Shares | Market Value ($000) | ||
Common Stocks (99.9%) | |||
Basic Materials (1.5%) | |||
Linde plc | 4,191,989 | 1,490,001 | |
Ecolab Inc. | 2,183,085 | 361,366 | |
Fastenal Co. | 4,861,368 | 262,222 | |
Albemarle Corp. | 998,097 | 220,619 | |
2,334,208 | |||
Consumer Discretionary (22.0%) | |||
* | Amazon.com Inc. | 74,179,908 | 7,662,043 |
* | Tesla Inc. | 22,905,202 | 4,751,913 |
Home Depot Inc. | 8,679,607 | 2,561,526 | |
Costco Wholesale Corp. | 3,778,890 | 1,877,617 | |
McDonald's Corp. | 6,238,595 | 1,744,374 | |
* | Walt Disney Co. | 15,557,513 | 1,557,774 |
NIKE Inc. Class B | 10,608,472 | 1,301,023 | |
* | Netflix Inc. | 3,692,667 | 1,275,743 |
Lowe's Cos. Inc. | 5,149,786 | 1,029,803 | |
Starbucks Corp. | 9,787,666 | 1,019,190 | |
* | Booking Holdings Inc. | 320,637 | 850,461 |
TJX Cos. Inc. | 9,348,533 | 732,551 | |
* | Uber Technologies Inc. | 16,260,836 | 515,469 |
* | O'Reilly Automotive Inc. | 531,001 | 450,809 |
Estee Lauder Cos. Inc. Class A | 1,775,732 | 437,647 | |
* | Chipotle Mexican Grill Inc. Class A | 235,206 | 401,800 |
Dollar General Corp. | 1,904,055 | 400,727 | |
* | AutoZone Inc. | 159,785 | 392,775 |
Marriott International Inc. Class A | 2,361,699 | 392,137 | |
* | Airbnb Inc. Class A | 3,134,203 | 389,895 |
* | Lululemon Athletica Inc. | 1,042,371 | 379,621 |
Hilton Worldwide Holdings Inc. | 2,269,162 | 319,657 | |
Yum! Brands Inc. | 2,384,542 | 314,950 | |
Ross Stores Inc. | 2,932,785 | 311,256 | |
Electronic Arts Inc. | 2,335,384 | 281,297 | |
* | Copart Inc. | 3,650,672 | 274,567 |
* | Aptiv plc | 2,307,469 | 258,875 |
Activision Blizzard Inc. | 3,005,496 | 257,240 | |
* | Ulta Beauty Inc. | 433,293 | 236,435 |
* | Trade Desk Inc. Class A | 3,780,478 | 230,269 |
Tractor Supply Co. | 937,415 | 220,330 | |
* | Take-Two Interactive Software Inc. | 1,436,440 | 171,367 |
* | Las Vegas Sands Corp. | 2,928,899 | 168,265 |
* | Roblox Corp. Class A | 3,062,766 | 137,763 |
* | Expedia Group Inc. | 1,258,919 | 122,153 |
* | Royal Caribbean Cruises Ltd. | 1,848,430 | 120,702 |
Shares | Market Value ($000) | ||
* | Etsy Inc. | 1,061,598 | 118,188 |
MGM Resorts International | 2,581,448 | 114,668 | |
* | Burlington Stores Inc. | 555,174 | 112,201 |
Domino's Pizza Inc. | 301,637 | 99,501 | |
* | Live Nation Entertainment Inc. | 1,380,529 | 96,637 |
* | Caesars Entertainment Inc. | 1,740,883 | 84,972 |
Rollins Inc. | 2,096,401 | 78,678 | |
Pool Corp. | 157,953 | 54,089 | |
*,1 | Rivian Automotive Inc. Class A | 2,918,713 | 45,182 |
Vail Resorts Inc. | 171,705 | 40,124 | |
Warner Music Group Corp. Class A | 1,002,919 | 33,467 | |
*,1 | Chewy Inc. Class A | 766,644 | 28,657 |
* | Endeavor Group Holdings Inc. Class A | 1,109,041 | 26,539 |
1 | Sirius XM Holdings Inc. | 2,486,040 | 9,870 |
34,492,797 | |||
Consumer Staples (0.9%) | |||
* | Monster Beverage Corp. | 6,220,599 | 335,975 |
Hershey Co. | 1,251,233 | 318,326 | |
Colgate-Palmolive Co. | 3,535,884 | 265,722 | |
Church & Dwight Co. Inc. | 2,078,308 | 183,743 | |
Brown-Forman Corp. Class B | 2,638,450 | 169,573 | |
Lamb Weston Holdings Inc. | 612,612 | 64,030 | |
Brown-Forman Corp. Class A | 433,478 | 28,258 | |
1,365,627 | |||
Energy (1.6%) | |||
Pioneer Natural Resources Co. | 1,901,309 | 388,323 | |
Cheniere Energy Inc. | 2,075,456 | 327,092 | |
Hess Corp. | 2,363,061 | 312,727 | |
Schlumberger NV | 6,078,847 | 298,471 | |
* | Enphase Energy Inc. | 1,162,415 | 244,433 |
Diamondback Energy Inc. | 1,563,407 | 211,326 | |
Coterra Energy Inc. | 6,378,960 | 156,540 | |
Marathon Oil Corp. | 5,362,211 | 128,479 | |
Baker Hughes Co. Class A | 4,305,839 | 124,267 | |
Halliburton Co. | 3,464,769 | 109,625 | |
* | First Solar Inc. | 430,822 | 93,704 |
*,1 | Plug Power Inc. | 4,964,190 | 58,180 |
Texas Pacific Land Corp. | 26,212 | 44,587 | |
EQT Corp. | 1,381,014 | 44,068 | |
2,541,822 | |||
Financials (2.5%) | |||
S&P Global Inc. | 2,742,254 | 945,447 | |
Blackstone Inc. | 6,048,894 | 531,335 | |
Aon plc Class A (XNYS) | 1,659,694 | 523,285 | |
Moody's Corp. | 1,326,156 | 405,830 | |
MSCI Inc. Class A | 646,926 | 362,078 | |
Apollo Global Management Inc. | 3,411,107 | 215,446 | |
Broadridge Financial Solutions Inc. | 1,002,282 | 146,905 | |
LPL Financial Holdings Inc. | 670,604 | 135,730 | |
FactSet Research Systems Inc. | 325,759 | 135,219 | |
MarketAxess Holdings Inc. | 320,271 | 125,319 | |
Ares Management Corp. Class A | 1,329,202 | 110,909 | |
*,1 | Coinbase Global Inc. Class A | 1,250,733 | 84,512 |
Tradeweb Markets Inc. Class A | 945,969 | 74,750 | |
Brown & Brown Inc. | 964,666 | 55,391 | |
Interactive Brokers Group Inc. Class A | 416,161 | 34,358 |
Shares | Market Value ($000) | ||
1 | First Republic Bank | 730 | 10 |
3,886,524 | |||
Health Care (9.0%) | |||
Eli Lilly & Co. | 7,284,374 | 2,501,600 | |
Thermo Fisher Scientific Inc. | 3,282,453 | 1,891,907 | |
Stryker Corp. | 2,903,578 | 828,884 | |
* | Intuitive Surgical Inc. | 2,984,030 | 762,330 |
Danaher Corp. | 2,792,121 | 703,726 | |
* | Vertex Pharmaceuticals Inc. | 2,189,426 | 689,823 |
* | Boston Scientific Corp. | 12,218,781 | 611,306 |
Zoetis Inc. | 3,551,683 | 591,142 | |
* | Edwards Lifesciences Corp. | 5,180,602 | 428,591 |
* | Moderna Inc. | 2,780,982 | 427,103 |
* | DexCom Inc. | 3,290,792 | 382,324 |
* | Regeneron Pharmaceuticals Inc. | 434,864 | 357,315 |
* | IDEXX Laboratories Inc. | 706,013 | 353,063 |
Agilent Technologies Inc. | 2,519,597 | 348,561 | |
* | IQVIA Holdings Inc. | 1,581,651 | 314,575 |
* | Illumina Inc. | 1,345,566 | 312,911 |
ResMed Inc. | 1,251,113 | 273,981 | |
* | Seagen Inc. | 1,193,029 | 241,553 |
* | Veeva Systems Inc. Class A | 1,200,149 | 220,575 |
West Pharmaceutical Services Inc. | 631,342 | 218,741 | |
* | Horizon Therapeutics plc | 1,944,986 | 212,276 |
* | Alnylam Pharmaceuticals Inc. | 1,057,109 | 211,760 |
* | Align Technology Inc. | 631,946 | 211,159 |
* | Insulet Corp. | 591,448 | 188,648 |
Cooper Cos. Inc. | 420,926 | 157,157 | |
* | BioMarin Pharmaceutical Inc. | 1,582,716 | 153,903 |
* | Incyte Corp. | 1,613,955 | 116,641 |
* | Avantor Inc. | 5,456,440 | 115,349 |
* | Catalent Inc. | 1,456,996 | 95,739 |
* | Bio-Rad Laboratories Inc. Class A | 177,500 | 85,026 |
STERIS plc | 422,768 | 80,867 | |
* | Charles River Laboratories International Inc. | 217,124 | 43,820 |
*,2 | ABIOMED Inc. CVR | 15 | — |
14,132,356 | |||
Industrials (10.6%) | |||
Visa Inc. Class A | 13,393,485 | 3,019,695 | |
Mastercard Inc. Class A | 7,248,629 | 2,634,224 | |
Accenture plc Class A | 5,363,000 | 1,532,799 | |
* | Boeing Co. | 5,094,694 | 1,082,266 |
Automatic Data Processing Inc. | 3,528,677 | 785,589 | |
* | PayPal Holdings Inc. | 9,635,082 | 731,688 |
United Parcel Service Inc. Class B (XNYS) | 3,086,320 | 598,715 | |
* | Fiserv Inc. | 4,814,358 | 544,167 |
Union Pacific Corp. | 2,605,448 | 524,373 | |
Sherwin-Williams Co. | 1,980,857 | 445,237 | |
Cintas Corp. | 735,596 | 340,346 | |
TransDigm Group Inc. | 441,747 | 325,590 | |
Paychex Inc. | 2,762,826 | 316,592 | |
* | Block Inc. (XNYS) | 4,610,564 | 316,515 |
* | Mettler-Toledo International Inc. | 188,259 | 288,076 |
Old Dominion Freight Line Inc. | 843,340 | 287,444 | |
Rockwell Automation Inc. | 977,514 | 286,852 | |
WW Grainger Inc. | 385,046 | 265,224 | |
Verisk Analytics Inc. Class A | 1,331,824 | 255,524 |
Shares | Market Value ($000) | ||
* | Keysight Technologies Inc. | 1,514,169 | 244,508 |
Equifax Inc. | 1,043,141 | 211,591 | |
Quanta Services Inc. | 1,226,360 | 204,361 | |
Vulcan Materials Co. | 1,131,804 | 194,172 | |
* | Teledyne Technologies Inc. | 399,165 | 178,570 |
* | Waters Corp. | 505,914 | 156,646 |
* | Zebra Technologies Corp. Class A | 437,765 | 139,209 |
JB Hunt Transport Services Inc. | 705,388 | 123,767 | |
* | Trimble Inc. | 2,103,093 | 110,244 |
Global Payments Inc. | 981,722 | 103,316 | |
Martin Marietta Materials Inc. | 264,423 | 93,886 | |
HEICO Corp. Class A | 628,006 | 85,346 | |
* | Bill Holdings Inc. | 860,691 | 69,837 |
HEICO Corp. | 349,739 | 59,819 | |
Jack Henry & Associates Inc. | 310,753 | 46,837 | |
16,603,025 | |||
Real Estate (2.2%) | |||
American Tower Corp. | 3,965,586 | 810,328 | |
