Vanguard® Tax-Managed Capital Appreciation Fund
Schedule of Investments (unaudited)
As of March 31, 2024
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 (99.1%) | ||||||
| Basic Materials (1.7%) | ||||||
| Linde plc | 205,547 | 95,440 | ||||
| Freeport-McMoRan Inc. | 587,143 | 27,607 | ||||
| Ecolab Inc. | 113,298 | 26,160 | ||||
| Fastenal Co. | 261,986 | 20,210 | ||||
| Southern Copper Corp. | 151,825 | 16,172 | ||||
| Celanese Corp. Class A | 91,133 | 15,662 | ||||
| Air Products and Chemicals Inc. | 63,253 | 15,324 | ||||
| Reliance Inc. | 43,502 | 14,537 | ||||
| Nucor Corp. | 71,100 | 14,071 | ||||
| LyondellBasell Industries NV Class A | 122,525 | 12,532 | ||||
| Alcoa Corp. | 363,851 | 12,295 | ||||
| Albemarle Corp. | 92,422 | 12,176 | ||||
| Newmont Corp. | 308,907 | 11,071 | ||||
| Steel Dynamics Inc. | 59,902 | 8,879 | ||||
| * | Cleveland-Cliffs Inc. | 373,692 | 8,498 | |||
| Mosaic Co. | 259,163 | 8,412 | ||||
| FMC Corp. | 130,447 | 8,309 | ||||
| Dow Inc. | 121,066 | 7,013 | ||||
| Element Solutions Inc. | 178,298 | 4,454 | ||||
| * | MP Materials Corp. | 272,293 | 3,894 | |||
| Scotts Miracle-Gro Co. | 48,965 | 3,652 | ||||
| * | RBC Bearings Inc. | 12,972 | 3,507 | |||
| Westlake Corp. | 18,022 | 2,754 | ||||
| CF Industries Holdings Inc. | 31,726 | 2,640 | ||||
| Hexcel Corp. | 34,752 | 2,532 | ||||
| Eastman Chemical Co. | 18,581 | 1,862 | ||||
| Avery Dennison Corp. | 7,027 | 1,569 | ||||
| International Paper Co. | 35,745 | 1,395 | ||||
| United States Steel Corp. | 24,784 | 1,011 | ||||
| Royal Gold Inc. | 7,388 | 900 | ||||
| Ashland Inc. | 2,950 | 287 | ||||
| Sylvamo Corp. | 3,516 | 217 | ||||
| International Flavors & Fragrances Inc. | 2,172 | 187 | ||||
| NewMarket Corp. | 39 | 25 | ||||
| * | Valvoline Inc. | 549 | 24 | |||
| Timken Co. | 248 | 22 | ||||
| 365,300 | ||||||
| Consumer Discretionary (14.4%) | ||||||
| * | Amazon.com Inc. | 3,883,082 | 700,430 | |||
| * | Tesla Inc. | 920,445 | 161,805 | |||
| Home Depot Inc. | 401,901 | 154,169 | ||||
| Shares | Market Value ($000) | |||||
| Costco Wholesale Corp. | 187,416 | 137,307 | ||||
| * | Netflix Inc. | 192,266 | 116,769 | |||
| Walmart Inc. | 1,804,989 | 108,606 | ||||
| Walt Disney Co. | 879,684 | 107,638 | ||||
| McDonald's Corp. | 277,959 | 78,371 | ||||
| Lowe's Cos. Inc. | 281,040 | 71,589 | ||||
| * | Uber Technologies Inc. | 826,441 | 63,628 | |||
| * | Copart Inc. | 1,059,800 | 61,384 | |||
| Booking Holdings Inc. | 14,501 | 52,608 | ||||
| * | O'Reilly Automotive Inc. | 42,777 | 48,290 | |||
| * | AutoZone Inc. | 14,067 | 44,334 | |||
| Marriott International Inc. Class A | 175,639 | 44,315 | ||||
| Starbucks Corp. | 470,271 | 42,978 | ||||
| NIKE Inc. Class B | 451,419 | 42,424 | ||||
| TJX Cos. Inc. | 408,488 | 41,429 | ||||
| General Motors Co. | 820,248 | 37,198 | ||||
| DR Horton Inc. | 212,890 | 35,031 | ||||
| * | Chipotle Mexican Grill Inc. Class A | 10,692 | 31,079 | |||
| Ross Stores Inc. | 204,421 | 30,001 | ||||
| Target Corp. | 161,353 | 28,593 | ||||
| * | NVR Inc. | 3,373 | 27,321 | |||
| PulteGroup Inc. | 218,687 | 26,378 | ||||
| * | Airbnb Inc. Class A | 157,970 | 26,059 | |||
| * | Dollar Tree Inc. | 181,078 | 24,111 | |||
| Lennar Corp. Class A | 130,676 | 22,474 | ||||
| Tempur Sealy International Inc. | 387,514 | 22,019 | ||||
| * | Aptiv plc | 245,816 | 19,579 | |||
| Yum! Brands Inc. | 140,313 | 19,454 | ||||
| Hilton Worldwide Holdings Inc. | 85,474 | 18,232 | ||||
| * | Spotify Technology SA | 68,431 | 18,059 | |||
| eBay Inc. | 341,246 | 18,011 | ||||
| Estee Lauder Cos. Inc. Class A | 115,727 | 17,839 | ||||
| PVH Corp. | 110,051 | 15,474 | ||||
| Electronic Arts Inc. | 113,009 | 14,993 | ||||
| Delta Air Lines Inc. | 307,256 | 14,708 | ||||
| * | Lululemon Athletica Inc. | 37,140 | 14,509 | |||
| * | United Airlines Holdings Inc. | 292,487 | 14,004 | |||
| * | Royal Caribbean Cruises Ltd. | 97,212 | 13,513 | |||
| * | CarMax Inc. | 146,898 | 12,796 | |||
| * | Live Nation Entertainment Inc. | 119,200 | 12,608 | |||
| * | AutoNation Inc. | 76,111 | 12,602 | |||
| * | Capri Holdings Ltd. | 274,026 | 12,413 | |||
| Hyatt Hotels Corp. Class A | 76,726 | 12,247 | ||||
| Toll Brothers Inc. | 93,872 | 12,144 | ||||
| Dollar General Corp. | 75,781 | 11,826 | ||||
| Darden Restaurants Inc. | 68,471 | 11,445 | ||||
| * | Take-Two Interactive Software Inc. | 74,618 | 11,080 | |||
| Gentex Corp. | 304,013 | 10,981 | ||||
| * | Expedia Group Inc. | 66,774 | 9,198 | |||
| Interpublic Group of Cos. Inc. | 260,110 | 8,487 | ||||
| Southwest Airlines Co. | 282,052 | 8,233 | ||||
| Las Vegas Sands Corp. | 157,379 | 8,136 | ||||
| Omnicom Group Inc. | 83,383 | 8,068 | ||||
| * | Ulta Beauty Inc. | 15,005 | 7,846 | |||
| * | MGM Resorts International | 163,296 | 7,709 | |||
| * | Floor & Decor Holdings Inc. Class A | 53,322 | 6,912 | |||
| * | Liberty Media Corp.-Liberty Formula One Class C | 102,072 | 6,696 | |||
| * | Deckers Outdoor Corp. | 6,986 | 6,576 | |||
| Shares | Market Value ($000) | |||||
| * | Burlington Stores Inc. | 28,282 | 6,567 | |||
| * | BJ's Wholesale Club Holdings Inc. | 82,951 | 6,275 | |||
| * | Etsy Inc. | 85,596 | 5,882 | |||
| Tractor Supply Co. | 21,460 | 5,616 | ||||
| * | Norwegian Cruise Line Holdings Ltd. | 265,895 | 5,565 | |||
| * | American Airlines Group Inc. | 356,238 | 5,468 | |||
| * | Alaska Air Group Inc. | 119,497 | 5,137 | |||
| * | DraftKings Inc. Class A | 111,122 | 5,046 | |||
| Hasbro Inc. | 77,134 | 4,360 | ||||
| Ralph Lauren Corp. Class A | 23,166 | 4,350 | ||||
| Wynn Resorts Ltd. | 42,329 | 4,327 | ||||
| * | Crocs Inc. | 29,940 | 4,305 | |||
| News Corp. Class A | 153,012 | 4,006 | ||||
| * | Coty Inc. Class A | 334,341 | 3,999 | |||
| * | Skechers USA Inc. Class A | 64,614 | 3,958 | |||
| BorgWarner Inc. | 113,602 | 3,947 | ||||
| * | Carnival Corp. | 241,432 | 3,945 | |||
| * | Liberty Media Corp.-Liberty SiriusXM | 128,394 | 3,815 | |||
| Advance Auto Parts Inc. | 44,269 | 3,767 | ||||
| * | TripAdvisor Inc. | 133,925 | 3,722 | |||
| * | Five Below Inc. | 20,096 | 3,645 | |||
| * | Liberty Media Corp.-Liberty SiriusXM Class A | 122,436 | 3,636 | |||
| * | SiteOne Landscape Supply Inc. | 20,508 | 3,580 | |||
| Lear Corp. | 24,522 | 3,553 | ||||
| * | Liberty Media Corp.-Liberty Formula One Class A | 60,489 | 3,553 | |||
| Best Buy Co. Inc. | 41,815 | 3,430 | ||||
| * | Bright Horizons Family Solutions Inc. | 30,211 | 3,425 | |||
| Vail Resorts Inc. | 15,007 | 3,344 | ||||
| * | ROBLOX Corp. Class A | 83,801 | 3,200 | |||
| LKQ Corp. | 59,159 | 3,160 | ||||
| * | Trade Desk Inc. Class A | 36,032 | 3,150 | |||
| * | Peloton Interactive Inc. Class A | 730,230 | 3,129 | |||
| * | Under Armour Inc. Class C | 424,739 | 3,033 | |||
| * | Warner Bros Discovery Inc. | 343,907 | 3,002 | |||
| New York Times Co. Class A | 68,276 | 2,951 | ||||
| RB Global Inc. | 38,717 | 2,949 | ||||
| Pool Corp. | 7,246 | 2,924 | ||||
| U-Haul Holding Co. (XNYS) | 39,075 | 2,606 | ||||
| * | Grand Canyon Education Inc. | 18,705 | 2,548 | |||
| * | Planet Fitness Inc. Class A | 40,472 | 2,535 | |||
| Williams-Sonoma Inc. | 7,893 | 2,506 | ||||
| * | Ollie's Bargain Outlet Holdings Inc. | 31,452 | 2,503 | |||
| Nexstar Media Group Inc. Class A | 14,455 | 2,490 | ||||
| Genuine Parts Co. | 15,989 | 2,477 | ||||
| * | Penn Entertainment Inc. | 135,489 | 2,467 | |||
| Domino's Pizza Inc. | 4,900 | 2,435 | ||||
| Harley-Davidson Inc. | 54,931 | 2,403 | ||||
| Polaris Inc. | 23,114 | 2,314 | ||||
| * | Petco Health & Wellness Co. Inc. Class A | 972,583 | 2,217 | |||
| * | Mattel Inc. | 111,801 | 2,215 | |||
| * | Lyft Inc. Class A | 108,474 | 2,099 | |||
| * | QuantumScape Corp. Class A | 327,550 | 2,060 | |||
| * | Liberty Media Corp.-Liberty Live Class C | 46,770 | 2,049 | |||
| Churchill Downs Inc. | 14,559 | 1,802 | ||||
| TKO Group Holdings Inc. Class A | 20,218 | 1,747 | ||||
| Fox Corp. Class B | 59,280 | 1,697 | ||||
| Lennar Corp. Class B | 10,972 | 1,692 | ||||
| Thor Industries Inc. | 13,531 | 1,588 | ||||
| Shares | Market Value ($000) | |||||
| Aramark | 46,461 | 1,511 | ||||
| * | Madison Square Garden Sports Corp. | 7,890 | 1,456 | |||
| Lithia Motors Inc. Class A | 4,830 | 1,453 | ||||
| * | Liberty Media Corp.-Liberty Live Class A | 34,301 | 1,453 | |||
| News Corp. Class B | 50,143 | 1,357 | ||||
| * | AMC Entertainment Holdings Inc. Class A | 364,769 | 1,357 | |||
| Rollins Inc. | 26,651 | 1,233 | ||||
| Paramount Global Class B | 104,347 | 1,228 | ||||
| Ford Motor Co. | 89,431 | 1,188 | ||||
| * | Victoria's Secret & Co. | 58,973 | 1,143 | |||
| Phinia Inc. | 22,720 | 873 | ||||
| Sirius XM Holdings Inc. | 212,048 | 823 | ||||
| * | Under Armour Inc. Class A | 94,297 | 696 | |||
| * | Mister Car Wash Inc. | 80,438 | 623 | |||
| Copa Holdings SA Class A | 5,903 | 615 | ||||
| Avis Budget Group Inc. | 5,000 | 612 | ||||
| Nordstrom Inc. | 28,246 | 573 | ||||
| * | U-Haul Holding Co. | 8,480 | 573 | |||
| * | Cava Group Inc. | 7,222 | 506 | |||
| * | YETI Holdings Inc. | 13,095 | 505 | |||
| * | RH | 1,448 | 504 | |||
| * | Wayfair Inc. Class A | 7,382 | 501 | |||
| Garmin Ltd. | 3,130 | 466 | ||||
| * | Driven Brands Holdings Inc. | 25,754 | 407 | |||
| * | Caesars Entertainment Inc. | 8,822 | 386 | |||
| * | GameStop Corp. Class A | 24,685 | 309 | |||
| Service Corp. International | 1,239 | 92 | ||||
| Fox Corp. Class A | 2,073 | 65 | ||||
| Boyd Gaming Corp. | 720 | 48 | ||||
| Dick's Sporting Goods Inc. | 200 | 45 | ||||
| Choice Hotels International Inc. | 227 | 29 | ||||
| Penske Automotive Group Inc. | 140 | 23 | ||||
| Wendy's Co. | 1,189 | 22 | ||||
| Carter's Inc. | 250 | 21 | ||||
| Columbia Sportswear Co. | 235 | 19 | ||||
| Gap Inc. | 674 | 19 | ||||
| Wyndham Hotels & Resorts Inc. | 241 | 18 | ||||
| Tapestry Inc. | 268 | 13 | ||||
| H&R Block Inc. | 250 | 12 | ||||
| 3,003,664 | ||||||
| Consumer Staples (4.7%) | ||||||
| Procter & Gamble Co. | 995,689 | 161,551 | ||||
| PepsiCo Inc. | 557,663 | 97,597 | ||||
| Coca-Cola Co. | 1,448,534 | 88,621 | ||||
| Philip Morris International Inc. | 553,688 | 50,729 | ||||
| Mondelez International Inc. Class A | 593,003 | 41,510 | ||||
| * | Monster Beverage Corp. | 697,905 | 41,372 | |||
| McKesson Corp. | 66,291 | 35,588 | ||||
| CVS Health Corp. | 442,664 | 35,307 | ||||
| Colgate-Palmolive Co. | 371,028 | 33,411 | ||||
| * | Post Holdings Inc. | 257,870 | 27,406 | |||
| Cencora Inc. | 108,183 | 26,287 | ||||
| Kroger Co. | 412,774 | 23,582 | ||||
| Constellation Brands Inc. Class A | 79,903 | 21,714 | ||||
| Church & Dwight Co. Inc. | 170,662 | 17,802 | ||||
| Corteva Inc. | 282,638 | 16,300 | ||||
| Altria Group Inc. | 355,660 | 15,514 | ||||
| Hershey Co. | 78,828 | 15,332 | ||||
| Shares | Market Value ($000) | |||||
| Sysco Corp. | 180,105 | 14,621 | ||||
| Archer-Daniels-Midland Co. | 232,468 | 14,601 | ||||
| Kenvue Inc. | 628,337 | 13,484 | ||||
| McCormick & Co. Inc. (Non-Voting) | 173,197 | 13,303 | ||||
| Kimberly-Clark Corp. | 98,134 | 12,694 | ||||
| * | Darling Ingredients Inc. | 269,657 | 12,542 | |||
| Keurig Dr Pepper Inc. | 391,278 | 12,000 | ||||
| Clorox Co. | 69,726 | 10,676 | ||||
| General Mills Inc. | 142,430 | 9,966 | ||||
| Brown-Forman Corp. Class B | 185,294 | 9,565 | ||||
| Tyson Foods Inc. Class A | 161,658 | 9,494 | ||||
| Casey's General Stores Inc. | 27,851 | 8,869 | ||||
| Spectrum Brands Holdings Inc. | 89,440 | 7,961 | ||||
| * | US Foods Holding Corp. | 144,093 | 7,777 | |||
| Lamb Weston Holdings Inc. | 71,576 | 7,625 | ||||
| Hormel Foods Corp. | 209,953 | 7,325 | ||||
| * | Performance Food Group Co. | 91,007 | 6,793 | |||
| Ingredion Inc. | 54,014 | 6,312 | ||||
| J M Smucker Co. | 46,718 | 5,880 | ||||
| * | Freshpet Inc. | 49,275 | 5,709 | |||
| * | Grocery Outlet Holding Corp. | 173,463 | 4,992 | |||
| Molson Coors Beverage Co. Class B | 72,858 | 4,900 | ||||
| Campbell Soup Co. | 103,939 | 4,620 | ||||
| WK Kellogg Co. | 191,879 | 3,607 | ||||
| * | Pilgrim's Pride Corp. | 89,820 | 3,083 | |||
| Kraft Heinz Co. | 83,527 | 3,082 | ||||
| * | Celsius Holdings Inc. | 33,273 | 2,759 | |||
| * | Boston Beer Co. Inc. Class A | 8,986 | 2,736 | |||
| Bunge Global SA | 20,905 | 2,143 | ||||
| Kellanova | 27,247 | 1,561 | ||||
| Brown-Forman Corp. Class A | 18,956 | 1,004 | ||||
| Walgreens Boots Alliance Inc. | 38,744 | 840 | ||||
| Seaboard Corp. | 111 | 358 | ||||
| Flowers Foods Inc. | 8,974 | 213 | ||||
| Conagra Brands Inc. | 4,077 | 121 | ||||
| * | Olaplex Holdings Inc. | 41,152 | 79 | |||
| Reynolds Consumer Products Inc. | 413 | 12 | ||||
| 982,930 | ||||||
| Energy (4.0%) | ||||||
| Exxon Mobil Corp. | 1,563,338 | 181,722 | ||||
| Chevron Corp. | 745,570 | 117,606 | ||||
| ConocoPhillips | 515,928 | 65,667 | ||||
| Marathon Petroleum Corp. | 188,281 | 37,939 | ||||
| Occidental Petroleum Corp. | 533,473 | 34,670 | ||||
| Schlumberger NV | 596,664 | 32,703 | ||||
| EOG Resources Inc. | 246,153 | 31,468 | ||||
| Cheniere Energy Inc. | 173,517 | 27,985 | ||||
| Valero Energy Corp. | 155,896 | 26,610 | ||||
| Phillips 66 | 158,889 | 25,953 | ||||
| Devon Energy Corp. | 503,073 | 25,244 | ||||
| Pioneer Natural Resources Co. | 91,866 | 24,115 | ||||
| EQT Corp. | 497,639 | 18,448 | ||||
| Hess Corp. | 118,201 | 18,042 | ||||
| Diamondback Energy Inc. | 89,953 | 17,826 | ||||
| Halliburton Co. | 395,337 | 15,584 | ||||
| * | Antero Resources Corp. | 490,350 | 14,220 | |||
| NOV Inc. | 690,587 | 13,480 | ||||
| Baker Hughes Co. Class A | 397,451 | 13,315 | ||||
| Shares | Market Value ($000) | |||||
| Williams Cos. Inc. | 279,777 | 10,903 | ||||
| Marathon Oil Corp. | 381,226 | 10,804 | ||||
| Targa Resources Corp. | 91,406 | 10,237 | ||||
| Coterra Energy Inc. | 364,433 | 10,160 | ||||
| * | First Solar Inc. | 50,632 | 8,547 | |||
| APA Corp. | 206,479 | 7,099 | ||||
| Texas Pacific Land Corp. | 7,233 | 4,184 | ||||
| * | Southwestern Energy Co. | 527,857 | 4,001 | |||
| Range Resources Corp. | 108,753 | 3,744 | ||||
| Ovintiv Inc. | 70,964 | 3,683 | ||||
| HF Sinclair Corp. | 56,712 | 3,424 | ||||
| * | Plug Power Inc. | 807,036 | 2,776 | |||
| DT Midstream Inc. | 40,621 | 2,482 | ||||
| ONEOK Inc. | 18,367 | 1,473 | ||||
| Antero Midstream Corp. | 96,938 | 1,363 | ||||
| * | Enphase Energy Inc. | 9,400 | 1,137 | |||
| * | Fluence Energy Inc. | 15,959 | 277 | |||
| Vitesse Energy Inc. | 11,247 | 267 | ||||
| 829,158 | ||||||
| Financials (10.8%) | ||||||
| * | Berkshire Hathaway Inc. Class B | 912,603 | 383,768 | |||
| JPMorgan Chase & Co. | 1,154,087 | 231,164 | ||||
| Bank of America Corp. | 3,083,888 | 116,941 | ||||
| Wells Fargo & Co. | 1,544,233 | 89,504 | ||||
| Morgan Stanley | 767,182 | 72,238 | ||||
| S&P Global Inc. | 134,371 | 57,168 | ||||
| Progressive Corp. | 273,358 | 56,536 | ||||
| Goldman Sachs Group Inc. | 129,448 | 54,069 | ||||
| Citigroup Inc. | 778,874 | 49,256 | ||||
| Charles Schwab Corp. | 633,859 | 45,853 | ||||
| MSCI Inc. Class A | 73,052 | 40,942 | ||||
| BlackRock Inc. | 48,984 | 40,838 | ||||
| Aon plc Class A | 119,279 | 39,806 | ||||
| Chubb Ltd. | 148,830 | 38,566 | ||||
| Marsh & McLennan Cos. Inc. | 185,643 | 38,239 | ||||
| Intercontinental Exchange Inc. | 255,235 | 35,077 | ||||
| Ameriprise Financial Inc. | 77,718 | 34,075 | ||||
| Moody's Corp. | 76,633 | 30,119 | ||||
| Brown & Brown Inc. | 341,058 | 29,856 | ||||
| * | Arch Capital Group Ltd. | 309,231 | 28,585 | |||
| Aflac Inc. | 298,125 | 25,597 | ||||
| American International Group Inc. | 306,158 | 23,932 | ||||
| CME Group Inc. | 109,349 | 23,542 | ||||
| Discover Financial Services | 176,147 | 23,091 | ||||
| KKR & Co. Inc. | 222,095 | 22,338 | ||||
| Arthur J Gallagher & Co. | 89,279 | 22,323 | ||||
| Travelers Cos. Inc. | 94,766 | 21,809 | ||||
| W R Berkley Corp. | 239,930 | 21,219 | ||||
| Nasdaq Inc. | 335,928 | 21,197 | ||||
| * | Coinbase Global Inc. Class A | 76,480 | 20,276 | |||
| PNC Financial Services Group Inc. | 116,652 | 18,851 | ||||
| Allstate Corp. | 108,743 | 18,814 | ||||
| US Bancorp | 389,971 | 17,432 | ||||
| Raymond James Financial Inc. | 129,707 | 16,657 | ||||
| Prudential Financial Inc. | 140,884 | 16,540 | ||||
| Assurant Inc. | 76,527 | 14,405 | ||||
| Apollo Global Management Inc. | 125,719 | 14,137 | ||||
| SLM Corp. | 646,586 | 14,089 | ||||
| Shares | Market Value ($000) | |||||
| Popular Inc. | 153,668 | 13,537 | ||||
| Truist Financial Corp. | 340,772 | 13,283 | ||||
| * | NU Holdings Ltd. Class A | 1,039,346 | 12,399 | |||
| Globe Life Inc. | 101,186 | 11,775 | ||||
| Fifth Third Bancorp | 314,536 | 11,704 | ||||
| Broadridge Financial Solutions Inc. | 57,129 | 11,703 | ||||
| MetLife Inc. | 156,593 | 11,605 | ||||
| Reinsurance Group of America Inc. | 59,104 | 11,400 | ||||
| * | Markel Group Inc. | 7,439 | 11,318 | |||
| Blackstone Inc. | 84,743 | 11,133 | ||||
| State Street Corp. | 143,577 | 11,101 | ||||
| T. Rowe Price Group Inc. | 90,620 | 11,048 | ||||
| East West Bancorp Inc. | 134,007 | 10,601 | ||||
| M&T Bank Corp. | 69,907 | 10,167 | ||||
| White Mountains Insurance Group Ltd. | 5,215 | 9,357 | ||||
| * | Robinhood Markets Inc. Class A | 461,578 | 9,292 | |||
| Principal Financial Group Inc. | 107,328 | 9,264 | ||||
| Commerce Bancshares Inc. | 166,524 | 8,859 | ||||
| SEI Investments Co. | 122,255 | 8,790 | ||||
| Bank of New York Mellon Corp. | 150,389 | 8,665 | ||||
| Willis Towers Watson plc | 31,075 | 8,546 | ||||
| First Citizens BancShares Inc. Class A | 4,710 | 7,701 | ||||
| Loews Corp. | 97,510 | 7,634 | ||||
| Zions Bancorp NA | 171,375 | 7,438 | ||||
| Hartford Financial Services Group Inc. | 71,498 | 7,368 | ||||
| FactSet Research Systems Inc. | 16,164 | 7,345 | ||||
| Voya Financial Inc. | 97,876 | 7,235 | ||||
| LPL Financial Holdings Inc. | 27,341 | 7,224 | ||||
| Hanover Insurance Group Inc. | 48,707 | 6,632 | ||||
| KeyCorp | 411,095 | 6,499 | ||||
| Wintrust Financial Corp. | 61,743 | 6,445 | ||||
| * | Brighthouse Financial Inc. | 123,132 | 6,346 | |||
| Interactive Brokers Group Inc. Class A | 55,424 | 6,191 | ||||
| Cullen/Frost Bankers Inc. | 46,483 | 5,233 | ||||
| MGIC Investment Corp. | 202,775 | 4,534 | ||||
| RenaissanceRe Holdings Ltd. | 18,039 | 4,240 | ||||
| American Financial Group Inc. | 28,602 | 3,904 | ||||
| Jefferies Financial Group Inc. | 86,956 | 3,835 | ||||
| * | Credit Acceptance Corp. | 6,890 | 3,800 | |||
| Webster Financial Corp. | 73,560 | 3,735 | ||||
| BOK Financial Corp. | 38,778 | 3,568 | ||||
| Stifel Financial Corp. | 37,286 | 2,915 | ||||
| CNA Financial Corp. | 62,286 | 2,829 | ||||
| Morningstar Inc. | 8,784 | 2,709 | ||||
| Northern Trust Corp. | 29,195 | 2,596 | ||||
| Pinnacle Financial Partners Inc. | 29,964 | 2,573 | ||||
| Lincoln National Corp. | 71,718 | 2,290 | ||||
| First Horizon Corp. | 139,824 | 2,153 | ||||
| Cboe Global Markets Inc. | 11,618 | 2,135 | ||||
| FNB Corp. | 141,348 | 1,993 | ||||
| Everest Group Ltd. | 4,732 | 1,881 | ||||
| Affiliated Managers Group Inc. | 10,087 | 1,689 | ||||
| Fidelity National Financial Inc. | 29,762 | 1,580 | ||||
| Tradeweb Markets Inc. Class A | 15,134 | 1,577 | ||||
| Ally Financial Inc. | 38,372 | 1,558 | ||||
| Western Alliance Bancorp | 22,469 | 1,442 | ||||
| Primerica Inc. | 5,531 | 1,399 | ||||
| Assured Guaranty Ltd. | 13,487 | 1,177 | ||||
| Shares | Market Value ($000) | |||||
| * | Rocket Cos. Inc. Class A | 73,677 | 1,072 | |||
| Lazard Inc. Class A | 18,791 | 787 | ||||
| Ryan Specialty Holdings Inc. Class A | 6,435 | 357 | ||||
| * | SoFi Technologies Inc. | 47,946 | 350 | |||
| Kemper Corp. | 4,492 | 278 | ||||
| New York Community Bancorp Inc. | 40,854 | 132 | ||||
| Erie Indemnity Co. Class A | 316 | 127 | ||||
| F&G Annuities & Life Inc. | 2,023 | 82 | ||||
| MarketAxess Holdings Inc. | 194 | 43 | ||||
| Evercore Inc. Class A | 113 | 22 | ||||
| Ares Management Corp. Class A | 140 | 19 | ||||
| Cincinnati Financial Corp. | 125 | 16 | ||||
| Huntington Bancshares Inc. | 1,165 | 16 | ||||
| Unum Group | 264 | 14 | ||||
| Carlyle Group Inc. | 269 | 13 | ||||
| Bank OZK | 264 | 12 | ||||
| Axis Capital Holdings Ltd. | 190 | 12 | ||||
| Old Republic International Corp. | 371 | 11 | ||||
| Prosperity Bancshares Inc. | 163 | 11 | ||||
| First American Financial Corp. | 166 | 10 | ||||
| Regions Financial Corp. | 466 | 10 | ||||
| Synovus Financial Corp. | 234 | 9 | ||||
| Franklin Resources Inc. | 280 | 8 | ||||
| Janus Henderson Group plc | 213 | 7 | ||||
| 2,249,217 | ||||||
| Health Care (11.4%) | ||||||
| Eli Lilly & Co. | 350,302 | 272,521 | ||||
| UnitedHealth Group Inc. | 385,951 | 190,930 | ||||
| Johnson & Johnson | 917,275 | 145,104 | ||||
| Merck & Co. Inc. | 982,793 | 129,680 | ||||
| AbbVie Inc. | 626,702 | 114,122 | ||||
| Thermo Fisher Scientific Inc. | 155,650 | 90,465 | ||||
| Abbott Laboratories | 693,260 | 78,796 | ||||
| Amgen Inc. | 236,310 | 67,188 | ||||
| Danaher Corp. | 259,597 | 64,827 | ||||
| * | Intuitive Surgical Inc. | 145,826 | 58,198 | |||
| Cigna Group | 154,932 | 56,270 | ||||
| * | Regeneron Pharmaceuticals Inc. | 54,820 | 52,764 | |||
| Elevance Health Inc. | 101,321 | 52,539 | ||||
| * | Boston Scientific Corp. | 752,639 | 51,548 | |||
| * | Vertex Pharmaceuticals Inc. | 117,029 | 48,919 | |||
| Pfizer Inc. | 1,624,192 | 45,071 | ||||
| Stryker Corp. | 125,199 | 44,805 | ||||
| Zoetis Inc. Class A | 245,316 | 41,510 | ||||
| Medtronic plc | 457,509 | 39,872 | ||||
| Gilead Sciences Inc. | 454,489 | 33,291 | ||||
| Becton Dickinson & Co. | 124,469 | 30,800 | ||||
| Agilent Technologies Inc. | 201,648 | 29,342 | ||||
| * | Biogen Inc. | 131,831 | 28,427 | |||
| HCA Healthcare Inc. | 85,223 | 28,424 | ||||
| Bristol-Myers Squibb Co. | 478,528 | 25,951 | ||||
| * | Moderna Inc. | 215,982 | 23,015 | |||
| Humana Inc. | 60,904 | 21,117 | ||||
| * | Charles River Laboratories International Inc. | 76,292 | 20,671 | |||
| * | Dexcom Inc. | 147,899 | 20,514 | |||
| * | IQVIA Holdings Inc. | 76,161 | 19,260 | |||
| * | Centene Corp. | 235,154 | 18,455 | |||
| * | IDEXX Laboratories Inc. | 33,737 | 18,216 | |||
| Shares | Market Value ($000) | |||||
| * | Edwards Lifesciences Corp. | 187,783 | 17,945 | |||
| Cooper Cos. Inc. | 163,636 | 16,602 | ||||
| Cardinal Health Inc. | 137,780 | 15,418 | ||||
| Bruker Corp. | 161,181 | 15,141 | ||||
| Laboratory Corp. of America Holdings | 66,721 | 14,576 | ||||
| GE HealthCare Technologies Inc. | 151,457 | 13,769 | ||||
| * | Alnylam Pharmaceuticals Inc. | 90,446 | 13,517 | |||
| Bio-Techne Corp. | 179,780 | 12,655 | ||||
| Zimmer Biomet Holdings Inc. | 95,477 | 12,601 | ||||
| * | BioMarin Pharmaceutical Inc. | 139,391 | 12,174 | |||
| * | Veeva Systems Inc. Class A | 51,747 | 11,989 | |||
| * | Jazz Pharmaceuticals plc | 96,533 | 11,624 | |||
| Revvity Inc. | 106,266 | 11,158 | ||||
| Universal Health Services Inc. Class B | 58,942 | 10,755 | ||||
| * | Hologic Inc. | 135,866 | 10,592 | |||
| * | Molina Healthcare Inc. | 25,632 | 10,530 | |||
| * | ICON plc | 31,078 | 10,441 | |||
| QIAGEN NV | 230,025 | 9,889 | ||||
| * | Henry Schein Inc. | 125,538 | 9,481 | |||
| Quest Diagnostics Inc. | 69,413 | 9,240 | ||||
| * | Incyte Corp. | 155,787 | 8,875 | |||
| Teleflex Inc. | 36,695 | 8,299 | ||||
| * | Sarepta Therapeutics Inc. | 55,365 | 7,168 | |||
| * | Exact Sciences Corp. | 103,756 | 7,165 | |||
| West Pharmaceutical Services Inc. | 17,994 | 7,120 | ||||
| STERIS plc | 31,012 | 6,972 | ||||
| * | United Therapeutics Corp. | 30,130 | 6,921 | |||
| * | Catalent Inc. | 118,777 | 6,705 | |||
| Baxter International Inc. | 153,258 | 6,550 | ||||
| * | Ultragenyx Pharmaceutical Inc. | 129,582 | 6,050 | |||
| ResMed Inc. | 29,464 | 5,835 | ||||
| * | Tenet Healthcare Corp. | 50,862 | 5,346 | |||
| * | DaVita Inc. | 36,758 | 5,074 | |||
| * | Natera Inc. | 53,259 | 4,871 | |||
| * | Ionis Pharmaceuticals Inc. | 107,591 | 4,664 | |||
| * | Neurocrine Biosciences Inc. | 32,932 | 4,542 | |||
| * | Bio-Rad Laboratories Inc. Class A | 12,885 | 4,457 | |||
| * | Align Technology Inc. | 12,921 | 4,237 | |||
| * | Insulet Corp. | 24,582 | 4,213 | |||
| * | Penumbra Inc. | 18,571 | 4,145 | |||
| * | Acadia Healthcare Co. Inc. | 51,806 | 4,104 | |||
| * | Exelixis Inc. | 150,917 | 3,581 | |||
| * | Fortrea Holdings Inc. | 80,501 | 3,231 | |||
| DENTSPLY SIRONA Inc. | 89,184 | 2,960 | ||||
| * | Illumina Inc. | 20,989 | 2,882 | |||
| * | Envista Holdings Corp. | 124,208 | 2,656 | |||
| Viatris Inc. | 206,750 | 2,469 | ||||
| * | Repligen Corp. | 13,058 | 2,402 | |||
| * | Azenta Inc. | 36,109 | 2,177 | |||
| * | Enovis Corp. | 28,715 | 1,793 | |||
| Encompass Health Corp. | 21,067 | 1,740 | ||||
| * | Globus Medical Inc. Class A | 30,413 | 1,631 | |||
| * | Amedisys Inc. | 17,685 | 1,630 | |||
| * | Masimo Corp. | 9,739 | 1,430 | |||
| * | Novocure Ltd. | 89,546 | 1,400 | |||
| * | Roivant Sciences Ltd. | 122,062 | 1,287 | |||
| Chemed Corp. | 1,985 | 1,274 | ||||
| * | Avantor Inc. | 48,024 | 1,228 | |||
| Shares | Market Value ($000) | |||||
| Organon & Co. | 60,226 | 1,132 | ||||
| * | Elanco Animal Health Inc. | 57,775 | 941 | |||
| * | Zimvie Inc. | 49,062 | 809 | |||
| * | Shockwave Medical Inc. | 1,764 | 574 | |||
| * | Apellis Pharmaceuticals Inc. | 8,888 | 522 | |||
| * | Certara Inc. | 26,232 | 469 | |||
| * | Inspire Medical Systems Inc. | 2,134 | 458 | |||
| * | Medpace Holdings Inc. | 947 | 383 | |||
| * | Sotera Health Co. | 28,426 | 341 | |||
| * | Integra LifeSciences Holdings Corp. | 9,266 | 328 | |||
| * | Teladoc Health Inc. | 18,674 | 282 | |||
| * | Doximity Inc. Class A | 9,884 | 266 | |||
| * | QuidelOrtho Corp. | 5,404 | 259 | |||
| * | 10X Genomics Inc. Class A | 5,356 | 201 | |||
| 2,378,758 | ||||||
| Industrials (13.0%) | ||||||
| Visa Inc. Class A | 683,104 | 190,641 | ||||
| Mastercard Inc. Class A | 355,268 | 171,086 | ||||
| Accenture plc Class A | 258,904 | 89,739 | ||||
| General Electric Co. | 454,373 | 79,756 | ||||
| Union Pacific Corp. | 254,904 | 62,689 | ||||
| Caterpillar Inc. | 169,239 | 62,014 | ||||
| American Express Co. | 260,066 | 59,214 | ||||
| * | Boeing Co. | 269,648 | 52,039 | |||
| TransDigm Group Inc. | 41,082 | 50,597 | ||||
| * | Fiserv Inc. | 316,479 | 50,580 | |||
| Honeywell International Inc. | 229,942 | 47,196 | ||||
| Old Dominion Freight Line Inc. | 212,610 | 46,628 | ||||
| Cintas Corp. | 65,348 | 44,896 | ||||
| RTX Corp. | 457,310 | 44,601 | ||||
| * | PayPal Holdings Inc. | 658,148 | 44,089 | |||
| Sherwin-Williams Co. | 123,560 | 42,916 | ||||
| Eaton Corp. plc | 129,381 | 40,455 | ||||
| Deere & Co. | 95,500 | 39,226 | ||||
| Parker-Hannifin Corp. | 64,817 | 36,025 | ||||
| Illinois Tool Works Inc. | 133,372 | 35,788 | ||||
| CSX Corp. | 943,154 | 34,963 | ||||
| United Parcel Service Inc. Class B | 230,234 | 34,220 | ||||
| Northrop Grumman Corp. | 66,694 | 31,924 | ||||
| Verisk Analytics Inc. Class A | 132,233 | 31,171 | ||||
| FedEx Corp. | 107,576 | 31,169 | ||||
| General Dynamics Corp. | 110,221 | 31,136 | ||||
| Norfolk Southern Corp. | 116,015 | 29,569 | ||||
| Automatic Data Processing Inc. | 115,159 | 28,760 | ||||
| Global Payments Inc. | 213,540 | 28,542 | ||||
| Martin Marietta Materials Inc. | 46,278 | 28,412 | ||||
| * | Mettler-Toledo International Inc. | 21,279 | 28,329 | |||
| AMETEK Inc. | 151,988 | 27,799 | ||||
| PACCAR Inc. | 217,746 | 26,977 | ||||
| Lockheed Martin Corp. | 53,668 | 24,412 | ||||
| Vulcan Materials Co. | 87,751 | 23,949 | ||||
| Eagle Materials Inc. | 86,864 | 23,605 | ||||
| WW Grainger Inc. | 22,697 | 23,090 | ||||
| Carlisle Cos. Inc. | 56,053 | 21,964 | ||||
| * | Waters Corp. | 63,290 | 21,786 | |||
| Jacobs Solutions Inc. | 140,325 | 21,572 | ||||
| * | Keysight Technologies Inc. | 126,368 | 19,761 | |||
| Equifax Inc. | 71,898 | 19,234 | ||||
| Shares | Market Value ($000) | |||||
| Lennox International Inc. | 38,471 | 18,803 | ||||
| IDEX Corp. | 76,994 | 18,788 | ||||
| Emerson Electric Co. | 161,076 | 18,269 | ||||
| United Rentals Inc. | 24,859 | 17,926 | ||||
| Carrier Global Corp. | 307,603 | 17,881 | ||||
| Owens Corning | 100,139 | 16,703 | ||||
| L3Harris Technologies Inc. | 78,249 | 16,675 | ||||
| Quanta Services Inc. | 63,452 | 16,485 | ||||
| Trane Technologies plc | 53,740 | 16,133 | ||||
| 3M Co. | 150,496 | 15,963 | ||||
| Expeditors International of Washington Inc. | 130,032 | 15,808 | ||||
| JB Hunt Transport Services Inc. | 77,704 | 15,483 | ||||
| Otis Worldwide Corp. | 154,499 | 15,337 | ||||
| Capital One Financial Corp. | 101,944 | 15,178 | ||||
| Landstar System Inc. | 77,810 | 14,999 | ||||
| Cummins Inc. | 50,360 | 14,839 | ||||
| BWX Technologies Inc. | 144,342 | 14,812 | ||||
| CNH Industrial NV | 1,119,823 | 14,513 | ||||
| Ball Corp. | 211,487 | 14,246 | ||||
| * | Teledyne Technologies Inc. | 31,732 | 13,623 | |||
| Textron Inc. | 138,654 | 13,301 | ||||
| Toro Co. | 140,216 | 12,848 | ||||
| Fortive Corp. | 148,709 | 12,792 | ||||
| AGCO Corp. | 103,889 | 12,780 | ||||
| Huntington Ingalls Industries Inc. | 42,737 | 12,457 | ||||
| Ingersoll Rand Inc. | 127,975 | 12,151 | ||||
| * | Zebra Technologies Corp. Class A | 38,549 | 11,620 | |||
| Xylem Inc. | 89,582 | 11,578 | ||||
| Armstrong World Industries Inc. | 91,138 | 11,321 | ||||
| * | Builders FirstSource Inc. | 53,216 | 11,098 | |||
| Crown Holdings Inc. | 137,555 | 10,903 | ||||
| Fidelity National Information Services Inc. | 146,734 | 10,885 | ||||
| DuPont de Nemours Inc. | 140,582 | 10,778 | ||||
| Westinghouse Air Brake Technologies Corp. | 72,508 | 10,563 | ||||
| Oshkosh Corp. | 79,990 | 9,976 | ||||
| * | Corpay Inc. | 31,032 | 9,575 | |||
| ITT Inc. | 69,239 | 9,419 | ||||
| Graco Inc. | 99,359 | 9,286 | ||||
| * | Axon Enterprise Inc. | 29,285 | 9,163 | |||
| Jack Henry & Associates Inc. | 51,317 | 8,915 | ||||
| Synchrony Financial | 200,945 | 8,665 | ||||
| * | Fair Isaac Corp. | 6,737 | 8,419 | |||
| Rockwell Automation Inc. | 27,534 | 8,021 | ||||
| Veralto Corp. | 90,032 | 7,982 | ||||
| Donaldson Co. Inc. | 101,876 | 7,608 | ||||
| Howmet Aerospace Inc. | 108,701 | 7,438 | ||||
| Robert Half Inc. | 91,429 | 7,248 | ||||
| Johnson Controls International plc | 110,027 | 7,187 | ||||
| Dover Corp. | 40,038 | 7,094 | ||||
| * | Trimble Inc. | 108,606 | 6,990 | |||
| EMCOR Group Inc. | 19,710 | 6,902 | ||||
| * | Saia Inc. | 11,725 | 6,859 | |||
| PPG Industries Inc. | 46,985 | 6,808 | ||||
| Genpact Ltd. | 194,732 | 6,416 | ||||
| * | Block Inc. Class A | 73,968 | 6,256 | |||
| * | XPO Inc. | 51,261 | 6,255 | |||
| Valmont Industries Inc. | 26,229 | 5,988 | ||||
| HEICO Corp. | 28,466 | 5,437 | ||||
| Shares | Market Value ($000) | |||||
| Packaging Corp. of America | 27,608 | 5,239 | ||||
| Allison Transmission Holdings Inc. | 63,742 | 5,173 | ||||
| Paychex Inc. | 40,215 | 4,938 | ||||
| * | Mohawk Industries Inc. | 34,649 | 4,535 | |||
| Advanced Drainage Systems Inc. | 25,160 | 4,334 | ||||
| * | WillScot Mobile Mini Holdings Corp. | 92,628 | 4,307 | |||
| AECOM | 42,351 | 4,154 | ||||
| Curtiss-Wright Corp. | 16,014 | 4,099 | ||||
| ManpowerGroup Inc. | 52,638 | 4,087 | ||||
| Tetra Tech Inc. | 22,037 | 4,070 | ||||
| MSC Industrial Direct Co. Inc. Class A | 41,833 | 4,059 | ||||
| Flowserve Corp. | 88,132 | 4,026 | ||||
| Woodward Inc. | 24,846 | 3,829 | ||||
| * | Axalta Coating Systems Ltd. | 109,313 | 3,759 | |||
| * | Trex Co. Inc. | 34,391 | 3,431 | |||
| Sealed Air Corp. | 92,139 | 3,428 | ||||
| * | Affirm Holdings Inc. Class A | 87,707 | 3,268 | |||
| WESCO International Inc. | 18,606 | 3,187 | ||||
| Berry Global Group Inc. | 52,116 | 3,152 | ||||
| * | TopBuild Corp. | 6,987 | 3,079 | |||
| * | WEX Inc. | 11,991 | 2,848 | |||
| Crane Co. | 20,174 | 2,726 | ||||
| * | FTI Consulting Inc. | 12,884 | 2,709 | |||
| * | MasTec Inc. | 28,849 | 2,690 | |||
| Vontier Corp. | 59,035 | 2,678 | ||||
| * | AZEK Co. Inc. Class A | 53,067 | 2,665 | |||
| CH Robinson Worldwide Inc. | 34,925 | 2,659 | ||||
| * | GXO Logistics Inc. | 49,423 | 2,657 | |||
| Nordson Corp. | 9,571 | 2,628 | ||||
| Stanley Black & Decker Inc. | 26,675 | 2,612 | ||||
| * | Euronet Worldwide Inc. | 23,337 | 2,565 | |||
| * | Middleby Corp. | 15,011 | 2,414 | |||
| Esab Corp. | 21,096 | 2,333 | ||||
| * | Knife River Corp. | 28,170 | 2,284 | |||
| * | Kirby Corp. | 23,122 | 2,204 | |||
| Hubbell Inc. Class B | 5,281 | 2,192 | ||||
| * | Spirit AeroSystems Holdings Inc. Class A | 59,896 | 2,160 | |||
| Acuity Brands Inc. | 7,642 | 2,054 | ||||
| MDU Resources Group Inc. | 80,878 | 2,038 | ||||
| * | Shift4 Payments Inc. Class A | 30,365 | 2,006 | |||
| Pentair plc | 21,676 | 1,852 | ||||
| Lincoln Electric Holdings Inc. | 6,990 | 1,786 | ||||
| Allegion plc | 12,560 | 1,692 | ||||
| nVent Electric plc | 22,427 | 1,691 | ||||
| Regal Rexnord Corp. | 9,368 | 1,687 | ||||
| Fortune Brands Innovations Inc. | 19,846 | 1,680 | ||||
| TransUnion | 18,646 | 1,488 | ||||
| A O Smith Corp. | 15,254 | 1,365 | ||||
| Booz Allen Hamilton Holding Corp. Class A | 8,916 | 1,323 | ||||
| MSA Safety Inc. | 6,608 | 1,279 | ||||
| Knight-Swift Transportation Holdings Inc. Class A | 20,258 | 1,115 | ||||
| * | NCR Atleos Corp. | 55,897 | 1,104 | |||
| Graphic Packaging Holding Co. | 33,842 | 988 | ||||
| * | Gates Industrial Corp. plc | 55,612 | 985 | |||
| Vestis Corp. | 40,556 | 782 | ||||
| MKS Instruments Inc. | 5,873 | 781 | ||||
| RPM International Inc. | 5,644 | 671 | ||||
| * | Core & Main Inc. Class A | 11,478 | 657 | |||
| Shares | Market Value ($000) | |||||
| Silgan Holdings Inc. | 11,464 | 557 | ||||
| AptarGroup Inc. | 3,262 | 469 | ||||
| Littelfuse Inc. | 1,812 | 439 | ||||
| * | Masterbrand Inc. | 21,413 | 401 | |||
| Brunswick Corp. | 3,917 | 378 | ||||
| * | Hayward Holdings Inc. | 23,777 | 364 | |||
| * | RXO Inc. | 15,723 | 344 | |||
| * | Paylocity Holding Corp. | 1,635 | 281 | |||
| * | Generac Holdings Inc. | 1,576 | 199 | |||
| Cognex Corp. | 4,000 | 170 | ||||
| Sonoco Products Co. | 2,778 | 161 | ||||
| HEICO Corp. Class A | 992 | 153 | ||||
| * | Atmus Filtration Technologies Inc. | 3,037 | 98 | |||
| Louisiana-Pacific Corp. | 303 | 25 | ||||
| Masco Corp. | 287 | 23 | ||||
| Schneider National Inc. Class B | 995 | 23 | ||||
| Air Lease Corp. Class A | 423 | 22 | ||||
| Watsco Inc. | 47 | 20 | ||||
| Snap-on Inc. | 60 | 18 | ||||
| Westrock Co. | 333 | 16 | ||||
| Ryder System Inc. | 128 | 15 | ||||
| ADT Inc. | 2,106 | 14 | ||||
| Crane NXT Co. | 164 | 10 | ||||
| *,1 | GCI Liberty Inc. | 58,613 | — | |||
| 2,710,367 | ||||||
| Real Estate (2.4%) | ||||||
| Prologis Inc. | 403,489 | 52,542 | ||||
| American Tower Corp. | 200,289 | 39,575 | ||||
| Equinix Inc. | 39,638 | 32,714 | ||||
| * | CBRE Group Inc. Class A | 291,420 | 28,338 | |||
| SBA Communications Corp. Class A | 104,615 | 22,670 | ||||
| * | CoStar Group Inc. | 232,390 | 22,449 | |||
| Welltower Inc. | 210,933 | 19,710 | ||||
| Public Storage | 62,784 | 18,211 | ||||
| Crown Castle Inc. | 158,278 | 16,751 | ||||
| Digital Realty Trust Inc. | 110,826 | 15,963 | ||||
| Extra Space Storage Inc. | 105,773 | 15,549 | ||||
| Realty Income Corp. | 265,887 | 14,385 | ||||
| Simon Property Group Inc. | 82,364 | 12,889 | ||||
| Weyerhaeuser Co. | 354,822 | 12,742 | ||||
| American Homes 4 Rent Class A | 342,614 | 12,601 | ||||
| Equity LifeStyle Properties Inc. | 192,195 | 12,377 | ||||
| AvalonBay Communities Inc. | 62,823 | 11,657 | ||||
| VICI Properties Inc. Class A | 348,140 | 10,371 | ||||
| * | Jones Lang LaSalle Inc. | 50,679 | 9,887 | |||
| Invitation Homes Inc. | 267,654 | 9,531 | ||||
| Equity Residential | 146,175 | 9,225 | ||||
| Mid-America Apartment Communities Inc. | 62,574 | 8,234 | ||||
| Essex Property Trust Inc. | 32,068 | 7,851 | ||||
| Ventas Inc. | 168,878 | 7,353 | ||||
| * | Howard Hughes Holdings Inc. | 97,953 | 7,113 | |||
| Host Hotels & Resorts Inc. | 299,986 | 6,204 | ||||
| Lamar Advertising Co. Class A | 49,778 | 5,944 | ||||
| Alexandria Real Estate Equities Inc. | 43,569 | 5,616 | ||||
| * | Zillow Group Inc. Class C | 108,338 | 5,285 | |||
| Vornado Realty Trust | 167,394 | 4,816 | ||||
| EastGroup Properties Inc. | 26,627 | 4,787 | ||||
| Rexford Industrial Realty Inc. | 87,828 | 4,418 | ||||
| Shares | Market Value ($000) | |||||
| * | Zillow Group Inc. Class A | 91,767 | 4,392 | |||
| UDR Inc. | 116,501 | 4,358 | ||||
| First Industrial Realty Trust Inc. | 82,530 | 4,336 | ||||
| Camden Property Trust | 40,323 | 3,968 | ||||
| Kimco Realty Corp. | 183,756 | 3,603 | ||||
| CubeSmart | 76,750 | 3,471 | ||||
| Park Hotels & Resorts Inc. | 137,916 | 2,412 | ||||
| Sun Communities Inc. | 17,012 | 2,187 | ||||
| Rayonier Inc. | 62,009 | 2,061 | ||||
| Apartment Income REIT Corp. Class A | 59,831 | 1,943 | ||||
| Iron Mountain Inc. | 23,721 | 1,903 | ||||
| EPR Properties | 28,570 | 1,213 | ||||
| Federal Realty Investment Trust | 8,239 | 841 | ||||
| Americold Realty Trust Inc. | 30,717 | 765 | ||||
| Douglas Emmett Inc. | 5,620 | 78 | ||||
| Brixmor Property Group Inc. | 356 | 8 | ||||
| Regency Centers Corp. | 135 | 8 | ||||
| NNN REIT Inc. | 158 | 7 | ||||
| Gaming & Leisure Properties Inc. | 124 | 6 | ||||
| 505,318 | ||||||
| Technology (32.6%) | ||||||
| Microsoft Corp. | 3,147,464 | 1,324,201 | ||||
| Apple Inc. | 6,249,113 | 1,071,598 | ||||
| NVIDIA Corp. | 1,004,904 | 907,991 | ||||
| Meta Platforms Inc. Class A | 947,619 | 460,145 | ||||
| * | Alphabet Inc. Class A | 2,544,544 | 384,048 | |||
| * | Alphabet Inc. Class C | 2,164,034 | 329,496 | |||
| Broadcom Inc. | 170,756 | 226,322 | ||||
| * | Advanced Micro Devices Inc. | 679,227 | 122,594 | |||
| Salesforce Inc. | 397,975 | 119,862 | ||||
| Applied Materials Inc. | 482,341 | 99,473 | ||||
| * | Adobe Inc. | 194,259 | 98,023 | |||
| * | Cadence Design Systems Inc. | 272,735 | 84,897 | |||
| Oracle Corp. | 657,786 | 82,625 | ||||
| Lam Research Corp. | 84,650 | 82,243 | ||||
| Intuit Inc. | 123,342 | 80,172 | ||||
| QUALCOMM Inc. | 456,665 | 77,313 | ||||
| * | Synopsys Inc. | 133,608 | 76,357 | |||
| Intel Corp. | 1,551,541 | 68,532 | ||||
| KLA Corp. | 89,136 | 62,268 | ||||
| Texas Instruments Inc. | 356,982 | 62,190 | ||||
| * | ServiceNow Inc. | 80,960 | 61,724 | |||
| International Business Machines Corp. | 263,114 | 50,244 | ||||
| Micron Technology Inc. | 414,454 | 48,860 | ||||
| Amphenol Corp. Class A | 346,011 | 39,912 | ||||
| Analog Devices Inc. | 179,001 | 35,405 | ||||
| * | Autodesk Inc. | 135,214 | 35,212 | |||
| * | Palo Alto Networks Inc. | 121,042 | 34,392 | |||
| * | Fortinet Inc. | 440,803 | 30,111 | |||
| Roper Technologies Inc. | 52,739 | 29,578 | ||||
| * | Crowdstrike Holdings Inc. Class A | 84,151 | 26,978 | |||
| Teradyne Inc. | 218,782 | 24,685 | ||||
| Marvell Technology Inc. | 330,308 | 23,412 | ||||
| * | Snowflake Inc. Class A | 139,385 | 22,525 | |||
| * | Workday Inc. Class A | 81,034 | 22,102 | |||
| * | Gartner Inc. | 44,952 | 21,427 | |||
| * | Western Digital Corp. | 276,217 | 18,849 | |||
| * | DoorDash Inc. Class A | 125,673 | 17,308 | |||
| Shares | Market Value ($000) | |||||
| Cognizant Technology Solutions Corp. Class A | 232,083 | 17,009 | ||||
| * | Palantir Technologies Inc. Class A | 645,640 | 14,856 | |||
| Corning Inc. | 449,200 | 14,806 | ||||
| NetApp Inc. | 135,113 | 14,183 | ||||
| * | Arrow Electronics Inc. | 106,525 | 13,791 | |||
| * | Datadog Inc. Class A | 108,847 | 13,453 | |||
| * | ON Semiconductor Corp. | 180,561 | 13,280 | |||
| Hewlett Packard Enterprise Co. | 712,810 | 12,638 | ||||
| * | HubSpot Inc. | 18,865 | 11,820 | |||
| Vertiv Holdings Co. Class A | 140,567 | 11,480 | ||||
| * | ANSYS Inc. | 32,359 | 11,234 | |||
| Microchip Technology Inc. | 123,882 | 11,113 | ||||
| * | Atlassian Corp. Class A | 56,213 | 10,968 | |||
| Monolithic Power Systems Inc. | 15,563 | 10,543 | ||||
| * | Pinterest Inc. Class A | 301,952 | 10,469 | |||
| * | MongoDB Inc. Class A | 27,282 | 9,784 | |||
| Dolby Laboratories Inc. Class A | 116,172 | 9,732 | ||||
| * | PTC Inc. | 50,661 | 9,572 | |||
| HP Inc. | 314,733 | 9,511 | ||||
| * | Cloudflare Inc. Class A | 97,703 | 9,461 | |||
| * | Manhattan Associates Inc. | 34,884 | 8,729 | |||
| Dell Technologies Inc. Class C | 75,945 | 8,666 | ||||
| * | VeriSign Inc. | 42,734 | 8,099 | |||
| * | GoDaddy Inc. Class A | 64,059 | 7,603 | |||
| * | Pure Storage Inc. Class A | 142,824 | 7,425 | |||
| * | Akamai Technologies Inc. | 62,535 | 6,801 | |||
| * | Maplebear Inc. | 173,735 | 6,479 | |||
| * | Zscaler Inc. | 33,533 | 6,459 | |||
| Entegris Inc. | 43,689 | 6,140 | ||||
| Gen Digital Inc. | 267,673 | 5,996 | ||||
| SS&C Technologies Holdings Inc. | 92,885 | 5,979 | ||||
| Jabil Inc. | 42,664 | 5,715 | ||||
| * | Match Group Inc. | 155,301 | 5,634 | |||
| * | F5 Inc. | 28,229 | 5,352 | |||
| * | Toast Inc. Class A | 211,601 | 5,273 | |||
| Avnet Inc. | 106,031 | 5,257 | ||||
| * | Qorvo Inc. | 41,818 | 4,802 | |||
| * | Lattice Semiconductor Corp. | 59,941 | 4,689 | |||
| * | DocuSign Inc. Class A | 76,194 | 4,537 | |||
| CDW Corp. | 17,522 | 4,482 | ||||
| * | Guidewire Software Inc. | 38,275 | 4,467 | |||
| * | Dynatrace Inc. | 95,407 | 4,431 | |||
| * | Dayforce Inc. | 65,458 | 4,334 | |||
| * | Tyler Technologies Inc. | 9,957 | 4,232 | |||
| * | Coherent Corp. | 62,048 | 3,761 | |||
| Skyworks Solutions Inc. | 31,988 | 3,465 | ||||
| * | CACI International Inc. Class A | 9,052 | 3,429 | |||
| Leidos Holdings Inc. | 25,301 | 3,317 | ||||
| * | Nutanix Inc. Class A | 51,287 | 3,165 | |||
| * | IAC Inc. | 58,528 | 3,122 | |||
| * | Aspen Technology Inc. | 13,804 | 2,944 | |||
| * | AppLovin Corp. Class A | 41,506 | 2,873 | |||
| Universal Display Corp. | 15,466 | 2,605 | ||||
| * | Okta Inc. Class A | 23,850 | 2,495 | |||
| * | Teradata Corp. | 60,048 | 2,322 | |||
| * | Globant SA | 11,484 | 2,319 | |||
| * | DXC Technology Co. | 90,713 | 1,924 | |||
| * | Kyndryl Holdings Inc. | 86,691 | 1,886 | |||
| Shares | Market Value ($000) | |||||
| * | EPAM Systems Inc. | 6,517 | 1,800 | |||
| * | ZoomInfo Technologies Inc. Class A | 98,711 | 1,582 | |||
| * | DoubleVerify Holdings Inc. | 42,402 | 1,491 | |||
| * | NCR Voyix Corp. | 111,794 | 1,412 | |||
| Bentley Systems Inc. Class B | 24,059 | 1,256 | ||||
| Concentrix Corp. | 18,459 | 1,222 | ||||
| Science Applications International Corp. | 8,890 | 1,159 | ||||
| Amdocs Ltd. | 12,261 | 1,108 | ||||
| * | Allegro MicroSystems Inc. | 34,019 | 917 | |||
| * | Elastic NV | 8,536 | 856 | |||
| * | Vimeo Inc. | 190,444 | 779 | |||
| * | Twilio Inc. Class A | 12,700 | 777 | |||
| * | Dropbox Inc. Class A | 30,238 | 735 | |||
| * | IPG Photonics Corp. | 8,062 | 731 | |||
| * | Informatica Inc. Class A | 17,729 | 621 | |||
| * | Smartsheet Inc. Class A | 14,447 | 556 | |||
| * | Cirrus Logic Inc. | 5,892 | 545 | |||
| * | Procore Technologies Inc. | 5,779 | 475 | |||
| * | nCino Inc. | 12,371 | 462 | |||
| * | RingCentral Inc. Class A | 10,947 | 380 | |||
| * | GLOBALFOUNDRIES Inc. | 6,712 | 350 | |||
| * | Zoom Video Communications Inc. Class A | 5,304 | 347 | |||
| * | Five9 Inc. | 5,086 | 316 | |||
| * | SentinelOne Inc. Class A | 13,155 | 307 | |||
| * | Wolfspeed Inc. | 10,313 | 304 | |||
| * | Clarivate plc | 38,598 | 287 | |||
| * | Unity Software Inc. | 10,697 | 286 | |||
| * | UiPath Inc. Class A | 12,564 | 285 | |||
| Paycom Software Inc. | 1,400 | 279 | ||||
| * | HashiCorp Inc. Class A | 9,923 | 267 | |||
| * | Gitlab Inc. Class A | 4,460 | 260 | |||
| * | CCC Intelligent Solutions Holdings Inc. | 20,186 | 241 | |||
| Pegasystems Inc. | 1,565 | 101 | ||||
| TD SYNNEX Corp. | 281 | 32 | ||||
| 6,806,511 | ||||||
| Telecommunications (1.8%) | ||||||
| Cisco Systems Inc. | 1,586,308 | 79,173 | ||||
| Comcast Corp. Class A | 1,748,872 | 75,814 | ||||
| T-Mobile US Inc. | 438,173 | 71,519 | ||||
| * | Arista Networks Inc. | 102,481 | 29,717 | |||
| Verizon Communications Inc. | 666,642 | 27,972 | ||||
| * | Charter Communications Inc. Class A | 81,195 | 23,598 | |||
| AT&T Inc. | 1,275,613 | 22,451 | ||||
| Motorola Solutions Inc. | 40,433 | 14,353 | ||||
| * | Ciena Corp. | 208,040 | 10,288 | |||
| Juniper Networks Inc. | 274,434 | 10,170 | ||||
| * | Frontier Communications Parent Inc. | 308,205 | 7,551 | |||
| * | Viasat Inc. | 232,930 | 4,214 | |||
| * | Liberty Broadband Corp. Class A | 68,868 | 3,934 | |||
| * | Liberty Broadband Corp. Class C | 57,723 | 3,303 | |||
| * | Roku Inc. Class A | 38,824 | 2,530 | |||
| * | Lumentum Holdings Inc. | 10,233 | 484 | |||
| 387,071 | ||||||
| Utilities (2.3%) | ||||||
| PG&E Corp. | 3,750,001 | 62,850 | ||||
| NextEra Energy Inc. | 750,884 | 47,989 | ||||
| Waste Management Inc. | 171,073 | 36,464 | ||||
| Shares | Market Value ($000) | |||||
| Duke Energy Corp. | 309,026 | 29,886 | ||||
| Constellation Energy Corp. | 141,884 | 26,227 | ||||
| Southern Co. | 338,705 | 24,299 | ||||
| Sempra | 266,060 | 19,111 | ||||
| WEC Energy Group Inc. | 199,959 | 16,421 | ||||
| Atmos Energy Corp. | 129,145 | 15,351 | ||||
| American Water Works Co. Inc. | 123,293 | 15,068 | ||||
| Exelon Corp. | 386,906 | 14,536 | ||||
| CMS Energy Corp. | 212,061 | 12,796 | ||||
| Consolidated Edison Inc. | 133,236 | 12,099 | ||||
| American Electric Power Co. Inc. | 135,933 | 11,704 | ||||
| Xcel Energy Inc. | 206,229 | 11,085 | ||||
| Eversource Energy | 172,448 | 10,307 | ||||
| Public Service Enterprise Group Inc. | 151,716 | 10,132 | ||||
| Edison International | 139,937 | 9,898 | ||||
| DTE Energy Co. | 80,769 | 9,057 | ||||
| FirstEnergy Corp. | 215,613 | 8,327 | ||||
| NiSource Inc. | 277,058 | 7,663 | ||||
| CenterPoint Energy Inc. | 266,739 | 7,599 | ||||
| Essential Utilities Inc. | 194,378 | 7,202 | ||||
| AES Corp. | 385,856 | 6,918 | ||||
| NRG Energy Inc. | 97,120 | 6,574 | ||||
| Republic Services Inc. Class A | 32,062 | 6,138 | ||||
| Dominion Energy Inc. | 116,216 | 5,717 | ||||
| Ameren Corp. | 71,384 | 5,280 | ||||
| * | Sunrun Inc. | 382,421 | 5,040 | |||
| Alliant Energy Corp. | 92,022 | 4,638 | ||||
| Entergy Corp. | 43,203 | 4,566 | ||||
| * | Clean Harbors Inc. | 22,369 | 4,503 | |||
| PPL Corp. | 123,450 | 3,399 | ||||
| * | Stericycle Inc. | 44,875 | 2,367 | |||
| IDACORP Inc. | 21,330 | 1,981 | ||||
| Evergy Inc. | 36,900 | 1,970 | ||||
| UGI Corp. | 51,310 | 1,259 | ||||
| National Fuel Gas Co. | 9,448 | 508 | ||||
| Vistra Corp. | 6,465 | 450 | ||||
| Pinnacle West Capital Corp. | 1,103 | 82 | ||||
| 487,461 | ||||||
| Total Common Stocks (Cost $5,969,633) | 20,705,755 | |||||
| Coupon | ||||||
| Temporary Cash Investments (0.8%) | ||||||
| Money Market Fund (0.8%) | ||||||
| 2 | Vanguard Market Liquidity Fund (Cost $169,100) | 5.407% | 1,691,284 | 169,095 | ||
| Total Investments (99.9%) (Cost $6,138,733) | 20,874,850 | |||||
| Other Assets and Liabilities—Net (0.1%) | 23,186 | |||||
| Net Assets (100%) | 20,898,036 | |||||
| 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 | June 2024 | 717 | 190,310 | 3,785 |
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 March 31, 2024, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 20,705,755 | — | — | 20,705,755 |
| Temporary Cash Investments | 169,095 | — | — | 169,095 |
| Total | 20,874,850 | — | — | 20,874,850 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 3,785 | — | — | 3,785 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. | |||