financial Corp. | 38,778 | 3,273 | ||||
Lincoln National Corp. | 137,596 | 3,092 |
Shares | Market Value ($000) | |||||
Jefferies Financial Group Inc. | 95,564 | 3,033 | ||||
Webster Financial Corp. | 73,560 | 2,900 | ||||
MGIC Investment Corp. | 202,775 | 2,721 | ||||
Northern Trust Corp. | 29,195 | 2,573 | ||||
First Horizon Corp. | 139,824 | 2,486 | ||||
CNA Financial Corp. | 62,286 | 2,431 | ||||
Stifel Financial Corp. | 37,286 | 2,203 | ||||
Starwood Property Trust Inc. | 111,103 | 1,965 | ||||
* | Coinbase Global Inc. Class A | 26,900 | 1,818 | |||
Pinnacle Financial Partners Inc. | 29,964 | 1,653 | ||||
FNB Corp. | 141,348 | 1,640 | ||||
* | Credit Acceptance Corp. | 3,496 | 1,524 | |||
First Republic Bank | 104,501 | 1,462 | ||||
Fidelity National Financial Inc. | 29,762 | 1,040 | ||||
Ally Financial Inc. | 38,372 | 978 | ||||
Bank of Hawaii Corp. | 15,884 | 827 | ||||
Western Alliance Bancorp | 22,469 | 799 | ||||
TFS Financial Corp. | 60,552 | 765 | ||||
Assured Guaranty Ltd. | 13,487 | 678 | ||||
Lazard Ltd. Class A | 18,791 | 622 | ||||
Cboe Global Markets Inc. | 4,214 | 566 | ||||
FactSet Research Systems Inc. | 1,331 | 552 | ||||
Morningstar Inc. | 2,283 | 464 | ||||
New York Community Bancorp Inc. | 50,648 | 458 | ||||
Affiliated Managers Group Inc. | 2,288 | 326 | ||||
* | Rocket Cos. Inc. Class A | 33,000 | 299 | |||
Kemper Corp. | 4,492 | 246 | ||||
Primerica Inc. | 1,168 | 201 | ||||
Erie Indemnity Co. Class A | 316 | 73 | ||||
Tradeweb Markets Inc. Class A | 683 | 54 | ||||
Corebridge Financial Inc. | 2,779 | 45 | ||||
F&G Annuities & Life Inc. | 2,023 | 37 | ||||
Everest Re Group Ltd. | 52 | 19 | ||||
Cincinnati Financial Corp. | 125 | 14 | ||||
Evercore Inc. Class A | 113 | 13 | ||||
Ares Management Corp. Class A | 140 | 12 | ||||
Prosperity Bancshares Inc. | 163 | 10 | ||||
Unum Group | 264 | 10 | ||||
Axis Capital Holdings Ltd. | 190 | 10 | ||||
Bank OZK | 264 | 9 | ||||
First American Financial Corp. | 166 | 9 | ||||
Old Republic International Corp. | 371 | 9 | ||||
Regions Financial Corp. | 466 | 9 | ||||
Franklin Resources Inc. | 280 | 8 | ||||
Carlyle Group Inc. | 269 | 8 | ||||
First Hawaiian Inc. | 319 | 7 | ||||
Synovus Financial Corp. | 234 | 7 | ||||
Invesco Ltd. | 453 | 7 | ||||
Virtu Financial Inc. Class A | 339 | 6 | ||||
Janus Henderson Group plc | 213 | 6 | ||||
Columbia Banking System Inc. | 232 | 5 | ||||
Comerica Inc. | 114 | 5 | ||||
AGNC Investment Corp. | 283 | 3 | ||||
PacWest Bancorp | 319 | 3 | ||||
Signature Bank | 15,820 | 3 | ||||
Annaly Capital Management Inc. | 130 | 2 | ||||
Equitable Holdings Inc. | 2 | — | ||||
1,637,098 |
Shares | Market Value ($000) | |||||
Health Care (13.0%) | ||||||
UnitedHealth Group Inc. | 365,129 | 172,556 | ||||
Johnson & Johnson | 1,037,615 | 160,830 | ||||
Eli Lilly & Co. | 320,049 | 109,911 | ||||
Merck & Co. Inc. | 982,793 | 104,559 | ||||
AbbVie Inc. | 626,702 | 99,878 | ||||
Thermo Fisher Scientific Inc. | 152,047 | 87,635 | ||||
Pfizer Inc. | 2,097,770 | 85,589 | ||||
Danaher Corp. | 259,597 | 65,429 | ||||
Abbott Laboratories | 636,917 | 64,494 | ||||
Bristol-Myers Squibb Co. | 892,947 | 61,890 | ||||
Amgen Inc. | 237,310 | 57,370 | ||||
Elevance Health Inc. | 101,440 | 46,643 | ||||
Zoetis Inc. Class A | 250,784 | 41,740 | ||||
Cigna Group | 157,932 | 40,356 | ||||
Medtronic plc | 472,509 | 38,094 | ||||
Gilead Sciences Inc. | 454,489 | 37,709 | ||||
* | Boston Scientific Corp. | 745,087 | 37,277 | |||
* | Intuitive Surgical Inc. | 144,524 | 36,922 | |||
* | Vertex Pharmaceuticals Inc. | 115,911 | 36,520 | |||
* | Regeneron Pharmaceuticals Inc. | 40,725 | 33,463 | |||
Stryker Corp. | 114,791 | 32,769 | ||||
Humana Inc. | 64,083 | 31,110 | ||||