Equinix Inc. | 789,842 | 569,508 | |
Crown Castle Inc. | 3,687,573 | 493,545 | |
Public Storage | 1,272,318 | 384,418 | |
SBA Communications Corp. Class A | 919,775 | 240,126 | |
* | CoStar Group Inc. | 3,464,176 | 238,508 |
Realty Income Corp. | 2,812,612 | 178,095 | |
Invitation Homes Inc. | 5,207,144 | 162,619 | |
Welltower Inc. | 2,090,741 | 149,885 | |
Sun Communities Inc. | 1,056,884 | 148,894 | |
* | Zillow Group Inc. Class C | 1,307,270 | 58,134 |
UDR Inc. | 1,399,266 | 57,454 | |
Camden Property Trust | 454,420 | 47,641 | |
* | Zillow Group Inc. Class A | 343,378 | 15,006 |
3,554,161 | |||
Technology (48.3%) | |||
Apple Inc. | 128,009,804 | 21,108,817 | |
Microsoft Corp. | 63,395,120 | 18,276,813 | |
NVIDIA Corp. | 19,903,140 | 5,528,495 | |
* | Alphabet Inc. Class A | 50,726,886 | 5,261,900 |
* | Alphabet Inc. Class C | 43,199,935 | 4,492,793 |
* | Meta Platforms Inc. Class A | 9,477,585 | 2,008,679 |
* | Salesforce Inc. | 8,090,390 | 1,616,298 |
* | Adobe Inc. | 3,898,782 | 1,502,474 |
Texas Instruments Inc. | 7,717,451 | 1,435,523 | |
* | Advanced Micro Devices Inc. | 13,731,144 | 1,345,789 |
Intuit Inc. | 2,269,728 | 1,011,913 | |
Applied Materials Inc. | 7,197,333 | 884,048 | |
* | ServiceNow Inc. | 1,728,801 | 803,408 |
Lam Research Corp. | 1,149,163 | 609,194 | |
QUALCOMM Inc. | 4,747,814 | 605,726 | |
* | Palo Alto Networks Inc. | 2,576,863 | 514,703 |
* | Synopsys Inc. | 1,297,055 | 500,987 |
* | Cadence Design Systems Inc. | 2,324,425 | 488,338 |
KLA Corp. | 1,179,348 | 470,760 | |
Amphenol Corp. Class A | 5,063,756 | 413,810 | |
Roper Technologies Inc. | 903,156 | 398,012 | |
Microchip Technology Inc. | 4,665,137 | 390,845 | |
* | Autodesk Inc. | 1,837,536 | 382,502 |
* | Fortinet Inc. | 5,655,208 | 375,845 |
Shares | Market Value ($000) | ||
* | Snowflake Inc. Class A | 2,327,982 | 359,184 |
* | Workday Inc. Class A | 1,720,261 | 355,303 |
Marvell Technology Inc. | 7,266,049 | 314,620 | |
* | Crowdstrike Holdings Inc. Class A | 1,858,908 | 255,154 |
* | ANSYS Inc. | 741,652 | 246,822 |
* | Atlassian Corp. Ltd. Class A | 1,278,128 | 218,777 |
* | Gartner Inc. | 639,619 | 208,369 |
Monolithic Power Systems Inc. | 381,102 | 190,757 | |
* | HubSpot Inc. | 399,610 | 171,333 |
* | Datadog Inc. Class A | 2,238,467 | 162,647 |
* | VeriSign Inc. | 759,206 | 160,443 |
Skyworks Solutions Inc. | 1,353,847 | 159,727 | |
* | DoorDash Inc. Class A | 2,453,283 | 155,931 |
* | ON Semiconductor Corp. | 1,840,579 | 151,516 |
* | Cloudflare Inc. Class A | 2,318,375 | 142,951 |
Teradyne Inc. | 1,328,927 | 142,873 | |
* | EPAM Systems Inc. | 466,482 | 139,478 |
* | Pinterest Inc. Class A | 5,065,460 | 138,135 |
* | Splunk Inc. | 1,394,087 | 133,665 |
* | Paycom Software Inc. | 436,627 | 132,739 |
* | Zoom Video Communications Inc. Class A | 1,778,235 | 131,305 |
* | MongoDB Inc. Class A | 560,525 | 130,670 |
* | Tyler Technologies Inc. | 356,129 | 126,298 |
* | Palantir Technologies Inc. Class A | 14,459,134 | 122,180 |
* | Okta Inc. | 1,300,843 | 112,185 |
* | GoDaddy Inc. Class A | 1,307,462 | 101,616 |
* | DocuSign Inc. Class A | 1,712,386 | 99,832 |
* | Twilio Inc. Class A | 1,486,261 | 99,030 |
* | Snap Inc. Class A | 8,477,177 | 95,029 |
* | Match Group Inc. | 2,378,500 | 91,311 |
* | Zscaler Inc. | 736,869 | 86,088 |
Bentley Systems Inc. Class B | 1,885,775 | 81,069 | |
*,1 | Unity Software Inc. | 2,231,413 | 72,387 |
* | ZoomInfo Technologies Inc. Class A | 2,926,471 | 72,313 |
* | Black Knight Inc. | 1,195,931 | 68,838 |
* | Toast Inc. Class A | 1,353,102 | 24,018 |
* | UiPath Inc. Class A | 1,305,015 | 22,916 |
75,905,181 | |||
Telecommunications (1.1%) | |||
* | T-Mobile US Inc. | 5,192,350 | 752,060 |
* | Arista Networks Inc. | 1,956,997 | 328,502 |
* | Charter Communications Inc. Class A | 780,080 | 278,964 |
Motorola Solutions Inc. | 712,135 | 203,763 | |
* | Liberty Broadband Corp. Class C | 1,019,632 | 83,304 |
* | Roku Inc. | 1,044,822 | 68,770 |
* | Liberty Broadband Corp. Class A | 139,561 | 11,461 |
1,726,824 | |||
Utilities (0.2%) | |||
Waste Connections Inc. (XTSE) | 2,190,554 | 304,640 | |
Total Common Stocks (Cost $85,885,978) | 156,847,165 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 4.839% (Cost $296,554) | 2,966,375 | 296,608 |
Total Investments (100.1%) (Cost $86,182,532) | 157,143,773 | ||
Other Assets and Liabilities—Net (-0.1%) | (130,991) | ||
Net Assets (100%) | 157,012,782 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $150,624,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $151,808,000 was received for securities on loan. |
CVR—Contingent Value Rights. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2023 | 121 | 25,033 | 762 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Global Payments Inc. | 8/31/23 | BANA | 14,733 | (5.100) | — | (34) |
Netflix Inc. | 8/31/23 | BANA | 34,548 | (4.650) | — | (129) |
Visa Inc. Class A | 8/31/23 | BANA | 100,330 | (4.550) | — | (182) |
— | (345) |
1 | Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BANA—Bank of America, N.A. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 156,847,165 | — | — | 156,847,165 |
Temporary Cash Investments | 296,608 | — | — | 296,608 |
Total | 157,143,773 | — | — | 157,143,773 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 762 | — | — | 762 |
Liabilities | ||||
Swap Contracts | — | 345 | — | 345 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |