Vanguard® Tax-Managed Capital Appreciation Fund
Schedule of Investments (unaudited)
As of September 30, 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 (99.6%) | ||||||
Basic Materials (1.8%) | ||||||
Linde plc | 205,547 | 76,535 | ||||
Freeport-McMoRan Inc. | 587,143 | 21,895 | ||||
Ecolab Inc. | 113,298 | 19,193 | ||||
Air Products and Chemicals Inc. | 63,253 | 17,926 | ||||
Albemarle Corp. | 97,961 | 16,657 | ||||
Fastenal Co. | 261,986 | 14,315 | ||||
Reliance Steel & Aluminum Co. | 44,502 | 11,670 | ||||
Newmont Corp. | 314,138 | 11,607 | ||||
LyondellBasell Industries NV Class A | 122,525 | 11,603 | ||||
Celanese Corp. Class A | 91,133 | 11,439 | ||||
Southern Copper Corp. | 151,825 | 11,431 | ||||
Nucor Corp. | 73,100 | 11,429 | ||||
Alcoa Corp. | 363,851 | 10,573 | ||||
FMC Corp. | 138,121 | 9,250 | ||||
Mosaic Co. | 259,163 | 9,226 | ||||
Steel Dynamics Inc. | 61,902 | 6,637 | ||||
Dow Inc. | 121,066 | 6,242 | ||||
CF Industries Holdings Inc. | 45,426 | 3,895 | ||||
Element Solutions Inc. | 178,298 | 3,496 | ||||
* | Cleveland-Cliffs Inc. | 214,392 | 3,351 | |||
International Flavors & Fragrances Inc. | 41,799 | 2,849 | ||||
* | RBC Bearings Inc. | 11,871 | 2,779 | |||
Scotts Miracle-Gro Co. | 48,965 | 2,531 | ||||
Hexcel Corp. | 34,752 | 2,264 | ||||
Westlake Corp. | 18,022 | 2,247 | ||||
Eastman Chemical Co. | 18,581 | 1,426 | ||||
Avery Dennison Corp. | 7,027 | 1,284 | ||||
International Paper Co. | 35,745 | 1,268 | ||||
United States Steel Corp. | 24,784 | 805 | ||||
Royal Gold Inc. | 7,388 | 786 | ||||
* | MP Materials Corp. | 37,534 | 717 | |||
Ashland Inc. | 2,950 | 241 | ||||
Sylvamo Corp. | 3,516 | 154 | ||||
NewMarket Corp. | 39 | 18 | ||||
Timken Co. | 248 | 18 | ||||
Valvoline Inc. | 549 | 18 | ||||
Olin Corp. | 307 | 15 | ||||
Huntsman Corp. | 376 | 9 | ||||
Chemours Co. | 273 | 8 | ||||
307,807 |
Shares | Market Value ($000) | |||||
Consumer Discretionary (14.6%) | ||||||
* | Amazon.com Inc. | 3,787,195 | 481,428 | |||
* | Tesla Inc. | 1,159,817 | 290,209 | |||
Home Depot Inc. | 401,901 | 121,438 | ||||
Costco Wholesale Corp. | 187,416 | 105,883 | ||||
Walmart Inc. | 601,663 | 96,224 | ||||
McDonald's Corp. | 277,959 | 73,226 | ||||
* | Netflix Inc. | 185,125 | 69,903 | |||
* | Walt Disney Co. | 770,469 | 62,447 | |||
Lowe's Cos. Inc. | 284,102 | 59,048 | ||||
* | Booking Holdings Inc. | 14,861 | 45,831 | |||
* | Copart Inc. | 1,054,528 | 45,440 | |||
NIKE Inc. Class B | 457,419 | 43,738 | ||||
Starbucks Corp. | 477,271 | 43,561 | ||||
* | O'Reilly Automotive Inc. | 42,562 | 38,683 | |||
* | Uber Technologies Inc. | 821,093 | 37,762 | |||
TJX Cos. Inc. | 413,488 | 36,751 | ||||
* | AutoZone Inc. | 14,302 | 36,327 | |||
Marriott International Inc. Class A | 179,115 | 35,207 | ||||
Activision Blizzard Inc. | 299,821 | 28,072 | ||||
Ross Stores Inc. | 206,421 | 23,315 | ||||
DR Horton Inc. | 216,890 | 23,309 | ||||
* | Airbnb Inc. Class A | 154,969 | 21,263 | |||
* | NVR Inc. | 3,412 | 20,347 | |||
Ford Motor Co. | 1,603,761 | 19,919 | ||||
* | Chipotle Mexican Grill Inc. Class A | 10,446 | 19,135 | |||
General Motors Co. | 576,445 | 19,005 | ||||
Target Corp. | 161,353 | 17,841 | ||||
Yum! Brands Inc. | 140,313 | 17,531 | ||||
Estee Lauder Cos. Inc. Class A | 118,061 | 17,066 | ||||
Tempur Sealy International Inc. | 387,514 | 16,795 | ||||
PulteGroup Inc. | 220,049 | 16,295 | ||||
eBay Inc. | 348,246 | 15,354 | ||||
Lennar Corp. Class A | 133,883 | 15,026 | ||||
* | Trade Desk Inc. Class A | 185,502 | 14,497 | |||
* | Capri Holdings Ltd. | 266,312 | 14,011 | |||
* | Lululemon Athletica Inc. | 35,930 | 13,855 | |||
Electronic Arts Inc. | 113,009 | 13,606 | ||||
* | Dollar Tree Inc. | 122,634 | 13,054 | |||
Hilton Worldwide Holdings Inc. | 85,474 | 12,836 | ||||
Delta Air Lines Inc. | 307,256 | 11,368 | ||||
* | AutoNation Inc. | 73,516 | 11,130 | |||
* | Warner Bros Discovery Inc. | 931,321 | 10,114 | |||
* | CarMax Inc. | 141,087 | 9,979 | |||
Darden Restaurants Inc. | 69,471 | 9,950 | ||||
* | Aptiv plc | 100,452 | 9,904 | |||
Gentex Corp. | 304,013 | 9,893 | ||||
Dollar General Corp. | 92,610 | 9,798 | ||||
* | Take-Two Interactive Software Inc. | 69,744 | 9,791 | |||
* | Live Nation Entertainment Inc. | 110,419 | 9,169 | |||
* | Spotify Technology SA | 58,081 | 8,982 | |||
* | Royal Caribbean Cruises Ltd. | 92,760 | 8,547 | |||
PVH Corp. | 111,051 | 8,497 | ||||
Hyatt Hotels Corp. Class A | 77,726 | 8,245 | ||||
Southwest Airlines Co. | 282,052 | 7,635 | ||||
Interpublic Group of Cos. Inc. | 260,110 | 7,455 | ||||
* | Coupang Inc. Class A | 436,046 | 7,413 | |||
Toll Brothers Inc. | 95,872 | 7,091 |
Shares | Market Value ($000) | |||||
* | Expedia Group Inc. | 67,567 | 6,964 | |||
Las Vegas Sands Corp. | 137,692 | 6,312 | ||||
MGM Resorts International | 170,356 | 6,262 | ||||
Omnicom Group Inc. | 83,383 | 6,210 | ||||
* | Ulta Beauty Inc. | 14,835 | 5,926 | |||
* | United Airlines Holdings Inc. | 135,198 | 5,719 | |||
* | Liberty Media Corp.-Liberty Formula One Class C | 91,472 | 5,699 | |||
* | Rivian Automotive Inc. Class A | 220,577 | 5,356 | |||
* | ROBLOX Corp. Class A | 182,268 | 5,278 | |||
Hasbro Inc. | 77,134 | 5,102 | ||||
BorgWarner Inc. | 113,602 | 4,586 | ||||
Tractor Supply Co. | 22,460 | 4,561 | ||||
* | Floor & Decor Holdings Inc. Class A | 48,673 | 4,405 | |||
* | American Airlines Group Inc. | 333,400 | 4,271 | |||
* | BJ's Wholesale Club Holdings Inc. | 56,197 | 4,011 | |||
* | Norwegian Cruise Line Holdings Ltd. | 239,315 | 3,944 | |||
Wynn Resorts Ltd. | 42,329 | 3,912 | ||||
Fox Corp. Class A | 123,624 | 3,857 | ||||
* | Deckers Outdoor Corp. | 7,138 | 3,670 | |||
* | Burlington Stores Inc. | 24,710 | 3,343 | |||
Vail Resorts Inc. | 15,007 | 3,330 | ||||
Lear Corp. | 24,522 | 3,291 | ||||
* | SiteOne Landscape Supply Inc. | 18,790 | 3,071 | |||
News Corp. Class A | 153,012 | 3,069 | ||||
Best Buy Co. Inc. | 43,840 | 3,046 | ||||
LKQ Corp. | 59,159 | 2,929 | ||||
* | DraftKings Inc. Class A | 99,239 | 2,922 | |||