Becton Dickinson & Co. | 124,469 | 30,811 | ||||
Agilent Technologies Inc. | 203,098 | 28,097 | ||||
HCA Healthcare Inc. | 87,355 | 23,034 | ||||
* | Edwards Lifesciences Corp. | 247,248 | 20,455 | |||
* | Moderna Inc. | 130,007 | 19,966 | |||
* | Biogen Inc. | 68,088 | 18,931 | |||
* | Dexcom Inc. | 143,156 | 16,632 | |||
* | IDEXX Laboratories Inc. | 32,934 | 16,470 | |||
Laboratory Corp. of America Holdings | 69,185 | 15,872 | ||||
Cooper Cos. Inc. | 41,909 | 15,647 | ||||
* | Centene Corp. | 239,059 | 15,111 | |||
* | Charles River Laboratories International Inc. | 74,470 | 15,030 | |||
* | IQVIA Holdings Inc. | 74,231 | 14,764 | |||
PerkinElmer Inc. | 106,930 | 14,249 | ||||
* | Illumina Inc. | 60,634 | 14,100 | |||
* | Seagen Inc. | 66,982 | 13,562 | |||
Bio-Techne Corp. | 180,604 | 13,399 | ||||
Bruker Corp. | 164,181 | 12,944 | ||||
* | GE HealthCare Technologies Inc. | 151,457 | 12,424 | |||
Zimmer Biomet Holdings Inc. | 95,477 | 12,336 | ||||
* | Alnylam Pharmaceuticals Inc. | 55,289 | 11,076 | |||
Cardinal Health Inc. | 142,982 | 10,795 | ||||
* | Hologic Inc. | 130,395 | 10,523 | |||
* | QIAGEN NV | 227,726 | 10,459 | |||
ResMed Inc. | 45,887 | 10,049 | ||||
* | Henry Schein Inc. | 123,189 | 10,045 | |||
* | Horizon Therapeutics plc | 90,775 | 9,907 | |||
* | Veeva Systems Inc. Class A | 53,563 | 9,844 | |||
Quest Diagnostics Inc. | 69,413 | 9,821 | ||||
Teleflex Inc. | 37,695 | 9,549 | ||||
* | Align Technology Inc. | 27,285 | 9,117 | |||
* | Insulet Corp. | 24,894 | 7,940 | |||
Universal Health Services Inc. Class B | 59,942 | 7,619 | ||||
Baxter International Inc. | 180,128 | 7,306 | ||||
* | BioMarin Pharmaceutical Inc. | 70,394 | 6,845 |
Shares | Market Value ($000) | |||||
* | Incyte Corp. | 92,035 | 6,651 | |||
* | Molina Healthcare Inc. | 24,479 | 6,548 | |||
* | Sarepta Therapeutics Inc. | 46,100 | 6,354 | |||
West Pharmaceutical Services Inc. | 17,994 | 6,234 | ||||
STERIS plc | 31,012 | 5,932 | ||||
* | Bio-Rad Laboratories Inc. Class A | 11,752 | 5,629 | |||
* | Avantor Inc. | 249,262 | 5,269 | |||
* | United Therapeutics Corp. | 22,086 | 4,946 | |||
* | Exact Sciences Corp. | 72,536 | 4,919 | |||
* | Penumbra Inc. | 16,898 | 4,709 | |||
* | Catalent Inc. | 57,307 | 3,766 | |||
DENTSPLY SIRONA Inc. | 89,184 | 3,503 | ||||
* | Repligen Corp. | 20,703 | 3,486 | |||
* | Acadia Healthcare Co. Inc. | 46,732 | 3,376 | |||
* | Jazz Pharmaceuticals plc | 21,746 | 3,182 | |||
* | Ionis Pharmaceuticals Inc. | 86,428 | 3,089 | |||
* | Neurocrine Biosciences Inc. | 29,271 | 2,963 | |||
* | Masimo Corp. | 15,705 | 2,898 | |||
* | Tenet Healthcare Corp. | 43,940 | 2,611 | |||
* | Exelixis Inc. | 131,511 | 2,553 | |||
* | DaVita Inc. | 31,396 | 2,547 | |||
* | Envista Holdings Corp. | 61,734 | 2,524 | |||
Organon & Co. | 98,840 | 2,325 | ||||
Viatris Inc. | 206,750 | 1,989 | ||||
* | Novocure Ltd. | 32,388 | 1,948 | |||
* | QuidelOrtho Corp. | 20,474 | 1,824 | |||
* | Integra LifeSciences Holdings Corp. | 31,728 | 1,822 | |||
Royalty Pharma plc Class A | 49,228 | 1,774 | ||||
* | Teladoc Health Inc. | 62,004 | 1,606 | |||
* | Syneos Health Inc. | 43,760 | 1,559 | |||
* | Globus Medical Inc. Class A | 23,719 | 1,343 | |||
* | Elanco Animal Health Inc. | 131,740 | 1,238 | |||
* | Enovis Corp. | 21,071 | 1,127 | |||
Chemed Corp. | 1,985 | 1,067 | ||||
* | Amedisys Inc. | 13,268 | 976 | |||
Premier Inc. Class A | 23,831 | 771 | ||||
* | ICU Medical Inc. | 4,530 | 747 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 44,546 | 624 | |||
* | Oak Street Health Inc. | 14,604 | 565 | |||
* | Tandem Diabetes Care Inc. | 13,826 | 561 | |||
Embecta Corp. | 17,664 | 497 | ||||
* | Ginkgo Bioworks Holdings Inc. Class A | 339,520 | 452 | |||
* | Novavax Inc. | 46,500 | 322 | |||
Encompass Health Corp. | 4,985 | 270 | ||||
* | Mirati Therapeutics Inc. | 7,000 | 260 | |||
* | Natera Inc. | 2,900 | 161 | |||
Perrigo Co. plc | 4,469 | 160 | ||||
* | Guardant Health Inc. | 6,582 | 154 | |||
* | agilon health Inc. | 3,158 | 75 | |||
* | Certara Inc. | 3,035 | 73 | |||
* | Ultragenyx Pharmaceutical Inc. | 1,517 | 61 | |||
* | Zimvie Inc. | 7,776 | 56 | |||
* | Sotera Health Co. | 3,096 | 55 | |||
* | Enhabit Inc. | 2,492 | 35 | |||
* | Azenta Inc. | 488 | 22 | |||
2,087,681 | ||||||
Industrials (13.1%) | ||||||
Visa Inc. Class A | 683,104 | 154,013 |
Shares | Market Value ($000) | |||||
Mastercard Inc. Class A | 357,470 | 129,908 | ||||
Accenture plc Class A | 258,904 | 73,997 | ||||
Union Pacific Corp. | 254,904 | 51,302 | ||||
* | Boeing Co. | 217,573 | 46,219 | |||
Raytheon Technologies Corp. | 457,310 | 44,784 | ||||
United Parcel Service Inc. Class B | 230,234 | 44,663 | ||||
American Express Co. | 267,257 | 44,084 | ||||
Honeywell International Inc. | 229,942 | 43,947 | ||||
General Electric Co. | 454,373 | 43,438 | ||||
Old Dominion Freight Line Inc. | 123,305 | 42,027 | ||||
Deere & Co. | 97,500 | 40,256 | ||||
Caterpillar Inc. | 169,239 | 38,729 | ||||
* | Mettler-Toledo International Inc. | 24,927 | 38,144 | |||
* | PayPal Holdings Inc. | 491,690 | 37,339 | |||
* | Fiserv Inc. | 319,684 | 36,134 | |||
Cintas Corp. | 74,348 | 34,399 | ||||
Illinois Tool Works Inc. | 136,669 | 33,272 | ||||
Northrop Grumman Corp. | 68,694 | 31,717 | ||||
TransDigm Group Inc. | 40,774 | 30,052 | ||||
CSX Corp. | 998,551 | 29,897 | ||||
Sherwin-Williams Co. | 124,801 | 28,052 | ||||
Lockheed Martin Corp. | 56,668 | 26,789 | ||||
Verisk Analytics Inc. Class A | 138,233 | 26,521 | ||||
Automatic Data Processing Inc. | 115,159 | 25,638 | ||||
General Dynamics Corp. | 110,221 | 25,154 | ||||
FedEx Corp. | 109,576 | 25,037 | ||||
Norfolk Southern Corp. | 117,015 | 24,807 | ||||
Global Payments Inc. | 214,821 | 22,608 | ||||
Eaton Corp. plc | 129,381 | 22,168 | ||||
Parker-Hannifin Corp. | 65,817 | 22,122 | ||||
AMETEK Inc. | 151,988 | 22,088 | ||||
* | Keysight Technologies Inc. | 125,516 | 20,268 | |||
3M Co. | 192,318 | 20,215 | ||||
* | Waters Corp. | 62,836 | 19,456 | |||
IDEX Corp. | 77,994 | 18,019 | ||||
Martin Marietta Materials Inc. | 47,278 | 16,787 | ||||
Jacobs Solutions Inc. | 140,836 | 16,550 | ||||
WW Grainger Inc. | 23,844 | 16,424 | ||||
PACCAR Inc. | 217,746 | 15,939 | ||||
Toro Co. | 140,216 | 15,586 | ||||
L3Harris Technologies Inc. | 78,249 | 15,356 | ||||
Vulcan Materials Co. | 88,751 | 15,226 | ||||
Expeditors International of Washington Inc. | 135,919 | 14,967 | ||||
Equifax Inc. | 72,898 | 14,787 | ||||
AGCO Corp. | 104,696 | 14,155 | ||||
Carrier Global Corp. | 307,603 | 14,073 | ||||
Emerson Electric Co. | 161,076 | 14,036 | ||||
Landstar System Inc. | 77,810 | 13,948 | ||||
JB Hunt Transport Services Inc. | 78,035 | 13,692 | ||||
Fidelity National Information Services Inc. | 244,766 | 13,298 | ||||
Carlisle Cos. Inc. | 58,725 | 13,276 | ||||
Otis Worldwide Corp. | 154,499 | 13,040 | ||||
Eagle Materials Inc. | 87,864 | 12,894 | ||||
* | Block Inc. Class A | 179,560 | 12,327 | |||
Cummins Inc. | 51,256 | 12,244 | ||||
* | Zebra Technologies Corp. Class A | 37,966 | 12,073 | |||
Crown Holdings Inc. | 142,174 | 11,759 | ||||
Ball Corp. | 211,487 | 11,655 |
Shares | Market Value ($000) | |||||
DuPont de Nemours Inc. | 153,582 | 11,023 | ||||
Quanta Services Inc. | 63,452 | 10,574 | ||||
Textron Inc. | 144,654 | 10,217 | ||||
Fortive Corp. | 148,709 | 10,138 | ||||
Lennox International Inc. | 39,471 | 9,918 | ||||
United Rentals Inc. | 24,859 | 9,838 | ||||
Capital One Financial Corp. | 101,944 | 9,803 | ||||
Owens Corning | 102,139 | 9,785 | ||||
Xylem Inc. | 89,582 | 9,379 | ||||
* | Teledyne Technologies Inc. | 20,579 | 9,206 | |||
BWX Technologies Inc. | 144,342 | 9,099 | ||||
Huntington Ingalls Industries Inc. | 43,737 | 9,054 | ||||
Genpact Ltd. | 194,732 | 9,001 | ||||
Trane Technologies plc | 48,051 | 8,840 | ||||
Valmont Industries Inc. | 27,229 | 8,694 | ||||
Jack Henry & Associates Inc. | 51,317 | 7,735 | ||||
Ingersoll Rand Inc. | 127,975 | 7,446 | ||||
Robert Half International Inc. | 91,429 | 7,366 | ||||
Westinghouse Air Brake Technologies Corp. | 72,508 | 7,328 | ||||
Graco Inc. | 99,359 | 7,254 | ||||
Donaldson Co. Inc. | 101,876 | 6,657 | ||||
Oshkosh Corp. | 79,990 | 6,654 | ||||
Johnson Controls International plc | 110,027 | 6,626 | ||||
Armstrong World Industries Inc. | 91,138 | 6,493 | ||||
* | Axon Enterprise Inc. | 28,116 | 6,322 | |||
* | FleetCor Technologies Inc. | 29,279 | 6,173 | |||
Synchrony Financial | 208,945 | 6,076 | ||||
ITT Inc. | 69,239 | 5,975 | ||||
Rockwell Automation Inc. | 16,634 | 4,881 | ||||
HEICO Corp. | 28,466 | 4,869 | ||||
* | Builders FirstSource Inc. | 52,228 | 4,637 | |||
Paychex Inc. | 40,215 | 4,608 | ||||
Howmet Aerospace Inc. | 108,701 | 4,606 | ||||
PPG Industries Inc. | 33,974 | 4,538 | ||||
* | Fair Isaac Corp. | 6,340 | 4,455 | |||
ManpowerGroup Inc. | 52,638 | 4,344 | ||||
Sealed Air Corp. | 92,139 | 4,230 | ||||
* | WillScot Mobile Mini Holdings Corp. | 86,113 | 4,037 | |||
Packaging Corp. of America | 27,608 | 3,833 | ||||
AECOM | 42,351 | 3,571 | ||||
MSC Industrial Direct Co. Inc. Class A | 41,833 | 3,514 | ||||
CH Robinson Worldwide Inc. | 34,925 | 3,471 | ||||
* | Trimble Inc. | 64,624 | 3,388 | |||
Tetra Tech Inc. | 22,037 | 3,237 | ||||
Berry Global Group Inc. | 52,116 | 3,070 | ||||
Flowserve Corp. | 88,132 | 2,996 | ||||
* | Mohawk Industries Inc. | 29,588 | 2,965 | |||
Allison Transmission Holdings Inc. | 63,742 | 2,884 | ||||
* | Generac Holdings Inc. | 25,765 | 2,783 | |||
* | Axalta Coating Systems Ltd. | 91,354 | 2,767 | |||
MDU Resources Group Inc. | 80,878 | 2,465 | ||||
* | BILL Holdings Inc. | 29,578 | 2,400 | |||
Stanley Black & Decker Inc. | 29,402 | 2,369 | ||||
* | MasTec Inc. | 24,670 | 2,330 | |||
Sensata Technologies Holding plc | 45,484 | 2,275 | ||||
* | FTI Consulting Inc. | 11,497 | 2,269 | |||
* | GXO Logistics Inc. | 43,966 | 2,219 | |||
* | Euronet Worldwide Inc. | 19,654 | 2,199 |
Shares | Market Value ($000) | |||||
Nordson Corp. | 9,571 | 2,127 | ||||
* | Paylocity Holding Corp. | 10,479 | 2,083 | |||
* | Middleby Corp. | 12,825 | 1,880 | |||
* | WEX Inc. | 9,801 | 1,802 | |||
Dover Corp. | 10,881 | 1,653 | ||||
Vontier Corp. | 59,035 | 1,614 | ||||
Acuity Brands Inc. | 8,642 | 1,579 | ||||
Spirit AeroSystems Holdings Inc. Class A | 45,036 | 1,555 | ||||
Cognex Corp. | 29,135 | 1,444 | ||||
WESCO International Inc. | 8,900 | 1,375 | ||||
* | Kirby Corp. | 19,315 | 1,346 | |||
Allegion plc | 12,560 | 1,341 | ||||
Esab Corp. | 21,096 | 1,246 | ||||
* | Mercury Systems Inc. | 23,195 | 1,186 | |||
TransUnion | 18,646 | 1,159 | ||||
* | AZEK Co. Inc. Class A | 41,338 | 973 | |||
* | Trex Co. Inc. | 17,798 | 866 | |||
Booz Allen Hamilton Holding Corp. Class A | 8,916 | 826 | ||||
Silgan Holdings Inc. | 11,464 | 615 | ||||
* | XPO Inc. | 18,318 | 584 | |||
MKS Instruments Inc. | 5,873 | 520 | ||||
RPM International Inc. | 5,644 | 492 | ||||
Littelfuse Inc. | 1,812 | 486 | ||||
* | Gates Industrial Corp. plc | 31,536 | 438 | |||
AptarGroup Inc. | 3,262 | 386 | ||||
* | RXO Inc. | 18,318 | 360 | |||
Brunswick Corp. | 3,917 | 321 | ||||
Sonoco Products Co. | 2,778 | 169 | ||||
HEICO Corp. Class A | 992 | 135 | ||||
Ardagh Metal Packaging SA | 23,385 | 95 | ||||
* | Shift4 Payments Inc. Class A | 1,086 | 82 | |||
* | Core & Main Inc. Class A | 2,932 | 68 | |||
* | TopBuild Corp. | 321 | 67 | |||
* | Hayward Holdings Inc. | 4,948 | 58 | |||
Curtiss-Wright Corp. | 317 | 56 | ||||
Woodward Inc. | 366 | 36 | ||||
Regal Rexnord Corp. | 247 | 35 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 584 | 33 | ||||
* | Affirm Holdings Inc. Class A | 2,812 | 32 | |||
Advanced Drainage Systems Inc. | 348 | 29 | ||||
Schneider National Inc. Class B | 995 | 27 | ||||
Graphic Packaging Holding Co. | 974 | 25 | ||||
Lincoln Electric Holdings Inc. | 143 | 24 | ||||
MSA Safety Inc. | 165 | 22 | ||||
Pentair plc | 369 | 20 | ||||
Hubbell Inc. Class B | 77 | 19 | ||||
A O Smith Corp. | 273 | 19 | ||||
Crane Holdings Co. | 164 | 19 | ||||
nVent Electric plc | 424 | 18 | ||||
Air Lease Corp. Class A | 423 | 17 | ||||
Louisiana-Pacific Corp. | 303 | 16 | ||||
Fortune Brands Innovations Inc. | 261 | 15 | ||||
Snap-on Inc. | 60 | 15 | ||||
Watsco Inc. | 47 | 15 | ||||
ADT Inc. | 2,106 | 15 | ||||
Masco Corp. | 287 | 14 | ||||
Ryder System Inc. | 128 | 11 | ||||
Westrock Co. | 333 | 10 |
Shares | Market Value ($000) | |||||
Amcor plc | 685 | 8 | ||||
Western Union Co. | 339 | 4 | ||||
* | Masterbrand Inc. | 261 | 2 | |||
2,107,726 | ||||||
Real Estate (3.0%) | ||||||
Prologis Inc. | 390,088 | 48,671 | ||||
American Tower Corp. | 196,690 | 40,192 | ||||
Equinix Inc. | 40,964 | 29,537 | ||||
SBA Communications Corp. Class A | 105,666 | 27,586 | ||||
Crown Castle Inc. | 164,987 | 22,082 | ||||
Public Storage | 65,984 | 19,936 | ||||
* | CBRE Group Inc. Class A | 266,149 | 19,378 | |||
Welltower Inc. | 198,430 | 14,225 | ||||
Extra Space Storage Inc. | 80,265 | 13,078 | ||||
Equity LifeStyle Properties Inc. | 192,195 | 12,902 | ||||
* | CoStar Group Inc. | 173,645 | 11,955 | |||
VICI Properties Inc. Class A | 348,140 | 11,356 | ||||
Realty Income Corp. | 177,321 | 11,228 | ||||
Digital Realty Trust Inc. | 110,826 | 10,895 | ||||
American Homes 4 Rent Class A | 342,614 | 10,775 | ||||
Weyerhaeuser Co. | 355,833 | 10,721 | ||||
Mid-America Apartment Communities Inc. | 62,574 | 9,451 | ||||
Simon Property Group Inc. | 82,364 | 9,222 | ||||
AvalonBay Communities Inc. | 54,525 | 9,163 | ||||
Alexandria Real Estate Equities Inc. | 70,540 | 8,859 | ||||
Equity Residential | 146,175 | 8,771 | ||||
Sun Communities Inc. | 61,348 | 8,643 | ||||
Invitation Homes Inc. | 261,545 | 8,168 | ||||
* | Jones Lang LaSalle Inc. | 47,645 | 6,932 | |||
Essex Property Trust Inc. | 33,068 | 6,916 | ||||
Ventas Inc. | 149,709 | 6,490 | ||||
Rexford Industrial Realty Inc. | 103,616 | 6,181 | ||||
* | Howard Hughes Corp. | 71,084 | 5,687 | |||
Lamar Advertising Co. Class A | 49,778 | 4,972 | ||||
Host Hotels & Resorts Inc. | 297,186 | 4,901 | ||||
* | Zillow Group Inc. Class C | 108,338 | 4,818 | |||
UDR Inc. | 116,501 | 4,784 | ||||
Camden Property Trust | 45,420 | 4,762 | ||||
First Industrial Realty Trust Inc. | 85,559 | 4,552 | ||||
* | Zillow Group Inc. Class A | 91,767 | 4,010 | |||
Life Storage Inc. | 28,822 | 3,778 | ||||
Kimco Realty Corp. | 183,756 | 3,589 | ||||
Americold Realty Trust Inc. | 126,016 | 3,585 | ||||
CubeSmart | 76,750 | 3,547 | ||||
Healthcare Realty Trust Inc. Class A | 170,557 | 3,297 | ||||
EastGroup Properties Inc. | 19,802 | 3,274 | ||||
Rayonier Inc. | 72,264 | 2,404 | ||||
Apartment Income REIT Corp. Class A | 62,841 | 2,250 | ||||
Medical Properties Trust Inc. | 227,761 | 1,872 | ||||
Park Hotels & Resorts Inc. | 144,355 | 1,784 | ||||
Kilroy Realty Corp. | 46,946 | 1,521 | ||||
Cousins Properties Inc. | 58,986 | 1,261 | ||||
Iron Mountain Inc. | 23,721 | 1,255 | ||||
EPR Properties | 30,812 | 1,174 | ||||
Douglas Emmett Inc. | 70,307 | 867 | ||||
Federal Realty Investment Trust | 8,239 | 814 | ||||
JBG SMITH Properties | 49,278 | 742 | ||||
Hudson Pacific Properties Inc. | 63,001 | 419 |
Shares | Market Value ($000) | |||||
* | Opendoor Technologies Inc. | 196,186 | 345 | |||
SL Green Realty Corp. | 7,810 | 184 | ||||
* | WeWork Inc. | 89,669 | 70 | |||
Brixmor Property Group Inc. | 356 | 8 | ||||
Regency Centers Corp. | 135 | 8 | ||||
National Retail Properties Inc. | 158 | 7 | ||||
Gaming & Leisure Properties Inc. | 124 | 6 | ||||
WP Carey Inc. | 82 | 6 | ||||
Healthpeak Properties Inc. | 291 | 6 | ||||
Spirit Realty Capital Inc. | 144 | 6 | ||||
Boston Properties Inc. | 87 | 5 | ||||
Highwoods Properties Inc. | 172 | 4 | ||||
Omega Healthcare Investors Inc. | 127 | 4 | ||||
Vornado Realty Trust | 165 | 3 | ||||
479,894 | ||||||
Technology (28.0%) | ||||||
Apple Inc. | 6,316,422 | 1,041,578 | ||||
Microsoft Corp. | 3,123,911 | 900,624 | ||||
NVIDIA Corp. | 977,320 | 271,470 | ||||
* | Alphabet Inc. Class A | 2,512,460 | 260,617 | |||
* | Alphabet Inc. Class C | 2,251,014 | 234,105 | |||
* | Meta Platforms Inc. Class A | 951,417 | 201,643 | |||
Broadcom Inc. | 133,638 | 85,734 | ||||
* | Salesforce Inc. | 400,958 | 80,103 | |||
* | Adobe Inc. | 197,695 | 76,186 | |||
* | Cadence Design Systems Inc. | 316,655 | 66,526 | |||
Texas Instruments Inc. | 356,982 | 66,402 | ||||
* | Advanced Micro Devices Inc. | 646,926 | 63,405 | |||
Applied Materials Inc. | 514,963 | 63,253 | ||||
Oracle Corp. | 664,786 | 61,772 | ||||
* | Synopsys Inc. | 151,031 | 58,336 | |||
QUALCOMM Inc. | 456,665 | 58,261 | ||||
Intuit Inc. | 125,342 | 55,881 | ||||
Intel Corp. | 1,551,541 | 50,689 | ||||
Lam Research Corp. | 93,570 | 49,603 | ||||
* | ServiceNow Inc. | 80,391 | 37,359 | |||
KLA Corp. | 91,136 | 36,379 | ||||
Analog Devices Inc. | 179,001 | 35,303 | ||||
International Business Machines Corp. | 263,114 | 34,492 | ||||
* | Fortinet Inc. | 441,595 | 29,348 | |||
Amphenol Corp. Class A | 349,011 | 28,521 | ||||
* | Autodesk Inc. | 135,680 | 28,243 | |||
Teradyne Inc. | 259,429 | 27,891 | ||||
Micron Technology Inc. | 414,454 | 25,008 | ||||
* | Palo Alto Networks Inc. | 119,784 | 23,926 | |||
Roper Technologies Inc. | 53,739 | 23,682 | ||||
* | Snowflake Inc. Class A | 127,284 | 19,639 | |||
* | Workday Inc. Class A | 79,539 | 16,428 | |||
Corning Inc. | 449,200 | 15,848 | ||||
* | Gartner Inc. | 45,914 | 14,957 | |||
* | ON Semiconductor Corp. | 180,561 | 14,864 | |||
Cognizant Technology Solutions Corp. Class A | 239,083 | 14,567 | ||||
* | Arrow Electronics Inc. | 103,474 | 12,921 | |||
Hewlett Packard Enterprise Co. | 712,810 | 11,355 | ||||
* | Crowdstrike Holdings Inc. Class A | 82,421 | 11,313 | |||
* | VMware Inc. Class A | 86,975 | 10,859 | |||
Microchip Technology Inc. | 126,882 | 10,630 | ||||
* | ANSYS Inc. | 31,274 | 10,408 |
Shares | Market Value ($000) | |||||
Dolby Laboratories Inc. Class A | 116,172 | 9,923 | ||||
Marvell Technology Inc. | 218,502 | 9,461 | ||||
* | Atlassian Corp. Class A | 54,443 | 9,319 | |||
HP Inc. | 314,733 | 9,237 | ||||
NetApp Inc. | 137,113 | 8,755 | ||||
* | VeriSign Inc. | 41,429 | 8,755 | |||
* | HubSpot Inc. | 18,185 | 7,797 | |||
* | Datadog Inc. Class A | 105,235 | 7,646 | |||
* | Paycom Software Inc. | 20,709 | 6,296 | |||
* | Pinterest Inc. Class A | 226,703 | 6,182 | |||
* | MongoDB Inc. Class A | 26,442 | 6,164 | |||
* | Zoom Video Communications Inc. Class A | 78,400 | 5,789 | |||
* | Black Knight Inc. | 97,137 | 5,591 | |||
* | Splunk Inc. | 58,261 | 5,586 | |||
* | EPAM Systems Inc. | 18,415 | 5,506 | |||
* | Lattice Semiconductor Corp. | 56,117 | 5,359 | |||
* | Palantir Technologies Inc. Class A | 629,028 | 5,315 | |||
SS&C Technologies Holdings Inc. | 92,885 | 5,245 | ||||
* | Manhattan Associates Inc. | 33,371 | 5,168 | |||
* | GoDaddy Inc. Class A | 65,133 | 5,062 | |||
* | Western Digital Corp. | 131,077 | 4,938 | |||
Avnet Inc. | 106,031 | 4,793 | ||||
* | Match Group Inc. | 121,596 | 4,668 | |||
* | Akamai Technologies Inc. | 59,114 | 4,629 | |||
Gen Digital Inc. | 267,673 | 4,593 | ||||
Monolithic Power Systems Inc. | 8,763 | 4,386 | ||||
* | PTC Inc. | 32,482 | 4,165 | |||
* | Qorvo Inc. | 38,017 | 3,861 | |||
* | F5 Inc. | 26,288 | 3,830 | |||
Skyworks Solutions Inc. | 31,988 | 3,774 | ||||
Jabil Inc. | 42,664 | 3,761 | ||||
* | Dynatrace Inc. | 88,810 | 3,757 | |||
* | Zscaler Inc. | 31,649 | 3,698 | |||
* | Cloudflare Inc. Class A | 58,700 | 3,619 | |||
CDW Corp. | 17,522 | 3,415 | ||||
* | Tyler Technologies Inc. | 9,077 | 3,219 | |||
Dell Technologies Inc. Class C | 75,945 | 3,054 | ||||
* | Guidewire Software Inc. | 34,659 | 2,844 | |||
* | ZoomInfo Technologies Inc. Class A | 114,204 | 2,822 | |||
* | Aspen Technology Inc. | 11,948 | 2,735 | |||
* | Wolfspeed Inc. | 41,213 | 2,677 | |||
* | Okta Inc. Class A | 30,391 | 2,621 | |||
* | Twilio Inc. Class A | 38,961 | 2,596 | |||
* | CACI International Inc. Class A | 8,282 | 2,454 | |||
Universal Display Corp. | 15,466 | 2,399 | ||||
* | NCR Corp. | 99,313 | 2,343 | |||
Leidos Holdings Inc. | 25,301 | 2,329 | ||||
* | IAC Inc. | 44,781 | 2,311 | |||
* | DocuSign Inc. Class A | 37,710 | 2,199 | |||
* | Teradata Corp. | 52,950 | 2,133 | |||
* | Ceridian HCM Holding Inc. | 28,978 | 2,122 | |||
* | DXC Technology Co. | 79,394 | 2,029 | |||
* | Clarivate plc | 190,230 | 1,786 | |||
* | Pure Storage Inc. Class A | 63,380 | 1,617 | |||
* | Globant SA | 9,758 | 1,600 | |||
* | Alteryx Inc. Class A | 24,065 | 1,416 | |||
* | Unity Software Inc. | 43,089 | 1,398 | |||
* | IPG Photonics Corp. | 10,945 | 1,350 |
Shares | Market Value ($000) | |||||
Dun & Bradstreet Holdings Inc. | 104,194 | 1,223 | ||||
Amdocs Ltd. | 12,261 | 1,177 | ||||
* | DoorDash Inc. Class A | 18,306 | 1,164 | |||
* | Allegro MicroSystems Inc. | 23,935 | 1,149 | |||
* | Nutanix Inc. Class A | 42,407 | 1,102 | |||
Bentley Systems Inc. Class B | 24,059 | 1,034 | ||||
* | Kyndryl Holdings Inc. | 63,602 | 939 | |||
* | DoubleVerify Holdings Inc. | 31,041 | 936 | |||
* | Five9 Inc. | 12,094 | 874 | |||
Xerox Holdings Corp. | 54,007 | 832 | ||||
Entegris Inc. | 4,789 | 393 | ||||
* | Dropbox Inc. Class A | 17,999 | 389 | |||
* | Coherent Corp. | 9,230 | 352 | |||
* | Smartsheet Inc. Class A | 6,965 | 333 | |||
* | Elastic NV | 4,330 | 251 | |||
* | RingCentral Inc. Class A | 7,454 | 229 | |||
Pegasystems Inc. | 4,160 | 202 | ||||
* | Vimeo Inc. | 38,120 | 146 | |||
* | Cirrus Logic Inc. | 1,137 | 124 | |||
* | Toast Inc. Class A | 5,141 | 91 | |||
* | New Relic Inc. | 1,139 | 86 | |||
* | Procore Technologies Inc. | 1,058 | 66 | |||
* | GLOBALFOUNDRIES Inc. | 864 | 62 | |||
* | AppLovin Corp. Class A | 3,354 | 53 | |||
* | Paycor HCM Inc. | 1,956 | 52 | |||
* | Informatica Inc. Class A | 2,356 | 39 | |||
* | Jamf Holding Corp. | 1,915 | 37 | |||
* | nCino Inc. | 1,324 | 33 | |||
Concentrix Corp. | 239 | 29 | ||||
* | Definitive Healthcare Corp. Class A | 2,711 | 28 | |||
TD SYNNEX Corp. | 281 | 27 | ||||
* | Thoughtworks Holding Inc. | 3,110 | 23 | |||
Science Applications International Corp. | 203 | 22 | ||||
National Instruments Corp. | 281 | 15 | ||||
4,505,738 | ||||||
Telecommunications (2.4%) | ||||||
Cisco Systems Inc. | 1,586,308 | 82,924 | ||||
Comcast Corp. Class A | 1,796,701 | 68,113 | ||||
Verizon Communications Inc. | 1,608,258 | 62,545 | ||||
AT&T Inc. | 2,534,393 | 48,787 | ||||
* | T-Mobile US Inc. | 294,307 | 42,627 | |||
* | Arista Networks Inc. | 100,496 | 16,869 | |||
* | Charter Communications Inc. Class A | 46,104 | 16,487 | |||
Motorola Solutions Inc. | 40,433 | 11,569 | ||||
Juniper Networks Inc. | 274,434 | 9,446 | ||||
* | Liberty Broadband Corp. Class C | 51,393 | 4,199 | |||
* | Roku Inc. Class A | 49,590 | 3,264 | |||
* | Ciena Corp. | 47,751 | 2,508 | |||
* | Frontier Communications Parent Inc. | 101,230 | 2,305 | |||
Cable One Inc. | 2,422 | 1,700 | ||||
* | Lumentum Holdings Inc. | 28,695 | 1,550 | |||
* | Viasat Inc. | 31,710 | 1,073 | |||
* | Liberty Broadband Corp. Class A | 12,284 | 1,009 | |||
* | DISH Network Corp. Class A | 102,301 | 955 | |||
* | Altice USA Inc. Class A | 86,559 | 296 | |||
Ubiquiti Inc. | 102 | 28 |
Shares | Market Value ($000) | |||||
Lumen Technologies Inc. | 386 | 1 | ||||
378,255 | ||||||
Utilities (2.9%) | ||||||
NextEra Energy Inc. | 834,483 | 64,322 | ||||
Duke Energy Corp. | 309,026 | 29,812 | ||||
* | PG&E Corp. | 1,584,081 | 25,615 | |||
Waste Management Inc. | 146,048 | 23,831 | ||||
Southern Co. | 338,705 | 23,567 | ||||
Sempra Energy | 133,030 | 20,109 | ||||
WEC Energy Group Inc. | 199,959 | 18,954 | ||||
Dominion Energy Inc. | 324,271 | 18,130 | ||||
American Water Works Co. Inc. | 123,293 | 18,061 | ||||
Exelon Corp. | 386,906 | 16,207 | ||||
Xcel Energy Inc. | 225,840 | 15,231 | ||||
Atmos Energy Corp. | 129,145 | 14,511 | ||||
Eversource Energy | 181,883 | 14,234 | ||||
CMS Energy Corp. | 212,061 | 13,016 | ||||
Consolidated Edison Inc. | 133,236 | 12,747 | ||||
American Electric Power Co. Inc. | 135,933 | 12,369 | ||||
Constellation Energy Corp. | 140,113 | 10,999 | ||||
Edison International | 139,937 | 9,878 | ||||
Public Service Enterprise Group Inc. | 151,716 | 9,475 | ||||
AES Corp. | 385,856 | 9,291 | ||||
Ameren Corp. | 106,579 | 9,207 | ||||
DTE Energy Co. | 80,769 | 8,847 | ||||
FirstEnergy Corp. | 215,613 | 8,637 | ||||
Essential Utilities Inc. | 194,378 | 8,485 | ||||
NiSource Inc. | 277,058 | 7,746 | ||||
CenterPoint Energy Inc. | 260,871 | 7,685 | ||||
Alliant Energy Corp. | 92,022 | 4,914 | ||||
Entergy Corp. | 43,203 | 4,655 | ||||
Republic Services Inc. Class A | 32,062 | 4,335 | ||||
Evergy Inc. | 67,666 | 4,136 | ||||
PPL Corp. | 123,450 | 3,431 | ||||
NRG Energy Inc. | 99,120 | 3,399 | ||||
* | Clean Harbors Inc. | 20,775 | 2,962 | |||
UGI Corp. | 83,440 | 2,900 | ||||
IDACORP Inc. | 21,120 | 2,288 | ||||
National Fuel Gas Co. | 36,286 | 2,095 | ||||
* | Stericycle Inc. | 47,965 | 2,092 | |||
* | Sunrun Inc. | 48,098 | 969 | |||
Vistra Corp. | 465 | 11 | ||||
Hawaiian Electric Industries Inc. | 253 | 10 | ||||
Brookfield Renewable Corp. Class A | 262 | 9 | ||||
OGE Energy Corp. | 211 | 8 | ||||
Pinnacle West Capital Corp. | 103 | 8 | ||||
Avangrid Inc. | 198 | 8 | ||||
469,196 | ||||||
Total Common Stocks (Cost $5,782,135) | 15,960,224 | |||||
Preferred Stock (0.0%) | ||||||
Qurate Retail Inc. Pfd., 8.000%, 9/15/25 (Cost $293) | 7,649 | 224 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (0.6%) | ||||||
Money Market Fund (0.6%) | ||||||
1 | Vanguard Market Liquidity Fund (Cost $92,519) | 4.839% | 925,387 | 92,530 | ||
Total Investments (99.9%) (Cost $5,874,947) | 16,052,978 | |||||
Other Assets and Liabilities—Net (0.1%) | 17,428 | |||||
Net Assets (100%) | 16,070,406 |
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. |
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 2023 | 535 | 110,685 | 6,490 |
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 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.
At March 31, 2023, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.