* | Five Below Inc. | 17,579 | 2,828 | |||
New York Times Co. Class A | 68,276 | 2,813 | ||||
Ralph Lauren Corp. Class A | 24,166 | 2,805 | ||||
* | Liberty Media Corp.-Liberty Formula One Class A | 48,561 | 2,746 | |||
* | Skechers USA Inc. Class A | 55,679 | 2,725 | |||
* | Mattel Inc. | 118,231 | 2,605 | |||
Pool Corp. | 7,246 | 2,580 | ||||
Advance Auto Parts Inc. | 44,269 | 2,476 | ||||
RB Global Inc. | 38,717 | 2,420 | ||||
Polaris Inc. | 23,114 | 2,407 | ||||
Sirius XM Holdings Inc. | 530,118 | 2,396 | ||||
Genuine Parts Co. | 15,989 | 2,308 | ||||
Nexstar Media Group Inc. Class A | 14,455 | 2,072 | ||||
* | Caesars Entertainment Inc. | 44,463 | 2,061 | |||
* | Ollie's Bargain Outlet Holdings Inc. | 25,862 | 1,996 | |||
* | Bright Horizons Family Solutions Inc. | 24,260 | 1,976 | |||
* | Liberty Media Corp.-Liberty SiriusXM | 77,162 | 1,965 | |||
Domino's Pizza Inc. | 4,900 | 1,856 | ||||
Paramount Global Class B | 143,037 | 1,845 | ||||
* | Coty Inc. Class A | 165,907 | 1,820 | |||
Harley-Davidson Inc. | 54,931 | 1,816 | ||||
U-Haul Holding Co. (XNYS) | 34,200 | 1,792 | ||||
Fox Corp. Class B | 59,280 | 1,712 | ||||
Churchill Downs Inc. | 14,559 | 1,689 | ||||
* | Grand Canyon Education Inc. | 14,445 | 1,688 | |||
* | GameStop Corp. Class A | 98,684 | 1,624 | |||
Aramark | 46,461 | 1,612 | ||||
* | Planet Fitness Inc. Class A | 32,390 | 1,593 | |||
* | Avis Budget Group Inc. | 8,641 | 1,553 | |||
VF Corp. | 86,213 | 1,523 | ||||
TKO Group Holdings Inc. | 17,870 | 1,502 |
Shares | Market Value ($000) | |||||
* | Carnival Corp. | 108,650 | 1,491 | |||
Lithia Motors Inc. Class A | 4,830 | 1,426 | ||||
Madison Square Garden Sports Corp. | 7,890 | 1,391 | ||||
* | Lyft Inc. Class A | 129,649 | 1,366 | |||
* | Alaska Air Group Inc. | 35,228 | 1,306 | |||
Thor Industries Inc. | 13,531 | 1,287 | ||||
* | Lucid Group Inc. | 219,892 | 1,229 | |||
Williams-Sonoma Inc. | 7,893 | 1,227 | ||||
Lennar Corp. Class B | 10,972 | 1,122 | ||||
Carter's Inc. | 15,864 | 1,097 | ||||
* | Etsy Inc. | 16,913 | 1,092 | |||
News Corp. Class B | 50,143 | 1,046 | ||||
Rollins Inc. | 26,651 | 995 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 31,993 | 814 | |||
* | TripAdvisor Inc. | 46,914 | 778 | |||
* | Liberty Media Corp.-Liberty Live Class C | 23,205 | 745 | |||
* | Hertz Global Holdings Inc. | 56,802 | 696 | |||
Phinia Inc. | 22,720 | 609 | ||||
* | Under Armour Inc. Class C | 83,204 | 531 | |||
Copa Holdings SA Class A | 5,903 | 526 | ||||
* | Wayfair Inc. Class A | 8,312 | 503 | |||
Nordstrom Inc. | 28,246 | 422 | ||||
Kohl's Corp. | 19,433 | 407 | ||||
Garmin Ltd. | 3,130 | 329 | ||||
* | Playtika Holding Corp. | 34,209 | 329 | |||
* | Liberty Media Corp.-Liberty Live Class A | 10,076 | 322 | |||
* | Under Armour Inc. Class A | 30,184 | 207 | |||
* | U-Haul Holding Co. | 3,800 | 207 | |||
* | AMC Entertainment Holdings Inc. Class A | 24,226 | 194 | |||
Wendy's Co. | 9,127 | 186 | ||||
Service Corp. International | 3,239 | 185 | ||||
* | YETI Holdings Inc. | 1,583 | 76 | |||
* | Petco Health & Wellness Co. Inc. Class A | 17,166 | 70 | |||
Paramount Global Class A | 3,869 | 61 | ||||
Boyd Gaming Corp. | 720 | 44 | ||||
* | Mister Car Wash Inc. | 6,310 | 35 | |||
* | Driven Brands Holdings Inc. | 2,623 | 33 | |||
Choice Hotels International Inc. | 227 | 28 | ||||
Penske Automotive Group Inc. | 140 | 23 | ||||
* | Victoria's Secret & Co. | 1,402 | 23 | |||
Dick's Sporting Goods Inc. | 200 | 22 | ||||
Columbia Sportswear Co. | 235 | 17 | ||||
Wyndham Hotels & Resorts Inc. | 241 | 17 | ||||
Marriott Vacations Worldwide Corp. | 109 | 11 | ||||
H&R Block Inc. | 250 | 11 | ||||
Tapestry Inc. | 268 | 8 | ||||
Travel + Leisure Co. | 213 | 8 | ||||
Gap Inc. | 674 | 7 | ||||
Whirlpool Corp. | 49 | 7 | ||||
Leggett & Platt Inc. | 188 | 5 | ||||
Newell Brands Inc. | 352 | 3 | ||||
2,470,623 | ||||||
Consumer Staples (5.1%) | ||||||
Procter & Gamble Co. | 995,689 | 145,231 | ||||
PepsiCo Inc. | 557,663 | 94,490 | ||||
Coca-Cola Co. | 1,448,534 | 81,089 | ||||
Philip Morris International Inc. | 553,688 | 51,260 | ||||
Mondelez International Inc. Class A | 593,003 | 41,154 |
Shares | Market Value ($000) | |||||
* | Monster Beverage Corp. | 593,894 | 31,447 | |||
CVS Health Corp. | 442,664 | 30,907 | ||||
McKesson Corp. | 67,291 | 29,261 | ||||
Colgate-Palmolive Co. | 371,028 | 26,384 | ||||
Constellation Brands Inc. Class A | 79,903 | 20,082 | ||||
Cencora Inc. | 108,183 | 19,470 | ||||
Kroger Co. | 412,774 | 18,472 | ||||
Archer-Daniels-Midland Co. | 232,468 | 17,533 | ||||
Hershey Co. | 78,828 | 15,772 | ||||
Church & Dwight Co. Inc. | 170,662 | 15,638 | ||||
Altria Group Inc. | 361,990 | 15,222 | ||||
Corteva Inc. | 285,638 | 14,613 | ||||
McCormick & Co. Inc. (Non-Voting) | 173,197 | 13,101 | ||||
Kenvue Inc. | 628,337 | 12,617 | ||||
Sysco Corp. | 180,105 | 11,896 | ||||
Kimberly-Clark Corp. | 98,134 | 11,859 | ||||
Keurig Dr Pepper Inc. | 363,913 | 11,489 | ||||
General Mills Inc. | 175,548 | 11,233 | ||||
Brown-Forman Corp. Class B | 185,294 | 10,690 | ||||
Clorox Co. | 69,726 | 9,138 | ||||
Tyson Foods Inc. Class A | 161,658 | 8,162 | ||||
Hormel Foods Corp. | 209,953 | 7,985 | ||||
Casey's General Stores Inc. | 27,851 | 7,562 | ||||
Spectrum Brands Holdings Inc. | 94,610 | 7,413 | ||||
Lamb Weston Holdings Inc. | 71,576 | 6,618 | ||||
Bunge Ltd. | 56,862 | 6,155 | ||||
Walgreens Boots Alliance Inc. | 267,713 | 5,954 | ||||
J M Smucker Co. | 46,718 | 5,742 | ||||
Ingredion Inc. | 55,014 | 5,413 | ||||
* | Performance Food Group Co. | 81,676 | 4,807 | |||
Molson Coors Beverage Co. Class B | 72,858 | 4,633 | ||||
Campbell Soup Co. | 103,939 | 4,270 | ||||
* | US Foods Holding Corp. | 96,293 | 3,823 | |||
* | Darling Ingredients Inc. | 67,631 | 3,530 | |||
* | Celsius Holdings Inc. | 20,059 | 3,442 | |||
* | Post Holdings Inc. | 36,003 | 3,087 | |||
Albertsons Cos. Inc. Class A | 126,210 | 2,871 | ||||
Kraft Heinz Co. | 83,527 | 2,810 | ||||
Kellogg Co. | 27,247 | 1,621 | ||||
* | Boston Beer Co. Inc. Class A | 3,991 | 1,555 | |||
* | Freshpet Inc. | 21,900 | 1,443 | |||
Brown-Forman Corp. Class A | 18,956 | 1,101 | ||||
* | Grocery Outlet Holding Corp. | 36,693 | 1,059 | |||
* | Pilgrim's Pride Corp. | 24,098 | 550 | |||
Seaboard Corp. | 111 | 417 | ||||
Flowers Foods Inc. | 8,974 | 199 | ||||
Conagra Brands Inc. | 4,077 | 112 | ||||
* | Olaplex Holdings Inc. | 55,036 | 107 | |||
Reynolds Consumer Products Inc. | 413 | 11 | ||||
862,500 | ||||||
Energy (4.8%) | ||||||
Exxon Mobil Corp. | 1,621,417 | 190,646 | ||||
Chevron Corp. | 745,570 | 125,718 | ||||
ConocoPhillips | 515,928 | 61,808 | ||||
Occidental Petroleum Corp. | 537,064 | 34,845 | ||||
Schlumberger NV | 596,664 | 34,785 | ||||
Marathon Petroleum Corp. | 211,731 | 32,043 | ||||
EOG Resources Inc. | 247,024 | 31,313 |
Shares | Market Value ($000) | |||||
Cheniere Energy Inc. | 174,438 | 28,950 | ||||
Devon Energy Corp. | 503,073 | 23,997 | ||||
Valero Energy Corp. | 160,848 | 22,794 | ||||
Pioneer Natural Resources Co. | 91,866 | 21,088 | ||||
EQT Corp. | 497,639 | 20,194 | ||||
Phillips 66 | 160,889 | 19,331 | ||||
Hess Corp. | 118,201 | 18,085 | ||||
Halliburton Co. | 395,337 | 16,011 | ||||
NOV Inc. | 690,587 | 14,433 | ||||
Diamondback Energy Inc. | 90,915 | 14,081 | ||||
Baker Hughes Co. Class A | 397,451 | 14,038 | ||||
Marathon Oil Corp. | 396,765 | 10,613 | ||||
Coterra Energy Inc. | 364,433 | 9,858 | ||||
Williams Cos. Inc. | 279,777 | 9,426 | ||||
APA Corp. | 206,479 | 8,486 | ||||
Targa Resources Corp. | 91,406 | 7,835 | ||||
* | First Solar Inc. | 48,418 | 7,824 | |||
* | Enphase Energy Inc. | 53,459 | 6,423 | |||
Texas Pacific Land Corp. | 2,411 | 4,397 | ||||
Range Resources Corp. | 108,753 | 3,525 | ||||
Ovintiv Inc. | 70,964 | 3,376 | ||||
HF Sinclair Corp. | 56,712 | 3,229 | ||||
* | Antero Resources Corp. | 121,578 | 3,086 | |||
* | Southwestern Energy Co. | 460,309 | 2,969 | |||
DT Midstream Inc. | 40,621 | 2,150 | ||||
* | Plug Power Inc. | 179,709 | 1,366 | |||
ONEOK Inc. | 18,367 | 1,165 | ||||
Antero Midstream Corp. | 96,938 | 1,161 | ||||
New Fortress Energy Inc. | 11,602 | 380 | ||||
Vitesse Energy Inc. | 11,247 | 257 | ||||
* | Fluence Energy Inc. Class A | 4,896 | 112 | |||
Kinder Morgan Inc. | 312 | 5 | ||||
811,803 | ||||||
Financials (10.3%) | ||||||
* | Berkshire Hathaway Inc. Class B | 772,469 | 270,596 | |||
JPMorgan Chase & Co. | 1,154,087 | 167,366 | ||||
Bank of America Corp. | 3,107,121 | 85,073 | ||||
Wells Fargo & Co. | 1,571,233 | 64,201 | ||||
Morgan Stanley | 780,182 | 63,717 | ||||
S&P Global Inc. | 136,371 | 49,831 | ||||
Goldman Sachs Group Inc. | 131,448 | 42,533 | ||||
Aon plc Class A | 120,730 | 39,143 | ||||
Progressive Corp. | 273,358 | 38,079 | ||||
MSCI Inc. Class A | 73,052 | 37,482 | ||||
Marsh & McLennan Cos. Inc. | 185,643 | 35,328 | ||||
Charles Schwab Corp. | 633,859 | 34,799 | ||||
Citigroup Inc. | 778,874 | 32,035 | ||||
BlackRock Inc. | 48,984 | 31,668 | ||||
Chubb Ltd. | 148,830 | 30,983 | ||||
Intercontinental Exchange Inc. | 255,235 | 28,081 | ||||
Ameriprise Financial Inc. | 79,662 | 26,263 | ||||
Moody's Corp. | 76,633 | 24,229 | ||||
* | Arch Capital Group Ltd. | 303,617 | 24,201 | |||
Brown & Brown Inc. | 341,058 | 23,819 | ||||
Aflac Inc. | 306,417 | 23,518 | ||||
CME Group Inc. | 109,349 | 21,894 | ||||
Arthur J Gallagher & Co. | 89,279 | 20,349 | ||||
American International Group Inc. | 310,158 | 18,796 |
Shares | Market Value ($000) | |||||
Nasdaq Inc. | 319,797 | 15,539 | ||||
Travelers Cos. Inc. | 94,766 | 15,476 | ||||
Discover Financial Services | 176,147 | 15,260 | ||||
W R Berkley Corp. | 239,930 | 15,233 | ||||
PNC Financial Services Group Inc. | 116,652 | 14,321 | ||||
KKR & Co. Inc. | 222,095 | 13,681 | ||||
Prudential Financial Inc. | 140,884 | 13,368 | ||||
Raymond James Financial Inc. | 129,707 | 13,026 | ||||
US Bancorp | 389,971 | 12,892 | ||||
Allstate Corp. | 108,743 | 12,115 | ||||
Apollo Global Management Inc. | 125,719 | 11,285 | ||||
Globe Life Inc. | 102,186 | 11,111 | ||||
Assurant Inc. | 76,527 | 10,988 | ||||
* | Markel Group Inc. | 7,076 | 10,419 | |||
Broadridge Financial Solutions Inc. | 57,129 | 10,229 | ||||
MetLife Inc. | 160,593 | 10,103 | ||||
State Street Corp. | 150,461 | 10,075 | ||||
Truist Financial Corp. | 340,772 | 9,749 | ||||
Popular Inc. | 153,668 | 9,683 | ||||
T. Rowe Price Group Inc. | 90,620 | 9,503 | ||||
Blackstone Inc. | 84,743 | 9,079 | ||||
M&T Bank Corp. | 69,907 | 8,840 | ||||
SLM Corp. | 646,586 | 8,806 | ||||
Reinsurance Group of America Inc. | 59,104 | 8,581 | ||||
Fifth Third Bancorp | 314,536 | 7,967 | ||||
Principal Financial Group Inc. | 109,328 | 7,879 | ||||
White Mountains Insurance Group Ltd. | 5,215 | 7,800 | ||||
Commerce Bancshares Inc. | 158,595 | 7,609 | ||||
SEI Investments Co. | 122,255 | 7,363 | ||||
FactSet Research Systems Inc. | 16,164 | 7,068 | ||||
East West Bancorp Inc. | 134,007 | 7,064 | ||||
* | NU Holdings Ltd. Class A | 972,385 | 7,050 | |||
Bank of New York Mellon Corp. | 154,389 | 6,585 | ||||
Voya Financial Inc. | 97,876 | 6,504 | ||||
First Citizens BancShares Inc. Class A | 4,710 | 6,500 | ||||
LPL Financial Holdings Inc. | 27,341 | 6,498 | ||||
Willis Towers Watson plc | 31,075 | 6,493 | ||||
Loews Corp. | 97,510 | 6,173 | ||||
Zions Bancorp NA | 171,375 | 5,979 | ||||
* | Brighthouse Financial Inc. | 112,962 | 5,528 | |||
Citizens Financial Group Inc. | 203,567 | 5,456 | ||||
Hanover Insurance Group Inc. | 48,707 | 5,405 | ||||
* | Coinbase Global Inc. Class A | 70,412 | 5,287 | |||
OneMain Holdings Inc. | 127,507 | 5,112 | ||||
Hartford Financial Services Group Inc. | 71,498 | 5,070 | ||||
Interactive Brokers Group Inc. Class A | 55,424 | 4,797 | ||||
Wintrust Financial Corp. | 61,743 | 4,662 | ||||
KeyCorp | 411,095 | 4,423 | ||||
Cullen/Frost Bankers Inc. | 46,483 | 4,240 | ||||
Rithm Capital Corp. | 426,170 | 3,959 | ||||
RenaissanceRe Holdings Ltd. | 18,039 | 3,570 | ||||
MGIC Investment Corp. | 202,775 | 3,384 | ||||
Jefferies Financial Group Inc. | 90,564 | 3,317 | ||||
American Financial Group Inc. | 29,602 | 3,306 | ||||
BOK Financial Corp. | 38,778 | 3,101 | ||||
* | SoFi Technologies Inc. | 387,654 | 3,097 | |||
Huntington Bancshares Inc. | 295,471 | 3,073 | ||||
Webster Financial Corp. | 73,560 | 2,965 |
Shares | Market Value ($000) | |||||
CNA Financial Corp. | 62,286 | 2,451 | ||||
Stifel Financial Corp. | 37,286 | 2,291 | ||||
Starwood Property Trust Inc. | 111,103 | 2,150 | ||||
Morningstar Inc. | 8,784 | 2,058 | ||||
Northern Trust Corp. | 29,195 | 2,028 | ||||
Pinnacle Financial Partners Inc. | 29,964 | 2,009 | ||||
MarketAxess Holdings Inc. | 9,103 | 1,945 | ||||
Cboe Global Markets Inc. | 11,618 | 1,815 | ||||
Lincoln National Corp. | 71,718 | 1,771 | ||||
Everest Group Ltd. | 4,732 | 1,759 | ||||
* | Credit Acceptance Corp. | 3,496 | 1,609 | |||
First Horizon Corp. | 139,824 | 1,541 | ||||
FNB Corp. | 141,348 | 1,525 | ||||
Affiliated Managers Group Inc. | 11,087 | 1,445 | ||||
Primerica Inc. | 6,531 | 1,267 | ||||
Fidelity National Financial Inc. | 29,762 | 1,229 | ||||
Tradeweb Markets Inc. Class A | 15,134 | 1,214 | ||||
Western Alliance Bancorp | 22,469 | 1,033 | ||||
Ally Financial Inc. | 38,372 | 1,024 | ||||
Assured Guaranty Ltd. | 13,487 | 816 | ||||
TFS Financial Corp. | 60,552 | 716 | ||||
Lazard Ltd. Class A | 18,791 | 583 | ||||
New York Community Bancorp Inc. | 50,648 | 574 | ||||
* | Rocket Cos. Inc. Class A | 53,107 | 434 | |||
Kemper Corp. | 4,492 | 189 | ||||
Erie Indemnity Co. Class A | 316 | 93 | ||||
F&G Annuities & Life Inc. | 2,023 | 57 | ||||
Corebridge Financial Inc. | 2,779 | 55 | ||||
Evercore Inc. Class A | 113 | 16 | ||||
Ares Management Corp. Class A | 140 | 14 | ||||
Cincinnati Financial Corp. | 125 | 13 | ||||
Unum Group | 264 | 13 | ||||
Axis Capital Holdings Ltd. | 190 | 11 | ||||
Bank OZK | 264 | 10 | ||||
Old Republic International Corp. | 371 | 10 | ||||
First American Financial Corp. | 166 | 9 | ||||
Prosperity Bancshares Inc. | 163 | 9 | ||||
Regions Financial Corp. | 466 | 8 | ||||
Carlyle Group Inc. | 269 | 8 | ||||
Franklin Resources Inc. | 280 | 7 | ||||
Synovus Financial Corp. | 234 | 7 | ||||
Invesco Ltd. | 453 | 7 | ||||
First Hawaiian Inc. | 319 | 6 | ||||
Virtu Financial Inc. Class A | 339 | 6 | ||||
Columbia Banking System Inc. | 232 | 5 | ||||
Comerica Inc. | 114 | 5 | ||||
Janus Henderson Group plc | 213 | 5 | ||||
AGNC Investment Corp. | 283 | 3 | ||||
Annaly Capital Management Inc. | 130 | 2 | ||||
Equitable Holdings Inc. | 2 | — | ||||
1,733,485 | ||||||
Health Care (12.4%) | ||||||
UnitedHealth Group Inc. | 385,951 | 194,593 | ||||
Eli Lilly & Co. | 350,302 | 188,158 | ||||
Johnson & Johnson | 917,275 | 142,866 | ||||
Merck & Co. Inc. | 982,793 | 101,179 | ||||
AbbVie Inc. | 626,702 | 93,416 | ||||
Thermo Fisher Scientific Inc. | 155,650 | 78,785 |
Shares | Market Value ($000) | |||||
Pfizer Inc. | 2,097,770 | 69,583 | ||||
Abbott Laboratories | 693,260 | 67,142 | ||||
Danaher Corp. | 259,597 | 64,406 | ||||
Amgen Inc. | 236,310 | 63,511 | ||||
Bristol-Myers Squibb Co. | 892,947 | 51,827 | ||||
Cigna Group | 156,932 | 44,894 | ||||
Elevance Health Inc. | 101,321 | 44,117 | ||||
Zoetis Inc. Class A | 245,316 | 42,680 | ||||
* | Intuitive Surgical Inc. | 144,524 | 42,243 | |||
* | Vertex Pharmaceuticals Inc. | 115,911 | 40,307 | |||
* | Boston Scientific Corp. | 745,087 | 39,341 | |||
Medtronic plc | 472,509 | 37,026 | ||||
* | Regeneron Pharmaceuticals Inc. | 43,969 | 36,185 | |||
Stryker Corp. | 125,199 | 34,213 | ||||
Gilead Sciences Inc. | 454,489 | 34,059 | ||||
Becton Dickinson & Co. | 124,469 | 32,179 | ||||
Humana Inc. | 62,904 | 30,604 | ||||
Agilent Technologies Inc. | 202,612 | 22,656 | ||||
HCA Healthcare Inc. | 87,355 | 21,488 | ||||
* | Biogen Inc. | 68,088 | 17,499 | |||
* | Edwards Lifesciences Corp. | 247,248 | 17,129 | |||
* | Centene Corp. | 231,661 | 15,957 | |||
* | IQVIA Holdings Inc. | 74,231 | 14,605 | |||
* | Charles River Laboratories International Inc. | 74,470 | 14,595 | |||
* | IDEXX Laboratories Inc. | 32,934 | 14,401 | |||
* | Seagen Inc. | 66,982 | 14,210 | |||
Laboratory Corp. of America Holdings | 68,185 | 13,709 | ||||
* | Moderna Inc. | 130,007 | 13,428 | |||
* | Dexcom Inc. | 143,156 | 13,356 | |||
Cooper Cos. Inc. | 40,909 | 13,009 | ||||
Cardinal Health Inc. | 140,982 | 12,240 | ||||
Bio-Techne Corp. | 179,780 | 12,238 | ||||
Revvity Inc. | 106,266 | 11,764 | ||||
* | Veeva Systems Inc. Class A | 53,563 | 10,897 | |||
Zimmer Biomet Holdings Inc. | 95,477 | 10,714 | ||||
* | Horizon Therapeutics plc | 90,775 | 10,502 | |||
GE HealthCare Technologies Inc. | 151,457 | 10,305 | ||||
Bruker Corp. | 164,181 | 10,228 | ||||
* | Alnylam Pharmaceuticals Inc. | 55,289 | 9,792 | |||
* | QIAGEN NV | 227,726 | 9,223 | |||
* | Hologic Inc. | 130,395 | 9,049 | |||
* | Henry Schein Inc. | 120,189 | 8,924 | |||
Quest Diagnostics Inc. | 69,413 | 8,459 | ||||
* | Align Technology Inc. | 27,285 | 8,331 | |||
* | Illumina Inc. | 60,634 | 8,324 | |||
* | Molina Healthcare Inc. | 24,479 | 8,026 | |||
Universal Health Services Inc. Class B | 59,942 | 7,536 | ||||
* | ICON plc | 29,602 | 7,289 | |||
Teleflex Inc. | 36,695 | 7,207 | ||||
STERIS plc | 31,012 | 6,805 | ||||
Baxter International Inc. | 180,128 | 6,798 | ||||
ResMed Inc. | 45,887 | 6,785 | ||||
West Pharmaceutical Services Inc. | 17,994 | 6,752 | ||||
* | BioMarin Pharmaceutical Inc. | 70,394 | 6,228 | |||
* | Sarepta Therapeutics Inc. | 46,100 | 5,588 | |||
* | Avantor Inc. | 249,262 | 5,254 | |||
* | Incyte Corp. | 88,883 | 5,135 | |||
* | United Therapeutics Corp. | 22,086 | 4,989 |
Shares | Market Value ($000) | |||||
* | Exact Sciences Corp. | 72,536 | 4,948 | |||
* | Bio-Rad Laboratories Inc. Class A | 11,752 | 4,212 | |||
* | Penumbra Inc. | 16,898 | 4,088 | |||
* | Insulet Corp. | 24,894 | 3,970 | |||
* | Ionis Pharmaceuticals Inc. | 86,428 | 3,920 | |||
* | Neurocrine Biosciences Inc. | 29,271 | 3,293 | |||
* | Repligen Corp. | 20,703 | 3,292 | |||
* | Acadia Healthcare Co. Inc. | 46,732 | 3,286 | |||
DENTSPLY SIRONA Inc. | 89,184 | 3,047 | ||||
* | DaVita Inc. | 31,396 | 2,968 | |||
* | Tenet Healthcare Corp. | 43,940 | 2,895 | |||
* | Exelixis Inc. | 131,511 | 2,874 | |||
* | Jazz Pharmaceuticals plc | 21,746 | 2,815 | |||
* | Catalent Inc. | 57,307 | 2,609 | |||
* | Shockwave Medical Inc. | 11,600 | 2,310 | |||
Viatris Inc. | 206,750 | 2,039 | ||||
* | Fortrea Holdings Inc. | 68,185 | 1,949 | |||
* | Natera Inc. | 43,881 | 1,942 | |||
* | Karuna Therapeutics Inc. | 10,300 | 1,742 | |||
* | Envista Holdings Corp. | 61,734 | 1,721 | |||
Organon & Co. | 98,840 | 1,716 | ||||
* | Inspire Medical Systems Inc. | 8,599 | 1,706 | |||
* | QuidelOrtho Corp. | 20,474 | 1,495 | |||
* | Elanco Animal Health Inc. | 131,740 | 1,481 | |||
* | Azenta Inc. | 28,867 | 1,449 | |||
Encompass Health Corp. | 21,067 | 1,415 | ||||
* | Masimo Corp. | 15,705 | 1,377 | |||
Royalty Pharma plc Class A | 49,228 | 1,336 | ||||
* | Amedisys Inc. | 13,268 | 1,239 | |||
* | Integra LifeSciences Holdings Corp. | 31,728 | 1,212 | |||
* | Globus Medical Inc. Class A | 23,719 | 1,178 | |||
* | Teladoc Health Inc. | 62,004 | 1,153 | |||
* | Apellis Pharmaceuticals Inc. | 29,400 | 1,118 | |||
* | Enovis Corp. | 21,071 | 1,111 | |||
Chemed Corp. | 1,985 | 1,032 | ||||
* | Ultragenyx Pharmaceutical Inc. | 28,677 | 1,022 | |||
* | agilon health Inc. | 57,247 | 1,017 | |||
* | Ginkgo Bioworks Holdings Inc. Class A | 339,520 | 615 | |||
* | ICU Medical Inc. | 4,530 | 539 | |||
* | Novocure Ltd. | 32,388 | 523 | |||
Premier Inc. Class A | 23,831 | 512 | ||||
* | Maravai LifeSciences Holdings Inc. Class A | 44,546 | 445 | |||
* | Mirati Therapeutics Inc. | 7,000 | 305 | |||
* | Tandem Diabetes Care Inc. | 13,826 | 287 | |||
Perrigo Co. plc | 4,469 | 143 | ||||
* | Zimvie Inc. | 7,776 | 73 | |||
* | Sotera Health Co. | 3,096 | 46 | |||
* | Certara Inc. | 3,035 | 44 | |||
2,100,247 | ||||||
Industrials (12.8%) | ||||||
Visa Inc. Class A | 683,104 | 157,121 | ||||
Mastercard Inc. Class A | 357,470 | 141,526 | ||||
Accenture plc Class A | 258,904 | 79,512 | ||||
Union Pacific Corp. | 254,904 | 51,906 | ||||
General Electric Co. | 454,373 | 50,231 | ||||
Caterpillar Inc. | 169,239 | 46,202 | ||||
* | Boeing Co. | 232,197 | 44,508 | |||
Old Dominion Freight Line Inc. | 106,305 | 43,494 |
Shares | Market Value ($000) | |||||
Honeywell International Inc. | 229,942 | 42,479 | ||||
American Express Co. | 264,257 | 39,425 | ||||
Deere & Co. | 95,500 | 36,040 | ||||
United Parcel Service Inc. Class B | 230,234 | 35,887 | ||||
* | Fiserv Inc. | 315,684 | 35,660 | |||
* | TransDigm Group Inc. | 40,774 | 34,378 | |||
RTX Corp. | 457,310 | 32,913 | ||||
Sherwin-Williams Co. | 123,560 | 31,514 | ||||
Cintas Corp. | 65,348 | 31,433 | ||||
Verisk Analytics Inc. Class A | 132,233 | 31,239 | ||||
Illinois Tool Works Inc. | 134,669 | 31,016 | ||||
Northrop Grumman Corp. | 67,694 | 29,798 | ||||
CSX Corp. | 953,551 | 29,322 | ||||
* | PayPal Holdings Inc. | 491,690 | 28,744 | |||
FedEx Corp. | 107,576 | 28,499 | ||||
Automatic Data Processing Inc. | 115,159 | 27,705 | ||||
Eaton Corp. plc | 129,381 | 27,594 | ||||
Parker-Hannifin Corp. | 64,817 | 25,248 | ||||
Global Payments Inc. | 214,821 | 24,788 | ||||
General Dynamics Corp. | 110,221 | 24,356 | ||||
* | Mettler-Toledo International Inc. | 21,427 | 23,743 | |||
Lockheed Martin Corp. | 56,668 | 23,175 | ||||
Norfolk Southern Corp. | 116,015 | 22,847 | ||||
AMETEK Inc. | 151,988 | 22,458 | ||||
Jacobs Solutions Inc. | 140,325 | 19,154 | ||||
Martin Marietta Materials Inc. | 46,278 | 18,996 | ||||
PACCAR Inc. | 217,746 | 18,513 | ||||
3M Co. | 192,318 | 18,005 | ||||
Vulcan Materials Co. | 87,751 | 17,727 | ||||
Carrier Global Corp. | 307,603 | 16,980 | ||||
* | Waters Corp. | 61,836 | 16,956 | |||
* | Keysight Technologies Inc. | 123,516 | 16,342 | |||
IDEX Corp. | 76,994 | 16,016 | ||||
WW Grainger Inc. | 22,844 | 15,804 | ||||
Emerson Electric Co. | 161,076 | 15,555 | ||||
Expeditors International of Washington Inc. | 132,919 | 15,237 | ||||
Carlisle Cos. Inc. | 56,515 | 14,652 | ||||
JB Hunt Transport Services Inc. | 77,704 | 14,649 | ||||
Eagle Materials Inc. | 87,864 | 14,631 | ||||
Lennox International Inc. | 38,471 | 14,405 | ||||
Landstar System Inc. | 77,810 | 13,768 | ||||
Owens Corning | 100,139 | 13,660 | ||||
L3Harris Technologies Inc. | 78,249 | 13,625 | ||||
Fidelity National Information Services Inc. | 244,766 | 13,528 | ||||
Equifax Inc. | 71,898 | 13,170 | ||||
Otis Worldwide Corp. | 154,499 | 12,408 | ||||
AGCO Corp. | 104,696 | 12,383 | ||||
Crown Holdings Inc. | 137,555 | 12,171 | ||||
Quanta Services Inc. | 63,452 | 11,870 | ||||
Cummins Inc. | 51,256 | 11,710 | ||||
Toro Co. | 140,216 | 11,652 | ||||
DuPont de Nemours Inc. | 153,582 | 11,456 | ||||
United Rentals Inc. | 24,859 | 11,052 | ||||
Fortive Corp. | 148,709 | 11,028 | ||||
Trane Technologies plc | 53,740 | 10,904 | ||||
Textron Inc. | 138,654 | 10,834 | ||||
BWX Technologies Inc. | 144,342 | 10,823 | ||||
Ball Corp. | 211,487 | 10,528 |
Shares | Market Value ($000) | |||||
* | Block Inc. Class A | 229,201 | 10,144 | |||
Capital One Financial Corp. | 101,944 | 9,894 | ||||
* | Zebra Technologies Corp. Class A | 36,966 | 8,744 | |||
Huntington Ingalls Industries Inc. | 42,737 | 8,743 | ||||
* | Teledyne Technologies Inc. | 20,579 | 8,408 | |||
Xylem Inc. | 89,582 | 8,155 | ||||
Ingersoll Rand Inc. | 127,975 | 8,155 | ||||
Rockwell Automation Inc. | 27,534 | 7,871 | ||||
Jack Henry & Associates Inc. | 51,317 | 7,756 | ||||
Westinghouse Air Brake Technologies Corp. | 72,508 | 7,705 | ||||
Oshkosh Corp. | 79,990 | 7,633 | ||||
* | FleetCor Technologies Inc. | 29,279 | 7,476 | |||
Graco Inc. | 99,359 | 7,241 | ||||
Genpact Ltd. | 194,732 | 7,049 | ||||
ITT Inc. | 69,239 | 6,779 | ||||
Robert Half Inc. | 91,429 | 6,700 | ||||
Armstrong World Industries Inc. | 91,138 | 6,562 | ||||
* | Builders FirstSource Inc. | 52,228 | 6,502 | |||
Valmont Industries Inc. | 26,229 | 6,300 | ||||
Synchrony Financial | 203,945 | 6,235 | ||||
PPG Industries Inc. | 46,985 | 6,099 | ||||
Donaldson Co. Inc. | 101,876 | 6,076 | ||||
Johnson Controls International plc | 110,027 | 5,855 | ||||
* | Axon Enterprise Inc. | 28,116 | 5,595 | |||
Dover Corp. | 40,038 | 5,586 | ||||
* | Fair Isaac Corp. | 6,340 | 5,506 | |||
Howmet Aerospace Inc. | 108,701 | 5,027 | ||||
Paychex Inc. | 40,215 | 4,638 | ||||
HEICO Corp. | 28,466 | 4,609 | ||||
* | Saia Inc. | 11,157 | 4,448 | |||
Packaging Corp. of America | 27,608 | 4,239 | ||||
EMCOR Group Inc. | 19,710 | 4,147 | ||||
MSC Industrial Direct Co. Inc. Class A | 41,833 | 4,106 | ||||
ManpowerGroup Inc. | 52,638 | 3,859 | ||||
Allison Transmission Holdings Inc. | 63,742 | 3,765 | ||||
* | XPO Inc. | 48,153 | 3,595 | |||
* | WillScot Mobile Mini Holdings Corp. | 86,113 | 3,581 | |||
AECOM | 42,351 | 3,517 | ||||
Flowserve Corp. | 88,132 | 3,505 | ||||
* | Trimble Inc. | 64,624 | 3,481 | |||
Tetra Tech Inc. | 22,037 | 3,350 | ||||
Berry Global Group Inc. | 52,116 | 3,227 | ||||
* | Paylocity Holding Corp. | 17,759 | 3,227 | |||
* | BILL Holdings Inc. | 29,578 | 3,211 | |||
Curtiss-Wright Corp. | 16,014 | 3,133 | ||||
Woodward Inc. | 24,846 | 3,087 | ||||
Sealed Air Corp. | 92,139 | 3,028 | ||||
CH Robinson Worldwide Inc. | 34,925 | 3,008 | ||||
Advanced Drainage Systems Inc. | 26,160 | 2,978 | ||||
* | Trex Co. Inc. | 45,683 | 2,815 | |||
* | Generac Holdings Inc. | 25,765 | 2,807 | |||
WESCO International Inc. | 18,606 | 2,676 | ||||
* | GXO Logistics Inc. | 43,966 | 2,579 | |||
* | Mohawk Industries Inc. | 29,588 | 2,539 | |||
Stanley Black & Decker Inc. | 29,402 | 2,457 | ||||
* | Axalta Coating Systems Ltd. | 91,354 | 2,457 | |||
Nordson Corp. | 9,571 | 2,136 | ||||
* | FTI Consulting Inc. | 11,497 | 2,051 |
Shares | Market Value ($000) | |||||
* | WEX Inc. | 9,801 | 1,843 | |||
Vontier Corp. | 59,035 | 1,825 | ||||
Crane Co. | 20,174 | 1,792 | ||||
* | MasTec Inc. | 24,670 | 1,775 | |||
Sensata Technologies Holding plc | 45,484 | 1,720 | ||||
Hubbell Inc. Class B | 5,281 | 1,655 | ||||
* | Middleby Corp. | 12,825 | 1,642 | |||
* | Kirby Corp. | 19,315 | 1,599 | |||
MDU Resources Group Inc. | 80,878 | 1,584 | ||||
* | Euronet Worldwide Inc. | 19,654 | 1,560 | |||
Esab Corp. | 21,096 | 1,481 | ||||
Acuity Brands Inc. | 8,642 | 1,472 | ||||
* | Affirm Holdings Inc. Class A | 69,033 | 1,468 | |||
Pentair plc | 21,676 | 1,404 | ||||
* | TopBuild Corp. | 5,521 | 1,389 | |||
TransUnion | 18,646 | 1,339 | ||||
Regal Rexnord Corp. | 9,368 | 1,338 | ||||
* | AZEK Co. Inc. Class A | 44,473 | 1,323 | |||
Allegion plc | 12,560 | 1,309 | ||||
* | Shift4 Payments Inc. Class A | 23,067 | 1,277 | |||
Lincoln Electric Holdings Inc. | 6,990 | 1,271 | ||||
Cognex Corp. | 29,135 | 1,236 | ||||
Fortune Brands Innovations Inc. | 19,846 | 1,234 | ||||
nVent Electric plc | 22,427 | 1,188 | ||||
MSA Safety Inc. | 6,608 | 1,042 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 20,258 | 1,016 | ||||
A O Smith Corp. | 15,254 | 1,009 | ||||
* | Knife River Corp. | 20,219 | 987 | |||
Booz Allen Hamilton Holding Corp. Class A | 8,916 | 974 | ||||
* | Mercury Systems Inc. | 23,195 | 860 | |||
Graphic Packaging Holding Co. | 33,842 | 754 | ||||
* | Spirit AeroSystems Holdings Inc. Class A | 45,036 | 727 | |||
RPM International Inc. | 5,644 | 535 | ||||
MKS Instruments Inc. | 5,873 | 508 | ||||
Silgan Holdings Inc. | 11,464 | 494 | ||||
Littelfuse Inc. | 1,812 | 448 | ||||
AptarGroup Inc. | 3,262 | 408 | ||||
* | Gates Industrial Corp. plc | 31,536 | 366 | |||
Brunswick Corp. | 3,917 | 309 | ||||
Sonoco Products Co. | 2,778 | 151 | ||||
HEICO Corp. Class A | 992 | 128 | ||||
* | Core & Main Inc. Class A | 2,932 | 85 | |||
Ardagh Metal Packaging SA | 23,385 | 73 | ||||
* | Hayward Holdings Inc. | 4,948 | 70 | |||
* | RXO Inc. | 2,671 | 53 | |||
Schneider National Inc. Class B | 995 | 28 | ||||
Watsco Inc. | 47 | 18 | ||||
Air Lease Corp. Class A | 423 | 17 | ||||
Louisiana-Pacific Corp. | 303 | 17 | ||||
Masco Corp. | 287 | 15 | ||||
Snap-on Inc. | 60 | 15 | ||||
Ryder System Inc. | 128 | 14 | ||||
ADT Inc. | 2,106 | 13 | ||||
Westrock Co. | 333 | 12 | ||||
Crane NXT Co. | 164 | 9 | ||||
Amcor plc | 685 | 6 | ||||
Western Union Co. | 339 | 4 |
Shares | Market Value ($000) | |||||
* | Masterbrand Inc. | 261 | 3 | |||
*,1 | GCI Liberty Inc. | 58,613 | — | |||
2,157,897 | ||||||
Real Estate (2.6%) | ||||||
Prologis Inc. | 403,489 | 45,275 | ||||
American Tower Corp. | 205,690 | 33,826 | ||||
Equinix Inc. | 39,638 | 28,787 | ||||
SBA Communications Corp. Class A | 104,615 | 20,941 | ||||
* | CBRE Group Inc. Class A | 263,149 | 19,436 | |||
Public Storage | 66,240 | 17,456 | ||||
Welltower Inc. | 210,933 | 17,280 | ||||
Crown Castle Inc. | 164,987 | 15,184 | ||||
* | CoStar Group Inc. | 189,045 | 14,536 | |||
Digital Realty Trust Inc. | 110,826 | 13,412 | ||||
Extra Space Storage Inc. | 105,773 | 12,860 | ||||
Equity LifeStyle Properties Inc. | 192,195 | 12,245 | ||||
American Homes 4 Rent Class A | 342,614 | 11,543 | ||||
Weyerhaeuser Co. | 354,822 | 10,879 | ||||
AvalonBay Communities Inc. | 62,823 | 10,789 | ||||
VICI Properties Inc. Class A | 348,140 | 10,131 | ||||
Invitation Homes Inc. | 301,513 | 9,555 | ||||
Simon Property Group Inc. | 82,364 | 8,898 | ||||
Realty Income Corp. | 177,321 | 8,855 | ||||
Equity Residential | 146,175 | 8,582 | ||||
Mid-America Apartment Communities Inc. | 62,574 | 8,050 | ||||
Ventas Inc. | 168,878 | 7,115 | ||||
Alexandria Real Estate Equities Inc. | 70,540 | 7,061 | ||||
Essex Property Trust Inc. | 32,068 | 6,801 | ||||
* | Jones Lang LaSalle Inc. | 47,645 | 6,727 | |||
Sun Communities Inc. | 52,146 | 6,171 | ||||
* | Howard Hughes Holdings Inc. | 69,984 | 5,188 | |||
* | Zillow Group Inc. Class C | 108,338 | 5,001 | |||
Host Hotels & Resorts Inc. | 299,986 | 4,821 | ||||
Americold Realty Trust Inc. | 157,485 | 4,789 | ||||
EastGroup Properties Inc. | 26,627 | 4,434 | ||||
Rexford Industrial Realty Inc. | 87,828 | 4,334 | ||||
UDR Inc. | 116,501 | 4,156 | ||||
Lamar Advertising Co. Class A | 49,778 | 4,155 | ||||
Camden Property Trust | 43,841 | 4,146 | ||||
* | Zillow Group Inc. Class A | 91,767 | 4,110 | |||
First Industrial Realty Trust Inc. | 82,530 | 3,928 | ||||
Vornado Realty Trust | 167,394 | 3,796 | ||||
Kimco Realty Corp. | 183,756 | 3,232 | ||||
CubeSmart | 76,750 | 2,926 | ||||
Healthcare Realty Trust Inc. Class A | 160,468 | 2,450 | ||||
Apartment Income REIT Corp. Class A | 62,841 | 1,929 | ||||
Park Hotels & Resorts Inc. | 144,355 | 1,778 | ||||
Rayonier Inc. | 62,009 | 1,765 | ||||
Kilroy Realty Corp. | 46,946 | 1,484 | ||||
Iron Mountain Inc. | 23,721 | 1,410 | ||||
EPR Properties | 30,812 | 1,280 | ||||
Medical Properties Trust Inc. | 227,761 | 1,241 | ||||
Cousins Properties Inc. | 58,986 | 1,202 | ||||
Federal Realty Investment Trust | 8,239 | 747 | ||||
Douglas Emmett Inc. | 5,620 | 72 | ||||
Regency Centers Corp. | 135 | 8 | ||||
Brixmor Property Group Inc. | 356 | 7 | ||||
Gaming & Leisure Properties Inc. | 124 | 6 |
Shares | Market Value ($000) | |||||
NNN REIT Inc. | 158 | 6 | ||||
Boston Properties Inc. | 87 | 5 | ||||
Healthpeak Properties Inc. | 291 | 5 | ||||
Spirit Realty Capital Inc. | 144 | 5 | ||||
Highwoods Properties Inc. | 172 | 4 | ||||
Omega Healthcare Investors Inc. | 127 | 4 | ||||
WP Carey Inc. | 82 | 4 | ||||
446,823 | ||||||
Technology (30.5%) | ||||||
Apple Inc. | 6,334,840 | 1,084,588 | ||||
Microsoft Corp. | 3,147,464 | 993,812 | ||||
NVIDIA Corp. | 1,004,904 | 437,123 | ||||
* | Alphabet Inc. Class A | 2,512,460 | 328,781 | |||
* | Alphabet Inc. Class C | 2,181,014 | 287,567 | |||
* | Meta Platforms Inc. Class A | 936,566 | 281,166 | |||
Broadcom Inc. | 135,837 | 112,823 | ||||
* | Adobe Inc. | 196,695 | 100,295 | |||
* | Salesforce Inc. | 400,312 | 81,175 | |||
Oracle Corp. | 657,786 | 69,673 | ||||
* | Advanced Micro Devices Inc. | 663,432 | 68,214 | |||
Applied Materials Inc. | 484,963 | 67,143 | ||||
* | Cadence Design Systems Inc. | 271,655 | 63,649 | |||
Intuit Inc. | 123,342 | 63,020 | ||||
* | Synopsys Inc. | 133,031 | 61,057 | |||
Texas Instruments Inc. | 356,982 | 56,764 | ||||
Intel Corp. | 1,551,541 | 55,157 | ||||
Lam Research Corp. | 85,570 | 53,633 | ||||
QUALCOMM Inc. | 456,665 | 50,717 | ||||
* | ServiceNow Inc. | 80,391 | 44,935 | |||
KLA Corp. | 90,136 | 41,342 | ||||
International Business Machines Corp. | 263,114 | 36,915 | ||||
Analog Devices Inc. | 179,001 | 31,341 | ||||
Amphenol Corp. Class A | 346,011 | 29,061 | ||||
Micron Technology Inc. | 414,454 | 28,195 | ||||
* | Palo Alto Networks Inc. | 119,784 | 28,082 | |||
* | Autodesk Inc. | 133,680 | 27,660 | |||
* | Fortinet Inc. | 441,595 | 25,913 | |||
Roper Technologies Inc. | 52,739 | 25,540 | ||||
Teradyne Inc. | 218,782 | 21,979 | ||||
* | Snowflake Inc. Class A | 127,284 | 19,445 | |||
Marvell Technology Inc. | 330,308 | 17,880 | ||||
* | Workday Inc. Class A | 79,539 | 17,089 | |||
* | ON Semiconductor Corp. | 180,561 | 16,783 | |||
Cognizant Technology Solutions Corp. Class A | 235,083 | 15,925 | ||||
* | Gartner Inc. | 44,914 | 15,433 | |||
* | VMware Inc. Class A | 86,975 | 14,480 | |||
* | Crowdstrike Holdings Inc. Class A | 82,421 | 13,796 | |||
Corning Inc. | 449,200 | 13,687 | ||||
* | Arrow Electronics Inc. | 103,474 | 12,959 | |||
Hewlett Packard Enterprise Co. | 712,810 | 12,381 | ||||
* | Atlassian Corp. Class A | 54,443 | 10,971 | |||
NetApp Inc. | 137,113 | 10,404 | ||||
* | Palantir Technologies Inc. Class A | 629,028 | 10,064 | |||
Microchip Technology Inc. | 126,882 | 9,903 | ||||
* | DoorDash Inc. Class A | 121,045 | 9,619 | |||
* | Datadog Inc. Class A | 105,235 | 9,586 | |||
* | ANSYS Inc. | 31,274 | 9,306 | |||
Dolby Laboratories Inc. Class A | 116,172 | 9,208 |
Shares | Market Value ($000) | |||||
* | MongoDB Inc. Class A | 26,442 | 9,145 | |||
* | HubSpot Inc. | 18,185 | 8,956 | |||
* | Splunk Inc. | 58,261 | 8,521 | |||
* | VeriSign Inc. | 41,429 | 8,391 | |||
HP Inc. | 314,733 | 8,089 | ||||
Monolithic Power Systems Inc. | 15,563 | 7,190 | ||||
* | PTC Inc. | 48,291 | 6,842 | |||
* | Pinterest Inc. Class A | 251,046 | 6,786 | |||
* | Manhattan Associates Inc. | 33,371 | 6,596 | |||
* | Akamai Technologies Inc. | 59,114 | 6,298 | |||
* | Western Digital Corp. | 131,077 | 5,981 | |||
* | Cloudflare Inc. Class A | 92,501 | 5,831 | |||
* | Zoom Video Communications Inc. Class A | 78,400 | 5,483 | |||
Jabil Inc. | 42,664 | 5,414 | ||||
Paycom Software Inc. | 20,709 | 5,369 | ||||
Dell Technologies Inc. Class C | 75,945 | 5,233 | ||||
Vertiv Holdings Co. Class A | 140,567 | 5,229 | ||||
Avnet Inc. | 106,031 | 5,110 | ||||
* | Zscaler Inc. | 31,649 | 4,924 | |||
SS&C Technologies Holdings Inc. | 92,885 | 4,880 | ||||
* | GoDaddy Inc. Class A | 65,133 | 4,851 | |||
* | Lattice Semiconductor Corp. | 56,117 | 4,822 | |||
Gen Digital Inc. | 267,673 | 4,732 | ||||
* | EPAM Systems Inc. | 18,415 | 4,709 | |||
* | Match Group Inc. | 117,786 | 4,614 | |||
* | Ceridian HCM Holding Inc. | 62,043 | 4,210 | |||
* | Dynatrace Inc. | 88,810 | 4,150 | |||
Entegris Inc. | 43,689 | 4,103 | ||||
* | F5 Inc. | 25,465 | 4,103 | |||
* | Qorvo Inc. | 38,017 | 3,629 | |||
CDW Corp. | 17,522 | 3,535 | ||||
* | Tyler Technologies Inc. | 9,077 | 3,505 | |||
KBR Inc. | 56,846 | 3,350 | ||||
Skyworks Solutions Inc. | 31,988 | 3,154 | ||||
* | Guidewire Software Inc. | 34,659 | 3,119 | |||
* | NCR Corp. | 99,313 | 2,678 | |||
* | CACI International Inc. Class A | 8,282 | 2,600 | |||
* | Okta Inc. Class A | 30,391 | 2,477 | |||
* | Aspen Technology Inc. | 11,948 | 2,440 | |||
Universal Display Corp. | 15,466 | 2,428 | ||||
* | Teradata Corp. | 52,950 | 2,384 | |||
Leidos Holdings Inc. | 25,301 | 2,332 | ||||
* | Twilio Inc. Class A | 38,961 | 2,280 | |||
* | Pure Storage Inc. Class A | 63,380 | 2,258 | |||
* | IAC Inc. | 44,781 | 2,256 | |||
* | Globant SA | 9,758 | 1,931 | |||
* | ZoomInfo Technologies Inc. Class A | 114,204 | 1,873 | |||
* | DXC Technology Co. | 79,394 | 1,654 | |||
* | AppLovin Corp. Class A | 39,854 | 1,593 | |||
* | DocuSign Inc. Class A | 37,710 | 1,584 | |||
* | Wolfspeed Inc. | 41,213 | 1,570 | |||
* | Nutanix Inc. Class A | 42,407 | 1,479 | |||
Concentrix Corp. | 18,459 | 1,479 | ||||
* | Unity Software Inc. | 43,089 | 1,353 | |||
* | Clarivate plc | 190,230 | 1,276 | |||
Bentley Systems Inc. Class B | 24,059 | 1,207 | ||||
* | IPG Photonics Corp. | 10,945 | 1,111 | |||
Science Applications International Corp. | 9,890 | 1,044 |
Shares | Market Value ($000) | |||||
Dun & Bradstreet Holdings Inc. | 104,194 | 1,041 | ||||
Amdocs Ltd. | 12,261 | 1,036 | ||||
* | Kyndryl Holdings Inc. | 63,602 | 960 | |||
* | Toast Inc. Class A | 50,678 | 949 | |||
* | Alteryx Inc. Class A | 24,065 | 907 | |||
* | DoubleVerify Holdings Inc. | 31,041 | 868 | |||
* | Five9 Inc. | 12,094 | 778 | |||
* | Allegro MicroSystems Inc. | 23,935 | 764 | |||
* | Dropbox Inc. Class A | 17,999 | 490 | |||
* | Elastic NV | 4,330 | 352 | |||
* | Coherent Corp. | 9,230 | 301 | |||
* | Smartsheet Inc. Class A | 6,965 | 282 | |||
* | RingCentral Inc. Class A | 7,454 | 221 | |||
Pegasystems Inc. | 4,160 | 181 | ||||
* | Vimeo Inc. | 38,120 | 135 | |||
* | New Relic Inc. | 1,139 | 98 | |||
* | Cirrus Logic Inc. | 1,137 | 84 | |||
* | Procore Technologies Inc. | 1,058 | 69 | |||
* | Informatica Inc. Class A | 2,356 | 50 | |||
* | GLOBALFOUNDRIES Inc. | 864 | 50 | |||
* | Paycor HCM Inc. | 1,956 | 45 | |||
* | nCino Inc. | 1,324 | 42 | |||
TD SYNNEX Corp. | 281 | 28 | ||||
National Instruments Corp. | 281 | 17 | ||||
* | Klaviyo Inc. Class A | 357 | 12 | |||
* | Maplebear Inc. | 89 | 3 | |||
5,150,143 | ||||||
Telecommunications (2.2%) | ||||||
Cisco Systems Inc. | 1,586,308 | 85,280 | ||||
Comcast Corp. Class A | 1,748,872 | 77,545 | ||||
Verizon Communications Inc. | 1,608,258 | 52,124 | ||||
AT&T Inc. | 2,534,393 | 38,067 | ||||
* | T-Mobile US Inc. | 269,307 | 37,716 | |||
* | Charter Communications Inc. Class A | 43,344 | 19,064 | |||
* | Arista Networks Inc. | 100,496 | 18,484 | |||
Motorola Solutions Inc. | 40,433 | 11,007 | ||||
Juniper Networks Inc. | 274,434 | 7,627 | ||||
* | Liberty Broadband Corp. Class C | 49,208 | 4,494 | |||
* | Roku Inc. Class A | 49,590 | 3,501 | |||
* | Ciena Corp. | 47,751 | 2,257 | |||
* | Frontier Communications Parent Inc. | 101,230 | 1,584 | |||
Cable One Inc. | 2,422 | 1,491 | ||||
* | Lumentum Holdings Inc. | 28,695 | 1,296 | |||
* | Liberty Broadband Corp. Class A | 10,684 | 971 | |||
* | DISH Network Corp. Class A | 102,301 | 599 | |||
* | Viasat Inc. | 31,710 | 585 | |||
Ubiquiti Inc. | 102 | 15 | ||||
363,707 | ||||||
Utilities (2.5%) | ||||||
NextEra Energy Inc. | 845,261 | 48,425 | ||||
Duke Energy Corp. | 309,026 | 27,275 | ||||
Waste Management Inc. | 171,073 | 26,078 | ||||
* | PG&E Corp. | 1,584,081 | 25,551 | |||
Southern Co. | 338,705 | 21,921 | ||||
Sempra | 266,060 | 18,100 | ||||
WEC Energy Group Inc. | 199,959 | 16,107 | ||||
Constellation Energy Corp. | 144,015 | 15,709 |
Shares | Market Value ($000) | |||||
American Water Works Co. Inc. | 123,293 | 15,267 | ||||
Exelon Corp. | 386,906 | 14,621 | ||||
Dominion Energy Inc. | 324,271 | 14,485 | ||||
Atmos Energy Corp. | 129,145 | 13,680 | ||||
Xcel Energy Inc. | 232,918 | 13,328 | ||||
Consolidated Edison Inc. | 133,236 | 11,396 | ||||
CMS Energy Corp. | 212,061 | 11,263 | ||||
American Electric Power Co. Inc. | 135,933 | 10,225 | ||||
Eversource Energy | 172,448 | 10,028 | ||||
Edison International | 139,937 | 8,857 | ||||
Public Service Enterprise Group Inc. | 151,716 | 8,634 | ||||
Ameren Corp. | 110,685 | 8,283 | ||||
DTE Energy Co. | 80,769 | 8,019 | ||||
FirstEnergy Corp. | 215,613 | 7,370 | ||||
CenterPoint Energy Inc. | 266,739 | 7,162 | ||||
NiSource Inc. | 277,058 | 6,838 | ||||
Essential Utilities Inc. | 194,378 | 6,673 | ||||
AES Corp. | 385,856 | 5,865 | ||||
Republic Services Inc. Class A | 32,062 | 4,569 | ||||
Alliant Energy Corp. | 92,022 | 4,458 | ||||
Entergy Corp. | 43,203 | 3,996 | ||||
NRG Energy Inc. | 99,120 | 3,818 | ||||
* | Clean Harbors Inc. | 20,775 | 3,477 | |||
Evergy Inc. | 67,666 | 3,431 | ||||
PPL Corp. | 123,450 | 2,908 | ||||
IDACORP Inc. | 21,330 | 1,997 | ||||
UGI Corp. | 83,440 | 1,919 | ||||
National Fuel Gas Co. | 36,286 | 1,884 | ||||
* | Stericycle Inc. | 38,899 | 1,739 | |||
* | Sunrun Inc. | 48,098 | 604 | |||
Vistra Corp. | 465 | 15 | ||||
Pinnacle West Capital Corp. | 103 | 8 | ||||
OGE Energy Corp. | 211 | 7 | ||||
Avangrid Inc. | 198 | 6 | ||||
Brookfield Renewable Corp. Class A | 262 | 6 | ||||
Hawaiian Electric Industries Inc. | 253 | 3 | ||||
416,005 | ||||||
Total Common Stocks (Cost $6,042,837) | 16,821,040 | |||||
Preferred Stocks (0.0%) | ||||||
Qurate Retail Inc. Pfd., 8.000%, 9/15/25 (Cost $188) | 5,192 | 149 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (0.3%) | ||||||
Money Market Fund (0.3%) | ||||||
2 | Vanguard Market Liquidity Fund (Cost $54,319) | 5.391% | 543,320 | 54,327 | ||
Total Investments (99.9%) (Cost $6,097,344) | 16,875,516 | |||||
Other Assets and Liabilities—Net (0.1%) | 15,176 | |||||
Net Assets (100%) | 16,890,692 |
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 2023 | 320 | 69,208 | (2,479) |
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.
The following table summarizes the market value of the fund's investments and derivatives as of September 30, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 16,821,040 | — | — | 16,821,040 |
Preferred Stocks | 149 | — | — | 149 |
Temporary Cash Investments | 54,327 | — | — | 54,327 |
Total | 16,875,516 | — | — | 16,875,516 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 2,479 | — | — | 2,479 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |